American Superconductor Corp (AMSC) 2021 Q4 法說會逐字稿

Good day, and welcome to the American Superconductor Fourth Quarter Fiscal 2021 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加美國超導 2021 年第四季度財報電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mr. John Heilshorn. Please go ahead, sir.

現在，我想把會議交給約翰·海爾肖恩先生。請繼續，先生。

Thank you, Mary. Good morning, everyone, and welcome to American Superconductor Corporation's Fourth Quarter and Full Fiscal Year 2021 Earnings Conference Call. I am John Heilshorn of LHA Investor Relations, AMSC's Investor Relations agency of record.

謝謝你，瑪麗。大家早上好，歡迎參加美國超導公司 2021 年第四季度和整個財年收益電話會議。我是 LHA 投資者關係部的 John Heilshorn，LHA 投資者關係部是 AMSC 的投資者關係登記機構。

With us on today's call are Daniel McGahn, Chairman, President and Chief Executive Officer; and John Kosiba, Senior Vice President, Chief Financial Officer and Treasurer.

出席今天電話會議的有董事長、總裁兼首席執行官 Daniel McGahn；約翰·科西巴 (John Kosiba)，高級副總裁、首席財務官兼財務主管。

American Superconductor issued its earnings release for the fourth quarter and full fiscal 2021 yesterday after the market closed. Those of you who have not yet seen the release, a copy is available in the Investors page of the company's website at www.amsc.com.

昨天收盤後，美國超導公司發布了第四季度和 2021 年全年財報。如果您還沒有看過該新聞稿，可以在該公司網站 www.amsc.com 的投資者頁面上找到該新聞稿的副本。

Before I start the call, I would like to remind you that various remarks that management may make during today's call about American Superconductor's future expectations, including expectations regarding the company's first quarter of fiscal 2022 financial performance, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

在開始電話會議之前，我想提醒大家，管理層在今天的電話會議上可能發表的有關美國超導公司未來預期的各種言論，包括對該公司2022 財年第一季度財務業績、計劃和前景的預期，均構成前瞻性陳述。 1995 年《私人證券訴訟改革法案》中安全港條款的目的。

Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including those set forth in the Risk Factors section of American Superconductor's annual report on Form 10-K for the year ended March 31, 2022, which the company filed with the Securities and Exchange Commission on June 1, 2022, and the company's other reports filed with the SEC.

由於各種重要因素的影響，實際結果可能與此類前瞻性陳述所示的結果存在重大差異，包括美國超導公司截至2022 年3 月31 日的年度10-K 表格年度報告的風險因素部分中列出的因素，該公司於2022年6月1日向美國證券交易委員會提交的報告，以及該公司向美國證券交易委員會提交的其他報告。

These forward-looking statements represent management's expectations only as of today and should not be relied upon as representing management's views as of any date subsequent to today. While the company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements.

這些前瞻性陳述僅代表管理層截至今日的預期，不應被視為代表管理層截至今日之後任何日期的觀點。儘管該公司預計後續事件和事態發展可能會導致該公司的觀點發生變化，但該公司明確表示不承擔更新這些前瞻性陳述的任何義務。

Also, on today's call, management will refer to non-GAAP net loss and non-GAAP financial measures. The company believes that non-GAAP net loss assists management and investors in comparing the company's performance across reporting periods on a consistent basis by excluding these noncash, nonrecurring or other charges that it does not believe are indicative of its core operating performance.

此外，在今天的電話會議上，管理層將參考非公認會計原則淨虧損和非公認會計原則財務指標。該公司認為，非公認會計準則淨虧損有助於管理層和投資者在一致的基礎上比較公司在不同報告期內的業績，排除這些非現金、非經常性費用或公司認為不代表其核心經營業績的其他費用。

The reconciliation of GAAP net loss to non-GAAP net loss can be found in the fourth quarter and fiscal year 2021 earnings press release that the company issued and furnished to the SEC last night on Form 8-K. All of American Superconductor's press releases and SEC filings can be accessed from the company's Investors page of its website at www.amsc.com.

GAAP 淨虧損與非 GAAP 淨虧損的調節可以在該公司昨晚通過 8-K 表格向 SEC 發布並提供的第四季度和 2021 財年收益新聞稿中找到。美國超導公司的所有新聞稿和向 SEC 提交的文件均可從該公司網站 www.amsc.com 的投資者頁面訪問。

With that, I will now turn the call over to Chairman, President and Chief Executive Officer, Daniel McGahn. Daniel?

現在，我將把電話轉給董事長、總裁兼首席執行官 Daniel McGahn。丹尼爾？

Thanks, John, and good morning, everyone. I'll begin today with a recap of fiscal 2021, which ended March 31, 2022. John Kosiba will then provide a detailed review of our financial results for the fourth quarter and full fiscal year of 2021. He will also provide guidance for the first quarter of fiscal 2022, which will end June 30, 2022. Following our remarks, we'll open up the line for questions from our analysts.

謝謝約翰，大家早上好。今天，我將首先回顧一下截至2022 年3 月31 日的2021 財年。然後，約翰·科西巴(John Kosiba) 將詳細回顧我們2021 年第四季度和整個財年的財務業績。他還將為第一季度的財務業績提供指導。 2022 財年季度，將於 2022 年 6 月 30 日結束。在我們發表講話後，我們將開通分析師提問熱線。

Fiscal 2021 was a year of growth and significant diversification for AMSC. Full year revenues for the entire AMSC business increased by nearly 25% year-over-year, driven by growth in Grid. Our Grid business grew by more than 40%, our seventh year in a row of Grid growth. AMSC's Grid revenue in fiscal 2021 was more than 90% of our business achieved through organic growth and strategic M&A. Just a few years ago, Grid revenue was 60% of the total business.

2021 財年是 AMSC 增長和顯著多元化的一年。在 Grid 增長的推動下，整個 AMSC 業務的全年收入同比增長近 25%。我們的電網業務增長了 40% 以上，這是我們連續第七年實現電網增長。 AMSC 2021 財年的電網收入中有 90% 以上是通過有機增長和戰略併購實現的。就在幾年前，網格收入還佔總業務的60%。

In fiscal 2021, we accomplished significant business diversification by expanding our product offering, extending our geographic reach and broadening our end market. We diversified our Grid product offering with the addition of Neeltran. Our new energy power systems now include our dynamic power correction platforms as well as our static power correction line of capacitor banks, harmonic filter systems as well as rectifiers and transformers.

2021 財年，我們通過擴大產品供應、擴大地理覆蓋範圍和拓寬終端市場，實現了重大的業務多元化。隨著 Neeltran 的加入，我們的 Grid 產品供應更加多元化。我們的新能源電力系統現在包括動態功率校正平台以及電容器組、諧波濾波器系統以及整流器和變壓器的靜態功率校正系列。

We diversified our business by geography. In fiscal 2021, over 60% of revenue was U.S.-based, while nearly 40% supported international projects, including Singapore, India, Australia and the United Kingdom. Overall, the number of countries we ship to is increasing. And most importantly, we diversified our business by end market. In fiscal 2021, the renewables market accounted for approximately 25% of sales. The semiconductor market accounted for roughly 20% of sales, while the materials, metals and mining market accounted for more than 10%.

我們根據地理位置實現業務多元化。 2021 財年，超過 60% 的收入來自美國，而近 40% 的收入支持國際項目，包括新加坡、印度、澳大利亞和英國。總體而言，我們運送到的國家/地區數量正在增加。最重要的是，我們通過終端市場實現業務多元化。 2021財年，可再生能源市場約佔銷售額的25%。半導體市場約佔銷售額的20%，而材料、金屬和採礦市場則佔10%以上。

During fiscal 2021, we announced approximately $85 million of new energy power system orders from customers in Australia, the United Kingdom, Spain, Chile, Canada and the United States, among other countries. Our intention for fiscal 2021, as we outlined in our FY '20 shareholder letter was to continue to execute our strategy of delivering a more sustainable and diversified business, both of which we successfully accomplished.

