ProFrac Holding Corp (ACDC) 2024 Q4 法說會逐字稿

Greetings and welcome to the ProFrac fourth quarter and year-end 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 ProFrac 2024 年第四季和年終收益電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Michael Messina, Director of Finance. Please go ahead.

現在我很高興介紹財務總監 Michael Messina。請繼續。

Thank you, operator. Good morning, everyone.

謝謝您，接線生。大家早安。

Thank you for joining us for ProFrac Holding Corp's conference call and webcast to review our results for the fourth quarter and year ended December 31, 2024. With me today are Matt Wilks, Executive Chairman; Ladd Wilks, Chief Executive Officer; and Austin Harbour, Chief Financial Officer.

感謝您參加 ProFrac Holding Corp 的電話會議和網路廣播，以回顧我們截至 2024 年 12 月 31 日的第四季和年度業績。今天和我一起的還有執行主席馬特·威爾克斯 (Matt Wilks)；拉德·威爾克斯（Ladd Wilks），首席執行官；以及首席財務官 Austin Harbour。

Following my remarks, management will provide high-level commentary on the operational and financial highlights of the quarter and year before opening up the call to your questions. A replay of today's call will be available by webcast on the company's website at pfholdingscorp.com. More information on how to access the replay is included in the company's earnings press release.

在我發言之後，管理層將對本季度和本年度的營運和財務亮點提供高層評論，然後再開始回答您的問題。今天的電話會議重播將透過網路直播在公司網站 pfholdingscorp.com 上提供。有關如何存取重播的更多資訊包含在公司的收益新聞稿中。

Please note that the information reported on this call speaks only as of today, March 6, 2025, and therefore you are advised that any time, sensitive information may no longer be accurate at the time of any subsequent replay, listening, or transcript reading.

請注意，本次通話中報告的資訊僅截至今天（2025 年 3 月 6 日），因此請注意，在任何時候，敏感資訊在後續重播、收聽或閱讀記錄時可能不再準確。

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 use of ProFrac's management and are not guarantees of future performance. Various risks, uncertainties, and contingencies could cause actual results, performance, or achievements to differ materially from those expressed in management's forward-looking statements.

此外，本次電話會議的評論可能包含美國聯邦證券法所定義的前瞻性陳述，包括管理階層對未來財務和業務表現的預期。這些前瞻性陳述反映了 ProFrac 管理的當前使用情況，並不能保證未來的績效。各種風險、不確定性和意外事件可能導致實際結果、績效或成就與管理階層前瞻性陳述中表達的結果、績效或成就有重大差異。

The listener or reader is encouraged to read ProFrac's Form 10-K and other filings of 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, uncertainties, and contingencies.

鼓勵聽眾或讀者閱讀 ProFrac 的 10-K 表格和美國證券交易委員會的其他文件，這些文件可在 sec.gov 或公司投資者關係網站的 SEC FILINGS 標籤下找到，以了解這些風險、不確定性和意外事件。

The comments today also include certain non-GAAP financial measures as well as other adjusted figures to exclude the contribution of flow tech. 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公認會計準則財務指標以及其他調整後的數字，以排除流量技術的貢獻。季度收益新聞稿中包含了更多詳細資訊以及與最直接可比較、合併和 GAAP 財務指標的對賬，您可以在公司網站上找到。

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

現在，我想將電話轉給 ProFrac 的執行主席 Matt Wilks 先生。

Thanks, Michael, and good morning, everyone. I'll start with some brief remarks. Ladd will elaborate on the performance of our subsidiaries, and then Austin will walk through our financial performance.

謝謝，邁克爾，大家早安。我先簡單談一下。拉德將詳細說明我們子公司的業績，然後奧斯汀將介紹我們的財務表現。

ProFrac's leadership across the completion value chain consistently positions us to achieve strong financial and operational performance. We continue to execute our differentiated commercial strategy by partnering with operators who prioritize integrated, highly efficient solutions at scale. As the market evolves and operators consolidate, our ability to provide comprehensive solutions at the pad enables us to capitalize on new opportunities in the most active US basins.

ProFrac 在整個完井價值鏈中的領導地位始終使我們能夠實現強勁的財務和營運業績。我們將繼續與優先考慮大規模整合、高效解決方案的營運商合作，執行我們的差異化商業策略。隨著市場的發展和運營商的整合，我們在現場提供全面解決方案的能力使我們能夠利用美國最活躍盆地的新機會。

In stimulation services, our emphasis on improving service quality coupled with our internal R&D manufacturing and maintenance capabilities has allowed us to efficiently maintain and upgrade our pressure pumping fleet and drive commercial innovation. In essence, every fleet we deploy must consistently meet our rigorous quality and reliability standards.

在增產服務方面，我們專注於提高服務質量，結合內部研發、製造和維護能力，使我們能夠有效率地維護和升級我們的壓力泵機組，推動商業創新。本質上，我們部署的每個車隊都必須始終符合我們嚴格的品質和可靠性標準。

Excellence in operations is also underpinned by having an efficient maintenance program. To this end, our asset management platform, which prioritizes quality control and centralized maintenance, is making a big difference in the quality and economics of our pumping operations. Ladd will speak more to this, but at a high level, our integrated asset management program is designed to deliver field-ready equipment that is engineered for safety and reliability, purpose-built to meet every job requirement, and standardized in both appearance and operation to ensure that our equipment meets the highest industry standards.

高效率的維護計劃也是卓越營運的基礎。為此，我們的資產管理平台以品質控制和集中維護為重點，對我們的泵送作業的品質和經濟性產生了重大影響。拉德將對此進行更多闡述，但從高層次來看，我們的綜合資產管理計劃旨在提供現場就緒的設備，這些設備經過精心設計，安全性和可靠性高，專為滿足每項工作要求而設計，並且在外觀和操作上都標準化，以確保我們的設備符合最高的行業標準。

On our last call, I discussed record efficiencies in our stimulation business, highlighting the best-in-class execution we see from our employees in the field every day. As Ladd will discuss, we have already seen a sizable improvement in activity in our stimulation business since the end of 2024, and I am confident that we will be able to surpass our Q3 2024 efficiency per fleet record in the coming months.

在我們上次的電話會議中，我討論了我們的刺激業務的創紀錄效率，強調了我們每天從現場員工身上看到的一流的執行力。正如拉德將要討論的那樣，自 2024 年底以來，我們的刺激業務活動已經取得了顯著改善，我相信我們將能夠在未來幾個月內超越 2024 年第三季度每個船隊的效率記錄。

Already in January, we achieved new record efficiencies for a single month despite adding a number of incremental fleets in operation and despite challenging weather conditions in certain regions.

今年 1 月，儘管新增了一批營運機隊，部分地區天氣條件惡劣，我們仍創下了單月效率新高。

In recent earnings calls, we briefly discussed the growing and rapidly evolving opportunities in the power generation market. Through acquisitions and our own organic growth, we possess extensive experience in running electric frac operations and managing power in the field. Having an in-house power gen business is yet another logical extension of the holistic integrated platform we offer.

