Nine Energy Service Inc (NINE) 2024 Q1 法說會逐字稿

Greetings, and welcome to Nine Energy Service First Quarter 2024 Earnings Conference Call.

您好，歡迎參加九號能源服務 2024 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to your host, Heather Schmidt, Vice President of Strategic Development and Investor Relations.

現在我想將會議交給東道主、策略發展和投資者關係副總裁希瑟·施密特 (Heather Schmidt)。

Thank you.

謝謝。

Good morning, everyone, and welcome to the Nine Energy Service earnings conference call to discuss our results for the first quarter of 2024.

大家早安，歡迎參加九號能源服務公司的財報電話會議，討論我們 2024 年第一季的業績。

With me today are Ann Fox, President and Chief Executive Officer; and Guy Sirkes, Chief Financial Officer.

今天與我在一起的有總裁兼執行長安福克斯 (Ann Fox)；和財務長蓋伊·瑟克斯 (Guy Sirkes)。

We appreciate your participation.

我們感謝您的參與。

Some of our comments today may include forward-looking statements reflecting views about future events.

我們今天的一些評論可能包括反映對未來事件的看法的前瞻性陳述。

Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control.

前瞻性陳述受到許多風險和不確定性的影響，其中許多風險和不確定性超出了我們的控制範圍。

These risks and uncertainties can cause actual results to differ materially from our current expectations.

這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。

We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC.

我們建議聽眾查看我們的財報以及我們向美國證券交易委員會提交的文件中討論的風險因素。

We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

我們不承擔以任何理由公開修改或更新任何前瞻性陳述的義務。

Our comments today also include non-GAAP financial measures.

我們今天的評論還包括非公認會計準則財務指標。

Additional details and a reconciliation to the most directly comparable GAAP financial measures are also included in our first quarter press release and can be found in the Investor Relations section of our website.

我們的第一季新聞稿中還包含其他詳細資訊以及與最直接可比較的 GAAP 財務指標的調節，並且可以在我們網站的投資者關係部分找到。

I will now turn the call over to Ann.

我現在將把電話轉給安。

Thank you, Heather.

謝謝你，希瑟。

Good morning, everyone.

大家，早安。

Thank you for joining us today to discuss our first quarter results for 2024.

感謝您今天加入我們討論我們 2024 年第一季的業績。

Revenue for the quarter was $142.1 million which was within the upper range of our original guidance of $135 million to $145 million.

本季營收為 1.421 億美元，處於我們最初指引的 1.35 億美元至 1.45 億美元的上限範圍內。

We generated adjusted EBITDA of $15 million, reflecting an adjusted EBITDA margin of 11%.

我們的調整後 EBITDA 為 1500 萬美元，調整後 EBITDA 利潤率為 11%。

Diluted earnings per share was negative $0.24.

稀釋後每股收益為負 0.24 美元。

During Q1, the markets were relatively stable, with the average U.S. rig count remaining flat quarter-over-quarter.

第一季度，市場相對穩定，美國平均鑽機數量較上季持平。

This was reflected in our revenue, which also remained relatively flat quarter-over-quarter, coming in where we anticipated.

這反映在我們的收入中，季度環比也保持相對平穩，達到了我們的預期。

Despite a flat rig count, our adjusted EBITDA increased quarter-over-quarter due mostly to better utilization within coiled tubing.

儘管鑽機數量較少，但我們調整後的 EBITDA 環比增長，主要是由於連續油管的利用率提高。

Coiled tubing days work increased by over 40%, driving revenue growth of approximately 11% quarter-over-quarter.

連續油管工作天數增加了 40% 以上，帶動收入較上季成長約 11%。

Demand for coiled tubing work was strong in the Permian, and we were able to supplement this work by sending equipment and personnel to the region from the Haynesville.

二疊紀地區對連續油管工作的需求強勁，我們能夠透過從海恩斯維爾向該地區派遣設備和人員來補充這項工作。

Completion to our revenue was relatively flat quarter-over-quarter.

我們的營收完成情況與上一季相比相對持平。

We reached a major milestone in Q1, surpassing 60,000 dissolvable Stinger units sold since we introduced the technology in Q1 of 2020.

