USA Compression Partners (USAC) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Speaker0 Good morning. Welcome to USA Compression Partners First Quarter twenty twenty five Earnings Conference Call. During today's call, all parties will be in a listen only mode. At the conclusion of management's prepared remarks, there will be a the call will be open for Q Q This conference is being recorded today, 05/06/2025. I now would like to turn the call over to Chris Porter, Vice President, General Counsel and Secretar ...

Core Insights - Five Star Bancorp has expanded its food and agribusiness vertical to enhance support for clients across the nation, reflecting its commitment to the food supply chain [1][2] - The new vertical, named Food, Agribusiness & Diversified Industries, will focus on various sectors including production agriculture, wholesale distribution, retail, manufacturing, food processing, and food distribution services [2] - The initiative is led by a team of experienced professionals, including Cliff Cooper, who has over 35 years of banking expertise in the food and agribusiness sector [2][3] Company Strategy - The enhanced vertical aligns with Five Star Bank's organic growth strategy, emphasizing a high-tech and high-touch approach to business banking [3] - The company aims to build strong relationships with clients in the agricultural community, recognizing the importance of trust and in-person interactions [4] - Five Star Bank is dedicated to honoring the work of those involved in the food supply chain, ensuring they receive exceptional banking services [4] Company Overview - Five Star Bancorp is headquartered in Rancho Cordova, California, and operates through its wholly owned banking subsidiary, Five Star Bank [5] - The bank currently has eight branches located in Northern California [5]

Financial Data and Key Metrics Changes - Sales for Q1 2025 were $417 million, a decrease of 2.4% compared to $427 million in the same period last year, primarily driven by unfavorable foreign exchange and lower volumes [16][26] - Adjusted EBITDA was $82 million, or 19.6%, compared to $80 million, or 18.8% in the prior period, excluding $9 million of one-time standalone costs [17][28] - Adjusted earnings per share was $0.63 in Q1 2025, up from $0.60 last year [29] - Adjusted free cash flow was $20 million, compared to an outflow of $13 million in the prior year [29] Business Line Data and Key Metrics Changes - The company continues to focus on aftermarket sales, which account for over 80% of revenue, demonstrating resilience despite market challenges [11] - The first fit market is expected to decline, with heavy-duty market projections down 5% to 15% and medium-duty down 10% to 20% [23][24] Market Data and Key Metrics Changes - The overall impact on end markets remains unclear due to economic uncertainty and tariff implications [18] - The company expects total revenue for 2025 to remain flat to up 4% compared to the prior year, with global sales projected between $1.67 billion and $1.735 billion [24][25] Company Strategy and Development Direction - The company is executing a four-pillar growth strategy focusing on first fit growth, aftermarket expansion, supply chain transformation, and industrial filtration market expansion [11][12][15] - The company is actively pursuing inorganic growth opportunities in the industrial filtration sector, although M&A activity is currently soft due to economic uncertainty [15][38] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving tariff environment and adapting quickly, although visibility remains limited [19][20] - The company anticipates pricing actions to offset input costs and expects a revenue increase of approximately 3.2% year-over-year from pricing adjustments [21][22] Other Important Information - The company has repurchased $10 million of stock in Q1 2025, totaling $30 million since the program's announcement [6] - The effective tax rate for Q1 2025 was 21.3%, down from 22% last year due to a change in the mix of earnings among tax jurisdictions [30] Q&A Session Summary Question: Potential manufacturing transitions due to tariffs - Management indicated that while they are monitoring the tariff situation closely, no long-term manufacturing changes are currently planned [34][35] Question: M&A pipeline activity in a challenging environment - Management acknowledged that while the market is fragmented, the degree of difficulty in finding targets has increased due to uncertainty, but they remain focused on building a strong M&A pipeline [38] Question: Revenue outlook amidst currency and market changes - Management confirmed that the revenue outlook remains near the midpoint of their guidance, despite softening market conditions [42][44] Question: Pricing expectations for the year - Management expects pricing to ramp up throughout the year, with a gradual increase leading to the anticipated 3.2% for the full year [49][50] Question: Impact of potential EPA regulation rollbacks - Management is closely monitoring the EPA's review of regulations and believes they are well-positioned to support customers regardless of regulatory changes [73][75] Question: Shipping route reconfigurations to mitigate tariffs - Management confirmed that they have already enacted some shipping route adjustments to mitigate tariff impacts and will continue to explore further options [81][82]

Financial Data and Key Metrics Changes - Sales for Q1 2025 were $417 million, a decrease of 2.4% compared to $427 million in the same period last year, primarily due to unfavorable foreign exchange and lower volumes [15][24] - Adjusted EBITDA was $82 million, or 19.6%, compared to $80 million, or 18.8% in the prior period, reflecting improved operational efficiency [16][25] - Adjusted earnings per share increased to $0.63 from $0.60 last year, while adjusted free cash flow improved to $20 million from an outflow of $13 million in the prior year [26] Business Line Data and Key Metrics Changes - The company continues to focus on aftermarket sales, which account for over 80% of revenue, demonstrating resilience despite market challenges [9] - The first fit market is expected to decline, with heavy-duty market projections down 5% to 15% and medium-duty down 10% to 20% [21][22] Market Data and Key Metrics Changes - The overall market outlook remains uncertain, with expectations for total company revenue in 2025 to be flat to up 4% compared to the prior year, with global sales projected between $1.67 billion and $1.735 billion [22] - The impact of tariffs is estimated to contribute approximately 1.5% to pricing, with additional pricing actions expected to offset input costs [19][20] Company Strategy and Development Direction - The company is executing a four-pillar growth strategy focused on growing share in first fit, accelerating aftermarket growth, transforming the supply chain, and expanding into industrial filtration through acquisitions [10][12][14] - The operational separation from Cummins is progressing, with expectations to complete remaining activities in 2025 [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving tariff environment, although the overall impact on end markets remains unclear [16][17] - The company anticipates a flat year-over-year performance in aftermarket revenue, with pricing expected to provide a 3.2% increase [19][20] Other Important Information - The company has repurchased $10 million of stock in Q1 2025, totaling $30 million since the program's announcement, with $120 million remaining under board authorization [5] - The effective tax rate for Q1 2025 was 21.3%, a decrease from 22% in the previous year, driven by a change in the mix of earnings among tax jurisdictions [27] Q&A Session Summary Question: Potential manufacturing transitions due to tariffs - Management indicated that while they are monitoring the tariff situation closely, no long-term manufacturing changes are currently planned [33][34] Question: M&A opportunities in the industrial filtration market - Management acknowledged that while the market is challenging, they remain focused on evaluating M&A targets as part of their growth strategy [36] Question: Revenue outlook amidst market changes - Management confirmed that the revenue outlook remains near the midpoint of their guidance, despite softening market conditions [41][42] Question: Pricing expectations for the year - Management expects pricing to ramp up throughout the year, with a gradual increase leading to the anticipated 3.2% for the full year [48] Question: Impact of potential regulatory changes on emissions - Management is closely monitoring EPA reviews and believes they are well-positioned to support customers regardless of regulatory outcomes [70][71]

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