USA Compression Partners LP (USAC) 2025 Q1 法說會逐字稿

Good morning. Welcome to USA Compression Partners first quarter 2025 earnings conference call. (Operator Instructions) This conference is being recorded today, May 6, 2025.

早安.歡迎參加 USA Compression Partners 2025 年第一季財報電話會議。（操作員指示）本次會議將於今天（2025 年 5 月 6 日）進行錄製。

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. This morning, we released our operational and financial results for the quarter ending March 31, 2025. You can find a copy of our earnings release as well as a recording of this call in the Investor Relations section of our website at usacompression.com.

大家早安，感謝大家的收看。今天上午，我們發布了截至 2025 年 3 月 31 日的季度營運和財務表現。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. You will find definitions and reconciliations of these non-GAAP measures to the most comparable US GAAP measures in our earnings release.

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。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。

As a reminder, our conference call will include forward-looking statements. These statements are based on management's current beliefs and include projections and expectations regarding our future performance and other forward-looking matters. Actual results may differ materially from these statements.

提醒一下，我們的電話會議將包括前瞻性陳述。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。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 other public filings. Please note that information provided on this call speaks only to management's views as of today, May 6, 2025, and may no longer be accurate at the time of a replay.

請查看今天上午的收益報告和其他公開文件中包含的風險因素。請注意，本次電話會議中提供的資訊僅代表管理階層截至 2025 年 5 月 6 日的觀點，重播時可能不再準確。

I will 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. Good morning, everyone, and thank you for joining our call. This morning we released our first-quarter 2025 results.

謝謝你，克里斯。大家早安，感謝你們參加我們的電話會議。今天上午，我們發布了 2025 年第一季業績。

We are extremely pleased that we were once again able to deliver strong revenues, adjusted gross margin, and average horsepower utilization, leading to a record average revenue per horsepower per month for the quarter. On the operational front, we continue to improve top-line revenue per generating horsepower with new and recontracted rates moving higher, benefiting from continued tightness in the market.

我們非常高興能夠再次實現強勁的營收、調整後的毛利率和平均馬力利用率，從而創下本季每馬力每月平均營收的新高。在營運方面，受益於市場持續緊張，我們繼續提高每發電馬力的營業收入，新合約和續約費率走高。

In Q1, we ordered approximately 40,000 new horsepower, the majority of which will be delivered before year end. We are also evaluating opportunities for the remaining new horsepower to be delivered before year-end. Additionally, we are actively responding to 2026 proposals and anticipate more ratable quarterly increases to new horsepower next year.

第一季度，我們訂購了約 40,000 馬力的新發動機，其中大部分將在年底前交付。我們也在評估年底前交付剩餘新馬力的機會。此外，我們正在積極回應 2026 年的提案，並預計明年新馬力將有更多按季度按比例的增長。

Finally, we have completed the idle to active initiative that commenced early last year. Although our total active horsepower was essentially flat on a sequential quarter basis, our large horsepower continues to be close to fully utilized. Going forward, we expect our most significant gains in horsepower will occur as we continue our disciplined growth strategy of acquiring large horsepower, barring significant changes in small horsepower utilization.

最後，我們完成了去年年初啟動的「從閒置到活躍」計畫。儘管我們的總活躍馬力與上一季基本持平，但我們的大馬力仍然接近充分利用。展望未來，我們預計，只要我們繼續執行獲取大馬力的嚴格成長策略，除非小馬力的利用發生重大變化，否則我們在馬力方面的成長將最為顯著。

Since our last call in February, commodity prices have softened considerably tied to tariff-driven market uncertainty. However, thus far in Q1, we have seen key upstream companies in the Permian and the Northeast reaffirm their full-year capital and production targets, but also provide the market capital allocation options in the case that low commodity prices persist.

