Oil States International Inc (OIS) 2022 Q4 法說會逐字稿

Hello, and welcome to the Oil States International, Inc. Fourth Quarter 2022 Earnings Conference. My name is Michelle, and I will be your operator for today's call. (Operator Instructions) As a note, this presentation is being recorded. I will now turn the meeting over to Ellen Pennington. Ma'am, you may begin.

您好，歡迎來到 Oil States International, Inc. 2022 年第四季度收益會議。我叫米歇爾，我將擔任今天電話會議的接線員。 （操作員說明）請注意，正在錄製此演示文稿。我現在將會議轉交給 Ellen Pennington。女士，您可以開始了。

Thank you, Michelle. Good morning, and welcome to Oil States' Fourth Quarter 2022 Earnings Conference Call. Our call today will be led by our President and CEO, Cindy Taylor; and Lloyd Hajdik, Oil States' Executive Vice President and Chief Financial Officer. Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain information other than historical information, please note that we are relying on the safe harbor protections reported by federal law. No one should assume that these forward-looking statements remain valid later in the quarter or beyond. Any such remarks should be weighed in the context of the many factors that affect our business, including those risks disclosed in our Form 10-K along with other SEC filings. This call is being webcast and can be accessed at Oil States' website. A replay of the conference call will be available 1.5 hours after the completion of this call and will continue to be available for 1 month.

謝謝你，米歇爾。早上好，歡迎來到石油國家 2022 年第四季度收益電話會議。我們今天的電話會議將由我們的總裁兼首席執行官 Cindy Taylor 主持； Oil States 執行副總裁兼首席財務官 Lloyd Hajdik。在我們開始之前，我們想提醒聽眾注意前瞻性陳述。如果我們今天的評論包含歷史信息以外的信息，請注意我們依賴聯邦法律規定的安全港保護。沒有人應該假設這些前瞻性陳述在本季度後期或以後仍然有效。任何此類言論都應在影響我們業務的許多因素的背景下進行權衡，包括我們 10-K 表格中披露的那些風險以及其他 SEC 文件。此電話會議正在進行網絡直播，可在 Oil States 的網站上訪問。電話會議的重播將在本次電話會議結束後 1.5 小時提供，並將持續提供 1 個月。

I will now turn the call over to Cindy.

我現在將電話轉給 Cindy。

Thank you, Ellen. Good morning, and thank you for joining our conference call today, where we will discuss our fourth quarter 2022 results and provide our thoughts on the market outlook. During the fourth quarter of 2022, the company continued to show improvement as the industry expands activity to support growing energy demand, generating revenues of $202 million and EBITDA of $21 million, representing sequential increases of 7% and 30%, respectively, after excluding a third quarter 2022 litigation-related settlement gain of $6.1 million.

謝謝你，艾倫。早上好，感謝您今天參加我們的電話會議，我們將在會上討論我們 2022 年第四季度的業績並提供我們對市場前景的看法。在 2022 年第四季度，隨著行業擴大活動以支持不斷增長的能源需求，公司繼續表現出改善，創造了 2.02 億美元的收入和 2100 萬美元的 EBITDA，分別環比增長 7% 和 30%，其中不包括2022 年第三季度與訴訟相關的和解收益為 610 萬美元。

We were net income-positive for the quarter, driven by strong activity levels in our traditional project-driven businesses as well as from increased demand in the U.S. for our completions-oriented service offerings. We generated $14 million in cash flow from operations during the fourth quarter with $11 million of free cash flow after deducting net investments in CapEx. Our Offshore/Manufactured Products segment revenues rose 9% sequentially, with adjusted segment EBITDA totaling $18 million. Backlog increased 19% sequentially, totaling $308 million as of December 31, driven by quarterly bookings of $152 million, which yielded a quarterly book-to-bill ratio of 1.5x. Our fourth quarter bookings increased 32% from the third quarter and included 2 notable production facility project awards, exceeding $20 million each with increased broad-based bookings across most product and service offerings.

我們本季度的淨收入為正，這得益於我們傳統項目驅動業務的強勁活動水平以及美國對我們以完工為導向的服務產品的需求增加。第四季度，我們從運營中產生了 1,400 萬美元的現金流，扣除資本支出淨投資後的自由現金流為 1,100 萬美元。我們的離岸/製造產品部門收入環比增長 9%，調整後的部門 EBITDA 總計 1800 萬美元。積壓訂單環比增長 19%，截至 12 月 31 日總計 3.08 億美元，這得益於季度預訂量 1.52 億美元，季度訂單出貨比為 1.5 倍。我們第四季度的預訂量比第三季度增長了 32%，其中包括 2 個著名的生產設施項目獎項，每個項目都超過 2000 萬美元，大多數產品和服務的預訂量都有所增加。

Further, in early February, we are pleased to report the receipt of our first contract award on our newly developed managed pressure drilling riser equipment. In our Well Site Services segment, we achieved a 12% sequential increase in revenues and an impressive 29% sequential increase in segment EBITDA, driven by higher U.S. completion and production activity along with enhanced customer penetration and better equipment utilization. Although the average U.S. frac spread count was flat sequentially, the average increased 9% when compared to the fourth quarter of 2021.

此外，在 2 月初，我們很高興地報告我們收到了我們新開發的受控壓力鑽井隔水管設備的第一份合同授予。在我們的井場服務部門，由於美國完工和生產活動增加以及客戶滲透率提高和設備利用率提高，我們實現了收入環比增長 12% 和 EBITDA 分部令人印象深刻的環比增長 29%。儘管美國壓裂法平均價差環比持平，但與 2021 年第四季度相比平均增長了 9%。

In our Downhole Technologies segment, revenues decreased 10% sequentially while segment EBITDA decreased 75% due to the timing of international perforating product sales, lower integrated (inaudible) product sales mix domestically as several key customers delayed late quarter start-ups, supply chain challenges and inventory receivable write-offs. Many of these issues are deemed to be transitory.

在我們的井下技術部門，收入環比下降 10%，而該部門的 EBITDA 下降 75%，原因是國際射孔產品銷售的時間安排、國內集成（聽不清）產品銷售組合較低，因為幾個主要客戶推遲了季度末啟動、供應鏈挑戰和存貨應收賬款核銷。其中許多問題被認為是暫時的。

Notable technological achievements realized in the fourth quarter included the successful test of OSI Minerals Deep Sea Riser system at a water depth of over 13,000 feet and testing of a prototype model of our tension leg platform design for offshore floating wind installations and water depths beyond the normal limits suitable for fixed installations. Given significant reductions in our debt, our Board of Directors approved a $25 million stock repurchase program, which extends through February 2025. Lloyd will now review our consolidated results of operations and financial position in more detail before I go into a discussion of each of our segments. Lloyd?

