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

Good day and welcome to the Solar Energy Infrastructure 3rd quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0.

各位好，歡迎參加太陽能基礎設施公司2025年第三季業績電話會議。所有參與者將處於唯讀模式。如果您需要協助，請按星號鍵，然後按 0，向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press, then 1 on a touchstone phone. To withdraw your question, please press 2. Please note this event is being recorded. I would now like to turn the conference over to Yvonne Fletcher, senior Vice President of finance and investor relations. Please go ahead.

今天的報告結束後，將有機會提問。若要提問，您可以按 Touchstone 電話上的 1 鍵。若要撤回您的問題，請按 2。請注意，本次活動正在錄影。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 3rd quarter 2025 earnings conference call. Joining us today are our Chairman and co-CEO Billartler 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我們的董事長兼聯席首席執行官比拉特勒、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.

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。

Please refer to our press release issued yesterday along with other recent public filings with the Securities and Exchange Commission that outline those risks.

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。

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

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 in 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 gaps.

我想指出，我們在今天的電話會議中發布的收益報告中將包含對非GAAP財務指標的討論，我們認為這些指標有助於評估我們的績效。不應孤立地看待這些補充信息，也不應將其視為根據差距編制的結果的替代品。

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

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。現在我將把電話交給我們的董事長兼聯合執行長札特勒。

Thank you, Yvonne, and thank you everyone for joining us this morning. Solaris had a great 3rd 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.

謝謝伊馮娜，也謝謝今天早上各位的到來。Solaris 第三季表現出色，季度營收和利潤都創下歷史新高。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 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.

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 multi-year development plans.

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。

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 hyper scalers to select locations where they can quickly secure significant power for multiple years.

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、監管要求以及需求激增，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.

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。

In order to continue our growth trajectory, we must execute well in 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.

為了保持成長勢頭，我們必須在業務的各個方面都做到出色。這包括在保持我們文化的同時培養一支有能力的團隊，建立強大的資產負債表，以及創造能夠優化產能、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 best.

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需求而有所不同。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最佳方案。

Our solutions can include a combination of natural gas turbines, natural gas reciprocating engines, grid power, baths, fuel cells, and other renewable technologies. It is quickly becoming apparent that all of the above generation approach could be necessary to meet the rapidly growing power demand.

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、浴槽、燃料電池和其他再生能源技術的組合。很明顯，為了滿足快速成長的電力需求，以上所有發電方式都可能是必要的。

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.

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.

第三季我們的發電量約為 760 兆瓦，而一年前僅約 150 兆瓦。

Our growing proprietary operational know-how and strong track record of up time position us as a reliable provider of power.

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。

We began successfully providing primary power to a second data center during the 3rd 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，這再次凸顯了我們能夠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.

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。

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.

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 raise 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.

第三，我們透過發行新的可轉換債券籌集大量資金，以償還我們現有的定期貸款，從而為我們提供財務和營運方面的靈活性，以繼續我們的成長。凱爾稍後會分享更多細節。

Fourth, our commercial pipeline is deep and growing as we are currently evaluating a number of potential long-term opportunities.

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。

The combination of growing project size, tenor, timing, and reliability has resulted in an increasing interest in solutions like ours. 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.

專案規模、週期、時間安排和可靠性的不斷提高，使得人們對像我們這樣的解決方案越來越感興趣。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。

Fifth, we have expanded our capabilities and customer base through M&A. In the 3rd 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 bringing these capabilities in-house further strengthens our solutions offering by giving us exposure to new. High growth in markets important these balance of plant solutions are essential across all electricity use cases regardless of generation source.

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，這是一家專業提供電壓分配和調節設備及工程服務的公司。HVMVLV 分別代表高壓、中壓、低壓。將這些能力納入公司內部，可以讓我們接觸到新的領域，從而進一步加強我們的解決方案。在市場快速成長的情況下，這些電廠平衡解決方案對於所有電力應用情境都至關重要，無論發電來源為何。

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.

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 a 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. 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.

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一批高影響力團隊成員。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。這些能力在我們快速擴大業務規模以應對未來顯著成長的關鍵時刻到來。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。

Moving now to a discussion of our logistics solution segment, I've often referred to our logistics solution business as the engine that could. While less than a 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 basic segment. This business also is a critical piece of the natural gas value chain required for the power solution segment.

