Natural Gas Services Group Inc (NGS) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. And welcome to the Natural Gas Services Group Incorporated quarter one earnings call. (Operator Instructions)

女士們、先生們，早安。歡迎參加天然氣服務集團第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Ms. Anna Delgado. Please begin.

現在我想把電話轉給安娜·德爾加多女士。請開始。

Thank you, Luke. And good morning, everyone. Before we begin, I would like to remind you that during the course of this conference call, the company will be making forward-looking statements within the meaning of Federal security laws.

謝謝你，盧克。大家早安。在我們開始之前，我想提醒您，在本次電話會議期間，本公司將根據聯邦安全法的規定做出前瞻性陳述。

Investors are cautioned that forward-looking statements are not guarantees of future performance, and those actual results or developments may differ materially from those projected in the forward-looking statements. Finally, the company can give no assurance that such forward-looking statements will prove to be correct.

投資人需注意，前瞻性陳述並不能保證未來的業績，實際結果或發展可能與前瞻性陳述中的預測有重大差異。最後，該公司不能保證此類前瞻性聲明的正確性。

Natural Gas Services Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Accordingly, you should not place undue reliance on forward-looking statements.

天然氣服務集團不承擔更新或修改任何前瞻性聲明的意圖或義務，無論其是由於新資訊、未來事件或其他原因。因此，您不應過度依賴前瞻性陳述。

These and other risks are described in yesterday's earnings press release in our filings with the SEC, including our Form 10-Q for the period ended March 31, 2025. Annual report on Form 10-K for 2024 and our Form 8-Ks. These documents can be found in the investors section of our website, located at www.nsgi.com.

我們向美國證券交易委員會提交的文件昨天的收益新聞稿中描述了這些風險和其他風險，其中包括截至 2025 年 3 月 31 日的 10-Q 表。2024 年 10-K 表年度報告和我們的 8-K 表。這些文件可以在我們網站的投資者部分找到，網址為 www.nsgi.com。

Should one or more of these risks materialize or should underlying assumptions prove incorrect, actual results may vary materially. In addition, our discussion today will reference certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, and adjusted gross margin among others.

如果其中一個或多個風險成為現實，或基本假設被證明不正確，實際結果可能會發生重大差異。此外，我們今天的討論將參考某些非 GAAP 財務指標，包括 EBITDA、調整後的 EBITDA 和調整後的毛利率等。

For reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP, please see yesterday's earnings release.

有關這些非 GAAP 財務指標與 GAAP 下最直接可比較指標的調節，請參閱昨天的收益報告。

I will now turn the call over to Justin Jacobs, our Chief Executive Officer. Justin?

現在我將把電話轉給我們的執行長賈斯汀·雅各布斯 (Justin Jacobs)。賈斯汀？

Thank you, Anna. And good morning, everyone. I'd like to welcome all participants to our first quarter 2025 earnings call.

謝謝你，安娜。大家早安。歡迎各位參加我們 2025 年第一季財報電話會議。

Let me first introduce the team. Joining me today, we have Ian Eckert, our Chief Financial Officer; and Brian Tucker, our President and Chief Operating Officer. I'd also like to extend special thanks to the entire NGS team for their dedication, passion, and unwavering commitment to servicing our customers.

我先來介紹一下團隊。今天與我一起的還有我們的財務長 Ian Eckert 和我們的總裁兼營運長 Brian Tucker。我還要特別感謝整個 NGS 團隊的奉獻、熱情以及為客戶服務的堅定承諾。

After two-record years at NGS, we started off 2025 in great fashion. I continue to believe NGS has a very strong competitive position and will continue to deliver attractive growth in revenue and profits in the years ahead.

在 NGS 創下兩年紀錄之後，我們以出色的方式開啟了 2025 年。我仍然相信NGS具有非常強大的競爭地位，並將在未來幾年繼續實現收入和利潤的可觀成長。

Market demand for compression remains strong, and our success in winning market share stems from a combination of our innovative technology, high-service levels driven by the strength of our people, and flexible balance sheet. While there has been a great deal of market volatility over the past couple of months, we have been fortunate that our business has not been materially impacted to date.

市場對壓縮的需求仍然強勁，我們成功贏得市場份額源自於我們的創新技術、由員工實力驅動的高服務水準以及靈活的資產負債表。儘管過去幾個月市場波動很大，但幸運的是，我們的業務迄今尚未受到重大影響。

Our 2025-unit deliveries, all of which are under a long-term contract, remain on target. In addition to the already contracted unit deliveries in 2026, our discussions with customers remain focused on growth in the future.

我們的 2025 輛交付車輛（全部屬於長期合約）仍按計畫交付。除了已經簽約的2026年單位交付外，我們與客戶的討論仍集中在未來的成長上。

We have and continue to allocate capital prudently, supported by our expanded credit facility and a balance sheet that affords flexibility even in these volatile markets. I'll give just a couple of highlights as it relates to first quarter financial performance.

我們已經並將繼續審慎地分配資本，這得益於我們擴大的信貸額度和即使在這些動蕩的市場中也能提供靈活性的資產負債表。我僅介紹與第一季財務業績相關的幾個重點。

Rental revenue hit a quarterly record of $38.9 million, a 15% increase versus the prior year quarter, and 2% sequentially. Adjusted rental gross margin of 61.9%, another banner -- quarter for margins. Adjusted EBITDA $19.3 million in the quarter, once again, a record number.

本季租金收入創下 3,890 萬美元的新高，比去年同期成長 15%，比上一季成長 2%。調整後的租賃毛利率為 61.9%，這是利潤率的另一個指標。本季調整後的 EBITDA 為 1,930 萬美元，再次創下歷史新高。

We finished the quarter at 2.18 times leverage, providing significant margin of safety against any currently unforeseen softening of results, while also providing significant offensive firepower to maintain organic growth and add inorganic growth to the mix. As a final note in the quarter, we exceeded our internal expectations, which I will discuss further in forward guidance.

