USA Compression Partners LP (USAC) 2024 Q4 法說會逐字稿

Good morning.

早安.

Welcome to USA Compression Partners' fourth-quarter 2024 earnings conference call.

歡迎參加 USA Compression Partners 2024 年第四季財報電話會議。

(Operator Instructions).

（操作員指令）。

This conference is being recorded today, February 11, 2025

本次會議將於 2025 年 2 月 11 日今天錄製

I now would like to turn the call over to Chris Porter, Vice President, General Counsel, and Secretary.

現在，我想將電話轉給副​​總裁、總法律顧問兼秘書 Chris Porter。

Good morning, everyone and thank you for joining us.

大家早安，感謝大家的參與。

This morning, we released our operational and financial results for the quarter and year ending December 31, 2024.

今天上午，我們發布了截至 2024 年 12 月 31 日的季度和年度的營運和財務表現。

You can find a copy of our earnings release as well as recording of this call in the investor relations section of our website at usacompression.com.

您可以在我們網站 usacompression.com 的投資者關係部分找到我們的收益報告副本以及本次電話會議的記錄。

During this call, our management will reference certain non-GAAP measures.

在本次電話會議中，我們的管理階層將參考某些非公認會計準則指標。

You will find definitions and reconciliations of these non-GAAP measures to the most comparable US-GAAP measures in our earnings release.

您將在我們的收益報告中找到這些非 GAAP 指標與最具可比性的美國 GAAP 指標的定義和對帳表。

As a reminder, our conference call will include forward-looking statements.

提醒一下，我們的電話會議將包括前瞻性陳述。

These statements are based on management's current beliefs and include projections and expectations regarding our future performance and other forward-looking matters.

這些聲明是基於管理層目前的信念，包括對我們未來業績和其他前瞻性事項的預測和期望。

Actual results may differ materially from these statements.

實際結果可能與這些陳述有重大差異。

Please review the risk factors included in this morning's earnings release and in our other public filings.

請查看今天早上的收益報告和我們的其他公開文件中包含的風險因素。

Please note that information provided on this call speaks only to management's views as of today, February 11, 2025, and may no longer be accurate at the time of a replay.

請注意，本次電話會議中提供的資訊僅代表管理階層截至今天（2025 年 2 月 11 日）的觀點，重播時可能不再準確。

I'll now turn the call over to Clint Green, President and CEO of USA Compression.

現在我將電話轉給美國壓縮公司總裁兼執行長克林特·格林。

Thank you, Chris.

謝謝你，克里斯。

Good morning, everyone, and thank you for joining our call.

大家早安，感謝大家參加我們的電話會議。

Chris Porter and I are joined on the call by Chris Paulson, our CFO, who is joining for the first USA compression earnings call, but has already been quite active with investor conferences in December and January.

與 Chris Porter 和我一起參加電話會議的還有我們的財務長 Chris Paulson，他是參加美國首次壓縮收益電話會議，但他已經在 12 月和 1 月的投資者會議上非常活躍。

First, I want to commend our team for their unwavering commitment to safety and all that they do, ensuring the safety of our employees, contractors, and customers’ employees remain our top priority.

首先，我要讚揚我們的團隊對安全的堅定承諾以及他們所做的一切，確保我們的員工、承包商和客戶員工的安全仍然是我們的首要任務。

Second, we released our fourth quarter and year end 2024 results this morning.

第二，我們今天上午發布了第四季和2024年年終業績。

We are extremely pleased that we were able to deliver record revenues, adjusted gross margin, adjusted EBITDA, distributable cashflow, distributable cashflow coverage, average revenue generating horsepower, and average revenue per revenue generating horsepower results for the quarter and full year.

我們非常高興能夠在本季度和全年實現創紀錄的收入、調整後的毛利率、調整後的 EBITDA、可分配現金流、可分配現金流覆蓋率、平均創收馬力以及每創收馬力平均收入的業績。

These results enable us to improve distribution coverage and decrease leverage, which is approaching 4 times.

這些結果使我們能夠提高分銷覆蓋率並降低槓桿率（接近4倍）。

On the operational front, we benefit from a focus on converting idle units to active status.

在營運方面，我們專注於將閒置單位轉為現役單位，從中受益。

This results in a 94.6% average horsepower utilization for full year, a record for the company and something we are dedicated to maintaining and hopefully improving from here.

這使得全年平均馬力利用率達到 94.6%，創下了公司的紀錄，我們將致力於保持這項紀錄，並希望未來能有所改善。

In 2025, we expect the majority of our growth capital will be spent on new unit deliveries and the remainder on fleet enhancements.

到 2025 年，我們預計大部分成長資本將用於新單位交付，其餘部分將用於機隊升級。

On the personnel front, we embarked upon several organizational changes and are quickly adopting a shared service model with Energy Transfer, involving various support functions.

在人員方面，我們進行了幾項組織變革，並迅速採用與 Energy Transfer 共享的服務模式，涉及各種支援職能。

This will enable us to review the way in which we have worked in the past, optimize processes, and improve overall digitalization of the business as we begin the first phase of an ERP implementation this year.

