ProFrac Holding Corp. (ACDC) 2026 Q1 法說會逐字稿

Greetings, and welcome to the ProFrac Holding Corp. first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 ProFrac Holding Corp. 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Michael Messina, Senior Vice President of Finance. Thank you, sir. You may begin.

現在很榮幸為各位介紹本次會議主持人：財務資深副總裁 Michael Messina。謝謝您，先生。您可以開始了。

Thank you, operator. Good morning, everyone. We appreciate you joining us for ProFrac Holding Corp.'s conference call and webcast to review our results for the first quarter ended March 31, 2026.

謝謝接線員。各位早安。感謝各位參加 ProFrac Holding Corp. 的電話會議與網路直播，我們將回顧截至 2026 年 3 月 31 日止第一季的營運成果。

With me today are Matt Wilks, Executive Chairman; Ladd Wilks, Chief Executive Officer; and Austin Harbour, Chief Financial Officer. Following my remarks, management will provide high-level commentary on the operational and financial highlights of the first quarter of 2026 before opening up the call to your questions.

今天與我一同出席的有：執行董事長 Matt Wilks、執行長 Ladd Wilks，以及財務長 Austin Harbour。在我致詞後，管理團隊將就 2026 年第一季的營運與財務重點提供高層次說明，接著開放各位提問。

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 release.

今日會議的重播將以網路直播方式於公司網站 pfholdingscorp.com 提供。如何收聽重播的更多資訊已載於公司的財報新聞稿中。

Please note that the information reported on this call speaks only as of today, May 7, 2026. You are advised that any time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

請注意，本次電話會議所揭露之資訊僅截至今日（2026 年 5 月 7 日）為準。提醒各位，任何具時效性的資訊在日後收聽重播或閱讀逐字稿時，可能已不再準確。

Also, comments on this call may contain forward-looking statements within the meaning of the United States federal securities laws, including management's expectations of future financial and business performance. These forward-looking statements reflect the current views of ProFrac management and are not guarantees of 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. Listener or reader is encouraged to read ProFrac's Form 10-K and other filings with the Securities and Exchange Commission, which can be found at sec.gov or on the company's Investor Relations website section under the SEC Filings tab to better understand those risks, uncertainties and contingencies.

此外，本次電話會議中的評論可能包含《美國聯邦證券法》所定義之「前瞻性陳述」，包括管理階層對未來財務與業務表現的預期。此等前瞻性陳述反映 ProFrac 管理階層目前的觀點，並不保證未來表現。各種風險、不確定性與或有事項可能導致實際結果、表現或成就與管理階層前瞻性陳述所表達者存在重大差異。建議聽眾或讀者閱讀 ProFrac 的 Form 10-K 及其他向美國證券交易委員會（SEC）提交的文件；相關文件可於 sec.gov 或公司投資人關係網站中「SEC Filings」分頁下查閱，以更充分了解上述風險、不確定性與或有事項。

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

今天的評論亦包含若干非 GAAP 財務衡量指標，以及為排除 Flotek 貢獻而調整的其他數據。更多細節與與最直接可比之合併 GAAP 財務衡量指標的調節表，已載於公司財報新聞稿中，並可於公司網站查閱。

Now, over to Mr. Matt Wilks, Executive Chairman.

接下來交給執行董事長 Matt Wilks 先生。

Thanks, Michael, and good morning, everyone. I'll begin with some brief remarks on our overall performance, the broader market environment and the progress of our strategic priorities. Ladd will then take you through our business results in more detail, followed by Austin, who will walk through the financials.

謝謝你，Michael，各位早安。我將先就整體表現、更廣泛的市場環境，以及我們策略優先事項的進展做一些簡短說明。接著 Ladd 會更詳細帶各位回顧業務成果，之後 Austin 將說明財務表現。

We're pleased to report that our first quarter results exceeded our expectations that we discussed in March. Our exceptional operational performance as we progress through the final month of the period drove outperformance for Q1 relative to some weather-driven challenges we faced to start the year. Specifically, as we discussed on our Q4 call, harsh winter conditions across much of our operating areas created some operational disruptions that resulted in approximately $9 million of adjusted EBITDA impact.

我們很高興報告，第一季的結果超出我們在 3 月所討論的預期。隨著我們進入本期間最後一個月，卓越的營運表現帶動第一季優於年初因天候所面臨的一些挑戰。具體而言，正如我們在第四季電話會議中所提到的，嚴酷的冬季天候遍及我們多數營運區域，造成部分營運中斷，對調整後 EBITDA 造成約 900 萬美元的影響。

More importantly, market dynamics shifted meaningfully beginning in late February and early March with the onset of the Mid East conflict. Initially, activity accelerated through the end of Q1, characterized by calendar tightening and a reduction in white space. More recently, we've begun to see work added to the calendar that was not scheduled prior to the Iranian conflict.

更重要的是，自 2 月下旬與 3 月上旬中東衝突爆發以來，市場動態出現顯著轉變。起初，活動量加速至第一季末，特徵包括排程日曆趨緊以及空檔（white space）減少。近期我們開始看到一些在伊朗衝突之前未排定的工作被加入日曆。

Further, we're proud to note that our stimulation services team delivered record efficiency levels in March with operational momentum carrying into the second quarter. As a near-term solution to oil supplies remaining elusive, exacerbating a material increase in oil prices, operator sentiment has continued to improve. Against the positive market trajectory, we are witnessing an open window for more favorable pricing dynamics. We are aware that pricing discussions are happening across the energy value chain, and our customers are highly engaged.

此外，我們也很自豪地指出，我們的增產服務（stimulation services）團隊在 3 月創下效率新高，且營運動能延續至第二季。由於短期內原油供應仍難以取得，並進一步加劇油價的顯著上升，營運商情緒持續改善。在正向的市場走勢下，我們正看到更有利的定價動態窗口。我們也注意到能源價值鏈各環節正在進行定價討論，而我們的客戶參與度很高。

We have taken a measured deliberate approach focused on partnering with operators that will collaborate with us to generate appropriate returns through the cycle. We have successfully implemented price increases for the majority of our active fleet. These increases layer in throughout the latter half of the second quarter and into the back half of the year. Based on these factors, we expect Q2 to trend higher sequentially. Ladd will provide more color in a few minutes.

我們採取審慎且有意識的作法，聚焦與願意在景氣循環中與我們合作、共同創造合理報酬的營運商建立夥伴關係。我們已成功對大多數在役車隊（active fleet）實施漲價。這些漲價將在第二季後半段逐步反映，並延續至下半年。基於上述因素，我們預期第二季將較前一季呈現成長趨勢。Ladd 稍後會提供更多說明。

Stepping back to the broader market environment, what we're experiencing at the company level reflects a larger set of dynamics we believe are still in the early innings of North American energy services. We believe the geopolitical developments that emerged in late February have fundamentally altered the global energy security of supply calculus. Beyond the immediate disruption to tanker traffic via the closure of the Strait of Hormuz, what's becoming increasingly apparent is the scale of damage to critical Persian Gulf infrastructure.