本季結束時，我們的槓桿率為 2.18 倍，為應對任何目前不可預見的業績下滑提供了相當大的安全邊際，同時也提供了強大的進攻火力，以維持有機增長並增加無機增長。本季最後要說的是，我們超越了內部預期，我將在前瞻性指引中進一步討論。

Turning to the overall market conditions, there is obviously a lot going on in macroeconomic factors in commodity markets. Since our last call, we've seen WTI in the 50s, in the 70s, and everywhere in between, and our last call was less than 2 months ago.

回顧整體市場狀況，大宗商品市場的宏觀經濟因素顯然有許多變化。自從我們上次預測以來，WTI 價格已跌至 50 多美元、70 多美元以及介於兩者之間的任何水平，而我們上次預測不到 2 個月前。

We've used this volatility to look at the business in multiple cases, an upside, a downside, and stable. So that in each case, we can mount an offensive game plan. We remain confident in our ability to perform regardless of the volatility or price level that we see.

我們利用這種波動性來觀察多種情況下的業務，即上行、下行和穩定。這樣，在每種情況下，我們都可以製定進攻計劃。無論我們看到的波動性或價格水平如何，我們仍然對我們的執行能力充滿信心。

Looking at the public pronouncements of customers to date, we see modest CapEx reductions that are not hitting us. These public statements are consistent with our discussion with customers that show a locked in 2025 and growth in 2026. Obviously, we are keeping a very keen eye on this area.

從迄今為止客戶的公開聲明來看，我們發現資本支出適度減少，但並未對我們造成影響。這些公開聲明與我們與客戶的討論一致，顯示2025年將鎖定目標，2026年將實現成長。顯然，我們正密切關注這一領域。

Natural gas prices are currently hovering in the mid-3s after peaking above 4, with a broad range of 2026 forecasts, some stable with current levels, with others well into the 4s and beyond.

天然氣價格目前徘徊在 3% 左右，高峰超過 4% 。對 2026 年價格的預測範圍很廣，有些預測與當前水準持平，而有些則將達到 4% 甚至更高。

LNG export growth and new pipeline projects could create upside for our small and medium fleet and present an entry point into midstream large horsepower compression, a potential tailwind not yet reflected in our models.

液化天然氣出口的成長和新的管道項目可能會為我們的中小型船隊創造上行空間，並為中游大馬力壓縮提供切入點，這是我們的模型尚未反映的潛在順風。

While tariffs remain a source of volatility, the direct impact on NGS is minimal, given our supply chain consists of mostly domestic vendors, and major imported components are largely exempt. That said, the indirect effects are harder to predict, so we will continue to monitor the market and get and engage with our customers and suppliers to better assess any indirect risks and plan, accordingly.

儘管關稅仍然是一個波動源，但對 NGS 的直接影響很小，因為我們的供應鏈主要由國內供應商組成，而且主要進口零件基本上不受關稅影響。也就是說，間接影響更難預測，因此我們將繼續監控市場並與我們的客戶和供應商接觸，以便更好地評估任何間接風險並制定相應的計劃。

As it stands now, our business and customer installations remain on track for what is shaping up to be a strong 2025 and 2026.

目前來看，我們的業務和客戶安裝情況保持良好，預計在 2025 年和 2026 年取得強勁進展。

I'd like to now shift to our strategy and provide some updates as it relates to our growth and value drivers. I'm going to focus on three of them today: asset utilization, fleet expansion, and M&A.

現在我想轉向我們的策略並提供一些與我們的成長和價值驅動因素相關的更新。今天我將重點放在其中三個：資產利用率、機隊擴張和併購。

I'll start with asset utilization, which is comprised of converting non-cash assets into the cash and increasing the utilization of our existing fleet. Our days receivable improved from 118 days a year ago to 35 days at the end of Q4 '24 and stayed at 35 days at the end of Q1 '25. This has been great progress which we are now maintaining.

我將從資產利用率開始，包括將非現金資產轉換為現金並提高現有車隊的使用率。我們的應收帳款天數從一年前的 118 天改善到 2024 年第四季末的 35 天，並在 2025 年第一季末維持在 35 天。這是一個巨大的進步，我們現在正在保持這一進步。

Additionally, we made significant progress on monetizing the $11 million income tax receivable. It was recently submitted to the Joint Committee on Taxation in the US House of Representatives for final approval. This is the last approval required, and typically this takes less than 12 months. We look forward to reporting the collection of this amount, nearly $1 per share in cash in the near future.

此外，我們在 1,100 萬美元所得稅應收款貨幣化方面取得了重大進展。該法案近日已提交美國眾議院稅務聯合委員會等待最終批准。這是所需的最後批准，通常需要不到 12 個月的時間。我們期待在不久的將來報告收取這筆金額，即每股近 1 美元的現金。

We have significant owned real estate, which we are looking to monetize in the near term. Currently, we're focusing on the two largest assets, our corporate headquarters in Midland and our recently closed fabrication shop in Midland. We also have opportunities to produce inventory further.

我們擁有大量自有房地產，希望在短期內將其貨幣化。目前，我們專注於兩項最大的資產，即位於米德蘭的公司總部和最近關閉的米德蘭製造車間。我們還有機會進一步生產庫存。

As I've stated previously, the combination of the income tax receivable, owned real estate and inventory creates an opportunity at least as large as the approximately $25 million we monetized in accounts receivable in 2024.

