Argan Inc (AGX) 2025 Q1 法說會逐字稿

Good evening, ladies and gentlemen, and welcome to the Argan, Inc., earnings release conference call for the first fiscal quarter ended April 30, 2024. This call is being recorded (Operator Instructions) There is a slide presentation that accompanies today's remarks, which can be accessed via the webcast.

女士們、先生們，晚上好，歡迎參加 Argan, Inc. 截至 2024 年 4 月 30 日的第一季財報電話會議。本次通話正在錄音（操作員說明） 今天的講話附有幻燈片演示文稿，可以透過網路廣播觀看。

At this time, it is my pleasure to turn the floor over to your host for today, Jennifer Belodeau, of IMS Investor Relations. Please go ahead, ma'am.

現在，我很高興將發言權交給今天的東道主，IMS 投資者關係部的 Jennifer Belodeau。請繼續，女士。

Thank you. Good evening, and welcome to our conference call to discuss Argan's, results for the first fiscal quarter ended April 30, 2024. On the call today, we have David Watson, Chief Executive Officer; and Hank Deily, Chief Financial Officer.

謝謝。晚上好，歡迎參加我們的電話會議，討論 Argan 截至 2024 年 4 月 30 日的第一財季業績。今天的電話會議有執行長 David Watson；漢克·戴利（Hank Deily），財務長。

I will take a moment to read the Safe Harbor statement. Statements made during this conference call and presented in the presentation that are not based on historical facts are forward-looking statements. Such statements include, but are not limited to projections or statements of future goals and targets regarding the company's revenues and profits.

我將花點時間閱讀安全港聲明。本次電話會議期間所做的以及簡報中提出的並非基於歷史事實的陳述均為前瞻性陳述。此類陳述包括但不限於有關公司收入和利潤的未來目標和目標的預測或陳述。

These statements are subject to known and unknown factors and risks. The company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements and some of the factors and risks that could cause or contribute to such material differences have been described in this afternoon's press release and in Argan's filings with the US Securities and Exchange Commission.

這些陳述受到已知和未知的因素和風險的影響。本公司的實際結果、業績或成就可能與這些前瞻性陳述中明示或暗示的結果、業績或成就存在重大差異，今天下午的新聞稿和Argan 的文件中描述了可能導致或促成此類重大差異的一些因素與風險。

These statements are based on information and understandings that are believed to be accurate as of today, and we do not undertake any duty to update such forward-looking statements. Earlier this afternoon, the company issued a press release announcing its first quarter fiscal 2025 financial results and filed its corresponding Form 10-Q report with the Securities and Exchange Commission.

這些陳述基於截至目前被認為準確的資訊和理解，我們不承擔更新此類前瞻性陳述的任何義務。今天下午早些時候，該公司發布新聞稿，宣布其 2025 財年第一季財務業績，並向美國證券交易委員會提交了相應的 10-Q 表格報告。

All right, with that our the way, I will turn the call over to David Watson, CEO of Argan. Please go ahead, David.

好吧，按照我們的方式，我將把電話轉給 Argan 執行長 David Watson。請繼續，大衛。

Thanks, Jennifer, and thank you, everyone, for joining today. I'll start by reviewing some of the highlights of our operations and activities and Henk Daley, our CFO, will go over our financial results for the first fiscal quarter ended April 30, 2024. Then we'll open up the call for a brief Q&A.

謝謝詹妮弗，也謝謝大家今天的加入。我將首先回顧我們營運和活動的一些亮點，我們的財務長 Henk Daley 將回顧我們截至 2024 年 4 月 30 日的第一財季的財務表現。然後我們將打開電話進行簡短的問答。

Fiscal 2025 is off to a strong start as demonstrated by a 52% increase in consolidated revenues to $157.7 million, improved profitability and EBITDA of $11.9 million. Our growth was driven by significantly strong performance from both Gemma and The Roberts Company, or TRC.

2025 財年有一個良好的開端，綜合收入成長 52%，達到 1.577 億美元，獲利能力提高，EBITDA 達到 1,190 萬美元。Gemma 和 The Roberts Company (TRC) 的強勁業績推動了我們的成長。

We were especially pleased to deliver this profit growth despite incurring a loss of $2.6 million in the quarter associated with continued challenges at APC's Kilroot project in Northern Ireland and I'll provide an update on that project in a moment.

儘管由於 APC 位於北愛爾蘭的 Kilroot 專案持續面臨挑戰，本季蒙受了 260 萬美元的損失，但我們仍對實現這一利潤增長感到特別高興，我將立即提供該專案的最新情況。

Project backlog at the close of the first quarter was $824 million, which includes approximately $300 million in renewable projects, first quarter 2025 backlog reflects both sequential growth compared to backlog of $757 million at the end of the fourth quarter of fiscal 2024 and year-over-year growth compared to backlog of $806 million in the first quarter of fiscal 2024. Additionally, at April 30, 2024, our balance sheet reflected $416 million of cash and investments, net liquidity of $247 million and no debt.

