國民油井華高 (NOV) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the NOV Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 11 月第四季和 2023 年全年收益電話會議。此時，所有參與者都處於只聽模式。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to introduce your host for today's conference, Ms. Amie D'Ambrosio, Director of Investor Relations. Ma'am, please begin.

現在我想介紹一下今天會議的主持人，投資者關係總監 Amie D'Ambrosio 女士。女士，請開始。

Welcome, everyone, to NOV's Fourth Quarter and Full Year 2023 Earnings Conference Call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO.

歡迎大家參加 NOV 第四季和 2023 年全年財報電話會議。今天與我在一起的有我們的董事長、總裁兼執行長克萊威廉斯 (Clay Williams)；以及我們的高級副總裁兼財務長 Jose Bayardo。

Before we begin, I would like to remind you that some of today's comments are forward-looking statements within the meaning of the federal securities laws. They involve risks and uncertainty, and actual results may differ materially. No one should assume these forward-looking statements remain valid later in the quarter or later in the year. For a more detailed discussion of the major risk factors affecting our business, please refer to our latest forms 10-K and 10-Q filed with the Securities and Exchange Commission.

在開始之前，我想提醒您，今天的一些評論屬於聯邦證券法含義內的前瞻性陳述。它們涉及風險和不確定性，實際結果可能存在重大差異。任何人都不應認為這些前瞻性陳述在本季稍後或今年稍後仍然有效。有關影響我們業務的主要風險因素的更詳細討論，請參閱我們向美國證券交易委員會提交的最新表格 10-K 和 10-Q。

Our comments also include non-GAAP measures. Reconciliations to the nearest corresponding GAAP measures are in our earnings release available on our website. On a U.S. GAAP basis, for the fourth quarter of 2023, NOV reported revenues of $2.34 billion and a net income of $598 million or $1.51 per fully diluted share. For the full year of 2023, revenues were $8.58 billion and net income was $993 million. Our use of the term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA as defined in our earnings release.

我們的評論也包括非公認會計原則措施。我們網站上的收益發布中提供了與最接近的相應 GAAP 衡量標準的對帳。根據美國公認會計原則，2023 年第四季度，NOV 報告收入為 23.4 億美元，淨利潤為 5.98 億美元，即完全稀釋每股收益 1.51 美元。 2023 年全年營收為 85.8 億美元，淨利為 9.93 億美元。我們在今天早上的電話會議中使用的術語 EBITDA 與我們的收益發布中定義的調整後 EBITDA 術語相對應。

Later in the call, we will host a question-and-answer session. Please limit yourself to 1 question and 1 follow-up to permit more participation. Now let me turn the call over to Clay.

稍後，我們將在電話會議中主持問答環節。請限制自己提出 1 個問題和 1 次後續行動，以便更多人參與。現在讓我把電話轉給克萊。

Thanks, Amie. NOV continued its strong sales growth through the fourth quarter of 2023 with revenues of $2.3 billion, up 7% sequentially, completing a year in which the company generated $8.6 billion in sales.

謝謝，艾米。 NOV 在 2023 年第四季持續保持強勁的銷售成長勢頭，營收達 23 億美元，季增 7%，全年銷售額達 86 億美元。

Full year revenues increased 19% from 2023 versus 2022, driven by strong offshore and international demand, continued supply chain improvement and increasing uptake in the new technologies NOV has been introducing to its customers. Fourth quarter EBITDA increased to $294 million or 12.5% of revenue, up 30 basis points from the prior quarter and up 140 basis points from the fourth quarter of last year.

由於強勁的離岸和國際需求、持續的供應鏈改善以及 NOV 向客戶介紹的新技術的持續採用，2023 年全年營收比 2022 年成長了 19%。第四季 EBITDA 增至 2.94 億美元，佔營收的 12.5%，比上一季成長 30 個基點，比去年第四季成長 140 個基點。

Despite the higher-than-expected sales for the fourth quarter, EBITDA leverage was lighter than expected at 17%, falling short of our forecast due in part to continuing activity declines in North America and in part to some unexpected charges. Revenues for North America land declined 5% sequentially, hitting our Wellbore Technology Services businesses disproportionately hard. Additionally, we had an approximately $20 million impact on EBITDA in the quarter due to the 55% devaluation in the Argentine peso in December, higher U.S. medical costs and workman compensation insurance accruals.

儘管第四季的銷售額高於預期，但 EBITDA 槓桿率低於預期，為 17%，未達到我們的預期，部分原因是北美業務持續下滑，部分原因是一些意外費用。北美陸地收入環比下降 5%，對我們的井筒技術服務業務造成了不成比例的沉重打擊。此外，由於 12 月阿根廷比索貶值 55%、美國醫療費用和工人賠償保險應計費用增加，本季 EBITDA 受到約 2,000 萬美元的影響。

Fourth quarter offshore revenue grew 7% sequentially and large increases in managed pressure drilling equipment sales, flexible pipe, conductor pipe and aftermarket spares for offshore rigs. NOV's international land revenues grew by more than 20% sequentially on stronger shipments of drill pipe, composite pipe, stimulation equipment and drilling equipment for the Middle East.

第四季海上收入季增 7%，控壓鑽井設備、軟管、導管和海上鑽井平台售後備件的銷售大幅成長。由於中東鑽桿、複合管、增產設備和鑽井設備的出貨量增加，NOV 的國際陸地收入較上季成長了 20% 以上。

The company's offshore and international revenue strength more than offset North America, leading to consolidated sequential sales growth of 7%. Free cash flow improved significantly during the fourth quarter to $301 million. The inflection in free cash flow signaled relief from the supply chain challenges of the first half of 2023 as additional inventory enabled higher flush year-end shipments, including strong double-digit sequential growth for the Rig Technologies segment and spare parts and drilling equipment.

該公司的海外和國際收入實力遠遠抵消了北美地區的影響，導致綜合銷售額環比增長 7%。第四季自由現金流顯著改善，達到 3.01 億美元。自由現金流的變化標誌著 2023 年上半年供應鏈挑戰的緩解，因為額外的庫存使年末出貨量增加，包括鑽機技術部門以及備件和鑽井設備強勁的兩位數連續增長。

While 2022 was characterized by the recovery of activity in North America, 2023 saw continuing momentum in offshore and international markets that is underpinning the steady up cycle, we believe, will continue to unfold over the next several years, Aramco, Safaniya plans notwithstanding. Despite postponement of plans to grow production capacity to 13 million barrels per day, we still expect the Kingdom to remain quite busy, as it drills to stem declines in conventional oil wells and it drills to develop unconventional gas. We expect our revenues in 2024 there to continue to grow.

儘管 2022 年北美經濟活動復甦，但 2023 年離岸和國際市場仍保持強勁勢頭，支撐著穩定的上升週期，我們相信，儘管阿美公司和薩法尼亞計劃在未來幾年內繼續呈現這種勢頭。儘管將產能提高到每天 1300 萬桶的計劃被推遲，但我們仍然預計沙特王國仍將相當繁忙，因為它的鑽探活動旨在遏制常規油井的下降，並鑽探開發非常規天然氣。我們預計 2024 年我們在那裡的收入將繼續增長。

Broadly speaking, rising activity in critical global offshore and international markets is leading to purchases of the tools and kit needed for our oilfield customers to execute development plans. We remain constructive in our global outlook over the next several years because there are so many areas that look so strong. 2023 saw the reentry of IOC customers into the deepwater market after a decade-long hiatus, with several basins seeing renewed energy and focus on exploration, like Namibia and Suriname, brownfield developments like Norway, West Africa and the Gulf of Mexico, and greenfield developments like Brazil, Guyana and Australia.

從廣義上講，全球關鍵海上和國際市場的活動不斷增加，導致我們的油田客戶購買執行開發計劃所需的工具和套件。我們對未來幾年的全球前景保持建設性的態度，因為有很多領域看起來都很強勁。 2023 年，IOC 客戶在中斷十年後重新進入深水市場，納米比亞和蘇利南等多個盆地重新煥發活力並專注於勘探，挪威、西非和墨西哥灣等棕地開發以及綠地開發如巴西、圭亞那和澳大利亞。

Although we view U.S. permitting constraints on further LNG export growth as unwise from an energy security standpoint, such a move would drive additional calls on LNG production from offshore Australia and Qatar in our view.

儘管從能源安全的角度來看，我們認為美國允許限制液化天然氣出口的進一步增長是不明智的，但我們認為，此舉將引發對澳洲和卡達近海液化天然氣生產的更多呼籲。

Increasing offshore activity is tightening the market for floating rigs, leading to a doubling of dayrates with high-spec floaters utilizing sophisticated NOV technologies benefiting the most. Likewise, growing offshore drilling in the Arabian Gulf has materially improved utilization and dayrates for jack-ups. Despite some white space and specific rig contracts popping up in 2024 arising from the completion of older, shorter well-to-well contracts, our customers are using this idle time to accomplish maintenance and SPS surveys.

海上活動的增加正在收緊浮式鑽井平台的市場，導致日費翻倍，其中利用先進 NOV 技術的高規格浮式平台受益最多。同樣，阿拉伯灣海上鑽探的成長大大提高了自升式鑽井平台的利用率和日費率。儘管由於舊的、較短的井間合同的完成，2024 年會出現一些空白和特定的鑽機合同，但我們的客戶正在利用這段空閒時間來完成維護和 SPS 調查。

They also report rising operator interest in longer 3- to 5-year term contracts. This bodes well for future NOV rig technology demand as customers can achieve payback on incremental CapEx upgrades on their rigs, given the greater visibility in their future utilization. We are more subdued in our 2024 outlook for North America. The euphoria of 2022 has matured into a phase of consolidation and strict capital discipline in 2023, exacerbated by continued volatility in oil prices and depressed domestic natural gas prices.

他們還報告稱，營運商對 3 至 5 年期較長合約的興趣日益濃厚。這對未來的 NOV 鑽機技術需求來說是個好兆頭，因為客戶可以透過對其鑽機進行增量資本支出升級來獲得回報，因為他們可以更清楚地了解其未來的利用率。我們對北美 2024 年的前景更加黯淡。 2022 年的欣欣向榮已經成熟到 2023 年的整合和嚴格的資本紀律階段，石油價格的持續波動和國內天然氣價格的低迷加劇了這種情況。

I believe E&P CapEx will likely decline slightly year-over-year. Nevertheless, North America production will remain vital to the global supply and energy security. The expected commissioning of incremental U.S. LNG export capacity in 2025 could spark additional North American gas drilling activity later in the year to prove me wrong.

我認為勘探與生產資本支出可能會比去年同期略有下降。儘管如此，北美生產對於全球供應和能源安全仍然至關重要。預計 2025 年美國液化天然氣出口量增量的投產可能會在今年稍後引發更多北美天然氣鑽探活動，證明我是錯的。

Against this market backdrop of growing offshore international markets offset by declining North American activity, NOV is posting much improved results, driven by projects aimed at reactivating and upgrading offshore rigs and significant uptake of our new advanced technology to meet operators' demands for more efficient operations. There remains room for improvement in our profitability and return profile, and we are focused on improving our margins by executing our cost reduction plan and continuing our commitment to improve pricing, where we can.

