貝克休斯 (BKR) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Baker Hughes Company third quarter, 2024 earnings call. At this time, all participants are in a listen-only mode later. We welcome to the question and answer session and instructions will follow at that time.

女士們、先生們，美好的一天，歡迎參加貝克休斯公司 2024 年第三季財報電話會議。此時，所有參與者稍後都處於只聽模式。我們歡迎參加問答環節，屆時將提供說明。

As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference. Mr. Chase Moville, Vice President of Investor relations, sir. You may begin.

謹此提醒，本次電話會議正在錄音中。現在我想介紹一下今天會議的主持人。 Chase Moville 先生，投資者關係副總裁，先生。你可以開始了。

Thank you. Good morning, everyone and welcome to Baker Hughes third quarter earnings conference call here with me, our Chairman and CEO Lorenzo Ciminelli and our CFO Nancy Bey.

謝謝。大家早安，歡迎與我、我們的董事長兼執行長 Lorenzo Ciminelli 以及我們的財務長 Nancy Bey 一起參加貝克休斯第三季財報電話會議。

The earnings release we issued yesterday evening can be found on our website at Bakerhughes dotcom. We will also be using a presentation with our prepared remarks during this webcast which can be found on our website. As a reminder during this conference call, we will provide forward-looking statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our sec filings and website for factors that could cause actual results to differ, materially, reconciliations of operating income and other GAAP to non-GAAP measures can be found in our earnings release. With that. I'll turn the call over to Lorenzo.

我們昨天晚上發布的收益報告可以在我們的網站 Bakerhughes dotcom 上找到。我們還將在本次網路廣播中使用包含我們準備好的評論的演示文稿，該演示文稿可以在我們的網站上找到。作為本次電話會議期間的提醒，我們將提供前瞻性陳述。這些陳述不是對未來業績的保證，並且涉及許多風險和假設。請查看我們的證券交易文件和網站，以了解可能導致實際結果出現重大差異的因素，營業收入和其他 GAAP 與非 GAAP 指標的調節可以在我們的收益報告中找到。就這樣。我會把電話轉給洛倫佐。

Thank you, Chase. Good morning everyone and thanks for joining us starting on slide 4, we delivered strong third quarter results highlighted by another record quarterly EBITDA and the third consecutive quarter of at least 20% year on year. EBITDA growth.

謝謝你，蔡斯。大家早安，感謝大家從投影片 4 開始加入我們，我們第三季業績強勁，季 EBITDA 再次創紀錄，並且連續第三季同比增長至少 20%。 EBITDA 成長。

Our margins continue to improve at an accelerated pace increasing year over year by 2.7-percentage-points to 17.5% which marks the highest margin quarter since 2017.

我們的利潤率持續加速改善，年增 2.7 個百分點，達到 17.5%，這是自 2017 年以來利潤率最高的季度。

This strong performance is driven by significant margin expansion across both segments. With clear progress being made to our 20% EBITDA margin targets total company orders remain at solid levels during the quarter including $2.9 billion. For this marks the eighth consecutive quarter for a orders at or above that level and highlights the end market diversity and versatility of our technologies.

這種強勁的業績是由兩個細分市場的利潤率大幅擴張所推動的。隨著我們 20% EBITDA 利潤率目標取得明顯進展，本季公司訂單總額保持在穩定水平，其中包括 29 億美元。因為這標誌著連續第八個季度的訂單達到或高於該水平，並凸顯了我們技術的終端市場多樣性和多功能性。

Our free cash flow performance was equally impressive during the quarter coming in at $754 million.

本季我們的自由現金流表現同樣令人印象深刻，達到 7.54 億美元。

Our business continues to perform well and we remain confident in achieving the midpoint of our full year. Ebitda guidance Baker Hughes is becoming less cyclical and is demonstrating the capability to generate more durable earnings and free cash flow across cycles. Given our balanced portfolio, significant reoccurring it service revenue and improved cost structure.

我們的業務持續表現良好，我們仍然有信心實現全年中期目標。 EBITDA 指引貝克休斯的周期性正在減弱，並展示了跨週期產生更持久的收益和自由現金流的能力。鑑於我們均衡的產品組合、可觀的重複性 IT 服務收入和改善的成本結構。

In addition to the company's untapped market opportunities, turning to slide 5, we want to highlight recent key awards and technology developments in gas technology equipment. We secured two additional FPSO orders increasing the year-to-date total to four.

除了公司尚未開發的市場機會（請參閱投影片 5）外，我們還想重點介紹天然氣技術設備方面最近的關鍵獎項和技術發展。我們又獲得了兩份 FPSO 訂單，使年初至今總數達到四份。

Siphon awarded us a contract to supply BCL and ICL centrifugal compressors for total energy's all electric Tambi FSO project in Angola.

Siphon 授予我們一份合同，為 Total Energy 在安哥拉的全電動 Tambi FSO 項目供應 BCL 和 ICL 離心壓縮機。

Separately, I was selected to provide electric motor driven compressors for an FPSO project in a strategic Latin American basin in gas technology services. We secured a multi decade agreement for an LNG facility in the Middle East to provide extensive aftermarket services and digital solutions leveraging its iss including this award. Gas technology services has booked into RPO over $600 million of contractual service agreements year-to-date highlighting the value of gas technology's life cycle offering in new energy. We continue to see solid order momentum. We booked $287 million during the quarter. Increasing year-to-date orders to $971 million.

另外，我還被選中為拉丁美洲戰略性天然氣技術服務盆地的 FPSO 專案提供電動馬達驅動壓縮機。我們與中東的液化天然氣設施達成了一項為期數十年的協議，利用其基礎設施提供廣泛的售後服務和數位解決方案，包括該獎項。年初至今，天然氣技術服務已向 RPO 預訂了超過 6 億美元的合約服務協議，凸顯了天然氣技術在新能源生命週期產品中的價值。我們繼續看到強勁的訂單勢頭。本季我們預訂了 2.87 億美元。年初至今的訂單增加至 9.71 億美元。

We are on pace to exceed the high end of our $800 million to billion dollar order guidance anticipating to book over a billion for the first time in climate technology solutions. We received the largest award to date for our zero emissions technology.

我們正在努力超越 8 億至 10 億美元訂單指引的上限，預計氣候技術解決方案的訂單量將首次超過 10 億美元。我們的零排放技術獲得了迄今為止最大的獎項。

As part of the UAE's decarboniation strategy, we will supply 10 compressor units to buy petroleum enterprise for the Maghan gas storage facility. Highlighting continued strong global demand for gas infrastructure in Ofss. We continue to experience strong order momentum in Brazil, further strengthening our relationship with petrobras during the quarter. We received multiple contracts to supply flexible pipe systems in Brazil's Santos Basin.

作為阿聯酋脫碳策略的一部分，我們將為購買石油企業的Maghan儲氣設施提供10台壓縮機組。突顯全球對 Ofss 天然氣基礎設施的持續強勁需求。我們在巴西的訂單勢頭繼續強勁，本季進一步加強了我們與巴西石油公司的關係。我們收到了多份在巴西桑托斯盆地供應柔性管道系統的合約。

The contracts also include multiyear service agreements to support maintenance activities through the life cycle of the project.

這些合約還包括多年服務協議，以支援專案整個生命週期的維護活動。

We are also seeing increased brownfield activity as more customer spending is allocated to optimizing recovery from existing fields. An underlying trend that we expect to last many decades.

我們也看到，隨著更多的客戶支出被分配到優化現有油田的回收，棕地活動增加。我們預計這一潛在趨勢將持續數十年。

This creates a strong backdrop for mature asset solutions. Our integrated offering that leverages ofsc's full range of innovative technologies to enhance total field recovery.

這為成熟的資產解決方案創造了強大的背景。我們的綜合產品利用 ofsc 的全系列創新技術來提高現場總採收率。

Aligned with this trend, we were awarded a sizable multiyear well intervention and completion contract in the Middle East.

與此趨勢一致，我們在中東獲得了一份規模可觀的多年期修井和完井合約。

We continue to make progress on the digital front OFSC benefited from increased customer adoption of L A. Our intelligent automated field production digital solution.

我們在數位化方面不斷取得進展 OFSC 得益於洛杉磯客戶越來越多地採用我們的智慧自動化現場生產數位解決方案。

A major global operator expanded the use of LPE across multiple wells in the permian basin, enabling optimized recovery rates through real time field orchestration to produce lower carbon short cycle barrels.

一家全球大型營運商在二疊紀盆地的多口井中擴大了 LPE 的使用，透過即時現場協調來優化採收率，以生產低碳短週期桶。

Additionally, we announced earlier this month, a new strategic collaboration with Repsol to develop and deploy next generation A I capabilities for LCI A across its global upstream portfolio.

此外，我們在本月稍早宣布與 Repsol 進行新的策略合作，以便在其全球上游產品組合中為 LCI A 開發和部署下一代人工智慧功能。

In addition at the GTEC conference, last month, we launched carbon edge powered by its corant.

此外，在上個月的 GTEC 會議上，我們推出了由其 Corant 提供支援的 Carbon Edge。

This end to end risk based digital solution delivers precise real time data and alerts on co two flows across infrastructure from subsurface to surface.

這種基於風險的端到端數位解決方案可提供精確的即時數據和關於跨基礎設施從地下到地面的二氧化碳流的警報。

This connectivity enables OFSC and customers to mitigate risk, improve decision making, enhance operational efficiency and simplify regulatory reporting.

這種連接使 OFSC 和客戶能夠降低風險、改善決策、提高營運效率並簡化監管報告。

Turning to the next slide. It is important to reiterate our long held macro view of structurally growing energy demand which underpins our strategy and remains the nucleus of our long term growth potential.

轉到下一張投影片。重要的是要重申我們長期以來對結構性能源需求成長的宏觀看法，這是我們策略的基礎，並且仍然是我們長期成長潛力的核心。

Between now and 2040 we expect global primary energy demand to grow by 10% driven by population growth and increasing energy intensity across major developing countries.

