Ranger Energy Services Inc (RNGR) 2026 Q1 法說會逐字稿

Good morning, and welcome to Ranger Energy Services first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Ranger Energy Services 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Joe Mease, Vice President, Finance. Please go ahead.

現在我想把會議交給財務副總裁 Joe Mease。請開始。

Good morning and thank you for joining Ranger Energy Services first-quarter 2026 earnings conference call. Before we begin, Ranger has issued a press release outlining our operational and financial performance. The press release and accompanying presentation materials are available in the Investor Relations section of our website at www.rangerenergy.com.

早安，感謝各位參加 Ranger Energy Services 2026 年第一季財報電話會議。在開始之前，Ranger 已發布新聞稿，概述我們的營運與財務表現。新聞稿及隨附的簡報資料可於我們網站 www.rangerenergy.com 的投資人關係專區取得。

Today's discussion may contain forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties including the risks described in our periodic reports filed with the Securities and Exchange Commission.

今天的討論可能包含有關未來業務與財務預期的前瞻性陳述。由於各種風險與不確定性（包括我們向美國證券交易委員會提交之定期報告中所述風險），實際結果可能與今日前瞻性陳述所預測者有重大差異。

Except as required by law, we undertake no obligation to update our forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, changes in oil and natural gas prices, customer activity levels, operating risks, competitive pressures, weather conditions, integration risks related to acquisitions and other risks described in our filings with the Securities and Exchange Commission.

除法律要求外，我們不承擔更新前瞻性陳述之義務。可能導致實際結果不同的因素包括但不限於：原油與天然氣價格變動、客戶活動水準、營運風險、競爭壓力、天候狀況、與併購相關的整合風險，以及我們向美國證券交易委員會提交文件中所述的其他風險。

Further, please note that non-GAAP financial measures will be referenced during this call. A full reconciliation of GAAP to non-GAAP measurements is available in our latest quarterly earnings release and conference call presentation.

此外，請注意本次電話會議將提及非 GAAP 財務衡量指標。GAAP 與非 GAAP 衡量指標的完整調節表，已載於我們最新的季度財報新聞稿與電話會議簡報中。

Joining me on the call today are Stuart Bodden, Ranger's Chief Executive Officer; and Melissa Cougle, our Executive Vice President, and Chief Financial Officer.

今天與我一同參與電話會議的有：Ranger 執行長 Stuart Bodden，以及我們的執行副總裁兼財務長 Melissa Cougle。

With that, I'll turn the call over to Stuart.

接下來，我把電話交給 Stuart。

Thank you, Joe, and good morning, everyone. We appreciate you joining us today as we discuss Ranger's first-quarter 2026 results and our strong financial performance. Despite a challenging start to the year, driven by the severity of winter storm Fern, Ranger delivered solid financial results with meaningful year-over-year growth and continued progress against our strategic priorities.

謝謝你，Joe，各位早安。感謝各位今天加入我們，一同討論 Ranger 2026 年第一季的業績，以及我們強勁的財務表現。儘管年初開局充滿挑戰，主要受到冬季風暴 Fern 嚴重程度的影響，Ranger 仍交出穩健的財務成果，實現具意義的年增成長，並持續推進我們的策略優先事項。

For the first-quarter, Ranger generated total revenue of $159.1 million and adjusted EBITDA of $23.3 million, representing growth both sequentially and versus the prior year. Importantly, these results reflect a quarter that began sluggishly but finished with strong momentum as February and March activity levels rebounded across our portfolio.

第一季，Ranger 的總營收為 1.591 億美元，調整後 EBITDA 為 2,330 萬美元，無論較前一季或較去年同期皆呈現成長。重要的是，這些結果反映出本季初期表現較為疲弱，但隨著 2 月與 3 月我們投資組合各項業務的活動水準回升，季末以強勁動能收尾。

The severe winter storm in January temporarily disrupted activity in all regions for several days, particularly in the Permian Basin. However, conditions improved and activity levels rebounded and we exited the quarter with stronger utilization and improving operating cadence. That positive momentum has continued into April.

1 月的嚴重冬季風暴曾在所有地區短暫中斷數日的作業活動，尤其是在二疊紀盆地（Permian Basin）。然而，隨著狀況改善，活動水準回升，我們在季末以更高的設備利用率與改善中的營運節奏結束本季。這股正向動能也延續到 4 月。

From a strategic standpoint, we remain focused on execution, safety, and disciplined growth. We continue to integrate the AWS businesses, advance our ECHO hybrid rig program, and invested in areas that support long-term value creation while maintaining operational and financial discipline.

從策略面來看，我們仍專注於執行力、安全，以及有紀律的成長。我們持續整合 AWS 業務、推進 ECHO 混合動力鑽修井機計畫，並投資於支持長期價值創造的領域，同時維持營運與財務紀律。

Looking at some specifics, high-spec rigs once again delivered strong results in the first-quarter and continues to serve as the cornerstone of Ranger's performance. Revenue in the segment increased both sequentially and year-over-year, driven by incorporation of a full quarter of legacy AWS rigs, an improvement in utilization across the legacy Ranger fleet and resilient pricing. Top line growth in the quarter was driven by a meaningful shift in rig activity beginning in March.

