Atlas Energy Solutions Inc (AESI) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Atlas Energy Solutions third-quarter 2023 financial and operational results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Atlas Energy Solutions 2023 年第三季財務與營運績效電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Kyle Turlington, Vice President of Investor Relations. Thank you, sir. You may begin.

現在我很高興向您介紹主持人，投資者關係副總裁凱爾·特林頓。謝謝你，先生。你可以開始了。

Hello, and welcome to the Atlas Energy Solutions conference call and webcast for the third quarter of 2023. With us today are Bud Brigham, Chairman and Chief Executive Officer; John Turner, President and CFO; and Chris Scholla, Chief Supply Chain Officer. Bud, John, and Chris will be sharing their comments on the company's operational and financial performance for the third quarter of 2023. After which, we will open the call for Q&A.

您好，歡迎參加 2023 年第三季的 Atlas Energy Solutions 電話會議和網路直播。今天與我們在一起的有董事長兼執行長 Bud Brigham；約翰‧特納，總裁兼財務長；克里斯‧斯科拉（Chris Scholla），首席供應鏈長。 Bud、John 和 Chris 將分享他們對公司 2023 年第三季營運和財務業績的評論。之後，我們將開始問答環節。

Before we begin our preparatory remarks, I would like to remind everyone that this call will include forward-looking statements as defined under the US securities laws. Such statements are based on the current information and management's expectations as of this statement and are not guarantees of future performance.

在我們開始準備發言之前，我想提醒大家，本次電話會議將包括美國證券法定義的前瞻性陳述。此類聲明是基於截至本聲明的當前資訊和管理層的預期，並非對未來業績的保證。

Forward-looking statements involve certain risks, uncertainties, and assumptions that are difficult to predict. As such, our actual outcomes and results could differ materially. You can learn more about these risks in the prospectus we filed with the Securities and Exchange Commission on September 12, 2023, in connection with our Up-C simplification; our quarterly reports on Form 10-Q; and our other SEC filings. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update these forward-looking statements.

前瞻性陳述涉及某些難以預測的風險、不確定性和假設。因此，我們的實際結果可能會存在重大差異。您可以在我們於 2023 年 9 月 12 日向美國證券交易委員會提交的招股說明書中了解有關這些風險的更多信息，該招股說明書與我們的 Up-C 簡化有關；我們的 10-Q 表格季報；以及我們向 SEC 提交的其他文件。您不應過度依賴前瞻性陳述，我們不承擔更新這些前瞻性陳述的義務。

We will also make reference to certain non-GAAP financial measures, such as adjusted EBITDA, adjusted free cash flow, and other operating metrics and statistics. You will find the GAAP reconciliation comments and calculations in yesterday's press release.

我們也將參考某些非公認會計準則財務指標，例如調整後的 EBITDA、調整後的自由現金流量以及其他營運指標和統計資料。您可以在昨天的新聞稿中找到 GAAP 調節評論和計算。

With that said, I will turn the call over to Bud Brigham.

話雖如此，我會將電話轉給巴德·布里格姆。

Thank you, Kyle, and thanks to everyone for joining us today for our third-quarter conference call.

謝謝凱爾，也謝謝大家今天加入我們的第三季電話會議。

Despite a 10% drop in the Permian rig count since the beginning of the year, demand for Atlas proppants remains resolute and we are rapidly growing our logistics platform. We are pleased with our third-quarter operational and financial results, as our team continues to deliver across a range of operational and profitability metrics, including total sales, sales volumes, net income, and adjusted EBITDA. Importantly to investors, Atlas continues to generate industry-leading margins, which in my view are underappreciated, benefiting from our exceptionally low cost structure.

儘管自年初以來二疊紀鑽井平台數量下降了 10%，但對 Atlas 支撐劑的需求仍然強勁，我們正在快速發展我們的物流平台。我們對第三季的營運和財務表現感到滿意，因為我們的團隊繼續提供一系列營運和獲利指標，包括總銷售額、銷售、淨利潤和調整後的 EBITDA。對於投資者來說，重要的是，Atlas 繼續創造業界領先的利潤率，但在我看來，這種利潤率被低估了，這得益於我們極低的成本結構。

And we continue to work to drive costs down even lower. Over the course of 2023, we reduced our operating costs on a per-ton basis, and we expect to achieve further reductions in the middle of next year when our two new fit-for-purpose dredges come online and achieve their planned utilization levels, all of which should benefit our industry-leading margins. Our three major capital projects to grow our business, the Dune Express conveyor system, the new Kermit facility addition, and the build-out of our trucking fleet, are progressing as planned, on time, and on budget.

我們將繼續努力降低成本。在 2023 年期間，我們降低了每噸的營運成本，預計明年年中，當我們的兩艘新的專用挖泥機投入使用並達到計劃的利用率水平時，我們將進一步降低成本，所有這些都將有利於我們行業領先的利潤率。我們用於發展業務的三個主要資本項目，即沙丘快遞輸送系統、新的克米特設施擴建以及卡車運輸車隊的擴建，正在按計劃、按時、按預算進行。

Now, I will briefly review our growth initiatives. But I'll also encourage you to watch the video update summarizing these initiatives, which is linked on page 3 of our updated presentation.

現在，我將簡要回顧我們的成長舉措。但我也鼓勵您觀看總結這些舉措的影片更新，該影片連結位於我們更新的簡報的第 3 頁。

Starting with our production expansion, our new facility at the Kermit location is now in the (technical difficulty) process, with commercial in service expected late in the fourth quarter. As a reminder, this new facility will increase our Permian-leading production by approximately 50% to over 15 million tons, further enhancing our scale, which is crucial in order to reliably match the scale, demand, and efficiencies of our large-scale customers.

從我們的生產擴張開始，我們位於克米特的新工廠目前正處於（技術難度）過程中，預計將於第四季末投入商業營運。提醒一下，這個新工廠將使我們二疊紀領先的產量增加約 50%，達到 1500 萬噸以上，進一步擴大我們的規模，這對於可靠地匹配我們大型客戶的規模、需求和效率至關重要。

The second area is our logistics offering, which includes our innovative high-capacity trucking and delivery assets. Our logistics and delivery assets enhance efficiencies and reliability for the industry. And as a result, our market share is growing, as Chris will discuss in a bit.

第二個領域是我們的物流產品，其中包括我們創新的大容量卡車運輸和交付資產。我們的物流和交付資產提高了產業的效率和可靠性。因此，我們的市場份額正在增長，克里斯將在稍後討論這一點。

Our logistics offering is also important, given that these trucking and delivery assets will seamlessly interface with the Dune Express which is expected to come online late in 2024. As a reminder, we rolled out our innovative high-capacity trucking and delivery assets to prepare the market for the Dune Express and facilitate a more seamless transition to that infrastructure-based solution.

我們的物流服務也很重要，因為這些卡車運輸和交付資產將與預計於 2024 年末上線的 Dune Express 無縫對接。謹此提醒，我們推出了創新的大容量卡車運輸和交付資產，為市場，並促進更無縫地過渡到基於基礎設施的解決方案。

This brings me to our third major growth initiative, our Dune Express conveyor, which is really more similar to a midstream asset. Like the other capital investments, the Dune Express remains on time and on budget, with an expected commencement in the fourth quarter of 2024.

這讓我想到了我們的第三個主要成長計劃，我們的 Dune Express 輸送機，它實際上更類似於中游資產。與其他資本投資一樣，Dune Express 仍然按時、不超出預算，預計於 2024 年第四季啟動。

We have ordered approximately 90% of the equipment and materials for the project and have also contracted approximately 80% of the installation and labor which significantly reduces budget risk. Today, we have taken delivery of more than 57 miles of conveyor belts and over 100 miles of fiber optic cable.

我們訂購了該專案約 90% 的設備和材料，並承包了約 80% 的安裝和人工，顯著降低了預算風險。今天，我們已交付超過 57 英里的傳送帶和超過 100 英里的光纖電纜。

We believe the Dune Express and our logistics offering will provide substantial environmental and societal benefits, as we aim to vastly reduce the number of trucks on commercial roads in the Permian, which is expected to reduce emissions and save lives. Furthermore, our logistics offering has the potential to enable our customers to realize efficiency gains by increasing the throughput potential of proppant to serve frac crews that continue to find ways to pump faster and consume sand at increasingly impressive rates.

我們相信 Dune Express 和我們的物流產品將帶來巨大的環境和社會效益，因為我們的目標是大幅減少二疊紀商業道路上的卡車數量，從而減少排放並拯救生命。此外，我們的物流服務有潛力使我們的客戶透過增加支撐劑的吞吐量潛力來為壓裂人員提供服務，從而實現效率提升，這些壓裂人員繼續尋找更快地泵送和以越來越令人印象深刻的速度消耗砂子的方法。

In terms of sales, despite an estimated 10% reduction in completion activity in Q3, Atlas sales volumes remained sold out in Q3 and were flat sequentially, demonstrating correct alignment with prominent Permian basin customers. For 2024, we currently have 6.2 million tons of production contracted, which represents 40% of our anticipated production capacity of 15.5 million tons for next year.

就銷售而言，儘管預計第三季度的竣工活動減少10%，但Atlas 的銷量在第三季度仍然售罄，並且與上一季度持平，這表明與二疊紀盆地的知名客戶保持了正確的一致。到2024年，我們目前的合約產量為620萬噸，占我們明年預計產能1550萬噸的40%。

It is worth reminding investors that oil and gas companies have been working on their 2024 budgets and are just now entering the early stages of contracting their sand and logistics needs for 2024. These negotiations will run from now through the first and into the second quarter of 2024. As expected, there was very little contracting in August and September with our existing customers and potential new customers.

值得提醒投資者的是，石油和天然氣公司一直在製定2024 年預算，目前剛進入收縮2024 年沙子和物流需求的早期階段。這些談判將從現在開始一直持續到2024 年第一季和第二季度。2024 年。正如預期的那樣，8 月和 9 月與我們現有客戶和潛在新客戶的合約很少。

Our second leading margins, benefiting from our low cost structure which should only get lower with the fit-per-purpose dredges around mid-year 2024 and lower again in 2025 with our Dune Express combined with our expanding revenue streams provides us with confidence that we will be able to layer on the additional contracts and accomplish our financial goals, which includes growing distributable cash flow into next year and the years to come.

我們的第二領先利潤得益於我們的低成本結構，這種結構只會在2024 年年中左右因專用挖泥機而下降，並在2025 年因我們的Dune Express 而再次下降，再加上我們不斷擴大的收入流，這讓我們有信心：將能夠簽訂額外的合約並實現我們的財務目標，其中包括增加明年和未來幾年的可分配現金流。

Of note, Atlas has adjusted its overall portfolio over the last two years to ensure contractual continuity through staggered terms with regards to both contract duration and timing of renewals. Our goal remains to have 80%-plus of our capacity committed in 2024, and we remain confident in that goal for several reasons.