2021財年，我們宣布從澳大利亞、英國、西班牙、智利、加拿大和美國等國家的客戶獲得約8500萬美元的新能源電力系統訂單。正如我們在 20 財年股東信中概述的那樣，我們 2021 財年的目標是繼續執行我們的戰略，提供更加可持續和多元化的業務，這兩項目標我們都成功實現了。

Fiscal 2021 was a pivotal moment in the history of the company and superconductors. We commercialized high-temperature superconductor technology in 2 separate markets in the same year as predicted. First, we commercialized our Resilient Electric Grid product or REG. The system was delivered, integrated, energized and successfully operated in the power grid of Chicago. The REG system was designed by our team and manufactured using AMSC's proprietary Amperium superconductor wire.

2021 財年是公司和超導體歷史上的關鍵時刻。正如預期的那樣，我們於同一年在兩個不同的市場實現了高溫超導技術的商業化。首先，我們將彈性電網產品（REG）商業化。該系統已交付、集成、通電並在芝加哥電網成功運行。 REG 系統由我們的團隊設計，並使用 AMSC 專有的 Amperium 超導線材製造。

Second, we delivered our first breakthrough ship protection system for the USS Fort Lauderdale. This represents the first of 4 contracted AMSC Ship Protection Systems or SPS for the San Antonio Class platform. The commercialization of SPS, an advanced superconductor degaussing system marked a watershed moment for our company and for superconductor technology. We have a culture of delivery and believe that the delivery of the system demonstrates momentum for our company and for the naval industry to adopt change.

其次，我們為勞德代爾堡號航空母艦交付了第一個突破性的船舶保護系統。這是為聖安東尼奧級平台簽訂的 4 個 AMSC 船舶保護系統或 SPS 合同中的第一個。 SPS（一種先進的超導消磁系統）的商業化標誌著我們公司和超導技術的分水嶺。我們擁有交付文化，並相信系統的交付展示了我們公司和海軍工業採取變革的動力。

Fiscal year 2021 also ended with another key milestone in our wind business, the design certification of our 3-megawatt class wind turbine. With this certification, the 3-megawatt class wind turbine is ready to start operations.

2021 財年結束時，我們風電業務的另一個重要里程碑是我們的 3 兆瓦級風力渦輪機的設計認證。獲得此認證後，3兆瓦級風力發電機即可開始運行。

Now I'll turn the call over to John Kosiba to review our financial results for the fourth quarter and full fiscal year 2021 and provide guidance for the first quarter of fiscal 2022, which will end June 30, 2022. John?

現在我將把電話轉給約翰·科西巴(John Kosiba)，他將審查我們2021 年第四季度和整個財年的財務業績，並為2022 年第一季度（將於2022 年6 月30 日結束）提供指導。約翰？

Thanks, Daniel, and good morning, everyone. Total revenues for the fourth quarter of fiscal 2021 were $28.3 million. This is an increase of 34% compared to the year ago quarter of $21.2 million. Grid business revenues of $25.7 million, increased by 33% versus the year ago quarter, while our Wind business revenues of $2.6 million increased by 46% versus the year ago quarter.

謝謝丹尼爾，大家早上好。 2021 財年第四季度的總收入為 2830 萬美元。與去年同期的 2120 萬美元相比，增長了 34%。電網業務收入為 2570 萬美元，比去年同期增長 33%，風電業務收入為 260 萬美元，比去年同期增長 46%。

Moving on to the full fiscal year. Our total revenues were $108.4 million, that is over 24% growth in revenue from the previous year. The revenue growth was led by our grid business, which experienced a 40% year-over-year increase, thanks to the acquisition of Neeltran and growth from our D-VAR, VVO, NEPSI and SPS product lines. Grid business revenues represented 91% of our total fiscal 2021 revenues.

進入整個財年。我們的總收入為 1.084 億美元，比上一年增長了 24% 以上。收入增長主要由我們的電網業務帶動，得益於 Neeltran 的收購以及 D-VAR、VVO、NEPSI 和 SPS 產品線的增長，該業務同比增長 40%。電網業務收入占我們 2021 財年總收入的 91%。

Wind business revenues decreased 42% in fiscal 2021, primarily as a result of decreased ECS shipments to Inox. Gross margin for the fourth quarter of fiscal 2021 was 11.6% compared to the year ago quarter of 13.9%. For the full fiscal year 2021, AMSC generated gross margin of 12.4%. This was down from 20% in fiscal year 2020.

2021 財年風電業務收入下降 42%，主要是由於 ECS 向 Inox 的發貨量減少。 2021 財年第四季度的毛利率為 11.6%，去年同期為 13.9%。 2021 財年，AMSC 的毛利率為 12.4%。這比 2020 財年的 20% 有所下降。

Let me take a couple of minutes and talk about some of the headwinds we experienced in fiscal 2021 that had an impact on our gross margins. First, as we've mentioned on previous calls, we acquired Neeltran backlog with lean contribution margins associated with it. This alone impacted our consolidated gross margins by 400 basis points. We've been working our way through the Neeltran acquired backlog and have started to replace that backlog with what we expect to be more profitable projects as we look ahead into late FY 2022 and into FY 2023.

讓我花幾分鐘時間談談我們在 2021 財年經歷的一些對毛利率產生影響的不利因素。首先，正如我們在之前的電話會議中提到的，我們收購了 Neeltran 積壓訂單，並獲得了與之相關的精益利潤率。僅此一項就影響了我們的綜合毛利率 400 個基點。我們一直在努力解決 Neeltran 收購的積壓訂單，並開始用我們預計利潤更高的項目取代積壓訂單，展望 2022 財年末和 2023 財年。

Second, throughout fiscal 2021, we experienced product cost increases, specifically around commodities such as steel, copper and other precious metals, which are used within our products. We've responded throughout fiscal 2021 with several price increases where we can to include these additional costs. We expect to experience the positive impact of these price increases to our gross margins by late fiscal 2022.

其次，在整個 2021 財年，我們經歷了產品成本增加，特別是在我們產品中使用的鋼鐵、銅和其他貴金屬等商品方面。我們在 2021 財年期間多次提價，以應對這些額外成本。我們預計到 2022 財年末，價格上漲將對我們的毛利率產生積極影響。

And lastly, during fiscal 2021, wind revenue experienced an unfavorable shift in product mix and ECS shipments, which negatively impacted both revenue and contribution margins for the year. We believe as Inox adopts the 3-megawatt turbine and returns to historical volumes of ECS shipments, we expect wind contribution margins will recover to normalized levels.

最後，在 2021 財年期間，風電收入經歷了產品結構和 ECS 出貨量的不利變化，這對當年的收入和貢獻利潤率產生了負面影響。我們相信，隨著 Inox 採用 3 兆瓦渦輪機並恢復 ECS 出貨量歷史水平，我們預計風電貢獻利潤率將恢復至正常水平。

Now moving on to operating expenses. Research and development and SG&A expenses totaled $9 million for the fourth quarter of fiscal 2021. This was down from $9.5 million in the year ago quarter. Approximately 13% of R&D and SG&A expenses in the fourth quarter were noncash. For the full fiscal year, research and development and SG&A expenses totaled $38 million in fiscal 2021 compared to $36.3 million in fiscal 2020. Approximately 13% of R&D and SG&A expenses in fiscal 2021 were noncash.

