Cactus Inc (WHD) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Cactus quarter 2 2024 earnings call.

歡迎參加仙人掌 2024 年第二季財報電話會議。

(Operator Instructions).

（操作員說明）。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Alan Boyd, Director of Corporate Development and Investor Relations.

現在，我想將會議交給今天的第一位發言者，企業發展和投資者關係總監艾倫·博伊德 (Alan Boyd)。

Please go ahead.

請繼續。

Thank you, and good morning.

謝謝你，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 Jay Nutt, our Chief Financial Officer.

我們的演講者是我們的董事長兼執行長 Scott Bender；以及我們的財務長 Jay Nutt。

Also joining us today are Joel Bender, President; Steven Bender, Chief Operating Officer; Stephen Tadlock, CEO of Flex Steel; and Will Marsh, our General Counsel.

今天加入我們的還有總裁 Joel Bender；史蒂文‧本德，營運長； Stephen Tadlock，Flex Steel 執行長；以及我們的總法律顧問威爾馬許 (Will Marsh)。

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》所涵蓋的前瞻性陳述。

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 forward-looking statements.

我們今天所做的任何前瞻性陳述僅截至今天，我們沒有義務公開更新或審查任何前瞻性陳述。

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。

I'm pleased to report that revenues and margins in both of our segments improved despite year-to-date declines in our industry's North American land activity.

我很高興地報告，儘管今年迄今為止我們行業的北美陸地活動有所下降，但我們兩個部門的收入和利潤率均有所改善。

I'm very proud of our associates' continued commitment to customer execution that's led to this consistent record of outperformance.

我為我們的員工對客戶執行的持續承諾感到非常自豪，這導致了我們持續出色的業績記錄。

Some second quarter total company highlights include revenue of $290 million adjusted EBITDA of $104 million, adjusted EBITDA margin of 35.7%.

該公司第二季的一些亮點包括營收 2.9 億美元，調整後 EBITDA 1.04 億美元，調整後 EBITDA 利潤率為 35.7%。

We increased our cash balance to $247 million.

我們的現金餘額增加至 2.47 億美元。

And yesterday, we announced that our Board approved an 8% increase in the quarterly dividend to $0.13 per share.

昨天，我們宣布董事會批准將季度股息增加 8% 至每股 0.13 美元。

Before we move into the financial review, I'd like to take this opportunity to formally introduce the newest member of our leadership team, Jay Nutt.

在我們進行財務審查之前，我想藉此機會正式介紹我們領導團隊的最新成員 Jay Nutt。

Jay joined us as Chief Financial Officer in June and is immediately brought value and helpful perspective to our company given its extensive global financial leadership experience.

Jay 於 6 月加入我們，擔任財務官，憑藉其豐富的全球財務領導經驗，他立即為我們公司帶來了價值和有益的觀點。

We're delighted to have him.

我們很高興有他。

I'd also like to thank Al Kiefer for his outstanding service as Interim CFO these past few months.

我還要感謝 Al Kiefer 在過去幾個月擔任臨時財務長期間提供的出色服務。

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

我現在將把電話轉給傑伊，他將審查我們的財務表現。

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

在他發表演說之後，我將在開始問答之前對我們的近期前景提供一些想法。

So Jay?

那麼傑伊？

Thank you for your kind words, Scott.

謝謝你的客氣話，斯科特。

I'm privileged to have the opportunity to join an industry leader such as Cactus.

我很榮幸有機會加入像 Cactus 這樣的行業領導者。

I appreciate the confidence that the leadership team has placed in me, and I look forward to helping guide the company's continued growth while sustaining industry-leading returns.

我感謝領導團隊對我的信任，我期待著幫助指導公司持續成長，同時保持業界領先的回報。

As Scott mentioned, we had a solid quarter, resulting in total Q2 revenues of $290 million and total adjusted EBITDA of $104 million.

正如史考特所提到的，我們的季度業績表現強勁，第二季總營收為 2.9 億美元，調整後 EBITDA 總額為 1.04 億美元。

For our Pressure Control segment, revenues of $187 million were up 6.9% sequentially, driven primarily by shipments of production equipment to a large customer who had not previously used Cactus, combined with customer efficiency improvements, leading to increased products sold per rigs followed.

對於我們的壓力控制部門，收入為1.87 億美元，環比增長6.9%，這主要是由於向以前未使用Cactus 的大客戶發貨了生產設備，再加上客戶效率的提高，導致隨後每台鑽機銷售的產品增加。

Operating income increased $4 million or 7.7% sequentially, with operating margins increasing 20 basis points.

營業收入較上季增加 400 萬美元，即 7.7%，營業利益率增加 20 個基點。

Adjusted segment EBITDA increased $4.7 million or 7.7% sequentially, with margins increasing by 30 basis points.

調整後的部門 EBITDA 較上季成長 470 萬美元，即 7.7%，利潤率成長 30 個基點。

The operating and adjusted EBITDA margin improvements were due to higher operating leverage on the increased volume.

營業利潤率和調整後 EBITDA 利潤率的提高是由於銷售增加帶來的營業槓桿率提高。

For our spoolable Technologies segment, revenues were up 4.7% sequentially due largely to the resilience of international shipments and higher domestic customer activity.

對於我們的可捲繞技術部門，營收環比成長 4.7%，這主要歸功於國際出貨量的彈性和國內客戶活動的增加。

Operating income increased $13.6 million sequentially, primarily due to a smaller expense resulting from the remeasurement of the Flexsteel earnout liability.

