Cactus Inc (WHD) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to Cactus Inc's fourth quarter 2023 earnings conference call.

感謝您的耐心等待，歡迎參加 Cactus Inc 的 2023 年第四季財報電話會議。

(Operator Instructions) Once again.

（操作員指示）再一次。

As a reminder, today's program is being recorded.

提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Alan Boyce, Director of Corporate Development and Investor Relations.

現在我想介紹一下今天節目的主持人，企業發展和投資者關係總監艾倫·博伊斯。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good morning.

早安.

We appreciate you joining us on today's call.

我們感謝您參加今天的電話會議。

Our speakers will be Scott Bender, our Chairman and Chief Executive Officer, and Keefer, our Interim Chief Financial Officer.

我們的發言人將是我們的董事長兼執行長 Scott Bender 和我們的臨時財務長基弗 (Keefer)。

Also joining us today are Joel vendor, President, Steven Bender, Chief Operating Officer, Steve Ted Love, CEO of Flexsteel, and we'll march our General Counsel.

今天加入我們的還有總裁 Joel Vendor、營運長 Steven Bender、Flexsteel 執行長 Steve Ted Love，我們也將邀請總法律顧問。

Please note that any comments we make on today's call regarding projections or expectations for future events are forward-looking statements covered by the Private Securities Litigation Reform Act.

請注意，我們在今天的電話會議上發表的有關未來事件的預測或預期的任何評論都是《私人證券訴訟改革法案》涵蓋的前瞻性陳述。

Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control.

前瞻性陳述受到許多風險和不確定性的影響，其中許多風險和不確定性超出了我們的控制範圍。

These risks and uncertainties can cause actual results to differ materially from our current expectations.

這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。

We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC.

我們建議聽眾查看我們的財報以及我們向美國證券交易委員會提交的文件中討論的風險因素。

Any forward-looking statements we make today are only as of today's date, and we undertake no obligation to publicly update or review any financial forward-looking statements.

我們今天所做的任何前瞻性聲明僅截至今天，我們沒有義務公開更新或審查任何財務前瞻性聲明。

In addition, during today's call, we will reference certain non-GAAP financial measures.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release.

這些非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的對帳已包含在我們的收益發布中。

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

這樣，我會將電話轉給史考特。

Thanks, Alan, and good morning to everyone.

謝謝艾倫，大家早安。

We closed out the final quarter of 2023 with strong margin performance in both segments.

我們在 2023 年最後一個季度的兩個細分市場都取得了強勁的利潤表現。

Free cash flow was substantial and with the debt raised to finance the Flexia acquisition repaid in Q3, we increased our cash balance by over $70 million in Q4 for the full year 2023, both businesses set records for revenue and adjusted EBITDA.

自由現金流非常可觀，隨著第三季償還Flexia 收購融資而籌集的債務，我們在2023 年第四季的現金餘額增加了超過7,000 萬美元，兩家公司的收入和調整後EBITDA 都創下了記錄。

Despite the decline in U.S. land activity over the course of the year.

儘管美國土地活動在這一年中有所下降。

Our Company remains well-positioned in the market as a provider of highly-engineered differentiated products to premium customers and our strong financial performance reflects this some fourth quarter total company highlights include revenue of $275 million, adjusted EBITDA of $100 million, adjusted EBITDA margin of 36.4%.

作為向高端客戶提供精心設計的差異化產品的供應商，我們公司在市場上仍然處於有利地位，我們強勁的財務業績反映了公司第四季度的整體亮點，包括收入2.75 億美元、調整後EBITDA 1億美元、調整後EBITDA 利潤率36.4%。

We paid a quarterly dividend of $0.12 per share, and we increased our cash balance to $134 million.

我們支付了每股 0.12 美元的季度股息，並將現金餘額增加到 1.34 億美元。

I'll now turn the call over to our key for our CFO, who will review our financial results.

我現在將把電話轉給我們的財務官，他將審查我們的財務表現。

Following his remarks, I'll provide some thoughts on our outlook for the year to the near term rather before opening the lines for Q&A, so I'll thank you.

在他發表講話之後，我將在開始問答之前對我們今年和近期的前景提出一些想法，所以我會感謝你們。

Before I begin, I would like to highlight the changes to our reporting structure beginning in Q4.

在開始之前，我想強調一下從第四季開始我們的報告結構所發生的變化。

We are now presenting our corporate and other expenses separately from our two operating segments, the cost within Corporate and Other consist of personnel whose activities support both operating segments as well as other public reporting and administrative overhead costs.

