Oceaneering International Inc (OII) 2024 Q3 法說會逐字稿

Welcome to Oceaneering's third-quarter 2024 earnings conference call.

歡迎參加 Oceaneering 2024 年第三季財報電話會議。

My name is David, and I'll be your conference operator.

我叫戴維，我將擔任您的會議接線生。

(Operator Instructions)

（操作員指令）

With that, I'll now turn the call over to Hilary Frisbie, Oceaneering's Senior Director of Investor Relations.

現在，我將把電話轉給 Oceaneering 投資人關係資深總監 Hilary Frisbie。

Thanks David.

謝謝大衛。

Good morning and welcome to Oceaneering's third quarter 2024 results conference call.

早安，歡迎參加 Oceaneering 2024 年第三季業績電話會議。

Today's call is being webcast, and a replay will be available on Oceaneering's website.

今天的電話會議將進行網路直播，重播將在 Oceaneering 的網站上提供。

Joining us on the call are Rod Larson, President and Chief Executive Officer, who will be providing our prepared comments; and Alan Curtis, Senior Vice President and Chief Financial Officer.

總裁兼執行長 Rod Larson 也將參加此次電話會議，並提供我們準備好的評論；以及資深副總裁兼財務長艾倫·柯蒂斯（Alan Curtis）。

Before we begin, I would like to remind participants that statements we make during the course of this call regarding our future financial performance, business strategy, plans for future operations, and industry conditions are forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒與會者，我們在電話會議中就未來財務業績、業務策略、未來營運計畫和產業狀況所作的陳述均屬於前瞻性陳述，符合以下安全港條款： 1995年私人證券訴訟改革法案。

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 reconciliations to the most directly comparable GAAP financial measures can be found in our third quarter press release.

更多詳細資訊以及與最直接可比較的 GAAP 財務指標的對帳表可參閱我們的第三季新聞稿。

We welcome your questions after the prepared statements.

我們歡迎大家在準備好的演講後提問。

I will now turn the call over to Rod.

現在我將電話轉給羅德。

Good morning, and thanks for joining the call today.

早安，感謝您參加今天的電話會議。

First off, thank you to the many Oceaneers who delivered $98.1 million and adjusted EBITDA despite two large hurricanes in the Gulf of Mexico that impacted our offshore operations and three of our onshore facilities in Louisiana and Florida as well as absorbing an approximate $3 million loss as we fine-tuned our business portfolio and sold our Maritime Intelligence business.

首先，感謝海洋公司員工們，儘管墨西哥灣的兩次大颶風影響了我們的海上作業以及位於路易斯安那州和佛羅裡達州的三個陸上設施，並且承受了約300 萬美元的損失，但他們仍然實現了9,810 萬美元的調整後EBITDA。

I believe this speaks to both the resiliency of our oceans and portfolio of businesses that being said, I'd like to highlight some of our achievements from the third quarter of 2024.

我相信這既說明了我們海洋的彈性，也說明了業務組合，話雖如此，我想強調一下我們在 2024 年第三季取得的一些成就。

As I just mentioned, we delivered $98.1 million in adjusted EBITDA, which was in line with our guidance and consensus estimates.

正如我剛才提到的，我們實現了 9,810 萬美元的調整後 EBITDA，這符合我們的指導和普遍預期。

We generated healthy free cash flow of $67 million.

我們產生了6700萬美元的健康自由現金流。

Subsea Robotics, SSR, EBITDA margins continue to expand to 36%.

海底機器人、SSR、EBITDA 利潤率持續擴大至 36%。

And yes, we did a share repurchase.

是的，我們確實回購了股票。

Now I'll focus my comments on our performance for the third quarter of 2024, our consolidated and business segment outlook for the fourth quarter and full year of 2024 and our initial consolidated 2025 outlook.

現在，我將重點談談我們 2024 年第三季的業績、2024 年第四季和全年的綜合及業務部門展望以及 2025 年的初步綜合展望。

Now for our third quarter 2024 results.

現在來看看我們的 2024 年第三季業績。

For the third quarter, we reported net income of $41.2 million or $0.40 per share on revenue of $680 million.

第三季度，我們報告淨收入為 4,120 萬美元，即每股 0.40 美元，營收為 6.8 億美元。

Adjusted net income was $37.2 million or $0.36 per share.

調整後淨收入為 3,720 萬美元，即每股 0.36 美元。

These adjusted results included the impact of $400,000 in foreign exchange gains, a $600,000 tax effect on adjustments associated with foreign exchange gains, and $4.2 million related to discrete tax adjustments.

這些調整後的結果包括 40 萬美元的外匯收益影響、60 萬美元的外匯收益相關調整稅收影響以及 420 萬美元的單獨稅收調整影響。

Our consolidated third quarter, 2024 operating income as compared to the third quarter, 2023 was up 23% on a 7% increase in revenue.

與 2023 年第三季相比，我們的 2024 年第三季綜合營業收入成長了 23%，營收成長了 7%。

Our improved third quarter results were primarily due to strong performance in our SSR and manufactured product segments.

我們第三季業績的改善主要歸功於 SSR 和製成品部門的強勁表現。

For the third quarter of 2024, our consolidated adjusted EBITDA of $98.1 million was in line with our guidance range and consensus estimates.

