Cactus Inc (WHD) 2024 Q3 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 two 2024 earnings call.

歡迎參加 Cactus 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

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.

我們的發言人將是我們的董事長兼執行長 Scott Bender 和我們的財務長傑伊·納特 (Jay Nutt)。

Also joining us today are Joel Bender, President, Steven Bender, Chief Operating Officer, Steve Tadlock, Chief Executive Officer of Flexsteel and William Marsh, our General Counsel.

今天加入我們的還有總裁 Joel Bender、營運長 Steven Bender、Flexsteel 執行長 Steve Tadlock 和我們的總法律顧問 William 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含義的前瞻性陳述。

Forward-looking statements are subject to a number of risks and uncertainties.

前瞻性陳述受到許多風險和不確定性的影響。

Many of which are beyond our control.

其中許多是我們無法控制的。

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 will turn the call over to Scott.

這樣我就把電話轉給史考特。

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 our performance.

我為我們的員工持續致力於客戶執行而感到非常自豪，這使得我們的業績記錄保持一致。

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

第二季公司整體亮點包括營收 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 and yesterday, we announced that our board approved an 8% increase in the quarterly dividend to $0.13 per share.

我們將現金餘額增加至 2.47 億美元，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 would 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 his 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 are delighted to have him.

我們很高興擁有他。

I would also like to thank Al Keifer for his outstanding service as interim CFO these past few months.

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

I now turn the call over to Jay who will review our financial results following his remarks.

我現在將電話轉給傑伊，他將在發表演講後審查我們的財務表現。

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

在開始問答之前，我將就我們的近期前景提供一些想法。

So Jay.

所以傑伊.

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 in total adjusted EBITDA of $104 million.

正如 Scott 所提到的，我們的季度表現穩健，第二季總收入為 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 for 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 adjusted segment, EBITDA increased $4.7 million or 7.7% sequentially with margins increasing by 30 basis points.

營業收入較上季增加 400 萬美元，即 7.7%，營業利潤率增加 20 個基點調整後的部門，EBITDA 環比增加 470 萬美元，即 7.7%，利潤率增加 30 個基點。

The operating and adjusted EBITDA margin improvements were due to higher operating leverage on the increased volume for our Spoolable Technology segment revenues were up 4.7% sequentially due largely to the resilience of international shipments and higher domestic customer activity operating income increased $13.6 million sequentially, primarily due to a smaller expense resulting from the remeasurement of the FlexSteel earnout liability.

營業利潤率和調整後EBITDA 利潤率的提高是由於我們的Spoolable Technology 部門銷量增加帶來的營業槓桿提高，收入環比增長了4.7%，這主要是由於國際發貨的彈性和國內客戶活動的增加，營業收入環比增加了1,360 萬美元，主要是由於重新計量 FlexSteel 盈利負債所產生的較小費用。

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 on a total company basis.

公司及其他費用為 590 萬美元，比上一季增加 40 萬美元，原因是公司整體股票薪酬上漲。

Second quarter adjusted EBITDA was $104 million up 8.7% from the first quarter adjusted the margin for the second quarter was 35.7% compared to 34.8% for the first quarter.

第二季調整後 EBITDA 為 1.04 億美元，比第一季成長 8.7%，調整後利潤率為 35.7%，而第一季調整後利潤率為 34.8%。

Adjustments to total company EBITDA during the second quarter of 2024 included non-cash 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 1500 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, 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 earnout liability.

本季GAAP 淨利潤為6,300 萬美元，而第一季為5,000 萬美元，這一增長是由於收入增加帶來的更強勁的營運業績，以及收益負債重新計量的季度變化較小，推動了這一增長。

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

第二季帳面所得稅費用為 1,800 萬美元，有效稅率為 22%，調整後淨利和每股收益分別為 6,500 萬美元和每股 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 payments and associated distributions of $18.2 million 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.

此外，我們提前支付了 1820 萬美元的現金和相關分配，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，我們預計在第三季度完成後支付剩餘餘額我們的稅務申報。

Due to our strong operating earnings and disciplined working capital management during the quarter, we increased our cash and cash equivalent balance by $52 million not with standing the a [fore] mentioned 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，我們的現金和現金等價物餘額增加了 5,200 萬美元，不包括前面提到的付款，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%.

在展望第三季時，其他一些考慮因素包括與第二季 22% 類似的有效稅率，我們估計調整後每股盈餘的稅率將繼續保持在 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 Spoolable 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 that covers the financial review and outlook and I'll now turn the call back over to Scott.

