Aris Water Solutions Inc (ARIS) 2024 Q4 法說會逐字稿

Greetings, and welcome to Aris Water Solutions fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

您好，歡迎參加 Aris Water Solutions 2024 年第四季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

It is now my pleasure to introduce David Tuerff. Thank you, David. You may begin.

現在我很高興介紹大衛·圖爾夫。謝謝你，大衛。你可以開始了。

Good morning, and welcome to the Aris Water Solutions fourth-quarter 2024 earnings conference call. I am joined today by our President and CEO, Amanda Brock; our Founder and Executive Chairman, Bill Zartler; and our CFO, Stephan Tompsett.

早安，歡迎參加 Aris Water Solutions 2024 年第四季財報電話會議。今天與我一起出席的還有我們的總裁兼執行長 Amanda Brock；我們的創辦人兼執行主席 Bill Zartler；以及我們的財務長 Stephan Tompsett。

Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward-looking statements regarding our current beliefs, plans and expectations, which are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from results and events contemplated by such forward-looking statements.

在我們開始之前，我想提醒您，在本次電話會議和相關演示中，我們將對我們當前的信念、計劃和期望做出前瞻性陳述，這些陳述並非對未來業績的保證，並且受許多已知和未知的風險和不確定性以及其他因素的影響，這些因素可能導致實際結果與此類前瞻性陳述所預期的結果和事件存在重大差異。

You are cautioned not to place undue reliance on forward-looking statements. Please refer to the risk factors and other cautionary statements included in our filings made from time to time with the Securities and Exchange Commission.

請注意不要過度依賴前瞻性陳述。請參閱我們不時向美國證券交易委員會提交的文件中包含的風險因素和其他警告聲明。

I would also like to point out that our investor presentation and today's conference call will contain discussion of non-GAAP financial measures, which we believe are useful in evaluating our performance. These supplemental measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with US GAAP. Reconciliations to the most directly comparable GAAP measures are included in our earnings release and the appendix of today's accompanying presentation.

我還想指出，我們的投資者介紹和今天的電話會議將討論非公認會計準則財務指標，我們認為這些指標有助於評估我們的績效。這些補充措施不應被孤立地考慮或作為按照美國公認會計準則編制的財務措施的替代。我們的收益報告和今天隨附簡報的附錄中包含了與最直接可比較的 GAAP 指標的對帳。

I'll now turn the call over to our Founder and Executive Chairman, Bill Zartler.

現在我將把電話轉給我們的創辦人兼執行主席比爾‧札特勒 (Bill Zartler)。

Thank you, David. Aris finished a tremendous 2024 with a strong fourth quarter. We saw continued steady produced water volumes as well as increased completion activity during the quarter leading to a record quarter for our Water Solutions business.

謝謝你，大衛。阿里斯 (Aris) 憑藉強勁的第四季度表現，為 2024 年畫上了圓滿的句號。本季度，我們的產水量持續穩定，完井活動不斷增加，使我們的水解決方案業務創下了歷史新高。

Margins remained strong in the fourth quarter and we paired robust earnings with continued capital efficiency generating significant free cash flow for the quarter and the year. 2024 represented a meaningful inflection point in cash generation which allows us to significantly increase shareholder returns in 2025 and beyond while continuing to reinvest in the business.

第四季利潤率依然保持強勁，我們將強勁的利潤與持續的資本效率相結合，為本季和全年產生了可觀的自由現金流。 2024 年是現金創造的一個有意義的轉捩點，這使我們能夠在 2025 年及以後大幅提高股東回報，同時繼續對業務進行再投資。

We have much to be proud of as we assess the year, but of all our metrics, our most important accomplishment was safety. We ended 2024 without a single employee or contractor recordable safety incident. I'd like to congratulate our entire operations team and recognize the diligence that they demonstrate every hour of every day.

回顧這一年，我們有很多值得驕傲的事情，但在所有指標中，最重要的成就是安全。截至 2024 年，我們沒有發生一起員工或承包商可記錄的安全事故。我要祝賀我們整個營運團隊，並認可他們每時每刻所展現的勤奮。

There's no greater priority than the safety of our team and those on our sites and we're immensely proud of what was accomplished during 2024. As we look to 2025, we see steady completion activity and production growth from our long term contracted customers.

沒有什麼比我們團隊和現場人員的安全更重要，我們為 2024 年的成就感到無比自豪。展望 2025 年，我們將看到長期簽約客戶的完井活動和產量穩定成長。

We will continue to pursue operating efficiencies to maintain and expand the margins we achieved in 2024 and will continue our disciplined capital investment focusing on cash generation and increasing returns to shareholders.

我們將繼續追求營運效率，以維持和擴大我們在 2024 年實現的利潤率，並將繼續進行嚴格的資本投資，專注於現金創造和增加股東回報。

Alongside a solid outlook for our current business, we closed a few strategic initiatives including the purchase of the McNeil Ranch in Lea County, New Mexico and Gaines and Andrew Counties, Texas continued progress on our beneficial reuse activities and mineral extraction as well as expansion into industrial water treatment beyond the oil and gas industry. We want to express our thanks to our team, our customers, and our suppliers for a phenomenal 2024 and are excited as we look forward into 2025 and beyond.

除了對當前業務的穩健前景外，我們還完成了幾項戰略舉措，包括收購新墨西哥州利亞縣和德克薩斯州蓋恩斯縣和安德魯縣的麥克尼爾牧場，繼續推進有益的再利用活動和礦物開採，並將其擴展到石油和天然氣行業以外的工業水處理領域。我們要向我們的團隊、客戶和供應商表示感謝，感謝他們為我們帶來了非凡的 2024 年，並對 2025 年及以後的未來充滿期待。

With that, I'll turn it over to Amanda for more details.

說完這些，我會把話題交給阿曼達來了解更多細節。

Thank you, Bill. 2024 was a remarkable year, and I'm extremely proud of our entire team. Our goals at this time last year were to operate safely, grow alongside our customers as they expanded their production on our dedicated acreage, improve our margins and operational efficiency and leverage our existing asset footprint to optimize our capital spending.

謝謝你，比爾。 2024 年是非凡的一年，我為我們整個團隊感到無比自豪。去年此時，我們的目標是安全運營，與客戶共同成長，因為他們在我們的專用土地上擴大了生產，提高了我們的利潤率和營運效率，並利用我們現有的資產足跡來優化我們的資本支出。

We're proud to say we exceeded those objectives. And as a result, we generated significant free cash flow. Supported by this cash and consistent with our commitment to increasing shareholder returns, we're pleased to announce a 33% increase to our dividend to $0.14 per share.

