American Superconductor Corp (AMSC) 2026 Q1 法說會逐字稿

Good morning, and welcome to the AMSC 2026 conference call.

早安，歡迎參加 AMSC 2026 電話會議。

(Operator Instructions)

（接線員指示）

Please note this event is being recorded. I would now like to turn the conference over to Nicol Golez, Director of Communications. Please go ahead.

請注意，本活動將被錄音。我現在要把會議交給傳播總監 Nicol Golez。請開始。

Thank you, Amy. Good morning, everyone, and welcome to American Superconductor Corporation's first-quarter of fiscal year 2026 conference call.

謝謝你，Amy。各位早安，歡迎參加 American Superconductor Corporation 2026 會計年度第一季電話會議。

I'm Nicol Golez, AMSC's Director of Communications. Joining me today are Daniel McGahn, Chairman, President and Chief Executive Officer; and John Kosiba, Senior Vice President, Chief Financial Officer and Treasurer.

我是 Nicol Golez，AMSC 傳播總監。今天與我一同出席的有：董事長、總裁兼執行長 Daniel McGahn；以及資深副總裁、財務長兼財務主管（Treasurer）John Kosiba。

Yesterday, after market close, American Superconductor issued its earnings release for the first-quarter of fiscal year 2026. A copy of this release is available on the Investors page of the company's website at www.amsc.com. Remarks that management may make during today's call about American Superconductor's future expectations, including expectations regarding the company's future financial results, plans and prospects constitute forward-looking statements.

昨天收盤後，American Superconductor 發布了 2026 會計年度第一季財報新聞稿。該新聞稿可於公司網站 www.amsc.com 的投資人頁面取得。管理層在今日電話會議中可能就 American Superconductor 未來預期所作的評論（包括對公司未來財務結果、計畫與前景的預期）均構成前瞻性陳述。

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, 2026. which the company filed with the Securities and Exchange Commission on May 27, 2026, and the company's other reports filed with the SEC, which are also available on our website.

由於多項重要因素，實際結果可能與此等前瞻性陳述所示者存在重大差異，包括 American Superconductor 截至 2026 年 3 月 31 日止年度之 Form 10-K 年報「風險因素」章節所載因素。該年報已於 2026 年 5 月 27 日向美國證券交易委員會（SEC）提交，以及公司向 SEC 提交的其他報告（亦可於我們網站查閱）。

The company disclaims any obligation to update these forward-looking statements. 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.

公司不承擔更新此等前瞻性陳述之任何義務。在今日電話會議中，管理層將提及非 GAAP 淨利，這是一項非 GAAP 財務衡量指標。GAAP 與調整後財務衡量指標之調節表可於公司財報新聞稿中查閱。

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, Nicol, and good morning, everybody. I'll begin today by providing an update and sharing a few remarks on our business. John Kosiba will then provide a detailed review of our financial results for the first fiscal quarter, which ended June 30, 2026, and provide guidance for the second fiscal quarter, which will end September 30, 2026. Following our comments, we'll open up the line to questions from our analysts. We started off the new fiscal year with our sights set on growth.

謝謝你，Nicol，各位早安。今天我先提供最新進展並分享幾點對我們業務的看法。接著 John Kosiba 將詳細回顧截至 2026 年 6 月 30 日止之第一會計季財務結果，並提供截至 2026 年 9 月 30 日止之第二會計季指引。在我們發言後，我們將開放分析師提問。我們以成長為目標，展開新的會計年度。

We have officially surpassed $90 million in quarterly revenue. This represents 30% growth over the year ago quarter. Our Grid revenue led the way at over 80% of AMSC's total revenue, which grew over 25% versus the year ago period. Wind was nearly 20% of our business and grew 45% from the same period last year. Our track record now shows that we've delivered three consecutive years of non-GAAP profitability and two consecutive years of GAAP profitability.

我們的單季營收已正式突破 9,000 萬美元，較去年同期成長 30%。其中，電網（Grid）營收領先，佔 AMSC 總營收逾 80%，較去年同期成長逾 25%。風電（Wind）約佔我們業務近 20%，較去年同期成長 45%。我們的紀錄顯示：已連續三年達成非 GAAP 獲利，並連續兩年達成 GAAP 獲利。

We closed the quarter with a strong balance sheet of over $150 million. Our revenue this quarter reflects strong diversification across our core markets. Total revenue came from roughly 30% from renewable energy projects, 20% from traditional energy, 20% from materials, including semiconductors, 20% from utility projects and nearly 10% from military projects.

本季結束時，我們的資產負債表依然強勁，資金超過 1.5 億美元。本季營收反映出我們在核心市場的高度多元化。總營收約有 30% 來自再生能源專案、20% 來自傳統能源、20% 來自材料（包含半導體）、20% 來自公用事業專案，近 10% 來自軍事專案。

We saw exceptionally strong bookings for the quarter. Total orders now climbed to over $130 million, reflecting the strong market tailwinds behind our business. A major orders highlight includes the recently announced $25 million order from a North American utility to support a large mine expansion. I'll share more details on this later. We have a robust 12-month backlog exceeding $300 million and a total backlog of over $400 million.

本季我們看到極為強勁的接單表現。總訂單金額現已攀升至逾 1.3 億美元，反映出支撐我們業務的強勁市場順風。重大訂單亮點包括近期宣布的一筆來自北美公用事業客戶、金額 2,500 萬美元的訂單，用以支援一項大型礦場擴建。我稍後會分享更多細節。我們擁有強勁的 12 個月在手訂單（backlog）超過 3 億美元，總在手訂單超過 4 億美元。

We have firmly set our sights on growth. We believe this puts us in great position for fiscal year 2026. Now I'll turn the call over to John Kosiba to review our financial results for the first-quarter of fiscal 2026 and provide guidance for the second-quarter, which will end September 30, 2026. John?

我們已堅定鎖定成長目標。我們相信這使我們在 2026 會計年度處於非常有利的位置。現在我把電話會議交給 John Kosiba，請他回顧 2026 會計年度第一季財務結果，並提供將於 2026 年 9 月 30 日結束之第二季指引。John？

Thanks, Daniel, and good morning, everyone. AMSC generated revenues of $94.1 million for the first-quarter of fiscal 2026 compared to $72.4 million in the year ago quarter. Our Grid business unit accounted for 81% of total revenues, while our Wind business unit accounted for 19%. Wind business unit revenues increased by 27% in the first-quarter versus the year ago quarter. This year-over-year increase was led by the contribution of Comtrafo. Wind business unit revenues increased by 45% in the first-quarter versus the year ago quarter. This year-over-year change was driven by increased ECS shipments.

