Atlas Energy Solutions Inc (AESI) 2023 Q4 法說會逐字稿

Greetings.

問候。

Welcome to Atlas Energy Solutions acquisition of Hi-Crush and 2023 fourth-quarter results.

歡迎了解 Atlas Energy Solutions 收購 Hi-Crush 和 2023 年第四季業績。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I'll now turn the conference over to Kyle Turlington, Vice President of Investor Relations.

我現在將會議交給投資者關係副總裁 Kyle Turlington。

Thank you.

謝謝。

You may begin.

你可以開始了。

Hello, and welcome to the Atlas Energy Solutions conference call and webcast for the fourth quarter of 2023.

您好，歡迎參加 2023 年第四季的 Atlas Energy Solutions 電話會議和網路廣播。

With us today are Bud Brigham, CEO; and John Turner, President and CFO.

今天與我們在一起的有執行長巴德·布里格姆 (Bud Brigham)；以及總裁兼財務長約翰·特納。

Bud and John will be sharing their comments on the company's operational and financial performance for the fourth quarter and full year 2023 and insights on the acquisition of Hi-Crush that we announced today.

Bud 和 John 將分享他們對該公司第四季度和 2023 年全年營運和財務業績的評論，以及對我們今天宣布的收購 Hi-Crush 的見解。

After which, we will open the call up for Q&A.

之後，我們將開啟問答環節。

Before we begin our prepared remarks, I would like to remind everyone that this call will include forward-looking statements as defined in the US securities laws.

在我們開始準備好的發言之前，我想提醒大家，本次電話會議將包括美國證券法中定義的前瞻性陳述。

Such statements are based on the current information and management's expectations as of this statement and are not guarantees of future performance.

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.

前瞻性陳述涉及某些難以預測的風險、不確定性和假設。

As such, our actual outcomes and results could differ materially.

因此，我們的實際結果可能會存在重大差異。

You can learn more about these risks in the prospectus we filed with the SEC on September 12, 2023, in connection with our recent corporate reorganization, our quarterly reports on Form 10-Q, and our other SEC filings.

您可以在我們於2023 年9 月12 日向SEC 提交的招股說明書中了解有關這些風險的更多信息，其中涉及我們最近的公司重組、我們的10-Q 表季度報告以及我們向SEC 提交的其他文件。

You should not place undue reliance on forward-looking statements, and we undertake no obligation to update these forward-looking statements.

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.

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。

You will find the GAAP reconciliation comments and calculations in this morning's press release.

您將在今天早上的新聞稿中找到 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.

謝謝你，凱爾。

Today is an exciting day not only for Atlas, but for Hi-Crush and their stakeholders, the Permian Basin sand and logistics market, and our customers.

今天不僅對 Atlas 來說是激動人心的一天，對 Hi-Crush 及其利益相關者、二疊紀盆地沙子和物流市場以及我們的客戶來說也是激動人心的一天。

Atlas is acquiring Hi-Crush for $450 million, which consists of $175 million in equity, $150 million in cash, and a $125 million deferred cash payments in the form of a seller's note.

Atlas 將以 4.5 億美元收購 Hi-Crush，其中包括 1.75 億美元股權、1.5 億美元現金以及 1.25 億美元以賣方票據形式遞延現金付款。

The acquisition of Hi-Crush further strengthens Atlas' position as a leading provider of proppant and proppant logistics in the Permian Basin.

收購 Hi-Crush 進一步鞏固了 Atlas 作為二疊紀盆地支撐劑和支撐劑物流領先供應商的地位。

Our increased scale and enhanced offerings are tailored to meet the needs of our large-scale customers in the Permian Basin.

我們擴大規模和增強產品專為滿足二疊紀盆地大型客戶的需求而量身定制。

As it relates to the importance of scale and reliability, we recently heard a high-level executive from a leading oil service company coin the phrase, quote, more sand, more barrels, unquote; and he is exactly right.

由於它涉及規模和可靠性的重要性，我們最近聽到一家領先的石油服務公司的一位高級管理人員創造了這句話，報價，更多沙子，更多桶，取消報價；他是完全正確的。

With service intensity rising, scale and reliability are paramount today, with the leading edge frac crews now pumping of a 100,000 tonnes of sand per month.

隨著服務強度的不斷提高，規模和可靠性如今變得至關重要，領先的壓裂團隊現在每月泵送 10 萬噸沙子。

In my opinion, Atlas and Hi-Crush have been the two most innovative proppant companies within the Permian Basin, with the rollout of Hi-Crush's OnCore mobile mines and the development of our Dune Express conveyor system, which remains on-time and on-budget, coupled with our innovative multi-trailer delivery solution.

在我看來，Atlas 和Hi-Crush 是二疊紀盆地內最具創新性的兩家支撐劑公司，推出了Hi-Crush 的OnCore 移動礦山以及開發了我們的Dune Express 輸送系統，該系統仍然準時、準時-預算，加上我們創新的多拖車交付解決方案。

These disruptive offerings are currently helping to take trucks off the public roads and making the communities in the heart of the Permian Basin safer places to live and work.

這些顛覆性的產品目前正在幫助卡車不再上路，並使二疊紀盆地中心的社區變得更安全，更適合生活和工作。

And we anticipate that the Dune Express will further enhance these benefits.

我們預計 Dune Express 將進一步增強這些優勢。

We have the utmost respect and appreciation for what the team at Hi-Crush has built, and we are looking forward to combining best practices from our respective organizations to help our customers become even more efficient.

我們對 Hi-Crush 團隊的建立表示最大的尊重和讚賞，我們期待結合各自組織的最佳實踐，幫助我們的客戶提高效率。

The $450 million acquisition of Hi-Crush includes all its Permian Basin operations consisting of two plants at Kermit, which share the giant open dune as our existing Kermit facilities; seven currently deployed OnCore mobile mines, of which five are in the Midland Basin and two in the Delaware Basin, with an additional Midland Basin deployment slated for the second quarter of 2024 and a ninth deployment planned for later in 2024.

4.5 億美元收購 Hi-Crush 包括其所有二疊紀盆地業務，包括位於克米特的兩個工廠，這兩個工廠與我們現有的克米特工廠共享巨大的開放沙丘；目前部署了七個OnCore 移動礦井，其中五個位於米德蘭盆地，兩個位於特拉華盆地，計劃於2024 年第二季度在米德蘭盆地進行額外部署，併計劃於2024 年晚些時候進行第九次部署。

Atlas is also acquiring 100% of Pronghorn Energy Services with this acquisition of Hi-Crush, which is a leading provider of damp sand last mile solutions.

Atlas 也透過收購 Hi-Crush 收購了 Pronghorn Energy Services 100% 的股份，Hi-Crush 是濕沙最後一英里解決方案的領先提供者。

We are excited to combine Pronghorn's last mile expertise with Atlas' innovative, multi-trailer last mile offering.

我們很高興將 Pronghorn 的最後一哩專業知識與 Atlas 的創新多拖車最後一哩產品結合。

We believe that the broadened offering will be well received by our customers.

我們相信，擴大的產品範圍將受到客戶的好評。

The acquisition of Hi-Crush will add 12 million tonnes to our production capacity, which consists of 5 million tonnes of dry sand production at the two Kermit mines and approximately 7 million tonnes in the aggregate of wet sand production across our OnCore mines.

收購 Hi-Crush 將使我們的產能增加 1,200 萬噸，其中包括兩個 Kermit 礦山的 500 萬噸乾砂產量和 OnCore 礦山的濕砂產量總計約 700 萬噸。

In sum, pro forma, Atlas will have approximately 21 million tonnes of dry sand production capacity and around 7 million tonnes of wet sand production capacity for a total of 28 million tonnes of overall production capacity.

