Patterson-UTI Energy Inc (PTEN) 2023 Q3 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Patterson-UTI Energy Third Quarter 2023 Earnings Conference Call.

早安.我叫奧德拉，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Patterson-UTI Energy 2023 年第三季財報電話會議。

Today's conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Mike Sabella, Vice President of Investor Relations. Please go ahead.

今天的會議正在錄製中。 （操作員指示）現在，我想將會議交給投資者關係副總裁麥克·薩貝拉（Mike Sabella）。請繼續。

Thank you, Audra. Good morning, and welcome to Patterson-UTI's earnings conference call to discuss our third quarter 2023 results.

謝謝你，奧德拉。早安，歡迎參加 Patterson-UTI 的收益電話會議，討論我們 2023 年第三季的業績。

With me today are Andy Hendricks, President and Chief Executive Officer; Andy Smith, Chief Financial Officer; Mike Holcomb, Chief Business Officer; and Matt Gillard, President of NexTier Completion Solutions.

今天與我在一起的有總裁兼執行長安迪‧亨德里克斯 (Andy Hendricks)；安迪史密斯，財務長；麥克‧霍爾科姆，首席商務官；以及 NexTier Completion Solutions 總裁 Matt Gillard。

As a reminder, statements that are made in this conference call that refer to the company's or management's plans, intentions, targets, beliefs, expectations or predictions of the future are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties as disclosed in the company's SEC filings, which could cause the company's actual results to differ materially.

謹此提醒，本次電話會議中涉及公司或管理層的計劃、意圖、目標、信念、期望或對未來的預測的聲明均被視為前瞻性聲明。這些前瞻性陳述受到公司向 SEC 文件中揭露的風險和不確定性的影響，這可能導致公司的實際結果有重大差異。

The company takes no obligation to publicly update or revise any forward-looking statements. Statements made in this conference call include non-GAAP financial measures. The required reconciliations to GAAP financial measures are included on our website, patenergy.com and in the company's press release issued prior to this conference call.

該公司沒有義務公開更新或修改任何前瞻性陳述。本次電話會議中的聲明包括非公認會計準則財務指標。我們的網站 patenergy.com 以及本次電話會議之前發布的公司新聞稿中包含了與 GAAP 財務措施所需的對帳資訊。

I will now turn the call over to Andy Hendricks, Patterson-UTI's Chief Executive Officer.

我現在將電話轉給 Patterson-UTI 執行長安迪·亨德里克斯 (Andy Hendricks)。

Thank you, Mike. Good morning, and welcome to Patterson-UTI's third quarter conference call.

謝謝你，麥克。早上好，歡迎參加 Patterson-UTI 第三季電話會議。

Our third quarter was a monumental as we closed on 2 transactions that reshaped our company. Today, we are positioned as one of the market leaders across multiple U.S. onshore service lines with a diverse suite of products and services and a strong presence across the entire U.S. land drilling and completions value chain.

我們的第三季具有里程碑意義，因為我們完成了兩筆重塑我們公司的交易。如今，我們被定位為美國多個陸上服務領域的市場領導者之一，擁有多樣化的產品和服務，並在整個美國陸地鑽探和完井價值鏈中擁有強大的影響力。

We believe these transactions create a long-term competitive advantage for our company, and our wide-reaching digital strategy will help us maximize the value potential for all stakeholders. We will look to use our integrated offering to deepen the partnerships with our customers and further differentiate ourselves on service quality and efficiency. It's becoming increasingly difficult to replicate the success of the larger oilfield services providers, and the market should continue to become more bifurcated going forward than it has been historically.

我們相信這些交易為我們公司創造了長期競爭優勢，而我們廣泛的數位策略將幫助我們最大限度地發揮所有利害關係人的價值潛力。我們將尋求利用我們的綜合產品加深與客戶的合作夥伴關係，並在服務品質和效率方面進一步脫穎而出。複製大型油田服務提供者的成功變得越來越困難，市場未來應該會比歷史上更加分裂。

We are looking for ways to help keep U.S. shale oil and natural gas competitive on a global basis, and a competitive U.S. shale is important to the success of our company. Helping our customers reach their goals is critical to allowing us to reach our own goals for a strong return on capital and to return a significant amount of capital back to our shareholders through the cycle.

我們正在尋找幫助保持美國頁岩油和天然氣在全球基礎上的競爭力的方法，而具有競爭力的美國頁岩油對於我們公司的成功非常重要。幫助我們的客戶實現他們的目標對於我們實現自己的目標至關重要，以獲得豐厚的資本回報，並在整個週期內向股東返還大量資本。

The NexTier and Ulterra transactions will help maximize our company's potential. We'd like to welcome the NexTier and Ulterra employees to the Patterson-UTI team. In the short time, we've all been together, we've been impressed by the talent at all levels of both organizations and excited about our shared future. We're working to ensure that we put our people in the right places to succeed. Our employees have worked tirelessly to make the integration a success and have remained dedicated to our company through what has certainly been a stressful period.

NexTier 和 Ulterra 交易將有助於最大限度地發揮我們公司的潛力。我們熱烈歡迎 NexTier 和 Ulterra 員工加入 Patterson-UTI 團隊。在很短的時間內，我們都聚集在一起，兩個組織各個層級的人才給我們留下了深刻的印象，並對我們共同的未來感到興奮。我們正在努力確保將我們的員工放在正確的位置以取得成功。我們的員工孜孜不倦地努力使整合成功，並在這段充滿壓力的時期仍然致力於我們的公司。

We believe we have made Patterson-UTI an employer of choice in the oilfield, which is already helping us attract and retain top talent and further driving our operational advantage. Operationally, we've already seen several successes by extending the NexTier wellsite integration footprint. We now have NexTier power solutions natural gas fueling system working on a legacy universal dual-fuel fleet. On another universal fleet, we've added NexTier's wireline and last mile logistics. We are confident completions wellsite integration will lead to improved wellsite efficiency, lower cost and a safer environment for our employees, which will benefit both our company and our customers.

我們相信，我們已經使 Patterson-UTI 成為油田的首選雇主，這已經幫助我們吸引和留住頂尖人才，並進一步提升我們的營運優勢。在操作上，我們已經透過擴展 NexTier 井場整合足跡取得了一些成功。我們現在擁有 NexTier 電力解決方案天然氣燃料系統，用於傳統的通用雙燃料車隊。在另一個通用車隊中，我們增加了 NexTier 的有線和最後一英里物流。我們相信，完井井場整合將為我們的員工帶來更高的井場效率、更低的成本和更安全的環境，這將使我們的公司和客戶受益。

It's been just 2 months since we closed the transaction, and we are already starting to see operational synergies. There are many other areas we see potential to create additional value through the merger for both Patterson-UTI and our customers. From an exterior transaction alone, we have line of sight with at least $200 million in annualized synergies by the first quarter of 2025, and we are increasingly confident in our ability to meet or even exceed that target. We brought together 2 of the industry's leading well completion companies and strong collaboration is already underway.

距離我們完成交易才過去兩個月，我們已經開始看到營運協同效應。我們認為，透過合併，還有許多其他領域有可能為 Patterson-UTI 和我們的客戶創造額外價值。僅從外部交易來看，我們預計到 2025 年第一季將實現至少 2 億美元的年化協同效應，並且我們對達到甚至超過該目標的能力越來越有信心。我們匯集了兩家領先業界的完井公司，強而有力的合作已經在進行中。

On the Ulterra side, we also see opportunities for revenue synergies between our Drilling Services and Ulterra products. As you heard us say before, we cannot ignore the benefit of size and scale that comes with these transactions. This is true not only from an operational perspective, but also as we navigate capital markets that are starting to take another look at our sector.

在 Ulterra 方面，我們也看到了鑽井服務和 Ulterra 產品之間收入綜效的機會。正如您之前聽我們說​​過的，我們不能忽視這些交易帶來的規模和規模的好處。這不僅從營運角度來看是正確的，而且當我們駕馭資本市場時也是如此，資本市場開始重新審視我們的產業。

The larger market cap and market trading liquidity has expanded the universe of potential investors that can make or grow an investment in Patterson-UTI. We think this is a positive for all of our stakeholders. While our company is much bigger, our commitment to capital discipline is unchanged. Our capital allocation strategy is a major reason why we are excited to be considered by a broader group of investors.

更大的市值和市場交易流動性擴大了可以對 Patterson-UTI 進行投資或增加投資的潛在投資者的範圍。我們認為這對我們所有的利害關係人來說都是正面的。雖然我們的公司規模更大，但我們對資本紀律的承諾並沒有改變。我們的資本配置策略是我們很高興被更廣泛的投資者群體考慮的主要原因。

We like our strategy, and we think the message is being well received. For those who followed Patterson-UTI previously, our capital allocation strategy is largely unchanged. The foundation starts with a strong balance sheet as well as organic investing strategy that helps us offer our customers differentiated products, technologies and services.

我們喜歡我們的策略，我們認為這一訊息得到了很好的接受。對於那些之前關注 Patterson-UTI 的人來說，我們的資本配置策略基本上沒有改變。該基礎始於強大的資產負債表和有機投資策略，幫助我們為客戶提供差異化的產品、技術和服務。

On the balance sheet, we have an investment-grade credit rating at all 3 major rating agencies, a testament to the low leverage and significant free cash flow generating potential of the new company. We will use our strong capital structure to be opportunistic at all points in the cycle. On CapEx, we will always be disciplined in our investments and only look to put capital to work where we see opportunities to build or expand our differentiated technologies and services for our customers.

