Mammoth Energy Services Inc (TUSK) 2024 Q2 法說會逐字稿

Greetings and welcome to the Mammoth Energy Services second quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions)

歡迎參加猛獁能源服務公司 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。（操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ken Dennard. Thank you, sir. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人肯·丹納德。謝謝您，先生。你可以開始了。

Thank you, Maria and good morning to everyone. We appreciate you joining us for the Mammoth Energy conference call to review 2024 second quarter results. This call is also being webcast and can be accessed through the access through the audio link on the events and presentations page of the Investor Relations section of mammothenergy.com.

謝謝你，瑪麗亞，祝大家早安。我們感謝您參加 Mammoth Energy 電話會議，回顧 2024 年第二季業績。此次電話會議也正在進行網路直播，並且可以透過 mammothenergy.com 投資者關係部分的活動和演示頁面上的音訊連結進行存取。

Also note that information reported on this call speaks only as of today, August 9, 2024. Please be advised that any time-sensitive information may no longer be accurate as of any subsequent date.

另請注意，本次電話會議報告的資訊僅截至今天（2024 年 8 月 9 日）。請注意，任何對時間敏感的資訊在任何後續日期可能不再準確。

I'd also like to remind you that statements made in today's discussions that are not historical facts, including statements of expectations or future events or future financial performance are forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.

我還想提醒您，今天的討論中做出的非歷史事實的陳述，包括預期或未來事件或未來財務業績的陳述，都是根據《私人證券訴訟改革法案》安全港條款做出的前瞻性陳述1995 年。

We will be making forward-looking statements today as part of today's call, that by nature, are uncertain and outside the company's control. Actual results may materially differ. Please refer to the earnings press release that was issued this morning for our disclosure on forward-looking statements.

作為今天電話會議的一部分，我們將在今天做出前瞻性聲明，這些聲明本質上是不確定的並且超出了公司的控制範圍。實際結果可能存在重大差異。請參閱今天上午發布的收益新聞稿，以了解我們對前瞻性聲明的揭露。

These factors and other factors and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission. Management may also refer to non-GAAP measures, including adjusted EBITDA in today's call. The definition this non-GAAP measure and its reconciliation to the most directly comparable GAAP measures can be found at the end of the earnings release and the investor presentation, which can also be found on the website. Mass Energy assumes no obligation to publicly update or revise any forward looking statements.

這些因素以及其他因素和不確定性在該公司向美國證券交易委員會提交的文件中進行了詳細描述。管理階層也可能在今天的電話會議中提及非公認會計原則措施，包括調整後的 EBITDA。這種非公認會計準則衡量標準的定義及其與最直接可比較的公認會計準則衡量標準的調節可以在收益發布和投資者介紹的末尾找到，也可以在網站上找到。Mass Energy 不承擔公開更新或修改任何前瞻性聲明的義務。

And now with that behind me, I'd like to turn the call over to Mammoth Energy's CEO, Arty Straehla. Arty?

現在，我想把這通電話轉給 Mammoth Energy 的執行長 Arty Straehla。附庸風雅？

Thank you, Ken, and good morning, everyone. I'll start with some commentary around several highlights and recent developments for Mammoth Before discussing our second quarter results. I'll then provide commentary about our expectations going forward. Before turning the call over to Mark to cover the financials in more detail.

謝謝你，肯，大家早安。在討論我們第二季的業績之前，我將首先對猛獁象的幾個亮點和最近的發展進行一些評論。然後我將提供有關我們未來期望的評論。在將電話轉給馬克之前，他會更詳細地介紹財務狀況。

I'd like to kick off today's call by discussing the PREPA settlement agreement that we announced last month on July 22, our subsidiary, Cobra Acquisitions entered into a settlement agreement with PREPA to settle all outstanding matters between Cobra and the Puerto Rico Public Electric Power Authority, or PREPA.

我想透過討論我們上個月7 月22 日宣布的PREPA 和解協議來開始今天的電話會議，我們的子公司Cobra Acquisitions 與PREPA 簽訂了和解協議，以解決Cobra 與波多黎各公共電力公司之間的所有未決事項權威，或 PREPA。

The settlement agreement remains subject to approval by the Title III Court, which is expected to hear the motion related to the settlement agreement at the next omnibus hearing to be held on September 18, 2024. We are pleased to have reached this agreement with PREPA and look forward to receiving the money for work we concluded over five years ago.

