American Superconductor Corp (AMSC) 2024 Q3 法說會逐字稿

Good morning and welcome to the AMSC third quarter. Fiscal 2024 financial results conference call. (Operator Instructions.)

早上好，歡迎收看 AMSC 第三季。2024 財年財務業績電話會議。（操作員指令。）

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

現在，我想將會議交給通訊主管 Nicol Golez。請繼續。

Thank you, Gary. Good morning, everyone and welcome to American Superconductor Corporation's third quarter of fiscal year 2024. conference call. I am Nicol Golez. I am a Director of Communications on today's call. I'm joined by 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 year 2024, yesterday after the market closed

謝謝你，加里。大家早安，歡迎參加美國超導公司2024財年第三季電話會議。我是 Nicol Golez。我是今天電話會議的通訊主管。昨天收盤後，美國超導公司董事長、總裁兼執行長 Daniel Mcgahn 和高級副總裁、財務長兼財務主管 John Kosiba 和我一起發布了 2024 財年第三季的收益報告

For those who have not seen the release. A copy is available in the investors page of the company's website. The earnings release contains forward-looking statements with respect to future financial results.

對於那些還沒看過該片的人來說。您可以在該公司網站的投資者頁面上找到一份副本。收益報告包含有關未來財務結果的前瞻性陳述。

These statements are not guarantees of future performance. The company's actual results may differ materially from the anticipated events, performance or results expressed or implied by these forward-looking statements including due to the risk factors in the sec filings, which can also be accessed through the company's website.

這些聲明並不能保證未來的表現。本公司的實際結果可能與這些前瞻性陳述所表達或暗示的預期事件、績效或結果有重大差異，包括由於美國證券交易委員會文件中的風險因素，這些文件也可以透過公司網站查閱。

The company disclaims any obligation to update these forward-looking statements. Also on today's call management will refer to non-GAAP net income, a non-GAAP financial measure, tables of reconciliation of GAAP to adjusted financial measures can be found in the company's earnings release.

該公司不承擔更新這些前瞻性陳述的任何義務。此外，在今天的電話會議上，管理層將參考非 GAAP 淨收入，非 GAAP 財務指標，GAAP 與調整後財務指標的調整表可以在公司的收益報告中找到。

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

說完這些，我將把電話轉給董事長兼執行長丹尼爾·麥加恩。丹尼爾。

Thanks Nicol, and good morning everyone. I'll begin today by providing an update and sharing a few remarks on our business.

謝謝 Nicol，大家早安。今天，我將首先介紹我們的業務的最新情況並分享一些評論。

John Kosiba will then provide a detailed review of our financial results for the third fiscal quarter which ended December 31, 2024 and will provide guidance for the fourth fiscal quarter which will end March 31, 2025.

隨後，John Kosiba 將詳細回顧我們截至 2024 年 12 月 31 日的第三財季的財務業績，並為截至 2025 年 3 月 31 日的第四財季提供指導。

Following our comments will open up the line to questions from our analysts.

我們的評論之後將會接受分析師的提問。

We're really excited to share a quarter of outstanding financial results total revenue for the third quarter of fiscal year 2024 exceeded our guidance range and came in at a new record for us of over $60 million revenue grew over 55% versus the year ago period driven by both organic growth as well as the acquisition of NWL with strong performance in both grid and wind.

我們非常高興地分享本季出色的財務業績，2024 財年第三季度的總收入超出了我們的指導範圍，創下了超過 6,000 萬美元的新紀錄，與去年同期相比，收入增長了 55% 以上，這得益於有機增長以及對 NWL 的收購，在電網和風能方面均表現強勁。

The business really outperformed this quarter. We showed a new record level of revenue for John and I, we reported our second consecutive quarter of net income. We delivered our sixth quarter in a row of positive operating cash and we continue the rate at which we're booking orders to backlog.

本季的業務表現確實出色。我們的收入水準達到了約翰和我的新紀錄，我們報告了連續第二季的淨收入。我們連續六個季度實現正營運現金，並且我們繼續以較高的速度完成訂單。

We ended the third quarter with $80 million in cash.

第三季結束時，我們的現金餘額為 8,000 萬美元。

Talking a bit more about revenue, total revenue for the past nine months is greater than total revenue for the entire previous fiscal year.

再談收入，過去九個月的總收入大於整個上一財年的總收入。

This means that whatever we do in the fourth quarter will be year over year growth.

這意味著我們在第四季度所做的一切都將實現同比增長。

Our grid revenue accounted for 85% of AMSC's total revenue and grew over 55% versus the year ago period. Almost 15% of the revenue came from our wind business which grew by almost 60% versus the year ago period. 55% and 60%. These are really big numbers.

我們的電網收入佔 AMSC 總營收的 85%，比去年同期成長了 55% 以上。我們的風電業務貢獻了近 15% 的收入，較去年同期成長了近 60%。 55% 和 60%。這些數字確實很大。

During our third quarter, we saw a wide range of product shipments. A third of our products shipped to renewables projects, about 10% were military and the remainder went into industrials.

在第三季度，我們看到產品出貨量範圍很廣。我們的三分之一產品運往再生能源項目，約 10％用於軍事用途，其餘用於工業用途。

This quarter, we received over$ 57 million of new orders, 75% of which came from our grid business and 25% from our wind business. Our orders come from a diverse set of markets including renewables, industrials, utilities and military.

