ProFrac Holding Corp (ACDC) 2022 Q4 法說會逐字稿

Greetings, and welcome to the ProFrac Holdings Corp. Fourth Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 ProFrac Holdings Corp. 第四季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Brian Wheatley, Investor Relations. Thank you. You may begin.

現在我很高興向您介紹主持人，投資者關係部的 Brian Wheatley。謝謝。你可以開始了。

Thank you, operator. Good morning, everyone. We appreciate you joining us for ProFrac Holding Corp.'s conference call and webcast to review fourth quarter and full year 2022 results. With me today are Matt Wilks, Executive Chairman; Ladd Wilks, Chief Executive Officer; and Lance Turner, Chief Financial Officer.

謝謝你，運營商。大家，早安。感謝您加入我們，參加 ProFrac Holding Corp. 的電話會議和網絡廣播，以回顧第四季度和 2022 年全年的業績。今天和我在一起的是執行主席馬特·威爾克斯 (Matt Wilks)；拉德·威爾克斯，首席執行官；和首席財務官 Lance Turner。

Following my remarks, management will provide high-level commentary on the financial highlights of the full year and fourth quarter of 2022 as well as the business outlook before opening the call up to your questions. There will be a replay of today's call available by webcast on the company's website at pfholdingscorp.com as well as a telephonic recording available until March 28, 2023. More information on how to access these replay features is included in the company's earnings release.

在我發表講話之後，管理層將在開始回答您的問題之前，對 2022 年全年和第四季度的財務亮點以及業務前景提供高級評論。將在公司網站 pfholdingscorp.com 上通過網絡直播重播今天的電話會議，並在 2023 年 3 月 28 日之前提供電話錄音。有關如何訪問這些重播功能的更多信息包含在公司的財報中。

Please note that information reported on this call speaks only as of today, March 21, 2023. And therefore, you are advised that any time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

請注意，本次電話會議報告的信息僅截至今天，即 2023 年 3 月 21 日。因此，請注意，在任何重播收聽或抄本閱讀時，任何時間敏感的信息可能不再準確。

Also, comments on this call may contain forward-looking statements within the meaning of the United States federal securities laws, including management's expectations of future financial and business performance. These forward-looking statements reflect the current views of ProFrac management and are not guarantees of performance.

此外，對此次電話會議的評論可能包含美國聯邦證券法含義內的前瞻性陳述，包括管理層對未來財務和業務績效的預期。這些前瞻性陳述反映了 ProFrac 管理層當前的觀點，並不是對業績的保證。

Various risks and uncertainties and contingencies could also cause actual results, performance or achievements to differ materially from those expressed in the management's forward-looking statements. The listener or reader is encouraged to read ProFrac's Form 10-K and other filings with the Securities and Exchange Commission, which can be found at sec.gov or on the company's Investor Relations website section under the SEC Filings tab to understand those risks and uncertainties and contingencies.

各種風險、不確定性和或有事件也可能導致實際結果、業績或成就與管理層前瞻性陳述中表達的結果、業績或成就存在重大差異。鼓勵聽眾或讀者閱讀 ProFrac 的 10-K 表格和其他提交給美國證券交易委員會的文件，這些文件可以在 sec.gov 或公司的投資者關係網站部分的 SEC 文件選項卡下找到，以了解這些風險和不確定性和突發事件。

The comments today also includes certain non-GAAP financial measures as well as other adjusted figures to exclude the contribution of ProFrac. Additional details and reconciliations to the most directly comparable consolidated and GAAP financial measures are included in the quarterly earnings press release, which can be found on the company's website.

今天的評論還包括某些非 GAAP 財務措施以及其他調整後的數字，以排除 ProFrac 的貢獻。與最直接可比的合併和 GAAP 財務指標的更多詳細信息和對賬包含在季度收益新聞稿中，可在公司網站上找到。

And now I would like to turn the call over to ProFrac's Executive Chairman, Mr. Matt Wilks.

現在我想把電話轉給 ProFrac 的執行主席 Matt Wilks 先生。

Thank you, Brian. 2022 was a milestone year for our organization. We listed on the NASDAQ, announced 8 M&A transactions totaling roughly $1.8 billion and assembled the most technologically advanced fleet in the industry, along with an in-basin sand mining footprint and manufacturing capabilities to support it. As we have demonstrated, M&A is core to our strategy and integrating acquired assets and businesses is a key competency.

謝謝你，布萊恩。 2022 年是我們組織具有里程碑意義的一年。我們在納斯達克上市，宣布了 8 項併購交易，總額約為 18 億美元，並組建了業內技術最先進的車隊，以及盆地內的砂礦開採足跡和製造能力來支持它。正如我們所證明的，併購是我們戰略的核心，整合收購的資產和業務是一項關鍵能力。

In 2022, we successfully leveraged this skill set scaling our vertically integrated platform while building upon and executing on our "Acquire, Retire, Replace" strategy. Vertical integration positions ProFrac to reduce market volatility and deliver more consistent profitability throughout the cycle. Our internal manufacturing capabilities result in shortened lead times for inventory, rationalized purchase orders and improved capital efficiency. Owning the production of critical inputs to the frac value chain such as sand and chemicals, ensured supply enhances fleet utilization and limits nonproductive time.

2022 年，我們成功利用這一技能組合擴展了我們的垂直整合平台，同時建立並執行了我們的“收購、退休、替換”戰略。垂直整合使 ProFrac 能夠減少市場波動並在整個週期內提供更穩定的盈利能力。我們的內部製造能力縮短了庫存交貨時間，使採購訂單合理化並提高了資本效率。擁有沙子和化學品等壓裂價值鏈關鍵投入的生產，確保供應可提高車隊利用率並限制非生產時間。

Furthermore, it allows us to control a larger share of the frac value chain and aggregate a larger share of the total profits earned along the way to the wellhead. This is critical to our strategy. Our leading in-basin production footprint when combined with the baseload demand from our fleets insulates us from price volatility and operational disruptions caused by the sand market, and serves as a competitive advantage, facilitating our goal of improving integrated sand and logistics sales.

此外，它使我們能夠控制壓裂價值鏈的更大份額，並在到達井口的過程中積累更大份額的總利潤。這對我們的戰略至關重要。我們領先的流域內生產足跡與我們車隊的基本負荷需求相結合，使我們免受沙子市場引起的價格波動和運營中斷的影響，並作為競爭優勢，促進我們實現提高綜合沙子和物流銷售的目標。

Historically, ProFrac has always aimed to offer fully integrated fleets with proppant, chemicals and logistics sold along with the service and equipment. This strategy uniquely differentiates our business model from the companies we acquired in 2022, all of which marketed their fleets on an equipment-only basis. This provides a distinct opportunity for new growth, and as we apply our commercial strategy to these fleets and those legacy fleets currently not providing materials.

