Archrock Inc (AROC) 2024 Q4 法說會逐字稿

Good morning. Welcome to the Archrock fourth quarter and full year 2024 conference call. Your host for today's call is Megan Repine, Vice President of Investor Relations at Archrock. (Operator Instructions) Thank you. I will now turn the call over to Ms. Repine. You may begin.

早安.歡迎參加 Archrock 2024 年第四季和全年電話會議。今天電話會議的主持人是 Archrock 投資者關係副總裁 Megan Repine。（操作員指示）謝謝。現在我將把電話轉給雷皮恩女士。你可以開始了。

Thank you, Celine. Hello, everyone, and thanks for joining us on today's call. With me today are Brad Childers, President and Chief Executive Officer of Archrock, and Doug Aron, Chief Financial Officer of Archrock.

謝謝你，席琳。大家好，感謝您參加今天的電話會議。今天與我一起出席的還有 Archrock 總裁兼執行長 Brad Childers 和 Archrock 財務長 Doug Aron。

Yesterday, Archrock released its financial and operating results for the fourth quarter and full year 2024, as well as annual guidance for 2025. If you have not received a copy, you can find the information on the company's website at www.archrock.com.

昨日，Archrock 公佈了 2024 年第四季和全年財務和營運業績以及 2025 年年度指引。如果您尚未收到副本，您可以在公司網站 www.archrock.com 上找到該資訊。

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 our tracks 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. Please refer to our latest filings of 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.

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我們的軌道管理團隊所做的假設和目前掌握的信息，做出《1934 年證券交易法》第 21E 條所定義義的前瞻性陳述。儘管管理階層認為此類前瞻性聲明所反映的預期是合理的，但無法保證此類預期將被證明是正確的。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中前瞻性陳述的結果有重大差異的因素清單。

In addition, our discussion today will reference certain non-GAAP financial measures including adjusted net income, adjusted EBITDA, and adjusted EPS. 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 to the SEC.

此外，我們今天的討論將參考某些非 GAAP 財務指標，包括調整後的淨收入、調整後的 EBITDA 和調整後的 EPS。有關這些非 GAAP 財務指標與我們的 GAAP 財務結果的對賬，請參閱昨天的新聞稿和我們向美國證券交易委員會提交的 8-K 表。

I'll now turn the call over to Brad to discuss our Archrock's fourth quarter and full year results and to provide an update for our business.

現在我將把電話轉給布拉德，討論 Archrock 的第四季和全年業績，並提供我們業務的最新情況。

Thank you, Megan, and good morning, everyone.

謝謝你，梅根，大家早安。

Across the board, Archrock delivered excellence in 2024. Excellence and safety, customer service, operational performance, and financial results, we achieved this during one of the busiest compression markets we've ever experienced, and while concurrently completing a transformative acquisition that established Archrock as the leader in electric compression.

總體而言，Archrock 在 2024 年取得了卓越的成績。卓越和安全、客戶服務、營運績效和財務業績，我們在有史以來最繁忙的壓縮市場之一中實現了這些目標，同時完成了一項變革性收購，使 Archrock 成為電動壓縮的領導者。

Before turning the page to 2025, I want to take a moment to thank and congratulate our dedicated employees on an extensive list of 2024 accomplishments, which included records for almost every operational and financial metric. Among the highlights, we reported record adjusted EPS and adjusted EBITDA. Compared to 2023, we increased our adjusted EPS by 69% and adjusted EBITDA by more than 30%.

在翻開 2025 年的新篇章之前，我想花點時間感謝並祝賀我們敬業的員工在 2024 年取得的一系列成就，其中包括幾乎所有營運和財務指標的記錄。其中，我們報告了創紀錄的調整後每股盈餘和調整後息稅折舊攤提前利潤。與 2023 年相比，我們的調整後每股收益成長了 69%，調整後 EBITDA 成長了 30% 以上。

Our teams work tirelessly to meet our customers' robust demands. We increased our contract compression operating fleet by 716,000 horsepower, excluding cells as non-strategic assets. This growth reflects organic investments in new build horsepower as well as the acquisition of TOPS.

我們的團隊不懈努力，以滿足客戶的強烈需求。我們將合約壓縮營運車隊增加了 716,000 匹馬力，不包括電池作為非戰略資產。這一增長反映了對新建馬力的有機投資以及對 TOPS 的收購。

We maintained an all-time high equipment utilization, ending the year at 96%. As we met this demand, we recorded over 4.5 million man hours and drove 24 million miles. In this exceptionally busy environment and despite a dynamic labor market, we continue to deliver industry-leaning safety performance.

我們維持了史上最高的設備利用率，年底達到 96%。為了滿足這項需求，我們投入了超過 450 萬個工時並行駛了 2400 萬英里。在這個異常繁忙的環境中，儘管勞動市場充滿活力，我們仍持續提供業界領先的安全績效。

Our contract operations and aftermarket services segments delivered record-setting adjusted gross margins due to continued pricing improvement, enhanced efficiency, and a continued focus on managing costs. This step change in our earnings power enabled us to return $124 million in capital to our shareholders through dividends and share buybacks.

由於持續的價格改善、效率的提高和對成本管理的持續關注，我們的合約營運和售後服務部門實現了創紀錄的調整後毛利率。我們獲利能力的這一重大變化使我們能夠透過股利和股票回購向股東返還 1.24 億美元的資本。

We also concurrently delivered outstanding dividend coverage of 3.1 times for the full year 2024 and drove our year-end leverage ratio to an impressive 3.3 times. And we're even more excited about what we are positioned to deliver in 2025.

我們也同時實現了 2024 年全年 3.1 倍的未償股息覆蓋率，並將年末槓桿率提高到了令人印象深刻的 3.3 倍。我們對於 2025 年的目標感到更加興奮。

Our investment in high-quality assets, exceptional customer service, and implementation of innovative technology is translating into repeatable results and driving value for our customers and our shareholders. We kick off 2025 in an enviable position, and I expect our Archrock to continue to raise the bar for the compression industry.

我們對優質資產、卓越客戶服務和創新技術實施的投資正在轉化為可重複的成果，並為我們的客戶和股東帶來價值。我們以令人羨慕的地位開啟了 2025 年，我預計我們的 Archrock 將繼續提高壓縮產業的標準。

In 2025, we're focused on the following three business objectives.

2025年，我們將重點放在以下三個業務目標。

First, capturing opportunities presented by this robust market. We believe the increases in natural gas production and demand for compression is part of a structural change requiring significant investment in additional natural gas production infrastructure in which compression and Archrock will play a critical part. Our investment returns remains strong and support our ability to generate stable and growing cash flows today and over time.

第一，抓住市場繁榮機會。我們認為，天然氣產量和壓縮需求的增加是結構性變化的一部分，需要對額外的天然氣生產基礎設施進行大量投資，其中壓縮和 Archrock 將發揮關鍵作用。我們的投資回報依然強勁，並支持我們現在和將來產生穩定且成長的現金流的能力。

Second, maximizing the reliability of our service for our customers. In addition to the supportive macro environment, we're remainoing proactive in our focus on innovation, efficiency, and improvement. We believe this is critical to our success and ongoing position as the premier compression provider. We will continue to prioritize the standardization of our field operating model and the enhanced adoption of the technology that we've implemented over the past couple of years.