現在來討論我們的物流解決方案業務板塊，我經常把我們的物流解決方案業務比喻為「動力引擎」。雖然如今電力解決方案業務僅占我們業務的不到三分之一，但如果沒有這項基礎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領域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 solar 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 solar 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太陽能係統的數量，從而提高了原材料的吞吐量，進而幫助客戶加快開發進度。今年迄今為止，我們已在 90% 的客戶場所部署了多個太陽能係統，而一年前這一比例約為 60%，前年約為 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 completion designs.

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。

During the 3rd quarter, lower 48 oil and gas industry activity contracted to what we believe reflects a near-term trough, as evidenced by early 4th 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.

第三季度，美國本土48州的石油和天然氣產業活動收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 there are 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. 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.

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，而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。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 可以利用其技術高效地生產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. Claris's 3rd quarter demonstrated another quarter of significant growth and solid execution in our power solution segment, as well as continued execution and strong free cash flow generation in our logistics solution segment.

謝謝比爾，大家早安。Claris 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持續保持強勁的執行力和自由現金流。

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.

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 3rd quarter, power solutions contributed more than 60% of our revenue and over 3/4 of our segment level adjusted EBITDA.

第三季度，電力解決方案貢獻了我們超過 60% 的收入和超過 3/4 的部門調整後 EBITDA。

These results are attributable not only to a robust industry backdrop, but also to the value of the slayer's offering and the team's execution.

這些成果不僅歸功於強勁的產業環境，也歸功於殺手提供的產品和服務的價值以及團隊的執行力。

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.

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 1st 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.

正如我們之前在最近的可轉換融資中宣布的那樣，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。

Capital expenditures associated with the 500 megawatts total approximately $450 million consisting mostly of turbines and associated emissions control equipment.

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.

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。

This increased content would be expected to generate returns on invested capital comparable to the economics of our current power solutions offering.

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。

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.

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.

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%。

The proceeds from this offering were used to repay our existing term loan and will be used to fund the 500 megawatt org.

本次發行所得款項已用於償還我們現有的定期貸款，並將用於資助 500 兆瓦的組織。

This financing also unlocks significant flexibility for Solaris given the removal of restrictive covenants, as well as a meaningful incremental near term cash flow it unlocks. Over the next 4 quarters, we now expect to save approximately $45 million in the form of interest and amortization savings as compared to our prior capital structure.

由於取消了限制性契約，此次融資也為 Solaris 釋放了巨大的靈活性，並釋放了可觀的近期現金流。在接下來的 4 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。

Turning now to a review of our 3rd quarter results in our outlook for the next 2 quarters.

現在讓我們回顧一下第三季的業績，並展望未來兩個季度。

During the 3rd quarter, Solaris generated revenue of $167 million and adjusted EBADA of $68 million on a consolidated basis.

第三季度，Solaris 合併後的營收為 1.67 億美元，調整後的 EBADA 為 6,800 萬美元。

Our adjusted EBAA 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 solution segment. The primary driver of growth versus the prior quarter is continued activity growth in power solutions which more than offset a modest decline in logistics solutions activity.

經調整後的EBAA較上一季成長12%，較去年同期成長3倍以上，這主要得益於我們電力解決方案業務的加速成長。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。

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.

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。

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.

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 Eva for the power solution segment was $58 million a 27% increase from the second quarter.

電力解決方案部門的調整後EVA為5,800萬美元，比第二季成長27%。

We expect segment adjusted IAA next quarter to be relatively flat as a full quarter's benefit from the rampant operated megawatts and the HVMVLV acquisition is offset by a mixed impact from lower spot utilization and commissioning work.

我們預計下一季經分部調整後的 IAA 將相對平穩，因為大規模營運的兆瓦級專案和 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混合影響所抵消。

While we expect the recent order of 80 megawatts to have a limited impact on 4th quarter results given the expected timing of deliveries, we expect this incremental capacity to drive 1st quarter 2026 segment adjusted IBA for power solutions higher sequentially relative to the 4th quarter of this year.

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調整後的 IBA 環比高於今年第四季。

In our logistics solution 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 4th quarter.

在我們的物流解決方案領域，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。

Netting these factors and considering corporate and other expenses, total adjusted EPA guidance for the fourth quarter is now $65 to $70 million up from the prior guidance of $58 to $63 million and relatively flat from the third.