現在轉向運營費用。 2021 財年第四季度的研發和銷售、一般行政費用總計 900 萬美元，低於去年同期的 950 萬美元。第四季度約 13% 的研發和銷售、一般管理費用為非現金。就整個財年而言，2021 財年的研發和銷售及管理費用總計 3800 萬美元，而 2020 財年為 3630 萬美元。2021 財年的研發和銷售及管理費用中約 13% 是非現金。

Our net loss in the fourth quarter of fiscal 2021 was $5 million or $0.18 per share compared to $7.6 million or $0.29 per share in the year ago quarter. Our non-GAAP net loss for the fourth quarter of fiscal 2021 was $4.7 million or $0.17 per share compared with non-GAAP net loss of $5.6 million, $0.21 per share in the year ago quarter. For the full fiscal year 2021, our net loss was $19.2 million or $0.71 per diluted share. This compares to a net loss of $22.7 million or $0.95 per diluted share in fiscal 2020.

2021 財年第四季度的淨虧損為 500 萬美元，即每股 0.18 美元，而去年同期的淨虧損為 760 萬美元，即每股 0.29 美元。 2021 財年第四季度的非 GAAP 淨虧損為 470 萬美元，即每股 0.17 美元，而去年同期的非 GAAP 淨虧損為 560 萬美元，即每股 0.21 美元。 2021 財年，我們的淨虧損為 1920 萬美元，即稀釋後每股虧損 0.71 美元。相比之下，2020 財年淨虧損為 2270 萬美元，即稀釋後每股虧損 0.95 美元。

For the full fiscal year 2021, our non-GAAP net loss was $17.1 million or $0.63 per share. This compares to a non-GAAP net loss of $14.1 million or $0.59 per diluted share in fiscal year 2020.

2021 財年，我們的非 GAAP 淨虧損為 1710 萬美元，即每股 0.63 美元。相比之下，2020 財年的非 GAAP 淨虧損為 1,410 萬美元，即稀釋後每股虧損 0.59 美元。

We ended fiscal year 2021 with $49.5 million in cash, cash equivalents and restricted cash. This compares with $52.6 million on December 31, 2021. In the fourth quarter of fiscal 2021, we consumed $3.1 million in operating cash flow. For the full fiscal year, our operating cash burn was $19 million.

截至 2021 財年，我們的現金、現金等價物和限制性現金為 4,950 萬美元。相比之下，2021 年 12 月 31 日為 5260 萬美元。2021 財年第四季度，我們消耗了 310 萬美元的運營現金流。整個財年，我們的運營現金消耗為 1900 萬美元。

Now turning to our financial guidance for the first quarter of fiscal 2022. We expect that our revenues will be in the range of $23 million to $26 million, our net loss on that revenue is expected to be no more than $8.9 million or $0.32 per share, and our non-GAAP net loss is expected to be no more than $6.9 million or $0.25 per share. We anticipate operating cash flow to be a burn of $4 million to $6 million in the first quarter of fiscal 2022.

現在轉向我們 2022 財年第一季度的財務指引。我們預計我們的收入將在 2300 萬美元至 2600 萬美元之間，我們的淨虧損預計將不超過 890 萬美元或每股 0.32 美元，我們的非GAAP 淨虧損預計不超過690 萬美元，即每股0.25 美元。我們預計 2022 財年第一季度的運營現金流將消耗 400 萬至 600 萬美元。

We believe our current working capital levels remain supportive of our nearer-term revenue expectations, and we do not anticipate any significant increases in working capital. We expect to end the first quarter of fiscal 2022 with no less than $43 million in cash, cash equivalents, marketable securities and restricted cash.

我們相信，我們目前的營運資本水平仍然支持我們的近期收入預期，並且我們預計營運資本不會出現任何顯著增加。我們預計到 2022 財年第一季度結束時，現金、現金等價物、有價證券和限制性現金將不少於 4300 萬美元。

With that, I'll turn the call back over to Daniel. Dan?

這樣，我會將電話轉回給丹尼爾。擔？

Thanks, John. Let's talk about our future. We believe that we have multiple tailwinds in multiple markets. We believe our fiscal year 2022 will be an important year in the future maturation of our business.

謝謝，約翰。我們來談談我們的未來吧。我們相信，我們在多個市場擁有多種有利因素。我們相信 2022 財年將是我們業務未來成熟的重要一年。

Let's start with renewables. There are a number of expected tailwinds coming to our business from the renewables market. We see a potential doubling of the Indian wind market from where it has been over the past few years. Wind power in India is estimated to grow to an annual additional capacity of nearly 3.5 gigawatts in calendar year 2022. India is poised to add a total of nearly 16 gigawatts of wind capacity from 2022 to 2025.

讓我們從可再生能源開始。可再生能源市場預計將為我們的業務帶來許多推動力。我們預計印度風電市場可能會比過去幾年翻一番。據估計，到 2022 年，印度的風電裝機容量每年將增加近 3.5 吉瓦。印度預計從 2022 年到 2025 年將風電裝機容量總計增加近 16 吉瓦。

To give you some perspective, India's total wind power additions for the past 4 years amounted to approximately 8 gigawatts. We see the next 4 years with an average of about 9 gigawatts of annual wind power capacity addition in the U.S. The U.S. estimates an annual wind capacity addition of nearly 9 gigawatts in calendar year 2022. From 2022 to 2025, the U.S. estimates an addition of 37 gigawatts of wind power capacity. The U.K. wind market is forecasting nearly 4 gigawatts of additional wind power capacity in calendar year 2022 and over 11 gigawatts of total additional power capacity between 2022 and 2025.

為了給您提供一些視角，印度過去 4 年新增的風力發電總量約為 8 吉瓦。我們預計未來4 年美國風電裝機容量平均每年新增約9 吉瓦。美國預計2022 年風電裝機容量將增加近9 吉瓦。從2022 年到2025 年，美國預計將增加近9 吉瓦風電裝機容量。風電裝機容量37吉瓦。英國風電市場預計 2022 年將新增近 4 吉瓦風電容量，2022 年至 2025 年間新增總發電容量將超過 11 吉瓦。

Solar is likely to account for 60% of global renewable power growth in 2022, followed by wind. Similarly, we see the potential broader expansion of our technology in offshore wind. The move to decarbonization and the move to energy independence on behalf of nations could translate into further broader adoption of renewable power systems. We believe this is a strong tailwind that is emerging from the renewable energy market.

到 2022 年，太陽能可能佔全球可再生能源增長的 60%，其次是風能。同樣，我們看到我們的技術在海上風電領域有可能得到更廣泛的擴展。代表各國走向脫碳和走向能源獨立可能會轉化為進一步更廣泛地採用可再生能源系統。我們相信這是可再生能源市場出現的強勁推動力。

If we look at semiconductors, which we mentioned, has become a significant part of our business. Investment in semiconductor capacity is increasing. Micron alone is considering a $150 billion in capital investment itself to address what it calls 2030 era demand for memory. Semiconductor spending is forecasted to jump nearly 24% in 2022 to an all-time high of nearly $200 billion. The industry has increased capital expenses since 2019 and is expected to continue to increase in the coming years. This is a tailwind that has the potential capability to be with us for the next several years.

如果我們看看我們提到的半導體，它已經成為我們業務的重要組成部分。半導體產能投資不斷增加。僅美光公司就在考慮進行 1500 億美元的資本投資，以滿足其所謂的 2030 時代內存需求。預計 2022 年半導體支出將增長近 24%，達到近 2000 億美元的歷史新高。自2019年以來，該行業的資本支出不斷增加，預計未來幾年將繼續增加。這是一個有潛力在未來幾年伴隨我們的順風。

If we look at mining metals and materials, demand for mining products is strong and expected to increase. For example, auto industry investments in electric vehicles, which are critically dependent on specific minerals and materials, is estimated to reach $330 billion by 2025. In 2020, all global automakers combined spent nearly $225 billion on capital expenditures and research and development.