這將使我們能夠回顧過去的工作方式，優化流程，並在今年開始 ERP 實施的第一階段時提高業務的整體數位化。

While the field staff will remain unchanged by this integration, we anticipate their digital resources and real-time management of the business will be improved, and will benefit from economies of scale and processes that are found in larger enterprises.

雖然此次整合不會改變現場工作人員，但我們預計他們的數位資源和即時業務管理將得到改善，並將受益於大型企業的規模經濟和流程。

As part of these organizational changes, we have also moved our headquarters from Austin to Dallas.

作為這些組織變革的一部分，我們也將總部從奧斯汀遷至達拉斯。

We anticipate the company will see significant savings over time as a result of these shared services, and we expect a minimum of $5 million in annualized savings with full implementation anticipated in January of 2026.

我們預計，這些共享服務將隨著時間的推移為公司帶來顯著的節省，如果 2026 年 1 月全面實施，我們預計每年將節省至少 500 萬美元。

While 2025 will yield an enhancement in our day-to-day business processes, it is also expected to reestablish a platform for growth in new compression units.

2025 年不僅會改善我們的日常業務流程，也有望重建新壓縮單元成長的平台。

While early 2024 benefited from the delivery of new compression ordered in prior years, the increase in utilization of existing units through idle to active conversions largely enabled an average year-over-year revenue generating increase in horsepower by approximately 200,000.

雖然 2024 年初受益於前幾年訂購的新壓縮機的交付，但透過閒置到活躍的轉換，現有裝置的利用率的提高，在很大程度上使平均同比創收馬力增加了約 200,000。

The emphasis on internal utilization forced a lean inventory of new horsepower going into 2025.

對內部利用的重視導致 2025 年新馬力的庫存減少。

As a result, our new horsepower and capital spend is largely back-end loaded in 2025, but we anticipate it will provide a nice cash flow increase for 2026.

因此，我們的新馬力和資本支出大部分是在 2025 年後期加載的，但我們預計它將為 2026 年帶來可觀的現金流成長。

And as it relates to 2026, we are already starting to discuss our new order book.

至於 2026 年，我們已經開始討論我們的新訂單。

While we are always looking to grow and diversify our customer base, our disciplined rate of growth means that our new horsepower is primarily focused on existing large upstream and midstream customers.

雖然我們一直在尋求擴大和多樣化我們的客戶群，但我們嚴格的成長率意味著我們的新動力主要集中在現有的大型上游和中游客戶上。

We remain bullish on the crude oil and natural gas macro backdrop and believe that the new administration will continue to support our country's development of crude oil and natural gas for the foreseeable future.

我們仍然看好原油和天然氣的宏觀背景，並相信新政府將在可預見的未來繼續支持我國的原油和天然氣開發。

In particular, continued crude oil and associated gas growth in the Permian will continue to support our near-term growth and business plans, as most of our new horsepower additions have come in this region over the years.

特別是，二疊紀地區原油和相關天然氣的持續成長將繼續支持我們的近期成長和業務計劃，因為多年來我們大部分新增馬力都來自該地區。

Looking forward, we're excited to see the anticipated change in trajectory for natural gas demand, which is expected to grow by 15 BCF per day, or approximately 15% in overall US natural gas demand over the next five years.

展望未來，我們很高興看到天然氣需求趨勢的預期變化，預計未來五年天然氣需求將以每天 150 億立方英尺的速度成長，或美國天然氣整體需求成長約 15%。

As you may have seen, the new administration has lifted the freeze on LNG export permit applications implemented this time last year.

正如大家可能已經看到的，新政府已經解除了去年此時實施的液化天然氣出口許可證申請凍結措施。

And we believe LNG growth, as well as increased power demand will comprise the majority of the natural gas growth in the country.

我們相信，液化天然氣的成長以及電力需求的成長將構成該國天然氣成長的大部分。

While associated Permian gas will contribute to this growth, we think areas in the midcontinent and the Gulf Coast are also poised to increase gas production growth at prices higher than average in 2024, and USA Compression is well positioned in these markets to benefit, given our large market share in these areas.

雖然二疊紀伴生氣將為這一增長做出貢獻，但我們認為中部大陸和墨西哥灣沿岸地區的天然氣產量也有望在 2024 年以高於平均水平的價格增長，而鑑於我們在這些地區的巨大市場份額，USA Compression 在這些市場中處於有利地位，可以從中受益。

Additionally, growing natural gas demand is driving further infrastructure build out and the construction of incremental 4.5 BCF a day of transportation capacity out of the Permian Basin, like the recently announced Hugh Brinson pipeline.

此外，不斷增長的天然氣需求正在推動進一步的基礎設施建設，以及二疊紀盆地每天增加 4.5 億立方英尺的運輸能力的建設，例如最近宣布的休·布林森管道。

These projects, and the associated compression necessary will help feed current and future natural gas demand.

這些項目及相關的壓縮將有助於滿足當前和未來的天然氣需求。

And finally, just a word about electrification of oil field compression as it is a widely debated topic amongst our peer group.

最後，我再談一下油田壓縮電氣化，因為這是我們同業中廣泛爭論的話題。

We remain very constructive and supportive of electric compression.

