Ameresco Inc (AMRC) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Loella and I will be your conference operator for today. At this time, I would like to welcome everyone to the Q3 2024, Ameresco Inc earnings conference call.

感謝您的支持。我的名字是 Loella，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Ameresco Inc 2024 年第三季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Leila Dillon, Senior Vice President of Marketing. Please go ahead.

（操作員指示）現在，我想將電話轉給行銷資深副總裁 Leila Dillon。請繼續。

Thank you Luella and good afternoon everyone. We appreciate you joining us for today's call. Joining me here are George Sakellaris, Ameresco Chairman, President and Chief Executive Officer; Mark Chiplock, Executive Vice President, Chief Financial Officer, and Chief Accounting Officer, as well as two of our executives, Nicole Bulgarino and Lou Maltezos.

謝謝 Luella，大家下午好。感謝您參加今天的電話會議。與我一起在場的還有 Ameresco 董事長、總裁兼執行長 George Sakellaris；執行副總裁、財務長兼首席會計長 Mark Chiplock，以及我們的兩位高階主管 Nicole Bulgarino 和 Lou Maltezos。

Before I turn the call over to George, I would like to make a brief statement regarding forward-looking remarks. Today's earnings materials contain forward-looking statements including statements regarding our expectations.

在把電話轉給喬治之前，我想先就前瞻性的評論做一個簡短的聲明。今天的收益資料包含前瞻性陳述，包括有關我們的預期的陳述。

All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language on slide 2, of our supplemental information and our SEC filings for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements.

所有前瞻性陳述都存在風險和不確定性。請參閱今天的收益資料、投影片 2 上的安全港語言、我們的補充資訊和我們的 SEC 文件，以了解可能導致我們的實際結果與前瞻性陳述中的結果不同的主要風險因素的討論。

In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations to these measures and additional information in our supplemental slides that were posted to our website. Please note that all comparisons that will be discussed today are on a year over year basis unless otherwise noted.

此外，我們在展示財務結果時使用了幾項非 GAAP 指標。我們在發佈到我們網站的補充幻燈片中加入了這些措施的對帳以及其他資訊。請注意，除非另有說明，今天討論的所有比較都是以同比為基礎的。

I will now turn the call over to George. George?

現在我將電話轉給喬治。喬治？

Thank you, Leila and good afternoon, everyone. Before I begin, I would like to draw everyone's attention to the important announcement we made today regarding further steps, we have taken to optimize our corporate structure to drive continued profitable growth.

謝謝你，萊拉，大家午安。首先，我想提請大家注意我們今天發布的重要公告，內容涉及我們為優化公司結構以推動持續盈利增長而採取的進一步措施。

Today, we announced the promotion of four key executives to the role of President, leading their respective groups.

今天，我們宣布提升四位關鍵主管為總裁，領導各自的團隊。

Mike Bacca as President of the Renewable Fuels; Nicole Bulgarino, as President of Federal and Utility Infrastructure; Lou Maltezos, as President of Central and Western USA and Canada, and Peter Christakis as President of this USA Greece and Project Risk.

麥克‧巴卡 (Mike Bacca) 擔任再生燃料總裁；妮可·布爾加里諾 (Nicole Bulgarino) 擔任聯邦和公用事業基礎設施總裁； Lou Maltezos 擔任美國中西部和加拿大總裁，Peter Christakis 擔任美國希臘和專案風險總裁。

Now on to our results. Ameresco's diversified business model continued to yield impressive results with over 40% growth in both revenue and adjusted EBITDA, driven by our continued focus on execution against a strong industry backdrop.

現在來看看我們的結果。Ameresco 的多元化業務模式持續產生令人矚目的業績，營收和調整後 EBITDA 均成長超過 40%，這得益於我們在強勁的產業背景下持續注重執行。

We also brought an additional 42 megawatts of energy assets into operation. This brings our total amount to a record 2000 megawatts already above our 200 megawatt guidance for the year.

我們也額外投入了42兆瓦的能源資產。這使我們的發電總量達到了創紀錄的 2000 兆瓦，已經超過了我們今年 200 兆瓦的預期。

Our total project backlog grew by 22% expanding our long term contract visibility to $4.5 billion. We were also very successful with contract execution as our contracted project backlog grew an impressive 56% to a record $1.9 billion.

我們的專案積壓總量成長了 22%，使我們的長期合約可見度擴大到 45 億美元。我們的合約執行也非常成功，我們的合約專案積壓量增加了56%，達到了創紀錄的19億美元。

Our diversified customer base continue to show very strong demand for our renewables, energy efficiency and resiliency offerings.

我們多樣化的客戶群對我們的再生能源、能源效率和彈性產品持續表現出強勁的需求。

We are at the forefront of the energy transition as our customers value our ability to integrate a comprehensive portfolio of clean tech solutions in order to meet their unique goals or we are offering budget neutral or saving solutions.

我們處於能源轉型的前沿，因為我們的客戶重視我們整合全面的清潔技術解決方案的能力，以滿足他們的獨特目標，或我們提供預算中立或節省的解決方案。

Before I turn the call over, let me make a few comments about the recent election outcome. Reiterating what we have said many times in the past, we believe we are well insulated from changes in the administration as our core efficiency solutions stand on their own without relying on any federal incentives. The technologies that qualify for incentives such as battery storage continue to receive strong bipartisan support.

在轉交電話之前，請允許我對最近的選舉結果發表一些評論。我們重申過去多次說過的話，我們相信我們能夠很好地免受政府變化的影響，因為我們的核心效率解決方案是獨立的，不依賴任何联邦激勵措施。符合激勵條件的技術（例如電池儲存）繼續獲得兩黨的大力支持。

Investors probably remember that Ameresco has some of its best years during the last Trump administration. There was very strong support for our performance contracts, especially our resiliency solutions, with both civilian but more importantly the federal military part of the government and especially in a budget constrained environment.

投資人可能還記得，Ameresco 在上一屆川普政府執政期間經歷了幾年最好的時期。我們的績效合同，特別是我們的彈性解決方案得到了非常強大的支持，不僅來自民間，更重要的是來自政府的聯邦軍事部門，特別是在預算受限的環境下。

Also, we have become much more diversified and resilient. Over the years, we have purposely grown our recurring energy asset and profit streams which now account for the majority of our annual adjusted EBITA.

此外，我們變得更加多元化和更具彈性。多年來，我們有意增加經常性能源資產和利潤流，目前這占我們年度調整後 EBITA 的大部分。

Geographically, we are also much more diversified with operations in every state, Canada, the UK and our growing continental European footprint. Due to the great value proposition of our business model, we believe we are very well positioned to thrive under any administration as we have demonstrated for over 25 years of doing business.

從地理上看，我們的業務也更加多元化，遍及各州、加拿大、英國以及不斷擴大的歐洲大陸。由於我們的商業模式具有巨大的價值主張，我們相信，正如我們25多年的經營經驗所證明的那樣，我們在任何政府的領導下都有能力蓬勃發展。

Similar to the last call, I have asked two key members of our executive team, Lou Maltezos to join us today. Lou will cover the drivers of the strengths we have been seeing in our core markets and discuss some of the internal changes we have made to execute more efficiently in the current operating environment. Nicole will discuss how the increasing demand for resiliency continues to be a key catalyst for our business.