在最近的收益電話會議上，我們簡要討論了發電市場不斷成長且快速發展的機會。透過收購和我們自身的有機成長，我們在運行電動壓裂作業和現場電力管理方面擁有豐富的經驗。擁有內部發電業務是我們提供的整體整合平台的另一個合理延伸。

Today we are excited to introduce this new business venture, Livewire Power. Livewire began operations in the fourth quarter and marks a significant step forward in our power generation strategy, focusing on the growing demand for power in remote locations driven by advances in electric frac technology. E-frac technology requires temporary yet substantial power generation, a need not adequately met by existing electrical infrastructure.

今天，我們很高興介紹這個新的商業企業，Livewire Power。Livewire 於第四季度開始運營，標誌著我們的發電策略向前邁出了重要一步，重點關注電力壓裂技術進步推動的偏遠地區日益增長的電力需求。電子壓裂技術需要臨時但大量的發電，而現有的電力基礎設施無法充分滿足這項需求。

Distributed power generation will be a key component of our strategy going forward, offering a reliable and scalable solution for oilfield services companies and other industrial users. I'll let Ladd elaborate on Livewire shortly.

分散式發電將成為我們未來策略的重要組成部分，為油田服務公司和其他工業用戶提供可靠且可擴展的解決方案。我會讓拉德簡單介紹一下 Livewire。

Looking to the future, we continue to invest in our next-generation pumps and novel software platforms to stay ahead of the curve. Our commitment to innovation ensures we remain at the forefront of the industr, delivering superior performance and value to our customers.

展望未來，我們將繼續投資下一代泵浦和新型軟體平台，以保持領先地位。我們致力於創新，確保我們始終處於行業前沿，為客戶提供卓越的性能和價值。

In the fourth quarter, ProFrac delivered revenue of $455 million and adjusted EBITDA of $71 million. As others in the industry have noted, the North American completion industry faced typical fourth-quarter challenges including budget constraints, holiday shutdowns, and adverse weather conditions. For the full year 2024, we achieved revenue of $2.19 billion and adjusted EBITDA of $501 million against the backdrop of competitive pressures from softening activity in the North American oilfield services market.

第四季度，ProFrac 實現營收 4.55 億美元，調整後 EBITDA 為 7,100 萬美元。正如業內其他人士所指出的，北美完井行業面臨典型的第四季度挑戰，包括預算限制、假期停工和惡劣天氣條件。2024 年全年，在北美油田服務市場活動疲軟帶來競爭壓力的背景下，我們實現了 21.9 億美元的收入，調整後 EBITDA 為 5.01 億美元。

Keeping with the theme of driving efficiencies, in proppant production, we have made strategic improvements both operationally and commercially that we expect to drive significant gains. This business has a very high degree of operating leverage and we anticipate increased volumes and profitability in 2025.

秉承提高效率的主題，在支撐劑生產方面，我們在營運和商業方面都做出了策略改進，預計這將帶來顯著的收益。該業務的經營槓桿率非常高，我們預計 2025 年銷售量和獲利能力將會增加。

Beyond driving gains through our own initiatives, we have reason to be cautiously optimistic that the market may provide favorable tailwinds. By now, you have likely heard of the potential for increased activity in the Haynesville, the largest LNG basin in the US, driven by improved gas prices and the region's close proximity to LNG export terminals in the Gulf of America.

除了透過我們自己的舉措推動收益之外，我們還有理由謹慎樂觀地認為市場可能會提供有利的順風。到目前為止，您可能已經聽說過，由於天然氣價格上漲以及該地區靠近美國灣的液化天然氣出口終端，美國最大的液化天然氣盆地海恩斯維爾的活動可能會增加。

As a reminder, we have the largest proppant footprint serving the Haynesville with 10 million tons per annum of capacity across 4 miles. Our scale uniquely positions Alpine to take advantage of an inflection in natural gas completion activity.

提醒一下，我們擁有為海恩斯維爾提供服務的最大支撐劑足跡，每年的產能為 1000 萬噸，覆蓋範圍達 4 英里。我們的規模使 Alpine 能夠利用天然氣完井活動的轉捩點，獲得獨特的優勢。

But importantly, I want to note that improved results at Alpine is not predicated on a rampant in Haynesville activity. As we maneuver the competitive South and West Texas markets, we expect to improve the results in those regions as well, driven by our initiatives to further optimize operations and potentially some modest improvements to pricing as we progress through the year.

但重要的是，我想指出，阿爾卑斯山成績的提高並不取決於海恩斯維爾活動的猖獗。隨著我們在競爭激烈的南德克薩斯和西德克薩斯市場中不斷進取，我們預計這些地區的業績也將有所改善，這得益於我們進一步優化運營的舉措以及今年定價可能出現的適度改進。

We remain committed to a disciplined approach to managing our asset portfolio and capital allocation, prioritizing returns and enhancing our free cash flow, maximizing liquidity and effectively managing debt, service, and working capital. Up now, we generated $54 million of free cash flow in Q4 and $185 million in total in 2024.

我們將繼續致力於採用嚴謹的方法來管理我們的資產組合和資本配置，優先考慮回報並提高我們的自由現金流，最大限度地提高流動性並有效地管理債務、服務和營運資本。截至目前，我們在第四季產生了 5,400 萬美元的自由現金流，2024 年共產生了 1.85 億美元的自由現金流。

Before turning to call the Ladd, I'd like to wrap up with the following summary remarks. In Q4, ProFRac delivered $455 million in revenue and $71 million in adjusted EBITDA despite pronounced fourth-quarter budget exhaustion, holiday shutdowns, and adverse weather. For the full year 2024, we achieved $2.19 billion in revenue and $501 million in adjusted EBITDA, demonstrating our resilient model and successful navigation of competitive pressures in the North American oilfield services market.

在轉向呼叫拉德之前，我想總結以下總結性演講。儘管第四季度預算耗盡、假期停工以及惡劣天氣，ProFRac 仍實現了 4.55 億美元的收入和 7,100 萬美元的調整後 EBITDA。2024 年全年，我們實現了 21.9 億美元的收入和 5.01 億美元的調整後 EBITDA，展現了我們的彈性模式以及對北美油田服務市場競爭壓力的成功應對。

Our leadership in the completion value chain has positioned us to consistently drive strong financial and operational performance. We continue to partner with operators who prioritize integrated, highly efficient solutions.

我們在完井價值鏈中的領導地位使我們能夠持續保持強勁的財務和營運績效。我們將繼續與優先考慮整合、高效解決方案的營運商合作。

Our focus on service quality, internal R&D, and efficient maintenance through our asset management platform continues to enhance our pressure pumping operations. We are building upon our leadership and electric track operations with our new power management venture, Livewire Power, marking a significant step forward. We will continue to invest in next-generation technologies that help us maintain our leadership position.

我們注重服務品質、內部研發以及透過資產管理平台進行高效維護，從而不斷增強我們的壓力泵送作業。我們正在透過新的電力管理企業 Livewire Power 鞏固我們的領導地位和電力軌道運營，這標誌著我們向前邁出了重要一步。我們將繼續投資於幫助我們保持領導地位的下一代技術。

In proppant production, strategic initiatives are expected to drive improvement in 2025, and our footprint in the Haynesville offers differentiated exposure to increased natural gas completion activity in the largest gas producing region proximal to LNG export facilities along the Gulf Coast.

