American Superconductor Corp (AMSC) 2024 Q1 法說會逐字稿

Good day, and welcome to the AMSC first-quarter fiscal 2024 financial results. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎來到 AMSC 2024 財年第一季財務業績。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Nicol Golez, Director of Communications at AMSC. Please go ahead.

我現在想將會議交給 AMSC 通訊總監 Nicol Golez。請繼續。

Thank you, Dave. Good morning, everyone, and welcome to American Superconductor Corporation's first-quarter of fiscal year 2024 earnings conference call. I am Nicol Golez, Director of Communications. With us on today's call are Mr. Daniel McGahn, Chairman, President and Chief Executive Officer; and Mr. John Kosiba, Senior Vice President, Chief Financial Officer and Treasurer.

謝謝你，戴夫。大家早安，歡迎參加美國超導公司 2024 財年第一季財報電話會議。我是通訊總監 Nicol Golez。出席今天電話會議的有董事長、總裁兼執行長 Daniel McGahn 先生；資深副總裁、財務長兼財務主管 John Kosiba 先生。

American Superconductor issued its earnings release for the first quarter of fiscal year 2024 yesterday after market closed. For those who have not 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 2024 財年第一季的收益報告。對於尚未看到該新聞稿的人，可以在該公司網站 www.amsc.com 的投資者頁面上取得該新聞稿的副本。

Before starting the call, I would like to remind you that various remarks management may make about American Superconductor's future expectations, including expectations regarding the company's second quarter of fiscal year 2024 financial performance, plans and prospects constitute forward-looking statements for purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995.

在開始通話之前，我想提醒您，管理層可能會對美國超導公司的未來預期發表各種言論，包括對該公司2024 財年第二季度財務業績、計劃和前景的預期構成前瞻性陳述，以確保安全。

Actual results may differ materially from those indicated by such forward-looking statements because of various important factors, including those in the risk factors section of American Superconductor's annual report on Form 10-K for the year ended March 31, 2024, which the company filed with the Securities and Exchange Commission on May 29, 2024, and the company's other reports filed with the SEC.

由於各種重要因素，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，其中包括美國超導公司提交的截至2024 年3 月31 日的10-K 表格年度報告中風險因素部分的內容於2024年5月29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 after 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階層截至今日的預期，不應被視為代表管理階層截至今日任何日期的觀點。雖然公司預計後續事件和事態發展可能會導致公司觀點發生變化，但公司明確表示不承擔更新這些前瞻性聲明的任何義務。

Also, on today's call, management will refer to non-GAAP net income or non-GAAP financial measures. The company believes non-GAAP net income assist management and investors in comparing the company's performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring 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，管理階層將參考非公認會計準則淨利或非公認會計準則財務指標。該公司認為，非公認會計準則淨利潤可以幫助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能反映其核心經營業績的其他費用。

The reconciliation of GAAP net loss to non-GAAP net income can be found in the first quarter of fiscal year 2024 earnings press release that the company issued and furnished to the SEC last night on Form 8-K. American Superconductor's press releases and SEC filings can be accessed from the Investors page of its website at www.amsc.com.

GAAP 淨虧損與非 GAAP 淨利潤的調整可以在該公司昨晚透過 8-K 表格向 SEC 發布並提供的 2024 財年第一季財報新聞稿中找到。美國超導公司的新聞稿和 SEC 文件可透過其網站 www.amsc.com 的投資者頁面存取。

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

現在，我將電話轉給董事長、總裁兼執行長 Daniel McGahn 先生。丹尼爾？

Thanks, Nicol, and good morning, everyone.

謝謝尼科爾，大家早安。

I'll begin today by providing an update on our grid and wind business units, followed by comments on our recent acquisition. John Kosiba will then provide a detailed review of our financial results for the first fiscal quarter, which ended June 30, 2024, provide guidance for the second fiscal quarter, which will end September 30, 2024, and comment on the acquisition. Following our comments, we'll open up the line to questions from our analysts.

今天我將首先介紹我們的電網和風電業務部門的最新情況，然後對我們最近的收購進行評論。John Kosiba 隨後將對我們截至 2024 年 6 月 30 日的第一財季的財務業績進行詳細審查，為截至 2024 年 9 月 30 日的第二財季提供指導，並對此次收購發表評論。在我們發表評論後，我們將開放接受分析師提問的專線。

We're off to a very good start with our new fiscal year. The business is thriving, and we delivered yet another remarkable quarter. Our team reported great results for the first quarter of fiscal 2024. Total revenue for the first quarter came in line with our guidance range and grew by more than 30% versus the year ago period.

我們的新財年有了一個好的開始。業務蒸蒸日上，我們又交付了一個出色的季度。我們的團隊報告了 2024 財年第一季的出色業績。第一季的總收入符合我們的指導範圍，並且比去年同期成長了 30% 以上。

Our first quarter revenue of $40 million was driven by strong new energy power system shipments. Our grid revenue for the first quarter of fiscal year 2024 accounted for 80% of AMSC's total revenue and grew over 25% versus the year ago period.

我們第一季的營收為 4000 萬美元，這得益於強勁的新能源電力系統出貨量。2024財年第一季，我們的電網營收佔AMSC總營收的80%，較去年同期成長超過25%。

The remainder of the revenue came from our wind business, which grew over 75% from a year ago. This is the second quarter in a row that we've been at this $40 million revenue level. We exceeded our average gross margin levels for the quarter through a combination of strong projects and performance in each of our business segments. We ended the first quarter with more than $95 million in cash. We had very strong bookings in the first quarter with both new and existing customers for our products.

其餘收入來自我們的風電業務，該業務年增超過 75%。這是我們連續第二個季度達到 4000 萬美元的收入水準。透過每個業務部門強大的專案和業績的結合，我們超過了本季的平均毛利率水準。第一季結束時，我們擁有超過 9500 萬美元的現金。第一季我們的產品新舊客戶的預訂量非常大。

We announced a record $75 million order of ship protection systems from the Royal Canadian Navy while new Energy Power Systems came in at about $33 million. Our new Energy Power Systems orders represent strong contributions from utilities, industrials, renewables, semiconductors and mining.

我們宣布從加拿大皇家海軍獲得創紀錄的 7,500 萬美元船舶保護系統訂單，而新能源動力系統訂單金額約為 3,300 萬美元。我們的新能源電力系統訂單代表了公用事業、工業、再生能源、半導體和採礦業的巨大貢獻。

We received our third follow-on order of over $12 million from our wind customer Inox Winds, also, we generated more than $125 million in new orders in the quarter. This is also a recent record. We ended the quarter with a 12 month backlog of $160 million and a total backlog of $250 million.

