Babcock & Wilcox Enterprises Inc (BW) 2023 Q2 法說會逐字稿

Hello, all, and a warm welcome to Babcock & Wilcox second-quarter 2023 earnings conference call. My name is Louisa, and I'll be your moderator for today.

大家好，熱烈歡迎參加 Babcock & Wilcox 2023 年第二季度收益電話會議。我叫路易莎，我將擔任今天的主持人。

(Operator Instructions) And I have the pleasure of turning over to your host today, Sharyn Brooks. So Sharyn, please go ahead when you're ready.

（操作員說明）今天我很高興請主持人莎琳·布魯克斯 (Sharyn Brooks) 發言。所以，Sharyn，請在你準備好後繼續。

Thank you, Louisa. And thanks, everyone, for joining us on Babcock & Wilcox Enterprises second-quarter 2023 earnings conference call. I'm Sharyn Brooks, Director of Communications. Joining the call today are Kenny Young, B&W's Chairman and Chief Executive Officer; and Lou Salamone, Chief Financial Officer, to discuss our second-quarter results.

謝謝你，路易莎。感謝大家參加 Babcock & Wilcox Enterprises 2023 年第二季度收益電話會議。我是莎琳·布魯克斯，傳播總監。今天加入電話會議的還有 B&W 董事長兼首席執行官 Kenny Young；和首席財務官 Lou Salamone 討論我們第二季度的業績。

During this call, certain statements we make will be forward-looking. These statements are subject to risks and uncertainties including those set forth in our Safe Harbor provision for forward-looking statements that can be found at the end of our earnings press release and also in our Form 10-Q that will be filed today and our Form 10-K that is on file with the SEC and provide further detail about the risks related to our business. Additionally, except as required by law, we undertake no obligation to update any forward-looking statements.

在本次電話會議中，我們做出的某些陳述將具有前瞻性。這些陳述受到風險和不確定性的影響，包括我們的前瞻性陳述的安全港條款中規定的風險和不確定性，這些風險和不確定性可以在我們的收益新聞稿末尾以及我們今天提交的10 -Q 表格和我們的表格中找到。 10-K 已向 SEC 備案，並提供有關我們業務相關風險的更多詳細信息。此外，除非法律要求，我們不承擔更新任何前瞻性陳述的義務。

We also provide non-GAAP information regarding certain of our historical and targeted results to supplement the results provided in accordance with GAAP. This information should not be considered superior to or as a substitute for the comparable GAAP measures.

我們還提供有關我們的某些歷史和目標結果的非 GAAP 信息，以補充根據 GAAP 提供的結果。該信息不應被視為優於或替代可比的 GAAP 衡量標準。

A reconciliation of historical non-GAAP measures can be found in our second-quarter earnings release published this afternoon and in our company overview presentation that will be filed on Form 8-K this afternoon and posted on the Investor Relations section of our website at babcock.com.

歷史非公認會計原則指標的調節可以在我們今天下午發布的第二季度收益報告和我們的公司概況介紹中找到，該介紹將在今天下午以8-K 表格形式提交，並發佈在我們網站babcock 的投資者關係部分.com。

I will now turn the call over to Kenny.

我現在將把電話轉給肯尼。

Thanks, Sharyn, and thanks, everyone, for joining us this afternoon. Well, as mentioned in our earnings release, we exceeded our company expectations in revenues and adjusted EBITDA for the second quarter of 2023, demonstrating the continued momentum we've experienced across all business segments.

謝謝莎琳，也謝謝大家今天下午加入我們。正如我們在財報中提到的，我們在 2023 年第二季度的收入和調整後 EBITDA 方面超出了公司預期，這表明我們在所有業務部門都經歷了持續的增長勢頭。

Revenues across all segments posted a second consecutive quarter of double-digit revenue expansion on a year-over-year basis, with renewable, environmental, and thermal increasing by 31%, 54%, and 36%, respectively. In tandem, we recognized an underlying improvement in revenue, adjusted EBITDA, and net loss on a year-over-year basis despite increased spending in support of our emerging and new technologies in our renewable energy segment.

