American Superconductor Corp (AMSC) 2023 Q3 法說會逐字稿

Good morning and welcome to the AMSC third quarter fiscal 2023 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to John Heilshorn of LHA. Please go ahead.

早安，歡迎參加 AMSC 2023 會計年度第三季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給 LHA 的 John Heilshorn。請開始。

Thank you. Good morning, everyone, and welcome to American Superconductor Corporation's third-quarter of fiscal 2023 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 third quarter of fiscal 2023 yesterday after the market closed.

謝謝。各位早安，歡迎參加 American Superconductor Corporation 2023 會計年度第三季財報電話會議。我是 LHA Investor Relations 的 John Heilshorn，LHA 為 AMSC 的投資人關係指定代理機構。今天與會的有董事長、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 已於昨日收盤後發布 2023 會計年度第三季財報新聞稿。

For 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. 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 fourth 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.

尚未看到新聞稿的各位，可至公司網站 www.amsc.com 的投資人頁面取得副本。在我開始之前，我想提醒各位，管理層在今天電話會議中可能就 American Superconductor 未來預期所做的各項評論（包括對公司 2023 會計年度第四季財務表現、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.

由於多項重要因素，實際結果可能與此等前瞻性陳述所示內容存在重大差異，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提交），以及公司向 SEC 提交的其他報告中所載因素。

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 subsequent date 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，不應被依賴為管理層於今日之後任何日期的觀點。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的任何義務。

Also on today's call, management will refer to non-GAAP net loss, which are non-GAAP financial measures. The company believes that non-GAAP net income/loss assist management and investors in comparing to the company's performance across reported 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，在今天的電話會議中，管理層將提及非 GAAP 淨損失，該等為非 GAAP 財務衡量指標。公司認為，非 GAAP 淨利／淨損可協助管理層與投資人以一致基礎比較公司各報導期間的表現，因其排除公司認為不代表其核心營運表現的非現金、非經常性或其他費用。

The reconciliation of GAAP net loss to GAAP net income can be found in the third quarter of fiscal 2023 earnings press release that the company issued and furnished with the SEC last night on Form 8-K. All of the American Superconductor's press releases and SEC filings can be accessed from the Investors page of its website at www.amsc.com.

GAAP 淨損失與非 GAAP 淨利／淨損之調節表，可見於公司昨晚以 Form 8-K 向 SEC 提交並提供的 2023 會計年度第三季財報新聞稿。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, and good morning, everyone. I'm really excited to share some great news with everyone today. I'll begin by providing an update and sharing a few remarks on our business.

謝謝你，John，各位早安。我非常興奮今天要與各位分享一些好消息。我將先提供最新進展，並就我們的業務分享幾點看法。

John Kosiba will then provide a detailed review of our financial results for the third fiscal quarter, which ended December 31, 2023, and will provide guidance for the fourth fiscal quarter, which will end March 31, 2024. Following our comments, we'll open up the line to questions from our analysts.

接著 John Kosiba 將詳細回顧截至 2023 年 12 月 31 日止的第三會計季財務結果，並提供截至 2024 年 3 月 31 日止的第四會計季展望。在我們發言之後，我們將開放分析師提問。

We're really pleased to announce another quarter of outstanding financial results.

我們很高興宣布又一個季度的卓越財務表現。

Total revenues for the third quarter of fiscal year 2023 exceeded our expectations and guidance range. The business really outperformed this quarter. We showed higher revenue. We showed expanded gross margins. We had positive operating cash flow.

2023 會計年度第三季總營收超出我們的預期與指引區間。本季業務表現確實優於預期。我們展現了更高的營收。我們展現了毛利率擴張。我們的營運現金流為正。

We generated non-GAAP net income. And we continue the rate at which we're booking orders to backlog. Total revenue for the past nine months is about the same as total revenues for our entire previous fiscal year. Let me repeat that because I think it's important and I'm convinced that people are missing this point about the strength of our business.

我們創造了非 GAAP 淨利。而且我們持續以相同速度將訂單轉入在手訂單（backlog）。過去九個月的總營收大約等同於我們上一個完整會計年度的總營收。我再重申一次，因為我認為這很重要，而且我確信大家忽略了我們業務強勁的這一點。

Through the first nine months of this fiscal year, we had about the same revenue for the 12 months as the previous entire fiscal year. This means that whatever we do in the fourth quarter will be year-over-year growth. I won't steal John's guidance later in the call, but given the fact, the basis is about $100 million.

在本會計年度的前九個月，我們的營收大約已達到上一個完整會計年度 12 個月的水準。這意味著我們第四季不論做出什麼表現，都將是年增成長。我不會在此搶先透露 John 稍後在電話會議中的指引，但基於這個事實，基期大約是 1 億美元。

You basically see the revenue for our fourth quarter is the growth of our business for the fiscal year. This success was driven by our pricing initiatives, product and regional mix and overall customer demand. All signs this quarter are very positive.

基本上，你會看到我們第四季的營收就是本會計年度業務成長的體現。這項成功由我們的定價措施、產品與區域組合，以及整體客戶需求所驅動。本季各項跡象都非常正面。

Our third quarter revenue of over $39 million was driven by new energy power system shipments. This was due to customers demand needing products earlier than forecasted. We are finding lead times are shrinking and our customers want products sooner. We see this as a great indicator of the health of our business.