與上次電話會議類似，我已邀請我們執行團隊的兩位關鍵成員 Lou Maltezos 今天加入我們。樓將介紹我們在核心市場中看到的優勢驅動因素，並討論我們為了在當前營運環境中更有效地執行而進行的一些內部變革。妮可 (Nicole) 將討論不斷增長的彈性需求如何繼續成為我們業務的關鍵催化劑。

And now I would like to turn the call over to Lou.

現在我想將電話轉給 Lou。

Thanks George and good afternoon, everyone. I'm pleased to be here today to talk about what we see as the bedrock of our business, the energy efficiency, distributed generation and cost savings project work. This work is focused on our traditional core customer base, what we call the mush market that includes state and local governments, colleges and universities, K-12 school systems and the healthcare sector.

謝謝喬治，大家下午好。我很高興今天能在這裡談論我們業務的基石——能源效率、分散式發電和成本節約專案工作。這項工作主要針對我們的傳統核心客戶群，也就是我們所說的包括州和地方政府、學院和大學、K-12學校系統和醫療保健部門在內的市場。

While the scale of the projects we execute for these customers tend to be smaller than our federal or utility projects. They represent an important part of Ameresco's business and future growth. These projects address our customers critical need to upgrade their aging infrastructure and reduce their deferred maintenance.

而我們為這些客戶執行的專案規模往往比我們的聯邦或公用事業專案要小。它們是 Ameresco 業務和未來成長的重要組成部分。這些項目滿足了我們的客戶升級老化基礎設施和減少延期維護的迫切需求。

At the same time, they improve the performance and comfort of our customers buildings in a sustainable budget, neutral manner. Within these markets, the fundamental drivers are consistent, our customers need to fix their building that are often budget constrained. A typical Ameresco project will optimize update or replace their HPAC lighting and building envelope and provide smart building automation systems.

同時，他們以可持續的、預算中立的方式提高了客戶建築的性能和舒適度。在這些市場中，基本驅動因素是一致的，我們的客戶需要修復他們的建築，而這些建築通常受到預算的限制。典型的 Ameresco 專案將優化更新或更換其 HPAC 照明和建築圍護結構並提供智慧建築自動化系統。

In addition, our projects often go beyond energy efficiency to incorporate customer driven needs like water efficiency, electric vehicle charging and solar car parks as part of a complete facility solution. Importantly, these projects can generate operational cost savings from day one with no upfront capital.

此外，我們的專案通常超越能源效率，將水效率、電動車充電和太陽能停車場等客戶驅動的需求納入完整設施解決方案的一部分。重要的是，這些項目可以從第一天起就節省營運成本，且無需前期資本。

Ameresco is unique in our ability to integrate a comprehensive set of solutions for our customers as opposed to them having to use a wide range of different products and service providers.

Ameresco 的獨特之處在於我們能夠為客戶整合一套全面的解決方案，而無需他們使用各種不同的產品和服務提供者。

A great example of this is a project we recently completed for Columbia County, Oregon. The project involved an extensive renovation of the county's historic John Gumm Building.

我們最近為俄勒岡州哥倫比亞縣完成的專案就是一個很好的例子。該項目涉及對該縣歷史悠久的約翰古姆大樓進行大規模翻新。

The core technical work included HVAC lighting and envelope efficiency, but the project went beyond those traditional energy conservation measures to address critical building needs including the preservation and repair of historic features, the installation of a new elevator to ensure accessibility and irrigation and landscaping.

核心技術工作包括暖通空調照明和圍護結構效率，但該項目超越了傳統的節能措施，解決了關鍵的建築需求，包括歷史遺蹟的保護和修復、新電梯的安裝以確保可及性以及灌溉和景觀美化。

Like many of the projects in our core market, the impact goes beyond the immediate benefits of the energy efficiency work and supports our customers core emissions. In this case, we were able to revitalize a historic building so that it can be used to provide expanded services and be a resource to the community.

與我們核心市場中的許多項目一樣，其影響超出了能源效率工作帶來的直接利益，並支持了我們客戶的核心排放。在這種情況下，我們能夠振興一座歷史建築，以便它可以用來提供更廣泛的服務並成為社區的資源。

To accelerate our growth further. Over the last 12 months, we've taken steps to realign the company to maximize our ability to serve our customers across our various geographies. It's a program we call one Ameresco.

進一步加速我們的成長。在過去的 12 個月裡，我們採取措施重組公司，以最大限度地提高我們為不同地區的客戶提供服務的能力。我們將這個計畫稱為「Ameresco」。

This has enabled us to lower our OpEx improve efficiencies, share our technical strengths and bolster our ability to serve national accounts. Together, we're strategically targeting projects in our core markets squarely within our technical competencies. This organizational realignment is already in place and it's proving successful.

這使我們能夠降低營運成本、提高效率、分享我們的技術優勢並增強我們服務國家帳戶的能力。我們共同策略性地瞄準我們的核心市場，並充分發揮我們的技術能力。此次組織調整已然到位，並且已被證明是成功的。

Given the great demand for our services, our unique ability to integrate comprehensive solutions and the changes we have made internally to best capitalize on these opportunities. I couldn't feel more excited about the future, we're executing well and are focused on the mission, whether it be a leading edge transformational energy project or the practical efficiency projects in our core markets. I know we have the right team in place to drive future growth.

鑑於我們服務的巨大需求、我們整合綜合解決方案的獨特能力以及我們為充分利用這些機會而進行的內部變革。我對未來感到無比興奮，我們執行得很好，專注於使命，無論是前沿的轉型能源專案還是核心市場中的實用效率專案。我知道我們擁有合適的團隊來推動未來的成長。

I'll now turn the call over to Nicole, Nicole?

我現在將電話轉給 Nicole，Nicole？

Thank you, Lou and good afternoon. Before I talk about resiliency in particular, I did want to follow up on George's comments about the election. As George mentioned, our federal group has had some of its best years during the last Trump administration with very strong support for our budget, neutral infrastructure solution.

謝謝你，盧，下午好。在我具體談論韌性之前，我確實想跟進喬治對選舉的評論。正如喬治所提到的，在上一屆川普政府期間，我們的聯邦集團經歷了最好的幾年，並得到了對我們預算和中立基礎設施解決方案的大力支持。

In fact, during the previous Trump administration, the volume of ESPC contracts was approximately three times what we have seen during the Biden administration. We continue to be a leader of ESCO services to the federal government and look to continue to thrive under the new administration as we did during the last time he was in office.

事實上，在上一屆川普政府時期，ESPC合約量大約是拜登政府時期的三倍。我們將繼續成為聯邦政府能源服務公司的領導者，並期待在新政府的領導下繼續蓬勃發展，就像我們在上次執政期間所做的那樣。

Let me now talk about the growing customer focus on resiliency, which is a very big focus on our federal civilian and military customers. Energy resiliency is increasingly vital across the federal utility and municipal markets to ensure a continuous and reliable power supply, particularly in the face of rising natural disasters, cyber threats and aging infrastructure.

現在讓我來談談客戶對彈性的日益關注，這是我們聯邦民事和軍事客戶非常關注的重點。能源彈性對於聯邦公用事業和市政市場來說越來越重要，以確保持續可靠的電力供應，特別是在面臨日益增多的自然災害、網路威脅和老化的基礎設施的情況下。

For federal markets, energy resiliency is critical for national security, ensuring the uninterrupted operation of vital civilian and military services and even for supporting our military personnel and their families.

