RPC Inc (RES) 2025 Q2 法說會逐字稿

Good morning and thank you for joining us for RPC, Inc.'s second-quarter 2025 earnings conference call. Today's call will be hosted by Ben Palmer, President and CEO; and Michael Schmit, Chief Financial Officer.

早安，感謝您參加 RPC, Inc. 2025 年第二季財報電話會議。今天的電話會議將由總裁兼執行長 Ben Palmer 和財務長 Michael Schmit 主持。

At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at the time for you to queue up for questions. I would like to advise everyone that this conference call is being recorded.

此時，所有參與者都處於只聽模式。演講結束後，我們將進行問答環節。屆時將會提供排隊提問的說明。我想告知大家，本次電話會議正在錄音。

I would now turn the call over to Mr. Schmit.

現在我將把電話轉給施密特先生。

Thank you and good morning. Before we begin, I want to remind you that some of the statements that will be made on this call could be forward-looking in nature and reflect a number of known and unknown risks. Please refer to our press release issued today along with our 2024 10-K and other public filings that outline those risks. All of which can be found on RPC's website at www.rpc.net.

謝謝，早安。在我們開始之前，我想提醒您，本次電話會議中的一些聲明可能具有前瞻性，並反映了許多已知和未知的風險。請參閱我們今天發布的新聞稿以及我們的 2024 年 10-K 和其他概述這些風險的公開文件。所有這些都可以在 RPC 的網站 www.rpc.net 上找到。

In today's earnings release and conference call, we'll be referring to several non-GAAP measures of operating performance and liquidity. We believe these non-GAAP measures allow us to compare performance consistently over various periods. Our press release and our website contain reconciliations of these non-GAAP measures for the most directly comparable GAAP measures.

在今天的收益報告和電話會議中，我們將參考幾個非公認會計準則的營運績效和流動性指標。我們相信這些非公認會計準則指標使我們能夠在各個期間內持續比較績效。我們的新聞稿和網站包含這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。

I'll now turn the call over to our President and CEO, Ben Palmer.

現在我將把電話轉給我們的總裁兼執行長 Ben Palmer。

Thanks, Mike, and thank you for joining our call this morning. Today, we will talk about our second-quarter results which incorporate a full quarter of the recent Pintail acquisition. In addition, we will share our views about the impacts we are seeing from increasing macro and geopolitical uncertainties which were prevalent during the quarter.

謝謝，麥克，感謝您今天早上參加我們的電話會議。今天，我們將討論我們的第二季業績，其中包括最近收購 Pintail 的整個季度。此外，我們將分享我們對本季普遍存在的宏觀和地緣政治不確定性增加的影響的看法。

Second-quarter results reflect a sequential improvement to the full quarter impact of our Pintail acquisition. While many of our legacy service lines saw modest revenue increases, pressure pumping continued to experience a challenging environment.

第二季的業績反映了我們收購 Pintail 對整個季度影響的連續改善。雖然我們的許多傳統服務線的收入都有所成長，但壓力幫浦業務仍面臨嚴峻的挑戰。

Pressure pumping was negatively impacted by lower industry activity overall, but also by weather, third party non-productive time, and customer calendar delays. We saw more than a 200% increase in third-party non-productive time, which was most pronounced in June. This, combined with customer delays, resulted in operational inefficiencies.

壓力泵送不僅受到整體行業活動減少的負面影響，還受到天氣、第三方非生產時間以及客戶日曆延遲的負面影響。我們發現第三方非生產時間增加了 200% 以上，這在 6 月最為明顯。再加上客戶的延誤，導致了營運效率低落。

Pressure pumping is now primarily deployed with dedicated customers. This customer shift has increased our mix of simul frac and twin frac operations, which generally requires additional equipment and less cut spot materials. The market overall remains very competitive, and we are cautious regarding the second half of the year, given the reduction in rig activity over the last several weeks.

壓力泵送目前主要應用於專門的客戶。此次客戶轉變增加了我們的同步壓裂和雙壓裂作業組合，這通常需要額外的設備和更少的切割點材料。整體市場競爭仍然非常激烈，鑑於過去幾週鑽井活動的減少，我們對下半年持謹慎態度。

Our 2025 plans include the testing of 100% natural gas pressure pumping units as part of our strategy to evaluate alternative technologies. Our first unit is expected to be deployed in the third quarter.

