CES能源解决方案公司(OTC:CESDF) Corp.(股票代码:CES)是一家钻井液和生产化学品供应商，其报告称其2024年第二季度的财务业绩显着上升。该公司宣布营收达到创纪录的5.532亿美元，同比增长7%。

　　本季度调整后的EBITDA为9540万美元，反映出17.3%的强劲利润率。在取得积极成果的同时，该公司还采取了一些战略举措，包括续签公司的正常程序发行人投标(NCIB)计划，允许在未来12个月内回购至多1920万股股票。

　　CES能源解决方案第二季度营收达到创纪录的5.532亿美元，同比增长7%。

　　该公司公布了第二高的季度EBITDA，为9540万美元，利润率为17.3%。

　　CES在美国的收入达到了3.91亿美元的历史新高，而加拿大的收入达到了创纪录的1.62亿美元。

　　该公司计划去继续其股票回购计划，并预计全年现金资本支出为7,500万美元至8,000万美元。

　　CES以约1500万美元的价格完成了对HydroLite LLC的收购，该公司已更名为AES完井服务公司。

　　总债务与调整后的EBITDA比率改善至1.12倍，债务减少至4.05亿美元。

　　CES能源解决方案致力于支付季度股息，并通过战略收购和债务偿还投资于业务增长。

　　公司是乐观的关于未来的前景，打算扩大其劳动力和能力。

　　CES正在开拓包括国际市场在内的新市场海上行业的机遇和增长。

　　北美市场正在经历低增长，这对显著的市场份额增长构成了挑战。

　　CES仍在等待Champion X交易的完成，这可能会影响其市场地位。

　　在美国和加拿大市场表现良好，市场份额增加，收入增长。

　　对HydroLite LLC的收购为CES的产品组合增加了专门的化学品和设备，用于井筒清洗和水力压裂。

　　预计CES通过成本优化和供应链改善来实现利润增长的重点将持续下去ntinue有限公司增加财政实力。

　　CES并没有从最近的rfp(征求建议书)中获得可观的市场份额。

　　托尼?奥利西诺(Tony Aulicino)讨论了该公司的并购方式，表明该公司更倾向于小规模的战略性收购，而不是大规模交易。

　　Aulicino有限公司确认了公司的意向继续其股票回购计划，目标估值倍数在6到7之间。

　　Ken Zinger强调，公司增加了资本支出，以满足潜在的短期供应需求，并通过各种优化来关注利润率增长。

　　CES能源解决方案计划投资于其劳动力和设备，包括卡车和反应堆，以确保及时的产品供应。该公司的重点仍然是通过重新配方、新技术和基于数量的折扣来降低成本。尽管目前北美的增长环境较低，但CES表示有信心找到利润率增长的机会。该公司期待在11月提供第三季度更新。

　　CES能源解决方案公司(CESDF)在最近一个季度的财务表现令人瞩目，而InvestingPro的数据为这一成功故事提供了进一步的背景。以下是一些可供参考的实时指标和InvestingPro技巧:

　　市值:CESDF目前的市值为13.1亿美元，反映了该公司在其行业中的巨大规模和相关性。

　　- 市盈率CESDF的市盈率为9.4倍，相对于其近期盈利增长而言，其股价表明其承受能力。

　　-股息率:公司1.58%的股息率可能也会吸引投资者，特别是考虑到CESDF已经连续3年提高股息，并连续19年保持支付。

　　将这些InvestingPro提示纳入您的分析中，CESDF可能是一只有吸引力的股票的原因显而易见:

　　1. 相对于近期盈利增长而言，该公司的市盈率较低，这表明该公司对投资者具有潜在价值。

　　2. CESDF持续的股息支付和最近的增加表明了向股东回报价值的承诺。

　　对于希望深入了解CES能源解决方案的读者，还有12个额外的InvestingPro提示，为明智的投资决策提供全面的分析。在http://k1.fpubli.cc/file/upload/202408/12/mq0mfgh2wup查看完整的提示列表。

　　CESDF强劲的财务业绩、战略收购和持续的股息支付，加上InvestingPro的见解，描绘了一家不仅表现良好，而且显示出可能吸引一系列投资者的特点的公司。

　　接线员:大家早上好，欢迎来到CES能源解决方案2024年第二季度业绩电话会议和网络直播。请注意，所有与会者都处于仅听模式，会议正在录制中。演讲结束后，将有机会提问。[接线员说明]我现在把会议交给首席财务官托尼·奥利西诺。请继续。

