RPC Inc (RES) 2025 Q3 法說會逐字稿

Good morning, and thank you for joining us for RPC, Inc.'s third-quarter 2025 earnings conference call. Today's call will be hosted by Ben Palmer, President and CEO; and Mike Schmit, Chief Financial Officer. (Operator Instructions) I would like to advise everyone that the conference call is being recorded.

早安，感謝各位參加 RPC 公司 2025 年第三季財報電話會議。今天的電話會議將由總裁兼執行長 Ben Palmer 和財務長 Mike Schmit 主持。（操作員指示）我謹通知各位，本次電話會議正在錄音。

I will 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。在開始之前，我想提醒各位，本次電話會議中將要發表的一些聲明可能具有前瞻性，並反映了一些已知和未知的風險。請參閱我們今天發布的新聞稿，以及我們的 2024 年 10-K 表格和其他公開文件，其中概述了這些風險，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 to the most directly comparable GAAP measures.

在今天的獲利報告和電話會議上，我們將提及幾個非GAAP營運績效和流動性指標。我們認為這些非GAAP指標能夠讓我們在不同期間內進行一致的績效比較。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指標的調節表。

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

現在我將把電話交給我們的總裁兼執行長本·帕爾默。

Thanks, Mike, and thank you for joining our call this morning. Today, we'll talk about our third-quarter results. In addition, we will share our views about the impacts we are seeing from increasing macro and geopolitical uncertainties, which were prevalent during and after the quarter.

謝謝麥克，也謝謝你今天早上參加我們的電話會議。今天，我們將討論第三季業績。此外，我們還將分享我們對日益加劇的宏觀和地緣政治不確定性所帶來的影響的看法，這些不確定性在本季度及之後一直普遍存在。

Third-quarter results reflect a sequential revenue improvement due to increases across the majority of our companies. We saw the largest increases in pressure pumping, coiled tubing, and downhole tools. Service lines, other than pressure pumping, represented 72% of total revenues in the third quarter and generated a 3% sequential increase.

第三季業績反映出營收季增，主要得益於我們旗下大多數公司的業績成長。我們看到壓力泵送、連續油管和井下工具的使用量增幅最大。除壓力泵送以外的其他服務項目在第三季佔總收入的 72%，較上季成長 3%。

In addition to revenue growth in downhole tools and coiled tubing, we also saw growth in rental tools and wireline. Thru Tubing Solutions' downhole tools revenues increased 5% sequentially. We saw particular strength in our Rocky Mountain and Southeast regions, which is a testament to the company's broad geographic exposure.

除了井下工具和連續油管的收入成長外，我們還看到租賃工具和電纜作業的收入成長。Thru Tubing Solutions 的井下工具營收季增 5%。我們在落基山脈和東南部地區看到了特別強勁的業績，證明了公司廣泛的地理佈局。

Thru Tubing Solutions is a market leader in downhole technologies. The company continues to gain traction with its new A-10 downhole motor. The motor is proving highly effective, particularly longer laterals, which has translated to market share gains as alternatives aren't able to offer the same performance.

Thru Tubing Solutions是井下技術領域的市場領導者。該公司憑藉其新型 A-10 井下馬達持續獲得市場認可。事實證明，該馬達非常有效，尤其是在較長的橫向移動中，這轉化為市場份額的成長，因為其他替代品無法提供相同的性能。

During the quarter, Thru Tubing Solutions debuted a new metal-on-metal motor component called Metalmax and has completed more than 100 runs with major operators. The product allows for a smaller motor design, higher torque output, reduced downtime, and improved performance in demanding high-pressure environments, making it extremely versatile. We continue to add units to support demand.

本季度，Thru Tubing Solutions 推出了名為 Metalmax 的新型金屬對金屬馬達組件，並已與主要營運商完成了 100 多次運行。該產品可實現更小的馬達設計、更高的扭力輸出、更少的停機時間和在高壓環境下更優異的性能，使其用途極為廣泛。我們將繼續增加產量以滿足需求。

Thru Tubing Solutions continues to actively market and develop its unplugged technology. Recall, this is innovative product reduces and can sometimes eliminate the need for bridge plugs and delivers faster drill-out times while achieving highly effective stage isolation. We're excited about these new products and see potential to further expand our industry leadership.