第二，最大限度地提高我們為客戶提供服務的可靠性。除了支持性的宏觀環境之外，我們還積極主動地關注創新、效率和改進。我們相信這對我們的成功以及作為首要壓縮供應商的持續地位至關重要。我們將繼續優先考慮現場營運模式的標準化和過去幾年實施的技術的加強採用。

Third, helping answer the call on all businesses to reduce carbon emissions. We are the leader in electric motor drive compression and expertise. The planned expansion of our electric motor drive fleet not only provides environmental benefits but should also augment customer up time and our truck's operational efficiency. In addition, our new venture theme is advancing opportunities to bring methane emissions detection, measurements, and capture solutions to market.

第三是協助響應企業減少碳排放的號召。我們是電動機驅動壓縮和專業知識領域的領導者。我們計劃擴大電動馬達驅動車隊，不僅能帶來環境效益，還能增加客戶的正常運作時間和卡車的營運效率。此外，我們的新創業主題是推動將甲烷排放檢測、測量和捕獲解決方案推向市場的機會。

These opportunities are adjacent and complementary to our core contract compression services. As these offerings move out of the pilot phase, we are working to bring these early-stage products to market in order to help our customers and the industry identify, quantify, and reduce emissions.

這些機會與我們的核心合約壓縮服務相鄰且互補。隨著這些產品脫離試點階段，我們正在努力將這些早期產品推向市場，以幫助我們的客戶和行業識別、量化和減少排放。

Now, let me dive deeper into the fantastic market we see for compression.

現在，讓我更深入地探討一下我們看到的壓縮的奇妙市場。

The primary driver of our business is natural gas demand and production, which we see ramping up in 2025 and well into the future. Natural gas remains a reliable, affordable, and cleaner source of energy domestically, and the US continues to be a significant player in the global market for natural gas.

我們業務的主要驅動力是天然氣需求和生產，我們預計天然氣需求和生產將在 2025 年及未來很長一段時間內呈上升趨勢。天然氣在美國國內仍然是一種可靠、經濟且清潔的能源，美國在全球天然氣市場中仍扮演著重要的角色。

First, on 2025, the EIA is forecasting 2% to 3% annual growth in production of both oil and natural gas this year. Natural gas production growth continues to be led by key Archrock oil producing markets that have associated gas like the Permian. And growth in crude oil production is expected to continue driving demand for compression for gas lift applications.

首先，2025年，美國能源資訊署預測今年石油和天然氣產量將增加2%至3%。天然氣產量的成長持續受到擁有二疊紀等伴生氣的主要 Archrock 石油生產市場的推動。預計原油產量的成長將繼續推動氣舉應用對壓縮設備的需求。

Looking beyond this year, we expect LNG demand, exports to Mexico, power generation, and the emerging opportunity presented by the onshoring of AI data centers to require a significant call on US natural gas production. To support this production, the US will need to make substantial investments to expand the natural gas transportation infrastructure in the US. This includes gathering systems, processing plants, pipelines, and compression.

展望今年，我們預計液化天然氣需求、對墨西哥的出口、發電以及人工智慧資料中心在岸化帶來的新興機會將對美國天然氣生產產生重大需求。為了支持這項生產，美國需要進行大量投資來擴大美國的天然氣運輸基礎設施。這包括收集系統、加工廠、管道和壓縮。

Our customers need our equipment, our service, and our people. We intend to support them in what we believe will be a durable and rewarding investment cycle for natural gas production and natural gas infrastructure, including compression. With this continuing strong market for compression to support the transportation of natural gas and the production of oil, we have a substantial contract to backlog for 2025. We're booking units for 2026 delivery, and we believe we will continue to see strong customer demand for new equipment well into next year.

我們的客戶需要我們的設備、我們的服務和我們的員工。我們打算為他們提供支持，我們相信這將是天然氣生產和天然氣基礎設施（包括壓縮）的持久且有回報的投資週期。由於壓縮市場持續強勁成長以支持天然氣運輸和石油生產，我們有大量2025年合約積壓。我們正在預訂 2026 年交付的設備，我們相信，到明年，客戶對新設備的需求仍將強勁。

Moving to our segments, we posted record results in contract operations during Q4 and 2024.

談到我們的部門，我們在第四季度和 2024 年的合約營運中取得了創紀錄的業績。

Revenue and profitability outperformed in our pre-acquisition business, and we were able to capture the full impact of the accretive TOPS transaction which came through in our fourth quarter performance. Our fleet remained fully utilized during the quarter, with utilization exiting the quarter at a rate of 96%.

我們收購前的業務收入和獲利能力均表現出色，我們能夠充分捕捉到第四季度業績中體現出的增值 TOPS 交易帶來的影響。本季我們的船隊保持滿載狀態，季末利用率為 96%。

Looking at and operating horsepower in the fourth quarter compared to the third, we delivered approximately 93,000 in active horsepower growth, excluding approximately 45,000 horsepower and non-core asset sales. Average operating horsepower during the fourth quarter of 4.2 million horsepower was up from 3.8 million in the third quarter and 3.6 million a year ago, reflected the acquisition of the TOPS fleet, which closed in August 2024, as well as organic growth.

與第三季相比，第四季的營運馬力成長了約 93,000 匹馬力，不包括約 45,000 匹馬力和非核心資產銷售。第四季平均運行馬力為 420 萬馬力，高於第三季的 380 萬馬力和去年同期的 360 萬馬力，反映了對 TOPS 車隊的收購（於 2024 年 8 月完成）以及有機增長。

Monthly revenue for horsepower also moves higher. In 2025, we expect to benefit from a full year's impact of rate increases from 2024, and we also expect additional increments throughout the year.

馬力的月收入也隨之增加。我們預計 2025 年將受益於 2024 年開始的全年利率上調影響，並且預計全年利率將進一步上調。

I'm proud to say that we delivered 2024 adjusted gross margin dollars of $657 million which was up $155 million from 2023. This translated into a 500 basis point increase in our gross margin percentage for the year. Notably, we achieved a quarterly high for 2024 of 70% during the fourth quarter. Going forward, our efforts to standardize, digitize, and automate should position us to continue delivering outstanding profitability.

我很自豪地說，我們 2024 年的調整後毛利達到 6.57 億美元，比 2023 年增加了 1.55 億美元。這意味著我們今年的毛利率百分比增加了500個基點。值得注意的是，我們在第四季度實現了 2024 年季度最高水平，達到 70%。展望未來，我們在標準化、數位化和自動化方面的努力將使我們能夠繼續提供卓越的獲利能力。

Moving to our aftermarket services segment.

轉向我們的售後服務部門。

Despite some seasonal softness during the fourth quarter, full year 2024 activity stayed strong, while profitability remains substantially higher compared to historical levels as we focus on higher quality and higher marginal work. This level of performance and consistency in results is the best we have seen in a long time. Great leadership and customer service by our AMS team is driving repeat business with key customers and keeps us optimistic about 2025.

儘管第四季度出現了一些季節性疲軟，但 2024 年全年活動依然強勁，同時由於我們專注於更高品質和更高邊際的工作，盈利能力與歷史水平相比仍然大幅提高。這種水準的表現和結果的一致性是我們長期以來所見過的最佳的。我們的 AMS 團隊出色的領導力和客戶服務推動了與主要客戶的重複業務，並讓我們對 2025 年保持樂觀。

Shifting to our capital allocation framework for 2025.