就一些具體項目而言，高規格鑽修井機在第一季再次交出強勁成果，並持續作為 Ranger 表現的基石。該部門營收無論較前一季或較去年同期皆增加，主要受惠於納入完整一季的 AWS 既有鑽機、Ranger 既有機隊利用率提升，以及具韌性的定價。本季營收成長主要來自 3 月開始鑽機活動出現顯著轉強。

While some slight margin pressure was felt due to higher levels of white space earlier in the quarter and some maintenance-related expenses. Despite this, segment margins remained over 20% and we expect them to improve in the second and third-quarter of this year as we continue to focus on disciplined cost management, efficient scheduling and as we realize the benefits of increased scale.

雖然由於本季前段較高的閒置時段（white space）以及部分維修相關費用，毛利率略有壓力。儘管如此，該部門利潤率仍維持在 20% 以上；我們預期在今年第二季與第三季，隨著持續聚焦有紀律的成本管理、有效排程，以及規模擴大效益逐步顯現，利潤率將進一步改善。

Operational execution across the fleet remains strong. Our teams continue to deliver safe, reliable service while maintaining high service quality and customer satisfaction. This was reflected in an expansion of our rig rate to $731 per hour. Customer demand for high-quality workover rigs remains healthy, particularly in mature basins where operators are focused on maximizing production from existing assets. We continue to see Ranger's high-spec rig fleet viewed as a preferred solution due to our reliability, performance, and safety record.

整體機隊的營運執行仍然強勁。我們的團隊持續提供安全、可靠的服務，同時維持高服務品質與客戶滿意度。這也反映在我們的鑽機費率提升至每小時 731 美元。客戶對高品質修井鑽機的需求仍然健康，特別是在成熟盆地，營運商專注於最大化既有資產的產量。我們持續看到 Ranger 的高規格鑽機機隊因其可靠性、效能與安全紀錄而被視為首選解決方案。

During the quarter, we also made continued progress on our ECHO hybrid electric rig program. We announced the signing of a new 15 rig contract as part of our year-end earnings and construction activities are underway and advancing as planned. Our first ECHO rigs deployed in late 2025 are in the field operating currently and the early operational results are impressive. We are seeing a high amount of productive time and receiving positive customer feedback about the capabilities of these rigs. The fleet additions remain on track for delivery beginning later this year.

本季我們也在 ECHO 混合電動鑽機計畫上持續取得進展。我們在年終財報時宣布簽署一份新的 15 台鑽機合約，目前建造作業已展開並按計畫推進。我們於 2025 年底部署的首批 ECHO 鑽機目前已在現場運作，初期營運成果令人印象深刻。我們看到高比例的有效作業時間，並收到客戶對這些鑽機能力的正面回饋。新增機隊仍按計畫進行，預計自今年稍晚開始交付。

Having visited the manufacturer and spent time on the rig and exploring its capabilities we are more convinced than ever that ECHO represents a meaningful differentiator for Ranger, delivering improved efficiency, lower fuel consumption, and emissions benefits for our customers while at the same time, generating attractive returns for our shareholders.

在拜訪製造商、並在鑽機上實地體驗與探索其能力後，我們比以往更確信 ECHO 將成為 Ranger 重要的差異化優勢：在為客戶帶來更高效率、更低燃料消耗與減排效益的同時，也為股東創造具吸引力的報酬。

Turning to ancillary services. This segment continues to grow in strategic importance within Ranger. We see meaningful opportunity to expand this segment organically through cross-selling, improved utilization and leveraging our scale and customer relationships. The first-quarter marked another period of solid growth and improving contribution. Revenue and profitability increased sequentially and year-over-year, driven by higher activity across several service lines and a full quarter's inclusion of expanded offerings acquired through the AWS transaction.

接著談到配套服務（ancillary services）。此部門在 Ranger 內部的策略重要性持續提升。我們看到透過交叉銷售、提升利用率，以及運用我們的規模與客戶關係來有機擴張該部門的重大機會。第一季再次呈現穩健成長並提升貢獻度。營收與獲利能力無論較前一季或較去年同期皆增加，主要由多條服務線活動提升，以及 AWS 交易所取得之擴增服務完整一季納入所帶動。

Integration efforts progressed well during the quarter, and we are realizing early benefits from combining these assets with Ranger's broader platform. Speaking specifically to a couple of our service lines, within our P&A group, we commenced activity on our recently awarded Texas Railroad Commission contracts and are pleased with how that work is progressing and how our relationship with the regulatory bodies, both within and outside of Texas are developing. This contract aligns well with our capabilities, provides a steady source of activity and further diversifies our revenue base.