第四季度取得的顯著技術成果包括在超過 13,000 英尺水深的成功測試 OSI Minerals Deep Sea Riser 系統以及測試我們用於海上浮動風力裝置和超出正常水深的張力腿平台設計原型模型適用於固定安裝的限制。鑑於我們的債務大幅減少，我們的董事會批准了一項 2500 萬美元的股票回購計劃，該計劃將持續到 2025 年 2 月。勞埃德現在將更詳細地審查我們的綜合運營結果和財務狀況，然後我開始討論我們的每一項段。勞埃德？

Thanks, Cindy, and good morning, everyone. During the fourth quarter, we generated revenues of $202 million, adjusted consolidated EBITDA of $21 million and net income of $2.9 million or $0.05 per share. We achieved our second quarter in a row of positive net income, reflective of the improvement in our operations and the overall strength of market activity. We ended the fourth quarter with $42 million of cash and generated $14 million of cash flows from operating activities. We used $3 million to fund net capital expenditures. All of our business segments were free cash flow-positive in 2022 and on a consolidated basis, we have been free cash flow-positive for 30 of the last 36 quarters dating back to the beginning of 2014. As a reminder, we define free cash flow as cash flow generated from operating activities, less capital expenditures, plus proceeds from the disposition of property and equipment.

謝謝，辛迪，大家早上好。第四季度，我們創造了 2.02 億美元的收入，調整後的合併 EBITDA 為 2100 萬美元，淨收入為 290 萬美元或每股 0.05 美元。我們連續第二個季度實現正淨收入，反映了我們運營的改善和市場活動的整體實力。我們在第四季度末擁有 4200 萬美元的現金，並從經營活動中產生了 1400 萬美元的現金流。我們使用了 300 萬美元來資助淨資本支出。我們所有的業務部門在 2022 年的自由現金流都是正的，並且在合併的基礎上，自 2014 年初以來的過去 36 個季度中，我們有 30 個季度的自由現金流都是正的。提醒一下，我們將自由現金流定義為流量為經營活動產生的現金流量，減去資本支出，加上處置財產和設備的收益。

As of December 31, no borrowings were outstanding under our revolving credit facility and amounts available to be drawn totaled $92 million, which, together with cash on hand of $42 million resulted in available liquidity of $134 million. At December 31, our net debt totaled $111 million, yielding a net debt to total capitalization ratio of 14%. On a leverage ratio basis, net debt to adjusted consolidated EBITDA has been materially reduced to 1.4x at December 31. Further, on February 15, we repaid $17.3 million in principal amount along with accrued interest of our 1.5% convertible senior notes with cash on hand. With this repayment, we have no significant maturities of long-term debt until 2026.

截至 12 月 31 日，我們的循環信貸額度下沒有未償還的借款，可供提取的金額總計 9200 萬美元，加上手頭現金 4200 萬美元，可用流動資金為 1.34 億美元。截至 12 月 31 日，我們的淨債務總額為 1.11 億美元，淨債務佔總資本的比率為 14%。根據槓桿率，截至 12 月 31 日，淨債務與調整後綜合 EBITDA 的比率已大幅降至 1.4 倍。此外，在 2 月 15 日，我們用現金償還了 1730 萬美元的本金以及 1.5% 可轉換優先票據的應計利息。手。通過此次還款，我們在 2026 年之前沒有大量到期的長期債務。

For the fourth quarter, our net interest expense totaled $2.3 million, of which $0.5 million was noncash amortization of debt issuance costs. Our cash interest expense as a percentage of average total debt outstanding was approximately 5% in the fourth quarter. In terms of our first quarter 2023 consolidated guidance, we expect depreciation and amortization expense to total $15.3 million, net interest expense to total $2.6 million, and our corporate expenses are projected to total $10.3 million. For the full year 2023, we expect to invest approximately $25 million in capital expenditures. Given customary seasonality and working capital bills in the first quarter, our free cash flow will be weighted to the second half of 2023, comparable to what we experienced in 2022 when we generated $33 million in free cash flow in the second half of the year.

第四季度，我們的淨利息支出總計 230 萬美元，其中 50 萬美元是債務發行成本的非現金攤銷。第四季度，我們的現金利息支出占平均未償還債務總額的百分比約為 5%。根據我們 2023 年第一季度的綜合指導，我們預計折舊和攤銷費用總計為 1530 萬美元，淨利息費用總計為 260 萬美元，我們的公司費用預計總計為 1030 萬美元。對於 2023 年全年，我們預計將投資約 2500 萬美元的資本支出。考慮到第一季度的慣常季節性和營運資金賬單，我們的自由現金流將加權到 2023 年下半年，這與我們在 2022 年下半年產生 3300 萬美元自由現金流時的情況相當。

And at this time, I'd like to turn the call back over to Cindy, who will take you through the operating results for each of our business segments.

此時，我想將電話轉回給 Cindy，她將向您介紹我們每個業務部門的經營業績。

Our Offshore/Manufactured Products segment generated revenues of $105 million, segment EBITDA of $17.8 million and operating income of $12.3 million in the fourth quarter of 2022. Revenues in the fourth quarter were up 9% sequentially due to incremental production facility revenues, stemming from recent project awards, along with service revenue growth. Segment EBITDA margin in the fourth quarter of 2022 was 16.9% compared to 13% when adjusted to exclude the $6.1 million litigation gain reported in the third quarter of 2022. Backlog totaled $308 million at December 31, 2022, an increase of $50 million or 19% from September 30, 2022. Fourth quarter 2022 bookings totaled $152 million, yielding a quarterly book-to-bill ratio of 1.5x. Our fourth quarter bookings were broad-based across many product lines and regions with approximately 9% of our 2022 bookings tied to non-oil and gas projects.

我們的離岸/製成品部門在 2022 年第四季度產生了 1.05 億美元的收入，該部門的 EBITDA 為 1780 萬美元，營業收入為 1230 萬美元。第四季度的收入環比增長 9%，這是由於最近的生產設施收入增加所致項目獎勵，以及服務收入增長。 2022 年第四季度的部門 EBITDA 利潤率為 16.9%，而經調整以排除 2022 年第三季度報告的 610 萬美元訴訟收益後為 13%。截至 2022 年 12 月 31 日，積壓總計 3.08 億美元，增加了 5000 萬美元或 19 % 從 2022 年 9 月 30 日開始。2022 年第四季度的預訂總額為 1.52 億美元，季度訂單出貨比為 1.5 倍。我們第四季度的預訂廣泛涉及許多產品線和地區，我們 2022 年的預訂中約有 9% 與非石油和天然氣項目相關。

During the fourth quarter, the segment was awarded 2 notable production facility project awards, exceeding $20 million each. This segment has endeavored to develop leading-edge technologies while cultivating the specific expertise required for working in highly technical deepwater and offshore environments. As the world expands investment in alternative energy sources, we will be working diligently to translate our core competencies into the renewable and clean tech energy space. Recent product developments should help us leverage our capabilities and support a more diverse base of customers going forward.

