Solaris Energy Infrastructure Inc (SEI) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Solaris Energy Infrastructure 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President of Finance and Investor Relations. Please go ahead.

現在我將把會議交給財務和投資者關係高級副總裁伊馮娜·弗萊徹。請繼續。

Thank you, operator. Good morning, and welcome to the Solaris third quarter 2025 earnings conference call. Joining us today are our Chairman and Co-CEO, Bill Zartler; and our Co-CEO and Director, Amanda Brock; and our President and CFO, Kyle Ramachandran.

謝謝接線生。早安，歡迎參加 Solaris 2025 年第三季財報電話會議。今天與我們一同出席的有：董事長兼聯席首席執行官比爾·扎特勒；聯合首席執行官兼董事阿曼達·布羅克；以及總裁兼首席財務官凱爾·拉馬錢德蘭。

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. 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. 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.

在開始之前，我想提醒各位，我們今天將要發表的一些聲明具有前瞻性，需要注意，這是我們一貫的謹慎態度。此類前瞻性陳述可能包括對未來財務表現的評論，並反映出許多已知和未知的風險。請參閱我們昨天發布的新聞稿，以及近期向美國證券交易委員會提交的其他公開文件，其中概述了這些風險。我們也建議您參考我們昨晚在網站「投資者關係」版塊「活動與簡報」欄位下發布的獲利補充幻燈片。

I would like to point out that our earnings release and today's conference call will contain discussion of non-GAAP 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 News section on our website. For more details on the company's earnings guidance, please refer to the earnings supplement slide deck published on our website.

我想指出，我們的獲利報告和今天的電話會議將討論非GAAP財務指標，我們認為這些指標有助於評估我們的表現。不應孤立地看待這些補充信息，也不應將其視為按照公認會計原則編制的結果的替代品。有關與可比較 GAAP 指標的調整表，請參閱我們網站新聞版塊發布的獲利報告。有關公司盈利預期的更多詳情，請參閱我們網站上發布的盈利補充幻燈片。

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

現在我將把電話交給我們的董事長兼聯合執行長比爾‧札特勒。

Thank you, Yvonne, and thank you, everyone, for joining us this morning. Solaris had a great third quarter, achieving record levels of quarterly revenue and profit. Our strong results demonstrate that we are executing well and are also showing significant progress on our growth. Solaris is at the center of what appears to be a massive and growing market opportunity. Demand for reliable and efficient power generation is accelerating as data center investment and associated power demand continues to grow at a scale and pace that is providing significant attractive growth opportunities for Solaris.

謝謝伊馮娜，也謝謝各位今天早上光臨。Solaris 第三季表現出色，季營收和獲利都創下歷史新高。我們取得的優異成績表明我們執行良好，並且在成長方面也取得了顯著進展。Solaris 正處於一個看似龐大且不斷成長的市場機會的核心。隨著資料中心投資和相關電力需求的持續成長，對可靠且高效發電的需求也在加速成長，這為 Solaris 提供了巨大的、極具吸引力的成長機會。

Many data centers now require more than 1 gigawatt of electricity demand per site, which, in some cases, represents only the initial phase of what is likely to evolve into a multi-gigawatt facility. Many of these key artificial intelligence players are now planning numerous locations of this size with multiyear development plans. Power is a key bottleneck for many of these projects. Grid delays, extended equipment lead times, regulatory mandates and surging demand are leading data center developers and hyperscalers to select locations where they can quickly secure significant power for multiple years.

現在許多資料中心每個站點需要超過 1 吉瓦的電力需求，在某些情況下，這只代表了未來可能發展成為數吉瓦設施的初始階段。目前，許多人工智慧領域的主要參與者正在規劃建造多個類似規模的基地，並制定了多年的發展計畫。電力是許多此類項目面臨的主要瓶頸。電網延遲、設備交付週期延長、監管要求和需求激增，正促使資料中心開發商和超大規模資料中心營運商選擇能夠快速確保多年充足電力供應的地點。

Over the course of the last 18 months, Solaris has positioned itself to provide critical infrastructure and services to support this massive investment cycle. In that short time, Solaris has quickly become recognized as a leading power solutions company. This is attributable to our successful track record of delivering a scalable, reliable and flexible power solutions offering. In order to continue our growth trajectory, we must execute well on all aspects of the business. This includes growing a capable team, while maintaining our culture, developing a strong balance sheet and creating power offerings that optimize capacity, timing, capital and flexibility.

在過去的 18 個月裡，Solaris 已做好準備，提供關鍵的基礎設施和服務，以支援這個大規模的投資週期。在短短的時間內，Solaris 已迅速成為公認的領先電源解決方案公司。這歸功於我們成功交付了可擴展、可靠且靈活的電力解決方案。為了保持成長勢頭，我們必須在業務的各個方面都做到精益求精。這包括培養一支能力出眾的團隊，同時保持我們的文化，建立強大的資產負債表，並創造能夠優化產能、時間、資本和靈活性的電力產品。

The optimal power solutions for our customers will likely vary based on the application, scale, location, capital efficiency and importantly, the timing needs of each unique project. Solaris is in a position to provide our customers with the most appropriate solution or solutions for their range of needs at any particular site. We can provide multiple generation sources to our customers as well as gas supply infrastructure, power distribution equipment and resiliency equipment such as battery energy storage systems or BESS.

為客戶量身定制的最佳電力解決方案可能會因應用、規模、地點、資本效率以及每個獨特項目的特定時間要求而有所不同。Solaris 能夠為客戶在任何特定地點的各種需求提供最合適的解決方案。我們可以為客戶提供多種發電資源，以及天然氣供應基礎設施、配電設備和彈性設備，例如電池儲能係統或 BESS。

Our solutions can include a combination of natural gas turbines, natural gas reciprocating engines, grid power, BESS, fuel cells and other renewable technologies. It is quickly becoming apparent that an all-of-the-above generation approach could be necessary to meet the rapidly growing power demand. Since we updated you last in July, Solaris has achieved many strategic milestones that have positioned us for substantial growth. First, we continue to demonstrate strong execution.

我們的解決方案可以包括天然氣渦輪機、天然氣往復式發動機、電網電力、電池儲能係統、燃料電池和其他再生能源技術的組合。顯然，為了滿足快速增長的電力需求，可能需要採取多種發電方式相結合的方法。自從我們上次在 7​​ 月向您報告以來，Solaris 已經實現了許多策略里程碑，這為我們實現大幅成長奠定了基礎。首先，我們持續展現出強大的執行力。

We operated approximately 760 megawatts during the third quarter, up from approximately 150 megawatts only a year ago. Our growing proprietary operational know-how and strong track record of uptime position us as a reliable provider of power. We began successfully providing primary power to a second data center during the third quarter, highlighting our ability to again rapidly deploy power solutions supported by effective collaboration between our employees, our supply chain partners and our customers.

第三季我們的發電量約為 760 兆瓦，而一年前僅約 150 兆瓦。我們不斷增長的專有營運技術訣竅和良好的正常運行時間記錄使我們成為可靠的電力供應商。第三季度，我們開始成功地為第二個資料中心提供主電源，這再次凸顯了我們快速部署電力解決方案的能力，這得益於我們的員工、供應鏈合作夥伴和客戶之間的有效協作。

Second, we secured additional capacity to position our business to enable us to react swiftly and comprehensively to the numerous meaningful commercial opportunities we are pursuing. With the order of 80 megawatts announced a few weeks ago and an additional order of just over 400 megawatts, we now expect to have pro forma generation capacity of approximately 2,200 megawatts by early 2028, compared to our prior plan for 1,700 megawatts by the first half of 2027.

其次，我們獲得了額外的產能，使我們的業務能夠迅速、全面地應對我們正在追求的眾多有意義的商業機會。幾週前宣布的 80 兆瓦訂單和隨後新增的 400 多兆瓦訂單，使我們預計到 2028 年初的預計發電容量將達到約 2200 兆瓦，而我們之前的計劃是到 2027 年上半年達到 1700 兆瓦。

Third, we raised significant capital in the form of a new convertible notes to pay off our existing term loan, providing us the financial and operational flexibility to continue our growth. Kyle will share more detail on this shortly. Fourth, our commercial pipeline is deep and growing, as we are currently evaluating a number of potential long-term opportunities. The combination of growing project size, tenor, timing and reliability has resulted in an increasing interest in solutions like ours.