我們現在將公司和其他費用與兩個營運部門分開列報，公司和其他部門的成本包括支援兩個營運部門活動的人員以及其他公共報告和行政管理費用。

All of these costs were previously reported within the Pressure Control segment Prior periods have been recast in the earnings release to conform to this new presentation to assist analysts and investors.

所有這些成本之前都在壓力控制部門中報告過，之前的會計期間已在收益發布中進行了重新調整，以符合新的演示文稿，以幫助分析師和投資者。

With understanding this reporting change, we have provided a historical reconciliation for 2021 through 2023 on the Investor Relations section of our website.

在了解這項報告變化後，我們在網站的投資者關係部分提供了 2021 年至 2023 年的歷史調節表。

I'll now begin the results review.

我現在開始審查結果。

As Scott mentioned earlier, total Q4 revenues were $275 million for our Pressure Control segment revenues of $180 million were down 1.1% sequentially, driven primarily by decreased customer activity.

正如 Scott 之前提到的，第四季總收入為 2.75 億美元，壓力控制部門收入為 1.8 億美元，環比下降 1.1%，這主要是由於客戶活動減少。

Operating income increased $1.2 million or 2.2% sequentially, with operating margins increasing 100 basis points.

營業收入較上季增加 120 萬美元，即 2.2%，營業利益率增加 100 個基點。

Adjusted segment EBITDA increased 1.5 million or 2.3% sequentially, with margins increasing by 120 basis points.

調整後分部 EBITDA 較上季成長 150 萬，即 2.3%，利潤率成長 120 個基點。

The margin improvement was due to lower rental equipment repair costs, partially associated with the recent modification of our frac about design and efforts to limit our branch expenses in response to reduced activity levels for our spoonable Technologies segment revenues of 94 million were down 10.4% sequentially due to lower customer activity levels.

利潤率的提高是由於租賃設備維修成本的降低，部分原因是最近對我們的壓裂設計進行了修改，並努力限制我們的分支機構開支，以應對我們的可勺技術部門的活動水平減少，收入為9400 萬，比上一季下降了10.4%由於客戶活動水平較低。

Operating income decreased $11.6 million sequentially due largely to the quarter-over-quarter change in the expense resulting from the remeasurement of Flexsteel earnout liability.

營業收入較上季減少 1,160 萬美元，主要是由於重新計量 Flexsteel 獲利負債導致費用較上季變動。

Adjusted segment EBITDA decreased 4.5 million or two 10.2% sequentially, while margins increased by 10 basis points as reductions in operating leverage were offset by reduced input costs.

調整後的部門 EBITDA 比上一季減少 450 萬或兩個 10.2%，而利潤率則增加 10 個基點，因為營運槓桿的減少被投入成本的減少所抵消。

Corporate and other expenses were $5.7 million in Q4, down $1.3 million sequentially due to lower transaction related expenses and stock-based compensation.

由於交易相關費用和股票薪酬下降，第四季公司及其他費用為 570 萬美元，比上一季減少 130 萬美元。

Adjusted corporate EBITDA was approximately flat in Q4 at 3.8 million of expense on a total company basis.

第四季調整後的企業 EBITDA 大致持平，公司總費用為 380 萬美元。

Fourth quarter.

第四季。

Adjusted EBITDA was $100 million, down 2.9% from 103 million during the third quarter.

調整後 EBITDA 為 1 億美元，較第三季的 1.03 億美元下降 2.9%。

Adjusted EBITDA margin for the fourth quarter was 36.4% compared to 35.8% for the third quarter.

第四季調整後 EBITDA 利潤率為 36.4%，而第三季為 35.8%。

Adjustments to total company EBITDA during the fourth quarter of 2023 include non-cash charges of $4.6 million in stock-based compensation and a 1.9 million expense related to the Flexsteel earn-out liability remeasurement.

2023 年第四季公司 EBITDA 總額的調整包括 460 萬美元的股票薪酬非現金費用以及與 Flexsteel 獲利負債重新計量相關的 190 萬美元費用。

Depreciation and amortization expense for the fourth quarter was $15 million, which includes $4 million of amortization expense related to intangible assets booked as part of purchase accounting.

第四季的折舊和攤銷費用為 1500 萬美元，其中包括與作為採購會計一部分記入的無形資產相關的 400 萬美元攤銷費用。

Total depreciation and amortization expense during the first quarter of 2024 is expected to be approximately $15 million, of which $7 million is associated with our Pressure Control segment and 8 million it's associated with Global Technologies income tax expense during the fourth quarter was approximately 17 million.

2024 年第一季的折舊和攤銷費用總額預計約為1500 萬美元，其中700 萬美元與我們的壓力控制部門相關，800 萬美元與Global Technologies 相關，第四季度的所得稅費用約為1700 萬美元。

During the fourth quarter, the public or Class A. ownership of the company was 82%, following further changes in our public ownership percentage, we expect an effective tax rate of approximately 22% for Q1 2024.