謝謝你，Daniel，各位早安。AMSC 於 2026 會計年度第一季創造營收 9,410 萬美元，去年同期為 7,240 萬美元。我們的電網（Grid）事業單位佔總營收 81%，風電（Wind）事業單位佔 19%。風電事業單位營收於第一季較去年同期增加 27%，此一年增主要來自 Comtrafo 的貢獻。風電事業單位營收於第一季較去年同期增加 45%，此一年增變動係由 ECS 出貨增加所帶動。

Looking at the P&L in more detail. Gross margin for the first-quarter of fiscal 2026 was 26.3%. Included in cost of goods sold in the first-quarter was approximately $1.5 million of purchase accounting and non-cash adjustments related to Comtrafo. This had an impact of approximately 160 basis points on the quarter. We also invested in additional direct labor in Brazil to support the expected revenue growth as a result of the strong bookings over the past two quarters. This investment does lower our factory's productivity until they become fully integrated into the manufacturing process.

更詳細地看損益表。2026 會計年度第一季毛利率為 26.3%。第一季銷貨成本中包含約 150 萬美元與 Comtrafo 相關的收購會計（purchase accounting）及非現金調整，對本季毛利率影響約 160 個基點。我們也在巴西增加直接人力投入，以支援過去兩季強勁接單所帶來的預期營收成長。此項投資在新進人員完全融入製造流程之前，會降低工廠生產力。

Lastly, gross margins for the quarter were impacted by an unfavourable product mix. We do not anticipate a similar product mix next quarter.

最後，本季毛利率亦受到不利的產品組合影響。我們預期下季不會出現類似的產品組合。

Moving on to operating expenses. R&D and SG&A expenses for the first-quarter of fiscal 2026 were $22.5 million compared to $18.5 million in the year ago quarter. Approximately 23% of R&D and SG&A expenses in the first-quarter of fiscal 2026 were non-cash. Our net income in the first-quarter of fiscal 2026 was $9.5 million or $0.21 per share. This compared to a net income of $6.7 million or $0.17 per share in the year ago quarter.

接著看營業費用。2026 會計年度第一季研發（R&D）與銷售、一般及行政（SG&A）費用為 2,250 萬美元，去年同期為 1,850 萬美元。2026 會計年度第一季研發與 SG&A 費用中約 23% 為非現金項目。我們 2026 會計年度第一季淨利為 950 萬美元，或每股 0.21 美元；去年同期淨利為 670 萬美元，或每股 0.17 美元。

Our non-GAAP net income for the first-quarter of fiscal 2026 was $7.6 million or $0.17 per share compared with non-GAAP net income of $11.6 million or $0.30 per share in the year ago quarter. first-quarter GAAP and non-GAAP net income included an $8.1 million adjustment to contingent consideration.

2026 會計年度第一季非 GAAP 淨利為 760 萬美元，或每股 0.17 美元；相較之下，去年同期非 GAAP 淨利為 1,160 萬美元，或每股 0.30 美元。第一季 GAAP 與非 GAAP 淨利均包含一筆 810 萬美元的或有對價（contingent consideration）調整。

This is not a taxable item, but it impacted the recognition of tax expense through the FIN 18 approach required of interim tax provisions. A with and without analysis of the FIN 18 tax provision identified a $2 million noncash tax expense recognized in the quarter. Any tax expense related to a change in contingent consideration within the quarter is not forecasted or included in our guidance.

此項目不具應稅性，但透過臨時稅務提列所要求的 FIN 18 方法，影響了稅費的認列。對 FIN 18 稅務提列進行「有與無」分析後，辨識出本季認列了 200 萬美元的非現金稅費。任何與本季或有對價變動相關的稅費，均未被預測或納入我們的財測指引。

Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results. We ended the first-quarter of fiscal 2026 with $153.1 million in cash, cash equivalents and restricted cash. This compares with $147.6 million on March 31, 2026. We generated $16 million of operating cash flow in the first-quarter of fiscal 2026. Within the first-quarter, we experienced strong cash milestone collections on several projects, coupled with initial receipts generated from our recent orders.

請參閱我們昨晚發布的新聞稿，以取得 GAAP 與非 GAAP 結果之調節。本公司於 2026 會計年度第一季結束時，現金、約當現金及受限制現金為 1.531 億美元；相較於 2026 年 3 月 31 日為 1.476 億美元。我們在 2026 會計年度第一季產生 1,600 萬美元的營運現金流。於第一季期間，我們在多個專案上收取了強勁的里程碑款項，同時也收到近期訂單所帶來的初始款項。

As planned and pursuant to the SBA of the Comtrafo acquisition, we purchased a third factory in Brazil within the quarter for a total cost of approximately $7.4 million. This factory solidifies the capacity necessary to support our growth plans for Comtrafo.

依計畫並依據 Comtrafo 收購案之 SBA，我們於本季在巴西購入第三座工廠，總成本約 740 萬美元。該工廠鞏固了支援 Comtrafo 成長計畫所需的產能。

Now turning to our financial guidance for the second-quarter of fiscal 2026. We expect that our revenues will exceed $85 million. Our net income on that revenue is expected to exceed $1 million or $0.02 per share. We expect our non-GAAP net income to exceed $8 million or $0.17 per share.

接著說明我們對 2026 會計年度第二季的財務指引。我們預期營收將超過 8,500 萬美元。在該營收水準下，我們預期淨利將超過 100 萬美元，或每股 0.02 美元。我們預期非 GAAP 淨利將超過 800 萬美元，或每股 0.17 美元。

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

接下來，我把電話會議交回給 Daniel。Dan？

Thanks, John. $16 million of cash generated in the quarter. That's impressive even to me. It really shows kind of what the business can do. There's definitely a drive here that's happening that we're going to talk through the call. Our revenue results for the first-quarter surpassed expectations. However, it does make the second-quarter revenue challenging as we accelerated some deliveries due to customer demand in the first-quarter.

謝謝你，John。本季產生 1,600 萬美元現金，連我都覺得很令人印象深刻。這確實展現了這門生意能做到的程度。這裡確實有一股推進力正在發生，我們會在電話會議中逐步談到。我們第一季營收結果超出預期；不過，由於第一季因應客戶需求而加速部分交付，這也使第二季營收面臨挑戰。

Our order momentum shows we're well positioned for growth. The $25 million order from a North American utility represents the largest individual order for a mining project in our company's history, setting a new company record. We expect to deliver this turnkey solution during our next fiscal year 2027. We do have our sights set on other large orders in our pipeline. This order is significant because it demonstrates the financial and operational leverage of our integrated power solutions.