轉向我們的2025年資本配置架構。

Our approach continues to be rooted in a returns-based approach that balances our leveraged position, investment in high quality opportunities presented by the market and returns to shareholders. Yesterday, we announced our 2025 capital plan, which includes between $330 million and $370 million of growth investment in our fleet, the vast majority of which is already under contract. The IRRs at which we expect to invest new build capital are strong, and we will continue to meet the needs of our customer base through new build investments to support the sustainable growth in US oil and gas production that we see ahead. These 2025 new build investments are focused on large midstream motor and electric motor drive compression units tied to natural gas and oil production in key growth plays like the Permian.

我們的方法繼續植根於以回報為基礎的方法，平衡我們的槓桿地位、對市場提供的高品質機會的投資以及股東回報。昨天，我們宣布了 2025 年資本計劃，其中包括對我們船隊的 3.3 億至 3.7 億美元的成長投資，其中絕大多數已經簽訂了合約。我們預計投資新建資本的內部收益率 (IRR) 很高，我們將繼續透過新建投資來滿足客戶群的需求，以支持我們未來看到的美國石油和天然氣產量的可持續成長。這些 2025 年的新建投資主要集中在與二疊紀等關鍵成長區的天然氣和石油生產相關的大型中游馬達和電動馬達驅動壓縮機組。

The acquisition of TOPS and its book of business is a meaningful contributor to the increases in the absolute level of 2025 growth capital compared to 2024. As we invest in these compelling opportunities, we're committed to maintaining an industry-leading balance sheet and plan to maintain a leverage ratio of between 3 to 3.5 times. This underpins our ability to execute on our plans and opportunistically adapt to market conditions.

對 TOPS 及其業務的收購，對 2025 年成長資本的絕對水準較 2024 年有所提升，具有重大意義。在投資這些引人注目的機會時，我們致力於保持業界領先的資產負債表，並計劃將槓桿率維持在 3 至 3.5 倍之間。這鞏固了我們執行計劃和適時適應市場條件的能力。

Finally, as shareholders ourselves, management and the Board are focused on maintaining a well-covered dividend that grows along with the profitability increases in our underlying business. Given our confidence in the outlook for compression, as well as Archrock's sector leading financial flexibility, we recently announced a 15% year-over-year increase in our quarterly dividends.

最後，作為股東，管理階層和董事會致力於維持良好的股息，並隨著我們基礎業務獲利能力的提高而成長。鑑於我們對壓縮前景的信心，以及 Archrock 行業領先的財務靈活性，我們最近宣布季度股息同比增長 15%。

Archrock continues to perform at an exceptional level, reflecting consistent operational execution and the successful progression of our strategic initiatives. We carry significant momentum into 2025. In addition to capturing market opportunities, we will be expanding the implementation of technology and processes to improve our operations, to drive efficiency and profitability. I'm confident in our ability to generate stable and growing cash flows today and over time, and I'm confident the best is yet to come.

Archrock 繼續保持卓越的表現，體現了一致的營運執行和策略舉措的成功進展。我們將以強勁勢頭邁向 2025 年。除了抓住市場機會外，我們還將擴大技術和流程的實施，以改善我們的運營，提高效率和盈利能力。我相信我們現在以及將來都有能力產生穩定且成長的現金流，而且我相信最好的還在後頭。

With that, I'd like to send the call over to Doug for a review of our fourth quarter and full year performance and to provide additional color on our 2025 guidance.

因此，我想將電話轉給 Doug，讓他回顧我們第四季和全年的業績，並為我們的 2025 年指引提供更多細節。

Thanks, Brad. Good morning and thanks again to all of you for joining us. Let's look at a summary of our fourth quarter and full year results and then cover our financial outlook for 2025.

謝謝，布拉德。早安，再次感謝大家的參與。讓我們來看看第四季和全年業績的摘要，然後介紹一下 2025 年的財務展望。

Net income for the fourth quarter of 2024 was $60 million. Excluding transaction-related costs and adjusting for the associated tax impact, we have delivered adjusted net income of $62 million or $0.35 per share.

2024年第四季淨收入為6000萬美元。不包括交易相關成本並根據相關稅務影響進行調整後，我們實現的調整後淨收入為 6,200 萬美元，即每股 0.35 美元。

We reported adjusted EBITDAof $184 million for the fourth quarter of 2024. Underlying business performance was strong in the fourth quarter as we delivered higher total adjusted gross margin dollars for contract operations on a sequential basis. Results further benefited from $13 million in net asset sale gains related to non-strategic horsepower sales.

我們報告 2024 年第四季的調整後 EBITDA 為 1.84 億美元。由於我們連續實現了更高的合約業務調整後總毛利率，第四季度基本業務表現強勁。業績也受惠於與非策略性馬力銷售相關的 1,300 萬美元淨資產銷售收益。

Included in our quarterly results was an $8 million sequential increase in SG&A expenses. This level of expense was largely related to the increase in stock price throughout the year, which drove higher long-term incentive compensation, as well as other increases in performance-based short-term and long-term incentive compensation expense given the outperformance relative to earlier expectations in 2024.

我們的季度業績包括銷售、一般及行政開支環比增加 800 萬美元。這一費用水準在很大程度上與全年股價上漲有關，這推動了長期激勵薪酬的提高，以及考慮到 2024 年的表現優於早先的預期，基於績效的短期和長期激勵薪酬費用的其他增加。

Turning to our business segments, contract operations revenue came in at $286 million in the fourth quarter, up 17% compared to the third quarter. The sizable increase reflects a full quarter's contribution from the TOPS acquisition, organic horsepower growth, and higher pricing. Compared to the third quarter, we grew our adjusted gross margin dollars by $35 million. This resulted in a record adjusted gross margin percentage of 70%.

談到我們的業務部門，第四季的合約營運收入為 2.86 億美元，較第三季成長 17%。這一大幅成長反映了 TOPS 收購、有機馬力成長和更高定價對整個季度的貢獻。與第三季相比，我們的調整後毛利率增加了 3,500 萬美元。調整後的毛利率達到了創紀錄的70%。

In our AMS segment, we reported fourth quarter 2024 revenue of $40 million, down compared to the third quarter and a year ago. The decline reflects seasonal softness and a delay in service work that we expect to complete in the first half of 2025. Fourth quarter AMS adjusted gross margin percentage was 23% compared to the third quarter of 26% in the prior year period of 22%.

在我們的 AMS 部門，我們報告 2024 年第四季的營收為 4,000 萬美元，與第三季和去年同期相比有所下降。這一下降反映了季節性疲軟和我們預計在 2025 年上半年完成的服務工作的延遲。AMS 在第四季調整後毛利率為 23%，而第三季為 26%，去年同期為 22%。

We exited the year with total debt of $2.2 billion and a strong available liquidity of nearly $700 million. Our leverage ratio at year end was 3.3 times calculated as year-end 2024 total debt divided by our trailing 12-month EBITDA. This was down compared to 3.5 times in the fourth quarter of 2023 and reflects our strong operating performance and prudent financing of the TOPS acquisition. As Brad mentioned, we are focused on maintaining a consistent leverage ratio of 3 to 3.5 times through cycles.

截至年底，我們的總債務為 22 億美元，但可用流動資金卻高達近 7 億美元。我們年底的槓桿率為 3.3 倍，計算方法為 2024 年底的總債務除以過去 12 個月的 EBITDA。與 2023 年第四季的 3.5 倍相比有所下降，反映了我們強勁的營運業績和對 TOPS 收購的審慎融資。正如布拉德所提到的，我們專注於在整個週期中保持 3 到 3.5 倍的一致槓桿率。

The strong financial flexibility I just described continues to support increased capital returns to our shareholders. We recently declared an increased fourth quarter dividend of $0.19 per share, or $0.70 on an annualized basis. This is up approximately 9% from the third quarter dividend level and 15% versus the year ago period. Cash available for dividends for the fourth quarter of 2024 totaled $118 million leading to impressive quarterly dividend coverage on the increased dividend of 3.5 times.

