Kodiak Gas Services Inc (KGS) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Kodiak Gas Services second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Kodiak Gas Services 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Graham Sones, Vice President, Investor Relations. Please go ahead.

現在我很高興介紹投資者關係副總裁 Graham Sones。請繼續。

Good morning, and thank you for joining us for the Kodiak Gas Services conference call and webcast to review second quarter 2025 results. Participating from the company today are Mickey McKee, President and Chief Executive Officer; and John Griggs, Executive Vice President and Chief Financial Officer.

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廣播，回顧 2025 年第二季的業績。今天參加會議的公司人員包括總裁兼執行長 Mickey McKee 和執行副總裁兼財務長 John Griggs。

Following my remarks, Mickey and John will discuss our financial and operating results, review our updated 2025 guidance, and then we'll open up the call for Q&A. There will be a replay of today's call available via webcast and also by phone until August 21, 2025. Information on how to access the replay can be found on the Investors tab of our website at kodiakgas.com.

在我發言之後，米奇和約翰將討論我們的財務和經營業績，審查我們更新後的 2025 年指引，然後我們將開始問答環節。今天的電話會議將透過網路直播和電話重播，有效期至 2025 年 8 月 21 日。有關如何存取重播的資訊可以在我們網站 kodiakgas.com 的「投資者」標籤上找到。

Please note that information reported on this call speaks only as of today, August 7, 2025, and therefore, you're advised that such information may no longer be accurate as of the time of any replay listening or transcript reading.

請注意，本次通話中報告的資訊僅截至今天（2025 年 8 月 7 日）有效，因此，請注意，此類資訊在重播或閱讀記錄時可能不再準確。

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.

儘管我們認為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，並且管理層無法保證此類陳述或預期將被證明是正確的。

The comments 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.

今天的評論還將包括某些非公認會計準則財務指標。昨天的收益報告中包含了與最具可比性的 GAAP 指標的詳細資訊和對賬，您可以在我們的網站上找到。

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

現在我想把電話轉給 Kodiak 總裁兼執行長 Mickey McKee 先生。米奇？

Thanks, Graham, and thank you all for joining us today. We began all meetings at Kodiak with a safety topic. The tragic events this summer in the Texas Hill Country struck close to home and deeply impacted many of our employees, friends and colleagues in the industry.

謝謝，格雷厄姆，也謝謝大家今天加入我們。我們在科迪亞克的所有會議都是以安全話題開始的。今年夏天在德州丘陵地區發生的悲劇為我們帶來了深遠的影響，並深深影響了我們許多員工、朋友和業內同事。

Our thoughts and prayers continue to be with those impacted as they recover and they heal from this tragedy. While the extent of the devastation was difficult to grasp, it was heartening to see our nation and our state rally behind the affected communities. And I want to personally thank the Kodiak employees who volunteered their time and resources to assist with the recovery efforts.

我們的思念和祈禱將繼續伴隨著那些受到影響的人，希望他們能夠從這場悲劇中康復。雖然災難的嚴重程度難以估量，但看到我們的國家和我們的州團結起來支持受災社區，還是令人欣慰的。我要親自感謝科迪亞克員工，他們自願貢獻時間和資源協助復原工作。

Before we get to our strong financial results, I want to start by discussing two recent developments that we think are very positive for our shareholders. First is the $100 million increase to our share repurchase program that we announced yesterday. Since our initial stock repurchase in September of 2024, we bought back about 2 million shares at an average price of just over $30.

在我們獲得強勁的財務表現之前，我想先討論一下我們認為對股東非常有利的兩項最新發展。首先是我們昨天宣布的股票回購計畫增加 1 億美元。自 2024 年 9 月首次回購股票以來，我們以平均略高於 30 美元的價格回購了約 200 萬股。

Given the current stock price and the remaining availability on our previous repurchase authorization, the Board thought it would be prudent to increase and extend the program. The meaningful step-up in our share repurchase program reflects our confidence in the company's strategy, the demand outlook for contract compression and natural gas and underscores Kodiak's commitment to returning capital to shareholders.

考慮到目前的股價和我們先前回購授權的剩餘可用性，董事會認為增加和延長該計劃是明智之舉。我們股票回購計畫的顯著增加反映了我們對公司策略、合約壓縮和天然氣需求前景的信心，並強調了科迪亞克向股東返還資本的承諾。

Second, we were very pleased to learn last week that Kodiak was added to the S&P Small Cap 600 Index as of yesterday. This is a significant milestone as it highlights the strength of the company's business strategy and our commitment to highly profitable growth. The inclusion in the index will increase Kodiak's visibility in the investment community and enhance shareholder value over the long term. We're honored to be included.

其次，我們非常高興地獲悉，上週 Kodiak 自昨天起被納入標準普爾小型股 600 指數。這是一個重要的里程碑，因為它凸顯了公司業務策略的實力以及我們對高利潤成長的承諾。納入該指數將提高科迪亞克在投資界的知名度，並長期提升股東價值。我們很榮幸被納入其中。

Next, I'd like to discuss a few macro themes in the compression space. Large horsepower compression remains in high demand as reflected on our fourth consecutive quarter since the CSI acquisition of increases in fleet utilization and Contract Services adjusted gross margin. For the second quarter, our utilization ticked up to over 97% for the fleet with our large horsepower being effectively fully utilized at over 99%.

接下來，我想討論壓縮領域的一些宏觀主題。大馬力壓縮機的需求仍然很高，這反映在我們自 CSI 收購以來連續第四個季度的車隊利用率和合約服務調整後的毛利率增加。第二季度，我們的車隊利用率上升至 97% 以上，其中大馬力的有效利用率超過 99%。

Furthermore, less than 10% of our operating fleet was on month-to-month contracts at the end of the quarter. One of the many driving forces behind the continued demand for large horsepower compression is the steadily growing natural gas volumes in the Permian, driven by consistent production growth and increasing gas-to-oil ratios. In fact, one of our largest Permian producers recently stated it plans to increase Permian production by over 40% by 2030. Multiple other customers have stated in their second quarter earnings calls that they see short and long-term gas volume growth coming out of the Permian Basin.

此外，截至本季末，我們營運的車隊中只有不到 10% 簽訂了按月租賃合約。持續推動大馬力壓縮機需求的眾多驅動力之一是二疊紀天然氣產量的穩定成長，這得益於產量的持續成長和氣油比的不斷提高。事實上，我們最大的二疊紀生產商之一最近表示，計劃在 2030 年將二疊紀產量提高 40% 以上。其他多家客戶在第二季財報電話會議上表示，他們預計二疊紀盆地的天然氣產量將在短期和長期內成長。

As has been reported in numerous industry sources, Permian producers are shifting to deeper, gassier development zones in both the Midland and Delaware Basins. According to a recent Enverus report, despite initially having much higher oil cuts, mature Midland Basin wells are now starting to compete with Delaware wells on a GOR basis. This dynamic is helping drive strong year-over-year increases in Permian gas production.

根據眾多業內人士報道，二疊紀生產商正轉向米德蘭盆地和特拉華盆地更深、含氣量更高的開發區。根據 Enverus 最近的一份報告，儘管最初的含油量要高得多，但成熟的米德蘭盆地油井現在開始在氣油比方面與特拉華油井競爭。這種動態有助於推動二疊紀天然氣產量逐年強勁成長。

The industry is well aware of this dynamic as reflected by the over 4.5 Bcf per day of incremental Permian natural gas pipeline takeaway projects, which are expected to come online between now and the end of the year in 2026.

業界非常清楚這一動態，二疊紀天然氣管道輸送計畫日產量超過 45 億立方英尺就反映了這一點，預計這些計畫將從現在到 2026 年底投入使用。

The outlook for natural gas remains robust as well with Golden Pass LNG's first LNG train reported to begin operations in the fourth quarter of this year. Further, we've seen multiple significant LNG gas purchase contracts announced over the last three months, supporting the potential for expansion at existing LNG terminals.