對於聯邦市場而言，能源彈性對於國家安全至關重要，可確保重要民用和軍事服務的不間斷運行，甚至支援我們的軍事人員及其家人。

While expanding the use of intermittent renewable sources, renewable sources like wind and solar utility and municipal markets also need firm robust systems to prevent widespread outages and maintain services during extreme weather events. They require resilient energy solutions to support local communities and emergency services, essential public infrastructure and grid reliability.

在擴大間歇性再生能源的使用的同時，風能、太陽能等再生能源公用事業和市政市場也需要堅固的系統，以防止大面積停電並在極端天氣事件期間維持服務。他們需要有彈性的能源解決方案來支援當地社區和緊急服務、基本公共基礎設施和電網可靠性。

By investing in energy resilient resiliency. These sectors can enhance the ability to withstand and quickly recover from disruption, ensuring the safety and well being of the population they serve. Over the years, Ameresco has built a core competency and excellent reputation around many of the important technologies which enable resiliency including micro grids and battery energy storage systems.

透過投資能源彈性恢復力。這些部門可以增強抵禦破壞和快速恢復的能力，確保其服務對象的安全和福祉。多年來，Ameresco 圍繞著許多實現彈性的重要技術（包括微電網和電池儲能係統）建立了核心競爭力和良好的聲譽。

We have successfully won in executing on several large resiliency projects this year. By way of example, we are currently in construction of the 50 megawatt battery energy storage asset for Silicon Valley Power in California.

我們今年已成功完成多個大型彈性專案的執行。舉例來說，我們目前正在為加州矽谷電力建設50兆瓦的電池儲能資產。

The system will efficiently store the surplus renewable electricity on California's grid during the day and discharge it during the afternoon, ramp of electricity demand supporting the renewable assets and providing resiliency during these transitional times.

該系統將在白天有效地將加州電網中多餘的可再生電力儲存起來，並在下午釋放，以支持可再生資產的電力需求增長，並在這些過渡時期提供彈性。

Also in California, we are building a 10 megawatt solar and 50 megawatt hour battery storage project at the Naval Weapons Station Seal Beach, which we will expect to come online in the first half of 2025.

此外，在加州，我們正在海豹灘海軍武器站建設一個 10 兆瓦太陽能和 50 兆瓦時電池儲存項目，預計該項目將於 2025 年上半年投入使用。

The project builds on the public private partnership model successfully deployed at our Kupono Solar Facility in Hawaii. Here, Ameresco is utilizing the Navy's land as the host for wholesale power project with the utility San Jose Clean Energy and in conjunction provides resiliency improvements to the Navy installation.

該專案以我們位於夏威夷的庫波諾太陽能發電廠成功部署的公私合作模式為基礎。在這裡，Ameresco 正在利用海軍的土地作為與公用事業公司聖何塞清潔能源合作的批發電力項目的東道主，並聯合為海軍設施提供彈性改進。

Another example of a different kind of resiliency solution we have with our military customers is the projects that we are developing at Fort Johnson in Louisiana. Here we are installing geothermal infrastructure and upgrading 3,600 homes for our military families.

我們與軍事客戶合作開發的不同類型的彈性解決方案的另一個例子是我們在路易斯安那州約翰遜堡開發的專案。我們在這裡安裝地熱基礎設施，並為軍人家庭升級 3,600 棟房屋。

The project will not only reduce the load from the local utility but more importantly, provides reliable, sustainable and highly efficient energy exchange with an underground geothermal system. This is a 33 million resiliency infrastructure investment and is one of the projects we are executing in partnership with Corvias, a leader in the Department of Defense's military housing privatization initiative.

該項目不僅將減少當地公用事業的負荷，更重要的是，透過地下地熱系統提供可靠、可持續和高效的能源交換。這是一項價值 3,300 萬美元的彈性基礎設施投資，也是我們與國防部軍事住房私有化計畫領導者 Corvias 合作實施的計畫之一。

In closing, we believe that resilience is a key driver across our markets. Given the depth of our experience, as well as our portfolio of these kinds of projects. We are well positioned to be a leading solution provider to address this critical infrastructure need.

最後，我們認為彈性是我們市場發展的關鍵驅動因素。鑑於我們豐富的經驗以及此類項目的組合。我們有能力成為滿足此關鍵基礎設施需求的領先解決方案提供者。

I will now turn the call over to Mark, to comment on our financial performance and outlook.

現在我將把電話轉給馬克，讓他對我們的財務表現和前景發表評論。

Thank you Nicole and Good afternoon. As George mentioned, we had another strong quarter of revenue and profit growth. Our total revenue grew 49% to over half a billion dollars as each of our four business lines experienced double digit growth.

謝謝你，妮可，下午好。正如喬治所提到的，我們又一個季度的營收和利潤成長強勁。我們的四條業務線均實現了兩位數的成長，總收入成長了 49%，達到 5 億美元以上。

Revenues from our projects business grew nearly 60% reflecting our consistent focus on execution and conversion of our backlog. Projects business development activity remained robust with our total backlog increasing 22% to $4.5 billion and importantly, our contracted backlog increased 56% on the strength of nearly $600 million of awards converted into contracts.

我們的專案業務收入成長了近 60％，這反映了我們一貫注重積壓訂單的執行和轉換。專案業務發展活動保持強勁，我們的總積壓訂單增加了 22%，達到 45 億美元，更重要的是，我們的合約積壓訂單增加了 56%，其中近 6 億美元的獎勵轉化為合約。

Energy asset revenue grew 33% largely due to the greater number of operating assets compared to last year. We brought 42 megawatts of assets into operations this quarter, bringing our year-to-date ads to a record 209 megawatts.

能源資產收入成長33％，這主要由於與去年相比營運資產數量增加。本季度，我們投入營運的發電資產有 42 兆瓦，使得年初至今的發電量達到創紀錄的 209 兆瓦。

This already exceeds our full year guidance, again, a result of strong execution. Our large and growing base of operating energy assets now stands at 715 megawatts.

這已經超過了我們的全年預期，這又是強勁執行的結果。我們的營運能源資產基礎龐大且不斷成長，目前已達到 715 兆瓦。

Our O&M business also had a very strong quarter with revenue growing 25% as we continue to win more long term O&M business. The O&M backlog now stands at over $1.4 billion, an increase of 15% were $180 million compared to a year ago.

由於我們繼續贏得更多長期 O&M 業務，我們的 O&M 業務也在本季表現強勁，營收成長了 25％。目前，O&M 積壓訂單已超過 14 億美元，較一年前增加 15%，達 1.8 億美元。

Gross margin of 15.4% was lower and reflects a larger contribution from lower margin projects along with additional costs associated with the SCE projects, as described during the previous quarter. Adjusted EBITA grew 44% to a record $62.2 million driven by our revenue growth along with cost savings and operating leverage.

毛利率為 15.4%，較低，反映了利潤率較低的專案的貢獻較大以及與 SCE 專案相關的額外成本，如上一季所述。調整後的 EBITA 成長 44%，達到創紀錄的 6,220 萬美元，這得益於我們的收入成長以及成本節約和經營槓桿。

Non-GAAP EPS was $0.32 as the additional contribution from our revenue growth was largely offset by higher interest and depreciation expenses. Those interest costs also included a non cash negative adjustment of $3.7 million to mark to market on hedge derivatives compared to a $3 million favorable adjustment last year.