考慮到這些因素以及公司和其他費用，第四季度調整後的EPA總預期為6500萬至7000萬美元，高於之前的5800萬至6300萬美元的預期，與第三季度基本持平。

We're also introducing our first quarter, 2026 total adjusted EBITDA guidance of 70 to 75 million.

我們同時發布了 2026 年第一季調整後 EBITDA 總額預期，為 7,000 萬至 7,500 萬美元。

Accounting for expected longer-term tenure 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.

考慮到我們已全面交付的 2,200 兆瓦發電容量的預期長期使用期限以及我們最近的收購。我們最新估計，公司按備考計算的收益可能超過 6 億美元，這還不包括與現有客戶的任何額外合作或成長，以及新的機會。

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. 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。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帶來的強勁現金流。

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

那麼，我們很樂意回答您的問題。

Are you ready for questions, sir?

先生，您準備好回答問題了嗎？

We will now begin the question-and-answer session. To ask a question, you may press start and one on your touchstone telephone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press start then too. At this time we will pause momentarily to assemble a roster.

現在開始問答環節。要提問，您可以按 Touchstone 電話上的開始鍵和 1 鍵。如果您正在使用免持通話，請在按鍵前拿起聽筒。如果你的問題已被解答，並且你想撤回你的問題，也請按開始鍵。此時我們將稍作停頓，整理一份名單。

The first question is from Dave Anderson, Barclays. Please.

第一個問題來自巴克萊銀行的戴夫安德森。請。

Hi, good morning. 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 starting 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 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.

您好，早安。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。與一年前相比，這種情況是不是開始變得有些拖延了？我估計最近幾個月，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。

Thank you.

謝謝。

Well, I think you surmised it well, David.

嗯，我覺得你推測得準確，大衛。

The supply chain is growing out. We're lucky to get the slots we have with our relationships, and we're exploring, other avenues for getting power. Hence I think what 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. 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 switch gear and breakers and those kind of things on a portable basis as well as for permanent equipment. So I think that is a that's a very important part, as I said, we needed to, 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.

供應鏈正在不斷擴展。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來為這些設備供電，尤其是在時間安排方面，我們投入了大量時間在配電方面和設備方面。我們當時有一個團隊。上週在亞洲，我們檢視了一些 OEM 靈活性方案，探討了我們如何在便攜式變壓器、開關設備、斷路器以及這類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。所以我認為這非常重要，正如我所說，我們需要執行業務的各個階段，而供應鏈顯然是如今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 that 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. 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 is needing to go up. And so what we're sort of What indicating here is, the size of each of these opportunities is growing and so we, 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.

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，這影響了我們目前對擴大車隊規模的思考。獎金的規模似乎正在以這樣的速度成長：玩撲克的成本，也就是你擁有的容量，也需要跟著增加。因此，我們在這裡所表明的是，這些機會的規模都在增長，因此我們在 2027 年下半年增加了產能，並且我們正在考慮在此之後下達更多訂單。你說得完全正確。交貨日期雖然延長了，但我認為我們在尋找獨特方法來提高產能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 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，我們現在能夠真正從中受益。

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 that HVMVLV. I did it, of the acquisition in terms of the balance of plant. I also noticed this quarter the megawatts of revenue per megawatts increased about 10% this quarter. Are we starting to already see the impact on the balance of plan or is that more about efficiency and utilization of the equipment? And can 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，你現在是如何管理這些兆瓦級電力的，這和你之前談到的電廠平衡系統有很大的區別，你也談到了管理這些電力的挑戰不僅僅是擁有它們。你在夏季完成了對 HVMVLV 的收購。我完成了收購，收購內容包括工廠其他設備的收購。我還注意到，本季每兆瓦的營收成長了約 10%。我們是否已經開始看到對計劃平衡的影響，還是說這與效率和設備利用率有關？您能告訴我我們今後應該如何考慮建立這樣的模型嗎？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 3rd 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 3rd quarter with some level of contribution from some of our commission. 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 some different ways of looking at returns. Okay. Thank.

這其中有很多得失，我認為如果我們具體看一下第三季度，我們能夠部署大量的額外發電量，這超出了我們最初的預期，因此我們在第三季度從一些佣金中受益。我認為，就目前來看，這些設備的基本回報仍然與我們過去所預測的大致一致。另一種買賣方式與持續時間有關，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回報。好的。感謝。

You, Thank you.

