Target Hospitality Corp (TH) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Target Hospitality third quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Target Hospitality 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Mr. Mark Schuck. Please go ahead.

現在我將把電話交給馬克舒克先生。請繼續。

Thank you. Good morning, everyone, and welcome to Target Hospitality's third quarter 2025 earnings call. The press release we issued this morning outlining our third quarter results can be found in the investor section of our website.

謝謝。各位早安，歡迎參加 Target Hospitality 2025 年第三季財報電話會議。我們今天上午發布的第三季業績新聞稿可在我們網站的投資者關係部分找到。

In addition, a replay of this call will be archived on our website for a limited time. Please note the cautionary language regarding forward-looking statements contained in the press release. This same language applies to statements made on today's conference call.

此外，本次通話的錄音將在我們的網站上存檔一段時間。請注意新聞稿中有關前瞻性陳述的警示性措詞。同樣的措詞也適用於今天電話會議上發表的聲明。

This call will contain time sensitive information as well as forward-looking statements which are only accurate as of today, November 6, 2025. Target Hospitality expressly disclaims any obligation to update or amend the information contained in this conference call to reflect events or circumstances that may arise after today's date, except as required by applicable law.

本次電話會議將包含有時效性的資訊以及前瞻性陳述，這些陳述僅截至 2025 年 11 月 6 日為止是準確的。Target Hospitality 特此聲明，除適用法律另有規定外，不承擔更新或修改本次電話會議所含資訊以反映今日之後可能發生的事件或情況的任何義務。

For a complete list of risks and uncertainties that may affect future performance, please refer to Target Hospitality's periodic filings with the SEC. We will discuss non-GAAP financial measures on today's call.

有關可能影響未來業績的風險和不確定性的完整列表，請參閱 Target Hospitality 向美國證券交易委員會提交的定期報告。我們將在今天的電話會議上討論非GAAP財務指標。

Please refer to the tables in our earnings release posted in the investor section of our website to find a reconciliation of non-GAAP financial measures referenced in today's call and their corresponding GAAP measures. Leading the call today will be Brad Archer, President and Chief Executive Officer, followed by Jason Vlacich, Chief Financial Officer and Chief Accounting Officer. After their prepared remarks, we will open the call for questions.

請參考我們網站投資者關係部分發布的盈利報告中的表格，以了解今天電話會議中提到的非GAAP財務指標與其對應的GAAP指標的調節表。今天主持電話會議的是總裁兼執行長布拉德·阿徹，隨後是首席財務官兼首席會計官傑森·弗拉西奇。在他們發言結束後，我們將開放提問環節。

I'll now turn the call over to our Chief Executive Officer, Brad Archer.

現在我將把電話交給我們的執行長布拉德·阿徹。

Thanks, Mark. Good morning, everyone, and thank you for joining us on the call today. We continue to build on the progress we've made in advancing our strategic growth initiatives which focus on expanding and diversifying targets business portfolio.

謝謝你，馬克。各位早安，感謝各位今天參加我們的電話會議。我們將繼續鞏固在推動策略成長計畫方面的進展，這些計畫的重點是擴大和多元化目標業務組合。

This focus has led to notable operational achievements for 2025, including multiple long-term contract awards across various in-markets. Since the second quarter, we have added over $55 million in committed revenue contracts, bringing the total value of new multi-year contract awards announced in 2025 to more than $455 million.

這一重點已為 2025 年帶來了顯著的營運成就，包括在各個市場授予多項長期合約。自第二季度以來，我們新增了超過 5500 萬美元的承諾收入合同，使 2025 年宣布的新多年期合約授予總價值超過 4.55 億美元。

These contracts accomplish multiple elements of our growth objectives by strengthening Target's business portfolio and expanding our reach in new end markets. Target's ability to deliver highly customized solutions that meet specific customer needs, highlights our unique value proposition and has opened new growth opportunities and rapidly expanding markets.

這些合約透過加強 Target 的業務組合和擴大我們在新終端市場的業務範圍，實現了我們成長目標的多個方面。Target 能夠提供高度客製化的解決方案，滿足客戶的特定需求，這凸顯了我們獨特的價值主張，並開闢了新的成長機會和快速擴張的市場。

Strong long-term growth trends and sustained momentum reinforce these opportunities, including the multi-trillion dollar investment cycle in data center and AI infrastructure, power generation, and critical mineral development. The strengthening market fundamentals have laid the groundwork for a robust and expanding growth pipeline, offering distinct opportunities to continue advancing our strategic growth initiatives.

強勁的長期成長趨勢和持續的成長勢頭鞏固了這些機遇，包括資料中心和人工智慧基礎設施、發電和關鍵礦產開發領域數萬億美元的投資週期。不斷增強的市場基本面為強勁且不斷擴大的成長管道奠定了基礎，為我們繼續推進策略成長計畫提供了獨特的機會。

Turning to our segments and specific growth opportunities. Our HFS segment continues to support our world-class customers, evolving labor allocation needs by delivering premium services through our extensive network. Target's unique vertically integrated operating model combined with the scale and efficiencies of our HFS network allow us to support our customers throughout business cycles.

接下來，我們將探討我們的細分市場和具體的成長機會。我們的HFS部門繼續為我們世界一流的客戶提供支持，透過我們廣泛的網路提供優質服務，滿足不斷變化的勞動力分配需求。Target 獨特的垂直整合營運模式，加上我們 HFS 網路的規模和效率，使我們能夠在整個業務週期中為客戶提供支援。

Additionally, these attributes continue to support customer renewal rates exceeding 90%, with the average existing customer relationship exceeding 5 years. This proven operating model is key to target success and has served as a blueprint for potential new customers. Illustrating the benefits and distinct value propositions of our vertically integrated accommodations platform.

此外，這些優勢持續支撐著超過 90% 的客戶續約率，現有客戶的平均關係持續超過 5 年。這種行之有效的營運模式是實現目標客戶成功的關鍵，並已成為潛在新客戶的藍圖。闡述我們垂直整合的住宿平台的優點和獨特價值主張。

These distinctive capabilities and highly customizable solutions have supported multiple contract awards in our WHS segment this year. In February, we announced a workforce hub contract to support the development of critical minerals in Nevada.

這些獨特的能力和高度可自訂的解決方案，為我們今年在 WHS 領域贏得了多項合約提供了支援。今年二月，我們宣布了一項勞動力中心合同，以支持內華達州關鍵礦產的開發。

Construction began. This contract has been expanded several times to support community improvement and contract modifications. Resulting in a 19% increase from the original contract value. These enhancements highlight the importance of this community to the project's success and demonstrate how Target's operating capabilities enable us to deliver tailored solutions that meet specific customer needs.

