Kodiak Gas Services Inc (KGS) 2023 Q4 法說會逐字稿

Greetings, welcome to the Kodiak Gas Services fourth quarter and full year 2023 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

問候，歡迎參加科迪亞克天然氣服務公司 2023 年第四季和全年財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I would now like to turn the conference over to Graham Jones, Investor Relations. Thank you. You may begin.

現在，我想將會議交給投資者關係部門的 Graham Jones。謝謝。你可以開始了。

Good morning. We appreciate you joining us for the Kodiak Gas Services conference call and webcast to review fourth quarter and full year 2023 results. Participating from the company today are Mickey McKee, President and Chief Executive Officer; and John Griggs, Chief Financial Officer. Following my remarks, Mickey and John will provide high-level commentary on the company fourth quarter and full year financial results and our 2024 outlook before opening the call for Q&A.

早安.感謝您參加科迪亞克天然氣服務公司電話會議和網路直播，回顧 2023 年第四季和全年業績。今天參加會議的公司人員有總裁兼執行長 Mickey McKee；以及財務長約翰·格里格斯（John Griggs）。在我發言之後，米奇和約翰將對公司第四季度和全年財務業績以及 2024 年展望提供高層評論，然後開始問答環節。

Before I turn the call over to Mickey. I have a few housekeeping items to cover. There will be a replay of today's call available via webcast and also by phone until March 14, 2024. Information on how to access this replay can be found on the Investors tab of our website at kodiakgas.com.

在我把電話轉給米奇之前。我有幾件家事要處理。今天的電話會議重播將透過網路直播和電話提供，直至 2024 年 3 月 14 日。有關如何存取此重播的資訊可在我們網站 kodiakgas.com 的「投資者」標籤上找到。

Please note that information reported on this call speaks only as of today, March 7, 2024. And therefore, you are advised that such information may no longer be accurate as of the time of any replay or transcript reading.

請注意，本次電話會議報告的資訊僅截至今天（2024 年 3 月 7 日）的資訊。因此，請注意，此類資訊在重播或閱讀記錄時可能不再準確。

In addition, the comments made by management during this call may contain forward-looking statements within the meaning of United States federal securities laws. These forward-looking statements reflect the current views, beliefs and assumptions of Kodiak's management based on information currently available.

此外，管理階層在本次電話會議中發表的評論可能包含美國聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述反映了 Kodiak 管理階層根據目前可用的資訊所形成的當前觀點、信念和假設。

Although we believe the expectations referenced in these forward-looking statements are reasonable, various risks, uncertainties and contingencies could cause the company's actual results, performance or achievements to differ materially from those expressed in the statements made by management and management can give no assurance that such statements or expectations will prove to be correct.

儘管我們相信這些前瞻性陳述中提及的預期是合理的，但各種風險、不確定性和意外事件可能導致公司的實際結果、業績或成就與管理層的陳述中表達的結果、業績或成就存在重大差異，管理層無法保證此類陳述或預期將被證明是正確的。

Listeners are encouraged to read Kodiak's prospectus quarterly reports on Form 10-Q or annual report on Form 10-K that we expect to file later today, all of which can be found on our website or at sec.gov to understand those risks, uncertainties and contingencies.

我們鼓勵聽眾閱讀我們預計將於今天稍後提交的 Kodiak 招股說明書（表格 10-Q 上的季度報告或表格 10-K 上的年度報告），所有這些報告都可以在我們的網站或 sec.gov 上找到，以了解這些風險、不確定性和意外事件。

The comments today will also include certain non-GAAP financial measures. Additional details and reconciliations to the most comparable GAAP measures are included in the quarterly press release, which can be found on our website.

今天的評論還將包括某些非公認會計準則財務指標。季度新聞稿中包含了更多詳細資訊以及與最具可比性的 GAAP 指標的對賬，您可以在我們的網站上找到。

And now I'd like to turn the call over to Kodiak CEO, Mr. Mickey McKee. Mickey?

現在我想將電話轉給 Kodiak 執行長 Mickey McKee 先生。米奇？

Thanks, Graham, and thank you all for joining us today. Kick things off by highlighting several monumental events from 2023 before recapping our record financial results, then I'll provide some commentary on our outlook as well as the compression industry as a whole.

謝謝，格雷厄姆，也謝謝大家今天加入我們。首先重點介紹一下 2023 年的幾個重大事件，然後回顧我們創紀錄的財務業績，然後我將對我們的前景以及整個壓縮行業提供一些評論。

Before turning it over to John to provide additional details about our financial results as well as discuss our financial guidance for 2024. For the year, I want to start by thanking Kodiak's amazing employees for their hard work, operational proficiency, dedication to detail and focus on safety is what enables Kodiak's continued operational and financial success.

在交給約翰提供有關我們的財務表現的更多詳細資訊以及討論我們 2024 年的財務指導之前。今年，我首先要感謝科迪亞克出色的員工，他們的辛勤工作、出色的操作能力、對細節的專注以及對安全的關注使得科迪亞克能夠持續取得營運和財務成功。

In June of 2023, we took Kodiak public and became listed on the New York Stock Exchange. I'm extremely proud of our team because as you all know, it is a huge feat to complete a successful IPO and to transition to being a public company.

2023 年 6 月，我們讓 Kodiak 上市，並在紐約證券交易所上市。我為我們的團隊感到非常自豪，因為大家都知道，成功完成 IPO 並轉型為上市公司是一項巨大的壯舉。

Since that time we have delivered multiple sequential quarters of record results. We have maintained our industry-leading 99.9% utilization rate. We initiated a meaningful quarterly dividend, and we announced a definitive agreement to acquire CSI Compressco in a transaction that will make Kodiak the largest contract compression provider in the industry with [$4.3 million] revenue generating horsepower.

自那時起，我們已連續多個季度取得創紀錄的業績。我們保持了業界領先的99.9%的利用率。我們啟動了有意義的季度股息，並宣布了收購 CSI Compressco 的最終協議，這筆交易將使 Kodiak 成為業內最大的合約壓縮供應商，並擁有 [430 萬美元] 的創收能力。

Throughout this incredibly eventful year, we stayed true to who we are what we do and the goals we set for ourselves as a public company and I am extremely proud of that. An important priority for Kodiak as a public company was to establish a capital allocation framework that allows us to grow our core contract compression business and return capital to shareholders through a well-covered dividend, and while strengthening our balance sheet.

在這充滿艱辛的一年裡，我們始終堅守自己的初心、所做的工作以及作為上市公司設定的目標，對此我感到非常自豪。作為一家上市公司，科迪亞克的一個重要優先事項是建立一個資本配置框架，使我們能夠發展核心合約壓縮業務，並透過充足的股息向股東返還資本，同時加強我們的資產負債表。

I'm happy to report we accomplished all of these priorities in 2023. We organically increased our compression fleet by almost 130,000 horsepower, primarily adding capacity to our industry leading position in the Permian Basin.

我很高興地報告，我們在 2023 年完成了所有這些優先事項。我們的壓縮設備數量有機增加了近 130,000 匹馬力，主要增強了我們在二疊紀盆地的行業領先地位。

We executed on our shareholder return plan by initiating a $0.38 per share quarterly dividend with our second dividend being paid last month. In our opinion, this dividend represents an attractive yield and offers a compelling total return potential for Kodiak shareholders.

我們執行了股東回報計劃，派發每股 0.38 美元的季度股息，第二期股息已於上個月支付。我們認為，該股息代表著具有吸引力的收益率，並為 Kodiak 股東提供了極具吸引力的總回報潛力。

Finally, we achieved a milestone debt to EBITDA leverage ratio of under 4 times at the end of 2023. The lowest in the history of our company and a mark, we expect to continue to be able to push down.

最終，我們在 2023 年底實現了里程碑式的債務與 EBITDA 槓桿率低於 4 倍。這是我們公司歷史上的最低水平，我們預計這一水平仍能繼續下降。

Now turning to yesterday's earnings release, we are very pleased with our fourth quarter and full year results, which reflect the continued execution of our strategy. During the quarter, we increased our revenue-generating horsepower by nearly 50,000 as we delivered new compression units predominantly to the Permian Basin.

現在來看看昨天的收益報告，我們對第四季度和全年的業績非常滿意，這反映了我們策略的持續執行。在本季度，我們主要向二疊紀盆地交付了新的壓縮裝置，從而使我們的創收馬力增加了近 50,000 匹馬力。

Compression market remains tight as strong demand has absorbed idle capacity and push utilization rates across the industry to all-time highs. Delivery times for large horsepower Caterpillar engines have improved slightly since our last earnings call, but remain elongated at 40 to 45 weeks.