　　Tony Aulicino:谢谢，接线员。大家早上好，感谢大家参加今天的电话会议。我想指出的是，在我们今天的评论中，将会有前瞻性的财务信息，并且由于各种风险因素和假设，我们的实际结果可能与预期结果存在重大差异。这些风险因素和假设在我们2024年8月8日的第二季度MD&A和新闻稿以及2024年2月29日的AIF中进行了总结。此外，我们今天将提到的某些财务措施在现行的公认会计政策下没有得到确认。有关这些的描述和定义，请参阅我们的第二季度管理层分析。现在，我想把电话交给我们的总裁兼首席执行官肯·辛格。

　　Ken Zinger: Thank you, Tony. Welcome, everyone, and thank you for joining us for our second quarter 2024 earnings call. On today's call, I will provide a brief summary of our impressive financial results released yesterday, followed by an update on capital allocation, and then our divisional updates for Canada and the U.S., followed by a summary of our recent tuck-in acquisition in Texas. I will then pass the call over to Tony to provide a detailed financial update. We will take questions, and then we will wrap up the call. I'll start my comments today by highlighting some of the major financial accomplishments we were able to achieve in Q2 2024. These highlights include all-time record revenue for our Q2 of $553.2 million, beating the prior Q2 record set in Q2 of last year by 7%. Our second highest quarterly EBITDA ever of $95.4 million. Our highest Q2 EBITDA ever beating our prior Q2 record level set last year of $73.9 million by 29%. EBITDA margin of 17.3% versus 14.3% in Q2 of 2023, and 17.3% in the prior quarter. This result tied last quarter for the highest quarterly EBITDA margin achieved by CES in 9 years as we continue to focus on returns. We renewed the NCIB plan effective July 22, 2024, and this allows us to repurchase up to 19.2 million shares during the next 12 months, of which we have already purchased 1.5 million shares at an average of $7.90 per share. Free cash flow of $54.8 million during the quarter driven by the strong financial metrics noted prior. Total debt to trailing 12 months EBITDA dropped to a new low of 1.12x from 1.49x at the beginning of 2024 and 1.28x at the end of Q1. I now want to confirm that our capital allocation plans for 2024 remain the same as stated on the last call. We will continue to pay our quarterly dividend of $0.03 per share or approximately $28 million per year. We will continue to support the business with the necessary investments required to provide acceptable growth and returns. We will continue to look for strategic tuck in acquisitions opportunities into related business lines or geographies where we believe we can add value and grow returns. We have renewed our NCIB as of July 22 and based on our current outlook, we intend to once again purchase the maximum number of shares possible under the NCIB. We will continue to exercise the NCIB to its maximum threshold until we see a share valuation more aligned to our financial performance. We will use the balance of our remaining free cash flow to continue paying down debt to maintain leverage towards the lower end of the 1% to 1.5% debt to trailing 12 months EBITDAC range. I will now move on to summarize Q4 performance by division. Today, our rig count in North America stands at 203 rigs out of the 786 listed as running on land in North America, representing a market share of 27%, up from 23.6% at the time of the last call. In Canada, the Canadian Drilling Fluids division continues to lead the WCSB in market share. Today, we are providing service to 76 of the 220 jobs listed as underway in Canada over a 34.5% market share. The active drilling rig count in Canada so far in Q3, 2024 -- sorry -- Q2, 2024 is higher by approximately 15% year-over-year. We remain excited about the prospects for 2024 and 2025 and continue to anticipate that activity will be a little stronger during these years than was experienced in 2023 due to the completion and startup of infrastructure projects and their associated takeaway capacity. PureChem, our Canadian production chemical business had a very strong results once again in Q2. After a slow start to the quarter on the frac chemical space within PureChem, June came in stronger. All of the business lines within PureChem continue to grow as we have continued to take market share, win bids, optimize formulations and fine tune our supply chain. The revenue and earnings from our primary business production treating continue to accelerate in Canada as we consistently strive to deliver superior products and service combined with competitive market pricing. In the United States, AES, our U.S. Drilling Fluids Group is providing chemistry and service to 127 of the 566 rigs listed as active in the USA land market today for a continued number one market share of U.S. land rigs at 22.4%. The number of rigs drilling in the USA was slightly down again quarter-over-quarter by about 3%. But we continue to view this level as being at or near the bottom