第四季度，公司的公眾或 A 類所有權為 82%，隨著公眾所有權比例的進一步變化，我們預計 2024 年第一季的有效稅率約為 22%。

Gaap net income was $62 million in the fourth quarter versus 68 million during the third quarter.

第四季公認會計準則淨利潤為 6,200 萬美元，而第三季為 6,800 萬美元。

The decrease was largely driven by the change in remeasurement of the earn-out liability.

這一下降主要是由於盈利負債重新計量的變化所致。

Adjusted net income and earnings per share were $65 and $0.81 per share, respectively during the fourth quarter compared to $64 million and $0.8 per share in the third, adjusted net income for both the fourth quarter and full year 2023 were net of a 23% tax rate applied to our adjusted pretax income generated during the respective periods.

第四季調整後淨利和每股盈餘分別為65 美元和0.81 美元，而第三季調整後淨利和每股盈餘分別為6,400 萬美元和0.8 美元，第四季和2023 年全年調整後淨利潤均扣除23% 的稅費稅率適用於我們在相應期間產生的調整後稅前收入。

This rate was lower than anticipated due to the onetime release in 2023 of valuation allowances associated with the Flexsteel acquisition.

由於 2023 年一次性釋放與 Flexsteel 收購相關的估值津貼，這一比率低於預期。

We estimate that the tax rate for adjusted net income and EPS will be 26% during the first quarter of 2024.

我們預計 2024 年第一季調整後淨利和每股盈餘的稅率將為 26%。

During the fourth quarter, we paid a quarterly dividend of dividend of $0.12 per share, resulting in a cash outflow of approximately $10 million, including related distributions to members.

第四季度，我們支付了每股0.12美元的季度股息，導致現金流出約1000萬美元，其中包括對會員的相關分配。

The Board has also often approved a quarterly dividend of $0.12 per share to be paid in March 2024.

董事會也經常批准於 2024 年 3 月支付每股 0.12 美元的季度股息。

We ended the quarter with a cash balance of 134 million, a sequential increase of approximately 70 million.

本季末，我們的現金餘額為 1.34 億美元，季增約 7,000 萬美元。

Net CapEx was approximately 9.5 million during the fourth quarter of 2023 and $38.6 million for the full year 2023.

2023 年第四季的淨資本支出約為 950 萬美元，2023 年全年的淨資本支出約為 3,860 萬美元。

For the full year 2024, we expect net CapEx in the range of 45 to 55 million.

對於 2024 年全年，我們預計淨資本支出將在 4500 至 5500 萬美元之間。

The increase from 2023 is due to increased spending on efficiency improvements at Flex steel's Baytown manufacturing facility and approximately $20 million budgeted for international growth and supply chain diversification in 2024.

與 2023 年相比，這一成長的原因是 Flex Steel 貝敦製造工廠提高效率的支出增加，以及 2024 年國際成長和供應鏈多元化的預算約為 2,000 萬美元。

That covers the financial review, and I'll now turn the call back over to Scott.

這涵蓋了財務審查，現在我將把電話轉回給斯科特。

Thank you.

謝謝。

And well, I guess I'll now touch on our expectations for the first quarter of 2024 of our reporting segments.

好吧，我想我現在將談談我們對 2024 年第一季報告部門的預期。

Importantly, during the fourth quarter, we expect pressure control revenue to be down mid single digits versus the $180 million reported in the fourth quarter of 2023.

重要的是，我們預計第四季度壓力控制收入將比 2023 年第四季報告的 1.8 億美元下降中個位數。

As strong production equipment sales in Q4 led to stronger revenues than the level of industry activity would imply.

由於第四季度強勁的生產設備銷售導致收入高於行業活動水平所暗示的水平。

We expect the U.S. lagged US land rig count to be approximately flat from today's levels in the remainder of the first quarter.

我們預計，在第一季度剩餘時間內，美國落後的陸地鑽機數量將與目前的水平大致持平。

Our recent weakness in natural gas prices suggest a cautionary outlook beyond this period.

最近天然氣價格的疲軟表明在此期間之後的前景保持謹慎。

Anecdotally, the number of inbound inquiries for frac rental equipment have increased in the past 45 days, suggesting potential for the second quarter of 2024.

據傳聞，過去 45 天內，壓裂租賃設備的入境詢問數量有所增加，這表明 2024 年第二季的潛力。

Adjusted EBITDA margins in our Pressure Control segment are expected to be 33% to 35% for the first quarter, exclusive of corporate and other expenses, which are now reported separately.