回到更廣泛的市場環境，我們在公司層面所經歷的情況，反映出一組更大的動態；我們認為北美能源服務業仍處於早期階段。我們相信 2 月下旬出現的地緣政治發展，已從根本上改變全球能源供應安全的計算方式。除了荷姆茲海峽（Strait of Hormuz）關閉導致油輪航運立即受阻之外，愈來愈明顯的是波斯灣關鍵基礎設施受損的規模。

The processing facilities, export terminals and distribution networks that were impacted represents decades of engineering and capital investment. Reconstruction timelines are becoming clearer, and they could be measured in years, not quarters. This isn't a transient supply shock. We believe it is a shift in available global capacity that will take considerable time to resolve.

受影響的處理設施、出口碼頭與配送網路，代表數十年的工程與資本投資。重建時程正逐漸明朗，可能以「年」而非「季」來衡量。這並非短暫的供應衝擊。我們認為這是可用全球產能的結構性變化，將需要相當長的時間才能解決。

Further, this supply constraint is coinciding with a policy environment in Washington that increasingly appears to be pivoting decisively toward domestic energy security and infrastructure development. While it's early to predict specific legislative outcomes, the direction is clear, and it reinforces the case for a sustained call on North American production activity. Energy security has also become a more prevalent factor globally.

此外，這項供應限制正與華盛頓的政策環境同時發生；該環境看起來正日益明確地轉向國內能源安全與基礎建設發展。雖然現在仍難以預測具體立法結果，但方向已相當清楚，並強化了北美生產活動將持續受到需求支撐的論點。能源安全也已在全球層面成為更普遍的考量因素。

As importers revise their strategies regarding consistent, reliable access to hydrocarbons at scale, we believe these dynamics provide increased structural tailwinds to the North American energy industry as the lowest risk producer of crude oil and LNG. Overlaying these macro developments is a North American supply-demand picture that was already tightening. The production gap we flagged for several quarters has only widened with operators running behind the activity curve required to offset natural decline.

隨著進口國重新調整其策略，以確保能以規模取得穩定可靠的碳氫化合物供應，我們認為這些動態將為北美能源產業帶來更強的結構性順風，使其成為原油與 LNG 的最低風險生產者。在這些總體發展之上，北美供需格局原本就已趨緊。我們在過去幾季所指出的產量缺口，因營運商的活動量落後於抵消自然遞減所需的節奏而進一步擴大。

Meanwhile, on the gas side, the convergence of expanding LNG export capacity with accelerating power demand from data centers and industrial electrification is creating increased medium- and long-term demand. On the service side, the available capacity supply response has been notably restrained. Years of capital discipline has limited new equipment from entering the market, while the natural attrition of aging fleets continues to reduce available capacity. The result is a tightening supply-demand balance for high specification, high-efficiency service capacity, coinciding with an inflection in operator activity.

同時在天然氣方面，LNG 出口產能擴張與資料中心及產業電氣化帶動的用電需求加速相互匯聚，正在創造更高的中長期需求。就服務端而言，可用產能的供給反應明顯受限。多年的資本紀律限制了新設備進入市場，而老舊車隊的自然汰除仍持續降低可用產能。其結果是：高規格、高效率服務產能的供需平衡趨於緊縮，並與營運商活動的拐點同時出現。

Our record efficiency performance in March reflects this evolution as we delivered a company record measured by pump hours per fleet. Our vertical integration model, dual fuel and electric fleet capabilities and asset management platform position us to continue to enhance service quality and efficiency. We're focused on delivering value where operator demand is strongest, maintaining our disciplined approach to fleet deployment and leveraging the technology differentiation that Ladd will discuss in more detail.

我們在 3 月創下的效率紀錄反映了這一演變；以每支車隊的泵送小時數衡量，我們達成公司紀錄。我們的垂直整合模式、雙燃料與電動車隊能力，以及資產管理平台，使我們能持續提升服務品質與效率。我們聚焦在營運商需求最強的領域創造價值，維持車隊部署的紀律化作法，並運用 Ladd 稍後將更詳細說明的技術差異化優勢。

I'd like to spend some time discussing our approach to asset deployment. Of note, irrespective of market cycles, we execute a routine program upgrading diesel to dual fuel or natural gas capable configurations. In the current market environment, as the call on equipment continues to increase, we have fielded a number of inbounds from operators seeking incremental assets and crews. In order to deploy additional assets, we would need to accelerate our upgrade program. And to do so, we have certain requirements that must be met. We will remain disciplined in our approach to capital allocation and fleet deployment.

我想花一些時間談談我們的資產部署作法。值得注意的是，不論市場循環如何，我們都會例行執行一項計畫，將柴油設備升級為雙燃料或可使用天然氣的配置。在目前的市場環境下，隨著設備需求持續增加，我們已收到多家營運商主動洽詢，希望取得額外資產與人員編制。若要部署更多資產，我們需要加速升級計畫；而要做到這點，必須滿足若干條件。我們將在資本配置與車隊部署上維持一貫的紀律。

Importantly, our vertically integrated model and asset management capabilities uniquely enable us to respond rapidly to evolving market conditions. As we discuss future activity with customers, the dialogue remains constructive. Safe to say, there are numerous factors in play that bode well, not only for an improved Q2, but an improved second half of the year and potentially beyond. While we're encouraged by the macro backdrop and the tightening we're seeing in the market, what ultimately positions us to capitalize on these dynamics is the work we've been doing internally to strengthen our cost structure and improve our operational efficiency.

重要的是，我們的垂直整合模式與資產管理能力，使我們能夠以獨特優勢快速回應不斷演變的市場狀況。當我們與客戶討論未來活動時，對話仍然具有建設性。可以肯定地說，目前有許多因素正在發揮作用，這些因素不僅有利於第二季（Q2）的改善，也有利於今年下半年乃至可能更長時間的改善。儘管我們對總體環境背景以及我們在市場中看到的供需收緊感到鼓舞，但最終讓我們能夠把握這些動態的，是我們在內部所做的工作：強化成本結構並提升營運效率。

On our last call in March, we outlined our business optimization program, and I am pleased to report significant progress towards our goal. On a year-over-year basis and including our capital expenditure reduction in the fourth quarter of 2025, we've achieved the majority of our $100 million annualized savings target. Our labor-related cost reductions have been fully implemented and are running at an annualized savings rate at or above the midpoint of our $35 million to $45 million target range.

在我們3月的上一通電話會議中，我們概述了業務優化計畫，我很高興回報我們朝目標已取得顯著進展。以年對年基礎計算，並包含我們在2025年第四季的資本支出削減，我們已完成年度化1億美元節省目標的大部分。我們與人力相關的成本削減已全面落地，且目前的年度化節省率已達到或高於我們3,500萬至4,500萬美元目標區間的中位數。

On non-labor operating expenses, SG&A reductions have been implemented. Additionally, we continue to make progress on repair and maintenance and asset level operating expense reductions. While some of our projects remain in earlier stages of implementation, they should accelerate as we move through the year. We continue to expect to achieve the full $30 million to $40 million range as these initiatives mature through the year.

