Cactus Inc (WHD) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Cactus quarter three 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Cactus 公司 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在，我謹將會議交給今天的第一位發言人，企業發展和投資者關係總監艾倫·博伊德先生。請繼續。

Thank you and good morning. We appreciate you joining us on today's call. Our speakers will be Scott Bender, our Chairman and Chief Executive Officer; and Jay Nutt, our Chief Financial Officer. Also joining us today are Joel Bender, President; Stephen Bender, Chief Operating Officer; Steve Tadlock, CEO of FlexSteel; and Will Marsh, our General Counsel.

謝謝，早安。感謝您參加今天的電話會議。我們的演講嘉賓是董事長兼執行長史考特·本德和財務長傑伊·納特。今天與我們一同出席的還有總裁 Joel Bender；營運長 Stephen Bender；FlexSteel 執行長 Steve Tadlock；以及我們的總法律顧問 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. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC.

請注意，我們在今天的電話會議上對未來事件的預測或預期所做的任何評論都是《私人證券訴訟改革法案》所涵蓋的前瞻性陳述。前瞻性陳述受多種風險和不確定因素的影響，其中許多因素是我們無法控制的。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。我們建議聽眾查看我們的獲利報告以及我們在提交給美國證券交易委員會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. In addition, during today's call, we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release.

我們今天所作的任何前瞻性陳述僅代表截至今日的觀點，我們不承擔公開更新或審查任何前瞻性陳述的義務。此外，在今天的電話會議中，我們將提及一些非GAAP財務指標。我們的獲利報告中包含了這些非GAAP指標與最直接可比較的GAAP指標的調節表。

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

接下來，我將把電話交給史考特。

Thanks, Alan, and good morning. I'm extremely pleased with our third-quarter performance. Pressure Control margins improved sequentially due to our tariff mitigation and cost reduction efforts, while Spoolable Technology sales and margins exceeded expectations on higher international shipments. These outcomes are the result of extensive efforts and focus from our team. And I'm very grateful.

謝謝你，艾倫，早安。我對我們第三季的業績非常滿意。由於我們採取了關稅緩解和成本削減措施，壓力控制業務的利潤率環比有所提高；而由於國際出貨量增加，捲繞技術業務的銷售額和利潤率超出了預期。這些成果是我們團隊付出巨大努力和專注的成果。我非常感激。

Some third-quarter total company financial highlights include revenue of $264 million, adjusted EBITDA of $87 million, adjusted EBITDA margin of 32.9%, we paid a quarterly dividend of $0.14 per share, and we increased our cash balance to $446 million.

第三季公司財務亮點包括：營收 2.64 億美元，調整後 EBITDA 為 8,700 萬美元，調整後 EBITDA 利潤率為 32.9%，我們支付了每股 0.14 美元的季度股息，並且我們的現金餘額增加到 4.46 億美元。

I now turn the call over to Jay Nutt, our CFO, who will review our financial results. Following his remarks, I'll provide some thoughts on our outlook for the near term before opening the line for Q&A. Jay.

現在我將電話轉交給我們的財務長傑伊·納特，他將審查我們的財務表現。在他發言之後，我將就我們近期的前景發表一些看法，然後再開放問答環節。傑伊。

Thank you, Scott. As Scott just mentioned, total Q3 revenues were $264 million, a sequential 3.5% decline, and total adjusted EBITDA was $87 million, approximately flat from the second quarter. For our Pressure Control segment, revenues of $169 million were down 6.2% sequentially, driven primarily by lower frac rental revenues as we continue to focus on our consumable business.

謝謝你，斯科特。正如 Scott 剛才提到的，第三季總營收為 2.64 億美元，季減 3.5%；調整後 EBITDA 總額為 8,700 萬美元，與第二季基本持平。就我們的壓力控制業務而言，收入為 1.69 億美元，環比下降 6.2%，主要原因是壓裂租賃​​收入下降，因為我們繼續專注於我們的消耗品業務。

Operating income increased $2.2 million or 5.2% sequentially, with operating margins increasing 290 basis points. And adjusted segment EBITDA was 2.1 million or 3.9% higher sequentially, with margins increasing by 320 basis points. The margin increase was primarily due to the implementation of cost reduction initiatives, tariff mitigation efforts, and reduced legal expenses.

營業收入較上季成長 220 萬美元，成長 5.2%，營業利益率成長 290 個基點。經調整後的分部 EBITDA 環比成長 210 萬美元，增幅為 3.9%，利潤率提高了 320 個基點。利潤率的成長主要歸功於成本削減措施、關稅緩解措施和法律費用的減少。

For our Spoolable Technology segment, revenues of $95 million were down 1% sequentially on lower domestic customer activity levels, mostly offset by increased international sales. Operating income decreased $2.2 million or 8% sequentially, with operating margins decreasing 210 basis points due to higher input cost. Adjusted segment EBITDA decreased $2 million or 5.2% sequentially, while margins declined by 160 basis points.

就我們的捲繞技術部門而言，由於國內客戶活動水準下降，收入為 9,500 萬美元，環比下降 1%，但國際銷售額的成長基本上抵消了這一影響。營業收入較上季減少 220 萬美元，降幅 8%，由於投入成本上升，營業利益率下降 210 個基點。經過調整後的分部 EBITDA 環比減少 200 萬美元，降幅為 5.2%，而利潤率下降了 160 個基點。

Corporate and other expenses declined to $0.5 million to $9.1 million in Q3, which included $3.2 million of professional fees associated with the announced plan to acquire a majority interest in the surface Pressure Control business of Baker Hughes. Adjusted corporate EBITDA was down slightly to $4.2 million of expense.