我們仍然非常重視並支援電壓縮。

Nonetheless, we also are mindful of our current customer needs, which remain largely focused on natural gas.

儘管如此，我們也留意當前客戶的需求，其需求仍主要集中在天然氣上。

Some of our largest customers have begun to set forth ambitious targets for electrification, but currently lack adequate infrastructure in many areas of the Permian and certainly elsewhere.

我們的一些最大客戶已經開始製定雄心勃勃的電氣化目標，但目前二疊紀盆地的許多地區以及其他地區都缺乏足夠的基礎設施。

Large and variable power needs present challenges for uptime, but it is not something that the industry cannot overcome.

大量且多變的電力需求對正常運作時間提出了挑戰，但這並不是業界無法克服的。

In short, we will focus our capital deployment on the equipment that our customers need, whether that compression is driven by natural gas engines, an electric motor, or dual drive product that has been developed by Energy Transfer over the last 15 years.

簡而言之，我們將把資本配置集中在客戶需要的設備上，無論該壓縮設備是由天然氣引擎、電動馬達驅動，還是由 Energy Transfer 在過去 15 年中開發的雙驅動產品驅動。

With that, I will turn the call over to Chris Paulson, our Chief Financial Officer, to discuss our fourth-quarter highlights and 2025 guidance in more detail.

接下來，我將把電話轉給我們的財務長克里斯·保爾森 (Chris Paulson)，更詳細地討論我們第四季的亮點和 2025 年的指引。

Thanks, Clint.

謝謝，克林特。

I'm pleased to join our unit holders in my first call since joining the company in late November.

我很高興能參加自 11 月底加入公司以來的第一次單位持有人電話會議。

It is an outstanding privilege to discuss record levels of operating and financial performance in many areas.

能夠討論多個領域創紀錄的營運和財務績效水準是一項非凡的榮幸。

In the quarter, our sales teams continue to build upon pricing improvements, up to an all-time high averaging $20.85 per horsepower for the fourth quarter, which drove a revenue increase of 2% in sequential quarters and 9% compared to a year ago.

本季度，我們的銷售團隊繼續在價格改進的基礎上再接再厲，第四季度價格達到歷史新高，平均每馬力 20.85 美元，推動收入環比增長 2%，同比增長 9%。

These revenue increases were also driven by an all-time high in average active horsepower of $3.56 million.

收入的成長也得益於平均活躍馬力達到歷史最高水準 356 萬美元。

Our fourth quarter adjusted gross margins were over 68%.

我們第四季的調整後毛利率超過 68%。

Regarding the financial results, our fourth-quarter 2024 net income was $25.4 million.

關於財務業績，我們的 2024 年第四季淨收入為 2,540 萬美元。

Operating income was $74.5 million.

營業收入為7,450萬美元。

Net cash provided by operating activities was $130.2 million, and cash interest expense net was $46.4 million.

經營活動產生的淨現金為1.302億美元，現金利息支出淨額為4,640萬美元。

Cash interest expenses decreased by approximately $700,000 on a sequential quarter basis, primarily due to lower average interest rates under our floating rate credit facility.

現金利息支出按季度減少約 70 萬美元，主要原因是我們的浮動利率信貸安排下的平均利率較低。

Our leverage ratio declined to a record low of 4.02 times.

我們的槓桿率下降至4.02倍的歷史最低。

Turning to operational results, our total fleet horsepower at the end of the quarter was approximately 3.9 million horsepower, essentially flat to the prior quarter.

談到營運結果，本季末我們的總車隊馬力約為 390 萬馬力，與上一季基本持平。

Our revenue generating horsepower also was flat on a sequential quarter basis, but up 4% from a year ago.

我們的創收能力與上一季持平，但比去年同期成長了 4%。

Our average utilization for the fourth quarter was 94.5% in line with the prior quarter.

我們第四季的平均利用率為 94.5%，與上一季一致。

Fourth quarter 2024 expansion capital expenditures were $37.6 million, and our maintenance capital expenditures were $8.2 million.

2024 年第四季擴張資本支出為 3,760 萬美元，維護資本支出為 820 萬美元。

Expansion capital spending primarily consisted of reconfiguration and make ready of idle units.

擴張資本支出主要包括閒置單位的重新配置和準備。

We expect additional and ongoing conversion of current idle fleet units to active status.

我們期望繼續增加目前閒置的機隊單位以轉換為現役狀態。

Regarding full year 2024 financial results, net income was $99.6 million.

至於 2024 年全年財務業績，淨收入為 9,960 萬美元。

Adjusted EBITDA was $584.3 million, and distributable cash flow was $355.3 million.

調整後 EBITDA 為 5.843 億美元，可分配現金流量為 3.553 億美元。

Finally, expansion and maintenance capital were $243.5 million and $31.9 million, respectively.

最後，擴建和維護資本分別為 2.435 億美元和 3,190 萬美元。

Looking ahead to 2025 guidance, our adjusted EBITDA range is $590 million to $610 million with a distributable cash flow range of $350 million to $370 million.

