Oil States International,Inc。(OIS) 首席执行官 Cindy Taylor 于 2019年 第二季度业绩 - 收益电话会议记录

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Start Time: 11:00 January 1, 0000 12:06 PM ET
Oil States International, Inc. (NYSE:OIS)
Q2 2019 Earnings Conference Call
July 29, 2019, 11:00 AM ET

开始时间:美国东部时间1月1日11:00 00:00 12:06

Oil States International,Inc。(纽约证券交易所代码:[OIS])

2019年第二季度收益电话会议

2019年7月29日,美国东部时间上午11:00

公司参与者

Cindy Taylor - CEO and President
Lloyd Hajdik - EVP, CFO and Treasurer
Patricia Gil - Director, IR

  • Cindy Taylor - 首席执行官兼总裁
  • Lloyd Hajdik - 执行副总裁,首席财务官和财务主管
  • Patricia Gil - IR主任

电话会议参与者

Marshall Adkins - Raymond James
Ian Macpherson - Simmons Energy
Cole Sullivan - Wells Fargo
George O’Leary - Tudor, Pickering, Holt & Co.
Kurt Hallead - RBC Capital Markets
Stephen Gengaro - Stifel
Sean Meakim - JPMorgan
Connor Lynagh - Morgan Stanley

  • 马歇尔阿德金斯 - 雷蒙德詹姆斯
  • 伊恩麦克弗森 - 席梦思能源
  • Cole Sullivan - 富国银行
  • George O'Leary - Tudor,Pickering,Holt&Co。
  • Kurt Hallead - 加拿大皇家银行资本市场
  • Stephen Gengaro - Stifel
  • Sean Meakim - 摩根大通
  • Connor Lynagh - 摩根士丹利

会议主持员

Good morning, and welcome to the Oil States International Second Quarter 2019 Earnings Conference Call. My name is Dinara, and I will be the operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]. Please note that this conference is being recorded.
I will now turn the call over to Ms. Patricia Gil, Investor Relations. Patricia, you may begin.

早上好,欢迎来到Oil States International 2019年第二季度收益电话会议。 我的名字是Dinara,我将成为今天电话的运营商。 此时,所有参与者都处于只听模式。 稍后,我们将进行问答环节。 [操作员说明]。 请注意,此会议正在录制中。

我现在将把这个电话转给投资者关系部的Patricia Gil女士。 帕特里夏,你可以开始。

Patricia Gil

Thank you, Dinara, and good morning and welcome to Oil States' second quarter 2019 earnings conference call. Our call today will be led by Cindy Taylor, Oil States' President and Chief Executive Officer; Lloyd Hajdik, Oil States' Executive Vice President and Chief Financial Officer; and we are joined by Chris Cragg, Oil States’ Executive Vice President, Operations.
Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain information other than historical information, please note that we are relying on the Safe Harbor protections afforded by federal law. Any such remarks should be weighed in the context of the many factors that affect our business, including those risks disclosed in our Form 10-K along with other SEC filings.
This call is being webcast and can be accessed at Oil States' Web site. And a replay of the conference call will be available one and a half hours after the completion of the call and will be available for one month.
I will now turn the call over to Cindy.

谢谢Dinara,早上好,欢迎来到Oil States的2019年第二季度财报电话会议。我们今天的电话会议将由石油公司总裁兼首席执行官辛迪泰勒领导;油品国家执行副总裁兼首席财务官Lloyd Hajdik;我们与油国执行副总裁克里斯克拉格一起参与运营。

在我们开始之前,我们想提醒听众关于前瞻性陈述。如果我们今天的言论包含历史信息以外的信息,请注意我们依赖联邦法律提供的安全港保护。任何此类言论都应在影响我们业务的众多因素的背景下进行权衡,包括我们的表格10-K中披露的风险以及其他美国证券交易委员会的文件。

此电话正在进行网络直播,可在Oil States的网站上访问。电话会议结束后一个半小时将重播电话会议,并将提供一个月的电话会议。

我现在将电话转到辛迪。

Cindy Taylor

Thank you, Patricia. Good morning to all of you and thank you for joining us today to participate in our second quarter 2019 earnings conference call. Our reported results for the second quarter showed sequential improvements in two of our three business segments with consolidated revenues and EBITDA up 6% and 24%, respectively.
In particular, our Offshore/Manufactured Product segment was a stand-out in the quarter, exceeding the upper end of our previously provided revenue and EBITDA margin guidance ranges. In addition, we received two notable project awards during the second quarter leading to a 21% sequential increase in backlog which totaled $283 million at June 30th resulting in a 1.6x book-to-bill ratio for the quarter.
Our June 30, 2019 backlog level is the highest it’s been in three years. In our Well Site Services segment, revenues increased 7% sequentially due to stronger international activity levels in our Completion Services business coupled with some recovery in our land drilling operations. In our Downhole Technologies segment, results for the quarter were negatively impacted by the ongoing development of our integrated perforating gun system, the costs of field trials and $1.4 million of inventory write-offs due to product design changes.
Our cash flow from operations in the quarter was strong at $32 million. A portion of that cash flow was used to repay $21 million of our revolving credit facility debt outstanding. Lloyd will take you through additional details of our consolidated results and also provide highlights regarding our financial position. I will follow with more details by segment and provide additional comments on our guidance and market outlook.

谢谢你,帕特里夏。各位早上好,感谢您今天加入我们参加我们2019年第二季度的财报电话会议。我们对第二季度的报告结果显示,我们的三个业务部门中有两个连续改善,综合收入和EBITDA分别增长6%和24%。

特别是,我们的离岸/制成品分部在本季度表现突出,超过了我们之前提供的收入和EBITDA利润率指引范围的上限。此外,我们在第二季度获得了两个值得注意的项目奖项,导致订单量连续增长21%,在6月30日总计2.83亿美元,导致本季度的订单出货比率达到1.6倍。

我们的2019年6月30日积压水平是三年来的最高水平。在我们的井场服务部门,由于我们的完工服务业务的国际活动水平增强以及我们的陆地钻井作业有所恢复,收入增长了7%。在我们的井下技术部门,本季度的结果受到我们集成射孔枪系统的持续开发,现场试验成本以及由于产品设计变更导致的140万美元库存核销的负面影响。

我们本季度运营的现金流强劲,达到3200万美元。该现金流量的一部分用于偿还我们循环信贷融通债务的2100万美元。劳合社将向您介绍我们的综合业绩的其他详细信息,并提供有关我们财务状况的重点。我将按细分更多详细信息,并提供有关我们的指导和市场前景的其他评论。

Lloyd Hajdik

Thanks, Cindy, and good morning, everyone. During the second quarter, we generated revenues of $265 million, while reporting a net loss of $10 million or $0.16 per share. Our second quarter EBITDA totaled 26 million with an EBITDA margin percentage of 10%. Reported EBITDA was negatively impacted by 1.3 million of severance and facility closure charges as we continue to adjust our cost structure and right-size our global operations to better align with the industry outlook.
We also reported 1.4 million of inventory write-offs due to product design changes associated with the continued development of our integrated perforating gun system. During the second quarter, we generated $32 million in cash flow from operations and invested $14 million in capital expenditures. On a year-to-date June 30 basis, we have generated $34 million of free cash flow and have paid down $37 million in outstanding borrowings under our revolving credit facility.
At June 30, our net debt-to-book capitalization ratio was 17% and our available liquidity position at the end of the second quarter was approximately 108 million, inclusive of cash on hand totaling 12 million. Regarding our common stock share repurchase program, our Board of Directors extended the program for one year to July 29, 2020. We have $120 million remaining available under the repurchase authorization.
In terms of our third quarter 2019 consolidated guidance, we expect depreciation and amortization expense to 32 million. Further, we expect net interest expense to total 4.8 million and corporate expenses are projected to total 12 million. We are lowering our total capital expenditures for the full year 2019 to range between 60 million and 65 million compared to prior guidance of 65 million to 70 million.
At this time, I’d like to turn the call back over to Cindy who will take you through the details for each of our business segments.

谢谢,辛迪,大家早上好。在第二季度,我们创造了2.65亿美元的收入,同时报告净亏损1000万美元或每股0.16美元。我们的第二季度EBITDA总计为2600万,EBITDA利润率为10%。报告的EBITDA受到130万的遣散费和设施关闭费的负面影响,因为我们继续调整我们的成本结构并调整我们的全球业务规模以更好地与行业前景保持一致。

由于与我们的集成射孔枪系统的持续发展相关的产品设计变更,我们还报告了140万次库存核销。在第二季度,我们从运营中获得了3200万美元的现金流,并投入了1400万美元的资本支出。在今年6月30日的基础上,我们已经产生了3400万美元的自由现金流,并已根据我们的循环信贷额度支付了3700万美元的未偿还借款。

截至6月30日,我们的净债务账面资本化率为17%,我们在第二季度末的可用流动资金状况约为1.08亿,其中包括手头现金总计1200万。关于我们的普通股票回购计划,我们的董事会将该计划延长一年至2020年7月29日。我们在回购授权下仍有1.2亿美元可用。

就2019年第三季度综合指引而言,我们预计折旧和摊销费用将达到3200万。此外,我们预计净利息支出总计480万,企业支出预计总计1200万。我们将2019年全年的总资本支出降低到6000万到6500万之间,而此前的预测为6500万到7000万。