正如我之前所說，應收所得稅、自有房地產和庫存的結合所創造的機會至少與我們在 2024 年透過應收帳款貨幣化的約 2500 萬美元一樣大。

Lastly, I'll add that in terms of horsepower utilization, the vast preponderance of idle horsepower is in small and medium units. We're continuing to review options for technology upgrades, electric conversions, and monetization.

最後，我要補充一點，從馬力利用率來看，絕大多數閒置馬力都在中小型機組。我們正在繼續審查技術升級、電力轉換和貨幣化的選擇。

Although still early, I'm starting to see some green shoots in this area. Certainly strengthening natural gas prices and increased volumes are helping, but I think the technological innovation and service levels we are providing are starting to make a difference.

儘管還為時過早，但我已經開始看到這個領域的一些復甦跡象。當然，天然氣價格的上漲和產量的增加是有幫助的，但我認為我們提供的技術創新和服務水準開始發揮作用。

As I've mentioned previously, this was never going to get fixed in a couple of quarters. This will take time, and while I don't have enough data points to have a trend, I'm cautiously optimistic of some anecdotes.

正如我之前提到的，這個問題不可能在幾個季度內解決。這需要時間，雖然我沒有足夠的數據點來得出趨勢，但我對一些軼事持謹慎樂觀的態度。

The third driver, fleet expansion. We have previously disclosed signed contracts and unit deliveries scheduled to add roughly 90,000 horsepower, most of which in 2025, with another significant number of signed contracts for unit deliveries in 2026.

第三個驅動力是車隊擴張。我們先前已披露已簽署的合約和單位交付計劃，計劃增加約 90,000 馬力，其中大部分將在 2025 年完成，另有大量已簽署的合約將在 2026 年完成單位交付。

These commitments are all focused on large horsepower, including a material increase in electric motor drives. The majority of these fleet editions are allocated to a key customer that will ultimately become our second largest with well over 10% of our total revenue, once units are set.

這些承諾都集中在大馬力上，包括電動機驅動的實質增加。這些車隊版本的大部分都分配給了關鍵客戶，一旦確定單位，該客戶最終將成為我們的第二大客戶，其收入將占我們總收入的 10% 以上。

As you will note in the first quarter 10-Q, our largest customer was 46% of revenue in the quarter, down from 54% fiscal 2024. This decrease in concentration is due to growth in our other customers, not with any loss with Oxy as we continue to grow that relationship as well.

正如您在 2010 年第一季所注意到的，我們最大的客戶佔本季營收的 46%，低於 2024 財年的 54%。集中度的下降是由於我們其他客戶的成長，而不是由於與 Oxy 的關係的損失，因為我們也繼續發展這種關係。

Customer diversification has and continues to be a focus. We are growing both the number of key accounts and the volume of business we are doing with them.

客戶多樣化一直是我們關注的重點。我們的重要客戶數量和與這些客戶之間的業務量都在不斷增長。

The fourth and final driver M&A. We may -- we remain focused on continuing to drive significant organic growth while at the same time, continuing to explore the M&A markets. We remain well positioned both operationally and financially should strategic and a creative acquisition opportunity emerge.

第四次也是最後一次司機併購。我們可能會繼續專注於推動顯著的有機成長，同時繼續探索併購市場。一旦出現策略性和創造性的收購機會，我們在營運和財務上都將保持有利地位。

Given the current state of the markets, we believe consolidation will continue this year and more attractive assets may be in play. Our strong balance sheet and leverage position, coupled with a volatile commodity backdrop makes us a natural consolidator where evaluations are attractive.

鑑於當前的市場狀況，我們相信今年市場將繼續整合，並可能出現更具吸引力的資產。我們強大的資產負債表和槓桿地位，加上動盪的大宗商品背景，使我們成為估值有吸引力的天然整合者。

In April of this year, we amended and expanded our revolving facility from $300 million to $400 million with an accordion in future raised from $50 million to $100 million. The amended facility has lower pricing and a more combating leverage covenant as well. This is a significant win that supports our industry leading organic growth and provides optionality for M&A.

今年 4 月，我們修改並擴大了循環信貸額度，從 3 億美元增加到 4 億美元，未來也將從 5,000 萬美元增加到 1 億美元。修改後的貸款定價更低，槓桿契約也更具對抗性。這是一個重大的勝利，它支持了我們領先業界的有機成長，並為併購提供了選擇權。

We appreciate the continued confidence of our banking group and welcome our new lending partners. We look forward to delivering for them and for our shareholders. With that, I'll turn the call over to Ian to review first quarter performance in more detail.

我們感謝銀行集團對我們持續的信任，並歡迎我們的新貸款合作夥伴。我們期待為他們和我們的股東提供服務。說完這些，我將把電話轉給伊恩，讓他更詳細地回顧第一季的表現。

Thank you, Justin. And good morning to those joining us. I'll begin with a brief overview of our first quarter, 2025 financial and operational performance.

謝謝你，賈斯汀。各位與會者早安。我將首先簡要概述我們 2025 年第一季的財務和營運業績。

For the first quarter of 2025, Natural Gas Services Group reported total revenue of $41.4 million, a 12% increase over $36.9 million recorded in the first quarter of 2024. Rental revenue was $38.9 million, up 15% year over year and 2%, sequentially. This increase was driven by higher average rented horsepower and continued pricing improvements, particularly from large horsepower units.

2025 年第一季度，天然氣服務集團報告總收入為 4,140 萬美元，比 2024 年第一季的 3,690 萬美元成長 12%。租賃收入為 3,890 萬美元，較去年同期成長 15%，較上季成長 2%。這一增長是由平均租賃馬力的提高和價格的持續改善（尤其是大馬力機組的價格）所推動的。

Total adjusted gross margin for the quarter was $24.3 million, an increase of $3.1 million over prior year quarter and $1.3 million, sequentially. Adjusted gross margin percentage came in at 58.6%, representing a 140 basis point improvement over Q1 2024 and a 210 basis point improvement compared with the fourth quarter of 2024. These results reflect sustained pricing discipline, unit additions, and enhanced cost controls.

