Cactus, Inc. (WHD) 2026 Q1 法說會逐字稿

Day, and thank you for standing by. Welcome to the Cactus Q1 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded I would now like to hand the conference over to your first speaker today, Alan Boyd, Treasurer, Director of Corporate Development and Investor Relations. Please go ahead.

各位早安，感謝您耐心等候。歡迎參加 Cactus 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議正在錄音。我現在要把會議交給今天的第一位講者：財務主管、企業發展與投資人關係總監 Alan Boyd。請開始。

Thank you. 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; Steven Bender, Chief Operating Officer; and William Marsh, our General Counsel.

謝謝。各位早安。感謝各位參加今天的電話會議。今天的講者包括：董事長兼執行長 Scott Bender，以及財務長 Jay Nutt。另外，今天也一同出席的有總裁 Joel Bender、營運長 Steven Bender，以及總法律顧問 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. 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. 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.

請注意，我們在今天電話會議中就未來事件之預測或期望所作的任何評論，均屬《私人證券訴訟改革法》所涵蓋的前瞻性陳述。前瞻性陳述受到多項風險與不確定性影響，其中許多超出我們的控制範圍。這些風險與不確定性可能導致實際結果與我們目前的預期出現重大差異。我們建議聽眾查閱我們的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交文件中所討論的風險因素。我們今天所作的任何前瞻性陳述僅截至今日為準，我們不承擔公開更新或檢視任何前瞻性陳述的義務。

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.

此外，在今天的電話會議中，我們將引用若干非 GAAP 財務衡量指標。這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表已包含於我們的財報新聞稿中。

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

接下來，我把電話交給 Scott。

Thanks, Alan. Good morning to everyone. I'm very proud of our team's achievements in the first quarter and the current momentum in the business, which reflects our focus on delivering premium, highly engineered products and services to our customers. Pressure controls revenues remained resilient despite the impacts of the conflict in the Mideast, and our spoolable technologies business outperformed in what is usually a seasonally slow quarter on continued international shipment strength.

謝謝你，Alan。各位早安。我對我們團隊在第一季的成果以及目前業務動能感到非常自豪，這反映出我們專注於為客戶提供高端、工程設計含量高的產品與服務。儘管中東衝突帶來影響，壓力控制業務營收仍維持韌性；而我們的可捲繞技術（spoolable technologies）業務在通常屬於季節性淡季的季度中表現超出預期，主要受惠於國際出貨持續強勁。

I'd like to extend a thanks to our team, particularly those in the Mideast, for sustaining a high level of performance during this challenging period. Some first quarter total company financial highlights include revenue of $388 million, adjusted EBITDA of $100 million, adjusted EBITDA margin of 25.8%. We paid a quarterly dividend of $0.14 per share, and we closed the quarter with a cash balance of $292 million.

我想向我們的團隊致謝，特別是中東地區的同仁，在這段充滿挑戰的期間仍維持高水準的表現。第一季公司整體的一些財務重點包括：營收 3.88 億美元、調整後 EBITDA 1.00 億美元、調整後 EBITDA 利潤率 25.8%。我們支付了每股 0.14 美元的季度股利，季度末現金餘額為 2.92 億美元。

I'll 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 lines for Q&A. Jay?

接下來我把電話交給我們的財務長 Jay Nutt，由他說明財務結果。在他發言之後，我會就短期展望提供一些看法，然後開放問答。Jay？

Thank you, Scott. As Scott mentioned, total Q1 revenues were $388 million, and total adjusted EBITDA was $100 million, both sequentially much higher than the fourth quarter, largely due to the contribution of Cactus International for our first quarter of ownership. For our pressure control segment, revenues of $300 million were up nearly 70% from the fourth quarter due to the acquisition. Revenues and operating income in the Middle East were modestly impacted by the outbreak of the conflict in Iran, but impacts of delayed shipments were offset by strength in the US market. Operating income decreased $10 million or 20.7% sequentially, with operating margins decreasing approximately 14%.

謝謝你，Scott。如 Scott 所提到，第一季總營收為 3.88 億美元，總調整後 EBITDA 為 1.00 億美元，兩者相較第四季皆大幅季增，主要是因為我們在持有 Cactus International 的第一個季度所帶來的貢獻。在壓力控制事業部方面，營收 3.00 億美元，較第四季增加近 70%，係因併購所致。中東地區的營收與營業利益受到伊朗衝突爆發的些微影響，但延遲出貨的影響被美國市場的強勁表現所抵銷。營業利益季減 1,000 萬美元或 20.7%，營業利潤率約下降 14%。

Operating income improved sequentially due to the inclusion of Cactus International, of course, as reported, it was reduced by approximately $19 million due to purchase price accounting adjustments. These non-cash charges are added back to our adjusted operating results. Accordingly, adjusted segment EBITDA was $12.7 million, higher sequentially, with margins decreasing by 930 basis points. The margin decrease was primarily due to the inclusion of Cactus International operating results. For our spoolable technology segment, revenues of $90 million were up 6.8% sequentially, reflecting higher customer activity supported by increased sales across domestic and international markets. Operating income increased $2.6 million or 12.6% sequentially, with operating margins increasing 130 basis points due to improved operating leverage and lower stock-based compensation expense.

營業利益之所以能季比改善，當然是因為納入了 Cactus International；但如已揭露，因收購價格分攤（purchase price accounting）調整，營業利益約減少 1,900 萬美元。這些非現金費用會加回至我們的調整後營運結果中。因此，調整後事業部 EBITDA 為 1,270 萬美元，較上季提高，但利潤率下降 930 個基點。利潤率下降主要是因納入 Cactus International 的營運結果所致。在可捲繞技術事業部方面，營收 9,000 萬美元，季增 6.8%，反映客戶活動提升，並受國內與國際市場銷售增加所支撐。營業利益季增 260 萬美元或 12.6%，營業利潤率增加 130 個基點，主要受惠於營運槓桿改善及股權基礎薪酬費用降低。

Adjusted segment EBITDA increased $1.8 million or 5.9% sequentially, while margins decreased by 30 basis points as the improved operating leverage was offset by increased input cost. Corporate and other expenses increased by $2.9 million to $12.7 million in Q1, including $5.8 million of transaction and integration costs. Adjusted corporate EBITDA moved favorably to $4.7 million of expense. On a total company basis, first quarter adjusted EBITDA was $100 million, up $14.6 million from Q4. Adjusted EBITDA margin for the first quarter was 25.8% compared to 32.7% in the fourth quarter.

