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- **Record Q3 Financials**: $250M revenue, $160M EBITDA, 3.9x leverage ratio.
- **2026 Growth Plan**: 60+ week order lead times, $10M annual interest savings.
- **Pricing Stability**: 94% utilization, consistent $/hp rates into 2026.
- **Cost Efficiency**: $5M SG&A savings, IT-driven procurement improvements.

**【Management Opening】**
- Q3 2025 revenue of $250 million, adjusted EBITDA of $160 million, and DCF of $104 million.
- Leverage ratio improved to 3.9x, with DCF coverage of 1.6x.
- 2025 EBITDA and DCF guidance raised to reflect year-to-date performance and cost management.

**【CEO Commentary】**
- Q3 active horsepower utilization reached 94%, with 40,000 new units deployed in Northeast and Central regions.
- 2026 capital budget to exceed 2025 levels, driven by 60+ week lead times for large orders.
- Shared services model delivering $5 million annualized SG&A savings, with IT and procurement cost improvements.
- 2026 ERP implementation to enhance data integrity and profitability.

**【CFO Financial Commentary】**
- Q3 net income $34.5 million, operating income $83.9 million.
- Gross margin 69.3% (one-time tax refund and healthcare cost savings).
- 2025 EBITDA guidance updated to $610-620 million, DCF $370-380 million.
- $10 million annualized interest savings from ABL refinancing and debt swap.

**【Q&A Highlights】**
- Dry gas basin expansion via equipment redeployment or new units, with pricing stability into 2026.
- Spot pricing trends consistent with fleet average, supported by 94% utilization.
- 2026 capital allocation focused on high-margin projects, with pipeline demand driving in-basin facilities.

USA Compression Partners, LP Common Units (USAC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

USAC

USAC fundamentals

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