Archrock Inc (AROC) 2024 Q1 法說會逐字稿

Good morning. Welcome to the Archrock First Quarter 2024 Conference Call. Your host for today's call is Megan Repine, Vice President of Investor Relations at Archrock. I will now turn the call over to Ms. Repine. You may now begin.

早安.歡迎參加 Archrock 2024 年第一季電話會議。今天電話會議的主持人是 Archrock 投資者關係副總裁 Megan Repine。我現在將把電話轉給雷平女士。你現在可以開始了。

Thank you, Ally. Hello, everyone, and thanks for joining us today's call. With me today are Brad Childers, President and Chief Executive Officer of Archrock; and Doug Aron, Chief Financial Officer of Archrock. Yesterday, Archrock released its financial and operating results for the first quarter 2024. If you have not received a copy, you can find the information on the company's website at www.archrock.com.

謝謝你，艾莉。大家好，感謝您參加我們今天的電話會議。今天與我在一起的有 Archrock 總裁兼執行長 Brad Childers；以及Archrock 財務長Doug Aron。昨天，Archrock 發布了 2024 年第一季的財務和營運業績。

During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934 based on our current beliefs and expectations as well as assumptions made by and information currently available to Archrock's management team. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

在本次電話會議中，我們將根據我們當前的信念和預期以及 Archrock 管理團隊所做的假設和當前可獲得的信息，做出 1934 年《證券交易法》第 21E 條含義內的前瞻性陳述。儘管管理階層認為此類前瞻性聲明中反映的預期是合理的，但不能保證此類預期將被證明是正確的。

Please refer to our latest filings with the SEC for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. In addition, our discussion today will reference certain non-GAAP financial measures, including adjusted EBITDA, gross margin, gross margin percentage, free cash flow, free cash flow after dividend and cash available for dividend.

請參閱我們向美國證券交易委員會提交的最新文件，以了解可能導致實際結果與本次電話會議期間做出的前瞻性聲明中的結果有重大差異的因素清單。此外，我們今天的討論將參考某些非公認會計準則財務指標，包括調整後的 EBITDA、毛利率、毛利率百分比、自由現金流、股息後自由現金流和可用於股息的現金。

For reconciliations of these non-GAAP financial measures to our GAAP financial results, please see yesterday's press release and our Form 8-K furnished with the SEC. I'll now turn the call over to Brad to discuss Archrock's first quarter results and to provide an update of our business.

有關這些非 GAAP 財務指標與我們的 GAAP 財務表現的調整表，請參閱昨天的新聞稿以及我們向 SEC 提供的 8-K 表格。我現在將電話轉給 Brad，討論 Archrock 第一季的業績並提供我們業務的最新情況。

Thank you, Megan, and good morning, everyone. With a strong first quarter in the books, 2024 looks to be a promising and exciting year. Momentum in Archrock's earnings power is carrying into 2024, reflecting our excellent operational execution, high-quality asset base and innovative processes and technology. Among the highlights, our net income of $41 million was up from $16 million in the first quarter of 2023.

謝謝你，梅根，大家早安。憑藉強勁的第一季業績，2024 年看起來將是充滿希望和令人興奮的一年。 Archrock 的獲利能力將持續到 2024 年，這反映了我們卓越的營運執行力、高品質的資產基礎以及創新的流程和技術。其中亮點之一是我們的淨利潤為 4,100 萬美元，高於 2023 年第一季的 1,600 萬美元。

Adjusted EBITDA of $131 million was up $34 million or 35% versus the prior year period. This increase was driven by pricing and profitability gains across all segments. We maintained our sector-leading financial position, driving our leverage ratio to an all-time low of 3.2x. We continue to increase shareholder returns. Our quarterly dividend per share was up 10% compared to a year ago, all while maintaining robust dividend coverage of 3.2x for the quarter.

調整後 EBITDA 為 1.31 億美元，比上年同期增加 3,400 萬美元，成長 35%。這一增長是由所有細分市場的定價和盈利能力增長所推動的。我們維持業界領先的財務狀況，槓桿率降至 3.2 倍的歷史低點。我們不斷提高股東回報。我們的季度每股股息比去年同期成長了 10%，同時維持了本季 3.2 倍的強勁股息覆蓋率。

In addition, we continued repurchasing shares under our buyback authorization. With inception-to-date program purchases now totaling more than $10 million at an average price of $12.11 per share. As Doug will discuss, because of our strong first quarter performance and confidence in our business outlook, we have raised the midpoint of our adjusted EBITDA guidance for the full year. Given the magnitude of the operational and financial improvements we've achieved as well as the consistency and execution we've demonstrated, I'd like to take a moment to pause and say a couple of things.

此外，我們根據回購授權繼續回購股票。截至目前，計劃購買總額已超過 1,000 萬美元，平均價格為每股 12.11 美元。正如道格將討論的那樣，由於我們第一季的強勁表現以及對業務前景的信心，我們提高了全年調整後 EBITDA 指導的中點。考慮到我們在營運和財務方面取得的巨大改進以及我們所展示的一致性和執行力，我想花點時間暫停並說幾句話。

First, I want to thank our employees. Our performance is the result of the dedication and operating expertise our employees bring to deliver leading safety performance and excellent customer service each and every day. Thank you to the team. Thank you for leading at Archrock and for a job well done. Second, I want to expand further on the remarkable and enduring business we've built. This year marks the 70th anniversary of our company's founding. And we kicked off celebrations with the ringing of the opening bell of the New York Stock Exchange last Friday.

首先，我要感謝我們的員工。我們的業績源自於員工的奉獻精神和操作專業知識，他們每天都提供領先的安全性能和卓越的客戶服務。感謝團隊。感謝您在 Archrock 的領導以及出色的工作。其次，我想進一步拓展我們已經建立的卓越且持久的業務。今年是我公司成立70週年。上週五，隨著紐約證券交易所開市鐘聲的敲響，我們拉開了慶祝活動的序幕。

This milestone has given us the opportunity to reflect on where the company has been, the premier compression company we've built and the promise that lies ahead of our transformed business. From our first rate customer base, to our highly standardized fleet and excellent customer service for which we are known in the field to our most recent digitization and emissions reduction efforts, the actions we've taken to enhance our business should benefit our performance for years to come.