我們很自豪地說我們超額完成了這些目標。結果，我們產生了大量自由現金流。在這些現金的支持下，並按照我們增加股東回報的承諾，我們很高興地宣布我們的股息將增加 33%，達到每股 0.14 美元。

We had a strong finish to the year. We achieved record quarterly volumes in our Water Solutions business, and we grew our Water Solutions volumes 14% sequentially. We continue to see consistent activity on our dedicated acreage in the core of the Permian Basin from our large long-term dedicated customers. We grew our produced water volumes 7% year-over-year in 2024, and our customers still have multiple decades of remaining inventory in our dedicated acreage, providing us significant visibility long term.

我們為這一年畫上了圓滿的句點。我們的水解決方案業務實現了創紀錄的季度銷量，並且環比增長了 14%。我們持續看到來自我們長期的大型專用客戶在二疊紀盆地核心專用土地上的持續活動。2024 年，我們的產水量同比增長了 7%，並且我們的客戶在我們專用的土地上仍然擁有數十年的剩餘庫存，這為我們提供了長期的顯著可見性。

We maintained our improved margins in the fourth quarter, achieving an adjusted operating margin of $0.44 a barrel and adjusted EBITDA of $54.5 million. For the year, we invested approximately $101 million in CapEx and generated $73 million of free cash flow. Steve will go into more detail on our strong financial performance.

我們在第四季度保持了利潤率的提高，實現調整後營業利潤率至每桶 0.44 美元，調整後 EBITDA 為 5,450 萬美元。今年，我們在資本支出上投資了約 1.01 億美元，並產生了 7,300 萬美元的自由現金流。史蒂夫將更詳細地介紹我們強勁的財務表現。

As the industry becomes more efficient with larger pad designs, longer lateral lengths and faster completions, operators need access to large-scale infrastructure to ensure a reliable long-term supply of recycled produced water.

隨著產業效率的提高，平台設計越來越大，水平段越來越長，完井速度越來越快，營運商需要使用大規模基礎設施來確保可靠的長期再生採出水供應。

We recently extended an acreage dedication contract on one of our largest customers that dedicates their water sourcing in New Mexico to Aris, and we now have over 450,000 acres dedicated to our Water Solutions business with an average contracted tenor of approximately eight years. This means that over 80% of our forecasted 2025 Water Solutions volumes are now under long-term contracts, which, together with our long-term contracts and produced water handling gives us substantial visibility into future volumes.

我們最近與我們最大的客戶之一延長了一份土地專用合同，該客戶將其在新墨西哥州的水源專用於 Aris，現在我們已擁有超過 450,000 英畝的土地專用於我們的水解決方案業務，平均合同期限約為八年。這意味著，我們預測的 2025 年水解決方案產量中有 80% 以上現在都屬於長期合同，再加上我們的長期合同和生產水處理，我們可以對未來的產量有相當好的了解。

Looking forward to 2025, our customers are forecasting mid-single-digit production growth in the Permian Basin and our produced water volumes will grow alongside them. We anticipate an increase in Water Solutions activity in 2025 as certain customers increase their completion activity in our dedicated areas. We believe we can maintain the margin improvements we achieved in 2024, and we anticipate further growth in free cash flow. Steve will provide additional details around our 2025 guidance.

展望 2025 年，我們的客戶預測二疊紀盆地的產量將實現中等個位數成長，我們的採出水量也將隨之成長。隨著某些客戶在我們專用區域增加完井活動，我們預計 2025 年水解決方案活動將會增加。我們相信，我們可以保持在 2024 年實現的利潤率提升，並且我們預計自由現金流將進一步成長。史蒂夫將提供有關我們 2025 年指導的更多詳細資訊。

We will also continue to pursue strategic initiatives that will allow us to accelerate our growth well into the future. As Bill mentioned, in the fourth quarter, we acquired the McNeill Ranch comprised of approximately 45,000 surface acres, which provides Aris with significant optionality and long-term operational advantages. We believe the location of the ranch can support the industry's growing need for long-term water injection.

我們也將繼續推行策略舉措，以加速我們未來的成長。正如比爾所提到的，在第四季度，我們收購了佔地約 45,000 英畝的麥克尼爾牧場，這為 Aris 提供了顯著的選擇權和長期營運優勢。我們相信，該牧場的位置可以滿足該行業日益增長的長期注水需求。

We purchased the ranch after detailed subsurface analysis in collaboration with several of our largest customers and believe it features promising geology and porosity for long-term water infrastructure development. The ranch also provides a compelling opportunity to reduce our largest downhole operating expense by eliminating landowner royalties for volumes disposed on the ranch.

我們與幾家最大的客戶合作，對地下進行了詳細的分析，然後購買了該牧場，並相信其地質條件和孔隙率有利於長期水利基礎設施建設。牧場還提供了一個極具吸引力的機會，透過取消土地所有者對牧場上處置的石油的特許權使用費，我們可以減少最大的井下營運費用。

In addition, we have significant flexibility to maximize the value of the ranch by generating surface income through rights of way, utilization of the surface for power and renewable development, beneficial reuse and other industrial applications. We are in discussions with both current and potential new customers to commercialize the use of the ranch, which we purchased at an attractive valuation relative to recent transactions on adjacent acreage.

此外，我們還擁有很大的靈活性，可以透過通行權、利用地表進行發電和可再生能源開發、有益再利用和其他工業應用來產生地表收入，從而最大限度地提高牧場的價值。我們正在與現有和潛在的新客戶討論如何將該牧場的商業化使用，相對於最近在鄰近土地上的交易，我們以一個有吸引力的估價購買了該牧場。

We continue to make progress on beneficial reuse alongside our partners, ExxonMobil, Chevron, ConocoPhillips, and Coterra. After extensive testing and development of treatment technologies, we have applied to the Texas Commission on Environmental Quality for a discharge permit for up to 475,000 barrels of reclaimed water per day. We hope to have a permit in hand by the end of 2025 with the ability to discharge water in 2026.

