Antero Midstream Corp (AM) 2025 Q1 法說會逐字稿

Greetings. Welcome to Antero Midstream's first quarter 2025 earnings call. (Operator Instructions)

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

At this time, I'll now turn the conference over to Justin Agnew, Vice President Finance and Investor Relations. Justin, you may begin.

現在，我將會議交給財務和投資者關係副總裁賈斯汀·阿格紐 (Justin Agnew)。賈斯汀，你可以開始了。

Good morning, and thank you for joining us for Antero Midstream's first quarter investor conference call. We'll spend a few minutes going through the financial and operating highlights, and then I'll open it up for Q&A. I would also like to direct you to the homepage of our website at www.anteromidstream.com where we have provided a separate earnings call presentation that will be reviewed during today's call.

早上好，感謝您參加 Antero Midstream 第一季投資者電話會議。我們將花幾分鐘時間回顧財務和營運亮點，然後我將開始問答環節。我還想將您引導至我們網站的主頁 www.anteromidstream.com，我們在該網站上提供了單獨的收益電話會議演示文稿，將在今天的電話會議上進行審查。

Today's call may also contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

今天的電話會議可能還包含某些非公認會計準則財務指標。請參閱我們的收益新聞稿，以了解有關此類指標的重要揭露，包括與最具可比性的 GAAP 財務指標的對帳。

Joining me on the call today are Paul Rady, Chairman CEO and President of Antero Resources and Antero Midstream; Brendan Krueger, CFO of Antero Midstream; and Michael Kennedy, CFO of Antero Resources and Director of Antero Midstream.

今天與我一起參加電話會議的還有 Antero Resources 和 Antero Midstream 的董事長、執行長兼總裁 Paul Rady； Antero Midstream 財務長 Brendan Krueger；以及 Antero Resources 財務長兼 Antero Midstream 董事 Michael Kennedy。

With that, I'll turn the call over to Paul.

說完這些，我會把電話轉給保羅。

Thanks, Justin. Good morning, everyone. In my comments, I will discuss our 2025 capital projects and outlook for natural gas demand. Brendan will then walk through our first quarter results, capital efficiency and return of capital to shareholders. But let me begin with slide number 3 titled 2025 capital budget on track.

謝謝，賈斯汀。大家早安。在我的評論中，我將討論我們的 2025 年資本項目和天然氣需求前景。布倫丹隨後將介紹我們的第一季業績、資本效率和股東資本回報。但我首先要看的是幻燈片 3，題為「2025 年資本預算按計劃進行」。

The right-hand side of the slide shows our new Torrey's Peak Compressor Station. We placed the station online in March ahead of our initial expectation of a second quarter in-service date. Importantly, this station was our third compressor station, which was constructed with relocated underutilized units. The reuse savings have totaled approximately $30 million at Torrey's Peak and over $50 million across all three stations that we've done this with.

幻燈片的右側展示了我們新的托里峰壓縮機站。我們在三月將站點投入使用，這比我們最初預計的第二季投入使用的日期提前了。重要的是，該站是我們的第三座壓縮機站，由搬遷的未充分利用的裝置建造而成。托里峰的重複使用總共節省了約 3000 萬美元，而我們實施這項措施的所有三個站點則節省了超過 5000 萬美元。

Looking ahead, we expect over $60 million of additional reuse savings over the next five years. As you can see on the top left portion of the page, we do not have any large diameter high-pressure gathering pipelines in the 2025 capital budget.

展望未來，我們預計未來五年內將額外節省超過 6,000 萬美元。正如您在頁面左上角看到的，2025 年資本預算中沒有任何大直徑高壓集輸管道。

Additionally, we have already secured materials, pricing and lead times for all our steel and high-density polyethylene pipelines through 2026. As a result, we see immaterial impacts on our 2025 and '26 capital budget from tariffs and other macroeconomic headlines.

此外，我們已經確定了到 2026 年所有鋼和高密度聚乙烯管道的材料、價格和交貨時間。因此，我們認為關稅和其他宏觀經濟因素對我們 2025 年和 2026 年的資本預算不會產生實質的影響。

Now let's move on to slide number 4, titled Growth in Appalachia Gas Demand. The Appalachian region has quickly become a focal point for natural gas-fired power generation, data centers and behind-the-meter projects. Over a decade ago, we recognized the significant low-cost resource base in Appalachia. Fast forward to today, and these announcements further validate our positioning. These projects will require a significant amount of gas supply for decades to come.

