Kodiak Gas Services Inc (KGS) 2024 Q2 法說會逐字稿

Greetings and welcome to the Kodiak Gas Services second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Graham Sones, Vice President, Investor Relations. Thank you. You may begin.

歡迎參加科迪亞克天然氣服務公司 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁 Graham Sones。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 second quarter 2024 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, our second quarter financial results, our updated 2024 outlook, before opening the call for Q&A.

早安.我們感謝您參加 Kodiak Gas Services 電話會議和網路廣播，回顧 2024 年第二季業績。今天與會的公司成員包括總裁兼執行長米奇·麥基 (Mickey McKee)；和財務長約翰·格里格斯。在我發表演講之後，米奇和約翰將在開始問答環節之前對公司、我們第二季度的財務業績以及更新的 2024 年前景進行高級評論。

There will be a replay of today's call available via webcast and also by phone until August 27, 2024. Information on how to access the replay can be found on the Investors tab of our website at kodiakgas.com.

在 2024 年 8 月 27 日之前，將透過網路廣播和電話重播今天的電話會議。有關如何存取重播的信息，請訪問我們網站 kodiakgas.com 的「投資者」標籤。

Please note that information reported on this call speaks only as of today, August 13, 2024, and therefore, you are advised that such information may no longer be accurate as of the time of any replay listening or transcript reading.

請注意，本次電話會議報告的資訊僅截至今天（2024 年 8 月 13 日），因此，我們建議您，在重播收聽或閱讀文字記錄時，此類資訊可能不再準確。

The comments made by management during this call may contain forward-looking statements within the meaning of the 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.

管理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含義內的前瞻性陳述。這些前瞻性陳述反映了科迪亞克管理層基於當前可用資訊的當前觀點、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.

儘管我們認為這些前瞻性陳述中提到的預期是合理的，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聲明中表達的結果存在重大差異，並且管理層不能保證此類陳述或期望將被證明是正確的。

Call today will also include certain non-GAAP financial measures, details and reconciliations to the most comparable GAAP measures are included in yesterday's earnings release, which can be found on our website. Additionally, during the call, we may reference our earnings presentation that was posted this morning on our website.

今天的電話會議還將包括某些非公認會計原則財務指標，最可比較的公認會計原則指標的詳細資訊和調節表包含在昨天的收益發布中，可以在我們的網站上找到。此外，在電話會議期間，我們可能會參考今天早上在我們網站上發布的收益報告。

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. I want to begin first by talking about safety, as we always discuss security at our first and most significant priority is the health and safety of our employees and making sure that every employee goes home safe and sound to their families every night. The focus of each and every Kodiak employee on this topic truly embodies the philosophy that we have adopted at Kodiak, safety first, all the time.

謝謝格雷厄姆，也謝謝大家今天加入我們。我想先談談安全，因為我們始終將安全放在第一位也是最重要的優先事項是我們員工的健康和安全，並確保每個員工每晚都能安全回家與家人團聚。每位 Kodiak 員工對此主題的關注真正反映了我們在 Kodiak 始終秉承的理念：安全第一。

We recently passed our one year anniversary as a public company and I want to take a minute to thank our over 1,400 employees whose relentless focus on safety, customer service and drive to improve margins has helped make Kodiak the industry leader in the contract compression space.

最近，我們剛度過了上市一周年紀念日，我想花一點時間感謝我們 1,400 多名員工，他們對安全、客戶服務和提高利潤率的不懈關注，幫助 Kodiak 成為合約壓縮領域的行業領導者。

I wanted to take a minute to talk about what this company has accomplished over that time period since going public, we organically increased our contract compression fleet by over 150,000 horsepower. While living within cash flow. We've completed the highly accretive acquisition of CSI making Kodiak, the largest contract compression provider in the US.

我想花一點時間談談這家公司自上市以來所取得的成就，我們有機地將我們的合約壓縮機隊增加了超過 150,000 馬力。同時生活在現金流之中。我們已經完成了對 CSI 的高度增值收購，使 Kodiak 成為美國最大的合約壓縮提供者。

We've strengthened our balance sheet, driving leverage down to 3.9 times, well on our way to our goal of 3.5 times by the end of 2025. And we have returned capital to our shareholders through a well-covered and compelling dividend. We think this balance between disciplined growth and shareholder return is being rewarded in the market.

我們強化了資產負債表，將槓桿率降至 3.9 倍，正朝著 2025 年底 3.5 倍的目標邁進。我們也透過豐厚且引人注目的股息將資本返還給股東。我們認為，有紀律的成長和股東回報之間的這種平衡正在市場上得到回報。

An investment in Kodiak in our IPO has generated a 91% total return through last Thursday, significantly outperforming the broader market. And we're not done, given the strong operating environment and highly accretive acquisition, we were pleased to announce that our Board recently approved an 8% increase to our quarterly dividend to $0.41 per share. And we'll continue to invest to grow our compression fleet given the strong demand and attractive returns we see in the market.

截至上週四，我們對 Kodiak 的 IPO 投資已產生 91% 的總回報率，明顯優於大盤。我們還沒有完成，考慮到強勁的營運環境和高度增值的收購，我們很高興地宣布，我們的董事會最近批准將季度股息增加 8%，達到每股 0.41 美元。鑑於市場的強勁需求和誘人的回報，我們將繼續投資擴大我們的壓縮機隊。

The closing of the acquisition gave us a chance to evaluate the combined fleet for opportunities to make safety and emissions upgrades, identify noncore assets and further high-grade our customer base. Currently have multiple initiatives in place to begin redeploying or disposing of idle assets that we acquired with CSI. However, that take some time to execute.

收購的完成使我們有機會評估合併後的機隊，尋找進行安全和排放升級、識別非核心資產以及進一步提升我們的客戶群的機會。目前已採取多項措施來開始重新部署或處置我們透過 CSI 收購的閒置資產。然而，這需要一些時間來執行。

Our utilization currently sits at 94%. However, the core large horsepower group of assets that was the focus of the legacy Kodiak fleet and the target of the CSI acquisition remains at effectively full utilization in excess of 98%. In fact, the entire industry utilization in this large horsepower group remains at historically elevated levels continuing to contribute to the tightness in the market.

目前我們的利用率為 94%。然而，作為傳統 Kodiak 機隊重點和 CSI 收購目標的核心大馬力資產組的有效充分利用率仍超過 98%。事實上，這個大馬力集團的整個產業利用率仍處於歷史高位，並持續加劇市場緊張。

Going forward, we plan to opportunistically refurbish and upgrade idle assets and look to redeploy them. We also plan to constantly evaluate the fleet for opportunities to high-grade our operations, consistent with our core operating philosophy and strategic direction.

展望未來，我們計劃適時翻新和升級閒置資產，並尋求重新部署。我們也計劃不斷評估機隊，尋找與我們的核心營運理念和策略方向保持一致的高品質營運的機會。

As noted in our press release, we recently entered into an agreement to sell a significant portion of our small horsepower units in the US and Canada. These units represent only about 1% of our revenue generating horsepower, plus significantly reduces our unit count and simplifies our operations both domestically and internationally. Divesting these assets is also consistent with our focus on US large horsepower compression.

