Oil States International Inc (OIS) 2025 Q1 法說會逐字稿

Good morning. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oil States first-quarter 2025 earnings call. (Operator Instructions)

早安.我叫珍妮，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Oil States 2025 年第一季財報電話會議。（操作員指示）

Ellen Pennington, you may begin your conference.

艾倫·彭寧頓，你可以開始你的會議了。

Good morning, and welcome to Oil States' first-quarter 2025 earnings conference call. Our call today will be led by our President and CEO, Cindy Taylor; Lloyd Hajdik, Oil States' Executive Vice President and Chief Financial Officer; and Scott Moses, our Executive Vice President and Chief Operating 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 any of these forward-looking statements remain valid later in the quarter or beyond.

早安，歡迎參加 Oil States 2025 年第一季財報電話會議。今天的電話會議將由我們的總裁兼首席執行官辛迪·泰勒 (Cindy Taylor)、Oil States 執行副總裁兼首席財務官勞埃德·哈迪克 (Lloyd Hajdik) 和我們的執行副總裁兼首席營運官斯科特·摩西 (Scott Moses) 主持。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資訊以外的信息，請注意，我們依賴聯邦法律規定的安全港保護。任何人都不應假設這些前瞻性陳述在本季稍後或之後仍然有效。

Any such remarks should be weighed in the context of the many factors that affect our business, including those risks disclosed in our 2024 Form 10-K, along with other recent SEC filings. This call is being webcast and can be accessed at Oil States' website. A replay of the conference call will be available two hours after the completion of this call and will continue to be available for 12 months.

任何此類言論都應結合影響我們業務的許多因素進行權衡，包括我們在 2024 年 10-K 表格中披露的風險以及最近向美國證券交易委員會提交的其他文件中披露的風險。此次電話會議正在進行網路直播，可透過 Oil States 的網站觀看。電話會議重播將在本次電話會議結束兩小時後提供，並將持續提供 12 個月。

I will now turn the call over to Cindy.

現在我將把電話轉給辛蒂。

Thank you, Ellen. Good morning, and thank you for joining our conference call today, where we will discuss our first-quarter 2025 results and provide our thoughts on market trends in addition to discussing our company-specific outlook.

謝謝你，艾倫。早安，感謝您參加我們今天的電話會議，我們將在會上討論我們 2025 年第一季的業績，並提供我們對市場趨勢的看法，此外還將討論我們公司特定的展望。

In connection with our fourth-quarter 2024 earnings conference call, we provided financial guidance ranges for the first quarter and full-year 2025. We specifically guided the first-quarter 2025 revenues of $160 million to $170 million, with EBITDA expected to range from $17.5 million to $18.5 million. I am pleased to report that both ranges were met or exceeded during the quarter due to strength in our international offerings, along with benefits of our 2024 US land-based optimization efforts and a strong recovery in our Gulf of America operations.

在我們 2024 年第四季財報電話會議上，我們提供了 2025 年第一季和全年的財務指導範圍。我們特別預期 2025 年第一季的營收為 1.6 億美元至 1.7 億美元，EBITDA 預計在 1,750 萬美元至 1,850 萬美元之間。我很高興地報告，由於我們國際產品的強勁表現，以及我們 2024 年美國陸基優化工作帶來的好處以及我們美國灣業務的強勁復甦，本季度這兩個範圍均達到或超過了預期。

We witnessed ongoing demand in our international and offshore regions with very strong bookings that totaled $136 million, leading to our highest level of backlog since September 2015, with a book-to-bill ratio of 1.5 times for the quarter. We have historically reported negative cash flow from operations during the first quarter of the year due to seasonal working capital trends. However, we reversed that trend this quarter by generating $9 million of cash flow from operations. We also received proceeds of $9 million from the monetization of equipment and inventory.

我們見證了國際和離岸地區持續的需求，訂單量非常強勁，總額達 1.36 億美元，導致我們自 2015 年 9 月以來的積壓訂單量達到最高水平，本季度訂單出貨比為 1.5 倍。由於季節性營運資本趨勢，我們過去曾報告每年第一季的營運現金流為負。然而，本季我們透過產生 900 萬美元的營運現金流扭轉了這一趨勢。我們也從設備和庫存的貨幣化中獲得了 900 萬美元的收益。

These cash flows were used during the quarter largely to fund CapEx and $5 million of share repurchases. Despite good operating results for the quarter, in April, Oil States stock price suffered material decline stemming from the announcement and imposition of broad-based tariffs by the United States on our global trading partners.