自從我們二月上次電話會議以來，受關稅驅動的市場不確定性影響，大宗商品價格已大幅走軟。不過，第一季迄今為止，我們已經看到二疊紀和東北地區的主要上游公司重申了其全年資本和生產目標，同時也為市場提供了在商品價格持續低迷的情況下的資本配置選擇。

On the gas demand side, Amazon, Microsoft, and Nvidia reaffirmed that the data center market remains strong and both Range and EQT highlighted incremental power demand growth in the Northeast, where USA holds the largest contract compression fleet totaling around 900,000 horsepower.

在天然氣需求方面，亞馬遜、微軟和英偉達重申資料中心市場依然強勁，Range 和 EQT 都強調了東北地區電力需求的成長，美國東北地區擁有最大的合約壓縮機組，總計約 90 萬馬力。

At USAC, we are actively monitoring the daily movement on tariffs and see a potential for minimal impacts to our parts and materials business once we begin to work through current inventories. On the capital front, we do not anticipate a tariff impact to our 2025 new horsepower costs as costs were locked in at the time of order placement.

在 USAC，我們積極監控關稅的每日變動，一旦我們開始處理現有庫存，就會發現對我們的零件和材料業務的影響可能很小。在資本方面，我們預計關稅不會對 2025 年新馬力成本產生影響，因為成本在下訂單時就已鎖定。

Looking forward, it is too early to tell. Many of the capital components of our business are tied directly to US manufacturing entities who source steel evenly from both international and domestic markets. We would expect those entities to work through inventories and then decide if a contract rate in excess of historical increases is reasonable and justified if a tempered market outlook exists.

展望未來，現在下結論還為時過早。我們業務的許多資本組成部分都與美國製造實體直接相關，這些實體從國際和國內市場均勻採購鋼材。我們預計這些實體將處理庫存，然後在市場前景緩和的情況下決定超過歷史漲幅的合約價格是否合理。

As our investors know, the compression business is sustained by long-term agreements and is less susceptible to short-term commodity prices. Nonetheless, we keep a watchful eye on our industry and the potential impacts to slow production from current market uncertainty given the natural gas and crude oil are a feedstock for so many things that we use every day.

正如我們的投資者所知，壓縮業務依靠長期協議來維持，不易受到短期商品價格的影響。儘管如此，鑑於天然氣和原油是我們日常使用的許多東西的原料，我們仍密切關注我們的行業以及當前市場不確定性對生產放緩的潛在影響。

At this time, we believe we can maintain our adjusted operating margins for the foreseeable future, which have consistently been around 67%, remaining an even-handed partner for our customers to enhance their value and ours.

目前，我們相信，在可預見的未來，我們可以維持調整後的營業利潤率，一直維持在 67% 左右，繼續作為客戶公平的合作夥伴，提升客戶和我們的價值。

On the personnel front, I want to highlight Chris Wauson's promotion to Chief Operating Officer, a recognition that is well deserved given his long-standing leadership in our Permian operations and 26 years of experience in the compression industry. Chris is joining us on the call today.

在人員方面，我想強調一下克里斯·沃森 (Chris Wauson) 晉升為首席營運官，鑑於他在我們二疊紀業務中的長期領導以及在壓縮行業 26 年的經驗，這一認可是當之無愧的。克里斯今天將參加我們的電話會議。

Under the shared services front, we have fully transitioned IT and HR functions in Q1 and remain on track for a Q1 2026 ERP implementation. It should yield meaningful improvements in daily management of the business.

在共享服務方面，我們已在第一季全面轉變了 IT 和 HR 職能，並將繼續按計劃在 2026 年第一季實施 E​​RP。它應該會對日常業務管理產生有意義的改進。

With that, I will turn the call over to Chris Paulsen, our Chief Financial Officer, to discuss our first-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 Paulsen)，更詳細地討論我們第一季度的亮點和 2025 年的指導。

Thanks, Clint. In the quarter, our sales team continued to build upon pricing improvements, up to an all-time high of $21.06 per average horsepower for the first quarter, 1% increase in sequential quarters and 6% compared to a year ago. Average active horsepower remained flattish at 3.56 million. Our first-quarter adjusted gross margins were nearly 67%.