本季度，我們獲得了超過 5,700 萬美元的新訂單，其中 75% 來自電網業務，25% 來自風電業務。我們的訂單來自多樣化的市場，包括再生能源、工業、公用事業和軍事。

We secured nearly $15 million in electrical control systems or ECS orders from our customer Inox Wind.

我們從客戶 Inox Wind 獲得了近 1500 萬美元的電氣控制系統或 ECS 訂單。

They expect to receive these ECS over the course of the first half of fiscal year 2025.

他們預計將在 2025 財年上半年收到這些 ECS。

Timing really depends on our customer's payment schedule. It seems clear they are ramping up their production.

時間實際上取決於我們客戶的付款計劃。很明顯他們正在提高產量。

We see continuous demand for Inox's 2 and 3 megawatt turbines as well as our 2 and 3 megawatt electrical control systems.

我們看到 Inox 的 2 和 3 兆瓦渦輪機以及我們的 2 和 3 兆瓦電氣控制系統的需求持續存在。

We secured over $42 million of grid orders driven in large part by a diverse set of industrial projects.

我們獲得了超過 4,200 萬美元的電網訂單，主要由各種工業項目推動。

This puts our 12 month backlog above $200 million and total backlog above $300 million.

這使得我們 12 個月的積壓訂單超過 2 億美元，總積壓訂單超過 3 億美元。

We are pleased with these results and super excited about the rest of the fiscal year.

我們對這些結果感到滿意，並對本財年的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 2024 and provide guidance for the fourth quarter of fiscal year 2024 which will end March 31, 2025. John.

現在，我將電話轉給 John Kosiba，回顧我們 2024 財年第三季的財務業績，並為截至 2025 年 3 月 31 日的 2024 財年第四季提供指導。約翰。

Thanks Daniel, and good morning everyone AMS generated revenues of 61.4 million for the third quarter of 2024 compared to 39.4 million in the year ago quarter.

謝謝丹尼爾，大家早安，AMS 在 2024 年第三季的收入為 6,140 萬美元，而去年同期的收入為 3,940 萬美元。

A great business unit accounted for 85% of total revenues while our wind business unit accounted for 15% grid business unit revenues for the third quarter increased by 56% versus the year ago quarter.

優秀的業務部門佔總營收的 85%，而我們的風電業務部門佔 15%，電網業務部門第三季營收比去年同期成長了 56%。

This increase in revenue was primarily driven by the acquisition of NWL and increased shipments of new energy power systems.

營收的成長主要得益於收購NWL以及新能源動力系統出貨量的增加。

Our wind business unit for the third quarter increased by 58% versus the year ago quarter. This increase in revenue was primarily driven by additional shipments of electrical control systems.

我們風電業務部門第三季的銷售額比去年同期成長了 58%。收入的成長主要得益於電氣控制系統的額外出貨量。

Looking at the P&L in more detail, gross margin for the third quarter of fiscal 2024 was 27% compared to 25% in the year ago quarter.

更詳細檢視損益表，2024 財年第三季的毛利率為 27%，而去年同期為 25%。

The year increase in gross margin was primarily driven by higher revenues which improved factory utilization across our product lines.

年度毛利率的成長主要得益於收入的增加，這提高了我們整個產品線的工廠利用率。

We also experienced a favorable product mix within both our grid and wind business units.

我們的電網和風電業務部門也擁有良好的產品組合。

Moving on to operating expenses. R&D and SG&A expenses for the third quarter of fiscal 2024 were $14.6 million compared to $10 million in the year ago quarter.

繼續討論營運費用。2024 財年第三季的研發銷售、一般及行政費用為 1,460 萬美元，去年同期為 1,000 萬美元。

The year over year increase is largely associated with the inherited operating expenses from our recent acquisition of NWL.

年比成長主要與我們最近收購 NWL 所產生的營運費用有關。

Approximately 19% of R&D and SG&A expenses in the third quarter of fiscal 2024 were noncash.

2024 財年第三季約 19% 的研發及銷售、一般及行政費用為非現金費用。

Our nonocap net income for the third quarter of fiscal 2024 was 6 million or $0.16 per share. Compared with nongaap net income of 900,000 or $0.03 per share in the year ago quarter.

我們 2024 財年第三季的非資本淨收入為 600 萬美元，即每股 0.16 美元。相比之下，去年同期的非公認會計準則淨收入為 900,000 美元或每股 0.03 美元。

A net income in the third quarter of fiscal '24 was 2.5 million or $0.07 per share. This compares to a net loss of 1.6 million or $0.06 per share in the year ago quarter.

24 財年第三季的淨收入為 250 萬美元，即每股 0.07 美元。相比之下，去年同期的淨虧損為 160 萬美元，即每股 0.06 美元。

As you can see our business has scaled nicely with the sharp increase in revenue over the past year.

正如您所看到的，我們的業務在過去的一年裡隨著收入的大幅增長而實現了良好的擴展。

The increase in both non-GAAP net income and net income was primarily driven by the contribution margin associated with the increased [servicement]of our new energy power systems, increased windshield of ECs and the additional revenue from our NWL acquisition.

非公認會計準則淨收入和淨收入的成長主要得益於我們新能源動力系統[服務]增加、EC 擋風玻璃增加以及收購 NWL 帶來的額外收入所帶來的貢獻利潤率。

Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results.