我們的 2025 年計畫包括測試 100% 天然氣壓力幫浦裝置，這是我們評估替代技術策略的一部分。我們的第一支部隊預計將於第三季部署。

Non-pressure pumping service lines represented 74% of total revenues during the second quarter. Revenues without the contribution of Pintail were up 7%. We saw revenue growth in downhole tools, foil tubing, rental tools, and our tubular services. Downhole tools revenues were up 6% sequentially.

非壓力幫浦服務線佔第二季總營收的 74%。除去 Pintail 的貢獻，營收成長了 7%。我們看到井下工具、箔管、租賃工具和管材服務的收入有所成長。井下工具收入較上季成長 6%。

We saw particular strength in our Northeast and Rocky Mountain regions, which is a testament to Thru Tubing Solutions' broad geographic exposure. Thru Tubing Solutions' A10 motor and unplugged products continue to gain early traction in the market. We believe the new A10 motor has resulted in incremental share gains through our already robust market position.

我們在東北部和落基山地區表現尤為強勁，這證明了 Thru Tubing Solutions 廣泛的地理覆蓋範圍。Thru Tubing Solutions 的 A10 馬達和不插電產品繼續在市場上獲得早期關注。我們相信，新款 A10 引擎已透過我們本已穩固的市場地位進一步提升了市場份額。

The A10 motor is gaining a lot of traction that has been utilized by more than 50 customers to date. The product really demonstrates its value on longer laterals, wells that need higher flow rates.

A10 引擎越來越受歡迎，迄今已有超過 50 位客戶使用過該引擎。該產品在較長的水平井和需要更高流速的井中真正體現了它的價值。

According to our unplugged technology, we have -- we had multiple demonstrations during the quarter with customer use expanding. We are still very much in the early adopter and testing phase of this product's life cycle, but we are pleased with its performance and feedback we've received thus far. Recall this product reduces the need for bridge plugs and drill out time in a well and achieves highly effective stage isolation.

根據我們的不插電技術，我們在本季度進行了多次演示，客戶使用範圍不斷擴大。我們仍處於該產品生命週期的早期採用和測試階段，但我們對其迄今為止的性能和收到的回饋感到滿意。回想一下，該產品減少了對橋塞的需求和井內鑽出時間，並實現了高效的階段隔離。

Coiled tubing was about 12% sequentially. And in late June, we took delivery of the largest coal tubing unit in the US, which began promptly working in July. Two and seven eighths unit is uniquely suited for large pad customers who drill long laterals and has had multiple customers expressing a strong interest.

連續油管環比成長約12%。6月底，我們接收了美國最大的煤管機組，並於7月迅速投入工作。二又七分之八單元特別適合鑽長水平段的大型平台客戶，已有多位客戶表達了濃厚的興趣。

Over the last couple of years, we've made investments in cut pressure control that provide additional opportunities for coal tubing and snubbing in late 2025 and into 2026. Cut pressure control has been able to partner with other RPC service lines with new applications to generate additional revenue.

過去幾年，我們在切割壓力控制方面進行了投資，為 2025 年末和 2026 年的煤管壓井和壓井作業提供了更多機會。切割壓力控制已經能夠與其他 RPC 服務線合作開發新應用，以產生額外的收入。

Many revenues were roughly flat sequentially, and we saw rental tool revenues increase 17% versus the prior quarterly -- I'm sorry, the prior quarter, partly due to weather impacts on the last quarter. Wireline, including our much smaller legacy business, increased substantially quarter over quarter due to the Pintail acquisition.

許多收入與上一季基本持平，但我們看到租賃工具收入比上一季（抱歉，是上一季）增長了 17%，部分原因是天氣對上一季的影響。由於收購 Pintail，有線業務（包括我們規模小得多的傳統業務）較上季大幅成長。

Pintail is the largest wireline provider in the Permian Basin, an operational leader with a well regarded management team and a blue-chip customer base. The acquisition further diversifies our portfolio, increases our scale through M&A, improves our cash flow profile and strengthens our customer mix.