值得注意的是，Atlas 在過去兩年中調整了其整體投資組合，透過合約期限和續約時間的交錯條款來確保合約的連續性。我們的目標仍然是在 2024 年承諾 80% 以上的產能，出於多種原因，我們對這一目標仍然充滿信心。

First, we're currently in negotiations for several million annualized tons of sand and logistics in rolling contracts with existing customers, where, historically, we have had very high retention rates. Current contract discussions include not only sand and logistics supply agreements, but also some more complex and long-term conversations about a revolutionary infrastructure-based solution for the Permian.

首先，我們目前正在與現有客戶就每年數百萬噸沙子和物流的滾動合約進行談判，從歷史上看，我們在這些客戶的保留率非常高。目前的合約討論不僅包括沙子和物流供應協議，還包括一些關於二疊紀革命性的基於基礎設施的解決方案的更複雜和長期的對話。

In addition, we have a number of meaningful opportunities to add volumes with new customers, including large customers that stand to benefit from the Dune Express. Our growth in the logistics business and our progress on the Dune Express, combined with our unmatched reliability and scale, uniquely positioned Atlas to meet the growing demand, but to also grow our market share in the Permian.

此外，我們還有許多有意義的機會來增加新客戶的銷售量，包括將從 Dune Express 中受益的大客戶。我們物流業務的成長和沙丘快車的進展，加上我們無與倫比的可靠性和規模，阿特拉斯處於獨特的地位，可以滿足不斷增長的需求，同時也可以增加我們在二疊紀的市場份額。

While operators generally control the timing of the initiation of these contracts, we control the access to future volumes that will go down the Dune Express. For these reasons, we remain assured that we will exit contract season with not only a strong contract backlog, but alignment with the most efficient and highest quality customers.

雖然營運商通常控制這些合約的啟動時間，但我們控制著未來將透過沙丘快車運輸的數量。基於這些原因，我們仍然確信，我們將在結束合約季節時不僅擁有大量的合約積壓，而且與最高效和最高品質的客戶保持一致。

Regarding sand pricing, investors should recognize that there is stratification and differentiation in the proppant and logistics markets. Some of the factors in proppant marketability and, thus, pricing include the company's ability to scale up to reliably meet the needs of increasingly large operators in the Permian, particularly given the increase in pad development drilling and simul-frac activity.

關於砂定價，投資者應認識到支撐劑和物流市場存在分層和分化。支撐劑適銷性和定價的一些因素包括該公司擴大規模的能力，以可靠地滿足二疊紀地區日益大型營運商的需求，特別是考慮到平台開發鑽井和同時壓裂活動的增加。

In this regard, Atlas is unmatched in our ability to deliver profit with the scale and reliability required for these projects in order to effectively de-bottleneck sand in these massive completion operations. Associated with that are our innovative logistics offerings and associated incremental dependability and reliability which they provide to our customers. Our expanded logistics offerings differentiate Atlas in the market, further enhancing our industry-leading dependability and reliability.

在這方面，阿特拉斯在提供利潤以及這些項目所需的規模和可靠性方面具有無與倫比的能力，以便有效地消除這些大規模完井作業中的砂瓶頸。與此相關的是我們的創新物流產品以及它們為我們的客戶提供的相關增量可靠性和可靠性。我們擴展的物流服務使 Atlas 在市場上脫穎而出，進一步增強了我們領先業界的可靠性和可靠性。

In my view as a former operator, I can state unequivocally that dependability and reliability are of major importance to our customers and they are absolutely mission critical in the value proposition we offer. Given our unmatched scale, our historical delivery execution, and our ongoing logistical innovations, we feel confident in our ability to deliver the step-changing performance that our large-scale operators need.

在我看來，作為一名前運營商，我可以明確地說，可靠性和可靠性對我們的客戶至關重要，並且它們在我們提供的價值主張中絕對是關鍵任務。鑑於我們無與倫比的規模、歷史上的交付執行能力以及持續的物流創新，我們對提供大型營運商所需的不斷變化的性能充滿信心。

Another point on sand pricing is the fact that there are numerous variables involved. For example, are you selling wet or dry sand? Atlas currently sells only dry sand, and we've been sold out all year, while others have had to sell meaningful sand volumes on the spot market.

沙子定價的另一點是涉及許多變數。例如，您銷售的是濕沙還是乾沙？阿特拉斯目前只銷售乾沙，我們的沙子已經全年銷售一空，而其他公司則不得不在現貨市場上出售大量沙子。

All of that to simply say that investors should not read too much into discussions of spot pricing. While lower spot pricing can directly be indicative of pricing trends, there are reasons that some products fly off the shelf and are even contracted before other products are sold. And there are reasons that some products on the shelf have to be discounted.

所有這些只是簡單地說，投資者不應過度解讀現貨定價的討論。雖然較低的現貨價格可以直接反映價格趨勢，但有些產品會迅速下架，甚至在其他產品售出之前就已簽訂合同，這是有原因的。而且貨架上的一些產品不得不打折也是有原因的。

And of course, the distance to the wellhead and associated delivery cost plays an important role in sand pricing and the all-in costs for the operators. Importantly, the Dune Express will eliminate the distance-related benefits of some of the wet sand options in the Delaware basin. Further, when you add in the advantage Atlas has in inventory, security of supply, quality, and throughput potential, our customer's ability to pursue operational excellence on a scaled basis will only be enhanced.

當然，到井口的距離和相關的運輸成本在沙子定價和運營商的總成本中起著重要作用。重要的是，沙丘快車將消除特拉華盆地一些濕沙選項與距離相關的好處。此外，當您添加 Atlas 在庫存、供應安全、品質和吞吐量潛力方面的優勢時，我們的客戶在規模化基礎上追求卓越營運的能力只會得到增強。

As the largest proppant producer in the Permian with the largest and highest quality reserves, our differentiated advantage also makes our results less volatile as evidenced by our quarter-to-quarter performance. While that benefits and is of significant value to our customers, those attributes, including our unique dredging operations, also benefit us by lowering our cost structure.

作為二疊紀地區最大的支撐劑生產商，擁有最大和最高品質的儲量，我們的差異化優勢也使我們的業績波動較小，季度業績證明了這一點。雖然這對我們的客戶有利且具有重大價值，但這些特性，包括我們獨特的疏浚作業，也透過降低我們的成本結構使我們受益。

Regarding the macro environment we're operating in, despite the drop-off in activity, the Permian proppant market remains healthy, driven in part by the continuing advancements in efficiencies. Frac crews are continuing to pump more proppant on a per day basis.

就我們所處的宏觀環境而言，儘管活動有所下降，二疊紀支撐劑市場仍然保持健康，部分原因是效率的持續提高。壓裂人員每天繼續泵送更多支撐劑。

On the supply side, Permian proppant producers have been disciplined with modest supply additions recently coming in response to a long period of significant undersupply in the Permian, bringing the market into a more balanced position as we enter 2024. Optimism surrounding the recent movement in oil prices and early signals from customers leads us to believe that a strong recovery in frac activity is around the corner.

在供應方面，二疊紀支撐劑生產商最近一直在適度增加供應，以應對二疊紀長期嚴重的供應不足，從而在進入 2024 年時使市場處於更加平衡的狀態。圍繞近期石油走勢的樂觀情緒價格和來自客戶的早期訊號使我們相信壓裂活動即將強勁復甦。

An expected ramp in activity next year, combined with continued increases in proppant per frac crew per day, against a supply side that is much more patient in making growth investments than we've seen historically leads us to believe that the sand market will tighten again next year. Again, we remain sold out in Q3 and expect to remain very busy in Q4, particularly given how heavily contracted we are. With the current geopolitical uncertainty, the call for more Permian barrels has never been greater and more crucial for energy security in the United States.

預計明年的活動將增加，加上每位壓裂人員每天的支撐劑持續增加，而供應方在進行成長投資方面比我們歷史上看到的更有耐心，這使我們相信砂石市場將再次收緊明年。同樣，我們在第三季度仍然售罄，並預計第四季度將繼續非常繁忙，特別是考慮到我們的合約有多嚴重。鑑於當前地緣政治的不確定性，對美國能源安全而言，對更多二疊紀石油的需求從未如此強烈且至關重要。

In addition, the previously announced corporate reorganization transaction, or Up-C simplification, closed on October 2. We now trade under a single class of common stock with the previous dual-class stock structure now eliminated. We are optimistic that our simpler, more efficient corporate structure will enable us to broaden our investor base.

此外，先前宣布的公司重組交易（即 Up-C 簡化）已於 10 月 2 日結束。我們現在以單一類別普通股進行交易，先前的雙重股票結構現已取消。我們樂觀地認為，更簡單、更有效率的公司結構將使我們能夠擴大投資者基礎。

Finally, given our strong margins in quarter-end liquidity, we're excited to put forward another quarterly dividend of $0.20 per share. Similar to the previous quarter, the dividend is comprised of a $0.15 per share base dividend with a $0.05 per share variable dividend.

最後，鑑於我們季度末流動性的強勁利潤，我們很高興再次提出每股 0.20 美元的季度股息。與上一季類似，股息由每股 0.15 美元的基本股息和每股 0.05 美元的可變股息組成。

Last, I want to point investors to slide 12 in our investor presentation. As previously mentioned, Atlas leads all the other public companies in the oil field service sector in both margins and growth. This is truly a remarkable enterprise, and we've now demonstrated that performance on a consistent quarter-to-quarter basis without the volatility experienced by others in our space.

最後，我想提醒投資者註意我們投資者簡報中的投影片 12。如前所述，阿特拉斯在利潤率和成長方面領先於油田服務領域的所有其他上市公司。這確實是一家非凡的企業，我們現在已經證明了每個季度的業績都保持一致，而沒有像我們領域的其他企業那樣出現波動。

Given those margins and the growth we expect to achieve in 2024 and 2025, while our major CAPEX initiatives are winding down, we expect to enjoy exceptional cash generation flexibility which should increasingly be recognized in the market. With that, I will turn the call over to our Chief Supply Chain Officer, Chris Scholla, to provide you with an update regarding our trucking and logistics business.

考慮到這些利潤率以及我們預計在2024 年和2025 年實現的增長，雖然我們的主要資本支出計劃正在逐步減少，但我們預計將享有卓越的現金生成靈活性，這應該越來越多地得到市場的認可。接下來，我會將電話轉給我們的首席供應鏈長 Chris Scholla，為您提供有關我們卡車運輸和物流業務的最新資訊。

Thank you, Bud. We continue to build out our fleet of high-capacity logistics assets and provide seamless delivery of double and triple trailers to our customer well sites with payloads that exceed the industry standard tonnage by three to four times, respectively.