2024 年第三季度，我們的綜合調整後 EBITDA 為 9,810 萬美元，符合我們的指導範圍和普遍預期。

We generated $67 million in free cash flow and are pleased to report that we repurchased 422,229 shares for approximately $10 million during the third quarter of 2024.

我們創造了 6700 萬美元的自由現金流，並高興地報告，我們在 2024 年第三季以約 1000 萬美元的價格回購了 422,229 股。

Our ending cash balance was $452 million.

我們的期末現金餘額為4.52億美元。

Now let's look at our business operations by segment for the third quarter of 2024 as compared to the third quarter of 2023.

現在讓我們來看看 2024 年第三季與 2023 年第三季相比各部門的業務運作。

SSR operating income was 37% higher on a 9% increase in revenue with operating income margins expanding 623 basis points as compared to third quarter of 2023.

與 2023 年第三季相比，SSR 營業收入在營收成長 9% 的情況下成長了 37%，營業收入利潤率擴大了 623 個基點。

EBITDA margin also improved over the same period last year to 36% from 31% due to improved ROV pricing and execution, performance improvements in our tooling and survey groups and ongoing cost control measures.

由於 ROV 定價和執行的改善、工具和調查組的績效改進以及持續的成本控制措施，EBITDA 利潤率也從去年同期的 31% 提高到 36%。

Average ROV revenue per day utilized of $10,576 was 13% higher and fleet utilization of 69% and days utilized of $15,796 were both essentially flat as compared to the third quarter of 2023.

與 2023 年第三季相比，ROV 每日平均收入為 10,576 美元，成長 13%，船隊利用率為 69%，利用天數為 15,796 美元，基本持平。

ROV fleet used during the third quarter of 2024 with 66% in drill support and 34% of vessel-based activity compared to 61% and 39% respectively in the same period of 2023.

2024 年第三季使用的 ROV 船隊中，66% 用於鑽井支持，34% 用於船舶活動，而 2023 年同期分別為 61% 和 39%。

The revenue split between our ROV business and our combined tooling and survey businesses as a percentage of our total SSR revenue was 77% and 23% as compared to 76% and 24% respectively in the third quarter of 2023.

我們的 ROV 業務與綜合工具和調查業務的收入占我們 SSR 總收入的百分比為 77% 和 23%，而 2023 年第三季分別為 76% 和 24%。

At the end of September, we had 59% of the contracted floating rig market and ROV contracts on 85 of the 145 floating rigs under contract.

截至 9 月底，我們佔據了已簽約浮動鑽井平台市場的 59%，並且在已簽約的 145 座浮動鑽井平台上有 85 座簽訂了 ROV 合約。

Turning to manufactured products compared to the third quarter of 2023, operating income was $11.3 million an increase of 37% on a 17% increase in revenue.

與 2023 年第三季相比，製造產品的營業收入為 1,130 萬美元，成長 37%，營收成長 17%。

Order intake during the quarter was solid and our backlog on September 30th 2024 was $671 million, an increase of $115 million over the third quarter of 2023.

本季的訂單量穩健，截至 2024 年 9 月 30 日的積壓訂單為 6.71 億美元，比 2023 年第三季增加了 1.15 億美元。

Our book-to-bill ratio was 1.21 for the trailing 12 months.

過去 12 個月，我們的訂單出貨比為 1.21。

Our Offshore Projects Group or OPG third quarter 2024 revenue operating income and operating income margin decline as compared to the third quarter of 2023.

我們的海上專案集團或 OPG 2024 年第三季的收入、營業收入和營業收入利潤率與 2023 年第三季相比有所下降。

The declines were due to changes in project mix which was more focused on lower margin, inspection, maintenance and repair, or IMR services than in the same quarter in the prior year, as well as vessel crane repair costs and the associated vessel downtime.

下降是由於專案組合的變化，與去年同期相比，專案組合更加側重於較低的利潤、檢查、維護和維修或IMR服務，以​​及船舶起重機維修成本和相關的船舶停機時間。

Integrity Management and Digital Solutions are IMDs third quarter 2024 operating income and operating income margin both declined as compared to the same quarter in the prior year on an 11% increase in revenue.

Integrity Management 和 Digital Solutions 是 IMD 2024 年第三季的營業收入，與去年同期相比，營業收入和營業利潤率均有所下降，但營收成長了 11%。

The decline was due to the one-time non-cash charge associated with the divestiture of our Maritime Intelligence division in September of 2024.

下降的原因是 2024 年 9 月剝離海事情報部門產生的一次性非現金費用。

Notwithstanding this one time charge, operating results in the core IMDs businesses improved in the third quarter of 2024 as compared to the third quarter of 2023.

儘管有這筆一次性費用，但 2024 年第三季核心 IMD 業務的經營業績與 2023 年第三季相比有所改善。

Aerospace and defense technologies or ADTech third quarter 2024 revenue was essentially flat as compared to the third quarter of 2023, while operating income and operating income margins decreased due to increased project proposal costs associated with anticipated work in 2025 and changes in project mix.

航空航太和國防技術或ADTech 2024 年第三季的收入與2023 年第三季相比基本持平，而營業收入和營業收入利潤率因與2025 年預期工作相關的項目提案成本增加以及項目組合的變化而下降。

Unallocated expenses of $38.9 million were in line with our guidance for the quarter and lower than the same period last year.

未分配費用為 3,890 萬美元，符合我們對本季的預期，且低於去年同期。

Now, I'll address our outlook for the fourth quarter of 2024 as compared to the third quarter of 2024.