營業收入較上季增加 1,360 萬美元，主要是由於重新計量 Flexsteel 獲利負債導致費用減少。

Adjusted segment EBITDA increased $3.7 million or 9.4% sequentially, while margins increased by 170 basis points resulting from favorable operating leverage and lower input cost.

調整後的部門 EBITDA 環比增長 370 萬美元，即 9.4%，而由於有利的營運槓桿和較低的投入成本，利潤率增長了 170 個基點。

Corporate and other expenses were $5.9 million, up $400,000 sequentially on higher stock-based compensation.

公司及其他費用為 590 萬美元，由於股票薪酬的增加，比上一季增加了 40 萬美元。

On a total company basis, second quarter adjusted EBITDA was $104 million, up 8.7% from the first quarter.

就公司整體而言，第二季調整後 EBITDA 為 1.04 億美元，較第一季成長 8.7%。

Adjusted EBITDA margin for the second quarter was 35.7% compared to 34.8% for the first quarter.

第二季調整後 EBITDA 利潤率為 35.7%，而第一季為 34.8%。

Adjustments to total company EBITDA during the second quarter of 2024 included noncash charges of $5.9 million in stock-based compensation and a $2.9 million charge related to the final remeasurement of the Flexsteel earnout liability.

2024 年第二季公司 EBITDA 總額的調整包括 590 萬美元的股票薪酬非現金費用以及與 Flexsteel 獲利負債最終重新計量相關的 290 萬美元費用。

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

第二季的折舊和攤銷費用為 1,500 萬美元，其中包括與作為 Flexsteel 收購一部分而登記的無形資產相關的 400 萬美元攤銷費用。

During the second quarter, the public or Class A ownership of the company averaged 83% and ended the quarter at 84%.

第二季度，該公司的公眾或 A 類所有權平均為 83%，季末為 84%。

GAAP net income was $63 million in the quarter versus $50 million during the first quarter.

本季 GAAP 淨利潤為 6,300 萬美元，而第一季為 5,000 萬美元。

The increase was driven by the stronger operational performance on the higher revenue achieved combined with a smaller quarterly change in the remeasurement of the earn-out liability.

這一增長是由於收入增加帶來的更強勁的營運業績以及盈利負債重新計量的較小季度變化所推動的。

Book income tax expense during the second quarter was $18 million, resulting in an effective tax rate of 22%.

第二季帳面所得稅費用為 1,800 萬美元，有效稅率為 22%。

Adjusted net income and earnings per share were $65 million and $0.81 per share, respectively, compared to $60 million and $0.75 per share in the first quarter.

調整後淨利和每股收益分別為 6,500 萬美元和 0.81 美元，而第一季為 6,000 萬美元和每股 0.75 美元。

Adjusted net income for the second quarter was net of a tax rate of 26% applied to our adjusted pretax income.

第二季調整後淨利扣除了調整後稅前收入適用的 26% 稅率。

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

本季度，我們支付了每股 0.12 美元的股息，導致現金流出約 1,000 萬美元，其中包括向會員的相關分配。

Additionally, we made early cash TRA payments and associated distributions of $18.2 million.

此外，我們還提前支付了 1,820 萬美元的現金 TRA 付款和相關分配。

We elected to make this early payment of the majority of our 2023 TRA liability to minimize the interest expense on the liability, and we expect to pay the remaining balance in the third quarter upon completion of our tax filings.

我們選擇提前支付 2023 年 TRA 負債的大部分，以盡量減少負債的利息支出，我們預計在完成納稅申報後在第三季度支付剩餘餘額。

Due to our strong operating earnings and disciplined working capital management during the quarter, we increased our cash and cash equivalents balanced by $52 million, notwithstanding the aforementioned payments, and we closed the quarter with a cash balance of $247 million.

由於本季我們強勁的營業收入和嚴格的營運資金管理，儘管有上述付款，我們的現金和現金等價物餘額仍增加了 5,200 萬美元，本季末現金餘額為 2.47 億美元。

Net CapEx was approximately $7 million during the second quarter.

第二季淨資本支出約 700 萬美元。

In a moment, Scott will give you the operational outlook.

稍後，斯科特將向您介紹營運前景。

Some other considerations when looking ahead to the third quarter include an effective tax rate similar to the second quarter rate of 22%, and we estimate that the tax rate for adjusted EPS will continue to be approximately 26%.

展望第三季時的其他一些考慮因素包括與第二季22%相似的有效稅率，我們估計調整後每股盈餘的稅率將繼續維持在26%左右。

Total depreciation and amortization expense during the third quarter is expected to be approximately $15 million, with $7 million associated with our Pressure Control segment and $8 million associated with spoolable technologies.

第三季的折舊和攤銷費用總額預計約為 1,500 萬美元，其中 700 萬美元與我們的壓力控制部門相關，800 萬美元與可纏繞技術相關。

We are reducing our full year 2024 net CapEx outlook to be in the range of $35 million to $45 million due to the timing of our international expansion efforts.

由於我們的國際擴張努力的時機，我們將 2024 年全年淨資本支出預期下調至 3500 萬美元至 4500 萬美元。

As noted, the remeasurement period for the Flexsteel earnout payment is now complete and the final payment of $37 million is expected to be distributed in the third quarter.

如前所述，Flexsteel 獲利付款的重新計量期現已完成，最終付款 3,700 萬美元預計將在第三季分配。

Finally, the Board has approved an 8% increase in the quarterly dividend to $0.13 per share, which will be paid in September.