這個里程碑讓我們有機會反思公司的發展歷程、我們建立的一流壓縮公司以及我們業務轉型之前的承諾。從我們一流的客戶群，到我們在該領域聞名的高度標準化的車隊和卓越的客戶服務，再到我們最近的數位化和減排工作，我們為增強業務而採取的行動應該有利於我們多年來的業績來。

We also continue to have confidence in the strong compression market fundamentals and see 3 primary drivers which should support a sustained opportunity set for our truck. First, growth in natural gas production. The U.S. natural gas production forecast we track are indicating flat natural gas production for 2024 following a record production year in 2023. Associated gas production in key Archrock oil-producing markets like the Permian, however, is still expected to increase.

我們也繼續對強勁的壓縮市場基本面充滿信心，並認為 3 個主要驅動因素將為我們的卡車提供持續的機會。一是天然氣產量成長。我們追蹤的美國天然氣產量預測顯示，繼 2023 年創紀錄產量之後，2024 年天然氣產量將持平。

That forecasted increase in Permian natural gas production is certainly consistent with the increase in compression demand we have and continue to experience there in 2024. In addition, the pause in total U.S. natural gas volume growth is expected to be short-lived given the visible slate of global LNG projects that have already been approved and sanctioned and are expected to result in increased U.S. natural gas production over the next 5 years and in a sustained call on U.S. natural gas production longer term.

二疊紀天然氣產量的預測增長肯定與我們所面臨的壓縮需求的增長一致，並將在 2024 年繼續經歷。經批准和批准的全球液化天然氣計畫預計將在未來5 年內增加美國天然氣產量，並持續呼籲美國長期生產天然氣。

Domestic power generation could also provide upside to current domestic natural gas demand and production estimates as we're just beginning to understand the magnitude and timing of the possible opportunity that onshoring of AI data centers creates. The second factor is the heightened capital discipline across the energy sector. Our customers, peers and suppliers are balancing growth with returns to shareholders.

國內發電也可以為當前國內天然氣需求和產量估計提供上行空間，因為我們剛開始了解人工智慧資料中心外包所創造的可能機會的規模和時機。第二個因素是整個能源產業加強資本紀律。我們的客戶、同業和供應商正在平衡成長與股東回報。

After years of poor financial performance within the energy space, investors are demanding higher financial returns, and we believe the increased level of capital discipline that we're seeing throughout the oil and gas value chain supports this inflection. Third and finally, we're excited to be a crucial part of the value chain to provide cleaner, affordable and reliable energy to the U.S. and the world in the form of natural gas.

經過多年能源領域財務表現不佳之後，投資者要求更高的財務回報，我們相信，我們在整個石油和天然氣價值鏈中看到的資本紀律水平的提高支持了這種轉變。第三，也是最後一點，我們很高興成為價值鏈的重要組成部分，以天然氣的形式向美國和世界提供更清潔、負擔得起和可靠的能源。

Through Archrock's incremental investments in electric motor drive compression, and our work to bring methane emissions detection, measurement and capture solutions to market. We intend to do our part. Success by the sector would help extend the use of our affordable and abundant natural gas resource as a low emission source of reliable power generation as well as the use of billions of dollars of existing energy infrastructure for decades to come.

透過 Archrock 在電動馬達驅動壓縮方面的增量投資，以及我們將甲烷排放檢測、測量和捕獲解決方案推向市場的努力。我們打算盡自己的一份心力。該行業的成功將有助於擴大我們負擔得起且豐富的天然氣資源的使用，作為可靠發電的低排放來源，以及在未來幾十年內利用數十億美元的現有能源基礎設施。

Moving on to our segments. Our contract operations business segment continued to show broad-based signs of strength, including historically high levels of utilization, pricing and profitability which we currently expect to maintain throughout the year given tightness in the market. A few observations of what we're experiencing will help demonstrate the market strength we are seeing.

繼續我們的部分。我們的合約營運業務部門繼續顯示出廣泛的強勁跡象，包括利用率、定價和盈利能力處於歷史高位，鑑於市場緊張，我們目前預計全年將保持這一水平。對我們正在經歷的事情的一些觀察將有助於證明我們所看到的市場實力。

Demand, pricing and returns for new build equipment remain robust. We are sold out of 2024, and we continue to book equipment well into 2025. While the growth continues to be led by the Permian, we're also seeing demand for new equipment in other markets, including the Rockies. Similar to 2023, stock activity remains at low levels. And market tightness in associated gas plays, like the Permian, is being further supported by demand for gas lift given its cost effectiveness and reliable uptime.

新建設備的需求、定價和回報仍然強勁。 2024 年我們的設備已售完，我們將繼續預訂設備直至 2025 年。 雖然二疊紀盆地繼續引領成長，但我們也看到包括落基山脈在內的其他市場對新設備的需求。與 2023 年類似，庫存活動仍處於低水準。鑑於氣舉的成本效益和可靠的正常運作時間，二疊紀等伴生氣區的市場緊張狀況進一步受到氣舉需求的支撐。

Today, gas lift represents around 22% of our operating horsepower. This strength is evident in our quarterly performance metrics. We exited the first quarter with near record utilization of 95% and based on what we see in the Markets Day, we expect to be able to maintain utilization in the mid-90s this year. Given high levels of horsepower utilization for Archrock and the industry, we're maintaining the pricing prerogative and capturing additional rate increments.

如今，氣舉約占我們營運馬力的 22%。這種優勢在我們的季度績效指標中顯而易見。第一季結束時，我們的利用率接近創紀錄的 95%，根據我們在市場日看到的情況，我們預計今年能夠將利用率維持在 90 年代中期。鑑於 Archrock 和行業的高馬力利用率，我們將維持定價特權並獲得額外的費率增量。

The first quarter marks our 10th consecutive quarter of sequential increases in our monthly revenue per horsepower, which increased by 5% to $20.62. Continued price increases and strong cost control drove an increase in our gross margin percentage to 65% up 700 basis points year-over-year and 100 basis points compared to the last quarter. Looking ahead, we're focused on defending this high level of profitability and remain ambitious about driving additional profitability gains, especially as we leverage the capabilities of our investments in innovative technology to digitize and increasingly automate our operating platform.

第一季標誌著我們每馬力每月收入連續第十個季度連續成長，成長了 5% 至 20.62 美元。持續的價格上漲和強有力的成本控制推動我們的毛利率提高至 65%，年增 700 個基點，與上季相比提高 100 個基點。展望未來，我們將專注於捍衛這種高水平的盈利能力，並繼續雄心勃勃地推動額外的盈利能力增長，特別是當我們利用創新技術投資的能力來數位化和日益自動化我們的運營平台時。

The Aftermarket Services segment had a solid quarter during what is typically a seasonally slower period. Revenues were up 8% year-over-year due to higher pricing and a great service is driving repeat business with customers. First quarter profitability exceeded our guidance expectation as we continue to focus on higher quality and higher-margin work. Shifting to our capital allocation framework for 2024. We remain committed to free cash flow generation as well as our returns-based approach to capital allocation. We're increasing capital returns to shareholders.