在非人力營運費用方面，銷售、一般及行政費用（SG&A）的削減已完成實施。此外，我們在維修與保養以及資產層級營運費用削減方面也持續取得進展。雖然我們部分專案仍處於較早期的導入階段，但隨著今年推進，這些專案應會加速。我們仍預期，隨著這些措施在今年逐步成熟，我們將可達成3,000萬至4,000萬美元的完整目標區間。

On capital expenditure efficiency, we have already achieved at a minimum and including the reduction in the fourth quarter of 2025, the high end of our targeted range of $20 million to $30 million. One element worth highlighting is our transition to internally designed, developed and commercialized e-blenders. Ladd will elaborate on this in his remarks. Taken together, these actions meaningfully improve our cost structure and position ProFrac to generate stronger returns through the cycle.

在資本支出效率方面，我們至少已達成（並包含2025年第四季的削減）我們2,000萬至3,000萬美元目標區間的上緣。值得強調的一個要素，是我們轉向由內部設計、開發並商業化的電動混砂機（e-blenders）。Ladd將在他的發言中進一步說明。綜合而言，這些行動顯著改善了我們的成本結構，並使ProFrac能在景氣循環中創造更強勁的報酬。

Our internal execution on cost and capital efficiency is what keeps us competitive through the cycle. But competing effectively over the long term also requires technology that creates value that our customers cannot find elsewhere. And that brings me to Machina.

我們在成本與資本效率上的內部執行，是讓我們在景氣循環中保持競爭力的關鍵。但要在長期有效競爭，也需要能創造價值、且客戶在其他地方找不到的技術。這就帶到我要談的Machina。

On our last call, we introduced Machina in considerable detail as a unified completion optimization platform, combining ProPilot 2.0 surface automation with Seismos subsurface intelligence. In summary, Machina is ProFrac's integrated well optimization suite that brings pre-stage design, field execution, post-stage diagnostics and historical analysis into a cutting-edge, real-time unified feedback control framework that actively intervened to increase perforation performance by up to 33%.

在上一通電話會議中，我們相當詳細地介紹了Machina，作為一個統一的完井優化平台，將ProPilot 2.0地面自動化與Seismos地下智慧結合。總結來說，Machina是ProFrac的整合式井筒優化套件，將分段前設計、現場執行、分段後診斷與歷史分析，納入一個先進的即時統一回饋控制架構中，並可主動介入，使射孔表現提升最高達33%。

What I want to share is where things stand and the dimension of opportunity that has come into sharper focus as we have been in front of customers. The headline is that we are in active price discovery on the commercial model. Customer feedback from testing stage deployments has been encouraging, and that feedback is informing us of how we think about structuring the value share. We will have more to say as this process matures.

我想分享的是，目前進展到哪一步，以及當我們面對客戶時，機會的面向如何變得更加清晰。重點是：我們正在就商業模式進行積極的價格探索。客戶在測試階段部署所提供的回饋令人鼓舞，而這些回饋也在引導我們思考如何設計價值分潤的結構。隨著此流程成熟，我們將有更多內容可以分享。

What has become increasingly clear through those customer conversations is that Machina's most compelling application may be in unlocking acreage that operators have effectively set aside. A portion of stranded inventory may be uneconomic due to complications in frac design impacted by existing adjacent infrastructure. Offset wells, wastewater infrastructure and legacy downhole completions can collectively create constraints that may force operators to conclude that fewer locations are economic to produce. Machina may address this issue directly. Ladd will explain what that looks like on location, but the strategic point is this. We believe this platform has the potential to bring previously stranded inventory back into play for our customers.

透過與客戶的這些對話，愈來愈清楚的是，Machina最具吸引力的應用，可能在於釋放營運商實際上已擱置的區塊（acreage）。部分受困的庫存可能因既有鄰近基礎設施影響壓裂設計而變得不具經濟性。鄰井（offset wells）、廢水基礎設施與既有井下完井（legacy downhole completions）可能共同形成限制，迫使營運商判斷可具經濟效益的開發井位更少。Machina可能可直接解決此問題。Ladd會說明在現場看起來是什麼樣子，但策略重點在於：我們相信這個平台有潛力讓先前受困的庫存重新回到客戶的可開發範圍。

To conclude my opening comments, we delivered a strong Q1, exceeding our expectations. Despite a weather-impacted start, the business performed well with increased completions momentum through the end of the quarter. Our cost optimization program continues to advance. We have achieved the majority of our $100 million run rate target.

總結我的開場評論，我們交出強勁的第一季（Q1）成績，超出我們的預期。儘管開季受到天候影響，業務表現仍佳，且在季度末完井動能提升。我們的成本優化計畫持續推進。我們已達成年度化1億美元目標運行率（run rate）的大部分。

The macro backdrop is working in our favor. Energy security has moved to the front of the conversation, and that has direct and tangible implications for domestic completions activity and the operators we serve.

總體環境背景正朝有利於我們的方向發展。能源安全已成為討論的核心，這對國內完井活動以及我們所服務的營運商帶來直接且具體的影響。

Machina, our complete well optimization suite is gaining traction in the market with more customers inquiring about its closed-loop well optimization capabilities. As a continuous improvement engine, Machina may potentially offer operators the ability to economically complete stranded locations.

Machina——我們完整的井筒優化套件——在市場上正獲得更多採用動能，越來越多客戶詢問其閉環井筒優化能力。作為一個持續改善引擎，Machina可能為營運商提供以具經濟性的方式完成受困井位的能力。

And finally, Q2 is shaping up to be a meaningful step forward. Some operators are pulling work forward, helping to eliminate white space and frac calendars. The market has tightened, and we see it tightening more as the year unfolds. With natural gas burning equipment nearly sold out, we are in active discussions with customers and have achieved price increases on the majority of our fleets. Discussions with operators remain active, and we will remain disciplined on fleet deployments.

最後，第二季（Q2）正逐步成形，將是一次有意義的向前邁進。有些營運商正把工作提前，協助消除排程空檔並填滿壓裂日程。市場已趨於緊俏，而我們預期隨著今年推進會更加收緊。由於天然氣燃燒設備幾乎售罄，我們正與客戶進行積極討論，且已在我們大多數車隊上實現價格上調。與營運商的討論仍然活躍，我們也將在車隊部署上保持紀律。

Let me now turn it over to Ladd, who will get into the operational details.

接下來我把時間交給Ladd，他將深入說明營運細節。

Thank you, and good morning, everyone. Picking up from Matt, I'll begin with a deeper look at our stimulation services results. We maintained our fleet count in the low 20s during the first quarter, consistent with the disciplined approach we've held throughout this market cycle. Pricing was generally stable sequentially.

謝謝，各位早安。承接Matt的內容，我先更深入檢視我們的增產服務（stimulation services）成果。第一季期間，我們將車隊數量維持在20出頭的低位，與我們在本輪市場循環中一貫採取的紀律性做法一致。價格整體而言較前一季大致持平。

In March, we delivered record efficiency performance with average pumping hours per active fleet exceeding 600 hours. I'd like to commend one fleet in particular that recorded an exceptional 682 pumping hours in the Eagle Ford in March, working for a super major on a dedicated contract. We have sustained efficiency levels through April and into May. On the activity front, we're seeing operators add to their previously scheduled work while also securing availability on the calendar later in the year. These dynamics reflect the tighter equipment market, as Matt alluded to earlier.