最後，董事會批准將季度股息增加 8% 至每股 0.13 美元，並將於 9 月支付。

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

這涵蓋了財務審查和前景，現在我將把電話轉回給斯科特。

Thanks, Jay.

謝謝，傑伊。

I'll now touch on our operational expectations for the third quarter by reporting segment.

我現在將按報告部門談談我們對第三季的營運預期。

Based upon preliminary revenue for July, we expect Pressure Control revenue to moderate mid-single digits versus the second quarter due to the combination of lower average US land drilling activity and less visibility into production equipment shipments.

根據 7 月的初步收入，由於美國平均陸地鑽探活動較低以及生產設備出貨量的可見度較低，我們預計壓力控制收入將較第二季放緩至中個位數。

From speaking with our customers, we believe that most of the decline in US land drilling activity levels is now behind us.

透過與客戶的交談，我們相信美國陸地鑽探活動水準的大部分下降現已成為過去。

Although the potential for further rig reductions remains as operators continue to pursue and complete consolidated transactions.

儘管隨著營運商繼續追求並完成合併交易，進一步減少鑽機的潛力仍然存在。

We may see some offset to the consolidation activity via expected drilling efficiency increases of the newly combined businesses.

我們可能會看到新合併業務的預期鑽井效率提高會抵消合併活動的影響。

Adjusted EBITDA margins in our Pressure Control segment are expected to be essentially flat at 33% to 35% for the third quarter as cost efficiencies are offset in part by increased ocean freight costs.

我們的壓力控制部門調整後的 EBITDA 利潤率預計第三季將基本持平在 33% 至 35%，因為成本效率被增加的海運成本部分抵銷。

This adjusted EBITDA guidance excludes approximately $3 million of stock-based comp expense within the same.

調整後的 EBITDA 指引不包括約 300 萬美元的股票補償費用。

I'm pleased to announce that the first shipments of our next-generation wellhead system have now arrived at our US branches and are presently being staged for customer shipment.

我很高興地宣布，我們的下一代井口系統的第一批貨物現已抵達我們的美國分支機構，目前正在為客戶發貨。

This rollout will enhance our manufacturing cost profile in the coming quarters, while adding features for our customers and maintaining safe drill status as the industry-leading wellhead system.

此次推出將改善我們未來幾季的製造成本狀況，同時為我們的客戶增加功能，並維持作為業界領先井口系統的安全鑽探狀態。

Regarding our Disposable Technology segment, we expect third quarter revenue to be flat to slightly down from the second quarter.

關於我們的一次性技術部門，我們預計第三季營收將與第二季持平或略有下降。

This guidance reflects our expectations of a stable North American business that continues to outperform year-to-date activity reductions, combined with lower international shipments due to the timing of deliveries achieved in a strong second quarter.

這項指引反映了我們對北美業務穩定的預期，該業務將繼續優於年初至今的活動減少，同時由於第二季度強勁的交付時間而導致國際發貨量下降。

We expect adjusted EBITDA margins in this segment to be approximately 39% to 41%, and for the third quarter, which excludes $1 million of stock-based comp in the segment.

我們預計第三季該部門調整後的 EBITDA 利潤率約為 39% 至 41%，其中不包括該部門 100 萬美元的股票補償。

As a result of operating discipline by our team, input costs were lower than expected in the second quarter, and we're beginning to realize the benefits of using the Cactus supply chain to source certain components of our Flexsteel product.

由於我們團隊的營運紀律，第二季的投入成本低於預期，我們開始意識到使用 Cactus 供應鏈採購 Flexsteel 產品的某些組件的好處。

Regarding our international expansion plans, pressure control product qualifications is progressing well, but at a slower pace than we anticipated.

關於我們的國際擴張計劃，壓力控制產品資格認證進展順利，但速度低於我們的預期。

We still expect to achieve product qualification in 2024, remain focused on establishing a Mideast business and are dedicating significant resources to these efforts in both segments.

我們仍預計在 2024 年取得產品資格，繼續專注於建立中東業務，並在這兩個領域投入大量資源。

We will continue to take a disciplined approach to evaluating strategic opportunities.

我們將繼續採取嚴格的方法來評估戰略機會。

Adjusted corporate EBITDA is expected to be a charge of approximately $4 million in the third quarter, which excludes around $1.5 million of stock-based comp.

調整後的企業 EBITDA 預計第三季費用約為 400 萬美元，其中不包括約 150 萬美元的股票補償。

I remain very pleased with the market positioning of Cactus, our portfolio of high-margin, high-return products and services and the commitment of our organization to exceed customer expectations.

我對 Cactus 的市場定位、我們的高利潤、高回報產品和服務組合以及我們組織超越客戶期望的承諾感到非常滿意。

I'm eager to responsibly roll out our latest generation wellhead system to customers and to enable them to achieve reduced drilling times while enhancing safety and reliability.

我渴望負責任地向客戶推出我們最新一代的井口系統，讓他們能夠減少鑽井時間，同時提高安全性和可靠性。

In addition, we'll complete prototype testing of our new frac valve design, which should significantly reduce maintenance costs.

此外，我們將完成新壓裂閥設計的原型測試，這將顯著降低維護成本。

As we prepare to make the final earn-out payment to the sellers of Flexsteel, I am reflecting on the value that we've generated for our stakeholders by incorporating that business into Cactus.

