Archrock Inc (AROC) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Archrock Second Quarter 2025 Conference Call. Your host for today's call is Megan Repine, Vice President of Investor Relations at Archrock.

早安，歡迎參加 Archrock 2025 年第二季電話會議。今天電話會議的主持人是 Archrock 投資者關係副總裁 Megan Repine。

I will now turn the call over to Ms. Repine. You may begin.

現在我將把電話轉給雷皮恩女士。你可以開始了。

Thank you, Regina. 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，里賈娜。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, we released our financial and operating results for the second quarter of 2025. If you have not received a copy, you can find the information on the company's website at www.archrock.com. 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.

昨天，我們發布了2025年第二季的財務和營運業績。如果您尚未收到副本，請造訪公司網站 www.archrock.com 以取得相關資訊。在本次電話會議中，我們將根據我們目前的信念和預期，以及 Archrock 管理團隊的假設和目前掌握的信息，做出符合《1934 年證券交易法》第 21E 條含義的前瞻性陳述。

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 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.

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，其中列出了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。

In addition, our discussion today will reference certain non-GAAP financial measures, including adjusted net income, adjusted EBITDA, adjusted EPS, adjusted gross margin and cash available for dividend. For reconciliations of these non-GAAP financial measures to the most directly comparable 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、調整後的 EPS、調整後的毛利率和可用於分紅的現金。有關這些非 GAAP 財務指標與最直接可比較的 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 (SEC) 提交的 8-K 表格。

I'll now turn the call over to Brad to discuss Archrock's second quarter results and to provide an update of our business.

現在我將把電話轉給布拉德，討論 Archrock 的第二季業績並提供我們業務的最新情況。

Thank you, Megan, and good morning, everyone. Archrock's second quarter performance was outstanding. While global macro uncertainty and stock market volatility continued during the second quarter, solid demand for natural gas and compression persisted. Our operational and financial execution continued to stand out and included several quarterly records for the company. This reflected strong underlying business performance and robust earnings power from two accretive acquisitions over the last four quarters.

謝謝你，梅根，大家早安。Archrock 第二季的表現非常出色。儘管第二季全球宏觀不確定性和股市波動持續存在，但對天然氣和壓縮天然氣的需求仍然強勁。我們的營運和財務執行繼續表現出色，並為公司創造了多個季度記錄。這反映了過去四個季度兩次增值收購帶來的強勁基礎業務表現和強勁獲利能力。

We recorded record adjusted EPS and adjusted EBITDA during the quarter. Compared to the second quarter of 2024, we increased our adjusted EPS by nearly 70% and adjusted EBITDA by more than 60%. Our fleet remains fully utilized at 96% and on a sequential basis, we increased our contract compression operating fleet by more than 368,000 horsepower. This growth was driven by the addition of the NGCS fleet that closed on May 1 as well as high return organic investments in newbuild horsepower.

我們在本季記錄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 2024 年第二季相比，我們的調整後每股盈餘成長了近 70%，調整後 EBITDA 成長了 60% 以上。我們的車隊充分利用率仍高達 96%，與上一季相比，我們的合約壓縮營運車隊增加了 368,000 多匹馬力。這一增長得益於 5 月 1 日關閉的 NGCS 船隊的增加，以及對新建馬力的高回報有機投資。

Notwithstanding the funding of $297 million for the NGCS acquisition, we maintained our sector-leading financial position, including a low quarter end leverage ratio of 3.3 times, driven by the stability of our cashless and prudent acquisition financing. And we raised our quarterly dividend per share by 11% compared to the prior quarter and 27% compared to a year ago, all while maintaining robust dividend coverage of 3.4 times. We also accelerated the repurchase of shares under our buyback authorization, given what we believe is a dislocation between our stock performance and the strength of our current business fundamentals and future expectations.

儘管為 NGCS 收購籌集了 2.97 億美元的資金，但我們仍然保持了行業領先的財務狀況，包括季度末 3.3 倍的低槓桿率，這得益於我們無現金和審慎的收購融資的穩定性。我們將每股季度股息與上一季相比提高了 11%，與去年同期相比提高了 27%，同時保持了 3.4 倍的強勁股息覆蓋率。鑑於我們認為我們的股票表現與當前業務基本面和未來預期的強度之間存在脫節，我們也根據回購授權加快了股票回購。

Since the inception of our share repurchase program in April of 2023, we've repurchased 2.7 million shares of common stock at an average price of $18.84 per share for an aggregate of more than $51 million. I want to be clear, based on what we are experiencing in the market today in both our overall activity and bookings. We expect to grow our business and our profits through the rest of 2025, in 2026 and beyond.

自 2023 年 4 月啟動股票回購計畫以來，我們已以平均每股 18.84 美元的價格回購了 270 萬股普通股，總額超過 5,100 萬美元。我想明確一點，基於我們今天在市場上的整體活動和預訂情況。我們預計在 2025 年剩餘時間、2026 年及以後我們的業務和利潤將會成長。

In short, we have confidence in what we're seeing in the market, confidence in our strategy and confidence in our operations and execution. Let me unpack each of these a bit. Confidence in the market. We expect growing LNG exports and power generation needs to create a significant demand pull for US natural gas production and midstream infrastructure, including natural gas compression, across all major oil and gas basins. More to come on that in a bit. Confidence in our strategy. We've solidified our position as the compression partner of choice with our customers. We've built a modern, scalable and geographically diverse fleets, positioning us to meet this robust customer demand.

簡而言之，我們對市場表現充滿信心，對我們的策略充滿信心，對我們的營運和執行充滿信心。讓我來逐一解釋一下這些。對市場有信心。我們預計，不斷增長的液化天然氣出口和發電需求將對美國所有主要油氣盆地的天然氣生產和中游基礎設施（包括天然氣壓縮）產生巨大的需求拉動。稍後我們會對此進行更多介紹。對我們的策略充滿信心。我們鞏固了作為客戶首選壓縮合作夥伴的地位。我們已建立起一支現代化、可擴展且地理分佈廣泛的機隊，以滿足強勁的客戶需求。

Confidence in our operations and execution. Beyond our assets, we've invested in the right people, training and development, and processes and technology to deliver sustainable and attractive growth in earnings, free cash flow and returns to our shareholders.

對我們的營運和執行充滿信心。除了我們的資產之外，我們還投資了合適的人才、培訓和發展以及流程和技術，以實現盈利、自由現金流和股東回報的可持續和有吸引力的成長。

Next, I want to dive more into the market. Fundamentals for compression are strong, and the outlook supports our expectation for continued high levels of utilization of our existing fleets and growth opportunities for new build equipment. We expect strength and durability of natural gas demand growth will provide a significant tailwind for our business well beyond 2025.

接下來我想更深入了解這個市場。壓縮的基本面強勁，前景支持我們對現有設備持續保持高利用率和新建設備成長機會的預期。我們預計，天然氣需求成長的強勁和持久性將為我們 2025 年以後的業務提供強大的推動力。

LNG demand, exports to Mexico, power generation, and the emerging opportunity presented by the onshoring of AI data centers are expected to require a significant call on US natural gas production to the tune of an incremental 20 to 30 Bcf a day by 2030, depending upon the forecast. Simply put, we need all the gas we can get and to support this production, the US will need to make substantial and broad-based investments to expand the natural gas transportation infrastructure.