工程開始動工。該合約已多次擴展，以支持社區改善和合約修改。最終價格比原合約金額增加了 19%。這些改進凸顯了該社群對專案成功的重要性，並展示了 Target 的營運能力如何使我們能夠提供滿足特定客戶需求的客製化解決方案。

These unique capabilities and customizable solutions supported the data center community contract we announced in August. We had completed the initial construction and mobilization of the 250-bed community. And initial occupancy is beginning to increase. As a reminder, this community has the potential to expand and accommodate up to 1,500 individuals, a sixfold increase from the initial community.

這些獨特的功能和可自訂的解決方案為我們在 8 月宣布的資料中心社群合約提供了支援。我們已經完成了擁有 250 個床位的社區的初步建設和籌備工作。入住率開始上升。需要提醒的是，社區有潛力擴展並容納多達 1500 人，是最初社區的六倍。

Our customers' growth plans are accelerating, driven by rapidly growing demand for AI infrastructure. As a result, we are finalizing the first community expansion to keep pace with anticipated customer activity levels. We expect this expansion to add several 100 rooms to the community and plan to provide additional details soon.

受人工智慧基礎設施需求快速成長的推動，我們客戶的成長計畫正在加速推進。因此，我們正在敲定第一個社區擴展計劃，以滿足預期的客戶活躍度需求。我們預計此次擴建將為社區增加數百間客房，並計劃盡快提供更多細節。

With increasing demand for AI infrastructure, the pace of data center development and capital investment is accelerating. To meet this demand, estimates suggest that over $7 trillion in global capital investment will be required over the next 5 years. As large scale data center infrastructure becomes increasingly remote, a significant challenge in expanding these projects is attracting and retaining the skilled labor essential to their success.

隨著對人工智慧基礎設施的需求不斷增長，資料中心的發展和資本投資步伐正在加快。為了滿足這項需求，據估計，未來 5 年全球將需要超過 7 兆美元的資本投資。隨著大型資料中心基礎設施變得越來越偏遠，擴展這些專案面臨的一個重大挑戰是吸引和留住對專案成功至關重要的熟練勞動力。

Targets unique capabilities and creating highly customized, all-inclusive communities, address this challenge and provide integrated solutions for our customers' specific needs. Aligned with these attributes, Target recently launched its Target Hyperscale brand, highlighting our ability to provide essential hospitality solutions supporting multiple facets of the data center value chain.

瞄準獨特的能力，創造高度客製化、包容性強的社區，應對這項挑戰，並為我們的客戶的特定需求提供全面解決方案。基於這些特性，Target 最近推出了 Target Hyperscale 品牌，突顯了我們為資料中心價值鏈的多個方面提供支援的基本託管解決方案的能力。

This focused initiative showcases Target's unique ability to build communities that enable quick, time to market solutions that can rapidly scale alongside customers' dynamic workforce housing needs. These factors have created the most significant commercial growth pipeline we have ever seen. Our reputation as the leading provider of remote hospitality solutions uniquely positions Target to support this rapidly expanding in-market demand.

這項重點措施展現了 Target 獨特的社區建設能力，能夠快速推出符合客戶動態員工住房需求的解決方案，並迅速擴展規模。這些因素造就了我們前所未見的規模最大的商業成長管道。作為領先的遠距飯店解決方案供應商，Target 的聲譽使其在支援快速成長的市場需求方面擁有獨特的優勢。

We are excited about these growth opportunities which we believe established a vital long-term commercial vertical capable of accelerating targets strategic growth objectives. Now moving to the government segment.

我們對這些成長機會感到興奮，我們相信這些機會建立了一個至關重要的長期商業垂直領域，能夠加速實現既定的策略成長目標。現在進入政府部門部分。

We completed the planned ramp up of our Gilley, Texas assets in September, and the community is now fully operational and capable of supporting up to 2,400 individuals. The successful reopening of this facility highlights the importance of our decision to keep this community ready to reopen alongside our partner.

我們在 9 月完成了位於德克薩斯州吉利市的資產的計劃升級，該社區現已全面投入運營，能夠容納多達 2400 人。該設施的成功重新開放凸顯了我們與合作夥伴一起保持社區隨時準備重新開放這項決定的重要性。

We continue to actively remarket our West Texas assets and remain confident in this community's ability to provide a vital solution aligned with the government's policy goals to expand available bed capacity. In summary, we have made significant progress toward our strategic goals by expanding and diversifying Target's business portfolio.

我們將繼續積極重新推銷我們在西德克薩斯州的資產，並仍然相信該社區有能力提供與政府擴大可用床位容量的政策目標一致的重要解決方案。總而言之，透過擴大和多元化 Target 的業務組合，我們在實現策略目標方面取得了重大進展。

We are encouraged by the strongest and most active growth pipeline we have ever seen, supported by solid market fundamentals and long-term growth trends.

我們有幸見證了有史以來最強勁、最活躍的成長前景，這得益於穩固的市場基本面和長期成長趨勢。

We are well positioned as we pursue these opportunities which offer multiple pathways to expand our business portfolio and continue advancing our strategic objectives. I will now hand the call over to Jason to discuss our financial results in more detail.

我們已做好充分準備，抓住這些機遇，這些機會為我們拓展業務組合、持續推進策略目標提供了多種途徑。現在我將把電話交給傑森，讓他更詳細地討論我們的財務表現。

Thank you, Brad.

謝謝你，布拉德。

Third quarter total revenue was approximately $99 million with adjusted EBITDA of approximately $22 million. Our government segment generated approximately $24 million in revenue during the quarter. The declines compared to the previous year were mainly due to the termination of the PCC contract, partially offset by the reactivation of our Dilley, Texas assets.

第三季總營收約 9,900 萬美元，調整後 EBITDA 約 2,200 萬美元。本季度，我們的政府業務部門創造了約 2,400 萬美元的收入。與前一年相比，下降的主要原因是 PCC 合約終止，但部分被我們在德克薩斯州迪利資產的重新啟用所抵消。

Additionally, revenue for the quarter included approximately $11.8 million in reimbursements for certain closeout costs related to the PCC contract termination. We do not expect any further payments related to the PCC contract in future periods. We completed the planned ramp up of the Dilley community in September, and it is now fully operational.

此外，該季度的收入還包括約 1,180 萬美元的補償金，用於支付與 PCC 合約終止相關的某些結算費用。我們預計未來不會再有與 PCC 合約相關的任何款項支付。我們已於 9 月完成了迪利社區的計畫升級，目前該社區已全面投入營運。

As a result, subsequent quarters will reflect revenue contributions aligned with the entire 2,400 bed community. As a reminder, this contract is based on fixed monthly revenue regardless of occupancy. It is projected to generate approximately $30 million in revenue in 2025 with over $246 million over its expected five-year term.

