Natural Gas Services Group Inc (NGS) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Natural Gas Services Group, Inc. Q2 2023 Earnings Call. (Operator Instructions) I would now like to turn the call over to Ms. Anna Delgado. Please begin.

早安，女士們、先生們，歡迎參加 Natural Gas Services Group, Inc. 2023 年第二季財報電話會議。 （接線員指示）我現在想將電話轉給 Anna Delgado 女士。請開始。

Thank you, Luke, and good morning, everyone. Before we begin, I remind you that during this call, we will make forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934 based on our current beliefs and expectations as well as assumptions made by an information currently available to Natural Gas Services Group's leadership team. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Please refer to our latest filings with the United States Securities and Exchange Commission for the factors that may cause actual results to differ materially from those in the forward-looking statements made during this call.

謝謝你，盧克，大家早安。在開始之前，我提醒您，在本次電話會議中，我們將根據1934 年《證券交易法》第21E 條的含義，根據我們當前的信念和預期以及根據當前可獲得的信息做出的假設，做出前瞻性陳述。天然氣服務集團的領導團隊。儘管我們認為此類前瞻性聲明中反映的預期是合理的，但我們不能保證此類預期將被證明是正確的。請參閱我們向美國證券交易委員會提交的最新文件，以了解可能導致實際結果與本次電話會議中前瞻性聲明中的結果有重大差異的因素。

In addition, our discussion today will reference certain non-GAAP financial measures, including EBITDA, adjusted EBITDA and adjusted gross margin, among others. For reconciliations of the non-GAAP financial measures to our GAAP financial results, please see yesterday's press release and our Forms 8-K, 10-K, 10-Q furnished to the SEC.

此外，我們今天的討論將參考某些非公認會計準則財務指標，包括 EBITDA、調整後 EBITDA 和調整後毛利率等。有關非 GAAP 財務指標與 GAAP 財務表現的調整表，請參閱昨天的新聞稿以及我們向 SEC 提供的 8-K、10-K、10-Q 表格。

I will now turn the call over to Steve Taylor, our Chairman and Interim President and CEO. Steve?

我現在將把電話轉給我們的董事長兼臨時總裁兼執行長史蒂夫泰勒。史蒂夫？

Thank you, Anna and Luke, and good morning, everyone. Welcome to our second quarter 2023 earnings conference call. Thank you for joining us this morning. Before taking your questions, I'll highlight our financial and operational results for the second quarter, discuss the current business environment and provide comments on other aspects of our business.

謝謝安娜和盧克，大家早安。歡迎參加我們的 2023 年第二季財報電話會議。感謝您今天早上加入我們。在回答大家的問題之前，我將重點介紹我們第二季的財務和營運業績，討論當前的商業環境，並對我們業務的其他方面提供評論。

Reflecting on the quarter, total revenue and rental revenue grew when compared to both sequential and year-over-year quarters. Sequentially, our sales revenues declined, but our strategically important rental revenues continue to grow at a brisk pace, reflecting our 10th consecutive quarter of rental revenue growth. Our overall gross margins improved, led by higher rental margins and lower operating expenses and operating income and net income both increased over the comparative quarters. We are starting to see the results of our 2023 capital program in our revenues, margins and bottom lines. The overall environment in our industry continues to be positive and we anticipate further improvement.

回顧本季度，總收入和租金收入與連續季度和同比季度相比均有所增長。隨後，我們的銷售收入下降，但我們具有重要策略意義的租金收入持續快速成長，反映出我們的租金收入連續第十個季度成長。在租金利潤率上升和營運費用下降的帶動下，我們的整體毛利率有所改善，營運收入和淨利潤均較同期有所增長。我們開始看到 2023 年資本計畫在收入、利潤和利潤方面的成果。我們行業的整體環境持續向好，我們預計會進一步改善。

Total revenue for the 3 months ended June 30, 2023, increased to $27 million from $26.6 million for the 3 months ended March 31, 2023, or a 1.3% increase in sequential quarters. Total revenues increased year-over-year from $19.9 million for the 3 months ended June 30, 2022, for a 35% increase. The small increase in sequential total revenue was due to a $1.4 million drop in sales revenues in the first quarter, although that was offset by an increase in rental revenues in our service and maintenance business. By the way, now and going forward, we will be referring to our service and maintenance business as aftermarket services. There is no change in the revenue components to make up this segment, but aftermarket services or AMS, conforms closer to how our industry generally refers to it.

截至2023年6月30日止三個月的總收入從截至2023年3月31日止三個月的2,660萬美元增至2,700萬美元，環比增長1.3%。截至 2022 年 6 月 30 日的三個月，總營收年增 35%，為 1,990 萬美元。總收入環比小幅增長是由於第一季銷售收入下降 140 萬美元，儘管我們的服務和維護業務的租金收入增加抵消了這一下降。順便說一句，現在和將來，我們將把我們的服務和維護業務稱為售後服務。該細分市場的收入組成部分沒有變化，但售後服務或 AMS 更接近我們行業的普遍說法。

Rental revenue increased 6% from $22.7 million in the 3 months ending March 31, 2023, compared to $24.1 million in the 3 months ending June 30, 2023. Rental revenue increased to $24.1 million in the second quarter of 2023 from $18.1 million in the second quarter of 2022 for a 33% gain over the past year. Both comparative period increases were primarily the result of the increased deployment of high horsepower rolling units, higher overall horsepower utilization across the fleet and rental price increases throughout the year. Rental revenues composed approximately 85% to 90% of our total revenues in all comparative periods.

截至2023年3月31日的三個月，租金收入為2,270萬美元，成長了6%，而截至2023年6月30日的三個月，租金收入為2,410萬美元。2023年第二季的租金收入從第二季的 1,810萬美元增至 2,410萬美元。2022 年第四季較去年增長 33%。兩個比較期間的成長主要是由於大馬力滾動機組的部署增加、整個車隊的整體馬力利用率提高以及全年租金價格上漲的結果。在所有比較期間，租金收入約占我們總收入的85%至90%。

Adjusted gross rental margin increased sequentially from $11.1 million or 49% of revenue in Q1 2023 to $12.8 million or 53% of revenue in the second quarter of 2023. This is a 15% increase in gross real margin dollars since last quarter. On a year-over-year basis, our adjusted rental gross margin of $12.8 million in the second quarter of 2023, increased approximately 42% when compared to $9 million in the same period in 2022. In the comparative year-to-date 6-month period, our rental revenues have increased 33%, while adjusted gross margins grew by 42%. As of June 30, 2023, we had 1,249 utilized rental units, representing over 372,000 horsepower compared to 1,281 rented units, representing just over 311,000 horsepower as of June 30, 2022.

調整後的毛租金利潤率較上季從2023 年第一季的1,110 萬美元（佔營收的49%）增加到2023 年第二季的1,280 萬美元（佔營收的53%）。自上季以來，實際毛利率成長了15%。與去年同期相比，我們在 2023 年第二季調整後的租金毛利率為 1,280 萬美元，與 2022 年同期的 900 萬美元相比增長了約 42%。在年初至今的 6-一個月期間，我們的租金收入成長了33%，而調整後的毛利率成長了42%。截至 2023 年 6 月 30 日，我們擁有 1,249 台已使用的租賃設備，功率超過 372,000 馬力，而截至 2022 年 6 月 30 日，我們擁有 1,281 台租賃設備，功率略高於 311,000 馬力。

The net decrease in fleet units was due to the combination of the sale of rental units to a customer and the retirement of idle units, both of which happened in 2022. In spite of that, we had an approximate 20% increase in horsepower over the past 12 months. We ended the second quarter with 65.4% utilization on a per unit basis and 78.6% utilization on a horsepower basis. While unit utilization remained relatively flat, horsepower utilization increased from 77.4% in the first quarter of this year. Utilized horsepower increased 5.7% in the second quarter when compared to the year-ago period, while revenue per horsepower increased 15.5% when comparing the same periods, demonstrating the impact of the growth in higher horsepower units and the price increases we have been able to implement over the last year.