在支撐劑生產方面，戰略舉措預計將在 2025 年推動改進，我們在海恩斯維爾的業務足跡為墨西哥灣沿岸液化天然氣出口設施附近最大的天然氣生產區增加的天然氣完井活動提供了差異化的機會。

And finally, we have strategically positioned ProFracto create long-term value for our stakeholders by providing the most efficient solutions through vertically integrated in-basin, scaled offerings, exceptional service, and an unwavering focus on generating free cash flow through the cycle. This success is already evident and will continue as we move through 2025 and beyond.

最後，我們策略性地定位 ProFracto，透過垂直整合的盆地內、規模化的產品、卓越的服務以及堅定不移地專注於在整個週期內產生自由現金流，提供最有效的解決方案，為我們的利益相關者創造長期價值。這項成功已顯而易見，並將持續到 2025 年及以後。

With that, I'll turn it over to Ladd.

說完這些，我就把麥克風交給拉德。

Thank you, Matt. And good morning, everyone. I'll provide more color on several things Matt touched on as I elaborate on the segments, starting with the performance in our pressure pumping business.

謝謝你，馬特。大家早安。在詳細闡述各個細分市場時，我將對馬特提到的幾個方面提供更多細節，首先從我們的壓力泵業務的表現開始。

The fourth quarter saw an even more pronounced impact than we expected, which drove a sharper than anticipated drop in our active fleet count. Additionally, pricing softened in part due to lower activity. However, thanks to our cost control and collaboration with customers, we were able to rightsize quickly without hampering our ability to redeploy assets.

第四季受到的影響比我們預期的更為明顯，導致我們現役機隊數量下降幅度超出預期。此外，價格下跌部分是由於活動減少。然而，由於我們的成本控制和與客戶的合作，我們能夠迅速調整規模，而不會妨礙我們重新部署資產的能力。

Looking at the pressure pumping market today, we have seen improvement in our active fleet count in the first few months of the year. In fact, we have the highest number of active fleets working today since mid-year 2024, having already put six fleets back into active service since late 2024 into early 2025.

縱觀當今的壓力泵市場，我們發現今年頭幾個月活躍泵隊數量有所增加。事實上，自 2024 年中期以來，我們目前在役的現役艦隊數量最多，自 2024 年末至 2025 年初，我們已經有 6 個艦隊重新投入現役。

Further, we are effectively sold out of our fleet and next-generation gas burning equipment. Combined, 80% of our active fleets utilize next-generation equipment. The pickup in freight fleets has been more pronounced in West Texas and South Texas operating regions. Perhaps more importantly for you all to know, is that we have increased our base of active operating assets from their respective troughs in the fourth quarter in all our ongoing active regions.

此外，我們的車隊和下一代燃氣燃燒設備實際上已經銷售一空。總計有 80% 的現役車隊採用下一代設備。西德克薩斯州和南德克薩斯州營運地區的貨運車隊成長更為明顯。也許對大家來說更重要的是，我們在所有持續活躍的地區都已經從第四季度的低谷中增加了活躍營運資產的基礎。

Looking forward, we believe the frac market will support marginal growth from current levels as we progress through the year. Given our excellence and execution both in our asset management program and the field, we anticipate that we will continue to deliver our new efficiency records in 2025.

展望未來，我們相信，隨著時間的推移，壓裂市場將支持當前水準的邊際成長。鑑於我們在資產管理計劃和現場的卓越表現和執行力，我們預計我們將在 2025 年繼續創造新的效率記錄。

I would like to genuinely thank our hardworking employees for their determination, perseverance, and strong performance despite what has been a challenging run in the market.

我要由衷感謝我們辛勤工作的員工，儘管市場充滿挑戰，他們仍然表現出決心、毅力和出色的表現。

We are proactively engaging with customers so that we are aligned concerning the total economics of bringing the well to completion in the pursuit of continued efficiencies. We often re-evaluate our commercial strategy and approach with customers to fine-tune relationships.

我們積極與客戶溝通，確保我們在完成油井作業的整體經濟效益方面保持一致，以追求持續的效率。我們經常重新評估我們的商業策略和與客戶的關係，以微調關係。

We have found that while we have a high-quality sales force, we need to high grade the conversations we have with customers to ensure a sustainable as well as profitable relationship. I believe we are on a new and improved footing with some historically core customers that we have not partnered with in some time.

我們發現，雖然我們擁有一支高素質的銷售隊伍，但我們需要提高與客戶的對話質量，以確保可持續且有利可圖的關係。我相信，我們與一些長期以來未曾合作過的歷史核心客戶的關係正在得到新的改善。

Pricing gradually declined through '24 and has stabilized with potential increases in our cost, including from tariffs and labor inflation. We anticipate the pricing dynamic will be revisited as we move through the year. Putting this all together, we expect our stimulation services segment to see marginally higher activity year on year in 2025 but for lower average pricing to offset much of this benefit.

價格在 24 年內逐漸下降，並已趨於穩定，但成本可能會增加，包括關稅和勞動力通膨。我們預計，隨著今年的推進，價格動態將會重新受到檢視。綜合考慮所有這些因素，我們預計 2025 年我們的刺激服務部門的活動將同比略有增加，但較低的平均價格將抵消大部分收益。

I'd now like to zero in on our asset management platform which Matt touched on. Cost control, equipment quality, and standardization are core to the asset management program. We have fleets across most major basins, and at no time are the maintenance needs exactly the same in two places. If left unchecked, this can result in tremendous inefficiencies in spare parts inventory.

現在我想集中討論馬特提到的我們的資產管理平台。成本控制、設備品質和標準化是資產管理計劃的核心。我們的船隊遍佈大多數主要流域，而且兩個地方的維護需求永遠不會完全相同。如果不加以控制，這可能會導致備件庫存效率極低。

By moving to a centralized maintenance platform, we are able to optimize our maintenance processes. As a result, we can minimize costs, shorten lead times, and streamline the overall equipment management apparatus while reducing non-productive time and improving efficiencies in the field. We are still in the relatively early days of this program but have already witnessed the benefits of deploying a meaningful number of fleets in a compressed timeline while improving on pump hours per fleet.

透過轉向集中維護平台，我們能夠優化維護流程。因此，我們可以最大限度地降低成本，縮短交貨時間，簡化整體設備管理裝置，同時減少非生產時間並提高現場效率。我們仍處於該計劃的早期階段，但已經見證了在壓縮的時間內部署大量車隊同時提高每個車隊的泵送小時數所帶來的好處。

Additionally, asset quality driving field performance has resulted in improved customer relationships. I'd also like to spend a few minutes on our new power gen business, Livewire. The power generation market, especially for the oil and gas sector and other high power-consuming industries, faces challenges due to heavy capital requirements, long lead times, and project-based demand.

