Solaris Energy Infrastructure Inc (SEI) 2025 Q2 法說會逐字稿

Good day and welcome to the Solaris Energy Infrastructure Inc second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Solaris Energy Infrastructure Inc 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to 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 second quarter 2025 earnings conference call. Joining us today are our Chairman and CEO Bill Zartler; and our President and CFO Kyle Ramachandran.

謝謝您，接線生。早安，歡迎參加 Solaris 2025 年第二季財報電話會議。今天與我們一起出席的有我們的董事長兼執行長 Bill Zartler 和總裁兼財務長 Kyle Ramachandran。

Before we begin, I would like to remind you of our standard cautionary remarks regarding the forward-looking nature of some of the statements that we will make today. 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 outlined those risks.

在我們開始之前，我想提醒大家，我們今天將要發表的一些聲明具有前瞻性，我們會提出標準的警告。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 release and today is 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.

我想指出的是，我們的收益報告和今天的電話會議將討論非差距財務指標，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。

Reconciliations to comparable GAAP measures are available in our earnings release,

我們的收益報告中提供了與可比較 GAAP 指標的對帳表，

which is posted on the new section on our website. I'll now turn the call over to our Chairman and CEO ill Zartler.

該公告發佈在我們網站的新版塊。現在我將把電話轉給我們的董事長兼執行長 ill Zartler。

Thank you, Yvonne and thank you everyone for joining us this morning. Solaris delivered strong 2nd quarter results across both business segments. The 2nd quarter marks the 3rd full quarter since introducing our power solutions business. We continue to grow our power solutions business and generate significant cash flow from our legacy logistics solutions business.

謝謝你，伊馮，也謝謝大家今天早上加入我們。Solaris 兩個業務部門在第二季都取得了強勁的業績。第二季是我們推出電源解決方案業務以來的第三個完整季度。我們繼續發展我們的電力解決方案業務，並從我們的傳統物流解決方案業務中產生大量現金流。

The continued integration of the business lines demonstrates the complementary strengths of both our people and our businesses. I begin with an update on our power solution segment.

業務線的持續整合反映了我們員工和業務的互補優勢。我先介紹一下我們的電源解決方案部分的最新情況。

During the quarter, we added capacity with current customers and introduced new customers to our offering. If we look back to 10 months ago when we acquired Mobi Energy rentals, they were operating approximately 150 megawatts.

在本季度，我們增加了現有客戶的產能，並為我們的產品引入了新客戶。如果我們回顧 10 個月前收購 Mobi Energy 租賃公司時的情況，當時他們的營運容量約為 150 兆瓦。

Today we have over 600 megawatts working for 6 different customers. Additionally, we have contracts in place with many of these customers and others to further accelerate our activity over the course of the next several quarters as we take delivery of previously ordered new generation capacity.

如今，我們為 6 個不同的客戶提供超過 600 兆瓦的電力。此外，我們已與許多客戶和其他客戶簽訂了合同，以便在接下來的幾個季度中隨著我們接收之前訂購的新一代產能而進一步加快我們的活動。

As a result of this commercial momentum, we are servicing an increasingly diverse set of end markets. These include microgrids focused on energy production, gas processing plants, shorter term utility grid resiliency efforts, including synchronization with the grid to provide additional power to a customer and data centres supporting artificial intelligence applications.

由於這種商業勢頭，我們正在為日益多樣化的終端市場提供服務。這些包括專注於能源生產的微電網、天然氣處理廠、短期公用電網彈性工作（包括與電網同步以向客戶提供額外電力）以及支援人工智慧應用的資料中心。

Our commercial opportunities span various industries with multiple customers for projects totalling several gigawatts of opportunity. Customer feedback thus far indicates that our modular and reliable power generation equipment, coupled with its favourable emissions profile and other unique operational benefits provide us with a competitive edge in these opportunities.

我們的商業機會涵蓋各行業，擁有多個客戶，專案總額達數吉瓦。到目前為止，客戶回饋表明，我們的模組化、可靠的發電設備，加上其良好的排放狀況和其他獨特的營運優勢，為我們在這些機會中提供了競爭優勢。

Market demand for power generation continues to accelerate as the confluence of electrification of everything theme, artificial intelligence power needs, and the reshoring of manufacturing unfolds, which in our view is likely still in its early innings.

隨著「萬物電氣化」主題、人工智慧電力需求以及製造業回流的融合，發電市場需求持續加速，我們認為這可能仍處於初期階段。

The grid continues to be challenged to address these needs considering both times to power as well as the complex nature of the size and in the case of artificial intelligence application, variability of the low demand that is being introduced.

考慮到供電時間以及規模的複雜性，以及在人工智慧應用的情況下引入的低需求的多變性，電網繼續面臨著滿足這些需求的挑戰。

Reliability is critical to our customers. We consider modular power dense generation uniquely capable of addressing this requirement as operational risk is distributed across multiple appropriately sized nodes, creating layers of redundancy.

可靠性對我們的客戶至關重要。我們認為模組化功率密集型發電能夠獨特地滿足這項要求，因為營運風險分佈在多個適當大小的節點上，從而產生冗餘層。

For instance, a robust microgrid may integrate multiple small or mid-sized turbines with grid power or large frame turbines potentially supplemented with energy storage solutions like batteries. We believe this hybrid structure delivers optimal redundancy with greater inertia and spinning reserve capacity, enabling high liabilities.

例如，強大的微型電網可以將多個小型或中型渦輪機與電網電力整合在一起，或將大型框架渦輪機與電池等儲能解決方案整合在一起。我們相信，這種混合結構能夠提供最佳冗餘度、更大的慣性和旋轉備用容量，從而實現高負債。

Modular generation also allows customers to scale their power capacity in increments as needed. Large scale microgrids, particularly for artificial intelligence computing applications, rarely require full peak power from the outset.

模組化發電還允許客戶根據需要逐步擴大其電力容量。大規模微電網，特別是用於人工智慧運算應用的微電網，很少從一開始就需要全峰值功率。

Modular power solutions offer an effective strategy to synchronize the growth of the power supply with the growth of the data centre load until reaching full data deployment while continuing to provide additional layers of redundancy via spinning reserve capacity at scale.

模組化電源解決方案提供了一種有效的策略，可以將電源的成長與資料中心負載的成長同步，直到實現完全資料部署，同時繼續透過大規模旋轉備用容量提供額外的冗餘層。

The regulatory backdrop has offered recent clarity in support of our distributed generation solutions. For example, Senate Bill 6 in Texas, which was recently signed into law. The new law requires enough co-located generation for large demand loads so that they can be self-sufficient off the grid.

監管背景最近為我們的分散式發電解決方案提供了明確的支援。例如，德州參議院第6號法案最近已簽署成為法律。新法要求有足夠的共置發電設施來滿足大需求負荷，以便它們能夠脫離電網自給自足。

We have observed that this regulatory clarity is creating numerous potential commercial opportunities as industry participants continue to acknowledge the reliability that our solutions can provide both directly to the customer but also to the broader power supply and transmission and regulatory ecosystem. Our current power solutions,

我們觀察到，這種監管明確性正在創造大量潛在的商業機會，因為產業參與者繼續承認我們的解決方案不僅可以直接向客戶提供可靠性，還可以向更廣泛的電力供應和傳輸以及監管生態系統提供可靠性。我們目前的電源解決方案，

which include both turbine and reciprocating generation, deliver benefits such as reduced time to power, low emissions, high power density, and operational reliability. By maintaining a generation agnostic approach, we can tailor combinations of power solutions to best meet the specific needs of each project.

包括渦輪機和往復式發電，具有縮短發電時間、降低排放、高功率密度和運作可靠性等優點。透過保持與發電無關的方法，我們可以客製化電力解決方案組合，以最好地滿足每個專案的特定需求。

We are also focused on strengthening our business by evaluating adjacent opportunities that complement our core offerings. As a recent example, our engineering, manufacturing, and operations teams collaborated to design and implement modifications to the selective catalytic reduction systems, or SCRs to make those systems more mobile. This enhanced mobility enables more efficient assembly and equipment placed on site is expected to reduce operational downtime on location.