Pintail 是二疊紀盆地最大的有線服務供應商，是一家領先的營運公司，擁有備受讚譽的管理團隊和藍籌客戶群。此次收購進一步豐富了我們的投資組合，透過併購擴大了我們的規模，改善了我們的現金流狀況並增強了我們的客戶結構。

Our portfolio of various services and products with strong brands and operational leadership has provided resiliency throughout the years. Pintail revenues contributed approximately $99 million in the second quarter or 23% of total revenues.

我們擁有多種服務和產品組合，擁有強大的品牌和營運領導力，多年來一直保持著良好的彈性。Pintail 的營收在第二季貢獻了約 9,900 萬美元，佔總營收的 23%。

Given Pintail's share position, we expect revenues to trend with the overall market and had historically experienced limited seasonality due to its focus on dedicated 24/7 customers.

鑑於 Pintail 的市場份額，我們預計其收入將與整體市場趨勢一致，而且由於其專注於全天候客戶，其歷史上的季節性變化有限。

In our SEC filings following the transaction, additional financial data was provided. So the wireline market too remains challenging with pricing pressure intensifying during the quarter as smaller competitors and less consistent work -- with lesser consistent work attempted to increase their utilization.

在交易後提交給美國證券交易委員會的文件中，我們提供了額外的財務數據。因此，有線市場也依然充滿挑戰，本季定價壓力不斷加大，因為競爭對手規模較小，工作一致性較低（一致性較低）試圖提高利用率。

We saw relatively consistent gun usage during the quarter. However, competitive pricing leads us to expect slightly lower EBITDA margins than previously communicated, but still strong operating cash flow.

我們發現本季槍支使用情況相對穩定。然而，競爭性定價使我們預計 EBITDA 利潤率將略低於先前預期，但營運現金流量仍然強勁。

From a strategic standpoint, we believe bolstering these less capital-intensive service lines with organic investments and selective acquisitions will help drive growth, improve our customer mix, and reduce volatility in our financial results.

從策略角度來看，我們相信透過有機投資和選擇性收購來支持這些資本密集度較低的服務線將有助於推動成長，改善我們的客戶結構，並降低財務表現的波動性。

We believe our balance sheet provides this optionality, including executing selective acquisitions. [Benacre] and Pintail were well positioned that these -- and these companies participated in markets we had familiarity with, but provided us a leading brand and leadership to significantly scale up in the respective service lines. While relatively small, we also have been able to deploy cash to purchase assets in the existing service lines to enhance and expand our offerings.

我們相信，我們的資產負債表提供了這種選擇性，包括執行選擇性收購。 [Benacre]和Pintail的定位非常有利——這些公司參與了我們熟悉的市場，但為我們提供了領先的品牌和領導力，使我們能夠在各自的服務線上大幅擴張。雖然規模相對較小，但我們也能夠部署現金來購買現有服務線中的資產，以增強和擴展我們的服務。

With that, Mike will now discuss the quarter's financial results as well as some notes on the Pintail transaction.

接下來，麥克將討論本季的財務表現以及有關 Pintail 交易的一些說明。

Thanks, Ben. Our second-quarter financial results with sequential comparisons to the first quarter of 2025 are as follows. Revenues increased 26% to $421 million. Excluding Pintail revenues, revenues were down 3%.

謝謝，本。我們第二季的財務表現與 2025 年第一季的季比比較如下。營收成長26%至4.21億美元。除 Pintail 收入外，收入下降了 3%。

Breaking down our operating segments, Technical Services, which represented 94% of our total second-quarter revenues, was up 27%. Support Services, which represented 6% of our total second-quarter revenues, was up 14%.

細分我們的營運部門，技術服務占我們第二季總收入的 94%，成長了 27%。支援服務占我們第二季總收入的 6%，成長了 14%。

The following is a breakdown of the second-quarter revenues for our largest service lines. Pressure pumping was 25.9%. Wireline was 24.7%. Downhole tools was 23.7%. Coiled tubing was 8.5%. Cementing was 6.6%. And rental tools was 4.3%. Together, these service lines accounted for 94% of our total revenues.

以下是我們最大服務線第二季營收的明細。壓力泵送率為25.9%。有線電話佔24.7%。井下工具利用率為23.7%。連續油管為8.5%。固井率為6.6%。租賃工具佔4.3%。這些服務線合計占我們總收入的 94%。

Costs of revenues, excluding depreciation and amortization, was $318 million compared to $245 million in the previous quarter. This increase was primarily due to the addition of Pintail, as our cost of revenues excluding Pintail declined 3% sequentially.