此外，資產品質推動了現場業績，從而改善了客戶關係。我還想花幾分鐘時間介紹一下我們的新發電業務 Livewire。發電市場，特別是石油和天然氣行業以及其他高耗能行業的發電市場，因資本需求大、交貨週期長和基於專案的需求而面臨挑戰。

To address these challenges. Livewire, built on a legacy of deep knowledge and experience from across the organization, operates a fleet of state-of-the-art power generation assets, continues to evolve in the gas conditioning space, and innovates with customers to provide integrated solutions. The strategic alignment with ProFrac will provide a strong foundation for Livewire's operations and future growth.

為了應對這些挑戰。Livewire 建立在整個組織的深厚知識和經驗基礎之上，經營著一批最先進的發電資產，在燃氣調節領域不斷發展，並與客戶一起創新以提供整合解決方案。與 ProFrac 的策略聯盟將為 Livewire 的營運和未來發展奠定堅實的基礎。

While Livewire is focused on servicing ProFrac, we do plan to expand Livewire's operations into adjacent markets with high growth potential. We look forward to providing updates on future market opportunities.

雖然 Livewire 專注於為 ProFrac 提供服務，但我們確實計劃將 Livewire 的業務擴展到具有高成長潛力的鄰近市場。我們期待提供有關未來市場機會的最新資訊。

Now to our proppant segment. As with stimulation services, results were similarly impacted by seasonality. However, in the first quarter, we have already recovered meaningfully, although mine improvements and ramp up costs will weigh on Q1 results.

現在討論支撐劑部分。與刺激服務一樣，結果同樣受到季節性的影響。然而，在第一季度，我們已經取得了顯著的復甦，儘管礦山改進和成本增加將對第一季度的業績產生影響。

On pricing, we did experience some softness in the fourth quarter. This is carried over into Q1, but we do expect to see improvement in pricing as the year unfolds. As Matt conveyed, we have taken significant strides to improve our commercial efforts and operational efficiencies in our proppant business, which includes conducting a strategic review of leadership across the segment both at the mines and at the executive level and implementing identified changes necessary to drive segment results in 2025.

在定價方面，我們確實在第四季度經歷了一些疲軟。這一趨勢將延續到第一季度，但我們確實預計，隨著時間的推移，價格將會有所改善。正如馬特所言，我們在改善支撐劑業務的商業努力和營運效率方面取得了重大進展，其中包括對礦山和高管層面的整個部門的領導層進行戰略審查，並實施已確定的必要變革，以推動 2025 年部門業績。

Our sand sales strategy is focused on optimizing mine utilization by way of a portfolio management approach to manage volume fluctuations effectively. We are working to improve utilization rates by concentrating production in key mines, expanding throughput, and complementing existing with new customer commitments. We have temporarily increased spending in Q1 to grow volumes that we expect to drive increased margins in 2025 versus '24.

我們的砂石銷售策略著重於透過投資組合管理方法優化礦場利用率，以有效管理產量波動。我們正致力於透過集中生產於重點礦山、擴大產量以及補充現有客戶的承諾來提高利用率。我們已暫時增加第一季的支出以增加銷量，預計這將推動 2025 年利潤率較 2024 年有所提高。

To wrap up, our deepest thanks goes out to our remarkable team for their hard work, dedication, and commitment to safety. Their execution of our differentiated strategy is what makes ProFrac successful day in and day out.

最後，我們要向我們出色的團隊表示最深切的感謝，感謝他們的辛勤工作、奉獻精神和對安全的承諾。他們對我們差異化策略的執行使得 ProFrac 日復一日地取得成功。

I'll now hand the call over to Austin to cover our financial results in more detail.

現在我將把電話交給奧斯汀，讓他更詳細地介紹我們的財務結果。

Thanks, Ladd. In the fourth quarter, revenues were $455 million as compared with $575 million in the third quarter. We generated $71 million of adjusted EBITDA with an adjusted EBITDA margin of 16% compared with $135 million in the third quarter or 23% of revenue. Top line and margins were impacted by a sharp (inaudible) drop off in activity and continued pricing pressure during the period as referenced earlier.

謝謝，拉德。第四季營收為 4.55 億美元，而第三季營收為 5.75 億美元。我們的調整後 EBITDA 為 7,100 萬美元，調整後 EBITDA 利潤率為 16%，而第三季為 1.35 億美元，佔營收的 23%。如前所述，營業收入和利潤率受到該期間活動急劇（聽不清楚）下降和持續的價格壓力的影響。

Of note, EBITDA in the fourth quarter included reactivation costs of approximately $4 million in repair and maintenance and approximately $2 million in labor costs associated with excess crews in anticipation of expected fleet redeployments in the fourth quarter.

值得注意的是，第四季度的 EBITDA 包括約 400 萬美元的維修和保養重新啟用成本，以及約 200 萬美元的與預計第四季度機隊重新部署而產生的多餘機組人員相關的勞動力成本。

For full year 2024, revenues were $2.2 billion with adjusted EBITDA of $501 million and an adjusted EBITDA margin of 23%. Free cash flow was $54 million in the fourth quarter, an increase from $31 million in Q3 due to a step-up in asset sales as we generated $41 million primarily from a sale leaseback transaction. For the full year, free cash flow was $185 million.

2024 年全年營收為 22 億美元，調整後 EBITDA 為 5.01 億美元，調整後 EBITDA 利潤率為 23%。第四季的自由現金流為 5,400 萬美元，較第三季的 3,100 萬美元有所增加，這是由於資產銷售增加，我們主要從售後回租交易中獲得了 4,100 萬美元。全年自由現金流為 1.85 億美元。

Turning to our segments, stimulation services revenues were $384 million in the fourth quarter versus $507 million in the third quarter on both the decline in average active fleet count and pricing. Adjusted EBITDA on Q4 was $54 million versus $113 million in Q3, with margins coming in at 14% versus 22% in the prior quarter. This segment was impacted by approximately $9 million in shortfall expense related to our supply agreement with Flotek compared to $7 million in the prior quarter.

談到我們的部門，由於平均活躍船隊數量和價格的下降，第四季度的刺激服務收入為 3.84 億美元，而第三季為 5.07 億美元。第四季調整後 EBITDA 為 5,400 萬美元，而第三季為 1.13 億美元，利潤率為 14%，而上一季為 22%。該部門受到與 Flotek 簽訂的供應協議相關的約 900 萬美元短缺費用的影響，而上一季為 700 萬美元。

Of note, as we initiated and implemented our asset management program, we allocated capital to maintain, standardize, and activate fleets. As mentioned earlier, we've seen a significant improvement in our stimulation services business since the Q4 trough, adding six fleets. For our full year 2024, stimulation services revenues were $1.9 billion with adjusted EBITDA of $399 million and an adjusted EBITDA margin of 21%.

值得注意的是，當我們啟動和實施資產管理計劃時，我們分配了資金來維護、標準化和啟動車隊。如前所述，自第四季度低潮以來，我們的刺激服務業務有了顯著改善，增加了六支車隊。2024 年全年，刺激服務收入為 19 億美元，調整後 EBITDA 為 3.99 億美元，調整後 EBITDA 利潤率為 21%。

The proppant production segment generated $47 million of revenue in the fourth quarter compared with $53 million of revenue in the third quarter. The decline in revenue was primarily attributable to lower pricing and slightly lower sales volumes in the quarter.