因此，接下來的幾個季度將反映出與整個 2400 個床位的社區一致的收入貢獻。再次提醒，本合約是基於固定的月收入，與入住率無關。預計該項目在 2025 年將產生約 3,000 萬美元的收入，在其預計的五年期限內將產生超過 2.46 億美元的收入。

Excluding the impact of the PCC contract closeout payment, we anticipate increased contributions from the government segment in the coming quarters following completion of the dilly ramp up. Regarding our West Texas assets, as a reminder, we have decided to keep these assets in a ready state while actively remarketing them. This approach, similar to our strategy with the Dilley assets, will involve carrying costs of approximately $2million to $3 million per quarter until a new contract is potentially awarded.

排除 PCC 合約結算付款的影響，我們預計在 dilly 產能提升完成後，未來幾季政府部門的貢獻將會增加。關於我們在西德州的資產，再次提醒大家，我們已決定在積極進行再行銷的同時，保持這些資產處於隨時可用的狀態。這種方法與我們對 Dilley 資產採取的策略類似，每季將產生約 200 萬至 300 萬美元的持有成本，直到有可能授予新合約為止。

Turning to our HFS and all other segments, these segments generated approximately $39 million in quarterly revenue. Target's customers continue to value our premium service offerings and extensive network scale. These qualities combined with Target's operational efficiencies enable us to provide unmatched solutions across our network in a competitive market.

就我們的 HFS 和其他所有業務部門而言，這些板塊每季創造了約 3,900 萬美元的收入。Target 的客戶持續重視我們優質的服務和廣泛的網路規模。這些優勢，再加上 Target 高效的營運能力，使我們能夠在競爭激烈的市場中，透過我們的網路提供無與倫比的解​​決方案。

Additionally, we remain focused on finding opportunities to improve margin contribution while meeting customer demand. Moving on to the expanding workforce Hospitality Solutions segment or WHS, this segment, which includes our workforce hub contract and the data center contract, generated approximately $37 million in revenue in the third quarter, primarily from construction activity related to the workforce hub contract.

此外，我們將繼續專注於尋找提高利潤貢獻率的機會，同時滿足客戶需求。接下來是不斷擴大的勞動力服務解決方案部門（WHS），該部門包括我們的勞動力中心合同和數據中心合同，第三季度創造了約 3700 萬美元的收入，主要來自與勞動力中心合同相關的建設活動。

As announced today, the importance of the workforce hub contract led to additional modifications and scope expansion during the third quarter. The increased scope of the contract raises the total contract value to approximately $166 million reflecting a 19% increase from the original contract value.

正如今天宣布的那樣，勞動力中心合約的重要性導致第三季進行了額外的修改和範圍擴大。合約範圍擴大後，合約總價值增至約 1.66 億美元，比原合約價值增加了 19%。

These community improvements will lead to more construction activity, which we expect to be substantially completed by the end of 2025. However, this will shift some previously forecasted services revenue into 2026 and slightly impact margins as construction revenue has a lower contribution profile.

這些社區改善措施將帶動更多建設活動，我們預計到 2025 年底將基本完工。然而，這將把一些先前預測的服務收入轉移到 2026 年，並略微影響利潤率，因為建築收入的貢獻比例較低。

As we finish construction, we expect increased services revenue to begin in 2026 and continue through 2027. The scope expansion and contract modifications highlight our ability to deliver customized and tailored solutions for our customers, creating long-term revenue streams that support large scale remote operations.

隨著建設的完成，我們預計服務收入的成長將從 2026 年開始，並持續到 2027 年。此次範圍擴大和合約修改凸顯了我們為客戶提供客製化解決方案的能力，從而創造了支援大規模遠端營運的長期收入來源。

Regarding the data center contract, we are pleased with the progress of this community and have completed the construction and mobilization of the initial 250 bed facility. As a reminder, this contract is expected to generate approximately $43 million in committed minimum revenue over its initial term through September 2027, with approximately $5 million of revenue in 2025.

關於資料中心合同，我們對該社區的進展感到滿意，並且已經完成了最初的 250 個床位設施的建設和部署。提醒一下，合約預計在 2027 年 9 月之前的初始期限內產生約 4,300 萬美元的最低承諾收入，其中 2025 年的收入約為 500 萬美元。

As we discussed, we are finalizing the first community expansion to support our customers' growing demand. This expansion will have limited impacts in 2025 but will increase revenue in future years. We plan to share additional details once the expansion terms are finalized. Recurring corporate expenses for the quarter were approximately $11 million. As a matter of practice, we continually look for opportunities to optimize our cost structure and enhance margin contributions.

正如我們之前討論的，我們正在敲定第一個社區擴展計劃，以滿足客戶日益增長的需求。此次擴張在 2025 年的影響有限，但將在未來幾年增加收入。我們計劃在擴容條款最終確定後分享更多細節。本季經常性公司支出約 1,100 萬美元。在實踐中，我們不斷尋找機會來優化成本結構並提高利潤貢獻。

Total capital spending for the quarter was approximately $29 million with net capital spending of approximately $15 million. Net capital spending reflects the upfront customer payments we received for the construction and mobilization of the initial 250 bed data center community.

本季總資本支出約 2,900 萬美元，淨資本支出約 1,500 萬美元。淨資本支出反映了我們收到的用於建造和啟動最初 250 個床位的資料中心社區的預付款。

Target's strong business fundamentals and durable operating models supported robust cash conversion, resulting in over $68 million of cash flows from operations and $61 million of discretionary cash flow for the nine months ended September 30, 2025. These fundamentals are reflected in the strength of our balance sheet and our ability to maintain significant financial flexibility through prudent capital management.

Target 強大的業務基本面和持久的營運模式支撐了強勁的現金轉化，截至 2025 年 9 月 30 日的九個月內，其經營活動產生的現金流超過 6,800 萬美元，可自由支配現金流達到 6,100 萬美元。這些基本面體現在我們穩健的資產負債表以及透過審慎的資本管理維持顯著財務彈性的能力。

We ended the quarter with $30 million in cash and zero net debt, resulting in total available liquidity of approximately $205 million. This strong liquidity position further enhances our financial flexibility and positions Target to continue executing its strategic growth initiatives. This momentum and positive operating environment support our reaffirmed 2025 outlook, which includes total revenue of $310 million to $320 million and adjusted the EBITDA of $50 million to $60 million.

本季末，我們擁有 3,000 萬美元現金，淨債務為零，總可用流動資金約 2.05 億美元。強勁的流動性狀況進一步增強了我們的財務靈活性，使 Target 能夠繼續執行其策略性成長計畫。這項發展勢頭和積極的經營環境支持我們重申 2025 年的展望，其中包括總收入 3.1 億美元至 3.2 億美元，調整後的 EBITDA 為 5,000 萬美元至 6,000 萬美元。

Target is well positioned with a flexible operating model and an optimized balance sheet as we continue to evaluate a robust growth pipeline, which we believe offers the greatest opportunity to accelerate value creation for our shareholders.

Target 擁有靈活的營運模式和優化的資產負債表，處於有利地位。我們將繼續評估強勁的成長計劃，我們相信這將為我們的股東帶來最大的加速價值創造的機會。

Most importantly, as we pursue these opportunities, we will remain focused on maintaining the strong financial profile we've built while maximizing margin contribution through our efficient operating structure. With that, I will hand it back to Brad for closing remarks.