我剛才描述的強大的財務靈活性繼續支持我們向股東增加資本回報。我們最近宣布將第四季度股息提高至每股 0.19 美元，或按年率計算為 0.70 美元。這比第三季的股息水準上漲了約 9%，比去年同期上漲了 15%。2024 年第四季可用於分紅的現金總額為 1.18 億美元，導致季度股息覆蓋率令人印象深刻，股息增加了 3.5 倍。

Archrock introduced 2025 annual guidance with our earnings release yesterday. All of the customary detail can be found in the materials published last night, and for the purposes of this call, I will keep my comments high level. We announced a 2025 adjusted EBITDA guidance range of $750 million to $790 million. At the midpoint, this represents an increase of $175 million compared to the $595 million in 2024, or nearly 30%.

Archrock 在昨天的收益報告中公佈了 2025 年年度指引。所有常規細節都可以在昨晚發布的材料中找到，出於本次通話的目的，我將保持我的高水準評論。我們宣布了 2025 年調整後的 EBITDA 指引範圍為 7.5 億美元至 7.9 億美元。中位數而言，這比 2024 年的 5.95 億美元增加了 1.75 億美元，增幅接近 30%。

In contract operations, we expect full year revenue to increase 24% at the midpoint compared to 2024, driven by horsepower growth, continued tight utilization, and higher pricing. We expect 2025 contract operations, adjusted gross margin percentage to be in a range between 68% and 71% for the year, up from 67% in 2024. This reflects not only top line growth, but also our high-graded fleet and continued efforts to maximize our profitability by leveraging technology and focusing on controlling expenses even during this upcycle.

在合約營運方面，我們預計全年收入中位數將比 2024 年增長 24%，這得益於馬力增長、持續緊張的利用率和更高的價格。我們預計 2025 年合約營運調整後的毛利率將在 68% 至 71% 之間，高於 2024 年的 67%。這不僅反映了營收的成長，也反映了我們的高等級船隊，以及即使在這一上升週期中，我們仍繼續努力利用技術和注重控制費用來最大化我們的盈利能力。

In our AMS business, we forecast full year revenue of $190 million to $210 million and a continuation of the healthy service activity we experienced in 2024. We also expect to defend the profitability gains we've worked hard to achieve with an expectation for a for adjusted gross margin percentage between 22% and 24%.

在我們的 AMS 業務中，我們預測全年收入將達到 1.9 億至 2.1 億美元，並且 2024 年的健康服務活動將持續下去。我們還希望捍衛我們努力實現的獲利成長，預計調整後的毛利率百分比在 22％ 至 24％ 之間。

Turning to capital on a full year basis, we expect total 2025 capital expenditures to be approximately $470 million to $535 million. Of that, we expect growth CapEx to total between $330 million and $370 million to support investment in new build horsepower and repackage CapEx to meet continued customer demand, this compares to growth CapEx of $251 million in 2024. The increase reflects continued strong demand from key customers and premier plays and is supported by multi-year contracts. In addition, the increase also reflects growth CapEx underspend and carry forward from 2024 due to supplier equipment delays totalling -- Oop, sorry.

從全年資本來看，我們預計 2025 年總資本支出約為 4.7 億至 5.35 億美元。其中，我們預計成長資本支出總額將在 3.3 億美元至 3.7 億美元之間，以支持對新建馬力的投資並重新包裝資本支出以滿足持續的客戶需求，而 2024 年的成長資本支出為 2.51 億美元。這一成長反映了主要客戶和主要劇目的持續強勁需求，並得到了多年合約的支持。此外，這一增長也反映了由於供應商設備延遲導致的資本支出增長不足以及從 2024 年開始結轉的總額——哎呀，抱歉。

We expect growth CapExs to total between $330 million and $370 million to support new build horsepower and repackaged CapEx, this compares to growth CapEx of 251..

我們預計成長資本支出總額將在 3.3 億美元至 3.7 億美元之間，以支持新建馬力和重新包裝的資本支出，而成長資本支出為 251。

I'm just missing a piece after the total. Okay, well, we're going to have to come back to you on that.

我只是在總數後面缺少了一塊。好的，那我們稍後再回覆您這個問題。

We also anticipate $35 million to $50 million in other in other CapEx primarily for new vehicles. Total capital expenditures are expected to be primarily funded by operations with the potential for additional support from non-strategic asset sale proceeds as we continue to high grade our fleet.

我們也預計其他資本支出將達到 3,500 萬至 5,000 萬美元，主要用於購買新車。隨著我們繼續提高船隊的水平，預計總資本支出將主要由營運提供資金，並可能從非策略性資產出售收益中獲得額外支持。

Before we open the line for questions, I want to conclude by emphasizing that on the heels of a very rewarding 2024, we have an exciting outlook ahead of us for 2025 and beyond. Industry fundamentals for oil and gas production and compression demand are strong. We are focused on continuous improvement and maintaining our position at Archrock, the premier compression company in America for our employees, our customers, and our investors.

在我們開始提問之前，我想最後強調一下，在度過了收穫豐富的 2024 年之後，我們對 2025 年及以後有著令人興奮的展望。石油和天然氣生產及壓縮需求的產業基本面強勁。我們專注於持續改善並保持在 Archrock 的地位，Archrock 是我們員工、客戶和投資者眼中美國首屈一指的壓縮公司。

With that, Celine, we are now ready to open the line for questions.

席琳，現在我們可以開始回答問題了。

(Operator Instructions)

（操作員指令）

Jim Rollyson, Raymond James.

吉姆羅利森、雷蒙詹姆斯。

Brad, last quarter, I remember talking about the strong margin post you did in compression and kind of asking around the sustainability of it, and I remember you commenting you think it's sustainable and perhaps expandable through some of the things you're doing internally and that obviously came through this quarter and in your margin guidance. As you look out at the things you're doing and and the fact that pricing on average is still rolling higher, where can that go? What's the ceiling on margins based on kind of things that are going on internally?

布拉德，上個季度，我記得談到您在壓縮方面取得的強勁利潤，並詢問了它的可持續性，我記得您評論說，您認為它是可持續的，也許可以通過您內部所做的一些事情來擴展，這顯然是本季度和您的利潤率指導中實現的。當你審視自己所做的事情，以及平均價格仍然不斷上漲的事實時，情況又會如何呢？根據內部發生的狀況，利潤的上限是多少？

As we approach 100%, the curve is definitely going to be less steep. We're really proud of the gains we've made. The team has worked extremely hard to both focus on leveraging the pricing position that we have in the market today, given the extremely high utilization at 96%, but also to continue to manage cost and efficiencies through the investments in technology that we've made. So never say never, we're really pleased with this margin performance and the returns that we can drive to our investors.

當我們接近 100% 時，曲線肯定會變得不那麼陡峭。我們對於所取得的成就感到非常自豪。考慮到 96% 的極高利用率，團隊一直非常努力地專注於利用我們目前在市場上的定價地位，同時也透過我們在技術上的投資繼續管理成本和效率。所以永遠不要說永遠，我們對這種利潤表現以及我們能為投資者帶來的回報感到非常滿意。

But at this level of profitability, the main thing we're going to focus on now is growing a very profitable business by investing in high return assets and long-term contracts to support the infrastructure build out going forward. So we are still going to continue to work on the profitability of this business, but at the level we've achieved now, we think it's a green light to grow the business, support our customers' growth, and provide the infrastructure needed to power America.

