Kodiak Gas Services Inc (KGS) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Kodiak Gas Services third-quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加 Kodiak Gas Services 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Graham Sones. Please go ahead.

現在我將把會議交給主持人格雷厄姆·索恩斯。請繼續。

Good morning, and thank you for joining us for the Kodiak Gas Services conference call and webcast to review third 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. Following my remarks, Mickey and John will discuss our financial and operating results and 2025 guidance, then we'll open the call for Q&A.

早安，感謝各位參加 Kodiak Gas Services 的電話會議和網路直播，共同回顧 2025 年第三季業績。今天出席公司會議的有總裁兼執行長米奇·麥基，以及執行副總裁兼財務長約翰·格里格斯。在我發言之後，米奇和約翰將討論我們的財務和營運表現以及 2025 年的業績指引，然後我們將開放問答環節。

There will be a replay of today's call available via webcast and also by phone until November 19, 2025. Information on how to access the replay can be found on the Investors tab of our website at kodiakgas.com.

本次電話會議的錄音將透過網路直播和電話方式重播，直至 2025 年 11 月 19 日。有關如何觀看回放的信息，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, November 5, 2025, and therefore, you are advised that such information may no longer be accurate as of the time of any replay listening or transcript reading. 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. 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. The comments today will also include certain non-GAAP financial measures.

請注意，本次通話中報告的資訊僅代表截至 2025 年 11 月 5 日的情況，因此，建議您在重聽或閱讀文字記錄時，此類資訊可能不再準確。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意義上的前瞻性陳述。這些前瞻性聲明反映了 Kodiak 管理階層根據目前可獲得的資訊所持有的觀點、信念和假設。儘管我們認為這些前瞻性聲明中提到的預期是合理的，但各種風險、不確定性和突發事件可能導致公司的實際業績、表現或成就與管理層聲明中表達的內容存在重大差異，管理層無法保證這些聲明或預期最終會被證明是正確的。今天的評論還將包括一些非GAAP財務指標。

Details and reconciliations to the most comparable GAAP measures are included in yesterday's earnings release, which can be found on our website.

詳細資訊以及與最可比較的 GAAP 指標的核對錶已包含在昨天發布的收益報告中，您可以在我們的網站上找到該報告。

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

現在，我想把電話交給 Kodiak 的總裁兼執行長 Mickey McKee 先生。米奇？

Thanks, Graham, and thank you all for joining us today. I'd like to begin today's call, as we do with all meetings at Kodiak with a safety topic. As we head into the holiday season and prepare to travel and spend time with friends and family, I want to remind everybody that safety doesn't stop at the workplace, whether you're commuting, visiting family or running errands, please avoid distractions while driving. No text or call is worth risking your safety. Please join me in committing to staying focused behind the wheel so we can enjoy the holidays with those who matter most.

謝謝格雷厄姆，也謝謝各位今天蒞臨我們的節目。我想像我們在科迪亞克的所有會議一樣，以安全話題開始今天的電話會議。隨著假期臨近，大家準備出行，與親朋好友共度時光，我想提醒大家，安全不僅限於工作場所，無論你是通勤、探親還是外出辦事，開車時請避免分心。任何簡訊或電話都不值得你冒著生命危險。請和我一起承諾在駕駛時保持專注，這樣我們才能與最重要的人一起享受假期。

We had a busy third quarter, delivering solid financial results and executing on several strategic actions to improve the operational and financial outlook of the company while remaining focused on returning capital to shareholders.

第三季我們工作繁忙，取得了穩健的財務業績，並執行了多項策略舉措，以改善公司的營運和財務前景，同時始終專注於為股東帶來回報。

Let me begin by discussing some of the strategic actions we have taken over the past few months. First, we went live with our new ERP system in August that was delivered on time and under budget. We consolidated several legacy systems into an integrated platform that will increase our visibility with real-time financial and operational information and enable us to deploy multiple facets of AI technology into our everyday business. The implementation of the new ERP system involved a lot of hard work by the team, and I want to thank everyone involved for their dedication to getting this important project over the line. The new ERP system is a foundational step in our agentic AI initiatives.

首先，我想談談我們在過去幾個月採取的一些策略行動。首先，我們在 8 月正式上線了新的 ERP 系統，該系統按時交付且未超出預算。我們將多個遺留系統整合到一個整合平台中，這將提高我們對即時財務和營運資訊的可見性，並使我們能夠將人工智慧技術的多個方面應用到我們的日常業務中。新ERP系統的實施凝聚了團隊的大量心血，我要感謝所有參與其中的人員，感謝他們為完成這個重要專案所付出的奉獻精神。新的ERP系統是我們智能體人工智慧計畫的基礎步驟。

The team is currently working on multiple AI agents across a broad range of processes, including parts sales, customer order handling and supplier and inventory management. We're specifically excited about our tech parts agent, which will assist our field service technicians in locating the right parts for the job in an expedited manner. These agentic AI initiatives complement our operational AI initiatives, which include condition-based preventative maintenance scheduling and predictive failure detection, just to name a few.

該團隊目前正在開發多個人工智慧代理，涵蓋廣泛的流程，包括零件銷售、客戶訂單處理以及供應商和庫存管理。我們尤其對我們的技術零件代理感到興奮，它將幫助我們的現場服務技術人員以最快的速度找到適合工作的零件。這些智慧人工智慧計畫是我們營運人工智慧計畫的補充，其中包括基於狀態的預防性維護計畫和預測性故障檢測等等。

The next, as a result of the CSI acquisition 18 months ago, we inherited operations in 5 foreign countries. As part of our strategic goal to high-grade our fleet and concentrate capital and efforts on markets with the best combination of growth and returns, we made a decision to exit all of our international operations.

其次，由於 18 個月前收購了 CSI，我們繼承了在 5 個外國的業務。為了實現提升船隊水準、集中資金和精力投入成長和回報最佳的市場這一策略目標，我們決定退出所有國際業務。

I'm pleased to report that during the third quarter, we successfully exited the last of our international operations by divesting our operations and assets in Mexico, which included the sale of approximately 19,000 operating horsepower. We had great people in those countries, and I wish the buyers well, but we firmly believe that the U.S. is the right place to be for Kodiak in the contract compression business.

我很高興地報告，在第三季度，我們成功退出了最後的國際業務，剝離了我們在墨西哥的業務和資產，其中包括出售約 19,000 馬力的營運能力。我們在那些國家擁有優秀的人才，我祝福買家一切順利，但我們堅信，對於 Kodiak 而言，美國才是合約壓縮業務的最佳選擇。

Relative to the international markets where we previously operated, including Argentina, Canada, Chile, Romania and Mexico, we believe the U.S. offers higher returns, lower operating risk and a superior growth outlook for many years to come. And we successfully divested all of these operating areas in under 18 months from the close of the highly successful acquisition of CSI.

與我們先前經營過的國際市場（包括阿根廷、加拿大、智利、羅馬尼亞和墨西哥）相比，我們認為美國在未來許多年裡能夠提供更高的回報、更低的營運風險和更優越的成長前景。在成功收購 CSI 後不到 18 個月的時間裡，我們成功地剝離了所有這些營運領域。

The next major initiative in Q3 that I'd like to highlight is the strategic moves we made with our balance sheet. During the quarter, we termed out $1.4 billion of debt through 2 bond offerings at a weighted average cost of debt of 6.6%, including the first ever 10-year term bond issuance in the compression sector. These offerings were another strategic step in derisking our business and setting us up for continued growth and success by allowing us to stagger and extend our debt maturities and significantly increase our liquidity.

我想重點介紹一下第三季的下一個重大舉措，那就是我們在資產負債表方面採取的策略措施。本季度，我們透過兩次債券發行償還了 14 億美元的債務，加權平均債務成本為 6.6%，其中包括壓縮產業有史以來首次發行的 10 年期債券。這些措施是降低我們業務風險的另一個策略步驟，透過錯開和延長債務到期日，顯著提高流動性，為我們的持續成長和成功奠定了基礎。

We ended the quarter with $1.5 billion of availability in our ABL Facility, giving us ample flexibility to pursue exciting future growth opportunities.

