Archrock, Inc. (AROC) 2025 Q4 法說會逐字稿

Good morning. Welcome to the Archrock fourth quarter and full Year 2025 conference call. Your host for today's call is Megan Repine, Vice President of Investor Relations at Archrock. I will now turn the call over to Ms. Repine. You may begin.

早安.歡迎參加 Archrock 2025 年第四季及全年業績電話會議。本次電話會議的主持人是 Archrock 投資者關係副總裁 Megan Repine。現在我將把電話轉給雷平女士。你可以開始了。

Thank you, Bella. 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. Yesterday, Archrock released its financial and operating results for the fourth quarter and full year 2025 as well as annual guidance for 2026. If you have not received a copy, you can find the information on the company's website at www.archrock.com.

謝謝你，貝拉。大家好，感謝各位參加今天的電話會議。今天陪同我出席的有 Archrock 總裁兼執行長 Brad Childers，以及 Archrock 財務長 Doug Aron。昨天，Archrock 發布了 2025 年第四季和全年的財務和營運業績，以及 2026 年的年度業績指引。如果您尚未收到副本，您可以在公司網站 www.archrock.com 上找到相關資訊。

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 Archrock's management team.

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 管理團隊所做的假設和目前可獲得的信息，作出 1934 年證券交易法第 21E 條所指的前瞻性陳述。

Although management believes that 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中反映的預期是合理的，但無法保證這些預期最終會實現。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作出的前瞻性陳述存在重大差異的因素。

In addition, our discussion today will reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted EPS and cash available for dividend. 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，我們今天的討論也將提及一些非GAAP財務指標，包括調整後的EBITDA、調整後的每股盈餘和可用於派息的現金。有關這些非 GAAP 財務指標與我們的 GAAP 財務表現的調節表，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 表格。

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

現在我將把電話交給布拉德，讓他討論 Archrock 第四季和全年業績，並介紹我們公司的最新業務狀況。

Thank you, Megan, and good morning, everyone. 2025, was an incredible year for Archrock, one that leveraged a multiyear transformation of the business and demonstrated the strength, durability and scalability of our strategy against what continues to be a robust outlook for our business.

謝謝梅根，大家早安。 2025年對Archrock來說是意義非凡的一年，我們利用了多年來的業務轉型，展現了我們策略的實力、持久性和可擴展性，也印證了我們業務持續強勁的發展前景。

Before I review our fourth quarter and 2025 performance, I want to thank our employees across the organization for their tireless focus on safety, customer service and execution.

在回顧我們第四季度和 2025 年的業績之前，我要感謝我們整個組織的員工，感謝他們孜孜不倦地專注於安全、客戶服務和執行。

This was another extremely busy year, and our team delivered. The results we're reporting today simply do not happen without the commitment and excellence of Archrock's amazing team.

今年又是極其忙碌的一年，但我們的團隊卻出色地完成了任務。如果沒有 Archrock 優秀團隊的奉獻和卓越表現，我們今天所公佈的成果根本不可能實現。

We achieved much across the business in 2025. Compared to 2024, we increased adjusted EPS by 68% and adjusted EBITDA by 51%. Importantly, with strong Q4 results, we delivered adjusted EBITDA above the midpoint of guidance after raising our outlook twice during the year.

2025年，我們在業務的各個方面都取得了巨大成就。與 2024 年相比，我們調整後的每股盈餘成長了 68%，調整後的 EBITDA 成長了 51%。重要的是，憑藉強勁的第四季度業績，我們在年內兩次上調業績預期後，實現了調整後 EBITDA 高於預期中點的水平。

Building on the progress we've made in pricing, efficiency and cost discipline, our contract operations and aftermarket Services segments delivered outstanding adjusted gross margins. Contract operations achieved 70% plus adjusted gross margins for the fifth consecutive quarter, underscoring excellent execution in a tight market.

基於我們在定價、效率和成本控制方面取得的進展，我們的合約營運和售後服務部門實現了出色的調整後毛利率。合約業務連續第五個季度實現 70% 以上的調整後毛利率，凸顯了在競爭激烈的市場中出色的執行力。

We continue to enhance and standardize our fleet through disciplined portfolio actions, completing our second accretive acquisition in 18 months while executing asset sales of 325,000 horsepower for $192 million, which we redeployed into high-return new build investments.

我們透過嚴謹的投資組合策略，不斷提升和規範我們的車隊，在 18 個月內完成了第二次增值收購，同時以 1.92 億美元的價格出售了 32.5 萬馬力的資產，並將所得資金重新投入到高回報的新建造投資中。

Taken together, these actions drove 8% operating horsepower growth compared to 2024. Our high-quality fleet has maintained full utilization of 95% or higher for the last 11 quarters, underscoring the strength of demand for our equipment, our services and the reliability of our operations.

綜合來看，這些措施推動了 2024 年運行馬力成長 8%。在過去的 11 個季度中，我們高品質的車隊一直保持著 95% 或更高的滿載利用率，這凸顯了市場對我們設備、服務以及營運可靠性的強勁需求。

We translated this performance into meaningful value for shareholders, returning $212 million through dividends and share repurchases during 2025, up over 70% year-over-year. We also concurrently drove our year-end leverage ratio to 2.7 times demonstrating our cash-generating capacity.

我們將這項業績轉化為股東的實質價值，在 2025 年透過股利和股票回購返還了 2.12 億美元，年成長超過 70%。同時，我們將年末槓桿率提升至 2.7 倍，證明了我們的現金創造能力。

Overall, 2025 was a year of exceptional earnings growth, balance sheet strengthening and capital returns, providing a strong foundation as we enter 2026.

整體而言，2025 年是獲利成長、資產負債表增強和資本回報異常豐厚的一年，為我們進入 2026 年奠定了堅實的基礎。

As we look ahead to 2026, our strategy is grounded in the role natural gas continues to play as a critical component of the global energy mix. Our strategic focus for 2026 centers on three priorities.

展望 2026 年，我們的戰略基礎是天然氣將繼續在全球能源結構中發揮關鍵作用。我們2026年的策略重點圍繞著三個優先事項展開。

First, capturing opportunities to invest in our natural gas levered transformed energy infrastructure and compression platform by helping our customers move more gas to market more efficiently, safely and with lower environmental impact.

首先，抓住投資我們天然氣槓桿式轉型能源基礎設施和壓縮平台的機會，幫助我們的客戶更有效率、更安全、更環保地將更多天然氣輸送到市場。

We continue to allocate capital toward large horsepower and electric motor drive compression, where we see durable demand, strong returns and clear benefits for both our customers and our shareholders.

我們將繼續把資金投入到大馬力和電動馬達驅動壓縮領域，因為我們看到這些領域需求穩定，回報強勁，並且能為我們的客戶和股東帶來明顯的利益。

Second, maximizing the reliability of our service for our customers. Reliability remains our central value proposition. We're continuing to standardize our field operating model and further enhance adoption of the technology we've implemented across the business.

第二，最大限度地提高我們為客戶提供的服務的可靠性。可靠性仍然是我們的核心價值主張。我們將繼續規範現場作業模式，並進一步提高我們在整個業務中實施的技術的採用率。

We're deploying advanced digital tools, analytics and machine learning to improve service quality, streamline workflows for our customers, optimize maintenance execution and expand our remote monitoring capabilities. These initiatives are designed to increase equipment reliability and safety, reduce unplanned downtime and drive higher fleet utilization and operating efficiency.

我們正在部署先進的數位工具、分析和機器學習技術，以提高服務質量，簡化客戶的工作流程，優化維護執行，並擴展我們的遠端監控能力。這些措施旨在提高設備的可靠性和安全性，減少非計劃性停機時間，並提高車隊利用率和營運效率。

Third, maintaining disciplined returns-based capital allocation and prudent financial management. As we reach a higher level of sustained free cash flow generation, our priorities remain balanced and consistent, investing in high-return growth opportunities we see in this durable growth cycle and returning capital to shareholders while also maintaining a strong balance sheet.

第三，維持以回報為導向的有紀律的資本配置和審慎的財務管理。隨著我們持續獲得更高水準的自由現金流，我們的優先事項保持平衡和一致，投資於我們在這個持久成長週期中看到的高回報成長機會，並向股東返還資本，同時保持強勁的資產負債表。

This approach has strengthened our portfolio, improved our financial flexibility and positioned us to continue delivering superior returns on capital.

這種方法增強了我們的投資組合，提高了我們的財務靈活性，並使我們能夠繼續獲得優異的資本回報。

Importantly, while performance over the last few years, including 2025, has validated the strength of the strategy I just outlined, we believe there is meaningful earnings growth still to be captured as we grow our business and realize the benefits of fleet mix, utilization durability, a more automated platform and disciplined capital allocation, which continue to compound over time.

重要的是，雖然過去幾年的業績（包括 2025 年的業績）已經驗證了我剛才概述的戰略的有效性，但我們相信，隨著我們業務的增長，以及車隊組合、利用率穩定性、更自動化的平台和有紀律的資本配置帶來的好處（這些好處會隨著時間的推移而不斷累積盈利），仍有可觀的累積盈利空間。

Natural gas production continues to increase steadily, and we expect production to reach record levels for the sixth consecutive year in 2026. In the near term, US natural gas volumes are expected to increase incrementally in 2026.

天然氣產量持續穩定成長，我們預計2026年產量將連續第六年達到創紀錄水準。短期內，預計美國天然氣產量將在 2026 年逐步成長。

Importantly, for Archrock, our exposure is weighted toward faster-growing gas basins, particularly the Permian, where gas volumes are expected to grow at mid-single-digit rates. In the Permian, oil production is expected to remain relatively flat, while associated gas volumes continue to increase, supporting sustained demand for compression.

重要的是，對於 Archrock 而言，我們的投資重​​點是成長較快的天然氣盆地，特別是二疊紀盆地，預計該地區的天然氣產量將以中等個位數的速度成長。在二疊紀盆地，石油產量預計將保持相對平穩，而伴生氣產量將繼續增加，從而支撐對壓縮設備的持續需求。

This growth is being complemented by meaningful additions to takeaway capacity totaling 4.6 billion cubic feet per day, particularly in the second half of the year, which should improve basin economics and support continued producer activity.