第三季公司及其他費用下降至 50 萬美元至 910 萬美元，其中包括與已宣布的收購貝克休斯地面壓力控制業務多數股權的計劃相關的 320 萬美元專業費用。經調整後的企業 EBITDA 略微下降至 420 萬美元支出。

On a total company basis, third-quarter adjusted EBITDA was $87 million, flat from the second quarter. Adjusted EBITDA margin for the third quarter was 32.9% compared to 31.7% for the second quarter. Adjustments to total company EBITDA during the third quarter of 2025 include non-cash charges of $6.1 million in stock-based compensation and $3.2 million for transaction-related professional fees and $247,000 for continued severance actions to right size the organization for lower activity levels.

從公司整體來看，第三季調整後 EBITDA 為 8,700 萬美元，與第二季持平。第三季調整後 EBITDA 利潤率為 32.9%，而第二季為 31.7%。2025 年第三季公司 EBITDA 總額的調整包括 610 萬美元的股票選擇權費用、320 萬美元的交易相關專業費用以及 24.7 萬美元的持續遣散費，以調整組織規模以適應較低的業務活動水平。

Depreciation and amortization expense for the third quarter was $16 million, which includes an ongoing $4 million of amortization expense related to the intangible assets resulting from the FlexSteel acquisition.

第三季折舊和攤銷費用為 1,600 萬美元，其中包括與收購 FlexSteel 產生的無形資產相關的 400 萬美元持續攤銷費用。

During the third quarter, the public or Class A ownership of the company averaged and ended the period at 86%. GAAP net income was $50 million in the third quarter versus $49 million during the second quarter. Book tax expense during the third quarter was $14 million, resulting in an effective tax rate of 22%.

第三季度，該公司公眾或 A 類股東的持股比例平均為 86%，期末為 86%。第三季GAAP淨利為5000萬美元，而第二季為4900萬美元。第三季帳面所得稅費用為 1,400 萬美元，實際稅率為 22%。

Adjusted net income and earnings per share were $54 million and $0.67 per share, respectively, during the third quarter compared to $53 million and $0.66 per share in the second quarter. Adjusted net income for the third quarter was net of a 25% tax rate applied to our adjusted pre-tax income consistent with the prior quarter.

第三季調整後淨收入和每股盈餘分別為 5,400 萬美元和 0.67 美元，而第二季分別為 5,300 萬美元和 0.66 美元。第三季的調整後淨收入已扣除 25% 的稅率，該稅率適用於與上一季一致的調整後稅前收入。

During the quarter, we paid a quarterly dividend of $0.14 per share, resulting in a cash outflow of approximately $11 million, including related distributions to members. We ended the quarter with a cash balance of $446 million, a sequential increase of approximately $40 million.

本季度，我們派發了每股 0.14 美元的季度股息，導致現金流出約 1,100 萬美元，其中包括向成員支付的相關款項。本季末，我們的現金餘額為 4.46 億美元，比上一季增加了約 4,000 萬美元。

Inventory build has represented a working capital headwind year-to-date, which has decreased our usual pace of cash flow, with most of the increase in the carrying value being due to tariffs rather than increased quantities of inventory on hand. Net CapEx was approximately $8.2 million during the third quarter of 2025.

今年以來，庫存增加對營運資金造成了不利影響，導致我們現金流速度放緩，帳面價值的增加主要是由於關稅，而不是庫存數量的增加。2025年第三季淨資本支出約820萬美元。

In a moment, Scott will give you our fourth-quarter operational outlook, some additional financial considerations when looking ahead to the fourth quarter, including an effective tax rate of 22%, and an estimated tax rate for adjusted EPS continuing at 25%.

稍後，Scott 將向您介紹我們第四季度的營運展望，以及展望第四季時的一些其他財務考慮因素，包括 22% 的有效稅率，以及調整後每股收益的預計稅率繼續保持在 25%。

Total depreciation and amortization expense during the fourth quarter is expected to be approximately $16 million, with $7 million associated with our Pressure Control segment and the remaining $9 million in Spoolable Technologies.

預計第四季度折舊和攤銷總費用約為 1,600 萬美元，其中 700 萬美元與我們的壓力控制部門相關，其餘 900 萬美元與捲繞技術相關。

Our full-year 2025 net CapEx outlook remains in the range of $40 million to $45 million, including the $6 million equity investment made into Vietnam. Additionally, the annual TRA payment and related member distribution was delayed to October of 2025 from our previous plan to settle in the third quarter. The payment and related distributions were made earlier this month and totaled approximately $23 million. Finally, the Board has approved a quarterly dividend of $0.14 per share, which will be paid in December.

我們對 2025 年全年淨資本支出的預期仍為 4,000 萬美元至 4,500 萬美元，其中包括對越南的 600 萬美元股權投資。此外，年度 TRA 付款和相關成員分配從我們先前的第三季結算計畫推遲到 2025 年 10 月。這筆款項及相關分配已於本月初完成，總額約 2,300 萬美元。最後，董事會批准了每股 0.14 美元的季度股息，將於 12 月支付。

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

財務審查部分到此結束，現在我將把電話交還給斯科特。

Thanks, Jay. I'll begin by touching on our current understanding of a highly fluid tariff situation. Through the third quarter, there were no substantial changes in the tariff rates applied to our goods which were detailed on last quarter's call. We continued to pay an incremental 70% tariff on most goods imported from China for a 95% total tariff rate and a 50% tariff on most goods imported from Vietnam.

