Solaris Energy Infrastructure Inc (SEI) 2025 Q1 法說會逐字稿

Good morning and welcome to the Solaris first quarter 2025 earnings conference call. (Operator Instructions)

早安，歡迎參加 Solaris 2025 年第一季財報電話會議。（操作員指示）

Please note this event has been recorded.

請注意，此事件已被記錄。

I would like to now turn the conference over to Yvonne Fletcher, senior Vice President of Finance and investor relations. Please go ahead.

現在，我想將會議交給財務和投資者關係高級副總裁 Yvonne Fletcher。請繼續。

Thank you, operator. Good morning and welcome to the Solaris 1st quarter 2025 earnings conference call. Joining us today are our Chairman and CEO, Bill Zartler; and our President and CFO, Kyle Ramachandran. Before we begin, I'd like to remind you of our standard cautionary remarks regarding the forward-looking nature of some of the statements that we will make today.

謝謝您，接線生。早安，歡迎參加 Solaris 2025 年第一季財報電話會議。今天與我們一起出席的還有我們的董事長兼執行長 Bill Zartler；以及我們的總裁兼財務長 Kyle Ramachandran。在我們開始之前，我想提醒大家，我們對今天將要發表的一些聲明的前瞻性提出了標準的警告。

Such forward-looking statements may include comments regarding future financial results and reflect a number of known and unknown risks. Please refer to our press release issued yesterday, along with other recent public filings with the Securities and Exchange Commission that outline those risks.

此類前瞻性陳述可能包括對未來財務結果的評論，並反映許多已知和未知的風險。請參閱我們昨天發布的新聞稿，以及最近向美國證券交易委員會提交的其他概述這些風險的公開文件。

We also encourage you to refer to our earnings supplement slide deck, which was published last night on the investor relations section of our website under events and presentations.

我們也鼓勵您參考我們的收益補充幻燈片，昨晚在我們網站的投資者關係部分的活動和演示下發布。

I would like to point out that our earnings released in today's conference call will contain discussion of non-gap financial measures which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release, which is posted in the new section on our website.

我想指出的是，我們在今天的電話會議上發布的收益將包含對非差距財務指標的討論，我們認為這些指標有助於評估我們的績效。不應孤立地考慮這些附加資訊的呈現，也不應將其視為根據 GAAP 編制的結果的替代方案。我們的收益報告提供了與可比較 GAAP 指標的對賬，該報告發佈在我們網站的新版塊中。

I'll now turn the call over to our Chairman and CEO, Bill Zartler.

現在我將電話轉給我們的董事長兼執行長比爾‧札特勒 (Bill Zartler)。

Thank you, Yvonne, and thank you everyone for joining us this morning. Solaris's first quarter results reflects strong performance from both of our business segments. This was the 2nd full quarter executing with our combined business units, focusing on generating strong free cash flow from our legacy logistics solution business and reinvesting that cash in our growing power solutions business.

謝謝你，伊馮娜，也謝謝大家今天早上加入我們。Solaris 第一季的業績反映了我們兩個業務部門的強勁表現。這是我們合併業務部門後的第二個完整季度，重點是從我們的傳統物流解決方案業務中產生強勁的自由現金流，並將這些現金再投資於我們不斷增長的電力解決方案業務。

The strong performance from both segments and the continued benefits we are observing from integration highlight the complementary nature of these two businesses.

兩個部門的強勁表現以及我們從整合中觀察到的持續利益凸顯了這兩個業務的互補性。

I will begin with an update on our power solutions, commercial and growth strategy, including a discussion of several exciting developments announced in our first quarter earnings press release last night.

我將首先介紹我們的電力解決方案、商業和成長策略的最新情況，包括討論昨晚我們在第一季度收益新聞稿中宣布的幾項令人興奮的發展。

In a prior update in late February, we announced that Solaris signed an initial 6 year contract with a major customer for approximately 500 megawatts of power generation capacity to support a new data center campus, and that equipment to support this contract was to be capitalized within a joint venture.

在二月底的先前更新中，我們宣布 Solaris 與一家主要客戶簽署了一份為期 6 年的初步合同，為新的數據中心園區提供約 500 兆瓦的發電能力，並且支持該合同的設備將在合資企業內資本化。

Last night we announced that the commercial contract has been upsized to approximately 900 megawatts for an extended initial tenure of 7 years. We also announced that we have closed on the joint venture agreement under which Solaris will perform as manager and power operator of the joint venture.

昨晚我們宣布，商業合約規模已擴大至約 900 兆瓦，初始期限延長至 7 年。我們也宣布，我們已經達成合資協議，根據該協議，Solaris 將擔任合資企業的管理者和電力營運商。

The structure of the upsize JV remains unchanged from prior communication with Solaris owning 50.1% of the partnership and our partner and customer retaining 49.1%. We are excited about the opportunity to partner with and provide primary power for a fast moving customer who is one of the leaders in the evolving artificial intelligence industry.

擴大後的合資公司結構與先前溝通時保持不變，Solaris 擁有合資公司 50.1% 的股份，而我們的合作夥伴和客戶保留 49.1%。我們很高興有機會與這家快速發展的客戶合作並為其提供主要動力，該客戶是不斷發展的人工智慧產業的領導者之一。

We believe this joint venture demonstrates the value Solaris provides as a partner in providing reliable power solutions that extend beyond temporary bridge power needs.

我們相信，此次合資企業證明了 Solaris 作為合作夥伴所提供的價值，即提供可靠的電力解決方案，超越臨時橋樑電力需求。

The extended tenor of the upsize commercial contract improves earnings visibility of our power solutions business into 2033. The average tenor in our power solutions contract book now exceeds 5 years as compared to about 6 months less than a year ago when we announced the acquisition of MER.

擴大商業合約期限將提高我們電力解決方案業務至 2033 年的獲利可見度。我們的電力解決方案合約的平均期限現在已超過 5 年，而一年前我們宣布收購 MER 時的平均期限僅為 6 個月左右。

This upsizing of the contract and JV resulted in the effective fo commitment of our power fleet at a time when secular power demand continues to grow with numerous opportunities in our commercial pipeline coalescing around the second half of 2026.

在長期電力需求持續成長且我們的商業管道中在 2026 年下半年出現眾多機遇的背景下，合約和合資規模的擴大使我們的電力機組得到了有效的投入。

Given this backdrop, we secured approximately 330 megawatts of additional generation capacity from our manufacturing partner to continue to service the needs of new and existing customers.

在此背景下，我們從製造合作夥伴處獲得了約 330 兆瓦的額外發電能力，以繼續滿足新舊客戶的需求。

This capacity was not easy to obtain as the OEM supply chain has gotten progressively tighter since our initial orders.

這種產能並不容易取得，因為自從我們最初下訂單以來，OEM 供應鏈就變得越來越緊張。

We expect to take delivery of a majority of this most recent order in the second half of 2026, which results in a new pro forma total capacity of approximately 1,700 megawatts operated by Solaris, of which we will own approximately 1,250 megawatts on a net basis after giving effect to our 50.1% interest in the joint venture.

我們預計將在 2026 年下半年接收大部分最新訂單，這將使 Solaris 營運的新總容量達到約 1,700 兆瓦，其中，考慮到我們在合資企業中 50.1% 的權益，我們將淨擁有約 1,250 兆瓦。

On the new pro forma delivered total fleet of 1,700 megawatts, we remain approximately 70% contracted with around 500 megawatts of open capacity to bid into the growing number of opportunities we continue to pursue. These opportunities include a combination of data center opportunities with new potential customers, projects for energy production and processing facilities, and various other industrial applications.

在新交付的 1,700 兆瓦總裝置容量中，我們仍保留約 70% 的合同，其中約有 500 兆瓦的開放容量，用於競標我們將繼續追求的越來越多的機會。這些機會包括資料中心機會與新潛在客戶的結合、能源生產和加工設施項目以及其他各種工業應用。

The data center opportunity presents both unique challenges and exciting prospects. We continue to receive inquiries for larger applications which render the traditional methods of power procurement and reliability planning a challenge for those prospective customers. A large data center used to be under 50 megawatts and would rely primarily on grid power with a bank of reciprocating generators as standby backup.