從歷史上看，ProFrac 一直旨在提供完全集成的船隊，將支撐劑、化學品和物流與服務和設備一起出售。這一戰略將我們的商業模式與我們在 2022 年收購的公司區分開來，所有這些公司都以純設備的方式營銷他們的車隊。這為新的增長提供了一個獨特的機會，因為我們將我們的商業戰略應用於這些機隊和那些目前不提供材料的傳統機隊。

We expect continued improvement in the profit earning potential of our business. To put it in context, at today's pricing, we believe a fully integrated fleet that aggregates profits across the entire frac value chain, including horsepower, sand and chemicals and logistics could generate as much as $50 million in gross profit annually. To be clear, we believe this is the amount already being earned by various service providers throughout the value chain.

我們預計我們業務的盈利潛力將持續改善。綜上所述，按照今天的定價，我們相信一個完全整合的船隊可以匯集整個壓裂價值鏈的利潤，包括馬力、沙子和化學品以及物流，每年可以產生高達 5000 萬美元的毛利潤。需要明確的是，我們認為這是整個價值鏈中各種服務提供商已經賺取的金額。

We also believe that ProFrac can do it more efficiently and more effectively for our customers, providing them with the cost savings and thus a profit enhancement by capturing as much of that value chain as possible.

我們還相信，ProFrac 可以更有效地為我們的客戶做到這一點，為他們節省成本，從而通過捕獲盡可能多的價值鏈來提高利潤。

Finally, our recent acquisitions of Producer Services Corp and Rev Energy Services demonstrate further commitment to our "Acquire, Retire, Replace" strategy and also illustrates our ability to identify financially attractive opportunities with additional strategic upside. We are confident that we can improve the economics of the fleets we acquired in both these transactions.

最後，我們最近對 Producer Services Corp 和 Rev Energy Services 的收購表明了我們對“收購、退休、替換”戰略的進一步承諾，也表明我們有能力識別具有額外戰略優勢的具有財務吸引力的機會。我們相信，我們可以提高我們在這兩項交易中獲得的車隊的經濟效益。

We have successfully run this playbook following our acquisitions of FTSI and U.S. Well Services. In addition, we also gained a low-cost avenue for expanding our manufacturing presence in the Northeast through the Producers acquisition.

在收購 FTSI 和 U.S. Well Services 之後，我們已經成功運行了這本劇本。此外，我們還通過收購 Producers 獲得了一條低成本途徑來擴大我們在東北部的製造業務。

With REV, we acquired modern, high-quality fleets and gained a foothold in the Rockies, further diversifying our basin and customer mix without diluting pricing in that market. In connection with these transactions, we made the decision to retire equipment equivalent to 3 frac fleets, evaluating and targets assets to determine what equipment can be immediately worked at ProFrac standards, what can be rebuilt or refurbished, and what should be retired is a critical element of our process.

借助 REV，我們獲得了現代化、高質量的車隊，並在落基山脈站穩了腳跟，進一步豐富了我們的盆地和客戶組合，而沒有稀釋該市場的定價。關於這些交易，我們決定退役相當於 3 個壓裂車隊的設備，評估和定位資產以確定哪些設備可以立即按照 ProFrac 標準工作，哪些可以重建或翻新，哪些應該退役是一個關鍵我們流程的要素。

We believe our decision to retire certain fleets not only allows us to maintain the highest quality of assets and levels of operating efficiency, but also helps to add balance to the overall market. ProFrac's objective is simple. We are working to build the most nimble and financially stable company in the oilfield. Vertical integration is critical to achieving this goal. By controlling the critical links in our supply chain and maintaining an unwavering focus on safety, efficiency and profitability, we believe we can deliver for our customers, shareholders and employees like no other company in our industry.

我們相信，我們退役某些機隊的決定不僅使我們能夠保持最高質量的資產和運營效率水平，而且還有助於增加整體市場的平衡。 ProFrac 的目標很簡單。我們正在努力打造油田中最靈活、財務最穩定的公司。垂直整合對於實現這一目標至關重要。通過控制我們供應鏈中的關鍵環節並堅定不移地關注安全、效率和盈利能力，我們相信我們可以像業內其他公司一樣為我們的客戶、股東和員工提供服務。

Now I would like to turn the call over to Ladd.

現在我想把電話轉給拉德。

Thanks, Matt. We're incredibly proud of our team's performance in the fourth quarter to generate nearly 14% sequential revenue growth and to achieve annualized adjusted EBITDA per fleet of approximately $30 million, excluding Flotek, despite an early round of cold weather that negatively impacted fleet efficiency.

謝謝，馬特。我們為我們團隊在第四季度的表現感到無比自豪，儘管早期的寒冷天氣對車隊效率產生了負面影響，但我們的團隊在第四季度實現了近 14% 的連續收入增長，並實現了每支車隊約 3000 萬美元的年化調整後 EBITDA（不包括 Flotek）。

The inclusion of 7 electric fleets acquired from U.S. Well Services for a partial quarter, increased the number of average active fleets in the fourth quarter to 36. Furthermore, we continue to benefit from our integrated services model through which we provide equipment, chemicals, proppants and logistics to our customers. During the quarter, we supplied approximately 1/3 of the sand pumped by our frac fleets compared to roughly 26% in the previous quarter. This allowed us to increase sand sales approximately 9% versus the third quarter of 2022. The improvement was primarily driven by a full quarter contribution from the Monahans mine.

部分季度從 U.S. Well Services 收購的 7 支電動車隊，使第四季度的平均活躍車隊數量增加到 36 支。此外，我們繼續受益於我們提供設備、化學品、支撐劑的綜合服務模式和物流給我們的客戶。在本季度，我們提供了大約 1/3 的壓裂船隊抽取的沙子，而上一季度這一比例約為 26%。與 2022 年第三季度相比，這使我們的沙子銷售額增加了約 9%。這一改善主要是由莫納漢斯礦場整個季度的貢獻推動的。

The goal is to increase our materials penetration even higher, closer to 60% or 70%. So we expect to see further gains at the Lamesa mine, which came online at the end of December and the recently acquired mine for Monarch Silica and the Performance Proppants mine will contribute to our results in Q1.

目標是將我們的材料滲透率提高到更高，接近 60% 或 70%。因此，我們預計 12 月底上線的 Lamesa 礦將進一步上漲，最近收購的 Monarch Silica 礦和 Performance Proppants 礦將對我們第一季度的業績做出貢獻。

During the fourth quarter, we averaged 2 mines operating, but with the closing of the Performance Proppants acquisition in February, we will exit the quarter with a total of 8 mines and nearly 23 million tons of in-basin annual nameplate production capacity located strategically throughout major pressure pumping markets.