我們的接單動能顯示，我們已為成長做好準備。來自北美某公用事業客戶的 2,500 萬美元訂單，是本公司歷史上礦業專案最大的一筆單一訂單，創下新的公司紀錄。我們預期將於下一個 2027 會計年度交付此一交鑰匙（turnkey）解決方案。我們也正鎖定管線中其他大型訂單。此訂單之所以重要，在於它展現了我們整合式電力解決方案所具備的財務與營運槓桿效益。

Even without this quarter's largest order, we brought in over $100 million in new orders. This outperforms our last fiscal year's average of roughly $70 million a quarter. Under this contract, our team is handling the design, engineering, installation and commissioning of a system that combines our proprietary modular STATCOM technology, our metal enclosed capacitor banks as well as our shunt reactors, a 138 kV power transformer, the associate switchgear to protect the system from the network as well as additional protection and control equipment.

即使不計入本季最大的一筆訂單，我們仍取得超過 1 億美元的新訂單。這優於我們上一個會計年度每季約 7,000 萬美元的平均水準。依據此合約，我們的團隊正負責一套系統的設計、工程、安裝與試運轉（commissioning）。該系統結合了我們專有的模組化 STATCOM 技術、金屬封閉式電容器組（capacitor banks）以及並聯電抗器（shunt reactors）、一台 138 kV 電力變壓器、用以將系統與電網隔離並保護系統的相關開關設備（switchgear），以及額外的保護與控制設備。

Just to make a note, if we had sold this as a single product solution, this order would be about maybe $4 million to $5 million. Today, we're able to offer a combined solution that reduces project complexity, simplifies execution and could avoid costly future grid upgrades.

補充說明一下，如果我們把這筆案子當作單一產品解決方案來銷售，這筆訂單金額大概只有約 400 萬到 500 萬美元。如今，我們能提供一套整合式解決方案，可降低專案複雜度、簡化執行流程，並可能避免未來昂貴的電網升級。

This expands our revenue for this type of project by factor of five. This is an enabler for potential future growth in materials and utility markets. This is what I've been talking about when I say more content or more product per project. We believe the long-term visibility of our business has never been stronger. The materials sector, which includes mining and semiconductor projects generated about 1/3 of our total orders.

這使我們在此類專案的營收擴大到原來的五倍。這也為材料與公用事業市場的潛在未來成長提供助力。這正是我所說的「每個專案有更多內容或更多產品」。我們相信，我們業務的長期能見度從未如此強勁。材料產業（包含採礦與半導體專案）約貢獻了我們總訂單的三分之一。

Traditional energy demand followed with about 30% of total orders driving the business, while renewables, utility and other industrial applications each represented about 10% of total orders, and military represented just under 5% of total orders. We do see major tailwinds and long-term opportunities across our core sectors. In the semiconductor market alone, we're working with a significant project pipeline. Global semiconductor capital expenditures are jumping 20% to $200 billion, led by expansions from giants, including Micron. These global expansions help drive our long-term pipeline.

傳統能源需求緊隨其後，約占總訂單的 30%，帶動業務成長；而再生能源、公用事業及其他工業應用各約占總訂單的 10%；軍工約略低於總訂單的 5%。我們確實在核心產業領域看到強勁順風與長期機會。僅就半導體市場而言，我們正推進一條相當可觀的專案管線。全球半導體資本支出正成長 20% 至 2,000 億美元，由包括 Micron 在內的巨頭擴產所帶動。這些全球擴張有助於推動我們的長期管線。

Simultaneously, the global mining project pipeline has reached $1.2 trillion with over $250 billion actively under construction. Top global mining firms invested nearly $80 billion in 2025, forecasting to grow to $82 billion in 2026, creating more potential demand for our solutions.

同時，全球採礦專案管線已達 1.2 兆美元，其中超過 2,500 億美元正積極施工中。全球頂尖礦業公司於 2025 年投資近 800 億美元，並預估 2026 年將成長至 820 億美元，為我們的解決方案創造更多潛在需求。

Traditional energy investments are expanding. In the US, the administration's push on more conventional fuels, which drives demand for many of our core products remain robust. For 2026, projected investment in fossil fuels is expected to be around $1.2 trillion out of a total of $3.4 trillion in global energy investment, rising approximately 3% after a slight dip in 2025. Oil and gas upstream received nearly 50% of these investments with over $0.5 trillion per year. The renewable energy sector, we see the Indian wind market is expected to double capacity by 2030.

傳統能源投資也在擴張。在美國，政府推動更多傳統燃料的政策，使得我們多項核心產品的需求仍然強勁。就 2026 年而言，化石燃料的預估投資約為 1.2 兆美元，佔全球能源投資總額 3.4 兆美元的一部分；在 2025 年小幅下滑後，預計將回升約 3%。其中，石油與天然氣上游獲得近 50% 的投資，每年超過 0.5 兆美元。至於再生能源領域，我們看到印度風電市場預期在 2030 年前容量將翻倍。

And globally, it's projected that wind capacity will nearly double and solar will more than triple by 2030. We are capitalizing on massive expansions in the utility business. US utility capital spending is projected to exceed, again, that number again, $1.2 trillion over the next four years. This is driven by accelerating grid demand from data centers, AI, cloud computing and the like.

而在全球範圍內，預計到 2030 年風電裝置容量將接近翻倍，太陽能將成長至三倍以上。我們正把握公用事業領域的大規模擴張。美國公用事業資本支出預計在未來四年將再次超過 1.2 兆美元。這主要由資料中心、AI、雲端運算等帶來的電網需求加速所驅動。

We're already delivering solutions to utilities facing these shifts. During the first fiscal quarter, the business accelerated faster than anticipated. The business is in a great position and has reached the new level with quarterly revenue greater than $90 million and a very strong cash position. We believe fiscal year 2026 could be even better than fiscal year 2025. We see significant tailwinds in the material space and the traditional energy market.

我們已在向面臨這些變化的公用事業客戶交付解決方案。在第一個會計季度，業務加速幅度超出預期。公司處於非常有利的位置，季度營收已提升至超過 9,000 萬美元的新水準，且現金部位非常強勁。我們相信 2026 會計年度可能會比 2025 會計年度更好。我們在材料領域與傳統能源市場都看到顯著的順風。

Strategically, we're going after a number of key markets, all of which have significant capital being invested in them. And at the same time, we're expanding our offerings and capacity in Brazil and South America. The team is very excited about our growth prospects.