當我們準備向 Flexsteel 賣家支付最終的收益時，我正在反思我們透過將該業務納入 Cactus 為利害關係人創造的價值。

Over the last 12 months, our Spoonable Technology segment has generated $164 million of adjusted EBITDA, which equates to a multiple of approximately 4 times the total consideration pay for the business, including the upcoming final earn-out payment.

在過去 12 個月中，我們的 Spoonable Technology 部門已產生 1.64 億美元的調整後 EBITDA，相當於該業務總對價的約 4 倍，包括即將支付的最終盈利付款。

I continue to believe that we are still in the early phases of growth for that segment.

我仍然相信我們仍處於該領域成長的早期階段。

We will remain focused and responsible stewards of capital and are allocating capital and investing in the business with a focus on long-term value generation while rewarding shareholders as reflected in our decision to raise the dividend by 8%.

我們將繼續專注和負責任的資本管理者，並在分配資本和投資於業務時注重長期價值創造，同時獎勵股東，正如我們將股息提高 8% 的決定所反映的那樣。

In summary, our primary objectives for the next 18 months include: meaningful supply chain contribution from our new non-Section 301 manufacturing facility to enhance the cost and risk profile of our supply chain, increased deliveries of our next-generation wellhead system, introduction of our next-generation frac valve, continued customer additions and increases within our existing customer base for our spoolable business, supported by the introduction of new products and services and international expansion in both segments.

總而言之，我們未來18 個月的主要目標包括：我們新的非301 條款製造廠對供應鏈做出有意義的貢獻，以提高我們供應鏈的成本和風險狀況、增加下一代井口系統的交付量、引入我們的下一代壓裂閥、不斷增加的客戶以及我們可捲繞業務的現有客戶群中的增加，並得到新產品和服務的推出以及這兩個領域的國際擴張的支持。

And so with that, I'll turn it over to the operator so that we may begin with Q&A.

因此，我會將其移交給操作員，以便我們可以從問答開始。

Operator?

操作員？

(Operator Instructions) Luke Lemoine, Pipe Sandler.

（操作說明）Luke Lemoine，Pipe Sandler。

Scott, you noted the international momentum in spoolable.

Scott，您注意到了 spoolable 的國際勢頭。

Just wanted to see if you could expand on that a little bit.

只是想看看您是否可以對此進行擴展。

And then also in Spolables, if you could just talk about how what traction you're getting with some of the larger diameter stop as far as gathering and takeaway lines, that would be helpful as well.

然後，在 Spolables 中，如果您能談談在收集和外帶線路方面，一些較大直徑的停靠站獲得了怎樣的牽引力，那也會很有幫助。

All right.

好的。

Very good.

非常好。

I'm going to let if you don't mind Mr. Tadlock respond to that.

如果你不介意的話，我會讓泰德洛克先生對此做出回應。

Surely.

一定。

On the international efforts, we've added key personnel.

在國際努力方面，我們增加了關鍵人員。

We're very focused on growth in this area.

我們非常關注這一領域的成長。

I think in historically, while Flexsteel had more of an international presence than Cactus actually, it really wasn't an area of focus, and it was sort of if the order came, they would certainly take it, but it wasn't something they were really going out and trying to grow.

我認為從歷史上看，雖然 Flexsteel 實際上比 Cactus 擁有更多的國際影響力，但這確實不是一個重點領域，而且如果訂單來了，他們肯定會接受，但這不是他們的事情我們真的走出去並努力成長。

So we're changing that philosophy, seeing a lot of increased quoting activity as a result.

因此，我們正在改變這種理念，結果導致報價活動大量增加。

We're adding installation equipment to facilitate the growth as well.

我們還增加了安裝設備以促進成長。

So we feel like we're just scratching the surface on international.

所以我們覺得我們在國際化方面才剛觸及皮毛。

I think on the larger diameter, we are definitely seeing more interest in our larger diameter SKUs as people recognize the benefits of the rapid installation and the enhanced corrosion resistance.

我認為，就較大直徑而言，我們肯定會對我們的較大直徑 SKU 更感興趣，因為人們認識到快速安裝和增強耐腐蝕性的好處。

And so I think that's progressing nicely, both in the midstream area, but also even some E&P operators that are sort of changing the way they do their takeaway and gathering.

因此，我認為這一切進展順利，無論是在中游地區，還是一些勘探與生產運營商都在某種程度上改變了他們的外賣和收集方式。

Okay.

好的。

And then just a follow-up, Scott.

然後是後續行動，斯科特。

I always appreciate kind of your market outlook in the US.

我一直很欣賞你們在美國的市場前景。

And I mean you did note that you think most of the rig count is behind us. could you just expand maybe upon the back half of the year?

我的意思是，您確實注意到，您認為大部分鑽機數量都已經過去了。你能在今年下半年擴充一下嗎？

Do you see it pretty flattish, oscillating around this level?

您是否認為它非常平坦，在這個水平附近振盪？

And any kind of indication maybe for the start of '25 that you see right now?

您現在看到的可能是 25 年初的任何跡象嗎？

Yeah.

是的。

I know you all have good memories.

我知道你們都有美好的回憶。

So last time I told you that contrary to maybe some of the published reports at the time, I saw the US land rig count in the [$5.50 to $5.75] range.

所以上次我告訴你，與當時發布的一些報告相反，我看到美國陸地鑽機數量在 [5.50 美元至 5.75 美元] 範圍內。

I think Alan, we bottomed at [560] and have rebounded slightly to

我認為艾倫，我們觸底於 [560]，並略有反彈至

[5.68].

[5.68]。

I absolutely feel like the worst is behind us.