我們也致力於透過評估補充我們核心產品的鄰近機會來加強我們的業務。舉一個最近的例子，我們的工程、製造和營運團隊合作設計並實施了選擇性催化還原系統（SCR）的改進，以使這些系統更加靈活。這種增強的移動性使得現場放置的設備能夠實現更有效率的組裝，並有望減少現場的停機時間。

The installation of these modified SERs began 2 months ago on our initial data centre project, and implementation is going quite well. These proprietary modifications also enabled us to significantly accelerate the commissioning of the SCR units, highlighting another benefit of the leveraging of our organizational agility that is core to Solaris's DNA.

這些改進的 SER 的安裝於兩個月前在我們最初的資料中心專案中開始，並且實施進展順利。這些專有的修改也使我們能夠大幅加快 SCR 裝置的調試，凸顯了利用組織敏捷性的另一個好處，這是 Solaris DNA 的核心。

When paired with our already low emissions turbines, these enhanced SERs will support customers in achieving an attractive emissions profile at the site.

當與我們已經很低排放的渦輪機配合使用時，這些增強的 SER 將幫助客戶在現場實現有吸引力的排放狀況。

Another example is that we have recently utilized our in-house software and technology expertise to develop an in-house app called Solaris Pulse to enable the centralized fingertip remote monitoring of our power generation, enabling efficient operation and maintenance of our equipment.

另一個例子是，我們最近利用我們的內部軟體和技術專長開發了一款名為 Solaris Pulse 的內部應用程序，以實現對我們的發電的集中式指尖遠端監控，從而實現我們設備的高效運行和維護。

We're also focused on other balance of plan equipment and systems that are critical to providing power to our customers in the form they require. This can include transformers, switch gears, breakers, and wiring. We've collaborated with several partners to offer.

我們也專注於其他計畫平衡設備和系統，這些設備和系統對於以客戶所需的形式提供電力至關重要。這可能包括變壓器、開關設備、斷路器和電線。我們已與多家合作夥伴合作提供此項服務。

Customize balance and plant solutions to manage our customers' complex loads and are exploring ways to further integrate this capability in-house.

客製化平衡和工廠解決方案來管理我們客戶的複雜負載，並正在探索進一步在內部整合此功能的方法。

We believe this turnkey approach, providing both an optimal source of generation as well as bespoke balance of plant solutions, is an opportunity for us to further differentiate our power as a service offering. We believe we are well positioned to add value to our customers and grow both organically and inorganically.

我們相信，這種交鑰匙方法既提供了最佳的發電來源，也提供了客製化的工廠解決方案平衡，為我們進一步區分電力服務產品提供了機會。我們相信，我們有能力為客戶增加價值，並實現有機和無機成長。

Turning to our logistics solution segment, the investments we have made in our systems have helped us drive further frac efficiencies for our customers and end users, which in turn has enhanced earnings and cash flow for Solaris.

談到我們的物流解決方案部門，我們在系統上所做的投資幫助我們為客戶和最終用戶進一步提高壓裂效率，從而提高了 Solaris 的收益和現金流。

Our silo systems, when combined with the tophi, can help our customers process large volumes of sand in support of simul frac and tram flat completions. As an example, we are currently working on a pad for a major ENP operator where we have 12 silos, top2 fills on a leading-edge completion design job using Rimal racks.

我們的筒倉系統與 tophi 結合，可以幫助我們的客戶處理大量沙子，以支援同步壓裂和平板完井。舉例來說，我們目前正在為一家大型 ENP 運營商開發一個平台，該平台擁有 12 個筒倉，使用 Rimal 機架進行前沿完井設計作業中的 top2 填充。

Financially this has had a meaningful impact on Solaris. When our logistics solutions business started, we offered one piece of kit, and we earned about a million dollars of profit per frat crew on an annual basis.

從財務角度來看，這對 Solaris 產生了重大影響。當我們的物流解決方案業務開始時，我們提供一套設備，每年每個兄弟會成員的利潤約為一百萬美元。

Now our leading-edge job has 4 different equipment systems earning closer to $4 million in profit per frac crew annually. Structurally we see a continued reduction in the number of active frac crews required to keep oil and gas production flat.

現在，我們最前沿的工作有 4 種不同的設備系統，每個壓裂隊每年可獲得近 400 萬美元的利潤。從結構上看，我們看到維持石油和天然氣產量穩定所需的活躍壓裂隊伍數量持續減少。

To achieve these efficiencies, each crew will be asked to do more, and we believe our equipment is designed and built to help deliver those efficiencies. While activity during the second half of the year is likely to slow down further due to the recent softness in oil prices,

為了實現這些效率，每個機組人員都需要做更多的事情，我們相信我們的設備設計和製造是為了幫助實現這些效率。雖然由於近期油價疲軟，下半年的經濟活動可能會進一步放緩，但

We believe that we remain well positioned to maintain or grow share as completion intensity continues to rise. With this business in cash generation and harvest mode, we believe the segment will continue to generate significant free cash flow.

我們相信，隨著完工強度的不斷提高，我們仍然能夠維持或增加市場佔有率。隨著該業務進入現金產生和收穫模式，我們相信該部門將繼續產生大量自由現金流。

In summary, we are pleased with both the operational and commercial advancements achieved during the quarter. We are confident that we are establishing a robust and distinctive business position for continued growth and future opportunities. With that, I'll turn it over to Kyle.

總而言之，我們對本季取得的營運和商業進步感到滿意。我們有信心建立強大而獨特的業務地位，以實現持續成長和未來機會。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 a review of our quarterly results, an overview of our updated guidance and outlook, a recap of our recent financings, and our current liquidity.

謝謝，比爾，大家早安。今天上午，我將首先回顧我們的季度業績，概述我們最新的指導和展望，回顧我們最近的融資情況以及我們目前的流動性。

During the second quarter, Solaris generated total revenue of $149 million which reflected an 18% increase in the prior quarter due to continued activity growth in power solutions, which more than offset a modest decline in logistics solutions activity. Adjusted EBITDA $61 million represented a 29% increase from the prior quarter. Power solutions contributed 67% of our total segment adjusted EBITDA. And remains on track to deliver more than 80% of our total segment adjusted EBITDA after our on-order fleet is deployed.

第二季度，Solaris 的總營收為 1.49 億美元，較上一季成長 18%，這得益於電力解決方案活動的持續成長，抵消了物流解決方案活動的輕微下降。調整後的 EBITDA 為 6,100 萬美元，較上一季成長 29%。電力解決方案貢獻了我們整個部門調整後 EBITDA 的 67%。並且在我們的訂單車隊部署後，仍有望實現我們整個部門調整後 EBITDA 的 80% 以上。

During the second quarter, we formed State Line Power LLC, a 50.1% Solaris owned joint venture with an existing data center customer to co-own and operate approximately 900 megawatts at a single site. Adjusting for the 49.9% of non-controlling interest in the JV, adjusted EBITDA attributable to Solaris shareholders was approximately $62 million.

在第二季度，我們與現有的資料中心客戶成立了 State Line Power LLC，這是一家 Solaris 持有 50.1% 股份的合資企業，共同擁有並經營單一站點約 900 兆瓦的電力。調整合資公司 49.9% 的非控制權益後，歸屬於 Solaris 股東的調整後 EBITDA 約為 6,200 萬美元。

While our results are reported on a consolidated basis, which includes 100% of the JV, we believe that adjusted EBITDA attributable to Solaris shareholders is an important metric for the investment community and our shareholders, and we plan to provide this additional profitability measure going forward.

雖然我們的業績是按合併基礎報告的，其中包括 100% 的合資企業，但我們認為，歸屬於 Solaris 股東的調整後 EBITDA 是投資界和我們股東的重要指標，我們計劃在未來提供這一額外的盈利指標。

Turning now to our segment results and outlook. During the second quarter, the power solution segment generated revenue from approximately 600 megawatts of capacity, an increase of greater than 50% from the prior quarter.