不包括折舊和攤銷的營業成本為 3.18 億美元，而上一季為 2.45 億美元。這一成長主要歸因於 Pintail 的加入，因為我們不包括 Pintail 的營收成本較上季下降了 3%。

The lower cost of revenues from our legacy businesses was primarily attributable to lower materials and supplies, which saw declines in pressure pumping due to lower activity and job mix changes during the quarter. We also saw modest declines in employment-related costs.

我們傳統業務的收入成本較低，主要原因是材料和供應量較低，由於本季活動減少和工作組合變化導致壓力泵送量下降。我們也看到與就業相關的成本略有下降。

SG&A expenses were $40.8 million, down from $42.5 million. As a percentage of revenue, these expenses decreased 310 basis points to 9.7%, reflecting minimal additional SG&A from the Pintail acquisition, leveraging our SG&A costs over higher revenues, as well as the capitalization of some costs associated with our IT system upgrades and ERP implementation.

銷售、一般及行政費用為 4,080 萬美元，低於 4,250 萬美元。作為收入的百分比，這些費用減少了 310 個基點，至 9.7%，反映了 Pintail 收購帶來的極小的額外銷售、一般和行政費用，利用我們的銷售、一般和行政費用來抵消更高的收入，以及與我們的 IT 系統升級和 ERP 實施相關的一些成本的資本化。

Our second quarter's effective tax rate was 41.3%, which was significantly higher than our previous quarter's effective tax rate. The effective tax rate was unusually high this quarter, primarily due to the acquisition-related employment costs associated with the Pintail acquisition, which contributed to lower pre-tax net income and which -- sorry, lower pre-tax income and which are largely non-deductible for tax purposes.

我們第二季的有效稅率為41.3%，明顯高於上一季的有效稅率。本季有效稅率異常高，主要是由於與 Pintail 收購相關的收購相關僱用成本，這導致稅前淨收入下降，而且——抱歉，是稅前收入下降，而且這些費用在稅收上基本上不能扣除。

We expect our effective tax rate to be negatively impacted through the life of the acquisition related employment costs due to their accounting treatment, which differs from their tax treatment. We expect our full-year 2025 effective tax rate percentage to be in the mid-30s.

我們預計，由於會計處理與稅務處理不同，我們的有效稅率將在整個收購相關僱用成本期間受到負面影響。我們預計 2025 年全年有效稅率百分比將達到 35% 左右。

Adjusted diluted EPS was $0.08 in the quarter. Adjustments totaling $0.03 were entirely related to the acquisitions-related employment costs. Adjusted EBITDA with $65.6 million, up from $48.9 million, with the margin increasing 90 basis points sequentially to 15.6%.

本季調整後稀釋每股收益為 0.08 美元。總計 0.03 美元的調整完全與收購相關的僱用成本有關。調整後 EBITDA 為 6,560 萬美元，高於 4,890 萬美元，利潤率較上季增加 90 個基點，達到 15.6%。

Operating cash flow was $92.9 million, and after CapEx of $75.3 million, free cash flow was $17.6 million. Free cash flow year-to-date reflected a negative working capital impact related to a large customer pre-payment received in the fourth quarter of 2024.

營運現金流為 9,290 萬美元，扣除 7,530 萬美元的資本支出後，自由現金流為 1,760 萬美元。年初至今的自由現金流反映了 2024 年第四季收到的大額客戶預付款對營運資本的負面影響。

At quarter end, we had $162 million in cash, a $50 million seller finance note payable, and nothing outstanding on our $100 million revolving credit facility. During the quarter, we paid $8.8 million in dividends.

截至本季末，我們擁有 1.62 億美元現金、5,000 萬美元賣方融資應付票據，且 1 億美元循環信貸額度中無未償還款項。本季度，我們支付了 880 萬美元的股息。

2025 capital spending is expected to be between $165 million and $215 million, inclusive of Pintail for nine months, mostly related to maintenance and opportunistic asset purchases as well as our IT system upgrades and the ERP implementation.

2025 年的資本支出預計在 1.65 億美元至 2.15 億美元之間，其中包括 Pintail 的九個月支出，主要用於維護和機會性資產購買以及我們的 IT 系統升級和 ERP 實施。

I'll now give a few comments on our recent acquisition of Pintail completions. As previously stated, we expect the acquisition to be accreted in 2025. The acquisitions-related employment costs are non-cash for the quarter and are expected to continue at a similar quarterly amount over three years.

