Natural Gas Services Group Inc (NGS) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Natural Gas Services Group, Inc. Quarter 3 Earnings Call. (Operator Instructions)

女士們、先生們，早安，歡迎參加天然氣服務集團第三季​​財報電話會議。 （操作說明）

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

現在我將把電話交給安娜·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 securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements. Finally, the company can give no assurance that such forward-looking statements will prove to be correct. 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.

謝謝盧克，大家早安。在會議開始之前，我想提醒各位，在本次電話會議中，公司將做出符合聯邦證券法定義的「前瞻性陳述」。投資人請注意，前瞻性陳述並非對未來績效的保證，實際結果或發展可能與前瞻性陳述中預測的內容有重大差異。最後，本公司無法保證此類前瞻性陳述的準確性。天然氣服務集團不承擔任何更新或修訂任何前瞻性聲明的意圖或義務，無論是因為出現新資訊、未來事件或其他原因。

Accordingly, you should not place undue reliance on forward-looking statements. These and other risks are described in yesterday's earnings press release and in our filings with the SEC, including our Form 10-Q for the period ended September 30, 2025, and our Form 8-Ks. These documents can be found in the Investors section of our website located at www.ngsgi.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.

因此，您不應過度依賴前瞻性陳述。這些風險以及其他風險已在昨日的盈利新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中進行了描述，包括截至2025年9月30日的10-Q季度報告和8-K表格。這些文件可在我們網站www.ngsgi.com的「投資人關係」欄位中找到。如果其中一項或多項風險成為現實，或基本假設被證明不正確，則實際結果可能與預期有重大差異。此外，我們今天的討論將提及某些非GAAP財務指標，包括EBITDA、調整後EBITDA和調整後毛利率等。

For a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP, please see yesterday's earnings release. I will now turn the call over to Justin Jacobs, Chief Executive Officer. Justin?

如欲了解這些非GAAP財務指標與GAAP下最直接可比較指標的調節表，請參閱昨日發布的獲利報告。現在我將把電話會議交給執行長賈斯汀·雅各布斯。賈斯汀？

Thank you, Anna, and good morning, everyone. Thank you for joining our Q3 earnings call. Joining me today is Ian Eckert, our Chief Financial Officer. NGS delivered record results again in the third quarter, extending our momentum and reinforcing the value we provide our customers through high unit run time and great service. These results were achieved through the dedication of our people.

謝謝安娜，大家早安。感謝各位參加我們的第三季財報電話會議。今天與我一同出席的是我們的財務長伊恩‧艾克特。 NGS在第三季度再次取得了創紀錄的業績，延續了我們的成長勢頭，並透過高設備運行時間和卓越的服務，進一步鞏固了我們為客戶創造的價值。這些成績的取得離不開我們全體員工的努力。

I want to start by thanking the entire NGS team. Once again, I want to pay special thanks to our exceptional field service technicians who are the backbone of NGS. Ultimately, they are the reason that customers, both existing and new, are increasingly looking to Natural Gas Services to provide their compression needs. Starting with third quarter performance, we delivered a record quarter across several key metrics, including total rented horsepower, horsepower utilization, adjusted EBITDA and earnings per share. This performance was driven by strong field service execution and excellent technology-enabled uptime.

首先，我要感謝NGS全體團隊成員。再次特別感謝我們傑出的現場服務技術人員，他們是NGS的中流砥柱。正是因為他們的辛勤付出，新舊客戶越來越多地選擇天然氣服務公司來滿足他們的壓縮需求。從第三季的業績來看，我們在多項關鍵指標上都創下了歷史新高，包括總租賃功率、功率利用率、調整後EBITDA和每股盈餘。這項業績得益於強大的現場服務執行力和卓越的技術支援，確保了系統的正常運作時間。

We continue to take market share in large horsepower compression, reflected by the 27,000 horsepower increase in the quarter. All new sets were large horsepower under long-term contract and roughly half were large horsepower electric units. I'd also like to call out the disclosure in our 10-Q regarding Devon Energy. which now represents more than 10% of year-to-date revenue. Devon is a long-time customer that we have had significant amount of horsepower sets over the past year.

我們在高功率壓縮機市場持續擴大份額，本季新增功率達27,000馬力。所有新購機組均為長期合約下的高功率機組，其中約一半為高功率電動機組。此外，我想特別提及我們在10-Q文件中披露的關於Devon Energy的信息，該公司目前占我們年初至今收入的10%以上。 Devon Energy是我們的長期客戶，過去一年中，我們從該公司採購了大量高功率機組。

We are proud to partner with them and look forward to delivering on their needs for years to come. We delivered third quarter adjusted EBITDA of $20.8 million, up approximately 15% year-over-year and 6% sequentially. These results allow us to raise full year 2025 adjusted EBITDA guidance to $78 million to $81 million from the prior $76 million to $80 million range. Additionally, we paid out NGS' inaugural quarterly dividend of $0.10 per share, another important step in enhancing shareholder returns. Our compelling performance, durable operating cash flows and confidence in the 2026 outlook make it possible to increase our fourth quarter dividend by 10% to $0.11 per share or an annualized $0.44 per share.