展望 2025 年指引，我們的調整後 EBITDA 範圍為 5.9 億美元至 6.1 億美元，可分配現金流量範圍為 3.5 億美元至 3.7 億美元。

Regarding the 2025 budget, we anticipate an expansion capital range of $120 million to $140 million, with new horsepower additions largely back-end loaded for the year, but some additional idle to active, regulatory and major overhaul activity throughout the year.

對於 2025 年的預算，我們預計擴張資本範圍為 1.2 億至 1.4 億美元，其中新增馬力大部分為當年的後端負載，但全年還有一些額外的閒置用於活躍、監管和大修活動。

New horsepower growth should increase active horsepower by approximately 1.5%.

新馬力的成長應該會使有效馬力增加約1.5%。

We anticipate the majority of this new incremental horsepower will be placed in the Permian.

我們預計，新增的馬力大部分將集中在二疊紀盆地。

Finally, maintenance capital is anticipated to be between $38 million to $42 million.

最後，維護資本預計在 3,800 萬美元至 4,200 萬美元之間。

The company will continue to be strategic as it relates to new growth opportunities outside of current expectations and adjacent to business activities in the field.

公司將繼續保持策略性，專注於超出當前預期、與該領域業務活動相鄰的新增長機會。

Opportunities to acquire existing horsepower tied to immediate revenue generation will be considered on an individual basis and would provide incremental uplift to the guidance outlined on this call.

獲得與立即產生收入相關的現有馬力的機會將被單獨考慮，並將為本次電話會議中概述的指導提供增量提升。

The company made great progress in steadily reducing its leverage ratios over the last several years.

過去幾年來，該公司在穩步降低槓桿率方面取得了巨大進展。

Our new compression returns continue to substantially exceed our cost of capital and are anticipated to pay back within the contract term.

我們的新壓縮回報繼續大幅超過我們的資本成本，預計將在合約期限內償還。

This will enable us to remain well positioned with our ABL as we evaluate next steps in the latter half of the year.

這將使我們在評估下半年的下一步行動時，能夠憑藉 ABL 保持有利地位。

Finally, I want to reiterate my excitement for this new role.

最後，我想重申我對這個新角色的興奮。

As Clint, intimated the company is amid several changes that will set a positive trajectory for the future.

正如克林特所暗示的，公司正在進行一些變革，這些變革將為未來奠定積極的軌跡。

I look forward to being a part of it.

我期待成為其中的一員。

And with that, I will turn the call back to Clint for concluding remarks.

最後，我將把電話轉回給克林特，請他做最後發言。

Thanks, Chris.

謝謝，克里斯。

With a full quarter under my belt and having reconnected with long-standing relationships both internally and externally, I'm confident this company is well positioned to lead the way in supporting US natural gas growth into the next decade.

憑藉過去一個季度的經驗以及與內部和外部的長期合作關係的重新建立，我相信該公司有能力在未來十年引領美國天然氣的成長。

And with that, I will open the call to questions.

現在，我將開始提問。

(Operator Instructions)

（操作員指令）

Jim Rollyson, Raymond James.

吉姆羅利森、雷蒙詹姆斯。

Hey, good morning, guys.

嘿，大家早安。

Clint, maybe first question will be around the CapEx.

克林特，也許第一個問題是關於資本支出的。

Obviously, you just came aboard not that long ago, and as I look at growth CapEx for '25 in the budget, it's obviously down a bit from where you guys spent in '24, but with the back half weighting of deliveries, I'm assuming part of that was maybe you took some time to evaluate how things look before you proceeded with spending a bunch of money.

顯然，您剛加入不久，當我查看預算中 25 年的增長資本支出時，它顯然比你們 24 年的支出有所下降，但由於交付的後半部分權重，我假設部分原因可能是您花了一些時間來評估情況，然後再花一大筆錢。

So I'm just kind of curious with your generally bullish outlook which we agree with, how you're thinking about kind of growth in in '25, what's driving a lower CapEx and maybe beyond ‘25.

所以我只是對我們同意的您的總體看漲觀點感到好奇，您如何看待 25 年的增長，什麼因素推動資本支出降低以及 25 年以後的可能增長。

Yeah, well, thank you very much for that question.

是的，非常感謝您的提問。

We're -- you're exactly right with what you said, but we're also, we're wanting to maintain our leverage ratio down.

我們 — — 你說的完全正確，但我們也希望保持較低的槓桿率。

We don't want to watch that walk up too much and we will see it take up a little bit, but we expect it to start coming down as soon as EBITDA comes online.

我們不希望看到它上漲太多，我們會看到它稍微上漲一點，但我們預計，一旦 EBITDA 上線，它就會開始下降。

So that's really our driver.

所以這確實是我們的驅動力。

We want to maintain our discipline and then sustain some growth as well.

我們希望保持紀律並保持一定的成長。

Perfect.

完美的。

Appreciate that answer.

感謝您的回答。

And maybe as a follow up Clint as you guys look forward at kind of where things take you, from a pricing standpoint and a capacity addition standpoint and your leverage if you kind of continue to tick away at bringing that down into the range where you guys are hoping to get.