自 2020 年第一季推出該技術以來，我們在第一季實現了一個重要里程碑，可溶解 Stinger 的銷量已超過 60,000 套。

I am extremely proud of the team and the way they scaled this product without compromising quality and reliability.

我為這個團隊以及他們在不影響品質和可靠性的情況下擴展產品的方式感到非常自豪。

We remain bullish on not only the capability of our dissolvable technology, but on the continued adoption of dissolvable plugs in the U.S. market and abroad.

我們不僅看好我們的可溶解技術的能力，而且看好可溶解塞在美國市場和國外的持續採用。

In Q1, we began to see the impact of pricing pressure within our cementing business as we balance market share and profitability within this rig count environment.

在第一季度，隨著我們在鑽機數量環境中平衡市場份額和獲利能力，我們開始看到固井業務中定價壓力的影響。

In wireline, we maintained excellent market share in the Northeast and continue to focus on gaining additional market share in the Permian while increasing exposure to remedial and conventional wireline.

在有線電纜方面，我們在東北地區保持了出色的市場份額，並繼續致力於在二疊紀獲得更多市場份額，同時增加對補救和常規有線電纜的投資。

I would now like to turn the call over to Guy to walk through detailed financial information.

我現在想把電話轉給蓋伊，讓他了解詳細的財務資訊。

Thank you, Ann.

謝謝你，安。

As of March 31, 2024, Nine's cash and cash equivalents were $10.2 million with $27.3 million of availability under the revolving ABL credit facility, resulting in a total liquidity position of $37.5 million as of March 31, 2024.

截至 2024 年 3 月 31 日，Nine 的現金和現金等價物為 1,020 萬美元，循環 ABL 信貸安排下的可用金額為 2,730 萬美元，截至 2024 年 3 月 31 日，流動性頭額總額為 3,750 萬美元。

At March 31, we had $52 million of borrowings under the ABL credit facility.

截至 3 月 31 日，我們在 ABL 信貸安排下擁有 5,200 萬美元的借款。

As a reminder, during Q1, we had a $19.5 million interest payment for our notes and paid down $5 million on the ABL.

提醒一下，第一季度，我們為票據支付了 1,950 萬美元的利息，並支付了 500 萬美元的 ABL。

Additionally, we had $5.6 million of CapEx for the quarter.

此外，本季我們的資本支出為 560 萬美元。

As a result, our cash balance as of March 31 was out of trough, and we have already begun to build back our cash balance.

因此，截至 3 月 31 日，我們的現金餘額已脫離低谷，並且我們已經開始恢復現金餘額。

All of these cash outflows were anticipated, and our cash balance will continue to ebb and flow in conjunction with our interest payments that are made in January and August.

所有這些現金流出都是預料之中的，我們的現金餘額將隨著一月和八月支付的利息而繼續波動。

At the end of last year, we put a $30 million ATM program in place to provide flexibility for the company.

去年年底，我們實施了一項價值 3000 萬美元的 ATM 計劃，為公司提供靈活性。

During Q1, we did not sell any shares under the ATM program and have not sold any to date.

在第一季度，我們沒有根據 ATM 計劃出售任何股票，迄今為止也沒有出售任何股票。

As per the terms of the indenture governing our senior secured notes, we are required to periodically offer to repurchase such notes with a portion of any excess cash flow.

根據管理我們的優先擔保票據的契約條款，我們需要定期提出用任何超額現金流的一部分回購此類票據。

We did not generate any excess cash flow as defined in the indenture in the most recently ended 2 fiscal quarters.

在最近結束的兩個財政季度中，我們沒有產生任何在契約中定義的超額現金流。

As a result, no excess cash flow offer will be made to noteholders this month.

因此，本月不會向票據持有人提供超額現金流要約。

A reconciliation of this calculation is available in our Q1 earnings release.

我們的第一季財報中提供了該計算的調節表。

During the first quarter, revenue totaled $142.1 million with adjusted gross profit of $26.1 million.

第一季營收總額為 1.421 億美元，調整後毛利為 2,610 萬美元。

During the first quarter, we completed 943 cementing jobs, a decrease of approximately 3%.

第一季度，我們完成固井作業943個，減少約3%。

The average blended revenue per job decreased by approximately 5%.

每份工作的平均混合收入下降了約 5%。

Cementing revenue for the quarter was $48.3 million, a decrease of approximately 8%.