謝謝，克林特。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，第一季價格達到歷史最高水平，平均馬力 21.06 美元，比上一季增長 1%，比去年同期增長 6%。平均有效馬力保持平穩，為 356 萬。我們第一季調整後的毛利率接近67%。

Regarding the consolidated financial results, our first-quarter 2025 net income was $20.5 million. Operating income was $69.4 million. Net cash provided by operating activities was $54.7 million, and cash interest expense, net was $45.1 million. Our leverage ratio is currently at 4.08x.

關於合併財務業績，我們的 2025 年第一季淨收入為 2,050 萬美元。營業收入為 6,940 萬美元。經營活動提供的淨現金為 5,470 萬美元，現金利息支出淨額為 4,510 萬美元。我們的槓桿率目前為4.08倍。

Turning to operational results. Our total fleet horsepower at the end of the quarter was approximately 3.9 million horsepower, essentially unchanged to the prior quarter. Our revenue generating horsepower also was flat on a sequential quarter basis and up 2% from a year ago.

轉向營運結果。本季末，我們的車隊總馬力約為 390 萬馬力，與上一季基本持平。我們的創收能力與上一季持平，但比去年同期成長了 2%。

Our average utilization for the first quarter was 94.4%, in line with the prior quarter of 94.5%. First-quarter 2025 expansion capital expenditures were $22.2 million, and our maintenance capital expenditures were $10.9 million.

我們第一季的平均利用率為 94.4%，與上一季的 94.5% 持平。2025 年第一季擴張資本支出為 2,220 萬美元，維護資本支出為 1,090 萬美元。

Expansion capital spending primarily consisted reconfiguration and make-ready of idle units, while maintenance capital increased to a level consistent with regular minor overhaul cycles that had previously been deferred during 2024's make-ready efforts. For the remainder of the year, most capital will be focused on reconfigurations and new horsepower.

擴張資本支出主要包括閒置機組的重新配置和準備，而維護資本則增加到與 2024 年準備工作期間先前推遲的常規小修週期一致的水平。在今年剩餘的時間裡，大部分資金將集中在重新配置和新馬力上。

We maintain our adjusted EBITDA range of $590 million to $610 million, distributable cash flow range of $350 million to $370 million, expansion capital range of $120 million to $140 million, and maintenance capital between $38 million and $42 million. As a reminder, the expansion capital budget will be back-end loaded with much of the new horsepower delivery in Q4.

我們將調整後的 EBITDA 範圍維持在 5.9 億美元至 6.1 億美元之間，可分配現金流範圍維持在 3.5 億美元至 3.7 億美元之間，擴張資本範圍維持在 1.2 億美元至 1.4 億美元之間，維護資本範圍維持在 3800 萬美元至 4200 萬美元之間。提醒一下，擴張資本預算將在第四季後期加載大部分新馬力的交付。

To the extent deliveries move into Q1, capital may be deferred and our expansion capital budget will be updated accordingly. As stated in Q4 2024, the company made great progress in steadily reducing its leverage ratio over the last several years, and we remain committed to that in 2025.

如果交付進入第一季度，資本可能會被推遲，我們的擴張資本預算也將相應更新。正如 2024 年第四季所述，公司在過去幾年中在穩步降低槓桿率方面取得了巨大進展，我們仍致力於在 2025 年實現這一目標。

As previously discussed, our leverage ratio will largely be maintained and then marginally increase later in the year as we fund new growth projects that are back-end loaded. These project returns substantially exceed our cost of capital and are anticipated to pay back within the contract term.

正如之前所討論的，隨著我們為後端加載的新增長項目提供資金，我們的槓桿率將基本保持不變，然後在今年晚些時候略有上升。這些項目回報大大超過我們的資本成本，預計將在合約期限內償還。

In the near term, this means our target at or below 4x debt-to-EBITDA is a reasonable metric by which to aspire. We will continue to revisit this metric as market dynamics change, but don't anticipate a meaningful change.