最重要的是，在追求這些機會的同時，我們將繼續專注於維持我們已經建立的強勁財務狀況，並透過我們高效的營運結構最大限度地提高利潤貢獻。接下來，我將把發言權交還給布拉德，請他作總結發言。

Thanks, Jason.

謝謝你，傑森。

We continue to make significant progress on our strategic growth initiatives to expand and diversify our business portfolio. This year we have announced long-term contracts within our existing segment and expanded our reach into a new end market, supporting the unprecedented surge in AI infrastructure and critical mineral investment.

我們在策略性成長計劃方面持續取得重大進展，以擴大和多元化我們的業務組合。今年，我們宣布了現有業務領域內的長期合同，並將業務拓展到新的終端市場，以支持人工智慧基礎設施和關鍵礦產投資的空前增長。

These achievements have led to over $455 million in new multi-year contracts in 2025. Additionally, we are in advanced discussions on other opportunities to further expand our contract portfolio supporting AI infrastructure development.

這些成就促成了 2025 年超過 4.55 億美元的新多年合約。此外，我們正在就進一步擴大我們支援人工智慧基礎設施開發的合約組合的其他機會進行深入討論。

We remain focused on maintaining this momentum as we evaluate the strongest and most active growth pipeline we have ever seen, driven primarily by the extraordinary increase in data center and AI infrastructure investment. As market fundamentals and demand strengthen, we are actively exploring opportunities encompassing over 15,000 beds, underscoring the depth of demand in this in-market.

我們將繼續專注於保持這一勢頭，同時評估我們所見過的最強勁、最活躍的成長管道，這主要得益於資料中心和人工智慧基礎設施投資的顯著成長。隨著市場基本面和需求的增強，我們正在積極探索涉及超過 15,000 張床位的機會，這凸顯了該市場需求的深度。

Target's unique capabilities position us to become an essential partner, providing critical solutions vital to the success of this rapidly expanding marketplace. We're excited about these opportunities and believe they offer multiple ways to further our strategic goals and accelerate value creation for our shareholders.

Target 的獨特能力使我們成為不可或缺的合作夥伴，提供對這個快速擴張的市場成功至關重要的關鍵解決方案。我們對這些機會感到興奮，並相信它們能以多種方式推進我們的策略目標，並加速為股東創造價值。

Thank you for joining us on the call today. And once again, we appreciate your interest in Target hospitality.

感謝您今天參加我們的電話會議。再次感謝您對 Target 飯店服務的關注。

We will now open the call for questions.

現在開始接受提問。

(Operator Instructions)

（操作說明）

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thank you. Good morning, everyone. I guess first question, would be on. Repurposing of the Pecos West Texas access assets, could you give us an update please on what you're hearing with, government customers, and if there are other customers with whom you're speaking, please share perhaps, some insight, to the extent you would on, the potential repurposing of those of that asset. Thanks.

謝謝。各位早安。我想第一個問題應該是關於…關於重新利用佩科斯西德克薩斯接入資產，能否請您提供您從政府客戶那裡了解到的最新情況？如果您也與其他客戶溝通，能否分享一些您對重新利用這些資產的見解？謝謝。

Yeah, good morning, Scott. This is Brad. Yeah, let me just touch. Quickly on the government and then give you some color around the assets, kind of in West Texas, but really on the government, there's no new developments from our last call. We continue to have active dialogue with the government on the West Texas assets. Look, we believe these assets provide a solution aligned with the government's objective and their sentiments, have not changed around the use of this equipment.

早安，史考特。這是布拉德。嗯，讓我摸一下。先簡單談談政府，然後介紹一下資產狀況，主要是在西德州，但實際上，關於政府方面，與我們上次通話相比並沒有什麼新的進展。我們繼續與政府就西德克薩斯州的資產問題進行積極對話。你看，我們相信這些資產提供的解決方案符合政府的目標，而且他們對使用這些設備的看法也沒有改變。

With that said, let me touch, on the Permian Basin as you suggested and really West Texas in general as we're in discussions on several large data center projects as well as the large-scale power projects that would energize them. Several projects in that area have been announced already, and we expect several more to make final investment decisions very soon with others in the pipeline that we're talking to. The capital spend in this area will be large.

話雖如此，我想談談您提到的二疊紀盆地，以及整個西德克薩斯州，因為我們正在討論幾個大型資料中心專案以及為這些資料中心供電的大型電力專案。該地區已有多個項目宣布啟動，我們預計很快就會有更多項目做出最終投資決定，此外還有一些項目正在洽談中。該領域的資本投入將非常巨大。

It's very big, and it will require many thousands of skilled workers coming into these areas. I say all of this, to tell you there's no other company in our industry that is better positioned to take advantage of this unprecedented spend we're beginning to see in West Texas. The opportunity set in West Texas maximizes our chances.

這個計畫規模非常大，需要成千上萬的熟練工人湧入這些地區。我說這些，是為了告訴你們，在我們這個行業中，沒有任何一家公司比我們更有優勢來利用我們在西德克薩斯州開始看到的這種前所未有的支出。西德克薩斯州蘊藏的機會最大限度地提高了我們的機會。

To put underutilized or idle assets back on lease for long-term projects, and look, I would tell you I have very little doubt the majority of the growth you will see in West Texas will come from data centers and the large-scale power projects that are required to energize them. This doesn't mean that we will not TRY to take care of the government as well, but as you are well aware.

將未充分利用或閒置的資產重新出租用於長期項目，而且，我可以毫不誇張地說，西德克薩斯州的大部分增長將來自數據中心以及為這些數據中心供電所需的大型電力項目。但這並不意味著我們不會盡力照顧政府，但正如你所知。

And we've talked about this many times over the years, our assets can be repurposed across many industries and fortunately for us today, it's a good problem to have. There are multiple paths to maximizing our assets and utilizations other than just the government, right? And that pipeline continues to build. And again, fortunately, a lot of this work sets right in the Permian Basin.

多年來，我們已經多次討論過這個問題，我們的資產可以在許多行業中重新利用，幸運的是，對我們今天來說，這是一個幸福的煩惱。除了政府之外，還有很多途徑可以最大限度地利用我們的資產，對吧？而這條人才儲備庫還在不斷擴建。幸運的是，許多這類工作都直接在二疊紀盆地進行。

Great, thanks Brad. I appreciate that. Following up on that, a question for you and then probably one for Jason, thematically on that on that segue, the target hyper scale or brand, could you speak to what you're doing there as far as, kind of putting a brand on your initiative there, how you're going forth with that marketing approach, Brad, that'd be for you and then.