我們第三季超過 3,900 萬美元的營收，主要由新能源電力系統出貨所帶動。這是因為客戶需求使其需要比原先預測更早取得產品。我們發現交期正在縮短，客戶希望更快拿到產品。我們將此視為業務健康狀況的良好指標。

Our grid segment revenue accounted for approximately 85% of AMSC's total revenue and grew over 60% versus the year ago period. This represents a record-breaking great quarter with unprecedented quarterly revenue. Nearly 15% of the revenue came from our wind business, which also grew about 90% versus the year ago period, 60% and 90%. These are big numbers.

我們的電網（grid）事業部營收約占 AMSC 總營收的 85%，較去年同期成長超過 60%。這代表一個破紀錄的優異季度，季度營收前所未見。近 15% 的營收來自我們的風電業務，較去年同期也成長約 90%，60% 與 90%。這些都是很大的數字。

During our third quarter, we saw a diverse set of product shipments. We shipped voltage compensators, capacitor banks, harmonic filters, transformers, rectifiers, [Volt/VAR] optimizers, Ship Protection Systems and electrical control systems. These products went into renewables and a variety of industrial markets, including semiconductor, mining, as well as our Navy projects.

在第三季期間，我們看到多元的產品出貨組合。我們出貨了電壓補償器（voltage compensators）、電容器組（capacitor banks）、諧波濾波器（harmonic filters）、變壓器（transformers）、整流器（rectifiers）、[Volt/VAR] 最佳化器、船舶防護系統（Ship Protection Systems）以及電氣控制系統。這些產品應用於再生能源及多種工業市場，包括半導體、採礦，以及我們的海軍專案。

During our third quarter, we booked over $34 million of new orders and grew our 12-month backlog to over $137 million.

在第三季期間，我們新增接單超過 3,400 萬美元，並將 12 個月在手訂單提升至超過 1.37 億美元。

Our backlog at the end of the third quarter increased by nearly 25% when compared to the year ago period, we had $25 million of new energy power systems orders. Our new energy power systems orders have averaged over $30 million a quarter during fiscal year 2023, varying by quarter because of timing. These third quarter orders serve an increasingly diverse market.

第三季末的在手訂單較去年同期增加近 25%；其中我們取得 2,500 萬美元的新能源電力系統新訂單。在 2023 會計年度期間，我們的新能源電力系統訂單平均每季超過 3,000 萬美元，因時點因素而在各季間有所波動。第三季的這些訂單服務於日益多元的市場。

They represent strong contributions from the renewables market with wind and solar projects accounting for approximately two thirds of the total. Industrial orders which contributed approximately one-third of the total include orders for utilities, metals and mining, as well as semiconductor projects. With strong demand across our end markets, we expect to continue to grow and diversify our grid business through these and future strong bookings in both renewable and industrial sectors.

這些訂單代表來自再生能源市場的強勁貢獻，其中風電與太陽能專案約占總額的三分之二。工業訂單約占總額的三分之一，包括公用事業、金屬與採礦，以及半導體專案的訂單。在我們終端市場需求強勁的帶動下，我們預期將透過這些以及未來在再生能源與工業領域的強勁接單，持續成長並多元化我們的電網業務。

Let's talk about some great news and wins. We secured our second three-megawatt electrical control systems or ECS order from Inox Wind. Inox Wind has requested immediate delivery under this $8 million follow-on order, and we expect to ship these ECS over the course of calendar year 2024.

接下來談一些好消息與勝利。我們從 Inox Wind 取得第二筆三兆瓦電氣控制系統（ECS）訂單。在這筆 800 萬美元的追加訂單下，Inox Wind 要求立即交付，我們預期將在 2024 曆年期間陸續出貨這些 ECS。

It is depending on their payments. Inox would like all sets to be delivered during our first quarter of fiscal 2023, but we see it impacting the first and second quarter. It could take longer to deliver if they are not timely with their payments, Inox's business seems poised to take off in 2024. Their public information would lead one to believe this. We are off to an encouraging start in calendar year 2024 with a follow-on order from our partner Inox for our cutting edge three-megawatt class ECS. We see continuous demand for their two-megawatt turbine and our two-megawatt ECS as well.

這取決於他們的付款情況。Inox 希望所有套件都能在我們 2023 會計年度第一季交付，但我們認為將影響第一季與第二季。若他們付款不夠及時，交付可能需要更長時間；Inox 的業務似乎已準備在 2024 年起飛。從他們公開資訊來看，確實會讓人如此相信。我們在 2024 曆年有個令人鼓舞的開局，合作夥伴 Inox 追加下單採購我們最先進的三兆瓦級 ECS。我們也看到他們的二兆瓦風機以及我們的二兆瓦 ECS 持續有需求。

Additionally, we have made progress on our Navy development programs and secured orders to continue that work. We are working to insert our technology into multiple Navy's fleets. Over the past several years, we've taken a series of very deliberate actions to diversify our business and grow through our grid business.

此外，我們在海軍研發計畫上也取得進展，並取得訂單以持續推進相關工作。我們正致力於將我們的技術導入海軍的多個艦隊。過去幾年，我們採取一系列非常審慎的行動，透過電網業務來多元化我們的業務並推動成長。

Over a five-year period, we nearly tripled our grid business revenue and had consistent revenue growth, up over 17% compounded annual growth rate. We acquired and integrated three companies which has successfully broadened our sales leverage, expanded our content of offerings and contributed to our increased total revenue. We are pleased with these results and super excited about the rest of the year.