但是在這種獲利水準下，我們現在要關注的主要事情是透過投資高回報資產和長期合約來支持未來的基礎設施建設，從而發展高利潤的業務。因此，我們仍將繼續努力提高這項業務的獲利能力，但在我們目前所達到的水平上，我們認為這是發展業務、支持客戶成長和提供美國電力所需基礎設施的綠燈。

And as a follow up maybe around the growth CapEx, maybe you can provide us a few stats kind of how much total horsepower you will add in 2025 with that figure, and maybe a little bit of color on the mix between your traditional large horsepower capacity and the gas lift opportunities you have now, especially with the TOPS transaction. And even maybe how you're thinking about growth CapEx beyond '25, just given the step up from year to year, which I think Doug was trying to explain a little bit about on some of that was a little bit of ketchup in there too, but just maybe that whole thing if you could endeavor, please.

作為關於成長資本支出的後續問題，您能否為我們提供一些統計數據，例如到 2025 年您將增加多少總馬力，以及您傳統的大馬力容量和現在的氣舉機會之間的結合情況，尤其是 TOPS 交易。甚至也許您如何考慮 25 年以後的增長資本支出，只是考慮到逐年的增長，我認為 Doug 試圖解釋一下其中的一些內容，其中也有一些番茄醬，但如果您能努力的話，也許整個事情都是這樣的，請。

Yeah, we just released guidance on 2025 CapEx yesterday. We're not going to guide '26 quite yet, but it's a great question. Let me address a couple of the components.

是的，我們昨天剛發布了 2025 年資本支出指引。我們暫時還不會指導『26，但這是一個很好的問題。讓我談一下其中的幾個部分。

With the CapEx budget that we're tabling, we'll deliver over 200,000. We expect to take delivery of over 200,000 horsepower in the year. The number is elevated a bit because of the expansion of our overall base fleet with TOPS, as we noted. And in the split, about 80% of the budget is going to go to large horsepower midstream gas drive engines and 20% to 25% of the budget is going to go toward electric motor drive, the vast bulk of which is on gas lift. So, that's the rough split between these, but overall, I'd say that this capital budget is just engineered to meet our customers' demand expectations.

透過我們正在提出的資本支出預算，我們將交付超過 200,000 輛。我們預計今年的交付量將超過 20 萬馬力。正如我們所指出的，由於我們透過 TOPS 擴大了整體基礎機隊，因此該數字略有上升。在分配上，大約 80% 的預算將用於大馬力中游燃氣驅動發動機，20% 到 25% 的預算將用於電動馬達驅動，其中絕大部分用於燃氣舉升。所以，這就是它們之間的粗略劃分，但總的來說，我認為這筆資本預算只是為了滿足我們客戶的需求預期。

When you step back and look at what we're focusing on, the amount that the EIA forecast for growth in the business is totally validated by the commitments we're getting from our customers to enter into long-term contracts and bookings. '25 is booked, and now, we're moving into 2026, and we're going to maintain our focus on the two most profitable segments of the space, and that is large horsepower gas drive and electric motor drive equipment.

當你回顧我們關注的重點時，你會發現 EIA 對業務成長的預測完全得到了我們從客戶那裡獲得的長期合約和預訂承諾的證實。 '25 已經預訂完畢，現在，我們正在進入 2026 年，我們將繼續專注於該領域最賺錢的兩個部分，那就是大馬力燃氣驅動和電動馬達驅動設備。

Jim, I'll just add that now that the secret's out that perhaps we script some of our prepared remarks, the page that was missing here for me was that about $15 million of this year's CapEx is carryover from 2024. So, apologies for that.

吉姆，我只想補充一點，既然秘密已經洩露，也許我們會編寫一些準備好的發言稿，但對我來說，這裡缺少的一點是，今年的資本支出中約有 1500 萬美元是從 2024 年結轉的。因此，我深感抱歉。

Doug Irwin, Citi.

花旗銀行的道格‧歐文 (Doug Irwin)。

Just trying to start with 2025 guidance, wondering if you could provide a bit more detail on some of the assumptions you're making into the high end first, the low end of the range here. And you already gave some detail around the fleet editions, which is helpful, but just specifically kind of curious how much of that range is driven by pricing tailwinds versus maybe the timing of fleet editions throughout the year.

只是想從 2025 年的指導開始，想知道您是否可以先詳細介紹您對範圍的高端和低端所做的某些假設。您已經給出了有關車隊版的一些細節，這很有幫助，但我特別好奇的是，該範圍有多少是由定價順風驅動的，還是由全年車隊版的推出時間驅動的。

So the guidance is number one on the profitability and we'll talk about the horsepower. The guidance throughout the year is definitely going to be influenced on the pricing side, on the gross margin side by our level of success on the one hand in implementing price increases throughout the year, and on the other side, our ability to continue to manage costs in a very aggressively growing market. So, that really those drivers are what really book in the profitability that we gave in guidance in the in the margin range.

因此，指導意見首先考慮的是獲利能力，然後我們來討論馬力。全年的業績指引肯定會受到定價方面和毛利率方面的影響，一方面取決於我們全年實施提價的成功程度，另一方面取決於我們在快速增長的市場中繼續管理成本的能力。所以，這些驅動因素才是我們在獲利範圍內給出的獲利指引中真正發揮作用的因素。

And when we think about the overall guidance for contract operations in particular, some of it is absolutely whether or not we can get our customers can get all the horsepower started that we're trying to set throughout the year. And so, that's those are the two main drivers around the contract operations side of the business.

當我們考慮合約營運的整體指導時，其中的一部分肯定是我們是否能夠讓我們的客戶獲得我們全年試圖設定的所有馬力。所以，這就是合約營運業務的兩個主要驅動力。

On AMS, it's just a notoriously difficult business to forecast, and the guidance arrangement that we gave just reflects that overall inability to really snap the chalk line closer in our forecasting ability on the AMS business. But we're really pleased with the level of activity and profitability that we're achieving right now, which is at record levels in that business as well.

對於 AMS 來說，這是一個眾所周知的難以預測的業務，而我們給出的指導安排恰恰反映了我們在 AMS 業務預測能力方面總體上無法真正準確地預測出未來。但我們對於目前所達到的活動水平和盈利能力感到非常滿意，這在該行業也達到了創紀錄的水平。

And I maybe would just add, I know you may not be new to compression, but newer to the Archrock coverage side. It's a pretty tight range. We think, given that it's February and we feel good about that range and as Brad highlighted, there are a few things that can lead us to either end of that spectrum as there are still a solid 10 months left in the year, but also understanding that we try to give you as tight of a range as we feel comfortable at the beginning of the year.

我可能只是想補充一點，我知道您可能對壓縮並不陌生，但對 Archrock 覆蓋方面卻比較陌生。這個範圍相當狹窄。我們認為，鑑於現在是二月份，我們對這個範圍感覺很好，正如布拉德所強調的那樣，由於今年還剩下整整 10 個月，因此有一些因素可能導致我們走向這個範圍的兩端，但我們也理解，我們會嘗試在年初給您一個感覺舒適的盡可能緊湊的範圍。

And as a follow up, just wondering if you could talk about where you might be seeing demand opportunities outside of the Permian, you talked about a lot of the growing demand drivers around LNG and data center demand, and you're prepared to march. Just curious if you're seeing increased opportunities in other basins, or if you're still just largely focused on the Permian here over the next few years.