在資產負債表上，我們在三大評級機構中均獲得投資級信用評級，證明了新公司的低槓桿率和巨大的自由現金流產生潛力。我們將利用我們強大的資本結構在周期的各個時刻保持機會主義。在資本支出方面，我們將始終嚴格投資，只在有機會為客戶建立或擴展我們的差異化技術和服務時尋求資本投入。

We've already seen bifurcation in service quality amongst the peer group, and our CapEx strategy will look for ways to further advance our core competencies. This should mean a more repeatable return and free cash flow profile for our company through the cycle with a focus on both short-term and long-term free cash flow generation.

我們已經看到同行之間服務品質的分歧，我們的資本支出策略將尋找進一步提升我們核心競爭力的方法。這應該意味著我們公司在整個週期中具有更可重複的回報和自由現金流狀況，並專注於短期和長期自由現金流的產生。

To reiterate, we are committed to return at least 50% of our free cash flow to shareholders annually, and we have returned more than $1.2 billion to our shareholders over the past 10-plus years. We remain committed to our dividend, and we have $281 million remaining on our share repurchase authorization. We believe this is an attractive capital allocation strategy that will allow us to invest in the future of Patterson-UTI to grow our competitive advantage while also offering our investors a shareholder return program with both income through the dividend and accretion through any buyback.

重申一下，我們致力於每年向股東返還至少 50% 的自由現金流，在過去 10 多年裡，我們已向股東返還超過 12 億美元。我們仍然致力於支付股息，我們的股票回購授權還剩 2.81 億美元。我們相信這是一個有吸引力的資本配置策略，它將使我們能夠投資Patterson-UTI 的未來，以增強我們的競爭優勢，同時也為我們的投資者提供股東回報計劃，透過股息和任何回購增加收入。

Now moving on to the macro. We are extremely excited about the outlook, and we think the behavior we have seen from our competitors and customers this year is yet another sign that we are operating in a more stable U.S. shale industry. Our customers are obviously still sensitive to commodity prices, but they are looking through volatility more than they have in the past. This allows us to better prepare and relative to prior cycle to create a far more predictable outlook for our operations, and we think a more investable sector.

現在轉向宏觀。我們對前景感到非常興奮，我們認為今年我們從競爭對手和客戶那裡看到的行為是我們在更穩定的美國頁岩油行業運營的另一個跡象。顯然，我們的客戶對大宗商品價格仍然敏感，但他們比過去更加關注波動性。這使我們能夠更好地做好準備，並相對於先前的周期為我們的營運創造一個更可預測的前景，並且我們認為這是一個更值得投資的行業。

For the third quarter, Patterson-UTI's U.S. drilling activity was in line with expectations with an average of 120 rigs, including 1 rig that earned 44 standby days after the customer changed its drilling schedule. We ended the quarter with 117 active rigs in the U.S. and have seen our rig count improved to 118 today. We expect to exit the year with 120 rigs and average 118 for the fourth quarter.

第三季度，Patterson-UTI 在美國的鑽井活動符合預期，平均有 120 台鑽機，其中 1 台鑽機在客戶更改鑽井計畫後贏得了 44 天的備用天數。截至本季末，美國的活躍鑽機數量為 117 台，今天我們的鑽機數量已增加至 118 台。我們預計今年末將擁有 120 台鑽孔機，第四季平均為 118 台。

Positive momentum should continue into 2024. Our revenue per day is still in the mid- to low 30s, an acknowledgment from our customers that they see value in our premium assets and high-quality services. Super-spec rig utilization remains very high with activity for this class of rig outperforming the overall rig count. We think super-spec rig activity recovers before the idle lower-spec rigs, which should position Patterson-UTI to outperform the expected recovery over the next several quarters, even as we outperformed the market when the rig count moved lower this past year.

積極的勢頭應該會持續到 2024 年。超規格鑽機利用率仍然非常高，此類鑽機的活動超過了總體鑽機數量。我們認為超規格鑽機活動先於閒置的低規格鑽機恢復，這應該會使 Patterson-UTI 在未來幾季的表現優於預期的復甦，儘管去年鑽機數量減少時我們的表現優於市場。

On the frac side, there was slightly more white space in Q3 than we were anticipating as we saw one-off disruptions from several customers. We continue to mostly see pricing discipline in the frac market, particularly among the dedicated natural gas-powered portion of our fleet, where we have the highest returns.

在壓裂方面，第三季的空白區域比我們預期的要多一些，因為我們看到了一些客戶的一次性中斷。我們仍然主要看到壓裂市場的定價紀律，特別是在我們船隊的專用天然氣動力部分中，我們在該部分獲得了最高的回報。

As we have said previously, out of our fleet of 3.3 million horsepower, we are choosing to stack some equipment before working at pricing that does not meet our threshold, and we continue to believe that is the right thing for our company. We're using any downtime to maintain our equipment where appropriate and prepare for an increase in activity in 2024. This should put us at an advantage as we enter 2024 with a fleet that is more readily available for deployment relative to our peers.

正如我們之前所說，在我們 330 萬馬力的車隊中，我們選擇在不符合我們門檻的定價之前堆疊一些設備，我們仍然相信這對我們公司來說是正確的事情。我們會利用任何停機時間來適當維護我們的設備，並為 2024 年活動的增加做好準備。

The long-term outlook remains positive in our view, even more so considering the delay in activity recovery we have so far seen for our customers. Oil prices have risen on the back of OPEC supply cuts. But importantly, absent a major macro event, we believe the global balance will need U.S. shale production to grow modestly over the next several years and U.S. shale activity likely need to stabilize just to keep production flat.

我們認為，長期前景仍然樂觀，考慮到迄今為止我們客戶的活動恢復延遲，情況更是如此。石油輸出國組織 (OPEC) 減產導致油價上漲。但重要的是，如果沒有重大宏觀事件，我們認為全球平衡將需要美國頁岩油產量在未來幾年溫和成長，而美國頁岩油活動可能需要穩定才能保持產量穩定。

The delayed activity response so far should mean activity will have to catch up with deferred activity, which should be a tailwind in 2024. On the natural gas side, we believe the shape of the forward strip is telling us that there needs to be more activity in the gas basins just to meet current natural gas demand. And as we get closer to completion of new LNG export capacity later next year and into 2025, we will likely need to see natural gas activity rise again.

迄今為止延遲的活動響應應該意味著活動必須趕上推遲的活動，這應該是 2024 年的順風車。滿足當前的天然氣需求。隨著明年晚些時候和 2025 年新液化天然氣出口能力的完成越來越接近，我們可能需要看到天然氣活動再次增加。

In short, we remain optimistic for both the drilling and completion of the markets, given current commodity prices and the view that we will need a modest increase in U.S. shale oil and natural gas production over the next several years. Meanwhile, the recent slowdown of frac activity is likely to accelerate attrition beyond what service providers were otherwise preparing for this year across the industry.

簡而言之，鑑於當前的大宗商品價格以及未來幾年美國頁岩油和天然氣產量需要適度增加的觀點，我們對鑽探和完井市場保持樂觀。同時，最近壓裂活動的放緩可能會加速磨損，超出服務提供者今年為整個行業所做的準備。

Additionally, we believe the slowdown has deferred some investments in new equipment. Roughly 2/3 of the industry fleet operating in the U.S. today can be powered by natural gas and the slowing pace of investment by service providers likely means there's a longer runway to fully replacing the diesel portion of the industry asset base.

此外，我們認為經濟放緩推遲了對新設備的一些投資。目前在美國運營的工業船隊中大約 2/3 可以由天然氣提供動力，而服務提供商投資步伐的放緩可能意味著完全取代行業資產基礎中柴油部分的跑道更長。

For our NexTier completion segment, if we continue to see strong returns, we will still plan to continue to invest to upgrade our fleet at a measured pace. And any new capacity we bring into the market would likely be 100% natural gas powered and would be replacement horsepower for equipment that is reaching the end of its useful life. More broadly, the industry likely needs to see around 1.5 million horsepower of newbuilds per year just to keep horsepower flat and has been considerably below that over the past several years combined. In short, the frac fundamentals appear to be positioned to remain very strong over the next several years.

對於我們的 NexTier 完工部分，如果我們繼續看到強勁的回報，我們仍將計劃繼續投資以適度的速度升級我們的船隊。我們引入市場的任何新產能都可能是 100% 天然氣驅動，並將成為即將達到使用壽命的設備的替代馬力。更廣泛地說，該行業每年可能需要大約 150 萬馬力的新船才能保持馬力不變，而過去幾年的總和已經大大低於這個數字。簡而言之，未來幾年壓裂基本面似乎仍將保持強勁。

Regarding international opportunities, I want to be clear that our priorities remain continued capital discipline and returning cash to shareholders. Within our drilling and completions businesses, we occasionally participate in discussions for opportunities in international markets as we have for years. But for us to deploy capital, we would need to see a compelling opportunity that has a strong probability of acceptable and accretive returns for our differentiated products and services.

關於國際機會，我想明確的是，我們的首要任務仍然是持續的資本紀律和向股東返還現金。在我們的鑽井和完井業務中，我們偶爾會像多年來一樣參與國際市場機會的討論。但對於我們部署資本來說，我們需要看到一個令人信服的機會，該機會極有可能為我們的差異化產品和服務帶來可接受的增值回報。

And to date, we have not found an opportunity that makes sense for our company and for our shareholders. Therefore, our current pace of international expansion will be primarily focused on Ulterra's previously announced plans in the Middle East and South America as we believe that is in the best interest of our shareholders.