車隊單位的淨減少是由於向客戶出售租賃單位和閒置單位退役的綜合影響，這兩者都發生在 2022 年。儘管如此，我們的馬力比 2022 年增加了約 20%過去 12 個月。第二季末，我們的單位利用率為 65.4%，馬力利用率為 78.6%。雖然單位利用率保持相對平穩，但馬力利用率較今年第一季的 77.4% 有所上升。與去年同期相比，第二季度的使用馬力增長了 5.7%，而與去年同期相比，每馬力的收入增長了 15.5%，這證明了更高馬力單位增長和價格上漲的影響，我們能夠去年實施。

Our total fleet as of June 30, 2023, consisted of 1,911 units and 473,884-horsepower or 250-horsepower per unit. Our average horsepower per unit has grown by 19% per unit over the last year. Notably, approximately 97% of our high horsepower fleet equipment is utilized and drawing rent. Of our $150 million capital budget this year, approximately 90% of it is presently committed to long-term agreements with the balance anticipated to be contracted in the third quarter this year. As of June 30, 2023, we have shipped and set approximately 50% of the units in horsepower anticipated in the 2023 capital expense budget.

截至 2023 年 6 月 30 日，我們的車隊總數包括 1,911 輛，473,884 匹馬力，每輛 250 匹馬力。去年，我們的平均每台馬力增加了 19%。值得注意的是，我們約 97% 的大馬力車隊設備已被利用並收取租金。在我們今年 1.5 億美元的資本預算中，大約 90% 目前用於長期協議，其餘部分預計將在今年第三季簽訂合約。截至 2023 年 6 月 30 日，我們已出貨並設定了 2023 年資本支出預算中預期馬力的約 50%。

Presently, our large horsepower assets comprise approximately 17% of our current utilized fleet by unit count and over half of our utilized horsepower and current rental revenue stream. Approximately 5 years ago, NGS decided to enter the large horsepower market. At this time, with more than half our utilized horsepower and revenues emanating from larger units, I think we can say that we're an established player in this market segment.

目前，我們的大馬力資產約占我們目前使用機隊數量的 17%，占我們使用馬力和目前租賃收入流的一半以上。大約5年前，NGS決定進軍馬來西亞力市場。目前，我們一半以上的使用馬力和收入來自較大的單位，我認為我們可以說我們是這個細分市場的老牌參與者。

Sales revenues for the sequential quarter decreased from $3 million in the first quarter this year to $1.6 million in the second quarter. 2/3 of the second quarter decrease was from a nonrecurring idle equipment sale that occurred in the first quarter. The balance was a typical quarterly fluctuation we experienced in parts sales. On a year-over-year quarterly basis, sales revenue increased slightly from $1.3 million to $1.6 million.

第二季的銷售收入從今年第一季的 300 萬美元下降到第二季的 160 萬美元。第二季下降的 2/3 來自第一季發生的非經常性閒置設備銷售。這種餘額是我們在零件銷售中經歷的典型季度波動。以季度計算，銷售收入從 130 萬美元小幅成長至 160 萬美元。

Our SG&A expenses increased approximately $300,000 in sequential quarters and totaled 18% of revenue. Sequentially, we reported increased operating income of $712,000 in the second quarter of 2023 compared to $402,000 in the first quarter this year, a 77% increase. This improvement was primarily due to higher rental revenues and gross margin.

我們的 SG&A 費用連續幾季增加了約 30 萬美元，總計佔營收的 18%。隨後，我們報告稱，2023 年第二季度的營業收入增加了 712,000 美元，而今年第一季的營業收入為 402,000 美元，增長了 77%。這項改善主要歸因於租金收入和毛利率的提高。

Negatively impacting our operating income this quarter was a software obsolescence charge we took. Without that, operating income would have been roughly twice what we reported. In either event, with or without the software charge, operating income this year improved over the operating income of $658,000 for the 3 months ended June 30, 2022.

我們收取的軟體過時費用對本季的營業收入產生了負面影響。如果沒有這個，營業收入大約是我們報告的兩倍。無論哪種情況，無論是否收取軟體費用，今年的營業收入都比截至 2022 年 6 月 30 日止 3 個月的營業收入 658,000 美元有所改善。

Our net income in the second quarter of 2023 was $504,000 or $0.04 per basic and diluted share. This compares to a net income of $370,000 in the first quarter of the year or $0.03 per basic and diluted share. In the year-ago quarter, our net loss was $70,000 or $0.01. Adjusted EBITDA increased 27% to $9.9 million from the first quarter number of $7.8 million and increased 48% from $6.7 million for the same period in 2022.

我們 2023 年第二季的淨利潤為 504,000 美元，即每股基本股和稀釋股 0.04 美元。相比之下，今年第一季的淨利潤為 370,000 美元，每股基本股和稀釋股淨利為 0.03 美元。去年同期，我們的淨虧損為 70,000 美元或 0.01 美元。調整後 EBITDA 從第一季的 780 萬美元成長 27% 至 990 萬美元，從 2022 年同期的 670 萬美元成長 48%。

Our cash balance as of June 30, 2023, was approximately $4.3 million. In the second quarter of this year, we realized cash flow from operations of $22.6 million compared to $13.2 million in the same quarter last year. At the end of this quarter, we've utilized $93.5 million for capital expenditures, $92.3 million of which was expended on our rental fleet.

截至 2023 年 6 月 30 日，我們的現金餘額約為 430 萬美元。今年第二季度，我們實現的營運現金流為 2,260 萬美元，而去年同期為 1,320 萬美元。截至本季末，我們已使用 9,350 萬美元的資本支出，其中 9,230 萬美元用於租賃車隊。

Outstanding debt on our revolving credit facility as of June 30, 2023, was $100 million. The leverage ratio was 2.53, and our fixed charge coverage ratio was 4.17. These are both well within bounds of the covenants and the company is in compliance with all terms, conditions and covenants of the credit agreement.

截至 2023 年 6 月 30 日，我們的循環信貸額度的未償債務為 1 億美元。槓桿率為2.53，固定費用覆蓋率為4.17。這些都完全在契約的範圍內，並且公司遵守信貸協議的所有條款、條件和契約。

Last quarter, I remarked that we thought the activity we were experiencing would continue the balance of this year and likely into 2024. Based on what we're seeing and hearing internally and from customers, we think this positive forecast continues to be correct. We are in an undersupplied market, and we see little relief to it soon. Industry utilization is high. There's no appreciable capacity being added to the industry. Lead times for major components are long, customer inquiries from established and new customers continue to flow in, and we have the ability to increase prices to ensure our shareholders get a fair return. Commodity prices and future production and consumption data also seem to support present activity. It's been a long time since we've had this kind of positive dynamic in activity and pricing, and there appears to be a greater capital discipline from customers and competitors that may help sustain this environment.