在策略上，我們正鎖定多個關鍵市場，這些市場都有大量資本投入。同時，我們也在巴西與南美擴充產品供應與產能。團隊對我們的成長前景感到非常振奮。

Looking ahead, we're excited about what comes next. We see strong demand in the materials sector, where we're pursuing semiconductors and mining opportunities. We also see continued strength and a healthy pipeline in the traditional energy sector. And we're advancing on additional data center opportunities as well. Together, we believe all of these opportunities combined position us well for continued growth.

展望未來，我們對接下來的發展充滿期待。我們在材料領域看到強勁需求，正追求半導體與採礦機會；在傳統能源領域也持續看到強勢表現與健康的專案管線；同時我們也在推進更多資料中心機會。我們相信，這些機會的綜合效應將使我們具備持續成長的良好條件。

In summary, the momentum we've generated has set a strong foundation. We're excited about the future, and we're exceptionally well positioned to capitalize on the opportunities ahead. 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.

總結而言，我們所累積的動能已奠定堅實基礎。我們對未來感到振奮，並且在把握前方機會方面具備極佳的有利位置。我們面向未來的技術，有助於在全球追求去碳化與潔淨能源的願景，與對更可靠、更有效且更高效率電力輸送的需求之間取得協調。

I look forward to reporting to you again following the completion of our second fiscal quarter of fiscal year 2026. Amy will now take questions from our analysts.

我期待在我們完成 2026 會計年度第二個會計季度後，再次向各位報告。接下來 Amy 將接受分析師提問。

(Operator Instructions)

（接線員指示）

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

So I know -- I mean, you've obviously built this platform to build out those capabilities. You mentioned the multiplier effect in this order in mining in support of the utility. I mean, do you feel like -- or what's your confidence that these types of large orders become more of the norm for you? And then curious, when you think about those large orders, I mean, are they more skewed to this type of application, whether it's mining in support of the utility? Or how should we think about that?

我知道——我的意思是，你們顯然已建立這個平台來擴展那些能力。你提到這筆採礦、用以支援公用事業的訂單具有倍數效應。我的意思是，你是否覺得——或者你對於這類大型訂單會更常態化的信心如何？另外也想了解，當你想到這些大型訂單時，它們是否更偏向這類應用，例如採礦用以支援公用事業？或者我們應該如何看待？

Yes. I think it's early for us to say what frequency they'll come at. We have a number in the pipeline. It's what we've been kind of working towards. It really is the culmination of the strategy of the acquisitions that we've done that we can now offer a combined set of complementary technologies that provide power support and power conditioning support to utilities and the material space.

是的。我認為現在要說它們會以什麼頻率出現還言之過早。我們在管線中有好幾個案子。這正是我們一直努力的方向。這確實是我們所做併購策略的集大成，讓我們如今能提供一套互補技術的整合組合，為公用事業與材料領域提供電力支援與電能品質調節（power conditioning）支援。

Those are the two main areas that we're marketing into, and that's where we see traction in the pipeline. We talked in the past about average order size. This hopefully can drive that upwards. I don't see these as regular events per se. There'll still be projects like we've done all along where we're doing cap banks and filters together or we're adding in the STATCOM technology with that or providing a power supply for a chemical plant or what have you.

這兩個是我們主要的行銷切入領域，也是我們在管線中看到進展的地方。我們過去談過平均訂單規模，希望這能推動平均值上升。我不認為這會成為常態事件。仍會有我們一路以來做的那類專案，例如同時提供電容器組與濾波器，或在其中加入 STATCOM 技術，或是為化工廠提供電力供應等等。

But when those opportunities present us, which is like -- this one -- this is a customer that we know well, that knows us very well. And they really asked us, can we do more for them? They like what we've done. They like the service we provide, and they've kind of pushed us in this direction. They see us combining all this stuff together and say, "well, can you take on the full project." So this is the first time we're doing that.

但當這類機會出現時——就像這一筆——這是一位我們很熟悉、也非常了解我們的客戶。他們其實是問我們：能不能為他們做得更多？他們喜歡我們做過的成果，也喜歡我們提供的服務，某種程度上也把我們推向這個方向。他們看到我們把這些東西整合在一起，就說：「那你們能不能承接整個專案？」所以這是我們第一次這麼做。

I hope that we can do that again. But again, I don't see that as where the majority of the business is going to come from. But it is a really nice accelerator that we now have the potential to take advantage of when the customer wants us to do it.

我希望我們能再做一次。但同樣地，我不認為未來大多數業務會來自這類案子。不過，當客戶希望我們這麼做時，這確實是一個很好的加速器，讓我們現在有機會加以把握。

At the end of the day, we're going to be driven what our customers want. In part, that's why the Q1 revenue results is so high. Customers needed product faster. It's really a testament to our capability to deliver on the manufacturing and operations side, and we're able to do that. So much of our business comes from a few handfuls, a couple of dozen key customers from us.

歸根結底，我們會由客戶需求所驅動。某種程度上，這也是為什麼第一季營收結果這麼高——客戶需要更快拿到產品。這充分證明我們在製造與營運端的交付能力，而我們也做到了。我們的業務很大一部分來自少數幾個、約二十來個關鍵客戶。

So we want to make sure that we're moving in a direction that helps them derisk their projects. And that's what we're doing, and we're benefiting from it.

因此，我們要確保我們前進的方向能幫助他們降低專案風險（derisk）。這正是我們在做的事，而我們也因此受益。

And when you talk about -- just to confirm, you talk about the customer realizing your capability is one that you know well. Are you referring to that customer as the ultimate mining customer or the utility customer that you are supporting for this project?

另外，當你談到——只是想確認一下——你說客戶認知到你們的能力，而且是你們很熟悉的客戶。你指的是最終的採礦端客戶，還是你們在此專案中所支援的公用事業客戶？

In almost every case, it's both, right? There's almost a triumvirate of constituents we have to serve. There's the engineering procurement construction company, there's the utility and then there's the end user of the power, in this case, the mine. So we work very much in conjunction with the mine but really driven by the utility because what they're worried about is protecting the grid and making sure they have enough power available to the mine as they expand their capacity. So we'll have projects where one of those three will contract with us, but all three are usually at the table trying to drive what the capability needs to be put in place.