資料中心機會既帶來了獨特的挑戰，也帶來了令人興奮的前景。我們不斷收到有關更大規模應用的詢問，這使得傳統的電力採購和可靠性規劃方法對潛在客戶來說是一個挑戰。大型資料中心過去的電力不足 50 兆瓦，主要依靠電網電力，並使用一組往復式發電機作為備用電源。

It is becoming increasingly evident that the largest data centre’s will tap a variety of sources for their primary, secondary, and emergency backup power.

越來越明顯的是，最大的資料中心將利用各種來源作為其主要、次要和緊急備用電源。

Modern data centre’s have grown to several 100 megawatts with leading edge capacity surpassing 1,000 megawatts. Managing loads at this scale is challenging for anyone, including grid operators. By co-locating generation on site as part of their primary power mix, power consumers gain the ability to diversify their energy source and to control some of their own primary and built-in backup power that can operate either independent of or in conjunction with the grid.

現代資料中心的容量已發展到數百兆瓦，前沿容量超過 1,000 兆瓦。管理如此規模的負載對任何人來說都是一項挑戰，電網營運商也不例外。透過將現場發電作為其主要電力結構的一部分，電力消費者能夠實現能源多樣化，並控制一些自己的主要和內置備用電源，這些電源可以獨立於電網運行或與電網協同運行。

By using best in glass, gas turbines, and associated equipment such as SCRs, customers gain additional benefits of power density, capability to modularly scale, and relatively low emissions and water use profiles. Under the Solaris Power as a service model, these benefits can be provided.

透過使用最好的玻璃、燃氣渦輪機和 SCR 等相關設備，客戶可以獲得功率密度、模組化擴展能力以及相對較低的排放和用水量等額外優勢。在 Solaris Power 即服務模式下，可以提供這些好處。

At a compelling all-in cost, often competitive with the delivered price of base load grid power.

其總成本極具吸引力，通常與基載電網電力交付價格具有競爭力。

Considering total cost of ownership, our model is akin to a fixed capacity payment and with a variable commodity price input via the natural gas that is paid for by the customer. This results in a significant portion of our customers' costs being hedged for the duration of the contract. We can remain economically competitive with the grid, offer visibility to long term power costs, and provide built-in backup through redundancy and reserve margin.

考慮到總擁有成本，我們的模型類似於固定容量支付，並透過客戶支付的天然氣輸入可變商品價格。這使得我們客戶的大部分成本在合約期限內得到對沖。我們可以保持與電網的經濟競爭力，提供長期電力成本的可見性，並透過冗餘和儲備保證金提供內建備援。

We believe time to power delivered cost and surety of supply were the primary drivers behind our customers' desire to enter into the long term partnership with Solaris.

我們相信，交付電力的成本和供應保證的時間是客戶希望與 Solaris 建立長期合作關係的主要驅動力。

For customers to take a similar longer term strategic view to solving power constraints but do not have the expertise or bandwidth to manage a large co-located power plant, Solaris's power as a service model provides a solution that is evolving with the market needs.

對於需要採取類似的長期策略眼光來解決電力限制問題，但沒有專業知識或頻寬來管理大型共置發電廠的客戶，Solaris 的電力即服務模式提供了一種隨著市場需求而不斷發展的解決方案。

Increasing regulatory challenges for data centre’s are also highly supportive of the powers of service theme. The notion of bring your own power is real, as evidenced by growing recognition from regulators and operators regarding the limited availability of base load power for new additional large loads.

資料中心面臨的日益嚴峻的監管挑戰也為服務主題的力量提供了強有力的支持。自帶電力的概念是真實存在的，監管機構和營運商越來越認識到，對於新增的大型負載來說，基本負載電力的可用性有限，這證明了這一點。

By co-locating generation off grid in island mode, customers can accelerate time to power and benefit from true uninterruptible power. We'll discussed how this approach also enhances the resiliency of their operations and may eventually contribute to overall grid resiliency as well.

透過在孤島模式下將發電設施與電網分離，客戶可以加快供電時間並享受真正的不間斷電源。我們將討論這種方法如何增強其營運的彈性，並最終可能有助於提高整體電網的彈性。

Turning to our logistics segments.

轉向我們的物流部門。

Solaris Logistics had a very strong first quarter, with system activity up over 25% sequentially as we benefited not only from the seasonal rebound but also from new customer wins and continued adoption of our top fill system.

Solaris Logistics 在第一季表現非常強勁，系統活動環比增長超過 25%，這不僅得益於季節性反彈，還得益於新客戶的贏得以及頂部填充系統的持續採用。

Our advanced technology offering continued to position us as the partner of choice. Our silo systems have the ability to handle increasing sand throughput as completion intensity and in turn efficiencies continue to accelerate.

我們提供的先進技術使我們繼續成為首選合作夥伴。隨著完井強度和效率的不斷提高，我們的筒倉系統能夠處理不斷增加的砂吞吐量。

These increased efficiencies have contributed significantly to the success of our top fi system as well, which was effectively sold out during the first quarter. During the quarter, approximately 75% of our locations were equipped with both our legacy sand silo system and a top fill system.

效率的提高也為我們的 Top fi 系統的成功做出了巨大貢獻，該系統在第一季就已經銷售一空。本季度，我們約有 75% 的地點配備了傳統的沙倉系統和頂部填充系統。

This natural cross selling has resulted in a substantial increase in Solaris's earnings capacity, effectively doubling our earnings potential at the individual wellsite level.

這種自然的交叉銷售使得 Solaris 的獲利能力大幅提升，有效地使我們在單一井場層面的獲利潛力翻了一番。

As we look ahead, we have conviction in the relative stability of activity levels during the early part of the 2nd quarter, resulting in no changes to our prior 2nd quarter guidance. We are, however, beginning to observe some operators respond to the recent commodity price softness by delaying jobs or reducing the number of factors expected in the second half of the year with an oil directed basis.

展望未來，我們堅信第二季初期的活動水準相對穩定，因此我們先前的第二季指引不會發生任何變化。然而，我們開始觀察到一些業者透過推遲工作或減少下半年預計的以石油為導向的因素數量來應對近期大宗商品價格疲軟。

During the first quarter, we also continue to harvest significant free cash flow generation resulting from the fleet investments made in prior years. Our early mover advantage in the complete electrification of our logistics solutions fleet continues to provide a commercial advantage as our fleet is already well positioned for the ongoing electrification trend and allows us to redirect cash to reinvest in our growing power solution segment.

在第一季度，我們也持續收穫前幾年船隊投資帶來的大量自由現金流。我們在物流解決方案車隊全面電氣化方面的先發優勢繼續提供商業優勢，因為我們的車隊已經為正在進行的電氣化趨勢做好了準備，並使我們能夠重新分配現金以重新投資於我們不斷增長的電力解決方案領域。

We also observe unique synergies between our two segments as we continue to integrate our businesses. We will continue to have hiring needs in the power solution segment for some time, enabling us to continue to cross train many of our logistics field technicians to fulfill this visible need with trusted in-house expertise.

隨著我們不斷整合業務，我們也觀察到兩個部門之間獨特的綜效。一段時間內，我們仍將在電力解決方案領域有招募需求，這使我們能夠繼續對許多物流現場技術人員進行交叉培訓，以利用值得信賴的內部專業知識來滿足這一明顯的需求。

Our efforts to integrate our engineering, supply chain, and manufacturing functions also continue to progress.

我們整合工程、供應鏈和製造功能的努力也不斷取得進展。

Meeting the air permitting requirements in certain jurisdictions for multi-year fixtures requires investment in selective catalytic reduction emissions control systems, or SCRs.

滿足某些司法管轄區針對多年期裝置的空氣許可要求需要投資選擇性催化還原排放控制系統（SCR）。

We've collaborated with our customers to select the best available control technology in our advanced stages of planning, manufacturing, assembly of some components of the SCRs in our manufacturing facility located in early Texas. Bringing some of this manufacturing in-house is expected to lower costs and potentially mitigate exposure to tariffs.