售後服務部門在通常的季節性淡季期間表現穩定。由於定價上漲和優質服務推動了客戶的回頭客，營收年增 8%。由於我們繼續專注於更高品質和更高利潤的工作，第一季的獲利能力超出了我們的指導預期。轉向 2024 年的資本配置架構。我們正在增加股東的資本回報。

Our recently declared quarterly dividend per share was up 10% on an annual basis, and our Board of Directors recently approved an extension of our share repurchase authorization with renewed available capacity of $50 million. We're continuing to meet the needs of our customer base through new build investments. These investments will be funded by operations and supported by attractive returns. Finally, we maintain an industry-leading balance sheet and leverage position.

我們最近宣布的每股季度股息比年度增長 10%，我們的董事會最近批准延長我們的股票回購授權，更新可用能力為 5000 萬美元。我們將繼續透過新建投資來滿足客戶群的需求。這些投資將由營運提供資金並得到有吸引力的回報的支持。最後，我們保持業界領先的資產負債表和槓桿地位。

With the debt we've repaid over the last 4 years, and more recently, the strong earnings momentum in the last several quarters, we are well within our target leverage ratio of 3 to 3.5x. In summary, we have confidence in the favorable and durable macro environment, particularly given strong oil prices, which are driving sustainable compression demand in our key associated gas markets led by the Permian Basin.

憑藉我們在過去 4 年償還的債務，以及最近幾季強勁的獲利勢頭，我們完全處於 3 至 3.5 倍的目標槓桿率範圍內。總而言之，我們對有利且持久的宏觀環境充滿信心，特別是考慮到強勁的油價，這正在推動以二疊紀盆地為首的關鍵伴生氣市場的可持續壓縮需求。

Our transform platform is delivering meaningful growth in quarterly revenue, gross margin and adjusted EBITDA. Strong cash flow is funding high-return investments in our fleet and increased return of capital to investors. While we also continue to maintain a sector-leading balance sheet and financial flexibility. As I opened with the call with, I am proud of Archrock's 70-year legacy. But with the market we see ahead at our transformed platform, I'm even more excited about our company's future.

我們的轉型平台正在實現季度營收、毛利率和調整後 EBITDA 的顯著成長。強勁的現金流為我們機隊的高回報投資提供資金，並增加投資者的資本回報。同時我們也持續保持業界領先的資產負債表和財務彈性。正如我在電話會議開始時所說，我為 Archrock 70 年的傳承感到自豪。但隨著我們對轉型平台的未來市場的展望，我對我們公司的未來更加興奮。

With that, I'd like to turn the call over to Doug for a review of our first quarter performance and provide additional color on our updated 2024 guidance.

因此，我想將電話轉給 Doug，讓他回顧我們第一季的業績，並為我們更新的 2024 年指導提供更多資訊。

Thanks, Brad, and good morning, everyone. Let's look at a summary of our first quarter results and then cover our financial outlook. Net income for the first quarter of 2024 was $41 million. This included a noncash $3 million long-lived asset impairment. We reported adjusted EBITDA of $131 million for the first quarter 2024. Underlying business performance was strong in the first quarter as we delivered higher total gross margin dollars for both segments on a sequential basis.

謝謝布拉德，大家早安。讓我們來看看第一季業績摘要，然後介紹我們的財務前景。 2024 年第一季淨利為 4,100 萬美元。其中包括 300 萬美元的非現金長期資產減損。我們報告 2024 年第一季調整後 EBITDA 為 1.31 億美元。

Results further benefited from $2 million in net asset sale gains related to nonstrategic horsepower sales. Turning to our business segment. Contract operations revenue came in at $223 million for the first quarter, up 5% compared to the fourth quarter. This increase was driven by higher pricing. First quarter 2024 exit utilization remained near an all-time high at 95% and but was down slightly compared to the fourth quarter of 2023 primarily because we took delivery of 19,500 horsepower of new build units in March that were included in the total available horsepower but not reflected in total operating horsepower as the units did not begin generating revenue until April.

業績進一步受益於與非策略性馬力銷售相關的 200 萬美元淨資產銷售收益。轉向我們的業務部門。第一季合約營運收入為 2.23 億美元，比第四季成長 5%。這一增長是由定價上漲所推動的。 2024 年第一季出口利用率仍接近歷史最高水準95%，但與2023 年第四季相比略有下降，主要是因為我們在3 月份交付了19,500 馬力的新建機組，這些機組已包含在總可用馬力中，但未反映在總營運馬力中，因為這些機組直到四月才開始產生收入。

On this point, please note that our utilization calculation methodology does not include newly acquired horsepower in our operating horsepower unless and until that horsepower is generating revenue even if the units are under contract, which substantially all of our current backlog is. Compared to the fourth quarter, we grew our gross margin dollars by 6%. This resulted in gross -- this resulted in a gross margin percentage of 65% compared to 64% last quarter.

在這一點上，請注意，我們的利用率計算方法不包括我們的營運馬力中新獲得的馬力，除非並且直到該馬力正在產生收入，即使這些裝置處於合約狀態，而我們目前所有的積壓訂單基本上都是如此。與第四季相比，我們的毛利率成長了 6%。這使得毛利率達到 65%，而上季為 64%。

In our aftermarket services segment, we reported first quarter 2024 revenue of $45 million down slightly compared to the fourth quarter due to seasonality, but up 8% on a year-over-year basis. First quarter AMS gross margin of 23% compared to the fourth quarter of 22%. We exited the quarter with total debt of $1.6 billion and strong available liquidity of $478 million. Variable rate debt continue to represent less than 20% of our total long-term debt.

在我們的售後服務部門，我們報告稱，由於季節性原因，2024 年第一季收入為 4500 萬美元，較第四季度略有下降，但同比增長 8%。第一季AMS毛利率為23%，而第四季為22%。本季結束時，我們的債務總額為 16 億美元，可用流動性強勁，為 4.78 億美元。浮動利率債務繼續占我們長期債務總額的不到 20%。

Our leverage ratio at quarter end was 3.2x calculated as total debt divided by trailing 12 months adjusted EBITDA. This was down from 3.5x at year-end 2023. We remain committed to maintaining a consistent leverage ratio of 3 to 3.5x through cycles. In March, S&P Global Ratings upgraded Archrock's issuer credit rating to BB- from B+ with a stable outlook. S&P also raised the issue level rating on Archrock's senior unsecured debt to BB- from B+.