請參閱我們昨晚發布的有關 GAAP 與非 GAAP 結果的對照表的新聞稿。

We ended the third quarter of fiscal 2024 with $80 million in cash, cash equivalents and restricted cash.

截至 2024 財年第三季度，我們擁有 8,000 萬美元的現金、現金等價物和受限現金。

This compares with $74.8 million September 30, 2024.

相較之下，2024 年 9 月 30 日的收入為 7,480 萬美元。

We generated $5.9 million of operating cash flow in the third quarter of fiscal 2024 and CapEx in the quarter was 500,000.

我們在 2024 財年第三季產生了 590 萬美元的營運現金流，本季的資本支出為 50 萬美元。

Now turning to financial guidance for the fourth quarter of fiscal 2024 we expect that our revenues will be in the range of $59 million to 63 million.

現在談到 2024 財年第四季的財務指引，我們預計我們的營收將在 5,900 萬美元至 6,300 萬美元之間。

Our net loss is expected not to exceed $1 million or $0.03 per share and our non-GAAP net income is expected to exceed $2.5 million or $0.07 per share with that. I'll turn the call back over to Daniel.

我們的淨虧損預計不超過 100 萬美元或每股 0.03 美元，而我們的非 GAAP 淨收入預計將超過 250 萬美元或每股 0.07 美元。我會把電話轉回給丹尼爾。

Thanks John.

謝謝約翰。

We've now achieved two consecutive quarters of what I consider record breaking revenue levels. One of $50 million that was last quarter and now $60 million. And we're guiding to another possible record-breaking quarter as we approach the final quarter of fiscal year, 2024 total revenue for the past three quarters reached an impressive $156 million. This revenue surpasses our entire prior fiscal year.

我們現在已經連續兩個季度實現了我認為破紀錄的收入水準。上個季度的金額是 5,000 萬美元，現在是 6,000 萬美元。隨著我們接近 2024 財年的最後一個季度，我們預計該季度可能會創下另一個破紀錄的季度，過去三個季度的總收入達到了令人印象深刻的 1.56 億美元。這筆收入超過了我們整個上一財年的收入。

When we look at our compound annual growth rate, we have grown by more than 25% over the past three fiscal years.

當我們查看我們的複合年增長率時，我們在過去三個財年中增長了25％以上。

The business has demonstrated growth both organically and through our recent acquisition, let's discuss some additional benefits of the acquisitions. When combined, the team has done an excellent job of integrating and making the last several acquisitions work and work together.

該業務已顯示出有機成長和透過我們最近的收購而實現的成長，讓我們來討論一下收購的一些額外好處。經過整合，該團隊在整合和使最近幾次收購順利進行以及協同方面做得非常出色。

We now have a combined product offering for industrials that is very broad.

現在，我們為工業領域提供非常廣泛的綜合產品。

We are providing power supplies for industrial equipment as well as industrial manufacturing capacity.

我們為工業設備提供電源以及工業製造能力。

We are providing capacitor banks and harmonic filters for these types of installations as well.

我們也為這些類型的安裝提供電容器組和諧波濾波器。

We provide industrial power supplies for motor drives for a variety of applications from pumps to fans to compressors.

我們為泵浦、風扇、壓縮機等各種應用的馬達驅動器提供工業電源。

The same product portfolio is being deployed to support and stabilize the grid's ability to integrate renewable energy by leveraging content from our prior acquisitions. We've expanded our ability to target industrial applications that were previously unattainable.

我們正在利用相同的產品組合來支援和穩定電網整合再生能源的能力，而這項產品組合將利用我們先前收購的內容。我們已擴展了針對以前無法實現的工業應用的能力。

Looking at the US political climate, there appears to be a lot of rhetoric which could translate into a better reality for us. Industry. In fact, over 85% of our grid revenue this quarter came from the United States.

縱觀美國的政治氣候，似乎有很多言論可以為我們帶來更好的現實。行業。事實上，本季我們超過 85% 的電網收入來自美國。

We believe we could be well positioned to benefit from the drive to manufacture in America. As most of our business is based in the US and supported by a mainly US supply chain.

我們相信，我們可以從美國製造業的發展中獲益。因為我們大部分的業務都在美國，並且主要由美國的供應鏈支持。

We may be presented with opportunities uniquely available to us. Given this fact, if we look back at the first term of the current administration, the drive towards reshoring American manufacturing capabilities was very strong and factually, the renewable energy industry in the US grew, I'll be for us, it's a very small part of our business overall. We see electricity needs driven in part by key industries such as artificial intelligence and data centres.

我們可能會得到獨屬於自己的機會。鑑於這一事實，如果我們回顧本屆政府的第一個任期，我們會發現美國製造業回流的動力非常強勁，事實上，美國的可再生能源產業有所增長，但我認為，這只是我們整體業務中很小的一部分。我們認為電力需求部分受到人工智慧和資料中心等關鍵產業推動。

This likely means that demand for electricity will continue to grow.

這可能意味著電力需求將持續成長。

To conclude our long-standing customer in India is starting to accelerate their business which could translate into growth for us. You can see that wind has been growing over the past several quarters.

總之，我們在印度的長期客戶正在開始加速他們的業務，這可能轉化為我們的成長。您可以看到，在過去幾個季度裡，風能一直在增長。

We see the orders from India this quarter giving us a clear path to continuing this trend in the near term.