3月，我們創下效率表現新高，平均每支在役車隊的泵送時數超過600小時。我特別要表揚其中一支車隊：3月在Eagle Ford為一家超級大型石油公司（super major）執行專屬合約時，創下卓越的682小時泵送時數。我們在4月並延續到5月都維持了這樣的效率水準。在活動量方面，我們看到營運商在原先排定的工作之外加碼，同時也在今年稍晚的日程上鎖定可用產能。這些動態反映出設備市場更為緊俏，正如Matt先前提到的。

We expect the tightening completions landscape to drive a more balanced pricing structure that will flow through to the bottom line. However, it is worth noting that we are also monitoring some emerging cost pressures. Pricing creep in chemicals, diesel and diesel surcharges on product delivery and certain specialty materials where feedstock is exposed to the current macro environment is starting to materialize. Steel costs are something we're watching as well. Importantly, our customers and vendors see the same dynamics and understand them. That shared awareness is part of what is making our pricing conversations constructive.

我們預期完井市場的收緊將推動更為均衡的定價結構，並將反映到獲利表現上。然而，也值得注意的是，我們同時在監測一些新出現的成本壓力。化學品、柴油，以及產品交付的柴油附加費，還有某些特殊材料（其原料成本暴露於當前總體環境）出現的價格上行，正開始浮現。鋼材成本也是我們關注的項目。重要的是，我們的客戶與供應商也看見並理解相同的動態。這種共同認知，也是讓我們的定價對話保持建設性的原因之一。

Cost pressures are not a surprise to anyone at the table. We are applying the same discipline to fleet deployment that we've spoken about for some time now and are not chasing spot work. Our strategy of maintaining an active fleet count in the mid- to lower 20s positions us well to capitalize on improving market conditions. Although we are in an active dialogue to potentially increase fleet deployments, as Matt previously noted, we will remain disciplined in our approach.

成本壓力對桌上的任何人而言都不意外。我們在車隊部署上持續採用我們談了好一段時間的同樣紀律，並不追逐即期（spot）工作。我們將在役車隊數維持在20出頭的中低位，讓我們能在市場條件改善時更好地把握機會。儘管我們正就可能增加車隊部署進行積極對話，如Matt先前所述，我們仍將保持紀律性的做法。

Before I continue on to proppant, I want to expand on Matt's point about the benefits we're seeing from our electric or e-blenders. First and foremost, our internally designed and manufactured electric blenders are completely modular, enabling faster repairs and reducing the need for redundancy. While some parts and lead time delays may push full deployment of the remaining e-blenders into early 2027, the capital efficiency benefits are already materializing on the units we deployed in late 2025. And we expect meaningful second order savings from reduced repair and maintenance expenses as the full fleet is deployed and legacy units are retired.

在我繼續談支撐劑（proppant）之前，我想延伸Matt提到的、我們從電動混砂機（electric或e-blenders）所看到的效益。首先也是最重要的，我們內部設計並製造的電動混砂機採完全模組化設計，可加快維修速度並降低冗餘需求。雖然部分零件與交期延遲可能會把其餘e-blenders的全面部署推遲到2027年初，但我們在2025年末部署的機組上，資本效率的效益已開始顯現。而且，隨著全車隊完成部署並汰換舊機型，我們預期因維修與保養費用下降而帶來顯著的第二階段節省。

Moving to proppant production. The first quarter presented some challenges for this segment, as we noted on the March call. Beyond the winter storm experienced in the quarter, we experienced some operational issues that affected production levels. While completion activity increased, particularly in March, these headwinds resulted in lower sequential Q1 volumes versus the strong performance we delivered in the fourth quarter. Operational challenges and unplanned downtime have negatively impacted utilization and sales into the second quarter. As a result, we expect volumes to be down from the first quarter.

接著談支撐劑生產。正如我們在 3 月電話會議中提到的，第一季這個業務板塊面臨一些挑戰。除了本季遭遇的冬季風暴之外，我們也遇到一些影響產量水準的營運問題。雖然完井活動增加，特別是在 3 月，但這些逆風導致第一季的產量較上一季呈現季減，未能延續我們在第四季交出的強勁表現。營運挑戰與非計畫性停機已對產能利用率與第二季的銷售造成負面影響。因此，我們預期產量將較第一季下滑。

We're focused on returning to the execution levels that drove our strong fourth quarter results, namely, we are optimizing mine investments in both South and East Texas to increase utilization and throughput. The operational leverage in this business remains the key driver. When we can maximize production efficiency and maintain high uptime, profitability follows.

我們專注於回到帶動第四季強勁成果的執行水準；也就是說，我們正在優化南德州與東德州兩地的礦場投資，以提升產能利用率與吞吐量。此業務的營運槓桿仍是關鍵驅動因素。當我們能最大化生產效率並維持高開機率時，獲利自然隨之而來。

Beyond the segment results, I want to pick up on Machina, where Matt left off and touch on the acreage opportunity he described. When an operator looks at completing a well in a complex subsurface environment, that is one with nearby offset wells, wastewater disposal infrastructure, or legacy completions in close proximity, they face a practical dilemma. The frac design that could optimize production from that wellbore may carry increased execution risk.

除了各業務板塊的表現之外，我想接續 Matt 對 Machina 的說明，並談談他所描述的土地（acreage）機會。當營運商在複雜的地下環境中考慮完井時——例如附近有鄰井（offset wells）、廢水處置基礎設施，或近距離存在既有完井——他們會面臨一個實務上的兩難。能夠最佳化該井筒產量的壓裂設計，可能伴隨更高的執行風險。

In some cases, the well sits as a DUC or is deferred. What our platform potentially enables is the ability to pursue a more optimized design in these environments with real-time subsurface intelligence guiding the execution and closed-loop control, reducing the exposure to unintended downhole consequences. Ultimately, Machina may shift the economic calculus on certain uneconomic locations and open up a broader swath of developable inventory.

在某些情況下，該井會以 DUC（已鑽未完井）形式擱置或被延後。我們的平台潛在能做到的是：在這些環境中，透過即時地下智慧來引導執行並進行閉環控制，使營運商能採用更優化的設計，同時降低暴露於非預期井下後果的風險。最終，Machina 可能改變某些原本不具經濟性的井位之經濟計算，並開啟更大範圍可開發的庫存。

From a competitive standpoint, I will simply note that the ability to deliver this capability without requiring upfront infrastructure investment in adjacent or offset wellbores is a meaningful practical differentiator. Approaches that depend on fiber installation and offset wells could cost up to $1 million to $2 million. We are working through price discovery with customers on how to appropriately capture the value Machina creates. That process is ongoing, and we look forward to providing more color as it develops.

從競爭角度來看，我只想指出：在不需要於相鄰或鄰井井筒進行前期基礎設施投資的情況下就能交付此能力，是一項重要的實務差異化。依賴光纖安裝與鄰井的方案，成本可能高達 100 萬至 200 萬美元。我們正與客戶進行價格發現（price discovery），以釐清如何適當地捕捉 Machina 所創造的價值。該流程仍在進行中，我們也期待隨著進展提供更多細節。

With that, let me hand it over to Austin to walk through the numbers.