本季調整後總毛利率為 2,430 萬美元，比去年同期增加 310 萬美元，比上一季增加 130 萬美元。調整後的毛利率為 58.6%，比 2024 年第一季提高了 140 個基點，與 2024 年第四季相比提高了 210 個基點。這些結果反映了持續的定價紀律、單位增加和加強的成本控制。

Rented adjusted gross margin reached 61.9%, up 80 basis points from the prior year and 150 basis points sequentially, marking one of the highest levels we've achieved in the past decade or so. Net income for the quarter was $4.9 million or $0.38 per diluted share compared to 5.1 million or $0.41 per diluted share in the prior year period.

租賃調整後毛利率達到 61.9%，比上年增長 80 個基點，比上一季增長 150 個基點，是我們在過去十年左右達到的最高水平之一。本季淨收入為 490 萬美元或每股攤薄收益 0.38 美元，而去年同期淨收入為 510 萬美元或每股攤薄收益 0.41 美元。

Sequentially, net income increased by $2 million, largely reflecting the impact of the inventory allowances recognized in the fourth quarter of 2024, tied to the closure of our Midland, Texas fabrication facility.

淨收入連續增加 200 萬美元，主要反映了 2024 年第四季度確認的庫存準備金的影響，這與我們位於德克薩斯州米德蘭的製造工廠的關閉有關。

SG&A expense rose by $0.7 million year on year to $5.4 million. However, as a percentage of revenue, SG&A remained essentially flat at 13%.

銷售、一般及行政費用較去年同期增加 70 萬美元，達到 540 萬美元。然而，作為收入的百分比，銷售、一般及行政費用基本上保持不變，為 13%。

Adjusted EBITDA for the first quarter was $19.3 million, an increase of 14% compared with the first quarter of 2024 and 7%, sequentially. As of March 31, 2025, rented horsepower totaled approximately 493,000, representing an 11% year-over-year increase. Utilization was 81.7%, essentially unchanged from a year ago, and all recently deployed large horsepower units were fully utilized.

第一季調整後 EBITDA 為 1,930 萬美元，較 2024 年第一季成長 14%，較上一季成長 7%。截至2025年3月31日，租賃馬力總計約493,000馬力，較去年同期成長11%。利用率為81.7%，與去年同期基本持平，所有近期部署的大馬力機組都得到了充分利用。

Moving to the balance sheet, we ended the quarter with $168 million outstanding on our revolving credit facility. The leverage ratio was 2.18 times, down from 2.36 times at year end '24, and our fixed charge coverage ratio improved to 2.98 times.

從資產負債表來看，本季末我們的循環信貸額度未償還金額為 1.68 億美元。槓桿率為 2.18 倍，低於 24 年底的 2.36 倍，固定費用覆蓋率提高至 2.98 倍。

As of the end of the first quarter, we had $132 million in available credit. This excludes the $100 million expansion that we secured in April. These results put us well within our covenant thresholds.

截至第一季末，我們擁有 1.32 億美元的可用信貸額度。這還不包括我們在四月獲得的 1 億美元擴張資金。這些結果使我們完全符合我們的契約門檻。

Accounts receivable was $15.4 million at quarter end, a modest decline from year-end levels. Day sales outstanding performance remains strong, reflective of our continued efforts to monetize non-cash assets.

季度末應收帳款為 1,540 萬美元，較年末水準略有下降。日銷售未償餘額表現依然強勁，反映了我們持續努力將非現金資產貨幣化。

Cash from operations of $21.3 million, nearly quadrupled the $5.6 million generated in the first quarter of last year. Capital expenditures in the quarter total $19.3 million including $16.7 million of growth capital and $2.6 million of maintenance capital.

經營現金流為 2,130 萬美元，幾乎是去年第一季 560 萬美元的四倍。本季資本支出總計 1,930 萬美元，其中包括 1,670 萬美元的成長資本和 260 萬美元的維護資本。

Growth spending is in line with our 2025 plan and will be weighted toward the back half of the year in conjunction with scheduled unit deployments. Our focus remains on margin expansion, discipline cost control, and capital efficiency.

成長支出符合我們的 2025 年計劃，並將結合計劃的單位部署集中於下半年。我們的重點仍然是擴大利潤率、嚴格控製成本和提高資本效率。

Our balance sheet is solid and we have ample liquidity to fund our growth initiatives which potentially could include pursuit of value accretive acquisition opportunities.

我們的資產負債表穩健，我們擁有充足的流動性來資助我們的成長計劃，其中可能包括追求增值收購機會。

With that, I'll turn the call to Justin for closing remarks.

接下來，我將請賈斯汀致閉幕詞。

Thank you, Ian. We entered 2025 with strong momentum, and our Q1 results exceeded our internal expectations. With that background, we are increasing the high end of our adjusted EBEDA guidance to 79 million.

謝謝你，伊恩。我們以強勁的勢頭進入2025年，第一季的業績超出了我們的內部預期。在此背景下，我們將調整後的 EBEDA 指導上限提高至 7,900 萬。

To pre-empt some of the conversations, I suspect I might have with those following our stock. I know that our Q1 adjusted EBITDA $19.3 million annualizes the $77.2 million.

為了搶先進行一些對話，我懷疑我可能會與那些關注我們股票的人進行對話。我知道我們第一季調整後的 EBITDA 為 1,930 萬美元，年化後為 7,720 萬美元。

This puts us above the midpoint of our revised range without accounting for unit delivery schedule, which is predominantly in the second half. I suspect I might hear the word sandbagging at some point in those conversations.