調整後事業部 EBITDA 季增 180 萬美元或 5.9%，但利潤率下降 30 個基點，因營運槓桿改善被投入成本上升所抵銷。第一季公司總部及其他費用增加 290 萬美元至 1,270 萬美元，其中包含 580 萬美元的交易與整合成本。調整後公司總部 EBITDA 走勢改善至費用 470 萬美元。以公司整體而言，第一季調整後 EBITDA 為 1.00 億美元，較第四季增加 1,460 萬美元。第一季調整後 EBITDA 利潤率為 25.8%，相較第四季的 32.7%。

Adjustments to total company EBITDA during the first quarter included non-cash charges of $7 million in stock-based compensation, $10.4 million of inventory step-up amortization due to purchase price accounting, $5.8 million for transaction-related professional fees, and $900,000 of severance primarily incurred in initial actions to rightsize the Cactus International organization. Total company remaining performance obligations or backlog ended the quarter at $537 million. Backlog reflects remaining performance obligations for our global pressure control and spoolable technologies businesses, but a significant majority of these obligations are associated with our international pressure control business. As a reminder, our pressure control and spoolable technologies operations are predominantly short cycle businesses, where backlog levels at any time may not be indicative of future revenues beyond the near term.

第一季公司整體 EBITDA 的調整項目包括：股權基礎薪酬 700 萬美元的非現金費用、因收購價格分攤導致的存貨增值（inventory step-up）攤銷 1,040 萬美元、與交易相關的專業服務費 580 萬美元，以及主要因對 Cactus International 組織進行初步精簡而產生的 90 萬美元資遣費。公司整體剩餘履約義務（remaining performance obligations）或在手訂單（backlog）於季末為 5.37 億美元。在手訂單反映我們全球壓力控制與可捲繞技術業務的剩餘履約義務，但其中絕大多數與我們的國際壓力控制業務相關。提醒各位，我們的壓力控制與可捲繞技術營運多屬短週期業務，因此任何時點的在手訂單水位，可能無法代表短期以外的未來營收。

Pressure control operations in the US do not contribute meaningfully to our backlog as the business is driven by call out orders. Backlog in the Cactus International business decreased from year-end as multiyear contract negotiations continued with one large Middle East customer, resulting in lower than normal order activity. Orders were partially impacted late in the quarter due to the outbreak of the conflict in Iran. Backlog could continue to decrease in the second quarter considering the conflict in the Middle East and the impact of contract renegotiation timing. Depreciation and amortization expense for the quarter was $36.8 million, which includes $12.5 million of amortization expense related to intangible assets and $10.5 million of amortization of the step-up of inventory values resulting from the Cactus International and Flexsteel acquisitions.

美國的壓力控制業務對在手訂單的貢獻並不顯著，因為該業務主要由臨時叫修／叫貨訂單（call out orders）驅動。Cactus International 業務的在手訂單較年末下降，原因是與一位中東大型客戶的多年期合約談判仍在進行，導致訂單活動低於正常水準。此外，季度末因伊朗衝突爆發，訂單亦受到部分影響。考量中東衝突及合約重新協商時點的影響，在手訂單於第二季可能持續下降。本季折舊與攤銷費用為 3,680 萬美元，其中包含與無形資產相關的攤銷費用 1,250 萬美元，以及因 Cactus International 與 Flexsteel 併購導致存貨價值增值（step-up）之攤銷 1,050 萬美元。

During the first quarter, the public or Class A ownership of the company averaged 86% and ended the period at 87%. GAAP net income was $40 million in the first quarter versus $48 million during the fourth quarter. The decrease was largely driven by purchase price accounting. Book tax expense during the first quarter was $10 million, resulting in an effective tax rate of 19%. Adjusted net income and earnings per share were $56 million and $0.70 per share, respectively, during the first quarter, compared to $52 million and $0.65 per share in the fourth quarter.

第一季期間，公司公開市場或 A 類股（Class A）持股比例平均為 86%，期末為 87%。第一季 GAAP 淨利為 4,000 萬美元，第四季為 4,800 萬美元。下降主要由收購價格分攤（purchase price accounting）所致。第一季帳面所得稅費用為 1,000 萬美元，有效稅率為 19%。第一季調整後淨利與每股盈餘分別為 5,600 萬美元與每股 0.70 美元；相較之下，第四季分別為 5,200 萬美元與每股 0.65 美元。

Adjusted net income for the first quarter was net of a 22% tax rate applied to our adjusted pre-tax income, and now also includes deductions for non-controlling interests related to Baker Hughes ownership in the Cactus International joint venture, combined with a non-controlling partner's ownership in our business in Saudi Arabia. During the quarter, we paid a quarterly dividend of $0.14 per share, resulting in a cash outflow of approximately $12 million, including related distributions to members. We ended the quarter with a cash balance of $292 million. This amount includes $98 million of cash held to finalize Cactus International legal entity restructuring transactions with Baker Hughes in certain jurisdictions. We expect those restructurings to be completed by Baker Hughes in the coming months. The offset to this cash is currently reflected in our accounts payable balances.

第一季調整後淨利係以對我們的調整後稅前收入適用 22% 稅率後之淨額計算，且現亦納入與 Baker Hughes 持有 Cactus International 合資企業相關之非控制權益扣除項目，並結合我們在沙烏地阿拉伯業務中一位非控制合夥人之持股。本季我們支付每股 0.14 美元的季度股利，造成約 1,200 萬美元的現金流出，包含對成員的相關分配。本季期末現金餘額為 2.92 億美元。其中包含 9,800 萬美元之現金，係為在特定司法管轄區與 Baker Hughes 完成 Cactus International 法律實體重組交易而持有。我們預期這些重組將由 Baker Hughes 於未來數月內完成。與該現金相對應的抵銷項目前反映於我們的應付帳款餘額中。

These balances and other legal restructuring related items impacted our cash from operations in the quarter. Cash decreased from year-end due to the acquisition outflow. Net CapEx was approximately $9 million during the first quarter of 2026. In a moment, Scott will give you our second quarter operational outlook. Some additional financial considerations when looking ahead to the second quarter include an effective tax rate of 19% and an estimated tax rate for adjusted EPS of approximately 22%. Total depreciation and amortization expense during the second quarter is expected to be approximately $37 million.