所有細分市場的收入連續第二個季度實現兩位數同比增長，其中可再生能源、環境和熱力分別增長 31%、54% 和 36%。與此同時，儘管為支持可再生能源領域的新興技術和新技術而增加了支出，但我們認識到收入、調整後 EBITDA 和淨虧損同比都有根本性改善。

These investments include sales, marketing, engineering, research and development, and back-office services, and are all important to support future growth from our clean energy segments. We are seeing our pipeline increasing to $9 billion of new projects over the next three years, which, again, does not include our continued strong parts and services platform. In fact, we are seeing more than $1 billion in BrightLoop opportunities alone, and we'll be sharing more about that later in this call.

這些投資包括銷售、營銷、工程、研發和後台服務，對於支持我們清潔能源領域的未來增長都很重要。我們預計未來三年我們的新項目將增加到 90 億美元，其中不包括我們持續強大的零部件和服務平台。事實上，我們僅在 BrightLoop 領域就看到了超過 10 億美元的機會，我們將在本次電話會議稍後分享更多相關信息。

Our bookings in renewable increased by 28% in Q2 of 2023 versus Q2 of 2022. Our environmental segment was consistent and held approximately the same amount of bookings and backlog year over year. Thermal bookings were lower quarter over quarter, primarily due to a large equipment supply and construction project that we announced in 2022. However, thermal parts bookings increased by 17% year over year, quarter over quarter.

與 2022 年第二季度相比，我們的可再生能源預訂量在 2023 年第二季度增長了 28%。我們的環境部門保持穩定，預訂量和積壓量同比大致相同。熱力預訂量環比下降，主要是由於我們在 2022 年宣布的大型設備供應和建設項目。然而，熱力部件預訂量同比、環比增長了 17%。

Overall, our backlog was lower, quarter over quarter, by 6,% again, due to the large thermal project mentioned previously in 2022. But our outlook for new booking opportunities remains robust. And we are projecting backlog to grow significantly to a range of $850 million to $1 billion by year-end 2023, which includes key projects in both thermal and renewable. If achieved, this would represent a growth of 20% to 40% in total company bookings and backlog by year-end 2023.

總體而言，由於之前提到的 2022 年大型熱電項目，我們的積壓量環比下降了 6%。但我們對新預訂機會的前景仍然強勁。我們預計，到 2023 年底，積壓訂單將大幅增長至 8.5 億至 10 億美元，其中包括熱電和可再生能源領域的關鍵項目。如果實現的話，到 2023 年底，公司總預訂量和積壓訂單將增長 20% 至 40%。

Our parts and services business in the second quarter continued to support our revenue generation accounting for nearly 37% of the company's total revenues. The thermal segment was a large driving factor, as we maintain a vital role in supporting the broad demand for energy security among global expansion and gas conversion efforts. We see thermal parts and services returning to normal levels, which is reflected in our revenues and full-year expectations.

第二季度我們的零部件和服務業務繼續支持我們的創收，占公司總收入的近37%。熱力領域是一個重要的驅動因素，因為我們在支持全球擴張和天然氣轉換工作中對能源安全的廣泛需求方面發揮著至關重要的作用。我們看到熱零部件和服務恢復到正常水平，這反映在我們的收入和全年預期中。

In addition, our global reach and our renewable services, especially in Europe, was in line with our outlook at the start of the year and is expected to remain strong through the remainder of 2023. As I mentioned earlier, our project bookings within our clean energy technologies continues to grow. And most notably, the interest across our ClimateBright decarbonization platform continues to increase.

此外，我們的全球影響力和可再生能源服務（尤其是在歐洲）與我們年初的展望一致，預計在 2023 年剩餘時間內將保持強勁。正如我之前提到的，我們的清潔能源項目預訂量能源技術持續發展。最值得注意的是，人們對我們的 ClimateBright 脫碳平台的興趣持續增加。

In July, we announced that B&W received a contract award from NorthStar Clean Energy to conduct an engineering study of our SolveBright carbon dioxide capture process to convert a coal-fired power plant to biomass fuel. This study is the first phase of a commercial-scale project partially funded by the US Department of Energy and marks an integral step towards our anticipated large-scale commercial project to retrofit Filer City Station's power plant with biomass and decarbonization technologies to replace coal.