接下來，我把時間交給 Austin，請他帶大家看一下數字。

Thank you, Ladd. In the first quarter, revenues were $450 million, up slightly from $437 million in the fourth quarter of 2025. We generated $54 million of adjusted EBITDA with an adjusted EBITDA margin of 11.9% compared with $61 million in the fourth quarter or 14% of revenue. The impact of the winter weather storm resulted in an estimated $9.3 million reduction to consolidated adjusted EBITDA. Pro forma adjusted EBITDA margin would have been approximately 13.6%, in line with Q4 2025 and an improvement of approximately 350 basis points versus Q3 2025. Free cash flow was negative $25 million in the first quarter versus $14 million in the fourth quarter of 2025.

謝謝你，Ladd。第一季營收為 4.50 億美元，較 2025 年第四季的 4.37 億美元小幅增加。我們創造了 5,400 萬美元的調整後 EBITDA，調整後 EBITDA 利潤率為 11.9%，相較之下第四季為 6,100 萬美元或營收的 14%。冬季風暴天候的影響，估計使合併調整後 EBITDA 減少約 930 萬美元。若以備考（pro forma）排除天候影響，調整後 EBITDA 利潤率約為 13.6%，與 2025 年第四季一致，並較 2025 年第三季改善約 350 個基點。第一季自由現金流為負 2,500 萬美元，相較之下 2025 年第四季為 1,400 萬美元。

Turning to our segments. Stimulation Services revenues were $407 million in the first quarter, improved from $384 million in the fourth quarter of 2025. Adjusted EBITDA in Q1 was $32 million, in line with the $33 million we reported in Q4 with margins of 7.8% compared to 8.7% in Q4. As noted earlier, harsh weather conditions impacted us in the first several weeks of the year and were an estimated $7.8 million headwind to Stim Services adjusted EBITDA. Pro forma for the weather impact, segment margins were slightly improved from the fourth quarter as well as an increase of approximately 370 basis points versus Q3 2025.

接著看各業務板塊。第一季增產服務（Stimulation Services）營收為 4.07 億美元，較 2025 年第四季的 3.84 億美元提升。第一季調整後 EBITDA 為 3,200 萬美元，與我們在第四季報告的 3,300 萬美元大致持平；利潤率為 7.8%，相較第四季的 8.7%。如先前所述，年初前幾週的惡劣天候對我們造成影響，估計對增產服務調整後 EBITDA 形成 780 萬美元的逆風。若以備考排除天候影響，該板塊利潤率較第四季略有改善，並較 2025 年第三季提升約 370 個基點。

Our Proppant Production segment generated $120 million of revenue in the first quarter, a touch above the $115 million of revenue we reported in the fourth quarter of '25. Approximately 28% of volumes were sold to third-party customers during the first quarter versus 39% in Q4. Adjusted EBITDA for the Proppant Production segment was $7 million for the first quarter versus $16 million in Q4. On a margin basis, adjusted EBITDA margins were 5.4% in the quarter versus 13.9% in Q4 2025. Winter weather had an approximately $1.5 million impact on adjusted EBITDA.

我們的支撐劑生產（Proppant Production）板塊第一季營收為 1.20 億美元，略高於我們在 2025 年第四季報告的 1.15 億美元。第一季約 28% 的銷量售予第三方客戶，而第四季為 39%。支撐劑生產板塊第一季調整後 EBITDA 為 700 萬美元，相較第四季為 1,600 萬美元。以利潤率來看，本季調整後 EBITDA 利潤率為 5.4%，而 2025 年第四季為 13.9%。冬季天候對調整後 EBITDA 的影響約為 150 萬美元。

In addition to weather, lower throughput and sales volumes and increase in tons procured and sold through third-party mines impacted results. Our Manufacturing segment generated first quarter revenues of $48 million versus $43 million in the fourth quarter. Approximately 14% of segment revenues were generated from third-party sales compared to approximately 18% in Q4. Adjusted EBITDA for the Manufacturing segment was $7 million, up from $4 million in Q4. Flotek generated first quarter revenues of $72 million versus $43 million in the fourth quarter. Approximately 25% of segment revenues were generated from third-party sales compared to approximately 26% in Q4.

除天候外，較低的吞吐量與銷售量，以及向第三方礦場採購並轉售的噸數增加，也影響了業績。我們的製造（Manufacturing）板塊第一季營收為 4,800 萬美元，相較第四季為 4,300 萬美元。該板塊約 14% 的營收來自第三方銷售，而第四季約為 18%。製造板塊調整後 EBITDA 為 700 萬美元，高於第四季的 400 萬美元。Flotek 第一季營收為 7,200 萬美元，相較第四季為 4,300 萬美元。該板塊約 25% 的營收來自第三方銷售，而第四季約為 26%。

Adjusted EBITDA for Flotek was $11 million, up from $10 million in Q4. Selling, general and administrative expenses were $44 million in the first quarter compared to $43 million in the fourth quarter. We are reaping the early benefits of our savings initiatives. As Matt alluded to, we have achieved the majority of the savings on a year-over-year basis and including the reduction in capital expenditures in the fourth quarter of 2025. We anticipate realizing the remainder of the savings as we progress through the year.

Flotek 的調整後 EBITDA 為 1,100 萬美元，高於第四季的 1,000 萬美元。第一季銷售、一般及行政費用（SG&A）為 4,400 萬美元，相較第四季為 4,300 萬美元。我們正開始收穫節省計畫的早期效益。如 Matt 所提到，我們已在年對年基礎上實現了大部分的節省，並包含 2025 年第四季資本支出下降的影響。我們預期在今年接下來的進程中，逐步實現其餘的節省。

Turning to the cash flow statement. Cash capital expenditures of $41 million in the first quarter were up from $37 million in the fourth quarter of 2025. Consistent with the outlook we issued on our March call, we expect total capital expenditures in 2026, including Flotek spend to be in the range of $155 million to $185 million. Excluding Flotek, we expect our CapEx to be in the range of $145 million to $175 million.

接著看現金流量表。第一季現金資本支出為 4,100 萬美元，高於 2025 年第四季的 3,700 萬美元。與我們在 3 月電話會議中發布的展望一致，我們預期 2026 年總資本支出（包含 Flotek 的支出）將落在 1.55 億至 1.85 億美元區間。若排除 Flotek，我們預期資本支出（CapEx）將落在 1.45 億至 1.75 億美元區間。

As Matt highlighted, we have strict criteria that must be met first before we will take action or commit ourselves to accelerating our fleet upgrade program. In addition to meaningful price increases, sufficient contract duration is also necessary. We are quite pleased with how constructive our customers have approached our ongoing and dynamic dialogue on these fronts.