此时,我想将电话转回给Cindy,Cindy将带您了解我们每个业务部门的详细信息。

Cindy Taylor

Thank you, Lloyd. Leading off with our Offshore/Manufactured Products segment, we generated revenues of $102 million, EBITDA of $16 million and a segment EBITDA margin of 16% during the second quarter. This represented a 16% sequential increase in segment revenues and a 45% sequential increase in segment EBITDA. Our improved results were driven by an increase in project-driven revenue and short-cycle product sales, coupled with improved facility cost absorption at the higher revenue levels. Our incremental EBITDA margins were strong at 35% as a result.
As I mentioned in my introductory comments, we received two notable project awards during the second quarter of 2019, which included production facility equipment destined for Southeast Asia and connector products destined for the Middle East. Our orders booked in the quarter totaled $163 million resulting in a 21% sequential increase in backlog and a book-to-bill ratio of 1.6x. At June 30th, our backlog totaled $282 million which is our highest reported backlog since June 30, 2016. Customer conversations remained constructive and visibility for additional project awards is developing favorably as we progress into the second half of 2019 and into 2020.
In our Well Site Services segment, we generated $116 million of revenues, $18 million of EBITDA and our segment EBITDA margin averaged 16% in the second quarter 2019 compared to 12% reported in the preceding quarter. These results benefitted both from higher international activity and improved margins in our U.S. operations. Utilization of our land drilling rigs averaged 20% in the second quarter of 2019 compared to 12% in the earlier quarter.
In our completion services business, our revenues grew 3% sequentially which was driven primarily by international activity. Our incremental completion services EBITDA margins were 119%, sequentially reflecting our cost reduction initiative and an improved mix of international and Gulf of Mexico work. Over time, we believe that completions-related activity in international markets will continue to grow and we are proactively expanding our completion services offerings abroad.
In addition to growing internationally, we are focused on research and development efforts within the completion services business and are currently developing step-out technology offerings responsive to customers’ needs. By continuing to invest in our product lines that are tied to well completions and longer lateral length in U.S. unconventional, we are able to maintain a leadership role in the equipment and services that we offer to the industry.
One such product line that is pushing the limits of completions technology is our Tempress HydroPull Tool and Bottom Hole Assembly which holds the record in West Texas where it mills out 94 frac plugs in a single coiled tubing run. All 94 plugs were milled out in 66 hours without tripping out of the hole and without short trip resulting in significant well cost savings for our customers.
In our Downhole Technologies segment, we generated revenues of $47 million and EBITDA of $4 million with an EBITDA margin of 8% reported in the second quarter. In addition to the impact of the sequential decline in revenues during the quarter, segment results were negatively impacted by ongoing unabsorbed costs associated with field trials for our integrated gun system coupled with $1.4 million of inventory write-offs due to product design changes.

谢谢你,劳埃德。凭借我们的离岸/制造产品部门,我们在第二季度创造了1.02亿美元的收入,1,600万美元的EBITDA和16%的EBITDA利润率。这表示分部收入连续增长16%,分部EBITDA连续增长45%。我们的改善成果得益于项目驱动的收入和短周期产品销售的增加,以及更高收入水平下设施成本的提高。因此,我们的EBITDA增量利润率为35%。

正如我在介绍性评论中所提到的,我们在2019年第二季度获得了两个值得注意的项目奖项,其中包括运往东南亚的生产设备设备和运往中东的连接器产品。我们在本季度订购的订单总额为1.63亿美元,导致订单增加了21%,订单出货比率为1.6倍。 6月30日,我们的积压总额为2.82亿美元,这是我们自2016年6月30日以来报告的最高积压。客户对话仍然具有建设性,随着我们进入2019年下半年和2020年,其他项目奖励的可见度正在有利地发展。

在我们的井场服务部门,我们在2019年第二季度产生了1.16亿美元的收入,1,800万美元的EBITDA和我们的部门EBITDA利润率平均为16%,而上一季度为12%。这些结果受益于更高的国际活动和美国业务的利润率提高。我们的陆地钻井平台在2019年第二季度的平均利用率为20%,而上一季度为12%。

在我们的完成服务业务中,我们的收入按顺序增长3%,主要受国际活动的推动。我们的增量完成服务EBITDA利润率为119%,依次反映了我们的成本削减计划以及国际和墨西哥湾工作的改进组合。随着时间的推移,我们相信国际市场上与完成相关的活动将继续增长,我们正在积极扩展我们在国外的完成服务。

除了在国际上发展之外,我们还专注于完成服务业务的研发工作,目前正在开发响应客户需求的逐步淘汰技术产品。通过继续投资我们的产品线,这些产品线与美国非完整的完井和更长的横向长度相关联,我们能够在我们为行业提供的设备和服务中保持领导地位。

其中一个推动完井技术极限的产品系列是我们的Tempress HydroPull工具和底孔组件,它在西德克萨斯州拥有记录,在一条连续油管中铣出94个压裂塞。所有94个塞子在66小时内完成铣削,没有脱离孔而且没有短路,从而为我们的客户节省了大量成本。

在我们的井下技术部门,我们产生了4700万美元的收入和400万美元的EBITDA,第二季度报告的EBITDA利润率为8%。除了本季度收入连续下降的影响之外,分部业绩受到与我们的集成枪系统现场试验相关的持续未吸收成本的负面影响,以及由于产品设计变更导致的140万美元的库存冲销。

These design changes are considered one-off items and part of the field trialing, testing and development of new products. As trialed products are brought to market, our technical solutions group will become more billable and should generate revenues sufficient to offset their costs. We expect to recover market share and sales in our engineered perforating solutions business once our proprietary integrated gun system is fully commercialized.
Field testing and early commercialization efforts continue on our integrated gun system, addressable switches and other associated Downhole tools. Delays are inherent in bringing technologically advanced products to market. We continue to incorporate key field trial learnings to improve the ultimate integrated gun system, which we plan to commercialize in the fourth quarter. This is a one quarter delay due to product design changes.
I would now like to share thoughts on our outlook for the third quarter. We expect to continue to show sequential growth in the third quarter despite a North American land market that is expected to be slightly down. The majority of our revenue and EBITDA growth in the third quarter is expected to be generated by our Offshore/Manufactured Products and Downhole Technologies segments.
In our Offshore/Manufactured Products segment, we are forecasting that third quarter revenues for the segment will range between $100 million and $110 million buoyed by a higher starting backlog level which will begin to convert into greater major project revenues along with improved demand for our short-cycle products. Segment EBITDA margins are expected to average 15% to 17% depending on product and service mix.
We estimate that third quarter 2019 revenues for our Well Site Services segment should range between $114 million and $121 million with segment EBITDA margins expected to average 15% to 17%. For our Downhole Technologies segment, we currently estimate that our revenues will range between $46 million and $52 million with segment EBITDA margins averaging 14% to 17%.
To conclude, we continue to invest in research and development efforts across all of our business segments in an effort to bring efficiencies to the industry and to our customers, while modestly increasing expectations for the third quarter compared to the second quarter, carefully controlling our costs and continuing to generate positive free cash flow, we strive to generate sustained returns for our stockholders in a challenging market environment.
Before we close, I would like to highlight what I see as the near-term drivers of improvement for Oil States. First, expanding backlog in our Offshore/Manufactured Products segment provides revenue visibility into the future. Also by generating a higher baseline of revenues in the segment, we are better able to absorb our costs and deliver improved margins.
Second, international contributions will become increasingly important to each of our segments in the months and years to come. We are positioning our operations to capture incremental revenue outside of the United States. Third, we need to recover market share in our Downhole Technologies perforating business and we are focused on doing so.

这些设计变更被视为一次性项目,是新产品的现场试验,测试和开发的一部分。随着试用产品进入市场,我们的技术解决方案小组将变得更加可计费,并应产生足以抵消其成本的收入。一旦我们的专有集成枪系统完全商业化,我们预计将在我们的工程射孔解决方案业务中恢复市场份额和销售。

我们的集成喷枪系统,可寻址开关和其他相关的井下工具继续进行现场测试和早期商业化工作。延迟是将技术先进的产品推向市场所固有的。我们继续整合关键的现场试验学习,以改进最终的综合枪系统,我们计划在第四季度实现商业化。由于产品设计的变化,这是一个四分之一的延迟。

我现在想分享对第三季度展望的看法。尽管预计北美土地市场将略微下滑,但我们预计第三季度将继续呈现连续增长。我们预计第三季度的大部分收入和EBITDA增长将来自我们的海上/制造产品和井下技术部门。

在我们的离岸/制造产品部门,我们预测该部门的第三季度收入将介于1亿美元至1.1亿美元之间,因为较高的起始积压水平将开始转化为更大的主要项目收入以及对我们的短期需求的改善 - 循环产品。根据产品和服务组合,分部EBITDA利润率预计平均为15%至17%。

我们估计,我们的井场服务部门2019年第三季度的收入应介于1.14亿美元至1.21亿美元之间,而EBITDA部门的利润率预计平均为15%至17%。对于我们的井下技术部门,我们目前估计我们的收入将介于4600万美元至5200万美元之间,其EBITDA部门利润率平均为14%至17%。

最后,我们继续投资所有业务部门的研发工作,努力为行业和客户带来效率,同时适度增加第三季度与第二季度相比的预期,谨慎控制成本我们致力于在充满挑战的市场环境中为股东创造持续的回报,并继续产生积极的自由现金流。

在我们结束之前,我想强调一下我认为石油国家近期改善的动力。首先,我们的海上/制造产品部门的积压工作量扩大,为未来提供了收入可视性。此外,通过在该细分市场中创造更高的收入基准,我们能够更好地吸收成本并提高利润率。

其次,在未来几个月和几年内,国际捐款对我们每个细分市场都将变得越来越重要。我们将运营定位为捕获美国以外的增量收入。第三,我们需要恢复我们的井下技术射孔业务的市场份额,我们专注于这样做。

Lastly, we have been a technology leader within our industry for years and continue to invest in research, development and new product initiatives. These initiatives span multiple product lines and should bear rewards over the longer term.
That completes our prepared comments. Dinara, would you open up the call for questions and answers at this time.

