Archrock, Inc. (AROC) 2026 Q1 法說會逐字稿

Good morning and welcome to the Arch Rock First Quarter 2026 Conference Call. Your host for today's call is Megan Reepine, Vice President of Investor Relations at Arch Rock. I would now like to turn the call over to Ms. Reepine. You may begin.

早安，歡迎參加 Arch Rock 2026 年第一季財報電話會議。今天會議的主持人是 Arch Rock 投資人關係副總裁 Megan Reepine。現在我想把電話會議交給 Reepine 女士。您可以開始了。

Thank you, Carrie. 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 Aaron, Chief Financial Officer of Archrock. Yesterday, Archrock released its financial and operating results for the first quarter of 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，Carrie。各位好，感謝各位參加今天的電話會議。今天與我一同出席的有 Archrock 總裁兼執行長 Brad Childers，以及 Archrock 財務長 Doug Aaron。昨天，Archrock 公布了 2026 年第一季的財務與營運結果。若您尚未取得副本，可至公司網站 www.archrock.com 查閱相關資訊。

During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1,934 based on current beliefs and expectations, as well as assumptions made by and information currently available to our Trucks management team.

在本次電話會議中，我們將依據《1934 年證券交易法》第 21E 條之定義，基於目前的信念與預期，以及我們 Trucks 管理團隊所作之假設與目前可得資訊，作出前瞻性陳述。

Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that expectations will prove to be correct. Please refer to our latest SEC filings with the securities 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.

儘管管理層認為此等前瞻性陳述所反映的預期屬合理，但無法保證該等預期將被證實為正確。請參閱我們最新提交給 SEC 的申報文件，以了解可能導致實際結果與本次電話會議所作前瞻性陳述存在重大差異的因素清單。

In addition, our discussion today will reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted EPS, adjusted net income, cash available for dividend, adjusted free cash flow, and adjusted free cash flow after dividend.

此外，我們今天的討論將提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA、調整後 EPS、調整後淨利、可供股利之現金、調整後自由現金流，以及股利後調整後自由現金流。

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

關於這些非 GAAP 財務衡量指標與 GAAP 財務結果之間的調節表，請參閱昨天的新聞稿以及我們提交給 SEC 的 Form 8-K。接下來我將把電話會議交給 Brad，請他說明 Archrock 第一季業績並更新我們的業務進展。

Thank you, Megan, and good morning, everyone. Archrock is off to a strong start in 2026, driven by disciplined execution and continued progress on our strategy with a clear focus on delivering returns to our investors. At the same time, customer demand remains strong and our order book continues to build, supporting a constructive outlook for compression and arch rock over the long-term.

謝謝你，Megan，各位早安。Archrock 在 2026 年開局強勁，這得益於嚴謹的執行力，以及我們在策略上的持續推進，並明確聚焦於為投資人創造報酬。同時，客戶需求依然強勁，我們的訂單簿持續累積，支持我們對壓縮服務與 Arch Rock 長期前景的建設性看法。

Let me share a few highlights from the quarter that underscore the momentum in our performance and the durability of our business model. We delivered adjusted EPS of $0.42 during the first quarter of 2026 and adjusted EBITDA of $221 million.

我分享本季幾項重點，凸顯我們績效動能以及商業模式的韌性。我們在 2026 年第一季達成調整後 EPS 0.42 美元，調整後 EBITDA 為 2.21 億美元。

Compared to the first quarter of 2025, we increased our adjusted EBITDA by 12%. Our fleet remained fully utilized, extending our multi-year track record of full utilization. At the same time, we continue to hybrid our fleets with a sale of non-strategic compression units totaling approximately 40,000 horsepower, strengthening our portfolio and supporting disciplined capital allocation.

相較於 2025 年第一季，我們的調整後 EBITDA 成長 12%。我們的機隊維持滿載使用，延續多年來滿載使用的紀錄。同時，我們持續透過出售約 40,000 馬力的非策略性壓縮機組來優化機隊，強化資產組合並支持審慎的資本配置。

With year-to-date asset sell proceeds of $21 million, helping to fund our newbuild program. We again delivered outstanding performance and profitability in both our contract compression and aftermarket services business segments. And we translated this performance into adjusted free cash flow of $92 million in the quarter, of which we returned $44 million to shareholders through dividends and share repurchases, which is up 29% year-over-year.

年初至今資產出售所得為 2,100 萬美元，有助於資助我們的新建計畫。我們在合約壓縮與售後服務兩大業務部門再次交出卓越的營運表現與獲利能力。我們也將此表現轉化為本季 9,200 萬美元的調整後自由現金流，其中 4,400 萬美元透過股利與庫藏股回購回饋股東，年增 29%。

Overall, we're encouraged by the strong start to 2026, which keeps us on pace to achieve our full year 2026 adjusted EBITDA guidance range of between $865 million and $915 million, which we expect will translate into meaningful free cash flow generation for the year. As we look ahead, we believe our strategy is supported by three key drivers: the right market.

整體而言，我們對 2026 年的強勁開局感到振奮，這使我們有望達成 2026 全年調整後 EBITDA 指引區間 8.65 億至 9.15 億美元，我們預期這將在全年帶來可觀的自由現金流。展望未來，我們認為我們的策略由三項關鍵驅動因素所支持：正確的市場。

The right platform, and the right balance sheet. Let me briefly walk through each one. First, the right market. The importance of natural gas is clear today, and it has been underscored again by recent conflict in the Middle East. Natural gas remains essential to powering economic growth, delivering affordable, reliable energy, and enabling energy security, driving sustained demand for the infrastructure needed to move more gas to market.

正確的平台，以及正確的資產負債表。我簡要說明每一項。第一，正確的市場。天然氣的重要性在今日已十分明確，近期中東衝突也再次凸顯其重要性。天然氣仍是推動經濟成長、提供可負擔且可靠的能源、並促進能源安全的關鍵，帶動將更多天然氣輸送至市場所需基礎設施的持續需求。

Second, the right platform. We have the people, assets and technologies in place to help customers move more gas to market more efficiently and safely and to do so profitably. Customer service is a top priority for our organization, and we're continually deploying technology and data-driven tools for the benefit of our customers, our employees, and our shareholders.

第二，正確的平台。我們具備人員、資產與技術，協助客戶更有效率且更安全地將更多天然氣輸送至市場，並以獲利方式達成。客戶服務是我們組織的首要任務，我們持續部署技術與數據驅動工具，造福客戶、員工與股東。

Our scale, operating discipline, and focus on reliability position us to execute consistently. Third, the right balance sheet. Our leverage profile reflects the strength and durability of our cash flows, and it provides the flexibility to invest in the organic and inorganic opportunities the current market is offering, while continuing to return capital to shareholders.

我們的規模、營運紀律與對可靠性的專注，使我們能夠穩定執行。第三，正確的資產負債表。我們的槓桿水準反映了現金流的強度與韌性，並提供彈性，使我們能在持續回饋股東資本的同時，投資於當前市場提供的內生成長與外部併購機會。

Taken together, these three drivers give us confidence in our ability to continue compounding earnings and free cash flow. And as we execute, by moving more gas to market safely and efficiently. Investing in the highest return segments of the growing compression industry and maintaining balance sheet strength, we believe Archon is well-positioned to deliver sustainable and superior returns on capital.