我們看到本季來自印度的訂單為我們在短期內延續這一趨勢提供了明確的途徑。

If we look out a bit further in time, we see a deep pipeline of projects for a variety of materials, be it mining or chemical processing and we have several potential semiconductor orders on the horizon.

如果我們把眼光放長遠一些，我們會看到各種材料的大量項目，無論是採礦還是化學加工，而且我們即將獲得幾個潛在的半導體訂單。

If we look even longer term, we see our business with the military, having the potential to expand further. The business grew organically in both wind and grid.

如果我們放眼更長遠，我們會發現我們與軍方的業務有進一步擴大的潛力。風能和電網業務均實現了有機成長。

The addition of NWL is working and has opened up a cadre of customers.

NWL 的加入正在發揮成效，並開拓了一群客戶。

We are seeing business opportunities in new areas with utilities for data centers and for pipelines for traditional energy.

我們在資料中心公用設施和傳統能源管道等新領域看到了商機。

We believe that it is imperative not only to enable clean energy but to provide cleaner power for traditional energy as well.

我們認為，不僅要實現清潔能源，還要為傳統能源提供更清潔的電力。

We are very well positioned as a company that has diversified has been growing at 25% when compounded annually over the past several years, it feels like we really have reached a new level at over $60 million of quarterly revenue for the company growing from having quarterly revenue in the $30 million range only two years ago.

作為一家多元化的公司，我們的定位非常有利，過去幾年的年複合成長率達到 25%，感覺我們真的已經達到了一個新的水平，公司季度收入超過 6000 萬美元，而兩年前公司的季度收入只有 3000 萬美元左右。

I am personally very excited about the future of the company. This is probably the most excited I have been.

我個人對公司的未來感到非常興奮。這大概是我最興奮的一次了。

We believe we're in a tremendous position to take advantage of an ever-changing world. We are prepared to capitalize on the growing demand for energy and the need for a stable grid to support it. We have delivered another outstanding quarter and can see that the fundamentals of our business are well grounded. This is truly an exciting time for us here at AMSC.

我們相信，我們處於一個極為有利的位置，可以利用這個瞬息萬變的世界。我們準備好利用不斷增長的能源需求和穩定的電網來支援這項需求。我們又度過了一個出色的季度，並且可以看到，我們的業務基礎十分牢固。對我們 AMSC 來說，這確實是一個令人興奮的時刻。

Our future facing technologies help harmonize the world desire for decarbonization and clean energy with the need for more reliable, effective and efficient power delivery.

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對更可靠、有效和高效的電力傳輸的需求。

I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year end, Gary will now take questions from our analysts.

我期待在我們的第四財季和財年結束時向您報告情況，加里現在將回答我們分析師的問題。

We will now begin the question and answer session to ask a question. (Operator Instruction.)

我們現在開始問答環節來問一個問題。（操作員指令。）

Eric Stein, Craig Howell.

艾瑞克史坦、克雷格豪威爾。

Hi Daniel. Hi John.

你好，丹尼爾。你好，約翰。

Hey, good to hear your voice. Good.

嘿，很高興聽到你的聲音。好的。

Morning. So you mentioned a deep pipeline, obviously, you've got the backlog of $300 million plus has grown pretty substantially. Is there any way you can give more detail to, the description deep pipeline, whether it's, trying to quantify it how it's grown, over the last year or two and with the new acquisitions.

早晨。所以你提到了深度管道，顯然，你已經積壓了 3 億美元，而且已經大幅成長了。您能否更詳細地描述深度管道，是否試圖量化它在過去一兩年內以及隨著新收購而如何成長。

Yeah, I think the simple way to look at it is that the pipeline growth rate is greater than the company's growth rate. The types of new opportunities that we're seeing really, I think the thing that shines most is the diversity of what we're doing.

是的，我認為簡單的看待這個問題的方式是，管道成長率高於公司的成長率。我認為，我們看到的各種新機會中最引人注目的是我們所做事情的多樣性。

So one of the things we want to ensure that we do as we grow is to not concentrate and we've tried to really push as we brought more content in from the different acquisitions, to get them to work together, to get them to work in projects across a variety of industries. And that really is showing up in the pipeline.

因此，我們在發展過程中要確保做到的一件事就是不要過於集中，我們努力推動從不同收購中引入更多內容，讓它們協同工作，讓它們在各個行業的項目中發揮作用。而這確實已在管道中顯現。

So I'm really, really jazzed about where, where we are, where we've been and where I think it looks like we're going to head to go. And I think we have multiple pathways here to growth, be it in India with wind, be it in the US with industrials and then longer term with the military, everything that we're now offering, not just ship protection but the whole suite of products that I think we're in a really great position to continue on the trend that we've established.

所以我真的非常興奮，知道我們現在在哪裡，我們去過哪裡，以及我們將要去哪裡。我認為我們在這裡有多種成長途徑，無論是在印度的風能，還是在美國的工業領域，以及長期的軍事領域，我們現在提供的所有產品，不僅僅是船舶保護，而是全套產品，我認為我們處於一個非常有利的位置，可以繼續保持我們已經確立的趨勢。

Got it. And I mean, obviously, I would think it's, it's magnitudes larger than your current backlog. I mean, is it fair to say that with these acquisitions, it increased by a factor of, whatever the number is two X three X.