第一季末的未完成項目為8.24 億美元，其中包括約3 億美元的可再生能源項目，2025 年第一季未完成項目反映了環比增長，而2024 財年第四季末未完成項目為7.57 億美元，年比也有所成長之下，2024 財年第一季的積壓金額為 8.06 億美元。此外，截至 2024 年 4 月 30 日，我們的資產負債表反映了 4.16 億美元的現金和投資，淨流動性為 2.47 億美元，無債務。

Before we move on to the operational overview for the first quarter provide an update on some developments with APC's Kilroot project. As we've discussed on the last several earnings calls, Clarice encountered significant operational and contractual challenges as we move towards completion, including supply chain delays, material changes to the project and work stoppages related to COVID, among others.

在我們繼續了解第一季度的營運概況之前，我們先介紹一下 APC 的 Kilroot 專案的一些最新進展。正如我們在過去幾次財報電話會議上所討論的那樣，隨著我們接近完工，Clarice 遇到了重大的營運和合約挑戰，包括供應鏈延誤、項目的重大變化以及與新冠病毒相關的停工等。

During the first quarter, APC turnover to power units, one of which has achieved first fire following the close of the quarter on May 3, 2024. As previously disclosed, AIPC's project and construction teams vacated the facility site having served a termination notice to the customer.

第一季度，APC 實現了動力裝置的營業額，其中一個動力裝置在 2024 年 5 月 3 日季度結束後首次點火。如同先前所揭露的，AIPC 的專案和施工團隊在向客戶發出終止通知後撤離了設施場地。

Given the situation of limited in the details, I can share at this point. But as we've previously mentioned, Argan has identified and submitted claims in the in excess of $25 million related to this project, and we will vigorously pursue those claims.

鑑於具體情況有限，我只能分享到這裡。但正如我們之前提到的，Argan 已確定並提交了與該項目相關的超過 2500 萬美元的索賠，我們將積極追究這些索賠。

Now onto the operational review slide 4 and 5 present our three reportable business segments. Power Industry Services is comprised of our German power systems and Atlantic project company operating units, which focus on the construction of multiple types of power facilities, including efficient gas-fired power plants, solar energy fields, biomass facilities and wind farms.

現在，營運回顧投影片 4 和 5 介紹了我們的三個可報告業務部門。電力工業服務由我們的德國電力系統和大西洋專案公司營運單位組成，專注於多種類型電力設施的建設，包括高效能燃氣發電廠、太陽能發電場、生質能發電設施和風電場。

Power industry services revenues increased 57% to $110.3 million for the current quarter as compared to $70.2 million for the first quarter of fiscal 2024. Segment represented 70% of our first quarter revenues and reported pretax book income of $9.2 million.

本季電力產業服務營收成長 57%，達到 1.103 億美元，而 2024 財年第一季為 7,020 萬美元。該部門占我們第一季收入的 70%，稅前帳面收入為 920 萬美元。

Industrial Construction Services, which is represented by TRC, had another significantly strong quarter, contributing $43.7 million or 28% of our first quarter consolidated revenues and reported pretax book income of $4 million. These numbers represented revenue growth of 44% and a pretax net income increase of 73% compared to the first quarter of 2024. We're seeing consistently strong demand for TRC services.

以 TRC 為代表的工業建築服務季度又表現強勁，貢獻了 4,370 萬美元，占我們第一季合併收入的 28%，報告的稅前帳面收入為 400 萬美元。與 2024 年第一季相比，這些數字意味著營收成長 44%，稅前淨利成長 73%。我們看到對 TRC 服務的持續強勁需求。

TEC primarily provides solutions for industrial construction projects with a concentration in agriculture, petrochemical, pulp and paper, water and power and TRC is ideally suited as a project partner as many companies onshore or expand their US manufacturing operations.

TEC 主要為工業建設項目提供解決方案，主要集中在農業、石化、紙漿和造紙、水和電力領域，而 TRC 非常適合作為許多在美國本土或擴大其製造業務的公司的專案合作夥伴。

Likewise, in addition to its capabilities. TRC is well-positioned geographically to service the southeast region of the US, which is a notably high growth region for TRC's focused industries. We are determined to drive continued growth at TRC as demand for new or refurbished industrial sites intensifies.

同樣，除了它的功能之外。TRC 地理位置優越，可以為美國東南部地區提供服務，該地區是 TRC 重點行業的高速成長地區。隨著對新建或翻新工業場地的需求增加，我們決心推動 TRC 的持續成長。

Finally, we have our Telecommunications Infrastructure Services group, our smallest segment, which contributed 2% of our first quarter revenues.

最後，我們還有電信基礎設施服務部門，這是我們最小的部門，占我們第一季營收的 2%。

SMC infrastructure solutions as our operating brand in this segment, providing outside construction services for the utility and telecommunications sectors, as well as inside the premises wiring services, primarily for federal government locations and military installations requiring high-level security clearance.

SMC 基礎設施解決方案作為我們在該領域的營運品牌，為公用事業和電信部門提供外部建設服務，以及室內佈線服務，主要為需要高級別安全許可的聯邦政府所在地和軍事設施提供服務。

It would be hard to ignore the many recent reports citing the actual and expected significant increases in energy demand and power consumption. Energy infrastructure worldwide needs to be expanded and strengthened to meet anticipated increased capacity demands, particularly as more data centers come online to support AI applications, which consume very high amounts of energy.