現在，我將就我們最近收購 Pintail 完井專案發表一些評論。如前所述，我們預計此次收購將於 2025 年完成。本季與收購相關的僱用成本為非現金，預計三年內每季的金額將保持相似。

Our second-quarter results reflect the additional shares issued in conjunction with the transaction. These results also reflect lower interest income from the lower cash balance and higher interest expense due to the seller note when comparing results to last year.

我們第二季的業績反映了與交易同時發行的額外股份。與去年相比，這些結果也反映出現金餘額較低導致的利息收入較低，而賣方票據導致的利息支出較高。

The preliminary purchase price allocation details can be found in our second quarter 10-Q. Going forward, we will not be providing specific guidance on Pintail.

初步購買價格分配詳情可在我們第二季的 10-Q 中找到。展望未來，我們將不會提供有關 Pintail 的具體指導。

I'll now turn it back over to Ben for some closing remarks.

現在我將把發言權交還給本，請他發表一些結束語。

Thank you, Mike. Uncertainty around the economy, tariffs and commodity markets have created a challenging operating environment. We've begun seeing tariff impacts and taking steps to either mitigate or factor these cost increases into our pricing. Lastly, the current oil prices are unlikely to stimulate significant activity increases in the near term within the overall industry.

謝謝你，麥克。經濟、關稅和大宗商品市場的不確定性造成了充滿挑戰的經營環境。我們已經開始看到關稅的影響，並採取措施減輕或將這些成本增加納入我們的定價中。最後，目前的油價不太可能在短期內刺激整個產業活動的大幅增加。

RPC is no stranger to business cycles and uncertain demand environments. We will continue to manage our business by focusing on prudent capital investments and capital allocation decisions, control costs, and utilize our balance sheet and liquidity to take advantage of opportunities as they arise. A mix of service lines, customers, and facing exposures provide beneficial diversification.

RPC 對商業週期和不確定的需求環境並不陌生。我們將繼續透過專注於審慎的資本投資和資本配置決策來管理我們的業務，控製成本，並利用我們的資產負債表和流動性來抓住出現的機會。服務線、客戶和麵臨的風險的組合提供了有益的多樣化。

I want to thank all our employees who work tirelessly to deliver high levels of service and value to our customers. Thanks for joining us this morning. And at this time, we'd be happy to address any questions you might have.

我要感謝所有不知疲倦地工作以向我們的客戶提供高水準服務和價值的員工。感謝您今天上午加入我們。此時，我們很樂意解答您可能遇到的任何問題。

(Operator Instructions) John Daniel, Daniel Energy Partners.

（操作員指示）約翰·丹尼爾，丹尼爾能源合作夥伴。

Hey, guys, thanks for having me. Ben, you still have a an enviable cash position and balance sheet, and I'm just curious if you could elaborate a bit on the go-forward acquisition strategy. And to help frame, what I'm looking for is really your preference for consolidation opportunities to drive more scale in a particular service or region or whether you think the best opportunity is to try to expand into other services and/or other geographic markets.

嘿，夥計們，感謝你們的邀請。本，您仍然擁有令人羨慕的現金狀況和資產負債表，我只是好奇您是否可以詳細說明未來的收購策略。為了幫助建立框架，我真正尋找的是您對整合機會的偏好，以便在特定服務或地區推動更大的規模，或者您是否認為最好的機會是嘗試擴展到其他服務和/或其他地理市場。

That's part one. I'll let you touch on that.

這是第一部分。我讓你談談這一點。

Okay, thank you, John. Yes, that's still our strategy. Over time, obviously with -- in the last couple of quarters with some of the volatility and uncertainty around future activity levels, it makes -- the evaluation of current oil field, domestic oil field opportunities is a little bit more difficult -- analyze and price and that kind of thing. But we're certainly looking -- I think scale for us and some of our existing service lines is certainly a possibility, but we're going to be -- and the current environment will be selective. And we'll be again mindful of the difficulty in trying to determine appropriate valuations.