知道了。我的意思是，顯然，我認為它比你目前的積壓量要大得多。我的意思是，是否可以公平地說，透過這些收購，它增加了一個倍數，無論是二倍還是三倍。

Yeah, I don't, I don't know even the factor Eric, I just look at it and I look at the depth and the breadth, the deepness of our offering, the fact that the project sizes have grown, our content per project has grown, our engagement with customers has grown.

是的，我不知道，甚至不知道艾瑞克這個因素，我只是看一下，看看我們的產品的深度和廣度，看看專案規模的成長，看看我們每個專案的內容的成長，看看我們與客戶的互動的成長。

And that, across the company, we realize that each of the different elements within the total business kind of had its own customer list. And we're now starting to see the ability to cross over through multiple product lines, offer one combined offering into these, these great customers that you've been able to serve and, and they're very excited that we can do more for them. And I think that really puts us in position to keep maintaining those great customer relationships that we've established.

並且，在整個公司，我們意識到整個業務中的每個不同元素都有自己的客戶名單。現在，我們開始看到跨越多條產品線的能力，為這些你能夠服務的優秀客戶提供一種綜合產品，他們非常高興我們能為他們做更多的事情。我認為這確實使我們能夠繼續維持已建立的良好客戶關係。

Got it. Okay, great color. Maybe last one for me, just on the wind side, you mentioned the orders received in this quarter. And I know Inox obviously, three plus gigawatt backlog that you are exclusively supplying.

知道了。好的，顏色很棒。對我來說這可能是最後一個，就在風能方面，您提到了本季收到的訂單。我顯然知道 Inox 有 3 千兆瓦以上的積壓訂單由你們獨家供應。

I mean, how do you envision kind of this playing out going forward? I know if we look back a number of years, you kind of got a large order from Inox and then worked it off over time and now I know you're focused on getting paid. And so they've been smaller but more frequent. I mean, is that kind of how we should expect things playing out going forward?

我的意思是，您如何設想這種情況未來會如何發展？我知道，如果我們回顧過去幾年，你會發現你從 Inox 那裡獲得了一筆大訂單，然後隨著時間的推移不斷完成它，而現在我知道你專注於獲得報酬。因此，雖然規模較小，但頻率較高。我的意思是，我們應該期待事情未來會這樣發展嗎？

Simply, yes, but you know, I think that if you go back in our history, Ina was young and our financial stability wasn't what it was today. So there is desired on both parties to make sure that we were committed to a long-term relationship.

是的，簡而言之，但你知道，我認為如果回顧我們的歷史，伊娜還年輕，我們的經濟穩定性不像今天這樣。因此雙方都希望確保我們致力於建立長期的合作關係。

We have demonstrated a great long term relationship with Inox. I believe that will continue and hopefully will continue for, for a long time, they've really done a nice job in managing their business. We've told them not to worry about, big orders or things like that.

我們已經與 Inox 建立了良好的長期合作關係。我相信這種情況會持續下去，並且希望能夠持續很長一段時間，他們在管理業務方面確實做得很好。我們告訴他們不要擔心大訂單或類似的事情。

Whatever that they need, we're ready to serve. We have a good contract terms that works for both sides. And they basically pay as they go and they give us an instruction and say, hey, we need this as soon as we can and here's the next batch.

無論他們需要什麼，我們都願意提供服務。我們有一個對雙方都有利的良好合約條款。他們基本上是即用即付，然後給我們指示說，嘿，我們需要盡快得到這個，這是下一批。

So, I think we're going to see going forward more of a batch to batch to meet their demand, clearly based upon. And you articulated, I think factually their backlog, that means more orders will come and hopefully they'll come at a certain pace. But that pace is really predicated on and it's really not in a it's Inox's customer's ability to pay them at the rate that they're paying them.

因此，我認為我們將會看到更多的批次產品來滿足他們的需求，這顯然是基於此。正如您所說，我認為事實上他們的積壓訂單意味著會有更多的訂單到來，並且希望這些訂單能以一定的速度到來。但這一速度實際上是基於且不取決於 Inox 客戶按照他們目前支付的速度付款的能力。

So, we are in a position right now. We see the wind business accelerating and I think with these additional orders and the timing that they've ascribed to our delivery, it means that, that, that pace should continue.

所以，我們現在處於這樣的境地。我們看到風電業務正在加速發展，我認為，隨著這些額外的訂單和他們為我們交付規定的時間，這意味著這種步伐應該能夠持續下去。

All right. Thank you.

好的。謝謝。

The next question is from Colin Rusch with Oppenheimer. Please go ahead.

下一個問題來自奧本海默公司的科林·拉什（Colin Rusch）。請繼續。

Thanks so much guys. You know, if you start to digest some of the this growth, you know, there's and you know, just a question around capacity , and how you need to you know, capacitize the company to meet that, that demand and you know, what can we think about from an operating leverage perspective or manufacturing leverage perspective on that front?

非常感謝大家。你知道，如果你開始消化這種成長，你知道，你就會有關於產能的問題，以及你需要如何使公司具備產能以滿足這種需求，你知道，從經營槓桿的角度或製造槓桿的角度來看，我們可以考慮什麼？

I think it's a fantastic question and it's one of the things that I concern myself with because we've been growing so nicely and so rapidly. You know, we want to make sure that our revenue outpaces the growth of fixed costs. I think we've demonstrated a great ability to do that.