如果我們看看採礦金屬和材料，對採礦產品的需求強勁並且預計會增加。例如，汽車行業對電動汽車的投資嚴重依賴特定礦物和材料，預計到 2025 年將達到 3300 億美元。2020 年，全球所有汽車製造商在資本支出和研發方面的支出總計近 2250 億美元。

The mining industry is expected to continue to fly high in 2022, while pressure is foreseeable on mining companies to decarbonize and reduce their environmental impact as they respond to demand for these new energy economy materials. And this is all under the backdrop of sustainable security. The foreign policy challenges around the globe seem to be becoming more complex and intense. Front and center now is the Russian invasion of Ukraine. We see rumblings from Taiwan that similar events could unfold there. At the same time, North Korea is carrying out ballistic missile tests and Iran is displaying an underground drone base that it has developed. The threats are becoming more numerous and certainly more intense.

預計採礦業將在 2022 年繼續飛速發展，同時礦業公司在應對這些新能源經濟材料的需求時將面臨脫碳和減少環境影響的壓力。而這一切都是在可持續安全的背景下發生的。全球外交政策挑戰似乎變得更加複雜和激烈。現在的焦點是俄羅斯入侵烏克蘭。我們看到來自台灣的傳言稱那裡可能會發生類似的事件。與此同時，朝鮮正在進行彈道導彈試驗，伊朗正在展示其開發的地下無人機基地。威脅變得越來越多，當然也更加嚴重。

Russia's aggression has only helped to bring NATO closer together and more focused on further aggressions globally. This tailwind could translate into deeper and broader adoption of our technology in the U.S. naval fleet as well as allies.

俄羅斯的侵略只會讓北約更加緊密地團結在一起，並更加關注全球範圍內的進一步侵略。這種順風可能會轉化為美國海軍艦隊及其盟友更深入、更廣泛地採用我們的技術。

What we're working towards is a more sustainable world, creating a path for a more sustainable world increases demand for; one, renewable energy. two, electrification of transportation and the mining metals and materials to support this transition; three, semiconductors, which are the key materials for the new green economy and sustainable security; and four, this is all happening with the backdrop of a less secure world.

我們正在努力實現一個更加可持續的世界，為更加可持續的世界創造一條道路，增加對以下方面的需求：一、可再生能源。二是支持這一轉型的交通運輸和採礦金屬及材料電氣化；三是半導體，是新綠色經濟和可持續安全的關鍵材料；第四，這一切都是在一個不太安全的世界背景下發生的。

As we enter fiscal 2022, and we look just to our first quarter, we do see the timing of projects in the semiconductor industry, particularly for D-VAR, such that they're expected to negatively impact the quarter revenue relative to our fiscal year 2021 fourth quarter revenue levels. This is the reason for our Q1 guide. Our current projections do not anticipate this continuing beyond the quarter.

當我們進入 2022 財年時，我們只關注第一季度，我們確實看到了半導體行業項目的時間安排，特別是 D-VAR，因此預計它們會對我們財年的季度收入產生負面影響2021 年第四季度收入水平。這就是我們編寫第一季度指南的原因。我們目前的預測預計這種情況不會持續到本季度之後。

We look to continue to grow our new Energy Power Systems order book over the coming quarters. We expect that our new energy power system products should provide a strong base of Grid revenues again in fiscal 2022. This expectation is driven by the growing demand in our key markets, renewables, semiconductors as well as mining, metals and minerals. We see significant demand for our solutions in the semiconductor industry. On a macro level, we believe we are experiencing the effects of the semiconductor tailwinds in our business. Demand is increasing, lead times are extending. We see our own activities now with customers in Singapore, Japan and Taiwan as well as the U.S. expected to translate into revenues.

我們希望在未來幾個季度繼續增加我們的新能源電力系統訂單。我們預計，我們的新能源電力系統產品應在2022 財年再次為電網收入提供堅實的基礎。這一預期是由我們的主要市場、可再生能源、半導體以及採礦、金屬和礦物不斷增長的需求推動的。我們看到半導體行業對我們的解決方案的巨大需求。在宏觀層面上，我們相信我們的業務正在經歷半導體順風的影響。需求增加，交貨時間延長。我們現在與新加坡、日本、台灣以及美國的客戶開展的活動預計將轉化為收入。

We saw semiconductor order growth year-to-year between fiscal 2020 and fiscal year 2021. We see semiconductor system orders having more revenue and better margin than our average order. We have seen an expansion in content for semiconductor grid system sales with the extension of our content via NEPSI into static capacitor banks and harmonic filters. And we believe this macro investment in capacity is here to stay in the near-term, and we will try to take advantage of this.

我們看到 2020 財年至 2021 財年半導體訂單逐年增長。我們看到半導體系統訂單比我們的平均訂單有更多的收入和更好的利潤。我們已經看到半導體電網系統銷售內容的擴展，通過 NEPSI 將我們的內容擴展到靜態電容器組和諧波濾波器。我們相信這種對產能的宏觀投資將在短期內持續下去，我們將盡力利用這一點。

We see leverage sales specifically in renewables and semiconductors. We are supporting Inox and Doosan in the field with the initial prototype of a 3-megawatt class wind turbine and initial wind farm of 5.5-megawatt wind turbines, respectively. In the onshore wind market, we anticipate our wind business in India to turn around. In fact we are getting ready for wind to make an expected come back later this fiscal year. Driving this potential come back, we expect, would be Inox's transition to a 3-megawatt class wind turbine. We believe Inox is in a good position to start expanding its business this year, which should translate into an expanded order book for us.

我們特別看到可再生能源和半導體領域的槓桿銷售。我們分別為 Inox 和斗山提供 3 兆瓦級風力渦輪機的初始原型和 5.5 兆瓦級風力渦輪機的初始風電場的現場支持。在陸上風電市場，我們預計印度的風電業務將出現好轉。事實上，我們正在為風電做好準備，預計本財年晚些時候將捲土重來。我們預計，Inox 向 3 兆瓦級風力渦輪機的過渡將推動這一潛力的回歸。我們相信 Inox 處於有利位置，可以在今年開始擴大業務，這應該會轉化為我們擴大的訂單。

We would expect production to begin following the establishment of a 3-megawatt supply chain. We are providing ECS product as they need and pay for it. We are excited about the long-term prospects of the offshore wind market in South Korea, and we look forward to grow our offshore wind business with our partner, Doosan and their 5.5-megawatt turbine.

我們預計生產將在建立 3 兆瓦供應鏈後開始。我們根據他們的需要提供 ECS 產品並付費。我們對韓國海上風電市場的長期前景感到興奮，並期待與我們的合作夥伴斗山及其 5.5 兆瓦渦輪機一起發展我們的海上風電業務。

Our first Resilient Electric Grid deployment in Chicago is now part of the electric grid. The team is collecting valuable experience on its performance and capabilities. We will support the ongoing operation of our REG system in Chicago and begin working with the utility on scope and schedule of a potential next project as they see fit.

我們在芝加哥部署的第一個彈性電網現已成為電網的一部分。該團隊正在收集有關其性能和功能的寶貴經驗。我們將支持芝加哥 REG 系統的持續運營，並開始與公用事業公司就他們認為合適的下一個潛在項目的範圍和時間表進行合作。

We are seeing inbound increase from utilities. We're also performing more targeted outreach with the help of our utility partner. We have seen an increase in interest in the product with the energization of Chicago and continue to develop possible future projects. We are manufacturing ship protection systems for the San Antonio Class ship platform. We will support the installation of the first SPS system on the USS Fort Lauderdale, which shipped in fiscal 2021. We expect to deliver on our existing orders of SPS, our next system for the USS Harrisburg is scheduled to be delivered this fiscal year. We have 2 more SPS systems on order, one for the USS Richard McCool and the other for the USS Pittsburgh.

