American Superconductor Corp (AMSC) 2022 Q4 法說會逐字稿

Good morning, and welcome to the AMSC Fourth Quarter Fiscal Year 2022 Financial Results Conference Call. (Operator Instructions) Please also note that this event is being recorded today.

早安，歡迎參加 AMSC 2022 會計年度第四季財務業績電話會議。（接線員指示）也請注意，本活動今日將進行錄音。

I would now like to turn the conference over to John Heilshorn at LHA. Please go ahead, sir.

現在我想把會議交給 LHA 的 John Heilshorn。先生，請開始。

Thank you, Joe. Good morning, everyone, and welcome to American Superconductor Corporation's fourth Quarter and full fiscal year 2022 earnings conference call. I am John Heilshorn of LHA Investor Relations, AMSC's Investor Relations agency of record. 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. American Superconductor issued its earnings release for the fourth quarter and full fiscal year '22 yesterday after the market closed. For those of you who have not seen the release, copies available in the Investors page of the company's website at www.amsc.com.

謝謝你，Joe。各位早安，歡迎參加 American Superconductor Corporation 2022 會計年度第四季及全年財報電話會議。我是 LHA Investor Relations 的 John Heilshorn，LHA 為 AMSC 的投資人關係代理機構。今天與我們一同出席的有：董事長、總裁兼執行長 Daniel McGahn；以及資深副總裁、財務長兼財務主管（Treasurer）John Kosiba。American Superconductor 昨日於收盤後發布 2022 會計年度第四季及全年財報新聞稿。尚未看到新聞稿的各位，可至公司網站 www.amsc.com 的 Investors（投資人）頁面取得副本。

Before starting the call, I'd 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 2023 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.

在開始會議之前，我想提醒各位，管理層在今日會議中可能就 American Superconductor 未來預期所作的各項評論（包括對公司 2023 會計年度第一季財務表現、計畫與前景的預期）均構成《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）安全港條款所定義之前瞻性陳述。

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, 2023, which the company filed with the Securities and Exchange Commission on May 31, 2023, and the company's other reports filed with the SEC. 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.

由於多項重要因素，實際結果可能與此等前瞻性陳述所示者存在重大差異；其中包括 American Superconductor 截至 2023 年 3 月 31 日止年度之 Form 10-K 年報「風險因素」章節所載因素（公司已於 2023 年 5 月 31 日向美國證券交易委員會（SEC）提交），以及公司向 SEC 提交的其他報告中所載因素。此等前瞻性陳述僅代表管理層截至今日之預期，不應被依賴為管理層於今日之後任何日期之觀點。雖然公司預期後續事件與發展可能導致公司觀點改變，但公司明確聲明不承擔更新此等前瞻性陳述之任何義務。

Also, on today's call, management will refer to non-GAAP net loss and non-GAAP financial measure. The company believes non-GAAP net loss assist 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. The reconciliation of GAAP net loss to non-GAAP net loss can be found in the fourth quarter and full fiscal year 2022 earnings press release 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 Investors page of its website at www.amsc.com.

此外，在今日會議中，管理層將提及非 GAAP 淨損失及非 GAAP 財務衡量指標。公司認為，非 GAAP 淨損失可透過排除公司認為不具核心營運表現代表性的非現金、非經常性或其他費用，協助管理層與投資人以一致基礎比較公司在各報導期間的表現。GAAP 淨損失與非 GAAP 淨損失之調節表可見於公司昨晚以 Form 8-K 形式向 SEC 提交並提供之 2022 會計年度第四季及全年財報新聞稿。American Superconductor 的所有新聞稿與 SEC 申報文件，皆可於其網站 www.amsc.com 的 Investors（投資人）頁面查閱。

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

接下來，我將把電話會議交給董事長、總裁兼執行長 Daniel McGahn。Daniel？

Thanks, John. Good morning, everyone, and thank you for joining us. I'll begin today by providing an update and sharing a few remarks on the business. John Kosiba will then provide a detailed review of our financial results for the fourth quarter and full fiscal year 2022. He will also provide guidance for the first quarter of fiscal 2023, which will end June 30, 2023. Following our remarks, we'll open up the line for questions from our analysts.

謝謝你，John。各位早安，感謝各位加入。我今天先提供最新進展並分享幾點業務評論。接著 John Kosiba 將就 2022 會計年度第四季及全年財務結果進行詳細說明。他也將提供 2023 會計年度第一季（將於 2023 年 6 月 30 日結束）的財測指引。在我們發言之後，我們將開放分析師提問。

I'll begin today with a brief recap of our fourth quarter before discussing fiscal year 2022. In the March ending quarter, our fourth quarter, we saw revenues grow by more than 10% against the year ago period as we reached a recent record level of revenues eclipsing $30 million for the quarter. Both wind and grid grew. Our wind business revenue increased by more than 30% over the year ago quarter, while our grid business revenue grew by 10% over the same period. We believe this unprecedented quarterly revenue level represents an inflection point for our company. As we have stated, margins will be compressed as we work off Neeltran backlog. The good news is we were able to complete several of these projects during our fourth quarter and only have a couple more to deliver. Orders that we have been generating across our product lines have been, in many cases, at higher prices and with expected higher margins. As we work off the remainder of this backlog, we expect to see gross margin expansion as well as dramatic operating cash flow improvement. I think this is one of the main themes you'll hear throughout this call.

我先簡要回顧第四季，再談 2022 會計年度。在截至 3 月的季度，也就是我們的第四季，我們的營收較去年同期成長超過 10%，單季營收突破 3,000 萬美元並創下近期新高；風電與電網兩大業務皆有成長。我們的風電業務營收較去年同期成長超過 30%，而電網業務營收在同期間成長 10%。我們認為，這一前所未有的單季營收水準代表公司的一個拐點。正如我們先前所述，隨著我們消化 Neeltran 的積壓訂單（backlog），毛利率將受到壓縮。好消息是，我們在第四季完成了其中數個專案，目前僅剩少數幾個待交付。我們在各產品線所取得的訂單，許多情況下價格更高且預期毛利率也更高。隨著我們消化剩餘積壓訂單，我們預期將看到毛利率擴張，以及營運現金流大幅改善。我認為這將是你在本次電話會議中反覆聽到的主要主題之一。

Additionally, our 12-month backlog of more than $125 million indicates that we could be able to maintain these revenue levels going forward. During fiscal 2022, we've decreased overhead spending and have raised prices across all product lines where possible. Fiscal year 2022 is one of continued business diversification and strong global orders growth. We announced $150 million of new energy power systems orders during the year. This is an increase of more than 75% over the prior year levels. In fiscal 2022, we saw robust order bookings for the entire company of over $165 million. Our revenues for fiscal 2022 were $106 million.

此外，我們超過 1.25 億美元的 12 個月積壓訂單顯示，我們未來可能得以維持這些營收水準。在 2022 會計年度期間，我們降低了間接費用支出，並在可行之處提高所有產品線的價格。2022 會計年度持續呈現業務多元化與全球訂單強勁成長。我們在年度內宣布新增能源電力系統訂單 1.5 億美元，較前一年度水準增加超過 75%。2022 會計年度，公司整體訂單簽約（order bookings）超過 1.65 億美元。2022 會計年度營收為 1.06 億美元。

Clearly, our backlog is telegraphing growth. We delivered our first ship protection system and are installing it on the ship. We are in the process of delivering the second ship protection system. We received an order for our fifth ship protection system. We began engineering work to specify a potential solution for foreign navies. We have been talking about more ship content coming, and you can see this with our recent announcement of our mine countermeasure system. If and when this program goes into production, it would dramatically impact the business' cash generation capabilities.