本季末，我們的資產抵押貸款融資管道擁有 15 億美元的可用資金，這為我們提供了充足的靈活性，以追求令人興奮的未來成長機會。

Finally, we returned an industry-leading amount of over $90 million to our shareholders in the quarter through a $50 million share repurchase and our dividend. Furthermore, as a result of the underlying strength of our business fundamentals, our strong financial results and our outlook for future discretionary cash flow, we increased our quarterly dividend by another 9% to $0.49 per share, equal to approximately 35% of our discretionary cash flow, our stated goal for return of capital to our shareholders.

最後，本季我們透過 5,000 萬美元的股票回購和分紅，向股東返還了超過 9,000 萬美元，這是業內領先的金額。此外，由於我們業務基本面的強勁、財務業績的良好以及對未來可支配現金流的展望，我們將季度股息再提高 9%，至每股 0.49 美元，約占我們可支配現金流的 35%，這是我們向股東返還資本的既定目標。

Since September 2024, the $110 million in share repurchases we've completed, have allowed us to reduce our share count by nearly 3.5 million shares. We have approximately $65 million available under this program, and we expect to use it. Share repurchases are a fundamental and exciting part of our overall shareholder return strategy.

自 2024 年 9 月以來，我們已完成 1.1 億美元的股票回購，使我們的股票數量減少了近 350 萬股。我們根據該計劃獲得了大約 6500 萬美元的資金，我們預計會用完這筆錢。股票回購是我們整體股東回報策略中至關重要且令人興奮的部分。

We ended the quarter with $4.35 million in revenue-generating horsepower. Average horsepower per revenue-generating unit was $965, a figure that continues to lead the industry and that has increased each quarter since we closed the CSI acquisition.

本季末，我們實現了 435 萬美元的營收。每台產生收入的機器的平均馬力為 965 美元，這一數字繼續引領行業，並且自我們完成對 CSI 的收購以來，每個季度都在增長。

In the third quarter, we deployed approximately 60,000 new horsepower that averaged more than 1,900 horsepower per unit and roughly 40% of those new units were electric motor driven. We also added about 30,000 operating horsepower through a small purchase leaseback with an existing customer and through the exercise of an early buyout option on some previously leased units. Including the exit from Mexico, we divested approximately 26,000 operating horsepower of nonstrategic units during the quarter.

第三季度，我們部署了約 60,000 匹馬力的新動力，平均每台超過 1,900 匹馬力，其中約 40% 的新動力由電動馬達驅動。我們還透過與現有客戶進行小額購買回租以及行使對一些先前租賃設備的提前買斷選擇權，增加了約 30,000 運行馬力。包括退出墨西哥市場在內，我們本季剝離了約 26,000 馬力的非戰略性業務單位。

Our investments to grow the fleet, along with strategic divestitures of noncore units drove our fleet utilization to roughly 98% another industry-leading metric. Our large horsepower units remain fully utilized at over 99%, reflecting the continuing strong demand for large horsepower compression, and we expect that to continue.

我們為擴大船隊規模而進行的投資，以及對非核心業務的策略性剝離，使我們的船隊利用率達到了約 98%，這是另一個行業領先的指標。我們的大馬力機組利用率仍超過 99%，反映出市場對大馬力壓縮的持續強勁需求，我們預計這種情況還會持續下去。

With new or expanded pipelines representing over 4.5 Bcf a day of incremental Permian gas takeaway capacity coming online by the end of 2026, our Permian customers have been very active this fall in ordering new compression to be delivered next year. In addition to the new pipelines, there's another 4 Bcf a day of sanctioned pipeline projects that are expected to be online by the end of the decade with numerous other Permian egress projects in the works.

到 2026 年底，新增或擴建的管道將使二疊紀盆地的天然氣外輸能力每天增加 45 億立方英尺，因此，今年秋季，我們的二疊紀盆地客戶非常積極地訂購了將於明年交付的新壓縮機。除了新建管道外，還有每天輸送 40 億立方英尺天然氣的已批准管道項目預計將在本十年末投入運營，此外還有許多其他二疊紀盆地天然氣出口項目正在籌備中。

Given the recent surge in new compression orders, new pipeline takeaway capacity and forecasted natural gas volume growth, lead times for new compression equipment has significantly stretched out to upwards of 60 weeks. We'll give you more details on our 2026 capital spending plans next quarter, but as a result of the high level of demand across the industry and our customers' needs, our capital plan for 2026 is effectively fully under contract.

鑑於近期新壓縮設備訂單激增、新管道輸送能力增加以及預計天然氣產量成長，新壓縮設備的交付週期已顯著延長至 60 週以上。我們將在下個季度向您提供更多關於我們 2026 年資本支出計劃的細節，但由於整個行業的高需求以及我們客戶的需求，我們 2026 年的資本計劃實際上已經全部簽訂了合約。

Before we discuss our third quarter financial results, a few thoughts about the macro environment. Since oil broke below $70 in the first quarter, we have seen the U.S. E&P industry adjust to the lower pricing environment in different ways. Permian operators have high-graded their drilling locations and realized increases in drilling and completion efficiencies, such as reducing days to drill to help offset the decline in oil prices and rig count.

在討論第三季財務表現之前，先談談宏觀環境的一些看法。自從第一季油價跌破 70 美元以來，我們看到美國油氣勘探開發行業以不同的方式調整以適應較低的價格環境。二疊紀盆地的營運商提高了鑽井位置的等級，並實現了鑽井和完井效率的提高，例如縮短鑽井天數，以幫助抵消油價和鑽機數量的下降。

The result is that we continue to see oil production growth from the Permian Basin and the U.S., and our customers continue to see accelerating growth in natural gas. So we expect 2026 to be a big year in gas growth from the Permian Basin. Given this backdrop, combined with the strength of our business model, the demand outlook for large horsepower compression remains very strong.

因此，我們看到二疊紀盆地和美國的石油產量持續成長，而我們的客戶也看到天然氣產量持續加速成長。因此，我們預計 2026 年將是二疊紀盆地天然氣產量大幅增加的一年。有鑑於此背景，再加上我們強大的商業模式，大馬力壓縮機的需求前景依然非常​​強勁。

Kodiak has continued to deliver top line revenue growth, margin increases and Contract Services segment growth throughout the year. Also, as I'll discuss shortly, we have taken several steps to reduce cost and boost our operating efficiencies. We see no reason why this dynamic won't continue into 2026, driving further revenue growth and margin improvement.

Kodiak全年持續實現營收成長、利潤率提升和合約服務業務成長。此外，正如我稍後將要討論的，我們已經採取了一些措施來降低成本並提高營運效率。我們認為這種趨勢將持續到 2026 年，從而推動收入進一步成長和利潤率提高。

Now turning to third quarter 2025 results. We once again delivered sequential growth in contract services adjusted gross margin and set another record in quarterly discretionary cash flow. As John will discuss in more detail, adjusted EBITDA for the quarter of $175 million was negatively impacted by over $5 million of nonrecurring SG&A expenses associated with the divested Mexico business.

現在來看2025年第三季業績。我們再次實現了合約服務調整後毛利率的環比增長，並在季度可支配現金流方面再創佳績。正如約翰將要詳細討論的那樣，該季度的調整後 EBITDA 為 1.75 億美元，受到與剝離的墨西哥業務相關的超過 500 萬美元的非經常性銷售、一般及行政費用的負面影響。

Given strong customer demand, historically high industry-wide utilization and disciplined decision-making by the contract compression industry, pricing conversations with customers continues to be constructive. We completed the majority of our planned 2025 contract renewals in the first half. But in Q3, we recontracted just over 200,000 horsepower at above our current fleet average.