也許作為後續的克林特，你們期待著事情會把你們帶到哪裡，從定價的角度和產能增加的角度，以及你們的槓桿作用，如果你繼續努力將價格降至你們希望達到的範圍內。

Noticed that your distribution coverage also has gone up and maybe curious how you think in the longer term about, potential distribution growth after you've been pretty much steady for the last several years, as long as I can remember.

注意到您的分銷覆蓋率也有所上升，也許我很好奇，在我記得過去幾年一直保持穩定之後，從長遠來看，您對潛在的分銷增長有何看法。

Thanks, for that, Jim.

謝謝你，吉姆。

This is Chris Paulsen.

這是克里斯·保爾森。

Every CFO would of course like to grow that distribution coverage and in turn grow the underlying distribution price.

當然，每位財務長都希望擴大分銷覆蓋範圍，進而提高基礎分銷價格。

I mean, we remain mindful of that as we undertake this additional growth capital, I do think our coverage will continue to improve.

我的意思是，我們始終牢記這一點，因為我們承擔著額外的成長資本，我確實認為我們的覆蓋範圍將繼續改善。

Ultimately, we need to decide, what is the right coverage level to withstand cycles and given our capital structure and our debt structure at the time.

最終，我們需要決定，考慮到我們當時的資本結構和債務結構，什麼樣的覆蓋水準才適合抵禦週期。

So at this point, I'm not prepared to give you what that number is.

因此目前我還沒準備好告訴你這個數字到底是多少。

But that's something that we'll continue to be mindful of as we continue to grow both our underlying DCF and hopefully, the underlying unit price at the same time.

但我們會繼續留意這一點，因為我們將繼續增加基礎 DCF，並希望同時增加基礎單價。

Got you.

明白了。

Appreciate that.

非常感謝。

Thank you, guys.

謝謝你們。

Thank you.

謝謝。

Gabe Moreen, Mizuho Securities.

瑞穗證券的 Gabe Moreen。

Hey, good morning, everyone.

嘿，大家早安。

A couple questions.

幾個問題。

If I might just in terms of the 2025 guidance.

如果我可以僅就 2025 年指導而言的話。

I think if you take your fourth quarter results and kind of annualize them, looks like, maybe just expecting a flattish for 2025.

我認為，如果將第四季度的業績進行年化，那麼看起來，可能只是預計 2025 年的業績將持平。

So I'm just wondering if you're -- You can contextualize that a little bit are you expecting a little bit of diminishment in gross margins, maybe what you're looking at in costs.

所以我只是想知道您是否——您可以稍微具體地說明一下，您是否預計毛利率會有所下降，也許您正在考慮成本。

I'm just wondering if you can contextualize '25 guidance in the context of 4Q results?

我只是想知道您是否可以根據第四季的業績來闡述 25 年的指引？

Yeah, Gabe.

是的，加布。

Chris Paulson, again.

再次是克里斯·保爾森。

Great question.

好問題。

So just I will note that Q4 benefitted from a net sales tax credit of approximately $3 million.

因此，我要指出的是，第四季受益於約 300 萬美元的淨銷售稅抵免。

That being said, we are optimistic that the margin and utilization trends that we've seen in Q4 will carry into 2025.

話雖如此，我們樂觀地認為，第四季看到的利潤率和利用率趨勢將延續到 2025 年。

Our full-year guidance reflects the price increases we've seen in Q1.

我們的全年預期反映了第一季的價格上漲。

Modest increases tied to CPI-U for the remainder of the year and new horsepower that will be delivered in Q4.

今年剩餘時間的溫和成長與 CPI-U 掛鉤，而新動力將於第四季交付。

To the extent we see that horsepower delivery early or we see larger price increases for the remainder of the year or frankly less turnaround time than budgeted, it likely presents some upside to this range.

如果我們看到馬力提前交付，或者看到今年剩餘時間的價格大幅上漲，或者坦率地說週轉時間比預算的要短，那麼這個範圍可能會有一些上行空間。

If that occurs, we will update the range accordingly later in the year, but that's what's factored into our guidance today.

如果出現這種情況，我們將在今年稍後相應地更新範圍，但這就是我們今天的指導考慮因素。

Great, thank you.

太好了，謝謝。

And then maybe if I could also ask on the CapEx cadence.

然後也許我也可以詢問一下資本支出節奏。

I think '24 saw you raise growth CapEx a couple times, and I realized that maybe it wasn't you specifically in terms of the management team at the time.

我記得在 24 年，你們曾經幾次提高成長資本支出，我意識到，就當時的管理團隊而言，也許這不是你們的問題。

But can you just talk about not getting to, I think the growth CapEx number in '24 that you had put out there, did you not end up redeploying some of that idle horsepower?

但是，您能否談談沒有達到您在 24 年提出的成長資本支出數字，您是否最終沒有重新部署一些閒置的馬力？

Just curious how that factored, how that played out.

只是好奇這是如何發生影響的，如何產生的。

So as it relates to 2025 in particular, we know how much new horsepower we're bringing to bear and we certainly have additional growth capital tied to make ready and idle units.