到目前為止，我們還沒有找到對我們公司和股東有意義的機會。因此，我們目前的國際擴張步伐將主要集中在 Ulterra 之前宣布的中東和南美計劃，因為我們相信這符合我們股東的最佳利益。

I'll now turn it over to Andy Smith, who will review our financial results for the third quarter.

我現在將其交給安迪史密斯，他將審查我們第三季的財務表現。

Thanks, Andy. The reported financial results for the third quarter include 48 days from Ulterra after that acquisition closed on August 14 and 30 days of NexTier after that merger closed on September 1. Total reported revenue for the quarter was just over $1 billion. We reported a small net income attributable to common shareholders, which was essentially breakeven on a per share basis. This included $70 million in merger and integration expenses, partially offset by the recognition of $29 million of previously deferred revenue, which became recognizable after the customer changed its drilling schedule.

謝謝，安迪。第三季報告的財務表現包括 8 月 14 日收購結束後 48 天的 Ulterra 和 9 月 1 日合併結束後 NexTier 的 30 天。我們報告了歸屬於普通股股東的少量淨利潤，基本上每股損益平衡。其中包括 7,000 萬美元的合併和整合費用，部分被先前確認的 2,900 萬美元遞延收入所抵消，這些收入在客戶更改鑽井計劃後才得以確認。

Our adjusted net income attributable to common shareholders was $55 million or $0.20 per share. This excludes the merger and integration expenses, included the previously deferred revenue and assumes a 21% federal statutory tax rate. Adjusted EBITDA totaled $277 million, which also excludes the previously mentioned merger and integration expenses and includes the previously deferred revenue.

調整後歸屬於普通股股東的淨利為 5,500 萬美元，即每股 0.20 美元。這不包括合併和整合費用，包括先前的遞延收入，並假設聯邦法定稅率為 21%。調整後的 EBITDA 總計 2.77 億美元，其中不包括先前提到的合併和整合費用，還包括先前的遞延收入。

Our weighted average share count was 280 million shares during Q3, and we exited the quarter with 417 million shares outstanding. Through the third quarter, we have returned $191 million to shareholders through a combination of share repurchases and dividends. Our Board has approved an $0.08 per share dividend for Q4, and we have $281 million remaining on our share repurchase authorization. We intend to return at least 50% of our free cash flow to shareholders annually, consistent with our previous capital allocation strategy.

第三季我們的加權平均股數為 2.8 億股，本季結束時流通股數為 4.17 億股。截至第三季度，我們透過股票回購和股利結合的方式向股東返還了 1.91 億美元。我們的董事會已批准第四季每股 0.08 美元的股息，我們的股票回購授權還剩 2.81 億美元。我們打算每年將至少 50% 的自由現金流返還給股東，這與我們先前的資本配置策略一致。

Through the third quarter, we have returned more than 100% of our free cash flow to shareholders. And given where the share price is today, we will likely repurchase shares in the fourth quarter. As a reminder, we resegmented our reporting this quarter to better reflect the way we manage our business. Our new Drilling Services segment includes the legacy Contract Drilling and Directional Drilling segments. It also includes our Current Power, Electrical and Automation Equipment and Warrior Drilling Rig Equipment businesses, both of which were previously reported as Other operations.

截至第三季度，我們已將超過 100% 的自由現金流返還給股東。鑑於目前的股價，我們可能會在第四季回購股票。提醒一下，我們重新劃分了本季的報告，以便更好地反映我們管理業務的方式。我們新的鑽井服務部門包括傳統的合約鑽井和定向鑽井部門。它還包括我們的當前電力、電氣和自動化設備以及 Warrior 鑽機設備業務，這兩項業務之前都被報告為其他業務。

During the third quarter, Drilling Services revenue was $489 million, which includes the recognition of $29 million in previously deferred revenue. Drilling Services gross margin totaled $209 million during the quarter. Direct operating costs included $9 million associated with insurance reserve adjustments and inventory write-downs.

第三季度，鑽井服務收入為 4.89 億美元，其中包括確認先前遞延收入的 2,900 萬美元。本季鑽井服務毛利率總計 2.09 億美元。直接營運成本包括與保險準備金調整和庫存減記相關的 900 萬美元。

In U.S. Contract Drilling, we totaled 11,009 operating days, including 1 rig that earned 44 days on standby after the customer changed its drilling schedule. Average rig revenue per day increased to $38,110 with the previously deferred revenue item positively impacting reported revenue per day by $2,630. Average rig operating cost per day were $19,870, including $790 per day in costs associated with the previously mentioned insurance reserve adjustments and inventory write-downs. The average adjusted rig margin per day was $18,240, a $1,330 per day increase from the previous quarter.

在美國合約鑽井中，我們總計營運 11,009 天，其中 1 台鑽機在客戶更改鑽井計畫後獲得了 44 天的待命時間。每天的平均鑽機收入增加至 38,110 美元，先前的遞延收入項目對報告的每日收入產生了 2,630 美元的正面影響。平均每天的鑽孔機營運成本為 19,870 美元，其中包括與前面提到的保險準備金調整和庫存減記相關的每天 790 美元的成本。調整後的平均每天鑽機利潤為 18,240 美元，比上一季每天增加 1,330 美元。

At September 30, we had term contracts for drilling rigs in the U.S., providing for approximately $760 million of future dayrate drilling revenue. Based on contracts currently in place, we expect an average of 74 rigs operating under term contracts during the fourth quarter of 2023 and an average of 52 rigs operating under term contracts over the 4 quarters ending September 30, 2024.

截至 9 月 30 日，我們在美國簽訂了鑽機定期合同，提供約 7.6 億美元的未來日產量鑽探收入。根據現有合同，我們預計 2023 年第四季度平均有 74 台鑽機根據定期合同運營，在截至 2024 年 9 月 30 日的 4 個季度中平均有 52 台鑽機根據定期合同運營。

In our other Drilling Services businesses, which is mostly International Contract Drilling and Directional Drilling, third quarter revenue was $69 million with an adjusted gross margin of $8 million. For the fourth quarter, in U.S. Contract Drilling, we expect to average 118 active rigs and exit the quarter with 120 rigs operating. We expect an adjusted gross margin of $16,100 per day with revenue per day expected to average $35,400 and rig operating cost per day expected to average $19,300. Other Drilling Services revenue is expected to be $65 million with an adjusted gross margin of $10 million.

在我們的其他鑽井服務業務中，主要是國際合約鑽井和定向鑽井，第三季營收為 6,900 萬美元，調整後毛利率為 800 萬美元。對於第四季度的美國合約鑽井業務，我們預計平均有 118 台活躍鑽機，本季末有 120 台正在運作的鑽孔機。我們預計調整後的毛利率為每天 16,100 美元，平均每天收入預計為 35,400 美元，平均每天鑽機營運成本預計為 19,300 美元。其他鑽井服務收入預計為 6,500 萬美元，調整後毛利率為 1,000 萬美元。

Our new Completion Services segment results include a full quarter of the company's legacy Pressure Pumping segment as well as 30 days of results from NexTier Oilfield Solutions beginning on September 1, 2023 and continuing through the end of the quarter. Additionally, effective September 1, 2023, we began recording the cost to replace fluid ends as a direct operating cost rather than as a capital expenditure.

我們新的完井服務部門業績包括公司傳統壓力幫浦部門的整個季度業績，以及 NexTier 油田解決方案從 2023 年 9 月 1 日開始一直持續到本季末的 30 天業績。此外，自 2023 年 9 月 1 日起，我們開始將更換液力端的成本記錄為直接營運成本，而非資本支出。

Reported revenue in our Completion Services segment totaled $460 million, with an adjusted gross margin of $91 million. During the quarter, segment revenue was impacted by lower customer activity and slightly lower pricing on certain products and services with demand and pricing moving lower towards the end of the quarter before stabilizing thus far in Q4. We think activity and pricing is likely to stay relatively steady at current levels through the rest of the year, aside from typical seasonality. For the fourth quarter, we expect Completion Services revenue of $950 million with an adjusted gross margin of $200 million.

我們的完井服務部門報告收入總計 4.6 億美元，調整後毛利率為 9,100 萬美元。本季度，部門收入受到客戶活動減少以及某些產品和服務定價略有下降的影響，需求和定價在本季末下降，然後在第四季度穩定下來。我們認為，除了典型的季節性因素外，今年剩餘時間的活動和定價可能會保持在當前水準相對穩定。我們預計第四季完井服務收入為 9.5 億美元，調整後毛利率為 2 億美元。

Our Drilling Products segment results include 48 days from the recently acquired Ulterra Drilling Technologies beginning on August 14, 2023 and continuing through the end of the quarter. Additionally, upon closing the Ulterra transaction in accordance with U.S. GAAP, we recorded certain assets and liabilities of Ulterra at fair value, which resulted in the step-up in value of the drill bits that Ulterra held at the time the transaction was closed. This accounting adjustment will continue to impact the reported results for Ulterra until we have fully consumed the impacted assets.