謝謝你。

They The next question is from Derek Whitfield, Texas Capital. Please go ahead.

下一個問題來自德州資本的德里克·惠特菲爾德。請繼續。

Good morning all. Congrats on your update, and Amanda, congrats on your appointment.

各位早安。恭喜你更新了訊息，也恭喜Amanda獲得任命。

Thank you. Well, 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?

謝謝。嗯，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？

Yeah, we're having our own discussions and what others do don't necessarily impact it. I don't think that this is a 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.

是的，我們有自己的討論，其他人的做法不一定會影響我們。從數據上看，我認為這並不是一個很大的市場，而且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.

是的，我想說，為了說明情況，我們這裡討論的是 2200 兆瓦。

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.

為了滿足前沿的增量式資料中心的需求，我不確定目前這是否能滿足兩個條件。因此，這些基礎設施項目的規模持續成長，正如比爾所說，已經形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's 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 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，部分解決方案的實施方式將是多種能源的結合，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機，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，最終的解決方案將取決於這項活動的規模和行業的時間需求。

In 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 mowed 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, one of the 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 moment's time's notice. And so that's allowed us to be very nimble, and I think that'll be continue to be a paramount sort of cultural tenant to our business.

就我們的車隊而言，如果您考慮的是實際設備的整體移動性和尺寸的最大靈活性。這些是中型燃氣渦輪機，相對於其他一些體積更大、更永久性的設備而言，它們可以很快地被收起和安裝。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，過去 10 多年來 Solaris 傳統業務成功的關鍵之一在於，我們擁有隨時可以部署到任何地方的設備。因此，這使我們能夠非常靈活，我認為這將繼續成為我們業務中最重要的文化原則之一。

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

而且，我為與傳統業務相關的工程團隊增添了力量，使我們能夠審視發電業務並改善設備，使其更具移動性。我認為石油業率先開發並合作製造移動式渦輪機，然後圍繞凱迪拉克改革增加了移動性。在技​​術方面，我們利用我們自己的內部工程技術對移動式SER進行了改進和製造，這些SER可以快速、輕鬆地配對，最大限度地減少排放控制系統的停機時間。所以我認為，工程技術訣竅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。

Great update. Thanks for your time.

更新很棒。感謝您抽出時間。

Thank.

感謝。

The next question is from Don Chris Johnson R. Please go ahead.

下一個問題來自唐·克里斯·約翰遜（Don Chris Johnson R.），請開始。

Good morning guys. Hopefully y'all are doing well this morning. Given that I'm one of the only analysts that covered both Ari and Solaris, I have kind of unique, Impact or or relation to Amanda, just quick question on the co-CEO role. Is it expected to be kind of divide and conquer, or y'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 is put together and your initial impressions, as you kind of get into Work Certainly.

各位早安。希望大家今天早上一切都好。鑑於我是少數幾位同時關注 Ari 和 Solaris 的分析師之一，我對 Amanda 有某種獨特的見解或聯繫，關於聯合執行長的角色，我只想問一個問題。是打算採取分而治之的策略，還是大家一起做決定？關於這個問題的第二部分，Amanda，我知道你才在那裡待了一周左右，但你對團隊的組成方式以及你進入工作狀態的初步印像是什麼？

And thanks, Jhon. 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 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 in each other's way and make decisions that are going to enhance the effectiveness and to use Carl's word nimbleness of the company. In terms of observations, actually this is the beginning of week 3 because there was no downtime and it is Really drinking from the 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.

謝謝你，約翰。所以，我很高興能加入這個團隊。我從 2017 年就認識 Kyle 了，很高興還能和 Bill 並肩作戰。認識我和 Bill 的人都知道，我們個性不同，但技能卻非常互補。所以有些事情是這樣，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，還要避免互相妨礙，做出能夠提高公司效率（用卡爾的話來說就是提高公司靈活性）的決定。就觀察而言，實際上這是第三週的開始，因為沒有停機時間，而且市場真的像傳說中那樣高速運轉，其發展速度前所未有，當我們專注於向電力正成為關鍵瓶頸的市場提供這些電力解決方案時，我們面臨著巨大的順風和機遇。

The deals we're engaging on and the deals that I've gone straight in to work on are real and tangible with very credible counterparties.