預計到 2030 年，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產量產生巨大需求，預計日產量將增加 200 至 300 億立方英尺（取決於預測）。簡而言之，我們需要盡可能多的天然氣，為了支持天然氣生產，美國需要進行大量、廣泛的投資來擴大天然氣運輸基礎設施。

I want to expand a bit on the Permian, which is top of mind for many today. We operate more than 2.6 million horsepower in the Permian. Even in the most recent monthly forecast by Enverus, gas production volumes are anticipated to grow by more than 30% by 2030. This growth in excess of 30% compares to oil volume growth of 15% over the same time period. This dynamic of natural gas production outpacing oil production is one that is consistent with historical trends in other more mature associated gas plays like the Eagle Ford and the Bakken. We're rising GORs have led to natural gas volume growth long after oil volume peaks. The magnitude of the demand pool on gas production and midstream infrastructure, including gathering systems, processing plants, pipelines and compression cannot be satisfied by the Permian alone and will require investment across other major oil and gas shale basins.

我想稍微詳細談談二疊紀，這是許多人當今最關心的問題。我們在二疊紀盆地運作著超過 260 萬馬力的電力。即使在 Enverus 最新的月度預測中，預計到 2030 年天然氣產量也將增加 30% 以上。這一增幅超過 30%，而同期石油產量增幅僅 15%。天然氣產量超過石油產量的動態與其他較成熟的伴生氣儲量地（如 Eagle Ford 和 Bakken）的歷史趨勢一致。我們正在提高 GOR，這導致天然氣產量在石油產量達到高峰之後很長一段時間仍在增長。僅靠二疊紀盆地無法滿足天然氣生產和中游基礎設施（包括收集系統、加工廠、管道和壓縮機）的龐大需求，需要對其他主要油氣頁岩盆地進行投資。

Against this backdrop, I believe Archrock's scale, broad geographic footprint and modern fleet are best positioned to meet this customer demand. This diverse and formidable foothold has taken decades to establish and build. A few highlights worth noting include that Archrock is the largest contract compression provider in the Eagle Ford. Archrock provides compression for some of the largest midstream companies in the Haynesville. And Archrock has a meaningful presence in the Marcellus and the Rockies.

在此背景下，我相信 Archrock 的規模、廣泛的地理覆蓋範圍和現代化的船隊最能滿足這項客戶需求。這個多元化且強大的立足點花了數十年的時間才建立和建設起來。值得注意的幾個亮點包括 Archrock 是 Eagle Ford 最大的合約壓縮供應商。Archrock 為海恩斯維爾一些最大的中游公司提供壓縮服務。Archrock 在馬塞勒斯山脈和落基山脈中有著重要的地位。

And now moving to our segments. Our contract operations fleet was fully utilized during the quarter, with utilization exiting the quarter at a rate of 96%. Based on what we see in the market today, we expect to be able to maintain a high utilization for the foreseeable future. Stop activity year-to-date has been at historically low levels and our compressors are staying on location longer. Based on our latest data from 2024, the average time in Archrock compressor stays on location is more than six years, representing a 52% improvement since 2021.

現在轉到我們的部分。我們的合約營運船隊在本季已充分利用，本季的利用率為 96%。根據我們目前在市場上看到的情況，我們預計在可預見的未來將能夠保持較高的利用率。今年迄今的停機活動一直處於歷史最低水平，我們的壓縮機在現場停留的時間更長。根據我們 2024 年的最新數據，Archrock 壓縮機的平均使用時間為六年以上，比 2021 年提高了 52%。

This, we believe, is driven by a couple of factors. First, like the oil and gas business overall, the compression market is more stable and continues to be reinforced by capital discipline by our customers, by Archrock and by others. Second and more importantly, we standardized and high-graded our fleets. This includes the divestiture of horsepower that is nonstrategic or in nongrowth plays and our investments in large midstream horsepower and electric motor drive compression.

我們認為，這是由幾個因素造成的。首先，與整個石油和天然氣業務一樣，壓縮市場更加穩定，並且透過我們的客戶、Archrock 和其他公司的資本紀律不斷得到加強。第二，更重要的是，我們實現了機隊的標準化、高階化。這包括剝離非策略性或非成長性的馬力，以及我們對大型中游馬力和電動馬達驅動壓縮的投資。

As part of our ongoing asset management practices, on August 1, we completed the sale of approximately 155 compressors, comprising about 47,000 horsepower to Flowco for $71 million. This transaction is a win for both companies. The horsepower is deployed primarily in high-pressure gas lift applications a type of artificial lift used in the early stage of a well's life cycle and an area of expertise for Flowco.

作為我們正在進行的資產管理實踐的一部分，8 月 1 日，我們以 7,100 萬美元的價格向 Flowco 出售了約 155 台壓縮機，總功率約為 47,000 馬力。此次交易對於兩家公司來說都是一場勝利。該馬力主要用於高壓氣舉應用，這是一種在油井生命週期早期階段使用的人工舉陞技術，也是 Flowco 的專業領域。

For Archrock, we acquired these assets as part of the TOPS transaction. Proceeds from the sale will help fund our new build equipment investments and reduce our net CapEx for the year. At quarter end, we had 4.7 million operating horsepower up from $4.3 million last quarter or up by 368,000 horsepower. Excluding active asset sales and the NGCS horsepower addition, we grew horsepower organically by approximately 47,000 horsepower in the quarter. As we look ahead, we have a substantial contracted backlog for the second half of 2025, and we are booking units for 2026 delivery to meet continued strong customer demand, including the Permian.

對於 Archrock，我們作為 TOPS 交易的一部分收購了這些資產。出售所得將用於資助我們的新建設備投資並減少我們今年的淨資本支出。截至本季末，我們的運行馬力為 470 萬馬力，比上一季的 430 萬美元增加了 368,000 匹馬力。不包括主動資產銷售和 NGCS 馬力增加，我們在本季有機增加了約 47,000 匹馬力。展望未來，我們在 2025 年下半年有大量合約積壓，並且我們正在預訂 2026 年交付的裝置，以滿足持續強勁的客戶需求，包括二疊紀盆地的需求。

For the 15th straight quarter, monthly revenue per horsepower moved higher to $23.75 during the second quarter of 2025, a new company record. And we achieved a quarterly adjusted gross margin percentage of 70% for the third quarter in a row. In the aftermarket services segment, we reported quarterly revenue of more than $60 million, a level we haven't achieved since 2018. This reflected high demand for service work and an increase in contract maintenance work as exceptional customer service is driving repeat business.

2025 年第二季度，每馬力月收入連續第 15 季上漲至 23.75 美元，創下公司新高。我們連續第三個季度實現了70%的季度調整後毛利率。在售後服務領域，我們報告的季度收入超過 6000 萬美元，這是自 2018 年以來從未達到的水平。這反映了對服務工作的需求很高，並且合約維護工作也增加了，因為卓越的客戶服務正在推動回頭業務。

In addition, we had a large engine sell order in our parts business. Second quarter AMS gross margin percentage remained at impressive levels, but was down sequentially given this higher mix of part sales during the quarter. Shifting to our capital allocation framework for 2025. We are committed to our prudent and returns-based approach. Yesterday, we narrowed our guidance for 2025 growth capital to between $340 million to $360 million of investment in our fleet from previously $330 million to $370 million. As a reminder, these investments are underpinned by multiyear contracts with blue chip customers.

此外，我們的零件業務中還有大量引擎銷售訂單。第二季 AMS 毛利率百分比仍保持在令人印象深刻的水平，但由於本季零件銷售組合較高，因此環比有所下降。轉向我們的 2025 年資本配置架構。我們致力於採取審慎和基於回報的做法。昨天，我們將 2025 年成長資本的指導金額從先前的 3.3 億美元至 3.7 億美元縮小至 3.4 億美元至 3.6 億美元之間。提醒一下，這些投資以與藍籌客戶簽訂的多年合約為基礎。

Beyond 2025, we see a continuation of attractive growth and the IRRs at which we expect to invest new build capital remain robust. Based on the continuation of the consistent and strong customer demand we see today, we expect 2026 growth CapEx to be not less than $250 million and within the range of investment levels that we have made annually since 2023 to support the infrastructure build-out we are experiencing in the US in order to satisfy the growing demand for natural gas described earlier.