我們與合作夥伴埃克森美孚、雪佛龍、康菲石油和科特拉一起繼續在有益再利用方面取得進展。經過廣泛的測試和開發處理技術後，我們已向德州環境品質委員會申請了每天最多 475,000 桶再生水的排放許可證。我們希望在 2025 年底之前獲得許可證，並能夠在 2026 年排水。

Aris is also applying its expertise in complex water treatment to industrial users outside of the oil and gas industry. We're extremely pleased to have recently added assets, intellectual property and an experienced team to help us with our expansion into the broader industrial market. This team has developed projects for numerous large industrial companies and positions us well strategically. We look forward to providing further updates as this business grows.

Aris 也將其在複雜水處理方面的專業知識應用於石油和天然氣行業以外的工業用戶。我們非常高興最近增加了資產、智慧財產權和經驗豐富的團隊，以幫助我們擴展到更廣泛的工業市場。該團隊已經為許多大型工業公司開發了項目，並為我們提供了良好的策略地位。隨著業務的成長，我們期待提供進一步的更新。

And with that, I'll turn it over to Steve to discuss our financial results for the quarter and details on our outlook for 2025.

接下來，我將把時間交給史蒂夫，討論我們本季的財務表現以及我們對 2025 年的展望的細節。

Thank you, Amanda. We recorded adjusted EBITDA for the fourth quarter of $54.5 million and adjusted operating margin of $0.44 per barrel. For the full year, we recorded adjusted EBITDA of $211.9 million, up 21% from 2023 and adjusted operating margins of $0.45 per barrel, up 15% from the prior year.

謝謝你，阿曼達。我們第四季的調整後 EBITDA 為 5,450 萬美元，調整後營業利潤率為每桶 0.44 美元。全年調整後 EBITDA 為 2.119 億美元，較 2023 年成長 21%，調整後營業利潤率為每桶 0.45 美元，較上年增長 15%。

Turning to CapEx. We spent $18 million in the fourth quarter and $101 million for the full year. Expenditures were down 35% year-over-year, which paired with our strong earnings performance, generated $73 million in free cash flow during the year.

轉向資本支出。我們在第四季花了 1800 萬美元，全年花費了 1.01 億美元。支出較去年同期下降了 35%，再加上我們強勁的獲利表現，全年產生了 7,300 萬美元的自由現金流。

Looking ahead to 2025, we expect produced water volumes for the year to be between 1.15 million and 1.21 million barrels per day, up 5% versus 2024 at the midpoint. We're forecasting skim recoveries of approximately 1,820 barrels of oil per day for the year at an average price of $70 per barrel, which is down approximately $4 per barrel or 7% as compared to 2024 for an estimated $3 million annual impact.

展望 2025 年，我們預計全年產水量將在每天 115 萬桶至 121 萬桶之間，較 2024 年中位數成長 5%。我們預測，今年的石油日產量約為 1,820 桶，平均價格為每桶 70 美元，與 2024 年相比，每桶下降約 4 美元，即 7%，預計每年的影響為 300 萬美元。

In the Water Solutions business, we expect volumes to average between 460,000 and 520,000 barrels per day for the year, up 15% versus 2024 due to increased customer completion activity. We are forecasting continued strong margin performance with adjusted operating margin anticipated to be between $0.43 and $0.45 per barrel depending on skim oil recoveries, skim oil pricing and customer volume mix.

在水務解決方案業務方面，由於客戶完井活動的增加，我們預計今年的平均產量將在每天 46 萬至 52 萬桶之間，比 2024 年成長 15%。我們預測利潤率將繼續保持強勁，調整後的營業利潤率預計在每桶 0.43 美元至 0.45 美元之間，具體取決於脫脂油回收率、脫脂油定價和客戶量結構。

This continued produced water volume growth, strong completion activity and sustained margin strength are expected to deliver adjusted EBITDA of $215 million to $235 million for 2025. Finally, our capital expenditures are anticipated to be between $85 million and $105 million, consistent with 2024 levels, leading to free cash flow generation between $75 million and $95 million, up 17% over 2024 at the midpoint.

持續的生產水量成長、強勁的完井活動和持續的利潤率預計將使 2025 年的調整後 EBITDA 達到 2.15 億至 2.35 億美元。最後，我們的資本支出預計在 8,500 萬美元至 1.05 億美元之間，與 2024 年的水準一致，從而產生 7,500 萬美元至 9,500 萬美元的自由現金流，比 2024 年的中期增長 17%。

For the first quarter, we expect produced water volumes to be between 1.085 million and 1.125 million barrels per day and Water Solutions volumes to be between 510,000 and 550,000 barrels per day. This outlook reflects the impact of cold weather, which shut in some customer production in January and February.

對於第一季，我們預計生產水量將在每天 108.5 萬桶至 112.5 萬桶之間，而水解決方案生產量將在每天 51 萬桶至 55 萬桶之間。這一前景反映了寒冷天氣的影響，1 月和 2 月一些客戶的生產因此停止。

This forecast also reflects unexpected well completion downtime from one of our largest customers, which pushed out certain Water Solutions volumes in January and February. While these issues have been resolved and activity is expected to resume in March, there is potential that some activity could be delayed until later in the year.

這項預測也反映了我們最大的客戶之一意外的完井停工，這導致 1 月和 2 月部分水解決方案產量下降。雖然這些問題已經解決，預計活動將於 3 月恢復，但部分活動可能會推遲到今年稍後。

Despite these volume impacts, we believe our margins will be largely unaffected between $0.43 and $0.45 per barrel for the quarter. While production has now returned to normal levels, we anticipate the onetime weather-related impact to Aris' first quarter adjusted EBITDA to be approximately $1.5 million. Net of this amount, for the first quarter, we anticipate adjusted EBITDA between $50 million and $54 million.

儘管產量受到影響，但我們相信本季我們的利潤率基本上不會受到影響，在每桶 0.43 美元至 0.45 美元之間。雖然產量現已恢復正常水平，但我們預計天氣相關因素對 Aris 第一季調整後 EBITDA 的影響約為 150 萬美元。扣除該金額後，我們預計第一季調整後的 EBITDA 將在 5,000 萬美元至 5,400 萬美元之間。

Turning to our balance sheet. We ended the quarter with net debt of $422 million and a 2.0 times debt to adjusted EBITDA ratio with $332 million of liquidity. In terms of financing, our $400 million senior notes are scheduled to go current in April, and we have begun assessing our refinancing options.