最後，董事會批准將季度股息增加 8% 至每股 0.13 美元，該股息將於 9 月支付，其中涵蓋財務審查和前景，我現在將把電話轉回給斯科特。

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

謝謝傑伊，我將透過基於7 月份初步收入的報告部分來談談我們對第三季度的營運預期，由於美國平均陸地鑽探活動較低，我們預計壓力控制收入與第二季度相比將降至中個位數生產設備和出貨量的可見度較低。

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

透過與我們的客戶交談，我們認為美國陸地鑽探活動水準的下降大部分已經落後於美國。

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

儘管隨著營運商繼續追求並完成整合交易，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 even on 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.

即使我們的壓力控制部門的利潤率進行調整，預計第三季也將基本持平在 33% 至 35%，因為成本效率被增加的海運成本部分抵銷。

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

這項調整後的指導不包括約 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 or 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，或目前正在為客戶發貨。

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

此次更新將提高我們未來幾季的製造成本，同時為我們的客戶增加功能，並保持作為業界領先井口系統的自我安全鑽探狀態。

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

關於我們的技術部門，我們預計第三季營收將與第二季持平或略有下降，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，加上國際出貨量下降，原因是第二季的交貨時間表現強勁。

We expected to do margins in this segment to be approximately 39% to 41% for the third quarter which excludes a million of stock-based comp in the segment 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.

我們預計第三季該部門的利潤率約為 39% 至 41%，其中不包括該部門的 100 萬股股票，因為我們團隊的營運紀律投入成本低於第二季度的預期我們開始意識到使用仙人掌供應鏈來採購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, we still expect to see to achieve product qualification in 2024 remain focused on established on establishing a made business and are dedicating significant resources to these efforts in both segments.

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，但速度比我們預期的要慢，我們仍然預計在2024 年實現產品資格認證，仍將重點放在建立製造業務上，並為此投入大量資源兩個領域的努力。

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 and 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 for the sellers of flex deal.

當我們準備向彈性交易的賣家支付最後一筆收益。

I am reflecting on the value that we've generated for our stakeholders by incorporating that business into Cactus over the last 12 months, our Spoolable technology segment has generated $164 million of adjusted EBITDA which equates to a multiple of approximately four times the total consideration paid for the business including the upcoming final earn out payment.

我正在反思過去 12 個月中我們透過將該業務合併到 Cactus 中為利益相關者創造的價值，我們的 Spoolable 技術部門已產生 1.64 億美元的調整後 EBITDA，相當於所支付總代價的約四倍對於業務，包括即將到來的最終收益付款。

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 file continued customer edition 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 節製造設施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，推出新一代井口系統frac file 繼續增加客戶版本，並在我們的 Spoolable 業務現有客戶群中增加，這兩個領域都引入了新產品和服務以及國際擴張。

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

因此，我會將其交給操作員，以便我們可以從問答開始。

(Operator Instructions)

（操作員說明）

Luke Lemoine, Piper Sandler.

盧克·勒莫因，派珀·桑德勒。

Hi, good morning.

嗨，早安。

Scott.

斯科特.

You noted the international momentum in Spoolable want to see if you could explain on that a little bit and then also Spoolable if you could just talk about how, what traction you're getting with some of the larger diameter stuff as far as gathering and takeaway lines that that'd be helpful as well.

您提到了《Spoolable》的國際勢頭，想看看您是否可以對此進行一些解釋，然後您也可以談談《Spoolable》，如果您能談談如何以及在收集和外賣方面如何利用一些較大直徑的東西獲得牽引力這也會有幫助的線路。

All right, very good.

好的，非常好。

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

泰德洛克先生，如果您不介意的話，我會讓您對此做出回應。

Yes, sure.

是的，當然。

Sure.

當然。

Luke.

路克.

On the 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 比 Cactus 擁有更多的國際影響力，但實際上，它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，但事實並非如此他們真正走出去並努力發展的東西。

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

我認為在較大直徑上，我們肯定會看到對較大直徑斜交更感興趣，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，我認為這在中游地區進展順利，甚至一些勘探與生產運營商也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 follow up Scott, always appreciate kind of your market outlook in the US and I mean, you did note that you think most of the recount is behind us, could you just expand maybe upon the back half of the year.

然後跟進斯科特，總是欣賞你在美國的市場前景，我的意思是，你確實注意到你認為大部分重新計票已經過去了，你可以在今年下半年擴大規模嗎？

Do you see it pretty flattish, you know, oscillating around this level and any kind of indication maybe for the start of 25 that you see right now.