我們看到公用事業公司的入境人數增加。我們還在公用事業合作夥伴的幫助下開展更有針對性的外展活動。隨著芝加哥的活力，我們看到人們對該產品的興趣有所增加，並繼續開發未來可能的項目。我們正在為聖安東尼奧級船舶平台製造船舶保護系統。我們將支持在勞德代爾堡號航空母艦上安裝第一個SPS 系統，該系統將於2021 財年發貨。我們預計在現有的SPS 訂單上交付，我們為哈里斯堡號航空母艦安裝的下一個系統計劃於本財年交付。我們還訂購了兩套 SPS 系統，一套用於理查德·麥庫爾號航空母艦，另一套用於匹茲堡號航空母艦。

We believe the tailwinds for our Navy business should translate into an opportunity for deeper and broader adoption of our technology in the U.S. naval fleet. We're working closely with the U.S. Navy as well as allied navies on the possible further adoption of superconductor technology. We have identified and are performing engineering work on what is now several other platforms. AMSC's mission is to enhance capability without adding complexity or size to installations of critical systems, which is very much aligned with where we believe the U.S. Navy as well as allied navies are headed. We are confident that the U.S. is committed to integrating advanced degaussing systems into their fleet, and we're working hard to expand our SPS business beyond the San Antonio Class.

我們相信，我們海軍業務的順風應該轉化為在美國海軍艦隊中更深入、更廣泛地採用我們的技術的機會。我們正在與美國海軍以及盟軍海軍密切合作，探討進一步採用超導技術的可能性。我們已經確定並正在其他幾個平台上進行工程工作。 AMSC 的使命是在不增加關鍵系統安裝複雜性或規模的情況下增強能力，這與我們認為美國海軍以及盟國海軍的發展方向非常一致。我們相信美國致力於將先進的消磁系統集成到他們的艦隊中，並且我們正在努力將我們的 SPS 業務擴展到聖安東尼奧級之外。

In 2021, we grew and further transformed the company. We grew the grid business by over 40%. The entire business grew by nearly 25%. We acquired additional content with the Neeltran business for our new energy power offerings. This business should benefit from the tailwinds created by global decarbonization efforts. Mining metals and materials are at the heart of this movement, and that is where we have positioned our business. We see tailwinds for the wind business as well as for semiconductors continuing.

2021年，我們實現了公司的發展並進一步轉型。我們的電網業務增長了 40% 以上。整個業務增長了近25%。我們通過 Neeltran 業務獲得了新能源電力產品的額外內容。該業務應該受益於全球脫碳努力帶來的順風。採礦金屬和材料是這一運動的核心，這也是我們的業務定位。我們認為風電業務和半導體業務的順風仍在持續。

We delivered on our first permanent in-grid and what will be our first permanent in-ship superconductor systems. The dream of superconductors has started to become reality. I'm very proud how the team delivered growth and diversification while managing through the daily challenges of a constrained supply chain and an inflationary environment. We are weathering the pandemic crisis well, which reflects on the strength of our organization. We are aggressively managing that which we can control.

我們交付了第一個永久性並網系統，這也將是我們的第一個永久性船內超導系統。超導體的夢想開始變成現實。我非常自豪該團隊如何實現增長和多元化，同時應對供應鏈受限和通貨膨脹環境的日常挑戰。我們很好地度過了疫情危機，這反映了我們組織的實力。我們正在積極管理我們可以控制的事情。

We expect to continue to execute on our strategy of delivering a more sustainable and diversified business. We believe our culture is inherently innovative, always accountable to our customers and constantly collaborating. We try to hire the best and brightest, and we listen to and learn from the markets we serve. We are executing on our vision to create a super grid that enables more renewables on and more resiliency for our power grid and a super ship that allows for greater resiliency and operational capability for our fleet. We provide the control technology that helps orchestrate the rhythm and harmony of power on the grid and protects and expands the capability and resiliency of our Navy's fleet.

我們期望繼續執行我們的戰略，提供更加可持續和多元化的業務。我們相信我們的文化本質上是創新的，始終對客戶負責並不斷合作。我們努力聘請最優秀、最聰明的人才，傾聽我們所服務的市場的聲音並從中學習。我們正在實現我們的願景，即創建一個超級電網，為我們的電網提供更多的可再生能源和更強的彈性，並創建一艘超級船，為我們的船隊提供更大的彈性和運營能力。我們提供的控制技術有助於協調電網電力的節奏和和諧，並保護和擴展我們海軍艦隊的能力和彈性。

We will continue to work hard to deliver resiliency to our power grid and the Navy fleet, and hopefully, that is music to the ears of the markets we serve. We are seeing a diverse set of powerful tailwinds emerging in our business. We believe we're well positioned to take advantage of these tailwinds and that should be music to our ears.

我們將繼續努力為我們的電網和海軍艦隊提供彈性，希望這對我們所服務的市場來說是美妙的。我們看到我們的業務中出現了一系列強大的推動力。我們相信，我們已經做好了充分利用這些順風車的準備，這對我們來說應該是美妙的。

I look forward to reporting to you again following the completion of our first quarter of fiscal 2022. Mary, can we now open up the line to questions from our analysts.

我期待在 2022 財年第一季度完成後再次向您匯報。瑪麗，我們現在可以開放電話回答分析師的問題嗎？

(Operator Instructions) We can now take our first question from Justin Clare of ROTH Capital Partners.

（操作員說明）我們現在可以回答羅斯資本合夥公司的賈斯汀·克萊爾提出的第一個問題。

So I guess, first off, just on the fourth quarter here, I was wondering if you could just share a little bit more detail on what drove the sequential decline in margins? How much of this was related to lower margin backlog with Neeltran versus material cost inflation? And then if you could just talk through a little bit about how the material cost inflation might be impacting some of your specific business lines, which are kind of most exposed to that at this point?

所以我想，首先，就在第四季度，我想知道您是否可以分享更多關於是什麼導致利潤率連續下降的細節？其中有多少與 Neeltran 的積壓利潤相對於材料成本通脹較低有關？然後，您是否可以稍微談談材料成本通脹可能如何影響您的一些特定業務線（目前最容易受到影響）？

Yes. I mean, John, kind of, I think, queued it up pretty nicely in the prepared remarks. Once you go through the points that you made and then we can, Justin, we can add some more color where applicable.

是的。我的意思是，約翰，我認為，在準備好的發言中很好地排列了它。一旦你回顧了你提出的觀點，然後我們就可以，賈斯汀，我們可以在適用的地方添加更多顏色。

Hello, Justin. So in reference to Q4 to Q4 bridge, we're not going to get into the specifics of how much of that was the Neeltran backlog versus how much was inflationary. Both were impacted, not so much the third bullet that I mentioned in the full year headwinds. But I would say the first 2 Neeltran backlog and the inflationary pressure, both had an impact on Q4 sequential decline in gross margin. The second question was which product lines specifically? Pretty much all of them.

你好，賈斯汀。因此，就第四季度到第四季度的橋接而言，我們不會詳細說明其中有多少是 Neeltran 積壓的訂單，有多少是通貨膨脹造成的。兩者都受到了影響，而不是我在全年逆風中提到的第三顆子彈。但我想說，前 2 個 Neeltran 積壓和通脹壓力，都對第四季度毛利率連續下降產生了影響。第二個問題是具體有哪些產品線？幾乎全部。

Yes, everything we use, use of metals, for closures and we have outdoor equipment, even the wire itself is based upon some metals. So when we look at commodity metals, that's what we've been trying to focus on managing the intake and the cost of the intake of those and trying to do design work, trying to work with the supply chain and additional suppliers to manage those costs going forward. And I think the team has done a really nice job of pricing that in where it's possible. Remember, we're basically a make-to-order shop. So as we look at each project and we take it on, we try to align pricing costs as best we can at that point in time. The real risk becomes the duration that it takes to build that product, which could be 3 to 6 months and some product lines, it could be as much as a year or more in Neeltran. And that's really what you're seeing with the Neeltran part is kind of 2 pieces to it. One is we inherited the backlog that had lean margins to begin with. And now you're also coupling that with inflationary costs. So we're trying to get ahead of that as fast as we can. I'll leave it at that.