現在我們來看投影片 4，標題為「阿巴拉契亞天然氣需求的成長」。阿巴拉契亞地區已迅速成為天然氣發電、資料中心和用戶面專案的焦點。十多年前，我們就意識到阿巴拉契亞地區擁有豐富的低成本資源基礎。快進到今天，這些公告進一步驗證了我們的定位。這些項目在未來幾十年將需要大量的天然氣供應。

In addition, statewide regulations have been leading to faster approval times and attractive incentives to build in the region. AM is well positioned with an investment-grade upstream counterparty, 20 years of dedicated inventory and one of the largest natural gas and water systems in the region that can be supportive of future projects.

此外，全州範圍的法規也加快了審批時間，並為該地區的建築物提供了有吸引力的激勵措施。AM 擁有投資等級上游交易對手、20 年專用庫存以及該地區最大的天然氣和水系統之一，可為未來項目提供支持，因此處於有利地位。

While these projects generally have a longer lead time in nature, they highlight the long-term opportunity set for natural gas-focused midstream companies such as AM. I'll finish my comments on slide number 5 titled Natural gas Demand Estimates Continue to Increase. This slide illustrates the upward momentum in natural gas demand estimates to power data centers.

雖然這些項目通常具有較長的交付週期，但它們凸顯了 AM 等專注於天然氣的中游公司的長期機會。我將在題為「天然氣需求預測持續增加」的第 5 張投影片上結束我的評論。這張幻燈片展示了為資料中心供電的天然氣需求估計的上升勢頭。

In just the last six months, the expectations for the power required for data centers by 2030 has doubled, as shown on the chart on the left-hand side of the page. The right-hand side illustrates the percentage of data centers expected to be powered by natural gas, which has increased from 50% to 70%. This compounding effect supports significant growth in natural gas demand over the next several years.

僅在過去六個月內，對 2030 年資料中心所需電力的預期就翻了一番，如頁面左側的圖表所示。右側顯示了預計採用天然氣供電的資料中心的百分比，該百分比已從 50% 增加到 70%。這種複合效應將支持未來幾年天然氣需求的大幅成長。

With that, I'll turn the call over to Brendan Krueger, CFO for Antero Midstream.

說完這些，我將把電話轉給 Antero Midstream 的財務長 Brendan Krueger。

Thanks Paul. I will begin my comments on slide number 6, titled first quarter highlights. During the first quarter, we generated $274 million of EBITDA, which was a 3% increase year-over-year. This was driven primarily by an increase in gathering and processing volumes, the latter of which set a company record at 1.65 Bcf a day.

謝謝保羅。我將從第 6 張投影片（標題為「第一季亮點」）開始發表評論。第一季度，我們的 EBITDA 為 2.74 億美元，年成長 3%。這主要得益於收集和處理量的增加，其中處理量創下了該公司每天16.5億立方英尺的紀錄。

Looking forward to the remainder of 2025, we expect further increases in gathering volumes to drive low to mid-single-digit year-over-year growth in gathering volumes in 2025 versus 2024.

展望 2025 年剩餘時間，我們預計收集量將進一步增加，從而推動 2025 年收集量與 2024 年相比實現低至中等個位數的同比增長。

During the first quarter, free cash flow after dividends was $79 million, a 7% increase year-over-year. This was the 11th consecutive quarter of generating free cash flow after dividends and the second straight quarter above that $75 million mark.

第一季度，股息後的自由現金流為 7,900 萬美元，年增 7%。這是連續第 11 個季度在股息後產生自由現金流，也是連續第二季超過 7,500 萬美元大關。

We utilized this free cash flow to reduce absolute debt and repurchase over $29 million of shares during the quarter. Importantly, our leverage declined towards 2.9 times as of March 31. Next, let's move on to slide 7, titled Low debt and Capital Efficient Business model. This slide compares AM's leverage and capital efficiency to other companies in the midstream industry. In addition to lowering our overall risk profile, our debt reduction efforts have reduced our leverage below 3 times well below the C-Corp peer average.