我絕對覺得最糟糕的時期已經過去了。

But we are scaling our business based upon the [550] range.

但我們正在根據 [550] 範圍擴展我們的業務。

Do I think we're going to go below 550?

我認為我們會跌破 550 嗎？

No.

不。

Am I seeing indications from customers that we're going to go below 550?

我是否看到客戶暗示我們的價格將低於 550？

The answer is known as well.

答案也是眾所周知的。

But I'm still very concerned about and you all should be about natural gas prices.

但我仍然非常關心天然氣價格，你們都應該關心。

And I'm probably a little less concerned in '24 because I'm getting right to answer your 2025 question.

我可能不太擔心 24 年，因為我可以正確回答你 2025 年的問題。

I'm a little less concerned about the reduction in overall rig count following consolidation.

我不太擔心整合後鑽孔機總數的減少。

I think we've really only seen evidence of that in one case, and it hasn't been meaningful.

我認為我們實際上只在一個案例中看到了這方面的證據，而且沒有任何意義。

So I do think that we're going to get better natural gas support in 2025.

因此，我確實認為 2025 年我們將獲得更好的天然氣支援。

But offsetting that, I think we're going to see more effect from consolidation efforts.

但為了抵消這項影響，我認為我們將看到整合努力帶來的更多效果。

Now I need to add something about consolidation because from our perspective, it's not all bad news.

現在我需要補充一些關於整合的內容，因為從我們的角度來看，這並不都是壞消息。

So I'm giving you a long-winded answer, If you're concerned about rig counts and we've always used that as a proxy because it's easy we've seen shipments of wellhead equipment per rig per month go up, hence, the comment I made about efficiency.

所以我給你一個冗長的答案，如果你擔心鑽機數量，並且我們一直用它作為代理，因為很容易我們看到每個鑽機每月的井口設備發貨量增加，因此，我對效率的評論。

So sometimes people see efficiencies and they say, well, they're going to be able to drill less wells.

因此，有時人們看到效率後就會說，好吧，他們將能夠鑽更少的井。

That's not what I meant.

我不是那個意思。

What we do is we measure every month the number of housings we ship against the number of rigs we service, and we've seen a very meaningful increase.

我們所做的就是每月根據我們服務的鑽孔機數量來衡量我們運送的房屋數量，我們發現了非常有意義的成長。

I think a better proxy for our business is well drilled than our rig count.

我認為，比我們的鑽機數量更好地代表我們的業務。

And just further, I've said before that long-term consolidation is probably a friend.

更進一步，我之前說過，長期整合可能是個朋友。

On the one hand you know that customers with larger rig counts have much more leverage in terms of pricing.

一方面，您知道擁有更多鑽孔機數量的客戶在定價方面擁有更大的影響力。

So I think it's probably too early, but next quarter, I think I'll have a much better idea.

所以我認為這可能還為時過早，但下個季度，我想我會有一個更好的想法。

We're just now beginning to pull our customers about their plans for 2025.

我們現在剛開始向客戶詢問他們的 2025 年計畫。

So if you stand by I'd rather give you correct information and merely speculation.

因此，如果你站在一邊，我寧願給你正確的訊息，而只是猜測。

Okay.

好的。

No, perfect.

不，完美。

Definitely appreciate all the detail and all I'll turn it back.

絕對感謝所有的細節，我會把它轉回來。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Hey, good morning, Scott, so while I to over that sort of complicated North American outlook, you just provided there.

嘿，早上好，斯科特，當我談論那種複雜的北美前景時，你剛剛在那裡提供了。

Maybe I could follow up a little bit on what Luke's question was on the international side.

也許我可以稍微跟進一下盧克在國際上的問題。

I'm also kind of curious about the spool international business.

我對線軸國際業務也有點好奇。

How are you kind of driving that?

你駕駛起來怎麼樣？

Are you bundling that with your other kind of with the pressure control?

您是否將其與其他類型的壓力控制捆綁在一起？

Are you going into the same market?

你們要進入同一個市場嗎？

Just kind of curious about the strategy of building out that international business?

只是對建立國際業務的策略感到好奇嗎？

And kind of secondarily, do you have like a target for us of kind of how much of your business you think will be international, say, I don't know, the end of '25.

其次，您是否為我們設定了一個目標，即您認為您的業務將有多少國際化，比如說，我不知道，到 25 年底。

I know you have the stuff coming on Saudi.

我知道你有關於沙烏地阿拉伯的東西。

I think that's more of a '26 time frame.

我認為這更像是 26 年的時間框架。

But just sort of in your mind, how does international grow as a portion of your business over the next few years?

但在您看來，未來幾年國際業務作為您業務的一部分將如何發展？

Just kind of bigger picture.

只是更大的圖景。

Okay.

好的。

Steve, do you want to talk about spool?

史蒂夫，你想談談線軸嗎？

Yeah.

是的。

And I think there is a question in there.

我認為這裡面有一個問題。

Are we bundling.

我們捆綁嗎？

We're not really bundling, but we do have some resources that are shared internationally that are in the region, and they have both experience and wellhead, some of them more experience in wellhead and some more experienced and spoolable.

我們並不是真正的捆綁，但我們確實有一些在該地區國際共享的資源，他們既有經驗也有井口，其中一些在井口方面更有經驗，一些更有經驗和可利用。

So they work together.

所以他們一起工作。

And obviously, you have channel partners in certain areas over there as well.

顯然，您在某些領域也有通路合作夥伴。

So they hit up the same ones.