是的，我們使用的一切，金屬的使用，用於封閉件，我們有戶外設備，甚至電線本身也是基於某些金屬的。因此，當我們考慮商品金屬時，我們一直在努力關注管理這些金屬的攝入量和攝入成本，並嘗試進行設計工作，嘗試與供應鍊和其他供應商合作來管理這些成本向前走。我認為團隊在可能的情況下定價方面做得非常好。請記住，我們基本上是一家按訂單生產的商店。因此，當我們審視並承擔每個項目時，我們會盡力在當時盡可能地調整定價成本。真正的風險在於構建該產品所需的持續時間，在 Neeltran 中可能需要 3 到 6 個月，而某些產品線可能長達一年或更長時間。這就是你所看到的 Neeltran 部分實際上是由兩部分組成的。一是我們繼承了原本利潤微薄的積壓訂單。現在你還將其與通貨膨脹成本聯繫起來。因此，我們正在努力盡快實現這一目標。我就這樣吧。

And then just thinking through that a little bit. So you mentioned price increases that you're implementing here. How long do you think before those price increases could result in margin improvement? Because it looks like from your guidance, F Q1 margins could decline a bit from F Q4, so maybe if you could talk about that. And then just how long could it take for those price increases to result in that margin improvement?

然後稍微思考一下。所以你提到了你在這裡實施的價格上漲。您認為價格上漲需要多長時間才能導致利潤率提高？因為從您的指導來看，F Q1 的利潤率可能會比 F Q4 略有下降，所以也許您可以談談這一點。那麼，價格上漲需要多長時間才能導致利潤率改善？

It's probably going to take a few quarters to get completely through it, but I would -- my guess and my belief, my expectation is we should start to see improvement. I'll let John comment on the first quarter. But if I look beyond in the second quarter, third quarter, we should see improvement. At those periods of time, we certainly priced everything in. We probably burned through most of the legacy Neeltran backlog that we inherited in Q1. I don't know if you want to add more.

可能需要幾個季度才能完全完成，但我會 - 我的猜測和我的信念，我的期望是我們應該開始看到改進。我會讓約翰評論第一季度。但如果我把目光投向第二季度、第三季度，我們應該會看到進步。在那些時期，我們當然已經將一切都考慮在內了。我們可能燒毀了第一季度繼承的大部分 Neeltran 積壓訂單。不知道你是否還想補充。

Yes. I mean, so in our prepared remarks, Justin, we said we expect it to be by late fiscal 2022. Between now and then, we should see improvement as time goes on. But our expectation is by late 2022 we should get the full impact of those price increases.

是的。我的意思是，賈斯汀，在我們準備好的講話中，我們表示預計將在 2022 財年末實現。從現在到那時，隨著時間的推移，我們應該會看到改進。但我們預計到 2022 年底，我們應該會充分感受到價格上漲的影響。

And then just shifting gears to your wind segment here. You mentioned that the design certification for the 3-megawatt was achieved. So congratulations on that. And just wondering if you could provide a little bit more detail on the steps from here that you would need to get an order secured? And what you need to do on your end to line up the supply chain in order to deliver on those orders?

然後在這裡將齒輪切換到風力部分。您提到3兆瓦已經獲得設計認證。所以恭喜你。只是想知道您是否可以提供更多有關獲得訂單所需的步驟的詳細信息？您需要做什麼來協調供應鏈才能交付這些訂單？

Yes. We're already looking at the supply chain and what the risks are there, so we can quote appropriate lead times to our customer, Inox, as we embark on discussions around an order. I think Inox, today, if I personalize, I think they're in a much better position they've been in recent memory financially. I think that they're looking forward here in 2022 to really starting to rebuild their business. We think a lot of their competitive advantage comes from a great 2-megawatt platform that has low win capabilities and a bunch of things that we've worked on together to give them differentiation in the market. But the addition of this 3-megawatt turbine, we think, really helps to build a bigger potential to expand their business further.

是的。我們已經在研究供應鏈以及存在的風險，因此當我們開始圍繞訂單進行討論時，我們可以向我們的客戶 Inox 報出適當的交貨時間。我認為 Inox，今天，如果我個性化的話，我認為他們在財務上的處境要好得多。我認為他們期待 2022 年真正開始重建他們的業務。我們認為他們的很多競爭優勢來自於一個出色的 2 兆瓦平台，該平台具有較低的獲勝能力，以及我們共同努力的一系列事情，以使他們在市場中脫穎而出。但我們認為，增加這台 3 兆瓦渦輪機確實有助於建立更大的潛力，進一步擴展他們的業務。

So we're actively today trying to best understand our supply chain so that when we believe that order will happen, that we're ready to be able to respond with products as fast as we can and then lead times that we believe we can manage and deliver to. It is a challenging environment today. We're really dealing with daily challenges when it comes to availability of parts for a lot of our products. But I don't think that's any different than any other businesses out there. But I think the team has really done a great job of navigating our way through that. It's not just production and supply chain, but engineering and the guys on the floor as well on how do we keep things moving for our customers.

因此，我們今天正在積極努力最好地了解我們的供應鏈，以便當我們相信訂單將會發生時，我們準備好能夠盡快響應產品，然後交貨時間是我們相信我們可以管理的並交付至。今天的環境充滿挑戰。當涉及到我們許多產品的零件供應時，我們確實每天都在應對挑戰。但我認為這與其他企業沒有什麼不同。但我認為團隊在幫助我們渡過難關方面確實做得非常出色。這不僅涉及生產和供應鏈，還涉及工程技術和現場人員，以及我們如何為客戶保持運轉。

One of the advantages we have as part of the certification process is we build a prototype. And so the good news is we do have an existing identified supply chain base for that turbine. Now it's just a matter of ramping up for production.

作為認證過程的一部分，我們的優勢之一是我們構建了原型。因此，好消息是我們確實擁有該渦輪機現有的已確定供應鏈基地。現在只需要提高產量即可。

And we can now take our next question from Colin Rusch of Oppenheimer.

現在我們可以回答奧本海默的科林·拉施 (Colin Rusch) 提出的下一個問題。

Could you talk a little bit about the progression that you're seeing with your utility scale customers for the REG product? I assume that now that the inflation is done, I think they're starting to accelerate a little bit.

您能否談談您所看到的公用事業規模客戶對 REG 產品的進展？我認為現在通貨膨脹已經結束，我認為它們開始加速一點。

Yes. I think that's a good word. I think the conversations that we're having, the specificity and the depth, schedule and those kinds of things. I think really turning on the Chicago system has really helped to open up the mind of utility where we were discussing projects with a bunch of utilities. Now they're coming up with problems that they want us to help them solve. So I talked a little bit about in the prepared remarks so that you -- there clearly is our utility partners actually helping us with us. They're very proud of what they've been able to do and learn with us. And they're excited as we are to go out and talk about the solution.

是的。我認為這是一個好詞。我認為我們正在進行的對話、具體性和深度、時間表和諸如此類的事情。我認為真正開啟芝加哥系統確實有助於打開公用事業公司的思維，我們正在與一群公用事業公司討論項目。現在他們提出了希望我們幫助他們解決的問題。因此，我在準備好的發言中談了一點，以便你們——顯然我們的公用事業合作夥伴實際上正在幫助我們。他們對自己能夠與我們一起做和學到的東西感到非常自豪。他們很興奮，因為我們要出去討論解決方案。

And can you talk a little bit about the potential for cross-selling with those utilities around, not just from REG, but into the D-VAR and other voltage power management solutions, given the potential growth in renewables? Is there another stream of revenue that you might start seeing directly these new utilities? Or is it really still with the developers on those systems?