本季整合工作進展順利，我們也正從將這些資產與 Ranger 更廣泛的平台結合中，逐步實現早期效益。就我們的部分服務線而言，在 P&A 團隊方面，我們已開始執行近期取得的德州鐵路委員會（Texas Railroad Commission）合約，對於該項工作推進情況，以及我們與監管機構（德州境內與境外）關係的發展感到滿意。此合約與我們的能力高度契合，提供穩定的活動來源，並進一步分散我們的營收基礎。

The tubing, rental and inspection business acquired in the fall has also been a bright spot with significant capacity to grow with minimal capital and strong incremental margins, we are looking to increase our business in this service line and see its contribution to our bottom line grow in the coming quarters.

去年秋季收購的油管、租賃與檢測業務同樣是一大亮點；該業務具備在資本投入極少的情況下顯著成長的能力，且增量利潤率強勁。我們希望提升此服務線的業務量，並在未來幾季看到其對我們獲利的貢獻持續增加。

On Wireline Services, we were particularly pleased with the overall financial performance and stability of this segment through the first-quarter. We have historically had a difficult time navigating to positive adjusted EBITDA in Q1 given winter weather and the more northern exposure of the business. Activity improved meaningfully in March, and the business exited the quarter with stronger operational performance and respectable margins.

至於測井服務（Wireline Services），我們對該部門在第一季整體財務表現與穩定性特別滿意。由於冬季天候以及該業務較偏北部的曝險，我們過去在第一季通常較難達成正向的調整後 EBITDA。3 月活動明顯改善，該業務在季末以更強的營運表現與可觀的利潤率結束本季。

Before turning the call over to Melissa, I want to briefly touch on the broader market environment. When we entered 2026, macro sentiment across the energy sector remain cautious with many operators planning for relatively flat to down activity levels. As the quarter progressed, geopolitical developments and improving crude oil futures began to modestly improve sentiment. We've seen this reflected in customer conversations that are increasingly constructive particularly around production-focused work and maintenance activity.

在把電話會議交給 Melissa 之前，我想先簡要談談更廣泛的市場環境。進入 2026 年時，能源產業的總體情緒仍偏謹慎，許多營運商規劃的活動水準大致持平至下滑。隨著本季推進，地緣政治發展以及原油期貨走勢改善，開始小幅提振市場情緒。我們也在與客戶的對話中看到這點反映，討論愈發具建設性，特別是在以生產為重點的工作與維護活動方面。

Ranger's business model is well suited to this environment. Our portfolio is heavily weighted toward workover, maintenance, and production optimization services on existing wells. Services that are essential, cost-effective, and critical to sustaining production and bringing short-cycle barrels to market. Combined with our scale across the Lower 48 and our long-lived asset base, we believe we are well positioned to respond efficiently as activity levels evolve.

Ranger 的商業模式非常適合這樣的環境。我們的產品組合高度偏重於既有井的修井、維護與生產最佳化服務。這些服務屬於必要、具成本效益，且對於維持產量並將短週期產量推向市場至關重要。結合我們在美國本土 48 州的規模以及長壽命資產基礎，我們相信隨著活動水準演變，我們具備良好條件以高效率回應。

With that, I'll turn the call over to Melissa to walk through our financial results in more detail.

接下來，我把電話會議交給 Melissa，請她更詳細說明我們的財務結果。

Thank you, Stuart, and good morning, everyone. I'll walk through our first-quarter 2026 financial results in more detail and then spend some time on cash flow, the balance sheet and capital allocation.

謝謝你，Stuart，各位早安。我將更詳細說明我們 2026 年第一季的財務結果，並花一些時間談現金流、資產負債表與資本配置。

For the first-quarter of 2026, Ranger generated total revenue of $159.1 million compared to $142.2 million in the fourth-quarter of 2025 and $135.2 million in the first-quarter of 2025. The sequential and year-over-year increase in revenue was driven primarily by higher activity levels in our high-spec rigs business and continued growth in our ancillary services segment, including a full quarter of contribution from the legacy AWS business.

2026 年第一季，Ranger 的總營收為 1.591 億美元，相較於 2025 年第四季的 1.422 億美元，以及 2025 年第一季的 1.352 億美元。營收的季增與年增主要由我們高規格鑽機業務的活動水準提高，以及我們周邊服務部門持續成長所帶動，其中包含傳統 AWS 業務貢獻的完整一季。

Net income for the quarter was $3 million or $0.12 per diluted share compared to $600,000 or $0.03 per diluted share in the first-quarter of 2025. Adjusted EBITDA for the first-quarter was $23.3 million, representing a margin of 14.6%, this compares to adjusted EBITDA of $20.3 million and a 14.3% margin in the fourth-quarter of 2025 and $15.5 million and an 11.5% margin in the first-quarter of last year. The year-over-year improvement in adjusted EBITDA and margins reflects higher revenue, improved contribution from ancillary services, stronger performance in high-spec rigs and much improved results in Wireline relative to last year.