上個季度，我表示我們認為我們正在經歷的活動將持續到今年，並可能持續到2024 年。根據我們在內部和客戶處看到和聽到的情況，我們認為這一積極預測仍然是正確的。我們正處於供應不足的市場，短期內看不到任何緩解的跡象。行業利用率高。該行業沒有明顯的產能增加。主要零件的交貨時間很長，老客戶和新客戶的詢盤不斷湧入，我們有能力提高價格，以確保我們的股東獲得公平的回報。大宗商品價格以及未來的生產和消費數據似乎也支持當前的活動。我們已經很久沒有在活動和定價方面出現這種積極的動態了，而且客戶和競爭對手似乎採取了更嚴格的資本紀律，這可能有助於維持這種環境。

In the past, there was a mantra used when the industry was going through repeated boom-bust cycles. It was, and excuse my colloquial messaging, "Please, Lord, give us one more boom. We promise not to screw it up this time." It's taken a few decades for this to sink in but maybe we have it right. However, there's always cost required in the volatile commodity-based industry like ours. There will be another downturn at some point, but I think NGS has somewhat mitigated that impact with long-term contracts, good pricing, exceptionally strong customers and contracts and long-lived equipment. We are bullish on the industry over the next couple of years and hope to take advantage of the strong environment.

過去，當行業經歷反覆的繁榮-蕭條週期時，有一句口頭禪。是的，請原諒我的口語信息，“主啊，請再給我們一次繁榮。我們保證這次不會搞砸了。”人們花了幾十年的時間才明白這一點，但也許我們是對的。然而，像我們這樣不穩定的商品產業總是需要成本。在某個時候還會出現另一場低迷，但我認為 NGS 透過長期合約、良好的定價、異常強大的客戶和合約以及長壽命設備在一定程度上減輕了這種影響。我們看好該行業未來幾年的發展，並希望能夠利用強勁的環境。

Thanks for your time, and I look forward to your questions.

感謝您抽出寶貴時間，期待您的提問。

(Operator Instructions) Our first question comes from Rob Brown with Lake Street Capital.

（操作員說明）我們的第一個問題來自 Lake Street Capital 的 Rob Brown。

Just wanted to get a little bit into your comments about the positive environment and sort of demand. How do you see that impacting your capital plan, I guess, throughout the rest of this year and into next year? And what's sort of the visibility on that activity?

只是想談談您對積極環境和需求的評論。我想，您認為這對今年剩餘時間和明年的資本計畫有何影響？該活動的可見度如何？

Well, it's not going to impact it too much this year because like I mentioned, 90% of all that capital is contracted and committed and we anticipate the balance coming in the contract during third quarter. So that's pretty well set. As far as 2024, as I mentioned, we're receiving inbound calls on customer requirements, customer needs items like that. We haven't really start to put together anything formal that we want to announce at this time on that. But certainly, it looks pretty strong. Now we'll feel a little better, obviously, as you get towards the end of the year and people start -- people I say, I'm meaning customers, will start publicly signaling budgets and announcing budgets and things like that. Up to that point, it's pretty informal, pretty much conversation as to what might or might not be required. But as I mentioned, we're pretty bullish on certainly the balance of this year because that's baked in. But '24 is looking pretty strong. And we'll see how '24 flows into '25, but there's already been comments made by some that customers are looking at into even '25, primarily just because of the lead times on equipment now. And the tightness we're seeing in the market has caused the customer population to look out further than what's actually been required in the past. But we're getting to the point to where '24 certainly will become a reality and '25 will become the next realized projection. But right now, no specific numbers, but we think '24 is going to be a pretty good year.

嗯，今年不會對其產生太大影響，因為就像我提到的，所有資本的 90% 都已簽訂合約並承諾，我們預計第三季的合約中會出現餘額。所以這已經設定得很好了。就 2024 年而言，正如我所提到的，我們會收到有關客戶要求、客戶需求等的來電。我們還沒有真正開始整理我們目前想要宣布的任何正式內容。但可以肯定的是，它看起來相當強大。顯然，現在我們會感覺好一點，隨著年底的到來，人們開始——我說的人們，我指的是客戶，將開始公開預算並宣布預算之類的事情。到目前為止，這是非常非正式的，幾乎都是關於可能需要或不需要什麼的對話。但正如我所提到的，我們對今年的平衡非常樂觀，因為這一點已經成熟。但 24 年看起來相當強勁。我們將看到“24”如何流入“25”，但一些客戶已經發表評論，甚至正在考慮“25”，主要是因為現在設備的交貨時間。我們在市場上看到的緊張狀況導致客戶群的目光超出了過去的實際需求。但我們已經到了「24」肯定會成為現實，「25」將成為下一個實現的預測的地步。但目前還沒有具體數字，但我們認為 24 年將是非常好的一年。

And then where are you at in terms of your sort of weighted average contract duration? I think many of these high horsepower contracts were longer term. I guess, what's sort of your contract duration at this point? And what's the incremental contract being signed at?

那麼，您的加權平均合約期限處於什麼位置？我認為許多高馬力合約都是長期合約。我想，目前你們的合約期限是多少？增量合約是在什麼時候簽署的？

Any new contracts, and that includes anything that we've got committed this year that we're -- that has either been put out or will be put out the rest of this year is on the bigger horsepower, the 1,500, 2,500 horsepower is 5 years without exception. We don't need to and see any reason to go below that tenor. Overall, with some horsepower being put out about 5 years ago on 3 to 5-year contracts, our average right now is in that 3 to 5-year range. But we've actually had some contracts just go month-to-month over the past year or so, based on some of the first stuff we put out in the 3 or 4-year terms that we put out 3 or 4 years ago. So those are actually on a month-to-month even on the, say, 1,500 horsepower range equipment. But we've only had, I think, overall this time, maybe less than a handful of units be terminated, but then they're immediately re-rented. And terminations weren't typically due to anything other than needing to move equipment around or put it on some other locations in that respect. It wasn't due to lack of need.

任何新合同，包括我們今年承諾的任何合同，無論是已經推出的還是今年剩餘時間將推出的，都是更大的馬力，1,500、2,500 馬力是5年無一例外。我們不需要也沒有任何理由低於這個目標。總體而言，由於大約 5 年前通過 3 到 5 年的合約提供了一些馬力，我們現在的平均值處於 3 到 5 年的範圍內。但實際上，在過去一年左右的時間裡，我們已經簽訂了一些按月簽訂的合同，這是基於我們在 3 或 4 年前推出的 3 或 4 年期條款中最初推出的一些內容。因此，這些實際上是按月進行的，甚至是 1,500 馬力範圍的設備。但我認為，總的來說，這一次，我們可能只有不到幾個單位被終止，但隨後它們立即被重新出租。終止通常不是因為需要移動設備或將其放置在這方面的其他位置之外的其他原因。這並不是因為缺乏需要。

So I think as I've mentioned in the past, these are minimum term contracts. So for example, the 5-year stuff we're putting out now, that's a minimum term, but that doesn't mean they come back after 5 years. That just means that's a minimum financial and contractual commitment the customer makes to get that equipment right now. But we're already seeing equipment approaching 1 to 2 years beyond contract term. And that's what we expected when we first entered into this and that's playing out. But to answer your original question, we're in that, on average, probably into that 3 to 5-year range across the whole high horsepower fleet.

所以我認為正如我過去提到的，這些是最短期限合約。例如，我們現在推出的 5 年期產品，這是一個最低期限，但這並不意味著它們會在 5 年後回歸。這僅僅意味著這是客戶現在為獲得該設備而做出的最低財務和合約承諾。但我們已經看到設備的使用壽命已超出合約期限一到兩年。這就是我們第一次進入這個領域時所期望的，並且正在發生。但為了回答你最初的問題，我們整個高馬力機隊平均可能處於 3 到 5 年的範圍內。

And then are you seeing the market strength in the medium horsepower area as well? Or is this all in the large horsepower you've got that?