最后,我们多年来一直是行业内的技术领导者,并继续投资于研究,开发和新产品计划。 这些举措跨越多个产品线,并应在长期内带来回报。

这完成了我们准备的评论。 迪纳拉,你现在打开问题和答案的电话。

问答环节

Yes, absolutely. Thank you. We will now begin the question-and-answer session. [Operator Instructions]. Our first question comes from Marshall Adkins from Raymond James. Please go ahead. Your line is open.

是的,一点没错。 谢谢。 我们现在开始问答环节。 [操作员说明]。 我们的第一个问题来自Raymond James的Marshall Adkins。 请继续。 你的线是开放的。

马歇尔·阿德金斯

Good morning, Cindy and guys. So it seems like on this Offshore theme, we have – we’re setting up for kind of a sustained ability to grow in a relatively flat commodity price. We’ve heard from the bigger guys that they’re looking at Offshore and international continuing to grow for the next couple of years. Is that what’s feeding the improvement in this business? Number one. Number two, could you talk about the margin improvement via pricing versus absorption?

早上好,辛迪和伙计们。 所以看起来在这个离岸主题上,我们已经 - 我们正在建立一种持续的能力,以相对平稳的商品价格成长。 我们从较大的家伙那里听说他们正在寻找海外和国际继续增长未来几年。 这是什么促进了这项业务的改善? 第一。 第二,你能谈谈通过定价与吸收来改善利润吗?

Cindy Taylor

Yes. Good morning, Marshall, and thanks for your questions. I think they’re absolutely great ones. I think you know if you just kind of track the industry right now, we’ve spent three to four years of customers kind of derisking their CapEx investment dollars and that created a shift away from deepwater activity that customers really tried to high grade their project, rebid projects and lower their overall completed costs of a project in order to respond to lower commodity prices which most people believe will sustain themselves at some level over the course of time. I think what’s really happening right now is customers have landed on key projects that they think are very economic at lower commodity prices and those are now beginning to come to market. And we’ve always enjoyed high technology positioning and proprietary products that we’ve always felt if we could just get a little bit of tailwinds from improving activity that we do pretty well. And I think that is clearly reflected in our backlog which is up to a three-year high at least. We’re not forecasting we go back to peak levels we attained in 2014. But over the course of that three to four years we’ve also had to be responsive in terms of repositioning manufacturing capacity to capture near-term demand. We’ve brought some newer products to market that are a little more land sensitive. The good thing is we have those in our suite now and we’re enjoying improvements in backlog more centered towards our major project work, which, again, gives us visibility at least for about 12 months in terms of revenue generation and important for us cost absorption. Like many companies we haven’t sat around and waited for the market to return. We’ve done a lot of cost rationalization, facility streamlining such that we feel like as the market does recover our margins should be resilient and respond to that. And I think we’re already seeing that with the 35% sequential incremental that we had in Offshore products even though this is fairly early days in terms of backlog build and revenue generation. So I clearly feel like we do have a runway for improved, sustained higher revenues that are cost absorption, better margins as we continue to build out that backlog. But again, we do hope that we retain that base load of short-cycle work and service work as well.

是。早上好,马歇尔,谢谢你的提问。我认为他们绝对是伟大的。我想你知道,如果你现在跟踪这个行业,我们已经花了三到四年的客户来节省他们的资本支出投资金额,这导致了客户真正试图高等级项目的深水活动的转变,重新投资项目,并降低项目的总体完成成本,以应对较低的商品价格,大多数人认为,随着时间的推移,这些价格会在某种程度上维持下来。我认为现在真正发生的事情是客户已经进入了他们认为在商品价格较低时非常经济并且现在开始进入市场的关键项目。我们一直享受着高技术定位和专有产品,如果我们能够通过改善我们做得很好的活动来获得一些顺风,我们一直都会感受到。而且我认为这很明显地反映在我们的积压工作中,至少达到三年来的高位。我们并未预测我们会回到2014年达到的最高水平。但在三到四年的时间里,我们还必须在重新定位制造能力以满足近期需求方面做出回应。我们为市场带来了一些对土地更敏感的新产品。好处是我们现在在我们的套件中有这些,我们正在享受积压的改进,更多地集中在我们的主要项目工作上,这再次使我们在创收方面至少可以看到约12个月,对我们的成本很重要吸收。像许多公司一样,我们没有坐过来等待市场回归。我们已经做了很多成本合理化,设施简化,以便我们感觉像市场确实恢复我们的利润应该是有弹性的并且对此作出回应。而且我认为我们已经看到了我们在离岸产品中实现35%的连续增量,尽管这在积压建设和创收方面还处于初期阶段。所以我清楚地感觉我们确实有一条改进的,持续的更高收入的道路,即成本吸收,更好的利润,因为我们继续积累积压。但同样,我们希望我们保留短周期工作和服务工作的基本负荷。

马歇尔·阿德金斯

So you’re making it sound like a lot of the improvement in margins is through better absorption, but you have some of these new products. Are you getting any pricing traction at all there or is it just all absorption?

所以你说它听起来好像很多利润率的提高是通过更好的吸收,但你有一些这些新产品。 您是否正在获得任何定价牵引力,还是只吸收所有价格?

Cindy Taylor

Well, to be honest with you we’re continuing and we have every year to invest in research and development efforts. We’ve had many kind of costs – and I’m speaking specifically to Offshore products. This permeates every segment and every business really. But as it relates to Offshore products, we’ve had new product introductions but most of our backlog development to date has been existing technology even though we may have upgraded that existing technology, I would say any kind of new product deliveries that we’ve been working on is yet to bear fruit.

那么,老实说,我们正在继续,我们每年都会投入研发工作。 我们有很多成本 - 而且我专门针对离岸产品。 这真实地渗透到每个细分市场和每个企业。 但是,由于它涉及离岸产品,我们已经推出了新产品,但迄今为止我们的大部分积压开发都是现有技术,即使我们可能已经升级了现有技术,我会说我们已经提供任何类型的新产品交付 一直在努力尚未见效。

马歇尔·阿德金斯

Okay. Thank you.

好的。 谢谢。

Cindy Taylor

Thanks, Marshall.

谢谢,马歇尔。

会议主持员

Thank you. Our next question comes from Ian Macpherson from Simmons. Please go ahead. Your line is open.

谢谢。 我们的下一个问题来自Simmons的Ian Macpherson。 请继续。 你的线是开放的。

伊恩麦克弗森

Yes. Thanks. Cindy, I think you were looking for 1.3 to 1.5 book-to-bill for products coming into the year, you’re well ahead of that. And you mentioned that you have positive visibility for orders in the second half as well. Would you be willing to share an updated target based on the visibility with second half or is it too early?

是。 谢谢。 Cindy,我认为你正在为今年的产品寻找1.3到1.5的订单到账单,你已经远远超过了它。 而且你提到你下半年的订单也具有良好的可见度。 您是否愿意根据下半年的可见度分享更新的目标,还是为时过早?

Cindy Taylor

It’s always worrisome to know what quarter backlog awards hit, but I would just generally say we would probably take out the low end of that range and up it just a little bit. I don’t want to go to 1.6 at this time, so maybe 1.4 to 1.5. But clearly biased to the upside based on the first half. I would say book-to-bill is a factor of two things which are bookings and billings and if I keep growing my revenue, the target obviously moves up as well.

知道四分之一的积压奖项是多少令人担忧,但我通常会说我们可能会把这个范围的低端拿出来并稍微提高一点。 我现在不想去1.6,所以也许1.4到1.5。 但基于上半年明显偏向上行。 我会说订单到订单是预订和账单两件事的一个因素,如果我不断增加收入,目标显然也会上升。

伊恩麦克弗森

Yes, sure. On Downhole, that was the one thing that was kind of well outside of expectations at the low end in the second quarter and now that you see a pathway towards normalization. But besides – you’ve talked about the under absorption and the write-downs issues in the margin side, but with the revenues down 25% sequentially in the second quarter, what else was at play besides this slow role with the commercialization of the integrated gun? Is there pricing pressure that is showing up or do you think it was just market share within the quarter that you think you can recapture?

是的,当然。 在井下,这是第二季度低端预期之外的一件事情,现在你看到了正常化的道路。 但除此之外 - 你已经谈到了保证金方面的吸收不足和减记问题,但随着第二季度的收入顺序下降了25%,除了这种缓慢的角色与集成的商业化之外还有什么其他的作用。 枪? 是否存在价格压力,或者您认为在本季度您认为可以重新获得的只是市场份额?

Cindy Taylor

Yes, that’s the tough thing. There’s a number of things and the Downhole side of the market is changing rapidly in response to what customers are looking for at the well site. I’m pretty sure you’ve heard that from all the competitors in this space throughout the first half of this year, but maybe more particularly on second quarter conference calls. With that, as an example, we’ve all moved from long guns to short guns. And so the short guns, everybody’s talking about. Most of the key third-party competitors are offering that including well sites. But with that means you have to lighten up on the long gun inventory you have at reduced pricing. So part of that is yes, that’s all about pricing at the end of the day. It’s also responding and staying ahead of market technology changes that even my mix of customers has changed. And so there is some good things in the sense that we have high quality technology. We’ve been a market leader on technology along this space and I clearly think that we can keep up or stay ahead of those changes in the market. But all those things you mentioned have a factor, but I’d still probably point to a couple of things which is number one, the market changes around perforating systems moving more from individual product sales to more system sales and the fact that we’re working on what we think will be one of the best solutions for the market. But that doesn’t always work perfectly as I’ve communicated to investors before. But the good thing is, our field trials are progressively improving. We did make some design changes along the way. It did lead to a large write-off of inventory that we had build up in order to conduct an appropriate level of field trials. But again, I view that as kind of a one-off item. The other thing is just kind of the customer base and you’ve got E&Ps contracting directly. Sometimes we work with wireline companies. There’s certain amounts of vertical integration going on in the market. So we have to pivot just a little bit around that shift in customer mix. And they all kind of on the margin have some impact. But I guess I would just like to leave all of you with a thought. Number one, this is key technology that our customers want. We are very committed to delivering top end technology to our customers. Right now, the whole segment is 18% of my revenue base. And so while I am very focused on bringing a top quality integrated gun to market, it’s certainly not all about what this company is build upon. And even the segment has many product lines not just obviously the integrated gun.