現在談談我們的分部業績和展望。第二季度，電力解決方案部門從約 600 兆瓦的容量中創造了收入，比上一季成長了 50% 以上。

This increase was driven by increased demand from our customers, which we are meeting using a combination of new equipment deliveries as well as selective short-term sourcing of third party power generation capacity. For the third quarter of 2025, we expect activity as measured by average megawatts earning revenue to be at least 600 megawatts.

這一成長是由客戶需求的成長所推動的，我們透過交付新設備以及選擇性短期採購第三方發電能力來滿足客戶需求。對於 2025 年第三季度，我們預計以平均兆瓦收益衡量的活動將至少達到 600 兆瓦。

Segment adjusted EBITDA for Solaris Power Solutions was $46 million a 43% increase from the first quarter. Our order delivery schedule for the remainder of 2025 reflects fewer new equipment deliveries before picking up again in the first quarter of 2026. This drives our expectation for segment adjusted EBITDA contribution over the next two quarters to be modestly higher.

Solaris Power Solutions 分部調整後的 EBITDA 為 4,600 萬美元，較第一季成長 43%。我們的 2025 年剩餘時間的訂單交付計畫反映出新設備交付量減少，然後在 2026 年第一季再次回升。這使得我們對未來兩個季度分部調整後 EBITDA 貢獻的預期將略有上升。

Additionally, we benefited in the second quarter from project startup and commissioning revenue that was pulled forward due to the acceleration of capacity that are unlikely to repeat at a similar magnitude in any single quarter.

此外，我們在第二季度受益於專案啟動和調試收入，這是由於產能加速而提前實現的，而且在任何一個季度都不太可能以類似的幅度重複出現。

In our logistics segment, we averaged 94 fully utilized systems, a decline of 4% for the first quarter. We expect continued oil price softness to drive lower drilling and completion activity.

在我們的物流部門，平均有 94 個系統充分利用，第一季下降了 4%。我們預計油價持續疲軟將導致鑽井和完井活動減少。

While we are evaluating opportunities to continue to drive new customer additions, the expected decline in market activity levels results in a forecasted fully utilized system count down approximately 10% to 15% for the third quarter, with a slightly more pronounced decline in segment adjusted due to the impact of fixed cost absorption.

雖然我們正在評估繼續推動新客戶增加的機會，但預計市場活動水平的下降將導致第三季度完全利用的系統數量預計下降約 10% 至 15%，其中由於固定成本吸收的影響，調整後的細分市場的下降幅度將略微明顯。

Getting these factors and considering corporate and other expense results in total company adjustment EBITDA guidance for both the third and fourth quarters of $58 million to $63 million relatively flat from the second quarter, driven by some continued growth in power solutions, limited benefit from startup and commissioning activities, and a lower logistics solutions outlook.

綜合考慮這些因素和公司及其他費用，公司第三季度和第四季度的EBITDA總調整預期為5800萬美元至6300萬美元，與第二季度基本持平，這主要得益於電力解決方案的持續增長、啟動和調試活動帶來的有限收益以及物流解決方案前景的下降。

For more details on the guidance and other corporate modeling items such as interest expense, depreciation and amortization, tax rate, and share count, please refer to the earnings supplement slide deck published on our website. Turning now to a recap of our financing activity during the quarter. Solaris raised $155 million in the form of 4.75% senior convertible notes due in 2030. The proceeds from this financing combined with operating cash from non-JV activities are expected to cover the company's remaining capital expenditure commitments.

有關指南和其他公司建模項目（例如利息支出、折舊和攤銷、稅率和股份數量）的更多詳細信息，請參閱我們網站上發布的收益補充幻燈片。現在回顧本季我們的融資活動。Solaris 以 2030 年到期的 4.75% 優先可轉換債券的形式籌集了 1.55 億美元。此次融資所得加上非合資活動的營運現金預計將涵蓋公司剩餘的資本支出承諾。

On behalf of the JV, we closed the $550 million senior secured loan facility and subsequently drew an initial funding of $72 million. This facility is expected to cover all remaining planned JV capex needs to deliver and stand up its stated capacity of approximately 900 megawatts.

我們代表合資公司完成了 5.5 億美元的優先擔保貸款，隨後又提取了 7,200 萬美元的初始資金。該設施預計將涵蓋所有剩餘的合資企業資本支出計劃，以交付和維持其規定的約 900 兆瓦的容量。

The flatter delivery schedule dating the second half of 2025 also coincides with fewer required Solaris-only progress payments for our order book over the next two quarters, which will result in a moderated Capex profile during the second half of the year in advance of final payments of equipment in 2026.

2025 年下半年的更平坦的交付計劃也與未來兩個季度我們的訂單所需的 Solaris 專用進度付款減少相吻合，這將導致在 2026 年設備最終付款之前，下半年的資本支出狀況有所緩和。

We are excited about the expanding opportunities that available to Solaris. Our continued priority is to deliver strong returns on invested capital as we continue to develop our power solutions business while sustaining strong cash flow from our logistics operations. With that, we'd now be happy to take your questions.

我們對 Solaris 不斷擴大的機會感到非常興奮。我們持續的首要任務是實現投資資本的強勁回報，同時繼續發展我們的電力解決方案業務，並維持物流業務的強勁現金流。現在我們很樂意回答您的問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

The first question comes from Stephen Stephen Gengaro with Stifel. Please go ahead.

第一個問題來自 Stifel 的 Stephen Stephen Gengaro。請繼續。

Thank you and good morning, everybody.

謝謝大家，早安。

So what I wanted to just ask for a little more detail on was the 600 megawatts that you kind of have averaged operating in a quarter versus kind of what you actually own right now and maybe understand sort of how we should think about that dynamic over the back half of the year as you kind of work to meet your customers' needs.

因此，我想詢問更多細節，即你們在一個季度內平均運營的 600 兆瓦電力與你們目前實際擁有的電力相比的情況，以及在你們努力滿足客戶需求的過程中，我們應該如何看待下半年的這種動態。

Yes, Stephen, we were able to, source some additional capacity to meet customer demand in the 2nd quarter through some. Third party resources that, through the MER relationships we continue to benefit from those from those relationships.

是的，史蒂芬，我們能夠透過一些方式獲得一些額外的產能來滿足第二季的客戶需求。透過 MER 關係，我們繼續從第三方資源中受益。

But as we look forward to the second half of the year, we do have some of our deliveries coming in and as those deliveries come in, some of the re-rented assets will phase out. And so, you can kind of see that in the guidance that we provided here today where we have got a sort of flattish outlook for total megawatts working.

但展望下半年，我們確實會有一些交付，隨著這些交付的到來，一些重新出租的資產將逐步淘汰。因此，您可以在我們今天提供的指導中看到，我們對總兆瓦運行量的前景持平的看法。

But we have got a bit of an expansion on the Effective dollar dollars of even dollar per megawatt in the guidance and as we look forward to 26, we'll continue to see that work its way through as the fleet gets fed up of our own capacity and some of these third-party assets get tapered off. Now I think as we look at our order book going forward here, we've got best in class units coming off the line here with the.

但是，我們在指導中對每兆瓦的有效美元數額進行了一些擴展，當我們展望 26 時，我們將繼續看到這項工作順利進行，因為機組隊已經厭倦了我們自己的容量，並且其中一些第三方資產逐漸減少。現在，我認為，當我們查看我們未來的訂單簿時，我們已經擁有了一流的產品。

Best emissions profile of any sort of OEMs and then you know we've coupled them now with the SCRs on the first data canter site and that as we alluded to in the call is going very well. And so, our fleet, we're really excited about the expansion of our fleet.