從短期來看，這意味著我們的目標是債務與 EBITDA 比率為 4 倍或以下，這是一個合理的衡量標準。隨著市場動態的變化，我們將繼續重新審視這項指標，但不預期會發生重大變化。

Finally, I want to address debt refinancing in light of the recent market fundamentals in the high-yield market. Since Liberation Day, the high-yield market has settled, though pricing is considerably higher than prior to April 2.

最後，我想根據高收益市場近期的基本面來談談債務再融資問題。自解放日以來，高收益市場已經穩定下來，儘管價格比 4 月 2 日之前高得多。

We are in no hurry to rush into notes market where both spreads and yields have pushed higher and will remain patient until borrowing costs improve. That being said, the market for asset-backed credit facilities has remained very strong and has been unimpacted by the near-term volatility tied to tariffs. As a result, we expect to move forward with refinancing our ABL in the near term.

我們並不急於進入票據市場，因為該市場的利差和收益率都已走高，我們將保持耐心，直到借貸成本改善。話雖如此，資產支持信貸市場仍保持強勁，並未受到與關稅相關的短期波動的影響。因此，我們預計將在短期內推進 ABL 的再融資。

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

說完這些，我會把電話轉回給克林特，請他做最後發言。

Thanks, Chris. I have been outspoken about disciplined growth. And at times of uncertainty, this approach should resonate with the investment community.

謝謝，克里斯。我一直直言不諱地主張有紀律的成長。在不確定的時期，這種方法應該會引起投資界的共鳴。

Along with our industry-leading return of capital framework, equity volatility is also mitigated by a large shareholder in Energy Transfer, who has partnered through shared services to ensure our business is cost efficient and capable through cycles.

除了我們行業領先的資本回報框架外，Energy Transfer 的大股東也緩解了股權波動，該股東透過共享服務與我們合作，確保我們的業務具有成本效益並能在整個週期內保持能力。

USAC is characterized by world-class customers and employees who value safety as our top priority. It is important that we reiterate the safety commitment to our employees, our contractors, and our customers' employees daily; and we make it a part of all we do. And I want to thank each and every employee that makes that happen.

USAC 的特點是擁有世界一流的客戶和員工，他們將安全視為我們的首要任務。重要的是，我們每天都要向我們的員工、承包商和客戶的員工重申安全承諾；並且我們將其作為我們所有工作的一部分。我要感謝每一位為實現這一目標而努力的員工。

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

現在，我將開始回答大家的提問。

(Operator Instructions) Doug Irwin, Citi.

（操作員指示）花旗銀行的 Doug Irwin。

I just want to start with the '25 guidance range here. Just looking at the first-quarter run rate, it seems like it's putting you pretty well on pace for the midpoint of the range. Just given some of the fleet additions you talked about coming in the second half of the year, is it fair to say you're probably trending towards the upper half of that range today?

我只是想從這裡的 25 指導範圍開始。僅從第一季的運行率來看，它似乎讓你很好地達到了該範圍的中點。考慮到您談到的下半年將增加的一些機隊，是否可以說您目前可能趨向於該範圍的上半部分？

Yes, Doug. Thanks for the question. This is Chris Paulsen. We set forth the range of $590 million to $610 million. We're maintaining that range today. As you pointed to, the Q1 annualized number would put us right in the middle of that.

是的，道格。謝謝你的提問。我是克里斯·保爾森。我們設定的範圍是 5.9 億美元至 6.1 億美元。今天我們將維持這個範圍。正如您所指出的，第一季的年化數字將使我們處於這個水平的中間。

Our horsepower overall is, as noted, largely back-end loaded. And most of that horsepower will come in into Q4. And we expect for it to come in Q4. We don't expect for that to materially slip, but its impact on Q4 will likely be minimal. So therefore, maintaining the guidance in the $590 million to $610 million range.