我們的鑽井產品部門業績包括最近收購的 Ulterra Drilling Technologies 自 2023 年 8 月 14 日起一直持續到本季末的 48 天。此外，根據美國公認會計準則完成 Ulterra 交易後，我們以公允價值記錄了 Ulterra 的某些資產和負債，這導致 Ulterra 在交易結束時持有的鑽頭價值上升。這項會計調整將繼續影響 Ulterra 的報告結果，直到我們完全消耗掉受影響的資產。

Third quarter Drilling Products revenue totaled $47 million with an adjusted gross margin of $14 million. During the quarter, the step-up in value increased the reported segment direct operating costs by $6 million and increased reported segment depreciation and amortization by $7 million, all of which was noncash in nature. Given the declines in industry activity, we are pleased with the stability of the Drilling Products segment. For the fourth quarter, we expect Drilling Products revenue of $90 million with an adjusted gross margin of $30 million. We expect $10 million in noncash direct operating costs associated with the step up in value at Ulterra, without which the segment adjusted gross margin expectation would be $40 million.

第三季鑽井產品收入總計 4,700 萬美元，調整後毛利率為 1,400 萬美元。本季度，價值的上升使報告部門直接營運成本增加了 600 萬美元，報告部門折舊和攤提增加了 700 萬美元，所有這些都是非現金性質的。鑑於產業活動的下降，我們對鑽井產品部門的穩定性感到滿意。我們預計第四季鑽井產品營收為 9,000 萬美元，調整後毛利率為 3,000 萬美元。我們預計與 Ulterra 價值提升相關的非現金直接營運成本為 1000 萬美元，如果沒有這些成本，該部門調整後的毛利率預期將為 4000 萬美元。

Other revenue totaled $17 million with $6 million in adjusted gross margin. We expect fourth quarter Other revenue and adjusted gross margin to be flat with the third quarter. Reported selling, general and administrative expenses were $45 million in Q3, which includes partial periods for Ulterra and NexTier. For Q4, we expect SG&A expenses of $65 million. We expect SG&A to decline over the next year as we realize synergies from the merger with NexTier.

其他收入總計 1,700 萬美元，調整後毛利率為 600 萬美元。我們預計第四季其他營收和調整後毛利率將與第三季持平。第三季報告的銷售、一般和管理費用為 4500 萬美元，其中包括 Ulterra 和 NexTier 的部分期間。對於第四季度，我們預計 SG&A 費用為 6500 萬美元。我們預計，隨著我們實現與 NexTier 合併的協同效應，明年的 SG&A 將下降。

On a consolidated basis for the third quarter, total depreciation, depletion, amortization and impairment expense totaled $198 million. For the fourth quarter, we expect total depreciation, depletion, amortization and impairment expense of approximately $260 million. We expect fourth quarter cash taxes to be around $5 million.

在第三季的合併基礎上，折舊、消耗、攤提和減損費用總額為 1.98 億美元。我們預計第四季度的折舊、消耗、攤提和減損費用總額約為 2.6 億美元。我們預計第四季現金稅約為 500 萬美元。

During Q3, total CapEx was $160 million, including $89 million in Drilling Services, $56 million in Completion Services, $8 million in Drilling Products and $7 million in Other and Corporate. Our CapEx in Q4 is expected to be $190 million, comprised of $65 million for Drilling Services, $105 million for Completion Services, $15 million for Drilling Products and $5 million for Other and Corporate.

第三季度，資本支出總額為 1.6 億美元，其中鑽井服務 8,900 萬美元，完井服務 5,600 萬美元，鑽井產品 800 萬美元，其他和企業 700 萬美元。我們第四季的資本支出預計為 1.9 億美元，其中鑽井服務 6,500 萬美元，完井服務 1.05 億美元，鑽井產品 1,500 萬美元，其他和企業 500 萬美元。

The CapEx includes maintenance spending as well as some investments in NexTier's Power Solutions natural gas fueling business and other upgrades on both the completions and drilling fleets. To date, we have delivered annualized synergies totaling almost $60 million from the NexTier transaction with synergies only slightly impacting our Q3 results as the transaction closed late in the quarter.

資本支出包括維護支出以及對 NexTier Power Solutions 天然氣加註業務的部分投資以及完井和鑽井船隊的其他升級。迄今為止，我們已經從 NexTier 交易中實現了總計近 6000 萬美元的年化協同效應，由於交易在本季度末結束，協同效應僅對我們第三季度的業績產生輕微影響。

By the end of Q4, we anticipate reaching an annualized synergy run rate of more than $100 million, which will mostly be back-end weighted and will be more impactful to Q1 results. We are increasingly confident that we can meet or exceed our goal for $200 million in annual synergies associated with the NexTier merger by the first quarter of 2025.

到第四季末，我們預計年化協同運作率將超過 1 億美元，這將主要是後端加權的，將對第一季的業績產生更大的影響。我們越來越有信心，到 2025 年第一季度，我們能夠達到或超過與 NexTier 合併相關的年度協同效應達到 2 億美元的目標。

During the quarter, we successfully completed a 10-year $400 million senior notes offering. We closed Q3 with nothing drawn on our $600 million revolving credit facility as well as $67 million in cash on hand. Subsequent to the close of the NexTier transaction and concur with our recent notes offering, we now have investment-grade credit ratings from all 3 major credit rating agencies. Maintaining an investment-grade capital structure is core to our capital allocation strategy, and we intend to continue to run our business in a way that allows us to maintain our investment-grade capital structure.

本季度，我們成功完成了 10 年期 4 億美元的高級票據發行。截至第三季度，我們的 6 億美元循環信貸額度以及手頭 6,700 萬美元現金均未動用。在 NexTier 交易結束並與我們最近發行的票據一致後，我們現在獲得了所有 3 個主要信用評級機構的投資級信用評級。維持投資等級資本結構是我們資本配置策略的核心，我們打算繼續以能夠維持投資等級資本結構的方式來經營我們的業務。

I'll now turn it back to Andy for closing remarks.

現在我將把它轉回給安迪做總結發言。

Thanks, Andy. With both the NexTier and Ulterra transactions now closed, our top priority is successful integration as we work to fully realize the value from these transactions. Our conviction on the rationale for these deals is stronger today than it's ever been, and we remain on track to achieve or even exceed the $200 million in annual synergies from the NexTier transaction by the first quarter of 2025.

謝謝，安迪。隨著 NexTier 和 Ulterra 交易現已結束，我們的首要任務是成功整合，因為我們致力於充分實現這些交易的價值。今天，我們對這些交易的理由的信念比以往任何時候都更加堅定，並且我們仍然有望在 2025 年第一季度實現甚至超過 NexTier 交易帶來的 2 億美元的年度協同效應。

Looking at the overall market, the macro setup is strong, and the outlook is improving. We've already seen our rig activity inflect higher, and we expect this positive momentum will continue in 2024. Customers are optimistic at recent commodity prices, but are proceeding cautiously, which we think is a sign of a more stable U.S. shale industry, and our belief that cycles will be shallower in the future.

從整體市場來看，宏觀調控強勁，前景向好。我們已經看到我們的鑽機活動有所增加，我們預計這種積極勢頭將在2024 年持續下去。的標誌，並且我們相信未來的周期會更淺。

Nonetheless, as these events play out, we think convention in the cycle will improve. And over the long term, activity and production will need to increase to meet demand based on various long-term forecasts, including the IEA. And finally, while the macro setup gives us confidence in our future earnings power, our priorities will remain sustaining a high return on capital and free cash flow.

儘管如此，隨著這些事件的展開，我們認為週期中的慣例將會改善。從長遠來看，根據包括國際能源總署在內的各種長期預測，活動和產量需要增加才能滿足需求。最後，雖然宏觀環境讓我們對未來的獲利能力充滿信心，但我們的首要任務仍然是維持高資本回報率和自由現金流。

We remain capital disciplined with our CapEx, and we will look to invest in areas where we see opportunities to differentiate ourselves to our customers versus simply investing to grow capacity. This should help us to deliver strong returns and free cash flow through the cycle. We remain committed to return at least 50% of our free cash flow to investors through a combination of dividends and buybacks. This is the right strategy for our company and our industry.

我們在資本支出方面保持資本紀律，我們將尋求投資於那些我們認為有機會在客戶面前脫穎而出的領域，而不是僅僅投資於擴大產能。這應該有助於我們在整個週期中提供強勁的回報和自由現金流。我們仍然致力於透過股息和回購相結合的方式將至少 50% 的自由現金流返還給投資者。這對我們公司和我們的行業來說是正確的策略。

Before we go to Q&A, I want to again acknowledge all of our employees who have continued to provide great service quality while working tirelessly to make these transactions successful. Many of our employees have gone above and beyond their day-to-day roles to help make Patterson-UTI an employer of choice, and we would not be here today without you. So thank you.

在我們進行問答之前，我想再次感謝我們所有的員工，他們繼續提供優質的服務，同時孜孜不倦地努力使這些交易成功。我們的許多員工超越了日常職責，幫助 Patterson-UTI 成為首選雇主，如果沒有你們，我們今天就不會在這裡。所以謝謝你。

With that, I'd like to now open the lines for Q&A.

現在我想開始問答環節。

(Operator Instructions) We'll take our first question from Scott Gruber at Citigroup.

（操作員說明）我們將回答花旗集團的 Scott Gruber 提出的第一個問題。

I want to start on the completion segment. How many fleets do you have active today? And thinking about the recovery in that count, just given your strategy, do you think E&Ps will be ready to pay more reasonable rates for your equipment in early '21, such that you can kind of see a steady improvement in count following the improvement in rig count we're starting to see? Or is there some risk that when we get off to a slow start next year?

