Air Products and Chemicals Inc (APD) 2023 Q3 法說會逐字稿

Good morning, and welcome to Air Products' Third Quarter Earnings Release Conference Call. Today's call is being recorded at the request of Air Products.

早上好，歡迎參加空氣產品公司第三季度收益發布電話會議。應空氣產品公司的要求，我們對今天的通話進行了錄音。

Please note that this presentation and the comments made on behalf of Air Products are subject to copyright by Air Products and all rights are reserved.

請注意，本演示文稿和代表空氣產品公司發表的評論受空氣產品公司版權保護，並保留所有權利。

Beginning today's call is Mr. Sid Manjeshwar. Please go ahead.

今天的電話會議由 Sid Manjeshwar 先生開始。請繼續。

Thank you, Sharon. Good morning, everyone. Welcome to Air Products' Third Quarter 2023 Earnings Results Teleconference. This is Sid Manjeshwar, Vice President of Investor Relations and Corporate Treasurer. I am pleased to be joined today by Seifi Ghasemi, our Chairman, President and CEO; Dr. Samir Serhan, our Chief Operating Officer; Melissa Schaeffer, our Senior Vice President and Chief Financial Officer; and Sean Major, our Executive Vice President, General Counsel and Secretary. After our comments, we will be pleased to take your questions. Our earnings release and the slides for this call are available on our website at airproducts.com.

謝謝你，莎倫。大家，早安。歡迎參加空氣產品公司 2023 年第三季度盈利結果電話會議。我是投資者關係副總裁兼公司財務主管 Sid Manjeshwar。我很高興今天能與我們的董事長、總裁兼首席執行官 Seifi Ghasemi 一起出席會議。 Samir Serhan 博士，我們的首席運營官； Melissa Schaeffer，我們的高級副總裁兼首席財務官；以及我們的執行副總裁、總法律顧問兼秘書 Sean Major。在我們提出意見後，我們將很樂意回答您的問題。我們的收益發布和本次電話會議的幻燈片可在我們的網站 airproducts.com 上獲取。

Today's discussion contains forward-looking statements, including those about earnings and capital expenditure guidance, business outlook and investment opportunities. Please refer to the cautionary note regarding forward-looking statements that is provided in our earnings release and on Slide #2. Additionally, throughout today's discussion, we will refer to various financial measures, including earnings per share, operating income, operating margin, EBITDA, EBITDA margin, the effective tax rate and ROCE, both on a total company and segment basis.

今天的討論包含前瞻性陳述，包括有關收益和資本支出指導、業務前景和投資機會的陳述。請參閱我們的收益報告和幻燈片 #2 中提供的有關前瞻性陳述的警示說明。此外，在今天的討論中，我們將參考公司整體和部門的各種財務指標，包括每股收益、營業收入、營業利潤率、EBITDA、EBITDA 利潤率、有效稅率和 ROCE。

Unless we specifically state otherwise, statements regarding these measures are referring to our adjusted non-GAAP financial measures. Reconciliations of these measures to our most directly comparable GAAP financial measures can be found on our website in the relevant earnings release section.

除非我們另有明確說明，否則有關這些措施的聲明指的是我們調整後的非公認會計準則財務措施。這些指標與我們最直接可比的 GAAP 財務指標的調節可以在我們網站的相關收益發布部分找到。

Now I'm pleased to turn the call over to Seifi.

現在我很高興將電話轉給 Seifi。

Thank you, Sid, and good day to everyone. Thank you for taking time from your busy schedule to be on our call today. The committed and dedicated people at Air Products delivered another set of outstanding results this quarter, driven by strong organic sales growth, demonstrating the strength and the stability of our business. At Air Products, we have an excellent and resilient industrial gas business that is the foundation of who we are and what we do. We supply customers in dozens of industries, customers who depend on our people's expertise to make their products and processes more efficient and sustainable.

謝謝你，席德，祝大家有美好的一天。感謝您今天在百忙之中抽出時間接聽我們的電話。在強勁的有機銷售增長的推動下，空氣產品公司忠誠而敬業的員工在本季度取得了另一組出色的業績，展示了我們業務的實力和穩定性。在空氣產品公司，我們擁有出色且富有彈性的工業氣體業務，這是我們是誰以及我們所做的事情的基礎。我們為數十個行業的客戶提供服務，這些客戶依靠我們員工的專業知識來提高他們的產品和流程的效率和可持續性。

We have been doing this for the last 83 years, and we will continue to do all we can to be the safest and most profitable industrial gas company in the world, providing outstanding service to our customers. But at the same time, we are using all of our experience, financial strength and core competencies as the world's leading supplier of hydrogen to implement our low-and-zero carbon hydrogen mega projects around the world. When it comes to generating a cleaner future now, we want to lead the way, decarbonizing heavy duty transportation and heavy industry around the world with clean hydrogen at very large scale.

過去 83 年我們一直這樣做，我們將繼續竭盡全力成為世界上最安全、最盈利的工業氣體公司，為我們的客戶提供卓越的服務。但與此同時，我們正在利用我們作為世界領先的氫供應商的所有經驗、財務實力和核心能力，在全球實施我們的低碳和零碳氫大型項目。當談到現在創造一個更清潔的未來時，我們希望發揮帶頭作用，利用清潔氫大規模地使世界各地的重型運輸和重工業脫碳。

This combination is our growth strategy, and it is the path forward for our continuous success and profitable growth in the quarters and years to come. I want to thank the hard-working and talented team at Air Products who make all of this possible.

這種組合是我們的增長戰略，也是我們在未來幾個季度和幾年中持續成功和盈利增長的前進道路。我要感謝空氣產品公司辛勤工作、才華橫溢的團隊，是他們使這一切成為可能。

Now please turn to Slide #3. Our safety performance, which is always our highest priority. We have worked hard to realize significant progress since 2014. But we always drive and strive to do even better. Our goal is to achieve 0 incidents and 0 accidents.

現在請翻到幻燈片 #3。我們的安全表現始終是我們的首要任務。自 2014 年以來，我們一直努力工作，取得了重大進展。但我們始終奮發圖強，努力做得更好。我們的目標是實現0事故、0事故。

Now please turn to Slide #4, which summarizes our management philosophy. We have shown you this slide every time that we have an earnings call, but I cannot emphasize enough our commitment to the basic principles delineated in these slides. These principles will guide our actions in the future. Now please turn to Slide #5. Our third quarter adjusted earnings of $2.98 per share improved $0.40 or 16% versus last year and exceeded the top end of our guidance for the quarter. Both price and volume were again positive.

現在請看幻燈片#4，它總結了我們的管理理念。每次我們召開財報電話會議時，我們都會向您展示這張幻燈片，但我無法充分強調我們對這些幻燈片中闡述的基本原則的承諾。這些原則將指導我們未來的行動。現在請翻到幻燈片#5。我們第三季度的調整後每股收益為 2.98 美元，比去年增加了 0.40 美元，即 16%，超過了我們本季度指導的上限。價格和成交量再次呈正值。

We continue to demonstrate significant pricing strength while our volume improved for the 9th consecutive quarter, driven by strong on-site performance including improved hydrogen demand in Americas and over 13 new assets that we have brought on stream.

在強勁的現場業績（包括美洲氫氣需求的改善以及我們投產的超過 13 個新資產）的推動下，我們繼續展現出顯著的定價優勢，同時我們的銷量連續第 9 個季度有所改善。

Additionally, we anticipate the recently announced $1 billion acquisition of the natural gas-to-syngas facility in Uzbekistan, and the new LNG sale of equipment projects will add significantly to our future earnings. As you can see on this slide, we have delivered an average of 11% cumulative average growth rate of earnings per share in the last 9 years.

此外，我們預計最近宣布的 10 億美元收購烏茲別克斯坦天然氣合成氣設施以及新的液化天然氣設備銷售項目將大大增加我們未來的收益。正如您在這張幻燈片中看到的，過去 9 年我們的每股收益累計平均增長率為 11%。

Now please turn to Slide #6. We are committed to rewarding our investors by providing a healthy dividend and return cash to them. We are proud of our record of more than 40 consecutive years of dividend increases. We expect to return more than $1.5 billion of dividend to our shareholders in 2023. And also, this slide demonstrates that we have increased our dividend by an average of 10% in the last 9 years.

現在請翻到幻燈片 #6。我們致力於通過提供健康的股息和返還現金來獎勵我們的投資者。我們對連續 40 多年增加股息的記錄感到自豪。我們預計將在 2023 年向股東返還超過 15 億美元的股息。此外，這張幻燈片還表明，我們在過去 9 年中平均增加了 10% 的股息。

Now please turn to Slide #7, which shows our EBITDA margin. This continues to be my favorite chart. This graph is self-explanatory and clearly demonstrates the significant improvement of our margins as compared to 9 years ago, when I had the honor and privilege of becoming the Chairman, President and CEO of Air Products.

現在請翻到第 7 張幻燈片，其中顯示了我們的 EBITDA 利潤率。這仍然是我最喜歡的圖表。該圖不言自明，清楚地表明與 9 年前相比，我們的利潤率有了顯著提高，當時我有幸成為空氣產品公司的董事長、總裁兼首席執行官。

Now please turn to Slide #8. I would like to again highlight the 2 fundamental pillars of our growth strategy. Our resilient core industrial gas business and the low and zero carbon hydrogen projects, the mega projects, each underpinned by sustainability. By running our existing business efficiently every quarter, we were able to deliver double-digit earnings per share growth in 8 of the last quarters. And we continue to advance our blue and green hydrogen projects to help decarbonize the transportation, and the heavy industrial sector of our economy. We expect these world scale clean hydrogen projects to significantly add to our already strong profit stream in the future.