和解協議仍需獲得 Title III 法院的批准，預計該法院將在 2024 年 9 月 18 日舉行的下一次綜合聽證會上聽取與和解協議相關的動議。我們很高興與 PREPA 達成這項協議，並期待收到我們五年多前完成的工作的資金。

We plan to use a portion of the $188.4 million in settlement proceeds to pay off our term credit facility, which had a balance of approximately $49.3 million as of June 30, 2024. The remaining amount of approximately $139.1 million will be cash on our balance sheet to be used to invest back into our businesses and for general corporate purposes.

我們計劃使用 1.884 億美元和解收益中的一部分來償還我們的定期信貸額度，截至 2024 年 6 月 30 日，該額度的餘額約為 4,930 萬美元。剩餘的約 1.391 億美元將成為我們資產負債表上的現金，用於投資回我們的業務和一般公司用途。

This is a significant development for us and may enable us to meaningfully enhance our standing within the markets that we operate and ultimately drive additional value creation for our shareholders.

這對我們來說是一個重大發展，可能使我們能夠有意義地提高我們在所經營的市場中的地位，並最終為我們的股東創造額外的價值。

Turning now to our results, our second quarter results demonstrate sequential improvement compared to the first quarter, despite continued challenges that persists due to industry activity softens. This softness particularly impacts the natural gas basins where we operate, which as especially constrained our well completion services division and other oil field services.

現在轉向我們的業績，儘管由於行業活動減弱而持續存在挑戰，但我們第二季度的業績顯示與第一季相比連續改善。這種疲軟尤其影響我們經營所在的天然氣盆地，這尤其限制了我們的完井服務部門和其他油田服務。

This demand softness in the first half of the year resulted in underutilization of our assets. Current indications are that activity levels are expected to remain relatively flat in the back half of the year with potential for a ramp up in 2025, we will be strategically positioned to capitalize on this anticipated demand if and when it ramps up.

上半年的需求疲軟導致我們的資產利用不足。目前的跡象表明，預計今年下半年的活動水準將保持相對平穩，並有可能在 2025 年有所增加，如果預期需求增加，我們將進行策略定位，以利用這一預期需求。

In this business segment, we remain very focused on our cost structure and we'll continue to efficiently manage our capital expenditures to align with expected activity levels and demand. Our Infrastructure Services business continues to perform well and in Q2 demonstrated growth both sequentially and year over year.

在這個業務領域，我們仍然非常關注我們的成本結構，我們將繼續有效地管理我們的資本支出，以符合預期的活動水準和需求。我們的基礎設施服務業務繼續表現良好，第二季度表現出環比和同比增長。

We are seeing an uptick in bidding opportunities relating to engineering, fiber and transmission and distribution, all of which are areas that I believe we have differential and specialized capabilities to capitalize on opportunities in the market.

我們看到與工程、光纖、傳輸和分配相關的投標機會增加，我相信我們在所有這些領域都擁有差異化和專業化的能力來利用市場機會。

Our engineering group continues to do well and we expect that business will continue to grow in terms of both revenue and EBITDA. Infrastructure investment and Job Acts funds are slowly being released for infrastructure projects such as fiber and engineering as well as the transmission and distribution areas where we remain excited participants and this continues to give us optimism for improvement throughout 2024.

我們的工程團隊繼續表現出色，我們預計業務在收入和 EBITDA 方面將繼續成長。基礎設施投資和就業法案資金正在慢慢釋放，用於光纖和工程等基礎設施項目以及輸電和配電領域，我們仍然對這些領域的參與者感到興奮，這繼續讓我們對2024 年的改善持樂觀態度。

In addition, on the storm related side, of this business, NOAA is forecasting an active storm season this year, which we've already seen commence with several named storms beginning in June, and we will be opportunistically prepared to deploy teams in the areas that may be impacting.

此外，在與風暴相關的業務方面，NOAA 預測今年將出現一個活躍的風暴季節，我們已經看到該季節從 6 月開始出現了幾場命名的風暴，我們將伺機準備在這些地區部署團隊這可能會產生影響。

We remain encouraged about the potential for continued growth in this sector, and we feel strongly that Mammoth's infrastructure business is well positioned for long-term growth. As we enter the second half of the year, our teams across the organization remain focused on efficient and effective cost management to align with the activity levels of our customers.