綜合而言，這三項驅動因素讓我們對持續累積獲利與自由現金流的能力充滿信心。隨著我們持續執行，安全且有效率地將更多天然氣輸送至市場。投資於成長中的壓縮產業中報酬最高的領域並維持資產負債表強度，我們相信 Archon 已具備條件，能提供可持續且優於同業的資本報酬。

Natural gas production continues to climb, and we expect US volumes to reach record levels for the sixth consecutive year in 2026. For Archrock, our footprint is concentrated in the faster-growing basins, especially the Permian, where associated gas volumes are expected to grow at mid-single-digit rates.

天然氣產量持續攀升，我們預期 2026 年美國產量將連續第六年創下新高。對 Archrock 而言，我們的布局集中在成長較快的盆地，尤其是二疊紀盆地（Permian），該地伴生氣產量預期將以中個位數的成長率增加。

Rising gas-to-oil ratios are making the basin more compression-intensive, and about 4.6 bcf a day of new takeaway capacity expected later this year should further support expanding levels of activity. We're also seeing early but encouraging signs of improving compression demand beyond the Permian across other basins.

氣油比上升使該盆地對壓縮設備的需求更為密集，而預計今年稍晚新增約每日 46 億立方英尺（bcf/d）的外運管輸能力，應可進一步支撐活動水準的擴張。我們也在二疊紀盆地以外的其他盆地看到壓縮需求改善的早期但令人鼓舞的跡象。

On demand, LNG remains a key driver. Roughly 2 bcf a day of additional FID export capacity is expected to come online in 2026, and projects already sanctioned represent about 14 bcf a day of incremental capacity through 2030. At the same time, the build-out of AI data centers is accelerating power demand, reinforcing natural gas-fired generation as a practical, scalable source of incremental electricity.

在需求面，LNG 仍是關鍵驅動因素。預計 2026 年約每日 20 億立方英尺（bcf/d）的新增 FID 出口產能將投產，而已核准的專案代表到 2030 年前約每日 140 億立方英尺（bcf/d）的增量產能。同時，AI 資料中心的建置正在加速用電需求，進一步強化天然氣發電作為可行且可擴展的增量電力來源。

Bottom line, we continue to see a constructive setup for natural gas and for compression across the market. Near term, the U.S. is on track for another record year in 2026. And in the Permian, we expect mid-single-digit gas growth supported by rising gas-to-oil ratios and new takeaway later this year.

總結來說，我們持續看到天然氣以及全市場壓縮服務的有利態勢。短期而言，美國在 2026 年有望再度創下紀錄。而在二疊紀盆地，我們預期在氣油比上升與今年稍晚新增外運能力的支撐下，天然氣將以中個位數成長。

Geopolitical risk in the Middle East, including Iran-related volatility, reinforces the strategic value of U.S. supply, and supports tighter global LNG fundamentals. And longer-term, the outlook is improving. The EBITDA's annual Energy Outlook 2026 raised its view of U.S. gas production and demand versus last year, driven in part by LNG growth, and AI data center power needs, with production projected to rise from 107 dcf a day in 2025 to approximately 133 to 151 dcf a day by 2050.

中東地緣政治風險（包括與伊朗相關的波動）強化了美國供應的戰略價值，並支撐全球LNG基本面趨於緊俏。而從更長期來看，前景正在改善。EBITDA 的年度《能源展望2026》相較去年上調了對美國天然氣產量與需求的看法，部分受LNG成長與AI資料中心用電需求帶動；預計產量將自2025年的每日107 dcf，上升至2050年約每日133至151 dcf。

That would represent an increase in natural gas production of between 24% and 41%, reinforcing our view of a longer-term growth trajectory for both natural gas production and for compression. Moving to our segments, contract operations delivered outstanding performance, supported by excellent execution and continued high demand for our compression fleet, particularly our large horsepower and electric motor drive units, extending our track record of strong results.

這將代表天然氣產量增加約24%至41%，進一步強化我們對天然氣產量與壓縮（compression）長期成長軌跡的看法。談到我們的各業務部門，合約營運表現出色，得益於卓越的執行力以及對我們壓縮機隊持續強勁的需求，尤其是我們的大馬力與電動馬達驅動機組，延續了我們強勁成果的紀錄。

Our fleet remained highly utilized during the quarter, exiting at 95% utilization, reflecting continued high demand and the high-quality of our fleet and sustaining strong utilization in our contract operations business over a multi-year period.

本季我們的機隊維持高稼動率，季末稼動率為95%，反映需求持續強勁、機隊品質優異，並使我們的合約營運業務在多年期間維持強勁稼動率。

That durability is also evident in the time on location with the blended fleet averaging approximately six years and units of 1,500 horsepower or greater averaging approximately eight years in largely midstream applications. At quarter end, we had 4.5 million operating horsepower.

這種耐久性也體現在駐點時間上：混合機隊平均約六年，而1,500馬力或以上的機組在以中游應用為主的情況下平均約八年。截至季末，我們擁有450萬在營運馬力。

Operating horsepower declined by approximately 43,000 as new-build deliveries during the quarter were more than offset by the sale of approximately 40,000 non-strategic horsepower, including 21,000 active horsepower. As a reminder, we also sold approximately 123,000 horsepower, including 84,000 active horsepower at the end of 2025.

在營運馬力約減少43,000馬力，因本季新造交付量被出售約40,000非策略性馬力所抵銷，其中包括21,000在役馬力。提醒一下，我們也在2025年底出售約123,000馬力，其中包括84,000在役馬力。

Taken together, these sales reduced first quarter adjusted EBITDA by approximately $3 million on a sequential basis. Monthly revenue per horsepower moves higher on a sequential and year-over-year basis. In 2026, we continue to expect monthly revenue per horsepower to benefit from the full-year carryover of the rate increases implemented in 2025 and increases in 2026.

綜合而言，這些出售使第一季調整後EBITDA按季約減少300萬美元。每馬力月度營收按季與年增均上升。在2026年，我們仍預期每馬力月度營收將受惠於2025年實施之調價的全年延續效應，以及2026年的調價上升。

We achieved a quarterly adjusted gross margin percentage of 72%. Consistent profitability above 70% continues to be driven by strong pricing, disciplined execution and a continued focus on per horsepower cost management.

我們本季調整後毛利率為72%。持續高於70%的穩定獲利能力，仍主要由強勁定價、嚴謹執行，以及持續聚焦每馬力成本管理所驅動。

Over the last several years, we've executed well on the cost inputs into our operations, offsetting some of the cost increases we experienced during the recent higher inflationary environment, including higher costs for labor and parts. We remain focused on continuing this level of execution through technology deployment and ongoing cost management.

過去幾年，我們在營運成本投入方面執行良好，抵銷了近期較高通膨環境下部分成本上升，包括人力與零件成本增加。我們仍專注於透過技術部署與持續成本管理，延續此一執行水準。

Moving to our aftermarket services segment, performance was solid in the first quarter. As expected, Q1 is seasonally slower. Even so, we continue to deliver strong profitability levels in the business, reflecting disciplined execution and an ongoing focus on higher-quality, higher-margin work.