該季度固井營收為 4,830 萬美元，下降約 8%。

During the first quarter, we completed 6,486 wireline stages, an increase of approximately 14%.

第一季度，我們完成了 6,486 個有線階段，成長約 14%。

The average blended revenue per stage decreased by approximately 13%.

每個階段的平均混合收入下降了約 13%。

Wireline revenue for the quarter was $27.9 million, which was flat compared to Q4.

該季度有線收入為 2,790 萬美元，與第四季持平。

For completion tools, we completed 28,074 stages, an increase of approximately 4%.

對於完井工具，我們完成了 28,074 個階段，增加了約 4%。

Completion tool revenue was $35.3 million, a decrease of approximately 2%.

完井工具收入為 3,530 萬美元，下降約 2%。

During the first quarter, our coiled tubing days worked increased by approximately 41% with the average blended day rate decreasing by approximately 21%.

第一季度，我們的連續油管工作天數增加了約 41%，平均混合天數下降了約 21%。

Coiled tubing utilization was 63%, and with revenue of $30.7 million, an increase of approximately 11%.

連續油管利用率為 63%，營收為 3,070 萬美元，成長約 11%。

During the first quarter, the company reported general and administrative expense of $12.3 million.

第一季度，該公司公佈的一般及管理費用為 1,230 萬美元。

Depreciation and amortization expense was $9.5 million.

折舊和攤提費用為 950 萬美元。

The company's tax provision was approximately $0.2 million for the quarter, the provision for 2024 as a result of our tax position and state and non-U.S. tax jurisdictions.

由於我們的稅務狀況以及州和非美國稅務管轄區，該公司本季的稅收撥備約為 20 萬美元，是 2024 年的撥備。

The company reported net cash used in operating activities of $8.8 million.

該公司報告經營活動使用的現金淨額為 880 萬美元。

The average DSO for Q1 was 57.5 days.

第一季的平均 DSO 為 57.5 天。

CapEx spend for $5.6 million.

資本支出為 560 萬美元。

Our 2024 CapEx guide is unchanged at $15 million to $25 million, but is flexible if market conditions dictate a reduction.

我們的 2024 年資本支出指南保持在 1500 萬至 2500 萬美元不變，但如果市場條件要求減少，則可以靈活調整。

I will now turn it back to Ann.

我現在將其轉回給安。

Thank you, Guy.

謝謝你，蓋伊。

Q1 activity levels were stable, driven mostly by a supportive oil price.

第一季的活動水準穩定，主要受到油價支撐的推動。

However, we saw further declines in natural gas prices below $2 starting in February and continuing into Q2.

然而，我們看到天然氣價格從 2 月開始進一步跌至 2 美元以下，並持續到第二季​​。

Because of this decline, we are anticipating activity slowdowns in the natural gas levered basins, including delayed completions, rig declines and overall more white space in the calendar, specifically in the Northeast Haynesville and with some impact in the Eagle Ford.

由於這種下降，我們預計天然氣槓桿盆地的活動將會放緩，包括竣工延遲、鑽機數量下降以及日曆上總體上更多的空白期，特別是在東北海恩斯維爾，並對伊格爾福特產生一些影響。

As a reminder, in 2023, approximately 34% of Nine's revenue was generated out of the Northeastern Haynesville.

需要提醒的是，到 2023 年，Nine 約 34% 的收入來自東北部海恩斯維爾。

We view this decline in natural gas-related activity as a temporary slowdown or pause and we remain positive on the medium- and long-term outlook for the gas market.

我們認為天然氣相關活動的下降是暫時的放緩或暫停，我們對天然氣市場的中長期前景保持樂觀。

It is imperative to maintain our footprint and people within these basins to ensure we are able to capitalize when gas prices recover.

必須維持我們在這些盆地內的足跡和人員，以確保我們能夠在天然氣價格回升時獲利。

However, this will have short-term negative impacts on our margins.

然而，這將對我們的利潤率產生短期負面影響。

We are watching the markets very closely and we'll adjust course as dictated by the markets and outlook.

我們正在密切關注市場，並將根據市場和前景調整方向。

The oil markets have remained mostly stable with the majority of public companies keeping capital and activity programs flat in 2024 versus 2023 in the oil lever basins.