我們季末的槓桿率為 3.2 倍，計算方法為總債務除以過去 12 個月調整後 EBITDA。此槓桿比率低於 2023 年底的 3.5 倍。 3月份，標準普爾全球評等將Archrock的發行人信用評等從B+上調至BB-，展望穩定。標準普爾還將 Archrock 高級無抵押債務的發行級別評級從 B+ 上調至 BB-。

The strong financial flexibility I just described continued to support increased capital returns to our shareholders. We recently declared a first quarter dividend of $0.165 per share or $0.66 on an annualized basis. This is consistent with the fourth quarter 2023 dividend level and up 10% versus the year ago period. Cash available for dividend for the first quarter of 2024 totaled $82 million leading to impressive quarterly dividend coverage of 3.2x. In addition to paying our quarterly dividend during the quarter, we repurchased approximately 83,000 shares for $1.2 million at an average price of $14.83 per share.

我剛才描述的強大的財務靈活性繼續支持股東增加資本回報。我們最近宣布第一季股息為每股 0.165 美元，年化股息為 0.66 美元。這與 2023 年第四季的股息水準一致，比去年同期成長 10%。 2024 年第一季可用於股息的現金總額為 8,200 萬美元，季度股息覆蓋率高達 3.2 倍，令人印象深刻。除了在本季支付季度股息外，我們還以 120 萬美元的價格回購了約 83,000 股股票，平均價格為每股 14.83 美元。

Last week, our Board of Directors authorized our reauthorized our share repurchase program, which was set to expire in April for an additional 24 months time period. The reauthorized share repurchases program allow us to repurchase up to an additional $50 million of outstanding common stock. Turning to guidance. We are executing well compared to the outlook we provided in February and are confident in our ability to sustain historically high levels of utilization, pricing and profitability for the balance of the year.

上週，我們的董事會批准了我們重新授權的股票回購計劃，該計劃原定於 4 月份到期，期限再延長 24 個月。重新授權的股票回購計畫使我們能夠額外回購最多 5,000 萬美元的已發行普通股。轉向指導。與 2 月提供的展望相比，我們的執行情況良好，並且對今年餘下時間維持歷史高水準的利用率、定價和獲利能力充滿信心。

Considering excellent first quarter performance, we are raising our 2024 annual adjusted EBITDA guidance range to $510 million to $540 million from $500 million to $530 million previously. The midpoint of our improved guidance range represents an increase of 17% compared to $450 million in 2023. We now expect 2024 growth CapEx to total approximately $100 million. This is flat compared to growth CapEx of $190 million in 2023 and slightly higher than our prior guidance of between $175 million and $180 million as a result as a result of approximately $20 million in carryover cash CapEx for new equipment that was expected in late 2023 and was delayed.

考慮到第一季的出色表現，我們將 2024 年年度調整後 EBITDA 指引範圍從先前的 5 億美元至 5.3 億美元上調至 5.1 億美元至 5.4 億美元。與 2023 年的 4.5 億美元相比，我們改進後的指導範圍的中點表示增長了 17%。與2023 年1.9 億美元的成長資本支出相比，這一數字持平，略高於我們之前1.75 億至1.8 億美元的指導，因為預計2023 年末將有約2000 萬美元的新設備結轉現金資本支出，被延遲。

For clarity, if I misspoke, our guidance for 2024 growth CApEx is expected to be $190 million. Importantly, we still expect to generate free cash flow after dividend, given the enhanced financial performance I just described, as well as the $14 million in nonstrategic asset sale proceeds that we generated in the quarter, which reduced our net CapEx forecast. Our full year 2024 maintenance CapEx forecast of $80 million to $85 million and other CapEx forecast of $20 million to $25 million, both remain unchanged.

為清楚起見，如果我說錯了，我們對 2024 年成長 CApEx 的指引預計為 1.9 億美元。重要的是，考慮到我剛才描述的財務表現的增強，以及我們在本季度產生的1400 萬美元的非戰略資產出售收益，我們仍然期望在股息後產生自由現金流，這降低了我們的淨資本支出預測。我們對 2024 年全年維護資本支出預測為 8,000 萬至 8,500 萬美元，其他資本支出預測為 2,000 萬至 2,500 萬美元，兩者均保持不變。

In summary, we are delivering exceptional execution, reflecting 4 primary drivers, which are also contributing to Archrock's strong outlook for 2024. These drivers include our transformed platform our strong financial position and prudent capital allocation, a robust market for compression and a bright future for natural gas to meet the growing demand for cleaner energy. With that, Ally, we'd now like to open up for question -- the line for questions.

總而言之，我們正在提供卓越的執行力，反映了4 個主要驅動因素，這些驅動因素也為Archrock 2024 年的強勁前景做出了貢獻。的資本配置、強勁的壓縮市場以及光明的未來天然氣以滿足日益增長的清潔能源需求。艾莉，現在我們要開始提問──提問專線。

(Operator Instructions) Our first question comes from James Rollyson from Raymond James.

（操作員說明）我們的第一個問題來自 Raymond James 的 James Rollyson。

Congrats on another fantastic operating quarter. Brad do you have -- you and I have had this conversation many times in the past that you've talked about kind of ultimately in a cycle like we're in, the upside on pricing is kind of driven by where returns ultimately are and what your customers will allow you to take before they would be willing to do the projects themselves. And if you look at kind of where those returns are today, given what's happened on the cost inflation side, and the offsetting pricing gains you've had.

恭喜又一個出色的營運季度。布拉德，你和我過去多次進行過這樣的對話，你談到了最終在我們所處的周期中，定價的上行空間是由最終回報率驅動的，在您的客戶願意自己做專案之前，他們將允許您接受什麼。如果你看看今天的報酬率，考慮到成本通膨方面發生的情況，以及你所獲得的抵銷定價收益。

I'm curious, your average revenue per horsepower per month, I think you said it was 2.5% this quarter. And recently at our conference in Orlando, I asked Doug about where leading edge was it was kind of in the mid-20s. I'm trying to understand where you think that pricing level can go given the backdrop of LNG of power demand growth, et cetera, mean I presume mid-20s maybe isn't the stopping point, but it's certainly kind of the near-term bogey to try and aspire getting your whole fleet to. So I'm just maybe some context around where you think leading edge is today? And where do you think that might go just based on the market backdrop?