7 月，我們宣布 B&W 獲得 NorthStar Clean Energy 的合同，對我們的 SolveBright 二氧化碳捕獲工藝進行工程研究，將燃煤發電廠轉變為生物質燃料。這項研究是由美國能源部部分資助的商業規模項目的第一階段，標誌著我們向預期的大型商業項目邁出了不可或缺的一步，該項目旨在利用生物質和脫碳技術替代煤炭來改造Filer 城市站的發電廠。

When complete, the 75-megawatt power plant would use sustainable biomass as a fuel to generate power with net negative CO2, providing power to more than 70,000 homes. We are excited to bring our clean energy technology to the market and further advance NorthStar's decarbonization efforts.

竣工後，這座 75 兆瓦的發電廠將使用可持續生物質作為燃料來發電，二氧化碳排放淨值為負，為 70,000 多個家庭提供電力。我們很高興將我們的清潔能源技術推向市場，並進一步推進 NorthStar 的脫碳工作。

In addition, you should watch for an important announcement from the governor of West Virginia about a hydrogen project developed by our partners at Fidelis. This new opportunity is based on previous Fidelis H2 announcements, and we are excited to be part of this developing next step in clean power generation in West Virginia. That announcement will be made tomorrow morning around 10:30 AM Eastern Time.

此外，您還應該關注西弗吉尼亞州州長關於我們 Fidelis 合作夥伴開發的氫項目的重要公告。這一新機會基於之前 Fidelis H2 的公告，我們很高興能夠成為西弗吉尼亞州清潔發電下一步發展的一部分。該公告將於東部時間明天上午 10:30 左右發布。

With regard to our renewable project developments, we are pleased with the recent demand we have had within our solar business as well. Despite the headwinds within the residential solar space that you've probably read about recently, the tailwind across the US for both community and commercial solar projects continues to grow.

關於我們的可再生能源項目開發，我們對太陽能業務最近的需求感到滿意。儘管您最近可能讀到過住宅太陽能領域的逆風，但美國社區和商業太陽能項目的順風仍在繼續增長。

Our recent contract award totaling over $20 million by Summit Ridge Energy for roughly 25 megawatts of community solar energy projects in Illinois reinforces this point. This contract marks another successful collaboration between B&W and Summit Ridge Energy, and demonstrates the increasing demand in community- and utility-scale solar projects.

最近，Summit Ridge Energy 為伊利諾伊州約 25 兆瓦的社區太陽能項目授予了總額超過 2000 萬美元的合同，這進一步證明了這一點。該合同標誌著 B&W 與 Summit Ridge Energy 之間的又一次成功合作，並表明了社區和公用事業規模太陽能項目日益增長的需求。

We are in negotiations on additional solar projects that, when combined with the recent Summit Ridge Energy announcements, would equate to approximately $100 million in solar bookings in the second half of 2023. That is roughly double the amount of bookings in 2022.

我們正在就更多太陽能項目進行談判，如果再加上Summit Ridge Energy 最近宣布的公告，這些項目將相當於2023 年下半年太陽能預訂額約為1 億美元。這大約是2022 年預訂額的兩倍。

We are also increasing our investments in solar business, which, in the long run, will help position the company for improved gross margin and operating margins on a run rate basis by year-end. This includes back-office systems and support, increased self-performance, as well as site management.

我們還增加了對太陽能業務的投資，從長遠來看，這將有助於公司在年底前提高毛利率和營業利潤率。這包括後台系統和支持、提高自我績效以及站點管理。

Transitioning to our BrightLoop hydrogen generation technology, we are pleased to report several key developments including announcing a dedicated organization within Babcock & Wilcox, led by our Chief Strategy and Technology Officer, Brandy Johnson, to drive our execution and ramp-up of our initial commercial projects in Wyoming and Louisiana.