石油市場基本上保持穩定，在石油槓桿盆地，大多數上市公司 2024 年的資本和活動計畫與 2023 年持平。

There could be potential for additional rigs coming into areas like the Permian if commodity prices remain supportive in the second half of this year.

如果今年下半年大宗商品價格維持支撐，那麼二疊紀等地區可能會有更多鑽井平台進入。

We have supplemented our Permian operations with units and personnel from our Haynesville and Northeast locations, specifically within coiled tubing and wireline.

我們用來自海恩斯維爾和東北地區的單位和人員補充了我們的二疊紀業務，特別是在連續油管和電纜方面。

For Q2, we anticipate activity declines in white space within the gas-levered basins as well as full quarter realizations of pricing pressure within our cementing business.

對於第二季度，我們預計天然氣盆地內的空白區域活動將減少，並且我們的固井業務中的定價壓力將在整個季度實現。

Because of this, we expect Q2 to be down compared with Q1, with projected revenue between $130 million and $140 million.

因此，我們預計第二季將比第一季有所下降，預計營收在 1.3 億美元至 1.4 億美元之間。

We also anticipate that adjusted EBITDA and our adjusted EBITDA margin will decrease from Q1 levels.

我們也預計調整後的 EBITDA 和調整後的 EBITDA 利潤率將比第一季的水準有所下降。

We have shown our ability to capitalize quickly on market shifts and our business is nimble.

我們已經展示了快速利用市場變化的能力，我們的業務非常靈活。

Our service and geographic diversity provides us good balance, and we are focused on diversifying more of our top line revenue streams to completion tools in the international markets.

我們的服務和地理多樣性為我們提供了良好的平衡，我們致力於將我們的收入來源多元化到國際市場上的完井工具。

Our strategy of providing an asset-light business with forward-leaning technology, coupled with excellent service is unchanged.

我們以前瞻性技術和優質服務提供輕資產業務的策略並沒有改變。

We will now open up the call for Q&A.

我們現在將開放問答環節。

(Operator Instructions) Our first question comes from Waqar Syed with ATB Capital Markets.

（操作員說明）我們的第一個問題來自 ATB Capital Markets 的 Waqar Syed。

So the international business, are you assuming any sales from that in your revenue outlook or anything substantial there?

那麼，對於國際業務，您是否在收入前景中假設有任何銷售額或任何實質的內容？

We always have a projection of that revenue.

我們總是對該收入進行預測。

Just as a reminder, international revenue on an annual basis is roughly between 4% to 5% and it's very lumpy, as we've told the market before.

提醒一下，正如我們之前告訴市場的那樣，每年的國際收入大約在 4% 到 5% 之間，而且非常不穩定。

So we would continue to anticipate having international sales in Q2.

因此，我們將繼續預期第二季將有國際銷售。

Okay.

好的。

And then, Ann, the recent consolidation that we've seen in the E&P industry, has that impacted your business positively or negatively?

然後，安，我們最近在勘探與生產行業看到的整合對您的業務產生了積極還是消極的影響？

Or do you foresee that to impact going forward?

或者您預計這會影響未來？

It's a great question, Waqar.

這是一個很好的問題，瓦卡爾。

We definitely see continued consolidation.

我們肯定會看到持續的整合。

For us, so far, this has not been a negative impact.

對我們來說，到目前為止，這還沒有帶來負面影響。

And when we analyze business with both Exxon and Pioneer, we're very pleased with that, for example.

例如，當我們分析與埃克森美孚和先鋒公司的業務時，我們對此感到非常滿意。

So right now, we've not seen a negative impact.

所以目前我們還沒有看到負面影響。

And I think if anything, you could start to see some consistency as we know, with large publics, they tend to put out their D&C programs and budgets.

我認為，如果有的話，你可能會開始看到一些一致性，正如我們所知，對於大量公眾，他們傾向於推出他們的 D&C 計劃和預算。

And so that streamlines the process and, frankly, can help us.

這樣可以簡化流程，坦白說，可以幫助我們。

So to answer your question specifically, no, we've not seen any negatives.

因此，具體回答您的問題，不，我們沒有看到任何負面影響。

Okay.

好的。

And the issue on the pricing side in cementing, is it kind of broad in all basins?

固井定價方面的問題在所有盆地都普遍存在嗎？

Or is it very basin specific right now?

