Oceaneering International Inc (OII) 2025 Q3 法說會逐字稿

Welcome to the Oceaneering's third quarter 2025 earnings conference call. My name is Tina, and I will be your conference operator. (Operator Instructions)

歡迎參加 Oceaneering 2025 年第三季財報電話會議。我叫蒂娜，我將擔任你們的會議接線生。（操作說明）

With that, I will now turn the call over to Hilary Frisbie, Oceaneering's, senior director of investor relations.

接下來，我將把電話交給 Oceaneering 的投資人關係資深總監 Hilary Frisbie。

Thanks, Tina. Good morning and welcome to Oceaneering's third quarter 2025 earnings conference call. Today's call is being webcast, and a replay will be available on Oceaneering's website.

謝謝你，蒂娜。早安，歡迎參加 Oceaneering 2025 年第三季財報電話會議。今天的電話會議將進行網路直播，回放將在 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. Allan Curtis, senior Vice President and Chief Financial Officer, and Mike Sumrell, senior Vice President of finance. After Rod's remarks, we will open the call up for questions.

與我們一同參加電話會議的還有總裁兼執行長羅德·拉爾森，他將發表我們準備好的演講。資深副總裁兼財務長艾倫‧柯蒂斯，以及資深財務副總裁麥克‧薩姆雷爾。羅德發言結束後，我們將開放提問環節。

Before we begin, I would like to remind participants that statements we make during 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 harbour provisions of the Private Securities Litigation Reform Act of 1995. Our comments today also include non-GAAP financial measures.

在開始之前，我想提醒各位參與者，我們在本次電話會議中就我們未來的財務業績、業務策略、未來營運計劃和行業狀況所作的陳述，均屬於根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的前瞻性陳述。我們今天的評論也包括非GAAP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, which is posted on our website. I'll now turn the call over to Rod.

更多詳情以及與最直接可比較的 GAAP 財務指標的核對，請參閱我們網站上發布的第三季新聞稿。現在我將把電話交給羅德。

Thanks for joining the call today. In the third quarter, we surpassed the high end of our guidance range generating consolidated Adjusted EBITDA $111 million marking our highest quarterly performance since the fourth quarter of 2015. These results were largely driven by the ongoing conversion of higher quality backlog in manufactured products, continued high activity levels, and a favourable project mix in our offshore projects group.

感謝您今天參加電話會議。第三季度，我們超過了預期範圍的上限，合併調整後 EBITDA 達到 1.11 億美元，創下自 2015 年第四季以來的最高季度業績。這些成果主要得益於製造產品中更高品質積壓訂單的持續轉化、持續高水準的業務活動以及我們離岸專案組的有利專案組合。

Progression in aerospace and defence technologies or ad tech as they onboard personnel and subcontractors to support large-scale programs and sustained remotely operated vehicle or ROV pricing and performance.

隨著航空航太和國防技術或廣告技術的進步，他們引入人員和分包商來支援大規模項目，並持續提高遠端操作車輛 (ROV) 的價格和性能。

Today I'll focus my comments on our results for the third quarter of 2025, our outlook for the fourth quarter of 2025, our consolidated EBITDA and free cash flow guidance for the full year of 2025, and our initial full year 2026 guidance.

今天我將重點談談我們 2025 年第三季的業績、2025 年第四季的展望、2025 年全年的合併 EBITDA 和自由現金流指引，以及我們 2026 年全年的初步指引。

Starting with our third quarter of 2025 consolidated results as compared to the third quarter of 2024, we generated revenue of $743 million representing a 9% increase and operating income rose 21% to $86.5 million. We made meaningful progress in free cash flow, generating $77 million after utilizing $24.2 million for investments in the business.

從我們 2025 年第三季的綜合業績與 2024 年第三季相比，我們創造了 7.43 億美元的收入，成長了 9%，營業收入成長了 21%，達到 8,650 萬美元。我們在自由現金流方面取得了實質進展，在將 2,420 萬美元用於業務投資後，產生了 7,700 萬美元的自由現金流。

We continue to return capital to shareholders, repurchasing approximately $10 million worth of our common stock shares, resulting in an ending cash position of $506 million.