謝謝你，傑伊。首先，我想談談我們目前對瞬息萬變的關稅情勢的理解。第三季度，適用於我們貨物的關稅稅率沒有實質變化，這些稅率已在上個季度的電話會議上詳細說明。我們繼續對從中國進口的大部分商品加徵 70% 的關稅，總關稅稅率為 95%；從越南進口的大部分商品加徵 50% 的關稅。

We're seeking further clarity on recent announcements of tariff reductions in the far east, but based upon the latest information, we expect some reduction in the fentanyl-related tariff rate from China. That said, the Section 232 tariff, which remains at 50%, is far more impactful to our operations.

我們正在尋求對近期遠東地區關稅下調公告的進一步澄清，但根據最新信息，我們預計中國對芬太尼相關產品的關稅稅率會有所降低。儘管如此，第 232 條款關稅（仍為 50%）對我們的營運影響更大。

At this point, we are several months into our efforts to mitigate the tariff impact business. I'm proud of the work our team has done to flex the organization and supply chain to improve profitability, and I'm appreciative of the support of our customers and vendors throughout this process. Our Vietnam plant is increasing its pace of shipments, and we still expect substantial displacement of Chinese shipments into the US by mid next year as we await the finalization of our API certification.

到目前為止，我們已經投入了數月的時間來減輕關稅對業務的影響。我為團隊在調整組織架構和供應鏈以提高獲利能力方面所做的工作感到自豪，也感謝客戶和供應商在過程中給予的支持。我們在越南的工廠正在加快出貨速度，我們預計到明年年中，隨著API認證的最終完成，中國對美國的出貨量將大幅減少。

I'll now move on to our expectations for the fourth quarter of 2025 by operating segments. During the fourth quarter, we expect Pressure Control revenue to be relatively flat versus the $169 million reported in the third quarter, aided by modestly increased activity in our frac rental business, which offsets normal holiday slowdowns. We believe that most industry activity declines for 2025 are behind us and expect the fourth quarter US land rig count to drift modestly lower to the year end.

接下來，我將按營運部門介紹我們對 2025 年第四季的預期。我們預計第四季度壓力控制業務的收入將與第三季報告的 1.69 億美元基本持平，這得益於壓裂租賃業務的適度增長，抵消了正常的假期放緩。我們認為 2025 年大部分產業活動下滑已經過去，預計第四季美國陸上鑽機數量將在年底前小幅下降。

Adjusted EBTIDA margins in our Pressure Control segment are expected to be in the 31% to 33% for the fourth quarter, staying relatively stable from the third quarter and inclusive of typical seasonal declines in field service utilization. This adjusted EBITDA guidance excludes approximately $3 million of stock-based comp expense within the segment.

預計第四季度壓力控制業務部門的調整後 EBITDA 利潤率將在 31% 至 33% 之間，與第三季度相比保持相對穩定，並且已計入現場服務利用率的典型季節性下降。此次調整後的 EBITDA 指引不包括該業務部門內約 300 萬美元的股票選擇權補償費用。

Shifting to our Spoolable Technology segment, we are particularly pleased with the progress we're making on the international side of the business. We achieved our highest international revenue since the acquisition during the third quarter, which served to further our geographic diversification. We expect this momentum to continue.

轉向我們的捲繞式技術業務板塊，我們對在國際業務方面的進展感到特別滿意。第三季度，我們實現了自收購以來最高的國際收入，這有助於進一步實現地理多元化。我們預計這種勢頭將會持續下去。

We were recently awarded our first gas service order from a major Middle East NOC and shipped a large order for a new customer in Africa. Additionally, we recently booked our first commercial order in another major Middle East market for shipment in the first half of 2026, which is our first [hour] service order in the region. We're further encouraged by customer interest in newly developed products.

我們最近獲得了來自中東一家大型國家石油公司的首份天然氣服務訂單，並為非洲的一位新客戶交付了一大批訂單。此外，我們最近在另一個主要的中東市場獲得了第一個商業訂單，將於 2026 年上半年發貨，這是我們在該地區的第一個 [小時] 服務訂單。顧客對新開發產品的濃厚興趣進一步鼓舞了我們。

For the fourth quarter, we expect total Spoolable Technologies revenue to be down low double-digits sequentially, which is consistent with the typical seasonal pattern in this business. We expect adjusted EBITDA margins to be approximately 34% to 36% for Q4, which excludes $1 million of stock-based comp in the segment, moderating third-quarter levels on lower volume. Adjusted corporate EBITDA is expected to be a charge of approximately $4 million in Q4, which excludes $2 million of stock-based comp.

我們預計第四季度 Spoolable Technologies 的總收入將環比下降兩位數，這與該行業的典型季節性模式一致。我們預計第四季度調整後的 EBITDA 利潤率約為 34% 至 36%，其中不包括該業務部門 100 萬美元的股票期權補償，這導致第三季度銷量下降，利潤率有所回落。預計第四季度調整後的企業 EBITDA 將產生約 400 萬美元的費用，其中不包括 200 萬美元的股票選擇權補償。

Regarding our planned acquisition of a majority interest in the surface Pressure Control business of Baker Hughes, integration planning and administrative legal filings are proceeding smoothly, and we expect that transaction will close in early 2026.