2025 年以後，我們預計可觀的成長動能將持續，而我們預期投資新建資本的 IRR 仍將保持強勁。基於我們今天看到的持續而強勁的客戶需求，我們預計 2026 年的成長資本支出將不少於 2.5 億美元，並且在我們自 2023 年以來每年進行的投資水平範圍內，以支持我們在美國進行的基礎設施建設，從而滿足前面描述的日益增長的天然氣需求。

As we invest in these compelling opportunities, we're committed to maintaining an industry-leading balance sheet. We 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. At this level of capital expenditures, we anticipate continued growth in our earnings and free cash flow, both before and after dividends. We expect to continue to grow our dividends over time along with this growth in our profits and we will continue to use share buybacks as an additional tool for value creation for our shareholders.

在投資這些極具吸引力的機會時，我們致力於維持業界領先的資產負債表。我們計劃維持3至3.5倍之間的槓桿率。這鞏固了我們執行計劃和適時適應市場條件的能力。在這種資本支出水準下，我們預期我們的收益和自由現金流（無論是股息前還是股息後）都將繼續成長。我們預計隨著利潤的增長，我們的股息也將繼續增長，並且我們將繼續使用股票回購作為為股東創造價值的額外工具。

In summary, another quarter in the books reinforces our confidence in the near- and long-term outlook for Archrock. High confidence in our outlook underscore the decision to raise our 2025 adjusted EBITDA guidance, increase our quarterly cash dividend per share and accelerate share repurchases. And we believe the best is still ahead of us.

總而言之，本季的業績增強了我們對 Archrock 近期和長期前景的信心。我們對前景的高度信心凸顯了我們決定提高 2025 年調整後 EBITDA 指引、增加每股季度現金股利並加速股票回購。我們相信最好的還在我們前面。

With that, I'd like to turn the call over to Doug for a review of our second quarter performance and to provide additional color on our updated 2025 guidance.

有了這些，我想把電話交給 Doug，讓他回顧一下我們第二季的業績，並為我們更新後的 2025 年指引提供更多細節。

Thanks, Brad, and good morning. Let's look at a summary of our second quarter results and then cover our updated financial outlook for 2025. Net income for the second quarter of 2025 was $63.4 million excluding transaction-related and restructuring costs and adjusting for the associated tax impact. We delivered adjusted net income of $68.4 million or $0.39 per share. The $0.39 per share also included the negative $0.04 impact from an impairment on the high-pressure gas lift business we sold to Flowco.

謝謝，布拉德，早安。讓我們來看看第二季的業績摘要，然後介紹一下我們對 2025 年的最新財務展望。2025 年第二季淨收入為 6,340 萬美元（不包括交易相關成本和重組成本，並根據相關稅務影響進行調整）。我們實現調整後淨收入 6,840 萬美元，即每股 0.39 美元。每股 0.39 美元還包括我們出售給 Flowco 的高壓氣舉業務減損造成的 0.04 美元的負面影響。

We reported adjusted EBITDA of $213 million for the second quarter 2025. Underlying business performance was strong in the second quarter as we delivered higher total adjusted gross margin dollars for the contract operations and aftermarket services on a sequential basis. Results further benefited from a $4 million net gain on the sale of assets as well as $3 million in other income, primarily comprised of proceeds from insurance and other settlements.

我們報告 2025 年第二季的調整後 EBITDA 為 2.13 億美元。由於我們連續實現了合約營運和售後服務的更高總調整後毛利率，第二季基礎業務表現強勁。業績進一步受益於出售資產的 400 萬美元淨收益以及 300 萬美元其他收入，主要包括保險和其他結算收益。

Turning to our business segments. Contract operations revenue came in at $318 million in the second quarter of 2025, up 6% compared to the first quarter of 2025 and 41% compared to the prior year period. The increase reflects horsepower growth, organic and acquired as well as higher pricing. Compared to the first quarter, we grew our adjusted gross margin dollars by more than $11.5 million. We delivered a record adjusted gross margin percentage of approximately 70% for the third straight quarter.

轉向我們的業務部門。2025 年第二季合約營運收入為 3.18 億美元，季增 6%，季增 41%。這一成長反映了馬力的成長（有機成長和收購成長）以及更高的定價。與第一季相比，我們的調整後毛利率增加了 1,150 多萬美元。我們連續第三個季度實現了創紀錄的調整後毛利率，約為 70%。

In our aftermarket services segment, we reported second quarter 2025 revenue of $65 million compared to the first quarter 2025 of $47 million. Second quarter 2025 AMS adjusted gross margin percentage was 23% compared to 25% in the first quarter of '25 and consistent with guidance. On May 1, 2025, we closed the NGCS transaction. We funded the cash portion of the total consideration for NGCS with a combination of equity and debt to keep us on track to achieve our financial targets, including our objective of maintaining a consistent average ratio of 3 to 3.5 times.

在我們的售後服務部門，我們報告 2025 年第二季的營收為 6,500 萬美元，而 2025 年第一季的營收為 4,700 萬美元。2025 年第二季 AMS 調整後毛利率為 23%，而 2025 年第一季為 25%，與預期一致。2025年5月1日，我們完成了NGCS交易。我們透過股權和債務相結合的方式為 NGCS 總對價的現金部分提供資金，以使我們能夠實現財務目標，包括維持 3 到 3.5 倍的穩定平均比率的目標。

Archrock issued 2.25 million new common shares to the sellers and funded the $297 million cash portion of total consideration with available capacity under our ABL credit facility. Shortly after completion of the transaction, we closed on the upsize of our ABL facility from $1.1 billion to $1.5 billion, with strong support from our existing lender group. This brought our period end total debt to $2.6 billion and available liquidity to $675 million.

Archrock 向賣方發行了 225 萬股新普通股，並利用我們的 ABL 信貸額度下的可用容量為總對價中的 2.97 億美元現金部分提供資金。交易完成後不久，在現有貸款機構的大力支持下，我們將 ABL 信貸額度從 11 億美元增加到 15 億美元。這使得我們的期末總債務達到 26 億美元，可用流動資金達到 6.75 億美元。

Our leverage ratio at quarter end was 3.3 times and calculated as a quarter end total debt divided by our trailing 12-month EBITDA. This was up slightly from 3.2 times in the first quarter of 2025, reflecting the acquisition. With our prudent financing strategy across two transactions in the last year and our expectation for continued strong performance in our business, we expect to continue deleveraging as the year progresses.

我們季末的槓桿率為 3.3 倍，計算方法為季度末總債務除以過去 12 個月的 EBITDA。這比 2025 年第一季的 3.2 倍略有上升，反映了收購的影響。憑藉我們去年在兩筆交易中採取的審慎融資策略以及我們對業務持續強勁表現的預期，我們預計今年將繼續去槓桿。

The increase in discretionary cash flow from the addition of TOPS and NGCS further enhances our financial flexibility and capacity to increase dividends to our shareholders over time.