我們的壓力控制部門調整後的 EBITDA 利潤率預計第一季為 33% 至 35%，不包括現在單獨報告的公司費用和其他費用。

This adjusted EBITDA guidance also excludes approximately $2 million of stock-based compensation expense.

調整後的 EBITDA 指引也排除了約 200 萬美元的股票補償費用。

Within the segment, margins are expected to be down sequentially as reduced product sales impact our operating leverage, partially offset by the supply chain initiatives previously announced.

在該部門內，由於產品銷售減少影響我們的營運槓桿，預計利潤率將連續下降，但先前宣布的供應鏈計劃部分抵消了這一影響。

We expect our low-cost manufacturing diversification to enhance product margins by the middle of 2025.

我們預計到 2025 年中期，我們的低成本製造多元化將提高產品利潤率。

As mentioned last quarter, new wellhead and valve product improvements are in the process of being introduced, and we expect the rollout of these to more significantly impact operating results late this year as we responsibly replace our current inventory.

正如上季度所提到的，新的井口和閥門產品改進正在推出，我們預計這些產品的推出將在今年稍後對經營業績產生更顯著的影響，因為我們負責任地更換了當前的庫存。

Our Middle East expansion plans are underway.

我們的中東擴張計劃正在進行中。

Testing continues and are still targeting customer acceptance.

測試仍在繼續，目標仍是客戶接受度。

First, orders by late 2024.

首先，2024 年底前下訂單。

We continue to evaluate opportunities.

我們繼續評估機會。

And while we don't have any further news at this time, we're pleased with the outlook and look forward to sharing a meaningful update on our efforts within the next 90 days.

雖然我們目前沒有任何進一步的消息，但我們對前景感到滿意，並期待在未來 90 天內分享有關我們工作的有意義的最新資訊。

Switching to global technology skills, technology segment, we expect first quarter revenue to be up low single digits relative to the fourth quarter, which would represent a record-setting Q1 for Flexsteel, largely on stronger demand from the majors.

轉向全球技術技能、技術領域，我們預計第一季營收將比第四季低個位數成長，這將代表 Flexsteel 第一季創紀錄，這主要是由於各大公司的需求更加強勁。

We're also seeing increased interest from international and midstream customers who recognize the value proposition of the Flexsteel products.

我們也看到國際和中游客戶的興趣日益濃厚，他們認識到 Flexsteel 產品的價值主張。

We expected adjusted EBITDA margins in this segment to be approximately 37% to 39% for Q1, moderating from Q4 levels on increased input costs that will begin to work through our inventory late in the first quarter, though this margin guidance excludes approximately $1 million of stock-based compensation segments adjustment.

我們預計第一季該部門調整後的EBITDA 利潤率約為37% 至39%，與第四季度的水平相比有所放緩，因為投入成本增加將在第一季末開始消耗我們的庫存，儘管該利潤率指引不包括約100 萬美元的股票薪酬分部調整。

Adjusted corporate EBITDA is expected to be approximately $4 million loss in Q1, flat from the fourth quarter, which excludes approximately $1 million of corporate stock-based compensation.

調整後的企業 EBITDA 預計第一季虧損約 400 萬美元，與第四季持平，其中不包括約 100 萬美元的企業股票薪資。

Consolidation of our customers continues in the sector, improving our industry's efficiency at this time, we cannot predict the near term impact on our business other than to reiterate that our business model favors larger operators.

該行業的客戶整合仍在繼續，提高了行業效率，但我們無法預測短期內對我們業務的影響，只能重申我們的業務模式將有利於大型營運商。

That said, we expect a reduction in the U.S. land rig count by year end following consolidations as the combined entity entities, high-grade drilling prospects and increased drilling efficiencies.

也就是說，我們預計，隨著實體實體合併、高品位鑽探前景和鑽探效率提高，美國陸上鑽機數量到年底將會減少。

Further risk to the rig count remains as operators respond to low natural gas prices, our Company's focus on safety, execution and servicing our customers allowed us to close up a Milestone 2023 for Cactus, although 2020 for US drilling and completion activity expectations expectations are modest at this time, Cactus remains well positioned with two segments that generate high margins and attractive returns.

由於營運商應對低天然氣價格，鑽機數量的進一步風險仍然存在，我們公司對安全、執行和服務客戶的關注使我們能夠在Cactus 2023 年實現里程碑，儘管2020 年美國鑽井和完井活動預期並不高目前，仙人掌仍處於有利地位，擁有兩個可產生高利潤和可觀回報的細分市場。

While operating differentiates that differentiated differentiated Army valued at cost we expect to generate substantial free cash flow in 2024 that will provide us with optionality to increase shareholder returns over time for pursue organic and inorganic growth opportunities in the disciplined manner that our shareholders expect.