我很好奇，您每月每馬力的平均收入，我想您說過本季是 2.5%。最近在奧蘭多舉行的會議上，我問道格，20 世紀 20 年代中期的領先優勢在哪裡。我試圖了解您認為在液化天然氣電力需求增長等背景下定價水平會走向何方，這意味著我認為 20 年代中期可能不是停止點，但這肯定是近期的忌嘗試並渴望讓你的整個艦隊到達。所以我可能只是提供一些有關您認為當今領先優勢的背景資訊？根據市場背景，您認為這可能會走向何方？

Thanks, Jim. A few comments. First, when I think of spot pricing on a year-over-year basis, the good news is that 23% to 24%. We still see pricing momentum and we see spot pricing up. Now though more in the single digits compared to what we experienced over the last 3 years. Second, we know we have an opportunity to continue to see pricing gains on the installed base, and we're excited about that. And it is reflected in our guidance for sure.

謝謝，吉姆。一些評論。首先，當我考慮與現貨定價時，好消息是 23% 至 24%。我們仍然看到定價勢頭，並且現貨價格上漲。與我們過去三年的經驗相比，現在的數字更像是個位數。其次，我們知道我們有機會繼續看到安裝基礎上的價格上漲，我們對此感到興奮。這肯定反映在我們的指導上。

But that's the opportunity that we see on pricing is that the market is still supportive of price increases. And we like both what's going on a spot pricing basis as well as the opportunity to bring up the installed base, not just new starts. The second comment I'd make is that we would not give forward-looking guidance on pricing at a future range period. It's probably just not the prerogative of us to guide pricing or to set a future pricing level. So I'd like to just pull back off of that.

但這就是我們在定價上看到的機會，即市場仍然支持價格上漲。我們既喜歡現貨定價的情況​​，也喜歡增加已安裝基礎的機會，而不僅僅是新的啟動。我要說的第二個評論是，我們不會對未來範圍內的定價提供前瞻性指引。我們可能沒有權力來指導定價或設定未來的定價水準。所以我想退出這個話題。

We're not going to be able to share a target or a range for future pricing for a lot of reasons. So just we don't really want to go there at all. But a real point that you raised in your question is that our returns are good, but the market is going to require higher returns going forward of our customers and of us. The price for new units today is up something like 30% of since 2021. Pricing and inflation for parts, pricing and inflation for the cost of labor are all up pricing had to go up to regain and recover that territory.

由於多種原因，我們將無法分享未來定價的目標或範圍。所以我們根本不想去那裡。但您在問題中提出的一個真正的觀點是，我們的回報很好，但市場將要求我們的客戶和我們獲得更高的回報。如今，新設備的價格自 2021 年以來上漲了約 30%。

And candidly, we have. But in addition, cost of capital is up and returns on investment expectations are also up. As an industry, we have to deliver better returns as a business we have to deliver better returns, and we believe that our customer base is supportive of that because they're seeing the same demands from their investors.

坦白說，我們有。但此外，資本成本上升，投資回報預期也上升。作為一個行業，我們必須提供更好的回報作為一個企業，我們必須提供更好的回報，我們相信我們的客戶群支持這一點，因為他們看到了投資者的相同需求。

Got it. That's helpful color. That's exactly kind of where I'm going just with kind of what the implication is for the trajectory of pricing from here. Maybe switching gears on the free cash flow side, I mean you guys obviously have continued to bring leverage down your dividend coverage climbed again to over 3x led to the dividend increase.

知道了。這是有用的顏色。這正是我要說的，這對定價軌跡有何影響。也許在自由現金流方面要換檔，我的意思是你們顯然繼續降低槓桿率，你們的股息覆蓋率再次攀升至超過 3 倍，導致股息增加。

I'm curious how you think or how you and the Board think about distributing that cash. You boosted dividend 10% this last quarter. You just refreshed the buyback program. You guys have been probably lighter users so far on the buyback program, but trying to walk through maybe how you think about allocating that capital between debt repayment, now that leverage is in your targeted zone versus dividend growth versus using the buyback program? And are you just opportunistic on the buyback? Or like how do you think about that structure?

我很好奇您的想法或您和董事會如何考慮分配這些現金。上個季度您將股息提高了 10%。您剛剛刷新了回購計畫。到目前為止，您可能對回購計劃的使用程度較低，但現在槓桿率處於您的目標區域，與股息增長相比，與使用回購計劃相比，您可能會考慮如何在債務償還之間分配資本？您只是在回購中投機取巧嗎？或者你如何看待這個結構？

First, we're really excited about the financial position and the financial flexibility that we have on our platform and in our structure and balance sheet today. We fully intend to be focused on generating great returns of cash to our investors. And it's an exciting time to be in the position we're in with the number of levers we have to pull. So starting off with the dividend. We acknowledge that 10% increase year-over-year has been good.

首先，我們對我們平台、結構和資產負債表的財務狀況和財務靈活性感到非常興奮。我們完全致力於為投資者創造豐厚的現金回報。現在是一個令人興奮的時刻，我們必須動用如此多的槓桿。所以從股息開始。我們承認，年成長 10% 已經很不錯了。

And with the financial performance that we have now, we will be revisiting that dividend rates with our Board every quarter to discuss what the right level is going to be. But note, our goal is to deliver a consistent dividend and dividend growth through the cycle. We're at a strong part in the cycle, and so we want to be thoughtful about how we do that.

根據我們現在的財務業績，我們將每季與董事會重新審視股息率，討論正確的水平。但請注意，我們的目標是在整個週期中提供一致的股息和股息成長。我們處於這個週期的重要部分，因此我們希望認真考慮如何做到這一點。

Second, on buybacks, we are going to target being as systematic as we can be in execution of the share repurchases over time. That does take into account price and returns, however, because our entire approach is to put our cash where we can generate the best returns. And when we can do that for equity, we absolutely are going to do that for equity as opposed to debt because the returns on debt right now. We know what that looks like, and that's the easiest to compute.

其次，在回購方面，我們的目標是盡可能有系統地執行股票回購。然而，這確實考慮到了價格和回報，因為我們的整個方法是將現金投入到能夠產生最佳回報的地方。當我們能夠為股權做到這一點時，我們絕對會為股權而不是債務這樣做，因為現在的債務回報。我們知道它是什麼樣子，而且這是最容易計算的。

And finally, we're in a position where the market ahead is going to be robust. What we see, and I said it in my comments, is flat natural gas production in the U.S. for 2024 is going to change in 2025 and beyond. Our customers are working on getting ready for that. We are working on getting ready for that as well. So we see a bit of a pause right now, but growth ahead. So that capital allocation is also going to go towards funding that growth for our -- the benefit of our customers. But finally, with the net result that we absolutely are going to work hard to generate free cash flow in the capital allocation scheme.