鑑於客戶需求強勁，產業整體利用率處於歷史高位，以及合約壓縮產業決策的嚴謹性，與客戶的價格談判仍具有建設性。我們在上半年完成了大部分計畫中的 2025 年合約續約工作。但在第三季度，我們續簽了超過 20 萬馬力的合同，高於我們目前的車隊平均水平。

Contract Services adjusted gross margin percentage matched the high watermark we set last quarter at 68.3%, a 230 basis point increase compared to the third quarter of 2024. In addition to fleet growth, optimization efforts and pricing, we're seeing margin improvements from setting new large horsepower units and our investments in technology to drive fleet uptime and reliability.

合約服務調整後的毛利率與我們上季創下的68.3%的高點持平，比2024年第三季成長了230個基點。除了車隊成長、優化措施和定價之外，我們還透過安裝新的大馬力機組以及對技術的投資來提高車隊的正常運作時間和可靠性，從而實現了利潤率的提高。

Specifically, we've reduced lube oil consumption on a per horsepower basis through our AI and machine learning deployment. And our fleet reliability center that monitors our fleet remotely 24 hours a day is helping us identify problems before they become more expensive repairs with longer downtime. This drives lower engine and compressor repair costs and leads to better uptime for our customers. In our Other Services segment, third quarter results were consistent with our expectations. We're seeing positive momentum in our station construction business as evidenced by the recent award of a 30,000 horsepower compressor station that will feed supply fuel gas to a power plant located in Texas.

具體來說，我們透過應用人工智慧和機器學習技術，降低了每馬力引擎的潤滑油消耗量。我們的車隊可靠性中心每天 24 小時遠端監控我們的車隊，幫助我們識別問題，避免問題演變成更昂貴的維修和更長的停機時間。這樣可以降低引擎和壓縮機的維修成本，並為我們的客戶帶來更好的正常運作時間。其他服務業務部門第三季業績符合預期。我們看到，我們的電站建設業務呈現出積極的發展勢頭，最近我們獲得了一個 30,000 馬力壓縮站的合同，該壓縮站將為位於德克薩斯州的一家發電廠供應燃料氣。

This project is expected to kick off soon and will take roughly a year to complete.

該項目預計很快啟動，大約需要一年時間才能完成。

As Texas and other areas in the country look for additional natural gas-fired power plants to satisfy surging electricity demand, we're optimistic that more opportunities like this will arise.

隨著德州和美國其他地區尋求建造更多天然氣發電廠以滿足不斷增長的電力需求，我們樂觀地認為，未來還會出現更多類似的機會。

I'd now like to pivot to a few things that I believe are an underappreciated part of Kodiak's investment case, our short cash conversion cycle and our industry-leading discretionary cash flow yield. Unlike other midstream and infrastructure companies with lengthy construction projects that require substantial percentages of total capital expenditures long before revenues are generated, Kodiak has a short time frame between capital outlay and first revenue. The ability to quickly generate cash plus the strong returns on our growth investments allows Kodiak to generate a discretionary cash flow yield that we believe to be among the best in the midstream investment universe.

現在我想談談我認為在 Kodiak 的投資案例中被低估的幾個方面：我們較短的現金轉換週期和我們行業領先的自由支配現金流收益率。與其他中游和基礎設施公司不同，這些公司往往需要耗費大量資金進行建設項目，而且在產生收入之前就需要投入大量的資本支出，而 Kodiak 從資本支出到首次獲得收入的時間很短。Kodiak 快速產生現金的能力以及成長投資的強勁回報，使其能夠產生可自由支配的現金流收益率，我們認為這在中游投資領域名列前茅。

We generated nearly $117 million in discretionary cash flow in the third quarter and over $450 million over the last 4 quarters. That equates to approximately 15% discretionary cash flow yield at our current stock price. We define discretionary cash flow as adjusted EBITDA less cash taxes, cash interest and maintenance CapEx. This represents a starting point for our capital allocation framework. We continue to use this cash flow to return capital to shareholders, buying back approximately $50 million in stock in Q3 2025 and paying out a well-covered quarterly dividend.

第三季我們產生了近 1.17 億美元的可自由支配現金流，過去 4 個季度累計產生了超過 4.5 億美元的可自由支配現金流。以我們目前的股價計算，這相當於約 15% 的可支配現金流收益率。我們將可自由支配現金流量定義為調整後的 EBITDA 減去現金稅、現金利息和維護性資本支出。這代表了我們資本配置架構的起點。我們將繼續利用這筆現金流向股東返還資本，在 2025 年第三季回購約 5,000 萬美元的股票，並支付充足的季度股利。

Now I'd like to turn to the outlook for the remainder of 2025. Even following the sale of Mexico and the incurrence of extraordinary and nonrecurring SG&A expenses during Q3, we remain on track to hit our annual revenue, margin and adjusted EBITDA guidance, and we're right where we expected to be with capital spending.

現在我想展望一下2025年剩餘時間的前景。即使在出售墨西哥業務以及第三季產生非常規和非經常性銷售、管理及行政費用之後，我們仍有望實現年度收入、利潤率和調整後 EBITDA 目標，並且我們的資本支出也符合預期。

At the end of the quarter, we have deployed about 90% of the new units for the year with the remainder expected to be installed in the fourth quarter. Given our reduced outlook for cash taxes, we're on pace to exceed our discretionary cash flow guidance. Therefore, we increased our outlook on this metric for the year.

截至本季末，我們已部署了今年約 90% 的新設備，其餘部分預計將在第四季度安裝完畢。鑑於我們對現金稅收的預期有所降低，我們預計將超過預期的可自由支配現金流目標。因此，我們提高了對今年該指標的預期。

In summary, we're very pleased with our third quarter results. We're on track to achieve our full year guidance and the steps we've taken this year position us for continued margin growth in the future. Our focused large horsepower business model is helping us generate industry-leading discretionary cash flow yields, position us to further strengthen our balance sheet and return cash to shareholders.

總而言之，我們對第三季的業績非常滿意。我們預計將實現全年業績目標，今年採取的措施將為未來利潤率的持續成長奠定基礎。我們專注於大馬力業務模式，這有助於我們產生行業領先的自由支配現金流收益率，使我們能夠進一步加強資產負債表，並向股東返還現金。

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

現在我將把電話交給約翰·格里格斯，讓他進一步討論我們的財務表現和我們更新後的年度業績指引。約翰？

Thank you. As Mickey made clear, we accomplished some really important strategic objectives during the quarter, actions that serve to set us up well for the next leg of returns-oriented growth in the years to come.

謝謝。正如米奇所明確指出的那樣，我們在本季度實現了幾個非常重要的戰略目標，這些行動將為我們未來幾年以回報為​​導向的下一階段成長奠定良好的基礎。

Let's turn to the quarter's highlights, and I'll start with our Contract Services segment. We generated solid revenue growth in this segment in Q3 as evidenced by a year-over-year increase of 4.5% and quarter-over-quarter increase of 1.2%. Revenue per ending horsepower was $22.75 this quarter, a nice uplift versus the same quarter last year and effectively flat sequentially.

接下來我們來看看本季的亮點，首先從我們的合約服務部門開始。第三季度，該業務類股實現了穩健的營收成長，年增 4.5%，季增 1.2%。本季每期末馬力營收為 22.75 美元，與去年同期相比有顯著成長，與上一季基本持平。

We anticipated this outcome, and we called it out on our last quarterly call because we knew we were adding a lot of revenue-generating horsepower during this quarter, but only a portion of that horsepower's revenues. With less new horsepower being set in Q4 and in conjunction with the recontracting rate increases and solid pricing for new units, Mickey already spoke to, we expect to see a nice uptick in the revenue per horsepower metric for Q4.