這一成長也得益於外輸能力的顯著提升，總計每天新增 46 億立方英尺，尤其是在下半年，這將改善流域經濟效益，並支持生產商的持續活動。

At the same time, US LNG exports are expected to continue to grow in 2026 with a 2 Bcf a day of additional FID project export capacity coming online. LNG remains a key driver of incremental natural gas demand and reinforces the need for investment across natural gas production, transportation and compression infrastructure.

同時，隨著每天新增 20 億立方英尺的最終投資項目出口產能投入運營，預計 2026 年美國液化天然氣出口將持續成長。液化天然氣仍然是天然氣需求成長的關鍵驅動因素，並凸顯了在天然氣生產、運輸和壓縮基礎設施方面進行投資的必要性。

LNG projects that have already reached final investment decision represent 14 Bcf a day of additional export capacity expected to come online through 2030, with further projects possible beyond that. These developments support sustained demand and a long runway for natural gas infrastructure investment and growth.

已做出最終投資決定的液化天然氣項目代表著每天新增 140 億立方英尺的出口能力，預計到 2030 年將陸續上線，此後可能會有更多項目。這些發展趨勢支撐了天然氣基礎設施投資和成長的持續需求和長期前景。

In parallel, AI-driven power demand is moving from long-term forecasts into the early stages of infrastructure development, creating another source of incremental demand for natural gas-fired power generation over time.

同時，人工智慧驅動的電力需求正從長期預測轉向基礎設施開發的早期階段，隨著時間的推移，這將為天然氣發電創造另一個增量需求來源。

These dynamics support what we believe is a durable multiyear earnings growth opportunity for Archrock. We have a substantial backlog for 2026, which is 85% contracted, and we've already booked units for 2027 delivery.

這些因素支撐了我們認為 Archrock 未來多年獲利成長前景良好的觀點。我們2026年的訂單積壓量很大，已簽訂85%的合同，而且我們已經預定了2027年交付的車輛。

Now moving to our segments. Contract operations delivered outstanding performance, supported by excellent execution and continued high demand for our compression fleet.

現在進入我們的板塊分割環節。合約營運取得了卓越的業績，這得益於出色的執行力和市場對我們壓縮機隊的持續高需求。

Our fleet remained fully utilized during the quarter, exiting at 95.5%. Maintaining utilization above 95% for 11 consecutive quarters is unprecedented for our business and reflects continued growth in natural gas demand, the high quality of our fleet and strong operational execution. Stop activity remains at historically low levels, and our equipment is staying on location longer.

本季我們的機隊保持滿載運轉，利用率達 95.5%。連續 11 個季度保持 95% 以上的利用率，這對我們的業務來說是前所未有的，反映了天然氣需求的持續成長、我們車隊的高品質和強大的營運執行力。停工活動仍處於歷史低位，我們的設備在現場停留的時間也更長。

Based on 2025 data, the average time an Archrock compressor remains on location is now 73 months or more than six years. That's up 61% since 2021.

根據 2025 年的數據，Archrock 壓縮機在現場的平均停留時間為 73 個月，也就是超過六年。與 2021 年相比，成長了 61%。

When isolating large horsepower compression, time on location extends even further relative to the blended fleet average. Average time on location is 97 months or more than eight years for units with 1,500 horsepower or more, reflecting their use in midstream applications. As we continue to invest in this highly profitable and sticky segment of the market, we expect time on location to extend further over time.

當單獨測試大馬力壓縮引擎時，其現場停留時間相對於混合車隊的平均水平會更長。對於功率為 1,500 馬力或以上的機組，平均駐場時間為 97 個月或超過 8 年，這反映了它們在中游應用中的使用情況。隨著我們繼續投資於這個利潤豐厚且客戶黏性強的市場領域，我們預計現場拍攝時間會隨著時間的推移而進一步延長。

At quarter end, we had 4.6 million operating horsepower. Sequentially, operating horsepower declined by approximately 80,000 as new build deliveries during the quarter were more than offset by the sale of approximately 123,000 horsepower, including 84,000 active horsepower, which we completed at year-end. For the year, compression asset sales totaled 325,000 horsepower, including 175,000 active horsepower, generating $192 million in cash proceeds and net gains on asset sales of $47 million while reducing estimated 2026 adjusted EBITDA by about $18 million.

截至季末，我們的運行功率為 460 萬馬力。與上一季相比，由於本季度新造發動機的交付量被年底售出的約 123,000 馬力發動機（包括 84,000 馬力的在用發動機）所抵消，運行馬力下降了約 80,000 馬力。該年度，壓縮資產銷售總量為 325,000 匹馬力，其中 175,000 匹馬力為活躍馬力，產生 1.92 億美元的現金收益和 4700 萬美元的資產銷售淨收益，同時使預計 2026 年調整後 EBITDA 減少約 1800 萬美元。

Monthly revenue per horsepower moved higher on a sequential and year-over-year basis. In 2026, we expect to benefit from a full year's impact of rate increases from 2025, and we also expect additional price increases in 2026, though at more modest levels.

每馬力月收入環比和年比均有所成長。預計 2026 年將受惠於 2025 年利率上漲帶來的全年影響，同時預計 2026 年價格將進一步上漲，但漲幅會較為溫和。

We achieved a quarterly adjusted gross margin percentage of 78%. Strong pricing and solid cost management drove underlying operating profitability to 71.5% in the quarter, up from 70% in the third quarter of 2025, excluding the impact of prior period cash tax settlements and credits in both periods. \

我們實現了季度調整後毛利率78%。強勁的定價和穩健的成本管理推動本季基本營運利潤率達到 71.5%，高於 2025 年第三季的 70%（不包括前期現金稅款結算和抵免的影響）。\

Results reflect lower make-ready and lube oil costs and efforts to mitigate inflation in labor and parts through ongoing cost management.

結果反映出準備工作和潤滑油成本降低，以及透過持續的成本管理來緩解勞動力和零件通膨的努力。

Fourth quarter 2025 adjusted gross margin further benefited from $23 million in prior period cash tax settlements and credits, which is the driver of the gross margin percentage increase from the 71.5% level to the reported 78% level. Moving to our Aftermarket Services segment. Performance remains solid despite the typical seasonal slowdown in the fourth quarter.

2025 年第四季調整後的毛利率進一步受益於前期 2300 萬美元的現金稅收結算和抵免，這是毛利率從 71.5% 提高到報告的 78% 的主要原因。接下來進入售後服務板塊。儘管第四季通常是季節性淡季，但業績依然穩健。

Aftermarket services continued to deliver consistent margin performance with adjusted gross margin percentage remaining firmly above 20% and well above historical levels despite normal fluctuations in activity. This reflects our continued focus on higher quality, higher-margin work, disciplined cost management and reliable execution.

儘管售後服務業務活動出現正常波動，但其利潤率持續保持穩定，調整後的毛利率仍穩居 20% 以上，遠高於歷史水準。這反映了我們對更高品質、更高利潤的工作、嚴格的成本管理和可靠的執行的持續關注。

Turning to capital allocation. Our framework remains disciplined and returns focused with growth investments and shareholder returns as our top priorities supported by a strong and resilient balance sheet. First, on growth investment. We previously stated that we expected 2026 growth CapEx would be a minimum of $250 million and last night, we refined our guidance to between $250 million and $275 million.

接下來討論資本配置。我們的框架仍然嚴謹，以回報為導向，將成長投資和股東回報作為首要任務，並由強大而穩健的資產負債表作為支撐。首先，關於成長型投資。我們之前曾表示，預計 2026 年的成長資本支出至少為 2.5 億美元，昨晚，我們將預期調整為 2.5 億美元至 2.75 億美元之間。

This level of CapEx reflects continued strong demand as well as a deliberate and disciplined approach. It also represents a similar level compared to the previous two years, especially when factoring in the 2025 growth capital expenditures included acquired new horsepower investment backlog from both the tops and the NGCS transactions.

這一資本支出水準反映了持續強勁的需求，以及審慎而有條不紊的策略。與前兩年相比，這一水準也與之相近，尤其是在考慮到 2025 年的成長資本支出，其中包括從頂部和 NGCS 交易中獲得的新增馬力投資積壓訂單。

At this level of growth capital, we expect to generate substantial free cash flows, both before and after dividends, supporting our strategy of increasing returns to shareholders over time. Most recently, our confidence in the outlook for the business and our financial position supported an increase in the fourth quarter dividend to $0.22 per share.

以目前的成長資本水平，我們預計將產生可觀的自由現金流，無論在派息前還是派息後，都將支持我們隨著時間推移不斷提高股東回報的策略。最近，我們對公司業務前景和財務狀況充滿信心，因此將第四季度股息提高至每股 0.22 美元。

This was up approximately 5% compared to the prior quarter and up 16% year-over-year as we focus on maintaining a well-covered dividend that grows along with the profitability increases in our underlying business. This dividend increase still provides flexibility for additional shareholder returns.

與上一季相比成長約 5%，年增 16%，因為我們專注於維持充足的股息，並隨著我們基礎業務盈利能力的提高而增長。此次股息成長仍為股東帶來額外回報留有彈性。

This includes $117.7 million of remaining authorization under our share repurchase program as of year-end, which we expect to continue to use as a tool for value creation for our shareholders.

其中包括截至年底我們股票回購計畫下剩餘的 1.177 億美元授權額度，我們預計將繼續利用該計畫為股東創造價值。

Our strategy has been to buy back shares on a regular basis while being more active during periods of market dislocation from the strong fundamentals we see ahead. We've returned over $92 million to stockholders since program inception at an average price of $22.72, including $70 million during 2025 compared to $13 million in 2024.

我們的策略是定期回購股票，同時在市場因我們預見的強勁基本面而出現動盪時更加積極地進行回購。自該計劃啟動以來，我們已向股東返還了超過 9,200 萬美元，平均價格為每股 22.72 美元，其中包括 2025 年的 7,000 萬美元，而 2024 年為 1,300 萬美元。

From a balance sheet perspective, we exited the year below our long-term leverage target range of 3 times to 3.5 times, and we currently expect to operate below 3 times in the near term. We're comfortable operating at these levels, which reflect the strength and durability of our cash flows and provide significant flexibility to pursue future organic and inorganic growth opportunities while continuing to return capital to shareholders.