很難忽視最近的許多報告，其中提到能源需求和電力消耗的實際和預期顯著增加。全球能源基礎設施需要擴大和加強，以滿足預期增加的容量需求，特別是隨著越來越多的資料中心上線以支援消耗大量能源的人工智慧應用程式。

Additionally, with more electric vehicles hitting the road, more homes and public locations will install charging infrastructure further taxing the available power supply. And finally, we are seeing a 50-year high in the onshoring of manufacturing operations for semiconductors, batteries, solar panels and other items driven by federal grants and tax incentives.

此外，隨著越來越多的電動車上路，更多的家庭和公共場所將安裝充電基礎設施，進一步加重可用電力供應的負擔。最後，在聯邦撥款和稅收優惠的推動下，半導體、電池、太陽能板和其他產品的製造業務在岸外包數量創 50 年來新高。

All of that production activity requires that reliable power supply. Argan is uniquely positioned to expand its leadership role as new energy facilities are needed to support stable grids and reliable power generation.

所有這些生產活動都需要可靠的電力供應。由於需要新能源設施來支持穩定的電網和可靠的發電，Argan 具有獨特的優勢來擴大其領導作用。

With our proven and comprehensive capabilities in the construction and management of complex power facility projects for both traditional natural gas and renewable energy resources, we can support the build-out of the consistent and dependable power resources necessary for the efficient operation of new data centers, manufacturing facilities and EV charging infrastructure.

憑藉我們在傳統天然氣和再生能源複雜電力設施項目建設和管理方面經過驗證的全面能力，我們可以支持建設新數據中心高效運營所需的一致且可靠的電力資源，製造設施和電動汽車充電基礎設施。

Our pipeline of opportunities is robust with both new and existing partners who recognize our expertise and demonstrated success as a trusted design and construction partner for the power industry. We believe our diverse capabilities provide a competitive advantage as the industry moves to establish reliable energy resources in the face of unprecedented demand.

我們的機會管道很強大，新舊合作夥伴都認可我們的專業知識，並作為電力行業值得信賴的設計和施工合作夥伴取得了成功。我們相信，隨著產業面對前所未有的需求而建立可靠的能源資源，我們的多元化能力提供了競爭優勢。

Our industry remains focused on the shift to cleaner and more reliable power resources. And with our energy agnostic capabilities, we are a proven partner as the industry embraces alternative resources.

我們的產業仍專注於轉向更清潔、更可靠的電力資源。憑藉我們與能源無關的能力，隨著產業擁抱替代資源，我們是一個經過驗證的合作夥伴。

At the end of the first quarter, approximately $318 million or 39% of our $824 million. Backlog was renewable projects with 86% of our project backlog being comprised of projects that support zero or low carbon emissions.

第一季末，約 3.18 億美元，占我們 8.24 億美元的 39%。待辦事項是再生能源項目，我們 86% 的待辦事項由支持零碳或低碳排放的項目組成。

The significant increase in our renewables backlog reflects the effectiveness of our growth and diversity plan. However, we still believe expect gas-fired and other thermal power plants to remain the core of our business for many years to come as we grow our overall power revenues.

我們的再生能源積壓訂單的大幅增加反映了我們成長和多元化計劃的有效性。然而，我們仍然相信，隨著我們整體電力收入的成長，燃氣和其他火力發電廠將在未來許多年仍然是我們業務的核心。

Now I'd like to provide some project updates. We continue to make excellent progress as we roll into peak construction on the Trumbull Energy Center project in Lordstown, Ohio, where Gemma is providing EPC services for a 950 megawatt natural gas-fired power plant.

現在我想提供一些項目更新。隨著俄亥俄州洛茲敦特朗布爾能源中心項目的建設進入高峰，我們繼續取得出色進展，Gemma 正在為該項目的一座 950 兆瓦天然氣發電廠提供 EPC 服務。

Trumbull is a combined-cycle power station that will assist in fulfilling their electricity needs as a region phases out several coal-fired plants.

特朗布爾是一座聯合循環發電站，將有助於滿足該地區逐步淘汰幾座燃煤電廠的電力需求。

From start to finish project will entail design, procurement, construction and commissioning. Trimble is designed to be one of the cleanest and most efficient combined cycle gas turbine projects in the PJM market, and we expect to complete it in 2026.

專案從開始到結束將涉及設計、採購、施工和調試。Trimble 旨在成為 PJM 市場上最清潔、最高效的聯合循環燃氣渦輪機專案之一，我們預計將於 2026 年完成。

As, we have three solar and battery projects underway in Illinois and at our last update in April we have received full notice to proceed on two of the three facilities. I am pleased to report that around the end of the first quarter, we received a full notice to proceed on the third facility.

我們在伊利諾伊州正在進行三個太陽能和電池項目，在 4 月的最後一次更新中，我們已收到全面通知，將繼續建造這三個設施中的兩個項目。我很高興地報告，在第一季末左右，我們收到了繼續建造第三個設施的完整通知。

So just to recap, Gemma is working on three facilities located throughout the state on an EPC basis to provide 160 megawatt of solar power plus 22 megawatt of battery storage capability. These projects are exciting opportunities for us to continue to demonstrate our capabilities in the renewable energy space.

回顧一下，Gemma 正在以 EPC 方式建造位於全州的三個設施，以提供 160 兆瓦的太陽能和 22 兆瓦的電池儲存能力。這些項目為我們提供了令人興奮的機會，讓我們能夠繼續展示我們在再生能源領域的能力。

We are energized by the opportunities we're seeing in the marketplace and in our expanding potential new business pipeline, we are optimistic about the growing urgency to reinforce energy infrastructure to ensure consistent and reliable power supply in the face of anticipated unprecedented consumption levels.