幾乎在所有情況下，兩者都是，對吧？我們幾乎要服務三方利害關係人：工程採購施工公司（EPC）、公用事業公司，以及用電的最終使用者——在這個案例中就是礦場。因此我們與礦場密切合作，但主要是由公用事業端驅動，因為他們關心的是保護電網，並確保在礦場擴充產能時有足夠電力可供應。我們也會遇到由這三方之一與我們簽約的專案，但通常三方都會在桌上，一起推動需要建置的能力規格。

And that's where we excel. It's really -- we're an engineer first culture in so many ways that we want to make sure we can conform a configuration of a combined offering that really meets what the customer is asking for.

而這正是我們擅長之處。這真的——我們在很多方面都是以工程師為先的文化，我們希望確保能配置出一套整合式供應方案，真正符合客戶所提出的需求。

Okay. And then maybe last one here, just digging into the outlook here by segment. I mean, first of all, a nice step-up again in Wind. I mean is it too early? Or do you think this is potentially a new level? And then can you just clarify or quantify maybe the grid orders that were pulled forward into Q1 from Q2?

好的。那最後一個問題，想再深入看看各事業部門的展望。首先，風電（Wind）又有一個不錯的躍升。現在判斷是否還太早？還是你認為這可能代表一個新的水準？另外，你能否釐清或量化一下，有多少電網（Grid）訂單是從第二季（Q2）提前拉到第一季（Q1）的？

So on the Wind side, it feels a little bit like an acceleration, but then that always needs to be told, if they pay timely and get sets to them. In this quarter, they were pushing very hard to get some extra, and we were able to deliver that. I can't always promise that that's the case, given the lead times that we have on our end and with the supply chain. But the customer relationship really has never been stronger in India with Inox. And we want to do everything that we can to support them as they ramp.

就風電這邊而言，感覺有點像是加速，但前提一直是：他們要準時付款，而且我們要能把設備交到他們手上。本季他們非常努力想多拿一些，我們也有能力交付。但考量到我們端以及供應鏈的交期，我不能永遠保證都能如此。不過在印度與 Inox 的客戶關係從未如此強健。我們也希望盡一切所能，在他們擴產爬坡時支持他們。

They're really great people. It's a really well-run company, and we want to make sure that we're a good partner in their success. So when we're capable, we certainly will try. It's always, Eric, as we say, it's dependent upon the payment, but it feels like their production level is at a new level, and they still need to ramp that further to take advantage of what they already have in backlog, which is very significant. I think it's still in excess of 3 gigawatts -- 3.3 gigawatts and 3.2 gigawatts of demand that they have.

他們真的是很棒的一群人，公司經營得非常好，我們也希望在他們成功的路上成為好的合作夥伴。所以只要我們有能力，我們當然會努力配合。正如我們常說的，Eric，這一切都取決於付款狀況；但他們的產能水準看起來確實已經到了一個新高度，而且他們仍需要進一步爬坡，才能把手上非常可觀的在手訂單（backlog）消化掉。我認為目前仍超過 3 吉瓦——大約 3.3 吉瓦，以及他們所面臨的 3.2 吉瓦需求。

So they're kind of at a high level for that. And as they build their projects out, we want to make sure that we're able to deliver timely. The other part you were asking about the outlook for the Grid side. Is that right?

所以他們目前大致處在一個高檔水準。隨著他們把專案逐步建置完成，我們也希望確保能準時交付。你另外問到的是電網（Grid）端的展望，對嗎？

Just quantifying what you pulled into Q1.

是的，就是量化一下你們拉到 Q1 的部分。

So there were -- some of these contracts will have multiple units to be built. And sometimes a customer will say, well, we need the next one or we need the next few. And our answer is always, sir, yes, sir, that's what we're here to do if we're able to.

有些合約會包含多台設備要製造。有時候客戶會說：我們需要下一台，或接下來幾台。我們的回答一向是：先生，沒問題——只要我們做得到，這就是我們存在的目的。

So I wanted to kind of telegraph clearly, just do the math, we were quite a bit higher than what we had guided to, and that's going to create a little bit of a dip on the revenue side because you're basically pulling revenue forward. So if you average the guide of what John said for Q2 with the result for Q1, that kind of puts us at a good level that the backlog at least leads you to believe that that should be sustainable.

我想要很清楚地先講在前面：你自己算一下就知道，我們實際表現比先前給的指引高出不少，而這會在營收端造成一點下滑，因為你等於把營收提前認列了。所以如果你把 John 對 Q2 的指引取平均，再搭配 Q1 的結果來看，會發現我們其實處在一個不錯的水準；至少從在手訂單來看，這樣的水準應該是可持續的。

But again, it really depends upon customers. If customers are ready to receive and they want things faster, we do everything that we can to be able to make that happen. But the converse is true. Sometimes other equipment hasn't arrived on time and the customer says, can you wait two months or something? And we always want to be able to conform to what our customers' needs are.

但同樣地，這真的取決於客戶。如果客戶準備好收貨、也希望更快拿到，我們會盡一切所能促成。但反過來也一樣：有時候其他設備沒有準時到，客戶就會說你們能不能等兩個月之類的。我們一向希望能配合客戶的需求。

So that sometimes gives us some uncertainty with how we guide business because as we get bigger, there's a lot more customers involved, there's a lot more projects, which means projects can move in and out. I don't know if that was entirely helpful for what you're asking, but I try to give you some color that helps.

因此在我們提供業務指引時，有時會帶來一些不確定性，因為公司規模越大，牽涉的客戶越多、專案越多，也就代表專案可能會前後挪移。我不確定這是否完全回答到你的問題，但我希望提供一些背景資訊能對你有幫助。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Can you talk about the performance advantages and some quantification of how we should think about that relative to some of the other offerings with this turnkey solution that you were able to deliver or at least book here for the Utility?

你能談談這個你們為公用事業（Utility）交付、或至少在本季拿到訂單的交鑰匙（turnkey）解決方案，相較於其他方案的性能優勢嗎？以及我們應該如何量化或理解這些優勢？

Yes, there's kind of two veins for this. One is risk and the other one is data and information. So the risk side is getting everything delivered timely, all coming quality tested, things that work together, things that complement and are compatible with each other. And then ultimately, the controls and have a lot more common data coming from us as a single vendor. So those are really the two main features that the customers like that they can better control their risk.

可以。這大致有兩條主軸：一是風險，二是數據與資訊。風險面在於：確保所有項目準時交付、都經過品質測試、彼此能協同運作、互補且相容。最終在控制系統上，作為單一供應商，我們也能提供更多一致的共通數據來源。這兩點是客戶最喜歡的主要特性，因為他們能更好地控管風險。

It means that the timetable is derisked to a certain extent for the customer because we're able to deliver on a certain cycle, our products. And then the way things are designed, what we've noticed is that they don't have to then plan for upgrades or certain spare parts or things from multiple vendors. We try to take care of all that with the customer in mind. From a performance standpoint, like power factor and things like that, there are some things that we can do. I think we're going to learn and get better at that.