在第四季度，該部門獲得了 2 個著名的生產設施項目獎項，每個獎項都超過 2000 萬美元。該部門致力於開發前沿技術，同時培養在技術含量高的深水和近海環境中工作所需的特定專業知識。隨著世界擴大對替代能源的投資，我們將努力將我們的核心競爭力轉化為可再生和清潔技術能源領域。最近的產品開發應該有助於我們利用我們的能力並支持未來更多樣化的客戶群。

We continue to bid on potential opportunities supporting our traditional subsea, floating and fixed production systems, drilling and military customers, while also bidding to support multiple new customers and projects involved in developments such as subsea minerals gathering, fixed and floating offshore wind developments and other renewable and clean tech energy systems globally. These opportunities create the potential for us to expand our product offerings and revenue base.

我們繼續競標支持我們傳統海底、浮動和固定生產系統、鑽井和軍事客戶的潛在機會，同時還競標支持多個新客戶和參與開發的項目，如海底礦物採集、固定和浮動海上風電開發等全球可再生和清潔技術能源系統。這些機會為我們創造了擴大產品供應和收入基礎的潛力。

In our Well Site Services segment, we generated revenues of $68 million, segment EBITDA of $12.5 million and operating income of $5.3 million in the fourth quarter of 2022. Segment EBITDA margin was 18% in the fourth quarter of 2022 compared to 16% in the third quarter of 2022. Our revenue growth and strong incremental margins were driven by higher U.S. completion and production activity, along with enhanced customer penetration and better equipment utilization. We remain focused on optimizing our operations and pursuing profitable activity in support of our global customer base.

在我們的井場服務部門，我們在 2022 年第四季度創造了 6800 萬美元的收入，1250 萬美元的部門 EBITDA 和 530 萬美元的營業收入。2022 年第四季度的部門 EBITDA 利潤率為 18%，而 2022 年第四季度為 16% 2022 年第三季度。我們的收入增長和強勁的增量利潤率受到美國完成和生產活動增加、客戶滲透率提高和設備利用率提高的推動。我們仍然專注於優化我們的運營和追求盈利活動，以支持我們的全球客戶群。

As market expansion opportunities continue to unfold, both in the U.S. and in international markets, we will continue to focus on core areas of expertise in this segment and the deployment of our recently enhanced completions equipment to further differentiate our completion service offerings. In our Downhole Technologies segment, we reported revenues of $30 million and segment EBITDA of $1 million in the fourth quarter of 2022 compared to revenues of $33 million and segment EBITDA of $4.1 million reported in the third quarter of 2022.

隨著美國和國際市場的市場擴張機會不斷湧現，我們將繼續專注於該領域的核心專業知識領域，並部署我們最近改進的完井設備，以進一步差異化我們的完井服務產品。在我們的井下技術部門，我們報告 2022 年第四季度的收入為 3000 萬美元，部門 EBITDA 為 100 萬美元，而 2022 年第三季度報告的收入為 3300 萬美元，部門 EBITDA 為 410 萬美元。

Weaker revenues and margins in the quarter resulted from the timing of international perforating product sales, which can be lumpy from quarter-to-quarter, lower integrated (inaudible) product sales mix, manufacturing labor constraints, supply chain challenges, along with inventory and receivable write-offs totaling $600,000.

本季度收入和利潤率較低的原因是國際射孔產品銷售的時間安排（每個季度可能會出現波動）、較低的綜合（聽不清）產品銷售組合、製造勞動力限制、供應鏈挑戰以及庫存和應收賬款註銷總額為 600,000 美元。

Now I'd like to turn our attention to market outlook. Supply chain challenges, access to available labor and rising inflation have challenged our industry and many others over the last year or 2. With higher commodity prices, demand took a hit over the last few months in 2022 and early 2023. Global oil and gas inventories recovered and are now within their 5-year seasonal averages, which has led to lower commodity prices year-over-year, tempering expectations for growth in drilling and completion spending on U.S. land activities. However, we are beginning to see an inflection upward in international and offshore markets, which should further support our product and service offerings.

現在我想把注意力轉向市場前景。供應鏈挑戰、可用勞動力的獲取和通貨膨脹率上昇在過去一兩年對我們的行業和許多其他行業提出了挑戰。隨著大宗商品價格上漲，需求在 2022 年和 2023 年初的最後幾個月受到打擊。全球石油和天然氣庫存復甦，目前處於 5 年季節性平均水平之內，這導致大宗商品價格同比下降，降低了對美國陸地活動鑽井和完井支出增長的預期。然而，我們開始看到國際和離岸市場出現上升趨勢，這應該會進一步支持我們的產品和服務。

Given improvements in the frac spread count over the last several quarters, albeit with growth slowing somewhat recently, we expect our Well Site services and Downhole Technologies segments to continue to perform in line with or better than market activity indicators. Revenues in our Offshore/Manufactured Products segment are expected to continue to grow given increased levels of backlog and strong short-cycle product demand. Considering these market drivers, we project that our annual revenues will grow about 15% on a consolidated year-over-year basis, with EBITDA ranging from $92 million to $100 million. In a typical seasonality, the first quarter is likely to be the weakest.

鑑於過去幾個季度壓裂價差的改善，儘管最近增長有所放緩，我們預計我們的井場服務和井下技術部門的表現將繼續與市場活動指標一致或更好。鑑於積壓水平增加和短週期產品需求強勁，我們的離岸/製成品部門的收入預計將繼續增長。考慮到這些市場驅動因素，我們預計我們的年收入將同比增長約 15%，EBITDA 在 9200 萬至 1 億美元之間。在典型的季節性中，第一季度可能是最弱的。

Now I'd like to offer some concluding comments. Crude oil and natural gas prices corrected to the downside from the highest reached in early summer 2022 due to ongoing recession concerns, tightening global monetary policies and the associated impact on commodity band. However, despite these factors, WTI and Brent Crude Oil Spot Prices remain above $76 and $83 per barrel, respectively, with natural gas currently trading at approximately $2.30 per MMBtu. These prices, while lower than the average commodity prices realized in 2022 are likely to support demand increases in 2023.