好的，謝謝你，約翰。是的，這仍然是我們的策略。隨著時間的推移，顯然——在過去幾個季度中，由於未來活動水平存在一些波動性和不確定性，對當前油田、國內油田機會的評估變得更加困難——分析、定價等等。但我們確實在尋找——我認為我們和我們現有的一些服務線的規模肯定是可能的，但我們會——當前的環境將是有選擇性的。我們將再次留意確定適當估值的困難。

But with respect to -- I think as historically we've done, we're much more opportunistic. There are, certainly on the lookout on some of our existing opportunities around some of our existing service lines. And the ability to diversify outside the oil field is something that we look at as well, but not necessarily focused on particular regions.

但就這一點而言——我認為，正如我們歷史上所做的那樣，我們更具機會主義精神。我們當然會關注我們現有服務線中的一些現有機會。我們也在關注油田以外的多元化能力，但不一定專注於特定區域。

But as I indicated in Mark's remarks, we like -- we feel like we've benefited historically from the diversification and Thru Tubing Solutions, in particular, has a strong position in several basins around -- throughout the US. So if and when natural gas activity picks up, we're very well positioned to take advantage of that.

但正如我在馬克的評論中所指出的，我們喜歡——我們覺得我們從歷史上受益於多樣化，尤其是 Thru Tubing Solutions 在美國各地的幾個盆地中佔有強勢地位。因此，一旦天然氣活動回升，我們就有很大優勢可以利用它。

Okay. Well, thank you. A follow-up if I may, on the M&A strategy, but at least within a couple of the service lines, and you touched on a little bit, there's a bit of continued pricing pressures, predatory pricing, if you will. And then you have the backdrop, presumably of a Q4 slowdown just this week. The trend is consistent with prior years.

好的。好的，謝謝你。如果可以的話，我想跟進一下併購策略，但至少在幾條服務線內，正如您所提到的，存在一些持續的定價壓力，掠奪性定價，如果您願意的話。然後你會看到背景，大概是本週第四季經濟放緩。這一趨勢與前幾年一致。

I'm curious if it would seem that for some of your peers, it's about to get worse. And so how does that play into just hitting the pause on M&A and maybe there's better opportunities surface, call it, the first half of next year?

我很好奇，對於你們的一些同齡人來說，情況是否似乎會變得更糟。那麼，這對暫停併​​購有什麼影響，也許明年上半年會出現更好的機會？

Yeah, I kind of touched on that. I think we wouldn't say we'd put a pause on, but certainly, we're not leaning into the wind quite as much as we have been.

是的，我有點提到了這一點。我認為我們不會說我們會暫停，但可以肯定的是，我們不會像以前那樣逆風而行。

Okay.

好的。

And it very well could be. You're right. I think if and when things are checking out, that could create some different type of opportunities and situations that we will be ready to take advantage of.

事實確實如此。你說得對。我認為，如果一切順利，就會創造出一些不同類型的機會和情況，我們將準備好利用它們。

Okay, and I got an easier one for you now. The addition of that two and seven-eighths is obviously an impressive unit. I'm curious -- and you've only had a few weeks, but you mentioned good customer interest so far. I'm curious if you have any field results from it yet that you can speak to and whether or not you believe at this stage there's enough interest to want a possible second unit. If you could just provide some color, it would be helpful.

好的，現在我為你準備了一個更簡單的方法。這二又七分之八的加法顯然是一個令人印象深刻的單位。我很好奇——雖然你只花了幾週時間，但你提到到目前為止客戶的興趣很好。我很好奇您是否有任何可以談論的實地結果，以及您是否相信現階段有足夠的興趣來想要第二個單元。如果您能提供一些顏色，那將會很有幫助。

Yeah, the results so far have been very good, very impressive. We're really pleased with that, and it, and it's staying very, very busy thus far. And in terms of the second unit, we haven't entertained that yet. I think that we certainly haven't placed any additional orders at this point in time, so it's more of a wait and see.

是的，到目前為止的結果非常好，令人印象深刻。我們對此感到非常高興，而且到目前為止，我們一直非常忙碌。就第二單元而言，我們還沒有考慮這一點。我認為我們目前肯定還沒有下達任何額外訂單，因此我們還需要等待一段時間才能確定。

We're trying to be very selective with our investments. You can see that our CapEx is down versus the prior year, despite some of these additions that we've been able to make. So we're being very careful about that.