這代表在某種程度上，客戶的時程風險被降低了，因為我們能依照一定的週期交付我們的產品。再者，從設計角度來看，我們觀察到客戶不必再為了多家供應商的設備去規劃升級、備品等事項；我們會以客戶為中心，盡量把這些都一併處理。就性能面而言，例如功率因數（power factor）等，我們確實能做一些事情。我想我們也會在這方面持續學習並做得更好。

I just think this is an important inflection point for the company because our scope is vast. And either we're going to make the products or we're going to source some of them, but it also gives us opportunity to understand what other products are out in the marketplace that complement what we do that maybe eventually can be part of the product portfolio, either -- as we've done before, we either develop or we find interesting companies that fit our culture that can fit. So there's a lot of goodness that comes out of this project, assuming that we're successful. It's very important for us to be successful, but this is a customer that's trusted us for years.

我認為這對公司而言是一個重要的轉折點，因為我們的承攬範圍很廣。這些產品要嘛由我們製造，要嘛由我們採購，但同時也讓我們有機會了解市場上有哪些產品能補強我們的能力，未來也許可以納入產品組合——就像我們過去做過的，要不是自行開發，就是尋找符合我們文化、適配的有趣公司來併入。因此，只要我們能成功，這個專案會帶來很多正向效益。對我們來說成功非常重要，而且這是一位多年來信任我們的客戶。

Excellent. And then just in terms of the Comtrafo integration, I had two questions here. One, can you give us an update on the qualification for the transformers in the North American market? And then also, just try to give us a sense of how much cross-selling you've been able to do and Latin America so far? And how we should think about that potentially impacting the potential order flow as we go through the next couple of years with the traditional products being sold through their channel?

很好。接著關於 Comtrafo 的整合，我有兩個問題。第一，能否更新一下變壓器在北美市場的認證/資格取得（qualification）進度？第二，能否談談到目前為止你們在拉丁美洲的交叉銷售（cross-selling）做了多少？以及未來幾年，當傳統產品透過他們的通路銷售時，這可能會如何影響潛在的接單動能？

Yes. I'm not really deviating from what I said upon the acquisition. The first year, we're really focused on growth in Brazil. There's tremendous opportunity there. There's an absence in the market on the sizes that we're now delivering, and that creates a really good opportunity for us to ramp our capability/capacity there to service that market. That's really the reason we like Comtrafo. Besides we like the people, the product works really well.

可以。我基本上不會偏離我在併購時所說的內容。第一年我們主要聚焦在巴西的成長，那裡機會非常大。市場上在我們現在能交付的尺寸/規格上存在供給缺口，這為我們提供了很好的機會，去提升當地的能力/產能以服務該市場。這也是我們喜歡 Comtrafo 的主要原因。當然，除了我們喜歡那裡的人之外，他們的產品也確實運作得很好。

There are efforts to expand in Latin America. It's more of these projects, maybe not as big as this utility one, but that combine the capabilities of the overall combined AMSC. So I'm hoping that can start to bear fruit, we'll say, in the second year. The third year is, I think, a lot of US investors are really focused on because we get very myopic on our own market. I get that. But to us, profit is profit and a good customer relationship anywhere in the world if managed appropriately, really can be a long-term partnership.

我們也在努力擴展拉丁美洲業務。這會更像是一些專案——可能不像這個公用事業案那麼大——但能結合整體、合併後 AMSC 的能力。我希望這些能在第二年開始看到成果。第三年則是我認為很多美國投資人特別關注的，因為我們常常對自己的市場變得很短視，我理解。但對我們而言，利潤就是利潤；只要管理得當，世界任何地方的良好客戶關係，都可能成為長期合作夥伴。

But to finish the question with North America, part of this project is, we designed the specification in a way where we could potentially use Comtrafo in it. So if we're able to do that, we don't want to necessarily take on additional risk, but we're going to understand kind of really where we are as early as next year. There are other projects that customers are pushing us to bid on as a transformer supplier in North America.

回到北美的問題，這個專案的一部分是：我們在設計規格時，就把可能使用 Comtrafo 的情境納入考量。所以如果我們能這麼做，我們不一定想承擔額外風險，但我們會在最早明年就更清楚了解我們實際處於什麼位置。另外，也有其他專案，客戶正在推動我們以北美變壓器供應商的身分去投標。

But again, for us, the customer comes first, we need to make sure we can deliver the product at the right price, the right performance that they need, because the hope is it becomes a longer-term relationship. These are not one-off. A lot of the cultural change that AMSC brings to its acquisitions is this long-term customer relationship with a lot of service, with a lot of touch to the customer.

但同樣地，對我們來說客戶優先；我們必須確保能以正確的價格、符合他們需要的性能交付產品，因為我們希望這能成為更長期的關係。這些不是一次性的交易。AMSC 帶給被併購公司的許多文化改變之一，就是建立長期的客戶關係：提供大量服務、與客戶保持高頻互動。

So they understand we're somebody that they can rely on and count on for years to come, not just for one single project. So I'm optimistic, Colin, that at some point, we can talk more specifically about project in North America, but that's not going to happen this quarter or next or probably the quarter after.

讓他們理解我們是未來多年都能依賴、能信賴的夥伴，而不只是單一專案的供應商。所以 Colin，我對未來某個時間點能更具體談北美專案是樂觀的，但不會在本季、下季，甚至可能也不是再下一季。

Originally, I said it probably would be in the third year. I still think that -- I think the risk of that is going down, but it's more and more likely that, that's going to happen based upon the efforts. I think the risk of us entering Latin America more in the second year, the risk of that has gone down as well.

我最初說過大概會在第三年。我仍然這麼認為——我覺得相關風險正在下降，而且基於目前的努力，發生的可能性越來越高。我也認為我們在第二年更深入進入拉丁美洲的風險同樣在下降。

The team is really focused on this. It's one of the main avenues for growth is that having the transformer allows you to look at the electrical system at a different point, some cases earlier and that allows us to think about how we can engineer the project in a way where the performance from our products becomes even more valuable. And I think that's really the magic, and that's going to unfold over the next 2 to 3 years.