由於強勁的需求吸收了閒置產能並推動整個行業的利用率達到歷史最高水平，壓縮市場仍然緊張。自上次獲利電話會議以來，大馬力卡特彼勒引擎的交付時間略有改善，但仍延長至 40 至 45 週。

2024 new unit deliveries are fully contracted with known delivery dates, known customers, known revenue rates and will once again be focused on the Permian Basin, further strengthening our position in the most important basins in the US. We are currently in discussion with our customers related to new equipment orders into the second quarter of 2025. The pricing and returns on new horsepower additions remain attractive.

2024 年新單位交付已經完全簽訂了合同，已知交付日期、已知客戶、已知收益率，並將再次專注於二疊紀盆地，進一步鞏固我們在美國最重要盆地的地位。我們目前正在與客戶討論 2025 年第二季的新設備訂單。新馬力產品的定價和回報仍然具有吸引力。

Next, I want to touch on a few highlights from the quarter. Our focus on customer service and the fact that we have the youngest most emissions friendly fleet, specifically built to operate in liquids-rich environments like the Permian Basin allows us to maintain our industry-leading utilization rates.

接下來，我想談談本季的一些亮點。我們注重客戶服務，並且擁有最年輕、排放最友好的船隊，專為在二疊紀盆地等富含液體的環境中作業而建造，這使我們能夠保持行業領先的利用率。

New compression additions and superior utilization led to compression operations revenues of $190 million and consolidated adjusted EBITDA of $114 million. Both are the highest in Kodiak's history. We ended the fourth quarter with about 7% of our horsepower on month-to-month contracts, driving predictability in our revenues and illustrating the confidence customers have in Kodiak to deliver reliable compression services.

新的壓縮功能和卓越的利用率使壓縮營運收入達到 1.9 億美元，合併調整後 EBITDA 達到 1.14 億美元。這兩項數據均為科迪亞克歷史上的最高紀錄。截至第四季度，我們的月度合約佔比約為 7%，這提高了我們收入的可預測性，也顯示了客戶對 Kodiak 提供可靠壓縮服務的信心。

And we have discussed many times the methodical and intentional deployment strategy of our equipment and contracts generates highly visible, steady cash flows. We remain excited about the pending CSI transaction for all of the reasons discussed when we announced the deal. The assets fit nicely into our portfolio and will meaningfully enhance our discretionary cash flow, giving us optionality within our capital allocation framework to enhance our shareholder returns.

我們已經多次討論過，我們的設備和合約的系統而有目的的部署策略可以產生高度可見的、穩定的現金流。我們對即將進行的 CSI 交易仍然感到興奮，原因和我們在宣布該交易時討論過的所有原因一樣。這些資產非常適合我們的投資組合，並將顯著增強我們的可自由支配現金流，使我們在資本配置框架內擁有可選性，以提高股東回報。

Now, I would like to discuss some of the recent macro trends in the energy sector. First, there has been and continues to be a tremendous amount of consolidation in the upstream space. This has several positives for Kodiak, it leads to financially stronger customers and increased large-scale, sophisticated infrastructure developments that tend to favor centralized gas lift applications. This in turn creates more visibility and certainty for companies like Kodiak that specialize in large horsepower compression.

現在，我想討論一下能源領域的一些近期宏觀趨勢。首先，上游領域已經並將繼續出現大量的整合。這對科迪亞克來說有幾個積極的意義，它能帶來財力更雄厚的客戶，並增加大規模、複雜的基礎設施建設，而這些建設往往有利於集中式氣舉應用。這反過來又為科迪亞克等專門從事大馬力壓縮的公司創造了更多的知名度和確定性。

Next is the recent decision by multiple leading natural gas producers in the US to curtail natural gas production out of the Marcellus and the Haynesville Shales in response to low natural gas prices. This once again reinforces why our strategy of focusing our compression footprint on liquids rich associated gas basins like the Permian and the Eagle Ford has been so successful.

其次，美國多家領先的天然氣生產商最近決定削減馬塞勒斯頁岩和海恩斯維爾頁岩的天然氣產量，以應對低迷的天然氣價格。這再次證明，為什麼我們將壓縮足跡集中在二疊紀和鷹福特等富含液體的伴生氣盆地上的策略如此成功。

As you know, producer economics in the Permian Basin are driven by oil and NGLs with the lowest production cost per barrel in the US. For this reason, we believe the Permian will be the primary supplier of the incremental gas volumes to Gulf Coast LNG projects coming online in the next 24 months.

眾所周知，二疊紀盆地生產商的經濟效益是由石油和天然氣液體驅動的，其每桶生產成本是美國最低的。因此，我們相信二疊紀盆地將成為未來 24 個月內墨西哥灣沿岸液化天然氣計畫增量的主要供應地。

US LNG feed gas demand is expected to more than double by the end of 2030, requiring a significant expansion of compression infrastructure. Every incremental cubic foot of gas produced out of liquid-rich basins like the Permian will need to be compressed multiple times over.

預計到 2030 年底，美國液化天然氣原料氣需求將增加一倍以上，需要大幅擴建壓縮基礎設施。從二疊紀等富含液體的盆地中開採出來的每立方英尺天然氣都需要經過多次壓縮。

In fact, using the historical relationship between gas production and compression horsepower we estimate the industry will need to add roughly the combined horsepower of the top four contract compression providers by 2030.

事實上，利用天然氣產量和壓縮馬力之間的歷史關係，我們估計到 2030 年，該行業將需要增加約四大合約壓縮供應商的總馬力。

Fold with the ongoing capital discipline that is being shown by Kodiak and its peers. The compression market looks to have many years of tightness ahead of it with very little relief in sight. So I would like to point out that the recent politically motivated moratorium on LNG permitting is not expected to have any impact on the natural gas demand growth through the rest of the decade.

與科迪亞克及其同行所展現出的持續資本紀律一致。壓縮市場看起來將在未來很多年繼續處於緊張狀態，很難看到緩解的跡象。因此，我想指出的是，最近出於政治動機的液化天然氣許可暫停預計不會對未來十年的天然氣需求成長產生任何影響。

Longer term the world needs the US to further increase LNG capacity. Europe has been the largest beneficiary of US LNG as a US source natural gas to help meet its environmental goals and reduce its dependence on Russia.

從長遠來看，世界需要美國進一步增加液化天然氣產能。歐洲是美國液化天然氣的最大受益者，因為美國液化天然氣有助於實現其環境目標並減少對俄羅斯的依賴。

The next wave of US LNG projects is likely to supply Asian markets, many of which are largely dependent on coal and are struggling with energy, security and reliability. Without a doubt, the fastest and most cost-effective way to reduce ongoing worldwide emissions is to unleash low-cost US LNG exports to allow Asian economies to displace their use of coal fired power to fuel their growth and increase the quality of life for their people.

美國下一波液化天然氣計畫可能會供應亞洲市場，其中許多市場嚴重依賴煤炭，並且在能源、安全和可靠性方面面臨困境。毫無疑問，減少全球持續排放的最快和最具成本效益的方法是釋放低成本的美國液化天然氣出口，使亞洲經濟體能夠取代燃煤發電，從而促進其增長並提高人民的生活品質。

Supplying the world with affordable, reliable and clean natural gas is not only good for the US economy, but it will also help the environment and humanity.

向世界提供價格合理、可靠、清潔的天然氣不僅有利於美國經濟，而且有利於環境和人類。

Now I'll hand the call over to John to discuss our financial results for the fourth quarter and full year and 2024 outlook. John?

現在我將電話交給約翰，討論我們第四季、全年和 2024 年的財務表現。約翰？

Thanks, Mickey. It was truly a historic year for Kodiak, and we look to continue to building on our positive momentum in '24. In my remarks, I'll review our fourth quarter and full year results, and then I'll turn to our outlook for the year.

謝謝，米奇。對科迪亞克來說，這確實是歷史性的一年，我們期待在 2024 年繼續保持積極勢頭。在我的演講中，我將回顧我們第四季和全年的業績，然後我將談到我們對今年的展望。

Total revenues for the fourth quarter were approximately $226 million, up about 26% when compared to last year. Revenues for the full year increased 20% to approximately $850 million in '23. Adjusted EBITDA for the quarter was $114 million, up 4% from Q3 and up over 10% versus same quarter of last year. Our fourth quarter adjusted EBITDA excludes $2.5 million of non-cash stock comp expense and $4.3 million related to nonrecurring items such as transaction related fees.