最後，我們所處的位置是未來市場將會強勁。我在評論中說過，我們所看到的是，美國 2024 年的天然氣產量將在 2025 年及以後發生變化。我們的客戶正在為此做好準備。我們也在努力為此做好準備。因此，我們現在看到了一些停頓，但未來會出現成長。因此，資本配置也將用於為我們客戶的利益成長提供資金。但最終，最終的結果是我們絕對會努力在資本配置計畫中產生自由現金流。

So that's the way we think about it, Jim. And we're just excited that we know that, that means we have future opportunities to return more capital to our investors.

這就是我們的想法，吉姆。我們很高興知道這一點，這意味著我們未來有機會向投資者返還更多資本。

I would just say (inaudible) one second, Jim. At the risk of being defensive, which is definitely not the intent when you reference slightly less usage perhaps under that share buyback program. I would offer as a differentiator against any other public compression company that we, I believe, are the only ones delivering both growth in horsepower, growth in dividend and a share repurchase program. And so I think all of those are shareholder friendly. And things that owners of Archrock have both appreciated and will continue to appreciate into the future.

我只想說（聽不清楚）等一下，吉姆。冒著防禦性的風險，當您提到股票回購計劃下的使用量可能略有減少時，這絕對不是意圖。我認為，我們是唯一一家能夠同時實現馬力成長、股息成長和股票回購計畫的公司，作為與任何其他公共壓縮公司的區別。所以我認為所有這些都是股東友好的。 Archrock 的所有者已經欣賞並將在未來繼續欣賞這些東西。

Absolutely, Doug. It wasn't a slide against you? It was more just a relative where capital is going between dividend...

絕對是，道格。這不是針對你的幻燈片嗎？它更像是資本在股息之間流動的親戚...

I didn't take it that way. Just a short advertiser, but Jim, thanks.

我不這麼認為。只是一個簡短的廣告商，但是吉姆，謝謝。

Sure. Well, it's a high-class problem to have to choose which path to take of many. So congrats again, guys. Thanks.

當然。嗯，這是一個高級問題，必須在許多人中選擇走哪條路。再次恭喜你們。謝謝。

Our next question comes from Selman Akyol from Stifel.

我們的下一個問題來自 Stifel 的 Selman Akyol。

Thank you. Good morning. So, you talked about the gas lift market, and I was wondering if you could expand a little bit on that. What kind of opportunities do you see there? Maybe talk a little bit about the customer demand you're seeing there? And then does that also have similar economics relative to what you think of coming off the backside of the plants in transportation?

謝謝。早安.所以，您談到了氣舉市場，我想知道您是否可以對此進行一些擴展。您認為那裡有哪些機會？也許可以談談您在那裡看到的客戶需求？那麼，相對於您認為從運輸中的植物背面產生的東西，這是否也具有類似的經濟效益？

Thanks, Selman. I'll talk about the market opportunity first. Number one, what we see for gas lift, it's grown proportionately with what we've seen for gathering stated differently, the percentage and mix of what we have for compression on gas lift on a horsepower basis has basically been a consistent percentage compared to the entire fleet in application to gathering and gas lift.

謝謝，塞爾曼。我先講一下市場機會。第一，我們所看到的氣舉，它與我們所看到的收集成比例地增長，換句話說，我們在氣舉上壓縮的百分比和組合以馬力為基礎，與其他國家相比基本上是一致的百分比整個船隊用於採集和氣舉。

It's moved around a little bit, but been very consistent. So -- and as you know, gas lift is really directed for oil production. It's used to -- like an ESP or other technology to help relieve the pressure in the wellbore itself to facilitate production. So gas lift very directly tied to oil production as opposed to just pure gas production and gas gathering.

它有一點移動，但非常一致。因此，如您所知，氣舉實際上是針對石油生產的。它被用來像 ESP 或其他技術一樣幫助緩解井孔本身的壓力以促進生產。因此，氣舉與石油生產直接相關，而不僅僅是純粹的天然氣生產和天然氣收集。

And that means that it's a good market because we see forecast for oil growth going forward, and especially in the Permian. So it's a super strong market. We're going to, I think, continue to see good growth there, and we're going to benefit from it. As far as the back part of your question related to what we see on the recompression post plant. No, they're totally different applications to be direct. That's much more of a transportation and gathering applications, than...

這意味著這是一個很好的市場，因為我們預計未來石油成長，尤其是二疊紀盆地。所以這是一個超強大的市場。我認為，我們將繼續看到那裡的良好成長，我們將從中受益。至於你問題的後半部分，與我們在再壓縮後裝置上看到的情況有關。不，直接說它們是完全不同的應用程式。這更多的是一個運輸和收集應用程序，而不是......

Yes, I misspoke on that. I guess what I'm just curious if you think about just the gathering side of it versus the gas lift, is it the same contract tenor or is it the same pricing? Are you seeing all the same dynamics in one versus the other?

是的，我說錯了。我想我只是好奇如果你只考慮它與氣舉的收集方面，它是相同的合約期限還是相同的定價？您是否在其中一種與另一種中看到了所有相同的動態？

Yes. The dynamics are very comparable. The economics are identical. Compression equipment is the same in both applications.

是的。動態非常具有可比性。經濟學是相同的。兩種應用中的壓縮設備是相同的。

Understood. And then you undertook an optimization effort, I guess, through data gathering. Can you talk about how is that going and where you see that?

明白了。然後我猜你透過資料收集進行了優化工作。您能談談進展如何以及您在哪裡看到的嗎？

Yes. It's pretty exciting stuff, to be honest because over the last 3 years, we've added telemetry to every unit in the field with multiple points of data coming in off of the edge devices. It's being collected through a data engine that we are just starting to really figure out how to utilize very well to improve and drive great customer service, economics and efficiency in the field and the technicians and service managers that are really on the front end of utilizing that.

是的。說實話，這是非常令人興奮的事情，因為在過去 3 年裡，我們已經為現場的每個單元添加了遙測功能，並且多個數據點來自邊緣設備。它是透過數據引擎收集的，我們剛開始真正弄清楚如何善用它來改善和推動出色的客戶服務、現場的經濟性和效率，以及真正處於利用前端的技術人員和服務經理那。

What's great about the information that's coming in is that on a preventative and predictive maintenance perspective, we can look at what's going on with the units remotely and start to diagnose and address issues before they turn into downtime. That's super exciting. We can do a lot of that work over the air through adjustments with increasing efforts to automate aspects of what we're operating in the field today.

