斯倫貝謝公司 (SLB) 2024 Q2 法說會逐字稿

Thank you, everyone, for standing by.

謝謝大家的支持。

Welcome to the SLB second-quarter earnings conference call.

歡迎參加 SLB 第二季度財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to James R. McDonald, Senior Vice President of Investor Relations and Industry Affairs.

現在我想將會議交給投資者關係和行業事務高級副總裁詹姆斯·R·麥克唐納 (James R. McDonald)。

Please go ahead.

請繼續。

Thank you, Leah.

謝謝你，莉亞。

Good morning and welcome to the SLB second-quarter 2024 earnings conference call.

早安，歡迎參加 SLB 2024 年第二季財報電話會議。

Today's call is being hosted from London following our Board meeting held earlier this week.

今天的電話會議是在本週早些時候舉行的董事會會議之後在倫敦舉行的。

Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer

與我們一起參加電話會議的還有執行長 Olivier Le Peuch；和財務長 Stephane Biguet

Before we begin, I would like to remind all participants that some of the statements we'll be making today are forward-looking.

在開始之前，我想提醒所有與會者，我們今天將發表的一些聲明具有前瞻性。

These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements.

這些事項涉及風險和不確定性，可能導致我們的結果與這些聲明中預測的結果有重大差異。

For more information, please refer to our latest 10-K filing and other SEC filings which can be found on our website.

如需了解更多信息，請參閱我們最新的 10-K 文件和其他 SEC 文件，這些文件可在我們的網站上找到。

Our comments today also include non-GAP financial measures.

我們今天的評論還包括非 GAP 財務措施。

Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our second-quarter press release, which is on our website.

有關最直接可比較的 GAAP 財務指標的更多詳細資訊和調整表，請參閱我們網站上的第二季新聞稿。

And finally, in conjunction with our proposed acquisition, SLB and ChampionX have filed materials with the SEC, including the registration statement with a proxy statement and prospectuses.

最後，結合我們擬議的收購，SLB 和 ChampionX 已向 SEC 提交了資料，包括帶有代理聲明的註冊聲明和招股說明書。

These materials can be found on the SEC's website or from the party's websites.

這些資料可以在 SEC 網站或當事人的網站上找到。

With that, I will turn the call over to Olivier.

這樣，我會將電話轉給奧利維爾。

Thank you, James.

謝謝你，詹姆斯。

Ladies and gentlemen, thank you for joining us on the call.

女士們先生們，感謝您參加我們的電話會議。

This was a very strong second quarter for SLB, showcasing our ability to harness the ongoing growth cycle while driving efficiencies throughout our business.

對於 SLB 來說，這是非常強勁的第二季度，展示了我們利用持續成長週期同時提高整個業務效率的能力。

During today's call, I will cover three topics.

在今天的電話會議中，我將討論三個主題。

First, I will review our second-quarter results.

首先，我將回顧我們第二季的業績。

Then I will describe the dynamics of the cycle and how we are positioning our business for further growth and margin expansion.

然後我將描述週期的動態以及我們如何定位我們的業務以實現進一步成長和利潤率擴張。

And finally, I will share our updated outlook for the full year and discuss our ongoing commitment to returns to shareholders.

最後，我將分享我們最新的全年展望，並討論我們對股東回報的持續承諾。

Stephane will then provide additional details on our financial results, and we will open the line for your questions.

然後史蒂芬將提供有關我們財務業績的更多詳細信息，我們將開通您的提問熱線。

Let's begin.

讓我們開始。

I'm very pleased with our strong second-quarter performance.

我對我們第二季的強勁表現感到非常滿意。

Sequentially, revenue increased 5%.

隨後，收入增長了 5%。

Adjusted EBITDA grew 11%.

調整後 EBITDA 成長 11%。

Adjusted EBITDA margin expanded 142 basis points, and we generated $776 million of free cash flow.

調整後的 EBITDA 利潤率擴大了 142 個基點，我們產生了 7.76 億美元的自由現金流。

These results were driven by continued growth momentum in international markets, with more than half of our international GeoUnits posting the highest revenue quarter of the cycle.

這些業績是由國際市場的持續成長勢頭推動的，我們一半以上的國際 GeoUnit 創下了本週期中收入最高的季度。

Overall, international revenue grew 6% sequentially, led by the Middle East and Asia, which continued to set new records with two-thirds, 8 out of 12, of the GeoUnits in the area posting record-high quarterly revenue.

總體而言，國際收入環比增長 6%，其中以中東和亞洲地區為首，繼續創下新紀錄，該地區 12 個 GeoUnit 中有 8 個（即三分之二）的季度收入創下歷史新高。

This was fueled by capacity expansion projects, new gas developments, and production recovery investments across the region.

這是由該地區產能擴張項目、新天然氣開發和生產恢復投資所推動的。

Additionally, the ongoing strength of the offshore markets supported further growth in Europe and Africa, as well as Latin America.

此外，離岸市場的持續強勁支持了歐洲、非洲以及拉丁美洲的進一步成長。

This was particularly pronounced in deepwater basins, including Brazil, West Africa, and Norway, where we continue to benefit from strong backlog conversion in OneSubsea.

這在深水盆地尤其明顯，包括巴西、西非和挪威，我們繼續受益於 OneSubsea 強勁的積壓訂單轉換。

We also benefited from new projects on land, notably in Argentina and North Africa.

我們也受益於陸地上的新項目，特別是在阿根廷和北非。

Meanwhile, in North America, revenue increased 3% sequentially.

同時，在北美，營收季增 3%。

This was led by the Gulf of Mexico, where we saw increased drilling and higher digital revenue from sales of exploration data licenses.

其中以墨西哥灣為首，我們看到該地區的鑽探活動增加，勘探資料許可證銷售帶來的數位收入也有所增加。

However, this sequential growth was partially offset by lower drilling in US land, as the market continues to be constrained by weaker gas prices, capital discipline, and ongoing market consolidation.

然而，這一環比增長被美國陸地鑽探量減少部分抵消，因為市場繼續受到天然氣價格疲軟、資本紀律和持續市場整合的限制。

Next, let me describe how this growth played out across the divisions.

接下來，讓我來描述一下這種成長是如何在各部門發揮作用的。

In our core divisions, we continue to harness the cycle, with revenue growing 4% sequentially and pre-tax segment operating margins expanding by 120 basis points.

在我們的核心部門，我們繼續利用這個週期，營收季增 4%，稅前部門營業利潤率擴大 120 個基點。

Growth was led by our production systems and reservoir performance divisions, which visibly expanded margins due to the favorable conversion of backlog, as well as many business lines operating and record activity levels.

成長是由我們的生產系統和油藏性能部門帶動的，由於積壓訂單的有利轉換以及許多業務線的運營和創紀錄的活動水平，該部門的利潤率明顯擴大。

Demand for services and equipment is being further reinforced by the combination of long-cycle development activity and the acceleration of production recovery investments, particularly in the Middle East and Asia and Latin America.

長週期開發活動和生產恢復投資加速相結合，進一步增強了對服務和設備的需求，特別是在中東、亞洲和拉丁美洲。

Well construction also grew sequentially, supported by offshore developments, although this was partially offset by weaker land activity in North America.

在海上開發的支持下，油井建設也持續成長，儘管這被北美陸地活動疲軟部分抵消。

Overall, the core divisions continue to deliver margin expansion, combining to post their 14th consecutive quarter of year-on-year pre-tax segment operating margin expansion.

總體而言，核心部門繼續實現利潤率擴張，連續第 14 季實現稅前部門營業利潤率同比擴張。

Meanwhile, in digital and integration, I was very pleased to see highly accretive sequential growth, highlighted by our digital business reaching a new quarterly high and supporting visible sequential margin expansion.

同時，在數位和整合方面，我很高興看到連續成長的高度成長，突出表現在我們的數位業務達到新的季度新高並支持明顯的連續利潤率擴張。

This puts us on track to achieve our full-year ambition of digital revenue growth in the high teens.

這使我們有望實現全年數位收入成長的目標。

We have opportunities to build on this momentum as customers are increasingly choosing to partner with SLB to modernize their digital infrastructures, as you have seen in a number of announcements included in today's release.

正如您在今天發布的許多公告中看到的那樣，隨著客戶越來越多地選擇與 SLB 合作來實現其數位基礎設施現代化，我們有機會在這一勢頭的基礎上再接再厲。

At the end of the second quarter, we had 6,900 users on the Delfi platform, an increase of 28% year-on-year.

第二季末，我們Delfi平台上有6,900名用戶，較去年同期成長28%。

Additionally, the number of connected assets increased by 57%, and trailing 12-month compute hours increased by 43%.

此外，連接資產的數量增加了 57%，過去 12 個月的計算時間增加了 43%。

Combined with our first-quarter results, SLB first-half adjusted EBITDA grew in the mid-teens compared to the same period last year, in line with our full-year ambition.

結合我們第一季的業績，SLB 上半年調整後 EBITDA 與去年同期相比成長了 15%左右，符合我們的全年目標。

Moving forward, we will remain focused on driving quality revenue growth and leveraging operational efficiency to grow EBITDA, expand operating margins, generate robust cash flows, and meet our commitment to return to shareholders.

展望未來，我們將繼續專注於推動優質收入成長，並利用營運效率來增加 EBITDA、擴大營運利潤、產生強勁的現金流，並履行我們對股東回報的承諾。

I want to clearly express my full gratitude to the entire SLB team for delivering such strong second-quarter and first-half results.