謝謝你，巴德。我們繼續建造我們的高容量物流資產車隊，並向我們的客戶井場提供雙拖車和三拖車的無縫交付，其有效載荷分別超過行業標準噸位三到四倍。

Our customer base and multi-trailer operations continue to grow, as evidenced by an over 100% increase in multi-trailer jobs and adoption by some of the largest operators in the Permian since the beginning of this year. As shown in our investor presentation, we added an additional drop depot facility during the quarter, which almost doubles our existing heat zone multi-trailer delivery areas to over 1,000 square miles.

我們的客戶群和多拖車業務持續成長，自今年年初以來，多拖車工作成長了 100% 以上，並且被二疊紀盆地一些最大的營運商採用，就證明了這一點。正如我們的投資者演示中所示，我們在本季度增加了一個額外的投遞倉庫設施，這幾乎使我們現有的熱區多拖車交付面積增加了一倍，達到超過 1,000 平方英里。

We expect to commission our third drop depot facility during Q4 of this year, which will expand our multi-trailer delivery area to over 1,500 square miles in the Delaware basin. We also commissioned our remote in-field command center, which is presently located 18 miles west of our current facility. This command center was designed to be completely remote and mobile.

我們預計在今年第四季啟用我們的第三個投遞倉庫設施，這將使我們在特拉華盆地的多拖車交付區域擴大到超過 1,500 平方英里。我們還啟用了遠端現場指揮中心，該中心目前位於我們現有設施以西 18 英里處。該指揮中心被設計為完全遠程和移動的。

We will eventually be placed in the heart of the Delaware basin near our end-of-line loadout facility upon completion of the Dune Express. Our new in-field command center puts our logistics base of operations significantly closer to customers' well sites, ultimately supporting superior in-field customer service.

沙丘快車完工後，我們最終將被安置在德拉瓦盆地的中心位置，靠近我們的末端裝貨設施。我們新的現場指揮中心使我們的物流營運基地更靠近客戶的井場，最終支援卓越的現場客戶服務。

With that, I will turn the call over to our President and CFO, John Turner.

接下來，我將把電話轉給我們的總裁兼財務長約翰·特納。

Thank you, Chris. Today, I will review our third-quarter 2023 financial and operating results and comment on our financial position.

謝謝你，克里斯。今天，我將回顧我們 2023 年第三季的財務和營運業績，並對我們的財務狀況發表評論。

For the third quarter, we reported total sales of $158 million. Our profit sales revenues were $115 million. Our profit sales volumes were relatively flat over the period, while our average mine gate price declined moderately. The sequential price decline is a function of higher-priced, shorter-duration contracts rolling off and being replaced by new contracts at lower rates as well as quarterly pricing resets on certain contracts.

第三季的總銷售額為 1.58 億美元。我們的利潤銷售收入為 1.15 億美元。在此期間，我們的利潤銷售相對持平，而平均礦門價格略有下降。價格環比下降是由於價格較高、期限較短的合約被淘汰並被利率較低的新合約所取代，以及某些合約的季度定價重置所致。

Moving to service sales, which is revenue generated by our logistics operations, we reported a quarterly record of $43 million in revenues for the quarter, representing a 17% increase when compared to our prior period. This increase in service sales is related to an increase in the number of active jobs during the period enabled by an increase in the number of trucks deployed and continued customer adoptions of our single and multi-trailer logistics offerings.

轉向服務銷售，也就是我們的物流業務產生的收入，我們報告本季收入達到 4,300 萬美元，創下季度記錄，與上一時期相比增長 17%。服務銷售額的成長與在此期間部署的卡車數量的增加以及客戶持續採用我們的單拖車和多拖車物流產品導致的活躍工作崗位數量的增加有關。

As of October 31, we had taken delivery of 97 trucks, which is an addition of 35 trucks since the last quarter and expect to take ownership of a total of 120 trucks by year-end. In total, cost of sales, excluding DD&A, for the quarter increased by $4 million to $68 million. This increase was primarily driven by higher trucking and last mile logistics costs resulting from the increase in the size of our fleet and increase in number of active jobs.

截至10月31日，我們已交付97輛卡車，比上季增加了35輛卡車，預計到年底將擁有120輛卡車。總的來說，本季的銷售成本（不包括 DD&A）增加了 400 萬美元，達到 6,800 萬美元。這一增長主要是由於我們車隊規模的擴大和活躍工作崗位數量的增加導致卡車運輸和最後一英里物流成本增加。

For the third quarter, our per-ton plant operating costs were $9.66, which is in line with that of the prior period. Further, we expect the delivery of our new specialized dredging equipment in early 2024 to provide for incremental improvements in operational performance and further reductions in our mining costs once those assets are fully commissioned by the middle of next year.

第三季度，我們每噸工廠的營運成本為 9.66 美元，與上一季持平。此外，我們預計新的專業疏浚設備將於 2024 年初交付，一旦這些資產在明年年中全面投入使用，將逐步改善營運績效並進一步降低我們的採礦成本。

Royalty expenses for the quarter were down 16% to $3.6 million due to lower realized mining prices. SG&A expense for the quarter was $14 million, representing a sequential increase of 17%. The increase was driven primarily by increases in consulting and professional fees, which includes $3 million in non-recurring transaction costs related to the Up-C simplification and the refinancing of our terminal.

由於實現採礦價格下降，本季特許權使用費下降 16% 至 360 萬美元。本季的 SG&A 費用為 1,400 萬美元，季增 17%。這一增長主要是由諮詢和專業費用的增加所推動的，其中包括與 Up-C 簡化和碼頭再融資相關的 300 萬美元非經常性交易成本。

Interest expense for the quarter was $5 million, which was offset by $3 million of interest income generated during the period. We expect our interest income to decline in future quarters as we draw down on our cash reserves to fund our growth projects.

本季的利息支出為 500 萬美元，被期間產生的 300 萬美元的利息收入所抵銷。我們預計未來幾季的利息收入將下降，因為我們將動用現金儲備來資助我們的成長項目。

Depreciation, depletion, and accretion expense for the quarter increased 8.4% to $10 million. This increase was due to an additional depreciable assets placed into service as compared to the prior period. We generated net income of $56 million for the quarter, representing a strong net income margin of 36% and earnings per share of $0.51 per share.

本季的折舊、消耗和增值費用增加了 8.4%，達到 1,000 萬美元。這一增長是由於與上一時期相比，投入使用的應折舊資產增加。本季我們實現淨利潤 5,600 萬美元，淨利潤率為 36%，每股收益為 0.51 美元。

Net cash provided by operating activities for the quarter was $55 million compared to $104 million during the second quarter. $38 million of this decrease was associated with changes in operating assets and liabilities that were largely associated with an increase in accounts receivable during the quarter combined with lower net income. We have seen the accounts receivable balance normalizing into the quarter.

本季經營活動提供的淨現金為 5,500 萬美元，而第二季為 1.04 億美元。其中 3,800 萬美元的減少與營運資產和負債的變化有關，而營運資產和負債的變化主要與本季應收帳款的增加以及淨利潤的下降有關。我們看到應收帳款餘額在本季正常化。

Adjusted EBITDA for the period was $84 million, representing a sequential decrease of 9.4% and an adjusted EBITDA margin of 53%. Adjusted free cash flow, which we define as adjusted EBITDA less maintenance CapEx for the quarter, was $69 million, representing a sequential decrease of 21% and an adjusted free cash flow margin of 43%. Looking to the fourth quarter of this year, we expect our EBITDA to be flat, just down slightly, when compared to the third quarter depending on the degree of seasonal and holiday impacts we see this year.

該期間調整後 EBITDA 為 8,400 萬美元，季減 9.4%，調整後 EBITDA 利潤率為 53%。調整後自由現金流（我們定義為調整後 EBITDA 減去本季維護資本支出）為 6,900 萬美元，季減 21%，調整後自由現金流利潤率為 43%。展望今年第四季度，我們預計 EBITDA 將持平，與第三季度相比略有下降，具體取決於我們今年看到的季節性和假期影響的程度。

During the third quarter, given our low levels of required maintenance capital expenditures, we converted just over 81% of our adjusted EBITDA to adjusted free cash flow. Capital expenditures for the quarter were $139 million. This includes $124 million spent on growth projects, which includes our new Kermit facility that did express our well site delivery assets and production enhancements at our existing facilities.

在第三季度，鑑於我們所需的維護資本支出水準較低，我們將調整後 EBITDA 的 81% 以上轉換為調整後自由現金流。該季度的資本支出為 1.39 億美元。這包括用於成長項目的 1.24 億美元，其中包括我們新的克米特設施，該設施確實體現了我們的井場交付資產和現有設施的生產增強。

We incurred $16 million of maintenance CapEx during the quarter. We expect growth capital expenditures to continue to increase as we progress on Dune Express construction, which will be partially offset by declining new Kermit facility expenditures as construction activities taper off, as we approach commercial in-service of that additional capacity before the end of this year.

本季我們產生了 1600 萬美元的維護資本支出。我們預計，隨著沙丘快車建設的進展，成長資本支出將繼續增加，隨著建設活動逐漸減少，新克米特設施支出的下降將部分抵消成長資本支出，因為我們將在今年年底前將額外產能投入商業營運。年。

As of September 30, we have spent $132 million out of our budgeted $400 million on the Dune Express. For our new Kermit facility, we have spent $180 million with an additional $25 million remaining. The new Kermit facility is currently being commissioned and is expected to be fully online by the end of this year.

截至 9 月 30 日，我們已在 Dune Express 上花費了 4 億美元的預算中的 1.32 億美元。對於我們的新克米特工廠，我們已經花了 1.8 億美元，還剩下 2500 萬美元。新的克米特設施目前正在調試，預計今年底將全面上線。

As of September 30, 2023, our total liquidity was $439 million. This was comprised of $265 million in cash and equivalents; $74 million of availability under our ABL facility, under which we had no borrowings outstanding; and $100 million of availability under our delayed draw term loan facility.

截至 2023 年 9 月 30 日，我們的流動資金總額為 4.39 億美元。其中包括 2.65 億美元現金及等價物；我們的 ABL 貸款可提供 7,400 萬美元的可用資金，在該貸款下我們沒有未償還的借款；以及我們延遲提款定期貸款安排下提供的 1 億美元的可用資金。

We streamlined our capital structure during the period with a new $180 million term loan that refinanced our previous term loan in finance leases. The principal balance of our new term loan sits at $180 million, and our current finance lease balance is $0.5 million dollars. So our total debt outstanding currently is $181 million, and we ended the quarter with a debt to LTM adjusted EBITDA ratio of 0.5 times.

在此期間，我們透過新的 1.8 億美元定期貸款簡化了我們的資本結構，該貸款為我們先前的融資租賃定期貸款進行了再融資。我們的新定期貸款本金餘額為 1.8 億美元，目前的融資租賃餘額為 50 萬美元。因此，我們目前的未償債務總額為 1.81 億美元，本季結束時，我們的債務與 LTM 調整後 EBITDA 的比率為 0.5 倍。

That concludes our preparatory remarks, and we will now let the operator open the line for questions. Thank you all for joining our third-quarter call.