任何類型的 OEM 的最佳排放概況，然後您知道我們現在已將它們與第一個資料中心網站上的 SCR 結合在一起，正如我們在電話中提到的那樣，進展非常順利。因此，對於我們的船隊的擴張，我們感到非常興奮。

We were able here in the 2nd quarter in the second half of this year to benefit from some third-party assets, but as we roll on our fleet, we really think we are delivering. For purpose equipment here that is going to be able to meet the necessary emissions profiles for this equipment to be out on location for a very long period of time, operating at very efficient levels. So that's sort of how we see the evolution here in the second half and going forward.

我們在今年下半年第二季能夠從一些第三方資產中受益，但隨著我們船隊的不斷壯大，我們真的認為我們正在實現目標。對於此處的專用設備，它將能夠滿足必要的排放條件，以便該設備能夠在現場長期使用，並以非常高效的水平運行。這就是我們對下半年及未來發展的看法。

Thanks Kyle. That, that's helpful. Just so I understand it a little better is it appears, I mean, I would imagine the the owned assets have got a higher per per asset deployed per fleet as you mentioned, so that should evolve. Can you tell us at the end of the quarter how much owned capacity that you had?

謝謝凱爾。這很有幫助。只是為了讓我更好地理解這一點，我的意思是，我可以想像，正如您所提到的，自有資產的每艘艦隊的每項資產部署率都會更高，所以這種情況應該會發展。您能在本季結束時告訴我們您擁有多少自有產能嗎？

Yeah, I think it's going to be a little bit difficult quarter over quarter here as we take deliveries of our own assets to get too granular without, losing the forest for the trees.

是的，我認為每季的情況都會有點困難，因為我們接收自己的資產，因此要進行更細緻的分析，以免只見樹木不見森林。

What I would say is we will continue to see the sort of 3 to 4 year paybacks on our own capacity, and that's reflective of the true.

我想說的是，我們將繼續看到我們自己的產能在 3 到 4 年內獲得回報，這反映了真實情況。

Economics of the capital investments that we are making, and it is going to work its way through through the effective IBEDA margin as the reruns come off. And so without getting too far into the weeds here, I think what we've indicated here today is an expansion in IBADA profile per megawatt in the second half of the year as our deliveries come in.

我們正在進行的資本投資的經濟學，隨著重播的結束，它將透過有效的 IBEDA 利潤發揮作用。因此，我們不必在這裡深入討論細節，我認為我們今天在這裡指出的是，隨著我們的交付量增加，下半年每兆瓦的 IBADA 概況將會擴大。

Great, thank you, Kyle.

太好了，謝謝你，凱爾。

Thank you.

謝謝。

The next question is from Dave Anderson with Barclays. Please go ahead.

下一個問題來自巴克萊銀行的戴夫安德森。請繼續。

Hi, good morning. So, kind of along the same lines in your capacity and I know that a lot of it has been a lot of the focus has been on kind of on contracting your remaining capacity, it comes out in 207. I'm curious if you have plans beyond the 1.7 gigawatts that you're going to be operating. How does the cu look today in placing additional orders with OEMs?

嗨，早安。因此，這與你的能力有點類似，我知道很多時候重點都集中在收縮你的剩餘能力上，它將在 207 年問世。我很好奇，您是否有超出 1.7 千兆瓦的營運計劃。今天 CU 向 OEM 下達額外訂單的情況如何？

I know Baker Hughes was talking about doubling their capacity of their Nova LTs. I don't know if that necessarily fits in terms of The kit you're using and I was also just curious along those same lines about the third party power capacity. Is that a potential M&A or maybe you were referring to fit for purpose, so maybe it doesn't necessarily fit that kit, but just a little bit of talk about kind of your capacity beyond what you've already planned so far.

我知道貝克休斯正在談論將其 Nova LT 的容量增加一倍。我不知道這是否一定適合您所使用的套件，而且我只是對第三方電源容量感到好奇。這是潛在的併購嗎？或者您指的是適合目的，所以也許它不一定適合那個套件，但只是稍微談論一下您迄今為止已經計劃的範圍之外的能力。

We are constantly making a buyer versus bill decision point on the on the asset quality, the age of the assets, and what we are looking at. So we like the mix that we have today, and we like the order book we have today. In terms of looking forward, I think, the analysis is correct that the time to deliver new equipment if you want to order some today has continued to be pushed back.

我們不斷根據資產品質、資產年限以及我們所關注的因素做出買方與賣方的決策。所以我們喜歡我們今天的組合，我們喜歡我們今天的訂單。展望未來，我認為分析是正確的，如果你今天想訂購新設備，那麼交付新設備的時間就會不斷被推遲。

And so, we are evaluating what the next move around that is, and it needs to, from our perspective at this point needs to fall into a specific project basis to look forward to order additional equipment at this point.

因此，我們正在評估下一步的行動，從我們的角度來看，目前需要將其納入特定的專案基礎，以期待在此時訂購額外的設備。

And on the M&A side, does that make sense or no?

從併購方面來看，這是否有意義？

Yeah, wrap that up in the bill versus 5 perspectives, and I think, there is a Power generation equipment isn't just ubiquitous. There is a significant difference in the quality, the maintenance expense, the asset, just the overall quality and the emissions, it's all wrapped up into those decisions on what we look at in terms of our specific assets that we like to operate.

是的，從 5 個角度來看，我認為發電設備並不是無所不在的。品質、維護費用、資產、整體品質和排放都有顯著差異，這些都包含在我們根據我們喜歡營運的特定資產所做的決策中。

The next question is from Scott Gruber with Citigroup. Please go ahead.

下一個問題來自花旗集團的史考特‧格魯伯。請繼續。

Yeah, thank you. So just following on the questions on the second half, 4 Q EIA probably flat here, I assume there's a bit of improvement on the power side as you continue to have, your own equipment delivered, but that would imply just a modest decline in in logistics, in 4Q to keep the overall EBA flat. I is that the right read here that the logistics decline is just modest in 4Q?

是的，謝謝。因此，繼續回答下半年的問題，第四季度 EIA 可能持平，我認為隨著你們繼續交付自己的設備，電力方面會有所改善，但這意味著第四季度物流只會略有下降，以保持整體 EBA 持平。我在這裡讀到的第四季物流下滑幅度只是適度，對嗎？

Yeah, I think that is right. We do have some implied. Continuing just sort of activity challenges as we look at the full second half, including in the 4th quarter. But I think importantly in what we highlighted in the prepared remarks is we have been able to demonstrate on the slash logistics side an ability to really continue to lead the way as far as cutting-edge completion design and well intensity,

是的，我認為是這樣。我們確實有一些暗示。當我們展望整個下半年（包括第四季）時，我們將繼續面臨各種活動挑戰。但我認為，我們在準備好的發言中強調的重要的是，我們已經能夠在物流方面展示出在尖端完井設計和井強度方面真正繼續引領潮流的能力，

and we alluded to it on the call with respect to the amount of capital that we're now deploying. On leading edge job sites, and I think our guidance today reflects a macro theme with respect to frac activity, but I think we've got continued torque in that business with capital that's ready to go to work with minimal sort of remaining startup expenses.

我們在電話會議上提到了我們目前正在部署的資本金額。在前沿的工作場所，我認為我們今天的指導反映了與壓裂活動有關的宏觀主題，但我認為我們在該業務中擁有持續的扭矩，並且資本已準備好以最少的剩餘啟動費用投入工作。

And so, there are there are incremental there, but I think we have taken a conservative outlook with respect to the guidance outlined today. But we do feel like that business unit has an ability to gain, continue to gain share here as job designs get more and more intense.

因此，那裡有增量，但我認為我們對今天概述的指導持保守態度。但我們確實覺得，隨著工作設計變得越來越緊張，該業務部門有能力獲得並繼續獲得份額。

I appreciate that, Kyle. And then we recently saw another company secure a 10-year power supply agreement for a microgrid in the Permian.

我很感激，凱爾。最近，我們看到另一家公司與二疊紀微電網簽署了為期 10 年的電力供應協議。

You have a few microgrid contracts, oil and gas space, and obviously a lot of good relationships. Just keep your eye and colour of what you're seeing, in oil and gas for microgrids, and how the Ts and C's of those contracts, pricing, duration, compared to what you're seeing outside of oil and gas and data centres and elsewhere and just, your appetite to build that side of the business, as you continue to grow your power solutions.

