USA Compression Partners LP (USAC) 2025 Q3 法說會逐字稿

Good morning. Welcome to the USA Compression Partners third-quarter 2025 earnings conference call. (Operator Instructions) This conference is being recorded today, November 5, 2025.

早安.歡迎參加美國壓縮合作夥伴公司 2025 年第三季財報電話會議。（操作說明）本次會議於2025年11月5日錄製。

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

現在我想把電話交給副總裁、總法律顧問兼秘書克里斯·波特。波特先生，您可以開始了。

Good morning, everyone, and thank you for joining us. With me today is Clint Green, President and CEO; Chris Paulsen, Vice President and CFO; and Chris Wauson, Vice President of COO.

各位早安，感謝各位的參與。今天陪同我出席的有：總裁兼執行長克林特·格林；副總裁兼財務長克里斯·保爾森；以及副總裁兼營運長克里斯·沃森。

This morning, we released our operational and financial results for the quarter ending September 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.

今天上午，我們發布了截至 2025 年 9 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錄音。

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，我們的管理階層將提及一些非GAAP指標。您可以在我們的獲利報告中找到這些非GAAP指標的定義以及與最可比較的美國GAAP指標的調節表。

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.

再次提醒，我們的電話會議將包含前瞻性陳述。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預期。實際結果可能與這些說法有重大差異。

Please review the risk factors included in this morning's earnings release and in our other public filings. Please note that information provided on this call speaks only to management's views as of today, November 5, 2025, and may no longer be accurate at the time of a replay.

請查閱今天早上發布的收益報告以及我們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 11 月 5 日的觀點，在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.

現在我將把電話交給美國壓縮公司總裁兼執行長克林特·格林。

Thanks, Chris, and good morning. Thank you all for joining our call.

謝謝你，克里斯，早安。感謝各位參加我們的電話會議。

We are pleased to deliver another solid quarter with revenues of over $250 million, adjusted EBITDA over $160 million, and DCF approaching $104 million, with strong margins and consistent utilization resulting in improved leverage ratio of 3.9 times and DCF coverage ratio of 1.6 times.

我們很高興地宣布又一個穩健的季度業績，收入超過 2.5 億美元，調整後 EBITDA 超過 1.6 億美元，DCF 接近 1.04 億美元，強勁的利潤率和持續的利用率使得槓桿率提高到 3.9 倍，DCF 覆蓋率提高到 1.6 倍。

Based on year-to-date performance, we have increased our 2025 ranges for EBITDA and DCF guidance. This increase in guidance is a result of management's commitment to effective cost management and operational discipline. This includes certain one-time impacts that Chris Paulsen will discuss later in the call.

根據今年迄今的業績，我們提高了 2025 年 EBITDA 和 DCF 指引的範圍。此次提高業績指引，是管理階層致力於有效成本管理和營運紀律的成果。這其中包括克里斯·保爾森稍後將在電話會議中討論的某些一次性影響。

Additionally, we will deploy most of our 2025 new unit horsepower in Q4, setting the foundation for continued momentum in 2026. We are in the process of finalizing our 2026 capital budget, which we anticipate releasing in February.

此外，我們將在第四季度部署 2025 年新增機組的大部分馬力，為 2026 年的持續發展勢頭奠定基礎。我們正在最終確定 2026 年資本預算，預計將於 2 月發布。

We expect that new horsepower will exceed 2025 levels given continued natural gas demand and new projects both expanding takeaway capacity and increased localized demand in the Permian and Northeast. We have already committed to several deliveries in Q2 and Q3 of 2026.

我們預計，鑑於天然氣需求持續成長，以及二疊紀盆地和東北地區不斷擴大外輸能力和增加局部需求的新項目，新增馬力將超過 2025 年的水準。我們已經承諾在 2026 年第二季和第三季交付多批貨物。

Notably, we have recently seen lead times increase to more than 60 weeks for larger orders. Although US producers are still evaluating macro market conditions to arrive at their appropriate capital budgets for 2026, we continue to see growth opportunities in the markets we operate.

值得注意的是，我們最近發現，大宗訂單的交貨週期已增加到 60 週以上。儘管美國生產商仍在評估宏觀市場狀況，以製定 2026 年的適當資本預算，但我們仍然看到我們營運的市場中存在成長機會。

We expect our active horsepower in the Northeast and Central regions to grow by more than 40,000 horsepower before the end of 2025 relative to Q2. This is partially due to contracting 300 small horsepower units that will draw from idle capacity and increase small horsepower utilization to nearly 80% over the coming months.