在第四季度，我們平均有 2 個礦山在運營，但隨著 2 月份 Performance Proppants 收購的結束，我們將在整個季度結束時共有 8 個礦山和近 2300 萬噸的流域內年銘牌產能戰略性地分佈在整個主要壓力泵市場。

I must also commend the commercial team for their accomplishments as well. Following the closing of the Performance Proppants acquisition, the team successfully placed 2 fleets with Tier 1 clients in the Haynesville. In addition, the recently acquired fleet from U.S. Well Services were previously operating at below market rates in the fourth quarter, but the team successfully worked with many customers to find win-win solutions for these fleets. That will provide more improved returns to ProFrac.

我還必須讚揚商業團隊的成就。在 Performance Proppants 收購完成後，該團隊成功地在海恩斯維爾為一級客戶安置了 2 個車隊。此外，最近從 U.S. Well Services 收購的船隊在第四季度的運營價格低於市場價，但該團隊成功地與許多客戶合作，為這些船隊找到了雙贏的解決方案。這將為 ProFrac 提供更高的回報。

While we will begin to see the benefit of these changes in late Q1, we expect the full impact to be realized in the second quarter of 2023. We're very excited about our active electric fleets and those under construction, and we're proud to currently operate 8E fleets, the largest number of electric fleets in the industry. We believe next-generation fleets such as electric and dual-fuel fleets are the future, and we continue to see significant demand for these technologies from our customers.

雖然我們將在第一季度末開始看到這些變化的好處，但我們預計將在 2023 年第二季度實現全面影響。我們對我們的現役電動車隊和在建電動車隊感到非常興奮，我們感到自豪目前運營 8E 車隊，這是業內數量最多的電動車隊。我們相信下一代車隊，如電動和雙燃料車隊是未來，我們繼續看到客戶對這些技術的巨大需求。

The recent sharp decline in gas prices, especially relative to crude oil prices has magnified the value proposition of our next-generation fleet. Customers are becoming increasingly focused on substituting natural gas for diesel fuel, wherever possible, in order to capitalize on lower completion costs.

最近天然氣價格的大幅下跌，尤其是相對於原油價格的下跌，放大了我們下一代車隊的價值主張。客戶越來越關注在可能的情況下用天然氣代替柴油燃料，以利用較低的完工成本。

As a result, we're seeing incredible levels of inbound interest in our dual fuel and electric fleets from high-quality customers. Currently, we have multiple opportunities to place our first in-house manufacturer electric fleet with Tier 1 customers on a dedicated or contracted basis. And we expect to deploy that fleet under such an arrangement in the near future.

因此，我們看到優質客戶對我們的雙燃料和電動車隊的入境興趣達到了令人難以置信的水平。目前，我們有多個機會在專門或合同的基礎上將我們的第一個內部製造商電動車隊部署給一級客戶。我們希望在不久的將來根據這樣的安排部署該艦隊。

Today, 59% of ProFrac fleets are next-generation, fuel-efficient fleets that offer significant fuel cost savings and emission reductions, which helps differentiate ProFrac from the rest of our industry. We remain firmly committed to delivering premium value while improving our environmental footprint.

如今，59% 的 ProFrac 車隊是下一代節能車隊，可顯著節省燃料成本並減少排放，這有助於將 ProFrac 與我們行業的其他公司區分開來。我們仍然堅定地致力於提供優質價值，同時改善我們的環境足跡。

Lower commodity prices have impacted our customers' business over the last several months. Service pricing levels have remained steady through February, but we will continue to assess the impact. In response to the reduction in gas prices, we have seen a less efficient calendar to develop over the course of the first quarter 2023. The less efficient calendar combined with the seasonal weather impact is expected to reduce our efficiencies in the first quarter of 2023. However, we have capitalized on our improved in-basin sand footprint to high-grade customers in the Haynesville and Eagle Ford.

在過去幾個月中，較低的商品價格影響了我們客戶的業務。服務定價水平在 2 月份一直保持穩定，但我們將繼續評估其影響。為了應對天然氣價格的下降，我們發現在 2023 年第一季度開發的日曆效率較低。效率較低的日曆加上季節性天氣影響預計將降低我們 2023 年第一季度的效率。然而，我們已經利用我們改進的盆地內沙地足跡為海恩斯維爾和伊格爾福特的高檔客戶提供服務。

Our embrace of these markets has paid off as we have added fully integrated fleets with top-tier operators. Importantly, in the Haynesville, we are partnered with customers who are well hedged and expect to maintain activity and completion programs throughout the year.

我們對這些市場的擁抱得到了回報，因為我們增加了與頂級運營商完全集成的機隊。重要的是，在 Haynesville，我們與對沖良好並希望全年保持活動和完工計劃的客戶合作。

While the market for frac equipment remains tight, we have seen dislocation in the Permian during the first quarter of 2023, driven by E&P consolidation and service companies rotating fleets from natural gas basins to the Permian.

儘管壓裂設備市場仍然緊張，但在勘探與生產整合和服務公司將車隊從天然氣盆地輪換到二疊紀的推動下，我們在 2023 年第一季度看到了二疊紀的錯位。

In the near term, these trends have limited our ability to grow our penetration of fully-integrated fleets in the region. However, we remain committed to our strategy of pursuing work that offers both calendar density as well as full material bundling. As a result, we have reduced our supply of fleets in the Permian in the first quarter and expect to build our active fleet count over the next several months as a shortage of strategically located sand and premium fuel-efficient fleets creates a call on ProFrac services.

在短期內，這些趨勢限制了我們在該地區提高完全整合機隊滲透率的能力。然而，我們仍然致力於我們的戰略，即追求既提供日曆密度又提供完整材料捆綁的工作。因此，我們在第一季度減少了二疊紀的船隊供應，並預計在未來幾個月內建立我們的活躍船隊數量，因為戰略位置的沙子和優質節油船隊的短缺需要 ProFrac 服務.

Right now, we are continuing to deploy our capital for maintenance. In doing so, we are ensuring that our fleet is positioned to continue delivering the high level of service quality we are known for. Additionally, we are laser-focused on standardizing the equipment, controls and procedures used by our fleets across all regions, allowing us to optimize both efficiency and inventory levels.

目前，我們正在繼續部署我們的資金進行維護。通過這樣做，我們確保我們的機隊能夠繼續提供我們眾所周知的高水平服務質量。此外，我們專注於標準化我們所有地區車隊使用的設備、控制和程序，使我們能夠優化效率和庫存水平。

As Matt mentioned earlier, we retired 3 of the fleets we acquired and are actively working to make the rest of the acquired fleet uniform with ProFrac's legacy assets. This brings our total fleet count to 42 today, which we expect to grow to 46 by the end of the year as we complete construction of our new build electric fleets.

正如 Matt 之前提到的，我們退役了我們收購的 3 支車隊，並正在積極努力使其餘的收購車隊與 ProFrac 的遺留資產統一。這使我們今天的車隊總數達到 42 個，隨著我們完成新建電動車隊的建設，我們預計到今年年底將增加到 46 個。

We remain excited for 2023 and believe the market for frac equipment will remain tight for the foreseeable future. Although the commodity market may create a headwind in the near term, we believe our portfolio of next-generation fleet and in-basin sand mine network will allow us to maintain our financial expectations for the remainder of the year.