第四季總營收約 2.26 億美元，較去年同期成長約 26%。'23年全年營收成長20%，達到約8.5億美元。本季調整後 EBITDA 為 1.14 億美元，較第三季成長 4%，較去年同期成長 10% 以上。我們第四季的調整後 EBITDA 不包括 250 萬美元的非現金股票補償費用和 430 萬美元與交易相關費用等非經常性項目相關的費用。

I'd be remiss to not point out that included in the quarters and years adjusted EBITDA, specifically within SG&A was about $5 million and $7 million respectively, in reserves for bad debts associated with the challenged customer.

如果不指出季度和年度調整後的 EBITDA（具體為銷售、一般及行政開支）中與有問題的客戶相關的壞帳準備金，那麼我就疏忽了。

We've talked about this before record low gas prices and put them in a tough spot. And it's a clear reminder of why we have strategically positioned 95% plus of our assets and revenues in liquids rich associated gas basins. In line with our expectations adjusted EBITDA for the full year increased nearly 10% to over $438 million in 2023.

我們在油價創歷史新低並讓他們陷入困境之前就討論過這個問題。這清楚地提醒了我們為什麼將95%以上的資產和收入策略性地定位在富含液體的伴生氣盆地中。根據我們的預期，2023 年全年調整後 EBITDA 將成長近 10%，達到 4.38 億美元以上。

Looking at our segments, compression operations revenues for the quarter were nearly $190 million, up about 11% when compared to the same quarter a year ago. Compression operations revenues for the full year '23 total approximately $736 million, an increase of 12% over '22.

縱觀我們的各部門，本季壓縮業務收入接近 1.9 億美元，與去年同期相比成長約 11%。'23年全年壓縮業務收入總計約7.36億美元，較'22年成長12%。

Revenue-generating horsepower increased by over 48,000 sequentially and 127,000 for the year. Consistent with prior periods revenue growth in this segment was a function of mid-single digit percentage growth in revenue generating horsepower alongside higher overall fleet pricing.

創收馬力比上一季增加了 48,000 多馬力，全年增加了 127,000 匹馬力。與前期相比，該部門的收入成長得益於創收馬力的中等個位數百分比成長以及整體車隊價格的上漲。

In our other services segment, fourth quarter revenues were approximately $36 million, up substantially compared to approximately $9 million in last year's fourth quarter, but down nearly $8 million sequentially. This segment's revenues and margins are positively impacted by the award and accelerated progress of two large projects in the second half of '23. Finishing the year well in excess of what we originally forecast.

在我們的其他服務部門，第四季營收約為 3,600 萬美元，較去年第四季的約 900 萬美元大幅成長，但比上一季下降近 800 萬美元。23年下半年兩個大型專案的中標和加速進展對該部門的收入和利潤產生了積極影響。今年的業績遠遠超出我們最初的預期。

From an overall adjusted gross margin perspective, our operations team continues to focus on the smarter application of people, processes and systems in order to contain costs and offset inflationary pressures. We saw the benefits of that in Q4 as evidenced by compression operations costs declining sequentially by $1.6 million, while revenues grew.

從整體調整後的毛利率來看，我們的營運團隊繼續專注於更聰明地應用人員、流程和系統，以控製成本並抵消通膨壓力。我們在第四季看到了這項措施帶來的好處，壓縮營運成本較上季下降 160 萬美元，而收入卻成長了。

The focus on costs and efficiency allowed our compressions operations segment to generate a 66% plus margin, a nice bump from the prior quarter. From the dollar basis for the quarter, our adjusted gross margin in the other services segment was approximately $8.5 million, up substantially sequentially and over the fourth quarter of last year. On a percentage basis, the quarter came in at 23%.

對成本和效率的關注使我們的壓縮業務部門產生了 66% 以上的利潤率，比上一季有了很大的成長。以本季的美元基礎計算，我們其他服務部門的調整後毛利率約為 850 萬美元，較上季和去年第四季大幅成長。以百分比計算，本季的比例為 23%。

As we've highlighted previously, our fourth quarter reflects what we believe to be an abnormally strong, realizing above average margins as we completed an advance on a few meaningful projects at better than expected margins.

正如我們之前強調的那樣，我們的第四季度表現異常強勁，實現了高於平均水平的利潤率，因為我們以好於預期的利潤率完成了一些有意義的項目的預付款。

The other services segment is lumpy, but valuable segment. Station construction projects are synergistic with our compression business and require no capital. Every dollar of incremental cash flow adds to both our overall return on capital employed and discretionary cash flow, which in turn allows us to pay more dividends and invest in high-return growth capital projects.

其他服務部分雖然表現不穩定，但卻很有價值。站點建設專案與我們的壓縮業務具有協同作用，且不需要資本。每增加一美元的現金流都會增加我們的整體資本使用回報率和可自由支配的現金流，這反過來又使我們能夠支付更多的股息並投資於高回報的成長資本項目。

Over the medium term, we continue to expect to realize gross margins for this segment between 15% to 20%. In terms of CapEx for the quarter, our maintenance CapEx was about $9 million. For the full year, maintenance CapEx was $37 million, which was approximately $11 million less than what we had spent in '22.

從中期來看，我們預計該部門的毛利率仍將在 15% 至 20% 之間。就本季的資本支出而言，我們的維護資本支出約為 900 萬美元。全年維護資本支出為 3,700 萬美元，比我們 22 年的支出少約 1,100 萬美元。

As a reminder, our maintenance is a function of the hours and age of our equipment and will vary by year, depending upon when units were added to the fleet. Growth Capex was $60 million for the quarter, and $15 million of that was non new unit CapEx. We mentioned in Q3, that we had some opportunistic real estate purchases in those closed in Q4.

提醒一下，我們的維護取決於設備的使用時間和年齡，並且每年都會有所不同，具體取決於設備加入車隊的時間。本季成長資本支出為 6,000 萬美元，其中 1,500 萬美元為非新單位資本支出。我們在第三季提到，在第四季完成的交易中，我們有一些機會性房地產購買。

Going forward, we expect more normalized levels of non-unit growth CapEx. Overall growth CapEx for '23 totaled approximately $184 million. As we previously mentioned, CapEx was expected to be back-end loaded and you saw that in the fourth quarter.

展望未來，我們預期非單位成長資本支出水準將更加正常化。'23年整體成長資本支出總計約1.84億美元。正如我們之前提到的，預計資本支出將在後端加載，您在第四季度就看到了這一點。

Moving to the balance sheet. As of year-end, we had debt of $1.8 billion, consisting entirely of borrowings on our ABL facility. Our credit agreement leverage ratio was just shy of 4 times, and we exited the year with approximately $355 million of availability on the facility.

轉到資產負債表。截至年底，我們的債務為 18 億美元，全部由 ABL 設施的借款組成。我們的信用協議槓桿率略低於 4 倍，年底時我們的可用信貸額度約為 3.55 億美元。

As most of you know, last month we issued $750 million of [7.25%] senior unsecured notes due 2029. As a debut issuer, we were very pleased with both the credit ratings we achieved and the price it's clear that the ratings agencies and debt investors wholly subscribe to the current strength and future outlook of the US compression market as well as the durability and quality of Kodiak's cash flows.

大多數人都知道，上個月我們發行了價值 7.5 億美元的 [7.25%] 優先無擔保票據，到期日為 2029 年。作為首次發行人，我們對所獲得的信用評級和價格感到非常滿意，很明顯，評級機構和債務投資者完全認可美國壓縮市場的當前實力和未來前景，以及科迪亞克現金流的持久性和品質。

We issued the notes in advance of the CSI close in order to capitalize on the strength in the credit markets and de-risk the transaction. We used the proceeds to pay down our ABL and pay debt fees at the time the CSI deal closes will redraw on our ABL to pay off CSI's debt as well as transaction expenses.

我們在 CSI 收盤前發行了這些票據，以便利用信貸市場的實力並降低交易風險。我們利用所得款項償還 ABL，並在 CSI 交易結束時支付債務費用，並將重新提取 ABL 來償還 CSI 的債務以及交易費用。

When it's all said and done, will wind up with roughly $60 million plus of incremental liquidity on the ABL by virtue of issuing more in notes that we needed to close the transaction. With our IPO the recent financing related activities and the benefits have been accretive and leverage neutral CSI transaction. We remain on track to achieve our long-term leverage target of 3.5 times or less by year end 2025.

當一切都完成後，透過發行更多我們完成交易所需的票據，我們將獲得約 6,000 萬美元以上的 ABL 增量流動資金。隨著我們的首次公開募股，最近的融資相關活動和收益已經增值，並且槓桿中性 CSI 交易。我們仍有望在 2025 年底前實現 3.5 倍或更低的長期槓桿率目標。

Moving to our 2024 outlook. For the year on a standalone basis, we estimate total Kodiak revenue will range between $855 million and $905 million. We estimate that adjusted EBITDA will range between $460 million and $490 million.