或者現在是針對特定盆地的嗎？

Yes.

是的。

No, it's -- well, clearly, coming into the Haynesville has not been wonderful just given where gas prices are.

不，很明顯，考慮到汽油價格，進入海恩斯維爾並不是一件好事。

But I would say it's more broad relative to the overall rig count environment in the United States right now.

但我想說，相對於美國目前的整體鑽機數量環境，它的範圍更為廣泛。

That pricing pressure is felt across basins.

各個盆地都感受到了這種定價壓力。

Okay.

好的。

Are you seeing stability in the spot pricing?

您認為現貨價格穩定嗎？

Or do you see more pressure in that particular market as maybe some more rigs come off in the gas basis?

或者您認為該特定市場面臨更大的壓力，因為可能會有更多的天然氣鑽孔機停產？

The gas basins could, Waqar.

天然氣盆地可以，瓦卡爾。

I think though, we've taken that pricing impact.

但我認為，我們已經接受了定價的影響。

It's just that you'll get a full quarter of that realization in Q2.

只是您將在第二季度獲得該實現的四分之一。

So we're not seeing a downward slope on that right now, that has stabilized, but we did experience that.

所以我們現在還沒有看到下降趨勢，它已經穩定下來，但我們確實經歷過這種情況。

And then in terms of your visibility into the second half on the let's say, oil side first, are you seeing any discussions with E&Ps, privates or publics about picking up activity later this year or into next year?

然後，就您對下半年的可見性而言，首先是石油方面，您是否看到與勘探生產公司、私人或公眾就今年晚些時候或明年恢復活動進行任何討論？

I think most of our publics have been pretty firm that they're going to maintain flat programs this year.

我認為我們大多數公眾都非常堅定，他們今年將維持固定計劃。

We do have some oil customers actually in the Northeast that I would be surprised if they don't put a rig or 2 up later in the year.

實際上，我們在東北部確實有一些石油客戶，如果他們不在今年稍後安裝一兩個鑽井平台，我會感到驚訝。

But by and large, our publics at the moment are steadfast in their programs.

但總的來說，我們的公眾目前對他們的計劃是堅定的。

So as we know, that could always change.

據我們所知，這種情況隨時可能會改變。

We're seeing -- obviously, folks are going to start to build ducts here, so it could be a very nice 2025, really nice duct builds in the Haynesville as well.

我們看到——顯然，人們將開始在這裡建造管道，所以 2025 年可能會是一個非常好的年份，海恩斯維爾的管道建設也非常好。

So as you know, if the operators all start at once, that creates tremendous velocity for pricing.

如您所知，如果營運商全部同時啟動，就會創造巨大的定價速度。

So it could be an exciting time for us coming into '25 .

因此，對於我們進入 25 世紀來說，這可能是一個令人興奮的時刻。

Okay.

好的。

And from the private side, any -- are you seeing any hints of them picking up activity or new privates being formed as more personnel become available from the consolidation in the E&P industry?

從私人企業方面來看，您是否看到任何跡象表明，隨著勘探與生產行業的整合出現更多人員，他們正在開展活動或組建新的私營企業？

No.

不。

No, we aren't, Waqar.

不，我們不是，瓦卡爾。

I would say consolidation is more the theme of the day.

我想說，整合更是當今的主題。

Our next question is from Tim Moore with EF Hutton.

我們的下一個問題來自 EF Hutton 的 Tim Moore。

Ann and Guy, two of my questions are about public and private.

安和蓋伊，我的兩個問題是關於公共和私人的。

Operator sentiment was just asked and thanks for answering that.

剛剛詢問了運營商的情緒，感謝您的回答。

You mentioned cementing softness to continue in the June quarter.

您提到六月季度將持續保持疲軟。

I'm just trying to think out -- I know we talked about lead times on that and they seem to bounce back fast later on when there's an upswing.

我只是想弄清楚 - 我知道我們討論了這方面的交貨時間，當出現上升時，它們似乎會很快反彈。

I mean would I be unreasonable thinking that maybe the cementing job count, not necessarily pricing could the volumes can maybe start increasing September or late summer?

我的意思是，我認為也許是鞏固就業機會，而不一定是定價，銷售量可能會在九月或夏末開始增加，這樣的想法是否不合理？

Or is that too quick based on visibility?