我們的準備演講到此結束，現在我們將讓接線員打開提問線。感謝大家參加我們的第三季電話會議。

(Operator Instructions) Luke Lemoine, Piper Samar.

（操作員說明）Luke Lemoine、Piper Samar。

Hey. Good morning.

嘿。早安.

Good morning, Luke.

早上好，盧克。

You talked about six -- hey, morning. Bud, you talked about 6.2 million tons already contracted for '24 and then you talked about in negotiations of several million tons with existing customers, which would pretty much take you to your '23 production levels. I guess within that 6.2 million tons you've already contracted, can you talk roughly about new versus existing customer mix?

你談到了六個——嘿，早安。巴德，您談到了 24 年已經簽訂了 620 萬噸合同，然後您談到了與現有客戶的數百萬噸談判，這幾乎會讓您達到 23 年的生產水平。我想在你們已經簽訂的 620 萬噸合約中，您能粗略地談談新客戶和現有客戶的組合嗎？

And then on the incremental production volumes you're adding, is the goal to try to place as much as possible with operators that can offload from the Dune Express? Or is there a wet versus dry consideration as well or just kind of some of the variables there?

然後，在您添加的增量生產量上，目標是盡可能多地與可以從沙丘快車卸載的操作員進行合作嗎？或者是否也有濕與乾的考慮，或者只是其中的一些變數？

Yeah. So hey, Luke. This is John. Obviously, talking about our contracting, we don't really talk about specifics on what we're currently working on. But as you said, we currently have 40% of our 2024 volumes contracted at very attractive pricing.

是的。所以嘿，盧克。這是約翰。顯然，在談論我們的合約時，我們並沒有真正談論我們目前正在進行的工作的具體細節。但正如您所說，我們目前 2024 年銷量的 40% 是以非常有吸引力的價格簽訂的。

We're currently in discussions with a number of existing customers and new customers regarding volumes. We expect these particular discussions to go on throughout the quarter and be wrapped up by the end of this quarter and early next. And we also have a lot of contract renewals coming up in the first and second quarter of next year. Many of those discussions have not yet started, and we don't expect them to until we get closer to the renewal dates.

我們目前正在與許多現有客戶和新客戶就數量進行討論。我們預計這些特定的討論將在整個季度持續進行，並在本季末和下個月初結束。明年第一季和第二季我們還會有很多合約續約。其中許多討論尚未開始，我們預計在接近續約日期之前不會開始。

And finally, there are a number of new opportunities that we're starting -- that are starting to come out. We're evaluating these to see if we have the tonnage to meet these additional contracts. So just as a reminder, our run rate is 11 million tons this year. And we currently plan on selling 15 million tons next year. We're currently working on contracts that would far exceed those numbers.

最後，我們正在開始一些新的機會——這些機會正在開始出現。我們正在評估這些，看看我們是否有足夠的噸位來滿足這些額外的合約。提醒一下，我們今年的運行量是 1100 萬噸。目前我們計劃明年銷售1500萬噸。我們目前正在簽訂的合約數量將遠遠超過這些數字。

Our stated goal for next year is to be 80% contracts, about 15 million tons. It should be noted that it's not a requirement to exit this year and be 80% on '24 volumes, given all the renewals that happened in the first and second quarter. This is not really a race to see how much of our '24 volumes we can contract as quickly as we can. There are more than enough opportunities out there for us to be 100% contracted.

我們明年的既定目標是80%的合同，大約1500萬噸。應該指出的是，鑑於第一季和第二季發生的所有續訂，並不要求今年退出，也不需要 24 卷達到 80%。這並不是一場真正的競賽，看我們能盡快收縮多少 24 卷。我們有足夠的機會實現 100% 簽約。

And our primary goal here is to secure contracts with high-quality operators and pressure pumpers who stay busy, will take the -- take what they contract and pay on time. So anybody want to add anything to that?

我們的主要目標是與高品質的操作員和壓力泵工簽訂合同，他們保持忙碌，將接受他們的合同並按時付款。那麼有人想對此添加任何內容嗎？

Hopefully that helps you, Luke.

希望這對你有幫助，盧克。

Yeah. Yeah, definitely. Appreciate the comments on working on deals for over 15 million tons. That's definitely helpful and paints the picture. It's appreciated.

是的。是的，絕對是。感謝有關處理超過 1500 萬噸交易的評論。這絕對有幫助並且描繪了圖景。值得讚賞。

You bet.

你打賭。

Derek Podhaizer, Barclays.

德里克·波德海澤，巴克萊銀行。

Hey. I just want to ask about fourth-quarter seasonality in particular. So you said in your opening comments you're going to be very busy in fourth quarter. The guide was EBITDA to be flat to down slightly compared to third quarter. We have to think about the Kermit expansion online by the end of the year. You talked about the wet plant coming online. Could you help quantify for us how you're thinking about volumes, pricing, and activity as we go in the fourth quarter?

嘿。我只想特別詢問第四季的季節性。所以你在開場白中說你在第四季會非常忙碌。與第三季相比，EBITDA 指引持平或略有下降。我們必須考慮在今年年底之前在線進行 Kermit 擴展。您談到了濕法工廠的上線。您能否幫助我們量化您對第四季銷售、定價和活動的看法？

Yeah. Maybe I'll start. And then John and the team may want to add to it. As per our release, we were sold out on the third quarter. We've also continued to be very, very busy here through October. So it's -- but it is the holiday season. And so it just -- it does create more of an air bar as far as the winter weather and then the holidays and all of that. But we're in a really good place right now in terms of activity and sold out. I don't know if you guys want to add that.

是的。也許我會開始。然後約翰和他的團隊可能想要添加內容。根據我們的發布，我們在第三季已售罄。整個十月我們都非常非常忙碌。確實如此——但現在是假期。所以它確實創造了更多的空氣吧，就冬季天氣而言，然後是假期等等。但就活動而言，我們現在處於一個非常好的位置，並且已售罄。不知道大家是否願意補充。

Yeah. I mean, we always expect to slow down in the fourth quarter. In December, you see the holidays, like Bud said, and then there's the weather that's always very unpredictable. So we do use this time for some needed maintenance. Like Bud said, October is one of our busiest months. It's a concession from a volume and service perspective.

是的。我的意思是，我們總是預期第四季會放緩。十二月，你會看到假期，就像巴德所說，然後天氣總是非常難以預測。所以我們確實利用這段時間進行一些必要的維護。正如巴德所說，十月是我們最忙碌的月份之一。從數量和服務的角度來看，這是一個讓步。

Based on what we know right now for the fourth quarter, volumes will likely be flat-ish. We had a busy October. And as of right now, we see activities slowing in November to December. And if the weather is worse than expected, then those numbers may go down some.

根據我們目前所知的第四季度情況，銷量可能會持平。我們度過了一個忙碌的十月。截至目前，我們看到 11 月至 12 月的活動放緩。如果天氣比預期更糟糕，那麼這些數字可能會下降一些。

On the logistics side, we see activity as flat-ish as well. As far as activity in the fourth quarter, we hear both sides of the coin. Some companies are taking breaks, and some are continuing to potentially picking up activities.

在物流方面，我們認為活動也持平。就第四季的活動而言，我們聽到了硬幣的兩面。一些公司正在休息，一些公司可能會繼續恢復活動。

Recently, we have a couple of companies indicate they plan on extending some activity in the fourth quarter. And as of right now, we really don't know if that's going to happen. If it does, there could be some upside in the fourth quarter. And we really expect a real pick-up and activity to begin in the first quarter of '24.

最近，我們有幾家公司表示他們計劃在第四季度延長一些活動。截至目前，我們真的不知道這是否會發生。如果確實如此，第四季可能會出現一些上漲。我們確實預計真正的回升和活動將在 24 年第一季開始。

Yeah, I might add. I think John makes an important point there as a former operator. No, we would be thinking about recognizing that activity is going to pick up in 2024, that we want to be at the front of the line. Generally, we wanted to be at the front of the line on that. So that's the question here. It's, how many operators can pick up a little bit earlier here in the fourth quarter as opposed to the first quarter of 2024?

是的，我可以補充一下。我認為約翰作為一名前操作員在那裡提出了一個重要的觀點。不，我們會考慮認識到活動將在 2024 年回升，我們希望走在前面。一般來說，我們希望在這方面處於領先地位。這就是這裡的問題。問題是，有多少業者可以在第四季比 2024 年第一季提早一點？

I'm highly, highly confident there is going to be a meaningful uptick in activity in 2024. It's just a question of how much. And we are getting some positive signals, but it's a question of how many of the operators do pull forward a little bit into Q4.

我非常非常有信心 2024 年活動將會顯著增加。問題只是增加多少。我們收到了一些積極的信號，但問題是有多少運營商確實提前進入了第四季度。

Okay, that's all helpful. So fair to say, if you think volumes should be likely flat-ish, you don't know how November, December are going to shake out. It seems like that EBITDA guide of flat to down, it's more of the similar pricing reset. I might write that down, more so pricing than volume.

好的，這很有幫助。公平地說，如果您認為成交量可能持平，那麼您不知道 11 月和 12 月將會如何變化。看起來 EBITDA 指南從持平到下降，更多的是類似的定價重置。我可能會寫下來，更多的是定價而不是數量。

Well, I mean, maybe I'll start and these guys might add to it. Our third quarter -- our selling prices were just over $40 a ton. The market is pretty balanced right now as we're moving through the fourth quarter, so we'll see. We're in discussions now regarding next year, but anticipate an uptick in activity. We're having those discussions right now, and we'll see how it plays out for next year. I don't know (inaudible) if you want to say anything. Yeah.

嗯，我的意思是，也許我會開始，這些人可能會補充。我們第三季的銷售價格剛好超過每噸 40 美元。隨著我們進入第四季度，市場目前相當平衡，所以我們拭目以待。我們現在正在討論明年的事宜，但預計活動會增加。我們現在正在進行這些討論，我們將看看明年的結果如何。我不知道（聽不清楚）你是否想說些什麼。是的。

Got it. Okay.

知道了。好的。

No. I mean, look, the guidance is there. I mean, we may have some maintenance expense in there. I mean, there's just -- we said flat-ish. There's obviously opportunity for weather. But that's what we're seeing right now.

不，我的意思是，看，指導就在那裡。我的意思是，我們可能在那裡有一些維護費用。我的意思是，我們說的是平的。顯然天氣有機會。但這就是我們現在所看到的。

Got it. Okay, that's helpful. And then a follow-up on operator M&A. Obviously, we're seeing a lot of deals going on Exxon, Pioneer. Chevron has a lot of publics buying up privates. This tends to lead to potentially more risk around customer concentration, around pricing and volumes. I guess how are you guys approaching and attacking this M&A wave that we're seeing? And how do you win this type of environment?