我們繼續向股東返還資本，回購了價值約 1,000 萬美元的普通股，最終現金部位達到 5.06 億美元。

Now let's look at our results by business segment for the third quarter of 2025 also compared to the third quarter of 2024.

現在讓我們來看看 2025 年第三季與 2024 年第三季相比，各業務部門的表現。

Subsea robotics, or SSR revenue and operating income, were essentially flat, as was the EBITDA margin of 36%. ROB revenue per day utilized increased to $11,254 from $10,576 offsetting the effects of lower but still solid ROB fleet utilization of 65%.

水下機器人業務（SSR）的營收和營業利潤基本上持平，EBITDA 利潤率也維持在 36%。ROB 每日利用收入從 10,576 美元增加到 11,254 美元，抵消了 ROB 車隊利用率較低但仍然穩健的 65% 的影響。

Fleet use of 63% in drill support and 37% in vessel-based activity was similar to the same period last year. The revenue split between our RV business and our combined tooling and survey businesses as a percentage of our total SSR revenue, was 77% and 23% respectively, consistent with last year.

船隊使用率 63% 用於鑽井支持，37% 用於船舶作業，與去年同期情況類似。我們的房車業務和工具及測量業務的總收入佔 SSR 總收入的百分比分別為 77% 和 23%，與去年一致。

As of September 30th, 2025, we had 60% of the contracted floating rig market with ROB contracts on 78 of the 131 floating rigs under contract.

截至 2025 年 9 月 30 日，我們在已簽訂合約的 131 個浮式鑽井平台上，有 78 個平台簽訂了 ROB 合同，佔已簽訂合同的浮式鑽井平台市場的 60%。

We maintained our fleet count of 250 ROV systems during the quarter. We sold a vessel which was underutilized in the survey market. We believe this will yield positive results in our survey business by reducing costs and focusing our efforts on delivering increased efficiencies through the enhanced simultaneous operations capabilities of the ocean intervention two.

本季我們維持了 250 套 ROV 系統的船隊數量。我們出售了一艘在勘測市場上利用率不足的船隻。我們相信，這將透過降低成本，並專注於透過海洋幹預二號增強的同步作業能力來提高效率，從而為我們的勘測業務帶來積極成果。

Manufactured products operating income of $24.7 million and operating income margin of 16% doubled on a 9% increase in revenue. These results were driven by the continued execution of higher margin backlog through our umbilical manufacturing plants, as well as pricing improvements in our Gray lock and rotator product lines. Order intake during the quarter of $208 million was solid, and our backlog on September 30, 2025, was $568 million. Our book to bill ratio was 0.82 for the trailing 12-month period.

製造業產品營業收入為 2,470 萬美元，營業利潤率為 16%，營收成長 9%，兩者翻了一番。這些成果的取得得益於我們臍帶製造廠持續推動高利潤積壓訂單的生產，以及 Gray 鎖和旋轉器產品線價格的提升。本季訂單金額為 2.08 億美元，表現穩健；截至 2025 年 9 月 30 日，我們的積壓訂單金額為 5.68 億美元。過去 12 個月，我們的訂單出貨比為 0.82。

OPG operating income increased 17% to $23.7 million on a 16% increase in revenue with the operating income margin flat at 14%.

OPG 的營業收入成長了 16%，營業利潤率維持在 14%，營業利潤率成長了 17%，營業收入成長了 17%，達到 2,370 萬美元。

These results reflect healthy vessel utilization of the US Gulf and a favourable mix of intervention and installation projects for the quarter.

這些結果反映了美國墨西哥灣船舶利用率良好，以及本季介入和安裝項目組合的良好態勢。

For integrity management and digital solutions, or IMBS operating income and operating income margin improved on a slight decline in revenue. These results reflect the absence of a one-time non-cash charge associated with the divestiture of our marine maritime intelligence division in the third quarter of 2024.

誠信管理和數位化解決方案，或 IMBS 營業收入和營業利潤率在收入略有下降的情況下有所改善。這些結果反映出，由於2024年第三季剝離海洋海事情報部門，沒有產生一次性非現金支出。

Ad tech operating income significantly increased by 36% to $16.6 million on a 27% increase in revenue, with operating income margin improving slightly to 13%, driven largely by increasing activity levels associated with contract wins in our defence business.