關於我們計劃收購貝克休斯地面壓力控制業務的多數股權，整合計畫和行政法律文件正在順利進行，我們預計該交易將於 2026 年初完成。

In conclusion, the third quarter demonstrated real progress from our actions to enhance our operating results. The improvement in Pressure Control margins reflects the agility of our organization in responding to highly dynamic market conditions as we've demonstrated through past cycles.

總之，第三季證明，我們為提升經營績效所採取的措施取得了實質進展。壓力控制利潤率的提高反映了我們組織應對高度動態的市場狀況的敏捷性，正如我們在過去週期中所證明的那樣。

The stronger Spoolable Technologies international revenues are the result of a long-term concerted effort to increase our sales focus in key global markets, which should be enhanced by the increased footprint offered by our announced acquisition of a majority interest in the Baker Hughes Pressure Control business. Domestic activity levels remain subdued, but I'm confident in our ability to continue to outperform and deliver industry-leading returns for our shareholders.

Spoolable Technologies 國際營收的強勁成長，是我們長期以來齊心協力加強在關鍵全球市場的銷售重點的結果，而我們宣布收購 Baker Hughes Pressure Control 業務的多數股權，將進一步擴大我們的業務版圖，從而增強我們的銷售實力。國內經濟活動水準依然低迷，但我有信心我們能繼續取得優異業績，並為股東帶來業界領先的回報。

I'd like to close by thanking our associates for their focused commitment on executing for our customers throughout a turbulent market.

最後，我要感謝我們的同事們，感謝他們在動盪的市場中始終專注於為客戶提供服務。

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

這樣，我就把麥克風交還給接線員，我們可以開始問答環節了。操作員？

(Operator Instructions) David Anderson, Barclays.

（操作說明）大衛安德森，巴克萊銀行。

I have a rather broad question to start. You probably hate the question, but I'll ask it anyways. I was wondering if you could kind of give us a sense as to where your US customers are thinking -- or kind of what they're thinking and what they're asking about in the current environment? 4Q is a little bit softer. There's no sense of urgency out there. You characterize it just now as subdued. I think you've also said customers have been [acting in the oils in the 50s].

我首先要問一個比較廣泛的問題。你可能很討厭這個問題，但我還是要問。我想請您大致介紹一下您的美國客戶在當前環境下的想法——或者說，他們在想什麼，以及他們在詢問什麼？4Q 稍微柔和一些。外界並沒有緊迫感。你現在用「平靜」來形容它。我想你也說過顧客一直[在 50 年代從事石油業]。

I was just wondering, are your customers concerned that oil price is going to take another leg down? Are you seeing more than the usual pricing pressure out there? Or is this more of a situation where things -- where customers are actually kind of fairly bullish but are just staying flat at these levels waiting for an oil price signal for next year? I'm just trying to get a handle as to how we should think about upstream spending in '26 from these four key levels that we're going to see coming out here, just some of the puts and takes.

我只是想問一下，您的客戶是否擔心油價會進一步下跌？您是否感受到比以往更大的價格壓力？或者，這種情況更像是客戶實際上相當看好市場，但只是在當前價位保持觀望，等待明年油價的信號？我只是想了解一下，根據我們即將看到的這四個關鍵水平，我們應該如何看待 2026 年的上游支出，以及一些買賣交易。

Yeah. I mean, David, that's obviously a question that weighs heavily on us. I'm going to give you my personal opinion, and I think that the downside risk of oil prices is far greater than upside potential. If I was a betting man, I'd suggest it was going to be between [55 and 60], but I also think our customers have taken that into consideration with their plans.

是的。我的意思是，大衛，這顯然是一個讓我們非常在意的問題。我個人認為，油價下跌的風險遠大於上漲的潛力。如果我是個喜歡打賭的人，我會說會在 [55 到 60] 之間，但我認為我們的客戶在製定計劃時也考慮到了這一點。

I can tell you that they are currently far less transparent than they have been in the past because, we're very much in a wait and see environment. And a major part of that, David, is you know this is not only the surplus availability coming out of OPEC+, but it also has to do with questions about the administration's implementation and enforcement of Russian oil sanctions. The Russians have proved to be very adept at circumventing sanctions, as have the Iranians.

我可以告訴你，他們目前的透明度遠不如過去，因為我們現在很大程度上處於觀望狀態。戴維，其中一個主要原因是，你知道，這不僅是歐佩克+石油供應過剩的問題，也與政府對俄羅斯石油製裁的執行和落實有關。俄羅斯人和伊朗人都已證明自己非常擅長規避制裁。

So I think that all of our customers are concerned about that. But none of them, I think, are basing their budgets on $65 oil or even $60 oil. The other, I think, important aspect is that we believe that our larger customers who maintain relatively large inventories in core drilling basins, in core basins, will be far less susceptible to lower oil prices than some of the privates or independents.