我們從風電客戶 Inox Winds 收到了超過 1,200 萬美元的第三個後續訂單，而且本季我們產生了超過 1.25 億美元的新訂單。這也是近期的紀錄。本季末，我們的 12 個月積壓訂單為 1.6 億美元，積壓訂單總額為 2.5 億美元。

We entered the year at $140 million 12 month backlog. These results and achievements represent our ability to deliver business diversification, financial growth and expanded scale. We are very pleased with these results and encouraged by our orders momentum. Our business appears to be well positioned for the future.

今年 12 個月的積壓金額為 1.4 億美元。這些成果和成就代表了我們實現業務多元化、財務成長和規模擴大的能力。我們對這些結果感到非常滿意，並對我們的訂單勢頭感到鼓舞。我們的業務似乎已為未來做好了準備。

Now I'll turn the call over to John Kosiba to review our financial results for the first quarter of fiscal 2024, provide guidance for the second quarter of fiscal 2024, which will end September 30, 2024, and comment on the addition of NWL to the AMSC family. John?

現在，我將把電話轉給 John Kosiba，以審查我們 2024 財年第一季的財務業績，為將於 2024 年 9 月 30 日結束的 2024 財年第二季度提供指導，並對將 NWL 添加到美國超導公司家族。約翰？

Thanks, Daniel, and good morning, everyone.

謝謝丹尼爾，大家早安。

AMSC generated revenues of $40.3 million for the first quarter of fiscal 2024 compared to $30.3 million in the year ago quarter. Our grid business unit accounted for 80% of total revenues, while our wind business unit accounted for 20%. The Grid business unit revenues increased by 26% in the first quarter versus the year ago quarter. This year-over-year change was led by revenue growth from our new energy power systems.

AMSC 2024 財年第一季的營收為 4,030 萬美元，而去年同期營收為 3,030 萬美元。我們的電網業務部門佔總收入的80%，而風電業務部門佔20%。第一季電網業務部門營收較去年同期成長 26%。這一同比變化是由我們的新能源電力系統的收入成長所帶動的。

Wind business unit revenues increased by 76% in the first quarter versus the year ago quarter. This year-over-year change was driven by ECS shipments. Looking at the P&L in more detail. Gross margin for the first quarter of fiscal 2024 was 30%. This is up from 21% in the year ago quarter.

第一季風電業務部門營收較去年同期成長 76%。這一同比變化是由 ECS 出貨量推動的。更詳細地查看損益表。2024財年第一季毛利率為30%。這比去年同期的 21% 有所上升。

Gross margin for the quarter was favorably impacted by the increased revenues, the pricing increases across our product lines, a favorable product mix, including strong service and spare parts revenue as well as elevated levels of factory absorption across our product lines. We experienced this gross margin expansion due to the drivers I mentioned.

本季的毛利率受到收入增加、整個產品線定價上漲、有利的產品組合（包括強勁的服務和備件收入）以及整個產品線工廠吸收水準提高的有利影響。由於我提到的驅動因素，我們經歷了毛利率的擴張。

This was a perfect culmination of events that yielded these elevated gross margins in Q1. We believe that the actions taken over the last couple of years to expand our gross margins will continue to have a positive impact on our business.

這是導致第一季毛利率上升的事件的完美頂峰。我們相信，過去幾年為擴大毛利率而採取的行動將繼續對我們的業務產生積極影響。

Moving on to operating expenses. R&D and SG&A expenses for the first quarter of fiscal 2024 were $11.2 million compared to $9.7 million in the year ago quarter. Approximately 11% of R&D and SG&A expenses in the first quarter of fiscal 2024 were non-cash.

接下來是營運費用。2024 財年第一季的研發和銷售、一般行政費用為 1,120 萬美元，去年同期為 970 萬美元。2024 財年第一季度，約 11% 的研發和銷售、一般管理費用為非現金。

Our net loss in the first quarter of fiscal 2024 was $2.5 million or $0.07 per share. I'd like to mention that included in our net loss for the quarter was a $3.9 million contingent consideration revaluation expense related to the NEPSI acquisition, which is a noncash item. If we exclude the contingent consideration, AMSC would have generated $1.4 million of net income in the first quarter.

2024 財年第一季我們的淨虧損為 250 萬美元，即每股 0.07 美元。我想提一下，本季的淨虧損中包括與 NEPSI 收購相關的 390 萬美元或有對價重估費用，該費用是非現金項目。如果我們排除或有對價，AMSC 第一季將產生 140 萬美元的淨利潤。

This compares to a net loss of $5.4 million or $0.19 per share in the year ago quarter. Our non-GAAP net income for the first quarter of fiscal 2024 was $3 million or $0.09 per share compared with a non-GAAP net loss of $2.1 million or $0.08 per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results.

相比之下，去年同期的淨虧損為 540 萬美元，即每股淨虧損 0.19 美元。我們 2024 財年第一季的非 GAAP 淨利為 300 萬美元，即每股 0.09 美元，而去年同期的非 GAAP 淨虧損為 210 萬美元，即每股 0.08 美元。請參閱我們昨晚發布的新聞稿，以了解 GAAP 與非 GAAP 業績的對帳情況。

We ended the first quarter of fiscal 2024 with $95.5 million in cash, cash equivalents and restricted cash. This compares with $92.3 million on March 31, 2024 .We generated $3.1 million of operating cash flow in the first quarter of fiscal 2024. Now turning on to our financial guidance for the second quarter of fiscal 2024. We expect that our revenues will be in the range of $38 million to $42 million. Our net loss on that revenue is expected not to exceed $1.7 million or $0.05 per share. Please note that our net loss guidance assumes no changes in contingent consideration.

截至 2024 財年第一季末，我們擁有 9,550 萬美元的現金、現金等價物及限制性現金。相較之下，2024 年 3 月 31 日為 9,230 萬美元2024 財年第一季度，我們產生了 310 萬美元的營運現金流。現在轉向我們 2024 財年第二季的財務指引。我們預計我們的收入將在 3800 萬美元至 4200 萬美元之間。我們該收入的淨虧損預計不會超過 170 萬美元或每股 0.05 美元。請注意，我們的淨虧損指引假設或有對價沒有變動。

We expect our non-GAAP net income to be at least breakeven before any impact of the acquisition. The company expects operating cash flow in the second quarter of fiscal 2024 to range from breakeven to positive $2 million. The company's guidance does not include the impact of the recently announced acquisition of NWL.