我們很榮幸能與他們合作，並期待在未來幾年繼續滿足他們的需求。第三季調整後 EBITDA 為 2,080 萬美元，年增約 15%，季增 6%。基於這些業績，我們將 2025 年全年調整後 EBITDA 預期從先前的 7,600 萬美元至 8,000 萬美元上調至 7,800 萬美元至 8,100 萬美元。此外，我們派發了 NGS 的首筆季度股息，每股 0.10 美元，這是提升股東回報的另一個重要舉措。憑藉強勁的業績、穩健的經營現金流以及對 2026 年前景的信心，我們決定將第四季度股息提高 10%，達到每股 0.11 美元，年化股息為每股 0.44 美元。

While investors should not expect a dividend increase every quarter, the Board wanted to communicate its clear understanding of the importance of a continuous and growing dividend. These shareholder distributions do not preclude continued high levels of growth. NGS maintains the best leverage position among its public compression peers, giving us the flexibility to fund both growth and shareholder returns. Our competitive position continues to improve through technology leadership and service excellence. As we discussed on previous calls, when comparing to year-end 2024 horsepower, we expected to add approximately 90,000 horsepower over the course of 2025 and early 2026.

儘管投資者不應期望每個季度都會增加股息，但董事會希望明確表達其對持續成長的股息重要性的深刻理解。這些股東分紅並不妨礙公司繼續維持高成長水準。 NGS 在其上市壓縮公司同行中保持著最佳的槓桿水平，這使我們能夠靈活地為公司成長和股東回報提供資金。憑藉技術領先地位和卓越的服務，我們的競爭優勢不斷提升。正如我們在先前的電話會議中所討論的，與 2024 年底的發電量相比，我們預計在 2025 年和 2026 年初將新增約 9 萬馬力。

The significant addition of new electric and gas units in the third quarter keep us on track for that number. Looking at 2026, we already have a significant number of new large horsepower units under contract. This is a mix of both gas and electric units. Additionally, our opportunity pipeline remains quite active for 2026 sets, driven by both existing and new customers. This indicates strong continued demand for compression.

第三季新增的大量電力和燃氣機組使我們有望實現既定目標。展望2026年，我們已簽訂了大量大功率機組的合同，其中包括燃氣機組和電力機組。此外，在現有客戶和新客戶的推動下，我們2026年的潛在訂單依然十分活躍。這表明市場對壓縮機的需求將持續強勁。

While it is still early, based on visibility we have today, we would provide an initial expectation for 2026 growth CapEx of $50 million to $70 million. I'll provide more color in the guidance section of this call. Turning to the broader market. We have delivered strong and sustainable results through September year-to-date, despite persistent volatility and global macroeconomic uncertainty. Regardless of whether these conditions persist, we remain confident in our ability to deliver improved performance because our business is tied to existing production where demand for compression continues to grow.

雖然現在下結論還為時過早，但根據我們目前掌握的信息，我們初步預計2026年的增長資本支出為5000萬至7000萬美元。我將在本次電話會議的業績指引部分提供更詳細的說明。再來看更廣大的市場。儘管市場持續波動且全球宏觀經濟存在不確定性，但截至今年9月，我們依然取得了強勁且可持續的業績。無論這些狀況是否持續，我們都對提升業績充滿信心，因為我們的業務與現有生產緊密相關，而壓縮設備的需求仍在持續成長。

Our customers in oil production currently have a heavy focus on production efficiency, reliability and emissions performance. These are all areas where NGS is advantaged. Furthermore, rising electricity demand and LNG infrastructure build-out create durable compression-intensive growth opportunities. AI and data center expansion, both domestically and internationally, further drive natural gas production and compression needs. Overall, we are optimistic.

我們石油生產行業的客戶目前高度專注於生產效率、可靠性和排放性能。而這些正是NGS的優勢所在。此外，不斷增長的電力需求和液化天然氣基礎設施的建設，為壓縮密集型業務創造了持久的成長機會。人工智慧和資料中心在國內外的擴張，進一步推動了天然氣生產和壓縮需求。總而言之，我們對此持樂觀態度。

Compression is essential to delivering production throughput and our fleet, technology and service position NGS to deliver value to both customers and shareholders. I'll move next to our growth and value drivers. First, fleet optimization. We continue to optimize our fleet assets as reflected in continued improvement in rental revenue per horsepower performance. We finished the quarter at $27.08 per horsepower per month, a 1.7% sequential increase driven by new unit sets and price capture through contract renewals.