我們預料到了這個結果，並在上一季度電話會議上指出了這一點，因為我們知道本季度我們增加了大量的創收能力，但只增加了這些能力所帶來收入的一部分。由於第四季新增馬力減少，加上續約價格上漲以及新機組價格堅挺（米奇已經談到過），我們預計第四季度每馬力收入指標將顯著增長。

Relative to Q3 of '24, Contract Services adjusted gross margin percentage increased by 230 basis points to 68.3%. The margin improvement is a reflection of the success we've realized in achieving higher pricing per horsepower alongside lower operating expenses per horsepower. We've driven these results through a relentless focus on high-grading the fleet through large horsepower, gas and electric additions, combined with the sale of noncore, low-margin units. And we're habitually rolling out new technology and process initiatives that either reduce costs, defer spend or improve labor productivity or some combination of the 3. In our Other Services segment, we generated revenues and adjusted gross margin in line with our expectations.

與 2024 年第三季相比，合約服務調整後的毛利率增加了 230 個基點，達到 68.3%。利潤率的提高反映了我們在提高每馬力價格的同時降低每馬力營運成本方面的成功。我們透過不斷提升車隊的檔次，增加大馬力、汽油和電力車輛，同時出售非核心、低利潤車輛，從而取得了這些成果。我們經常推出新技術和流程改善方案，以降低成本、延遲支出或提高勞動生產力，或三者兼具。在其他服務業務板塊，我們的營收和調整後毛利率均符合預期。

We've seen a resurgence of contract activity and that, plus our backlog gives us confidence that we remain on track to achieve our annual revenue and margin guidance. Reported SG&A for the quarter was $37.8 million. And after adjusting for nonrecurring or noncash items, it was $31.5 million.

我們看到合約活動有所回升，再加上我們積壓的訂單，這讓我們有信心能夠繼續實現年度收入和利潤率目標。本季度報告的銷售、一般及行政費用為 3,780 萬美元。扣除非經常性或非現金項目後，金額為 3,150 萬美元。

As Mickey mentioned, the $31.5 million still includes approximately $5 million in professional expenses associated with the cleanup and sale of our former Mexico operations. With our Mexico operations and assets now sold, we expect SG&A to revert back to a more normalized level during Q4. During the quarter, we booked a noncash charge of $28 million in other expenses that was related to our multiyear negotiation with the state of Texas over the taxability of our compression assets. We've recently made significant progress in gaining clarity on the issue and ultimate potential settlement. The charge takes our reserve to an amount we believe will satisfy this obligation in full.

正如米奇所提到的，這 3150 萬美元中仍然包括約 500 萬美元與我們之前在墨西哥的業務的清理和出售相關的專業費用。隨著我們在墨西哥的業務和資產的出售，我們預計第四季度銷售、一般及行政費用將恢復到較正常的水平。本季度，我們計入了 2,800 萬美元的非現金支出，這筆支出與我們和德州就壓縮資產的應稅性進行的多年談判有關。最近，我們在釐清問題和最終可能的解決方案方面取得了重大進展。這筆費用使我們的儲備金達到我們認為足以全額履行此項義務的金額。

Based on our current discussions, we'd expect to pay the state and close out this accrual in early '26. By doing so, we'll eliminate a significant contingent liability that has been with us for many years. And importantly, we believe that our view and the state's view on taxability of these assets is relatively aligned, and we don't foresee any changes to our future margins or return on investment associated with the tax structure going forward.

根據我們目前的討論，我們預計將在 2026 年初向州政府付款並結束這項應計款項。這樣做，我們將消除多年來一直困擾我們的一項重大或有負債。更重要的是，我們認為我們和州政府對這些資產的應稅性的看法是相對一致的，我們預計未來的稅收結構不會對我們的利潤率或投資回報率產生任何影響。

Net loss attributable to common shareholders for the third quarter was $14 million or $0.17 per diluted share. Excluding the loss on the sale of our Mexico business, the Texas sales and use tax charge and other onetime items, adjusted net income was $31.5 million or $0.36 per diluted share.

第三季歸屬於普通股股東的淨虧損為 1,400 萬美元，即每股攤薄虧損 0.17 美元。剔除出售墨西哥業務的損失、德州銷售和使用稅費用以及其他一次性項目後，調整後的淨收入為 3,150 萬美元，即每股攤薄收益 0.36 美元。

Maintenance CapEx for the quarter was approximately $20 million and trending toward the low end of our guidance range for the full year. Our investments in technology and the insights we're gaining from that are allowing us to extend preventative maintenance intervals and commensurately associated spending on a major portion of the fleet. We're increasingly seeing the benefit in our maintenance CapEx and believe we'll see more of that going forward as well.

本季維護資本支出約 2000 萬美元，接近我們全年指導範圍的下限。我們在技術方面的投資以及從中獲得的洞察力，使我們能夠延長大部分車隊的預防性維護週期，並相應地減少相關支出。我們越來越感受到維護性資本支出帶來的好處，並且相信未來會看到更多這樣的好處。

As expected, growth CapEx more than doubled quarter-over-quarter to approximately $80 million based on the addition of the roughly 60,000 in new horsepower. Year-to-date, we've added roughly 140,000 horsepower, and we're on pace to slightly exceed our forecast of 150,000 for the year.

正如預期的那樣，由於新增了約 6 萬馬力，成長資本支出環比增長了一倍多，達到約 8000 萬美元。今年迄今為止，我們已經增加了大約 14 萬馬力，而且我們預計將略微超過我們今年預測的 15 萬馬力。

Other CapEx was $12 million for the quarter. As we previously highlighted, other CapEx was front half weighted in 2025 due to capitalized spend on our new ERP system as well as some residual spend on our CSI-related fleet upgrades, which are now complete. The discretionary cash flow came in at $117 million, an increase of approximately $14 million versus the comparable quarter from last year. Free cash flow for the quarter was $33 million.

本季其他資本支出為1200萬美元。正如我們之前強調的那樣，由於我們在新的 ERP 系統上的資本化支出以及我們在與 CSI 相關的車隊升級方面的一些剩餘支出（這些升級現在已經完成），其他資本支出在 2025 年上半年佔比較高。可支配現金流為 1.17 億美元，比去年同期增加了約 1,400 萬美元。本季自由現金流為3300萬美元。

With regard to the balance sheet, we made great strides in the execution of our finance strategy. We achieved our goal of terming out the majority of our ABL into bonds with staggered maturities, including the first 10-year bond in the compression space. These actions derisk our balance sheet and add a further element of cash flow stability to our business, which in turn helps us execute on our capital allocation and shareholder return strategies with enhanced confidence.

在資產負債表方面，我們在執行財務策略方面取得了長足進展。我們實現了將大部分資產抵押貸款轉換為期限錯開的債券的目標，其中包括壓縮領域首隻 10 年期債券。這些措施降低了我們資產負債表的風險，並進一步增強了我們業務的現金流量穩定性，從而幫助我們更有信心地執行資本配置和股東回報策略。

During Q3, we issued $1.4 billion of bonds, exiting the quarter with $521 million drawn on the ABL and leaving us with approximately $1.5 billion in availability. Total debt at quarter end was approximately $2.7 billion. We exited the quarter with a credit agreement leverage ratio of around 3.8x, up from the prior quarter, mainly as a result of debt financing fees as well as our $50 million share repurchase from EQT. We expect to exit the year at about 3.6x.

第三季度，我們發行了 14 億美元的債券，季度末從資產抵押貸款中提取了 5.21 億美元，剩餘可用資金約為 15 億美元。截至季末，總負債約27億美元。本季末，我們的信貸協議槓桿約為 3.8 倍，較上一季度有所上升，主要原因是債務融資費用以及我們從 EQT 回購了 5000 萬美元的股票。我們預計年底本益比約為 3.6 倍。

Last, our Board recently declared an increased dividend of $0.49 per share. Even with 2 increases totaling nearly 20% this year, our dividend is well covered at 2.9x.