正如我們在新聞稿中所指出的，我們最近簽訂了一項協議，將在美國和加拿大出售我們的大部分小馬力機組。這些裝置僅占我們創收馬力的 1% 左右，而且還大大減少了我們的裝置數量並簡化了我們在國內和國際上的運作。剝離這些資產也符合我們對美國馬來西亞力壓縮的關注。

Next, I would like to discuss the integration process. We've been operating as one company for four months now and what's clear is that we will greatly exceed our initial cost synergy estimate. We now expect our combined cost synergies to be north of $30 million versus our initial $20 million forecast.

接下來我想談談整合過程。我們作為一家公司已經運營了四個月，很明顯，我們將大大超出我們最初的成本協同效應估計。我們現在預計綜合成本協同效應將超過 3000 萬美元，而我們最初的預測為 2000 萬美元。

Based on these synergies and the underlying strength in the contract compression market, we are raising the low end of our full year adjusted EBITDA guidance and now guiding to a range of $590 million to $610 million for the full year 2024. John will discuss the acquisition synergies and our revised outlook in more detail.

基於這些協同效應和合約壓縮市場的潛在優勢，我們正在提高全年調整後 EBITDA 指引的下限，目前將 2024 年全年指引提高到 5.9 億美元至 6.1 億美元。約翰將更詳細地討論收購協同效應和我們修訂後的前景。

Now let's discuss our second quarter results. Yesterday, we released second quarter 2024 financial results, including another record quarter with revenues of $310 million and adjusted EBITDA of $154 million as we have only just begun to realize the combined earnings power of our fleet and the synergies that I mentioned.

現在讓我們討論第二季的業績。昨天，我們發布了2024 年第二季度財務業績，其中又一個創紀錄的季度收入達到3.1 億美元，調整後EBITDA 達到1.54 億美元，因為我們才剛開始認識到我們機隊的綜合盈利能力以及我提到的協同效應。

Turning to our reporting segments, as detailed in our second quarter earnings presentation, we now classify our revenue streams into two buckets, contract services and other services. As the name implies, contract services, encompasses our contracted recurring revenue services by contract compression, contract operations and contract drilling. These highly visible, stable contracted cash flows make up the core of the company.

談到我們的報告部分，正如我們第二季財報中詳細介紹的那樣，我們現在將我們的收入流分為兩個部分：合約服務和其他服務。顧名思義，合約服務包括我們透過合約壓縮、合約營運和合約鑽井提供的合約經常性收入服務。這些高度可見、穩定的合約現金流構成了公司的核心。

Demand for contract services remained strong. During the second quarter, we added over 41,000 horsepower of new units to our fleet. All were large horsepower averaging over 2,000 horsepower per unit and were deployed at rates above the fleet average. And we also had tremendous success in recontracting units that came up for renewal during the quarter at closer to current spot rates also significantly above our current fleet average.

對合約服務的需求仍然強勁。第二季度，我們為車隊增加了超過 41,000 匹馬力的新機組。所有這些都是大馬力，平均每台超過 2,000 馬力，並且部署速度高於機隊平均水平。我們還在本季度以更接近當前即期費率且顯著高於我們當前機隊平均水平的價格重新簽約單位方面取得了巨大成功。

One thing I want to point out is through the CSI acquisition, we acquired a compression business with a historical margin in the low to mid 50s. Just 90 days after integrating the assets, cutting costs and returning idle equipment back to the market for the quarter, Kodiak was able to deliver a combined adjusted gross margin of 64% for contract services matching what we did as a company in the comparable quarter in 2023. This is an impressive feat. And as I stated earlier, we believe there are additional synergies to be captured and opportunities for further margin expansion.

我想指出的一件事是，透過收購 CSI，我們收購了一家歷史利潤率在 50 多歲左右的壓縮業務。在本季整合資產、削減成本並將閒置設備返回市場後僅 90 天，Kodiak 的合約服務綜合調整毛利率就達到了 64%，與我們公司在 2017 年同期的表現相符。這是一項令人印象深刻的壯舉。正如我之前所說，我們相信還有更多的綜效和進一步擴大利潤率的機會。

Switching to our other services segment, this segment primarily consists of our station construction and aftermarket sales business that are less predictable, but help support our customers, require minimal capital investment and generate significant free cash flow that we can invest back into our core compression business. We're excited about our newly expanded service offerings, allowing us to provide additional service to our high-quality customer base.

轉向我們的其他服務部門，該部門主要包括我們的站建設和售後銷售業務，這些業務不太可預測，但有助於支持我們的客戶，需要最少的資本投資並產生大量的自由現金流，我們可以將其投資回我們的核心壓縮業務。我們對新擴展的服務產品感到興奮，這使我們能夠為高品質的客戶群提供額外的服務。

Looking into 2025, we have effectively already contracted our entire CapEx spend for next year as customers have aggressively signed contracts for new horsepower growth and are now looking towards 2026.

展望 2025 年，我們實際上已經收縮了明年的全部資本支出支出，因為客戶已積極簽署了新馬力增長的合同，並且現在正在展望 2026 年。

Approximately half of our 2025 horsepower additions will be electric motor driven, large horsepower units, and we are also selectively converting units to electric to meet customer demand. While we are increasing our electric motor driven fleet, I should remind you that given grid constraints in the Permian basin, electric compression for large horsepower applications is not always a feasible solution.

我們 2025 年增加的馬力中大約有一半將是電動馬達驅動的大馬力機組，我們也選擇性地將機組轉換為電動以滿足客戶需求。雖然我們正在增加電動馬達驅動的車隊，但我應該提醒您，考慮到二疊紀盆地的電網限制，大馬力應用的電動壓縮並不總是可行的解決方案。

We're investing now to ensure that we're well positioned to meet our customers' needs for gas engine or electric motor driven compression in the future without losing focus on our core strength.

我們現在正在投資，以確保我們能夠很好地滿足客戶未來對燃氣引擎或電動馬達驅動壓縮的需求，同時又不失去對我們核心優勢的關注。

In summary, we are pleased with our second quarter results in a busy quarter and that included closing the CSI acquisition. The integration is going extremely well and we're on track to significantly exceed our original synergy goal. Our commercial team has been actively repositioning our fleet while evaluating opportunities to high-grade our fleet and service offerings.

總之，我們對繁忙季度的第二季業績感到滿意，其中包括完成對 CSI 的收購。整合進展非常順利，我們有望顯著超越我們最初的協同目標。我們的商業團隊一直在積極重新定位我們的機隊，同時評估提高我們的機隊和服務產品品質的機會。

We increased our dividend and our revised guidance indicates that we see continued momentum into the second half of 2024 and beyond, whether it's capacity prices increasing nine fold in PJM or ERCOT forecasting electricity use to more than double by the end of the decade. It's clear the US needs to add electric generation capacity and that natural gas will be the most reliable, an affordable fuel of choice. And that's on top of the wave of LNG export terminals expected to enter service in the coming years.

