USA Compression Partners LP (USAC) 2025 Q2 法說會逐字稿

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

早安.歡迎參加 USA Compression Partners 2025 年第二季財報電話會議。（操作員指示）本次會議將於今天（2025 年 8 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 June 30, 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 6 月 30 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. Please review the risk factors included in this morning's earnings release and in our other public filings.

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。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 the information provided in this call speaks only to management's views as of today, August 6, 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 2025 年 8 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, and good morning, and thank you for joining our call.

謝謝你，克里斯，早安，謝謝你參加我們的電話會議。

We are pleased to deliver a record-setting quarter for revenues and average revenue per horsepower while also maintaining consistent margins and utilization. Despite bearish macro commentary related to GDP, tariffs, inflation, and commodities that could have presented headwinds for our quarter, our business continues to march forward with strong execution in the first half of the year.

我們很高興在本季度創下了收入和每馬力平均收入的新高，同時保持了穩定的利潤率和利用率。儘管與 GDP、關稅、通貨膨脹和大宗商品相關的宏觀評論可能對我們本季的業績造成不利影響，但我們的業務在上半年繼續強勁推進。

While certain of our E&P customers took a brief pause in Q2 as WTI dipped below $60 and Henry Hub marched lower, most have shown a resolve into the back half of this year and into '26 to support their current levels of production. For example, our contracted horsepower in the Northeast in Q4 is expected to be 5% higher than today. As we look to 2026, we believe we have significant reason for optimism given the number of RFQs in the pipeline. Bear in mind, our top 10 customers comprise over 45% of our revenues, and most are expected to grow production next year, not just maintain it.

雖然我們的部分 E&P 客戶在第二季度因 WTI 跌破 60 美元且亨利港油價走低而短暫暫停，但大多數客戶已表現出決心在今年下半年和 2026 年維持其目前的生產水平。例如，我們第四季在東北地區的合約馬力預計比現在高出5%。展望 2026 年，我們相信，考慮到正在籌備的 RFQ 數量，我們有充分的理由感到樂觀。請記住，我們的前 10 名客戶占我們收入的 45% 以上，大多數客戶預計明年都會增加產量，而不僅僅是維持產量。

In the longer term, we still expect to see significant growth in the natural gas demand from AI, cloud services, and related power needs as major tech firms continue to significantly increase budgets to expand their infrastructure. Three of the largest tech firms in the US are anticipated to spend over $265 billion in capital this year combined, largely to expand their infrastructure for AI and cloud services. In addition, new data center investments are continuously being announced. In the last several weeks alone, two new data center complexes tied to natural gas generation were announced, one totaling 4.4 gigawatts and another at 190 megawatts.

從長遠來看，隨著大型科技公司繼續大幅增加預算以擴大其基礎設施，我們仍預計人工智慧、雲端服務和相關電力需求對天然氣的需求將大幅增加。預計美國三家最大的科技公司今年將合計投入超過 2,650 億美元的資金，主要用於擴展其人工智慧和雲端服務基礎設施。此外，新的資料中心投資也不斷公佈。僅在過去幾週內，就宣布了兩個與天然氣發電相關的新資料中心綜合體，一個總容量為 4.4 千兆瓦，另一個總容量為 190 兆瓦。

Coming alongside tech and private equity investments, utilities are also investing over $200 billion this year to meet this growing power demand, substantially more than any year since 2000. We continue to believe that the only way to provide suitable, consistent, and clean energy to power these needs is natural gas, and our country needs compression to get it there.

除了科技和私募股權投資外，公用事業公司今年還投資了超過 2,000 億美元來滿足不斷增長的電力需求，遠遠超過 2000 年以來的任何一年。我們始終相信，提供合適、穩定、清潔的能源來滿足這些需求的唯一方法是天然氣，而我們國家需要透過壓縮來實現這一點。

Turning to US oil and gas production. The July EIA short-term energy outlook showed considerable natural gas growth projections, including annualized gas growth of 6% in the Permian. Natural gas out of the Northeast and the Haynesville is also expected to grow. Finally, crude oil production in the Permian continues to stay resilient and above the average for the first half of the last year, despite a lower rig count.