現在我想提出一些總結意見。由於持續的經濟衰退擔憂、全球貨幣政策收緊以及對大宗商品區間的相關影響，原油和天然氣價格從 2022 年初夏達到的最高點回調至下行。然而，儘管存在這些因素，WTI 和布倫特原油現貨價格仍分別高於每桶 76 美元和 83 美元，而天然氣目前的交易價格約為每 MMBtu 2.30 美元。這些價格雖然低於 2022 年實現的平均商品價格，但可能會支持 2023 年的需求增長。

Initially, the industry responds to higher commodity prices with accelerated shorter-cycle investments in the United States, which we experienced in 2022. We now expect to see investments pick up for long lead time projects as well, including those in international markets and deepwater basins around the world. However, global monetary policies and the result of increases in interest rates by the various reserve banks in an attempt to rein in inflation will likely have a continuing impact on demand in the near term. Oil States will continue to conduct safe operations and will remain focused on providing technology leadership in our various product and service offerings with value-added products and services available to meet customer demands globally. In addition, we will continue our product development efforts in support of emerging renewable and clean tech energy investment opportunities. That completes our prepared comments.

最初，該行業通過加速在美國進行的較短週期投資來應對較高的商品價格，我們在 2022 年經歷了這種情況。我們現在預計，對長周期項目的投資也會增加，包括國際市場和深水盆地的項目世界各地。然而，全球貨幣政策和各儲備銀行為抑制通脹而提高利率的結果可能會在短期內對需求產生持續影響。 Oil States 將繼續進行安全運營，並將繼續專注於在我們的各種產品和服務中提供技術領先地位，提供增值產品和服務以滿足全球客戶的需求。此外，我們將繼續我們的產品開發工作，以支持新興的可再生和清潔技術能源投資機會。這就完成了我們準備好的評論。

Michelle, would you open up the call for questions and answers at this time?

米歇爾，你會在這個時候打開問答電話嗎？

(Operator Instructions) The first question comes from Luke Lemoine with Piper Sandler.

（操作員說明）第一個問題來自 Luke Lemoine 和 Piper Sandler。

Cindy, I think your consolidated guidance for '23 makes a lot of sense. Just on a couple of the pieces, I guess on the Well Site, you've shown substantial improvement kind of throughout '22 on the margin side. And I mean, is this kind of a level that you showed in 4Q, which we should be expecting kind of going forward?

辛迪，我認為你對 23 年的綜合指導很有意義。我猜在 Well Site 上，就其中的幾件作品而言，你在整個 22 年的利潤率方面都表現出了實質性的進步。我的意思是，你在第四季度展示的這種水平是我們應該期待的嗎？

Yes. We're optimistic about changes and improvements, enhancements that we've made within our completion services operation. And in addition to that, we're introducing some new technology, valve technology, particularly in some 15K equipment. And so I think my reaction to that is probably 60 days, there was less conversation about weak natural gas prices and the impact on both rig counts and completion counts. And we generally still remain fairly optimistic on activity broadly, particularly in the (inaudible), that's number one. And then number two, just customer initiatives, coupled with some new equipment that we're putting in the field helps us be more positive probably about land-based activity as we go into 2023.

是的。我們對我們在完井服務運營中所做的改變、改進和增強持樂觀態度。除此之外，我們還引入了一些新技術，閥門技術，特別是在一些 15K 設備中。所以我認為我對此的反應可能是 60 天，關於天然氣價格疲軟以及對鑽機數量和完工數量的影響的討論較少。而且我們總體上仍然對廣泛的活動保持相當樂觀，特別是在（聽不清）中，這是第一位的。然後是第二，僅僅是客戶的倡議，再加上我們在現場投入的一些新設備，可以幫助我們在進入 2023 年時對陸上活動更加積極。

Okay. And then in Offshore/Manufactured products, if you talked about the order outlook, I missed it, but kind of what are you expecting for orders in '23 as far as growth and maybe kind of composition to what are you kind of seeing in the Q at this point?

好的。然後在離岸/製成品中，如果你談到訂單前景，我錯過了，但是你對 23 年的訂單有什麼期望，就增長和你在問此時？

As you can tell by -- based on the quarters of 2022, it can vary up and down fairly significantly on a book-to-bill basis quarter-to-quarter. But we are projecting and we have our build-up quarter-by-quarter and do expect that we'll probably -- I don't want to say generously exceed a book-to-bill of 1x. But I do expect that our annual book-to-bill of 1.1x for 2022 will be exceeded at this point in time in 2023. And if you go to Q3, it was slightly below -- Q3 of '22, slightly below a book-to-bill followed by 1.5x book-to-bill. So I kind of caution everybody not to get too hung up on quarter-by-quarter movements in that ratio. We tend to think of longer term, at least an annual look on that ratio. But we are expecting to exceed 1.1x, which we achieved in 2022.

正如你所知道的——基於 2022 年的季度，它可以在每季度的訂單到賬單基礎上有相當大的上下變化。但我們正在預測，我們每個季度都有積累，並且確實預計我們可能 - 我不想慷慨地說超過 1 倍的訂單出貨量。但我確實預計我們 2022 年 1.1 倍的年度訂單出貨比將在 2023 年的這個時間點超過。如果你去第三季度，它略低於 22 年第三季度，略低於賬面價值-到賬單，然後是 1.5 倍的預訂到賬單。所以我提醒大家不要太在意這個比率的季度變動。我們傾向於考慮更長期的，至少是每年對該比率的看法。但我們預計會超過我們在 2022 年實現的 1.1 倍。

And the next question comes from Stephen Gengaro from Stifel.

下一個問題來自 Stifel 的 Stephen Gengaro。

Two things for me to start. The first, can you remind us on the Well Site side, I think the U.S. land piece is about 70% from prior data we had. Is that roughly correct? And should we be thinking about -- or are you thinking about the international piece of Well Site growing faster than the domestic piece in '23?

我要開始的兩件事。首先，你能在 Well Site 方面提醒我們，我認為美國的土地面積大約是我們之前數據的 70%。這大致正確嗎？我們是否應該考慮——或者您是否正在考慮 Well Site 的國際部分在 23 年的增長速度超過了國內部分？

I would say it varies kind of quarter-to-quarter. I'd probably characterize the domestic piece varying from maybe 75% to 80%, not 70%. But -- and you go through periods where actually we had some weaker international activity probably a year ago, and we're just kind of beginning to see that pick up, and we have a more robust outlook in 2023 for international. I haven't really done the -- honestly, the growth -- the relative growth comparison, we're expecting both to grow, quite frankly, and probably proportional growth at this point. But I kind of go back, there's been this recent kind of overhang on North American land because of weaker gas prices. But in totality, we're still fairly optimistic about U.S. land, given our product service offerings, our customer positioning and the equipment that we're putting out in the field. And so if I were to -- and this is swagging, I just think both of them are going to perform better year-over-year and probably equal. But certainly, that does represent an improvement in both domestic markets as well as international.