在五年期間，我們的電網業務營收幾乎成長至原來的三倍，並維持一致的營收成長，複合年成長率超過 17%。我們收購並整合了三家公司，成功擴大我們的銷售槓桿、擴充我們的產品與服務內容，並促成我們總營收的提升。我們對這些成果感到滿意，也對今年剩餘時間感到非常興奮。

Now I'll turn the call over to John Kosiba to review our financial results for the third quarter of fiscal year 2023 and provide guidance for the fourth quarter of fiscal year 2023, which will end March 31, 2024.

接下來我把電話交給 John Kosiba，請他回顧我們 2023 會計年度第三季的財務結果，並提供將於 2024 年 3 月 31 日結束的 2023 會計年度第四季指引。

John?

John？

Thanks, Daniel, and good morning, everyone. AMSC generated revenues of $39.4 million for the third quarter of fiscal 2023 compared to $23.9 million in the year ago quarter. Our grid business unit accounted for 85% of total revenues, while our wind business unit accounted for 15%. Grid business unit revenues increased by 61% in the third quarter versus the year ago quarter. While our wind business unit increased by 87% over the same time period.

謝謝你，Daniel，各位早安。AMSC 2023 會計年度第三季營收為 3,940 萬美元，去年同期為 2,390 萬美元。我們的電網事業部占總營收的 85%，風電事業部占 15%。電網事業部第三季營收較去年同期成長 61%。而風電事業部在同一期間成長 87%。

Looking at the P&L in more detail, gross margin for the third quarter of fiscal 2023 was 25% compared to 2% in the year-ago quarter. Gross margin for the third quarter of fiscal 2023 was positively impacted by the higher revenues, a more favorable product mix, and the favorable impact across the business from pricing increases across all product lines.

更詳細來看損益表，2023 會計年度第三季毛利率為 25%，去年同期為 2%。2023 會計年度第三季毛利率受較高營收、更有利的產品組合，以及全產品線調價帶來的正面影響而提升。

Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2023 were $10 million compared to $9.3 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the third quarter of fiscal 2023 were noncash.

接著看營業費用，2023 會計年度第三季研發與銷售、一般及行政（SG&A）費用為 1,000 萬美元，去年同期為 930 萬美元。2023 會計年度第三季研發與 SG&A 費用中約有 11% 為非現金項目。

Our non-GAAP net income for the third quarter of fiscal 2023 was $900,000 or $0.03 per share compared with a net loss of $7.7 million or $0.27 per share in the year ago quarter. Our net loss in the third quarter of fiscal 2023 was $1.6 million or $0.06 per share. This compared to a net loss of $9.6 million or $0.34 per share in the year-ago quarter. Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results.

我們 2023 會計年度第三季非 GAAP 淨利為 90 萬美元，或每股 0.03 美元；去年同期為淨損 770 萬美元，或每股 0.27 美元。我們 2023 會計年度第三季 GAAP 淨損為 160 萬美元，或每股 0.06 美元。相較之下，去年同期淨損為 960 萬美元，或每股 0.34 美元。GAAP 與非 GAAP 結果的調節，請參閱我們昨晚發布的新聞稿。

We ended the third quarter of fiscal 2023 with $25 million in cash, cash equivalents and restricted cash. This compared with $24 million on September 30, 2023. Our operating cash flow in the third quarter of fiscal 2023 generated $1.3 million.

截至 2023 會計年度第三季末，我們持有現金、約當現金及受限制現金合計 2,500 萬美元。相較於 2023 年 9 月 30 日的 2,400 萬美元。我們 2023 會計年度第三季營業活動現金流入為 130 萬美元。

Now turning to our financial guidance for the fourth quarter of fiscal 2023, we expect that our revenues will be in the range of $36 million to $40 million. Our net loss is expected not to exceed $3.5 million or $0.12 per share.

接著談 2023 會計年度第四季財務指引，我們預期營收將介於 3,600 萬至 4,000 萬美元。我們預期淨損不會超過 350 萬美元，或每股 0.12 美元。

Our non-GAAP net loss is expected not to exceed $1.7 million or $0.06 per share. We expect operating cash flow to be breakeven to positive cash generation of $2 million. We expect to end the fourth quarter with no less than $25 million in cash, cash equivalents and restricted cash.

我們預期非 GAAP 淨損不會超過 170 萬美元，或每股 0.06 美元。我們預期營業活動現金流將介於損益兩平至正向現金流入 200 萬美元。我們預期第四季末現金、約當現金及受限制現金不低於 2,500 萬美元。

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

以上，我把電話交回給 Daniel。

Thanks, John. We didn't guide to that last quarter, but we are this quarter, and that has meaning. This is the second quarter in a row where we've achieved positive operating cash flow and expect to do that again for a third quarter. Strong market demand from renewables, industrials and utilities drove new energy power systems orders for our third quarter of fiscal year 2023.

謝謝你，John。我們上季沒有提供那項指引，但這一季提供了，而這是有意義的。這是我們連續第二季達成正向營業活動現金流，我們也預期將再次達成，連續第三季如此。來自再生能源、工業與公用事業的強勁市場需求，推動我們 2023 會計年度第三季的新型能源電力系統訂單。

Our orders illustrate market diversification from customers in metals, mining and materials and semiconductors to military and utility applications. We see opportunities for our products and services as utilities address the addition of distributed power into the electric grid. We have a robust pipeline of opportunities, thanks to strong market demand. And we are aggressively going after those opportunities.