或基於可見性，這是否太快了？

No.

不。

I think that's reasonable, Tim.

我認為這是合理的，提姆。

Very good.

非常好。

I mean, eventually, they always bounced back.

我的意思是，最終，他們總是會反彈。

I mean, you just lapped downturns and the rig count has been quite stable since mid-September, especially on the oil side.

我的意思是，剛剛經歷了低迷時期，自 9 月中旬以來，鑽機數量一直相當穩定，尤其是在石油方面。

So it seems like I'm not going to put work you out, it seems like it'll be inevitable, but you're not that far away from the bottom on the volume side on cementing.

所以看來我不會讓你工作，這似乎是不可避免的，但在固井方面你距離底部並不遠。

Yes.

是的。

That's how it feels.

就是這樣的感覺。

Good.

好的。

And maybe just switching gears, how is the Pincer hybrid frac plug doing?

也許只是切換齒輪，Pincher 混合壓裂塞表現如何？

And what are some of the customer responses to it?

客戶對此有何反應？

Well, we're having a great response.

嗯，我們得到了很好的回應。

We are in the middle of field testing right now with some customers and then also commercialized other customers.

我們目前正在與一些客戶進行現場測試，然後也將其他客戶商業化。

So as you know, that plug is hybrid, it has a little bit of dissolvable materials, some composite material, and it offers our customers much better drill-out times.

如您所知，該插頭是混合型的，它有一點可溶解的材料，一些複合材料，它為我們的客戶提供了更好的鑽孔時間。

And so it's really for the customer that love the reliability and dependability as they perceive it with a composite, and that's how we're trying to answer that market and innovate really on the composite side.

因此，這確實適合那些喜歡複合材料的可靠性和可靠性的客戶，這就是我們試圖回應該市場並在複合材料方面真正進行創新的方式。

So it's not an answer to replace the dissolvable plug.

所以更換可溶塞並不是解決問題的方法。

It's really an answer to go after that very large composite market, which is still the preponderance of plugs run today in the U.S. And so we're still very pleased with that.

這確實是一個追求非常大的複合材料市場的答案，該市場仍然是當今美國使用的插頭的主要市場，因此我們仍然對此感到非常滿意。

Thank you for asking.

謝謝你的慰問。

No, that's great.

不，那太好了。

I mean I really think it's going to be very good.

我的意思是我真的認為這會非常好。

I can't wait to hear a couple of years from now how many thousands of those you've sold because like you said, it's not going to cannibalize, it's incremental.

我迫不及待想聽聽幾年後你已經賣出了多少萬件，因為就像你說的，它不會蠶食，而是增量的。

So that's a really good design there.

所以這是一個非常好的設計。

And maybe just following up on international expansion.

也許只是為了跟進國際擴張。

I know you get asked this a lot, I think I asked last quarter.

我知道你常被問到這個問題，我想我上個季度就問過。

I know it's only maybe 4% to 5% of sales, but such a good untapped opportunity for you.

我知道這可能只佔銷售額的 4% 到 5%，但這對您來說是一個尚未開發的好機會。

Can you give any color maybe on some of the countries where you've done some demos and pilots the last couple of quarters and where you think might be the focus countries the rest of this year?

您能否對過去幾季進行了一些演示和試點的某些國家/地區以及您認為今年剩餘時間可能成為重點的國家/地區進行說明？

Sure.

當然。

So as you know, we sell into about 22 countries, but the majority of our sales will be in the Middle East region as well as Argentina.

如您所知，我們的產品銷往大約 22 個國家/地區，但我們的大部分銷售將在中東地區以及阿根廷。

And so when you think about the Middle East, you're talking mostly about the UAE as well as Saudi.

因此，當您想到中東時，您主要談論的是阿聯酋和沙烏地阿拉伯。

Great.

偉大的。

And how do you like to handle capacity for the country I mean it seems like it could be full up demand there.

您希望如何處理該國的產能，我的意思是，那裡的需求似乎可能已滿。

Are you -- I mean, I guess you're probably working hard to add extra capacity as orders come in and you're able to satisfy them.

你是嗎——我的意思是，我猜你可能正在努力增加額外的產能，因為訂單進來了，你能夠滿足它們。

Yes.

是的。

We have not had a problem with that thus far.