上述餘額及其他與法律重組相關項目影響了本季的營運活動現金流量。由於收購所致的現金流出，現金較年末下降。2026 年第一季淨資本支出（Net CapEx）約為 900 萬美元。稍後 Scott 將提供第二季營運展望。展望第二季時，其他財務考量包括：有效稅率為 19%，以及調整後每股盈餘（adjusted EPS）的估計稅率約為 22%。第二季折舊與攤銷費用總額預期約為 3,700 萬美元。

$28 million of this expense is associated with our pressure control segment, including approximately $10 million of expected amortization of the step-up of inventory and $8 million of intangible amortization because of purchase price accounting. Finally, $9 million of this expense is within spoolable technologies. Our full year 2026 CapEx outlook remains in the range of $40 million-$50 million. Finally, the board has approved a quarterly dividend of $0.14 per share, which will be paid in June. That covers the financial review.

其中2,800 萬美元與我們的壓力控制（pressure control）部門相關，包含約 1,000 萬美元的存貨增值（step-up）預期攤銷，以及因收購價格分攤（purchase price accounting）所致的 800 萬美元無形資產攤銷。最後，該費用中有 900 萬美元屬於可捲式技術（spoolable technologies）。我們對 2026 全年資本支出（CapEx）展望仍維持在 4,000 萬至 5,000 萬美元區間。最後，董事會已核准每股 0.14 美元的季度股利，將於 6 月支付。以上為財務回顧。

I'll turn the call back over to Scott.

我把電話交回給 Scott。

Thanks, Jay. I'll now touch on our expectations for the second quarter, our reporting segment, starting with our pressure control business. During the second quarter, we expect total pressure control revenue to be approximately flat from the first quarter, reflecting increased customer optimism in the domestic market, offset by a full quarter impact of the conflict in Iran on our Cactus International JV's results. We assume that the status quo will continue throughout the full second quarter, even considering an opening of the Strait of Hormuz, which is impacting our customer activity and presenting numerous logistic challenges to our Mid East manufacturing operations. I'm extremely thankful that our personnel in the region have remained safe, and we'll continue to prioritize their safety as the situation changes.

謝謝，Jay。我現在將談談我們對第二季的預期，以及我們的報導部門，先從壓力控制業務開始。第二季我們預期壓力控制營收總額與第一季大致持平，反映美國國內市場客戶樂觀情緒提升，但被伊朗衝突對我們 Cactus International 合資企業（JV）業績的整季影響所抵銷。我們假設現狀將在整個第二季持續，即使考量荷姆茲海峽開放的情況；該情況正影響我們的客戶活動，並對我們中東製造營運帶來多項物流挑戰。我非常感謝本區域人員持續平安無虞；隨著情勢變化，我們將持續把他們的安全列為優先。

Our team has done an incredible job mitigating the impacts of logistics challenges and minimizing the impact on revenues so far in the second quarter by utilizing alternative shipping methods whenever possible, while also personally navigating an extremely trying time for them and their families. We remain hopeful for an expeditious and non-kinetic resolution to the conflict soon. Adjusted EBITDA margins in our pressure control segment are expected to be in the 22% to 24% range in the second quarter. This guidance excludes approximately $5 million of stock-based comp expense within the segment and the amortization of the write-up of Cactus International inventory due to purchase price accounting.

我們團隊表現非常出色，迄今在第二季透過在可行時採用替代運輸方式，減緩物流挑戰的影響並將對營收的衝擊降至最低；同時，他們也在個人層面度過對他們及其家人而言極為艱難的時期。我們仍期盼衝突能儘速以非武力方式解決。第二季我們壓力控制部門的調整後 EBITDA 利潤率預期介於 22% 至 24%。此指引不包含該部門約 500 萬美元的股份基礎給付（stock-based comp）費用，以及因收購價格分攤而對 Cactus International 存貨增值所進行的攤銷。

We expect this will be the last quarter for this inventory amortization expense. Margins are expected to decrease slightly as resilience in the US market and increased imports of lower cost goods from Vietnam are more than offset by elevated logistics expenses and lower manufacturing absorption in our Cactus International business due to the conflict. I'm also pleased to announce we're increasing the expected synergies targets for our Cactus International acquisition by 50% from an annualized amount of $10 million to $15 million. The increase follows our work to further flatten and rightsize the organization to match our operating model. The actions necessary to lock in these savings have already been completed, which are expected to support higher profitability leading into next year. Additionally, we are increasingly confident in supply chain related synergies. However, we have much work to do to crystallize the amount and timing of these savings.

我們預期這將是該存貨攤銷費用的最後一季。由於美國市場的韌性以及自越南進口較低成本商品增加所帶來的正面因素，仍不足以抵銷物流費用上升與因衝突導致我們 Cactus International 業務製造吸收率下降的負面影響，利潤率預期將小幅下滑。我也很高興宣布，我們將 Cactus International 收購案的預期綜效目標上調 50%，由年化 1,000 萬美元提高至 1,500 萬美元。此上調源於我們進一步推動組織扁平化並調整規模，以符合我們的營運模式。為鎖定這些節省所需的行動已完成，預期將支撐明年之前更高的獲利能力。此外，我們對供應鏈相關綜效也愈來愈有信心。然而，我們仍有許多工作要做，才能將這些節省的金額與時點具體化。

In any event, this is a project-driven business. At any rate, as this is a project-driven business, most material was ordered when the orders were received for delivery approximately 9 to 15 months from placement. As a result, we do not expect to see meaningful supply chain related savings before the second half of 2027. More to come as we continue to work on this topic. I'd also like to provide a brief update on the tariff situation in the US as it applies to our imports, which remain highly fluid. We still pay a 75% total tariff on the import of most of our goods from China, which consists of 25% Section 301 and 50% Section 232.