從資產負債表的角度來看，我們今年的槓桿率低於 3 倍至 3.5 倍的長期目標範圍，我們目前預計在短期內將維持在 3 倍以下。我們對目前的營運水準感到滿意，這反映了我們現金流的強勁和持久性，並為我們提供了很大的靈活性，以便在繼續向股東返還資本的同時，尋求未來的有機和無機增長機會。

In summary, Archrock is delivering standout performance, driven by consistent operational execution and the successful advancement of our strategic initiatives.

總而言之，Archrock 業績表現突出，這得益於其持續的營運執行和策略舉措的成功推進。

As we look ahead, we believe we have additional opportunities to continue monetizing our transformed platform with earnings growth driven by disciplined execution and capital allocation and further supported by durable market tailwinds across the natural gas infrastructure.

展望未來，我們相信，透過嚴謹的執行和資本配置，以及天然氣基礎設施領域持續的市場利好，我們將有更多機會繼續實現轉型後的平台獲利成長。

With that, I'll turn the call over to Doug to walk through our fourth quarter and full year financial performance and provide additional detail on our 2026 outlook.

接下來，我將把電話交給道格，讓他詳細介紹我們第四季度和全年的財務業績，並提供有關我們 2026 年展望的更多細節。

Thank you, Brad, and good morning, everyone. Let's look at a summary of our fourth quarter and full year results and then cover our financial outlook for 2026. As we review the quarter, it is important to note that results included a few discrete items, which I will walk through briefly.

謝謝你，布拉德，大家早安。讓我們回顧一下第四季和全年業績，然後展望一下我們對 2026 年的財務前景。在回顧本季業績時，需要注意的是，業績中包含一些單獨的項目，我將簡要介紹。

We've also provided supplemental slides on our website with additional details, which bridge the results we reported last night to both 2025 guidance as well as our 2026, expectations.

我們還在網站上提供了補充幻燈片，其中包含更多細節，將我們昨晚公佈的結果與 2025 年的指導意見以及我們對 2026 年的預期聯繫起來。

Net income for the fourth quarter of 2025 was $117 million and adjusted EBITDA was $269 million, bringing net income for the full year 2025 to $322 million and adjusted EBITDA to $901 million.

2025 年第四季淨收入為 1.17 億美元，調整後 EBITDA 為 2.69 億美元，2025 年全年淨收入達 3.22 億美元，調整後 EBITDA 達到 9.01 億美元。

Underlying business performance exceeded expectations in the fourth quarter, and fourth quarter results further benefited from a $23 million cash net benefit to contract operations cost of sales related to prior period sales and use tax audit settlements and credits as well as a $32 million of net gains from the sale of compression and other assets, which occurred at the end of the year.

第四季基礎業務表現超出預期，第四季業績也受益於與前期銷售和使用稅審計結算及抵免相關的合約營運銷售成本2300萬美元現金淨收益，以及年底出售壓縮和其他資產獲得的3200萬美元淨收益。

These two items were not included in the 2025 annual guidance we provided on our third quarter call. And excluding them, we would have delivered full year 2025, adjusted EBITDA of $846 million, above the midpoint of our most recent guidance range of $835 million to $850 million.

這兩個項目並未包含在我們在第三季電話會議上提供的 2025 年年度業績指引中。如果排除這些因素，我們 2025 年全年調整後 EBITDA 將達到 8.46 億美元，高於我們最近給出的 8.35 億美元至 8.5 億美元的指導範圍的中點。

Turning to our business segments. Contract operations revenue came in at $327 million in the fourth quarter of 2025, consistent with the third quarter of 2025. Average operating horsepower was down slightly from the third quarter of '25, primarily due to asset sales and pricing ticked up incrementally.

接下來，我們來看看我們的業務板塊。2025 年第四季合約營運收入為 3.27 億美元，與 2025 年第三季持平。平均運行馬力較 2025 年第三季略有下降，主要是由於資產出售和價格小幅上漲。

We expanded our adjusted gross margin percentage to approximately 78%. Underlying operating gross profitability was 71.5% in the quarter, up from 70% in the third quarter of '25, excluding the impact of out-of-period cash tax settlements and credits in both periods.

我們將調整後的毛利率提高到約 78%。本季基本經營毛利率為 71.5%，高於 2025 年第三季的 70%，不包括兩個期間的期外現金稅款結算和抵免的影響。

Results further benefited from $23 million in prior period cash tax settlements and credits, which, as noted earlier, was the driver of the gross margin percentage increase from the 71.5% level to the reported 78% level.

業績還受益於前期 2300 萬美元的現金稅款結算和抵免，正如前面提到的，這是毛利率從 71.5% 提高到報告的 78% 的主要驅動因素。

In our Aftermarket Services segment, we reported fourth quarter 2025 revenue of $50 million, down compared to the third quarter, but higher compared to the $40 million a year ago. The sequential decline reflects typical seasonal softness.

在我們的售後服務部門，我們公佈了 2025 年第四季的收入為 5,000 萬美元，雖然比第三季有所下降，但比去年同期的 4,000 萬美元有所上升。這種連續下降反映了典型的季節性疲軟。

Fourth quarter AMS adjusted gross margin percentage was 24% compared to the third quarter and prior year period of 23%. We exited the year with total debt of $2.4 billion and strong available liquidity of $579 million. Long-term debt was down $149 million in the quarter compared to the third quarter of 2025, reflecting strong operating cash flow and further support from asset sales.

第四季 AMS 調整後毛利率為 24%，而第三季和去年同期為 23%。年底時，我們的總負債為24億美元，可用流動資金充足，達5.79億美元。長期與 2025 年第三季相比，本季債務減少了 1.49 億美元，反映出強勁的營運現金流和資產出售帶來的進一步支持。

We have taken meaningful steps to extend our maturity profile and further derisk our sector-leading balance sheet. First, we redeemed $300 million of our outstanding 2027 notes at par in November.

我們已採取切實有效的措施來延長資產負債表的到期期限，並進一步降低我們行業領先的資產負債表的風險。首先，我們在 11 月以面額贖回了 3 億美元的未償還 2027 年到期票據。

Second, in January of this year, we closed an upsized $800 million eight-year bond issuance priced at 6%. We believe this represented the lowest rate ever achieved in the compression sector and one of the tightest yields in energy high-yield deal history. Pro forma for the offering, our liquidity was over $1.3 billion.

其次，今年 1 月，我們完成了規模擴大至 8 億美元的 8 年期公債發行，定價為 6%。我們認為這代表了壓縮領域有史以來達到的最低利率，也是能源高收益交易史上最低的收益率之一。根據發行前的準備情況，我們的流動資金超過 13 億美元。

With this issuance, we have effectively prefunded the redemption of our 2028 notes, which are callable at par in April of 2026. This provides additional flexibility as our nearest bond maturity would move to 2032, following the call of our 2028 notes.

透過此次發行，我們實際上已經預先籌集了資金來贖回我們 2028 年到期的票據，這些票據可在 2026 年 4 月按面值贖回。這將提供更大的靈活性，因為在我們 2028 年債券到期後，我們最近的債券到期日將推遲到 2032 年。

Our leverage ratio at year-end was 2.7 times calculated as year-end 2025 total debt divided by our trailing 12-month EBITDA. This was down compared to 3.3 times in the fourth quarter 3.3 times in the fourth quarter of '24.

年末槓桿率為 2.7 倍，計算方法為 2025 年末總債務除以過去 12 個月的 EBITDA。與 2024 年第四季的 3.3 倍相比有所下降。

As Brad mentioned, we currently expect to operate below 3 times in the near term, which provides significant flexibility to pursue additional growth opportunities while continuing to return capital to shareholders. The strong financial flexibility I just described continued to support increased capital returns to our shareholders. We recently declared an increased fourth quarter dividend of $0.22 per share or $0.88 on an annualized basis.

正如布拉德所提到的，我們目前預計短期內本益比將低於 3 倍，這為我們尋求額外的成長機會提供了很大的靈活性，同時也能繼續向股東返還資本。我剛才描述的這種強大的財務靈活性繼續支撐著我們股東資本回報的增加。我們最近宣布將第四季度股息提高至每股 0.22 美元，或按年計算為 0.88 美元。

This is up 5% from the third quarter dividend level and 16% versus the year ago period. Cash available for dividend for the fourth quarter of 2025 totaled $189 million, leading to an impressive quarterly dividend coverage on the increased dividend of 4.9 times.

這比第三季股息水準成長了 5%，比去年同期成長了 16%。2025 年第四季可用於派息的現金總額為 1.89 億美元，使得季度股利覆蓋率達到 4.9 倍，令人印象深刻。

We introduced our full year 2026 guidance with yesterday's earnings release. As I walk through guidance, I want to again point you to the supplemental slides on our website, which bridge 2025 performance to our '26, adjusted EBITDA outlook and help isolate items impacting year-over-year comparability.

我們在昨天的財報中公佈了2026年全年業績預期。在講解指導意見時，我想再次提醒大家注意我們網站上的補充幻燈片，這些幻燈片將 2025 年的業績與我們 2026 年的調整後 EBITDA 展望聯繫起來，並有助於找出影響同比可比性的項目。

We announced 2026 adjusted EBITDA guidance of $865 million to $915 million or $890 million at the midpoint. In contract operations, this outlook reflects continued strength with growth in horsepower, revenue and profitability.

我們宣布 2026 年調整後 EBITDA 預期為 8.65 億美元至 9.15 億美元，中間值為 8.9 億美元。在合約營運方面，這一前景反映了馬力、收入和獲利能力的持續成長。

In aftermarket services, we expect performance to remain near historical peak levels, second only to 2025, which benefited from a small number of onetime items.

在售後服務方面，我們預計業績將保持在歷史高峰附近，僅次於 2025 年，而 2025 年得益於少量一次性項目。

This robust level of performance is supported by sustained service activity and the durability of the margin improvements achieved over the past several years.