您擁有一些微電網合約、石油和天然氣領域，顯然還有很多良好的關係。只要留意你所看到的石油和天然氣微電網的情況，以及這些合約的條款和條件、定價、期限與石油、天然氣和數據中心以外以及其他地方的情況相比如何，以及你在繼續發展電力解決方案時對建設這一業務的興趣。

If you think about the oil and gas market that we are serving, it's the production end of this. It's the gas processing end of that. It's a bit of micro grid for those things. We're not out providing power for the frac horsepower.

如果你考慮一下我們所服務的石油和天然氣市場，這就是生產端。這是氣體處理的末端。對於這些東西來說，它就像一個微電網。我們不會為壓裂馬力提供動力。

Where it's very mobile and we're moving it around, so we are building stable microgrids. Those customers' credit qualities are just as good as some of the data centres, if not better in certain cases. So, I think we view those customers as great customers.

它的移動性很強，我們可以移動它，所以我們正在建造穩定的微電網。這些客戶的信用品質與一些資料中心一樣好，在某些情況下甚至更好。所以，我認為我們將這些客戶視為優質客戶。

The tenor of the pricing of it is relatively similar, and we know them, and it's, it is a little bit of our, comfort zone in dealing with those in markets because we know the players all the way up to the top of all. Those organizations and have built good relationships and they trust us to do this for them as we've done this for them, in the frac business as well as, now being able to provide that same thing on power and having a resume and history of actually,

它的定價基調相對相似，而且我們了解它們，這是我們在與市場打交道時的舒適區，因為我們了解所有參與者的最高層。這些組織已經建立了良好的關係，他們相信我們能為他們做到這一點，就像我們在壓裂業務中為他們做到這一點一樣，現在能夠在電力方面提供同樣的東西，並且擁有簡歷和歷史，

Executing and executing with higher reliability for them in the market. So you know we're we're relatively customer agnostic and it's all about pricing and tenor and the location. And how well it is for us to serve that. And so we do like that business as well as the data center market.

在市場上為他們執行並以更高的可靠性執行。所以你知道，我們相對不受客戶影響，一切都與價格、期限和地點有關。我們能很好地提供這樣的服務。所以我們確實喜歡這個業務以及資料中心市場。

And one little anecdote I would add on top of that is clearly we're seeing all the upstream companies, all the midstream companies looking to play a significant role in the data centre buildout as well. And so, I think we're looking at it as building relationships with multiple parties across multiple industries.

除此之外，我還要補充一個小故事，那就是我們顯然看到所有上游公司、所有中游公司都希望在資料中心建設中發揮重要作用。因此，我認為我們將其視為與多個行業的多方建立關係。

All are driving around the electrification of everything theme and I think whether you are a producer of molecules in the upstream world, or you are a mover of molecules in the midstream world, you're looking at the data centre as a pretty attractive end market. So, if we are building relationships with the folks that are ultimately going to play a bigger role in the data centre build out, it can be quite creative as we look at the strategic development of our customer base over multiple years.

所有這些都圍繞著「一切電氣化」的主題，我認為，無論您是上游世界的分子生產商，還是中游世界的分子推動者，您都會將資料中心視為一個相當有吸引力的終端市場。因此，如果我們與最終將在資料中心建設中發揮更大作用的人建立關係，那麼當我們審視多年來客戶群的策略發展時，這可能會非常有創意。

The next question is from Derek Podhaizer with Piper Sandler. Please go ahead.

下一個問題來自 Piper Sandler 的 Derek Podhaizer。請繼續。

Hey, good morning. So, I noticed on the presentation looks like you added about 70 megawatts into the energy market. Maybe could you expand a little bit on where those went to kind of the terms and payback with those maybe what type of kit are they the smaller 5.7 turbines or maybe some of the bigger ones, just maybe some colour on that.

嘿，早安。因此，我注意到簡報中您似乎向能源市場增加了約 70 兆瓦。也許您可以稍微詳細說明一下這些設備的去向、條款和回報，也許它們是什麼類型的設備，是較小的 5.7 渦輪機還是一些較大的渦輪機，也許只是一些顏色。

Yeah, thanks Eric. Yeah, good observation of the details there. It did go into the energy market with an existing customer, as a building into super high quality, very large midstream operator. It's an existing relationship that we continue to really drive significant synergies through. We have executed well with them. They are continuing to view us as their partner of choice as we look at the mix of duration. In and pricing.

是的，謝謝艾瑞克。是的，對細節的觀察很好。它確實與現有客戶一起進入了能源市場，成為一家超高品質、超大型的中游營運商。我們將繼續透過這種現有的關係來真正推動顯著的協同效應。我們與他們合作得很好。從持續時間組合來看，他們繼續將我們視為首選合作夥伴。價格和定價。

While it's not the same duration of our longer data centre contract, it is that pricing that is more attractive. So as Bill alluded to, it's a trade-off between duration and returns.

雖然其期限與我們長期資料中心合約的期限不同，但其定價更具吸引力。正如比爾所提到的，這是持續時間和回報之間的權衡。

And as we look at sort of a decision-making process as well, we really haven't gotten into it much this morning, but we continue to be in very advanced dialogues with multiple parties. Around the hundreds of megawatts of opportunities to support big data centre buildouts,

當我們研究某種決策過程時，我們今天早上實際上並沒有深入討論，但我們仍在與多方進行非常深入的對話。圍繞著支持大型資料中心建設的數百兆瓦機會，

Those timelines look a little bit different than some of the real-time reactions that we are seeing in the Permian Basin with respect to some of the infrastructure not being able to get online due to the grid effectively being delayed.

這些時間表與我們在二疊紀盆地看到的一些即時反應略有不同，因為電網實際上被延遲，導致一些基礎設施無法上線。

And so, it's a somewhat of a function of how the decisions are being made. I think importantly. Despite putting this 60-ish odd megawatts into the energy space, we still have significant open capacity available to meet the demands of the larger scale data centres. So, we are it is we have got a fleet business here today and so we are balancing, holding capacity back with putting capacity to work with those that are ready to make a decision.

所以，這在某種程度上取決於決策的製定方式。我認為很重要。儘管將這 60 多兆瓦的電力投入能源領域，我們仍然擁有大量可用容量來滿足更大規模資料中心的需求。所以，我們今天在這裡開展的是車隊業務，因此我們正在平衡，抑制運力，並與那些準備做出決定的人一起投入運力。

Yeah, no, that makes sense. Appreciate the colour. Maybe just kind of a follow up to that. I think you have about 450 some odd megawatts uncontracted, so maybe just just asking about that when do you think we should get an announcement as far as, the next data center contract and will that will that be with a different customer than your customer today?

是的，不，這很有道理。欣賞色彩。也許只是對此的一種跟進。我認為您有大約 450 兆瓦未簽訂合同，所以也許只是想問一下，您認為我們應該什麼時候宣布下一個數據中心合同，並且與今天的客戶不同的客戶簽訂該合同？

Well, I think it's always difficult to predict specific timing.

嗯，我認為預測具體時間總是很困難的。

What I would say is our conversations are all going very well. Multiple.

我想說的是，我們的談話進展非常順利。多種的。

Parties.

派對。

We are oversold from a discussion perspective, not from a contracted perspective quite yet. So, we are working through those steps, and you know we are seeing broadly continued acceleration. Certainly, a lot of news coming out of Pennsylvania last week on a very macro basis.

從討論的角度看，我們已經超賣了，但從合約的角度看，目前還沒有。因此，我們正在努力完成這些步驟，而且您知道，我們正在看到整體上持續的加速。當然，上週賓州傳出了許多宏觀新聞。

SB 6, as we alluded to on the call, that's driving discussions as well.