第三，我們透過發行新的可轉換債券籌集了大量資金，用於償還我們現有的定期貸款，從而為我們提供了財務和營運上的靈活性，以繼續我們的成長。Kyle稍後會分享更多細節。第四，我們的商業管道豐富且不斷成長，我們目前正在評估一些潛在的長期機會。專案規模、週期、時間安排和可靠性不斷提高，導致人們對我們這類解決方案的興趣日益濃厚。

Our recognized track record of execution and investments we've made in capacity has positioned us at the forefront for many of these opportunities, and we are confident that the additional capacity we have on order will convert into long-term contracts. Fifth, we have expanded our capabilities and customer base through M&A. In the third quarter, we acquired and welcomed HVMVLV, provider of specialty voltage distribution and regulation equipment and engineering services. HVMVLV stands for high voltage, medium voltage, low voltage, just so you know.

我們卓越的執行力和在產能方面的投資使我們在許多此類機會中處於領先地位，我們相信我們已訂購的額外產能將轉化為長期合約。第五，我們透過併購擴大了自身能力和客戶群。第三季度，我們收購了HVMVLV，這是一家專業電壓分配和調節設備及工程服務提供商。你知道，HVMVLV 分別代表高壓、中壓、低壓。

Bringing these capabilities in-house further strengthens our power solutions offering by giving us exposure to new high-growth end markets. Importantly, these balance-of-plant solutions are essential across all electricity use cases regardless of generation source. Our acquisition strategy demonstrates how we are strategically both vertically integrating and expanding our technology offering, further enabling us to offer a truly power-agnostic approach to meet our customers' power needs.

將這些能力納入公司內部，可以讓我們接觸到新的高成長終端市場，從而進一步加強我們的電力解決方案產品。重要的是，無論發電來源為何，這些電廠平衡解決方案對於所有電力使用情境至關重要。我們的收購策略表明，我們正在策略性地進行垂直整合並擴展我們的技術產品，使我們能夠提供真正與電源無關的方法來滿足客戶的電源需求。

Finally, we have welcomed additional talent to complement our existing team and drive further commercial and operational success. We've added high-impact team members to our engineering, operations, commercial and support functions. We've also enhanced our executive leadership team with the addition of Amanda Brock as my co-CEO. Amanda has been a trusted partner of mine for the last decade and brings a proven complementary skill set to the office of the CEO. She has an extensive background in building and managing infrastructure, including both water and power and in leading teams to success.

最後，我們迎來了更多優秀人才，以補充我們現有的團隊，並推動商業和營運方面的進一步成功。我們為工程、營運、商務和支援部門增添了高影響力團隊成員。我們也加強了高階主管領導團隊，Amanda Brock 加入了我們，擔任我的共同執行長。在過去的十年裡，Amanda 一直是我值得信賴的合作夥伴，她為執行長辦公室帶來了一套行之有效的互補技能。她在基礎設施建設和管理方面擁有豐富的經驗，包括水利和電力，並且擅長帶領團隊取得成功。

These capabilities come to us at a critical time, as we rapidly scale our operations for the significant growth ahead. As I've been asked many times, I would like to make it clear that I have no current plans to retire. This co-CEO appointment is about covering more ground and accelerating our growth. Moving now to a discussion of our Logistics Solutions segment. I've often referred to our Logistics Solutions business as the engine that could.

這些能力來得正是時候，因為我們正在迅速擴大營運規模，以應對未來的顯著成長。很多人都問過我這個問題，我想在此澄清，我目前沒有任何退休計畫。此次任命聯合執行長是為了擴大業務範圍，加速公司發展。接下來我們來討論一下物流解決方案板塊。我經常把我們的物流解決方案業務比喻為一台動力十足的引擎。

While less than one-third of our business today, we would not have the success we've had in Power Solutions without the stable cash flow provided by this business segment. This business also is a critical piece of the natural gas value chain required for the Power Solutions segment.

雖然目前電力解決方案業務僅占我們業務的不到三分之一，但如果沒有該業務部門提供的穩定現金流，我們就無法在電力解決方案領域取得如此成功。這項業務也是電力解決方案部門所需的天然氣價值鏈中的關鍵一環。

We also continue to earn the operational and financial returns on the investments we've made in our logistics systems, which continue to help drive efficiencies for our customers. For example, we've increased our deployment of multiple Solaris systems on customer locations, which enables more efficient throughput of raw materials, and in turn, helps our customers accelerate their development schedules. Year-to-date, we've deployed multiple Solaris systems on 90% of our customers' locations, which compares to approximately 60% a year ago and 40% the year before that.

我們也持續從對物流系統的投資中獲得營運和財務回報，這些投資也持續幫助我們的客戶提高效率。例如，我們增加了在客戶現場部署多個 Solaris 系統的數量，從而提高了原材料的吞吐量，進而幫助我們的客戶加快了開發進度。今年迄今為止，我們已在 90% 的客戶場所部署了多個 Solaris 系統，而一年前這一比例約為 60%，前年則為 40%。

We believe that our technology portfolio positions Solaris as the partner of choice for operators and service companies pursuing the industry's leading-edge completions designs. During the third quarter, Lower-48 oil and gas industry activity contracted to what we believe reflects a near-term trough as evidenced by early fourth quarter activity levels. We believe this segment will continue to generate significant free cash flow, while providing a highly reliable and efficient system for our customers.

我們相信，我們的技術組合使 Solaris 成為追求業界領先完井設計的營運商和服務公司的首選合作夥伴。第三季度，美國本土48州的石油和天然氣產業活動萎縮至我們認為的短期低谷，第四季初的活動水準也證實了這一點。我們相信，該業務板塊將繼續產生可觀的自由現金流，同時為我們的客戶提供高度可靠和高效的系統。

In summary, we are pleased with both the operational and commercial advancements achieved during the quarter. We are confident that the growing demand for our power services will continue, and we are demonstrating that confidence through our incremental generation orders as well as our continued inorganic investment. We're also taking deliberate steps to ensure that we have the right balance sheet and the right people in place to position Solaris for continued growth.

總而言之，我們對本季在營運和商業方面的進展感到滿意。我們相信，對我們電力服務的需求將會持續成長，我們透過不斷增加的發電訂單以及持續的非內生性投資來證明這種信心。我們也在採取實際措施，確保我們擁有合適的資產負債表和合適的人才，使 Solaris 能夠持續成長。

As has been emphasized by our country's leaders, winning the AI race is an imperative strategic objective for the US. Solaris can play an important role in advancing this objective by using its technology to efficiently generate and deliver large-scale, reliable, clean energy.

正如我國領導人所強調的那樣，贏得人工智慧競賽是美國至關重要的戰略目標。Solaris 可利用其技術高效地產生和輸送大規模、可靠的清潔能源，從而在推進這一目標方面發揮重要作用。

With that, I'll turn it over to Kyle.

接下來，我將把麥克風交給凱爾。

Thanks, Bill, and good morning, everyone. Solaris' third quarter demonstrated another quarter of significant growth and solid execution in our Power Solutions segment as well as continued execution and strong free cash flow generation in our Logistics Solutions segment. This growth and execution were driven by the dedication and skills of our team, the continued support of our customers and the dependability and flexibility of our suppliers.

謝謝你，比爾，大家早安。Solaris 第三季業績表明，我們的電力解決方案部門又實現了顯著成長和穩健執行，同時我們的物流解決方案部門也繼續保持了良好的執行力和強勁的自由現金流。這一成長和成功得益於我們團隊的奉獻精神和技能、客戶的持續支持以及供應商的可靠性和靈活性。

During the third quarter, Power Solutions contributed more than 60% of our revenue and over three quarters of our segment-level adjusted EBITDA. These results are attributable not only to a robust industry backdrop, but also to the value of the Solaris offering and the team's execution. As Bill highlighted, in addition to the previously announced 80 megawatts we recently ordered, we have also secured additional generation capacity for a total of approximately 500 megawatts. This brings our pro forma expected generation capacity to approximately 2.2 gigawatts by early 2028, which compares to our prior order book of approximately 1.7 gigawatts.