現在請翻到幻燈片#8。我想再次強調我們增長戰略的兩個基本支柱。我們富有彈性的核心工業氣體業務以及低碳和零碳氫項目、大型項目，每個項目都以可持續發展為基礎。通過每個季度高效地運營我們的現有業務，我們能夠在過去的 8 個季度中實現兩位數的每股收益增長。我們繼續推進藍色和綠色氫項目，以幫助交通運輸和經濟重工業部門脫碳。我們預計這些世界規模的清潔氫項目將在未來顯著增加我們本已強勁的利潤流。

Now it is my pleasure to turn the call over to Melissa Schaeffer, our Chief Financial Officer. Melissa?

現在我很高興將電話轉給我們的首席財務官 Melissa Schaeffer。梅麗莎？

Thank you, Seifi. As Seifi has said, the consistency and resilience of our business was on full display this quarter. Price and volume gained 4% and 3%, respectively. And all profit metrics were up again double digits over last year in a difficult environment. Thanks to the people of Air Products for your continued commitment to serving our customers around the world. We are proud that our NEOM green hydrogen joint venture, the world's largest green hydrogen production facility, achieved financial close in May.

謝謝你，賽菲。正如 Seifi 所說，我們業務的一致性和彈性在本季度得到了充分展示。價格和成交量分別上漲 4% 和 3%。在困難的環境下，所有利潤指標均較去年再次增長兩位數。感謝空氣產品公司員工持續致力於為世界各地的客戶提供服務。我們感到自豪的是，我們的 NEOM 綠色氫合資企業是全球最大的綠色氫生產設施，已於 5 月完成財務交割。

The joint venture successfully secured over $6 billion of nonrecourse financing from over 20 global project finance leaders. The project was 2x oversubscribed, a clear demonstration of confidence in this project.

該合資企業成功從 20 多家全球項目融資領導者那裡獲得了超過 60 億美元的無追索權融資。該項目獲得了兩倍的超額認購，清楚地表明了對該項目的信心。

Now please turn to Slide 9 for a view of our third quarter results. In comparison to last year, volume increased 3%, driven primarily by our on-site business. Merchant price was 10% higher compared to last year, the seventh consecutive quarter of double-digit increases. This equates to a 4% price gain for the total company with positive pricing across all regions. Declining natural gas costs in Europe and the Americas reduced energy cost pass-through to our on-site customers. This 11% decline in sales had no impact on profit but had a positive impact on margins.

現在請翻到幻燈片 9 查看我們第三季度的業績。與去年相比，銷量增長了 3%，這主要是由我們的現場業務推動的。商家售價較去年上漲10%，連續第七個季度呈兩位數漲幅。這相當於整個公司的價格上漲了 4%，所有地區的定價均為正值。歐洲和美洲天然氣成本的下降減少了我們現場客戶的能源成本轉嫁。銷售額下降 11% 對利潤沒有影響，但對利潤率產生了積極影響。

The overall impact of currency was modest. However, Asian currencies were particularly weaker and contributed to slightly unfavorable currency impact against the U.S. dollar. EBITDA improved 12% as strong price and equity affiliate income, including the contribution from the second phase of the Jazan project that closed in January, more than offset higher costs.

貨幣的總體影響不大。然而，亞洲貨幣尤其疲軟，對美元造成輕微不利的影響。 EBITDA 增長了 12%，因為強勁的價格和股權附屬公司收入（包括 1 月份關閉的 Jazan 項目第二期的貢獻）足以抵消較高的成本。

EBITDA margin jumped almost 600 basis points with lower energy cost pass-through accounting for 2/3 of the margin improvement. ROCE progressed steadily to reach 12%, which is 130 basis points higher than last year. We expect ROCE to further improve as we bring new projects on stream and continue to put the cash on our balance sheet to work. Adjusting for cash our ROCE would have been 13.6% this quarter.

EBITDA 利潤率躍升近 600 個基點，能源成本轉嫁降低占利潤率改善的 2/3。 ROCE穩步前進，達到12%，比去年高130個基點。隨著新項目的投產以及資產負債表上的現金繼續發揮作用，我們預計 ROCE 將進一步提高。調整現金後，本季度我們的 ROCE 將為 13.6%。

Sequentially, favorable volume and price, net of variable costs drove improvements to the EBITDA and EBITDA margin. Lower energy cost pass-through also benefited EBITDA margin by about 200 basis points.

因此，有利的銷量和價格（扣除可變成本）推動了 EBITDA 和 EBITDA 利潤率的改善。較低的能源成本轉嫁也使 EBITDA 利潤率提高了約 200 個基點。

Now please turn to Slide 10 for a discussion of our earnings per share. Our third quarter GAAP earnings of $2.67 per share included 2 non-GAAP items that together negatively impacted EPS by $0.30 per share. First, we recorded a $0.23 charge for business and asset actions. Second, the non-service components of our defined benefit plan resulted in a $0.07 cost this year versus a $0.03 gain last year. Excluding these non-GAAP items, our third quarter adjusted earnings was $2.98 per share up $0.40 or 60% compared to last year, driven by strong pricing and higher equity affiliate income. Price and volume, and cost added $0.34 to our third quarter adjusted earnings. Price, net of variable costs contributed $0.52 this quarter, and volume improved -- improvements contributed an additional $0.09.

現在請翻到幻燈片 10，討論我們的每股收益。我們第三季度的 GAAP 收益為每股 2.67 美元，其中包括 2 個非 GAAP 項目，這些項目合計對每股收益產生了 0.30 美元的負面影響。首先，我們記錄了 0.23 美元的業務和資產操作費用。其次，我們固定福利計劃的非服務部分導致今年成本為 0.07 美元，而去年則為 0.03 美元。排除這些非 GAAP 項目，我們第三季度調整後每股收益為 2.98 美元，比去年增長 0.40 美元，即 60%，這得益於強勁的定價和更高的股權附屬收入。價格、銷量以及成本使我們第三季度調整後收益增加了 0.34 美元。扣除可變成本後的價格在本季度貢獻了 0.52 美元，銷量有所改善——改進貢獻了額外的 0.09 美元。

Costs were unfavorable $0.27 driven by inflation as well as our ongoing efforts to support our growth strategy, including bringing new assets onstream. Equity affiliates income was $0.18 higher due to the contribution of the second phase of Jazan project and good results from our other unconsolidated joint ventures in the Americas and Europe. The remaining items, including noncontrolling interest, interest expense and nonoperating income and expense together had a modest negative $0.06 impact. We expect our fiscal year 2023 effective tax rate to be approximately 19% to 20%.

由於通貨膨脹以及我們持續努力支持我們的增長戰略（包括引入新資產），成本為不利的 0.27 美元。由於 Jazan 項目二期的貢獻以及我們在美洲和歐洲的其他未合併合資企業的良好業績，股權附屬公司收入增加了 0.18 美元。其餘項目，包括非控股權益、利息支出以及營業外收入和支出，總共產生了 0.06 美元的輕微負面影響。我們預計 2023 財年的有效稅率約為 19% 至 20%。

Now please turn to Slide 11. Our ability to steadily grow distributable cash flow, especially in challenging conditions is a hallmark of the strength and stability of our businesses and underpins our dividend and capital deployment programs. Over the last 12 months, we have generated about $3.2 billion of distributable cash flow or over $14 per share. We prioritized over 45% of -- or about $1.5 billion as dividends to our shareholders while still having roughly $1.8 billion to invest for growth.

現在請翻到幻燈片 11。我們穩定增長可分配現金流的能力（尤其是在充滿挑戰的條件下）是我們業務實力和穩定性的標誌，也是我們股息和資本部署計劃的基礎。在過去 12 個月中，我們產生了約 32 億美元的可分配現金流，即每股超過 14 美元。我們優先將超過 45%（即約 15 億美元）的股息分配給股東，同時仍有約 18 億美元用於增長投資。

Now please turn to Slide 12. We have made significant progress in developing or deploying our capital since 2018. Committing most of our estimated investable capacity available in 2018 to the 2027 time frame as our strategy related to the energy transition extends well beyond 2027, we have revised this slide to show a rolling 10-year time horizon. We have not changed any other assumptions or calculation. We remain committed to maintaining our current targeted AA2 rating. With our strong cash flow and additional debt leverage we estimate that we can put more than $30 billion to work over the next 10 years.

現在請轉向幻燈片12。自2018 年以來，我們在開發或部署資本方面取得了重大進展。由於我們與能源轉型相關的戰略遠遠超出了2027 年，因此我們將2018 年的大部分估計可投資能力承諾到2027 年的時間框架內，我們修改了這張幻燈片以顯示滾動的 10 年時間範圍。我們沒有改變任何其他假設或計算。我們仍然致力於維持當前的 AA2 目標評級。憑藉強勁的現金流和額外的債務槓桿，我們預計未來 10 年可投入超過 300 億美元。

Today, we have an $18 billion backlog and with $11 billion of projects focused on the energy transition. We believe that investing in these high-return projects is the best way to create long-term shareholder value. Now to begin the review of our business segment results, I'll turn the call over to Dr. Serhan.

如今，我們有 180 億美元的積壓資金，以及 110 億美元的能源轉型項目。我們相信，投資這些高回報項目是創造長期股東價值的最佳方式。現在，為了開始審查我們的業務部門業績，我將把電話轉給 Serhan 博士。

Thank you, Melissa. During our fiscal third quarter, we again saw broad-based improvements across our businesses, extending the positive trend from previous quarters. Results improved in each of our regional segments versus last year, driven by strong price, strong volume, productivity actions, despite the challenging operating conditions around the world.

謝謝你，梅麗莎。在第三財季，我們再次看到了各業務的廣泛改善，延續了前幾個季度的積極趨勢。儘管全球經營環境充滿挑戰，但在強勁的價格、強勁的銷量和生產力行動的推動下，我們每個區域部門的業績均較去年有所改善。

Before I discuss the results of each region, I would like to provide a brief update on our major projects. First, turning to Slide 13. You will see that we have enhanced how we present our major projects clarifying the project investment amounts, specifying the long-term nature of the related offtake agreements, and highlighting energy transition projects. We believe this new format provides a clear overview of key projects in our backlog and provide near-term and long-term visibility.