我們與客戶合作，在德克薩斯州早期的製造工廠中對 SCR 的一些組件進行規劃、製造和組裝的高級階段選擇了最佳可用的控制技術。將部分製造業務轉移到公司內部預計會降低成本，並可能減輕關稅影響。

Both of which help improve our returns on capital. In-house manufacturing also provides us with greater control over product quality and design.

這兩者都有助於提高我們的資本回報率。內部製造也使我們能夠更好地控制產品品質和設計。

We're excited about the first quarter results from both business segments as well as the continued momentum and visibility we are seeing in the Solaris power solution segment. I am proud of the exceptional team and innovative culture that we continue to build. We are focused on maximizing shareholder value through growing the company without sacrificing the strong financial profile of our business.

我們對兩個業務部門第一季的業績以及 Solaris 電源解決方案部門的持續發展勢頭和知名度感到非常興奮。我為我們不斷打造的優秀團隊和創新文化感到自豪。我們致力於透過發展公司來實現股東價值最大化，同時又不犧牲公司強大的財務狀況。

With that, I will turn it over to Kyle.

說完這些，我就把麥克風交給凱爾。

Thanks Bill, and good morning everyone. I'll begin this morning by providing additional details on our updated order book, the associated Growth capital spending, and our latest thoughts on financing. As Yvonne mentioned, please refer to our earnings supplement slide deck on our website.

謝謝比爾，大家早安。今天上午，我將首先提供有關我們更新的訂單簿、相關成長資本支出以及我們對融資的最新想法的更多詳細資訊。正如 Yvonne 所提到的，請參閱我們網站上的收益補充幻燈片。

Following the upsizing of the commercial contract and joint venture to approximately 900 megawatts, our power fleet had limited open capacity. To ensure we continue to meet accelerating market demand during the quarter, we secured an incremental 330 megawatts of 16.5 megawatt turbines.

隨著商業合約和合資規模擴大到約 900 兆瓦，我們的電力機組的開放容量有限。為了確保我們在本季繼續滿足不斷增長的市場需求，我們增加了 16.5 兆瓦的 330 兆瓦渦輪機。

This order brings our total expected operating fleet to approximately 1,700 megawatts. Pro forma for all deliveries, more than 90% of the resulting fleet will consist of 16.5 and 38 megawatt units, which we think results in a fleet that offers an attractive level of power density while still allowing us to be responsive to our customers' needs for scaling and flexibility.

該訂單使我們預計的總營運容量達到約 1,700 兆瓦。對於所有交付而言，超過 90% 的最終機組將由 16.5 和 38 兆瓦的機組組成，我們認為這將使機組提供有吸引力的功率密度水平，同時仍使我們能夠滿足客戶對擴展和靈活性的需求。

We expect to take deliveries under this latest order over the second half of 2026, with full effective deployment of our fleet in the first half of 2027.

我們預計將於 2026 年下半年接收最新訂單的船舶，並於 2027 年上半年全面有效部署我們的船隊。

We are excited to have finalized this joint venture with an existing large scale AI client.

我們很高興與現有的大型 AI 客戶完成此次合資。

The near doubling of power generation capacity to 900 megawatts and the increased tenure to 7 years from 6 years are positive indications in our view of both market demand for these solutions combined with the confidence of our customer has and flares his ability to execute over the long term.

發電能力幾乎翻了一番，達到 900 兆瓦，並且使用期限從 6 年增加到 7 年，在我們看來，這些都是積極的跡象，表明市場對這些解決方案的需求以及客戶的信心以及其長期執行的能力。

The extension and contract tenor brings our average contract tenor to approximately 5.5 years on a blended basis, compared to approximately 4 years last quarter and approximately 6 months when we closed on the MER transaction 8 months ago.

延期和合約期限使我們的平均合約期限在混合基礎上達到約 5.5 年，而上個季度約為 4 年，8 個月前我們完成 MER 交易時約為 6 個月。

The revenue from this contract is also subject to a take or pay provision, further solidifying contracted earnings visibility.

該合約的收入也受照付不議條款的約束，進一步鞏固了合約盈利的可見性。

The partnership has also secured its own financing to support this growth. We recently executed a term sheet in our negotiating definitive documentation for a senior secured term loan facility of up to $550 million to support roughly 80% of the forecasted CapEx requirements of the JV. Solaris's first quarter capital expenditures included its cash equity investment into the JV. Our JV partner will contribute its pro rata share of cash equity in the 2nd quarter of 2025.

該合夥企業也獲得了自己的融資來支持這一成長。我們最近在談判最終文件中簽署了一份條款清單，其中規定了最高 5.5 億美元的優先擔保定期貸款，以支持合資企業預計資本支出需求的約 80%。Solaris 第一季的資本支出包括對合資企業的現金股權投資。我們的合資夥伴將在 2025 年第二季貢獻其比例分配的現金股權。

We expect the JV's debt facility to fund the remainder of the JV's capital needs.

我們預期合資公司的債務融資將滿足合資公司剩餘的資本需求。

The ownership structure of the JV remains unchanged relative to prior disclosure. We will own 50.1% of the assets and we will operate and manage the equipment on behalf of the JV.

合資公司的所有權結構相對於先前揭露的保持不變。我們將擁有50.1%的資產，並將代表合資公司營運和管理設備。

The net impact to our fleet ownership results in approximately 1,250 megawatts owned by Solaris out of a total operated fleet of approximately 1,700 megawatts.

對我們機隊所有權的淨影響導致 Solaris 擁有約 1,250 兆瓦的電力，而總營運機隊約為 1,700 兆瓦。

For purposes of financial reporting, we will consolidate the results of the full partnership with our customers' equity portion of earnings reported as non-controlling interest.

為了財務報告的目的，我們將全面合作的結果與報告為非控制權益的客戶權益部分收益合併。

Including our latest order of 330 megawatts, we believe we will have enough power dense power generation equipment available for future long-term contracting with customers for deliveries beginning in the second half of 2026.

包括我們最新的 330 兆瓦訂單在內，我們相信我們將擁有足夠的功率密集型發電設備，可用於未來與客戶簽訂的長期合同，並從 2026 年下半年開始交付。

The pace and trajectory of our ongoing commercial discussions gives us confidence that we will contract the remaining capacity.

我們正在進行的商業談判的速度和軌跡讓我們有信心簽訂剩餘的產能合約。

At full deployment, we see potential for the total company to generate $575 to $600 million of annual run rate adjusted EBITDA on a consolidated basis. Accounting for the economics of the joint venture structure, we expect annual run rate adjusted EBITDA net to las of approximately $440 to $465 million.

在全面部署的情況下，我們認為整個公司有可能在合併基礎上產生 5.75 億美元至 6 億美元的年度運行率調整後 EBITDA。考慮到合資企業結構的經濟效益，我們預計年運轉率調整後的 EBITDA 淨額約為 4.4 億至 4.65 億美元。

These estimates consider the current contract book and assume a three to four-year payback on the currently uncontracted equipment on order today.

這些估算考慮了目前的合同，並假設目前訂購的未簽約設備的回報期為三到四年。

Turning to recap our first quarter of 2025 performance and our guidance expectations for the next two quarters.

回顧我們 2025 年第一季的業績以及對未來兩季的指導預期。

During the first quarter, Solaris generated total revenue of $126 million which reflected a 31% increase from the prior quarter due to continued activity growth in power solutions, as well as growth in logistics.

第一季度，Solaris 總營收為 1.26 億美元，較上一季成長 31%，這得益於電力解決方案業務的持續成長以及物流業務的成長。

Adjusted EBITDA of $47 million represented a 25% increase from the prior quarter. Our solutions contributed 55% of our total segment adjusted EBITDA and is on track to contribute more than 80% of our consolidated adjusted IBEDA after our on-order fleet is deployed.

調整後的 EBITDA 為 4,700 萬美元，較上一季成長 25%。我們的解決方案貢獻了我們整個部門調整後 EBITDA 的 55%，並且在我們的訂單車隊部署後，預計將貢獻我們合併調整後 IBEDA 的 80% 以上。

During the first quarter, Solaris Power Solutions generated revenue from approximately 390 megawatts of capacity for the second quarter of 2025, we expect activity as measured by average megawatts earning revenue to increase 13% sequentially to 440 megawatts.