本季這些現金流主要用於資助資本支出和 500 萬美元的股票回購。儘管本季經營業績良好，但 4 月份，由於美國宣布並對我們的全球貿易夥伴徵收廣泛關稅，石油國家公司的股價遭遇大幅下跌。

These actions have created uncertainty in the market, both in terms of individual company impacts, along with the risk of broader economic consequences, including the heightened possibility of a recession. These concerns, along with planned increases in OPEC+ oil production levels, negatively impacted global crude oil prices, which declined significantly in April.

這些行動為市場帶來了不確定性，既包括對個別公司的影響，也包括更廣泛的經濟後果的風險，包括經濟衰退的可能性加大。這些擔憂，加上 OPEC+ 計畫增加石油產量，對全球原油價格產生了負面影響，導致 4 月原油價格大幅下跌。

Given this backdrop, we believe it is prudent to provide more granular information on Oil States' strategic sourcing of goods and materials to aid the market and assessing potential impacts of US tariffs on our operations.

有鑑於此背景，我們認為提供更詳細的石油國家貨物和材料戰略採購資訊以協助市場並評估美國關稅對我們營運的潛在影響是明智之舉。

As a reminder, Oil States benefits from significant global diversification with broad-based operations outside the United States and essentially every major offshore oil and gas basin. In addition, a significant portion of the capital equipment, which we manufacture in the United States is exported to other countries. We anticipate that a significant portion of the company's operations outside of the United States should remain relatively unaffected by the implementation of these tariffs.

需要提醒的是，石油國家受益於顯著的全球多元化，其業務範圍廣泛，遍及美國境外以及幾乎所有主要的海上石油和天然氣盆地。此外，我們在美國製造的資本設備很大一部分出口到其他國家。我們預計，該公司在美國以外的很大一部分業務將不會受到這些關稅實施的影響。

In our domestic operations, we have limited reliance on imported goods, which are primarily used in our Downhole Technologies segment. We have implemented a series of strategic actions to assess and mitigate where possible, negative tariff impacts, including the use of temporary import bonds for key imported materials, shifting to alternate sources of supply, optimizing our supply chain to secure the most favorable treatment of imports, leveraging existing domestic supply chains and, when necessary, adjusting pricing to our customers.

在我們的國內業務中，我們對進口商品的依賴有限，這些商品主要用於我們的井下技術部門。我們實施了一系列策略行動來評估並盡可能減輕負面關稅影響，包括對主要進口材料使用臨時進口保證金、轉向替代供應源、優化我們的供應鏈以確保對進口產品給予最優惠的待遇、利用現有的國內供應鏈，並在必要時調整對客戶的價格。

Oil States imports products from foreign sources, including key raw materials and component parts such as steel forgings and perforating gun steel, tubing and other components. The vast majority of our forgings come to the United States under temporary import bonds, which are free of tariffs given their reexport following US manufacturing. Tariffs on imported steel tubing and other components used in the manufacture of perforating systems are expected to increase our completed gun cost.

Oil States 從國外進口產品，包括關鍵原料和零件，如鋼鍛件和射孔槍鋼、油管和其他零件。我們的絕大多數鍛造件都是透過臨時進口保稅進入美國的，由於這些鍛造件在美國製造後再出口，因此無需繳納關稅。用於製造射孔系統的進口鋼管和其他零件的關稅預計將增加我們成品槍的成本。

Our analysis has shown that other suppliers of perforating systems utilize similar supply chain sources and are likely to be subject to similar tariffs. As a result, we expect that these cost increases can be passed on to customers. We remain dedicated to growing our operations and strategically investing in our most profitable business areas supported by advanced technology. We will also continue to focus on the return of cash to our stockholders.