在海上國際市場成長被北美活動下降所抵消的市場背景下，在旨在重新啟動和升級海上鑽井平台的項目以及大量採用我們的新先進技術以滿足運營商對更高效運營的需求的推動下， NOV 的表現大幅改善。我們的獲利能力和回報率仍有改善的空間，我們致力於透過執行成本削減計劃並繼續致力於盡可能提高定價來提高利潤率。

NOV's investments in technologies over the past several years have focused squarely on providing solutions that drive improved economics for our customers, utilizing new robotics and digital advancements to expand and enhance our traditional product portfolio.

過去幾年，NOV 對技術的投資主要集中在提供解決方案，以提高客戶的經濟效益，利用新的機器人技術和數位化進步來擴展和增強我們的傳統產品組合。

We have very intentionally repositioned ourselves to support future energy investments of all kinds, with continued traction in North America and the Middle East, our edge compute, edge-to-cloud and cloud-based solutions are equipping drilling, intervention and completions operators on the front lines with more information to make better decisions. The fourth quarter saw 2 independents adopt our new artificial intelligence edge compute technology to identify critical downhole events like washouts hours earlier than traditional methods. We are also seeing gains in our 1-click cloud data delivery and our new high-frequency data services.

我們非常有意地重新定位自己，以支持未來各種能源投資，隨著北美和中東的持續發展，我們的邊緣運算、邊緣到雲端和基於雲端的解決方案正在為鑽井、幹預和完井營運商提供裝備前線人員可以獲得更多信息，以便做出更好的決策。第四季度，兩位獨立人士採用了我們新的人工智慧邊緣運算技術，比傳統方法提前數小時識別關鍵的井下事件，例如沖刷。我們也看到一鍵式雲端資料交付和新的高頻資料服務取得了進展。

In December, NOV was celebrated by a major NOC for providing high-speed data streaming from over 100 rigs from a dozen drilling contractors to enable its big data scientists and algorithms to identify and act on opportunities to drive better efficiency. Our completions customers are also seeing the benefits of real-time interaction with aggregated field data. We ended the year with more than 3,500 active users of our remote monitoring tools for completion operations, up 70% compared to the first half of 2023, and we are introducing new frac monitoring capabilities through our Max Edge platform this year. Overall, fourth quarter Max Edge product revenue more than tripled versus the fourth quarter of 2022.

去年12 月，NOV 因提供來自十幾家鑽井承包商的100 多個鑽機的高速數據流而受到一家主要國家石油公司的讚揚，使其大數據科學家和演算法能夠識別機會並採取行動，從而提高效率。我們的完井客戶也看到了與聚合現場資料即時互動的好處。截至今年年底，我們用於完井作業的遠端監控工具的活躍用戶超過 3,500 名，與 2023 年上半年相比增加了 70%，今年我們將透過 Max Edge 平台推出新的壓裂監控功能。總體而言，第四季 Max Edge 產品營收比 2022 年第四季成長了兩倍多。

NOV's proprietary wired drill pipe, high-speed data delivery system has seen widespread adoption in the North Sea over the past few years. And now, a major NOC in the Middle East is reporting 30% improvement in well placement on its pilot drilled last year, significantly improving well economics. Strong results arising from better data prompted another Arabian Gulf operator to spud with the technology a few days ago, with several others planning to adopt the technology in the region later this year.

過去幾年，NOV 專有的有線鑽桿、高速資料傳輸系統已在北海廣泛採用。現在，中東一家主要國家石油公司報告稱，其去年試點鑽探的井位改善了 30%，顯著提高了油井經濟效益。更好的數據帶來的強勁結果促使另一家阿拉伯灣營運商幾天前開始採用該技術，其他幾家營運商計劃今年稍後在該地區採用該技術。

We believe we are pioneering a new and better way to drill. Wire drill pipe technology, combined with NOV's new managed pressure drilling offering, will provide unprecedented control and performance. And I believe this technology will become standard in the offshore arena in coming decades.

我們相信我們正在開創一種新的、更好的鑽探方法。鋼絲鑽桿技術與 NOV 的新型控壓鑽井產品相結合，將提供前所未有的控制和性能。我相信這項技術將在未來幾十年內成為海上領域的標準。

Better drilling performance enabled by NOV's cutters drove significant market share gains in drill bits in several regions throughout 2023. And revenue from new downhole tools grew 27% sequentially. Our new PosiTrack Tortional Vibration Mitigation tool completed its 100th run during the quarter, enabling a doubling of rate of penetration for a customers in Indonesia, where our new Agitator ZP friction reduction tools are enabling operators to move to 3-mile laterals in the Permian.

NOV 刀具帶來的更好鑽井性能推動了 2023 年多個地區鑽頭市場份額的大幅增長。新井下工具的收入環比增長了 27%。我們的新型PosiTrack 扭轉減振工具在本季度完成了第100 次運行，使印尼客戶的滲透率提高了一倍，我們的新型Agitator ZP 減摩工具使操作員能夠在二疊紀盆地移動到3 英里的支流。

Bits, motors and MWD failures are the leading causes of expensive, unplanned trips for horizontal drillers, which has led many E&P operators to rent this equipment directly from NOV because of our exceptional reliability and performance rather than delegate the supply of these to their directional drillers as they have traditionally done. NOV is very, very well positioned in performance drilling sector for future share gains.

鑽頭、馬達和MWD 故障是水平鑽井機昂貴、意外起下的主要原因，這導致許多E&P 業者直接從NOV 租賃該設備，因為我們具有卓越的可靠性和性能，而不是將這些設備委託給他們的定向鑽井機正如他們傳統上所做的那樣。 NOV 在高性能鑽井領域處於非常非常有利的位置，可以實現未來的份額成長。

Similarly, in high-temperature basins like the Haynesville and Eagle Ford, we are receiving repeat orders for our Tuboscope TK-340TC coating, which insulates drill pipe, and our TUNDRA MAX Mud chiller to help reduce downhole temperatures that can damage downhole electronics. Again, operators are buying directly from NOV and are reporting fewer equipment failures and improved cost savings as a result.

同樣，在Haynesville 和Eagle Ford 等高溫盆地中，我們收到了重複訂單，訂購Tubscope TK-340TC 塗層（用於對鑽桿進行絕緣）和TUNDRA MAX 泥漿冷卻器（用於幫助降低可能損壞井下電子設備的井下溫度）。同樣，營運商直接從 NOV 購買，報告的設備故障更少，成本節約也因此得到改善。

Leveraging our existing expertise in harsh environment drilling, we are addressing the high-temperature hard rock challenges faced in the growing geothermal market. Our portfolio of drill bits, MWD tools, composite pipe, liner hangers and corrosion-resistant pipeliners combat the tough challenges faced in geothermal wells, and we've seen strong demand, particularly in Europe.

利用我們在惡劣環境鑽探方面的現有專業知識，我們正在解決不斷增長的地熱市場面臨的高溫硬岩挑戰。我們的鑽頭、MWD 工具、複合管、襯管懸掛器和耐腐蝕管道器產品組合可應對地熱井面臨的嚴峻挑戰，我們看到了強勁的需求，特別是在歐洲。

Oil and gas producers are committed to reducing the environmental impact of their operations. NOV's proprietary and iNOVaTHERM cuttings treatment technology is seeing strong demand, particularly in areas like Angola and the Arabian Gulf, which are tightening drill cuttings discharge requirements. Treating drill cuttings on the rig reduces the high CO2 footprint associated with shipping these to shore.

石油和天然氣生產商致力於減少其營運對環境的影響。 NOV 的專有 iNOVaTHERM 鑽屑處理技術需求強勁，特別是在安哥拉和阿拉伯灣等地區，這些地區正在收緊鑽屑排放要求。在鑽孔機上處理鑽屑可減少將鑽屑運送至岸上所產生的高二氧化碳排放量。

Operators are also demanding drilling contractors cut CO2 emissions, driving interest in NOV's new PowerBlade and Maestro engine management technologies. Committing to a cleaner future, operators are applying their expertise to carbon capture and storage and using NOV's deep experience in this area as well.

營運商還要求鑽井承包商減少二氧化碳排放，從而激發了人們對 NOV 的新型 PowerBlade 和 Maestro 引擎管理技術的興趣。為了打造更清潔的未來，營運商正在將其專業知識應用於碳捕獲和封存，並利用 NOV 在該領域的豐富經驗。

We secured the dehydration package for a large carbon capture and storage project in Louisiana aimed at reducing emissions from industrial processes, and we are pursuing several additional CCUS opportunities. Our sustained investments in new products and technologies helped to drive our strong top line results, as fourth quarter 2023 revenues have increased nearly 90% from the first quarter of 2021 low, which compares to the Big 3 average of about 60% over the same time period, equating to approximately 26% compound annual growth rate for NOV versus 19% for the Big 3.

我們為路易斯安那州的一個大型碳捕獲和封存項目提供了脫水包，該項目旨在減少工業過程中的排放，並且我們正在尋求幾個額外的 CCUS 機會。我們對新產品和技術的持續投資有助於推動我們強勁的營收業績，2023 年第四季的營收較2021 年第一季的低點成長了近90%，而同期三大巨頭的平均成長率約為60%在此期間，NOV 的複合年增長率約為 26%，而 3 巨頭的複合年增長率為 19%。

And we believe we have room to run. As more E&Ps try wire drill pipe Max Edge compute solutions, AI-powered optimization software and more sophisticated drilling tools and robotics. We expect our adaptation to the reality of the industry and the strong results these technologies provide will continue to drive improving top-line results.

我們相信我們還有發展的空間。隨著越來越多的勘探和生產公司嘗試繩索鑽桿 Max Edge 計算解決方案、人工智慧驅動的優化軟體以及更複雜的鑽井工具和機器人。我們預計，我們對產業現實的適應以及這些技術提供的強勁成果將繼續推動營收業績的改善。

As part of NOV's repositioning of its product portfolio, we also continue to review and optimize our shareholders' capital employed across the portfolio. We expect to divest 1 or possibly 2 businesses in the coming year and redeploy capital into higher-performing opportunities like electrical submersible pumps, which we added this week through an acquisition. Additionally, we expect that improved cash flows in 2024 following supply chain normalization will enable us to increase our return of capital to shareholders in the coming year.

作為 NOV 重新定位其產品組合的一部分，我們也繼續審查和優化整個投資組合中使用的股東資本。我們預計在來年剝離 1 項或可能 2 項業務，並將資本重新部署到績效更高的機會中，例如電動潛水泵，我們本週透過收購增加了電動潛水泵。此外，我們預期供應鏈正常化後 2024 年現金流量的改善將使我們能夠在未來一年增加股東的資本回報。

In sum, NOV is well positioned to capitalize on the world's need to invest in energy of all forms. We have a lot of work ahead of us, and I'm grateful for NOV's team and their extraordinary professionalism, their intense focus on the critical needs of our customers, the creativity and innovation they apply to technology to meet those needs and above all, their ability and willingness to get the job done. Many thanks to all of you, who are listening.