壓縮對於提高生產效率至關重要，而我們的車隊、技術和服務使NGS能夠為客戶和股東創造價值。接下來，我將談談我們的成長和價值驅動因素。首先是車隊優化。我們持續優化車隊資產，這體現在每匹馬力租賃收入的持續提升。本季末，我們每馬力每月的租賃收入為27.08美元，環比增長1.7%，這主要得益於新設備的投入使用以及合約續約帶來的價格收益。

Beyond price and mix, the next leg of optimization comes from data. We are more deeply integrating operational performance from our units and broader operations directly into our enterprise systems, so that commercial and operational decisions are made faster and with more precision. Customers increasingly recognize this as a differentiator. The ability to drive uptime and gas flow through data analytics has become a real competitive advantage for NGS. These investments have tangible payoffs, lower maintenance cost per unit hour, higher customer retention and improved fleet performance.

除了價格和產品組合之外，優化的下一個關鍵環節在於數據。我們正將各部門和更廣泛營運的營運績效更深入地整合到企業系統中，從而更快、更精準地做出商業和營運決策。客戶越來越意識到這一點，並將其視為差異化優勢。透過數據分析提升正常運作時間和天然氣流量的能力已成為NGS真正的競爭優勢。這些投資帶來了實際的回報：更低的單位小時維護成本、更高的客戶留存率以及更佳的機組性能。

On asset utilization, we have consistently improved working capital efficiency and continue to pursue targeted optimization initiatives. The income tax receivable has been improved by the joint committee on taxation, and we are awaiting payment processing once the federal government shutdown ends. Prior to the beginning of the shutdown, my expectation was that we were going to announce receipt of this receivable on this call. Regarding real estate monetization, we will provide greater transparency on these efforts in the coming quarters. As I've said before, we are not real estate investors.

在資產利用方面，我們持續提升營運資金效率，並將持續推動有針對性的優化措施。聯合稅務委員會已改善了我們的所得稅應收帳款，我們正在等待聯邦政府停擺結束後進行付款處理。在政府停擺開始之前，我原本預計我們會在本次電話會議上宣布收到這筆應收帳款。關於房地產變現，我們將在未來幾季提高相關工作的透明度。正如我之前所說，我們並非房地產投資者。

Our goal is to convert nonproductive assets into productive horsepower in the field. These noncash asset monetization efforts provide additional capital to support fleet expansion as reflected in this quarter's additions and our commitment to add significantly more horsepower. Momentum is building with both existing and prospective customers. As I now repeat on these calls, we are clearly taking market share organically. One simple way to quantify this is to look at our growth capital to EBITDA ratio.

我們的目標是將非生產性資產轉化為現場生產所需的動力。這些非現金資產變現措施為我們提供了額外的資金，以支持車隊擴張，正如本季新增車輛以及我們承諾大幅增加動力所反映的那樣。我們與現有客戶和潛在客戶的合作動能正在不斷增強。正如我在這些電話會議上反覆強調的，我們正在穩步擴大市場份額。量化這一點的一個簡單方法是查看我們的成長資本與 EBITDA 比率。

For NGS, our growth CapEx is for new units under long-term contracts. When you compare our growth CapEx to EBITDA, we were materially higher than each of our publicly traded competitors in 2023, 2024 and now again in 2025. I'm highly confident this trend will continue in 2026. I believe our market share gains are driven by our service, our unit technology and our lower leverage. With that, I'll turn the call over to Ian to review detailed financial and operating results before returning for closing comments on guidance.

對於NGS而言，我們的成長資本支出主要用於長期合約下的新設備。將我們的成長資本支出與EBITDA進行比較，我們發現，2023年、2024年以及現在的2025年，我們的成長資本支出均顯著高於所有上市競爭對手。我非常有信心，這趨勢將在2026年延續。我認為，我們市場佔有率的成長得益於我們的服務、設備技術以及較低的槓桿率。接下來，我將把電話會議交給Ian，由他來詳細回顧財務和營運業績，之後我會回來就業績指引作總結發言。

Thank you, Justin, and good morning to those joining us. As Justin emphasized, we delivered a very strong quarter, reflecting significant new fleet additions that position NGS well to continue delivering shareholder value. To recap the third quarter, total rental revenue grew 11.1% year-over-year and 4.9% sequentially to $41.5 million. This growth reflects the 27,000 rented horsepower increase during the quarter. Rental adjusted gross margin was $25.5 million, up $2.6 million year-over-year and $1.5 million sequentially.

謝謝賈斯汀，也祝各位早安。正如賈斯汀所強調的，我們本季業績非常強勁，這主要得益於新增的大量設備，使NGS能夠繼續為股東創造價值。回顧第三季度，總租賃收入年增11.1%，季增4.9%，達到4,150萬美元。這一增長反映了本季租賃馬力增加2.7萬匹。租賃調整後的毛利為2,550萬美元，年增260萬美元，季增150萬美元。

The rental adjusted gross margin percentage was 61.5%, an improvement of 19 basis points year-over-year and 75 basis points sequentially, reflecting sustained pricing discipline, large horsepower fleet additions and lower maintenance parts consumption. Adjusted EBITDA for the quarter was $20.8 million, up $2.7 million year-over-year and $1.2 million sequentially. Net income was $5.8 million or $0.46 per diluted share, up $800,000 year-over-year and $600,000 sequentially. Rented horsepower ended the quarter at approximately $526,000 compared to $475,000 a year ago and $499,000 in the second quarter of 2025. That's an 11% increase year-over-year and 5% sequentially.

