Financial Data and Key Metrics Changes - The company reported a net income of $20.5 million and operating income of $69.4 million for Q1 2025, with net cash provided by operating activities at $54.7 million [11] - Adjusted gross margins were nearly 67%, consistent with previous quarters [11] - Average revenue per horsepower reached an all-time high of $21.6, reflecting a 1% increase sequentially and a 6% increase year-over-year [11] Business Line Data and Key Metrics Changes - Total fleet horsepower remained approximately 3.9 million, unchanged from the prior quarter, while revenue-generating horsepower was flat sequentially but up 2% year-over-year [12] - Average utilization for the quarter was 94.4%, slightly down from 94.5% in the previous quarter [12] - Expansion capital expenditures were $22.2 million, while maintenance capital expenditures were $10.9 million, indicating a focus on reconfiguration and new horsepower [12] Market Data and Key Metrics Changes - The company holds the largest contract compression fleet in the Northeast, totaling around 900,000 horsepower, benefiting from strong demand in the data center market [7] - Key upstream companies in the Permian and Northeast reaffirmed their full-year capital production targets despite softening commodity prices [7] Company Strategy and Development Direction - The company is focused on disciplined growth, particularly in acquiring large horsepower, while monitoring market conditions closely [6][9] - A transition to new IT and HR functions is underway, with an ERP implementation planned for Q1 2026 to improve business management [10] Management's Comments on Operating Environment and Future Outlook - Management noted that while commodity prices have softened, the compression business is sustained by long-term agreements, making it less susceptible to short-term price fluctuations [9] - The company anticipates maintaining adjusted operating margins and is committed to reducing its leverage ratio while funding new growth projects [13][14] Other Important Information - The company has completed its idle to active initiative, with large horsepower utilization remaining close to full [6] - A promotion of Chris Wasson to Chief Operating Officer was highlighted, recognizing his leadership in the Permian operations [9] Q&A Session Summary Question: Guidance for 2025 - Management confirmed maintaining the guidance range of $590 million to $610 million for adjusted EBITDA, with Q1 performance aligning with the midpoint of this range [20][21] Question: Growth Outlook Beyond 2025 - Management indicated strong interest in 2026 proposals, with ongoing discussions and RFPs being undertaken despite current macroeconomic uncertainties [22][25] Question: Operating Horsepower Growth - The addition of 40,000 horsepower in Q1 is below the full-year forecast, but management is optimistic about fulfilling remaining orders by year-end [29] Question: Contracting Environment - Management noted no significant changes in contract duration or terms, with a preference for longer-term contracts to mitigate economic volatility [37][38] Question: Lead Times and Manufacturing Changes - Lead times for equipment remain stable, with no significant delays reported, although potential impacts from tariffs are being monitored [39][40] Question: Asset Sales and Portfolio Optimization - The company continues to look for ways to optimize its portfolio, with modest asset sales and swaps being part of the strategy [43][45]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a net income of $20.5 million and operating income of $69.4 million, with net cash provided by operating activities at $54.7 million [12][13] - The average revenue per horsepower reached an all-time high of $21.6, reflecting a 1% increase sequentially and a 6% increase year-over-year [12] - The adjusted gross margin for Q1 was nearly 67%, consistent with previous quarters [12][13] Business Line Data and Key Metrics Changes - The total fleet horsepower at the end of Q1 was approximately 3.9 million horsepower, unchanged from the prior quarter, while revenue-generating horsepower was flat sequentially but up 2% year-over-year [13] - Average utilization for the first quarter was 94.4%, slightly down from 94.5% in the prior quarter [13] Market Data and Key Metrics Changes - The company noted that commodity prices have softened considerably due to tariff-driven market uncertainty, but upstream companies in the Permian and Northeast reaffirmed their full-year capital production targets [7][10] - The Northeast market, where the company holds the largest contract compression fleet totaling around 900,000 horsepower, is seeing incremental power demand growth [7][10] Company Strategy and Development Direction - The company is focused on a disciplined growth strategy, particularly in acquiring large horsepower, while monitoring market conditions closely [6][10] - The transition of IT and HR functions has been completed, with an ERP implementation planned for Q1 2026 to improve business management [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining adjusted operating margins around 67% and highlighted the importance