接著看我們的售後服務部門，第一季表現穩健。如預期，第一季具有季節性較淡的特性。即便如此，我們仍持續在該業務交出強勁的獲利水準，反映嚴謹執行與持續聚焦於更高品質、更高毛利的工作。

Turning to capital allocation, we remain disciplined and returns-focused, prioritizing growth investment and shareholder returns supported by a strong balance sheet. We reaffirmed our 2026 growth capital plan of $250 million to $275 million for fleet investment, reflecting strong demand and our desire to continue growing our profitable platform through high-return new-build investments.

談到資本配置，我們仍維持紀律並以報酬為導向，在強健資產負債表的支撐下，優先投入成長投資並回饋股東。我們重申2026年成長資本計畫為2.5億至2.75億美元用於機隊投資，反映需求強勁，以及我們希望透過高報酬的新造投資持續擴大我們的高獲利平台。

We expect substantial free cash flow to support increasing shareholder returns. We declared a quarterly dividend of $0.22 per share, up approximately 16% year-over-year, while maintaining robust coverage. We also have flexibility for additional shareholder returns, including $113 million of remaining authorization under our share repurchase program as of quarter end which we view as a tool within our returns-based framework and may use more actively during periods of market dislocation.

我們預期可觀的自由現金流將支撐股東回饋提升。我們宣告每股0.22美元的季度股利，年增約16%，同時維持強勁的覆蓋率。我們也具備進一步回饋股東的彈性；截至季末，我們的庫藏股回購計畫尚餘1.13億美元的核准額度，我們將其視為報酬導向架構中的一項工具，並可能在市場失序期間更積極運用。

We exited the quarter below our long-term leverage target of between 3 times to 3.5 times and expect to operate below 3 times in the near-term, preserving flexibility for both organic and inorganic growth as well as continued shareholder returns.

本季結束時，我們的槓桿水準低於長期目標的3倍至3.5倍區間，並預期短期內將維持在3倍以下，為內生成長與外延成長，以及持續股東回饋保留彈性。

In summary, Archrock is delivering consistent, strong results underpinned by a culture of disciplined execution and continuous improvement. Looking ahead, we see a meaningful runway for profitable growth with earnings supported by our returns-based capital allocation and durable tailwinds for natural gas infrastructure, including compression. Before I hand it over, I want to recognize Douglas Aaron.

總結而言，Archrock 在嚴謹執行與持續改善的文化支撐下，持續交出穩健且強勁的成果。展望未來，我們看到具意義的高獲利成長跑道；在報酬導向的資本配置支持下，獲利可望受惠於天然氣基礎設施（包括壓縮）之持久順風。在我交棒之前，我想表揚Douglas Aaron。

As we previously announced, Doug plans to retire by the end of the year. On behalf of Archrock, thank you, Doug, for more than seven years of outstanding service and leadership during an exciting and transformative period for the company. Doug has been a key leader and a trusted advisor to me, the rest of the executive leadership team and our Board.

如我們先前宣布，Doug 計畫於年底前退休。我代表Archrock，感謝Doug在公司令人振奮且轉型的期間，七年多來卓越的服務與領導。Doug 一直是關鍵領導者，也是我、其他高階管理團隊以及董事會信賴的顧問。

And to be clear, he's not going anywhere just yet, Doug will stay in his role until a successor is named to ensure a smooth transition. With that, I'll turn the call over to Doug to walk through our first quarter and 2026 outlook.

需要說明的是，他暫時還不會離開；在繼任者確定之前，Doug 將持續留任其職務，以確保平順交接。接下來我把電話會議交給Doug，請他說明我們第一季表現以及2026年展望。

Thank you, Brad. Certainly appreciate the kind words. Good morning, everyone. Thanks for joining us. Let's review our first quarter results and then cover our current financial outlook for 2026. Net income for the first quarter of 2026 was $73.8 million. Excluding transaction-related and restructuring costs and adjusting for the associated tax impact, we delivered adjusted net income of $74.4 million or $0.42 per share.

謝謝你，Brad。非常感謝你的美言。各位早安。感謝各位加入。我們先回顧2026年第一季的業績，接著說明目前對2026年的財務展望。2026年第一季淨利為7,380萬美元。排除交易相關與重整成本，並調整相關稅務影響後，我們的調整後淨利為7,440萬美元，或每股0.42美元。

We reported adjusted EBITDA of $221 million for the first quarter of 2026. Underlying business performance exceeded our basis for guidance and results also benefited from a $10 million net gain from the sale of non-strategic compression and other assets. Strength in segment fundamentals was somewhat offset by higher selling, general and administrative expense in the quarter.

我們2026年第一季的調整後EBITDA為2.21億美元。基礎業務表現優於我們提出指引時的假設，且業績亦受惠於出售非策略性壓縮設備及其他資產所帶來的1,000萬美元淨收益。部門基本面走強的部分影響，於本季被較高的銷售、一般及行政費用（SG&A）所部分抵銷。

That performance translated into adjusted free cash flow of $92 million and adjusted free cash flow after dividend of $52 million in the quarter, driven by durable operating cash flow and further supported by proceeds from the non-strategic asset sales, supporting our ongoing commitment to return capital to shareholders.

該表現轉化為本季調整後自由現金流9,200萬美元，以及扣除股利後的調整後自由現金流5,200萬美元，主要由穩健的營運現金流驅動，並進一步受非策略性資產出售所得支撐，支持我們持續將資本回饋股東的承諾。

SG&A expenses were $45 million in the first quarter of 2026. Compared to $37 million in the first quarter of 2025, with the increase primarily driven by higher long-term incentive compensation for two reasons. First, a little more than half of this increase was the result of the sharply higher stock price in the quarter.

2026年第一季SG&A費用為4,500萬美元。相較2025年第一季的3,700萬美元，增加主要由較高的長期激勵薪酬所致，原因有二。第一，這項增加中略多於一半是由於本季股價大幅上升所造成。

Second, the balance of the increase was the result of a GAAP accounting acceleration of expense recognition for long-term incentive compensation under an executive retention agreement, which we do not expect will recur in the remaining periods of this year.

其次，增幅的其餘部分是由於在一項高階主管留任協議下，依 GAAP 會計處理將長期激勵薪酬的費用認列加速所致；我們預期今年剩餘期間不會再發生。

Turning to our business segments, contract operations revenue came in at $331 million in the first quarter, up 10% compared to the first quarter of 2025, driven by growth in horsepower and higher pricing. Operating horsepower of $4.53 million at the end of the quarter was up approximately $250,000 year-over-year from $4.28 million in the first quarter of 2025.

接著看我們的業務分部，第一季合約營運收入為 3.31 億美元，較 2025 年第一季成長 10%，主要受馬力成長與較高定價帶動。截至季末，營運馬力為 453 萬美元，較 2025 年第一季的 428 萬美元年增約 25 萬美元。

Our adjusted gross margin percentage of 72% in the first quarter of 2026 reflects consistent profitability. While reported adjusted gross margin percentage was down from 78% last quarter, the figure increased slightly on a sequential basis after excluding the impact of out-of-period cash, tax settlements and credits we benefited from during the fourth quarter of 2025 that were more one-time in nature.