在第一季度，Solaris Power Solutions 從約 390 兆瓦的容量中產生了收入，到 2025 年第二季度，我們預計以平均兆瓦收入衡量的活動將環比增長 13%，達到 440 兆瓦。

This increase is being driven by increased power demand from our customers, which we are meeting using selective sourcing of third party turbines.

這一成長是由我們客戶的電力需求增加所推動的，我們透過選擇性採購第三方渦輪機來滿足這一需求。

For the 3rd quarter, we expect average megawatts on revenue to increase by 18% to approximately 520 megawatts.

對於第三季度，我們預計平均兆瓦營收將成長 18%，達到約 520 兆瓦。

In our logistics solution segment, our guidance for fully utilized systems remains unchanged at approximately 90 to 95 systems in the second quarter. We expect profit per system in Q2 to be in line with Q1 levels.

在我們的物流解決方案部門，我們對第二季充分利用系統的指導保持不變，仍為約 90 至 95 個系統。我們預計第二季每個系統的利潤將與第一季的水平持平。

For the 3rd quarter, we expect oil directed activity could soften should commodity prices remain at or below current levels. We expect approximately $7 million of corporate or unallocated expense in the second quarter, which reflects a more normal run rate.

對於第三季度，我們預計，如果大宗商品價格保持在當前水平或低於當前水平，石油導向活動可能會減弱。我們預計第二季的公司費用或未分配費用約為 700 萬美元，這反映了更正常的運作率。

First quarter reflected a cash settlement of stock-based performance units granted in 2023 and 2024, as well as higher employer taxes associated with the vesting of restricted stock that should not repeat in the remaining quarters of 2025.

第一季反映了 2023 年和 2024 年授予的股票績效單位的現金結算，以及與限制性股票歸屬相關的更高的雇主稅，這種情況在 2025 年剩餘季度應該不會重演。

These items result in adjusted EBITDA between $50 million and $55 million in Q2, and adjusted EBITDA between $55 million to $60 million for Q3.

這些項目導致第二季的調整後 EBITDA 在 5,000 萬美元至 5,500 萬美元之間，第三季的調整後 EBITDA 在 5,500 萬美元至 6,000 萬美元之間。

For more detail on the guidance and other corporate modeling items such as interest expense, depreciation and amortization, tax rate, and share account to use for modeling purposes, please refer to our earnings supplement slide deck.

有關指導和其他公司建模項目（例如用於建模目的的利息費用、折舊和攤銷、稅率和股票帳戶）的更多詳細信息，請參閱我們的收益補充幻燈片。

Before we turn the call over to the operator for Q&A, I'd like to spend a couple of minutes addressing the potential impact of tariffs on flares. While the ultimate tariff impact is still unknown and is evolving frequently, we believe several factors help mitigate any material impact to our business.

在我們將電話轉給接線員進行問答之前，我想花幾分鐘時間討論一下關稅對火炬的潛在影響。雖然最終的關稅影響仍然未知且不斷變化，但我們相信有幾個因素有助於減輕對我們業務的任何重大影響。

Starting with the power solutions business, most of our planned growth capital spend is allocated for new turbines. Our primary turbine vendor already manufactures in the US and has a well-established, flexible supply chain.

從電力解決方案業務開始，我們計劃的大部分成長資本支出都用於新渦輪機。我們的主要渦輪機供應商已經在美國生產，並擁有完善、靈活的供應鏈。

Pricing for the majority of our current orders is fixed, resulting in no material impact from tariffs. On our recent 330 megawatt order, we believe the maximum potential tariff impact is limited to 5% of the total cost and then only to the extent tariffs are actually incurred.

我們目前大部分訂單的定價都是固定的，因此不會受到關稅的實質影響。對於我們最近的 330 兆瓦訂單，我們認為最大潛在關稅影響僅限於總成本的 5%，並且僅限於實際產生的關稅範圍。

To the extent that higher capital costs are realized, we expect an ability to pass those along to customers and maintain our targeted returns on capital.

如果實現更高的資本成本，我們期望能夠將其轉嫁給客戶並保持我們的資本回報率目標。

Bill mentioned we are planning to manufacture certain capital items such as components of the SCRs for emissions control in-house at our existing manufacturing facility in central Texas.

比爾提到，我們計劃在位於德克薩斯州中部的現有製造工廠內部生產某些資本項目，例如用於排放控制的 SCR 組件。

This initiative aims to reduce costs and enhance overall returns, which could further buffer any potential tariff impact.

此舉旨在降低成本並提高整體回報，從而進一步緩衝任何潛在的關稅影響。

In logistics solutions, our large capital program has concluded, and we are now in maintenance mode for those assets. Since we manufacture this equipment ourselves, we can manage repairs and maintenance domestically at our facility or directly in the field. Many of the inputs required to support these systems come with relatively little expense, and we already source most of these items within the US.

在物流解決方案方面，我們的大型資本計畫已經結束，目前我們正處於這些資產的維護模式。由於我們自己生產該設備，因此我們可以在國內工廠或直接在現場進行維修和保養。支援這些系統所需的許多投入成本相對較低，而且我們已經在美國採購了大部分此類物品。

We remain excited about the growing opportunities for Solaris. We continue to focus on generating strong returns on invested capital as we build out our power solutions business while maintaining the strong cash flow generation from our logistics business to further enhance our attractive financial profile.

我們仍然對 Solaris 日益增長的機會感到興奮。在拓展電力解決方案業務的同時，我們將繼續致力於創造強勁的投資回報，同時保持物流業務強勁的現金流，以進一步增強我們具有吸引力的財務狀況。

With that, we'd be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks. Good morning, everybody, and thanks for all the detail.

謝謝。大家早上好，感謝您提供的所有詳細資訊。

I think too for me, what I'd start with maybe Bill is when we think about the uncontracted assets that are scheduled to be delivered over the next several quarters, can you just give us a sense for kind of the conversations you're having and how we should sort of think about the end market demand for those assets?

我認為，對我來說，我首先要問的是，當我們考慮計劃在未來幾季交付的未簽約資產時，比爾，您能否讓我們了解您正在進行的對話，以及我們應該如何看待這些資產的終端市場需求？

Yeah, I think we wouldn't have ordered if we didn't believe that there's significant demand, and those start delivering about a year from now. So we have a period of time and the lead time to develop the projects that these go with it.

是的，如果我們不相信有很大的需求，我們就不會訂購，而且這些產品大約一年後才開始交付。因此，我們有一段時間和準備時間來開發與之相關的專案。

So, we're in numerous discussions from, additional oilfield applications to some data center medium bridge. I think that the design of the large power generation in combination with a set of smaller generations as the scale up is a pretty unique thing that seems to be happening now where we can. Marry up with larger generation capacity.

因此，我們正在進行大量討論，從額外的油田應用到一些資料中心介質橋。我認為，將大型發電廠與一系列小型發電廠相結合進行擴大規模的設計是非常獨特的事情，現在我們似乎正在盡可能地實現它。與更大發電容量結合。

And they need, 200 to 300 on their way up while they build out a larger facility and this stays in as permanent or permanent backup is part of the total generation capacity and the oil field continues to be short too. We see, applications in West Texas and New Mexico and those are, we're seeing, 3 to 6 year contracts out there where it looks like we're going to have some permanent need to build midstream facilities in other places with power.

在建造更大的設施的過程中，他們需要 200 到 300 個發電設施，這些發電設施將作為永久或永久備用設施保留下來，是總發電能力的一部分，而且油田仍然短缺。我們看到西德克薩斯州和新墨西哥州的申請，這些都是3至6年的合同，看起來我們將需要在其他有電力的地方永久建設中游設施。

Great, thank you and the follow up I had was When we do the sort of the simple math and kind of EBITDA per megawatt, it was a little lighter than we thought in the quarter, but the guidance suggests it's kind of rising. Is that just related to timing of asset deliveries and as opposed to kind of pricing, so you just kind of give us a sense for that dynamic and how that evolves.