從現在到 2040 年，我們預計，在主要發展中國家的人口成長和能源強度增加的推動下，全球一次能源需求將增加 10%。

Put this in perspective, there are roughly 8 billion people in the world today. 1 billion live in OECD countries with the other 7 billion living in emerging economies.

從這個角度來看，當今世界大約有 80 億人口。 10 億人生活在經合組織國家，另外 70 億人生活在新興經濟體。

According to the energy institute, a person in the developed world consumes on average three times the energy of a person who lives in emerging countries. Therefore, even a small increase in energy consumption per capita in the emerging world can have a sizable impact on overall energy demand.

根據能源研究所的數據，已開發國家的人平均消耗的能源是新興國家的人的三倍。因此，即使新興世界人均能源消耗量小幅增加，也會對整體能源需求產生相當大的影響。

While we forecast significant growth in renewables, we believe this increase in primary energy demand will need to be met by multiple sources.

雖然我們預測再生能源將大幅成長，但我們認為一次能源需求的成長需要多種來源來滿足。

Ultimately, we expect renewables to fall short of meeting both growing demand and replacing hydrocarbons to decarbonize the existing energy system.

最終，我們預計再生能源將無法滿足不斷增長的需求並取代碳氫化合物來實現現有能源系統的脫碳。

It will take an all of the above strategy focusing on the emissions and not the fuel source to meet the increase in energy demand.

需要採取所有上述策略，重點關注排放而不是燃料來源，以滿足能源需求的成長。

In our view, natural gas is a clear winner. It is abundant, low cost and has lower emissions. This is the age of gas.

我們認為，天然氣是明顯的贏家。它資源豐富、成本低、排放量低。這是天然氣時代。

By 2040 we expect natural gas demand to grow by almost 20%. And global LNG demand to increase at an even faster rate of 75%.

到 2040 年，我們預計天然氣需求將成長近 20%。全球液化天然氣需求將以75%的更快速度成長。

This backdrop provides a very constructive environment in which Baker Hughes can flourish. We are experiencing a significant increase in gas infrastructure, equipment orders and anticipate. This trend will continue. As many developing economies look to increase the use of natural gas within power generation and industrial applications in LNG. We continue to see a requirement for 800 mtpa of liquefaction capacity by 2030 to meet increasing global LNG demand.

這種背景為貝克休斯的蓬勃發展提供了非常有建設性的環境。我們正在經歷天然氣基礎設施、設備訂單和預期的顯著增加。這種趨勢將會持續下去。許多發展中經濟體希望增加天然氣在發電和液化天然氣工業應用中的使用。我們仍然認為到 2030 年需要 800 噸/年的液化能力，以滿足不斷增長的全球液化天然氣需求。

This view is supported by more than 200 mtpa of LNG capacity under construction today and a positive outlook for additional fis turning to oil. We anticipate moderating levels of demand growth through the end of the decade.

目前在建液化天然氣產能超過 200 噸/年，以及更多金融轉向石油的樂觀前景支持了這一觀點。我們預計到本世紀末需求成長水準將放緩。

In this environment, we expect OpEx spend to accelerate as the focus shifts from Greenfield to brownfield developments.

在這種環境下，我們預計隨著重點從綠地開發轉向棕地開發，營運支出將會加速。

We have positioned our ofse portfolio for differentiated growth in mature fields playing a leading role in helping customers optimize oil and gas production through our mature asset solutions.

我們將這些投資組合定位於成熟領域的差異化成長，在透過我們成熟的資產解決方案幫助客戶優化油氣生產方面發揮主導作用。

With this energy mixed backdrop, the focus must be on lowering emissions.

在這種能源混合的背景下，重點必須放在降低排放。

We see energy efficiency and decarboniation technologies playing a critical role in achieving net zero goals.

我們認為能源效率和脫碳技術在實現淨零目標方面發揮關鍵作用。

We are focusing our efforts to enhance and develop new technologies in these areas and see this as a fundamental growth theme for our company on decarboniation. We continue to experience good traction across our new energy portfolio which focuses on ccus hydrogen geothermal clean power and emissions abatement.

我們正在集中精力加強和開發這些領域的新技術，並將其視為我們公司脫碳的基本成長主題。我們的新能源產品組合繼續保持良好的吸引力，並專注於CCUS氫地熱清潔能源和減排。

We expect deployment of decarbonisation technologies will continue to gain momentum as policy support and technology advances drive improving project economics.

我們預計，隨著政策支援和技術進步推動專案經濟性的改善，脫碳技術的部署將繼續獲得動力。

With this anticipated strengthening demand backdrop, we remain confident in our ability to achieve our 2030 orders target of $6 billion to $7 billion across our industrial and energy installed base. We are also developing solutions to enhance efficiency and reduce emissions from our equipment.

在這種預期需求增強的背景下，我們仍然有信心實現 2030 年工業和能源裝置基地 60 億至 70 億美元的訂單目標。我們也正在開發解決方案，以提高設備的效率並減少排放。

This can be in the form of upgrading turbines and compressors, installing electric motors or adding zero leak valves beyond equipment, we are seeing increased levels of digital adoption for cordant which improves asset performance, optimizes processes and reduces energy consumption.

這可以是升級渦輪機和壓縮機、安裝電動馬達或在設備之外添加零洩漏閥的形式，我們看到cordant的數位化採用水準不斷提高，從而提高了資產性能、優化了流程並降低了能耗。

Turning to slide 7, I wanted to spend some time discussing near term market dynamics where we see customer spend shifting to global gas and mature fuels as oil demand, fundamentals soften oil markets have recently been impacted by both supply and demand factors including slowing global economic growth, resilient North American production, weakening OPEC plus compliance and geopolitical uncertainty in the Middle East.

轉向幻燈片7，我想花一些時間討論近期市場動態，我們看到隨著石油需求、基本面軟化，石油市場最近受到供需因素（包​​括全球經濟放緩）的影響，客戶支出轉向全球天然氣和成熟燃料經濟成長、北美產量的彈性、歐佩克的削弱以及中東地緣政治的不確定性。

Even with the uncertain oil macro backdrop. Our global upstream spending outlook for this year remains unchanged in North America. We continue to anticipate spending to decrease year over year in the mid single digits range and we expect to outperform given our production weighted portfolio mix across international markets, we maintain our outlook for high single digit growth this year.

即使在石油宏觀背景不確定的情況下。我們對今年北美地區的全球上游上游支出前景保持不變。我們繼續預計支出將同比減少在個位數範圍內，並考慮到我們在國際市場上的生產加權投資組合，我們預計將跑贏大盤，我們維持今年高個位數成長的前景。

Looking beyond 2024. There are many factors that we are monitoring that could drive further volatility in oil prices on the supply side, we continue to see production increasing in North America, adding to the growth in deep water production that is planned for next year.

展望2024年後。

Combining these variables with planned OPEC plus production increases, projections point to relatively soft oil fundamentals in 2025.

將這些變數與 OPEC 和增產計劃相結合，預測顯示 2025 年石油基本面相對疲軟。

However, geopolitical uncertainty across the Middle East could create added volatility for oil prices.

然而，中東地緣政治的不確定性可能會加劇油價的波動。

We continue to evaluate our 2025 plans for the company and we will communicate guidance in January based on the current macro and geopolitical environment, we expect next year's global upstream spending to be similar to 2024 levels as the upstream cycle matures, we expect our customers to increasingly focus on optimizing production from existing assets, providing significant growth opportunities for our mature asset solutions.

我們繼續評估公司2025年的計劃，我們將根據當前的宏觀和地緣政治環境在1月份傳達指導意見，我們預計隨著上游週期的成熟，明年的全球上游支出將與2024年的水平相似，我們預計我們的客戶越來越注重優化現有資產的生產，為我們成熟的資產解決方案提供重大成長機會。

This leverages our decades of experience, deep domain knowledge and industry leaning technologies by capitalizing on our expansive capabilities across the ofse portfolio.

透過利用我們在這些產品組合中的廣泛能力，這充分利用了我們數十年的經驗、深厚的領域知識和行業傾斜技術。

By 2030 we estimate that 80% of the world's oil and gas supply will be produced by mature fields.

我們預計到 2030 年，全球 80% 的石油和天然氣供應將由成熟油田生產。

Turning to natural gas, we continue to see strong growth which will drive demand for our gas L products and solutions in both OFSC and IE for LNG year-to-date offtake contracting has totaled 78 MTPA which is on pace to exceed the record. 84 MTPA achieved in 2022.

談到天然氣，我們繼續看到強勁的成長，這將推動 OFSC 和 IE 中對我們的 Gas L 產品和解決方案的需求，今年迄今的 LNG 承購合約已總計 78 MTPA，有望突破紀錄。 2022 年實現 84 MTPA。

This contracting strength supports our outlook for 100 MTPA of fids between 2024 and 2026.

這種簽約力度支持了我們對 2024 年至 2026 年期間 100 MTPA 的預測。

We also continue to see strong demand for gas infrastructure projects with significant awards this year for MGS three in Saudi Arabia, Hazar Iel in Algeria and IMA Hams gas storage facility in Dubai.

我們也繼續看到對天然氣基礎設施項目的強勁需求，今年沙烏地阿拉伯的 MGS 3、阿爾及利亞的 Hazar Iel 和杜拜的 IMA Hams 天然氣儲存設施獲得了重大獎項。

We expect non LNG gas technology equipment orders this year to more than double levels booked in 2023 on the back of another strong year for new energy. We see several projects progressing to fid in the US and internationally in 2025 giving us confidence that our new energy orders will continue to grow to conclude on the market outlook. Our production levered ofsc portfolio will benefit from increasing levels of ex spending.