我們預計，在收購產生任何影響之前，我們的非公認會計準則淨利潤至少能達到損益兩平。該公司預計 2024 財年第二季的營運現金流量將在損益兩平至正 200 萬美元之間。該公司的指引不包括最近宣布收購 NWL 的影響。

Additionally, this guidance does not contemplate an approximately $8 million milestone payment that is expected to be paid from our allied Navy in late September or early October. That payment could have a significant favorable impact on our operating cash flow if it is received within the quarter.

此外，本指南並未考慮預計我們的盟軍海軍將在 9 月底或 10 月初支付約 800 萬美元的里程碑付款。如果在本季內收到這筆付款，可能會對我們的營運現金流產生重大有利影響。

Now I'd like to take a moment to provide a financial summary of the NWL acquisition. On August 1, 2024, AMSC acquired NWL, a private New Jersey-based company that sells polysupplies and transformers to industrial and military customers. The total consideration paid for the acquisition was approximately $61.4 million.

現在我想花點時間提供 NWL 收購的財務摘要。2024 年 8 月 1 日，AMSC 收購了 NWL，這是一家總部位於新澤西州的私人公司，向工業和軍事客戶銷售多電源和變壓器。此次收購支付的總對價約為 6,140 萬美元。

The consideration was comprised of $30 million in cash, $25 million paid to closing and an additional $5 million to be paid after considering various adjustments set on in the stock purchase agreement. The remaining $31.4 million was paid by issuing 1.3 million restricted shares of AMSC common stock to the sellers at closing.

對價包括 3000 萬美元現金、成交時支付的 2500 萬美元以及考慮股票購買協議中規定的各種調整後支付的額外 500 萬美元。剩餘的 3,140 萬美元是透過在交割時向賣方發行 130 萬股 A​​MSC 普通股限制性股票來支付的。

The share price used to calculate the shares paid to the sellers was $24.16 which was the closing price of our stock on the day prior to closing. Summarizing NWL income statement, NWL has averaged $55 million in revenue over the last three years. They've experienced significant growth in their most recent year with calendar 2023 revenues of $72.3 million. Gross margins for calendar 2023 were 24% and operating expenses in calendar 2023 were approximately $12 million. The operating margin in calendar 2023 was approximately 11%.

用於計算支付給賣方的股票的股價為 24.16 美元，這是我們股票在收盤前一天的收盤價。總結 NWL 的損益表，NWL 在過去三年的平均收入為 5,500 萬美元。他們最近一年實現了顯著成長，2023 年收入達到 7,230 萬美元。2023 年的毛利率為 24%，2023 年的營運費用約為 1,200 萬美元。2023 年的營業利益率約為 11%。

Now moving on to the balance sheet. We acquired the company on a debt-free basis. The acquired balance sheet at closing had approximately $41.2 million in current assets, $28.4 million in fixed assets and $1.9 million in intangible assets. The fixed assets included two buildings in New Jersey valued at approximately $23 million, which are owned outright. We acquired approximately 12.1 million in short-term liabilities and a $6.5 million deferred tax liability in long-term liabilities.

現在轉向資產負債表。我們在無債務的基礎上收購了該公司。收購時收購的資產負債表約有 4,120 萬美元的流動資產、2,840 萬美元的固定資產和 190 萬美元的無形資產。固定資產包括新澤西州的兩座建築，價值約 2300 萬美元，均為完全擁有。我們收購了約 1,210 萬美元的短期負債和 650 萬美元的長期負債遞延稅負債。

Given the fact that AMSC has substantial loss carryforwards to apply against future profit, we expect that much of that deferred tax liability will not be realized and will be taken as a tax income benefit in the quarters ahead. One other point to mention, we acquired a 12-month backlog of approximately $44 million and a total backlog of approximately $51 million.

鑑於 AMSC 有大量虧損結轉可用於抵扣未來利潤，我們預期大部分遞延稅負債將不會實現，並將在未來幾季被視為稅收收入收益。另外值得一提的是，我們獲得了約 4,400 萬美元的 12 個月積壓訂單和約 5,100 萬美元的總積壓訂單。

More than half of that total backlog is expected to ship before December 31, 2024. As you can see, we acquired a company that we believe has a solid history of financial performance, a strong balance sheet and a backlog that demonstrates the current health of their business. As a result, we are expecting this acquisition to have an immediate positive impact on our financial performance.

預計積壓總量的一半以上將在 2024 年 12 月 31 日之前出貨。正如您所看到的，我們收購了一家公司，我們認為該公司擁有穩健的財務業績歷史、強大的資產負債表和積壓的訂單，表明其業務目前的健康狀況。因此，我們預計此次收購將對我們的財務業績產生直接的正面影響。

Looking ahead, we are working through final purchase accounting reconciliations. Due to purchase and accounting activities that need to be finalized in Q2 of fiscal 2024, we are unable to provide any specific guidance regarding the financial impact the acquisition may have on our fiscal 2024 financial results.

展望未來，我們正在完成最終採購會計對帳工作。由於採購和會計活動需要在 2024 財年第二季完成，我們無法就此次收購可能對我們 2024 財年財務業績產生的財務影響提供任何具體指引。

With that said, our expectation is that NWL will contribute meaningfully to our consolidated revenue for Q2 fiscal 2024 and will add to our operating cash flow. One last note, we filed an 8-K last night with the SEC, which includes pro forma financial information that shows the favorable impact the acquisition would have had on our prior year and June quarter if the acquisition had occurred as of April 1, 2023 and April 1, 2024. Please see the 8-K for more information.

話雖如此，我們預計 NWL 將為我們 2024 財年第二季的合併收入做出有意義的貢獻，並將增加我們的營運現金流。最後一點，我們昨晚向 SEC 提交了一份 8-K，其中包括預計財務信息，顯示如果收購於 2023 年 4 月 1 日發生，此次收購將對我們上一年和 6 月季度產生有利影響以及2024 年4 月1 日。請參閱 8-K 以了解更多資訊。

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

這樣，我會將電話轉回給丹尼。

Thanks, John. We began fiscal year 2024 with strong orders momentum, solid financial results and what we believe to be a powerful addition to our business. A couple of days ago, we announced the acquisition of NWL. Prior to becoming part of the AMSC family, NWL was a privately held company in New Jersey. It has been owned and operated by the same family for two generations for over 50 years.