顯然，我們的積壓訂單正在預示成長。我們已交付第一套艦艇防護系統，並正在艦上安裝。我們正在交付第二套艦艇防護系統。我們也收到第五套艦艇防護系統的訂單。我們已開始工程作業，以針對外國海軍規劃潛在解決方案。我們一直在談會有更多艦艇相關內容，你也可以從我們近期發布的水雷反制系統（mine countermeasure system）公告中看到這點。若且當該計畫進入量產，將大幅提升本業務的現金創造能力。

We met specified performance requirements with our Resilient Electric Grid System, releasing $5 million of restricted cash in the quarter. Our installed system in Chicago is performing as planned and has become a showcase for the technology. We are in active detailed discussions with several utilities about specific possible projects for each utility. We've been working on developing more than a dozen projects here in the United States. We saw nearly 20% year-over-year growth in our wind business as Inox business prospects begin to improve. We'll talk more about the prospects for this part of our business and our recent announcement later in the call. We saw a nearly 20% increase in international revenues versus fiscal 2021. Similar to fiscal 2021, we saw diverse revenue in renewable, industrial, semiconductor, mining and Navy projects. About 1/4 of our sales were for renewable projects. Industrials represented about 1/4 as well. Semiconductor projects accounted for about 15%. Metal, mining and materials were nearly 10% and the Navy was just above 10%.

我們的韌性電網系統（Resilient Electric Grid System）達成指定的性能要求，使本季得以釋放 500 萬美元的受限制現金（restricted cash）。我們在芝加哥已安裝的系統如計畫運作，並已成為該技術的展示案例。我們正與多家公用事業公司就各自可能的具體專案進行積極且深入的討論。我們一直在美國推動開發十多個專案。隨著 Inox 業務前景開始改善，我們的風電業務年增近 20%。我們將在本次電話會議稍後更深入談論該業務部分的前景以及我們近期的公告。相較 2021 會計年度，我們的國際營收增加近 20%。與 2021 會計年度類似，我們在再生能源、工業、半導體、採礦及海軍專案方面的營收來源多元。約四分之一的銷售來自再生能源專案；工業約占四分之一；半導體專案約占 15%；金屬、採礦與材料接近 10%；海軍略高於 10%。

The diversity of orders and sales allowed us to transition from almost a pure play in wind to a company now focused on the power grid and military resiliency markets. The primary challenge now will be, can we stabilize at these revenue levels and demonstrate margin improvement. Secondly, what is the pathway to grow to even higher levels of quarterly revenue. We will discuss more on this after John talks to the financial results for the quarter.

訂單與銷售的多元性，使我們得以從幾乎純粹的風電公司，轉型為如今聚焦於電網與軍事韌性市場的公司。當前的主要挑戰在於：我們能否在這些營收水準上穩定下來，並展現毛利率改善。其次，通往更高單季營收水準的成長路徑為何。我們將在 John 說明本季財務結果後再進一步討論。

Now I'll turn the call over to John Kosiba to review our financial results for the fourth quarter and full fiscal year 2022 and provide guidance for the first quarter of fiscal 2023, which will end June 30, 2023. John?

現在我把電話會議交給 John Kosiba，請他回顧 2022 會計年度第四季及全年財務結果，並提供 2023 會計年度第一季（將於 2023 年 6 月 30 日結束）的財測指引。John？

Thanks, Daniel, and good morning, everyone. Total revenues for the fourth quarter of fiscal 2022 were $31.7 million. This is an increase of 12% compared to the year ago quarter of $28.3 million. Grid business revenues of $28.3 million increased by 10% versus the year ago quarter. This was led by strong new energy power system sales. Wind business revenues of $3.4 million increased by 33% versus the year ago quarter. This was led by increased ECS shipments to Inox. Looking at the full fiscal year, our total revenues were $106 million. This was led by our grid business. In fact, grid business revenues of $94.6 million represented 89% of fiscal 2022 revenues, while our wind business revenues of $11.4 million represented 11% of fiscal 2022 revenues.

謝謝你，Daniel。各位早安。2022 會計年度第四季總營收為 3,170 萬美元，較去年同期的 2,830 萬美元增加 12%。電網業務營收 2,830 萬美元，較去年同期成長 10%，主要由強勁的新能源電力系統銷售帶動。風電業務營收 340 萬美元，較去年同期成長 33%，主要由對 Inox 的 ECS 出貨增加所帶動。就全年而言，我們的總營收為 1.06 億美元，主要由電網業務帶動。事實上，電網業務營收 9,460 萬美元，占 2022 會計年度營收的 89%；而風電業務營收 1,140 萬美元，占 2022 會計年度營收的 11%。

Looking at the P&L in more detail. Gross margin for the fourth quarter of fiscal 2022 was 12%, which was flat compared to the year ago quarter. Gross margin for the fourth quarter included a $1.8 million benefit associated with employee retention credits or ERCs processed and accounted for in the quarter. This was offset by approximately $2.3 million of project losses at Neeltran as we continue to ship and deliver the acquired Neeltran backlog. For the full fiscal year 2022, AMSC generated gross margin of 8%. This was down from 12% in fiscal year 2021.

更深入地檢視損益表（P&L）。2022 會計年度第四季的毛利率為 12%，與去年同期持平。2022 會計年度第四季的毛利率包含與員工留任抵免（employee retention credits，ERCs）相關、於本季處理並入帳的 180 萬美元利益。此項利益被 Neeltran 約 230 萬美元的專案損失所抵銷，因為我們持續出貨並交付所收購的 Neeltran 在手訂單。就 2022 會計年度全年而言，AMSC 的毛利率為 8%，低於 2021 會計年度的 12%。

Now moving on to operating expenses. Research and development and SG&A expenses totaled $8.5 million for the fourth quarter of fiscal 2022. This was down from $9 million in the year ago quarter. Approximately 14% 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 $37 million in fiscal 2022 compared to $38 million in fiscal 2021. Approximately 13% of R&D and SG&A expenses in fiscal 2022 were noncash.

接著談營業費用。2022 會計年度第四季的研發與銷售、一般及管理（SG&A）費用合計為 850 萬美元，低於去年同期的 900 萬美元。第四季研發與 SG&A 費用中約 14% 為非現金項目。就全年而言，2022 會計年度研發與 SG&A 費用合計為 3,700 萬美元，2021 會計年度為 3,800 萬美元。2022 會計年度研發與 SG&A 費用中約 13% 為非現金項目。

Our net loss in the fourth quarter of fiscal 2022 was $6.9 million or $0.25 per share compared to $5 million or $0.18 per share in the year ago quarter. Our non-GAAP net loss for the fourth quarter of fiscal 2022 was $7.8 million or $0.28 per share compared with a non-GAAP net loss of $4.7 million or $0.17 per share in the year ago quarter. Included in our fourth quarter of fiscal 2022 net loss and non-GAAP net loss was $1 million in restructuring charges. For the full fiscal year of 2022, our net loss was $35 million or $1.26 per share. This compares to a net loss of $19.2 million or $0.71 per share in fiscal 2021. For the full fiscal year 2022, our non-GAAP net loss was $28.8 million or $1.03 per share. This compares to a non-GAAP net loss of $17.1 million or $0.63 per share in fiscal year 2021. Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results.