我想從完成部分開始。您今天有多少活躍的艦隊？考慮到該數量的恢復，只要考慮到您的策略，您認為 E&P 是否準備好在 21 年初為您的設備支付更合理的價格，這樣您就可以看到隨著我們開始看到鑽機數量？或者明年我們開局緩慢時是否存在一些風險？

So I'll start with the horsepower. So we have 3.3 million horsepower. We're not calling out the fleets just because there's such a range of size in the fleets that we operate. We could be on a smaller fleet in the Midland Basin, or we could be doing a simul frac in the Delaware, or it could be a big fleet over in the Haynesville. So calling out the number of fleets doesn't really help people out from that standpoint because they just vary in size and they can actually fluctuate within a month or within a quarter.

所以我將從馬力開始。所以我們有330萬馬力。我們並不是因為我們營運的機隊規模如此之大而召集機隊。我們可以在米德蘭盆地的一個較小的艦隊中，或者我們可以在特拉華州進行同步壓裂，或者它可以是在海恩斯維爾的一個大艦隊。因此，從這個角度來看，說出車隊的數量並不能真正幫助人們擺脫困境，因為它們只是規模不同，而且實際上可能在一個月或一個季度內波動。

So we do have 3.3 million total horsepower. We did park some of that horsepower as things slowed down with the white space in the calendar. And like I mentioned earlier, we're using that period just to do some maintenance to be ready for the inflection because we can already see the inflection in our own rig count at Patterson-UTI. And I realize we've been outperforming the market in general with our drilling rig count. But based on how commodity prices have been trading, especially the forward strip on natural gas, I think you'll see an inflection in the overall rig count.

所以我們確實有 330 萬馬力。由於日曆中的空白，事情變慢了，我們確實停了下來一些馬力。正如我之前提到的，我們只是利用這段時間進行一些維護，為拐點做好準備，因為我們已經可以在 Patterson-UTI 的鑽機數量中看到拐點。我意識到我們的鑽機數量總體上優於市場。但根據大宗商品價格的交易情況，尤其是天然氣的遠期交易，我認為您會看到總體鑽機數量發生變化。

Now we're going to see the traditional lag between the drilling rigs picking up and the frac operations just because there's really no DUCs out there right now. We've got frac spreads bumping into drilling rigs and drilling rig activity does need to pick up so the frac activity can pick up. So as we see those increases in early '24 -- we're already seeing the inflection now. But as we see the increases in early '24 on the drilling side, there's going to be a bit of a lag on the completion, but then you're going to see completion activity pick up following drilling activity.

現在，我們將看到鑽機恢復和壓裂作業之間傳統的滯後，只是因為現在確實沒有 DUC。我們的壓裂價差衝擊了鑽孔機，而鑽孔機活動確實需要增加，這樣壓裂活動才能增加。因此，當我們在 24 年初看到這些成長時，我們現在已經看到了轉折點。但正如我們看到 24 年初鑽探方面的成長一樣，完井工作會有一點滯後，但隨後您將看到完井活動在鑽探活動之後有所增加。

Got it. Then I want to turn to CapEx next year. I know you guys haven't set the budget, but just kind of want to get your thoughts on the moving pieces based upon the resegmentation. I have Drilling Services somewhere north of 300 for this year, maybe 320. So I want to see if that is a good number for [NexTier], if that's down? And then will the Completion Services CapEx for next year kind of be in a high single-digit range? NexTier , you just talked about 8%, 9% of revenues. So that's maybe kind of mid-300s. And then if I add in 65 for Ulterra, maybe 25 for Other, I kind of get pretty close to consensus. Is it kind of one of your early thoughts on the pieces and what it could total?

知道了。然後我想轉向明年的資本支出。我知道你們還沒有設定預算，但只是想了解你們對基於重新細分的移動部分的想法。我今年的鑽井服務數量超過 300，也許是 320 所以我想看看這對 [NexTier] 來說是否是一個好的數字，如果下降了？那麼明年的竣工服務資本支出是否會處於較高的個位數範圍？ NexTier，您剛才談到了收入的 8%、9%。所以這可能是 300 多歲左右。然後，如果我為 Ulterra 添加 65 個，或者為「Other」添加 25 個，我就非常接近共識了。這是您對這些作品及其整體內容的早期想法之一嗎？

Yes. Scott, this is Andy. Again, we haven't gone through a full budgeting process. But I think if you look at where our fourth quarter is coming in, not necessarily looking at the bucketing of it, but if you look at the total number, the sort of $190 million guide, I would think that on a quarter-to-quarter basis in 2024, we're pretty comfortable in the $190 million to $200 million range on a quarterly basis.

是的。斯科特，這是安迪。同樣，我們還沒有經歷完整的預算流程。但我認為，如果你看看我們第四季度的表現，不一定是看它的數量，但如果你看看總數，即 1.9 億美元的指導，我認為按季度計算，到2024 年，我們對季度收入1.9 億至2 億美元的範圍相當滿意。

We'll move next to Jim Rollyson at Raymond James.

我們將搬到 Raymond James 的 Jim Rollyson 旁邊。

Congrats on getting everything put together. Andy, when we think about the rig market, obviously, you're talking about your bottoms in and starting to improve. So your average rate this last quarter average revenue per day ex the 1 customer situation was kind of in the mid-30s, and your -- you've talked about low to mid-30s is kind of where the market is right now. Just trying to think through as we roll through next year, your rig count presumably gradually improves. When do margins bottom if you kind of look at where you're pricing rigs today versus what contracts are falling off? How do you think about that?

恭喜你把所有的東西都放在一起了。安迪，當我們考慮鑽孔機市場時，顯然，您正在談論您的觸底並開始改善。因此，上個季度的平均每日收入（除 1 個客戶情況外）大約在 30 多歲左右，而您所說的 30 多歲低至 30 多歲就是目前市場的情況。只要想一想，隨著明年的到來，您的鑽孔機數量可能會逐漸增加。如果您看看今天的鑽機定價與哪些合約正在下降，那麼利潤率何時會觸底？您對此有何看法？

So first, I want to congratulate the drilling team. They've done a great job through 2023, managing the rig count. This is really a testament to the service quality to the continued rollout of technology that we are doing on our drilling rigs and the partnerships we have with various customers out there that want to keep using us even when things are getting a bit soft in the market. So that's going really well.

首先，我要祝賀鑽井團隊。到 2023 年，他們在管理鑽機數量方面做得非常出色。這確實證明了我們在鑽機上持續推出技術的服務質量，以及我們與各種客戶的合作夥伴關係，即使市場情況變得有些疲軟，他們也希望繼續使用我們。所以一切進展順利。

In terms of leading-edge rates, they were higher earlier in the year. They've softened a little bit, but they really haven't come down that much. I'd say it is mid- to low 30s because it's more in the mid than it is in the low. So that's kind of how I characterize it. And I do expect that, that will start to move up early next year as the rig count starts to push up as well past this inflection that we're seeing. So given that, I think margins are likely to bottom around Q1, maybe Q2, but we'll also have some extra costs in Q1 that we have on an annual basis. So that's likely to kind of put that inflection on the margins around Q1.

就前沿利率而言，今年稍早較高。他們已經軟化了一點，但實際上並沒有下降那麼多。我想說它是 3​​0 多歲的中低端，因為它處於中端而不是低端。這就是我對它的描述。我確實預計，隨著鑽機數量開始增加以及超過我們所看到的這種拐點，這一數字將在明年初開始上升。因此，我認為利潤率可能會在第一季（也許是第二季）左右觸底，但我們在第一季也會有一些每年的額外成本。因此，這可能會使第一季左右的邊緣出現這種變化。

Yes, that makes perfect sense. And as you put rigs back to work, last year until we got into late last year, you were putting things out and relatively short terms. And then I think around the late third quarter, you started terming up a few things, which proved to be pretty fortuitous. But curious, as you're having conversations and putting rigs back to work right now, maybe the kind of tenor of the contracts that these guys are looking for.

是的，這很有道理。當你把鑽孔機重新投入工作時，去年直到去年年底，你都在把東西放出來，而且期限相對較短。然後我認為在第三季末左右，你開始提出一些事情，事實證明這是相當偶然的。但令人好奇的是，當你們現在正在進行對話並將鑽機重新投入使用時，也許這些人正在尋找的合約類型。

Yes. We're definitely weighing them to the shorter side because we do think we have upside in '24 just based on the macro outlook going into '25. So we're starting with some shorter contracts or some agreements that allow us to move that up next year.

是的。我們肯定會偏向短期，因為我們確實認為，僅基於 25 年的宏觀前景，我們在 24 年就有上行空間。因此，我們從一些較短的合約或一些協議開始，這些合約或協議允許我們在明年將其提前。

And next, we'll move to Stephen Gengaro at Stifel.

接下來，我們將邀請 Stifel 的 Stephen Gengaro。

I guess 2 for me. The first, just your current take on sort of supply-demand fundamentals on the Pressure Pumping side. But maybe talk a little bit about the, if you can, any material bifurcation you're seeing between the lower emission assets and sort of traditional assets and kind of -- and where your fleet stands right now?

我猜對我來說是2。首先，您目前對壓力幫浦方面的供需基本面的看法。但如果可以的話，也許可以談談您在低排放資產和傳統資產之間看到的任何實質分歧，以及您的車隊目前的情況？

So let me start off by saying I want to thank everybody in our well completions business at Patterson-UTI for all the hard work they've been doing. We closed on this merger on September 1, about a month earlier than we had originally planned. And all -- there was just so much work that was done by the teams to get ready for day 1, and day 1 for us was on a Friday before a Labor Day weekend. And that weekend, we didn't miss any sand, we didn't miss any work, trucks moved equipment, pumps kept pumping, everything just worked like it was supposed to on day 1.