我們正在洽談的交易以及我直接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。

We have a distinct advantage to have already demonstrated our ability to deliver. I mean, we've been out there, we've been operating, and that just gives you a real perspective and as is. 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. I'm happy to be here and there's one incredible road ahead of us. So Will.

我們已經證明了自己的交付能力，這是一個明顯的優勢。我的意思是，我們已經出去實地考察過了，我們一直在行動，這讓我們對實際情況有了更全面的了解。我們一再強調，我們在大規模執行和承接大型資料中心專案方面擁有良好的記錄，並且已經開發出可以應用於新專案的專業知識、軟體和專有流程，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。我很高興來到這裡，我們面前還有一條精彩的道路。威爾也是如此。

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

分而治之的策略已經涵蓋了所有內容，所以無需重複操作。

Sure. I appreciate that color and, a big question coming into this earning 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 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?

當然。我很喜歡這種顏色，而且，進入本財報週期的一個重要問題是您是否宣布了一項新合同，但我認為您在過去的電話會議等場合說過，如果您沒有即將簽署數據中心或大型項目的新合同，您就不會訂購任何額外的設備。現在情況仍然如此嗎？我知道您不想給出特定時間，但我們是否可以假設在接下來的 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，你的假設相當合理。

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

好的，我很喜歡這個顏色。謝謝，我會把它改回去。

Thanks, Jhon.

謝謝你，約翰。

The next question is from director at 5 Sandler. Please go ahead.

下一個問題來自 5 Sandler 的導演。請繼續。

Hey, good morning. 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 whose best position and what's the differentiating factor. Maybe you could just help us understand your differentiating factor versus your peers, I mean, including this integrated solution which has just been bolstered by HPMVLD just just help us us and investors how we should really think about that.

嘿，早安。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，讓他們不知道最佳投資標的是什麼，以及差異化因素是什麼。或許您能幫我們了解一下您與同行之間的差異化因素，我的意思是，包括這個剛剛由 HPMVLD 加強的整合解決方案，請幫幫我們和投資者，讓我們真正了解應該如何看待它。

I think you think about it from 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 switch gears, and you got to protect it with breakers and switch gears. So the notion that that the rest of that stuff really does drive. 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 electoral distribution equipment downstream of that and so as a as an edge and the ability to engineer design and operate those systems. We have a pretty unique advantage with that with respect to the turbines. It's, the modeling of these businesses and I think we set a little bit of a trap up on, megawatts times $1 equals this times the multiples of value, but there's a lot more to this around protecting that business, building the mode around the operating processes and technology and the Pieces of electrical equipment that that glue 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.

我認為你應該從實際操作和技能組合的角度來考慮，然後再考慮電力方面的問題。發電機輸出的電力並不是為資料中心或其他任何公用設施提供的電力。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。你需要用開關設備來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。所以，其他那些因素確實就起到了驅動作用。發電來源，正如我們所提到的，將會有多種發電來源來滿足這種需求，因為發展速度太快了，而且隨著這種情況的發生，越來越重要的是要在其下游配備合適的選舉分配設備，因此，設計、製造和運營這些系統的能力以及競爭優勢至關重要。我們在渦輪機方面擁有相當獨特的優勢。關鍵在於對這些企業進行建模，我認為我們設下了一個小陷阱，兆瓦乘以 1 美元等於這個乘以價值倍數，但這其中還有很多關於保護企業、圍繞運營流程、技術以及將一切粘合在一起的電氣設備構建模式等方面的內容。所以，房子，或者說一堆磚，如果沒有砂漿就無法真正發揮作用，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 the above power approach, historically you've been heavy on the turbines, obviously the 5.7, 605 38, but sounds like you'll be exploring, battery systems, potentially resets, just, can you help us understand kind of that all 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 just maybe a little bit more color around that.

明白了，這很有幫助。然後，回到您之前關於「以上所有動力方案」的評論，從歷史上看，您一直非常重視渦輪機，顯然是5.7、605 38，但聽起來您正在探索電池系統，可能還有重置功能，您能否幫助我們理解一下「以上所有方案」？還有，您最近新增的400兆瓦電力，全部都是渦輪機嗎？還是混合使用了不同類型的設備？能否再詳細解釋一下？

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 as we complement things for timing and flexibility. The turbines have unique curves with with heat and altitude that change their output and so pairing that up with an engine that doesn't have quite the quite the turndown in the heat like a like a large reciprocated. Generation and generator and we're running them as part of the kit today so it's not unique. It's a small piece. 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 keep the buildings cool and the chips from melting down, 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 have flex with your redundancy built into the power grid, and not every data center is the same. And so there's a not a. Designed gigawatt data center. They're they're built in multiple data halls. The data halls can be powered independently. They can be powered together. 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 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.