在討論每個地區的成果之前，我想先簡要介紹一下我們主要項目的最新情況。首先，轉向幻燈片 13。您將看到我們改進了重大項目的呈現方式，明確了項目投資金額，明確了相關承購協議的長期性質，並突出了能源轉型項目。我們相信，這種新格式可以清晰地概述我們待辦事項中的關鍵項目，並提供近期和長期的可見性。

Now please turn to Slide 14. I I'm pleased to say that the Jiutai Gasification project is in operation. Our team executed the project in the midst of COVID lockdown and supply chain disruption, including several months of severe lockdowns during the start-up period. We were able to complete this complex project with outstanding safety performance and come in under budget.

現在請看幻燈片14。 我很高興地告訴大家，九台氣化項目已經投入運營。我們的團隊在新冠疫情封鎖和供應鏈中斷的情況下執行了該項目，其中包括啟動期間幾個月的嚴重封鎖。我們能夠以出色的安全性能並在預算範圍內完成這個複雜的項目。

The team of over 3,300 workers during peak construction completed nearly 13 million hours without a lost time incident. I would like to thank the team for a job well done. Our team in the Americas has also overcome many challenges to execute the Gulf Coast ammonia project which had nearly 1,300 workers during peak construction and completed over 3 million hours without a lost time incident. The facility is currently in a start-up, and we expect to begin delivering hydrogen to our pipeline system this month. Finally, following many years of hard work, we announced the $1 billion acquisition of the natural gas-to-syngas plant in Uzbekistan, as part of one of the most advanced energy plans in the world. This acquisition includes the 2 largest autothermal reformer in the world, in short ATR.

高峰施工期間，由3300多名工人組成的團隊完成了近1300萬小時，沒有發生誤工事故。我要感謝團隊所做的出色工作。我們的美洲團隊也克服了重重挑戰，執行了墨西哥灣沿岸合成氨項目，該項目在高峰施工期間有近 1,300 名工人，完成了超過 300 萬小時，沒有發生誤工事故。該設施目前正處於啟動階段，我們預計本月開始向我們的管道系統輸送氫氣。最後，經過多年的努力，我們宣布斥資 10 億美元收購烏茲別克斯坦的天然氣合成氣工廠，作為世界上最先進的能源計劃之一的一部分。此次收購包括世界上第二大自熱重整器，簡稱 ATR。

This is the same ATR technology we're deploying in our net zero energy complex in Edmonton, Canada. This will further enhance our industry-leading hydrogen production capabilities, driven by our own partial oxidation technology, in short POX, P-O-X. This is the technology we have acquired from GE several years ago. The POX technology, which we are deploying in our clean energy complex in Louisiana has been a proven main stay for efficient syngas generation for many decades. We will elaborate multiple box units at the Louisiana facility, each of which will be the world's largest. POX and ATR are the 2 leading processes for the production of blue hydrogen, having the capability and the flexibility to use both leading technology to produce a blue hydrogen at word scale, will further extend our leadership in low carbon hydrogen production.

這與我們在加拿大埃德蒙頓的淨零能耗綜合設施中部署的 ATR 技術相同。這將進一步增強我們行業領先的製氫能力，由我們自己的部分氧化技術（簡稱 POX，P-O-X）驅動。這是我們幾年前從GE獲得的技術。幾十年來，我們在路易斯安那州的清潔能源綜合體中部署的 POX 技術已被證明是高效合成氣生成的主要支柱。我們將在路易斯安那州工廠精心設計多個盒子單元，每個單元都將是世界上最大的。 POX和ATR是生產藍氫的兩種領先工藝，有能力和靈活性使用這兩種領先技術大規模生產藍氫，將進一步擴大我們在低碳氫生產方面的領導地位。

Now please turn to Slide 15 for a review of our Americas segment results. Compared to last year, Americas EBITDA was up 18%, driven by higher price and volume. Merchant price improved 11%, which corresponded to 4% improvement for the region overall. Volume grew 6%, driven by on-site, including strong demand for hydrogen. EBITDA margin jumped more than 1,100 basis points, driven by strong price, lower energy pass-through, which drove about 3/4 of the margin improvement. Sequentially, EBITDA increased 10%, mainly on better hydrogen volume and lower variable costs. Lower energy cost pass-through also drove roughly around 2/3 of the margin improvement.

現在請翻到幻燈片 15，回顧我們的美洲分部業績。與去年相比，在價格和銷量上漲的推動下，美洲 EBITDA 增長了 18%。商戶價格上漲 11%，相當於該地區整體價格上漲 4%。在現場（包括對氫氣的強勁需求）的推動下，銷量增長了 6%。受強勁價格和較低能源傳遞的推動，EBITDA 利潤率躍升超過 1,100 個基點，推動了約 3/4 的利潤率改善。隨後，EBITDA 增長了 10%，主要得益於更好的氫氣產量和更低的可變成本。較低的能源成本轉嫁也推動了大約 2/3 的利潤率改善。

Now please turn to Slide 16 for a review of our Asia segment results. Our results in Asia improved despite the currency headwinds through recovery in China and higher energy costs across the region. Compared to last year, EBITDA was up 10%, despite a 5% negative currency impact. Positive price and volume more than offset higher costs. Merchant price increased 9%, which more than offset higher variable costs. Volume improved 8% primarily to better on site, including the addition of over 30 new assets in the past year. Our activities in the electronics sector were (inaudible) rather robust accounting for many of the new projects. We also added projects in the chemicals, glass and other applications. Sequentially, volume was up 2% following the Lunar New Year holidays.

現在請參閱幻燈片 16，回顧我們的亞洲分部業績。儘管中國經濟復甦帶來貨幣阻力以及整個地區能源成本上升，但我們在亞洲的業績仍有所改善。與去年相比，儘管受到 5% 的匯率負面影響，但 EBITDA 仍增長了 10%。積極的價格和銷量足以抵消更高的成本。商家價格上漲了 9%，足以抵消較高的可變成本。成交量增長了 8%，主要是由於現場情況改善，包括去年增加了 30 多個新資產。我們在電子領域的活動（聽不清）對許多新項目來說相當穩健。我們還增加了化學品、玻璃和其他應用領域的項目。隨後，農曆新年假期後成交量增長了 2%。

Please now turn to Slide 17 for a review of our Europe segment results. Our team in Europe has worked hard to maintain positive momentum. Compared to last year, EBITDA increased more than 20%, driven by the impact of our pricing actions. Merchant price improved 10%, which equates to a 6% gain for the overall region. This is the second -- 7th consecutive quarter of double-digit merchant price gains for the region. Volume was up modestly on better on site. This is particularly driven by improvement in hydrogen. This more than offset weaker demand for merchant products. EBITDA margin was about 800 basis points higher and included the impact of lower energy cost pass-through, which benefited margin by around 300 basis points. Sequentially, the region's EBITDA held steady as favorable energy costs offset the lower price. Lower energy cost pass-through also benefited EBITDA margin by about 150 basis points.

現在請翻到幻燈片 17，回顧我們的歐洲部門業績。我們在歐洲的團隊一直在努力保持積極的勢頭。與去年相比，在我們定價行動的影響下，EBITDA 增長了 20% 以上。商品價格上漲了 10%，相當於整個地區上漲了 6%。這是該地區商業價格連續第二個、第七個季度實現兩位數上漲。現場成交量略有上升，情況較好。這尤其是由氫的改進推動的。這足以抵消對商業產品需求疲軟的影響。 EBITDA 利潤率提高了約 800 個基點，其中包括能源成本轉嫁降低的影響，這使利潤率提高了約 300 個基點。隨後，由於有利的能源成本抵消了較低的價格，該地區的 EBITDA 保持穩定。較低的能源成本轉嫁也使 EBITDA 利潤率提高了約 150 個基點。

Now please turn to Slide 18 for a review of our Middle East and India segment results. Compared to last year for our merchant volume and the price push sales higher, but increased costs negatively impacted operating income. The second phase of the Jazan project, which closed in mid-January of this year added to our equity affiliate income, and it drove the region's overall results. The Jazan project has contributed as we expected consistent with our commitment.

現在請翻到幻燈片 18，回顧我們的中東和印度業務業績。與去年相比，我們的商戶數量和價格推高了銷售額，但成本增加對營業收入產生了負面影響。 Jazan 項目的第二階段於今年 1 月中旬結束，增加了我們的股權附屬公司收入，並推動了該地區的整體業績。 Jazan 項目的貢獻符合我們的預期，符合我們的承諾。

Please now turn to Slide 19 for our Corporate and Other segment results. This segment includes our sale of equipment businesses, as well as our centrally managed function and corporate costs. The sales and profit for this segment were lower this quarter due to lower sale of equipment activities, and higher costs resulting from ongoing support for our growth strategy. We do, however, continue to have robust discussions with customers interested in our LNG technology and equipment. We're pleased to announce 2 significant sale of equipment project wins with Qatargas and NextDecade. This is in addition to the 2 project wins announced in May.

現在請翻到幻燈片 19，了解我們的企業和其他部門的結果。該部門包括我們的設備業務銷售，以及我們的集中管理職能和企業成本。由於設備銷售活動減少，以及對我們增長戰略的持續支持導致成本上升，本季度該部門的銷售額和利潤較低。然而，我們確實繼續與對我們的液化天然氣技術和設備感興趣的客戶進行熱烈的討論。我們很高興地宣布與卡塔爾天然氣公司和 NextDecade 達成兩項重大設備銷售項目。這是除 5 月份宣布的 2 個項目獲勝之外的補充。

We plan to expand our production facility in Florida again and expect increasing LNG project activities to improve the segment results. Echoing what Seifi and Melissa have mentioned earlier, the outstanding results this quarter again showed the resilience of our people and our businesses. I also would like to acknowledge the hard work and commitment of our teams around the world. I would like now to turn the call back to Seifi to provide his closing remarks.