你是否認為它相當平坦，你知道，在這個水平附近振盪，以及你現在看到的可能是 25 年初的任何跡象。

Yeah, I know you all have good memories.

是的，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 grid count in the 550 to 575 range, I think.

所以上次我告訴過你，與當時我看到的美國陸地網格數在 550 到 575 範圍內的一些已發布的報告相反，我認為。

Alan, we bottomed at 560 it rebounded slightly to 568.

艾倫，我們觸底於 560，它小幅反彈至 568。

I absolutely feel like the worst is behind us, but we are scaling our business based upon the 550 range.

我絕對覺得最糟糕的情況已經過去，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, I see indications from customers that we're going to go below 550.

不，我看到客戶的跡象表明我們的價格將低於 550。

The answer is no as well, but I still very concerned about and you all should be about natural gas prices.

答案也是否定的，但我還是很在意跟大家應該關心的天然氣價格。

And I'm probably a little less concerned in '24 because I'm getting ready to answer your not 2025 question.

我可能不太擔心 24 年，因為我正準備回答你的問題，而不是 2025 年。

I'm a little less concerned about of the reduction in overall recount following consolidation.

我不太擔心合併後整體重新計票的減少。

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。

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

但我認為我們將透過整合努力看到更多效果，從而抵消這一影響。

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，這並不全是壞消息。

So, if you see the, I'm giving you a long winded answer, I'm sorry, if you're concerned about rig counts and we've always used that a proxy as a proxy because it's easy.

所以，如果你看到了，我會給你一個冗長的答案，我很抱歉，如果你擔心鑽機數量，並且我們一直使用該代理作為代理，因為它很簡單。

We've seen shipments of Wellhead equipment per month go up.

我們看到井口設備的每月出貨量增加。

Hence the comment I made about efficiency.

因此我對效率發表了評論。

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

因此，有時人們看到效率後會說，好吧，他們也將能夠進行鑽探。

That's not what I meant.

我不是這個意思。

What we do is we measure every month, the number of housings we ship against the number of rigs we service.

我們所做的是每個月都會衡量我們運送的房屋數量與我們服務的鑽孔機數量。

And we've seen a very meaningful increase.

我們看到了非常有意義的成長。

I think a better proxy for our business as well as drilled than our recount.

我認為這比我們的重新計票更好地代表我們的業務和演練。

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

而且，更進一步，我之前說過，長期整合可能是個朋友。

On the one hand, on the other hand that customers with larger recounts have much more leverage in terms of pricing.

一方面，另一方面，重新計票次數較多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 hold our customers about their plans for 2025.

我們剛開始讓客戶了解他們的 2025 年計畫。

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

所以，如果你站在旁邊，我寧願給你正確的訊息，而不僅僅是猜測。

Okay.

好的。

No, perfect.

不，完美。

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

非常感謝所有的細節，我會把它轉回來。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Thanks.

謝謝。

Hi, good morning.

嗨，早安。

Hi Scott.

嗨斯科特。

So, while I stew over that sort of complicated North American outlook you just provided there, maybe I could follow up a little bit on what Loose question was on the international side.

因此，當我對你剛才提供的那種複雜的北美前景感到不安時，也許我可以跟進一下國際方面的鬆散問題。

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

我對國際業務也有點好奇。

How are you kind of driving that.

你是怎麼駕駛的。

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

您是否將其與其他類型的控制壓力捆綁在一起？

Are you going to the same market.

你們要去同一個市場嗎？

Just kind of curious about the strategy of building up that international business 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.

只是對建立國際業務的策略感到好奇，其次，您是否有一個目標，即您認為您的業務將有多少是國際化的。

Say, I don't know the end of '25 I know you have this stuff coming on, Saudi.

比如說，我不知道 25 年底會發生什麼，我知道你會發生這樣的事情，沙烏地阿拉伯。

I think that's more of a 26 time frame, but just sort of in your mind, how does international grow as a portion of your business over the next few years.

我認為這更像是 26 個時間框架，但只是在您的腦海中，國際業務作為您業務的一部分在未來幾年將如何發展。

Just kind of bigger picture.

只是更大的圖景。

Thanks.

謝謝。

We talk, I assume we're talking about Spoolable.

我們談論，我想我們正在談論 Spoolable。

Well, I was originally talking about Spoolable but I'm kind of bringing to the old the broader kind of your overall international efforts overall.

