ProFrac Holding Corp (ACDC) 2025 Q1 法說會逐字稿

Greetings and welcome to ProFrac's first quarter 2025 earnings conference call. (Operator Instructions)

問候並歡迎參加 ProFrac 2025 年第一季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Michael Messina, director of finance. Thank you. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹主持人、財務總監 Michael Messina。謝謝。請繼續。

Thank you, operator. Good morning, everyone. Thank you for joining us for ProFrac Holding Corp's conference call and webcast to review our results for the first quarter ending March 31, 2025. With me today are Matt Wilks, Executive Chairman, Ladd Wilks, Chief Executive Officer, and Austin Harbour, Chief Financial Officer.

謝謝您，接線生。大家早安。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 2025 年 3 月 31 日的第一季業績。今天與我一起的有執行主席馬特·威爾克斯 (Matt Wilks)、首席執行官拉德·威爾克斯 (Ladd Wilks) 和首席財務官奧斯汀·哈伯 (Austin Harbour)。

Following my remarks, management will provide high-level commentary on the operational and financial highlights of the quarter 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.

在我發言之後，管理層將對本季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。

More information on how to access the replay is included in the company's earnings release. Please note that information reported on this call speaks only as of today, May 7, 2025, and therefore you are advised that any time sensitive information may no longer be accurate at the time of any subsequent repay listening, or transcript reading.

有關如何存取重播的更多資訊包含在公司的收益報告中。請注意，本次通話中報告的資訊僅截至今天（2025 年 5 月 7 日），因此請注意，任何時間敏感資訊在後續的償還收聽或記錄閱讀時可能不再準確。

Also, comments on this call may contain forward-looking statements within the meaning of the United States federal security 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 future performance.

此外，本次電話會議的評論可能包含美國聯邦安全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 管理層的當前觀點，並不能保證未來的表現。

Various risks, uncertainties, and contingencies could cause actual results, performance, or achievements to differ materially from those expressed in management's forward-looking statements.

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 Form 10K 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, uncertainties, and contingencies.

鼓勵聽眾或讀者閱讀 ProFrac Form 10K 以及向美國證券交易委員會提交的其他文件。您可以在 sec.gov 或公司投資者關係網站的 SEC 文件標籤下找到這些信息，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 at sec.gov and 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 Flow 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 sec.gov 和公司網站上找到。

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, Michael, and good morning to all. I'll begin with brief remarks, turn it to lad to elaborate on segment performance, and then Austin will run through our first quarter financials.

謝謝你，邁克爾，大家早安。我將首先進行簡短發言，然後請小伙子詳細闡述各部門的表現，然後奧斯汀將介紹我們第一季的財務狀況。

In the first quarter, ProFrac delivered strong results that significantly exceeded consensus estimates. Compared to the fourth quarter, revenue grew 32% to $600 million while adjusted EBITDA increased 83% to $130 million.

第一季度，ProFrac 取得了強勁的業績，大大超越了普遍預期。與第四季相比，營收成長 32% 至 6 億美元，調整後 EBITDA 成長 83% 至 1.3 億美元。

Our results demonstrate the resilience of our differentiated business model, including in-house R&D, manufacturing and maintenance capabilities, our asset management platform, as well as integrated solutions.

我們的業績證明了我們差異化商業模式的韌性，包括內部研發、製造和維護能力、我們的資產管理平台以及整合解決方案。

These differentiators underpin our ability to deliver top tier reliable and safe solutions to our customers. In the first quarter, we hit yet again a new record in total pumping hours as well as average pumping hours per fleet. As we were able to rapidly redeploy fleets and execute in the field. As activity ramped up. Our asset management platform has been a critical factor underpinning our success.

這些差異化因素鞏固了我們向客戶提供頂級可靠、安全解決方案的能力。第一季度，我們的總抽水小時數和每隊平均抽水小時數再次創下新高。因為我們能夠快速重新部署艦隊並在現場執行任務。隨著活動的增加。我們的資產管理平台是我們成功的關鍵因素。

Through standardized designs and streamlined operations, we were able to promptly and cost effectively maintain and upgrade our pressure pumping fleet to deliver consistent reliable equipment that meets rigorous safety standards and jobs specific requirements.

透過標準化設計和精簡操作，我們能夠及時且經濟高效地維護和升級我們的壓力泵組，以提供符合嚴格安全標準和特定工作要求的可靠設備。

Innovation remains at the core of our business, and we are encouraged by the results of tests conducted during the first quarter on our ProPilot automation software for hydraulic fracturing. Especially unique to our techno technology is that ProPilot requires zero manual startup for the initial stage. You just hit play.

創新仍然是我們業務的核心，第一季對水力壓裂 ProPilot 自動化軟體進行的測試結果令我們感到鼓舞。我們的技術尤其獨特之處在於 ProPilot 在初始階段不需要任何手動啟動。你只需點擊播放即可。

ProPilot is a groundbreaking auto frac platform that benefits our equipment and crews in various ways. We expect Propilot to drastically reduce the need for human intervention by automatically recommending courses of action to adhere to job designs. By our measure, ProPilot eliminates the majority of the human decision points involved in frac operations.

ProPilot 是一個突破性的自動壓裂平台，可以以多種方式使我們的設備和工作人員受益。我們希望 Propilot 能夠透過自動推薦符合工作設計的行動方案來大幅減少對人工幹預的需求。根據我們的衡量標準，ProPilot 消除了壓裂作業中涉及的大多數人為決策點。

The technology factors in the specific pumps down to their individual components and automatically adjusts recommendations based on mechanical feedback fleet configuration. OEM ratings as well as wear and tear on the components which we believe will enable us to extend the useful lives and further minimize failures of our equipment.

該技術將特定泵浦的各個組件考慮在內，並根據機械回饋車隊配置自動調整建議。我們相信，OEM 評級以及組件的磨損將使我們能夠延長設備的使用壽命並進一步減少設備的故障。

The system also enables us to further optimize natural gas substitution rates to deliver fuel savings for our customers. In April we implemented ProPilot's Auto frac functionality into a fleet in South Texas with great success.

該系統還使我們能夠進一步優化天然氣替代率，為客戶節省燃料。四月份，我們在南德克薩斯州的一個車隊中實施了 ProPilot 的自動壓裂功能，並取得了巨大的成功。

Next month we plan to deploy it to another fleet in West Texas. We remain committed to delivering cutting edge solutions and setting industry benchmarks that create measurable value for our customers. Last week, we co-announced the completion of a transaction with Flowtech that included the sale of innovative mobile power generation solutions.