最後，董事會近期宣布將每股股息提高0.49美元。即使今年兩次增幅合計接近 20%，我們的股利覆蓋率也高達 2.9 倍。

Briefly on guidance. As we close out the year, we remain on track to hit our segment level guidance for revenues and margins as well as adjusted EBITDA, even after all the extra spend on Mexico during Q3. On CapEx, our prior guidance remains unchanged as the vast majority of 2025's capital spending is now behind us.

簡要說明指導意見。隨著年底臨近，即使在第三季度對墨西哥進行了額外支出之後，我們仍然有望實現分部層面的收入和利潤率以及調整後的 EBITDA 目標。關於資本支出，我們先前的指導意見保持不變，因為 2025 年的大部分資本支出現在已經完成。

We expect the fourth quarter CapEx and new unit growth will decline from Q3 levels. Thanks to our reduced outlook on cash taxes and reduced spend we're seeing in maintenance CapEx, we're on pace to exceed our prior guidance for discretionary cash flow. We now expect to generate between $450 million and $470 million in discretionary cash flow for the year.

我們預計第四季度資本支出和新單元成長將低於第三季水準。由於我們對現金稅收的預期降低，以及維護性資本支出減少，我們預計將超過先前對可自由支配現金流的預期。我們現在預計今年將產生 4.5 億美元至 4.7 億美元的可支配現金流。

And with that, I'll hand it back to Mickey.

然後，我就把它還給米奇了。

Thanks, John. Our business model, which generates stable and recurring cash flows is performing well in the current market. The demand outlook for contract compression remains robust, demonstrated by our ability to maintain strong pricing and continued growth in our industry-leading horsepower utilization.

謝謝你，約翰。我們的商業模式能夠產生穩定且持續的現金流，在當前市場環境下表現良好。合約壓縮的需求前景仍然強勁，這體現在我們能夠保持強勁的定價能力以及我們行業領先的馬力利用率的持續增長。

Additionally, our new unit horsepower order book is essentially fully contracted for 2026 as we capitalize on the robust outlook for growth in natural gas. Besides the top line growth, we are successfully making steps to increase margins by divesting noncore units and investing in technology to reduce costs and increase uptime. These targeted actions have enabled us to reach new financial milestones across several important metrics.

此外，由於我們充分利用了天然氣市場強勁的成長前景，我們2026年的新機組馬力訂單基本上已全部簽訂。除了營收成長外，我們還透過剝離非核心業務部門和投資技術來降低成本和提高正常運作時間，從而成功地提高了利潤率。這些有針對性的措施使我們能夠在多個重要指標上達到新的財務里程碑。

As a result, we delivered year-over-year increases in Contract Services revenue, adjusted gross margin and set a new quarterly record in discretionary cash flow, strengthening our ability to return capital and drive ongoing value for Kodiak shareholders.

因此，我們的合約服務收入和調整後毛利率均實現了同比增長，並創下了可自由支配現金流的新季度紀錄，從而增強了我們回報資本和為 Kodiak 股東創造持續價值的能力。

Thank you for your participation today. And now we're happy to open up the line for questions. Operator?

感謝各位今天的參與。現在我們很高興開通提問熱線。操作員？

(Operator Instructions) Doug Irwin, Citi.

（操作說明）Doug Irwin，花旗銀行。

I just wanted to start with '26 here. And I realize you haven't given any explicit guidance, but it sounds like you have a pretty good idea of what bookings are looking like into next year at this point. So just wondering if you could maybe provide a bit more detail about how the backlog is shaping up and maybe just high level, how you're thinking about fleet additions and pricing power relative to the last few years.

我只想從「26」開始。我知道你沒有給出任何明確的指導，但聽起來你目前對明年的預訂情況已經有了相當清晰的了解。所以我想問一下，您能否更詳細地介紹一下積壓訂單的進展情況，以及從宏觀層面來說，您是如何考慮與過去幾年相比增加車隊規模和定價能力的。

Doug, this is Mickey. Thanks for being with us today. Yes, we're not quite ready to give guidance into '26 quite yet. But like we said in our prepared remarks, we're effectively fully contracted out for what we plan on spending for next year. We've been pretty clear about the fact that our plan is to spend kind of roughly 60% of our discretionary cash flow on our growth capital for any given year.

道格，這是米奇。感謝您今天與我們同在。是的，我們目前還無法對 2026 年的情況給予指導。但正如我們在準備好的演講稿中所說，我們明年的支出計畫實際上已經全部外包出去了。我們已經非常明確地表示，我們的計劃是將每年約 60% 的可支配現金流用於成長資本。

And we think that next year ought to be pretty comparable to that. And we have contracts out into the latter parts of next year that ought to be somewhere in that ballpark.

我們認為明年應該與今年的情況大致相當。我們還有一些合約要到明年下半年才到期，價格應該也差不多在這個範圍內。

So next quarter, when we give official guidance for '26, we'll give that more detail, but we feel pretty good about where we're at right now and set to have continued growth into next year.

所以，下個季度，當我們發布 2026 年的正式業績指引時，我們會提供更多細節，但我們對目前的狀況感到非常滿意，並有望在明年繼續保持成長。

Understood. And then my second question, just around M&A. I think so far this year, you've been focused on more kind of smaller acquisitions and divestitures, but it sounds like a lot of the obvious high grading is maybe concluded at this point. So just curious if larger scale M&A is something that's on your radar? And if so, what kind of deals might make sense?

明白了。我的第二個問題是關於併購的。我認為今年到目前為止，你們一直專注於規模較小的收購和剝離，但聽起來很多顯而易見的優質資產收購可能已經完成了。所以，我只是好奇，您是否正在關注更大規模的併購？如果真是如此，什麼樣的交易才比較合理呢？

And would you maybe even consider stepping outside of traditional compression if the right opportunity presents itself?

如果遇到合適的契機，您是否會考慮跳出傳統壓縮的框架？

Yes, Doug, I mean, we definitely would consider that. We don't comment too much on potential M&A deals. But I will tell you that the strategic actions that we took this year set us up to be in a position to consider some of that stuff for next year. So we went live with our ERP system, which was a huge step for us to dial in technology and utilize AI going forward as well as the bond issuance that we did that's freed up $1.5 billion worth of availability on our ABL. So as of this quarter, we have a balance sheet that's in a position to pursue some M&A activity if the right opportunity presents itself.

是的，道格，我的意思是，我們肯定會考慮的。我們不常對潛在的併購交易發表評論。但我可以告訴你們，我們今年採取的策略行動使我們有能力在明年考慮其中的一些事情。因此，我們的 ERP 系統正式上線，這對我們來說是一個巨大的進步，使我們能夠更好地運用技術，並在未來利用人工智慧。此外，我們還發行了債券，從而釋放了價值 15 億美元的資產抵押貸款可用資金。因此，截至本季末，我們的資產負債表已具備進行一些併購活動的條件，如果出現合適的機會的話。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

Last quarter, you -- we spent a fair amount of time on some of the initiatives you were working on with your customers, kind of sale leasebacks or other kind of similar types of deals. Can you maybe just catch us up on where those sit and how conversations gone so far?

上個季度，我們花了不少時間關注你與客戶合作的一些項目，例如售後回租或其他類似類型的交易。您能否簡單介紹一下這些專案目前進展如何，以及對話進行得如何？

John, good to talk to you this morning. So in Q3, we had a small purchase leaseback transaction that we executed on that was really good for us and helped us grow the revenue-generating horsepower by above that 30,000 horsepower mark. So we've got good conversations with that kind of stuff going on. Nothing -- no big things super imminent right now, but those conversations are happening with customers. And just kind of back to Doug's question that I just answered, right, like the strategic initiatives that we executed on in this quarter with the ERP implementation that allows us to get that real-time financial and operational data at our fingertips as well as the bond issuance freeing up a lot of liquidity for us is those were 2 really important steps as a prerequisite to executing on some larger type of not only M&A, but also kind of like strategic transactions with our customers.