of the trough. We continue to enjoy a basin leading 98 rigs out of the 303 listed as working in the Permian Basin, equating to our market share in this basin of 32.3%. The Permian industry rig count is down 4% from the time of our last call. That said, service intensity continues to demonstrate its presence in our numbers per AES, as our revenue per day per rig continues to rise with more footage being drilled each day along with more complicated chemical solutions and service being provided due to the complexity and length of the horizontal sections. We see this trend continuing for the foreseeable future on both sides of the border. Finally, Jacam Catalyst continued its revenue growth in Q2. We have continued to win more business throughout this division and we remain confident that we have comfortably achieved the largest market share in the Permian Basin. As with PureChem, Jacam Catalyst continues to take market share and grow revenue throughout the areas in which they operate, all while providing competitive market-based pricing. We also are achieving this through a focus on service and problem solving while providing streamlined processes designed to minimize response times for solutions to our customers' needs. Now for a quick summary of our announced tuck-in acquisition of HydroLite LLC in Midland, Texas. I would like to publicly welcome the founders of the business to the CES team. President Blake Linnerud and his partners Kyle Duncan and Mike Robinett, were majority owners of HydroLite and were the backbone of both the management as well as the day-to-day operations of the business. All three will continue to run this business on behalf of CES Energy Solutions. HydroLite has been renamed as AES Completion Services and will now operate as a division within the AES Drilling Fluids Group. We are proud to have these three ambitious, hard-working men on our team and we believe their DNA fits like a glove within our culture. The service line in which HydroLite LLC operates resides in the space between drilling fluids and production chemicals. The companies in this unconsolidated space are all independents, providing specialized service and chemistry to operators primarily when they drill out frack plugs after fracking and when they do well bore cleanouts to optimize and maintain existing wells. We estimate that there are approximately 20 to 25 companies in Texas that participate in this market. Most are smaller, owner-operated companies with one or two customers. We estimate that HydroLite currently has a sub-10% market share in this space in Texas. AES Completion Services will continue to offer this specialized chemistry, equipment and service to the market. In addition to more basic systems, some operations require a specialized high-reliability, low-density system to clean these well-bores or frack plugs due to under-pressured reservoirs. This chemistry is specialized and requires knowledge and expertise to make work effectively and AES Completion Services now welcomes this proprietary chemistry to its portfolio. When applied correctly, this chemistry can significantly reduce costs and improve performance as compared to the historical solution of utilizing [N2] to lighten the fluid. We believe that AES Completion Services will benefit from CES's infrastructure, manufacturing and supply chain advantages. As well, the chemistry being used in most circumstances is the same or similar to what we commonly utilize in drilling fluids applications. Our field personnel will be able to cross over between the groups with some minor training and our facilities are perfectly located with the capacity to provide the necessary support to this business. As well, we will now have the ability to share our relationships in MSEs with the vast majority of USA operators. Finally, I will note that there is an opportunity to grow this division outside its current footprint, which exists almost entirely in Texas today. As always, I want to extend my appreciation to each and every one of our employees for their commitment to the culture and success of CES. It's rewarding to note that due to the growth that we are experiencing, we have increased our total number of employees at CES from 2,236 on January 1, ‘24 to 2,369 at the end of Q2. This represents an increase of 133 employees so far this year or approximately 6%. In conclusion, I would like to thank all of our employees for in every division for their commitment to the success of the company. It speaks once again to the quality of the people employed everywhere in every division here at CES Energy Solutions. With that, I'll pass the call over to Tony for the financial update.