我想對整個 SLB 團隊在第二季和上半年取得如此強勁的業績表示衷心的感謝。

Next, let me describe how the market is evolving and the steps we are taking to capture profitable growth across the business.

接下來，讓我來描述市場如何演變，以及我們為實現整個業務的獲利成長所採取的步驟。

As the cycle continues, investments will increasingly be targeted in the most resilient areas of the market, including key international markets such as the Middle East and Asia and in offshore globally.

隨著週期的持續，投資將越來越多地瞄準市場中最具彈性的地區，包括中東和亞洲等主要國際市場以及全球離岸市場。

In these areas, we are seeing long-cycle gas and deepwater projects, production recovery activity to address natural decline, and increased digital adoption to drive efficiency and performance.

在這些領域，我們看到了長週期天然氣和深水專案、應對自然衰退的生產恢復活動，以及提高效率和績效的數位化採用。

This is an optimal environment for business, and we are seizing each of these opportunities.

這是一個最佳的商業環境，我們正在抓住每一個機會。

In the Middle East, in addition to the exposure to the oil capacity expansion program across the region, we continue to benefit from the acceleration and scale of investments in gas development, both conventional and unconventional, leveraging our fit-for-basin technology and differentiated integration capabilities.

在中東，除了受益於整個地區的石油產能擴張計劃外，我們還繼續受益於傳統和非常規天然氣開發投資的加速和規模，利用我們的適合盆地的技術和差異化的技術整合能力。

Offshore, we see the benefits of our OneSubsea JV as highlighted by the number of high-value contracts abroad and partnerships included in today's release.

在海上，我們看到了 OneSubsea 合資企業的優勢，今天發布的海外高價值合約和合作夥伴關係的數量凸顯了這一點。

Through OneSubsea, we are helping customers unlock reserves and reduce cycle times through an extensive subsea production and processing technology portfolio.

透過 OneSubsea，我們透過廣泛的海底生產和加工技術組合來幫助客戶釋放儲量並縮短週期時間。

And we are increasingly being offered the opportunity to partner with customers in early engineering phases to unlock the economics of their assets.

我們越來越有機會在早期工程階段與客戶合作，以釋放他們資產的經濟效益。

In production and recovery, we are seeing customers embrace our offerings as they work to offset natural decline, extend performance, and maximize the value of their producing assets.

在生產和恢復中，我們看到客戶在努力抵消自然衰退、提高性能並最大化其生產資產的價值時接受我們的產品。

We have many solutions to help customers access resources to our production system and reservoir performance divisions.

我們有許多解決方案可以幫助客戶存取我們的生產系統和油藏性能部門的資源。

And this is showing up in the strong results these divisions are achieving.

這些部門所取得的強勁成果就體現了這一點。

As this market continues to evolve, we expect to strengthen our portfolio to fully capture this growing opportunity to our pending acquisition of ChampionX.

隨著這個市場的不斷發展，我們希望加強我們的產品組合，以充分抓住我們即將收購的 ChampionX 的這個不斷增長的機會。

Finally, underpinning nearly everything we do is the power of digital and AI.

最後，數位和人工智慧的力量幾乎支撐著我們所做的一切。

In today's market, accelerating the time to returns and extracting new level of efficiency are top of mind for our customers.

在當今的市場中，加快退貨時間和提高效率是我們客戶的首要任務。

And they are increasingly recognizing that upscaling their digital infrastructures is key -- is a key enabler in these areas, presenting us with significant opportunities for high-margin growth.

他們越來越認識到，升級數位基礎設施是關鍵，是這些領域的關鍵推動因素，為我們提供了高利潤成長的重大機會。

In summary, SLB is well positioned across key resilient markets.

總之，SLB 在關鍵的彈性市場中處於有利地位。

We remain focused on expanding margins to quality revenue growth, and this is complemented by heightened focus on operating efficiency, support structure optimization, and strategic resource allocation in certain markets to align with expected levels of activity going forward.

我們仍然專注於擴大利潤率以實現高品質的收入成長，同時更加重視營運效率、支援結構優化和某些市場的策略資源分配，以與未來的預期活動水準保持一致。

To support this ongoing cost efficiency actions, we recorded a charge this quarter, and Stephane will share additional details on this topic later in the call.

為了支持這項持續的成本效率行動，我們在本季度記錄了一筆費用，史蒂芬將在稍後的電話會議中分享有關此主題的更多詳細資訊。

Overall, the positive market dynamics and our continued focus on operating efficiency present a strong backdrop for continued outperformance.

總體而言，積極的市場動態和我們對營運效率的持續關注為持續出色的業績奠定了堅實的背景。

We look forward to harnessing these dynamics to deliver further growth and margin expansion in the second half of 2024 and in 2025.

我們期待利用這些動力在 2024 年下半年和 2025 年實現進一步成長和利潤率擴張。

On that note, let me conclude my opening remarks by showing our updated outlook for the year.

就此而言，請允許我透過展示我們今年的最新展望來結束我的開場白。

Based on our strong second-quarter and first-half results, we expect full-year adjusted EBITDA growth in the range of 14% to 15% and full-year adjusted EBITDA margins at or above 25%.

基於我們強勁的第二季和上半年業績，我們預計全年調整後 EBITDA 成長率將在 14% 至 15% 之間，全年調整後 EBITDA 利潤率將達到或超過 25%。

Specific to the third quarter, we expect sequential revenue growth in the low single digits, enhanced by further margin expansion.

具體到第三季度，我們預計營收環比成長將保持在較低的個位數，而利潤率的進一步擴張將進一步推動這一成長。

This will accelerate as we move toward the end of the year with a visible increase in the top-line growth and an uptick in margin expansion during the first quarter due to seasonally higher year-end digital and product sales.

隨著年末的臨近，這一趨勢將會加速，由於年終數字和產品銷售季節性增長，第一季的營收成長明顯增加，利潤率也隨之擴大。

Lastly, we returned $1.5 billion to shareholders over the first two quarters through the combination of stock repurchase and dividends.

最後，我們在前兩季透過股票回購和股利結合的方式向股東返還了 15 億美元。

In the second half of the year, we expect to generate higher EBITDA and strong cash flows supporting our full-year commitments.

下半年，我們預計將產生更高的 EBITDA 和強勁的現金流，以支持我們的全年承諾。

Directionally, we expect a strong exit of the year to position us for continued revenue growth, margin expansion, and cash generation, reinforcing our commitment to continue returns to shareholders in 2025.

從方向上看，我們預計今年的強勁退出將使我們能夠實現持續的收入成長、利潤率擴張和現金生成，從而強化我們在 2025 年繼續為股東帶來回報的承諾。

I will now turn the call over to Stephane.

我現在將把電話轉給史蒂芬。

Thank you, Olivier.

謝謝你，奧利維爾。

And good morning, ladies and gentlemen.

早安，女士們先生們。

Overall, our second-quarter revenue of $9.1 billion increased 5% sequentially, mostly driven by the international markets led by the Middle East and Asia.

總體而言，我們第二季的營收為 91 億美元，環比成長 5%，主要受到以中東和亞洲為首的國際市場的推動。

Sequentially, our pre-tax segment operating margins expanded 135 basis points to 20.3% as margins increased in each of our four divisions.

隨後，隨著我們四個部門的利潤率都有所提高，我們的稅前部門營業利潤率擴大了 135 個基點，達到 20.3%。

Company-wide adjusted EBITDA margin for the second quarter was 25%, representing a sequential increase of 142 basis points.

第二季全公司調整後 EBITDA 利潤率為 25%，季增 142 個基點。

In absolute dollars, adjusted EBITDA increased 11% sequentially and 17% year on year.

以絕對美元計算，調整後 EBITDA 環比成長 11%，年增 17%。

As a result, second-quarter earnings per share, excluding charges and credits, was $0.85. This represents an increase of $0.10 sequentially and $0.13 or 18% when compared to the second quarter of last year.

結果，第二季每股收益（不包括費用和貸項）為 0.85 美元。這意味著比上一季增加了 0.10 美元，與去年第二季相比增加了 0.13 美元，即 18%。

During the quarter, we recorded $0.01 of merger and integration charges relating to the Aker subsea transaction and $0.07 of charges in connection with a program that we have recently started to realign and optimize the support and service delivery structure in certain parts of our organization.

在本季度，我們記錄了與 Aker 海底交易相關的 0.01 美元的合併和整合費用，以及與我們最近開始重新調整和優化我們組織某些部分的支援和服務交付結構的計劃相關的 0.07 美元的費用。

This includes adjusting resources as a result of lower activity levels in North America, centralizing certain digital delivery services, and improving efficiency in our support structure.

這包括因北美活動水平較低而調整資源、集中某些數位交付服務以及提高我們支援結構的效率。

This program, which will result in additional charges in the third quarter, will drive further margin expansion in the second half of the year and into 2025.

該計劃將在第三季產生額外費用，並將推動下半年乃至 2025 年的利潤率進一步擴張。

The related actions will be completed by the end of the year.

相關行動將於年底前完成。

Let me now go through the second-quarter results for each division.

現在讓我回顧一下每個部門的第二季業績。

Second-quarter digital and integration revenue of $1.1 billion increased 10% sequentially with margins expanding 435 basis points to 31%.

第二季數位和整合收入為 11 億美元，季增 10%，利潤率擴大 435 個基點，達到 31%。

The sequential revenue growth was entirely due to higher digital sales as APS revenue was flat.