約翰，很高興今天早上和你聊天。因此，在第三季度，我們完成了一筆小規模的購回租賃交易，這筆交易對我們來說非常有利，幫助我們將創收馬力提升到了 30,000 馬力以上。所以，我們在這方面進行了很多有益的對話。目前沒有什麼大事即將發生，但我們正在與客戶溝通。回到我剛才回答的 Doug 的問題，對吧，就像我們本季度執行的戰略舉措，包括 ERP 實施，使我們能夠隨時獲取實時財務和運營數據，以及債券發行，為我們釋放了大量流動性，這兩個步驟非常重要，是執行更大​​規模的併購以及與客戶進行戰略交易的先決條件。

So we had to get those steps out of the way first before we could take the next one. So we're excited about the progress we made in the third quarter.

所以我們必須先完成這些步驟，才能進行下一步。因此，我們對第三季的進展感到興奮。

Understood. And then going back to your comment earlier around, I guess, you're doing some station construction for some power out in the basin. Can you talk a little bit more about what the opportunity set looks like there for you guys and whether Kodiak could get more kind of directly into the power gen side?

明白了。然後回到你之前的評論，我猜你是在盆地裡建造一些電站來發電。你們能否再詳細談談你們在那裡的機會前景，以及 Kodiak 是否有可能更直接地涉足發電領域？

Yes, absolutely. I mean that specific opportunity is one of our station construction deals. We've got a ton of backlog that it looks like for opportunities in our pipeline for that station construction business, a lot of interest in the power sector. And so we are doing a lot of work there. We're gaining a lot of valuable expertise and industry insight there.

是的，絕對的。我的意思是，這個具體的機會是我們車站建設項目中的一個項目。看起來我們在電站建設業務方面有很多待辦事項，電力產業對此很感興趣。因此，我們在那裡開展了大量工作。我們在那裡獲得了許多寶貴的專業知識和行業見解。

And if the right entry point presents itself, then we will probably take advantage of it. But nothing to report just yet, but we're doing a lot of work, and we're very interested in the segment.

如果出現合適的切入點，我們很可能會加以利用。但目前還沒有什麼可以報告的，不過我們正在做很多工作，而且我們對這個領域非常感興趣。

Connor Jensen, Raymond James.

康納詹森，雷蒙德詹姆斯。

I noticed that lead times are back above 60 weeks for equipment, which lines up with what we've heard from others. Wondering if this will potentially lead to higher prices down the road on incremental orders that you could maybe capture through higher prices and just kind of how you're thinking about that dynamic?

我注意到設備的交貨週期又回到了 60 週以上，這和我們從其他人那裡聽到的情況一致。想知道這是否會導致未來新增訂單價格上漲，而您可以透過提高價格來獲取這些利潤，您是如何看待這種動態變化的？

Yes. I mean I think lead times are a function of the demand in the industry, right? And so I think you're seeing this -- the industry see an extraordinary amount of demand from not only takeaway capacity increases in the Permian Basin, but significant volume increases that are being projected for natural gas, not only in the Permian, but in other basins as well.

是的。我的意思是，我認為交貨週期取決於行業需求，對吧？所以我認為你現在看到的是——該行業不僅因為二疊紀盆地的外輸能力增加而看到了巨大的需求，而且預計天然氣產量也將大幅增長，不僅在二疊紀盆地，而且在其他盆地也是如此。

So I think you're starting to see this LNG capacity come online and you're starting to see a significant amount of volume increase projections from our customers and others that are saying, man, we need a lot of compression, and we need a lot more of it. So I think that is all going to be positive for pricing going forward, and we expect that we will continue to have positive pricing discussions with our customers.

所以我認為，你開始看到液化天然氣產能投入運營，你也開始看到我們的客戶和其他人對產量大幅成長的預測，他們說，我們需要大量的壓縮，我們需要更多的壓縮。所以我認為這對未來的定價來說都是利好消息，我們預計將繼續與客戶進行積極的定價討論。

Got it. That makes sense. And then a nice job exiting all the international operations focus on the core U.S. market. Is there any cost savings to be had being an entirely domestic business?

知道了。這很有道理。然後，順利地退出所有國際業務，並專注於美國核心市場。完全採用國內經營模式能否節省成本？

And how should we think about divestments following this presumably at a lower pace now that you have all the international businesses sold?

既然你們已經出售了所有國際業務，那麼接下來應該如何考慮以較慢的速度進行資產剝離呢？

Yes. I think going forward, the divestitures will come at a lower pace, now that we've successfully exited Mexico and Argentina. Those businesses were definitely at a lower margin contribution than the standard large horsepower compression that we have that's very, very concentrated in the U.S., especially in the Permian Basin. So we're certainly divesting of lower-margin business there. So I would consider -- I would definitely think that it would be helpful to our overall margin.

是的。我認為，隨著我們成功退出墨西哥和阿根廷市場，未來的資產剝離速度將會放緩。這些企業的獲利貢獻肯定低於我們目前在美國（尤其是二疊紀盆地）非常集中的標準大馬力壓縮技術。因此，我們肯定會剝離那裡利潤率較低的業務。所以我認為——我肯定認為這對我們的整體利潤率有所幫助。

So -- but it's a pretty small contribution. So it's not going to be a big impact.

所以——但這只是很小的貢獻。所以不會造成太大影響。

And I will add to that, this is John, to -- and we called it out in the prepared remarks. It was in our press release. So we explicitly spent about $5 million on professional expenses in the third quarter in SG&A for a business that's now sold. So that's kind of all wrapping up. And so there is a bona fide savings you won't see repeat in the fourth quarter and beyond.

我還要補充一點，我是約翰，──我們在準備好的演講稿中也提到了這一點。在我們的新聞稿裡。因此，我們在第三季的銷售、一般及行政費用中明確支出了約 500 萬美元用於一項現已出售的業務的專業費用。差不多就這些了。因此，這種實實在在的節省在第四季及以後將不會再次出現。

John Annis, Texas Capital.

約翰·安尼斯，德克薩斯資本。

For my first one, with the new horsepower added this quarter, can you talk about how much of that is electric? I think you may have mentioned around 40% in your prepared remarks, if I heard you correctly.

對於我的第一個問題，本季新增了馬力，您能談談其中有多少是電動的嗎？如果我沒聽錯的話，你在事先準備好的演講稿中可能提到了約 40%。

And then just more broadly, has there been any recent changes in your customers' desire to add electric motor drive compression?

更廣泛地說，您的客戶最近對增加馬達驅動壓縮的需求是否有任何變化？

Yes. Thanks. This is John. I'll tackle the first piece and then hand it back to Mickey for the customer kind of feedback. So in the third quarter, we added around 60,000 new horsepower and about 40% of it happened to be electric.

是的。謝謝。這是約翰。我先處理第一部分，然後把它交還給米奇，讓他給顧客回饋。因此，在第三季度，我們新增了約 6 萬馬力，其中約 40% 是電動馬力。

We also, over the course of the year, have kind of told everybody that about 40% of the total order book for '25 was electric. So that was just a coincidence in terms of the third quarter versus the year.

在過去一年中，我們也大致告訴了大家，2025 年的總訂單中約有 40% 是電動車。所以，第三季與全年相比，這只是一個巧合。

In terms of what Mickey is saying in the future, I'll turn it back to you.

至於米奇未來會說什麼，就交給你們來評斷吧。

Yes. I mean I think that you're definitely seeing a little bit of a pullback away from electric-driven compression orders and inquiries coming in. It's just a power problem, especially in the Permian Basin. They're just the lead times for getting power and connecting the grid access is just a problem for people that have aspirations to go to electric. I think those aspirations are still there.

是的。我的意思是，我認為你肯定會看到電動壓縮器的訂單和諮詢量減少。這只是電力問題，尤其是在二疊紀盆地。這只是獲得電力和接入電網所需的時間，而對於那些渴望使用電力的人來說，接入電網只是一個問題。我認為這些願望仍然存在。

They just are looking at shorter-term solutions and that kind of thing that are kind of then the longer-term electric desires that they have. So the power problem is real, and it's kind of shifting some of those customers' desire to go electric.