我們的訂單展現市場多元化，客戶涵蓋金屬、採礦與材料、半導體，到軍用與公用事業應用。隨著公用事業因應分散式電力併入電網，我們看到我們的產品與服務存在機會。受惠於強勁的市場需求，我們擁有充沛的機會管線。我們也正積極把握這些機會。

We see the wind market strengthening in India. And that should translate into expanded business for us next year. We've been able to make significant progress in all our US Navy programs, and we see more shifts on the horizon. Our resilient electric grid system in Chicago continues to operate as planned. And we believe we have a solution that can solve many existing problems in the electrical grid of many cities.

我們看到印度的風電市場正在轉強。這應會在明年轉化為我們更擴大的業務。我們在所有美國海軍計畫上都取得顯著進展，也看到未來還會有更多變化。我們在芝加哥的韌性電網系統持續按計畫運作。我們相信我們有一套解決方案，能夠解決許多城市電網中既有的多項問題。

We are committed to the continued diversification of our business, expanding our scale and reach domestically and internationally, and investing in resilient markets that create a path for a more sustainable world. Our key growth markets are renewables, mining materials and metals, particularly for electric and hybrid vehicles, semiconductors, utilities and military.

我們致力於持續推動業務多元化，擴大我們在國內與國際市場的規模與觸及範圍，並投資於具韌性的市場，為更永續的世界開闢道路。我們的主要成長市場為再生能源、礦業材料與金屬（特別是用於電動與油電混合車）、半導體、公用事業以及軍事。

We believe the march towards a more sustainable world will be a driver for the markets we serve in the foreseeable future. Our products are expected to play a central role in this evolution. And we continue to intensify our efforts and collaboration to take advantage of these trends. We continue to work towards growing a business that's supporting power management at the substation level for renewables, mining and metals utilities and for military uses as well as supporting customers in the semiconductor industry.

我們相信，邁向更永續世界的趨勢，在可預見的未來將成為我們所服務市場的驅動力。預期我們的產品將在這項演進中扮演核心角色。我們也持續加大投入並強化合作，以掌握這些趨勢帶來的機會。我們持續致力於擴大業務，支援再生能源在變電站層級的電力管理，以及礦業與金屬、公用事業與軍事用途，同時也支援半導體產業客戶。

We have turned the corner and delivered another outstanding quarter. We aren't looking back; we can see the fundamentals of our business are well grounded. It feels like we have the wind at our back. Policy is driving more renewables, the reshoring of semiconductor capacity in America, the rise of the electric vehicle and investment in American infrastructure, all four, we see as tailwinds. If you believe that there needs to be a solution to climate and decarbonization, and you're wondering who will be providing these solutions, you have come to the right place.

我們已經走出轉折點，並再度交出一個非常出色的季度。我們不會回頭；我們看得出來，公司的基本面相當扎實。感覺就像順風而行。政策推動更多再生能源、美國半導體產能回流、電動車崛起以及美國基礎建設投資，這四項我們都視為順風因素。如果你相信氣候與去碳化需要解方，並且正在思考誰將提供這些解決方案，那你來對地方了。

To conclude, we've built a stable and diversified business that we believe is well positioned to capitalize on the future of investments in renewables, the future of investments in semiconductors, the future of investment in electric vehicles, and the mining of the materials that go into these three markets as well as the defense business. We are driven by the opportunities that climate change presents to us as well as the electrification of transportation.

總結來說，我們已建立一個穩健且多元化的業務，我們相信其已具備良好定位，可把握未來在再生能源投資、半導體投資、電動車投資，以及供應這三大市場所需材料的採礦業，並包含國防業務的投資機會。我們受到氣候變遷所帶來的機會以及交通運輸電氣化的驅動。

Our products provide grid support at the power consumption point of the electric vehicle. Our products also provide support at the mining and factories for the metals and materials used to build these vehicles.

我們的產品在電動車的用電端提供電網支援。我們的產品也在採礦與工廠端提供支援，協助生產用於打造這些車輛的金屬與材料。

We've evolved from being a very concentrated business with both customer and market concentration to a more diverse business while at the same time growing revenue and improving margins. We are focused on improving the financial performance of our business and continuing to deliver a diversified business and on making progress towards our longer-term priority of building a sustainable business. I think the team has done a terrific job of achieving this.

我們已從一個在客戶與市場上高度集中的業務，演進為更為多元的業務，同時也實現營收成長並改善毛利率。我們專注於提升公司的財務表現，持續交付多元化的業務，並朝向建立永續企業這一長期優先事項持續推進。我認為團隊在達成這些目標上做得非常出色。

When we look at our prospects and what our sales pipeline looks like, they're strengthening, not weakening. Orders are becoming larger, not smaller. The types of markets we serve are becoming more diverse, less concentrated. So when I look at the near term, say the next year or so, I think our prospects are great.

當我們檢視前景以及銷售管線的狀況時，它們是在增強，而不是在減弱。訂單正在變大，而不是變小。我們所服務的市場類型也變得更加多元、集中度更低。因此，當我看短期，例如未來一年左右，我認為我們的前景非常好。

We believe that our differentiated solutions and set of capabilities are a significant advantage that will allow us to serve our customers ever more efficiently. I want to thank our team for their hard work and support, and I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end.