好吧，我最初是在談論 Spoolable，但我有點把你們的整體國際努力帶入舊的更廣泛的類型。

So, I'm curious how Spoolable will fit in but then bigger picture kind of how international overall fit as over the next few years from what you can tell.

所以，我很好奇 Spoolable 將如何適應，但從你所知道的情況來看，未來幾年國際整體的適應情況如何。

Okay.

好的。

Steve, you want to talk about Spoolable.

史蒂夫，你想談談 Spoolable。

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, are we bundling?

我們，我們在捆綁嗎？

We're not really bundling, but we do have some resources that are shared internationally that are in the region.

我們並不是真正的捆綁，但我們確實擁有一些在該地區國際共享的資源。

And they have both experience in Wellhead, some of them more experience in Wellhead and some more experience in Spoolable

他們都有井口經驗，有的更有井口經驗，有的更有 Spoolable 經驗

.

。

So, they work together and obviously you have channel partners in certain areas over there as well.

因此，他們一起工作，顯然你在某些領域也有通路夥伴。

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, with one large customer who could probably guess in the Middle East.

就 Spoolable 成長而言，我認為我們已經在中東地區擁有了一個大客戶，或者說我們的銷售仍在繼續。

But we feel like we can make further inroads with that customer.

但我們覺得我們可以與該客戶取得進一步的進展。

Just by being more responsive frankly and dedicating more resources and equipment there and similar in other areas like Latin America and even over in Australia where we have a well head operation, we're looking to grow in that area as well.

坦白說，只要更加積極地回應，並在那裡投入更多的資源和設備，以及在拉丁美洲等其他地區，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 as far as how big it could be.

所以，我認為這是我們如何努力發展 Spoolable 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盡可能利用現有資源它有多大。

I mean, we really on the Spoolable side there's a lot of potential for growth.

我的意思是，我們在 Spoolable 方面確實有很大的成長潛力。

There are a lot of large projects, consistent projects.

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.

只是，這需要時間才能獲得。

There I mean and let me just expand upon that because we just had a board meeting, and you won't surprise you.

我的意思是，讓我對此進行擴展，因為我們剛剛召開了一次董事會會議，您不會感到驚訝。

Now, when I tell you, our board asked the same question and I told them that it's my expectation, it remains my expectation that in the next few years, we'll have to expand capacity because there are a lot of international activity 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 the larger diameter and higher pressures.

現在，當我告訴你時，我們的董事會問了同樣的問題，我告訴他們這是我的期望，我仍然期望在未來幾年中，我們將不得不擴大產能，因為有很多國際活動，當說到國際，我認為儘管我們與眾不同，但在美國，我認為我們在國際上的差異更大，因為直徑更大，壓力更高。

So, I frankly, I think I told you this when we bought Spoolable that I felt like the runway was even greater and I still feel that the runway is even greater.

所以，坦白說，我想當我們購買 Spoolable 時我告訴過你，我覺得跑道更大，而且我仍然覺得跑道更大。

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。

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

所以，你問我對接下來的國際賽事有何看法，你是說「25」嗎？

Next couple, you just kind of the next couple of '25 or '26.

下一對，你就像是下一對 '25 或 '26。

Just out of curious.

只是出於好奇。

So.

所以。

How much is this growth.

這個增長是多少。

Just a bigger picture.

只是一個更大的圖景。

I'm going to tell you right now.

我現在就告訴你。

My objective is 40% of our revenue.

我的目標是占我們收入的 40%。

My question is all right.

我的問題沒問題。

So, the US administration, there's a change in US administration it seems like we would see likely increased tariffs on Chinese goods once again, just can you just refresh us a little bit?

那麼，美國政府，美國政府發生了變化，看來我們可能會再次看到對中國商品加徵關稅，您能給我們介紹一下嗎？

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 cost.

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 happened 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.

你們會加強我們的製造業嗎？

Are there other leverage you can pull or is it really not that much of a big deal because your competitors are faced with the same thing.

您是否還有其他可以利用的槓桿，或者這真的沒什麼大不了的，因為您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 cost.

所以，這都是成本的推動。

Yes, I would say the latter.

是的，我會說後者。

So that 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 is capable of taking care of our international business.

例如，我想我可能已經提到，我們現在正在完工並應在第四季度開始發貨的工廠能夠處理我們的國際業務。

Although we intend to manufacture in both locations.

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, in terms of increased tariffs I think worst case scenario, I don't want to make political comments, but likely scenario is maybe, I would, 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 more than it hurts our competitors.