SB 6，正如我們在電話中提到的，這也正在推動討論。

What we are seeing is the continued momentum around people recognizing the benefit of our modular scalable unit construction to support the ramp up in the data centres and then at the point with which they've really reached full build out, there's Significant benefit in having this this dedicated generation available even in the context of getting significant grid power and so I think folks are slowly but surely coming to realize that this hybrid solution wit.

我們看到的是，人們逐漸認識到我們的模組化可擴展單元結構對支援資料中心擴張的好處，然後在資料中心真正全面建設的時候，即使在獲得大量電網電力的情況下，擁有這種專用發電也會帶來顯著的好處，所以我認為人們正在慢慢但肯定地意識到這種混合解決方案。

Both our Island mode modular scalable solution with you knows superior emissions profile coupled with, grid interconnect is really probably the best way to manage the high degrees of reliability that are required in a very efficient capital.

我們的島嶼模式模組化可擴展解決方案具有卓越的排放特性，再加上電網互連，這可能是管理高效首都所需的高可靠性的最佳方式。

The next question is from JR Weston with Raymond James. Please go ahead.

下一個問題來自 Raymond James 的 JR Weston。請繼續。

Yeah, hi, good morning. Just building off of some of the prepared remarks and kind of the opportunity there to add equipment and services and power solutions just as you kind of deepen the relationship with the customers and provide more of a bespoke power solutions offering there, how does it kind of inform the conversation on the longer term value proposition and kind of the overall positioning of the business?

是的，你好，早安。只是基於一些準備好的評論和在那裡添加設備、服務和電力解決方案的機會，就像您加深與客戶的關係並提供更多定制的電力解決方案一樣，它如何影響關於長期價值主張和業務整體定位的對話？

Sure, yeah, the overall proposition, so the customers are looking for high reliable power to support their needs. So when they look at the ideal selection for that. And the pricing of that and the control they want to have of that; especially how important it is for their operations to never lose power.

當然，是的，總體而言，客戶正在尋找高可靠性的電力來滿足他們的需求。因此，當他們尋找理想的選擇時。以及其定價和他們想要擁有的控制權；尤其是對他們的營運來說永不失去權力是多麼重要。

You begin to, as Kyle said, with the building blocks of that, I think we mentioned that it's pairing up. We think the solution looks like it's pairing up a combination of these small to mid-sized turbines potentially with the grid power, generally with some level of batteries.

正如凱爾所說，你開始建立這些模組，我想我們提到它們正在配對。我們認為解決方案是將這些小型到中型渦輪機與電網電力配對，通常還配備一定程度的電池。

System involved in there to deal with the load variability coming from the data demand itself and either grid or large scale kind of frame units to go together and build a robust looking power plant that's designed, bespokely for that kind of load profile and so I think that strategically that's where this seems to be shaping up.

其中涉及的系統用於處理來自數據需求本身的負載變化，並將電網或大型框架單元組合在一起，建造一個專為此類負載曲線設計的堅固發電廠，因此我認為從戰略上講，這似乎正在成形。

Yeah, appreciate that and just one more for me kind of again building off of some of the questions earlier, more about kind of the The cue here and fleet editions and build verse by, but just kind of as you think about the longer term objectives of the company and you know kind of maybe if and when the EIA guidance is achieved, how would you then look at kind of the free cash generation potential of that phase of the business and how do you think about, kind of the dividend versus, maybe opportunistic or more radable fleet growth in that phase of the business?

是的，非常感謝，我還有一個問題，再次基於之前的一些問題，更多關於這裡的提示和車隊版本以及構建詩句，但就像您考慮公司的長期目標一樣，您知道如果以及當 EIA 指導實現時，您將如何看待該業務階段的自由現金生成潛力，以及您如何看待該業務階段的股息，也許是機會主義或更可靠的車隊增長？

Well, we've been through this cycle with several of our businesses, which is, the build and the mining and the cash flow businesses, and I think we have chosen, we have had the ability to really see what point you put your foot on the gas pedal and spend that money for attractive returns on assets and at what point you spend that money to return it to shareholders and I think that we look forward,

嗯，我們的幾項業務，也就是建築、採礦和現金流業務，都經歷過這個週期，我認為我們已經做出了選擇，我們有能力真正看到什麼時候踩油門，什麼時候花錢獲得可觀的資產回報，什麼時候花錢返還給股東，我認為我們期待著，

Those decisions will be coming up here in the next year or so and we're very well aware about how to make them. I think we've got. Pretty good track record of delivering cash back to shareholders in this business, specifically even as well as making a decision on when you go in and build a business with some of that free cash flow that will be more attractive for the shareholders. So I think that it's too early to determine that exactly, but I'll tell you that I think we do pay attention to it. We think about it and when we get there, I hope we'll make the right decision.

這些決定將在明年左右做出，我們非常清楚如何做出這些決定。我想我們已經得到了。在這個行業中，向股東返還現金的記錄相當不錯，特別是當你決定利用部分自由現金流來建立對股東更有吸引力的業務時。所以我認為現在下結論還為時過早，但我要告訴你，我認為我們確實關注這一點。我們會考慮這個問題，當我們到達那裡時，我希望我們能做出正確的決定。

The next question is from Jeff LeBlanc with TPH. Please go ahead.

下一個問題來自 TPH 的 Jeff LeBlanc。請繼續。

Good morning, Bill and team.

早上好，比爾和團隊。

Thank you for taking my question.

感謝您回答我的問題。

I believe in the prepared remarks you mentioned that you don't expect the Q2 capacity acceleration to repeat.

我相信您在準備好的評論中提到過，您不希望第二季的產能加速成長再次出現。

Is this a function of your customers' development plans, your equipment delivery schedule, or the ability to procure additional third party capacity?

這是您的客戶開發計劃、設備交付計劃或購買額外第三方產能的能力的功能嗎？

Thank you.

謝謝。

Well, quite frankly, it's probably a combination of all.

嗯，坦白說，這可能是所有因素的綜合作用。

And so yeah, as I alluded to in the 2nd quarter, the demand was greater than we anticipated, and we were able to sort of meet that in a very timely way. So one of the things that we've proven, I think, across the history of this business is to be a very nimble group that can.

是的，正如我在第二季度提到的，需求比我們預期的要大，我們能夠及時滿足這一需求。所以我認為，我們在整個商業歷史中已經證明的一件事就是，我們是一個非常靈活的集團。

See the sort of the plays happening on the field and react and so we've done that in multiple instances and I think, certainly the earnings contribution in the 2nd quarter with respect to being able to deliver quickly, that was a big driver. For us and as we look forward,

觀察場上發生的比賽並做出反應，我們已經多次這樣做了，我認為，第二季度的盈利貢獻肯定是由於能夠快速交付，這是一個很大的驅動力。對我們以及我們未來而言，

We talked about it on the prepared remarks. I think the SCRs and our ability to take a third party manufactured piece of kit and really custom tailor it to the job location and hit a timeline that was. Far more accelerated than the OEM thought we'd be able to do.

我們在準備好的發言稿中討論了這個問題。我認為 SCR 和我們採用第三方製造的設備並根據工作地點進行客製化並按時完成的能力。比 OEM 認為我們能夠做到的速度快得多。

We really drove that through ingenuity and using some best practices that we have developed over the years, and I think we are going to continue to find ways in this business. I think we have unlocked significant option value in this business, and we are going to continue to see that unfold. It's hard to predict exactly what those options, how they are going to pay out, but I think we are finding multiple ways to win here, and we'll continue to see those opportunities.

我們確實透過獨創性以及運用多年來開發的一些最佳實踐來推動這一目標，我認為我們將繼續在這項業務中尋找方法。我認為我們已經在這個業務中釋放了巨大的選擇權價值，並且我們將繼續看到它的展開。很難準確預測這些選擇是什麼，它們將如何產生效益，但我認為我們正在尋找多種獲勝方式，我們將繼續看到這些機會。

And then I guess along the same lines, I think in the prior remarks you also mentioned a generation agnostic approach to meet the customer's needs. Can you talk about the challenges related to integrating multiple types of technologies together and how we should be thinking about that moving forward?