作為後續問題，我只是想知道您是否可以談談二疊紀盆地之外的需求機會，您談到了圍繞液化天然氣和資料中心需求的許多不斷增長的需求驅動因素，您已準備好繼續前進。我只是好奇您是否看到其他盆地中的機會增加，或者未來幾年您是否仍然主要關註二疊紀盆地。

The Permian is consuming 60% to 70% of our new build capital going forward, but we do see growth opportunities albeit smaller in scale in other places. And we saw growth, for example, in the fourth quarter of 2024 and incrementally in the Hainesville, in the [Bakken], and in the Northeast. So much more incremental, but we see it there. But I'm going to highlight the other quality we have in our operation today is incredible stability in some of the places that are not attracting new capital and growing, but still providing a high level of profitability, including, for example, the (inaudible).

二疊紀盆地未來將消耗我們 60% 至 70% 的新建資本，但我們確實看到了成長機會，儘管其他地方的規模較小。例如，我們在 2024 年第四季度看到了成長，海恩斯維爾、巴肯和東北地區也出現了逐步成長。儘管還有更多的增量，但我們確實看到了它。但我要強調的是，我們今天營運的另一個特點是，在一些沒有吸引新資本和成長但仍能提供高水平盈利能力的地方，我們保持了令人難以置信的穩定性，例如（聽不清楚）。

Jeremy Tonet, JP Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hey, this is [Eli] on for Jeremy. I wanted to start; I think one of your competitors mentioned some of this elevated customer demand is resulting in higher pricing and opportunities for longer term contracts. So, how is the team weighing the month-to-month mix versus opportunities for longer-term deals and recognize this there may be an opportunity for both, but just thoughts there.

嘿，這是 Jeremy 的 [Eli]。我想開始；我記得你們的一個競爭對手提到過，部分客戶需求的增加導致了價格上漲和簽訂長期合約的機會。那麼，團隊如何權衡月度組合與長期交易的機會，並認識到兩者都可能有機會，但只是一個想法。

Yes, I'm going to be limited in the comments I'm willing to share on a point that compares contract terms across the industry, but what I would describe is we see the opportunity as you've seen in our performance to date to both maintain record utilization, drive a very good pricing. When you look at Q4 '23 versus Q4 '24, our revenue for horsepower is up approximately 15%. As well as to extend the terms of our contracts with customers where the midstream application is going to be a long-term application. So, we do think that in this robust market where our fleet is more valuable, our services are seriously valuable, utilization is tight, and we're delivering excellent service to our customers, we see the opportunity to maximize on both.

是的，我願意分享的評論僅限於比較整個行業的合約條款這一點，但我想描述的是，正如您從我們迄今為止的表現中所看到的那樣，我們看到了機會，既可以保持創紀錄的利用率，又可以推動非常好的定價。當您將 23 年第四季與 24 年第四季進行比較時，我們的馬力收入成長了約 15%。並延長與客戶簽訂的合約期限，其中中游應用將成為長期應用。因此，我們確實認為，在這個強勁的市場中，我們的車隊更有價值，我們的服務非常有價值，利用率很嚴格，而且我們為客戶提供優質的服務，我們看到了最大化兩者的機會。

And you know you touched a little bit on other basin plays, so can we just help frame some of the dry gas basin activity and the implications for the business, if there's somewhat of a ramp and some of those other basins, what are the implications for Archrock specifically and how much of that is contemplated in the 2025 guide?

您知道您稍微談到了其他盆地的情況，那麼我們能否幫助概括一些乾氣盆地活動及其對業務的影響，如果存在某種斜坡和一些其他盆地，那麼對 Archrock 有何具體影響，以及 2025 年指南中考慮到了多少？

Without repeating too much, the amount of activity and capital that will deploy into the existing into place other than the Permian is roughly 30%. And so, that's an indication of what we think is going to happen in 2025 in place outside of the Permian.

無需過多重複，除二疊紀之外，部署到現有的活動和資本數量約為 30%。所以，這顯示了我們認為 2025 年二疊紀以外地區將要發生的事情。

Thinking about the dry gas context longer term, however, right now, the best indication for us is to look at where the industry is putting their CapEx. And the industry continues to put their CapEx into the Permian by and large, and that hasn't changed. We don't see that changing immediately, but we are encouraged by the dry gas pricing that we're seeing today and some of the reactivation by our customers. From a scale perspective, however, it's not going to compare to the amount of capital and growth that we should expect out of the Permian over '25 and '26.

然而，從長期考慮乾氣形勢，目前對我們來說最好的跡像是看看該行業將其資本支出投入到哪裡。總體而言，該產業繼續將資本支出投入二疊紀盆地，這一點並沒有改變。我們認為這種情況不會立即改變，但我們對今天看到的干氣價格和部分客戶的恢復感到鼓舞。然而，從規模角度來看，它無法與我們預期的 25 年和 26 年二疊紀盆地的資本和增長數量相比。

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

In terms of the pricing that you're seeing out there, can you make any commentary whether you're seeing a difference between sort of the traditional gas versus the electric is one or the other having more pricing power than the other?

就您所看到的定價而言，您能否評論一下傳統天然氣和電力之間的差異，是否其中一種比另一種擁有更大的定價權？

I can comment on it. We do not see a difference in pricing between the two as demanding a better, more of a premium than the other. In fact, those opportunities compete from returns perspective fairly well head-to-head, I think both for our customers and for us. So no, we don't really see much of a difference.

我可以對此發表評論。我們認為，兩者的定價並無差異，因為其中一家的價格比另一家更高、更高溢價。事實上，從回報的角度來看，這些機會之間的競爭相當激烈，我認為對我們的客戶和我們都是如此。所以，我們確實沒有看到太大的差別。

The nice thing about the business that we operate today, just to double down on a point is that since we have made the investment in TOPS, we now have an excellent offering on both the gas drive side as well as the electric motor side. We're relatively agnostic. We can grow on both sides, and we see demand as being strong for both electric motor drive as well as gas drive going forward.

我們今天經營的業務的優點在於，自從我們對 TOPS 進行了投資後，我們現在在燃氣驅動方面和電動馬達方面都能提供出色的產品。我們相對來說是不可知論者。我們可以在兩個方面實現成長，我們認為未來電動馬達驅動和燃氣驅動的需求都將強勁。

And the next one you guys referenced several times talking about longer contract periods or seeing deploying for longer periods and I'm just curious when you say that, should we be thinking as in like you won't do a contract for like 3 or 4 years. Everything's going to be sort of 5+ years in duration? Are you seeing enough demand out there to support that?

接下來，你們多次提到延長合約期限或部署時間更長，我只是好奇，當你這麼說時，我們是否應該認為你不會簽訂 3 年或 4 年的合約。一切都會持續 5 年以上嗎？您是否看到有足夠的需求來支持這一點？

You used a few superlatives including the word everything, so the answer to that's going to be no. Our business model is we are going to meet our customers where our customers wish to be met.

您使用了一些最高級形容詞，包括“一切”這個詞，因此答案是否定的。我們的商業模式是，在客戶希望到達的地方滿足客戶需求。

And for various reasons, including approval levels, size of projects, and where decisions get made within our customer base, we see contract durations of various terms being a part of the business going forward. It's in our portfolio now as part of the business going forward, so that baseline is what I wanted to say. But with that baseline established, a couple of thoughts.