首先，我要感謝 Patterson-UTI 完井業務中的每個人所做的辛勤工作。我們在 9 月 1 日完成了這次合併，比我們最初計劃的時間早了大約一個月。總而言之，團隊為第一天做好了準備，做了很多工作，而我們的第一天是在勞動節週末之前的星期五。那個週末，我們沒有錯過任何沙子，沒有錯過任何工作，卡車搬運設備，水泵繼續抽水，一切都像第一天預期的那樣進行。

And so hats off to the team on all the planning that was done through this integration process, which started right after we announced the Ulterra transaction, and we jumped into the integration work. So integration is going very smoothly. We're already talking about synergies. We have a high level of confidence in hitting the synergy number there. And so I got to start with that and just say thanks to everybody and our well completions team for everything they've done so far to get us where we are really excited about how this is going.

因此，向團隊透過此整合過程完成的所有規劃致敬，該整合過程是在我們宣布 Ulterra 交易後立即開始的，我們立即開始了整合工作。所以整合進展非常順利。我們已經在談論協同效應。我們對實現協同效應充滿信心。因此，我首先要對所有人和我們的完井團隊表示感謝，感謝他們迄今為止所做的一切，讓我們對事情的進展感到非常興奮。

The market is another thing. So we've had a softening in the market just really kind of tied to the overall rig count in the industry. And like I mentioned earlier, we've had frac spreads that are bumping up against drilling rigs with the softening in the market. And so it's going to take an increase in drilling activity to really move that. Now when it comes to the pumps and the equipment and the fleets that remain stickier in the softer market, it certainly is weighted to the primarily natural gas fuel systems, whether it's dual fuel or other.

市場是另一回事。因此，我們的市場疲軟確實與該行業的整體鑽機數量有關。正如我之前提到的，隨著市場疲軟，我們的壓裂價差正在與鑽孔機發生碰撞。因此，需要增加鑽探活動才能真正推動這一目標。現在，當談到在疲軟的市場中仍然具有黏性的泵浦、設備和車隊時，它肯定會偏重於主要的天然氣燃料系統，無論是雙燃料還是其他燃料。

And so that certainly caused a bifurcation in the market. When you look at our well completions equipment, roughly 2/3 of that is primarily natural gas powered. And so we're in a really good position, and it's why we've seen a softening in the market, but certainly not any more than that. So really excited about how our teams have done through this period, even with the white space that we've seen in the third quarter, that's going to adjust itself.

這無疑導致了市場的分歧。當您查看我們的完井設備時，您會發現其中約 2/3 主要由天然氣驅動。因此，我們處於非常有利的位置，這就是為什麼我們看到市場疲軟，但肯定僅此而已。我們對我們的團隊在這段時期的表現感到非常興奮，即使我們在第三季看到了空白，這也會自我調整。

If you look forward, we are going to see maybe a little bit of slowdown towards the end of Q4 based on the holiday period, maybe a little bit of winter baked into some of those projections just in case we get some cold weather. So we'll see how some of that plays out. But I'm very upbeat for what 2024 can hold going forward there and excited for what we can offer to the customers.

如果你展望未來，我們可能會看到第四季末根據假期期間的情況可能會出現一些放緩，也許其中一些預測會出現一些冬季，以防萬一我們遇到寒冷的天氣。所以我們將看看其中的一些結果如何。但我對 2024 年的前景非常樂觀，並對我們能為客戶提供的服務感到興奮。

I know it's been -- well, it's been 2 months now, I guess, since the deal closed. But has there been anything that has really stood out as you've kind of looked at the NexTier way of doing business on the completion side that surprised you, it's materially different? Like anything that's really jumped out since the merger closed that has been an upside or downside surprise for you?

我知道自交易完成以來已經——嗯，我猜現在已經兩個月了。但是，當您研究 NexTier 在完成方面開展業務的方式時，有沒有什麼真正突出的事情讓您感到驚訝，它有本質上的不同？就像合併結束後真正發生的任何事情一樣，對您來說是一個驚喜還是一個驚喜？

I'm going to start with the people. The people are great. We're excited to have them as part of the team. And they've got a lot of energy. There's a lot of excitement in trying to pull everything together, and everybody is just doing a fantastic job, a lot of high-quality individuals. And so that's where it starts and really excited about that. We were already familiar with the equipment. We understood what NexTier was doing in terms of integrating services, whether it's wireline, last mile logistics, the power solutions with the natural gas, CNG and blending at the well site. All these things have made NexTier successful, and we've watched that over the years.

我將從人開始。人民是偉大的。我們很高興他們成為團隊的一員。而且他們有很多能量。嘗試將所有事情整合在一起會讓人感到非常興奮，每個人都做得非常出色，很多人都是高素質的。這就是一切的開始，對此我感到非常興奮。我們已經熟悉了設備。我們了解 NexTier 在整合服務方面所做的事情，無論是有線、最後一哩物流、天然氣、CNG 的電力解決方案以及井場混合。所有這些都讓 NexTier 取得了成功，多年來我們一直在關注這一點。

At Patterson-UTI, years ago, pre-COVID, we actually looked at adding wireline to our frac spread because we understand and we get it. You don't want $50 million worth of frac waiting on $1 million of wireline at the wellsite. And so that integration is important to efficiencies and just continuity of service and to keep pumps pumping. And so the ability to pull all this together and then bring those integration pieces into frac spreads that didn't have it previously is powerful for this business, so excited about that.

在帕特森-UTI，幾年前，在新冠疫情爆發之前，我們實際上考慮過在壓裂差價中添加有線電纜，因為我們了解並且明白這一點。您不希望價值 5000 萬美元的壓裂費用在井場等待價值 100 萬美元的電纜。因此，整合對於提高效率和服務的連續性以及保持泵浦的正常運作非常重要。因此，將所有這些整合在一起，然後將這些整合部分納入以前沒有的壓裂價差中的能力對於這項業務來說是強大的，對此感到非常興奮。

We'll take our next question from Derek Podhaizer at Barclays.

我們將接受巴克萊銀行的德里克·波德海澤 (Derek Podhaizer) 提出的下一個問題。

(inaudible) to ask about the synergies. I know the guide sounds like you reached over $100 million by the end of the year. It seems ahead of schedule. Maybe can you break that down to the different categories you discussed? But now I believe there was SG&A on the cost side, you have the revenue synergies and then you had some nonpayroll spend. Maybe just an update there and to help just expand on that synergy number.

（聽不清楚）詢問協同效應。我知道指南聽起來好像您到年底的收入已超過 1 億美元。看來提前了。也許您可以將其分解為您討論的不同類別？但現在我相信成本方面有SG&A，你有收入綜效，然後你有一些非薪資支出。也許只是一個更新，並幫助擴大協同效應的數字。

Yes. So I would say that as we go through the fourth quarter, we are looking at right now on the synergy side. The SG&A synergies are probably about, again, 1/3 of kind of the run rate that we'll see and then probably about half of it is probably coming out of procurement at this point in time, and then the rest is in the integrated revenue opportunities.

是的。所以我想說，當我們進入第四季時，我們現在正在考慮協同方面。 SG&A 協同效應可能大約是我們將看到的運行率的 1/3，然後大約一半可能來自此時的採購，然後其餘的則在綜合中收入機會。

Got it. That's helpful. And then on the merger expense side, I believe it was $80 million, and I know you just posted $70 million. I thought there might have been a split between the expense side and the CapEx side. Can you just update us there? Clearly, there's a benefit to closing earlier, you're able to capture a lot of those onetime costs already. Should those all be fully recognized within this year? Or will there be any leak over into 2024?

知道了。這很有幫助。然後在合併費用方面，我相信是 8000 萬美元，我知道你剛剛發布了 7000 萬美元。我認為費用方面和資本支出方面可能存在分歧。您能給我們更新一下嗎？顯然，早點結束是有好處的，您已經能夠捕獲大量一次性成本。這些都應該在今年內得到充分認可嗎？或者到 2024 年還會有任何洩漏嗎？

I'm sorry, you were asking -- I got confused you were asking about expenses and CapEx?

抱歉，您問的是—我很困惑您問的是費用和資本支出？

Yes. I think the original $80 million onetime expenses, I thought that was split between some OpEx and CapEx, but you're seeing that $70 million number this quarter. Will that $80 million fully be recognized in 2023, maybe just some updates on if it's OpEx, CapEx? I thought it was 65:15 split for the OpEx, CapEx.

是的。我認為最初的 8000 萬美元一次性支出是由營運支出和資本支出分配的，但本季度您會看到 7000 萬美元的數字。這 8000 萬美元是否會在 2023 年得到充分認可，也許只是營運支出、資本支出方面的一些更新？我認為營運支出和資本支出的比例是 65:15。

Yes. I mean so a lot of it -- so some of it will be -- will leak into 2024. And the reason for that is, again, as you go through some things, until you have defined plans on what you're going to do around certain items, you're not really allowed to sort of recognize those expenses. So they will slip a little beyond 2023 and into 2024 as well.

是的。我的意思是，其中很多——所以其中一些——將洩漏到 2024 年。無法承認這些費用。因此，它們將稍微推遲到 2023 年之後，並進入 2024 年。

Got it. And then just a quick follow-up on the drilling side. You're obviously coming off the bottom, but it seems slight activity has been a little bit more lethargic than people originally thought it was going to be. Can you maybe expand on the privates, the publics, maybe the different basins, what surprised to the downside? I know you guys are constructive on '24, you went over that. But why is the thing that we've been limping into year-end? Just maybe some more color around that.