轉向我們的資產負債表。本季末，我們的淨負債為 4.22 億美元，負債與調整後 EBITDA 比率為 2.0 倍，流動資金為 3.32 億美元。在融資方面，我們的 4 億美元優先票據計劃於 4 月到期，我們已經開始評估我們的再融資選項。

Finally, we declared our first quarter dividend of $0.14 per share to be paid March 27 to shareholders of record on March 13. This dividend represents a 33% increase over the fourth quarter of 2024 and is a reflection of our stable contracted cash flows, low leverage and confidence in 2025 and beyond.

最後，我們宣布第一季股利為每股 0.14 美元，將於 3 月 27 日支付給 3 月 13 日登記在冊的股東。該股息比 2024 年第四季成長了 33%，反映了我們穩定的合約現金流、低槓桿率以及對 2025 年及以後的信心。

With that, I'll turn it back to Amanda.

說完這些，我就把話題轉回給阿曼達。

Thanks, Steve. In closing, we would like to offer sincere appreciation to our loyal customers and also our team for all of their hard work and consistent execution in 2024. Our performance was exceptional across all metrics: safety, commercial contracting, volumetric growth, cost efficiency, and disciplined capital investment.

謝謝，史蒂夫。最後，我們要向我們忠實的客戶和我們的團隊在 2024 年的辛勤工作和始終如一的執行表示誠摯的感謝。我們在所有指標上的表現都非常出色：安全、商業承包、產量成長、成本效率和嚴格的資本投資。

Alongside continuous focus on our core business, our new strategic initiatives set us up for additional growth in 2025 and beyond in both produced water infrastructure and adjacent industries. We remain focused on providing exceptional service to our customers, prudently reinvesting in the business and returning excess cash to shareholders.

除了持續專注於核心業務之外，我們的新策略舉措也為我們在 2025 年及以後在生產水基礎設施和鄰近產業的進一步成長奠定了基礎。我們始終專注於為客戶提供卓越的服務、審慎地對業務進行再投資以及向股東返還多餘的現金。

We've built a sustainable platform from which we can make investments in new growth areas, and we look forward to updating you throughout 2025 on our progress. And with that, we are happy to take questions.

我們已經建立了一個可持續發展的平台，可以在此基礎上對新的成長領域進行投資，我們期待在 2025 年向您通報我們的進展。我們非常樂意回答您的問題。

(Operator Instructions)

（操作員指示）

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

Hey, good morning. Thanks for the time. I want to start on the ranch acquisition. It's definitely screening much lower per acre than some other deals we've seen. Just curious if you could frame up for us how you're thinking about the return profile on the acquisition and maybe just what the steps are to realizing that return?

嘿，早安。謝謝你的時間。我想開始收購牧場。與我們見過的其他一些交易相比，它的每英畝篩選成本肯定要低得多。我只是好奇，您是否可以向我們闡述您如何看待此次收購的回報情況，以及實現該回報的步驟是什麼？

Certainly. Thanks, John. So early last year, we began looking at suitable locations with great surface characteristics for us to secure future disposal locations for ourselves and our customers looking forward. And we bought the McNeil Ranch at a very attractive price.

當然。謝謝，約翰。因此，去年年初，我們開始尋找具有良好表面特性的合適地點，以便我們自己和我們的客戶確保未來的處置地點。我們以非常優惠的價格買下了麥克尼爾牧場。

We evaluated the subsurface with two of our largest customers and we believe that ranch has great porosity and injectivity. It gives us great optionality. It is located adjacent to some of the fastest growing areas of the Northern Delaware. It's got rail powered gas transmission lines. It straddles New Mexico and Texas. And we believe there were over 400,000 barrels of available disposal capacity.

我們與兩個最大的客戶一起對地下進行了評估，我們認為牧場具有很高的孔隙度和注入性。它為我們提供了很大的選擇性。它毗鄰特拉華州北部一些發展最快的地區。它有鐵路供電的天然氣輸送管線。它橫跨新墨西哥州和德克薩斯州。我們相信可用的處理能力超過40萬桶。

And we've already been granted six permits of about 180,000 barrels of disposal capacity. That being said, we think there is great future growth associated with this Ranch. We're in discussions with our customers on accessing this ranch for future volumes in the '26, '27 timeframe.

我們已經獲得了六張許可證，處理能力約為 18 萬桶。話雖如此，我們認為這個牧場未來將擁有巨大的發展空間。我們正在與客戶討論在 2026 年和 2027 年期間使用該牧場進行未來產量的開採。

So we expect that any CapEx associated with the development of this ranch will be underwritten by long term contracts and MVCs at attractive rates and we expect to develop the ranch in the same way as we have developed our existing network, which is to enter into contracts with our customers and then underwrite the infrastructure and expansion needed. So as we look forward, it is early days.

因此，我們預計與該牧場開發相關的任何資本支出都將以有吸引力的價格由長期合同和 MVC 承保，並且我們希望以與開發現有網絡相同的方式開發牧場，即與我們的客戶簽訂合同，然後承保所需的基礎設施和擴展。因此，當我們展望未來時，一切才剛開始。

We are in discussions with our customers. We are also very encouraged by inbounds that have come in, unrelated to subsurface. We've had inbounds on solar, leasing the ranch for solar, for wind, for battery. We've got right of way for substations. So all in all, this has been a great acquisition giving us great optionality and operational advantages.

我們正在與客戶進行討論。我們也對與地下無關的入境人數感到非常鼓舞。我們已經進入太陽能領域，租賃牧場用於太陽能、風能和電池。我們擁有變電所的通行權。總而言之，這是一次偉大的收購，為我們提供了極大的選擇權和營運優勢。

So we look forward to updating you as we go forward. We view this as a great growth opportunity for us to continue to develop it. And at the same time, we're remaining very focused on long term free cash flow generation and we're going to be balancing returns to shareholders and growth. Steve, if you want to add in terms of how we look at it from a financial perspective, we're just very encouraged.

因此，我們期待在未來的進展中向您通報最新情況。我們認為這對我們來說是一個繼續發展的絕佳機會。同時，我們仍然高度關注長期自由現金流的產生，並將平衡股東回報和成長。史蒂夫，如果你想補充我們從財務角度如何看待這個問題，我們感到非常鼓舞。

Yeah. And just to echo some of what Amanda said, this is really about the strategic ability to secure force base for future growth for the next 5 to 10 years. So John, when we look at ownership of the land, this really comes down to lease versus buy. And as long as we can retain the strategic optionality for the force base and development of it, it's going to come down to you having to compete on a return basis with any other project.