我會說每個季度都有所不同。我可能會將國內作品的特徵描述為 75% 到 80%，而不是 70%。但是——你經歷了一年前我們實際上有一些較弱的國際活動的時期，而我們只是開始看到這種情況有所好轉，而且我們在 2023 年對國際活動有更強勁的前景。我還沒有真正完成 - 老實說，增長 - 相對增長比較，坦率地說，我們預計兩者都會增長，並且可能會在這一點上成比例增長。但我有點回過頭來，由於天然氣價格疲軟，北美土地最近出現了這種過剩。但總的來說，考慮到我們提供的產品服務、我們的客戶定位以及我們在該領域投入使用的設備，我們對美國土地仍然相當樂觀。因此，如果我要——這很誇張，我只是認為他們倆的表現都會比去年同期更好，而且可能持平。但可以肯定的是，這確實代表了國內市場和國際市場的改善。

And when we think about the offshore manufactured products space. And maybe just -- this kind of leads into a more general question, but when you think about the backlog and the strength in orders you saw recently, will that business grow at the -- where does that sort of fit in relative to the total revenue guidance you gave as far as -- about the same, greater or worse. And I'm just kind of curious what you're thinking on margins in that business for '23, given what you know about the backlog?

當我們考慮離岸製成品空間時。也許只是 - 這種問題會引出一個更普遍的問題，但是當你考慮積壓訂單和最近看到的訂單強度時，該業務是否會增長 - 這種情況相對於總訂單量的增長情況你給出的收入指導——大致相同，更大或更差。鑑於您對積壓的了解，我只是很好奇您對 23 年該業務的利潤率有何看法？

Again, we're pretty optimistic we'll see growth in all 3 segments. There is slightly, I'll call it proportionately higher growth coming from Offshore/Manufactured products. And part of that is -- I mean, we just had a book-to-bill of 1.5x in Q4. So that's going to lead into some uncertainty. And those are our production facility core products that we're confident in our performance, our margin achievement, our delivery time frames, those types of things. So it's a good -- not only a high book-to-bill. It's a good content in that order book that leaves me fairly positive.

同樣，我們非常樂觀地看到所有 3 個細分市場的增長。有一點，我稱之為來自離岸/製造產品的比例更高的增長。其中一部分是——我的意思是，我們在第四季度的訂單出貨量只有 1.5 倍。所以這會導致一些不確定性。這些是我們生產設施的核心產品，我們對我們的業績、利潤率成就、交貨時間框架等有信心。所以這是一個很好的 - 不僅是高出貨率。訂單簿中的一個很好的內容讓我相當積極。

We also exited, as I mentioned in my comments, with growth on the service side and services typically carry pretty good margins overall. You have to -- the good news is that, the one other thing on a consolidated basis, that means your incrementals are going to be just a little bit lower than they might be with just an isolated improvement in completion services, one's more of a rental service model, one's a manufactured product sale model. put that into context, but our margins showed real improvement from Q3 to Q4. And again, with the product mix and the throughput, we don't see any adverse impact to our margins at all going forward.

正如我在評論中提到的那樣，我們也退出了服務方面的增長，而服務通常總體上具有相當可觀的利潤率。你必須 - 好消息是，另一件事是在綜合基礎上，這意味著你的增量將比它們可能只是稍微低一點，只是在完成服務方面進行孤立的改進，一個更多租賃服務模式，一個是製成品銷售模式。考慮到這一點，但我們的利潤率從第三季度到第四季度顯示出真正的改善。再一次，憑藉產品組合和吞吐量，我們認為未來的利潤率不會受到任何不利影響。

And then just one final one for me, and I guess (inaudible). On Downhole Technologies, can you talk about the competitive landscape as we've heard -- I mean, I know you're aware of some of the lawsuits, which were out there from one of your competitors and the management change at that company. But what is the competitive landscape on kind of the newer integrated (inaudible) versus the machine shops buying components and how your business kind of fits into that dynamic?

然後是我的最後一個，我想（聽不清）。在 Downhole Technologies，你能談談我們所聽到的競爭格局嗎——我的意思是，我知道你知道一些訴訟，這些訴訟來自你的一個競爭對手以及該公司的管理層變動。但是，較新的集成（聽不清）與機器商店購買組件的競爭格局是什麼？您的業務如何適應這種動態？

Yes. I think that's a great question. On the -- this is the smaller segment of our business. But on the integrated (inaudible) side, there is very good customer acceptance of the integrated (inaudible) systems that most third-party providers do provide in some capacity or form. And so I think that's a trend, and that's a focus for us. I think as you realize, and importantly, we're working on all the reliability side of that equation to make sure it is an extraordinarily reliable product to our customers. But it's a key focus for us. As far as the landscape, there are -- there were certain legal determinations made that I think eases some of the uncertainty around the industry adoption and performance of perforating systems generally, you can go read the lawsuit outcomes yourself, I'm sure, as others can. But I think it's a more level playing field going forward is how I would characterize it.

是的。我認為這是一個很好的問題。在 - 這是我們業務的較小部分。但在集成（聽不清）方面，客戶對大多數第三方提供商以某種能力或形式提供的集成（聽不清）系統的接受度非常高。所以我認為這是一種趨勢，也是我們關注的焦點。我認為正如您所意識到的，而且重要的是，我們正在努力解決該等式的所有可靠性方面，以確保它對我們的客戶來說是一種非常可靠的產品。但這是我們的重點。就現狀而言，有一些法律決定，我認為這些決定緩解了行業採用和射孔系統性能的一些不確定性，我敢肯定，你可以自己去閱讀訴訟結果，因為其他人可以。但我認為這是一個更加公平的競爭環境，這就是我對它的描述。

The domestic market has remained competitive, particularly with a lot of the (inaudible) companies in-sourcing some of their (inaudible) systems generally. But by us concentrating more on our key products, concentrating on the integrated (inaudible) gun systems, it allows us to be more efficient on the manufacturing side without a new gun development, a new size, a new shooting panel, blah, blah, blah, specific to every customer. I think the market is settling down into very reliable product that can be manufactured on a more consistent basis. That will help us from an efficiency standpoint going forward.