知道了。然後在鑽井方面進行快速跟進。顯然你正從谷底走出來，但似乎輕微的活動比人們最初想像的要更加昏昏欲睡。您能否擴展一下私人、公共、也許不同盆地的情況，以及令人驚訝的下行因素？我知道你們對 24 號的看法很有建設性，你們已經討論過了。但為什麼我們一直一拐一拐地進入年底呢？也許周圍還有更多顏色。

That's a great question. I think we've been having those discussions ourselves, but there's not any one particular area that you can call it out. It's a mixture of publics and mixture of privates that are both being cautious and inflecting at the same time. So even our rig count adds that we're looking at going into year-end are a mixture of publics and privates. So it's really kind of across the board. I think in the natural gas plays, we're still seeing a little bit of hesitation to pick up drilling rigs, and I can understand that.

這是一個很好的問題。我認為我們自己一直在進行這些討論，但沒有任何一個特定領域可以指出。這是公眾和私人的混合體，他們既謹慎又靈活。因此，即使我們的鑽孔機數量補充道，我們預計到年底也是公共和私人的混合體。所以這確實是全面的。我認為在天然氣領域，我們在購買鑽孔機方面仍然有些猶豫，我可以理解這一點。

But I think that -- when you look at the forward strip, that's going to work itself out. So maybe a little bit later than we initially thought. But again, when we're talking about our rig count at 218 now and then possibly exiting the fourth quarter at 220, this is an inflection in our rig count. And I think that you'll see the overall rig count kind of move higher a little bit later as well. I think a lot is going to depend on how the overall commodity outlook is. And also, I think you've got a lot of publics that are really kind of waiting for some signals from their own investors to say, "Hey, are you going to take advantage of these higher commodity prices, especially on gas and the forward strip?"

但我認為——當你看看前方的地帶時，這就會自然而然地解決。所以可能比我們原先想的要晚一點。但同樣，當我們現在談論我們的鑽機數量為 218 台，然後可能在第四季度結束時為 220 台時，這是我們鑽機數量的一個拐點。我認為稍後您也會看到整體鑽機數量增加。我認為很大程度上取決於大宗商品的整體前景如何。而且，我認為很多公眾都在等待自己的投資者發出一些信號，說：“嘿，你會利用這些較高的大宗商品價格，尤其是天然氣和遠期商品價格嗎？”條？

So I think those discussions are probably happening for our customers with their investors. And -- but I'm still optimistic about '24. When we talk about natural gas and increases in activity in '24, I've said this before, I still think it holds true. It's really kind of a two-step function. You're going to see an initial step-up just kind of based on the forward strip. There will be some moderate growth there. You'll see another step up towards the end of '24 getting ready for '25 and LNG takeaway.

所以我認為這些討論可能是我們的客戶和他們的投資者正在發生的。而且——但我仍然對 24 年持樂觀態度。當我們談論天然氣和 24 年活動的增加時，我以前說過這一點，我仍然認為這是正確的。這實際上是一個兩步函數。您將看到基於前向帶的初始升級。那裡將會有一些溫和的成長。您將在 24 年末看到另一個進步，為 25 年和液化天然氣外賣做好準備。

We'll go next to Kurt Hallead at Benchmark.

接下來我們將採訪 Benchmark 的 Kurt Hallad。

Thanks for all the color and info and insight on how you guys pull this thing together. A lot of hard work in short period of time, for sure. So I'm kind of curious, as you look at the Drilling Products business, Andy, what kind of baseline growth should we be thinking about for that business, right? The vast majority of the business is U.S. directed so we can kind of kind of map that out to rig count, right? And it sounds like you got some growth opportunities international. So (inaudible) question, net-net, is really kind of geared toward outside of North America, what kind of growth do you expect in Drilling Products for 2024?

感謝您提供的所有顏色、資訊以及關於您如何將這件事整合在一起的見解。短時間內肯定要付出很多努力。所以我有點好奇，當你審視鑽井產品業務時，安迪，我們應該為該業務考慮什麼樣的基準成長，對嗎？絕大多數業務都是針對美國的，因此我們可以將其映射到鑽孔機數量，對嗎？聽起來您在國際上獲得了一些發展機會。所以（聽不清楚）問題，net-net，確實是面向北美以外地區的，您預計 2024 年鑽井產品會有什麼樣的成長？

Yes. Thanks, Kurt. So their growth is really going to be tied to the overall rig count growth as we go forward into '24. Roughly about 70% of their activity is tied to the U.S. rig count onshore. And so it's really going to follow that trend. We're really excited about their performance. They're doing really well. Even with the softness in the market, the slowdown in the rig count, when you look at it on a revenue per rig basis, they're still holding up well. And so the team is doing a great job. The market is what it is, but we are optimistic about the rig count in '24. And so you're going to see growth from their business tied to that U.S. rig count growth in '24.

是的。謝謝，庫爾特。因此，隨著我們進入 24 年，它們的增長實際上將與整體鑽機數量的增長聯繫在一起。他們大約 70% 的活動與美國陸上鑽井平台數量有關。所以它確實會追隨這一趨勢。我們對他們的表現感到非常興奮。他們做得非常好。即使市場疲軟，鑽孔機數量放緩，但如果從每台鑽孔機的收入來看，它們仍然保持良好狀態。所以團隊做得很好。市場就是這樣，但我們對 24 年的鑽機數量持樂觀態度。因此，您將看到他們的業務成長與 24 年美國鑽機數量的成長相關。

On the international front, roughly 30% is tied to international growth, and we're excited about that potential there. There's countries outside of North America that they've been in, and they're still increasing their footprint. And so that 30% could grow to be a bigger percentage of that slice of the pie through '24 and into 2025. And we're excited to see how that's going to play out.

在國際方面，大約 30% 與國際成長相關，我們對那裡的潛力感到興奮。他們已經去過北美以外的一些國家，而且他們的足跡仍在擴大。因此，從 24 年到 2025 年，30% 可能會在這塊蛋糕中佔據更大的比例。

Great. Really appreciate that. And so it sounds like you reiterated a lot of your viewpoints that you had back in early September about an improvement in U.S. land drilling related activity. I think back then, you kind of gave an indication that you thought the U.S. land rig count would get back above 700 sometime in the latter part of 2024. Given how slow things have been progressing through the end of this year, do you still have a lot of conviction in the rig count getting back to 700? Or is it recent activity levels kind of pulling that back a little bit?

偉大的。真的很感激。聽起來您重申了九月初關於美國陸地鑽探相關活動有所改善的許多觀點。我想當時您就曾表示，您認為美國陸地鑽機數量將在 2024 年下半年的某個時候恢復到 700 台以上。座充滿信心嗎？還是最近的活動水準稍微拉低了這一點？

Yes, it has been a little bit slower on the uptick than I thought it was going to be for the end of this year. I think a lot of that has to do with budgets and our customers trying to work out exactly what their plans are, but I'm going to stick with that. I think that if you look at the forward strip on natural gas and the way oil has behaved in general across '23, we've had a couple of dips. But in general, oil commodity prices have been at a healthy level. And I think that trend is going to continue. So yes, let's go with that. I think it's -- we're going to be close to 700 towards the end of '24 as an industry rig count.

是的，今年年底的成長速度比我預期的要慢一些。我認為這很大程度上與預算有關，而且我們的客戶試圖準確地制定他們的計劃，但我會堅持這一點。我認為，如果你看看天然氣的前線和石油在 23 年的整體表現，你會發現我們經歷了幾次下跌。但總體而言，石油商品價格一直處於健康水準。我認為這種趨勢將會持續下去。所以，是的，讓我們繼續吧。我認為，到 24 年底，產業鑽機數量將接近 700 台。

We'll move next to Keith Mackey at Calgary.

我們將搬到卡加利的基思·麥基旁邊。

Can we just first talk about the potential, I guess, cross-selling revenue synergies between drilling and pumping? Certainly, that's been a potential benefit of the recent transactions. But Andy, how is that playing out relative to your expectations? Are there any notable wins or activities you could point to on that front as yet?

我想，我們可以先談談鑽井和抽油之間交叉銷售收入綜效的潛力嗎？當然，這是最近交易的潛在好處。但是安迪，相對於你的期望，情況如何？到目前為止，您在這方面是否有任何值得注意的勝利或活動？

Yes, that's a great question. We've been in both businesses for a long time now in decades. I wouldn't characterize it as cross-selling per se. But what I do characterize is strengthening the partnerships that we have with our customers. And when we announced these transactions, we received nothing, but positive feedback from customers. We had long time partners who have been our customers for decades, who called me up and said, look, a stronger Patterson-UTI is good for us.

是的，這是一個很好的問題。幾十年來，我們在這兩項業務中已經經營了很長一段時間。我不會將其描述為交叉銷售本身。但我所強調的是加強我們與客戶的合作關係。當我們宣布這些交易時，除了客戶的正面回饋外，我們什麼也沒收到。我們有幾十年來一直是客戶的長期合作夥伴，他們打電話給我說，看，更強大的 Patterson-UTI 對我們有好處。

And so having the strength to be able to address their needs across all these services has allowed us to have those conversations. And I wouldn't necessarily, as I said, characterize it as cross-selling. But when you have those strong partnerships at a high level and now you have more capacity to service their needs, that's the bonus.