　　Tony Aulicino: Thank you, Ken. CES’s financial results at second quarter records for both revenue and adjusted EBITDAC, underscored by the continuation of strong free cash flow despite declining rig counts in the U.S., highlighting the unique resilience of our consumable chemicals business model. During the quarter, CES continued to provide critical chemical solutions, enabling our customers to succeed in an era of high service intensity levels and increasingly complex drilling fluids and production chemicals technology requirements. These record results benefited from strong financial contributions from all parts of the business and were bolstered by favorable product mix, continued high levels of service intensity and the adoption of innovative technologically advanced products. We continue to serve the evolving needs of our customers and realize attractive economics due to our vertically integrated business model and effective supply chain management. In Q2, CES generated revenue and adjusted EBITDAC of $553 million and $95.4 million respectively, representing a 17.3% margin. Q2 revenue of $553 million represents an annualized run rate of approximately $2.2 billion and a 7% increase over prior year of $516 million. Revenue generated in the U.S. achieved an all-time record at $391million and represented 71% of total revenue. This revenue figure exceeded the $388 million in Q1, and $375 million a year ago. Revenue generated in Canada set a second quarter record at $162 million up from $140 million in the prior year and compared to $201 million in Q1 as expected on seasonally lower activity levels. The company continued to see high levels of service intensity and production chemical volumes driven by complex drilling progress. Customer emphasis on optimizing production through effective chemical treatments benefited both countries and counter declines in U.S. industry rig counts showcasing the resilience of our business model. Adjusted EBITDAC of $95.4 million set a second quarter record and represented a 29% increase from $73.9 million in Q2, 2023 and compared to $102 million in Q1. Adjusted EBITDAC margin in the quarter of 17.3% came in 3% ahead of prior year margins of 14.3% and in line with Q1 2024. These margins were reflective of continued high service intensity levels and attractive product mix and continued adoption of innovative technologically advanced products, supported by a prudent cost structure and vertically integrated business model. During the quarter, CES generated $83 million in cash flow from operations compared to $86 million in Q1 and $89 million in Q2 2023. Strong cash flow from operations was the result of lower incremental investments in working capital as optimizations have stabilized over the previous quarters, partially offset by continued strong revenue levels and attractive margins. Free cash flow of $55 million for Q2, which compared to $57 million in Q1 and $67 million in Q2 2023. Free cash flow continued to demonstrate CES's high quality of earnings as measured by a free cash flow to EBITDAC conversion rate of approximately 60%. CES continued to maintain a prudent approach to capital spending through the quarter with CapEx spend net of disposal proceeds of $22 million. We will continue to adjust plans as required to support existing business and attractive growth opportunities through our divisions. And for the full year 2024, we expect cash CapEx to be approximately $75 million to $80 million, split evenly between maintenance and expansion capital to support these higher levels of sustained revenue and incremental creative business development opportunities. During the quarter, there was no activity under the company's 2023-2024 NCIB program as the maximum purchase of 18.7 million shares was achieved in Q1 at an average price of $3.66 per share for a total of $69 million. Subsequent to June 30th, CES announced the renewal of its previous NCIB. Under the company's renewed NCIB, which became effective on July 22nd, the company made purchase up to 19.2 million common shares, representing 10% of the public float at the time of renewal. To date, the company has already purchased 1.5 million common shares at an average price of $7.90 per share for a total of $11.8 million. With the current strength in the business and at current share price levels, as Ken mentioned, we intend to repurchase up to the maximum shares allowed under the renewed NCIB over the coming year and will implement opportunistic purchases if the shares remain trading at discounted levels. We ended the quarter with $405 million in total debt, representing a decrease of $29 million from the prior quarter. Total debt is comprised primarily of the $200 million in senior notes, a net draw on the senior facility of $110 million, and $85 million in lease obligations. Total debt to adjusted EBITDA improved to 1.12x at the end of the quarter, compared to 1.28x at March 31st and 1.49x at December 31, 2023, demonstrating our continued deleveraging trend. On May 24th, CES closed the private placement of our $200 million senior unsecured notes offering with a six, seven, eight coupon in maturity of May 24, 2029. The net proceeds from the issuance of the senior notes, together with draws on the company's senior facility, were used to repay our $250 million term loan facility on more attractive terms and provide a maturity extension to 2029 to further strengthen our capital structure and meet the needs of the company while also reducing the cost of capital. We are very comfortable with our current debt level, maturity schedule and leverage in the lower end of the 1x to 1.5x range, thereby enabling strong return of capital to shareholders and prioritizing the sustainable dividend and share buybacks. I would also note that our working capital surplus of $640 million exceeded total debt of $405 million by $235 million and demonstrated continued quarterly improvement. Continued focus on working capital optimization has led to year-over-year improvements in cash conversion cycle to 111 days from 121 days at June 30, 2023 and compares to 106 days at Q1. This also translates to a reduction in operating working capital as a percentage of annualized quarterly revenue to 28% from 31% a year ago and compares to 27% in Q1. Each percentage improvement at these revenue levels represents approximately $22 million on our balance sheet. Internally, we have continued to focus on return on average capital employed metrics at the divisional levels. This approach has led to a cultural adoption of key ROCE maximizing factors such as profitable growth, strong margins, working capital optimization and prudent capital expenditures. I'm proud to report that the resulting consolidated last 12 month ROCE is now sitting at a record level of 24.7%. As Ken mentioned, CES closed the acquisition of HydroLite on July 1. The aggregate purchase price was approximately $15 million and employs and earn out structure with $8.1 million of cash consideration settled on close. We look forward to working with the team to maximize value from this accretive tuck in acquisition. The company's Q2 results demonstrate very strong revenue levels and surplus free cash flow generation trends in the current environment and is indicative of the cash flow generating characteristics of CES. This is further illustrated by our current net draw of $120.5 million which has increased by $9.9 million from the end of the quarter, primarily as a result of the recent acquisition and NCIB spends representing $8.1 million and $11.8 million respectively. CES continued strong performance puts us in a position of strength and flexibility, which are key to informing our capital allocation considerations. In particular, we continue to view share buybacks as an extremely attractive use of capital in the context of our very strong EBITDA margin progression, consistent attractive free cash flow generation, ROCE and ROIC levels in the 24% to 25% range and a very prudent balance sheet. At this time, I'd like to turn the call back to the operator to allow for questions.