廣告科技業務的營業收入大幅成長 36%，達到 1,660 萬美元，營收成長 27%，營業利潤率略微提高至 13%，這主要得益於我們在國防業務中贏得的合約所帶來的業務量增加。

Unallocated expenses of $46.3 million were in line with our guidance for the quarter.

未分配支出為 4,630 萬美元，符合我們對該季度的預期。

Turning to our outlook for the fourth quarter of 2025 as compared to the 4th quarter of 2024, we expect revenue to be lower as improvements in a tech and SSR will only partially offset the reduction in international OPG projects. Consolidated EBITDA is projected to be in the range of $80million to $90 million.

展望 2025 年第四季與 2024 年第四季相比，我們預計營收將下降，因為技術和 SSR 的改進只能部分抵消國際 OPG 專案的減少。預計合併 EBITDA 將在 8,000 萬美元至 9,000 萬美元之間。

By segment for SSR, we anticipate increased revenue and operating income, with even a margin expected to be in the mid to upper 30% range.

以 SSR 業務板塊劃分，我們預計收入和營業利潤將有所增長，甚至利潤率也預計將達到 30% 的中高水準。

Our expectation for improved results is based on continued progression of RV revenue per day utilized and improved utilization in our survey group with projects starting in the fourth quarter in the US Gulf, Europe, and West Africa.

我們預期業績將有所改善，這基於RV每日利用收入的持續增長以及我們調查組利用率的提高，其中美國墨西哥灣沿岸、歐洲和西非的項目將於第四季度啟動。

For manufactured products, we expect significantly improved operating income on lower revenue with continued conversion of higher margin backlog and cost reductions associated with our non-energy products.

對於製成品，我們預計在收入較低的情況下，隨著高利潤積壓訂單的持續轉化以及與非能源產品相關的成本降低，營業收入將顯著提高。

For OPG, we project revenue and operating income to decrease significantly due to the absence of large scale international intervention and installation projects that favourably impacted the 4th quarter of 2024, lower vessel activity levels in the US Gulf and the project timing.

對於 OPG 而言，我們預計收入和營業利潤將大幅下降，原因是缺乏對 2024 年第四季度產生有利影響的大規模國際幹預和安裝項目、美國墨西哥灣船舶活動水平降低以及項目時間表。

With respect to our leased vessel fleet, we have one charter in the international market that is expiring during the quarter that we do not intend to renew due to our expectation for seasonally lower activity. And allowing us to better match lease costs to future projects.

就我們的租賃船隊而言，我們在國際市場上有一份租約將於本季度到期，由於我們預計季節性業務量將下降，因此我們不打算續租。這樣一來，我們就能更好地將租賃成本與未來的專案相匹配。

Yes, we forecast revenue to decrease and operating income to decrease significantly due to lower activity. For Ad tech, we anticipate significant increases in both revenue and operating income on higher activity levels in our defence business. We project unallocated expenses to be in the $45 million dollar range.

是的，由於業務活動減少，我們預測收入將會下降，營業利潤也會大幅下降。對於廣告技術，我們預期隨著國防業務活動水準的提高，收入和營業利潤都將大幅成長。我們預計未分配費用將在 4500 萬美元左右。

For the full year of 2025, based on our fourth quarter, even of guidance combined with our year-to-date ETA results, we expect to generate adjusted even in the range of $391 million to $401 million. Our strong free cash flow generation in the 3rd quarter gives us confidence to maintain our full year guidance range of $110 million to $130 million.

根據我們第四季的業績指引以及年初至今的預期收益，我們預計 2025 年全年調整後淨利潤將在 3.91 億美元至 4.01 億美元之間。第三季強勁的自由現金流使我們有信心維持全年1.1億美元至1.3億美元的業績預期。

Now looking forward, I'd like to provide you with our initial outlook for 2026. As we announced yesterday, we are initiating consolidated Ebi guidance in the range of $390 million to $440 million driving similar levels of free cash flow as we expect to generate in 2025.