我認為這是一個非常好的問題，也是我關心的事情之一，因為我們的發展如此之好、如此之快。你知道，我們希望確保我們的收入超過固定成本的成長。我認為我們已經展現出強大的能力。

We think there's a lot of financial leverage in the business. We have said that we may need to at some point in the future, think about capacity expansion. But that cost of that project is, is relatively miniscule compared to the cash balance that we hold today. So we want to make sure we're in a position to go forward with growth.

我們認為該業務中存在著很大的財務槓桿。我們曾經說過，未來某個時候，我們可能需要考慮擴大產能。但與我們今天持有的現金餘額相比，該項目的成本相對微不足道。因此，我們希望確保我們能夠繼續成長。

And we want to be able to have the manufacturing capability to do that. But I think directly that doesn't mean we need to expand fixed cost. At least certainly not at the rate that we have been growing revenue or hope to grow revenue. So we think it's a very nice, nicely constructive business.

我們希望擁有實現這一目標的製造能力。但我直接認為這並不意味著我們需要擴大固定成本。至少肯定不會以我們現在或希望的收入成長速度來計算。因此我們認為這是一項非常好的、非常有建設性的業務。

And, we're looking as we bring in each of these different acquisitions, we're looking to learn what each group does, maybe better or best practices out of the group and bring that to all of them. I think the team is very been very receptive to that and more and more. It's a one unified face to the customer, selling a stack of content that really is chosen by the customer and what they want give us as a scope of a, of a project.

而且，我們在進行每一次不同的收購時，都希望了解每個集團在做什麼，也許可以藉鏡集團中更好或最佳實踐，並將其帶給所有集團。我認為團隊已經非常樂意接受這一點，而且接受的程度越來越高。它對客戶來說是一個統一的面孔，銷售一系列真正由客戶選擇的內容，而他們想要的則作為專案的範圍給我們。

But I think our capacity today, we've been, we've had to be able to grow principally, as I said in the past, through labor. I do expect at some point in our future, we may have to spend some capital to be able to continue that. But again, it's not a huge project and it's something that we can afford given the very strong balance sheet of the company.

但我認為，我們今天的能力必須能夠主要透過勞動來成長，正如我過去所說的。我確實預計在未來的某個時候我們可能必須花費一些資金才能繼續這樣做。但話說回來，這不是一個大項目，而且考慮到公司非常強勁的資產負債表，我們是可以負擔的。

Excellent. And then the second question is really around the pipeline of acquisition targets, you guys have, clearly demonstrated a nice job in digesting some of that that new capacity and integrating those businesses. But it looks to us like there's maybe, a half a dozen or a dozen potential incremental targets. How are you guys thinking about that inorganic growth opportunity and you know, the, augmenting the portfolio of offerings from here?

出色的。第二個問題其實是關於收購目標的管道，你們在消化部分新產能和整合這些業務方面已經清楚地展示了出色的工作表現。但在我們看來，可能有六個或十幾個潛在的增量目標。你們如何看待這種無機成長機會以及如何擴大產品組合？

Yeah, I think what you said is, is accurate, we try to look for the right people with the right product ideally with the right profit leverage as well that would fit into our business model. And the last year, I'd say it has to be at the right price. So I think one of the things that the company has shown. It is great strength in, not chasing things at a very high price.

是的，我認為您說的很準確，我們試圖尋找合適的人才、合適的產品，理想情況下還有合適的利潤槓桿，以適應我們的商業模式。而去年，我想說的是，它必須有一個合適的價格。所以我認為這是公司所展現出來的東西之一。它的優點在於不以極高的代價去追求事物。

So, we've been able to get what we think are great companies at great prices with great people and great products. And if we can continue to do that again and it fits in, that certainly work, I think with the uncertainty that's coming in the market here in the US, it's an opportunity for us because I think we're uniquely positioned to grow.

因此，我們能夠以優惠的價格收購我們認為優秀的公司，擁有優秀的人才和優質的產品。如果我們能夠繼續這樣做，並且它適合，那肯定會起作用，我認為，鑑於美國市場正在出現的不確定性，這對我們來說是一個機會，因為我認為我們具有獨特的成長優勢。

But it may be an opportunity as well for potential targets where they may have some challenges in the near term and worry about their access to capital and, and working with a company like ours might be a good fit for them. So we'll see how that works right now. We're digesting NWL. We feel very comfortable with what the team's doing.

但對於潛在目標來說，這也可能是個機會，因為他們在短期內可能會面臨一些挑戰，並擔心無法獲得資金，而與我們這樣的公司合作可能適合他們。因此我們現在就來看看它是如何運作的。我們正在消化 NWL。我們對團隊所做的事情感到非常滿意。

We've been able to, to do growth organically and with the, with the addition of the revenue from NWL. But at some point, we need to turn and say, okay, can we continue to accelerate the rate of growth? Because we've demonstrated such a, such a nice rate, if we can continue that or come close to continuing that? I think that's in everybody's advantage and interest here.

憑藉來自 NWL 的收入，我們能夠實現有機成長。但在某個時候，我們需要轉過頭來說，好吧，我們能繼續加快成長率嗎？因為我們已經展現瞭如此好的速度，如果我們可以繼續這種速度或接近繼續這種速度呢？我認為這符合每個人的利益和優勢。

Okay, thanks so much.