因此，就 2025 年而言，我們知道我們將帶來多少新馬力，我們肯定有額外的成長資本與現成和閒置的單位相關。

That proportion in 2025 is a higher proportion on contracted -- new contract.

2025 年，已簽訂的新合約比例會更高。

Units that I think we have a much better handle on the relative cost and potential inflationary measures of that we have that as soon as we ink that contract.

我認為，只要我們簽署合同，我們就能更好地掌握相對成本和潛在通膨指標。

And so going into this year and that growth capital, I think we have a very good handle on what that would be and we're certainly -- we certainly understand the implications of having to raise capital ranges and have to do that several times through a given year, and it's our intent not to do that this year.

因此，進入今年和成長資本，我認為我們對成長資本有很好的把握，我們當然——我們當然了解必須籌集資本範圍的含義，並且必須在一年內多次這樣做，而我們打算今年不這樣做。

Thanks Chris.

謝謝克里斯。

And if I could just squeeze one more in, I think there was a mention of adjacent business opportunities.

如果我可以再多說一點的話，我認為其中提到了相鄰的商業機會。

I wonder if you could maybe elaborate on what you may be you guys maybe mean by that.

我想知道你們是否可以詳細說明一下你們這樣說的意思。

So we're talking about our third-party service division, where we work on customer owned equipment, we expect to see that that business grow this year and take on more a larger role and so mainly just servicing third party customers equipment, okay?

我們正在談論我們的第三方服務部門，我們在那裡處理客戶擁有的設備，我們預計今年該業務將會成長並承擔更大的角色，所以主要只是為第三方客戶的設備提供服務，好嗎？

Got it.

知道了。

Thanks, Clint, appreciate that.

謝謝，克林特，我很感激。

Jeremy Tonet, J.P. Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早上好，傑里米。

Just want to dive into gross margin a little bit more if you could, had a nice expansion there.

如果可以的話，我只想更深入地了解毛利率，在那裡有一個不錯的擴展。

And just wondering what you could, share with us with regards to I guess, pricing in in general for your services and, any other inputs to gross margin to steel tariffs.

我只是想知道您能否與我們分享有關您服務的整體定價以及對鋼鐵關稅毛利率的其他投入。

Would that impact you in any sense?

這會對你產生任何影響嗎？

Just looking to see what you're seeing there.

只是想看看你在那裡看到了什麼。

Yeah, great question.

是的，很好的問題。

So historically, we've really not comment on price increases, we try to keep that close to the vest as it relates to our customer discussions.

因此，從歷史上看，我們實際上並未對價格上漲發表任何評論，在與客戶討論時，我們盡量保密。

I can note that customers are still favoring contracts as opposed to remaining on month-to-month, where we tend to push for near term escalators that are much greater necessarily than contract terms.

我可以注意到，客戶仍然青睞合約，而不是按月付款，我們傾向於推動短期內比合約條款更高的增量。

We've seen greater interest in longer renewals than we've seen in the past, which is also interesting.

我們發現人們對長期續約的興趣比過去更大，這也很有趣。

So customers recognize that there could be additional pricing pressures down the line if they were to wait on renewals.

因此，客戶認識到，如果他們等待續約，未來可能會面臨額外的價格壓力。

As it relates to steel tariffs, that's a tough one.

由於它與鋼鐵關稅有關，所以這是一個棘手的問題。

It's a brand-new factor that that we're thinking through, obviously have been hearing about the potential of oil tariffs in the market and that that got pushed or at least punted a few months.

這是我們正在考慮的一個全新因素，顯然我們已經聽說了市場上石油關稅的可能性，而且這一計劃已經被推遲，或者至少被擱置了幾個月。

But steel tariffs and the implications for both compression and compression manufacturing, even though a lot of our specific components are US born, they still, do have steel associated with it, and then the implications for the broader industry upstream and midstream, I just think it's too early to make a determination on that.

但是鋼鐵關稅以及對壓縮和壓縮製造的影響，儘管我們的許多特定部件都是在美國製造的，但它們仍然與鋼鐵有關，然後對更廣泛的上游和中游行業產生影響，我認為現在就下結論還為時過早。

Does that help with that question or was there something more?

這是否有助於解答該問題或有其他幫助？

No, makes sense.

不，有道理。

Certainly, a lot of uncertainty out there at this juncture.

當然，現階段還存在著許多不確定性。

So maybe I don't know if there's any other comments you could provide with regards to leading edge new build pricing trends right now, even if I don't have clarity to what tariff impacts might be.

因此，也許我不知道您是否還能就目前領先的新建定價趨勢提供任何其他評論，即使我不清楚關稅影響可能是什麼。

On our new build compression, we are laser-focused on payback periods and payback periods that don't have negative implications on our current leverage.

在我們的新建壓縮中，我們將重點放在回報期以及不會對我們當前槓桿率產生負面影響的回報期。

So we want that product to pay back within term, and so that's one of our significant items that we look at obviously internal rate of return on a stand-alone unit basis but also the rate of return as it as it relates to supporting our yield and as it relates to supporting our capital structure from a corporate standpoint as a whole is also very important.