我們預計，由於新能源又一個強勁的一年，今年的非液化天然氣技術設備訂單將比 2023 年預訂量增加一倍以上。我們看到幾個項目將於 2025 年在美國和國際上取得最終投資，這讓我們相信我們的新能源訂單將繼續增長，從而對市場前景做出結論。我們的生產槓桿 ofsc 投資組合將受益於稅前支出水準的提高。

In addition, our diversified I portfolio and significant leverage to recurring revenue position us well to drive more earnings and free cash flow stability which will be supplemented by the structural growth drivers. Our outline in our long term energy outlook turning to slide 8, I wanted to spend a few minutes discussing the full life cycle aspect of gas technology where there is a strong linkage between equipment and services. This connectivity and associated recurring service revenue stream are valuable characteristics of our business that are more aligned with our high quality industrial peers.

此外，我們多元化的投資組合和對經常性收入的巨大槓桿作用使我們能夠很好地推動更多的收益和自由現金流的穩定性，而結構性成長動力將補充這一點。我們在長期能源展望中的概述轉向幻燈片 8，我想花幾分鐘討論天然氣技術的整個生命週期方面，其中設備和服務之間存在緊密的聯繫。這種連接性和相關的經常性服務收入流是我們業務的寶貴特徵，與我們的高品質工業同行更加一致。

Starting from the design phase of the project, we work closely with our customers to select the right equipment to meet the desired operating conditions while also providing solutions that are safe, reliable and efficient.

從專案的設計階段開始，我們與客戶密切合作，選擇合適的設備以滿足所需的操作條件，同時提供安全、可靠和高效的解決方案。

This early engagement provides significant visibility into our future equipment orders after receiving the equipment award. We worked with the customer to design the appropriate maintenance plan to optimize their total cost of ownership.

這種早期參與為我們在獲得設備獎後未來的設備訂單提供了重要的可見性。我們與客戶合作設計適當的維護計劃，以優化他們的總擁有成本。

This typically includes preventive maintenance, the provision of spare parts, repairs and field technical support.

這通常包括預防性維護、提供備件、維修和現場技術支援。

Compared to the original equipment sale. These aftermarket service agreements provide recurring revenue streams that can generate 1 to 2 times the revenue over the life of the equipment.

與原廠設備銷售相比。這些售後服務協議提供了經常性收入流，可以在設備的使用壽命內產生 1 到 2 倍的收入。

Commercial value of these long term agreements is linked to performance reliability and availability guarantees.

這些長期協議的商業價值與性能可靠性和可用性保證相關。

This along with the engineering support over the life of the contract drives customer loyalty and in turn higher margins.

這與合約期間的工程支援一起提高了客戶忠誠度，進而提高了利潤。

In many cases, this recurring service revenue is supplemented by upgrade opportunities on our installed equipment.

在許多情況下，我們已安裝設備的升級機會可以補充這種經常性服務收入。

As the original equipment manufacturer with decades of service experience, we have the best knowledge to assess the feasibility of various options.

作為擁有數十年服務經驗的原始設備製造商，我們擁有評估各種選項可行性的最佳知識。

We have successfully executed over 2000 upgrade projects around the world optimizing upstream oil and gas production LNG production, pipeline transport volumes, refinery and petrochemical output and much more to meet rising upgrade demand. We are investing in new technology that keeps equipment running beyond its original design life and improve the availability, reliability emissions, productivity and the life cycle costs of our customers' installed equipment.

我們已在全球成功執行了 2000 多個升級項目，優化上游石油和天然氣生產、液化天然氣生產、管道運輸量、煉油和石化產量等，以滿足不斷增長的升級需求。我們正在投資新技術，使設備的運作超越其原始設計壽命，並提高客戶所安裝設備的可用性、可靠性排放、生產力和生命週期成本。

Our service capabilities will also continue to evolve and provide additional growth opportunities for our advanced service solutions leveraging the latest A I capabilities in over 20 years of monitoring and diagnostic data from our machines through our centre facilities which specialize in the edge to cloud applications and remote operations. We are able to improve operating performance, increase asset efficiency and reduce emissions throughout the life of the equipment.

我們的服務能力也將繼續發展，並為我們的先進服務解決方案提供額外的成長機會，利用最新的人工智慧功能，透過我們專門從事邊緣到雲端應用程式和遠端操作的中心設施，從我們的機器中收集20多年來的監控和診斷數據。我們能夠在設備的整個生命週期中提高營運績效、提高資產效率並減少排放。

At every stage of this life cycle journey, we are closely aligned with our customers to ensure they extract the best value from our equipment.

在這個生命週期的每個階段，我們都與客戶密切合作，以確保他們從我們的設備中獲得最佳價值。

In return, we are rewarded with a recurring higher margin revenue stream that is reflective of the differentiated industrial like aftermarket services provided by gas technology.

作為回報，我們獲得了經常性的更高利潤率的收入流，這反映了天然氣技術提供的差異化工業（如售後服務）。

Looking at slide 9, our gas technology serviceable equipment base which spans across LNG onshore, offshore production, industrial downstream and gas infrastructure markets has doubled from 4,400 units in 2,000 to about 9,000 units in 2023.

從幻燈片9 來看，我們的天然氣技術可維修設備基地涵蓋液化天然氣陸上、海上生產、工業下游和天然氣基礎設施市場，數量已從2,000 台中的4,400 台增加到2023 年的約9,000 台，翻了一番。

Due to the significant growth and the introduction of service business models like contractual service agreements in the early 2,000. Our gas technology services revenues demonstrated a notable increase from about $400 million in 2000 to $2.6 billion in 2023.

由於 2000 年初合約服務協議等服務業務模式的顯著成長和引入。我們的天然氣技術服務收入顯著增加，從 2000 年的約 4 億美元增至 2023 年的 26 億美元。

Looking out to 2030 we expect our serviceable installed base to increase by 20% given our robust level of equipment backlog and positive outlook for orders.

展望 2030 年，鑑於我們強勁的設備積壓水準和積極的訂單前景，我們預計我們的可用裝置量將增加 20%。

This significant installed base growth and the multi decade lifespan of our equipment gives us confidence that we can structurally grow our gas technology services revenue over the next decade anchored by gas technology's life cycle business model. Our IET segment is truly differentiated and what sets us apart from our peer group before turning the call over to Nancy. I would also like to take a moment to welcome Amerino Gatti to the company as our new Executive Vice President of OFSC Amerino has an extensive background in both energy and industrial sectors.

裝機量的顯著增長和設備長達數十年的使用壽命使我們相信，我們可以在未來十年以天然氣技術的生命週期業務模式為基礎，結構性地增長我們的天然氣技術服務收入。在將電話轉交給 Nancy 之前，我們的 IET 細分市場確實與眾不同，這使我們在同行中脫穎而出。我還想花一點時間歡迎 Amerino Gatti 加入公司，因為我們新任 OFSC 執行副總裁 Amerino 在能源和工業領域擁有廣泛的背景。

He will be pivotal in leading OS E into the next horizon. Building upon the strong foundations laid by Maria Claudia Boris and her team to achieve our 2025 margin targets.

他將在帶領 OS E 進入新視野的過程中發揮關鍵作用。以 Maria Claudia Boris 及其團隊奠定的堅實基礎為基礎，實現我們的 2025 年利潤目標。

We are accelerating towards the next phase of our journey across our three horizons. We remain focused on executing our strategic pillars which include transforming the core, driving profitable growth and delivering for new energy.

我們正在加速邁向跨越三個視野的下一階段旅程。我們仍然專注於執行我們的策略支柱，包括核心轉型、推動獲利成長和提供新能源。

We are committed to driving margins and returns higher and realizing the full potential of our diversified energy and industrial company. With that, I'll turn the call over to Nancy.

我們致力於提高利潤和回報，並充分發揮我們多元化能源和工業公司的潛力。這樣，我就把電話轉給南希。

Thanks Lorenzo. I will begin on slide 11 with an overview of our consolidated results and then speak to segment details before summarizing our outlook. We have again delivered solidly on our third quarter results, setting another record for quarterly EBITDA and generating the highest EBITDA margins for the company since 2017. It is clear that our focus on operational excellence and profitable growth is demonstrating results ofse and IET both delivered exceptionally strong margin performance helping to drive record adjusted EBITDA of approximately $1.21 billion a 23% year over year increase. And above our guidance midpoint, we have now met or exceeded the midpoint of our EBITDA guidance for all seven quarters that we've been providing guidance. We are delivering on our commitments and we remain focused on meeting our targets.

謝謝洛倫佐。我將從投影片 11 開始概述我們的綜合業績，然後在總結我們的前景之前討論細分市場的詳細資訊。我們再次穩健地交付了第三季業績，創下了季度EBITDA 的新紀錄，並為公司創造了自2017 年以來最高的EBITDA 利潤率。和IET 都交付了出色的成果強勁的利潤率表現幫助推動創紀錄的調整後 EBITDA 達到約 12.1 億美元，同比增長 23%。在我們的指導中點之上，我們現在已經達到或超越了我們提供指導的所有七個季度的 EBITDA 指導中點。我們正在兌現我們的承諾，並繼續致力於實現我們的目標。

GAAP operating income was $930 million. There were no adjustments to operating income during the quarter. GAAP diluted earnings per share were $0.77 excluding adjusting items, earnings per share were $0.67 an increase of 59%. When compared to the same quarter. Last year, our adjusted tax rate declined to 26%. As we continue to execute our tax optimization program, we expect our year end tax rate to be slightly below the midpoint of our full year guidance range.

GAAP 營業收入為 9.3 億美元。本季營業收入沒有調整。 GAAP 稀釋後每股收益為 0.77 美元，不包括調整項目，每股收益為 0.67 美元，成長 59%。與同季相比。去年，我們調整後的稅率降至26%。隨著我們繼續執行稅收優化計劃，我們預計年終稅率將略低於全年指導範圍的中點。

As Lorenzo mentioned, we delivered another quarter of solid orders with total company orders of $6.7 billion including $2.9 billion for my IET the diversity of IETS in markets continue to support a healthy order book strengthened by additional gas infrastructure projects and two FPSO awards.

正如Lorenzo 所提到的，我們又交付了四分之一的穩定訂單，公司訂單總額為67 億美元，其中包括29 億美元的IET，市場中IETS 的多樣性繼續支持健康的訂單簿，額外的天然氣基礎設施項目和兩個FPSO 獎項加強了訂單簿。

We generated free cash flow of $754 million for the quarter, bringing our year-to-date total to almost $1.4 billion for the full year. We are targeting free cash flow conversion of 45% to 50%.