總而言之，阿特拉斯預計將擁有約2,100萬噸乾砂產能和約700萬噸濕砂產能，總產能達2,800萬噸。

This scale is unmatched in the Permian Basin.

這一規模在二疊紀盆地是無與倫比的。

The merits of this acquisition are numerous.

此次收購的優點很多。

First and foremost, this transaction enhances our geographic footprint and customer base in the Midland Basin, logistically advantaging us to more Midland Basin operators while also providing a complementary damp sand offering through the OnCore mobile mine portfolio.

首先也是最重要的是，這項交易增強了我們在米德蘭盆地的地理足跡和客戶群，在物流上使我們有利於更多米德蘭盆地運營商，同時還透過OnCore 移動礦山產品組合提供互補的濕砂產品。

This is a significant improvement in our ability to compete for work in a subset of the market in the Midland Basin.

這大大提高了我們在米德蘭盆地部分市場中競爭工作的能力。

Similarly, there is little customer overlap between the two companies, and Hi-Crush has very strong relationships with certain key operators in the Midland Basin.

同樣，兩家公司之間的客戶也很少重疊，並且 Hi-Crush 與米德蘭盆地的某些主要營運商有著非常牢固的關係。

The broadening of our customer base as a result of acquisition will be very beneficial, further aligning Atlas with more of the largest operators in the Permian.

透過收購擴大我們的客戶群將非常有益，進一步使 Atlas 與更多二疊紀最大的營運商保持一致。

With the recent consolidation that has taken place in the Permian, size and scale has quickly become an absolute imperative to aptly service the development programs of these large-scale Permian operators and to help drive further efficiencies in the industry.

隨著二疊紀盆地最近發生的整合，規模和規模迅速成為適當服務這些大型二疊紀營運商的開發計劃並幫助提高行業效率的絕對必要條件。

We believe the acquisition pushes us to the forefront of the industry in that regard.

我們相信，此次收購將使我們在這方面走在行業的前列。

This acquisition adds meaningfully to Atlas's competencies, product, and logistics offerings and makes us a better organization as a whole, more fit to lead the industry from the front.

此次收購大大增強了 Atlas 的能力、產品和物流服務，使我們成為一個更好的整體組織，更適合從前沿引領產業。

Atlas and Hi-Crush are two of the lowest cost producers of proppant in the Permian Basin.

Atlas 和 Hi-Crush 是二疊紀盆地支撐劑成本最低的兩家生產商。

This acquisition will provide us with valuable insights for optimization of our production and logistics strategies and methods to lower costs and enhanced efficiency.

此次收購將為我們優化生產和物流策略和方法以降低成本和提高效率提供寶貴的見解。

Hi-Crush has been one of the most innovative companies in sand and logistics, and our acquisition of its techniques, processes, and technologies should be exciting to our customers in the Permian.

Hi-Crush 一直是沙子和物流領域最具創新性的公司之一，我們對其技術、工藝和技術的收購應該會讓我們在二疊紀的客戶感到興奮。

This transaction meaningfully increases the cash flow profile of Atlas, pro forma, for the acquisition and exhibits double-digit accretion across key share metrics.

此次交易顯著增加了 Atlas 預計的收購現金流狀況，並在關鍵份額指標上呈現兩位數的成長。

We expect to fully realize $20 million in annualized synergies by 2026.

我們預計到 2026 年將充分實現 2,000 萬美元的年化綜效。

We now have a potential low-cost solution to increase volumes down the Dune Express, and we accomplished this without adding new supply to the market by absorbing Hi-Crush's Kermit operations, which sit about 2 miles from our plants at Kermit where the Dune Express begins.

我們現在有一個潛在的低成本解決方案來增加Dune Express 的運輸量，並且透過吸收Hi-Crush 的Kermit 業務，我們在不向市場增加新供應的情況下實現了這一目標，該業務距離我們位於Dune Express 的Kermit 工廠約2 英里開始。

Finally, with the acquisition of Pronghorn, we will have created the largest logistics and last mile service in the Permian, with the capacity to move more sand on a yearly basis than anyone else that we know of.

最後，透過收購 Pronghorn，我們將創建二疊紀地區最大的物流和最後一哩服務，每年搬運沙子的能力比我們所知的任何其他公司都要多。

The acquisition allows us to further leverage our logistics offerings with additional scale, which should also increase efficiencies.

此次收購使我們能夠進一步擴大我們的物流產品的規模，這也將提高效率。

Ultimately, our scale should provide even greater growth opportunities with market share expectations that better align with our sand production share.

最終，我們的規模應該提供更大的成長機會，市場份額預期與我們的砂產量份額更好地保持一致。

In summary, 2024 is already set up to be a very exciting year for Atlas.

總而言之，2024 年對 Atlas 來說已經是非常令人興奮的一年。

First, we are just a few quarters away from the commencement of the Dune Express, which remains on time and on budget and which should have a very positive impact on our cash flows next year.

首先，距離沙丘快車的啟動只有幾個季度的時間，該項目仍按時、按預算運行，這將對我們明年的現金流產生非常積極的影響。

Second, the highly accretive acquisition of Hi-Crush provides our shareholders with greater visibility for 2024 and beyond due to the heavily contracted nature of our combined production and our more diverse customer base.

其次，由於我們共同生產的嚴重承包性質和我們更多元化的客戶群，對 Hi-Crush 的高度增值收購為我們的股東提供了 2024 年及以後的更大知名度。

And third and partly as a result, Atlas is uniquely positioned to match up with the growing scale of our Permian Basin customers such that we can uniquely provide the differentiated capacity and throughput as well as the associated efficiencies and reliability that Permian operators need.

第三，也是部分原因，阿特拉斯具有獨特的優勢，可以滿足二疊紀盆地客戶不斷增長的規模，這樣我們就可以獨特地提供二疊紀運營商所需的差異化容量和吞吐量以及相關效率和可靠性。

Our pro forma production capacity of over 28 million tonnes following the completion of acquisition is easily the largest in the Permian.

收購完成後，我們的預估產能超過 2,800 萬噸，無疑是二疊紀盆地最大的產能。

It also makes us the largest proppant manufacturer in North America.

這也使我們成為北美最大的支撐劑製造商。

Furthermore, this production is nearly 80% contracted for 2024.

此外，該產量的近 80% 是在 2024 年簽訂的合約。

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

我現在將把電話轉給我們的總裁兼財務長約翰·特納。

Thanks, Bud, and I also echo your enthusiasm for the Hi-Crush acquisition.

謝謝巴德，我也同意您對收購 Hi-Crush 的熱情。

In addition to providing more color on the transaction, I will also provide some initial commentary on our fourth-quarter 2023 standalone results and provide some additional guidance on our outlook for 2024 post acquisition.

除了提供有關交易的更多資訊外，我還將對我們 2023 年第四季的獨立業績提供一些初步評論，並為我們對 2024 年收購後的前景提供一些額外的指導。

As Bud mentioned earlier, following the closing of the acquisition, on a combined basis, we will have 28 million tonnes of annualized production capacity, increasing to about 29 million tonnes in 2025 with a full year's contribution and the benefit of the additional OnCore deployments.

正如 Bud 之前提到的，收購完成後，合併後我們的年化產能將達到 2800 萬噸，憑藉全年的貢獻以及額外 OnCore 部署的效益，到 2025 年將增至約 2900 萬噸。

The effective date of the transaction is February 29, 2024.