現在，我將與 2024 年第三季相比，談談我們對 2024 年第四季的展望。

On a consolidated basis, we expect our fourth quarter 2024 revenue to increase, led by increases in manufactured products and OPG with adjusted EBITDA similar to that achieved in the third quarter of 2024.

從綜合基礎來看，我們預計 2024 年第四季的營收將增加，主要是由於製成品和 OPG 的成長，調整後的 EBITDA 與 2024 年第三季的水平相似。

Our expectations for our fourth quarter 2024 operations by segment are, SSR we are projecting slightly lower revenue and operating profitability.

我們對 2024 年第四季各部門營運的預期是，SSR 預計營收和營運獲利能力將略有下降。

As compared to the third quarter 2024, we forecast the decline in ROV days utilized and drill support activities which we anticipate will be partially offset by an increase in vessel support activities.

與 2024 年第三季相比，我們預測 ROV 使用天數和鑽井支援活動將減少，但我們預計船舶支援活動的增加將部分抵消這一減少。

Overall, ROV fleet utilization is expected to be in the upper 60% range.

總體而言，ROV 船隊的利用率預計將達到 60% 以上。

SSR fourth quarter adjusted EBITDA margin is forecast to remain in the mid-30% range.

SSR 第四季調整後的 EBITDA 利潤率預計將維持在 30% 左右。

For manufactured, we anticipate revenue to increase due to deliveries of our MaxMover counterbalance forklifts.

對於製造而言，我們預計由於 MaxMover 平衡重型堆高機的交付，收入將會增加。

Operating income and operating income margin are expected to be down significantly due to lower plant absorption related to holiday schedules and the delivery of MaxMovers at margins currently lower than those achieved in our energy businesses.

由於假期安排導致工廠吸收量下降，以及 MaxMovers 的交付利潤率目前低於我們能源業務的利潤率，預計營業收入和營業收入利潤率將大幅下降。

For LPG, we anticipate increased revenue and significantly higher operating results, with operating income margin in the low 20% range.

對於液化石油氣而言，我們預期收入將增加，經營績效將大幅提高，經營收入利潤率將在 20% 以下。

This forecast is based on an improved project mix to include more installation and intervention services with multiple projects in West Africa commencing in the fourth quarter and the return to service of the vessel that underwent and I will add, completed the previously mentioned crane repairs.

這項預測是基於改進的項目組合，包括更多的安裝和乾預服務，其中第四季度開始在西非開展多個項目，以及恢復使用已進行（我將補充一點）完成前面提到的起重機維修的船舶。

For IMDS, following the divestiture of the Maritime Intelligence division, we expect operating profitability to improve on lower revenue.

對於 IMDS，在剝離海事情報部門之後，我們預計營運獲利能力將在收入下降的情況下提高。

For ADTech, we expect lower revenue and significantly lower operating income with operating income margin in the low-teens percentage range.

對於 ADTech，我們預期收入會下降，營業收入將大幅下降，營業收入利潤率將在 10% 以下。

This outlook is based on delays in the timing of project schedules and awards and unallocated expenses are expected to be in the $40 million range for the fourth quarter of 2024.

這項預測是基於專案進度和獎勵時間的延遲，預計 2024 年第四季的未分配費用將在 4,000 萬美元左右。

For the full year of 2024, as reported yesterday, we expect to generate adjusted EBITDA within the revised range of $340 million to $350 million.

正如昨天報導的那樣，我們預計 2024 年全年的調整後 EBITDA 將在 3.4 億美元至 3.5 億美元的修訂範圍內。

Our free cash flow guidance for the year remains unchanged in the range of $110 million to $150 million.

我們對今年自由現金流的預期保持不變，介於 1.1 億美元至 1.5 億美元之間。

Now looking forward, I'd like to provide you with our initial thoughts on Oceaneering's 2025 outlook.

展望未來，我想向您提供我們對 Oceaneering 2025 年展望的初步想法。

As announced yesterday, we are initiating 2025 EBITDA guidance in the range of $400 million to $430 million at the midpoint of $415 million, this would represent a 20% increase over the midpoint of our revised adjusted EBITDA guidance for 2024.

正如昨天宣布的那樣，我們啟動了2025 年EBITDA 指引，範圍在4 億美元至4.3 億美元之間，中間值為4.15 億美元，這將比我們2024 年修訂後的EBITDA 指引的中位數增加20% 。

We are confident in our ability to deliver this improvement in 2025 based on increased revenue, and improved operating income across all of our operating segments led by notable gains from SSR manufactured products and not to be missed ADTech.

我們有信心，憑藉不斷增長的收入以及所有營運部門營業收入的提高（其中，SSR 製造產品的顯著收益以及不容錯過的 ADTech 收益最高），我們能夠在 2025 年實現這一改善。

For SSR, we project similar utilization levels in ROV, but improved revenue and further margin expansion on continued pricing momentum and efficiency gains in ROV and improved performance from survey and tooling.

對於 SSR，我們預測 ROV 的利用率水準將相似，但由於定價勢頭持續、ROV 效率提高以及調查和工具性能改善，收入將有所提高，利潤率將進一步擴大。

For manufactured products, we forecast increased throughput and conversion of higher margin manufactured products backlog and better performance in our non-energy products businesses.