第三季度，電力解決方案業務貢獻了我們 60% 以上的收入和超過四分之三的部門調整後 EBITDA。這些成果不僅歸功於強勁的產業環境，也歸功於 Solaris 產品本身的價值以及團隊的執行力。正如比爾所強調的那樣，除了我們最近訂購的80兆瓦電力外，我們還獲得了額外的發電能力，總計約500兆瓦。這將使我們預計到 2028 年初的發電量達到約 2.2 吉瓦，而我們先前的訂單量約為 1.7 吉瓦。

As previously announced, concurrent with our recent convertible financing, we expect the first 80 megawatts of our new orders to be delivered by year-end. The remaining delivery schedule is concentrated around the second half of 2026 and the second half of 2027, with final deliveries of this most recent order occurring in early 2028. Capital expenditures associated with the 500 megawatts total approximately $450 million, consisting mostly of turbines and associated emissions control equipment.

正如先前宣布的那樣，隨著我們最近的可轉換融資，我們預計新訂單中的前 80 兆瓦將在年底前交付。剩餘的交付計畫集中在 2026 年下半年和 2027 年下半年，最新訂單的最終交付將於 2028 年初進行。與 500 兆瓦項目相關的資本支出總計約 4.5 億美元，主要包括渦輪機和相關的排放控制設備。

Once equipment is contracted at a particular site, we expect to add additional project scope to accommodate the unique specifications of any given location and customer need. This increased content would be expected to generate returns on invested capital comparable to the economics of our current Power Solutions offering. As a result of our recent financing and the ongoing cash flow generation ahead of these deliveries, we have sufficient cash to fund these incremental generation orders.

一旦某個特定地點的設備簽訂了合同，我們預計會增加額外的項目範圍，以適應任何特定地點和客戶需求的獨特規格。預計增加的內容將產生與我們目前電力解決方案產品的經濟效益相當的投資資本回報。由於我們最近的融資以及在這些交付之前持續產生的現金流，我們有足夠的現金來為這些新增發電訂單提供資金。

In early October, Solaris raised approximately $748 million in the form of senior convertible notes due 2031 with a 0.25% coupon. The proceeds from this offering were used to repay our existing term loan and will be used to fund the 500-megawatt order. This financing also unlocks significant flexibility for Solaris, given the removal of restrictive covenants as well as the meaningful incremental near-term cash flow it unlocks.

10月初，Solaris發行了約7.48億美元的2031年到期高級可轉換債券，票面利率為0.25%。本次發行所得款項已用於償還我們現有的定期貸款，並將用於為 500 兆瓦的訂單提供資金。鑑於此次融資取消了限制性契約，並釋放了可觀的近期現金流，因此也為 Solaris 釋放了相當大的靈活性。

Over the next four quarters, we now expect to save approximately $45 million in the form of interest and amortization savings as compared to our prior capital structure. Turning now to a review of our third quarter results and our outlook for the next two quarters. During the third quarter, Solaris generated revenue of $167 million and adjusted EBITDA of $68 million on a consolidated basis. Our adjusted EBITDA grew 12% from the prior quarter and increased more than 3 times as compared to the same quarter last year, driven by the acceleration of our Power Solutions segment.

在接下來的四個季度裡，與先前的資本結構相比，我們預計將節省約 4,500 萬美元的利息和攤提費用。現在讓我們回顧一下第三季的業績，並展望未來兩個季度。第三季度，Solaris 合併後的營收為 1.67 億美元，調整後的 EBITDA 為 6,800 萬美元。受電力解決方案業務加速成長的推動，我們調整後的 EBITDA 比上一季成長了 12%，比去年同期成長了 3 倍以上。

The primary driver of growth versus the prior quarter was continued activity growth in Power Solutions, which more than offset a modest decline in Logistics Solutions activity. We generated revenue from approximately 760 megawatts of capacity during the third quarter, which reflects an increase of more than 27% from the prior quarter. This increase in activity was driven by increased and accelerated demand from our customers, which we are meeting using a combination of new turbine deliveries as well as selective short-term sourcing of third-party generation capacity.

與上一季相比，成長的主要驅動力是電力解決方案業務的持續成長，足以抵消物流解決方案業務的小幅下滑。第三季度，我們從約 760 兆瓦的發電容量中獲得了收入，比上一季成長了 27% 以上。此次業務活動的增加是由於客戶需求的增加和加速成長所致，我們透過交付新的渦輪機以及選擇性地短期採購第三方發電能力來滿足這些需求。

Segment adjusted EBITDA for the Power Solutions segment was $58 million, a 27% increase from the second quarter. We expect segment adjusted EBITDA next quarter to be relatively flat as a full quarter's benefit from the ramp in operated megawatts and the HVMVLV acquisition is offset by a mix impact from lower spot utilization and commissioning work. While we expect the recent order of 80 megawatts to have a limited impact on fourth quarter results given the expected timing of deliveries, we expect this incremental capacity to drive first quarter 2026 segment adjusted EBITDA for Power Solutions higher sequentially relative to the fourth quarter of this year.

電力解決方案部門的調整後 EBITDA 為 5,800 萬美元，比第二季成長 27%。我們預計下一季分部調整後的 EBITDA 將相對平穩，因為營運兆瓦數增加和 HVMVLV 收購帶來的整季收益將被現貨利用率下降和調試工作帶來的組合影響所抵消。儘管我們預計最近訂購的 80 兆瓦電力對第四季度業績的影響有限（考慮到交付時間），但我們預計這一新增產能將推動 2026 年第一季電力解決方案部門的調整後 EBITDA 較今年第四季環比增長。

In our Logistics Solutions segment, we averaged 84 fully utilized systems, a decline of 11% from the second quarter. We believe the third quarter represents a near-term bottom in drilling and completion activity and expect our segment adjusted EBITDA to improve slightly in the fourth quarter. Netting these factors and considering corporate and other expenses, total adjusted EBITDA guidance for the fourth quarter is now $65 million to $70 million, up from the prior guidance of $58 million to $63 million and relatively flat from the third quarter.

在我們的物流解決方案部門，平均有 84 個系統完全利用，比第二季下降了 11%。我們認為第三季代表鑽井和完井活動的短期底部，並預計我們分部的調整後 EBITDA 將在第四季略有改善。考慮到這些因素以及公司和其他費用，第四季度調整後 EBITDA 總額預期為 6,500 萬美元至 7,000 萬美元，高於先前預期的 5,800 萬美元至 6,300 萬美元，與第三季基本持平。

We are also introducing our first quarter 2026 total adjusted EBITDA guidance of $70 million to $75 million. Accounting for expected longer-term tenor on our fully delivered 2,200 megawatt generation capacity and our recent acquisition, our new estimate of pro forma earnings of the company could be over $600 million before considering any additional scope or growth with our existing customers or new opportunities. We are excited about the accelerating growth of the industry and about the significant strategic steps we've taken to maximize our opportunity to continue to grow.

我們同時發布了 2026 年第一季調整後 EBITDA 總額預期，為 7,000 萬美元至 7,500 萬美元。考慮到我們已全面交付的 2,200 兆瓦發電容量的預期長期期限以及我們最近的收購，我們對公司備考收益的新估計可能超過 6 億美元，這還不包括與現有客戶的任何額外範圍或增長，以及新的機遇。我們對產業的加速成長感到興奮，也對我們為最大限度地抓住機會繼續發展而採取的重大策略舉措感到興奮。

Our priority remains to deliver strong returns on invested capital, as we continue to develop our Power Solutions business, while sustaining leading market share and strong cash flow generation from our Logistics Solutions operations.

我們的首要任務仍然是實現強勁的投資資本回報，同時我們將繼續發展電力解決方案業務，並保持領先的市場份額和物流解決方案業務的強勁現金流。

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

那麼，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Dave Anderson, Barclays.