所以我認為我們所有的客戶都很關心這個問題。但我認為，他們中沒有一個人是根據每桶65美元甚至60美元的油價來制定預算的。我認為另一個重要的方面是，我們相信，那些在核心鑽井盆地擁有相對較大庫存的大客戶，比一些私人或獨立石油公司更不容易受到油價下跌的影響。

It's very helpful. Thanks a lot, Scott. Okay, please. I was going to ask about the Spoolable side. I was wondering if you could explain a little bit on the international opportunities, and kind of talk about kind of what was unusual in this quarter that Spoolables were higher?

這很有幫助。非常感謝，斯科特。好的，謝謝。我本來想問關於可捲繞式線圈的問題。我想請您稍微解釋一下國際機遇，並談談本季 Spoolables 業務成長的特殊之處？

And also if you could talk about some of the more attractive markets for this product. I think you said Africa, a couple of the Middle East. You've also talked previously about cross selling opportunities with SPC in the Middle East, but you're already getting awards ahead of that. Could you sort of just talk about a couple of those different markets that you're seeing for Spoolable and kind of '26 and '27 opportunities?

另外，能否談談這款產品比較有吸引力的市場？我想你提到了非洲，還有中東的一些地方。您之前也談到過與 SPC 在中東的交叉銷售機會，但您在此之前就已經獲得了獎項。您能否談談您看到的 Spoolable 的一些不同市場，以及 2026 年和 2027 年的機會？

Sure, I'm going to defer to Steve Tadlock.

當然，我會聽從史蒂夫·塔德洛克的意見。

Hey, David. I think in Q3, I mean, really in terms of markets, we're seeing it worldwide, which is we're obviously very pleased by that. When I kind of stepped into the role two years ago, we probably had our best concentration in Latin America, and that's just some of the individuals we had down there representing us on the team. And since then, we've expanded personnel and put them -- we've utilized the Cactus Wellhead Australia team. They've done a great job. We got our first delivery in Q3 to Australia. We added another individual in Southeast Asia who's seeing some traction.

嘿，大衛。我認為在第三季度，我的意思是，就市場而言，我們在全球範圍內都看到了這一點，對此我們當然非常高興。兩年前我剛開始擔任這個職務時，我們在拉丁美洲的業務可能是最集中的，而這些只是我們當時派到那裡代表我們加入團隊的部分成員。從那以後，我們擴大了人員規模，並利用了 Cactus Wellhead Australia 團隊。他們做得很好。我們在第三季收到了第一批寄往澳洲的貨物。我們在東南亞新增了一名候選人，目前進展順利。

We've added somebody in the Middle East who's, as Scott mentioned, we had our first hour service order for next year for a Middle East region we've never done -- a country we've never done business in, so it's really across the board. We're just seeing a lot of interest in the product. I think the introduction of the sour service product in the past year has really opened up the worldwide market, just given the larger sour needs overseas versus the US.

正如斯科特所提到的，我們在中東地區增加了一名員工，我們明年收到了來自中東地區（我們從未涉足過）的第一份一小時服務訂單——這是一個我們從未開展過業務的國家，所以這真的是全方位的。我們看到大家對這款產品非常感興趣。我認為，過去一年酸味服務產品的推出確實開拓了全球市場，因為海外對酸味產品的需求比美國更大。

So I think that's kind of fundamentally what's happening. It's increased focus, more personnel, and the orders kind of build on themselves. So more traction, somebody moves to another company, or they hear about another company using our product and it's spreading.

所以我認為這根本就是事情的真相。重點更明確，人員更多，訂單也隨之不斷增加。因此，隨著用戶數量的增加，有人跳槽到另一家公司，或聽說另一家公司在使用我們的產品，然後產品就傳播開了。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Really excellent margin performance here in Pressure Control during the quarter. Could you just unpack that a bit more for us? Was that greater acceptance of tariff surcharges than anticipated? Or did you pull the cost lever harder during the quarter? Just unpack that Pressure Control margin a bit for us.

本季壓力控制業務的利潤率表現非常出色。能再詳細解釋一下嗎？關稅附加費的接受度是否高於預期？或者說，你們在本季加大了成本控制力道？請您為我們詳細解釋一下壓力控制裕度。

Mr. Gruber, you know I'm not going to comment on price changes, don't you?

格魯伯先生，您知道我不會對價格變動發表評論，對吧？

Yes. I tried.

是的。我試過。

You always try. Let me just say it's a combination, but I'm not going to be -- I'm not going to focus on the relative contributions. So think about this. We really are blessed to have the best supply chain guy in the industry, and he happens to be my brother, but I'm still objective about that. So he's done a great job of receiving cooperation from our suppliers. That's the first point.

你總是盡力而為。我只想說這是多種因素共同作用的結果，但我不會——我不會專注於分析它們各自的相對貢獻。所以請思考一下。我們非常幸運地擁有業內最好的供應鏈專家，而他恰好是我的兄弟，但我對此仍然保持客觀態度。所以他在爭取供應商合作方面做得非常出色。這是第一點。

I think the second point is that we do have some very understanding customers because we've supported them and they continue to support us. And then we're very aggressive in terms of flexing the organization in terms of activity. Keep in mind, and I've said this before, that because we're primarily in a variable cost business, it's much easier for us to flex down than it is for [oil field] service companies that have relatively high fixed costs. So it really is a combination of all those things.