正如所指出的，我們的總體馬力主要是後端加載的。大部分馬力將在第四季顯現。我們預計它將在第四季度推出。我們預計這一數字不會出現實質下滑，但其對第四季的影響可能微乎其微。因此，我們維持指導價在 5.9 億美元至 6.1 億美元範圍內。

Understood. That's helpful. And then just trying to ask about the growth outlook beyond '25. Great to see you highlight some of these orders coming on in the fourth quarter. Just curious how your conversations are progressing into '26, particularly given the current macro environment? Have you still seen strong interest or have discussions maybe slowed near term given uncertainty?

明白了。這很有幫助。然後只是想問一下 25 年以後的成長前景。很高興看到您重點介紹了第四季度的一些訂單。只是好奇你們的談話在 26 年進展如何，特別是考慮到當前的宏觀環境？您是否仍然看到濃厚的興趣，或者由於不確定性，討論可能在短期內放緩？

We noted that we've ordered 40,000 horsepower in Q1. We expect to order additionally into Q2, and we're starting to undertake RFPs for 2026. So the interest is there.

我們注意到我們在第一季訂購了 40,000 匹馬力。我們預計第二季還會有更多訂單，並且我們將開始承接 2026 年的 RFP。所以興趣就在那裡。

We are digesting the market real time as is everyone else. It's interesting. I think the market is in far better shape than we were in during the last downturn.

我們和其他人一樣，正在即時消化市場。這很有趣。我認為目前的市場狀況比上次經濟衰退期間好得多。

We've seen a lot of consolidation in the market. I think that consolidation has brought with it far stronger balance sheets and production growth in fewer hands, production growth in larger companies, production growth housed within the major oils who really look towards this time to really differentiate themselves and have been built for uncertain markets.

我們看到市場出現大量整合。我認為，整合帶來了更強勁的資產負債表和產量增長，集中在少數人手中，集中在大型公司和主要石油公司的產量增長，這些石油公司真正期待著這次真正實現差異化，並且是為不確定的市場而建立的。

What we've seen generally is that while those companies have reaffirmed their growth targets, we've also seen the independents largely reaffirm those targets as well. I know Diamondback had some softer guide yesterday. I don't see it being a real impact on production overall.

我們普遍看到的是，雖然這些公司重申了其成長目標，但我們也看到獨立公司也大多重申了這些目標。我知道 Diamondback 昨天給了一些較為溫和的指導。我不認為這會對整體生產產生真正的影響。

We've seen, by contrast, some of the companies in the Northeast really reaffirm those targets and really lean into potential for growth in the next several years. I think that's a difference maker for our company, in particular.

相較之下，我們看到東北地區的一些公司確實重申了這些目標，並真正傾向於未來幾年的成長潛力。我認為這對我們公司來說尤其具有決定性意義。

We've noted 900,000 horsepower there in the Northeast. And we've even seen, as early as this morning, companies like Coterra look to move some of their rig count over to the Northeast.

我們注意到東北地區有 90 萬馬力。我們甚至看到，早在今天早上，像 Coterra 這樣的公司就希望將部分鑽井平台轉移到東北地區。

So overall, we're digesting things real time as you are, but we're continuing to take RFPs. And there is continual interest for 2026. How that ultimately plays out for 2026, it's too early to tell.

所以總的來說，我們正在像您一樣即時消化事情，但我們會繼續接受 RFP。人們對 2026 年的興趣持續不斷。2026 年最終結果如何，現在下結論還為時過早。

Robert Mosca, Mizuho Securities.

瑞穗證券的羅伯特莫斯卡。

So on your last call, I think you said you were looking to grow operating horsepower by about 1.5%. So the 40,000 horsepower of new addition seems a little bit lower than what's implied by that metric. So is that a function of just having some remaining units that you plan to activate or maybe a little bit of pullback in terms of customer demand and how you're staging those new units that you're going to order in 2Q?

所以在您上次通話中，我想您說過您希望將運行馬力提高約 1.5%。因此，新增的 40,000 匹馬力似乎比該指標所暗示的要低一點。那麼，這是否只是因為您計劃啟動一些剩餘的單位，或者在客戶需求方面可能有所回落，以及您如何安排將在第二季度訂購的新單位？

Yeah. Thanks for the question, Robert. The 40,000 is below our full year forecast for new compression. As noted, that 1.5% would imply something more akin to 52,000 to probably 55,000 horsepower.