然後我想，沿著同樣的思路，我認為在先前的評論中，您也提到了一種與世代無關的方法來滿足客戶的需求。您能談談將多種技術整合在一起所面臨的挑戰以及我們應該如何看待這項挑戰嗎？

And we, the team, our engineers, the team we got from MER are very, used to dealing with how you transform this power, what does it look like we run, our legacy business had a significant mix of reciprocating generation in it.

而我們，我們的團隊，我們的工程師，我們從 MER 獲得的團隊非常習慣於處理如何轉化這種力量，它看起來像我們的運作方式，我們的傳統業務中有大量往復式發電的組合。

As we pair up for some of these jobs, the large-scale kind of 2-ish megawatt, resits with some of the turbine business to sort of build the coloured Lego blocks, if you will, of generating the right kind of power. We've got a mix of turbines.

當我們合作完成其中一些工作時，大型的 2 兆瓦左右的風力渦輪機業務會與一些渦輪機業務相結合，以建造彩色的樂高積木（如果你願意的話），以產生正確類型的電力。我們有多種渦輪機。

We have been running a mix of 3 different kinds, or 3 different solar turbines with 3. GE turbines in the data in one data centre site and we expect for the next site in the joint venture it's going to have a mixture of different equipment as well and and I think that's one of our modes as we build this business up around our technology around our app that we mentioned and how we control these things. I think that's part of the edge that we're building into the business.

我們一直在運行 3 種不同的類型，或 3 種不同的太陽能渦輪機。GE 渦輪機在一個資料中心站點的資料中，我們預計合資企業的下一個站點也將擁有不同設備的混合，而且我認為這是我們的模式之一，因為我們圍繞我們提到的應用程式的技術以及我們如何控制這些東西來建立這項業務。我認為這是我們在業務中建立的優勢的一部分。

The next question is from Nate Pendleton with Texas Capital. Please go ahead.

下一個問題來自德州資本公司的 Nate Pendleton。請繼續。

Good morning. Congrats on the strong quarter. With my first question. While I understand that the permits for longer dated power generation are typically the responsibility of the host facility, can you talk about how much of your data centre fleet today have those permits in hand?

早安.恭喜本季業績強勁。我的第一個問題。雖然我理解長期發電許可證通常是主辦設施的責任，但您能否談談目前有多少資料中心擁有這些許可證？

Well, I think the way I would describe it is, yes, you are correct. Generally speaking, it's the owner of the land, if you will, the owner of the job site that's going to be responsible for that permitting process. We certainly play a role in that in supporting the assembly of that permit because it's going to include lots of granular detail.

嗯，我想我會這樣描述它，是的，你是對的。一般來說，土地所有者，或說工地所有者將負責該許可流程。我們當然在支持該許可證的製定方面發揮了作用，因為它將包含許多細節。

Details about the equipment that will be on site and so the permit will specifically detail exactly what equipment is there, which obviously is good from our perspective because it sort of ties us together indirectly to the permit with respect to where we are operating today, we are on two data centres. The first data centre has received its Title 5 air permit, and then the second one is in process.

有關現場設備的詳細信息，許可證將詳細說明現場有哪些設備，這顯然對我們有利，因為它將我們與許可證間接地聯繫在一起，就我們目前的運營而言，我們在兩個數據中心。第一個資料中心已經獲得了第 5 章空氣許可證，第二個資料中心正在申請中。

Got it. I appreciate the colour. And for my follow up regarding the logistics solutions business, it looks like activity is projected to drop a bit in Q3 as broader activity is softened. Are there any operational levers or efficiency initiatives that the team is looking at to mitigate some of the impacts there?

知道了。我很欣賞這個顏色。就我對物流解決方案業務的後續關注而言，隨著整體活動的減弱，預計第三季的活動將略有下降。團隊是否正在考慮採取任何營運手段或提高效率的措施來減輕其中的一些影響？

Yes, so that is obviously part of what's going on every day is ensuing that we can have the fixed cost that we did mention a little bit on the fixed cost absorption. We are keenly aware of that and we're managing to this without, jeopardizing the quality of the business, and we certainly, all of our customers both in both sides of the business, reliability is the most important thing to them and safety. And so we're, not jeopardizing that but clearly focused on ensuring that we continue to deliver the right margins.

是的，這顯然是每天發生的事情的一部分，以確保我們可以獲得固定成本，我們在固定成本吸收方面確實提到過這一點。我們敏銳地意識到了這一點，我們正在努力做到這一點，而不會危及業務質量，當然，對於我們業務雙方的所有客戶來說，可靠性和安全性都是最重要的。因此，我們不會危及這一點，而是明確專注於確保我們繼續提供正確的利潤。

The next question is from Michael Dudas with Vertical Research Partners. Please go ahead.

下一個問題來自 Vertical Research Partners 的 Michael Dudas。請繼續。

Bill, in your remarks and discussion, you cited the Texas legislation, certainly the news out of PJM last week again continued to be surprising to the marketplace.

比爾，在你的評論和討論中，你引用了德克薩斯州的立法，當然上週 PJM 傳出的消息再次讓市場感到驚訝。

Any thoughts on Big Beautiful Bill or how your clients and how your negotiations are are maybe starting to get a little bit more clearer and accelerated given some of those dynamics, certainly in the power side but maybe even on the energy side from your.

您對 Big Beautiful Bill 有什麼想法，或者您的客戶以及您的談判情況如何，也許會開始變得更加清晰和加速，因為考慮到其中一些動態，當然是在電力方面，但甚至可能是在能源方面。

I think in general the power markets are now getting the signal on pricing that had been maybe.

我認為總體而言，電力市場現在正在收到有關定價的訊號。

Not reflective of the actual price for firm power because of the renewal aspects of some of the business and so I think the PJM auction really did pull back the curtain on what the underlying cost for reliable power is for base load power is. And so I think as that as that unveils unveils itself, the notion that this semi, bridge to permanent kind of power in smaller scale with the reliability advances from a cost perspective. It's not out of line.

由於部分業務的更新方面，它並不能反映穩定電力的實際價格，因此我認為 PJM 拍賣確實揭開了可靠電力和基本負載電力的潛在成本的面紗。因此，我認為，隨著這個概念的逐漸顯現，從成本角度來看，這種小規模、可靠性的半橋接永久性電源的概念將會進步。這並不出格。

And so as that unfolds, I think it makes it much easier to see how this segment evolves in the generation and in comb with the gas suppliers. I mean it does imply more gas demand and natural gas it's only got one carbon in it, so it's a relatively clean fuel as we continue to grow gas generation in this country to support the theme of electrification of everything from data centers to reshoring and manufacturing. And to enhanced gas production to supply all this,

隨著這一進程的展開，我認為我們可以更容易地看到這一領域在發電和與天然氣供應商的結合中是如何發展的。我的意思是，這確實意味著更多的天然氣需求，而天然氣中只含有一種碳，因此它是一種相對清潔的燃料，因為我們將繼續增加這個國家的天然氣產量，以支持從數據中心到回流和製造業等一切電氣化的主題。為了滿足所有這些需求，

So, you know there is some level of circularity there. So, the notion that the country and our governments and regulatory frameworks are open up to understanding what needs to happen in a, environmentally friendly way to develop the power that we need to continue to make this country competitive, I think is important and it's, I think we're there.

所以，您知道那裡存在一定程度的循環。因此，我認為，讓國家、政府和監管框架保持開放態度，以了解如何以環保的方式發展我們所需的能源，從而繼續保持這個國家的競爭力，這一點很重要，而且我認為我們已經做到了。

That's encouraging. Thanks, Bill.

這令人鼓舞。謝謝，比爾。

Thanks.

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, good morning, guys.

嘿，大家早安。

Thank you for taking my question. Really impressive results and it was good to see some of the open capacity contracted with that with the new energy customer, but what I wanted to hear your thoughts on is this. When I speak to some folk, folks in the industry,

感謝您回答我的問題。結果確實令人印象深刻，很高興看到一些開放產能與新能源客戶簽訂了合同，但我想聽聽您對此的看法。當我和一些業內人士交談時，

Everyone clearly understands, Solaris's value proposition and its place and its place in the market for powering data centres. But it seems like folks are less enthusiastic when they realize you are open like watts don't come until, 1,526.