TOPS 和 NGCS 的加入增加了可自由支配的現金流，進一步增強了我們的財務靈活性和隨著時間的推移增加股東股息的能力。

We recently declared a second quarter dividend of $0.21 per share or $0.84 on an annualized basis, our second increase in 2025 and third since our acquisition of TOPS last year. Our second quarter dividend reflected an increase of 11% over the first quarter 2025 dividend level and an increase of 27% over the second quarter 2024 dividend level. Cash available for dividend for the second quarter of 2025 totaled $125 million, leading to an impressive quarterly dividend coverage of 3.4 times.

我們最近宣布第二季度股息為每股 0.21 美元，或按年率計算為 0.84 美元，這是我們 2025 年的第二次增加股息，也是自去年收購 TOPS 以來的第三次增加股息。我們的第二季度股息比 2025 年第一季的股息水準成長了 11%，比 2024 年第二季的股息水準增加了 27%。2025 年第二季可用於股利的現金總額為 1.25 億美元，季度股利覆蓋率高達 3.4 倍。

In addition to increasing the dividend, during the quarter, we repurchased approximately 1.2 million shares for approximately $29 million at an average price of $23.49 per share. This left approximately $59 million in remaining capacity for additional share repurchases as of the end of the second quarter of 2025. Turning to our updated outlook. Archrock increased its 2025 annual guidance to reflect continued outperformance during the second quarter and growth in the second half of the year. Our guidance reflects eight months of contribution from the NGCS transaction and outperformance in our business, partially offset by the removal of five months of contribution of the high-pressure gas business we sold to Flowco.

除了增加股息外，本季我們還以每股 23.49 美元的平均價格回購了約 120 萬股，總價值約 2,900 萬美元。截至 2025 年第二季末，剩餘約 5,900 萬美元可用於額外股票回購。轉向我們的最新展望。Archrock 提高了其 2025 年年度指導，以反映第二季度的持續優異表現和下半年的成長。我們的指引反映了 NGCS 交易的八個月貢獻和我們業務的優異表現，但部分抵消了我們向 Flowco 出售的高壓氣體業務的五個月貢獻。

We are raising our 2025 adjusted EBITDA range to $810 million to $850 million from the prior range of $790 million to $830 million. Segment-level revenue and adjusted gross margin detail can be found in our earnings release issued last night.

我們將 2025 年調整後的 EBITDA 範圍從先前的 7.9 億美元至 8.3 億美元上調至 8.1 億美元至 8.5 億美元。在我們昨晚發布的收益報告中可以找到分部層級的收入和調整後的毛利率細節。

Turning to capital. Including NGCS, we are narrowing our growth CapEx guidance range to between $340 million and $360 million to support investment in new build horsepower and repackaged CapEx to meet continued customer demand. Our growth CapEx is underpinned by multiyear contracts and was first half weighted. Maintenance CapEx is still forecasted to be approximately $110 million to $120 million. We now anticipate approximately $35 million to $40 million in other CapEx, primarily for new vehicles. Total capital expenditures are expected to be funded by operations and further supported by nonstrategic asset sale proceeds, which totaled more than $102 million in 2025 year-to-date including the sale we announced last night.

轉向資本。包括 NGCS 在內，我們將成長資本支出指引縮小到 3.4 億美元至 3.6 億美元之間，以支援對新建馬力的投資和重新包裝的資本支出，以滿足持續的客戶需求。我們的成長資本支出以多年期合約為基礎，並且是上半年加權的。預計維護資本支出仍約為 1.1 億至 1.2 億美元。我們現在預計其他資本支出約為 3500 萬至 4000 萬美元，主要用於購買新車。總資本支出預計將由營運資金提供，並由非策略性資產出售收益進一步支持，包括我們昨晚宣布的出售在內，2025 年迄今的總額已超過 1.02 億美元。

In summary, the supportive market conditions remain in place and the operational transformation of Archrock's business from its prior positioning as well as ongoing investments in our high-quality asset base, innovative processes and technology are driving consistent and repeatable success. We believe our production-oriented business, high-graded operation and outstanding financial position provide us with differentiated earnings and cash flow growth ahead.

總而言之，支持性市場條件仍然存在，Archrock 業務從先前的定位進行的營運轉型以及對我們優質資產基礎、創新流程和技術的持續投資正在推動持續和可重複的成功。我們相信，我們的生產型業務、高等級的營運和出色的財務狀況將為我們未來帶來差異化的利潤和現金流成長。

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

好了，里賈娜，我們現在可以開始回答問題了。

(Operator Instructions) Eli Jossen, J.P. Morgan.

（操作員指示）Eli Jossen，J.P. Morgan。

I wanted to start on the outlook for capacity additions in 2026 and beyond. Your remarks mentioned 2026 CapEx not below $250 million. And so we can imagine orders are filling up into 2026. But just how does the order book next year compared to what you saw this year and just the outlook for organic unit adds next year?

我想先展望一下 2026 年及以後的產能增加情況。您的評論提到 2026 年資本支出不低於 2.5 億美元。因此我們可以想像訂單將會持續到 2026 年。但是，與今年相比，明年的訂單量如何？明年有機單位增加的前景如何？

Thanks for the question. The order book that we're seeing reflects the inherent growth in the business. The summary I'd offer is that our customers are busy and our customers are ordering equipment ahead of schedule and what we normally see. This is, I think, the earliest that we've offered any outlook on guidance for CapEx for the year ahead. And the reason for that is that what we see in the order book is we're already approaching the levels that we see that minimum investment level at.

謝謝你的提問。我們看到的訂單反映了業務的內在成長。我的總結是，我們的客戶很忙，我們的客戶提前訂購設備，這是我們通常看到的。我認為，這是我們對未來一年資本支出指引做出的最早展望。原因在於，我們在訂單簿中看到的已經接近最低投資水準。

So the good news is we see just with the demand for natural gas, growing based on LNG demand, AI data centers, distributed power demand. We see our customers getting very busy to put in place the infrastructure to meet that growing demand. Our order book to date reflects a strong order book, very consistent with what we've seen year-over-year, but it's already clear to us that have at least a minimum investment level indicative of that growth ahead that we could share with -- share with our investors at this time.

因此，好消息是，我們看到天然氣需求隨著液化天然氣需求、人工智慧資料中心和分散式電力需求而成長。我們看到我們的客戶非常忙於建立基礎設施來滿足日益增長的需求。到目前為止，我們的訂單量非常強勁，與我們去年同期看到的情況非常一致，但我們已經清楚，至少有一個最低投資水平表明未來的成長，我們可以與我們的投資者分享。

Understood. And I appreciate the color there. And then maybe just thinking about the outlook for pricing. As you see it now, I think we continue to see revenue per horsepower per month pick up quarter-over-quarter. Just in terms of the outlook for that in the second half of '25 and then '26, should we expect to see pricing continue to tick up? How have contract terms with customers evolve? Is there any sort of change in terms of term that they're looking for. Color there would be great.

明白了。我很欣賞那裡的色彩。然後也許只是考慮定價前景。正如您現在所看到的，我認為我們會繼續看到每馬力每月的收入逐季度回升。僅就 25 年下半年和 26 年的前景而言，我們是否應該預期價格會繼續上漲？與客戶的合約條款如何演變？他們所尋求的術語方面是否有任何變化？那裡的色彩一定很棒。

So two fronts, I want to take that on. The first is pricing. And then the second one is contract term and time on location. For pricing, what we see right now is that our opportunity for revenue increases is reflecting a more normalized level of inflation. So we think about that year-over-year, we're in the mid-single digits across most horsepower categories. And we expect to stay in that type of a range looking ahead based upon the inflation that we're anticipating.