是的。重複阿曼達所說的一些話，這實際上是為了確保未來 5 到 10 年內軍隊基礎的戰略能力。所以約翰，當我們考慮土地所有權時，這實際上歸結為租賃與購買。只要我們能夠保留軍事基地及其發展的戰略選擇性，那麼你就必須在回報上與任何其他項目競爭。

That's clear. Thanks.

這很清楚。謝謝。

Sorry, John. The last thing to mention is that we did foreshadow some of this as it related to addressing royalties. And for barrels that we dispose on this Ranch, we obviously will be not paying royalties.

對不起，約翰。最後要提到的是，我們確實預示了一些與版稅相關的問題。對於我們在這個牧場處理的桶，我們顯然不會支付特許權使用費。

Absolutely, that's clear. Maybe just a quick follow-up, you touched on this briefly, but would you expect to kind of stay active on the surface acquisition side? Is this kind of it for now? You've talked more broadly about kind of more traditional water M&A, maybe just frame up the kind of go forward acquisition strategy for us?

絕對如此，這一點很清楚。也許只是一個快速的後續問題，您簡要地談到了這一點，但您是否希望在表面採集方面保持活躍？目前是這樣的嗎？您已經更廣泛地談論了更傳統的水務併購，也許只是為我們制定了一種前進的收購策略？

We continue to look for opportunities for inorganic growth and we continue to evaluate companies as they come to market. But as we have consistently said, they've got to have great contracts, great assets, good inventory and for there to be strategic imperatives to buy them at a price that we believe can be supported. So we will continue to look at companies and we will continue to look at other opportunities to ensure that we have got a pathway to robust growth in the future.

我們繼續尋找無機成長的機會，並繼續對進入市場的公司進行評估。但正如我們一直所說的那樣，他們必須擁有優質的合約、優質的資產、良好的庫存，並且有策略需要以我們認為可以支持的價格收購他們。因此，我們將繼續關注公司，並繼續尋找其他機會，以確保我們未來擁有強勁成長的道路。

And I don't think, John, this is we believe that we're going to acquire a continue to grow the land business and kind of the pace that we added this over the next year is that's probably not part of the core strategy, but really a strategic move to really protect the business and have a lot of options with it.

約翰，我不認為我們相信我們會收購並繼續發展土地業務，而且我們明年增加這方面的步伐可能不是核心戰略的一部分，但實際上是一種戰略舉措，可以真正保護業務並擁有很多選擇。

All right. Absolutely. That's clear. Appreciate the time. Thank you.

好的。絕對地。這很清楚。珍惜時間。謝謝。

Thanks, John.

謝謝，約翰。

Spiro Dounis, Citi.

花旗銀行的 Spiro Dounis。

Hi, this is Chad on for Spiro. I think just starting off on the dividend, you've grown it very rapidly over the past two years. Can you talk about what more normalized growth looks like? And if you have a specific target or yield in mind going forward?

大家好，我是 Spiro 的 Chad。我認為從股息開始，過去兩年你的股息成長非常迅速。您能談談更正常化的成長是什麼樣子的嗎？您是否對未來有具體的目標或收益考量？

Yeah, Chad, good morning. Thanks for the question. We have stated that growing shareholder returns in a sustainable manner is really one of our key goals and we're pleased that we could deliver with this increase to our shareholders. We have been starting up from relatively low payout relative to midstream names.

是的，查德，早安。謝謝你的提問。我們已經表示，以可持續的方式增加股東回報確實是我們的主要目標之一，我們很高興能夠為股東帶來這一成長。與中游公司相比，我們的起步支出相對較低。

And with strong performance that we had in 2024, this 33% increase was really meant to underscore our commitment to growing those returns over time, as well as reflecting management's confidence in the long term outlook for the business.

鑑於我們在 2024 年的強勁表現，這 33% 的成長實際上是為了強調我們致力於隨著時間的推移增加回報的承諾，同時也反映了管理層對業務長期前景的信心。

So going forward, we don't have an explicit target around payouts, but we will look to evaluate dividends most likely on an annual basis. I would expect future increases to be at a more consistent level, though likely at a lower growth rate relative to the 33%. But we don't have a specific number or range at this time.

因此，展望未來，我們沒有明確的派息目標，但我們最有可能以年度​​評估股利。我預計未來的成長將保持更穩定的水平，儘管相對於 33% 的成長率可能會較低。但目前我們還沒有具體的數字或範圍。

Okay, understood. And then just following up on McNeil acquisition, can you talk about sort of timing to develop this asset and when we can expect to see benefits show up in EBITDA?

好的，明白了。然後，就 McNeil 收購事宜進行跟進，您能否談談開發該資產的時機以及我們何時可以預期看到 EBITDA 中出現收益？

Certainly. I think we are looking at developing this ranch in the sort of '26, '27 timeframe. And so looking at revenue of the Ranch, other than the surface revenue associated with some of the activities that we are looking at right now, meaningful impact really in those later years and sort of '27 timeframe.

當然。我認為我們計劃在 26、27 年左右開發這個牧場。因此，從牧場的收入來看，除了我們目前正在關注的一些活動產生的表面收入外，牧場的收入在後來的幾年以及 27 年左右確實產生了有意義的影響。

Okay, got it. Thanks for the time. That's all I had.

好的，明白了。謝謝你的時間。這就是我所擁有的一切。

Thanks, Chad.

謝謝，乍得。

Jeremy Tonet, JP Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hey, this is Noah Katz on for Jeremy. Thanks for the question. Going back to the McNeil Ranch acquisition, you guys spoke to it a bit, but how do you plan to integrate the ranch into your existing operations and what synergies do you expect to receive from the acquisition? Can you speak to any optimization efforts that can be accomplished to cut future costs? Thanks.

嘿，我是 Noah Katz，取代 Jeremy。謝謝你的提問。回到麥克尼爾牧場的收購，你們談了一些事情，但是你們計劃如何將牧場整合到現有的業務中，以及你們期望從收購中獲得哪些協同效應？您能否談談可以採取哪些優化措施來降低未來成本？謝謝。

Good morning, Noah, and thanks for the question. So I mean, the comment I made to John's question, if we are disposing on the Ranch, we don't pay royalties. And that is one of our largest OpEx items. So that immediately is an optimization, is a benefit as we look to grow our position. The location of the ranch is adjacent to one of the fastest growing areas in the Northern Delaware.