是的，我認為展望未來，渦輪機將成為發電產業的主力。這與公用事業的運作方式並無不同，燃氣渦輪機驅動著我們這個電力國家的系統，因此它將是我們的主力軍，我們將透過補充其他設備來實現時間和靈活性。渦輪機的功率曲線會隨著溫度和海拔的變化而變化，因此需要將其與一台在高溫下功率下降幅度不大的引擎（例如大型往復式引擎）搭配使用。發電機和發電機組，我們今天將它們作為設備的一部分運行，所以這並不特殊。這是一小塊。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，關鍵在於你對資料中心可靠性的要求，其中一個重要因素是電池必須具有近乎 100% 的可靠性。當涉及到冷卻系統以保持建築物涼爽並防止晶片熔化時，這筆投資是巨大的。因此，要考慮到電池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方案，因為電網內建了冗餘機制，具有一定的靈活性，而且每個資料中心的情況都不盡相同。所以這裡沒有一個。設計了千兆瓦級資料中心。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。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，這也是為什麼配電部分如此重要的原因之一，這樣才能使資料中心的實際電力需求與發電設備相符。

Yeah, very helpful caller.

是的，這位來電者非常熱心。

Thank you. I'll turn it Back.

謝謝。我會把它轉回去。

The next question is from Scott Gruber, City Group. Please go ahead.

下一個問題來自城市集團的斯科特·格魯伯。請繼續。

Yes, good morning.

是的，早安。

Some growth CapEx in your 27 outlook, curious, about the state line 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.

在您的 27 年展望中，有一些成長資本支出，我很好奇，關於州界合資企業，一旦 900 兆瓦的發電設施部署完畢，該合資企業預計會向 Solaris 返還現金，還是會償還定期貸款，或者這些現金會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 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 options with respect to what to do with that cash, the board of the JV, which is composed of both Solaris and their customer. Can choose to distribute the cash or to your point that 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.

嗯，問得好，史考特。我認為合資企業確實有債務，因此需要支付利息和攤銷，但該債務工具的結構具有相當大的靈活性，允許我們向合資夥伴以及我們自己提供現金，合資企業的董事會（由 Solaris 及其客戶組成）可以選擇如何使用這些現金。可以選擇分配現金，或者如您所說，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，而且我們顯然能夠以相當優惠的利率（相對於設備的預付款利率而言）進行融資，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。

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

謝謝你，凱爾。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客戶日益增長的需求，如何看待從第三方再融資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全面掌握該領域的完全自主權？

Mm. 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 operating 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 the some of the re rented assets today as well as some of our own assets.

毫米。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，就營運能力而言，成長主要體現在兩個方面。首先，合資企業正在籌建，以實現其永久發電，我們將透過合資企業利用目前部分租賃資產以及我們自己的部分資產來滿足客戶的電力需求。

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 two avenues of growth.

因此，明年我們將看到合資企業建設約 900 兆瓦的永久電力設施，然後我們還將看到今年 3 月預定的約 400 兆瓦電力設施交付使用。所以，這是兩種發展途徑。

Or 26 and then as we look into 27, it's primarily the order that we 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.

或者說第 26 點，然後當我們研究第 27 點時，主要就是我們剛剛下的訂單。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運作的艦隊時，我會把它看作是 28 年的後半段。

Got it. I appreciate the color.

知道了。我喜歡這個顏色。

Thank you.

謝謝。

Gotcha.

明白了。

Next question is from Jeff LeBlanc TPH. Please go ahead.

下一個問題來自 Jeff LeBlanc TPH。請繼續。

Good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

Morning Jeff.

早安，傑夫。

Bill, in the prepared remarks you mentioned locations involving to multiple gigawatt sites over the next several years.

比爾，你在事先準備好的演講稿中提到了未來幾年將涉及多個千兆瓦站點的地點。

Given this opportunity set, could you help frame the size of your customers pipeline? And is it's safe to assume that by the end of the decade, your operating fleet will be larger than 2.2 gigawatts.

鑑於以上機會，您能否協助確定客戶管道的規模？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。

Thank you.