我們對市場上看到的機會和不斷擴大的潛在新業務管道感到充滿活力，我們對加強能源基礎設施以確保在預期的前所未有的消費水平下確保持續可靠的電力供應的緊迫性感到樂觀。

With our experience as a full-service construction and project management partner with extensive capabilities that support both traditional and renewable power facilities, we believe Argan is very well positioned to benefit as the industry transitions, aging facilities and builds new facilities to meet surging demand.

憑藉我們作為全方位服務建設和專案管理合作夥伴的經驗，以及支持傳統和再生電力設施的廣泛能力，我們相信Argan 處於有利地位，可以隨著行業轉型、設施老化和建設新設施以滿足不斷增長的需求而受益。

With that, I'll turn the call over to Hank Deily, to take us through the first quarter financials. Go ahead, Hank.

接下來，我將把電話轉給漢克·戴利 (Hank Deily)，讓我們了解第一季的財務狀況。繼續吧，漢克。

Thanks, David, and good afternoon, everyone. On slide 10, we present our consolidated statements of earnings for the first quarter of fiscal 2025. First quarter revenues increased 52% to $158 million, reflecting an increase in revenues from all of our operating segments as compared to the first quarter of fiscal 2024.

謝謝大衛，大家下午好。在投影片 10 上，我們展示了 2025 財年第一季的合併損益表。第一季營收成長 52%，達到 1.58 億美元，反映出與 2024 財年第一季相比，我們所有營運部門的營收都有所成長。

In the first quarter, our power industry services segment achieved a 57% increase in revenues, primarily related to US-based based projects, including the Trumbull Energy Center and the Midwest solar and battery projects as well as projects overseas, including the Shannon bridge project in Ireland.

第一季度，我們的電力產業服務部門營收成長 57%，主要與美國計畫（包括特朗布爾能源中心和中西部太陽能和電池計畫）以及海外計畫（包括香農大橋計畫）相關在愛爾蘭。

In our Industrial Construction Services segment, TRC achieved revenues growth of 44%, driven by a substantial increase in field services, construction activity and supporting steel fabrication work.

在我們的工業建築服務領域，TRC 的收入成長了 44%，這得益於現場服務、建築活動和支援鋼結構製造工作的大幅成長。

For the three month period ended April 30, 2024, Argan reported consolidated gross profit of approximately $17.9 million, which represented a gross profit percentage of approximately 11.4% and reflected positive contributions from all three reportable business segments.

截至 2024 年 4 月 30 日的三個月期間，Argan 報告的綜合毛利約為 1,790 萬美元，毛利百分比約為 11.4%，反映了所有三個可報告業務部門的積極貢獻。

Consolidated gross profit for the comparative quarter ended April 30, 2023 was $14.2 million, representing a gross profit percentage of 13.7%. The decline in the gross profit percentage at our power industry services segment during the current period, it was primarily due to the unfavorable gross profit adjustment on the Kilroot project in the amount of $2.6 million, but also due to the change in the mix of projects, including increased time and materials and renewable energy projects.

截至 2023 年 4 月 30 日的比較季度的綜合毛利為 1,420 萬美元，毛利潤率為 13.7%。本期電力工業服務板塊毛利率下降，主要是由於基爾魯特項目毛利率260萬美元的不利調整，同時也由於項目結構的變化，包括增加時間和材料以及可再生能源項目。

Selling, general and administrative expenses of $11.4 million for the first quarter of fiscal 2025, increased slightly as compared to SG&A of $10.6 million for the comparable prior year period, but these expenses decreased as a percentage of revenues for the corresponding periods from 10.2% to 7.2%.

2025 財年第一季的銷售、一般和管理費用為 1,140 萬美元，與去年同期的 SG&A 1,060 萬美元相比略有增加，但這些費用占同期收入的百分比從 10.2% 下降至7.2%。

Net income for the first quarter of fiscal 2025 was $7.9 million, or $0.58 per diluted share compared to $2.1 million or $0.16 per diluted share for last year's comparable quarter. EBITDA or earnings before interest, taxes, depreciation and amortization for the quarter ended April 30, 2024 was $11.9 million, compared to $3.6 million reported for the same period of last year.

2025 財年第一季的淨利潤為 790 萬美元，即稀釋後每股收益 0.58 美元，而去年同期淨利潤為 210 萬美元，即稀釋後每股收益 0.16 美元。截至 2024 年 4 月 30 日的季度，EBITDA（息稅折舊及攤銷前利潤）為 1,190 萬美元，去年同期為 360 萬美元。

Before turning the call back over to David, last but not least, I'd like to mention that other income for the three months ended April 30, 2024 included investment income in the approximate pretax amounts of $4.5 million compared to $2.4 million in the same period of fiscal 2024.

在將電話轉回給David 之前，最後但並非最不重要的一點是，我想提一下，截至2024 年4 月30 日的三個月的其他收入包括稅前金額約為450 萬美元的投資收入，而同期的投資收入為240 萬美元。

With that, I'll turn the call back to David.

說完，我會把電話轉回給大衛。

Thanks, Hank. Turning to slide 11, our consolidated project backlog of over $0.8 billion at April 30, 2024 increased approximately 9% as compared to year end fiscal 2024.