本季淨利為 300 萬美元，或稀釋後每股 0.12 美元，相較於 2025 年第一季的 60 萬美元，或稀釋後每股 0.03 美元。第一季調整後 EBITDA 為 2,330 萬美元，毛利率為 14.6%；相較之下，2025 年第四季調整後 EBITDA 為 2,030 萬美元、毛利率 14.3%，去年第一季為 1,550 萬美元、毛利率 11.5%。調整後 EBITDA 與毛利率的年增改善反映了營收提高、周邊服務貢獻提升、高規格鑽機表現更強，以及 Wireline 相較去年大幅改善的結果。

General and administrative expense was $7.8 million in the first-quarter compared to $8.9 million in the fourth-quarter of 2025 reflecting the elevated transaction expenses in the fourth-quarter as a consequence of the AWS transaction.

第一季一般及行政費用為 780 萬美元，相較於 2025 年第四季的 890 萬美元，主要反映第四季因 AWS 交易而產生較高的交易費用。

Now turning to segment performance. Revenue in our High Spec Rigs segment was $106.2 million in the first-quarter compared to $92.3 million in the fourth-quarter of 2025. The sequential increase was driven primarily by higher rig hours, which totalled approximately 145,400 hours in the quarter compared to 128,500 hours in the fourth-quarter and 115,700 hours in the first-quarter of 2025.

接著看各事業部表現。我們高規格鑽機（High Spec Rigs）事業部第一季營收為 1.062 億美元，相較於 2025 年第四季的 9,230 萬美元。季增主要由鑽機工時增加所帶動，本季約 145,400 小時，相較於第四季的 128,500 小時，以及 2025 年第一季的 115,700 小時。

Adjusted EBITDA increased to $21.4 million compared to $19.6 million in the fourth-quarter and $17.4 million in the prior year quarter. Adjusted EBITDA margins remained strong and above 20%, reflecting solid execution, cost discipline, and operating leverage.

調整後 EBITDA 增至 2,140 萬美元，相較於第四季的 1,960 萬美元，以及去年同期的 1,740 萬美元。調整後 EBITDA 利潤率維持強勁並高於 20%，反映了良好的執行力、成本紀律與營運槓桿。

Revenue in our Processing Solutions and Ancillary Services segment was $42.3 million in the first-quarter compared to $37.5 million in the fourth-quarter and $30.5 million in the first-quarter of 2025. Adjusted EBITDA was $8 million, up from $6.2 million in the fourth-quarter and $5.6 million in the prior year period. The increase reflects higher activity across several service lines and the continued ramp-up of services acquired through the AWS transaction.

我們處理解決方案與周邊服務（Processing Solutions and Ancillary Services）事業部第一季營收為 4,230 萬美元，相較於第四季的 3,750 萬美元，以及 2025 年第一季的 3,050 萬美元。調整後 EBITDA 為 800 萬美元，高於第四季的 620 萬美元，以及去年同期的 560 萬美元。增加主要反映多條服務線活動提升，以及透過 AWS 交易取得之服務持續爬坡。

Revenue in our Wireline Services segment was $10.6 million in the first-quarter. As Stuart mentioned, activity levels improved meaningfully in February and March, and the business exited the quarter with good momentum. On an adjusted EBITDA basis, the segment was essentially break even in the first-quarter, a meaningful improvement compared to an adjusted EBITDA loss of $2.3 million in the prior year period.

我們 Wireline Services 事業部第一季營收為 1,060 萬美元。如 Stuart 所提到，2 月與 3 月的活動水準明顯改善，該業務在季末以良好動能收尾。以調整後 EBITDA 計，該事業部第一季基本上損益兩平，相較於去年同期調整後 EBITDA 虧損 230 萬美元，為顯著改善。

Ranger's free cash flow for the first-quarter was negative $21.7 million compared to positive $3.4 million in the prior year period. The primary driver of the year-over-year change in cash flow was working capital timing with cash flow in the first-quarter impacted by the buildup in accounts receivable related to customer instituted billing blackout periods at year-end, transition-related billing changes associated with new price books and billing protocols within the legacy AWS business as well as temporary timing impacts associated with the transition to Ranger's ERP system. We expect that working capital levels will return to more normalized levels over the next two quarters.

Ranger 第一季自由現金流為負 2,170 萬美元，相較於去年同期為正 340 萬美元。現金流年對年變動的主要原因是營運資金時點：第一季現金流受到應收帳款增加的影響，該增加與客戶在年末實施的開立帳單暫停期間（billing blackout periods）有關；亦受到傳統 AWS 業務中新價目表與開立帳單流程所帶來的過渡期帳務變更影響；以及轉換至 Ranger ERP 系統所造成的暫時性時點影響。我們預期未來兩季營運資金水準將回到較正常的水準。

Capital expenditures for the first-quarter totalled $18.3 million, compared to $7.2 million in the first-quarter of 2025. The increase was primarily driven by milestone payments related to the ECHO hybrid rig build-out program. During the quarter, we also received a large upfront contribution from a key customer related to our ECHO hybrid rig build-out program.