對於製成品，我們預測更高利潤的製成品積壓產量和轉換率將會增加，非能源產品業務的表現也會更好。

For OPG, we expect increased international activity, higher margin intervention and installation projects and no major vessel dry docks.

對於 OPG 而言，我們預計國際活動將增加，幹預和安裝項目的利潤率將更高，並且不會有大型船舶乾船塢。

For IMBS operating income is expected to be significantly higher due to improved commercial terms and not incurring a loss associated with the previously mentioned sale of the Maritime Intelligence business.

由於商業條款的改善，且不會產生與前面提到的出售海事情報業務相關的損失，預計 IMBS 的營業收入將大幅增加。

For ADTech, we forecast significant growth in revenue and operating income on low-to-mid-teens margins.

對於 ADTech，我們預測其收入和營業收入將大幅成長，利潤率將處於中低水準。

Our outlook is based on revised program schedules and commencement of new program awards.

我們的展望是基於修訂後的專案時間表和新專案獎項的開始。

And unallocated expenses are expected to increase modestly in the range of $40 million to $45 million per quarter with year over year increases due to planned implementation of a new ERP and other information technology costs.

由於計劃實施新的 ERP 和其他資訊技術成本，未分配費用預計每季將小幅增加 4,000 萬美元至 4,500 萬美元，年比有所增加。

This level of performance in 2025 also underpins our expectation that our 2025 free cash flow will exceed that generated in 2024.

2025 年的這一業績水準也鞏固了我們的預期，即 2025 年自由現金流將超過 2024 年。

In 2025, we expect capital expenditures to be modestly higher than 2024 as we focus on growth in our various robotics platforms and new ERP and other opportunities generating the highest returns.

2025 年，我們預計資本支出將略高於 2024 年，因為我們專注於各種機器人平台、新 ERP 和其他產生最高回報的機會的成長。

I'd like to highlight that year over year in 2025 we are projecting a significantly stronger first quarter.

我想強調的是，我們預計 2025 年第一季的表現將比去年同期明顯強勁。

This is based on our expectations that we will maintain ROV pricing and margin improvements achieved throughout 2024.

這是基於我們的預期，我們將在 2024 年全年保持 ROV 定價和利潤率提高。

Our OPG results will improve significantly with the absence of a dry dock in 2025 yielding lower drydock costs and improved vessel availability.

由於 2025 年不再需要乾船塢，我們的 OPG 表現將顯著改善，從而降低乾船塢成本並提高船舶可用性。

And OPG work commenced in the fourth quarter of 2024 will continue in the first quarter of 2025.

2024 年第四季開始的 OPG 工作將在 2025 年第一季繼續進行。

We will provide more specific guidance on our expectations for 2025 during the year end reporting process.

我們將在年終報告過程中提供有關 2025 年預期的更具體指導。

In summary, we believe we're well positioned to deliver our customers needs in the foreseeable future.

總之，我們相信在可預見的未來我們有能力滿足客戶的需求。

We continue to maintain and grow our market share in our core businesses and we're entering new markets by leveraging our robotics capabilities, all of which are made possible by the relentless efforts of talented Oceaneers around the globe.

我們將繼續維持並擴大我們核心業務的市場份額，並利用我們的機器人技術能力進入新的市場，這一切都離不開全球各地才華橫溢的 Oceaneers 的不懈努力。

We appreciate everyone's continued interest in Oceaneering, and we'll now be happy to answer any questions you may have.

我們感謝大家對 Oceaneering 的持續關注，我們很樂意回答大家的任何問題。

(Operator Instructions)

（操作員指令）

Kurt Hallead, Benchmark Company.

哈萊德（Kurt Hallead），Benchmark Company。

Hey, good morning everybody.

嘿，大家早安。

Good morning, Kurt.

早上好，庫爾特。

Hey, so just I'm glad you guys put some markers out there for 2025, given that there's been a lot of discussion around offshore drilling, white space utilization and so on.

嘿，我很高興你們為 2025 年制定了一些標記，因為圍繞海上鑽井、白色空間利用等已經有很多討論。

So obviously, you've incorporated that.

很明顯，你已經將其納入其中。

So the question would be how much white space have you incorporated?

所以問題是你加入了多少空白？

How does that white space potentially impact you?

那片空白區域可能對您產生什麼影響？

And my guess, the real gist of the question is, my understanding is that you have a very significant share in the 7G drillship market, but it seems like a lot of this potential downtime might be for 60 rigs.

我的猜測，問題的真正要點是，我的理解是你們在 7G 鑽井船市場佔有很大的份額，但似乎很多潛在的停機時間可能是針對 60 座鑽井平台的。

So kind of a broad question, but really want to get a little bit more context around how you're thinking about it?

這是一個很廣泛的問題，但您真的想更多地了解您是如何看待這個問題的嗎？

No, I think you got it, Kurt.

不，我想你明白了，庫爾特。

I mean we're not seeing significant white space.

我的意思是我們沒有看到明顯的空白。

We did talk a little bit about utilization and maybe some of the peak utilization we're open for doesn't necessarily happen in the first part of the year.

我們確實談論了一些關於利用率的問題，也許我們所預期的一些高峰利用率並不一定會出現在今年上半年。

So but even with that, I mean, with the pricing improvements with the other things that are going on that are going the right way with cost control and efficiency turn in RVs around it still bodes for a really strong year.