太好了，謝謝你，布拉德。我很感激。接下來，我有一個問題想問你，然後可能還有一個問題想問傑森。關於這個主題，也就是你提到的目標超大規模或品牌，你能談談你在這方面所做的工作嗎？例如，如何為你的計畫打造一個品牌？你是如何推進這種行銷方式的？布拉德，這個問題就交給你了。

Jason, just, on that theme, could you please speak to, just the revenue and EBITDA run rate in third quarter, what's expected for fourth quarter on the data center contract and maybe how you think about that run rate in 2026. Thanks guys.

Jason，關於這個主題，您能否談談第三季度的收入和 EBITDA 運行率，第四季度資料中心合約的預期，以及您對 2026 年運行率的看法。謝謝各位。

Yeah, so Scott, let me take the hyper target hyper scale, kind of question and why we did it. Look, the unprecedented capital spend in this industry, just across the US and not just Texas. We feel requires a more focused and dedicated approach. We've spent 2 years really researching this opportunity, the markets, we've hired several new people, that are dedicated to this effort that have a background in the data center world and just based on the scale of the opportunity that's in front of us and that we see really.

是的，史考特，讓我來談談超大規模目標的問題，以及我們為什麼要這樣做。你看，這個產業的資本支出是前所未有的，這不僅發生在德州，而是遍及全美。我們認為這需要更加專注和投入。我們花了兩年時間認真研究這個機會和市場，我們聘請了幾位致力於這項工作的新人，他們擁有資料中心領域的背景，而這一切都基於我們面前的機會規模以及我們所看到的實際情況。

Long-term, we thought it was right to really have its own brand and focus there on the hyper scalers, the GCs that are there. This is a different group, that are now being forced to move remote, right? A lot of these over the years have built in big cities.

從長遠來看，我們認為擁有自己的品牌並專注於超大規模資料中心和現有資料中心是正確的。這是另一組人，他們現在被迫轉為遠距辦公，對吧？這些年來，許多這樣的建築都建在了大城市裡。

Most of them now are being built remote, so the. [Ation] there takes time because they've never had to use facilities like us that they're being forced to look at today so again we think that branding fits within that and who you're dealing with is different than we've ever dealt with in the past so we think that branding, it's been well received by our customers and potential customers, and we think that'll continue to be the case.

現在大多數公司都在遠端建設，所以[Ation]需要時間，因為他們以前從未使用過像我們這樣的設施，而現在他們不得不考慮這些設施。因此，我們認為品牌建立正契合這一點，而且您現在面對的客戶與我們過去接觸的客戶也不同。因此，我們認為品牌建立受到了現有客戶和潛在客戶的好評，我們認為這種情況還會持續下去。

And I think on the second question, regarding the, I think you said the data center contract, run rates and, revenue EBITDA adjusted even as so we anticipate on that contract to recognize about $5 million of revenue this year. I would say from a run rate standpoint it's more forward-looking beyond this year, approximately I would say, the balance of that contract, which is $43 million less than 5. Will be relatively evenly split between 2026 and 2027.

關於第二個問題，我認為您提到了資料中心合約、運行率和調整後的收入 EBITDA，因此我們預計今年該合約將確認約 500 萬美元的收入。從運行率的角度來看，我認為它更具前瞻性，可以展望今年以後，大約是合約的剩餘部分，比500萬美元少4300萬美元。2026 年和 2027 年將相對平均分配。

The margin profile on that is very similar to Dilley because it's a lease and services agreement where we own the assets and we operate them and it's exclusively for one customer. So, a matter of fact, a lot of the opportunities that we're looking at in our pipeline are very similar to that type of a margin profile that we're experiencing at Dilley.

該利潤率與 Dilley 非常相似，因為它是一項租賃和服務協議，我們擁有資產並經營它們，並且專門服務於一個客戶。事實上，我們正​​在檢視的許多專案機會與我們在迪利公司所經歷的利潤率非常相似。

Now Dilley from a run rate standpoint, you'll see. Will come to light in Q4, but essentially, it's approximately $50 million a year, on the full 2,400 bed community at a margin profile very similar to the previous, contract.

現在從跑動率的角度來看，你就會明白迪利的狀況了。將在第四季度公佈，但基本上，對於擁有 2400 個床位的整個社區來說，每年大約需要 5000 萬美元，利潤率與之前的合約非常相似。

Great, thank you both.

太好了，謝謝你們兩位。

Greg Gibas, Northland.

格雷格·吉巴斯，北地。

Great morning Brad and Jason. Thanks for taking the questions. Congrats on the results. I wanted to ask how maybe does your existing data center community contract compare to the other opportunities you're in advanced discussions with, from I guess a high level, how would you say it kind of stacks up to the relative scope and size of the opportunities that you're seeing?

布拉德和傑森，早安。謝謝您回答問題。恭喜取得好成績。我想問一下，您現有的資料中心社群合約與您正在深入洽談的其他機會相比如何？從宏觀層面來說，您認為它在您所看到的機會的範圍和規模方面如何？

Yeah, and just to kind of across the board, I would tell you, the scope of these are on an average. Well above 1,000, rooms, that we're looking at if you're talking size, right, they go into these areas for 5,6,7,8 years, they continue to scale up, it doesn't start, like 1,000 is very similar to how we're building, this first contract, 250, and then we're looking to continually. Increase that, this next increase will we think will be several 100 beds right followed on by more increases until they reach capacity on their construction site.

是的，總的來說，這些範圍的平均值是這樣的。我們正在考慮的房間數量遠遠超過 1000 間，如果你談論的是規模的話，對吧？他們會在這些地區投入 5、6、7、8 年的時間，他們會不斷擴大規模，而不是一開始就建 1000 間。這和我們正在建設的方式非常相似，第一個合約是 250 間，然後我們將繼續擴大規模。此外，我們認為下一次增加的床位將達到幾百張，之後還會繼續增加，直到他們的建築工地達到飽和為止。

And then it and then it kind of levels out, for quite a while on that but that's very similar the buildup now look some of these are a little smaller and some of them are much bigger. It just depends. On what they're doing, what we're seeing today is a lot of these not only are we dealing with the data center piece, we're dealing with the power piece as well, which just adds more of a need for rooms, right?

然後，它就趨於平穩，持續了相當長一段時間，但這與現在的堆積方式非常相似，你看，其中一些較小，而另一些則大得多。這要看情況。就他們目前所做的事情而言，我們今天看到的不僅是資料中心部分，還有電力部分，這只會增加對機房的需求，對吧？

Got it. That's helpful. Appreciate that. And, maybe for Jason, to dive into kind of the implications of guidance, could you maybe speak to the quarter-to-quarter dynamics, or expectations implied there? You already mentioned the data center contract and $5 million expected this year, but anything else that I think about Q4 versus Q3 from modeling perspective?