支撐劑生產部門第四季創造了 4,700 萬美元的收入，而第三季的收入為 5,300 萬美元。收入下降主要歸因於本季定價較低和銷售量略有下降。

As Matt and Ladd mentioned, we experienced pressure in the West Texas market, which remains very competitive. However, we believe pricing has stabilized around current levels, and with demand having increased, there may be room for pricing to improve not only in West Texas, but also with an increase in activity in the Haynesville.

正如馬特和拉德所提到的，我們在西德州市場面臨壓力，該市場的競爭仍然非常激烈。然而，我們認為價格已穩定在當前水平，隨著需求的增加，不僅西德克薩斯州的價格還有上漲的空間，而且隨著海恩斯維爾活動的增加，價格也可能有上漲的空間。

Approximately 73% of volumes were sold to third-party customers during the fourth quarter versus 72% in Q3. Adjusted EBITDA for the proppant production segment was $14 million for the fourth quarter versus $17 million in Q3. On a margin basis, EBITDA margins came in at 31% in the fourth quarter versus 33% in Q3, largely due to lower cost absorption and a decline in average realized price per ton.

第四季約有 73% 的銷量售給了第三方客戶，而第三季這一比例為 72%。支撐劑生產部門第四季調整後 EBITDA 為 1,400 萬美元，而第三季為 1,700 萬美元。從利潤率來看，第四季 EBITDA 利潤率為 31%，而第三季為 33%，這主要是由於成本吸收率較低以及每噸平均實現價格下降。

For full year 2024, proppant production revenues were $247 million with adjusted EBITDA of $86 million and an adjusted EBITDA margin of 35%. As discussed earlier, we're seeing improved commercial opportunities and expect a notable improvement in operational efficiencies in this segment, which we anticipate will drop a sizable recovery in volumes in 2025.

2024 年全年支撐劑生產收入為 2.47 億美元，調整後 EBITDA 為 8,600 萬美元，調整後 EBITDA 利潤率為 35%。如前所述，我們看到了商業機會的改善，並預計該領域的營運效率將顯著提高，我們預計該領域的銷售量將在 2025 年大幅回升。

We believe pricing is stabilized and with increased demand, there will be opportunities for pricing improvement. However, our focus is on total returns through the cycle. Therefore, our preference will be to de-risk our long-term cash flows and enhance our existing and future customer relationships.

我們相信價格已經穩定，隨著需求的增加，價格將有機會改善。然而，我們的重點是整個週期的總回報。因此，我們傾向於降低長期現金流的風險並增強我們現有和未來的客戶關係。

Our manufacturing segment generated fourth-quarter revenues of $62 million flat sequentially. Approximately 77% of segment revenues were generated via intercompany sales. Flat sales in the fourth quarter reflected approximately flat capital expenditures in the stimulation services segment.

我們的製造部門第四季的營收與上一季持平，為 6,200 萬美元。約 77% 的分部收入是透過公司間銷售產生的。第四季銷售額持平反映了刺激服務部門資本支出大致持平。

Adjusted EBITDA for the manufacturing segment stepped up from near breakeven in the third quarter to $3 million in Q4, reflecting an increase in power generation services provided to ProFrac, which were originally operated by EKU while we stood up Livewire. Livewire, however, consolidates to our other business activity segment.

製造部門的調整後 EBITDA 從第三季度的接近盈虧平衡上升至第四季度的 300 萬美元，這反映了向 ProFrac 提供的發電服務的增加，該服務最初由 EKU 運營，而我們則支持 Livewire。然而，Livewire 合併到了我們的其他業務活動部門。

Due to this transition, I expect the contributions of power generation to be split approximately evenly between manufacturing and other business activities when we report the first quarter with power generation being fully captured within other business activities in the second quarter and beyond.

由於這種轉變，我預計當我們報告第一季時，發電的貢獻將在製造業和其他商業活動之間大致平均分配，而在第二季度及以後，發電將完全納入其他商業活動。

For full year 2024, manufacturing segment revenues were $223 million with adjusted EBITDA of $8 million and an adjusted EBITDA margin of 3%. Selling general and administrative expenses improved to $48 million in the fourth quarter from $52 million in the third quarter as we remain focused on cost control.

2024 年全年，製造部門營收為 2.23 億美元，調整後 EBITDA 為 800 萬美元，調整後 EBITDA 利潤率為 3%。由於我們持續注重成本控制，銷售一般及行政開支從第三季的 5,200 萬美元改善至第四季的 4,800 萬美元。

Cash capital expenditures decreased to $63 million in the fourth quarter from $70 million in the third quarter as we quickly right-size our CapEx profile for the lower activity levels while continuing to invest in our fleet via asset management and fleet readiness efforts in anticipation of ramping up quickly in late Q4 into early Q1.

現金資本支出從第三季的 7000 萬美元降至第四季度的 6300 萬美元，因為我們迅速調整了資本支出規模以適應較低的活動水平，同時繼續透過資產管理和機隊準備工作對我們的機隊進行投資，以期在第四季度末至第一季初迅速增加。

For the full year 2024, CapEx totaled $255 million, in line with the lower bound of our previously guided range, which is also down from $267 million in 2023. We continue to maintain our focus on capital discipline while positioning our segments to capitalize on upside potential as markets improve. To that end, we expect to incur total capital expenditures during 2025 that are in line with modestly higher than 2024 levels or between $250 million and $300 million.

2024 年全年資本支出總額為 2.55 億美元，與我們先前指導範圍的下限一致，也低於 2023 年的 2.67 億美元。我們將繼續關注資本紀律，同時定位我們的部門，以便在市場好轉時利用上行潛力。為此，我們預計 2025 年的總資本支出將略高於 2024 年的水平，即 2.5 億美元至 3 億美元之間。

Total cash and cash equivalents as of December 31, 2024, were approximately $15 million including approximately $4 million attributable to Flotek. Total liquidity at year end was approximately $81 million including $71 million available under the ABL. Borrowings under the ABL credit facility ended the quarter at $140 million, down approximately $23 million from the prior quarter.

截至 2024 年 12 月 31 日的現金及現金等價物總額約為 1,500 萬美元，其中包括歸屬於 Flotek 的約 400 萬美元。年末總流動資金約 8,100 萬美元，其中包括 ABL 項下的 7,100 萬美元。本季末，ABL 信貸額度下的借款為 1.4 億美元，比上一季減少約 2,300 萬美元。

At year end, we had approximately $1.1 billion of debt outstanding with the majority not due until 2029. We repaid approximately $157 million of long-term debt in 2024 and intend to continue to use free cash flow in future periods to deleverage. We're committed to advancing our strategic goals, working closely with clients to offer cutting-edge integrated solutions, boosting efficiency throughout the company, and maximizing our free cash flow.

截至年底，我們有大約 11 億美元的未償還債務，其中大部分要到 2029 年才到期。我們在 2024 年償還了約 1.57 億美元的長期債務，並打算在未來期間繼續利用自由現金流來去槓桿。我們致力於推進我們的策略目標，與客戶密切合作，提供尖端的整合解決方案，提高整個公司的效率，並最大限度地提高我們的自由現金流。

That concludes our prepared remarks. Operator, please open the line for questions.