我們利用這筆自由現金流來減少絕對債務，並在本季回購了價值超過 2,900 萬美元的股票。重要的是，截至 3 月 31 日，我們的槓桿率已下降至 2.9 倍。接下來，我們看第 7 張投影片，標題為「低債務和資本高效的商業模式」。本投影片將 AM 的槓桿率和資本效率與中游產業的其他公司進行了比較。除了降低我們的整體風險狀況之外，我們的減債努力還將我們的槓桿率降低到 3 倍以下，遠低於 C 類公司同行的平均水平。

Looking at capital expenditures as a percent of EBITDA, which highlights overall capital efficiency, AM is best-in-class with a 17% reinvestment rate. This is a result of our just-in-time capital investment philosophy and visibility into our primary customers' development plan with low debt and leverage and an attractive reinvestment rate, AM has the capacity to return a significant amount of capital to shareholders.

將資本支出佔 EBITDA 的百分比視為整體資本效率，AM 以 17% 的再投資率位居同類最佳。這是因為我們的即時資本投資理念和對主要客戶發展計劃的了解，加上低負債和低槓桿以及具有吸引力的再投資率，AM 有能力向股東返還大量資本。

As highlighted on the bottom chart, based on consensus estimates, AM has the ability to allocate approximately 65% of its EBITDA for dividends, additional debt reduction and share repurchases. This is nearly double the C-Corp average in the midstream spaces.

如下圖所示，根據普遍預期，AM 有能力將其 EBITDA 的約 65% 分配給股息、額外債務削減和股票回購。這幾乎是中游領域 C 公司平均值的兩倍。

I'll finish my comments on slide 8, titled Well Positioned to Enhance Shareholder Returns, to elaborate on those return of capital opportunities.

我將在第 8 張投影片上結束我的評論，標題為“充分定位以提高股東回報”，詳細說明這些資本回報機會。

The last several years have been focused on debt reduction and accretive bolt-on acquisitions. Looking ahead, our low debt and capital efficiency have positioned us well to pay an attractive dividend, repurchase shares and be opportunistic on M&A opportunities should they arise. We believe this flexible approach directs capital to the highest rate of return opportunities that will accrue directly to our shareholders.

過去幾年致力於減少債務和增值性附加收購。展望未來，我們的低負債和資本效率使我們能夠支付有吸引力的股息、回購股票並抓住出現的併購機會。我們相信，這種靈活的方法可以將資本引導至最高回報率的機會，並將直接惠及我們的股東。

This capital allocation flexibility is beneficial during times where we see opportunities in the equity relative to our current and future cash flow profile, which have been largely unaffected by the recent macro volatility. In fact, we believe the medium to longer-term outlook is only getting brighter.

當我們看到股票相對於我們當前和未來現金流狀況的機會時，這種資本配置彈性是有益的，而這些機會基本上不受近期宏觀波動的影響。事實上，我們相信中長期前景只會越來越光明。

With that, operator, we are ready to take questions.

接線員，現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Morning.

早晨。

Just wanted to touch on a bit more, I guess, for the potential for in-basin demand growth, which could help with AR's outlook as far as looking for more growth there. How do you see this opportunity set shaping up over time given the rich resource and the favorable attributes of the region?

我想，我只是想再多談談盆地內需求成長的潛力，這可能有助於 AR 在那裡尋求更多成長的前景。鑑於該地區豐富的資源和有利條件，您認為這一機會將如何隨著時間的推移而形成？

Yeah, I think there's quite a few projects that have already been announced, and I think we see quite a few discussions continuing to take place around local power demand particularly the power data centers, but other industrial uses as well in the region. You're seeing it in Ohio and Pennsylvania, and I think there's been a lot of momentum lately in West Virginia as well in terms of getting some bills passed in West Virginia.

是的，我認為已經有相當多的項目宣布了，而且我認為我們看到關於當地電力需求，特別是電力數據中心，以及該地區其他工業用途的討論仍在繼續。你可以在俄亥俄州和賓夕法尼亞州看到這種情況，而且我認為最近西維吉尼亞州在通過一些法案方面也取得了很大的進展。

So a lot of momentum. Where that ultimately plays out, I think, it's still a bit early, but we're well positioned given the significant infrastructure we have in place both on the gathering and water side with Antero Midstream, and AR is, of course, well positioned to participate in that as well. So we like where we're at. A lot of conversations happening, but still early in some of those conversations.