租賃業務調整後毛利率為 61.5%，同比增長 19 個基點，環比增長 75 個基點，這反映了公司持續的定價策略、大功率設備數量的增加以及維護零件消耗量的降低。本季調整後 EBITDA 為 2,080 萬美元，年增 270 萬美元，季增 120 萬美元。淨利潤為 580 萬美元，即每股攤薄收益 0.46 美元，年增 80 萬美元，季增 60 萬美元。本季末租賃功率約為 52.6 萬美元，而去年同期為 47.5 萬美元，2025 年第二季為 49.9 萬美元。這分別較去年同期成長 11% 和較上季成長 5%。

Fleet utilization reached a record 84.1%, up 204 basis points year-over-year and 45 basis points sequentially, with essentially all large horsepower equipment fully utilized. Operating cash flow for the quarter was $16.8 million, supported by continued improvement in accounts receivable with quarter end DSO of 28 days. Capital expenditures totaled $41.9 million, including $39.1 million of growth CapEx and $2.8 million maintenance. Sequentially, growth CapEx increased $17 million as fabrication ramped up to deliver new unit sets. We ended the quarter with $208 million outstanding on our upsized revolver and $163 million in available liquidity.

車隊利用率達到創紀錄的 84.1%，年增 204 個基點，較上季成長 45 個基點，幾乎所有高功率設備都已滿載運轉。本季經營現金流為 1,680 萬美元，得益於應收帳款的持續改善，季末應收帳款週轉天數 (DSO) 為 28 天。資本支出總額為 4,190 萬美元，其中包括 3,910 萬美元的增長性資本支出和 280 萬美元的維護支出。環比來看，成長性資本支出增加了 1,700 萬美元，這主要得益於製造產能的提升，以交付新的機組組件。本季末，我們擴大後的循環信貸額度中未償還餘額為 2.08 億美元，可用流動資金為 1.63 億美元。

Our leverage ratio was 2.5x, up modestly from 2.31x in the second quarter and remains the lowest among our public compression peers by a significant margin. Regarding capital returns, our approach remains disciplined and balanced, focused on delivering a growing dividend over time. While investors should not expect dividend increases every quarter, the decision to raise the fourth quarter dividend by 10% to $0.11 per share underscores confidence in the durability of our operating cash flow. Speaking of outlook, I'll now hand it back to Justin to discuss guidance.

我們的槓桿率為2.5倍，較第二季的2.31倍略有上升，但仍遠低於其他上市壓縮公司。在資本回報方面，我們依然秉持嚴謹平衡的策略，致力於長期實現股利成長。雖然投資者不應期望每季都提高股息，但將第四季股息提高10%至每股0.11美元的決定，體現了我們對公司營運現金流可持續性的信心。展望未來，接下來我將把發言權交給賈斯汀，讓他來談談業績指引。

Thank you, Ian. Looking ahead, based on our year-to-date performance and a strong second half deployment schedule, we are raising full year 2025 adjusted EBITDA guidance to $78 million to $81 million. This is a 2% increase at the midpoint from our previous guidance. We expect 2025 growth CapEx of $95 million to $110 million, a modest tightening of the range due to improved visibility on payment timing with no impact on total horsepower additions. Looking beyond this year, our preliminary expectation is that 2026 growth CapEx will be $50 million to $70 million.

謝謝伊恩。展望未來，基於我們年初至今的業績以及下半年強勁的部署計劃，我們將2025年全年調整後EBITDA預期上調至7,800萬美元至8,100萬美元。這比我們之前的預期中位數提高了2%。我們預計2025年成長資本支出為9,500萬美元至1.1億美元，由於付款時間更加明朗，預期範圍略有收窄，但不會影響總新增功率。展望2026年之後，我們初步預期成長資本支出將為5,000萬美元至7,000萬美元。

While it is still early, we wanted to communicate to our investors that 2026 will be another year of organic growth for NGS. I have a very high degree of confidence in the low end of that range. How far we go in or above that range will be determined as much by timing as customer needs. As I noted earlier on the call, new unit quote activity for 2026 remains significant for both existing and new customers. I would also comment that regardless of where we are in the range, we expect to materially outpace our publicly traded competitors when comparing growth CapEx to EBITDA.

雖然現在下結論還為時過早，但我們想向投資人傳達一個訊息：2026年將是NGS持續內生成長的一年。我對這預期範圍的下限非常有信心。至於最終的成長率能達到或超過這個範圍的多少，將取決於時機和客戶需求。正如我之前在電話會議上提到的，2026年的新訂單量對現有客戶和新客戶而言仍然十分可觀。我還想指出，無論最終的成長率處於預期範圍的哪個位置，我們預期在成長資本支出與EBITDA的比值方面，都將顯著超越我們的上市競爭對手。

Further, we are starting to see 2027 RFPs and the amount of horsepower indicates continued growth into the future. Our 2025 maintenance CapEx remains $11 million to $14 million, and our ROIC target is unchanged. In closing, we delivered multiple company records in the third quarter. This momentum reflects technology and service-enabled share gains with our customers along with operational and capital efficiency. NGS is set up for strong performance for the remainder of this year, next year and beyond.