謝謝，漢克。轉向投影片 11，截至 2024 年 4 月 30 日，我們的綜合專案積壓超過 8 億美元，與 2024 財年末相比增加了約 9%。

Our backlog includes a healthy group of longer-term, fully committed projects in both the power industry Services and Industrial Services segments. And as mentioned earlier, approximately $318 million of the backlog is comprised of renewable projects.

我們的積壓訂單包括電力產業服務和工業服務領域的一組健康的長期、全力投入的項目。如前所述，大約 3.18 億美元的積壓訂單由再生能源項目組成。

On slide 12, we show certain major projects currently included in our project backlog. I highlighted earlier our activity at the Trumbull Energy Center in Ohio, and that all three solar plus battery projects in Illinois have received full notice to proceed.

在投影片 12 上，我們展示了目前項目積壓中包含的某些主要項目。我早些時候強調了我們在俄亥俄州特朗布爾能源中心的活動，伊利諾伊州的所有三個太陽能加電池專案都已收到全面的進度通知。

Also included in our project backlog are two separate water treatment plant projects being performed by TRC over an Island three ESB FlexGen Peaker Power Plants in the Shannon bridge thermal plants are both in the final stages of construction and are undergoing commissioning.

我們的專案積壓中還包括 TRC 在島上執行的兩個獨立的水處理廠專案 香農橋熱電廠的三個 ESB FlexGen Peaker 發電廠均處於施工的最後階段並正在進行調試。

We have certainly seen an increase in projects coming to market related to the growing urgency to the power industry to ensure we have the appropriate facilities and infrastructure to meet the forecasted growth in energy demand.

我們確實看到了越來越多的項目進入市場，這與電力行業日益緊迫的需求有關，以確保我們擁有適當的設施和基礎設施來滿足能源需求的預測成長。

For example, in April 2024, Gemini executed a limited notice to proceed with our customer to construct a utility-scale solar field and Illinois that will provide 405 megawatts of electrical power and will use pre-existing transmission and utility infrastructure from a nearby retired coal power plant.

例如，2024 年4 月，Gemini 執行了一項有限通知，繼續與我們的客戶一起在伊利諾伊州建造一個公用事業規模的太陽能發電場，該發電場將提供405 兆瓦的電力，並將使用附近退役煤礦的現有輸電和公用設施基礎設施發電廠。

This project represents the largest solar project to date for us and the continued expansion of our renewables business. In addition, subsequent to quarter end, we have a letter of intent and expect to enter into a subcontract with a full notice to proceed imminently to install 590 megawatt gas turbines for an LNG facility in Louisiana.

該項目是我們迄今為止最大的太陽能項目，也是我們再生能源業務的持續擴張。此外，在季度末之後，我們將簽署一份意向書，並期望簽訂一份分包合同，並發出完整通知，立即著手為路易斯安那州的液化天然氣設施安裝 590 兆瓦燃氣渦輪機。

This project, led by Gemma, will be a collaboration with TRC and APC representing our ability to bring comprehensive solutions to market in a short period of time. Our backlog is robust with a diverse group of projects that show our range of capabilities and highlights our reputation as an effective and reliable industry partner.

該專案由 Gemma 領導，將與 TRC 和 APC 合作，代表我們有能力在短時間內將全面的解決方案推向市場。我們的積壓訂單數量充足，有各種各樣的項目，這些項目展示了我們的能力範圍，並突顯了我們作為有效、可靠的行業合作夥伴的聲譽。

Our balance sheet remained strong, at April 30, 2024, we had over $400 million in cash, cash equivalents and investments generating meaningful investment yields, as Hank mentioned previously, our net liquidity was $247 million, and we had no debt and stockholders' equity was $293 million at April 30, 2024.

我們的資產負債表仍然強勁，截至2024 年4 月30 日，我們擁有超過4 億美元的現金、現金等價物和產生有意義的投資收益的投資，正如漢克之前提到的，我們的淨流動性為2.47 億美元，我們沒有債務和股東權益截至 2024 年 4 月 30 日為 2.93 億美元。

As you can see from this liquidity bridge, our business model ordinarily requires a low level of capital expenditures, our net liquidity of $246.7 million at April 30, 2024 has increased $1.8 million compared with the end of fiscal 2024.

從這個流動性橋樑中可以看出，我們的業務模式通常需要較低水準的資本支出，截至2024 年4 月30 日，我們的淨流動性為2.467 億美元，與2024 財年末相比增加了180萬美元。

Since November 2021, we have returned a total of approximately $101.2 million to shareholders as we've repurchased approximately 2.7 million shares of our common stock. We're approximately 17% of our shares outstanding at the beginning of the program at an average price of $37.60 per share.

自 2021 年 11 月以來，我們已回購約 270 萬股普通股，總共向股東返還約 1.012 億美元。在計劃開始時，我們大約有 17% 的流通股，平均價格為每股 37.60 美元。

Additionally, in separate September 2023, we increased the company's quarterly dividend 20% from $0.25 to $0.30 per share, reflecting the strength of our business and increasing our annual run rate to $1.20 per share.