是的,这很难。有许多事情,市场的井下方面正在迅速变化,以响应客户在井场的需求。我很确定你在今年上半年从这个领域的所有竞争对手那里听到了这一点,但也许尤其是第二季度的电话会议。有了它,作为一个例子,我们都从长枪转向短枪。所以短枪,每个人都在谈论。大多数关键的第三方竞争对手都提供包括井网站在内的竞争对手。但是,这意味着你需要减少定价较低的长枪库存。所以部分原因是肯定的,那就是在一天结束时的定价。它也在响应并保持领先于市场技术变革,甚至我的客户组合也发生了变化。因此,在我们拥有高质量技术的意义上,有一些好东西。我们一直是这个领域技术的市场领导者,我清楚地认为我们可以跟上或保持领先于市场的变化。但是你提到的所有这些都有一个因素,但我仍然可能指出一些第一,围绕射孔系统的市场变化,从个别产品销售转向更多的系统销售,以及我们这样做的事实致力于我们认为将成为市场最佳解决方案之一。但这并不总是完美的,因为我之前已经与投资者沟通过。但好处是,我们的田间试验正在逐步改善。我们确实在此过程中进行了一些设计更改。它确实导致了我们为了进行适当水平的现场试验而积累的大量库存注销。但同样,我认为这是一种一次性的项目。另一件事就是客户群,你直接签订了E&P合同。有时我们与有线公司合作。市场上正在进行一定程度的垂直整合。因此,我们必须围绕客户组合的这种转变进行调整。并且它们对利润率都有一定的影响。但我想我只想留下你们所有人的想法。第一,这是我们客户想要的关键技术。我们致力于为客户提供高端技术。目前,整个细分市场占我收入基数的18%。因此,虽然我非常专注于将高质量的集成枪推向市场,但当然并不是关于该公司的基础。甚至该细分市场也有许多产品线,而不仅仅是集成枪。

伊恩麦克弗森

That’s helpful. Thanks. And did I hear you say before that the commercial ramp is now Q4 and not Q3 for the integrated --?

这很有帮助。 谢谢。 我之前是否听到过您说过商用坡道现在是Q4而不是Q3用于集成 - ?

Cindy Taylor

Yes. We believe though – and in addition to we’ve had multiple top customer contacts and feedbacks about our systems and we are just cautious that we want it to be a very high performing system before we bring it to commercial sales obviously. I do think that the process we went through delayed us about a quarter.

是。 我们相信 - 除了我们有多个关于我们系统的顶级客户联系和反馈之外,我们还要谨慎,我们希望它能够成为一个非常高性能的系统,然后才能将其用于商业销售。 我认为我们经历的过程推迟了大约四分之一。

伊恩麦克弗森

Okay. Thank you.

好的。 谢谢。

Cindy Taylor

And maybe I should add a point of emphasis on that. We don’t have any revenue in our third quarter guidance that is predicated on an integrated gun.

也许我应该强调一点。 我们在第三季度的指导中没有任何收入,这是以集成枪为基础的。

伊恩麦克弗森

Got it.

得到它了。

会议主持员

Thank you. Our next question comes from Cole Sullivan from Wells Fargo. Please go ahead. Your line is open.

谢谢。 我们的下一个问题来自富国银行的Cole Sullivan。 请继续。 你的线是开放的。

Cole Sullivan

Hi. Good morning.

你好。 早上好。

Cindy Taylor

Hi, Cole.

嗨,科尔。

Cole Sullivan

You guys mentioned growing more internationally in completion services. I’m assuming that meant that you see the need to achieve that. And then does that impact or bias [ph] higher any 2020 CapEx levels to get that versus '19?

你们提到完成服务的国际化程度越来越高。 我认为这意味着你认为有必要实现这一目标。 然后这会影响或偏向[更高]任何2020年资本支出水平,以达到与19年相比?

Cindy Taylor

What we’re really doing is not that CapEx intensive. We’re working with some partners on various regions as opposed to spending a lot of CapEx for on-the-ground facilities. We’ve been in many of these markets really working on consigned equipment and rotating personnel basis. We are finding improved go-to-market strategies and we’re also beginning to leverage some of our tools that have not really been deeply penetrated in international markets. So as Lloyd mentioned, we’re actually modestly reducing our CapEx guidance range as opposed to increasing it. And as I commented in my notes, part of Well Sites significant success in terms of incremental margins was largely associated with a better mix of international and Gulf of Mexico work relative to our very key base North American activity.

我们真正做的不是CapEx密集型。 我们正在与不同地区的一些合作伙伴合作,而不是花费大量的资本支出用于现场设施。 我们在许多这些市场中真正致力于委托设备和轮换人员。 我们正在寻找改进的市场推广策略,我们也开始利用一些尚未深入国际市场的工具。 正如劳埃德提到的那样,我们实际上正在适度降低我们的资本支出指引范围而不是增加它。 正如我在笔记中所评论的那样,Well Sites的一部分在增量利润率方面的重大成功主要与国际和墨西哥湾工作相对于我们非常关键的北美基地活动的组合有关。

Cole Sullivan

Okay. And you guys have had good strong free cash flow this year. With the movements in Downhole tools with the back half and North American headwinds, how do you kind of see working capital trending over the second half? And then also any kind of initial peak into how you guys are thinking about 2020 CapEx versus '19?

好的。 你们今年的自由现金流量很大。 随着井下工具的运动与后半程和北美逆风,您如何看待下半年的营运资金趋势? 还有你们如何考虑2020年资本支出与19年的最初高峰?

Cindy Taylor

Yes, I’m going to let Lloyd give you specific comments there. I would just generally say that if we have ebbs and flows, it’s generally around mix of segmental contribution towards working capital. Now what does that mean? Well, I have a 1.6x book-to-bill ratio, so I fully expect as Offshore products begin to increase top line revenues you’ll have some working capital needs with that. But I’ll also leave you with the thought that makes me as happy as I can be because that segment happens to be my highest free cash flow generating business that I have. And so if I have a little working capital over time if we expand that business, I’m fine with that. But I’m going to leave Lloyd to really answer your question.

是的,我会让Lloyd在那里给你具体的评论。 我只想说,如果我们有起伏不定的话,通常会围绕营运资金的分段贡献。 这是什么意思? 好吧,我有1.6倍的订单出货比,所以我完全可以预期,随着离岸产品开始增加收入,您将有一些营运资金需求。 但我也会留下让我尽可能快乐的想法,因为这段我恰好是我拥有的最高自由现金流量生产业务。 因此,如果我们扩展这项业务,如果我有一点营运资金,我就可以了。 但是我要离开劳埃德去回答你的问题。

Lloyd Hajdik

Yes, I think she did answer the question and exactly. No, I’m forecasting a slight working capital build in third and fourth quarter and certainly expect to be free cash flow positive for the second half of the year. And we’ll target the free cash flow like we did in the first half of the year largely designated to further debt reductions.

是的,我认为她确实回答了这个问题。 不,我预计第三季度和第四季度会有轻微的营运资金,当然预计今年下半年会有自由现金流。 而且我们的目标是自由现金流,就像我们在今年上半年所做的那样,主要是为了进一步减债。

Cole Sullivan

Okay. And then any initial kind of peak on 2020 CapEx levels off '19?

好的。 那么2020年CapEx的任何初始峰值都会从'19?

Lloyd Hajdik

Not yet.

还没。

Cole Sullivan

Okay. Thanks. I’ll turn it back.

好的。 谢谢。 我会把它还给我。

会议主持员

Thank you. Our next question comes from George O’Leary from Tudor, Pickering, Holt. Please go ahead. Your line is open.

谢谢。 我们的下一个问题来自Tudor,Pickering,Holt的George O'Leary。 请继续。 你的线是开放的。

George O'Leary

Good morning, Cindy, Lloyd and Chris.

早上好,辛迪,劳埃德和克里斯。

Cindy Taylor

Hi, George.

嗨,乔治。

Lloyd Hajdik

Good morning.

早上好。

George O'Leary

First question, just curious, it seems like overall completion activity in the U.S. for the second quarter was up modestly, albeit tailing off at the end of the quarter. So just what we’ve seen from other folks who have perforation businesses and they’re selling similar tools to what you guys sell? Generally it seemed like volumes were lower in the quarter and not even just thinking about someone taking share, but just volumes for perforations for guns and energetics and all that stuff seem to have been a little bit lower. So just curious, do you guys typically see customers if they’re going to slow activity, kind of destock their own internal inventory? Was that part of what was playing out this quarter or is it really just share gains by one player or another, someone kind of pushing more aggressively into the market? Just curious how customers behave as completions activity it looks like it may have lowered in that business?

第一个问题,只是好奇,看起来美国第二季度的整体完工活动略有上升,尽管在季度结束时有所下降。 那么我们从其他拥有穿孔业务的人那里看到了什么,他们正在销售类似的工具来销售你们的东西? 一般情况下,这个季度的音量似乎较低,甚至只是考虑有人参与分享,但只是针对枪支和能量的穿孔而且所有这些东西似乎都有点低。 所以只是好奇,你们通常会看到客户是否会放慢活动速度,这会使他们自己的内部库存减少? 这部分是本季度发挥的一部分还是只是一个人或另一个人分享收益,有人更积极地推进市场? 只是好奇客户如何表现为完成活动,看起来它可能已经降低了该业务?