此外，我們已開始收到2027年的招標邀請書，而目前的產能需求預示著未來將持續成長。我們2025年的維護資本支出仍維持在1,100萬美元至1,400萬美元之間，投資報酬率目標也維持不變。最後，我們在第三季創造了多項公司紀錄。這一成長勢頭得益於我們透過技術和服務提升了客戶份額，同時營運效率和資本效益也提高了。 NGS已做好準備，將在今年剩餘時間、明年以及未來幾年保持強勁的業績表現。

We are materially increasing the size of our fleet through strategic investments in large horsepower compression, including electric motor drives with what we believe is industry-leading technology and service. Luke, we're now ready to open the call for questions.

我們正透過對高功率壓縮機的策略性投資，大幅擴大車隊規模，其中包括我們認為在技術和服務方面處於行業領先地位的電動馬達驅動系統。盧克，現在開始接受提問。

(Operator Instructions) Selman Akyol, Stifel.

（操作說明）Selman Akyol，Stifel。

Congratulations on the nice results. I just want to start off, I guess, in -- on '26 and sort of the outlook there. Can you just talk about how those conversations are going with customers? Do they seem to be more hesitant in this environment? Are they waiting longer?

恭喜你們取得如此佳績！我想先談談2026年的情況以及未來的展望。能否談談與客戶的溝通進度如何？在這種環境下，他們是否會更加猶豫不決？他們的等待時間是否更長？

And then also, we've heard or seen that getting new units is approaching 60 weeks. And I'm curious if you're seeing that the same thing in the supply chain. And then if you are, then how do you get additional units from here for '26?

此外，我們也聽說或看到，新設備的交付週期已經接近60週。我想知道你們的供應鏈是否也有同樣的問題。如果確實如此，那麼你們如何在2026年從這裡獲得更多設備？

Sure. Thanks for joining, Selman. So on -- so 2 parts there. First, just I'll address generally kind of customer activity. And from the RFPs or I should say, from the units that we have contracted already from the activity we're seeing in '26 and '27, we're not seeing hesitancy.

當然。謝謝你的參與，塞爾曼。接下來——分為兩部分。首先，我先談談客戶的整體狀況。從招標書（RFP）來看，或者更準確地說，從我們已經簽訂合約的單位來看，從2026年和2027年的業務活動來看，我們沒有發現任何猶豫。

So I think generally, as we look at that, we take that as encouraging that in certainly with lower oil prices, I think there was some concern around that. But we're seeing a broad range of interest in what we've already signed and in potential, it's a little difficult for me to judge how much of that is -- how much of that might be to some of the market share gains versus just stronger activity than I think some people may have expected. So it's a little difficult for me to necessarily differentiate between those 2. I suspect it's a mix of both. But we're encouraged what we're seeing in terms of demand, including for gas lift in the Permian.

所以總的來說，我認為，考慮到油價走低，這無疑是一個令人鼓舞的消息，畢竟之前人們對此有些擔憂。但我們看到，對於已經簽署和潛在的項目，各方都表現出了濃厚的興趣。我很難判斷這其中有多少是市場佔有率成長帶來的，又有多少只是市場活動比一些人預期的要強勁。因此，我很難區分這兩者。我懷疑兩者兼而有之。但我們對目前的需求，包括二疊紀盆地天然氣提升計畫的需求，感到鼓舞。

On the new unit fabrication lead times, there are a range of different lead times for different units. What I would say as we look at 2026 and particularly the back half of the year for some of the different types of potential new contract wins, we get, we will be able to fill some of those. Now there will be some timing concerns if it's new units in the first half of the year, that's going to be challenging, not necessarily impossible, but challenging. But it's really kind of the second half of the year where we think there are certain types of units where we'll be able to meet customer demand.

關於新設備的製造週期，不同設備的週期各不相同。展望2026年，特別是下半年，對於一些潛在的新合同，我們能夠滿足部分訂單的需求。當然，如果是上半年的新設備，時間安排上會比較棘手，並非完全不可能，但確實具有挑戰性。我們認為，下半年某些特定類型的設備，我們能夠滿足客戶的需求。

Got it. And then just one other quick one for me. Opportunities for margin improvement from here?

明白了。我還有一個小問題。從現在開始，利潤率還有進步空間嗎？

I think in the near term, the kind of low 60s number that we have hit for the last number of quarters now is still consistent with what we see in the near term over the more going further -- a little further out, mix shift to large horsepower will certainly continue to pull margins up. And then in terms of optimization of our business, I think it's still too early for us to give any specific guidance around that.