國內市場一直保持競爭，特別是許多（聽不清）公司普遍內購他們的一些（聽不清）系統。但是，通過我們更多地專注於我們的關鍵產品，專注於集成（聽不清）的槍支系統，它使我們能夠在製造方面更有效率，而無需開發新的槍支、新的尺寸、新的射擊面板等等，等等，等等，特定於每個客戶。我認為市場正在穩定生產非常可靠的產品，這些產品可以在更一致的基礎上生產。從效率的角度來看，這將有助於我們前進。

The -- I would mention the other, I think, key driver for this business going forward for us is international expansion and penetration. Those markets have historically for us and tied to P&A, but we're expanding on the more original completion side of the business, and it tends to be some of our more proprietary pieces of equipment, whereas (inaudible) has a decent amount of commoditized components that are sold into it. And as I mentioned in my comments, the domestic mix was much more commoditized in Q4, and we just don't make as much money on that. So again, think about integrated (inaudible) systems, I think the industry competitive landscape is more level now, and we're seeing some decent international expansion opportunities. Those are going to be the key for this business and for us going forward.

我想提一下另一個，我認為，推動我們這項業務向前發展的關鍵因素是國際擴張和滲透。這些市場在歷史上對我們來說與 P&A 相關，但我們正在擴展業務的更原始的完成方面，它往往是我們的一些更專有的設備，而（聽不清）有相當數量的商品化出售給它的組件。正如我在評論中提到的那樣，國內組合在第四季度更加商品化，我們只是賺不到那麼多錢。因此，再次考慮集成（聽不清）系統，我認為現在行業競爭格局更加公平，我們看到了一些不錯的國際擴張機會。這些將成為這項業務和我們前進的關鍵。

And the next question in the queue comes from Kurt Hallead with The Benchmark Company.

隊列中的下一個問題來自 The Benchmark Company 的 Kurt Hallead。

Great to be on again. I always appreciate the color. So I just wanted to maybe circle back again just on the overall outlook for '23. And you mentioned that the Offshore/Manufactured Products business will probably have faster revenue growth than the Well Site and Downhole. And then just kind of focusing maybe on Well Site and Downhole, do you think those 2 would grow comparable on a year-on-year basis? Or will one grow faster than the other based on your customer mix and product mix and everything else?

很高興再次出現。我一直很欣賞這種顏色。所以我只是想再次回顧一下 23 年的整體前景。你提到海上/製成品業務的收入增長可能比井場和井下更快。然後只是關注 Well Site 和 Downhole，你認為這 2 個會同比增長嗎？或者根據您的客戶組合和產品組合以及其他一切，一個會比另一個增長得更快？

They're similar, but we have a modestly higher growth rate on completion services partially due to some supply chain challenges that are unique to Downhole shortages of switches right now, shortages of powder. There's just a number of headwinds, particularly in the early part -- late part of 2022, early part of 2023, that while we have growth in all 3 segments, the lower to the higher would be Downhole followed by Well Site services with the highest one Offshore/Manufactured products. And again, the blended average is an estimated 15% year-over-year increase in consolidated revenues, if that's helpful.

它們很相似，但我們在完井服務方面的增長率略高，部分原因是目前井下開關短缺、粉末短缺所特有的一些供應鏈挑戰。只有一些不利因素，特別是在早期——2022 年後期，2023 年初，雖然我們在所有 3 個領域都有增長，但從低到高將是井下服務，其次是井場服務，最高一種離岸/製成品。同樣，混合平均值估計綜合收入同比增長 15%（如果有幫助的話）。

Yes, that is. I appreciate that. So Cindy, you always are pragmatic about business dynamics and kind of the outlook. And yes, natural gas is very -- not very conducive in terms of investor psychology or prospective activity. But I'm just kind of curious as you kind of look at the dynamics at play -- the confidence you have, obviously, oil basins holding up better than natural gas. But is there something kind of specific to your customer base that will maybe shield you a bit from potential decline in gas activity? That's question number one. Question number two then is you typically get some churn in assets or business and there's going to be a decline in natural gas activity. There's going to be a movement to these oil basins, which historically has kind of created some (inaudible) competition and some pricing pressure. So I just want to get your perspective on how you're shielded and if you think there's going to be (inaudible) competition like we've seen in prior cycles?

對，是。我很感激。所以辛迪，你對商業動態和前景總是務實的。是的，就投資者心理或預期活動而言，天然氣非常——不是非常有利。但我只是有點好奇，因為你有點看動態 - 你有信心，顯然，油盆地比天然氣更好。但是，是否有某種特定於您的客戶群的東西可能會保護您免受天然氣活動潛在下降的影響？這是第一個問題。那麼第二個問題是，您通常會在資產或業務方面出現一些變動，並且天然氣活動將會下降。這些石油盆地將會發生變化，這在歷史上已經造成了一些（聽不清的）競爭和一些定價壓力。因此，我只想了解您對如何受到保護的看法，以及您是否認為會像我們在之前的周期中看到的那樣（聽不清）競爭？

No, those are all very valid and timely questions, Kurt. But obviously, we're very attuned to our customers and to market concerns and the impact of pricing, which we all know very well. And so I'm going to echo some of what is on (inaudible) saying that I think that one, given the growth in the rig count in the Haynesville in 2022, has set up higher production in that basin, number one. It has a higher breakeven at least from all the research I've done than the Northeast market. And so I do think that basin is more sensitive to activity declines, that's number one. There are plenty of analysts out there estimating what kind of decline we might be looking at. But with this massive switch over the last 15 years or so, but rig count dedicated to (inaudible) basins, the overall gas count is probably percentage-wise, about 20%. And I do think that the weakness we'll see is likely in the Haynesville, people are speculating maybe 20 to 30 rigs off a basis of 73 rigs operating in that market. So that's not a huge impact on total rig count.

不，這些都是非常有效和及時的問題，庫爾特。但顯然，我們非常了解我們的客戶、市場擔憂和定價的影響，我們都非常了解這一點。因此，我要回應一些正在（聽不清）的說法，我認為，鑑於 2022 年海恩斯維爾鑽井平台數量的增長，該盆地的產量更高，排名第一。至少從我所做的所有研究來看，它的盈虧平衡點高於東北市場。所以我確實認為盆地對活動下降更敏感，這是第一。有很多分析師估計我們可能會看到什麼樣的下降。但隨著過去 15 年左右的這種大規模轉變，但鑽機數量專用於（聽不清）盆地，總天然氣數量可能佔百分比，約為 20%。而且我確實認為我們將看到的弱點可能出現在海恩斯維爾，人們猜測在該市場運營的 73 座鑽井平台基礎上可能會有 20 到 30 座鑽井平台。因此，這對總鑽機數量影響不大。

I do think that the Northeast holds a better. And it's a narrow customer base up there that we know well. And typically, our work there is highly complex, multi-well pads. I really don't see a significant change in that Northeast market as it relates to our operations. The next part of your question is, if, in fact, you do lose some 20 or 30 rigs in the Haynesville, does that create downward price pressure in other basins. And I'll just be honest for the type of equipment that we have, we don't believe that is the case. And I will also say our equipment has been a bit different, i.e., we haven't been pushing 90% utilization and pressing day rates materially in 2022, unlike maybe other product offerings where the equipment has been tighter. And for that reason, you may have some market shifts, but you may also just have an improvement in certain other basins offset by some weakness in the Haynesville. But in totality, particularly with our international and our Gulf of Mexico exposure. I'm not going to say I'm totally sanguine about it, but I'm not heavily concerned either.