太好了，謝謝你，我的後續問題是，當我們對每兆瓦的 EBITDA 進行簡單的計算時，它比我們本季度預想的要低一些，但指導表明它有點上升。這是否僅與資產交付時間有關，而不是定價方式，所以您只是讓我們了解這種動態及其如何發展。

Yeah, I think Steven, when we look at the dollar per megawatt economics is roughly in line with where we've guided people over the medium to long term. We're obviously ramping the business here, so we have some lumpiness, if you will, as we ramp up the cost into the business to help support such a large fleet expansion.

是的，我認為史蒂文，當我們考慮每兆瓦的美元經濟效益時，它與我們在中長期指導人們的水平大致一致。我們顯然正在擴大這裡的業務，因此，如果你願意的話，我們會遇到一些困難，因為我們會增加業務成本，以幫助支持如此大規模的機隊擴張。

So, we'll see that from episodically from time to time. In the first quarter we did get the full impact of the 2 year contract that we have in place at the first data center and in the 4th quarter of last year, most of that period had a much shorter 6 month contract, which is at a higher rental rate. So I think, $1 per megawatt sort of implied returns are starting to smooth out to where we expected, call it.

所以，我們會時不時地看到這種情況。在第一季度，我們確實感受到了在第一個資料中心簽訂的兩年期合約的全部影響，而在去年第四季度，該期間的大部分時間簽訂的是較短的六個月合同，租金較高。所以我認為，每兆瓦 1 美元的隱含回報開始趨於平穩，達到我們預期的水平。

Three to Four year paybacks and then the small sort of sort of acute impact, I would say is along the lines of some of the assets that we are re-renting. So as we've talked about, previously, We have an ability to put more equipment to work than we have on balance sheet today as we're waiting on our delivery.

三到四年的回報以及隨後的小規模的嚴重影響，我想說的是，這與我們重新出租的一些資產有關。正如我們之前所討論的，在等待交貨時，我們有能力投入比今天資產負債表上更多的設備。

So, we've gone out and procured some assets that have been on the sideline with some parties with smaller fleets, and we've been able to put those to work. So that's having a little bit of impact here in the short term, but as we look at sort of the fundamental economics of the business, very robust, we're seeing projects scale up.

因此，我們出去採購了一些擁有較小船隊的閒置資產，並將它們投入使用。因此，這在短期內會產生一些影響，但當我們觀察該業務的基本經濟狀況時，我們會發現它非常強勁，專案規模正在擴大。

When we see projects scale up, we're benefiting from scale there. So going from 500 megawatts to 900 megawatts in the second. Data center fixture is going to be on a net basis positive as we look at returns.

當我們看到專案規模擴大時，我們就會從規模中受益。因此，第二階段將從 500 兆瓦增加到 900 兆瓦。從回報來看，資料中心設備的淨收益將為正。

No, great, that's good color.

不，太好了，顏色很好。

Thank you.

謝謝。

Derek Woodfield, Texas Capital.

德里克·伍德菲爾德，德克薩斯首府。

Good morning all and congrats on the formalization of your JD.

大家早安，恭喜你們的 JD 正式化。

With my first question, I wanted to focus on the air permit and think about your prepared remarks and your JD partner's commentary last Friday. Is it reasonable to assume that your client should be able to attain an air permit within a reasonable amount of time, given that the facility is one of the lowest admitting facilities in the country?

我的第一個問題想集中在空氣許可證上，並思考您準備好的演講以及您的 JD 合作夥伴上週五的評論。考慮到該設施是全國入場率最低的設施之一，是否可以合理地假設您的客戶應該能夠在合理的時間內獲得空氣許可證？

Yeah, I mean, we're our customer is following all the EPA guidelines, and we've assisted in providing equipment information and information around the Cadillac reformers that we're adding to the to the tail end of this, and we see no reason to believe that it's not in full compliance with the law, and they'll get the permits associated with building the facility out.

是的，我的意思是，我們的客戶遵守了所有的 EPA 指南，並且我們協助提供了設備信息以及有關凱迪拉克改革者的信息，我們正在將其添加到最後階段，我們認為沒有理由相信它不完全符合法律規定，並且他們會獲得與建設該設施相關的許可證。

Perfect and then maybe just lean in on the SCR side, could you speak to the value of this offering to your clients and if it contributes to a higher rate or is it a cost of doing business?

太好了，然後也許只是傾向於 SCR 方面，您能否談談這項服務對您的客戶的價值以及它是否有助於提高利率還是經營成本？

SCR is truly a cost of doing business. We're lowering the emissions profile of this equipment and so that's just additional capital and a minor amount of operating cost. We rent that equipment in the same kind of fixed fee basis and pass through some of the operating costs.

SCR 確實是一項營運成本。我們正在降低該設備的排放量，因此這只是額外的資本和少量的營運成本。我們以相同固定費用的方式租賃該設備並轉嫁部分營運成本。

Perfect, thanks for your time and responses.

非常好，感謝您的時間和回覆。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

Hey, good morning guys. Just kind of a nuanced question just looking at the deck, the break of the portfolio, the power looks like there's about, 1.1 gigawatts, contracted the data centers, the JVs at 900 megawatts. Is that, about 200 megawatts difference is that with the first data center complex you're trying to think about will that eventually get into the JV or will those megawatts eventually have to find a new home, just maybe some thoughts around that.

嘿，大家早安。這只是一種微妙的問題，只是看一下平台、投資組合的細分，電力看起來大約有 1.1 千兆瓦，簽訂了數據中心合同，合資企業為 900 兆瓦。是不是說，大約 200 兆瓦的差異在於，對於第一個資料中心綜合體，您要考慮的是它最終是否會進入合資企業，或者這些兆瓦最終是否必須找到新的歸宿，也許只是圍繞這一點的一些想法。

Yeah, that additional capacity is sitting at the first data center that we have with the client. It's not intended to go into the JV at this stage, and I think, those units have now been running 6 to 9 months and will continue throughout the term of the contract.

是的，額外的容量位於我們與客戶合作的第一個資料中心。目前還不打算進入合資企業，我認為這些裝置現在已經運行了 6 到 9 個月，並將在整個合約期限內繼續運作。

So, the notion of dropping them into the JV. Will likely create some complexity. So I don't suspect that those will come out, but the client has filed a long-term Title 5 air permit for that location as well to keep the units that we have embedded in this guidance there in effect in perpetuity.

因此，我們提出將他們納入合資企業的想法。可能會造成一些複雜性。因此，我不懷疑這些會出現，但客戶也為該地點提交了一份長期的第 5 條空氣許可證，以使我們在本指南中嵌入的單位永久有效。

Yeah, okay, that's helpful. And then just on the supply chain, your comments around getting tighter, you're able to get these 16.5, the back half of 2026, how are you able to get those? Were you able to switch place in line with somebody else and then maybe what's the tightest part? Is it the 38 megawatts if you ordered a new one today? How long are those lead times currently?

是的，好的，這很有幫助。然後就供應鏈而言，您評論說供應鏈會變得更加緊密，您能夠在 2026 年下半年獲得這 16.5 個，您如何獲得這些？您是否能夠與其他人交換位置？那麼最緊張的部分是什麼呢？如果您今天訂購了一台新的，它是 38 兆瓦嗎？目前的交貨週期是多久？

Yeah, with respect to the larger units, our understanding is those are effectively sold out, and we've been the largest order with the OEM there and at this point it's a newish product for them so they're taking a conservative position as far as additional orders there and so what we were able to secure were additional capacity on the 16.5 megawatt units.

是的，就較大的機組而言，我們的理解是它們實際上已經售罄，我們是那裡的 OEM 的最大訂單，目前這對他們來說是一個較新的產品，所以他們對那裡的額外訂單持保守態度，因此我們能夠確保的是 16.5 兆瓦機組的額外容量。

I can be candid with you that it was quite difficult to secure and that there were a lot of back and forths and Our willingness to move quickly and boldly as we continue to do throughout this process to secure that capacity.

我可以坦率地告訴你們，確保這一能力非常困難，經過多次反复，我們願意在整個過程中繼續迅速而大膽地採取行動，以確保這一能力。

So it was a exercise and a bold move in in a relationship where we've done exactly what we told them we were going to do and we were able to reach a mutual agreement that worked for both parties on that, but it continues to be a very tight supply chain with respect to generation capacity.