所以他們打了同樣的。

In terms of spoolable growth, I think we had, had a presence in terms of or we've had sales continuing with one large customer who probably guess in the Middle East, but we feel like we can make further inroads with that customer just by being more responsive, frankly, and dedicating more resources and equipment there.

就可捲繞成長而言，我認為我們已經存在，或者我們已經與一位大客戶繼續進行銷售，該客戶可能猜想是在中東，但我們覺得我們可以透過該客戶進一步取得進展坦率地說，我們要更加積極地回應，並在那裡投入更多的資源和設備。

And similar in other areas like Latin America and even over in Australia, where we had a wellhead operation, we're looking to grow in that area as well.

與拉丁美洲等其他地區類似，甚至在我們擁有井口業務的澳大利亞，我們也希望在該地區實現成長。

So I think it's a holistic approach to how we're trying to grow spoolable and we're trying to leverage any benefit that we have from the Cactus relationships, but we're also bringing in new people and using the existing resources.

因此，我認為這是我們如何努力發展可捲繞性的整體方法，我們正在努力利用我們從仙人掌關係中獲得的任何好處，但我們也引進了新員工並利用現有資源。

As far as how big it could be, I mean, we really on the spoolable side, there's a lot of potential for growth there are a lot of large projects, consistent projects.

至於它有多大，我的意思是，我們確實處於可捲繞的方面，有很大的成長潛力，有很多大型專案、一致的專案。

So I don't see why it couldn't be similar to North America at some point.

所以我不明白為什麼它在某些時候不能與北美相似。

It's just it's going to take time to get there.

只是到達那裡需要時間。

Yeah.

是的。

I mean let me just expand upon that because we just had a Board meeting.

我的意思是讓我詳細闡述這一點，因為我們剛剛召開了一次董事會。

And you weren't surprised you.

你並不感到驚訝。

Now when I tell you our board asked the same question, and I told them that it's my expectation.

現在，當我告訴你時，我們的董事會也問了同樣的問題，我告訴他們這是我的期望。

It remains my expectation that in the next few years, we'll have to expand capacity because there are a lot of international there's a lot of international activity.

我仍然期望，在接下來的幾年裡，我們將不得不擴大產能，因為有許多國際活動。

And when it comes to international, I think as much as we stand apart in the US, I think we stand apart even more internationally because of a larger diameter and higher pressures.

說到國際，我認為，儘管我們在美國與眾不同，但我認為，由於更大的直徑和更高的壓力，我們在國際上更加與眾不同。

So Frankly, I think I told you this when we bought spoolables that I felt like the runway was even greater.

坦白說，我想當我們購買線軸時我就告訴過你，我覺得跑道更大。

And I still feel that the runway is even greater, notwithstanding our efforts from the wellhead side internationally.

儘管我們在國際上井口方面做出了努力，但我仍然覺得跑道更大。

So your question about what do I see in terms of international for the next -did you say '25?

那麼你的問題是我對接下來的國際比賽有何看法 - 你是說「25」嗎？

Yes, just kind of the next company or '25, '26, just sort of curious to how much does this grow?

是的，就像下一家公司或“25”、“26”，只是有點好奇它會成長多少？

Just a bigger picture.

只是一個更大的圖景。

I'm going to tell you right now, my objective is 40% of our revenue.

我現在就告訴你，我的目標是我們收入的 40%。

My question is so the US administration, there's a change in use administration.

我的問題是，美國政府在使用管理方面發生了變化。

It seems like we would see likely increased tariffs on Chinese goods once again.

看來我們可能會再看到對中國商品徵收關稅。

Just can you just refresh us a little bit?

你能讓我們恢復一點精神嗎？

You have a lot of your manufacturing out of China.

你們有很多製造業是在中國以外進行的。

I know it impacts some of that in terms of costs.

我知道這會在成本方面產生一些影響。

Is there anything you would do differently this time around if this happen again?

如果這次再次發生這種情況，您會採取什麼不同的做法嗎？

Do you ramp up US manufacturing?

你會加強美國製造業嗎？

Are there other levers you can pull?

有其他可以拉動的槓桿嗎？

Or is it really not that much of a big deal because your competitors are faced with the same thing.

或者這真的沒什麼大不了的，因為你的競爭對手也面臨著同樣的事情。

So it's all kind of a push in terms of costs.

所以這對成本來說是一種推動。

Yeah, I would say the latter so for example, I think I may have mentioned that the plant that we're finishing right now and should begin to ship in the fourth quarter, it's capable of taking care of our international business, although we intend to manufacture in both locations.

是的，我會說後者，例如，我想我可能已經提到過，我們現在正在完成的工廠應該在第四季度開始發貨，它有能力照顧我們的國際業務，儘管我們打算在這兩個地點進行製造。

So we built a plant with that in mind.

所以我們考慮到這一點建造了一家工廠。

In terms of increased tariffs, I think worst-case scenario, I don't want to make political comments, but likely scenario is maybe I don't know if it's likely one scenario is that there's a 10% duty on top of everything, which certainly won't hurt us anymore than it hurts our competitors because frankly, we make more of what we sell in the US than any of our competitors make in the US and we're more capable of making product in the US

就增加關稅而言，我認為最壞的情況是，我不想發表政治評論，但可能的情況是，我不知道是否有一種情況是在所有商品之上加徵 10% 的關稅，這當然不會像傷害我們的競爭對手那樣傷害我們，因為坦白說，我們在美國銷售的產品比任何競爭對手在美國製造的產品都多，而且我們更有能力在美國生產產品

So I don't like the cost to go up, but I'm not nearly as bothered when it affects our competitors to the same extent.