我們預計到 2025 年底，我們在東北和中部地區的活躍馬力將比第二季度增加 40,000 多馬力。部分原因是由於承包了 300 台小馬力機組，這些機組將利用閒置產能，並在未來幾個月內將小馬力利用率提高到近 80%。

These contracts include a 36-month initial term. This deployment, coupled with Q4 new unit deliveries to the Permian, will bring our projected year-end active fleet to roughly 3.6 million horsepower.

這些合約的初始期限為 36 個月。此次部署，加上第四季度向二疊紀盆地交付的新機組，將使我們預計年底的活躍機組總功率達到約 360 萬馬力。

Turning to SG&A. We now expect to realize the majority of the $5 million of shared services annualized savings in 2025, ahead of the 2026 timeline shared on our last call. These savings have and will continue to come from cost improvements seen through centralized IT efforts and other savings due to economies of scale.

接下來是銷售、一般及行政費用。我們現在預計將在 2025 年實現 500 萬美元共享服務年度節省的大部分，比上次電話會議上公佈的 2026 年時間表提前。這些節省已經並將繼續來自集中式 IT 工作帶來的成本改進以及規模經濟帶來的其他節省。

For example, Q3 benefited from a one-time healthcare cost true-up, reflecting a lower monthly per employee healthcare cost than previously estimated. We expect 2026 G&A to grow modestly off of our new baseline, reflecting typical wage inflation and modest investments in new commercial and financial capabilities.

例如，第三季受益於一次性醫療保健成本調整，反映出每位員工每月醫療保健成本低於先前的估計。我們預計 2026 年的 G&A 費用將在新的基準基礎上略有增長，這反映了典型的工資上漲以及對新的商業和金融能力的適度投資。

Finally, we are pleased that both our bank syndicate and long-term investors continue to recognize the quality of the compression market. In Q3, we refinanced our ABL and our 2027 senior notes, significantly reducing our weighted average borrowing cost and improved strategic flexibility.

最後，我們很高興看到我們的銀行財團和長期投資者繼續認可壓縮市場的品質。第三季度，我們對資產抵押貸款和 2027 年到期的高級票據進行了再融資，大幅降低了加權平均借款成本，提高了策略靈活性。

With that, I will turn the call over to Chris Paulsen, our Chief Financial Officer, for a detailed financial update.

接下來，我將把電話交給我們的財務長克里斯·保爾森，讓他詳細介紹一下財務狀況。

Thanks, Clint. In Q3, our sales team continued to build upon pricing improvements, up to an all-time high, averaging $21.46 per horsepower for the third quarter, a 1% increase in sequential quarters and a 4% increase compared to a year ago. Average active horsepower remained flattish compared to Q2 at $3.55 million.

謝謝你，克林特。第三季度，我們的銷售團隊繼續推進價格改進，價格達到歷史新高，第三季度平均每馬力價格為 21.46 美元，環比增長 1%，比去年同期增長 4%。平均活躍馬力與第二季相比基本持平，為 355 萬美元。

Our third-quarter adjusted gross margins were higher at 69.3%, in large part due to the realization of both onetime and ongoing cost savings tied to our centralized procurement processes, employee healthcare savings, and one-time sales tax refund recognized at the completion of a prior year sales tax audit. While Q3 gross margins were partially elevated due to one-time true-up and cost savings, going forward, we expect margins to stay consistent with our trailing 12-month rate.

我們第三季調整後的毛利率為 69.3%，這主要歸功於集中採購流程帶來的一次性成本節約和持續成本節約、員工醫療保健方面的節約，以及在完成上一年度銷售稅審計時確認的一次性銷售稅退款。雖然第三季毛利率部分上升是由於一次性調整和成本節約，但展望未來，我們預計毛利率將與過去 12 個月的水平保持一致。

Regarding the consolidated financial results, our third-quarter 2025 net income was $34.5 million. Operating income was $83.9 million. Net cash provided by operating activities was $75.9 million, and cash interest expense net was $44.9 million.

關於合併財務業績，我們 2025 年第三季淨收入為 3,450 萬美元。營業收入為8390萬美元。經營活動產生的現金淨額為 7,590 萬美元，現金利息支出淨額為 4,490 萬美元。

Our leverage ratio at the end of the third quarter was 3.9 times. As you may recall, our leverage ratio is determined in accordance with our ABL definition, which remained consistent with our latest refinancing and is calculated as funded debt divided by the latest quarter annualized adjusted EBITDA.