好的，非常感謝。

Guys.

夥計們。

Again, if you have a question, please press star, then one, the next question is from Justin Clare with Roth capital partners. Please go ahead.

再次，如果您有問題，請按星號，然後按一，下一個問題來自羅斯資本合夥人的賈斯汀克萊爾。請繼續。

Hi, good morning. Thanks.

嗨，早安。謝謝。

So wanted, wanted to start here. You had mentioned in your comments, potential opportunity here in data centers that, that you're exploring. I was wondering if you could just expand on you know, how you're viewing that market, how you might approach it, which, which products could be a good fit for data centers.

所以想要，想要從這裡開始。您在評論中提到，您正在探索資料中心的潛在機會。我想知道您是否可以詳細說明您如何看待該市場，您將如何處理它，哪些產品可能適合資料中心。

And then do you have any visibility into, potential timing for, orders that you could capture there? That, that'd be helpful as well.

那麼，您是否可以了解可以在那裡捕獲的訂單的潛在時間？那，那也會有幫助。

Yeah, I think it's a great question. It's something that we were looking at internally. We've seen inbound coming from really all the different business lines that face utilities. And what we're finding is there's a certain number of utilities and you kind of know who they are based upon where these data centers are being built that are coming to us time and time again now with real distinct problems on the grid.

是的，我認為這是一個很好的問題。這是我們內部正在研究的事情。我們已經看到來自所有面向公用事業的不同業務線的入站流量。我們發現，有一定數量的公用事業公司，您可以根據這些資料中心的建設地點來了解他們是誰，他們一次又一次地來找我們，為電網帶來真正獨特的問題。

So, what we foreshadow back a few quarters ago that really the opportunity for us is going to be that the grid needs to become more reliable, to be able to support this additional capability that seems like that's starting to come to fruition at least in the pipeline.

因此，我們在幾個季度前就預測到，我們真正的機會是電網需要變得更加可靠，以便能夠支持這項額外的功能，而這項功能似乎至少在規劃中開始實現。

So, we're seeing multiple projects, handfuls of projects from the same utilities that have the same problems that we can uniquely solve. So it could be that they need some level of capacity to be able to buffer power. They need maybe improved power quality, they need, they may need to have more power supplied to a specific area. And in all those cases, we have an offering that, that fits really nicely.

所以，我們看到多個項目，來自同一公用事業公司的大量項目，它們面臨著同樣的問題，而這些問題我們只能透過獨特的方式解決。因此，他們可能需要一定程度的容量來緩衝電力。他們可能需要改善電力質量，他們需要，他們可能需要向特定區域供應更多的電力。在所有這些情況下，我們都能提供非常合適的產品。

Again, it doesn't mean that we're going to be part of the CapEx to build the building, but we're going to be part of the CapEx to build the grid out to be able to support the capacity that's going in into that project.

再說一遍，這並不意味著我們將成為建造建築物的資本支出的一部分，而是我們將成為建造電網的資本支出的一部分，以便能夠支持該項目的容量。

So, that's, relatively new for us. That's exciting. I think the hard part Justin with me always is, well, what's the timing and what's the pacing? I think that's to be determined. I think it's up to our team to try to turn these prospects into projects that are funded and, and are going to use our, our product.

所以，這對我們來說相對較新。這真令人興奮。我認為賈斯汀對我而言最困難的部分始終是，時間安排是怎樣的，節奏是怎樣的？我認為這還有待確定。我認為我們的團隊應該努力將這些潛在客戶轉化為有資金支持並使用我們產品的項目。

So, you know, usually I'd say stay tuned, I think it becomes part of the growth story, certainly not in the next maybe year or so because the lead time for these things are more than a year. But I think as you look at the overall trajectory, as we look at it, out a few years, I think it's very positive for us and that this would be one area that potentially could drive that future growth.

所以，你知道，通常我會說請繼續關注，我認為它會成為成長故事的一部分，當然不是在未來一年左右，因為這些事情的準備時間超過一年。但我認為，當你回顧整體發展軌跡時，當我們回顧幾年時，我認為這對我們來說是非常積極的，而且這將是一個可能推動未來成長的領域。

Okay. Got it. Yeah, that's no that's helpful the detail there. So then maybe just shifting over to your semiconductor business and the opportunity there, it looked like, toward the end of the Biden administration, there was a rush to allocate funds under the Chips Act. And so wondering how that opportunity is evolving here. How is demand trending and do you see the potential for an acceleration as the Chips Act funding starts to get dispersed here?

好的。知道了。是的，那裡的細節沒有什麼幫助。因此，也許只是轉向你的半導體業務和那裡的機會，看起來，在拜登政府任期即將結束時，人們急於根據《晶片法案》分配資金。所以想知道這個機會在這裡是如何發展的。需求趨勢如何？

Yeah, I think that's the exact way to look at it is that the policy has been enacted, the funding has happened and now projects are being constructed. I was looking at a bunch of stuff the past few days and we look at all the names we're trying to support, not just the ones that we've mentioned. There is and I was trying to be deliberate about it in the prepared remarks. There are a series of kind of key large orders from semi that are right in our crosshairs that we want to get over the line.