我們對 2023 年仍然感到興奮，並相信在可預見的未來，壓裂設備市場將保持緊張。儘管商品市場可能在短期內造成逆風，但我們相信我們的下一代船隊和盆地內砂礦網絡的組合將使我們能夠在今年剩餘時間內維持我們的財務預期。

The opportunity to combine significant fuel cost savings, optimize sand and logistics and best-in-class operating efficiency enables us to generate a mutually beneficial situation where ProFrac achieved premium pricing while still delivering lower all-in completion cost per lateral foot for our customers.

將顯著節省燃料成本、優化沙子和物流以及一流的運營效率相結合的機會使我們能夠創造互惠互利的局面，ProFrac 實現了溢價，同時仍然為我們的客戶提供更低的每橫向英尺總完工成本。

And finally, I want to thank all of our employees. Without your tireless work and sacrifice, none of this could be possible. Thank you so much, and I appreciate all of you.

最後，我要感謝我們所有的員工。沒有你們的不懈努力和犧牲，這一切都不可能實現。非常感謝你們，我感謝你們所有人。

With that, I'll turn the call over to Lance and he'll review our financial results in more detail.

有了這個，我會把電話轉給蘭斯，他會更詳細地審查我們的財務業績。

Thank you, Ladd. Good morning, everyone. We're pleased to announce our results and the progress we made during the fourth quarter.

謝謝你，拉德。大家，早安。我們很高興地宣布我們的業績和我們在第四季度取得的進展。

On a consolidated basis, revenue for the fourth quarter was $794 million, up almost 14% sequentially. The improvement in revenue was driven by a higher average active fleet count of 36, providing an increased amount of the sand pumped by our fleet, slightly offset by lower efficiencies during the quarter.

在綜合基礎上，第四季度收入為 7.94 億美元，環比增長近 14%。收入的改善是由於平均活躍船隊數量增加了 36 輛，這增加了我們船隊抽沙的數量，但被本季度較低的效率所抵消。

Adjusted EBITDA, excluding Flotek was $269 million for the quarter, up slightly from the third quarter. Annualized adjusted EBITDA per fleet was $30 million, down from last quarter due to the lower overall profitability of the U.S. Well Services fleet that were under firm pricing when we acquired them. For the full year, revenue totaled $2.4 billion, and adjusted EBITDA excluding Flotek was $836 million.

本季度調整後的 EBITDA（不包括 Flotek）為 2.69 億美元，略高於第三季度。每支船隊的年化調整後 EBITDA 為 3000 萬美元，低於上一季度，這是由於美國 Well Services 船隊的整體盈利能力較低，這些船隊在我們收購時處於固定定價之下。全年收入總計 24 億美元，不包括 Flotek 的調整後 EBITDA 為 8.36 億美元。

I'll now drill down on our various business segments. The Simulation Services segment generated revenue of $767 million for the fourth quarter and $2.3 billion for the year. Adjusted EBITDA for the fourth quarter was $252 million compared to $250 million in the third quarter. Again, this was driven by higher active fleet count and providing an increased amount of sand pump by our fleet, offset by lower profitability on U.S. Well fleets and efficiencies overall. As we look into the first quarter, we expect average fleets to increase to approximately 41 fleets.

我現在將深入探討我們的各個業務部門。模擬服務部門第四季度的收入為 7.67 億美元，全年收入為 23 億美元。第四季度調整後的 EBITDA 為 2.52 億美元，而第三季度為 2.5 億美元。同樣，這是由活躍船隊數量增加和我們船隊提供的砂泵數量增加所推動的，但被美國油井船隊的盈利能力和整體效率降低所抵消。當我們展望第一季度時，我們預計平均機隊將增加到大約 41 個機隊。

The Proppant Production segment revenue increased approximately 44% in the fourth quarter and totaled $35 million, of which 64% was intercompany. The improvement was attributable to improved pricing and an increased number of tons sold. Our ability to provide more sand was in large part due to a full quarter contribution from the Monahan sand mine.

支撐劑生產部門的收入在第四季度增長了約 44%，總計 3500 萬美元，其中 64% 來自公司內部。這一改善歸因於定價的改善和銷售噸數的增加。我們提供更多沙子的能力在很大程度上歸功於 Monahan 砂礦整整一個季度的貢獻。

For the quarter, adjusted EBITDA grew 120% to roughly $20 million. The profit segment will expand considerably in the first quarter as we add 4 additional mines operating for the full quarter, and we acquired 4 mines in the Performance acquisition. In addition, we continue to focus on improving utilization of all mines, which will improve revenue, cost per ton and ultimately, total EBITDA generated. As we integrate the profit segment, we expect continued improvement as we build the best-in-class profit mining company.

本季度，調整後的 EBITDA 增長了 120%，達到約 2000 萬美元。利潤部分將在第一季度大幅擴大，因為我們在整個季度增加了 4 個運營的礦山，並且我們在 Performance 收購中收購了 4 個礦山。此外，我們繼續專注於提高所有礦山的利用率，這將提高收入、每噸成本以及最終產生的總 EBITDA。隨著我們整合利潤部門，我們希望在打造一流利潤礦業公司的過程中持續改進。

The Manufacturing segment generated $51 million of revenue in the fourth quarter, up 5% sequentially. Approximately 93% of this revenue was intercompany. Cost pressures continue to be a headwind for this segment as it absorbed the higher raw material prices of its products and as it ramps up production to accommodate the larger fleet cap resulting from the recent acquisitions.

製造部門在第四季度創造了 5100 萬美元的收入，環比增長 5%。該收入的大約 93% 來自公司間收入。成本壓力繼續成為該部門的不利因素，因為它吸收了其產品較高的原材料價格，並提高了產量以適應最近收購導致的更大的船隊上限。

Adjusted EBITDA for the quarter was negative $3.1 million. Looking forward, we expect the first quarter to have increased sales volume with normalized profit levels at or exceeding Q3 levels.

本季度調整後的 EBITDA 為負 310 萬美元。展望未來，我們預計第一季度的銷量將有所增加，而正常化的利潤水平將達到或超過第三季度的水平。

From a corporate perspective, SG&A, excluding acquisition-related expenses and stock-based compensation increased to $60 million in the fourth quarter, driven by the expansion of our fleet count and the build-out of our profit segment. Approximately $5 million of this related to Flotek for the quarter.

從公司的角度來看，第四季度，SG&A（不包括收購相關費用和基於股票的薪酬）增加到 6000 萬美元，這是由於我們機隊數量的擴大和利潤部門的擴大。本季度約有 500 萬美元與 Flotek 有關。

At year-end, our total debt balance, excluding amounts attributable to Flotek was $941 million. The total debt balance on a pro forma basis for the upsize of our term loan and the recent draw on our ABL facility to close the Performance Proppants acquisition is approximately $1.3 billion.