所以我想從兩個方面來談談這個問題。首先是定價。第二個是合約期限和現場時間。對於定價，我們現在看到的是，我們增加收入的機會反映了更正常化的通貨膨脹水準。因此，我們認為，與去年同期相比，我們在大多數馬力類別中的增幅都處於中等個位數。根據我們預期的通貨膨脹，我們預期未來通膨率將維持在這一範圍內。

So that's where we think we have, that pricing prerogative. Importantly, however, revenue per horsepower pricing is not the only tool to drive profitability. Part of what you're seeing is not just top line growth, but the continued improvement in stabilization of high margins, especially in our contract operations business as we have through the investment in systems, processes, efficiencies and candidly, the right people driven our revenue higher while maintaining our cost at a very candidly, much flatter level but it's because of the changes to the -- and the transformation of the platform that we've invested in now over the course of a number of years. And then thinking about our contract terms, our contract terms remain the same for large horsepower, targeting that three- to five-year base term.

所以我們認為我們擁有定價特權。但重要的是，每馬力收入定價並不是提高獲利能力的唯一工具。您所看到的不僅僅是營收的成長，還有高利潤率的穩定性的持續改善，特別是在我們的合約營運業務中，透過對系統、流程、效率的投資，坦白說，合適的人才推動了我們的收入成長，同時將我們的成本保持在一個非常坦率、更加平穩的水平，但這是由於我們多年來對平台的變化和轉型所致。然後考慮我們的合約條款，對於大馬力車型，我們的合約條款保持不變，目標是三到五年的基本期限。

But importantly, as I put in our prepared remarks, based on a study that we did in the most recent quarter, what we are seeing is the independent contract firm that our units are staying on location, on average, greater than six years. This is a tremendous level of stability that we're achieving, and it again reflects the repositioning of this business to focus on large infrastructure position midstream horsepower and the electric motor drive businesses that we've invested in.

但重要的是，正如我在準備好的演講中所說的那樣，根據我們在最近一個季度所做的研究，我們看到的是，我們的單位在獨立承包公司所在地停留的時間平均超過六年。這是我們實現的巨大穩定水平，它再次反映了該業務的重新定位，即專注於大型基礎設施位置中游馬力和我們所投資的電動馬達驅動業務。

And then finally, I do want to point out is that the order book that we described for 2026, nothing is ordered without a contract in hand. And so it's not speculative investment expecting that they will show up the way this industry is working today and the way we are running our business today is that we place orders for horsepower for our fleet only when we have a firm commitment and a firm contract in hand from our customers.

最後，我想指出的是，我們描述的 2026 年訂單簿中，如果沒有合約就不會下訂單。因此，這不是投機性投資，我們期望它們會出現，就像這個行業今天運作的方式一樣，我們今天經營業務的方式是，只有當我們得到客戶的堅定承諾和堅定合約時，我們才會為我們的車隊訂購馬力。

Jim Rollyson, Raymond James.

吉姆羅利森、雷蒙詹姆斯。

Brad, if I go back to the beginning of the year and what we were looking at for growth and investment in data centers and power-driven gas demand over the next several years as well as LNG, they both have actually gone up over the last six months. And so that long-term outlook doesn't seem like it's changed to gotten actually better. But obviously, we've got some softer oil macro, and you've touched on this a little bit.

布拉德，如果我回顧今年年初，我們預測未來幾年資料中心、電力驅動的天然氣需求以及液化天然氣的需求將會成長和投資，而實際上，在過去六個月裡，它們的需求都有所增長。因此，長期前景似乎並沒有改變或變得更好。但顯然，我們有一些更軟的石油宏觀，你已經稍微提到了這一點。

I would love to hear some color of what you're hearing from your core customers in the Permian, but also from other basins, if you're actually seeing that reflected in the order book that we're obviously going to have to need to meet this demand some way. And if the Permian isn't growing quite as fast, maybe with the rig count slowdown. I just love to hear what you're seeing from that level of detail, please?

我很想聽聽您從二疊紀盆地的核心客戶以及其他盆地聽到的一些情況，如果您確實看到訂單中反映出這一點，那麼我們顯然需要以某種方式滿足這種需求。如果二疊紀盆地的成長速度沒有那麼快，鑽井數量可能會減少。我很想聽聽您從這個細節層面上看到了什麼，好嗎？

Thanks, Jim. What we see with our customer base right now is consistent activity and to be really clear, the Permian is still leading the order book by like 60% to 80% depending upon how you cut the time frame.

謝謝，吉姆。我們目前從客戶群中看到的是持續的活動，而且非常清楚的是，二疊紀盆地仍然領先訂單量 60％ 到 80％，具體取決於您如何縮短時間範圍。

Even in the nearest term, we're looking at 55% of our order book in the quarter coming from the Permian. But interestingly, that means that the rest is coming from other plays as well. And although it is all incremental compared to the volumes that we see in the Permian, we do see activity in the Eagle Ford in the Haynesville, in the DJ, the Powder River, in particular, a little bit in the Marcellus.

即使在最近一段時間，我們也看到本季 55% 的訂單來自二疊紀盆地。但有趣的是，這意味著其餘的收入也來自其他戲劇。儘管與我們在二疊紀看到的數量相比，這只是增量，但我們確實看到了海恩斯維爾的鷹福特、DJ、Powder River，特別是馬塞勒斯的一些活動。

So we see that the reactivation of some of the dry gas plays that certainly the continued growth and investment in all of the shale plays is something that we see ahead. There is uncertainty, however, as to how much of that gas is going to come or need to come from these other plays depending upon how the Permian performs.

因此，我們看到一些乾氣田的重新啟動，所有頁岩氣田的持續成長和投資肯定是我們未來可以預見的。然而，根據二疊紀盆地的表現，有多少天然氣將來自或需要來自其他油氣田仍不確定。

In any event, really importantly, the Permian gas volumes, our compression business in the Permian is going to grow near-term, medium term and long-term it's just so much volume is tied up there in the most cost-effective play that we have in the country that, that seems to be an inescapable dynamic in the production of oil and gas that we see ahead.

無論如何，真正重要的是，二疊紀的天然氣產量，我們在二疊紀的壓縮業務將在短期、中期和長期內增長，因為我們在該國最具成本效益的開採中投入瞭如此多的產量，這似乎是我們未來看到的石油和天然氣生產中不可避免的動力。

That's very helpful. And maybe as a follow-up, just curious, last time we spoke a quarter ago, really hadn't seen much of an impact at that stage on the tariff front, and I'd love to get an update there, If possible, from your OEMs?

這非常有幫助。也許作為後續問題，只是好奇，上次我們在一個季度前交談時，確實沒有看到關稅方面在那個階段受到太大影響，如果可能的話，我很想從你們的 OEM 那裡得到最新消息？

We don't expect a material impact to the tariffs on our business. It's certainly not in 2025 and very limited in 2026. The supply chain that feeds us is predominantly US-based and domestic. And in any event, any cost increases that we would expect for 2025 have been put into our guidance, but it's just been very negligible as an impact to our business and our outlook.

我們預計關稅不會對我們的業務產生重大影響。2025 年肯定不會實現，2026 年也非常有限。為我們提供產品的供應鏈主要位於美國國內。無論如何，我們預計 2025 年的任何成本增加都已納入我們的指導，但對我們的業務和前景的影響微乎其微。

Thanks for the color, Brad, and nice results, and maybe you guys can get to executing on that remaining $59 million in repurchases given your share price today.

感謝布拉德的貢獻和出色的業績，考慮到今天的股價，也許你們可以執行剩餘的 5,900 萬美元回購計劃。

Nate Pendleton, Texas Capital.