轉向美國石油和天然氣生產。美國能源資訊署 7 月的短期能源展望顯示，天然氣產量將大幅成長，其中二疊紀盆地天然氣產量年化成長率將達 6%。預計東北地區和海恩斯維爾的天然氣產量也將增加。最後，儘管鑽井數量減少，但二疊紀盆地的原油產量仍持續保持彈性，高於去年上半年的平均值。

At the corporate level, we are beginning to reap the benefits from our new shared services model with Energy Transfer. For example, we have seen licensing savings and enhanced functionality from our IT group and expect to reap the benefits of larger centralized procurement organizations moving forward. We are just two quarters into the process, and it's too early to understand the full impact of shared services, but we like what we see thus far.

在公司層面，我們開始從與 Energy Transfer 合作的新共享服務模式中獲益。例如，我們已經看到 IT 部門的許可節省和功能增強，並期望在未來獲得更大的集中採購組織帶來的好處。我們才剛進入這個過程兩個季度，現在要了解共享服務的全部影響還為時過早，但我們對目前看到的情況感到滿意。

Operationally, we have acquired approximately 48,000 new horsepower in 2025, the majority of which will be delivered before year-end. We anticipate 10,000 of this horsepower will be online January of 2026, and we'll update our 2025 capital forecast in Q3 to the extent deliveries hit next year. We continue to seek and have success with buy and contract back opportunities as additional ways to grow horsepower.

營運方面，我們在 2025 年獲得了約 48,000 匹馬力的新動力，其中大部分將在年底前交付。我們預計其中 10,000 匹馬力將於 2026 年 1 月上線，並且我們將在第三季更新 2025 年資本預測，以達到明年的交付量。我們繼續尋求並成功利用購買和合約回購機會作為增加馬力的額外方式。

Although our average total active horsepower was down slightly on a sequential quarter basis, our large horsepower continues to be nearly fully utilized. Across the fleet, the majority of the unit releases for the quarter have been recontracted, and we anticipate Q4 active horsepower to exceed 3.6 million, which would represent a new record for the company.

儘管我們的平均總有效馬力與上一季相比略有下降，但我們的大馬力仍然幾乎得到充分利用。在整個船隊中，本季釋放的大部分機組都已重新簽訂合同，我們預計第四季度的活躍馬力將超過 360 萬馬力，這將創下公司的新紀錄。

In terms of day-to-day operations, we continue to focus on our three biggest costs: parts, labor, and lube oil. For several of our most costly parts, we are revisiting certain vendor discussions to solve for optimal quality, cost, and warranty coverage. Although labor costs increased in the quarter due to overtime and contract labor, we expect these costs to reduce going forward as we fill these needs with internal hires through enhanced recruiting efforts. We also anticipate seeing significant savings in our lube oil costs related to our new agreement with a large lube oil vendor.

在日常營運方面，我們持續關註三大成本：零件、人工和潤滑油。對於我們最昂貴的幾個零件，我們正在重新與某些供應商討論，以解決最佳品質、成本和保固範圍的問題。儘管本季由於加班和合約工導致勞動力成本增加，但我們預計，隨著我們透過加強招聘力度以內部招聘來滿足這些需求，這些成本將會降低。我們也預計，與大型潤滑油供應商達成的新協議將大幅節省我們的潤滑油成本。

To date, tariffs have had minimal impacts on our business as the manufacturing of most components we utilize originate in the US. Lead times also have not materially changed from historical averages, with our engines currently running 34 to 45 weeks and compressors 24 to 28 weeks. As I previously stated, we are still getting quotes for Q1 or Q2 2026 delivery at the moment, as parts inventories are generally around six months and we would likely not see any material inventory impacts from tariffs until next year at the earliest.

到目前為止，關稅對我們的業務影響很小，因為我們使用的大多數零件的製造都源自美國。交貨時間與歷史平均值相比也沒有實質變化，我們的引擎目前運行時間為 34 至 45 週，壓縮機運行時間為 24 至 28 週。正如我之前所說，我們目前仍在獲取 2026 年第一季或第二季交付的報價，因為零件庫存通常約為六個月，而且最早也要到明年我們才會看到關稅對任何重大庫存的影響。

With that, I will turn the call over to Chris Paulsen, our Chief Financial Officer, to discuss our second-quarter highlights and our 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二季的亮點和 2025 年的指引。

Thanks, Clint.