of long-term agreements in the compression business, which are less susceptible to short-term commodity price fluctuations [10] - The company is actively monitoring tariff impacts and believes that current inventory management will mitigate potential disruptions [7][10] Other Important Information - The company has completed its idle to active initiative and is evaluating opportunities for additional horsepower deliveries before year-end [6] - The leverage ratio currently stands at 4.08 times, with a commitment to reducing it further in 2025 [14][15] Q&A Session Summary Question: Guidance for 2025 - Management confirmed maintaining the guidance range of $590 million to $610 million for adjusted EBITDA, with Q1 performance aligning with the midpoint of this range [20][21] Question: Growth Outlook Beyond 2025 - Management noted strong interest in 2026 proposals and indicated that the market is in better shape than during the last downturn, with major companies reaffirming growth targets [22][24] Question: Operating Horsepower Growth - The addition of 40,000 horsepower in Q1 is below the full-year forecast, but management is optimistic about meeting the remaining targets by year-end [27][28] Question: Contracting Environment - Management indicated no significant changes in contract duration or terms, but emphasized the importance of locking in economics during uncertain cycles [36] Question: Lead Times and Manufacturing Changes - Lead times for equipment remain stable, with no significant delays reported, although potential tariff impacts could affect future timelines [38] Question: Asset Sales and Portfolio Optimization - The company continues to look for ways to optimize its portfolio, including modest asset sales and swaps [42][43]

Financial Performance - First Quarter 2025 revenues reached $245.2 million, a 7% year-over-year increase[5] - Adjusted EBITDA for the First Quarter 2025 was $149.5 million, also a 7% year-over-year increase[5] - USAC's active fleet utilization was near fully utilized at 94%[6] - Distributable Cash Flow (DCF) for Q1 2025 was $88.695 million[31] - The Distributable Cash Flow Coverage Ratio was 1.44x for Q1 2025[31] Growth and Demand - Average revenue generating horsepower (HP) was 3.56 million, a 2% year-over-year increase[5] - USAC anticipates benefiting from increased LNG exports and electrification of everything ("EoE")[9] - Over 60% of USAC's active fleet, approximately 3.3 million HP, is located in regions expected to benefit most from increased natural gas demand[10] Guidance and Capital Structure - Full year 2025 Adjusted EBITDA guidance is between $590 million and $610 million[21] - Full year 2025 Distributable Cash Flow guidance is between $350 million and $370 million[21] - Expansion capital expenditures for 2025 are projected to be between $120 million and $140 million, including approximately $21 million for other business support capital[21, 20] - Moody's upgraded USAC's debt ratings in February 2025[6, 40]

Financial Performance - Total revenues for Q1 2025 were $245.2 million, up from $229.3 million in Q1 2024, representing a year-over-year increase of 6.5%[6] - Adjusted EBITDA for Q1 2025 was $149.5 million, compared to $139.4 million in Q1 2024, reflecting an increase of 7.9%[6] - Distributable Cash Flow for Q1 2025 was $88.7 million, slightly up from $86.6 million in Q1 2024, indicating a year-over-year growth of 1.3%[6] - Average revenue per revenue-generating horsepower per month reached a record $21.06 in Q1 2025, compared to $19.96 in Q1 2024, marking an increase of 5.5%[6] - The Partnership's average revenue-generating horsepower was 3.56 million in Q1 2025, up from 3.47 million in Q1 2024, a growth of 2.6%[6] - Total revenues for Q1 2025 were $245.234 million, a slight decrease of 0.3% from $245.892 million in Q4 2024 and an increase of 7.0% from $229.276 million in Q1 2024[39] - Net income for Q1 2025 was $20.512 million, down 19.0% from $25.437 million in Q4 2024 and down 13.0% from $23.573 million in Q1 2024[39] - Adjusted EBITDA for Q1 2025 was $149.514 million, a decrease of 3.2% from $155.524 million in Q4 2024 and an increase of 7.3% from $139.395 million in Q1 2024[49] - Distributable Cash Flow for Q1 2025 was $88.695 million, compared to $96.259 million in Q4 2024 and $86.589 million in Q1 2024[53] - The Distributable Cash Flow Coverage Ratio for Q1 2025 was 1.44x, down from 1.56x in Q4 2024 and up from 1.41x in Q1 2024[53] - Net cash provided by operating activities for Q1 2025 was $130.195 million, significantly higher than $54.651 million in Q4 2024 and $65.917 million in Q1 2024[43] Capital Expenditures - Capital expenditures for expansion were $22.2 million in Q1 2025, while maintenance capital expenditures were $10.9 million[4] - Maintenance capital expenditures increased to $10.853 million in Q1 2025 from $8.151 million in Q4 2024 and $5.757 million in Q1 2024[53] Outlook - The full-year 2025 outlook for Adjusted EBITDA is projected between $590 million and $610 million[15] - The full-year 2025 outlook for Distributable Cash Flow is projected between $350 million and $370 million[15] Debt and Assets - As of March 31, 2025, the