年末，我們的總債務餘額（不包括歸屬於 Flotek 的金額）為 9.41 億美元。根據我們的定期貸款規模擴大和最近提取我們的 ABL 設施以完成 Performance Proppants 收購的備考總債務餘額約為 13 億美元。

Based on the current interest rates, this equates to an annual run rate interest expense of roughly $10 million per month. We believe the ability to upsize the term loan by $320 million and increase our ABL facility commitments from $280 million to $400 million underscores the earnings power and creditworthiness of our business as well as the strong commitment from our lenders.

根據目前的利率，這相當於每月大約 1000 萬美元的年利率費用。我們相信，將定期貸款增加 3.2 億美元並將我們的 ABL 貸款承諾從 2.8 億美元增加到 4 億美元的能力突顯了我們業務的盈利能力和信譽度以及我們貸方的堅定承諾。

More importantly, we believe the earnings potential in the Performance acquisition goes beyond profit production capacity and will provide significant benefits to our Pressure Pumping segment. As Ladd mentioned, we have already started to see some of those benefits.

更重要的是，我們相信 Performance 收購的盈利潛力超出了利潤生產能力，並將為我們的壓力泵部門帶來重大利益。正如 Ladd 所提到的，我們已經開始看到其中的一些好處。

Operating cash flow was $159 million in the fourth quarter, down slightly from the previous quarter. It was impacted by an approximately $50 million working capital build, of which approximately $9 million related to Flotek.

第四季度經營現金流為 1.59 億美元，較上一季度略有下降。它受到約 5000 萬美元營運資金建設的影響，其中約 900 萬美元與 Flotek 有關。

Finally, capital expenditures for the year, excluding acquisitions, were $356 million. For 2023, we expect our capital expenditures to be in line with 2022 levels. Although the total spend will be similar, it will consist of a slightly different mix.

最後，不包括收購在內的當年資本支出為 3.56 億美元。對於 2023 年，我們預計我們的資本支出將與 2022 年的水平保持一致。儘管總支出相似，但其中的組合略有不同。

We have budgeted approximately 15% to complete the constraint of the 4 electric power fleets. We also expect to allocate roughly 30% of our capital expenditure budget to complete engine upgrades and other growth initiatives as well as 15% for various initiatives in our proppant production and manufacturing segments.

我們已經預算了大約 15% 來完成 4 個電力機隊的約束。我們還預計將大約 30% 的資本支出預算用於完成發動機升級和其他增長計劃，以及 15% 用於支撐劑生產和製造部門的各種計劃。

The remainder of the 2023 capital expenditure budget will be used to fund maintenance capital expenditures estimated to be between $3 million and $3.5 million per fleet per year.

2023 年資本支出預算的剩餘部分將用於資助維護資本支出，估計每年每支機隊的支出在 300 萬至 350 萬美元之間。

I'll now turn the call back over to Matt.

我現在將電話轉回給馬特。

I want to thank everyone for joining our conference call today and taking the time to listen to our results. If we've been successful, you all will leave here with 3 key takeaways: one, ProFrac's significant proppant production footprint across key pressure pumping markets will allow us to offer fully integrated fleets with proppant, chemicals and logistics sold along with our service and equipment. This provides a distinct opportunity for new growth and expanded margins.

我要感謝大家今天參加我們的電話會議並花時間聽取我們的結果。如果我們成功了，你們所有人將帶著 3 個關鍵要點離開這裡：第一，ProFrac 在主要壓力泵市場的重要支撐劑生產足跡將使我們能夠提供完全集成的車隊，支撐劑、化學品和物流與我們的服務和設備一起銷售.這為新的增長和擴大利潤提供了獨特的機會。

Two, our vertically integrated business model is resilient and therefore, can deliver a differentiated return profile that is profitable through (inaudible). We continue to execute on our "Acquire, Retire, Replace" efforts. And by utilizing our scale, we can improve the commercial success of these operations.

第二，我們的垂直整合業務模型具有彈性，因此可以提供差異化的回報概況，通過（聽不清）盈利。我們繼續執行我們的“收購、退休、替換”工作。通過利用我們的規模，我們可以提高這些業務的商業成功率。

And with that, operator, we are ready for questions.

有了這個，接線員，我們準備好提問了。

(Operator Instructions) Our first question comes from the line of Stephen Gengaro with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Stephen Gengaro。

I guess 2 things for me. Just -- you -- in your presentation, you put out this morning, you have this illustrative annual run rate EBITDA bridge. And I just wanted to make sure I completely understood sort of the bridge from 4Q '22. I think one of the elements is 12 active fleets and kind of a run rate EBITDA of $34 million, I think you used. Is that the e-fleets plus the 2 recent acquisitions of REV and Producers that drive the incremental 12 fleets? Or where do those 12 fleets come from?

我猜對我來說有兩件事。只是 - 你 - 在你今天早上發布的演示文稿中，你有這個說明性的年度運行率 EBITDA 橋。我只是想確保我完全理解 22 年第四季度的橋樑。我認為其中一個要素是 12 個活躍的機隊和 3400 萬美元的運行率 EBITDA，我想你用過。是 e-fleets 加上最近對 REV 和 Producers 的 2 次收購推動了 12 個增量車隊？或者那12支艦隊來自哪裡？

And then I guess the second part of that question is the impact from the sand operations as a separate line kind of embedded in the profitability of the fleet at that 34 million per fleet per year of EBITDA?

然後我想這個問題的第二部分是沙子運營作為一條單獨的線路的影響，這種影響嵌入在車隊的盈利能力中，每個車隊每年的 EBITDA 為 3400 萬？

No, they're separate. And so when we look at the 12 active -- additional active fleets, those come from a combination of acquisitions as well as the new builds that we've had planned and have disclosed the new electric fleet. And then we've added an additional 16 million tons per year of capacity on the sand side, which we expect to see a pull-through on each of the fleets as we see the fully bundled offering.

不，它們是分開的。因此，當我們查看 12 個活躍的 - 額外的活躍機隊時，這些機隊來自收購以及我們計劃並已披露的新電動機隊的新建築。然後我們在沙區每年增加了 1600 萬噸的產能，我們希望在看到完全捆綁的產品時，每個船隊都能實現這一目標。

If you break it down and you look at the full value chain that's associated with bundled services, we believe that there's as much as $50 million a year annualized and that -- when you own each part of that value chain, you have the ability to pull that through. So we're really excited about being able to do that. And this also takes our capacity on sand mines to 22.3 million tons total. And we're really, really excited about that. We've got some great comps out there of smaller sand companies that really showed just what the value of these assets are worth.