我們計劃再次擴大佛羅里達州的生產設施，並預計增加液化天然氣項目活動以改善該部門的業績。與 Seifi 和 Melissa 之前提到的相呼應，本季度的出色業績再次顯示了我們員工和業務的韌性。我還要感謝我們世界各地團隊的辛勤工作和奉獻精神。現在我想把電話轉回給 Seifi，讓他發表結束語。

Thank you, Dr. Serhan. Now please turn to Slide #20. Our third quarter results exceeded our previous guidance. However, the outlook for economic conditions around the world remain uncertain. We have again raised our fiscal year 2023 guidance by 5% at the midpoint of $11.40 to $11.50 earnings per share for the year versus the $11.30 to $11.50 we had provided last quarter.

謝謝你，塞爾漢博士。現在請翻到幻燈片 #20。我們第三季度的業績超出了之前的指導。然而，全球經濟狀況的前景仍然不確定。我們再次將 2023 財年每股收益指引上調 5%，即每股收益 11.40 美元至 11.50 美元，而上季度我們提供的每股收益為 11.30 美元至 11.50 美元。

For the fourth quarter of fiscal year 2023, our earnings per share guidance is $3.04 to $3.14, up 7% to 10% over last year. We still see our CapEx for the year to be about $5 billion to $5.5 billion.

對於 2023 財年第四季度，我們的每股收益指導為 3.04 美元至 3.14 美元，比去年增長 7% 至 10%。我們仍然預計今年的資本支出約為 50 億至 55 億美元。

Now please turn to Slide #21. The people of Air Products are passionate about helping to solve the world's significant energy and environmental challenges. Their commitment and motivation continues to drive our performance. In our core industrial gases business, we are demonstrating continued strength and resiliency even against a soft economic backdrop. And we continue to bring plants online and enter a new phase where we will bring additional large-scale projects on the stream. As a result of that, we see a great future for Air Products and that is what makes all of us very excited about working here and being part of the global energy transition movement. At this time, we will be delighted to answer your questions.

現在請翻到幻燈片 #21。空氣產品公司的員工熱衷於幫助解決世界面臨的重大能源和環境挑戰。他們的承諾和動力繼續推動我們的業績。在我們的核心工業氣體業務中，即使在經濟疲軟的背景下，我們也展現出持續的實力和彈性。我們將繼續讓工廠上線，並進入一個新階段，我們將推出更多大型項目。因此，我們看到了空氣產品公司的美好未來，這讓我們所有人都對在這里工作並成為全球能源轉型運動的一部分感到非常興奮。此時，我們將很高興回答您的問題。

(Operator Instructions) We'll take our first question from Christopher Parkinson with Mizuho.

（操作員說明）我們將接受瑞穗克里斯托弗·帕金森提出的第一個問題。

Seifi, one of my emerging and favorite slides is Slide 12 for (inaudible) , specifically the estimated future capacity in terms of what you can allocate to projects in the coming years. Can you -- I understand this is a very fluid situation, but can you just kind of help us with a thought process around how much you believe could or will be allocated to projects oriented to the U.S. IRA or something along those lines? Just to help us really think about the next few years on that capital allocation process.

Seifi，我最喜歡的新興幻燈片之一是幻燈片 12（聽不清），特別是未來幾年可以分配給項目的預計未來容量。我知道這是一個非常不穩定的情況，但是您能否幫助我們思考一下您認為可以或將會分配多少資金給面向美國愛爾蘭共和軍的項目或類似的項目？只是為了幫助我們真正思考未來幾年的資本配置過程。

Thank you very much, Chris. You are asking a very good question. We provided this slide to give you a 10-year view because we are -- had a long-term strategy and we wanted investors to get as clear view of the future as we can provide right now. You obviously appreciate that there is a very dynamic situation about different projects in different parts of the world.

非常感謝你，克里斯。你問了一個非常好的問題。我們提供這張幻燈片是為了讓您了解 10 年的情況，因為我們有長期戰略，我們希望投資者能夠像我們現在所能提供的那樣清楚地了解未來。您顯然意識到世界不同地區的不同項目存在著非常動態的情況。

So I'd like to say that the comment that I make is based on what we know today. Based on that, I think a significant part of that investment is going to be in the United States as a result of the IRA and the opportunities that creates for us. But obviously, the Board is developing different people are coming up with different projects and all of that and we participate in those. But right now, I would say that the significant part of that $30 billion will be investments in the United States that we have already committed to and we will commit as we go forward. Okay, Chris?

所以我想說，我的評論是基於我們今天所了解的情況。基於此，我認為由於 IRA 以及為我們創造的機會，該投資的很大一部分將在美國。但顯然，董事會正在開發不同的人提出不同的項目，所有這些我們都參與其中。但現在，我要說的是，這 300 億美元中的很大一部分將用於我們已經承諾並在未來繼續承諾的對美國的投資。好吧，克里斯？

That's fantastic. And just as a very quick follow-up, can you just give us just a very, very brief overview. There are 3 questions, I think, the buy side inclusive of, obviously, longer-term holders. Just the update on the Jazan II ramp. Obviously, I believe that's started in January, between that Gulf Coast ammonia and Jiutai. Are those all trending basically in line with your expectations and just trying to compartmentalize those names as we're thinking about fiscal year '24?

這太妙了。作為一個非常快速的後續行動，您能否給我們一個非常非常簡短的概述。我認為，有三個問題，買方顯然包括長期持有者。只是 Jazan II 坡道的更新。顯然，我相信這是從一月份開始的，在墨西哥灣沿岸氨和九台之間。這些趨勢是否基本上符合您的預期，只是在我們考慮 24 財年時試圖對這些名稱進行劃分？

I'm just trying to make sure that I understood your question because the sound wasn't that good.

我只是想確保我理解你的問題，因為聲音不太好。

Yes, is Jazan performing as expected?

是的，Jazan 的表現符合預期嗎？

I would like to have Dr. Serhan is the Chairman of the company that we have form to run Jazan. So I'd like to turn it over to him to answer the question.

我想讓 Serhan 博士擔任我們負責運營 Jazan 的公司的董事長。所以我想把這個問題交給他來回答。

Yes, everything is going as planned really since we took over the group to assets. We've been commissioning them, putting them on stream and really supplying the product to power to the grid and supplying also products like hydrogen to the refinery and stream. So things are really going well with that project. I mean we're really fortunate to have a very strong 800 people doing this -- running that facility.

是的，自從我們接管該集團資產以來，一切都在按計劃進行。我們一直在調試它們，將它們投入運行，並真正為電網提供產品，並向煉油廠和物流供應氫氣等產品。所以這個項目進展非常順利。我的意思是，我們真的很幸運，有 800 名非常強大的員工來負責運營該設施。

We'll move to our next question from David Huang with Deutsche Bank.

我們將轉向德意志銀行的 David Huang 提出的下一個問題。

I guess you have very strong margins this quarter in Europe. How sustainable are those margin levels? And how should we think about those going forward?

我猜你們本季度在歐洲的利潤率非常高。這些利潤水平的可持續性如何？我們應該如何考慮未來的發展？

Well, thank you for the question. Obviously, from my point of view, I hope it is sustainable for a very long time. But obviously, time will tell. We, as you know very well, as a matter of policy, do not comment on forward pricing. We comment on what's the pricing that we have achieved, but we don't comment on forward pricing.

嗯，謝謝你的提問。顯然，從我的角度來看，我希望它能夠持續很長一段時間。但顯然，時間會證明一切。如您所知，我們根據政策不對遠期定價發表評論。我們評論我們已經實現的定價，但我們不對遠期定價發表評論。

So our goal is to maintain our margins as high as possible and create as much value for our shareholders. But it is -- I don't want to make any predictions. Dr. Serhan, do you have any additional comments on that?

因此，我們的目標是保持盡可能高的利潤率，並為股東創造盡可能多的價值。但事實是——我不想做任何預測。 Serhan 博士，您對此還有什麼補充意見嗎？

I mean really, the team in Europe has been doing an outstanding job. I mean, to -- we deal with all of the challenges in Europe about the world, about energy cost fluctuation. But no doubt about it, the industrial output in Europe is not growing at all. I mean -- and that is definitely a challenge that we're monitoring, automotive.

我的意思是，歐洲的團隊確實做得非常出色。我的意思是，我們要應對歐洲關於世界的所有挑戰，關於能源成本波動的挑戰。但毫無疑問，歐洲的工業產值根本沒有增長。我的意思是——這絕對是我們正在監控的汽車挑戰。

I mean, some of the segments we support is better than last year. We see gradual improvement in electronics with some of the customers there. The low natural gas pricing, we see some of the chemical refining, fertilizer business are picking up activity. Construction is still challenging there, which helps our package business that's still really down compared to previous years. So again, measured costs.

我的意思是，我們支持的一些細分市場比去年更好。我們看到那裡的一些客戶的電子產品逐漸改進。在天然氣定價較低的情況下，我們看到一些化工煉油、化肥企業的活躍度有所回升。那裡的建設仍然充滿挑戰，這有助於我們的包裝業務，與前幾年相比仍然處於下滑狀態。再次，衡量成本。

And then your corporate costs for this quarter, how much was the increased loss from lower equipment sales? And then how much was from increased investment spending?

那麼貴公司本季度的成本，由於設備銷售下降而增加的損失是多少？那麼有多少是來自增加的投資支出呢？

I'd like to turn that over to Melissa to answer. Melissa?

我想把這個問題交給梅麗莎來回答。梅麗莎？

So thank you very much, Seifi. So just to make sure I understood your question, you're asking what was the additional contribution from our sale of equipment?

非常感謝你，賽菲。因此，為了確保我理解您的問題，您問我們銷售設備的額外貢獻是多少？

Just your corporate cost overall is higher than the prior year. I guess how much was from lower equipment sales? And then how much was from increased investment spending this quarter?