營收季增完全是由於 APS 收入持平，數位銷售增加。

The strong margin performance was driven by improved digital profitability as a result of robust exploration data sales and a higher uptake of digital solutions.

強勁的利潤率表現得益於強勁的勘探數據銷售和數位解決方案的更高採用率帶來的數位獲利能力的提高。

APS margins were essentially flat.

APS 利潤率基本持平。

We expect the digital revenue growth and margin expansion to continue in both Q3 and Q4.

我們預計第三季和第四季數位營收成長和利潤率將持續擴大。

Reservoir performance revenue of $1.8 billion increased 5% sequentially, while margins improved 98 basis points to 20.6%.

油藏績效收入為 18 億美元，季增 5%，而利潤率提高 98 個基點，達到 20.6%。

These increases were primarily due to strong growth internationally, led by higher activity in the Middle East and Asia.

這些成長主要是由於中東和亞洲活動增加帶動的國際強勁成長。

Well construction revenue of $3.4 billion increased 1% sequentially, while margins of 21.7% increased 125 basis points, driven by strong measurements and fluids activity internationally.

受國際強勁測量和流體活動的推動，油井建設收入環比成長 1%，達 34 億美元，利潤率達 21.7%，成長 125 個基點。

Finally, production system revenue of $3 billion increased 7% sequentially, driven by the strong activity in the international markets led by Europe and Africa.

最後，在以歐洲和非洲為首的國際市場的強勁活動的推動下，生產系統收入達到 30 億美元，環比增長 7%。

Margins expanded 146 basis points to 15.6% on improved profitability in subsea production systems and artificial lift.

由於海底生產系統和人工舉升的獲利能力提高，利潤率擴大 146 個基點至 15.6%。

Now turning to our liquidity.

現在轉向我們的流動性。

Our cash flow was strong, as we generated $1.4 billion of cash flow from operations and free cash flow of $776 million during the quarter.

我們的現金流強勁，本季營運現金流達 14 億美元，自由現金流達 7.76 億美元。

We expect our cash flow to continue to improve throughout the rest of the year.

我們預計今年剩餘時間我們的現金流將繼續改善。

As a result, our free cash flow in the second half of this year will be materially higher than the first half.

因此，我們今年下半年的自由現金流將大幅高於上半年。

Capital investments, inclusive of CapEx and investments in APS projects and exploration data were $660 million in the second quarter.

第二季資本投資（包括資本支出以及對 APS 項目和勘探數據的投資）為 6.6 億美元。

For the full year, we are still expecting capital investments to be approximately $2.6 billion.

我們仍預計全年資本投資約 26 億美元。

As I mentioned last quarter, under the securities laws, we were prohibited from repurchasing our stock during the period between the mailing of the proxy in connection with the ChampionX acquisition and ChampionX's shareholders' vote.

正如我上季度提到的，根據證券法，在郵寄 ChampionX 收購委託書和 ChampionX 股東投票期間，我們不得回購股票。

Following the shareholder vote in June, we have resumed our stock repurchase program.

在六月的股東投票之後，我們恢復了股票回購計畫。

And during the quarter, we repurchased 9.9 million shares for a total purchase price of $465 million.

在本季度，我們回購了 990 萬股股票，總購買價為 4.65 億美元。

During the first half of the year, total returns to shareholders, in the form of stock repurchases and dividends, were approximately $1.5 billion, representing half of our $3 billion commitment for all of 2024.

今年上半年，以股票回購和股利形式為股東帶來的總回報約為 15 億美元，占我們 2024 年全年 30 億美元承諾的一半。

Finally, we issued $1.5 billion of bonds during the second quarter.

最後，我們在第二季發行了 15 億美元的債券。

The proceeds either have been or will be used to refinance our debt obligations.

所得款項已經或將用於為我們的債務再融資。

We are pleased with our current capital structure, which allows us to prioritize returns to shareholders, as illustrated by our $3 billion total returns commitment for 2024 and our $4 billion commitment for 2025.

我們對目前的資本結構感到滿意，這使我們能夠優先考慮股東回報，正如我們對 2024 年 30 億美元的總回報承諾和對 2025 年 40 億美元的承諾所示。

I will now turn the conference call back to Olivier.

我現在將電話會議轉回給奧利維爾。

Thank you, Stephane.

謝謝你，史蒂芬。

And ladies and gentlemen, I believe we will open the floor for your questions.

女士們、先生們，我相信我們將開始提問。

(Operator Instructions) James West, Evercore ISI.

（操作員說明）James West，Evercore ISI。

Hey.

嘿。

Good morning, Olivier, Stephane.

早安，奧利維爾，史蒂芬。

Good morning, James.

早安，詹姆斯。

So Olivier, I know in your guidance for the year, you didn't use the word or highlight raise, but it seems like there was a slight EBITDA guide raise.

奧利維爾，我知道在您今年的指導中，您沒有使用“提高”一詞或突出顯示“提高”，但 EBITDA 指導似乎略有提高。

I guess, one, am I correct in that?

我想，一，我的說法正確嗎？

And two, is the guidance for '25 that you'd already laid out, I guess, now starting from a bit higher base, so the numbers need to move up across the board?

第二，我猜你已經制定了 25 年的指導方針，現在從更高的基數開始，所以數字需要全面上升？

That's a fair assessment and a fair reading of our guidance in the prepared remarks.

這是對我們在準備好的評論中的指導的公正評估和公正解讀。

We had originally been guiding the EBITDA growth year on year in the mid-teens, and we have here confirmed that as we have delivered the second quarter and foresee further margin expansion in the second half driven by the different factors we highlighted, we still foresee the EBITDA growth year on year to be now in a range of 14% to 15%.

我們最初指導EBITDA 同比增長在十幾歲左右，我們在此確認，由於我們已經交付了第二季度的業績，並預計在我們強調的不同因素的推動下，下半年利潤率將進一步擴張，我們仍然預計EBITDA年增率目前在14%至15%之間。

Hence, I believe this is indeed a very solid outlook for the EBITDA growth year on year and in line with our previous guidance, but certainly on the back of international margin expansion.

因此，我相信這確實是 EBITDA 同比增長的非常可靠的前景，並且符合我們先前的指導，但肯定是在國際利潤率擴張的背景下。

And the success we have had in the second quarter, we expect to carry on as we continue to execute with credit to revenue and the favorable market position in the second half.

我們在第二季度的成功預計將繼續下去，因為我們將在下半年繼續執行收入和有利的市場地位。

Okay, got it.

好，知道了。

And then maybe just a quick follow up for me.

然後也許只是對我進行快速跟進。

It seems like international -- well, obviously, offshore looks great.

看起來像是國際化的——嗯，顯然，離岸看起來很棒。

But international land, particularly in the Middle East, across the Middle East, whether it's KSA or UAE, looks like expansion is going to be significantly, or going to be strong.

但國際土地，特別是在中東，整個中東，無論是沙烏地阿拉伯還是阿聯酋，看起來擴張將會顯著或強勁。

Maybe it's not much above your expectations, but very, very strong growth.

也許它並沒有超越你的預期，但成長非常非常強勁。

Could you maybe highlight what you're seeing in the Middle East right now, across the region, and if there's any particular projects that makes sense to highlight?

您能否強調一下您目前在中東以及整個地區所看到的情況，以及是否有任何值得強調的特定項目？

I'd love to hear about it.

我很想聽聽。

Yes, I think it's fair to say that we see a large breadth of growth engine across the region, Middle East and also North Africa, driven by a combination of oil capacity expansion program that I think you may know are still in full swing in many countries, including KSA.

是的，我認為可以公平地說，在石油產能擴張計劃的推動下，我們看到整個地區、中東和北非都有廣泛的成長引擎，我想你可能知道這些計劃仍在許多國家如火如荼地進行。國家，包括沙烏地阿拉伯。

But most visibly, the UAE, the Kuwait, and Iraq are running after Libya, running after visible oil capacity expansion program.

但最明顯的是，阿聯酋、科威特和伊拉克正在追隨利比亞，追隨明顯的石油產能擴張計畫。

And the activity as such is indeed going up, and the addition of large conventional and unconventional gas projects that are being accelerated in several countries to respond to local demand and to a desire to transition.

此類活動確實在增加，一些國家正在加速增加大型常規和非常規天然氣項目，以滿足當地需求和轉型願望。

And I think we are seeing it obviously in Saudi.

我認為我們在沙烏地阿拉伯明顯看到了這一點。

And we commented a lot on this before, and you may have seen in the earnings press release that have been awarded an extension and a large market for drilling services for the unconventional program in Saudi.

我們之前對此發表了很多評論，您可能已經在財報新聞稿中看到，沙烏地阿拉伯的非常規項目已獲得延期和巨大的鑽井服務市場。

And we continue to fully participate into the other countries where this is very relevant, including UAE, committing to accelerate the unconventional, including Qatar that continue to expand, and including Algeria that is starting to look back and clearly having a path forward to also activity increase.

我們繼續充分參與與此非常相關的其他國家，包括阿聯酋，致力於加速非常規，包括繼續擴張的卡達，以及開始回顧並明確向前邁進活動的阿爾及利亞增加。

So all across the Middle East, we see growth year on year.

因此，在整個中東地區，我們看到逐年成長。

We see, as I said, the vast majority of the GeoUnit having a record revenue for this cycle and for many record-ever activity.

正如我所說，我們看到絕大多數 GeoUnit 在這個週期和許多創紀錄的活動中都有創紀錄的收入。

And hence, we benefit from this very large breadth and multiple levels of activity growth in the Middle East, and we foresee it continuing going forward.