雖然以成本計價的差異化陸軍的運營差異化，我們預計將在2024 年產生大量自由現金流，這將為我們提供隨著時間的推移增加股東回報的選擇，以股東期望的嚴格方式追求有機和無機成長機會。

With that, I'll turn it back over to the operator and we can begin Q&A.

這樣，我會將其轉回給操作員，我們就可以開始問答了。

Operator?

操作員？

Luke Lemoine, Piper Sandler.

盧克·勒莫因，派珀·桑德勒。

How are you?

你好嗎？

Doing well and yourself?

你自己也過得好嗎？

Thank you.

謝謝。

Scott, you talked about schools being up some in 1Q due to the majors or have you been adding some program accounts here?

斯科特，您談到學校在第一季由於專業原因有所上升，或者您是否在這裡添加了一些項目帳戶？

Or is this just kind of general increase in activity from the majors?

還是這只是各大專業活動的普遍增加？

I'm going to skip catalog to now run kind at that segment responded?

我要跳過目錄，現在在該段運行類型回應？

Yes, we've just been seeing increased activity from the majors in particular.

是的，我們剛剛看到各大專業的活動增加。

And then as we alluded to earlier in the script, also some international orders from Latin America, Middle East and one other positive is on the midstream side, seeing significant interest from a large midstream company with which we hadn't done much business in inquiries from other midstream.

然後，正如我們在劇本前面提到的，還有一些來自拉丁美洲、中東的國際訂單，另一個積極因素是中游方面，我們看到一家大型中游公司表現出了濃厚的興趣，而我們在詢價中並沒有與該公司做太多業務。來自其他中流。

So overall, we're feeling very good about the outlook for the next year.

總的來說，我們對明年的前景感覺非常好。

Okay.

好的。

Got it.

知道了。

And then, Nelson, the second question, Steve, on just kind of on the product mix.

然後，納爾遜，第二個問題，史蒂夫，關於產品組合。

I mean, you mentioned the midstream customer.

我的意思是，你提到了中游客戶。

So it sounds like there's some uptake on kind of the gathering and distribution side.

所以聽起來收集和分發方面有一些進展。

If you could just speak to that, maybe a little more kind of what you're seeing this year?

如果你能談談這一點，也許你今年看到的情況會更接近一些？

I think is done with midstream.

我認為中游就完成了。

You have more regulatory hurdles or a different mindset to get through and the team's been working on that for years, and I think they're starting to see the fruits of that effort.

你有更多的監管障礙或不同的心態需要克服，團隊多年來一直在努力解決這個問題，我認為他們已經開始看到這種努力的成果。

So I think that's really the driver of a.

所以我認為這確實是a的驅動因素。

Okay, perfect.

好的，完美。

Thanks a bunch.

非常感謝。

Thank you.

謝謝。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

Yes, good morning, I was wondering if you could maybe provide more details on some of the new product introductions.

是的，早上好，我想知道您是否可以提供有關一些新產品介紹的更多詳細資訊。

Sounds like the new frac valve was it was a tailwind to margins in the quarter, but give us a sense of the rollout of that new frac valve as well as your new wellhead offering?

聽起來新的壓裂閥是本季利潤的順風車，但是讓我們了解一下新壓裂閥的推出以及您的新井口產品嗎？

How to set up the frac valve is what is being rolled out right now.

目前正在推出如何設定壓裂閥。

And it's I think it's important to recognize if this is a modification of our existing frac valve, which doesn't lead to any obsolescence.

我認為重要的是要認識到這是否是對我們現有壓裂閥的修改，這不會導致任何過時。

However, this modification pretty significantly reduces the amount of repairs required.

然而，這種修改相當顯著地減少了所需的維修量。

As you may know, from previous conversations, unlike a lot of our peers, we tear down valves completely after every job, which gives rise to a large repair cost in terms of replacement parts.

正如您可能知道的，從之前的談話中，與我們的許多同行不同，我們在每次工作後都會徹底拆卸閥門，這會導致更換零件的大量維修成本。

And we've seen a pretty significant reduction in the damage to our internals, which is to frac valve design.

我們已經看到內部結構（即壓裂閥設計）的損壞顯著減少。

So as soon as we can cycle these valves through their normal paired will be replacing the internals with this new design, the wellhead design, how we're looking to roll that out.

因此，一旦我們能夠透過正常配對循環這些閥門，我們就會用這種新設計、井口設計來更換內部構件，我們希望如何推出它。

And two, three in Q4, which I think is one of the more exciting iterations that are how many iterations to run now through 10.