展望未來，我想向大家介紹我們對 2026 年的初步展望。正如我們昨天宣布的那樣，我們開始製定合併 EBI 指引，範圍在 3.9 億美元至 4.4 億美元之間，這將帶來與我們預期在 2025 年產生的自由現金流水平類似的自由現金流。

This is based on our expectations for significant growth in ad tech and stable activity levels across our energy focused businesses. In particular, for SSR, we forecast similar RV utilization levels since 2025. At improved pricing levels, together with increased volume from survey will generate slight increases in revenue and operating income and stable even in margins.

這是基於我們對廣告技術領域顯著成長以及我們能源相關業務維持穩定營運水準的預期。特別是對於SSR，我們預測從2025年開始，RV利用率將維持類似的水準。價格水準的提高，加上調查數量的增加，將帶來收入和營業利潤的略微增長，利潤率也將保持穩定。

For manufactured products, we project significantly improved operating income and improved operating margins on decreased revenue due to the continued conversion of higher margin backlog as well as improved performance and cost reductions from our non-energy product lines.

對於製成品，我們預計在收入下降的情況下，營業收入和營業利潤率將顯著提高，這得益於高利潤積壓訂單的持續轉化，以及非能源產品線的業績提升和成本降低。

For OPG, we expect revenue and operating income to decrease on changes in project mix. While significant opportunities exist, customer schedules have not yet finalized. For IMDS, we forecast increased revenue and operating income.

對於 OPG 而言，我們預計由於專案組合的變化，收入和營業利潤將會下降。雖然存在許多機會，但客戶的訂單安排尚未最終確定。對於 IMDS，我們預測營收和營業利潤將會增加。

And for ad tech, revenue and operating income are expected to increase significantly, and operating income margins are expected to be similar to 2025 levels as we execute large scale projects that have been ramping up throughout the year.

對於廣告技術而言，隨著我們執行全年逐步推進的大型項目，預計收入和營業利潤將大幅增長，營業利潤率預計將與 2025 年的水平相近。

Our 2026 forecast is based on the expectation that the government shutdown will be resolved in 2025. We plan to continue share repurchases in 2026 with approximately 5.8 million shares remaining under our existing repurchase authorization. We will provide more detailed guidance for 2026 during the year-end reporting process.

我們對 2026 年的預測是基於政府停擺問題將在 2025 年解決的預期。我們計劃在 2026 年繼續回購股票，根據我們現有的回購授權，我們還有大約 580 萬股股票可供回購。我們將在年終報告過程中提供 2026 年的更詳細指導。

In summary, we continue to see growth opportunities in each of the markets we serve beyond 2025, driven by supported long-term commodity prices, improving visibility into an increasing number of contracted floating rigs in the second half of 2026 and beyond, stability in RV revenue per day utilized.

總而言之，在長期大宗商品價格的支撐下，我們繼續看到我們所服務的每個市場在 2025 年以後都有增長機會；2026 年下半年及以後簽約的浮式鑽井平台數量不斷增加，前景更加明朗；每日 RV 收入保持穩定。

Our ability to optimize our revenue mix between our customers CapEx and OpEx spend, growth in global defence spending, and increased market demand for our mobile robotics technologies.

我們能夠優化客戶資本支出和營運支出之間的收入結構，全球國防開支的成長，以及市場對我們移動機器人技術日益增長的需求。

Now, before we take questions, I want to take a moment to acknowledge an important milestone. As we previously announced, Allan plans to retire from his role as CFO on January 1st. During his 30 years with Oceaneering and 10 years as CFO, Allan has been more than a financial steward. He's been a trusted adviser, a steady hand, and a thoughtful leader.

現在，在回答問題之前，我想花一點時間來確認一個重要的里程碑。正如我們之前宣布的那樣，Allan計劃於1月1日從財務長的職位上退休。在 Oceaneering 工作的 30 年裡，以及擔任財務長的 10 年裡，Allan 不僅僅是一位財務管理者。他是一位值得信賴的顧問、一位穩健的領導者和一位深思熟慮的領導者。

His ability to challenge assumptions while remaining open to the perspectives of our employees, customers, investors, and other stakeholders has helped us shape our strategy in meaningful ways. More than that, Allan is a true Oceaneer—embodying our culture of innovation, collaboration, and a relentless commitment to excellence. His steady presence has shaped not only our financial direction but also the way we lead and work together.