非公認會計準則每股收益為 0.32 美元，因為我們收入成長帶來的額外貢獻在很大程度上被更高的利息和折舊費用所抵消。這些利息成本還包括對沖衍生性商品的市價進行的非現金負調整 370 萬美元，而去年的有利調整為 300 萬美元。

As a reminder, the results for the third quarter last year also included a discrete tax benefit of $7.2 million related to a prior year Section 179 D tax deduction.

提醒一下，去年第三季的業績還包括與前一年第 179 D 條稅收減免相關的 720 萬美元的單獨稅收優惠。

Turning to our balance sheet and cash flows. We ended the quarter with approximately $114 million in cash and corporate debt of approximately $273 million. Our debt to EBITDA leverage ratio under our senior secured credit facility of 2.8 times continued to decline and remains below the covenant level of 3.5 times.

轉向我們的資產負債表和現金流量。截至本季末，我們的現金餘額約為 1.14 億美元，公司債務約為 2.73 億美元。我們的優先擔保信貸安排下的債務與 EBITDA 槓桿率為 2.8 倍，持續下降仍低於 3.5 倍的契約水準。

Our energy asset debt advance rate remains at a conservative 74%. Importantly, we continue to believe our access to energy asset capital is excellent with many financing options available. As demonstrated by us having secured approximately $237 million in new project financing commitments in the quarters and received net proceeds of $57 million.

我們的能源資產債務預付率仍維持在保守的74%。重要的是，我們仍然相信，我們獲得能源資產資本的管道非常便利，並且擁有多種融資選擇。正如我們所見，我們在本季已獲得約 2.37 億美元的新專案融資承諾，並獲得了 5,700 萬美元的淨收益。

Our cash flow continued to be positive with adjusted cash flow from operations of approximately $34 million. Our eight quarter rolling average adjusted cash from operations which we believe best represents the cash conversion over our full implementation cycle was $39 million.

我們的現金流繼續為正，調整後的經營現金流約為 3,400 萬美元。我們認為最能代表我們整個實施週期內現金轉換率的八個季度滾動平均調整後經營活動現金為 3900 萬美元。

During the quarter. We reached an agreement with SCE on the substantial completion of two of the three battery energy storage system projects. We received approximately $110 million in milestone payments, net of a holdback of $52 million for potential liquidated damages which are still in dispute.

在本季度。我們與SCE就三個電池儲能係統項目中兩個項目的實質完成達成協議。我們收到了約 1.1 億美元的里程碑付款，扣除仍有爭議的 5,200 萬美元潛在違約金扣留金。

A portion of these proceeds was used to catch up on outstanding vendor payments as well as to pay down a portion of our corporate revolver. Final acceptance milestone payments on these two projects of approximately $36 million will follow upon completion.

這些收益的一部分被用來彌補未支付的供應商付款以及償還部分公司循環信貸。這兩個項目竣工後將支付最終驗收里程碑付款約 3,600 萬美元。

The third project which is expected to reach substantial completion in Q4 has two remaining milestone payments totaling $55 million net of potential liquidated damages.

第三個項目預計將在第四季基本完工，剩餘兩筆里程碑付款總額為 5,500 萬美元（扣除潛在違約金）。

Finally, let me spend a minute on our 2024 guidance. We are pleased to be reaffirming our full year guidance, reflecting revenue and adjusted EBITDA to growth of 27% and 35% respectively at the midpoints. Representing what we believe will be a very strong finish to a solid year of performance.

最後，請容許我花一點時間談談我們的 2024 年指引。我們很高興地重申我們的全年業績指引，反映收入和調整後 EBITDA 分別以中位數成長 27% 和 35%。我們相信這將為一年的豐碩成果畫下圓滿句點。

While we expect higher interest and other expenses in the range of $70 million to $75 million, we are also maintaining our non-GAAP EPS guidance largely driven by our estimated annual tax benefit rate.

雖然我們預計利息和其他費用將在 7,000 萬至 7,500 萬美元之間增加，但我們仍維持非 GAAP 每股盈餘指引，這主要受我們預期的年度稅收優惠率的推動。

Now, I'd like to turn the call back over to George for closing comments.

現在，我想將電話轉回給喬治，請他發表最後評論。

Thank you, Mark. Ameresco has excellent momentum as we head into the final quarter of 2024. We believe the strong results will carry into the new year, given the growth in our contracted backlog, our energy assets and oil contracts. The broad range of impactful solutions we provide has never been in greater demand by governments institutions, utilities and corporations around the world.

謝謝你，馬克。進入 2024 年最後一個季度，Ameresco 勢頭強勁。我們相信，鑑於我們的合約積壓訂單、能源資產和石油合約的成長，強勁的業績將延續到新的一年。我們提供的廣泛而有效的解決方案從未受到世界各地政府機構、公用事業和企業如此大的需求。

In closing I would like to once again thank our employees, customers and stockholders for their continued support. Operator, we would like to open the call to questions now.

最後，我要再次感謝我們的員工、客戶和股東的持續支持。接線員，我們現在想開始問答環節。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

(操作員指示) George Gianarikas，Canaccord Genuity。

Hi, good afternoon, everyone. Thank you for taking my questions.

大家下午好。感謝您回答我的問題。

Hi George.

你好，喬治。

Maybe to just ask about the changes in Washington specifically around the potential impact on your R&G business. Could you just help us kind of think through the pluses and minuses to biofuel mandates and also last quarter, you announced the supply agreement with a California based natural gas utility. Anything else you can point us to that helps insulate any volatility in rent prices? Thank you.

也許只是詢問華盛頓的變化特別是對您的 R&G 業務的潛在影響。您能否幫助我們思考生物燃料授權的利弊，另外上個季度，您宣布與加州一家天然氣公用事業公司達成供應協議。您還能指出什麼有助於避免租金價格波動的方法嗎？謝謝。

Yeah, good question George. And we have Mike here and he will give some good color to that particular question. But we think that business is strong and we will continue to be strong.

是的，喬治問得好。我們請來了麥克，他將對這個特定問題做出很好的解釋。但我們認為，業務強勁，我們將繼續保持強勁。

Yeah, George, I mean, I think the to answer the last question on the utility, we're waiting now for the PTC approval. So the staff is going through the process to make the recommendations of commissioners and we continue to see a big uptick in the voluntary segment with many utilities issuing our RFPs a similar request with longer terms as well.

是的，喬治，我的意思是，我認為要回答關於實用性的最後一個問題，我們現在正在等待 PTC 的批准。因此，工作人員正在按照流程提出委員的建議，我們繼續看到自願性部分大幅上升，許多公用事業公司向我們發出了類似的 RFP 請求，但期限也更長。

So that markets remains pretty active. As far as the change of administration, I mean, a couple of things to think about, much has changed in the last four years in our space, we have a big oil has invested billions into the space into the industry. There are many tax incentives that you're aware of that actually would benefit the red states that we expect will stay in place.