第四季有兩三次，我認為這是最令人興奮的迭代之一，即現在要運行多少次迭代到 10 次。

Now that's a lot of different changes.

現在有很多不同的變化。

Yes, this one offers the advantage of increased features, which for the sake of my competitors, I'm not going to detail, but also pretty significant value engineering went into this particular project.

是的，這個提供了增加功能的優勢，為了我的競爭對手，我不會詳細說明，但這個特定項目也有相當重要的價值工程。

So think about third and fourth quarter.

所以想想第三季和第四季。

Great.

偉大的。

And just my follow-up.

這只是我的後續行動。

Obviously, Saudi Aramco has been in the news over the last several weeks been a focal point for investors.

顯然，沙特阿美在過去幾週一直出現在新聞中，成為投資者關注的焦點。

So wondering if you could give us your perspective on what you see going on from a CapEx perspective?

那麼想知道您是否可以從資本支出的角度告訴我們您對正在發生的事情的看法？

And how does this influence your thoughts of potentially committing capital to a new facility there?

這對您可能向那裡的新設施投入資金的想法有何影響？

Yes.

是的。

I don't.

我不。

I don't think it changes my of my thought on the potential business in society, although to be honest, you know, we talked about this before the fact that or at the Saudis, you're thinking about selling 1% of Ramco zone.

我不認為這會改變我對社會潛在業務的看法，儘管說實話，你知道，我們之前就討論過這一點，或者在沙特，你正在考慮出售 Ramco 區的 1% 。

It was a little concerning on the one hand, I know that they need the money for 2030 on the other hand, it's what could what could interpret this as taking some chips off the table.

一方面，這有點令人擔憂，另一方面，我知道他們需要 2030 年的資金，這可以解釋為從桌面上拿走了一些籌碼。

But in terms of the messaging that Ramco is sending out now, this doesn't change my opinion at all.

但就拉姆科現在發出的信息而言，這根本沒有改變我的觀點。

Great.

偉大的。

Excellent.

出色的。

Thank you.

謝謝。

Kurt Hallead, Benchmark.

庫爾特·哈勒德，基準。

Good morning, everybody.

大家早安。

How are you?

你好嗎？

Yes, those guys got some new product growth coming out now.

是的，這些人現在有了一些新產品的成長。

And as you said, a very exciting stuff circular wellhead front.

正如你所說，這是一個非常令人興奮的圓形井口前端。

You guys have always done a very good job, as you know, growing faster than the market and your product is proven its value by gaining share.

如你所知，你們一直做得非常好，成長速度快於市場，而你的產品透過獲得份額證明了其價值。

So kudos on all those fronts.

所以在所有這些方面都值得稱讚。

And I guess where I'm going with this is your message seems to be that you're setting up really, really well for some accelerating revenue growth in the second half.

我想我想說的是，您傳達的訊息似乎是，您為下半年收入加速成長做好了非常非常好的準備。

I know you tend to be conservative and you want to outperform expectations, but just wanted to see if you'd give us some additional color on that ramp and do you view that in the second half or do you think it will be much more of a 2025 as probably more of a?

我知道你傾向於保守，你想超越預期，但只是想看看你是否會在斜坡上給我們一些額外的色彩，你是否認為下半年會出現這種情況，或者你認為會更多2025 年可能更多？

I think you'll start to see it in the latter part of this year but beyond.

我想你會在今年下半年甚至更長的時間內開始看到它。

And I'm probably less optimistic about the US rig count in 2024 because I'm not sure that people fully understand on the overall reduction in rig count that's going to occur once these consolidations are completed as customers high-grade their prospects now this may not impact.

我對 2024 年美國鑽機數量可能不太樂觀，因為我不確定人們是否完全理解一旦這些整合完成，鑽機數量將會整體減少，因為客戶現在對他們的前景進行了高度評價，這可能不會影響。

It certainly won't impact well accounts to the same degree, and we're very well well count driven these natural gas prices cause me some concern.

它肯定不會對油井帳戶產生同樣程度的影響，而且我們很好地計算了這些天然氣價格，這引起了我的一些擔憂。

So our focus here, right, our focus this year is upgrading our supply chain and by upgrading wholly meaning one thing and that is lowering our costs.

所以我們今年的重點是升級我們的供應鏈，升級完全意味著一件事，那就是降低我們的成本。

So what we are doing by this diversification from our existing Suzhou facility is both derisking us politically and also meaningfully.

因此，我們透過現有蘇州工廠的多元化所做的事情既在政治上降低了我們的風險，也有意義。

We expect decreasing our costs.