下個月我們計劃將其部署到西德克薩斯州的另一個艦隊。我們始終致力於提供尖端解決方案並建立行業基準，為客戶創造可衡量的價值。上週，我們共同宣布與 Flowtech 完成一項交易，其中包括出售創新的行動發電解決方案。

This transaction represents an evolutionary step forward in our business relationship with Flowtech. By leveraging cutting edge intellectual property, these solutions provide industry leading gas quality assurance and asset integrity to customers while providing a platform for future growth.

這項交易標誌著我們與 Flowtech 的業務關係向前邁出了重要的一步。透過利用尖端智慧財產權，這些解決方案為客戶提供領先業界的天然氣品質保證和資產完整性，同時為未來的發展提供平台。

We believe assets that consume gas can benefit from Flowtech technology, especially applications that consume volatile gas molecules. For example, our generation, compression, refining, chemical plants, and flaring represent a few of the near term adjacent applications we've identified.

我們相信消耗氣體的資產可以從 Flowtech 技術中受益，尤其是消耗揮發性氣體分子的應用。例如，我們的發電、壓縮、精煉、化工廠和燃燒代表了我們已經確定的一些近期相鄰應用。

We remain focused on proactive customer engagement. Simply put, our priority is partnering with operators who recognize our efficient, scalable offering, enabling long-term margin enhancing relationships with key customers.

我們仍然注重積極主動的客戶參與。簡而言之，我們的首要任務是與認可我們高效、可擴展產品的營運商合作，從而與關鍵客戶建立長期、可提高利潤的關係。

Pivoting briefly to profit, on our last call, we spoke constructively about the trends in this segment. The changes we implemented late last year and through the first quarter drove significant volume gains in the first quarter.

在我們最後一次通話中，我們簡要地轉向盈利，建設性地談論了這一領域的趨勢。我們在去年年底和第一季實施的變革推動了第一季銷售的大幅成長。

We expect volumes in the second quarter to slightly decline compared to the first quarter. However, we anticipate that we will be able to partially offset the declines in sales volumes with favorable average sales prices and increased logistics activity.

我們預計第二季的銷售量將比第一季略有下降。然而，我們預計，透過有利的平均銷售價格和增加的物流活動，我們將能夠部分抵銷銷售量的下降。

Further, our position in the Hainesville is a source of potential upside in the back half of the year. More on this when Ladd speaks. Turning to Livewire Power, our power generation business continues to make progress. Since its launch in the fourth quarter, the business has been executing on its initial objective of supporting our internal operations while delivering capabilities for future growth.

此外，我們在海恩斯維爾的地位是今年下半年潛在的上升動力。拉德在演講時會對此進行更多討論。談到 Livewire Power，我們的發電業務繼續取得進展。自第四季度推出以來，該業務一直在執行其最初的目標，即支持我們的內部運營，同時提供未來成長的能力。

We remain excited about the long-term potential of this business and the industry's power generation needs continue to evolve. To put a fine point on my remarks so far, we leveraged our strengths in an improving North American completions market to deliver first quarter results that I am proud of and to advance key strategic initiatives.

我們對該業務的長期潛力仍然感到興奮，並且該行業的發電需求也在不斷發展。總結我迄今為止的發言，我們利用不斷改善的北美完井市場的優勢，取得了令我感到自豪的第一季業績，並推進了關鍵的戰略舉措。

I want to take this moment to thank all of our employees for their dedication and effort in achieving these results. All that said, market dynamics shifted in the early days of the second quarter. Economic uncertainty from tariffs, along with OPEC's announcement to increase oil production beginning in April, had an immediate impact on commodity prices and more importantly, on the outlook for prices, activity, and spending.

我想藉此機會感謝我們所有的員工為實現這些成果所付出的奉獻和努力。儘管如此，市場動態在第二季初期發生了變化。關稅帶來的經濟不確定性，加上石油輸出國組織宣布從四月開始增加石油產量，對大宗商品價格產生了直接影響，更重要的是，對價格、活動和支出的前景產生了影響。

Ladd will provide more detail on how these dynamics are impacting our business, but I'd like to first set the stage with some high-level observations. Importantly, as we entered this period of uncertainty, industry-wide drilling and completion activity was consistent with maintaining relatively flat production, meaning any sharp or prolonged slowdown in activity would lead to production declines.

拉德將提供更多關於這些動態如何影響我們業務的細節，但我想先透過一些高層次的觀察來奠定基礎。重要的是，當我們進入這個不確定時期時，整個行業的鑽井和完井活動與保持相對平穩的產量一致，這意味著任何急劇或長期的活動放緩都會導致產量下降。

The primary challenge facing operators today is increased cost inputs from tariffs and uncertainty about where commodity prices will trend amid persistent concerns about a potential economic slowdown and softening global demand. Coupled with increased supply from OPEC.

如今，營運商面臨的主要挑戰是關稅成本投入的增加，以及在人們對潛在經濟放緩和全球需求疲軟的持續擔憂下，大宗商品價格走勢的不確定性。再加上石油輸出國組織（OPEC）的供應增加。

We are actively engaging with customers and vendors to navigate through this cycle, including tariff mitigation strategies in addition to increasing operating efficiency. Of no, we're observing varied responses across the value chain.

我們正在積極與客戶和供應商合作，以度過這一周期，包括降低關稅的策略以及提高營運效率。不，我們觀察到整個價值鏈中存在不同的反應。

The responses by operators to current market conditions remain highly individualized and shaped by factors including acreage portfolios, regional and commodity exposure, cash return commitments, hedge positions, and overall corporate strategy.

營運商對當前市場狀況的反應仍然高度個人化，並受到土地組合、區域和商品風險、現金回報承諾、對沖頭寸和整體公司策略等因素的影響。

Early feedback from our customers indicates that activity will decline in the second quarter relative to the first quarter as fleets and earlier year programs, largely targeting oil production abate. Those that are reducing activity maintain the flexibility to quickly resume operations when market conditions improve.

我們客戶的早期回饋表明，由於船隊和前幾年主要針對石油生產的計劃的減弱，第二季的活動將相對於第一季有所下降。那些減少活動的企業保持靈活性，以便在市場條件改善時迅速恢復營運。

Some operators are maintaining relatively steady activity levels while others have adopted a more measured wait and see approach, particularly with marginal projects that might deliver better returns in an improved pricing environment.

一些營運商保持著相對穩定的活動水平，而其他營運商則採取了更為謹慎的觀望態度，特別是對於在改善的定價環境下可能帶來更好回報的邊際項目。

Meanwhile, the natural gas market appears to be holding up relatively well. Secular tailwinds driven by growing AI related power demand and continued strength and LNG demand are supporting the potential for increased activity in the second half of 2025, which la will also expand on shortly.