第一季資本支出合計 1,830 萬美元，相較於 2025 年第一季的 720 萬美元。增加主要由 ECHO 混合動力鑽機建置計畫的里程碑付款所帶動。本季我們也收到一位關鍵客戶就 ECHO 混合動力鑽機建置計畫所提供的一筆大額前期款項。

These payments also contributed to an increase in liabilities in the balance sheet as those payments will be recognized as revenue over the life of the contract. ECHO represents a strategic investment in next-generation equipment that we believe will deliver attractive returns, improve operating efficiency, and enhance Ranger's competitive position.

這些款項也使資產負債表上的負債增加，因為這些款項將在合約期間內逐步認列為營收。ECHO 是對次世代設備的策略性投資，我們相信將帶來具吸引力的報酬、提升營運效率，並強化 Ranger 的競爭地位。

Turning to liquidity. As of March 31, 2026, total liquidity was $42.5 million consisting of $35.6 million of availability under our revolving credit facility and $6.9 million of cash on hand. We continue to believe our balance sheet provides ample flexibility to support operations, fund planned capital investments and pursue disciplined capital allocation.

接著談流動性。截至 2026 年 3 月 31 日，總流動性為 4,250 萬美元，其中包含循環信用額度下可動用額度 3,560 萬美元，以及手上現金 690 萬美元。我們仍相信資產負債表提供充足的彈性，以支援營運、資助規劃中的資本投資，並推動審慎的資本配置。

With that, I'll turn the call back to Stuart for closing remarks.

接下來，我把電話會議交回給 Stuart 作結語。

Thank you, Melissa. In summary, the first-quarter highlighted the resilience and strength of Ranger's business. We delivered solid financial results, generated meaningful adjusted EBITDA, and exited the quarter with improving momentum. Our high-spec rigs and ancillary services businesses continue to perform well. The AWS integration is progressing as planned, and our investments in next-generation equipment position us well for the future.

謝謝你，Melissa。總結而言，第一季凸顯了 Ranger 業務的韌性與實力。我們交出穩健的財務表現，創造具意義的調整後 EBITDA，並在季末以改善的動能收尾。我們的高規格鑽機與周邊服務業務持續表現良好。AWS 整合正按計畫推進，而我們對次世代設備的投資也讓我們在未來具備良好定位。

As we move into the second-quarter, we remain focused on disciplined execution, safety and delivering value for our shareholders. We believe Ranger is well positioned to navigate the current environment and capitalize on opportunities as activity levels evolve. With that, operator, we can now open the call for questions.

隨著我們進入第二季，我們仍專注於嚴謹的執行、安全，以及為股東創造價值。我們相信 Ranger 已具備良好條件，能夠在當前環境中穩健應對，並隨著活動水準演變把握機會。那麼，接線員，我們現在可以開放提問。

(Operator Instructions)

(接線員指示)

Don Crist, Johnson Rice.

Don Crist，Johnson Rice。

I wanted to start with what we've been hearing out of a lot of other companies that the oil strip has really kind of been reset here. And while a lot of people think that if Iran War ended today that the long end of the strip is going to continue to rise going forward. I don't know if you have any thoughts on that kind of macro view. But can you relate that and how you're seeing your customer behaviour conversations going as a result of kind of that narrative that we're seeing come through the industry?

我想先從我們從許多其他公司聽到的情況談起：原油遠期價格帶（oil strip）在這裡似乎真的被重新設定了。而且，雖然很多人認為即使伊朗戰爭今天就結束，遠端曲線（strip 的長端）未來仍會持續上升。我不確定你對這種宏觀觀點是否有任何想法。但你能否把這點連結到你們所看到的客戶行為——在這種產業敘事之下，你們與客戶的對話進展如何？

Sure. Thanks for the question, Don. I think when we talk to our customers, what we're hearing and it really depends a little bit on the size and kind of geography of the customer. So I think in our conversations, most of the biggest customers for now are remaining fairly disciplined. We are taking more inbounds.

當然。謝謝你的問題，Don。我想我們與客戶溝通時聽到的情況，確實會在某種程度上取決於客戶的規模與地理分布。所以在我們的對話中，目前多數最大型的客戶仍維持相當自律。我們收到更多主動洽詢。

We're getting kind of more interest. But at the moment, they're not meaningfully changing workover -- I mean, the workover programs. I mean I think we are seeing some stuff on the margins. I think as you get into some of the smaller players or in some basins that were a little bit more on the margin. We are certainly seeing an increase in activity and more demand, particularly to accelerate barrels, right?