展望 2024 年。就獨立年度而言，我們預計科迪亞克的總收入將在 8.55 億美元至 9.05 億美元之間。我們預計調整後的 EBITDA 將在 4.6 億美元至 4.9 億美元之間。

I'll now break that down by segment. In our core compression operations segment, we are forecasting full year revenue of $795 million to $825 million and segment adjusted gross margins between 64% and 66%. Given constructive market dynamics, the attributes of our contracts and our solid execution, we're confident in our segment outlook in a laser focused on growing long-term high-quality cash flows.

我現在將其按部分進行分解。在我們的核心壓縮業務部門，我們預測全年營收為 7.95 億美元至 8.25 億美元，部門調整後毛利率在 64% 至 66% 之間。鑑於建設性的市場動態、我們合約的屬性以及我們穩健的執行力，我們對我們的分部前景充滿信心，專注於增加長期高品質的現金流。

In our other Services segment, we are forecasting full year revenue of $60 million to $80 million and segment adjusted gross margins between 15% and 20%. We view '23 results for this segment as being an outlier to the high side. Our '24 guidance reflects more normalized revenue margin levels.

在我們的其他服務部門，我們預測全年收入為 6,000 萬至 8,000 萬美元，部門調整後毛利率在 15% 至 20% 之間。我們認為這部分的 23 個結果偏高。我們的24年指引反映了更正常化的收入利潤率水準。

Turning to CapEx due to timing and customer demand, our '24 capital spending program is front-half loaded with approximately 60% of spending happening in the first six months of the year. We expect maintenance CapEx to come in between $40 million to $50 million for the year.

由於時間和客戶需求而轉向資本支出，我們的'24資本支出計劃是前半部分，大約60％的支出發生在今年前六個月。我們預計今年的維護資本支出將在 4,000 萬至 5,000 萬美元之間。

On the gross side, we're forecasting net CapEx of between $165 million and $185 million for the year. Included in our forecast is approximately $12.5 million in non-new unit related CapEx. At the midpoint of that guidance, we'll grow our fleet horsepower in the low to mid-single digit percentage range.

從整體來看，我們預測今年的淨資本支出將在 1.65 億至 1.85 億美元之間。我們的預測中包括約 1250 萬美元的非新單位相關資本支出。在該指導的中間點，我們將把我們的車隊馬力提高到低到中等個位數百分比範圍。

For modeling purposes, and to give you something to look forward to CSI provided its '24 outlook in its fourth quarter earnings release on March 1. Shortly after transaction closed, we plan to issue updated guidance for the combined companies as well as a refined view on transaction synergies in any modifications to our capital allocation framework.

為了建模目的，並讓您有所期待，CSI 在 3 月 1 日發布的第四季度收益報告中提供了其 24 年展望。交易結束後不久，我們計劃為合併後的公司發布更新後的指引，並在對資本配置框架進行任何修改時，對交易協同效應提出完善的看法。

Wrap things up, as Mickey noted earlier this year, our Board declared our second quarterly dividend payment of $0.38 per share, which was paid last month. This equates to an annualized dividend of $1.52 per share, yielding about 5.5% to 6% at recent prices.

總而言之，正如米奇今年早些時候指出的那樣，我們的董事會宣布第二次季度股息為每股 0.38 美元，並在上個月支付。這相當於每股 1.52 美元的年股息，以近期價格計算收益率約為 5.5% 至 6%。

Dividends are a key aspect of our overall capital allocation framework, which I'll remind you encompasses measured growth alongside attractive return of and return on capital while living within cash flow and deleveraging.

股息是我們整體資本配置框架的關鍵方面，我要提醒您，它包含有衡量的成長以及有吸引力的資本回報和回報率，同時符合現金流和去槓桿化的要求。

Operator, we're now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指令）

Jim Rollyson, Raymond James.

吉姆羅利森、雷蒙詹姆斯。

Hey, good morning, Mickey, John, Graham, nice quarter obviously nice business that continues to press on. But just one thing, just to clear something up here just based on the stock price reaction. So your guidance for $460 million to $490 million of EBITDA that is just for Kodiak and obviously CSI Compressco, I think it was last Friday you gave guidance of $135 million to $145 million of EBITDA.

嘿，早上好，米奇、約翰、格雷厄姆，這是一個不錯的季度，顯然業務發展不錯，並且將繼續向前發展。但有一件事，只是根據股票價格的反應來澄清一些事情。因此，您為 Kodiak 和 CSI Compressco 預計的 EBITDA 為 4.6 億至 4.9 億美元，而上週五您預計的 EBITDA 為 1.35 億至 1.45 億美元。

So when you guys put these together, assuming it happens around the beginning of second quarter, it's going to be taking the guidance you're giving today plus roughly three quarters of that guidance to get to a number right. I'm assuming maybe the stock's off just because people are looking at some of the street numbers that already have this combined, but just wanted to 100% confirm that?

因此，當你們把這些放在一起時，假設它發生在第二季度初，那麼將採用你們今天給出的指導加上大約四分之三的指導來得出正確的數字。我猜也許庫存下降只是因為人們正在查看一些已經合併的街道號碼，但只是想 100% 確認這一點？

Yeah, no, Hey, Jim, that's a -- that is an important question. It's one that's kind of tripped folks up. This is John, by the way. So if you just looked at guidance today and I looked this morning because the question has come up, like the mean guidance for Kodiak is for 2024 is $523 million.

是的，不，嘿，吉姆，這是一個重要的問題。這是一種讓人困惑的事情。順便說一下，這是約翰。因此，如果您剛剛查看了今天的指導，並且我今天早上查看了，因為問題已經出現，例如 Kodiak 2024 年的平均指導金額為 5.23 億美元。

But obviously, that includes some analysts that have updated their models and turn them in and we don't really control when they're counting the CSI transaction is closed. So to come back to your question, our guidance is on a standalone basis, but if you did assume the transaction closed say for example, April 1, then you would take that math 75% of the guidance that CSI had put out some of it with ours added synergies, you are kind of off to the races, but it has created some confusion. So I'm glad that you've got to asked that question.

但顯然，這包括一些更新了他們的模型並提交的分析師，我們無法真正控制他們何時計算 CSI 交易結束。所以回到你的問題，我們的指導是獨立進行的，但如果你確實假設交易在 4 月 1 日結束，那麼你將把 CSI 給出的指導的 75% 與我們的附加協同效應結合起來，你有點偏離了軌道，但這也造成了一些混亂。所以我很高興你問了這個問題。

Perfect. That's what I thought. But I just was making sure just given the reaction of. And then as a follow-up, Mickey, you talked about the fact that you're already sold out for '24. You're actually already working into second quarter of '25 with known customers known contract pricing.

完美的。我也是這麼想的。但我只是想確認一下反應。然後作為後續問題，米奇，您談到了‘24’的門票已經售罄的事實。實際上，您已經開始著手研究 25 年第二季的工作，並了解已知客戶的已知合約價格。

Maybe a little color, when I look at this as a revenue per horsepower per month basis on the compression operation side, and you guys were kind of in that [19.5] ratio in that this quarter. Maybe some sense or some color just how much higher when you look at where those new contract rates are, are we above what the average realized is for the entire fleet is it 5%, 10%? Are we talking 20%, 30%, Or is that even bigger than that?

當我將其視為壓縮操作方面每月每馬力的收入時，可能會有點色彩，而你們本季的比例大致處於 [19.5]。也許有一些感覺或顏色，當您查看這些新合約費率時，我們是否會高出整個船隊的平均水平，是 5％ 還是 10％？我們說的是 20% 還是 30% 呢，甚至比這還要大？

Yeah, I think kind of where -- Jim, this is Mickey to talk to you this morning. I think that I don't want to put out too sensitive information here, but I think spot pricing as related to the fleet is probably in that 20% to 25% premium range based on kind of where existing fleet pricing ranges today.

是的，我想有點像——吉姆，我是米奇，今天早上和你談話。我想我不想在這裡透露太過敏感的信息，但我認為與船隊相關的現貨定價可能在 20% 到 25% 的溢價範圍內，這基於目前現有船隊的定價範圍。

And that's obviously based on higher operating expenses and higher capital costs that we're paying today, too. So really it's a along the same lines from a return on capital standpoint, that's how we price our equipment, that commands a higher capital cost commands a higher rate for -- to get the same amount of return on capital.

這顯然也是基於我們今天支付的更高的營運費用和更高的資本成本。因此，從資本回報率的角度來看，這實際上是相同的，這就是我們為設備定價的方式，即更高的資本成本意味著更高的利率——以獲得相同數量的資本回報率。

Right, but gradually over time, the equipment that cost you less that you delivered two years ago or three years ago eventually reprices up there, assuming that the macro all continues to work like it's -- we think we all think it does.