同時，天然氣市場似乎表現相對良好。人工智慧相關電力需求不斷增長以及液化天然氣需求持續強勁推動的長期順風，支撐了 2025 年下半年活動增加的潛力，而這一潛力也將很快擴大。

We're optimistic about the opportunity in the Hainesville, particularly given our profit position in that region. Regardless of the market backdrop, we continue to take the disciplined approach to managing our asset portfolio and capital allocation by prioritizing economic returns, shoring up free cash flow, safeguarding liquidity, and prudently managing both debt, service, and working capital.

我們對海恩斯維爾的機會持樂觀態度，尤其是考慮到我們在該地區的利潤地位。無論市場背景如何，我們都會繼續採取嚴謹的方式來管理我們的資產組合和資本配置，優先考慮經濟回報，鞏固自由現金流，保障流動性，並審慎管理債務、服務和營運資本。

Further, in response to the evolving market conditions, We're implementing strategic adjustments to our capital allocation plan to maximize cash flow generation while ensuring our customers continue to receive the highest quality equipment and service enabled by our vertical integration.

此外，為了應對不斷變化的市場條件，我們正在對資本配置計劃進行策略性調整，以最大限度地產生現金流，同時確保我們的客戶繼續透過我們的垂直整​​合獲得最高品質的設備和服務。

Lab will elaborate on these two points shortly, but before turning the call over to him, I'd like to wrap up with the following summary remarks. We delivered strong Q1 results, exceeding consensus estimates with revenue growth of 32% and increased to just BB by 83% compared to the fourth quarter.

Lab 很快就會詳細闡述這兩點，但在將電話轉給他之前，我想先做以下總結性發言。我們取得了強勁的第一季業績，超越了普遍預期，營收成長了 32%，與第四季相比僅成長了 83%。

We achieved a new record in operating efficiency thanks to our best-in-class crews and differentiated business model utilizing in-house R&D manufacturing and maintenance capabilities and our asset management platform. We completed a strategic transaction with Flowtech, enabling a platform for growth. Leveraging cutting edge gas quality assurance and asset integrity solutions.

憑藉一流的團隊和利用內部研發、製造和維護能力以及資產管理平台的差異化業務模式，我們實現了營運效率的新紀錄。我們與 Flowtech 完成了一項策略交易，為其成長提供了平台。利用尖端的天然氣品質保證和資產完整性解決方案。

We are observing varied customer responses to economic uncertainty, and ultimately what operators want to see is more clarity on the trajectory of commodity prices, reliability of cost inputs and tariffs, and less uncertainty regarding supply and demand dynamics.

我們觀察到客戶對經濟不確定性的不同反應，營運商最終希望看到的是商品價格走勢更加清晰、成本投入和關稅更加可靠，供需動態的不確定性減少。

Natural gas remains a relatively bright spot which we believe could provide some upside in the second half of the year. We saw positive momentum in profit with significant volume gains in Q1. And finally, we remain prudent and diligent in capital allocation and are actively evaluating expenditures across the organization with flexibility to adjust without compromising service quality.

天然氣仍然是一個相對亮點，我們相信它可能在今年下半年帶來一些上漲空間。我們看到了利潤的正面勢頭，第一季銷量大幅成長。最後，我們在資本配置方面保持審慎和勤勉，並積極評估整個組織的支出，靈活調整，同時不影響服務品質。

Ladd over to you.

拉德交給你了。

Thank you, Matt. And good morning, everyone. I'll provide more color on several themes Matt touched on as I elaborate on the segments, starting with the performance in our pressure pumping business. In the first quarter, we experienced a significant improvement in our active fleet count, with six fleets returning to service early in the period.

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主題進行更詳細的闡述，首先從我們的壓力泵業務的表現開始。第一季度，我們的現役機隊數量顯著增加，其中六支機隊在本季初恢復服役。

The increase in activity was most pronounced in our Eagle Ford and Permian operations, though all active regions saw improvement. So far through the second quarter, we've experienced more resilient demand for our next gen natural gas burning equipment than our diesel assets.

儘管所有活躍區域均有所改善，但 Eagle Ford 和 Permian 業務的活動成長最為明顯。截至第二季度，我們對下一代天然氣燃燒設備的需求比柴油資產更具彈性。

As Matt discussed, the uncertain macroeconomic environment triggered by tariff announcements in early April and the OPEC production increase has prompted operators to reassess their drilling and completion activity and spending.

正如馬特所討論的，4月初的關稅公告和歐佩克增產引發的不確定的宏觀經濟環境促使營運商重新評估其鑽井和完井活動和支出。

During such periods, operators typically shift focus toward operational expenditures rather than capital investments. This often means prioritizing production over from active wells over bringing new wells online. Regarding their capital expenditure programs, this may translate to deliberately limiting activity, building ducts, and temporarily suspending activity on marginal assets.

在此期間，營運商通常將重點轉向營運支出而不是資本投資。這通常意味著優先考慮現有油井的生產，而不是新油井的投產。對於他們的資本支出計劃，這可能意味著故意限制活動、建造管道以及暫時停止邊際資產的活動。

Since the beginning of the second quarter, a few of the programs we were on have seen delays or been paused due to the dynamics Matt laid out. This is resulting in more white space on the Frac calendar and creating some inefficiencies that we're managing.

自第二季度初以來，由於馬特所列出的動態，我們所參與的幾個項目已經出現延遲或暫停。這導致壓裂日曆上出現更多空白，並造成我們正在管理的一些效率低下。

The encouraging news is that DNC programs can resume quickly. In addition, the tariff induced disruption to the industry's supply chain could result in a substantial glut of imported products. As a result, activity could rebound just as rapidly as it slowed.

令人鼓舞的消息是，DNC 計劃可以迅速恢復。此外，關稅導致的產業供應鏈中斷可能導致進口產品大量過剩。因此，經濟活動的反彈速度可能與放緩速度一樣快。

While we're being prudent, we're spending amid current uncertainty. Our business model and fleet are well positioned and stand ready to capitalize on a ramp up in completions activity. In addition, we remain optimistic about the potential upside in natural gas directed activity, particularly in the Haynesville.

儘管我們很謹慎，但我們在當前的不確定性中支出。我們的商業模式和船隊定位良好，隨時準備好利用完井活動的成長。此外，我們仍然對天然氣定向活動的潛在上升空間持樂觀態度，特別是在海恩斯維爾。

We're actively building inbound interest for work in the back half of this year and into the next. Now to our profit segment. We saw a substantial increase in volumes early in the year with January levels rising 45% above December. However, ramp up costs and plant mine improvements early in the quarter weighed on segment performance.

我們正在積極為今年下半年和下半年的工作建立入境興趣。現在談談我們的利潤部分。我們看到今年年初交易量大幅增加，1 月交易量比 12 月增加了 45%。然而，本季初成本的增加和工廠礦山的改進對部門業績產生了影響。

As a reminder, we conducted a strategic leadership review of the profit segment in Q4 2024 across both mine operations and executive levels and implemented targeted changes to enhance commercial execution and operational efficiency.