到目前為止我們還沒有遇到任何問題。

So I think we do a really good job of managing that supply chain.

所以我認為我們在管理供應鏈方面做得非常好。

So, so far, that's not been a bottleneck.

所以，到目前為止，這還不是瓶頸。

Great.

偉大的。

Great.

偉大的。

Just 2 other quick questions.

還有另外 2 個簡單問題。

I know you reiterated the capital expenditure guidance this year of $15 million to $20 million, you spent almost $6 million in the first quarter.

我知道您重申了今年 1500 萬至 2000 萬美元的資本支出指導，第一季花費了近 600 萬美元。

What point this year?

今年什麼點？

I mean, would you decide if you might be more towards the lower end or the high end of that range, you probably will wait to see how things shake out this summer and then maybe finish your CapEx budget September, October?

我的意思是，您是否會決定是否更接近該範圍的低端或高端，您可能會等著看今年夏天的情況如何，然後可能會在 9 月、10 月完成您的資本支出預算？

Right.

正確的。

So it's a great question.

所以這是一個很好的問題。

So we've guided the market $15 million to $25 million, with a back-end loaded range.

因此，我們指導市場 1500 萬至 2500 萬美元，並有後端負載範圍。

And if for some reason, this summer, we don't see any turn in anticipated gas pricing coming into the winter season, then obviously, we'd make adjustments.

如果由於某種原因，今年夏天我們沒有看到冬季的預期天然氣價格有任何變化，那麼顯然我們會做出調整。

So we've purposely planned flexibility to do just that.

因此，我們特意計劃了靈活性來做到這一點。

So I think we're all waiting to see what is the weather shape out like, where is gas production fall and what do those gas prices look like.

所以我認為我們都在等著看天氣狀況如何、天然氣產量下降在哪裡以及天然氣價格如何。

So we're ready to make those changes.

所以我們已經準備好要做出這些改變。

And as you know, we're always very flexible here with CapEx.

如您所知，我們的資本支出始終非常靈活。

Our next question is from John Daniel with Daniel Energy Partners.

我們的下一個問題來自丹尼爾能源合作夥伴的約翰·丹尼爾。

Ann, Heather, team, just one for me.

安、希瑟、團隊，只有我一個。

We had several of the E&P companies this quarter talk up opportunities on the refrac market.

本季我們有幾家勘探生產公司談論了重複壓裂市場的機會。

And I'm just curious how you see that opportunity set over the next few years?

我只是好奇你如何看待未來幾年的機會？

And is it...

還有是不是...

Well, John, thank you.

嗯，約翰，謝謝你。

That's a great question.

這是一個很好的問題。

I think you've started to see some of our public companies actually make this part of their program. and talk about it routinely.

我認為您已經開始看到我們的一些上市公司實際上將這作為其計劃的一部分。並定期談論它。

So the technology has changed here a lot.

所以這裡的技術已經發生了很大的變化。

We actually forecast refrac into our business now.

事實上，我們現在預測折射會進入我們的業務。

We're one of very few companies in the U.S. that offers this solution.

我們是美國極少數提供此解決方案的公司之一。

So this is a wonderful niche market for us, and we're really excited to continue to see it grow.

因此，這對我們來說是一個絕佳的利基市場，我們很高興看到它繼續成長。

We've experienced certainly a lot of growth last year.

去年我們確實經歷了很大的成長。

We're looking forward to more growth this year.

我們期待今年有更多成長。

So very promising market.

所以市場前景非常廣闊。

They certainly are looking at it from a production capacity, we're also aware that these are obviously cleaner barrels.

他們當然是從生產能力來看待它，我們也意識到這些顯然是更乾淨的桶子。

So all the way around, these refracs are making a ton of sense, and we're seeing wonderful results thus far with our refrac technology.

因此，從始至終，這些折射都具有很大的意義，到目前為止，我們的折射技術已經看到了美妙的結果。

We have reached the end -- go ahead, Ann.

我們已經到了終點——繼續吧，安。

I was just saying we wanted to thank our employees and our E&P partners and investors.

我只是說我們要感謝我們的員工、勘探與生產合作夥伴和投資者。

Thank you all so much.

非常感謝大家。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and we thank you for your participation.

此時您可以斷開線路，我們感謝您的參與。