沒錯，但隨著時間的推移，您兩年前或三年前交付的設備價格最終會重新上漲，假設宏觀經濟繼續像現在這樣運作 — — 我們都認為是這樣。

Yeah, I think that's right. And I think that you heard on the call, we're pretty bullish on the macro environment around LNG and natural gas right now, even despite low gas prices today.

是的，我認為是對的。我想您在電話會議上也聽到了，儘管如今天然氣價格很低，但我們對目前液化天然氣和天然氣的宏觀環境非常看好。

Yeah, notice that. Great well, thanks, guys. I'll turn it over, let's everyone ask questions.

是的，請注意。非常好，謝謝大家。我把它翻過來，讓大家提問。

Yeah. Thanks, Jim.

是的。謝謝，吉姆。

John Mackay, Goldman Sachs.

高盛的約翰‧麥凱 (John Mackay)。

Hey, guys, good morning and thanks for the time. Maybe let's say on the compression market overall and pricing. Could you just give us a sense you talked about the lead times at Caterpillar coming in from a year-ish to 40 to 45 weeks. Has that had any impact on your conversations with customers around your I guess you're working on second quarter '25 right now. And maybe if you could tie in their Caterpillar's talked about adding some capacity on some of their engine lines and maybe just an update on what you're hearing there? Thanks.

嘿，大家早安，感謝你們抽出時間。也許我們可以就壓縮市場的整體情況和定價進行討論。您能否向我們簡單介紹一下您提到的卡特彼勒的交貨時間從一年左右縮短到40至45週的情況。這對您與周圍客戶的對話有影響嗎？也許您能結合卡特彼勒 (Caterpillar) 談論的增加部分引擎生產線的產能，並更新您所聽到的消息？謝謝。

Yeah, John, good to talk to you this morning, I appreciate the question. So just to address the Caterpillar issue of right up front, they've pulled in their delivery times on large horsepower gas compression engines to 40 to 45 weeks.

是的，約翰，很高興今天早上與您交談，我很感謝這個問題。因此，為了解決卡特彼勒的問題，他們將大馬力氣體壓縮引擎的交貨時間縮短至 40 至 45 週。

Most notably, the reason for that is kind of from here -- from Caterpillar is alleviating some of their supply chain constraints they are experiencing. It's not necessarily an increase in capacity on that engine line. When you heard on their last earnings call about some investments they're making in the increased engine capacity, from our understanding that's mostly in their power engine -- line of engines, which are going to support kind of data centers and AI., which is a tremendous amount of demand for power today, all fueled obviously by natural gas. So that's a interesting point there.

最值得注意的是，原因在於卡特彼勒正在緩解他們所遇到的一些供應鏈限制。這並不一定會增加該引擎生產線的產能。當您在上次財報電話會議上聽說他們在增加發動機容量方面進行的一些投資時，據我們了解，這主要是在他們的動力發動機系列上，這些發動機將支持數據中心和人工智能，而當今對電力的需求巨大，顯然所有這些都由天然氣提供動力。這是一個有趣的觀點。

That's good. Yes, fair. Go ahead.

那挺好的。是的，公平。前進。

What was the second part of your question there? You're talking about pricing, is there --

你的問題的第二部分是什麼？你談論的是定價，--

No, that was really so if you come into a 40 to 45 weeks I guess it sounds more on their supply chains alleviating versus new capacity coming to the market. But does that 10 week or so better lead time has that had any impact on pricing when you're talking to your customers?

不，事實確實如此，如果你進入 40 到 45 週，我猜這聽起來更像是他們的供應鏈緩解而不是新產能進入市場。但是，當您與客戶交談時，這 10 週左右的更短交貨期對定價有任何影響嗎？

No, not at all. I mean, quite frankly, to our customers at this point that we've been we've been taking care of our existing customer base for the last year, two years out, and not going out and soliciting new business per se.

不，一點也不。我的意思是，坦白說，對於我們的客戶來說，在過去的一年、兩年裡，我們一直在照顧我們現有的客戶群，而不是出去招攬新業務。

So all the customers that we're talking about first and second quarter type business of 2025, they understand that capital is precious and they need to get in line to get their allocation of that capital going forward. So I think the long type of backlog that we're seeing here has probably is more related to the precious allocation of capital rather than directly involved with Caterpillar lead times.

因此，我們所討論的所有 2025 年第一季和第二季業務類型的客戶都明白資本是寶貴的，他們需要排隊以獲得未來資本的分配。因此，我認為我們在這裡看到的長期積壓可能更多地與寶貴的資本分配有關，而不是與卡特彼勒的交貨時間直接相關。

That's very clear. Thanks for clearing that up. Maybe just as a follow-up, if we're not seeing a ton of new capacity from Caterpillar, others coming into this, when do we have to start worrying about the amount of engines we can bring into this market and how we get the market overall lined up for how much gas is going to be flowing in 2025?

這非常清楚。感謝您澄清這一點。也許只是作為後續問題，如果我們沒有看到卡特彼勒或其他公司進入這一領域，那麼我們什麼時候必須開始擔心我們可以為這個市場帶來多少發動機，以及我們如何讓整個市場適應 2025 年將有多少天然氣流動？

Good question, John. And I don't have a great answer for it. I think that where it's going to be a pretty significant shortage of compression capacity, whether these customers and the [GNPs] decide to buy it on their own or decide to outsource it to people like us. I think everybody is a capital discipline right now.

問得好，約翰。我對此也沒有很好的答案。我認為，無論這些客戶和 [GNPs] 決定自己購買還是決定外包給我們這樣的公司，壓縮能力都會嚴重短缺。我認為現在每個人都是資本紀律嚴明的人。

I think there's more gas to be compressed than I think anybody realizes as a function of the compression intensity of that gas that's coming out of the Permian Basin requiring four or five times more compression than a standard kind of conventional type of a well for dry gas natural gas production.

我認為需要壓縮的氣體比任何人想像的都要多，這是因為從二疊紀盆地流出的氣體的壓縮強度比標準常規類型的乾氣天然氣生產井需要的壓縮強度高出四到五倍。

Compression required for gas lift in the Permian, which is required for basically all of the oil production coming out of the Permian Basin. And then couple on top of that, relatively no additional idle capacity amongst the Kodiak or peers. I think that for the last several years, it's been a great marketing compression and if that idle capacity has gone back to work now, it's probably relatively difficult to reapply in this situation right now.

二疊紀氣舉需要壓縮，而二疊紀盆地生產的所有石油基本上都需要壓縮。除此之外，科迪亞克及其同類產品中相對沒有額外的閒置容量。我認為過去幾年來，行銷壓縮的非常大，如果現在讓閒置產能重新投入使用，那麼在目前這種情況下重新應用可能會相對困難。

So with no idle capacity and spare capacity in the market, it's going to be very, very tight. And I don't see additional sources of equipment coming through to be able to take that capacity on. And I think that we're the beneficiary of that because we're sitting here in the seat of being able to drive pricing and drive utilization and that kind of thing. And so I don't foresee anything changing in this market for at least the foreseeable future.

因此，由於市場上沒有閒置產能和剩餘產能，產能將會非常非常緊張。我沒有看到其他設備來源能夠承擔這一產能。我認為我們是受益者，因為我們能夠推動定價、推動利用率等等。因此我預計至少在可預見的未來這個市場不會有任何變化。

It's going to be interesting. Thanks for all that, Mickey. Appreciate it.

這將會很有趣。謝謝你，米奇。非常感謝。

Neel Mitra, Bank of America.

美國銀行的尼爾‧米特拉 (Neel Mitra) 。

Hi, thanks for taking my question. McKee, just wondering if you could maybe discuss the advantage you have versus E&P or midstream company in terms of securing compression and being able to have that in time for field operations versus an E&P or midstream company going out and trying to secure that on their own, what gives you that pricing power versus them going out and getting the equipment themselves?

你好，謝謝你回答我的問題。McKee，我只是想知道您是否可以討論一下與 E&P 或中游公司相比，您在確保壓縮和能夠及時進行現場作業方面的優勢，而不是 E&P 或中游公司自己出去嘗試確保這一點，與他們自己出去購買設備相比，是什麼讓您擁有定價權？

Yeah, no problem. Good to talk to you this morning, Neel. At the forefront of it is the fact that we are a Caterpillar, basically a Caterpillar distributor. And so we have a special contractual relationship with Caterpillar that allows us to and requires us basically to purchase certain amount of engines percentage of our engines from Caterpillar every year for preferred pricing on that equipment.