如 Matt 所強調，在我們採取行動或承諾加速車隊升級計畫之前，必須先符合嚴格的標準。除了有意義的價格上調之外，也需要足夠的合約期限。我們對客戶在這些面向上，以建設性的方式參與我們持續且動態的對話感到相當滿意。

Turning to cash. Total cash and cash equivalents as of March 31, 2026, were approximately $34 million, including approximately $6 million attributable to Flotek. Total liquidity at quarter end was approximately $108 million, including $80 million available under the ABL. Borrowings under the ABL credit facility ended the quarter at $116 million, an increase from $69 million at year-end.

接著看現金。截至 2026 年 3 月 31 日，現金及約當現金總額約為 3,400 萬美元，其中約 600 萬美元歸屬於 Flotek。季末總流動性約為 1.08 億美元，其中包含 ABL 項下可用額度 8,000 萬美元。ABL 信貸融資項下的借款在季末為 1.16 億美元，較年末的 6,900 萬美元增加。

At quarter end, we had approximately $1.09 billion of debt outstanding with the majority not due until 2029. Our approach to the balance sheet remains the same, disciplined, opportunistic and focused on maintaining the flexibility to act as market conditions evolve.

截至季末，我們的未償債務約為 10.9 億美元，其中大部分要到 2029 年才到期。我們對資產負債表的方針維持不變：紀律、把握機會，並專注於在市場條件演變時維持行動彈性。

As we noted on our last call, we completed two financing transactions in the weeks following year-end. A $25 million additional issuance of 2029 senior notes to Beal Bank in January and a six-month extension on our senior secured revolving credit facility, extending it to September 2027. We will continue to evaluate opportunities to further strengthen our liquidity and capital structure.

如同我們在上次電話會議中提到的，我們在年末後數週完成了兩筆融資交易：1 月向 Beal Bank 額外發行 2,500 萬美元的 2029 年期優先票據，以及將我們的優先擔保循環信用融資額度延長 6 個月，延至 2027 年 9 月。我們將持續評估進一步強化流動性與資本結構的機會。

That concludes our prepared remarks. Operator, please open up the line for Q&A.

以上為我們預先準備的發言。接線員，請開放電話線進行問答。

(Operator Instructions) Dan Kutz, Morgan Stanley.

（接線員指示）Dan Kutz，摩根士丹利。

So I just wanted to square a couple of comments on pricing. Just with the -- I think in the press release and in the prepared remarks, there were a few times that kind of balanced pricing was mentioned or operator dialogue indicating balanced pricing, which I kind of interpret as like you guys had flagged that you've seen pricing headwinds and interpret balanced pricing as kind of more flattish. But then I think there were a few points where you mentioned increasing pricing across part or majority of the fleet. So I just wanted to -- I was hoping you could help us square those two comments. Maybe it has to do with different timelines or different types of assets in the fleet. But yes, if you could clarify that, that would be really helpful.

我想釐清幾點關於定價的評論。就——我想在新聞稿以及預先準備的發言中，有幾次提到「定價平衡」或接線員對話中提到「定價平衡」，我把它解讀為你們先前提到已看到定價逆風，而「定價平衡」意味著比較持平。但同時我也記得有幾處你們提到在部分或大多數車隊上提高定價。所以我想——希望你們能幫我們把這兩種說法對起來。也許與不同時間點或車隊中不同類型資產有關。但如果你們能澄清一下，會非常有幫助。

Yes, that's different timelines. So as you look at Q4 to Q1 sequentially, it was stable. But as we transition into Q2 and into the rest of the year, we've got active dialogue with customers on pricing improvement. Much of this we've already secured. So you'll see some of the pricing show up in Q2 and completely show up in the back half of the year. But these are material price increases. And I think it's not just the commodity environment and the Iran war, but it's mostly because of how tight the market is on available horsepower.

是的，那是不同的時間點。從Q4到Q1的環比來看是穩定的。但當我們進入Q2以及今年剩餘時間，我們正與客戶就改善定價進行積極溝通，其中很多我們已經談定。因此，你會在Q2看到部分定價反映出來，而在下半年會完全體現。不過這些都是實質性的漲價。我認為不只是大宗商品環境與伊朗戰爭的因素，更主要是因為可用馬力的市場非常吃緊。

Great. Yes, that all makes sense. That's helpful. And then maybe just looking at the second quarter, I appreciate that there's a lot of puts and takes, but it seems like there's a lot more that's a tailwind sequentially. So you guys -- you flagged cost headwinds, but you have the consolidated, I think it was $9 million weather impact. You have price improvements. You flagged the frac calendar tightening, and that's even versus, I think you said March was kind of a record efficiency period. And then I guess, lastly, you have the full run rate cost savings. So like anything you could help us with a bit more specifically about how you're thinking about the second quarter on the top line or on the profitability EBITDA line?

了解。是的，這些都說得通，很有幫助。接著看第二季，我知道有很多正負因素拉扯，但看起來環比有更多順風。你們——提到成本逆風，但也有合併口徑我記得是900萬美元的天氣影響；有價格改善；你們提到壓裂排程日曆收緊，而且即便相較之下，我想你們說3月算是效率創紀錄的一段期間。最後，我想你們也有完整的成本節省運行率。所以你們能否更具體說明一下，你們如何看待第二季在營收端或獲利（EBITDA）端的走勢？

Yes. I'll let Austin jump in on some of this. But essentially, in Q3, we launched our cost savings initiatives, which have been extremely successful, most of which we fully realized to this point, but we think that there's more to gain there, especially on the R&M side and on the maintenance CapEx side, just from optimizing our procedures, our control of assets through asset management. And then by implementing automated resources for the automated controls on our equipment, we're finding incredible benefits across our entire fleet on how our fleet operates.

好的。我先讓Austin補充其中一些細節。但基本上，我們在Q3啟動了成本節省計畫，成效非常顯著；其中大部分到目前為止已完全實現，但我們認為仍有進一步改善空間，特別是在維修與保養（R&M）以及維護資本支出（maintenance CapEx）方面，透過優化流程、以及透過資產管理來加強對資產的控管。此外，透過在設備上導入自動化控制的自動化資源，我們在整個車隊的運作方式上看到了非常可觀的效益。

And many things that we thought were ordinary course failures, we're finding that are now preventable failures from just doing a software update. So we're pretty excited about what our frac automation is doing for our cost structure and what it's teaching us about our equipment and what we can control. So we expect to see further savings from there.

而且許多我們原本以為是日常正常的故障，我們現在發現其實是可預防的故障，只要做一次軟體更新就能避免。所以我們對壓裂自動化在成本結構上的貢獻、它讓我們更了解設備以及我們能控制哪些項目，都感到非常振奮。因此我們預期還會看到進一步的節省。

And then when you look at the -- we had some -- a slow start to the year. Some of it was schedule from customers, but a lot of it was the weather delays. But what that did is it compressed our schedule in the back half of Q1 and into Q2 as well as the Iranian war, bringing spot work forward, bringing DUCs forward, really tightened up and eliminated white space in our calendar, combined with a real move from operators on planning activity going into the second half. That increase in activity has tightened the market up to a point where there's limited availability of available horsepower and has put us in a good spot to have conversations with our customers about pricing.