這使我們高於修訂範圍的中點，而不考慮單位交付計劃，而單位交付計劃主要在下半年。我懷疑我可能會在這些對話中的某個時候聽到“沙袋”這個詞。

Given the current macro uncertainty, and we're only two months since our year-end call, I'm going to be, as I will describe it, prudent and a little patient to see another quarter of results and more importantly, overall market conditions.

鑑於當前的宏觀不確定性，而且距離我們召開年終電話會議僅有兩個月的時間，我將保持謹慎，並耐心等待下一季的業績，更重要的是，整體市場狀況。

If macroeconomic conditions were more similar to 2024, then the high end of guidance would likely have had an eight on the front of it. I will reiterate that I do not currently see any material impacts of tariffs on our business, and I'm excited for the balance of 2025 and 2026.

如果宏觀經濟狀況與 2024 年更加相似，那麼指導的高端可能會達到 8。我要重申的是，我目前沒有看到關稅對我們的業務產生任何實質影響，我對 2025 年和 2026 年的平衡感到興奮。

We're maintaining the growth CapEx guidance we provided in March of $95 million to 2, excuse me, we're -- let me start over again there. We're maintaining the growth CapEx guidance we provided in March of $95 million to $120 million, heavily weighted to the second half alongside maintenance CapEx of $10 million to $13 million and a target of at least 20% return on invested capital.

我們維持 3 月份提供的 9500 萬美元至 2 億美元的增長資本支出指導，對不起，我們 - 讓我重新開始。我們維持 3 月提供的 9,500 萬美元至 1.2 億美元的成長資本支出指導，其中大部分資金將用於下半年，同時維持資本支出為 1,000 萬美元至 1,300 萬美元，投資資本回報率目標至少為 20%。

Rental revenue, margins, and EBITDA are all tracking in line or ahead of plan. And our expanded credit facility gives us the firepower to capitalize on organic growth and strategic M&A.

租金收入、利潤率和 EBITDA 均符合或超出計劃。我們擴大的信貸額度為我們提供了利用有機成長和策略併購的強大動力。

We will continue investing in technology, systems, and people to deepen customer partnerships, improve service levels, and further differentiate NGS. In short, it's an exciting time for our company. We are taking market share, strengthening our financial position, and focusing intensely on creating meaningful value for our shareholders.

我們將繼續投資技術、系統和人員，以深化客戶合作夥伴關係、提高服務水準並進一步實現 NGS 的差異化。簡而言之，這對我們公司來說是一個令人興奮的時刻。我們正在擴大市場份額，加強財務狀況，並致力於為股東創造有意義的價值。

Thank you again for your interest in NGS operator. We are now ready to take to open the call for questions.

再次感謝您對NGS操作員的關注。我們現在準備開始回答問題。

Ladies and gentlemen, at this time we will conduct the question-and-answer session. (Operator Instructions)

女士們、先生們，現在我們將進行問答環節。（操作員指示）

Rob Brown, Lake Street Capital Market.

羅布布朗 (Rob Brown)，Lake Street 資本市場。

Morning, Rob. Thanks for calling in.

早安，羅布。謝謝您的來電。

First question is kind on the current demand environment, the volatility, obviously, it's a bit of a volatile situation, but what's the -- what's sort of the indications from customers and how do you see that flowing into your conversations? Is it really timing of the '26 deployments or is there starting to be some pricing, pressure and just what's the -- what's sort of the demand environment implications at the moment?

第一個問題是關於當前的需求環境，波動性，顯然，這是一個有點不穩定的情況，但是 - 來自客戶的跡像是什麼，您如何看待它融入您的對話中？這真的是 26 次部署的時機嗎？還是開始出現一些定價壓力，以及目前的需求環境影響是什麼？

So I would say, we haven't really seen much of a change in the in the demand environment over the past, let's call it 60 days, from 90 days ago. 2025 is essentially all locked in, still having discussions with customers about 2026 growth.

所以我想說，我們並沒有真正看到過去 60 天和 90 天前的需求環境太大變化。 2025 年基本上已經確定，我們仍在與客戶討論 2026 年的成長。

We have a significant number of units already contracted for delivery throughout 2026, and you know there remain ongoing discussions of incremental units to get contracted in 2026. And so from the demand environment there, we really haven't seen any change.

我們已經簽訂了大量將於 2026 年交付的合同，而且您知道，我們仍在繼續討論 2026 年簽訂的增量合同。因此，從那裡的需求環境來看，我們確實沒有看到任何變化。

It remains a strong environment on the pricing side and no material discussions. I mean, obviously, there are always times when customers they ask for a price, but there's nothing that's any different from the environment we've seen, or at least I've seen since becoming CEO. So it's really pretty consistent from where we were, even 90 days ago.

定價方面依然維持強勁環境，沒有實質討論。我的意思是，顯然，客戶總是會詢問價格，但這與我們所見的環境沒有什麼不同，或者至少我擔任執行長以來所見的環境沒有什麼不同。因此，這與我們所處的狀況，甚至 90 天前相比，確實非常一致。

Okay. Great. Thank you and then in the gross margins, they continue to take up how was there anything unusual in the quarter or is this just a function of the mix of the high horsepower and should that continue to expand as the mix?

好的。偉大的。謝謝，然後在毛利率方面，他們繼續佔據主導地位，本季有什麼不尋常的事情嗎？或者這只是高馬力組合的功能，並且是否應該繼續擴大組合？

So on the -- let me address two parts to the margin. One is the rental adjusted specifically and then the overall adjusted gross margin. On the rental adjusted, we're seeing, I think consistency and kind of that something with a six on the front of it.