我們相信，我們具差異化的解決方案與能力組合是一項重大優勢，將使我們能更有效率地服務客戶。我要感謝團隊的辛勤付出與支持，我也期待在我們第四個會計季度結束以及會計年度結束時，向各位回報。

Gary, we'll now take questions from our analysts.

Gary，我們現在開始接受分析師提問。

(Operator Instructions)

(接線員指示)

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

Hi Daniel. Hi, John. Good morning. So maybe can we just start with wind -- could you just discuss -- you've talked about it a little bit, but I just want to make sure I'm clear on it how you expect this three megawatt order and I know it's payment dependent, but this -- the order for the three megawatt control systems, how you see that playing out here in calendar year '24, were you talking fiscal Q1 and Q2 is when you would expect the majority of that?

嗨，Daniel。嗨，John。早安。那也許我們先從風電開始——你們已經稍微談到一些，但我想確認我理解正確：關於這筆三兆瓦訂單，我知道它取決於付款狀況，但這筆三兆瓦控制系統的訂單，你們預期在2024曆年會如何展開？你們是指會計年度第一季與第二季會交付其中大部分嗎？

Yeah, that's exactly right. I think it will be roughly balanced between the two -- the first two quarters. They want it as fast as possible. We're at a point now where they're going to be hand-to-mouth in the short term. And we want to make sure we support them as best we possibly can, as quickly as we possibly can.

對，完全正確。我認為大致會在前兩個季度之間平均分配。他們希望越快越好。我們現在的情況是，他們短期內會是手到口（供應非常吃緊）。我們希望確保能以我們所能做到的最佳方式、最快速度支援他們。

But I don't want to set your expectations too high or it even could leak a bit into the December quarter or third quarter. It really depends upon our ability to manage our supply chain, but it really starts with them paying everything on time, which to their credit, at least recently, they've been pretty good at. But I do want to make sure that everybody on the call understands that risk.

但我不想把你的預期拉得太高，因為也可能有一部分會延後到12月季度或第三季。這真的取決於我們管理供應鏈的能力，但最根本還是他們必須準時付款；值得肯定的是，至少最近他們在這方面表現相當不錯。不過我確實想確保所有在電話會議上的人都理解這個風險。

Yes, no, understood. And then just sticking with wind on Q3, right? I mean that you're -- the December quarter, I would assume that the majority of that is the two megawatt -- I mean systems for the two-megawatt turbine or there might be a little bit of three megawatt in there. How should we think about that?

是的，了解。那接著談風電在第三季，對吧？我是說12月季度，我猜其中大部分會是兩兆瓦——也就是兩兆瓦風機的系統——或是其中也會有一點三兆瓦的量。我們應該怎麼看待這件事？

Yes. Two-megawatt is in Q3 and we're just starting to get ready to start to deliver on the beginnings of the order that we received back a couple of quarters ago. We're at a point now, Eric, where we were early in the two-megawatt where we're going to get hopefully a series of successive orders. Maybe they'll be similar in size, maybe they'll grow in size. But we actually have a chart in the slide deck where we tried to show the history that we have for the two-megawatt, we're hoping that we're going to see that happen again with the three. And all signs from India and from Inox lead us to believe that that's probably correct.

是的。兩兆瓦會在第三季，我們現在正開始準備交付幾個季度前收到的那筆訂單的初期出貨。Eric，我們現在在兩兆瓦這塊正處於早期階段，我們希望接下來能收到一連串連續的訂單。規模可能相近，也可能逐步放大。不過我們在簡報投影片中其實有一張圖，試著呈現我們在兩兆瓦的歷史，我們希望三兆瓦也能再次出現同樣的情況。而來自印度以及Inox的各項跡象都讓我們相信，這個判斷很可能是正確的。

Okay. And so I mean, when we think about this, almost -- nearly $6 million without taking out the $8 million order for the three-megawatt, right? I mean is this kind of a representative number for that -- primarily the two megawatt you layer the three on top or -- how do you think about kind of a quarterly run rate again, knowing that you might have two quarters that are higher what that looks like here through fiscal '24?

好的。所以我的意思是，當我們思考這件事時，幾乎——接近600萬美元（不把那筆800萬美元的三兆瓦訂單算進去），對吧？我的意思是，這是否可視為一個具代表性的數字——主要是兩兆瓦，再把三兆瓦疊加上去？或者——你們如何看待每季的出貨/營收節奏？也知道可能有兩個季度會比較高，那在2024會計年度期間大概會是什麼樣子？

Yeah, I think if we go back and let's look at the previous, say, three quarters or so, and look at that run rate, that's probably where we are with the two. I think there's some indications in the market that they're going to sell more twos as well. But again, it's always hard with this customer to be able to forecast it.

是的，我想如果我們回頭看前面大概三個季度左右，看看那個運行水準（run rate），兩兆瓦大概就是那樣的水準。我認為市場上也有一些跡象顯示，他們也會賣出更多兩兆瓦機型。但同樣地，面對這個客戶，要做預測一直都很難。

Part of why we have focused so much on grid is, we love Inox to our great customer. But as their business slows down or starts up, their access to capital could either help or hamper their ability to deliver to their customers. So we want to do everything we can to support them. We've been waiting for years for this business to start to come back. And I think that one of the key messages today, we really feel like the wind is at our back now, literally in India. And we should have a strong -- we think '24.