我們對該行業持續成長的潛力仍然感到鼓舞，我們強烈認為 Mammoth 的基礎設施業務處於長期成長的有利位置。隨著進入下半年，我們整個組織的團隊仍然專注於高效且有效的成本管理，以與客戶的活動水平保持一致。

Currently, we have an undrawn revolver and cash on the balance sheet as well as the recently announced resolution with PREPA. Moving forward, we believe Mammoth is well positioned for the second half of 2024 and beyond. We have improved our financial position with a strong balance sheet and cash position.

目前，我們的資產負債表上有未提取的左輪手槍和現金，以及最近與 PREPA 宣布的決議。展望未來，我們相信 Mammoth 在 2024 年下半年及以後的發展中處於有利地位。我們透過強勁的資產負債表和現金狀況改善了財務狀況。

We also have better visibility and opportunities across our business segments than we had at the beginning of the year and having reached our settlement agreement with PREPA, we can finally put that chapter of our history in the rear view mirror, pay off our term loan facility and focus on opportunities to invest in our current businesses segments, explore new opportunities and return to more meaningful, enhancing meaningfully, enhancing the value of our organization for all shareholders.

與年初相比，我們的業務部門也擁有更好的知名度和機會，在與 PREPA 達成和解協議後，我們終於可以將我們歷史的那一章拋諸腦後，還清我們的定期貸款融資並專注於投資我們當前業務領域的機會，探索新的機會並回歸更有意義、有意義的增強，為所有股東提高我們組織的價值。

Now let me turn the call over to Mark to take you through our financial performance in greater detail.

現在讓我把電話轉給馬克，讓您更詳細地了解我們的財務表現。

Thank you Arty. I hope everyone is doing well, and we appreciate you joining us today. As I usually do, I'm going to take this time to provide additional details on some meaningful metrics and several key highlights. A detailed breakdown of our results can be found in our earnings release and in our 10-Q once it is on file with the SEC.

謝謝阿蒂。我希望每個人都一切順利，我們感謝您今天加入我們。像往常一樣，我將利用這段時間提供有關一些有意義的指標和幾個關鍵亮點的更多詳細資訊。我們的業績詳情可在我們的收益報告和向 SEC 備案後的 10-Q 報告中找到。

To begin, I'd like to point out that our second quarter results were impacted by the recognition of a $170.7 million non-cash and non-recurring expense related to the settlement between Mammoth subsidiary, Cobra Acquisitions LLC and PREPA. Of this amount, $89.2 million was charged to credit loss expense, which is included in SG&A and $81.5 million was charged to interest on delinquent accounts receivable, which is included in other income members.

首先，我想指出，我們第二季的業績受到了與 Mammoth 子公司 Cobra Acquisitions LLC 和 PREPA 之間和解相關的 1.707 億美元非現金和非經常性費用的影響。其中，8,920 萬美元計入信用損失費用，包含在 SG&A 中，8,150 萬美元計入拖欠應收帳款利息，包含在其他收入成員中。

Total revenue during the second quarter of 2024 came in at $51.5 million compared to $43.2 million in the first quarter of 2024. The 19% sequential increase in total revenues was primarily attributable to the increased infrastructure and storm related work during the second quarter after a mild Q1.

2024 年第二季的總收入為 5,150 萬美元，而 2024 年第一季的總收入為 4,320 萬美元。總營收季增 19%，主要歸因於第一季溫和成長後第二季基礎設施和風暴相關工作的增加。

This improvement demonstrates the benefits and resilience of our differentiated service offerings. Despite the continued softness in activity within the natural gas heavy basins that we operate. We generated improved revenue in the face of a 7% sequential decline in total rate count, which is a true testament to the diversified nature of our business we continue to believe that there are positive demand implications for natural gas on the horizon, and we remain optimistic for associated activity increases in 2025 that will support further financial improvement.

這項改進證明了我們差異化服務產品的優勢和彈性。儘管我們營運的天然氣重盆地內的活動持續疲軟。儘管總費率環比下降 7%，但我們的收入有所改善，這真正證明了我們業務的多元化性質。持樂觀態度，這將支持進一步的財務改善。

In Q2 of 2024, we pumped 292 stages with approximately 0.3 fleets utilized on average compared to 380 stages and an average utilization of 0.6 fleets during the first quarter of 2024. This decrease resulted from the continued activity softness both across the industry, as well as sustained lower natural gas prices and commodity price uncertainty that impacted utilization across our well completion services division in the second quarter.