所以，即使如此，我的意思是，隨著價格的改善以及其他正在進行的事情在成本控制和 RV 效率轉變方面的正確方向發展，這仍然預示著今年將是一個非常強勁的一年。

I mean, SSR still delivers some of the best improvements year over year of any of our divisions.

我的意思是，SSR 仍然是我們所有部門中逐年取得最佳進步之一。

So I think that's the short story.

所以我認為這只是一個簡短的故事。

Vessels stay strong.

船保持堅固。

A better year for OPG means a better year for SSR, and we've also gotten more juice in both the tooling and the survey side.

OPG 的更好一年意味著 SSR 的更好一年，而且我們在工具和調查方面也獲得了更大的進步。

Got it.

知道了。

And then typically, there is a correlation and a little bit of a lag effect between the move in the day rate for the rig and then your pricing, you did indicate you expect to get better pricing and maintain the pricing that you got through 2024.

通常，鑽機日費率的變動和您的定價之間存在相關性和一點點滯後效應，您確實表示您希望獲得更好的定價並保持在 2024 年的定價。

So is there a way you give us a general sense of what kind of percentage pricing improvement year on year, you guys are factoring into your EBITDA guidance for SSR?

那麼，您能否讓我們大致了解一下，你們將每年的價格百分比改善情況考慮到了 SSR 的 EBITDA 指導中？

I don't know that I could get that specific Kurt because it really depends on, on region.

我不知道我是否能得到那個特定的庫爾特，因為這真的取決於地區。

I mean, it, we've rolled some contracts and some of the, some of the better regions, some of the better pricing regions.

我的意思是，我們已經簽訂了一些合同，一些更好的地區，一些定價更好的地區。

So as they roll, we'll move those prices up but it's hard for me to really pin a number on what that would be on the whole because it's going to depend on the organization of those days in those regions.

因此，隨著它們的推出，我們會提高這些價格，但我很難真正確定整體價格是多少，因為這取決於這些地區這些日子的組織情況。

Got you.

明白了。

And then my follow up would be on manufactured product side.

然後我的跟進將是製造產品方面。

You know, you guys are obviously starting to deliver on, on the automated forklifts and so on.

你知道，你們顯然已經開始實現自動堆高機等技術了。

And I just want to get an update on how that outsourcing process has been going.

我只是想了解一下外包過程的進度。

It seems like it's going to be a little bit of a drag here on margins in the near term.

這似乎會在短期內對利潤率造成一些拖累。

But how, how do you see that or outsourcing agreement, you know, evolving and improving margins going forward.

但是，您如何看待這個或外包協議的發展以及未來利潤率的提高。

So I'll say this, the execution has been good, meaning this handover between we've been building these things in Orlando, and we've moved that to our outsourced facility, our outsourced manufacturer.

所以我要說的是，執行情況很好，這意味著我們一直在奧蘭多建造這些東西，然後將其轉移到我們的外包工廠，我們的外包製造商。

I think the handoff has been great.

我認為交接非常順利。

We've moved some inventory across.

我們已轉移部分庫存。

We've done some things like that.

我們已經做過一些類似的事情。

We've built the first article.

我們已經寫完了第一篇文章。

I think what the problem with the margins is until we get them fully switched, we're kind of paying for both sides, right?

我認為利潤率的問題在於，在我們完全轉換利潤率之前，我們需要為雙方支付費用，對嗎？

So there's some redundant costs in the startup.

因此，初創階段存在一些多餘的成本。

But as those things resolve and Alan, I think has mentioned this before, as we start to build volume in that business, we get more vehicles out.

但隨著這些問題的解決，我想艾倫之前也提到過，隨著我們開始在該業務中建立銷量，我們就會推出更多的汽車。

So not only are you selling vehicles, but you're that whole razor and the blades part when we get more of those razor blade sales on sparing and service and other thing on an installed base, that's when we expect this thing to really come to fruition.

因此，您不僅在銷售車輛，而且您還銷售整個剃須刀和刀片，當我們在備件和服務和其他安裝基礎上獲得更多剃須刀刀片銷售時，我們預計這件事就會真正實現。

And I may have missed it.

我或許已經錯過了。

You mentioned it during the early part of your commentary, but what was your order intake for the automated forklift during the quarter?

您在評論的早期部分提到了這一點，但本季度您自動堆高機的訂單量是多少？

Yes.

是的。

It wasn't in there, Kurt, I don't think we've got that ready for public consumption anyways.

庫爾特，它不在那裡，無論如何，我認為我們還沒有準備好供公眾消費。

Kurt, I can just say there were no large material orders for MaxMovers during the quarter.

庫爾特，我只能說本季 MaxMovers 沒有大宗材料訂單。

Okay.

好的。

All right.

好的。

That's great.

那太棒了。

Thank you.

謝謝。

Sean Mitchell, Daniel Energy Partners.

肖恩米切爾 (Sean Mitchell)，丹尼爾能源合作夥伴。

Good morning, guys.

大家早安。

Thanks for taking the question.

感謝您回答這個問題。

Earlier this month, you guys put out a release highlighting you were awarded a multi-million dollar contract by the US Department of Defense to build autonomous underwater vehicle establish an onshore remote operations center for the US Navy.

本月初，你們發布了一份新聞稿，強調你們獲得了美國國防部一份價值數百萬美元的合同，用於建造自主水下航行器並為美國海軍建立一個陸上遠程操作中心。

If you gain further traction here, how do you envision the total addressable market in the defense industry with something like AUVs?