是的，沒問題。很高興今天早上與您交談，尼爾。最主要的是，我們是卡特彼勒公司，基本上就是卡特彼勒經銷商。因此，我們與卡特彼勒建立了特殊的合約關係，該關係允許我們並且要求我們每年從卡特彼勒購買一定數量的發動機，並以優惠價格購買該設備。

So we have basically the deepest discounts that you can achieve in the industry from both Caterpillar and Ariel that makes our compressor frames that coupled up with the engine. So the fact that we have our distributorship arrangements with them. We've been a very large purchaser of Caterpillar engines, obviously, for years and years now, I mean, we've grown to almost a 3.5 million horsepower fleet here of almost exclusively Caterpillar engines.

因此，我們基本上可以從卡特彼勒和 Ariel 那裡獲得業內最大的折扣，這兩家公司生產與引擎相連的壓縮機機架。事實上，我們與他們有經銷協議。顯然，多年來我們一直是卡特彼勒引擎的大買家，我的意思是，我們的車隊已發展到近 350 萬馬力，幾乎全部由卡特彼勒引擎組成。

So we've got a long history with Cat and the packaging facilities that are required to build this equipment fabrication facilities So with all those relationships and the history of doing business with those companies for years and years and been a big part of their businesses, they are obviously incentivized to continue to do business with us.

因此，我們與 Cat 有著悠久的歷史，並且擁有建造該設備製造設施所需的包裝設施，因此，憑藉這些關係以及多年來與這些公司開展業務的歷史，並且成為其業務的重要組成部分，他們顯然有動力繼續與我們開展業務。

And so it makes it kind of allows us to take a spot at the head of the line and allows us to continue to manage our supply chain and make sure that we're thinking with our customers a year plus out on deliveries.

因此，它使我們能夠處於領先地位，並使我們能夠繼續管理我們的供應鏈，並確保我們在一年以上的交貨時間與客戶一起思考。

Got it. And then I'm assuming this some of these companies done exactly anticipate what field pressure will be in the type of compression, they'll need. Do you have somewhat of a I guess I would describe it as a spare backlog that you can deploy to alleviate any constraints that some of these companies are facing that otherwise they wouldn't normally anticipate.

知道了。然後我假設其中一些公司已經準確地預測了他們所需的現場壓力和壓縮類型。您是否有一些我想描述為備用積壓訂單的東西，您可以利用這些積壓訂單來緩解這些公司所面臨的某些限制，否則他們通常不會預料到。

Now we really don't, Neel, I mean 100% of our capital allocation that is going towards new horsepower growth is for, is contracted with customers that are required to basically throughout 2024 and into 2025 now. So we don't have excess capacity at 99%-plus utilization.

現在我們真的不知道，尼爾，我的意思是，我們用於新馬力增長的 100% 資本配置是與客戶簽訂的合同，基本上需要持續到 2024 年和 2025 年。因此，我們的產能利用率不會超過 99%。

There's now and then some churn within the fleet that we can make things happen pretty a little faster than a 40 to 45 week lead time requires, but there's really not a lot of that going on either when you talk about production in the Permian Basin, where the majority of our assets are allocated.

我們不時會在船隊內部發生一些變動，以便能夠比 40 到 45 週的交付週期要求更快地完成任務，但當你談到二疊紀盆地的生產時，這種情況實際上並不多見，我們的大部分資產都分佈在那裡。

So historically, in this industry, people kind of manage that excess capacity that they needed for changes and pressures and flows in that kind of thing, changes in drilling programs with the idle capacity that sits in the industry that just doesn't exist today.

因此，從歷史上看，在這個行業中，人們會管理他們所需的過剩產能，以應對變化、壓力和流量，以及鑽井計劃的變化以及行業中目前不存在的閒置產能。

So I think that the winners and throughout this cycle are going to be the ones that really can plan ahead and look into the crystal ball and be accurate with what their production profiles are going to look like a year out.

因此，我認為，在整個週期中，贏家將是那些真正能夠提前規劃、預測未來並準確預測一年後生產狀況的人。

Hey, Neel, this is John. I'm going to put a finer point on that, too. So the headline figures throughout the public companies in the industry around utilization are eye-popping, ours is always been pretty good our track record use recording great numbers.

嘿，尼爾，我是約翰。我也會對此進行更詳細的闡述。因此，整個行業中上市公司的利用率總體數字令人震驚，我們的利用率一直很好，我們的業績記錄創下了巨大的數字。

If you were to take the horsepower, that's in the highest demand, large horsepower, I mean that's going to be even higher, right. So that this is if you goes back to Mickey's answer to the last question, but we think this is a fundamental industry challenge that we're going to be wrestling with in terms of where the horsepower is going to come from to move the oil and the gas in this country for the foreseeable future.

如果以馬力來計算，那是需求最高的，大馬力，我的意思是那會更高，對吧。所以如果回到米奇對最後一個問題的回答，我們認為這是一個基本的行業挑戰，我們將要努力解決的問題是，在可預見的未來，這個國家的石油和天然氣運輸需要多少馬力。

Got it. Appreciate it. Thank you.

知道了。非常感謝。謝謝。

Jeremy Tonet, JP Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Hi, Jeremy.

你好，傑里米。

I just wanted to start off with the base business in the EBITDA guidance. I was wondering if you might be able to talk a bit more as far as what the drivers could be for the high end versus the low end of the guidance range there?

我只是想從 EBITDA 指引中的基礎業務開始。我想知道您是否可以再多談談指導範圍的高端和低端的驅動因素是什麼？

Yeah, I'll take it. So Jeremy, great talking to you. It's always going to come down to it with utilization kind of where it is right, you're not going to see that come from utilization. '24 from a growth CapEx perspective and a new unit, we said it, since we went public it's effectively sold out, right.

是的，我會接受的。所以 Jeremy，很高興與您交談。它總是會歸結為利用率，這是正確的，你不會看到它來自利用率。 '從成長資本支出的角度和新部門來看，我們說過，自從我們上市以來，它實際上已經售罄了，對吧。

So I guess you could see some acceleration of when we would be delivered equipment. We don't expect that, but I guess you could and that would kind of drive revenues up more margins up more. It could go the other way as well too and be delayed, but we think not going with the worst of that's behind us.

因此我想你會看到我們交付設備的時間有所加快。我們並不指望這一點，但我想這是可以的，而且這將會進一步提高收入和利潤。也可能會出現另一種情況，即被推遲，但我們認為，最糟糕的情況已經過去了。

So it really comes down to just the fundamentals of price versus cost in our biggest businesses, right, the compression operations segment. So like suffice it to say we're very focused on kind of making sure that we are charging appropriately for the value that we deliver to our customers.

因此，這實際上歸結為我們最大的業務，即壓縮操作部門，的價格與成本的基本面。所以可以說，我們非常注重確保我們提供給客戶的價值能夠得到合理的收費。

And we've always talked in my remarks. I said earlier, we've always been focused on cost control and in light of kind of how costs ran over the last couple of years, industry wide membership post-COVID type activities. That's something we're doing what we can with I'll call it automation with power form of artificial intelligence to better understand like how to take care of our units, software to help us with labor productivity mean anything and everything. And I don't think we're unique in that can't, we're just putting a full focus on it.

我們在我的講話中也一直在談論這個問題。我之前說過，我們一直專注於成本控制，並考慮過去幾年的成本變動情況，以及全行業會員的後疫情時代活動。這就是我們正在做的事情，我稱之為利用人工智慧實現的自動化，以便更好地理解如何管理我們的單位，而軟體可以幫助我們提高勞動生產力，這意味著一切。我並不認為我們是唯一能做到這一點的人，我們只是全心全意地關注這一點。

So those are the two big levers, I guess I need to include the other services segment. Because if you think about '23, we had a whopper year in other services, we have guided towards an average year in other services.

所以這是兩個重要的槓桿，我想我需要把其他服務部分也納入。因為如果你想想‘23’年，我們在其他服務方面取得了巨大的成功，我們已經預見到其他服務將達到平均水平。

That's the station construction work that we do guide [$60 million to $80 million] with normalized margins of 15% to 20%. So if '23 was to repeat itself in '24, which namely we had a couple of large contracts came in late and we performed very well on them, generated great margins. You could see some upside there as well. So I think I've covered all the different pieces that could drive the business.

這是我們進行的車站建設工程的指導價 [6000 萬至 8000 萬美元]，標準利潤率為 15% 至 20%。因此，如果 23 年的情況在 24 年重演，也就是說，我們有幾個大合約來得晚，而且我們在這些合約上表現非常出色，產生了巨大的利潤。您還可以看到那裡的一些好處。所以我認為我已經涵蓋了所有可能推動業務發展的不同部分。

Got it. That's very helpful. And just wanted to pivot gears a bit here and just wondering how I guess conversations with customers are going with regards to emissions and just overall trends between moving towards more electrification and how you see that trend kind of playing out over time and what impacts that would have on KGS?