因此，我們受益於中東地區如此廣泛和多層次的活動成長，我們預計這種成長將持續下去。

Perfect.

完美的。

Thanks, Olivier.

謝謝，奧利維爾。

Thank you.

謝謝。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Hey, good morning, gentlemen.

嘿，早上好，先生們。

I want to talk about the key resilient markets that you mentioned a few times driving SLB's growth going forward.

我想談談您多次提到的推動 SLB 未來成長的關鍵彈性市場。

I was wondering if you could give us your longer-term views on global natural gas markets and how they're developing and maybe your demand assumptions through the end of the decade.

我想知道您是否可以向我們提供您對全球天然氣市場及其發展的長期看法，以及您對本十年末的需求假設。

Because I noticed that there was a number of contracts and awards that -- you're highly on natural gas or for unconventional, Qatar, Egypt.

因為我注意到有很多合約和獎項——你們高度重視天然氣或非常規天然氣、卡達、埃及。

So I'm just wondering, are you expecting your overall mix of business to shift towards natural gas in the coming years, and is that already happening?

所以我只是想知道，您是否預計未來幾年您的整體業務組合將轉向天然氣，這是否已經發生？

No, I would say that more generically, as we see -- we see resilience on three aspects.

不，我想說的是，更一般地說，正如我們所看到的，我們在三個方面看到了韌性。

We have resilience on still oil capacity expansion and deepwater oil development happening and having significant resilience.

我們對靜止石油產能擴張和深水石油開發具有彈性，並且具有顯著的彈性。

And you may foresee not an existing deepwater program in oil in the Latin Americas region, but you will see emerging new oil developments coming into Africa.

您可能預見拉丁美洲地區不會有現有的深水石油計劃，但您會看到非洲正在出現新的石油開發項目。

So that's a strong, resilient aspect of deepwater.

這就是深水強大而有彈性的一面。

You see and you can anticipate gas resilience in deepwater development more in the East Med, Turkey, and Asia region.

您將看到並且可以預見東地中海、土耳其和亞洲地區深水開發的天然氣彈性。

And then you have the complex of indeed Middle East that is both reinforcing their oil capacity as I mentioned and gas.

然後就是中東的複雜情況，正如我所提到的，它既增強了其石油能力，又增強了天然氣能力。

So it's not only one market.

所以這不僅僅是一個市場。

I think, gas, we have increased our share of gas activity in Middle East visibly.

我認為，在天然氣方面，我們明顯增加了中東天然氣活動的份額。

We are very well exposed.

我們暴露得很好。

I would almost say we are long on gas in the Middle East region.

我幾乎可以說我們看好中東地區的天然氣。

And we believe that it's a matter of offshore long cycle, both oil and gas, Middle East oil capacity and unconventional gas development, and Asia for gas security reason, offshore development for gas as well.

我們認為，這是一個海上長週期的問題，包括石油和天然氣、中東石油產能和非常規天然氣開發，以及亞洲出於天然氣安全原因、海上天然氣開發。

So it's a mix that is favorable.

所以這是一個有利的組合。

And then we should not forget about North America.

然後我們不應該忘記北美。

That, I think, has a continued high intensity technology deployment to support sustained production growth for oil, particularly in the short term.

我認為，這需要持續高強度的技術部署，以支持石油產量的持續成長，特別是在短期內。

So if I could dig in a little bit more on the offshore, you'd highlighted OneSubsea's performance this quarter with the backlog convergent.

因此，如果我能在離岸業務方面進行更多研究，您會強調 OneSubsea 本季積壓訂單收斂的表現。

We saw a number of announcements as well during the quarter on the OneSubsea.

本季我們也看到了 OneSubsea 的許多公告。

I was wondering, could you talk a little bit about the order book, how that's shaping up this year's take compared to last year?

我想知道，您能談談訂單簿嗎？

And just kind of overall on your offshore portfolio, are you expecting growth to start to accelerate the next couple of quarters and into '25?

就您的離岸投資組合而言，您是否預計未來幾季和 25 世紀開始加速成長？

I think we see the market of deepwater.

我認為我們看到了深水市場。

I think you have two markets.

我認為你們有兩個市場。

You have the market of offshore shallow, that is highly concentrated in Middle East and to the States and in Asia.

近海淺海市場高度集中在中東、美國和亞洲。

And then you have the deep-water market that is concentrated in America, Africa, and some part of Asia and Eastern Med.

然後是深水市場，主要集中在美洲、非洲、亞洲和東部地中海的部分地區。

And I think what we see, if you look at it more generically, we see three legs of activity developing for the future of deepwater large and offshore large, but deepwater in particular.

我認為我們所看到的，如果你更普遍地看待它，我們會看到為深水大型和海上大型，特別是深水的未來而發展的三個活動領域。

There is a strong portfolio of projects underway from Guyana to Brazil, from Norway to a part of Asia that we continue to complete and develop to the next two or three years and are part of the portfolio of subsea deployment that we have across.

從圭亞那到巴西、從挪威到亞洲部分地區，正在進行一系列強大的項目，我們將在未來兩三年內繼續完成和開發這些項目，這些項目是我們海底部署組合的一部分。

Then you have a growing set of FID, and we expect that the offshore FID this year will be reaching $100 billion or exceeding this, and the same for 2025.

然後你會有越來越多的 FID，我們預計今年的離岸 FID 將達到或超過 1000 億美元，2025 年也是如此。

And this FID is led by a combination of oil, a lot of oil FID being developed and being nearing a decision in the coming months, and some have just been approved.

而這個FID是由石油公司主導的，許多石油FID正在製定中，並且在未來幾個月內即將做出決定，有些剛剛獲得批准。

And you have seen some of the announcements in Patria and Angola, and we are very pleased with this because it will feed us pipeline of subsea going forward.

你們已經看到了帕特里亞和安哥拉的一些公告，我們對此感到非常滿意，因為它將為我們未來的海底管道提供支援。

And lastly, and we should not forget, that there is a third leg.

最後，我們不該忘記，還有第三條腿。

And the third leg is coming from exploration and appraisal activity that is not only happening in Namibia or not only happening in Brazil or in Suriname or in Asia, but I think it's very strong across many basins in frontier region as well as in infrastructure-led exploration.

第三條腿來自勘探和評估活動，這些活動不僅發生在納米比亞，也不僅發生在巴西、蘇利南或亞洲，而且我認為在邊境地區的許多盆地以及基礎設施主導的領域都非常強勁。

And we believe that this third leg will certainly add quarters, if not years, of growth to the deepwater outlook, hence we have a very confident exposure to the deepwater market, to the offshore market at large, as we commented before that offshore represent about 50% of revenue exposure internationally and we see it extremely resilient.And we see multiple legs in the deepwater market going forward.

我們相信，這第三階段肯定會為深水前景帶來幾個季度甚至幾年的成長，因此我們對深水市場和整個離岸市場充滿信心，正如我們之前評論的那樣，離岸代表大約50% 的收入來自國際，我們認為它極具彈性。

Great.

偉大的。

Thank you.

謝謝。

Thank you, David.

謝謝你，大衛。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Yes, good morning,

是的，早安，

Good morning, Scott.

早安，史考特。

Good morning.

早安.

Good morning.

早安.

I wanted to ask about how you think about segmenting the portfolio next year when ChampionX comes in.

我想問一下，當明年 ChampionX 加入時，您如何看待對產品組合進行細分。

I guess the heart of the question is, you have this awesome digital business.

我想問題的核心是，你有如此出色的數位業務。

It's growing rapidly.

它正在迅速增長。

It's going to be $3 billion or so in revenues next year.

明年的收入將達到 30 億美元左右。

Does the ChampionX acquisition provide an opportunity for you to think about re-segmenting the portfolio to further highlight the digital business?

ChampionX 的收購是否為您提供了一個機會來考慮重新細分產品組合以進一步突出數位業務？

First, I cannot comment, obviously, you understand, where we stand on the regulatory process and usual process clearance on the ChampionX.

首先，顯然，你明白，我無法評論我們在 ChampionX 的監管流程和通常流程許可方面的立場。

But obviously, we are looking at the way we could at the time of the closing and restructure and get better exposure to the digital if we can do this in a way that will indeed expose and provide a little bit more direct measurement of our success and ambition going forward in digital.

但顯然，我們正在考慮如何在關閉和重組時更好地接觸數位化，如果我們能夠以一種確實能夠暴露並提供對我們的成功和提供更直接衡量的方式的話。

So that's -- we will -- that's the integration team looking into it, and we'll make this in due time and inform you.

所以，我們將—整合團隊正在研究這個問題，我們將在適當的時候完成並通知您。

Okay.

好的。

We'll wait for the details, but good to hear.

我們將等待細節，但很高興聽到。

And then you mentioned low single-digit revenue growth in 3Q and continued margin expansion.

然後您提到第三季的低個位數收入成長和持續的利潤率擴張。

That does sound like the margin expansion potential may be stronger into 4Q with those year-end sales.

這聽起來確實表明，隨著年末的銷售，第四季的利潤擴張潛力可能會更強。

Can you just provide a bit more color on how you see the margin expansion potential in shape enough for 3Q and then if you want to -- any additional color in 4Q?

您能否提供更多的資訊來說明您如何看待第三季的利潤擴張潛力，然後如果您願意的話，可以在第四季度提供任何其他資訊嗎？

Yes, we would expect that on the low single-digit global growth sequentially in the fourth quarter to still increase margin expansion.