該交易的生效日期為2024年2月29日。

As our contracted volumes and Permian activity levels remain strong and completion efficiencies continue to compound profit usage, we'd expect to continue to operate at greater than 85% to 90% utilization going forward.

由於我們的合約量和二疊紀活動水準仍然強勁，且完工效率繼續提高利潤利用率，我們預計未來將繼續以超過 85% 至 90% 的利用率運作。

Taking into account Hi-Crush's contracts, we expect our sand prices for 2024 to average between $26 and $28 a tonne.

考慮到 Hi-Crush 的合同，我們預計 2024 年沙子價格平均在每噸 26 至 28 美元之間。

Assuming just over three quarters of contribution from Hi-Crush, we expect 2024 adjusted EBITDA to range between $425 million to $475 million.

假設 Hi-Crush 的貢獻略多於四分之三，我們預期 2024 年調整後 EBITDA 將在 4.25 億美元至 4.75 億美元之間。

We expect total CapEx for 2024 should be between $335 million and $360 million.

我們預計 2024 年的總資本支出應在 3.35 億美元至 3.6 億美元之間。

This includes between $285 million and $305 million in growth CapEx consisting of $220 million for the construction of the Dune Express for 2025, between $25 million and $45 million on OnCore deployments, and another $40 million in other CapEx.

其中包括 2.85 億至 3.05 億美元的成長資本支出，其中 2.2 億美元用於 2025 年建造 Dune Express，2,500 萬至 4,500 萬美元用於 OnCore 部署，以及另外 4,000 萬美元的其他資本支出。

We are forecasting maintenance CapEx for 2024 to be between $50 million and $55 million.

我們預測 2024 年的維護資本支出將在 5,000 萬美元至 5,500 萬美元之間。

The $175 million equity component of the acquisition consideration consist of approximately $9.7 million of newly issued shares of our common stock, which amounts to just under 9% of our outstanding shares on a pro forma basis.

收購對價中 1.75 億美元的股權部分包括約 970 萬美元新發行的普通股，以備考計算，這相當於我們已發行股票的 9%。

The upfront cash portion of the consideration and the near-term capital expenditures of Hi-Crush had been financed with a new $150 million acquisition term loan with Stonebriar Commercial Finance under an amendment to our existing credit facility and with a draw a $50 million under our amended and upsized ABL facility.

對價的預付現金部分和Hi-Crush 的近期資本支出已透過Stonebriar Commercial Finance 向Stonebriar Commercial Finance 提供的1.5 億美元新收購定期貸款融資，該貸款是根據我們現有信貸安排的修訂，並根據我們的計劃提取了5,000 萬美元。修改並擴大了 ABL 設施。

The $ 125 million in deferred cash consideration is secured by a seller's note, which bears interest at either 5% in cash or 7% when paid in kind at our option.

1.25 億美元的遞延現金對價由賣方票據擔保，賣方票據的利息為 5% 的現金或 7%（由我們選擇以實物支付）。

The maturity of the seller's note is in 2026 and can be paid off at any time prior to that without penalty.

賣方票據的到期日為 2026 年，可以在此之前的任何時間還清，而無需支付罰金。

Our net debt as of December 31, 2023, pro forma for the acquisition and related financing, is approximately $245 million, consisting of to $505 million of debt less $260 million of cash.

截至 2023 年 12 月 31 日，我們的淨債務（預計收購及相關融資）約為 2.45 億美元，其中包括 5.05 億美元債務減去 2.6 億美元現金。

We will have a modest 0.5 net leverage ratio at closing and plant o methodically pay down debt using a portion of our significant expected free cash flow while also returning capital to shareholders, as we have done consistently in the past.

我們將在交割和工廠時將淨槓桿率控制在 0.5 左右，並利用我們大量的預期自由現金流的一部分有條不紊地償還債務，同時向股東返還資本，正如我們過去一貫所做的那樣。

Our acquisition of what is the leading profit suppliers in the Permian Basin greatly enhances our ability to increase shareholder returns.

我們對二疊紀盆地領先的利潤供應商的收購極大地增強了我們增加股東回報的能力。

As Bud highlighted earlier, our anticipated enhanced cash flows from the acquisition supports a 5% increase in our total dividend, which is now $0.21 per share, comprised of a $0.16 per share base dividend and a $0.05 per share variable dividend.

正如巴德先前強調的那樣，我們預期收購帶來的現金流增加將支持我們的總股息增加5%，目前為每股0.21 美元，其中包括每股0.16 美元的基本股息和每股0.05 美元的可變股息。

Pro forma maintenance CapEx beyond 2024 is expected to be between $50 million and $60 million annually, providing Atlas with multiple avenues to further increase shareholders' return once the remaining growth CapEx associated with the Dune Express and additional OnCore mines subsides.

預計 2024 年以後的維護資本支出預計每年在 5,000 萬至 6,000 萬美元之間，一旦與 Dune Express 和其他 OnCore 礦場相關的剩餘成長資本支出消退，Atlas 就可以透過多種途徑進一步提高股東回報。

The heavily contracted nature of our operations post acquisition reduces our cash flow volatility.

收購後我們營運的嚴重收縮性質減少了我們的現金流波動。

And with the commissioning of the Dune Express, our ability to increase shareholder return is strengthened by this transaction.

隨著 Dune Express 的投產，我們增加股東回報的能力也因此次交易而加強。

Given the transaction structure, which includes an equity component and a deferred payment, our balance sheet and liquidity will remain healthy.

鑑於交易結構包括股權部分和延期付款，我們的資產負債表和流動性將保持健康。

The acquisition of Hi-Crush sets Atlas up to thrive in tough market conditions and positions Atlas to deliver enhanced returns in a normalized environment.

收購 Hi-Crush 使 Atlas 能夠在嚴峻的市場條件下蓬勃發展，並使 Atlas 在正常化的環境中實現更高的回報。

I will now turn my attention to our standalone fourth-quarter and full-year 2023 results. 2023 was a remarkable year.

我現在將注意力轉向我們獨立的第四季和 2023 年全年業績。 2023 年是非凡的一年。

We sold 18 million shares and raised approximately $324 million in gross proceeds in our initial public offering in March.

在 3 月的首次公開募股中，我們出售了 1,800 萬股股票，籌集了約 3.24 億美元的總收益。

Accounting for our latest dividend amount, we will have paid out $146 million in total dividends and distributions to our investors since inception.

考慮到我們最新的股息金額，自成立以來我們將向投資者支付總計 1.46 億美元的股息和分配。

We delivered full-year total company revenue of $614 million, an increase of 27% year over year.

我們全年公司總營收為 6.14 億美元，年增 27%。

Total company adjusted EBITDA was $330 million, up 25% year over year.

公司調整後 EBITDA 總額為 3.3 億美元，較去年同期成長 25%。

We achieved our first sand delivery with our assets in January, our first double trailer delivery in March, and our first triple trailer delivery in April.

我們在一月份用我們的資產實現了第一次沙子交付，在三月實現了第一次雙拖車交付，在四月實現了第一次三拖車交付。

Our logistics revenue was $146 million, up 96% year over year.

我們的物流收入為 1.46 億美元，年增 96%。

We completed our new Kermit plant facility in December on time and on budget, increasing our standalone production capacity to 16 million tonnes, up from 10 million tonnes.

我們於 12 月按時按預算竣工了新的克米特工廠，將我們的獨立產能從 1000 萬噸增加到 1600 萬噸。

In October, we announced a corporate reorganization transaction or Up-C simplification that enables us to trade under a single class of common stock. 2024 will be another exciting year, as we look forward to the integration of our new operations following completion of the Hi-Crush acquisition, the completion of the Dune Express, and the arrival of our two new state-of-the-art dredges.