在過渡到BrightLoop 制氫技術時，我們很高興地報告幾項關鍵進展，包括宣佈在Babcock & Wilcox 內部成立一個由我們的首席戰略和技術官Brandy Johnson 領導的專門組織，以推動我們初始商業項目的執行和提升懷俄明州和路易斯安那州的項目。

For market clarity, we are redefining our BrightLoop systems as small, medium, and large for now to demonstrate their ability to meet demand at all sizes. Initially, we are planning to deliver medium platforms in Wyoming and Louisiana, with scale-up to the larger platforms planned for both sites.

為了市場清晰，我們目前正在將 BrightLoop 系統重新定義為小型、中型和大型，以展示其滿足各種規模需求的能力。最初，我們計劃在懷俄明州和路易斯安那州提供中型平台，並擴大到為這兩個地點計劃的更大平台。

Just yesterday, we announced an offtake agreement with General Hydrogen to acquire both hydrogen and CO2 from our medium-sized biomass BrightLoop platform. We are also in formal discussions with another global syngas company to sign an additional offtake for hydrogen from both a medium and large platform.

就在昨天，我們宣布與 General Hydrogen 達成承購協議，從我們的中型生物質 BrightLoop 平台獲取氫氣和二氧化碳。我們還正在與另一家全球合成氣公司進行正式討論，以簽署從中型和大型平台額外購買氫氣的協議。

The Louisiana projects will produce an initial hydrogen output of approximately 10 to 15 tons per day for industrial use, with an anticipated scale-up to a large unit hydrogen production by the second half of 2029. This timeline closely reflects the development plans in place for our Wyoming project, with initial hydrogen production output of approximately 10 to 15 tons per day by mid-2025, with anticipated scale-up to a large unit hydrogen production by the second half of 2028.

路易斯安那州項目的初始氫氣產量將達到每天約 10 至 15 噸用於工業用途，預計到 2029 年下半年擴大到大型單位氫氣生產。這一時間表密切反映了現有的發展計劃我們的懷俄明州項目，到2025 年中期，初始氫氣產量約為每天10 至15 噸，預計到2028 年下半年擴大到大型單位氫氣產量。

Also, we have demand for one or two smaller platforms roughly one to three tons of hydrogen per day and are determined to have one of those sites producing hydrogen by the end of 2024. For our upcoming small- and medium-scale projects, we've outlined projected development plans with the timeline for initial hydrogen production in 2024.

此外，我們對一兩個小型平台的需求約為每天一到三噸氫氣，並決定在 2024 年底前讓其中一個工廠生產氫氣。對於我們即將推出的中小型項目，我們'我們概述了預計的發展計劃以及2024 年首次生產氫氣的時間表。

Meanwhile, while BrightLoop financing efforts continue to develop, our confidence remains strong. We anticipate funding coming from state and local governments, as well as investments from various pension funds and end customers, as well as Babcock & Wilcox.

與此同時，儘管 BrightLoop 融資工作不斷發展，但我們的信心依然強勁。我們預計資金將來自州和地方政府，以及來自各種養老基金和最終客戶以及 Babcock & Wilcox 的投資。

We are seeking direct financing either at the project level or through B&W, directed towards specific projects. Longer term, we continue working with various Department of Energy and DOE loan program offices, including congressionally approved appropriations funding directed towards the funding of hydrogen demonstration using chemical looping.

我們正在項目層面或通過 B&W 尋求針對特定項目的直接融資。從長遠來看，我們將繼續與能源部和能源部貸款計劃辦公室合作，包括國會批准的撥款，用於資助使用化學循環的氫示範。

Our pipeline, as previously mentioned, is over $9 billion across all three segments. And we currently have, as mentioned previously, approximately $1 billion in BrightLoop opportunities alone. We believe this puts us on a pathway to reach $1 billion in bookings by 2028, with combinations of small, medium, and large projects.

如前所述，我們的管道在所有三個領域的價值都超過 90 億美元。正如前面提到的，我們目前僅 BrightLoop 就擁有約 10 億美元的機會。我們相信，這將使我們的預訂量到 2028 年達到 10 億美元，其中包括小型、中型和大型項目。

We feel confident that could lead to $1 billion in revenues by 2030 and beyond. That will still only represent roughly 1% of the market share of total hydrogen spend by 2030.