本季我們產生了 7.54 億美元的自由現金流，使我們年初至今的全年總現金流達到近 14 億美元。我們的目標是將自由現金流轉化為 45% 至 50%。

Our balance sheet remains strong ending the third quarter with cash of $2.7 billion net debt to EBITDA ratio of 0.8 times and liquidity of $5.7 billion.

截至第三季度，我們的資產負債表依然強勁，現金為 27 億美元，淨負債與 EBITDA 比率為 0.8 倍，流動性為 57 億美元。

Turning to capital allocation on flight 12.

轉向 12 號航班的資本分配。

In the third quarter, we returned $361 million to shareholders. This includes $209 million of dividend and $152 million of shares repurchased during the third quarter. Year-to-date, we have returned $1.1 billion to investors for the full year. We remain committed to returning 60 to 80% of free cash flow to shareholders. Our primary focus is to continue growing the dividend with increases aligned with the structural growth of the business, we will continue to use share repurchases to reach the target range and we remain opportunistic.

第三季度，我們向股東返還 3.61 億美元。其中包括第三季 2.09 億美元的股利和 1.52 億美元的股票回購。年初至今，我們全年已向投資者返還 11 億美元。我們仍然致力於將 60% 至 80% 的自由現金流返還給股東。我們的主要重點是繼續增加股息，並根據業務的結構性增長來增加股息，我們將繼續利用股票回購來達到目標範圍，並且我們仍然保持機會主義。

Now I will walk you through the business segment results in more detail and provide our outlook starting with industrial and energy technology on slide 13 iete but outperformed our guidance midpoint entirely attributed to outstanding margin performance. As I will discuss later, the process mindset adopted by the team is driving a culture of improved efficiency and productivity which is clearly reflected in the segment's margin performance.

現在，我將向您詳細介紹業務部門的業績，並從幻燈片13 iete 上的工業和能源技術開始提供我們的展望，但其表現優於我們的指導中點，完全歸功於出色的利潤率表現。正如我稍後將討論的，團隊採用的流程思維正在推動一種提高效率和生產力的文化，這清楚地反映在該部門的利潤表現中。

IET orders remain strong at $2.9 billion driven by further FPSO and gas infrastructure orders. We are also seeing solid momentum for corant solutions which booked record orders year-to-date. We have now booked $9.2 billion of iet orders and we remain on pace to achieve our full year order guidance. The versatility and differentiation of the IET portfolio remains significant advantages for Baker Hughes allowing us to profitably grow with new customers across both core energy and industrial end markets.

受更多 FPSO 和天然氣基礎設施訂單的推動，IET 訂單依然強勁，達到 29 億美元。我們還看到 Corant 解決方案的強勁勢頭，今年迄今已預訂了創紀錄的訂單。目前，我們已預訂了 92 億美元的 iet 訂單，並將繼續努力實現全年訂單指引。 IET 產品組合的多功能性和差異化仍然是貝克休斯的顯著優勢，使我們能夠與核心能源和工業終端市場的新客戶一起實現盈利增長。

IE RPO ended the quarter at $30.2 billion. An increase from prior quarter's record level and up 5% year on year.

IE RPO 本季末達到 302 億美元。較上季創紀錄水準有所成長，年增 5%。

This level of RPO provides exceptional revenue and earnings visibility over the coming years. As we execute our robust equipment backlog, this will significantly increase our installed base which will then drive structural growth in our aftermarket service business. Well beyond 2030 ie revenue for the quarter was $2.9 billion. Up 9% versus the prior year led by a 200% increase in climate technology solutions and 9% growth in gas technology services.

這種水準的 RPO 可以在未來幾年提供卓越的收入和獲利可見度。當我們執行強勁的設備儲備時，這將顯著增加我們的安裝基礎，從而推動我們的售後服務業務的結構性成長。遠超 2030 年，即該季度的營收為 29 億美元。與上年相比成長 9%，其中氣候技術解決方案成長 200%，天然氣技術服務成長 9%。

IET I Beda was $528 million. Up 31% year over year.

IET I Beda 為 5.28 億美元。較去年同期成長31%。

EBITDA margin increased 2.9-percentage-points year over year to 17.9%.

EBITDA 利潤率年增 2.9 個百分點，達到 17.9%。

I want to specifically highlight the progress in gas technology equipment margins which are up significantly due to conversion of higher margin backlog, cost efficiency improvement and strong productivity gains. We also continue to see good margin expansion in a few of our more digital and industrial levered businesses.

我想特別強調天然氣技術設備利潤率的進展，由於利潤率較高的積壓訂單的轉換、成本效率的提高和生產率的強勁提高，天然氣技術設備利潤率顯著上升。我們也繼續看到一些數位化和工業槓桿率較高的業務的利潤率出現良好成長。

Turning to oilfield services and equipment on slide 14, the segment maintained its strong margin trajectory and we are on track to achieve our 20% margin target for next year. This is a testament to the work the ofse team has done to drive cost efficiencies and maintain commercial discipline as they remain focused on profitable growth and driving towards stronger service delivery to customers.

轉向幻燈片 14 上的油田服務和設備，該部門保持了強勁的利潤率軌跡，我們預計將實現明年 20% 的利潤率目標。這證明了這些團隊為提高成本效率和維持商業紀律所做的工作，因為他們仍然專注於獲利成長並推動向客戶提供更強大的服務。

Continued strength and flexibles help to drive subsidy and service pressure systems. Orders of $776 million we expect offshore activity to remain at solid levels and anticipate increased order contribution from subsidiary awards in 2025 ofse revenue in the quarter was $4 billion led by sequential growth and flexible type systems, surface pressure control and artificial lift.

持續的實力和靈活性有助於推動補貼和服務壓力系統。我們預計海上活動將達到7.76 億美元的訂單，保持穩定水平，並預計2025 年子公司授予的訂單貢獻將增加，其中本季的收入將達到40 億美元，這主要得益於連續增長和靈活類型系統、表面壓力控制和人工舉升。

International revenue was flat. Sequentially, growth continued in Europe and Sub Saharan Africa, which was offset by lower revenue in the Middle East. And Latin America in North America revenues declined 5%. Sequentially, mostly due to the Gulf of Mexico, North America. Land revenues were flat sequentially again, outperforming rig activity due to our heavy weighting towards production, levered businesses.

國際收入持平。隨後，歐洲和撒哈拉以南非洲地區持續成長，但被中東收入下降所抵消。北美地區和拉丁美洲的收入下降了5%。依序來說，主要是由於北美墨西哥灣。由於我們對生產、槓桿業務的重視，土地收入再次環比持平，表現優於鑽孔機活動。

Ofse EBITDA in the quarter was $765 million. Up 14% year over year ofse EBITDA margin rate was 19.3% increasing 2.3-percentage-points year over year, this strong margin improvement was led by higher pricing cost efficiency and productivity enhancements that we've been executing across the business. We are particularly pleased with the continued improvement in S SPS performance where margins increased to record levels.

Ofse 本季 EBITDA 為 7.65 億美元。 EBITDA 利潤率為 19.3%，年成長 14%，年成長 2.3 個百分點，利潤率的強勁成長得益於我們在整個業務範圍內實施的更高的定價成本效率和生產力增強。我們對 S SPS 業績的持續改善感到特別高興，利潤率達到了創紀錄的水平。

Turning to slide 15, I want to take a moment to emphasize the strong progress we're making in driving structural margin improvement. This is clearly evident from our results. An important aspect to highlight is that more than half of this quarter's year over year margin improvement is attributed to the transformation actions the team has executed across the company. This will continue to be a large contributor to our margin improvement. As we progress through 2025 we are executing several projects to streamline activities, remove duplication and modernized management systems. This is improving clarity, transparency and the pace of decision making, enabling our colleagues to work smarter and drive costs. Structurally lower.

轉向投影片 15，我想花點時間強調我們在推動結構性利潤改善方面取得的巨大進展。從我們的結果中可以清楚地看出這一點。需要強調的一個重要面向是，本季利潤率年增的一半以上歸因於團隊在整個公司範圍內執行的轉型行動。這將繼續成為我們利潤率改善的重要貢獻者。隨著 2025 年的進展，我們正在執行多個項目，以簡化活動、消除重複並實現管理系統現代化。這提高了決策的清晰度、透明度和速度，使我們的同事能夠更聰明地工作並降低成本。結構上較低。

We also continue to enhance our supply chain across the enterprise. Specifically on our procurement strategy, we are focused on sourcing a larger volume of materials from best cost countries by leveraging suppliers in India, Mexico and Eastern Europe.

我們也持續增強整個企業的供應鏈。具體到我們的採購策略，我們致力於利用印度、墨西哥和東歐的供應商，從最佳成本國家採購大量材料。

In IET, we have demonstrated significant progress this year highlighted by ebida margins reaching the high teams this quarter, we remain on track to achieve our 20% margin target in 2026 an important milestone in our journey towards high quality industrial type margins.

在IET，我們今年取得了重大進展，本季的ebida 利潤率達到了高水平，我們仍有望在2026 年實現20% 的利潤率目標，這是我們邁向高品質工業類型利潤率之旅的重要里程碑。

The key drivers in achieving our margin target include conversion of higher margin, gas technology equipment, backlog cost and supply chain efficiencies, higher industrial technology margins and reduced R&D spending as revenues continue to grow.

實現利潤率目標的關鍵驅動因素包括更高利潤率的轉換、天然氣技術設備、積壓成本和供應鏈效率、更高的工業技術利潤率以及隨著收入持續增長而減少的研發支出。

We are demonstrating tremendous progress in ie the team has adopted a process mindset that is driving a culture of improved efficiency and productivity, embracing industrial automation and deploying lien strategies across our operations. This is yielding higher throughput, lower manufacturing costs and reduced lead times for our customers this year alone, IET has initiated over 100 Kazan projects to give you some perspective on targeted improvements from these. Kazan's. The team has recently reduced the lead time of one of our X ray industrial inspection machines by third and made significant improvements to product costs on multiple product lines. In OFSE.