那麼您是否也看到了中等馬力領域的市場優勢？或者這一切都在於你擁有的大馬力？

It's primarily large horsepower. There's been the -- the medium horsepower hangs in there, okay, where you start getting some volatility more so is in some of the smaller horsepower, which is primarily natural gas directed because it's smaller, lower pressure, lower volume type equipment. And very sensitive to natural gas prices, whether it's $2 or $3, which is kind of the range is running. So we see more movement in and out in that market.

主要是馬力大。中等馬力的設備一直存在，好吧，在一些較小馬力的設備中，波動性更大，主要是天然氣，因為它是較小、壓力較低、體積較小的設備。而且對天然氣價格非常敏感，無論是 2 美元還是 3 美元，這是一個範圍。因此，我們看到該市場有更多的進出活動。

The medium horsepower is single well gas lift. And obviously, neither one of those is smaller to medium horsepower are as robust and active as a large horsepower. But they tend to just kind of hang in there and go up and down a little, et cetera. But and that's why you see some of the -- just the unit utilization flat, but the horsepower utilization climbing pretty aggressively primarily from the large horsepower.

中馬力為單井氣舉。顯然，這些中小馬力的引擎都不像大馬力引擎那樣強勁和活躍。但它們往往只是停留在那裡，稍微上下波動，等等。但這就是為什麼你會看到一些——只是單位利用率持平，但馬力利用率主要由於大馬力而大幅攀升。

And our next question comes from Hale Hoak with Hoak & Company.

我們的下一個問題來自 Hoak & Company 的 Hale Hoak。

Congrats on a nice quarter. As you and I have talked in the past, I'm excited and supportive of your growth plan and the transition of the business and the balance sheet. The one thing that I think would be helpful for people though is if you could maybe work your way into giving a little bit more guidance or return information on the capital that you're spending? It seems like you're on a run rate of maybe exiting the year at close to $50 million of EBITDA. And maybe on the next quarterly call, you could give some guidance on what you're seeing for 2024 and your growth plans. But based on our math and compared to your peer group, this could be a $15 or $20 stock at some point. And I think it's going to be easier to get there if you could maybe articulate guidance and growth CapEx plans?

恭喜您度過了一個美好的季度。正如您和我過去所說，我對您的成長計劃以及業務和資產負債表的轉型感到興奮和支持。我認為對人們有幫助的一件事是，您是否可以努力提供更多指導或返回有關您所花費的資本的資訊？看來今年結束時您的 EBITDA 可能接近 5000 萬美元。也許在下一個季度的電話會議上，您可以就 2024 年的預期和成長計劃提供一些指導。但根據我們的計算，並與您的同行相比，這支股票在某個時候可能會是 15 美元或 20 美元。我認為，如果您能夠闡明指導和成長資本支出計劃，那麼實現這一目標會更容易嗎？

Yes. Good point. And we're sensitive to that and we're getting the models tightened up so we can give reliably a little more detail and granularity and some of that stuff. We've traditionally not given a whole lot of guidance from that. Usually, the context of the remarks, we'll give people enough information. But you're right, with the debt, the large amounts of capital, et cetera, it's something we need to be a little more expansive about. So we're working towards that, recognize that, and we will give additional color in that respect next quarter.

是的。好點子。我們對此很敏感，我們正在加強模型，這樣我們就可以可靠地提供更多的細節和粒度以及其中的一些東西。傳統上我們並沒有從中提供太多指導。通常，根據言論的上下文，我們會給人們足夠的資訊。但你是對的，由於債務、大量資本等等，我們需要更廣泛地處理這一點。因此，我們正在努力實現這一點，並認識到這一點，我們將在下個季度在這方面提供更多的資訊。

Congratulations again.

再次恭喜。

(Operator Instructions) Our next question comes from [Timothy] with Petra Capital Management.

（操作員說明）我們的下一個問題來自 Petra Capital Management 的 [Timothy]。

And actually, I'd also like to -- I mean, I usually don't dial in and speak to on these things, but I'd like to also congratulate you on executing this plan. And also kind of on your positioning as you came into this cycle, clearly, you had a very solid balance sheet to start this effort with kind of unlike a lot of your peers who have carried historically a lot of debt, which I think, constrained them in terms of being able to really invest in this cycle.

事實上，我也想——我的意思是，我通常不會撥入電話並談論這些事情，但我也想祝賀你執行這個計劃。而且，當你進入這個週期時，你的定位也很明顯，你有一個非常穩健的資產負債表來開始這項努力，這與你的許多同行不同，他們在歷史上背負了大量債務，我認為這限制了他們能夠真正投資這個週期。

A couple of things that I'd like to get a little more color on if we can. One is that I know that labor, especially skilled labor in the Permian especially, but probably a lot of the oil basins, has remained fairly tight. I think it's becoming a little more manageable and you're getting paid for it a little bit better. However, I got to believe it's still on the tight side. And I'm wondering if you could characterize maybe you haven't been able to slice and dice the data this way. But I wonder if you could characterize the kind of run rate of what might be excess expenses because of the high activity level and the fact you probably have to continue to contract for some of the labor to put all these compression sets in place?

如果可以的話，我想在一些事情上多加一些色彩。一是我知道勞動力，尤其是二疊紀盆地的熟練勞動力，但可能還有很多石油盆地，仍然相當緊張。我認為它變得更容易管理，而且你會因此獲得更好的報酬。然而，我必須相信它仍然偏緊。我想知道您是否可以描述也許您無法以這種方式對資料進行切片和切塊。但我想知道您是否可以描述由於活動水平高而可能產生的超額費用的運行率，以及您可能必須繼續簽訂一些勞動力合約以將所有這些壓縮裝置安裝到位的事實？

Yes, you're right, labor continues to be tight. We're able to keep up with it, but it is a -- it's more of a battle than it has been in the past just from the point of finding people and bringing them on, et cetera. In the Permian, and it's tight everywhere, but it's not as bad as out here. We've got operations in different parts of the country, and you're always looking for good people and having a little turnover in some areas, but it's exceptional out here. You've got the most active oil field in the U.S. and one of the most active in the world here and with 2 towns of 150,000 people each. So there's not a big labor pool. And it's been exhausted for a little bit. I think the last official figures I saw, and I'm pulling it's about 2%. And when you're down to that number, you're essentially fully employed because those 2% are really not the ones you want coming in. So we're having to look a little harder and a little wider too, because most of what gets hired now are rotators or commuters, people that we have to bring in from outside the area. So Louisiana, Oklahoma, various other places. And these are the service tech. These are the field guys that maintain the equipment and keep it running, primarily the higher horsepower technicians that are harder to find. So you got to look in different places all the time. And we do that, we're able to keep up, but it is an approach in a full-time job just to do that. Of course, your environment like that drives cost, labor cost. So we do have an impact from that. You also have an impact from essentially having to feed and shelter whoever you bring in. So it's a room and board thing.