總之，NOV 處於有利地位，可以充分利用世界對各種形式能源的投資需求。我們還有很多工作要做，我感謝 NOV 的團隊和他們非凡的專業精神，他們對客戶關鍵需求的高度關注，他們運用技術來滿足這些需求的創造力和創新，最重要的是，他們完成工作的能力和意願。非常感謝大家的聆聽。

With that, I will turn it over to Jose.

這樣，我就把它交給何塞了。

Thank you, Clay. NOV's consolidated revenues for the fourth quarter totaled $2.34 billion, and revenues for the full year 2023 totaled $8.58 billion, an increase of 19% or $1.35 billion from 2022. EBITDA increased 10% sequentially to $294 million or 12.5% of sales. As Clay mentioned, flow-through was limited in part due to larger-than-anticipated year-end adjustments to our medical and workers' comp accruals and the devaluation of the Argentine peso. For the full year, EBITDA increased 47% to $1 billion or 11.7% of sales.

謝謝你，克萊。 NOV 第四季合併營收總計23.4 億美元，2023 年全年營收總計85.8 億美元，比2022 年成長19%，即13.5 億美元。EBITDA 環比成長10%，達到2.94 億美元，佔銷售額的12.5% 。正如克萊所提到的，資金流通受到限制，部分原因是我們的醫療和工人補償應計費用的年底調整幅度超出預期以及阿根廷比索貶值。全年 EBITDA 成長 47%，達到 10 億美元，佔銷售額的 11.7%。

During the fourth quarter, we recorded $55 million in other items primarily related to a voluntary early retirement program. Additionally, NOV's effective tax rate was favorably impacted by the release of $485 million in valuation allowances resulting from the company's assessment of the carrying value of its deferred tax assets and future projections of taxable income. We estimate that our tax rate for 2024 will be approximately 26%.

第四季度，我們在主要與自願提前退休計畫相關的其他項目上記錄了 5,500 萬美元。此外，NOV 的有效稅率也受到公司對其遞延稅資產帳面價值的評估和未來應納稅收入的預測而發放的 4.85 億美元估價備抵的有利影響。我們預計 2024 年的稅率約為 26%。

Cash flow from operations totaled a healthy $377 million in the fourth quarter, supported by a reduction in working capital, but partially offset by $42 million in cash severance charges associated with the voluntary early retirement program and other restructuring-related actions. Capital expenditures totaled $76 million in the fourth quarter, and when netted against cash flow from operations, resulted in $301 million in free cash flow. During 2024, we expect to generate free cash flow in excess of 50% of EBITDA with a seasonal use of cash in the first quarter and steadily improving cash flow through the remainder of the year.

在營運資本減少的支撐下，第四季來自營運的現金流量總計為 3.77 億美元，但部分被與自願提前退休計畫和其他重組相關行動相關的 4,200 萬美元現金遣散費所抵銷。第四季資本支出總計 7,600 萬美元，扣除營運現金流後，自由現金流為 3.01 億美元。 2024 年，我們預計透過第一季季節性使用現金，產生超過 EBITDA 50% 的自由現金流，並在今年剩餘時間內穩步改善現金流。

Our capital allocation hierarchy remains the same as it has been. First and foremost, we prioritized compelling organic investment opportunities, which historically provide us with the greatest risk-weighted returns. As Clay discussed, the new products that we've recently introduced are gaining rapid adoption in the market, and we plan to accelerate our build-out of these offerings. As a result, we expect to increase our capital expenditures in 2024 to approximately $330 million.

我們的資本配置層級保持不變。首先也是最重要的是，我們優先考慮引人注目的自然投資機會，這些機會歷來為我們提供了最大的風險加權回報。正如 Clay 所討論的，我們最近推出的新產品正在市場上迅速採用，我們計劃加快這些產品的建置。因此，我們預計 2024 年的資本支出將增加至約 3.3 億美元。

We continue to take portfolio management approach to capital allocation, and we'll invest in businesses at compelling valuations, where we can leverage our core competencies, manufacturing capabilities, global distribution infrastructure, digital platforms and world-class R&D facilities.

我們繼續採用投資組合管理方法進行資本配置，我們將投資於估值具有吸引力的企業，在這些企業中我們可以利用我們的核心競爭力、製造能力、全球分銷基礎設施、數位平台和世界一流的研發設施。

An example of this is the very recent acquisition of Extract, a leading provider of artificial lift technologies and services. We'll also look to divest businesses, where we are not the best owner. And as Clay mentioned, plan to do so for 1 or 2 businesses in 2024. With the cash flow guidance I provided, it's also worthwhile to reiterate Clay's previous comments that we remain committed to returning excess capital to our shareholders and that we anticipate being able to increase the return of capital later this year.

這方面的一個例子是最近收購了領先的人工舉陞技術和服務提供者 Extract。我們還將尋求剝離我們不是最佳所有者的業務。正如克萊所提到的，計劃在2024 年對1 或2 家企業這樣做。根據我提供的現金流指導，也值得重申克萊之前的評論，即我們仍然致力於向股東返還多餘資本，並且我們預計能夠今年稍後增加資本回報。

Next, I'll walk through our historical segment results then provide our outlook based on our new segment structure, Energy Products and Services and Energy Equipment. To help investors understand the change and update their models, we've provided a diagram illustrating the changes in our reporting segments and 5 years of pro forma financial data on our Investor Relations website and in an 8-K we filed this morning.

接下來，我將介紹我們的歷史部門業績，然後根據我們的新部門結構、能源產品和服務以及能源設備提供我們的前景。為了幫助投資者了解這項變更並更新他們的模型，我們在投資者關係網站和今天早上提交的 8-K 中提供了一張圖表，說明了報告分部的變化以及 5 年的預期財務數據。

Moving on to segment results. Our Wellbore Technologies segment generated $824 million in revenue during the fourth quarter, an increase of $25 million or 3% compared to the third quarter and 8% compared to the fourth quarter of 2022. Exceptionally strong year-end shipments of drill pipe and managed pressure drilling equipment, along with healthy drilling activity levels in international and offshore markets more than offset a softening North American market.

繼續細分結果。我們的井筒技術部門在第四季度創造了8.24 億美元的收入，與第三季相比增加了2,500 萬美元，即3%，與2022 年第四季相比增加了8%。鑽桿和壓力管理的年底出貨量異常強勁鑽井設備以及國際和海上市場的健康鑽井活動水準足以抵消北美市場的疲軟。

EBITDA was $160 million or 19.4% of revenue, with soft flow-through due to a less favorable mix and operations that were disproportionately affected by the increase in employee benefit costs and the devaluation of the Argentine peso.

EBITDA 為 1.6 億美元，佔營收的 19.4%，由於組合不佳以及營運受到員工福利成本增加和阿根廷比索貶值的影響較大，導致資金流轉疲軟。

Our Downhole Tools business reported a modest increase in revenue and EBITDA. Strong year-end drilling motor and fishing tool packages sales into Asia and Sub-Saharan Africa along with higher rental activity and service equipment sales in the Middle East drove a solid increase in Eastern Hemisphere revenues, while sales in North America decreased 1% against a 4% decline in drilling activity.

我們的井下工具業務收入和 EBITDA 略有成長。亞洲和撒哈拉以南非洲地區的年底鑽探電機和打撈工具包銷售強勁，加上中東租賃活動和服務設備銷售增加，推動東半球收入穩步增長，而北美的銷售額較去年同期下降 1%。鑽探活動下降4%。

Our M/D Totco business posted a high single-digit revenue increase to achieve another quarterly record high revenue level. The sequential increase was primarily due to growth from its core drilling surface data system sales and rentals, driven by strong activity in the Middle East and Far East. Surface data system rentals remained stable in North America despite the lower rig count.

我們的 M/D Totco 業務收入實現高個位數成長，再創季度營收新高紀錄。環比成長主要是由於中東和遠東地區強勁活動的推動，岩芯鑽探地面數據系統銷售和租賃的成長。儘管鑽機數量減少，但北美的地面數據系統租金仍保持穩定。

Revenues from our eVolve wired drill pipe drilling optimization services decreased slightly due to early completion of 2 North Sea projects, which we expect will resume in early 2024. Further expansion of eVolve wired drill pipe services and accelerating rate of adoption of our MAX products further underscores NOV's continued success in developing industry-leading digital solutions that Clay discussed.

由於 2 個北海項目提前完成，我們的 eVolve 有線鑽桿鑽井優化服務收入略有下降，我們預計該項目將於 2024 年初恢復。eVolve 有線鑽桿服務的進一步擴展和 MAX 產品採用率的加快進一步凸顯Clay討論了NOV 在開發行業領先的數位解決方案方面的持續成功。

Our ReedHycalog drill bit business posted a mid-single-digit percent sequential decrease in revenues during the fourth quarter, largely due to softening drilling activity in North America. After 3 quarters of growing U.S. revenues through market share gains, the 20% year-on-year decline in drilling activity finally prevented the unit's revenues from grinding higher.

我們的 ReedHycalog 鑽頭業務第四季度的收入環比下降了中個位數，這主要是由於北美鑽井活動疲軟。美國收入透過市場份額的成長實現了三個季度的成長，但鑽探活動年減 20% 最終阻止了該部門收入的進一步成長。

Despite the challenges in North America, the business partially offset these declines with solid gains in several Middle Eastern countries, including Turkey, Qatar and Kuwait. Additionally, the business expects to return to its growth trajectory in the first quarter with a rebound in Canadian drilling activity and continued strength in the Middle East and North Africa.

儘管北美面臨挑戰，但該業務在土耳其、卡達和科威特等幾個中東國家的強勁成長部分抵消了這些下滑。此外，隨著加拿大鑽探活動的反彈以及中東和北非的持續強勁，該業務預計將在第一季恢復成長軌跡。

Our Tuboscope pipe inspection and coating business realized a low single-digit sequential decrease in revenue during the fourth quarter. Inspection revenues were impacted by the continued rig activity declines in North America, the currency devaluation in Argentina and a decrease in product sales in the Far East, partially offset by improved activity in Mexico, Europe and the Middle East.

我們的 Tubscope 管道檢測和塗層業務在第四季度實現了較低的個位數環比下降。檢查收入受到北美鑽機活動持續下降、阿根廷貨幣貶值以及遠東產品銷售下降的影響，但部分被墨西哥、歐洲和中東活動改善所抵消。

Revenue from the unit's coating operation declined on lower sleeve shipments and lower pipe coating volumes in the Eastern Hemisphere, partially offset by improved activity in the Middle East and Mexico. Despite lower drilling activity, U.S. coating revenues and volumes were flat and backlog remained strong.