我們的分析表明，其他射孔系統供應商也使用類似的供應鏈來源，並且可能受到類似的關稅。因此，我們預計這些成本增加可以轉嫁給客戶。我們將繼續致力於擴大業務，並在先進技術支援下對最賺錢的業務領域進行策略性投資。我們也將繼續致力於向股東返還現金。

Lloyd will now review our operating results along with our financial position in more detail.

勞埃德現在將更詳細地審查我們的經營業績和財務狀況。

Thanks, Cindy. Good morning, everyone. During the first quarter, we generated revenues of $160 million and adjusted consolidated EBITDA of $19 million. Our adjusted net income totaled $4 million or $0.06 per share after excluding facility exit charges of $1 million. Our Offshore/Manufactured Products segment generated revenues of $93 million and adjusted segment EBITDA of $18 million in the first quarter.

謝謝，辛蒂。大家早安。第一季度，我們的營收為 1.6 億美元，調整後合併 EBITDA 為 1,900 萬美元。扣除 100 萬美元的設施退出費用後，我們的調整後淨收入總計 400 萬美元或每股 0.06 美元。我們的離岸/製成品部門第一季創造了 9,300 萬美元的收入，調整後部門 EBITDA 為 1,800 萬美元。

Adjusted segment EBITDA margin was 19% in the first quarter compared to 23% in the fourth quarter. In our Completion and Production Services segment, we generated revenues of $35 million and adjusted segment EBITDA of $9 million in the first quarter.

第一季調整後分部 EBITDA 利潤率為 19%，而第四季為 23%。在我們的完井和生產服務部門，我們在第一季創造了 3500 萬美元的收入，調整後的部門 EBITDA 為 900 萬美元。

Adjusted segment EBITDA excluded facility exit charges totaling $1 million. Adjusted segment EBITDA margin was 25% in the first quarter compared to 12% in the fourth quarter, reflective of significantly higher activity in the Gulf of America and a continued focus on cost reduction. In our Downhole Technologies segment, we generated revenues of $33 million and $2 million of adjusted segment EBITDA in the first quarter.

調整後的部門 EBITDA 不包括總計 100 萬美元的設施退出費用。第一季調整後分部 EBITDA 利潤率為 25%，而第四季為 12%，反映出美國灣地區的活動顯著增加，並且持續注重降低成本。在我們的井下技術部門，我們在第一季創造了 3300 萬美元的收入和 200 萬美元的調整後部門 EBITDA。

As Cindy mentioned earlier, we generated $9 million of cash flow from operations and received $9 million of proceeds from asset sales. Our cash flows were used to fund $9 million of CapEx and $5 million of share repurchases. Of the quarterly CapEx spending, $3 million was associated with our new Batam, Indonesia facility.

正如辛迪之前提到的，我們從營運中產生了 900 萬美元的現金流，並從資產出售中獲得了 900 萬美元的收益。我們的現金流用於資助 900 萬美元的資本支出和 500 萬美元的股票回購。在季度資本支出中，有 300 萬美元與我們位於印尼巴淡島的新工廠有關。

Our cash flows from operations is expected to range between $65 million and $75 million for the full year, and planned CapEx is expected to total $25 million. Given the expected strong free cash flow generation, we plan to be very opportunistic regarding share repurchases given our currently low stock price.

我們全年的營運現金流量預計在 6,500 萬美元至 7,500 萬美元之間，計畫資本支出預計總額為 2,500 萬美元。鑑於預期強勁的自由現金流產生，鑑於我們目前的股價較低，我們計劃在股票回購方面採取非常有利的措施。

Now Cindy will offer some market outlook and concluding comments.

現在Cindy將提供一些市場展望和總結性評論。

Despite recent economic volatility and the prospect of higher tariffs, we continue to see strong demand for our offshore and international products and services, which has led to our highest level of backlog in a decade. Given that the majority of our offshore manufactured products' backlog consists of projects outside the United States, we anticipate that the import of key raw materials will largely be unaffected by potential new tariffs.