是的。謝謝你的提問，羅伯特。40,000 低於我們對全年新壓縮的預測。如上所述，1.5% 意味著更接近 52,000 到 55,000 馬力。

I think we're very pleased that we've been able to move forward with as much as 40,000 horsepower in the quarter and anticipate that the remainder will be satisfied through year end. Hopefully, as early as Q2, we're well on our way towards that end.

我認為我們非常高興我們能夠在本季度推進多達 40,000 馬力的生產，並預計剩餘部分將在年底前得到滿足。希望最早在第二季度，我們就能順利實現這個目標。

Got it. That's helpful. And maybe asking about the growth outlook beyond '25 in a different way. How are you approaching those commercial discussions with the macro backdrop and perhaps the need to wait out the high-yield market a little bit longer for attractive refinancing terms? Is that affecting your growth outlook on '26 at all?

知道了。這很有幫助。或許可以用不同的方式詢問 25 年以後的成長前景。在宏觀背景下，您如何處理這些商業討論，也許需要等待高收益市場再融資條款才能獲得有吸引力的再融資條款？這是否會影響您對 26 年的成長前景？

Yeah. The high-yield market today is still open. And in fact, I think there -- within the last several weeks, there's been quite a bit of interest in the market. The market has moved up overall. Our cost to issue notes, for instance, has probably moved up 50 basis points since prior the Liberation Day.

是的。今天的高收益市場仍然開放。事實上，我認為在過去幾週內，市場已經出現了相當多的興趣。市場整體呈現上漲態勢。例如，我們發行票據的成本自解放日之前可能已經上升了50個基點。

That number at one point was probably 150 basis points higher. So it's come back in by quite a bit. You've seen new issuances here recently. You've seen our bonds, in particular, trading much tighter here in the last several weeks.

這個數字一度可能高出 150 個基點。所以它已經回升不少了。您最近在這裡看到了新發行的內容。您會發現，過去幾週我們的債券交易尤其緊張。

So we could go out today probably 50 basis points higher than where we were a few months ago. That's less interesting, frankly. I think we can be patient here. There's no need to rush. We really have quite a bit of time as it relates to our note issuances.

因此，我們今天的利率可能比幾個月前的水準高出 50 個基點。坦白說，這不太有趣。我認為我們可以耐心等待。沒有必要著急。在發行票據方面，我們確實有相當多的時間。

As I mentioned, though, on the ABL side, I think we'll continue with the plans that we had prior to tariff discussion. We'll really embark upon refinancing our ABL in the second half of this year. From what I've seen from initial offerings and proposals there, we have really, really strong commitments from our banks.

不過，正如我所提到的，在 ABL 方面，我認為我們將繼續執行關稅討論之前的計劃。我們將在今年下半年真正開始對 ABL 進行再融資。從我所看到的初始發行和提案來看，我們得到了銀行的非常非常堅定的承諾。

We have more banks that are interested, and I'm hopeful that that will mean, at the end of the day, lower financing cost. But we'll let the process play out and then come back to you guys in the second half once that process is played out.

有更多銀行對此感興趣，我希望這最終意味著融資成本的降低。但我們會讓這個過程順利進行，然後在下半場回到你們身邊。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

This is Eli Jossen on for Jeremy. Just maybe wanted to think about a little bit more of the contracting environment. In your discussions with customers, are you seeing more opt for term? I think that's been topical in recent conversations.

這是 Eli Jossen 取代 Jeremy 演繹的。也許只是想多考慮一下承包環境。在與客戶的討論中，您是否看到更多選擇期限？我認為這是最近談話中的熱門話題。

Or are you seeing longer-term contracts? And how have pricing discussions gone relative to historical, just again, weighing some of the more macroeconomic volatility that we've been seeing?