戴夫安德森，巴克萊銀行。

I was wondering if you could talk a little bit about how you see the supply chain today. You're placing orders now for 2028 deliveries. Is this going to get stretched out a bit more than, say, a year ago? And I would imagine the competition for OEM slots has become substantially tighter in the last few months. I was wondering if you could talk about some of those challenges that you're facing as you look to build out the power business.

我想請您談談您對當今供應鏈的看法。您現在下的訂單將用於 2028 年的配送。這次的持續時間會比一年前更長嗎？我估計在過去的幾個月裡，OEM廠商的市佔率競爭已經變得更加激烈了。我想請您談談在拓展電力業務過程中面臨的一些挑戰。

I think you surmised it well, David. The supply chain is growing out. We are lucky to get the slots we have with our relationships, and we're exploring other avenues for getting power. Hence, I think what we referred to as multiple sources of generation to power these things, especially in timing-wise. And we're spending a lot of time on the distribution side and the equipment side.

我覺得你推測得很準確，大衛。供應鏈正在向外擴展。我們很幸運能透過人脈關係獲得現在的機會，我們也正在探索其他獲得權力的途徑。因此，我認為我們所說的多種發電方式，尤其是在時間安排方面，對於這些設備來說非常重要。我們投入了大量時間在分銷和設備方面。

We had a team over in Asia last week looking at a couple of OEM flexibility options around how we get ahead of transformers and switchgear and breakers and those kind of things on a portable basis as well as for permanent equipment. So I think that's a very important part. As I said, we need to execute on all phases of the business and supply chain is clearly one of those phases that's really driving a lot of things today.

上週我們派了一個團隊去亞洲考察了一些 OEM 靈活性方案，這些方案涉及我們如何在便攜式變壓器、開關設備、斷路器以及類似設備方面取得領先地位，以及在固定設備方面取得領先地位。所以我認為這是非常重要的一環。正如我所說，我們需要在業務的各個階段都有效執行，而供應鏈顯然是目前真正推動許多事情發展的階段之一。

And I think that's also coming at a time where the customers are recognizing the sort of opportunity of speed here to build behind-the-meter solutions in a way that provides the right levels of reliability, the right levels of generation in a way that really aligns well with their strategic goals. And I think that's informed in terms of how we're thinking about expanding the fleet at this stage.

我認為，同時，客戶也意識到，現在有機會快速建立用戶側解決方案，以提供合適的可靠性和發電量，從而真正與他們的策略目標保持一致。我認為，這與我們現階段考慮擴大船隊規模的方式有關。

The size of the prize appears to be growing at a rate where the sort of cost of poker, i.e., how much capacity you have available is needing to go up. And so what we're sort of -- what we're indicating here is the size of each of these opportunities is growing. And so we've added capacity here sort of second half of '27. And as we look at making further orders beyond this, you're spot on, the delivery dates are extended, but we've got a tremendous track record, I think, of finding unique ways to find capacity.

獎金的規模似乎正在以這樣的速度成長：玩撲克的成本，也就是你可用的容量，也需要跟著增加。因此，我們在這裡所表達的是，這些機會的規模都在成長。因此，我們在 2027 年下半年增加了產能。至於我們接下來要下的訂單，你說得對，交貨日期會延長，但我認為，我們在尋找獨特的產能方法方面有著非常出色的記錄。

We continue to benefit from a team that's got tremendous experience and legacy in looking at generation over decades all over the world. And I think that really positions us somewhat differently than maybe others in the market that are kind of just getting into it. So we've got literally decades of experience, both on the generation side as well as on all the distribution side within the company now that we're really able to benefit from.

我們持續受益於一支擁有豐富經驗和深厚底蘊的團隊，他們在數十年來對世界各地不同世代的關注方面積累了巨大的經驗和成就。我認為這確實使我們與市場上其他剛進入這個領域的公司有所不同。因此，公司在發電和配電方面都累積了數十年的經驗，現在我們能夠真正從中受益。

So I think there's actually a big distinction about how you're actually already managing the megawatts today. And you've talked about the balance of plant and how kind of the challenge is to actually manage this power is more than just owning it. You made that acquisition over the summer -- the HVMVLV, I did it, of the acquisition in terms of the balance of plant. I also noticed this quarter, the megawatts or revenue per megawatts increased about 10% this quarter. Are we starting to already see the impact on the balance of plant? Or is that more about efficiency and utilization of the equipment? And could you tell me how we should be thinking about modeling that going forward? Is that a number we should be kind of steadily increasing over time?

所以我覺得，實際上，你們現在是如何管理這些兆瓦級電力的，這其中存在著很大的差異。您也談到了電力系統的平衡，以及管理這種電力系統的挑戰遠不止擁有它那麼簡單。你在夏季完成了那項收購——HVMVLV，我完成了那項收購，指的是工廠的輔助設備。我還注意到，本季兆瓦數或每兆瓦收入成長了約 10%。我們是否已經開始看到對工廠其他部分的影響了？或者，這與設備的效率和利用率更相關？您能否告訴我，今後我們該如何考慮建立這樣的模型？這個數字我們應該隨著時間的推移而穩定提高嗎？

It's -- there's a lot of puts and takes in that. And I think if we specifically look at the third quarter, what we were able to do was to deploy a significant amount of additional generation that was sort of beyond what we initially guided to. And so we are benefiting in the third quarter with some level of contribution from some of our commissioning efforts. I think the fundamental returns on the equipment are still sort of in line with where we've indicated in the past. The other kind of puts and takes on it align with duration. And as we think about different customer mix and different duration mix, there could be some different ways of looking at, at returns.

這裡面有很多進退兩難的情況。我認為，如果我們具體看一下第三季度，我們所做的就是部署了大量額外的發電量，這超出了我們最初的預期。因此，我們在第三季受益於我們的一些調試工作所做出的一定貢獻。我認為該設備的基本回報仍然與我們過去預測的大致一致。另一種形式的買賣與持續時間相符。當我們考慮不同的客戶組合和不同的持續時間組合時，可能會有一些不同的方法來看待退貨。

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Congrats on your update. And Amanda, congrats on your appointment. For my first question, I wanted to focus more on the competitive landscape. With this announcement, it's clear that you feel confident in your ability to place your power generation capacity. With that said, to what degree did the recent announcements from Halliburton and Liberty change your view on the size of the growth opportunity for Solaris?

恭喜您完成更新。阿曼達，恭喜你獲得任命。我的第一個問題，我想更專注於競爭格局。透過這項聲明，很明顯您對自身發電能力的部署充滿信心。綜上所述，哈里伯頓和Liberty最近的公告在多大程度上改變了您對Solaris成長機會規模的看法？

We're having our own discussions and what others do don't necessarily impact it. I don't think that -- this is a very, very large market, if you look at the numbers, and it's going to require multiple companies to perform to satisfy the needs of the growing power demand. So I think it's -- that has not changed our outlook at all in any way.

我們正在進行自己的討論，其他人的做法不一定會影響我們。我不認為——這是一個非常非常大的市場，如果你看看數據，你會發現它需要多家公司共同努力才能滿足不斷增長的電力需求。所以我覺得──這絲毫沒有改變我們的看法。

Yeah. And I'd say just to put it in context, so the 2,200 megawatts we're talking about here, to satisfy the leading-edge sort of incremental data center. I'm not sure that satisfies even two at this stage. So the sizes of these infrastructure projects continue to grow, to Bill's point, such that it's just a large market.

是的。我想說，為了說明情況，我們在這裡討論的 2200 兆瓦是為了滿足最先進的增量資料中心的需求。我不確定這在現階段是否能讓雙方都滿意。正如比爾所說，這些基礎設施項目的規模持續成長，以至於它已經變成了一個巨大的市場。

Yeah, fair point. And maybe just to build on that, based on the flurry of recent power AI development announcements across West Texas and the amount of BTC miners that are converting to data centers, do you guys see an opportunity to co-bid these developments with those operators to meet reliability needs of the end client?