無論如何，這是一個以專案驅動的業務。不管怎麼說，由於這是以專案驅動的業務，多數物料會在接單時即下單，並於下單後約 9 至 15 個月交付。因此，我們預期在 2027 年下半年之前，不會看到具實質意義的供應鏈相關節省。隨著我們持續推進此議題，後續將再提供更多更新。我也想就美國關稅情勢（就我們進口而言）提供簡要更新，目前仍高度變動。我們對自中國進口的大多數商品仍支付合計 75% 的關稅，其中包含 25% 的 301 條款（Section 301）及 50% 的 232 條款（Section 232）。

There were no meaningful changes to the basis of calculations of our rates as a result of the recent US Supreme Court rulings regarding the IEEPA tariffs or changes to the more impactful Section 32 tariffs announced in early April. We are also now paying a 10% tariff implemented under Section 122, which impacts certain goods we import, but not those captured under Section 232. While we've not gained much from tariff relief on China source product, I'm pleased to share that our Vietnam facility is now tentatively API approved, and we're proceeding to increase shipments from this facility, which will attract a lower 50% import tariff under Section 232 only. Finally, the recent Supreme Court ruling provided that certain tariff payers may claim refunds for IEEPA and other tariffs previously remitted that were ruled unconstitutional.

近期美國最高法院就 IEEPA 關稅所作裁決，或 4 月初宣布、影響更大的 32 條款（Section 32）關稅之變動，均未對我們稅率的計算基礎造成任何實質變更。我們目前也在支付依 122 條款（Section 122）實施的 10% 關稅，該關稅影響我們進口的部分商品，但不包含 232 條款所涵蓋者。雖然我們在中國來源產品的關稅減免方面收穫不大，但我很高興分享，我們越南廠目前已暫時取得 API 核准，我們正著手提高該廠出貨量；此將僅適用 232 條款下較低的 50% 進口關稅。最後，近期最高法院裁定指出，部分關稅繳納人可就先前已繳納、後被判定違憲的 IEEPA 及其他關稅主張退稅。

We filed for a refund of such payments, the amount is relatively small compared to the overall tariff burden that we incurred as a result of Section 232 and Section 301, both of which remain in place. There is no certainty as to the amount or timing of the tariff refunds. Shifting to our spoolable technology segment, I'm extremely pleased with the performance in the quarter. We achieved a record quarter of non-US revenues, buoyed by strength in the Middle East and Latin America. International order momentum is increasing due to our multi-year effort to further develop our global footprint and customer relationships. Domestic activity in the first quarter was also higher than expected in what is typically a seasonally slow quarter. Continued growth with midstream customers who demand our larger diameter, high specification products was an additional source of domestic strength.

我們已就此類款項提出退稅申請；相較於我們因 232 條款與 301 條款所承擔的整體關稅負擔（兩者目前仍然有效），該金額相對較小。關稅退稅的金額與時點均無法確定。轉向可捲式技術（spoolable technology）部門，我對本季表現非常滿意。在中東與拉丁美洲強勁需求帶動下，我們創下非美國營收的單季新高。由於我們多年來持續投入以進一步發展全球布局與客戶關係，國際訂單動能正在提升。第一季的國內活動也高於預期，而第一季通常是季節性較淡的季度。與要求我們較大口徑、高規格產品的中游（midstream）客戶持續成長，也是國內強勢的另一來源。

This momentum is continuing into the second quarter as we expect revenues to increase mid-single digits percentage-wise, primarily driven by an increase in North American activity. Recent commodity price strength has increased customer optimism and adoption. We're excited about the trajectory of the segment, where bookings have improved sequentially in every month this year. Internationally, we've seen a step change in inbound interest since quarter end, particularly from Latin America, where we were recently awarded several incremental orders totaling approximately $30 million for delivery this year. Further, we shipped our 1st sour service equipment order to the Middle East in April, as previously shared. We expect spoolable technologies adjusted EBITDA margins to be approximately 36% to 38% in the second quarter, which excludes $1 million of stock-based comp expense and is increasing modestly on improved operating leverage.

此動能延續至第二季；我們預期營收將以中個位數百分比成長，主要由北美活動增加所帶動。近期商品價格走強提升了客戶的樂觀情緒與採用意願。我們對該部門的發展軌跡感到振奮；今年以來，接單（bookings）每個月皆呈現逐月改善。在國際市場方面，自季末以來我們看到詢問需求出現顯著躍升，尤其來自拉丁美洲；我們近期取得數筆新增訂單，合計約 3,000 萬美元，預計於今年交付。此外，如先前所分享，我們於 4 月向中東出貨了首筆酸性工況（sour service）設備訂單。我們預期第二季可捲式技術的調整後 EBITDA 利潤率約為 36% 至 38%；此不包含 100 萬美元的股份基礎給付費用，並將因營運槓桿改善而小幅上升。

With regards to our spoolable technology supply chain, the Middle East conflict has led to improved commodity prices for our customers, but also to a recent material increase in the price of polyethylene, one of our primary input costs. I'm confident in our team's ability to proactively address these inflationary pressures through cost mitigation and recovery efforts. Adjusted corporate EBITDA is expected to be a charge of approximately $5 million in the second quarter, which excludes $2 million of stock-based comp. In conclusion, the outlook of the oil and gas market has fundamentally changed in the last 2 months, from one of supply abundance and customer unease to supply concerns and guarded optimism. We are extremely well-positioned to capitalize on this momentum shift with our premium global customers once the conflict abates.

就我們的可捲繞技術（spoolable technology）供應鏈而言，中東衝突使我們客戶的商品價格走強，但也導致聚乙烯（我們主要投入成本之一）的價格近期大幅上升。我對團隊能夠透過成本抑制與成本回收措施，主動因應這些通膨壓力充滿信心。預期第二季調整後公司層級 EBITDA 約為 500 萬美元的費用（charge），其中不包含 200 萬美元的股票基礎薪酬。總結而言，油氣市場的展望在過去兩個月已發生根本性改變，從供給充裕、客戶不安，轉為對供給的擔憂與審慎樂觀。一旦衝突緩和，我們將憑藉優質的全球客戶群，處於極佳位置把握這波動能轉變。

Although not seen in domestic activity levels as of yet, our customers have increased the pace of their activity and urgency, with which they are bringing production online into a highly supportive commodity prices. As our SafeDrill and FlexDrill products are both specifically engineered to allow our customers to drill wells and bring production online faster, we are receiving increasing inquiries for new activity. Although we remain in the early stages of the transformation necessary for our Cactus International business to improve the margins and returns consistent with our long-term expectations, we are very pleased to have the broader geographic footprint and participate fully in the expected upcoming investments required to reestablish supply after the disruption in the Middle East.