據報道，Golden Pass LNG 的第一列液化天然氣列車將於今年第四季開始運營，天然氣前景依然強勁。此外，我們看到過去三個月內宣布了多個重要的液化天然氣購買合同，支持了現有液化天然氣終端的擴建潛力。

Lastly, we expect the recent trade deal with the European Union, where they have agreed to purchase $750 billion in US energy products to also further support the build-out of LNG export facilities along the Gulf Coast.

最後，我們預計最近與歐盟達成的貿易協定也將進一步支持墨西哥灣沿岸液化天然氣出口設施的建設，歐盟同意購買價值 7,500 億美元的美國能源產品。

Given the favorable long-term market dynamics for natural gas, our customers continue to order new large horsepower compression units to help optimize the development of their assets. To-date, we have contracted a significant amount of our expected 2026 capital expenditures on new horsepower in line with our growth expectations for the year.

鑑於天然氣長期良好的市場動態，我們的客戶繼續訂購新的大馬力壓縮機組，以幫助優化其資產的開發。到目前為止，我們已簽訂了預計 2026 年新馬力資本支出的很大一部分，符合我們對今年的成長預期。

The combination of strong natural gas growth, along with uncertainty in oil prices is offering some unique opportunities to partner with our customers and in some cases, consolidate working horsepower. One example is that we recently worked with an investment-grade rated E&P company on the installation of a new compressor station, which will ultimately feature over 25,000 horsepower of electric motor-driven compression at the location.

天然氣的強勁成長和油價的不確定性為我們與客戶合作提供了一些獨特的機會，在某些情況下，還可以鞏固工作能力。例如，我們最近與一家投資級 E&P 公司合作安裝了一個新的壓縮機站，最終將配備超過 25,000 馬力的電動馬達驅動壓縮機。

Our customer asked that if -- that we own half of the new units with the customer owning the other half, allowing them to preserve capital. Kodiak will also operate the customer-owned units alongside the Kodiak units, providing a value-added service to the customer. We've already agreed to a similar but larger project for the same customer in 2026 and are in the process of developing several other comparable opportunities, both for electric motor-driven and natural gas-driven compression.

我們的客戶詢問，如果我們擁有一半的新單位，而客戶擁有另一半，那麼他們就可以保留資本。科迪亞克也將與科迪亞克單位一起經營客戶自有單位，為客戶提供增值服務。我們已經同意在 2026 年為同一客戶開展一個類似但規模更大的項目，並且正在開發其他幾個類似的機會，包括電動馬達驅動和天然氣驅動的壓縮。

In addition to jointly partnering on some projects, we have also executed some small transactions to acquire compressors under contract that fit nicely in our existing footprint and will positively impact our third quarter growth in revenue-generating horsepower.

除了在一些專案上進行聯合合作之外，我們還進行了一些小型交易，根據合約購買壓縮機，這些壓縮機非常適合我們現有的業務範圍，並將對我們第三季度創收馬力的成長產生積極影響。

Now turning to our second quarter 2025 results. Kodiak's business model delivers consistent growth and an improving margin profile, allowing us to once again set new records in adjusted EBITDA and free cash flow with strong growth in net income and earnings per share. We also sequentially increased last quarter's high watermark in discretionary cash flow.

現在來看看我們 2025 年第二季的業績。Kodiak 的商業模式實現了持續成長和利潤率的提高，使我們能夠再次創下調整後 EBITDA 和自由現金流的新紀錄，淨收入和每股盈餘也實現了強勁增長。我們也連續增加了上個季度可自由支配現金流的最高水位。

Our leverage ratio continues to tick lower, hitting a new all-time low of 3.6 times as of June 30. These record-setting results were driven by our stable fixed revenue model, outstanding execution on contract renewals, cost management, operational efficiency and new unit growth. Along with outstanding financial results, we continue to return capital to shareholders and bought back approximately $10 million in stock in Q2 '25 and declared a well-covered quarterly dividend of $0.45 per share.

我們的槓桿率持續走低，截至6月30日創下3.6倍的歷史新低。這些創紀錄的業績得益於我們穩定的固定收入模式、出色的合約續約執行、成本管理、營運效率和新單位成長。除了出色的財務表現外，我們還繼續向股東返還資本，並在 2025 年第二季度回購了約 1,000 萬美元的股票，並宣布每股 0.45 美元的季度股息。

Next, let's dive into some operational highlights. We finished the quarter with an average revenue-generating horsepower per unit of 952, a figure that has increased every quarter since we closed the CSI acquisition.

接下來，讓我們深入了解一些營運亮點。本季結束時，我們每單位的平均創收馬力為 952，自我們完成 CSI 收購以來，這一數字每季都在成長。

We added approximately 32,000 new unit horsepower that averaged more than 1,800 horsepower per unit. Approximately half of the new units were driven by electric motors. We also executed several transactions as we continue our trust strategy to high-grade our fleet. In the quarter, we divested approximately 35,000 horsepower of noncore, mostly small horsepower, low-margin aged units.

我們增加了約 32,000 單位馬力，平均每單位馬力超過 1,800 匹馬力。大約一半的新裝置由電動馬達驅動。我們也執行了幾筆交易，繼續實施信託策略來提升我們的船隊水準。本季度，我們剝離了約 35,000 匹馬力的非核心機組，其中大部分是小馬力、低利潤的老舊機組。

Next, let's discuss our recontracting efforts. As I previously discussed, the market dynamics for large horsepower compression remain extremely favorable. That is highly visible as we once again recontracted a significant amount of horsepower, almost 0.5 million horsepower in the second quarter at rates that are above our current fleet average.

接下來，我們來討論一下我們的重新承包工作。正如我之前所討論的，大馬力壓縮機的市場動態仍然非常有利。這一點非常明顯，因為我們再次續簽了大量馬力，第二季幾乎有 50 萬馬力，速度高於我們目前車隊的平均速度。

Given strong customer demand, very high utilization and disciplined decision-making by the contract compression industry, pricing conversations with customers continue to be constructive. These dynamics are driving the positive progress on our Contract Services adjusted gross margin.

鑑於強勁的客戶需求、極高的利用率以及合約壓縮行業的嚴謹決策，與客戶的定價對話繼續具有建設性。這些動態正在推動我們的合約服務調整後毛利率取得積極進展。

Kodiak's Contract Services adjusted gross margin set a new record at 68.3%, a 430-basis point increase compared to the second quarter of 2024. In addition to the previously discussed revenue growth and fleet optimization efforts, we're starting to see the cost benefits of several technology investments.

科迪亞克合約服務調整後的毛利率創下 68.3% 的新紀錄，與 2024 年第二季相比增加了 430 個基點。除了先前討論的收入成長和車隊優化工作之外，我們還開始看到幾項技術投資的成本效益。

Kodiak's Fleet Reliability Center actively monitors our compression units on a remote real-time basis. Paired with the use of industrial artificial intelligence and machine learning algorithms, our technology platform is helping us with the early detection of part failures while extending maintenance intervals. The result of these activities is lower costs and more proactive rather than reactive asset management. The utilization of real-time equipment monitoring, along with other improvements, allowed us to realize a sequential decrease in repair costs this quarter.

科迪亞克的車隊可靠性中心透過遠端即時方式主動監控我們的壓縮裝置。結合工業人工智慧和機器學習演算法的使用，我們的技術平台可以幫助我們及早發現零件故障，同時延長維護間隔。這些活動的結果是降低成本，並使資產管理更加主動而不是被動。即時設備監控的利用以及其他改進使我們本季的維修成本實現了連續下降。

Speaking of investing in technology, our rollout of a new enterprise software solution went live on August 1, and we're successfully operating in the new system today. The system consolidates several legacy systems and help streamline business operations and enhance operational efficiency.