只是您的企業總體成本高於上一年。我猜有多少是由於設備銷售下降造成的？那麼本季度投資支出增加有多少？

So I think you asked a great question, and I will focus on cost, not just within our corporate segment, but perhaps across our organization. So a portion of our costs are really associated with our good results, right? We increased our variable pay program across our organization as our results come in positively.

所以我認為你問了一個很好的問題，我將關注成本，不僅在我們的公司部門內，而且可能在我們的整個組織內。所以我們的一部分成本確實與我們的良好結果相關，對嗎？隨著我們取得的積極成果，我們在整個組織內增加了可變薪酬計劃。

Additionally, like most organizations, we continue to feel the burden of the wage inflation across the organization. Finally, another notable contribution is a fact that we have several plants that are pre onstream or commissioning phases. This obviously adds to our headcount in preparation to the onstream of those plants, which will add to our cost stack for a period, without support from the program, or from the invoicing of those plants. So those 3 combined is really where you see the cost increase across the organization.

此外，與大多數組織一樣，我們繼續感受到整個組織工資上漲的負擔。最後，另一個值得注意的貢獻是我們有幾家工廠正處於投產前或調試階段。這顯然增加了我們為這些工廠投產做準備的人員數量，這將在一段時間內增加我們的成本堆棧，而無需該計劃或這些工廠的發票支持。因此，這三個因素加在一起確實是整個組織成本增加的地方。

We'll move to our next question from Steve Byrne with Bank of America.

我們將轉向美國銀行史蒂夫·伯恩提出的下一個問題。

Your increased demand that you're seeing in hydrogen, just curious which of your pipelines are you seeing that from? And are these your legacy refining customers? Or is this from renewable fuel? And would any of those customers justify your installing some carbon capture in the near term to generate some blue hydrogen for those customers.

您對氫氣的需求不斷增加，只是好奇您是從哪條管道中看到這種需求的？這些是您的傳統煉油客戶嗎？或者這是來自可再生燃料？這些客戶中的任何一個都會證明您在短期內安裝一些碳捕獲裝置來為這些客戶產生一些藍色氫氣是合理的。

Dr. Serhan, do you want to answer that?

Serhan 博士，你想回答這個問題嗎？

Yes, Steve, good question. We really see the demand for hydrogen, it's really significant. I mean the main driver for us for our business is because you know that, mean -- we have the biggest network in the world and the U.S. Gulf Coast. That's really fully utilized. I mean we have there more demand than we can really supply.

是的，史蒂夫，好問題。我們確實看到了對氫氣的需求，這非常重要。我的意思是，我們業務的主要驅動力是因為你知道，我們擁有世界上和美國墨西哥灣沿岸最大的網絡。這真是充分利用了。我的意思是，我們的需求超出了我們的實際供應能力。

And definitely, there is also demand for lower carbon hydrogen for the renewable diesel refinery. So it has been really very robust. We see some activity also picking up the hydrogen also in our Rotterdam pipeline system there. The same thing we see is in Canada, California. So it's overall really been robust, that means the demand for hydrogen with also some pockets for low-carbon hydrogen.

當然，可再生柴油煉油廠也需要低碳氫。所以它真的非常強大。我們看到鹿特丹管道系統中也有一些活動吸收氫氣。我們在加拿大、加利福尼亞州也看到了同樣的情況。因此，總體而言，它確實很強勁，這意味著對氫的需求以及對低碳氫的需求。

Okay. And just curious -- yes, thank you. With respect to NEOM, have you reassessed whether or not you need to invest downstream in distribution? It's been 3 years since you announced that project and you -- at that time, you were thinking you would need to build some downstream pipeline capacity for green ammonia. Do you have a view now of where you might be able to sell that green hydrogen from NEOM?

好的。只是好奇——是的，謝謝。對於NEOM，您是否重新評估過是否需要投資下游分銷？自您宣布該項目以來已經過去三年了，當時您認為需要為綠色氨建設一些下游管道產能。您現在知道可以在哪裡銷售 NEOM 的綠色氫氣嗎？

Yes, we do. And we have announced some of it, and I can elaborate on that right now. We see a significant demand for that product in Europe because it has been very clear with the policies that has been finalized in Europe that they were not finalized even 2 years ago.

是的，我們願意。我們已經宣布了其中的一些內容，我現在可以詳細說明。我們看到歐洲對該產品的需求很大，因為歐洲已敲定的政策非常清楚，這些政策甚至在兩年前還沒有敲定。

Europe, basically, most of Europe, especially Germany, have decided to go green. As a result of that, we plan to build at least 3 terminals in Europe, 1 in Hamburg, 1 in Rotterdam and 1 in Immingham, England to bring the product ammonia into those ports associated and then sell it for mobility and for industrial applications. We might add additional terminals.

歐洲，基本上，歐洲大部分地區，尤其是德國，已經決定走向綠色。因此，我們計劃在歐洲建造至少 3 個碼頭，其中 1 個在漢堡、1 個在鹿特丹和 1 個在英國伊明翰，將氨產品運至相關港口，然後出售用於交通和工業應用。我們可能會添加額外的終端。

In addition to that, there is a demand -- potential demand for that green hydrogen and other green hydrogen that we might make in the United States. And we are making in the United States in the state of California because of the regulations that have been put in place in terms of conversion to very low emission vehicles.

除此之外，還有一種需求——對我們可能在美國生產的綠色氫和其他綠色氫的潛在需求。由於在轉換為極低排放車輛方面製定了相關法規，我們正在美國加利福尼亞州進行生產。

Therefore, we possibly see another terminal also in California. That is our current plan, but this is a dynamic situation. The regulations around the world is continuously changing. And as that develops, we will obviously update you. There is significant demand being generated and being discussed in Korea. It is obviously the demand for blue hydrogen in Japan and all of that. But we will update you as we go forward. But that is how we see it today.

因此，我們可能會在加利福尼亞州看到另一個航站樓。這是我們目前的計劃，但這是一個動態的情況。世界各地的法規不斷變化。隨著事態的發展，我們顯然會向您通報最新情況。韓國正在產生並討論大量需求。顯然是日本對藍氫的需求等等。但我們會隨著進展向您通報最新情況。但這就是我們今天的看法。

We'll move to our next question from John Roberts with Credit Suisse.

我們將轉向瑞士信貸銀行約翰·羅伯茨提出的下一個問題。

I just ask one question here. When do you think we'll get the first conversion of an existing U.S. hydrogen plant from gray to blue?

我在這裡只問一個問題。您認為我們什麼時候可以將美國現有的製氫工廠從灰色轉變為藍色？

John, that is an excellent question. I can definitely confirm that we are working on that. I do not want to predict an exact time schedule because we are talking to customers and it is sensitive, and they don't really want us to talk about these things too much. We -- as you know better than anybody else, have a significant number of SMRs in the United States that generate CO2, and we are very interested in capturing the CO2 from as many of them as possible. And with the help of the IRA and the demand and the higher prices that (inaudible) are willing to pay for blue hydrogen, we have a significant opportunity on that, and we will do that. Dr. Serhan, do you want to make any additional comments on that?

約翰，這是一個很好的問題。我可以肯定地確認我們正在努力解決這個問題。我不想預測確切的時間表，因為我們正在與客戶交談，這是敏感的，他們並不希望我們過多談論這些事情。正如你們比任何人都清楚的那樣，我們在美國擁有大量產生二氧化碳的中小型反應堆，我們對從盡可能多的小型反應堆中捕獲二氧化碳非常感興趣。在愛爾蘭共和軍的幫助下，以及願意為藍氫支付的需求和更高的價格（聽不清），我們在這方面擁有重大機會，我們將這樣做。 Serhan 博士，您對此還有什麼補充意見嗎？

No Seifi, nothing to add.

沒有Sefi，沒有什麼可補充的。

Our next question comes from John McNulty with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 John McNulty。

Seifi. I wanted to ask on the Uzbek project that you're bringing on, I guess a couple of questions on that. Can you help us to understand because it looks like it comes on at some point relatively early in '24. But so can you help us to understand the timing of it and also the EPS contribution that you expected to give as you look to 2024?

賽菲。我想問一下您正在開展的烏茲別克項目，我想有幾個問題。你能幫助我們理解嗎，因為看起來它在 24 年相對較早的某個時間點就出現了。但是，您能否幫助我們了解它的時間安排以及您預計 2024 年對每股收益的貢獻？

And then I guess, also tied to that project, how do you think about the returns for it? I know you look for a 10% plus return, but I also know you risk adjust those as well. So I guess, how should we be thinking about that for the Uzbek project?

然後我想，也與該項目相關，您如何看待它的回報？我知道您尋求 10% 以上的回報，但我也知道您也會調整這些回報。所以我想，我們應該如何考慮烏茲別克斯坦項目？

Well, I will -- I'll make some general comments and then I turn it over to Dr. Serhan to kind of elaborate even more in detail. But we expect that project, which is a very good project, as Dr. Serhan mentioned, that project has the largest ATRs in the world, and we are very happy to own it now.

好吧，我會——我會做一些一般性評論，然後我將其交給 Serhan 博士進行更詳細的闡述。但我們期待這個項目，這是一個非常好的項目，正如 Serhan 博士提到的，該項目擁有世界上最大的 ATR，我們很高興現在擁有它。

We expect contribution from that project in our bottom line for sure in 2020 -- in our fiscal year 2024. In terms of the exact number, obviously, I can't give you the exact number -- but order of magnitude, order of magnitude, we expect a contribution of about $0.35 per share at least. So Dr. Serhan, would you like to comment.

我們預計該項目將在 2020 年（即 2024 財年）為我們的盈利做出貢獻。就確切數字而言，顯然，我無法告訴您確切數字，但數量級，數量級，我們預計每股出資至少約為0.35 美元。 Serhan 博士，您想發表評論嗎？

To start really with what is really included in this acquisition. So this is really the 2 largest world-scale ATRs in the world. There is also a hydrogen unit, 2 large air separation units, around 4,000 tonnes per day. The plant is already built. It's in the process being commissioned right now, and that's why we see it's going to be assertive to our earnings next year 2024, and it will be fully in the numbers for 2025.