我認為第二點是，我們確實有一些非常理解我們的客戶，因為我們一直支持他們，他們也繼續支持我們。然後，我們在組織活動方面採取非常積極的靈活調整策略。請記住，我以前也說過，因為我們主要從事的是變動成本業務，所以我們比固定成本相對較高的[油田]服務公司更容易降低成本。所以，這實際上是所有這些因素的綜合作用。

The team has just done a great job. We've also redirected our supply chain to minimize the impact of tariffs because we have purchasing power and which, by the way, will only be enhanced, we expect, by the addition of Baker Hughes' SPC business.

團隊做得非常出色。我們也調整了供應鏈，以最大限度地減少關稅的影響，因為我們擁有購買力，而且我們預計，隨著貝克休斯SPC業務的加入，我們的購買力只會增強。

So Scott, it's not the answer you wanted, but it's all I can give you right now.

史考特，這可能不是你想要的答案，但我現在只能給你這些了。

No, I appreciate it. Appreciate all the color. And I wanted to ask about that new wellhead system that you guys were about to introduce kind of 6, 12 months ago and then the market started softening.

不，我很感激。欣賞這繽紛的色彩。我想問一下你們大約在 6 到 12 個月前準備推出的那個新的井口系統，當時市場開始走軟。

Where do you stand with that now? It seems like we're finding some potential stability in the market, [see where] oil prices go, but you got your Pressure Control margins back up, you've kind of worked through the tariff issue. Just give us your latest thoughts on introducing that new system in '26 or whether that's going to be delayed further.

你現在對此持什麼立場？市場似乎出現了一些潛在的穩定跡象，[看看]油價走勢如何，但你們的壓力控制利潤率已經恢復，你們也算是解決了關稅問題。請告訴我們您對在 2026 年引入該新系統的最新想法，或者是否會進一步推遲。

Yeah. So I can answer that question, Scott. Q1.

是的。所以，我可以回答這個問題，史考特。Q1.

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

I think two for me and one follow up a little about on Scott's question. I think, and you can correct me if I'm wrong, but I think last quarter you alluded to it being harder to support margins with the tariffs, and it sounded like part of that was because of lower customer activity. But it seems like that tone has changed a bit and the results were clearly very good. Can you comment on that at all?

我認為我有兩個問題，還有一個問題想稍微回應一下 Scott 的問題。我認為，如果我錯了請您糾正我，但我認為上個季度您曾暗示，由於關稅，維持利潤率變得更加困難，聽起來部分原因是客戶活躍度下降。但似乎這種基調有所改變，而且結果顯然非常好。您對此有何評論？

Yeah. Stephen, just to remind you, what happened to us in the previous quarter is that the tariff rates changed very unexpected in. I think it was May or early June when the Section 232 moved from [25 to 50]. So we frankly had not anticipated that and received no indication that that was the case. And as a result, it made it very difficult for us to make a case to suppliers, customers, not knowing where we were going to land.

是的。史蒂芬，提醒你一下，上個季度我們遇到的情況是關稅稅率發生了非常出乎意料的變化。我記得是五月或六月初，第 232 條從[25 至 50]。坦白說，我們並沒有預料到這種情況，也沒有收到任何跡象表明情況如此。因此，由於不知道最終結果如何，我們很難向供應商和客戶證明我們的立場。

We have greater clarity on that which helps us to address our suppliers and our customers. So I would think it's more about the increased tariff environment than it is about activity levels. That said, we've been very pleasantly surprised with how our particular customer base has held up.

我們對這一點有了更清晰的認識，這有助於我們更好地與供應商和客戶溝通。所以我認為這比較是關稅環境增加的問題，而不是市場活動水準的問題。話雖如此，我們還是對我們特定客戶群的表現感到非常驚喜。

But again, I want to emphasize, Stephen, that our expectations are that those customers with holdings in the core areas of our basins, because our customers are the larger publicly held E&Ps, that we expect that to hold up relative to the rest of the market.

但是，史蒂芬，我再次強調，我們期望那些在我們盆地核心區域擁有資產的客戶，因為我們的客戶是規模較大的上市油氣勘探開發公司，我們預計他們的業績將相對於市場其他部分保持穩定。

Great, thanks. And the follow-up to that was without asking about market share, but when you think about Pressure Control and you think about activity levels, you've been outperforming that, right? And I would imagine as we go forward here, notwithstanding how the [rig count evolves], you'll continue to outperform that driven just primarily by the stability of your customers. Is that fair as we think about it? And I'm thinking it's like a North America comment, right?

太好了，謝謝。後續的調查雖然沒有詢問市場份額，但考慮到壓力控制和業務活躍度，你們的表現已經超過了預期，對吧？而且我認為，隨著我們繼續前進，無論鑽井平台數量如何變化，你們的業績都會繼續優於市場平均水平，這主要得益於你們客戶的穩定性。仔細想想，這樣公平嗎？我覺得這像是北美地區的評論，對吧？

Yeah. As I mentioned, we're not getting a whole lot of clarity in terms of next year, but I think it's also fair to say that our market share is not going to be -- is going to be a function of of new names. And we're seeing some increased interest from some significant players. I believe that's going to continue. So I'm guardedly optimistic that we'll be able to defend and potentially expand it.

是的。正如我之前提到的，我們對明年的情況還不太清楚，但我認為可以公平地說，我們的市場份額不會——將取決於新品牌的出現。我們看到一些重要參與者對此表現出越來越濃厚的興趣。我認為這種情況還會持續下去。所以我謹慎樂觀地認為，我們能夠守住它，甚至有可能擴大它。

The question is how big is that pie going to be and I can't estimate that for you. I just think that our pie is going to be significantly larger than some of our competitors.