嗯，有道理。或許可以以此為基礎，鑑於最近西德州大量湧現的電力人工智慧開發項目，以及大量比特幣礦工正在轉型為資料中心，你們是否認為有機會與這些營運商共同競標這些開發項目，以滿足最終客戶的可靠性需求？

I think that's one of the points on the flexible generation here is that the distribution equipment and the packaging up of multiple sources and the way that gets run is something that I think we're developing a pretty good expertise on. And I think that will be -- the way some of this gets executed is a combination of multiple sources, whether it's excess grid power that a Bitcoin miner may have been using, whether they've got some on-site backup generation that flexes or -- and we put some new kind of permanent power or bridge to backup kind of power on site. I think it's going to really be what the ultimate solution looks like to the size of this activity and the timing needs that the industry has.

我認為靈活發電的關鍵之一在於配電設備、多種能源的整合以及運作方式，我認為我們正在這方面累積相當豐富的專業知識。我認為，實現這一目標的方式是多種資源的結合，無論是比特幣礦工可能一直在使用的剩餘電網電力，還是他們擁有的可靈活調整的現場備用發電裝置，或者——我們在現場安裝某種新型的永久電源或橋接備用電源。我認為最終的解決方案將真正取決於這項活動的規模以及行業的時間需求。

And our fleet, if you think about just max flexibility with respect to in general, the mobility of the actual equipment, also the size. These are medium-sized gas turbines that are able to be moved and rigged up quite quickly relative to some of the other larger equipment that may be more permanent in nature. And so to your point, as the opportunities shift around in terms of geography, we really benefit from that. And that also ties into our legacy business.

如果從整體來看，我們的車隊在最大程度上具有靈活性，包括實際設備的移動性和規模。這些是中型燃氣渦輪機，相對於其他一些體積更大、更固定的設備而言，它們的移動和安裝速度相當快。所以正如你所說，隨著地理位置的變化，機會也會隨之轉移，我們確實從中受益匪淺。這也與我們的傳統業務息息相關。

One of the real keys to success of the 10-plus years track record of the legacy Solaris business has been the fact that we've had equipment that can go anywhere at a moments times notice. And so that's allowed us to be very nimble. And I think that will continue to be a paramount sort of culture tenet to our business.

Solaris 業務在過去 10 多年中取得成功的關鍵之一在於，我們擁有可以隨時部署到任何地方的設備。因此，這使我們能夠非常靈活地應對各種情況。我認為這將繼續成為我們企業文化中至關重要的原則。

And I would add to the engineering team that is associated with the legacy business and our ability to take a look at this power generation business and modify equipment to make it more mobile. I think the oilfield led the way in developing and partnering to make the mobile turbines to start with and then the addition of mobility around the catalytic reforming technology, we've modified and built our own -- with our own in-house engineering mobile SCRs that pair up quite quickly, quite easily and minimize downtime for the emission control system. So I think that combination of engineering know-how and the focus on mobility and quick execution has been paramount to the continued success in both businesses.

我還要補充一點，我們與傳統業務相關的工程團隊有能力審視發電業務，並改進設備，使其更具移動性。我認為油田率先開發並合作製造移動式渦輪機，然後圍繞催化重整技術增加了移動性，我們對其進行了改進和製造——利用我們自己的內部工程技術製造的移動式SCR，可以快速、輕鬆地配對，並最大限度地減少排放控制系統的停機時間。所以我認為，工程技術知識與對行動性和快速執行的重視相結合，對於這兩個企業持續成功至關重要。

Don Crist, Johnson Rice.

唐克里斯特，約翰遜賴斯。

Given that I'm one of the only analysts that covered both Aris and Solaris, I have kind of unique impact or relation to Amanda. Just a quick question on the co-CEO role. Is it expected to be kind of the Biden conquer? Or are you all going to make kind of decisions together? And kind of second part of that question, Amanda, I know you've only been there a week or so, but your initial impressions on kind of how the team has put together and your initial impressions as you kind of get to work?

鑑於我是少數幾個同時關注 Aris 和 Solaris 的分析師之一，我對 Amanda 有著某種獨特的影響或連結。關於聯席CEO這個職位，我有個小問題。預計這將是拜登的某種勝利嗎？還是你們打算一起做決定？問題的第二部分，阿曼達，我知道你才到那裡一周左右，但你對團隊的組建方式以及你開始工作後的初步印像是什麼？

I'll let you start there.

我就讓你從這裡開始吧。

Certainly, and thanks, Don. So look, I'm very happy to be here with this team. I've known Kyle since, I think, 2017, and it's great to still be side-by-side with Bill. And anybody who knows Bill and I and knows that we are different, but have very sort of complementary skill sets. So some of it is, and Bill will talk about it, divide and conquer so we can cover more ground and of course, not getting each other's way and make decisions that are going to enhance the effectiveness and to use Kyle's word nimbleness of the company.

當然，謝謝你，唐。所以，我很高興能和這個團隊一起工作。我從2017年就認識凱爾了，很高興還能和比爾並肩作戰。認識我和比爾的人都知道，我們個性不同，但技能卻非常互補。所以，其中一些是，比爾會談到這一點，分而治之，這樣我們就能覆蓋更大的範圍，當然，也要避免互相強迫，做出能夠提高公司效率（用凱爾的話來說就是提高公司靈活性）的決定。

In terms of observations, actually, this is the beginning of week three because there was no downtime, and it is really drinking from proverbial fire hose. The speed at which this market is moving is unprecedented. And there are huge tailwinds and opportunities for us, as we focus on delivering these power solutions into a market where power is emerging as a critical bottleneck. The deals we are engaging on and the deals that I've gone straight into work on are real and tangible with very credible counterparties. We have a distinct advantage to have already demonstrated our ability to deliver.

就觀察而言，實際上這已經是第三週的開始，因為沒有停機時間，它真的就像在用消防水管喝水一樣。這個市場的變動速度是前所未有的。我們正專注於向電力日益成為關鍵瓶頸的市場提供這些電力解決方案，因此我們面臨著巨大的順風和機會。我們正在洽談的交易以及我立即投入工作的交易都是真實可行的，而且交易對手都非常可靠。我們已經證明了自己的交付能力，這是一個明顯的優勢。

I mean we've been out there. We've been operating, and that just gives you a real perspective. And as Bill has repeatedly emphasized, we've got this track record of executing on large scale and getting larger data center projects and have developed know-how, software, proprietary processes that we can apply on new projects, and that is an advantage. So high-quality opportunities for continued growth. I'm very optimistic.

我的意思是，我們已經去過那裡了。我們一直在運營，這能讓你對實際情況有更清晰的認識。正如比爾反覆強調的那樣，我們在大規模執行和承接大型資料中心專案方面有著良好的記錄，並且開發了專業知識、軟體和專有流程，我們可以將其應用於新項目，這是一個優勢。因此，這為持續發展提供了高品質的機會。我非常樂觀。

I'm happy to be here, and there's one incredible road ahead of us. So Bill?

我很高興來到這裡，我們面前還有一條充滿無限可能的道路。那麼，比爾？

As a divide and conquer, you just covered it all. So no need to double up.

分而治之的策略，你已經涵蓋了所有內容。所以無需重複購買。

I appreciate that color. And a big question coming into this earnings cycle is going to be whether or not you announced a new contract or not. But I think you have said in past calls and whatnot that you wouldn't order any additional equipment if you weren't close on another contract signing for a data center or a large project. Is that still the case? And I know you don't want to give specific timing, but should we assume something in the next 90 to 180 days that could kind of soak up all that equipment you have on order today?

我喜歡這個顏色。而本財報週期即將到來之際，一個重要的問題是：你們是否宣布了新的合約？但我認為你曾在過去的電話或其他場合說過，如果沒有即將簽署數據中心或大型項目的新合同，你就不會訂購任何額外的設備。現在情況仍然如此嗎？我知道您不想給出具體時間，但我們是否可以假設在未來 90 到 180 天內發生一些事情，可以消耗您目前訂購的所有設備？

That is still the case, and your assumptions are pretty good.

情況依然如此，而且你的假設相當合理。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

Maybe just a bigger picture question. I want to discuss the type of advantage HVMVLV gives you when you're bidding on these large data center projects, and we're talking a gigawatt plus here. So obviously, there's a lot of companies out there going for this behind-the-meter power market. It creates a lot of confusion for investors, who's best positioned and what's a differentiating factor.