我們試圖對我們的投資進行嚴格篩選。您可以看到，儘管我們進行了一些增加，但我們的資本支出與前一年相比有所下降。所以我們對此非常小心。

Okay, thank you for including me.

好的，謝謝你邀請我。

Thank you, John.

謝謝你，約翰。

Chuck Minervino, Susquehanna.

查克·米勒維諾，薩斯奎漢納。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Just was wondering if you could touch on the segment outlook a little bit, in the second half of the year here. I think your comments about the frac market, I think cautious in the second half of the year. I know it was down quite a bit in 2Q. I don't know if now the market has kind of settled there or if you kind of anticipate a little bit of another leg down in the pressure pumping piece as you kind of work into 3Q here. I guess that's my first one, if you can address that.

我只是想知道您是否可以稍微談談今年下半年的細分市場前景。我認為您對壓裂市場的評論是，我認為下半年要謹慎。我知道第二季度下降了不少。我不知道現在市場是否已經穩定下來，或者您是否預計在進入第三季度時，壓力泵部分會再次下滑。我想這是我的第一個問題，如果你能解決這個問題的話。

Well, fresh pumping, in particular, those of you who are familiar with our historical results, pressure pumping has had kind of a challenging quarter in each of the last two years, and that was the third quarter of the last two years. This year, it's the second quarter we are seeing. As I indicated, we are much more aligned with more highly dedicated customers.

嗯，新鮮泵送，特別是那些熟悉我們歷史業績的人，壓力泵送在過去兩年的每個季度都面臨著挑戰​​，而這是過去兩年的第三季度。今年，我們看到的是第二季。正如我所指出的，我們與更忠誠的客戶更加一致。

That began during the second quarter and continues into the third quarter. But we see a lot more activity and a lot more certainty around our calendar heading into the third quarter and hopefully into the fourth quarter. With some of these dedicated customers who typically don't have as much of a seasonal slowdown, we expect -- hope and expect that that's going to minimize the otherwise normal seasonality that occasionally gets -- hits the fourth quarter.

這一情況從第二季開始並持續到第三季。但我們看到，進入第三季度，我們的日程安排將更加活躍，而且更加確定，希望進入第四季度。由於這些忠實客戶通常不會受到太多季節性放緩的影響，我們預計——希望並期望這將最大限度地減少偶爾出現的正常季節性因素——影響第四季度。

The fourth quarter over the last two years have been actually better than the third quarter over the last two years for the reason I indicated. Just there's been unexpected white space and non -- excessive non-productive time and things like that. So we're hopeful again with the customer lineup for pressure pumping that we have at this point in time that we'll actually see a sequential -- an opportunity to have some improvement.

正如我所指出的，過去兩年的第四季度實際上比第三季度更好。只是出現了意想不到的空白和非過多的非生產時間之類的事情。因此，我們再次對目前的壓力幫浦客戶陣容充滿希望，我們將真正看到連續的——一個取得一些改進的機會。

The mix -- as we indicated, too, the mix of the work has less materials and supplies. So the revenue change may be a little bit different, right? Obviously, more materials and supplies increases your revenues. So we may have revenues that are lower than they would otherwise be, but we expect we'll be staying a lot more busy.

混合－正如我們所指出的，工作中的混合材料和供應品較少。那麼收入變化可能會有點不同，對嗎？顯然，更多的材料和供應品會增加您的收入。因此，我們的收入可能會低於原本應有的水平，但我們預計我們會更加忙碌。

And then I was wondering if you could just touch a little bit on free cash flow outlook for the second half of the year.

然後我想知道您是否可以稍微談談今年下半年的自由現金流前景。

I would first say we noted in our comments about the first-half free cash flow was impacted by -- it was actually around $45 million prepayment we received in the fourth quarter last year that negatively impacted free cash flow. So on a, quote unquote, adjusted basis, we would have been closer to -- I guess, that's 63 or so.

首先我想說，我們在評論中指出，上半年自由現金流受到了影響——實際上是去年第四季我們收到的約 4500 萬美元的預付款對自由現金流產生了負面影響。因此，在調整後的基礎上，我們會更接近 - 我想，那是 63 左右。

So the back half of the year is going to be certainly better than the first half for the following reason. We don't know whether we'll receive another pre-payment or not, but we're not counting on that with respect to planning for and analyzing our expectations around free cash flow. But with the level of CapEx we have that we signal, we think we'll have a decent free cash flow for the second half.