我們 2026 年第一季調整後毛利率為 72%，反映獲利能力維持一致。雖然揭露的調整後毛利率較上季的 78% 下滑，但若排除我們在 2025 年第四季受惠、較偏一次性的跨期現金、稅務和解與抵減影響後，該數字按季略有上升。

In our aftermarket services segment, we reported first quarter 2026 revenue of $43 million, reflecting lower service activity and a seasonal slowdown. Even with the expected seasonal softness, AMS delivered a great level of profitability. First quarter 2026 adjusted gross margin percentage was 23%, consistent with the high end of our guidance range for the year.

在售後市場服務（AMS）分部，我們 2026 年第一季營收為 4,300 萬美元，反映服務活動較少及季節性放緩。即便存在預期的季節性疲弱，AMS 仍交出相當不錯的獲利水準。2026 年第一季調整後毛利率為 23%，與我們全年指引區間的上緣一致。

We ended the quarter with total debt of $2.4 billion. In January, we issued $800 million of senior notes to fund the April 1st repurchase of 100% of our senior notes due 2028 at par, which moves our nearest bond maturity to 2032. Pro forma for this activity, available liquidity was approximately $600 million.

本季末我們的總負債為 24 億美元。1 月我們發行 8 億美元優先票據，用於在 4 月 1 日以面值回購 2028 年到期之優先票據的 100%，使我們最近一期的債券到期日延後至 2032 年。以該等交易之備考基礎計算，可用流動性約為 6 億美元。

Our leverage ratio at quarter end was 2.6 times compared to 2.7 times in the fourth quarter of 2025 as we continue to operate comfortably below our stated target of three times in the near term. We recently declared a first-quarter dividend of $0.22 per share or $0.88 on an annualized basis. This is consistent with the fourth quarter twenty-five dividend level and up approximately 16% year-over-year.

季末槓桿比率為 2.6 倍，較 2025 年第四季的 2.7 倍下降；短期內我們仍可舒適地維持在所宣示的 3 倍目標以下。我們近期宣告第一季股利為每股 0.22 美元，年化為 0.88 美元。此水準與 2025 年第四季股利一致，且年增約 16%。

Cash available for dividend for the first quarter of 2026 totaled $134 million, leading to robust quarterly dividend coverage of 3.5 times. During the quarter, we repurchased approximately 171,000 shares for approximately $4.4 million and an average price of $25.87 per share.

2026 年第一季可供配息現金合計 1.34 億美元，使季度股利覆蓋倍數達到強勁的 3.5 倍。本季我們回購約 171,000 股，金額約 440 萬美元，平均每股價格 25.87 美元。

This leaves approximately $113 million in remaining capacity for additional share repurchases. Given our solid first-quarter performance, we reaffirmed our full-year 2026 guidance with yesterday's earnings release. We remain on track to deliver our 2026 adjusted EBITDA guidance of $865 million to $915 million.

這使得剩餘可用於額外庫藏股回購的額度約為 1.13 億美元。鑑於第一季表現穩健，我們在昨日的財報新聞稿中重申 2026 全年指引。我們仍按計畫達成 2026 年調整後 EBITDA 指引 8.65 億至 9.15 億美元。

Segment performance in the first quarter was consistent with the basis of that guidance, with strength in the underlying business partially offset by higher SG&A. We do not expect the $3.7 million of long-term compensation expense acceleration to recur in future periods for the remainder of 2026. In contract operations, our outlook reflects year-over-year growth in horsepower, revenue, and profitability.

第一季各分部表現與該指引的基礎一致，基礎業務的強勁部分被較高的 SG&A（銷售、一般及行政費用）所抵銷。我們不預期 2026 年剩餘期間會再出現 370 萬美元的長期薪酬費用加速認列。在合約營運方面，我們的展望反映馬力、營收與獲利的年增成長。

In AMS, we expect revenue and profitability to remain strong. Turning to capital, on a full-year basis, we continue to expect total 2026 capital expenditures to be approximately $400 million to $445 million. Within that total, we reiterate growth CapEx of $250 million to $275 million to support investment in new-build horsepower and repackaged CapEx to meet continued customer demand.

在 AMS 方面，我們預期營收與獲利能力將維持強勁。談到資本支出，以全年計，我們仍預期 2026 年總資本支出約為 4 億至 4.45 億美元。在該總額中，我們重申成長型資本支出為 2.5 億至 2.75 億美元，以支持新建馬力投資，以及為滿足持續的客戶需求而進行的改裝資本支出。

Growth is expected to be funded by operations with additional support from non-strategic asset sale proceeds as we continue to high-grade our fleet, including year-to-date proceeds totaling approximately $21 million. Maintenance CapEx is forecasted to be approximately $125 million to $135 million, up versus 2025 due to increased planned overall activity.

預期成長將由營運資金支應，並由非策略性資產出售所得提供額外支持；我們持續汰弱留強優化車隊，其中年初至今出售所得合計約 2,100 萬美元。維護性資本支出預估約為 1.25 億至 1.35 億美元，較 2025 年增加，係因整體規劃活動量提升。

We also anticipate approximately $25 million to $35 million in other CapEx, primarily for new vehicles. In summary, we remain confident in the strength of our platform and in the long-term opportunity in front of us. The combination of a fully utilized fleet and the continued build-out of U.S. midstream infrastructure to support both expected growth in LNG exports and rising power demand reinforces our view that the need for reliable compression remains strong.

我們亦預期其他資本支出約 2,500 萬至 3,500 萬美元，主要用於新車輛。總結而言，我們對平台的實力以及眼前的長期機會仍具信心。滿載運用的車隊，加上美國中游基礎建設持續擴建以支撐預期的 LNG 出口成長與上升的電力需求，強化了我們的觀點：對可靠壓縮服務的需求仍然強勁。

Against that backdrop, we are focused on excellent execution, delivering for our customers. Advancing the technologies we've put in place, and adhering to a disciplined, returns-based approach to capital allocation to grow the business and create long-term value for our shareholders.

在此背景下，我們專注於卓越執行，為客戶交付成果。推進我們已導入的技術，並遵循以報酬為導向、紀律嚴謹的資本配置方法，以成長業務並為股東創造長期價值。

With that, [Karen]. I believe we are ready to open the line for questions.

接下來，[Karen]。我想我們已準備好開放提問。

(Operator Instructions)

（接線員指示）

Michael Blum, Wells Fargo.

Michael Blum，Wells Fargo。

Thanks. Good morning, everyone. I wanted to start on the guidance. You made the comment that your first quarter underlying business performance is exceeding the basis for guidance, but you didn't raise guidance here, so is that just a function of the higher SG&A in Q1 or conservatism or is there something else?