Partnership had outstanding borrowings of $804.6 million under its $1.6 billion revolving credit facility[14] - Total assets as of March 31, 2025, were $2.713 billion, with long-term debt of $2.536 billion, resulting in a total partners' deficit of $180.711 million[41] - The company reported a total of 117.541 million common units outstanding as of March 31, 2025[41] Distributions - The Partnership announced a cash distribution of $0.525 per common unit for Q1 2025, consistent with Q1 2024[6] - The company declared distributions of $0.525 per common unit for the respective periods, consistent across Q1 2025, Q4 2024, and Q1 2024[39] Other Financial Metrics - The gross margin for Q1 2025 was $93.223 million, down from $99.259 million in Q4 2024 but up from $90.953 million in Q1 2024[46] - The company experienced a loss on disposition of assets amounting to $1.325 million in Q1 2025, compared to $3.826 million in Q4 2024 and $1.254 million in Q1 2024[49] - The company incurred an impairment of assets amounting to $3.645 million in Q1 2025, compared to $602,000 in Q4 2024[53] - Severance charges and other employee costs were $1.351 million in Q1 2025, down from $2.056 million in Q4 2024[53] - The company recorded a cash income tax expense of $85,000 for Q1 2025 related to a proposed settlement with the IRS[54] Integration Efforts - The company is currently integrating shared services with Energy Transfer, which is expected to yield anticipated benefits[36]

Core Viewpoint - The article emphasizes the importance of evaluating potential equities in the power and energy industries for long-term investment, particularly focusing on income-producing equities and rental real estate properties for cash flow and appreciation [1]. Group 1 - The author is a Licensed Professional Engineer with expertise in the Nuclear Power industry, utilizing this knowledge to assess investment opportunities [1]. - The investment strategy includes a focus on equities that generate income and real estate for long-term financial growth [1]. Group 2 - There is no disclosure of any stock or derivative positions in the companies mentioned, nor any plans to initiate such positions in the near future [2]. - The article reflects the author's personal opinions and is not influenced by any compensation from companies mentioned [2].

Core Viewpoint - USA Compression Partners (USAC) reported a fourth-quarter adjusted net profit of 18 cents per common unit, missing the Zacks Consensus Estimate of 26 cents, but showing improvement from 10 cents in the same quarter last year due to higher revenue-generating capacity [1] Financial Performance - USAC generated revenues of $246 million, a 1.7% increase from the previous year, surpassing the Zacks Consensus Estimate of $242 million, driven by a 9.3% overall revenue increase, a 5% rise in contract operations, and a 169% increase in related-party revenues [2] - Adjusted EBITDA rose 12.2% to $155.5 million, exceeding the estimate of $143.1 million, while distributable cash flow decreased from $96.3 million to $79.9 million year-over-year [3] - The company reported a net income of $25.4 million compared to $12.8 million a year ago, with net operating cash flow increasing to $130.2 million from $91.6 million [3] Margins and Distributions - Adjusted gross operating margin improved to 68.4% from 67.5% in the prior year [4] - USAC declared a cash distribution of 52.5 cents per unit for the fourth quarter, maintaining the same amount as the previous quarter, reflecting a commitment to consistent returns [4] Capacity and Utilization - Revenue-generating capacity increased by 4.5% year-over-year to 3.56 million horsepower, exceeding the Zacks Consensus Estimate of 3.49 million horsepower [5] - Average monthly revenue per horsepower rose to $20.85 from $19.52, although it was below the estimate of $20.95, with an average quarterly horsepower utilization rate of 94.5%, up from 94.1% a year ago [5] Costs and Capital Expenditures - Distributable cash flow available to limited partners totaled $86.6 million, providing 1.56X distribution coverage, up 20.5% from the previous year [6] - Total costs and expenses were reported at $171.4 million, a 9.5% increase from $156.5 million in the prior year, with growth capital expenditures of $37.6 million and maintenance capital expenditures of $8.2 million [6] Guidance - For 2025, USAC expects adjusted EBITDA to be between $590 million and $610 million and distributable cash flow to range from $350 million to $370 million [7] - The company anticipates expansion capital expenditures of $120 million to $140 million and maintenance capital expenditures of $38 million to $42 million for 2025 [7]