謝謝，約翰。2024 財年伊始，我們的訂單勢頭強勁，財務業績穩健，我們相信這對我們的業務來說是一個強有力的補充。幾天前，我們宣布收購 NWL。在成為 AMSC 家族的一員之前，NWL 是新澤西州的私人公司。它由同一家族兩代人擁有和經營，已有 50 多年歷史。

NWL provides power supplies for motor drives for a variety of energy applications as well as for critical military systems. The acquisition of NWL directly aligns with our strategic priorities to accelerate profitable growth, broaden our product offering and expand our market reach and market share. NWL has a history of profitable revenue with a three year average of approximately $55 million per year.

NWL 為各種能源應用以及關鍵軍事系統的馬達驅動器提供電源。收購 NWL 直接符合我們的策略重點，即加速獲利成長、擴大我們的產品供應並擴大我們的市場覆蓋範圍和市場份額。NWL 有著三年平均每年約 5500 萬美元獲利收入的歷史。

The acquisition of NWL is expected to complement and extend our product offerings in the industrial and military sectors. As we expand our military business, we believe NWL has the potential of multiplying our military footprint within the Department of Defense, especially the US Navy.

收購 NWL 預計將補充和擴展我們在工業和軍事領域的產品供應。隨著我們拓展軍事業務，我們相信 NWL 有潛力擴大我們在國防部（尤其是美國海軍）的軍事足跡。

We see the possibility that with NWL we may expedite our Navy expansion from our ship protection systems to ship power systems. Today, we install ship protection systems that help Navy ships stay hidden from our enemy threats. Together with Ship Power Systems, we can help power ship functions. We see NWL as part of the next step from protecting the fleet to powering the fleet.

我們看到，透過 NWL，我們有可能加快海軍從船舶保護系統向船舶動力系統的擴張。今天，我們安裝船舶保護系統，幫助海軍艦艇躲避敵人的威脅。與船舶動力系統一起，我們可以幫助船舶功能提供動力。我們將 NWL 視為從保護機隊到為機隊提供動力的下一步的一部分。

With NWL we're buying a business that we like, that's run by people we like and run in a fashion that we like. It's also a company that we know. NWL was a strategic supplier to NEPSI. AMSC looked to also qualify them as a supplier. They are known to solve hard problems for their customers and have an exceptional offering that's typically deployed in hardened industrial and military environments.

透過 NWL，我們正在購買我們喜歡的企業，它由我們喜歡的人經營，並以我們喜歡的方式經營。這也是我們認識的公司。NWL 是 NEPSI 的策略供應商。AMSC 也希望他們有資格成為供應商。眾所周知，他們能夠為客戶解決難題，並擁有通常部署在嚴酷的工業和軍事環境中的卓越產品。

We have a lot of respect for NWL and what has been built. Strategically, we made this acquisition with the expectation that it will improve the long-term quality of our revenues and earnings, with further diversification by region, customer and product.

我們非常尊重 NWL 和已經建成的建築。從戰略上講，我們進行此次收購的預期是，它將提高我們收入和盈利的長期質量，並進一步實現按地區、客戶和產品的多元化。

And most importantly, we believe that the acquisition will accelerate our ability to achieve our goal to reach sustainable profitability. In addition to the expected improvement in the quality of our revenues and earnings, we believe that the acquisition of NWL can further expand our industrial market penetration. NWL will provide immediate access to customers we do not have access to today.

最重要的是，我們相信此次收購將加速我們實現永續獲利目標的能力。除了我們收入和獲利品質的預期改善外，我們相信收購NWL可以進一步擴大我們的工業市場滲透率。NWL 將為我們目前無法存取的客戶提供即時存取。

Their customer expansion in the industrial side, largely resides in the factory, where the customers we serve today are at the substation level. We believe that our strong balance sheet and the addition of NWL positions us for continued growth. This move underscores how we continue to focus on building a more predictable and diversified business.

他們在工業方面的客戶擴展主要集中在工廠，而我們今天服務的客戶是在變電站層級。我們相信，我們強大的資產負債表和 NWL 的加入使我們能夠持續成長。此舉凸顯了我們如何繼續專注於打造更具可預測性和多元化的業務。

To conclude, we believe the business really is in the best position it's ever been in and continues to improve. We generated non-GAAP net income and positive operating cash flow consistently over the past four quarters, and we're guiding for a possible fifth quarter.

總而言之，我們相信該業務確實處於有史以來的最佳位置，並且正在持續改善。在過去的四個季度中，我們持續產生了非公認會計準則淨利潤和正營運現金流，並且我們對可能的第五季度進行了指導。

Last quarter, we mentioned the possibility of doubling revenue from our fiscal 2021 levels. Let me remind you those levels were in the $25 million a quarter range. Our notion of getting to $50 million a quarter is now certainly possible. At this $50 million quarterly level, we have the potential to generate net income. The addition of NWL coupled with our strong financial performance, changes the scale of our business and should place us in a strong position for continued diversified growth.

上個季度，我們提到了 2021 財年收入水準翻倍的可能性。讓我提醒您，這些水準在每季 2500 萬美元的範圍內。我們每季達到 5000 萬美元的想法現在肯定是可能的。按照這個 5000 萬美元的季度水平，我們有潛力產生淨利潤。NWL 的加入加上我們強勁的財務業績，改變了我們的業務規模，並使我們處於持續多元化成長的有利地位。

We have several tailwinds generated by US policies and momentum in our wind and ship businesses that hopefully will continue to drive our company's growth. During our first quarter, we announced our first allied Navy contract with the Royal Canadian Navy for our Ship Protection Systems or SPS.

我們的風電和船舶業務受到美國政策和動力的推動，預計將繼續推動我們公司的成長。在第一季度，我們宣布了與加拿大皇家海軍的第一份盟軍海軍合同，涉及我們的船舶保護系統或 SPS。

Through this multiyear contract, we expect to deliver our proprietary SPS hardware, provide engineering services, integration and commissioning of the system into multiple Canadian surface combat. We are diligently working with Irving Shipbuilding, a Canadian shipbuilder that has constructed over 80% of Canada's fleet at sea today to deliver our first SPS system by 2026.