謝謝。各位早安。我想先從指引談起。你提到第一季基礎業務表現優於指引所依據的假設，但你們並未上調指引；這只是因為第一季 SG&A 較高、或是出於保守，還是另有其他原因？

Yeah. Look, I would say, and I can't remember exactly what we did last year because I know we had an acquisition middle of the year, but it is, for us historically to not do anything with guidance after only a quarter is not something that is unusual, and I think that -- it just feels early in the year. We've given a guidance range that we feel comfortable with, and we'll continue to look at that as we move through the year.

是的。我想說的是——我不太記得去年我們確切怎麼做，因為我知道我們在年中有一筆收購——但就我們而言，歷來在僅過了一個季度後不調整指引並不罕見，我覺得——現在年初，感覺還太早。我們給出的指引區間是我們覺得有把握的，我們會在接下來一年中持續檢視。

Okay. Fair enough. Appreciate that. And then I wonder if you can just give us your latest view on CAT equipment lead time and how the order book is shaping up for 2027. Thanks.

好的。合理。謝謝說明。另外想請你分享一下你們對 CAT 設備交期的最新看法，以及 2027 年的訂單能見度目前如何。謝謝。

Yes. Cap lead times continue to extend out as we're seeing an extreme tightness in the supply chain. I think that now we're out to close to 160. So it's meaningfully out there. The interpretation that offers that is interesting though; this tightness of the market just reflects a market that I believe is coiled for growth.

好的。CAT 的交期仍在延長，因為我們看到供應鏈極度吃緊。我想現在已經接近 160。所以確實拉得很長。不過，這樣的解讀也很有意思：市場的緊俏反映出我認為正蓄勢待發、準備成長的市場。

We see this. In the overall burgeoning demand for natural gas, we see this in the amount of pipeline capacity expected to come online in 2026, the amount of LNG incrementally that's going to come online in 2026, we see it in the tightness in the supply chain and candidly, we're seeing it in our bookings. So this is a market that's just posed right now for that accelerated growth for the future and candidly for years.

我們看到了這一點。在整體天然氣需求蓬勃成長的背景下，我們從預計於 2026 年投運的管線輸送能力規模、2026 年將逐步上線的 LNG 增量中看到了這一點；我們也從供應鏈的吃緊情況中看到了這一點，而且坦白說，我們也在訂單預訂量中看到了這一點。因此，這是一個目前正蓄勢待發、面向未來加速成長的市場，而且坦白說，這種態勢將持續多年。

As far as 2027, we are definitely going to be placing orders and have placed orders to ensure we're positioned well to meet customer demand, but we're not yet getting guidance on CapEx for 2027. Thank you.

至於 2027 年，我們肯定會下單，也已經下單，以確保我們能夠妥善布局以滿足客戶需求，但我們目前尚未取得 2027 年資本支出（CapEx）的指引。謝謝。

Elias Jossen, JPMorgan Chase & Co.

Elias Jossen，摩根大通（JPMorgan Chase & Co.）。

Hey. Good morning, everyone, and congrats to Doug in your retirement and next steps ahead. Maybe to take that last point a step further, I know some of your peers have signaled reserving slots even past '27 and '28 and '29, just given the aforementioned tightness.

嗨。各位早安，也恭喜 Doug 即將退休並邁向下一步。或許把剛才那點再往前推一步：我知道你們的一些同業已經表示，鑑於前述的供應吃緊，甚至在 '27、'28、'29 之後也在預留產能檔期。

Can you give any color just in terms of how you're thinking, even multiple years ahead, and what kind of discussions you're having with your customers so that they can ensure they're getting the equipment they need? Thanks.

你能否分享一些看法，談談你們如何思考更長期（甚至跨好幾年）的規劃，以及你們正與客戶進行哪些討論，讓他們能確保取得所需設備？謝謝。

Yeah. Thanks for the question. For the customers, we are working closely with our customers to advise for what lead times are and to help them ensure that they're not cut short and without equipment to produce and compress the gas that they're going to have in the coming years.

好的。謝謝你的提問。就客戶而言，我們正與客戶密切合作，向他們說明交期（lead times）狀況，並協助他們確保不會因設備不足而影響未來幾年要生產並壓縮的天然氣。

When we think about our outlook for the business, we are seriously optimistic about the growth ahead. And that does mean we are absolutely going to use our incredibly strong balance sheet that positions us well to capture market going forward to place orders, and ensure that we're not caught without equipment to support our customers' needs.

當我們思考業務展望時，我們對未來成長非常樂觀。這也意味著，我們絕對會運用我們極為強健的資產負債表——這讓我們具備良好條件去把握未來市場——來下單，並確保我們不會因缺乏設備而無法支援客戶需求。

Thinking about years beyond 2026, we assess the market overall based on and we're willing to place orders based on a contract in hand. Based upon a good lead and intel with our customers as well as strong market signals. And so we are going to be in the position to show up and have equipment for our customers and to move the market to capture market share in the future based upon the extreme tightness we see.

在思考 2026 年之後的年度時，我們會基於整體市場評估來做判斷，並且願意在「手上已有合約」的前提下下單。同時也會依據我們與客戶之間良好的商機線索與情報，以及強勁的市場訊號。因此，基於我們所看到的極度供給吃緊，我們將能夠到位、為客戶提供設備，並在未來推動市場、爭取市占。

Got it. And then maybe just thinking about some of the strong performance we saw this quarter. Look, the pricing jumped up a bit. And just want to get a sense -- I know that you need to balance kind of those price increases with your customers' needs.

了解。另外也想談談本季看到的一些強勁表現。你看，價格確實上升了一些。我想了解一下——我知道你們需要在調價與客戶需求之間取得平衡。

But can you just give us a signal to how you see price trending throughout the year and maybe also confirm the cadence for deployment of horsepower this year as well, how much we're expecting and when it should come on?

你能否給我們一些訊號，說明你們如何看待今年價格走勢？另外也請確認一下今年馬力（horsepower）投放的節奏：預計投放多少、以及大概何時會上線？

On the second part of the question first, the deployment of horsepower, it is the case that in Q1, we took that was the lowest quarter for us of deliveries of new built horsepower, and we expect future deliveries in future quarters of 2026 to continue to grow, and it's more back half-weighted. So you'll see that shape in the curve for new equipment deliveries. We expect that to translate to start activity for the same reason.

先回答問題的第二部分，關於馬力投放：確實在第一季，我們的新造馬力交付量是全年最低的一季；我們預期 2026 年後續季度的新交付將持續成長，而且會更偏向下半年。因此你會在新設備交付曲線上看到那樣的形狀。基於同樣原因，我們也預期這會轉化為啟動（start）活動的增加。

As far as pricing goes, we are very happy to see the growth in revenue per horsepower that we delivered year-over-year on a sequential basis. It shows the strength in our business and I'm going to point out that at profitability above 70% now on a sustained for a sustained period of time.

至於定價方面，我們很高興看到我們交付的每馬力營收（revenue per horsepower）無論是年增或季增都呈現成長。這顯示我們業務的韌性；我也要指出，我們目前的獲利能力已在 70% 以上，且已維持一段時間。

We are very happy with the overall pricing in the market, the returns we're achieving, and expect to grow our business to achieve growing returns to our investors going forward. As far as particular pricing commentary right now, and other points of strategy for the company, let's just say that we're very invested in growing this profitable business for the benefit of our investors.