此外，在2023 年9 月，我們將公司的季度股息從每股0.25 美元提高了20%，從每股0.25 美元增加到0.30 美元，反映了我們業務的實力，並將我們的年運行率提高到每股1.20 美元。

Argan, is dedicated to driving long-term value creation for shareholders. While our operating results can vary from quarter to quarter related to the timing of contracts, we remain focused on delivering long-term value to shareholders.

Argan 致力於推動為股東創造長期價值。雖然我們的經營業績可能因合約時間的不同而有所不同，但我們仍然專注於為股東提供長期價值。

Since 2008, we have increased our tangible book value and cumulative dividends per share considerably. Argan's capabilities, expertise and proven track record have established us as a trusted partner for the full-service construction and project management of both traditional gas-fired as well as renewable energy facilities.

自 2008 年以來，我們的有形帳面價值和每股累積股利大幅增加。Argan 的能力、專業知識和良好的業績記錄使我們成為傳統燃氣和再生能源設施的全方位服務建設和專案管理值得信賴的合作夥伴。

We are focused on leveraging our strong reputation to win new opportunities from both new customers and legacy partners as the industry intensified its efforts to ensure the availability of reliable energy resources moving forward.

隨著業界加強確保可靠能源資源的可用性，我們致力於利用我們的良好聲譽從新客戶和傳統合作夥伴那裡贏得新機會。

Pipeline is strong and diverse as we continue to move through fiscal 2025. We believe we are extremely well-positioned to expand our leadership role as a partner of choice for the design and construction of the power resources needed to address increasing consumption demands driven by data centers, manufacturing facilities and EV adoption.

隨著我們繼續邁向 2025 財年，我們的產品線將變得強大且多樣化。我們相信，我們處於非常有利的位置，可以擴大我們作為設計和建造電力資源的首選合作夥伴的領導作用，以滿足數據中心、製造設施和電動汽車採用所驅動的日益增長的消費需求。

To close, we remain focused on our long-term growth strategy, leveraging our core competencies to capitalize on existing and emerging market opportunities, maintain disciplined risk management the goal of improving our project management effectiveness and minimizing costly project overruns, strengthen our position as a partner of choice in the construction of low and net zero emission power generation facilities as the industry transitions to cleaner energy alternatives while maintaining grid reliability.

最後，我們仍然專注於我們的長期成長策略，利用我們的核心能力來利用現有和新興市場機會，保持嚴格的風險管理，以提高我們的專案管理效率和最大限度地減少代價高昂的專案超支為目標，鞏固我們作為隨著行業向清潔能源替代品過渡，同時保持電網可靠性，我們是建設低排放和淨零排放發電設施的首選合作夥伴。

And last but not least, drive organic growth by also being alert for acquisition opportunities that makes sense for our business through thoughtful capital allocation. We have delivered a strong start to fiscal 2025, and we're focused on building on the progress achieved in the first quarter. As always, our success relies on the hard journey and dedication of our employees as they make operational excellence a priority.

最後但並非最不重要的一點是，透過深思熟慮的資本配置，警惕對我們的業務有意義的收購機會，從而推動有機成長。我們在 2025 財年取得了良好的開局，我們將專注於在第一季度取得的進展的基礎上再接再厲。一如既往，我們的成功取決於員工的艱辛歷程和奉獻精神，因為他們將卓越營運視為首要任務。

As always, I'd like to thank our shareholders for their continued support and as a reminder, please don't forget to vote your shares for our upcoming annual meeting of stockholders on June 20, and I look forward to seeing folks there.

一如既往，我要感謝我們的股東一直以來的支持，並提醒大家，請不要忘記在我們即將於 6 月 20 日舉行的年度股東大會上投票，我期待在那裡見到大家。

In summary, the current power demand environment is presenting tremendous opportunities to Argan, and we are intent on leveraging our capabilities and growing our relationships as a partner of choice to the power and industrial markets.

總之，當前的電力需求環境為 Argan 提供了巨大的機遇，我們致力於利用我們的能力並發展我們作為電力和工業市場首選合作夥伴的關係。

With that, operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

(Operator instructions) Chris Moore, CJS Securities.

（操作員指示）Chris Moore，CJS 證券。

Hey, good afternoon, guys. Thanks for taking a couple of questions.

嘿，下午好，夥計們。感謝您提出幾個問題。

Sure. Thanks, Chris.

當然。謝謝，克里斯。

Congrats on another nice quarter. I know you're limited Kilroot, sounds like you're hopeful that there is $25 million in potential recovery out there. You took the $2.6 million charge in Q1. Are there likely or possible additional charges coming?

恭喜又一個美好的季度。我知道你的能力有限，基爾魯特，聽起來你希望有 2500 萬美元的潛在復甦。您在第一季承擔了 260 萬美元的費用。是否可能會產生額外費用？

Sure. That's a good question. And before I answer that, I did want to quickly note to folks, I want to apologize if folks are trying to get onto our website right now. It appears that we're having a surge in traffic and my team is actively trying to resolve the issues as soon as possible.

當然。這是個好問題。在我回答這個問題之前，我確實想快速向人們指出，如果人們現在試圖訪問我們的網站，我想表示歉意。我們的流量似乎激增，我的團隊正在積極嘗試盡快解決問題。

But then back to your question, Chris, on potential more losses on Kilroot. I mean, we have recorded $12.7 million loss on the project, which is significant and disappointing. We consider all things and make it our best efforts and make our best efforts to get the accounting right based on information available.