因此市場仍然相當活躍。至於政府的變動，我的意思是，有幾件事需要考慮，在過去四年裡，我們的領域發生了很大變化，我們有一個大型石油公司已經向該行業投資了數十億美元。眾所周知，許多稅收激勵措施實際上會使紅州受益，我們預計這些措施將繼續實施。

The farm bill and remember the RFS program is really a farm bill at the end of the day, the farm belt that came out big for President elect Trump and Vance. And remember Vance is, someone from the rural roots and has great support from the Farm Bureau.

農業法案，記住，RFS 計劃實際上歸根結底是一項農業法案，農業帶對當選總統川普和萬斯來說意義重大。請記住，萬斯來自農村，並得到了農業局的大力支持。

I'd also point to the fact that Elon Musk invested almost $120 billion into Trump's campaign and he does stand the most again, if the even pathway should open up.

我還要指出的是，伊隆馬斯克為川普的競選活動投入了近 1200 億美元，如果道路平坦，他確實再次成為最多的支持者。

One of the things that a lot of folks haven't been watching either thinking about is the cops wave of credit, right? This year, we didn't have it, but it can come back into effect next year. And remember how that works, it's inversely proportional to fuel costs.

很多人還沒有註意到或考慮過的事情之一就是警察的信用浪潮，對嗎？今年我們沒有這個政策，但明年它可以重新生效。記住它是如何運作的，它與燃料成本成反比。

So gasoline costs actually go down the way the credit goes up, it creates a much more robust ceiling for us. And I think Trump has been very vocal about opening the spigots and trying to drive costs below $2 per gallon of gas, which will only help our market.

因此，汽油成本實際上隨著信貸增加而下降，這為我們創造了更強勁的上限。我認為川普一直大聲疾呼要打開油價閥門，試圖將汽油成本壓低至每加侖 2 美元以下，這只會對我們的市場有幫助。

You know, I think overall when you think about the incentives and everything else with hydrogen as well, I think we the market remains strong and that's reflective in what we see in the trades. The trades the last couple of days have been pretty steady, about $3 or $3.5 a run.

你知道，我認為總的來說，當你考慮激勵措施以及與氫有關的其他一切時，我認為我們的市場仍然強勁，這反映在我們在交易中看到的情況中。過去幾天的交易相當穩定，每次約為 3 美元或 3.5 美元。

Pavel Molchanov, Raymond James.

帕維爾·莫爾查諾夫、雷蒙德·詹姆斯。

Yeah, thanks for taking the question. Follow up on the election comments. If you go back to Trump's first term, were there any differences in the federal contracting landscape in terms of kind of demand patterns or you know, the contract structures compared to the last four years or has it basically been status quo?

是的，感謝您回答這個問題。跟進選舉評論。如果回顧川普的第一個任期，與過去四年相比，聯邦承包格局在需求模式或合約結構方面是否存在差異，還是基本上維持現狀？

Yeah, I will let me call it a little bit more color to that. But during the first Trump years, the performance contracting business was very, very strong. Because one of the things I remember talking to speaker Boehner and we were lobbying for something else. And he said, you know that the business, your performance contracts, the big guy really likes them, but some of the so on the roof, it is not that excited about.

是的，我會讓它更生動一些。但在川普執政的最初幾年裡，績效承包業務非常非常強勁。因為我記得我曾與議長博納討論過一件事，當時我們正在遊說其他事情。他說，你知道，大人物們真的很喜歡你的演出合約等業務，但是對於屋頂上的一些事情，就不那麼興奮了。

No, actually, you know, the number that we use that we did three times as many contracts under the Trump administration as we did under Biden. And one of the reasons, but I will let Nicole explain one of the reasons behind it is because some of the programs, the incentive that they provided, even in the Obama administration or the Biden, many of the customers, they wait to see how much money they can get as an incentive before they sign the contract. So it slows down the process. Nicole?

不，實際上，你知道，我們使用的數字表明，川普政府時期簽訂的合約數量是拜登政府時期的三倍。其中一個原因，但我讓妮可解釋一下，其背後的原因之一是，一些項目，他們提供的激勵措施，即使在奧巴馬政府或拜登政府，許多客戶，他們也在等著看在簽訂合同之前他們可以獲得多少錢作為獎勵。因此它會減慢這個過程。妮可？

Now, just to add to that, I think the other, what we saw in Trump's administration was the alignment with the military. So our work, a lot of good work that we did for the Department of Defense under the performance contracting to do infrastructure, they use that as a tool to do a lot of infrastructure improvement.

現在，補充一點，我認為另一方面，我們在川普政府中看到的是與軍方的結盟。因此，我們的工作，在績效合約框架下為國防部做基礎設施建設做了許多出色的工作，他們利用這些工作作為工具來進行了大量基礎設施改進。

Were by the administration still doing some of that but not near the volume of it. And a lot of focus on farm power cogeneration facilities we had under those that Trump administration under those contracts. So just a difference in the type in the parts of the federal business that we were seeing in between the two.

政府仍在做一些這樣的事情，但是力道還遠遠不夠。我們非常關注川普政府根據這些合約建立的農場電力熱電聯產設施。因此，我們看到的兩者之間的聯邦業務部分類型只是有所不同。

Let me follow up on the kind of international side of things. I saw several announcements recently about projects in Greece. Is it safe to say that Greece is now on par with the UK as basically your main operating areas in Europe?

讓我跟進一下事態的國際層面。最近我看到了幾個關於希臘計畫的公告。是否可以肯定地說，希臘現在已與英國平起平坐，成為你們在歐洲的主要營運區域？

Yes, I mean, and in Greece, because we have a good partnership with Sunel and people know us and what happened there and we're doing an excellent job, not for the Greek government or the local utility, but for many of the funds that invest in solar farms in Greece. And because we have the reputation of executing and they know us and we teamed up with them and we're getting great traction in that particular part of the world.

是的，我的意思是，在希臘，因為我們與Sunel 有著良好的合作關係，人們了解我們，也知道那裡發生的事情，我們做得很好，不是為了希臘政府或當地公用事業，而是為了許多基金在希臘投資太陽能發電場。由於我們擁有出色的執行力，他們了解我們，因此我們與他們合作，並在世界的特定地區獲得了巨大的發展。

And that's why I appointed Peter Christakis, who's been with us for a long, long time as President of Greece in order to monitor the performance of those projects. But don't forget Italy, Italy we are doing very well and we are expanding that particular market as well.

這就是我任命與我們共事多年的彼得·克里斯塔基斯擔任希臘總統來監督這些計畫的實施情況的原因。但不要忘記義大利，我們在義大利做得很好，我們也在擴大這個特定的市場。

Thanks very much.

非常感謝。

And that's why I brought her up. You know, the fact that we have the Trump administration and things might change in the United States, it's a good diversification a little bit. Nothing is going to happen to the European. There's more and more demand.

這就是我提起她的原因。你知道，事實上我們有川普政府，美國的情況可能會發生變化，這在某種程度上是一種很好的多樣化。歐洲人不會發生任何事。需求越來越大。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Good afternoon, everybody. So, I mean, can you help us just -- and I think, part of it's the energy asset deployment you had in the quarter, but can you just help us sort of bridge the third quarter to the fourth quarter?

大家下午好。所以，我的意思是，您能幫助我們嗎 - 我認為，部分原因在於您在本季度進行了能源資產部署，但您能幫助我們將第三季度與第四季度銜接起來嗎？

Because you're kind of implying, I think about $81 million, $82 million of EBITDA, which would be obviously a really healthy quarter. Can you just kind of help us understand the moving pieces?