Fleet and Operations - As of December 31, 2024, the total horsepower in the compression fleet was 3,862,102, with large-horsepower units (≥400 horsepower) representing 87.2% of the total fleet horsepower[34]. - The average age of the compression units in the fleet is approximately 12 years, with a useful life that could extend for decades when properly maintained[22]. - The compression units are designed for multiple compression stages, allowing operation across a broad range of conditions, which supports long-term contracts and reduces redeployment risk[22]. - The company has ordered 4 large-horsepower units, consisting of 10,000 horsepower, for expected delivery during 2025[35]. - The company’s compression services are critical for enhancing oil production from horizontal wells operating in tight shale plays[21]. - The company utilizes advanced monitoring systems for its compression units, which are designed to automatically shut down if operating conditions deviate from a pre-determined range[36]. - The company has not experienced any material supply problems to date, although lead-times for new engines and frames have varied between six months to over one year[43]. - Approximately 14% of the company's compression services on a revenue basis were provided on a month-to-month basis as of December 31, 2024[101]. Financial Performance and Capital Structure - The company requires available cash of $61.7 million per quarter, or $246.8 million per year, to maintain its current distribution rate of $0.525 per common unit per quarter[86]. - Preferred Unit distributions require $4.4 million quarterly, or $17.6 million annually, based on the number of Preferred Units outstanding as of February 6, 2025[87]. - The company's total debt as of December 31, 2024, was $2.5 billion, with $772.1 million outstanding under the Credit Agreement[102]. - The Credit Agreement has an aggregate commitment of $1.6 billion, with $827.1 million of remaining unused availability as of December 31, 2024[103]. - The company's leverage ratio under the Credit Agreement was 4.02x as of December 31, 2024, with a maximum allowable leverage ratio of 5.25 to 1.00[106]. - The company expects to fund expansion capital expenditures through borrowings under the Credit Agreement and the issuance of debt and equity securities, but may face challenges in obtaining favorable financing[114]. - A one percent increase in the effective interest rate would result in an annual increase in interest expense of approximately $7.7 million[107]. Customer Base and Revenue Concentration - Major customers include approximately 275 companies in the energy industry, with the top ten customers accounting for 41% of total revenues in 2024[41]. - The company's ten largest customers accounted for approximately 41%, 39%, and 38% of total revenues for the years ended December 31, 2024, 2023, and 2022, respectively[94]. - As of December 31, 2024, two customers accounted for 12% and 11% of the company's trade accounts receivable, indicating significant counterparty credit risk[123]. Environmental Regulations and Compliance - The company is subject to stringent federal, state, and local environmental regulations, which may lead to significant costs and liabilities[47]. - Compliance with the Clean Air Act and state laws imposes monitoring and reporting requirements for air emissions, potentially increasing project costs for customers[49]. - The company has implemented dual-drive technology in its natural gas compression services to reduce emissions of nitrogen oxides, carbon monoxide, carbon dioxide, and VOCs[63]. - The Inflation Reduction Act of 2022 imposes a methane emissions charge on facilities emitting 25,000 metric tons or more of carbon dioxide equivalent gas per year, but the company does not expect a material adverse effect on its operations[56]. - The company believes it is in substantial compliance with environmental laws, but future changes in regulations could increase compliance costs[48]. - The company has faced increased obligations to reduce air emissions, including new regulations from the EPA affecting internal combustion engines[50]. - Environmental regulations may increase costs and liabilities for the company and its customers, potentially decreasing demand for services[145]. - The company operates under stringent federal, state, and local environmental laws, which may impose significant compliance costs and operational restrictions[146]. - New regulations under the Clean Air Act could lead to increased compliance costs and negatively impact the company's financial condition[151]. Competition and Market Risks - The company faces significant competition that may cause it to lose market share and reduce cash available for distribution[80]. - The company relies on a limited number of suppliers for its natural gas compression equipment, which poses risks of product shortages and price increases[108]. - Stricter regulations on hydraulic fracturing could reduce natural gas production by customers, adversely affecting the company's revenue[165]. - Increased attention to ESG matters may lead to reduced demand for fossil fuels and negatively impact the company's services and profits[162]. Employee Relations and Safety - The company has 854 full-time employees as of December 31, 2024, and has begun utilizing services from Energy Transfer employees in certain departments[71]. - The company’s safety culture includes continuous training opportunities and a comprehensive program to promote operational excellence[75]. - The company’s employee relations are considered good, with no employees subject to collective bargaining