Thru Tubing Solutions 持續積極推廣並開發其免插電技術。請記住，這款創新產品可以減少甚至有時可以消除對橋塞的需求，並加快鑽孔速度，同時實現高效的舞台隔離。我們對這些新產品感到非常興奮，並看到了進一步擴大我們行業領先地位的潛力。

Cudd Pressure Control's coiled tubing business was up 19 % sequentially due to increased activity and the addition of a new large diameter unit, which started working during the third quarter. The unit is well positioned for customers with long laterals and complex demands and has generated strong interest.

由於業務活動增加以及新增一台大直徑設備（該設備於第三季度開始投入使用），Cudd Pressure Control 的連續油管業務環比增長 19%。該裝置位置優越，能夠滿足擁有長水平管道和複雜需求的客戶的需求，並引起了廣泛關注。

Additionally, Cudd Pressure Control expects to receive, in early 2026, a Big Boar snubbing unit, specifically designed for gas storage work. This unit was built after discussions with a long-term customer about its storage well maintenance schedule over the next several years. This work is regulatory driven and is part of our effort to continue diversifying our business.

此外，Cudd Pressure Control 預計將於 2026 年初收到一台 Big Boar 防噴裝置，該裝置專為氣體儲存工作而設計。該裝置是在與一位長期客戶討論其未來幾年的儲油井維護計劃後建造的。這項工作受監管驅動，也是我們持續推動業務多元化努力的一部分。

Recently, Cudd Pressure Control collaborated with a leading industrial contractor to drill a geoexchange well at a major university, which has a multi-year effort to become carbon neutral. This is one example of how we are utilizing our tools and technologies in a variety of other applications.

最近，Cudd Pressure Control 與一家領先的工業承包商合作，在一所致力於多年實現碳中和的大型大學鑽了一口地熱交換井。這是我們如何將工具和技術應用於各種其他應用的一個例子。

Wireline, including our much smaller legacy business, increased revenues 1% during the quarter. The vast majority of wireline revenue comes from Pintail completions, which is the largest wireline provider in the Permian Basin. While the Permian completion market remains challenged, we saw increased gun usage in the quarter.

包括我們規模小得多的傳統業務在內，有線業務在本季營收成長了 1%。絕大部分電纜測井收入來自 Pintail 完井公司，該公司是二疊紀盆地最大的電纜測井服務提供者。儘管二疊紀盆地完井市場仍面臨挑戰，但我們看到本季噴槍使用量增加。

Third quarter benefited from some customer completion accelerations and shifts to simul-frac operations. Cudd Energy Services' pressure pumping business saw an improvement in overall activity during the third quarter, bolstered by a reduction in third-party nonproductive time and reduced white space.

第三季受惠於一些客戶加快完工速度以及轉向同步壓裂作業。Cudd Energy Services 的壓力泵送業務在第三季整體活動有所改善，這得益於第三方非生產性時間的減少和空白期的減少。

Despite the revenue improvements, we have elected to lay down a fleet in October and reduce staffing accordingly. We will continue to evaluate fleets from a returns-based framework. Our deployed fleets are largely supporting customers that we expect will continue completions activity over the next several months.

儘管收入有所改善，我們還是決定在 10 月停飛部分船隊，並相應減少員工人數。我們將繼續從收益的角度評估車隊。我們部署的船隊主要為那些我們預計在未來幾個月內將繼續進行完工作業的客戶提供支援。

With recent oil price volatility, we expect continued challenging conditions in the oilfield services market over the near term. Cudd Energy Services has received and is deploying a new 100% natural gas frac pump for testing and alternative technology evaluation. We have an additional unit with a slightly different design on the way as well.

有鑑於近期油價波動，我們預期短期內油田服務市場將持續面臨嚴峻挑戰。Cudd Energy Services 已收到並正在部署一台全新的 100% 天然氣壓裂泵，用於測試和替代技術評估。我們還有一台設計略有不同的設備正在運送途中。

Our focus has always been on shareholder returns and managing through cycles. We continue to strategically grow our less-capital-intensive service lines, both organically and through acquisitions. We believe our balance sheet offers us optionality in challenging market conditions.

我們始終專注於股東回報和應對經濟週期。我們將繼續透過自身發展和收購，策略性地發展資本密集度較低的服務業務。我們相信，我們的資產負債表為我們在充滿挑戰的市場環境下提供了選擇。

With that, Mike will now discuss the quarter's financial results.