我們對市場整體定價、我們所達成的報酬率都非常滿意，並預期持續擴大業務，為投資人帶來更高的報酬。至於目前更具體的定價評論以及公司其他策略面向，我只能說，我們非常投入於擴大這門高獲利業務，以造福投資人。

Understood. Thanks.

了解。謝謝。

Tim Rowson, Raymond James.

Tim Rowson，Raymond James。

Hey, good morning, Doug, Brad, and Megan. Congrats, Doug, on your pending retirement, and we'll send you off properly in Aspen this summer, I think. Brad, on the oil price side, obviously, you guys have been in this kind of perfect environment until recently where gas outlook has been fantastic, and you've been growing at a pretty rapid clip.

嗨，Doug、Brad、Megan，早安。Doug，恭喜你即將退休；我想我們今年夏天會在 Aspen 好好為你送行。Brad，就油價而言，顯然你們直到最近都處在一個近乎完美的環境：天然氣展望非常好，而你們也以相當快的速度成長。

And you've had somewhat muted oil prices that have kind of helped on the lube oil and fuel cost side of the equation, and that's obviously changed. So I'm kind of curious. What you all are seeing there and how quickly can you pass those through so you can sustain these low 70% margins in that business?

同時油價相對溫和，對潤滑油與燃料成本這一端也有所幫助，但這顯然已經改變了。所以我有點好奇。你們目前看到的情況是什麼？以及你們能多快把這些成本轉嫁出去，從而維持該業務 70% 出頭的毛利率？

We do expect to have some oil price headwinds primarily in the back half of the year as lube oil pricing for us adjusts quarterly. There's definitely a lag time between when we experienced an increase in our costs and when we can pass them on to customers.

我們確實預期油價會帶來一些逆風，主要會出現在下半年，因為我們的潤滑油定價是按季調整。我們的成本上升與能夠轉嫁給客戶之間，確實存在一定的時間落差。

And I'm not going to use the word transitory. However, what we see in the market today is that we are not willing to know or to guess where oil will ultimately resolve and therefore, base oil and little oil pricing will ultimately resolve. But what we see for this higher stock price, higher oil price environment today is it appears to be mostly driven by external events, notably hospitability in the Middle East.

我不會用「短暫的（transitory）」這個詞。不過，我們目前在市場上看到的是：我們不願意、也無法去判斷或猜測油價最終會落在何處，因此基礎油與潤滑油定價最終會落在何處也難以預測。但就當前這個較高股價、較高油價的環境來看，似乎主要是由外部事件所驅動，尤其是中東地區的敵對情勢。

And so we need to see where that resolves longer-term. In the meantime, we did not change our guidance, notwithstanding what we see for risk on the wall pricing for the back half of the year. We intend to mitigate that through the best cost management we can offer in the market to continue to deliver this high level of profitability and returns to our investors.

因此，我們需要觀察長期而言這些因素將如何落定。同時，儘管我們看到下半年潤滑油定價存在風險，我們仍未調整我們的指引。我們打算透過我們在市場上所能提供的最佳成本管理來加以緩解，持續交付這樣的高獲利水準與對投資人的報酬。

Got it, I appreciate that. And then just on the asset sales side, you guys have been basically great portfolio managers for a while now where you keep high grading assets and redeploying the capital. Just curious if you have any color or view and maybe you don't yet.

了解，謝謝，我很感激。另外關於資產出售，你們一直以來基本上都是很出色的投資組合管理者：持續汰弱留強並重新部署資本。我想了解你們是否有任何補充或看法——也許你們目前還沒有。

But just on how we should think about incremental kind of older asset sales that you're looking to monetize just as we think about how that impacts the numbers, and there's obviously a lag between getting the capital and redeploying it. So just wondering, how do you think about that going forward?

但就我們該如何看待你們可能會變現的一些增量、較老舊資產出售而言——尤其當我們思考其對數字的影響時，而且從取得資金到重新部署之間顯然存在時間落差。所以想請教，你們未來會如何看待這件事？

The fleet repositioning we've been engaged in for the last number of years now has been remarkably consistent. And just when I think that we actually de-age the fleet, and we no longer have a lot of assets in that category for disposal, yet the calendar turns, another year passes, and we find that there's still an opportunity for some assets that we believe will not be as competitive for the future.

我們在過去幾年一直進行的車隊重新配置，一直以來都相當一致。而就在我以為我們其實已經讓車隊「去老化」，而且在那個類別裡已經沒有太多資產可供處置時，日曆一翻，又過了一年，我們發現仍然有一些資產存在機會——我們認為這些資產在未來的競爭力可能不如其他資產。

And so this program on our asset management that we've implemented has some real benefits, and it's really important, and first and foremost, in keeping our fleet as competitive as we can keep it and in providing the best service to our customers that we can deliver.

因此，我們已實施的這套資產管理計畫帶來了實質效益，確實非常重要；而且最重要的是，能讓我們的車隊盡可能保持競爭力，並為客戶提供我們所能交付的最佳服務。

Second, when we look at the total ownership of the life of a unit, it allows us to really think about how to optimize the total cash flow coming out of a unit for its life and to sell units while they still have meaningful market value, which is why we've been able to generate nice gain on sale on a fairly consistent basis. Our asset management program over that period of time.

第二，當我們從單台設備的全生命週期總持有成本來看，這讓我們能真正思考如何在其生命週期內最佳化單台設備所產生的總現金流，並在設備仍具有可觀市場價值時出售，這也是為什麼我們能夠在相當一致的基礎上取得不錯的出售收益。在那段期間，我們的資產管理計畫就是如此。

And then we take those proceeds and redeploy it into our new build program, which is a very efficient overall capital management program. And the third benefit is that even though I know this is a gain on sale income, in some ways, it accelerates some of that EBITDA into the period.

接著我們把這些處分所得再投入到我們的新造計畫中，這是一套整體而言非常高效率的資本管理方案。第三個好處是，儘管我知道這屬於出售收益（gain on sale）收入，但在某些方面，它會把部分 EBITDA 加速認列到當期。

So it's a really effective program when you think about those three primary benefits. So we're going to continue to engage in a very disciplined asset management approach. I do think that looking to our past levels is fairly indicative of what could happen in the future, it's very difficult to forecast this, but we're going to continue and that said, it's going to be consistent with past levels.

所以，從這三項主要效益來看，這確實是一個非常有效的計畫。因此我們會持續採取非常嚴謹的資產管理方法。我確實認為，回看我們過去的水準，對未來可能發生的情況具有相當的指標性；這很難精準預測，但我們會持續進行，而且會與過去水準保持一致。

But I do think it's going to ramp down a bit, potentially lower going forward only because of the amazing growth environment that we find ourselves in as an industry in compression and for natural gas production and because of the high-quality and repositioning we've already accomplished on the fleet.

但我確實認為它可能會稍微降溫，未來可能會更低一些，主要是因為我們所處的產業環境——壓縮（compression）與天然氣生產——正處於驚人的成長期，以及因為我們已經在車隊上完成了高品質的重新配置。

Appreciate the color and thank you, guys.