我們之所以如此聚焦於電網，部分原因是我們非常重視 Inox，因為他們是我們很重要的客戶。但當他們的業務放緩或重新啟動時，他們取得資本的能力可能會幫助或阻礙他們向其客戶交付的能力。因此我們希望盡我們所能去支持他們。我們已經等了很多年，期待這項業務開始回溫。我認為今天其中一個關鍵訊息是，我們真的覺得現在順風在我們這邊，字面上來說是在印度。而且我們應該會有一個強勁的——我們認為是 '24。

Yes, no, it's great. I know you've been waiting on that for quite some time. Maybe just turning to the Navy business. I know you've talked about it for quite some time about looking to get into Allied Navy's new ship platforms. It seems to me like your commentary today was stronger than I've heard in the past. I'm curious if that's a misread on my part or that was intentional and kind of maybe next signpost we should look for.

是的，不，這很棒。我知道你們已經等這件事等了相當久。或許轉到海軍業務。我知道你們談了很長一段時間，想要切入盟軍海軍的新型艦艇平台。我感覺你們今天的評論比我過去聽到的更為強烈。我很好奇這是不是我誤讀了，或是你們是刻意這麼說的，以及我們接下來應該留意的下一個里程碑是什麼。

Yeah. In communication, it's not what you say what -- it's what they hear. And you're hearing me. So clearly, we see more ships on the horizon. So the two -- kind of three take-home messages here are, we have a great new energy business that's supported by the backlog. We're converting orders at a very consistent rate. We feel the winds at our back, particularly in India. And we see more ships on the horizon and a clear path to them.

是的。在溝通上，重點不在於你說了什麼——而在於對方聽到了什麼。而你確實聽懂了我的意思。所以很明顯地，我們看到地平線上會有更多艦艇。因此，這裡有兩個——算三個重點訊息：我們有一個很棒的新能源業務，並且有在手訂單（backlog）支撐。我們正以非常穩定的速度把訂單轉化。我們覺得順風在我們這邊，尤其是在印度。而且我們看到地平線上有更多艦艇，並且有一條清晰的路徑可以達成。

These are not words you heard me say last quarter or the quarter before that. It is a different feeling. It is a different message today.

這些不是你在上季或再前一季會聽到我說的話。這是一種不同的感受。今天傳達的是不同的訊息。

Okay, I'll turn it over. Thank you.

好的，我把時間交回去。謝謝。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Thanks so much, guys. Could you talk about the impact of pricing on your year-over-year growth here in the quarter? And how we should think about the mix of unit growth and pricing growth, driving top line acceleration in calendar '24?

非常感謝，各位。你們能談談本季價格因素對你們年對年成長的影響嗎？以及我們應該如何看待單位成長與價格成長的組合，來推動 2024 年曆年的營收加速？

We hope that the pricing initiatives are behind us. We've been able to reconcile our cost and pricing. We've done a really good job, we think, to try to support our customers need at the same time. So when we look at -- the growth is -- part of it is pricing, part of it is just as the absolute value of the projects are greater. Many projects in renewables, many projects in semiconductor, and many projects in mining, are leveraging not only one product line, but maybe two or three, right? So the average order size for a project is going up as well.

我們希望定價措施已經告一段落。我們已經能夠把成本與價格對齊。我們認為我們做得非常好，在同時也盡力支持客戶需求。因此當我們看——成長——其中一部分來自定價，一部分則是因為專案的絕對金額變大了。許多再生能源專案、許多半導體專案，以及許多礦業專案，不僅僅採用一條產品線，而可能是兩條或三條，對吧？所以單一專案的平均訂單規模也在上升。

So pricing is a piece of it. I wouldn't expect that to continue. I guess if there's more inflationary pressure, we'll have to respond to those things. But we've been able to work, I think, very well with our customers to ensure timely delivery and a price that we think still is competitive. We are a premium priced product. We do have proprietary content in everything we do.

所以定價是其中一部分。我不預期這會持續下去。我想如果有更多通膨壓力，我們就必須對那些情況做出回應。但我們一直能夠——我認為——與客戶合作得非常好，以確保準時交付，以及我們認為仍具競爭力的價格。我們是溢價產品。我們在所做的一切中都包含專有內容。

So that should garner that. But the growth going forward, I think, is really common going to be reflective of the pipeline and the ability for us to convert those orders, and that the order sizes are getting larger.

因此這應該能支撐那樣的定價。但我認為未來的成長，主要會反映在案源（pipeline）以及我們把這些訂單轉化的能力上，而且訂單規模正在變大。

Fantastic. And then on the supply side, obviously, you've gone through some lumpiness in terms of supply availability in some of these locations. As that normalizes, and you guys scale a little bit. Can you talk a little bit about your ability to start driving cost out of the products and some incremental cost efficiencies from a manufacturing perspective as well?

太好了。接著在供應端，顯然你們在某些地區的供應可得性方面經歷了一些波動。當這些狀況正常化、你們的規模再擴大一些之後，能否談談你們在產品降本方面的能力，以及從製造角度來看一些額外的成本效率提升？

Yeah, I think those common, and I've said this on previous calls, when you start to have multiples of the same thing -- and we're seeing that in different parts of the business, obviously, ECS and SPS reflect that because you're making copies over and over again -- as you see that demand, it'll allow rise. It will allow us to potentially look at our supply chain and look for cost reductions. I'm very optimistic in wind that as they grow their volume that we're going to be there for them as a good partner to make sure we're providing proper pricing.