Cindy Taylor

Yes, I’m going to just kind of say we had a mixed result there with some share gains in non-perforating product lines because I think it really focused solely on perforating. But if I look at some of our other product lines, whether it’s downhole plugs, as an example, toe valves, decommissioning products, there actually were some increases there. So I wouldn’t just isolate on perforating. And I really don’t think that customers hold a lot of inventory perforating. It could be that all of us have some out in distribution channels or some out on the field. But I don’t think that inventory stocking or destocking is really an item there. I’d have to say if there’s some kind of modest industry kind of delay, it’s probably one customer specific --
[Technical Difficulty]

是的,我只是说我们在非穿孔产品系列中获得了一些好的结果,因为我认为它真的只关注射孔。 但是,如果我看一下我们的其他产品系列,无论是井下插头,还是脚趾阀门,退役产品,实际上都有一些增加。 所以我不会孤立穿孔。 我真的不认为客户持有大量的库存穿孔。 可能是我们所有人都有分销渠道或外地的一些人。 但我不认为库存放库或去库存真的是那里的一个项目。 我不得不说,如果有某种适度的行业延迟,它可能是一个客户特定的 -

[技术难度]

George O'Leary

Cindy?

辛迪?

会议主持员

This is the conference operator. Please stand by. This is the conference operator. We are having some technical difficulties. Please stand by. Thank you for your patience.

这是会议运营商。 请等待。 这是会议运营商。 我们遇到了一些技术问题。 请等待。 感谢您的耐心等待。

Lloyd Hajdik

George?

乔治?

Cindy Taylor

I don’t know if he’s still on.

我不知道他是否还在。

会议主持员

Would you like me to go on to the next question?

你想让我继续下一个问题吗?

Cindy Taylor

That would be great. We apologize to everybody on the phone call. Every phone line apparently has gone down.

那太好了。 我们在电话中向所有人道歉。 每条电话线显然已经下降。

会议主持员

Not a problem. Our next question comes from Kurt Hallead from RBC. Please go ahead. Your line is open.

不是问题。 我们的下一个问题来自RBC的Kurt Hallead。 请继续。 你的线是开放的。

Kurt Hallead

Hi. Good morning.

你好。 早上好。

Cindy Taylor

Hi, Kurt.

嗨,库尔特。

Kurt Hallead

Thank you for all the color you have provided so far, Cindy. And I guess the follow-up question I have would be along the lines of the North American market. It’s pretty clear that the Offshore business has some pretty good momentum as does international and clearly a lot of question marks around the shipping dynamics in the North American market.

感谢您迄今为止提供的所有颜色,Cindy。 我想我的后续问题将与北美市场一致。 很明显,离岸业务与国际业务相比具有一些非常好的势头,并且在北美市场的航运动态方面显然存在很多问题。

Cindy Taylor

Yes.

是。

Kurt Hallead

As we move beyond let’s just say the third quarter, Cindy, and we start just thinking kind of through cycle dynamics. Do you see some really structural changes in place and how you guys are going to have to run your business and the overall cost structure of the business? And when you’re having conversations about bringing on new technology, like you already mentioned, is this discussion with the client base going to have to be a little bit different to make sure that you actually get compensated for the technology you’re bringing? Any insights on that would be really helpful?

当我们超越时,我们只是说第三季度,Cindy,我们开始只是想通过循环动力学。 您是否看到了一些真正的结构性变化以及您们将如何运营业务以及业务的整体成本结构? 当你正在谈论如何引入新技术时,就像你已经提到的那样,与客户群进行的讨论是否必须有所不同,以确保你真正得到你所带来的技术的补偿? 任何有关这方面的见解都会非常有用吗?

Cindy Taylor

No. Kurt, those are just fantastic questions and we’re not alone obviously and doing everything that we can to respond to what I’ll just characterize as a fairly challenging market environment. And we’ve all probably benefitted and also been guilty here. When crude prices are really high, customers stand fairly at will trying to grow production. I always say it’s one of the greatest success stories in the United States in terms of crude oil production. But the reality is I think we as an industry have been so successful to some degree that we’ve gotten ahead of ourselves just in terms of productivity. And I know you know, you followed the industry as long as I’ve been in it that what’s really happened is growth in U.S. production has exceeded global demand and it has created an out of balance situation and fairly small movements in terms of that supply/demand balance obviously have a significant impact on price. Whether it’s us or our customers, I’ll just say we’ve got religion and what does that mean? Shareholders have had significant underperformance from the industry as a whole now for a number of years and we’re all committed to making this work at lower crude oil prices overall and I think we’ve demonstrated technical capabilities to do that. But to answer your question, it’s multifaceted. But number one, we think of R&D investments much like CapEx, meaning you need to budget it precisely, you need to know that target market and you need to access it to see if you’d achieve the returns that you expected it too. We don’t want to stop investing in technology. That has been our differentiator as a company for well before I was associated with it. And so we will continue to do that. But clearly we do look for a payback on those investments. I would say the other kind of characteristic you’re hearing from everybody is we probably ought to be targeting CapEx for what I’ll call mid-cycle activity. We tend to always target CapEx towards the peak and on paper it looks like a great return. But when you have the extreme cycles that we had to live with over the years, I think you have to question did you really get the returns that you thought you would. But I challenge any business to lose 50% to 80% of the revenue as this industry has done from '14 to '16 and now recovering off of that and say that you came out unscathed. But we as a company have been constantly streamlining our cost structure, facility rationalization for all of our segments frankly geared towards mid-cycle returns. We are investing in higher technology when it helps our customers be more efficient, make more better wells and therefore become more cash flow generating on their own. They have to be healthy for us to be healthy at the end of the day. So again, I’d say the other macro shift that we’ve been frustrated with when you leave a real differentiated market that is deepwater, highly technical, highly challenging, to some degree international and shift all the activity to land, it is more competitive and particularly you’ve got 50% of the land rig count in one – it’s a big basin but one basin in the United States, it’s not the best profile but we’ve responded to it and we’re coming out of it and I think generating the sustained free cash flow that you would want us to. I do also think that some of the private equity participation in this market is going to wane which is a frustration to us. It’s always been having the technical capabilities, the reputation, the quality procedures and yet having customers freely give money to what I’ll call lower end piggyback startups in a given basin has been frustrating. So I think we’d like to see firmer competitor characteristics in the market and I think our customers still – they have plenty of support out in the market and of course they’re taking advantage of it through price negotiation. But I think they also recognize that the industry as a whole has to be healthy and generating sustainable ROIC for anybody to do well. So while it’s been painful for many, I clearly think that the trend line in terms of what you call sustainable improvement is underway.

不,库尔特,这些只是一些很棒的问题,我们并不是一个人,而是尽我们所能来回应我所说的一个相当具有挑战性的市场环境。我们都可能受益,也在这里感到内疚。当原油价格真的很高时,客户会相当随意地试图增加产量。我总是说这是原油生产方面美国最成功的故事之一。但实际情况是,我认为我们作为一个行业在某种程度上如此成功,以至于我们在生产力方面已经超越了自己。而且我知道你知道,只要我一直在这个行业,就会发现真正发生的事情是美国生产的增长超过了全球需求,并造成了失衡的局面和相对较小的变动/需求平衡显然对价格产生重大影响。无论是我们还是我们的客户,我只会说我们有宗教信仰,这意味着什么?多年来,股东一直在整个行业中表现不佳,我们都致力于以较低的原油价格完成这项工作,我认为我们已经证明了这方面的技术能力。但要回答你的问题,它是多方面的。但排名第一的是,我们认为研发投资与CapEx非常相似,这意味着您需要精确预算,您需要了解目标市场,并且需要访问它以确定您是否实现了预期的回报。我们不想停止投资技术。在与我联系之前,这一直是我们作为公司的差异化因素。所以我们将继续这样做。但显然我们确实在寻找这些投资的回报。我想说的是你从每个人那里听到的另一种特征是我们可能应该将CapEx作为我称之为中期周期活动的目标。我们倾向于始终将CapEx定位于峰值,而在纸面上看起来似乎是一个很好的回报。但是当你拥有我们多年来不得不忍受的极端周期时,我想你必须质疑你真的得到了你认为会得到的回报。但是我挑战任何企业损失50%到80%的收入,因为这个行业已经从14年到16年完成,现在正在恢复,并说你没有受到伤害。但我们作为一家公司一直在不断简化我们的成本结构,我们所有部门的设施合理化都坦诚地面向周期中期回报。我们正在投资于更高技术,它可以帮助我们的客户提高效率,创造更好的水井,从而实现更多的现金流量。他们必须健康,让我们在一天结束时保持健康。再说一次,我要说的另一个宏观转变,当你离开一个真正的差异化市场,即深水,高技术,高度挑战,在某种程度上国际化并将所有活动转移到陆地时,我们一直感到沮丧,它更多有竞争力,特别是你有50%的土地钻井数量 - 它是一个大盆地,但在美国一个盆地,它不是最好的配置文件,但我们已经回应了它,我们已经退出了它我认为产生你希望我们持续的自由现金流。我也认为参与这个市场的一些私募股权将会减弱,这对我们来说是一种挫败感。它始终拥有技术能力,声誉,质量程序,但客户可以自由地为我所谓的特定流域的低端背驮式创业公司提供资金令人沮丧。因此,我认为我们希望看到市场上竞争者的特征更加稳固,我认为我们的客户仍然存在 - 他们在市场上有很多支持,当然他们通过价格谈判利用它。但我认为他们也认识到整个行业必须健康,并为任何人创造可持续的ROIC。因此,尽管对许多人来说是痛苦的,但我清楚地认为,就所谓的持续改进而言,趋势线正在进行中。

Kurt Hallead

That’s really thoughtful and expansive answer, Cindy. I know business dynamics are challenging, not in terms of what you’re facing but obviously what investors are thinking as well. So I appreciate all that color and insight. Thank you.