因此，由於以下原因，下半年肯定會比上半年更好。我們不知道是否會收到另一筆預付款，但我們在規劃和分析自由現金流預期時並不依賴這筆預付款。但根據我們所預測的資本支出水平，我們認為下半年我們將獲得可觀的自由現金流。

Okay. And then just one more for me. I think you mentioned pricing and wireline getting a little bit more aggressive. Just wondering how that -- how you think that plays out a little bit in kind of the results in 3Q and 4Q. Does that -- is that kind of tied to Pintail a little bit and is that how we should be thinking about it?

好的。然後我再說一次。我認為您提到了定價和有線線路變得更具競爭力。只是想知道——您認為這會對第三季和第四季的結果產生什麼影響。這是否與 Pintail 有點關聯？我們應該這樣考慮嗎？

Sure, yeah. Yeah, definitely Pintail -- one other thought on free cash flow, we only have Pintail for one quarter in the first half of the year and we'll have them for both quarters in the second half of the year. So that should help us because as we said, we expect them to be accretive for the year.

當然，是的。是的，絕對是 Pintail——關於自由現金流的另一個想法是，我們在上半年只有一個季度擁有 Pintail，而下半年兩個季度都會有。所以這應該對我們有幫助，因為正如我們所說，我們預計它們今年將實現增值。

But yeah, I mean, our existing wireline business was very small, so you can think about that it is pretty much Pintail there. But they're also heavily in the Permian which has had some of the biggest struggle in the last -- in the most recent quarter. So that impacts Pintail as well as our pressure pumping business more than our other businesses. And you can kind of see that the revenue increases and results. So that would have an impact there.

但是的，我的意思是，我們現有的有線業務規模非常小，所以你可以認為那裡基本上都是 Pintail。但他們在二疊紀盆地的石油開採也十分活躍，而二疊紀盆地在最近一個季度遭遇了最大的困難。因此，這對 Pintail 以及我們的壓力泵業務的影響比對我們的其他業務的影響更大。您可以看到收入增加和成果。所以這會產生影響。

But as we said it, it's still a creative. The numbers are available in the 8-K that we had a couple --about a month back that were extremely good in recent previous years and they're just impacted like everyone in the Permian. But as Ben indicated, we have a really strong position with Pintail. They're as busier or more busy than anyone else in the Permian and have great customer relationships and all the reasons we bought them. So we're not -- we're still cautiously optimistic.

但正如我們所說，它仍然是一種創意。大約一個月前，我們收集了 8-K 中的一些數據，這些數據在最近幾年表現得非常好，但它們也像二疊紀盆地的每個人一樣受到了影響。但如本所指出的，我們在 Pintail 方面擁有非常強大的地位。他們和二疊紀地區的其他人一樣忙，甚至更忙，並且擁有良好的客戶關係，這也是我們購買他們的所有原因。所以我們不是——我們仍然保持謹慎樂觀。

And we think that the management team is working really hard on costs where they can in response to more challenging environment, certainly, the uncertainty around that came about because of liberation day and impact again on the overall market and customers' appetite for increasing activity levels obviously and then decreasing some of their activity levels. But Pintail is still well positioned, and they'll be a nice contributor.

我們認為，管理團隊正在盡其所能地降低成本，以應對更具挑戰性的環境，當然，解放日帶來的不確定性再次影響了整個市場和客戶對增加活動水平的興趣，然後又降低了一些活動水平。但 Pintail 仍然處於有利地位，他們將做出很好的貢獻。

Thank you.

謝謝。

There are no further questions at this time. I'll now turn the call back over to Mr. Ben Palmer for closing remarks.

目前沒有其他問題。現在我將把電話轉回給本·帕爾默先生，請他作最後發言。

All right, thank you, everybody. I appreciate you listening in and look forward to catching up later and hope you have a good rest of the day.

好的，謝謝大家。感謝您的收聽，期待稍後的交流，並希望您今天過得愉快。

This concludes today's call. A replay of today's event will be available at www.rpc.net within two hours following the completion of the call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。通話結束後兩小時內，可在 www.rpc.net 上重播今天的活動。感謝大家的加入。您現在可以斷開連線。