說到技術投資，我們在 8 月 1 日推出了新的企業軟體解決方案，目前我們已經在新系統中成功運作。該系統整合了多個遺留系統，有助於簡化業務運作並提高營運效率。

I'd like to thank all of the men and women at Kodiak who invested so much of their time and energy into this important implementation project. We view this as the final step in what has been a wonderfully executed CSI integration that delivered financial synergies that far exceeded expectations.

我要感謝科迪亞克的所有員工，他們為這個重要的實施計畫投入了大量的時間和精力。我們認為這是 CSI 整合的最後一步，整合執行得非常出色，產生的財務協同效應遠遠超出了預期。

Now I'd like to turn to the outlook for the remainder of 2025. Our Contract Services segment continues to deliver predictable and strong results, and we expect more of the same for the remainder of the year. New unit growth in the third quarter is going to be higher than originally expected and considerably above Q2 due to the timing of deliveries.

現在我想談談 2025 年剩餘時間的展望。我們的合約服務部門繼續提供可預測的強勁業績，我們預計今年剩餘時間將有更多類似的業績。由於交貨時間的原因，第三季新車銷售成長將高於最初的預期，並大幅高於第二季。

Additionally, since the end of the second quarter, we've acquired approximately 30,000 working horsepower, a portion of which we were previously servicing as part of our contract operations business and the rest were units with a customer that tuck in nicely in an area where we have existing operations. As a result of this, we have incrementally raised the midpoint of our adjusted EBITDA guidance through an increase in the midpoint of Contract Services revenue and adjusted gross margin, resulting in an incrementally higher discretionary cash flow outlook.

此外，自第二季末以來，我們已獲得約 30,000 馬力的工作功率，其中一部分是我們之前作為合約營運業務的一部分提供服務的，其餘部分是客戶的單位，可以很好地容納在我們現有運營的地區。因此，我們透過提高合約服務收入和調整後毛利率的中點，逐步提高了調整後 EBITDA 指引的中點，從而逐步提高了可自由支配現金流前景。

The Other Services segment is inherently less predictable as the timing of a few projects can significantly move the needle. During the second quarter, we wrapped up a couple of projects where we significantly outperformed our margins. We're scheduled to begin work on some quality new projects late in Q3 and into 2026. We anticipate revenues for Q3 in this segment to be fairly comparable to Q2 and margins to be more in line with our guidance. Taking this into account, we revised our outlook for revenue for the rest of the year for Other Services.

其他服務部門本質上不太可預測，因為一些專案的時間表可能會產生重大影響。在第二季度，我們完成了幾個項目，其利潤率大大超出預期。我們計劃在第三季末至 2026 年開始進行一些優質的新專案。我們預計該部門第三季的營收將與第二季相當，利潤率將更符合我們的預期。考慮到這一點，我們修改了今年剩餘時間其他服務的收入預期。

Furthermore, we continue to make great progress on our committed capital plan for next year. We've contracted much of our new unit capital at top-tier rates and expect to fill out the remaining budget by year-end. And lastly, we significantly increased and extended our stock repurchase program.

此外，我們在明年承諾的資本計劃方面繼續取得重大進展。我們已經以最高利率簽訂了大部分新單位資本，並預計在年底前填滿剩餘的預算。最後，我們大幅增加並延長了股票回購計畫。

Now I'll pass the call to John Griggs to further discuss our financial results and our updated guidance for the year. John?

現在我將電話轉給約翰·格里格斯，進一步討論我們的財務表現和今年的最新指導。約翰？

Thanks, Mickey. While the energy landscape is constantly changing, we remain focused on what we can control, and we delivered another quarter of solid financial performance and great execution all around. As evidence of that, adjusted EBITDA for the second quarter was $178.2 million, a 15% increase versus last year's second quarter results.

謝謝，米奇。儘管能源格局不斷變化，我們仍然專注於我們能夠控制的事情，並且我們又一個季度取得了穩健的財務業績和出色的執行力。作為證據，第二季調整後的 EBITDA 為 1.782 億美元，比去年第二季的業績成長了 15%。

From a segment perspective, for the second quarter, we achieved strong year-over-year revenue growth of over 6% in Contract Services. In Contract Services, revenue per ending horsepower was $22.77 this quarter, a nice uplift sequentially and versus the same quarter last year.

從細分市場來看，第二季度，我們的合約服務收入年增超過 6%。在合約服務方面，本季每馬力收入為 22.77 美元，與上一季和去年同期相比均有大幅成長。

Relative to Q2 of '24, we increased our Contract Services adjusted gross margin percentage by 430 basis points to 68.3%. This significant increase in margin reflects the success we've realized in achieving higher average pricing alongside the progress we made in both high-grading our fleet and deploying new technology.

相對於 24 年第二季度，我們將合約服務調整後的毛利率提高了 430 個基點，達到 68.3%。利潤率的大幅成長反映了我們在實現更高平均定價方面的成功，以及我們在提昇機隊品質和部署新技術方面取得的進展。

In our Other Services segment, we generated higher-than-expected gross margins on revenues of approximately $29 million.

在我們的其他服務部門，我們的收入約為 2900 萬美元，毛利率高於預期。

SG&A, net of noncash items for the quarter was $28.8 million, up from Q1 and in line with a more normalized level going forward. We reported net income attributable to common shareholders of $39.5 million or $0.43 per fully diluted share for Q2, a significant increase from the $6.2 million and $0.06 per share we earned in Q2 of '24.

銷售、一般及行政費用，本季非現金項目淨額為 2,880 萬美元，高於第一季度，並與未來更正常的水平保持一致。我們報告稱，第二季歸屬於普通股股東的淨利潤為 3,950 萬美元，即每股攤薄收益 0.43 美元，較 2024 年第二季的 620 萬美元和每股 0.06 美元大幅增長。

Growth CapEx for the quarter was just under $38 million, consisting primarily of new unit CapEx for the 32,000 new unit horsepower. While growth CapEx was down from Q1, we attribute this to timing as some deliveries moved to Q3.

本季的成長資本支出略低於 3,800 萬美元，主要包括 32,000 匹馬力新單位資本支出。雖然成長資本支出較第一季有所下降，但我們認為這是由於時間因素，因為部分交付轉移到了第三季。

We're still on track to add roughly 150,000 in new unit horsepower over the course of 2025. And that's before the 30,000 horsepower of working units we've acquired in Q3 that Mickey highlighted earlier and that fit within our existing growth CapEx guidance.

我們仍有望在 2025 年期間增加約 15 萬單位馬力的新動力。這是在我們於第三季度獲得的 30,000 馬力工作單元之前的數據，Mickey 之前強調過，這符合我們現有的成長資本支出指導。

Other CapEx was $16 million for the quarter. As we previously noted, other CapEx is front-half weighted in 2025, and we expect it to come down significantly in Q3 and beyond. Growth in other CapEx were partially offset by about $8 million in proceeds related to the divestiture of noncore horsepower.

本季其他資本支出為 1600 萬美元。正如我們之前所指出的，其他資本支出在 2025 年的前半部分佔比較大，我們預計它將在第三季及以後大幅下降。其他資本支出的成長被非核心馬力剝離相關的約 800 萬美元收益部分抵消。

Maintenance CapEx for the quarter was approximately $18 million, consistent with our expectations. Discretionary cash flow came in at $116 million, up substantially from the $91 million generated in the same quarter of last year, and free cash flow was $70 million, another company record.