我們的準備好的演講到此結束。接線員，請打開熱線以回答問題。

(Operator Instructions) (technical difficulty)

（操作員指示）（技術難度）

Hi, good morning, Matt, Ladd, and Austin. I'll start with a big picture question on activity improvement. I'm thinking stimulation, but really it sounds like even on the proppant side, you are seeing good improvement early on in the year. You did give a little color in your prepared remarks, but maybe elaborate a little bit on what exactly is driving that.

嗨，早上好，馬特、拉德和奧斯汀。我將從一個有關活動改進的大問題開始。我認為是刺激，但實際上聽起來即使在支撐劑方面，你也會在今年年初看到良好的改善。您確實在準備好的發言中給了一些說明，但也許可以稍微詳細說明一下究竟是什麼推動了這一進程。

I think some of it is timing, right? Because the fleets that were laid down early on in the fourth quarter are coming back, so six fleets, I guess part of it is that. But what exactly is driving that and as we think through the rest of the year? I know operating leverage is pretty significant in this business, but pricing might be a little bit of a headwind, 4Q to 1Q. How should we think about profitability moving through 2025? Any preliminary color?

我認為部分原因在於時機，對嗎？因為第四季初被擱置的艦隊正在返回，所以六支艦隊，我想部分原因就是這樣。但究竟是什麼推動了這個趨勢？我們如何看待今年剩餘的時間？我知道這項業務的經營槓桿相當大，但從第四季到第一季度，定價可能會有點不利。我們該如何看待 2025 年的獲利能力？有任何初步顏色嗎？

Yeah, I think from an activity standpoint in Q4, due to seasonality and budget exhaustion, it slowed down but the year started off really well. Operators are getting right back to work and picking up fleets and as well as adding volumes on sand. So it's been a nice start to the year, pretty excited about that.

是的，我認為從第四季度的活動角度來看，由於季節性和預算枯竭，活動速度有所放緩，但今年的開局確實很好。營運商正在立即恢復工作並恢復車隊並增加沙地開採量。所以這是今年的一個好開端，我對此感到非常興奮。

When we look at the availability on the supply side, whether that's on horsepower or on sand, the demand has picked up quite a bit and it's put us in a situation where essentially, we have a choice between pushing pricing or focusing on de-risking those cash flows and the overall profitability over time. And the number one priority for that is to make sure that we preserve our long-term relationships with customers and deliver something that's stable through the cycle and delivers us the respectable return.

當我們查看供應方面的可用性時，無論是馬力還是沙子，需求都已經回升了不少，這讓我們處於這樣一種境地：我們必須在推動定價和專注於降低現金流風險以及長期整體盈利能力之間做出選擇。我們的首要任務是確保與客戶保持長期關係，並在整個週期中提供穩定的產品，為我們帶來可觀的回報。

So rather than being too aggressive on pricing, we're looking at the long-term benefits of sustainable pricing and great customer relationships. So our focus is on getting longer-term commitments so that we can deliver longer-term financial results for our stakeholders.

因此，我們不會在定價上過於激進，而是著眼於可持續定價和良好客戶關係的長期利益。因此，我們的重點是獲得長期承諾，以便我們能夠為利害關係人提供長期財務表現。

Okay, perfect. I got it. And then the next one, I'm mixing two topics but for a reason. On Livewire and then on CapEx guidance for 2025, $250 million to $300 million.

好的，完美。我得到了它。接下來，我混合了兩個主題，但有原因的。關於 Livewire，以及 2025 年的資本支出指導，為 2.5 億至 3 億美元。

Maybe just give us a little color on how quickly do you think the Livewire business ramps up, how much capital, how quickly are you willing to put into that business? And then just the pieces within that $250 million to $300 million, how much of that is going towards upgrades? Any more e-fleets, anything else? Just a little more color on with that, where those dollars are going.

也許您能稍微向我們介紹一下您認為 Livewire 業務成長的速度有多快，您願意多快投入多少資金到該業務中？那麼，這 2.5 億到 3 億美元中，有多少是用於升級的呢？還有電子車隊嗎？還有其他嗎？再稍微解釋一下這些錢的去向。

Yeah, certainly. So when we look at the power business, we've got embedded demand internally. That is our first priority in our focus, but we're also evaluating other market opportunities, whether that's in oil and gas or AI or wherever that may be. We're pretty excited about it. I see a lot of opportunities, but we're being selective and patient with how we approach that. We look forward to updating everyone soon.

是的，當然。因此，當我們審視電力業務時，我們發現其內部存在著內在需求。這是我們關注的首要任務，但我們也在評估其他市場機會，無論是石油和天然氣還是人工智慧還是其他任何領域。我們對此感到非常興奮。我看到了很多機會，但我們會謹慎選擇並耐心對待。我們期待盡快向大家更新消息。

As far as the capital outlay, I'll refer to Austin.

就資本支出而言，我會參考奧斯汀。

Yeah, I appreciate the question. So I think just to start right on the growth CapEx side, we're not going to invest capital unless we can see real returns coming back from those investments, particularly on the growth side and on the upgrade side, so I would lead with that. I think to the specific breakdown, right now the majority of our spend is going to come on the stimulation services side.

是的，我很感謝你提出這個問題。因此，我認為，從成長資本支出方面開始，我們不會投資資本，除非我們能夠看到這些投資帶來真正的回報，特別是在成長方面和升級方面，所以我會以此為先導。我認為具體到細分，目前我們的大部分支出將用於刺激服務方面。

And then in addition to that, we've got a number of ongoing projects in the proppant production segment, again, all with paybacks that meet our economic return and threshold profile. With respect to Livewire, I'll echo Matt's comments and sentiment there. I think as we have more detail and more appropriate detail to share, we'll do that at that time.

除此之外，我們在支撐劑生產領域還有許多正在進行的項目，所有這些項目的回報都符合我們的經濟回報和門檻要求。關於 Livewire，我同意 Matt 的評論和觀點。我認為，當我們有更多細節和更合適的細節可以分享時，我們會這樣做。

Okay, perfect. Austin, one very quick follow-up for you, unrelated. The $41 million in asset sales, can you give us any color at all on what that was?

好的，完美。奧斯汀，我有一個非常快速的後續問題想問您，與此無關。4100 萬美元的資產出售，您能具體說明一下嗎？

Yeah, it was the sale lease back on some of our stim services assets.

是的，這是我們部分刺激服務資產的售後回租。

Okay, perfect. Thank you, Matt, Ladd, Austin. I'll turn it back.

好的，完美。謝謝你，馬特、拉德、奧斯汀。我會把它轉回去。

Appreciate it. Thanks for dialing in.

非常感謝。感謝您撥入。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks. Good morning, everybody. Can you give us your perspective on just as we sort of think about '25 as it evolves and just kind of frac supply demand and what your sense is for attrition of older assets and just kind of thinking about maybe what we look like as we get closer to the end of the year.