10 月份，我們宣布了一項公司重組交易或 Up-C 簡化，使我們能夠以單一類別的普通股進行交易。 2024 年將是另一個令人興奮的一年，因為我們期待在完成 Hi-Crush 收購、Dune Express 完工以及兩艘新的最先進挖泥機抵達後整合我們的新業務。

For the fourth quarter of '23, we reported total sales of $141 million.

2023 年第四季度，我們報告的總銷售額為 1.41 億美元。

Our revenue from product sales was $100 million.

我們的產品銷售收入為 1 億美元。

Our profit sales volumes were down more than expected quarter over quarter to 2.6 million tonnes.

我們的利潤銷量較上月下降超過預期，至 260 萬噸。

Aside from typical holiday and weather slowdowns, we saw our customers take an extended holiday breaks, given budget exhaustion driven by efficiencies.

除了典型的假期和天氣放緩之外，我們還看到我們的客戶由於效率而導致預算耗盡，因此延長了假期。

However, we have seen our customers return to normal activity levels in the first quarter of '24.

然而，我們看到我們的客戶在 2024 年第一季恢復到正常活動水平。

Our average sales price for the fourth quarter was $39 per ton.

我們第四季的平均銷售價格為每噸 39 美元。

Moving to service sales, which is revenue generated by our logistics operations, we reported $41 million in revenues for the quarter.

轉向服務銷售，也就是我們的物流業務產生的收入，我們報告本季收入為 4,100 萬美元。

As of February 1, we have taken delivery of all 120 trucks, which is up from 27 trucks from our third-quarter update.

截至 2 月 1 日，我們已交付全部 120 輛卡車，比第三季更新時的 27 輛卡車增加。

In total, cost of sales, excluding DD&A, for the quarter decreased by $1 million to $67 million.

總的來說，本季的銷售成本（不包括 DD&A）減少了 100 萬美元，達到 6,700 萬美元。

For the fourth quarter, our per-tonne plant operating costs were $10.63 per tonne, which is above the prior period, driven by lower volumes.

第四季度，由於產量下降，我們的每噸工廠營運成本為每噸 10.63 美元，高於上一季。

Further, we expect the delivery of our new specialized dredging equipment in early 2024 to provide incremental improvements and operational performance and further reductions in our mining costs once these assets are fully commissioned by the middle of this year.

此外，我們預計新的專業疏浚設備將於 2024 年初交付，一旦這些資產在今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 17% to $3 million, due again to lower volumes.

由於銷量下降，該季度的特許權使用費下降了 17%，至 300 萬美元。

SG&A expense for the quarter was $14 million.

本季的 SG&A 費用為 1,400 萬美元。

Gross interest expense for the quarter was $5 million, which was offset by $3 million of interest income generated during the period, resulting in net interest expense of $2 million.

本季的總利息支出為 500 萬美元，被期內產生的 300 萬美元利息收入所抵消，導致淨利息支出為 200 萬美元。

We expect our interest income to decline in future quarters as we draw down on our cash reserves to a normalized level as we complete our growth projects.

我們預計，隨著我們完成成長項目，我們將現金儲備消耗至正常水平，未來幾季的利息收入將下降。

Depreciation, depletion, and accretion expense for the quarter was $12 million.

本季的折舊、消耗和增值費用為 1,200 萬美元。

We generated net income of $36 million for the quarter, representing a strong net income margin of 26% and earnings per share of $0.36. Net cash provided by operating activities for the quarter was $86 million compared to $55 million during the third quarter.

本季我們實現淨利潤 3,600 萬美元，淨利潤率為 26%，每股收益為 0.36 美元。本季經營活動提供的淨現金為 8,600 萬美元，而第三季為 5,500 萬美元。

Adjusted EBITDA for the period was $69 million, representing a sequential decrease of 18% and an adjusted EBITDA margin of 49%.

該期間調整後 EBITDA 為 6,900 萬美元，季減 18%，調整後 EBITDA 利潤率為 49%。

Adjusted free cash flow, which we define as adjusted EBITDA less maintenance CapEx, for the quarter was $57 million, representing a sequential decrease of 18% and adjusted free cash flow margin of 40%.

本季調整後自由現金流（我們定義為調整後 EBITDA 減去維護資本支出）為 5,700 萬美元，季減 18%，調整後自由現金流利潤率為 40%。

Lastly, we spent a total of $106 million on growth projects in the fourth quarter, which includes our new Kermit facility, the Dune Express, our wellsite delivery asset, and production enhancement at our existing facilities.

最後，我們在第四季度總共花費了 1.06 億美元用於成長項目，其中包括我們的新克米特設施、Dune Express、我們的井場交付資產以及我們現有設施的生產增強。

We incurred $12 million of maintenance CapEx during the quarter.

本季我們產生了 1200 萬美元的維護資本支出。

With that, I will now turn the call back over to Bud.

這樣，我現在將把電話轉回給巴德。

The near-term merits of this acquisition are easy to see, but the real value will be created over the next five years, as the entire basin will benefit from a larger, more innovative, and more reliable proppant and logistics provider.

此次收購的近期優點顯而易見，但真正的價值將在未來五年內創造，因為整個盆地將受益於規模更大、更具創新性、更可靠的支撐劑和物流供應商。

We will have the ability to supply incremental sand in a tight market, similar to the first half of 2023, and adjust production in periods of low activity, creating a more stable market for our investors and our customers.

我們將有能力在類似於 2023 年上半年的緊張市場中供應增量沙子，並在活動低迷時期調整產量，為我們的投資者和客戶創造一個更穩定的市場。

Since our inception, Atlas has looked for ways to bring proppant closer to the well side in order to lower costs and reduce traffic on public roads.

自成立以來，Atlas 一直在尋找使支撐劑更靠近井邊的方法，以降低成本並減少公共道路上的交通流量。

We are innovators and disruptors.

我們是創新者和顛覆者。

And with this acquisition, we're in even better position to deliver further innovations and advancements to the most prolific shale basin in the world.

透過此次收購，我們能夠更好地為世界上最多產的頁岩盆地提供進一步的創新和進步。

That concludes our prepared remarks, and we will now let the operator open the line for questions.

我們準備好的演講到此結束，現在我們將讓接線員打開提問線。

Thank you all for joining us on our fourth-quarter call.

感謝大家參加我們的第四季電話會議。

(Operator Instructions) Don Crist, Johnson Rice.

（操作員說明）Don Crist、Johnson Rice。

Morning, gentlemen.

早安，先生們。

I think most of us were pretty surprised with the announcement this morning.

我想我們大多數人都對今天早上的宣布感到非常驚訝。

But after looking -- stepping back and looking at it, the proximity of the Kermit mines and the addition of the wet sand mobile mines makes a lot of sense.

但在回顧之後——退後一步來看，科米特地雷的鄰近性和濕沙移動地雷的增加是很有意義的。

Bud, in your eyes, how does this make Atlas a better company going forward not only for '24, but '25 and '26 and beyond?

巴德，在您看來，這如何使 Atlas 成為一家更好的公司，不僅在 24 年，而且在 25 年、26 年及以後發展？

Thank you.

謝謝。

And I will start with that, and John might may want to add to it.

我將從這一點開始，約翰可能想補充一點。

But you're right.

但你是對的。

We've talked about the fact that it's been a high bar for us, given our differentiated margins and, associated with that, low cost structure.