但回到你的問題，克里斯，基爾魯特可能遭受更多損失。我的意思是，我們在該項目上損失了 1270 萬美元，這是重大且令人失望的。我們會考慮所有事情，並盡最大努力根據現有資訊進行正確的會計處理。

And as we disclosed Additionally, after quarter end, the customer pulled our letter of credit in the amount of $9.2 million, which we believe was inappropriate. APC has significant unresolved contract variations and extension of time claims, among others related to the project in amounts exceeding $25 million, and this is expected to increase materially.

此外，正如我們所披露的，季度末後，客戶撤回了我們金額為 920 萬美元的信用證，我們認為這是不適當的。APC 有大量未解決的合約變更和延期索賠，以及與該項目相關的金額超過 2500 萬美元的索賠，並且預計這一數字還將大幅增加。

And the project owner has asserted counterclaims that we dispute again, we'll continue to pursue all of our rights under the contract, and we will do so through legal means, if possible. So to answer your question, yes, there is a possibility of downside, but that's also a possibility of upside.

而專案業主已提出反訴，我們再次提出異議，我們將繼續追求合約項下的所有權利，如果可能的話，我們將透過法律途徑這樣做。因此，回答你的問題，是的，存在下行的可能性，但也有上行的可能性。

Fair enough, I'll leave that one there. Looks like Trumbull is starting to make good progress. Can you talk a little bit about the cadence of the project. I mean, do you expect that over the balance of the current fiscal year, you'll be approaching kind of peak quarterly revenue or just kind of how you see this ramping?

公平地說，我會把那個留在那裡。看起來特朗布爾開始取得良好進展。能談談該項目的節奏嗎？我的意思是，您是否預計在本財年的剩餘時間裡，您將接近季度收入的峰值，或者只是您認為這種增長的方式？

We do this. This project remains right on schedule. We're excited about it in executing well on it. And we do expect to be in peak activity throughout the year and as it gets into start-up commissioning later next year.

我們這樣做。該項目仍按計劃進行。我們對它的良好執行感到興奮。我們確實預計全年都將處於高峰活動狀態，並在明年晚些時候進入啟動調試階段。

Got it. Looks like the project pipeline is in good shape. The 405 megawatt solar project that you have limited notice to proceed. What has to happen to begin construction are in fiscal '25 on that?

知道了。看起來項目管道狀況良好。405 兆瓦太陽能項目，您在有限的通知時間內進行。要在 25 財年開始建設，需要做什麼？

It's really just a matter of getting the full notice to proceed. I mean the limit notice proceed has already enabled us to start doing a number of things. All limited notices to proceed are different. Some we are already mobilizing others. We're just doing procurement activities.

這實際上只是獲得完整通知以繼續進行的問題。我的意思是，限制通知程序已經使我們能夠開始做很多事情。所有繼續進行的有限通知都是不同的。我們已經在動員其他一些人。我們只是進行採購活動。

But the goal with eliminated to proceed is to be able to start executing the project right away for the customer. So that's a project, since it's a renewable project that we expect to start to be actively in a full notice to proceed the summer.

但消除繼續的目標是能夠立即開始為客戶執行專案。這是一個項目，因為它是一個可再生能源項目，我們預計將在夏季開始積極進行。

Got it. And maybe just last one for me. You referenced a letter of intent on a look like significant gas project. At the end of Q4, you talked about a gas project. I thought that one was in Texas, this is Louisiana, is this a different project that we're talking about?

知道了。也許對我來說只是最後一個。您提到了一份看起來像是重要天然氣專案的意向書。在第四季末，您談到了一個天然氣專案。我以為是在德州，這是路易斯安那州，這是我們正在討論的另一個項目嗎？

It is a different project. The Texas project is we're still continuing to work with the customer to get to the finish line on that job and get the EPC contract and the notice to proceed. As, the timing of those are always challenging, but I think it's worth noting that there were at over 40 gigawatts of gas-fired power units that submitted into the Texas energy fund to get low interest loans.

這是一個不同的項目。德克薩斯州專案我們仍在繼續與客戶合作，以完成該工作並獲得 EPC 合約和繼續進行的通知。因為，這些項目的時機總是充滿挑戰，但我認為值得注意的是，有超過 40 吉瓦的燃氣發電機組已提交給德克薩斯州能源基金以獲得低利率貸款。

So there is a significant appetite and support from Texas for gas-fired projects in the Texas area as it relates to this other opportunity where we have the and a letter of intent to do, we're part of the subcontract to install 590 megawatts gas turbines within an LNG facility.

因此，德克薩斯州對德克薩斯州地區的燃氣項目有很大的興趣和支持，因為這與我們有機會和意向書有關，我們是安裝 590 兆瓦天然氣的分包合約的一部分液化天然氣設施內的渦輪機。

And we're excited about that project and believe it's a project that has it very quick and start and significant ramp up from someone like a emergency job where it's a quick one.

我們對這個項目感到很興奮，並相信這是一個能夠非常快速地啟動和顯著提升的項目，就像緊急工作一樣，它是一個快速的項目。

Got it. That's helpful. I will leave it there. I appreciate it.

知道了。這很有幫助。我會把它留在那裡。我很感激。

Sure. Thanks, Chris.

當然。謝謝，克里斯。

(Operator Instructions) Rob Brown, Lake Street Capital Markets.