首先從這次收購中真正包含的內容開始。所以這確實是世界上最大的兩個世界級 ATR。還有一個氫氣裝置、兩個大型空分裝置，日產量約4000噸。工廠已經建成。它目前正在調試過程中，這就是為什麼我們認為它將對我們明年 2024 年的收入產生積極影響，並且將完全計入 2025 年的數據中。

Again, we're very proud of the project and really operating those ATRs with how software (inaudible) technology is really going to give us lots of know-how about how to really optimize our positioning in a blue hydrogen in the future.

再次，我們對這個項目感到非常自豪，並且通過軟件（聽不清）技術來真正操作這些 ATR，這將真正為我們提供大量關於如何真正優化我們在未來在藍色氫中的定位的專業知識。

Got it. Perfect. And then maybe just as the follow-up. You've got the Alberta project or Edmonton project coming on next year. It does seem like the demand for clean hydrogen is picking up in the region. Is that project sold out at this point based on the contracts that you've locked up?

知道了。完美的。然後也許就像後續行動一樣。阿爾伯塔省項目或埃德蒙頓項目將於明年啟動。該地區對清潔氫的需求似乎正在增加。根據您鎖定的合同，該項目目前是否已售罄？

John, on that one, we have announced what the signing of a long-term contract with Imperial Oil, which is part of Exxon, and we have given you the details of that. The rest of it we have very clear visibility to where we are going to sell it.

約翰，關於這一點，我們已經宣布與埃克森美孚旗下的帝國石油公司簽署了一份長期合同，我們已經向您提供了詳細信息。其餘的我們非常清楚我們將在哪裡出售它。

So I think it's a matter of semantics when you say sold out, that means contracts that have been signed and finalized or the fact that we feel that it is going to be sold out. So we feel very strongly that we will sell out of that product, and we might actually need more than that. I'd like to have Dr. Serhan make some comments about where we are on this thing and any additional color.

所以我認為當你說“售完”時，這是一個語義問題，這意味著合同已經簽署並最終確定，或者我們認為它即將售罄。因此，我們強烈地認為我們將售完該產品，而我們實際上可能需要更多。我想讓 Serhan 博士就我們在這件事上的進展以及任何其他顏色發表一些評論。

Thanks, Seifi. IOL is the anchor customer for this project. We're working together with them to bring our respective facilities on stream. Please note the products out of this project will go into our existing pipeline system, which we have a system in Edmonton, Canada, and this will be feeding IOL, other customers and also hydrogen for mobility because we are building a fueling station also they are to use low carbon hydrogen for mobility. It's going very well. I mean working very closely with IOL as the anchor customer.

謝謝，賽菲。 IOL 是該項目的主要客戶。我們正在與他們合作，讓我們各自的設施投入運行。請注意，該項目的產品將進入我們現有的管道系統，我們在加拿大埃德蒙頓有一個系統，這將為IOL、其他客戶以及流動性提供氫氣，因為我們正在建設一個加氫站，他們也在使用低碳氫來實現流動性。進展順利。我的意思是與 IOL 作為主要客戶密切合作。

Our next question comes from Mike Sison with Wells Fargo.

我們的下一個問題來自富國銀行的邁克·西森。

Yes, just one question. When you think about 2024 -- or next year, how much earnings growth you get from projects that are coming on stream? And does CapEx go up next year because of you have such a big backlog of growth projects.

是的，只有一個問題。當您考慮 2024 年（或明年）時，您從即將投產的項目中獲得了多少收益增長？明年的資本支出是否會因為增長項目積壓如此之多而增加？

In terms of 2024 and what comes from there, I would appreciate if you have some patience and we will disclose that to you in -- at the end of October, obviously. I don't want to get ahead of ourselves. But in terms of our CapEx, our expectation today is that our CapEx next year will be approximately 5% to 5.5%, the same as this year. That is based on what we know today.

就 2024 年以及接下來的情況而言，如果您有一些耐心，我將不勝感激，我們將在 10 月底向您透露這一點。我不想超越自己。但就我們的資本支出而言，我們今天的預期是明年的資本支出約為 5% 至 5.5%，與今年相同。這是基於我們今天所知道的情況。

Our next question comes from Josh Spector with UBS.

我們的下一個問題來自瑞銀集團的喬什·斯佩克特。

Just first on the Canada blue hydrogen project. Just the slide that you updated on the backlog maybe has a little bit less of the discrete timing elements of there. Do you still expect that in 2024, and I guess, fiscal '24 for you guys? Or has anything changed there? And same thing with the SAF project has that moved from 2025 to 2026 or is the timing relatively unchanged?

首先是加拿大藍色氫項目。僅您在積壓工作中更新的幻燈片可能會少一些離散計時元素。你們仍然期望在 2024 年（我猜你們是 24 財年）實現這一點嗎？或者那裡有什麼變化嗎？ SAF 項目也從 2025 年推遲到 2026 年，還是時間相對沒有變化？

Well, I'd just like to -- with respect to the project in Canada. As Dr. Serhan said, that project when it comes on stream, we are committed to process and supply hydrogen to IOL. So we can only do that when their plant comes on stream. But in addition to that, we do have our pipeline. We do have existing customers who do use hydrogen, and they are increasing their demand for hydrogen.

嗯，我只是想——關於加拿大的項目。正如 Serhan 博士所說，該項目投產後，我們致力於為 IOL 加工和供應氫氣。所以我們只能在他們的工廠投產後才能做到這一點。但除此之外，我們還有我們的管道。我們確實有使用氫氣的現有客戶，並且他們對氫氣的需求正在增加。

So we have the option of putting that into our pipeline. So we have a lot of different options in terms of how we're going to deal with that. Dr Serhan, do you want to make any additional comments?

所以我們可以選擇將其放入我們的管道中。因此，我們在如何處理這個問題方面有很多不同的選擇。 Serhan 博士，您還有什麼補充意見嗎？

No, we talked about it before only?

不，我們之前只討論過這個？

Yes, you are okay with this?

是的，你同意嗎？

Yes.

是的。

So that's where we are with that.

這就是我們現在的情況。

Yes. I guess how about the SAF plant? And just my follow-up, I guess, on Canada would just be, are we looking about the returns there as being the 3 year post grant number. So the $1.2 billion or $1.6 billion. What are you basically returns are.

是的。我猜 SAF 工廠怎麼樣？我想，我對加拿大的後續行動就是，我們是否將那裡的回報視為授予後 3 年的數字。所以 12 億美元或 16 億美元。你基本上的回報是什麼。

The project costs that we have disclosed includes the grant, correct. That means the net is -- that number that we have given you minus the CAD 475 million that we will get from the Canadian government. We have given you the gross number.

我們披露的項目成本包括補助金，正確。這意味著淨額是——我們給你們的數字減去我們將從加拿大政府獲得的 4.75 億加元。我們已向您提供了總數。

The CAD 1.6 billion minus the CAD 400 million.

16 億加元減去 4 億加元。

Exactly. And then with respect to the plant, the SAF plant, we are working on that. It is in California and we are at the mercy of exactly when the permit will get issued. We have the air permit and all of that, but now we are working on getting the actual construction permit so that then we can start working on that project. The dates that we have given you is the best estimate that we have at this time, but that is subject to the issuance of the permit by the state of California or when we can actually start construction. Again, Dr. Serhan, any additional comments on that?

確切地。然後關於工廠，SAF 工廠，我們正在努力。這是在加利福尼亞州，我們完全取決於許可證何時頒發。我們擁有航空許可證和所有這些，但現在我們正在努力獲得實際的施工許可證，以便我們可以開始該項目的工作。我們給您的日期是我們目前的最佳估計日期，但這取決於加利福尼亞州頒發的許可證或我們何時可以實際開始施工。 Serhan 博士，對此還有什麼其他評論嗎？

The visibility we have, and we expect that by the end of the year that we will get the construction permits. But again, it really will depend on the officials and the state of California.

我們擁有可見度，我們預計到今年年底我們將獲得施工許可證。但同樣，這確實取決於官員和加利福尼亞州。

Yes. But just what I was asking on the Canada project was more the basis of what the returns are off. So the 10% pretax return, is that based on the net number or the gross number?

是的。但我對加拿大項目的詢問更多的是回報率的基礎。那麼10%的稅前回報率是基於淨值還是總值呢？

It's -- Melissa, you want to answer that?

這是——梅麗莎，你想回答這個問題嗎？

Absolutely. So yes, thank you for the question. So there's 2 components of the grant. The first component is a capital grant that we are getting from the government. The second component is around a production credit. But for your specific question around where you should expect to take our normal run rate of return, it's associated to the net number, the CAD 1.1 billion that we have listed on the project slide.

絕對地。所以是的，謝謝你的提問。所以補助金有兩個組成部分。第一部分是我們從政府獲得的資本補助。第二個組成部分是圍繞製作信貸。但對於您應該期望獲得正常運行回報率的具體問題，它與淨值相關，即我們在項目幻燈片上列出的 11 億加元。

Our next question comes from Mike Leithead with Barclays.

我們的下一個問題來自巴克萊銀行的邁克·萊特黑德。

Seifi, just one question on your blue ammonia facility, a large fertilizer company last night paused their clean ammonia project, basically saying the costs are coming in higher and they're not seeing downstream applications develop as fast as they thought. I was hoping if you could speak to those 2 factors, cost and offtake agreements as related to your projects.

Seifi，只是關於您的藍色氨工廠的一個問題，一家大型化肥公司昨晚暫停了他們的清潔氨項目，基本上是說成本越來越高，而且他們沒有看到下游應用的發展像他們想像的那麼快。我希望您能談談與您的項目相關的這兩個因素：成本和承購協議。

Well, Mike, obviously, I cannot comment on what other people are saying. The blue ammonia project that we are building in Louisiana, there are many different options that we are considering in terms of the exact final scope of that project, as things develop with the markets and all of that.