因為你有點暗示，我認為 EBITDA 約為 8100 萬美元、8200 萬美元，這顯然是一個非常健康的季度。您能幫助我們理解其中的動向嗎？

Sure. Yes, Stephen, this is Mark. I mean, I think we're certainly expecting a strong revenue quarter in Q4. You know, I think we've got good visibility to, you know not only where the revenue is coming from, the heavy part of that's coming from contracted revenue, but the mix of that revenue we expect to have a better, a better gross margin profile.

當然。是的，史蒂芬，這是馬克。我的意思是，我認為我們確實預計第四季度的收入會強勁。你知道，我認為我們對收入來源有很好的了解，其中很大一部分來自合約收入，但我們預計這些收入的組合將有更好的毛利率保證金概況。

So even to margin wise, we should expect to see a better even to margin in Q4. And I think that's really, you know, that part for the EBITDA to bridge and then, obviously the EPS bridge is tied largely to the tax benefit that we're expecting at the end of the year.

因此，即使從利潤率來看，我們也應該預期第四季的利潤率會更好。我認為這確實是 EBITDA 需要銜接的部分，而 EPS 顯然也與我們預計年底的稅收優惠息息相關。

And is that margin comment applicable to projects and assets?

該邊際評論是否適用於專案和資產？

Yeah, I mean, I think we've seen some pretty steady margins on the assets. It really more focused on the projects because we've seen, certainly in the last couple of quarters, project margins be a bit lower, you know, just based on a combination, we've talked about the SEC costs, but also just some larger more design build type projects that carry a lower margin profile. So yeah, I think again, mix of the project stuff will also help that improved margin.

是的，我的意思是，我認為我們已經看到資產利潤率相當穩定。它實際上更關注項目，因為我們已經看到，當然在過去幾個季度，項目利潤率會低一點，你知道，只是基於組合，我們已經討論了 SEC 成本，但也只是一些規模更大、設計建造類型更多、利潤率更低的項目。是的，我再次認為，專案內容的混合也將有助於提高利潤率。

Okay, thanks. And just as a follow up to that, when you highlight in the release kind of the next 12 months of project backlog that you call out as part of the press release.

好的，謝謝。作為對此的跟進，當您在新聞稿中強調未來 12 個月的項目積壓時，您會將其作為新聞稿的一部分來提及。

Can any comments on what that margin profile looks like relative to what you've kind of registered in projects over the last few quarters? Just trying to get kind of a glimpse into '25?

您能否評論一下與過去幾季您在專案中取得的利潤情況相比，利潤率情況如何？只是想對 25 年有一點了解嗎？

Yeah. No, it's a good question. I expect the the project margins, the underlying project margins to be pretty consistent again, you have to kind of go back with, when you kind of normalize, we've seen project margins maintain, pretty steady level. The one thing that is is pulling it down a bit is as we're adding more revenue from Europe, that does carry right now a bit lower margin profile.

是的。不，這是個好問題。我預計專案利潤率，基礎專案利潤率將再次保持相當一致，你必須回到那種狀態，當你將其正常化時，我們已經看到專案利潤率保持相當穩定的水平。有一個因素稍微拉低了利潤率，那就是隨著我們從歐洲獲得的收入增加，目前的利潤率確實有所下降。

You know, the good news is that we're actually starting to see more projects in the European pipeline that are getting higher margins. But the projects coming out of the backlog again, I'd expect, you know, without Europe fairly steady from what we've seen. And then the mix of Europe, we'll pull that down just a little bit.

你知道，好消息是，我們實際上開始看到歐洲正在籌備的更多項目獲得更高的利潤。但從我們看到的情況來看，我預計，沒有歐洲，積壓的計畫會再次穩定下來。然後，我們會將歐洲的混合比例稍微拉低一些。

Great. Thank you, Mark.

偉大的。謝謝你，馬克。

You got it.

你明白了。

Eric Stine, Craig-Hallum Capital Group.

艾瑞克‧史坦 (Eric Stine)，Craig-Hallum 資本集團。

Hello, this is Luke on for Eric. We've got a couple questions here for you. First up looking at the mix between utility and transportation in the R&G business. What's your outlook for growth with utility customers going forward? And where do you see that mix trending long term? Thanks.

大家好，我是 Luke，代表 Eric 發言。我們這裡有幾個問題想問您。首先來看看 R&G 業務中公用事業和運輸之間的結合。您對未來公用事業客戶的成長前景有何看法？您認為這種混合的長期趨勢是什麼？謝謝。

Mike?

麥克風？

Utility customer, are you talking about utility customer in terms of the voluntary market?

公用事業客戶，您是從自願市場的角度談論公用事業客戶嗎？

Yeah, exactly.

是的，確實如此。

Okay. Well, look the, what I would tell you is that the voluntary market is picking up in a big way. I think that's really the long term growth of the addressable market. We are seeing some gas dying leave the country as well, which is freeing up some capacity in the RFS program. I think long term you'll see at some point the voluntary segment will surpass the demand in the transportation sector.

好的。嗯，我想告訴你的是自願市場正在大規模復甦。我認為這確實是潛在市場的長期成長。我們還看到一些天然氣庫存正在流出該國，從而釋放了 RFS 計劃的一些產能。我認為從長遠來看，你會看到自願部分在某個時候將超過交通部門的需求。

Perfect. That's helpful and just one more quick follow up for us here. So, touching on the long term partnership with Bristol, do you see opportunities to offer full service to other municipalities? And are you seeing any other competitors really pursue similar arrangements in the space?

完美的。這很有幫助，我們在此只需再快速跟進。那麼，談到與布里斯託的長期合作關係，您是否看到為其他城市提供全方位服務的機會？您是否看到其他競爭對手在該領域真正追求類似的安排？

Thanks. No, question about it. There are other competitors that they are pursuing that space. But since we got the first one, we have a leg up on them. Yes, we are talking to several other cities in the UK and in other parts of Europe and we envision that things will happen. And actually, we have hired a couple of consultants in Europe that will help us expedite that particular market.

謝謝。不，對此有疑問。還有其他競爭對手也在追逐這一領域。但因為我們已經拿到了第一筆，所以我們比他們有優勢。是的，我們正在與英國和歐洲其他地區的幾個城市進行洽談，我們預計這些事情將會發生。實際上，我們已經在歐洲聘請了一些顧問，他們將幫助我們加快開拓該特定市場。

Thank you. That's it for us.

謝謝。對我們來說這就是全部了。

Noah Kaye, Oppenheimer & Company.

諾亞·凱伊（Noah Kaye），奧本海默公司。

Thanks for taking the questions. I wanted to ask about the leadership structure that you highlighted at the beginning George. All folks that have been with the company a long time, lots of experience here. So happy for all of them, but just help us understand what does this do or where should this may affect a change in terms of the way the business is run going forward?

感謝您回答這些問題。喬治，我想問您一開始強調的領導結構。所有員工都在公司工作了很長時間，擁有豐富的經驗。我為他們所有人感到高興，但請幫助我們理解這會產生什麼影響，或者這可能會對未來業務運作方式的變化產生什麼影響？

Is it around, you know, capital allocation project selection, like how should we think about this, this change impacting the business going forward?