提醒一下，我們在 2024 年第四季對礦山營運和高階主管層面的利潤部門進行了策略領導力審查，並實施了有針對性的變革，以提高商業執行力和營運效率。

By improving throughput, we begun to see encouraging results. Looking at our operations today, segment volumes are anticipated to slightly decline relative to the first quarter, but with some favorable offsets, as Matt laid out.

透過提高吞吐量，我們開始看到令人鼓舞的結果。從我們今天的營運情況來看，預計各部門的銷售量將較第一季略有下降，但正如馬特所說，也會有一些有利的抵銷因素。

Finally, I'd like to reiterate our optimism around the Haynes vote, particularly as it relates to our profit business and the potential for increased natural gas activity in the region. As mentioned previously, we hold an industry leading position in the Haynesville profit market, supported by three invasive mines with a combined annual production capacity of 8.2 million tons.

最後，我想重申我們對海恩斯投票的樂觀態度，特別是因為它與我們的盈利業務以及該地區天然氣活動增加的潛力有關。如前所述，我們在 Haynesville 利潤市場中佔據行業領先地位，並由三個侵入性礦山提供支持，總年產能為 820 萬噸。

Switching gears now to other important items. Regarding our recent flow tech transaction, in April, we completed a $105 million transaction that included our gas conditioning solutions under a six-year leaseback arrangement.

現在轉向討論其他重要事項。關於我們最近的流量技術交易，四月份，我們完成了一項價值 1.05 億美元的交易，其中包括根據六年回租協議提供的氣體調節解決方案。

Austin will talk more about the deal consideration, but I'd like to take a brief moment to talk about the innovative capabilities that these internally developed assets provide. Essentially, there are two distinct units that can be paired together on each natural gas burning fleet, one emergency Shutdown unit, which we call an ESD, and one natural gas distribution unit or NGD.

奧斯汀將更多地談論交易考慮，但我想花點時間談談這些內部開發的資產所提供的創新能力。本質上，每個天然氣燃燒車隊都有兩個可以配對的不同裝置，一個是緊急關閉裝置（我們稱之為 ESD），另一個是天然氣分配裝置或 NGD。

At a high level, this equipment solves one of the biggest operational challenges out inspect gas impact on asset integrity. Which can result in outcomes ranging from increased wear and tear to catastrophic failure.

從高層次來看，該設備解決了檢查氣體對資產完整性的影響的最大營運挑戰之一。這可能導致磨損加劇甚至災難性故障等後果。

Additional features include emergency shutdown capabilities, pressure regulation, overpressure protection, liquids carryover protection, and managing out of state gas, which includes mitigating variations in BTU and H2S levels.

其他功能包括緊急關閉功能、壓力調節、過壓保護、液體夾帶保護以及管理州外天然氣，其中包括減輕 BTU 和 H2S 水平的變化。

While the core tangible components of the equipment are fairly ubiquitous in the oil field, the real differentiator is in the intellectual property associated with Flowtech's JP3 gas analyzer.

雖然該設備的核心有形部件在油田中相當普遍，但真正的區別在於與 Flowtech 的 JP3 氣體分析儀相關的智慧財產權。

On board the ESD is proprietary technology that analyzes the chemical makeup of the gas in real time and adjusts the BTU levels of the gas supplied to the power generation unit or any natural gas burning equipment for that matter.

ESD 上採用了專有技術，可以即時分析氣體的化學成分，並調整供應給發電機組或任何天然氣燃燒設備的氣體的 BTU 水平。

Without any disruptions to operations. At ProFrac, this is not only helps us avoid non-productive time associated with fuel related issues at the pad but also improves our ability to substitute natural gas.

不會對營運造成任何干擾。在 ProFrac，這不僅幫助我們避免與燃料相關問題相關的非生產時間，而且還提高了我們取代天然氣的能力。

On capital allocation. We've identified approximately $70 million to $100 million and potential CapEx reductions to flexibly align with evolving market conditions. Our efficient fleet management approach enables us to maintain service quality standards while optimizing spending.

關於資本配置。我們已經確定了約 7,000 萬至 1 億美元的潛在資本支出削減額，以靈活適應不斷變化的市場條件。我們高效的車隊管理方法使我們能夠在優化支出的同時保持服務品質標準。

Regarding tariffs, we continue to take a proactive approach to supply chain management through our in-house capabilities, strategic sourcing, and diverse supplier relationships. We've managed direct cost impacts to date. While we continuously monitor and adjust the market conditions, our business model positions as well to navigate the current environment.

關於關稅，我們繼續透過內部能力、策略採購和多樣化的供應商關係採取積極主動的方式進行供應鏈管理。到目前為止，我們已經控制了直接成本影響。在我們不斷監測和調整市場狀況的同時，我們的商業模式也能夠適應當前的環境。

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 first quarter, revenues were $600 million as compared with $455 million in the fourth quarter. We generated $130 million of adjusted EBITDA with an adjusted EBITDA margin of 22% compared with $71 million in the fourth quarter or 16% of revenue.

謝謝，拉德。第一季的營收為 6 億美元，而第四季的營收為 4.55 億美元。我們的調整後 EBITDA 為 1.3 億美元，調整後 EBITDA 利潤率為 22%，而第四季為 7,100 萬美元，佔營收的 16%。

Top line and margins improved on increased activity levels, higher efficiencies and cost control in the stimulation services segment, and higher sales volumes in our profit production segment.

由於活動水準提高、刺激服務部門效率和成本控制提高以及利潤生產部門銷售量增加，營業收入和利潤率均有所提高。

Free cash flow was a net use of cash of approximately $14 million in the first quarter, a decline of approximately $68 million versus the fourth quarter, driven primarily by investments in working capital as we scaled our activity levels in frac and sand while also effectively balancing liquidity and debt service.

自由現金流是第一季約 1,400 萬美元的淨現金使用量，較第四季度減少約 6,800 萬美元，主要原因是我們擴大了壓裂和砂石活動水平，同時有效平衡了流動性和債務服務，從而對營運資本進行了投資。

Turning to our segments, stimulation services revenues were $525 million in the first quarter versus $384 million in the fourth quarter, with both fleet count and efficiency driving the increase in the quarter. Adjusted EBITDA in Q1 was $105 million versus $54 million in Q4, with margins coming in at 20% versus 14% respectively. This segment was impacted by approximately $8 million in shortfall expense related to our supply agreement with Flowtech compared to $9 million in the prior quarter.