謝謝。

I think that the pipeline is enormous, and that's a technical term.

我認為這條管道規模非常龐大，這是一個專業術語。

It's just, it'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.

這裡太熱鬧了，簡直嚇人。我這輩子都沒看過這樣的景象。可以肯定地說，幾年後，我們實際營運的規模將超過我們目前訂購的規模。

Yeah, thank you very much. I'll turn the call back to the operator.

是的，非常感謝。我會把電話轉回給接線生。

Gotcha.

明白了。

The next question is from Michael Dudas, vertical research. Please go ahead.

下一個問題來自垂直研究領域的麥可‧杜達斯。請繼續。

Good morning, everyone.

各位早安。

Morning, Michael.

早上好，麥可。

Yeah, 22 questions. One, Bill, could you maybe share some of the circumstances surrounding the second data center order and that you have 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 on to the future or other BTM solutions just want to get a sense of that's still part of the of the negotiations.

是的，22個問題。第一，比爾，你能否分享一下你在新聞稿中提到的關於第二個資料中心訂單的一些情況？第二，鑑於你們正在就合約期限進行談判，對於合約期限，你是否有進一步的信心或想法？這是否仍然是一個棘手的問題？人們期待的是，未來的電網連接或其他BTM解決方案，他們只是想了解這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 State Li 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. 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 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 1st of January 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，它將併入我們的合資企業 State Li Power LLC。所以我們現在用臨時電源運行，並進行全面的排放控制，然後我們就要開始建造這座千兆瓦以上的發電廠了。接下來的一個季度以及明年，我們將加大設備交付力度，把設備運到該設施的永久廠址。好了，現在一切就緒，可以運作了。我們在本季度內很快就完成了搭建和運行，目前運行穩定，我們將從1月1日左右開始將其部署到永久站點。。

What was the second question?

第二個問題是什麼？

Oh contractor, it's it's clearly morphing to longer-term. I think that the grid delays, the announcement of grid delays, the magnitude of the power, the SB 6, approach from the government coming up, the recognition that these guys are going to need this power for a while is really morphing, average contact contract tenants out, significantly from where the thought was maybe a year ago about what this business needed to be. So it's it's morphing into more of a behind the meter, permanent power or permanent power to a portion of it becomes backup if the grid gets there at a lower cost, but I think there's a 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.

哦，承包商，這顯然正在向長期合作轉變。我認為電網延誤、電網延誤的公告、電力需求的規模、SB 6法案、政府即將採取的措施，以及人們認識到這些人需要一段時間才能用上電，這些因素正在發生巨大的變化，平均合約租戶的退出，這與一年前人們對這個行業需要什麼的看法截然不同。因此，它正在演變成一種更偏向表後供電的模式，或者說，如果電網能夠以較低的成本提供部分電力，那麼表後供電的一部分就可以作為備用電源。但我認為，監管框架和公眾對電價上漲的敏感度有所提高，而錶後供電有助於抵消部分電價上漲，我認為這是我們的客戶正在評估的重要因素。

I appreciate it. Just a quick follow-up when you talked 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。剛才您談到了表後以及您在整個通話中提到的所有上述方法，我還有一個後續問題。您能否根據 Solaris 在您核心燃氣渦輪機側的解決方案，對其他方法進行排名，並說明這會如何影響您的交付週期或您獲得這些項目的能力，以及相對於市場上其他解決方案而言，您的優勢是什麼？

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 needs some element of either backup or complementary prime power. And so as those sites or nodes that may have excess power on the grid, they're getting filled up.

其他解決方案包括：找到電網中可能存在過剩電力的特定位置，並將這些電力下放。就目前資料中心的規模而言，大多數都需要某種形式的備用電源或補充主電源。因此，那些電網中可能擁有過剩電力的站點或節點，正在被填滿。

And that is getting scarcer and scarcer and those are now being complemented by power solutions like ours. I think the others in the market that are that are doing this, I think that the Williams team is, a very professional organization. They run up a lot of equipment and assets around the country and they're doing it similar to, I think the approach we're taking with with equipment and long-term tenant contracts and I think the market is is recognized. 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.