或者您看到的是長期合約？相對於歷史而言，定價討論如何？是否再次衡量了我們所看到的一些宏觀經濟波動？

I'm not sure we've seen anything really different in terms of duration or term in those contracts. From a USA perspective, I think we ultimately would like to re-term as much as we possibly can. I think we'll continue to move towards that end, make sure that we have as much on term, especially in the event of softening of the cycle.

我不確定我們在這些合約的期限或條款方面是否真的看到有什麼不同。從美國的角度來看，我認為我們最終希望盡可能地重新制定條款。我認為我們將繼續朝著這個目標努力，確保我們擁有盡可能多的期限，特別是在周期軟化的情況下。

I think it makes sense for all parties to do that. I think if you have a movement in a cycle, I think most parties want to have their economics locked in and understood to continue investments. And that's, I think, generally, what we're seeing. And that's been pretty consistent over the course of the last many years, but really haven't seen any change in discussion at this point in time.

我認為各方這樣做都是有意義的。我認為，如果在一個週期內有一個運動，那麼大多數政黨都希望鎖定和理解他們的經濟狀況，以便繼續投資。我認為，總體而言，這就是我們所看到的。在過去的許多年裡，這種情況一直很一致，但目前為止，討論中確實沒有看到任何變化。

Got you. And then maybe just thinking about lead times, which have been topical recently. Maybe -- I don't know if tariffs or other manufacturing changes have impacted the OEM market as you see it. But where do you see lead times right now? And what's your view on that part of the market?

明白了。然後也許只是考慮交貨時間，這是最近熱門的話題。也許——我不知道關稅或其他製造業變化是否影響了您所看到的 OEM 市場。但您現在看到交貨時間是多少？您對這個市場有什麼看法？

Yeah. This is Clint. So lead times still stay around the same as they have been. We're seeing CAT at about 48 weeks. Waukesha at about 25, Ariel at 24 to 26. Those haven't really pushed out yet.

是的。這是克林特。因此交貨時間仍與以前大致相同。我們大約在 48 週時看到 CAT。沃基肖大約在 25 歲，阿里爾 24 至 26 歲。這些還沒有真正推出。

And then from -- packagers is running between 30 and 40 weeks. So it really hasn't changed yet. Now depending on what happens with the tariffs, it could; but our stuff is locked in for most of it for the end of the year delivery. And as these RFPs come through for '26, we'll continue to try and get those orders in place in time to make deliveries.

然後從 - 包裝商那裡運行需要 30 到 40 週的時間。所以它實際上還沒有改變。現在取決於關稅的情況，它可能會；但我們的大部分貨物都鎖定在年底交付。隨著這些 26 年的 RFP 陸續到來，我們將繼續努力及時下訂單並進行交付。

(Operator Instructions) Connor Jensen, Raymond James.

（操作員指示）康納·詹森，雷蒙德·詹姆斯。

I just had one quick one. It looked like you had some modest asset sales or retirements in the quarter. How should we think about this trending for the rest of the year as opposed to the assets you're bringing online?

我只快速吃了一頓。看起來你們在本季進行了一些適度的資產出售或退休。與您在網路上推出的資產相比，我們應該如何看待今年剩餘時間的趨勢？

Yeah, so we continue to look at ways to optimize our portfolio. As you mentioned, those were relatively modest sales and/or asset swaps as well. So to the degree that we can optimize our portfolio in various ways, we'll do it and undertake those.

是的，所以我們會繼續尋找優化投資組合的方法。正如您所提到的，這些都是相對溫和的銷售和/或資產互換。因此，只要我們能夠以各種方式優化我們的投資組合，我們就會去做並承擔這些工作。

To the degree that we have certain assets that have been sitting on the fence for a long portion of time, we'll also look at a disposition there. So we're going to continue to find ways to really improve the overall efficiency of our horsepower.

如果我們擁有某些長期處於擱置狀態的資產，我們也會考慮對其進行處置。因此，我們將繼續尋找方法來真正提高我們馬力的整體效率。

There are no further questions at this time. Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。