知道了。那很有幫助。謝謝。傑森，或許你想深入探討一下業績指引的涵義，你能談談季度間的動態變化或是其中隱含的預期嗎？您已經提到了資料中心合約和預計今年500萬美元的收入，但從建模的角度來看，關於第四季度和第三季度，還有什麼其他需要注意的地方嗎？

Yeah, I think you know Q4 you're going to see the full ramp up for the daily contract, right, which, as I said, is annualized $50 million a year in revenue, approximately 40% to 50% margin is what you could anticipate there, divided up in a quarterly amount for Q4.

是的，我想你知道，第四季每日合約將會全面啟動，對吧？正如我所說，它每年可帶來 5000 萬美元的收入，預計利潤率約為 40% 到 50%，這部分利潤將在第四季度分攤到各個季度。

The item that you're not going to see recur is the $11.8 million that we recognize for the PCC close out payment. That's kind of the biggest delta between Q3 and Q4 is going to be that, combined with now we're fully ramped up on Dilley, and you know I think everything else will be relatively steady state.

您不會再看到重複出現的項目是 1,180 萬美元，這是我們確認的 PCC 結項付款。第三季和第四季之間最大的差距就在於此，再加上我們現在已經全面投產了迪利工廠，而且我認為其他一切都將保持相對穩定。

Great, that's helpful. And if I could, I wanted to ask, given you were named on that $10 billion [Wexmc DOD] award, wondering if there's anything you could share related to, I guess how you can serve their efforts and then maybe what level of capacity or position to provide.

太好了，這很有幫助。如果可以的話，我想問一下，鑑於您被列入了價值 100 億美元的 [Wexmc DOD] 獎項名單，您是否可以分享一些相關信息，比如您如何為他們的工作做出貢獻，以及您可以提供什麼樣的能力或職位。

Could you repeat that again? We didn't quite get all of that.

你能再重複一遍嗎？我們並沒有完全理解。

Yeah, sorry, just giving you your names on that $10 billion [Wex Max DOD] award, just wondering if there's anything you could share related to how you can serve their efforts and maybe what level of capacity you position to provide.

是的，不好意思，我只是把你們的名字列在那份價值 100 億美元的 [Wex Max DOD] 合約上，只是想問問你們能否分享一些關於如何為他們的工作做出貢獻以及你們能夠提供何種能力的信息。

Yeah, look, first we don't know exactly what's going to come out on the on those bids, but we're positioned there, right? We, we're on the contract vehicle which is which was the first step. We'll see what comes out, and if it works for us, we'll definitely go after it, right? If we have available assets or we can structure it, another way, we will take a look at that if it fits us, but we first wanted to get on the contract vehicle and then take a look at any bids that come from that.

是的，你看，首先我們不知道這些投標最終會是什麼結果，但我們已經做好了準備，對吧？我們正在透過合約工具進行運作，這是第一步。我們看看結果如何，如果對我們有利，我們肯定會全力以赴，對吧？如果我們有可用的資產，或者我們可以用其他方式進行結構化，我們會考慮是否適合我們，但我們首先想加入合約機制，然後再看看由此產生的任何投標。

Got it makes sense thanks guys.

明白了，謝謝各位。

Rajiv Sharma.

拉吉夫·夏爾馬。

Hi, yeah, thank you, this is Raj. I. Wanted to, yeah, hey, good morning. I wanted to ask about the workforce, EBITDA, what can we, the how much of a shift. In EBITDA, can we see, can we expect from this year to the next year? And also, could you talk about the community enhancements, the detail around that, is that, entail higher bed pricing or new service modules or? Or client funded CapEx.

嗨，是的，謝謝，我是拉傑。我想說，是的，嘿，早安。我想詢問有關勞動力、EBITDA、我們能做什麼以及需要做出多大的改變。從 EBITDA 來看，我們能否預測今年到明年的情況？另外，您能否談談社區改善方面的細節，例如是否涉及更高的床位價格或新的服務模式等等？或客戶出資的資本支出。

Yes, I'll take the first one right off the [bat]. So, the community enhancements are not going to increase the number of expected beds. We're still going to be around, 2000 beds, so it doesn't impact any of the economics around the services piece that will largely kick in beginning next year. It's strictly related to the construction. The majority of that we anticipate to be recognized this year, as we hopefully have, the construction substantially complete by the end of this year. I'll stop there and see if there's any other follow-up on that. Otherwise.

是的，我馬上拿第一個下來。[蝙蝠]。因此，社區改善措施不會增加預期床位數量。我們仍然會繼續運營，擁有 2000 張床位，所以不會對明年開始大規模啟動的服務業經濟造成任何影響。這與建築施工密切相關。我們預計今年大部分成果將得到認可，希望如此，到今年年底，建設工作將基本完成。我就先說到這裡，看看之後還有沒有其他後續消息。否則。

In terms, yeah, go ahead, yeah, I'm sorry, go ahead, yeah, no, I wanted to understand the community enhancements, what does it entail?

就我而言，是的，請繼續，是的，對不起，請繼續，是的，不，我想了解社群增強功能，它包含哪些內容？

Well, it doesn't entail building out more beds, and it certainly doesn't increase the economics on the services piece. The services piece, which is the balance of the contract, it's roughly $75 million or so that will start to kick in next year through 2027. I would look at that as relatively evenly split between the two years at a margin profile closer to 30%. On the services piece going forward as opposed to the construction piece where our margin profile is closer to 20% to 25%.

這並不需要增加床位，當然也不會提高服務上的經濟效益。合約中的服務部分（即剩餘部分）金額約為 7,500 萬美元，將於明年開始生效，一直持續到 2027 年。我認為這兩年的收入大致相當，利潤率接近 30%。展望未來，服務業的利潤率將高於建築業，建築業的利潤率預計在 20% 到 25% 之間。

Got it. And then, did I hear right? So, the Dilley facility is fully ramped down to 2,400 beds, is that the, and the ramp steady state utilization that is, happening in Q4.

知道了。然後，我沒聽錯吧？所以，迪利設施已完全降至 2400 張床位，這是嗎？並且在第四季逐步恢復到穩定狀態利用率。

Yeah, we would, right. Yeah, so.

是啊，我們當然會這麼做。是啊，就是這樣。

Towards the retail end assume right.

零售端方面，假設是正確的。

So, we completed the ramp up at the beginning of September and you'll see the full quarterly economics on the 2,400 beds in Q4.

因此，我們在 9 月初完成了擴建工作，您將在第四季度看到 2400 張床位的完整季度經濟效益報告。

Right, thank you for that. And then just on the Pecos, the PCC, any active RFPs or renewal discussions you are engaged in that could replace or supplement that.

好的，謝謝。然後，關於佩科斯、PCC，以及您正在參與的任何可能取代或補充該協議的積極招標或續約討論。

Yeah, as I mentioned earlier, on the call, lots of activity in the Permian Basin West Texas, right? So, we have multiple tasks there to utilize that equipment, other than just the government, on that for all of our equipment and look, to be clear, we're already utilizing some of our existing assets, for the first data center, and we expect to use more of those assets.