感謝補充說明，也謝謝各位。

Nathaniel Pendleton, Texas Capital

Nathaniel Pendleton，Texas Capital

Good morning, Brad, Doug. Brad, in your prepared remarks, you called out improving compression demand outside of the Permian. Can you talk about where you see those opportunities geographically and maybe if there's any difference in the unit sizes needed for those opportunities?

早安，Brad、Doug。Brad，你在事先準備的發言中提到二疊紀（Permian）以外的壓縮需求正在改善。你能談談你在地理上看到哪些機會嗎？以及這些機會所需要的機組尺寸是否有任何差異？

Yes. Great question. What we saw in the quarter was that, and really beneficially, only about 35% of our bookings were in the Permian in the quarter, and so more were outside and they're spread fairly evenly between the Northeast, the mid-continent, the South, and that would be in East Texas, Haynesville, and the Rockies.

可以。好問題。我們在本季看到的是——而且這點非常有利——本季我們的訂單（bookings）只有大約 35% 來自二疊紀，因此更多是在二疊紀以外，而且分布相當平均，涵蓋東北部、中部地區（mid-continent）、南部（包括德州東部、Haynesville）以及落磯山區。

And so it's been a nice spread, but it's also been good to see units moving into other markets and other basins accomplishing some growth, especially on natural gas. And the unit sizes are more diverse in the plays outside the Permian, especially in the electric motor drives that we're deploying, where we see a spread of horsepower more in all the way from 400, 800, and potentially moving up to 1,500.

所以分布很不錯；同時也很高興看到機組進入其他市場與其他盆地，帶動一些成長，特別是在天然氣方面。而在二疊紀以外的區塊，機組尺寸更為多元，尤其是我們正在部署的電動馬達驅動（electric motor drives），我們看到馬力分布更廣，從 400、800，一直到可能提升到 1,500。

So we do see more diversity, but it's primarily within the electric motor drives that we're seeing the smaller horsepower go out into the marketplace.

因此我們確實看到更多樣性，但主要是在電動馬達驅動這一塊，我們看到較小馬力的機組進入市場。

Got it. I appreciate that. And then as my follow-up, with the longer timelines for large horsepower units that's been very topical so far, can you talk about if that delay changes your procurement strategy with packagers? Do you have to put down a deposit for the full unit so far in advance? And maybe can you help us understand the cash flow implications of such a long lead time for just the engines?

了解。謝謝你的說明。接著追問一下，關於大型馬力機組交期拉長這個目前很熱門的議題，你能談談這種延遲是否會改變你們與整機打包商（packagers）的採購策略嗎？你們是否需要在很早之前就為整台機組支付訂金？另外，能否協助我們理解：僅就引擎而言，如此長的交期對現金流有何影響？

Well, without going into too much on our procurement strategy and the work we do with our packagers. I will say we're very aligned with our packagers in fulfillment and making sure we can manage the need. It does not require a change in the overall kind of structure of the cash flows where we still expect to have very effective deployment of capital so that the unit revenue is recognized within two months to three months max of when the bulk of the capital goes out the door for a unit. Got it.

嗯，在不過度深入我們的採購策略以及我們與整機打包商合作細節的前提下，我可以說，我們在履約方面與打包商高度一致，並確保我們能管理需求。這不需要改變整體現金流的結構；我們仍預期能非常有效率地部署資本，使得在單台機組的大部分資本支出發生後，機組收入能在兩個月到最多三個月內認列。了解。

Thanks for taking my questions.

謝謝回答我的問題。

Thank you.

謝謝。

Douglas Irwin, Citi.

Douglas Irwin，花旗（Citi）。

Hey, team. Thanks for the question. Brad, you made a comment in your prepared remarks about maintaining flexibility for both organic and inorganic growth. I'm just curious if inorganic growth becomes even more attractive here, just given where lead times are, as well as the fact that you have a much stronger equity currency compared to the last few acquisitions you did.

嗨，各位。謝謝讓我提問。Brad，你在事先準備的發言中提到要同時維持有機與非有機成長的彈性。我想了解的是，考量目前交期狀況，以及相較於你們前幾次收購時你們現在的股權「貨幣」（equity currency）強很多，非有機成長是否在此時變得更具吸引力？

We are extremely well-positioned, both from a balance sheet perspective, given our low leverage ratio now and our equity position with higher stock price. We're definitely really well positioned to finance any growth going forward, including inorganic growth.

我們的確處於非常有利的位置：從資產負債表角度來看，我們目前槓桿比率很低；而且在股價較高的情況下，我們的股權部位也更強。我們確實非常有能力為未來任何成長提供資金，包括非有機成長。

But I would say that it's not going to it it doesn't make the targets look more attractive, and we're still going to be very disciplined in how we evaluate the opportunity set going forward. We want to make sure that if we see an opportunity that we know why we can use why we can add value to that opportunity or why that opportunity adds value to us.

但我會說，這並不會——也不代表標的就因此看起來更具吸引力；我們在評估未來的機會集合時仍會非常嚴謹。我們希望確保，如果我們看到一個機會，我們清楚知道為什麼我們能為該機會增值，或為什麼該機會能為我們帶來價值。

So the discipline is going to remain outstanding, the really strong financial position we're in. But we do see that there are a number of opportunities in the marketplace that could develop over the coming years. And we're optimistic that just like our track record of having grown through acquisition with TOPS, with NGCSI, that there will be opportunities for us to deploy capital into the market through both means.

因此，我們會維持一貫出色的紀律，以及我們目前非常強健的財務狀況。不過我們確實看到，市場上有不少機會可能在未來幾年逐步浮現。我們也樂觀認為，就像我們過去透過收購 TOPS、NGCSI 來成長的紀錄一樣，未來仍會有機會讓我們透過兩種方式把資本投入市場。

Got it. Thanks for that. And then maybe just a higher-level one as a follow-up here. It sounds like you're working pretty closely with your own customers to make sure they have enough supply over the next year or so. But it's obviously a pretty dynamic market.

了解。謝謝你的說明。接著再問一個比較高層次的追問。聽起來你們正與自家客戶密切合作，以確保他們在未來一年左右有足夠的供給。但顯然這是一個相當動態的市場。

So just curious to get your view on the balance of the broader market here going forward, I guess. Is there a potential scenario where we could see compression become kind of a real near-term bottleneck if we see producers like to start accelerating activity into the back half of the year? Just curious kind of how much slack you see there being in the broader compression market here?

所以我想請教你對未來整體市場供需平衡的看法。如果我們看到生產商在下半年開始加速活動，是否可能出現某種情境，使壓縮（compression）在短期內成為真正的瓶頸？我想了解你認為整體壓縮市場目前還有多少餘裕（slack）？

I don't know that I have enough visibility into the market to be able to answer the question accurately, but I would step back and pose the following that for the United States to deliver all of the LNG we're targeting to export, and all the power we expect to fuel through natural gas. I'm going to stick to that. It's in our lane.