是的，我認為這很常見，我在之前的電話會議也說過，當你開始有同一件事的多個重複——而我們在業務的不同部分都看到了這點，顯然 ECS 和 SPS 就反映了這點，因為你是在一遍又一遍地複製生產——當你看到那樣的需求時，它會帶來提升。它也會讓我們有機會檢視供應鏈並尋找降本空間。我對風電非常樂觀，隨著他們的量成長，我們會作為良好夥伴在旁支持，確保我們提供合適的價格。

So I think in the near term, most of the inflationary pressures are behind us. I won't say all because there's always that risk. I think a lot of the availability pressures have been reduced. We're seeing lead times start to shrink. And we're seeing customers start to push us to be able to deliver faster, which is, I think, a great indicator of the health of the business.

所以我認為短期內，大多數通膨壓力已經在我們身後了。我不會說全部，因為總是有那樣的風險。我認為許多供應可得性的壓力已經降低。我們看到交期開始縮短。而且我們看到客戶開始推動我們更快交付，我認為這是業務健康狀況的一個很好的指標。

Great. And then the final one for me is just around maturity and evolution of customer conversations in lieu of the ongoing performance in Chicago with the grid solution. Can you talk a little bit about how many folks you're talking to, how those conversations are maturing, and how to think about the potential for another demonstration project or follow-on orders?

很好。最後一個問題是，關於在芝加哥電網解決方案持續表現之下，客戶對話的成熟度與演進。你能否談談你們正在與多少人接觸、這些對話如何成熟，以及如何看待再做一個示範專案或後續訂單的可能性？

Yeah. I don't want to do another demonstration. And I don't see the first one as a demonstration at all. It's an asset that's in the grid. It's got full rate recovery. It's an operational capability that the utility wants, and they want to do more of. You're probably hearing me start to say quiet my rhetoric with rig. And for those of you that have been around me for a while, and I think you understand what that means.

是的。我不想再做另一個示範。而且我也完全不把第一個視為示範。那是一個已經在電網中的資產。它具有完整的費率回收（rate recovery）。這是公用事業公司想要、而且想要做更多的營運能力。你可能也聽到我開始降低我對 rig 的措辭強度。而對於跟我一段時間的人，我想你們理解那代表什麼。

I am very excited about rig and the feedback we're getting from customers, particularly in the US. We really do have a solution that's needed right now. So I think as we make more progress, demonstrable progress there, we'll give more updates, but I don't have anything else to say today.

我對 rig 非常興奮，尤其是我們從客戶那裡得到的回饋，特別是在美國。我們確實有一個現在就需要的解決方案。所以我認為，隨著我們在那裡取得更多進展、可被證明的進展，我們會提供更多更新，但我今天沒有其他要補充的。

Great. Thanks so much, guys.

很好。非常感謝，各位。

(Operator Instructions)

(操作員指示)

Justin Clare, ROTH MKM.

Justin Clare，ROTH MKM。

Hi. Thanks for taking our question. I guess first off, you did mention that order sizes are getting larger here. I was wondering if you could just talk about what's driving those larger orders? Is this a function of a more comprehensive product portfolio? Are there other factors? Are your customer project sizes increasing? Maybe you can just give a little color on that.

嗨。謝謝讓我們提問。我想先從您提到訂單規模正在變大談起。我想請您談談是什麼在推動這些更大的訂單？這是否是更完整的產品組合所帶來的結果？還有其他因素嗎？您客戶的專案規模是否也在增加？也許您可以稍微補充一些背景說明。

I think both are contributing factor, but I think the first one is the main driver. We're now bidding into projects with a larger scope. We're now becoming known in the market as being able to deliver all of that as kind of a one-stop shop and that I think is helping us. But I think also a lot of the work that we're looking at are larger projects, be it on the renewable side or the industrial side as well. So those are all good indicators, we think about the health of the business.

我認為兩者都有貢獻，但我覺得第一個是主要驅動因素。我們現在投標的專案範疇更大。市場也逐漸認識到我們能以某種「一站式」方式交付所有這些內容，我認為這正在幫助我們。但同時，我們正在看的許多工作本身就是更大型的專案，不論是在再生能源端或工業端也是如此。所以我們認為這些都是反映業務健康狀況的良好指標。

Okay, great. And then how do you think about potentially further expanding that product portfolio, whether it's in-house development of products or looking at acquisitions that could further support your products?

好的，很棒。那您如何看待進一步擴充產品組合的可能性，不論是內部開發產品，或是尋求能進一步支援您產品的併購？

Yeah, I think given the fact we've had this appetite, we have a demonstrated track record now, recently to do in these three deals that have helped expand.

是的，我想鑑於我們一直有這樣的企圖心，而且最近也透過這三筆交易展現了可驗證的實績，這些交易幫助我們擴充了版圖。

The first one was more content for the Navy that we've talked a lot about the last two -- over the last -- previous couple of years here. We're known in the market as a good company to work with and potentially be an acquirer. We're getting a lot of inbound traffic in that. So we want to be choosy about what we do in trying to extend the business.

第一筆是我們談了很多的、提供給海軍的更多內容，過去兩年——在過去——前幾年我們都談過。市場也認為我們是一家很適合合作、也可能成為收購方的好公司。我們因此收到很多主動找上門的機會。所以在嘗試延伸業務時，我們希望能慎選我們要做的事情。

We want to grow. And if acquiring more content allows us to grow more quickly, then we think that's something that we should certainly consider.