他能夠挑戰既有假設，同時又對員工、客戶、投資者和其他利害關係人的觀點保持開放態度，這幫助我們以有意義的方式製定了策略。不僅如此，Allan 還是一位真正的 Oceaneer——體現了我們創新、協作和對卓越的不懈追求的企業文化。他穩健的領導不僅塑造了我們的財務方向，也塑造了我們的領導方式和合作方式。

Allan, on behalf of all Oceaneers and our Board of Directors, thank you for all you've done for our team and for Oceaneering. We look forward to your continued contributions as you transition to an advisory role.

Allan，我謹代表所有 Oceaneering 員工和董事會，感謝你們為我們的團隊和 Oceaneering 所做的一切。我們期待您在轉型為顧問角色後繼續做出貢獻。

I'm also happy to introduce Mike Summerall, our Senior Vice President of Finance, who joined the call today. Mike brings deep industry experience, and we look forward to his contributions to Oceaneering's continued growth.

我也很高興地向大家介紹我們的財務高級副總裁麥克·薩默羅爾，他今天也參加了電話會議。Mike擁有豐富的業界經驗，我們期待他為Oceaneering的持續發展做出貢獻。

We'll now be happy to take any questions you may have.

現在我們很樂意回答您可能提出的任何問題。

(Operator Instructions)

（操作說明）

Joshua Jayne, Daniel Energy Partners

Joshua Jayne，Daniel Energy Partners

Thanks. Good morning. First one for me—just when I think about the business moving forward toward the Ocean Intervention II, I think it was in August, and it was helpful to see the scale and capabilities of the vessel.

謝謝。早安.對我來說，這是第一次…就在我想到公司正在朝著「海洋幹預 II」計畫邁進的時候，我想那是在八月份，親眼目睹這艘船的規模和能力很有幫助。

One of my takeaways from the upgrades was how you'll ultimately be able to perform simultaneous autonomous survey operations. Maybe you could speak to that a little bit more—the advantages that's going to provide and how we should think about those capabilities and the business moving forward.

我從這次升級中學到的最重要的一點是，最終你將能夠同時執行自主測量作業。或許您可以再多談談這一點——這將帶來哪些優勢，以及我們應該如何看待這些能力和未來的業務發展。

Sure. I think, Josh, I mean you saw some of that during the tour, but the main takeaway is being able to do more with less. So you decrease the surface expression, you decrease fuel usage, you decrease personnel on board—so much more efficient, not just from a cost standpoint, but also from a standpoint of being able to do more.

當然。喬希，我覺得，你在巡迴演出中也看到了這一點，但最主要的收穫是能夠用更少的資源做更多的事情。因此，減少表面表現，減少燃料消耗，減少船上人員——效率更高，不僅從成本角度來看，而且從能夠做更多事情的角度來看也是如此。

The other thing that isn't necessarily intuitively obvious is that because we're doing these things simultaneously and gathering this data, you're actually cross-checking data. So you're getting data from two different sources at the same time, and you get a better idea early on about your data quality.

另一件不一定顯而易見的事情是，因為我們同時進行這些操作並收集這些數據，所以實際上是在交叉核對數據。這樣一來，你就可以同時從兩個不同的來源取得數據，並儘早更了解數據的品質。

So I think all in all, it just provides the customer a more robust solution and gets that data into their hands sooner.

所以總的來說，我認為它為客戶提供了一個更強大的解決方案，並讓他們更快獲得數據。

Okay, thanks. And then also, this quarter you announced a significant Subsea Robotics contract with Petrobras—it was $180 million. Could you speak to that market in 2026, how you expect it to hold up versus other geographies, and do you expect your market share in Brazil to increase moving forward for your other energy business lines?