我們正在展示巨大的進步，即團隊已經採用了一種流程思維方式，這種思維方式正在推動提高效率和生產力的文化，擁抱工業自動化並在我們的營運中部署留置權策略。光是今年，IET 就為我們的客戶帶來了更高的吞吐量、更低的製造成本和更短的交貨時間，IET 已啟動了100 多個喀山項目，讓您對這些項目的針對性改善有所了解。喀山的。該團隊最近將一台 X 光工業檢測機的交貨時間縮短了三分之一，並大幅降低了多個產品線的產品成本。在 OFSE 中。

We delivered an EBITDA margin rate of 19.3% in the quarter which is approaching our 20% target S SPS performance. This year is a great example of the progress we have made in OFSE S SPS. Ebida margins have increased significantly over the last two quarters and now are in line with our subea equipment peers.

本季我們的 EBITDA 利潤率為 19.3%，接近我們 20% 的 SPS 業績目標。今年是我們在 OFSE S SPS 方面取得的進展的一個很好的例子。過去兩個季度，Ebida 利潤率顯著增加，目前與 subea 設備同業持平。

This has been driven by refocusing our commercial model, right? Sizing our capacity and improving our execution.

這是透過重新調整我們的商業模式來推動的，對吧？調整我們的能力並提高我們的執行力。

There are still more opportunities across the broader OFSC portfolio to optimize our supply chain, improve service delivery and drive further cost productivity. We are focused on profitable growth over the coming years and remain confident in driving continuous margin improvement beyond our 20% target overall, we are making significant progress in changing the way we operate and are excited by the many opportunities still available to drive margins even higher across Baker Hughes.

更廣泛的 OFSC 產品組合中還有更多機會來優化我們的供應鏈、改善服務交付並進一步提高成本生產力。我們專注於未來幾年的獲利成長，並對推動利潤率持續提高超過 20% 的總體目標充滿信心，我們在改變營運方式方面取得了重大進展，並對仍然有許多機會提高利潤率感到興奮穿過貝克休斯。

Next, I'd like to update you on our outlook. The details of our fourth quarter and full year 2024 guidance are found on slide 16.

接下來，我想向您介紹我們的最新展望。我們的第四季度和 2024 年全年指導的詳細資訊請參閱投影片 16。

The ranges for revenue, EBITDA and DNA are shown on this slide and I will focus on the midpoint of our guidance.

這張投影片顯示了收入、EBITDA 和 DNA 的範圍，我將重點放在我們指導的中點。

Overall, we maintain our outlook for the company IET is benefiting from multiple cycles including LNG gas, infrastructure, offshore, and new energy. Our portfolio is well suited to capitalize on the positive momentum in each of these areas. Given these tailwinds and our continued operational improvement, we expect fourth quarter total EBITDA of approximately $1.26 billion at the midpoint of our guidance range.

總體而言，我們維持對 IET 公司受益於液化天然氣、基礎設施、海上和新能源等多個週期的展望。我們的投資組合非常適合利用這些領域的正面動能。鑑於這些有利因素以及我們持續的營運改善，我們預計第四季度 EBITDA 總額約為 12.6 億美元，處於我們指引範圍的中點。

For IET. We expect fourth quarter results to benefit from continued productivity enhancements and process improvements as well as strong revenue conversion of the segment's robust backlog overall, we expect fourth quarter, Iet EBITDA of $590 million at the midpoint of our guidance range.

對於IET。我們預計第四季度的業績將受益於持續的生產力提高和流程改進，以及該部門整體強勁的積壓訂單的強勁收入轉換，我們預計第四季度的EBITDA 為5.9 億美元，處於我們指導範圍的中點。

The major factors driving this range will be the pace of backlog conversion and gas technology equipment. The impact of any aeroderivative supply chain tightness and gas technology and operational execution in industrial technology and climate technology solutions.

推動這一範圍的主要因素將是積壓訂單轉換和天然氣技術設備的步伐。任何航改供應鏈的緊密度和天然氣技術以及工業技術和氣候技術解決方案中的營運執行的影響。

For OS E we expect fourth quarter EBITDA of $750 million at the midpoint of our guidance range impacted by activity, uncertainty in Saudi Arabia, Mexico and North America factors impacting this range include the S SPS backlog conversion, realization of further cost out initiatives, broader activity levels and the amount of year end product sales.

對於OS E，我們預計第四季度EBITDA 為7.5 億美元，處於我們指導範圍的中點，受到活動、沙烏地阿拉伯、墨西哥和北美的不確定性影響，影響這一範圍的因素包括S SPS 積壓轉換、進一步成本削減計劃的實現、更廣泛的影響。

Now turning to our full year guidance, we have narrowed the guidance range for total company Ebida and the midpoint remains unchanged.

現在轉向我們的全年指導，我們縮小了公司整體 Ebida 的指導範圍，中點保持不變。

We expect IET orders to remain at robust levels. This year driven by strong momentum across all aspects of the IET portfolio. We maintain our full year guidance range of $11.5 billion to $13.5 billion with expectations for orders to approach the midpoint as a result of robust backlog conversion and strong margin performance. We are increasing our full year outlook for IET EBIT dot to $2 billion at the midpoint of our guidance range for ofse our updated EBITDA midpoint is $2.87 billion where margin strength is expected to be offset by lower second half ofs revenues.

我們預計 IET 訂單將保持在強勁水平。今年，受到 IET 投資組合各方面強勁勢頭的推動。我們維持 115 億美元至 135 億美元的全年指引範圍，預計由於強勁的積壓訂單轉換和強勁的利潤表現，訂單將接近中點。我們將全年 IET 息稅前利潤預期上調至 20 億美元（即我們指引範圍的中點），因為更新後的 EBITDA 中點為 28.7 億美元，預計利潤率強勁將被下半年收入下降所抵消。

In summary, we're extremely pleased with the operational performance of the company. The third quarter marks the second consecutive quarter of record EBITDA, the highest EBITDA margin quarter since 2017 and a more than 150% increase for quarterly EPS in just two years. These are clear indicators that our transformation is working.

總而言之，我們對公司的營運表現非常滿意。第三季的 EBITDA 連續第二季創歷史新高，是自 2017 年以來 EBITDA 利潤率最高的季度，並且季度每股收益在短短兩年內增長了 150% 以上。這些清楚地表明我們的轉型正在發揮作用。

The entire organization is committed to structurally improving margins and capitalizing on market opportunities with our differentiated portfolio of products and services. Both of which are key drivers in our journey to further increase shareholder value. We are proud of the progress the company is making and we are excited about the future of Baker Hughes. I'll turn the call back over to Lorenzo.

整個組織致力於透過我們差異化的產品和服務組合從結構上提高利潤並利用市場機會。這兩者都是我們進一步提高股東價值的關鍵驅動力。我們為公司所取得的進步感到自豪，我們對貝克休斯的未來感到興奮。我會把電話轉回洛倫佐。

Thank you, Nancy. Turning to slide 18. Our results are showing clear progress as the company's strategy is delivering success, Ebida has almost doubled in four years and our margins are expected to be up 5% points compared to 2020.

謝謝你，南希。轉向幻燈片 18。

Looking forward, we see a differentiated growth opportunity for Baker Hughes led by our strong market positioning across natural gas lng new energy, industrial and mature fields.

展望未來，我們看到貝克休斯在天然氣液化天然氣新能源、工業和成熟領域的強大市場定位所帶來的差異化成長機會。

Recent growth cycles across multiple end markets have resulted in robust order levels that provide significant revenue, visibility for its equipment and aftermarket service businesses.

最近多個終端市場的成長週期帶來了強勁的訂單水平，為其設備和售後服務業務提供了可觀的收入和知名度。

In addition, we continue our journey of relentless margin improvement, total EBITDA margins. This quarter reached the highest level since 2017. With both segments achieving high teen margins on a path to our 20% targets.

此外，我們將繼續不斷提高利潤率、EBITDA 總利潤率。本季達到了 2017 年以來的最高水準。

20% is not a destination. It is only a milestone on our journey to peer leading margins across both segments to close. I'd like to thank the Baker Hughes team for yet again, delivering very strong results. It's a testament to the strength of our people, the culture. We are building the portfolio we have created and the value of the Baker Hughes Enterprise.

20%不是目的地。這只是我們在兩個細分市場中實現領先利潤率過程中的一個里程碑。我要再次感謝貝克休斯團隊取得了非常出色的成果。這證明了我們人民和文化的力量。我們正在建立我們所創建的產品組合以及貝克休斯企業的價值。

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

這樣，我就把電話轉給蔡斯。

Thanks Lorenzo operator. Let's open the call for questions.

感謝洛倫佐接線生。讓我們開始提問吧。

Thank you to ask a question. Please press star 11 on your telephone and wait for your name to be announced to withdraw your question. Please press star 11 again.

謝謝你提出問題。請按電話上的星號 11 並等待您的名字被宣布以撤回您的問題。請再按星號 11。

We ask that you please limit yourself to one question.

我們要求您只回答一個問題。

Our first question comes from David Anderson with Barclays.

我們的第一個問題來自巴克萊銀行的大衛安德森。

Great. Thank you. Good morning Lorenzo.

偉大的。謝謝。早安，洛倫佐。

Hey, Dave.

嘿，戴夫。

So global gas infrastructure being a theme iet is clearly really well positioned over the as you highlighted through the end of the decade.

因此，全球天然氣基礎設施作為一個主題，顯然在本世紀末確實處於有利位置，正如您所強調的那樣。

I thought it was really interesting, you're highlighting kind of interconnectivity between the equipment and the services component. I was wondering if you could just talk about that a little bit and kind of dig into that a little bit more. The services business is clearly in a creative kind of growth angle here. You highlighted kind of how this whole changes. So could you talk about kind of how you expect services to change going forward? I'm assuming most of this is LNG now, but then we also have a bit of a mix shift happening as you're seeing on the order book this year is more non LNG. So could you talk about the various components of services and kind of how you see those sort of inflecting over the next several years?