因此，我們有能力透過所有這些服務來滿足他們的需求，這使我們能夠進行這些對話。正如我所說，我不一定將其定性為交叉銷售。但是，當您擁有高水準的強大合作夥伴關係並且現在您有更多能力滿足他們的需求時，這就是好處。

I see. Maybe just a follow-up on your comments in the prepared remarks around -- it was when you're talking about capital allocation strategy using a strong balance sheet to be opportunistic at all points through the cycle, certainly, has been so lately. But can you just expand on that comment a little bit more in terms of how you're thinking about being opportunistic through the cycle at all points?

我懂了。也許只是你在準備好的評論中的評論的後續——當你談論資本配置策略時，使用強大的資產負債表在整個週期的所有點上都保持機會主義，當然，最近是這樣。但是，您能否就您如何考慮在整個週期的各個時刻保持機會主義的觀點進一步擴展一下這一評論？

When we're talking about being opportunistic over cycles, we're talking about over the next 5 to 10 years. Right now, we're focused on integration of the businesses. We still have some work to do, and we're focused on realizing these synergies of $200 million or greater million dollars on the synergy with the NexTier deal and integrating the operations and working on supply chain pieces as well. So that's our primary focus.

當我們談論跨週期的機會主義時，我們談論的是未來 5 到 10 年。目前，我們的重點是業務整合。我們還有一些工作要做，我們的重點是透過與 NexTier 交易的協同效應實現 2 億美元或更多 100 萬美元的協同效應，並整合營運和供應鏈各個部分。這是我們的首要關注點。

But historically, we have been opportunistic through the cycles. There's been a number of times when we've gone through dips in the cycle, and we've seen softening that we've had opportunities to do things with our balance sheet. But I would say right now, we're just focused on integration.

但從歷史上看，我們在周期中一直是機會主義的。我們曾多次經歷過週期的低谷，並且看到了疲軟的情況，因此我們有機會對資產負債表進行一些調整。但我想說，現在我們只專注於整合。

We'll take our next question from Sean Mitchell at Daniel Energy Partners.

我們將回答 Daniel Energy Partners 的 Sean Mitchell 提出的下一個問題。

Kind of as we see a lot around M&A over the last several weeks, as you see the E&P space consolidate, it would seem logical that the kind of consolidators here want to work with suppliers who have scale. First, I would say, do you agree with this assessment? And then secondly, if so, do you think that pushes more consolidation in the service sector?

過去幾週我們看到了很多圍繞併購的事情，當你看到勘探與生產領域的整合時，這裡的整合者希望與有規模的供應商合作似乎是合乎邏輯的。首先我想問一下，你同意這個評價嗎？其次，如果是這樣，您認為這是否會推動服務業進一步整合？

Well, the first part of your question, I think you answered yourself, and we believe that as you see some of these large E&Ps take on even large E&Ps and become even larger in the space, we believe they are going to work with companies that have the scale to be able to service their needs, and we fit right into that. So we're excited about that potential. We do see when these transactions on the E&P side happen, you get a pause in activity, but then things start to pick up again. So we think those are good possibilities. But in terms of further M&A in the service space, I think it's possible. I don't want to speculate because we're focused on integration right now. So -- but I do think there's probably some opportunity out there.

好吧，你問題的第一部分，我想你已經回答了自己，我們相信，當你看到其中一些大型勘探和生產公司與大型勘探和生產公司競爭並在該領域變得更大時，我們相信他們將與以下公司合作：我們的規模足以滿足他們的需求，而我們正好適合這一點。所以我們對這種潛力感到興奮。我們確實看到，當勘探與生產方面的這些交易發生時，活動會暫停，但隨後情況會再次開始改善。所以我們認為這些都是很好的可能性。但就服務領域的進一步併購而言，我認為是有可能的。我不想猜測，因為我們現在專注於整合。所以——但我確實認為可能存在一些機會。

Maybe one more. Can you just address the labor market today, Andy and specifically how you and the consolidated companies have managed labor this year as activity has moderated and maybe provide us your thoughts on finding people today and the ability for the industry to scale up again, should that be necessary?

也許還有一個。安迪，您能談談今天的勞動力市場嗎？擴大規模的能力。

Even over the last few years with the massive ramp-up in activity that we've had, we were able to cover all the work. And we had to invest in the systems and the people for recruiting and onboarding and training to be able to do that. And it definitely was tougher over the last few years than it had been in previous upturns, given the strength in the economy over the last few years. But that investment that we've made allows us to get the people that we need to cover the work that's out there.

即使在過去幾年中，隨著我們的活動大幅增加，我們仍然能夠完成所有工作。為了做到這一點，我們必須對招募、入職和培訓的系統和人員進行投資。考慮到過去幾年經濟的強勁勢頭，過去幾年的情況肯定比之前的經濟好轉時期更加艱難。但我們所做的投資使我們能夠獲得完成現有工作所需的人員。

And so we didn't miss any work for lack of people. This has only been a softening in the market, and we're expecting as we pass this inflection to increase activity in 2024. And so with the moderated growth we're expecting in 2024 versus the softening we had this year, I don't anticipate we're going to have trouble adding staff back to do the work.

所以我們沒有因為缺人而錯過任何工作。這只是市場的疲軟，我們預計，當我們度過這一拐點時，2024 年的活動將會增加。在增加人員來完成這項工作時會遇到困難。

And our next question comes from Don Crist at Johnson Rice.

我們的下一個問題來自約翰遜賴斯公司的唐克里斯特。

Andy, your previous comment about Pressure Pumping kind of bumping up against rigs, how do you think that plays out? I mean it appears to us looking from the outside that the efficiencies on the Pressure Pumping side have kind of outpaced efficiencies on the rig side. Do you think that kind of results in a smaller Pressure Pumping fleet industry-wide going forward? Or how do you -- can you talk to that just a little bit?

安迪，您之前關於壓力泵的評論有點與鑽孔機發生衝突，您認為結果如何？我的意思是，從外部來看，壓力泵方面的效率在某種程度上超過了鑽機方面的效率。您認為這會導致整個產業的壓力泵車隊規模縮小嗎？或者你能談談這個嗎？

Well, I think there's a couple of pieces to that question that I can touch on. So I appreciate it. One is, yes, we are bumping up against the rigs. And so we do need an increase in rig activity. There's just really no DUCs out there at this point in the cycle and where we are from the softening. So we do need the rig activity to pick up. But in terms of frac efficiency, it's just been amazing what the teams across the industry have accomplished over the last few years in terms of frac efficiency for the top tier players. There's lots of anecdotes of pumping well over 20 hours a day.

嗯，我認為這個問題有幾個方面我可以談一下。所以我很感激。一是，是的，我們正在與鑽孔機碰撞。因此，我們確實需要增加鑽機活動。在周期的這個階段以及我們所處的軟化階段，確實沒有 DUC。因此，我們確實需要增加鑽機活動。但就壓裂效率而言，整個產業的團隊在過去幾年中在頂級參與者的壓裂效率方面所取得的成就令人驚訝。每天吸奶超過 20 小時的軼事很多。

Now that being said, I'm not sure we have a lot of room to grow efficiency. So I don't think we're going to need less frac out there. I mean we're not going to pump 25 hours a day. So we're already at some pretty high levels of pump hours on a number of our fleets that are out there working, and they're just doing a great job. So you've seen that increasing efficiency over the last few years.

話雖如此，我不確定我們是否還有很大的提高效率的空間。所以我認為我們不會需要更少的壓裂。我的意思是我們不會每天抽水 25 小時。因此，我們的一些正在運行的車隊已經達到了相當高的泵工時數，而且他們做得非常出色。所以你已經看到過去幾年效率的提升。

But it's -- I think efficiency will kind of slow at this point in terms of what we're going to see across the industry. As well, I do think that as we come out of this softening in the market and we increase activity, you're going to see a tighter frac market. And we are going to have to add some equipment to replace older equipment that's going to drive capital discipline across the sector. It's also going to cause as you get into later '24 and '25 with natural gas demand, with increasing activity that's going to cause pricing to move up at that point as well. And so we're going to see tightness in the market from an equipment standpoint as we start to get past the inflection point and activity moving up in '24.

但我認為，就我們將在整個產業看到的情況而言，目前效率將會有所放緩。同樣，我確實認為，隨著我們走出市場疲軟狀態並增加活動，您將看到壓裂市場更加緊張。我們將不得不添加一些設備來替換舊設備，這將推動整個行業的資本紀律。當你進入 24 世紀末和 25 世紀後期時，天然氣需求也會隨之增加，活動的增加也會導致價格在那時上漲。因此，當我們開始越過拐點並且活動在 24 年開始上升時，從設備的角度來看，我們將看到市場緊張。

And at this time, there are no further questions. I would like to turn the conference over to Andy Hendricks for closing remarks.

而此時，已經沒有其他問題了。我想請安迪‧亨德里克斯 (Andy Hendricks) 致閉幕詞。

Thank you. I just want to thank everybody for tuning in this morning. Once again, I want to thank the employees of Patterson-UTI. You all are doing an amazing job as we work through everything we're working through these integrations over the last few months, and it's just been impressive to watch such high-caliber people work through all these. So thanks for what you're doing. Appreciate it.

謝謝。我只想感謝大家今天早上的收聽。我要再次感謝 Patterson-UTI 的員工。在過去幾個月裡，當我們透過這些整合完成所有工作時，你們都做得非常出色，看到如此高素質的人完成所有這些工作真是令人印象深刻。所以感謝你所做的事情。欣賞它。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。