agreements[71]. Legal and Tax Considerations - The company is subject to various claims, tax audits, and litigation that could materially affect its financial condition and results of operations[144]. - The IRS is currently examining the Partnership's U.S. Federal income tax returns for the years 2019 and 2020, which may impact cash available for distribution[208]. - Changes in state laws could subject the Partnership to additional entity-level taxation, potentially reducing cash available for distribution[200]. - If treated as a corporation for federal income tax purposes, the Partnership would face significant reductions in cash available for distribution[198]. - Unitholders are required to pay federal income taxes on their share of taxable income, regardless of cash distributions received[203]. Governance and Partnership Structure - Energy Transfer owns over 33.3% of the outstanding common units, limiting common unitholders' ability to remove the General Partner[170]. - The Partnership Agreement allows the General Partner to limit its liability, which may result in unitholders having reduced recourse against the General Partner[175]. - The General Partner has the authority to conduct business without unitholder approval, affecting cash distributions and capital expenditures[173]. - The Partnership Agreement permits the issuance of additional limited partner interests without unitholder approval, potentially diluting existing ownership[185]. - The NYSE does not require the Partnership to comply with certain corporate governance requirements, which may limit unitholder protections[195].

Financial Data and Key Metrics Changes - The company reported record revenues, adjusted gross margin, adjusted EBITDA, distributable cash flow, and average revenue per revenue-generating horsepower for Q4 2024 and the full year [8][21] - Q4 2024 net income was $25.4 million, operating income was $74.5 million, and net cash provided by operating activities was $130.2 million [22] - The leverage ratio declined to a record low of 4.02 times [22] Business Line Data and Key Metrics Changes - The average active horsepower reached an all-time high of 3.56 million, contributing to a revenue increase of 2% sequentially and 9% year-over-year [21] - The total fleet horsepower at the end of Q4 was approximately 3.9 million, flat compared to the prior quarter but up 4% year-over-year [23] Market Data and Key Metrics Changes - The company anticipates a 15% growth in overall U.S. natural gas demand over the next five years, driven by LNG growth and increased power demand [15] - The company is well-positioned in key markets, particularly the Permian Basin, which is expected to support near-term growth [14][16] Company Strategy and Development Direction - The company plans to focus on new unit deliveries and fleet enhancements in 2025, with a significant portion of growth capital allocated to these areas [10] - Organizational changes include moving headquarters from Austin to Dallas and adopting a shared service model with Energy Transfer, expected to yield at least $5 million in annualized savings [11] Management's Comments on Operating Environment and Future Outlook - Management remains bullish on the crude oil and natural gas macro backdrop, expecting continued support from the new administration for U.S. energy development [14] - The company is optimistic about the anticipated growth in natural gas demand and infrastructure build-out in the Permian Basin [15][16] Other Important Information - The company expects to see significant savings from shared services and is implementing an ERP system to improve business processes [11][10] - Expansion capital expenditures for Q4 2024 were $37.6 million, with maintenance capital expenditures at $8.2 million [24] Q&A Session Summary Question: CapEx and Growth Outlook - The company is maintaining a disciplined approach to leverage while planning for growth, with a focus on sustaining a lower leverage ratio [35] Question: 2025 Guidance Context - Q4 benefited from a net sales tax credit, but management is optimistic about maintaining margin and utilization trends into 2025 [46] Question: Adjacent Business Opportunities - The company is focusing on its third-party service division, which involves servicing customer-owned equipment [52] Question: Gross Margin and Pricing Trends - Customers are favoring longer contract renewals, and there is uncertainty regarding the impact of steel tariffs on costs [60][61] Question: Capital Allocation and Debt Management - The company aims to stop borrowing to fund distributions and is focused on managing debt measures relative to business capacity [81]

Earnings Presentation Fourth Quarter 2024 Forward-Looking Statements and Disclaimer Forward Looking Statements This presentation contains forward-looking statements related to the operations of the Partnership that are based on management's current expectations, estimates, and projections about its operations. You can identify many of these forward-looking statements by words such as "believe," "expect," "intend," "project," "anticipate," "estimate," "continue," "if," "outlook," "will," "could," "should," o ...