我認為這真的很有趣，您強調了設備和服務組件之間的互連性。我想知道你是否可以稍微談談這一點，並進一步深入探討。服務業務顯然處於創造性的成長角度。您強調了整個過程的變化。那麼您能談談您期望服務未來如何改變嗎？我假設現在大部分是液化天然氣，但我們也會發生一些混合變化，因為你在今年的訂單簿上看到更多的是非液化天然氣。那麼您能否談談服務的各個組成部分以及您如何看待未來幾年這些變化？

Yeah, definitely Dave. And I think it's an important aspect of our business that sometimes is overlooked and it's a key differentiator for gas technology because of the life cycle offering that we have with our customers and we're able to optimize their total cost of ownership. And you can see in the presentation slide 8, the connectivity that's associated with recurring service revenue stream and they're valuable characteristics as I've mentioned before. Razor, Razor Blade, and it's really aligned with our high quality industrial peers that have some of the same characteristics across the entire life cycle of the equipment. And this recurring revenue stream spans for a period of 20 to 30 years and can generate 1times to 2 times the revenue that we get from the equipment originally when sold. And from a margin standpoint, also, it generates higher margins as an aftermarket service business compared to our equipment margin. And as you look at it today, you know, gastech services already accounts for nearly 50% of ie T's total EBITDA.

是的，絕對是戴夫。我認為這是我們業務的一個重要方面，有時會被忽視，並且它是天然氣技術的關鍵差異化因素，因為我們為客戶提供生命週期產品，並且我們能夠優化他們的總擁有成本。您可以在簡報投影片 8 中看到與經常性服務收入流相關的連接性，正如我之前提到的，它們是有價值的特徵。 Razor，Razor Blade，它確實與我們的高品質工業同行保持一致，這些同行在設備的整個生命週期中具有一些相同的特徵。這種經常性收入流的持續時間為 20 至 30 年，可以產生我們最初從設備出售時獲得的收入的 1 至 2 倍。而且從利潤的角度來看，與我們的設備利潤相比，它作為售後服務業務產生的利潤更高。今天你會發現，瓦斯科技服務已經佔 ie T EBITDA 總額的近 50%。

And so when you look at the equipment build cycle that we've had not just in LNG but also on offshore onshore production gas infrastructure. It provides us a lot of visibility to our service revenue over the next 20 to 30 years that I think is different than some of our traditional peers. And it can be lumpy just because of the timing intervals of maintenance, but it typically takes about 7 to 10 years from the equipment award to diverse significant service revenue milestone. So accordingly, what we're starting to see the benefits of now is related to the 2014, 2019 LNG cycle where we booked more than 165 MTP A of LNG projects which were commissioned and these facilities are now starting to reach their major inspection milestones.

因此，當您查看我們不僅在液化天然氣領域而且在海上陸上生產天然氣基礎設施方面的設備建造週期時。它讓我們對未來 20 到 30 年的服務收入有很大的了解，我認為這與我們的一些傳統同行有所不同。由於維護的時間間隔，它可能會很不穩定，但從設備授予到各種重要的服務收入里程碑通常需要大約 7 到 10 年的時間。因此，我們現在開始看到的好處與 2014 年和 2019 年液化天然氣週期有關，我們預訂了超過 165 個已調試的液化天然氣項目 MTP A，這些設施現在開始達到主要檢查里程碑。

What's interesting though and again, important is the 200 MTP A under construction today, hasn't yet started to generate material service revenue and won't start to do that until the latter part of this decade early. The next the important aspect is though that we have the LNG installed capacity already in our backlog today and that installed capacity is expected to grow by 70% by 2030. The same is true also on onshore and offshore production gas infrastructure. And we have a number of machines as you know in service today on F PSO S pipelines downstream and industrial sites with several under construction. So it gives us a lot of confidence that with the nearly $20 billion of gastech equipment orders since the start of 2022 along with the positive outlook for further GTE orders will drive a 20% growth in our installed base by 2030 further upside beyond 2030. So it gives us continuous visibility and an increasing installed base as well as the upgrade opportunities will give us structural growth for the gastech services revenue over at least the next decade led by the higher calories of LNG. But as you mentioned, also the increasing mix within F PSO and the gas infrastructure and it's a very important element of our business that we want to shine a light to and hence the focus on that page slide 8 today.

有趣的是，重要的是今天正在建造的 200 MTP A 尚未開始產生物質服務收入，並且要到本十年後半葉才會開始產生。下一個重要的方面是，我們今天的積壓已經有液化天然氣裝置容量，預計到 2030 年裝置容量將增加 70%。如您所知，我們目前在 F PSO S 管道下游和工業場地上有許多機器正在使用，其中有幾台機器正在建設中。因此，這給了我們很大的信心，自2022 年初以來近200 億美元的Gastech 設備訂單以及更多GTE 訂單的積極前景將推動我們的裝機量到2030 年增長20%，並在2030 年之後進一步成長。但正如您所提到的，F PSO 和天然氣基礎設施之間的混合也在不斷增加，這是我們業務的一個非常重要的元素，我們希望重點關注這一點，因此今天的重點是第8 頁幻燈片。

Lorenzo, a real quick follow up there is the L&G calories from services are those higher calories and everything else? Is it, is it, is it a noticeable difference or just slightly higher.

Lorenzo，一個真正的快速跟進，來自服務的 L&G 卡路里是那些更高的卡路里和其他東西嗎？是，是，是明顯的差異還是只是稍微高一點。

The attachment rate on LNG is definitely higher. And as you know, we have contractual service models that we've implemented over the course of the last decades. And on LNG, there is a higher attachment rate. We do have the same attachment rate also on some of the F PSO S and then also transactional service agreements as well. So all bodes well with regards to gastech services going forward.

LNG的附著率肯定更高。如您所知，我們在過去幾十年中實施了合約服務模式。而在LNG上，附著率更高。我們在一些 F PSO S 以及交易服務協議上也確實有相同的附著率。因此，對於未來的瓦斯科技服務來說，一切都是好兆頭。

Thank you very much.

非常感謝。

Our next question comes from Scott Gruber with Citigroup.

我們的下一個問題來自花旗集團的史考特·格魯伯。

Yes, good morning.

是的，早安。

Morning.

早晨。

Well, I I could say that you guys have been beating on margins all year, but this is by far the most impressive quarters to congrats.

好吧，我可以說你們一整年都在利潤率上領先，但這是迄今為止最令人印象深刻的季度值得祝賀。

Thanks.

謝謝。

In it, you mentioned confidence in achieving the 20% margin threshold in '26.

在其中，您提到有信心在 26 年實現 20% 的保證金門檻。

How do you think about the cadence of margin improvement? You know, over '25 and, in '26 how, smooth will that expansion be, or is it, you know, more, more '26 you know, weighted from here and you know, if you think about the the margin drivers, you know, one of them, the biggest contributor over the next two years just given the, the improvement already realized today.

您如何看待利潤率改善的節奏？你知道，在 25 年和 26 年，擴張會如何順利，或者是，你知道，更多，更多 26 年你知道，從這裡加權，你知道，如果你考慮利潤驅動因素，你知道，其中之一，是未來兩年最大的貢獻者，只是考慮到今天已經實現的改進。

Yes, Scott, I'll take that one. We're really pleased with the progress we're making on the margin front and, and you've noted the, the sign significant improvement that we've made, we're continuing to really improve those margins at, I would say accelerated pace and that's increased 2.7-percentage-points up to 17.5% which is really the highest margin quarter since the company was formed.

是的，史考特，我要那個。我們對我們在利潤率方面取得的進展感到非常滿意，並且您已經註意到，我們已經取得了重大改進，我們將繼續真正提高這些利潤率，我想說的是加速增長了2.7 個百分點，達到17.5 %，這確實是公司成立以來利潤率最高的季度。

And truly, this is driven by really strong progress across both the segments and at corporate. And one way to help frame that up a little bit is just to kind of isolate the the drivers. As you've asked is about half a little over half of the year, over year margin improvement was attributed to self help across the company. And I think that's really notable about the work that's been done. So if you think about corporate, for example, we've really driven down our corporate costs and we're right now on pace to be about $60 million annually lower than they were just two years ago. And that's part of the work around enhancing the systems and processes, driving some real efficiencies and removing any duplication between the center and the segments. We found that to be super effective.

事實上，這是由各個細分市場和公司的強勁進步所推動的。幫助建構這一點的一種方法是隔離驅動程式。正如您所問的，大約半年多一點，同比利潤率的提高歸功於整個公司的自助。我認為這對於已經完成的工作來說確實值得注意。例如，如果您考慮企業成本，我們確實降低了企業成本，目前我們每年的成本將比兩年前降低約 6,000 萬美元。這是圍繞增強系統和流程、提高實際效率並消除中心和部門之間的任何重複工作的一部分。我們發現這非常有效。

And then in iet EBITDA margins have increased to 17.9%. That's up 2.9-percentage-points year over year and also a record and that's due to a lot of really good work being done in the segments that's been going on over the last couple quarters. And you're seeing that play out today. So, for example, gas tech equipment margins are up significantly year over year as we've signaled due to conversion of higher margin, backlog, cost efficiency, improvements, very strong productivity gains, and also some great work being done in supply chain. We've also continued to see really good margin expansion in some of our more industrial levered businesses like Bentley, Nevada in valves and in gears. And as I mentioned that the segment has over 100 Kazan projects going on today and they're all driving for more improvement.