2022 會計年度第四季我們的淨損為 690 萬美元（每股 0.25 美元），相較去年同期為 500 萬美元（每股 0.18 美元）。2022 會計年度第四季我們的非 GAAP 淨損為 780 萬美元（每股 0.28 美元），相較去年同期非 GAAP 淨損為 470 萬美元（每股 0.17 美元）。2022 會計年度第四季的淨損與非 GAAP 淨損中包含 100 萬美元的重組費用。就 2022 會計年度全年而言，我們的淨損為 3,500 萬美元（每股 1.26 美元），相較 2021 會計年度淨損為 1,920 萬美元（每股 0.71 美元）。2022 會計年度全年我們的非 GAAP 淨損為 2,880 萬美元（每股 1.03 美元），相較 2021 會計年度非 GAAP 淨損為 1,710 萬美元（每股 0.63 美元）。GAAP 與非 GAAP 結果之調節，請參閱我們昨晚發布的新聞稿。

We ended fiscal year 2022 with $25.7 million in cash, cash equivalents and restricted cash. This compares with $31.4 million on December 31, 2022. In the fourth quarter of fiscal 2022, we consumed $5.4 million in operating cash flow.

我們在 2022 會計年度結束時，持有現金、約當現金及受限制現金合計 2,570 萬美元。相較之下，2022 年 12 月 31 日為 3,140 萬美元。2022 會計年度第四季，我們在營運現金流方面消耗了 540 萬美元。

Now turning to our financial guidance for the first quarter of fiscal 2023. We expect that our revenues will be in the range of USD26 million to USD30 million. Our net loss on that revenue is expected to be no more than $6.5 million or $0.23 per share, and our non-GAAP net loss is expected to be no more than $4.8 million or $0.17 per share. We anticipate operating cash flow to be a burn of USD1 million to USD3 million in the first quarter of fiscal 2023. The quarter-over-quarter improvement to our net loss, non-GAAP net loss and operating cash flow guidance reflect an expected more favorable product mix as we start to ship and deliver post-acquisition Neeltran revenue. We expect to end the first quarter of fiscal 2023 with no less than $22 million in cash, cash equivalents and restricted cash.

接著說明 2023 會計年度第一季的財務指引。我們預期營收將介於 2,600 萬至 3,000 萬美元。我們在該營收水準下的淨損預期不超過 650 萬美元（每股 0.23 美元），非 GAAP 淨損預期不超過 480 萬美元（每股 0.17 美元）。我們預期 2023 會計年度第一季的營運現金流將淨流出 100 萬至 300 萬美元。相較前一季，我們對淨損、非 GAAP 淨損及營運現金流指引的改善，反映出在我們開始出貨並交付收購後的 Neeltran 營收之際，產品組合預期將更為有利。我們預期在 2023 會計年度第一季結束時，現金、約當現金及受限制現金合計不低於 2,200 萬美元。

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

接下來我把電話交回給 Daniel。Dan？

Thanks, John. We are clearly guiding to a significant reduction in operating cash burn for our first quarter of fiscal 2023. We see strong market demand and positive orders momentum. We expect that our new energy power systems products should provide a strong base of grid revenues in fiscal 2023. And we expect the additional orders from Inox and the U.S. Navy to positively impact revenue in the near term.

謝謝，John。我們明確指引 2023 會計年度第一季的營運現金消耗將大幅降低。我們看到強勁的市場需求與正向的訂單動能。我們預期新的能源電力系統產品將在 2023 會計年度提供穩固的電網營收基礎。同時，我們也預期來自 Inox 與美國海軍的額外訂單，將在短期內對營收帶來正面影響。

With that, I'll move on to discussing near-term opportunities that can potentially impact our business in fiscal year 2023. Let's start with the Navy and Ship Protection System. Our systems help move U.S. navy ships into the future by installing protection systems that help them stay hidden from our enemy threats. To date, we have a total of 5 SPS contracts for the San Antonio class LPD, the USS Fort Lauderdale, which we have delivered and are currently installing. The USS Harrisburg scheduled to be delivered this fiscal 2023. The USS Richard McCool, the USS Pittsburgh and LPD32, which is yet to be named and offers improved pricing on the SPS system.

接著我將談談可能在 2023 會計年度影響我們業務的近期機會。先從海軍與艦艇防護系統（Ship Protection System，SPS）談起。我們的系統透過安裝防護系統，協助美國海軍艦艇邁向未來，使其能在敵方威脅下保持隱蔽。迄今為止，我們已取得共 5 份針對聖安東尼奧級（San Antonio class）兩棲船塢運輸艦（LPD）的 SPS 合約，包括我們已交付並正在安裝的「沃特勞岱堡號」（USS Fort Lauderdale）；預計於 2023 會計年度交付的「哈里斯堡號」（USS Harrisburg）；以及「理查德・麥庫爾號」（USS Richard McCool）、「匹茲堡號」（USS Pittsburgh）與 LPD32（尚未命名），其中 LPD32 的 SPS 系統定價更具優勢。

In April, we announced our proprietary high-temperature superconductor mine countermeasure or MCM system to be designed, built, integrated and deployed on the U.S. Navy's mine countermeasure unmanned service vehicle. Our proprietary MCM system is a capability that is incorporated into an unmanned service vehicle and launched during mine countermeasure operations that patrol for and neutralize mines. This system represents our third commercialization of our core superconductor technology following our Resilient Electric Grid system in Chicago and our ship protection system for the San Antonio class LPD.

4 月，我們宣布將把自有的高溫超導掃雷反制（mine countermeasure，MCM）系統設計、製造、整合並部署於美國海軍的掃雷反制無人水面載具（unmanned service vehicle）上。我們的自有 MCM 系統是一項可整合至無人水面載具的能力，並可在掃雷反制作業期間發射，用於巡弋偵測並中和水雷。此系統代表我們在核心超導技術上的第三項商業化成果，前兩項分別為芝加哥的韌性電網（Resilient Electric Grid）系統，以及用於聖安東尼奧級 LPD 的艦艇防護系統。

Let me explain the importance of our MCM system and what it means for the company. This nearly $8 million multiyear contract builds on prior work on the deployable MCM solution, allowing us to leverage our proprietary technology to develop the capabilities needed for possible future ship systems. We believe that this program is positioned to grow Navy-related revenue for us in the near future. The MCM contract, as it is structured, already contemplates the Navy buying commercial systems. If and when this happens, our Navy business could turn from being an investment to being a source of operating cash flow. We are also working on parallel pathways to deploy SPS into additional U.S. ships and are performing engineering work on ship protection systems for allies.

我來說明我們 MCM 系統的重要性，以及其對公司的意義。這份近 800 萬美元的多年期合約，是在先前可部署式 MCM 解決方案工作的基礎上延伸，讓我們能運用自有技術來開發未來可能用於艦艇系統所需的能力。我們相信此計畫有望在不久的將來提升我們的海軍相關營收。就 MCM 合約的架構而言，已經將海軍採購商用系統納入考量。一旦發生（以及在其發生之時），我們的海軍業務可能從投資性質轉變為營運現金流的來源。我們也正同步推動將 SPS 部署至更多美國艦艇的平行路徑，並為盟國的艦艇防護系統進行工程作業。

Another near-term opportunity is wind. We design wind turbines and provide electrical control systems, or ECS, to make the turbine more competitive and profitable. We recently announced an agreement to deliver nearly $20 million of demand for our wind turbine ECS to Inox. We amended our existing contracts on the 2 megawatts with enhanced pricing. We have secured nearly $15 million of 2-megawatt wind turbine ECS demand from INOX. We received our initial 3-megawatt class wind turbine ECS order of over $5 million.