是的，我們預計，在第四季全球低個位數成長的情況下，利潤率擴張仍將增加。

I will not give more precise guidance, and we expect an uptick in the fourth quarter driven first by an acceleration of our top-line sequential growth in the fourth quarter, in particular due to the year-end effect of product sales in both software, digital, and in some of our equipment division.

我不會給出更準確的指導，我們預計第四季度的增長首先是由於第四季度我們的營收環比增長加速所推動的，特別是由於這兩種軟體的產品銷售的年終效應，數位化，以及我們的一些設備部門。

And this will lead to acceleration also of margin expansion.

這也將導致利潤率擴張加速。

So giving us a very good exit point, if you like, as we enter 2025, an ambition to continue growth as I mentioned and further expand the margin.

因此，如果你願意的話，當我們進入 2025 年時，給我們一個非常好的退出點，即像我提到的那樣繼續增長並進一步擴大利潤率。

So that's setting the scene very well as we conclude the year with the gallons we have shared and preparing 2025 and the value of growth and margin expansion.

因此，當我們以分享的加侖數和為 2025 年做準備以及成長和利潤擴張的價值來結束這一年時，這為我們奠定了良好的基礎。

Sounds good.

聽起來不錯。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thank you, Scott.

謝謝你，斯科特。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Good morning, Olivier.

早上好，奧利維爾。

You highlighted margin expansion for SLB through quality revenue growth, digital and efficiency gains.

您強調了 SLB 透過優質收入成長、數位化和效率提升來擴大利潤率。

I was wondering if you could maybe elaborate on just the concept of quality revenue growth, what you're referring to there, and just maybe some of the plans to boost efficiency.

我想知道您是否可以詳細說明優質收入成長的概念、您所指的內容，以及一些提高效率的計劃。

I assume there's some cost structure alignment going on at the company.

我認為公司正在進行一些成本結構調整。

Maybe you could give us some more thoughts on that.

也許你可以給我們更多的想法。

Yes, I think quality revenue growth is focusing selectively on where we believe we have the most operational leverage, the most pricing upside, and the most technology adoption potential to suit our growth with higher creative margin and hence to support our margin ambition expansion going forward.

是的，我認為高品質的收入成長有選擇性地集中在我們認為擁有最大營運槓桿、最大定價上漲空間和最大技術採用潛力的領域，以適應我們以更高的創意利潤率的成長，從而支持我們未來的利潤率擴張目標。

We have demonstrated this very well in the second quarter.

我們在第二季度就很好地證明了這一點。

We continue to focus on this selectively.

我們繼續選擇性地關注這一點。

The market internationally remains tight, and it favors the best performer from execution.

國際市場依然緊張，有利於執行力最好的企業。

And we'll use this to deploy technology, fit for basin technology, use our unique integration capability, and spice it up if I may with digital capability to increase and improve our margin going forward.

我們將利用它來部署技術，適應流域技術，利用我們獨特的整合能力，並在我可以透過數位能力增加和提高我們未來的利潤時為其增添趣味。

So that's where we look at what we call quality revenue growth.

這就是我們所謂的優質收入成長的地方。

And indeed, we have taken some measure to further support this by adjusting and relooking at support structure and where we could and we should adjust to prepare for supporting our goal and adjusting our skill set to fit where we see the most resilience going forward.

事實上，我們已經採取了一些措施來進一步支持這一點，透過調整和重新審視支持結構，以及我們可以和應該調整的地方，為支持我們的目標做好準備，並調整我們的技能組合，以適應我們認為未來最具彈性的地方。

So that has been also contributing and will continue to contribute to margin expansion going forward.

因此，這也一直並將繼續有助於未來利潤率的擴張。

That's helpful.

這很有幫助。

Just a follow up on D&I, your margins rebounded to 31%.

就 D&I 的後續行動而言，您的利潤率反彈至 31%。

You reiterated your high teens growth outlook for digital.

您重申了您對青少年數位化發展的展望。

I was wondering if you could maybe give us a sense of D&I margin progression over the balance of the year and just how you're thinking about the APS business broadly in Canada in terms of SLB's broader portfolio.

我想知道您是否可以讓我們了解今年剩餘時間的 D&I 利潤率進展情況，以及您如何從 SLB 更廣泛的投資組合角度看待加拿大的 APS 業務。

Hey, Arun.

嘿，阿倫。

Stephane [at your] service.

史蒂芬（為您）服務。

So yes, we were quite happy with the -- not only the top-line growth, but the margin expansion in the in the D&I division in the second quarter.

所以，是的，我們對第二季的營收成長和 D&I 部門的利潤率擴張感到非常滿意。

And as I said earlier, it was all due to the digital business, so APS was, was flat.

正如我之前所說，這一切都是由於數位業務，所以 APS 是持平的。

And as it relates to the rest of the year, we do definitely expect the digital margins to continue improving in the second half.

由於與今年剩餘時間相關，我們確實預計下半年數字利潤率將繼續改善。

It will accelerate even more so in the in the fourth quarter on higher sales, but also on the effect of the changes we are making in the digital delivery and support organization to pool resources on a more global and regional basis to scale the business more efficiently.

在第四季度，由於銷售額的增加，而且我們在數位交付和支援組織中進行的變革的影響將更加加速，以便在更全球和區域性的基礎上匯集資源，從而更有效地擴展業務。

So as it relates to the APS business, again, it is mostly flat quarter on quarter, so all the upside is coming from digital.

因此，就 APS 業務而言，它的季度環比基本持平，因此所有的優勢都來自數位化。

And your question on Canada, I think we have signaled before that we were looking at divesting the asset and it's very much the case.

至於你關於加拿大的問題，我認為我們之前已經表示過我們正在考慮剝離該資產，而情況確實如此。

We have actually reached -- we have launched a formal process again.

我們實際上已經再次啟動了正式流程。

We are quite happy with the results, so we move to the second phase of this process, which is that we had several offers.

我們對結果非常滿意，因此我們進入了流程的第二階段，即我們收到了多個報價。

We have shortlisted a selected set of buyers, and we are moving to negotiation with these selected set of buyers.

我們已經篩選了一組選定的買家，我們正在與這些選定的買家進行談判。

So it's so far so good.

所以到目前為止一切都很好。

It's going well on this process, and we'll update you later.

此過程進展順利，我們稍後會向您通報最新情況。

Great.

偉大的。

Thank you, gentlemen.

謝謝你們，先生們。

Thank you, Arun.

謝謝你，阿倫。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yes.

是的。

Good morning, team.

早上好，團隊。

Olivier, I'd love your perspective on deepwater markets and offshores, particularly given some of the incremental investment in subsea and just how -- maybe you can characterize the different regions where deepwater is growing and what activity you're seeing and how that fits into your long-term strategy.

奧利維爾，我很喜歡你對深水市場和近海的看法，特別是考慮到海底的一些增量投資以及如何——也許你可以描述深水增長的不同區域以及你所看到的活動以及它們如何適合納入您的長期策略。

I think it's a longer-for-better outlook first.

我認為首先是一個更長遠、更好的前景。

It's a market that has multiple legs, as I said.

正如我所說，這是一個多腿市場。

And actually, if I start to list all the deepwater basins currently under production in future FID and future exploration, I think it will be a long list.

事實上，如果我開始列出未來 FID 和未來勘探中目前正在生產的所有深水盆地，我認為這將是一個很長的清單。

What characterizes this cycle?

這個週期有什麼特色？

It is very broad in terms of region of the world and deepwater basins that are being either exploited, that are being explored, and that are being redeveloped.

就世界區域和正在開發、正在勘探和正在重新開發的深水盆地而言，它非常廣泛。

And I think there are two or three fundamental reasons for this.

我認為這有兩三個根本原因。

First and foremost is that the deepwater assets from, be it oil or gas, are typically geologically very strong assets and advantage assets.

首先也是最重要的是，深水資產，無論是石油或天然氣，通常都是地質上非常堅固的資產和優勢資產。

Hence, they receive the utmost focus and priority.

因此，他們受到最大的關注和優先考慮。

When the IOCs are hiring in a portfolio, they typically concentrate on some of these assets, followed by select international independents and some NOCs for which deepwater is their backyard and their center of expertise.

當國際石油公司在投資組合中進行招聘時，他們通常會專注於其中一些資產，然後是精選的國際獨立公司和一些深水國家石油公司，這些石油公司是他們的後院和專業知識中心。

So we see FID growth, we see exploration growth, and we see existing deepwater basins very solid going forward, hence very resilient and multi-finger and multi-legs, I will say, outlook for deepwater.

因此，我們看到最終投資決定的成長，我們看到勘探的成長，我們看到現有的深水盆地的發展非常穩固，因此我想說，深水的前景非常有彈性，是多指和多腿的。

That's quite unique.

這是相當獨特的。

It's not one basin.

這不是一盆。

It's constrained by some rig capacity, and it's shifting to the right to some extent, but it's longer for better.

受到一些鑽機能力的限制，在一定程度上正在向右移動，但時間越長越好。

It's elongating, I would say, as a deepwater market and for the good because we have new basins emerging like Namibia.

我想說，作為一個深水市場，它正在不斷延伸，而且是好的，因為我們有像納米比亞這樣的新盆地正在出現。

We have basins being FID like Suriname.

我們有像蘇利南這樣的盆地進行 FID。

We have a lot of explore activity in Asia, many part of Asia with some gas success and discovery in Indonesia particularly.