接下來，麥克將討論本季的財務表現。

Thanks, Ben. Our third-quarter financial results with sequential comparisons to the second quarter of 2025 are as follows. Revenues increased 6% to $447.1 million compared to Q2. Breaking down our operating segments, Technical Services, which represented 94% of our total third-quarter revenues, was up 6%. Support Services, which represented 6% of our total third-quarter revenues, was up 4%, led by rental tools.

謝謝你，本。以下是我們第三季的財務業績，並與 2025 年第二季進行了環比比較。與第二季相比，營收成長 6%，達到 4.471 億美元。從我們的營運部門來看，技術服務部門占我們第三季總營收的 94%，成長了 6%。支援服務占我們第三季總收入的 6%，成長了 4%，其中以租賃工具的成長最為顯著。

The following is a breakdown of our third-quarter revenues for our top service lines. Pressure pumping was 27.9%, wireline 23.5%, downhole tools also 23.5%, coiled tubing 9.5%, cementing 5.4%, and rental tools 4.2%. Together, these service lines accounted for 94% of our total revenues. Cost of revenues, excluding depreciation and amortization, was $335 million compared to $318 million in the previous quarter.

以下是我們第三季主要服務業務的收入明細。壓力泵送佔 27.9%，電纜作業佔 23.5%，井下工具作業佔 23.5%，連續油管作業佔 9.5%，固井作業佔 5.4%，租賃工具作業佔 4.2%。這些業務線合計占我們總收入的 94%。不包括折舊和攤銷的收入成本為 3.35 億美元，而上一季為 3.18 億美元。

This increase was primarily due to expenses that vary with increased activity. SG&A expenses were $44.6 million, up from $40.8 million. As a percentage of revenue, these expenses increased 30 basis points to 10%, primarily due to employment incentive accrual adjustments and other payroll costs. Our third quarter's effective tax rate was 42.6%, which was slightly higher than our previous quarter's effective tax rate.

這一增長主要是由於隨著業務量增加而產生的費用。銷售、一般及行政費用為 4,460 萬美元，高於去年同期的 4,080 萬美元。這些支出佔收入的百分比增加了 30 個基點，達到 10%，主要原因是員工激勵應計調整和其他薪資成本。第三季實際稅率為 42.6%，略高於上一季的實際稅率。

The effective tax rate was unusually high, primarily due to the nondeductible portion of acquisition-related employment costs and a provision to tax return adjustment in the quarter. We expect our effective tax rate to be impacted through the life of the acquisition-related employment costs due to differences between the accounting and tax treatments of these costs.

實際稅率異常高，主要是由於與收購相關的僱用成本中不可扣除的部分以及本季度對納稅申報表的調整準備金。我們預計，由於收購相關僱用成本的會計處理和稅務處理存在差異，我們的實際稅率將在這些成本的存續期間受到影響。

Adjusted diluted EPS was $0.09 in the quarter. Adjustments totaled $0.03 and were entirely related to the acquisition-related employment costs. Adjusted EBITDA was $72.3 million, up from $65.6 million due to the broad-based increases across the majority of our businesses. Adjusted EBITDA margins increased 60 basis points sequentially to 16.2%.

本季調整後攤薄每股收益為 0.09 美元。調整總額為 0.03 美元，全部與收購相關的用工成本有關。經調整後的 EBITDA 為 7,230 萬美元，高於去年同期的 6,560 萬美元，主要得益於我們大多數業務的全面成長。經調整的 EBITDA 利潤率較上季成長 60 個基點，達到 16.2%。

Operating cash flow year to date was $139.5 million. And after CapEx of $117.8 million, free cash flow was $21.7 million. At the quarter-end, we had over $163 million in cash, a $50 million seller finance note, and no outstanding debt on our $100 million revolving credit facility.

今年迄今的經營現金流為1.395億美元。在資本支出 1.178 億美元之後，自由現金流為 2,170 萬美元。截至季末，我們擁有超過 1.63 億美元的現金、5,000 萬美元的賣方融資票據，且我們 1 億美元的循環信貸額度沒有未償債務。

Payment of dividends totaled $26.3 million year to date and through the third quarter. During the quarter, we paid $8.8 million in dividends. Full-year 2025 capital spending is expected to be between $170 million to $190 million, primarily related to maintenance and inclusive of opportunistic asset purchases as well as our ERP and other IT system upgrades.