知道了。這非常有幫助。我只是想在這裡稍微轉換一下主題，我想知道我猜與客戶在排放方面的對話進展如何，以及向電氣化邁進的總體趨勢如何，您認為這種趨勢將如何隨著時間的推移而發展，以及這將對 KGS 產生什麼影響？

Yeah, Jeremy, I think that obviously emissions and being in a better steward of compression emissions overall is at the top of everybody's mind. And that's why Kodiak's very successful in what we do with the youngest cleanest fleet out there and emissions friendly fleet out there.

是的，傑里米，我認為顯然排放以及如何更好地管理壓縮排放是每個人最關心的問題。這就是為什麼科迪亞克在擁有最年輕、最清潔和排放友好的車隊方面非常成功。

The customers are talking about it all the time and I think that in a perfect world, we'd love our customers would love to electrify everything. But the reality is that's just not doable from a grid standpoint. So there always be a balance of gas versus electric driven compression in this industry.

客戶們一直在談論這個問題，我認為在完美的世界中，我們希望我們的客戶願意將一切電氣化。但現實是，從電網的角度來看，這是不可行的。因此，在這個產業中，氣體驅動壓縮和電力驅動壓縮之間總是存在著平衡。

There is some drive for electric -- in demand for electric driven compression looking out into 2025, and I told you earlier that works effectively fully sold out for Q1 of '25. And there's a good portion of that is electric motor driven compression for that first quarter.

到 2025 年，對電動壓縮的需求將有所增加，我之前就告訴過你，2025 年第一季電動壓縮壓縮設備實際上已經全部售罄。其中第一季很大一部分是由電動馬達驅動的壓縮。

So 2024 is majority gas engine driven with our growth capital that we're spending because these customers are trying to get ahead of and get in line to get grid access and that kind of thing. So there's going to be some electric motor driven compression.

因此，2024 年主要由天然氣引擎驅動，我們正在花費成長資本，因為這些客戶正在努力領先並排隊獲得電網接入等。因此會有一些電動馬達驅動的壓縮。

But I kind of look at it I've said this before I look at kind of the same way as renewable energy sources that there's a market for those and they're going to gain some market share. But I think that the overall growth of the market is going to be maybe it's a gas engines might have a lower percentage of overall.

但是我以前就說過，我把它看作是與再生能源類似的東西，再生能源有市場，它們會獲得一些市場份額。但我認為，整個市場的成長可能是燃氣引擎在整體中所佔的比例較低。

But on a total basis, there's going to be a continue to be a growing market there. So there will be some portion of our fleet that goes electric and we're going to be paying attention to what the right allocation is between gas to electric and as we do with anything we do, we're going to be the best at that if we are going to get into it. So we want to be we'll offer the best service to our customers and be their first provider of choice when they decide they want to go to electric compression.

但從總體上看，那裡的市場將繼續成長。因此，我們的車隊中會有一部分車輛使用電動車，我們會專注於燃氣和電動車之間的正確分配，就像我們所做的任何事情一樣，如果我們要進入這個領域，我們會做到最好。因此，我們希望為客戶提供最好的服務，並成為他們決定使用電動壓縮時的首選供應商。

Got it. That's very helpful. I'll leave it there. Thanks.

知道了。這非常有幫助。我就把它留在那裡。謝謝。

Yep, good to talk to you Jeremy.

是的，很高興與您交談，傑里米。

(Operator Instructions)

（操作員指令）

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

Morning, guys. My first question guys is on the compression contract specifically because your utilization continues to be no question, I think better than anybody out there given the continued demand. I'm just wondering, do you all anticipate any change in contract length because of this and I'm just wondering, is the length about the same in various areas like the Permian, the Eagle Ford, when -- how it sort of compares regionally?

早安，大家。大家好，我的第一個問題是關於壓縮合同，特別是因為你們的利用率毫無疑問，考慮到持續的需求，我認為比任何人都要好。我只是想知道，你們是否都預計合約期限會因此而發生任何變化，我只是想知道，在 Permian、Eagle Ford 等不同地區，合約期限是否大致相同，——在區域上如何比較？

It does I mean, it's relatively same if we deploy assets in the Eagle Ford or somewhere that isn't in the Permian, we're going to kind of command that we want to have the same kind of return on capital over the course of that contract, that primary contracts to kind of derisk the spend that capital spend.

我的意思是，如果我們在 Eagle Ford 或 Permian 以外的某個地方部署資產，情況就會相對相同，我們會要求在合約執行過程中獲得相同的資本回報率，主要合約會降低資本支出的風險。

So but all in all pretty similar, no matter what basically go into basically 100% of our capital for 2024, that is going to the Permian Basin, because that's where the most significant demand is in the highest growth areas with our kind of core customer base.

所以，總的來說，無論什麼，2024 年我們基本上 100% 的資本都將投入二疊紀盆地，因為那裡的需求最大，也是成長最快的地區，擁有我們的核心客戶群。

I will say, though, that we have seen a little bit of contract tenor extension over this kind of past cycle, but it's really not something that we're pushing tremendously because clearly, if you can recall, some of the things that we've said in the past is look I could have a three year contract on a 3606 engine.

不過，我要說的是，在過去的周期中，我們看到合約期限有所延長，但這實際上並不是我們大力推動的事情，因為很明顯，如果你還記得的話，我們過去說過的一些事情是，我可以與 3606 發動機簽訂三年的合約。

And if it's sitting on top of 25 year life production and I feel like that unit's going to generate cash flows for 25 years as we go through multiple renewal cycles. So because of the quality of the production that we're looking at that we're putting this equipment on and feel good about contract tenor and our ability to re-contract within at the end of those cycles.

如果它的生產壽命達到 25 年，我覺得隨著我們經歷多個更新周期，該單位將產生 25 年的現金流。因此，由於我們正在關注的生產質量，我們正在使用該設備，並且對合約期限以及我們在這些週期結束時重新簽訂合約的能力感到滿意。

Yeah, it really seems like you all are in the driver's seat there. And then my second is kind of a little bit more on regional demand. I'm just trying to something you'd said earlier today, seems like specifically outside the Permian, where we know demand is high.

是啊，看起來你們真的都坐在駕駛座上。我的第二個問題更多是關於區域需求。我只是想回答你今天早些時候說過的一件事，似乎特別是在二疊紀盆地之外，我們知道那裡的需求很高。

What are you seeing? I mean, you mentioned about LNG my comments. I would think a lot of those larger LNG players would be knocking on your door to trying to make sure something is lined up as some of these things come on late specifically next year and into '26. I'm just wondering how much -- what kind of conversations and how many conversations are you continue to have these days outside the Permian?

你看到了什麼？我的意思是，您提到了我的關於 LNG 的評論。我認為許多大型液化天然氣企業都會敲你的門，試圖確保能有所安排，因為其中一些事情會在明年晚些時候和26年發生。我只是想知道，這些天您在二疊紀之外繼續進行了多少什麼樣的對話？

A few the typical LNG supply feed gas type conversation isn't that a conversation that those facilities are having with us, they're having those kind of conversations with our customers. And then those our customers are dealing with us to make sure that they have the ability to move the gas as it's needed.

一些典型的液化天然氣供應原料氣類型的對話並不是這些設施與我們進行的對話，而是他們與我們的客戶進行的對話。然後我們的客戶與我們打交道以確保他們有能力根據需要輸送天然氣。

So we're really more of a we're needed to make sure that the gas gets those LNG facilities, but we're not negotiating or dealing directly with those LNG terminals to make sure that they have gas on location. So still a little bit of it I think a lot of this is going to be driven by natural gas prices.

因此，我們實際上更需要確保天然氣能夠進入那些液化天然氣設施，但我們不會直接與那些液化天然氣終端進行談判或打交道，以確保他們有天然氣在現場。因此，我認為，這很大程度上將受到天然氣價格的推動。

With what we've seen with sub $2 gas driven by this LNG moratorium from this administration that I think the longer gas prices stay depressed, where they're at the longer and more significant, the requirement for feed gas is going to come out of the Permian Basin versus the Haynesville or other outside areas.

我們看到，受本屆政府液化天然氣禁令影響，天然氣價格跌至每桶 2 美元以下。

Thanks, Mickey. Well said.

謝謝，米奇。說得好。

Zack Van Everen, TPH.