（操作員說明）Rob Brown，Lake Street Capital Markets。

Good afternoon.

午安.

Just wanted to follow up a little bit more on the pipeline of activity. And could you kind of characterize how the pipeline is at this point, how active it is and maybe the changes in the new project pipeline that you've seen over the last six months or so?

只是想進一步跟進活動的進展。您能否描述一下目前管道的情況、活躍程度以及您在過去六個月左右看到的新項目管道的變化？

Sure. I mean, we're thrilled with our pipeline. I mean, since January for Rob, we've received three fill notices to proceed and one limited notice to proceed on renewable jobs totaling 565 megawatts of solar power and 22 megawatts of battery storage. We do expect to receive a full notice to proceed, as I was speaking with Chris earlier on that subcontract for installing those gas turbines in Louisiana.

當然。我的意思是，我們對我們的管道感到興奮。我的意思是，自Rob 1 月以來，我們收到了三份要繼續進行的填充通知和一份要繼續進行的可再生能源工作的有限通知，總計565 兆瓦的太陽能和22 兆瓦的電池存儲。我們確實希望收到完整的通知以繼續進行，因為我早些時候與克里斯就在路易斯安那州安裝這些燃氣渦輪機的分包合約進行了交談。

And based on what we have signed and based on current visibility, we expected to add some additional large projects over the course of the year, which will represent a mix of both renewable and gas. And as you can see, we've already seen a meaningful increase in our renewables relative to gas with $318 million of backlog as of 4/30.

根據我們已簽署的協議和當前的可見性，我們預計今年內將增加一些額外的大型項目，其中將包括再生能源和天然氣。正如您所看到的，我們已經看到再生能源相對於天然氣有了顯著的成長，截至 4 月 30 日，積壓訂單已達 3.18 億美元。

Okay, great. Thank you. And then on the Louisiana project, you talked a little bit about timing. But how would that compare to what traditional gas a gas plant project in terms of the cycle that that revenue flows through your through your business once it's launched, it sounds like it's because of launch fairly quickly, but some color and timing compared to our regular gas line.

好的，太好了。謝謝。然後在路易斯安那州計畫中，您談到了一些關於時間安排的問題。但是，就收入流經您的業務的周期而言，這與傳統天然氣工廠項目相比如何，一旦啟動，聽起來像是因為啟動相當快，但與我們常規的相比，有一些色彩和時間安排瓦斯管線。

Yes. I mean, it's a totally different project with the our fixed price EPC contracts where we're doing combined-cycle projects that are 3 to 3.5 years long. And we do that from start to finish and control all aspects of the job that that has that bell curve revenue flow similar to Trumbull being at the peak of the bell curve right now.

是的。我的意思是，這是一個與我們的固定價格 EPC 合約完全不同的項目，我們正在進行為期 3 至 3.5 年的聯合循環項目。我們從頭到尾都這樣做，並控制工作的各個方面，該工作具有類似於特朗布爾目前處於鐘形曲線峰值的鐘形曲線收入流。

This job is more surgical and is a subcontract. So it's one of those jobs that should be a relatively quick burn over a shorter period of time.

這項工作更具外科手術性，屬於分包合約。因此，這是在較短的時間內相對較快消耗的工作之一。

Okay, great. And then on the battery and solar projects that you do. Could you remind us again, how you how those work in terms of, what you what you flow through your revenue? And how much of that project that you take on is that a fully our EPC project?

好的，太好了。然後是你所做的電池和太陽能專案。您能否再次提醒我們，您的收入是如何運作的？您承擔的專案中有多少完全是我們的 EPC 專案？

Yes. So some of these projects are full EPC jobs and others are lesser a lot in some projects. The owner, the project owner buys the solar panels and others that we buy the solar panels at the end of the day, we're already piling putting in piles and bolting solar arrays together on a number of these jobs.

是的。因此，其中一些項目是完整的 EPC 工作，而其他項目則較少。業主、專案業主購買太陽能電池板，而我們在一天結束時購買太陽能電池板的其他人，我們已經在其中一些工作中將太陽能電池板堆放起來並用螺栓固定在一起。

And so from a cash revenue standpoint, they are typically less than a year long, but the 405 megawatt job is going to be much longer than that, just given the sheer Scott size and scope of it. So I don't know if that answered your question or not, Rob.

因此，從現金收入的角度來看，它們的長度通常不到一年，但考慮到 Scott 的規模和範圍，405 兆瓦的工程將比這長得多。所以我不知道這是否回答了你的問題，羅布。

Yes, that's what I was getting at. Thank you very much. I'll turn it over.

是的，這就是我的意思。非常感謝。我會把它翻過來。

Thank you. And that does conclude our Q&A session for today. I would like to hand the call back to David Watson for closing remarks.

謝謝。我們今天的問答環節到此結束。我想將電話轉回給大衛·沃森（David Watson），讓其致閉幕詞。

We'll, thank you all for participating in today's call. We look forward to speaking with you again when we report our second fiscal quarter, ending July 31, 2024, and have a great evening. Thanks, everybody.

我們感謝大家參加今天的電話會議。我們期待在報告截至 2024 年 7 月 31 日的第二財季時再次與您交談，並祝您度過一個愉快的夜晚。謝謝大家。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Have a wonderful day. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。祝你有美好的一天。感謝您的參與。