截至目前（第三季），今年已支付股利總額為 2,630 萬美元。本季度，我們支付了 880 萬美元的股息。預計 2025 年全年資本支出將在 1.7 億美元至 1.9 億美元之間，主要用於維護，包括機會性資產購買以及我們的 ERP 和其他 IT 系統升級。

In the fourth quarter, we are planning to liquidate our terminated supplemental executive retirement plan. Related to this, we expect to receive a net cash distribution of approximately $8 million, subject to market changes; and to incur a one-time discrete increase in our effective tax rate.

第四季度，我們計劃清算已終止的補充高階主管退休計畫。與此相關，我們預計將收到約 800 萬美元的淨現金分配，具體金額視市場變化而定；並且我們的實際稅率將一次性增加。

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，請他作總結發言。

Thank you, Mike. Current oil prices and market uncertainty have contributed to additional near-term risks to the operating environment. Like we have in prior business cycles, we will manage the business prudently, focusing on costs, returns, capital allocation, utilizing our balance sheet to take advantage of opportunities.

謝謝你，麥克。目前的油價和市場的不確定性為營運環境帶來了額外的近期風險。就像我們在以往的商業週期中所做的那樣，我們將謹慎地管理業務，重點關注成本、回報、資本配置，利用我們的資產負債表來抓住機會。

We believe our more diversified product offerings and geographic exposure offer opportunities to better position ourselves when fundamentals improve. I want to thank all of our employees who work tirelessly to deliver high levels of service and value to our customers.

我們相信，我們更多元化的產品組合和地理覆蓋範圍，為我們在基本面改善時更好地定位自身提供了機會。我要感謝我們所有員工，他們孜孜不倦地工作，為我們的客戶提供高水準的服務和價值。

Thank you for joining us this morning. And at this time, we're happy to address any questions.

感謝您今天早上收看我們的節目。此時此刻，我們很樂意解答任何問題。

(Operator instruction) Don Crist, John Rice.

（操作說明）唐·克里斯特，約翰·賴斯。

Good morning, guys. How are you all today?

各位早安。大家今天過得怎麼樣？

Great. Good.

偉大的。好的。

I wanted to start with kind of fourth-quarter outlook. Obviously, there's a lot of uncertainty as we kind of move into December. Just kind of what are you thinking there? And do you think that activity could kind of snap back in the first part of the year, whether it be from budget exhaustion late in the fourth quarter or whatnot? And kind of what you're seeing from a kind of activity levels over the next three months, four months or so?

我想先談談第四季的展望。顯然，隨著我們進入12月，存在著許多不確定因素。當時到底在想什麼？你認為今年上半年經濟活動是否有可能反彈，無論是因為第四季末預算耗盡或其他原因嗎？那麼，您預計未來三到四個月左右的活動量會如何改變呢？

Don, it's Ben. Yeah, reasonable question. Something that we've all come to realize is a possibility in the fourth quarter. To be honest, at this very moment, we're comfortable with where things are for the fourth quarter. But, certainly, we'll not be surprised if customers announce some slowdowns for the holidays. So we're bracing for that. And how that impacts?

唐，我是本。是的，問得好。我們都逐漸意識到，第四季可能會出現這種情況。坦白說，就目前而言，我們對第四季度的狀況感到滿意。但是，如果客戶宣佈在假期期間放慢消費速度，我們當然不會感到驚訝。所以我們正在為此做好準備。那會產生什麼影響？

Based on experience, the impacts coming out of that into the first quarter, just depends on how severe the slowdowns are in the fourth quarter. So it's kind of a nonanswer. We're not certain, but we're trying to remain flexible and diligent and prepared to react to whatever we see out there.

根據經驗，這種情況對第一季的影響，取決於第四季經濟放緩的嚴重程度。所以這算不上一個答案。我們目前還不能確定，但我們會努力保持靈活和謹慎，並做好準備應對任何可能發生的情況。

Again, reasonable questions, hard to say. But I would say right now, at this moment, we're feeling, I think, as good as possible about the fourth quarter and therefore, how things will hopefully then proceed fairly well and not have too much of a slow start to early next year.

這些問題都很合理，很難回答。但我想說的是，就目前而言，我們對第四季度的前景感覺相當不錯，因此，我們希望接下來的事情能夠順利進行，明年年初也不會出現太緩慢的開局。

I appreciate that color, and I get that it's difficult to predict. So I wanted to ask more of a kind of high-level kind of business question, and you may want to defer this answer as well.