是的，你說得對，勞動力仍然緊張。我們能夠跟上它的步伐，但從尋找人才和吸引他們等角度來看，這比過去更像是一場戰鬥。在二疊紀，到處都很緊張，但沒有這裡那麼糟。我們在全國不同地區都有業務，你總是在尋找優秀的人才，並且在某些地區有一點人員流動，但這裡的情況很特殊。這裡擁有美國最活躍的油田，也是世界上最活躍的油田之一，還有兩個城鎮，每個城鎮都有 15 萬人口。所以沒有很大的勞動資源。而且已經有點疲憊了。我認為我看到的最新官方數據是 2% 左右。當你降到這個數字時，你基本上就已經充分就業了，因為這 2% 確實不是你想要的人。所以我們必須更努力、更廣泛地考慮，因為大多數人現在僱用的是輪換人員或通勤人員，我們必須從該地區以外引進的人。路易斯安那州、俄克拉荷馬州以及其他各個地方。這些就是服務技術。這些是維護設備並保持其運作的現場人員，主要是難以找到的更高馬力的技術人員。所以你必須一直在不同的地方尋找。我們這樣做了，我們能夠跟上，但這是全職工作的一種方法就是為了做到這一點。當然，這樣的環境會導致成本、勞動成本。所以我們確實受到了影響。你也會受到影響，因為你基本上必須為你帶來的任何人提供食物和住所。所以這是一個食宿問題。

The incremental, say the premium cost on doing this, and I'm just talking about the Permian, I'm not talking about the whole company because that would dilute the cost a bit. But just from the Permian standpoint, I'd estimate based on, say, premium labor costs and mobilization, demobilization cost for people, it would be in the 15% to 20% range of our labor cost out here. It's appreciable. And we pay attention to it and try to manage it, but it's very hard to mitigate it. It's such a competitive market, you pretty much -- if you want good people, you pretty will have to target them and pay them they -- what the market is a little above and get them on the payroll.

增量，比如說這樣做的溢價成本，我只是在談論二疊紀，我不是說整個公司，因為這會稍微稀釋成本。但僅從二疊紀的角度來看，我估計，根據溢價勞動成本以及人們的動員、復員成本，它將在我們勞動成本的 15% 到 20% 範圍內。這是值得讚賞的。我們專注於它並嘗試管理它，但很難減輕它。這是一個競爭如此激烈的市場，如果你想要優秀的人才，你必須瞄準他們並向他們支付比市場稍高一點的工資，並將他們納入工資單。

Well, part of the genesis of the question, and I don't know if you can put some color on this and it's maybe you're on the early side to ask the question in terms of when it's likely to normalize, but your activity level in terms of setting new equipment is obviously extraordinarily high this year, probably fairly strong going into the first half of '24. I'm going to guess. But at some point, that should normalize and kind of managing logistics and personnel should become operationally a little easier, not necessarily cheaper but better to optimize and be able to manage your costs down a little bit. And I'm wondering if you have a sense for kind of that time line. And again, maybe on a quarterly run rate basis, what might be excess? Is it $1 million of excess expense quarter? Is it a few hundred thousand? Or is it even more than $1 million? And again, getting very precise on that would probably be a challenge, but I'm wondering if you have a bit of a feel in terms of -- because I'm just trying to obviously get a sense for what things look like as you go through the middle of next year. I got to believe that some of these operating costs start to abate a little bit.

好吧，這是問題起源的一部分，我不知道你是否可以對此進行一些描述，也許你很早就提出了這個問題，因為它何時可能正常化，但你的活動今年在設置新設備方面的水平顯然非常高，進入24 年上半年可能相當強勁。我來猜猜看。但在某種程度上，這種情況應該正常化，物流和人員管理在操作上應該變得更容易一些，不一定更便宜，但更好地優化，並且能夠稍微降低管理成本。我想知道你是否了解那個時間線。再說一次，也許以季度運行率為基礎，什麼可能是多餘的？這是 100 萬美元的超額費用季度嗎？是幾十萬嗎？或甚至超過 100 萬美元？再說一次，要非常精確地做到這一點可能是一個挑戰，但我想知道你是否有一點感覺——因為我只是想明顯地了解事情看起來像你一樣度過明年年中。我相信其中一些營運成本開始有所下降。

Yes. Cost from a labor standpoint, I don't really see much relief on that for really a couple of years. As I mentioned, '23 is busy. We already know the whole year is active and essentially sold out. We're thinking '24 is going to be busy too. So as long as it is, there's going to be a pull on labor. And especially, we'll know it's getting better when we can start finding local people, but that's a long way away. We're still going to be having to bring in people to supplement the small labor force here. So I don't see really much abatement in labor pressures for probably a couple of years. Contingent upon the activity remain like we think it's going to remain.

是的。從勞動成本的角度來看，我在幾年內並沒有看到太多緩解。正如我所提到的，23 年很忙。我們已經知道全年都很活躍並且基本上已經售罄。我們認為 24 也會很忙。因此，只要這種情況存在，就會對勞動力產生拉動。尤其是，當我們能夠開始找到當地人時，我們就會知道情況正在好轉，但這還有很長的路要走。我們仍然需要引進人員來補充這裡的少量勞動力。因此，我認為在未來幾年內，勞動力壓力不會真正減輕。視活動情況而定，就像我們所想的那樣。

And then over time, it will. And let's get some ups in the interim that leads to a downturn, which can happen, but we don't anticipate it. So I think we still got 18 to 24 months of labor pressure on some of that and labor availability, too. From a finite number standpoint, it probably is from a total labor standpoint, $1 million probably would not be too far off, if you're thinking about the 15% to 20% premium.

然後隨著時間的推移，它會的。在此期間，我們會經歷一些上升，導致經濟衰退，這種情況可能會發生，但我們沒有預料到會發生。因此，我認為我們仍然面臨 18 到 24 個月的勞動力壓力，其中一些以及勞動力供應情況也是如此。從有限數量的角度來看，從總勞動力的角度來看，如果您考慮 15% 到 20% 的溢價，100 萬美元可能不會太遠。

And actually, there's a related question. I think you alluded to this perhaps in the last quarter or the quarter before. But SG&A is running around 18%, I think, of revenues. And I think you've mentioned that that should settle out to something more like 14%, if I'm remembering correctly. And do you have some sort of a time line on that? And I'm not even sure if my numbers are correct. I'm going by recollection notes at this point.

實際上，有一個相關的問題。我認為您可能在上個季度或前一個季度提到過這一點。但我認為 SG&A 約佔營收的 18%。我想你已經提過，如果我沒記錯的話，這個數字應該是 14% 左右。您對此有什麼時間表嗎？我什至不確定我的數字是否正確。此時我將透過回憶筆記進行記錄。

Yes. No, we anticipate Q3 and Q4 being lower. There's some legacy costs that the last of which we experienced in Q2, those are gone. So I think that -- I don't remember exactly, I think I might have even -- probably shouldn't even get myself in trouble here. I think I'd even talk about maybe 12% or 13% in the past, but I'll take your 14% since we're at 18%. But no, we'll see those come down Q3 and Q4.

是的。不，我們預計第三季和第四季會較低。我們在第二季經歷了一些遺留成本，這些成本已經消失了。所以我認為——我記不太清楚了，我想我可能甚至——可能不應該給自己帶來麻煩。我想過去我甚至會談論 12% 或 13%，但我會接受你的 14%，因為我們是 18%。但不會，我們會看到第三季和第四季的情況。

And then this is kind of a quick question on some of the numbers. There's a couple of things I want to try to work through that are numbers related. One is the software impairment -- you kind of called out enough information to back into something, but it kind of looks like the accounting earnings might have been around $0.09 or $0.10 without that, although I'm not sure how the tax affect that number exactly. Does that sound about right?