我們在亞洲進行了大量的勘探活動，在亞洲的許多地區，特別是在印尼取得了一些天然氣的成功和發現。

And we still have the hot East Med or Turkey basin, and we have new oil being explored in South Angola or in south of Brazil in the new Pelotas Basin.

我們仍然擁有炎熱的東地中海或土耳其盆地，並且我們在南安哥拉或巴西南部的新佩洛塔斯盆地正在勘探新的石油。

So it's all hot and it's very diverse, and not forgetting about the deep formation into the Gulf of Mexico coming back, and if not Mexico as well in the south of the Gulf.

所以天氣很熱，而且非常多樣化，不要忘記墨西哥灣的深層地層正在回歸，如果不是墨西哥的話，墨西哥灣南部也是如此。

So more work into the future, more bookings in the future, and I think a very key and resilient market for us as we are very, very exposed to that offshore deepwater.

因此，未來會有更多的工作，未來會有更多的預訂，我認為這對我們來說是一個非常關鍵且有彈性的市場，因為我們非常非常容易接觸到近海深水區。

Thank you.

謝謝。

And then the follow-up is just around return of capital.

然後後續就是圍繞資本回籠了。

Obviously, some of the dynamics around ChampionX precluded you from buying back as much stock as you probably wanted to in the last quarter, but it seems like you're leaning into it.

顯然，圍繞 ChampionX 的一些動態使您無法在上個季度回購盡可能多的股票，但您似乎正在傾向於這樣做。

So just talk about your return of capital intentions and how you're thinking about taking advantage of any dislocation that might exist in the stock.

因此，只需談談您的資本回報意圖以及您如何考慮利用股票中可能存在的任何錯位。

So Neil, we did try to take the most advantage of this by resuming very quickly our stock buybacks in June, right after the shareholders' vote.

因此，尼爾，我們確實試圖充分利用這一點，在 6 月股東投票後立即恢復股票回購。

So we were able to accelerate there and actually catch up to the point where we got to just about half of our full-year commitment.

因此，我們能夠加速實現這一目標，並實際上達到了全年承諾的一半左右。

So the commitment remains the same for 2024 at this moment.

因此，目前 2024 年的承諾保持不變。

It's a total of $3 billion between dividends and buybacks.

股息和回購總計 30 億美元。

We will continue to monitor our cash flow, continue to look at our capital allocation.

我們將繼續監控我們的現金流，並繼續關注我們的資本配置。

For example, potential cash proceeds from divestitures, depending on their timing, can be an upside to buybacks.

例如，根據剝離的時機，剝離帶來的潛在現金收益可能對回購有利。

But for the moment, the target for '24 remains the $3 billion.

但目前，'24 的目標仍然是 30 億美元。

Okay, very good.

好的，非常好。

Thank you.

謝謝。

Dan Kutz, Morgan Stanley.

丹‧庫茨，摩根士丹利。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

Good morning, Dan.

早上好，丹。

Good morning.

早安.

I wanted to ask a question more generally on M&A.

我想問一個關於併購的更普遍的問題。

I'd love to get a sense of kind of your appetite as it stands today for incremental acquisitions, given that you guys have been pretty active recently to the extent that M&A ranks high on your capital allocation priority list.

我很想了解你們今天對增量收購的興趣，因為你們最近非常活躍，以至於併購在你們的資本配置優先事項清單中名列前茅。

We would just love if you could talk about some of the characteristics that you would look for in potential targets.

如果您能談談您在潛在目標中尋找的一些特徵，我們將非常高興。

It seems like the theme of the recent acquisitions was kind of stability, longevity, and growth, given that they were kind of production or new energy related.

考慮到這些收購與生產或新能源相關，最近收購的主題似乎是穩定性、長壽和成長。

Just hoping you could kind of give us your latest thoughts on your M&A appetite.

只是希望您能給我們您對併購興趣的最新想法。

Thanks.

謝謝。

Thanks, Dan.

謝謝，丹。

So you mentioned we've been quite active indeed.

所以你提到我們確實非常活躍。

So at this stage, we are really focusing on making those acquisitions and various transactions from Aker Subsea to Aker Carbon Capture to the planned acquisition of ChampionX as a success.

因此，在現階段，我們真正專注於使這些收購和各種交易取得成功，從 Aker Subsea 到 Aker Carbon Capture，再到計劃中的 ChampionX 收購。

So we are -- the focus currently is more on integration than on new M&A.

因此，我們目前的重點更放在整合上，而不是新的併購。

And really, in terms of prioritization for the capital allocation at this moment, we are really prioritizing returns to shareholders.

事實上，就目前資本配置的優先順序而言，我們確實優先考慮股東的回報。

Great, that's helpful.

太好了，很有幫助。

And then that is a good lead into my next question.

這很好地引出了我的下一個問題。

So on Aker Carbon Capture specifically, I mean, we can see the financials of the standalone entity.

因此，我的意思是，特別是在阿克碳捕獲方面，我們可以看到獨立實體的財務狀況。

I think the revenue growth has -- revenue has nearly doubled the last two years.

我認為過去兩年收入幾乎翻了一番。

I don't think folks are doubting the top-line growth story or growth potential for that business.

我認為人們不會懷疑該業務的營收成長故事或成長潛力。

But can you just talk about some opportunities to kind of drive margin improvement given -- following the transaction and given the resources of SLB combined with Aker Carbon Capture?

但您能否談談在交易完成後以及考慮到 SLB 與 Aker Carbon Capture 結合的資源的情況下推動利潤率改善的一些機會？

Thank you, Dan.

謝謝你，丹。

First, I would comment maybe stepping up on the CCS as a market.

首先，我想說的是，也許會加強 CCS 作為一個市場。

I think we see this as a very attractive market for us, considering the adjacency on the sequestration and considering the integration capability we have acquired and the technology that we have acquired through Aker Carbon Capture.

我認為，考慮到封存的鄰近性以及我們獲得的整合能力以及我們透過阿克碳捕獲獲得的技術，我們認為這對我們來說是一個非常有吸引力的市場。

So the market, independently -- and at this point, we see this market growing at more than 50% a year and very accretive to our growth.

因此，這個市場是獨立的——目前，我們看到這個市場每年以超過 50% 的速度成長，對我們的成長非常有利。

And we don't see this slowing down necessarily soon.

我們認為這種情況不會很快放緩。

And obviously, the addition of Aker Carbon Capture gives us an opportunity to participate at scaling market where Aker Carbon Capture wasn't exposed to, partly North America, where we're getting a lot of inbound requests as we form this unique combination with what we have invested into our own capture technology with carbon capture commercial technology.

顯然，阿克碳捕集公司的加入讓我們有機會參與擴大阿克碳捕集公司未涉足的市場，部分是北美地區，當我們與這些公司形成這種獨特的組合時，我們收到了大量的入境請求。

We are seeing a lot of inbound requests and we have been awarded and part of two DOE-funded projects in North America and a lot of inbound requests from a company that are exploring and/or pursuing some carbon capture in North America.

我們看到了大量的入境請求，並且我們已獲得美國能源部資助的北美兩個項目的一部分，以及來自一家正在北美探索和/或追求碳捕獲的公司的大量入境請求。

We see the same in Middle East, and this will complement the strong pipeline that Aker Carbon Capture has already developed in Europe with three active projects and most likely more to come.

我們在中東也看到了同樣的情況，這將補充阿克碳捕集公司在歐洲已經開發的強大管道，包括三個活躍項目，並且很可能會有更多項目。

So we see that we combine our strengths in technology deployment at scale in every basin in the world, combining this with the subsurface sequestration technology leadership we have to offer customers an all-in capability from sequestration, design execution, to carbon capture, combining our technology with the technology of Aker Carbon Capture.

因此，我們看到，我們將我們在世界每個盆地大規模部署技術的優勢與地下封存技術的領先地位相結合，我們必須為客戶提供從封存、設計執行到碳捕獲的全面能力，結合我們的技術與阿克碳捕獲技術。

So we are very positive on this, and we believe that as this business will scale, as we will be in a position to add on many new innovation technologies on it, this will result into margin expansion and into ability to extract a lot of value from this acquisition.

因此，我們對此非常樂觀，我們相信，隨著這項業務的規模擴大，我們將能夠在其中添加許多新的創新技術，這將導致利潤率擴張並有能力從這次收購中提取大量價值。

Great.

偉大的。

Thanks a lot.

多謝。

That's really helpful.

這真的很有幫助。

I'll turn it back.

我會把它轉回來。

Thank you, Dan.

謝謝你，丹。

Luke Lemoine, Piper Sandler.

盧克·勒莫因，派珀·桑德勒。

Hi, good morning.

早安.

Good morning, Luke.

早上好，盧克。

Arun touched on it a little earlier with his question, but you mentioned cost efficiency programs a couple times in the release.

阿倫早些時候曾提出過這個問題，但您在新聞稿中多次提到了成本效率計劃。

It sounded like maybe these were primarily support costs.

聽起來也許這些主要是支援成本。

I guess first, is that correct?

我想首先，這是正確的嗎？

And secondly, would it be possible to maybe frame the magnitude of these?

其次，是否有可能確定這些問題的嚴重程度？

Thanks for your question, Luke.

謝謝你的提問，盧克。

So really, this program is about extracting the most margin expansion and returns out of this growth cycle.

事實上，這個計劃的目的是從這個成長週期中獲得最大的利潤擴張和回報。

And it's not just support, even though it's one of the key elements of it.

它不僅僅是支持，儘管它是其中的關鍵要素之一。

So you have three main components.