您知道，這是否與資本配置項目選擇有關，例如我們應該如何看待這項變更對未來業務的影響？

It's no question about it. Project selection as well as investments, how we invest our dollars procurement otherwise consolidate or do it in all units together. And give the people a little bit more responsibility and visibility around the company, for example, on the call taking over as the utility infrastructure and being the President has been there for a long time. The same with Lou.

這是毫無疑問的。項目選擇以及投資，我們如何投資我們的採購，否則合併或在所有單位一起進行。並賦予人們在公司內部更多的責任和知名度，例如，在接任公用事業基礎設施並擔任總裁很長時間時。婁也一樣。

Lou is basically now managing the better part of the United States and Canada, he has brought visibility. And the same happens with Peter. But one of the things that they are doing, we all the senior managers now, along with Mike, they work very, very, very well together.

現在，樓繼偉基本上管理著美國和加拿大的大部分地區，他帶來了知名度。同樣的情況也發生在彼得身上。但他們所做的事情之一，就是我們現在所有的高階經理，與麥克一起，合作得非常非常好。

So basically not only procurement but how we execute contracts and so on, we standardize across the organization and thereby one team helps the other and they share resources on the technology side and so on and the project management and it helps a lot saving cost.

因此，基本上，不僅是採購，還有我們如何執行合約等等，我們在整個組織內進行標準化，從而一個團隊幫助另一個團隊，他們在技術方面共享資源，以及專案管理，這有助於節省大量成本。

That's helpful, George. And then on that subject of capital allocation in particular, I think it's, the company talked much in previous quarters about maybe going a little bit more capital light on some of the energy asset development other than RNG.

這很有幫助，喬治。然後，特別是在資本配置問題上，我認為，公司在前幾個季度多次討論過除了 RNG 之外的一些能源資產開發可能會投入更多資本。

You know, now that you're seeing leverage consolidated leverage decline, just talk a little bit about the philosophy around, CapEx and what you're keeping on the balance sheet. How are you going to manage the development?

您知道，既然您看到槓桿率合併槓桿率下降，就稍微談談資本支出的概念以及您在資產負債表上保留的內容。您將如何管理開發？

Very good question. Look, we have said before that we want to grow the asset base by about 20% and doing 100, 210 or 50 megawatts per year on average over the four or five years. And we will continue to do that. We just don't want to overstress our balance sheet and the other thing that we get some lower underwrite some what we call lower than our cost of capital projects.

非常好的問題。我們之前說過，我們希望在四、五年內將資產基礎增加約 20%，平均每年增加 100、210 或 50 兆瓦。我們將繼續這樣做。我們只是不想過度強調我們的資產負債表，另一方面，我們以較低的價格承保一些我們稱之為低於資本成本的項目。

And we monetize those because it's a very good business for us. There are third parties out there that they will get those projects. So then it generates very good cash flow for us. And we have developed, like I said before, a great team and basically, we developed many more projects than we can hold on our balance sheet. And so we monetize them, I think it's a great, great business. It's helping a lot.

我們將其貨幣化，因為這對我們來說是一項非常好的業務。有第三方會獲得這些物品。所以它為我們產生了非常好的現金流。正如我之前所說，我們已經建立了一支優秀的團隊，而且我們開發的專案遠遠超出了我們的資產負債表所能容納的範圍。所以我們將其貨幣化，我認為這是一筆非常偉大的生意。這很有幫助。

That makes a lot of sense. Thanks for taking the questions.

這很有道理。感謝您回答這些問題。

Yeah, thanks Noah.

是的，謝謝諾亞。

[Sam Cusson], William Blair.

[山姆卡森]，威廉布萊爾。

Hey, thanks for taking our questions here. I guess to start relating to the election and your project business. Do you ever see federal contracts that are already funded, ever get delayed or the bidding process sort of pause due to changes in the administration?

嘿，感謝您在這裡回答我們的問題。我想開始涉及選舉和你的專案業務。您是否見過已經獲得資金支持的聯邦合約因政府變動而被推遲或招標程序暫停？

I guess I'm wondering if it can be kind of common for sort of a slow down in several projects that, you know, the GSA or other agencies to occur at least for a short time, given kind of the noise associated with the presidential transition.

我想知道，考慮到總統大選帶來的各種影響，GSA 或其他機構的幾個項目至少在短時間內放緩是否很常見。

Yeah, the first part of that would be that there actually will be a push to get projects done in this quarter four, to be able to accomplish the goals of this administration and wouldn't normally expect there to be a slow down into the next administration.

是的，首先，我們將努力在第四季度完成項目，以實現本屆政府的目標，通常不會預期下一季會放緩。

I mean, there'll be time to adjust messaging and looking at the projects that they put out, but there's an active pipeline now and a lot of projects that we have in the construction and in the awarded that we should convert this year and then continue to be able to convert in the 2025 year.

我的意思是，我們需要時間來調整訊息傳遞，並查看他們推出的項目，但現在有一個活躍的管道，我們有很多正在建設和已授予的項目，我們應該在今年轉換這些項目，然後2025年仍可轉換。

Got it. That's helpful. I guess switching (multiple speakers)

知道了。這很有幫助。我想換（多位發言者）

I was going to say, and then also keep in mind too that most of the stuff that we're doing in the federal government is not budget. I mean, it's budget neutral and that is performance contracting. So it's not depending on capital allocations from the federal government. So that makes a big difference and bipartisan supported.

我想說的是，同時也要記住，我們在聯邦政府中所做的大多數事情都不在預算之內。我的意思是，它是預算中立的，而且是績效承包。所以它不依賴聯邦政府的資本分配。因此，這會產生很大的影響，並得到兩黨的支持。

Got it. Thanks for that. Yes, maybe more related now to your supply chain too. I think you mentioned maybe George in previous quarters that your supply chain and labor were kind of constrained that hadn't yet improved, but we're sort of stabilized which made it possible planned around. I'm curious how you characterize the market. Yeah, how would you care to drive that down?

知道了。謝謝。是的，現在也可能與您的供應鏈更相關。喬治，我想您可能在前幾個季度提到過，您的供應鏈和勞動力受到了某種限制，目前尚未改善，但我們已經穩定下來，這使得計劃成為可能。我很好奇您如何描述這個市場。是啊，你想怎麼把它降低呢？

It has stabilized a little bit, but we still find bottlenecks here and there in certain parts of the country, whether it's labor. But one of the biggest concerns that we have right now is finding transformers for some of our battery storage projects and solar plants and so on.

目前情況已經稍微穩定下來，但我們仍然發現，在該國某些地區，無論是勞動力方面，都存在著一些瓶頸。但目前我們最大的擔憂之一是為一些電池儲存項目、太陽能發電廠等尋找變壓器。

And the other one, and that's why it's very hard sometimes to make estimates of how many megawatts we put online, interconnecting the utilities, but it's better than what it was before.

另外，這就是為什麼有時很難估計我們投入了多少兆瓦的電力來連接公用事業，但現在的情況比以前好。

Got it. Appreciate the color.

知道了。感謝色彩。

(Operator Instructions) Ben Kallo, Baird.

（操作員指示） 本·卡洛，貝爾德。

Good evening. Thanks for taking my question. I just kind of following up on that last point George, you made about interconnection and taking longer. As we look into next year, how comfortable are you guys with that 150 megawatts or thereabouts of assets coming online?