我們相信，到 2030 年及以後，收入將達到 10 億美元。到 2030 年，這仍僅佔氫氣總支出市場份額的約 1%。

To give more clarity, roughly, and of course, depending on specific site factors, the revenues associated with the small projects will equate to roughly $5 million to $40 million per unit. Revenues for the medium units will be roughly $40 million to $100 million per unit, and revenues for large units will be approximately $150 million to $400 million per unit.

更明確地說，當然，根據具體場地因素，與小型項目相關的收入將相當於每個單元約 500 萬至 4000 萬美元。中型設備的收入約為每台 4000 萬至 1 億美元，大型設備的收入約為每台 1.5 億至 4 億美元。

These revenues should bring 20% to 25% gross margins, plus, following revenues of -- I'm sorry -- 25% gross margin. The follow-on revenues of approximately $200,000 to $250,000 per ton of hydrogen produced in services and particle support per day will produce even higher margins. You will find more details in the new BrightLoop deck posted to our website today. And we've also included some of the new BrightLoop slides in our investor deck as well.

這些收入應該會帶來 20% 到 25% 的毛利率，此外，抱歉，毛利率為 25%。通過服務和顆粒支持每天生產每噸氫氣約 200,000 至 250,000 美元的後續收入將產生更高的利潤。您可以在今天發佈到我們網站上的新 BrightLoop 平台中找到更多詳細信息。我們還在投資者平台中添加了一些新的 BrightLoop 幻燈片。

Given the strong financial performance that has continued throughout the year, paired with our seasonally strong third- and fourth-quarter results which are cyclically second-half weighted, we are confident in our ability to achieve our full-year 2023 adjusted EBITDA target of $100 million to $120 million while continuing to balance our investments in future growth along with adjusted EBITDA performance.

鑑於全年持續強勁的財務業績，加上季節性強勁的第三季度和第四季度週期性下半年加權業績，我們有信心實現 2023 年全年調整後 EBITDA 100 美元的目標百萬至1.2 億美元，同時繼續平衡我們對未來增長的投資與調整後的EBITDA 業績。

I'll now turn the call over to Lou to discuss the financial details of the second quarter in 2023. Lou?

我現在將電話轉給樓，討論 2023 年第二季度的財務細節。樓？

Thanks, Kenny. I'm pleased to discuss our second-quarter results, further details of which can be found in our 10-Q that was filed with the SEC today.

謝謝，肯尼。我很高興討論我們的第二季度業績，更多詳細信息可以在今天向 SEC 提交的 10-Q 中找到。

Our second-quarter consolidated revenues were $305.2 million, which is a 38% improvement compared to the second quarter of 2022. This is primarily attributable to higher volumes in our renewable segment due to renewable service and our solar-based businesses, higher overall volume in our environmental segment, and increasing thermal segment volume due to higher levels of construction and parts activity.

我們第二季度的合併收入為 3.052 億美元，與 2022 年第二季度相比增長了 38%。這主要歸因於可再生能源服務和太陽能業務帶來的可再生能源業務總量的增加，以及我們的環境部門，以及由於建築和零部件活動水平提高而增加的熱力部門數量。

Our net operating income in the second quarter of 2023 was $7 million as compared to an operating income of $3.7 million in the second quarter of 2022. This second quarter included a one-time gain on a sale of an asset.

我們 2023 年第二季度的淨營業收入為 700 萬美元，而 2022 年第二季度的營業收入為 370 萬美元。第二季度包括一項資產出售的一次性收益。

Our adjusted EBITDA was $21.9 million compared to $22.9 million in the second quarter of 2022, which, when adjusted for the one-time sale of the asset in the second quarter of 2022, represents a significant improvement in adjusted EBITDA from $15.9 million to $21.9 million. Bookings in the second quarter of 2023 were $191 million, and we had an ending backlog of $567 million.

我們的調整後EBITDA 為2190 萬美元，而2022 年第二季度為2290 萬美元，根據2022 年第二季度一次性出售資產進行調整後，調整後EBITDA 顯著改善，從1590 萬美元增至2190 萬美元。 2023 年第二季度的預訂量為 1.91 億美元，期末積壓訂單為 5.67 億美元。

Our loss per share in the second quarter was $0.10, compared to a loss per share of $0.07 in the second quarter of 2022 or a loss of -- in 2022, a loss per share on an underlying basis when excluding a non-cash pension benefit of $7.4 million. And this also included the one-time gain on the sale of the asset, which I previously mentioned.