由於各種原因，包括批准級別、專案規模以及客戶群內部做出的決策，我們認為各種期限的合約期限將成為未來業務的一部分。現在它已納入我們的投資組合，成為未來業務的一部分，所以這就是我想說的基線。但既然已經建立了這個基礎，我還有幾點想法。

The first is for us to deploy new build capital, especially large units today, we're seeking longer contract terms. And so, that's more a part of new build deployment than it is a part of the overall business, especially with existing units in in dry gas places, for example.

首先，為了部署新建資本，特別是當今的大型單位，我們正在尋求更長的合約期限。因此，這更多的是新建部署的一部分，而不是整體業務的一部分，特別是對於位於乾氣場所的現有裝置而言。

The second point I'll make is that with our customer base, we've established 20-year relationships. We are a cornerstone part of their overall operations and of their capital stack. We do this under master agreements that are in place and just get renewed periodically that govern the entire relationship including the separate work orders that we take down off those contracts for particular services at a location.

我要說的第二點是，我們與客戶群建立了20年的合作關係。我們是他們整體營運和資本架構的基石。我們根據現有的主協議進行這些工作，並定期進行更新，這些主協議管理整個關係，包括我們從某個地點的特定服務合約中撤下的單獨工作訂單。

It's that longer-term contract, that longer-term relationship approach that is the overarching way we do business with our largest customers that gives us a tremendous amount of stability and predictability in our operations overall. It's not just these, 1, 3, 5 plus year work orders.

這種長期合約、這種長期關係方式是我們與最大客戶開展業務的整體方式，為我們的整體營運提供了極大的穩定性和可預測性。不僅僅是這些，1、3、5年以上的工作訂單。

Steve Ferazani, Sidoti.

史蒂夫費拉扎尼、西多蒂。

I wanted to ask a couple questions on some of your guidelines that surprised me. The guide for aftermarket revenue growth, double digits, maintaining that level of margin coming off of this sort of seasonally slow 4Q confidence level on being able to hit that double-digit growth is that there's a lot more third-party assets out there now that require work? Is that just market share gains? What gets you to that kind of confidence level for 2025 on aftermarket?

我想要就您的一些令我感到驚訝的指導方針提出幾個問題。售後市場收入成長的指導原則是兩位數，保持這種利潤率水平，擺脫這種季節性第四季度增長緩慢的信心水平，因為現在有更多的第三方資產需要工作？這僅僅是市場佔有率的成長嗎？是什麼讓您對 2025 年的售後市場充滿信心？

As I said earlier, the one thing we have to remind is that this business can be notoriously hard to forecast. But we're pretty confident in our forecast for 2025, all things considered, customer activity remains high. Overall utilization in the market for contract operations is really tight, and that indicates that the level of utilization within our customers is also quite high, meaning they have to keep their units running. They need our services, they need our technicians to help them do that, and that is providing for an oversized amount of services activity compared to parts than we've seen in the past, and that is a more profitable segment within our overall aftermarket services segment. So, it's -- we're confident in the guidance range that we've delivered.

正如我之前所說，我們必須提醒的一件事是，這項業務的預測非常困難。但我們對 2025 年的預測非常有信心，總而言之，客戶活動仍然很高。合約營運市場的整體利用率確實非常緊張，這表明我們客戶的利用率也相當高，這意味著他們必須保持其設備運作。他們需要我們的服務，需要我們的技術人員來幫助他們做到這一點，與過去相比，這提供了大量的零件服務活動，這是我們整體售後服務領域中更有利可圖的部分。所以，我們對我們所提供的指導範圍充滿信心。

Yeah, Steve, the only thing I'd add is we -- what I think we talked about it in the prepared remarks. November and December, we absolutely had a line of sight to some jobs that just got postponed and we expect to execute in the first 3 or 4 months of this year. And so, I think that just with overall demand that Brad described looking good and strong and maintenance upcoming is where we came with that. And admittedly, still a relatively small part of our overall business, right?

是的，史蒂夫，我唯一想補充的是，我認為我們在準備好的發言中已經討論過這個問題了。11 月和 12 月，我們確實關注了一些剛剛被推遲的工作，我們預計這些工作將在今年前 3 或 4 個月內執行。因此，我認為，正如布拉德所描述的，整體需求看起來良好且強勁，而且即將進行維護，這就是我們實現這一目標的原因。而且不可否認的是，這仍然只是我們整體業務中相對較小的一部分，對嗎？

The other one was on maintenance, another CapEx guide for for next year. I mean, we saw a first full quarter with TOPS and your maintenance CapEx was what, a little over $20 million. I'm a little bit surprised the maintenance CapEx for next year would be at that higher level. Could that turn out to be a little bit high? And is there anything other than vehicles in that other CapEx number, which is a lot higher off the '24?

另一個是關於維護，這是明年的另一項資本支出指南。我的意思是，我們看到 TOPS 的第一個完整季度，您的維護資本支出略高於 2000 萬美元。我有點驚訝明年的維護資本支出會達到如此高的水準。這個價格會不會有點高呢？除了車輛之外，其他資本支出數字還有其他嗎？該數字比 24 年高出很多？

I'll speak to the maintenance CapEx and Doug will speak to the other CapEx.

我將談論維護資本支出，Doug 將談論其他資本支出。

On the maintenance CapEx, there are a few drivers of that, the amount of maintenance CapEx that we're spending, but the elevated level that we see next year is required to maintain our equipment, knowing that the biggest driver is which units are coming due for a major maintenance over a calendar period. So when you look back, it's the timing of fleet editions that really dictate the timing of the next overhaul. And so, the selections for next year are just on more units and larger units that are going to drive a higher level of expense to maintain the equipment. Couple that with the addition of TOPS and the inflation that we've experienced over the last few years, that's providing for the building blocks for that maintenance CapEx.

關於維護資本支出，有幾個驅動因素，即我們正在花費的維護資本支出金額，但我們看到明年維護設備所需的較高水平，同時我們知道最大的驅動因素是哪些設備在一個日曆期間需要進行重大維護。因此，當你回顧時，車隊版本的時間才真正決定了下一次大修的時間。因此，明年的選擇只是更多的單位和更大的單位，這將帶來更高水準的設備維護費用。再加上 TOPS 的增加和我們在過去幾年經歷的通貨膨脹，這為維護資本支出提供了基礎。

The important point I want to make, however, is that we believe we must maintain and invest in maintaining our units to be very competitive. We've worked really hard to have the youngest fleet we have had in more than a decade in operation today, competing well and delivering a time for our customers, making sure we maintain the units with discipline is a critical success factor for us to continue to do that.

然而，我想強調的重點是，我們相信我們必須維持並投資於維護我們的單位，以保持強大的競爭力。我們一直非常努力地經營十多年來最年輕的機隊，以保持良好的競爭力並為我們的客戶按時交付貨物，確保我們保持紀律性是我們繼續這樣做的關鍵成功因素。

Yeah. And on the other CapEx, again, the vast majority is for trucks. There are software licensing and some other things, buildings or maintenance that may creep into that, but that's all very small by comparison.

是的。另一方面，資本支出絕大部分都用於卡車。其中可能涉及軟體許可和一些其他事項、建築或維護，但相比之下，這些都非常小。

[Josh Chan], Daniel Energy Partners.

[Josh Chan]，Daniel Energy Partners。

First question, I'm going to sort of roll into two. Could you update us on lead times for new equipment today? And then the second, I know it's a moving target with new administration, but when we think about new equipment, is there any thought that tariffs could put any pressure on new equipment? And if so, how you guys are thinking about that and planning for that?