因此，我們考慮到這一點而建造了一座工廠，就關稅增加而言，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，我會，我不知道這是否可能是這樣假設的情況是，除所有商品外，還要徵收10% 的關稅，這對我們的傷害肯定不會比對我們競爭對手的傷害更大。

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.

因為，坦白說，我們在美國生產的產品比任何競爭對手在美國生產的產品都多，而且我們更有能力在美國生產產品。

So, I don't like for costs 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，我就不會那麼擔心。

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%.

所以，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 position to deal with the 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 it doesn't get there.

希望它不會到達那裡。

Thanks a lot.

多謝。

Scott.

斯科特.

I appreciate it.

我很感激。

Jeff Leblanc, TPH&Co.

傑夫‧勒布朗 (Jeff Leblanc)，TPH&Co.

Thank you for taking my question.

感謝您回答我的問題。

For my first question.

對於我的第一個問題。

I wanted to see if you could expand upon the drilling efficiencies.

我想看看你們是否可以提高鑽井效率。

You previously rush referenced.

你之前急參考過。

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.

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考慮橫向長度。

So, any way you can quantify the magnitude, I know you qualitatively referenced it before.

所以，無論你如何量化其大小，我知道你之前已經定性地引用過它。

Thank you.

謝謝。

I can quantify it to the extent that we track it.

我可以將其量化到我們追蹤它的程度。

Alan, I think over the, was it over the quarter or over the year.

艾倫，我想，是在這個季度還是在一年。

It's up about 10%.

上漲了約10%。

Yes, quarter over quarter, it was around 10% for us.

是的，按季度計算，我們的成長率約為 10%。

But that metric is pretty lumpy.

但這個指標相當不穩定。

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 wealth that I know that, that everybody believes these longer laterals.

所以，這就是為什麼我說更好的代理是財富，我知道，每個人都相信這些較長的水平。

And to that certainly is the case takes longer to drill or longer lateral.

當然，這種情況需要更長的鑽孔時間或更長的橫向時間。

But I can't argue with the stats.

但我無法反駁統計數據。

The stats showed the 10% increase in wellhead shipment, just the same number of bricks.

統計數據顯示，井口出貨量增加了 10%，而磚塊數量卻相同。

So, it's just a fact.

所以，這只是一個事實。

Well, thanks for that color and I'll turn the call back over to the operator.

好吧，謝謝你的顏色，我會將電話轉回給接線生。

Thank you.

謝謝。

Thank you.

謝謝。

Arun Jayaram, JPMorgan Securities.

阿倫‧賈亞拉姆，摩根大通證券。

Yes, good morning.

是的，早安。

I'm intrigued about, you know, one of the drivers of the, of the 2Q beat was a significant order from a large customer who's new to Cactus.

我很好奇，你知道，第二季業績成長的驅動因素之一是來自一位剛接觸 Cactus 的大客戶的一筆重要訂單。

I was wondering if you could give us some more details on that.

我想知道你能否提供我們更多細節。

And thoughts on how this relationship is going in and in other follow-on opportunities here.

以及對這種關係如何發展以及其他後續機會的想法。

Do I have any competitors that are going to have access.

我是否有任何競爭對手可以訪問？

Maybe.

或許。

So, the answer has got to be no, I can't tell you this except to tell you that it's a customer that has historically been Cactus customer for Wellheads but has not historically been a production tree customer.

所以，答案一定是否定的，我不能告訴你這一點，只能告訴你，這個客戶歷史上一直是井口的 Cactus 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, and they like the fact that we control the delivery of those files.

所以，我認為這是一個問題，我的意思是，他們喜歡我們建造自己的閥門，他們喜歡我們控制這些文件的交付。

Not, just the quality.

不是，只是品質。

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

因此，我認為喬爾會和我一起說我們對生產部門的成長更加樂觀。

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。

Great, great.

太棒了，太棒了。

And just maybe a follow 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.

也許按照我們正在考慮的事情之一，當我們考慮 2025 年並考慮 Cactus 的利潤狀況時，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 Well, head product and, and I if we remain in and called a lackluster environment in North America not a huge call on, on shell volumes as we sit here today.

然後你將擁有一個新的壓裂閥以及新一代的產品，如果我們仍然處於北美低迷的環境中，那麼我們今天坐在這裡的殼量就不是一個巨大的呼籲。

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

您如何看待在這種環境下，透過自助和新產品推出，利潤會如何表現？

Yes, I feel very optimistic but I wanted to say this to you, and I've said it before.

是的，我感到非常樂觀，但我想對你說這一點，而且我以前已經說過了。

So, 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 tab.