內特·彭德爾頓 (Nate Pendleton)，德克薩斯州首府。

Congrats on the strong quarter historically, your contract compression model has been resilient throughout commodity cycles has been discussed over the past few quarters. Now that we've seen the rigs dropping. Can you talk in a little bit more detail about the elasticity of demand for your horsepower specifically, how much of that 2026 order book is durable versus potentially subject to customer delays or renegotiation.

恭喜您歷史上表現強勁的季度，您的合約壓縮模型在整個商品週期中都具有彈性，這在過去幾個季度中已被討論過。現在我們已經看到鑽孔機下降。您能否更詳細地談談您馬力的需求彈性，具體來說，2026 年的訂單中有多少是持久的，有多少可能受到客戶延遲或重新談判的影響。

Thank you for the question. The order book that we have in place and the level that we talked about, we think is durable -- and it's robust and durable. We are not expecting any shifting in that level of spend.

謝謝你的提問。我們認為，我們現有的訂單和我們談論的水平是持久的——而且是強勁而持久的。我們預計該支出水準不會發生任何變化。

And I'm going to point out what we cited was an expectation for a minimum level of spend that's going to be required to meet customer demand. I think that the odds are greater that we're going to have a higher top end to our guidance when we can give top end guidance. But right now, we had enough of an order book build that we thought we could share that level of growth that we think that is in the books for 2026 at this earlier date. We think it is durable.

我要指出的是，我們所引用的是滿足客戶需求所需的最低支出水準的預期。我認為，當我們能夠給出最高指導時，我們獲得更高最高指導的可能性更大。但目前，我們已經有足夠的訂單，我們認為我們可以分享這種成長水平，我們認為這是在 2026 年就能實現的。我們認為它是耐用的。

And look, I might just add, I realize what we see reflected on the screen, what we're seeing in some other calls is that maybe some uncertainty around oil activity. I think Brad hit it really well in his prepared remarks. Natural gas volumes in North America are growing and growing meaningfully. And we are seeing that reflected in historically low levels of stop activity for our equipment.

而且，我還要補充一點，我意識到我們在螢幕上看到的、我們在其他一些電話中看到的可能是石油活動存在一些不確定性。我認為布拉德在準備好的發言中很好地表達了這一點。北美的天然氣產量正在大幅增加。我們看到，我們的設備停機活動處於歷史低點。

And again, with large midstream customers that are seeing a significant amount of new gas coming online in 2026 is what is supporting our view for that minimum level of CapEx. So it is -- we are there for our customers, and we expect that gas to come even if oil production doesn't grow at the same rate that we have been seeing it grow over the last several years.

而且，大型中游客戶將在 2026 年看到大量新天然氣投入使用，這支持了我們對最低資本支出水準的看法。事實就是如此——我們為客戶服務，即使石油產量的成長速度不如過去幾年那麼快，我們也預期天然氣將會供應。

Got it. I really appreciate the color, Brad, and Doug. And if I may, my second question, in the prepared remarks, you talked about your geographic diversification. Can you talk a little bit more about the current competitive dynamics you're seeing outside the Permian? And if there are opportunities to expand any of those basins really in a meaningful way going forward?

知道了。我真的很欣賞這種顏色，布拉德和道格。如果可以的話，我的第二個問題是，在準備好的發言中，您談到了地理多樣化。能否再多談談二疊紀盆地以外目前的競爭動態？那麼，未來是否真的有機會以有意義的方式擴大這些盆地呢？

Every basin has a couple of players in it at least. So every basin has a competitive dynamic. What we're experiencing in this market, however, is that with our customer base, we are essentially their partner and contract compression provider of choice. And when they have horsepower needs, they predominantly come to us.

每個盆地至少有幾名球員。因此每個盆地都有競爭動態。然而，我們在這個市場中的經驗是，對於我們的客戶群來說，我們基本上是他們選擇的合作夥伴和合約壓縮提供者。當他們需要馬力時，他們主要會來找我們。

Now, I think that that works for others in the market as well, but it gives us a much better planning cycle, look into the market and level of dependence because of the very critical position we play in the operational kind of capabilities of our customers as well as in their capital stack. They know they can count on us to deliver excellent service in the field. They know they can count on us to bring equipment and our capital to bear when they need it. And that creates a very close working relationship and dependence between us and our top customers with which we put out new capital and expect to grow.

現在，我認為這對市場上的其他人也有效，但它為我們提供了更好的規劃週期，了解市場和依賴程度，因為我們在客戶的營運能力及其資本堆疊中發揮著非常關鍵的作用。他們知道可以信賴我們在該領域提供優質的服務。他們知道，當他們需要時，我們可以提供設備和資金。這使得我們與頂級客戶之間建立了非常密切的工作關係和依賴關係，我們藉此投入新資本並期望實現成長。

Doug Irwin, Citi.

花旗銀行的道格‧歐文 (Doug Irwin)。

I just wanted to start by getting your latest thoughts around gas allocation given that you linked pretty heavily on the buyback program this quarter and obviously announced the dividend increase as well. Just curious how you're thinking about buybacks versus dividend growth moving forward, given both your level of confidence in the outlook moving forward, which is more durable and then maybe some of the asset sales that potentially free up some more onetime cash flow here as well.

我只是想先了解一下您對天然氣分配的最新想法，因為您本季度非常重視回購計劃，並且顯然也宣布了股息增加。我只是好奇，考慮到您對未來前景的信心水平（這種信心更持久），以及一些資產出售可能也可能會釋放更多的一次性現金流，您如何看待回購與未來的股息成長。

Doug, thanks for the question. On the good news front, we expect to grow this business. We expect to grow our profits. And that means we expect to be able to continue to return the amount of capital we return to our investors, both in the form of dividend as well as in the form of buybacks. The dividend rate that we get to grow at with the coverage that we have, I think, should be viewed as our expectation is -- the business continues to perform the way it has over the last several years and quarters that we should have the opportunity to increase our dividend consistent with the way that you've seen it raised over the last several years and quarters.

道格，謝謝你的提問。好消息是，我們預期這項業務將會成長。我們期望利潤能夠成長。這意味著我們期望能夠繼續以股利和回購的形式向投資者返還資本。我認為，我們根據現有的覆蓋範圍所實現的股息率增長應該被視為我們的預期——業務繼續按照過去幾年和幾個季度的方式運作，我們應該有機會按照過去幾年和幾個季度所見的方式增加股息。

Buybacks on the other hand, are activated by our potential value capture on what we see as the ability to not just return capital to our investors and to our shareholders but based on the price of the market. We are definitely price sensitive on that. And currently, we might be ambitious. But that's the way we think of it. Both are tools we expect to use to the benefit of our investors going forward.

另一方面，回購是由我們潛在的價值獲取所激活的，我們認為這不僅能夠向我們的投資者和股東返還資本，而且可以根據市場價格返還資本。我們對此絕對價格敏感。目前，我們可能雄心勃勃。但我們就是這麼想的。我們希望利用這兩種工具來使我們的投資者受益。

Understood. And then I was just hoping you could help unpack the updated guidance range a little bit here. There were obviously a few different moving pieces with acquisitions and sales and some of the updated segment margins as well. Just curious how much of this guidance you would categorize as maybe being more nonrecurring tied to gains on asset sales and things like that versus more operational outperformance across the two segments that's going to be a bit more ratable moving forward here?