知道了。好的，這很有幫助。然後是營運商併購的後續行動。顯然，我們看到埃克森美孚和先鋒公司正在進行許多交易。雪佛龍有很多民眾購買私人企業。這往往會導致圍繞客戶集中度、定價和銷售的潛在風險更大。我想你們是如何應對和應對我們所看到的併購浪潮的？如何贏得這種環境？

Yeah. I'll start on that. The M&A -- it's just certainly inevitable that it's going to continue. There's real leverage with scale. And given the opportunity to leverage down for our unit costs and benefit from that scale and with more automation outlets, it's very much differentiated in that regard. It's the largest proppant producer with growing logistics offerings that nobody else can match.

是的。我將從那開始。併購——它肯定會不可避免地繼續下去。規模化才是真正的槓桿。如果有機會降低我們的單位成本，並從規模和更多的自動化出口中獲益，它在這方面有很大的差異化。它是最大的支撐劑生產商，擁有不斷成長的物流服務，其他公司無法比擬。

So it really plays to our strength over the long haul. Nobody is better at providing large amounts of proppant timely and reliably than Atlas. And with our growing logistics offerings and the solutions we're providing, particularly to Dune Express, it's only going to get better. So the M&A activity plays to our strength and will continue to over time. So do you guys want to add to that, Jeff or John?

因此，從長遠來看，它確實發揮了我們的優勢。沒有人比阿特拉斯更擅長及時、可靠地提供大量支撐物。隨著我們不斷增長的物流服務和我們提供的解決方案，特別是向 Dune Express 提供的解決方案，它只會變得更好。因此，併購活動發揮了我們的優勢，並將隨著時間的推移繼續下去。傑夫或約翰，你們想補充一下嗎？

Yeah. I'll just say that one example. The recent M&A has created an overall market share increase opportunity within the [NUCO] as a result of, one, our current position in both sand and logistics within the independent entities of the M&A; our proven reliability that we demonstrated internally; and three, our new industry-leading scope, scale, and offerings. So this is all translating into an Atlas [addend] for the NUCO moving forward. So overall, creating an accretive union.

是的。我只說一個例子。最近的併購在 [NUCO] 內創造了整體市場份額增加的機會，原因之一是我們目前在併購的獨立實體中在沙子和物流方面的地位；我們在內部證明了我們的可靠性；第三，我們行業領先的新範圍、規模和產品。因此，這一切都轉化為 NUCO 前進的 Atlas [addend]。總的來說，創建一個增值聯盟。

Yeah. I mean, just in the big picture. When I think back to several decades ago, the Permian was probably dominated to a degree by smaller operators, mom-and-pops. And I think that day has gone past. And now, it's all about scale and the leverage associated with that. And so these operators need to have scale proppant and logistic solutions provider. And that's what Atlas is positioned to provide.

是的。我的意思是，只是從大局來看。當我回想起幾十年前時，二疊紀盆地可能在某種程度上被小型經營者、夫妻店所主導。我認為那一天已經過去了。現在，一切都與規模和與之相關的槓桿有關。因此，這些營運商需要擁有規模化的支撐劑和物流解決方案提供者。這就是 Atlas 的定位。

Great. Appreciate the color. I'll turn it back.

偉大的。欣賞顏色。我會把它轉回來。

Jim Rollyson, Raymond James.

吉姆·羅利森，雷蒙德·詹姆斯。

Good morning, gentlemen. And, Bud, you mentioned just -- when we talked about pricing and the different dynamics in the market on wet sand versus dry, scale, guys that need to hit the spot market versus contracted. And obviously, you guys have done a fantastic job over your history of growing the scale and being reliable, et cetera.

早安，先生們。而且，巴德，你剛剛提到——當我們談論濕砂與乾砂的定價和市場不同動態時，需要進入現貨市場與合約市場的人。顯然，你們在擴大規模和提高可靠性等方面做得非常出色。

I'm curious how you view the value to that scale and reliability when it comes to kind of pricing premium over the spot market numbers that we all see quoted in a market like we've been in, where things have kind of softened a little bit. Now we feel like we're bottoming and starting to turn. But just maybe some color commentary on pricing premium for what you guys actually provide.

I'm curious how you view the value to that scale and reliability when it comes to kind of pricing premium over the spot market numbers that we all see quoted in a market like we've been in, where things have kind of softened a little位元.現在我們感覺我們正在觸底並開始扭轉。但也許只是對你們實際提供的產品的定價溢價進行一些色彩評論。

Yeah. Well, thank you. Well, first, just some general comments. There's a reason that some companies, specifically Atlas, are fully contracted while others have proppant to offer on the market -- in the spot market. And as I mentioned in my comments, a lot of it does -- is a function of reliability and dependability.

是的。嗯，謝謝。好吧，首先，只是一些一般性評論。一些公司（特別是阿特拉斯）已完全簽訂合同，而其他公司則在市場上（即現貨市場）提供支撐劑，這是有原因的。正如我在評論中提到的，其中許多都是可靠性和可靠性的函數。

And as an operator, there's nothing that will upset your quarter, your return on your projects, and your production and your goals than not having the proppant when you need it and not having quality proppant when you need it. And so that is mission critical for us. And I think it's what differentiates us in the market.

作為營運商，沒有什麼比在需要時沒有支撐劑以及在需要時沒有優質支撐劑更讓您的季度、專案回報、生產和目標感到不安的了。因此，這對我們來說至關重要。我認為這就是我們在市場上的獨特之處。

Some of the smaller proppant providers and some of the different wet sand has its own issues, et cetera. They're just not as optimal for the large-scale operators who really are dependent on that reliability and dependability as well as the other infrastructure solutions that we're offering that continue to enhance that. \

一些較小的支撐劑供應商和一些不同的濕砂有其自身的問題等等。對於真正依賴可靠性和可靠性以及我們提供的其他基礎設施解決方案來繼續增強這一點的大型營運商來說，它們並不是最佳選擇。 \

So I think there is a real bifurcation in the market. And so I do think spot pricing can kind of be a little bit indicative of pricing trends, directionally. But I do think there's been too much attention on the spot pricing in the market and maybe an over extrapolation of what that indicates on sand.

所以我認為市場確實有分歧。因此，我確實認為現貨定價可以在一定程度上指示定價趨勢。但我確實認為市場上的現貨定價受到了太多關注，並且可能過度推斷了沙子的價格。

Yeah. We've been told by a number of our customers that they contracted Atlas because of our reliability and service. And they also indicate that they pay more at Atlas more than they do other sand and logistics companies. I really don't know how to answer toward that -- we don't have an answer what that amount is. Our customers don't tell us what they're paying our competitors for sand and service.

是的。許多客戶告訴我們，他們之所以與 Atlas 簽約是因為我們的可靠性和服務。他們也表示，他們在阿特拉斯支付的費用比其他沙子和物流公司高。我真的不知道該如何回答這個問題——我們不知道這個數字是多少。我們的客戶不會告訴我們他們為我們的競爭對手支付的沙子和服務費用是多少。

But what I will say is that I do think an example of our quality is shown in our level of contracting or high level of activity over the past few quarters. I mean, you've seen a 20% decrease in the frac market over the past six months. And we've maintained very high activity levels during that time.

但我要說的是，我確實認為我們的品質的一個例子體現在我們過去幾個季度的合約水準或高水準活動中。我的意思是，過去六個月壓裂市場下降了 20%。在那段時間我們保持了非常高的活動水準。

Yeah. And I'll add that this is nothing new, right? We know those players and folks that come in and offer extremely low prices. We've seen that throughout our five years of existence and throughout the cycles. I think what -- we don't have any peers that are pure play at Permian sand and logistics companies that are public to see that and qualify that price for you. But I will say that we price our products and services according to that value proposition for our customers. And we've been extremely successful pricing them appropriately.

是的。我要補充一點，這不是什麼新鮮事，對吧？我們知道那些進來並提供極低價格的玩家和人們。在我們存在的五年和整個週期中，我們已經看到了這一點。我認為，我們沒有任何同行專門從事二疊紀沙子和物流公司的公開業務，可以看到這一點並為您確定該價格。但我要說的是，我們根據客戶的價值主張來定價我們的產品和服務。我們非常成功地對它們進行了適當的定價。

Yeah, I didn't expect you to give an absolute number. So the color is very helpful. And John, maybe as a follow up. When we think about costs, obviously, you guys had to step up in cost late last year as you were rolling from third party to internal on the dredging side. And those had come down. It seems like they flattened out.

是的，我沒想到你會給一個絕對數字。所以顏色非常有幫助。約翰，也許是後續行動。當我們考慮成本時，顯然，去年年底你們必須提高成本，因為你們在疏浚方面從第三方轉向內部。這些都已經下降了。看起來他們好像變平了。

As we think about this over the next four quarters or so, should we think about OpEx generally being relatively stable until the new dredges come in and are fully functional and operating in mid next year? And then maybe just a little color on how much that should improve costs as -- maybe on a percentage basis.

當我們在未來四個季度左右思考這個問題時，我們是否應該考慮營運支出總體上相對穩定，直到新挖泥機投入使用並在明年年中完全發揮作用並投入營運？然後也許只是對成本應該改善多少進行一些說明——也許是在百分比的基礎上。

Back in -- we have plateaued. I do think we're working on some things right now that could potentially have an impact on that. But the biggest impact you're going to see is, like you said, when the dredges come on fully commissioned, which is expected by middle of next year.

回到過去－我們已經趨於穩定。我確實認為我們現在正在做一些可能會產生影響的事情。但正如您所說，您將看到的最大影響是當挖泥船全面投入使用時，預計在明年年中。

Our lowest ever, I guess, OpEx per ton was around $6.50 a ton. And that's when we were 100% the dredge mining. That dredge mining provides us with around a $2 to $3 cost advantage versus traditional mining, which we still are doing quite a bit of that. So at least at some point next year, you're going to start seeing our cost trend down more towards that $6.50 -- I mean, probably more in the $7, $7.50, mid-seven type range. And that's where we're focused right now.

我猜，我們有史以來最低的每噸營運成本約為每噸 6.50 美元。那時我們 100% 都是挖泥機採礦。與傳統採礦相比，疏浚採礦為我們提供了大約 2 至 3 美元的成本優勢，我們仍然在做相當多的傳統採礦。因此，至少在明年的某個時候，您將開始看到我們的成本趨勢進一步下降至 6.50 美元——我的意思是，可能會下降到 7 美元、7.50 美元、中七類型的範圍。這就是我們現在關注的重點。

That's helpful. Thank you.

這很有幫助。謝謝。

Ati Modak, Goldman Sachs.