我們想要成長。如果收購更多內容能讓我們更快成長，那我們認為這當然是我們應該考慮的方向。

Got it. Okay. And then shifting gears a little bit here. You did mention that lead times seem to be improving in your supply chain. I think last quarter you had mentioned things moving from 15 months to potentially under 12 months for some projects or for some products. I was wondering how you see things trending ahead here, do you see further improvement on the horizon? And then could this enable a acceleration in your ability to convert backlog to revenue?

了解。好的。那稍微換個話題。您確實提到供應鏈的交期似乎正在改善。我記得上季您提到某些專案或某些產品的交期，可能從15個月縮短到12個月以下。我想請問您如何看待接下來的趨勢，是否還有進一步改善的空間？另外，這是否能加速您將在手訂單（backlog）轉換為營收的能力？

Yeah. I think the potential is there. I think our lead times are now closer to 9 to 15 months, depending upon the product line, which means that we can generate orders here this quarter, next quarter and have some impact still on next fiscal year. So I think that's an important comment to make there. But we see a very robust pipeline of things that we're working on and trying to close and where we haven't figured it out. I'm tremendously excited and probably the most excited I've been about the prospects of the business, not just the results.

是的。我認為確實有這個可能性。我想我們目前的交期大約更接近9到15個月，視產品線而定；這代表我們在本季、下季拿到的訂單，仍可能對下一個會計年度產生一些影響。所以我認為這是一個重要的觀點。但我們看到我們正在推進、試圖成交的事項有非常強勁的案源管線，而且在某些我們尚未完全釐清的部分也是如此。我非常興奮，可能是我對公司前景最興奮的一次，不只是對結果。

All right. That's great to hear. I'll pass it on. Thank you.

好。很高興聽到。我把時間交回去。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Daniel McGahn for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回 Daniel McGahn，請他做結語。

I just want to make a few key points here. Our business hasn't been this strong -- in this strong of a position really ever. When you think about the diversity, you think about the numbers and the performance, the business we've been talking about, we've now built. We've built the business that has generated cash from operations in the past two quarters and expects to do that again in the March quarter.

我想在這裡強調幾個重點。我們的業務從未像現在這麼強——坦白說，從未處於如此強勢的位置。當你想到多元性、數字與表現，以及我們一直在談的這門業務，我們現在已經把它建立起來了。我們打造出一個在過去兩個季度能從營運產生現金，並且預期在3月季度也能再次做到的業務。

We've been able to add new pieces in new markets, and we've been able to manage as we discussed, pricing. We are growing. We think there's a series of tailwinds driven by climate change that are here to stay and are driving the new energy part of our business, including the reshoring of U.S. semiconductor capacity, and the move to more electric vehicles. Wind in India appears to be strengthening we have a new product that's in our partners' hands and they're about to grow and build their business with us, again.

我們已能在新市場加入新的拼圖，也如同我們討論過的，能夠管理定價。我們正在成長。我們認為有一系列由氣候變遷驅動、且將長期存在的順風因素，正在推動我們業務中的新能源部分，包括美國半導體產能回流（reshoring），以及轉向更多電動車。印度的風電看起來正在轉強；我們有一款新產品已交到合作夥伴手上，他們即將再次與我們一起擴張並建立他們的業務。

It feels much different. It feels like the winds' at our back. We also see more ships on the horizon. We have made progress with our development efforts with the US Navy. We see an expansion of this business coming hopefully very soon. After all the work the team has done, to feel that moment is near where we know what ships we could go on and see them on the horizon, it's quite exciting indeed. I can't stress that enough.

感覺非常不同。感覺就像順風在背後推著我們。我們也看到地平線上有更多船艦。我們在與美國海軍的開發工作上已取得進展。我們看到這項業務的擴張希望很快就會到來。在團隊完成所有這些工作之後，能感覺到那個時刻即將到來——我們知道可能會上哪些船艦，並且在地平線上看到它們——確實令人非常興奮。我再怎麼強調都不為過。

Lastly, we've been able to successfully integrate multiple acquisitions and believe that could continue in our future to add more pieces to attack our markets with more content, a deeper, broader offering means as we continue to push for growth, we can get at it more quickly. I hope after hearing us speak today, you are as excited as we are about our business.

最後，我們已成功整合多起併購案，並相信未來仍可能持續，透過加入更多拼圖，以更多內容來攻佔我們的市場；更深、更廣的產品與服務供給，意味著當我們持續推動成長時，可以更快達成目標。我希望在今天聽完我們的分享後，你們能和我們一樣對公司的業務感到興奮。

For those of you that have asked me, why AMSC and specifically why now, we have demonstrated the business for multiple quarters and generate cash from operations. That business has multiple policy tailwinds. We feel the wind is at our back in India, and it appears that it will start to blow harder. We see more shifts on the horizon and see a clear path to them. We have successfully integrated multiple acquisitions and hope to continue that in the future.

對於那些問我為什麼是 AMSC、尤其為什麼是現在的人，我們已在多個季度證明了這門業務，並能從營運產生現金。這門業務有多項政策面的順風。我們覺得在印度我們正處於順風之中，而且看起來風會開始吹得更強。我們看到地平線上有更多轉變，並且看到一條清晰的路徑可以達成。我們已成功整合多起併購案，也希望未來能持續。

I'm looking forward to talking to you again when we report our fourth quarter and full year results. Thank you and good day.

我期待在我們公布第四季與全年業績時，再次與各位交流。謝謝，祝各位有美好的一天。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。