因此，我們將以負責任的方式推出特別是井口產品，這意味著我們需要在打開選項卡之前調整現有庫存。

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

所以，我認為，喬爾，感覺並不是產品還沒準備好，因為產品已經準備好了。

And if we could if we needed to ship it tomorrow, we could but we don't want to create.

如果可以的話，如果我們需要明天發貨，我們可以，但我們不想創造。

We have through our careers, Joel career and my career, we have always been very sensitive to obsolescence.

在我們的職業生涯中，喬爾的職業生涯和我的職業生涯中，我們一直對過時非常敏感。

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

這是一個更好的產品，但我們希望確保不會影響我們的財務和回報。

So, you're going to have to bear with us and trust that we're going to introduce it in a responsible fashion, but the short answer is I think that that even in an anemic 2025 that our margins are going to hold up very well.

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，但簡短的答案是，我認為即使在經濟不景氣的 2025 年，我們的利潤率也將保持非常高的水平。

Great.

偉大的。

Thanks for that color.

謝謝那個顏色。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Good morning, wanted to come back to the question on picking up the production sheet production, tree share, you know, with a, with a large customer in the US i guess my question is when you look at the dozen or so large [E and PS] and majors that are obviously increasingly dominating the industry, you have strong share in wellheads.

早安，想回到關於生產板材生產、樹木共享的問題，你知道，與美國的一個大客戶一起，我想我的問題是當你看到十幾個左右的大[E PS]以及明顯越來越主導該行業的專業公司，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, Does the production tree share not match the share on the wellhead side.

您能否讓我們了解該群體的百分比，生產樹份額與井口側的份額是否不符。

So let me just see if, let me clarify your question.

所以讓我看看是否讓我澄清你的問題。

You're asking me theoretically if our market share for well heads with these customers is I'm going to and we don't report market share except that if you were in the room, I'd patch on the head and tell you not to worry about it but let's say that that number was 40%.

你理論上是在問我，我們的井口市場份額是否與這些客戶有關，我們不會報告市場份額，除非你在房間裡，我會在井口上打補丁並告訴你不要不用擔心，但假設這個數字是40%。

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

您問的是與此相比，我們生產閥門的市場佔有率是多少。

Yes, I'm wondering the delta in between those two numbers and how much of an uplift you could get if the share is aligned.

是的，我想知道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 balance.

我們的生產平衡市場佔有率之間存在相當大的差距。

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

因此，我看著喬爾，看著史蒂文，我們從未真正測量過它，但如果我們的閥門生產市場份額達成一半，我會感到驚訝。

Got you.

明白你了。

And then you 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 of their workload for production trees.

然後，理論上，如果客戶將您用於井口而不是生產樹，然後他們開始使用您的生產樹工作量與您相同。

And what's the approximate revenue opportunity.

大概的收入機會是多少？

Does it match the low head side any sense of scale.

低頭側是否符合任何尺度感。

Now, I wouldn't say it matches the well head.

現在，我不會說它與井口相符。

It's probably I'm thinking the average production tree and 40% of a well head.

我想的可能是平均生產樹和井口的 40%。

That sounds like a good opportunity.

這聽起來是個好機會。

Okay, I'll keep it to one and one follow up.

好的，我會一一跟進。

Okay, thanks.

好的，謝謝。

Hey, by the way you can always call me.

嘿，順便說一句，你可以隨時打電話給我。

Thanks.

謝謝。

I appreciate It.

我很欣賞它。

All right.

好的。

Thank you so much for that.

非常感謝你。

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 what we have 10 times more people than we had last time when we, I guess Patterson, look, I think 2025 for us is an exciting time.

我認為我們的人數比上次多了 10 倍，我猜是帕特森，我認為 2025 年對我們來說是一個激動人心的時刻。

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

儘管我們不這樣做，但我們並沒有計劃任何形式的爆炸性增長，但這項業務是多麼難以預測。

Here's what I can tell you our costs will be lower, our productivity will be higher 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 and everybody in this organization knows what our objectives are so, they're clear.

我可以告訴你的是，我們的成本會更低，我們的生產力會更高，我們的重點是極其，我認為激光銳利，這就是我總結的原因，我的講話我想讓你知道我們今年的目標是什麼，每個人在這個組織中，我們知道我們的目標是什麼，所以它們很明確。

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 and, I'll leave it at that but thank you for your continued support.

我們仍然是最大的股東，你可以確信我們會為我們的股東和家族做最好的事情，我就到此為止，但感謝你一直以來的支持。

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。