透過這份多年期合同，我們希望交付我們專有的 SPS 硬件，提供工程服務，並將系統整合到加拿大多個水面作戰中。我們正在與加拿大造船商 Irving Shipbuilding 密切合作，該公司目前建造了加拿大 80% 以上的海上船隊，計劃在 2026 年交付我們的首個 SPS 系統。

We are grateful to be contracted to provide world-class mine protection to the Canadian Surface Combatant platform and its sailors. In addition, we have a total of five SPS contracts for the US Navy San Antonio Class LPD and are working on our proprietary Mine Countermeasure or MCM system. We are designed into multiple ship platforms, LPD for the US Navy and CSC for the Royal Canadian Navy, and we hope to add our US.

我們很高興能夠簽約為加拿大水面作戰平台及其水手提供世界一流的防雷保護。此外，我們還為美國海軍聖安東尼奧級 LPD 簽訂了總共五份 SPS 合同，並正在開發我們專有的水雷對抗或 MCM 系統。我們被設計成多種船艦平台，美國海軍的LPD和加拿大皇家海軍的CSC，我們希望加上我們的美國。

Navy ship platform with the addition of the MCM product when it goes into production. We see expanding opportunities, especially in the military business. NWL's military progress, coupled with AMSC present an exciting opportunity to expedite AMSC's Navy expansion from ship protection systems to ship power systems. The two companies together are expected to provide a powerful combination. We are keenly focused on our ability to achieve our goal of sustainable profitability.

海軍艦艇平台在投入生產時增加了MCM產品。我們看到了不斷擴大的機會，特別是在軍事領域。NWL 的軍事進步與 AMSC 結合，為加快 AMSC 海軍從船舶保護系統向船舶動力系統的擴張提供了令人興奮的機會。兩家公司預計將形成強大的組合。我們非常關注實現永續獲利目標的能力。

We are very close. If you listened to John Kosiba's comments carefully, you may understand that we may already be there. If NWL can continue to contribute in a similar manner as they have most recently demonstrated then the sustainable part of the goal may be achievable. This is truly an exciting time here at AMSC and time will tell.

我們非常接近。如果你仔細聽了約翰·科西巴的評論，你可能會明白我們可能已經在那裡了。如果 NWL 能夠繼續以最近所展示的類似方式做出貢獻，那麼目標的可持續部分可能是可以實現的。對於 AMSC 來說，這確實是一個激動人心的時刻，時間會證明一切。

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. I look forward to reporting to you again following the completion of our second fiscal quarter of 2024.

我們面向未來的技術有助於協調世界對脫碳和清潔能源的渴望與更可靠、有效和高效的電力傳輸的需求。我期待在 2024 年第二財季結束後再次向您報告。

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

戴夫，我們現在將回答分析師的問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

Eric Stine, Craig Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hi, good morning. So on NWL, I can appreciate that you got to work through some things here near term in terms of specifics for the outlook. But I'm curious, are you able to just go through some of the trends that are specifically impacting their business? And is there any reason why there would be a change to the momentum in that business, which is clearly above what you provided in the release of that three year average.

嗨，早安。因此，在 NWL 上，我可以理解你們近期必須在前景的具體細節方面解決一些問題。但我很好奇，您是否能夠了解一些特別影響他們業務的趨勢？是否有任何原因導致該業務的勢頭發生變化，這顯然高於您在發布的三年平均水平中提供的情況。

I think we wanted to have the three year average to get people to understand kind of the size of the business, how we think of it as we looked at valuing it, trying to understand what we see are the positive parts of the business.

我認為我們希望獲得三年的平均值，讓人們了解企業的規模，我們在評估企業價值時如何看待它，試圖了解我們所看到的企業的積極部分。

But I think you're asking kind of rightfully so. The most recent performance from NWL is much stronger than that $55 million average shows. Their business has been growing and the margins have been improving. They're basically delivering gross margins and operating margins in the range that we've talked about for the entire business. So it really fits in strategically with what we're doing and the financials fitted perfectly with everything we've been talking about.

但我認為你這樣問是正確的。NWL 最近的表現比 5500 萬美元的平均表現強得多。他們的業務一直在成長，利潤率也不斷提高。他們基本上提供的毛利率和營業利潤率在我們為整個業務討論的範圍內。因此，它在策略上確實符合我們正在做的事情，而且財務狀況也與我們一直在談論的一切完美契合。

Got it. And then maybe for my follow-up, just on Inox. I know you got the three-megawatt order. Can you just remind us what the cadence of recognizing that will be? And is it safe to assume that once through that, you would expect more orders potentially sizable given the size of Inox's backlog?

知道了。然後也許是我的後續行動，就 Inox 而言。我知道你收到了三兆瓦的訂單。您能否提醒我們認識到這一點的節奏是什麼？是否可以安全地假設，一旦完成此操作，考慮到 Inox 積壓訂單的規模，您會期望更多訂單可能相當大？

Yes, their backlog today stands at north of 2.7 gigawatts in total, which is, if you remember, even on past calls, that's more than double where it had been at. Their business is really starting to be positioned to take off specifically with the order that we have, as we said in the announcement, we expect that those products to be shipped this fiscal year.

是的，他們今天的積壓總量已超過 2.7 吉瓦，如果你還記得的話，即使在過去的電話中，這也是原來的兩倍多。他們的業務確實開始準備好根據我們的訂單起飛，正如我們在公告中所說，我們預計這些產品將在本財年發貨。

So I think that adds to the derisking of the projections that we've talked about for the longer term for the business this year. So we think Inox is in a great position. We think that position is improving.

因此，我認為這增加了我們今年討論的長期業務預測的風險。因此我們認為 Inox 處於有利地位。我們認為這一狀況正在改善。

And we think that they're out selling a great product, which is this new three-megawatt wind turbine that they have that comes from us from a technology, from a control system standpoint. So when I look at this, Eric, when I look at all the things we're hitting on between new energy orders, Inox orders, this huge order from the Navy, we really feel that we're in a very different position than we were even a couple of quarters ago.

我們認為他們正在銷售一款出色的產品，這就是他們擁有的新型三兆瓦風力渦輪機，從技術、控制系統的角度來看，它來自我們。因此，當我看到這一點時，埃里克，當我看到我們在新能源訂單、不銹鋼訂單、來自海軍的巨額訂單之間所做的所有事情時，我們真的覺得我們處於一個與我們非常不同的位置甚至是幾個季度前。

And then add in what we're doing with NWL which I think it sounds like you get pretty well. This is a different company again than it was a year ago. And I know we've been saying that each year, but we feel like we're really moving the needle with where this business is going ahead.