好的，謝謝。此外，本季您還宣布與巴西石油公司簽訂了一份重要的海底機器人合約——價值 1.8 億美元。您能否談談 2026 年巴西市場的情況，您預計它與其他地區相比會如何發展？您預期未來在巴西的其他能源業務的市佔率會成長嗎？

Sure. I would just say, first of all, I was down there about a month ago and got to meet with customers, including Petrobras. And you know, the markets really robust. I mean, they've got some pretty significant plans. They've got Pelotas, which is coming up. They just got approval—I think some of you might have seen it in the news—to drill up north near the mouth of the Amazon, which kind of puts them in that Atlantic margin along with Suriname and Guyana. So, I mean, very exciting stuff up there.

當然。首先我想說的是，大約一個月前我去了那裡，並與包括巴西石油公司在內的客戶進行了會面。你知道，市場真的非常強勁。我的意思是，他們有一些相當重要的計劃。他們還有佩洛塔斯盃，馬上就要到了。他們剛剛獲得批准——我想你們有些人可能在新聞中看到了——在亞馬遜河口附近的北部鑽探，這使他們與蘇利南和圭亞那一起位於大西洋邊緣。所以，我的意思是，上面發生的事情非常精彩。

So it is ever forward in Brazil. They're looking really hard at what they have ahead of them, and these are as big opportunities as we've probably ever seen in Brazil. I think market share continues to increase.

所以，巴西的情況一直在不斷好轉。他們正在認真審視自己面前的機遇，這可能是巴西有史以來最大的機會。我認為市場佔有率會繼續成長。

My conversations certainly led me to believe—like I would say even more than in the past but coming back recently—their interest in technology is really big. I mean, they are first adopters of a lot of the most interesting things we do.

我的談話確實讓我相信——就像我會說，甚至比過去更甚，但最近回來後——他們對科技的興趣真的很大。我的意思是，他們總是率先採用我們所做的許多最有趣的事情。

We've got things like a riser inspection system that will actually fly and do riser inspections, and we've done mooring line inspections on some of the assets. So I think both those things drive them to exploration places, but also, with aging infrastructure, the ability to continue to work in existing fields and exploit those investments they've already made.

我們有像立管檢查系統這樣的設備，它可以飛行並進行立管檢查，我們也對一些資產進行了繫泊繩檢查。所以我認為，這兩件事都促使他們去探索新的地方，但同時，隨著基礎設施老化，他們也希望能夠繼續在現有領域工作，並利用他們已經進行的投資。

So, I just think Brazil's a very exciting market, and we're well positioned there.

所以，我認為巴西是一個非常令人興奮的市場，我們在那裡佔據了有利地位。

Okay, thanks. And then maybe just one more quick one—just on the tech business, which continues to grow from a number of the awards you announced. You highlighted in your 2026 guidance that there's confidence it'll be an increasing portion of your business going forward.

好的，謝謝。然後，也許可以再快速地問一個問題——就科技業而言，從您宣布的多個獎項來看，該行業仍在不斷發展壯大。您在 2026 年的指導下強調，有信心未來這將佔您業務越來越大的比例。

Can you speak to how that business is expected to compete for capital moving forward, and where you ultimately see it as a percentage of your business over the next three to five years?

您能否談談該業務未來將如何參與資本競爭，以及您預計在未來三到五年內，該業務在您公司業務中所佔的百分比？

And then I'll turn it back. Thanks.

然後我會把它轉回去。謝謝。

Sure. I think the nicest thing about it is that as the business grows, it's really low capital intensity—and that's one of the most exciting things about scaling up that business. It's a lot of engineering know-how. It's a lot of products we build.

當然。我認為它最棒的地方在於，隨著業務的成長，它的資本密集度非常低——這也是擴大業務規模最令人興奮的事情之一。這需要大量的工程技術知識。我們生產了很多產品。

It actually allows us to sweat the footprint we already have currently. I've talked a lot about this—people ask about it. We've got this defence business and we've got this energy business.

它實際上讓我們能夠減少我們目前已經留下的足跡。我已經談過很多次了——人們經常問起這件事。我們有國防業務，也有能源業務。

They're really hard to separate. We do a lot of robotics, a lot of vehicle work, and all of those things happen throughout Oceaneering, right? So some of the things those customers want are really well aligned with our IMDS business, for example. Some of them are really well aligned with the SSR business, obviously.