這是一個關於一些數字的快速問題。我想嘗試解決一些與數字相關的事情。一是軟體損傷——你需要調出足夠的資訊來支持某些東西，但看起來如果沒有這些，會計收益可能約為 0.09 美元或 0.10 美元，儘管我不確定稅收如何影響這個數字確切地。那個聽起來是對的嗎？

Well, I think the software improvement was [780,000].

嗯，我認為軟體改進是[780,000]。

780,000 yes.

780,000 是的。

If you just take the 780,000 we divide it by roughly -- yes, we've got about 12.5 million, 13 million shares. Just that quick math, and I'm not representing any of it being pretax or tax or whatever, but that's $0.06. So it's an appreciable charge.

如果你把 78 萬股粗略地除以——是的，我們大約有 1,250 萬股、1,300 萬股。簡單算一下，我不代表任何稅前或稅前或其他什麼，但那是 0.06 美元。所以這是一筆可觀的費用。

Yes. Yes. Okay. All right. Yes, it wasn't kind of -- it wasn't kind of set out as a kind of a normalized number. So I was just trying to get a sense for that because the stock is still fairly inefficient and not broadly covered. So getting numbers off of a research base is still challenging. Another question yes, okay, a couple of things. Another is, I think you alluded to this, and maybe I have this number right, but I've been trying to look at your fleet as kind of a tale of 2 fleets really, although you break it down into small, medium and large. I kind of look the rest of the industry and yourselves are benefiting from this trend in high horsepower stuff. You demark that around 400 horsepower. And if you looked at the fleet above 400 horsepower and below 400 horsepower, the fleet above 400 horsepower, did you say that the utilization rate for that part of the fleet is 97%?

是的。是的。好的。好的。是的，這不是一種標準化數字。所以我只是想了解這一點，因為該股票的效率仍然相當低，而且覆蓋範圍也不廣。因此，從研究基地獲取數據仍然具有挑戰性。另一個問題是的，好吧，有幾件事。另一個是，我認為你提到了這一點，也許我的數字是正確的，但我一直試圖將你的艦隊視為兩支艦隊的故事，儘管你將其分為小型、中型和大型。我認為行業的其他公司和你們自己都從這種高馬力產品的趨勢中受益。你標出大約 400 匹馬力。而如果你看一下400馬力以上和400馬力以下的機隊，400馬力以上的機隊，你說那部分機隊的利用率是97%嗎？

Yes.

是的。

So then the stuff that's smaller, so your medium and small horsepower, what would be the utilization on that part of the fleet. It's probably no better than 50%, I would guess, are probably in that approximate range?

那麼較小的東西，即中小型馬力，這部分機隊的利用率是多少。我猜，可能不超過 50%，可能在這個近似範圍內？

No. It's in the 60% to 65% range on the small and medium. It's not horrible. It's just not where we want it.

不會。中小型企業的比例在 60% 到 65% 之間。這並不可怕。這只是不是我們想要的地方。

Right. And you have been kind of calling that a little bit, but you're doing it judiciously and not writing it down, not taking $0.20 on the dollar, but taking kind of $0.100 on the book or something, as I recall.

正確的。我記得，你有點這樣稱呼它，但你做得很明智，沒有把它寫下來，不是在美元上取 0.20 美元，而是在書上取 0.100 美元或其他什麼。

Yes. The utilization numbers can be a little misleading from dollar standpoint. From #1, the way everybody seems to calculate it differently. So we do the same, some of it differently, but yes, you can read people using case and see how they calculate, there's some differences there. So we're not smart enough to get fancy with it. We just take what we owe and compare it against what's running, and that's the utilization, right? Nothing fancy about it. But also from a financial perspective, you may look at 60%, 65%, that's -- what's the financial impact of that. Yes, from a -- when you look at the book value of this equipment, just about all of our small horsepower is depreciated out. So there's little book value even on the books on a lot of that stuff. And the medium horsepower, generally, we're probably about 2/3 depreciated on that stuff. So we've got a lot of units in that small and medium horsepower from a unit standpoint, just not as much horsepower. And really the book value impact is relatively small, too. And we have, over time, called out certain sizes either that had gotten down to most lower utilization that didn't make any sense or some areas that we just had more in the fleet than we thought was prudent.

是的。從美元的角度來看，利用率數據可能有點誤導。從#1開始，每個人的計算方式似乎都不同。所以我們做同樣的事情，有些不同，但是是的，你可以閱讀人們使用案例並看看他們如何計算，那裡有一些差異。所以我們還不夠聰明，無法喜歡它。我們只需將所欠的內容與正在運行的內容進行比較，這就是利用率，對嗎？沒什麼特別的。但同樣從財務角度來看，你可能會看到 60%、65%，這對財務有何影響。是的，當你查看該設備的帳面價值時，我們幾乎所有的小馬力都被折舊了。因此，即使是關於許多此類內容的書籍，也沒有什麼書本價值。一般來說，中等馬力的東西我們可能會折舊 2​​/3 左右。因此，從單位的角度來看，我們有許多中小馬力的單位，只是沒有那麼大的馬力。事實上，帳面價值的影響也相對較小。隨著時間的推移，我們已經指出了某些規模，要么是利用率降到最低，沒有任何意義，要么是我們的機隊中的某些區域超出了我們認為的謹慎程度。

You touched on something before. And let me know if I'm -- I can get back in the queue if there are people in the queue. But you touched on this before. You put in a big slug of equipment for specifically one particular customer a handful of years ago. I think you said 3, 4, 5 years ago. And some of that stuff has come off of their long-term contracts still utilized, they're still very busy, as I understand things, and still heavily Permian weighted. So that stuff is still being utilized. But one of the things that I was wondering about and maybe you could fill this in is that if you were to take one of those pieces of equipment, let's say, a 1500-horsepower unit. You basically could put that to -- because the market is so tight, you could put that to work at probably higher rates than certainly went in at to begin with. And one of the dynamics I'm wondering about as we get through this period of putting new equipment into service and then renewing those contracts down the line with some of your newer customers is what would be, if you looked at that 1,500-horsepower unit, if you were to do some maintenance CapEx on that unit and then place it in another long-term contract, let's say, 5 years, what would that dynamic look like? In other words, your annualized recurring revenue from the new contract would be higher by something, maybe 20%. I don't know what the number is. That maintenance number would it be 10% of the original cost of the equipment? What's the order of magnitude of that? And then what would be the cost to set that into a new location and thus, a new contract?

你之前接觸過一些東西。請告訴我，如果我——如果隊列中有人的話，我可以回到隊列中。但你之前談過這一點。幾年前，您專門為一位特定客戶投入了大量設備。我想你說的是三、四、五年前。其中一些東西已經從他們的長期合約中消失了，但仍然在使用，據我了解，他們仍然非常忙碌，並且仍然對二疊紀有很大的影響。所以那個東西還在被利用。但我想知道的一件事（也許你可以填寫）是，如果你要拿其中一件設備，比如說，一台 1500 馬力的設備。你基本上可以將其投入——因為市場如此緊張，你可以將其以可能比一開始肯定要高的利率投入使用。當我們經歷將新設備投入使用，然後與一些新客戶續簽這些合約的這段時期時，我想知道的動力之一是，如果你看看那個 1,500 馬力的裝置，會是什麼？ ，如果您對該設備進行一些維護資本支出，然後將其放入另一個長期合約中，比如說5 年，那麼動態會是什麼樣子？換句話說，新合約帶來的年化經常性收入會高出一些，也許是 20%。我不知道號碼是多少。那維護費用是設備原始成本的10%嗎？它的數量級是多少？那麼將其設置到新地點並因此簽訂新合約的成本是多少？

Well, the easy question first, the cost to move it from one location to another is borne by the customer. So we don't have any financial impact from that. Our impact from that is primarily manpower, right? Help them get it out, have them reset it up and stuff like that. So that's primarily a customer expense. From the point of if you have a unit coming off, let's say, been on contract for 3 or 5 years or maybe it's got month-to-month and they don't need it anymore, we can't put those out at higher rates. And those rates vary. But typically, if you go to maybe a 3 or 4-year-old one, those rates now are probably 20%, maybe even 25% higher on some of these units. So definitely, they would go out at the higher new rate.