另一個近期機會是風電。我們設計風力渦輪機，並提供電氣控制系統（electrical control systems，ECS），以提升渦輪機的競爭力與獲利能力。我們近期宣布一項協議，將向 Inox 交付近 2,000 萬美元的風力渦輪機 ECS 需求。我們修訂了既有的 2 兆瓦合約並提高定價。我們已自 INOX 取得近 1,500 萬美元的 2 兆瓦風力渦輪機 ECS 需求。我們也收到首筆 3 兆瓦級風力渦輪機 ECS 訂單，金額超過 500 萬美元。

We expect to ship the 2-megawatt and 3-megawatt ECS systems during fiscal year 2023. We completed the commissioning of the 3-megawatt class wind turbine in India and expect type certification this fiscal 2023. Once type certification is completed, the 3-megawatt class wind turbine is expected to be ready for grid connectivity and operations in India. We believe the 3-megawatt ECS order marks the beginning of our next chapter with Inox Wind as they expand their offering to include an exceptional 3-megawatt class wind turbine. We are supporting Inox's growth through our proprietary technology that can enable our partner to deliver superior products to the marketplace.

我們預期將在 2023 會計年度出貨 2 兆瓦與 3 兆瓦 ECS 系統。我們已在印度完成 3 兆瓦級風力渦輪機的試運轉（commissioning），並預期於 2023 會計年度取得型式認證（type certification）。一旦完成型式認證，3 兆瓦級風力渦輪機預期即可在印度進行併網與運轉。我們相信這筆 3 兆瓦 ECS 訂單，標誌著我們與 Inox Wind 下一篇章的開始，因其正擴大產品組合，納入卓越的 3 兆瓦級風力渦輪機。我們透過自有技術支持 Inox 的成長，使合作夥伴能向市場提供更優異的產品。

Let's discuss our expanding opportunities in our grid business. We have orders in backlog generated from demand associated with the electrification of transportation where we expect to deliver multiple units of the same design. This is something we've been working on. Rather than delivering a solution for a project, we are seeing demand for identical solutions for repeat customers. We expect these near-term opportunities to positively contribute to gross margin expansion and lower cash burn. Our future-facing technologies help harmonize the world's desire for decarbonization and clean energy with the need for more reliable, effective and efficient power delivery. That's why we believe to be well positioned for long-term growth. The world is quickly moving towards decarbonization to slow down climate change and create a path for a more sustainable world.

接著談談我們電網業務不斷擴大的機會。我們的在手訂單中包含因交通運輸電氣化需求所帶來的訂單，我們預期將交付多套相同設計的設備。這是我們一直在推動的方向：不再只是為單一專案交付解決方案，而是看到重複客戶對相同解決方案的需求。我們預期這些近期機會將對毛利率擴張與降低現金消耗帶來正面貢獻。我們面向未來的技術，有助於協調全球對去碳化與潔淨能源的渴望，以及對更可靠、更有效且更高效率電力輸送的需求。因此，我們相信公司具備長期成長的良好定位。世界正快速邁向去碳化，以減緩氣候變遷並為更永續的世界開闢道路。

Transitioning to a low-carbon economy potentially increases demand for our new energy power systems through 2 main avenues, renewables and the key materials for the new energy economy. In 2022, renewables saw nearly $0.5 trillion of global investment to update the aging grid for better support and the adoption of intermittent renewable power sources. In the United States, we saw the introduction of the Inflation Reduction Act, which was enacted in part to address the challenges of climate change with the goal of reducing emissions by 40% by 2030. In India, the world's fastest-growing electricity market, is forecasting wind power demand to double to 140 gigawatts by 2030.

轉型至低碳經濟，可能透過兩大主要途徑提高對我們新能源電力系統的需求：再生能源，以及新能源經濟所需的關鍵材料。2022 年，再生能源在全球投入近 0.5 兆美元，用於更新老化電網，以更好地支援並採納間歇性的再生能源電力來源。在美國，我們看到《降低通膨法案》（Inflation Reduction Act）的推出；該法案部分目的在於因應氣候變遷挑戰，目標是在 2030 年前將排放量降低 40%。在印度——全球成長最快的電力市場——預測到 2030 年風電需求將倍增至 1.4 億瓩（140 GW）。

Key materials for the new energy economy are mainly driven by the electrification of transportation. These key materials include metals, mining as well as semiconductors. In 2022, nearly $100 billion was invested globally in the mining and processing materials as well as an estimated $160 billion in semiconductor capacity. In the United States, the creating helpful incentives to produce Semiconductors and Science Act of 2022, the CHIPS Act, is intended to enable the reshoring of critical manufacturing capability to the U.S. The CHIPS Act provides over $50 billion of funding for the development of U.S. manufacturing, research and development and workforce development programs.

新能源經濟的關鍵材料主要由交通運輸電氣化所驅動。這些關鍵材料包括金屬、採礦以及半導體。2022 年，全球在採礦與材料加工方面投資近 1,000 億美元，並估計在半導體產能方面投資約 1,600 億美元。在美國，旨在提供有利誘因以促進半導體生產的《2022 年晶片與科學法案》（Semiconductors and Science Act of 2022），亦即《CHIPS 法案》，意在促使關鍵製造能力回流美國。《CHIPS 法案》提供超過 500 億美元資金，用於美國製造、研發以及勞動力發展計畫。

The materials industry is being driven by the electrification of transportation, the need to prioritize energy security and the need to bolster domestic supply chains. This exciting energy future for mining and semiconductors depends on computer chips, batteries and fuel cells that are built from silicon, lithium and carbon. All of these building blocks must be mined, processed and assembled into components and final products. Industrial manufacturers of these materials must be able to power their factories in ways of scale without adding complexity or size.

材料產業正受到交通運輸電氣化、優先考量能源安全的需求，以及強化國內供應鏈的需求所驅動。這個令人振奮的採礦與半導體能源未來，仰賴以矽、鋰與碳製成的電腦晶片、電池與燃料電池。所有這些基礎材料都必須被開採、加工，並組裝成零組件與最終產品。這些材料的工業製造商必須能以可擴大規模的方式為工廠供電，而不增加複雜度或體積。

The increased levels of activity that we're seeing in these markets is highlighted by our new energy power systems orders increase of over 75% from fiscal 2021 levels. Right now, we are powering the evolution of a grid that is fit for the future, a more reliable and resilient grid that can incorporate renewable energy sources and our pioneering products, software and control solutions.

我們在這些市場看到的活動水準提升，凸顯於我們新能源電力系統的訂單相較 2021 財年水準增加超過 75%。目前，我們正為適合未來的電網演進提供動力——一個更可靠、更具韌性的電網，能納入再生能源來源，以及我們具開創性的產品、軟體與控制解決方案。

In summary, as we entered fiscal 2023, we feel confident about the future and believe there are tremendous opportunities ahead of us. Through diligent execution of our strategy during fiscal 2022, we believe that our business has turned a quarter. We ended fiscal 2022 with over $125 million in backlog. We've worked through most of the Neeltran backlog, which is reflected in our fourth quarter gross margins. We anticipate further gross margin expansion. We raised prices where possible. We are capturing integrated synergies of our new energy power systems offerings and reduced our cost structure.

總結而言，進入 2023 財年時，我們對未來充滿信心，並相信前方有巨大的機會。透過在 2022 財年對策略的勤勉執行，我們相信公司業務已經扭轉局勢。2022 財年結束時，我們的在手訂單（backlog）超過 1.25 億美元。我們已處理掉 Neeltran 在手訂單的大部分，這反映在我們第四季的毛利率上。我們預期毛利率將進一步擴張。我們在可行之處提高了價格。我們正在擷取新能源電力系統產品組合的整合綜效，並降低了成本結構。

We are optimistic our business may benefit from the investments in our key growth markets, renewables, mining and metals, semiconductors and military. We are confident of our near- and long-term prospects. I am very proud of how the team delivered diversification while managing through the daily challenges of a constrained supply chain and an inflationary environment. Already, our transformative power solutions are moving the world forward. We are executing on our vision and believe that our creativity can meet today's challenges and help us progress to a better future. This means using future-facing technologies to harmonize the world's desire for decarbonization and clean energy with the need for more reliable, effective and efficient power delivery.