我們得到更多的關注與興趣。但就目前而言，他們並沒有實質性地改變修井——我是說，修井計畫（workover programs）。我想我們確實在邊際上看到一些變化。我認為當你看到一些較小型的業者，或是在一些本來就較偏邊際的盆地。我們確實看到活動增加與需求提升，特別是為了加速產量（barrels），對吧？

So on the workover program. I think our sense is that as this continues to play out that we think things are setting up pretty well for the back half of the year. And I guess the second thing, third thing I would highlight is on our quarter and I think in the comments from both me and Melissa, we highlighted that we exited the quarter strongly and that's a trend that has continued into April. So we are certainly seeing some tailwinds.

就修井計畫而言。我們的感覺是，隨著這些情況持續發展，我們認為今年下半年整體態勢會相當不錯。我想我還要強調第二點、第三點：就我們這一季而言，而且我和 Melissa 的評論中也提到，我們在季末以強勁態勢收尾，而這個趨勢在 4 月仍持續。所以我們確實看到一些順風。

Okay. And just as far as a function of kind of white space in your calendars, I know when we met a couple of weeks back, you said that that was going away rapidly. But are we to the stage where you could possibly reactivate rigs to meet demand? Or we still have a little bit of slack in the system?

好的。另外就你們行程表中的空檔（white space）而言，我知道我們幾週前見面時，你說那正在快速消失。但我們是否已經到了可以為了滿足需求而重新啟用鑽機（reactivate rigs）的階段？還是系統裡仍有一些餘裕？

There's a little bit, but not much. I'd say we're kind of getting to the point now where like if somebody wants to do a smaller program and we have a little bit of slack in the schedule; we can fit them in. But we're kind of getting to the point now to where we're hiring crews and we'll need to add capacity.

還有一點，但不多。我會說我們現在差不多到了這樣的程度：如果有人想做一個較小的專案，而我們的排程還有一點空檔，我們可以把他們塞進來。但我們也差不多到了需要招募班組（crews）並增加產能的時點。

Okay. And Melissa, one for you. I think the working capital build this quarter kind of shocked several of us. And I know in your comments, you said that that should unwind. But any further comments there? I mean, it seemed like a pretty decent-sized number, but that should reverse pretty quickly in my opinion.

好的。Melissa，問你一題。這一季的營運資金增加（working capital build）讓我們幾個人有點震驚。我知道你在評論中說這應該會回轉。但你還有沒有進一步的說明？我的意思是，這看起來是個相當可觀的數字，但依我看應該會很快反轉。

Yes, Don, we did -- I think it was -- we knew it would be, and we have tried to signal that it would be a negative cash flow quarter because we saw some of it early days. To be fair, I think we were hoping to have more progress by the time we get to March 31. The reality is we had a very substantial billing blackout by one of our biggest customers in December. And when we look at legacy Ranger businesses, we're still kind of hit with 10 days unwinding and trying to push through from that.

是的，Don，我們確實——我想那是——我們知道它會發生，而且我們也試著釋放訊號：這會是一個現金流為負的季度，因為我們在早期就看到其中一些跡象。公平地說，我想我們原本希望在 3 月 31 日之前能有更多進展。現實是，我們在 12 月遭遇我們最大客戶之一非常大幅度的開立帳單中斷（billing blackout）。而當我們看 Ranger 的既有業務時，我們仍受到約 10 天的回沖影響，並試著把它推進處理。

Then on top of that, you had exacerbated issues around AWS because we were getting to combine pricing books where those price books, they tend to drag out your billing cycle because you have to get all these different pieces of the puzzle in place to allow the invoices to flow through on the new price book.

此外，AWS 方面的問題也被放大，因為我們正在整合定價手冊（pricing books）；而那些價格手冊往往會拉長你的開票週期，因為你必須把各種不同的拼圖部件都就位，才能讓發票在新的價格手冊下順利流轉。

Then I would say, on a final on the AP side, because we were moving the AWS organization into Ranger for April 1, we made a call late in the quarter to actually clear out the open AP so we paid out and there was an extra few million dollars that was paid out that long-term benefit to Ranger to kind of make that transition much smoother. But again, short-term impact to the quarter on the working capital side.

最後我會說，在應付帳款（AP）端，因為我們要在 4 月 1 日把 AWS 組織併入 Ranger，我們在季末較晚的時點做了一個決定：把未結清的應付帳款清掉，所以我們把款項付出去了；因此多付出了幾百萬美元，但從長期來看，這對 Ranger 有利，能讓這次轉換更順暢。但同樣地，短期內對本季營運資金面造成影響。

We do believe when we get into Q2, the April 1 go live on the ERP will probably continue to leave us challenge for the next month on -- and then I think we'll start to finally start to see DSO really improve when we get into May and June. So I don't think you'll see everything get back to normal by the end of Q2, but I think we'll see a lot of normalization in Q2 and then we'll pick the final piece of it up in Q3 on the DSO side. Helpful.