阿蒂·莫達克，高盛。

Hi. Good morning, team. You noted some progress on the Dune Express. Obviously, it stays on track. But maybe help us understand the steps that you're looking at until it gets commenced in the fourth quarter of next year and any factors that you are keeping an eye on.

你好。早上好，團隊。您注意到沙丘快車取得了一些進展。顯然，它保持在正軌上。但也許可以幫助我們了解您正在考慮的步驟，直到明年第四季開始，以及您正在關注的任何因素。

Yeah. Maybe I'll just start. These guys may add to it. We built both of our plans. We did the expansion that's nearing completion here in the fourth quarter ourselves. And obviously, our team is really very skilled and been very successful at these probably more complex projects than building the Dune Express, which Dune Express is a rinse-and-repeat process down the length of the line building it. I don't know if you guys can answer. Is there an area -- given that we've ordered the majority of the material and contracted the labor, I think, as I mentioned in my conference call text, that really mitigates the risk to the budget. It's not a very complex project in terms of the construction of the Dune Express.

是的。也許我會開始。這些人可能會添加它。我們制定了兩個計劃。我們自己在第四季完成了即將完成的擴張。顯然，我們的團隊確實非常熟練，並且在這些可能比建造 Dune Express 更複雜的項目上取得了非常成功，而 Dune Express 是在建造它的生產線的整個過程中進行沖洗和重複的過程。不知道大家能不能解答一下。鑑於我們已經訂購了大部分材料並承包了勞動力，我認為，正如我在電話會議文本中提到的那樣，是否有一個領域可以真正減輕預算風險。就沙丘快車的建造而言，這並不是一個非常複雜的項目。

I mean, there's like -- as far as that equipment goes, I mean, there is the opportunity to make sure that it comes in on time and making sure that it comes in meeting our specs. And so we're reaching out to a lot of our vendors right now. We're actually doing these vendor audits. We do this pretty periodically to make sure that the equipment, we've ordered it, making sure that it will show up on time and on spec.

我的意思是，就設備而言，我的意思是，有機會確保它按時交付並確保它符合我們的規格。因此，我們現在正在與許多供應商聯繫。我們實際上正在進行這些供應商審核。我們定期這樣做，以確保我們訂購的設備能夠按時、按規格出現。

We've taken -- like I said, we've taken -- a number of the equipment are starting to arrive. You've got -- concrete sleepers are starting to arrive. That's what the Dune Express will sit on. We're starting to take delivery of like a lot of fiber optic cable. So I mean, there's a number of things that we're currently -- as we currently continue to construct it. I think what we can do it in the interim is just to make sure that the Dune Express comes on time and on budget.

我們已經接收了──就像我說的，我們已經接收了──有些設備正開始運抵。混凝土枕木已經開始到達。這裡是沙丘快車的所在地。我們開始接收大量光纜。所以我的意思是，我們目前正在做很多事情——我們目前正在繼續建造它。我認為我們在此期間能做的就是確保沙丘快車按時且在預算之內到達。

Did that answer your question?

這回答了你的問題嗎？

Yeah. Thank you so much. Appreciate the answer. Just on a follow-up. You mentioned in the press release that there were some quarterly price resets on certain contracts. Maybe help us understand that a little better. Like, what does that exposure look like on your overall contracted volumes and how does that actually work?

是的。太感謝了。感謝您的回答。只是後續行動。您在新聞稿中提到，某些合約有一些季度價格重置。也許可以幫助我們更好地理解這一點。例如，在你們的總合約量上，這種風險敞口是什麼樣的？它實際上是如何運作的？

Jeff, do you want to take that?

傑夫，你想接受這個嗎？

Yeah. As we -- depending on the market and how it's working, the quarterly resets have been a part of pricing strategies and portfolios for a long time. Within some of the pricing agreements that we have now, we have some quarterly resets. And you can see some of our pricing is, in this third quarter and moving into the fourth quarter, an effect of the pricing.

是的。正如我們所言，根據市場及其運作方式，季度重置長期以來一直是定價策略和投資組合的一部分。在我們現有的一些定價協議中，我們每季都會進行一些重置。您可以看到，從第三季度到第四季度，我們的一些定價是定價的影響。

Roughly -- we have roughly 25% to 30% of our pricing historically on quarterly resets probably moving to more of a 50% as we move into 2024. And the quarterly resets really adjust to the market pricing not only with regard to numerically, but with regard to the trend. And so we feel that with that uptick in the activity moving forward in the back half, this should yield some positive results for us.

粗略地說，我們歷史上大約25% 到30% 的定價是按季度重置的，隨著我們進入2024 年，季度重置可能會增加到50% 以上。季度重置不僅在數字上真正適應市場定價，而且在數字上也確實如此。關於趨勢。因此，我們認為，隨著下半年活動的增加，這應該會為我們帶來一些正面的成果。

Yeah. I mean, our view is -- and I think everybody can see it -- that we moved through a trough in the rig count and the frac spreads. And I think we certainly -- and I think most of the industry's anticipating a pick-up in activity in 2024. So I think -- I mean, the quarterly resets give customers and us comfort. We have great relationships with these guys that we'll be able to adjust to changing market conditions. And in my view is it sets up very well for 2024.

是的。我的意思是，我們的觀點是——我想每個人都可以看到這一點——我們已經經歷了鑽機數量和壓裂價差的低谷。我認為我們當然 - 而且我認為大多數行業都預計 2024 年活動會有所回升。所以我認為 - 我的意思是，季度重置讓客戶和我們感到舒適。我們與這些人有著良好的關係，我們能夠根據不斷變化的市場條件進行調整。在我看來，2024 年的情況非常好。

Thanks. I'll turn it over.

謝謝。我會把它翻過來。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Hi. Good morning, Bud and John. Maybe I'll just start with a quick one on the Dune Express. Clearly, you're making a lot of good progress on that, including on the ground. Just want to ask, in terms of how customers look at it and they see that progress, are you seeing more interest customers coming to you, asking on the project, getting familiarized with that, and showing interest in contracting volume through that? Just talk to how your customers are responding to the progress that you're making on the ground.

你好。早上好，巴德和約翰。也許我會先從沙丘快車上快速開始。顯然，你們在這方面取得了很大進展，包括在實地的進展。只是想問，就客戶如何看待它以及他們看到的進展而言，您是否看到更多有興趣的客戶來找您，詢問該項目，熟悉該項目，並對通過該項目簽訂合同表現出興趣？只需談談您的客戶對您在實地取得的進展有何反應。

Well, I mean -- I think clearly, the customers are excited about the Dune Express coming online. And so I do think that those -- and Jeff can talk about -- of course, we have our existing customers. But we have a number of new potential customers that we're in discussions with that we think it's obvious that the Dune Express is very attractive to them and compelling.

嗯，我的意思是——我清楚地認為，客戶對 Dune Express 的上線感到興奮。所以我確實認為這些——傑夫可以談論——當然，我們有現有的客戶。但我們正在與許多新的潛在客戶進行討論，我們認為沙丘快車顯然對他們非常有吸引力且引人注目。

So we'll be having those discussions over the next three to four months, and we expect to grow our customers. Jeff, I don't know if you want to --

因此，我們將在接下來的三到四個月內進行這些討論，我們希望擴大我們的客戶。傑夫，我不知道你願不願意——

Yeah. One thing, though, is this -- if the Dune Express is just over a year away. And so any contracting that we're doing right now in the Delaware basin is going to -- it's contemplating taking sand off the Dune Express. And yes, there is a lot of interest from some operators that are out there in the Permian, especially the -- I mean, the Delaware that are looking for that size and scale.

是的。不過，有一件事是──如果沙丘快車距離我們只有一年多的時間了。因此，我們現在在特拉華盆地所做的任何承包都將考慮從沙丘快車上清除沙子。是的，二疊紀盆地的一些營運商非常感興趣，特別是——我的意思是，德拉瓦州正在尋找這樣的規模和規模。

And (multiple speakers) get the trucks off the road. That's a real issue out there.

並且（多個發言者）讓卡車離開道路。這是一個真正的問題。

The efficiency that's coming with this is, you know, with the Dune Express. So, Jeff, do you want -- ?

你知道，隨之而來的效率就是沙丘快車。那麼，傑夫，你想要──？

Yeah. As John stated earlier, it's not a race to get to 2024 volumes contracted, but more of an effort to align with high-quality clients, both EMPs as well as pressure pumpers that are sustainable on a go-forward basis. Current contract discussion are not just sand and logistics supply agreements, but a more complex and long term conversation about revolutionary infrastructure-based solution for the Permian.

是的。正如 John 之前所說，這不是一場爭取 2024 年合約量的競賽，而是與高品質客戶（包括 EMP 以及可持續發展的壓力泵客戶）保持一致的努力。目前的合約討論不僅僅是沙子和物流供應協議，而是關於二疊紀基於革命性基礎設施的解決方案的更複雜和長期的對話。

And let me define infrastructure solution based -- infrastructure-based solution. It means a compilation of sand production expansion to meet the needs of our large scale, high efficiency customers. A unique logistics solution that Chris alluded to earlier with three to four times transit capacity was a phased interface of multi-trailer delivery from the drop depot model to the eventual Dune Express delivery solution, but just approximately a year out.

讓我定義基於基礎架構的解決方案—基於基礎架構的解決方案。這意味著砂石生產擴張的集合，以滿足我們大規模、高效率客戶的需求。克里斯早些時候提到的一種獨特的物流解決方案具有三到四倍的運輸能力，是多拖車交付的分階段接口，從直投站模型到最終的沙丘快遞交付解決方案，但大約需要一年的時間。

This all leads to security and reliability of supply for years to come. So it's a journey, and we've had tremendous amount of attraction early on. So we're working these -- we're just taking these ideas and putting them to paper right now with the customer.

這一切都保證了未來幾年供應的安全性和可靠性。所以這是一趟旅程，我們很早就受到了巨大的吸引力。所以我們正在研究這些——我們只是將這些想法並立即與客戶一起把它們寫在紙上。

I mean, this is something we've been talking to these customers for about a long time, three or four years now. And now, it's just within a year. And so --

我的意思是，這是我們與這些客戶討論了很長一段時間的事情，現在已經三、四年了。而現在，也不過一年的時間。所以 -

Yeah. It's become very (inaudible) yeah, yeah, yeah. Now that the project is within a year of completion, right, customers see progress on the ground. There should be more traction, right? And it sounds like there is more traction. So that's encouraging. Okay, perfect.

是的。它變得非常（聽不清楚）是啊，是啊，是啊。現在該專案已在一年內完成，對吧，客戶看到了實際進展。應該有更多的牽引力，對嗎？聽起來似乎有更多的吸引力。所以這是令人鼓舞的。好的，完美。

And then a quick follow up or more of a housekeeping question on CapEx, cash CapEx particularly. John, maybe you can remind us how much of CAPEX associated with the Dune Express has been spent at this point? How much more is left? And then just for the fourth quarter, how should we think about CapEx and the residual CapEx related to the Kermit expansion that's coming online this quarter?