　　接线员:谢谢。现在我们开始问答环节。[操作说明]第一个问题来自TD Cowen的Aaron MacNeil。

　　亚伦·麦克尼尔:托尼，你之前说过你会在第二季度电话会议上提供利润率指引。也许我在准备好的发言中遗漏了这一点，但你还打算提供这一点吗?

　　托尼·奥里西诺:是的，绝对是。我们关注公司的许多财务属性，所有这些都被最重要的元素提炼出来，即现金流的产生，但这在很大程度上是由令人印象深刻的利润率增长所驱动的。好的，很高兴和你谈话，我先开始。大约一年前，我们之前的区间是13.5%至14.5%。这一比例上升至14%至14.5%。在过去的四个季度里，我们四个季度前的交付率是15.0%，然后是15.3%，上个季度是17.3%，本季度也是同样的水平。再一次，这是由Ken和我一直在谈论的事情推动的。这种高服务强度的环境发挥了公司的优势。我们的客户从我们这里购买的大部分产品都是更专业的产品，由于我们垂直整合的商业模式，这些产品的利润率和EBITDA利润率更高。我们的采购团队一直非常高效，你可以从我们的毛利率中看到这一点。最后一点更不可预测的是，在这个钻井和生产要求更加复杂的新时代，我们的客户需要采用我们技术先进的新产品。这是其中一个可以在任意月份，任意季度移动的。但鉴于我们所做的，我们将负责并通过查看过去四个季度的平均值来回答这个问题。这一平均值略高于16%。我想确保我们提供的范围是负责任的。我们认为，在目前发生的一切情况下，负责任的范围是15.5%到16.5%。

　　亚伦·麦克尼尔:哦，有道理。所以，你有点触及到这个，但我假设因为你已经给出了这个范围，你认为你可以用一个相当高的置信区间来实现它?或者，我想问的问题是，你认为你能像过去两个季度那样继续超过这个数字吗?或者你认为利润率会下降吗?

　　Tony Aulicino:因此，基于我们所了解的业务以及我们在行业中所看到的情况，我们并不期望它们呈下降趋势。就像我们一直说的，每次我们提出一个范围或谈论我们打算做什么，我们都希望能够超越这个范围。但我们不希望每个人都把他们的帽子挂在一个高于这个范围，至少不是在这个时候。

　　亚伦·麦克尼尔:明白。也许只是换一个角度，我能理解并购是机会驱动的，但你对并购的态度改变了吗，考虑到你的债务已经达到了你想要的水平，你产生的自由现金流远远超过了MCIB和股息承诺。这是我们可以看到更多或者期望看到更多的事情吗?