早安，諾亞，謝謝你的提問。所以我的意思是，我對約翰的問題的評論是，如果我們在牧場上處置，我們就不會支付特許權使用費。這是我們最大的營運支出項目之一。因此，這立即就是一種優化，對我們擴大自身地位是一種好處。該牧場所在地毗鄰特拉華州北部發展最快的地區之一。

So it is associated with where we have been investing in infrastructure and signing contracts in that area. So we see it as very synergistic. We see it as giving us great optionality and giving us the operational advantages associated with the fact that the ranch has got these great subsurface characteristics that some of our largest customers have found very attractive. So guiding to have an OpEx advantage and we think positions us well for future growth opportunities with our customers.

因此，這與我們在該地區投資基礎設施和簽署合約有關。因此我們認為它具有很強的協同作用。我們認為它為我們提供了很大的選擇性，並為我們帶來了營運優勢，因為該牧場擁有這些優良的地下特性，我們的一些最大客戶發現這些特性非常有吸引力。因此，我們認為，透過獲得營運支出優勢，我們可以為未來與客戶的成長機會做好準備。

Thanks for that. And then switching gears a bit as a follow-up. Can you provide an update on the potential you see for the desalination and mineral extraction projects? Should we expect any other projects coming up the pipeline like these? And do you have any further updates you can provide relating to these revenue streams in 2025? Thanks.

謝謝。然後稍微轉換一下話題作為後續。您能否介紹一下您所看到的海水淡化和礦物開採項目的潛力？我們是否應該期待有其他類似的項目出現？您能否提供有關 2025 年這些收入來源的進一步更新資訊？謝謝。

No, we've been pretty specific that there's unlikely to be revenue in '25. We are looking more toward '26. We continue to work on the iodine projects in sighting those locations. We expect to be under construction toward the end of the year on those projects where we will be looking at a royalty stream type structure and not be required to contribute any CapEx.

不，我們已經非常明確地表示，25 年不太可能有收入。我們更加期待 26 年。我們將繼續在這些地點開展碘項目。我們預計這些項目將在年底前開工建設，我們將考慮特許權使用費流類型的結構，並且不需要投入任何資本支出。

We are working on magnesium. We are continuing to see progress in our pilot. And most importantly, we have filed for a permit with the TCEQ in Texas, which has been very constructive for the surface discharge of 475,000 barrels a day. We expect to have draft permits on hand by year end and be able to in '26 work with our customers who want access to that disposal capacity to develop and operate facilities to discharge this water safely.

我們正在研究鎂。我們的試點計畫正在持續取得進展。最重要的是，我們已經向德克薩斯州TCEQ申請了許可證，這對於每天475,000桶的地面排放非常有幫助。我們預計在年底前獲得許可證草案，並能夠在26年與希望獲得該處理能力的客戶合作，開發和營運安全排放水的設施。

Okay. Thanks for that. I'll leave it there.

好的。謝謝。我就把它留在那裡。

Thank you, sir.

謝謝您，先生。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks. Good morning. So I guess you kind of alluded to this, but seems like the plan for the ranch is potentially building a water pipeline to bring your customers' volumes to new disposal wells that you build at the Ranch.

謝謝。早安.所以我想你有點提到了這一點，但似乎牧場的計劃是建造一條輸水管道，將客戶的水輸送到你在牧場建造的新處置井。

Can you give us a ballpark of how much CapEx would be involved with this type of project and developing it? Would it be comparable in scale to one of your peers announced a large water pipeline last night, would it be kind of in that range in the hundreds of millions of dollars or potentially less than that?

您能否告訴我們，此類項目及其開發需要多少資本支出？它的規模是否與您的一位同行昨晚宣布的大型輸水管道項目相當，其投資額是否會在數億美元左右，還是可能低於這個數字？

Morning, Praneeth. And yes, we expected given timing of that release that we would get a question like that. So the answer is no, we do not expect to be looking at CapEx in that range. One of the advantages of the location of this ranch and where development is that we have the ability to do this in phases. And so we will work very closely with our customers as these new volumes need to be moved to the Ranch.

早安，Praneeth。是的，我們預計在發布的時間點我們會收到這樣的問題。所以答案是否定的，我們預期資本支出不會在這個範圍內。這個牧場的地理位置和開發地點的優勢之一是我們能夠分階段進行開發。因此，我們將與客戶密切合作，因為這些新產量需要轉移到牧場。

It's all going to be phase development as I said, so we do not expect to have a significant CapEx number like the headline number that was in the release from [WES]. Steve, you want to talk about how we look at underwriting this?

正如我所說，這一切都將分階段進行，因此我們預計資本支出數字不會像新聞稿中提到的那麼大。[WES]。史蒂夫，你想談談我們如何看待承保這件事嗎？

Yeah. I think, Praneeth, as we look at potential commercial opportunities here, it is going to be underwritten by contracts that support long term growth, free cash flow growth to company. So it's going to be consistent with a structure that's going to support the company's long term outlook and balance sheet health.

是的。我認為，Praneeth，當我們看到這裡潛在的商業機會時，它將由支持公司長期成長、自由現金流成長的合約承保。因此，它將與支持公司長期前景和資產負債表健康的結構保持一致。

Got it. And then maybe turning to beneficial reuse of the permit with the Texas Commission of 475,000 barrels, pretty quite significant. First question, do you have customers already committed to this volume or expressing interest?

知道了。然後也許轉向對德克薩斯州委員會頒發的 475,000 桶許可證進行有益的再利用，這相當重要。第一個問題，是否有客戶已經承諾購買此數量或表示有興趣？

And then what kind of capital would be required for this project? I guess it's called the Red Bluff treatment facility. How large is that? Would you bring in any partners? And when would you need to make an FID decision on that?

那麼這個計畫需要什麼樣的資金呢？我猜它被稱為 Red Bluff 治療設施。那有多大？您會引入任何合作夥伴嗎？什麼時候需要對此做出 FID 決定？

Great questions, Praneeth. And from a competitive standpoint, I will just sort of say, yes, we are in detailed discussions and there is considerable interest in accessing those volumes. We work very closely as you know in the consortium with Exxon and Coterra, Conoco, and Chevron all of whom are very familiar with what we are proposing to do with this project.