是的，正如我之前在電話會議上提到的，西德克薩斯州二疊紀盆地有很多活動，對吧？所以，除了政府之外，我們還有其他任務需要利用這些設備，用於我們所有的設備。需要明確的是，我們已經在第一個資料中心利用了一些現有的資產，我們預計會使用更多的資產。

I, in the future, we've always been very good, but first we're going to utilize our existing assets, right? We want to drive utilization and put those, back to work, so that's our first look all the time, and we've been very good about that, and we'll continue to do that.

未來我們一直都做得很好，但首先我們要利用我們現有的資產，對吧？我們希望提高利用率，讓這些資源重新投入使用，所以這是我們始終關注的重點，我們在這方面做得非常好，我們將繼續這樣做。

Okay, great, thanks. And then just lastly, can you elaborate on the target, the hyper scale, how does that differentiate from the core workforce. And what type of clients or geographies are you are you targeting? First, yeah.

好的，太好了，謝謝。最後，您能否詳細說明一下目標規模，即超大規模，它與核心員工隊伍有何不同？你們的目標客戶群或目標地區是哪些類型的客戶？首先，是的。

And again, lots of focus on the data center, right? Huge spin we brought in some, if you will, specialist folks that have worked in the data center business, for many years as well. So, we built a team up around this, we thought it needed more focus, is starting to prove that's a good decision for us. It's been well received in the industry.

再次強調，資料中心是關注的焦點，對吧？我們進行了一次巨大的變革，引進了一些在資料中心產業工作多年的專家。所以，我們圍繞著這個領域組建了一​​個團隊，我們認為它需要更多關注，現在看來，這對我們來說是一個明智的決定。它在業界獲得了不錯的迴響。

When you talk about the client, a lot of the clients that we're talking to today have never been, where they've needed, where they've worked remote, if you will, and now they realize, hey, we're working remote, we need to, it's a bigger education process. It is a little bit different of a customer as well, then if you will, the oil and gas or your industrial customer or your mining.

說到客戶，我們今天接觸的許多客戶以前從未有過遠距辦公的經驗，現在他們意識到，嘿，我們現在遠距辦公了，我們需要遠距辦公，這是一個更大的學習過程。與石油天然氣客戶、工業客戶或礦業客戶相比，這類客戶也略有不同。

Customer, they just never done this, so, it's more about, I wouldn't say a different type of quality kind of that works across all industries, but it's definitely a bigger education process and it is a little bit. Different customer set than we've ever dealt with in the past in a good way right they're very receptive they want to take care of their employees like our other customers do, and the great thing is they've got great counterparties, on the other side of these contracts that we're working on, and their goal is to get this done, on time, right? So, they don't mind.

客戶，他們以前從未這樣做過，所以，這更多的是關於，我不會說是一種適用於所有行業的不同類型的質量，但這絕對是一個更大的教育過程，而且確實有點。與我們過去接觸過的客戶群不同，這是件好事，他們非常樂於接受我們的意見，他們像我們其他客戶一樣想要照顧他們的員工，而且最棒的是，在我們正在洽談的這些合同的另一方，他們的合作夥伴也很棒，他們的目標是按時完成這項工作，對吧？所以，他們並不介意。

Against spending the money, getting the rooms close to location and it's all about safety, and kind of de-risking their project for them.

反對花錢，把房間建在靠近地點的地方，一切都是為了安全，這樣可以降低他們專案的風險。

Yeah, hey, Raj, this is Mark. Just to kind of put a fine point, I think you asked too if there was any differentiation around the hyper scale brand. And look, to be clear, it fits squarely in target's core competencies as Brad described. It is just really an intentional focus on the customers and the applications that Brad described.

嗨，拉傑，我是馬克。再補充一點，我想你也問過超大規模品牌是否有任何差異化。需要明確的是，正如布拉德所描述的那樣，這完全符合目標的核心競爭力。正如布拉德所描述的那樣，這確實是一種有意識地關注客戶和應用的方式。

If buildings are the same, right, like Irish Spain fleet that is being used for HFS can be used for the data centers as well, and we're doing that today. So that doesn't change to Mark's point.

如果建築物相同，那麼用於 HFS 的愛爾蘭西班牙車隊也可以用於資料中心，而我們現在正在這樣做。所以，這並沒有改變馬克的觀點。

Got it, thank you so much for taking my questions, yeah, congratulations. Thank you.

明白了，非常感謝您回答我的問題，恭喜您。謝謝。

Steven Gennaro.

史蒂文·詹納羅。

Thanks, good morning, everybody. So, a couple for me and I'm sorry if I missed any of this. I missed the beginning of the call, but I think going into next year there's about 6,000 idle beds. I think that's roughly the right number.

謝謝大家，早安。所以，我這裡有幾個問題，如果我漏掉了什麼，請見諒。我錯過了電話會議的開頭，但我認為到明年將有大約 6000 張閒置床位。我認為這個數字大致正確。

Can you talk about, given what's going on with the government shutdown and potential timing for new awards, can you talk about any color on kind of the timing on some of these contracts, both within the government and outside the government and how they may come together as we start thinking about how 26 starts to unfold?

鑑於政府停擺和新合約授予的潛在時間，您能否談談這些合約（包括政府內部和政府外部的合約）的時間安排，以及隨著我們開始思考第 26 屆政府的運作方式，這些合約可能會如何最終達成一致？

Well, I would just say on the beds you know we have about 8,000 available beds, going into next year, right? We utilize some of those to build out the initial 250 bed data center community you know in terms of, timing, very difficult to nail down exact timing, but in terms of the data center opportunities we're already in advanced discussions on expanding that.

嗯，關於床位，我想說的是，到明年我們大約有 8000 張可用床位，對吧？我們將利用其中的一些資源來建造最初的 250 個床位的資料中心社區。您也知道，就時間而言，很難確定確切的時間，但就資料中心的機會而言，我們已經在就擴展資料中心進行深入討論。

Contract as a reminder we set at the forefront of the call and also in our announcement the land base can accommodate up to 1,500 beds. That's obviously going to be driven by customer demands, but again we're already in advanced discussions on increasing that, bed count from 250 to several 100 more in terms of the opportunities.

合約作為提醒，我們在電話會議和公告中都強調，陸地基地最多可容納 1500 張床位。這顯然將由客戶需求驅動，但我們已經就增加床位數量（從 250 張增加到幾百張）進行了深入討論，這其中蘊藏著巨大的機會。

I would say the pipeline. And Brad can certainly elaborate, is growing in the area of data centers. The government, we talked about the opportunities that there, there's still a high degree of interest, the West Texas assets are still on the acquisition list, for the government, obviously the administrative process is something we can't exactly nail down from a timing standpoint in terms of approvals and when a contract award might come.