所以動力十足。我認為，最終結果如何還為時過早，但考慮到我們在收集和水方面與 Antero Midstream 建立的重要基礎設施，我們處於有利地位，當然，AR 也處於有利地位，可以參與其中。所以我們喜歡我們現在的處境。正在進行許多對話，但其中一些對話仍處於早期階段。

Got it, thank you for that. And then I know on the AR call, you talked a bit about the LPG market. But just wondering if you could talk a bit here, I guess, the outlook for propane in, I guess, AR strategy to mitigate that risk and how that impacts AM?

明白了，謝謝你。然後我知道在 AR 電話會議上，您談到了液化石油氣市場。但我只是想知道您是否可以在這裡談一談，我想，丙烷的前景，我想，AR 策略可以減輕這種風險，以及這對 AM 有何影響？

This is Dave Cannelongo. Just touch on the propane strategy. I mean I think we will reiterate our confidence in the long-term outlook for that product. I mean there's really no true substitute for it in the [res/com] markets.

這是 Dave Cannelongo。只需談及丙烷策略。我的意思是，我認為我們將重申對該產品長期前景的信心。我的意思是，在[res/com]市場上確實沒有真正的替代品。

Folks can go back to solid fuels, but that's obviously a huge reduction in the quality of living standards that they've moved to. So you'll will continue to see that market grow there's really nothing else that's going to reach those markets and the billions of people that are prime candidates for switching to LPG. So the res/com market growth is very steady and sticky.

人們可以重新使用固體燃料，但這顯然會大大降低他們的生活品質。因此，你將繼續看到市場成長，實際上沒有其他東西能夠進入這些市場，而數十億人是改用液化石油氣的首選。因此，住宅/通訊市場的成長非常穩定且具有黏性。

And then on the petrochemical side, we've talked a lot about PDHs in the past, and there's a question out there around whether or not with the tariff landscape of China will reduce propane imports but -- and naphtha cracking will increase. And I just want to kind of make the point that cracking naphtha to steam cracker is not a replacement for propane and PDH. PDH is going to produce around 85% of propylene. When you put it in the unit.

在石化方面，我們過去已經討論了許多有關丙烷脫氫裝置 (PDH) 的問題，而有一個問題是，中國的關稅狀況​​是否會減少丙烷進口量，而石腦油裂解量是否會增加。我只是想指出，將石腦油裂解成蒸汽裂解器並不能取代丙烷和 PDH。PDH 將生產約 85% 的丙烯。當你把它放入單位時。

And when you crack naphtha, you're going to get about 15% of propylene out of it. So they're really not substitute type of products for what people are looking for. And I think the reason why you've seen the global market go to PDH is that propylene is a product they need and want for the types of ultimate products that are being manufactured around the world.

當你裂解石腦油時，你會從中獲得約 15% 的丙烯。因此它們實際上並不是人們所尋求的替代產品。我認為全球市場轉向 PDH 的原因是丙烯是他們需要的產品，也是他們希望用於世界各地生產的最終產品類型的產品。

And so cracking naphtha is not really going to accomplish that for you in the long run, and we think this whole -- we'll continue to see growing petrochemical demand for propane because it's such a unique product and what it can deliver to the petrochemical companies and the ultimate consumers.

因此，從長遠來看，裂解石腦油並不能真正實現這一目標，我們認為，我們將繼續看到石化對丙烷的需求不斷增長，因為它是一種獨特的產品，它可以為石化公司和最終消費者帶來好處。

Got it. That makes sense. And this might be a bit premature, but on the other side of the cycle, just wondering what's the outlook for the JV here, continues to run above nameplate? And if the propane market grows over time, could there be more liquid-rich production in the basin? And could that lead to -- would you want to participate in any expansion there in the JV on the frac side?

知道了。這很有道理。這可能有點為時過早，但在周期的另一端，只是想知道這裡的合資企業的前景如何，是否會繼續超出銘牌水平？如果丙烷市場隨著時間的推移而成長，盆地中是否會有更多的富含液體的產量？這是否會導致—您是否想參與壓裂方面的合資企業擴張？

Yeah, I mean I think today, where we're at, I think we're comfortable, we're running about 4% over nameplate. I think historically, you've seen those run as high as 10% over nameplate. So there's still some room in those facilities. And I think just depending on where prices move and long-term outlook for gas and liquids, we'll reevaluate down the road.