謝謝。大家早安。您能否就我們對 25 年發展的看法以及壓裂供應需求、您對舊資產損耗的看法以及我們對接近年底時的情況的思考給我們一些建議？

Oh, certainly, it's a great question. When we look at the overall fleet for the industry, and especially when you couple it with the high utilization rates and efficiencies that we're seeing across the market, it's given an accelerated attrition profile to where you use equipment quicker and it increases your maintenance CapEx and R&M cycles.

哦，當然，這是一個很好的問題。當我們觀察整個產業的整體設備狀況時，尤其是將其與我們在整個市場上看到的高利用率和高效率結合起來時，就會發現設備磨損加速，設備使用速度加快，維護資本支出和研發與維護週期也隨之增加。

You're really putting this equipment through a lot and because of that, you've seen an accelerated cycle where there's less equipment available and it's really chewed through this equipment to where a lot of the legacy equipment is just not up to par with where the industry has come.

你確實讓這些設備承受了很多壓力，正因為如此，你會看到一個加速的循環，可用的設備越來越少，這些設備的損耗越來越大，以至於許多傳統設備已經無法滿足行業發展水平的要求。

That's why we're so excited about our platform and how well we manage our assets as well as the increased benefits that we're already seeing from the asset management program that we've put in place. So when you look at supply and demand, we think it's pretty tight out there. When the industry's fleet count is dropping, it's easier to manage assets and allocate the appropriate assets to the right areas and to put up phenomenal efficiencies and utilization rates for your customer.

這就是為什麼我們對我們的平台、我們如何管理我們的資產以及我們已經從已經實施的資產管理計劃中看到的增加的收益感到如此興奮。因此，當你觀察供需情況時，我們認為供應相當緊張。當行業的車隊數量下降時，管理資產和將適當的資產分配到正確的區域以及為客戶提供驚人的效率和利用率變得更加容易。

But it chews through a lot of equipment and it's unseen by the market until it stabilizes and starts building the other way. I think that this is going to be a common theme all throughout 2025 across the industry of realizing just how short the market is of horsepower. I think in this part of the cycle, it presents a lot of opportunities to get very substantial price improvements.

但它消耗了大量的設備，直到它穩定下來並開始以另一種方式建造時才被市場發現。我認為這將是整個 2025 年整個行業的共同主題，即意識到市場馬力有多麼不足。我認為在這個週期中，有很多機會實現大幅價格改善。

However, we're taking the long game here and looking at what our long-term relationships with customers should be and how we should structure that relationship, making sure that we have partnerships over short-term financial gain.

然而，我們著眼於長遠，考慮我們與客戶應該建立什麼樣的長期關係，以及如何建立這種關係，確保我們的合作關係高於短期財務利益。

I would just add to that too, if we continue to see some green shoots, particularly in the natural gas heavy markets, this is, I think, is going to become even more acute as we move throughout the year and in the next year. Kind of the two-pronged approach of increased attrition coupled with potential increases in demand on the gas side in addition to kind of flattish activity on the oil side. I think we're going to see a -- we could see a meaningful tightening if that unfolds.

我還要補充一點，如果我們繼續看到一些復甦跡象，特別是在天然氣重型市場，我認為，隨著我們全年和明年的發展，這種情況將變得更加嚴重。這是雙管齊下的策略，一方面增加消耗，另一方面天然氣方面的需求可能增加，此外石油方面的活動也比較平緩。我認為，如果情況真的如此，我們將會看到一次有意義的緊縮。

And the most exciting outcome is that really, this pushes and accelerates the industry's move into higher spec, higher value platforms and that is certainly a benefit to us because of our fleet configuration.

最令人興奮的結果是，這確實推動並加速了行業向更高規格、更高價值平台的轉變，這對我們的機隊配置來說無疑是一個好處。

No, that makes sense. Thank you. And the other question, could you give us a sense or range for where pricing is today on a kind of a contracted and maybe contracted and spot basis versus where it was 12 months ago?

不，這很有道理。謝謝。另一個問題是，您能否告訴我們，與 12 個月前相比，今天的合約價格、現貨價格和價格範圍如何？

I'm just trying to get a sort of just a sense for magnitude of change.

我只是想了解變化的程度。

Yeah, I know you'd love to have that answer. We're going to pass on that one. I'll tell you, we like the frame up that we have. We like where supply and demand is at and where it's taking us, and our main focus is we don't want to be greedy here and complicate our relationships with our customers, but there's certainly greater opportunities to push pricing.

是的，我知道你很想知道這個答案。我們將傳遞這一點。我會告訴你，我們喜歡我們現有的框架。我們喜歡供需關係的現狀以及它帶給我們的影響，我們的主要關注點是，我們不想在這裡貪婪，也不想讓我們與客戶的關係複雜化，但肯定有更大的機會來推動定價。

Many of those, that's not something that we're interested in getting in the short term. We want to look at preserving our relationships with our customers and finding that right balance for full cycle returns.

其中很多都不是我們在短期內感興趣得到的。我們希望維護與客戶的關係並找到實現全週期回報的適當平衡。

And I would just add again, I can't overemphasize this enough, where we are spending on growth CapEx and stim services, it's because we are meeting our economic return thresholds, right? So I just want to put a point in that.

我再補充一點，我再強調一遍，我們在成長資本支出和刺激服務上的支出，是因為我們達到了經濟回報門檻，對嗎？所以我只想強調這一點。

So much of this business is about utilization and operating leverage and so there's a good balance by working with the right customers and finding the right relationships so that you create mutual value and benefit.

這項業務很大程度上與利用率和經營槓桿有關，因此透過與合適的客戶合作並找到合適的關係來實現良好的平衡，從而創造共同的價值和利益。

Got you. That makes sense. And then one final, since you didn't quite answer the other one. But no, seriously, the other one was, do you see -- and I'm not sure how to exactly ask this, but when we think about the electrification of some of the frac fleets and we see power being pulled into other end markets, right, like data centers, et cetera, is there any concern that the cost of electricity or the cost of reception or whatever it might be will rise because you're getting -- that power may be pulled away from the oil patch by a customer who may be willing to pay more for it?

明白了。這很有道理。然後是最後一個問題，因為你沒有完全回答另一個問題。但是，說真的，另一個問題是，你看到了嗎——我不確定該如何確切地問這個問題，但是當我們考慮一些壓裂車隊的電氣化並且我們看到電力被拉入其他終端市場時，對吧，比如數據中心等等，是否有人擔心電力成本或接收成本或其他任何可能的成本會上升，因為你正在獲得——電力可能會被願意為此支付更多費用的客戶從油田中抽走？

Those are some high-class problems. The way that we look at it is that with our vertical integration and our in-house packaging of these platforms, we want to focus on it and develop our growth trajectory around supporting our fleets, but it also, we're allocators. And we're going to allocate for the best returns. But again, this is about preserving long-term relationships and so we'll meet all of our commitments to our customers.