雖然目前尚未反映在國內活動水準上，但我們的客戶已加快其活動節奏與推進的急迫性，在商品價格高度有利的環境下加速將產能上線。由於我們的 SafeDrill 與 FlexDrill 產品皆為協助客戶更快鑽井並更快投產而專門設計，我們正收到愈來愈多關於新活動的詢問。儘管我們仍處於推動 Cactus International 業務轉型的早期階段，以改善其利潤率與報酬、使之符合我們長期預期，但我們非常高興能擁有更廣泛的地理布局，並能全面參與預期即將到來、為在中東受擾後重建供給所需的投資。

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

接下來，我想把時間交還給主持人，我們可以開始問答。主持人？

(Operator Instructions)

（主持人指示）

Arun Jayaram, J.P. Morgan Securities.

Arun Jayaram，J.P. Morgan Securities。

I wanted to get your thoughts. you know, you've had your hands around the Cactus International, you know, assets for four months or so, obviously, a very volatile time since the late February. I was wondering if you could frame some of the self-help opportunities you see with that business as we, you know, as we think about, you know, 2027 and beyond.

我想聽聽你們的看法。你知道，你們接手 Cactus International 的資產大概四個月左右，顯然自二月底以來是非常波動的一段時間。我想請你們說明一下，當我們思考 2027 年及之後時，你們在這項業務上看到哪些自助式（self-help）的改善機會。

Are you really referring to what we see in terms of synergy opportunities?

你指的是我們所看到的協同效益機會嗎？

Exactly. Exactly. As you think about things such as optimizing the supply chain and things like that.

沒錯。沒錯。例如你們在思考像是供應鏈最佳化之類的事情時。

Well, you know, as we discussed, that's the $15 million in synergies relates primarily to making the organization far more efficient. I think there was some bloat in the way it was organized, and we're trying to reduce that to be more like Cactus. Potentially the larger prize here is gonna be supply chain. Our early indications are that there's quite a bit of room there for improvement. I would really tell you that it's primarily based upon improving the processes in the business to require fewer headcount and then the supply chain aspect of the business. Our supply chain is considerably lower cost.

嗯，你知道，正如我們討論過的，那 1,500 萬美元的協同效益主要與讓組織更有效率有關。我認為其組織方式存在一些冗員（bloat），我們正試圖縮減，使其更像 Cactus 的模式。可能更大的獎項會在供應鏈。我們初步跡象顯示，那裡有相當大的改善空間。我會說主要是透過改善業務流程以降低所需人力編制，以及業務的供應鏈面向。我們的供應鏈成本明顯更低。

Got it. Got it. How much time do you think it will take to kinda get the Cactus cost, you know, optimal supply chain kinda embedded in those in that business?

了解。了解。你認為要花多少時間，才能把 Cactus 的成本結構、也就是最佳化的供應鏈，算是嵌入到那個業務裡？

You know, it won't take us that long. However, it will take a while to get rid of the inventory that has already been ordered in fulfillment of the current backlog. You know, our best estimate will be sometime by the end of the second quarter leading into the third quarter as we begin to replenish this inventory with lower cost product.

你知道，這不會花我們太久。不過，要把為了履行目前在手訂單（backlog）而已經下單的庫存消化掉，會需要一些時間。我們最佳估計，大概在第二季末、進入第三季時，我們開始用更低成本的產品補充庫存。

Got it. Got it. Maybe one for Jay, 'cause I did get some questions this morning. You highlighted, and you mentioned this in your script, that the $98 million of cash held for the legal restructuring transactions with Baker. Can you provide a little bit more color? I know that Cactus spent around $355 million for the 65% stake in the JV, and you put $70 million in cash, you know, operating cash in the JV as part of your piece. How does this $98 million compare to that, and maybe just some color around that?

了解。了解。也許有一題給 Jay，因為我今天早上確實收到一些問題。你在講稿中強調並提到，有 9,800 萬美元的現金是為了與 Baker 進行法律重組交易而持有。你能否提供更多細節？我知道 Cactus 為合資企業（JV）65% 的持股支付了約 3.55 億美元，並且你們也在 JV 中投入了 7,000 萬美元現金，作為你們那一部分的營運資金。這 9,800 萬美元與上述相比如何？也請補充一些相關說明。

Yeah. Arun, this $98 million is for a couple of legal entities where the restructuring has not been completed, and that's Baker Hughes responsibility to complete that. This will be cash that's necessary to execute those transactions and restructurings. We're not calling it restricted cash 'cause it's sitting in our bank accounts. That cash is designated to complete those legal entity restructurings, and we believe it's gonna take several more months to complete that.

好的。Arun，這 9,800 萬美元是針對幾個尚未完成重組的法律實體，而完成重組是 Baker Hughes 的責任。這筆現金將用於執行那些交易與重組所必需的資金。我們不把它稱為受限制現金（restricted cash），因為它是放在我們的銀行帳戶裡。這筆現金被指定用來完成那些法律實體的重組，我們認為還需要再花幾個月才能完成。

Okay. That is being paid for kind of from the Baker standpoint.

好的。那這筆費用算是由 Baker 那邊來支付的嗎？

Yeah. The cash is sitting with us, and as I point out, we really show that as a payable on our balance sheet back to Baker because that cash is designated for those restructuring activities.

是的。現金是放在我們這裡，而如我所指出的，我們在資產負債表上把它列為應付給 Baker 的款項（payable），因為這筆現金是指定用於那些重組活動。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

I think two things from me. The first, when you think about the US land market and, you know, kind of the potential for improvement, I'm thinking at least we're hearing completions probably lead and then maybe drilling activity picks up a bit. Are you seeing in what you've seen in your activity, is that playing out in that manner? How do you think drilling activity evolves as we go through the year based on what you see right now?