然後，IET 的 EBITDA 利潤率已增至 17.9%。這一數字同比增長了 2.9 個百分點，也創下了紀錄，這是由於過去幾個季度在各個細分市場中所做的大量出色工作所致。今天你就看到了這一點。例如，天然氣技術設備的利潤率逐年顯著上升，正如我們所暗示的那樣，由於更高的利潤率、積壓、成本效率、改進、非常強勁的生產力提升以及供應鏈中所做的一些出色工作。我們也繼續看到一些工業槓桿率較高的業務（例如內華達州本特利的閥門和齒輪業務）的利潤率確實出現了良好的成長。正如我所提到的，該細分市場目前有 100 多個喀山項目正在進行，它們都在推動進一步改進。

So there is more to go. The progress is really clear. I think it's, you know, we restated that we're very confident in achieving our 20% EBITDA dot target by 2026. And IET and I would also say just one thing to note is that that mix question we get between gastech equipment and gas tech services. That differential is actually more muted than ever before. So that's really not a driver. This is really driven by excellent work being done on the segment.

所以還有更多的事情要做。進展確實很明顯。我認為，我們重申，我們非常有信心在 2026 年實現 20% 的 EBITDA 點目標。技術服務。這種差異實際上比以往任何時候都更加微弱。所以這真的不是一個司機。這實際上是由該領域所做的出色工作所推動的。

And then on the ofse side, similarly, Eva do margins have increased to 19.3%. That's up 2.3-percentage-points year over year. So it's a really important change for them. The main driver was also around strong progress made in S SPS, which we noted where EBITDA margins are up more than twice year over year and they're really now in line with peers.

在這些方面，同樣，Eva do 的利潤率也增加到了 19.3%。較去年同期成長 2.3 個百分點。所以這對他們來說是一個非常重要的改變。主要推動力還在於 S SPS 的強勁進展，我們注意到 EBITDA 利潤率同比增長了兩倍多，而且現在確實與同行保持一致。

So a lot of great work there, they remove layers of duplication, they've right size capacity and really narrowed the focus to basins and customers and focusing more on price than on volume and really around service delivery. And in the rest of OFSC, we've been taking numerous actions to drive the margin rate beyond 20%. And if you recall earlier this year, we talked about additional actions we were taking to remove duplication and we're still receiving more benefits from that program. So more work to be done also in OFSC, but some great early signs, I think it's also really important to highlight that there is a lot within our control and we are actively progressing for both segments. We are fundamentally changing the way we work.

因此，那裡有很多出色的工作，他們消除了重複層，他們具有適當的容量，並且真正將重點縮小到盆地和客戶，更多地關注價格而不是數量，真正圍繞服務交付。在 OFSC 的其他部門，我們一直在採取大量行動，將保證金率提高到 20% 以上。如果您還記得今年早些時候，我們談到了我們為消除重複而採取的其他行動，並且我們仍然從該計劃中獲得更多好處。因此，OFSC 也需要做更多的工作，但有一些很好的早期跡象，我認為強調還有很多事情在我們的控制範圍內也非常重要，而且我們正在這兩個領域積極取得進展。我們正在從根本上改變我們的工作方式。

Another thing to note though is the margin journey we're on is not totally reliant on the external market environment. So there is a lot of self help and even even with the external markets changing, we are very confident in our ability to drive continuous margin improvement well beyond the 20% target. So hopefully, that gives you a little bit of color on where we're headed.

但需要注意的另一件事是，我們正在進行的保證金之旅並不完全依賴外部市場環境。因此，我們需要大量的自助，即使外部市場發生變化，我們也對推動利潤率持續改善遠遠超出 20% 目標的能力充滿信心。希望這能讓您對我們的前進方向有所了解。

And Scott, just to note, I mentioned this in the remarks as well.

斯科特，請注意，我也在評論中提到了這一點。

You know, this is not a destination, the 20%. It is a milestone along a longer journey. And what you can see is as Baker Hughes, we have visibility to a longer time frame. And during that time frame, the goal is to continue to accrete the margin rates and obviously go above the 20%. And that's just a milestone for '25 for fe and 26 for it and then it will continue to improve.

你知道，這 20% 並不是目的地。這是漫長旅程中的一個里程碑。您可以看到，作為貝克休斯，我們可以看到更長的時間範圍。在此期間，我們的目標是繼續提高保證金率，並且明顯高於 20%。這只是 fe 25 和 26 的一個里程碑，然後它將繼續改進。

Got it. Appreciate the call. Thank you.

知道了。感謝您的來電。謝謝。

Our next question comes from Steven Garro with steel.

我們的下一個問題來自史蒂文·加羅（Steven Garro）的鋼鐵。

Thanks, good morning, everybody running.

謝謝，早安，大家跑步。

You have a slide in the presentation on, on, on GTs on the installed base. And I was, I was curious looking at the slide you've seen, I think about 8.5% CAGR in revenue for the last 20 plus years, but the installed base has grown, I think about 3%.

您在簡報中有一張關於 GT 的安裝基礎的幻燈片。我很好奇，看看你看到的幻燈片，我認為過去 20 多年的收入複合年增長率約為 8.5%，但安裝基礎已經增長，我認為約為 3%。

So there's been strong outperformance in revenue versus the installed base. And I'm curious as we look forward and you kind of guided to 20% growth in the installed base through 2030. How we should think about revenue growth relative to the installed base? Should we continue to see our performance? And, and maybe if so what would drive that?

因此，與安裝基礎相比，收入表現強勁。我很好奇，我們展望未來，您指導到 2030 年安裝量將成長 20%。我們應該繼續看我們的表現嗎？而且，如果是的話，也許是什麼推動了這一點？

Yeah, definitely Steven. And you're rightly correct that we do see that the revenue growth should continue to outpace the 20% increase in our installed base as we go out to 2030. And as you look at the history, it's really down to four main factors that will contribute to that revenue growth. Firstly, higher pricing, as you know, some of the services are contractual service agreements which are indexed pricing factors. And as you look at inflation being driven up, we'll see that come through in the contracts likewise for transactional agreements, as we see the pricing environment by market conditions, we're able to see benefit from that.

是的，絕對是史蒂文。你說得對，我們確實看到，到 2030 年，收入成長應該會繼續超過我們安裝量 20% 的成長。為收入成長做出貢獻。首先，定價更高，如您所知，有些服務是合約服務協議，是指數定價因素。當你看到通貨膨脹被推高時，我們會看到交易協議的合約也同樣如此，因為我們看到市場條件的定價環境，我們能夠從中受益。

Secondly, as you look at the mix improvement and in fact, as we're going forward, as was highlighted also with Dave's question, we do see a LNG mix being higher and our LNG installed base is expected to increase by 70% between now and 2030. So that's overall outpacing the 20% GTs installed base with higher attachment rates and more revenue per installed unit.

其次，當你看到混合改進時，事實上，隨著我們的前進，正如戴夫的問題所強調的那樣，我們確實看到液化天然氣混合更高，我們的液化天然氣安裝基地預計從現在起將增加70%到 2030 年。

Thirdly advanced service solutions, our capabilities to evolve with digital capabilities and continue to monitoring and diagnostics of data on the machines, which we've been doing for 20 years and we continue to do more and finally upgrades. And you know, typically customers have been really running their equipment right now and looking to not have upgrades, they've been deemphasized. But as we go forward, we think there's a lot of opportunities for our installed base to actually benefit from the upgrades, especially as we see the focus on emissions and efficiencies. And we've got a good technology basket of capabilities from an upgrade technology that we've been investing in and releasing onto the market. So those four levers are really the ones that give us comfort that the revenue growth is going to outpace the 20% increase in our installed base by 2030.

第三，先進的服務解決方案，我們的能力隨著數位化能力的發展而不斷發展，並繼續對機器上的數據進行監控和診斷，我們已經這樣做了20年，並且我們將繼續做更多的事情並最終升級。你知道，通常客戶現在已經真正運行他們的設備並且希望不進行升級，他們已經被淡化了。但隨著我們的前進，我們認為我們的安裝基礎有很多機會從升級中實際受益，特別是當我們看到對排放和效率的關注時。我們從升級技術中獲得了一系列良好的技術能力，我們一直在投資並將其發佈到市場上。因此，這四個槓桿確實讓我們感到安心，因為到 2030 年，營收成長將超過我們安裝量 20% 的成長。

Our next question comes from James West with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 James West。

Hey, good morning. Lorenzo Nancy.

嘿，早安。洛倫佐南希.

Hey James.

嘿詹姆斯。

So wanted to ask again on it. Given the, the importance of that business, especially over the next couple of years and for, you know, next decades or so, the business, a few things, you know, one kind of comfort on the $12.5 billion order number for this year. Obviously, it's late October. So probably pretty high to kind of what are the puts and takes on 25 orders. And how should we think about that? And then maybe lastly, if I could throw in a third one and, and break all the the operators rules here, if I could throw a third one and, and ask you when, when would you anticipate it starting to surpass ofse in terms of income for the company.

所以想再問一下。考慮到該業務的重要性，特別是在未來幾年以及未來幾十年左右的業務中，有幾件事，你知道，對今年 125 億美元的訂單數量感到一種安慰。顯然，現在已經是十月底了。因此，25 個訂單的看跌期權和持倉金額可能相當高。我們該如何思考這個問題？然後也許最後，如果我可以拋出第三個，並且打破這裡的所有運營商規則，如果我可以拋出第三個，然後問你什麼時候，你預計什麼時候它會開始超越這些為公司帶來收入。

James? That's a great way to get free questions into one.

詹姆斯？這是將免費問題納入其中的好方法。

There you go.

就這樣吧。

So, look, you with regards to the first question on the aspect of 2024 for, I feel good about the, you know, 12% to 12.5%. As you know, at the beginning of the year, we gave a guidance of 11.5% to 13.5%. And if you take that midpoint again, we feel good about being able to achieve that. And I think what I've been particularly pleased about this year is we gave that guidance at the beginning of the year before we knew about the Lng Moratorium and we've been able to see very robust levels of order intake even with lighter year over year LNG orders.