我們增加了股息，修訂後的指引表明，無論是PJM 的容量價格增長九倍，還是ERCOT 預測到本十年末用電量將增加一倍以上，我們都認為2024 年下半年及以後的勢頭將持續。顯然，美國需要增加發電能力，而天然氣將是最可靠、最實惠的燃料選擇。這是預計在未來幾年投入使用的液化天然氣出口終端浪潮的頂峰。

The increase in gas production required to meet this demand is going to require significant incremental compression horsepower, and we continue to believe that Kodiak is well positioned to be the compression infrastructure partner of choice. Our focus on customers and employees, industry leading mechanical availability and our market position will continue to separate us from our peers.

滿足這一需求所需的天然氣產量的增加將需要顯著增加壓縮馬力，我們仍然相信科迪亞克完全有能力成為壓縮基礎設施的首選合作夥伴。我們對客戶和員工的關注、行業領先的機械可用性以及我們的市場地位將繼續使我們在同行中脫穎而出。

And now I will pass the call to John Griggs to review second quarter financial highlights and our updated guidance. John?

現在，我將致電約翰·格里格斯（John Griggs），回顧第二季度的財務亮點和我們更新的指導。約翰？

Thank you. I'll echo what Mickey said. After factoring in unique things that impacted the quarter, the underlying results were strong and the outlook for the remainder of the year is solid. I couldn't be more proud of my team in this company. Needless to say, we've had a lot going on around here for the past year and in particular in the last few months, it's no small feat combining two public companies and getting everyone singing from the same handle. I'd be lying if I said it was easier over because it's not, but we think the hardest part is behind us, we're right on track and the future is bright.

謝謝。我會回應米奇所說的話。考慮到影響本季的獨特因素後，基本業績強勁，今年剩餘時間的前景也很穩固。我為我在這家公司的團隊感到無比自豪。不用說，我們在過去的一年裡發生了很多事情，特別是在過去的幾個月裡，合併兩家上市公司並讓每個人都在同一個手柄上唱歌並不是一件小事。如果我說這很容易，那我就是在撒謊，因為事實並非如此，但我們認為最困難的部分已經過去，我們正走在正軌上，未來是光明的。

Before I dive into our quarterly results, I'd like to touch a bit more on our integration success. We initially identified and communicated more than $20 million of annual cost synergies. Now that we're a few months in which making mentioned, we're upping that figure to $30 million. Probably the simplest way to explain the math is this, during calendar '24, we expect to realize about $20 million in net cost synergies.

在深入了解我們的季度業績之前，我想先談談我們的整合成功情況。我們最初確定並傳達了超過 2000 萬美元的年度成本協同效應。現在我們已經幾個月了，我們將這個數字提高到 3000 萬美元。解釋數學最簡單的方法可能是這樣的，在 24 年期間，我們預計將實現約 2000 萬美元的淨成本協同效應。

But remember, that only includes three quarters of combined results. So the implication is that the majority of the ultimate cost synergies we expect to garner from the deal have already been realized, and we think we capture the rest in 2025.

但請記住，這僅包括合併結果的四分之三。因此，這意味著我們期望從該交易中獲得的大部分最終成本協同效應已經實現，我們認為我們將在 2025 年實現其餘部分。

Now I'll highlight a few aspects of our second quarter results. Given that the acquisition closed on April 1, year over year comparisons, in many cases are not all that insightful. So I'm going to avoid doing that.

現在我將重點介紹第二季業績的幾個方面。鑑於收購於 4 月 1 日結束，與去年同期相比，在許多情況下並沒有那麼有洞察力。所以我會避免這麼做。

Total revenues for the quarter were $310 million, with the step change increase from last year, largely driven by the CSI acquisition, but also from organic growth in the fleet and continued rate increases of recontracting activities.

該季度的總收入為 3.1 億美元，較去年有所增長，這主要是由 CSI 收購推動的，但也得益於機隊的有機增長和轉包活動的持續增長。

Adjusted EBITDA was $154 million, and it came in at a 50% margin included in that figure are $3.3 million in contract services, cost of operations charges spanning several years on potential sales and use taxes related to parts consumption for own compressors.

調整後的 EBITDA 為 1.54 億美元，利潤率為 50%，其中包括 330 萬美元的合約服務、跨越數年的潛在銷售成本費用以及與自有壓縮機零件消耗相關的使用稅。

And about $4.5 million in AR reserve charges in SG&A stemming from a comprehensive review post-acquisition of troubled accounts. Excluding those two particular items, adjusted EBITDA for the quarter would have been almost $162 million a figure and margin that are more in line with where we see things as we move forward.

SG&A 中約 450 萬美元的應收帳款準備金費用源自於收購問題帳戶後的全面審查。排除這兩個特定項目，本季調整後的 EBITDA 將接近 1.62 億美元，這一數字和利潤更符合我們對未來發展的看法。

Looking at our segments, as Mickey discussed, we have changed or two reporting segments and contract services revenues for the quarter were $276 million with an adjusted gross margin percentage of 64%. As Mickey mentioned, the market remains tight for large horsepower compression, and we expect to see margin expansion in that part of our business as we roll forward through a combination of price improvement and cost management.

看看我們的部門，正如 Mickey 所討論的，我們改變了或兩個報告部門，本季度的合約服務收入為 2.76 億美元，調整後的毛利率為 64%。正如米奇所提到的，大馬力壓縮市場仍然緊張，隨著我們透過價格改善和成本管理相結合的方式推進，我們預計這部分業務的利潤率將會擴大。

In our other services segment, revenues were $33 million in Q2 with an adjusted gross margin of 16%. Most of the revenues in this segment come from Kodiak's legacy station construction business and CSI's aftermarket field and shop services and parts sales. Revenues from the other services segment will continue to have some variability from quarter to quarter, but this business allows us to better serve our customers requires minimal capital and generates incremental cash flow.

在我們的其他服務部門，第二季營收為 3,300 萬美元，調整後毛利率為 16%。該部門的大部分收入來自 Kodiak 的遺留車站建設業務以及 CSI 的售後領域和商店服務以及零件銷售。其他服務部門的收入將繼續在每個季度出現一些變化，但這項業務使我們能夠更好地服務我們的客戶，需要最少的資本並產生增量現金流。

In terms of CapEx for the second quarter, maintenance capital expenditures came in at $19 million. Our maintenance spend is a function of the hours and age of our equipment and will vary by year, depending upon when units are added to the fleet, but we view the quarter as being generally representative of the run rate for the next several quarters.

就第二季資本支出而言，維護資本支出為 1,900 萬美元。我們的維護支出取決於設備的運行時間和壽命，並且每年都會有所不同，具體取決於設備添加到車隊的時間，但我們認為該季度通常代表了接下來幾季的運行率。

Net growth CapEx was $90 million for the quarter, but that includes a couple of unique items and is not representative of the run rate going forward. First is roughly $20 million in non-cash accruals for potential sales and use taxes on compressor equipment that was placed into service in Texas over the past several years.