因此，我不喜歡成本上升，但當它對我們的競爭對手產生同樣程度的影響時，我就不會那麼煩惱。

So worst-case scenario is, I mean, I'm sure you all heard that one of the candidates claimed that tariffs were going to go to 60%.

我的意思是，最糟糕的情況是，我相信你們都聽說過一位候選人聲稱關稅將達到 60%。

I think that we are much better positioned to deal with a 60% tariff on Chinese product than anybody else.

我認為我們比其他任何人都更有能力應對對中國產品徵收 60% 的關稅。

Let's hope we don't get there.

希望我們不要到達那裡。

Thanks Scott, appreciate it.

謝謝斯科特，非常感謝。

Jeff Lee blank, TPH.

傑夫李空白，TPH。

For my first question, I wanted to see if you could expand upon the drilling efficiencies you previously referenced, particularly given that you have a more holistic view on the market and the fact that operators typically include lateral lengths when they talk about efficiency gains.

對於我的第一個問題，我想看看您是否可以擴展您之前提到的鑽井效率，特別是考慮到您對市場有更全面的了解，並且運營商在談論效率增益時通常會包括橫向長度。

So any way you can quantify the magnitude?

那麼有什麼方法可以量化其大小嗎？

I know you qualitatively referenced it before.

我知道你之前定性地引用過它。

I can quantify it to the extent that we track it, Alan, I think over the quarter or over the year, it's about 10%.

我可以根據我們追蹤的程度對其進行量化，艾倫，我認為在本季度或全年中，大約 10%。

Yeah.

是的。

Quarter-over-quarter, it was around 10% for us, but that metric is pretty lumpy.

與上一季相比，我們的成長率約為 10%，但該指標相當不穩定。

But what we do is we look at the number of wellheads we ship versus the number of rigs we serve and we compare that quarter-to-quarter to measure efficiencies.

但我們所做的是查看我們運送的井口數量與我們服務的鑽機數量，然後逐季度進行比較以衡量效率。

So that's why I said the better proxy is wells that I know that everybody believes these longer laterals.

這就是為什麼我說更好的代理是井，我知道每個人都相信這些較長的支管。

And that certainly is the case.

情況確實如此。

It takes longer to drill for longer lateral.

鑽更長的側向需要更長的時間。

But I can't argue with the stats, the stats showed a 10% increase in wellhead shipments against the same number of rigs.

但我無法反駁統計數據，統計數據顯示，與相同數量的鑽孔機相比，井口發貨量增加了 10%。

So it just a fact.

所以這只是一個事實。

Amer Jayaram, JP Morgan Securities LLC.

阿米爾‧賈亞拉姆 (Amer Jayaram)，摩根大通證券有限責任公司。

I'm intrigued about one of the drivers of the 2Q beat was a significant order from a large customer is new to CAC.

我對第二季業績成長的驅動因素之一很感興趣，那就是來自 CAC 的新大客戶的一筆大訂單。

I was wondering if you could give us some more details on that and thoughts on how this relationship is going and other follow-on opportunities here?

我想知道您是否可以向我們提供更多詳細信息，以及對這種關係進展如何以及其他後續機會的想法？

I can't tell you that except to tell you that it's a customer that has historically been a Cactus customer for wellheads, but has not historically been a production tree customer.

我無法告訴您這一點，只能告訴您，該客戶歷史上一直是 Cactus 井口客戶，但歷史上不是生產樹客戶。

We internally feel like customers are now becoming more discriminating when it comes to production than they were over the last several years.

我們內部認為，與過去幾年相比，客戶現在在生產方面變得更加挑剔。

So I think it's a question of I mean, they like the fact that we build our own valves.

所以我認為這是一個問題，我的意思是，他們喜歡我們製造自己的閥門。

And they like the fact that we control the delivery of those valves, not just the quality.

他們喜歡我們控制這些閥門的交付，而不僅僅是品質。

So I think that Joel will join me in saying that we're more optimistic about growth in our production segment than we've sometime.

因此，我認為喬爾會和我一起說，我們對生產部門的成長比以前更樂觀。

We've seen a lot more activity, a lot more inquiries for the product.

我們看到了更多的活動，更多的對產品的詢問。

I think a lot of our bigger customers become much more risk averse.

我認為我們的許多大客戶變得更加厭惡風險。

So they're looking for an API monogram product with aftermarket service

因此他們正在尋找具有售後服務的 API 會標產品

And just maybe a follow-up.

也許只是後續行動。

One of the things we're thinking about as we think about 2025 and thinking about kind of the margin profile of Cactus, you'll have a new manufacturing facility, which I think is going to be low cost.

當我們考慮 2025 年並考慮 Cactus 的利潤狀況時，我們正在考慮的一件事是，您將擁有一個新的製造工廠，我認為這將是低成本的。

And then you'll have a new frac valve as well as the new generation wellhead product.

然後您將擁有新的壓裂閥以及新一代井口產品。

And then, if we remain and called a lackluster environment in North America is not a huge call on shale volumes as we sit here today.

然後，如果我們仍然認為北美環境低迷，那麼我們今天坐在這裡的頁岩油產量就不會受到太大影響。

How do you think about how margins could behave in this kind of environment with some of the self-help and new product introductions?

您認為在這種環境下，透過一些自助和新產品的推出，利潤率會如何表現？

Yeah.

是的。

I feel very optimistic.