本季維護資本支出約 1800 萬美元，符合我們的預期。可自由支配現金流達到 1.16 億美元，較去年同期的 9,100 萬美元大幅成長，自由現金流達到 7,000 萬美元，再次創下公司紀錄。

With regard to the balance sheet, the record free cash flow, combined with improved working capital management, including a $29 million quarter-over-quarter reduction in accounts receivable, allowed us to pay down approximately $48 million in debt in Q2. We ended the quarter with just under $2.6 billion in debt, and as Mickey highlighted earlier, exited the quarter at 3.6 times credit agreement leverage.

就資產負債表而言，創紀錄的自由現金流加上改善的營運資本管理（包括應收帳款季減 2,900 萬美元）使我們在第二季償還了約 4,800 萬美元的債務。本季末，我們的債務略低於 26 億美元，正如 Mickey 先前所強調的那樣，本季末我們的信用協議槓桿為 3.6 倍。

Last, we declared a dividend of $0.45 per share. As a reminder, even after growing our dividend by approximately 10% earlier this year, our dividend is extremely well covered at 2.9 times.

最後，我們宣布每股股利 0.45 美元。提醒一下，即使今年早些時候我們的股息增加了約 10%，我們的股息覆蓋率仍然非常高，達到 2.9 倍。

Let's turn to guidance. I'll remind everyone that our new compression units in 2025 are fully contracted, which, combined with the contracted nature of our existing compression fleet leads to stable and predictable cash flow.

讓我們轉向指導。我要提醒大家，我們 2025 年的新壓縮機組已經完全簽約，再加上我們現有壓縮機組的簽約性質，可以帶來穩定且可預測的現金流。

Based on the trends we're seeing in fleet pricing and our outlook for growth in revenue-generating horsepower, we increased the low end of our revenue outlook for Contract Services by $10 million and increased that segment's adjusted gross margin percentage to 67% to 69%, a bump to both the low and high end of our prior range.

根據我們看到的車隊定價趨勢和對創收馬力增長的展望，我們將合約服務收入預期的低端提高了 1000 萬美元，並將該部門的調整後毛利率百分比提高到 67% 至 69%，與我們之前範圍的低端和高端相比都有所提升。

Given the timing of project starts, we reduced our revenue forecast for Other Services to between $120 million and $140 million. However, we left the outlook for adjusted gross margin percentage unchanged.

考慮到專案啟動的時間，我們將其他服務的收入預測下調至 1.2 億美元至 1.4 億美元之間。然而，我們維持調整後毛利率百分比的預期不變。

For capital spending, our prior guidance remains unchanged. And as I mentioned earlier, that's even after purchasing nearly 30,000 of working horsepower during Q3.

對於資本支出，我們之前的指導保持不變。正如我之前提到的，這還是在第三季度購買了近 30,000 馬力的工作引擎之後。

The recent passage of the one big beautiful bill increases certain tax deductions on CapEx and interest, which were applicable to Kodiak. Our analysis suggests this new legislation will reduce our cash tax burden by roughly $60 million over the next five years. Given our results to-date and the expectation of lower cash taxes, we increased our discretionary cash flow guidance to a range of $445 million to $465 million.

最近通過的一項重要法案增加了對資本支出和利息的某些稅收減免，這些減免適用於科迪亞克。我們的分析表明，這項新立法將在未來五年內減少我們的現金稅負擔約 6,000 萬美元。鑑於我們迄今為止的業績以及現金稅降低的預期，我們將可自由支配的現金流量指引提高至 4.45 億美元至 4.65 億美元之間。

To summarize, we made a lot of progress on several key initiatives this quarter. Our primary value driver, the Contract Services segment continues to deliver smooth and steady growth in profits. This provides further evidence of the success of Kodiak's business strategy, namely best-in-class US-focused large horsepower contract compression and related services.

總而言之，本季我們在幾項關鍵措施上取得了巨大進展。我們的主要價值驅動力－合約服務部門持續實現利潤平穩成長。這進一步證明了科迪亞克商業策略的成功，即一流的以美國為中心的大馬力合約壓縮和相關服務。

Finally, we continue to deliver on our winning formula of reinvesting in the business to grow organically, returning cash to shareholders through an attractive and growing dividend and opportunistically reducing our share count through an active stock repurchase program.

最後，我們繼續實踐我們的成功秘訣，即對業務進行再投資以實現有機增長，透過有吸引力且不斷增長的股息向股東返還現金，並透過積極的股票回購計劃適時減少我們的股票數量。

With that, I'll hand it back to Mickey.

說完這些，我就把它交還給米奇。

Thanks, John. Our stable recurring cash flow business model is performing well in the current environment. Demand for contract compression remains strong as reflected in our pricing power and revenue growth. We're adding new large horsepower units and capitalizing on opportunities to add existing working horsepower to our fleet as well as divest noncore underutilized small horsepower units.

謝謝，約翰。我們穩定的經常性現金流業務模式在當前環境下表現良好。我們的定價能力和營收成長反映出對合約壓縮的需求仍然強勁。我們正在增加新的大馬力機組，並利用機會為我們的車隊增加現有的工作馬力，以及剝離非核心的未充分利用的小馬力機組。

These strategic decisions have helped us set new financial records in several key metrics, allowing us to once again increase margins and deliver growth in earnings per share, positioning us to continue to reward our shareholders for their investment in Kodiak.

這些策略決策幫助我們在幾個關鍵指標上創下了新的財務記錄，使我們能夠再次提高利潤率並實現每股收益成長，使我們能夠繼續回報股東對科迪亞克的投資。

Thanks for your participation today, and now we're happy to open up the line for questions. Operator?

感謝您今天的參與，現在我們很高興開放提問熱線。操作員？

(Operator Instructions) Jim Rollyson, Raymond James.

（操作員指示）Jim Rollyson，Raymond James。

Nice quarter, and thanks for all the outlook commentary, Mickey. I'd like to dig in on that a little bit. Your comments around the gas market, the Permian, et cetera, certainly jive with what we've heard and our work on kind of from beginning of the year to now on electricity growth driven by all this data center investment that continues to actually ramp higher and the LNG permitted capacity, new permits have been added to where that outlook over the next five years seems like it's gone up. And obviously, the oil macro has been weak and the stock has not acted great from where we were in the early part of the year.

這是一個不錯的季度，感謝米奇的所有展望評論。我想深入探討一下這個問題。您對天然氣市場、二疊紀盆地等的評論肯定與我們所聽到的以及我們從年初到現在所做的工作相一致，即在所有這些數據中心投資的推動下，電力增長實際上持續走高，液化天然氣的許可容量和新許可證也不斷增加，未來五年的前景似乎有所上升。顯然，石油宏觀經濟一直疲軟，股票表現與今年初相比並不理想。

I'm curious what your view is of the disconnect between what's going on in the ground versus what investor sentiment seems to be.

我很好奇，您對實際發生的情況與投資者情緒之間的脫節有何看法。

Jim, I appreciate you joining us this morning and asking the question. I mean, it's an interesting topic, right? Like I think that -- the interesting part about it is there seems to be just that disconnect between what investor sentiment looks -- thinks is going on really in the Permian Basin and what the reality is.

吉姆，感謝您今天早上加入我們並提出這個問題。我的意思是，這是一個有趣的話題，對吧？就像我認為的那樣——有趣的是，投資者情緒看起來似乎存在脫節——認為二疊紀盆地真正發生的事情與現實情況之間存在脫節。

And I think a lot of it is the difference between the producers and what they have to do with their gas versus oil growth, right? And so I think there's a lot of people that attribute oil growth to compression demand, and there's really a difference there between the gas growth and the oil growth in the Permian Basin.

我認為這在很大程度上是生產商之間的差異以及他們與天然氣和石油成長的關係，對嗎？因此，我認為許多人將石油成長歸因於壓縮需求，但二疊紀盆地的天然氣成長和石油成長之間確實存在差異。

So I think that's kind of where it stems from. And so even in a choppy oil price commodity market, we're kind of bifurcated from that because the demand for large horsepower compression is continuing to grow because of the gas growth out of the Permian Basin.