每個人都清楚地了解 Solaris 的價值主張及其在資料中心供電市場中的地位。但當人們意識到你像瓦特一樣開放直到 1,526 時，他們似乎不那麼熱情了。

So, keeping that in mind, my logic lends me to think that it's probably more likely that a data centre contract would more likely be landed in 26 when you are closer to receiving those turbines in the back half of 25. Does that logic make some sense or are you seeing something different?

因此，考慮到這一點，我的邏輯讓我認為，當你在 25 年下半年更接近收到這些渦輪機時，資料中心合約更有可能在 26 年達成。這種邏輯有道理嗎？或者您看到了一些不同的東西？

I think it makes no sense.

我認為這毫無意義。

I mean, people are talking about building nuclear plants that delivered in the 2030s and they're making commitments for that today. So the large scale frame units are deliveries in 26 to 29 that are being ordered today. So the planning horizon now understands that it has to match the power.

我的意思是，人們正在談論建造 2030 年代投入使用的核電站，並且他們今天正在為此做出承諾。因此，今天訂購的大型框架單元將於 26 日至 29 日交貨。因此，規劃範圍現在明白它必須與電力相符。

And so I think there are still pockets of isolated places where you can get power. Sooner for smaller loads and do some things and so we're beginning to fill up all that spare capacity but I think as the large loads develop, there is a planning horizon out there that is well beyond what we see as our horizon. So in a lot of ways, the reaction you get to having power available by early, by mid 26 and beyond is actually a surprise to the positive, not the negative.

所以我認為仍然有一些偏遠地區可以獲得電力。更快地處理較小負載並做一些事情，因此我們開始填滿所有備用容量，但我認為隨著大負載的發展，規劃範圍會遠遠超出我們所看到的範圍。因此，從許多方面來看，26 月初、中期及以後電力供應帶來的反應其實是正面的驚喜，而不是負面的驚喜。

Fair enough. Appreciate that call. I'll return to the queue.

很公平。感謝您的來電。我會回到隊列。

The next question is from Thomas Merrick with Jenny Montgomery. Please go ahead.

下一個問題來自湯瑪斯·梅里克和珍妮·蒙哥馬利。請繼續。

Morning Bill and Kyle. Thanks for the time. I appreciate it. i am curious on kind of longer-term strategy, specifically around partnerships, whether that is partnering with different generation technology developer or fuel source or, frame operator or things like that, or kind of service type business like demand response or even a kind of a capital partnership for financing. If anything jump out at you from where we sit today as being very accretive to the play's business model, and that's it for me.

早安，比爾和凱爾。謝謝你的時間。我很感激。我對長期策略很好奇，特別是合作夥伴關係，無論是與不同的發電技術開發商或燃料來源或框架運營商或類似機構合作，還是需求響應等服務類型的業務，甚至是一種融資資本合作夥伴關係。如果從我們今天所處的位置來看，有什麼東西讓你覺得對該劇的商業模式非常有益，那麼對我來說就是這樣了。

Thanks.

謝謝。

I think we view partnerships as bringing complementary skill sets to the table, whether it's the asset base, so we're in active discussions with gas producers about how to use their gas and put that together with pipeline companies and midstream assets on how we work together to use what they can control through their assets and what we can control,

我認為我們認為合作關係可以帶來互補的技能，無論是資產基礎，所以我們正在與天然氣生產商積極討論如何使用他們的天然氣，並將其與管道公司和中游資產結合起來，討論如何共同利用他們可以通過他們的資產控制的東西和我們可以控制的東西，

And discussions with customers where them. To participate in owning a little bit of this and put a little bit of capital to work in the business across the board, I think that that will also play across in some of the electrical contracting installation and operations work were,

並與客戶進行討論。參與擁有其中的一部分，並投入一點資本來全面開展業務，我認為這也會在一些電力承包安裝和運營工作中發揮作用，

we have got that, in a small scale in-house today and then that continues to grow and be very important to run a very high quality. Safe operation for the customers and we need, that kind of engineering and operations talent and technology that is evolving to ensure that these these kind of hybrid, if you will, power plants are run, as effectively and optimized effectively as possible. So yeah, I think partnerships are going to be things that will continue to happen across the board.

今天，我們在內部小規模上已經實現了這一點，並將繼續發展，並且對於保持高品質運作非常重要。為客戶提供安全的操作，我們需要不斷發展的工程和營運人才和技術，以確保這些混合發電廠盡可能有效和最佳化地運作。是的，我認為合作關係將會在各個領域持續發展。

The next question is from, McLean with Daniel Energy Partners. Please go ahead.

下一個問題來自 Daniel Energy Partners 的 McLean。請繼續。

Hey, good morning, guys.

嘿，大家早安。

Yeah, I really kind of touched on it there on your last answer. I just wanted a little bit more color on how you guys are thinking about that balance of plant strategy.

是的，我確實在你上次的回答中提到了這一點。我只是想進一步了解你們是如何看待植物平衡策略的。

We know that supply chain is tight, so I was looking for just maybe more color on the collaborations you just talked about on the partnership side and how you're thinking about further development of that capacity in-house and kind of what that does for you as you kind of go to market.

我們知道供應鏈很緊張，所以我想了解更多關於您剛才談到的合作方面的情況，以及您如何考慮進一步開發內部產能，以及這對您進入市場有何幫助。

We think it is highly complementary. It's a little bit like the strategy we have on the well side business where we're adding more activity per customer, and we control more of that with the top field units and blenders and things and so I think we are as we look at the power business us controlling our own destiny on.

我們認為這是高度互補的。這有點像我們在油井業務上的策略，我們為每個客戶增加更多的活動，我們用頂級現場裝置和攪拌機等來控制更多的活動，所以我認為，當我們審視電力業務時，我們掌握著自己的命運。

To some extent with transformers and switch gear and all of the software that needs to coordinate and drive all this stuff, I think all of that is stuff that we're, keenly looking at how do we, build versus buy.

在某種程度上，對於變壓器和開關設備以及需要協調和驅動所有這些東西的所有軟體，我認為所有這些都是我們正在熱切關注如何建造而不是購買的東西。

The only thing I'd add to that is I think what it also does is it opens up a wider addressable market with respect to A supporting generation that is not necessarily our own,

我唯一想補充的是，我認為它還能為支持這一代人開闢一個更廣闊的潛在市場，而這一代人不一定是我們自己的。

whether it's other you know modular solutions that our own slaps capacity or it's grid interconnect power. So those tangential pieces of kit are relevant for likely a wider addressable market than we even see today despite having a really attractive addressable market today.

無論是其他您知道的模組化解決方案，還是我們自己的容量或電網互連功率。因此，儘管目前的潛在市場確實很有吸引力，但這些無關的設備可能比我們今天看到的更廣泛。

This concludes the question and answer session. I would like to turn the conference back over to Bill Zartler for any closing remarks.

問答環節到此結束。我想將會議交還給 Bill Zartler 並請他做最後發言。

Thank you.

謝謝。

Thank you everyone for joining us today. I'm excited about the strong execution from the Solaris team today and equally encouraged by the opportunities ahead for Solaris as we continue to grow. Our success is a testament to the dedication and hard work of our employees, the trust of our customers, and the strong partnerships with our suppliers.

感謝大家今天的參與。我對 Solaris 團隊今天的強大執行力感到非常興奮，也同樣對 Solaris 隨著我們繼續發展而面臨的機會感到鼓舞。我們的成功證明了員工的奉獻和辛勤工作、客戶的信任以及與供應商的牢固合作關係。

Thank you for being a part of the Solaris team. We look forward to sharing our progress with you in a few months.

感謝您成為 Solaris 團隊的一員。我們期待幾個月後與您分享我們的進展。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。