另外，回頭看——今年開局偏慢，有一部分是客戶排程因素，但很大一部分是天氣延誤。不過這使得我們在Q1後半段到Q2的排程被壓縮；再加上伊朗戰爭，使得現貨工作提前、DUC（已鑽未完井）提前，讓我們的日曆排程大幅收緊、幾乎消除了空檔；同時，營運商在規劃進入下半年的活動方面也有明顯動作。活動增加把市場收緊到可用馬力供給有限的程度，讓我們在與客戶討論定價時處於有利位置。

And not just from a supply and demand standpoint, but also from a fuel efficiency standpoint. Diesel prices have gone up tremendously and the demand for fuel-efficient fleets has increased. With that, we've been able to have very constructive collaborative conversations with our customers where we talk about fuel savings, and we can deliver them a friendlier cost structure for their budget while also getting an increase for ProFrac. So it's been a really constructive dialogue where we allowed us to focus on our partnership and preserve and reinforce the strong relationships that we have with each customer.

而且不只是供需角度，還有燃油效率的角度。柴油價格大幅上漲，市場對高燃油效率車隊的需求也增加。在此背景下，我們能與客戶進行非常具建設性、協作式的對話，討論燃油節省；我們可以為客戶的預算提供更友善的成本結構，同時也讓ProFrac獲得加價。因此這是一段非常正向的溝通，讓我們能聚焦在合作夥伴關係上，並維持與強化我們與每位客戶之間的穩固關係。

Yes. And I think, Dan, when we look at the cost and cash savings initiatives, really, if you think about the $100 million, we're about 65% to 70% of that has already shown up going back to Q4 and then Q1 this year, right? And that's without a full year impact of those initiatives being implemented.

是的。我想，Dan，當我們看成本與現金節省計畫時，若以1億美元來看，大概有65%到70%其實已經在Q4以及今年Q1反映出來了，對吧？而且那還沒有把這些措施落地後的全年影響完整計入。

In addition to that, and both Matt and Ladd touched on this, we're investing more so in the back half of the year in our e-blender fleet and program.And there was a little bit of a delay to that program just given some supply chain issues on some parts and pieces and some long lead time items. But once those start to feather in, we anticipate more savings, both on the CapEx side, but also ultimately on the R&M side as well. So when you take those together, I think we haven't updated guidance beyond the $100 million at the midpoint. But I do think as we move through the year and get those fully implemented that we'll see some upside to that total number.

此外，Matt和Ladd也提到，我們在今年下半年會加大對e-blender車隊與計畫的投資。而該計畫因部分零組件供應鏈問題以及一些長交期項目而稍有延遲。但一旦這些開始逐步導入，我們預期會有更多節省，既包括資本支出（CapEx）端，也最終會反映在維修與保養（R&M）端。因此把這些合在一起看，我們目前尚未把指引更新到超過中位數1億美元；但我確實認為，隨著今年推進並全面落地，我們會看到該總額有上行空間。

With respect to Q2, echo all of Matt's comments. I would say with respect to some of the increases, they feather in throughout the quarter and then become more pronounced as we move into the back half of the year. In addition to that, where we're seeing a lot of demand and activity on the completion side unfold in real time. I think we've still got some work to do on Alpine, just given some of the operational issues and some of the unplanned downtime that we face, not just in Q1, but in early Q2 as well. So you've got a little bit of offset there. But net-net, we will be up in Q2 versus Q1.

至於Q2，我同意Matt的所有評論。我會說，就一些漲價而言，它們會在整個季度逐步反映，並在進入下半年後更為明顯。另外，我們也看到完井端的需求與活動正在即時展開。我認為我們在Alpine仍有一些工作要做，主要是因為一些營運問題以及我們面臨的非計畫性停機，不僅在Q1，Q2初期也有。因此那邊會有一些抵銷。但整體而言，Q2相較Q1會上升。

One thing I'd say about the e-blenders as well is not only is it better for our cost structure and it saves us money on CapEx. But when you look at the efficiencies that it gains, we've seen about a 98% reduction in NPT associated with blenders on -- when utilizing these e-blenders. So they're incredibly reliable. When they do have issues, you can address them immediately on location and you don't have to send it back to a shop to get a rebuild. So it's far superior to what's been available historically on the market.

另外關於e-blender，我想說的不只是它對我們的成本結構更有利、也能在CapEx上幫我們省錢。從效率提升來看，使用這些e-blender時，與blender相關的非生產時間（NPT）我們看到大約降低了98%。所以它們非常可靠。即便出現問題，也能在現場立即處理，不需要送回工廠重建。因此相較於過去市場上歷史可得的方案，這是明顯更優的。

Got it. Do you think you can be up more than the $9 million weather impact in 2Q versus 1Q sequentially on the EBITDA line?

了解。你認為在EBITDA方面，2Q相較1Q的環比增幅，能否高於那900萬美元的天氣影響？

Yes, I think that's safe to say. Yes.

是的，我認為可以這麼說，是的。

Patrick Ouellette, Stifel.

Patrick Ouellette，Stifel。

It's Pat on for Stephen Gengaro. I know you touched on pricing in the opening remarks and from Dan's question. But I was wondering if you can give any color about where current pricing sits versus maybe like the last few years? And any way to quantify what you expect over the next few quarters?

我是Pat，代替Stephen Gengaro提問。我知道你們在開場發言以及Dan的問題中談到定價。但我想請問你們能否補充一些背景：目前的定價相較於過去幾年大概處於什麼位置？以及是否有任何方式可以量化你們對未來幾個季度的預期？

Yes. I'd say from the peak in '22 compared to where we are now, we're probably at 55% to 60% of where pricing was in '22. And you would need essentially an 80% or 90% increase to get back to that level. I don't know if we'll ever get back to that point, but you also have a much more efficient industry as well. So we can -- the number of pump hours that you get per fleet, the number of hours that you can put up on a daily basis is substantially higher than what it was in 2022. And so we can do a lot more with a lot less. But with that being said, we've got a long way to go for price improvement. Our number 1 goal is that we generate positive net income and that we get there as quickly as possible without stressing our partnerships that we've worked so hard to establish. And I think that's a reasonable goal that can be accomplished within the next couple of quarters.

是的。我會說，從 2022 年的高峰相比我們現在的位置，價格大概只有 2022 年水準的 55% 到 60%。而要回到那個水準，基本上需要上漲 80% 或 90%。我不知道我們是否還會回到那個點，但你也看到整個產業變得更有效率了。因此我們可以——每支車隊可提供的泵送小時數、每天能夠投入運作的時數，都明顯高於 2022 年。所以我們能用更少的資源做更多的事。不過話說回來，價格改善仍有很長的路要走。我們的第一目標是實現正的淨利，並且在不對我們辛苦建立的合作夥伴關係造成壓力的前提下，盡快達成。我認為這是一個合理的目標，而且在接下來幾個季度內可以完成。

Okay. And then just a quick one. Could you just talk about frac sand pricing and any way to think about pricing through the year-end?

好的。接著再問一個很快的問題。你能談談壓裂砂（frac sand）的定價，以及今年年底前價格走勢可以怎麼看嗎？

Yes. The sand market has been tightening up. So in South Texas, it's extremely tight. East Texas, it's improving there as well. West Texas has started climbing also. I think all the way across the board, sand has become a really tight commodity and there's, without a doubt, pricing improvement. I won't get into the specifics because each one of these regions are unique and have their own drivers. But I'd say with no exception, every market is quickly improving, not just on price but in volume.