由於東半球套筒出貨量和管道塗層量減少，該部門塗層業務的收入下降，但部分被中東和墨西哥活動的改善所抵消。儘管鑽井活動減少，但美國塗料收入和銷售持平，積壓訂單依然強勁。

Our Grant Prideco drill pipe business realized strong top-line growth with flush shipments following supply chain normalization, permitting the unit to achieve its highest revenue levels, since the first quarter of 2015. A more favorable offshore and international sales mix that drove average pricing higher also contributed to the sequential growth. New orders increased sharply from low levels in the third quarter and were weighted toward the offshore and Western Hemisphere customers.

我們的Grant Prideco 鑽桿業務在供應鏈正常化後實現了強勁的營收成長，出貨量激增，使該部門實現了自2015 年第一季以來的最高收入水平。更有利的海上和國際銷售組合推高了平均定價也對環比成長做出了貢獻。新訂單從第三季的低水準大幅增加，並偏向離岸和西半球客戶。

Unfortunately, the strong bookings take a few quarters to convert into revenue, and we expected lower volumes and a less favorable sales mix to result in a sharp revenue decline in the first quarter for our Grant Prideco business.

不幸的是，強勁的預訂量需要幾個季度才能轉化為收入，我們預計銷售下降和銷售組合不佳將導致 Grant Prideco 業務第一季的收入大幅下降。

Our WellSite Services business delivered strong sequential growth in revenue during the fourth quarter, driven by sizable year-end shipments of managed pressure drilling equipment and strong demand for our solids control offerings. The revenue gains were partially offset by the currency devaluation and reduced solids control activity in Latin America. While the strong capital equipment deliveries are not expected to repeat in the first quarter, we expect strong sales for both of our solids control and MPD offerings to return later in the year in key offshore markets, including Brazil, Mexico and Guyana as well as in strategic international land markets, such as the Middle East.

在受控壓力鑽井設備年末大量出貨以及對我們的固控產品的強勁需求的推動下，我們的 WellSite 服務業務在第四季度實現了收入的強勁連續增長。收入成長被貨幣貶值和拉丁美洲固控活動減少部分抵銷。雖然預計第一季不會出現強勁的資本設備交付情況，但我們預計今年晚些時候，我們的固控和 MPD 產品將在主要離岸市場（包括巴西、墨西哥和圭亞那以及美國）恢復強勁銷售。戰略性國際土地市場，例如中東。

Our Completion & Production Solutions segment generated revenue of $803 million in the fourth quarter of 2023, a 6% sequential increase and a 9% improvement compared to the fourth quarter of 2022. EBITDA was $86 million or 10.7% of sales, representing a healthy flow-through of 44% compared to the third quarter. We continue to see strong demand from international and offshore markets, pushing orders up 28% sequentially to $676 million, representing a book-to-bill of 132% and the highest level of orders since 2014. Backlog at year-end was $1.82 billion, up 12% sequentially and 14% year-over-year.

我們的完井和生產解決方案部門在2023 年第四季實現營收8.03 億美元，季增6%，與2022 年第四季相比提高9%。EBITDA 為8,600 萬美元，佔銷售額的10.7% ，呈現健康的流動狀態- 與第三季度相比增長了 44%。我們繼續看到國際和離岸市場的強勁需求，推動訂單環比增長 28% 至 6.76 億美元，訂單出貨率為 132%，是 2014 年以來訂單的最高水平。年末積壓訂單為 18.2 億美元，環比成長12%，年增14%。

Our Intervention & Stimulation Equipment business posted an upper single-digit sequential increase in revenue with solid EBITDA flow-through. The unit benefited from flush year-end deliveries in all major product lines following supply chain normalization. Pressure pumping revenues improved on higher pump and blender deliveries. Coiled tubing sales increased with the delivery of a new unit, several support trailers and nitrogen units.

我們的介入和刺激設備業務收入實現了較高個位數的環比增長，且 EBITDA 現金流穩定。該部門受益於供應鏈正常化後所有主要產品線的年終交付量。壓力泵收入因泵浦和攪拌機交付量的增加而改善。隨著新裝置、幾輛支援拖車和氮氣裝置的交付，連續油管銷量增加。

And wireline improved with strong deliveries into Latin America and the Middle East. The business also posted strong bookings, which improved 71% sequentially, resulting in a 154% book-to-bill. Despite the softening North American market impacting shorter-cycle products like coiled tubing strings and aftermarket spares and services, we saw strong demand for capital equipment orders to close out the year. While much of the demand is coming from the Middle East, Latin America and Asia Pacific regions, service intensity is only increasing in North America, and the wear and tear continues to drive attrition and the need to replace equipment.

隨著拉丁美洲和中東地區的強勁交付，有線線路也有所改善。該業務的預訂量也強勁，比上一季成長了 71%，預訂率達到 154%。儘管北美市場疲軟影響了連續油管柱以及售後備件和服務等周期較短的產品，但我們看到年底對資本設備訂單的強勁需求。雖然大部分需求來自中東、拉丁美洲和亞太地區，但北美的服務強度僅在增加，而且磨損繼續推動消耗和更換設備的需要。

During the fourth quarter, we booked a replacement DGB frac fleet for a customer in the U.S. and continue to have active discussions with customers regarding additional DGB and e-frac spreads. Despite strong orders in backlog, we expect Q1 revenues to decline following flush year-end shipments.

在第四季度，我們為美國客戶預訂了替換的 DGB 壓裂船隊，並繼續與客戶就額外的 DGB 和 e-frac 價差進行積極討論。儘管積壓訂單強勁，但我們預計第一季營收將在年底出貨量激增後下降。

Our Subsea flexible pipe business posted a strong finish to the year with solid revenue growth, healthy EBITDA flow-through and strong bookings. Throughout 2023, the business unit continued to work through some lower-margin projects, but produced its highest footage of pipe in its history, and our discipline to hold out for better pricing is being rewarded with strong bookings at highly accretive margins.

我們的海底軟管業務以穩健的收入成長、健康的 EBITDA 流通和強勁的預訂量，在今年取得了強勁的業績。在整個 2023 年，該業務部門繼續開展一些利潤率較低的項目，但生產了其歷史上最高的管道長度，我們堅持更好定價的紀律得到了回報，即以高利潤增值的強勁預訂。

The business unit posted a book-to-bill of 147%, and we also expect strong bookings in the first quarter. Although we still have lower-margin projects in our backlog and anticipate a sequentially less favorable mix with lower volumes in the first quarter, we expect the business unit's margins to steadily improve throughout the course of 2024.

該業務部門的訂單出貨率為 147%，我們也預期第一季的預訂量將強勁。儘管我們的積壓項目中仍有利潤率較低的項目，並且預計第一季的銷量將依次下降，但我們預計該業務部門的利潤率將在 2024 年全年穩步提高。

Our XL Systems conductor pipe business achieved significant revenue growth during the quarter with strong shipments to both the Gulf of Mexico and offshore West Africa. While we expect a sharp sequential decline in first quarter revenues, we expect the unit's results to improve through 2024 with increasing exploration and development activity in most offshore regions.

我們的 XL Systems 導管業務在本季度實現了顯著的收入成長，向墨西哥灣和西非近海的出貨量強勁。雖然我們預計第一季營收將連續大幅下降，但我們預計隨著大多數近海地區勘探和開發活動的增加，該部門的業績將在 2024 年之前有所改善。

Our Process and Flow Technologies business experienced a modest drop in revenue after a very strong third quarter from our wellstream processing operations. Despite the decline in revenues, margins improved slightly with higher margin backlog continuing to displace less favorable projects. Bookings increased 29% sequentially and included orders for a monoethylene glycol module and a sulfate removal unit for projects in the North Sea.

在井流加工業務第三季表現強勁之後，我們的製程和流程技術業務收入略有下降。儘管收入下降，但利潤率略有改善，利潤率較高的積壓項目繼續取代不太有利的項目。預訂量環比增長 29%，其中包括北海項目的單乙二醇模組和硫酸鹽去除裝置的訂單。

Additionally, we were awarded a contract to provide a CO2 dehydration package for a super-majors carbon capture and storage project on the Gulf Coast, which will capture 800,000 tons of CO2 annually. These project awards demonstrate NOV's continued leadership in gas and liquid processing technology and capabilities.

此外，我們還獲得了一份合同，為墨西哥灣沿岸的一個超級大型碳捕獲和封存項目提供二氧化碳脫水包，該項目每年將捕獲 80 萬噸二氧化碳。這些專案獎項證明了 NOV 在氣體和液體處理技術和能力方面的持續領先地位。

Our Fiberglass business unit posted flat sequential revenue with improved demand from oil and gas, chemical/industrial and marine sectors offsetting declines in revenue from the wastewater sector and in fuel handling product sales. EBITDA improved due to a more favorable sales mix. Demand remains strong for our Fiberglass business, and we continue to realize solid growth from multiple countries in the Middle East, where we're increasing our capacity to better serve the region.

我們的玻璃纖維業務部門連續收入持平，石油和天然氣、化學/工業和海洋部門的需求增加抵消了廢水部門和燃料處理產品銷售收入的下降。由於更有利的銷售組合，EBITDA 有所改善。我們的玻璃纖維業務需求仍然強勁，我們繼續實現中東多個國家的穩健成長，我們正在提高我們的能力，以更好地服務該地區。

In North America, we received an order from an operator for 11,000-foot of 8-inch composite spoolable DuraFlex pipe, which is the largest order we have ever received for this product. We continue to make inroads into the semiconductor market and received an order to supply a large tank farm for a major new semiconductor fabrication facility. Additionally, we are realizing more opportunities to provide our lightweight corrosion-resistant Bondstrand solutions for ballast systems and FPSOs, leaving the business well positioned to capitalize on growing offshore activity.

在北美，我們收到了一家營運商的 11,000 英尺 8 英寸複合纏繞 DuraFlex 管道訂單，這是我們收到的該產品的最大訂單。我們繼續進入半導體市場，並收到了為大型新半導體製造設施供應大型儲罐的訂單。此外，我們還發現有更多機會為壓載系統和 FPSO 提供輕質耐腐蝕 Bondstrand 解決方案，使我們的業務能夠充分利用不斷增長的海上活動。

Our Rig Technologies segment generated revenues of $766 million in the fourth quarter, an increase of $80 million or 12% compared to the third quarter and 24% compared to the fourth quarter of 2022. The strong growth was primarily the result of large capital equipment deliveries at year-end, a higher rate of progress on projects and typical seasonal fourth quarter increase in aftermarket activities.

我們的鑽機技術部門第四季營收為 7.66 億美元，較第三季成長 8,000 萬美元，增幅為 12%，較 2022 年第四季成長 24%。強勁成長主要得益於大型資本設備交付年底，專案進度加快，售後市場活動第四季典型季節性成長。

Adjusted EBITDA improved $9 million sequentially and $21 million year-over-year to $109 million or 14.2% of sales. EBITDA flow-through was limited by a less favorable sales mix and higher medical workers' comp-related costs. New capital equipment orders increased $36 million or 20% sequentially, totaling $214 million.