所以我認為這就是它的起源。因此，即使在石油價格波動的商品市場中，我們也處於分歧之中，因為隨著二疊紀盆地天然氣產量的增長，對大馬力壓縮的需求持續增長。

Appreciate that. And maybe switching gears on margins a little bit. You had best margins you've had in a long time, maybe ever, raised your margin guidance a bit. As we think about this going forward, your pricing kind of continues to trend up.

非常感謝。並且可能稍微改變一下利潤率。您的利潤率是長期以來最好的，甚至可以說是有史以來最好的，因此您稍微提高了利潤率指導值。當我們考慮這個問題時，您的定價將繼續呈上升趨勢。

You highlighted a few things on the technology side and new ERP system, all that probably helps the cost side or at least keep it relatively stable. Is there any reason to think margins don't continue to kind of creep up at least into the upper end of your guidance over the next several quarters?

您強調了技術方面和新 ERP 系統的一些事項，所有這些可能都有助於降低成本或至少保持成本相對穩定。有什麼理由認為利潤率不會在接下來的幾季繼續攀升，至少達到您預期的上限嗎？

We would hope so. I think that's what we -- where we'd like to see it go. We think that there's definitely this ERP system that we've implemented that we've been operating on this week is definitely going to make us a leaner, more efficient company.

我們希望如此。我認為這就是我們希望看到的結果。我們認為，我們本週實施並運行的 ERP 系統肯定會使我們的公司變得更加精簡、更有效率。

Now there's going to be some learning curve associated with that. But we chose that system because we think it's going to make us a more efficient and better company. So -- and also have the ability to layer on some of the AI and machine learning type stuff that we can develop, and additionally kind of layer on more technological advances as we move forward.

現在將會有一些與此相關的學習曲線。但我們選擇該系統是因為我們認為它將使我們成為一家更有效率、更好的公司。所以——我們也有能力對一些我們可以開發的人工智慧和機器學習類型的東西進行分層，此外，隨著我們前進，還可以對更多的技術進步進行分層。

So we would think that it will continue to tick up. But obviously, like I said, there's going to be a little bit of a learning curve with this ERP implementation in the short term.

因此我們認為它會繼續上漲。但顯然，就像我說的，短期內實施 ERP 系統會有一個學習過程。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

You talked through a couple of kind of interesting things on the commercial side. But maybe we're just looking at the units you're acquiring from operators and/or partnering with. I mean, how should we think about those deals in relation to your 3% to 4% annual growth in horsepower you've been talking about? Is that part of it? Is it incremental? What could kind of the cadence look like from here?

您談到了商業方面的一些有趣的事情。但也許我們只是在關注您從運營商獲得和/或合作的單位。我的意思是，我們應該如何看待這些交易與您所說的每年 3% 到 4% 的馬力成長之間的關係？這是其中的一部分嗎？它是增量的嗎？從現在開始節奏會是什麼樣的呢？

I think it's part of what we're talking about. We don't have any big deals in the hopper that would be earth shattering. But these couple of little opportunistic type of developments that we have where we can pluck off some stuff that tuck in really nicely is something that that we're really honed in on, and looking for more opportunities like that.

我認為這是我們正在談論的一部分。我們目前還沒有任何能夠帶來驚天動地影響的重大交易。但是，我們擁有的這些小機會類型的發展，我們可以從中挑選出一些真正好的東西，這是我們真正關注的事情，並且正在尋找更多這樣的機會。

So I don't think there are going to be any big needle mover type of acquisitions, but nice type stuff that will help us accrete margins and that kind of thing is going to be something that we're always in the market to look for.

因此，我認為不會有任何重大的推動型收購，但有助於我們增加利潤的好東西，以及那種東西將是我們在市場上一直在尋找的東西。

I appreciate that. And then you guys touched on this a little bit. But just in terms of buyback cadence, how should we think about your kind of ability to lean into the new authorization? Is that dictated by incremental free cash flow? Is that the balance sheet? Is it your view of the share price? Maybe just walk us through that.

我很感激。然後你們稍微談了一下這一點。但就回購節奏而言，我們該如何看待您依賴新授權的能力？這是由增量自由現金流決定的嗎？那是資產負債表嗎？這是您對股價的看法嗎？也許只是帶我們去了解一下。

Yeah, John, I think a lot of it will be dictated by share price. We've stated very publicly that our goal for our leverage target is 3.5 times. When we see softness in the share price like we've seen recently, it gives us reason to kind of lean into that buyback and look at that pretty significantly. So we want to stay kind of within a stone's throw of that leverage target of where we're going to -- where we want to be, but also take advantage opportunistically of weakness in the share price.

是的，約翰，我認為很大程度上取決於股價。我們已經公開表示，我們的槓桿目標是 3.5 倍。當我們看到股價像最近一樣疲軟時，我們就有理由傾向於回購，並對此進行相當認真的審視。因此，我們希望保持在我們想要達到的槓桿目標範圍內，但同時也要抓住股價疲軟的機會。

Doug Irwin, Citi.

花旗銀行的道格歐文。

I appreciate the context you provided around the contracting efforts into '26. Just wondering if you're able to give any more detail around just where you see CapEx or fleet additions maybe trending into next year, at least maybe directionally relative to the last few years? Or maybe a different way to ask, just if you could help frame your level of confidence in next year's backlog relative to maybe where you were at this point last year?

我很感謝您提供的有關 26 年承包工作的背景資訊。我只是想知道您是否可以提供更多細節，說明您認為明年資本支出或機隊增加的趨勢如何，至少與過去幾年相比在方向上如何？或者換一種問法，您是否能幫助您確定對明年積壓訂單的信心水平，相對於去年此時的水平？

Doug, I don't think we're ready to really throw a number out there based on kind of where we're at just because we still have some finalization to do around budgeting for next year and that kind of thing. And quite frankly, we're working on some pretty big deals that could move the needle for us. So it's not something that we're ready to guide on or kind of indicate right now.

道格，我認為我們還沒有準備好根據目前的狀況給出一個確切的數字，因為我們還需要完成明年的預算等一些工作。坦白說，我們正在進行一些可能對我們產生影響的重大交易。因此，我們現在還不准備對此進行指導或指出。

But I will tell you that we feel really good about where we're at right now as far as where we're at in the year and what we've contracted so far. And it's pretty consistent with where we've been in past years. And we think that we shouldn't have a problem filling that out for the remainder of the year and the third and fourth quarter that we're looking at.

但我要告訴你的是，就今年的進展以及迄今為止簽訂的合約而言，我們對目前的狀況感到非常滿意。這與我們過去幾年的情況非常一致。我們認為，在今年剩餘時間以及我們正在考慮的第三季和第四季度，完成這一目標應該沒有問題。

Got it. And then maybe just a follow-up on asset sales. You executed another one this quarter. Just curious how much more wood you have to chop there? Is the fleet generally where you want it to be? Or is there maybe still some smaller horsepower that could be viewed as noncore?

知道了。然後可能只是對資產出售的後續行動。您本季又執行了一項。只是好奇你還要砍多少木頭？艦隊總體上是否處於您希望的位置？或者是否還有一些較小的馬力可以被視為非核心？

And then how are you thinking about proceeds in general? Could that be another lever to potentially be able to recycle some cash into buybacks?

那麼，您對於整體收益有何看法？這是否能成為將部分現金回收用於回購的另一個槓桿？

Yeah, Doug, this is John. So good question. We get asked about this a lot. So I think the overarching answer is we're constantly looking to high-grade the fleet and high-grade the fleet in our minds means large horsepower, density, quality customers, quality environmental aspects of our units. So we will always seek and kind of look at every single asset is it providing appropriate returns and margins, and it's going to be core to the fleet and to our customers over the medium and long term. So that's the overarching kind of framework that we use.