Cindy,这真的是深思熟虑和广泛的答案。 我知道商业动态具有挑战性,不是就你所面临的问题而言,但显然投资者的想法也是如此。 所以我很欣赏这些颜色和洞察力。 谢谢。

Cindy Taylor

Thank you, Kurt.

谢谢Kurt。

会议主持员

Thank you. Our next question comes from Stephen Gengaro from Stifel. Please go ahead. Your line is open.

谢谢。 我们的下一个问题来自Stifel的Stephen Gengaro。 请继续。 你的线是开放的。

Stephen Gengaro

Thanks and good morning, everybody. Two things if you don’t mind, I guess I’ll start with Offshore and you obviously you had a really good quarter and I might have missed this earlier. But when you’re looking out now for the next few quarters and I guess also the bookings in the quarter, how does the pricing structure look like in that business and how should we be thinking about the potential order flow/book-to-bill as we go forward here for the next few quarters?

谢谢,大家早上好。 如果你不介意两件事,我想我会从Offshore开始,你显然你有一个非常好的季度,我可能早就错过了。 但是,当你现在正在寻找未来几个季度,我猜也是本季度的预订,那个定价结构在该业务中是怎样的,我们应该如何考虑潜在的订单流量/订单到账单? 我们在接下来的几个季度前往这里?

Cindy Taylor

Well, this is obviously in contrast to our Well Sites Services segment. There’s a greater material content, obviously, in our Offshore/Manufactured Products segment. To some degree, these are all specifically engineered projects. We do all of those material specs well in advance, lock in prices. And I have been – well, I think we’ve been capable and successful in bringing cost down to operators. It’s really not at the expense of margins. There are clearly times when we’ve done some internal reengineering of our product that bring down pricing for us and therefore for our customers as well. We had to do that obviously to be responsive to the market. But our margins hold in that scenario. So I just haven’t felt like we had to go out and buy backlog is the genesis of the question.

嗯,这显然与我们的Well Sites Services部分形成鲜明对比。 显然,我们的海上/制造产品部门的材料含量更高。 在某种程度上,这些都是专门设计的项目。 我们提前做好所有这些材料规格,锁定价格。 我一直 - 嗯,我认为我们已经成功地将成本降低到运营商身上。 这真的不是以牺牲利润为代价的。 很明显,我们已经对我们的产品进行了一些内部重新设计,从而降低了我们的价格,也为我们的客户降低了价格。 我们必须这样做才能对市场做出反应。 但我们的利润在这种情况下持有。 所以我只是觉得我们不得不出去购买积压是这个问题的起源。

Stephen Gengaro

It was more – I wasn’t implying that at all. I was just sort of thinking about your margins have advanced Offshore products, you won a lot of work. Obviously, activity seems to be improving. I was just curious how we think about the margin trajectory going forward?

它更多 - 我根本没有暗示这一点。 我只是想着你的利润率已经先进的离岸产品,你赢得了很多工作。 显然,活动似乎正在改善。 我很好奇我们如何看待未来的保证金轨迹?

Cindy Taylor

Well, again, our incrementals were strong at 35%. I think our overall margins for the segment came in at 16%. Earlier in the year we had guided exit rate in the high teens. And so it just kind of tells me we are a little bit ahead of the game in terms of achieving that with 16% coming in, in the second quarter. So pretty happy about the progression there. The other thing I’ll just similarly say is top line matters. When we’re below $100 million of revenue in a quarter, cost absorption is not exactly where we would have it be. But if we can continue to accelerate that top line, we believe our margins will respond accordingly.

好吧,我们的增量再次强劲,达到35%。 我认为该细分市场的整体利润率为16%。 在今年早些时候,我们引导了十几岁的退出率。 所以它有点告诉我,在第二季度有16%的成绩实现这一目标方面,我们在游戏方面领先一步。 对那里的进展感到非常高兴。 另外我要说的另一件事就是顶线问题。 当我们在一个季度的收入低于1亿美元时,成本吸收并不是我们所希望的。 但如果我们能够继续加快这一上限,我们相信我们的利润率会相应地作出反应。

Stephen Gengaro

Great. Thank you. And then as a follow up, what I’ve heard in the field over the years was that the geodynamics Downhole ballistics were at the very high end of the spectrum. And obviously the market’s moving to the integrated systems. But as you get there – as you get a product rolled out, it would seem that you’d start to see pretty good traction. And I was just curious, is it really the delivery system and the integrated system that critical even with what – I’ve always perceived to be kind of initially leading or certainly at the very high end of this spectrum as far as the Downhole ballistics are concerned?

非常好。 谢谢。 然后作为后续行动,多年来我在现场听到的是地下动力学井下弹道学处于极高水平。 显然,市场正在转向集成系统。 但随着你的到来 - 当你推出一款产品时,你似乎开始看到相当好的牵引力。 而我只是很好奇,它是否真的是交付系统和集成系统即使有什么关键 - 我一直认为它是最初领先的,或者肯定是在这个频谱的最高端,就井下弹道学而言 关心?

Cindy Taylor

Well, yes. First of all, I would just generally say that we and others would agree that we do think that the shape charges are very, very important in terms of response to this downhole and we do believe we are a leader with respect to our shape charge technology. So I’m going to agree with that. We do still sell those. We sell guns into the [indiscernible] charges individually and a lot of the other associated perforating equipment. And you’ve heard it wholeheartedly from majors to our more direct competitors though that the field delivery system preference is more of an integrated gun basis. But I’ll tell you and Stephen I know you’ve done extensive research on this and understand it, there is great variety in what the industry is characterizing as an integrated gun system. And there are some commonalities in terms of what people are speaking of, but there are differences as well and I think that’s where we are. We’re trying to not only offer kind of generic integrated gun system but improve upon what the market is looking for. And that’s where we’ve had some technical challenges during the quarter that we’re working on. But if you just want to say what does the integrated gun mean? You’re going to focus on the characteristics of it being intrinsic on the site offering at the Well Sites factory loaded with little to no wiring on location. That’s a pretty broad spectrum though of capabilities and characteristics of the gun and there are many other things that go along with it. But to summarize, market is generally – I’m going to use the word generally in telling you they want more of an integrated offering. But in contrast if you have a wireline company who’s already invested in gun loaders and gun loaded facilities, their product specification needs may differ from an operator that just wants a fully delivered, highly integrated system that performs the best in the market. And so it may be that the market evolved around kind of versions of an integrated gun system. And again, with the research you’ve already done I think you appreciate and understand that.

嗯,是。首先,我只是说我们和其他人会同意我们认为形状收费对于井下响应非常非常重要,我们相信我们在形状充电技术方面是领导者。所以我会同意这一点。我们仍然卖掉那些。我们将枪支单独出售[音频不清晰]费用以及许多其他相关的射孔设备。而且你已经全心全意地从专业人士那里听到了我们更直接的竞争对手,尽管现场交付系统的偏好更像是一个综合的枪支基础。但是我会告诉你和斯蒂芬我知道你已经对此进行了广泛的研究并对其进行了解,这个行业的特点是作为一体化的枪支系统。在人们谈论的内容方面存在一些共性,但也存在差异,我认为这就是我们所处的位置。我们不仅试图提供一种通用的集成枪系统,而且还在改进市场的需求。这就是我们在本季度遇到的一些技术挑战。但是如果你只想说综合枪是什么意思呢?您将专注于它在Well Sites工厂提供的网站上固有的特性,这些工厂几乎没有布线。这是一个相当广泛的范围,虽然枪的能力和特点,还有许多其他的东西随之而来。但总而言之,市场通常是 - 我会用一般的词来告诉你他们想要更多的综合产品。但相比之下,如果您的电缆公司已经投资了枪式装载机和装有枪支的设施,那么它们的产品规格要求可能与仅仅想要一个在市场上表现最佳的完全交付,高度集成的系统的运营商不同。因此,市场可能是围绕集成枪系统的各种版本发展而来的。再次,通过你已经完成的研究,我认为你欣赏并理解这一点。

Stephen Gengaro

Great. That’s very helpful. Thank you.

非常好。 这非常有帮助。 谢谢。

Cindy Taylor

Thank you.

谢谢。

会议主持员

Thank you. Our next question comes from Sean Meakim from JPMorgan. Please go ahead. Your line is open.

谢谢。 我们的下一个问题来自摩根大通的Sean Meakim。 请继续。 你的线是开放的。

肖恩·梅基姆

Thank you. Good morning.

谢谢。 早上好。

Cindy Taylor

Good morning, Sean.

先生,早上好,肖恩。

肖恩·梅基姆

So I appreciate the commentary on the top line for Downhole. That was probably my biggest question out of the release, so thank you for that feedback. As we look to 3Q and the guidance that you put out, can you just talk about how you built that range and your comfort level? Given all the moving pieces in the power system market as well as the generally broader uncertainty in North American activity as we get through 3Q?

所以我很欣赏井下顶线的评论。 这可能是我发布的最大问题,所以感谢您的反馈。 当我们期待第三季度和你提出的指导时,你能谈谈你如何建立这个范围和你的舒适程度吗? 考虑到电力系统市场中的所有移动部件以及我们在第三季度完成时北美活动普遍存在的更广泛的不确定性?

Cindy Taylor

Are you speaking to a specific segment?

您是否在与特定细分市场进行对话?

肖恩·梅基姆

Yes, sorry. So the Downhole top line in the second quarter was the biggest question I think out of the release this morning. You gave a lot of feedback on that and I appreciate some of the moving pieces in the second quarter. I was hoping to then maybe unpack how you’ve built a range for your top line guidance for Downhole in the third quarter given all those moving parts within the processing business or that market as well as there’s plenty of uncertainty just in terms of how activity is going to trend through the quarter in North America. So I was hoping to get more detail there please.