明白了。然後我只是希望你能在這裡幫忙解釋一下更新後的指導範圍。顯然，收購和銷售以及一些更新的細分利潤率都發生了一些不同的變化。我只是好奇，您會將這份指引中有多少內容歸類為可能與資產出售收益等非經常性收益掛鉤，還是將這兩個部門的營運表現更出色、未來可評估性更強的內容歸類為非經常性收益？

Yes. I'll take that one, Doug. It's -- look, let's start with outperformance in both our legacy and acquired businesses on the contract compression side. That's a little less than half of the $20 million guide upwards. It's about $9 million comes from that outperformance on the AMS side, with gross margins and revenues, both being a little higher than forecasted, albeit gross margins on AMS were slightly lower because of the part sale that Brad mentioned. That's about $4 million of it so that gets you to sort of call it, $13 million of the $20 million.

是的。我接受這個，道格。瞧，讓我們從合約壓縮方面的傳統業務和收購業務的優異表現開始。這比指導價 2,000 萬美元的一半還少一點。約 900 萬美元來自 AMS 方面的優異表現，毛利率和收入均略高於預期，儘管由於布拉德提到的零件銷售，AMS 的毛利率略低。這大約是 400 萬美元，所以你可以稱它為 2000 萬美元中的 1300 萬美元。

And then we had $4 million in asset sale gains in the quarter and about $3 million in other income that we talked about mostly being from insurance sales. And then I think important to understand that, that $20 million an increase was offset by the assets that we sold in the Flowco transaction. And while we're not giving any guidance on what that EBITDA was, all of that kind of gets you to the $20 million that we raised guidance by today.

然後，我們在本季獲得了 400 萬美元的資產銷售收益和約 300 萬美元的其他收入，其中大部分來自保險銷售。然後我認為重要的是要理解，2000 萬美元的增幅被我們在 Flowco 交易中出售的資產所抵消。雖然我們沒有對 EBITDA 給予任何指導，但所有這些都使您達到了我們今天提出的 2000 萬美元指導目標。

Steve Ferazani, Sidoti.

史蒂夫費拉扎尼、西多蒂。

Appreciate all the detail on the call. The other piece I wanted to ask about, Brad and Doug was the strength in the aftermarket because that was certainly how you beat me on revenue in the quarter, and you did raise the aftermarket guidance. Can you talk about what happened in the quarter? And how much -- how extendable that is? Was there anything specific there?

感謝通話中的所有細節。布拉德和道格，我想問的另一個問題是售後市場的優勢，因為這肯定是你們在本季度的收入上超過我的原因，而且你們確實提高了售後市場指導。您能談談本季發生的事情嗎？並且可擴展到什麼程度？那裡有什麼特別的東西嗎？

Overall, we've been really pleased, very pleased with how the aftermarket service businesses have performed, especially over the last probably now going on eight quarters. Part of what you're seeing just reflects the market needs equipment -- it needs equipment to run and that has placed more demand on both of our businesses, contract compression as well as our aftermarket services businesses, our customers are doing a better job maintaining their own equipment and to maintain better run times for themselves.

整體而言，我們對售後服務業務的表現感到非常滿意，尤其是過去八個季度的表現。您所看到的部分情況只是反映了市場對設備的需求——它需要設備來運行，這對我們的兩項業務、合約壓縮以及我們的售後服務業務提出了更多的要求，我們的客戶在維護自己的設備方面做得更好，並為自己保持更好的運行時間。

So that overall market dynamic, we think, is definitely sustainable. We don't see that changing in the near term. Our team has done an excellent job, capturing that and doing good work, excellent work for our customers. So we see that part of it being sustainable.

因此，我們認為整體市場動態肯定是可持續的。我們認為這種情況短期內不會改變。我們的團隊做得非常出色，抓住了這一點，並為我們的客戶做出了出色的工作。因此我們認為這部分是可持續的。

But I will point out, as I put in my prepared remarks on the top line, However, this quarter did include a large -- some engine sales that took the top line up and also diluted the margin just a little bit. We don't expect that to repeat. That's a more unusual transaction that happens, but it's more unusual. But overall, we remain ambitious about the value we can bring to our customers and that we can get from this aftermarket services business today.

但我要指出的是，正如我在關於營收的準備好的評論中所說的那樣，本季度確實出現了大量發動機銷售，這不僅帶來了營收的增長，也稍微稀釋了利潤率。我們不希望這種事情再發生。這是一個比較不尋常的交易，但它比較不尋常。但總體而言，我們仍然對我們能為客戶帶來的價值以及我們今天能從售後服務業務中獲得的價值充滿雄心壯志。

Great. And then I want to ask about the mix in the order book. We know electric demand was growing. But in this more volatile oil price environment, knowing that, that's higher priced and knowing a lot of your customers are cost conscious, are you seeing any shift away from electric to go to a lower cost option?

偉大的。然後我想問訂單簿中的組合情況。我們知道電力需求正在成長。但在這種更波動的油價環境下，我們知道價格更高，而且許多客戶都注重成本，您是否看到有人從電動車轉向成本更低的選擇？

We are seeing a shift in the mix to include more gas drive and incrementally less electric motor drive, but it's not as sharp a turn as you might expect. I think looking ahead, we expect 20% to 25% of the business to be that CapEx to go toward electric motor drive compared to where we were, which was 30% or higher previously. So it's tapered off a bit.

我們看到，動力組合正在轉變，包括更多的燃氣驅動和逐漸減少的電動馬達驅動，但這種轉變並不像您想像的那麼劇烈。我認為展望未來，我們預計業務的資本支出中將有 20% 到 25% 用於電動馬達驅動，而先前這一比例為 30% 或更高。所以它逐漸變小了一點。

The issue, however, I don't believe is cost. The issue is power availability. What we're seeing is tremendous strain on the grid and the inability of even distributed power opportunities to keep up with the overall demand. And I think that is driving our customers -- some of our customers to include more gas drives where they would have had a preference for electric motor drives had power been available.

然而，我認為問題並不在於成本。問題在於電力供應。我們看到的是電網面臨巨大壓力，連分散式電力機會也無法滿足整體需求。我認為這正在推動我們的客戶——我們的一些客戶更多地選擇燃氣驅動，而在有電力供應的情況下，他們原本會選擇電動馬達驅動。

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

Just going back to the order book, I just want to ask the question a little bit differently. You referenced the $275 million, and you haven't done that previously. So my question directly is, if we look back to 2024, are you ahead this time, this year as opposed to where you were last year?

回到訂單簿，我只是想以稍微不同的方式問這個問題。您提到了 2.75 億美元，但您之前並沒有這樣做過。所以我的直接問題是，如果我們回顧 2024 年，與去年相比，今年您是否領先？

Number one, I want to just take on the number. What we guided was that we see a minimum of $250 million for 2026 CapEx. That's okay. I want to get that out. But I'd say we're very much in line with what we saw at this point in 2024 and in prior years.

首先，我只想接受這個數字。我們的預期是，2026 年的資本支出至少為 2.5 億美元。沒關係。我想把它弄出來。但我想說，我們與 2024 年此時以及前幾年看到的情況非常一致。

But we have more clarity in the order book today than I think we may have had at that time of the year. We also know that, candidly, a lot of discussion today and questions from our investors are focused on what's going on in the market? And are we going to see a pause in the growth, in investment and infrastructure because we're seeing a decline in rig count, and we're seeing some lay down for crews also in oil and gas services.

但我認為，今天我們的訂單情況比一年中那個時候更加清晰。我們也知道，坦白說，今天的許多討論和投資者提出的問題都集中在市場正在發生的事情上？我們是否會看到投資和基礎設施的成長暫停，因為我們看到鑽機數量的下降，我們也看到石油和天然氣服務中的一些船員的裁員。

And our answer to that included the fact we wanted to come out with what we're seeing in the market today, to say very distinctly, that is not what we expect to experience. We had growth in '25. We expect growth in '26 and our order book, including the level of minimum capital commitment that we see, we thought was helpful information to support our assertion that notwithstanding the macro, our business is poised to perform and to grow.