然後是關於資本支出（特別是現金資本支出）的快速後續或更多內務問題。約翰，也許您可以提醒我們目前與沙丘快車相關的資本支出已經花費了多少？還剩下多少？那麼就第四季而言，我們應該如何考慮資本支出以及與本季即將上線的 Kermit 擴張相關的剩餘資本支出？

Brian has those numbers. I'm going to let him answer those.

布萊恩有這些數字。我會讓他回答這些問題。

Yeah. We've spent $180 million on the Kermit expansion. So there's $20 million, $25 million left. And on the Dune Express, we've got $132 million behind us. So another $268 million over the course of the next five quarters.

是的。我們在 Kermit 擴建上花費了 1.8 億美元。所以還剩下 2000 萬、2500 萬美元。在沙丘快車上，我們已經投入了 1.32 億美元。因此，在接下來的五個季度中還要再投入 2.68 億美元。

Okay, okay. Okay, guys. Thank you. Yeah, I got that. Okay, thank you. I send it back.

好吧好吧。好吧，夥計們。謝謝。是的，我明白了。好的謝謝。我把它寄回去。

Thank you.

謝謝。

Geoff Jay Daniel Energy Partners.

傑夫·傑伊·丹尼爾能源合作夥伴。

Hey, guys, just a quick one for me. This is about -- it's actually M&A question, a little bit. Obviously, as companies get together or, I guess, rumored to get together in the future and lateral links increase, I'm just curious what that does, in your mind, to overall sand demand and what that kind of means for you guys in your business.

嘿，夥計們，對我來說只是一個快速的。這實際上是一個併購問題。顯然，隨著公司聚集在一起，或者，我猜，有傳言說，未來會聚集在一起，橫向連結也會增加，我只是很好奇，在您看來，這對整體沙子需求有何影響，以及這對你們來說意味著什麼你的事。

Yeah. This is Bud. I'll start and these guys may want to add to my comments. But I did touch on it earlier. I think, first that's hit or miss is the acquiring company. Is it an existing customer or not? But generally, the larger customers -- the larger operators are customers of Atlas Energy Solutions because we match up really well to provide the scale and reliability that they need.

是的。這是巴德。我將開始，這些人可能想添加我的評論。但我之前確實觸及過它。我認為，首先受到影響的是收購公司。是否為現有客戶？但一般來說，較大的客戶 - 較大的營運商都是 Atlas Energy Solutions 的客戶，因為我們非常適合提供他們所需的規模和可靠性。

So I do think, long term, it is very beneficial for Atlas. That's more difficult for mom-and-pop type operators to match up with these large scale operators, particularly given increasing pad drilling and completions; increasing simul-fracs, which just require a lot of profit very quickly. And we're uniquely positioned to provide that.

所以我確實認為，從長遠來看，這對 Atlas 非常有利。對於夫妻型業者來說，與這些大型業者相比更加困難，特別是考慮到鑽井和完井作業的增加；增加同時壓裂，這需要很快獲得大量利潤。我們擁有獨特的優勢來提供這項服務。

So I think it's very beneficial. And our scale -- and our growing scale is really important in that. I don't know if you guys want to add to that.

所以我認為這是非常有益的。我們的規模—以及我們不斷成長的規模在這方面非常重要。不知道大家是否願意補充。

No, I think that -- I agree with you. I think that larger scale operations means larger scale services that need to go along with that. And we've seen it in other basins. You saw it in the [eagle] for like 15 -- 10 to 15 years ago. I mean, when the larger operators move in, it's a larger service companies that can service their needs across the entire -- and across their entire operations is what they're really looking for. They need that reliability because they're putting a lot of money in on this and they want to make sure they execute on that.

不，我認為——我同意你的觀點。我認為更大規模的營運意味著更大規模的服務也需要隨之而來。我們在其他盆地也看到過這種情況。你在[老鷹]身上看到了它大約15 - 10到15年前。我的意思是，當更大的運營商進入時，這是一家更大的服務公司，可以滿足他們整個業務的需求，而他們真正想要的就是他們整個運營的需求。他們需要這種可靠性，因為他們在這方面投入了大量資金，並且希望確保他們能夠執行這一點。

I'll mention one other thing because your question may also stem from a concern. Does it mean less drilling activity? And again, it can in that some of the smaller private operators maybe are actively growing their production to make them more attractive as an acquisition target. However, as you've seen from us on a quarter-to-quarter basis, our results are very stable because we're contracted to a large degree with these large operators that have very steady and longer term planned activity.

我要提到另一件事，因為您的問題也可能源自於擔憂。這是否意味著鑽探活動減少？同樣，一些較小的私人營運商可能正在積極增加產量，以使它們作為收購目標更具吸引力。然而，正如您在每個季度的基礎上看到的那樣，我們的業績非常穩定，因為我們在很大程度上與這些大型運營商簽訂了合同，這些運營商擁有非常穩定和長期的計劃活動。

So again, we just match up really well with these companies that are combining and creating more scale. So I don't think -- and the other thing is -- and we've included the Rystad chart in the appendix of our presentation. It really is remarkable, what a great job that operators and pressure pumpers are doing, increasing the efficiency in the field. And so the profit pump per day per frac crew just continues up into the ride.

再說一遍，我們與這些正在合併並創造更大規模的公司非常匹配。所以我不認為——另一件事是——我們在簡報的附錄中包含了 Rystad 圖表。操作員和壓力泵工所做的工作非常出色，提高了現場效率，這確實是了不起的。因此，每個壓裂人員每天的利潤會持續上升。

So I think all these drives for more efficiency that, to some degree, are associated with scale to drive up the efficiencies and drop down the cost per unit. Again, they all play to our strengths.

因此，我認為所有這些提高效率的驅動力在某種程度上都與規模相關，以提高效率並降低單位成本。同樣，他們都發揮了我們的優勢。

Excellent. Thanks. That's really helpful.

出色的。謝謝。這真的很有幫助。

Thank you.

謝謝。

Sorry. Go ahead, sir.

對不起。繼續吧，先生。

Oh, I'm sorry. That answered my question. Thank you.

哦，對不起。這回答了我的問題。謝謝。

Thank you.

謝謝。

Thanks, Jeff.

謝謝，傑夫。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

It sounds like you're pretty confident you can be fully contracted on about 16 million tons per year next year. Is it fair to think you can go beyond that if the demand is there at a price you're okay with and you don't need to spend any additional capital to do that with the efficiencies you're seeing at Kermit? And is the CapEx number that the consensus has yet, right now, for next year about $325 million. Does that seem like a good number to you?

聽起來您非常有信心明年可以完全簽訂每年約 1600 萬噸的合約。如果需求以您可以接受的價格存在，並且您不需要花費任何額外的資金以您在 Kermit 看到的效率來做到這一點，那麼您是否可以超越這一點？目前一致認為明年的資本支出約為 3.25 億美元。這對你來說是一個不錯的數字嗎？

Yeah. As Jeff touched on, we are in discussions for volumes. And John touched on as well that are in excess of that 16 million tons. That said, when we built our original plants, we thought -- the expectation was they would produce 3 million to 4 million tons and they produced 5.5 million tons.

是的。正如傑夫所說，我們正在討論卷的問題。約翰也談到了超過 1600 萬噸的情況。也就是說，當我們建造最初的工廠時，我們的預期是他們將生產 300 萬噸到 400 萬噸，而他們生產了 550 萬噸。

And so our expansion -- we'll see. We might be able to produce more at Kermit with the expansion than what we're anticipating. So time will tell on that. And we do have opportunities to further grow our product in those. John, I don't know if you want to add that.

所以我們的擴張——我們拭目以待。透過擴建，我們可能能夠在克米特生產比我們預期更多的產品。所以時間會證明這一點。我們確實有機會在這些方面進一步發展我們的產品。約翰，我不知道你是否想補充這一點。

Yeah. And I mean, like we said earlier, I mean, it's 16 million. I mean, our goal is 80% of 16 million -- I mean, of 15 million, really. If you -- when you look at that, we want to keep some on spot. It'll at least be a decision that we need to make at the time on whether or not -- it depends on what our customers want. Like we said, there's new opportunities that are out there that we're evaluating to see what those additional volumes were looking like.

是的。我的意思是，就像我們之前所說的，我的意思是，這是 1600 萬。我的意思是，我們的目標是 1600 萬的 80%——我的意思是，1500 萬的 80%，真的。如果你——當你看到這一點時，我們希望保留一些。這至少是我們當時需要做出的決定——這取決於我們的客戶想要什麼。正如我們所說，我們正在評估新的機會，看看這些額外的銷售是什麼樣的。

And so on the CapEx numbers, I think we're going to have to -- I mean, we'll need to come back on those. Because I know that there's a lot of -- we do our best to forecast how CapEx is going to be spent. And we're never, ever successful in forecasting that -- the ebbs and flows of that, the timing of it.

關於資本支出數字，我認為我們將不得不——我的意思是，我們需要重新考慮這些數字。因為我知道有很多——我們盡力預測資本支出將如何花費。我們從來沒有成功地預測過這一點——它的潮起潮落、它的時機。

But right now, I mean, the Dune Express, we plan to spend $400 million total on that. And then obviously, the Kermit plant expansion is on time and on budget. I think we mentioned those numbers in our call, but we can circle back on that.

但現在，我的意思是，沙丘快車，我們計劃總共花費 4 億美元。顯然，克米特工廠的擴建是按時、按預算進行的。我想我們在電話中提到了這些數字，但我們可以回頭討論這一點。

Did that help you?

這對你有幫助嗎？

It does, yeah. Thank you. I guess on the logistics side, do you expect -- you've obviously had some tremendous growth there. Surprised now for a couple quarters in a row. Do you expect any further step up there before Dune Express is completed? Is it just a matter of further adoption of these double and triple trailers? I know you mentioned the next drop depot that you're planning for the fourth quarter. I guess just any visibility on further growth before Dune Express goes into operation.

確實如此，是的。謝謝。我想在物流方面，你是否期望——你顯然在那裡取得了一些巨大的成長。現在連續幾個季度感到驚訝。您預計在《沙丘快車》完工前還會有進一步的進展嗎？這只是進一步採用這些雙拖車和三拖車的問題嗎？我知道您提到了您計劃在第四季度建立的下一個空投站。我想在沙丘快線投入營運之前，任何關於進一步成長的可見性都是如此。

Yeah. We'll make Chris answer that for you.

是的。我們會讓克里斯為你回答這個問題。

Yeah. Look, we've always projected that growth into the Dune Express. And you look at where we've come from this year to where we're at now -- as you said, right? Dedicated fit-for-purpose assets, multi-trailering offering that is differentiated in the market no one else can offer, and all of that while, meanwhile, opening and expanding our drop depot footprint.