如果您將其分解並查看與捆綁服務相關的完整價值鏈，我們相信每年有高達 5000 萬美元的年化收益，而且當您擁有該價值鏈的每個部分時，您就有能力把它拉過去。所以我們真的很高興能夠做到這一點。這也使我們的砂礦總產能達到 2230 萬噸。我們對此非常非常興奮。我們有一些小型砂石公司的出色表現，它們真正展示了這些資產的價值。

Just to clarify, the $34.3 million run rate of EBITDA for those 12 active fleets excludes sand?

澄清一下，這 12 支現役艦隊的 3430 萬美元 EBITDA 運行率不包括沙子？

That's right.

這是正確的。

Okay. Great. The other question -- and thank you for the color, I appreciate it. The other question is in a world where investors in general seem to be nervous about debt, and you have -- you've made a lot of good strategic acquisitions. How do you think about the debt levels that you're comfortable with? And then any longer-term plans to sort of delever and return capital?

好的。偉大的。另一個問題——謝謝你的顏色，我很感激。另一個問題是在一個普遍的投資者似乎對債務感到緊張的世界中，你已經 - 你已經進行了很多很好的戰略收購。您如何看待自己滿意的債務水平？然後有什麼長期計劃去槓桿化和返還資本？

Yes. We're certainly in the process of deleveraging. But when we look at the cash flow that we generate, we don't see us as having any issues with our -- with the total amount of leverage. But when we look at the run rate and the cash flow generation that we fully expect to see through the remainder of the year, we think that this will be a shrinking issue.

是的。我們當然處於去槓桿化的過程中。但是，當我們查看我們產生的現金流量時，我們認為我們的槓桿總量沒有任何問題。但是，當我們查看我們完全期望在今年剩餘時間內看到的運行率和現金流產生時，我們認為這將是一個縮小的問題。

Our next question comes from the line of Saurabh Pant with Bank of America.

我們的下一個問題來自美國銀行的 Saurabh Pant 系列。

I had a quick question. I think we talked about taking some supply out of the market. You're obviously retiring 3 fleets. I think of the 6 that you acquired in the Producers and REV transaction, plus, I think I also heard you say that you are reducing our supply of fleets in the Permian. So if you can just talk to that, how much capacity you're retiring/taking out from the market, just so that we are on the same page in that? That would be helpful.

我有一個快速的問題。我想我們討論過從市場上撤出一些供應。您顯然要退役 3 個艦隊。我想到你在生產者和 REV 交易中獲得的 6，另外，我想我也聽到你說你正在減少我們在二疊紀的船隊供應。所以，如果你能談談，你要從市場上淘汰/撤出多少容量，這樣我們就可以在同一頁上了？那會很有幫助。

Certainly. So we've stayed consistent on our plans for "Acquire, Retire, Replace." And so when we go through and we look at any acquisition, the first part of that is going in and looking at the quality, the horsepower, our ability to upgrade it and the overall cost of upgrading it. And so we go through a careful process of evaluating whether we should or if we should retire.

當然。因此，我們一直堅持我們的“收購、退休、替換”計劃。因此，當我們通過並查看任何收購時，第一部分是進入並查看質量、馬力、我們升級它的能力以及升級它的總體成本。因此，我們通過一個仔細的過程來評估我們是否應該或是否應該退休。

And so based on the quality of some of these fleets and some -- not necessarily fleets but more so on an individual pump basis. So when you go in and you look at these individual pumps, it just doesn't make sense to convert or upgrade them. And so we've elected to retire them and take capacity away from the market. I think it's a prudent thing to do.

因此，基於其中一些機隊和一些機隊的質量——不一定是機隊，而是基於單個泵的質量。因此，當您進去查看這些單獨的泵時，轉換或升級它們就沒有意義了。因此，我們選擇讓它們退役，並從市場上奪走產能。我認為這是一個謹慎的做法。

And our #1 priority is make sure that the service quality and the execution that we have on location is never compromised by the quality of the equipment. We also focus on standardizing our -- what we have out there, what we make available to our customers as well as to our employees. We want to make sure that everybody has the best tools for the job. So we made that choice to remove 3 from the mix.

我們的第一要務是確保我們在現場的服務質量和執行不會因設備質量而受到影響。我們還專注於標準化我們的產品——我們所擁有的，我們為客戶和員工提供的。我們希望確保每個人都擁有完成工作的最佳工具。所以我們做出了從組合中刪除 3 的選擇。

And as far as the asset allocation, we're fully aware and seeing the tape on natural gas with our footprint and the strength that we're seeing with our overall supply chain, we really like the developments that we've seen there. We've seen a very warm welcome from our customer base in the Haynesville, the Northeast; and then the Eagle Ford, where we've actually seen an increase of activity from the customers that we target.

就資產配置而言，我們充分意識到並看到了天然氣方面的發展，我們的足跡以及我們在整個供應鏈中看到的實力，我們真的很喜歡我們在那裡看到的發展。我們在東北海恩斯維爾的客戶群受到了熱烈的歡迎；然後是 Eagle Ford，我們實際上已經看到目標客戶的活動有所增加。

And with that, there's a number of reasons that we think that may have developed. We know that many of our peers have pulled fleets from those areas. And taking them back to the -- taking them back west to the Permian. And so we're seeing a little bit of a shuffle out there in the Permian and we're really excited about what we're doing and expect to see that our supply chain will start -- will continue to show results as we fully bundle our services around our frac fleets.

有了這個，我們認為可能已經發展了很多原因。我們知道我們的許多同行已經從這些地區撤出車隊。把他們帶回——把他們帶回西邊的二疊紀。因此，我們在二疊紀看到了一些洗牌，我們對我們正在做的事情感到非常興奮，並期望看到我們的供應鏈將開始——將在我們完全捆綁時繼續顯示結果我們的服務圍繞我們的壓裂船隊。

We've taken a position that these frac fleets are packages that sell products. And for that reason, it's allowed us to take a new view of our customer base so that we can focus more exclusively on utilization rates with customers that would expect to see a slightly lower horsepower price. And it's an easier decision for us to make now that we have so many products to offer through our horsepower.

我們的立場是，這些壓裂車隊是銷售產品的組合。出於這個原因，它使我們能夠對我們的客戶群有一個新的看法，這樣我們就可以更專注於那些希望看到馬力價格略低的客戶的利用率。現在我們可以通過我們的能力提供如此多的產品，這對我們來說是一個更容易做出的決定。

Okay. Okay. No, that makes sense. And then just quickly on the vertical integration strategy. Obviously, that was part of your strategy from Day 1, right? So no surprises there. But if I just look at the Haynesville and think about how much sand capacity you have, right, I'm doing this back of the envelope math, about 0.5 million tons per annum of sand required per fleet. It looks like you can service 20 to 21 fleets at nameplate capacity, right? Obviously, it's going to be lower than that on an effective basis.