　　托尼·奥利西诺:是的。所以，公平地说，已经有了一点变化。当我们看到并购时，我们看到了很多机会。只要我们认真对待，我们就会分享这些机会，我们会和董事会讨论这些机会。但是当我们审视并购时，有两个关键因素，它们是由如何和为什么来定义的。所以，如何融资，不管规模大小，这归结为我们的资本结构和估值倍数。我相信，我们的资本结构以一种非常有效的方式井然有序。我们完成了那笔债券，2029年到期，债务方面的资金成本很好，到期时间表也很好。这是一个因素，另一个因素是估值倍数。虽然我们从一年前的不到4%增长了，但如果我看看昨天分析师的预测，在所有人都开始增加之前，我们的交易仍然低于6%，现在可能是5.5到6倍，这还不包括我知道的2025年即将到来的增长。但是这个倍数会好一点，所以现在就可以检查了，对吧?最重要的是为什么，战略价值。我们不会为了扩大规模而进行交易，我们所考虑的任何事情都必须具有非常高的战略价值。正如Ken多次提到的那样，我们非常努力地寻找具有战略意义的小规模收购，但我们对任何彻底收购交易都不太感兴趣，尽管我们的资产负债表要好得多，市盈率也稍好一些。

　　接线员:下一个问题来自加拿大皇家银行资本市场公司的基思·麦凯。

　　Keith Mackay:大家早上好。在过去的几个季度里，你确实回购了相当数量的股票，你谈到了根据新计划购买150万股股票。你能谈谈在什么程度上你对回购股票更敏感吗，托尼?我想你在事先准备好的发言中提到，你打算在未来12个月内用尽1900万股的股份计划。你如何看待这是否是对资本的最佳利用?有没有一个具体的数字或者倍数，有没有一个内在的价值?只是好奇股价波动时我们该怎么考虑这个问题?

　　托尼?奥利西诺:是的，我们会分享我们的理念，也就是不同投资者的购买理念。我们看看公司，你已经看到了财务状况，你已经看到了结果。我们一直把ROCE和ROIC的水平保持在20%到25%的中高范围内。EBITDAC利润率显著增强，从14%的范围持续到17%以上的范围。我们现在的现金对现金收益率如果你推断我们的自由现金流看看我们的市值是在两位数上下11%的范围内。当你看到我们目前的倍数时，我想我昨晚是根据5.67倍的估计值计算出来的，根据Ken和我昨晚和今天早上读的一些研究，这个数字将会下降。因此，在我们看来，如果我们能在当前的行业条件下选择一家我们非常了解的公司，就像我们之前说过的，在接近这个范围的任何地方，我们甚至不会谈论我们的脚离开回购踏板，直到我们在EV与EBITDA的范围内达到6或7。

　　基思·麦凯:你提到买你知道的公司的股票。正如你提到的，你还在第三季度收购了另一家公司。你能谈谈收购HydroLite对EBITDA的影响吗，如果有的话，这给了我们更多的倍数，假设有相当数量的增长机会，你会为这家公司支付更多的倍数?但你能不能谈谈这类收购的市场情况?考虑到目前市场上可能会有更多的私募股权卖家(可能在美国市场)，你认为未来一段时间内还可以在你的投资组合中增加其他领域吗?

　　托尼·奥里西诺:是的，我得说我们非常非常自律。那么，回答你问题的第一部分，就EBITDA贡献而言，这是他们带来的一项出色的业务。正如肯多次提到的，这不仅是生意，也是人。就像这三个人都是伟大的贡献者，我们相信在AES和CES有很好的未来。所以，这是我们做这笔交易的两个重要原因。从EBITDA贡献的角度来看，它很小，对吗?但我要告诉大家的是，他们的利润率实际上高于我们的综合利润率，这也是我们喜欢他们的业务和业务质量的另一个重要原因。正如Ken所提到的，我们打算以一种非常负责任的方式扩展它，并让他自由支配我们在AES的合作伙伴和公司其他部门可以提供给他们的所有工具，让他们真正做到卓越。在其他机会方面，我们看到了很多机会，这很好。但坏消息是我们的生意很好。当我们审视我们的利润率表现、现金流状况、轻资本支出、轻资产的商业模式时，我们不会为了做大或进行并购而稀释这些资产。

　　Ken Zinger:正如我提到的，Keith，他们主要集中在德克萨斯州，尤其是米德兰。所以很明显，整个美国都有机会，加拿大也是如此。至于在这个领域进行进一步的并购，我们目前没有这个打算。我们想要的是有经验、有商业计划的人，我们的目标是在这条线上有机发展。

　　接线员:[接线员说明]。下一个问题来自ATB资本市场的Tim Monachello。

　　蒂姆·蒙纳切罗:大家早上好。我的大部分问题都得到了解答。但我很好奇，你能否提供一下你在国际上看到的任何进展或机会的最新情况。还有，你们在墨西哥湾沿岸的业务发展得怎么样了?