因此，讓我針對邊距討論兩個部分。一是具體調整後的租金，二是整體調整後的毛利率。在租金調整方面，我們看到，我認為是一致的，而且前面有 6 個數字。

We were 61.9% this quarter. The differences there are some items including kind of parts where you can see some movement in that quarter to quarter. It's not huge movements, but it can be enough to move it from a 61.9% to something that's 60.5% in that zone.

本季我們的比率為 61.9%。存在一些差異，包括一些部分，您可以看到每個季度之間的一些變化。雖然這不是很大的變動，但足以將其從 61.9% 移動到該區域的 60.5%。

So it does create just a little bit of movement and some of those types of items were a little light in the first quarter, and so that's kind of the natural volatility we're expecting to see. But I think we're proving now pretty consistent in the rental adjusted gross margins and this particular quarter was kind of a high end of that range.

所以它確實會產生一點波動，而且其中一些類型的商品在第一季的波動較小，所以這是我們預計會看到的自然波動。但我認為我們現在證明，租金調整後的毛利率相當穩定，而本季的毛利率處於該範圍的高端。

The overall -- we were able to reduce the gross margin impact of the sales line that was particularly high in the fourth quarter of '24 as we were closing the Midland Fab facility. We've mitigated a significant amount of those losses in the first quarter and that's helping the overall adjusted gross margin as well.

整體而言，我們能夠降低銷售線對毛利率的影響，由於我們關閉了米德蘭工廠，2024 年第四季的毛利率特別高。我們在第一季減輕了很大一部分損失，這也有助於提高整體調整後的毛利率。

Okay. Great. Thank you. Congrats on a good quarter.

好的。偉大的。謝謝。恭喜本季取得良好業績。

Thanks. Appreciate it.

謝謝。非常感謝。

Jim Rollyson, Raymond James.

吉姆羅利森、雷蒙詹姆斯。

Hey, good morning, Justin and Ian. Justin, so maybe circling back, question on -- to follow up on that margin question. You guys have obviously kind of been hanging around the low 60% range in rental specifically.

嘿，早上好，賈斯汀和伊恩。賈斯汀，也許我們回到正題，繼續追問那個利潤率問題。你們的租金顯然一直徘徊在 60% 左右的低點。

And I'm wondering as we go through the year and you start taking the bulk of your new deliveries, is there anything on the cost side as you kind of get prepped for those going in the field that might drag that down or is kind of a 60%-plus rental margin being pretty sustainable as we go forward?

我想知道，隨著我們度過這一年，您開始接收大部分新交付，在成本方面是否存在任何因素，因為您為進入該領域的人員做準備，這可能會拖累這一數字，或者 60% 以上的租金利潤率在我們未來發展過程中是否相當可持續？

It's -- if you look historically for NGS and historically, I mean if you look over the kind of the last five years as we've been setting, increasing amounts of large horsepower, there have been in certain instances over that period, a temporary blip in expenses on installations. Now, sometimes that's offset with revenue, sometimes not, depends on the customer and just kind of depends and sometimes there's been no impact at all.

如果你回顧一下 NGS 的歷史，我的意思是，如果你回顧一下過去五年來我們一直在設置的、不斷增加的大馬力設備的數量，那麼在這段時間的某些情況下，安裝費用會暫時上升。現在，有時這會被收入抵消，有時則不會，這取決於客戶，有時甚至沒有任何影響。

It's something we're obviously closely looking at and monitoring to ensure to the greatest extent that doesn't happen. It's possible to be some, but it would be very temporary in nature. And I wouldn't expect it to be a significant impact, could it put us to kind of the lower end of the range on what we've seen on the rental adjusted gross margin over the past six to eight quarters or probably six quarters.

我們顯然正在密切關注和監控此事，以最大程度地確保此類事件不會發生。有可能，但本質上只是暫時的。而且我不認為這會產生重大影響，它是否會使我們的租金調整後毛利率處於過去六到八個季度或大概六個季度的較低水平。

It could -- I don't foresee anything specific today, but it's just something that we're closely looking at and it would be temporary in nature.

它可能——我今天沒有預見到任何具體的事情，但這只是我們正在密切關注的事情，而且它本質上是暫時的。

Got you. This kind of seems like the low to midpoint of guidance kind of embeds a maybe even a 60-ish or low 60, so I was just trying or some 60 range? So I was trying to get on that. And then you talked a little bit of update around some of the monetization plans, maybe just a reminder, kind of you went through the AR last year and still in the 30 days range which is pretty impressive.

明白了。這種指導似乎從低點到中點嵌入了可能甚至是 60 左右或 60 以下，所以我只是嘗試一下還是 60 左右的範圍？所以我就嘗試這麼做。然後您談到了一些貨幣化計劃的更新，也許只是提醒一下，您去年經歷了 AR，並且仍然在 30 天的範圍內，這非常令人印象深刻。

As you go through and focus on the real estate, a couple of specific targets you mentioned and the tax receivable, what is your general plan for use of proceeds there, given that you guys aren't at the stage of returning capital? Is it just redeploying into additional organic growth? Is that the general kind of thought process right now?

當您關注房地產、您提到的幾個具體目標和應收稅款時，考慮到您還沒有達到返還資本的階段，您對那裡收益使用的總體計劃是什麼？它只是重新部署到額外的有機增長中嗎？這是目前普遍的思考過程嗎？

It is. I think it's too at the -- at that particular time. As we're creating proceeds from any of those different items that you mentioned, whether real estate or income tax receivable or inventory, the immediate use would be to pay down debt, but then it's organic growth.