我感覺非常樂觀。

But I want to say this to you, and I've said it before.

但我想對你說這一點，我以前已經說過了。

We are going to roll out, particularly the wellhead product in a responsible manner, which means that we need to turn our existing inventory before we open up the tap.

我們將以負責任的方式推出產品，尤其是井口產品，這意味著我們需要在打開水龍頭之前調整現有庫存。

So I think that Joel feels like it's not that the product is not ready because the product is ready.

所以我認為喬爾覺得不是產品還沒準備好，因為產品已經準備好了。

And if need to ship it tomorrow, we could, but we have through our careers, Joel his career and my career, we have always been very, very sensitive to obsolescence.

如果需要明天發貨，我們可以，但在我們的職業生涯中，喬爾他的職業生涯和我的職業生涯中，我們一直對過時非常非常敏感。

So we have a great product in our existing product.

所以我們現有的產品中有一個很棒的產品。

This is a better product.

這是一個更好的產品。

But we want to make sure that we don't impact financially our returns.

但我們希望確保不會影響我們的財務回報。

So you're going to have to bear with us and trust that we're going to introduce it in a responsible fashion.

因此，您必須容忍我們並相信我們將以負責任的方式推出它。

But the short answer is, I think that even in an anemic 2025 that our margins are going to hold up very well.

但簡短的回答是，我認為即使在經濟不景氣的 2025 年，我們的利潤率也將保持良好。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Scott.

斯科特.

I want to come back to the question on picking up the production tree share with a large customer in the US.

我想回到與美國大客戶取得生產樹份額的問題。

I guess my question is, when you look at the dozen or so large E&Ps and majors which are obviously increasingly dominating the industry, you have strong share in wellheads.

我想我的問題是，當你看到十幾個大型勘探生產公司和專業公司顯然越來越主導這個行業時，你會發現你在井口方面擁有很大的份額。

Can you give us a sense for kind of what percentage of that cohort?

您能否告訴我們該群體的比例是多少？

Does the production market share not match the share on the wellhead side?

生產市場佔有率與井口側份額不符嗎？

So let me clarify your question.

那麼讓我澄清你的問題。

You're asking me theoretically that our market share for wellheads with these customers is going to and we don't report market share, except that if you were in the room, I patch on the intake not to worry about it.

你理論上是在問我，我們在這些客戶中的井口市場份額將會是多少，我們不會報告市場份額，除非你在房間裡，我會修補入口而不用擔心它。

But let's say that, that number was 40%.

但我們可以這麼說，這個數字是 40%。

You're asking what our market share is for production valves as a comparison as compared to that.

您問我們生產閥門的市佔率是多少，作為比較。

Yeah, one thing with delta between those two numbers and how much of an uplift you could get if the share is aligned.

是的，這兩個數字之間的增量以及如果份額一致的話您可以獲得多少提升。

There is a pretty significant disparity between our market share for production valves.

我們生產閥門的市場份額之間存在相當大的差距。

And so I'm looking at Joel and looking at Stephen, we've never really measured it, but I would be surprised if our market share for production valve is half.

所以我看著喬爾，看著史蒂芬，我們從未真正測量過它，但如果我們生產閥門的市場份額是一半，我會感到驚訝。

And then just theoretically, if a customer is using you for wellheads, but not for production trees and then they start using you at the same share in their workload for production trees.

從理論上講，如果客戶將您用於井口，但不用於生產樹，那麼他們就會開始在生產樹的工作負載中使用您的相同份額。

And what's the approximate revenue opportunity?

大概的收入機會是多少？

Does it match the low head side?

是否適合低頭一側？

Any sense of scale?

有分寸感嗎？

No, I wouldn't say it matches the wellhead.

不，我不會說它與井口相符。

It's probably I'm thinking the average production tree and 40% of a wellhead.(multiple speakers).

我可能正在考慮平均生產樹和井口的 40%。

Thank you so much for that.

非常感謝你。

All right.

好的。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn it back to Scott Bender for closing remarks.

現在我想請斯科特·本德（Scott Bender）發表結束語。

Okay.

好的。

Thank you all for participating.

感謝大家的參與。

I think that when we have 10 times more people than we had last time than we I guess, Patterson.

我認為，當我們的人數比上次多 10 倍時，我猜，帕特森。

Look, I think 2025 for us is an exciting time.

聽著，我認為 2025 年對我們來說是一個令人興奮的時刻。

Despite the fact that we're not planning for any sort of explosive growth, but you know how unpredictable this business is.

儘管我們並不打算實現任何形式的爆炸性成長，但您知道這項業務有多難以預測。

Here's what I can tell you.

這是我可以告訴你的。

Our costs will be lower.

我們的成本會更低。

Our productivity will be higher.

我們的生產力會更高。

And our focus is extremely, I think, laser sharp, and that's why I summarized my remarks with I want you to know what our objectives are for this year.

我認為，我們的重點非常尖銳，這就是為什麼我總結我的言論的原因是「我想讓你們知道我們今年的目標是什麼」。

And everybody in this organization knows what our objectives are.

這個組織中的每個人都知道我們的目標是什麼。

So they're clear.

所以他們很清楚。

And we are -- we remain the largest shareholders, and you can be sure that we're going to do what's best for our shareholders and for the family.

我們仍然是最大的股東，您可以確信我們將為我們的股東和家族做最好的事情。

And I'll leave it at that.

我就這樣吧。

But thank you for your continued support.

但感謝您一直以來的支持。

Have a good day.

祝你有美好的一天。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。