因此，這是一次實踐，也是一次大膽的舉措，我們完全按照我們告訴他們的去做了，我們能夠達成對雙方都有利的協議，但就發電能力而言，這仍然是一個非常緊密的供應鏈。

Great, appreciate all the color. I'll turn it back.

太棒了，欣賞所有的色彩。我會把它轉回去。

Thomas Meric, Janney Montgomery Scott LLC.

托馬斯·梅里克（Thomas Meric），Janney Montgomery Scott LLC。

Good morning. Thanks for the time, team.

早安.謝謝你們的時間，團隊。

Couple for me first on the kind of contracted versus quote unquote spot mix of assets curious what you think is the ideal mix and then specifically with regards to, spot opportunities, how should we think about those event margins being, in line with what's, on the P&L now for power or you know their reasons why it's above or below that number.

首先，請給我講講合約資產與現貨資產的組合，您覺得理想的組合是什麼？然後，具體到現貨機會，我們應該如何看待這些事件利潤率，與現在電力損益表中的利潤率一致，或者您知道為什麼利潤率高於或低於這個數字。

And a few follow-ups.

還有一些後續內容。

For me. I think is a is a, there's a difference between targeted spot equipment and what's uncontracted today that may go into a medium or longer term contract so. Spot market opportunities where we would put something to work and most of what we've done has been 6 months or greater.

為我。我認為，有針對性的現貨設備和目前未簽約的設備之間存在差異，後者可能會簽訂中期或長期合約。發現市場機會，我們將在其中投入一些工作，並且我們所做的大部分工作已經持續了 6 個月或更長時間。

So, spot is a is a different term in a lot of different industries. 6 months is medium term in some industries and spot. So we're seeing some of that work. I think the fleet will be, 5% to 10% kind of available for emergency situations in place where there is. Additional outsized margins, especially on the smaller units as we're addressing these larger loads, the larger the 16.5 megawatts and the 38 megawatt units, we see those going on, medium to long term contracts, and most of that will be used that way.

因此，現貨在許多不同的行業中是一個不同的術語。對於某些行業和現貨而言，6 個月屬於中期。所以我們看到了一些這樣的工作。我認為，艦隊中將有 5% 到 10% 可用於緊急情況。額外的超額利潤，特別是對於較小的單位，因為我們正在處理這些較大的負載，較大的16.5兆瓦和38兆瓦單位，我們看到這些正在進行中到長期合同，其中大部分將以這種方式使用。

Yeah, recently we've had inbounds with respect to emergency response activity and our ability to meet that demand. Today we don't have that capacity, but as Bill alludes to, at some point as the fleet matures, that's probably capacity that sits in the fleet that we're able to meet that market.

是的，最近我們在緊急應變活動和滿足需求的能力方面取得了進展。今天我們還沒有這樣的運力，但正如比爾所暗示的，隨著船隊的成熟，在某個時候，我們船隊中的運力可能足以滿足市場需求。

Helpful and then also kind of a longer term question but you're curious if you're having conversations or with customers or if you can kind of quantify your ambition for owning larger stationary turbines for some of these, almost.

這很有幫助，也是一個長期問題，但如果您與客戶交談，或者您能量化您對擁有更大的固定式渦輪機的野心，您會很好奇。

5 to 10 year contracts, is that something that's being discussed or too early?

5 至 10 年的合同，這是正在討論的事情還是為時過早？

We've evaluated a lot of options and talked to, many providers and folks that operate frame units and 6,000s and, the like from 5 megawatts to 500 megawatt equipment and so we're in the mix discussing what the ideal, as we mentioned in the prepared remarks, what the ideal.

我們評估了許多選擇，並與許多供應商和營運框架單元和 6,000 台設備（從 5 兆瓦到 500 兆瓦的設備）的人員進行了交談，因此，正如我們在準備好的評論中提到的那樣，我們正在討論什麼是理想的，什麼是理想的。

A power supply looks like for some of these large loads and it will end up being a combination of multiple things. It may even be nuclear in a few years. So I think as you look at how the power supply develops for these large loads and how those large loads are going to be permanent and what that looks like, I think the small medium sized turbines that we provide are going to be a part of that mix in the long term.

電源看起來像是為一些大負載供電，它最終會成為多種事物的組合。幾年後它甚至可能實現核化。因此，我認為，當你觀察這些大負載的電力供應如何發展、這些大負載將如何永久存在以及它是什麼樣子時，我認為我們提供的中小型渦輪機將長期成為這種組合的一部分。

Helpful and last one for me and appreciate the third question here just on the batteries that you're using for managing voltage, I'm curious if you're seeing the cell degradation that that you can provide color around.

這對我來說很有幫助，也是最後一個問題，我很感謝你提出的第三個問題，關於你用來管理電壓的電池，我很好奇你是否看到了可以提供顏色的電池退化。

And maybe even just a timeline on when those batteries would need to be replaced or just kind of any color about what you're seeing operationally with those batteries.

甚至可能只是這些電池需要更換的時間表，或者只是關於您在使用這些電池時看到的任何顏色。

Yeah, we're not actually operating batteries. Our customer is running those kind of facilities.

是的，我們實際上並沒有操作電池。我們的客戶正在運行這類設施。

All right, thank you.

好的，謝謝。

Jeff LeBlanc, TPH&Co.

傑夫‧勒布朗（Jeff LeBlanc），TPH&Co.

Good morning, Bill and team.

早上好，比爾和團隊。

Thank you for taking my question. I just had one. I was curious if you could talk about how the success, with your current client is influencing negotiations for future data center contracts with potentially new customers and how those conversations are ongoing.

感謝您回答我的問題。我剛剛吃了一個。我很好奇，您是否可以談談您與現有客戶的成功合作如何影響與潛在新客戶就未來資料中心合約進行的談判，以及這些談判是如何進行的。

Thank you.

謝謝。

Well, I think that, the conversations with other providers recognize that, what we've done and continue to do for our current customers has been, extremely high level of service, extremely rapid response, building out and operating a reliable power plant very quickly, and I think that.

嗯，我認為，與其他供應商的對話認識到，我們為現有客戶所做和繼續做的事情是極高水平的服務、極快速的響應、快速建造和運營可靠的發電廠，我認為。

That's part of our reputation from the oil field side of this business to this power side of the business, and I think that's one of the things that we will keep up, which is creative, addition of manufacturing, additional IP as we build out these facilities and how that works and how we provide a service that is, second to none on, rapidly deploying power for the long term.

這是我們從油田業務到電力業務的聲譽的一部分，我認為這也是我們將要保持的事情之一，即創造力、增加製造能力、在我們建設這些設施時增加額外的知識產權，以及這些設施如何運作，以及我們如何提供無與倫比的服務，長期快速部署電力。

Awesome.

驚人的。

Thank you very much for the call. I'll hand the call back to the operator.

非常感謝您的來電。我會把電話轉回給接線生。

Don Crist, Johnson Rice & Company.

唐‧克里斯特 (Don Crist)，約翰遜‧賴斯公司 (Johnson Rice & Company)。

Good morning guys. Hope you all are doing well.

大家早安。希望你們一切都好。

I wanted to ask about the discussions with the customers outside of your current data set of customer. How big would those, jobs be? And what I'm driving at is, could you, have 2 or 3 total customers and soak up all the capacity that you're, that you have on order today or those jobs kind of smaller, 50 megawatt kind of jobs, or are they bigger?

我想詢問一下與您目前客戶資料集以外的客戶的討論情況。這些工作有多大？我的意思是，您能否擁有 2 到 3 個客戶，並吸收您今天訂購的所有容量，或者那些規模較小的工作，50 兆瓦的工作，還是更大的工作？

Well if you're if you're focused on the data center customer market, they're all going to be larger facilities and they're scaling into this, so it's a matter of how you scale in from 50 to 500 or 52 gigawatt and in that pace at which they need to build their halls and load their load their chips. So as we design those with them, I think the other part of the business where we're seeing other industrial loads and midstream and energy businesses, those tend to be in the in the 10 to 75 megawatt size.