這一強勁的業績水準得益於持續的服務活動以及過去幾年利潤率提升的持久性。

The bridge highlights several items that create noise in our year-over-year comparisons, most notably asset sales and tax-related items, which together have a $98 million impact when comparing 2025 to 2026 adjusted EBITDA.

該橋樑突出了幾個在我們的同比比較中造成乾擾的項目，最值得注意的是資產出售和稅務相關項目，這些項目在比較 2025 年和 2026 年調整後的 EBITDA 時，合計產生了 9800 萬美元的影響。

First, tax-related items. 2025, adjusted EBITDA included a $33 million benefit from sales and use tax audit settlements and credits. Second, asset sales. The year-over-year comparison from '25, to '26, is impacted by both the $47 million adjusted EBITDA gains recognized in 2025 and the reduction of associated EBITDA in '26, which we estimate would have totaled approximately $18 million.

首先是稅務相關項目。 2025 年調整後的 EBITDA 包括來自銷售和使用稅審計和解及抵免的 3,300 萬美元收益。其次，出售資產。2025 年與 2026 年的同比比較受到 2025 年確認的 4700 萬美元調整後 EBITDA 收益以及 2026 年相關 EBITDA 減少的影響，我們估計這部分減少總額約為 1800 萬美元。

Of this $18 million, $12 million related to the horsepower sold late in the year and announced alongside our earnings and thus, are not yet factored into analysts forward estimates.

在這 1800 萬美元中，有 1200 萬美元與今年稍後售出的馬力有關，並已與我們的收益一起公佈，因此尚未計入分析師的預期。

Now turning to capital. On a full year basis, we expect total 2026 capital expenditures to be approximately $400 million to $445 million. Of that, we expect growth CapEx to total between $250 million and $275 million to support investment in the new build horsepower and repackage CapEx to meet continued customer demand.

現在來談談資本。以全年計算，我們預計 2026 年的總資本支出約為 4 億美元至 4.45 億美元。其中，我們預計成長資本支出總額將在 2.5 億美元至 2.75 億美元之間，用於支援新建動力裝置的投資，並重新調整資本支出以滿足持續的客戶需求。

Maintenance CapEx is forecasted to be approximately $125 million to $135 million, up compared to 2025 due to increased planned overhaul activity. We also anticipate approximately $25 million to $35 million in other CapEx, primarily for new vehicles.

由於計畫中的大修活動增加，預計維護資本支出約為 1.25 億美元至 1.35 億美元，比 2025 年增加。我們也預計其他資本支出約 2,500 萬至 3,500 萬美元，主要用於購置新車。

Total capital expenditures are expected to be funded by operations with the potential for more modest additional support from nonstrategic asset sale proceeds as we continue to high-grade our fleet.

預計總資本支出將由營運資金提供，隨著我們不斷提昇機隊水平，非策略性資產出售所得款項可能會提供較為適度的額外支持。

Before we open the line for questions, I'll close by reinforcing that Archrock enters 2026, with strong momentum and a very solid financial foundation. The performance we delivered in 2025, reflects the durability of our business model, disciplined capital allocation and the strength of demand for our compression services.

在開放提問環節之前，我最後要強調的是，Archrock 進入 2026 年時，擁有強勁的發展勢頭和非常穩固的財務基礎。我們在 2025 年取得的業績，反映了我們商業模式的持久性、嚴格的資本配置以及市場對我們壓縮服務的強勁需求。

Looking ahead, our outlook is supported by a consistent growth capital profile, expanding free cash flow and a continued focus on execution. As Brad outlined, our priorities remain clear: investing in high-return growth opportunities and returning capital to shareholders.

展望未來，我們擁有穩定的成長資本、不斷增長的自由現金流，並持續專注於執行，這些都將支撐我們的前景。正如布拉德所概述的那樣，我們的優先事項仍然很明確：投資於高回報的成長機會，並將資本返還給股東。

As we execute on those priorities, leverage will continue to move lower naturally, and we are comfortable operating below the midpoint of our target range as an outcome of strong performance, not as a change in our strategy.

隨著我們推進這些優先事項，槓桿率自然會繼續下降，我們樂於在目標區間中點以下運營，這是強勁業績的結果，而不是我們戰略的改變。

We believe this framework positions Archrock well to support growth, maintain a resilient balance sheet and continue creating long-term value through cycles. With that, Bella, we are now happy to open the line for questions.

我們相信，這個框架使 Archrock 能夠更好地支持成長，保持穩健的資產負債表，並在周期性波動中持續創造長期價值。貝拉，接下來我們將開放提問環節。

(Operator Instructions)

（操作說明）

Doug Irwin, Citi.

道格歐文，花旗銀行。

Hey, thanks for the question. I just wanted to start with the growth CapEx guidance here. Just wondering if you could talk about how much organic horsepower you see that translating to being added this year? And then maybe if you could just help fine-tune just the cadence of fleet additions throughout the year.

嘿，謝謝你的提問。我只想先談談成長資本支出的指導意見。我想問一下，您認為今年有機馬力會轉化為多少新增動力？然後，如果您能幫忙微調全年新增機隊的節奏就更好了。

Yes. Doug, thanks for the question. We -- the CapEx should translate into about 170,000 horsepower that we expect to take delivery of in 2026, and as far as the impact through the year, while it's generally ratable over the four quarters throughout the year, we are somewhat front-end loaded and expect about 60% of that horsepower to start up in the first half of the year, which is beneficial and just shows the strength of continuing demand that we see in the market and that we are receiving from our customer base.

是的。道格，謝謝你的提問。我們—資本支出應該能轉化為約 17 萬馬力，我們預計將在 2026 年交付。至於全年的影響，雖然總體上可以分攤到全年的四個季度，但我們有些前期投入較多，預計其中約 60% 的馬力將在上半年啟動，這有利，也表明了我們在市場中看到的以及我們從客戶群中獲得的持續強勁的需求。

Yeah, That's helpful. And as a follow-up, maybe just around lead times. We've heard some peers talk about lead times getting longer here to start the year. Could you maybe just talk about what you're seeing today and then how that maybe impacts the way you're thinking about both build costs moving forward and kind of the balance of your pricing power and where you might see gross margin trending in a tighter environment over the next few years?

是的，這很有幫助。作為後續，或許可以談談交貨週期。我們聽到一些同行說，今年年初以來，這裡的交貨週期越來越長。您能否談談您目前看到的情況，以及這可能會如何影響您對未來建設成本的思考，以及您的定價能力平衡，還有您認為在未來幾年競爭更加激烈的環境下，毛利率會呈現怎樣的趨勢？

Lead times have definitely extended. Right now, the long lead time item, the gating item for gas drive equipment is Caterpillar. And for the large horsepower equipment that is the bulk of what we are investing in, it's out to 110 to 120 weeks.

交貨週期確實延長了。目前，交貨週期最長的產品，燃氣驅動設備的進入門檻產品是卡特彼勒。而對於我們投資的大部分大馬力設備來說，工期則需要 110 到 120 週。

For larger horsepower, it's not even further. So lead times have definitely extended as the market is in full pressure and demand for natural gas infrastructure, including compression, which we're very happy and excited to be a part of.

對於更大馬力的引擎來說，差距就更小了。因此，由於市場對天然氣基礎設施（包括壓縮設備）的需求旺盛，交貨週期肯定延長了，我們非常高興和興奮能夠參與其中。

As far as the impact on us, fortunately, looking at 2026, we are booked to meet our customers' needs for the year. We are that horsepower is 85% committed to go to work. So we have only a little bit left in the year that would be available for new bookings.

就對我們的影響而言，幸運的是，展望 2026 年，我們已經安排了訂單，可以滿足客戶全年的需求。我們有 85% 的馬力投入使用。所以今年只剩下不多的時間可以接受新的預訂了。

And we've already started booking horsepower into 2027, and we expect that we will fully be able to meet our customers' needs for growth through that period of time.

我們已經開始預訂 2027 年的馬力，我們預計在此期間我們將能夠完全滿足客戶的成長需求。

So while the supply chain is definitely extended right now, showing the high demand in the market, we believe we will have access to the equipment to meet our customers' needs in 2026, 2027. It's way too early to talk about any years beyond that.

因此，雖然目前供應鏈確實有所延長，顯示市場需求旺盛，但我們相信，到 2026 年、2027 年，我們將能夠獲得滿足客戶需求的設備。現在談論更遠的年份還為時過早。

As far as the impact on pricing, it's an interesting market right now. There's a slight pause in some oil activity, and that's moderated, I think, some of the immediate pressures for the overall industry and for our segment. And so while we expect to see price increases on our installed base in 2026 at a more modest level, as I think I mentioned in my prepared remarks, we do see price increasing in the year.

至於對價格的影響，目前的市場狀況很有意思。石油活動略有放緩，我認為這緩解了整個行業和我們這個細分市場面臨的一些直接壓力。因此，雖然我們預計 2026 年我們已安裝基礎的價格上漲幅度會比較溫和，正如我在準備好的發言稿中提到的那樣，我們確實預計這一年價格會上漲。

On the current market, it's at a more moderate level for sure, just because we've all caught up with inflation and the current demand in the market is basically well priced. And as you can see, we and we think the industry is operating at a high level of profitability.

就目前的市場而言，價格肯定處於較為溫和的水平，因為我們都已經趕上了通貨膨脹，而目前的市場需求基本上是合理定價的。正如你所看到的，我們以及我們認為整個行業都處於高利潤水平。

Jim Rollyson, Raymond James.

吉姆·羅利森，雷蒙德·詹姆斯。

Hey, good morning, everyone. Brad, following up on your comments on lead times. One would think as far out as they've stretched to for someone like Caterpillar that usually more material price increases on their front come down the road.

嘿，大家早安。Brad，關於交貨時間的問題，我再補充一下。人們可能會認為，像卡特彼勒這樣的公司已經走得這麼遠了，通常情況下，未來他們方面的材料價格上漲幅度會更大。

I'm curious your thoughts there just because as you talk about more moderate price increases from your end in '26, if they obviously hike prices for future deliveries into '27, and beyond, presumably, that affords you the ability to catch up with that to maintain your returns. So I'm just curious your thoughts on that.