好吧，首先是一個簡單的問題，將其從一個位置移動到另一個位置的成本由客戶承擔。所以我們不會因此受到任何財務影響。我們的影響力主要是人力，對嗎？幫助他們把它拿出來，讓他們重新設定等等。所以這主要是客戶費用。從這一點來看，如果你有一個單位即將到期，比方說，合約已經簽訂了3 或5 年，或者可能是每月都需要，但他們不再需要它了，我們不能把它們放在更高的價格費率。這些費率各不相同。但通常情況下，如果你購買的是 3 或 4 年的舊房，那麼現在的利率可能是 20%，其中一些單位甚至可能高出 25%。因此，他們肯定會以更高的新利率退出。

Now you get that, but we're also getting some of those rates up too, because you can look back at those older rates and know that you got -- okay, you kind of fixed your capital expense back then and you're set there. But all the other maintenance and operating costs have gone up. And we all know the inflation environment and supply chain issues and stuff like that. And all that's gone up. So we are going back on all those contracts and asking the customers for increases and being successful. Everybody understands what's going on, obviously, the suppliers and the customers too. So to protect and preserve and hold on to that equipment, it's just more expensive to do it for the customer and that's too because we've got these costs we've got to pay. So we're not just waiting for stuff to come off and then we raise the rate. We are trying to be proactive and going back and getting that from what we've got there.

現在你明白了，但我們也提高了其中一些利率，因為你可以回顧那些舊的利率，並知道你得到了 - 好吧，你當時固定了你的資本支出，你就設置好了那裡。但所有其他維護和營運成本都上升了。我們都知道通貨膨脹環境和供應鏈問題等等。所有這些都上漲了。因此，我們將重新履行所有這些合同，並要求客戶增加價格並取得成功。顯然，每個人都了解正在發生的事情，供應商和客戶也是如此。因此，為了保護、保存和保留這些設備，為客戶做這件事的成本更高，這也是因為我們必須支付這些成本。所以我們不只是等待事情發生然後我們提高利率。我們正在努力積極主動，並回過頭來從我們已經掌握的情況中獲得這一點。

From the maintenance standpoint, when you pull a unit off, you generally need to go through it to make it ready for the next contract from the point of certainly tune ups from the point of making them runnable. But typically, you need some sort of major or minor overhaul. And those costs can vary all over the board. So I don't want to say how much it might be. But if you're into a 20% rental increase, say you get one off, you raise your rate 20%, it goes to the next contract. The overall impact from a maintenance standpoint is not going to be different than if it just stayed on the location, because after so many hours, whether it's at that location or is moved or some other location after so many hours, you got to do maintenance on. And so you might do it a little quicker if it comes off 10,000 hours before it was scheduled, but it's just a cost of money essentially, it's not a really a maintenance cost. It's just you might have to do a little quicker to get out to the location than you otherwise would.

從維護的角度來看，當您拆除一個設備時，通常需要對其進行檢查，從確保其可運行的角度進行調整，為下一份合約做好準備。但通常情況下，您需要進行某種大修或小修。而且這些成本可能各不相同。所以我不想說它可能是多少。但如果你希望租金上漲 20%，比如說你得到了一次折扣，那麼你的租金就會提高 20%，它會進入下一份合約。從維護的角度來看，整體影響與僅留在該位置的整體影響不會有什麼不同，因為經過這麼多小時，無論是在該位置還是移動或在這麼多小時後的其他位置，您都必須進行維護在。因此，如果它比預定時間提前 10,000 小時完成，您可能會做得更快一點，但這本質上只是金錢成本，並不是真正的維護成本。只是您可能需要比平常更快一點才能到達該位置。

So one of the things I'm trying to be able to model a little bit, and let's talk about this for a minute, is that if I look at your trailing 4 quarters of discretionary cash flow, which is the metric that a lot of your compression peers use for a variety of reasons. One is that there's -- in some cases, they're supporting dividends that are -- they need to cover. So they utilize that as a coverage basis also. But basically, one of my points, as you may recall, is that that discretionary cash flow is really your accounting earnings. And over the last 5 or 6 years, you haven't shown much in the way of accounting earnings, but you've generated a ton of internal capital from your operations, from your discretionary cash flow that you've recycled and reinvested into the newer fleet that you're able to deploy at this point. But to get to that discretionary cash flow number, I try to look at and I'm trying to back into some sort of a maintenance CapEx number, which would include some of the maintenance CapEx on the trucks and your facilities, but also the kind of stuff on the bigger machines that you'd have to invest to reset something into a 5-year contract. Your fleet is still new enough so there's probably not a ton of that in there yet, but at some point, over time, that will become part of the model. And I don't know if you can kind of verify this, but it seems like your discretionary cash flow over the past 4 quarters has been on the order of about $35-ish million. And that equates to something like [$2.80] a share. My internal model said something like $2.60 to $2.80, but that also suggests that maybe for '23, that also suggests that you may run a little higher than that this year, but also be able to grow that next year. I don't know if you have the numbers to be able to verify whether that $2.80 number is kind of a good number or aways off? And I also wonder if you'll start to look at discretionary cash flow as a metric just because your other compression peers do, and it does seem like germane metric.

因此，我試圖建立一點模型，讓我們討論一下，如果我看看你過去 4 個季度的可自由支配現金流，這是很多人都在考慮的指標。您的壓縮同行出於多種原因使用。一是，在某些情況下，他們支持需要支付的股息。因此他們也利用它作為覆蓋基礎。但基本上，您可能還記得，我的觀點之一是，可自由支配的現金流實際上是您的會計收益。在過去的五、六年裡，你在會計收益方面並沒有表現出太多的表現，但是你已經從你的運營中產生了大量的內部資本，從你回收並再投資到企業的可自由支配的現金流中。您此時可以部署的較新機隊。但為了獲得可自由支配的現金流量數字，我嘗試查看並嘗試返回某種維護資本支出數字，其中包括卡車和設施的一些維護資本支出，但也包括此類您必須投資大型機器上的一些東西才能將某些東西重新設定為5 年期合約。你的機隊仍然足夠新，所以可能還沒有太多，但在某個時候，隨著時間的推移，這將成為模型的一部分。我不知道你是否能證實這一點，但過去 4 個季度你的可自由支配現金流似乎約為 3500 萬美元左右。這相當於每股 [2.80 美元]。我的內部模型說大約是 2.60 美元到 2.80 美元，但這也表明也許在 23 年，這也表明你的運行可能會比今年略高，但明年也能成長。我不知道您是否有數據可以驗證 2.80 美元的數字是否是一個好數字或遠離？我還想知道您是否會開始將可自由支配的現金流視為一個指標，就像您的其他壓縮同行一樣，而且它看起來確實是密切相關的指標。

Yes. I hesitate to hazard a guess right now on the discretionary number, you've got, Tim. I can take into a little more and get back to you on how we're looking at it. But yes, it is a valid and good number to watch and keep an eye on. As you note, a lot of our competitors do it from the point of a couple of them are MLPs. That's very important to the limited partners. And it shows coverage on dividends, coverage on debt, et cetera. We haven't had to use it too much in the past because we didn't have either. But you're right, it's one we watch closely, of course, at discretionary cash flow, certainly in times of high activity like now and potentially going forward, it gets eaten up, becomes less discretionary, right? It gets eaten up pretty quick by just activity in CapEx. But let me dive into the numbers a little more with you offline, and we can talk through that one.