我們期望降低成本。

I'm not going to tell you where we're locating the facility, but it's not going to be in a Section three or one country.

我不會告訴你我們的設施位於何處，但它不會位於第三節或一個國家。

Don't ask me the figures

別問我數字

That's fair share, so a double or follow up then on the international front, wages have been away a strategic play in the making for some time now.

這是公平的份額，所以在國際方面，工資的兩倍或後續，一段時間以來，工資一直是一個戰略性的遊戲。

And you know, what the cost looks like of making some meaningful market penetration on I don't know.

你知道，我不知道進行有意義的市場滲透的成本是多少。

Can you give us some general sense, you know, with disposable business right now, I guess give us an update on what percentage of revenue was coming from outside North America right now?

您能否給我們一些一般性的了解，您知道，對於目前的可支配業務，我想請給我們介紹一下目前來自北美以外地區的收入百分比的最新情況？

And what kind of where do you think that might go over the next couple of years.

您認為未來幾年可能會走向何方？

Steve?

史蒂夫？

And yes, yes, I would say it's ranged from 5% to 10%, but there's no reason it shouldn't be materially higher than that over time.

是的，是的，我想說它的範圍是 5% 到 10%，但隨著時間的推移，沒有理由不大幅高於這個數字。

There's a lot of interest like I said on that both in Latin America and the Middle East for our products.

正如我所說，拉丁美洲和中東地區對我們的產品很感興趣。

Allow me to be fair and forgive me for interrupting you the previous management at Flexsteel sort of hub retracted from their push internationally because they were so busy domestically, not unlike the way we work, but we've noticed a refocus.

請允許我公平地說，請原諒我打擾您，Flexsteel 的前任管理層因為國內業務太忙而退出了國際業務，這與我們的工作方式不同，但我們注意到了焦點的重新調整。

And by the way, we've combined our sales efforts between Pressure Control and disposables.

順便說一句，我們將壓力控制和一次性用品的銷售工作結合在一起。

There's an incredible amount of interest internationally for these Flexsteel.

國際上對這些 Flexsteel 有著極大的興趣。

That's great.

那太棒了。

Appreciate that color.

欣賞那個顏色。

Thank you.

謝謝。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Good morning, everybody.

大家早安。

Good morning.

早安.

Thanks.

謝謝。

Just two from me.

我只有兩個。

The first and obviously there's a lot of moving pieces with activity and consolidation.

首先，顯然有很多有活動和整合的活動。

But when we think about the legacy catalyst business and the wellhead side, do you think in the environment you see right now in the US that that business can grow in 24?

但是，當我們考慮傳統催化劑業務和井口業務時，您認為在美國目前的環境下，該業務可以在 24 年內成長嗎？

You're talking about from a market share standpoint or from an absolute standpoint?

你說的是從市佔率的角度還是從絕對的角度？

Well, you won't tell me the market share anymore, but I imagine is pretty high, I think from a mid maybe address both, but I'm I assume.

好吧，你不會再告訴我市場份額了，但我認為市場佔有率相當高，我認為從中期開始可能會解決這兩個問題，但我認為。

Yes, on the market share side, but on the absolute side, it has enough or do you think it's how should we think about that into the back half of the year is going to have an impact?

是的，在市場份額方面，但在絕對方面，它已經足夠了，或者您認為我們應該如何考慮這對今年下半年會產生影響？

Yes, B&I, as I mentioned earlier, I'm not probably more pessimistic about the overall rig count than some of the some of you are and maybe some of my peers having been through this so many times you know, gas prices at this level, consolidation's one customer has 22 rigs, one has 20, we never end up with 42 rigs and we won't end up at 42 rigs.

是的，B&I，正如我之前提到的，我對總體鑽機數量可能並不比你們中的一些人更悲觀，也許我的一些同行已經經歷過很多次了，你知道，天然氣價格處於這個水平，Consolidation的一位客戶擁有22 台鑽孔機，一位客戶擁有20 台鑽孔機，我們永遠不會擁有42 台鑽孔機，我們也不會最終擁有42 台鑽孔機。

So I'm optimistic market share.

所以我對市佔率持樂觀態度。

And by the way, the fact that we have stopped disclosing market share should give you any concern and our market shares.

順便說一句，我們已經停止披露市場份額這一事實應該會讓您和我們的市場份額有所擔憂。

He's very, very healthy great placed on.

他非常非常健康，狀態非常好。

I'm not quite sure that it can overcome a rig count that drops down into the five 55, 70 range.

我不太確定它是否可以克服鑽機數量下降到 5 台、55 台、70 台的問題。

Five, 75.

五、75。

Okay.

好的。

No, I'm actually not going to?