我有兩點。第一，當你思考美國陸上市場以及改善的可能性時，我的理解是我們至少聽到完井（completions）可能會先帶動，然後鑽井活動（drilling activity）才可能稍微回升。就你們目前看到的活動而言，是否正以這種方式發展？根據你們現在看到的情況，你認為今年鑽井活動會如何演變？

Okay. Well, let me tell you that although customers are eager, I mean, I think you've read to reduce their DUCs right now and take advantage. We haven't really seen any meaningful or significant evidence of that, although it's expected. What we have seen is far more optimism on the part of our customers, larger customers in addition to our privates. If you recall last quarter, I was probably the outlier when I forecasted a US onshore count of 490 and, of course, the world has changed since then. We're now thinking we're gonna be in the 525 range, 525. I personally believe that we'll get our more than our share of that. I think that, from what we see in terms of activity increases, many of them are within our customer base. I feel much better about it. That's the short answer, Steven.

好的。我想說，雖然客戶很積極——我想你也讀到他們現在想降低 DUC（已鑽未完井）數量並把握機會——但我們其實還沒有看到任何有意義或顯著的證據，儘管市場預期會發生。我們看到的是客戶端更強的樂觀情緒，不只是我們的民營客戶，也包括更大型的客戶。如果你還記得上一季，我可能是少數派，當時我預測美國陸上井隊數（count）為 490，而當然，之後世界已經改變了。我們現在認為會在 525 左右，525。我個人相信我們會拿到超過我們應得份額的機會。我認為，從我們看到的活動增加來看，其中很多都發生在我們的客戶群之內。我對此感覺好多了。這就是簡短的回答，Steven。

Great. Okay. No, thank you. The other question I had, it pertains to the selling the SafeDrill product internationally and how the JV with Baker will potentially help sales of your SafeDrill product to some of the non-conventional markets, either in the Middle East or in other areas. Can you just talk a little bit about that and how you see that evolving?

很好。好的。不，謝謝你。我另一個問題是關於在國際市場銷售 SafeDrill 產品，以及與 Baker 的合資企業（JV）將如何可能協助你們把 SafeDrill 產品銷售到一些非頁岩／非常規（non-conventional）市場，不論是在中東或其他地區。你能否談談這點，以及你如何看待其後續發展？

Yeah. I think that, let me tell you that our first shipment of SafeDrill will be to a historic Cactus customer, and will be that shipment and the resulting contribution margin will be the property of your old Cactus and not the JV. In terms of the JV's ability to leverage our unconventional, you know, they're very active in areas that you know are gonna be active in unconventional, such as Saudi, the rest of Abu Dhabi that's managed by ADNOC, Kuwait, Algeria, those areas are where we expect to see the greatest benefit from the JV. They're there, they're approved, we have the products.

是的。我想，讓我告訴你，我們第一批 SafeDrill 的出貨將會給一位歷史悠久的 Cactus 客戶，而該批出貨及其所帶來的貢獻毛利將歸屬於你們原本的 Cactus，而不是合資公司（JV）。就 JV 利用我們非常規業務的能力而言，你知道，他們在一些你知道將在非常規領域很活躍的地區非常積極，例如沙烏地、由 ADNOC 管理的阿布達比其餘地區、科威特、阿爾及利亞；這些地區是我們預期能從 JV 看到最大效益的地方。他們已在當地、已獲核准，我們也有產品。

Derek Podhaizer, Piper Sandler.

Derek Podhaizer，Piper Sandler。

Good morning, everyone. Maybe just sticking on Cactus International. Appreciate all the comments around optimizing the supply chain, driving the efficiencies. You just upped the target there. Maybe some comments or your thoughts around what a activity recovery could look like in the Middle East in a post-war environment. I'm assuming that there's been a bit of a destocking in Saudi and UAE, but when we think about restocking going back into the region, how should that impact Cactus International? Where do you see some upside from that?

各位早安。也許就先聚焦在 Cactus International。感謝你們對於優化供應鏈、提升效率的所有評論。你們剛剛也把目標上調了。想請你們談談，在戰後環境下，中東的活動復甦可能會是什麼樣子。我猜沙烏地和阿聯酋可能有一些去庫存，但當我們思考回補庫存、重新把貨補回該區域時，這對 Cactus International 應該如何影響？你們在哪些地方看到一些上行空間？

Yeah. I would say because of the deliveries, the extended deliveries and the destocking, I'm thinking, we're all thinking, second quarter, third quarter of 2027. I think we're gonna see a pretty good increase in what has historically been demand from that area. You know, I'm a little concerned about Qatar, frankly, because having lost their, most of their ability to export, and Qatar's been a really good market for us, I'm not sure how much more gas, you know, and believe me, this is only my opinion, how much more gas Qatar is interested in producing right now with limited avenues for export. For the rest of the Middle East, particularly, we're gonna see a lot more.

是的。我會說，由於交付、延長交期以及去庫存，我想——我們都在想——會是在 2027 年第二季、第三季。我認為我們會看到該地區歷史需求出現相當不錯的增長。你知道，坦白說我對卡達有點擔心，因為他們失去了——大部分的出口能力，而卡達一直是我們很好的市場；我不確定在出口管道受限的情況下，卡達現在還有多大意願去增加天然氣產量——相信我，這只是我的看法。至於中東其他地區，尤其是，我們會看到更多。

Got it. Got it. Okay. That, that's great. Middle of next year, along with all the efficiencies on the cost side of things, so setting up for some good upside, it appears. I guess, maybe switching over to the free cash flow, you know, obviously a pretty big quarter. Obviously, a lot of impact from working capital where that ties back to the $98 million payable with Baker Hughes. I think when you guys closed the deal on SPC, Cactus International, there's a pretty high working capital balance, particularly around AR, and I think you can benefit from harvesting that cash. Maybe just some thoughts around that and when we can really see that showing up in force as we work through this year and into next year. Just some color around the free cash flow generation.