我們已經討論過這樣一個事實，即考慮到我們差異化的利潤率以及與之相關的低成本結構，這對我們來說是一個很高的門檻。

But this deal is really special, as you touched on.

但正如您所提到的那樣，這筆交易確實很特別。

Two things: one, extremely complementary asset base.

有兩點：一是資產基礎極為互補。

It's really a one-plus-one-equals-three transaction.

這真是一筆一加一等於三的交易。

That combined with the fact these guys like us have been the leading innovators.

再加上像我們這樣的人一直是領先的創新者。

And so we share similar cultures and values and innovative entrepreneurial environment.

因此，我們擁有相似的文化和價值觀以及創新的創業環境。

So it is going to be more apparent how powerful those synergies play out or are going to become more evident over the next five years.

因此，這些協同效應的強度將會更加明顯，或者在未來五年內將變得更加明顯。

A couple of more specifics.

更多細節。

And you've heard us say this over and over, that scale is really important.

您已經聽到我們一遍又一遍地說過，規模非常重要。

I mean, operators are demonstrating that.

我的意思是，運營商正在證明這一點。

And scale gives you the opportunity to drive down cost, drive up margins, increase automation; and we need to match up with that.

規模化讓您有機會降低成本、提高利潤、提高自動化程度；我們需要與之匹配。

And on proppant, it's about throughput and reliability associated with that scale.

對於支撐劑，它涉及與該規模相關的吞吐量和可靠性。

This gives us more redundancy in the field, more options for the operator, so that we can de-bottleneck sand.

這為我們在現場提供了更多冗餘，為操作員提供了更多選擇，從而消除沙子瓶頸。

We had said that it ties in with logistics.

我們說過它與物流有關。

We want to be logistically advantaged to every single operator in the Permian.

我們希望為二疊紀盆地的每個營運商提供後勤優勢。

This is a big step forward for us in that regard, particularly in the Midland Basin.

這對我們來說是向前邁出的一大步，特別是在米德蘭盆地。

Associated with that, it's really a complementary customer base because it brings logistically advantaged assets and logistics in the Midland Basin.

與此相關的是，它確實是一個互補的客戶群，因為它為米德蘭盆地帶來了物流優勢的資產和物流。

It brings complementary customers into our portfolio.

它將互補的客戶帶入我們的產品組合中。

So that that's beneficial to our shareholders.

這對我們的股東有利。

And last, and John may want to add to this, I mean, this is a very accretive transaction even before all the synergies and application of best practices on our respective assets.

最後，約翰可能想補充一點，我的意思是，即使在我們各自資產的所有協同效應和最佳實踐應用之前，這也是一項非常增值的交易。

And so we believe, over time, it's really going to help us to accelerate returning capital to our shareholders.

因此，我們相信，隨著時間的推移，這確實會幫助我們加速向股東返還資本。

John, do you want to add anything to that?

約翰，你想補充什麼嗎？

Yeah.

是的。

Don, when we look at the acquisition, we needed something that was going to meet both our financial and operational goals.

唐，當我們考慮這次收購時，我們需要一些能夠滿足我們的財務和營運目標的東西。

Like Bud said, it is very complementary on the operational side, what our goals are and what we want to accomplish.

正如巴德所說，在營運方面，我們的目標是什麼以及我們想要實現的目標是非常互補的。

One is, on the logistics front, Atlas has just quietly become one of the leading logistics providers in the Permian.

一是在物流方面，Atlas 剛剛悄悄成為二疊紀地區領先的物流提供者之一。

But when you look at what Pronghorn has as well, they are one of the largest logistics providers in the Permian.

但當你看看 Pronghorn 所擁有的東西時，你會發現他們是二疊紀地區最大的物流提供者之一。

So when you look at that, on day one, you're going to have the largest logistics -- sand and logistics, frac sand provider in the Permian.

因此，當你看到這一點時，在第一天，你將擁有二疊紀最大的物流——沙子和物流、壓裂砂供應商。

So met on the operational side.

於是就在營運方面見面了。

There were other day that met -- but that it expands our footprint into the Midland Basin where we'll have more sand, logistically advantaged, located to well sites.

還有一天，我們的足跡擴大到了米德蘭盆地，在那裡我們將擁有更多的沙子，在後勤上有優勢，位於井場。

And then also on the Dune Express

然後還搭乘沙丘快車

--

--

I mean obviously, there's been some questions about our plant capabilities and the ability to produce 13 million tonnes.

我的意思是，顯然，人們對我們工廠的能力和 1300 萬噸的生產能力存在一些疑問。

I mean, the proximity of their Kermit mines will be very complementary to what's going to happen with the Dune express and as we get the Dune Express up and launched.

我的意思是，他們的科米特礦的鄰近性將與沙丘快車以及我們啟動和啟動沙丘快車時發生的情況非常互補。

Then also -- operationally, on OpEx side, I mean, we're going to -- obviously, there's going to be a lot of synergies on that side.

然後，在營運方面，我的意思是，我們將在營運支出方面——顯然，這方面將會產生許多協同效應。

And then on a financial side, this met our goals as a company, I mean, the very high return rate of return -- internal rate of returned projects, less than a three-year payback on heavily contracted volumes, it's going to support any acquisition or anything that we do -- any investment that we make in the future or is it -- whether it be this one or any other one is going to have to really support our return profile that includes a significant return of cash to shareholders through dividends.

然後在財務方面，這實現了我們作為一家公司的目標，我的意思是，非常高的回報率——回報項目的內部回報率，少於大量合約量的三年回報，它將支持任何收購或我們所做的任何事情——我們未來進行的任何投資——無論是這項投資還是任何其他投資，都必須真正支持我們的回報狀況，其中包括透過以下方式向股東提供大量現金回報：股息。

And so this one really supports that.

所以這個確實支持這一點。

So look, I mean, over time, I mean, a larger company will reduce our cost to produce.

所以，我的意思是，隨著時間的推移，更大的公司將降低我們的生產成本。

It's going to -- we're still going to have the leading margins in the industry and I mean, across all the oilfield service company in that space.

我們仍然將在該行業中擁有領先的利潤率，我的意思是，在該領域的所有油田服務公司中。

Yeah, we think that supports our future as a company going forward, our goals, and then also that for our shareholders.

是的，我們認為這支持我們作為一家公司的未來、我們的目標，以及我們的股東。

Hope that helps, Don.

希望有幫助，唐。

Yeah.

是的。

And just one somehow-related follow-up.

還有一個與此相關的後續行動。

As you were bringing in the electrical dredges this year, we had -- the analysts had your costs coming down quite a bit for 2024.

當你們今年引進電動挖泥機時，我們分析師預測 2024 年你們的成本會大幅下降。

As you roll in the Hi-Crush assets, I don't know what their operation costs are today to produce.

當你投入 Hi-Crush 資產時，我不知道他們今天的生產營運成本是多少。

Can you give us a little bit of guidance around that?

您能給我們一些指導嗎？

And is this going to increase that -- what we had previously?

這會增加我們之前的情況嗎？

Back in '21, we were at [$6.50] a tonne when we had 100% dredge feed into our mining process.

早在 21 年，當我們的採礦過程中 100% 挖泥機進料時，我們的價格是每噸 [6.50 美元]。

That number's come up to [$10.30], as we increased production and our dredges couldn't keep up.

由於我們增加了產量，而我們的挖泥船卻無法跟上，這個數字已達到 [10.30 美元]。

These two new dredges, that -- one has already been commissioned out there and the other will be out of here shortly.

