Last night, AROC announced an 11% sequential increase (27% year over year) to its quarterly dividend to $0.21 per share ($0.84 annualized). This marks the fifth hike since the beginning of 2023, totaling 40% (from $0.15 year-end 2023), driven by growing cash flow. We model additional nearly 10% ($0.02) and 13% ($0.03) quarterly dividend hikes at the end of 2025 and 2026, with dividend coverage remaining safely at 3x or above. Growing cash flow is simultaneously funding higher dividends and significant growth capex to meet increasing compression demand (built under firm multiyear agreements), particularly in the Permian, while net leverage has declined. Supported by fleet expansion, near full utilization (mid-90%), improving gross margins, and the early May addition of Natural Gas Compressions Systems Inc. (NGCS) in a $357 million transaction, management is guiding for 2025 cash flow (CAD) growth in excess of 30% to $480-$495 million. The company has also guided for $330-$370 million in growth capex compared to an average $200 million in 2023-2024 as the industry catches up with increasing field compression needs, as well as for gas lift of oil wells. We model almost 34% year over year revenue growth in 2Q:25 to $362 million with CAD increasing 56% to $112 million on strong utilization, fleet expansion and improved margins.