我認為，短期內，我們過去幾季一直維持在60%左右的低位利潤率，這與我們近期的預期相符。展望未來，隨著產品組合向大馬力引擎的轉變，利潤率肯定會繼續提升。至於業務優化方面，我認為現在給出任何具體指導還為時過早。

Tate Sullivan, Maxim Group.

泰特·沙利文，馬克西姆集團。

In terms of the end market uses for the larger natural gas compressors, is it still the majority of the demand for gas lift in the Permian? And can you reconcile that with your comments about growing demand for data center natural gas load?

就大型天然氣壓縮機的終端市場用途而言，它是否仍是二疊紀盆地氣舉需求的主要部分？您能否解釋一下您之前提到的資料中心天然氣負載需求不斷增長的情況？

Sure. Thanks for joining, Tate. So the -- while not all of our new unit demand is gas lift in the Permian, it's certainly the significant majority of it. And as I said, we're still seeing a good amount of activity around that in terms of existing contracts and potential new sets. On the compression needs for data centers, AI, LNG that really creates incremental opportunity for us as we are primarily in gas lift applications today, same basic equipment.

當然。謝謝你的參與，泰特。雖然我們新增的裝置需求並非全部來自二疊紀盆地的氣舉裝置，但肯定佔了絕大部分。正如我所說，就現有合約和潛在的新項目而言，我們仍然看到圍繞氣舉裝置的大量交易活動。資料中心、人工智慧和液化天然氣領域的壓縮需求，確實為我們創造了新的機遇，因為我們目前主要從事氣舉應用，而這些應用的基本設備仍然相同。

So it keeps tightness in the market for the large horsepower and is an area where we hope to be able to grow in the future.

因此，大馬力引擎市場保持緊張狀態，這也是我們希望未來能夠發展壯大的領域。

Are your compressors now large enough to be placed on pipeline, for example, for pipeline extensions to dedicated natural gas plants?

你們的壓縮機現在是否足夠大，可以安裝在管道上，例如，用於將管道延伸到專用天然氣廠？

Yes. Yes, they are. Those are typically north of 1,000 horsepower, 1,600 horsepower units, 2,500 horsepower units, and that's where a lot of our new unit sets are.

是的，沒錯。這些機組的功率通常在1000馬力以上，1600馬力，2500馬力，我們很多新機組的功率都在這個範圍內。

So do you already have existing units placed for natural gas pipeline compression purposes?

那麼，你們目前是否已經安裝了用於天然氣管道壓縮的設備？

We do not have midstream applications today.

我們目前沒有中游應用。

But that's an opportunity. Okay, understood.

但這也是個機會。好的，明白了。

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

On your '26 outlook or CapEx outlook, you said confidence in the low end of the range, but sort of what's the ins and outs on getting that or growing that number? Is it really just timing of contract win or just a sense of what can move that around?

關於您對2026年的展望或資本支出展望，您表示對目標範圍的下限有信心，但要達到或超過這個數字，具體有哪些方法或細節需要說明？這真的只是取決於合約中標的時機，還是僅僅取決於對哪些因素可以影響最終結果的判斷？

I think it's that. I mean it's still early. We're in November now. And as I said in response to one of the earlier questions, we certainly still have some opportunities in the second half of the year for new unit sets. And so that's something that we'll be able to give, I think, better clarity around on the next quarter call, but we just wanted to indicate to our investors that we're going to have significant growth again next year and a very large portion of that is already contracted.

我認為就是這樣。我的意思是，現在還早。現在才11月。正如我之前回答某個問題時所說，我們下半年肯定還有一些新單元安裝的機會。所以，我認為我們會在下個季度的電話會議上對此做出更清晰的說明，但我們只想向投資者表明，明年我們將再次實現顯著增長，而且其中很大一部分已經簽訂了合約。

And as we engage with customers over the coming couple of months to finalize 2026, our hope is to push that number up.

在接下來的幾個月裡，我們將與客戶溝通，最終確定 2026 年的計劃，我們希望能夠提高這個數字。

Okay. Great. And then you had good market share gains, I guess. What's your sense on that? How can that -- or what's the sense on whether that can continue?

好的，太好了。我想你們的市佔率也取得了不錯的成長。您對此有何看法？您認為這種成長動能能否持續下去？

And do you need to continue to penetrate new customers? Or is it really a share gain at your existing base?

您是否需要繼續開拓新客戶？還是僅僅需要在現有客戶群中提升市場佔有率？

I think it's a mix of both. I have been -- obviously, we had the disclosure, as we mentioned earlier, is in the queue of a new 10% customer. We've been setting a lot of equipment with Devon have been very, very pleased with that relationship and look forward to performing on even larger amounts of horsepower with them going forward. As I look at 2026 and then even beyond that, I think we have an expectation, we're going to continue to grow with our existing customers, and we're certainly seeing opportunities with some new customers that could be potentially quite large, but still early there. We have to go out and get some of those wins.