我們樂觀認為，公司可能受惠於在關鍵成長市場的投資：再生能源、採礦與金屬、半導體以及軍事。我們對短期與長期展望都充滿信心。我為團隊在供應鏈受限與通膨環境的日常挑戰下，仍能推動多元化交付成果感到非常自豪。如今，我們具變革性的電力解決方案正推動世界向前。我們正在落實願景，並相信我們的創造力能應對當前挑戰，協助我們邁向更好的未來。這意味著運用面向未來的技術，協調全球對去碳化與潔淨能源的渴望，以及對更可靠、更有效且更高效率電力輸送的需求。

We believe empowering progress by designing, developing and deploying power control solutions that harmonize an increasingly complex energy system. Additionally, to note, we've revamped our IR deck to better reflect how the business is now positioned, and we posted that to our website. I look forward to reporting to you again following the completion of our first quarter of fiscal 2023.

我們相信，透過設計、開發與部署電力控制解決方案，協調日益複雜的能源系統，從而賦能進步。此外補充說明，我們已重新改版投資人關係（IR）簡報，以更好反映公司目前的定位，並已將其發布於我們的網站。我期待在完成 2023 財年第一季後，再次向各位報告。

Joe, we can now open up the line to any questions from our analysts.

Joe，我們現在可以開放電話線，讓分析師提問。

(Operator Instructions) At this time, we will take our first question, which will come from Eric Stine with Craig-Hallum.

（接線員指示）此時我們將進行第一個提問，來自 Craig-Hallum 的 Eric Stine。

So very good to see Inox come back here. You talked about in fiscal '23, you expect certification. Are there any things we can look for signposts to look for to judge the timing of that? And then curious, what kind of order maybe outlook does that set off? I mean, is that something that would spur an order, obviously higher than the order, which is kind of an initial order? Or how should we think about that?

很高興看到 Inox 回來。你提到在 23 財年你們預期會取得認證。是否有任何我們可以觀察的指標或里程碑，用來判斷其時程？另外也好奇，這會帶來什麼樣的訂單展望？我的意思是，這是否會促成一筆訂單——顯然會高於目前這筆算是初始訂單的訂單？或者我們應該如何看待？

Yes, I think it's an important thing to kind of go through and make clear for everybody. You can see, we tried to explain it and bifurcate it into 2 megawatts. So we're basically showing demand for 2 megawatts that's a bit heavier than it's been in the past few years. We see that product as being in the market. We see it as being very valuable to Inox's customers. And we see that demand coming at a relatively stable pace. We have already working off of a built supply chain. It's a known product, and we're making copies of that product at the volume that Inox needs in order to satisfy their customer demand. The 3 megawatts, a whole new product introduction.

是的，我認為這是一件重要的事，需要走過一遍並讓大家都清楚。你可以看到，我們嘗試解釋並把它分成 2 兆瓦的部分。因此我們基本上呈現的是 2 兆瓦的需求，相較過去幾年更強一些。我們認為該產品已在市場上；我們認為它對 Inox 的客戶非常有價值；而且我們看到需求以相對穩定的速度出現。我們已經在既有的供應鏈上運作。這是已知產品，我們正以 Inox 所需的量產規模複製該產品，以滿足其客戶需求。至於 3 兆瓦，則是全新的產品導入。

So we have to go through the supply chain and order parts. We just got the order and got it paid for it. There is a lead time for those products. So that means that the 3-megawatt related revenues will be towards the end of the year. I believe from what I understand with public information from Inox that they are looking to secure a wind farm with the 3-megawatt that's bigger. It's probably 2 to 3x bigger than what we have on order for the 3 megawatt. But they certainly could order more product to be delivered within our fiscal 2023, which is their year and the Indian year as well.

因此我們必須走完整個供應鏈並下單採購零件。我們剛收到訂單，也已收到款項。這些產品有交期。因此，與 3 兆瓦相關的營收將落在年底附近。我根據我對 Inox 公開資訊的理解，他們正尋求以 3 兆瓦機型拿下一個更大的風場案子，規模可能是我們目前 3 兆瓦訂單的 2 到 3 倍。不過他們當然也可能在我們 2023 財年內再下更多訂單並交付——這也同時是他們的年度以及印度的年度。

But right now, we're just happy to be able to announce to you that we're kind of back in business with Inox. The business has the potential to expand with this addition of this 3-megawatt product, which we think is a great fit for the Indian market. And I'd just say stay tuned. As Inox needs more, they're going to hopefully buy more, and we want to be able there to support their growth. We have not been in a position where we've ever had to let Inox down in meeting their growth.

但就目前而言，我們很高興能向各位宣布，我們算是重新與 Inox 恢復業務往來。隨著新增這個 3 兆瓦產品，業務有機會擴大；我們認為它非常適合印度市場。我只能說請持續關注。當 Inox 需要更多時，他們希望會購買更多，而我們也希望能在那裡支持他們的成長。我們從未處於必須在滿足 Inox 成長需求上讓他們失望的狀況。

And part of why the relationship works so well is I think we feel very good about how we understand them and their needs. And I know that they really understand us very well that the time that we've taken going through the years here of kind of waiting for the business to come back has really helped, I think, to strengthen, broaden, deepen the relationship. And I think Inox is back.

而這段關係之所以運作得如此順暢，部分原因在於我們對他們及其需求的理解非常到位。我也知道他們非常了解我們；這些年來我們在等待業務回來的過程中所投入的時間，我認為確實有助於強化、拓展並深化這段關係。我認為 Inox 回來了。

Yes. Good. And maybe sticking with wind and staying away from specifics for obvious reasons. But as you've kind of gone through this couple of years where wind has been down, just curious how we should now think about margins, as this comes back. I think in the past, you talked about that over the long-term wind should be accretive to gross margins? I mean is there any reason to think that that's different as you kind of come out of it and the outlook has improved?

是的，很好。也許繼續談風電，基於顯而易見的原因先不談太多細節。但在你們經歷了風電低迷的這幾年後，我想了解我們現在應該如何看待毛利率，當風電回來時會如何？我記得過去你提到，長期而言風電應該會增厚毛利率？我的意思是，當你們走出低谷、展望改善時，有任何理由認為這點會不同嗎？

I'll answer and let John add color commentary on it. We're not breaking out any of the businesses or products by different margins. And the reason is they're all about the same. So I think for our listeners, you have to understand that a slug of revenue from any one product line as we've improved the backlog in the one part of the business, we'll all have margins that are similar. We think as we get to scale with the military, there is this possibility for potentially higher margins there. Note that in all the prepared remarks, I was very kind of clear about we have changed pricing across the product line. That has taken time and that takes time to get into the order book and then into the backlog and then to the supply chain and be able to ship to the customer. All that's now coming in 2023. There's a lot of signals in here that we're talking about margin expansion. John, do you want to talk more on it?