謝謝，克林特。

In the quarter, our sales teams continue to build upon pricing improvements up to an all-time high, averaging $21.31 per horsepower for the second quarter, a 1% increase in sequential quarters and 5% increase compared to the year-ago period. Average active horsepower remained flattish at 3.55 million. Our second-quarter adjusted gross margins were 65.4%.

本季度，我們的銷售團隊繼續在價格改進的基礎上再創歷史新高，第二季度平均價格為每馬力 21.31 美元，比上一季增長 1%，比去年同期增長 5%。平均有效馬力保持平穩，為 355 萬。我們第二季的調整後毛利率為 65.4%。

Regarding the consolidated financial results, our second-quarter 2025 net income was $28.6 million. Operating income was $76.6 million. Net cash provided by operating activities was $124.2 million, and cash interest expense, net was $45.4 million. Our leverage ratio is currently at 4.08 times.

關於合併財務業績，我們的 2025 年第二季淨收入為 2,860 萬美元。營業收入為 7,660 萬美元。經營活動提供的淨現金為 1.242 億美元，現金利息支出淨額為 4,540 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 average revenue-generating horsepower also was flat on a sequential quarter basis and up 1% from a year ago. Our average utilization for the second quarter was 94.4%, consistent with the prior quarter.

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。我們的平均創收馬力也與上一季持平，比去年同期成長了 1%。我們第二季的平均利用率為 94.4%，與上一季一致。

Second-quarter 2025 expansion capital expenditures were $18.1 million, and our maintenance capital expenditures were $11.7 million. Expansion capital spending primarily consisted of reconfiguration and make-ready capital of existing units, while maintenance capital expenditures were higher in the first half of the year as we prioritized preventive maintenance efforts tied to annual intervals. For the remainder of the year, most capital will be focused on reconfigurations and new horsepower, largely in Q4.

2025 年第二季擴張資本支出為 1,810 萬美元，維護資本支出為 1,170 萬美元。擴張資本支出主要包括現有單位的重新配置和準備資本，而由於我們優先考慮與年度間隔相關的預防性維護工作，因此上半年維護資本支出較高。在今年剩餘時間內，大部分資金將集中在重新配置和新馬力上，主要是在第四季。

In the quarter, 100,000 preferred units were converted into approximately 5 million common units. Only 80,000 preferred units now remain.

本季度，100,000 個優先股單位轉換為約 500 萬個普通股單位。目前僅剩 8 萬套優先單位。

Turning to 2025 guidance. 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 Clint mentioned, to the extent expansion capital is expected to move into Q1 2026 due to new compression delivery dates, we will provide an update to expansion capital in the Q3 call.

轉向 2025 年指導。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。正如克林特所提到的，由於新的壓縮交付日期，預計擴張資本將進入 2026 年第一季度，我們將在第三季度電話會議上提供擴張資本的更新資訊。

As discussed in prior calls, we continue to maintain our leverage ratio and expect it to marginally increase later in the year as we fund new growth projects that are backend-loaded. Our target remains at or below 4x debt to EBITDA.

正如在先前的電話會議中所討論的那樣，我們將繼續維持我們的槓桿率，並預計隨著我們為後端加載的新增長項目提供資金，槓桿率將在今年晚些時候略有上升。我們的目標仍是債務與 EBITDA 比率為 4 倍或以下。

Since last quarter, spreads have remained tight and yields have come in. This creates a more compelling backdrop to revisit a refinancing of our September 2027 notes sometime in Q4. Of immediate focus is our ABL, which we hope to extend prior to the next quarterly call.

自上個季度以來，利差一直保持較小，收益率也已開始上升。這為我們在第四季度某個時候重新審視 2027 年 9 月票據的再融資創造了更引人注目的背景。我們目前關注的是 ABL，我們希望在下次季度電話會議之前延長它。

We have chosen the admin agent and have received strong unsolicited inbounds for many banks who would like to upsize or maintain their commitment levels. This provides a degree of confidence that our current borrowing costs will be improved.