這些都是一些進階問題。我們的看法是，透過我們的垂直整​​合和這些平台的內部打包，我們希望專注於此，並圍繞著支持我們的車隊發展我們的成長軌跡，但我們也是分配者。我們將進行分配以獲得最佳回報。但同樣，這是為了維護長期關係，因此我們將履行對客戶的所有承諾。

As we look at the landscape, I think that there's terrific demand in other segments in other areas, and we're closely evaluating this specifically for what is the best allocation of resources and how do we sustain both businesses without leaving any of our valued customers stranded in any form or fashion. And so there's careful consideration there and we're allocators looking for the best returns.

當我們審視情況時，我認為其他領域的其他細分市場有著巨大的需求，我們正在密切評估這一點，特別是如何最佳地配置資源，以及如何維持兩個業務，而不會讓任何尊貴的客戶以任何形式或方式陷入困境。因此，我們經過仔細的考慮，並尋求最佳回報的分配者。

And ultimately, the best returns are from sustainable full cycle returns and looking at the return on assets through the life of the asset. And so we're evaluating this very closely, but we see our in-house demand as a proving ground and an excellent launching pad for some of these opportunities that we see in the market.

最終，最好的回報來自可持續的全週期回報，並專注於資產整個生命週期的資產回報。因此，我們正在對此進行非常密切的評估，但我們將內部需求視為市場上一些機會的試驗場和絕佳的發射台。

Great, that's great color. Thank you, gentlemen.

太棒了，顏色真棒。謝謝各位。

Thank you.

謝謝。

Dan Kutz, Morgan Stanley.

摩根士丹利的丹·庫茨。

Hey, thanks. Good morning. So I just wanted to kind of roll up a couple of data points that you guys gave on your active frac fleet count. So I think that you said that that you reactivated six fleets and that activity is up more than 25% on the 4 kilos. So that would kind of imply maybe you're running mid-20s, maybe low mid-20s fleets before and then now you're around 30 fleets.

嘿，謝謝。早安.所以我只是想匯總一下你們提供的幾個關於活躍壓裂船隊數量的數據點。所以我認為您說過您重新啟動了六個艦隊，並且 4 公斤級的活動增加了 25％ 以上。所以這可能意味著你之前運營著 20 多艘、20 多艘中段的船隊，而現在你運營著大約 30 艘船隊。

Am I thinking about that the right way? And is 30 a decent number to think about through 2025 in terms of an active fleet count? Thanks.

我這樣想對嗎？那麼，從 2025 年起，30 艘現役艦艇的數量是否是一個合理的數字？謝謝。

Yeah, I think the low 30s is a safe place to look at throughout the year and certainly for -- that's about where we are now. What we're looking at is, we're not going to sacrifice financial results for growth. This is about being active and maintaining a healthy footprint in a great market and establishing the right relationships now.

是的，我認為 30 華氏度以下是全年比較安全的溫度，當然——我們現在的溫度大概就是這個水平。我們所考慮的是，我們不會為了成長而犧牲財務表現。這是為了在巨大的市場中保持活躍和健康的足跡並建立正確的關係。

If for whatever reason there's a call from the market for the demand is there for more supply, our number one priority is that we won't ramp up activity unless we see the economic returns that support it. And so we're patiently watching it, excited about what we're seeing in gas. And think that there's -- as we go into the latter part of this year and into next year, that there may be a need there, but our position is that we remain patient and become great allocators of capital.

如果出於某種原因，市場需要增加供應，那麼我們的首要任務就是，除非我們看到支持它的經濟回報，否則我們不會加強活動。因此，我們耐心地觀察著，對我們在天然氣中看到的情況感到興奮。並且認為——隨著我們進入今年下半年和明年，可能會有需求，但我們的立場是保持耐心並成為偉大的資本配置者。

Great, that's all. It's all really helpful.

太好了，就這樣。這一切都非常有幫助。

And then maybe on the proppant business, you guys have kind of given us a bunch of color on some of the factors driving the improvement that you see for that business this quarter and this year, but a couple other components that I wanted to ask about. Are market share gains contemplated in the improvement and in terms of just you guys, you'd flag that.

然後也許在支撐劑業務方面，你們已經向我們介紹了一些推動本季和今年該業務改善的因素，但我想問一下其他幾個因素。市場佔有率的成長是否已考慮到改進中，就您們而言，你會標記這一點嗎？

You're looking to optimize utilization at a given mine at a given time. Are there any mines that were outright shut down to manage the cost structure or is it just more a matter of kind of managing the volumes and utilization across the different mines? And then just the last piece is how much -- what's kind of the outlook that's contemplated for your internal versus external proppant sales, if you don't mind? Thanks.

您希望在特定時間內優化特定礦井的利用率。是否有任何礦山被徹底關閉以管理成本結構，或者這只是管理不同礦山的產量和利用率的問題？然後最後一個問題是——如果您不介意的話，您對內部和外部支撐劑銷售的前景有何預期？謝謝。

Yeah, in 2024, we communicated that we had idled an asset in the Haynesville market. That asset is still idle, but as we move through 2025 and with the potential of increased activities, there may be a call on that asset to bring it back. But where we sit now, we have seven assets that are operational and with many of them seeing the best utilization and production rates that they've ever had. So we're pretty excited about where these things are at.

是的，2024 年，我們曾表示，我們已經在 Haynesville 市場閒置了一項資產。該資產仍然處於閒置狀態，但隨著我們進入 2025 年並且活動可能增加，可能會要求將該資產重新投入使用。但就目前情況而言，我們擁有七項正在運作的資產，其中許多資產的利用率和生產力都達到了有史以來的最佳水準。因此，我們對這些事情的進展感到非常興奮。

We've got a robust order book and what we're -- as we move through the year, our goal is to focus on long-term commitments and rather than taking the first opportunity to push price which right now, we're seeing those types of opportunities, but our focus is let's de-risk these cash flows and turn them into longer-term commitments instead of just a nice feel good at the beginning of the year.

我們擁有強勁的訂單，隨著時間的流逝，我們的目標是專注於長期承諾，而不是抓住第一個機會推高價格，現在，我們看到了這類機會，但我們的重點是降低這些現金流的風險，並將其轉化為長期承諾，而不僅僅是年初的美好感覺。

Got it. It's all really helpful. Thanks a lot. I'll turn it back.

知道了。這一切都非常有幫助。多謝。我會把它轉回去。

Thank you. This concludes today's question-and-answer session. I'd like to hand the call back over to Matt Wilks for any closing comments.

謝謝。今天的問答環節到此結束。我想將電話轉回給馬特威爾克斯 (Matt Wilks)，讓他發表最後的評論。

Thank you, everyone. We appreciate your time today. We are confident that our integrated solutions and strategic partnerships will continue to drive our success in the most active US basins. Our focus on innovation, including next-generation equipment and the launch of Livewire Power, positions us to capitalize on emerging opportunities. We look forward to connecting with everybody on our first quarter of 2025 results call. Thanks.

謝謝大家。感謝您今天抽出時間。我們相信，我們的綜合解決方案和戰略合作夥伴關係將繼續推動我們在美國最活躍的盆地取得成功。我們專注於創新，包括下一代設備和 Livewire Power 的推出，這使我們能夠利用新興機會。我們期待在 2025 年第一季業績電話會議上與大家交流。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。