本季淨成長資本支出為 9,000 萬美元，但這包括幾個獨特的項目，並不代表未來的運作率。首先是大約 2000 萬美元的非現金應計費用，用於對過去幾年在德克薩斯州投入使用的壓縮機設備的潛在銷售和使用稅。

Second, is a portion of the transaction related CapEx that we called out last quarter, that represents a variety of CSI equipment emission system upgrades, and safety related items that we need to make to get the fleet up to Kodiak's standards.

其次，是我們上季度提出的與交易相關的資本支出的一部分，它代表了各種 CSI 設備排放系統升級，以及我們需要使車隊達到科迪亞克標準的安全相關項目。

For the second half of the year, we're guiding to between $110 million and $130 million in growth CapEx, which includes new units, the aforementioned upgrades and safety related spend, non-unit related spend and some real estate optimization activity. As part of this growth CapEx, we expect to take ownership of an incremental approximately 70,000 horsepower before year end.

今年下半年，我們預計成長資本支出為 1.1 億至 1.3 億美元，其中包括新設備、上述升級和安全相關支出、非設備相關支出以及一些房地產優化活動。作為成長資本支出的一部分，我們預計在年底前將擁有約 70,000 匹馬力的增量。

Moving to the balance sheet. As of June 30, we had debt $2.5 billion, consisting of the $750 million in 2029 senior unsecured notes we issued in February and borrowings under our ABL facility. Our credit agreement leverage ratio was 3.9 times, and we ended the quarter with approximately $411 million of availability on the revolver.

轉向資產負債表。截至 6 月 30 日，我們的債務為 25 億美元，其中包括我們 2 月發行的 7.5 億美元 2029 年優先無抵押票據以及 ABL 貸款下的借款。我們的信貸協議槓桿率為 3.9 倍，本季末我們的左輪手槍可用金額約為 4.11 億美元。

Let's turn to the updated 2024 outlook, for the full year, which includes 12 months of Kodiak, but only 9 months of CSI and synergies, we expect revenue will range between $1.12 billion and $1.18 billion and we estimate that adjusted EBITDA will range between $590 million and $610 million.

讓我們轉向更新的2024年展望，全年包括12個月的Kodiak，但只有9個月的CSI和協同效應，我們預計收入將在11.2億美元至11.8億美元之間，我們預計調整後的EBITDA將在590美元之間百萬和 6.1 億美元。

Let me break that down by segment. In our contract services segment, we are forecasting full year revenue of $1 billion to $1.04 billion with segment adjusted gross margins between 64% and 66%. Given the constructive market dynamics, our focus on increasing utilization, expense management and our progress on synergies, we're confident in our segment outlook and our ability to increase long-term, high-quality cash flows.

讓我按部分細分。在我們的合約服務部門，我們預計全年收入為 10 億美元至 10.4 億美元，部門調整後毛利率在 64% 至 66% 之間。考慮到建設性的市場動態、我們對提高利用率、費用管理的關注以及我們在協同效應方面取得的進展，我們對我們的細分市場前景以及增加長期、高品質現金流的能力充滿信心。

In our other services segment, we are forecasting full year revenue of $120 million to $140 million and segment adjusted gross margins between 14% and 17%.

在我們的其他服務部門，我們預計全年收入為 1.2 億至 1.4 億美元，部門調整後毛利率在 14% 至 17% 之間。

Turning to CapEx, we expect full year maintenance CapEx to come in between $60 million and $70 million, a bit higher than our prior guidance now that we've owned the CSI assets for a few months. In terms of growth CapEx, we're forecasting between $210 million and 230 million for the for the full year, excluding the roughly $50 million related to the sales tax accrual in transaction related CapEx I discussed previously.

談到資本支出，我們預計全年維護資本支出將在 6,000 萬至 7,000 萬美元之間，略高於我們先前的指導，因為我們已經擁有 CSI 資產幾個月了。就成長資本支出而言，我們預測全年資本支出在 2.1 億至 2.3 億美元之間，不包括我之前討論的交易相關資本支出中與應計銷售稅相關的約 5000 萬美元。

We're presenting it this way to get a sense for a more normalized level of growth, capital spending for the combined company without items that we don't expect to repeat in the future.

我們以這種方式呈現它是為了了解合併後公司更正常的成長水準和資本支出，而沒有我們預期未來不會重複的項目。

To wrap things up, as you know, our Board approved an 8% increase in our quarterly dividend, $0.41 per share, which will which will be paid this Friday, August 16. This equates to an annualized dividend of $1.64 per share for a yield of 5.7% based on Friday's closing stock price.

總而言之，如您所知，我們的董事會批准將季度股息增加 8%，每股 0.41 美元，將於 8 月 16 日星期五支付。這相當於每股年化股息 1.64 美元，根據週五收盤價計算，殖利率為 5.7%。

That's it for my prepared comments. Thank you for your participation and support. I'll hand it back to Mickey.

這就是我準備好的評論。感謝您的參與與支持。我會把它還給米奇。

Thanks, John. To wrap up, I'm very proud of what this company has accomplished in the year since going public. I want to thank the extraordinary women and men of Kodiak Gas Services for their hard work on integration while staying focused and delivering great results.

謝謝，約翰。最後，我對這家公司上市以來一年所取得的成就感到非常自豪。我要感謝科迪亞克天然氣服務公司的傑出員工，他們在整合過程中辛勤工作，同時保持專注並取得了巨大的成果。

Each team members' dedication to safety and our customers are what makes Kodiak special and we would not be an industry leader without this commitment to excellence. I'm happy we're in a position to further reward our shareholders for their investment in Kodiak by increasing our dividend. We have great momentum as we head into the second half of the year.

每個團隊成員對安全和客戶的奉獻使 Kodiak 與眾不同，如果沒有這種對卓越的承諾，我們就不會成為行業領導者。我很高興我們能夠透過增加股利來進一步回報股東對科迪亞克的投資。進入下半年，我們勢頭強勁。

At this point, we will open up the lines for questions. Operator?

此時，我們將開放提問線。操作員？

(Operator Instructions) John Mackay, Goldman Sachs.

（操作員指令）John Mackay，高盛。

Hey, guys, good morning. Thanks for the time. I wanted to start a little bit on the forward outlook for the business. I understand you're not giving '25 guidance here. I would love to hear your thoughts on maybe like a medium term outlook for EBITDA growth going forward. And then very specifically, as part of that, we haven't talked about potential revenue synergies from the CSI deal. So maybe if you could frame that as part of that growth outlook?

嘿，夥計們，早安。謝謝你的時間。我想先談談該業務的前景。我知道您不會在這裡提供 '25 指導。我很想聽聽您對未來 EBITDA 成長的中期前景的看法。然後非常具體的是，作為其中的一部分，我們還沒有討論 CSI 交易的潛在收入綜效。那麼，也許您可以將其作為成長前景的一部分？

Yeah. Hey John, it's Mickey. (inaudible) this morning. Look, I mean, I think the forward outlook is really positive. I think that the way we kind of framed it up for EBITDA growth in for the year is minus the onetime kind of transactional type of EBITDA adjustments for the year, if you look at that kind of where we think we’ll be on a run rate perspective of $162 million in a quarter of EBITDA is pretty representative of where I think we’ll be going forward.