問題是，這個蛋糕會有多大，我無法為你估算。我認為我們的市佔率將會比一些競爭對手大得多。

I would also say that we've seen some very large competitors try to increase market share during this period of anemic growth, frankly at the expense of I think their margins, so I can't control that.

我還想說，我們看到一些規模很大的競爭對手試圖在成長乏力的這段時期內提高市場份額，坦白說，我認為這是以犧牲他們的利潤為代價的，所以我對此無能為力。

Arun Jayaram, JPMorgan Securities.

Arun Jayaram，摩根大通證券。

I wondered if you could provide any updated perspective on the Cactus SPC transaction which you indicated you expect to close in early 2026? How is the integration planning going? But any updated views would be much appreciated because that is an important swing factor as we think about your earnings power next year.

我想請問您能否就您之前提到的預計將於 2026 年初完成的 Cactus SPC 交易提供一些最新的看法？整合計劃進度如何？但如果您能提供任何更新的意見，我們將不勝感激，因為這對於我們評估您明年的收入能力來說是一個重要的影響因素。

So specifically, what are you asking me?

所以，你具體想問我什麼？

Yeah. Just your thoughts on kind of the earnings power of that segment next year. Obviously, there's been some cross currents in Saudi, although we were on the neighbor's call yesterday and Tony mentioned how there could be an improvement in activity as you get into the back half of -- or second half of 2026.

是的。您對明年該業務板塊的獲利能力有何看法？顯然，沙烏地阿拉伯出現了一些分歧，儘管我們昨天參加了鄰國的電話會議，托尼提到，隨著2026年下半年到來，經濟活動可能會有所改善。

So yeah. I was wondering if you've been to the Middle East recently and just could offer any kind of data points or fresh perspective. Like I said, there's just been some cross currents as we think about potential spending trends next year.

是的。我想問你最近有沒有去過中東，能否提供一些數據或新的視角。正如我所說，在考慮明年的潛在消費趨勢時，出現了一些分歧。

Yeah. I was there about two weeks ago. So I think the Saudis are probably projecting the possibility of increased activity in the second half of '26 but hasn't translated into orders. And those are just facts. And the international market, typically when we have a slowdown in the US, you normally see about a 12-month lag in the international market. So I expect the international market, even the Mideast, to have a relatively weaker 2026 than 2025.

是的。我大約兩週前去過那裡。所以我認為沙烏地阿拉伯方面可能會預期 2026 年下半年經濟活動會增加，但這尚未轉化為訂單。這些都是事實。國際市場方面，通常情況下，當美國經濟放緩時，國際市場通常會落後約 12 個月。因此，我預期國際市場，甚至中東市場，2026 年的表現將比 2025 年相對疲軟。

There is no concrete objective evidence, which would only be manifested by order placements. So I can't be terribly optimistic about the Mideast. It's just -- rent is going to be in the low 60s and that's got to somehow translate into reduced activity.

目前還沒有確切的客觀證據，而這只能透過訂單情況來體現。所以我對中東局勢並不抱太大希望。問題是——租金將達到 60 美元出頭，這必然會在某種程度上導致活動減少。

Now what we are seeing is some US companies becoming more active in the Mideast, and I think that's -- which is really good for us because they happen to be our customers and there is an absolute undeniable focus on unconventional drilling and they really are welcoming Western companies. And as a result, the Western companies bring in the suppliers with whom they're most comfortable. So I feel good about that. Will that offset the overall decline? Not likely, but it'll mitigate the impact.

現在我們看到一些美國公司在中東地區變得更加活躍，我認為這對我們來說真的很好，因為他們恰好是我們的客戶，而且他們對非常規鑽探的關注是毋庸置疑的，他們也確實歡迎西方公司。因此，西方公司會引進他們最信任的供應商。所以我覺得挺好的。這能否抵銷整體下滑趨勢？不太可能，但會減輕影響。

Great. That's helpful. I really appreciate that perspective. Maybe just my follow-up. Maybe give us an update on your sourcing plans internationally, how is the ramp going in Vietnam, and maybe just some thoughts on that.

偉大的。那很有幫助。我非常欣賞這種觀點。或許只是我的後續跟進。或許可以為我們介紹一下你們的國際採購計劃，越南的產能爬坡進展如何，以及一些相關的想法。

Yeah. So I can defer to Joel on that. He's in the room with us. Vietnam is progressing. Well, Joel, I'll let you handle it.

是的。所以這個問題我得聽喬爾的。他跟我們在一個房間裡。越南正在進步。好了，喬爾，這事就交給你處理了。

It's progressing well. We're starting to move some of the wellhead into the US that we need to be able to assemble [and monogram]. We're currently in line with API to get our audit to be monogrammed. We filled the paperwork out. We submitted all the required additional documentation. So we're expecting to have that audit in the next -- hopefully in the next 90 or so days. So we'll have that done after the first of the year.

進展順利。我們正開始將一些我們需要的井口設備運往美國，以便進行組裝。[以及字母組合]。我們目前正按照 API 的要求進行操作，以便我們的稽核報告能夠新增專屬標識。我們填寫了表格。我們已提交所有必需的補充文件。因此，我們預計將在接下來的——希望是在接下來的90天左右——進行審計。所以我們會在新年過後完成這項工作。

One of our requirements is to be able to provide API monogram equipment from that facility. But in the interim, we have started to move wellhead housings and tubing head bodies into the US. We'll do the assembly at our Bossier City facility. So it's progressing well, expanding, adding headcount, adding fixtures for testing. So pretty pleased with the progress.