我很好奇你的想法，因為你提到 2026 年你的價格漲幅會比較溫和，但如果他們顯然會提高 2027 年及以後的交貨價格，那麼想必你就有能力跟上他們的步伐，從而維持你的收益。所以我很好奇你對此有何看法。

First, we have not seen any significant change or received any significant change in Caterpillar's overall pricing strategy impacting us. Second, we have also not really seen a tremendous change in the pricing from our packagers for the total compression package that's been passed on to us.

首先，我們沒有看到或收到任何對卡特彼勒整體定價策略產生重大影響的重大變化。其次，我們也沒有看到打包商向我們提供的整體壓縮方案的價格有太大變化。

But the good news is that when we do see that, we will have the full flexibility to price that into our forward pricing with our customer base one of the main impacts, most interesting impacts of this period we've gone through where over the last five years or so, we've had significant inflation impacting our fleet is it has certainly made the existing equipment we've invested in over the prior period

但好消息是，一旦我們看到這種情況，我們將擁有充分的靈活性，將其納入我們面向客戶的遠期定價中。在過去五年左右的時間裡，通貨膨脹對我們的車隊造成了顯著影響，其中最主要、最有趣的影響之一是，它無疑地使我們先前投資的現有設備貶值。

over the prior years, a lot more valuable and a lot of the returns that we can generate in our business are from the value we get from those prior investments the pricing power we receive in the current market because of the high demand for compression.

與前幾年相比，我們獲得了更多有價值的回報，我們在業務中產生的許多回報都來自於我們從先前的投資中獲得的價值，以及由於當前市場對壓縮產品的高需求而獲得的定價權。

And so that value creation that we come from the installed base way outweighs what's going to happen from an inflationary perspective coming through the system from Caterpillar or from the packagers in the near term, all of which we can price in and pass on.

因此，我們從現有基礎中獲得的價值創造遠遠超過了近期從卡特彼勒或包裝商那裡通過系統產生的通貨膨脹影響，而所有這些影響我們都可以計入價格並轉嫁出去。

That was exactly why I asked the question. Appreciate that answer. And then following up, I can't recall a time when you've been in quite this position from a leverage and free cash flow generation perspective even after dividends.

這正是我問這個問題的原因。感謝您的解答。然後，我想問的是，即使在分紅之後，從槓桿率和自由現金流產生的角度來看，我也不記得您曾經處於如此有利的地位。

And as you kind of look forward over the next two, three, four, five years, obviously, the gas backdrop is such that you've got a nice runway of annual organic growth there, but your cash flow is going to be far exceeding your ability to spend it, it seems like in this. I'm just curious, as you think about this, you run out somewhat a run out of obvious M&A candidates in your main fairway.

展望未來兩三年四五年，顯然，天然氣產業前景良好，每年都有不錯的有機成長，但你的現金流似乎遠遠超過了你的支出能力。我只是好奇，當你思考這個問題時，你會發現你的主要投資領域中明顯的併購目標似乎已經逐漸消失了。

Do you return more to shareholders? Do you look at you've had a couple at least one of your peers enter into another business line as a means to deploy incremental capital. Just how do you think through that because you're in a very enviable position, and I'm just kind of curious how you guys think about that outlook.

你們是否向股東返還更多回報？您是否注意到，您的同業中至少有一位為了部署新增資本而進入了另一個業務領域？你是如何看待這個問題的呢？因為你處於一個非常令人羨慕的位置，我很好奇你們是如何看待這種前景的。

I think you could have asked a bigger question, but I'm not sure how. There's a lot to unpack there. I'm going to try to pick a couple of points to make.

我覺得你可以問一個更深入的問題，但我不知道該怎麼問。這裡面有很多資訊要解讀。我打算挑幾個要點來說。

The first is that we have had worse problems in the past than having to figure out what to do with a lot of free excess cash flow for the benefit of our investors. So we're excited about the position we're in.

首先，我們過去遇到的問題比如何處理大量多餘的自由現金流以造福投資者要嚴重得多。所以我們對目前的處境感到很興奮。

We think that it demonstrates the strength of this segment. It demonstrates the strength of the natural gas infrastructure sector overall, which is going to continue to grow, and it generates a lot of cash as we're seeing right now. And right now, it's generating on a sustained basis.

我們認為這體現了該細分市場的實力。這顯示天然氣基礎設施產業的整體實力強勁，並將繼續成長，正如我們現在所看到的，它能產生大量現金。而目前，它正持續產生收益。

A lot of this is the benefit of the capital discipline that we've had in the overall energy sector, we've had in the midstream sector, we've had in the compression space, particularly. And as long as that holds, that level of discipline is going to continue to be rewarded by generating great cash returns for our investors.

這很大程度上得益於我們在整個能源領域、中游領域以及壓縮領域所實行的資本紀律。只要這種自律精神能夠維持下去，這種自律就會繼續為我們的投資者帶來豐厚的現金回報。

So we're excited to maintain that to the M&A question you posed, look, we've demonstrated both the desire and ability to grow organically as well as inorganically. And we've digested in just 18 months, two very nice acquisitions with great equipment and great teams and a great customer base to expand our business.

所以，對於您提出的併購問題，我們很高興地表示，我們已經證明了我們既有意願也有能力進行有機增長，也有能力進行無機增長。短短 18 個月內，我們就消化了兩項非常不錯的收購，獲得了優秀的設備、優秀的團隊和龐大的客戶群，從而拓展了我們的業務。

And we were able to do that on an accretive basis and pass that accretion on very promptly to our investors through dividend increases. We will continue to be looking for those opportunities and to the contrary to maybe what you were thinking, we think that there are more compression companies in the space today that will be available for us to look at and will want to think about changing their platform and or with ownership that we want to monetize in the coming years.

而且我們能夠以增值的方式實現這一目標，並透過提高股利將增值成果迅速傳遞給我們的投資者。我們將繼續尋找這些機會，而且與你可能想的相反，我們認為目前該領域還有更多壓縮公司值得我們關注，並且這些公司可能會考慮改變他們的平台或所有權，以便我們在未來幾年內實現盈利。

So we do see that as a continuing opportunity. And if we can find assets that align with our desire for large equipment, electric motor drive equipment that are well maintained, we will be in the game and competing hard for those assets.

所以我們認為這是一個持續存在的機會。如果我們能找到符合我們需求的、維護良好的大型馬達驅動設備的資產，我們就會參與競爭，努力爭取這些資產。

And then I'll close with the last thought, which is that we did note that one of our competitors has entered into the power market. And I'd say a few things about that. The first is that there are some synergies when you think about the supply chains, the equipment, the maintenance practices and the fleet management practices, clearly, there is some overlap and some synergies on how to do this.

最後，我想補充一點，我們注意到我們的一個競爭對手已經進入了電力市場。關於這一點，我想說幾點。首先，從供應鏈、設備、維修實務和車隊管理實務的角度來看，存在一些協同效應；顯然，在如何做到這一點方面存在一些重疊和協同效應。

Second, on how to do that segment. Second, what we've noticed is that we believe the returns are largely comparable to what we can achieve in the compression space.

其次，關於如何完成這一部分。其次，我們注意到，我們認為收益與我們在壓縮領域所能取得的收益基本相當。

And so there's a lot of, I think, industrial logic to the expansion there on the other hand, we haven't seen asset packages that have come to market that offer the same level of infrastructure, long-term application investment that we're looking for, whether it's in compression, which is we're looking for there or in power, we want to see those longer-term applications and infrastructure position. But when we see those asset packages, we will be working those hard as well.

因此，我認為，從工業邏輯的角度來看，這種擴張是合理的。另一方面，我們還沒有看到市場上出現能夠提供我們所尋求的同等水平的基礎設施和長期應用投資的資產包，無論是在壓縮領域（我們正在尋求的領域）還是在電力領域，我們都希望看到這些長期應用和基礎設施佈局。但是，當我們看到這些資產包時，我們也會努力利用它們。

Appreciate all your thoughts, Brad. See you guys next week. Thank you.

感謝你的所有建議，布拉德。下週見。謝謝。

Nate Pendleton, Taxis Capital.

內特·彭德爾頓，計程車資本。

Good morning. Congrats on the strong quarter. Can you provide some detail on the units sold and perhaps some insight into how your team decides what assets are noncore to the go-forward business?

早安.恭喜你們本季業績出色。您能否提供一些關於已售單位的詳細信息，以及您的團隊如何決定哪些資產對未來的業務發展而言並非核心資產？

Yes. A couple of thoughts. First, having a disciplined program that both invests in our fleet as well as dispose of assets that we no longer want to operate in the fleet is a core competency in our business.

是的。幾點想法。首先，制定一套嚴謹的計劃，既投資於我們的船隊，又處置我們不再希望在船隊中運營的資產，是我們業務的核心競爭力。

And so when you look at the level of asset sales that we've had over the prior five years, we've been averaging something like 270,000 horsepower per year over that five years.

因此，回顧過去五年我們的資產出售情況，我們平均每年出售約 27 萬馬力。

So the level of activity that we had in 2025 is not much larger than just the run rate we've had in the kind of nip and tuck of disciplined asset management practices for our fleet.

因此，我們在 2025 年的活動水準不會比我們一直以來對車隊進行有紀律的資產管理實踐的微調的運行速度高多少。

The only the other thing I'd say is that we did have one sale that was totally nonstrategic around high-pressure gas lift units and there was another business, the buyer was very much in that business and so that just made great strategic sense for both companies.

我唯一想補充的是，我們確實有一筆與高壓氣舉裝置完全無關的出售交易，而買家本身就是一家從事該業務的公司，所以這對兩家公司來說都具有很好的戰略意義。

That made the number that was a contributor to the size of the number in 2025. And we had one customer that wanted to purchase some horsepower.

這使得該數字成為 2025 年數位規模的促成因素之一。我們有一位客戶想購買一些馬力。

They acquired operations in an acquisition. And as part of that acquisition, it came with horsepower from us. And that's a customer that likes to own their horsepower as opposed to outsource as much of the horsepower.