第三季末，我們的槓桿率為 3.9 倍。您可能還記得，我們​​的槓桿率是根據我們的 ABL 定義確定的，該定義與我們最近的再融資保持一致，計算方法是有資金債務除以最近一個季度的年度調整 EBITDA。

Turning to operational results. Our total fleet horsepower at the end of the quarter was approximately 3.9 million horsepower, essentially flat versus the prior quarter. Our average utilization for the third quarter was 94%, consistent with the prior quarter.

接下來看營運結果。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。第三季平均利用率為 94%，與上一季持平。

Third quarter 2025 expansion capital expenditures were $37.3 million, and our maintenance capital expenditures were $9 million. Expansion capital spending in Q3 primarily consisted of new units, and we expect that to be the same in Q4.

2025 年第三季擴張資本支出為 3,730 萬美元，維護資本支出為 900 萬美元。第三季的擴張資本支出主要包括新建單元，我們預期第四季的情況也是如此。

Turning to 2025 guidance. We have increased and tightened our adjusted EBITDA range to $610 million to $620 million, increasing the midpoint of the range by approximately $15 million. We have also increased our DCF range to $370 million to $380 million, reduced our expansion capital range to $115 million to $125 million, and maintained our maintenance capital between $38 million and $42 million.

接下來展望2025年的發展方向。我們將調整後的 EBITDA 範圍擴大並收緊至 6.1 億美元至 6.2 億美元，其中值範圍的中點增加了約 1500 萬美元。我們也將 DCF 範圍擴大到 3.7 億美元至 3.8 億美元，將擴張資本範圍縮小到 1.15 億美元至 1.25 億美元，並將維護資本維持在 3,800 萬美元至 4,200 萬美元之間。

Approximately $11 million of expansion capital tied to late December deliveries is now expected to be realized in 2025 instead of January 2026, as stated in our Q2 call, and therefore, is factored into our 2025 capital range. As previously discussed, we continue to maintain our leverage ratio and expect it to marginally increase at the end of the year as we fund new growth projects that are back-end loaded. Our target remains at or below 4 times debt to EBITDA.

與 12 月底交付相關的約 1,100 萬美元擴張資金預計將在 2025 年實現，而不是像我們在第二季電話會議中所述的那樣在 2026 年 1 月實現，因此，這筆資金已計入我們的 2025 年資本範圍。正如之前討論過的，我們繼續維持槓桿率，並預計在年底前隨著我們為後期增長型新項目提供資金，槓桿率將略有上升。我們的目標仍然是債務與 EBITDA 比率保持在 4 倍或以下。

Finally, as Clint mentioned earlier, Q3 was characterized by two major refinancings. First, we extended and expanded our ABL from $1.6 billion to $1.75 billion, reducing our drawn cost by approximately 25 basis points.

最後，正如克林特之前提到的，第三季的特點是兩項重大再融資。首先，我們將資產抵押貸款規模從 16 億美元擴大到 17.5 億美元，使我們的提取成本降低了約 25 個基點。

Second, we called our $750 million 2027 notes at par in favor of the 2033 notes of the same quantum, reducing our interest rate 62.5 basis points. All in all, we are on track to realize over $10 million annualized interest savings given these efforts and based on forecasted rate cuts, all while increasing overall liquidity and extending tenor.

其次，我們以面額贖回了 7.5 億美元的 2027 年到期票據，轉而贖回相同金額的 2033 年到期票據，從而將利率降低了 62.5 個基點。總而言之，鑑於這些努力以及對降息的預測，我們預計將實現超過 1000 萬美元的年化利息節省，同時提高整體流動性並延長期限。

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

接下來，我將把電話轉回給克林特，請他做總結發言。

Thanks, Chris. I want to thank our employees that have worked diligently towards our ERP implementation in early 2026. The collaboration across the organization has been significant and has brought regions and departments closer together.

謝謝你，克里斯。我要感謝我們辛勤工作的員工，他們為我們 2026 年初的 ERP 系統實施做出了貢獻。組織內部的協作意義重大，拉近了各地區和部門之間的距離。

At the same time, we are realizing cost synergies from our new shared services model. The combination of both is improving our control, sophistication, data integrity, and profitability. Therefore, I am excited about the path forward.

同時，我們透過新的共享服務模式實現了成本綜效。兩者的結合提高了我們的控制力、技術水平、數據完整性和盈利能力。因此，我對未來的道路感到興奮。

(Operator Instructions) Nate Pendleton, Texas Capital.