对,抱歉。 因此,第二季度的井下顶线是我认为今天早上发布的最大问题。 你给了很多反馈意见,我很欣赏第二季的一些活动。 我希望在第三季度为你的井下指导建立一个范围,因为在加工业或那个市场中所有这些活动部件以及在活动方面存在很多不确定因素 将在整个北美季度呈现趋势。 所以我希望能在那里得到更多细节。

Cindy Taylor

Okay. I will certainly do that. And we gave you a range obviously and the low end of that range is kind of non-heroic, I will call it. The upper end of the range would suggest pretty good movement from where we were in Q2. And I would really focus on kind of three things that impact both revenues and margins. Number one, we continue to think we’re growing market share in some of our non-perforating product lines. And so we’ve got some embedded growth. And this is really – you can say that that’s not just to hope for. Where we are right now is having customers come in and lineup products early in the quarter. Now does that mean that’s sustained through the quarter? No, but we believe that some of our non-perforating revenues will grow sequentially Q2 to Q3 even if the North American market softens a bit and that’s based on customer indications early in the quarter. That’s number one. Number two, I keep mentioning this technical solutions group that has been a significant unabsorbed cost throughout the first half of this year and this is more – obviously, it’s a bit of top line but it has more margins and locations that if we can get a little better absorption of costs associated with that technical solutions group, still obviously improved our margins profile which again we got it to better margins. Clearly, the non-recurrence of a 1.4 million write-off are product design, changed inventory benefits margin. And then the last thing that I probably should have mentioned in the course of doing the development of the integrated gun system, obviously, part of that is the development of integrated switch. And so we do think we will bring that switch to market individually as a product with beginning revenue in Q3. So those are kind of the three major elements that lead to improved sequential margins for Downhole. And suffice it to say none of us were satisfied with the second quarter for the Downhole Technologies segment. We were highly focused on improving performance in that segment. Those are kind of the three major areas really in addition to some improved manufacturing cost efficiencies as well.

好的。我一定会这样做的。我们明显地给了你一个范围,而那个范围的低端是非英雄的,我会称之为。从我们在第二季度的位置开始,该范围的上端将表明相当不错的运动。我会真正关注影响收入和利润的三件事。第一,我们继续认为我们在一些非穿孔产品线中的市场份额正在增长。所以我们有一些嵌入式增长。这是真的 - 你可以说这不仅仅是为了希望。我们现在所处的位置是让客户在本季度初提供产品和阵容产品。现在这是否意味着整个季度持续?不,但我们认为,即使北美市场略微疲软,而且基于客户在本季度初的迹象,我们的部分非穿孔收入将在第二季度至第三季度连续增长。这是第一名。第二,我不断提到这个技术解决方案小组在今年上半年一直是一个重要的未被吸收的成本,这更多 - 显然,这是一个顶线,但它有更多的利润和位置,如果我们能得到一个与该技术解决方案集团相关的成本吸收率略有提高,但仍显着提高了我们的利润率,我们再次获得了更高的利润率。显然,140万注销的不再发生是产品设计,改变了库存利益的保证金。然后,在开发集成枪系统的过程中,我可能应该提到的最后一件事,显然,其中一部分是集成开关的开发。因此,我们认为我们将把这种转变单独作为产品推向市场,并在第三季度开始营收。因此,这些是导致改善井下连续利润的三个主要因素。并且足以说明我们没有人对井下技术部门的第二季度感到满意。我们高度专注于提高该领域的绩效。除了一些改进的制造成本效率之外,这些还是三个主要领域。

肖恩·梅基姆

Thank you for that. That was very helpful. That’s exactly what I was looking to understand. In Offshore/Manufactured Products, given all the efforts to improve the business through the downturn, some of the shifts in mix were taken place. You’re now growing backlog pretty significantly. You’re at a three-year high. How does throughput cycle times look this time around compared to last cycle? Just curious how we should be thinking about that from a modeling perspective now that you started to build backlog and continue to do so this year, how does throughput cycle times work? How should we think about that progression going forward?

谢谢你。 这非常有帮助。 这正是我想要了解的内容。 在离岸/制造产品方面,考虑到经济衰退期间改善业务的所有努力,混合的一些变化发生了。 你现在正在积极地增加积压。 你处于三年高位。 与上一周期相比,此次吞吐量周期时间如何? 只是好奇我们应该如何从建模的角度思考这一点,现在你开始构建积压并且今年继续这样做,吞吐量循环时间如何工作? 我们应该如何看待未来的发展?

Cindy Taylor

Yes, right now the major product backlog that we’re building is comparable to the lead times that we’ve had in the past because of our key connector products and it’s also our production infrastructure. So right now the trend lines are similar in terms of the forward 12-month revenue generation, short-cycle and service you’re very familiar with. They are not very backlog intensive. So you will model short-cycle and services I would say somewhat flat sequentially depending on ebbs and flows there. We’ve talked in the past that we have some military work and there is a likelihood we gained some incremental military backlog that tends to be more multiyear focused, but we can update you on that if and when that order is received.

是的,现在我们正在建设的主要产品积压与我们过去的交货时间相当,因为我们的关键连接器产品和我们的生产基础设施。 所以现在趋势线在前瞻性的12个月创收,短周期和您非常熟悉的服务方面是相似的。 他们的积压并不严重。 因此,您将模拟短周期和服务,我会说依赖于那里的起伏和流量。 我们过去曾经说过,我们有一些军事工作,而且我们有可能获得一些增加的军事积压,这些积压往往更多年,但我们可以在收到订单的时候更新你。

肖恩·梅基姆

Very helpful. Thank you for that feedback.

很有帮助。 谢谢你的反馈。

Cindy Taylor

Thank you.

谢谢。

会议主持员

Thank you. Our next question comes from Connor Lynagh from Morgan Stanley. Please go ahead. Your line is open.

谢谢。 我们的下一个问题来自摩根士丹利的Connor Lynagh。 请继续。 你的线是开放的。

Connor Lynagh

Thanks. Good morning, everyone. I was wondering if we could, Cindy, go back to your comments around the challenges in earning returns in North America and U.S., in particular. I guess could you discuss – are there any areas of your product portfolio where you feel that these businesses aren’t earning their cost to capital and you have some potential to step back or at least cut cost further? Obviously I assume this is one at least in services if anything, but just thoughts on that.

谢谢。 大家,早安。 我想知道我们是否可以,Cindy,回过头来看看你在北美和美国获得回报的挑战。 我想你能否讨论一下 - 你的产品组合中是否有任何领域,你觉得这些企业没有赚取资金成本,你有可能退一步或至少削减成本? 显然,我认为至少在服务中这是一个,如果有的话,但只是想一想。

Cindy Taylor

Yes, and again we’re really focused on every product line and every business line to return two things. Number one, free cash flow generation and ROIC at the end of the day and to some degree our earnings before interest and taxes, our EBIT is burned by heavy CapEx from earlier years. You heard Lloyd talk about an update to our 2019 CapEx being a little bit lower and I can just assure you. I don’t know how else to manage a business other than focus on return on invested capital. But I’ll also tell you with the dramatic commodity price swings and activity declines, it’s been a challenge to right-size the shift responsive to that. There are a couple of areas that we’re focused on, but most particularly we continue to do a review. Our drilling services is a small business line. But when we kind of have the gut check at 12% utilization in the first quarter, we did improve it in the second quarter to 20. But we’re really trying to find ways – and that’s a very, very small piece of Well Sites Services. But it is indicative of your question which is that can every business venture be right-sized to achieve sustainable ROIC? And we’re doing everything we can. We even had continual severance and cost reduction initiatives. In this quarter it was more weighted again with Offshore products this time. And in our Well Sites Services business we’ve rationalized even more costs late last year, early this year. But I think that’s why we had over 100% incremental in the business in Q1 and Q2. So I can only assure you and it’s not for lack of effort in this office in terms of returning to sustainable ROIC. I will also tell you that I think if any service company of our size can do it, we can.

是的,我们再次专注于每个产品线和每个业务线返回两件事。排名第一,自由现金流量生成和ROIC在一天结束时,在某种程度上我们的利息和税前收益,我们的息税前利润由前几年的重型资本支出燃烧。你听说Lloyd谈到2019年CapEx的更新有点低,我可以向你保证。除了关注投资资本回报之外,我不知道如何管理业务。但我也会告诉你商品价格大幅波动和活动下降,对这种转变进行适当调整是一个挑战。我们关注的领域有几个,但最重要的是我们会继续进行审核。我们的钻井服务是一个小型的业务线。但是当我们在第一季度对12%的利用率进行检测时,我们确实在第二季度对其进行了改进。但我们真的想找到办法 - 这是一个非常非常小的井场服务。但这表明您的问题是,每个企业都能够做到合适规模以实现可持续的ROIC吗?我们正在尽我们所能。我们甚至还有持续的遣散费用和降低成本的举措。在本季度,这次海外产品的重量再次增加。在我们的Well Sites Services业务中,我们在去年年底,即今年年初合理化了更多成本。但我认为这就是为什么我们在第一季度和第二季度的业务增长超过100%。所以我只能向你保证,并不是因为这个办公室在恢复可持续的ROIC方面缺乏努力。我还会告诉你,我认为,如果我们这样规模的服务公司可以做到,我们可以。

Connor Lynagh

Yes, makes sense. Maybe just sticking with that theme, so you called out international as an area where you see potential opportunity. Can you give us a feel for how big in completion services international is today and where you see the opportunity for that to be over the next couple of years here?

是的,有道理。 也许只是坚持这个主题,所以你把国际称为一个你看到潜在机会的领域。 您能否让我们了解一下今天的国际完工服务有多大,您认为未来几年的机会在哪里?