然後加上我們在 NWL 所做的事情，我認為聽起來你做得很好。與一年前相比，這又是一家不同的公司。我知道我們每年都會這麼說，但我們覺得我們確實在推動這項業務的發展。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much, guys. Dan, as you look at NWL and look at the customer list that they've got and the synergy that you guys might have, can you talk a little bit about how much synergy there is there for you guys and we might start to see some of the impact there? And then if you could speak to the same around some of the supply chain and cost savings that you might see?

非常感謝，夥計們。Dan，當你查看 NWL 並查看他們擁有的客戶名單以及你們可能擁有的協同效應時，你能否談談你們之間有多少協同效應，我們可能會開始看到一些協同效應影響在那裡？然後，您是否可以就您可能看到的一些供應鏈和成本節約進行相同的討論？

I think when you look at the customer base, particularly on the industrial side, the start, where they sell their power supplies and controls they go into the factory. So in an industrial study, it opens up a whole list of additional customers that we simply just don't serve today because what we're focused on is for a very large-scale transformative projects so they are going to change plant equipment and capacity and capability for our customers. And they need a substation level power control equipment. In the case of NWL they're in the components that go in the factory that run every day.

我認為當你觀察客戶群時，特別是在工業方面，一開始，他們銷售電源和控制器，他們進入工廠。因此，在一項工業研究中，它打開了我們今天根本不服務的其他客戶的完整列表，因為我們關注的是非常大規模的轉型項目，因此他們將改變工廠設備和產能和為我們的客戶提供的能力。他們需要變電站級電力控制設備。就 NWL 而言，它們存在於工廠每天運行的組件中。

So I think that's going to open up a whole new sales channel for us to think about how we can sell to those types of industrial customers. But you can hear in my voice and my tenure, what I'm really excited about is the military. It really transforms our reach into the Department of events, specifically with the Navy, allows us to think about not just protecting ships but powering ships. But I think also should help expedite our ability to get our protection systems on the more ship platforms within the US Navy.

因此，我認為這將為我們開闢一個全新的銷售管道，讓我們思考如何向這些類型的工業客戶銷售產品。但你可以從我的聲音和我的任期中聽出，我真正興奮的是軍隊。它確實改變了我們對事件部門的影響力，特別是與海軍的關係，使我們不僅可以考慮保護船隻，還可以考慮為船隻提供動力。但我認為這也應該有助於加快我們在美國海軍更多艦艇平台上安裝保護系統的能力。

So we think the customer part really pulls. I think on the supply chain as you're asking, yes, I think there's work to be done there, and we can improve the supply chain across the board. I think scale in this business matters and I think scale will help us in the longer term to continue to improve financial performance as well.

所以我們認為客戶部分確實很有吸引力。我認為在供應鏈方面，正如你所問的，是的，我認為這方面還有很多工作要做，我們可以全面改善供應鏈。我認為這個業務的規模很重要，而且從長遠來看，規模也將幫助我們繼續改善財務表現。

Thanks so much. So I appreciate the color on the time that you need to work through some of the financial considerations. I haven't gone through this a few times now with the platform, how long do you think it will take to fully integrate the operations so that you can have clean fully realized synergies here. This looks like a little bit cleaner story than some of the other acquisitions that you've made in the past.

非常感謝。所以我很欣賞你需要考慮一些財務問題的時間。我現在還沒有在這個平台上經歷過幾次，你認為需要多長時間才能完全整合運營，以便你可以在這裡獲得乾淨、完全實現的協同效應。與您過去進行的其他一些收購相比，這看起來是一個更清晰的故事。

The difference here, I think, is the scale. So you have a real operating business generating real operating margin that's been able to do that consistently. They have a culture. They have a system, they have a management team. This is different than the last two acquisitions in that. We're adding a piece that's very well built, very well established on a very nice growth trajectory. So I think the work in many ways is going to be more straightforward, simpler, easier, less risky, more valuable to us than what we can do together, combined. Our team is super excited about NWL. I feel from the team at NWL.

我認為這裡的差別在於規模。因此，您擁有真正的營運業務，能夠持續產生實際營運利潤。他們有一種文化。他們有一個系統，他們有一個管理團隊。這與前兩次收購不同。我們正在添加一個構建得非常好的作品，非常好地建立在非常好的成長軌跡上。所以我認為，從很多方面來說，這項工作將比我們共同完成的工作更直接、更簡單、更容易、風險更小、更有價值。我們的團隊對 NWL 感到非常興奮。我對 NWL 團隊有感覺。

They're super excited about us helping them to go to the next step and the next level, the next chapter in their business. So I think it really is another transformative event for the company. I think to think about from a financial standpoint, it's going to take a few months a quarter here to kind of understand all the accounting, how all that's going to work.

他們對我們幫助他們邁向下一步、邁向新境界、開啟業務新篇章感到非常興奮。所以我認為這確實是公司的另一個變革性事件。我認為從財務角度考慮，每個季度需要幾個月的時間才能了解所有的會計工作，以及所有這些是如何運作的。

It's going to take us probably that a little bit more to really get the difference between a private company and forecasting in a public company, it's frankly different. Our ability to look at risk and assess risk is more home because we're used to talking to you all and trying to set expectations that we can meet and exceed.

我們可能需要更多的時間才能真正了解私人公司和上市公司的預測之間的差異，坦白說，這是不同的。我們審視風險和評估風險的能力更為重要，因為我們習慣與大家交談並嘗試設定我們能夠滿足和超越的期望。

I frankly don't know from their standpoint how well they're able to do that. Time is going to show as we see the months go by a quarter or two goes by. But from an integration standpoint, it's not a heavy lift to make this into an operation that's going to really help us in performance. It's going to help us with suppliers, going to help us with customers, help us with more market reach. We really love this acquisition on so many dimensions.

坦白說，從他們的角度來看，我不知道他們能做到多好。當我們看到幾個月過去一兩個季度過去時，時間就會顯現出來。但從整合的角度來看，將其變成真正有助於我們提高效能的操作並不是一件繁重的事情。它將幫助我們與供應商打交道，幫助我們與客戶打交道，幫助我們擴大市場覆蓋範圍。我們在很多方面都非常喜歡這次收購。

It fits so well. It feels so much like us already and a part of a business that we think is necessary needs for us to move things forward with many of the customers that we have today. So we're super jazzed and we don't see it as a high-risk acquisition.