這兩艘新挖泥機，其中一艘已經投入使用，另一艘很快就會離開這裡。

Once we get those dredges incorporated into our mining operation, we're expecting our cost is -- our long-term mining laws is going to be down in the, say, mid $7 per tonne letters, and that's just from mining.

一旦我們將這些挖泥機納入我們的採礦作業中，我們預計我們的成本是——我們的長期採礦法將下降到每噸 7 美元左右，而這只是來自採礦。

On Hi-Crush, their OpEx in '23 was just over $11 a tonne.

在 Hi-Crush 上，他們 23 年的營運支出略高於每噸 11 美元。

Obviously, that's higher than our $7, but we do think there's going to be that we -- I mean, we are optimistic that we're going to be able to get this number down over time.

顯然，這比我們的 7 美元要高，但我們確實認為我們——我的意思是，我們樂觀地認為，隨著時間的推移，我們將能夠降低這個數字。

For the future, if the combined synergies that we've identified start modelling so far, we've taken 2024.

對於未來，如果我們迄今為止確定的綜合協同效應開始建模，那麼我們選擇的是 2024 年。

We're going to be around $9 a tonne.

我們的價格約為每噸 9 美元。

And then once we -- and that's on the identified synergies.

然後一旦我們——那就是確定的協同效應。

I mean, there's probably going to be other synergies that we're going to be able to accomplish.

我的意思是，我們可能還能夠實現其他協同效應。

And over time, we think we're going to be able to get their costs -- the entire company's cost down to around $7 a tonne.

隨著時間的推移，我們認為我們將能夠將他們的成本——整個公司的成本降至每噸 7 美元左右。

So when you look at it, I think, overall, I didn't incorporate any sort of synergies from G&A or maintenance CapEx there.

因此，當你看到它時，我認為，總體而言，我沒有將任何來自一般管理費用或維護資本支出的協同效應納入其中。

I think those costs are going to come down.

我認為這些成本將會下降。

So over time, I think it's going to actually be -- we're going to be producing sand at a lower cost per tonne than we would as a standalone.

因此，隨著時間的推移，我認為實際上我們將以比獨立生產更低的每噸成本生產沙子。

I appreciate all the answers.

我感謝所有的答案。

I'll turn it back.

我會把它轉回來。

Welcome.

歡迎。

Luke Lemoine, Piper Sandler.

盧克·勒莫因，派珀·桑德勒。

Hey, good morning.

嗨，早安。

John, you've loosely alluded to -- morning.

約翰，你曾粗略地提到過——早上。

When you're at your current facility, you can see the two Hi-Crush mines right next door.

當您在目前的設施時，您可以看到隔壁有兩個 Hi-Crush 地雷。

Can you just talk about any plans to tie this in the Dune Express?

您能談談將其與《沙丘快車》結合的任何計劃嗎？

And then you kind of hit on it earlier as well, but then your ability to convert the Hi-Crush mines to dredging from yellow iron?

然後你也很早就想到了這一點，但是你有能力將高破碎地雷轉換為黃鐵礦的挖掘嗎？

Yeah, that's something, Luke, that we can definitely -- like you said, I mean, the proximity of those mines are within 2 miles of our current mine.

是的，盧克，我們絕對可以——就像你說的，我的意思是，這些地雷距離我們當前的地雷不到 2 英里。

That's something that we haven't fully vetted on what the cost would be.

我們還沒有充分審查這件事的成本。

But it's something that we definitely think will be synergistic from the Dune Express point of view.

但從沙丘快車的角度來看，我們絕對認為這將具有協同作用。

Obviously, connecting a mine or two mines via conveyor is going to be less expense than building bringing out an additional 5 million to 6 million tonnes of capacity.

顯然，透過輸送機連接一個或兩個礦井的費用將低於建造額外 500 萬至 600 萬噸產能的費用。

So yeah, we obviously see significant, significant cost savings there.

所以，是的，我們顯然看到了顯著的成本節省。

On the dredging front, I -- that is something that we are investigating.

在疏浚方面，我——這是我們正在調查的事情。

We haven't fully evaluated that, but that's something that we're definitely looking.

我們還沒有完全評估這一點，但這確實是我們正在尋找的東西。

And I do think that we are going to have an extra dredge here at some point here pretty soon, and that's something -- we may run over there and see if we can then start dredge mining of our own in their location.

我確實認為我們很快就會在這裡擁有一台額外的挖泥機，那就是——我們可能會跑到那裡，看看我們是否可以在他們的位置開始我們自己的挖泥機採礦。

They definitely do have water like we did.

他們確實像我們一樣有水。

We just have to figure out how we're going to -- if it's going to work and -- but then there's other things that we may be able to do if we can't fully dredge mine over there.

我們只需要弄清楚我們將如何做——如果它會起作用——但是如果我們不能完全疏浚那裡的礦井，我們也許可以做其他事情。

I mean, the other thing is the dredges that we have arrived in our location are going to be -- they're going to be able to provide a significant amount of feed into our current mines.

我的意思是，另一件事是我們抵達所在地的挖泥機將能夠為我們目前的礦場提供大量飼料。

There may be ways that we could even be feed -- hook those dredges up over to their feed -- to their mines and then feed their process with these dredges as well.

甚至可能有一些方法可以讓我們獲得飼料——將這些挖泥機連接到他們的飼料上——他們的礦井，然後也用這些挖泥機來餵養他們的過程。

So there's a -- I guess what I want to say is there's just a lot a lot of things, a lot of opportunity here, a lot of optionality that we don't have a full handle on.

所以，我想我想說的是，這裡有很多很多的事情、很多的機會、很多的選擇，但我們沒有完全掌握。

But that's something that we're definitely going to be looking out over here as we progress forward.

但這是我們在前進過程中肯定會關注的事情。

Okay.

好的。

And then on the OnCore mobile mini mines, can you just talk about your opportunity and comfort with wet sand, the mining operations?

然後，關於 OnCore 行動迷你礦山，您能談談您在濕沙、採礦作業方面的機會和舒適度嗎？

And maybe you can see some opportunities to just kind of improve the operations as well?

也許您也能看到一些改善營運的機會？

Yeah.

是的。

This is Bud.

這是巴德。

I might just start, but John will probably add to it.

我可能只是開始，但約翰可能會補充。

I think some of you probably heard us early on.

我想你們中的一些人可能很早就聽說過我們。

We were concerned about the challenges associated with wet sand.

我們擔心與濕沙相關的挑戰。

Obviously, we've been sold out of dry sand, and so we weren't particularly motivated to move that direction.

顯然，我們已經沒有乾沙了，所以我們並沒有特別積極地朝這個方向發展。

It's really a credit to Hi-Crush and their team and, again, their culture -- their innovative culture that they really solved those challenges and are doing a great job with the wet sand.

這確實要歸功於 Hi-Crush 和他們的團隊，也要歸功於他們的文化——他們的創新文化，他們真正解決了這些挑戰，並且在濕沙方面做得很好。

So that, combined with the fact that it's logistically advantaged to operators there over on the east side of the Midland Basin, particularly, made it compelling.

因此，再加上它對米德蘭盆地東側的營運商具有物流優勢，尤其是這一點，使其具有吸引力。

And again, it's credit to those guys, and it's very complementary to what we're doing.

再說一遍，這都是這些人的功勞，而且跟我們正在做的事情非常互補。

And John, you want to add to that?

約翰，你想補充一下嗎？

I do think that -- I agree with that.

我確實認為——我同意這一點。

I think the Hi-Crush team has done an amazing job on the wet sand front.

我認為 Hi-Crush 團隊在濕沙方面做得非常出色。

I think that -- and on the logistics side as well.