儘管近期經濟波動且關稅可能上調，但我們的離岸和國際產品及服務需求仍然強勁，這導致我們的積壓訂單量達到十年來的最高水平。鑑於我們大部分離岸製造產品的積壓訂單來自美國以外的項目，我們預計主要原材料的進口將基本上不會受到潛在新關稅的影響。

Although domestic market conditions and activity levels could come under pressure during 2025 due to weaker crude oil prices, we expect our results and profitability to hold up reasonably well given a solid offshore and international outlook combined with margin improvement across our US land-driven businesses given the actions undertaken in 2024. During our fourth-quarter 2024 earnings conference call, we provided revenue guidance for the full-year 2025 of $700 million to $735 million and full-year EBITDA guidance in a range between $88 million and $93 million.

儘管由於原油價格走弱，2025 年國內市場狀況和活動水平可能面臨壓力，但鑑於穩固的海上和國際前景，加上我們在 2024 年採取的行動帶來的美國陸地業務利潤率的提高，我們預計我們的業績和盈利能力將保持相當良好的水平。在我們 2024 年第四季財報電話會議上，我們提供了 2025 年全年營收預期為 7 億至 7.35 億美元，全年 EBITDA 預期在 8,800 萬美元至 9,300 萬美元之間。

Based upon our strong bookings in the first quarter, improved completion and production services margins and information we know about market conditions today, we are not changing our annual guidance. Our guidance for the upcoming quarter suggests revenue will be generated in a range of $170 million to $180 million with EBITDA ranging from $20 million to $22 million.

基於我們第一季的強勁訂單量、改善的完井和生產服務利潤率以及我們了解的當前市場狀況的信息，我們不會改變年度指導。我們對下一季的預期是，營收將在 1.7 億美元至 1.8 億美元之間，EBITDA 將在 2,000 萬美元至 2,200 萬美元之間。

Our low net debt levels and robust free cash flow provides investors with an attractive opportunity for stock ownership in a company with peer-leading free cash flow yield. Our capital allocation priorities are well defined. We plan to invest in organic growth opportunities to fund research and development to sustain competitive advantages, to pay off our remaining debt and to fund share repurchases.

我們的低淨債務水準和強勁的自由現金流為投資者提供了一個擁有同業領先自由現金流收益率的公司股票所有權的誘人機會。我們的資本配置優先順序非常明確。我們計劃投資有機成長機會，為研發提供資金，以保持競爭優勢，償還剩餘債務並為股票回購提供資金。

We aim to drive exceptional value for our customers and generate strong returns for our stockholders in the process.

我們的目標是為客戶創造卓越的價值，並為股東帶來豐厚的回報。

That completes our prepared remarks. Jenny, would you open up the call for questions and answers at this time?

我們的準備好的演講到此結束。珍妮，現在可以開始問答環節嗎？

(Operator Instructions) Jim Rollyson, Raymond James.

（操作員指示）Jim Rollyson，Raymond James。

Congrats on a nice quarter given everything going on. Cindy, first of all, great bookings quarter, obviously, leading to backlog being at the kind of cycle high, which is great. So congrats on that. As we've gone through earnings season so far, there's obviously a lot of uncertainty about how the rest of the year might play out.

鑑於目前發生的一切，祝賀您度過了一個愉快的季度。辛迪，首先，本季的預訂量非常大，顯然導致積壓訂單量處於週期高位，這很好。對此我表示祝賀。到目前為止，我們已經經歷了收益季，對於今年剩餘時間的業績表現顯然存在許多不確定性。

But one theme I've kind of heard recurring is longer cycle projects internationally and especially offshore seem to be perceiving. And just curious, I mean, you're just coming off a great bookings quarter, but in conversations with your customers at this stage, curious what you all are seeing from a willingness to proceed with plans that were already in progress given kind of what's happening on the macro, just maybe about bookings over the course of the rest of the year.

但我聽到的一個反覆出現的主題是，國際上、尤其是離岸的長週期專案似乎正在受到關注。我只是好奇，我的意思是，你們剛剛結束了一個預訂量很大的季度，但在現階段與客戶的交談中，我很好奇，考慮到宏觀形勢的變化，你們是否願意繼續執行已經在進行的計劃，也許只是關於今年剩餘時間的預訂量。

It's a great question, and you've been doing this a long time as I have, and typically develop the drilling programs that are multiyear in nature. Don't depend on short-term movements up and down in the commodity price. And so I think it is a continuation of that thing, quite frankly. And again, these are more development drilling programs that are decades long. It's not a new exploratory program. And again, it's always the short cycle weighted to US shale that tends to be the quickest to plus up in a recovery and down in a softening, and so I think we're seeing that play out significantly as we go forward.