或許這只是一個更宏觀的問題。我想討論一下在競標這些大型資料中心專案時，HVMVLV 能為你帶來哪些優勢，我們這裡說的是千兆瓦以上的專案。顯然，有很多公司都在爭奪用戶側電力市場。這給投資人造成了很大的困惑，他們不知道誰處於最佳位置，也不知道差異化因素是什麼。

Maybe you could just help us understand your differentiating factor versus your peers, I mean, including this integrated solution, which has been bolstered by HVMVLV. Just help us and investors how we should really think about that.

或許您可以幫助我們了解您與同行之間的差異化因素，我的意思是，包括這個由 HVMVLV 加強的整合解決方案。請幫助我們和投資者更好地理解這個問題。

I think you think about it from actual operations and skill sets and then when we add on power -- what comes out of the generator isn't what feeds the data center or any other utility. You have to regulate that power. You have to convert it to the right voltage level. You have to get it to what the building needs. You have to control lots of elements of that with switchgears and you got to protect it with breakers and switchgears.

我認為你應該從實際操作和技能水平的角度來考慮這個問題，然後當我們加上電力時——發電機輸出的電力並不是為資料中心或任何其他公用設施供電的電力。你必須控制這種權力。你需要把它轉換成合適的電壓。你必須讓它符合建築物的需要。你需要用開關設備控制其中的許多要素，並且需要用斷路器和開關設備來保護它。

So the notion that the rest of that stuff really does drive the generation source. And as we mentioned, there's going to be multiple sources of generation to supply this demand because it's too fast and too quick. And as that happens, it's more and more imperative that you pair up the right set of electrical distribution equipment downstream of that. And so as an edge and the ability to engineer, design and operate those systems, I think we have a pretty unique advantage with that with respect to the turbines.

所以，其他那些因素確實會影響發電來源。正如我們之前提到的，將會有多種發電方式來滿足這種需求，因為這種需求發展得太快太迅速了。隨著這種情況的發生，為其下游配備合適的配電設備就變得越來越重要。因此，憑藉我們設計、製造和營運這些系統的能力，我認為我們在渦輪機方面擁有相當獨特的優勢。

It's the modeling of these businesses, and I think we set a little bit of a trap up on megawatts times dollar equals this times the multiples of value. But there's a lot more to this around protecting that business, building the moat around the operating processes and technology and the pieces of electrical equipment that blew it all together. So a house -- a set of bricks doesn't really work without the mortar, and that's the mortar in this business.

關鍵在於對這些企業進行建模，我認為我們設置了一個小小的陷阱，即兆瓦乘以美元等於這個乘以價值倍數。但保護這家企業還有很多其他方面需要考慮，例如圍繞營運流程、技術以及導致這一切發生的電氣設備建造護城河。所以，房子——一堆磚塊如果沒有砂漿是蓋不起來的，而砂漿就是我們這個行業的黏合劑。

Got it. That's helpful. And then maybe back to your comments about your all of the above power approach. Historically, you've been heavy on the turbines, obviously, the 5.7, 16.5, 38. But it sounds like you'll be exploring battery systems, potentially recips. Just could you help us understand kind of that all of the above approach and then maybe just your latest, the additional 400 megawatts, was that all turbines? Was that a mix of a different type of kit? Just maybe a little bit more color around that.

知道了。那很有幫助。然後或許可以回到你之前關於你提出的「以上所有權力方法」的評論。從歷史上看，你們顯然非常重視渦輪機，例如 5.7、16.5 和 38 型。但聽起來你似乎會探索電池系統，或許還有往復式電池。您能幫我們理解以上所有方法，以及您最新的方案，新增的 400 兆瓦，都是渦輪機嗎？那是不同類型裝備的混合嗎？或許可以再加點色彩。

Yeah. And I think we will -- the view forward is the turbine is going to be the workhorse of the power generation industry. It's no different than the way the utilities work. The gas turbine is driving our system in this country of power. So that will be our workhorse.

是的。而且我認為我們會—展望未來，渦輪機將成為發電產業的主力。這和公用事業的運作方式沒什麼不同。在這個能源國家，燃氣渦輪機正在驅動我們的能源系統。所以它將成為我們的主力機。

As we complement things for timing and flexibility, the turbines have unique curves with heat and altitude that change their output. And so pairing that up with an engine that doesn't have quite the turndown in the heat like a large reciprocating generation -- generator, and we're running them as part of the kit today. So it's not unique. It's a small piece.

為了兼顧時間和靈活性，渦輪機具有獨特的曲線，其輸出會隨著溫度和海拔的變化而變化。因此，我們將其與一台在高溫下不會像大型往復式發電機那樣出現明顯功率下降的發動機搭配使用，而我們今天正在將它們作為套件的一部分運行。所以它並非獨一無二。這是一小塊。

Does it grow slightly? I think we'll see it growing as part of the generation piece slightly going forward. Batteries are an important part of this. It comes down to what is the reliability that you're looking for in data centers. There's an element of this that they have to have virtually 100% reliability when it hits the cooling system to keep the buildings cool and the chips for melting down.

它會稍微成長嗎？我認為，作為一代人成長的一部分，它在未來會略有增長。電池是其中的重要組成部分。歸根結底，這取決於您對資料中心的可靠性有何要求。其中有一點是，當冷卻系統啟動以保持建築物涼爽並防止晶片熔化時，它們必須具有近乎 100% 的可靠性。

The investment is enormous. So thinking about how batteries both provide protection against the volatile loads coming out of the chips as well as very short-term bridges as you flex with your redundancy built into the power grid. And not every data center is the same. And so there's a -- not a standard design gigawatt data center. They're built in multiple data halls. The data halls can be powered independently. They can be powered together.

這項投資規模龐大。因此，要考慮電池如何既能保護晶片免受不穩定負載的影響，又能作為非常短的過渡電路，以便在電網中構建冗餘電路時靈活應對。並非所有資料中心都一樣。所以，這裡存在著一個──並非標準設計的千兆瓦資料中心。它們建在多個數據中心內。資料中心機房可獨立供電。它們可以一起供電。

They can power the cooling systems different from the chip systems. And so the notion that it's just kind of one size fits all is there, and that's why -- one of the other reasons why the distribution part of this is so important, so you can match up what the actual data center power needs look like with the generation equipment.

它們可以為冷卻系統供電，而不能為晶片系統供電。因此，有一種想法認為它是一種一刀切的解決方案，這也是為什麼——另一個原因——配電部分如此重要，這樣才能使資料中心的實際電力需求與發電設備相符。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

You know some growth CapEx in your '27 outlook. Curious about the Stateline JV, once the 900 megawatts is deployed. Is the JV expected to send cash back up to Solaris? Or do you pay down the term loan? Or does that cash get recycled back into expanding the JV? Just some thoughts on how to think about the JV and the JV cash flow once the 900 megawatts is deployed.

您在2027年的展望中應該會有一些成長資本支出。我對 Stateline 合資企業很感興趣，想看看 900 兆瓦的裝置容量部署完畢後會如何發展。該合資企業是否需要向 Solaris 回饋資金？還是你會選擇償還定期貸款？或者這筆資金會被重新用於擴大合資企業規模？關於900兆瓦發電項目投入營運後，合資企業及其現金流的一些想法。

Yeah. Good question, Scott. I think there is a -- there's debt down at the JV, and so that does need to be serviced with respect to interest and amortization. But there's a fair amount of flexibility within the constructs of that debt instrument that do allow us to send cash up to both ourselves as well as our partner in that JV.

是的。問得好，史考特。我認為合資企業有債務，因此需要支付利息和償還本金。但該債務工具的結構具有相當大的靈活性，允許我們向自己以及合資夥伴支付現金。

Options with respect to what to do with that cash, the Board of the JV, which is composed of both Solaris and our customer can choose to distribute the cash or to your point, we can make a choice of keeping cash there and continue to invest at that level to provide additional power to that customer, which obviously has ongoing and growing power needs and demands. So a lot of flexibility in that structure, and we were able to obviously finance that at a pretty attractive rate with respect to the advance rate on the equipment. So that structure, we feel is going to provide a lot of flexibility and ability to drive returns for us.