第一個問題，我將分成兩個部分來問。今天可以向我們介紹一下新設備的交貨時間嗎？第二，我知道隨著新政府的實施，目標也在不斷變化，但是當我們考慮新設備時，是否認為關稅會對新設備造成壓力？如果是的話，你們是如何考慮和計劃的？

Lead times remain in what I would call a very normalized market range right now, 42 weeks, 44 weeks is the range for long lead items. That's very close to the historic norm. We do see some risk of that pushing out of bits, but not overly concerned about that at this time.

交貨時間目前仍處於我所稱的非常正常的市場範圍內，42 週，44 週是長交貨週期產品的範圍。這與歷史常態十分接近。我們確實看到了這種推遲推出的風險，但目前並不太擔心。

The tariff question is vexing. I think it's very difficult for anybody to answer with any certainty. I'll point out that we and our major vendors and including the OEMs source most of their material in the US, so the supply base will have some time before tariffs could impact it. We need to watch it carefully. We don't have any certainty on this, but there is, of course, a risk that longer term that steel tariffs could impact the business in the same way that some of the supply chain supply chain challenges did back in the '19, 2020 and 2021 time frame, but we're not expecting that. We're working closely with our key suppliers now to assess that risk, and we don't see it as being material at this time.

關稅問題令人惱火。我認為任何人都很難給出肯定的答案。我要指出的是，我們和我們的主要供應商（包括 OEM）的大部分材料都來自美國，因此供應基地在關稅對其產生影響之前還需要一段時間。我們需要仔細觀察。我們對此並不確定，但當然存在這樣的風險，即從長遠來看，鋼鐵關稅可能會對業務產生影響，就像 2019 年、2020 年和 2021 年期間的一些供應鏈挑戰一樣，但我們並不期待這種情況。我們目前正在與主要供應商密切合作，以評估此風險，但我們認為目前該風險並不重大。

Nate Pendleton, Texas Capital.

內特·彭德爾頓 (Nate Pendleton)，德克薩斯州首府。

Going back to the CapEx guidance for 2025 for a moment, can you provide any color on the shape of that CapEx spending throughout the year, knowing that there was some carried forward from 2024?

回顧 2025 年的資本支出指引，您能否提供一些有關全年資本支出情況的信息，因為您知道其中有一些是從 2024 年結轉的？

Yeah, I mean, I think for the most part it's you could think about it as rateable. I think it's -- there's, in the first quarter is likely to be the largest. Again, we've got some of that carryover coming, plus some early on or the that $15 million of carry forward plus strong demand for Q1. But after Q1, I think sort of starts to get rateable for the year.

是的，我的意思是，我認為大多數情況下你可以將其視為可評估的。我認為，第一季的成長可能是最大的。再次，我們已經獲得了一些結轉，加上一些早期的結轉或 1500 萬美元的結轉以及第一季的強勁需求。但在第一季之後，我認為今年的業績就開始變得可評估了。

And while I'm on the topic of that CapEx spend and having seen a few of the early notes, I do think it's also important, while it's really hard for us to forecast and we don't give guidance on it, we have over the last few years seen non-strategic asset sales add cash flow to the bottom line for us and help keep us in a free cash flow positive situation. So that would be something that while, nothing yet anticipated for the year, that you might think about in doing your modeling.

當我談到資本支出這個話題時，並且看到了一些早期的報告，我確實認為這也很重要，雖然我們很難預測，而且我們也不會對此提供指導，但在過去幾年中，我們看到非戰略性資產出售為我們的底線增加了現金流，並幫助我們保持自由現金流為正的狀況。因此，儘管今年還沒有任何預期，但您在進行建模時可能會考慮到這一點。

As my follow up, how are you thinking about share repurchases now as part of the capital allocation, given your bullish outlook on the sector and the rising dividend?

我的後續問題是，鑑於您對該行業和不斷上升的股息的樂觀看法，您現在如何考慮將股票回購作為資本配置的一部分？

I think we think about it the same way we always have, which is it's a tool in the toolbox for us. And we have, at least historically, used that a bit more opportunistically. When we see some weakness in the share price, it will be continue to be a tool in the toolbox for us. We would like to have some presence there, buying stock back if there's an opportunity to do so. And I think like the dividend and like our growth CapEx, it's something that the Board will discuss with management quarterly.

我想我們對它的看法一貫相同，那就是它是我們的工具箱中的一個工具。至少從歷史上看，我們更加投機地利用了這一點。當我們看到股價出現一些疲軟時，它將繼續成為我們的工具箱中的工具。如果有機會，我們希望在那裡佔有一席之地並回購股票。我認為，就像股息和成長資本支出一樣，董事會每季都會與管理層討論這個問題。

Jeremy Tonet, JP Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Just had one more, I guess thinking about US crude production and recognize things look pretty good in the Permian, but if in the scenario where things maybe started to slow, and I know gas demand looks really good, and you touched on that in your opening remarks, but just can you talk a little bit about what the oil macro, like a weakening of that would do to our truck. And if there were any slowdown in Permian production maybe beyond '25, if you can give comments there.

再問一個問題，我想考慮一下美國原油產量，並認識到二疊紀盆地的情況看起來相當不錯，但如果情況開始放緩，我知道天然氣需求看起來非常好，你在開場白中也提到了這一點，但你能否談一談石油宏觀因素的減弱會對我們的卡車造成什麼影響。如果二疊紀盆地的產量在 25 年後有所放緩，您能否就此發表評論。

With a slowdown in growth of oil production, it would definitely -- we would definitely see a bit of a slowdown in the growth of our business. The nice thing about the business that we operate, however, is that we're very leveraged to production and production does not typically decline. It's just that the growth slows or grows depending upon what's going on in the market.

隨著石油產量成長放緩，我們的業務成長肯定會放緩。然而，我們經營的業務的優點在於，我們非常依賴生產，而且產量通常不會下降。只是成長會根據市場的情況而減緩或成長。

And so with the amount of robust capital that we're deploying, the amount of infrastructure that we see needs to be built, it would reduce potentially in the '26 time frame, maybe some of the growth that we're seeing, but it would definitely not, we don't think it would have much risk of impacting the business negatively other than slowing the growth overall, just again because of the leverage we have against production for both oil and natural gas.

因此，隨著我們部署的大量資本以及我們認為需要建設的基礎設施數量，在 26 個時間範圍內，它可能會減少，也許會減少我們看到的一些增長，但絕對不會，我們認為除了總體增長放緩之外，它不會對業務產生太大的負面影響，這只是因為我們對石油和天然氣生產的槓桿作用。

There are no more questions. I would like now to turn the call over to Mr. Childers for final remarks.

沒有其它問題了。現在我想請奇爾德斯先生作最後的發言。

Thank you, everyone, for participating in our Q4 review call. On almost all accounts, 2024 was a record year for Archrock and I'm optimistic that 2025 is shaping up to be an even better year as we benefit from the strong dynamics that are driving oil and gas production growth in the US and reap the benefits of our investments to build a first-rate compression business. I look forward to updating you on our progress next quarter. Thank you.

感謝大家參加我們的第四季審查電話會議。從幾乎所有角度來看，2024 年對 Archrock 來說都是創紀錄的一年，我樂觀地認為 2025 年將會是更好的一年，因為我們受益於推動美國石油和天然氣產量增長的強勁動力，並收穫我們投資的成果，從而打造一流的壓縮業務。我期待著下個季度向您通報我們的進展。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。