好吧，如果你專注於資料中心客戶市場，那麼它們都將成為更大的設施，並且正在向這個方向擴展，所以問題是如何從 50 千兆瓦擴展到 500 千兆瓦或 52 千兆瓦，以及他們需要以這樣的速度建造大廳並加載晶片。因此，當我們與他們一起設計這些產品時，我認為業務的另一部分，即我們看到的其他工業負載、中游和能源業務，其規模往往在 10 到 75 兆瓦之間。

Okay. And one on the oil field, if I can, you outlined a little bit of weakness that you're seeing in the third quarter. Is that kind of dependent on oil prices falling from here or in a 61 or so dollar oil price, do you see, that demand falling as we move kind of through the back half of the year?

好的。關於油田，如果可以的話，請您概述您在第三季看到的一些疲軟跡象。這是否取決於油價從現在開始下跌，或者油價跌至 61 美元左右，您是否認為，隨著我們進入下半年，需求會下降？

Yeah, I think that what we've seen out of the oil company so far in conversations with customers at this price level you will see some incremental oil frac fleets dropped in certain markets. So I think at $61 you're going to see a bit of a slowdown in the in the completions market over the course of the next quarter or two.

是的，我認為，到目前為止，我們在與石油公司在這個價格水平上的客戶的對話中看到，在某些市場上，一些增量石油壓裂船隊的數量有所下降。因此，我認為，在 61 美元的價格下，你會看到未來一兩個季度完井市場出現一定程度的放緩。

Some of it is, people have been just faster and faster, Don, and some of it is just, it's literally just pulling a little bit of gas off the pedal, so there's just a rate of speed that there's some conservatism.

有些情況是，人們的速度越來越快，唐，而有些情況只是，實際上只是把油門從踏板上抽掉一點，所以速度上存在一些保守性。

Likely to happen.

有可能發生。

Okay, I appreciate the color. I'll turn it back. Thanks.

好的，我很欣賞這個顏色。我會把它轉回去。謝謝。

Bobby Brooks, Northland Capital Markets.

布魯克斯 (Bobby Brooks)，北國資本市場 (Northland Capital Markets)。

Hey, good morning, guys.

嘿，大家早安。

Thank you for taking my question. So I wanted to double click on, being able to secure the additional 330 megawatt order of the 16.5 megawatt units by, I think what you termed it as by moving quickly and bold.

感謝您回答我的問題。因此，我想雙擊，能夠透過快速而大膽的行動來確保獲得 16.5 兆瓦機組的額外 330 兆瓦訂單。

Do you think, I was just curious, do you think this is a repeatable process and maybe set differently is how do you think of securing more megawatts that could be used over the next 22 years?

我只是好奇，您認為這是一個可重複的過程嗎？也許設定不同，您認為如何確保在未來 22 年內可以使用更多的兆瓦？

Yeah, I think you're pushing the tail end of the two year time frame now in terms of availability, and it's about getting in line, making sure that we can line up the customers for the equipment and be ready to make some of those decisions, but it's now out beyond the period that we're then refer to looking at 27, 28, I think you can. Listen to some of the other larger OEMs in terms of what they're saying their supply chains and delivery outlooks look like, but most of it is, then and beyond.

是的，我認為就可用​​性而言，你現在正在推動兩年時間框架的尾聲，這是關於排隊，確保我們可以為設備排隊客戶並準備做出一些決定，但現在已經超出了我們所指的 27、28 年期限，我認為你可以。聽聽其他一些大型原始設備製造商對其供應鏈和交付前景的看法，但大多數情況都是如此，甚至更遠。

Got it. And then, so was the, I just want to confirm that the 330 that you did this that you just announced that was actual spare capacity that your, OEM partner had or was that somebody dropping out of the queue and you stepping in there?

知道了。然後，我只是想確認一下，您剛剛宣布的 330 是您的 OEM 合作夥伴實際擁有的閒置產能，還是有人退出了隊列，然後您介入？

No, it was open capacity. It wasn't a function of somebody dropping an order, but I think there were others in line, if you will, such that we needed to move at a pace, with which we did.

不，這是開放容量。這並不是某人放棄訂單的結果，但我認為還有其他人在排隊，所以我們需要按照我們所做的速度前進。

Okay, that makes sense.

好的，這很有道理。

Thank you. And then, so the increase in the megawatts and the contract tenor with the JV is great news, but at the same time my sense was you wanted to get some more customer diversification with that open capacity. So with that in mind, I just wanted to hear how you guys gain comfortability in increasing the megawatts to this JV and then how are you thinking about deploying that I think it's 380 megawatts of open capacity now.

謝謝。那麼，兆瓦數的增加以及與合資企業的合約期限的延長是個好消息，但同時，我的感覺是您希望利用開放產能獲得更多的客戶多樣化。因此，考慮到這一點，我只是想聽聽你們如何輕鬆地為這個合資企業增加兆瓦容量，然後你們如何考慮部署它，我認為現在的開放容量是 380 兆瓦。

Well, I think in terms of upsizing the JV, I mean they have proven to be a very good customer. We have a strong contract with increased tenor associated with that, and believe, very credit worthy, and this is part of what they do, and we believe we're helping make them.

嗯，我認為就擴大合資企業而言，事實證明他們是一個非常好的客戶。我們有一個強有力的合同，並且與之相關的期限有所增加，我們相信，這是非常值得信賴的，這是他們所做工作的一部分，我們相信我們正在幫助他們實現這一目標。

Successful by delivering them power when they need it at the right locations and so I think that that said, there is a little lack of customer diversity, but at the same time I think we have a great customer and a leader in what they're doing and we're helping provide them grow and they seem to make decisions fairly quickly and seem to be doing the right thing there.

透過在他們需要的時候在正確的地點為他們提供電力而取得成功，所以我認為，話雖如此，客戶多樣性略有不足，但與此同時，我認為我們有一個偉大的客戶和一個領導者，我們正在幫助他們成長，他們似乎能夠相當迅速地做出決策，並且似乎在那裡做正確的事情。

Are we working on diversification? Yes, we ordered the second order looking at driving some level of diversification in the business outright, and we've secured some additional oil field business in the meantime. It's just not there these are an extra turbine or two here or there. It's not the same kind of scale, but we are diversified.

我們正在致力於多元化嗎？是的，我們下了第二份訂單，希望直接推動業務的某種程度的多樣化，同時我們也獲得了一些額外的油田業務。它只是不存在，這裡或那裡有一個或兩個額外的渦輪機。雖然不是同一種規模，但我們是多元化的。

Yeah.

是的。

We've had to meet a pretty unique challenge with a customer that's moved faster than anyone else in the space at a scale that That no one has really reached at this stage. So that's been our challenge.

我們必須應對一個相當獨特的挑戰，即客戶的發展速度比該領域的任何其他人都快，其規模是現階段任何人都無法真正達到的。這就是我們面臨的挑戰。

But coming into this year we had really two distinct goals within the power business which were securing extended tenor and diversification in the customer base and clearly from a tenor standpoint we've significantly changed the outlook into this business going from 6 month contracts to 7 years. So that's a real significant change in the scope and then to the point on diversification.

但進入今年，我們在電力業務中確實有兩個不同的目標，即確保延長期限和實現客戶群的多樣化，顯然從期限的角度來看，我們已經顯著改變了這項業務的前景，將合約從 6 個月延長至 7 年。因此，這是範圍上的真正重大變化，並且是多樣化方面的變化。

We are working very hard at that. We've got a long list of customers that are potential customers that we're working on projects that will require this open capacity. So that's really what drove the need to secure additional capacity.

我們正在為此努力。我們擁有大量潛在客戶，我們正在與他們合作進行需要這種開放容量的專案。所以這才是真正推動需要確保額外容量的原因。

Sean Mitchell, Daniel Energy Partners.

肖恩·米切爾，丹尼爾能源合作夥伴。

Good morning guys. Hey, Kyle or Bill, just is there a big difference in the margin profile between data center power and your other industrial, I mean, I know the term terms of the contracts are probably longer on data center.

大家早安。嘿，凱爾或比爾，資料中心電力和其他工業之間的利潤概況有很大差異嗎？我的意思是，我知道資料中心的合約期限可能更長。

But is the margin profile drastically different?