它們真的很難分開。我們做了很多機器人技術、很多車輛方面的工作，所有這些工作都是在 Oceaneering 中發生的，對吧？例如，這些客戶想要的一些東西與我們的 IMDS 業務非常契合。顯然，其中一些與SSR業務非常契合。

But I think that's the exciting part — we are able to scale that up significantly without a lot of capital. The other thing that we're starting to see more and more, as you see NATO spending in Korea, you see some of the other areas of the world bearing more of the cost and more of the responsibility for defence.

但我認為最令人興奮的是——我們能夠在無需大量資金的情況下大幅擴大規模。我們越來越看到，隨著北約在北韓的開支增加，世界其他一些地區也承擔了更多的國防成本和責任。

We're seeing more international opportunities come up as well, and that's everything from things that we've seen in Taiwan, things that we've seen with AUKUS — the Australian, UK, and US submarine build. So it's growing on all fronts. The big, beautiful bill really put a lot of money back in the coffers for this work to go forward.

我們也看到越來越多的國際機會湧現，這包括我們在台灣看到的一切，以及我們在 AUKUS（澳洲、英國和美國潛艇建造計畫）中看到的一切。所以它在各方面都在發展。這項規模龐大、意義重大的法案確實為這項工作的推進帶來了大量資金。

Yeah, I'll just add one quick comment. We had management meetings last week, and just to see the whole team rallying around this growth aspect of Aptech, and all the people from the energy side of the business — it was just nice to see 80 people sit there and rally around: how can we get there faster?

是的，我再補充一點。上週我們召開了管理會議，看到整個團隊齊心協力地圍繞 Aptech 的成長目標，以及能源業務部門的所有人員……看到 80 個人坐在一起，齊心協力地討論：我們如何才能更快地實現目標？

Thanks, I'll turn it back.

謝謝，我會把它改回去。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning.

是的，早安。

Good morning, Scott.

早安，史考特。

Morning, wanted to just get some more colour on one of the segments in 4Q of manufactured products. It's been a big source of growth this year, and you mentioned the continued strength on a year-to-year basis in operating income. But on lower revenues, it looks like it's declined — maybe a double-digit decline in revenues. What do you think that means for margins, and kind of what's driving it? Because, Rec, maybe I'll pass that one for us a bit more.

早安，我想就第四季製造業產品的一個細分市場再了解一些情況。今年以來，它一直是成長的主要來源，您也提到了營業收入與去年同期保持強勁勢頭。但由於收入下降，看起來似乎有所下滑——收入可能出現兩位數的下滑。你認為這對利潤率意味著什麼？又是什麼因素導致了這種變化？因為，Rec，也許我會再替我們把那件事處理好一段時間。

Yeah, give me second here, Scott. I'm looking at.

好的，史考特，給我一秒鐘。我正在看。

I don't know if we're applying a double-digit decline in revenue, and I think it's really the quality of earnings where we see the increase in operating income — even for the segment.

我不知道我們是否真的要經歷兩位數的收入下降，但我認為真正的問題在於盈利質量，我們看到營業收入有所增長——即使是該業務板塊也是如此。

So, a lot of the backlog we've been talking about for the last two years, where we received the improved pricing — a lot of that's starting to flow through, as you witnessed this year. There's a good part of that still in backlog that we expect to execute in '26.

所以，過去兩年我們一直在談論的許多積壓訂單，以及我們收到的改進定價——正如你今年所看到的，許多訂單已經開始陸續到位。其中很大一部分仍處於待辦事項中，我們預計將在 2026 年執行。

At the same time, we've taken some — I'll say — operational excellence focusses this area as well and continue to look at how we can improve our cost structure across the board. I think we're expecting to realize some additional benefit in '26 there. Yes.

同時，我們也採取了一些措施——我會說——卓越營運也關注這一領域，並繼續研究如何全面改善我們的成本結構。我認為我們預計在 2026 年會獲得一些額外的收益。是的。

Scott, maybe just while they're doing calculations — I mean, we're running the plants. The plants are booked. We've got a great runway for what we did in '25, but through '26 as well. I think Alan's mentioned it before — having good backlog in all three of the umbilical plants. We've got good throughputs. Greylock and Rotator are having some of their best quarters ever.