他們目前只專注於短期解決方案，而忽略了他們長期的電力需求。所以電力問題是真實存在的，而且它在某種程度上改變了一些客戶轉向使用電動車的意願。

Terrific. For my follow-up, you highlighted robust natural gas demand drivers, including power for data centers and LNG. Can you quantify what portion of your new unit deployments or backlog are directly tied to serving these emerging areas versus traditional wellhead production? And then are there any differences in contract terms, duration or equipment requirements for these applications?

了不起。在我的後續問題中，您重點提到了強勁的天然氣需求驅動因素，包括資料中心電力和液化天然氣。你能量化一下，你的新設備部署或積壓訂單中，有多少比例是直接服務這些新興領域，又有多少比例是服務傳統的井口生產嗎？那麼，這些應用在合約條款、期限或設備要求方面是否存在任何差異？

John, it's really hard for us to quantify what of our -- how much of our compression is going to serve LNG versus data center demand and that kind of thing. Once that gas gets into a pipeline, you never know if that certain molecule is going to support fuel for power for a data center or it's into the Gulf Coast to be liquefied and said to Europe for LNG.

約翰，我們很難量化我們的壓縮能力中有多少用於滿足液化天然氣需求，又有多少用於滿足資料中心需求等等。一旦天然氣進入管道，你永遠無法確定該分子是會成為資料中心的發電燃料，還是會被輸送到墨西哥灣沿岸液化，然後運往歐洲製成液化天然氣 (LNG)。

So we really can't tell the difference from our standpoint. We do know that there's a lot of demand for natural gas and it all requires multiple stages of compression. It's good for our business. So we see it coming down the pipeline, and we don't see any differences really from those standpoints of contract terms or duration there. So from where we sit in that value chain, it's too early to kind of determine.

所以從我們的角度來看，我們真的分辨不出差異。我們知道天然氣的需求量很大，而天然氣的生產需要經過多級壓縮。這對我們的生意有好處。所以我們看到它正在按計劃進行，從合約條款或期限的角度來看，我們並沒有看到任何真正的區別。所以從我們在這個價值鏈中所處的位置來看，現在下結論還為時過早。

Zack Van Everen, TPH & Company.

Zack Van Everen，TPH & Company。

Maybe just going back to the 60 weeks on new equipment. Does that kind of indicate you're already starting conversations with customers for 2027? And would you guys be willing to order some on spec just to make sure you have the equipment when it's needed?

或許應該恢復到使用新設備60週的週期。這是否意味著你們已經開始與客戶探討 2027 年的計畫了？你們是否願意先訂購一些現貨，以確保在需要時有設備可用？

I would think that the discussions for 2027 will start happening really quickly. We've been pretty busy here so in the last month or so. So I haven't heard about many discussions into '27, although I do know that they're starting to happen.

我認為關於 2027 年的討論很快就會開始。過去一個月左右，我們一直都很忙。所以，我還沒有聽說過很多關於 2027 年的討論，儘管我知道這些討論已經開始出現了。

We haven't traditionally ordered equipment on spec, Zach, but -- and to the extent that we can avoid doing so, we will for compression. But there's some things we can do in working with packagers and working with the Cat dealers on making sure that there's engines kind of in the pipeline coming down and that we can have access to. So there are some things we can do to kind of manage our supply chain there without having to really step out on a limb and order full equipment packages on speculation out with that longer lead times.

扎克，我們歷來不會按規格訂購設備，但是——而且只要我們能避免，壓縮設備我們就會這樣做。但是，我們可以透過與包裝商和卡特彼勒經銷商合作，確保有發動機在運輸途中，並且我們可以獲得這些發動機，從而做一些事情。因此，我們可以採取一些措施來管理我們的供應鏈，而無需冒險訂購整套設備，從而避免較長的交貨週期。

Got you. That makes sense. And maybe related to the same question, have you seen contract duration get extended as we see continued rates increasing for customers is when they renegotiate. Has that gone out from the typical 3 to 5 years? Or are you still within that range for most new contracts?

抓到你了。這很有道理。或許與此問題相關的是，隨著客戶價格的持續上漲，合約期限是否會延長？這種情況通常是客戶重新談判時發生的。這個時間是否已經超過了通常的 3 到 5 年？或者，對於大多數新合約而言，您仍然在這個範圍內嗎？

Most new contracts are still within that 3- to 5-year range. So we are starting to see some interest from some customers that want to term equipment out for longer than that, but haven't gotten too much traction there as we're really more prone to key in on price rather than term for those contracts.

大多數新合約的期限仍然在 3 到 5 年之間。因此，我們開始看到一些客戶對延長設備使用期限表現出興趣，但由於我們更傾向於關注價格而不是合約期限，所以這方面並沒有取得太大進展。

(Operator Instructions) Selman Akyol, Stifel.

（操作說明）Selman Akyol，Stifel。

I just want to go back to the station construction opportunity that you're seeing. And you talked about backlog, and I just want to make sure I understand that. Is backlog opportunities that you've identified? Or is that stuff you've identified and you actually expect to become order and we should expect to see it at some point flow through?

我只想回到你看到的車站建設機會。您剛才提到了積壓工作，我只是想確認一下我是否理解了。你已經發現了哪些積壓工作機會？或者說，這些都是你已經發現並期望形成秩序的東西，我們應該期待在某個時候看到它得到落實？

A little bit of both, Selman. I think that we probably have more opportunities in our pipeline today than we've probably had in the last couple of years. Now conversion rate on those, I think we expect to be pretty high, but haven't signed, sealed the deal on all of those yet, but we feel pretty good about that business model going forward and the contribution that it's going to have in 2026.

兩者兼而有之，塞爾曼。我認為，我們目前擁有的專案機會可能比過去幾年還要多。目前來看，這些項目的轉換率應該會很高，但我們還沒有就所有這些項目簽署最終協議，不過我們對這個商業模式的未來發展以及它在 2026 年將做出的貢獻感到非常樂觀。

And then as we think about margins, you've talked about divesting lower contributions. You've got your ERP system. You've talked about AI. What should we be expecting margins as we kind of go through '26? Is there still upward pressure to those numbers that you're putting up?

然後，當我們考慮利潤率時，您談到了剝離貢獻較小的股份。你們已經有ERP系統了。你談到了人工智慧。隨著我們進入2026年，利潤率該如何預期？你公佈的這些數字是否仍面臨上漲壓力？

I think so. I mean we're not quite ready to guide on '26 what margins are going to look like yet, but we would expect those to be higher than they are today.

我也這麼認為。我的意思是，我們目前還無法準確預測 2026 年的利潤率，但我們預計利潤率會高於目前的水平。

Got it. And one last question, if I could squeeze it in. Can you just talk about what the outlook is for other basins besides the Permian? I know the Permian gets all the attention, but seeing any uplift in any others?

知道了。最後一個問題，如果可以的話。您能否談談除二疊紀盆地之外的其他盆地的前景？我知道二疊紀盆地備受關注，但其他盆地有出現隆升嗎？

Yes. Selman, good question. And quite frankly, the bulk of the capital spend by our customers has gone to the Permian Basin, like you said. So we key on the Permian probably more than most people. But I will tell you, there is some uplift in opportunities that we're seeing in some other basins.

是的。塞爾曼，問得好。坦白說，正如你所說，我們客戶的大部分資本支出都流向了二疊紀盆地。所以我們對二疊紀的關注程度可能比大多數人還要高。但我可以告訴你，在其他一些盆地，我們看到了一些機會的提升。

We've got some really interesting opportunities that we're taking advantage of up in the Northeast as well as in the Eagle Ford as well as in the Rocky Mountains. So we're seeing some of those other basins start to have a lot more interest and activity. So it's a good thing.