好的。好的。不，這是有道理的。然後快速實施垂直整合戰略。顯然，這是您從第一天開始就制定的策略的一部分，對吧？所以沒有驚喜。但是，如果我只看海恩斯維爾號，想想你有多少沙子容量，對，我正在做這個粗略的計算，每支艦隊每年需要大約 50 萬噸沙子。看起來您可以按銘牌容量為 20 到 21 個車隊提供服務，對嗎？顯然，它會低於有效基礎上的水平。

But that means a lot of upside potentially to the number of fleets that you can deploy in the Haynesville over the medium term, right? I understand near term, have challenges, right? But over the medium term, you can substantially increase your footprint in the Haynesville. Is that the strategy? How should we think about that versus your selling sand to third-party pressure pumping companies?

但這意味著你可以在中期部署在海恩斯維爾的艦隊數量有很大的上升空間，對吧？我了解近期，有挑戰，對嗎？但從中期來看，您可以大幅增加在海恩斯維爾的足跡。那是策略嗎？與您向第三方壓力泵公司出售沙子相比，我們應該如何考慮？

Well, it's a tough environment out there, not just the one with commodities, but also just the broader markets. I mean there's potentially a recession coming. You've got this crisis, this banking crisis that's going on. So we're taking a very cautious approach. We're not looking to be too aggressive on deploying more assets to any of these regions. But theoretically, we could support a substantially higher number of fleets in the Haynesville.

好吧，這是一個艱難的環境，不僅是大宗商品，還有更廣泛的市場。我的意思是可能會出現經濟衰退。你遇到了這場危機，這場正在發生的銀行業危機。所以我們正在採取非常謹慎的方法。我們不打算過於積極地向這些地區中的任何一個部署更多資產。但從理論上講，我們可以在海恩斯維爾支持更多數量的艦隊。

We're playing this really close to the chest, but make no mistake, we're long-term believers in the gas markets and love what we see by the end of this decade with the export capacity that's coming on. We especially like seeing operators secure their own offtake agreements with these LNG exports. And so we think that it's really important that we stay committed to these markets and maintain those relationships to make sure that we have a reputation that doesn't run from a little bit of weakness in the short term.

我們正在玩這個非常接近胸部，但不要誤會，我們是天然氣市場的長期信徒，並且喜歡我們在本十年末看到的出口能力即將到來的情況。我們特別喜歡看到運營商與這些液化天然氣出口簽訂了自己的承購協議。因此，我們認為，我們繼續致力於這些市場並保持這些關係非常重要，以確保我們的聲譽在短期內不會因一點點疲軟而消失。

And I think that's being rewarded with that level of commitment that these operators, we've actually added a couple of fleets, but we don't anticipate getting too aggressive with too many more additions.

而且我認為這些運營商的承諾水平得到了回報，我們實際上已經增加了幾個機隊，但我們預計不會因為增加太多而變得過於激進。

Our next question comes from the line of John Daniel with Daniel Energy Partners.

我們的下一個問題來自 John Daniel 與 Daniel Energy Partners 的合作。

I just got a few sort of basic questions initially. Matt, can you tell us -- I know it's the guidance for the active count is, but just given sort of the choppiness, if you will, what is the typical working fleet count on any given day right now?

我最初只是得到了一些基本問題。馬特，你能告訴我們——我知道這是活躍數量的指導，但如果你願意的話，只是考慮到一些不穩定因素，現在任何一天的典型工作機隊數量是多少？

So we're not looking to provide any guidance on Q1. We think that we've indicated that there's some softness in West Texas, but we've been able to pick up additional fleets and in the Eagle Ford and the Haynesville as well as in the Northeast. So I think that overall, we've got a pretty balanced approach. And our main focus is getting the entire supply chain pulled through, been very successful with it in these smaller markets and continue to see signs of adoption in West Texas.

因此，我們不希望提供有關第一季度的任何指導。我們認為我們已經表明西德克薩斯州有些疲軟，但我們已經能夠在鷹灘和海恩斯維爾以及東北部獲得更多的艦隊。所以我認為總的來說，我們有一個非常平衡的方法。我們的主要重點是讓整個供應鏈順利通過，在這些較小的市場上非常成功，並繼續在西德克薩斯州看到採用的跡象。

And what we do like is with the tightness in the sand market that we're seeing out there, we are very constructive about our ability to pull that all the way through and show the full benefit of a fully-bundled business with all these parts of the value chain included. So what we're guiding to is 46 for exit -- we exit with 46 fleets with 42 active today.

我們喜歡的是我們看到沙子市場的緊俏，我們非常有建設性地認為我們有能力一直堅持下去，並展示所有這些部分完全捆綁業務的全部好處包括的價值鏈。所以我們指導的是 46 個退出——我們退出時有 46 個機隊，今天有 42 個活躍。

Okay. Fair enough. The -- let's assume that we do have a choppy market in the back half of the year. You guys have been very good at consolidating the market. Do you use that as an opportunity to prosecute more deals? Or do you think that the story for you -- for ProFrac for the balance of this year is just -- is to integrate from costs and focus on cash flow? Just thoughts there.

好的。很公平。 - 讓我們假設我們在今年下半年確實有一個動蕩的市場。你們非常善於鞏固市場。您是否以此為契機進行更多交易？或者你認為你的故事 - 對於今年餘下時間的 ProFrac 來說只是 - 是從成本整合併關注現金流？那裡只是想法。

So we're concentrating on our business as it is today and focusing on our balance sheet. But we have always been contrarians. We've always looked at down markets as opportunities and we'll explore opportunities as they're presented. And our focus is to go in and evaluate them carefully and make sure that we don't put our balance sheet in a precarious position.

因此，我們正專注於我們今天的業務，並專注於我們的資產負債表。但我們一直是逆勢投資者。我們一直將低迷市場視為機遇，我們將在出現時探索機遇。我們的重點是進入並仔細評估它們，並確保我們不會將資產負債表置於不穩定的位置。

Okay. And then final one for me is just you're doing both the dual fuel upgrades as well as the electric build-out. At this point, are you seeing customer preference for 1 versus the other? Or is it just very nuance between people? Just any trend there?

好的。然後對我來說最後一個就是你正在進行雙燃料升級和電力建設。在這一點上，您是否看到客戶對 1 與另一個的偏好？還是只是人與人之間的細微差別？有什麼趨勢嗎？

Yes. I think that all comes down to the different regions and the infrastructure that exists. When you look at the dry gas areas where you've got higher pressure for your gathering lines, you've got better infrastructure to supply the gas. And so there's a lot more flexibility in how you approach each customer. There's a lot of excitement overall. I think the main theme is just displacing diesel.