我認為——在物流方面也是如此。

I think that we're going to -- as a company, what we're going to do is we're going to come together and we're going to bring in the best ideas and see if there's anything at that they're doing that we can apply within our operations.

我認為，作為一家公司，我們要做的就是團結起來，引入最好的想法，看看它們是否有什麼可做的。我們可以在我們的營運中應用這一點。

And we're also going to do the same thing.

我們也要做同樣的事情。

Are there things that we can do at their operations like, say, their OnCore mines that we're doing

我們可以在他們的營運中做一些事情，例如我們正在做的 OnCore 礦場

--

--

Like automation.

就像自動化一樣。

Yeah.

是的。

And automation and things like that is incorporated.

自動化和類似的東西也被納入其中。

So I definitely think there's going to be some opportunity there as well.

所以我絕對認為那裡也會有一些機會。

Okay.

好的。

Thanks a bunch and congrats on the deal.

非常感謝並祝賀這筆交易。

Thank you.

謝謝。

Jim Rollyson, Raymond James.

吉姆·羅利森，雷蒙德·詹姆斯。

Hey.

嘿。

Good morning, guys, and congrats on the transaction.

早安，夥計們，恭喜交易成功。

Thank you.

謝謝。

John, maybe -- can you split out just -- obviously, you guys break out the sand side from the logistics side, the way you report financials.

約翰，也許──你能不能把──顯然，你們從物流方面、報告財務的方式中分離出來。

Maybe just -- I know we don't have all the financial details yet because it's not closed, but I'd love to get a rough split of maybe revenues and EBITDA from Hi-Crush between their actual sand operations versus the logistics so we can think about that from a modeling perspective.

也許只是 - 我知道我們還沒有所有的財務細節，因為它還沒有關閉，但我很想粗略地了解 Hi-Crush 的實際沙子業務與物流之間的收入和 EBITDA，這樣我們可以從建模的角度來思考。

Hey, I'm going to let Brian answer.

嘿，我要讓布萊恩回答。

Jim, It's pretty close to 50-50.

吉姆，非常接近 50-50。

They're also very heavily weighted in the logistics business like us.

像我們一樣，他們在物流業務中也佔有很大的比重。

And do you think, Brian -- margin-wise, is their logistics business somewhere running close to what you guys have been doing historically?

布萊恩，你認為從利潤角度來看，他們的物流業務是否接近你們歷史上一直在做的事情？

Just kind of trying to ferret that part out to get to the one-tenth of 1/25 of guidance.

只是試圖找出該部分以達到指導值 1/25 的十分之一。

Yeah, very similar.

是的，非常相似。

Obviously, we've got a change coming up with the Dune Express to expand margins.

顯然，我們對沙丘快車做出了改變，以擴大利潤。

But historically, it's pretty simple.

但從歷史來看，這非常簡單。

Yeah.

是的。

I might add just kind of semantically to help you think about the logistics.

我可能會在語義上添加一些內容來幫助您思考物流。

When you think about -- and we've talked about this as we were at a conference recently on the fact that, historically, OpEx is -- 70%. of OpEx has been labor, man in the seat.

當你想到——我們在最近的一次會議上討論過這個問題時，從歷史上看，營運支出是——70%。營運支出的核心是勞動力，坐在座位上的人。

And when you look at what we're doing with the Dune Express, we're completely eliminating the men in the seat for that 42-mile haul into the most prolific producing province in the country there in the center of the Delaware -- Northern Delaware Basin.

當你看到我們在沙丘快車上所做的事情時，你會發現我們完全消除了坐在座位上的人，以42 英里的距離到達位於特拉華州中部的該國最多產的生產省份-北部特拉華盆地。

And then we've got last mile from there.

然後我們就到達了最後一英里。

But then you look at -- so that that's going to be a real leapfrog forward obviously in terms of cost structure and margin capture for us and will be additive to '25.

但你會看到，這對我們來說，在成本結構和利潤獲取方面顯然將是真正的跨越式發展，並將成為 25 年的補充。

And then on top of that, you look what we're doing with a higher capacity trucking, double, triple trailering, significantly reducing the cost per tonne delivered with that.

最重要的是，您會看到我們正在透過更高容量的卡車運輸、雙拖車、三拖車來做什麼，從而顯著降低每噸運輸的成本。

And then similarly, in the Midland Basin, what Hi-Crush's been doing with the proximal OnCore mines, taking trucks off the road and reducing drive time.

同樣，在米德蘭盆地，Hi-Crush 一直在對附近的 OnCore 礦井採取措施，讓卡車不再上路並減少行駛時間。

So there's real exciting when you think about, over time, what we're going to be able to do to really change the logistics business and really move that more towards -- when you look at the Dune Express, it really is a midstream enterprise.

因此，當你想到隨著時間的推移，我們將能夠做些什麼來真正改變物流業務並真正朝著這一方向邁進時，你會感到非常興奮——當你看到Dune Express 時，它確實是一家中游企業。

And so the margin impact over time is really going to be exciting.

因此，隨著時間的推移，利潤率的影響確實會令人興奮。

And as you go forward and you look at the margins of this company, we have a slide, slide 14, in the investor deck that shows -- I mean, nobody has enjoyed some margins that we do.

當你繼續看這家公司的利潤率時，我們在投資者平台上有一張幻燈片，即幻燈片 14，它顯示——我的意思是，沒有人像我們一樣享受一些利潤率。

And we tried at about half the multiple of those companies that approach us even on the margin.

我們嘗試了大約一半的公司的倍數來接近我們，甚至在利潤方面也是如此。

So it's really exciting issue as you roll forward with this company.

因此，當你與這家公司一起前進時，這確實是一個令人興奮的問題。

With the scale and what the complementary assets we're adding and the innovative culture, we're going to be able to further drive down our cost structure and drive up our margins, which are already at very exciting levels.

憑藉規模、我們添加的互補資產以及創新文化，我們將能夠進一步降低我們的成本結構並提高我們的利潤率，這已經達到了非常令人興奮的水平。

I don't know if you guys want to add to that.

不知道大家是否願意補充。

Yeah, I think that -- thank you. (inaudible) as well covered it.

是的，我認為——謝謝。 （聽不清楚）也覆蓋了它。

Thanks for that color, Bud.

謝謝你的顏色，巴德。

And then, John, last thing just on the $26 to $20 a tonne full-year pacing, maybe a little color.

然後，約翰，最後一件事是關於全年每噸 26 至 20 美元的節奏，也許有點色彩。

When we sat here a quarter ago, you guys were talking market was in the mid, upper 20s to low 30s, and you were still feeling about 40% contracted.

一個季度前，當我們坐在這裡時，你們談論的是市場處於 20 多歲至 30 多歲的中段，但你們仍然感覺大約 40% 的收縮。

Obviously, on a combined basis, you guys were 80% contracted.

顯然，加起來，你們 80% 的人簽約了。

Maybe how -- some color on how the Hi-Crush contracting weighed on that versus just where the market's been or the weak market we've had the back half of the fourth quarter, just how you ended up at this range versus where we have been historically.

也許是——關於 Hi-Crush 合約如何影響這一點的一些色彩，與市場的情況或我們第四季度後半段的疲軟市場相比，你如何最終達到這個範圍與我們的情況歷史上曾經有過。

Yeah, the Hi-Crush -- Hi-Crush, they have a contract profile, but they were heavily contracted there at a more lower price than what we were contracted at.

是的，Hi-Crush——Hi-Crush，他們有合約簡介，但他們在那裡以比我們簽訂合約的價格更低的價格簽訂了大量合約。

So really, what you're seeing there is an adjustment of -- is reflective of what their contract position is.