調整後 EBITDA 環比成長 900 萬美元，年增 2,100 萬美元，達到 1.09 億美元，佔銷售額的 14.2%。 EBITDA 流動受到較不利的銷售組合和較高的醫護人員薪酬相關成本的限制。新資本設備訂單季增 3,600 萬美元，或 20%，總計 2.14 億美元。

Total backlog for the segment at year-end was $2.87 billion, an increase of $75 million over the prior year. Solid offshore and international industry fundamentals continue to support the segment's aftermarket operations, which has doubled its revenue, since the fourth quarter of 2021. The outlook remains positive, with customers continuing to push forward reactivation, upgrade and recertification projects. Our total value of projects rose another $71 million, with the average size per project increasing 10% sequentially.

截至年底，該部門的未完成訂單總額為 28.7 億美元，比上年增加 7,500 萬美元。堅實的離岸和國際行業基本面繼續支持該部門的售後業務，自 2021 年第四季度以來，其收入翻了一番。前景依然樂觀，客戶繼續推進重新啟動、升級和重新認證項目。我們的專案總價值又增加了 7,100 萬美元，每個專案的平均規模較上季增加了 10%。

As customers dig deeper into their stacks for reactivation and as the broader rig fleet continues to age, the size and scope of projects continue to increase. This growth in service and repair work more than offset small decline in spare part bookings, where an understandable decline in orders from the U.S. was mostly offset by increased orders from the Middle East and Asia.

隨著客戶深入挖掘其堆疊以進行重新激活，以及隨著更廣泛的鑽機隊不斷老化，項目的規模和範圍不斷增加。服務和維修工作的成長足以抵消備件預訂的小幅下降，其中來自美國的訂單下降是可以理解的，但大部分被來自中東和亞洲的訂單增加所抵消。

Continued improvement in on-time deliveries from our vendors has enabled better execution for more manufacturing facilities, allowing us to continue to chip away at the backlog of orders in both our spare parts and capital equipment operations and better manage our inventory levels. A meaningful improvement in casting deliveries from our vendors helped increase our ability to manufacture key product components, contributing to a sizable increase in shipments of top drives, BOPs and Iron Roughnecks for our customers.

我們供應商按時交貨的持續改進使更多製造設施能夠更好地執行，使我們能夠繼續減少備件和資本設備運營中的積壓訂單，並更好地管理我們的庫存水平。我們供應商鑄件交付量的顯著改善有助於提高我們製造關鍵產品零件的能力，從而為我們的客戶大幅增加頂驅、防噴器和鐵鑽工的出貨量。

The outlook for rig capital equipment continues to improve in international and offshore markets, particularly in the Middle East, where activity is grinding higher, driving incremental demand for equipment orders. We're seeing a growing number of opportunities to upgrade rigs in the Middle East and North Africa, with operators pushing for contractors to update DC rigs to AC power systems and improve mechanization.

國際和海上市場的鑽機資本設備前景持續改善，特別是在中東，該地區的活動不斷增加，推動了設備訂單需求的增加。我們看到中東和北非的鑽孔機升級機會越來越多，營運商正在推動承包商將直流鑽孔機更新為交流電力系統並提高機械化水平。

While we expect demand from North America to remain soft until excess equipment capacity in our customers' yards is absorbed, we're capitalizing on opportunities to support upcoming drilling projects in Alaska and continue to gain traction in the Lower 48 land markets with automation upgrades.

雖然我們預計北美的需求將保持疲軟，直到我們客戶船廠的過剩設備產能被吸收，但我們正在利用機會支持阿拉斯加即將進行的鑽井項目，並透過自動化升級繼續在 48 個州的土地市場獲得吸引力。

Despite the increase in project costs from higher interest rates and inflation, the economics of offshore wind remain attractive in many regions of the world outside of North America. We and our customers still see a sizable shortfall in vessel capacity needed for projects that have been sanctioned, and we're continuing to have promising conversations with multiple contractors.

儘管利率上升和通貨膨脹導致專案成本增加，但離岸風電的經濟性在北美以外的世界許多地區仍然具有吸引力。我們和我們的客戶仍然看到已批准的項目所需的船舶運力存在相當大的缺口，並且我們正在繼續與多個承包商進行有希望的對話。

While new WTIV orders have been delayed, we expect a couple of projects will move forward later this year, and we continue to capitalize on other investments required to build out key infrastructure for offshore wind power development.

雖然新的 WTIV 訂單已被推遲，但我們預計一些項目將在今年稍後推進，並且我們將繼續利用建設離岸風電開發關鍵基礎設施所需的其他投資。

During the fourth quarter, we received an order for a large interconnector cable lay system and crane from a key European provider of power transmission cables. The order bookings marks our second order for a large power transmission cable lay vessel, further solidifying our position as a leader in providing the key enabling technology and equipment needed for large-scale related infrastructure projects.

第四季度，我們收到了歐洲一家主要輸電電纜供應商的大型互連電纜敷設系統和起重機訂單。該訂單標誌著我們的第二份大型輸電電纜敷設船訂單，進一步鞏固了我們在提供大型相關基礎設施項目所需的關鍵支援技術和設備方面的領導者地位。

In addition to our prospects for additional WTIV and large transmission cable lay vessel orders, we also see opportunities to build smaller inter-array vessels, which will lay cables between wind turbines and feed into larger transmission lines.

除了增加 WTIV 和大型輸電電纜敷設船訂單的前景外，我們還看到了建造小型陣列間船舶的機會，這些船將在風力渦輪機之間敷設電纜並饋入更大的輸電線路。

Looking forward to the first quarter, the flush shipments we delivered in the fourth quarter following supply chain normalization in all 3 segments, combined with an incrementally more cautious outlook for North America, will result in a larger than average seasonal drop in the first quarter.

展望第一季度，隨著所有三個細分市場的供應鏈正常化，我們在第四季度交付的大量出貨量，加上北美地區前景逐漸變得更加謹慎，將導致第一季的季節性下降幅度大於平均值。

We anticipate our legacy Completion & Production Solutions and Rig Technologies segments will see seasonal declines that are in line with their average over the last 7 years. However, our legacy Wellbore Technologies segment will see a greater-than-average decline primarily due to extraordinarily strong shipments of high-spec drill pipe and MPD capital equipment that will not repeat in the first quarter, all of which points to a year-over-year increase in consolidated first quarter revenues of between 5% to 10%.

我們預計我們的傳統完井和生產解決方案以及鑽機技術部門將出現季節性下降，與過去 7 年的平均值一致。然而，我們傳統的井筒技術部門將出現高於平均水平的下降，主要是由於高規格鑽桿和MPD 資本設備的出貨量異常強勁，這種情況在第一季不會重複，所有這些都表明年成長第一季綜合營收年增 5% 至 10%。

For our new Energy Products and Services segment, we expect Q1 revenues to improve in the mid-single-digit percent range year-over-year, with EBITDA flow-through in the 30% range. For our new Energy Equipment segment, we expect revenues to improve between 8% to 10% year-over-year with EBITDA flow-through in the mid-20% range. We also expect first quarter eliminations and corporate costs to be in line with the first quarter of 2023.

對於我們的新能源產品和服務部門，我們預計第一季營收將年增在中個位數百分比範圍內，EBITDA 流量在 30% 範圍內。對於我們的新能源設備部門，我們預計營收將年增 8% 至 10%，EBITDA 流量在 20% 左右。我們也預期第一季的消除額和企業成本將與 2023 年第一季保持一致。

For the year, we expect our consolidated company revenues from North America to decrease in the low- to mid-single-digit percent range and our revenues from international markets to grow in the low-double digits, resulting in 2024 full year revenue to improve 4% to 8% year-over-year. We also expect continued margin improvement through a combination of improving quality of our backlog and our cost-out program to result in full year EBITDA flow-through in the mid-30% range.

今年，我們預計北美地區的合併公司收入將在低至中個位數百分比範圍內下降，而我們來自國際市場的收入將在低兩位數範圍內增長，從而導致 2024 年全年收入改善同比增長4%至8%。我們還預計，透過提高積壓訂單品質和成本削減計劃，利潤率將持續提高，從而使全年 EBITDA 流量達到 30% 左右。

With that, we'll now open the call to questions.

現在，我們將開始提問。

(Operator Instructions) And our first question comes from the line of Arun Jayaram with JPMorgan Securities.

（操作員指令）我們的第一個問題來自摩根大通證券的 Arun Jayaram 線路。

I wanted to get your thoughts on -- you gave us some outlook comments on 1Q. But Clay, as you mentioned revenue growth for NOV has been really, really strong relative to the Big 3, yet margin gains have lagged.

我想了解您的想法 - 您給了我們一些第一季的展望評論。但是克萊，正如您所提到的，相對於三大巨頭來說，NOV 的營收成長確實非常強勁，但利潤率成長卻落後。

And so I wanted to see, if you could give us thoughts on how margins could trend in 2024, just given how the revenue uptick has been quite strong? And perhaps you can give us a sense of what type of margins do you see in your backlog versus what you printed in 2023, which I think you did a 12.5% EBITDA margin consolidated in 4Q, just under 12% for the full year?

因此，我想知道，考慮到營收成長相當強勁，您能否給我們關於 2024 年利潤率趨勢的想法？也許您可以讓我們了解您在積壓訂單中看到的利潤率與您在2023 年打印的利潤率相比，我認為您在第四季度合併的EBITDA 利潤率為12.5%，全年略低於12 %？

Yes, it's a good question, Arun. And I appreciate it. Obviously, we've been very focused on margins and leverage here for quite some time. Taking a lot of costs out, since 2019, and more planned for -- as we get into 2024. But we faced a lot of headwinds with respect to supply chain disruptions more so than, I think, anybody else in oilfield services along with inflation. And so a lot of kind of headwinds against our battle to push margins up.

是的，這是個好問題，阿倫。我很感激。顯然，相當長一段時間以來我們一直非常關注利潤率和槓桿率。自2019 年以來，我們削減了大量成本，並計劃在進入2024 年時削減更多成本。但我認為，在供應鏈中斷和通貨膨脹方面，我們比油田服務領域的其他任何人都面臨更多的阻力。 。因此，我們在提高利潤率的鬥爭中遇到了許多阻力。

Nevertheless, we've made good progress, made good progress again in 2023, when margins in the first quarter were a touch below 10% and finishing up, as you point out, at 12.5% EBITDA margins in Q4. Looking forward to 2024, we expect that to continue. The normalization of supply chain is going to help a lot. Inflation appears to be calming down a bit, at least here in the United States, and I think that's going to help a lot.

儘管如此，我們已經取得了良好的進展，在2023 年再次取得了良好的進展，當時第一季的利潤率略低於10%，正如您所指出的，第四季度的EBITDA 利潤率為12.5% 。展望 2024 年，我們預期這種情況將持續下去。供應鏈的正常化將會有很大幫助。通貨膨脹似乎有所緩和，至少在美國是這樣，我認為這會很有幫助。

We've been adding accretive work to our backlogs. We ended up with some large frame agreements and things that were signed in the depths of the pandemic that inflation took a much bigger toll on. And so we're quarter-by-quarter working through that stuff. And so I think that all points to improving margin performance as we kind of work our way through 2024.