我們已經選擇了管理代理，並且已經收到許多想要擴大或維持其承諾水平的銀行的強烈主動來電。這在一定程度上增強了我們目前的借貸成本將會改善的信心。

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。

Our disciplined growth strategy continues to serve our investors and customers well. On a final note, I would like to congratulate our employees in the Rockies who have recently received a safety and operational excellence award from one of our top 10 customers. Our employees make us who we are, and this is just another indication that we have the best in the business.

我們嚴謹的成長策略持續為我們的投資者和客戶提供良好的服務。最後，我要祝賀我們在落基山脈的員工，他們最近獲得了我們十大客戶之一頒發的安全和營運卓越獎。我們的員工成就了我們，這也再次證明我們擁有業界最優秀的人才。

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。

Hey. Thanks for the question. I wanted to start with gross margin. You saw some pretty solid price increases this quarter, but it seems like it was more or less offset by increased OpEx, which you already touched on it a bit in the prepared remarks. So I was just wondering if you could maybe expand on where you see overall gross margins trending from here, particularly as you bring on some new horsepower that's presumably higher margin.

嘿。謝謝你的提問。我想從毛利率開始。您看到本季價格出現了相當明顯的上漲，但似乎或多或少被營運支出的增加所抵消，您在準備好的發言中已經稍微提到了這一點。所以我只是想知道您是否可以詳細說明您認為從現在開始的整體毛利率趨勢如何，特別是當您引入一些可能帶來更高利潤率的新功能時。

Yeah. Doug, this is Clint Green. Thank you for that question. I'm going to introduce Chris Wauson. He's our Chief Operating Officer. I'm going to let him answer that question.

是的。道格，這是克林特·格林。謝謝你的提問。我要介紹的是克里斯‧華森 (Chris Wauson)。他是我們的營運長。我要讓他回答這個問題。

Thank you, Clint. Yes, sir. Chris Wauson here. Just as a reminder, over the past four years, gross margins generally jumped around between 65% to 67%, and this quarter is no different.

謝謝你，克林特。是的，先生。這裡是克里斯·沃森。提醒一下，過去四年，毛利率一般在 65% 至 67% 之間，本季也不例外。

On the parts front, we're reviewing certain consumption patterns, and associated warranties to determine a better path forward. But on the labor side of things, we are actively recruiting to fill roles and currently incurring higher overtime expense, but we have a full-time recruiter that is addressing that, and our goal is to get to 100% staffing. So to really answer your question, as we get through the year, we anticipate GP to get more in line and fall into the historicals that you've previously seen.

在零件方面，我們正在審查某些消費模式和相關保修，以確定更好的前進道路。但在勞動力方面，我們正在積極招聘以填補職位，目前產生的加班費用較高，但我們有一個全職招聘人員正在解決這個問題，我們的目標是實現 100% 的人員。因此，要真正回答您的問題，隨著今年的到來，我們預計 GP 將更加符合預期，並進入您之前看到的歷史水平。

Got it. That's helpful. And then as a follow-up, Clint, you mentioned an expected increase in contracted horsepower in the Northeast throughout the rest of the year. Just curious how much of the existing fleet is on long-term contracts today versus maybe being more month to month? And do you see more potential to sign more kind of longer-term contracts on this -- on the existing horsepower? And maybe you can just talk about kind of what you're seeing with regard to term and pricing for some of those contracts that have been signed.

知道了。這很有幫助。然後作為後續問題，克林特，您提到預計今年剩餘時間內東北地區的合約馬力將會增加。我只是好奇，目前有多少現有車隊簽訂了長期合同，而不是按月簽約？您是否認為在現有馬力下簽署更多長期合約的可能性更大？也許您可以談談您對已經簽署的一些合約的期限和定價的看法。

Yes, sir. It's Chris Wauson again. We currently see in around typically 25% to 30% of our business in the Northeast is month to month. Our average contract return rate's really good. We have a lot of opportunity up there, so we will see a better dollar per horsepower of revenue than we've previously seen, so that's positive for us, and we're going to see that throughout the rest of the year. A lot of those starts are Q3 and into Q4, so a positive outlook for the remaining half in the Northeast.

是的，先生。又是克里斯·沃森。目前，我們在東北地區的業務大約有 25% 到 30% 是按月進行的。我們的平均合約回報率非常好。我們在那裡有很多機會，因此我們將看到比以前更好的每馬力收入，這對我們來說是積極的，我們將在今年剩餘時間看到這一點。許多新項目是在第三季和第四季開工的，因此東北地區剩餘一半項目的前景樂觀。

Great. That's all for me. Thanks.