是的，我的意思是，我認為今天，我們所處的階段，我們感到很舒服，我們的產量比額定產量高出約 4%。我認為從歷史上看，這些價格比標稱價格高出 10%。所以這些設施中仍然有一些空間。我認為，僅根據價格走勢和天然氣和液體的長期前景，我們就​​會重新評估。

But I think as we sit here today, comfortable with the position we're in, in a maintenance capital mode on the AR side.

但我認為，今天我們坐在這裡，對我們所處的位置感到滿意，在 AR 方面處於維護資本模式。

Got it. I'll leave it there. Thank you.

知道了。我就把它留在那裡。謝謝。

Thanks, Jeremy.

謝謝，傑里米。

Naomi Marfatia, UBS.

瑞銀的 Naomi Marfatia。

Hi, thanks for taking my questions. Just a follow-up on your commentary on data centers. You all gave a good rundown in your prepared remarks. But just curious if you could provide any additional details on how conversations are heading about commercialization and how AM could benefit from the trend?

你好，謝謝你回答我的問題。這只是對您關於資料中心的評論的後續。你們都在準備好的發言中給了很好的概述。但我只是好奇，您是否可以提供更多關於商業化對話進展以及 AM 如何從這一趨勢中受益的細節？

Yeah, I don't think today, as we sit here, anything more to say on that. We're continuing to have those conversations, as I mentioned. AM, with the infrastructure it has, can certainly participate through additional infrastructure build-out to the necessary demand areas. But again, too early to give any more specifics on that as we sit here today.

是的，我認為今天，當我們坐在這裡時，對此沒有什麼可說的。正如我所提到的，我們將繼續進行這些對話。AM 憑藉其現有的基礎設施，當然可以透過向必要的需求區域擴大額外的基礎設施來參與其中。但是，就我們今天的情況來看，現在透露更多細節還為時過早。

Got it. And then my second question is related to capital allocation. You all have done buybacks since the last two quarters and the leverage is below 3 times target. How should we think about your strategy on M&A or bolt-ons now that you own most of the gathering and compression in West Virginia?

知道了。我的第二個問題與資本配置有關。自過去兩個季度以來，你們都進行了回購，槓桿率低於目標的 3 倍。既然您現在擁有西維吉尼亞州大部分的收集和壓縮業務，我們應該如何看待您的併購或附加策略？

Yeah, so on the overall allocation there, we are below 3 times. I think we continue to see that portfolio approach, both paying down debt and buying back shares accrue to the equity. At what level does that stop accruing on the debt side? I don't think we've reached that yet.

是的，所以就整體分配而言，我們低於 3 倍。我認為我們會繼續看到這種投資組合方法，既償還債務，又回購股票以增加股權。債務方面的累積在什麼層面才會停止？我認為我們還沒有達到這個目標。

So it will likely be a continued approach going forward. And then on the M&A side, always looking at opportunities. Over the past few years, we've added some very strategic bolt-on acquisitions that support AR. And so we'll continue to look at opportunities like that. And we're well positioned given our balance sheet profile to capitalize on some of those opportunities should they present. But always looking out there and well positioned.

因此，這很可能是未來持續採取的方法。在併購方面，我們始終在尋找機會。在過去的幾年裡，我們增加了一些支持 AR 的非常具有戰略意義的附加收購。因此，我們將繼續尋找這樣的機會。鑑於我們的資產負債表狀況，我們已做好準備，充分利用其中的一些機會。但總是向外張望並處於有利位置。

Great, I'll leave it there. Thank you.

太好了，我就把它留在那裡了。謝謝。

Thanks.

謝謝。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

Hey team, I appreciate the comments on the LPG side of things. I guess I'd just be curious to kind of ask it in maybe a more direct way. I mean, from an AM perspective, we obviously care about the volume side. Like how much softer would pricing need to get to see a kind of production response from AR that would hit AM's volumes?

嘿，團隊，我很感謝您對 LPG 的評論。我想我只是好奇，想用更直接的方式問這個問題。我的意思是，從 AM 的角度來看，我們顯然關心音量方面。例如，定價需要降低多少才能看到 AR 產生影響 AM 產量的生產反應？

Yeah, you really can't get there, John. This is Mike Kennedy. We actually sensitized that the COVID prices, and it still wasn't there if you have natural gas prices where they're at, we still have substantial free cash flow. So -- and even if we don't, we wouldn't have -- we don't have any debt really.