這是一個很好的問題，你和我一樣已經做了很長時間了，並且通常開發多年期的鑽探計劃。不要依賴商品價格的短期上漲或下跌。所以坦白說，我認為這是那件事的延續。再說一次，這些都是長達數十年的開發鑽探計畫。這並不是一個新的探索性計劃。再說一次，以美國頁岩油為主的短週期往往在經濟復甦時最快上漲，在經濟疲軟時最快下跌，因此我認為，隨著我們前進，我們會看到這種情況顯著地顯現出來。

Now if I comment about our strong bookings, first of all, we're obviously thrilled to see that come early in the year, particularly in the first quarter. A lot of this really exemplifies what I'm talking about, which is a major subsea production equipment that we offer the market, led by Brazil. They are the deepwater leader globally, and that really benefited us in the quarter and will continue to benefit us throughout, not only this year, but future years.

現在，如果我評論我們強勁的預訂量，首先，我們顯然很高興看到這一情況在今年年初出現，特別是在第一季。其中許多都真正體現了我所說的內容，即我們向以巴西為主導的市場提供的主要海底生產設備。他們是全球深水領域的領導者，這確實使我們在本季度受益，並且不僅在今年，而且在未來幾年也將繼續使我們受益。

And I'd say we are also beginning to see early benefits of the strategic investment we made in our new Batam facility on our connector products. Again, that is a trend we expect to continue. And then other than that, we are expanding and broadening our service and refurb and repair business around a larger installed base that really is supporting our global operations. And so I think that gives you the color of not only this (technical difficulty) but we got confidence around that.

我想說，我們也開始看到我們在巴淡島新工廠對連接器產品的戰略投資所帶來的早期收益。我們再次預計這一趨勢將會持續下去。除此之外，我們正在擴大和拓展我們的服務、翻新和維修業務，以真正支持我們的全球營運。所以我認為這不僅讓你了解這個（技術難度），而且我們對此充滿信心。

We got into a book-to-bill north of 1 in connection with our last quarter call. And always say it when you have a strong quarter like this, the guidance gets a lot more comfortable as we progress, and that would be on the back of higher revenues, which obviously implies later year-over-year bookings.

在上一季的電話會議上，我們的訂單出貨比達到了 1 以上。當你擁有像這樣強勁的季度時，總是會說，隨著我們的進步，指導會變得更加舒適，而這將得益於更高的收入，這顯然意味著同比預訂量的增加。

Absolutely. I appreciate the color there. And maybe since you brought up the short-cycle stuff, your CPS business had a pretty remarkable sequential improvement. And I think you noted part of it was from the cost efforts you guys have been doing for a while now and then Gulf of America benefits. Maybe if you could parse out kind of how the sequential impact was just between the cost side and the Gulf. And as we think about this going forward over the rest of the year, how sustainable are margins in that realm were better? And how are you seeing the Gulf unfold at this point?

絕對地。我很欣賞那裡的色彩。也許自從您提出短週期問題以來，您的 CPS 業務就取得了相當顯著的連續改善。我認為您已經注意到部分原因在於您們一段時間以來一直在努力降低成本，而美國灣也因此受益。也許你可以分析出成本方面和海灣之間的連續影響是如何發生的。當我們思考今年剩餘時間的發展時，該領域的利潤率能否持續更好？您如何看待海灣地區目前的局勢？

Well, I'll give some lead-off comments, and I ask Lloyd or Scott to pitch in with supplemental-type feedback. But we came out of the hurricane season in the third quarter with lower Gulf revenues, and that's potentiated throughout the fourth quarter as well. So we were pleased to see some recovery in our cost operations. This is more differentiated (technical difficulty) high-end technology that's out in the marketplace, and it tends to support higher margins as a result.