但利潤率情況真的有很大不同嗎？

No, not necessarily on a pricing perspective. I would say that the scale gives us a little bit of operating leverage for the larger jobs, so we deliver, our maintenance programs and all the kind of fixed variable costs, if you will, of keeping their filters clean and doing all those kind of things would be a little higher out in the oil field than they are, in a in a in a more urban environment data center. So there's probably a little net higher margin from scale, but the pricing itself is very similar.

不，從定價角度來看不一定如此。我想說的是，規模為我們提供了一點經營槓桿，以便我們能夠完成更大的工作，所以我們提供的維護計劃和所有類型的固定變動成本，如果你願意的話，保持過濾器清潔和做所有這些事情，在油田中會比在城市環境的數據中心中要高一點。因此，規模帶來的淨利潤可能會略高一些，但定價本身卻非常相似。

It's based on tenor.

它是基於男高音的。

You got it.

你明白了。

Thanks guys, that's all I got.

謝謝大家，這就是我所得到的全部。

Alright, thanks.

好的，謝謝。

Thank you Again, if you have a question, please press 1 then one.

再次感謝您，如果您有疑問，請按 1 然後按 1。

We have a follow-up question from Stephen Jengaro with Steil. Please go ahead.

我們收到了來自 Steil 的 Stephen Jengaro 的後續問題。請繼續。

Thanks for taking the follow up. On the logistics solution side, I have two quick questions. One was, you mentioned in the press release, adding new customers. I was curious if you could, if there's any color you could add to that is it related to EMP consolidation and kind of what is your sort of outlook for the ability to kind of outgrow the market? We outperform the market.

感謝您的跟進。在物流解決方案方面，我有兩個簡單的問題。一是，您在新聞稿中提到，增加新客戶。我很好奇，您是否可以添加一些細節，這是否與 EMP 整合有關，以及您對超越市場的能力有何展望？我們的表現優於市場。

Yeah, I think the new customers have really been driven by our new technology and the desire to go faster. And so I think if you if you begin to look at folks talking about, simultrimal quadrax, who knows where this ends, but effectively continuous pumping. And when you're going to attack that market, having the supply chain locked with our equipment and the ability to put the top fill in larger truckloads really makes that more efficient. So I think we're seeing it driven by our equipment providing the solution for these, larger, more efficient fracs.

是的，我認為新客戶確實受到了我們的新技術和更快速度的渴望的驅動。所以我認為，如果你開始關注人們談論的同步四軸飛行器，誰知道這會在哪裡結束，但實際上是連續泵送。當你要進入該市場時，將我們的設備鎖定在供應鏈上，並能夠將頂部填充物裝入更大的卡車，這確實會提高效率。所以我認為我們看到它是由我們的設備推動的，為這些更大、更有效率的壓裂提供解決方案。

Thanks. And is that from, is that taking share from containers or is it taking share from other silos?

謝謝。這是從容器中獲取份額，還是從其他筒倉中獲取份額？

More likely containers because your loads are much smaller and it's the handling function on the well side is a little more complicated.

更有可能的是貨櫃，因為您的負載要小得多，而且井側的處理功能也更複雜一些。

Okay, I think that's all for me. Thanks for the details.

好的，我想對我來說就這些了。謝謝你的詳細資料。

Thanks.

謝謝。

Thank you.

謝謝。

The next question is from Bobby Brooks with Northland Capital Markets. Please go ahead.

下一個問題來自 Northland Capital Markets 的 Bobby Brooks。請繼續。

Hey, thanks for taking the follow up. Just last question for me, I'm focusing on capex, on the on your March deck you guys had given, consolidated CapEx was guided to $165 million. Obviously you ended up only doing $144 million in the quarter. So I was just curious of what's the driver of that. My understanding is that turbine payments are pretty set in stone, so I was just curious where kind of the savings came here.

嘿，感謝您的跟進。最後一個問題，我關注的是資本支出，在你們提供的三月簡報中，合併資本支出預計為 1.65 億美元。顯然，本季你的營業額最終只達到了 1.44 億美元。所以我只是好奇背後的原因是什麼。我的理解是，渦輪機的付款是相當固定的，所以我只是好奇這裡的節省是從哪裡來的。

Thank you.

謝謝。

Yeah, I wouldn't call it savings. I don't think the aggregate numbers have changed. It's just kind of a function of timing and when we come out guidance. It's really a function of our estimate of when we're going to receive invoices, and that does move around from time to time for various reasons with the OEM. So nothing material changed there, just a function of timing.

是的，我不會稱之為儲蓄。我認為總數沒有變化。這只是時間的一種功能，以及我們何時給予指導。它實際上取決於我們對何時收到發票的估計，並且由於 OEM 的各種原因，該估計會不時發生變化。因此，沒有任何實質的改變，只是時間的變化而已。

Sounds, makes a lot of sense. Congrats on a great quarter.

聽起來，很有道理。恭喜本季取得優異成績。

Thank you guys.

謝謝你們。

Jeff LeBlanc, TPH&Co.

傑夫‧勒布朗（Jeff LeBlanc），TPH&Co.

Thanks for the follow up. I just wanted to see if you could provide more color on the end markets of the industrial opportunities. I think everybody is somewhat familiar with the applications for midstream and ENP in the oil field. I'm just curious if you could provide a little bit more color on the end markets for industrial opportunities.

感謝您的跟進。我只是想看看您是否可以提供更多關於工業機會​​的終端市場的資訊。我想大家都對油田中游和 ENP 的應用比較熟悉。我只是好奇您是否可以提供更多關於工業機會​​的終端市場的資訊。

Thank you.

謝謝。

Well, they, I mean, I think that as we bring manufacturing back, and I think that's one of the country's targeted goals we're seeing it in metals manufacturing, anything that's a high power usage, high load is struggling to figure out how to get those loads approved into the grid.

嗯，我的意思是，我認為隨著我們恢復製造業，我認為這是國家的目標之一，我們在金屬製造業中看到了這一點，任何高用電量、高負荷的東西都在努力弄清楚如何讓這些負載獲得電網的批准。

So, we're seeing it from, export facilities for, natural gas liquids and LNG all the way across to some metals manufacturing, bending and some processing. We're seeing it from. Air processing businesses where you're trying to make, hydrogen and oxygen and do that or high load compressors.

因此，我們看到了從天然氣液體和液化天然氣的出口設施一直到一些金屬製造、彎曲和一些加工。我們從那裡看到它。空氣處理業務，您要製造氫氣和氧氣，並使用高負荷壓縮機。

So, there's a whole host of various other industrial applications that we see are going to need, large loads of power and it will look very similar. The base load is critical for those and they're looking at what's the right solution for them.

因此，我們看到許多其他工業應用都需要大量電力，而且它們看起來非常相似。基本負荷對這些人來說至關重要，他們正在尋找適合自己的正確解決方案。

Okay, thank you very much for the call and I'll hand the call back to the operator.

好的，非常感謝您的來電，我會將電話轉回給接線生。

Thank you.

謝謝。

Thank you.

謝謝。

We have reached the end of the question and answer session. I'd now like to turn the call back over to Mr. Bill Zachler for a final closing remarks.

問答環節已經結束。現在我想將電話轉回給比爾·扎克勒先生，請他做最後的總結發言。

Thank you everyone for joining us today. We're obviously off to a strong start in 2025 as we see our rapid growth through this noisy environment and our entire team is excited about the opportunities for the company. I believe we have the right business with the right people and culture that will help us continue to deliver value to our shareholders and our customers.

感謝大家今天的參與。顯然，我們在 2025 年將有一個良好的開端，因為我們看到自己在這種嘈雜的環境中實現了快速成長，我們整個團隊都對公司的機會感到興奮。我相信我們擁有合適的業務、合適的人才和合適的文化，這將有助於我們繼續為股東和客戶創造價值。

I'd like to thank all of our employees, customers, and suppliers for their continued partnership in making Solaris success.

我要感謝我們所有的員工、客戶和供應商，感謝他們為 Solaris 的成功而持續合作。

Thank you all, and we look forward to sharing our progress with you in a few months.

謝謝大家，我們期待幾個月後與大家分享我們的進度。

Thank you. The conference has now concluded.

謝謝。會議現已結束。

Thank you for attending today's presentation. You may not disconnect.

感謝您參加今天的演講。您不能斷開連線。