談到我們的部門，第一季的刺激服務收入為 5.25 億美元，而第四季為 3.84 億美元，其中船隊數量和效率推動了本季的成長。第一季調整後 EBITDA 為 1.05 億美元，第四季為 5,400 萬美元，利潤率分別為 20% 和 14%。該部門受到與 Flowtech 簽訂的供應協議相關的約 800 萬美元短缺費用的影響，而上一季為 900 萬美元。

The profit production segment generated $67 million of revenue in the first quarter compared with $47 million of revenue in the fourth quarter. The increase in revenue was primarily attributable to approximately 53% higher sales volumes in the quarter, offset partially by a slightly lower average selling price per ton. Approximately 63% of volumes were sold to third party customers during the first quarter versus 73% in Q4.

利潤生產部門第一季創造了 6,700 萬美元的收入，而第四季的收入為 4,700 萬美元。收入的增長主要歸因於本季度銷售量增長約 53%，但每噸平均售價略有下降，部分抵消了這一增長。第一季約有 63% 的銷售給了第三方客戶，而第四季這一比例為 73%。

Adjusted EBITDA for the profit production segment was $18 million for the first quarter versus $14 million in Q4. While we grew volumes of revenues in the quarter on a margin basis, EDO margins came in at 27% in the first quarter versus 31% in Q4, with the dipt largely attributable to ramp up costs and increase throughput at the mines.

第一季利潤生產部門的調整後 EBITDA 為 1,800 萬美元，而第四季為 1,400 萬美元。雖然我們本季的營收在利潤率上有所增長，但 EDO 利潤率在第一季為 27%，而第四季為 31%，下降的主要原因是成本增加和礦場產量增加。

Our manufacturing segment generated first quarter revenues of $66 million, up 6% sequentially. Approximately 87% of segment revenues were generated via intercompany sales. Adjusted EBITDA for the manufacturing segment improved to approximately $4 million in Q1.

我們的製造部門第一季的營收為 6,600 萬美元，季增 6%。約 87% 的分部收入是透過公司間銷售產生的。製造部門的調整後 EBITDA 在第一季改善至約 400 萬美元。

Selling general and administrative expenses were $54 million in the first quarter, up from $48 million in the fourth quarter, driven by increased labor costs. Cash capital expenditures decreased to $53 million in the first quarter from $63 million in the fourth quarter, as expenditures were front loaded in Q4 to reactivate fleets.

由於勞動成本增加，第一季銷售總務及行政費用為 5,400 萬美元，高於第四季的 4,800 萬美元。現金資本支出從第四季的 6,300 萬美元降至第一季的 5,300 萬美元，因為第四季的支出主要用於重啟船隊。

This is exactly what our newly formed asset management platform is all about maintaining our active equipment to the highest standards while also positioning our ready line of equipment in alignment with market dynamics and growth expectations while keeping a firm grip on costs through the cycle.

這正是我們新成立的資產管理平台的宗旨，即保持我們的現役設備達到最高標準，同時使我們的現成設備系列與市場動態和增長預期保持一致，同時在整個週期內牢牢控製成本。

At this time, we want to make clear that we have the ability to respond very rapidly and compos or otherwise reduced capital expenditures by $70 million to $100 million. Total cash and cash equivalents as of March 31, 2025, were approximately $16 million including approximately $7 million attributable to Flowtech.

此時，我們想明確表示，我們有能力迅速做出反應，並重組或以其他方式減少 7,000 萬至 1 億美元的資本支出。截至 2025 年 3 月 31 日的現金及現金等價物總額約為 1,600 萬美元，其中約 700 萬美元歸屬於 Flowtech。

Total liquidity at quarter end was approximately $76 million including $66 million available under the ABL. Borrowings under the ABL credit facility ended the quarter at $205 million up approximately $65 million from the prior quarter.

季度末的總流動資金約為 7,600 萬美元，其中包括 ABL 下的 6,600 萬美元。本季末，ABL 信貸額度下的借款額為 2.05 億美元，較上一季增加約 6,500 萬美元。

At March 31, we had approximately $1.15 billion of debt outstanding with the majority not due until 2029. We repaid approximately $43 million of long-term debt in the first quarter and intend to continue to use free cash flow in future periods to deleverage. To close out, I'll provide some additional detail on the transaction with Flowtech that Matt and Latt highlighted earlier.

截至 3 月 31 日，我們有大約 11.5 億美元的未償還債務，其中大部分要到 2029 年才到期。我們在第一季償還了約 4,300 萬美元的長期債務，並打算在未來期間繼續利用自由現金流來去槓桿。最後，我將提供一些有關 Matt 和 Latt 之前強調的與 Flowtech 的交易的更多細節。

In exchange for the conveyance of digitally enhanced mobile natural gas conditioning and distribution units, both active and new units under construction and the associated six-year lease, we received warrants exercisable for 6 million shares.

作為轉讓數位增強型移動天然氣調節和分配裝置（包括現役和正在建造的新裝置）以及相關的六年租約的交換，我們獲得了可行使 600 萬股的認股權證。

Which will provide us with increased exposure to Flowtech equity as well as an offset of outstanding 2024 order shortfall payments and a mechanism to offset potential future order shortfall payments related to ProFrac's chemical supply agreement with Flowtech. Further, ProFrac issued a $40 million seller note. The note is a five-year non-amortizing note with a 10% interest rate.

這將使我們更多地接觸 Flowtech 股權，並抵消 2024 年未付的訂單短缺付款，並建立一種機制來抵消與 ProFrac 與 Flowtech 的化學品供應協議相關的潛在未來訂單短缺付款。此外，ProFrac 還發行了 4,000 萬美元的賣方票據。該票據為五年期非攤銷票據，利率為 10%。

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，請打開提問熱線。

(Operator Instructions)

（操作員指示）

Today's first question is coming from Dan Kutz of Morgan Stanley. Please go ahead.

今天的第一個問題來自摩根士丹利的丹庫茨。請繼續。

Hey, thanks. Good morning, guys. So, I appreciate that it's a really difficult time, and there's a ton of uncertainty, and we appreciate the kind of directional color that you guys shared, in the press release for, kind of some of the puts and takes in the popping segment and in the stem services segment, I guess.

嘿，謝謝。大家早安。所以，我知道這是一個非常困難的時期，並且存在大量的不確定性，我們很欣賞你們在新聞稿中分享的方向性色彩，我想，這有點像在 popping 部分和 stem 服務部分的一些投入和產出。

Is there anything more specific that you could share with us on the second quarter outlook, I, how, however you guys would like to frame it, I'm looking at consensus has revenues and even on a consolidated basis down around 10%, for you guys is that in the ballpark based on, what you know now. Yeah, just any incremental color you could share on the second quarter would be awesome.

關於第二季的前景，您能與我們分享一些更具體的資訊嗎？無論你們想如何表達，我都一致認為收入甚至在合併基礎上都會下降 10% 左右，根據你們現在所知道的情況，這大致如此。是的，只要您能在第二季分享任何增量顏色，那就太棒了。

Thank you.