　　肯·辛格:当然。是的，但首先在国际方面，我们将继续探索机会。并购更难找。在国际上，这是我们进入该国的首选方法。但是，我们将继续前进并尝试一些不同的方法，包括输入我们正在制作的一些rfp。所以我们继续寻找合适的机会，但目前还没有具体的进展。我们也在讨论有可能进入一个目前在美国有客户的国家，但没有具体的讨论。然后在Proflow这边，离岸这边，是的，这也在进步。我们已经围绕这次收购建立了基础设施。我们已经建立了实验室能力和供应链。目前我们面前有一些机会，我们对此持适度或适度的乐观态度，我们只希望在未来的某个时候在这里讨论这些机会。

　　蒂姆?蒙纳切罗:我们应该如何看待未来的资本支出?在接下来的12个月里，北美的增长似乎很低。

　　肯·辛格:是的。我的意思是，我认为你应该以一种乐观的方式看待今年的资本支出，我们刚刚增加了一点资本支出。显然，当我们对所有这些工作进行竞标时，随时都有很多rfp。当我们竞标这些东西时，如果我们被授予，我们必须能够在非常非常短的时间内提供它。因此，由于我们已经达到了一定的能力，有一些人员和设备，卡车，运送卡车，反应堆，在一些情况下。我们只是要在这些事情上多投入一点资金，所以如果我们赢得了一些机会，我们就能以短期和专业的方式提供这些机会。

　　蒂姆?蒙纳切罗:从成本的角度来看，你们是否有机会通过垂直整合或在没有增长的环境中增加能力来提高利润率?

　　肯·辛格:是的。我想这就是我们一直在做的，蒂姆。就像，我们真的很关注这些，重新配方，新技术，供应链，我们在哪里买，我们怎么买。即使是内部物流，我们在制造过程中也采用了轮辐模式，所以要找出最好的产品，在哪里生产，如何生产，再加上产量，这样我们就能赢得更多的业务。所以你买的越多，花的就越便宜。所以到处都是机会。我们已经抓住了很多，这是推动我们成功的重要因素。但这是我们每天都在做的事情，我们将继续这样做。我的意思是，这一切都不是通过提高价格来实现的。每件事对经营者来说都必须有意义，而且在你所处的市场背景下也必须有意义。这并不是说我们没有给每个人都增加5%的收入。这是由内而外的改造。

　　接线员:下一个问题来自BMO资本市场公司的约翰·吉布森。

　　约翰·吉布森:祝贺你们度过了一个伟大的季度。我刚刚有一个问题，有点像蒂姆关于资本支出的问题。我知道这是一个适度的增长，但我只是想知道你所说的那些rfp是否会带来潜在的市场份额增长，可能是在我们一两个月前看到的冠军交易的基础上。

　　肯·辛格:是的。等冠军结业了我才会谢谢你的问题，约翰。没有，我猜，简短的回答是我们所看到的没有一个大的胜利或者我们所看到的RFP是有意义的。但总有一大堆东西在起作用。更重要的是，我们要保持这些过剩产能，以便能够支持这些项目。目前，过剩产能正在减少，因为我们去年在这方面做得很好。所以这只是一种补充。至于冠军X，我们非常希望这笔交易能够及时完成，当它完成并完成时，我们会让你知道它的影响。但在这一点上，我要说的是有一些讨论，但还没有很多行动。

　　接线员:问答环节到此结束。我想把会议交给肯·辛格做结束语。

　　肯·辛格:谢谢。好了，到此为止，我们要对今天抽出时间参加我们会议的每一个人说声谢谢。我们仍然对这里的未来非常乐观。我们期待着在11月德克萨斯州的第三季度更新中再次与大家交谈。谢谢你！

　　接线员:今天的电话会议到此结束。你可以断开线路。谢谢你的参与，祝你有一个愉快的一天。

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