偉大的。對我來說就這些了。謝謝。

Connor Jensen, Raymond James.

康納詹森、雷蒙詹姆斯。

Hey, guys. Thanks for taking my call. I was just wondering if there was an update on sold or retired equipment during the quarter with the average horsepower down just a bit.

嘿，大家好。謝謝您接聽我的電話。我只是想知道本季售出或退役的設備是否有最新消息，平均馬力略有下降。

So can you repeat that? I couldn't understand exactly what you said. Sorry about that.

你能重複一遍嗎？我無法準確地理解你所說的話。很抱歉。

Yeah. I was just wondering if there was an update on the sold or retired equipment during the quarter and how we should expect this to trend over the back half of the year.

是的。我只是想知道本季度是否有關於已售出或退役設備的最新信息，以及我們預計下半年的趨勢如何。

Yeah. Connor, this is Chris Paulsen. Really, no update in terms of sold equipment. There were no material sales in terms of equipment for the quarter.

是的。康納，這是克里斯·保爾森。確實，就已售出的設備而言沒有任何更新。本季沒有實質的設備銷售。

As mentioned, our utilization's down slightly for the quarter. And frankly, for the month of June, if you look at the average utilization, it was essentially flat. Again, as we look forward to the second half of this year, and in particular into Q4, we anticipate a pretty meaningful movement in terms of overall active horsepower.

如上所述，本季我們的利用率略有下降。坦白說，如果您查看六月份的平均利用率，您會發現它基本上持平。再次，當我們展望今年下半年，特別是第四季時，我們預計整體主動馬力將出現相當有意義的變化。

Got it. And then, G&A was notably lower this quarter. Is that a function of the shared services work that you've done with Energy Transfer? And is it possible for it to stay at this level? Or what should we expect from that?

知道了。然後，本季的 G&A 明顯下降。這是您與 Energy Transfer 合作完成的共享服務工作的功能嗎？並且有可能保持在這個水平嗎？或者說我們對此應該期待什麼？

Yeah, great question. So as Clint intimated, we're still early in the shared services process. We don't want to get in front of our skis as it relates to forecast just yet. So the G&A for the quarter, I think, is in line with expectations, and we could see it move up and/or down a little bit over the next several quarters. Again, as we mentioned, for 2026, in a full annualized outlook, we're anticipating around $5 million of annualized savings, but it's been a little bit lumpy as we embark upon the shared services process, as we are going through the SAP integration process as well.

是的，很好的問題。正如克林特所暗示的，我們仍處於共享服務流程的早期階段。由於目前天氣預報尚未公佈，我們還不想把它擋在滑雪板前面。因此，我認為本季度的 G&A 符合預期，並且我們可能會在接下來的幾個季度中看到它略有上升或下降。再次，正如我們所提到的，對於 2026 年，從完整的年度展望來看，我們預計年度節省額約為 500 萬美元，但隨著我們開始共享服務流程，這一數字會變得有點不穩定，因為我們也在經歷 SAP 整合流程。

So I wouldn't read too much into Q2. But further and projecting out, we certainly anticipate some savings, and we really appreciated some of the maturation that's come with the affiliation with Energy Transfer. Again, areas like IT, we've really seen some material improvements in terms of our licensing costs, security, et cetera, as well on the centralized procurement side. I would expect that to pay very reasonable dividends going into next year with some of the contracting and bid strategies that they've put forward.

所以我不會對第二季進行過多的解讀。但進一步預測，我們肯定會節省一些開支，而且我們真的很欣賞與 Energy Transfer 合作所帶來的一些成熟。同樣，在 IT 等領域，我們確實看到了許可成本、安全性等方面以及集中採購方面的一些實質改進。我希望透過他們提出的一些承包和投標策略，在明年帶來非常合理的回報。

Got it. Makes sense. Thanks, guys.

知道了。有道理。謝謝大家。

Elvira Scotto, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Elvira Scotto。

Hi. Good morning, everyone. In your press release and some of the comments that you made on the call today, you noted strong demand for your compression services across oil and gas-producing basins. Where do you see the greatest increase in demand? And I know you talked about the Northeast, but are you seeing some significant incremental demand in the gas-producing basins?