他們透過收購獲得了這些業務。作為收購的一部分，它也獲得了我們提供的馬力。而且，這位客戶喜歡自己掌控動力，而不是盡可能地將動力外包。

And so they were aligned with they wanted to buy that horsepower for that reason and for us, when we looked at that horsepower, it was an average age of 17 years and was in the perfect condition to maximize our overall cash generation of that horsepower by selling it.

因此，他們出於這個原因想要購買這台馬力發動機，而對我們來說，當我們查看這台馬力發動機時，發現它的平均年齡為 17 年，處於完美的狀態，可以通過出售它來最大限度地提高我們的整體現金收益。

So when we look at the fleet overall, we're always looking to improve the standardization, the quality of our fleet. We are happy to engage with customers that want to buy horsepower and sell, especially when it's horsepower that has already earned a great return and served us well over time.

因此，當我們審視整個車隊時，我們始終致力於提高車隊的標準化程度和品質。我們樂於與想要買賣馬力的客戶合作，尤其是當這些馬力已經為我們帶來了豐厚的回報，並且長期以來為我們提供了良好的服務時。

Got it. And then as my follow-up, Brad, in your prepared remarks, you mentioned continued opportunities that you see in electric motor drive compression. Can you provide more detail on how you see the adoption of the electric compression trending as you look at your 2026, and early '27 order book?

知道了。然後，布拉德，作為我的後續問題，你在事先準備好的發言中提到了你認為在電機驅動壓縮領域仍然存在的機會。能否詳細說明一下，在您展望 2026 年和 2027 年初的訂單情況時，您如何看待電動壓縮技術的應用趨勢？

Sure. We still see demand for electric motor drive. It's definitely competing. Our customers are now facing more competition for power, and that is a gating item for electric motor drive.

當然。我們仍然看到對電動馬達驅動的需求。它絕對具有競爭力。我們的客戶現在面臨更大的電力競爭，而電力是馬達驅動的關鍵因素。

So in the past, we've had electric motor drive, I think, in 2025 was as much as 30% of the equipment that we had on order.

所以過去，我們一直採用電動馬達驅動，我認為，到 2025 年，我們訂購的設備中將有高達 30% 採用電動馬達驅動。

We are seeing that moderate to more in the 20% to 30% range, but it's lumpy and it's inconsistent. It really varies not just with power being a gating item, but also with the prioritization of the customer and how well they can get equipment and how well that fits into their overall long-term strategic focus.

我們看到這種情況在 20% 到 30% 的範圍內，但並不均衡，也不穩定。這不僅取決於電力是否是一個關鍵因素，還取決於客戶的優先順序、他們獲得設備的難易程度以及這是否符合他們的整體長期策略重點。

But on the good news front, we still see nice demand for electric motor drives. We're very proud to be the leader in the industry in that segment, and we expect to see good growth for electric motor drives ahead still.

但好消息是，我們仍然看到市場對電動馬達驅動器的需求良好。我們非常自豪能夠成為該領域的行業領導者，我們預計未來電動馬達驅動領域仍將保持良好的成長勢頭。

Understood. Thanks for taking my questions.

明白了。謝謝您回答我的問題。

Eli Jossen, JPMorgan.

Eli Jossen，摩根大通。

Hey, good morning, you talked a bit about extended supply chain lead times and tightness there. But maybe just thinking about the growth CapEx figure, if you guys are able to make opportunistic procurement of horsepower or you see kind of swelling demand from your customers, could we see upside to the growth CapEx figure? And what kind of visibility do you have there given strong customer demand.

嘿，早上好，你剛才談到了供應鏈交貨週期延長和供應鏈緊張的問題。但或許光是從成長資本支出的角度來看，如果你們能夠把握機會採購馬力，或是看到顧客的需求有所成長，我們是否可以看到成長資本支出數字的上升空間？鑑於強勁的客戶需求，您在該地區的知名度如何？

In a word, yes, but it's going to be tough because shop space is pretty full for 2026. So getting more through the system is going to be a challenge that said, there are avenues to do so and if we see the opportunity and the need with our customer base, we will be ambitious in capturing that.

簡而言之，是的，但這將很困難，因為 2026 年的店鋪空間幾乎已經滿了。因此，要讓更多人通過系統將是一個挑戰；儘管如此，還是有途徑可以做到這一點的。如果我們看到客戶群的機會和需求，我們將積極主動地去抓住它。

Great. And then maybe just thinking about basin focus. I know the business has increasingly shifted to being liquids-rich Permian basin Eagle Ford are you guys kind of still pressing ahead there? Have you looked at expanding within other basins or what's the overall geographic strategy?

偉大的。然後或許可以考慮流域重點。我知道你們的業務越來越傾向於富含液體的二疊紀盆地鷹灘頁岩油氣田，你們還在繼續推進這方面的業務嗎？你們有沒有考慮過向其他盆地擴張？或者說，你們的整體地理策略是什麼？

Well, yes, we have looked at fortunately, we have what is the most diversified footprint in the industry. We operate in every natural gas producing basin, every producing basin in the US and we have an excellent footprint throughout all of them. But everything compels with the CapEx vacuum cleaner that is the Permian Basin today for the industry.

是的，我們已經考察過了，幸運的是，我們擁有業內最多元化的業務佈局。我們在美國所有天然氣產區、所有生產盆地均有業務，並且在所有這些盆地都擁有良好的市場佈局。但如今，對於整個產業而言，二疊紀盆地就像一台資本支出吸塵器，一切都勢在必行。

And so like with others, our focus is on ensuring that we grow where our customers want us to grow, where they're putting their CapEx and their growth and that the Permian Basin remains in the lead.

因此，與其他公司一樣，我們的重點是確保我們在客戶希望我們發展的地方發展，在他們將資本支出和發展投入的地方發展，並確保二疊紀盆地保持領先地位。

With that, though, looking back on 2025, we had net horsepower growth in a total of 6 basins, one of which was the Permian.

不過，回顧 2025 年，我們在總共 6 個盆地實現了淨馬力成長，其中一個盆地是二疊紀盆地。

So we've seen net growth in other plays, including in dry gas plays, which are seeing a little bit more energy and reactivation right now given the gas price trade-off with the oil price.

因此，我們看到其他領域也出現了淨成長，包括乾氣領域，鑑於天然氣價格與石油價格之間的權衡，這些領域目前正呈現出更多的活力和復甦跡象。

So it's been a focus of ours to remain prudently diversified as well as we can and at the same time, not miss the incredible opportunity for the most efficient oil production in the country, which is coming in the Permian.

因此，我們的重點一直是盡可能謹慎地保持多元化，同時，不要錯過二疊紀盆地即將到來的、全國最高效的石油生產的絕佳機會。

Great thanks.

非常感謝。

Selman Akyol, Stifel.

Selman Akyol，Stifel。

Thank you. Good morning. Nice quarter, nice outlook. Two quick ones for me so in your opening comments you talked about 11.25 quarters of running at higher utilization, 95%, and then you went on to talk about how your equipment's staying on location longer, especially as you skewed towards the higher horsepower, so the question directly is this '26, probably is another lock for the 95%. Sounds like '27, is as well. So how far, how long do you see that extending at that high utilization, rate?

謝謝。早安.本季業績不錯，前景良好。我有兩個問題想問。你在開場白中提到，11.25 個季度的利用率高達 95%，然後你談到你的設備在現場停留的時間更長，尤其是在你傾向於使用高馬力設備的情況下。所以直接的問題是，2026 年，利用率是否又能達到 95% 呢？聽起來也像是「27」。那麼，你認為這種高利用率能持續多久？

Selman, we appreciate that you think we could possibly answer that question. That's nice for you to suggest number one, no one knows, and we don't either, but what we see right now with the level of demand for natural gas to feed the LNG beast ahead, which I described in our comments, and we include our best market take in our deck all the time. What we see for power demand in the US for data centers, what we see for pipeline exports to Mexico is that this is a very durable cycle.

塞爾曼，我們很感激你認為我們有可能回答這個問題。你提出的第一點很好，但沒有人知道，我們也不知道，但我們目前看到的是，為了滿足即將到來的液化天然氣需求，天然氣的需求水平很高，正如我在評論中描述的那樣，而且我們一直都在演示文稿中納入我們對市場的最佳看法。我們看到，美國資料中心的電力需求，以及對墨西哥的管道出口，都顯示這是一個非常持久的週期。

And it's hard to see what is going to change that within the next five-plus years. So we expect that our business has just a tremendous growth opportunity to expand our infrastructure footprint with our customers for an extended period of time but we're not smart enough to call when the cycle turns, sorry.

很難想像未來五年多時間會有什麼因素改變這種狀況。因此，我們預計我們的業務將迎來巨大的成長機會，可以在相當長的一段時間內與客戶一起擴大我們的基礎設施覆蓋範圍，但我們不夠聰明，無法預測週期何時轉變，抱歉。

Okay. Appreciate all that. And then just kind of going back to the consolidation, when you talked about it, you sort of referenced other companies, but is there anything out there from potentially buying packages from your customers?

好的。非常感謝。然後回到整合的話題，你剛才談到整合時，提到了其他公司，但是從你的客戶那裡購買套餐是否有可能呢？

Reflecting on the acquisitions we've done, we've actually had success doing that going back pretty far back. There was a time when we acquired what was primarily the compression operations of Chesapeake, which we completed in two separate transactions.

回顧我們過去的收購經歷，我們其實在這方面一直都很成功，而且可以追溯到很久以前。曾經有一段時間，我們收購了切薩皮克能源公司的主要壓縮業務，我們分兩筆交易完成了這項收購。

When we acquired the Elite assets back in 2018, that was primarily the asset packages that we were supporting and organized by affiliates of Hill Corp, but it was run in a separate company and the primary customers in that were both Hill Corp and Marathon as we discussed at the time.

2018 年我們收購 Elite 資產時，主要指的是我們支持和由 Hill Corp 的附屬公司組織的資產包，但它是在一家獨立的公司運營的，其主要客戶是 Hill Corp 和 Marathon，正如我們當時所討論的那樣。

So we've seen success in acquiring packages that were organized for sale in that way that said, in other instances, we've seen this to be a very hard area to get a lot of traction between the operating teams and the financial teams within our customer base.