很好的問題，Praneeth。從競爭的角度來看，我只想說，是的，我們正在進行詳細的討論，人們對獲取這些資源有濃厚的興趣。如你所知，我們與埃克森美孚、科特拉、康菲和雪佛龍等公司密切合作，他們都非常熟悉我們對這個計畫的提議。

We anticipate it will be a combined project where we ultimately will operate it. We are going to be looking at FEED toward end of year as we see the project go through the regulatory process. So this is something that we will update you on as we go, but it will absolutely be with partners and we expect our role to be more technology, design, operation for a consortium.

我們預計這將是一個聯合項目，最終將由我們來運營。隨著專案經歷監管流程，我們將在年底前關注 FEED。因此，我們會隨時向您通報這一情況，但這絕對會與合作夥伴一起進行，我們希望我們的角色更多地是為財團提供技術、設計和運營。

Got it. Okay, thank you.

知道了。好的，謝謝。

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Good morning and congratulations on the strong quarter. I wanted to ask a couple of questions about the industrial water recycling that you alluded to on slide 5 of the presentation. The first question is, this sounds like this is going to involve working with somebody else's water versus deriving value from your own. Is that correct? If so, that seems like an intrinsically different business. And I wondered if you could just give us a kind of an early snapshot of what this might look like?

早安，恭喜本季業績強勁。我想問幾個有關您在簡報第 5 張投影片中提到的工業水回收的問題。第一個問題是，這聽起來像是要利用別人的水而不是從自己的水中獲取價值。對嗎？如果是這樣，那麼這似乎是一項本質上不同的業務。我想知道您是否可以給我們一個早期的快照，讓我們了解一下它看起來是什麼樣子的？

Sure, Jeffrey. Yes. The industrial water sector is growing rapidly and we have been pretty consistent on saying that we have developed expertise in proprietary treatment and we know how to deal with complex water. We've been doing that for the produced water industry. As we look forward, we believe there is a real opportunity to take our expertise to the treatment of industrial wastewater.

當然，傑弗裡。是的。工業用水產業正在快速發展，我們一直堅持認為，我們在專有處理方面擁有豐富的專業知識，並且知道如何處理複雜的水質。我們一直在為採出水產業做這件事。展望未來，我們相信我們確實有機會將我們的專業知識應用於工業廢水處理。

And so that is why we brought this team in house. They've got deep expertise in industrial wastewater projects where they've successfully completed projects for large industrial customers. Their focus is on high recovery treatment solutions, where they're minimizing waste streams. It is in some part using reverse osmosis systems, which we are using in beneficial reuse.

這就是我們引進這個團隊的原因。他們在工業廢水專案方面擁有深厚的專業知識，並已成功為大型工業客戶完成了專案。他們專注於高回收率處理解決方案，以最大程度地減少廢物流。在某種程度上，它使用了逆滲透系統，我們正在對其進行有益的再利用。

So this is a great platform of bringing in people, expertise and assets to help us not only in our own beneficial reuse efforts, but also to position us very well to continue using them and their backlog in delivering projects outside of oil and gas in adjacent verticals. We are very encouraged by what we think we can do in the industrial water sector.

因此，這是一個引入人才、專業知識和資產的絕佳平台，不僅可以幫助我們實現自身有益的再利用，還可以讓我們處於非常有利的位置，繼續利用他們和他們的積壓項目來交付相鄰垂直領域石油和天然氣以外的項目。我們對自己在工業用水領域所能取得的成就感到非常鼓舞。

Great. And then just as a follow-up to that is depending on how this evolves, would these projects be primarily limited to Texas and New Mexico near your current oil and gas operations or could this become a multi state endeavor?

偉大的。然後作為後續行動，取決於事態如何發展，這些項目是否主要局限於您目前的石油和天然氣業務附近的德克薩斯州和新墨西哥州，還是會成為一項跨州項目？

Jeffrey, the way we see this is really as a multi state endeavor. This team already has a backlog of projects in multiple states. It has great references with very large industrials and we would see this as obviously not just Texas and not related to the Permian, but in a multi state rollout.

傑弗裡，我們認為這確實是一項多州的共同努力。該團隊已經在多個州積壓了大量項目。它與大型工業有著密切的聯繫，我們認為這顯然不只是在德克薩斯州，也與二疊紀盆地無關，而是在多個州推廣。

Great. Thank you. I appreciate the color.

偉大的。謝謝。我很欣賞這個顏色。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Thanks. Good morning, all, and congrats on your year end closing updates. Starting on McNeil Ranch and thinking beyond your direct operations, could you speak to how you're organizing your commercial teams to attract other service activity which would drive additional income through power development, beneficial reuse and other industrial applications?

謝謝。大家早安，恭喜你們的年終總結更新。從麥克尼爾牧場開始，思考超越您的直接運營，您能否談談您如何組織商業團隊來吸引其他服務活動，從而透過電力開發、有益再利用和其他工業應用來增加收入？

Thanks for the question, Derrick. And honestly, we closed on the ranch at the end of last year. And we have not exactly gone out looking for opportunities. We are very encouraged because these have been inbounds from people who know where the ranch is, who understand what the advantages are associated with the Ranch. It's got a gas transmission line, a power line, it's got a railway line, there are substations being built around it, there's a power plant being built across the street, it's located next door to Hobbs, which is the fastest growing town in New Mexico.

謝謝你的提問，德里克。說實話，我們在去年年底就關閉了牧場。我們並沒有真正出去尋找機會。我們感到非常鼓舞，因為這些都是來自知道牧場在哪裡、了解牧場有哪些優勢的人的信息。它有一條天然氣輸送管線、一條電力線、一條鐵路線，周圍正在建造變電站，街對面正在建造一座發電廠，它毗鄰霍布斯，霍布斯是新墨西哥州發展最快的城鎮。

So these inbounds have come to us without us having to go out. At this point, however, we are allocating time and people to responding to these inbounds as we continue to focus on our core operations, which is permitting, working with customers for long term opportunities associated with disposal and beneficial reuse.

因此，我們無需外出，這些入境資訊就能到達我們手中。然而，目前，我們正在分配時間和人力來回應這些來電，因為我們將繼續專注於我們的核心業務，即允許與客戶合作，以獲得與處置和有益再利用相關的長期機會。

Terrific. And then maybe leaning in on slide 12 a bit, you're providing a more fulsome update on beneficial reuse cases with this update regarding reservoir replenishment. How should we think about the cost of desalination and the potential ramp to discharge up to 475,000 barrels?