我先回答，然後讓 John 補充說明。我們不會按不同業務或產品拆分揭露各自的毛利率。原因是它們大致都差不多。因此我想讓聽眾理解的是：隨著我們在業務某一部分改善在手訂單，任何單一產品線帶來的一大段營收，其毛利率都會相近。我們認為，當軍事業務達到規模時，那裡有可能出現更高毛利率的機會。請注意，在所有事先準備的發言中，我非常清楚地提到，我們已在整個產品線調整定價。這需要時間，而要反映到接單簿、再進入在手訂單、再傳導到供應鏈並能出貨給客戶，也都需要時間。這些都將在 2023 年逐步到位。我們在這裡談到很多訊號，都是在說毛利率擴張。John，你要不要再多談一些？

Yes. So I think Dan hit it on that. We really are at a point now where many of the product lines within grid and now with wind coming back, are in the similar contribution margin range. So as we expand revenue on all those, we should see margin improvement. So your short answer is yes, we should see margin expansion as we increase sales for wind to the same level we would have seen margin expansion, revenue expansion for our grid.

是的。所以我認為 Dan 把重點說到了。我們現在確實已經到了這樣的階段：電網（grid）內的許多產品線，加上風電業務回溫之後，貢獻毛利率（contribution margin）的區間相當接近。因此，當我們在這些產品線上擴大營收時，應該會看到毛利改善。簡短回答是：是的，隨著我們把風電銷售提升到與電網業務相同的水準，我們應該會看到毛利擴張，就像我們在電網業務營收擴張時所看到的一樣。

And our next question will come from Colin Rusch with Oppenheimer.

下一個問題來自 Oppenheimer 的 Colin Rusch。

As you look at the evolution of the opportunity with the Ship Protection Systems, can you talk a little bit about where you're at in the sales cycle in terms of qualification with those incremental ships? And how many ships a year you think you can actually deliver on here over the next, call it, 3 years?

當你們看待船舶防護系統（Ship Protection Systems）機會的演進時，能否談談在銷售循環中、就這些新增船艦的資格認證（qualification）而言，你們目前進展到哪個階段？以及在未來大約 3 年內，你們認為每年實際能交付多少艘船？

Yes. I mean, our goal, Colin, to be very blunt is all of them. We see the investment in this highly differentiated proprietary technology as a way to enable us to be the system for these types of capabilities and solutions for the Navy. So we do have some visibility because we are doing engineering work for multiple ship platforms, be it for the U.S. Navy and Allied navies as well.

是的。我的意思是，Colin，我們的目標很直白地說就是：全部。我們把對這項高度差異化的專有技術的投資，視為讓我們成為海軍在這類能力與解決方案上的系統供應方的一種方式。因此我們確實有一定能見度，因為我們正在為多個船艦平台進行工程工作，無論是美國海軍，也包括盟國海軍。

To be very blunt, I think that we are in a period right now where we're doing an installation. And I think all eyes are on us to make sure that the system works as advertised and where they're able to support the Navy for their needs going forward. I know that at a congressional level to the top brass of the Navy, this is an important program for the future of technology insertions in the fleet.

很直白地說，我認為我們目前正處於進行安裝的階段。我想所有人都在關注我們，確保系統如宣稱般運作，並且能夠在未來持續支援海軍的需求。我知道從國會層級到海軍高層，這都是一個重要的計畫，關係到未來在艦隊中導入新技術。

So we're usually very good when it comes to making sure we can deliver technology. That's what we're really good at. So I feel very optimistic at some point, Colin, we could have it all. And that could be for all the surface fleet for the U.S. Again, I'm only talking [Ford] fit. I'm not talking anything beyond that. We're trying to get designed into new builds of known types of ships.

所以我們通常在確保能交付技術方面做得很好——這正是我們最擅長的。因此我非常樂觀，某個時間點，Colin，我們可能可以拿下全部。這可能涵蓋美國的所有水面艦隊。再次強調，我只是在談 [Ford] fit，我沒有談任何超出那範圍的事情。我們正努力把設計導入已知類型船艦的新造案（new builds）。

And then as I mentioned, we have been contracted to do some engineering for some allied navies as well. So it's hard to prognosticate as when the things go into production. We're trying to be very clear with the MCM. This is a multiyear arrangement. It's about 2 years to design development test. But in there, our clauses in that contract to start to buy commercial level of production. So that could occur as early as 2 to 3 years from now.

另外如我提到的，我們也已簽約為一些盟國海軍進行工程工作。因此很難預測何時會進入量產。我們正努力對 MCM 說清楚：這是一個多年期安排。設計、開發、測試大約需要 2 年。但在那份合約中，有條款允許開始以商業化量產水準採購。因此最早可能在 2 到 3 年後就會發生。

Excellent. And then just with baseline OpEx, how should we be thinking about the cash OpEx on a quarterly basis with this restructuring complete?

很好。接著關於基礎營運費用（OpEx），在這次重整完成後，我們應該如何思考每季的現金營運費用（cash OpEx）？

Yes. So like I said last quarter, and I don't see any real changes to that. Well look, I think right in that $9 million order range is still solid.

是的。就像我上季說的，我看不出有任何實質變化。嗯，你看，我認為大約在 900 萬美元左右的區間仍然是穩健的。

Excellent. And then I guess the last one is really around quotation activity and order of magnitude of the opportunity set for the grid products. Clearly, you guys have moved into a handful of incremental markets with these acquisitions, and there's a fair amount of buildout that's happening in the country right now. So I just want to get a sense of if we look back 12 and 24 months where you're at right now in terms of number of customers, number of projects and the opportunity set kind of in some as we think about that business going forward?

很好。最後一個問題是關於報價活動（quotation activity）以及電網產品機會集合的量級。很明顯你們透過這些併購進入了幾個新增市場，而目前全國也正在進行相當多的建置。因此我想了解的是：如果回頭看 12 個月與 24 個月前，現在在客戶數、專案數，以及機會集合的總量方面，你們處於什麼位置？也就是我們在思考這項業務未來發展時的整體輪廓。

Yes. Going forward, I think some of the challenge for us is going to be how do we meet this demand. It's growing dramatically. And I kind of said in the remarks about now we're getting to the point we can deliver identical copies basically productize solutions across the product line, not just for the existing organic business but for the acquired business as well. The quotation levels are extremely high. The pipeline is extremely robust. Our concerns are going to quickly turn to how do we manage growth because it feels like growth is about to really start to blossom.

是的。展望未來，我認為我們的一個挑戰會是：我們要如何滿足這個需求。需求正在大幅成長。我在談話中也提到，我們現在正走到一個階段：基本上可以交付相同的複製品，將解決方案產品化（productize）並擴展到整個產品線，不僅是既有的有機業務，也包括併購而來的業務。報價水準非常高，管線（pipeline）非常強勁。我們的關切很快會轉向：我們要如何管理成長，因為感覺成長即將真正開始綻放。

And our next question will come from Justin Clare with ROTH.

下一個問題來自 ROTH 的 Justin Clare。

So first off, you had indicated that your 12-month backlog as of March 31 of this year was just over $125 million. And then you've also, over the past month or so, announced $50 million in new orders with the new energy business and then also with Inox. And it sounds like those orders are expected to largely be realized or recognized into revenue this year. So if I add it all together, I get to something like $175 million in orders that could be delivered this year. So just wondering, were the new orders incremental to your backlog as of March 31? Or am I double counting here? Just trying to understand when the orders in the backlog could be delivered.