因此，我們看到，透過這種方式組織銷售的軟體包的收購取得了成功；然而，在其他情況下，我們發現，在客戶群的營運團隊和財務團隊之間取得很大進展是一個非常困難的領域。

And so while we've had success in the past and we have those discussions ongoing with our customers -- it hasn't fit the mold of a high volume of steady transactions that would be a purchase leaseback machine.

因此，雖然我們過去取得了一些成功，我們一直在與客戶進行討論——但這並不符合大量穩定交易的模式，而這種交易模式正是購買回租機器所需要的。

So while there are opportunities out there, we think they're going to be structured more like traditional M&A.

因此，雖然機會依然存在，但我們認為它們的結構會更像傳統的併購。

Got it all right thank you for all the color.

完全正確，謝謝你帶來的繽紛色彩。

Thank you.

謝謝。

Steve Ferazani, [Sidoti].

史蒂夫·費拉扎尼[西多蒂]

Morning everyone. I appreciate you taking my questions. I was pleasantly surprised by the SG&A guide given the growth in the fleet, given the growth in cash flow, you certainly could be looser on spending, but it looks like you're even getting tighter.

大家早安。感謝您回答我的問題。考慮到船隊規模和現金流的成長，銷售、管理及行政費用指南讓我感到驚喜，你們當然可以在支出方面更寬鬆一些，但看起來你們甚至還在收緊開支。

And obviously, we're seeing that in your margin guidance on the contract operations where it looks like you're more than offsetting any kind of inflationary pressures can you talk a little bit about your actions there and what you're trying to do in a growth market containing those costs?

顯然，從你們對合約業務的利潤率指引來看，你們似乎已經充分抵消了任何通膨壓力。你們能否談談你們在這方面採取的措施，以及在成長型市場中控制這些成本的嘗試？

On the SG&A front, first and then on OpEx -- the nice thing about this business and our platform is our SG&A is very scalable. We can add quite a bit to our operational activities without expanding our SG&A proportionately.

首先是銷售、一般及行政費用 (SG&A)，然後是營運支出 (OpEx)——這項業務和我們平台的優勢在於，我們的銷售、一般及行政費用具有很強的可擴展性。我們可以在不相應增加銷售、一般及行政費用的情況下，大幅增加營運活動。

So what you're really seeing is the benefit of the full year acquisition benefits coming from the NGCS transaction and the expansion of our organic horsepower, and we just we have a great SG&A platform that can grow our activity without growing our SG&A investments.

所以，你真正看到的是 NGCS 交易帶來的全年收購收益以及我們自身實力的提升，我們擁有一個強大的 SG&A 平台，可以在不增加 SG&A 投資的情況下發展我們的業務。

So it's just a very scalable position to be in we expect to benefit from that in the future and that's why you're seeing when you think about SG&A as a percent of revenue, you're seeing that continue to come down nicely.

所以這是一個非常有利於業務發展的局面，我們預計未來會從中受益，這就是為什麼當你把銷售、一般及行政費用佔收入的百分比看作百分比時，你會看到它繼續穩步下降。

On the OpEx side, I'm going to point out a few things that are really long-term focused from a strategic perspective, and we're seeing the benefits now and so are our customers. Over the last several years, we focused hard on our fleet mix, expanding into large horsepower, expanding into electric motor drive. These are the two most profitable segments of the market.

在營運支出方面，我想從策略角度指出一些真正著眼於長期發展的事情，我們現在看到了好處，我們的客戶也看到了好處。過去幾年，我們專注於車隊結構，擴大了大馬力車型和電動馬達驅動車型的規模。這是市場中最賺錢的兩個細分領域。

And by shifting that mix, if you look over a long period of time, you're going to see that our OpEx per horsepower costs have remained super flat for a long time, notwithstanding inflation because we've been fighting off inflation and some of these pressures by engaging in these strategies of adopting a different fleet mix focused on large engines and motor drive.

透過改變這種組合，從長遠來看，你會發現，儘管通貨膨脹，我們的每馬力運營成本長期以來一直保持非常平穩，因為我們通過採取以大型發動機和電機驅動為重點的不同車隊組合策略，一直在對抗通貨膨脹和這些壓力。

Second, we've been adding technology to our platform and so we've invested hard into digitization, automation and just great telemetry into our system, and that's driving a lot of savings in activity, a lot of efficiency and optimization into our activities in the field.

其次，我們一直在為我們的平台添加技術，因此我們大力投資於數位化、自動化以及我們系統中出色的遙測技術，這大大節省了活動成本，提高了現場活動的效率和優化程度。

So those are the big threads that we're reaping the benefits from. And candidly, so are our customers because we've been able to actually manage the concurrent improvement of customer service, maximizing uptime for our customers and at the same time, managing our costs, which we get to pass some of that on to them in the form of very competitive rates.

所以，以上就是我們從中受益的主要方向。坦白說，我們的客戶也是如此，因為我們能夠同時改善客戶服務，最大限度地延長客戶的正常運作時間，同時控製成本，並將部分節省的成本以極具競爭力的價格的形式回饋給他們。

So those are the biggest drivers that I can think of on how we're attacking costs even in this market. costs even in this market.

所以，這些是我認為我們在當前市場環境下控製成本的最大驅動因素。

Yeah, I would maybe just make one more point on SG&A, which is that, look, '25 levels were elevated just a little bit, candidly, in recognition of the incredible performance delivered by both the management team and also all of the operating team and so you saw our short-term incentive and longer-term incentives flow through a bit into that, something that we're glad to share up and down throughout the entire company. But with stronger performance comes stronger expectations in '26. So that level for guidance was reset to more of a target level. I think Brad otherwise summed that up well.

是的，關於銷售、一般及行政費用，我可能還要補充一點，那就是，坦白地說，為了表彰管理團隊和所有運營團隊所取得的卓越業績，我們略微提高了 2025 年的水平，因此你們可以看到，我們的短期和長期激勵措施都在一定程度上體現了這部分支出中，我們很高興能夠與公司上下分享這些成果。但隨著業績的提升，人們對 2026 年的期望也會更高。因此，指導水準被重新調整為更偏向目標水準。我覺得布拉德的總結也很好。

That's really helpful. I always try to get a question in about aftermarket, Brad, the guidance there, look, I know '25, you benefited from equipment sales and you pointed out how that can affect margins. I'm just curious about the growth opportunities given that US compression third parties is growing as well. At any point, do you become waiver constrained to meet third-party service demand or can you continue to grow that business?

這真的很有幫助。我總是想問一些關於售後市場的問題，布拉德，關於這方面的指導，你看，我知道2025年你從設備銷售中受益，你也指出這會如何影響利潤率。我只是好奇，鑑於美國第三方壓縮業務也在成長，這方面有哪些成長機會。在某個階段，您是否會因為滿足第三方服務需求而受到豁免限制，還是可以繼續發展這項業務？

I actually really appreciate getting a question on AMS because it has been a standout performer for us for a couple of years now. And that team has just done an excellent job in improving the profitability of the business.

我其實很感謝大家問到關於AMS的問題，因為它在過去幾年裡一直是我們公司表現最出色的產品之一。該團隊在提高公司盈利能力方面做得非常出色。

But one of the strategies to improve the profitability of the business is to be more selective on the jobs that we take and the customers that we work with.

但提高企業獲利能力的策略之一是對我們承接的工作和合作的客戶進行更嚴格的選擇。

So I do think that the growth in that business has we have demonstrated that it's constrained and I also think that access to labor is going to further be a constraint in that business as it is in contract operations.

所以我認為，我們已經證明，該行業的成長受到限制，而且我認為，勞動力短缺將進一步限制該行業的發展，就像合約營運一樣。

But what we're really seeking is to have the right business. We're trying to make sure that it's as profitable as it can be as value adding to our customers as it can be, and we will grow it prudently. But given the nature of it, I do not expect it to grow in leaps and bounds.

但我們真正追求的是找到合適的生意。我們正在努力確保它盡可能盈利，盡可能為我們的客戶創造價值，並且我們將謹慎地發展它。但就其性質而言，我不指望它會突飛猛進地發展。

I expect we're still going to see sharper levels of growth in the infrastructure side of the business in contract operations.

我預計，在合約營運方面，基礎設施業務的成長速度仍將更快。

Great. Thanks, Brad. Thanks, Doug.

偉大的。謝謝你，布拉德。謝謝你，道格。

Thank you.

謝謝。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，加拿大皇家銀行資本市場。

Hey, good morning. Thanks, everyone. So just a couple of follow-up questions for me. The first one, you talked about your investments in technology over the years, telemetry, big data, et cetera. Can you talk about how much more margin improvement or uptime or what you can drive over time?

嘿，早安。謝謝大家。我還有幾個後續問題。第一個問題，您談到了您多年來在科技領域的投資，例如遙測、大數據等等。您能否談談隨著時間的推移，您還能在利潤率提升、正常運行時間或其他方面取得多大進展？

What inning are we in, if you will? And are there other AI initiatives you can undertake to drive incremental margin improvement or uptime for your customers any additional color there.

我們現在處於比賽的哪一局？還有其他人工智慧措施可以實施，以逐步提高利潤率或延長客戶的正常運作時間嗎？還有其他相關資訊嗎？

Yeah, thank you. the overall strategy around our technology investments really had three goals as our top line priorities.

是的，謝謝。我們技術投資的整體策略確實有三個首要目標。

Number one, we've got to continue to drive improvement to the uptime, our customers' experience to service quality, and that's all of the above from a communication perspective, speed of response perspective as well as run time we want those priorities to come through to our customers.

首先，我們必須繼續努力提高正常運作時間、客戶體驗和服務質量，以上所有方面都涵蓋在溝通、回應速度和運行時間等方面，我們希望這些優先事項能夠傳達給我們的客戶。

Number two, the market has labor challenges. And so ensuring our labor, our mechanics have the access to the best tools, the best information, best communication to make their lives better and to make their work more easier to perform is the second priority around that initiative.