你好。大家早安。在您的新聞稿和今天電話會議上發表的一些評論中，您指出石油和天然氣生產盆地對您的壓縮服務的需求強勁。您認為哪裡的需求成長最快？我知道您談到了東北地區，但是您是否看到天然氣產地的需求出現了顯著的增長？

Yeah. So this is Clint again. We're seeing, in the dry gas basins, RFQs have definitely picked up, which leads us to believe that more contracting will happen in those basins, while the Permian and elsewhere have stayed about the same or a little better. But the dry gas basins are definitely picking up.

是的。這又是克林特。我們看到，在乾氣盆地，RFQ 明顯增加，這使我們相信這些盆地將會出現更多的合同，而二疊紀盆地和其他盆地的情況則基本上保持不變或略有好轉。但乾氣盆地肯定正在復甦。

We saw that in -- our market digested this OPEC+ hike over the weekend of $65 WTI, and that enables the producers to feel better going into 2026. We typically see that our producers start awarding contracts in September and through the end of November once their budgets are finalized. We've also seen an increase in large station bid rate, as well as small horsepower units in gassier areas. So it's kind of across the board everywhere with demand growing the way it has.

我們看到，我們的市場在周末消化了 OPEC+ 將 WTI 油價上調至 65 美元的舉措，這讓生產商在進入 2026 年時感覺更好。我們通常會看到，我們的製片人在預算最終確定後，於 9 月開始授予合同，並持續到 11 月底。我們也看到大型電站投標率以及天然氣較多地區的小馬力機組投標率增加。因此，這種現像在各個地方都普遍存在，需求也不斷增長。

Eli Jossen, JPMorgan.

摩根大通的 Eli Jossen。

Hey, guys. Thanks for taking my questions. Maybe just to start on the electric motor drive side, I think it's been a little bit less topical in recent quarters. Can you just kind of give us an update if there's any shift in the compression market from within the electric to gas side and any gas power constraints that you're seeing that might be impacting that?

嘿，大家好。感謝您回答我的問題。也許只是從電動馬達驅動方面開始，我認為最近幾季它的關注度已經不那麼高了。您能否向我們提供最新消息，以了解壓縮市場是否從電力轉向天然氣，以及您是否發現任何可能對此產生影響的天然氣電力限制？

Yes, sir. It's Chris Wauson. I'll take that one. So we are seeing just a shift -- we had some electric drive opportunities late Q4, Q1, and those talks honestly have subsided, and natural gas engine-driven compressors are still top of the list.

是的，先生。我是克里斯·沃森。我要那個。因此，我們看到的只是一種轉變——我們在第四季末和第一季有一些電力驅動的機會，但這些談判確實已經平息，天然氣引擎驅動的壓縮機仍然位居榜首。

Got it. And then maybe just quickly on the capital structure side, you guys are obviously near the leverage target, and I know you're probably looking at a refinancing of some notes coming up. But just beyond that, is there any consideration for distribution upside? Or how do you kind of see the capital allocation waterfall beyond that refinancing?

知道了。然後也許只是在資本結構方面快速地，你們顯然已經接近槓桿目標，而且我知道你們可能正在考慮對一些即將到期的票據進行再融資。但除此之外，是否還考慮過分銷上行？或是您如何看待再融資之後的資本配置瀑布？

Hey, Eli. This is Chris Paulsen. Great question. So again, as 50 straight quarters have really played out, the distribution is sacrosanct, and we've been pretty clear about that. Our distribution coverage has been in kind of the 1.4 to 1.5 times range here very recently. And obviously, the preferred interest as it relates to that is starting to play out and be a much smaller portion of the overall story.

嘿，伊萊。我是克里斯·保爾森。好問題。因此，正如連續 50 個季度所表明的那樣，分佈是神聖不可侵犯的，我們對此非常清楚。最近，我們的分銷覆蓋率一直在 1.4 到 1.5 倍的範圍內。顯然，與此相關的優先利益已開始顯現，並且在整個故事中所佔的比例要小得多。

We still would like to see coverage increase a little bit while pushing down relative leverage. To the degree that we can push down relative leverage, it really increases the amount of cash that we have for the business and growing the business, but also as it relates to distributions longer term.