它非常適合。這感覺已經很像我們了，也是我們業務的一部分，我們認為這是我們與今天擁有的許多客戶一起推動業務發展的必要需求。所以我們非常興奮，我們不認為這是高風險的收購。

That being said, the devil is always in the detail. We try to understand how to work through that. We've seen the experience that we've had with (inaudible) and -- , all very positive. It took us a couple of quarters to kind of get the beat with them and understand how orders are going to come in, how systems are going to work and all of those things.

話雖這麼說，魔鬼總是在細節中。我們試圖了解如何解決這個問題。我們已經看到了（聽不清楚）和——的經歷，一切都非常積極。我們花了幾個季度的時間才跟上他們的節奏，了解訂單如何進入、系統如何運作以及所有這些事情。

So I'm hoping as we get to Christmas time at the end of the fiscal year, we're not talking about NWL anymore, we're talking only about AMSC. We're talking about growth trajectory. We're talking about the great markets and the great customers we're serving with wonderful technology.

所以我希望當我們到了本財年結束的聖誕節時，我們不再談論 NWL，我們只談論 AMSC。我們正在談論成長軌跡。我們談論的是我們用出色的技術服務的偉大市場和偉大客戶。

Justin Clare, ROTH Capital Partners.

賈斯汀‧克萊爾，羅仕資本合夥人。

Hi, good morning. Thanks. So I just wanted to start here also on NWL. Do you -- could you potentially share the mix of their military revenues versus their industrial revenues? Or just give us a sense for the relative size of each of those businesses? And then is it possible to share the gross margin profile for each of those businesses? Is it meaningfully different between them? Or are they pretty similar? And then also curious on NWL, just how many ship platforms they might be supplying into at this point in time

嗨，早安。謝謝。所以我也想從 NWL 開始。您是否可以分享他們的軍事收入與工業收入的組合？或只是讓我們了解每項業務的相對規模？那麼是否可以分享每項業務的毛利率概況？它們之間有有意義的差異嗎？或者說它們非常相似？然後 NWL 也很好奇，他們目前可能會向多少船舶平台供貨

Yes. So let me make sure, Justin, I hit all those because you asked a lot of good questions that I think are important for everybody to understand. So when you look at the percentage of military versus industrial, it kind of depends on period, if you're looking at backlog versus revenue that's delivered. But in general, I'd say between 20% and 30% of the business was driven by military, we are indicating that we think that's a major growth engine that can happen for us. I won't say in the next couple of quarters, but certainly in the next couple of years or so.

是的。所以讓我確定一下，賈斯汀，我做到了所有這些，因為你問了很多很好的問題，我認為這些問題對每個人來說都很重要。因此，當您查看軍事與工業的百分比時，如果您查看的是積壓訂單與已交付的收入，那麼它在某種程度上取決於時期。但總的來說，我想說 20% 到 30% 的業務是由軍事驅動的，我們表明我們認為這是我們可能發生的主要成長引擎。我不會說在接下來的幾個季度，但肯定會在接下來的幾年左右。

We think that's really a valuable piece of what we're doing. Secondly, from a margin standpoint, when you look at what we put out there, it fits right in the margin that we're doing this quarter. I mean, it just adds on to the great business that we've already built, more of that, which we think is more valuable, not only to us but to our customers as well. And then there is a third piece of the question, Justin, that let me make sure I hit.

我們認為這確實是我們正在做的事情中很有價值的一部分。其次，從利潤率的角度來看，當你看看我們在那裡發布的內容時，它正好符合我們本季的利潤率。我的意思是，它只是增加了我們已經建立的偉大業務，我們認為這不僅對我們而且對我們的客戶更有價值。然後是問題的第三部分，賈斯汀，這讓我確保我擊中了。

Yes. Just curious on how many ship platforms NWL is supplying right now? And then just adding on to that, curious on the relative growth that you've seen between the military and the industrial businesses of NWL. Has one been growing meaningfully faster than the other recently? Just curious on the trends there.

是的。只是好奇 NWL 目前正在供應多少船舶平台？然後再補充一點，你對 NWL 的軍事和工業業務之間的相對成長感到好奇。最近其中一個的成長速度是否明顯快於另一個？只是對那裡的趨勢感到好奇。

The answer specifically platforms. I don't want to go to a specific number, but it's multiple. They are on platforms that we want to get to, we're on platforms that they want to get to. So all additive, right? All kind of helps overall. I see personally, I'll just give you my opinion. I see that the military backlog is strong, growing puts the business in a nice position that that's going to become a critical part of the business overall. It's probably as far as I want to go and giving you color on that.

答案是具體平台。我不想去具體的數字，但它有多個。他們在我們想要造訪的平台上，我們也在他們想要造訪的平台上。所以都是添加劑，對嗎？總的來說，一切都有幫助。我個人認為，我只是給你我的意見。我看到軍事積壓很強勁，成長使業務處於有利地位，這將成為整體業務的關鍵部分。這可能就是我想要的，並提供一些顏色給你。

Okay. And then just one more. I want to make sure I heard you correctly. Did you say that the 12-month backlog for NWL was $44 million, and then there's a total backlog of $150 million. So I wanted to check in on that. And then I just want to ask also about the ability to maybe deliver above the $44 million in the next 12 months based on the timeline of book-to-bill. So maybe, yes, if you could address that. Thank you.

好的。然後還有一個。我想確保我沒聽錯。你是說 NWL 12 個月的積壓是 4,400 萬美元，然後總共積壓了 1.5 億美元。所以我想檢查一下。然後我還想問一下，根據訂單到帳單的時間表，未來 12 個月內交付超過 4,400 萬美元的能力是否有能力。所以也許，是的，如果你能解決這個問題的話。謝謝。

Yes, let me talk about book-to-bill timetable and John can go through and explain the numbers more specifically. But they're typically getting orders that they're going to deliver three, four months out for some projects, it might be five, six.

是的，讓我談談從訂單到帳單的時間表，約翰可以更具體地詳細解釋這些數字。但他們通常會收到一些項目需要三、四個月交付的訂單，也可能是五、六個月。

So this is a quicker turn business than the other parts of our business, which we love, right? It gives us the ability to generate orders today and deliver more revenue in December quarter, more revenue in the March quarter and certainly more revenue for next year. And they have a nice history of being able to bring that order book in at a nice beat, and they've been able to have a growth trajectory overall with their order book, and therefore, it translates into their revenue.