首先，你們曾指出截至今年 3 月 31 日的 12 個月在手訂單（backlog）略高於 1.25 億美元。然後在過去一個月左右，你們也宣布了新能源業務以及與 Inox 相關的 5,000 萬美元新訂單。聽起來這些訂單預期大多會在今年實現或認列為營收。所以如果我把它們加總起來，我會得到大約 1.75 億美元、可能在今年交付的訂單。因此我想問：這些新訂單是相對於 3 月 31 日的 backlog 的增量嗎？還是我在重複計算？只是想了解 backlog 裡的訂單何時能交付。

Yes, I think you're double counting for sure. So one of the things, and we tried to be as clear as we could and maybe we didn't get it across, but I'll try to go back and repeat. With the $20 million that we're talking about from Inox, $5 million of it is new for 3 megawatts. $15 million is basically a derisking of demand that was in an old contract at a lower price that's now been amended to be firm fixed at a higher price. So a little bit of incremental, maybe change on that $15 million of a higher price. But don't fall in the trap of looking at all backlog and for our recent history with wind, we've had a large standing order in place for the 2 megawatt.

是的，我認為你確實是在重複計算。所以其中一件事——我們已盡可能講清楚，也許沒有傳達到位——我再重申一次。關於我們提到的 Inox 的 2,000 萬美元，其中 500 萬美元是 3 兆瓦（3 megawatts）的新增訂單。1,500 萬美元基本上是把原本舊合約中、以較低價格存在的需求去風險化（derisking），現在已修訂為以較高價格的確定固定（firm fixed）。所以有一點增量，可能是那 1,500 萬美元中因價格提高而帶來的變化。但不要落入把所有 backlog 都加總的陷阱；就我們近期的風電歷史而言，我們一直有一筆 2 兆瓦（2 megawatt）的長期常設訂單（standing order）。

And we have had to try to predict with Inox's help, particularly through payments for product on how much of that would convert into revenue within a 12-month period. Going forward, we don't really have to do that anymore. Now the order will show and we'll have just as we're going to do for the 3 megawatt, we'll have firm fixed releases for 2-megawatt demand. So I think you're double counting at least $15 million that's in there. There's some book and burn that's in there that would go into the year. There's some revenue in that order book that's beyond 12 months as well. And I think all those data points are in the release in the K.

而且我們必須在 Inox 的協助下，特別是透過產品付款等方式，去預估其中有多少會在 12 個月內轉換為營收。展望未來，我們其實不需要再這麼做了。現在訂單會直接顯示出來；就像我們對 3 兆瓦會做的一樣，我們也會對 2 兆瓦需求做確定固定的分批釋出（firm fixed releases）。所以我認為你至少把其中 1,500 萬美元重複計算了。裡面也有一些「接單即消化」（book and burn）的部分會落在本年度；此外，該訂單簿中也有一些營收會超過 12 個月。我認為這些數據點都在新聞稿與 K 檔（K）裡。

That's why we wanted to try to make it clear, Justin, that the 12-month backlog is now at about $125 million, and that $125 million projects that we should be able to maintain, if not grow, revenue just based upon the existing backlog. We have always the opportunity to bring in orders, it's only now June, that could be delivered for March. But as we go into later months for sure. Lead times right now for us in general are 12 months plus, but there will be for certain customers if they need things sooner, we'll work to make that happen.

這也是為什麼我們想對你說清楚，Justin：12 個月 backlog 現在大約是 1.25 億美元，而這 1.25 億美元意味著僅基於既有 backlog，我們應該能維持、甚至成長營收。我們當然也一直有機會再拿到訂單——現在才 6 月——有些訂單可能可以在 3 月前交付。但隨著進入更後面的月份就更是如此。就我們而言，目前一般交期（lead times）是 12 個月以上，但對某些客戶若需要更快，我們會努力配合達成。

Got it. Okay. That's helpful to understand. And then just on the margin expansion expectations here. You had talked about last quarter, if you can get to a revenue level that's approaching $30 million, you could see cash gross margins approaching 20%. And then if you get to $35 million in revenue, you could get to 25% on the gross margin level. Are those still the expectations that we should be anticipating here? Or given the pricing changes that you have made, are there any changes to the margin expectations?

了解。好的，這樣就比較清楚了。接著關於毛利擴張的預期：你們上季提到，如果營收水準接近 3,000 萬美元，現金毛利率（cash gross margins）可能接近 20%。如果營收達到 3,500 萬美元，毛利率水準可能到 25%。這些仍然是我們應該預期的目標嗎？或者考量你們已做的定價調整，毛利預期是否有任何變化？

No, I think the way you said it is right. I think just one little caveat that John said when he originally went through those is expect the potential for those to expand over time because, again, you have the resident time of the backlog. So you may have backlog that's a little further out in time, say, later in the year which is now going to be at those levels that you just recited which is about 20%, again, cash margin, not full gross margin. So we're trying to correlate incremental revenue to incremental cash so people could see that clearly.

沒有，我認為你說的方式是對的。我想補充一個小但書：John 當初談到那些數字時提到，隨著時間推進，這些水準有可能進一步擴張，因為你還有 backlog 的在手時間（resident time）。所以你可能有一些 backlog 是更往後的時間點，例如今年稍晚，現在就會落在你剛剛複述的那些水準——大約 20%，再次強調是現金毛利（cash margin），不是完整的會計毛利（full gross margin）。因此我們試著把增量營收與增量現金做關聯，讓大家能清楚看到。

Got it. Okay. And then just one final one on Inox. You indicated that you have changed pricing for the 2 megawatts. Just wondering if there's any meaningful difference in the, let's say, price per watt for the 2-megawatt ECS versus the 3-megawatt and any difference in the margin profile for each of those products.

了解。好的。那麼關於 Inox 最後一個問題。你提到你們已經針對 2 兆瓦的產品調整了定價。想請教一下，譬如說，2 兆瓦 ECS 相較於 3 兆瓦，在每瓦價格上是否有任何顯著差異？以及這兩種產品各自的毛利結構是否有所不同？

Yes. Why don't we take that offline to try to look at main questions and things. But for the general audience, just assume basically linear. And to us, we just want Inox to be successful if it's with the 2 or the 3, we don't have a financial benefit if it's one way or another. We want to make sure that they're successful in totality.

是的。不如我們私下再討論，試著把主要問題與細節釐清。不過就一般聽眾而言，可以基本上假設是線性的。對我們來說，我們只是希望 Inox 能成功，不論是 2 兆瓦或 3 兆瓦；如果是其中一種或另一種，我們在財務上並沒有額外好處。我們希望確保他們整體都能成功。

(Operator Instructions) Our next question here will come from Chip Moore with EF Hutton.

（接線員指示）下一個問題來自 EF Hutton 的 Chip Moore。

Congratulations on positive momentum. I wanted to ask one, I guess, more specifically on margin expansion, more near-term cadence, I guess, with remaining Neeltran backlog? Just any sense of size there? You had that benefit in Q4 and then any order timing to take into account larger D-VAR deliveries or other systems?

恭喜你們動能轉正。我想問一個，可能更聚焦在毛利率擴張、較近期的節奏：關於剩餘的 Neeltran 在手訂單（backlog），大概規模如何？你們在第四季有受惠，另外在訂單時點上，是否需要考量較大型的 D-VAR 交付或其他系統？

Yes, I think that I'll say one comment. Benefit is relative. So one of the things I think we're able to do as a team very well as we try to get as much of the existing backlog that we could out, that's why our revenue is a little bit elevated. John telegraphed, clearly, the impact on margin last quarter and what that would feel like. And we're trying to get all of this congested backlog that's that compressed margin out of the system as best we can. Going forward, we now only have a couple of projects we have to do and the impact of those on a margin on a quarter basis, we'll probably talk to, but they're not going to change directionally where we think that things are going to head -- granularity on it...