好吧，我會給一些引導性的評論，然後我會請 Lloyd 或 Scott 提供補充類型的回饋。但在第三季度，颶風季節過後，墨西哥灣地區的收入有所下降，這種情況在第四季也得到了進一步的加強。因此，我們很高興看到我們的成本營運有所回升。這是市場上更具差異化（技術難度）的高端技術，因此往往能夠帶來更高的利潤率。

And so I'll also tell you that part of our updated guidance will be dependent on upgoing activity in the Gulf, which we are seeing continuing today. So that's on a positive note. We have done, I think, a good job throughout 2024 making decisions around the product and service lines that we wanted to remain in and, importantly, allocate capital to, which you have to do in that business, [CP&S].

因此，我還要告訴您，我們更新後的指導意見的一部分將取決於墨西哥灣地區的活動情況，我們今天看到這種活動仍在繼續。這是正面的一面。我認為，我們在 2024 年全年都做得很好，圍繞著我們想要保留的產品和服務線做出了決策，而且重要的是，我們還為這些業務分配了資金，這是你必須要做的事情。[CP&S]。

And so a lot of that was behind us, but there were still some fixed cost things to get out of by leases and buildings. And then you've got to relocate equipment from one basin to new basins and so this has been ongoing. But I will tell you that throughout the first quarter, we're beginning to be on the downside of those types of efforts.

我們已經解決了許多問題，但仍有一些固定成本需要透過租賃和建築物來解決。然後你必須將設備從一個盆地遷移到新的盆地，所以這個工作一直在進行。但我要告訴你，在整個第一季度，我們開始面臨這類努力的負面影響。

I will say that our -- I think, our CP&S margins for the quarter, if I remember correctly, Moses correct me if not, we are in the 25% range. And so they really did recover strongly. I won't guarantee that level, but our goals were obviously 20%-plus as we enter the year. So I'm really pleased to see that improvement, not only in CP&S, we saw some also in Downhole Technologies. But I think if I look forward, it's very important to get all this transitional stuff behind us.

我想說的是——如果我沒記錯的話，我認為我們本季的 CP&S 利潤率在 25% 左右，如果沒有記錯的話請 Moses 糾正我。所以他們確實強勁恢復了。我無法保證達到這個水平，但進入今年，我們的目標顯然是達到 20% 以上。因此，我很高興看到這種改進，不僅在 CP&S 方面，我們在井下技術方面也看到了一些改進。但我認為，如果我展望未來，把所有這些過渡時期的事情拋在腦後是非常重要的。

Do either of the two want to add anything to that?

兩位是否想對此進行補充？

Cindy, just confirming your comments about the gulfing, that major driver of the improvement quarter over quarter, Q1 over Q4, certainly, with a strong recovery we saw in the Gulf operations. And looking kind of across the rest of the year, we would expect that to continue. And to your point, yes, the EBITDA margin was about 25% in the first quarter, and we're targeting 20% or slightly above that for the full year for the segment.

辛迪，我只是想確認一下你關於墨西哥灣業務的評論，墨西哥灣業務是季度環比、第一季度環比第四季度改善的主要驅動力，當然，我們看到了墨西哥灣業務的強勁復甦。展望今年剩餘時間，我們預計這種情況將會持續下去。是的，正如您所說，第一季的 EBITDA 利潤率約為 25%，我們的目標是該部門全年的利潤率達到 20% 或略高一些。

Got you. And if I could sneak one last quick one in, is just your balance sheet is obviously in fantastic shape. And Lloyd, correct me if I'm wrong, but you're kind of targeting free cash flow conversion rates of 40%-plus. As you generate free cash over the balance of the year, which is normally your better periods of time, how do you think about kind of the buckets of repurchasing shares that are even more depressed now than when you started the program versus maybe attacking a little bit more of the convert that's been below par and matures in April of next year versus just parking cash for a maybe slightly more uncertain environment?

明白了。如果我可以最後偷偷地快速說一句，那就是你的資產負債表顯然狀況極佳。勞埃德，如果我錯了，請糾正我，但你的目標確實是自由現金流轉換率達到 40% 以上。當您在全年產生自由現金時（這通常是您的較好時期），您如何看待現在比您啟動該計劃時更加低迷的股票回購，或者可能攻擊更多低於票面價值並在明年 4 月到期的轉換，而不是僅僅將現金存放在可能稍微不確定的環境中？

So, yes. I'll go ahead and take that first. In terms of where the stock price is today, I would expect us to be opportunistic and fairly aggressive in share repurchases and with our free cash flow. I think the same question was asked on the February call. I don't think our investors want us sitting on cash at this juncture with such a low stock price.