2024 年第二季度，我們泵送了 292 個階段，平均使用約 0.3 個車隊，而 2024 年第一季有 380 個階段，平均使用 0.6 個車隊。這一下降是由於整個行業的活動持續疲軟，以及天然氣價格持續走低和大宗商品價格的不確定性影響了我們第二季完井服務部門的使用率。

Operators continue to push much of their activity to the right. And this resulted in persistent whitespace on the calendar. We now expect these trends to linger throughout the second half of the year, resulting in relatively flat activity levels.

營運商繼續將大部分活動推向右側。這導致日曆上出現持續的空白。我們現在預計這些趨勢將持續整個下半年，導致活動水準相對穩定。

Looking forward our current visibility points to improvements in 2025. We will remain disciplined stewards of capital and continue to align our spending appropriately with the demand that we are seeing from our customers.

展望我們目前的可見度，我們將在 2025 年取得進展。我們將繼續嚴格遵守資本管理規定，並繼續根據客戶的需求適當調整我們的支出。

Our sand division sold approximately 141,000 tons of sand in the second quarter of 2024 at an average sales price of $22.73 per ton compared to 146,000 tons of sand at an average sales price of $24.38 per ton during the first quarter of 2024.

我們的沙子部門在 2024 年第二季以每噸 22.73 美元的平均銷售價格銷售了約 141,000 噸沙子，而 2024 年第一季度以每噸 24.38 美元的平均銷售價格銷售了 146,000 噸沙子。

Although sand volume sales and pricing declined slightly, we are encouraged by discussions with our customers and expect improvements in the coming quarters. Our Infrastructure Services division contributed revenue of $31.4 million for the second quarter of 2024, which represents a sequential increase when compared to $25 million for the first quarter.

儘管沙子銷量和價格略有下降，但與客戶的討論使我們受到鼓舞，並預計未來幾季會有所改善。我們的基礎設施服務部門在 2024 年第二季貢獻了 3,140 萬美元的收入，與第一季的 2,500 萬美元相比實現了環比成長。

During the quarter, we had a greater amount of storm-related work in last quarter after an unusually slow start to 2024, we are seeing an uptick in bidding activity and are focused on operational execution. We will continue to pursue opportunities within this sector as we strategically structure our service offerings for growth, especially around T&D and fiber projects.

在本季度，繼 2024 年開局異常緩慢之後，我們在上個季度進行了大量與風暴相關的工作，我們看到投標活動有所增加，並專注於營運執行。我們將繼續在該領域尋找機會，策略性地建立我們的服務產品以實現成長，特別是圍繞輸配電和光纖項目。

Our net loss for the second quarter of 2024 was $156 million or a loss of $3.25 per diluted share. This net loss was primarily attributable to the PREPA settlement agreement that was recorded during the second quarter, impacting our bottom line. Adjusted EBITDA as defined and reconciled in our earnings release was a negative $160.7 million for the second quarter of 2024, again primarily related to the settlement agreement charges we recorded during the quarter.

我們 2024 年第二季的淨虧損為 1.56 億美元，即稀釋後每股虧損 3.25 美元。這項淨虧損主要歸因於第二季記錄的 PREPA 和解協議，影響了我們的利潤。我們在收益發布中定義和調節的調整後 EBITDA 為 2024 年第二季度的負 1.607 億美元，這同樣主要與我們在本季度記錄的和解協議費用有關。

Excluding this non-recurring expense and a portion of the interest income previously accrued on the receivable with PREPA adjusted EBITDA would have been negative $0.3 million for the second quarter of 2024, an improvement compared to the negative $6 million for the first quarter of 2024. CapEx for the second quarter of 2024 was approximately $4.9 million, which was up slightly sequentially compared to our CapEx for the first quarter.