至於如何處理這筆現金，合資公司董事會（由 Solaris 和我們的客戶組成）可以選擇分配這筆現金，或者正如您所說，我們可以選擇將現金保留在那裡，並繼續在該水平上進行投資，以便為該客戶提供額外的電力，該客戶顯然有持續增長的電力需求。因此，這種結構具有很大的靈活性，而且顯然，相對於設備的預付款利率而言，我們能夠以相當優惠的利率為其提供融資。因此，我們認為這種結構將為我們提供很大的靈活性和能力，從而為我們帶來回報。

And then just some color on how you see megawatts deployed over the next several quarters and how you see the transition from your third-party re-rents to wholly owned capacity based upon the delivery schedule and what seems to be greater -- obviously, greater demand from the customer. When do you see kind of fully -- getting to kind of fully owned capacity in the field?

然後，請您就未來幾季兆瓦級電力部署情況，以及根據交付計劃和更迫切的需求（顯然是客戶更大的需求）如何看待從第三方轉租到完全自有容量的過渡，做一些具體說明。您認為什麼時候才能真正實現對該領域的完全掌控？

Good question. Obviously, that's continued to change and extend as we've added capacity into the order book. As we look at next year, there's really two legs of growth as far as operated capacity. The first is the JV getting stood up with respect to its permanent generation. And we are supporting the power needs of our customers that will ultimately be funded with the JV vis-a-vis some of the re-rented assets today as well as some of our own assets.

問得好。顯然，隨著我們不斷增加訂單量，這種情況也在不斷變化和擴大。展望明年，就營運產能而言，成長實際上有兩個支柱。首先是合資企業在永久產權方面獲得認可。我們正在滿足客戶的電力需求，這些需求最終將透過合資企業，利用目前重新租賃的一些資產以及我們自己的一些資產來提供資金。

So next year, we'll see the construction of roughly 900 megawatts of permanent power for the JV. And then we'll also see delivery of about 400 megawatts that was placed back in March of this year. So those are the two avenues of growth for '26. And then as we look into '27, it's primarily the order that we just placed. One small additional note, we did pick up some capacity in the fourth quarter of this year, which will have a full impact beginning in the first quarter of next year. So as we look at the full stood-up fleet, it's sort of a second half of '28, is sort of how I would look at it.

因此，明年我們將看到合資企業建造約 900 兆瓦的永久電力設施。此外，我們還將看到今年 3 月預定的約 400 兆瓦電力投入使用。所以，這就是2026年的兩個成長途徑。然後，當我們展望 2027 年時，主要取決於我們剛剛下的訂單。還有一點需要補充說明，我們在今年第四季增加了一些產能，這將從明年第一季開始產生全面影響。所以，當我們審視整個已投入營運的艦隊時，這有點像是 2028 年下半年的情況，我是這麼看的。

Jeff LeBlanc, TPH.

Jeff LeBlanc，TPH。

Bill, in the prepared remarks, you mentioned locations evolving to multiple gigawatt sites over the next several years. Given this opportunity set, could you help frame the size of your customer pipeline? And is it safe to assume that by the end of the decade, your operating fleet will be larger than 2.2 gigawatts?

比爾，你在事先準備好的演講稿中提到，未來幾年內，這些地點將發展成為多個千兆瓦的站點。鑑於以上機會，您能否協助確定您的客戶管道規模？可以肯定的是，到本十年末，您的營運機組規模將超過 2.2 吉瓦嗎？

I think that the pipeline is enormous, and that's a technical term. It's -- there's just so much activity. It's frightening. I've never seen anything like it in my life. It's probably fair to say that we'll be beyond what we have on order today operating in a couple of years.

我認為這條管道規模非常龐大，這是一個專業術語。這裡——這裡真是太熱鬧了。太可怕了。我這輩子都沒看過這樣的景象。可以肯定地說，幾年後我們的營運規模將遠遠超過我們目前訂購的規模。

Michael Dudas, Vertical Research.

邁克爾·杜達斯，垂直研究。

Two questions. One, Bill, could you maybe share some of the circumstances surrounding the second data center order that you cited in the press release? And secondly, as you are negotiating regarding contract tenor, any further confidence thoughts on length? Is that still a sticking point given where people are expecting grid connections out to the future or other BTM solutions? Just want to get a sense if that's still part of the negotiations.

兩個問題。比爾，您能否分享一下您在新聞稿中提到的第二個資料中心訂單的相關情況？其次，在協商合約期限時，您對合約時間還有什麼進一步的信心嗎？考慮到人們對未來電網連接或其他BTM解決方案的期望，這是否仍然是一個棘手的問題？只是想了解這是否仍然是談判的一部分。

I think the second data center that we stood up during the second quarter was known and predicted and it's rolling into our joint venture, Stateline Power LLC. So we have it running on a temporary power with full emissions control. And then it's -- we're constructing the gigawatt plus power plant starting really in the next quarter, rolling into next year as we ramp up the deliveries of equipment to roll into the permanent site for that facility. So that's up and running. We got it up and running very quickly over the course of the quarter, and it's stable, and we'll be rolling it into the permanent site really beginning January 1 or so thereafter.

我認為我們在第二季度建立的第二個資料中心是眾所周知的，也是可以預見的，它正在併入我們的合資企業 Stateline Power LLC。所以我們現在用臨時電源來運行它，並配備了完整的排放控制系統。然後——我們將在下一季開始建造這座吉瓦以上的發電廠，並隨著我們加大設備交付力度，將設備運往該設施的永久廠址，建設工作將持續到明年。一切就緒，可以運作了。我們在本季內很快就完成了網站的搭建和運行，目前運行穩定，我們將從 1 月 1 日左右開始將其正式部署到永久站點。

What was the second question?

第二個問題是什麼？

Contract tenor --

合約期限--

Contract tenor. It's clearly morphing to longer term. I think the grid delays -- the announcement of grid delays, the magnitude of the power, the SB6 approach from the government coming up, the recognition that these guys are going to need this power for a while is really morphing average contract tenors out significantly from where the thought was maybe a year ago about what this business needed to be. So it's morphing into more of a behind-the-meter permanent power or permanent power to a portion of it becomes back up if the grid gets there at a lower cost.

合約期限。顯然，它正在向長期目標轉變。我認為電網延誤——電網延誤的公告、電力需求的規模、政府即將出台的 SB6 法案，以及人們認識到這些人需要一段時間才能用上電——確實正在顯著改變平均合約期限，使其與一年前人們對這項業務所需期限的設想大相徑庭。因此，它正在演變成一種更偏向用戶側永久供電或永久供電的模式，如果電網能夠以較低的成本提供部分電力，則該模式的一部分可以作為備用電源。

But I think there's a heightened sensitivity within the regulatory framework and the public about power prices going up and the notion that the behind-the-meter helps defray some of that, I think, is an important element that our customers are evaluating.

但我認為，監管框架和公眾對電價上漲的敏感度有所提高，而用戶側電價有助於抵消部分電價上漲的想法，我認為是我們的客戶正在評估的一個重要因素。

I appreciate it. Just a quick follow-up. When you talk about behind-the-meter and the -- all the above approach that you've talked about throughout this call, could you maybe rank where other approaches are in solutions relative to what Solaris on the gas -- on your core gas turbine side is and how that may incorporate your lead time or your ability to kind of secure these projects relative to other solutions in the market behind you?

謝謝。再補充一點。當您談到表後方案以及您在本次通話中提到的所有上述方法時，您能否將其他解決方案與 Solaris 在燃氣渦輪機方面的核心方案進行比較，並分析這會如何影響您的提前期或您相對於市場上其他解決方案獲得這些項目的能力？

Well, the other solutions are finding a specific grid location where there may be excess power and pulling that down. Most of that at this point, with the size of the data centers need some element of either backup or complementary prime power. And so as those sites or nodes that have -- may have excess power on the grid, they're getting filled up and that is getting scarcer and scarcer. And those are now being complemented by power solutions like ours.