不，我其實不打算去？

I'm actually I would I would actually think that on the market share side of macrotrends, that all reductions, because if the opposite is so no, that's good color.

我實際上會認為，在宏觀趨勢的市場份額方面，所有的減少，因為如果相反的情況不是這樣，那就是好的顏色。

And then went when we you mentioned this a little bit.

當我們你提到這一點時，然後就走了。

But when we think about the international markets for the wellhead, particularly for the wellhead, I know there's there's some areas that you've been you've been looking into you've had you've had, I think, some early success.

但是，當我們考慮井口的國際市場，特別是井口的國際市場時，我知道您一直在研究某些領域，我認為您已經取得了一些早期的成功。

What are the two or three key markets and kind of where do you think that how you get evolves in 24 and 25?

您認為 24 小時和 25 小時的兩個或三個關鍵市場是什麼？

Believe it or not there's parts of Europe where I think that we're going to penetrate on the east and possibly some Latin American.

不管你信不信，我認為我們將滲透到歐洲的部分地區，甚至可能滲透到拉丁美洲的某些地區。

Okay.

好的。

Great.

偉大的。

No, thank you.

不，謝謝。

Thank you for the color.

謝謝你的顏色。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

It's gone.

它消失了。

It's the morning blending strategy previously discussed getting pressure control margins back into the mid 30s.

這是之前討論過的早上混合策略，將壓力控制裕度恢復到 30 左右。

I'm looking at the cost reallocation that looks to boost margins by a couple hundred basis points or up to 100.

我正在研究成本重新分配，旨在將利潤率提高數百個基點或最多 100 個基點。

So just to calibrate the upside potential now that's something on the order of 37%, maybe 38 as well.

因此，現在只需校準上行潛力，數字約為 37%，甚至可能為 38%。

And that will protect us as far as merchant restore Exide 2020 forecast.

只要商家恢復 Exide 2020 預測，這將保護我們。

But have you know, I think that I just would hate to cite that, although I can tell you that our investments this year will be to bolster our low cost manufacturing.

但你知道嗎，我想我只是不想引用這一點，儘管我可以告訴你，我們今年的投資將是為了支持我們的低成本製造。

So we are in a cost reduction mode right now.

所以我們現在處於降低成本的模式。

And I think that tons both in terms of product redesign and in terms of manufacturing.

我認為無論是在產品重新設計還是在製造方面都需要大量努力。

But yes, we are quantifying that internally, but I'm not prepared to talk about that right now.

但是，是的，我們正在內部量化這一點，但我現在不准備談論這一點。

Okay.

好的。

And just one other thing, let me just say that said about so I guess the drivers were again why you have lost some low-cost inventory come through now, which should help in the near term and then you're going to get in the years to go.

還有一件事，讓我說一下，所以我想驅動因素又是為什麼你現在失去了一些低成本庫存，這應該在短期內有所幫助，然後你就會進入還剩幾年。

Thirdly, I know you're okay.

第三，我知道你沒事。

Yes, because we have one of the things that we pride ourselves on or Joel does is that as we introduce innovations to our product, we do it in a very, very responsible measured fashion, so as not to obsolete anything we have in stock.

是的，因為我們引以為傲或喬爾所做的一件事是，當我們為我們的產品引入創新時，我們以非常非常負責任的衡量方式進行，以免過時我們庫存的任何東西。

So on as we replace our current inventories.

如此，我們更換目前的庫存。

The stuff is already on order and being manufactured what it reflects when it becomes reflective of in our results end of the year.

這些東西已經在訂購中，並且正在生產，當它反映在我們年底的業績中時。

But certainly next year and beyond.

但肯定是明年及以後。

The new low-cost manufacturing facility will be partially operational by the end of this year, fully operational in 2025.

新的低成本製造工廠將於今年底部分投入運營，並於 2025 年全面投入營運。

Great.

偉大的。

I was looking for that color Thank you.

我一直在找那個顏色 謝謝

Appreciate it.

欣賞它。

(Operator Instructions) And this does conclude the question-and-answer session of today's program.

（操作員說明） 今天節目的問答環節到此結束。

I'd like to hand the program back to Scott Bender for any further remarks.

我想將該程序交還給斯科特·本德（Scott Bender）以供進一步評論。

Hi, friends.

嗨，朋友們。

I just want to thank you all for attending the call hanging in there.

我只是想感謝大家參加電話會議。

We'll have some information for you on the international front.

我們將為您提供一些國際方面的資訊。

I hope in the next 90 days have a good week.

我希望在接下來的 90 天裡度過愉快的一周。

Thank you.

謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect and good day.

您現在可以斷開連接了，美好的一天。