我喜歡這種顏色，也明白它很難預測。所以我想問一個比較高層次的商業問題，您可能也想推遲回答這個問題。

But pressure pumping has become a very big-boy game for lack of a better term, with the top three or four companies having 30-plus fleets running. And you all are kind of on the smaller end of that. Given the performance of your other business lines that seem to be kind of outperforming the general market, does it kind of make sense to pivot to away from pressure pumping and just focus on the other business lines to kind of boost productivity?

但用「大公司」來形容，壓力泵送已經成為一項非常「成人公司」的業務，排名前三或前四的公司都擁有 30 多個營運車隊。你們的規模都比較小。鑑於貴公司其他業務線的表現似乎優於整體市場，那麼放棄壓力泵送業務，轉而專注於其他業務線以提高生產力，是否明智呢？

Don, it's Ben. I think we've been talking about the fact that that's what we've been doing. Pressure pumping is a lower percentage of -- a much lower percentage of our total revenues than it has been in recent years. We still think we have some opportunities there. But as we've talked before, we're not investing aggressively within pressure pumping, but we're keeping it going.

唐，我是本。我認為我們一直在討論的就是我們一直在做的事情。壓力泵送業務在我們總收入中所佔的比例較低——比近年來低得多。我們仍然認為我們在那裡還有一些機會。但正如我們之前所說，我們不會大力投資壓力泵送，但我們會繼續推進這項工作。

And we're looking at -- and look and will look -- are looking at a variety of different options there. But yes, I would say that, high level, that's what we're doing, is focus on the less-capital-intensive service lines. And pressure pumping does continue to be capital intensive. But we want to be -- we're going to be prudent about how much and when we make significant investments there.

我們正在研究——並且將會研究——各種不同的選擇。但是，是的，我會說，從宏觀層面來說，我們正在做的就是專注於資本密集度較低的服務領域。壓力泵送仍然是資本密集型產業。但我們希望——我們會謹慎對待在那裡進行重大投資的規模和時間。

Okay. And just one -- last one for me. This A-10 downhole motor that you all talked about, can you just give us a little bit more detail on how it's differentiated and why the customers are kind of migrating towards it?

好的。就最後一個了──這是我最後一個了。你們剛才提到的A-10井下馬達，能否詳細介紹一下它的獨特之處以及客戶為何逐漸轉向使用它？

It's -- from a performance standpoint, a drill-out standpoint, it's much more effective with the longer laterals. And so that's the performance. I mean, it's just -- it's a time and efficiency thing. And I think it's through its design and its size. It's something that we focus on constantly.

從性能角度和鑽孔角度來看，較長的側向線要有效得多。演出就是這樣。我的意思是，這只是──這是一個時間和效率的問題。我認為這得益於它的設計和尺寸。這是我們一直在關注的事情。

Thru Tubing has unbelievable R&D team, engineering team, that is constantly making new innovations and improving the performance. And this is yet another example. Again, it just gets the job done more reliably and quicker. And that translates, hopefully, into improved returns for us, additional work. But it also is beneficial to the customer as well.

Thru Tubing 擁有一支令人難以置信的研發團隊和工程團隊，他們不斷進行創新並提高產品效能。這又是一個例子。再說一遍，它完成工作更可靠、更快捷。希望這能轉化為我們更高的回報和更多的工作機會。但這對顧客來說也有好處。

I appreciate the color. I look forward to seeing you all in person in a couple weeks. (multiple speakers) Thanks.

我喜歡這個顏色。期待幾週後能與大家見面。（多人發言）謝謝。

Thanks, Don.

謝謝你，唐。

(Operator Instructions) There are no further questions at this time. I will now turn the call back over to Ben Palmer for closing remarks.

（操作說明）目前沒有其他問題。現在我將把電話轉回給本·帕爾默，請他作總結發言。

Well, thank you for listening in this morning. We appreciate it very much, and I hope you have a good rest of the day. Appreciate it.

謝謝大家今天早上收聽我們的節目。非常感謝，祝您今天餘下的時間過得愉快。謝謝。

Today's call will be available for replay on www.rpc.net within two hours following the completion of the call. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議結束後兩小時內，即可在 www.rpc.net 上收聽回放。女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。