如果您在這裡獲得進一步的關注，您如何設想 AUV 之類的產品在國防工業中的整體潛在市場？

And then I think you noted the unit was being built in Morgan City, when will that be delivered?

然後我想你注意到裝置正在摩根城建造，什麼時候交付？

So I'll start with the last question.

我先問最後一個問題。

We're set for Q2 2025 delivery of the vehicle.

我們計劃於 2025 年第二季交付該車輛。

Yes.

是的。

So that's exciting.

這很令人興奮。

I could be tongue in cheek, and I can tell you I could tell you, but I'd have to kill you on the defense side.

我可以開玩笑地告訴你我可以告訴你，但我必須在防守方面殺了你。

But we really don't know.

但我們確實不知道。

I mean it depends on what the use cases are for the government.

我的意思是這取決於政府的用途。

I mean we're, I would say, pretty bullish on it in the sense that you see all these articles that are out there right now, talking about the use of drones, more use of drones and more use of autonomy by the military and how they think that's a real force multiplier.

我的意思是，我想說，我們對此非常樂觀，因為你現在看到所有這些文章都在談論無人機的使用，更多地使用無人機，以及軍方更多地使用自主權，他們認為這是一個真正的力量倍增器。

So we're keen on it.

因此我們對此很熱衷。

I think what will really tell is when they get this first article in their hands and they start working with it and putting it through its paces and seeing how many of the things they want to do or achieved, I think that's good.

我認為，真正能說明問題的是，當他們拿到第一篇文章，開始對其進行研究，進行測試，並看到他們想做或實現了多少事情時，我認為這很好。

I would also just point out that we've got another pretty large opportunity looming and it's maybe a few years out, but I don't know if you heard about AUKUS, but it's the Australian, UK, US submarine build program where they want to transfer some of our abilities to build nuclear submarine to both our partners in UK and Australia.

我還想指出，我們還有另一個相當大的機會，可能還需要幾年時間，但我不知道你是否聽說過 AUKUS，這是澳大利亞、英國、美國的潛艇建造計劃，他們想要將我們建造核潛艇的部分能力轉移給英國和澳洲的合作夥伴。

And then that's really going to expand or put a lot of pressure on the manufacturing base.

這實際上將會擴大或對製造業基礎帶來很大壓力。

And for us, that's a huge opportunity because we do some of that work now, but we've also been working really hard with the OEMs to help them expand their capabilities.

對我們來說，這是一個巨大的機會，因為我們現在做了一些這方面的工作，但我們也一直在與 OEM 密切合作，幫助他們擴展能力。

So that's another big one to watch.

所以這是另一個值得關注的大事。

Got it.

知道了。

Thank you.

謝謝。

Maybe one follow up just when you think about uses of CapEx going forward for your, for the company and '25 and beyond relative to kind of the approximately $120 million you'll spend this year.

當您考慮未來公司以及 25 年及以後的資本支出用途時，也許會有一個後續問題，相對於您今年將花費的約 1.2 億美元。

How should we think about not only the dollar amount but the makeup do you push harder in autonomy and maybe you already have or how do we, how should we be thinking about CapEx?

我們該如何考慮，不僅是美元金額，還有你在自主權方面是否更加努力，也許你已經有了，或者我們應該如何考慮資本支出？

Yeah, let's start with the basics.

是的，讓我們從基礎開始。

I mean, one thing to note is that as we spend more money, a greater percentage is going to growth and when we think about growth, I don't think about more of the same, right.

我的意思是，需要注意的一點是，隨著我們花更多的錢，更大比例的資金將用於增長，而當我們考慮增長時，我不會考慮更多相同的東西，對吧。

I'm not thinking about doing more of the things we finally got decent absorption on things like umbilical plants and some of our other hardware out in the field.

我並沒有考慮做更多我們最終在臍帶植物和其他一些現場硬體上得到良好吸收的事情。

But I, I think we do, we lean more on next generation, things that are going to be differentiated, things that will make us more competitive, maybe even a little bit disruptive.

但我認為我們確實會更依賴下一代，依賴那些能帶來差異化的東西，那些能讓我們更具競爭力的東西，甚至可能具有一點顛覆性的東西。

It's just, it's definitely where we want to spend money.

只是，這絕對是我們想花錢的地方。

Got it.

知道了。

Thanks for taking my questions guys.

謝謝你們回答我的問題。

Yeah, thanks Sean.

是的，謝謝肖恩。

(Operator Instructions)

（操作員指令）

David Smith, Pickering Energy Partners.

大衛史密斯 (David Smith)，Pickering Energy Partners。

Hey, good morning.

嘿，早安。

I just wanted to comment, I thought the SSR margin improvement was, was really impressive, you know, given the limited increase in RV day rate.

我只是想評論一下，我認為 SSR 利潤率的提高確實令人印象深刻，因為 RV 日費率的增幅有限。

So I wanted to ask if it's fair to assume the, the average daily RB OpEx came down in Q3 also or if that segment margin really benefited more from the tool and survey business.

所以我想問一下，是否可以合理地假設第三季的平均每日 RB OpEx 也下降了，或者該部門的利潤率是否真的從工具和調查業務中受益更多。

I think a lot of it is the efficiency side in cost.