是的。嘿約翰，我是米奇。 （聽不清楚）今天早上。聽著，我的意思是，我認為前景非常樂觀。我認為，我們為今年 EBITDA 成長制定的方式是減去當年一次性交易類型的 EBITDA 調整，如果你看看我們認為我們將處於的那種情況一個季度EBITDA 為1.62 億美元的運行率非常能代表我認為我們未來的發展方向。

And then you can kind of layer on that, what our kind of standard growth has been over and above throughout the years on a pretty standard amount of growth CapEx.

然後你可以在此基礎上，多年來我們的標準成長超出了相當標準的成長資本支出。

So I think you can kind of our business is pretty easy to predict. And it’s that quarterly EBITDA and annualize that out and layer on some growth from the growth CapEx that we’re investing in the business. And I think you’ve got a pretty good idea of where we think we’ll be.

所以我認為我們的業務很容易預測。我們投資於業務的就是季度 EBITDA 並將其年化，並基於成長資本支出的一些成長。我認為您已經很清楚我們將處於什麼位置。

I think that to get to the question about the revenue synergies, John, I mean, we really only have 90 days of data to evaluate right now. We’ve only owned this business for a quarter now. So we’re not really ready to quantify revenue synergies and kind of give any guidance there. I will tell you that we’ve had some good wins early on here, but it is really kind of too early to tell and too early to give any forward-looking kind of outlook there.

我認為，要回答有關收入協同效應的問題，約翰，我的意思是，我們現在實際上只有 90 天的數據可以評估。我們現在只擁有這家公司四分之一的時間。因此，我們還沒有真正準備好量化收入協同效應並提供任何指導。我會告訴你，我們在早期已經取得了一些不錯的勝利，但現在下結論還為時過早，給出任何前瞻性的展望也為時過早。

I appreciate that. Maybe switching gears a little bit just to the electrification side, you guys, Mickey, to your comments in the prepared remarks, what we saw to your competitors talking up this a little bit our track with their deal, USCC kind of in a different direction.

我很欣賞這一點。也許只是稍微切換到電氣化方面，你們，米奇，在準備好的評論中發表評論，我們看到你們的競爭對手談論這一點，我們與他們的交易的軌跡，USCC有點不同的方向。

I'd just be curious on what this trend looks like from maybe a run rate CapEx needs, what you're hearing from your customers in terms of how important this is to them and high level I mean, does this shift at all in how we're thinking about the industry's overall current capital discipline?

我只是好奇從運行率資本支出需求來看，這種趨勢是什麼樣的，您從客戶那裡聽到的這對他們來說有多重要，我的意思是，這種轉變是否會發生在高水平上？

I don’t think it changes the capital discipline in the industry at all, John. I think that the electrification process going forward is going to have some pockets where it makes sense and some other pockets where it doesn’t make sense.

約翰，我認為這根本不會改變產業的資本紀律。我認為，未來的電氣化進程將會有一些有意義的地方，也有一些地方沒有意義。

We’re looking at, as I said in the prepared remarks, about half of our CapEx in 2025 is going to spend on electric-driven motor machines. Those are for projects that are that are highly specialized and for our existing customer base that has access to power on those locations.

正如我在準備好的演講中所說，我們正在考慮 2025 年大約一半的資本支出將用於電動馬達。這些項目適用於高度專業化的項目，以及我們現有的客戶群，這些客戶群可以在這些地點獲得電力。

We can tell you that there are -- this kind of a mixed view of electrification coming from our customer base. Some are pushing forward with electrification, others are really going back from electrification.

我們可以告訴您，我們的客戶群對電氣化有這種複雜的看法。有些人正在推進電氣化，有些人則真正放棄電氣化。

I think that when you look at some of the other things in the industry that are going on, we’re going to continue to focus on large horsepower equipment. And large horsepower electric motor-driven equipment is a very different animal than smaller power type of electric motor driven type of equipment because there’s a very different power demand that comes from those.

我認為，當你看看行業中正在發生的其他一些事情時，我們將繼續關注大馬力設備。大馬力電動馬達驅動設備與小功率電動馬達驅動設備有很大不同，因為它們產生的電力需求非常不同。

So like I said, we’re focused on what we’re doing and what we’re looking at going forward, and we’re going to be participating in the electric motor-driven type of realm. We want to be really good at it. We’re going to be focused on it, and we think that’s part of the future, but we don’t think it’s going to dominate in these all future.

所以就像我說的，我們專注於我們正在做的事情和我們正在考慮的未來，我們將參與電動馬達驅動類型的領域。我們希望真正擅長於此。我們將重點關注它，我們認為這是未來的一部分，但我們不認為它將在所有未來中佔據主導地位。

I understand. Thanks for your time today.

我明白。感謝您今天抽出時間。

Thanks, John.

謝謝，約翰。

Jim Rollyson, Raymond James.

吉姆·羅利森，雷蒙德·詹姆斯。

Hey, good morning, Mickey and John.

嘿，早安，米奇和約翰。

Hey Jim.

嘿吉姆。

Mickey, maybe you could just -- you got the first batch of some of the smaller horsepower stuff that you were looking to sell kind of the in-process. And then obviously, that's going to be ongoing for a period of time, but maybe just a reminder, at the end of the day, as you kind of look at the fleet you acquired and the horsepower that kind of is maybe noncore, a reminder of how much capacity you think ultimately over the next handful of quarters you are likely to sell and what you think the range of kind of proceeds of that would be in and even maybe what you do with the proceeds?

米奇，也許你可以——你得到了第一批一些較小馬力的東西，你想出售這些正在加工的東西。顯然，這將持續一段時間，但也許只是一個提醒，在一天結束時，當你看到你獲得的艦隊和那種可能是非核心的馬力時，一個提醒您認為在接下來的幾個季度中您最終可能會出售多少產能，您認為收益的範圍是什麼，甚至您如何處理收益？

I think, look, it’s going to be pretty hit and miss there. I think like the first batch that we’ve got that we’re selling is going to be kind of give you a little bit of a framework to think about is it’s going to be probably between $15 million and $20 million of annual revenue at sub -- it’s something some kind of a margin that’s less than what our fleet -- the large horsepower fleet type of margin is contributing.

我想，看，那裡會很受歡迎。我認為我們出售的第一批產品將為你提供一些框架來思考它的價值可能在 1500 萬美元到 2000 萬美元之間次年收入的一部分——這是某種利潤，低於我們的車隊— —大馬力車隊類型的利潤所貢獻的。

And so I think that you’re looking at a multiple less than what we trade at, that we get for that equipment. And so you’re not talking about big dollars, you’re talking about $15 million of revenue on a company that we’re guiding to be north of $1 billion of revenue already and the numbers are already baked into those guidance numbers. So that’s we already expect that.