我們第二季度的每股虧損為 0.10 美元，而 2022 年第二季度的每股虧損為 0.07 美元，或者 2022 年排除非現金養老金福利時的基本每股虧損740萬美元。這還包括我之前提到的出售資產的一次性收益。

I'll now discuss our second-quarter segment results. Within our Babcock & Wilcox renewable segment, revenues were $98.9 million for the second quarter of 2023, which is an increase of 31% compared to the $75.2 million in the second quarter of 2022. This increase in revenue is primarily due to higher volume associated with our renewable services business and our solar businesses.

我現在將討論我們第二季度的部門業績。在我們的 Babcock & Wilcox 可再生能源部門，2023 年第二季度的收入為 9890 萬美元，與 2022 年第二季度的 7520 萬美元相比增長了 31%。收入的增長主要是由於與我們的可再生服務業務和太陽能業務。

Adjusted EBITDA in the second quarter of 2023 was $500,000 as compared to $4.2 million when excluding a non-recurring $7 million gain from the sale related to development rights of a future solar project in the second quarter of 2022. Within the Babcock & Wilcox environmental segment, revenues were $48.7 million in the second quarter of 2023, which is an increase of 54% when compared to $31.6 million in the second quarter of 2022.

2023 年第二季度調整後EBITDA 為500,000 美元，而排除2022 年第二季度與未來太陽能項目開發權相關的出售帶來的700 萬美元非經常性收益時為420 萬美元。 在Babcock & Wilcox 環保部門內2023 年第二季度的收入為 4870 萬美元，與 2022 年第二季度的 3160 萬美元相比增長了 54%。

This increase is primarily driven by overall higher volume of dry cooling technology projects across the environmental segment. Adjusted EBITDA was $3.4 million for the quarter compared to $600,000 for the same period last year, again, primarily driven by higher revenue volume as described above.

這一增長主要是由於整個環境領域的干式冷卻技術項目總體數量增加所致。本季度調整後 EBITDA 為 340 萬美元，而去年同期為 60 萬美元，這主要是由上述收入量增加推動的。

Turning to our Babcock & Wilcox thermal segment, revenues were $158 million in the second quarter of 2023, which represents an increase of 36% compared to the $116.3 million in the second quarter of 2022. And this was primarily attributable to the higher level of volume in our construction projects and our package boiler business.

談到我們的 Babcock & Wilcox 熱力部門，2023 年第二季度的收入為 1.58 億美元，與 2022 年第二季度的 1.163 億美元相比增長了 36%。這主要歸因於銷量的增加在我們的建設項目和整套鍋爐業務中。

Adjusted EBITDA in the second quarter of 2023 was $24.4 million, which is an increase of 49% compared to the $16.4 million in the second quarter of 2022. This is, again, primarily driven by the higher revenue volume described above, as well as better project performance.

2023 年第二季度調整後 EBITDA 為 2,440 萬美元，與 2022 年第二季度的 1,640 萬美元相比增長了 49%。這主要是由於上述收入增加以及更好的業績推動的項目績效。

I'll now turn to our balance sheet, cash flow, and liquidity. Total debt at June 30, 2023, was $358.2 million. And the company had a cash, cash equivalents, and restricted cash balances of $83.9 million at June 30, 2023. I'll now turn it back to Kenny.

現在我將談談我們的資產負債表、現金流和流動性。截至 2023 年 6 月 30 日，債務總額為 3.582 億美元。截至 2023 年 6 月 30 日，該公司的現金、現金等價物和限制性現金餘額為 8390 萬美元。我現在將其轉回給肯尼。

Thanks, Lou. Well, in closing, we continue to position Babcock & Wilcox as a leader within the broader clean energy transition, further developing our suite of decarbonization solutions while continuing to support our thermal customers.