所以實際上，你所看到的調整反映了他們的合約狀況。

I'd say that they're almost 100% contracted on their '24 volumes.

我想說的是，他們的 24 卷幾乎 100% 都簽了。

And it's at a lower price than where we were -- where our contract profile is.

而且它的價格比我們當時的價格——我們的合約情況——要低。

Got it.

知道了。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Sean Mitchell, Daniel Energy Partners.

肖恩·米切爾，丹尼爾能源合夥人。

Good morning, guys.

早上好傢伙。

Congrats on the deal.

恭喜達成交易。

Bud, I think you addressed this a little bit in your opening comments.

巴德，我認為你在開場白中談到了這個問題。

But can you just talk a little bit about customer overlap, in particular, in Kermit maybe or in the Delaware?

但您能否談談客戶重疊的問題，特別是在克米特或特拉華州？

Because obviously, the Midland is somewhat new.

因為顯然，米德蘭有些新。

But what's the overlap in the customer mix here in Kermit?

但克米特的客戶組合有哪些重疊呢？

Well, there's not much.

嗯，沒有太多。

It's very complementary in terms of customers.

就客戶而言，這是非常互補的。

John, I don't know if there's any specifics.

約翰，我不知道有沒有具體的情況。

I mean, the fact that their assets are weighted towards the Midland Basin and their logistics is weighted towards the Midland Basin -- and our logistics, what we've been doing, of course, with the Dune Express and the high capacity trucking is really add more impact on the Delaware Basin.

我的意思是，事實上，他們的資產偏重於米德蘭盆地，他們的物流也偏重於米德蘭盆地——而我們的物流，當然，我們一直在做的沙丘快車和高容量卡車運輸確實是對特拉華盆地產生更多影響。

So it's been natural or organic that we have very complementary customer bases.

因此，我們擁有非常互補的客戶群是很自然的或有機的。

We've been logistically challenged on the far eastern side of the Midland Basin, given the distances to move our proppant over there.

考慮到將支撐劑運送到米德蘭盆地遠東側的距離，我們在後勤方面遇到了挑戰。

So it's a very -- it's very beneficial in that regard.

因此，在這方面，這是非常有益的。

Yeah.

是的。

I mean, like I said, I think there's very little overlap.

我的意思是，就像我說的，我認為幾乎沒有重疊。

Obviously, some of the largest -- most of the largest operators in the Permian Basin, I think -- Hi-Crush has done a great job with those customers and those customers value those relationships, just like ours do.

顯然，我認為二疊紀盆地的一些最大的運營商——大多數是二疊紀盆地最大的運營商——Hi-Crush 與這些客戶做得很好，這些客戶也像我們一樣重視這些關係。

And we look forward to maintaining those relationships for important, serving those customers.

我們期待維持這些關係，為這些重要的客戶提供服務。

Our entire top tier customers, look forward to serving those going forward.

我們的所有頂級客戶都期待為未來的客戶提供服務。

I mean, I think part of it is logistics is so key to your proppant sales.

我的意思是，我認為部分原因是物流對於支撐劑銷售至關重要。

And so it's been natural that even our Kermit plant has been more weighted to the Midland Basin because that's where their logistics assets are.

因此，即使我們的克米特工廠也更重視米德蘭盆地，這是很自然的，因為那是他們的物流資產所在的地方。

And we dominate the Delaware because our logistic assets are second to none in the Delaware.

我們在特拉華州佔據主導地位，因為我們的物流資產在特拉華州是首屈一指的。

So it's really worked out well and very complementary.

所以它確實效果很好並且非常互補。

Bur or John, as you look at the combined assets or the assets of the combined company, where do you guys see maybe an opportunity for growth?

Bur 或 John，當您查看合併後的資產或合併後公司的資產時，您認為哪裡可能有成長機會？

I mean, what are you most excited about in terms of silos, boxes, more trailers, mobile mines?

我的意思是，就筒倉、盒子、更多拖車、移動地雷而言，您最興奮的是什麼？

What are you most excited about when you look at the combined assets?

當您看到合併後的資產時，您最興奮的是什麼？

Maybe I'll just make a general comment.

也許我只會做一般性評論。

John may have some specifics.

約翰可能有一些細節。

I mean, I just think it's really exciting, were Atlas's position, particularly after this transaction, that this basin and the shale has been a significant evolution.

我的意思是，我認為阿特拉斯的立場確實令人興奮，特別是在這次交易之後，這個盆地和頁岩已經發生了重大演變。

It might be we're in the mid, early mid innings of this evolution to more of a factory type operation.

我們可能正處於向工廠型運作演進的中期、早期階段。

And so it's all about scale, and you're saying that I'm operator side.

所以這一切都與規模有關，而你是說我是運營商方面的。

And on the service side, we're uniquely positioned with the scale on logistics and proppant to match the scale of the operator.

在服務方面，我們具有獨特的地位，物流和支撐劑的規模與營運商的規模相符。

So there are going to be a lot of opportunities associated with this distribution network to make operators' jobs easier and to eliminate the bottlenecks, particularly on sand in the

因此，該分配網路將有很多機會使操作員的工作變得更輕鬆並消除瓶頸，特別是在沙地中

[blender].

[攪拌機]。

And we're uniquely positioned to do that, so I just think just like we're going to have a lot of opportunities to grow at other green shoots that we can't even imagine right now.

我們擁有獨特的優勢來做到這一點，所以我認為我們將有很多機會在其他我們現在無法想像的新芽上成長。

John, do you want to add to that?

約翰，你想補充一下嗎？

Yeah.

是的。

Nothing in particular, other than these two companies have been really the only ones that have been investing in the frac sand and logistics space significantly.

沒有什麼特別的，除了這兩家公司確實是唯一在壓裂砂和物流領域進行大量投資的公司。

As of today, -- we can't necessarily tell you where the future growth is going to be.

截至今天，我們不一定能告訴您未來的成長將在哪裡。

But I think what I can assure you is that we're going to continue making those investments, working with our partners -- the operating partners to make sure that the efficiencies are well sites continued to improve.

但我想我可以向你們保證的是，我們將繼續進行這些投資，與我們的合作夥伴（營運合作夥伴）合作，以確保井場的效率持續提高。

And overall, frac sand intensity is going to continue to increase.

整體而言，壓裂砂強度將持續增加。

Bud mentioned that as well on this call.

巴德在這次電話會議中也提到了這一點。

We're going to be looking at opportunities to help our customers increase that intensity.

我們將尋找機會幫助我們的客戶提高這種強度。

And Sean, real quick.

肖恩，很快。

You talked about growth.

你談到了成長。

I think one thing we're trying to balance growth in distributions, which this acquisition certainly enhances that.

我認為我們正在努力平衡分銷的成長，這次收購肯定會增強這一點。

Absolutely.

絕對地。

Well, guys, thanks for the time, and congrats again on the deal.

好吧，夥計們，謝謝您的寶貴時間，並再次祝賀這筆交易。

Thank you.

謝謝。

Really appreciate it.

真的很感激。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would like to turn the conference back over to management for closing comments.

我想將會議轉回管理層以徵求結束意見。

Yeah.

是的。

We want to thank everybody for joining us for this call.

我們要感謝大家參加我們的這次電話會議。

This is an exciting and really transformational event in our company's history.

這是我們公司歷史上令人興奮且真正具有變革性的事件。

We really look forward to following up in subsequent quarters.

我們非常期待在接下來的幾個季度中進行跟進。

So thank you all very much.

非常感謝大家。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。