扎克·範埃弗倫（Zack Van Everen），TPH。

Hey, guys. Thanks for taking my question. Just one on the fleet age, I know your guys' core fleet is relatively new. I think some of the newest out of all your competitors. Can you give a average age of the CSI we once that comes under you guys as well?

嘿，大家好。感謝您回答我的問題。關於艦隊年齡的問題，我知道你們的核心艦隊相對較新。我認為你們的所有競爭對手中有一些是最新的。您能告訴我們曾經的 CSI 的平均年齡嗎？

Yeah, I mean, look, I think our fleet age is in that five to six year range to on an average basis for our fleet. CSI when they bring their equipment to the table, we've grown a lot of horsepower with new equipment in the large horsepower basis over the last several years, and they've done a lot of work to kind of churn, some of the older stuff out of their fleet.

是的，我的意思是，我認為我們的船隊平均使用年限在五到六年之間。當 CSI 將他們的設備帶到談判桌上時，我們在過去幾年中已經在大馬力基礎上透過新設備增加了很多馬力，並且他們已經做了很多工作來淘汰他們車隊中的一些舊設備。

So I think that if you look at it kind of an average fleet age that they would roll in about 9 to 10 years on their fleet basis, right, with ours being six. So the average in between is -- the average is going to be somewhere in between.

所以我認為，如果你看平均船隊年齡，他們的船隊基礎壽命約為 9 至 10 年，而我們的船隊平均壽命為 6 年。因此，中間的平均值是 - 平均值將介於兩者之間。

But we don't put a lot of stock in that fleet age because if you adhere to strict overhaul type of a regimen that, basically zero hour and overhaul this equipment every 8 to 10 years anyways. So an 8 to 10 year old piece of equipment that has a brand new engine on it is going to -- we think our maintenance cycle is going to look and act and perform just like a brand-new piece of equipment.

但我們不太看重機隊的使用年限，因為如果堅持嚴格的大修制度，基本上是零時大修，每 8 到 10 年對設備進行一次大修。因此，如果一台設備有 8 到 10 年的歷史，並且配備了全新的發動機，那麼我們認為我們的維護週期看起來、運行起來和性能就像一台全新的設備一樣。

Okay, got it. So a lot of those have already been rebuilt at the age that they're sitting at right now.

好的，明白了。所以很多建築在達到目前的年齡後就已經重建。

Yep.

是的。

Perfect. And then one last quick one. You mentioned rates are still coming in well above kind of the base rate of full fleet. Can you remind us maybe how many of those legacy two to three year old contracts are rolling off in 2024 and 2025?

完美的。最後再簡單說一下。您提到的費率仍然遠高於全船隊基準費率。您能否提醒我們一下，有多少兩到三年的遺留合約將在 2024 年和 2025 年到期？

Yeah, absolutely. We have at the end of the year, we had about 7% of our fleet was on month-to-month contracts. And you can expect kind of with our fleet, we will rollover about 30% of our contracts every year. So because we have such a heavily contracted fleet and we have so few month-to-month contracts in that fleet.

是的，絕對是如此。截至年底，我們約有 7% 的船隊簽訂了每月合約。你可以預期，我們每年將展期約 30% 的船隊合約。因為我們擁有如此緊密簽訂合約的船隊，但其中的月度合約卻非常少。

Our fleet kind of turnover for contracts is a little slower than some of the other guys. So you won't see kind of the spikes in revenues that you see in other places. But like I said, we should be able to reprice kind of 30% of the fleet as those contracts roll over this year.

我們的船隊合約週轉率比其他一些公司慢一些。因此你不會看到其他地方那樣的收入激增。但就像我說的，隨著這些合約今年展期，我們應該能夠對 30% 的機隊進行重新定價。

Got it. Perfect. Thanks, guys.

知道了。完美的。謝謝大家。

Thanks, Zack.

謝謝，扎克。

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

Thank you. Good morning. First of all, just high level, we've seen some capacity additions in the storage market. And I'm just wondering, is that a market for you guys at all that you could play in that an opportunity?

謝謝。早安.首先，從高層次來看，我們看到儲存市場有一些容量的增加。我只是想知道，對你們來說，這是否是一個可以參與的市場，是一個機會？

Yeah, good morning, Selman. That's another way of saying it's kind of like the LNG terminals, right. We don't really control where the gas goes after we compress it and put it in a pipe for our customers, especially on the midstream side after post processing and gas lift and that kind of thing.

是的，早上好，塞爾曼。換句話說，它有點像液化天然氣終端，對吧。在壓縮天然氣並將其輸送到管道供客戶使用後，我們無法真正控制天然氣的去向，特別是在經過後處理和氣舉等過程後的中游側。

So that obviously increased capacity for storage and cycling gas in storage is definitely a demand driver for our industry. And it is definitely something that requires additional compression on the front end. So again, that's something as our customers are determining where they're going to take their gas, whether it be due to residential use or LNG terminals or just storage is a negotiations that they have in place. But they require companies like Kodiak to provide compression for all of those all demand drivers.

因此，顯然增加儲存容量和儲存中天然氣的循環無疑是我們行業的需求驅動因素。這肯定是需要在前端進行額外壓縮的事情。所以，再說一次，這是我們的客戶在決定把天然氣輸送到哪裡時所做的決定，無論是用於住宅用途還是液化天然氣終端，或者只是儲存，這都是他們已經達成的談判。但他們需要像 Kodiak 這樣的公司為所有這些需求驅動因素提供壓縮服務。

Understood. And then just a smaller question. In your guidance, you talked about $12.5 million for non-unit compression for capital. I'm just kind of curious to what that was or what that will be?

明白了。接下來是一個較小的問題。在您的指導中，您談到了 1250 萬美元的非單位資本壓縮。我只是有點好奇那是什麼或那將會是什麼？

Yeah, that's kind of a ropes open dope, Selman, this is John. It's the trucks it's crane trucks it's a software that's capitalized leasehold improvements, things of that nature and we're always going to have it every single year just to kind of take care of older equipment that's kind of aging out or else just keep up the growth in the business.

是的，這就像是一個公開的秘密，塞爾曼，這是約翰。它是卡車，是起重機卡車，是一種將租賃改良資本化的軟體，諸如此類的東西，我們每年都會這樣做，只是為了處理老化的老設備，或者只是保持業務的成長。

Got it. And then the last one for me, just on the other services, you talked about how '23 was skewed by a couple of large contracts. Is there any thoughts or guidance around just sort of the cadence as we should think about our model and going forward on that.

知道了。然後對我來說最後一個問題，僅關於其他服務，您談到了'23年是如何因幾個大合約而出現偏差的。當我們思考我們的模型並繼續前進時，是否應該有關於節奏的任何想法或指導。

Great question. No, it's -- I would say, divided in four, I mean, that's probably the best way to approach it at this point. The nature of those contracts, some you may be awarded a contract, call it, 9 10 months in advance of when you actually complete it. But it will be chunky in terms of how the revenues kind of unfold and that you'll have some stuff happening at the front end.

好問題。不，我想說，分成四個，我的意思是，這可能是目前最好的解決方法。這些合約的性質是，有些合約可能會在你實際完成合約之前 9 到 10 個月授予你。但從收入的展開方式來看，這將是一個巨大的進步，而且你會在前端發生一些事情。

And then the field work might be four weeks at the very end, and that's from the main chunk would come in and other contracts might be just more the field related stuff be shorter. So that's where it becomes difficult to predict because you might be awarded a contract in third quarter and finish it by the end of the fourth quarter so that's what happened in '23.

然後，實地工作可能最後持續四周，這就是主要部分，其他合約可能只是與實地相關的內容，時間會更短。所以這就很難預測了，因為你可能會在第三季度獲得一份合同，並在第四季度末完成它，這就是23年發生的情況。

Got it. Thank you so much.

知道了。太感謝了。

Thanks, Selman.

謝謝，塞爾曼。

Thank you. We have reached the end of our question and answer session. I would now like to turn the floor back over to management for closing remarks.

謝謝。我們的問答環節已經結束。現在我想將發言權交還給管理階層，請他們作結束語。

Thanks, operator. In summary, I could not be more pleased with our record-setting results in 2023. We believe that Kodiak's brightest days are in front of us, and we look forward to continued profitable growth in 2024 and beyond. But we look forward to speaking with everybody again, on our next earnings call. Thank you.

謝謝，接線生。總而言之，我對我們在 2023 年創下的紀錄感到非常滿意。我們相信科迪亞克最輝煌的日子就在眼前，並期待在 2024 年及以後繼續實現盈利增長。但我們期待在下次財報電話會議上再次與大家交談。謝謝。

Thank you. That does conclude today's teleconference. We appreciate your participation and you may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與，您現在可以斷開您的線路。祝你剩餘的時光愉快。