我們的要求之一是能夠從該工廠提供 API 標誌設備。但在此期間，我們已經開始將井口殼體和油管頭體運往美國。我們將在博西爾市的工廠進行組裝。所以進展順利，正在擴張，增加人手，增加測試設備。對目前的進展非常滿意。

Any sense, once you do get API certification, what kind of mix Vietnam can have and perhaps next year?

在獲得 API 認證後，越南明年可能會有哪些產品組合？

We're going to focus primarily on the wellhead out of there towards the end of the year. We'll start bringing some of our gate valves, but the primary focus for the beginning of the year and the year will be getting as many of the wellheads and the tubing head assemblies. I would say somewhere in the magnitude of at least half.

今年年底，我們將主要集中精力處理那裡的井口問題。我們將開始運送一些閘閥，但年初和今年的主要重點是盡可能運送井口裝置和油管頭組件。我認為至少有二分之一左右。

Don Christ, Johnson Rice.

唐克里斯特，約翰遜賴斯。

Scott, I just wanted to ask one question on kind of the macro front. I mean, we're hearing a lot more chatter about unconventional drilling in many different countries around the world. And obviously, there's a lot more activity kind of move in that direction. But I just wanted to know from your standpoint, what do you think the time frame would be to kind of see a material pickup in unconventional around the world, whether it be in Turkey or Libya or any other places that aren't big today in unconventionals? Just kind of a time frame perspective because nobody seems to be giving that number out.

史考特，我只想問一個關於宏觀的問題。我的意思是，我們現在聽到越來越多關於世界各地非常規鑽探的討論。顯然，朝著這個方向發展的活動越來越多。但我只是想知道，從你的角度來看，你認為在全球範圍內，無論是在土耳其、利比亞還是其他目前非常規油氣行業發展不大的地區，非常規油氣行業需要多長時間才能出現實質性的復甦？只是想了解時間範圍，因為似乎沒有人透露具體數字。

Well, I can tell you this with absolute certainty that we've seen an exponential increase in unconventional requests throughout the Middle East. I'm less optimistic about Argentina, frankly, because there's just not that many rigs running in comparison to the Mideast. A lot of interest in Saudi, a lot of interest in Abu Dhabi. I would probably tell you that by the end of 2026, we're going to see -- in fact, I think we have our first unconventional shipment, Joel, scheduled for when?

我可以非常肯定地告訴你，我們已經看到整個中東地區的非常規需求呈指數級增長。坦白說，我對阿根廷的前景不太樂觀，因為與中東相比，那裡的鑽井平台數量實在太少了。人們對沙烏地阿拉伯和阿布達比都非常感興趣。我可能會告訴你，到 2026 年底，我們將會看到——事實上，我認為我們已經安排了第一批非常規貨物的運輸，喬爾，具體時間是什麼時候？

It's probably going to go January to February.

可能要持續到一月到二月。

Yes. So it's basically a US product. So I don't anticipate, obviously, any issues with that. So I think we'll see a steady ramp-up. The real interest right now is to compare the results of using an unconventionally -- a design specifically addressing unconventional with what they're using in terms of flashed equipment. So this will be pending the results of the time savings.

是的。所以它基本上是美國產品。所以，顯然，我預計不會有任何問題。所以我認為我們會看到穩定成長。目前真正的興趣在於比較使用非常規方法（專門針對非常規情況的設計）與他們在閃存設備方面所使用的方法的結果。所以，這還要取決於節省時間的結果。

So if the time savings or anything at all approaching the US, I think that once word spreads and it spreads quickly, I think you're going to see a serious ramp-up. So let's call it fourth quarter because they need time to drill these wells and analyze the efficiency. So I can tell you, my gut feeling is '27 will be a significant contributor. And I think that by the fourth quarter of '26, we're going to see some meaningful shipments.

所以，如果節省時間或其他任何方面接近美國，我認為一旦消息傳開，而且傳播速度很快，我認為你會看到一個嚴重的增長。所以我們暫且稱之為第四季度，因為他們需要時間來鑽探這些油井並分析其效率。所以我可以告訴你，我的直覺是 2027 年將會是個重要的貢獻者。我認為到 2026 年第四季度，我們將看到一些有意義的出貨量。

I'm showing no further questions at this time. I would now like to turn it back over to the Chairman and CEO, Scott Bender, for closing remarks.

我目前沒有其他問題要問。現在我謹將發言權交還給董事長兼執行長史考特·本德，請他作總結發言。

All right. I want to thank everybody for their continued interest in the company, and I'm really pleased with this team's efforts in terms of dealing with sort of an anemic market and a very uncertain tariff landscape. This really is a reflection of not only how flexible our team is, but also the fact that we are and will always be heavily invested in consumables and variable cost businesses. So thanks again for your interest. Have a good day.

好的。我要感謝大家一直以來對公司的關注，我對團隊在應對疲軟的市場和非常不確定的關稅環境方面所做的努力感到非常滿意。這不僅反映了我們團隊的靈活性，也反映了我們現在和將來都會對消耗品和可變成本業務進行大量投資的事實。再次感謝您的關注。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。