斯科特，也許只是在他們進行計算的時候……我的意思是，我們正在運行工廠。植物已預訂。我們為2025年所取得的成就以及2026年的發展奠定了良好的基礎。我想艾倫之前提到過——所有三個臍帶工廠都有良好的積壓訂單。我們的吞吐量很好。Greylock 和 Rotator 本季的表現堪稱史上最佳。

So, I don't think the revenue thing is meant to imply that we're not going to have a large book of work. I think it's really just a matter of how that timing happens. I would say the sales funnel looks good — we're booking into '27. So, it's just a matter of when those larger projects hit. But I'm not — I'm really — I mean, manufactured products is a good story for next year.

所以，我認為收入問題並不意味著我們不會有大量的工作要做。我認為這真的只是時機把握的問題。我認為銷售漏斗看起來不錯——我們已經預訂到 2027 年了。所以，現在的問題只是那些大型專案何時啟動。但我不是……我真的……我的意思是，製造業產品是明年一個不錯的話題。

Yeah, oh yeah, I'm just a bit surprised that the revenue would be declining — the potential here in the fourth quarter relative to last year.

是的，哦，是的，我有點驚訝收入會下降——相對於去年同期，第四季的潛力有所下降。

So, moving on to the Ad Tech — obviously another great source of growth for you guys. Can you just give us some additional colour on the kind of cadence of Ad Tech growth that's embedded in the 2016 guide?

接下來我們來談談廣告科技——顯然，這對你們來說又是一個巨大的成長來源。能否再詳細介紹 2016 年指南中提到的廣告科技成長節奏？

Yeah.

是的。

I would kind of start with, we've been talking through, we're adding additional contractors, subcontractors and personnel for the large-scale project that we announced in Q1.

我想先說明一點，我們一直在討論，我們正在為我們在第一季宣布的大型專案增加額外的承包商、分包商和人員。

The team continues to on board those subcontractors and looking at. How we exit '25, I think is a good beginning to how we think we'll start '26, but we expect to still continue to ramp up some of the revenue throughout the remainder of '26 as well. So, we expect good progression year over year.

團隊繼續推進分包商的加入和考察工作。我認為，我們2025年的收官方式，對於我們2026年的開局來說是一個良好的開端，但我們也預計在2026年剩餘的時間裡，收入還會繼續增長。因此，我們預計每年都會取得良好的發展。

Really with the new program that we have been awarded and that's.

確實，我們獲得了這個新項目，那就是…

Just that program because it ramps through '27, but we've got some other things coming on as well, new opportunities, yet to be determined. So there's just a lot of excitement at ad tech, I think, we talked on the previous to Josh as well. There's, it's firing on all three cylinders actually in that business, so. It's hard to, it's hard to really quantify until we get those other pieces booked, but we just talk about that one big project. Alan, Allen hit it well. It'll wrap through '26 and into '27.

只是這個項目，因為它要到 2027 年才會啟動，但我們還有一些其他的事情要做，新的機會，尚未確定。所以我覺得廣告科技領域現在非常令人興奮，我們之前也和 Josh 聊過這個話題。實際上，這項業務的三個方面都進展順利。很難，很難真正量化，直到我們把其他項目都敲定下來，但我們目前只討論這個大項目。艾倫，艾倫打得很好。它將持續到 2026 年，並延續到 2027 年。

Got it. I appreciate all the colours. I'll turn it back. Thank you.

知道了。我喜歡所有這些顏色。我會把它轉回去。謝謝。

And with no further questions, thank you. I will now turn the call back to Rod Larson for closing remarks.

我沒有其他問題了，謝謝。現在我將把電話轉回給羅德·拉爾森，請他作總結發言。

Well, since there are no more questions, I'd like to wrap up by thanking everyone for joining the call. This concludes our third quarter 2025 conference call. Have a great day.

好了，既然沒有其他問題了，我想最後感謝大家參加這次電話會議。本次2025年第三季電話會議到此結束。祝你有美好的一天。

(Operator Instructions)

（操作說明）