所以你有三個主要組成部分。

So first, there's a more tactical adjustment, if you want, of our operational resources, mostly in US land to account basically for the lower-than-expected recount levels.

因此，首先，如果您願意的話，我們可以對我們的營運資源（主要是在美國本土）進行更具戰術性的調整，以基本上解決低於預期的重新計票水平。

The second one relates to digital.

第二個與數字有關。

We are centralizing or regionalizing a certain number of delivery services to improve resource utilization so that we can better respond to the rapid adoption of our digital solutions.

我們正在集中或區域化一定數量的交付服務，以提高資源利用率，以便我們能夠更好地應對數位解決方案的快速採用。

And indeed, the third one, not a small component, about half of it, if you want, is increasing efficiency in our functional support structure.

事實上，第三個部分，不是一個小部分，如果你願意的話，大約有一半是在提高我們功能支援結構的效率。

It's something we do all the time, but here, we are completing the deployment of our new ERP system, so we really want to extract the most out of this.

這是我們一直在做的事情，但在這裡，我們正在完成新 ERP 系統的部署，所以我們真的想從中獲得最大收益。

And it allows us to streamline some of the support structure.

它使我們能夠簡化一些支撐結構。

In terms of magnitude, you've seen the charge this quarter, it's slightly over $100 million pre-tax.

就金額而言，您已經看到本季的費用，稅前略高於 1 億美元。

I don't expect that this will exceed this amount in the third quarter.

我預計第三季這數字不會超過這個數字。

We are still in the process of finalizing all the plans, so I cannot give you a number now, but it should not be of a bigger magnitude.

我們還在敲定所有計劃，所以我現在不能給你一個數字，但規模應該不會更大。

This will result in great savings and optimization of our cost lines, which you will see gradually towards the end of the year and of course in 2025.

這將導致我們的成本線大幅節省和優化，您將在年底、當然是 2025 年逐漸看到這一點。

Okay.

好的。

All right.

好的。

Thanks, Stephane.

謝謝，史蒂芬。

Thank you.

謝謝。

Thank you, Luke.

謝謝你，盧克。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Hi, good morning, Olivier and Stephane.

嗨，早上好，奧利維爾和史蒂芬。

I guess I just want to go back to the OneSubsea joint venture, especially on the all-electric groundbreaking award you announced with Norway.

我想我只是想回到 OneSubsea 合資企業，尤其是您與挪威宣布的全電動突破性獎。

That's a big deal, I think, from both a technical and a commercial opportunity standpoint.

我認為，從技術和商業機會的角度來看，這都是一件大事。

Olivier, if you don't mind spending a little time on that, how should we think about that opportunity unfolding?

奧利維爾，如果你不介意花一點時間在這上面，我們該如何看待這個機會的出現？

What are the constraints, especially on the regulatory side of that?

有哪些限制，特別是在監理方面？

Just talk to the opportunity on just that, all-electric subsea side of things.

只需談談全電動海底方面的機會。

Yes.

是的。

This is a great question, Saurabh.

這是一個很好的問題，Saurabh。

We are very excited.

我們非常興奮。

We are very excited because we believe this is one of the legs of technology deployment that could change the game in the long term in the subsea infrastructure deployment.

我們非常興奮，因為我們相信這是技術部署的支柱之一，並且從長遠來看可能會改變海底基礎設施部署的遊戲規則。

First, because it allows a lower footprint, a smaller footprint, reducing and eliminating hydraulics into the subsea and ultimately eliminating cost; and secondly, allowing full digital control of the subsea infrastructure; and last, obviously, having an impact onto the carbon footprint of this infrastructure.

首先，因為它允許更小的佔地面積，減少和消除進入海底的液壓系統，最終消除成本；其次，允許對海底基礎設施進行全面數位控制；最後，顯然，會影響該基礎設施的碳足跡。

So we believe that for recovery, cost, and low carbon, we believe that there is a future for deepwater all electric, be it on a subsurface.

因此，我們相信，就回收率、成本和低碳而言，我們相信深水全電動有一個未來，無論是在地下。

And as you have seen -- you might have seen that we have announced earlier in the year and last year that we had made progress and being awarded several contracts on the completion subsurface all-electric solution.

正如您所看到的，您可能已經看到，我們在今年早些時候和去年宣布我們已經取得了進展，並獲得了幾份關於完成地下全電動解決方案的合約。

We'll continue to lead in this domain and combine it with all-electric subsea tree or subsea infrastructure that then when combined together with the subsurface gives us an opportunity to fully digitize and fully control and provide our customers and the operators the ability to optimize recovery and control and optimize the maintenance as well in this field.

我們將繼續在這一領域處於領先地位，並將其與全電動海底樹或海底基礎設施相結合，然後與地下結合在一起，使我們有機會完全數位化和完全控制，並為我們的客戶和運營商提供優化的能力恢復和控制以及該領域的最佳化維護。

So that's part of the future of deepwater.

所以這是深水未來的一部分。

It's electric, and we're very pleased to have been awarded this as a result of a consortium, actually, (inaudible) and other operators.

它是電動的，我們很高興能夠透過聯盟（實際上是（聽不清楚））和其他運營商獲得這一獎項。

So this will take place in several basins, we believe, in particular in Brazil and another place, and we will be ready to deploy this for our customers

因此，我們相信這將在幾個盆地進行，特別是在巴西和其他地方，我們將準備好為我們的客戶部署這一點

Okay, that's fantastic color, Olivier.

好吧，那顏色太棒了，奧利維爾。

Maybe I have a quick unrelated follow up on the D&I side of things.

也許我對 D&I 方面的事情有一個快速的、不相關的跟進。

I think, in the press release, you mentioned in a couple of places about just the second quarter being held by exploration data license sales.

我認為，在新聞稿中，您在幾個地方提到了第二季的勘探資料許可證銷售。

I know these tend to be lumpy, but is there anything to read into this on what's happening on the exploration side of things?

我知道這些往往是不穩定的，但是對於探索方面發生的事情有什麼可以解讀的嗎？

It does sound there are more exploration rounds across the globe, but Is it just lumpiness in the second quarter or is there anything we can read into on just where exploration is going?

聽起來全球各地確實有更多的勘探輪次，但這只是第二季度的不穩定性還是我們可以了解勘探進展的任何內容？

No, I think the trend has been up, and I think it has been contributing in the line with our ambition for digital growth as the data exploration cells has been a success and we foresee this to continue to grow going forward in the quarters to come.

不，我認為這一趨勢已經上升，而且我認為它一直在為我們數位化成長的雄心壯志做出貢獻，因為數據探索單元已經取得了成功，我們預計這一趨勢將在未來幾個季度繼續增長。

Sometimes, it will be up.

有時，它會起來。

And sometimes, it will be slightly down, but we foresee growth, and I think this is driven by the frontier exploration.

有時，它會略有下降，但我們預見到成長，我認為這是由前沿探索驅動的。

This is driven by infrastructure-led exploration in metro basins, and this is driven by new generation of software, digital application that can relook an existing basin and extract more value for understanding and finding new hydrocarbon and/or new gas finds into the existing basins.

這是由基礎設施主導的大都市盆地勘探推動的，也是由新一代軟體和數位應用程式推動的，這些軟體和數位應用程式可以重新審視現有盆地，並為了解和發現現有盆地中的新碳氫化合物和/或新天然氣發現獲取更多價值。

So we've very pleased to have a leading offering, both in terms of digital capability to reprocess existing datasets and also to be able to enhance the vintage datasets and to be having this in the right basin, in the right place, and partnering to many of these licensing rounds.

因此，我們非常高興能夠擁有領先的產品，無論是在重新處理現有數據集的數位能力方面，還是能夠增強老式數據集並將其放在正確的盆地、正確的位置，並與許多這樣的許可輪次。

You're right to say that many licensing rounds expected this year.

你說的對，今年預計會有多輪許可。

No less than actually 70 licensing rounds have been announced across many parts of the world, and I think some of them are highly successful.

實際上，世界許多地區已經宣布了至少 70 輪許可，我認為其中一些非常成功。

Deepwater has been a success for critical finds and critical hydrocarbon, both oil and gas in the last few quarters, and we expect this to continue.

過去幾個季度，深水在關鍵發現和關鍵碳氫化合物（石油和天然氣）方面取得了成功，我們預計這種情況將繼續下去。

There is increasing interest into the Pelotas, which is the last hotspot south of Brazil.

人們對佩洛塔斯越來越感興趣，這是巴西南部最後一個熱點。

You have the Namib Basin south of Angola, north of Namibia.

安哥拉以南、納米比亞以北有納米布盆地。

You have Indonesia, India.

有印度尼西亞、印度。

You have Bangladesh.

你有孟加拉國。

Many, many spots that are being discovered and being explored with fresh data sets and the opportunity to indeed boost and support our participation to this market going forward.

許多許多地點正在透過新的數據集被發現和探索，並有機會確實促進和支持我們未來參與這個市場。

And I think we will continue to participate and maximize this.

我認為我們將繼續參與並最大限度地發揮這一作用。

And this will be, on occasion, lumpy, but we believe this will continue to grow.

有時，這會是不穩定的，但我們相信這將繼續增長。

Perfect.

完美的。

No, that's a very tight answer, Olivier.

不，這是一個非常嚴格的答案，奧利維爾。

Thank you.

謝謝。

And I know you have made this business asset light, so it's critical to your returns, to your margins.