是的。瞧，我們一直將這種成長預測到了《沙丘快車》。你看看我們從今年到現在的情況——正如你所說，對嗎？專用的適合用途的資產，在市場上獨一無二的多拖車產品，其他任何人都無法提供，同時，開放和擴大我們的下降倉庫足跡。

That growth that you will see over the next year, the plan is not to show up with Dune Express day one, hit a button, and expect everything to be delivered at that point. Well in advance of the Dune Express, we want to be delivering 100% of those volumes, sand and logistics, to the well site. So that when the Dune Express comes on from a customer perspective, it's a seamless transition and they don't even see a difference. Hopefully that answers your question (multiple speakers)

你將在明年看到的增長，計劃不是在沙丘快車第一天出現，按下按鈕，然後期望所有東西都能在那時交付。我們希望早在沙丘快運之前就將 100% 的體積、沙子和物流運送到井場。因此，當 Dune Express 從客戶的角度出現時，這是一個無縫過渡，他們甚至看不到任何差異。希望這能回答您的問題（多個發言者）

We've added another heat zone drop depot. You might touch on that. It's a step towards that.

我們又增加了另一個熱區空投站。你可能會觸及這一點。這是朝著這個方向邁出的一步。

Yeah, exactly. From a transitionary period, we've got over 1,000 miles of accessible -- 1,000 square miles of accessible multi-trailer operations out there and plan to add another one in Q4. While we plan it -- while we show flat-ish in Q4 based on just the activity volumes as we talked about earlier, we do expect to grow in that last mile with the Q1 pop as well.

是的，完全正確。從過渡期開始，我們已經擁有超過 1,000 英里的無障礙多拖車運營，並計劃在第四季度再增加一個。雖然我們計劃如此——雖然我們僅根據我們之前討論的活動量顯示第四季度持平，但我們確實預計隨著第一季度的增長，最後一英里也會出現增長。

Did that help you?

這對你有幫助嗎？

It does. Thank you very much, guys.

確實如此。非常感謝你們。

You're welcome.

不客氣。

Doug Becker, Capital One.

道格貝克爾，《第一資本》。

Thank you. I wanted to follow up on logistics, but on the margin side. It looks like you were down just a little bit in the third quarter, at least in part because of the shorter haul distances. What's the expected trajectory on margins as we move toward Dune Express at the end of next year?

謝謝。我想跟進物流，但在利潤方面。看起來你在第三季略有下降，至少部分是因為運輸距離較短。當我們在明年底轉向 Dune Express 時，預期的利潤率軌跡是怎麼樣的？

Yeah. I think through next year, we run in a -- historically, in that, 10% to 13% margin. I think as we get into next year, we're going to see more of a 15% to 20% margin business approaching the Dune Express.

是的。我認為到明年，我們的利潤率從歷史上看是 10% 到 13%。我認為，進入明年，我們將看到更多 15% 至 20% 利潤率的業務接近 Dune Express。

Is that longer term?

那是更長期的嗎？

I mean, longer term, once the Dune Express is up and running, upward 50% margins.

我的意思是，從長遠來看，一旦 Dune Express 啟動並運行，利潤率將上升 50%。

And so just to refine that, 15%, 20% through the first three quarters of next year and then a step up as Dune Express comes on.

因此，為了完善這一點，明年前三個季度將增加 15%、20%，然後隨著 Dune Express 的推出而進一步提高。

That's right.

這是正確的。

As we ramp into it. I wouldn't expect it to happen immediately, but I think as we ramp into it.

當我們進入它時。我不認為它會立即發生，但我認為隨著我們的逐步前進。

Not day one. But it'll be a ramp up with the Dune Express volumes.

不是第一天。但這將隨著《沙丘快車》的銷售量而增加。

Makes sense. And just on the timing of Kermit, I know we've been highlighting late fourth quarter. I've been assuming December 1, but just wanted to get a sense. Is there potential or any visibility it's a little bit earlier, a little bit later? Obviously, it can have a pretty big impact on the fourth quarter. \

說得通。就克米特的時間安排而言，我知道我們一直在強調第四季末。我一直假設 12 月 1 日，但只是想了解一下。是否有可能或有任何可見性，它會早一點、晚一點？顯然，這會對第四季產生相當大的影響。 \

I think we're still looking at a December start up on that when it comes to coming on that. I don't know that we're going to get that on any sooner than that or have those volumes available earlier than that.

我認為我們仍在考慮 12 月啟動該專案。我不知道我們是否會比這更早得到它，或者比這更早提供這些卷。

Thank you very much.

非常感謝。

Great. Thank you.

偉大的。謝謝。

Keith Mackey, RBC Capital Markets.

基思·麥基，加拿大皇家銀行資本市場部。

Hi. Thanks and good morning. Just following up on Doug's question on the Kermit volumes. Can you just talk a little bit more about how those volumes should trend -- the sales volumes should trend through 2024 as the plant expansion comes online? Is it a step up in Q1 or is it a slow and steady ramp throughout the year?

你好。謝謝，早安。只是跟進道格關於克米特卷的問題。能多談談這些銷售的趨勢嗎？隨著工廠擴建上線，到 2024 年銷售的趨勢該如何？是第一季的進步還是全年緩慢而穩定的成長？

We haven't given any guidance on that. But it's going to be more of a slow -- it's probably a more -- probably a slow and steady ramp is what we're thinking. However, we do -- we're bringing this on because we were asked to by our customer. So I think we could see some increased activities, but we'll just have to see if it's probably a more slow and steady (inaudible) than what we're thinking.

我們還沒有對此提供任何指導。但我們正在考慮的是，這將是一個更緩慢的——可能是更——可能是一個緩慢而穩定的成長。然而，我們確實這樣做了——我們之所以這樣做是因為我們的客戶要求我們這麼做。所以我認為我們可能會看到一些活動的增加，但我們只需要看看它是否可能比我們想像的更緩慢和穩定（聽不清楚）。

Yeah, got it. Got it. And just one last one on the dunes sagebrush lizard. I know there was some discussion about that potentially becoming added to the endangered list -- endangered species list. And you feel you've mitigated a lot of potential risk around that. But can you just give us an update on your latest thoughts around that potential?

是的，明白了。知道了。最後一隻是沙丘鼠尾草蜥蜴。我知道有人討論過可能將其添加到瀕危物種名單中。你覺得你已經減輕了很多潛在的風險。但您能否向我們介紹一下您對這項潛力的最新想法？

Yeah, this -- I'll start and these guys can add. I mean, we feel like, obviously, we're in great shape given that we're one of the early members of the conservation agreement. So even if it is listed, we should be fully operational and it shouldn't affect our business. The numerous and very voluminous responses have been filed to the potential listing.

是的，這個——我先開始，這些人可以補充。我的意思是，鑑於我們是保護協議的早期成員之一，我們顯然感覺自己狀況良好。所以即使上市了，我們也應該全面運營，不應該影響我們的業務。對於潛在的上市，已經收到了大量的回應。

It's going to take -- I'm told by our general council, Rick Fletcher, that it's going to take probably quite a while for the Department of Interior and Fish and Wildlife to work through and respond to all of those. And so it's probably -- at least a year or a couple of years out is our best projection right now before a determination on that.

我們的總理事會 Rick Fletcher 告訴我，內政部、魚類和野生動物部可能需要相當長的時間才能解決並應對所有這些問題。因此，在做出決定之前，我們目前最好的預測可能是至少一年或幾年後。

Yeah. And I -- and so we just -- like Bud said, we just responded to the question period for the Department of Interior that put it out.

是的。我——所以我們只是——就像巴德所說，我們剛剛回答了內政部提出這一問題的問題。

So we're [coming in that way].

所以我們[以這種方式到來]。

We're in that CCAA. We're early adopters. We were instrumental in getting it put in place. And so we feel like it's -- in the event of a listing -- that we're pretty well covered.

我們在 CCAA 中。我們是早期採用者。我們在讓它落實到位方面發揮了重要作用。因此，我們覺得，如果上市的話，我們已經得到了很好的保障。

All right. Thanks very much. Appreciate the comments.

好的。非常感謝。感謝您的評論。

Scott Grubber, Citi Group.

史考特‧格魯伯，花旗集團。

Yeah. Thanks for squeezing me in. Just a quick follow up on logistics. If the revenue trend there is flat-ish in 4Q, where you continue to add trucks, it seems like you guys will be a bit underutilized. Just trying to get a sense of -- as you step into '24 and completion activity improves, how quickly do you think you can get the asset turns on the trucks back to where you were mid year in '24. Is that a 1Q event? Is it 2Q? How quickly do you get those assets nearly fully utilized?

是的。感謝您讓我參與進來。只是對物流進行快速跟進。如果第四季的收入趨勢持平，並且繼續增加卡車，那麼你們似乎會有點未充分利用。只是想了解一下 - 當您進入 24 年並且完成活動有所改善時，您認為您可以多快地將卡車上的資產週轉率恢復到 24 年年中的水平。這是第一季的活動嗎？是2Q嗎？您多久才能讓這些資產接近完全利用？

Yeah. Thanks, Scott. Just as a reminder, from an asset side of things, we've been fully utilized. Our trucks and trailers -- at this point, we do have strategic third-party partnerships, as we started this business with third parties and transitioned to a mix of having our own and third parties. We do still run a significant amount of third party trucks on that. So as we continue that flat and growth trend in the future, we'll make sure that our trucks are also -- remain at that 100% utilization rate.

是的。謝謝，斯科特。提醒一下，從資產方面來看，我們已經得到了充分利用。我們的卡車和拖車——目前，我們確實擁有第三方策略合作夥伴關係，因為我們與第三方開始了這項業務，並過渡到擁有我們自己和第三方的混合業務。我們仍然在這方面運行大量第三方卡車。因此，當我們未來繼續保持這種平穩增長的趨勢時，我們將確保我們的卡車也保持在 100% 的利用率。

Yeah. So you'll be able to -- well, we did some tracking, revenue per truck. So will the 1Q be back to a 3Q rate then?

是的。所以你將能夠——嗯，我們做了一些跟踪，每輛卡車的收入。那麼第一季會回到第三季嗎？

Yeah. Our revenue per truck should -- on the 1Q, I would agree with that being aligned to the Q3 rates.

是的。我們每輛卡車的收入應該——在第一季度，我同意與第三季度的費率保持一致。

Okay. Okay. That's it. Thank you.

好的。好的。就是這樣。謝謝。

Good. Thank you.

好的。謝謝。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Bud Brigham for closing comments.

我們的問答環節已經結束。我現在想把發言權交還給巴德·布里格姆 (Bud Brigham) 徵求結束意見。

Well, I want to thank everybody for joining our call. And we look forward to reporting on our fourth-quarter results. Thank you again.

嗯，我要感謝大家加入我們的電話會議。我們期待報告第四季度的業績。再次感謝你。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。