我們一直在增加積壓的工作。我們最終達成了一些大型框架協議，以及在通貨膨脹造成更大損失的疫情最嚴重時期簽署的協議。因此，我們正在逐季度解決這些問題。因此，我認為，隨著我們努力工作到 2024 年，所有這些都將改善利潤率表現。

The other part of my answer would be around some of the new products and technologies and things that we have going on. You're -- I know very familiar with what we're doing in renewables, for instance, with these new products and technologies. So there's a lot of -- and it's not terribly material overall, but it does add up a lot of sort of start-up costs around things that we're doing and carrying. And for instance, our Keystone Tower Systems business. Very excited about that. It could be hugely transformational in the wind tower space. But there are quarter-by-quarter start-up costs that we carry with that.

我的答案的另一部分將圍繞著我們正在進行的一些新產品、新技術和事情。我知道你非常熟悉我們在再生能源領域所做的事情，例如這些新產品和技術。所以有很多——總體來說並不是很重要，但它確實增加了我們正在做和承擔的事情的許多啟動成本。例如，我們的 Keystone Tower Systems 業務。對此非常興奮。它可能會為風塔領域帶來巨大的變化。但我們會承擔逐季的啟動成本。

So nevertheless, it's not lost on us. We can do better on leverage and margins. Very focused on that. And it all starts with the top line, and now we're focused on translating that really strong top-line growth that we have been putting up into better profitability for our shareholders.

儘管如此，我們並沒有失去它。我們可以在槓桿和利潤方面做得更好。非常專注於此。一切都始於營收，現在我們專注於將我們一直以來強勁的營收成長轉化為股東更好的獲利能力。

Great. My follow-up, Clay, you mentioned that you may be shedding 1 to 2 businesses. And you also announced an acquisition of Extract, I guess, after the quarter closed. Maybe just some thoughts on the portfolio repositioning? And how does this -- how do these moves impact your thoughts on return to capital later this year? Increasing that?

偉大的。我的跟進者克萊，您提到您可能會剝離 1 到 2 家業務。我猜，您在本季結束後也宣布收購 Extract。也許只是對投資組合重新定位的一些想法？這些舉措如何影響您對今年稍後資本回報的想法？增加那個？

Yes, again, with stronger -- or stronger outlook for cash flow in 2024 and much higher conversion rate of EBITDA to free cash flow, I think we're going to have more options available to do both returning capital to shareholders as well as act on some interesting opportunities we see developing out there.

是的，再說一次，隨著 2024 年現金流前景更加強勁，以及 EBITDA 到自由現金流的轉換率更高，我認為我們將有更多選擇，既可以向股東返還資本，又可以採取行動我們看到了一些有趣的機會在那裡發展。

We continually review our portfolio. We continually remain engaged in looking at acquisition opportunities. But we've actually been pretty quiet on that front. I don't think we closed anything in 2023, despite looking at almost 3 dozen different opportunities. Only 1 of those -- or actually 2 of those translated into acquisitions here, Extract being one, and we expect to close another here in a couple of days.

我們不斷審查我們的投資組合。我們持續致力於尋找收購機會。但實際上我們在這方面一直都相當安靜。儘管我們考慮了近 3 打不同的機會，但我認為 2023 年我們不會關閉任何東西。其中只有 1 項——或者實際上其中 2 項轉化為此處的收購，Extract 就是其中之一，我們預計將在幾天內在這裡完成另一項收購。

And what we see there are businesses that fit very, very well with us strategically that we can get a good value that are immediately accretive to EBITDA and cash flow and earnings for our shareholders. And then on the other hand, we also have businesses that have been in our portfolio, that are terrific businesses, but frankly, might be worth more to someone else than what they're capitalized at given NOV's multiple, if that makes sense.

我們看到，有些業務在策略上非常適合我們，我們可以獲得良好的價值，從而立即為我們的股東增加 EBITDA、現金流量和收益。另一方面，我們的投資組合中也有一些業務，這些業務都是很棒的業務，但坦白說，對於其他人來說，它們的價值可能比它們在給定NOV 倍數下的資本價值更高，如果這有意義的話。

And so we're looking at the value of the individual components in our portfolio, and we've got 1 process underway that we're pretty excited about. And we think net-net, buying low and selling high is good for our shareholders.

因此，我們正在研究產品組合中各個組件的價值，並且我們已經啟動了 1 個流程，對此我們感到非常興奮。我們認為，低買高賣對我們的股東有利。

(Operator Instructions) And our next question is going to come from the line of Jim Rollyson with Raymond James.

（操作員說明）我們的下一個問題將來自吉姆·羅利森（Jim Rollyson）和雷蒙德·詹姆斯（Raymond James）的線路。

If I did my math right from what Jose said on revenue growth and incremental margins, kind of implies your range of EBITDA margins for '24 full year somewhere in the mid-12% range to almost the mid-13% range. Curious, in the recent past, you guys have talked about getting a 15% EBITDA margin number possibly sometime in '24.

如果我根據何塞關於收入增長和增量利潤率的說法正確進行數學計算，那麼這意味著您 24 年全年的 EBITDA 利潤率範圍在 12% 的中間到幾乎 13% 的中間。奇怪的是，最近，你們談到可能在 24 年的某個時候獲得 15% 的 EBITDA 利潤率。

Is that pared back maybe because of the kind of what's happening in North America not being quite as strong as maybe everyone was thinking here 3 to 6 months ago? Just kind of curious how you think of margins stepping up between higher-margin backlog and obviously, the cost moves that you're making as we progress through this year and into next, actually.

減少的原因是否可能是因為北美發生的事情並不像三到六個月前每個人想像的那麼嚴重？只是有點好奇你如何看待利潤率較高的積壓訂單之間的利潤率上升，顯然，隨著我們今年和明年的進展，你實際上正在做出的成本變動。

Yes. You said 15%, I think, more accurately we said mid-teens. But incrementally, since that call, as we were, I think, pretty clear in our comments this morning, we're incrementally just a little more cautious on North America now calling for expenditure -- E&P CapEx to be down in 2024 versus 2023.

是的。我想，你說的是 15%，更準確地說，我們說的是十幾歲左右。但逐漸地，自從我們今天早上的評論中非常明確地提出這一呼籲以來，我們對北美現在呼籲的支出更加謹慎——2024 年勘探與生產資本支出將比 2023 年下降。

And so that's certainly shading our view. Again, I'll stress, I hope we're wrong. I hope natural gas fuels some additional drilling here later in the year. But that's certainly influencing our exit margins at this point. But the thing is, Jim, we got a long way to go before we get to the -- the end of the year. And we're going to continue to work to maximize margins, whatever the market gives us. And so that's really our focus.

所以這肯定會影響我們的觀點。我再次強調，我希望我們錯了。我希望今年稍後天然氣能夠為這裡的額外鑽探提供燃料。但這肯定會影響我們目前的退出利潤率。但問題是，吉姆，在年底前我們還有很長的路要走。無論市場給我們什麼，我們都將繼續努力實現利潤最大化。這確實是我們的重點。

Yes. No, I just -- I'm trying to make sure that I was understanding the components there. And then just as a follow-up, you spent a bit of time talking about kind of your edge products on the AI side, and it sounds like that's actually gaining quite a bit of traction. Any sense of magnitude of how meaningful is that to NOV as a whole? And how you're thinking about that from a growth rate perspective, given the (inaudible) the second half?

是的。不，我只是——我試圖確保我理解那裡的組件。然後，作為後續行動，您花了一些時間談論人工智慧方面的邊緣產品，聽起來這實際上獲得了相當多的關注。這對 NOV 整體來說有多大意義？考慮到下半年（聽不清楚），您如何從成長率的角度來考慮這一點？

It's a great question. Yes, it's a great question, Jim, and I'm very excited about it. I'm going to steer clear of quantifying just yet. These are all new products we've been introducing, some just this past quarter. But the approach that we've had for the past few years here has been to develop our Max Edge platform as a corporate resource and enable our business units to develop products off of that. So we're not reinventing that wheel.

這是一個很好的問題。是的，這是一個很好的問題，吉姆，我對此感到非常興奮。我將暫時避免量化。這些都是我們一直在推出的新產品，其中一些是上個季度剛推出的。但過去幾年我們採取的方法是將我們的 Max Edge 平台開發為企業資源，並使我們的業務部門能夠據此開發產品。所以我們不會重新發明那個輪子。

And what we have come up with is a very robust platform that sort of facilitates the Internet of Things and edge computing. Obviously, a lot of interest in that across the producer space. And a lot of application of that platform to products that we offer through several different business units at NOV, and there's a lot more to come. And so within the drilling world, pleased to be celebrated by 1 of the major Middle Eastern national oil companies, as I mentioned, for streaming data from 100 rigs at a much higher rate than their previous service provider.

我們提出了一個非常強大的平台，可以促進物聯網和邊緣運算。顯然，整個製作人領域對此都很感興趣。我們在 NOV 上透過幾個不同的業務部門提供的產品中大量應用了該平台，而且還會有更多應用。因此，在鑽探領域，正如我所提到的，中東一家主要國家石油公司很高興地慶祝，他們以比以前的服務提供者高得多的速率從 100 個鑽井平台傳輸資料。

In the completion space, our Max completion is gaining a lot of interest amongst pressure pumpers and their customers in enabling more optimization of frac jobs. We're also continuing to improve that product. And so 3,500 -- more than 3,500 users now, and it's growing pretty dramatically.

在完井領域，我們的 Max 完井技術在壓力泵工及其客戶中引起了極大的興趣，能夠進一步優化壓裂作業。我們還在繼續改進該產品。現在有 3,500 名用戶——超過 3,500 名用戶，而且成長速度相當驚人。

And then there are several other areas, where we're using that in conjunction with artificial intelligence to drive better results. So our KAIZEN drilling optimization program, our new drilling beliefs and analytics, which has been, as -- I think I mentioned in my prepared remarks, was adopted by a couple of large independents shortly after our introduction just a couple of months ago. And so really pleased with how all of this is going.

然後還有其他幾個領域，我們將其與人工智慧結合使用以取得更好的結果。因此，我們的 KAIZEN 鑽井優化計劃、我們新的鑽井信念和分析，正如我在準備好的發言中提到的那樣，在幾個月前推出後不久，就被幾個大型獨立機構採用了。對這一切的進展非常滿意。

Yes. Understood. Sounds exciting.

是的。明白了。聽起來很令人興奮。

Thanks, Jim.

謝謝，吉姆。

(Operator Instructions) And our next question is going to come from the line of Ati Modak with Goldman Sachs.

（操作員說明）我們的下一個問題將來自 Ati Modak 與高盛的連結。

You mentioned some divestiture plans. Can we get some more color on what the size of those proceeds could look like? And how should we think about the nature of those asset sales?