我們確實相信進入第二季後，4 月 1 日 ERP 上線（go live）可能在接下來一個月仍會讓我們面臨挑戰——然後我認為到了 5 月與 6 月，我們終於會看到應收帳款週轉天數（DSO）明顯改善。所以我不認為到第二季末一切都會完全回到正常，但我認為第二季會看到相當程度的正常化，而 DSO 的最後一塊我們會在第三季補齊。很有幫助。

John Daniel, Daniel Energy Partners.

John Daniel，Daniel Energy Partners。

I think I'm going to stick with the theme of Don's question because we also hear the same view that operators believe the forward curve is mispriced and should be higher and smaller operators are reacting to that right now, as you mentioned, and we've seen, and we know those small players are always the first movers and larger companies as we also know tend to be slower.

我想我會延續 Don 的問題主題，因為我們也聽到同樣的看法：營運商認為遠期曲線被錯誤定價，應該更高；而你提到的小型營運商現在正對此做出反應，我們也看到——而且我們知道這些小型玩家總是最先行動，而我們也知道大型公司往往比較慢。

But presumably, they make the upwards activity shift next year. So forgive that long-winded preamble to my question, but if you share that view, how would this glass half full outlook impact your vision for Ranger? What I mean by this Stuart, is now the time to get ahead of it in either fast track consolidation? Is now the time to accelerate even more ECHO new builds?

但推測他們會在明年把活動往上調整。所以請原諒我這段冗長的鋪陳；如果你也認同這個觀點，這種「半杯水」的樂觀展望會如何影響你對 Ranger 的願景？我的意思是，Stuart，現在是否是應該提前布局的時候，例如加速推進整併？現在是否是加速更多 ECHO 新建（new builds）的時機？

Or do you just get a little bit aggressive on the front end and start pushing pricing a bit harder. I know there's probably other choices, but just kind of if you could opine on strategy?

或者你是否會在前端更積極一些，開始更用力地推動價格上調。我知道可能還有其他選項，但如果你能就策略發表一些看法？

Yes. I think you probably sort of characterize the conversations right in that. I think as we go in and we look at activity and it can be a range of things, right? Our willingness to get multi-rig discounts. As you can imagine, that's becoming more challenging to entertain.

是的。我想你對對話的描述大致正確，也就是——我認為當我們進去看活動水準時，可能涵蓋一系列事情，對吧？例如我們願意提供多台鑽機折扣（multi-rig discounts）的程度。如你所想像，這正變得更難以接受。

As we think about sort of hiring a crew when you have line of sight to 50% utilization or full utilization. So I think on the margin, it's easier just to be more confident, more aggressive on that. I do think on the ECHO program, we've had a lot of discussion about as we bring those rigs into the market, will they displace rigs? Or will they be completely additive. And I think as we go forward, we're feeling more and more confident that they will be additive, which has a huge impact to the business.

當我們在考慮某種程度上要不要增聘人手時，通常是在你已經能看見 50% 的稼動率或是滿載稼動率的情況下。所以我認為在邊際上，要更有把握、採取更積極的作法會比較容易。我確實認為在 ECHO 計畫上，我們已經就一個議題做了很多討論：當我們把那些鑽機帶進市場時，它們會不會排擠其他鑽機？或者它們會不會是完全新增的量。而我想隨著我們往前推進，我們越來越有信心它們會是新增的，這對業務會有很大的影響。

So I feel like with those rigs coming in, we are kind of naturally adding capacity and hopefully, at the right time. So hopefully, that kind of makes sense. But I mean, I think just in general, I think I'm not sure you're going to see a massive shift in strategy, but I think on the margin, we're certainly feeling pretty confident.

所以我覺得隨著那些鑽機進來，我們某種程度上是很自然地在增加產能，而且希望是在對的時間點。所以希望這樣的說法有道理。不過我的意思是，整體來看，我不確定你會看到策略出現巨大的轉變，但在邊際上，我們確實感到相當有信心。

Okay. And if I remember correctly in the slide deck, I think you had 193 active rigs, maybe that was as of year-end. Can you just say what the active count is today? And.

好的。如果我沒記錯的話，在簡報投影片裡，我想你們有 193 台在役鑽機，可能那是截至年底的數字。你能不能說一下今天的在役數量是多少？以及。

Yes. I mean, right now, it's about the same. It hasn't meaningfully changed. That number includes -- you always have some rigs that are getting preventative maintenance or refurbs, et cetera. But I'd say right now, it's about the same.

是的。我的意思是，目前大概差不多。沒有出現實質性的變化。那個數字包含——你們總會有一些鑽機在做預防性維護或翻修等等。但我會說現在大概就是差不多。

But again, kind of to Don's question earlier, we're kind of getting near that point where to satisfy new demand, we're going to have to activate rigs.

但同樣地，呼應 Don 先前的問題，我們正接近那個點：為了滿足新增需求，我們將不得不啟用更多鑽機。

Okay. And I got one more, and then I'll turn it back over. But One of your very, very small competitors was complaining to me that they can't find parts to reactivate equipment. Can you just speak to the supply chain and do you think that's an anomaly? Or just how does that impact you guys?