是的。我先繼續，先拿那個。就目前的股價而言，我預計我們會抓住機會，積極地回購股票，並利用我們的自由現金流。我認為二月的電話會議上也問了同樣的問題。我認為我們的投資者不希望我們在股價如此低迷的情況下坐擁現金。

To your point, also with the convert trading below 3% to 4% below par at [96 or 97], there is some opportunity there to try to buy some of those back in ahead of the April 1, 2026, maturity date. But I would say, from a capital allocation priority, it's share repurchases and debt reduction leading into next year's maturity.

正如您所說，由於可轉換債券的交易價格低於票面價值 3% 至 4%（[96 或 97]），因此有機會在 2026 年 4 月 1 日到期之前嘗試買回部分債券。但我想說，從資本配置優先順序來看，股票回購和債務削減將在明年到期。

(Operator Instructions) Sean Mitchell, Daniel Energy Partners.

（操作員指示）肖恩·米切爾，丹尼爾能源合作夥伴。

Lloyd, I know you mentioned -- you guys talked a little bit about the tariffs, maybe the potential impact. It sounds like it's minimal at this point from what you know today. Is there any way to handicap? Is that a 5% lower -- or is it 5% higher, 10% higher on cost. Have you done any kind of back on the envelope there?

勞埃德，我知道你提到過──你們談了一點關於關稅的問題，也許還有潛在的影響。從您今天所了解的情況來看，目前看來這還不算什麼。有沒有什麼辦法可以阻止呢？成本是降低了 5% 還是提高了 5% 或 10%？您對信封做過任何處理嗎？

Well, we're working on that, I'd say, in that range. I'm looking at Scott, and he's nodding his head yes. And again, we mentioned on the conference call, it's really -- the impacts are really around -- in the Downhole Technology segment, specifically to the perforating business with the importation of the gun, steel components, [in-flights], subs, et cetera, that our other competitors in this space are importing essentially from the same sources. So us and our competitors will be looking at similar price increases or cost increases that, all things being equal, would adjust in our selling prices to our customers.

嗯，我想說，我們正在努力實現這個目標。我看著史考特，他點頭表示同意。我們在電話會議上再次提到，這確實對井下技術領域產生了影響，特別是對射孔業務產生了影響，包括槍、鋼部件、[飛行器]、潛艇等的進口，而我們在這個領域的其他競爭對手基本上都是從相同的來源進口的。因此，我們和我們的競爭對手將考慮類似的價格上漲或成本上漲，在其他條件相同的情況下，我們會調整向客戶的銷售價格。

No. So I just wanted to add. Remember that the Permian side of our business is a smaller piece of the business in totality. And a lot of what we need to do is just focus on the big picture for the total company, not an individual segment. And we're not going to say we're not affected by these, but we are not seeing some of the material impacts of someone that is solely reliant on imports for equipment vested for US use, right?

不。所以我只是想補充一下。請記住，二疊紀業務在我們的整個業務中只佔很小的一部分。我們需要做的很多事情只是專注於整個公司的大局，而不是單一部門。我們不會說我們沒有受到這些影響，但我們並沒有看到那些完全依賴進口設備供美國使用的人所受到的實質影響，對嗎？

That concludes our Q&A session for today. I will now turn it back over to Cindy Taylor for closing remarks.

今天的問答環節到此結束。現在我將把發言權交還給辛蒂泰勒 (Cindy Taylor)，請她做最後發言。

Thanks to all of you for your ongoing interest in Oil States and the work that you do to understand the drivers of our business, especially in volatile industry carriers. We look forward to future discussions as we execute our strategy. Take care, and I hope you have a good earnings season for the remainder. Bye-bye.

感謝大家對石油國家的持續關注以及為了解我們業務的驅動力（特別是在波動的行業運營商中）所做的工作。我們期待在執行策略時進行未來的討論。保重，我希望你們在接下來的獲利季節裡能取得好成績。再見。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。