這是。我認為在那個特定時間也是這樣。當我們從您提到的任何不同項目中創造收益時，無論是房地產還是應收所得稅或庫存，其直接用途都是償還債務，但隨後就是有機成長。

And you know, there have been discussions both publicly and privately of return of capital, and that's something that the board is looking, has looked at closely and is continuing to look at very closely of. What do we think is the appropriate time and way to move to a return of capital to shareholders on the one hand?

你知道，公開和私下都討論過資本回報的問題，這是董事會正在密切關注、並將繼續密切關注的事情。一方面，我們認為向股東返還資本的適當時間和方式是什麼？

We're growing at a very high rate and have -- we believe very high return on invested capital that we're generating. On the other hand, our industry is one of which I think shareholders have an expectation around some form of return of capital and the board is sensitive to that. And I think it's really just the timing of when do we move to that, and that's something we're looking very closely at.

我們正在以非常高的速度成長，我們相信我們正在獲得非常高的投資回報。另一方面，我認為，在我們的行業中，股東對某種形式的資本回報抱持期望，董事會對此也很敏感。我認為，這實際上只是我們何時轉向這一目標的問題，而這正是我們正在密切關注的事情。

Got it. Appreciate that and congrats again on the new credit facility, especially given the market environment when you guys got that signed up so --

知道了。對此表示感謝，並再次祝賀新的信貸安排，特別是考慮到你們簽署該協議時的市場環境，--

Thank you very much. We were quite happy to get that closed. I think it was right around two days after after April 2 and as I looked at the high yield and a term loan be market, not very much was getting done, so we thought it really spoke to the strength of the relationship and of the business.

非常感謝。我們很高興這件事得以解決。我認為那是在 4 月 2 日之後的兩天左右，當我看到高收益和定期貸款市場時，並沒有做太多的事情，所以我們認為這確實說明了關係和業務的實力。

Selman Akyol, Stifel.

塞爾曼·阿克約爾（Selman Akyol），Stifel。

Hi, good morning. This is Tim on for Selman. Congrats on the quarter.

嗨，早安。這是提姆代替塞爾曼。恭喜本季取得佳績。

Morning, Tim. Thanks for joining.

早安，提姆。感謝您的加入。

So just first question, do you anticipate any of this kind of crude oil volatility to kind of bring some of the smaller compression providers to market. And then also given some producers are trimming some of their CapEx, do you think there's potential for more outsource compression and less insource compression?

所以第一個問題，您是否預期這種原油波動會將一些較小的壓縮供應商帶入市場？而且考慮到一些生產商正在削減部分資本支出，您是否認為外包壓縮可能會增加，而內部壓縮可能會減少？

So, on the impact of crude oil prices, I think for us, that's primarily our horsepower sizes that are servicing, really more crude oil wells are the large horsepower and the medium. In terms of the small horsepower, that's driven more by natural gas prices and as I mentioned in the prepared remarks, we're seeing some green shoots there.

因此，關於原油價格的影響，我認為對我們來說，主要是我們所服務的馬力大小，實際上更多的原油井是大馬力和中馬力的。就小馬力而言，這更多是受到天然氣價格的推動，正如我在準備好的發言中提到的那樣，我們看到了一些復甦的跡象。

Nothing a trend that I would point to at this point, but I think there are some people who believe that LNG is really going to drive significantly both, not just volumes, prices. Too early to tell on that or the impact of small horsepower, but I think the trend is modestly favorable at this point.

目前我還不能指出什麼趨勢，但我認為有些人相信液化天然氣確實會顯著推動價格和產量的成長。現在就此或小馬力的影響下結論還為時過早，但我認為目前的趨勢是略微有利的。

In terms of the CapEx budgets, the ranges I've seen so far are kind of, I think the low end was kind of like 2.5% decrease, up to kind of 10%, really not hitting any of the areas in their budgets that impact us.

就資本支出預算而言，到目前為止我看到的範圍是這樣的，我認為最低限度是下降 2.5%，最高可達 10%，實際上並沒有觸及預算中對我們造成影響的任何領域。

And in fact, as I've read a number of customer releases, really a big focus on productivity, and that really plays into our strong suit in terms of the technological innovation. In our units, we help drive productivity and run time for our customers, and so I think there's there's actually a greater focus on that.

事實上，正如我讀過的許多客戶新聞稿中所說，我們確實非常關註生產力，而這在技術創新方面確實發揮了我們的強項。在我們的單位，我們幫助提高客戶的生產力和運行時間，所以我認為我們實際上更加關注這一點。

In terms of insourcing versus outsourcing, I think it's too early to tell on that, one would think if, companies are concerned about leverage and cutting back capital, they would move more towards a renting mindset versus a buying mindset, but I think it's too early to tell on that.

關於內部採購還是外包，我認為現在下結論還為時過早，有人會認為，如果公司擔心槓桿率和削減資本，他們會更傾向於租賃心態而不是購買心態，但我認為現在下結論還為時過早。

Got it. Perfect and then, I just wondering if you could give an update on on lead times for engines frames and and impacts just kind of what you're seeing in real time on that?

知道了。太好了，然後，我只是想知道您是否可以提供有關發動機框架的準備時間的最新信息，以及您對此實時看到的影響？

Sure, really no difference from last quarter, the engines are running, depending on the model and the manufacturer and manufacturer of the model, you're looking probably somewhere six to nine months. Compressor frames at the shorter end of that, and fabrication is nine to -- up as much as 12 months, so really no change in that.

當然，與上一季相比確實沒有什麼區別，引擎仍在運轉，但根據型號、製造商和型號製造商的不同，你可能需要等待六到九個月的時間。壓縮機機架的製造週期較短，需要 9 到 12 個月，因此實際上沒有變化。

Awesome. Thank you, guys, for the time.