謝謝。

Yeah, good morning and thanks for your question. We continue to evaluate the market and the situation. I think it's on a customer-by-customer basis. There is going to be some pullback in Q2, but to what degree we're not exactly sure at this point.

是的，早上好，感謝您的提問。我們將繼續評估市場和情況。我認為這是根據每個客戶的具體情況而定的。第二季將會出現一些回調，但目前我們還不確定回檔幅度有多大。

We've got a lot of momentum and are positioned incredibly well for this year and, continue to take care of our customers. We're still gaining ground on bundling and including sand and logistics with each of our active fleets, but the uncertainty and the visibility that we're getting from especially the West Texas customers is, it's on a customer-by-customer basis so we're still watching it close, and you know.

我們勢頭強勁，今年的定位非常好，我們將繼續照顧我們的客戶。我們仍在為每支現役車隊捆綁和包括沙子和物流方面取得進展，但我們從西德克薩斯州的客戶那裡得到的不確定性和可見性是，這是基於每個客戶的情況，所以我們仍在密切關注，你知道的。

I hope to have some further colors soon.

我希望很快能有更多顏色。

Yeah, fair enough, and I completely understand, and I appreciate that. Maybe just on your electric frac assets, could you remind us whether it's in horsepower or number of fleets how much capacity you have deployed, and I guess appreciating that those kind of have some of the most robust.

是的，很公平，我完全理解，我很感激。也許只是關於您的電力壓裂資產，您能否提醒我們，無論是馬力還是車隊數量，您部署了多少容量，我想，我很欣賞這些資產具有一些最強大的能力。

Contracting terms and would be, the least at risk assets in a more challenging macro environment could trying to get an idea of, how much I guess term you have left on the existing contracts for those is it, still a couple of years or is there kind of a period where a lot of those electric fleets roll off of contracts sometime in the near future, just anything you could share on the deployed e frac fleets would be really helpful. Thanks.

合約條款，以及在更具挑戰性的宏觀環境中風險最小的資產，可以嘗試了解一下，我猜您在現有合同中還剩下多少期限，是幾年還是在不久的將來有很多電動車隊會終止合同，您能分享的有關已部署的電子壓裂車隊的任何信息都將非常有幫助。謝謝。

Definitely most of our e-fleets are on long term contracts. We remain fully utilized on our e fleets and don't see, any changes to that. As far as our, fuel efficient fleets across the board, there's still tremendous demand for all of them, and that's, that remains, one of the focal points with our customer retention and focus is, look, there's a lot of demand for those. They're easy to market, and easy to sell, and easy to keep working, so.

毫無疑問，我們的大多數電動車隊都簽訂了長期合約。我們的電動車隊仍然得到充分利用，並且沒有看到任何變化。就我們所有的省油車隊而言，所有這些車隊仍然有巨大的需求，這仍然是我們客戶保留和關注的焦點之一，你看，對這些車隊的需求很大。它們很容易行銷，很容易銷售，也很容易維持運作。

Great thanks and sorry there's like eight or nine or is that the right ballpark of how many electric frac fleets you have deployed?

非常感謝，抱歉，大約有八、九個，或者這是您部署的電動壓裂車隊的正確數量嗎？

So, there's seven in total, but we've got a couple of them that are simul frac, so. You can got it, as far as horsepower would be the equivalent of time.

因此，總共有七個，但其中有幾個是同步壓裂，所以。你可以得到它，因為馬力就相當於時間。

Got it. Understood, really helpful. Thanks a lot. I'll turn it back.

知道了。明白了，確實很有幫助。多謝。我會把它轉回去。

Thank you. The next question is coming from John Daniel of Daniel Energy Partners. Please go ahead.

謝謝。下一個問題來自 Daniel Energy Partners 的 John Daniel。請繼續。

Hey guys, thanks for having me. Matt, I was, goofing off looking at LinkedIn and I saw you guys had two fleets, Fleet 18 and 35, that seemingly crushed it with in terms of hours pumped.

嘿，大家好，感謝你們的邀請。馬特，我當時正在瀏覽 LinkedIn，發現你們有兩個艦隊，艦隊 18 和艦隊 35，在泵送時間方面似乎勝過它。

Can you say if those wells were done? In April, and if so like how that compares to the performance in Q1 and then the second question is just you know what have you done differently recently to sort of allow you to hit those types of numbers?

你能說出這些井是否已經完工了嗎？四月份，如果是的話，與第一季的表現相比如何，第二個問題是，您知道最近您做了哪些不同的事情來讓您達到這些數字嗎？

Yeah, I'll touch on this briefly and hand it off the Ladd. Most of those pads started in Q1, and, how much of that is Q2 or April and how much is Q1, I don't have that information right at my fingertips, but I, really, we continue to see, record-breaking pump times on, across our entire fleet mix, and one of the big contributors to that.

是的，我會簡單談一下這個問題並將其交給拉德。大多數加油站都是在第一季度開始加油的，至於其中有多少是在第二季度或四月份開始加油的，又有多少是在第一季度開始加油的，我目前沒有這方面信息，但我確實看到，我們整個加油站的加油時間都在不斷創紀錄，這是造成這種情況的一個重要因素。

Is one of our phenomenal operations and team out in the field as well as our asset management program where we've gone in and controlled our standard processes for maintenance or asset quality and more importantly, the standardization of our of our fleets, our equipment, our parts and components.

這是我們在該領域出色的營運和團隊之一，也是我們的資產管理計劃之一，我們在該計劃中控制了維護或資產品質的標準流程，更重要的是，控制了我們的車隊、設備、零件的標準化。

Standardizing this equipment makes it easier for training, makes your maintenance procedures more reliable and consistent from basin to basin. And it also means that every time a fleet rolls on the location, that there's no question that that's a ProFrac fleet, that means ProFrac standard of the highest quality, highest efficiency, and that customers know exactly what they're getting every single time.

標準化該設備使培訓變得更加容易，並使您的維護程序更加可靠並且在各個盆地之間更加一致。這也意味著，每當一支車隊到達現場時，毫無疑問那是一支 ProFrac 車隊，這意味著 ProFrac 擁有最高品質、最高效率的標準，而且客戶每次都確切地知道他們得到了什麼。

It also allows us to control our throughput, our costs. And to manage our inventory to a much-varied degree. I think that's one of the things that that we saw in Q1, we deployed six fleets and saw a reduction in costs associated with our per fleet, on a per fleet basis.

它還使我們能夠控制我們的吞吐量和成本。並對我們的庫存進行不同程度的管理。我認為這是我們在第一季看到的事情之一，我們部署了六個艦隊，每個艦隊的相關成本都有所降低。

As we move forward, we expect to see, we're not deployed in six fleets in Q2, so we expect the operating leverage and the impact to our cost structure to improve. Without the burden of deploying six fleets.