鑑於可再生能源的潛在增長，您能否談談與周圍公用事業公司交叉銷售的潛力，不僅是 REG，而且是 D-VAR 和其他電壓電源管理解決方案？您是否可以開始直接看到這些新公用事業的另一種收入來源？或者這些系統的開發人員真的還在嗎？

I don't know if you've been listening to our sales meetings, Paul. But what I said in the prepared remarks are, we're already seeing it in renewables and semiconductor. And I see a real untapped potential there in utilities. We have applicability with D-VAR. We certainly have applicability with VVO, with REG. If utilities have demand for customers that are dealing with electrification challenges for a mine, for instance, or they're the utilities servicing and semiconductor fab. The utility in many ways is the nexus of kind of bringing together where all of our products matter. And that's really where I think there is some untapped future leverage that we're certainly pushing the team to go after.

保羅，我不知道你是否聽過我們的銷售會議。但我在準備好的發言中所說的是，我們已經在可再生能源和半導體領域看到了這一點。我看到了公用事業領域真正尚未開發的潛力。我們對 D-VAR 具有適用性。我們當然可以使用 VVO 和 REG。例如，如果公用事業公司對正在應對礦山電氣化挑戰的客戶有需求，或者他們是公用事業服務和半導體工廠。從很多方面來說，實用性是將我們所有產品的重要之處結合在一起的紐帶。我認為這確實是未來一些尚未開發的槓桿，我們肯定會推動團隊去追求。

And we can now take our next question from Eric Stine of Craig-Hallum.

現在我們可以回答 Craig-Hallum 的 Eric Stine 提出的下一個問題。

So just going back wind. I mean, obviously, a more optimistic tone by end market, by customer, you've got the 3-megawatt certification. And in the release, you talked about you're hopeful that there is a rebound. I mean, what sort of things do we need to see and kind of in what time frame do we need to see it in order for you to be able to, whether it's on the next call and say, "Hey, we're seeing the pickup and that pickup will become more evident in the back half and into fiscal '23." I mean, just maybe some of the steps that you expect or want to see to feel more confident along those lines?

所以只是逆風而行。我的意思是，顯然，終端市場、客戶的語氣更加樂觀，你已經獲得了 3 兆瓦認證。在新聞稿中，您談到您對經濟反彈抱有希望。我的意思是，我們需要看到什麼樣的事情，我們需要在什麼時間範圍內看到它，以便您能夠，無論是在下一次通話中說，“嘿，我們正在看到這種回升將在下半年和23 財年變得更加明顯。”我的意思是，也許您期望或希望看到一些步驟，以便在這些方面感到更加自信？

Yes. I think today, what we're trying to get you to understand, I think you've got it 100%, which is there's a series of tailwinds of kind of the weather has changed in our environment where we really only have tailwinds, the minor headwind and some margin issues, we think, are going to behind us in the coming quarters. We're looking now forward, you hear us talk about 2025 and a lot of our focus is how do we now build from '21 to '22 and then on to '25 with the capabilities in these markets that we're serving. And we think we really have a tremendous opportunity. I have not laid out today and nor will I kind of the specifics of what we're going to do quarter-by-quarter. I think the main key indicator I always look to is the health of our order book, what does our backlog look like, how diversified is that. We've tried to do a better job of signaling that with press releases and descriptions of the markets that we see building and the countries that we see that building in. So really that's kind of the main #1 indicator.

是的。我想今天，我們想讓你理解的，我想你已經100%明白了，那就是我們的環境中存在一系列的順風，天氣已經發生了變化，而我們實際上只有順風，我們認為，未來幾個季度，輕微的逆風和一些利潤問題將成為過去。我們現在展望未來，您會聽到我們談論 2025 年，我們的重點是我們現在如何利用我們所服務的這些市場的能力從“21”到“22”再到“25”。我們認為我們確實擁有巨大的機會。我今天沒有列出，也不會說明我們將按季度做什麼的具體細節。我認為我一直關注的主要關鍵指標是我們的訂單簿的健康狀況，我們的積壓情況如何，多元化程度如何。我們試圖通過新聞稿和對我們所看到的市場以及我們所看到的國家的新聞稿和描述來更好地傳達這一點。所以這確實是主要的第一指標。

The second one would be some other development in the relationship with Inox. I believe that they're getting healthier, maybe we'll see things for them here in the future that will give you signals to that. So that would be something that I would look to. Certainly an order on us would be that. But they're trying to work through all the supply chain challenges that they see, and we're helping them with the supply chain for the 3 megawatt.

第二個是與 Inox 關係的其他發展。我相信他們正在變得更健康，也許我們將來會在這裡看到他們的一些東西，這會給你帶來信號。所以這將是我所關注的事情。當然，對我們的命令就是這樣。但他們正在努力解決他們看到的所有供應鏈挑戰，我們正在幫助他們解決 3 兆瓦的供應鏈問題。

And then I don't know if I hinted it or I basically explicitly said, more ships are coming. It's hard to name which hauls and when, but it really does feel like the technology is on the precipice of being broadly adopted in the U.S. fleet and then extend it into allies. But it's hard for me to dictate what that pacing is going to be. We're going to serve the Navy as they need it. It is a great fit. It's a nice feeling to have delivered. I think the hard part for investors to understand our orders are one thing, but delivery on those systems and getting them to make work over and over again is what this organization does incredibly well. And we want to keep doing those things and being able to do it as markets expand and more customers call on us for our solutions.

然後我不知道我是否暗示過，或者我基本上明確地說，更多的船隻即將到來。很難說出哪些運輸以及何時運輸，但確實感覺這項技術即將在美國艦隊中廣泛採用，然後擴展到盟友。但我很難決定節奏會是怎樣。我們將根據海軍的需要為他們服務。這是一個非常合適的選擇。交付的感覺真好。我認為投資者理解我們的訂單的困難是一回事，但交付這些系統並讓它們一遍又一遍地工作是這個組織做得非常好的事情。我們希望繼續做這些事情，並且隨著市場的擴大和更多客戶尋求我們的解決方案而能夠做到這一點。

Yes. I mean definitely pretty noticeable, more confidence or more details also on SPS. And that's since last quarter. I mean, is that -- what do you attribute that to? I know you've been doing engineering work on some of these? Are those -- is it just those becoming more mature or the market backdrop as well?

是的。我的意思是在 SPS 上絕對非常明顯、更有信心或更多細節。這是自上個季度以來的情況。我的意思是，你認為這是因為什麼？我知道你一直在做其中一些工程工作？是那些變得更加成熟的因素還是市場背景？

I think the Navy understands, to meet their vision and then kind of how I had stated in the remarks is almost verbatim of the thing that we've said to them. Our mission is to enhance capability without adding complexity or size, right? And that is exactly what the Navy is looking for. How do we take the existing fleet to do more in a world that's more dangerous, right? And we think that superconductor is a critical technology for the Navy. We don't think it stops with degaussing. So I don't want to get people too excited or too ahead of where I am and why I start to get excited when we meet with the team. But we do really think it's a good, it's a critical technology for the Navy because it really meets the modern mission in this really dangerous world that we're -- it's getting more dangerous, seems every week.

我認為海軍理解，為了實現他們的願景，然後我在講話中所說的幾乎是我們對他們所說的話的逐字逐句。我們的使命是在不增加複雜性或規模的情況下增強能力，對嗎？這正是海軍正在尋找的。我們如何利用現有的艦隊在一個更加危險的世界中做更多的事情，對嗎？我們認為超導對於海軍來說是一項關鍵技術。我們認為消磁不會停止。所以我不想讓人們太興奮或太超前於我的處境以及為什麼當我們與團隊見面時我開始變得興奮。但我們確實認為這是一項很好的技術，對海軍來說是一項關鍵技術，因為它確實滿足了我們所處的這個非常危險的世界中的現代任務——它似乎每週都變得更加危險。

And then lastly, just on Grid, you laid out kind of some of the timing issues in the first quarter and that being a big part of the guide relative to the fourth quarter without specific guidance, which I know you don't give for the year. I mean are you expecting growth in grid for the year when you account for that slow start to the year based on the market backdrop and where your backlog stands today? We try to telegraph probably more clearly than we ever have kind of the quarter-to-quarter variance in the revenue and the bottom line is that you see semiconductor is becoming more significant fraction of the business, and we were transparent with that today, right?