您提到了一些剝離計劃。我們能否進一步了解這些收益的規模？我們該如何思考這些資產出售的本質？

We prefer not to disclose anything more, other than we think this is prudent. We think this is prudent stewardship of our capital and see an opportunity to kind of reposition, adding a product line and then capitalizing on the fact that others value another product line more highly than us. And so I'm kind of just going to leave it at that.

我們不想透露更多信息，除非我們認為這是謹慎的做法。我們認為這是對我們資本的審慎管理，並看到了重新定位的機會，增加了一條產品線，然後利用其他人比我們更重視另一條產品線的事實。所以我想就這樣吧。

Okay. Got it. And then you provided a range for your revenue growth for the full year. Can you help us understand the drivers of the low and high ends there and the subsequent impact on EBITDA? How should we think about the drivers?

好的。知道了。然後您提供了全年收入成長的範圍。您能否幫助我們了解低階和高階市場的驅動因素以及對 EBITDA 的後續影響？我們該如何看待司機？

Yes. Ati, it's Jose. Yes, really, the way that we're looking at it, provide the guidance by sort of major region, North America versus international. And just to repeat it because I know it's hard to catch everything during the course of the call. We said low- to mid-single-digit percent range both for North America and for international markets, low-double digits.

是的。阿蒂，是何塞。是的，確實，我們看待它的方式是按主要地區（北美與國際）提供指導。只是重複一遍，因為我知道在通話過程中很難捕捉到所有內容。我們表示，北美市場的百分比範圍為低至中個位數，而國際市場則為低兩位數。

And so those are percentages that I would apply generally across the segments to sort of get to a notional range of where we think the revenues will be for each of the 3 segments. And basically, those ranges are a little bit more optimistic than what we expect will occur in the marketplace from an E&P CapEx standpoint. So what we're generally saying is that we think we will continue to outpace the rate of global spend due to all the things that Clay highlighted related to the technology innovation that's continuing to gain more and more traction out there and the positioning that we have, frankly, in the higher growth regions of the world.

因此，我通常將這些百分比應用於各個細分市場，以得出我們認為這三個細分市場中每個細分市場的收入的名義範圍。基本上，從勘探與生產資本支出的角度來看，這些範圍比我們預期的市場情況更樂觀。因此，我們通常所說的是，我們認為我們將繼續超過全球支出速度，因為克萊強調的所有與技術創新相關的事情都在繼續獲得越來越多的關注，以及我們的定位坦率地說，在世界上成長較高的地區。

I also said that the EBITDA flow through, we expect to be in the mid-30% range. So a step up from kind of where we have been. As we continue to get a better quality of mix in our backlog, better pricing and also some of the cost save -- the effects of cost savings that we've been working diligently to push through the system. So that's sort of it in a nutshell.

我還說過，我們預計 EBITDA 流量將在 30% 左右。與我們之前的情況相比，這是一個進步。隨著我們繼續在積壓訂單中獲得更好的混合品質、更好的定價以及一些成本節省——我們一直在努力推動整個系統的成本節省效果。簡而言之，就是這樣。

(Operator Instructions) And our next question is going to come from the line of Doug Becker with Capital One.

（操作員說明）我們的下一個問題將來自第一資本的道格·貝克爾（Doug Becker）。

I didn't catch any update on the cost-out program, the $75 million. Just -- any update on how that played into the fourth quarter and expectations as we go through this year?

我沒有收到有關 7500 萬美元成本支出計劃的任何最新消息。只是 - 關於第四季度的情況以及我們今年的預期有什麼更新嗎？

Yes, Doug. Yes, as you heard in the commentary, and I think in the press release as well, the major initial catalyst for our cost savings program is really the -- we start with the voluntary early retirement program and also the restructuring of the segment structure. So going from the 3 segments down to the 2 segments. So all of that really just happened and just got underway. So very minimal impact from our cost savings efforts through Q4. Expect a little bit in Q1, but really expect to see that gain steam during the remainder of 2024.

是的，道格。是的，正如您在評論中聽到的那樣，我也認為在新聞稿中，我們成本節約計劃的主要最初催化劑實際上是——我們從自願提前退休計劃以及部門結構的重組開始。所以從 3 段降到 2 段。所以所有這一切都剛剛發生並且剛剛開始。因此，我們第四季的成本節約工作所產生的影響非常小。預計第一季會有所改善，但實際上預計會在 2024 年剩餘時間內看到這種勢頭的增強。

Another piece of that, too, is the closure of facilities. So we just closed a couple of facilities in South America and Europe as well. And so those savings will be flowing in a little -- midyear or so.

另一件事也是關閉設施。因此，我們也關閉了南美和歐洲的幾家工廠。因此，這些節省的資金將在年中左右開始流動。

Got it. And no change to the $75 million?

知道了。那7500萬美元沒有變化嗎？

No, I think we're on track for that.

不，我認為我們正在朝著這個目標邁進。

Got it. And then, Clay, you mentioned still expect growth in Saudi Arabia. Just trying to get any context here, have your internal expectations changed given the renewed -- and then just how do you think about '25 or '26, if you end up having fewer jackups working offshore Saudi Arabia?

知道了。然後，克萊，您提到仍然預計沙烏地阿拉伯的成長。只是想了解這裡的背景情況，考慮到新的情況，您的內部期望是否發生了變化——然後，如果您最終在沙烏地阿拉伯海上作業的自升式鑽井平台減少了，您如何看待“25”或“26”？

Yes. It's a good question. Let me caveat my answer by saying I don't -- certainly don't want to speak on behalf of our good customer, Aramco, and I think we'll be seeing more about this in coming weeks.

是的。這是一個好問題。讓我聲明一下我的回答，我不想——當然不想代表我們的好客戶阿美公司發言，我想我們將在未來幾週內看到更多有關此事的資訊。

With that caveat, what we think -- and I'll be there a week after next in the Kingdom. What we think they are referring to is really around probably the FID of Safaniya, which is a very large offshore field development that they have not yet [FID'd]. It's north of $20 billion. And so it doesn't really impact 2024. With respect to 2025 and 2026, I think even without Safaniya, the Kingdom would continue to grow revenues because they continue to press ahead with development drilling to offset declines of conventional oil wells to add production to existing offshore fields that they've already FID'd to add gas production, which is a critical strategic priority for the Kingdom to support domestic gas production and move forward with their unconventional Jafurah development.

有了這個警告，我們的想法——我將在下一周後到達王國。我們認為他們所指的實際上可能是 Safaniya 的 FID，這是一個他們尚未 [FID] 的非常大的海上油田開發項目。其價值超過 200 億美元。因此，這並不會真正影響 2024 年。至於 2025 年和 2026 年，我認為即使沒有 Safaniya，沙烏地王國也會繼續增加收入，因為他們繼續推進開發鑽探，以抵消傳統油井的下降，從而增加產量他們已經決定增加現有海上油田的天然氣產量，這是沙烏地阿拉伯支持國內天然氣生產和推進非常規Jafurah 開發的關鍵戰略優先事項。

And so that all adds up to be, I think, a region that is going to continue to grow for the next few years, probably several years in the absence of 1 or 2 large offshore fields that get postponed a bit. So we're still very bullish on the outlook for the Kingdom. And in fact, just yesterday, won an award for a nonmetallic liner -- lined steel tubing business for our Tuboscope plant there in the Kingdom. And really across our portfolio, foresee continued activity supporting all that other work that's going on there.

因此，我認為，所有這些加起來，該地區將在未來幾年內繼續增長，甚至可能在沒有一兩個大型海上油田出現的情況下持續增長幾年。所以我們仍然非常看好王國的前景。事實上，就在昨天，我們在王國的 Tubscope 工廠贏得了非金屬內襯——內襯鋼管業務的獎項。實際上，在我們的產品組合中，預計將繼續進行活動，以支援正在進行的所有其他工作。

With respect to the jackups, just to level set for everybody, they've dramatically grown their jackup drilling fleet going from about 50 rigs on up to I think about 78 or 80 or so are turning to the right, and then there's another dozen or so that are under contract to come online. So you add all that up, it's about 91 jackups, up from about 50 not long ago. So a big, big step-up in drilling activity. Those are new contracts. Good rigs. We're working efficiently. I don't know precisely what their announcement -- how it might impact that. But at this point, we're all kind of speculating. But nevertheless, we continue to support all those rigs and continue to remain active on some that are contracted that we're reactivating to put into that market.

就自升式鑽井平台而言，為了讓每個人都了解，他們已經大幅增加了自升式鑽井平台，從大約50 座鑽井平台增加到大約78 或80 座左右，然後還有另外十幾座或更多。這樣就可以根據合約上線。所以你把所有這些加起來，大約有 91 艘自升式鑽井平台，而不久前大約有 50 艘。這是鑽探活動的一個非常非常大的進步。這些是新合約。好的裝備。我們工作效率很高。我不知道他們的公告具體是什麼——它可能會產生什麼影響。但此時此刻，我們都在猜測。但儘管如此，我們將繼續支援所有這些鑽孔機，並繼續積極參與一些我們正在重新投入該市場的合約鑽機。

(Operator Instructions) Our next question is going to come from the line of Kurt Hallead with Benchmark.

（操作員說明）我們的下一個問題將來自 Benchmark 的 Kurt Hallad。

Interesting time as always, right?

一如既往的有趣的時光，對吧？

No doubt.

毫無疑問。

Yes. So look, I -- the -- your commentary around AI and the growth and utilization of that across multiple functions really definitely caught my attention, and I know that still kind of early stages. But maybe we've been doing this a long time, Clay.

是的。所以看，我——你——你對人工智慧以及跨多種功能的成長和利用的評論確實引起了我的注意，而且我知道這仍然處於早期階段。但也許我們已經這樣做很久了，克萊。

Is the adoption rate -- what's your sense on the adoption rate as we go forward? Is the industry on board with this and you think they're going to accelerate it? And then just couple that with the value proposition as you see it evolving.

採用率－您對我們未來的採用率有何看法？業界是否同意這一點並且您認為他們會加速這一進程？然後，當你看到它不斷發展時，將其與價值主張結合起來。

Yes. Good question, Kurt, and I appreciate it. I think the outlook here is really good. It's early days, I'll stress, a lot of these are new products being introduced, but the attention they're getting is good. In fairness, it's a crowded space. There's a lot of people aiming at stuff like this. And it's sort of sometimes challenging to sort of rise above the competitive field.

是的。庫爾特，好問題，我很感激。我覺得這裡的前景真的很好。我要強調的是，現在還為時過早，其中許多都是正在推出的新產品，但它們所受到的關注是很好的。公平地說，這是一個擁擠的空間。有很多人瞄準這樣的事情。有時，要超越競爭領域是很有挑戰性的。

I think in the products that we've introduced, though, we've got really good traction because we are demonstrating value. A number of these, we've developed with customer engineers, oil and gas company engineers that have been seconded to us for a period of time to sit by our developer and say, "Hey, add this, subtract this. This is really what I want." So it's a lot of a lot of dialogue with our customers around what do you really want and need and how can we add value? And I think that's helped us land on products that really do add a lot of value.