Cindy Taylor

Yes, we generally bucket that as non-North America, so we’ll throw in the Gulf of Mexico with that. In Q1, the combined contribution of international and Gulf of Mexico was 16% of completion services revenue; in Q2, it was 18%. And so that’s kind of what it is today. Obviously, we’re focused on introducing incremental products. It is certainly true in our Well Sites Services segment, but I’ll tell you we are also in the early stages of introducing our Downhole Technologies to gain more international traction as well. That is a longer-term process. They’re not immediate. But it is something we think is value creating.

是的,我们通常将其视为非北美国家,所以我们将把它扔进墨西哥湾。 第一季度,国际和墨西哥湾的总贡献占完成服务收入的16%; 在第二季度,它是18%。 这就是今天的样子。 显然,我们专注于推出增量产品。 在我们的井场服务部门确实如此,但我会告诉您,我们也处于引入井下技术的早期阶段,以获得更多的国际牵引力。 这是一个较长期的过程。 他们不是直接的。 但我们认为这是创造价值的东西。

Connor Lynagh

Okay, I appreciate it. Thank you.

好的,我很感激。 谢谢。

会议主持员

Our next question comes from Ian Macpherson from Simmons. Please go ahead. Your line is open.

我们的下一个问题来自Simmons的Ian Macpherson。 请继续。 你的线是开放的。

伊恩麦克弗森

Thanks for the follow up. That was actually mine. I wanted to get into what the third quarter outlook might entail for Lower 48 completion services compared to international/Gulf of Mexico/drilling services? Those numbers helped. But I guess the kernel of my question is, does the middle of your guidance range contemplate Lower 48 completion services flat or down or what?

感谢您的跟进。 那实际上是我的。 我想进入与国际/墨西哥湾/钻井服务相比,第48季度完工服务可能需要的第三季度前景? 这些数字有帮助。 但我想我的问题的核心是,你的指导范围的中间部分是否考虑降低48个完成服务的平稳或下降或者什么?

Cindy Taylor

I would say right now we want to see that continuing mix a little bit more weighted towards international and Gulf of Mexico. We too see – at least the flattening is not a modest softening of the North American rig count. Our customers, as you’ve heard, are definitely focused on generating free cash flow and controlling their capital spending. There’s no ways about it. But everything is not the same for every customer. So when we go out and give guidance, we’re really – we have weekly meetings with customer by customer who’s adding rigs in various sites and who’s dropping rigs in various sites. But if I take all of that into context, I’d have to – we all know the rig count’s dropped about 21 rigs since quarter end. That’s about a 2%. So I don’t think we’re talking about big numbers here, but it’s hard to exit the quarter and no say that North America is going to be modestly softer in Q3, at least as best as we see it today.

我现在要说的是,我们希望看到对国际和墨西哥湾的持续混合更加重要。 我们也看到 - 至少扁平化不是北美钻机数量的温和软化。 正如您所听到的,我们的客户肯定专注于产生自由现金流并控制其资本支出。 没有办法解决这个问题。 但每个客户的一切都不尽相同。 因此,当我们走出去提供指导时,我们确实 - 我们每周都会与客户会面,他们会在各个站点添加钻井平台,以及谁在各个站点放置钻井平台。 但是,如果我将所有这些都纳入背景,我必须 - 我们都知道自季度结束以来钻机数量下降了大约21个钻机。 这大约是2%。 所以我认为我们不是在谈论大数据,但很难退出本季度,并且没有人说北美在第三季度将会出现温和波动,至少就像我们今天看到的那样。

伊恩麦克弗森

Makes sense. Thanks again, Cindy.

说得通。 再次感谢,辛迪。

Cindy Taylor

Thank you, Ian.

谢谢你,伊恩。

会议主持员

Thank you. Our next question comes from Stephen Gengaro from Stifel. Please go ahead. Your line is open.

谢谢。 我们的下一个问题来自Stifel的Stephen Gengaro。 请继续。 你的线是开放的。

Stephen Gengaro

Thanks and thanks for taking a follow up. Can you just remind us when we think about your U.S. land exposure, the businesses which are exposed to the percentage of completion intensity versus just sort of wells drilled and what you’re sort of seeing on the completion intensity front right now?

谢谢,感谢您的跟进。 您能否在我们考虑您的美国土地风险时提醒我们,那些接触到完井强度百分比的企业与仅钻井类型以及您目前在完工强度方面看到的情况有何不同?

Cindy Taylor

Well, I think I mentioned on the call, right now everybody tends to focus on leading edge wells and the horizontal footage. There’s kind of a catch up for other operators moving towards leading edge. And so I think there’s still some tailwinds there in terms of horizontal footage, stage count and importantly for us I’ll just call it clusters per stage. And there’s a lot of technology assessment trialing going on to try and mitigate parent-child type communication interference. But there’s just a lot going on. And I do think that fundamental tailwinds of higher intensity are there for our Downhole Technologies segment. And even in Chris’ business, the majority of the personnel and equipment are more on the service, I will call it. But nonetheless they are leading edge equipment such as the Tempress tool that really does gain significant market share as you get in the longer laterals, the more torturous type downhole environments. And so it becomes a differentiator for that. We’re investing obviously for some various equipment to make the customers well site; one, safer and two, more efficient. I call it de-cluttering the well site around bridge manifolds. We’re investing in some other technology that I probably won’t talk about because of IP that we plan to file behind some of it. But while it’s not a direct correlation, the more complex wells I think do speak to a higher-end equipment and personnel offering, which again we believe we have.

好吧,我想我在电话会议上提到过,现在每个人都倾向于专注于前沿井和水平镜头。对其他运营商走向前沿有一种赶超。所以我认为在水平镜头,舞台数量方面仍然存在一些不利因素,对我们来说重要的是我会在每个阶段称它为集群。并且有许多技术评估正在试图减轻亲子类型的通信干扰。但是还有很多事情要发生。而且我认为井下技术部门存在更高强度的基本顺风。甚至在克里斯的业务中,大多数人员和设备都在服务上,我会称之为。但是它们仍然是领先的设备,例如Tempress工具,当你进入较长的侧面时,它确实获得了显着的市场份额,更加曲折的井下环境。因此它成为了一个差异化因素。我们明显投资一些各种设备,以使客户井井有条;一个,更安全,两个,更有效。我称之为桥梁歧管周围井场的混乱。我们正在投资其他一些我可能不会谈论的技术,因为我们计划在其中提供一些IP。虽然它不是直接关联,但我认为更复杂的井对高端设备和人员提供说话,我们再次相信我们拥有。

Stephen Gengaro

Great. Thank you.

非常好。 谢谢。

会议主持员

Thank you. And our last question comes from Emily Boltryk from Scotia Howard Weil. Please go ahead. Your line is open. Emily, you may be on mute.

谢谢。 我们的最后一个问题来自Scotia Howard Weil的Emily Boltryk。 请继续。 你的线是开放的。 艾米丽,你可能会静音。

Cindy Taylor

Dinara, you might want to move on. It sounds like she might have dropped.

迪娜拉,你可能想要继续前进。 听起来她可能已经掉线了。

会议主持员

Thank you. At this time, I am not showing any further questions.

谢谢。 目前,我没有再提出任何问题。

Cindy Taylor

All right. Dinara, thank you for hosting our call today. Again, we’re going to apologize for the technical interruption from the phone provider. But I appreciate you staying on so that we could kind of fully discuss the results of our segment, the results of the quarter before we close the call.
I do kind of ask that you all just kind of step back and we’ve seen a lot of kind of emotional investing over the last couple of years towards North America and almost emotional away from it towards more deepwater and international. We believe that we have a great balance offering with penetration in all of our segments that comes from these segments.
And I know while many of you view this as a challenging or modestly disappointing quarter for us, I hope you will keep it in context strengthening in Offshore products. I think we’re doing absolutely what you want us to do in terms of backlog development, top line growth and improved margin.
In our Well Sites Services segment, they too had very resilient revenues and improved margins; very, very strong incremental in our completion services product line and some differentiated offerings that we’ve tried to more fully deploy into the market.
Downhole Technologies, again, was kind of the lone disappointment this quarter, but the investments we’re making in R&D and product development I do believe pay off in the long run. And I would not like to leave the strength of our company from a free cash flow generating standpoint. I think that is a differentiator for our company as well. It has been for the last several years.
And I do feel confident that we’ll be able to turn this towards a better ROIC generating performance over time. That does complete our comments. And again, I thank you for joining us today and look forward to future conversations with you.

行。迪纳拉,谢谢你今天主持我们的电话。我们再次为电话提供商的技术中断道歉。但我感谢您坚持下去,以便我们能够充分讨论我们细分市场的结果,即在我们结束通话之前的季度业绩。

我有点要求你们都退后一步,我们在过去几年中看到了很多对北美的情感投资,并且几乎情绪激动地远离它向更深水和国际化。我们相信,我们在这些细分市场的所有细分市场都有很好的平衡性。

我知道虽然你们许多人认为这对我们来说是一个具有挑战性或适度令人失望的季度,但我希望你们能够在海上产品中加强背景。我认为我们绝对做了你希望我们在积压开发,收入增长和利润率提高方面做的事情。

在我们的Well Sites Services部门,他们的收入也非常有弹性,利润率也有所提高;我们的完井服务产品线以及我们尝试更全面部署到市场的一些差异化产品的增量非常强劲。

井下技术再次成为本季度唯一令人失望的事情,但我们在研发和产品开发方面的投资我确实相信从长远来看会有所回报。我不想从自由现金流生成的角度来看待我们公司的实力。我认为这也是我们公司的一个差异化因素。它已经过去几年了。

而且我确信我们能够将其转化为更好的ROIC生成性能。这确实完成了我们的评论。再次感谢您今天加入我们,并期待未来与您的对话。

会议主持员

Thank you. Ladies and gentlemen, this concludes today’s conference. Thank you for participating. You may now disconnect.

谢谢。 女士们,先生们,今天的会议结束了。 感谢您的参与。 您现在可以断开连接。

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