了不起。然後也許稍微傾向於第 12 張幻燈片，您將透過有關水庫補給的更新提供有關有益再利用案例的更全面的更新。我們該如何看待海水淡化的成本以及排放量可能增加到 475,000 桶？

We've spent a lot of time with the pilot and focusing on technologies that not only are robust enough to deal with this complex water, but are cost effective. And we have made tremendous progress with our partners on getting the cost of desalination on an operational perspective down to a place that it becomes to be competitive.

我們花了大量時間進行試點，並專注於開發不僅足夠強大能夠處理這種複雜水質而且具有成本效益的技術。我們與合作夥伴一起取得了巨大進展，將海水淡化的營運成本降低到具有競爭力的水平。

And as we look at how we are going to do this, as I said in an earlier answer, the CapEx associated with this, which I think is what your question is about, will be with partners and we are evaluating one, how we phase into this, whether or not we start with 100,000 desalination from a design perspective is modular. So it is easy to add desalination trains as you grow. So we look forward to sort of giving you more data on this as we get further with the permit process.

當我們考慮如何做到這一點時，正如我在先前的回答中所說，與此相關的資本支出（我認為這就是您的問題）將與合作夥伴一起進行，我們正在評估我們如何分階段實施這一計劃，無論我們是否從設計角度來看 100,000 個海水淡化廠都是模組化的。因此，隨著業務的成長，您可以輕鬆添加海水以淡化生產線。因此，隨著許可流程的進一步推進，我們期待為您提供更多相關數據。

Terrific. Great update.

了不起。很棒的更新。

Don Crist, Johnson Rice.

唐克里斯特、約翰遜賴斯。

Good morning, everybody. I wanted to touch on activity levels. It feels like most of your customers are very stable in their operations, but one of your larger customers has come out with some layoffs and stuff around the world and didn't know if that impacted you all at all. Just wanted to clarify that the activity that one of your larger customers is doing on your active or in your dedicated acreage is still moving forward as we thought it would in the past years?

大家早安。我想談談活動量。感覺你們的大多數客戶的營運都很穩定，但你們的一個大客戶在全球範圍內宣布了一些裁員等舉措，不知道這是否對你們所有人產生了影響。只是想澄清一下，您的一位大客戶在您的活躍或專用土地上進行的活動是否仍在向前推進，正如我們過去幾年所想的那樣？

It is all systems go, Don. So I think Chevron has announced layoffs and they have announced some initiatives that will impact production in other parts of the world. But if you drill down to what they are saying about the Permian and what they are saying about their operations in the Delaware, they've been very specific about hitting this milestone of over 1 million barrels a day. They are still ramping up.

一切準備就緒，唐。所以我認為雪佛龍已經宣布裁員，並且他們已經宣布了一些將影響世界其他地區生產的舉措。但如果你深入了解他們對二疊紀盆地以及特拉華州業務的描述，你會發現他們對於實現每天超過 100 萬桶的產量這一里程碑有著非常明確的目標。他們仍在加緊努力。

So we are not seeing anything that is impacting their activity on our property and our acreage dedications. It is all systems go and if anything right now, we are seeing a slight uptick in activity definitely on the completion side. And what's great about that is that we know we're providing water for completions, we're going to get more water for disposal.

因此，我們沒有看到任何影響他們對我們的財產和土地使用權的活動。一切系統都已啟動，如果說現在有什麼變化的話，那就是我們看到完成方面的活動略有上升。這樣做的好處是，我們知道我們為完井提供了水，我們將獲得更多的水來處理。

That's good to hear. And one kind of broader kind of industry question, particularly on M&A. Diamondback came out and said that they could possibly sell their water systems to pay down some of the debt from the acquisitions they did recently. I don't know if that is necessarily in your wheelhouse or not, but just a broader M&A question. Do you feel like that is that the industry is going to continue to consolidate over the next couple of years?

聽到這個消息真好。還有一個更廣泛的行業問題，特別是關於併購的問題。Diamondback 表示他們可能會出售其供水系統來償還最近收購所產生的部分債務。我不知道這是否一定屬於你的職責範圍，但這只是一個更廣泛的併購問題。您是否覺得未來幾年該產業將繼續整合？

And would you all be a major player in that?

你們會成為其中的重要參與者嗎？

Don, I think that's right. As we said, we really make sure that what we're looking at from an asset perspective really fits the criteria that we're looking for in terms of quality assets, quality of contract. And obviously, if an operator is spinning out some of their owned and operated assets, you need to make sure that you can commercialize that business for other folks' water to really make the economics work.

唐，我認為這是對的。正如我們所說，我們確實確保從資產角度考慮的內容確實符合我們在優質資產、合約品質方面所尋找的標準。顯然，如果營運商正在剝離其擁有和經營的部分資產，則需要確保能夠將該業務商業化，為其他人提供水資源，從而真正實現經濟效益。

And then you're really negotiating the contract directly with the operator to ensure that you have a position. And we did that with Concho and Conoco several years ago. So that model still exists and there's still opportunity sets both for consolidation among water peers as well as operator owned systems that might find a better home with more of a water midstream operator.

然後你實際上直接與運營商協商合約以確保你有一個地位。幾年前，我們與 Concho 和 Conoco 也這樣做過。因此，該模型仍然存在，並且仍然有機會進行水務同行之間的整合以及運營商擁有的系統，這些系統可能會在水中游運營商那裡找到更好的歸宿。

I appreciate the color. Thanks a lot, guys.

我很欣賞這個顏色。非常感謝大家。

Thanks, Adam.

謝謝，亞當。

Thank you. And it looks like there are no further questions at this time. I would like to turn the call back to Amanda Brock for closing comments.

謝謝。目前似乎沒有其他問題。我想將電話轉回給 Amanda Brock 來做最後評論。

Thanks. So we had a great 2024 and as we've expressed, we're very encouraged about our 2025 outlook. We want to thank our customers, we want to thank the team and we look forward to updating you on our progress and the strategic initiatives as the year develops. So thank you for calling in. And if we don't talk to you before, we will talk to you at the next quarter earnings. Have a great day.

謝謝。因此，我們度過了美好的 2024 年，正如我們所表達的，我們對 2025 年的展望感到非常鼓舞。我們要感謝我們的客戶，我們要感謝團隊，我們期待在未來的發展中向您通報我們的進展和策略舉措。感謝您的來電。如果我們之前沒有與您交談，我們將在下一季的收益報告中與您交談。祝你有美好的一天。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。