收到的資訊的優點在於，從預防性和預測性維護的角度來看，我們可以遠端查看設備的運作情況，並在問題停機之前開始診斷和解決問題。這太令人興奮了。我們可以透過調整以無線方式完成許多工作，並加強使我們今天在現場操作的各個方面實現自動化。

So all of that, we believe, is going to continue to allow us to offer a differentiated level of customer service, and a much higher level of efficiency. We expect to have to roll the trucks and go touch the units less than in the past when we did not have this technology available for us. So it's a pretty exciting time. That's the way that optimization is working.

因此，我們相信，所有這一切將繼續使我們能夠提供差異化的客戶服務水準和更高的效率。當我們沒有這項技術時，我們預計將比過去更少地滾動卡車並接觸設備。所以這是一個非常令人興奮的時刻。這就是優化的工作方式。

Any ideas when we should start expecting to see that show up in margins?

我們什麼時候應該開始期待看到它出現在利潤率中，有什麼想法嗎？

You're seeing some of that show up in margins already. And by the way, the beauty of that is the customers are also experiencing that at a customer service level. So when you think about the amount of profitability that we should be allowed in this business given the investments we've made, the improvements in service that we're delivering, we're pretty ambitious that we should be able to turn that into margin on a go-forward basis as well.

您已經看到其中一些內容已經出現在頁邊空白中。順便說一句，這樣做的美妙之處在於客戶也在客戶服務層面上體驗到這一點。因此，當你考慮到我們所做的投資以及我們正在提供的服務改進時，我們應該在這項業務中獲得多少盈利能力，我們雄心勃勃，我們應該能夠將其轉化為利潤也是在前進的基礎上。

Understood. And then last one, just in terms of following up to the last question and some of your answers there. You talked, I guess, about seeing LNG and talking about sort of robust growth ahead. And I'm just translating that in my mind to sort of CapEx budgets as you think about capital allocation. So I guess you're positioning us to expect higher expense going forward into '25 and '26?

明白了。然後是最後一個，只是跟進最後一個問題和您的一些答案。我想，您談到了液化天然氣並談到了未來的強勁成長。當你考慮資本配置時，我只是將其轉化為資本支出預算。所以我猜你讓我們預計 25 年和 26 年的費用會更高？

Directly, no. We are not positioning the expectation for higher CapEx in 2025. And yet, we are also not providing guidance for 2025. It's still really going in 2024. It's going to be a while before we can get there. But what I would say is that we're excited that the market remains as tight and as robust as we are seeing. We are not adjusting our allocation framework, and we're not trying to guide an expectation of a different level of investment in the future. We still remain very dedicated to returning cash to investors and to generating free cash flow.

直接說，沒有。我們並沒有設定 2025 年更高資本支出的預期。但我想說的是，我們很高興市場仍然像我們所看到的那樣緊張和強勁。我們不會調整我們的配置框架，也不會試圖引導對未來不同投資水準的預期。我們仍然非常致力於向投資者返還現金並產生自由現金流。

Our next question comes from [Josh Chan] from (inaudible) Energy Partners.

我們的下一個問題來自（聽不清楚）Energy Partners 的 [Josh Chan]。

I just wanted to back to something you noted on your last conference call that 30% of equipment is typically at least 70% owned. But in the Permian, that lease percentage is much higher. I was hoping you guys could just expand on why exactly that is and where you expect the Permian to rank from sort of an incremental horsepower standpoint over the next couple of years?

我只是想回到您在上次電話會議上指出的一句話，即 30% 的設備通常至少有 70% 擁有。但在二疊紀盆地，租賃比例要高得多。我希望你們能夠詳細說明為什麼會出現這種情況，以及你們預計二疊紀在未來幾年從增加馬力的角度排名如何？

Yes. Thank you for the question. First, the data on this is not 100% known. That is we don't have complete accurate visibility into the amount of horsepower owned and operated by all the customers. So our comments are, we believe, are directional and accurate, but not exactly just because that information is not available. So with that caveat, what I'd share is that the Permian was growing fast over the most recent period of time.

是的。感謝你的提問。首先，這方面的數據並不是100%已知的。也就是說，我們無法完全準確地了解所有客戶擁有和經營的馬力數量。因此，我們相信，我們的評論是有方向性和準確的，但不僅僅是因為資訊不可用。因此，帶著這個警告，我要分享的是，二疊紀在最近一段時間內迅速增長。

At a time when the entire industry, including the producers, and the midstreamers, service providers, compression service providers, we're all focused on capital discipline and leaning that in that was supportive of candidly more outsourcing for capital reasons, we think, by the producers and by the midstreamers than we had experienced before this most recent capital discipline. We think that was one driver.

當整個行業，包括生產商、中游企業、服務提供商、壓縮服務提供商，我們都專注於資本紀律，並傾向於支持出於資本原因而坦率地進行更多外包時，我們認為，透過與我們在最近的資本紀律之前所經歷的相比，生產商和中流媒體的影響更大。我們認為那是一名司機。

The second thing that we know is a driver is the availability of compression experience and labor. I think our customer base was very happy and looking forward to outsource more to the industry because it's expertise and labor that's available in us that was not necessarily one pocket of experience they want to build for themselves. So with those factors, I think, being the primary drivers of the market, we think that the amount of horsepower that's gone into the Permian has not been aligned with that 70-30 balance.

我們所知道的第二個驅動因素是壓縮經驗和勞動力的可用性。我認為我們的客戶群非常高興，並期待向該行業外包更多內容，因為我們可以提供專業知識和勞動力，而他們不一定想為自己積累一小部分經驗。因此，我認為，由於這些因素是市場的主要驅動力，我們認為進入二疊紀盆地的馬力並未達到 70-30 的平衡。

We don't know if it's more 60-40, but that's probably a fair estimate of what we think has happened in that part of the market. And as evidence of that, by the way, we know there's more compression that is operated by the outsourced service providers like Archrock and certainly including Archrock in the midstream sector than there ever has been in the past. So we think that the direction is clear. The numbers are not.

我們不知道是否超過 60-40，但這可能是我們認為該部分市場所發生情況的合理估計。順便說一句，作為證據，我們知道像 Archrock 這樣的外包服務提供者（當然也包括中游領域的 Archrock）營運的壓縮比以往任何時候都多。所以我們認為方向是明確的。數字不是。

That's great. And maybe just one other question. Geographically, could you sort of walk around the areas outside of the Permian where you might expect to see growth. You mentioned the Rockies in your prepared remarks. I'm just curious how you see the other markets across the U.S. developing here, not only through the end of this year, but moving forward into '25 and '26.