排除這筆非經常性費用以及先前根據PREPA 調整後的EBITDA 應收帳款應計利息收入的一部分，2024 年第二季的EBITDA 將為負30 萬美元，比2024 年第一季度的負600 萬美元有所改善。2024 年第二季的資本支出約為 490 萬美元，與第一季的資本支出相比略有上升。

While we did make investments in our well completions division during the quarter related to several Tier 4 DGB upgrades. We remained focused on aligning our capital spending with activity levels, as already mentioned, and as we've demonstrated, we continue to prudently manage our costs to more accurately reflect the activity levels of our customers.

雖然我們在本季確實對完井部門進行了與幾項 Tier 4 DGB 升級相關的投資。正如已經提到的，我們仍然專注於使我們的資本支出與活動水平保持一致，正如我們所證明的那樣，我們將繼續審慎地管理我們的成本，以更準確地反映客戶的活動水平。

Our current CapEx budget for 2024 is $12 million, an increase from the previously announced CapEx guidance of $9 million. Our CapEx budget for 2024 remains heavily weighted towards pressure pumping, but as always, we will continue to monitor customer spending and activity trends in order to most effectively manage our capital to align with the demand we see in the market.

我們目前 2024 年的資本支出預算為 1,200 萬美元，比先前宣布的 900 萬美元的資本支出指導有所增加。我們 2024 年的資本支出預算仍然主要專注於壓力泵送，但我們將一如既往地繼續監控客戶支出和活動趨勢，以便最有效地管理我們的資本，以滿足我們在市場上看到的需求。

Selling, general and administrative expenses totaled approximately $97.5 million during the second quarter of 2024. As I mentioned, the significant sequential increase in SG&A was related to the recording of the charges in connection with the settlement agreement with PREPA.

2024 年第二季的銷售、一般和管理費用總計約為 9,750 萬美元。正如我所提到的，SG&A 的連續大幅成長與記錄與 PREPA 達成的和解協議有關的費用有關。

As of June 30, 2024, we had cash on hand of $10.3 million. Our revolving credit facility was undrawn, and we had approximately $14.3 million in available borrowing capacity. Our total liquidity was approximately $24.6 million. Mammoth receives the $188.4 million due from PREPA. The company intends to eliminate its outstanding debt obligations under the term loan facility and will have a significantly enhanced liquidity position to invest in the business for the future.

截至 2024 年 6 月 30 日，我們手頭現金為 1,030 萬美元。我們的循環信貸額度尚未提取，我們還有大約 1,430 萬美元的可用借款能力。我們的總流動資金約為 2460 萬美元。Mammoth 收到 PREPA 應付的 1.884 億美元。該公司打算消除定期貸款安排下的未償債務，並將顯著增強流動性狀況，以便未來投資該業務。

To conclude our call, we would like to thank our 690 employees throughout the company for their hard work, dedication and commitment to maintaining safe and sustainable worksites for themselves and their teammates.

最後，我們要感謝全公司 690 名員工的辛勤工作、奉獻精神以及為維護自己及其團隊成員的安全和永續工作場所所做的努力。

As already mentioned, we are pleased to have reached an agreement with PREPA and to be approaching an acceptable conclusion, after pursuing the outstanding receivables for several years. The cash we expect to receive would enable us to substantially invest in and grow the company. We continue to position the business for the future and that boosted liquidity will allow us to opportunistically advance our standing within the market.

正如已經提到的，我們很高興與 PREPA 達成協議，並在多年來追查未償應收帳款後，即將達成可接受的結論。我們預計收到的現金將使我們能夠大量投資和發展公司。我們繼續為未來定位業務，流動性的增加將使我們能夠抓住機會提高我們在市場中的地位。

While remaining focused on improved returns in 2025 as demand and activity improve. We will continue to prioritize disciplined operations, efficiency and strategic capital allocation, which when coupled with our strong balance sheet, we believe will drive meaningful improvement and shareholder value.

同時，隨著需求和活動的改善，我們仍將專注於 2025 年回報的提高。我們將繼續優先考慮嚴格的營運、效率和策略資本配置，再加上我們強大的資產負債表，我們相信這將推動有意義的改進和股東價值。

Operator, we would now like to open the call up for questions.

接線員，我們現在要開始提問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

John Daniel, Daniel Energy Partners.

約翰‧丹尼爾，丹尼爾能源合夥人。

Hey, guys. Thanks for having me. Arty, I'm going to ask a question on the infrastructure business having just gone through hurricane Beryl and lost power for eight days. And subsequent to that, you see all of the different companies come into trying to remedy the situation. Can you remind me how you get that work? Because -- when did you put on notice to get projects such as that or other natural disasters?