我們仍然希望看到覆蓋率略有提高，同時降低相對槓桿。在我們能夠降低相對槓桿率的程度上，它確實增加了我們用於業務和業務成長的現金量，而且也與長期分配有關。

So today, in terms of ordering and priority, again, maintain the distribution to move towards 4 times leverage or below. And the way in which we plan to do that, again, is looking at refinancing the ABL. I think we'll increase the relative floating percentage in terms of our total story. So we may modestly increase the size of our ABL facility while we may modestly decrease the size of our long-term notes outstanding. And in turn, I think we initially cut our interest cost by doing so at the margin and then continue to grow our way into a lower relative coverage ratio in time and then move forward from there.

因此今天，在排序和優先順序方面，再次保持分配朝向4倍槓桿或以下。我們計劃採取的方法是再次考慮對 ABL 進行再融資。我認為我們會根據我們的整體情況增加相對浮動百分比。因此，我們可能會適度增加 ABL 工具的規模，同時適度減少未償還長期票據的規模。反過來，我認為我們首先透過邊際削減利息成本，然後隨著時間的推移繼續增長，直到達到較低的相對覆蓋率，然後再從那裡繼續前進。

Awesome. Thanks.

驚人的。謝謝。

Brian DiRubbio, Baird.

布萊恩·迪魯比奧，貝爾德。

Good morning, gentlemen. Just to talk about CapEx and the investments, do you see any substantial change in the cost to acquire new horsepower today versus just the last two years?

先生們，早安。只談資本支出和投資，與過去兩年相比，您是否認為今天購買新馬力的成本有任何實質變化？

Yeah, it keeps going up. It's like everything else. Caterpillar engines and eggs, both are more expensive than they were two years ago. It seems to have stabilized here in the recent term, but we have seen significant increase over the last couple of years.

是的，它一直在上漲。這就像其他一切一樣。卡特彼勒引擎和雞蛋，都比兩年前貴了。最近一段時間似乎已經穩定下來，但在過去幾年中我們看到了顯著的增長。

Are you able to get pricing for that? I know that was a big topic about two years ago. This is some of the first wave of price increases you went through and the industry was able to get some pricing. Pricing appears to be slowing down a little bit, so I would love to get your thoughts there.

您能知道它的定價嗎？我知道這是大約兩年前的熱門話題。這是你們經歷的第一波價格上漲，產業能​​夠獲得一些定價。定價似乎有點放緩，所以我很想聽聽您的想法。

Yeah. I mean, I'll let Chris finish this, but I'll start and say that, right now, we're able to get the margin needed to build new equipment. It's not as easy as it might have been a couple of years ago, but it's still there.

是的。我的意思是，我會讓克里斯完成這件事，但我要開始說，現在，我們能夠獲得製造新設備所需的利潤。它並不像幾年前那麼容易，但它仍然存在。

So Chris, do you have anything to add?

那麼克里斯，你還有什麼要補充的嗎？

Yeah, I'll add a little bit to that. Thanks, Clint. One thing just to keep in mind is, Q2, the market softened a bit. We saw customers move to more of an optimization effort rather than just growth, growth, growth. As Clint mentioned, we're still getting the returns we need for the capital, but it's not as easy as it once was. But things are still positive, that's for sure.

是的，我會補充一點。謝謝，克林特。需要記住的一件事是，第二季市場略有疲軟。我們看到客戶更多地轉向優化努力，而不僅僅是成長、成長、成長。正如克林特所提到的，我們仍然可以獲得所需的資本回報，但這並不像以前那麼容易。但事情仍然是積極的，這是肯定的。

Fair enough. Then just one follow-up housekeeping question. Stock comp was a benefit this quarter. Did that fully hit the SG&A line? Or is that in cost of goods sold too?

很公平。接下來只剩下一個後續問題。股票補償是本季的一項福利。這是否完全觸及了銷售、一般及行政費用線？還是這也包含在銷售成本中？

Fully on the SG&A side.

完全屬於銷售、一般及行政費用 (SG&A) 方面。

Okay. So net-net, actually, SG&A costs on a cash basis were up then. Is that correct? My math is correct?