最後，就在 Grid 上，您列出了第一季度的一些時間安排問題，這是相對於第四季度的指南的一個重要部分，沒有具體的指導，我知道您不會給出具體指導年。我的意思是，當您根據市場背景和今天的積壓情況考慮到今年開局緩慢的情況時，您是否預計今年電網會出現增長？我們試圖比以往任何時候都更清楚地傳達收入的季度與季度差異，最重要的是，你會看到半導體正在成為業務中越來越重要的一部分，而我們今天對此是透明的，對吧？

That's a mission that we set out on a few years ago that we set out on a few years ago that I think not everybody understood or believed, but it's now come to reality. It's now a big enough part of the business that variations in that part of the business will have a direct impact on where we think that this is going to head quarter-to-quarter. So specifically around semiconductor and D-VAR, we see the timing of some projects in that. We had a nice Q4. We'll see Q1 that's probably a bit worse off, almost dollar for dollar between the guide and the bottom line. We don't see that lasting more than the first quarter. So when we look at the backlog that we have and we look at the projects that we're targeting, it looks like we should have a very healthy business with semiconductor fabs again this year.

這是我們幾年前製定的一項使命，我認為並不是每個人都理解或相信，但它現在已經成為現實。現在，它已成為該業務的一個足夠大的部分，該部分業務的變化將直接影響我們認為該業務每個季度的發展方向。因此，特別是圍繞半導體和 D-VAR，我們看到了其中一些項目的時機。我們有一個不錯的第四季度。我們會看到第一季度的情況可能會更糟，幾乎在指導值和底線之間。我們認為這種情況不會比第一季度持續更久。因此，當我們查看我們的積壓訂單以及我們的目標項目時，看起來我們今年應該再次與半導體工廠保持非常健康的業務。

Again, the key indicator is we need to keep delivering orders and making announcements that we're getting orders in the markets that we're in are future markets that we're looking to target. I think that's the main thing to watch, Eric.

同樣，關鍵指標是我們需要繼續交付訂單並宣布我們在我們正在尋找的目標未來市場中獲得的訂單。我認為這是最值得關注的事情，埃里克。

And we can now take our next question from Chip Moore of EF Hutton.

現在我們可以回答 EF Hutton 的 Chip Moore 提出的下一個問題。

I've got a follow-up [for the guidance, if you will, given] you did a great job outlining the multiyear (inaudible) potential for any supply chain challenges in the back half of the year? Is that a risk? And how we should assess that?

我有一份後續報告（如果您願意的話，請提供指導）您出色地概述了下半年供應鏈挑戰的多年（聽不清）潛力？這有風險嗎？我們應該如何評估這一點？

You're a bit muddled, but I think what you're asking, Chip, is about supply chain going forward and are those risk increasing or decreasing? And it appears like those risks have -- it feels like they've reached their peak and they should be decreasing quarter-to-quarter. But gosh, I don't -- I mean, it's hard for me to know that the next thing happens, the next shoe drops, Putin does something else differently. The U.S. responds in a different way. There's so many -- I mean that's where the market, I think, is where it is overall is people just don't know what's going to happen next. And what we've tried to do and I think we've demonstrated nicely going back to the organization is we've built a company that has the resolve to be able to manage through these things. So I think to answer the question directly, I think the risk is reducing. But I don't know how many people were predicting Russia to invade Ukraine 2, 3 years ago.

你有點困惑，但我認為你問的是，奇普，是關於供應鏈的未來發展，這些風險是增加還是減少？這些風險似乎已經達到頂峰，應該會逐季度下降。但是天哪，我不知道——我的意思是，我很難知道下一件事會發生，下一次鞋子掉下來，普京會做其他不同的事情。美國則以不同的方式做出回應。有這麼多——我的意思是，我認為這就是市場的整體情況，人們只是不知道接下來會發生什麼。我們一直在努力做的事情，我認為我們已經很好地證明了回到組織上來，我們已經建立了一家有決心能夠管理這些事情的公司。所以我認為直接回答這個問題，我認為風險正在降低。但我不知道兩三年前有多少人預測俄羅斯會入侵烏克蘭。

And one more for me. I guess on [made] America clauses more on the grid investment side, have seen some companies sort of the energy control space, announcing plans to build capacity ahead of some of that investment. I would think that's an advantage for you, but is that something you're seeing? And how do you think about that?

還有一張給我。我想美國的條款更多的是在電網投資方面，已經看到一些公司在能源控制領域，宣布了在部分投資之前建設產能的計劃。我認為這對你來說是一個優勢，但這是你所看到的嗎？您對此有何看法？

Yes, it's an advantage, is something that we're seeing. We're already there. I don't know other companies that you're thinking about, but maybe offline you can tell us more specific on the companies you're referring to. But yes, this is an advantage for us.

是的，這是一個優勢，這是我們所看到的。我們已經到了。我不知道您正在考慮的其他公司，但也許您可以在線下更具體地告訴我們您所指的公司。但是，是的，這對我們來說是一個優勢。

We have no further questions. This now concludes our Q&A session. I would now like to hand the call back to Daniel McGahn for any additional or closing remarks.

我們沒有其他問題了。我們的問答環節到此結束。我現在想將電話轉回給 Daniel McGahn，以徵求補充或結束語。

Thanks, Mary. I mean we grew grid by 40%. If you asked me a year ago, is that what was going to happen, obviously, we don't guide for the year, but that's an extraordinary number. It is coming from organic. It is coming from the acquisitions. But what we want to do is keep building this company to add diversity in the revenue. So you can see in just how we talked about renewables as a fraction and semiconductor and the mining and minerals. The Navy will become a big fraction. [Colin] got to it with the utilities. Utilities are going to become a bigger fraction over time.

謝謝，瑪麗。我的意思是我們的網格增長了 40%。如果你一年前問我，這會發生什麼，顯然，我們不會指導今年的情況，但這是一個非同尋常的數字。它來自有機。它來自收購。但我們想做的是繼續建設這家公司，以增加收入的多樣性。因此，您可以看到我們如何談論可再生能源、半導體以及採礦和礦物。海軍將成為很大一部分。 [科林]通過公用事業解決了這個問題。隨著時間的推移，公用事業將佔據更大的比例。

We just feel probably very different today, differently in the number of positive things that we're seeing, we really only see positives coming, the short-term negative on dealing with margins and inherited backlog and all of that is, it's not yet behind us, but it's going to be in a number of cycles. And the longer-term hope for this business, we think we're really going to start to see signs of here in 2022. But when we work together as a team, we're worried about 2025. How do we continue this growth trajectory that we've been on and be able to do it over and over again by diversifying the product portfolio, what we invest in, maybe eventually what we look to acquire. So yes, today is should feel different for you guys because it feels different for us, and I want to make sure that we got that message across.

我們今天的感覺可能非常不同，我們看到的積極事物的數量有所不同，我們實際上只看到積極的一面，處理利潤和繼承積壓的短期負面影響，所有這一切，它還沒有落後我們，但這將經歷多個週期。對於這項業務的長期希望，我們認為我們真的會在 2022 年開始看到這裡的跡象。但是當我們作為一個團隊一起工作時，我們對 2025 年感到擔憂。我們如何繼續這種增長軌跡我們一直在並且能夠通過使產品組合、我們投資的東西、也許最終我們希望獲得的東西多樣化來一次又一次地做到這一點。所以，是的，今天對你們來說應該有不同的感覺，因為對我們來說也有不同的感覺，我想確保我們傳達了這一信息。

Thank you for your time, and we'll probably talk to you soon as we look to close out the first quarter. Thank you, everybody.

感謝您抽出時間，我們可能會在第一季度結束時盡快與您聯繫。謝謝大家。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。