那太棒了。也許只是另一個問題。從地理上來說，你能在二疊紀以外的地區走走，在那裡你可能會看到成長。您在準備好的發言中提到了落基山脈。我只是好奇你如何看待美國其他市場的發展，不僅到今年年底，而且進入 25 和 26 年。

The pockets where we've seen the most traction and growth recently and what we expect to see so in the future outside of the Permian include certainly the Rockies, South Texas and the Northeast. That's where we've experienced the growth, and that's where we believe we will see incremental growth. But I'm going to be clear, 60% of our growth in our CapEx is going into the Permian today and everything else is participating in the remainder. And so the Permian remains the market for growth and everything else is an incremental growth opportunity for us.

我們最近看到的最具吸引力和增長的地區以及我們預計未來在二疊紀盆地以外的地區肯定包括落基山脈、德克薩斯州南部和東北部。這就是我們經歷了成長的地方，也是我們相信我們將看到增量成長的地方。但我要明確的是，我們資本支出成長的 60% 現在都進入了二疊紀，其餘的一切都參與其中。因此，二疊紀仍然是成長的市場，其他一切對我們來說都是增量成長的機會。

(Operator Instructions) Our next question comes from Steve Ferazani from Sidoti.

（操作員說明）我們的下一個問題來自 Sidoti 的 Steve Ferazani。

I wanted to ask about the continued strength in aftermarket. It's multiple quarters over $45 million in revenue and now second out of 4 quarters where your margin is 23% or better. Multiple quarters ago, you talked about the strength coming from pent-up demand coming out of COVID and maintenance overdue. But you're continuing to grow that business is up 8% year-over-year. Same type of demand patterns you're seeing on the contract compression or anything different going on in Aftermarket?

我想問一下售後市場的持續強勢。它連續多個季度的收入超過 4500 萬美元，現在是利潤率為 23% 或更高的 4 個季度中的第二個。多個季度前，您談到了因新冠疫情和逾期維護而被壓抑的需求帶來的強勁勢頭。但您的業務仍在繼續成長，年增 8%。您在合約壓縮中看到的需求模式是否相同，或者售後市場中發生了什麼不同的情況？

Thanks for the question. The driver really of the revenue, but certainly the margin expansion that you're seeing in AMS is due to a couple of things. Number one, the mix. So we're seeing a higher amount of service work compared to just parts pull-through. And That's certainly impacting the margin. And second, the team has done a great job of seeking higher margin work with customers.

謝謝你的提問。 AMS 的利潤成長確實是收入的驅動因素，但肯定是由以下幾個因素造成的。第一，混合。因此，與僅運送零件相比，我們看到了更多的服務工作量。這肯定會影響利潤率。其次，團隊在與客戶尋求更高利潤的工作方面做得非常出色。

And then finally, I'm just going to point out that the market for labor is really tight today. And we have a tremendously talented workforce that is in high demand. We don't necessarily see that abating. And I'm also going to just close with, however, it's a notoriously difficult business to forecast. So with that caveat, we still are very bullish and ambitious of the value that we're going to get from -- through the AMS business segment in 2024.

最後，我想指出，今天的勞動市場非常緊張。我們擁有一支非常有才華且需求量大的員工隊伍。我們不一定會看到這種情況減弱。然而，我最後要說的是，這是一項非常難以預測的業務。因此，儘管有這樣的警告，我們仍然對 2024 年透過 AMS 業務部門獲得的價值非常樂觀和雄心勃勃。

You noted how much of that is tied to the strength in your service personnel and your response times. How has it worked for you in terms of ability to retain labor and labor costs? Is it easier in what would be a weaker market in other ends of oil and gas right now?

您注意到其中有多少與您的服務人員的實力和回應時間有關。在保留勞動力的能力和勞動成本方面，它對您有何幫助？目前石油和天然氣其他領域的疲軟市場是否更容易？

Correctly, the answer is yes. This slight low that we're seeing in natural gas production growth and in the market right now as everybody is getting ready for what is going to be a ramp in '25 and beyond has given us an opportunity to stabilize and we've seen that in the labor pool a bit. That said, we still cannot get enough labor, more labor is going to equate some more work and growth in our AMS business, in particular. So we're still fighting the good fight to bring in as much -- bringing and train as much talent as we can. The market is really still looking for more.

正確地說，答案是肯定的。我們現在看到天然氣產量成長和市場略有下降，因為每個人都在為 25 年及以後的產量成長做好準備，這給了我們穩定的機會，我們已經看到了在勞動力池裡一點。也就是說，我們仍然無法獲得足夠的勞動力，尤其是更多的勞動力將意味著我們的 AMS 業務將有更多的工作和成長。因此，我們仍在為引進盡可能多的人才而奮鬥——引進和培訓盡可能多的人才。市場確實仍在尋找更多。

Great. Just a quick one on the fleet high-grading. What's left in terms of make-ready on idle capacity? I know your maintenance CapEx was down again, I'm assuming it was produced make-ready and general asset sales. We at the latter stages on that?

偉大的。只是對艦隊進行了快速的高評級。閒置產能還剩下多少？我知道你們的維護資本支出再次下降，我假設它是生產準備和一般資產銷售的。我們在後期階段呢？

We are. We're really happy with the progress we need to standardize the fleets to improve our fleet competitiveness, fleet age. All of that was really critical before we invested in and added the technology into the fleet that we've added. But we still have a few pockets in some of the outlying basins that we would be willing to sell for the right price.

我們是。我們對機隊標準化以提高機隊競爭力和機隊壽命所需的進展感到非常滿意。在我們投資並將技術添加到我們已添加的機隊之前，所有這些都非常重要。但我們仍然願意以合適的價格出售一些邊遠盆地的一些土地。

But candidly, in the market that we're in, we're just as happy to continue to operate as we are to part with it. So it's all going to be a function of the buyers appetite and assignment of value.

但坦白說，在我們所處的市場中，我們很高興繼續經營，並且很高興放棄它。因此，這一切都將取決於買家的胃口和價值分配。

There are no more questions. Now I'd like to turn the call back over to Mr. Childers for final remarks.

沒有更多問題了。現在我想將電話轉回給Childers 先生，讓其作最後發言。

Great. Thank you, everyone, for participating in our first quarter call. Archrock is in an enviable position and the market is strong. 2024 is off to a great start and I look forward to updating you on our progress next quarter. Thank you, everyone.

偉大的。感謝大家參與我們的第一季電話會議。 Archrock 的地位令人羨慕，市場也強勁。 2024 年是一個好的開端，我期待在下個季度向您通報我們的最新進展。謝謝大家。

Thank you all for attending today's call. We hope you have a wonderful day. You may now all disconnect.

感謝大家參加今天的電話會議。我們希望您度過愉快的一天。你們現在可以斷開連結了。