隨著我們不斷前進，我們預計我們在第二季度不會部署在六個艦隊中，因此我們預計營運槓桿和對成本結構的影響將會改善。沒有部署六支艦隊的負擔。

Yeah John, Matt said that he's going to, say a couple of comments and then hand it off to me, but he really said it. Asset management is what it's all about, and we're just so proud of our team, our guys out in the field, we have the best in the business and what they continue to do and just the work that they're performing for our customers.

是的，約翰，馬特說他會發表一些評論然後交給我，但他確實這麼說了。資產管理就是一切，我們為我們的團隊、我們在現場的員工感到自豪，我們擁有業內最優秀的人才，他們將繼續為我們的客戶做出貢獻。

We couldn't be happier, but it's really about asset management and we're still in the early innings of that as we work through more and more of our equipment and run it through the asset management program, we feel like we're going to continue to see those results with, more fleets and, it's an exciting time and we think that it's we're going to see even improvement on that, so as we go forward. Okay super excited

我們非常高興，但這實際上與資產管理有關，而且我們仍處於早期階段，隨著我們處理越來越多的設備並通過資產管理計劃運行，我們覺得我們會繼續看到這些結果，更多的車隊，這是一個激動人心的時刻，我們認為隨著我們繼續前進，我們將會看到這方面的進一步改善。好的，超級興奮

And just a sort of a basic and probably a dumb question, but I'll ask it anyways. Q4 seasonality typically has been a sort of a pain on the industry, but you guys have a good presence in the Marcellus and Haynesville. Can you remind me what you saw Q4 versus Q3 and '24 high level, of course, and then, what would you expect for this year, all else being equal for just those areas.

這只是一個基本問題，可能有點愚蠢，但我還是會問。第四季的季節性通常會給行業帶來一些困擾，但你們在馬塞勒斯和海恩斯維爾的表現很好。您能否提醒我一下，您看到了第四季度與第三季度以及 24 年高水平的對比情況，當然，在其他所有條件相同的情況下，您對今年的預期是什麼？

Yes, yeah, I mean, there's always seasonality in in in Q4, what we're watching closely this year with such a with a stronger gas. A price, a stronger gas price going forward and the supply and demand. Fundamentally, we've got a much stronger gas market and so Last year going from Q3 to Q4, there was a pretty good slowdown, and now with all this tariff stuff, most of this stuff is isolated to West Texas.

是的，是的，我的意思是，第四季總是有季節性的，今年我們正密切關注天然氣的強勁成長。價格，未來更強勁的天然氣價格以及供需關係。從根本上來說，我們的天然氣市場更加強勁，因此去年從第三季度到第四季度，出現了相當明顯的放緩，而現在由於所有這些關稅政策，大部分天然氣都被集中在西德克薩斯州。

As we look at the gas markets, even South Texas, the Hainesville, the Northeast, we're watching real close to see what kind of activity ramps that we see, in the full back half of this year. I think the seasonal down, the seasonal slowdown in Q4, is likely to be muted, but we continue to watch and monitor that closely.

當我們觀察天然氣市場時，即使是南德州、海恩斯維爾、東北部，我們也在密切關註今年下半年會出現什麼樣的活動成長。我認為第四季的季節性下滑、季節性放緩可能會減弱，但我們會繼續密切關注和監測。

A lot of the number of inbounds and conversations we've had with customers about their plans, it's all in the back half of the year and so far, we're not seeing any indication that they're going to be slowing down in Q4.

我們與客戶就他們的計劃進行的大量溝通和對話都發生在下半年，到目前為止，我們還沒有看到任何跡象表明他們會在第四季度放緩。

Okay. That's all I got. Thanks for.

好的。這就是我所得到的全部。謝謝。

Another thing I would say is, with Q2 and all this tariff. Nonsense that's going on. I think, it's, we're seeing this as being a West Texas thing, it's not really as prevalent in anywhere else. But with that being said, the type of slowdown we saw in Q4 from Q3, we're not seeing.

我想說的另一件事是，第二季和所有這些關稅。正在發生的都是廢話。我認為，我們認為這是西德克薩斯州的事情，在其他地方並不那麼普遍。但話雖如此，我們並沒有看到像第四季那樣從第三季開始的經濟放緩。

This tariff, what's going on with tariffs and the uncertainty and the impact of the business. We don't see this, being as material as the type of slowdown you see from seasonality from Q3 to Q4 of last year. So hopefully that kind of gives some context into kind of what we're seeing in the near term, but we also believe that this is, should be pretty short-lived.

這個關稅，關稅的情況以及不確定性和對業務的影響。我們認為這種情況並不嚴重，因為這種情況與去年第三季至第四季的季節性放緩一樣嚴重。所以希望這能為我們近期看到的情況提供一些背景信息，但我們也相信這種情況應該是相當短暫的。

Okay. Again, thank you for having me.

好的。再次感謝你們的邀約。

Definitely, thank you.

當然，謝謝。

(Operator Instructions) Our next question is coming from Alec Scheibelhoffer of Stifel. Please go ahead.

（操作員指示）我們的下一個問題來自 Stifel 的 Alec Scheibelhoffer。請繼續。

Hi, thanks and good morning, everyone and thanks for taking my question. Just wanted to follow up on, yeah, good morning. I just wanted to follow up on your commentary regarding, second quarter profit sales volumes and average selling price, as well as your commentary on, your in base and kind of capacity in the Haynesville.

大家好，謝謝大家，早安，謝謝你們回答我的問題。只是想跟進一下，是的，早安。我只是想跟進您關於第二季度利潤銷售量和平均售價的評論，以及您對 Haynesville 基地和產能的評論。

I was just wondering if you can provide some color and kind of the maybe the pricing dynamics in the Haynesville versus, West Texas and just kind of like the balancing effect that you might see coming out of the Haynesville versus maybe some softness in West Texas.

我只是想知道您是否可以提供一些細節，也許可以說明海恩斯維爾與西德克薩斯州之間的定價動態，以及您可能看到的海恩斯維爾與西德克薩斯州的一些疲軟之間的平衡效應。

Yeah, I mean, each of these markets are pretty isolated from a pricing standpoint. Our focus is making sure that we've got the best value for our customers and finding that right spot to balance out the right volumes for operating leverage as well as, get the right price from an ASP standpoint for us.

是的，我的意思是，從定價的角度來看，這些市場都是相當孤立的。我們的重點是確保為客戶提供最佳價值，並找到合適的點來平衡適當的經營槓桿量，並從 ASP 的角度獲得合適的價格。

I think there's a huge opportunity for us in the Haynesville of getting that balance right, we've recently opened up the damp product at all three of our mines, increasing damp volumes to 13 million tons a year of availability.