其他解決方案是找到電網中可能存在過剩電力的特定位置，並將這些電力輸送下來。目前，由於資料中心的規模，大多數都需要某種形式的備用電源或補充主電源。因此，那些在電網上有剩餘電力的站點或節點，正在被填滿，而剩餘電力卻變得越來越稀缺。現在，像我們這樣的電力解決方案正在對這些現有方案進行補充。

I think the others in the market that are doing this, I think the Williams team is a very professional organization. They run a lot of equipment and assets around the country, and they're doing it similar to, I think, the approach we're taking with equipment and long-term tenor contracts. And I think the market is recognizing that it will be powered on the increment by natural gas, whether that's actually over the next 10 years, whether that's a backup behind-the-meter or whether that's an additional utility-based big turbine running on the grid. So it will all be fired by natural gas on the increment for the stable power that's needed to run these data centers.

我認為市場上其他做同樣事情的車隊，威廉斯車隊是一個非常專業的團隊。他們在全國各地經營大量的設備和資產，我認為他們的做法與我們目前在設備和長期合約方面採取的做法類似。我認為市場已經意識到，未來十年天然氣將推動能源成長，無論是在未來十年內，還是在未來十年內，無論是作為用戶側的備用能源，還是作為併網運行的大型公用事業燃氣渦輪機。因此，所有這些資料中心都將使用天然氣作為燃料，以提供運作所需的穩定電力。

And I think just one small piece to add. When we allude to other sources of generation to complement our turbine workhorse, as Bill referred to it as, that allows us to extend the turbine capacity that we have today. In other words, if we're able to complement with a larger size or amount of gas recips as well as potentially fuel cells, that allows us to extend the turbine capacity that we have today on balance sheet to a broader amount of megawatts from a total demand -- from a data center perspective.

我想再補充一點。正如比爾所說，當我們提到其他發電方式來補充我們的渦輪機主力設備時，這使我們能夠擴展我們目前擁有的渦輪機容量。換句話說，如果我們能夠補充更大尺寸或數量的燃氣往復式發電機以及燃料電池，那麼從資料中心的角度來看，我們就可以把我們目前資產負債表上的渦輪機容量擴展到更廣泛的兆瓦總需求。

So in other words, we've got, I would say, the critical piece that's got the longest lead time associated with it secured with the gas turbines. And if we're able to complement that with additional sources of generation, whether it be combined cycle plant that's getting stood up either interconnected to the grid or in an islanded mode or its recips or something like fuel cells, it gives us optionality to continue to extend to grow the 2,200 megawatts with not necessarily adding specific turbines inside of the sort of time frame where we could be bringing on other sources of generation.

換句話說，我認為，我們已經透過燃氣渦輪機解決了最關鍵、交付週期最長的問題。如果我們能夠補充其他發電來源，無論是正在建設中的併網發電廠還是孤島發電廠，或是往復式發電廠，或是燃料電池之類的發電廠，這就能讓我們有選擇餘地繼續擴大 2200 兆瓦的裝置容量，而無需在可能引入其他發電來源的時間範圍內增加特定的渦輪機。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，北地資本市場。

Congrats Amanda, on the co-CEO role. I just wanted to do -- have a quick follow-up for Kyle, mentioning how adding new power generation can kind of extend the core turbine power that you have on the balance sheet. I'm just curious in your future contract negotiations, is that worked into the contract where it's like, hey, we'll provide you 400 megawatts of power, but it's not specific as to what type of asset is generating that power? Just curious on that.

恭喜Amanda擔任聯合執行長一職。我只是想快速跟進一下 Kyle 的情況，提一下增加新的發電設施如何能夠擴展資產負債表上的核心渦輪發電能力。我只是好奇，在您未來的合約談判中，是否會在合約中明確規定，我們將為您提供 400 兆瓦的電力，但沒有具體說明是由哪種類型的資產來產生這些電力？只是好奇而已。

Sort of a mix of all, I would say. So I think the key asset we have today to engage with customers is our order book, as it sits today. But as we discuss with them, here's what it is, generally speaking, the needs are greater than that. And so as we're looking at putting together contracts, it's sort of step one, lock in what we've got on balance sheet. And step two is their demands ultimately are larger, and we're giving them options and flexibility around different levers to pull to increase the total capacity.

我覺得算是各種因素的混合體吧。所以我認為，我們目前與客戶互動最重要的資產就是我們目前的訂單簿。但正如我們與他們討論的那樣，總的來說，實際需求遠不止於此。因此，當我們著手製定合約時，第一步就是鎖定我們資產負債表上的資產。第二步是他們的需求最終會更大，我們正在為他們提供各種選擇和靈活性，讓他們可以透過不同的手段來提高總產能。

So it also could be a combination of other gas turbines that we just -- we haven't secured to date. So I think every opportunity we're discussing, we've got a great somewhat of a starter kit for the customers' needs and additional capacity can be met with additional gas turbines, reciprocating engines or other forms of generation. So we've got the optionality.

所以也可能是我們目前尚未落實的其他燃氣渦輪機的組合。所以我認為，我們討論的每一個機會，我們都為客戶的需求提供了一個很好的入門套件，而額外的產能可以透過額外的燃氣渦輪機、往復式發動機或其他形式的發電來滿足。所以我們有了選擇權。

Got it. That makes a lot of sense. And then I was just hoping to get a bit more insight of how you guys have been consistently able to secure more managed megawatts near term in the last few quarters. Obviously, I can appreciate that you want to keep the specifics close to the chest. But could you maybe just walk us through at a high level how these opportunities arise and ultimately how you execute on them?

知道了。這很有道理。然後，我只是想更深入地了解一下，在過去的幾個季度裡，你們是如何持續地獲得更多可管理的兆瓦電力的。我當然理解你想對具體細節保密。您能否簡要介紹一下這些機會是如何產生的，以及最終您是如何掌握這些機會的？

And then the second piece is, is it right to think that the 160-megawatt sequential step-up was -- the majority of that was re-rented capacity? Or were you able to secure any early deliveries?

其次，我們是否可以認為，這 160 兆瓦的連續增壓大部分是重新租用的容量？或者你們成功提前收到了貨物？

So I think Kyle kind of mentioned earlier, we've got the MER team and the HVMVLV team has decades and decades of experience in the market globally, and we've scoured the market, both in the US and internationally to find equipment that we could put to work mostly on a rental basis. We've evaluated purchasing some of it, and we might, but we have not done that yet. But it is really about our ability to go find those pieces of the puzzle and put them to work and have the distribution equipment ready to go to make it all work together.

所以我覺得 Kyle 之前也提到過，我們的 MER 團隊和 HVMVLV 團隊在全球市場上擁有數十年的經驗，我們已經在美國和國際市場上搜尋過，找到了我們可以主要以租賃方式投入使用的設備。我們已經評估過購買其中一部分的可能性，而且我們可能會這樣做，但我們還沒有這樣做。但關鍵在於我們能否找到這些關鍵要素，並將它們結合起來，準備分發設備，使一切協同運作。

This was the last question. I would like to turn the conference back to Mr. Zartler for any closing remarks.

這是最後一個問題。我想把會議交還給札特勒先生，請他作總結發言。

Thank you. Thank you, everyone, for joining us today. I'm excited about the continued growth we've achieved to date as well as the growth that's to come. We're excited to see the Solaris family continue to grow both organically and through acquisitions. 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.

謝謝。謝謝各位今天蒞臨。我對我們迄今為止的持續成長以及未來的成長感到興奮。我們很高興看到 Solaris 家族透過自身發展和收購不斷壯大。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 part of the Solaris team. We believe we are just getting started and continuing to meet the industry's growing and urgent needs for comprehensive power solutions. We look forward to sharing our progress with you in a few months. Thank you.

感謝您成為 Solaris 團隊的一員。我們相信我們才剛起步，並將繼續滿足業界對綜合電力解決方案日益增長的迫切需求。我們期待在幾個月後與您分享我們的進展。謝謝。

Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

女士們、先生們，會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。