所以，關於 2024 年方面的第一個問題，我對 12% 到 12.5% 感覺良好。大家知道，年初我們給的指引是11.5%到13.5%。如果你再次採取這個中點，我們對能夠實現這一目標感到很高興。我認為今年讓我特別高興的是，在我們了解液化天然氣暫停之前，我們在年初就給出了這一指導，並且我們已經能夠看到非常強勁的訂單量水平，即使是在今年較輕的情況下年液化天然氣訂單。

And if you look at $9.2 billion of year-to-date orders and only $700 million of LNG equipment orders so far in 2024. So significantly lower than last year when for the year, we booked $5.6 billion. So we've been able to see, you know, the diversity of our portfolio really come through. And as you look at the significant orders in gas infrastructure FPSO as well as new energy, which again, I highlight we're going to top the $1 billion for the first time relative to new energy. And as you look at the guidance we gave at the beginning of the year $800 billion.

如果你看看今年迄今為止的 92 億美元訂單，而到 2024 年迄今為止，液化天然氣設備訂單僅為 7 億美元。所以我們已經能夠看到，你知道，我們的投資組合的多樣性確實得到了體現。當你看到天然氣基礎設施 FPSO 以及新能源領域的重要訂單時，我再次強調，相對於新能源，我們將首次突破 10 億美元。當你看到我們年初給出的 8000 億美元的指導。

So, you know, we feel good that even with all the headwinds, we are looking solid for that iet number this year. And as we look to next year, which was really your second question associated with the order expectations. We'll come back in the fourth quarter earnings call and give more specific guidance relative to 2025. I'd say though we, we feel good about 2025 with most segments similar to 2024 showing slight growth. I think if you start off with the equipment side, we do expect the pace of LNGF I Ds to pick up next year. Again, assuming a positive resolution of the US LNG Moratorium as well as the significant international LNG projects that are accelerating pace.

所以，你知道，我們感覺很好，即使面臨所有的阻力，我們今年的IET數字仍然很穩定。當我們展望明年時，這實際上是與訂單預期相關的第二個問題。我們將在第四季的財報電話會議上回來，並給出相對於2025 年更具體的指導。 不過我想說的是，我們對2025 年感覺良好，大多數與2024 年類似的細分市場都顯示出小幅成長。我認為，如果從設備方面開始，我們確實預計明年液化天然氣發電的步伐將會加快。再次假設美國液化天然氣暫停令得到積極解決，重大國際液化天然氣計畫正在加速步伐。

Also, you know, we've got a considerable addressable market outside of LNG that continues to be there. We stated that before for our GT equipment, $100 billion to $120 billion between 2024 and 2030 gas infrastructure. Again, we've had a very good year in 2024. That may be slightly softer in 2025. But again, overall, the puts and takes means that we're seeing a solid year in 2025 as well and very similar to 2024 and F PSO markets remain strong, other market opportunities and microgrid as well as CTS. So positive with regards to IET orders in 2025. And on your last question, look, we feel good about both segments, we feel good about the growth trajectory both on the margin, getting more accretive and obviously, the Baker Hughes story is made up of both of them growing.

此外，您知道，除了液化天然氣之外，我們還有一個相當大的潛在市場，而且仍然存在。我們之前說過，對於我們的 GT 設備，2024 年至 2030 年間天然氣基礎設施的投資將達到 1,000 億至 1,200 億美元。再說一次，我們在2024 年度過了非常好的一年。與2024 年和F 非常相似PSO 市場仍然強勁，其他市場機會以及微電網和 CTS。對於2025 年的IET 訂單非常樂觀。是編造的他們兩個都在成長。

Our next question comes from Sarah Pant with Bank of America.

我們的下一個問題來自美國銀行的莎拉潘特。

Hi, good morning, Lorenzo and Nancy.

嗨，早上好，洛倫佐和南希。

Morning.

早晨。

Lorenzo Nancy, if you don't mind, I want to continue with the it discussion, maybe make it a little nearer term. If we look at the revenue number for the third quarter, it was a little below the range we were expecting. But the fourth quarter guide implies a pretty, pretty good rebound and this is especially on the gastech equipment side of things, maybe you can give us a little color on how things were evolving in the third quarter and what's driving that rebound over the fourth quarter, maybe it's just timing, right? But a little more color on that, please.

Lorenzo Nancy，如果你不介意的話，我想繼續討論它，也許可以把它安排得更近一些。如果我們看一下第三季的營收數字，就會發現它略低於我們的預期範圍。但第四季度的指導意味著相當非常好的反彈，尤其是在天然氣技術設備方面，也許你可以給我們一些關於第三季度情況如何演變以及推動第四季度反彈的因素的信息，也許這只是時機，對吧？但請再多一點顏色。

Yeah, happy to take that one. You know, this is a digital fruit number, this is a long cycle business and we certainly can experience some lumpiness from quarter to quarter for, for GTE in particular. And really in some cases, they're just large projects that can experience some kind of delay due to an external factor. And that's why we give the range that we do. So this, that exactly happened in Q3 where we just had some supplier delays and some vessel delays. But the, the it midpoint we missed by just open $200 million and that is all GTE related to timing. And so you will see that revenue coming in the coming quarters and we'll see some of that in Q4, some of it in Q1.

是的，很高興接受那個。你知道，這是一個數字水果數字，這是一個長週期的業務，我們當然會經歷每個季度的一些波動，特別是對於 GTE。實際上在某些情況下，它們只是大型項目，可能會因為外部因素而經歷某種延遲。這就是為什麼我們給出了我們所做的範圍。所以，這正是發生在第三季的情況，我們只是出現了一些供應商延誤和一些船舶延誤。但是，我們錯過了 2 億美元的中點，這都是與時間相關的 GTE。因此，您將在未來幾個季度看到收入，我們將在第四季度看到其中一些，在第一季看到一些。

But we do remain super confident in our guidance. And I would say the important point to note is is our guidance is still intact and even with that lumpy revenue, the margin improvement continues and revenue overall is still increasing by 30% this year. So just to give a little context around that, GTE revenue is up 4% year over year. And if you look at year-to-date 24 versus year-to-date 23. It's actually up 33% and margins are now up to 17.9%.

但我們對我們的指導仍然非常有信心。我想說，值得注意的重要一點是，我們的指導仍然完好無損，即使收入不穩定，利潤率仍在持續改善，今年整體收入仍增長 30%。簡單介紹一下這一點，GTE 營收年增了 4%。如果你看看年初至今的 24 與年初至今的 23，你會發現實際上增長了 33%，利潤率現在高達 17.9%。

So we remain totally confident in our ability to continue executing on the nearly $12 billion of the GTE backlog. And, you know, again, I, as I said earlier, it's, it's really not about mix, but revenues are up and margins are up and margins are up 10 points year over year. And we are very confident in executing on that backlog. And it's also just good to note too that these are really diverse businesses deep down in iet and including gastech, all of them are growing. So we, we are confident and you know GTE is, is all the orders are still there and we are working through the backlog.

因此，我們對繼續執行近 120 億美元 GTE 積壓訂單的能力充滿信心。而且，你知道，正如我之前所說，這實際上與混合無關，而是收入增長了，利潤率增長了，利潤率同比增長了 10 個百分點。我們對執行積壓工作非常有信心。值得一提的是，這些業務在工業和電氣領域的深處確實是多元化的，包括天然氣科技，它們都在成長。因此，我們充滿信心，你知道 GTE 是，所有訂單仍然存在，我們正在處理積壓訂單。

I I would just add and again to go back to what Nancy mentioned at the beginning. And I know maybe it's different than some of our peers. The these are long cycle projects. Having seen these for over a decade, you're going to have some puts and takes over the course of quarters just based on also shipping and logistics as well as some of the deliveries. Again, all timing related. And I think the element here is, you know, we're staying on track with the 20% EBITDA for 2026 the target that's been laid out and feel very good about the continued momentum of the orders coming in and the backlog being converted.

我想再補充一下，回到南希一開始提到的內容。我知道也許這與我們的一些同行有所不同。這些都是長週期項目。看到這些已經有十多年了，你將在幾個季度內根據運輸和物流以及一些交付情況進行一些看跌和接管。再說一次，所有的時間都相關。我認為這裡的要素是，你知道，我們正在繼續實現 2026 年 20% EBITDA 的既定目標，並對訂單進來和積壓訂單轉換的持續勢頭感到非常滿意。

Our last question comes from Mark Bianchi with TD Cowen.

我們的最後一個問題來自 TD Cowen 的 Mark Bianchi。

Hi, thanks. I guess the first question I had was just on the iet book to bill as we think about 2025. So it sounds like maybe the base case for the order level is, is flattish with where 2024 is. I'm curious how we should be thinking about the backlog conversion.

你好，謝謝。我想我遇到的第一個問題只是關於 2025 年的 iet 帳單。我很好奇我們應該如何考慮積壓的轉換。

Yeah, so again, if you look at the early read of 2025 and again, we'll give official guidance during the fourth quarter earnings call in January 2025. We're seeing again a robust level of activity and year over year again like 2024 with positive momentum. And then obviously looking to the LNG moratorium being lifted and from a conversion perspective, again, the cycle time of these projects continues to be the same. So again, when you think about the RPO continuing to be at record levels as we go forward and continuing to convert at the same pace.

是的，所以，如果您再次查看2025 年的早期數據，我們將在2025 年1 月的第四季度財報電話會議上給出官方指導。年復一年具有積極的勢頭。然後顯然期待液化天然氣暫停被取消，從轉換的角度來看，這些項目的周期時間仍然相同。再說一次，當你想到隨著我們前進並繼續以相同的速度進行轉換時，RPO 繼續處於創紀錄的水平。

And thank you, that was our last question. I will hand you back to Mr Lorenzo Simonelli, Chairman and Chief Executive Officer to conclude the call.

謝謝，這是我們的最後一個問題。我將把您交給董事長兼執行長 Lorenzo Simonelli 先生來結束通話。

Thanks a lot to everyone for taking the time to join our earnings call today. And I look forward to speaking with you all again soon. Operator, you may now close the call.

非常感謝大家抽空參加我們今天的財報電話會議。我期待很快能再次與大家交談。接線員，您現在可以結束通話了。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may all disconnect. Everyone. Have a great day.

女士們、先生們，感謝你們參加今天的會議。程式到此結束。你們都可以斷開連線。每個人。祝你有美好的一天。