我不確定我對市場的掌握是否足夠，能夠準確回答這個問題，但我會退一步提出以下觀點：要讓美國交付我們目標要出口的所有LNG，以及我們預期透過天然氣來供應的所有電力。我就先堅持這點。這在我們的專業範疇內。

We have a lot of power capacity, power plants, power generation to build. We have a lot of lines to lay, we have a lot of pipelines to lay, we have a lot of gas plants to go in, and we have a lot of compression to go into the market. It is not all going to happen without some bottlenecks and delays along that entire supply chain. At our track, we're very invested into not being one of them.

我們有大量的電力產能、電廠與發電設施需要建置。我們有很多線路要鋪設，有很多管線要鋪設，有很多燃氣機組要上線，市場上也需要投入大量的壓縮設備。在整條供應鏈上，不可能完全不出現一些瓶頸與延遲。就我們而言，我們非常投入，確保自己不會成為其中的瓶頸之一。

Yeah. And look, I think I'd just add, like with our utilization, as high as it is the industry, at tight utilization, as Brad pointed out, there are a lot of macro factors. We saw a large E&P make a pretty aggressive announcement earlier in the week about their ability to grow even this year. And I think we're going to do everything we can to continue to make sure we have equipment for our customers and support this growth for compression.

是的。另外我想補充一下，就我們的稼動率而言，雖然整個產業的稼動率都很高、也很吃緊，正如Brad所指出的，仍有許多總體因素在影響。本週稍早我們看到一家大型E&P公司就其即便在今年也能成長的能力，做出了相當積極的公告。我們會盡一切努力，持續確保有設備可供客戶使用，並支持壓縮業務的成長。

Understood. Thanks some time.

了解。謝謝，先不占用時間了。

Steve Ferazani, Sidoti.

Steve Ferazani，Sidoti。

Morning, everyone. Thanks for taking my questions. Brad and Doug, when I think about your fleet, which you've obviously spent several years high grading, it's higher, it's larger horsepower units, it's a younger fleet. How do you think about changes in annual maintenance and other CapEx, particularly in a quarter where it looks like a lot of your guidance for the full year other CapEx was taken in Q1?

各位早安。謝謝讓我提問。Brad和Doug，當我想到你們的機隊（你們顯然花了好幾年進行汰弱留強），它是更高規格、更大馬力的機組，機隊也更年輕。你們如何看待年度維護與其他資本支出（CapEx）的變化？尤其是在一個季度中，看起來你們對全年其他CapEx的指引有很大一部分在第一季就已經支出了？

A few things you're seeing in our CapEx. Number one, our CapEx is typically dictated by what the units tell us they need from a time on location, time in operation, and hours perspective. We are seeing an incremental uptick in our maintenance CapEx right now because of the time at which we added the horsepower in prior years, we just have more large horsepower due for major maintenance this year than we have in the most recent couple of years.

你在我們CapEx上看到的有幾點。第一，我們的CapEx通常取決於機組本身告訴我們它們需要什麼，從駐點時間、運轉時間以及工時的角度來看。我們目前看到維護性CapEx有些增量上升，原因是我們在前幾年新增馬力的時間點所致；今年到期需要進行大修的大馬力機組，比最近幾年都來得多。

So that's what you're going to see in major maintenance, in particular, is just going to be exactly that, the timing required for the units based upon hours of operation in the field, and that's what we're experiencing. And even though we've de-aged the fleet nicely, we've standardized the mix of fleet really well, and we've increased the average size of horsepower and added in electric motor drives.

因此你在重大維護上看到的，特別就是這一點：完全取決於機組在現場的運轉時數所要求的時點，而這正是我們目前所面臨的情況。即便我們已經把機隊年齡結構改善得很好、也把機隊組合標準化得很到位，並提高了平均馬力規模，且加入了電動馬達驅動。

The other aspect that you're seeing is that we grew through acquisition, and so some of what we're seeing for the year includes the NGCSI units coming into our fleet. And finally, we did go through a period of inflation that was pretty steep, and so just the maintenance investment required for the same work has increased over time.

你看到的另一個面向是，我們透過併購成長，因此今年的一部分內容包含NGCSI的機組納入我們的機隊。最後，我們也經歷了一段相當陡峭的通膨期，因此同樣的工作所需的維護投入，隨時間推移而增加。

So that's what you're seeing in our maintenance activity overall. That said, we're very dedicated to ensuring we spend the maintenance capital required by the units to deliver superior customer service over time.

這就是你在我們整體維護活動中所看到的情況。話雖如此，我們非常致力於確保投入機組所需的維護資本，以便長期提供卓越的客戶服務。

And when we think about your other CapEx guidance for the year, it looks like you spent about half of it in Q1. Was there anything particular, any reason to think that number could end up higher?

那在你們對全年其他CapEx的指引方面，看起來你們在第一季就花了大約一半。是否有任何特別事項、或任何理由認為最後這個數字可能會更高？

Like with just timing, the other CapEx, primarily trucks and computers. And so that would just mostly be the timing of delivery of our truck fleet to support the growth that we're seeing in the marketplace and making sure we have the right transportation for our mechanics.

主要就是時點問題；其他CapEx主要是卡車和電腦。因此多半只是我們卡車車隊交付時程的問題，用以支援我們在市場上看到的成長，並確保我們的維修技師有合適的運輸工具。

Got it. That's helpful. And then just, I mean, you almost doubled your available liquidity sequentially with the asset sales. When you think about returning capital to shareholders, does that mean you can get more aggressive or do you have to carefully think about the multi-year likely expansion of your fleet given the expected demand growth?

了解。這很有幫助。另外，你們透過資產出售，使可用流動性較前一季幾乎翻倍。當你們考慮回饋股東資本時，這是否意味著你們可以更積極一些？還是你們必須審慎考量在預期需求成長下，未來多年機隊可能擴張的需求？

Fortunately, we're in the position to be able to pay attention to both these key drivers for value creation for our investors. First and foremost, given the market we're in, as you just highlighted, growth, poised for growth, and maintaining some bread powder for growth is absolutely strategically something we want to make sure we have done.

幸運的是，我們目前的狀態讓我們能同時關注這兩個為投資人創造價值的關鍵驅動因素。首先也是最重要的，鑑於我們所處的市場，正如你剛才強調的，成長、且具備成長動能；保留一些「火藥」以支應成長，在策略上絕對是我們希望確保做到的事情。

But we do expect to continue to grow our cash returns to our investors over time as we grow our business. We certainly have the financial strength to do that comfortably.

但我們也預期，隨著業務成長，會持續隨時間提高對投資人的現金回饋。我們當然具備足夠的財務實力，可以從容地做到這一點。

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

目前沒有更多問題。現在我想把電話交回給Childers先生，請他做最後結語。

Thank you for joining us today. We're pleased with our strong start to 2026 and remain focused on execution, profitable growth, and returning capital to shareholders. We appreciate your support and look forward to updating you on our progress next quarter. Thank you.

感謝各位今天加入我們。我們對2026年強勁的開局感到滿意，並將持續專注於執行、獲利性成長，以及回饋股東資本。感謝各位的支持，我們期待在下季向各位更新我們的進展。謝謝。

Thank you for your participation. This does conclude today's conference. You may now disconnect.

感謝各位的參與。今天的電話會議到此結束。您現在可以掛線。