所以我們希望該產品能在期限內收回成本，因此這是我們關注的重要項目之一，我們顯然會關注獨立單位的內部收益率，但同時，從整個公司的角度來看，收益率與支持我們的收益率以及支持我們的資本結構的關係也非常重要。

But those are the things that will go into the calculus as it relates to new unit orders and obviously that was supportive of increasing the amount of new unit orders going into this year and I think it will continue into 2026 just as a matter of course we're already having those discussions for 2026 given lead times, and starting to factor that into our models and forecasts and thinking about what that growth capital should look like in 2026.

但這些都是與新單位訂單相關的計算因素，顯然這支持了今年新單位訂單數量的增加，我認為這種情況將持續到 2026 年，理所當然的是，考慮到交貨時間，我們已經在討論 2026 年的問題，並開始將其納入我們的模型和預測中，思考 2026 年的增長資本應該是什麼樣子。

Got it.

知道了。

Makes sense.

有道理。

Is there any way to help us quantify what that might look like for payback periods or any other way to quantify the question in general?

有什麼方法可以幫助我們量化投資回收期，或有其他方法可以量化這個問題？

In general, I don't want to tip my hand, but as mentioned, we anticipate that payback will occur within the contract term.

總的來說，我不想透露我的底細，但正如前面提到的，我們預計回報將在合約期限內發生。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just last one if I could.

如果可以的話，我再說最後一個。

We've been fielding, a lot of inbounds recently from investors with regards to potential other applications for your units, and I know that your units are all, being applied to your current customers and that's your first and foremost focus.

我們最近接到了很多來自投資者的來電，詢問你們的產品在其他方面的潛在應用，我知道你們的產品都已經應用於你們目前的客戶，這是你們的首要關注點。

But just wanted to see is it even possible at all, for compressed units to be used in other service such as electric power behind the meter, what have you.

但只是想看看，壓縮單元是否有可能用於其他服務，例如電錶後的電力，你有什麼想法。

Is that even physically possible or any thoughts on the topic in general?

這在物理上是否可行？

Well, for compression, no, not really.

嗯，對於壓縮來說，不是的，事實並非如此。

I mean those compressors are, they're there one purpose to take a low-pressure gas or -- a lower pressure gas and compress it and make it a higher pressure to move down the pipeline or to the front end of a cryo or what have you.

我的意思是那些壓縮機的用途是吸收低壓氣體或低壓氣體並將其壓縮，然後使其成為高壓，以便沿著管道或低溫設備的前端移動。

Now we have our dual drive technology in theory, you could take that equipment and run the gas engine and use the motor to distribute electricity.

現在我們在理論上有了雙驅動技術，您可以使用該設備運行燃氣發動機並使用電動馬達分配電力。

We don't see that market really opening up.

我們並未看到該市場真正開放。

We like our dual drive for the ability to unload the power grid and take the electric motor off, put it on an electric drive.

我們喜歡雙驅動，因為它能夠卸載電網並取下電動機，然後將其置於電力驅動上。

That's the same as generating back to the grid if you're not taking the load.

如果您不承擔負載，這與將電能返回電網是一樣的。

So that's where we see the opportunity to for another market with a different compressor or with our compressors.

因此，我們看到了透過不同的壓縮機或我們的壓縮機開拓另一個市場的機會。

Got it.

知道了。

So certain arbitrage possible with existing units but not bespoke power solutions.

因此，利用現有設備可以實現一定的套利，但無法實現客製化的電力解決方案。

Is that a fair way to think about it?

這是一種公平的思考方式嗎？

I agree, yes sir.

我同意，是的，先生。

Wonderful.

精彩的。

Thank you so much.

太感謝了。

Brian DiRubbio, Baird.

布萊恩·迪魯比奧，貝爾德。

Good morning, gentlemen.

先生們，早安。

Just a couple of questions for me.

我只想問幾個問題。

Chris, I think you mentioned that you're going to address the ABL in the second half this year.

克里斯，我想你提到你將在今年下半年解決 ABL 問題。

In an ideal world, what are you guys thinking about having your debt in terms of fixed terms and rates versus having the ABL?

在理想世界中，你們認為固定期限和利率的債務與 ABL 的債務有何不同？

I like where we stand presently.

我喜歡我們目前的狀況。

Obviously, I inherited, the current structure in terms of our fixed versus variable component on the ABL.

顯然，我繼承了 ABL 上的固定與可變部分目前的結構。

We need to think about sizing of the ABL and make sure that we size it according to what we think our long-term growth budget is and the long-term targets in terms of leverage.

我們需要考慮 ABL 的規模，並確保根據我們的長期成長預算和槓桿方面的長期目標來確定其規模。

We sit around four times a day.

我們每天坐在一起四次。

I think that is an area that is a reasonable place to be.

我認為那是一個合理的區域。

We obviously would like to be lower, and it would be my plan to be lower in time.

我們顯然希望能降低成本，而我的計畫也是隨著時間的推移降低成本。

But that will go into the calculus in terms of fixed versus variable as it relates to the fixed component on that.

但這需要在固定與可變的方面進行計算，因為它與其中的固定部分有關。

I mean, the first lever that we can push would be as it relates to our $750 million 2027 notes.