我認為兩者兼而有之。正如我們之前提到的，我們已經披露了相關信息，我們正在洽談一位新的10%客戶。我們一直在與Devon公司合作安裝大量設備，對雙方的合作關係非常滿意，並期待未來與他們合作開發更大功率的設備。展望2026年及以後，我認為我們預期會繼續與現有客戶共同發展，同時我們也看到了一些潛在的大客戶機會，但現在還處於早期階段。我們需要積極爭取這些客戶。

(Operator Instructions) Nate Pendleton, Texas Capital.

（操作說明）內特·彭德爾頓，德克薩斯資本。

Congrats on the strong quarter.

恭喜你們本季業績出色。

Thanks, Nate.

謝謝你，內特。

Can you talk about your decision to increase the dividend here given the strong outlook you're messaging for future growth potential? And maybe how you balance that increasing return of capital goal with the growth opportunities ahead of you?

鑑於您對未來成長潛力的強勁預期，您能否談談提高股息的決定？以及您如何平衡提高資本報酬率的目標與未來的成長機會？

Sure. I think it is a balance as we look out to the -- further out into the future of eventually getting to a defined capital allocation framework where we've got a certain amount of EBITDA and whatever term you want to use, getting down distributable cash flow and how we allocate that out. The -- obviously, we had the initial or inaugural dividend last quarter. And just to reiterate, I do not want to create the expectation that there will be an increase every quarter. With that being said, considering the performance of the business and our outlook, we did want to signal to investors that we hear the message loud and clear of a continuous and growing dividend.

當然。我認為我們需要在兩者之間找到平衡，著眼於未來，最終建立一個明確的資本配置框架，其中包含一定數額的EBITDA（或其他任何您想使用的術語），以及可分配現金流及其分配方式。顯然，我們在上個季度派發了首次股息。再次重申，我並不想讓大家預期每季都會增加股利。話雖如此，考慮到公司業績和前景，我們確實想向投資者表明，我們非常清楚大家希望股息持續成長。

As we said in our prepared remarks, this is not going to impact in any way our ability to continue to grow from just a dollar perspective. It's not going to impact that, but we thought it was a good way of showing that we're going to be increasing dividend and return of capital to shareholders, while still growing the business at a materially higher rate than our public competitors.

正如我們在事先準備好的發言稿中所述，這不會以任何方式影響我們持續成長的能力，尤其從獲利角度來看。這不會產生任何影響，但我們認為這是一個很好的方式，可以表明我們將在保持業務成長速度遠高於上市競爭對手的同時，提高股息和股東資本回報。

Got it. And then maybe going back to Devon. Specifically, how was NGS able to make inroads there? And how did that relationship develop?

明白了。然後或許可以回到德文郡。具體來說，NGS是如何在那裡取得進展的？他們之間的關係又是如何發展的？

It's been a long-time relationship. If you go back, I'm not sure how many years, but quite a few years ago, they were a disclosed customer. So they've been a long-time customer. And it was, I think, a great example for us of what some of the technology that we have on our units that are proprietary to us led to a significant expansion of our relationship with an existing customer. And as they understood some of the capabilities of our units and some of the data that they would be able to get off of that.

我們之間的合作關係由來已久。如果追溯到幾年前，我不太確定具體多少年，但他們當時就已經是我們的客戶了。所以他們一直是我們的長期客戶。我認為這對我們來說是一個很好的例子，它展現了我們設備上的一些專有技術如何顯著擴展了我們與現有客戶的關係。隨著他們了解了我們設備的一些功能以及他們能夠從中獲得的一些數據，這種合作關係也得到了進一步的加強。

That was the primary driver on top of a reputation from a service perspective to deliver their needs and what is a mission-critical service for them. And so it really boiled down to the 2 simple things or maybe 3 simple things of long-time existing customer gets an understanding of some of the current capabilities we have and the run time that we've delivered for our customers, including for Devon that allowed the significant expansion of that relationship.

除了服務聲譽之外，滿足客戶需求並提供對他們至關重要的服務也是主要驅動因素。因此，最終促成合作的關鍵在於兩三點：長期客戶了解我們目前的能力以及我們為客戶提供的服務時長，包括為德文郡提供的服務，這促成了雙方合作關係的顯著擴展。

Great. Congrats again.

太好了，再次恭喜！

Thanks, Nate.

謝謝你，內特。

(Operator Instructions) Jim Rollyson, Raymond James.

（操作說明）吉姆·羅利森，雷蒙德·詹姆斯。

And again, congrats on another solid quarter. Justin, just kind of following up on that. So you mentioned how Devon expanded from a customer into (inaudible) there. Maybe just a little bit of color on new customer opportunities. Is word kind of spreading about what your technology and service quality is doing for Oxy and Devon to drive new potential customers to the door?

再次恭喜你們又取得了一個出色的季度業績。賈斯汀，我只是想跟進一下。你剛才提到德文郡是如何從客戶發展成為（聽不清楚）的。能不能再詳細說說新客戶機會的狀況？你們的技術和服務品質是否正在幫助西方石油和德文郡吸引更多潛在客戶？

Or how are you setting up to get new customers? I'm curious.