是的。砂的市場正在收緊。所以在南德州非常吃緊。東德州也在改善。西德州也開始上漲。我認為整體而言，砂已經成為非常緊俏的商品，毫無疑問價格正在改善。我不會談太多細節，因為每個區域都很獨特，也有各自的驅動因素。但我會說毫無例外，每個市場都在快速改善，不只是價格，連量也在改善。

Right. Appreciate the uniqueness of the regions.

了解。也感謝你提到各區域的獨特性。

(Operator Instructions) Bill Austin, Daniel Energy.

（接線員指示）Daniel Energy 的 Bill Austin。

So just thinking about this, as you guys evaluate inquiries for kind of incremental frac spreads, can you help us frame the mix between public and private operators? Has that kind of composition shifted meaningfully?

我想從這個角度思考：當你們評估新增一些壓裂施工隊列（frac spreads）的詢問時，能否幫我們釐清一下上市公司與私營營運商之間的組合比例？這個結構是否有明顯變化？

Yes. I mean we've seen a lot of new activity coming on from private operators. Without a doubt, there's a lot of spot work out there that's come out of the woodwork. We're even seeing some private operators bring on full dedicated programs, which is what we focus our commercial efforts on. We talk to everybody.

是的。我是說，我們看到很多新的活動來自私營營運商。毫無疑問，市場上出現了很多臨時（spot）工作，突然冒出來。我們甚至看到一些私營營運商推出完整的專屬（dedicated）方案，而這正是我們商務拓展的重點。我們會和所有人溝通。

We work with everybody regardless of the size of their program. But our ability to get in and cover spot work is really associated with the core of our business on whether or not we have white space or not. We're not going to activate a fleet so that we can bring together a lot of spot pads.

不論他們方案規模大小，我們都與所有人合作。但我們能否介入並承接臨時工作，主要取決於我們核心業務是否有空檔（white space）。我們不會為了把一堆臨時井場（spot pads）湊在一起就去啟動一支車隊。

And so we focus on our core committed, dedicated, reliable and consistent schedules. And what we run into from our high efficiencies is that sometimes we outrun people's programs and we end up with a few gaps in the calendar. That's where the spot work is so valuable for us. It allows us to squeeze those guys in whenever we outrun our steady customers' schedules. And so you need a healthy mix of the 2.

因此我們專注於核心的、已承諾的、專屬的、可靠且一致的排程。我們高效率帶來的一個情況是，有時候我們會跑得比客戶的計畫還快，導致行事曆上出現一些空檔。這時臨時工作對我們就非常有價值，因為當我們超前穩定客戶的排程時，它讓我們可以把那些客戶塞進來。因此你需要兩者之間有健康的組合。

What we're seeing right now is that there is a disproportionate number of spot work that has come to market that's all in demand all at the same time. And it's quickly transitioning into committed programs and rig activations.

我們目前看到的是，市場上出現了不成比例的大量臨時工作，而且同一時間全部都在需求端。它正在快速轉變為已承諾的方案與鑽機啟動。

And so we like the way the market is framing up. We're still in the early innings. And -- but for us to get out and start activating fleets and committing capital to tailoring this equipment for the customers' unique needs, we need to see a stronger signal, and we need to see some commitment from the customer to help in those efforts. We don't want to deploy capital on spec. We're not going to.

所以我們喜歡市場目前的形成方式。我們仍在比賽的前段。但——對我們而言，要走出去開始啟動車隊、並投入資本來依照客戶的獨特需求調整設備，我們需要看到更強的訊號，也需要看到客戶的承諾來協助這些努力。我們不想在投機（on spec）的情況下部署資本。我們不會這麼做。

We're remaining disciplined. Our core focus is to make sure that we maintain control of our cost and our disciplined approach to operations. And with that, I think we end up with plenty of opportunities to address every one of our customers' needs.

我們會保持紀律。我們的核心重點是確保我們維持對成本的掌控，以及對營運採取有紀律的方法。我認為在這樣的前提下，我們最終會有足夠多的機會去滿足每一位客戶的需求。

But I think when you look at pricing and where it's going and how quickly it's readjusting, I think that -- I think this is a win-win scenario for our customers as well as our bottom line and our ability to address those needs quickly. The price is coming up, but we're not going to chase and we're not speculating on where it's going. But we are ready. We've got high-quality assets that are ready to go. And with the right signal, we'll respond accordingly.

但我認為，當你看價格以及它的走向、以及它重新調整的速度時，我覺得——我覺得這對客戶以及我們的獲利底線、以及我們快速滿足需求的能力而言，都是雙贏。價格正在上來，但我們不會去追價，也不會去投機它會走到哪裡。不過我們已經準備好了。我們有高品質資產隨時可用。只要出現正確的訊號，我們就會相應回應。

But that signal isn't coming from our own macro analysis or anything like that. It's coming direct from our customers who are committed to their programs, and there should be no ambiguity related to how active they want to be. But this, drill, baby, drill, yes, we think it's pretty close, but that doesn't factor into any of the guidance that we've provided.

但那個訊號不是來自我們自己的總體分析或類似的東西，而是直接來自我們的客戶——那些對其方案有承諾的客戶，而且他們想要多活躍不應該有任何模糊空間。不過這種「鑽吧，寶貝，鑽吧」（drill, baby, drill），是的，我們認為已經很接近了，但這並未納入我們所提供的任何指引之中。

Great. That was kind of where I was going to follow up on the pricing side, how it's been driving, but you kind of hit it in that answer. I'll turn it back over.

很好。我原本想在價格面再追問一下它如何驅動，但你在剛才的回答裡已經提到了。我把時間交回去。

Yes. I think just to close it off, I think getting -- I think in very short order this year, we'll see positive net income. I think everything is there for us to deliver that. And it's just working with our customers to make sure that they're getting what they need and that our relationships are strong there and that I think this is the perfect environment to see the service industry and the economic outlay for the service industry restored and to do it at a time when our customers are in a good spot as well.

是的。我想做個收尾：我認為在今年很短的時間內，我們就會看到正的淨利。我覺得一切條件都具備讓我們交出這樣的成果。接下來就是與客戶合作，確保他們得到所需、我們的關係也維持強健。我認為這是讓服務產業、以及服務產業的經濟投入恢復的完美環境，而且是在我們客戶也處於良好狀態的時點來完成。

We have no further questions at this time. I would now like to turn the floor back over to Mr. Matt Wilks for closing comments.

目前沒有其他問題。我現在想把會議交回給 Matt Wilks 先生作結語。

Thanks, everybody, for joining our call. We look forward to the next one and very excited about the positive results that we're seeing in ProFrac and especially excited about the coming quarters. Thank you.

謝謝各位參加我們的電話會議。我們期待下一次會議，也對我們在 ProFrac 看到的正面成果感到非常振奮，尤其對接下來幾個季度更是期待。謝謝。

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

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。