我認為這很大程度上與成本的效率有關。

I mean the other thing I can say is I kind of harped on this a little bit, but I'll say it again, there is something good that happens when our utilization gets up in that, I want to say that maybe the 65% to maybe if even if we hit 80% the machine just runs better.

我的意思是，我可以說的另一件事是，我有點喋喋不休地談論這個，但我要再說一遍，當我們的利用率上升時，會發生一些好事，我想說，也許 65%也許即使我們達到80%，機器也會運作得更好。

I mean you see fewer COPQ events or problems.

我的意思是您會看到更少的 COPQ 事件或問題。

The team is sort of in a rhythm it does really run best.

球隊的節奏確實處於最佳狀態。

Its efficiency is best when we're humming and we just got everything moving along.

當我們嗡嗡作響並且讓一切順利進行時，它的效率是最高的。

So I think that lack of COPQ operating efficiency, more days without mobilizations all those things really do turn into lower OpEx and better operating efficiency out in the field.

因此，我認為缺乏 COPQ 營運效率、更多無動員天數（所有這些因素）確實會降低營運成本並提高現場營運效率。

Yeah, I'll add Rod that as we were preparing the notes of Martin McDonald, our senior Vice President of Subsea Robotics emphasized the efficiency gains that they were making in ROV.

是的，我要補充一點，羅德，當我們準備馬丁麥克唐納的筆記時，我們的海底機器人高級副總裁強調了他們在 ROV 方面所取得的效率提升。

So he wants to make certain that it was clearly evident that it was not just tooling and survey.

所以他想確定這顯然不只是工具和調查。

And when they have more data to work with, you can just imagine they're doing more predictive maintenance.

當他們擁有更多數據可供使用時，你可以想像他們正在進行更多的預測性維護。

They're looking at modeling failures and getting ahead of these things and understanding when the maintenance needs to be done based on the current operating profile.

他們正在研究故障模型並提前預防這些故障，並根據當前的運作情況了解何時需要進行維護。

The turnaround on vehicles, even how long it takes for them when they get an ROV into the shop until they can get it serviced and then back out in the field.

車輛的周轉時間，甚至從將 ROV 送入車間到進行維修再返回現場需要多長時間。

All of those things, they're pushing on every button.

所有這些事情，他們都在按下每一個按鈕。

I like I've been using this analogy a lot internally, but I tell them everything is an F1 race.

我喜歡我在內部經常使用這個比喻，但我告訴他們一切都是一場 F1 比賽。

Every time we come into the pits, we figure out how to take seconds off the next lap no matter whether that's the driver, time in pits, whatever, and they've really taken it to heart.

每次我們進站，我們都會想辦法在下一圈縮短時間，無論是車手、進站時間還是其他什麼原因，他們真的把這放在心上。

I appreciate that.

我很感激。

So it sounds like that the margin improvement we've been seeing is, is really about the price improvement and efficiency games.

因此，聽起來，我們看到的利潤率提高實際上是關於價格提高和效率遊戲的。

I did want to ask if you're, you're seeing tail wins or if you envision tail, you know, further tail wins on, you know, initiatives like re remote piloting right to, to save costs or, you know, maybe the performance contract benefits.

我確實想問一下，你是否看到了尾部勝利，或者你是否預見到了尾部勝利，你知道，進一步的尾部勝利，你知道，重新遠程駕駛權等舉措，以節省成本，或者，你知道，也許績效合約福利。

Yeah.

是的。

And, and we do, I mean, there's, always more to get and I think it's like peeling the onion.

而且，我們確實如此，我的意思是，總是有更多的東西可以得到，我認為這就像剝洋蔥一樣。

You do find new things when the farther you go.

走得越遠，你確實會發現新事物。

So it doesn't seem like we run out of opportunities.

所以看起來我們並不是沒有機會。

The other thing, I mean, the remote piloting, what we're seeing is the more satellite coverage we get, the more five G around the world we get, the more opportunity there is right now, we can set up the operating centers anywhere in the world, that's not a problem.

另一件事，我的意思是，遠端駕駛，我們看到的是，我們獲得的衛星覆蓋越多，我們獲得的全球 5G 越多，現在的機會就越多，我們可以在任何地方設立操作中心在世界上，這不是一個問題。

The issue is really whether or not we can have 5G to the rig so that we can get that low latency we need or five year equivalent to operate an ROV remotely because the lag time will be just too hard to operate the ROV in those places where we can't get that sort of communication bandwidth.

真正的問題是，我們能否將 5G 連接到鑽井平台，以便獲得所需的低延遲，或者相當於遠端操作 ROV 的五年延遲，因為在那些地方，延遲時間太長，很難操作 ROV我們無法獲得那種通訊頻寬。

I appreciate the color.

我很欣賞這個顏色。

If I could slip one more and just circling back to Sean's question.

如果我可以再問一個問題並回到肖恩的問題。

If the defense AUV business grows, wanted to make sure that if we should be thinking about that as kind of a manufacturing sale that goes through ADTech as opposed to growing the ROV count in Subsea Robotics?

如果國防 AUV 業務成長，想確保我們是否應該將其視為透過 ADTech 進行的製造銷售，而不是增加 Subsea Robotics 的 ROV 數量？

Yeah, it would be, it would be more on that side.

是的，會是這樣的，會更多地在那一邊。

You know, we do, but, but the other side, I would just point out is a lot of the work that we do for the government owned company operated.