我知道您已經使這項業務資產變得輕量化，因此這對您的回報和利潤至關重要。

That's all very good to hear.

很高興聽到這些。

Thank you, Olivier.

謝謝你，奧利維爾。

I'll turn it back.

我會把它轉回來。

Thank you, Saurabh.

謝謝你，索拉布。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD·考恩。

Thank you.

謝謝。

I didn't catch if you said, but could you -- hello, Olivier.

我沒聽清楚你說的是不是──你好，奧利維爾。

Could you update us on your outlook for international and North America revenue growth in 2024?

您能否向我們介紹一下您對 2024 年國際和北美收入成長的最新展望？

I think we have been guiding earlier this year, and we remain fit on this guidance, that internationally, we foresee double-digit growth when excluding Aker and Russia.

我認為我們今年早些時候一直在指導，並且我們仍然符合這一指導，即在國際上，如果排除阿克和俄羅斯，我們預計將出現兩位數的增長。

North America, we have been guiding originally positive up to mid-single growth, and we have been realizing this down as the North America has been clearly impacted going forward.

北美地區，我們一直引導最初的正向成長至中期成長，但隨著北美地區未來受到明顯影響，我們已經意識到這一點。

But we still have opportunity to grow in the second half and to improve our margin as well in this basin as we adjust our resource and get the most out of the deepwater market in Gulf of Mexico as well as our participation with technology intensity in some part of the North American end market.

但是，隨著我們調整資源並充分利用墨西哥灣的深水市場以及我們在某些​​領域的技術強度參與，我們仍然有機會在下半年實現成長並提高我們在該盆地的利潤率北美終端市場。

So no change, international, and lower growth in North America compared to original guidance.

因此，與最初的指導相比，國際範圍內沒有變化，北美的成長也較低。

Yes, makes sense.

是的，有道理。

And then maybe for Stephane, back on the cost savings, so you mentioned that another charge in 3Q is not to exceed what we saw in second quarter for the actions you're taking.

然後，也許對於史蒂芬來說，回到成本節約，所以你提到第三季度的另一項費用不會超過我們在第二季度看到的你正在採取的行動。

Can you help us with how much of a profit uplift or cost-saving benefit you may get on a quarterly basis in the back half of the year and then once everything finally reaches its full implementation?

您能否幫助我們了解一下，在下半年，當一切最終全面實施後，您可以按季度獲得多少利潤提升或成本節約效益？

Yes.

是的。

So as I said, we will really complete everything.

正如我所說，我們將真正完成一切。

All the actions will be taken by the end of the year, but you will see gradually the effect on our margins in the second half.

所有行動將在今年年底前採取，但下半年您將逐漸看到對我們利潤率的影響。

And by the way, this is of course why we are confident in the updated, more precise guidance we gave for the full-year EBITDA.

順便說一句，這當然就是為什麼我們對我們為全年 EBITDA 提供的更新的、更精確的指導充滿信心。

We will update you more precisely on the savings once we are done at the end of Q3, but as a -- in general, as a rough rule of thumb, if you want, you can assume that the payback on these actions is between 9 to 12 months.

一旦我們在第三季末完成，我們將更準確地向您更新節省的情況，但作為一個粗略的經驗法則，如果您願意，您可以假設這些行動的回報在 9 之間至 12 個月。

Got it.

知道了。

Very good, thank you.

非常感謝。

I'll turn it back.

我會把它轉回來。

Thank you, Marc.

謝謝你，馬克。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Hey, thanks for fitting me in here.

嘿，謝謝你讓我來到這裡。

I appreciate the insights as always.

我一如既往地欣賞這些見解。

So Olivier, I think -- from my standpoint, Olivier, I'm kind of curious, right?

所以奧利維爾，我想——從我的角度來看，奧利維爾，我有點好奇，對吧？

We've now had five or six months or so to digest the shift in game plan by Saudi Arabia from offshore to conventional gas.

我們現在有五、六個月左右的時間來消化沙烏地阿拉伯將遊戲計畫從海上天然氣轉向常規天然氣的轉變。

You referenced that very explicitly in your commentary about unconventional gas being a growth market for you.

您在關於非常規天然氣對您來說是一個成長市場的評論中非常明確地提到了這一點。

But I guess from where I sit, right, we're five or six months into this process, what have you picked up incrementally with respect to that opportunity?

但我想從我的立場來看，對吧，我們已經進入這個過程五、六個月了，您在這個機會方面逐漸獲得了什麼？

And more importantly, what kind of legs do you see for that dynamic for you in Saudi in particular?

更重要的是，您認為什麼樣的腿可以為您帶來這種活力，特別是在沙烏地阿拉伯？

I think you may have been reading.

我想你可能已經讀過。

I don't want to speak on behalf of Saudi Aramco, but I think their commitment to their program to increase gas production by 60% from 2020 is very clear.

我不想代表沙特阿美發言，但我認為他們對自 2020 年起將天然氣產量增加 60% 的計劃的承諾非常明確。

I think this touched both the conventional and unconventional gas reserve in Saudi.

我認為這觸及了沙烏地阿拉伯的常規和非常規天然氣儲備。

The most visible element of this is obviously the unconventional gas large Jafurah project.

其中最明顯的元素顯然是非常規天然氣大型 Jafurah 項目。

You may have seen that also explored successfully, new finds, both oil and gas, in the recent months.

您可能已經看到近幾個月來也成功勘探了石油和天然氣的新發現。

So the country is set to expand in gas to complement the oil capacity, sustained capacity, and slight expansion.

因此，該國將擴大天然氣產能，以補充石油產能、持續產能和小幅擴張。

And we are, as I said, favorably exposed.

正如我所說，我們處於有利的位置。

And we have reinforced this exposure, strengthened this exposure with our recent wins, as you may have seen in the earnings press release from this morning.

正如您可能在今天早上的收益新聞稿中看到的那樣，我們已經加強了這種曝光，透過我們最近的勝利加強了這種曝光。

So we're very pleased.

所以我們非常高興。

But the market is not only one project.

但市場不僅僅是一個項目。

The market is not only one aspect.

市場不僅僅是一方面。

The market is much more diversified in Saudi and furthermore in the Middle East.

沙烏地阿拉伯和中東的市場更加多元化。

So we are exposed to many aspects of the Saudi activity, both production and recovery, exploration, CCS, as well as well construction and production equipment, both offshore and onshore.

因此，我們接觸到沙烏地阿拉伯活動的許多方面，包括生產和回收、勘探、CCS，以及海上和陸上的油井建造和生產設備。

We have a very diversified exposure to this, and we benefit favorably to the exposure of the growth -- accelerated growth in Jafurah.

我們對此擁有非常多元化的投資，並且我們從 Jafurah 的加速成長中受益。

So we are very pleased with where we are, and we are one of the most beneficiary of the accelerated gas expansion as highlighted in our EPR highlights.

因此，我們對目前的狀況感到非常滿意，正如我們的 EPR 亮點中所強調的那樣，我們是天然氣加速擴張的最大受益者之一。

So that's where we stand.

這就是我們的立場。

Great.

偉大的。

That's great color.

那顏色真棒。

Always appreciate it.

永遠感激它。

Thank you.

謝謝。

And now I'll be [turning the call] back to Olivier for closing remarks.

現在我將[轉回電話]給奧利維爾做總結發言。

Thank you, Leah.

謝謝你，莉亞。

So ladies and gentlemen, as we conclude today's call, I would like to leave you with the following takeaways.

女士們、先生們，在我們結束今天的電話會議時，我想向你們傳達以下要點。

First, the growth momentum continues with many of our international GeoUnits reaching new cycle highs.

首先，成長勢頭持續，我們的許多國際 GeoUnit 達到了新的週期高點。

Combined with the increased adoption of digital technologies, the stage is set for further growth and margin expansion throughout the rest of 2024 and into 2025.

再加上數位技術的廣泛採用，為 2024 年剩餘時間和 2025 年的進一步成長和利潤率擴張奠定了基礎。

Second, in this environment, no company is better positioned than SLB to capture quality growth.

其次，在這種環境下，沒有任何一家公司比 SLB 更有能力實現高品質成長。

Our differentiated operating footprint, leading technical and digital offerings, and sustained commitment to operating efficiency and value creation have set us apart throughout the cycle.

我們差異化的營運足跡、領先的技術和數位產品以及對營運效率和價值創造的持續承諾使我們在整個週期中脫穎而出。

Moving ahead, we remain favorably positioned in the highest-quality area of the market, supported by our differentiated technology deployment, integration capabilities, and performance.

展望未來，在我們差異化的技術部署、整合能力和效能的支持下，我們在市場最高品質領域中保持有利的地位。

And third, with a strong first half of the year behind us and full confidence in further international revenue growth, we are optimally positioned to continue our margin expansion journey, to generate cash, and to fulfill our commitment to return to shareholders, both in 2024 and in 2025.

第三，憑藉上半年的強勁表現以及對國際收入進一步增長的充分信心，我們處於最佳位置，可以在 2024 年繼續我們的利潤擴張之旅、產生現金並履行我們向股東回報的承諾以及2025 年。

This is an excellent environment for our business, and I am confident that we will continue to deliver outstanding performance for our customers and our shareholders in the quarters ahead.

這對我們的業務來說是一個極好的環境，我相信我們將在未來幾季繼續為我們的客戶和股東提供出色的業績。

With that, I will conclude this morning's call.

我將結束今天上午的電話會議。

Thank you very much for joining.

非常感謝您的加入。

Ladies and gentlemen, that does conclude your conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。