（操作說明）內特·彭德爾頓，德克薩斯資本。

Congrats on the record quarter. In a sustained slowdown in oil-directed activity, can you speak to your willingness to lean further into compression and dry gas plays in this environment based on the success you just highlighted in your prepared remarks?

恭喜你們創下季度業績新高。在石油開採活動持續放緩的情況下，鑑於您剛才在準備好的發言稿中提到的成功案例，您能否談談在這種環境下您是否願意進一步加大對壓縮天然氣和乾氣開採的投入？

And then also, would there be any investment in in-basin facilities required to support any significant increase in gas-directed compression?

此外，是否需要對盆地內設施進行任何投資，以支援天然氣定向壓縮的任何重大成長？

Yeah. So Nate, thank you for that question. We're already established in the dry gas markets. We -- while we have the majority of our operations is in the Permian, we're still very large in the Northeast, up in Oklahoma, down in the Gulf Coast.

是的。內特，謝謝你的提問。我們在乾氣市場已經站穩了腳步。雖然我們的大部分業務都在二疊紀盆地，但我們在東北部、俄克拉荷馬州和墨西哥灣沿岸的業務規模仍然非常大。

And we see with these demands coming online and these pipelines being built out of West Texas or out of the Permian, we see those plays as a place to -- as a growth where we expect to see drilling for gas instead of drilling for gas and -- associated gas and oil.

我們看到，隨著這些需求的出現，以及從西德克薩斯州或二疊紀盆地修建的管道，我們認為這些地區將成為增長點，我們預計在那裡將鑽探天然氣，而不是鑽探天然氣和伴生氣及石油。

And I missed the second part of your question there, Nate. What was that?

內特，我漏看了你問題的第二部分。那是什麼？

Just, would there be any incremental investment needed in the in-basin facilities to support any increase in in assets deployed there?

那麼，為了支持在盆地內部署的資產增加，是否需要對盆地內的設施進行任何額外的投資？

Well, I mean, we have active horsepower running in those basins -- in the other dry gas basins. And so we can move equipment from anywhere that may slow down to those basins or we can buy new equipment and install there for operating. I hope that answers your question.

嗯，我的意思是，我們在那些盆地——在其他乾氣盆地——都有活躍的動力裝置在運作。因此，我們可以將任何可能減緩運行速度的設備從任何地方轉移到這些盆地，或者我們可以購買新設備並在那裡安裝操作。希望我的回答能解答你的疑問。

Yeah, it does. I was just trying to get at your geographic diversification. It does sound like you're already established there, so it would just be a matter of moving the horsepower in. So definitely positive.

是的，確實如此。我只是想了解你們的地域多元化情況。聽起來你已經在那裡安頓下來了，所以現在的問題只是把馬力搬過去。所以絕對是正面的。

That's exactly right. Thank you.

完全正確。謝謝。

And then, Clint, if I may, one more. With the strong pricing trends that you guys noted during the quarter, can you speak to recent pricing dynamics and how spot prices are comparing to your fleet average here?

克林特，如果可以的話，我再問一個問題。鑑於你們在本季觀察到的強勁價格趨勢，能否談談最近的價格動態，以及現貨價格與你們船隊平均價格的比較情況？

Yeah, Nate. It's Chris Wauson. I'll take that one. Our market has definitely picked up since Q2. So our pricing trends from a dollar per horsepower basis is going to be consistent into the back half of 2025 into 2026.

是的，內特。他是克里斯·沃森。我選那個。自第二季以來，我們的市場明顯回升。因此，以每馬力美元計算的價格趨勢將在 2025 年下半年到 2026 年保持穩定。

We feel like our dollar per horsepower revenue is going to be consistent. So we'll just see how everything works out, but that's our feeling right now.

我們認為每馬力帶來的收入將保持穩定。所以，我們拭目以待，看看事情會如何發展，但這就是我們目前的想法。

(Operator Instructions) There are no further questions at this time. I'll now turn the conference back over to Clint Green for closing remarks.

（操作說明）目前沒有其他問題。現在我將把會議交還給克林特·格林，請他作閉幕致詞。

Yeah. Thank you all for joining our call. We appreciate the interest in our company, and have a good day.

是的。感謝各位參加我們的電話會議。感謝您對我們公司的關注，祝您今天愉快。

This concludes a conference call. You may now disconnect.

電話會議到此結束。您現在可以斷開連線了。