我的意思是，我們可以推動的第一個槓桿與我們的 7.5 億美元 2027 年票據有關。

Those, at least the premium -- call premium on those go away in September of this year.

這些，至少是溢價——這些的看漲溢價將在今年 9 月取消。

And so we plan to progress our evaluation of that in Q2.

因此我們計劃在第二季進一步評估這一點。

We haven't been in a hurry to accelerate evaluation efforts given where rates stand today, but I think we'll be opportunistic as it relates to rate and tenure by following Fed commentary alongside of our bankers with the hope that maybe we'll get more than a rate cut later this year.

考慮到目前的利率水平，我們並不急於加快評估工作，但我認為，在利率和期限方面，我們將與銀行家一起關注美聯儲的評論，抓住機會，希望今年晚些時候我們能獲得的不僅僅是降息。

Understood.

明白了。

That's helpful there.

這很有幫助。

And just as you're thinking about capital allocation, the company has been borrowing to fund the distributions for a number of years, is it your -- am I hearing you right?

正如您所考慮的資本配置一樣，公司多年來一直在藉款來為分配提供資金，這是您的——我聽得對嗎？

You're looking to stop that -- that need to borrow to fund the distributions going forward and you want to start paying down some gross debt.

您希望停止這種情況——需要藉款來為未來的分配提供資金，並且您希望開始償還一些總債務。

I think we just need to look at relative debt measures and relative capacity of the business that relates to our debt measures and look at that as it relates to the cycle that we are in.

我認為我們只需要查看相對債務指標和與我們的債務指標相關的相對業務能力，並將其與我們所處的周期聯繫起來看。

I'm not prepared just yet to address whether or not that means, more aggressive pay down of debt or continued relative financing capacity of the business.

我還沒有準備好回答這是否意味著更積極地償還債務或持續保持企業的相對融資能力。

Right now that's -- the focus at least as it relates to our growth capital and in 2025 is make sure that the relative standing and relative measures and depth measures of the business are not impacted in a significant way especially as it relates to the ability to go out and refinance some of our fixed notes.

目前的重點至少是與我們的成長資本相關的，並且在 2025 年，要確保業務的相對地位、相對指標和深度指標不會受到重大影響，特別是與出去再融資一些固定票據的能力相關的影響。

So that's the near-term view for me in managing the business and then longer term, I think I'll be better apt to be able to answer that question in the future.

這是我管理業務的近期觀點，而從長遠來看，我認為我將來能夠更好地回答這個問題。

Fair enough.

很公平。

And just final question for me is you think about the CapEx program to spend for new build equipment, has the prices for new builds increased materially over the last couple of years when you made your last big order?

最後一個問題是，您考慮用於新建設備的資本支出計劃，在您上次下大訂單的過去幾年裡，新建設備的價格是否大幅上漲？

Just trying to get a scope of -- with the growth CapEx how much horsepower that you're potentially adding.

只是想了解一下——隨著資本支出的成長，你可能會增加多少馬力。

Really, year-over-year we haven't seen a significant increase.

實際上，與去年同期相比，我們並沒有看到顯著的成長。

And in fact, at least for the last several quarters as we've looked towards the new build I should point to.

事實上，至少在過去幾個季度裡，我們一直在期待新的建設。

So pricing that we saw on Q4 versus the pricing we've seen in Q1 in terms of the new build compression is not moved as it relates to looking year-over-year Q4 to Q3.

因此，就新建壓縮而言，我們在第四季度看到的價格與第一季看到的價格相比沒有變化，因為它與去年同期的第四季和第三季相比沒有變化。

I would have to do some research to see relatively how significantly that has moved.

我必須做一些研究來相對了解其變化有多大。

Yeah, to add, I mean, over the last few years we have seen significant price increasing on engines, compressors, and the manufacturing itself or the fabrication.

是的，補充一下，我的意思是，在過去幾年中，我們看到引擎、壓縮機以及製造本身或加工產品的價格大幅上漲。

It seems like every year Caterpillar, Waukesha, they give us a price increase that is passed along.

好像每年卡特彼勒和沃基肖都會給我們漲價，然後轉嫁給我們。

We have seen -- thankfully we've seen the market carry that pricing as far as contract rates to be able to buy new equipment.

我們已經看到——值得慶幸的是，我們已經看到市場將該定價提高到合約價格，以便能夠購買新設備。

3600 engines still the preferred engine by customers?

3600引擎仍然是客戶首選的引擎嗎？

Yeah.

是的。

Everybody likes them a lot, they run well and, yeah, I mean, Waukesha seems to be taking a foothold, but Caterpillar is still by far the lion's share.

大家都很喜歡它們，它們運作良好，是的，我的意思是，沃基肖似乎已經站穩了腳跟，但卡特彼勒仍然佔據著最大的份額。

Understood, appreciate the time.

明白，珍惜時間。

Thank you, gentlemen.

謝謝各位先生。

Thank you.

謝謝。

That concludes our question-and-answer session.

我們的問答環節到此結束。

Also concludes our today's call.

今天的電話會議也到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。