我確實認為東北更好。我們非常了解那裡的狹窄客戶群。通常，我們在那裡的工作是高度複雜的多孔墊。我真的沒有看到東北市場與我們的運營相關的重大變化。你的問題的下一部分是，如果實際上你在海恩斯維爾失去了大約 20 或 30 個鑽井平台，這是否會對其他盆地造成價格下行壓力。老實說，對於我們擁有的設備類型，我們認為情況並非如此。我還要說的是，我們的設備有點不同，也就是說，我們並沒有在 2022 年實質性地推動 90% 的利用率和緊迫的日費率，這可能與設備更緊湊的其他產品不同。出於這個原因，你可能會有一些市場變化，但你也可能只是在某些其他盆地的改善被海恩斯維爾的一些疲軟所抵消。但總的來說，尤其是我們在國際和墨西哥灣的風險敞口。我不會說我對此完全樂觀，但我也不是很擔心。

(Operator Instructions) Next question in the queue comes from Sean Mitchell with Daniel Energy Partners.

（操作員說明）隊列中的下一個問題來自 Sean Mitchell 和 Daniel Energy Partners。

You mentioned, I think, earlier in the comments or maybe in the Q&A, just supply chain challenges with labor and materials. I think you alluded to the switches and powder on, but anything else on supply chain or labor that we should be concerned about in '23, number one? Or is anything really getting better on the margin?

我認為，您在前面的評論或問答中提到了勞動力和材料方面的供應鏈挑戰。我想你提到了開關和火藥，但在 23 年我們應該關注的供應鍊或勞動力方面，排名第一？或者有什麼事情真的在邊際上變得更好了嗎？

Another fantastic question. And I will say that we have been able -- it's been a lot of effort behind it. But we have been able to increase our headcount in the completion services side of the business, which helps us manage our work better. I -- not necessarily having to move people from one geography to the other and alleviates some of the overtime pressures we've had on our workforce and completion services. So I'd say, a little more favorable trend in completion services. We are still struggling to hire in our manufacturing facilities in the Downhole side. That's been part of the challenge. We're working on and facing at this point in time.

另一個奇妙的問題。而且我會說我們已經能夠 - 它背後付出了很多努力。但我們已經能夠增加業務完成服務方面的員工人數，這有助於我們更好地管理我們的工作。我——不一定需要將人員從一個地區轉移到另一個地區，並減輕了我們對勞動力和完工服務的一些加班壓力。所以我想說，完成服務的趨勢要好一些。我們仍在努力招聘井下方面的製造設施。這是挑戰的一部分。我們正在努力並面對這個時間點。

And other than that, I'd say that we, like everybody else, had to make labor cost increases during 2022. But we don't expect necessarily the need to make proportionately the kind of increases that we saw in 2022 to attract and retain the labor that we have. So I feel like some of the pressure has moderated, but there's still (inaudible). We still are dealing with very low unemployment levels and just have to work through it.

除此之外，我想說的是，我們和其他所有人一樣，不得不在 2022 年增加勞動力成本。但我們並不認為一定需要按比例增加我們在 2022 年看到的那種增加以吸引和留住人才我們的勞動。所以我覺得有些壓力已經減輕，但仍然存在（聽不清）。我們仍然在處理非常低的失業率，只需要努力解決它。

And then maybe one more. Just as we think about some of your larger competitors across the board, you have obviously talked about deepwater and international inflecting. In fact, one of the largest probably competitors in the industry, said that, they feel like you're in the early stages of the resurgence and a meaningful growth in '23 in deepwater. Is that -- I mean it sounds like, if I'm reading the tea leaves on your guide here, up 15%, most of that, I think it sounds like you're leaning towards the offshore and international market.

然後也許還有一個。正如我們全面考慮您的一些較大的競爭對手一樣，您顯然已經談到了深水和國際變化。事實上，業內可能最大的競爭對手之一說，他們覺得你正處於復興的早期階段，並且在深水 23 年取得了有意義的增長。那是——我的意思是，如果我在這裡閱讀你的指南中的茶葉，增長了 15%，其中大部分，我認為這聽起來像是你傾向於離岸和國際市場。

Yes. We're seeing in our own product lines, growth across all 3 year-over-year, but it is weighted more towards Offshore/Manufactured products. And to some degree, our visibility is pretty good on order flow and activity because it's weighted towards production infrastructure, meaning, we know what's going on in the basins of Guyana, Brazil, a lot of those developments are already well underway. Now it's up to us to bid effectively and get our proportionate share of the awards that are there. And I think when you talk about more of the enthusiasm, you may be talking about actual drilling, new drilling and new prospects, where i.e., the deepwater drillers getting some improvement in both utilization and in rates, number one. And we just had an absolute dearth of exploratory drilling for 5 decades now in deepwater. And I think people are recognizing that even some of our politicians recognize that you actually need some crude oil and natural gas to supply the energy needs of the world.

是的。我們在自己的產品線中看到了所有 3 年的同比增長，但它更傾向於離岸/製造產品。在某種程度上，我們在訂單流和活動方面的知名度非常好，因為它側重於生產基礎設施，這意味著，我們知道巴西圭亞那盆地正在發生的事情，其中許多發展已經在進行中。現在要靠我們有效地出價並獲得我們按比例分享的獎勵。而且我認為，當你談論更多的熱情時，你可能會談論實際鑽探、新鑽探和新前景，即深水鑽探者在利用率和率方面都取得了一些改善，排名第一。過去 5 年，我們在深水中完全缺乏勘探鑽探。而且我認為人們正在認識到，甚至我們的一些政治家也認識到您實際上需要一些原油和天然氣來滿足世界的能源需求。

And whatever reason we can debate all day long about why activity has slowed as badly as it did, certainly transitional investments and other things took the front and center, and I think Russia-Ukraine crisis and the shortages of energy going into the European continent created a different awareness and a different appreciation of the needs that we have, not only in this country, but in the world. And you're just seeing a resurgence of activity that has been really delayed for a long time, quite frankly. But as it relates to my business, the visibility around these development drilling profiles in kind of that Atlantic Basin area, but particularly Brazil and Guyana are pretty visible at this point in time.