我們在東北部、鷹灘地區以及落基山脈地區都獲得了一些非常有趣的機會，我們正在充分利用這些機會。所以我們看到其他一些盆地開始受到更多關注，並變得更加活躍。所以這是好事。

And we think that certainly from a natural gas standpoint of supporting LNG build-out and data center build-out and that kind of thing, some interest from these other basins is a quality thing for us.

我們認為，從天然氣角度來看，支持液化天然氣建設和資料中心建設等等，其他盆地的某些興趣對我們來說是一件好事。

Eli Jossen, JPMorgan.

Eli Jossen，摩根大通。

Maybe just on some of the strong liquidity you guys have and the optionality it creates. I recognize that '26 is pretty filled out, but can you just talk about what makes the most sense to do with that dry powder? I mean, could we think about something bigger in the Power Solutions realm? I know you guys talked about you're looking at those, but maybe just stacking that kind of opportunity set versus some of the M&A that's out there.

或許正是因為你們擁有強大的流動性以及由此產生的選擇權。我知道 '26 號球員已經基本確定了，但是你能談談如何最合理地利用這些剩餘的選秀權嗎？我的意思是，我們能否考慮在電力解決方案領域做一些更宏大的事情？我知道你們討論過正在關注這些，但也許應該把這類機會與一些現有的併購交易進行比較。

Yes, sure. So this is John. I'll tack it, and I'm sure Mickey will chime in, too. So look, you asked a broader question. I am going to say that our capital allocation framework that we've been consistently applying since we went public is still the one that we're going to stick to, and that's an algorithm that kind of looks at that 3% to 4% growth in horsepower on a year-over-year basis for several years, generates upper single digits EBITDA growth for several years in a row, and that should translate into a similar, if not slightly higher discretionary cash flow growth rate going forward as well, too.

當然可以。這位是約翰。我會把它加上去，我相信米奇也會參與其中。你看，你問了一個更廣泛的問題。我想說的是，我們自上市以來一直堅持的資本配置框架仍然是我們將繼續堅持的框架。該框架的演算法著眼於馬力逐年增長 3% 至 4%，連續幾年實現 EBITDA 的個位數增長，這應該也能轉化為未來類似的，甚至略高的可自由支配現金流增長率。

We want to honor the 3.5x long-term leverage target that we've kind of set forth. And so we will always want to protect that balance sheet. But then we've got this great pile of discretionary cash flow that we have the optionality and what we're going to do stuff with. We're still seeing wonderful returns. We always talk about kind of the new horsepower sets that we see and generating really, I guess, high-quality returns well above our hurdle rates on new horsepower.

我們希望實現我們設定的 3.5 倍長期槓桿目標。因此，我們始終想要保護資產負債表。但是，我們現在擁有大量可自由支配的現金流，我們可以靈活地選擇如何使用它。我們仍然看到了豐厚的回報。我們總是談論我們看到的新型馬力機，以及它們所產生的真正高品質的回報，我認為遠高於我們對新型馬力機的最低迴報率。

So we'll continue to do that.

所以我們會繼續這樣做。

And then as we think about M&A, Mickey answered a lot of those questions at the beginning. So we've gotten so many of these things that have kept us pretty focused post going public, post-CSI integration, exiting the international operations, exiting the small horsepower business, implementing the new ERP system that were really real geared up to just take advantage of this kind of, I'll call it, new management capacity that we have for the next chapter of Kodiak's growth.

然後，當我們思考併購問題時，米奇一開始就回答了許多這類問題。因此，在上市、CSI整合、退出國際業務、退出小馬力業務、實施新的ERP系統之後，我們做了很多事情，這些都讓我們能夠保持相當專注，真正地利用我們為Kodiak的下一個增長階段所擁有的這種，我稱之為新的管理能力。

So we're going to look at all opportunities within compression that fit our kind of pistol, which is going to be the large horsepower, high-quality assets in the right basins. And then as we think about power, how can you not think about power in a world that we live in? Our customers ask us to do it. We're in the electric power business. We have relationships with all of the people that are buying their own distributed power that are concerned about what's going to happen to the grid and stability.

因此，我們將關注壓縮領域內所有符合我們投資策略的機會，也就是在合適的盆地中擁有大馬力、高品質資產的機會。那麼，當我們思考權力時，在我們生活的世界裡，我們怎麼可能不去思考權力呢？我們的客戶要求我們這樣做。我們從事電力業。我們與所有購買分散式電力、關心電網穩定性的人都保持聯繫。

So it's conversations that we'll continue to have going forward.

所以，我們會繼續就此展開對話。

And then the last is that opportunity to work creatively with our customers to potentially do the purchase leaseback type transactions. Those would be wonderful ways to grow our business without growing industry capacity to a degree and can make great financial sense for investors. So it's really -- it's -- we're sitting really well for 2026 to try to think about, once again, the next chapter of Kodiak's growth that is in addition to this awesome long-term business model that we have in large horsepower U.S. compression.

最後，我們還有機會與客戶進行創意合作，以進行購買回租類型的交易。這些方法既能在一定程度上發展我們的業務，又不會擴大產業產能，對投資人來說也很有意義。所以，我們真的——真的——為 2026 年做好了充分的準備，可以再次思考 Kodiak 發展的下一個篇章，這建立在我們在美國大馬力壓縮領域擁有的這個了不起的長期商業模式之上。

Yes. Awesome. Really appreciate the color there. And then maybe just kind of back to some of the 60-week lead times and the contracting that you're seeing. Can you just talk a little bit about pricing trends, particularly in the Permian?

是的。驚人的。非常喜歡那裡的色彩。然後，或許又會回到過去那種 60 週的交貨週期和合約簽訂模式。能否簡單談談價格趨勢，特別是二疊紀盆地的價格趨勢？

I know those continue to move up and to the right, but just what you guys are seeing on the pricing front and how you expect that to evolve in the future?

我知道這些價格會繼續上漲和上漲，但你們目前觀察到的價格走勢如何？你們預計未來價格會如何變動？

Yes, Eli, we don't expect things to change that much. I think we've still got the ability to command leading-edge pricing that we have for the last couple of years. We've repriced a good bit of our fleet, but there is still a significant piece of our fleet that we haven't repriced. And so we expect kind of the existing price book of the existing fleet to continue to move up over time as we adjust some of the legacy contracts that we had that are 3 or 4 years old. And then we expect to continue to command kind of leading-edge pricing on new unit deployments that we have coming out the door, too, because, quite frankly, with the inflation and increased cost of operations on that stuff, we have to command a higher price to command the same kind of margins that we've had.

是的，伊萊，我們預計情況不會有太大變化。我認為我們仍然有能力像過去幾年一樣，保持領先的定價優勢。我們已經對大部分車隊進行了重新定價，但仍有相當一部分車隊尚未重新定價。因此，我們預計現有船隊的現有價格表會隨著時間的推移而繼續上漲，因為我們將調整一些 3 或 4 年歷史的遺留合約。而且，我們預計即將推出的新產品也將繼續保持領先的定價優勢，因為坦白說，由於通貨膨脹和營運成本的增加，我們必須收取更高的價格才能獲得與以往相同的利潤率。

So we'll be focused -- laser-focused on those, but we think that the pricing situation remains pretty status quo, and we think we can still drive pricing on new units and the existing fleet.

因此，我們將重點關注——雷射般地關注這些方面，但我們認為定價情況仍將保持現狀，我們認為我們仍然可以推動新設備和現有車隊的價格上漲。

Anything further, Mr. Jossen?

還有其他問題嗎，喬森先生？

I leave it there.

我把它放在那裡。

This now concludes our question-and-answer session. I would like to turn the floor back over to Mickey McKee for closing comments.

我們的問答環節到此結束。現在我把發言權交還給米奇·麥基，讓他做總結發言。

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

好的。謝謝接線員，也謝謝今天所有參加電話會議的人。我們期待在公佈第四季業績後再次與您溝通。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路了，祝您有美好的一天。