了解。了解。好的。那——那很棒。明年年中，再加上成本端的各項效率提升，看起來是在為不錯的上行空間做準備。我想也許換個話題談自由現金流，你知道，這一季顯然非常大。顯然，營運資金的影響很大，其中與 Baker Hughes 的 9,800 萬美元應付帳款有關。我記得你們完成 SPC、Cactus International 的交易時，營運資金餘額相當高，特別是在應收帳款（AR）方面，我想你們可以透過回收那部分現金而受益。能否談談你們對此的看法，以及當我們走過今年並進入明年時，何時能真正看到這部分明顯反映出來。請提供一些關於自由現金流產生的補充說明。

Yeah, Derek, you're correct. There was a high level of unbilled AR at the end of year-end. We made some progress in Q1, we continue to have an elevated level of unbilled AR. We're gonna work on some processes about improving and accelerating the timing of being able to get that bill to our customers so that we can start increasing the velocity of cash flow. It's gonna take a couple quarters to make that happen because we have to work closely with our customers to get them to take invoicing a little more rapidly than what they're used to right now.

是的，Derek，你說得沒錯。在年底時未開立帳單的應收帳款水位很高。我們在第一季已取得一些進展，但未開立帳單的應收帳款仍維持在偏高水準。我們將著手一些流程，改善並加快向客戶開立帳單的時點，以便開始提高現金流的周轉速度。這需要幾個季度才能做到，因為我們必須與客戶密切合作，讓他們比目前習慣的節奏更快地接受開票。

Keith Beckmann, Pickering Energy Partners.

Keith Beckmann，Pickering Energy Partners。

I wanted to ask around, you know, you guys have been pretty clear, I think, that second, third quarter 2027 is whenever we could see potentially a little bit of margin inflection due to getting your supply chain. I think, you know, maybe right now it's not I think you mentioned 9 to 15 months is kinda like the order placement. Whenever you get your own supply chain into place, do you, do you expect that lead time to go down on orders potentially at all? Or do you think that that's still the right way to think about it, that 9 to 15 months whenever you get your own supply chain into place?

我想問一下，你知道，你們一直很清楚地表示，我想，2027 年第二、第三季可能會因為供應鏈到位而看到一些毛利率拐點。我想，你知道，也許目前不是——我記得你提到 9 到 15 個月大概是下單到交付的時間。當你們自己的供應鏈建置完成後，你們是否預期訂單的交期會有可能下降？還是你認為即使供應鏈到位，仍應該用 9 到 15 個月來思考？

No, our lead times are much lower than that. Our delivery times right now.

不，我們的交期遠低於那個水準。我們目前的交付時間。

Eight, four to six months, depending upon the product.

八——視產品而定，四到六個月。

There you go.

就是這樣。

Okay, perfect. No, that makes a lot of sense, and that's really helpful. The second question I wanted to ask around is maybe could you speak more specifically, maybe, you know, you touched on your prepared remarks, just what the particular, some of the logistics disruptions you're dealing with right now, as it pertains to the Middle East, or potentially, you know, anything on the tariff side of things. I think you highlighted that as well. Maybe the potential size of refunds that you think you could see and maybe what goes to the customer versus what you guys could potentially harvest from that.

好的，完美。不，那很合理，也非常有幫助。我想問的第二個問題是，也許你們能更具體談談——你知道，你們在事先準備的發言中有提到——目前正在面對的一些物流中斷，特別是與中東相關的，或是可能在關稅方面的任何影響。我想你們也強調了這點。能否談談你們認為可能看到的退稅規模，以及其中哪些會回到客戶、哪些可能由你們取得（收回）？

Let me tell you, You know, I don't wanna comment on the magnitude of the potential tariff refund, just because there's a lot of confusion about the applicability of non-liquidated versus liquidated tariffs. I, you know, I can let Joel go into detail about that. It's not an insignificant amount of money, but it is modest in comparison to how much we actually spend on tariffs because it does not impact the majority, which are 232 and 301. It's more related to, you know.

我跟你說，你知道，我不想評論潛在關稅退還的金額規模，因為非結算（non-liquidated）與已結算（liquidated）關稅的適用性存在很多混淆。我——你知道——我可以讓 Joel 詳細說明。這不是一筆微不足道的金額，但相較於我們實際支付的關稅總額仍屬溫和，因為它不影響大多數關稅——也就是 232 與 301。它更多是與——你知道——

It's, it's really just they refer to them as these emergencies, but it's really what you think of as reciprocal tariffs and fentanyl. That's all that this addressed. As Scott mentioned, the 50% steel tariff, it remains in place. The way the process works right now is you're in phase one of what they refer to as the tariff refunds, and it would be on entries that have not been liquidated, which essentially means that have not been processed by CBP, and then any that were liquidated in the last 80 days.

其實就是他們稱之為這些緊急措施（emergencies），但本質上就是你所理解的對等關稅以及芬太尼相關。這次處理的就只有這些。如 Scott 提到的，50% 的鋼鐵關稅仍然有效。目前流程的運作方式是，你正處於他們所稱的關稅退還第一階段，適用於尚未結算的報關進口（entries），也就是本質上尚未由 CBP 處理的，以及過去 80 天內已結算的任何項目。

You submit the list, it's a CATE declaration. You get a confirmation that it was accepted, and then you wait for your claim number. They, you know, they tell us you can expect something maybe in 90-plus days, but there was no confidence in that particular date because, again, this is just phase one. They expect that there will be at least a second, possibly third phase in which they address liquidated entries, but that has not been confirmed. Again, it's still very unclear as to what the outcome of this is gonna be.

你提交清單，這是一份 CATE 申報。你會收到已被受理的確認，然後等待你的申請案號。他們——你知道——告訴我們可能在 90 天以上會有結果，但對那個日期沒有把握，因為再說一次，這只是第一階段。他們預期至少會有第二階段，可能還有第三階段，用以處理已結算的進口項目，但尚未被確認。同樣地，這件事的結果會是什麼仍非常不明朗。

Jeff LeBlanc, TPH.

Jeff LeBlanc，TPH。

Good morning, Scott. Hey, how are you? Good morning, Scott and team. Thank you for taking my question.

早安，Scott。嗨，你好嗎？早安，Scott 和團隊。謝謝讓我提問。

How come none of you asked about Flexsteel?

為什麼你們都沒有人問到 Flexsteel？

Ironically, it's gonna be about the alternative shipping methods you're using in the Middle East. Additionally, how quickly do you think shipping can return to normal means once the strait reopens?