是的，道格，這是約翰。這個問題問得好。我們常被問到這個問題。所以我認為最重要的答案是我們一直在尋求高等級的車隊，而我們心目中的高等級車隊意味著我們單位的大馬力、密度、優質客戶、優質的環境方面。因此，我們將始終尋求並審視每一項資產是否能夠提供適當的回報和利潤，並且從中長期來看，它將成為船隊和客戶的核心。這就是我們使用的整體框架。

That said, we sold a whole bunch of stuff since we bought CSI. I think in total, it's something like 160,000 horsepower that we've sold, and we would deem 99% of that kind of noncore stuff. So we do have more that we'll continue to sell, whether it's the asset or it's the geography. But we like to say it's just going to be pruning around the edges in small pieces. The cash proceeds that we received from those are small. But of course, we will redeploy that into the large horsepower or some of the other capital allocation framework things that kind of seem to be best for the shareholder.

也就是說，自從我們收購了 CSI 之後，我們就賣掉了一大堆東西。我認為，我們總共銷售了大約 16 萬馬力，其中 99% 我們認為是非核心產品。因此，我們確實還有更多東西可以繼續出售，無論是資產還是地理位置。但我們想說，這只是對邊緣進行小塊修剪。我們從中獲得的現金收益很少。但當然，我們會將其重新部署到大馬力或其他一些似乎對股東最有利的資本配置框架中。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

On the topic of your customers experiencing elevated compression costs, and there is this natural tension between wanting to save money and investing in growth. What you touched upon earlier, Mickey, in these joint partnerships with your customers to free up their CapEx capabilities. Is this how you see the market evolving? Is this a preferred means of capital deployment for you? And are there other creative solutions like this to come?

關於您的客戶經歷壓縮成本上升的話題，在想要省錢和投資成長之間存在著一種自然的矛盾。米奇，您之前提到過，與客戶建立聯合夥伴關係是為了釋放他們的資本支出能力。您認為市場正在這樣演變嗎？這是您首選的資本配置方式嗎？還有其他類似的創意解決方案嗎？

Yeah, I think there's other creative solutions like this that we're going to be working on all the time and working with our customers. I've stated it very, very publicly before that I think this industry as a whole has underestimated the amount of compression that it takes to produce oil and gas out of the Permian Basin due to the liquids-rich nature of the gas and how much volume is ultimately coming out of the Permian.

是的，我認為還有其他類似的創意解決方案，我們將一直努力並與我們的客戶合作。我之前已經非常公開地表示過，我認為整個產業都低估了從二疊紀盆地開採石油和天然氣所需的壓縮量，因為這種氣體富含液體，而且最終開採出的石油和天然氣的體積也很大。

So I think that the majority of our customers realize that, hey, we need a strategic partner in compression and that we're very important to what they do overall in their production and their operations. So yes, that kind of allocation priority for them of buying versus owning versus outsourcing compression is a strategic decision for them.

因此，我認為我們的大多數客戶都意識到，我們需要一個壓縮方面的策略合作夥伴，而且我們對他們的整體生產和營運非常重要。所以是的，對他們來說，購買、擁有或外包壓縮的分配優先順序是一種策略決策。

In times like these and choppy commodity price environments, there's a lot of people that are working to preserve capital right now. And I think that there is going to be more opportunities like this going forward, and we'll look to capitalize on those and opportunistically jump on those as they happen.

在這樣的時期和大宗商品價格波動的環境下，許多人都在努力保住資本。我認為未來還會有更多這樣的機會，我們會努力利用這些機會，並在機會出現時抓住它們。

And on the topic of the significant investments you've made into your technology platform, can you talk about how much savings or ultimate margin uplift you're targeting or can even be quantified from these investments?

關於您對技術平台的大量投資，您能否談談您希望從這些投資中節省多少資金或最終提高多少利潤，或者可以量化多少？

Good question. I know what we would like -- where we'd like to see our margins go. We have a pretty different operating model than a lot of other people in this industry. So with our margins, we think where we're at right now is really a high watermark, that 68.3% in compression operations is really a -- is a high watermark for us.

好問題。我知道我們想要什麼——我們希望看到我們的利潤達到什麼程度。我們的營運模式與這個行業中的許多其他公司截然不同。因此，就我們的利潤率而言，我們認為我們目前所處的水平確實是一個高水位線，壓縮操作中的 68.3% 確實是一個 - 對我們來說是一個高水位線。

We think we can continuously drive that up through additional efficiencies and that kind of thing gained from not only our ERP system, but also our artificial intelligence and machine learning and that kind of thing. And we're really just beginning to scratch the surface of what that can do for us right now. So can I quantify how high it will go or what we -- what our expectations are? Now it's probably a little bit early to tell that, but we think that there's definitely upside here.

我們認為，我們可以透過提高效率等方式不斷推動這一目標的實現，這些效率不僅來自我們的 ERP 系統，還來自我們的人工智慧和機器學習等。而我們現在才剛開始了解它能為我們帶來什麼。那麼我可以量化它將會達到多高或是我們的期望是什麼嗎？現在說這個可能有點早，但我們認為這肯定是有好處的。

Sebastian Erskine, Rothschild & Company.

塞巴斯蒂安·厄斯金，羅斯柴爾德公司。

Most of my questions have been answered. I just kind of want to follow up on the last question in terms of the dynamic with your customers. I guess one of the challenges that we saw in 2024 was producers who otherwise would have wanted to outsource compression kind of were forced to go directly to OEMs due to the tightness in the market.

我的大部分問題都已得到解答。我只是想就您與客戶的動態方面繼續追問最後一個問題。我想我們在 2024 年看到的挑戰之一是，原本想要外包壓縮業務的生產商因為市場緊張而被迫直接向 OEM 尋求協助。

Can you talk about a bit more the evolution in lead times with Caterpillar and Ariel? And also just the potential appetite from E&Ps to enter into kind of sale and leaseback arrangements against the backdrop of kind of lower operating cash flows. Could that drive more outsourcing next year as a percentage of the mix?

您能否進一步談談卡特彼勒和 Ariel 在交貨時間上的演變？此外，在經營現金流較低的背景下，E&P 公司也有潛在的興趣達成售後回租協議。這是否會推動明年外包在組合中所佔比例的增加？

So a couple of points to hit on there -- with that question. Number one, lead times, we haven't seen lead times from CAT or Ariel drastically come in and change significantly from where they're at and where they've been for the last couple of years. You're kind of 40 to 45 weeks out on the engine type lead times. And depending on shop availability and shop space, there's an additional amount of time to get it built and get it out the door. So I haven't seen those appreciably change significantly over the last three to six months.

因此，針對這個問題，有幾點需要討論。首先，交貨時間，我們還沒有看到 CAT 或 Ariel 的交貨時間大幅縮短，與過去幾年相比也沒有重大變化。引擎類型的交貨週期約為 40 至 45 週。根據商店的可用性和商店空間，還需要額外的時間來建造和推出它。因此，在過去三到六個月內，我沒有看到這些明顯的變化。

As far as the E&Ps and the people that own their own compression, I think that, that's a -- that's pretty customer-by-customer specific on what their capital allocation priorities are. And there's going to be some that are very apt to want to outsource more and more all the time, like I said earlier, from a capital preservation mode right now from a -- with cash flows being a little bit lower with a lower commodity price potentially.

就 E&P 和擁有自己壓縮機的人員而言，我認為，這是一個非常具體到每個客戶的具體情況，取決於他們的資本配置優先順序。正如我之前所說，有些人會傾向於將越來越多的業務外包，從目前的資本保全模式來看——現金流會稍微低一些，商品價格可能會更低。

So I think that we'll just look to have those discussions with customers on an opportunistic basis and people that are interested in working on something like that, we'll certainly be interested in having those discussions with them.