我會說是管道。布拉德當然可以詳細闡述，資料中心領域正在蓬勃發展。我們和政府討論了那裡的機會，政府仍然對此抱有濃厚的興趣，西德克薩斯州的資產仍然在收購名單上。對政府來說，顯然，從審批和合約授予的時間表來看，行政程序是我們無法準確確定的。

But we are keeping those assets in a ready state. We continue to incur the cost to do that of $2 million to $3 million a quarter, because there continues to be a high degree of interest, but the timing is a little difficult to nail down. Yeah.

但我們會將這些資產保持在隨時可用的狀態。我們每季仍需為此投入 200 萬至 300 萬美元，因為各方對此仍抱有濃厚的興趣，但具體時間安排卻很難確定。是的。

Hey, Steven, if you missed the first part of the call, one thing I talked about, on another question. Was just, there's multiple paths here, for us to maximize our assets, in utilization other than the government in the Permian Basin while we still expect to take care of the government and they're very interested. Interested in this facility, the demand, as covering the Permian is increasing a lot right for data centers and the large-scale power projects.

嘿，史蒂文，如果你錯過了通話的第一部分，我談到了另一件事，是關於另一個問題的。我的意思是，除了政府之外，我們還有多種途徑可以最大限度地利用我們在二疊紀盆地的資產，同時我們仍然希望與政府保持良好關係，而他們對此非常感興趣。鑑於覆蓋二疊紀盆地對資料中心和大型電力專案的需求不斷增長，人們對該設施很感興趣。

Several have been announced, several more in FID that we think gets announced, some that we have NDA signed with that haven't been announced that we think comes along as well. So, we think we sit in a really good spot in the, especially in the Permian. In West Texas in general, to increase utilization throughout the, our units that are sitting idle or underutilized, so again, it's not a one-legged stool here just on government, it, and I think fortunately for us we sat in a really great position, to act upon some of these projects.

已經公佈了一些，我們認為最終投資決策中還會公佈一些，還有一些我們已經簽署了保密協議但尚未公佈的項目，我們認為這些項目也會最終公佈。所以，我們認為我們處於非常有利的地位，尤其是在二疊紀盆地。總的來說，在西德克薩斯州，為了提高整個地區的利用率，我們那些閒置或未充分利用的單位，所以再說一遍，這不僅僅是政府的責任，我認為幸運的是，我們處於一個非常好的位置，可以採取一些項目。

Thanks. Is there So, when we think about like the availability of your capacity and when we think about the data center growth and what's going on in some of the critical mineral side and obviously the government, is there any urgency from any of those customer bases as it pertains to a concern about lack of capacity in if they don't contract assets in the near term?

謝謝。那麼，當我們考慮產能可用性、資料中心成長、關鍵礦產領域以及政府方面的情況時，這些客戶群是否會因為近期不簽訂資產合約而擔心產能不足？

100% when you look at how we'll just say the data centers are built, you'll see one large one being built and then pretty quickly behind that they cluster around each other, right, so they definitely get, there's a lack of qualified, skills out. There, whether that's electrical or that's mechanical or whatever and they're fighting a lot of times for that same person, right?

百分之百，看看資料中心的建設方式，你會看到一個大型資料中心建成，然後很快它們就會聚集在後面，對吧？所以它們肯定會面臨合格技能人才短缺的問題。在那裡，無論是電氣方面的、機械方面的還是其他方面的，他們很多時候都在爭奪同一個人，對吧？

So, they get signing on equipment quicker than the next guy with because there's limited capacity out there, right? It can help [derris] their project, but the answer is absolutely yes and look that. That fear if you will, is well founded on their part. There's not a lot of excess capacity out there and every day there's new projects that are being announced which just continue to increase that.

所以，因為產能有限，他們就能比其他人更快拿到簽約的設備，對吧？它可以幫助[derris]他們的項目，但答案絕對是肯定的，看看吧。他們的這種擔憂並非毫無根據。目前市場上並沒有太多過剩產能，而且每天都有新項目宣布啟動，這只會不斷增加產能過剩的情況。

Yeah, that, that's helpful because I hear it clearly on the [Powergen] side and I was just curious if that urgency had sort of filtered down to your business from at least part of the customer base.

是的，這很有幫助，因為我清楚地聽到了 [Powergen] 方面的說法，我只是好奇這種緊迫感是否至少從部分客戶群中傳遞到了你們公司。

Yes, absolutely.

是的，絕對的。

Great, and then just the final question I had was the economics of the different pieces, it sounds like the data center side from our prior conversation is kind of in a pretty similar to daily. Like, should we expect kind of those similar type of economics as other opportunities, surface.

好的，我最後一個問題是關於各個部分的經濟效益，聽起來資料中心方面與我們之前的談話內容非常相似。例如，我們是否應該期待類似的經濟機會再次出現？

Yeah, I mean, I would say, that a lot of the opportunities we're looking at in our pipeline have economics from a margin profile standpoint, very similar to Dilley. A lot of these are take or pay, assets that we own and will operate exclusively for the customer. So, those economics will very, will tend to be very similar to the Dilley economics.

是的，我的意思是，我認為，我們正在考察的許多項目，從利潤率的角度來看，其經濟效益與 Dilley 非常相似。其中許多都是照付不議的資產，我們擁有這些資產，並將專門為客戶運作。因此，這些經濟學理論將非常、非常接近迪利經濟學理論。

Thanks, and actually on that I'm sorry, just one quick one. I think I know the answer to this, but on the longer-term deals, when you look at inflationary costs that we've seen, especially on things like food and labor, are, you are protected against a lot of that, I believe in the contracts. Is that true?

謝謝，其實很抱歉，就問一個問題。我認為我知道答案，但就長期交易而言，當你看到我們看到的通貨膨脹成本，尤其是在食品和勞動力等方面，我相信合約可以保護你免受很多此類影響。是真的嗎？

It varies, right, in some want to go forward, we might have some type of cost increase, across the years, and then some, we're pretty limited on that, but we TRY to do that with the right type of rate operational efficiencies, and we've been very good about that.

情況各不相同，對吧？有些時候，為了向前發展，我們可能會在幾年內增加一些成本，而有些時候，我們在這方面受到很大限制，但我們會努力以合適的費率和運營效率來實現這一點，而且我們在這方面做得非常好。

Great, perfect. Thank you for all the details.

太好了，完美。謝謝您提供的所有細節。

Welcome. Thank you. There are no further questions at this time. Brad Archer, you may continue.

歡迎。謝謝。目前沒有其他問題了。布拉德阿徹，你可以繼續了。

Yeah, thanks to all of you for joining our call today and for your continued support of Target Hospitality. We look forward to speaking to all of you again in the new year. Operator, that will conclude our call for today.

是的，感謝各位今天參加我們的電話會議，也感謝你們一直以來對 Target Hospitality 的支持。我們期待在新的一年再次與大家交流。接線員，今天的通話到此結束。

Ladies and gentlemen, this does conclude today's conference call. Thank you very much for your participation. You may now disconnect. Have a great day.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。祝你有美好的一天。