是的。我認為這一切都歸結為不同的地區和現有的基礎設施。當您查看收集管線壓力較高的干燥氣體區域時，您擁有更好的基礎設施來供應氣體。因此，您在接近每個客戶的方式上有了更大的靈活性。總的來說有很多興奮。我認為主題只是取代柴油。

I think that's the single biggest area that an operator can look for, for saving money on their completions. And -- but when you look at some of the markets with associated gas, you've got lower pressure lines. And so you've got to have a solution that you can bring to the table to make this -- to make these platforms more available because the high-pressure infrastructure lines that you need to run these platforms isn't readily available.

我認為這是運營商可以尋找的最大的單一領域，以節省完工費用。而且——但是當你觀察一些伴生氣的市場時，你會發現壓力線較低。所以你必須有一個解決方案，你可以把它帶到桌面上來實現這一點——讓這些平台更可用，因為運行這些平台所需的高壓基礎設施線並不容易獲得。

Our next question comes from the line of Don Crist with Johnson Rice.

我們的下一個問題來自 Don Crist 和 Johnson Rice 的台詞。

I wanted to touch a little bit on the sand side. Obviously, I appreciate the bridge that you have on the new capacity coming in. But can we assume that the legacy plants are going to be operating at similar margins and utilization?

我想在沙子的一面摸一點。顯然，我很欣賞您在新產能上架起的橋樑。但是我們可以假設遺留工廠將以相似的利潤率和利用率運營嗎？

So when we look at this, the first thing that we do is we go in and we work carefully with any existing customers. And then any -- we really like the free volumes that we have so that we can structure them the way that we see the market. And I think the historical financial performance of these assets are certainly not what we expect from them going forward. We've seen tremendous pull through.

因此，當我們看到這一點時，我們做的第一件事就是進入並與任何現有客戶認真合作。然後任何 - 我們真的很喜歡我們擁有的免費數量，這樣我們就可以按照我們看到市場的方式來構建它們。而且我認為這些資產的歷史財務表現肯定不是我們對它們未來的預期。我們已經看到了巨大的成功。

When you look at our financials, you only see part of the picture. So on the full bundle on existing fleet, we only have 1/3 of our fleets that are fully bundled. And on those fleets that are fully bundled when we're supplying the sand, you have a much higher profile of profitability of those fleets.

當您查看我們的財務數據時，您只能看到部分情況。因此，在現有機隊的完整捆綁中，我們只有 1/3 的機隊是完全捆綁的。在我們提供沙子時完全捆綁的那些船隊上，你對這些船隊的盈利能力有更高的認識。

Again, highlighting the full value chain when you can get incredible utilization like our fleets have, you can get an incredible pull-through on your products that you're selling through, which would include the sand, logistics and chemicals. So having high utilization and pulling goes through on a fully bundled service offering is incredible. And with it being such a low percentage in Q4 and seeing that growing on a quarter-over-quarter basis, we think that the annualized EBITDA per fleet has potential to reach well over $50 million of fleet.

再次強調完整的價值鏈，當你可以像我們的車隊那樣獲得令人難以置信的利用率時，你可以在你銷售的產品上獲得令人難以置信的拉動，其中包括沙子、物流和化學品。因此，在完全捆綁的服務產品上實現高利用率和拉動是令人難以置信的。由於它在第四季度的百分比如此之低，並且環比增長，我們認為每支車隊的年化 EBITDA 有可能達到超過 5000 萬美元的車隊。

I appreciate the color there. And just one more for me, maybe for Lance. How do you see working capital progressing through the year Obviously, there's been a pretty big build as you've done a bunch of acquisitions through 2022 and will probably build again in the first quarter. But do you see a release as we move through the balance of '23, just thoughts around working capital from here?

我欣賞那裡的顏色。再給我一個，也許是給蘭斯的。您如何看待今年的營運資金進展情況顯然，由於您在 2022 年之前進行了一系列收購，並且可能會在第一季度再次建立，因此已經有了相當大的建設。但是，當我們經歷 23 年的平衡時，您是否看到了釋放，只是從這裡開始考慮營運資金？

Yes. I mean I think in the near term, for the first quarter, I wouldn't expect a big impact. As you progress through the year, I think it's highly reliant on, obviously, the number of fleets, the pricing of our fleets, the efficiencies of our fleet as we look to integrate materials into our fleet that will be a use of working capital. And so I don't know that we would expect to see a significant release going further into the year.

是的。我的意思是，我認為在短期內，對於第一季度，我預計不會產生重大影響。隨著你在這一年中的進步，我認為這顯然高度依賴於機隊的數量、我們機隊的定價、我們機隊的效率，因為我們希望將材料整合到我們的機隊中，這將是對營運資金的使用。因此，我不知道我們是否會期望在今年進一步發布重要版本。

But not as big a build as we saw in '22, correct?

但不像我們在 22 年看到的那樣大，對嗎？

Correct. Yes. I mean '22, you had fleet count, you had efficiency growth, you had pricing growth, you had -- not on a percentage basis but overall material integration, you just had a lot of things happening in 1 year.

正確的。是的。我的意思是'22，你有機隊數量，你有效率增長，你有定價增長，你有 - 不是基於百分比而是整體材料整合，你在一年內發生了很多事情。

Yes, one thing real quick on that. Whenever you've got -- the longer you work with an operator, the better the reconciliation process is and the smoother the invoicing is with each customer. And so as we continue to establish new relationships and each of those relationships appropriately, the reconciliation tightens up and significantly improves the -- your working capital and the timing of payment.

是的，一件事真的很快。無論何時——與運營商合作的時間越長，對賬過程就越好，與每個客戶的發票開具就越順暢。因此，隨著我們繼續建立新的關係以及適當地建立這些關係中的每一個，對賬會加強並顯著改善 - 您的營運資金和付款時間。

That is all the time we have for questions. I'd like to turn the call back to management for closing remarks.

這就是我們提問的全部時間。我想將電話轉回管理層以作結束語。

We thank everybody for a very successful 2022. We thank all of our stakeholders. Appreciate their questions on this call. We look forward to delivering an incredible '23 and showing what our business model is capable of. It's these types of environments where we see a little choppiness in the market where -- we hope to set ourselves apart and show exactly why we put a vertically integrated business together that captures as much of the value chain as possible. It gives us a very resilient business model and allows us to outperform on a relative basis and show that this is a full cycle business that doesn't just look good in the good times but outperforms through the cycle.

我們感謝大家讓 2022 年非常成功。我們感謝我們所有的利益相關者。感謝他們在此電話中提出的問題。我們期待提供令人難以置信的 '23，並展示我們的商業模式的能力。正是在這些類型的環境中，我們在市場上看到了一些動盪——我們希望讓自己與眾不同，並準確地展示為什麼我們將垂直整合的業務放在一起，盡可能多地抓住價值鏈。它為我們提供了一個非常有彈性的商業模式，並允許我們在相對基礎上表現出色，並表明這是一個完整的周期業務，不僅在繁榮時期看起來不錯，而且在整個週期中表現出色。

And we appreciate everyone, and hope that you have a great day.

我們感謝每一個人，希望你們今天過得愉快。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。