不過，我認為在我們推出的產品中，我們獲得了非常好的吸引力，因為我們正在展示價值。其中許多是我們與客戶工程師、石油和天然氣公司工程師一起開發的，他們被借調到我們一段時間，坐在我們的開發人員旁邊說：「嘿，加上這個，減去這個。這實際上是我想。”因此，我們需要與客戶進行大量對話，圍繞您真正想要和需要什麼以及我們如何增加價值？我認為這幫助我們開發出真正能增加很多價值的產品。

The other thing to think about here is the fact that a lot of these digital products, like, for instance, our NOVOS Operating System, which is now operating on something like 125 rigs globally, both land and offshore, it really provides kind of a digital foundation for follow-on sales. And rig is a good example. Both land and offshore, our NOVOS operating system facilitates our new ATOM RTX rig automation package that we're now -- is working on a rig in South America offshore. We will -- we've got a customer that will be spudding this quarter onshore. We've got another 1 that's using it at their training facility.

這裡要考慮的另一件事是，許多數位產品，例如我們的 NOVOS 作業系統，現在在全球 125 個陸地和海上鑽井平台上運行，它確實提供了一種後續銷售的數位基礎。鑽孔機就是一個很好的例子。無論是陸地還是海上，我們的 NOVOS 作業系統都為我們現在正在南美海上的鑽井平台上運行的新型 ATOM RTX 鑽機自動化套件提供了便利。我們將會－我們有一個客戶將於本季在陸上開鑽。我們還有另一台正在他們的訓練設施中使用它。

And it really, I think, is going to be very transformative, a lot of interest in this technology. Not just by drilling contractors, by the operators, who have seen it who say, "Wow, this is something that's dramatically better." And so this digital family of products that we're introducing aren't being launched in isolation. They really sort of tie in to our more traditional product lines. And I think they facilitate future sales in those areas. And so there's a lot of pull-through that comes with them as well. But on the whole, I'd say, very proud of what our team has been able to accomplish very robust computing capabilities on the edge.

我認為，這確實會帶來很大的變革，人們會對這項技術產生很大的興趣。不僅是鑽井承包商，看到它的運營商也會說：“哇，這真是好得多。”因此，我們推出的這個數位產品系列並不是孤立推出的。它們確實與我們更傳統的產品線有一定的聯繫。我認為它們促進了這些領域未來的銷售。因此，它們也帶來了很多突破。但總的來說，我想說，我們的團隊能夠在邊緣實現非常強大的運算能力，對此我們感到非常自豪。

And by the way, edge in the oilfield is a lot tougher than a lot of other edges around the industrial space because rigs work in really remote areas and spotty communications are kind of the norm. They always have been throughout my career. And so we've done a lot to address that and bring the power of big data analytics, artificial intelligence algorithms to oilfield operations. And so I think a lot more to come.

順便說一句，油田的邊緣比工業領域的許多其他邊緣要困難得多，因為鑽井平台在非常偏遠的地區工作，不穩定的通訊是常態。它們一直貫穿我的職業生涯。因此，我們做了很多工作來解決這個問題，並將大數據分析和人工智慧演算法的力量引入油田運作。所以我認為未來還會有更多的事情發生。

Just a follow-up just in the context of the pause that the Saudis are putting on the expansion of the Safaniya and Manifa fields. Do you think the -- what do you think is there more likely to do? Do you think you're going to pause their new build program? Do you think they're just going to move forward with the new build program and let some of these other rigs roll off contract? What's your instinct telling you?

這只是沙烏地阿拉伯暫停薩法尼亞和馬尼法油田擴張的後續行動。你認為──你認為更有可能做什麼？您認為您會暫停他們的新建置計劃嗎？您認為他們會繼續推進新的建造計劃並讓其他一些鑽機終止合約嗎？你的直覺告訴你什麼？

Well, there's 2 new build programs. One is the land rig program, which is -- should be unaffected by that. They work in the offshore. And we're continuing to execute those rigs very well and understand they're operating really well.

嗯，有 2 個新的建置程式。其中之一是陸地鑽機計劃，該計劃應該不會受到影響。他們在近海工作。我們將繼續很好地執行這些鑽機，並了解它們運行得非常好。

And the other is offshore. And a few years ago, they announced their plans to build a total of 20 jackups for the Kingdom. Since then, they've been constructing a shipyard in Ras Al Khair next door to our facility. And I think the contracting there has been somewhat gated by the progress on that shipyard to execute future work there. But for right now, I'd say -- the short answer to your question, I don't know. We're still optimistic they're going to move forward with their plans, but I'm going to, again, let Aramco speak for Aramco.

另一個是近海。幾年前，他們宣布計劃為沙烏地阿拉伯建造總共 20 艘自升式鑽井平台。從那時起，他們一直在我們工廠隔壁的 Ras Al Khair 建造一個造船廠。我認為那裡的合約在某種程度上受到了造船廠未來工作進展的限制。但現在，我想說的是——我不知道你的問題的簡短答案。我們仍然樂觀地認為他們將推進他們的計劃，但我將再次讓阿美公司代表阿美公司發言。

[.

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Operator Instructions) And our last question is going to come from the line of Stephen Gengaro with Stifel.

操作員說明）我們的最後一個問題將來自 Stephen Gengaro 和 Stifel 的線路。

So the re-segmentation chart, Jose, do I need a protractor? Like is this to scale?

那麼重新分割圖表，何塞，我需要量角器嗎？這是按比例縮放的嗎？

You might need a magnifying glass for the -- table. But no, the chart is not -- is obviously not to scale. But just wanted to make it really clear as to which business units went into which segment. So hopefully, that's a little bit helpful. And then with the tables, we -- I wanted to give you guys plenty of data to tune up your model. So 5 years of pro forma information on the second page of that, if you haven't yet gone through that.

您可能需要一個放大鏡來查看桌子。但不，該圖表顯然不是按比例繪製的。但只是想弄清楚哪些業務部門屬於哪個細分市場。希望這能有點幫助。然後透過表格，我們——我想為你們提供大量數據來調整你們的模型。如果您還沒看過的話，第二頁有 5 年的備考資訊。

Great. It's very helpful. So when we think about the free cash flow expectations and then just kind of combine that with sort of return on capital plans, should we think -- I guess, 2 parts to the question, 1 on working capital. Should we think about that drifting kind of back towards historical norms? And then how do you think about kind of what's going to drive the decision, when it's maybe time to accelerate a return of capital program?

偉大的。這非常有幫助。因此，當我們考慮自由現金流預期，然後將其與資本計畫回報率結合時，我們是否應該思考——我想，問題有兩個部分，第一部分是營運資本。我們是否應該考慮這種回歸歷史規範的情況？那麼，當可能是時候加速資本回報計畫時，您如何看待推動決策的因素？

Yes. So from a free cash flow and working capital perspective -- first of all, we were very pleased to finally turn the corner in Q4 and generate really healthy free cash flow. I think that's reflective of the potential that we have in 2024 and beyond.

是的。因此，從自由現金流和營運資金的角度來看，首先，我們很高興終於在第四季度扭轉局面，並產生了真正健康的自由現金流。我認為這反映了我們在 2024 年及以後的潛力。

Historically, this company has been low-capital intensity business, capitalizing on a high-capital intensity industry, which tends to lead to very strong free cash flow. And that's our expectations going forward, notwithstanding Q1, which is, as you know, is almost always a good cash consumption quarter due to the seasonality of the payments that really impacts us in Q1.

從歷史上看，該公司一直是低資本密集度業務，利用高資本密集度行業，這往往會導致非常強勁的自由現金流。這就是我們對未來的預期，儘管第一季幾乎總是一個良好的現金消費季度，因為付款的季節性確實對第一季的我們產生了影響。

So the trajectory of the cash flow, use of cash in Q1 and then steady improvement in terms of free cash flow generation through the remaining 3 quarters of the year, due in part to the improvement in profitability that we've had to date, more of that expected into '24 and beyond. And then also continued progression in terms of normalizing our working capital.

因此，現金流的軌跡、第一季的現金使用以及今年剩餘三個季度自由現金流產生方面的穩步改善，部分原因是我們迄今為止的盈利能力的改善，更多預計到 24 年及以後。然後我們的營運資本正常化方面也持續取得進展。

So we finished the year at roughly 29% working capital as a percentage of revenue run rate. That will take a step back in the first quarter due to what we just talked about, and then we should get back to steady improvement. And my expectation is the normalization process will take some time. But really sort of as we get into the -- to the end of 2024, I would expect our working capital as a percentage of revenue run rate to improve, call it, 100 to 200 basis points versus where we are right now.

因此，今年我們的營運資本佔收入運行率的比例約為 29%。由於我們剛才談到的情況，第一季的情況將有所回落，然後我們應該會恢復穩定的改善。我的預期是正常化過程需要一些時間。但實際上，當我們進入 2024 年底時，我預計我們的營運資本將佔收入運行率的百分比將比我們現在的水平提高 100 到 200 個基點。

And so put all that together, it presents a pretty good picture for free cash flow in '24. And as we talked about in the prepared commentary, we're optimistic about increasing our return of capital as we get further into 2024. So as we've said before, first and foremost, we wanted to get the balance sheet metrics where they should be, we're there. Then we need to get cash balances and more importantly, outlook related to resiliency and consistency in terms of our expectations in free cash flow.

因此，將所有這些放在一起，它呈現出 24 年自由現金流的良好圖景。正如我們在準備好的評論中談到的，隨著我們進入2024 年，我們對增加資本回報率持樂觀態度。因此，正如我們之前所說，首先也是最重要的是，我們希望資產負債表指標達到應有的水平是的，我們就在那裡。然後我們需要獲得現金餘額，更重要的是，與我們對自由現金流的預期的彈性和一致性相關的前景。

And so we think -- putting all that together, it's probably a midyear-type timeframe where we really look at leveraging up that return of capital. But that's been an ongoing discussion with our Board over the last several quarters, and it certainly will be over the next few quarters.

因此，我們認為，將所有這些放在一起，這可能是一個年中類型的時間框架，我們真正考慮利用資本回報。但過去幾季我們一直在與我們的董事會進行討論，並且肯定會在接下來的幾個季度中進行討論。

Okay. Great. That's great color. Thank you, Jose. That's all for me.

好的。偉大的。那顏色真棒。謝謝你，何塞。這就是我的全部。

Thank you. And I would now like to turn the conference back to Clay Williams for closing remarks.

謝謝。現在我想請克萊威廉斯（Clay Williams）致閉幕詞。

Thank you, Michelle, and thanks to all of you for joining us today. We look forward to reviewing our first quarter results in April. And I hope everyone has a nice day. Thank you. Bye-bye.

謝謝你，米歇爾，也謝謝大家今天加入我們。我們期待在四月審查我們的第一季業績。我希望每個人都有美好的一天。謝謝。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。