因此，我認為我們只是希望在機會主義的基礎上與客戶進行這些討論，而那些對從事此類工作感興趣的人，我們當然有興趣與他們進行這些討論。

Appreciate that, Mickey. And then just a broader point on the consolidation in the sector. I mean I'd appreciate your view on some of the kind of biggest kind of learnings and challenges from the CSI Compressco acquisition now that we've had some time for that to kind of bed in.

非常感謝，米奇。然後從更廣泛的角度談談該行業的整合。我的意思是，我很欣賞您對 CSI Compressco 收購案中一些最大的經驗教訓和挑戰的看法，現在我們已經有時間對此進行分析了。

And then I guess in terms of the nature of the fleet in the remaining kind of 25% or so of that outsourced market that's not controlled by you and the big 3. Can you give a sense of what that looks like in terms of the quality and the nature of that horsepower?

然後我猜想，就剩餘的 25% 左右的外包市場車隊的性質而言，這些市場不受您和三大公司控制。您能否從馬力的品質和性質方面描述一下它是什麼樣子的？

Yeah, absolutely. So as far as the nature of the fleet that's not controlled by, call it, the big three in this industry, there's a couple of private operators out there that have some attractive assets that we'd be interested in. But honestly, the list is getting shorter and shorter all the time. And the majority of what else is out there is probably dominated by smaller type horsepower that's not really core to what we're looking for. So that all being said, I think that there still could be some interesting M&A opportunity out there, but it is getting thinner all the time after considering the consolidation in the industry.

是的，絕對是如此。因此，就不受該行業三大巨頭控制的船隊的性質而言，有幾家私營營運商擁有一些我們感興趣的有吸引力的資產。但說實話，這個名單正在變得越來越短。而市面上大多數其他車型可能都以馬力較小的車型為主，這並不是我們真正想要的核心。總而言之，我認為仍然存在一些有趣的併購機會，但考慮到行業整合後，這種機會會變得越來越少。

I'll touch on CSI. Seb, this is John. I'll touch on the CSI acquisition. I think we would sum it up is a wonderful acquisition strategically, financially, culturally, like we're really blessed that we were able to put that deal together.

我將談談 CSI。塞布，這是約翰。我將談及 CSI 收購。我認為我們可以總結一下，從策略、財務和文化角度來說，這是一次非常棒的收購，我們非常幸運能夠達成這筆交易。

We started out. I think we guided a day of announcement, maybe $20 million of synergies. We stopped counting at probably $45 million, and that's really good. We're in the last step of the integration, which is this ERP system. And so far, so good. Hats off to our IT team and all the folks that have been involved. It's going really, really well.

我們出發了。我認為我們指導了一天的公告，可能產生 2000 萬美元的協同效應。我們大概在 4500 萬美元時就停止計算了，這真的很好。我們正處於整合的最後一步，即這個 ERP 系統。到目前為止，一切都很好。向我們的 IT 團隊和所有參與的人員致敬。一切進展非常順利。

So look, if we could find more like that all day long, but our focus is on increasing shareholder value and being highly strategic in how we act. And so it's going to have a pretty high bar on what we want to go do.

所以，如果我們能整天找到更多類似的東西，但我們的重點是增加股東價值，並在我們的行動中具有高度策略性。因此，對於我們想要做的事情，將會有一個相當高的標準。

Brian DiRubbio, Baird.

布萊恩·迪魯比奧，貝爾德。

Just a couple of questions for me. Just out of curiosity, Mickey or John, one of your competitors was complaining about labor availability. That's something I haven't heard anybody in this industry say for about two years now. Is that an issue that you guys are seeing at all?

我只想問幾個問題。只是出於好奇，米奇或約翰，你的一個競爭對手正在抱怨勞動力的可用性。大約兩年來，我從未聽過這個行業有人這麼說。這是你們所看到的問題嗎？

Brian, thanks for joining us this morning. Labor continues to be tight in the Permian Basin. There's no doubt about that, and we don't think we've seen that alleviate for two or three years now since kind of the post-COVID era.

布萊恩，感謝您今天早上加入我們。二疊紀盆地的勞動力供應持續緊張。毫無疑問，自後疫情時代以來，我們認為已經有兩三年沒有看到這種情況有所緩解了。

So that's a challenge that everybody deals with in the Permian Basin and something that we spend a lot of time and effort working on, which is why we've kind of deployed and developed this our Bears Academy and our elite training program that we have for operators and to get younger, less experienced technicians up to speed and trained up to do their jobs effectively and safely as soon as possible as we hire younger people that have less experience in the industry. So something that we're very focused on and something that we are working to develop additional technologies to help advance the careers of our less experienced people at all the time.

這是二疊紀盆地每個人都面臨的挑戰，也是我們投入大量時間和精力去解決的問題，這就是為什麼我們部署和開發了 Bears Academy 和針對操作員的精英培訓計劃，讓年輕、經驗不足的技術人員盡快掌握知識，接受培訓，有效、安全地完成工作，因為我們僱用的是行業經驗較少的年輕人。因此，我們非常關注這一點，並且正在努力開發其他技術來幫助經驗不足的人不斷提升職涯發展。

Got it. No, I appreciate that. And then just as we think about the acquisitions of the assets that you acquired from some operators during the quarter, any way you can help us understand sort of the economics of that versus maybe some of the recent M&A transactions in the industry? Do you think you're getting a better return on these investments, equal? Just trying to understand the economics there.

知道了。不，我很感激。然後，正如我們思考您在本季度從一些運營商手中收購的資產一樣，您能否幫助我們了解這些資產與行業中最近的一些併購交易相比的經濟性？您認為這些投資能帶來更好的回報嗎？只是想了解那裡的經濟狀況。

It's a great question. So it's -- this is John again. So no 2 acquisitions are the same. And you're going to usually buy stuff and it creates extra density within your operation or if it's the right horsepower or both. And you're trying to get all of those things to line up or with the customer, or that you really want to work for. And I'd say in this case, these are opportunistic opportunities where we had great people, we didn't have enough density in certain areas, and we had the counterparty that was willing to sell them because they had the opposite. It was like something they were ready to move forward on.

這是一個很好的問題。所以——我又是約翰。因此，沒有兩次收購是相同的。而且您通常會購買一些東西，它會在您的操作中產生額外的密度，或者如果它是合適的馬力，或者兩者兼而有之。您正在嘗試讓所有這些事情與客戶保持一致，或者讓您真正想要為此努力。我想說，在這種情況下，這些都是機會，我們擁有優秀的人才，在某些領域我們沒有足夠的密度，而我們有願意出售這些人才的交易對手，因為他們有相反的情況。這就像是他們準備繼續前進的事情。

So the economics are, call it, somewhere between $200 and $400 a horsepower typically because you're going to be buying something used or you pay something more. And the return on investment, you don't just base it specifically on that. You're kind of thinking strategically around the area that you're going to drop those into. They can be really compelling.

因此，經濟成本通常在每馬力 200 至 400 美元之間，因為您要購買二手貨或支付更高的價格。而投資報酬率則不能僅以此為基礎。您正在策略性地思考要將它們投放到哪個區域。它們確實很引人注目。

Got it. And final question for me. When you bought CSI, obviously, you bought mostly for the compression units, but they had some other businesses in and around the wells. I think it was a gas cryro business. Is that an area that's of any focus? I know you said you were going to retain those assets at the time of the acquisition, but is that an area of interest or focus for you to expand? Is it still profitable? Just love to understand. I know it's very tiny, but love to understand any dynamics around that.