因此，我認為您所看到的價格比我們為該設備獲得的交易價格要低得多。所以你不是在談論大筆資金，而是在談論一家公司的 1500 萬美元收入，我們指導該公司的收入已經超過 10 億美元，而且這些數字已經納入這些指導數字中。這就是我們已經預料到的。

So again, I think that overall, in the fleet from a horsepower perspective, we’re probably looking at 150,000 to 200,000 horsepower worth of total horsepower that we look to kind of divest ourselves of that are non-core to what we’re trying to do, which is domestic US, large horsepower, oily basin type of -- liquid rig spacing type of equipment that we can create densification and drive higher margins and have really sticky long life type of cash flows for our investors.

所以，我再次認為，總體而言，從馬力的角度來看，我們可能會考慮 150,000 到 200,000 馬力的總馬力，我們希望將這些非核心動力剝離出去。 、油盆式液體鑽孔機間距類型的設備，我們可以創造緻密化並推動更高的利潤，並為我們的投資者提供真正黏性長壽命的現金流。

Yeah. It makes sense that’s you already said before, I was just trying to get a magnitude so that helps. And Mickey, you guys have done some interesting math in your presentation kind of on the incremental compression horsepower needs relative to the growth outlook for gas volumes.

是的。這是有道理的——你之前已經說過，我只是想得到一個大小，這會有幫助。米奇，你們在演講中做了一些有趣的數學計算，涉及相對於天然氣量成長前景的增量壓縮馬力需求。

And we can now that between new USA and Archrock and even consolidating Archrock, we can obviously track with a large share of the outsourced side of that equation is doing in terms of orders and how we’re keeping up with that demand.

現在，我們可以在新 USA 和 Archrock 甚至合併 Archrock 之間，顯然可以追蹤該等式中外包方面的很大一部分在訂單方面的表現以及我們如何滿足這一需求。

Do you have any view or any color from your customer-owned orders and how those have been tracking? Just curious relative to this kind of mid-50 million horsepower fleet that we’ve got today, we can kind of track what the outsourced side is, but I’m just curious if you have any view or color on are your customer orders keeping up from a pace perspective to match where that demand seems to be headed?

您是否有客戶擁有的訂單的任何視圖或顏色以及這些訂單的追蹤情況？只是好奇相對於我們今天擁有的這種中型 5000 萬馬力的車隊，我們可以跟踪外包方面是什麼，但我只是好奇您是否對您的客戶有任何看法或看法從速度的角度來看，訂單是否跟上需求的發展方向？

Yeah. I think it is, Jim. I mean we don’t have any real data, but if you ask me what my answer is, I think that we’re, as an industry, losing market share to the in-sourced market today. And that’s driven by the DAC capital discipline in our industry, and we’re sitting here today saying, hey, we’re only going to spend X amount dollars a year on our growth CapEx.

是的。我想是的，吉姆。我的意思是我們沒有任何真實數據，但如果你問我的答案是什麼，我認為作為一個行業，我們今天的市場份額正在被內購市場奪走。這是由我們行業的 DAC 資本紀律推動的，我們今天坐在這裡說，嘿，我們每年只會在增長資本支出上花費 X 美元。

We have well in excess of that in opportunities to grow but we’re not going to deploy that capital and not spend our cash flows in that kind of meaningful way. And I think that you’re seeing that with the big public guys in this industry, pretty considerably. So if you had to ask me today, I’d say that us as an outsourced industry collectively, but we’re losing market share to the in-sourced industry today.

我們擁有遠遠超過這個數量的成長機會，但我們不會部署這些資本，也不會以這種有意義的方式花費我們的現金流。我認為你在這個行業的大公眾身上看到了這一點，相當多。因此，如果你今天問我，我會說我們是外包產業的總稱，但我們今天的市佔率正在被內包產業奪走。

Got it. Appreciate the color.

知道了。欣賞顏色。

Thanks, Jim.

謝謝，吉姆。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Morning, thank you for taking my questions. I would love to dig in a little bit more on the supply and demand outlook for compression over the medium and long-term. And Mickey, how long do you think this tightness will persist?

早安，謝謝你回答我的問題。我很樂意進一步深入研究中長期壓縮的供需前景。米奇，你認為這種緊張感會持續多久？

Hi. Good morning Theresa, thanks for joining us. I don’t know I think we have got many, many years of this type of history. So, we have got -- if you look at the demand side of the business and LNG plants coming on, that supply gas has to come from somewhere. You talk about AI and data center driven demand for power. I think that people are probably underestimating the power demand profile that’s coming towards us, too.

你好。早安，特蕾莎，感謝您加入我們。我不知道，我認為我們已經有很多很多年的這種歷史了。所以，如果你看看業務的需求方和即將動工的液化天然氣工廠，我們會發現，供應的天然氣必須來自某個地方。您談到了人工智慧和資料中心驅動的電力需求。我認為人們可能也低估了我們即將面臨的電力需求狀況。

With all of that demand, there are some really interesting stats out there that really are eye-opening. And you get estimates for what that power demand is going to be from anywhere from 10 Bcf to 18 Bcf a day. And if even if you are on the low side of that kind of demand profile, the supply of natural gas to feed that is going to be just extraordinary.

面對所有這些需求，有一些非常有趣的統計數據確實令人大開眼界。您可以估算出每天 10 Bcf 到 18 Bcf 之間的電力需求。即使你處於這種需求狀況的低位，滿足這種需求的天然氣供應將是非凡的。

And so we have been saying it for a year even before the AI and data center type of conversation has kind of become a buzzword in the industry. And I am not an expert to be able to predict power demand. But at the same time, what I do know is it’s going to require a lot of natural gas and more natural gas than what the US is producing today and that requires compression.

因此，甚至在人工智慧和資料中心類型的對話成為行業流行語之前，我們已經這樣說了一年了。而且我不是能夠預測電力需求的專家。但同時，我所知道的是，這將需要大量的天然氣，而且比美國目前生產的天然氣還要多，而且這需要壓縮。

I think at lower natural gas prices to the $2 range where they are at today, doesn’t feel like it’s economical to drill Haynesville wells. So, the majority of that natural gas in the short-term is going to have to come from oily basins like the Eagle Ford and the Permian Basin, where we have a great position, and it’s going to create long-term kind of stickiness of our revenues.

我認為，在天然氣價格較低至目前 2 美元的範圍內，在海恩斯維爾鑽探井並不經濟。因此，短期內大部分天然氣將必須來自伊格爾福特和二疊紀盆地等含油盆地，我們在這些盆地中擁有良好的地位，並且它將創造長期的天然氣產量我們收入的黏性。

We talk about the supply side. It’s -- we looked at you -- look at what’s happening in our industry years past and Century has made mistakes before of overbuilding equipment and having an oversupply in a time where you didn’t need it. This industry is not acting like that today. It’s a very well-behaved industry where -- I mean some people have increased their CapEx guidance for the year, that’s fine. That’s our priority, but it’s still not putting us in the situation as an industry where we are overbuilding.