或者，你們是如何拓展新客戶的？我很好奇。

I think it's an ongoing effort. I think I believe that we are seeing success there. In terms of public quantification, Devon is -- that's something we're able to point to. In terms of conversations with both existing customers that maybe are much smaller customers where we have just a smaller customer. It is really having multiple conversations and then doing demonstrations and showing in the field of this is how the technology works.

我認為這是一項持續進行的工作。我相信我們已經取得了一些成效。就公開數據而言，德文郡——這是我們能夠拿出的例證。我們與現有客戶，包括一些規模較小的客戶，進行了多次溝通，並在現場進行展示，展示這項技術是如何運作的。

These are the benefits that our customers get out of that and really getting into the operational and engineering teams at these customers, both existing and then looking to do it with new customers as well. And that's certainly a process, but I'm encouraged by the reaction that we get from these customers when they really start to see the benefits that they will get out from a service performance perspective and data perspective. And so I think it's ongoing, and there are a couple of positive indicators, but something we have to keep working on.

這些都是我們的客戶能從中獲得的好處，我們需要真正深入了解這些客戶的營運和工程團隊，包括現有客戶以及希望與新客戶合作的客戶。這當然是一個過程，但令我感到鼓舞的是，當客戶真正開始看到他們在服務績效和數據方面獲得的好處時，他們的回饋非常積極。因此，我認為這項工作仍在進行中，並且已經出現了一些積極的跡象，但這仍然是我們需要繼續努力的方向。

For sure. I appreciate that. And maybe just back up on the CapEx. If I go back 2023, you guys had a very heavy CapEx year, delivered a lot of new units and you kind of took '24 to maybe absorb some of that, get it all make sure operations are running the way you wanted to and then you lean back in this year. And so I guess, as I think about the $50 million to $70 million kind of starting point for CapEx, do we think about '26 maybe as kind of a '24 type of year, and then things continue to build for '27 potentially ramping back up if the macro still kind of cooperates.

當然，我很感激。或許可以稍微調整一下資本支出。回顧2023年，你們的資本支出非常高，交付了許多新設備，然後在2024年你們可能消化了一些支出，確保營運一切正常，然後今年又重新加大投入。所以，考慮到資本支出5000萬到7000萬美元的起點，我們是否可以把2026年看作是類似2024年的一年，然後繼續為2027年做準備，如果宏觀經濟情勢依然有利，2027年可能會再次加速成長？

Is that a good way to think about it?

這種思考方式是否合理？

I think generally, we looked at 2026 and say it's in -- looks like it will be generally in line with 2024. I mean, as you go back to 2023, it's a bit of an outlier year in terms of the numbers. It's quite a huge number. But 2025, you're looking midpoint kind of the low hundreds. Some of that is driven by particularly large customer wins, which may not repeat year-to-year, although we're still setting activity.

我認為總體而言，我們展望了2026年，認為它與2024年基本持平。我的意思是，回顧2023年，那一年在數字上有點異常，數字相當龐大。但2025年，預計會處於中間水平，大概在幾百左右。這部分成長是由一些特別大的客戶帶來的，這些客戶可能不會每年都出現，儘管我們仍在積極進行相關活動。

And so we're encouraged by 2026, the opportunities that we see and then 2027, starting to see the RFPs for that for customers that are, I think, kind of ahead of the curve or maybe on the curve of where they should be from an ordering perspective. And those are significant potential horsepower wins. And so we're encouraged as we look forward that we're going to continue to grow at a significant rate organically. And as I kind of look at the market broadly, see that we're capturing market share.

因此，我們對2026年充滿信心，看到了許多機會；而到了2027年，我們開始收到一些客戶的招標邀請書（RFP），我認為這些客戶在訂購方面已經走在了行業前列，或者至少已經達到了行業預期水平。這些都是極具潛力的強勁訂單。展望未來，我們感到鼓舞，相信我們將繼續保持顯著的有機成長。從整體市場來看，我們正在不斷擴大市場份額。

Awesome. Look forward to that growth.

太棒了！期待你未來的發展。

Thanks very much, Jim. Appreciate it.

非常感謝，吉姆。感激不盡。

Thank you very much. And with that, we have no other questions.

非常感謝。至此，我們沒有其他問題了。

Excellent. Well, thank you, Luke. Thank you to everyone for joining the call this morning. We appreciate the time, the interest, and we look forward to continuing to report strong results for our investors. And so we'll see you again on the next quarter's call.

太好了。謝謝你，盧克。感謝各位今天上午參加電話會議。我們感謝大家抽出時間，也感謝大家的關注，我們期待繼續為投資人帶來強勁的業績。我們下個季度的電話會議再見。

Thank you for your time.

感謝您抽出時間。

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

謝謝大家。今天的電話會議到此結束。感謝各位的參與。