是的。我現在猶豫是否要冒險猜測你所掌握的可自由支配的數字，提姆。我可以再考慮一下，然後再告訴您我們的看法。但是，是的，這是一個值得觀察和關注的有效且良好的數字。正如您所指出的，我們的許多競爭對手都是從 MLP 的角度來做到這一點的。這對有限合夥人來說非常重要。它還顯示了股息覆蓋率、債務覆蓋率等等。過去我們不必過度使用它，因為我們也沒有。但你是對的，當然，我們會密切關注可自由支配的現金流，當然在像現在這樣的高活動時期，並且可能在未來，它會被吃掉，變得不那麼可自由支配，對嗎？它很快就會被資本支出的活動所吞噬。但讓我在線下與您一起深入研究這些數字，我們可以討論這個問題。

No, I appreciate that. And I would love to follow up in the next couple of weeks. But to Hale's point earlier, the peers are trading, I think Archrock may be at 7x or 8x discretionary cash flow. And I think Kodiak, which just came public is probably in the 6-ish number, I want to say. And you're at $10.5 or whatever it is today on my numbers, that's sort of 4x. So it's a number of multiple points away. It does seem to be a number that the industry focuses on.

不，我很欣賞這一點。我很樂意在接下來的幾週內跟進。但就 Hale 早些時候的觀點而言，同行正在進行交易，我認為 Archrock 的可自由支配現金流可能是 7 倍或 8 倍。我想說，我認為剛上市的 Kodiak 可能在 6 左右。根據我的數據，你今天的價格是 10.5 美元，或者無論是什麼，大約是 4 倍。所以距離還差很多分。這似乎確實是業界關注的數字。

I am going to -- thanks very much for the feedback, and I would look forward to chatting with you in next couple of weeks. I'm going to jump off because there maybe some more people who want to ask questions and I've been on for a bit.

我將——非常感謝您的回饋，我期待在接下來的幾週內與您聊天。我要離開了，因為可能還有更多人想問問題，而我已經堅持了一段時間了。

Our last question comes from Kyle Krueger with Apollo Capital.

我們的最後一個問題來自阿波羅資本的凱爾克魯格。

The balance sheet transformation has been nothing short of dramatic, of course. And I have a follow-up to Mr. Hoak's question on return. Presumably, looking at the horsepower and the fact, and the utilization on the horsepower stuff, you're putting out -- would indicate that you're putting the stuff out on 5-year fully paid leases with good credit, which is a great model. The only thing to solve for is what is the corporate return hurdle that you are imputing into that, #1? So that's my first question. What's your return bogey in those 5-year full payout leases? And the second thing is, are you protected at all against inflation on the inputs that you guys are required to provide over that period of time?

當然，資產負債表的轉變絕對是戲劇性的。我對霍克先生回來時提出的問題有一個後續行動。據推測，看看馬力和事實，以及馬力材料的利用率，你正在推出——將表明你正在將這些東西以良好信用的 5 年全額付款租賃方式推出，這是一個很好的選擇。模型。唯一要解決的問題是您所歸類的企業回報障礙是什麼，#1？這是我的第一個問題。在那些 5 年全額付款租約中，您的回報忌諱是什麼？第二件事是，你們在這段時間內需要提供的投入是否能夠免於通貨膨脹的影響？

I'll take your last question first. Some contracts have inflationary protection and -- but frankly, most don't. Now the ones that don't, we actually have not had any trouble getting price increases. I think those are good to have. But even if you have -- just like any contract, you have something in there and the market doesn't agree with what you're doing. For example, you can have inflationary increases, but the market is slow, activity slow, things like this. You may have the contractual ability to go and ask for something, but you probably don't have in reality the marketability to go in there and ask for it from the point that your customer may not accept it. So I think contractually gives you a little more leverage, but it does not prevent you from getting your cost where they need to be. So #1, you can go in, certainly after the expiration of contracts, that's not very satisfying when you have 3 to 5-year contracts. But typically, those 3 to 5-year contracts and what we've seen over the last few years, you can go in and ask for and justify price increases that will keep us whole. So although most of our contracts don't have it, we are starting to put more and more in. We haven't been impacted negatively by not being able to get in the price increase that we want.

我先回答你的最後一個問題。有些合約有通貨膨脹保護——但坦白說，大多數沒有。現在，那些沒有的，我們實際上在漲價方面沒有遇到任何困難。我認為擁有這些很好。但即使你有——就像任何合約一樣，你裡面有一些東西，但市場並不同意你所做的事情。例如，通貨膨脹可能會增加，但市場緩慢，活動緩慢，諸如此類。你可能有合約能力去要求一些東西，但實際上你可能沒有適銷性去那裡要求它，因為你的客戶可能不接受它。所以我認為合約給了你更多的影響力，但這並不妨礙你把成本花在需要的地方。所以#1，你可以進去，當然是在合約到期後，當你有3到5年的合約時，這不是很令人滿意。但通常情況下，那些 3 到 5 年的合約以及我們過去幾年所看到的情況，你可以進去要求並證明價格上漲的合理性，這將使我們保持完整。因此，儘管我們的大多數合約都沒有，但我們開始投入越來越多的資金。我們並沒有因為無法獲得我們想要的價格上漲而受到負面影響。

From the corporate hurdle on what we want to do, interest rates now, you can look at those, and hopefully, they're mitigating somewhat. We'll see. It depends on what people think about what the Fed may do. But that's into the 8%, 9%, 10% around -- probably 8% or 9% currently. So certainly, you've got to factor that into that plus the return you want. And we'll give more color on that on the third quarter call, just like Hale had mentioned, I think that's a valid comment. And we'll go into a little more detail on what we see as the returns, what the returns implied by the price we're charging and things like that.

從我們想做的事情上的企業障礙來看，現在的利率，你可以看看這些，希望它們能有所緩解。我們拭目以待。這取決於人們對聯準會可能採取的行動的看法。但這是在 8%、9%、10% 左右——目前可能是 8% 或 9%。所以當然，你必須把這一點考慮進去，再加上你想要的回報。我們將在第三季電話會議上對此進行更多闡述，就像黑爾提到的那樣，我認為這是一個有效的評論。我們將更詳細地討論我們所看到的回報，我們收取的價格所暗示的回報以及類似的事情。

Mr. Kruger, you have any follow-up?

克魯格先生，您有什麼後續行動嗎？

No.

不。

Mr. Taylor, we don't have any further questions.

泰勒先生，我們沒有其他問題了。

Okay. Thanks, Luke. And thank you, everybody, for participating in our call. I look forward to updating you on our progress in the next quarter. Thanks, again.

好的。謝謝，盧克。感謝大家參與我們的電話會議。我期待向您通報我們下一季的最新進展。再次感謝。

This concludes today's conference call. Thank you, everyone, for attending.

今天的電話會議到此結束。謝謝大家的出席。