第二，市場面臨勞動挑戰。因此，確保我們的工人、我們的技工能夠獲得最好的工具、最好的資訊、最好的溝通，從而改善他們的生活，使他們的工作更容易完成，是該倡議的第二優先事項。

And third would be that if we succeed in both of those, we knew we would drive improvements to profitability.

第三，如果我們在這兩方面都取得成功，我們知道這將提高獲利能力。

So with that lens on how we think about technology, we do believe there is still more to come, especially in driving improvement to the service quality that our customers get to experience, just enhancing the customer experience.

因此，從我們看待科技的角度出發，我們相信未來還有更多發展空間，尤其是在提升客戶體驗的服務品質方面，進而增強客戶體驗。

We are deploying AI in a couple of ways throughout our business, both to make sure our mechanics have the best information at their fingertips and candidly at their laptop and on their iPhone as they can. So the speed of how they can ask questions and receive information is something we're working on quite a bit. Second, we can also make our machines smarter and tell us more.

我們正在以多種方式在整個業務中部署人工智慧，既是為了確保我們的技工能夠隨時透過筆記型電腦和 iPhone 獲取最佳資訊。因此，我們正在努力提高他們提問和獲取資訊的速度。其次，我們也可以讓機器更智能，告訴我們更多。

And so getting great the data machine to have great analytics capability and using AI to sort through the noise to identify the most actionable items coming from the alarm system within all of the telemetry and all the sensors we have on the equipment is something we're absolutely working on.

因此，我們正在努力讓數據機器擁有強大的分析能力，並利用人工智慧從噪音中篩選出來自警報系統、所有遙測數據以及我們設備上所有感測器的最具可操作性的項目。

And last, there's more ahead of that. We believe that there's also additional sensor technologies, vibration technologies and acoustic technologies that can utilize AI on the equipment, and we're working hard to figure out how to bring those to market.

最後，還有更多精彩內容。我們相信還有其他感測器技術、振動技術和聲學技術可以利用人工智慧來改進設備，我們正在努力研究如何將這些技術推向市場。

So that's what we are working on we are really pleased with the progress we've made to date, the improvement it's had to our operations but I can't even call the inning in this because I think technology is a continuous improvement exercise, and we are going to focus on driving continuous improvement in the operations that we have at the company.

這就是我們正在努力的方向，我們對迄今為止的進展以及它對我們的營運帶來的改進感到非常滿意，但我什至不能斷言這件事已經結束了，因為我認為技術是一個持續改進的過程，我們將專注於推動公司營運的持續改進。

Great thank you that's very helpful. And then just my quick follow-up are you seeing any change in your customers' desire to in-source compression more or outsource compression more? Any change to that dynamic.

非常感謝，這很有幫助。最後，我想快速問一下，您的客戶在壓縮方面，是傾向於更多地自行處理還是更多地外包壓縮，您觀察到這方面的變化嗎？這種動態的任何變化。

We have not seen a change or shift in the dynamic of in-sourcing and outsourcing. We believe that the customers' primary decision-making around what they're going to do with their compression is driven by their own capital availability, capital allocation and a buy-lease analysis of how long they think they can earn a return on that asset.

我們沒有看到內部採購和外包的動態發生變化或轉變。我們認為，客戶在決定如何處理壓縮設備時，主要取決於他們自身的資金可用性、資金配置以及購買/租賃分析，即他們認為可以從該資產中獲得多長時間的回報。

And all of those factors still favor significant outsourcing, we believe, in the market today. When you think about where we're at, where our large horsepower stays on location on average about eight years if that is a unit that the customer was considering to purchase and they only had eight years of use for it, it doesn't make a lot of sense for them to make a 30-year investment for eight years.

我們認為，所有這些因素仍然有利於當今市場上的大規模外包。想想我們現在的情況，我們的大馬力設備平均在一個地方使用八年左右。如果客戶考慮購買這樣的設備，而他們只有八年的使用時間，那麼對他們來說，為了八年的使用時間而進行 30 年的投資就顯得不太划算了。

So we still think that the overall buy lease analysis is informed by how long the customer expects to be able to utilize that equipment.

因此，我們仍然認為，整體的購買租賃分析取決於客戶預期能夠使用該設備的時間長短。

And what we see in the outsourced industry is that we can amortize our 30-year investment over a broader geography over a broader customer base. And so we have that's the driver of our value proposition, and we haven't seen a change in that.

我們在外包產業看到的是，我們可以將 30 年的投資攤銷到更廣闊的地理和更廣泛的客戶群。因此，這就是我們價值主張的驅動力，而且我們還沒有看到這一點改變。

Great thank you very much.

非常感謝。

Nick Ami, Evercore.

Nick Ami，Evercore。

Hey, good morning guys. Just one quick one from me and actually a follow-up and just a clarification on another one. But just given kind of the significant kind of sentiment shift that we've seen from the hyperscale's and just in the AI complex to more of a behind-the-meter solution, just specifically in West Texas, I mean, we had a couple of companies yesterday kind of call out the Permian as kind of an area of ripe for opportunity just given the lack of regulatory constraint just wanted to see like has that kind of come to fruition? Have you guys been seeing that level of demand on your end? Have you seen that kind of true inflection of demand yet or is there kind of inevitably more to come on that?

嘿，各位早安。我在這裡就簡單提一句，其實也是對另一個問題的後續跟進和澄清。但鑑於我們已經看到超大規模資料中心和人工智慧領域出現了一種顯著的情緒轉變，轉向了更偏向於表後解決方案的領域，尤其是在西德克薩斯州，我的意思是，昨天有幾家公司指出二疊紀盆地是一個充滿機遇的地區，因為那裡缺乏監管限制，我想看看這種情況是否已經實現？你們那邊也有這種需求嗎？你是否已經看到這種真正的需求轉變，還是說這方面必然還會有更多改變？

If I'm understanding the question fully, what we're seeing is that let me just ask for a clarification. that a question for the demand for power, provision for power or translating into compression? Could you clarify for us, please?

如果我完全理解了這個問題，那麼我們現在看到的是……讓我再確認一下。這個問題是關於電力需求、電力供應，還是轉化為壓縮的問題？請問您能為我們解釋一下嗎？

Translating into compression, just given that the vast majority of all of these all of this demand, right, is going to be powered by through natural gas through natural gas generation. So just kind of reading the tea leaves, it would kind of imply that we'd have some significant demand in that area.

換言之，壓縮方面，鑑於所有這些需求的絕大部分都將透過天然氣發電來滿足。所以，從種種跡象來看，這似乎顯示我們在那個領域會有相當大的需求。

Yes. Thank you. That's really helpful. What we are seeing just overall is the demand for in-basin gas supply is something we're seeing an increase in and I think a lot of it is driven by more in-basin use of natural gas rather than needing to find a long-haul pipeline to get it out to support other markets.

是的。謝謝。這真的很有幫助。總體而言，我們看到盆地內天然氣供應的需求正在增加，我認為這很大程度上是由於盆地內天然氣使用量增加，而不是需要尋找長途管道將其輸送到其他市場。

So yes, we are seeing that translate in demand. But it's translating into more to be direct, more future demand than it is immediate current demand.

是的，我們看到這種趨勢已經轉化為需求。但這更轉化為對未來的直接需求，而不是對當前需求的直接需求。

Got it. Perfect. And then just kind of touching quickly on the aftermarket, the AMS segment again. So I understand that it's probably you guys are taking more of a prudent approach but just given that we are seeing kind of the units, the assets run harder for longer and kind of the constraints within the supply chain, is there a meaningful kind of price opportunity that could be there, especially given that you guys are taking more of a prudent and deliberate approach like unit economics just trying to figure that out from a margin perspective.

知道了。完美的。然後再簡單談談售後市場，也就是AMS領域。我理解你們可能採取了更謹慎的做法，但鑑於我們看到設備運行時間更長、效率更高，以及供應鏈中的一些限制，是否存在有意義的價格機會？尤其是在你們採取更為謹慎和深思熟慮的做法，例如關注單位經濟效益，試圖從利潤率的角度來弄清楚這一點的情況下。

We're really happy actually with the returns we're achieving right now and the 24% gross margin for the prior quarter is something that we're pretty excited about that said, we do see opportunities that we're not going to go into detail on for other reasons, you can imagine, to continue to improve both the stability, quality and earnings in that business.

我們對目前的回報非常滿意，上一季的毛利率達到 24%，這讓我們感到非常興奮。話雖如此，我們也看到了一些機會，出於其他原因，我們不會詳細說明，您可以想像，這些機會可以繼續提高該業務的穩定性、品質和盈利能力。

But what I'd say is that if you think about a business that has very low barriers to entry and a ton of competition, that would the aftermarket services might be in the dictionary under that heading and so finding the right strategy to execute both with excellence with the right customer base and on the right jobs becomes remains a priority for us in operating that business.

但我想說的是，如果你想想一個准入門檻很低、競爭非常激烈的行業，售後服務或許可以歸入此類，因此，找到正確的策略，在合適的客戶群和合適的崗位上出色地執行服務，仍然是我們經營這項業務的首要任務。

Great, thanks guys.

太好了，謝謝各位。

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

沒有其他問題了。現在我想把電話交還給查爾德斯先生，請他作最後總結發言。

Great. Thank you all for joining us today and for your continued interest in Archrock. By nearly every measure, 2025 was a standout year for the company, and we're encouraged by how 2026, is shaping up as we benefit from strong US gas production trends and the result and the returns from our continued investment in a first-class compression platform. We appreciate your support and look forward to updating you on our progress next quarter. Thank you.

偉大的。感謝各位今天蒞臨，也感謝大家一直以來對 Archrock 的關注。從幾乎所有方面來看，2025 年都是公司表現突出的一年，而 2026 年的發展前景也令人鼓舞，因為我們將受益於美國強勁的天然氣生產趨勢，以及我們對一流壓縮平台持續投資所取得的成果和回報。感謝您的支持，我們期待在下個季度向您報告我們的進度。謝謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect. Everyone have a great day.

感謝各位的參與。您現在可以斷開連線了。祝大家今天過得愉快。