好吧，邁克，顯然，我無法評論其他人的言論。我們正在路易斯安那州建設的藍色氨項目，隨著市場等因素的發展，我們正在考慮該項目的最終確切範圍，有許多不同的選擇。

You know very well that, that project, we are going to make 750 million standard cubic feet a day of hydrogen. One of the issues for us is finalizing how much of that hydrogen we are going to put in our pipeline, and how much of that hydrogen we are going to put and convert to ammonia. That obviously makes a difference in terms of our total capital cost and all of that. I do not want to dispute the general statement that, obviously, the cost of these projects are going to be probably higher than people expected because of inflation, because of labor shortages and all of that.

你很清楚，在那個項目中，我們將每天生產 7.5 億標準立方英尺的氫氣。我們面臨的問題之一是最終確定我們將在管道中放入多少氫氣，以及我們將放入多少氫氣並將其轉化為氨。這顯然對我們的總資本成本等產生了影響。我不想對一般性的說法提出異議，即顯然，由於通貨膨脹、勞動力短缺等原因，這些項目的成本可能會高於人們的預期。

But we have not finalized anything yet that is at this stage that we would want to talk about that. But because our scope is still under definition, the sequestration, how do we do the sequestration. It will make a difference whether we do the sequestration ourselves or be subcontracted to somebody. So there is a lot of moving parts. But I'd like to turn it over to Dr. Serhan to make some additional comments.

但現階段我們還沒有敲定任何我們想要討論的內容。但是因為我們的範圍仍在定義中，所以我們如何進行封存。無論我們自己進行封存還是分包給某人，這都會有所不同。所以有很多活動部件。但我想將其交給 Serhan 博士提出一些補充意見。

Thanks, Seifi. I mean, definitely in the context of the SAF global economy, global COVID pandemic, shortages in labor materials, supply chain disruptions, record inflation rate, I think we definitely thereabout sure that we can deliver. I mean, we show that on Jazan, we showed it on Jiutai. We showed that on Gulf Coast ammonia and projects that you don't really hear too many about 160 of them were closed and brought on stream during the COVID.

謝謝，賽菲。我的意思是，絕對在新加坡武裝部隊全球經濟、全球新冠疫情、勞動力材料短缺、供應鏈中斷、創紀錄的通貨膨脹率的背景下，我認為我們絕對確信我們能夠實現這一目標。我的意思是，我們在 Jazan 上展示了這一點，我們在 Jiutai 上展示了它。我們展示了墨西哥灣沿岸的合成氨項目以及您並沒有真正聽說過的項目，其中約 160 個項目在新冠疫情期間被關閉並投產。

So I think, again, we managed to show that we are walking the talk basically and we delivered on these things. With the challenges that exist, we do see something like the inflation subsiding, slowing down but it's not going any, but we're really having the execution, basically where managing these challenges and deliver on our commitment, which is the 10% EBITDA during the contractual life of these assets.

所以我認為，我們再次成功地表明，我們基本上是言出必行，並且我們兌現了這些事情。面對存在的挑戰，我們確實看到通貨膨脹正在消退、放緩，但不會有任何變化，但我們確實有執行力，基本上是管理這些挑戰並兌現我們的承諾，即 10% 的 EBITDA這些資產的合同期限。

I'd just like to make one additional comment. I can't help but make the comment. As I said, I don't want to comment on what others are saying. But I do like to make a general comment that a lot of people sometimes start on this journey of blue ammonia and green ammonia, based on back of the envelope things without really understanding what they're talking about because they have never done it before.

我想補充一點意見。我忍不住發表評論。正如我所說，我不想評論別人的言論。但我確實想做出一個一般性的評論，即很多人有時會基於信封後面的事情開始這段藍色氨和綠色氨的旅程，而沒有真正理解他們在說什麼，因為他們以前從未這樣做過。

As a result, they come up with numbers that looks pretty attractive. Then when they start actually doing the project, defining their scope and finding out the complexities, then they get surprised. So I wouldn't be surprised if in the future, many of the people who have embarked on this energy transition would come up with realization, that some of these projects that are a lot more complex than they think. It takes a lot more. And not everybody who has never made a pound of hydrogen in their life can become a supplier of blue or green hydrogen and participate in the energy transition. We have been in this business for 60 years. We think we know what we are talking about. But anyway, I just couldn't help but make that general comment.

結果，他們得出了看起來相當有吸引力的數字。然後，當他們開始實際執行該項目、定義其範圍並找出複雜性時，他們會感到驚訝。因此，如果將來許多已經開始能源轉型的人意識到其中一些項目比他們想像的要復雜得多，我不會感到驚訝。這需要更多。並不是每個一生中從未製造過一磅氫的人都可以成為藍色或綠色氫的供應商並參與能源轉型。我們從事這一行業已經有 60 年了。我們認為我們知道我們在說什麼。但無論如何，我只是忍不住發表這樣的一般性評論。

Our next question comes from Duffy Fischer with Goldman Sachs.

我們的下一個問題來自高盛的達菲·費舍爾。

Yes. Seifi, maybe if you could, you've seen quite a few business cycles -- so I'd be interested if you'd pontificate a little bit how you see Europe and China, in particular, playing out kind of the rest of this year into next year from a macro standpoint?

是的。 Seifi，如果可以的話，也許你已經看到了相當多的商業周期——所以如果你能武斷地談談你如何看待歐洲和中國，特別是如何看待剩下的部分，我會很感興趣。從宏觀角度來看，今年到明年？

Thank you for the question, and I really appreciate the fact that you use the adjective pontificate because that is what I continue to be doing because it's very difficult to see the future. But right now, the way that we are seeing right now, things developing in China and in Europe.

謝謝你提出的問題，我真的很感激你使用形容詞“教宗”，因為這就是我繼續做的事情，因為很難看到未來。但現在，正如我們現在所看到的，中國和歐洲的發展情況。

China, we have seen some slowdown. It is not affecting our business in a significant -- in a material way, but it is affecting our business. But the future is very much dependent on what the Chinese government decides to do in terms of any kind of a stimulus or not. That is very hard to predict. And obviously, we will react to that. The good thing is that a significant part of our business in China, something like 65% of it, is on-site business. So there is a lot of stability there.

中國，我們看到了一些放緩。它並沒有對我們的業務產生重大影響，但它正在影響我們的業務。但未來在很大程度上取決於中國政府決定採取或不採取任何刺激措施。這很難預測。顯然，我們會對此做出反應。好消息是，我們在中國業務的很大一部分（大約 65%）是現場業務。所以那裡有很大的穩定性。

In terms of Europe, I hate to put it this way, but it really depends on the weather and the energy cost because if the weather becomes significantly cold and energy costs go up, it will have a significant effect.

就歐洲而言，我討厭這樣說，但這實際上取決於天氣和能源成本，因為如果天氣變得非常寒冷並且能源成本上升，則會產生重大影響。

If they become lucky like they were last year, then the effect will be less and the energy cost will stay low. But overall, it is a little bit of an unpredictable situation. That is why we, as a company, the way we deal with this, is we are very focused on productivity. And as you saw and as you heard Melissa explained, we have taken actions in terms of productivity, and we are taking a charge for that in order to make sure that we are prepared just in case things do not turn out to be as rosy as some people are predicting. Dr. Serhan and Melissa, any additional color on this?

如果他們像去年一樣幸運，那麼影響就會較小，能源成本也會保持在較低水平。但總體而言，情況有點難以預測。這就是為什麼我們作為一家公司，處理這個問題的方式是我們非常關註生產力。正如您所看到和聽到梅麗莎解釋的那樣，我們已經在生產力方面採取了行動，並且我們正在為此負責，以確保我們做好準備，以防萬一事情沒有那麼樂觀。有些人正在預測。 Serhan 博士和 Melissa，對此還有什麼補充嗎？

Europe is the one business or one region we have where we have significant amount of merchant, I mean, versus the other regions. So definitely, the industrial out, but not growing in Europe is a concern. I mean we see some signs of picking up, but it's still there. We don't really see it picking up full steam. China, again, we saw some recovery, but it is slowing down. I mean, we're keeping an eye on this and what type of incentives they're going to have there to really incentivize the economy.

我的意思是，與其他地區相比，歐洲是我們擁有大量商人的一項業務或一個地區。因此，毫無疑問，歐洲的工業發展但不增長是一個令人擔憂的問題。我的意思是我們看到了一些回升的跡象，但它仍然存在。我們並沒有真正看到它全力以赴。中國再次出現了一些復甦，但正在放緩。我的意思是，我們正在密切關注這一點，以及他們將採取什麼類型的激勵措施來真正刺激經濟。

Yes. So I'll just add one comment specific to Europe. So we are in a situation where we have now lapped the strong pricing momentum. So that although we are seeing a slight decrease sequentially, we still have very strong pricing in Europe. And so I think we just need to remember that lapping, the comps are tougher, but it's still very strong pricing in Europe. So we need to hold on to that to continue to show the strong returns in Europe.

是的。所以我只想添加一條針對歐洲的評論。因此，我們現在所處的情況是，我們已經享受到了強勁的定價勢頭。因此，儘管我們看到環比略有下降，但我們在歐洲的定價仍然非常強勁。所以我認為我們只需要記住，繞圈、比賽更加艱難，但在歐洲的定價仍然非常強勁。因此，我們需要堅持下去，以繼續在歐洲展現強勁的回報。

And maybe we stay and kind of switch back to the hydrogen question. Obviously, you're talking to a lot of folks there you have both blue and green hydrogen to offer. How do you see Europe playing out? How much do you think will be mandated kind of at the green level -- and how much will just care? Is it CO2 reduced so you can use blue hydrogen. How do you see that playing out over the next 3, 4, 5 years?