知道了。這是我的最後一個問題。當您收購 CSI 時，顯然您主要購買的是壓縮機組，但他們在油井內外也有一些其他業務。我認為這是一個氣體冷凍業務。這是一個值得關注的領域嗎？我知道您說過在收購時會保留這些資產，但這是您感興趣或想要擴展的領域嗎？它還能盈利嗎？只是想了解。我知道它非常小，但我很樂意了解與之相關的任何動態。

Yeah. Brian, yeah, that's true. It is a very, very -- very small part of our business right now. But it's one of those things that we haven't put a ton of capital in, and we've just kind of continue to operate it as a cash flow business that is profitable coming out of that -- out of the acquisition. So our -- like I said, the capital allocation priorities has been, number one, on growing the large horsepower fleet, but we still have some of those hanging plants and gas coolers and that kind of thing that was a small part of the CSI business that we've continued to cash flow over the time.

是的。布萊恩，是的，確實如此。這只是我們目前業務中非常非常小的一部分。但這是我們沒有投入大量資金的項目之一，我們只是繼續將其作為現金流業務來運營，並透過收購獲得利潤。所以我們的——就像我說的，資本配置的優先事項一直是，首先是擴大大馬力車隊，但我們仍然有一些懸掛式裝置和氣體冷卻器之類的東西，它們只是 CSI 業務的一小部分，我們一直在持續產生現金流。

Is that something that could be -- you could -- you're thinking about maybe ultimately exiting or just going to keep it running for cash at this point?

這是可能的嗎——您是否正在考慮最終退出，或者只是想讓它繼續運營以賺取現金？

I think the plan right now is just keep it running for cash right now and continue to keep it utilized and continue to harvest that cash out of that business.

我認為目前的計劃是讓它繼續運轉以賺取現金，並繼續利用它並繼續從該業務中獲取現金。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·託內特。

This is Eli. Maybe just wanted to touch a little bit on the electric side versus gas. I know in previous quarters, there was a lot of focus on electric motor drive compression. And I just wanted to get a sense of where that stands today and what your customers are kind of asking for as they start to fill up orders into 2026 and beyond what that market looks like?

這是伊萊。也許只是想稍微談談電力與天然氣的差異。我知道在前幾個季度，人們非常關注電動馬達驅動壓縮。我只是想了解目前的情況，以及當您的客戶開始填寫 2026 年及以後的訂單時他們有什麼要求，市場是什麼樣的？

Yeah. Thanks, Eli. I appreciate you joining us this morning. We're still seeing pretty significant demand on the electric motor-driven side of the business. Our -- the large players in the industry that are in our top 10 customer list are still pretty significantly looking at electric motor-driven compression. They still have goals to electrify additional compression over the course of the next several years.

是的。謝謝，伊萊。感謝您今天早上加入我們。我們仍然看到電動馬達驅動業務方面的需求相當大。我們前十大客戶名單中的行業大公司仍然非常關注電動馬達驅動的壓縮。他們的目標仍然是在未來幾年內實現額外的壓縮電氣化。

There's no doubt that access to power is a challenge for everybody surrounding the Permian Basin. And it really is, again, is kind of a customer-by-customer thing that as people are closer to metropolitan areas and closer to power sources, they're much more apt to want to electrify or go with electric compression than people that are in more remote areas. So it really has a lot to do with where the acreage is that they're producing from and kind of their corporate goals.

毫無疑問，對於二疊紀盆地周圍的每個人來說，取得電力都是一個挑戰。這確實是一種因人而異的事情，隨著人們越來越接近大都市和電源，他們比偏遠地區的人更傾向於使用電氣化或電力壓縮。因此，這實際上與他們生產的土地面積以及他們的企業目標有很大關係。

So some people are very interested in electric. Some people are not very interested at all. So that all being said, we're still seeing demand for electric compression. We're still going to lean into it and still be very good at it and be a quality supplier to our customers.

所以有些人對電動非常感興趣。有些人根本不感興趣。綜上所述，我們仍然看到對電動壓縮的需求。我們仍將致力於此，並將繼續做好這項工作，成為客戶的優質供應商。

Awesome. And then I think margins and pricing have been touched on this -- quite a bit this call, but just maybe to put another point on it. We continue to see dollars per horsepower per month move up into the right. Should we expect this trend to continue? And how kind of consistently does that continue to move up? Is it just a function of new unit recontracting and other sort of items like that? But just trying to get a sense of how much more we could expect to see that metric move up into the right?

驚人的。然後我認為利潤和定價已經觸及了這一點——這次通話涉及了相當多的內容，但也許只是再強調一點。我們繼續看到每馬力每月的美元價格向右上升。我們是否應該期待這種趨勢持續下去？那麼這種上升趨勢會持續多久呢？它只是新單位重新簽約和其他類似項目的功能嗎？但只是想了解我們還能期望看到該指標向右移動多少？

I mean, Eli, our goal is to continue to move that up every quarter from here on out. That's what the -- that's the -- what we've tasked our commercial team with. And as we're adding contracts for new equipment that is at higher rates than the fleet average, you should see positive pressure there on that number.

我的意思是，Eli，我們的目標是從現在開始每個季度都繼續提高這一目標。這就是我們賦予商業團隊的任務。而且，由於我們增加的新設備合約費率高於車隊平均費率，因此您應該會看到該數字出現正壓力。

You have to keep in mind that as -- how much horsepower is deployed in any quarter, when you have a heavy amount of horsepower deployed, which is what we're expecting for Q3, and you have partial quarters kind of full revenues, it could look a little bit different. But when you have full quarter's revenues for kind of big slugs of horsepower, you should see that number continue to push up.

你必須記住，在任何一個季度部署了多少馬力，當你部署了大量的馬力時，這就是我們對第三季度的預期，而你有部分季度的全部收入，它可能會看起來有點不同。但是，當你擁有整個季度的大量馬力收入時，你應該會看到這個數字繼續上升。

So we would expect that number to continue to go up. That's the plan at least. And so quantifying how far and when it will get to what point is a little bit harder, and we'll look to guide on that a little bit more when we come out with 2026 guidance.

因此我們預期這個數字將持續上升。至少計劃是這樣的。因此，量化進度和時間點有點困難，我們將在推出 2026 年指導時對此提供更多指導。

Eli, and I just want to put a finer point on what Mickey just said there, too, about when we learned a valuable lesson in our Q1 earnings call or the call where our dollar per horsepower fell and people immediately latched on to that and assumed that the bloom was off the roads in the compression market and pricing falling. When it was absolutely not the case, that was a function of asset sales, nothing had changed. It was a function of asset sales, was a function of kind of when the horsepower came in.

伊萊，我只是想更詳細地說明米奇剛才所說的話，關於我們在第一季度財報電話會議上學到的寶貴教訓，或者說，我們的每馬力價格下降了，人們立即抓住了這一點，並認為壓縮市場已經不再繁榮，價格正在下降。當事實絕對不是這樣時，這是資產出售的結果，什麼都沒有改變。它是資產銷售的功能，也是馬力何時到來的功能。

So where Mickey just said, we will have a large, I guess, amount of horsepower coming in, in Q3. That's going to be something we're going to be ahead of this time to make sure that the market doesn't misinterpret, adding a lot of horsepower later in the quarter with any softness in the marketplace. If there's softness, we'll tell you, but don't get confused by that number.

正如米奇剛才所說，我猜，我們將在第三季獲得大量的馬力。這是我們這次要提前做的事情，以確保市場不會誤解，並在本季後期增加大量馬力來應對市場的任何疲軟。如果有柔軟度，我們會告訴您，但不要被這個數字迷惑。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Mickey McKee for closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給 Mickey McKee 來做最後評論。

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

謝謝接線員，也感謝今天參加電話會議的所有人。我們期待在報告第三季業績後再次與您交談。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。