晚安.感謝您回答我的問題。我只是在跟進喬治你提到的關於互連和花費更長時間的最後一點。展望明年，你們對於 150 兆瓦左右的資產上線感覺如何？

No. Yeah, the 150 is the average we're going to put this year by the time we get done, we have one more energy plant coming online. That's about 16 megawatts and probably another 5, 10 to 15 megawatts of solar and depending on making sure that the utility is connect up. Next year, we are looking for around 100, I think it's a better estimate. Maybe we'll go up to 120 based on where we are.

不。是的，150 是我們今年要實現的平均值，到我們完成時，我們將有另一個能源工廠上線。這大約是 16 兆瓦，可能還有另外 5、10 到 15 兆瓦的太陽能，具體取決於確保公用設施是否連接。明年，我們預計這個數字會是 100 左右，我認為這是一個更好的估計。根據我們所處的位置，也許我們會將其增加到 120。

Okay. Thank you for that.

好的。謝謝你。

But we have, almost 600 megawatts in development and we'll see how many we end up putting on service, but for the time being because we did so much this year, I would say next year it will be in 100, 120 range.

但是我們已經開發了近600 兆瓦的電力，我們將看看最終會投入使用多少，但是就目前而言，由於我們今年做了很多工作，所以我想明年的數量將在100 到120 兆瓦之間。

Thank you. And then just, you know, back to kind of uncertainty in IRA, you answer this on the government side a little bit, but does it impact any of your customer order or project and then for your own assets? Is there any kind of, slow down in a particular asset class? You know, as you wait for change or is it kind of just all speed ahead? Thank you.

謝謝。然後，你知道，回到 IRA 的不確定性問題，你從政府方面回答這個問題，但它是否會影響你的任何客戶訂單或項目，然後影響你自己的資產？某一特定資產類別是否出現某種放緩？你知道，你是在等待改變還是只是快速前進？謝謝。

I mean, look at our business, we have the project business and I don't see any issue associated with any incentive associated with the federal government that we were waiting for. And then on the assets on the ITC, the key issue, but I don't think that especially on the batteries, but I don't think that's going to go away because it's great bipartisan support.

我的意思是，看看我們的業務，我們有專案業務，我沒有看到與我們所等待的聯邦政府相關的任何激勵措施相關的任何問題。然後是關於 ITC 資產的關鍵問題，但我不認為特別是關於電池的問題，但我不認為這個問題會消失，因為它得到了兩黨的大力支持。

And then the other one, don't forget the IRA will take is a loyal, the Act of Congress right now and it's going to be very hard to reverse it. There might be some slight modifications. One of the things that President elect has pointed out some of the subsidies for the electric vehicles and other than I don't see any issues like that anymore.

另外，別忘了愛爾蘭共和軍將採取忠誠的行動，這是國會現在的法案，要推翻它將非常困難。可能會有一些細微的修改。當選總統指出的一件事是針對電動車的部分補貼，除此之外，我不再看到任何類似的問題。

I know and I would suggest that some of the benefits go again to the red states that have a big support there. So I don't see much material and then we're not accounting a lot of that stuff to get to from the beginning anyways.

我知道，並且我建議將一些利益再次分配給在共和黨擁有巨大支持的紅州。所以我看不到太多的材料，而且我們從一開始就沒有考慮太多的東西。

Thank you guys. Appreciate.

謝謝你們。欣賞。

William Grippin, UBS Financial.

瑞銀金融的威廉‧格里平 (William Grippin)。

Oh, good evening. Thanks very much. I just wanted to come back to the ITC point here quickly. Just we've heard of some, larger utility scale focused developers actually looking to safe harbor equipment. Just as a matter of prudence, right, I hear your point on the ITC, you know, I tend to agree with you.

哦，晚上好。非常感謝。我只是想快速回到這裡的 ITC 觀點。我們剛剛聽說一些專注於大型公用事業的開發商實際上正在尋求安全港設備。只是出於謹慎考慮，對吧，我聽到了你關於 ITC 的觀點，你知道，我傾向於同意你的觀點。

It's likely to stay. It's been, you know, it's been a fairly durable policy through multiple administrations. But is that something you might look to do? Just again, as a matter of prudence here into 2025.

它很可能會留下來。你知道，這是歷屆政府都推行的一項相當持久的政策。但這是你想做的事嗎？再次強調，這是 2025 年的一個謹慎之舉。

We, I think on the, we will save some equipment or some of the RNG plants. Definitely, we will do that too and some of the solar plants because they are smaller, we might do a couple but not that much because I don't think the IDC for solar is going anywhere anytime soon.

我認為，我們將保留一些設備或一些 RNG 工廠。當然，我們也會這樣做，而且由於一些太陽能發電廠規模較小，我們可能會建造幾個，但不會建造那麼多，因為我認為太陽能 IDC 不會很快消失。

The other thing I want to point out and because President elect has come out against the offshore wind farms and if you think what they were, the previous previous administration was planning 30,000 megawatt of wind farms of the offshore. If those things don't happen, or half of them, you will play to our market because we are focusing much more on the 5 to 50 megawatt solar plants and they are well distributed across the various states.

我想指出的另一件事是，由於當選總統已經公開反對離岸風電場，如果你想想的話，上一屆政府曾計劃建造 30,000 兆瓦的離岸風電場。如果這些事情沒有發生，或者只有一半沒有發生，你就可以進入我們的市場，因為我們更關注 5 到 50 兆瓦的太陽能發電廠，它們分佈在各州。

They don't require as much transmission. So they are much more resilient and better. And then when you combine it with battery storage, it's much lower risk profile that provides much better resilience.

它們不需要那麼多的傳輸。因此他們的適應力更強，素質也更高。然後，當您將其與電池儲存結合時，它的風險狀況會低得多，並提供更好的彈性。

So, and because few people have come that they work in the solar group, they have talked to me, that's why. So I, I told them at the end of the day a year from now, we might be busier than we are today.

所以，因為很少有人在太陽能集團工作，所以他們跟我交談，這就是原因。所以我告訴他們，一年後我們可能會比現在更忙。

Got it. Appreciate that. And then just on the R&G side, you know, some of your peers have both public and private have announced ITC sales related to their R&G CapEx. Is that something that you're maybe getting a little bit closer to doing?

知道了。非常感謝。然後就在 R＆G 方面，您知道，您的一些同行，無論是上市公司還是私營部門，都已宣布與其 R＆G CapEx 相關的 ITC 銷售。您是否已經接近實現這個目標了？

Yeah, we have started looking at it all that because we have great potential that it might put some numbers together and it's, we're talking that you guys can do your own arithmetic, but we are looking to do it and we'll see where it goes.

是的，我們已經開始研究這一切，因為我們有很大的潛力，它可能會把一些數字放在一起，我們正在談論你們可以自己做算術，但我們正在考慮這樣做，我們會看到它去哪裡了。

Appreciate it. Thanks very much.

非常感謝。非常感謝。

Thanks will.

謝謝。

Seeing as we do not have any more questions at this time, we have come to the end of the question and answer session. Ladies and gentlemen, that concludes today's call. Thank you all for joining, you may now disconnect.

由於我們目前沒有其他問題，因此問答環節已經結束。女士們、先生們，今天的電話會議到此結束。感謝大家加入，現在可以斷開連線。