嘿，夥計們。謝謝你有我。Arty，我要問一個有關基礎設施業務的問題，該業務剛剛經歷了 Beryl 颶風並斷電八天。隨後，你會看到所有不同的公司都開始嘗試補救這種情況。你能提醒我你是如何完成這項工作的嗎？因為—您什麼時候發出通知要獲得此類項目或其他自然災害的項目？

Hey, John, good talking with you and sorry about the power loss for that length of time. Certainly it is very harmful it makes you appreciate electricity all that much more. It depends on the intensity of the storm. For example, as Debbie started going, we actually had mobilized some of our crews we get contacted early on when they see start, the clarity of the path of storms begins to become evident and the infrastructure that is there.

嘿，約翰，很高興與您交談，對於這麼長時間的停電感到抱歉。當然，它是非常有害的，它會讓你更珍惜電。這取決於風暴的強度。例如，當黛比開始行動時，我們實際上已經動員了一些工作人員，當他們看到開始時，我們會儘早聯繫他們，風暴路徑開始變得清晰，那裡的基礎設施也開始變得明顯。

So we had deployed quite a we have deployed quite a few crews to barrelled and we deployed crews as well to take care of hurricane Debbie. And as you well know, Noah has forecast, I think they've lowered their forecast for the first time from 25 named storms to 24 named storms this year.

因此，我們已經部署了相當多的人員，我們也部署了相當多的人員來應付颶風黛比。如你所知，諾亞已經預測，我認為他們今年首次將預測從 25 個命名風暴降低到 24 個命名風暴。

And so far, we're in the D's, which kind of takes out support storm of the season. So it's expected to be enacted with the heat of the oceans and expect it to be an active season. So from the beginning, we tried to hit our crews. We actually, for most of them, we position our crews right outside the path where they can then go in as soon as the hurricane has passed that particular aspect here.

到目前為止，我們處於 D 級，這消除了本賽季的支持風暴。因此，預計它將隨著海洋的熱量而製定，並預計這是一個活躍的季節。所以從一開始，我們就試著打擊我們的工作人員。事實上，對於他們中的大多數人來說，我們將我們的工作人員安置在路徑之外，一旦颶風經過這裡的特定區域，他們就可以進入。

Okay. So it sounds like you have like a prearranged deal with (inaudible) ahead of the storm. How's the contract? Who's the contract with?

好的。所以聽起來你好像在暴風雨來臨之前就已經做好了安排（聽不清楚）。合約怎麼樣？合約跟誰簽的？

Well, it's with a lot of times it differs. It's not with FEMA. It's with the investor-owned utility and it won't be where they bring it in either under mutual assistance that they have with other utilities or went into independent groups like ourselves where they just call and say, hey, I need eight crews over in this area, particularly area at this particular point in time.

嗯，很多時候情況有所不同。這不是聯邦緊急管理局的事。這是由投資者擁有的公用事業公司提供的，他們不會像其他公用事業公司那樣在互助下引入它，也不會進入像我們這樣的獨立團體，他們只是打電話說，嘿，我需要八名工作人員這個區域，特別是在這個特定時間點的區域。

Got it. And then the last one for me is we hear more and more about EMP's building out their own sort of micro. Are you guys dabbling with that much. Is there an opportunity for you there?

知道了。最後一個對我來說是我們聽到越來越多關於 EMP 構建他們自己的微型計算機的消息。你們涉足這麼多嗎？那裡有你的機會嗎？

We have done some of that work for, but mostly for the utility that is in that particular area. So yeah, we've done it a little bit, but it usually goes through the utility that is in control the area that where the EMP is.

我們已經完成了一些工作，但主要是針對該特定領域的公用事業。所以，是的，我們已經做了一點，但它通常透過控制 EMP 所在區域的實用程式。

Okay, that's all I got. Sorry for the basic questions. Just wanted to get a reminder.

好吧，這就是我所得到的。抱歉問一些基本問題。只是想得到提醒。

Thanks, John. Take care.

謝謝，約翰。小心。

David Marsh, Singular Research.

大衛馬什，奇異研究。

Hey, good morning, guys. Thank you very much for taking my questions.

嘿，早上好，夥計們。非常感謝您回答我的問題。

Good morning.