好的。我還有一個問題，然後我就把時間交回去。不過你們一個非常、非常小的競爭對手跟我抱怨說，他們找不到零件來重新啟用設備。你能不能談談供應鏈的情況，你覺得那是個別異常嗎？或者這對你們的影響是什麼？

I'm not sure it's an anomaly, but I don't think we have felt that. So I don't think we're feeling supply chain issues. What I would tell you is it wouldn't surprise me if two quarters from here, we're talking about labour tightness, again, which we haven't really talked about for a while. But at the moment, we're not really having issues on supply chain.

我不確定那是不是個別異常，但我不認為我們有感受到那樣的情況。所以我不覺得我們正面臨供應鏈問題。我會告訴你的是，如果兩個季度之後我們又在談勞動力吃緊——這個議題我們已經有一段時間沒怎麼談了——我也不會意外。但就目前而言，我們在供應鏈方面並沒有真正遇到問題。

(Operator Instructions)

(接線員指示)

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

I wanted to hit on the production optimization theme that you highlighted in your opening comments, talking about accelerating barrels. Maybe just help educate us in the market as far as how we should think about Ranger taking advantage of the current macro, be it on the work-over program. You obviously have rigs that are dedicated towards completion or production, coiled tubing, anything else inside of the ancillary solutions segment of yours.

我想談談你在開場評論中強調的「產量最佳化」主題，也就是談到加速產出桶數。也許請你幫市場上的我們多了解一下，應該如何看待 Ranger 在目前總體環境下如何把握機會——不論是在修井（work-over）計畫上。你們顯然也有鑽機是專門用於完井或生產的，還有連續油管（coiled tubing），以及你們輔助解決方案（ancillary solutions）部門裡的其他業務。

Just trying to think about how you guys can also benefit as these E&Ps look to accelerate DUCs or optimize the current production pace to take advantage of the front month here?

我只是想了解，當這些 E&P 業者希望加速 DUC（已鑽未完井井）或最佳化目前的生產節奏，以把握近月合約的機會時，你們也能如何受益？

Yes. Thanks for the question, Derek, I hope you're doing well. Again, I think kind of when we talk to customers, I mean obviously, the shorter-cycle barrels they have is to go into -- just go into a work-over. And certainly, we're seeing right now, some of the smaller customers get pretty aggressive on those programs. To go do a drill completion kind of create a program for that, obviously, takes time and the curve is still pretty backwardated and as you know, not very liquid from a trading perspective in the out years.

是的。謝謝你的問題，Derek，希望你一切都好。再說一次，我想當我們和客戶交流時，他們能最快帶來產出的短週期桶數，顯然就是去做——直接做修井（work-over）。而且我們確實看到目前一些較小的客戶在這些計畫上變得相當積極。至於要去做鑽井加完井、並為此建立一個計畫，顯然需要時間；而且期貨曲線仍然相當逆價差（backwardated），如你所知，從交易角度來看，遠期年度的流動性也不高。

So I think what we're seeing is people trying to get physical barrels in the market pretty quickly. That obviously is right down the fairway of everything that we do in the high spec rig segment.

所以我認為我們看到的是，大家都在試著很快把實體桶數推向市場。而這顯然正好完全契合我們在高規格鑽機業務板塊所做的一切。

I would say for some of our other service lines that tend to be a little more completion oriented. And so I'm thinking things like the coiled tubing business, some of the ancillary completion-related services we picked up with AWS. I think what we are seeing is those are just kind of generally firming up.

我會說，對於我們其他一些較偏向完井的服務線而言，我指的是像連續油管業務、以及我們透過收購 AWS 取得的一些與完井相關的輔助服務。我認為我們看到的是，這些業務整體上正在逐步走強。

So I'm not sure it's again -- it's not like it's a doubling of activity, but where somebody maybe in the past said, "hey, I've got some work, I'm going to go give them back to you in six weeks. Now they're saying, "you know what, I want to keep it because I don't want to give it back.

所以我不確定這是否又是——並不是說活動量翻倍，但以前可能有人會說：「嘿，我有些工作，我六週後再把它們還給你。」現在他們會說：「你知道嗎，我想把它留著，因為我不想把它還回去。」

So I think we are seeing just sort of really steady work on the completions side, which obviously sort of helps the financials across the board.

所以我認為我們在完井端看到的就是相當穩定的工作量，這顯然也有助於全面改善財務表現。

That concludes our question-and-answer session. I would like to turn the conference back over to Stuart Bodden for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Stuart Bodden，請他做結語。

Thank you, operator. Thanks to all of you for your interest in Ranger. And obviously, please reach out to us if you have any questions. Have a good week, everyone.

謝謝你，接線員。感謝各位對 Ranger 的關注。當然，如果你們有任何問題，請隨時與我們聯繫。祝大家本週愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。