是的，我認為正確的看法是，政策已經頒布，資金已經到位，現在項目正在建設中。過去幾天我看了很多東西，我們查看了所有我們試圖支持的名字，而不僅僅是我們提到的名字。有，而且我試著在準備好的發言中慎重地考慮這一點。一系列來自半導體的關鍵大訂單正處於我們的關注之中，我們想盡快拿到這些訂單。

These are all for projects that are ready to construct fully financed to construct. It was really out without any risk around the timing. I think longer term, what we're hearing from our semiconductor customers are is the need for increased capacity is there.

這些都是針對已經準備開工並且資金充足的項目。從時間安排上來說，這確實是沒有任何風險的。我認為從長遠來看，我們從半導體客戶那裡聽到的是需要增加產能。

So I think in the longer term, I think that will translate into, more pipeline and more projects for us in the future as well. But in the relatively near term, we have, we have a number of opportunities we're trying to get over the goal line here that we think would be nice for the business in the next year or so.

因此我認為從長遠來看，這也意味著我們將來將擁有更多的管道和更多的專案。但在相對短期內，我們有很多機會，我們正試圖跨越目標線，我們認為這對未來一年左右的業務有利。

Okay. Great. Then just one more. We have heard that there are some challenges relating to permitting, particularly for wind projects, but also for solar projects. This follows the President's executive order on permitting for when projects. Wondering if you could share, are you seeing any change in terms of order flow for your renewables business in the US? As a result of this, or do you see any potential challenges ahead here?

好的。偉大的。那就再來一個吧。我們聽說在許可方面存在一些挑戰，特別是風電項目，太陽能項目也是如此。這是根據總統關於專案許可的行政命令發布的。想知道您是否可以分享一下，您在美國再生能源業務的訂單流方面是否發生了任何變化？因此，或者您是否看到未來有任何潛在挑戰？

Yeah, it's such a small part of our business. We do not do a lot of business in the US in renewables. So from a diversity and from a position of strength, we do win India, and then, and we report that as a segment and we said that's 15% of the business. But the rest of renewables that would occur in the US are, are a small fraction of that.

是的，這只是我們業務的一小部分。我們在美國再生能源領域的業務並不多。因此，從多樣性和實力角度來看，我們確實贏得了印度市場，然後，我們將其作為一個細分市場進行報告，並稱這佔業務的 15%。但美國其餘的再生能源僅佔其中的一小部分。

So, I think if in the future there, there's a drive to do more renewables, we stand ready and have it, but it's not been part of our business, the past quarters or a year or two or so. So it's not something that we really concern ourselves.

因此，我認為，如果未來有動力使用更多再生能源，我們隨時準備採取行動，但在過去幾個季度或一兩年左右的時間裡，這還不是我們業務的一部分。所以這並不是我們真正關心的事情。

And I think for our audience, it's not something that you're investing in us, for us. It's really about becoming more about hardening the grid, strengthening the grid for a lot of these industrial capacity projects that, that we think are really going to start to take off here in the, in the coming year and years.

我認為對我們的觀眾來說，這不是你為我們投資的東西。這實際上是為了加強電網，為許多工業產能項目加強電網，我們認為這些項目將在未來幾年真正開始起飛。

Okay. That's.

好的。就是這樣。

Helpful. Thanks, I'll pass it on.

很有幫助。謝謝，我會傳達的。

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。我想將會議交還給丹尼爾·麥加恩，請他作最後發言。

What a great quarter. We're really, really happy. We, this is a point that we had hoped to get to. And I think when John and I looked at this back of ways, we thought we'd be here a year or two from now. So we think we're well ahead of schedule. We think the business really is outperformed. Even our own optimistic look.

這是一個非常棒的季度。我們真的非常高興。我們，這是我們希望達到的點。我想，當約翰和我回顧這段歷程時，我們認為一兩年後我們還會在這裡。因此我們認為我們已經提前完成了計劃。我們認為該業務確實表現優異。甚至我們自己的樂觀表情。

So as we look towards the future, it's clear, the opportunities ahead of us are really vast. We stand ready to capitalize on that rising demand for energy and the critical need for a dependable grid to support it.

因此，當我們展望未來時，很顯然，我們面前的機會非常巨大。我們已準備好利用不斷增長的能源需求和可靠電網的迫切需求來滿足這一需求。

We reached another consecutive recent record quarter with the revenue levels. Now, over $60 million a quarterly basis, the business has already demonstrated revenue growth with only nine months into the fiscal year. This means we're close to doubling revenue from our fiscal year '22 level. Only two years later, we see more industrials including chips as well as the wind on the horizon. Really out of India.

我們的營收水準在最近一個季度連續創下新高。現在，該公司每季的營收超過 6,000 萬美元，財政年度才過了九個月就已經實現營收成長。這意味著我們的收入幾乎比 22 財年翻了一番。僅僅兩年之後，我們就看到了包括晶片在內的更多工業以及風能的出現。確實脫離了印度。

I believe our business is at an exceptionally strong position and I'm really excited to talk about some new markets for us today. Data centers, more traditional energy. These are all things that require our product that we think we can benefit our, our key customers with. I look forward to talking to you again when we report our full fiscal year results next time. Thank you all. Have a good day.

我相信我們的業務處於非常強勁的地位，今天我很高興談論我們的一些新市場。資料中心，更傳統的能源。這些都是需要我們的產品的東西，我們認為這些產品可以使我們的關鍵客戶受益。我期待下次我們報告全年財報時再次與您交談。謝謝大家。祝你有美好的一天。