團隊對此非常專注。主要的成長途徑之一是：擁有變壓器後，你就能從電力系統的不同節點來看待整個系統，在某些情況下甚至能更早介入，這讓我們能思考如何以工程方式設計專案，使我們產品的性能價值變得更高。我認為這才是真正的關鍵，而這會在未來 2 到 3 年逐步展開。

Justin Clare, ROTH Capital Partners.

Justin Clare，ROTH Capital Partners。

So just wanted to follow up. Did you disclose the percentage of orders that were data center related in this quarter? And then just given the size of the backlog here, so record backlog, how should we be thinking about the conversion rate there relative to historical trends? Any changes given the order mix? And just curious because there's a meaningful emphasis on speed to power in the data center part of the market. So if you could speak to just how those orders might convert relative to other products in your portfolio?

我想再追問一下。你們是否有揭露本季訂單中與資料中心相關的訂單占比？另外，考量目前在手訂單規模很大、而且是創紀錄的在手訂單，我們應該如何看待其轉換率相較於歷史趨勢？在訂單組合改變下是否有任何變化？我也好奇，因為資料中心市場端非常強調「快速送電（speed to power）」。所以如果可以的話，請談談這些訂單相較於你們產品組合中的其他產品，可能會如何轉換成營收？

There's a bunch of things on the data center side that we're looking at, that we're bidding on. I think that there'll be an acceleration maybe as soon as this year in that space for us. However, in this order bucket, there was not a data center order in there. For the backlog, I think simply, the message is we're kind of derisking our plan. We're derisking your model that it just makes the certainty and likelihood stronger, particularly in the near term, we think about the next two, three quarters, given where we are with lead time.

在資料中心這一端，我們正在看很多事情，也在投標很多案子。我認為最早可能今年我們在那個領域就會加速。不過，在這一批訂單裡，並沒有資料中心的訂單。至於在手訂單，我想訊息很簡單：我們正在某種程度上為我們的計畫去風險化，也是在為你的模型去風險化，讓確定性與可實現性更強，特別是在近期；我們看未來兩到三個季度，考量到目前的交期狀況。

Average lead times are still about the same, about nine months in aggregate. There's part of the business that's faster. There's part of the business that's slower. I think what we're going to probably see over the next two, three years is our lead times for the entire business probably get longer simply because I think the longer lead time business is going to be where the bigger projects are going to come and more revenue intensity is going to come.

平均交期整體仍大致相同，合計約九個月。有些業務比較快，有些比較慢。我想未來兩到三年我們可能會看到整體業務的交期變長，原因是我認為交期較長的那部分業務，將會是較大型專案的來源，也會帶來更高的營收密度。

So, again, I think the backlog gives us a good situation where we derisk what we're hoping to do. An order that we generate today typically isn't going to affect the financials for three, four, five, six quarters out.

所以再說一次，我認為在手訂單讓我們處於一個很好的狀態，能夠降低我們想達成目標的不確定性。我們今天拿到的一筆訂單，通常不會在三、四、五、六個季度後才會影響財務表現。

Got it. Okay. That's helpful. And then I may have missed this earlier, been switching between calls, but orders were led by the utility sector mining developments. Wondering if you could speak to kind of what is changing that is potentially driving that uptick in the orders for that sector right now? And then remind us what the solution is that you're able to provide to the customers in that segment.

了解。好的，這很有幫助。接著我可能先前漏聽了，因為我在不同電話會議間切換，但你們提到訂單主要由公用事業部門與礦業開發帶動。我想請你談談，現在是什麼因素在改變，可能推動該部門訂單近期上升？另外也請提醒我們，你們能為該客群提供的解決方案是什麼。

Yes. When we talk about materials, it could be chemicals, but it's principally mining and processing of mines minerals and semiconductor. So we see significant investment in both. We see deeper and more trusted relationships with mines. And with semiconductor fabs, we see a growing pipeline that's getting, I'll say, less risk to it and more intensity to it, meaning larger orders and larger pipelines.

是的。當我們談到材料（materials）時，可能包含化學品，但主要是礦業與礦物加工，以及半導體。我們看到兩者都有顯著投資。我們與礦業客戶的關係更深、更受信任。至於半導體晶圓廠，我們看到一個持續成長的案源管線；我會說風險更低、強度更高，也就是更大的訂單與更大的管線。

It really comes down to the trillions that are being invested in mining, this whole premise that the rest of the world needs to invest in a bunch of different minerals because much of that source is coming from China. So it's a risk reduction and it's a capacity expansion that's happening globally that we're taking advantage of. And the same thing with semiconductor. It's just a smaller version of the same story, which there's a drive to reshore manufacturing capability here in the US but also throughout Southeast Asia.

這主要歸因於投入礦業的數兆美元資金：整個前提是世界其他地區需要投資多種不同礦物，因為許多供應來源來自中國。因此，這是一個全球性的降風險與擴產，我們正在把握這個機會。半導體也是同樣的故事，只是規模較小：推動製造能力回流美國，同時也在東南亞各地進行。

Again, it's really competing with China. So our investment thesis is, as this money gets invested outside China, how do we take advantage because so many of these processes depend upon electricity, either the level of power being commensurate with a design or the power quality being regulated to a level that maybe we're the only ones that could provide. So we see mining, we see utility and we see semiconductor as all areas that have strong tailwinds that should help us deliver future growth.

同樣地，這本質上是在與中國競爭。所以我們的投資論點是：當這些資金投向中國以外的地區時，我們如何受益，因為這些流程中有太多環節依賴電力——不論是電力等級需符合設計要求，或是電力品質需要被調節到某個水準，而可能只有我們能提供。我們認為礦業、公用事業與半導體都是具備強勁順風的領域，應能幫助我們帶來未來成長。

Tim Moore, Clear Street.

Tim Moore，Clear Street。

Nice revenue growth in the quarter and appreciate you clarifying the timing of that pulling up the order in the June quarter, probably out your September quarter that even sets things. So one thing I just want to follow up on was the capital expenditures. I recall, John mentioning the third factory in Brazil, I think it was a little bit over $7 million. Do you expect to spend on another factory this year? Or do you think the bulk of the CapEx is kind of done for Brazil this year when you do the equipment by the end of this month?

本季營收成長不錯，也謝謝你們釐清時點：把訂單拉到6月季度，可能會影響到你們9月季度，讓整體更平順。我想追問的一點是資本支出。我記得John提到巴西的第三座工廠，我想是略高於700萬美元。你們預期今年還會再投入另一座工廠嗎？還是你們認為巴西今年的CapEx大致已完成，等到本月底設備到位就差不多了？

Tim, John here. So for the quarter, we invested about $10 million total in CapEx, about $7.5 million of that, give or take, was the building and call it another couple of million on additional build-out to help support Brazil. We don't anticipate any other building-related capital expenditures.