無論我們整天爭論為什麼經濟活動如此嚴重地放緩，無論出於什麼原因，過渡性投資和其他事情肯定是最重要的，我認為俄羅斯-烏克蘭危機和進入歐洲大陸的能源短缺造成了對我們的需求有不同的認識和不同的理解，不僅在這個國家，而且在世界上。坦率地說，你只是看到已經延遲了很長時間的活動復甦。但就我的業務而言，在大西洋盆地地區，尤其是巴西和圭亞那，圍繞這些開發鑽探剖面的能見度在此時非常明顯。

And the next question in the queue comes from Stephen Gengaro from Stifel.

隊列中的下一個問題來自 Stifel 的 Stephen Gengaro。

Just one follow-up. You mentioned, I think the buyback. And I'm just curious, Cindy, how are you thinking about utilizing it? Is it opportunistic? Is it going to be some kind of program system? And how are you thinking about that versus other capital allocation opportunities?

只是一個跟進。你提到，我認為是回購。我很好奇，辛迪，你打算如何利用它？是投機取巧嗎？它會是某種程序系統嗎？與其他資本配置機會相比，您如何看待這一點？

Yes, I appreciate that question. We're going to start out slow i.e., the quantum is not that big, and we recognize that. We are at a net debt-to-EBITDA ratio at the end of 2022 of 1.4x. So I'd say we're much more comfortable. You all know, we had a stub period on our first convert that matured -- matures this month. And in fact, we've already paid that off. It is about $17 million. So following that, we have no maturity until the next convert comes up 2026. I can't remember what month in 2026. But the point of that being the industry outlook, our backlog development, our free cash flow history and our outlook for free cash flow suggests yes, you can now begin a more thoughtful approach to cash return to shareholders.

是的，我很欣賞這個問題。我們將開始緩慢，即量程不是那麼大，我們認識到這一點。到 2022 年底，我們的淨債務與 EBITDA 比率為 1.4 倍。所以我想說我們要舒服得多。你們都知道，我們第一個成熟的皈依者有一個存根期——本月成熟。事實上，我們已經還清了。大約是1700萬美元。因此，在那之後，直到 2026 年下一個轉換出現之前，我們都沒有成熟。我不記得 2026 年是哪一個月。但重點是行業前景、我們的積壓開發、我們的自由現金流歷史和我們的免費前景現金流表明是的，您現在可以開始採用更周到的方法來向股東返還現金。

We do plan to be opportunistic. And I think in our comments, we always build significant working capital in the first quarter, and that is coupled with the fact that we just bought in the $17 million of the maturing convert. So kind of early part, probably not going to see a lot of share repurchases. Even last year, the bulk of our free cash flow was generated in the second half of the year. I see the same trend occurring in this year. And so I think it's important to have the authorization in place. We do want to be opportunistic. And as recently as four months ago, our stock was depressed for reasons unknown and it's done better over the last 90 days, I'll call it. But I just think we're going to be thoughtful and smart. An absolute given is that smart organic investments will always be first.

我們確實打算投機取巧。我認為在我們的評論中，我們總是在第一季度建立大量的營運資金，再加上我們剛剛購買了 1700 萬美元的到期轉換公司。這麼早的部分，可能不會看到很多股票回購。即使在去年，我們的大部分自由現金流也是在下半年產生的。我看到今年出現了同樣的趨勢。所以我認為獲得授權很重要。我們確實想投機取巧。就在四個月前，我們的股票因不明原因而低迷，在過去 90 天裡表現更好，我稱之為。但我只是認為我們會變得體貼和聰明。絕對給定的是，明智的有機投資永遠是第一位的。

We feel like that's factored in our CapEx program. Lloyd told you, we're estimating an increase from $20 million to $25 million in 2023. We could flex that if the opportunities present themselves. And again, that will always be first and should be. Tuck-in acquisitions, we're just not seeing a whole lot right now. But just like we did the small (inaudible) acquisition in second -- first or second quarter last year, that is performing very well compared to the acquisition economics. And if we have those opportunities, they too would be evaluated against share repurchases.

我們覺得這已納入我們的資本支出計劃。勞埃德告訴過你，我們估計到 2023 年將從 2000 萬美元增加到 2500 萬美元。如果機會出現，我們可以靈活調整。再一次，那將永遠是第一位的，而且應該是。大量收購，我們現在還沒有看到很多。但就像我們在去年第二季度 - 第一季度或第二季度進行了小型（聽不清）收購一樣，與收購經濟學相比，這表現得非常好。如果我們有這些機會，它們也會根據股票回購進行評估。

So a long-winded way of saying we're in a better spot and a much different spot than we were 2 years ago. We're confident in our liquidity position, and we know our shareholders are interested in some path towards cash returns. So that's our focus right now. But again, long-winded way of answering, we're going to be opportunistic, particularly in the first half of the year.

所以這是一種冗長的說法，我們現在處在一個更好的位置，而且與 2 年前相比有很大不同。我們對我們的流動性狀況充滿信心，我們知道我們的股東對實現現金回報的某種途徑感興趣。所以這是我們現在的重點。但同樣，冗長的回答方式是，我們將採取機會主義態度，尤其是在今年上半年。

And we have no further questions at this time. So I'll turn the call over to Cindy Taylor for closing remarks.

我們現在沒有其他問題了。所以我會把電話轉給 Cindy Taylor 來做結束語。

Thank you for hosting today, Michelle. And thanks to all of you for your continued interest in Oil States and your support to the company. We do look forward to future discussions as the year progresses, and we're pleased to say there's actually going to be some investor conferences coming in the next 3 or 4 months. And so it will be great to see people in person. In the meantime, I hope you have a great weekend (inaudible) earnings season, and we'll be in contact soon. Thank you.

謝謝你今天主持，米歇爾。感謝大家對石油州的持續關注和對公司的支持。隨著時間的推移，我們確實期待未來的討論，我們很高興地說，在接下來的 3 或 4 個月內實際上將召開一些投資者會議。因此，很高興親自見到人們。與此同時，我希望你有一個愉快的周末（聽不清）財報季，我們會盡快聯繫。謝謝。

Thank you, everyone. This concludes today's presentation. Thank you for your participation. You may now disconnect.

謝謝大家。今天的演講到此結束。感謝您的參與。您現在可以斷開連接。