諷刺的是，我要問的是你們在中東採用的替代運輸方式。另外，你認為一旦海峽重新開放，航運要多快才能恢復正常？

Yeah. You know, I right now we're having to take a very circuitous route around the Arabian Peninsula and trying to get some stuff in by land. It's incredibly problematic. I don't know how much it's I don't know. You know, I don't wanna tell you something that's not true, but it's gotta be a good 30 days more longer than it had before. When is it gonna return? You know, you got a huge backlog of vessels, like almost 1,600 vessels that have to be cleared.

是的。你知道，我們現在不得不繞行阿拉伯半島走非常迂迴的路線，並嘗試用陸運把一些貨送進來。這非常棘手。我不知道這影響有多大——我也不確定。你知道，我不想跟你說不實的話，但肯定比以前至少多了大約 30 天。什麼時候會恢復？你知道，現在有非常龐大的船舶積壓，幾乎有 1,600 艘船需要清理。

I think the priority is gonna be to try to get oil out of the region and of course, get food into the region. You know, it's gonna take months and months. I think during its peak, what did we clear? 100 plus ships a day, 120 or so. You got almost 1,600 that have to be cleared. On top of that, you're gonna have food that's coming in. You know, I just Jeff, I don't know. It's gonna be a good while.

我認為優先事項會是嘗試把石油運出該地區，當然也要把糧食運進該地區。你知道，這會花上好幾個月、好幾個月。我想在高峰期，我們一天清了多少？每天 100 多艘，約 120 艘左右。你有將近 1,600 艘需要清理。除此之外，還會有糧食運入。你知道，我只是——Jeff，我不知道。還要好一段時間。

Don Crist, Johnson Rice.

Don Crist，Johnson Rice。

I wanted to ask a more macro question because I know you like to pontificate on such things. Just in your conversations with your customers, we're hearing more and more dislocation between the financial oil markets and paper oil markets and the back end of the strip coming up. Is that what you're hearing from your larger customers out there and as that relates to activity in 2027?

我想問一個更宏觀的問題，因為我知道你喜歡就這類事情發表見解。就你與客戶的對話而言，我們聽到金融原油市場與紙上原油市場之間的脫節越來越嚴重，而且期貨曲線後端在上升。你從你們較大的客戶那邊也聽到同樣的情況嗎？以及這與 2027 年的活動有何關聯？

Well, I mean, obviously they're looking at the forward market much more than the spot market, although their balance sheets right now are blowing up with spot market sales. You know that. In terms of drilling, they're looking at the market next year. You know, I think the best way to characterize this is that whatever they were assuming, they're now assuming probably in the neighborhood of at least $15 higher in the futures market. You know, they're always very reluctant to share that with us for fear that we're gonna see that as an opportunity to raise prices, frankly.

嗯，我的意思是，很明顯他們看遠期市場遠多於現貨市場，儘管他們的資產負債表現在因現貨銷售而大幅膨脹。你知道的。就鑽井而言，他們在看明年的市場。你知道，我認為最好的描述方式是：不管他們原本假設的是什麼，他們現在的假設大概是在期貨市場至少高出 15 美元左右。你知道，他們總是很不願意跟我們分享，坦白說，是怕我們把那視為漲價的機會。

They, you know, they plead they're not pleading poverty as they were before, they're not highlighting how much cash they're building on their balance sheets. They're unlikely to share that. Look, I can tell you from talking to maybe six or seven or eight already, they're feeling a heck of a lot better about 27 than they were prior to this conflict. How that translates, I think it really depends upon people like you. If you're not supportive of these increases, then they won't proceed. It really takes one of the big ones to open up, and I think the rest will follow. There's no question in my mind they'd all love to drill more wells right now.

他們，你知道，他們不像以前那樣喊窮，也不會強調他們在資產負債表上累積了多少現金。他們不太可能分享這些。你看，我可以告訴你，跟大概六、七、八家聊過之後，他們對 27 年的感覺比這場衝突之前好太多了。這會如何轉化，我認為很大程度取決於像你們這樣的人。如果你們不支持這些增幅，那他們就不會推進。真的需要其中一家大型業者先動起來，我想其他人就會跟進。我毫不懷疑，他們現在都很想多鑽幾口井。

I tend to agree with you. Just one on Vietnam. It sounds like you got tentative approval of API. Any parameters around how much that could improve margins once you shift fully out of China, come into the US, or shift more out of China, come into the US and more from Vietnam?

我傾向同意你的看法。再問一個關於越南的問題。聽起來你們已經取得 API 的暫時核准。一旦你們完全把產能從中國移出、轉到美國，或是更多從中國移出、轉到美國並且更多由越南供應，對毛利率可能帶來多少改善？有沒有任何參數可供參考？

Well, we're hoping that Vietnam, by the end of the year, will be, what, about 40%?

嗯，我們希望到年底，越南會是——大概 40%？

That's it.

就這樣。

We haven't really You know, all we know is it's 40% of it's gonna be at a tariff rate that's goes from 75 down to 50. To tell you that we've quantified that, I don't think we've actually quantified it because what difference is it gonna make? We're gonna do it and it's gonna benefit us. You know, before the next call, Alan, can we quantify that?

我們其實還沒有——你知道，我們只知道其中 40% 會適用一個關稅稅率，從 75 降到 50。要說我們已經把它量化了，我不認為我們真的量化過，因為這會有什麼差別呢？我們會去做，而且這會對我們有利。你知道，在下一次電話會議之前，Alan，我們能把它量化嗎？

Yeah. We'll quantify that for you.

可以。我們會為你把它量化。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Scott Bender, CEO, for closing remarks.

謝謝。問答環節到此結束。現在我想把時間交回給執行長 Scott Bender 作結語。

I wanna thank everybody for their continued support and interest in the company. I think we have a very exciting remainder of the year and, although I didn't receive any questions, I'm particularly excited about our spoolable product. I think that it's, we've had a transformation in that particular area. Anyway, I hope to report more on that next quarter. Everybody have a good day. Thanks.

我要感謝各位持續的支持以及對公司的關注。我認為今年剩下的時間會非常令人振奮，而且，雖然我沒有收到任何相關問題，但我對我們的可捲繞（spoolable）產品特別興奮。我認為在那個領域我們已經發生了轉型。總之，我希望下個季度能再多做一些報告。祝大家有美好的一天。謝謝。

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

感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。