我們的回答包括，我們想明確指出，我們今天在市場上看到的情況不是我們所期望經歷的。我們在 25 年實現了成長。我們預計 26 年我們的訂單將實現成長，包括我們看到的最低資本承諾水平，我們認為這些資訊很有幫助，可以支持我們的斷言：儘管宏觀經濟形勢不佳，但我們的業務仍有望表現良好並實現成長。

Got it. Appreciate that. And again, my apologies. You referred -- in your opening comments, you talked about largest contractor in the Eagle Ford in the Haynesville. So I was just going to ask if you could expand a little bit more on what you're seeing in the Haynesville?

知道了。非常感謝。我再次向您表示歉意。您在開場白中提到了——您談到了海恩斯維爾鷹福特最大的承包商。所以我只是想問您是否可以進一步詳細說明您在海恩斯維爾看到的情況？

We see activity. And what we said on the Haynesville, in particular, is that we support the business of some of the largest midstream operators in the Haynesville is the way we characterize that. And we do see incremental demand in the Haynesville.

我們看到了活動。特別是在海恩斯維爾，我們說過，我們支持海恩斯維爾一些最大的中游運營商的業務，這就是我們對此的描述。我們確實看到海恩斯維爾的需求增加。

Now I'll point out again, it helps in scale to what we see going on in the Permian, but we do see constructive and profitable horsepower additions going into that play -- into the Haynesville, which we're happy to see. Right now, I think that Permian is attracting so much capital, so much labor and so many -- so much operational focus, we like seeing a diversification of the growth in every other play that we can see growth in as well. And that's the nature of what we want to show there.

現在我要再次指出，它有助於擴大我們在二疊紀盆地所見範圍，但我們確實看到建設性和有利可圖的馬力增加進入該劇——進入海恩斯維爾，我們很高興看到這一點。現在，我認為二疊紀盆地吸引瞭如此多的資本、如此多的勞動力和如此多的營運重點，我們很高興看到其他每個能夠實現成長的領域也呈現出多樣化的成長。這就是我們想要在那裡展示的本質。

(Operator Instructions) Josh Jayne, Daniel Energy Partners.

（操作員指示）Josh Jayne，Daniel Energy Partners。

Just one sort of long-ish one for me, which is, in the prepared remarks, you talked about the dislocation that you believe exists between the share price today and future expectations. Could you expand on that a bit more and how you're ultimately thinking about that because you've been buying back stock, obviously, at the dividend, but it sounded like you were potentially going to be a bit more aggressive moving forward on the buyback based on what you're seeing in the business and the thoughts on '26 and '27. So long-winded question, but has anything changed in the last six months or so to make you more aggressive about using those tools? And maybe you could just expand on that mindset a little bit.

對我來說，只有一條較長的發言，即在準備好的發言中，您談到了您認為當前股價與未來預期之間存在的脫節。您能否進一步闡述這一點，以及您最終是如何考慮這個問題的，因為您一直在以股息的方式回購股票，但根據您對業務的觀察以及對 26 年和 27 年的想法，聽起來您可能會更積極地推進回購。這個問題很長，但是在過去六個月左右的時間裡有什麼變化讓您更積極地使用這些工具嗎？也許你可以稍微擴展一下這種思考方式。

Sure. I'll share a few thoughts. First, we have great confidence in the future of this business. And again, our confidence is both near, medium and long-term. So that makes us ambitious about the way this company is operating. Second, we've transformed this platform significantly to focus on large horsepower, very stable midstream applications and operations. And from the term that we stay on location, you've seen a complete change, almost close to a doubling of the time we stay on location with our units. So the stability of this business is there as well.

當然。我將分享一些想法。首先，我們對這個業務的未來充滿信心。再次強調，我們對近期、中期和長期都充滿信心。因此，我們對這家公司的運作方式充滿信心。其次，我們對該平台進行了重大改造，使其專注於大馬力、非常穩定的中游應用和營運。從我們駐紮在現場的時間來看，您已經看到了徹底的變化，我們與部隊駐紮在現場的時間幾乎增加了一倍。所以這個業務的穩定性也是存在的。

The macro environment has got us poised for growth. And so -- it means that we are very strategic in using both our dividend and the share buybacks as a way to return capital to investors. But we are not price insensitive. And what's changed over the most recent environment is that the market seems to be valuing energy and valuing some of our shares less than we think, ultimately, in a longer term or stable market should be the case. And so that does make us want to look at using both tools as well as we can to return capital and cash to our investors.

宏觀環境已使我們做好了成長的準備。所以——這意味著我們非常有策略地利用股息和股票回購來向投資者返還資本。但我們並不是對價格不敏感。最近環境的變化是，市場對能源和部分股票的估值似乎低於我們的預期，從長期來看，或者說從穩定的市場來看，情況應該如此。因此，這確實讓我們想要盡可能地利用這兩種工具來向我們的投資者回饋資本和現金。

And I just would add one additional comment, which is a bit of a differentiating point, I think, in the compression space. And that is we have the lowest leverage in the industry. We have continued to delever over the last couple of years, which has put us in a position to be able to do that. So yes, we see our share price is very attractive. I think I said in my prepared comments that it's our expectation that we will continue to delever through the year. And I do think, as folks think about Archrock and compare us to some of our peers perhaps, that's a bit of a differentiating factor.

我只想補充一點，我認為這在壓縮空間中是一個有區別的點。那就是我們的槓桿率是業界最低的。過去幾年我們一直在持續去槓桿，這使得我們有能力做到這一點。所以是的，我們認為我們的股價非常有吸引力。我想我在準備好的評論中說過，我們預計今年將繼續去槓桿。我確實認為，當人們想到 Archrock 並將我們與一些同行進行比較時，這是一個有點不同的因素。

Great. And then actually, just one quick follow-up. You had mentioned that equipment staying on locations sort of 50% longer than it was in 2021. How do you see that evolving going forward? Like when we're sitting here two, three, five years from now, how do you ultimately see that playing out based on what you're seeing today?

偉大的。然後實際上，只需快速跟進一下。您曾提到，設備在現場停留的時間比 2021 年長了 50%。您認為未來會如何發展？例如當我們兩年、三年、五年後坐在這裡時，根據您今天所看到的情況，您最終會如何看待這項發展？

We believe that, that number is likely to extend too longer over a period of time. I'm going to point out that the amount of turnover in the fleet varies significantly by horsepower size. And since we're adding predominantly more large horsepower into the mix, that is by nature going to pull that term into more years, not less. So we think that number is going to continue to increase over time based on the investment profile and the position we have in the infrastructure and midstream marketplace today.

我們認為，這一數字在一段時間內可能會持續很長時間。我要指出的是，車隊的周轉量隨馬力大小而有很大差異。而且由於我們主要添加了更多大馬力的產品，這自然會將這個期限延長幾年，而不是更短。因此，我們認為，根據投資狀況以及我們目前在基礎設施和中游市場中的地位，這個數字將隨著時間的推移而繼續增加。

And there are no further questions. I'll turn the call back over to Mr. Childers for any final remarks.

除此之外沒有其他問題了。我將把電話轉回給 Childers 先生，請他做最後的評論。

Great. Thank you, everyone, for participating in our Q2 2025 review. I look forward to updating you on our progress next quarter. Thank you.

偉大的。感謝大家參與我們的 2025 年第二季回顧。我期待著下個季度向您通報我們的進展。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。