是的，你真的無法到達那裡，約翰。我是麥克甘迺迪。我們實際上已經意識到了 COVID 價格，如果天然氣價格沒有達到目前的水平，我們仍然擁有大量的自由現金流。所以——即使我們沒有，我們也不會——我們實際上沒有任何債務。

So we would continue to run our 2-rig 1 plus completion crew program, really absent any sort of commodity price at this location. We continue to run it regardless.

因此，我們將繼續運行我們的 2 台鑽機 1 個加完井隊計劃，實際上該地點不存在任何類型的商品價格。不管怎樣，我們都會繼續運行它。

That's clear. That's helpful. And then you guys have done a lot on, I guess, you kind of say the self-help side of things, the compressor stations, et cetera. Understand there aren't a ton more assets kind of inside the fence to buy. But is there anything else you can do on kind of optimizing the cost side.

這很清楚。這很有幫助。然後我想，你們做了很多事情，比如說自助方面、壓縮機站等等。了解圍籬內沒有太多資產可供購買。但是在優化成本方面您還可以做些什麼嗎？

We've seen some of your peers kind of more in the Permian talk about maybe some self-powering projects. Anything like that on the radar for you guys?

我們看到二疊紀盆地的一些同行更多地談論一些自供電項目。你們有沒有註意到類似的事情？

I mean, I think, we've talked about some of these in the past, just around AR and being the largest consumer of power in the state. Certainly, there's opportunities to potentially look at behind the meter on those things. But those are, again, in probably the early parts of conversation, whether they move forward still early at this point. So -- but there are opportunities, but they're bolt-on kind of in and around where we look today. That's all I would say at this point.

我的意思是，我認為，我們過去已經討論過其中的一些問題，圍繞著 AR 以及作為該州最大的電力消費者。當然，我們有機會去觀察這些事情背後的情況。但這些可能還處於對話的早期階段，至於他們現在是否能繼續向前發展，還為時過早。所以 — — 但機會是存在的，但它們是我們今天所看到的地方的附加部分。我現在想說的就這些。

That's interesting. Thanks for your time, guys. I appreciate it.

那很有意思。謝謝你們的時間，夥伴們。我很感激。

Zack Van Everen, TPH.

扎克·範埃弗倫，TPH。

Hey guys, thanks for taking my question. Just a quick one on water. You guys serviced 28 wells this quarter. I know you mentioned a lot of those -- or eight of those were kind of to the back of the quarter. You still expecting to service the 70 to 75 you guys had in your guidance, which would kind of point towards a step down for maybe Q2?

嘿夥計們，謝謝你們回答我的問題。只是在水上快速地做一下。本季你們共維護了 28 口井。我知道您提到了很多，或者其中八個是在本季度末提到的。你們仍然期望服務於你們指導中的 70 到 75 個，這是否意味著第二季度的服務量可能會下降？

Yeah, we're still looking at that similar number. I think those eight -- most of that volume, we tried to highlight it will fall into that second quarter. So if you look at 1Q to 2Q, I'd expect a pretty similar level of volume. You had the second completion crew running for a month in the first quarter, and you'll have it running for a month in the second quarter. So we should expect similar volumes there.

是的，我們仍在關注那個相似的數字。我認為，我們試圖強調的是，這八個交易量中的大部分將落入第二季。因此，如果你看一下第一季和第二季度，我預計交易量水準會非常相似。第二批完井隊在第一季已經運作了一個月，在第二季也將繼續運作一個月。因此我們預計那裡的產量也會類似。

Okay, that's helpful. And then on the lateral length, still expecting the 13,200. I know the AR length of completed came in a little bit higher, but is that still a good average to look at?

好的，這很有幫助。然後就橫向長度而言，仍預計為 13,200。我知道 AR 完成長度稍微高一點，但這仍然是一個值得關注的平均值嗎？

Yeah, that's a good number to think about.

是的，這是一個值得思考的數字。

Alright, appreciate it. Thanks guys.

好的，謝謝。謝謝大家。

(Operator Instructions) At this time, I'll hand the floor back to Justin Agnew for closing remarks.

（操作員指示）現在，我將把發言權交還給賈斯汀·阿格紐 (Justin Agnew) 進行結束語。

Thank you, operator, and thank you, everyone, for joining today's conference call. Please feel free to reach out with any follow-up questions.

謝謝接線員，也謝謝大家參加今天的電話會議。如有任何後續問題，請隨時與我們聯繫。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。祝您有美好的一天。