你知道，我們確實這麼做，但是，另一方面，我只想指出的是，我們為國有公司運作的許多工作都是由國有公司經營的。

So they call it a GoCo where we would actually sell the equipment of the government, they would own it.

因此他們稱之為 GoCo，我們實際上出售政府的設備，政府擁有它。

But in a lot of times we would operate some of that much like we operate the submarine rescue equipment package.

但很多時候，我們操作其中一些設備的方式與操作潛水艇救援設備的方式非常相似。

We built some of that.

我們建造了一些。

But now we're actually maintaining and operating that equipment on behalf of the government.

但現在我們實際上是代表政府維護和操作這些設備。

So I think there's, I think there's some opportunity on both sides.

所以我認為雙方都有機會。

Perfect.

完美的。

Thank you very much.

非常感謝。

You bet.

當然。

(Operator Instructions)

（操作員指令）

Kurt Hallead, Benchmark.

庫爾特·哈勒德（Kurt Hallead），基準。

Hi guys.

嗨，大家好。

So you guys referenced you started the share repo program.

所以你們提到你們啟動了股票回購計畫。

Just wanted to get an update from you guys on how you are thinking about that dynamic?

只是想了解你們對這種動態的看法？

Are you considering the possibility to be more programmatic about it or are you still looking at it as being opportunistic?

您是否考慮過採取更程序化的方式，還是仍將其視為機會主義的做法？

That's part of it.

這是其中的一部分。

Second part was, I think in the last time that you guys provided us with a few points on capital allocation.

第二部分是，我認為上次你們為我們提供了一些關於資本配置的觀點。

You didn't specifically commit to percentage of the cash flow that's going to go to the shareholder distribution.

您沒有具體承諾分配給股東的現金流量百分比。

So I was just wondering if you kind of have reconsidered that and give us some updates on that?

所以我只是想知道您是否重新考慮了這一點並向我們提供一些最新消息？

I'd put it this way, Kurt, I mean we were looking at current and future dilution.

庫爾特，我想這樣說，我的意思是我們正在考慮當前和未來的稀釋。

So we are, we are at least saying that should be a goal to try to manage or eliminate dilution through our employee stock plan.

因此，我們至少說，這應該是一個目標，即嘗試透過員工股票計劃來管理或消除稀釋。

So I think that's one way I'd look at sort of the sizing it.

所以我認為這是查看其尺寸的一種方式。

I think it's going to be somewhere between programmatic and opportunistic.

我認為它將處於程序化和機會主義之間的一種狀態。

I think we want, we don't want it to be every nine years, meaning last time we did this was 2015 and we'll wait another nine years, that's not, that's certainly not the case.

我認為我們不希望每九年一次，這意味著我們上次這樣做是在 2015 年，我們還要再等九年，事實並非如此。

But I think we're going to be, we're going to be cautious because you mentioned the whole capital allocation thing.

但我認為我們會保持謹慎，因為你提到了整個資本配置的事情。

We do have a significant number of opportunities that we think are really on the growth side of the business.

我們確實有很多機會，我們認為這些機會確實是業務的成長點。

So we're going to stick with our guns.

因此我們將堅持我們的立場。

You know, we've said it for a long time, organic growth and organic growth and then return of capital and so I think just we'll stick to that.

你知道，我們很久以前就說過，有機成長、有機成長，然後是資本回報，所以我認為我們會堅持這一點。

But you also know that we've been fairly conservative with the, with the investment too.

但您也知道，我們對投資也相當保守。

We were not just throwing money around and we did tighten up a lot, especially during the downturn.

我們並沒有隨意投入資金，而且我們確實收緊了許多政策，尤其是在經濟低迷時期。

But I don't think there's going to be any urgency to go back to or I don't know Oceaneering was ever there, but as the industry got a little while with spending money that's certainly not our plan.

但我不認為會有任何緊迫感去回去，或者我不知道 Oceaneering 是否曾經在那裡，但隨著行業在花錢方面有了一點進展，這肯定不是我們的計劃。

Alan, would you add anything?

艾倫，你還有什麼要補充嗎？

No, I think that that's spot on, Rod.

不，我認為那是正確的，羅德。

It's clear we do have a little bit more in the pipeline today than we've seen in the last five years that are kind of fit into that propeller chart that we have in our investor deck that focuses on opportunities in the IMDS space things that are in the aerospace and defense side of the business and other mobile robotics.

很明顯，我們今天正在籌備的專案比過去五年多了一些，這些專案都符合我們投資者圖表中的螺旋槳圖表，該圖表重點關注 IMDS 領域的機會。領域。

So I think we're clearly defined as to what we're looking for.

所以我認為我們已經明確了我們在尋找什麼。

Excellent.

出色的。

Alright, thanks.

好的，謝謝。

Thanks Kurt.

謝謝庫爾特。

(Operator Instructions)

（操作員指令）

And there are no further questions on the line at this time.

目前我們還沒有其他問題。

I'll turn the program to Rod Larson for any additional or closing comments.

我將把節目轉交給羅德·拉爾森 (Rod Larson)，以便他發表任何補充或結束語。

Well, since there are no more questions, I'm going to just wrap by thanking everyone for joining the call.

好吧，既然沒有其他問題了，我只想感謝大家參加這場電話會議。

This concludes our third quarter 2024 con conference call.

這就是我們 2024 年第三季電話會議的結束。

Have a great day, everybody.

祝大家有個愉快的一天。