我們談論供給側。我們關注的是過去幾年我們行業中發生的情況，Century 之前就犯過錯誤，即過度建造設備並在不需要的時候出現供應過剩。如今這個行業的表現並非如此。這是一個表現非常良好的行業——我的意思是有些人提高了今年的資本支出指導，這很好。這是我們的首要任務，但它仍然沒有讓我們陷入過度建設的行業境地。

I mean that’s -- again, I go back to the comments I made with Jim’s question that we are -- we have many, many more opportunities to grow than what we are committing to CapEx too. And I have a feeling that’s consistent with our competitors as well. And so we are in a position where we are really restricting the supply from the discipline that we are all showing collectively.

我的意思是，我再次回到我對吉姆問題所做的評論，我們有很多很多的成長機會，比我們對資本支出的承諾還要多。我的感覺也與我們的競爭對手一致。因此，我們確實限制了我們共同表現出的紀律的供應。

And I think that we are in an environment where demand is continually ramping up, and I think that we are probably underestimating what future demand looks like. And I think that this dynamic is set to have a runway that could last for a decade or two. It seems odd for me to say that, but it’s an amazing sort of dynamic today.

我認為我們正處於一個需求不斷增加的環境中，我認為我們可能低估了未來的需求。我認為這種動態將有一個可以持續一兩年的跑道。我這麼說似乎很奇怪，但今天這是一種令人驚奇的動態。

Got it. Thank you for that nuanced answer. And maybe going back to your comments about the many different avenues and trajection of growth. So with the CSI assets under your belt for four plus months at this point. And what is your view on the M&A landscape from here, given your position and fragmentation or lack thereof in the industry. What do you view as your role and position within the market in terms of M&A?

知道了。感謝您細緻入微的回答。也許回到你對許多不同的成長途徑和軌蹟的評論。至此，您已經掌握了 CSI 資產四個多月了。考慮到您在行業中的地位和分散性或缺乏分散性，您對併購前景有何看法？您認為您在併購市場中的角色和定位是什麼？

I think that we've got plenty to say grace over right now. And probably not in the short term going to be active in the M&A market. Probably a lot of hard-working employees at Kodiak that we're breathing a sigh of relief to hear that right now. But a we've got a lot of work left to do. I know that we've owned the CSI business for a quarter now. We've made tremendous progress. We're really excited about the synergy potential there.

我認為我們現在有很多事情要說恩典。短期內可能不會活躍於併購市場。也許科迪亞克的許多勤奮員工聽到這個消息都鬆了一口氣。但我們還有很多工作要做。我知道我們已經擁有 CSI 業務四分之一了。我們已經取得了巨大的進步。我們對那裡的協同潛力感到非常興奮。

But we have lots to do quite frankly, and we're a newly public company and our focus right now is inward looking, making sure that we deliver for shareholders, making sure that we're focused on our business and that we're building a strong foundation to continue to build on for the for to take advantage of that multi-decade runway that we talked about a minute ago.

但坦白說，我們還有很多事情要做，我們是一家新上市的公司，我們現在的重點是向內看，確保我們為股東提供服務，確保我們專注於我們的業務，並且我們正在建設為繼續利用我們剛才談到的數十年跑道奠定了堅實的基礎。

Thank you very much.

非常感謝。

Thank you, Theresa.

謝謝你，特蕾莎。

(Operator Instructions) Zack Van Everen, TPH & Co.

（操作員說明）Zack Van Everen，TPH & Co.

Hey, guys. Thanks for taking my question. Just going back to the comment on idled compression that you guys can refurbish and bring back to the market. Do you have a rough estimate of kind of time line and the amount of horsepower that might be?

嘿，夥計們。感謝您提出我的問題。回到關於閒置壓縮的評論，你們可以翻新並帶回市場。您對時間線和可能的馬力有粗略的估計嗎？

Yeah. Good morning Zack. Probably roughly, I think you are talking about like I said before, we are very highly utilized in the large horsepower type of segment of Op segment, but kind of portion of the fleet. So, I think the opportunity is probably maybe 30,000 horsepower or 40,000 horsepower over the next six months to nine months.

是的。早上好，扎克。大概粗略地說，我想你正在談論就像我之前說過的那樣，我們在營運部門的大馬力類型部門中利用率非常高，但只是機隊的一部分。所以，我認為未來六個月到九個月的機會可能是 30,000 匹馬力或 40,000 匹馬力。

And so pretty low impact of the dollars, but there is some opportunities to get some wins there and put some equipment back to work, and we are focused on doing that. Probably a little less sure about kind of the medium horsepower, that kind of 400 horsepower to 1,000 horsepower range, there might be another 40,000 horsepower or 50,000 horsepower available there that we might be able to redeploy those. Those opportunities are going to be a little bit fewer and farther in between.

因此，美元的影響相當小，但有一些機會在那裡取得一些勝利並使一些設備恢復工作，我們專注於這樣做。可能不太確定那種中等馬力，那種 400 馬力到 1,000 馬力的範圍，可能還有另外 40,000 馬力或 50,000 馬力可供我們重新部署。這些機會會越來越少，而且會越來越遠。

But I think that opportunity over the next year could present itself and we will have to -- that we will be able to take advantage of. And right now in the small horsepower range, which was where the bulk of the units are that are idle in the legacy CSI fleet -- it’s probably -- there is not a ton of demand in that range today. So, I think you have got some opportunities to continue to deploy in large, in the medium horsepower side.

但我認為明年的機會可能會出現，我們必須抓住機會。目前，在小馬力範圍內，也就是傳統 CSI 機隊中大部分閒置的設備所在的範圍（很可能），今天該範圍內的需求並不多。因此，我認為您有一些機會繼續在大型、中型馬力方面進行部署。

Got you. That's super helpful. And then maybe one on the compression side, we saw rates go up to close to $20 on monthly base, from just below $20 in Q1, I guess was this all just the kind of noise around CSI or were there also a decent amount of contract renewals that happened in Q2, that kind of brought this number up?

明白你了。這非常有幫助。然後也許是在壓縮方面，我們看到每月的費率從第一季度的略低於 20 美元上漲到接近 20 美元，我想這只是 CSI 周圍的噪音，還是還有相當數量的合約第二季度發生的續約是否導致了這個數字的上升？

Yeah. I mean I think there was -- it was both, to be honest with you, Zack. There were some good renewals that we had some success on renewal contracts and that kind of thing. I don’t have the numbers in front of me, but we did -- we kind of executed as expected there.

是的。我的意思是，我認為兩者都有，說實話，扎克。有一些很好的續約，我們在續約合約等方面取得了一些成功。我面前沒有這些數字，但我們有——我們按預期執行了。

And on the same side, CSI has a blended average as everybody kind of knows smaller horsepower equipment has a higher dollar per horsepower average revenue rate. And so blended in with our fleet because it’s a smaller kind of horsepower average per unit, it drives our revenue per horsepower up a little bit.