早安.

Let me just start. I may have missed it or I misunderstood it in the release, but do you guys have a sense of the timing of the payment that you'll receive from PREPA at this point?

讓我開始吧。我可能錯過了它，或者我在發布中誤解了它，但你們知道此時從 PREPA 收到付款的時間嗎？

Well, first of all, it's got to go through Title III -- through the Title III court, which of right now the omnibus hearing is scheduled for September 18. And once it does that it will be up to the judge to release. And then within our agreement, there's a certain amount of days after the approval of the court that the PREPA has to pay.

嗯，首先，它必須通過 Title III——透過 Title III 法院，目前綜合聽證會定於 9 月 18 日舉行。一旦這樣做，將由法官決定是否釋放。然後根據我們的協議，在法院批准後，PREPA 必須在一定天數內付款。

So currently that's contemplated to be 10 business days following in order issued by the Title III court.

因此，目前預計需要在 Title III 法院發布命令後的 10 個工作天內完成。

So if I'm reading the theories, it sounds like you're likely to get the money in the fourth quarter, is that a safe assessment?

因此，如果我正在閱讀這些理論，聽起來您可能會在第四季度收到這筆錢，這是一個安全的評估嗎？

It will be tail end of Q3, first part of Q4, depending on the timing of the issuance of an order by the Title III court.

這將是第三季末、第四季的第一部分，取決於第三篇法院發布命令的時間。

Sure. Perfect. Thank you very much for clarifying that. That's very helpful. And then my next question is, obviously your pay down the term loan. I think that's great and can you just talk about the priority uses of cash once you get past that? Are there some potential acquisitions that are available given the disruption in the market that might be interesting to you. And if so, could you talk about specific verticals in which you might pursue acquisitions?

當然。完美的。非常感謝您澄清這一點。這非常有幫助。我的下一個問題是，顯然你還清了定期貸款。我認為這很好，你能談談一旦過了這個階段現金的優先使用嗎？鑑於市場的混亂，是否有一些您可能感興趣的潛在收購？如果是這樣，您能談談您可能尋求收購的具體垂直領域嗎？

Sure. Certainly it will be good to be out of debt have cash on the balance sheet and to be moving forward. So what we will do is invest in our T&D group including our engineering and transmission and distribution service business to grow it out and to fill it will attribute some capital to modernize in our frac fleet. And then we'll invest the monies in our portfolio companies that would have the best return of invested capital.

當然。當然，擺脫債務、資產負債表上有現金並繼續前進是件好事。因此，我們要做的就是投資我們的 T&D 集團，包括我們的工程和輸配電服務業務，以使其發展壯大，並填補它，並將投入一些資本來實現我們的壓裂船隊的現代化。然後我們會將這些資金投資於我們的投資組合公司，這些公司將獲得最佳的投資資本回報。

And then we'll be looking for other investments for growth. What we have proven over time is that we're effective stewards of capital and have the ability to go out and grow this business when opportunity arises as a debt-free very sound balance sheet indicates for us.

然後我們將尋找其他投資來促進成長。隨著時間的推移，我們已經證明，我們是有效的資本管理者，並且有能力在機會出現時走出去發展這項業務，正如我們無債務、非常健全的資產負債表所表明的那樣。

Really appreciate that color. Thank you very much, guys. Congrats on the recent settlements. It's great news.

真的很欣賞這個顏色。非常感謝你們，夥伴們。祝賀最近的和解。這是個好消息。

Thank you.

謝謝。

This concludes our question-and-answer session. I would now like to turn the floor back over to management for closing comments.

我們的問答環節到此結束。我現在想將發言權交還給管理層以徵求結束意見。

Thank you, Maria. Very much appreciate that, and thanks, everybody, for joining us on the call today. We continue to position Mammoth for improved results growth and its success, and it is all made possible by our talented and skilled team members. This concludes our conference call, we look forward to speaking to you again next quarter.

謝謝你，瑪麗亞。非常感謝，也感謝大家今天加入我們的電話會議。我們繼續幫助猛獁象改善業績成長並取得成功，而這一切都是由我們才華橫溢、技術精湛的團隊成員實現的。我們的電話會議到此結束，我們期待下個季度再次與您交談。

Thank you. You may disconnect your lines at this time.

謝謝。此時您可以斷開線路。