而這種能源越來越稀缺，現在正由像我們這樣的能源解決方案來補充。我認為市場上其他做同樣事情的公司，像是威廉斯車隊，都是一個非常專業的組織。他們在全國各地購買了大量設備和資產，我認為他們的做法與我們目前在設備和長期租戶合約方面採取的做法類似，而且我認為市場也認識到了這一點。未來十年，無論是在電錶後安裝備用電源，還是在電網上運行額外的公用事業大型渦輪機，都將使用天然氣作為增量能源，以獲得運行這些資料中心所需的穩定電力。

I think just one small piece to add.

我覺得只需要補充一點。

When we allude to other sources of generation to complement our turbine workhorses 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 resips as well as potentially fuel cells, that allows us to extend the the 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. 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 cyclop plan that. Getting stood up either interconnected to the grid or in an islanded mode or it's or it's it's resits or something like fuel cells, it gives us optionality to continue to extend to grow the 2,200 megawatts with with not necessarily adding specific turbines inside of the sort of time frame where we could be bringing on other sources of generation.

當我們提到其他發電方式來補充我們渦輪機主力發電系統時，法案中稱之為“渦輪機主力發電系統”，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更多燃氣渦輪機以及可能的燃料電池，那麼我們就可以擴大我們目前資產負債表上的渦輪機容量。從資料中心角度來看，總需求量需要更大範圍的兆瓦數。換句話說，我認為我們已經確保了燃氣渦輪機這一關鍵部件的供應，而燃氣渦輪機的交付週期最長。如果我們能夠透過其他發電方式來補充燃氣渦輪機，無論是聯合循環發電計畫或其他方式。無論是併網運行還是孤島運行，或者採用燃料電池等方式，都為我們提供了選擇餘地，讓我們能夠在不增加特定渦輪機的情況下，繼續擴展至 2200 兆瓦，而無需像引入其他發電來源那樣，在相同的時間範圍內增加渦輪機。

Excellent Kyle, thank you, Bill.

太棒了，凱爾，謝謝你，比爾。

The next question is from Bobby Brooks at 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，各位早安。

Thank you for taking my question and 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.

感謝您回答我的問題，並祝賀阿曼達擔任聯合執行長一職。我只是想快速跟進 Kyle 提到的內容，即增加新的發電設施可以如何擴展資產負債表上的核心渦輪發電量。我只是好奇，在你們未來的合約談判中，是否會把這一點寫入合同，比如，我們會提供 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，我只是對此感到好奇。

Sort of a mix of all, I would say. So I think you know the the 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, locking 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. So and 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.

我覺得算是各種因素的混合體吧。所以我想您應該知道，我們目前與客戶互動的關鍵資產就是我們現有的訂單簿。但正如我們與他們討論的那樣，事情是這樣的。總的來說，需求遠不止於此。因此，當我們著手製定合約時，第一步是鎖定我們資產負債表上的資產，第二步是他們的要求最終會更大，而我們將滿足他們。有多種選擇和靈活性，可以透過不同的手段來提高總產能。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 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? And then the second piece is Is it right to think that the 160 megawatts sequential step up was the majority of that was re rented capacity or did you, were you able to secure any early deliveries?

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供應的。我當然理解你想對細節保密，但你能否概括地向我們介紹一下這些機會是如何產生的，以及最終你是如何把握這些機會的？第二個問題是，160兆瓦的逐步增加的容量中，大部分是重新租用的容量，這種想法是否正確？或者，你們是否能夠確保提前交付？

So I think Kyle kind of mentioned earlier we've got the MER team and the HDNVLV 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.

所以我覺得 Kyle 之前也提到過，我們有 MER 團隊和 HDNVLV 團隊，他們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。

We've evaluated purchasing some of it and 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 in, put them to work and have the distribution equipment ready to go to make it all work.

我們已經評估過購買其中一些產品的可能性，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拼圖碎片，並將它們拼合起來，讓它們發揮作用，並準備好分發設備，使一切順利進行。

Together.

一起。

Fair enough, appreciate the color.

好吧，欣賞這個顏色。

Thanks.

謝謝。

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

這是最後一個問題。我謹將會議交還給札勒先生，請他作總結發言。

Thank you.

謝謝。

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.

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。

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.

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.

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。

We look forward to sharing our progress with you in a few months.

我們期待在幾個月後與您分享我們的進展。

Thank you.

謝謝。

Ladies and gentlemen, the conference has now concluded.

女士們、先生們，會議到此結束。

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

感謝各位參加今天的報告會。您現在可以斷開連線了。