好的。因此，實際上，現金基礎上的銷售、一般和行政費用淨額是上升的。對嗎？我的數學正確嗎？

I've got to look at the math. Maybe marginally, so I'd really call it flattish.

我必須看一下數學。可能略有不同，所以我實際上稱之為平坦。

Okay, that's helpful. Thank you. Appreciate it.

好的，這很有幫助。謝謝。非常感謝。

Robert Mosca, Mizuho Securities.

瑞穗證券的羅伯特莫斯卡。

Hey. Good morning, everyone. I just want to revisit the prepared remarks. I think you referenced buy and contract opportunities. I think that's something that's been brought up in the past. But wondering, what you're seeing now, is that different from what you might have seen last year? And how are you approaching that opportunity? And could you give us an idea of how large you would expect a package like that to be?

嘿。大家早安。我只是想重新回顧一下準備好的發言。我認為您提到的是購買和簽約機會。我認為這是過去已經提出過的事情。但請想一想，您現在看到的與去年看到的有什麼不同嗎？您如何把握這個機會？您能否告訴我們，您預計這樣的包裹會有多大？

Well, I'll start and let Chris add on to this. But I don't know that it's up any from last year. We've just been able to pick up some horsepower at different times, mostly from producers that want to get the capital out of their asset and then turn around and pay a contracted back for a term. I don't know that I would say it's up any.

好吧，我先開始，讓克里斯補充一下。但我不知道它是否比去年上漲。我們剛剛能夠在不同時間獲得一些馬力，主要是來自那些想要從資產中獲取資本然後轉身支付合約期限的生產商。我不知道我是否會說它已經上升了。

Chris, I'll let you --

克里斯，我讓你--

No, I wouldn't say it's up. It's kind of flattish, but there are opportunities out there. And the deals that make the most sense for us, we're going to absolutely chase and take advantage of it and apply that service to our customers. But it's flat from last year.

不，我不會說它已經上升了。雖然有點平淡，但還是有機會的。對於我們來說最有意義的交易，我們絕對會追逐和利用，並將該服務提供給我們的客戶。但與去年相比持平。

Got it. Okay, appreciate that. And then, maybe in referencing the CapEx outlook, maybe spilling into '26, is that being driven by maybe customers looking to bring on production a bit later? Or is there anything else to call out on timing?

知道了。好的，非常感謝。然後，也許在參考資本支出前景時，可能會延續到 26 年，這是否是由希望稍後開始生產的客戶所推動的？或是時間上還有什麼需要注意的嗎？

It really was driven by when we ordered the units, would they hit right towards the end of the fourth quarter or the beginning of the first quarter? And that's really where we're at with that is just when the unit delivers and when we can get them online and get them started up.

這確實取決於我們何時訂購這些產品，它們會在第四季末還是第一季初上市？這就是我們真正所處的狀態，即當設備交付時，我們就可以將它們上線並啟動它們。

Got it. Appreciate the time today.

知道了。珍惜今天的時光。

Thank you.

謝謝。

That concludes our Q&A session. I'll now turn the conference back over to President and Chief Executive Officer, Mr. Clint Green, for closing remarks.

我們的問答環節到此結束。現在，我將會議交還給總裁兼執行長克林特·格林先生，請他致閉幕詞。

Thank you. I would like to thank all of you for joining our call today.

謝謝。我要感謝大家今天參加我們的電話會議。

USA Compression has been undergoing significant changes throughout 2025, but our recontracting rate is up, and we expect the back half of the year to be even better. We see this as proof that demand growth is real and here to stay. Just this morning, Kelcy Warren said that the US natural gas market has flipped from a supply-based market to a demand-based market. He is right, and this cements our message that natural gas is here to stay for the foreseeable future.

2025 年全年，美國壓縮公司一直在經歷重大變化，但我們的重新簽約率有所上升，我們預計下半年情況會更好。我們認為這證明需求成長是真實的並且將持續下去。就在今天早上，凱爾西沃倫表示，美國天然氣市場已經從供應型市場轉變為需求市場。他是對的，這鞏固了我們的觀點：天然氣在可預見的未來將繼續存在。

I hope everyone has a great day, and thank you for joining our call.

我希望大家有個愉快的一天，並感謝大家參加我們的電話會議。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。