Financial Performance - Record total revenues of $245.9 million for Q4 2024, up from $225.0 million in Q4 2023, representing an increase of 9.8%[5] - Net income for Q4 2024 was $25.4 million, compared to $12.8 million in Q4 2023, reflecting a year-over-year increase of 98.4%[5] - Adjusted EBITDA reached $155.5 million in Q4 2024, an increase from $138.6 million in Q4 2023, marking a growth of 12.2%[5] - Operating income for Q4 2024 was $74.5 million, compared to $68.5 million in Q4 2023, reflecting an 8.9% year-over-year growth[33] - Net income attributable to common unitholders for the year ended December 31, 2024, was $82.0 million, significantly up from $20.5 million in 2023[33] - Adjusted EBITDA for the year ended December 31, 2024, reached $584.3 million, a 14.1% increase from $511.9 million in 2023[43] Cash Flow and Distributions - Distributable Cash Flow for Q4 2024 was $96.3 million, compared to $79.9 million in Q4 2023, indicating a rise of 20.5%[5] - Distributable Cash Flow for the year ended December 31, 2024, was projected at $341.3 million, compared to $271.9 million in 2023, indicating a 25.5% increase[37] - The company declared distributions of $0.525 per common unit for Q4 2024, consistent with the previous quarter[33] - Cash provided by operating activities for Q4 2024 was $130.2 million, compared to $91.6 million in Q4 2023, marking a 42.1% increase[37] - Net cash provided by operating activities for the year ended December 31, 2024, was $341.3 million, up from $271.9 million in 2023, representing a 25.5% growth[44] - The coverage ratio for Distributable Cash Flow was 1.56x for Q4 2024, compared to 1.48x in Q4 2023[44] Capital Expenditures - Expansion capital expenditures for Q4 2024 totaled $37.6 million, while maintenance capital expenditures were $8.2 million[4] - The company anticipates 2025 expansion capital expenditures in the range of $120 million to $140 million[4] - Maintenance capital expenditures for the year ended December 31, 2024, were $31.9 million, up from $25.2 million in 2023[44] Debt and Assets - As of December 31, 2024, the Partnership had outstanding borrowings of $772.1 million under its $1.6 billion revolving credit facility[11] - Total assets as of December 31, 2024, were $2.75 billion, with long-term debt amounting to $2.50 billion[35] - Interest expense for the year ended December 31, 2024, totaled $193.5 million, an increase from $169.9 million in 2023[43] - The company incurred a loss on extinguishment of debt amounting to $5.0 million due to the redemption of senior notes due 2026[45] Operational Metrics - Average revenue per revenue-generating horsepower per month was $20.85 in Q4 2024, up from $19.52 in Q4 2023, a growth of 6.8%[5] - Adjusted gross margin for Q4 2024 was $168.2 million, up from $151.9 million in Q4 2023, representing an increase of 10.7%[40] - Changes in operating assets and liabilities resulted in a cash inflow of $22.8 million in Q4 2024, contrasting with an outflow of $6.8 million in Q4 2023[44] Future Projections - The expected Adjusted EBITDA for full-year 2025 is projected between $590 million and $610 million[12] - Distributable Cash Flow for full-year 2025 is forecasted to be between $350 million and $370 million[12] - The company anticipates continued growth in Adjusted EBITDA and Distributable Cash Flow for the fiscal year 2025, although specific projections were not provided due to uncertainties[27] Compensation and Expenses - Unit-based compensation expense for Q4 2024 was $5.6 million, compared to $4.5 million in Q4 2023, indicating a 24.5% increase[44]