Tim，我是John。本季我們總計投入約1,000萬美元的CapEx，其中約750萬美元（上下些許）是建物，另外大約再投入幾百萬美元做額外的擴建/建置，以支援巴西。我們不預期還會有其他與建物相關的資本支出。

Yes. The building was part of the transaction. It just occurred in a later period because there were certain restrictions and things that had to be examined and removed. So it's really the tail end of a cost that I would say is related to the transaction. It was planned, it was contemplated, and it just happened to happen. The good thing is it happened in the quarter with really strong cash flow.

是的。那棟建物是交易的一部分，只是因為有一些限制與事項需要檢視並排除，所以在較後的期間才完成。因此我會說這其實是與該交易相關成本的尾端支出。它是有規劃的、也在預期之內，只是剛好在這個季度發生。好消息是，它發生在本季現金流非常強勁的時候。

Good. No, I like it. I was just waiting for it.

很好。不，我喜歡這樣。我只是一直在等它發生。

Just so we're clear, too, for everybody. There is no additional -- we paid for that building with the cash flow in the quarter. There's no additional liability with that building.

也再跟大家釐清一下：沒有額外的——我們用本季的現金流支付了那棟建物。那棟建物沒有任何額外負債。

The additional CapEx that would be spent in Brazil really is to focus on tooling and capacity, and we're going to modulate that relative to the demand. And what we're finding now is that the demand is stronger than our capacity, and we need to try to catch up. Part of the math that John went through is, we're hiring as fast as we can, and we're investing in tooling as fast as we can because we believe there's a ramp further coming in Brazil.

在巴西接下來會花的額外CapEx，主要會聚焦在治具/工裝（tooling）與產能上，我們會依需求來調節。我們目前看到的是需求強於我們的產能，我們需要努力追上。John剛才算的那部分就是：我們正以最快速度招人，也以最快速度投資治具/工裝，因為我們相信巴西後續還會有進一步的爬坡。

That's the main reason we bought Comtrafo. The main reason they were excited to have us involved is because of our demonstrated track record in expanding factories. And we think it's a great cooperation between the now broader AMSC to go after this wonderful opportunity in Brazil.

這就是我們收購Comtrafo的主要原因。他們之所以很期待我們參與，主要是因為我們在擴張工廠方面有可證明的實績。我們認為，現在更大的AMSC與他們之間會是很好的合作，一起把握巴西這個絕佳機會。

That was great to see. I'm glad it happened in this quarter. I was just waiting for this fiscal year and glad it was earlier because of the demand there. Just my other question is, you're sitting on nearly $150 million of cash. Are you waiting for -- to get to a certain point on integration of Comtrafo before maybe you pursue another acquisition? And is there any kind of pockets of grid capabilities that maybe you'd prefer in your pipeline or funnel of sensible targets that you're considering?

看到這點很棒。我很高興它發生在這一季。我原本以為會在本財年稍晚才發生，也很高興因為那邊需求而提早。我的另一個問題是：你們手上有接近1.5億美元的現金。你們是否在等待——在考慮再做下一筆收購之前，先把Comtrafo的整合推進到某個程度？另外，在你們正在評估的合理標的管線/漏斗中，有沒有你們特別偏好的電網能力（grid capabilities）領域？

Yes. I don't want to telegraph targets because we're in discussions with a bunch of different companies. We've become known as a good acquirer. We treat the owners well. We treat the company well.

是的。我不想提前透露標的，因為我們正與多家不同公司洽談。我們已被市場認為是很好的收購方。我們善待原股東/業主，也善待公司。

We really try to find a way to get at this cultural thing, which I talked about, which is servicing the customer in an exceptional way. We have a great cash balance. We need to continue to digest Comtrafo and get all that working before we consider going and doing another one.

我們真的會努力找到方法去處理我提到的文化面，也就是以卓越的方式服務客戶。我們的現金部位很充裕。在考慮再做下一筆之前，我們需要持續消化Comtrafo，讓所有事情都運作順暢。

I don't feel like we have to do another one on a specific timetable. But if we see something that comes up that we think fits, is another piece to our puzzle that we're trying to solve for customers, then we'll go do it. This large utility order gives us a look at other equipment that get built at the substation level alongside ours. They may be avenues we want to pursue.

我不覺得我們必須在特定時間表上再做一筆。但如果我們看到某個機會出現，且我們認為它很契合、能成為我們為客戶解題拼圖的另一塊，那我們就會去做。這筆大型公用事業訂單也讓我們看到，在變電站層級、與我們設備一起建置的其他設備；那可能是我們想追求的方向。

But I usually don't telegraph where we're going to go because it makes things in the market more expensive to us as they know they're more and more important to us. So at the end of the day, what we're trying to do is build a larger company that's more resilient, has less variability in the profit-making capability, and we think that translates into more stability for our customers and more value for our shareholders.

但我通常不會提前透露我們要往哪裡走，因為一旦市場知道它們對我們越來越重要，對我們而言價格就會變得更貴。歸根結底，我們想做的是打造一家更大的公司、更具韌性、獲利能力的波動更小；我們認為這會轉化為客戶端更高的穩定性，以及股東端更高的價值。

This concludes our question-and-answer session. I'd like to turn the conference back over to Mr. McGahn for closing remarks.

問答環節到此結束。接下來我想把電話會議交回McGahn先生作結語。

Thanks, Amy. We really see major tailwinds in materials, including semiconductors, traditional energy and utilities. And we're driving to expand our capabilities in Brazil as that market is ramping up as we had hoped. It has been a great and exciting first few quarters in Brazil, and we look forward to future financial impact because of that acquisition. And I hope the tone that we're conveying today is with great optimism.

謝謝，Amy。我們確實在材料領域（包含半導體）、傳統能源與公用事業看到重大的順風。我們也正推動在巴西擴充能力，因為該市場正如我們所希望地加速成長。巴西的前幾個季度非常好、也令人振奮；我們期待這項收購在未來帶來財務上的影響。我希望大家今天感受到的基調是非常樂觀。

The order book really moves us to another level. And then we look to try to continue to be in a position to grow in the longer term. Thank you, everybody, for your support and your attention today, and I look forward to talking to you soon.

訂單簿確實把我們帶到另一個層級。接著我們也會努力讓自己持續處於能在更長期成長的位置。感謝各位今天的支持與關注，我期待很快再與各位交流。

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

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。