是的，我想我先說一點：所謂「受惠」是相對的。我認為我們團隊做得很好的一件事，是盡可能把既有在手訂單能出貨的都先出掉，這也是為什麼我們的營收看起來稍微偏高。John 也很清楚地預告了上季對毛利的影響以及會呈現什麼樣的感受。我們正盡力把這些擁塞、且毛利被壓縮的在手訂單，盡可能從系統中清掉。往前看，我們現在只剩下幾個專案需要完成；它們對單季毛利的影響，我們可能會再說明，但不會在方向性上改變我們對未來走勢的看法——至於更細的拆解……

So Chip, I think the intent moving forward is we stop talking about Neeltran as a drag on the original acquired backlog. If we have an event or 2, we'll highlight it. But the margin, I think what you're going to see in our guidance in Q1, and you'll see in our backlog and over time, hopefully, that what we said as far as margin expansion over the coming quarters, that will be reflective of both, one of it the immediate improvement, and I said it in my opening remarks, the step change for a lack of better term in our Q1 guidance is highly reflective of the fact that we are comfortable that we're going to be shipping on the Neeltran post-acquired backlog, and that's going to have a positive impact on our revenue mix. and that's within our Q1 guidance.

所以 Chip，我認為接下來我們的用意是：我們不再把 Neeltran 當作原先併購時在手訂單的拖累來談。如果有一兩個事件，我們會特別指出。但我想你會在我們第一季的指引中看到毛利表現；你也會在我們的在手訂單以及隨時間推移中看到，希望能反映我們所說的、未來幾季的毛利率擴張。這會同時反映兩件事：第一是立即性的改善；我在開場致詞也提到，若用一個比較貼切的說法，我們第一季指引中的「階梯式變化」高度反映了我們有信心能針對 Neeltran 併購後的在手訂單出貨，而這將對我們的營收組合帶來正面影響；這也已包含在我們第一季指引之內。

And then we remember what we said a couple of quarters back, it was going to take time for us to get the margin up related to inflationary pressures across all the product lines. And so that's the part that we're going to phase in over Q1 and Q2. And so a combination of Neeltran is we're feeling much more comfortable today, and we're way older on our statements. And then you'll see incremental gains over the coming quarters as we bleed off the inflationary pressure that was not priced in to other product lines within the business.

另外，我們也記得在幾季前說過，因為所有產品線都面臨通膨壓力，要把毛利拉上來需要時間。因此這一部分我們會在第一季與第二季逐步反映。也就是說，Neeltran 方面我們今天感覺更踏實，我們的說法也更有把握；接下來幾季你會看到逐步的改善，因為我們會把先前未能反映在其他產品線定價中的通膨壓力逐步消化掉。

Perfect. That's helpful. I appreciate that. And then Daniel, I think in the press release, you talked about potentially seizing some new market opportunities and penetration with existing customers. Maybe just expand on that. I think you touched on a lot of it in the call, but anything else to keep in mind.

很好。這很有幫助，謝謝。接著 Daniel，我想在新聞稿中你提到可能會把握一些新的市場機會，並在既有客戶中提高滲透率。能否再多談一點？我知道你在電話會議中已經提到很多，但還有沒有其他需要留意的？

I think to piggyback also on what John was saying, this might be the last time when we say the word Neeltran and NEPSI going forward. We see the businesses integrated, working well together, big step here is getting the backlog purged out that we had there. Some of those projects, why we looked at them and said, we think this is really a good business is because there's large growth opportunities. And if we could get the product and the pricing right, we think that part of our business really could grow gangbusters.

我想也呼應 John 剛才說的，這可能是我們最後一次在未來提到 Neeltran 和 NEPSI 這兩個詞。我們看到這些業務已經整合、協同運作良好；這裡很重要的一步是把我們手上那批在手訂單清理掉。我們當初之所以看這些專案並認為這是一門很好的生意，是因為它有很大的成長機會。而如果我們能把產品與定價做對，我們認為這一塊業務真的可以爆發式成長。

So I know people have had, I'd say, kindly maybe limited patience with me on how is the acquisition going and shouldn't be here or there or the other where, we saw it as an investment in some new markets. And part of what we're kind of saying here today is there are already orders in the backlog for some of these new markets with a more combined offering with better pricing, with better control of parts and labor that go into the building of those products.

所以我知道大家對我在「併購進展如何」這件事上，可能（客氣地說）耐心有限，覺得應該這樣或那樣；但我們把它視為對一些新市場的投資。而我們今天想傳達的一部分是：在手訂單裡已經有一些來自這些新市場的訂單，這些訂單是透過更整合的產品組合、更好的定價，以及對產品製造所需零組件與人力成本更好的控管而取得的。

So the good news is that part of our history is now behind us. We have a couple of more, as I said, and John concurred that we have to get through, but they're not going to be anywhere near the magnitude and change on margin that we've seen in the past. So when people would push me about, well, why are we doing this or that with investment in the acquisition, further investment in the acquisition because we see a huge market opportunity.

所以好消息是，我們過去那段歷史現在已經翻篇了。正如我所說、John 也同意，我們還有幾個專案需要完成，但它們對毛利的影響幅度與變動，不會接近我們過去看到的程度。因此當大家會追問我，為什麼要在併購上做這個或那個投資、甚至進一步投資，原因是我們看到了巨大的市場機會。

And I think we're going to pay that off over the coming quarters and coming years, just based upon the macro investment. That's why I went through all the large, the amount of money being invested globally in this new energy economy, electrification of everything is enormous.

而我認為，基於整體宏觀投資趨勢，我們會在接下來幾季與幾年看到回報。這也是為什麼我提到全球在這個新能源經濟上的大量投資；「萬物電氣化」的規模非常龐大。

And I think we now have a great product line up to be able to go out and serve those customers and to be able to do it in a way where they build a factory to make whatever they're making, just like we've done in semiconductor, then they want to go build the next one and the next one and we're basically having the same product over and over again that's going in the substation that's powering the equipment at the factory that's helping in this transition of the electrification of everything.

而我認為我們現在擁有很棒的產品線，能夠走出去服務這些客戶，並且以一種方式做到：當他們建一座工廠來生產他們要做的任何產品，就像我們在半導體領域做過的一樣，接著他們會想再建下一座、再下一座；而我們基本上就是同樣的產品一再重複，部署在變電站中，為工廠裡的設備供電，協助推動這個「萬物電氣化」的轉型。

So just to kind of conclude with everybody to kind of wind down the call. We're delivering on our strategy. We believe we're well positioned for a very strong fiscal year 2023. Our backlog is strong. It's very well diversified at higher margins. The pipeline, as we talked about on the call for new business is very robust. We are now executing on order for Inox Wind. We're broadening our revenue base with multiple products for the Navy. And as I just kind of was talking about, we're serving on an expanded customer set on the grid side, we really have turned a corner, and we're very excited about the future here at American Superconductor. So thanks, everyone, for joining us today, and we'll speak with you on our next call.

最後做個總結，也讓大家結束這通電話會議。我們正在落實我們的策略。我們相信我們已為 2023 會計年度的強勁表現做好了良好布局。我們的在手訂單很強，而且在更高毛利的領域分散得很好。正如我們在會議中談到的，新業務管線非常強勁。我們現在也正在執行 Inox Wind 的訂單。我們正以多項產品擴大對海軍的營收基礎。並且如我剛才所說，在電網端我們正在服務更廣泛的客戶群；我們確實已經轉過彎來，對 American Superconductor 的未來感到非常振奮。謝謝各位今天加入我們，我們下次電話會議再與各位交流。

The conference has now concluded. Thank you very much for attending today's presentation. You may now disconnect your lines.

本次電話會議到此結束。非常感謝各位參加今天的簡報。您現在可以掛斷電話。