也許我們會留下來，然後回到氫問題上。顯然，您正在與那裡的很多人交談，您可以提供藍色和綠色氫。您如何看待歐洲的表現？您認為綠色層面有多少內容是強制執行的，有多少內容只是關心？二氧化碳減少了嗎，所以你可以使用藍氫。您如何看待未來 3、4、5 年的發展？

Duffy, that is a very good question. Right now, our best information based on discussions with customers is that Europe is very much committed to green, that they are -- their argument is that blue hydrogen is a transitional thing. So go to blue and then go to green. We know we are going to go to green. Therefore, let's make the leap.

達菲，這是一個非常好的問題。目前，我們根據與客戶的討論得出的最佳信息是，歐洲非常致力於綠色環保，他們的論點是藍氫是一個過渡性的東西。所以先轉到藍色，然後轉到綠色。我們知道我們將走向綠色。因此，讓我們實現這一飛躍。

And therefore, I'm sure you have seen some of the announcements with respect to, for example, the EUR 2.2 billion that the European Commission approved for (inaudible) , that is clearly was approved for use of green hydrogen. So that is the direction we see in Europe.

因此，我相信您已經看到了一些有關的公告，例如，歐盟委員會批准的 22 億歐元（聽不清），這顯然是批准使用綠色氫。這就是我們在歐洲看到的方向。

In Korea, in Japan, I think it will be more oriented at the beginning towards blue because that is going to be used for decarbonizing the power plants. And in the United States, we have to see. But the good news for us, is that we are seeing significant discussion on both that it is not as people predicted that in the U.S., it will all be blue hydrogen right now, we are talking to companies who are very interested in green hydrogen in the United States to make their products in the United States, whether it's a seed or chemical.

在韓國和日本，我認為一開始會更傾向於藍色，因為它將用於發電廠脫碳。在美國，我們必須看看。但對我們來說，好消息是，我們正在看到對這兩個問題的重要討論，並不像人們預測的那樣，在美國，現在全部都是藍色氫，我們正在與對綠色氫非常感興趣的公司進行交談美國在美國生產產品，無論是種子還是化學品。

Our next question comes from Jeff Zekauskas with JPMorgan.

我們的下一個問題來自摩根大通的傑夫澤考斯卡斯。

I have one question with two parts. The first is when I look at your results, your volumes are up 3, your prices are up 4. When I look at your competitor in Danbury, I think its volumes are maybe down 1, and its prices are up 7. And in the different regions, it seems like your volumes are growing at a higher rate than theirs and their prices are growing at a higher rate than yours. Can you reflect on that general phenomenon?

我有一個問題，分為兩個部分。第一個是當我查看你們的結果時，你們的銷量增加了3，你們的價格上漲了4。當我查看你們在丹伯里的競爭對手時，我認為它的銷量可能下降了1，而價格上漲了7。不同的地區，你的銷量增長速度似乎比他們的增長速度快，他們的價格增長速度也比你的增長速度快。您能反思一下這種普遍現象嗎？

And then secondly, Air Products claims to dissociate hydrogen at a 10% loss rate rather than 20%, which is sort of the general view that people have because of the energy you need to crack the ammonia. Can you just quickly explain to us in layman's terms how you're able to have a more efficient process.

其次，空氣產品公司聲稱解離氫氣的損失率為 10%，而不是 20%，這是人們普遍認為的，因為裂解氨需要能量。您能用通俗易懂的語言快速向我們解釋一下如何才能擁有更高效的流程嗎？

Very good, Jeff. With respect to comparison, you are comparing us to a company which has a different strategy and a different -- so I don't want to comment on their results. You are comparing year-to-year because last year, our pricing was significantly better than the other people. So year-to-year, we are not going to show as much as an increase, because if they had a very low performance last year, this year, year-to-year, it looks better. I think that is the main reason for the price increase. And so that is my general comment on that.

非常好，傑夫。關於比較，您將我們與一家具有不同戰略和不同目標的公司進行比較 - 所以我不想評論他們的結果。您之所以進行逐年比較，是因為去年我們的定價明顯優於其他公司。因此，逐年來看，我們不會展示那麼多的增長，因為如果他們去年的表現非常低，那麼今年，逐年看起來會更好。我認為這是價格上漲的主要原因。這就是我對此的一般評論。

But overall, we are very much focused on being a green energy growth company. We are an industrial gas company and at the same time -- so we are pursuing a totally different strategy, as you know I have talked before. The fact that our volumes are up, and I think this will continue to be the trend that we will beat other people on volume growth is because we are investing in the future, and we are winning our share or even better than our share of the smaller projects than people have been talking about.

但總的來說，我們非常專注於成為一家綠色能源增長公司。我們是一家工業氣體公司，同時，我們正在追求完全不同的戰略，正如我之前談到的那樣。事實上，我們的銷量在增長，我認為這將繼續成為我們在銷量增長方面擊敗其他人的趨勢，因為我們正在投資未來，我們正在贏得我們的份額，甚至比我們的份額更好。比人們談論的項目還要小。

So as a result, volume growth is obviously the key thing we're focused on. Pricing, we are holding our own. There is no significant difference in the pricing because if it was, the market shares will change. And the market shares are staying stable. So that is the question that I have, first one.

因此，銷量增長顯然是我們關注的關鍵。定價，我們自己掌握。定價沒有顯著差異，因為如果有差異，市場份額就會發生變化。並且市場份額保持穩定。這就是我的第一個問題。

On the second question that you have in terms of the efficiency of the crackers that we think we have versus the conventional wisdom that you use 20% to 30% of that, we have talked about this thing. It is a technology we have been developing but the person who is doing that on a day-to-day basis is Dr. Serhan and I like him to make some comments about that. Samir?

關於第二個問題，我們認為我們擁有的破解器的效率與您使用 20% 到 30% 的傳統智慧相比，我們已經討論過這個問題。這是我們一直在開發的一項技術，但日常從事這項工作的人是 Serhan 博士，我希望他對此發表一些評論。薩米爾？

I mean it really goes safely to what you mentioned before. I mean it's that know-how we developed over the last 60 years in producing hydrogen. I mean this is really what -- we had this challenge a few years ago. We looked at the market, we saw that there are ammonia crackers, but the efficiency is really not acceptable. You end up wasting lots of the valuable product. And again, we put our team of expert on this. And basically, we developed a product where we feel is very, very efficient. I mean, to a single-digit loss. And that's really what we have without giving too more details.

我的意思是，它確實可以安全地實現您之前提到的內容。我的意思是，這是我們在過去 60 年裡開發的生產氫氣的專業知識。我的意思是，這確實是我們幾年前遇到的挑戰。我們看了一下市場，看到有氨裂解裝置，但是效率確實不行。您最終會浪費大量有價值的產品。我們再次派出了專家團隊來解決這個問題。基本上，我們開發了一種我們認為非常非常高效的產品。我的意思是，損失個位數。這確實是我們所擁有的，但沒有提供太多細節。

Well, Dr. Serhan just gave you more information, but you were saying 10% and he's not talking single digits, which is good news. But Jeff, if I may just summarize, I'm very proud of our team. We do have very good people, and they have developed this technology. And this is going to be a competitive advantage that we will end up having as we go forward on this conversion of ammonia to hydrogen. We have time for one more question, please go ahead.

好吧，Serhan 博士剛剛向您提供了更多信息，但您說的是 10%，而他說的不是個位數，這是個好消息。但是傑夫，如果我可以概括一下的話，我為我們的團隊感到非常自豪。我們確實有非常優秀的人才，他們開發了這項技術。當我們推進氨向氫的轉化時，這將成為我們最終將擁有的競爭優勢。我們還有時間再問一個問題，請繼續。

Our last question comes from Vincent Andrews with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的文森特·安德魯斯。

This is Steve Haynes on for Vincent. Maybe just a quick one on the fourth quarter guide. I think 4Q usually steps up a bit more seasonally than what you have baked in? I know you just kind of talked about some macro uncertainty in China and in Europe, but is there anything else in there that's causing a little bit of the more muted 4Q ramp?

我是文森特的史蒂夫·海恩斯。也許只是第四季度指南的快速介紹。我認為第四季度通常比你烘焙的產品更具季節性？我知道您剛才談到了中國和歐洲的一些宏觀不確定性，但是還有其他什麼因素導致第四季度的增長更加溫和嗎？

Well, thank you for your question. When we give you guidance, we put touch together about what it is that we can see in terms of our best judgment of what we think we can deliver. When you look at our fourth quarter, I do agree with you that compared to seasonally adjusted results in the previous years, it seems that there is not as much of a jump as you would expect.

嗯，謝謝你的提問。當我們為您提供指導時，我們會根據對我們認為可以提供的服務的最佳判斷，匯總我們可以看到的內容。當你看看我們的第四季度時，我確實同意你的觀點，與前幾年經季節性調整的結果相比，似乎沒有你預期的那麼大的跳躍。

So on that front, maybe you can tell us that we are being a little bit cautious, but we are being cautious because we are totally uncertain about some of the economies. But that is our best judgment at this time. And obviously, I certainly hope that we can do better than that.

因此，在這方面，也許你可以告訴我們，我們有點謹慎，但我們之所以謹慎，是因為我們對某些經濟體完全不確定。但這是我們目前最好的判斷。顯然，我當然希望我們能做得更好。

Well, thank you very much. That concludes our session. And I would like to again thank everyone for joining our call today. We really appreciate your interest and your good questions. And we look forward to discussing our results with you again next quarter. Stay safe. Have a great summer and talk to you soon. Take care. Thank you.

好的，謝謝。我們的會議到此結束。我想再次感謝大家今天加入我們的電話會議。我們非常感謝您的興趣和您提出的好問題。我們期待下個季度再次與您討論我們的結果。注意安全。祝你度過一個愉快的夏天，很快就會和你談談。小心。謝謝。

This concludes today's call. Thank you again for your participation. You may now disconnect, and have a great day.

今天的電話會議到此結束。再次感謝您的參與。您現在可以斷開連接，祝您有美好的一天。