我認為，對於海恩斯維爾來說，我們有巨大的機會來實現這種平衡，我們最近在所有三個礦場開採了濕礦產品，將濕礦產量提高到每年 1300 萬噸。

And I think that that that damp market has become a, these aren't mobile mines, these are fixed infrastructure, permanent mines, that basin is a little bit different than what you're seeing with these mobile minis and some of these other basins.

我認為潮濕市場已經變成了，這些不是移動礦山，而是固定基礎設施、永久性礦山，該盆地與你所看到的這些移動小型礦山和其他一些盆地略有不同。

But in the Haynesville, every damp sand provider has a fixed infrastructure mine and they've been relatively successful in growing that damp market and, we've got 13 million tons and are the single largest producer of damp and dry.

但在海恩斯維爾，每個濕沙供應商都有一個固定的基礎設施礦，他們在發展濕沙市場方面相對成功，我們擁有 1300 萬噸的產量，是最大的濕沙和乾沙生產商。

And intend to grow those volumes, provide phenomenal pricing for our customers. Hopefully they'll recognize how much of an impact that'll have for them on a cost per foot. But not only that, we've got three locations so we can provide the best logistics and as well as redundancy so that there's no interruption on their end for any reason.

並打算增加這些數量，為我們的客戶提供驚人的價格。希望他們能夠認識到這會對他們每英尺的成本產生多大的影響。但不僅如此，我們有三個地點，因此我們可以提供最佳的物流和冗餘，以便不會因任何原因而中斷。

I'm excited to be actually, really pursuing that side of it and hope to be updating, you guys with some positive news going forward. In in South Texas has always been a pretty robust market. They're still railing sand in.

我很高興能夠真正追求這一方面，並希望能夠向你們更新一些積極的消息。南德克薩斯州一直是一個相當活躍的市場。他們仍在用柵欄把沙子堆進去。

And so, anytime you see a market that's still rail sand in, it provides a pretty good backdrop and really capturing just how strong the demand is in that market. If demand exceeds near local near term or local supply.

因此，每當您看到一個市場仍然存在鐵路運輸，它就會提供一個相當不錯的背景，並且真正捕捉到該市場的需求有多強勁。如果需求超過當地近期或本地供應。

It gives you a lot of room to sell into attractive pricing and then also, to build those partnerships because, look, we've got a lot of capacity down there. It gives us the opportunity to go in and really deliver phenomenal operating results and we've seen our production at our South Texas mine.

它為您提供了很大的空間來以有吸引力的價格進行銷售，然後還可以建立這些合作夥伴關係，因為您看，我們在那裡擁有很大的產能。它使我們有機會真正實現驚人的營運業績，並且我們已經看到了南德克薩斯礦的產量。

Continue to improve, put up record production and In in March, and it continues to get better in April, was better than March and and and then in May our run rates are are it's substantially better than what we saw even in April. So we're really excited about what we're doing in South Texas. Again, this, the uncertainty around this trade war and the tariffs and its impact on activity levels in in the Permian.

繼續改善，創下產量紀錄，3 月份，4 月份繼續好轉，比 3 月份更好，5 月份我們的運行率比 4 月份的運行率好得多。因此，我們對在南德克薩斯州所做的事情感到非常興奮。再一次，這場貿易戰和關稅的不確定性及其對二疊紀活動水準的影響。

We do expect it to impact some of our volumes out there, but continue to find a market, find a spot for that so that we can focus on growing those volumes and benefiting from the operating leverage of diluting fixed costs.

我們確實預期它會影響我們的部分銷量，但我們會繼續尋找市場，找到一個位置，以便我們能夠專注於增加銷量，並從稀釋固定成本的經營槓桿中獲益。

And so, I hope I hope that provides a little bit of color on how to think about it, but South Texas and East Texas are, we expect big things from them. And then navigating through a challenging market in West Texas.

所以，我希望這能為如何思考這個問題提供一些參考，但是南德克薩斯州和東德克薩斯州，我們對他們寄予厚望。然後在西德克薩斯州這個充滿挑戰的市場中前進。

Yeah, I think to summarize maybe a little bit favorable makeshift from a relative perspective from West Texas to South Texas and East Texas, North Louisiana. In addition to that, we're going to see increased volumes that include logistics and storage as well as we move into Q2 and then into the back half of the year we think. So that's what's really driving that those differences.

是的，我認為從西德克薩斯州到南德克薩斯州、東德克薩斯州、北路易斯安那州的相對角度來總結可能有點有利的臨時措施。除此之外，我們認為，隨著進入第二季以及下半年，我們將看到包括物流和倉儲在內的交易量增加。這就是造成這些差異的真正原因。

Yeah, thanks Austin. The logistics and storage piece and combining that with the sand volumes provides a lot of flexibility in how you manage your customer, your backlog, and maintain reliable, consistent service to your customers.

是的，謝謝奧斯汀。物流和儲存部分以及與沙量的結合為您管理客戶、積壓訂單以及為客戶提供可靠、一致的服務提供了巨大的靈活性。

These assets you have issues here and there, but being able to control and manage the logistics, especially when you've got multiple assets nearby, ensures that your service quality is top-notch and that every ton shows up on time every time.

這些資產可能會遇到一些問題，但能夠控制和管理物流，特別是當您附近有多個資產時，可以確保您的服務品質是一流的，並且每次每一噸貨物都能準時出現。

Got it. I appreciate its excellent color there and that's all for me actually, so I'll turn it back. Thanks again.

知道了。我很欣賞它出色的色彩，實際上對我來說這就是全部了，所以我會把它退回去。再次感謝。

Thank you, thanks.

謝謝，謝謝。

Thank you. Ladies and gentlemen, at this time, I would like to turn the floor back over to Mr. Wilks for closing comments.

謝謝。女士們、先生們，現在我想把發言權交還給威爾克斯先生，請他作最後評論。

Thanks everybody. We appreciate your participation today. While market dynamics present some near-term uncertainty, our vertically integrated model, in-house capabilities, and strategic asset position us uniquely to navigate current conditions.

謝謝大家。我們感謝您今天的參與。儘管市場動態在短期內存在一些不確定性，但我們的垂直整​​合模式、內部能力和策略資產使我們能夠獨特地應對當前情況。

Our leverage to both oil and natural gas markets coupled with our operational flexibility and innovative solutions enables us to adapt while maintaining readiness for market improvements. We look forward to connecting on our second quarter call.

我們對石油和天然氣市場的影響力，加上我們的營運靈活性和創新解決方案，使我們能夠適應市場變化，同時為市場改進做好準備。我們期待在第二季電話會議上進行溝通。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。現在您可以斷開線路或退出網路廣播，享受剩餘的一天。