驚人的。謝謝你們，大家，謝謝你們抽出時間。

Thank you, Tim. Appreciate it.

謝謝你，提姆。非常感謝。

(Operator Instructions)

（操作員指示）

Tate Sullivan, Maxim Group.

泰特·沙利文（Tate Sullivan），馬克西姆集團（Maxim Group）。

Thank you. Good morning, Jess. Can you, did I just circling back to a comment from earlier, did you say the potential sale proceeds from inland assets, the office and fabrication facility is at least the $25 million decrease in receivables? Did you frame it that way?

謝謝。早安，傑西。您能否，我剛才不是回到了先前的評論，您是否說過內陸資產、辦公室和製造設施的潛在銷售收益至少會使應收帳款減少 2,500 萬美元？你是這麼設計的嗎？

Yeah, so if you look at the aggregate of of those three different areas, meaning the income tax receivable which that amount is defined.

是的，所以如果你看這三個不同領域的總和，就意味著應收所得稅的金額是確定的。

$11 million and then adding in the proceeds from modernization of the real estate and inventory combined, we see that as an opportunity that's at least as large as the approximately $25 billion of cash we were able to pull out of AR in 2024.

1100 萬美元，再加上房地產和庫存現代化帶來的收益，我們認為這是一個至少與我們在 2024 年從 AR 中獲得的約 250 億美元現金一樣大的機會。

Okay, yeah. And then Midland in the last two months has, have there been a fair amount of real estate transactions as building transactions in Midland?

好的，是的。那麼，過去兩個月米德蘭的房地產交易量是否與建築交易量相當？

I think relative to the size of the market, yes, it's still been active. Real estate is a little bit more difficult to predict the timing, a little bit longer lead time. And so we're actively working on those, the Midland Fab facility we didn't have fully closed down until really the end of the first quarter and so you know those are ongoing processes in terms of monetizing those.

我認為相對於市場規模，它仍然很活躍。房地產的時機預測有點困難，準備時間有點長。因此，我們正在積極致力於解決這些問題，直到第一季末我們才完全關閉米德蘭工廠，因此，就貨幣化而言，這些都是持續進行的過程。

I think they're attractive assets and I think, we don't, we aren't in a rush that we have to sell them for any reason. It's just a improving the capital efficiency of the business and so we can be prudent and move at our pace in terms of realizing full value there.

我認為它們是具有吸引力的資產，而且我認為，我們不會、也不急於以任何理由出售它們。這只是提高業務的資本效率，因此我們可以謹慎並按照自己的步調實現全部價值。

Thank you. And then a metric in the queue that you highlighted in the case, I hadn't focused on much before the percent of your horsepower rented on a month-to-month basis was 22% in the first quarter. Do you think that's a level that will remain around that level or continue to come down as you deploy more larger horse power on multi-month contract?

謝謝。然後，對於您在案例中強調的隊列中的一項指標，我之前並沒有過多關注，第一季您按月出租的馬力百分比為 22%。您認為隨著您在多個月合約中部署更多馬力，該水平將保持在該水平附近還是繼續下降？

I think that number has been trending down over the quarters and. Any new units going out, they're all large horsepower, they're all pre-contracted, and those are contract ranges that are in the three-to-five-year range and typically towards the high end of that. So like the impact is yes that number should continue to trend out.

我認為這個數字在過去幾季一直呈下降趨勢。任何新推出的機組都是大馬力的，都是預先簽訂了合約的，合約期限都在三到五年之間，通常都接近這個期限的高端。因此影響是肯定的，這個數字應該會繼續呈現趨勢。

Okay and then last, please, is your comments on the LNG. Is it mostly related to putting currently unutilized smaller horsepower out into the field, or could it indicate that some larger horsepower would be for midstream purposes or mostly on the smaller horsepower?

好的，最後請問您對 LNG 有何評論。這是否主要與將目前未使用的較小馬力投入到現場有關，或者是否表明一些較大馬力將用於中游目的或主要用於較小馬力？

So in terms of our customers today, in our applications, it is increased volumes of small horsepower is used in gathering and natural gas, and that's where we're sitting primarily, anyway. That's where we're we're seeing some increased level, it's a modest increase, but I think there is some at least positive feelings around that.

因此，就我們今天的客戶而言，在我們的應用中，用於收集天然氣的小馬力的數量有所增加，無論如何，這都是我們主要關注的領域。我們看到那裡的水平有所提高，雖然適度提高，但我認為至少有一些積極的感覺。

Well, we aren't in the midstream today in true midstream on pipelines, but I think that is a potential opportunity. And even if we don't penetrate that that customer base, it keeps what is exceptionally, basically 100% utilization of large horsepower across the industry.

嗯，我們今天還沒有處於管道真正的中游，但我認為這是一個潛在的機會。即使我們沒有滲透到這個客戶群，也能維持整個產業大馬力利用率的極高水平，基本上是 100%。

It keeps that supply very tight, and so even if we don't enter into a midstream application, it just keeps the overall market very tight for where we are today in a large horsepower.

這使得供應非常緊張，因此，即使我們不進入中游應用，它也會使得我們目前在大馬力領域的整體市場非常緊張。

Thank you and I don't see any other questions.

謝謝，我沒有其他問題。

Great. So, thank you, Luke, and thanks for all of your questions and participation on the call. We sincerely appreciate your support. We look forward to updating you on our progress in the next quarter. Thank you and I hope everybody has a great day.

偉大的。所以，謝謝你，盧克，也謝謝你在電話會議中提出的所有問題和參與。我們真誠感謝您的支持。我們期待在下個季度向您通報我們的進展。謝謝大家，祝大家有個愉快的一天。

And this concludes today's conference call. Thank you everyone for attending.

今天的電話會議到此結束。感謝大家的出席。