另一方面，CSI 具有混合平均值，因為每個人都知道較小馬力的設備每馬力平均收入率較高。由於它的單位馬力平均值較小，因此與我們的車隊融為一體，它使我們每馬力的收入略有增加。

And just to finish that thought, this is John, too, on that smaller horsepower. It has a higher revenue for horsepower because it carries a lower margin because labor and parts and pieces will be more expensive than in the small horsepower. The best returns will always come from that large horsepower business.

為了完成這個想法，這也是約翰，馬力較小。它的馬力收入較高，因為它的利潤較低，因為勞動力和零件比小馬力更貴。最好的回報永遠來自於大馬力的業務。

Perfect. Very helpful. Thanks, guys.

完美的。非常有幫助。謝謝，夥計們。

Thanks Zack.

謝謝扎克。

Selman Akyol, Stifel.

塞爾曼·阿克奧爾，史蒂菲爾。

Thank you. Good morning. So with deployments for 2025 pretty well set and you look out into 2026 and you talked about sort of half being electric today, would you expect that number to continue to move higher as you go into '26?

謝謝。早安.因此，隨著 2025 年的部署已經確定，展望 2026 年，您今天談到了一半是電動的，您是否認為進入 26 年後這個數字會繼續上升？

I would expect it to minimally stay the same. Yeah, I think it might drive up a little bit, but I would expect that it 2026 deployments would probably be at least that much on the electric side.

我希望它至少保持不變。是的，我認為它可能會增加一點，但我預計 2026 年的電力部署量可能會增加這麼多。

Understood. And then just kind of going back to the opportunity to refurbish some of the CSI fleet. Again, electric doesn't work everywhere and works better on the smaller horsepower. Is there an opportunity to take those units and convert those over to electric and redeploy them.

明白了。然後我們又回到了翻新部分 CSI 機隊的機會。再次強調，電動車並非在所有地方都適用，在較小的馬力下效果更好。是否有機會將這些設備轉換為電動設備並重新部署。

There could be. Potentially that’s going to be a capital allocation decision that we want to -- that we are going to have to make if we want to spend the capital on converting smaller part of electric or spend that capital on deploying large horsepower stuff.

可能有。這可能是我們想要的資本配置決定——如果我們想將資本用於轉換較小部分的電力或將資本用於部署大馬力的設備，我們就必須做出這個決定。

So, there is an opportunity, I think that we will probably explore the -- whether or not we want to be in that small horsepower electric type of business. I think there is a market out there, but I think that, that’s not traditionally been our focus and has traditionally been our strategy, so we need to discuss that going forward.

因此，我認為我們可能會探索一個機會，無論我們是否想從事小馬力電動類型的業務。我認為那裡有一個市場，但我認為，這不是我們傳統上關注的焦點，也一直是我們的策略，所以我們需要繼續討論這個問題。

Got it. And then I guess just one last one, and I am thinking about this losing market share to the companies themselves. And I guess in part of that, just they are also seeing this longer runway that you are referring to in terms of the need for compression and therefore, they are willing to commit the capital and think that they are going to own those units for 20-plus years.

知道了。然後我想只有最後一個，我正在考慮公司本身失去市場份額的情況。我想部分原因是他們也看到了你所指的壓縮需求更長的跑道，因此他們願意投入資金並認為他們將擁有這些單位 20 -加上多年。

Well, I think that if they had access to outsource a lot of that equipment, they would, but they are just in, the company is out there spending the capital to buy it they can outsource it to. This is a -- I have talked about it before, pretty extensively that I think everybody in this industry has drastically underestimated the amount of compression it takes to produce Permian oil and gas.

好吧，我認為，如果他們能夠外包大量設備，他們會的，但他們只是進入，公司正在花費資金購買他們可以外包的設備。這是——我之前已經非常廣泛地討論過，我認為這個行業的每個人都大大低估了生產二疊紀石油和天然氣所需的壓縮量。

And it takes traditionally 3 to 4 times more horsepower than it takes to produce conventional reservoir type of basin resources. And that’s what a lot of what is causing this tremendous tightness in our market. We have got the highest kind of combined utilization that we have ever had, especially in the large horsepower segment here industry-wide.

傳統上，它需要比生產傳統水庫類型盆地資源多出 3 至 4 倍的馬力。這就是造成我們市場極度緊張的主要原因。我們獲得了有史以來最高的綜合利用率，特別是在全行業的大馬力領域。

And so we think a lot of it is -- and it just takes more horsepower, horsepower is more expensive today. So, everybody is dollar of CapEx doesn’t go as far as it used to and buys less horsepower. So, all of these things kind of translate into producers and mid streamers are kind of forced to in-source more than they probably traditionally would like to. And it’s taken a tremendous amount of horsepower to produce what this country is producing in the oil and gas market because of the Permian effect.

所以我們認為很多都是——它只是需要更多的馬力，而今天的馬力更貴。因此，每個人的資本支出並沒有像以前那麼高，購買的馬力也減少了。因此，所有這些事情都會轉化為製作人和中流媒體被迫內購比他們傳統上想要的更多的資源。由於二疊紀效應，這個國家在石油和天然氣市場上生產的產品需要大量的馬力來生產。

I will also finish that thought, too. It’s very easy to track the public companies in terms of what we are adding to the market, and we all are talking about capital discipline. We have said a lot in our presentations and in our meetings on the private side, you have seen in our slide where we kind of list a lot of the competitors, it’s a capital-intensive business. That’s more expensive and harder to come by than ever. The industry, the customer base is consolidating.

我也將完成這個想法。根據我們向市場添加的內容來追蹤上市公司是非常容易的，而且我們都在談論資本紀律。我們在簡報和私人會議中說了很多，你在我們的幻燈片中看到了，我們列出了很多競爭對手，這是一項資本密集型業務。這比以往任何時候都更昂貴、更難實現。產業、客戶群正在鞏固。

It’s very difficult for startups to get business with the large majors and large independents that now control the majority of the acreage in the Permian. It’s just a different calculus. And so we do believe that, that 75%, 80% of the public companies control is really where most of the growth is coming from in the industry, too, which again leads us back to the operators out of necessity, the customers had a necessity are investing in their own horsepower.

對於新創公司來說，與目前控制二疊紀盆地大部分面積的大型專業公司和大型獨立公司開展業務非常困難。這只是一種不同的演算。因此，我們確實相信，75％、80％的上市公司控制權實際上也是該行業大部分增長的來源，這再次使我們出於必要而回到運營商，客戶有一個必要性正在投資自己的馬力。

Got it. Thank you very much.

知道了。非常感謝。

Thanks, Selman.

謝謝，塞爾曼。

Thank you. And there are no further questions at this time. I'll hand the floor back to management for closing remarks.

謝謝。目前沒有其他問題。我將把發言權交還給管理階層作結束語。

Thank you, operator, and thanks to everyone today participating in our call. We look forward to speaking with you again after we report our results for third quarter. Bye.

謝謝接線員，也感謝今天參與我們通話的所有人。我們期待在報告第三季業績後再次與您交談。再見。

This concludes today's conference. All parties may disconnect. Have a good day.

今天的會議到此結束。所有各方都可以斷開連接。祝你有美好的一天。