所以這是一個比我們喜歡的其他業務更快的業務，對嗎？它使我們能夠在今天產生訂單，並在 12 月季度提供更多收入，在 3 月季度提供更多收入，當然也可以為明年提供更多收入。他們有著能夠以良好的速度帶來訂單的良好歷史，並且他們的訂單簿能夠實現整體成長軌跡，因此，它轉化為他們的收入。

So they're in a really, really good position. And we had heard what we think is really a great backlog that helps bolster where we're going to be in the next few quarters here.

所以他們處於一個非常非常好的位置。我們聽說了我們認為確實有大量積壓的訂單，這有助於支持我們在未來幾季的目標。

Yes. On the backlog, just to make sure you heard me correctly, it was $44 million in 12-month backlog, $51 million in total backlog. And I also mentioned that more than half of that $51 million will -- is expected to ship before December 31, 2024. So that will -- by definition, that 12-month backlog is the second half of that period will have book and burn in since a big chunk of the 12-month backlog is being indicated that is expected to shift by 12/31.X

是的。關於積壓訂單，為了確保您沒有聽錯，12 個月的積壓訂單量為 4,400 萬美元，總積壓量為 5,100 萬美元。我還提到，這 5,100 萬美元中的一半以上預計將在 2024 年 12 月 31 日之前發貨。因此，根據定義，12 個月的積壓工作將在該期間的後半段進行預訂和燒毀，因為 12 個月的積壓工作中的很大一部分已表明預計將在 12/31.X 之前轉移

So out of that 51%, half of it in the next five months, right?

那麼，在這 51% 中，一半將在未來五個月內完成，對嗎？

And you subtract that from the 44% that would tell you that there's a substantial amount of book and burn that's expected.

如果你從 44% 中減去這個數字，你就會知道預計會有大量的書籍和燒毀。

But eventually, that's what they do. If you look at the results as they did for the first half, you can see the level that they've been at, and we believe that, that's the level the business can be at and hopefully grow beyond.

但最終，這就是他們所做的。如果你看看他們上半年的結果，你可以看到他們已經達到的水平，我們相信，這就是業務可以達到的水平，並希望能夠超越。

This concludes our question-and-answer session. I would like to turn the call back over to Mr. Dan for any closing remarks.

我們的問答環節到此結束。我想將電話轉回給丹先生，讓他發表結束語。

Well, I hope you guys see how excited I am. This is probably the most excited I've been on any of these calls. And usually, you guys always tell me, boy, that was more exciting than the last one. So hopefully, we keep building the excitement here. We delivered a remarkable beginning of fiscal year 2024 with really outstanding financial performance.

好吧，我希望你們能看到我有多興奮。這可能是我參加過的所有電話會議中最興奮的一次。通常，你們總是告訴我，孩子，那比上一場更令人興奮。所以希望我們能繼續在這裡營造興奮感。我們以非常出色的財務表現為 2024 財年帶來了非凡的開端。

We're on a whole new level of performance when you look at revenue gross margin. Great orders quarter, right? So a record $75 million ship protection system order transformative for the business, not only today, but for the future for multiple years. And this inserts our system into one of our Allied Navy's most significant chip platforms. We have this strong acquisition, which you can hear we're super excited about, and we believe allows us to reach our goal of sustainable profitability.

從收入毛利率來看，我們的業績達到了一個全新的水平。本季訂單量很大，對嗎？因此，創紀錄的 7,500 萬美元船舶保護系統訂單不僅對現在而且對未來多年的業務帶來變革。這將我們的系統插入到我們盟軍海軍最重要的晶片平台之一。我們進行了這次強有力的收購，您可以聽到我們對此感到非常興奮，我們相信這使我們能夠實現可持續盈利的目標。

The business delivered outstanding financial performance with over $3 million of operating cash flow, right? This is something we've done a lot recently, and now the business is at this level. We've expanded gross margins to 30%. You guys have been asking John and I about well, where can we go? How can we get to, right?

該業務的財務表現非常出色，營運現金流超過 300 萬美元，對吧？這是我們最近做了很多的事情，現在業務就到了這個水平。我們已將毛利率擴大至 30%。你們一直在問約翰和我，我們可以去哪裡？我們怎樣才能到達，對嗎？

And this is a level of gross margins that's higher than what we've talked about at this revenue level for sure. And we grew revenue by over 30% when we look at the quarter versus a year ago. $127 million in new orders mentioned what we did with Canada, but $33 million in new energy power systems orders, so at and above what the trailing average has been. So we continue to build that business. And it's our third three-megawatt ECS order from Inox Wind, which that business is going to continue.

這個毛利率水準肯定高於我們在這個收入水準上討論的水準。與去年同期相比，本季我們的營收成長了 30% 以上。 1.27 億美元的新訂單提到了我們在加拿大所做的事情，但新能源電力系統訂單為 3300 萬美元，因此等於或高於追蹤平均水平。所以我們繼續發展這項業務。這是我們從 Inox Wind 獲得的第三個 3 兆瓦 ECS 訂單，該業務將繼續下去。

We added NWL which really changes the scale of our business and should place us in a strong position to continue our path to diversifying our growth, particularly in the industrial and military sectors. And I think in the base business, we ended the quarter with $160 million in 12-month backlog and $250 million in total backlog.

我們增加了 NWL，這確實改變了我們的業務規模，並使我們處於有利地位，可以繼續多元化成長，特別是在工業和軍事領域。我認為在基礎業務中，本季結束時，我們 12 個月的積壓訂單為 1.6 億美元，總積壓訂單為 2.5 億美元。

That's without adding NWL. And we'll give us the time you're going to see next call, how do we perform? How is NWL doing? How does it add? We're super excited about where the business has been in the past few quarters. And now where the business is going to head in the next few quarters with the addition of a strong order book that we have and the addition of the great business of NWL.

這還沒有添加 NWL。我們會告訴您下次通話的時間，我們的表現如何？NWL 近況如何？它是如何添加的呢？我們對過去幾季的業務狀況感到非常興奮。現在，隨著我們擁有的強大訂單以及 NWL 偉大業務的增加，未來幾季的業務將走向何方。

So I'm very excited to be able to talk to you guys in about a quarter's time about this great business that we've built and the results that we continue to deliver. Thanks, everybody.

因此，我很高興能夠在大約一個季度的時間裡與你們談論我們已經建立的這項偉大的業務以及我們繼續交付的成果。謝謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。