謝謝，盧。最後，我們繼續將 Babcock & Wilcox 定位為更廣泛的清潔能源轉型的領導者，進一步開發我們的脫碳解決方案套件，同時繼續為我們的熱力客戶提供支持。

With our line of sight into expanding new bookings, opportunities, and expanded pipeline of over $9 billion in identified global projects, including our BrightLoop hydrogen generation technology, we are excited about the remainder of 2023 and the industry tailwinds in place for 2024 and beyond. Our momentum in the first half of the year wouldn't have been possible without the dedicated team of B&W employees driving these initiatives behind the scenes.

我們著眼於在已確定的全球項目中擴大新的預訂、機會和超過 90 億美元的管道，包括我們的 BrightLoop 制氫技術，我們對 2023 年剩餘時間以及 2024 年及以後的行業順風感到興奮。如果沒有 B&W 員工的敬業團隊在幕後推動這些舉措，我們就不可能在今年上半年取得如此強勁的勢頭。

I would like to thank all of our employees for your continued efforts in moving these innovations forward and also supporting our customer projects, both domestically and abroad, while working safely and providing the highest quality performance and operational success. In addition to thanking our employees, we also want to extend our appreciation to our valued customers, shareholders, and trusted partners for the continued support and belief in our company.

我要感謝我們所有的員工為推動這些創新而不斷努力，並支持我們的國內外客戶項目，同時安全工作並提供最高質量的性能和運營成功。除了感謝我們的員工之外，我們還要感謝我們尊貴的客戶、股東和值得信賴的合作夥伴對我們公司的持續支持和信任。

Our commitment in driving innovation forward is central to B&W's mission. And we look forward to working with you and building upon our accomplishments in the years to come.

我們致力於推動創新發展，這是 B&W 使命的核心。我們期待與您合作，並在未來幾年繼續取得成就。

With that, I will now turn the call back over to Louisa, who will set up your questions. Louisa?

現在，我將把電話轉迴路易莎，她將提出您的問題。路易莎？

(Operator Instructions) Aaron Spychalla, Craig-Hallum.

（操作員說明）Aaron Spychalla，Craig-Hallum。

Hi, Kenny and Lou. Thanks for taking the questions. Maybe first on my end, can you just talk a little bit about the NorthStar Clean Energy project and just kind of what the opportunity on the revenue side is there and maybe timeline, milestones, as we look to kind of phase one to phase two?

嗨，肯尼和盧。感謝您提出問題。也許首先我想談談北極星清潔能源項目，以及收入方面的機會，也許還有時間表、里程碑，因為我們期待第一階段到第二階段的發展？

And then, is there anything else you can share there on the opportunity with this customer or other customers on the biomass side of things?

然後，您還有什麼可以與該客戶或其他客戶分享生物質方面的機會的嗎？

Sure. Yeah, I'd be happy to. Thanks, Aaron, first of all, for joining today. So the kickoff project, which we announced, was obviously the engineering study and phase. It's small revenues for us, probably roughly $1 million for that phase of the project overall.

當然。是的，我很樂意。首先感謝亞倫今天加入。因此，我們宣布的啟動項目顯然是工程研究和階段。這對我們來說收入很小，整個項目該階段的收入可能約為 100 萬美元。

The intent would be that that's complete here in probably third -- early fourth quarter and finalizing that by year-end with the client. We anticipate once they move past that phase when they -- if they move into the full project phase of the project, which is a 75-megawatt biomass facility, our efforts in this regard on this project will be more focused towards the decarbonization aspect of that plant and site. So the SolveBright technologies will be positioned well there for that, and we're excited about that opportunity.

其目的是可能在第三季度或第四季度初完成，並在年底前與客戶最終確定。我們預計，一旦他們度過了這個階段，如果他們進入該項目的完整項目階段，即一個 75 兆瓦生物質設施，我們在該項目方面的努力將更加集中於脫碳方面該工廠和地點。因此，SolveBright 技術將在這方面佔據有利位置，我們對這個機會感到興奮。

Ballpark, if we were to move to full project phase, we'd think about the revenues being somewhere in the $90 million to $100 million-ish range, plus or minus, depending on exact scope and finalizing that particular contract. And that probably would be something that would be, if we get to that range or that step, would be a booking that we would realize somewhere mid-next year, third quarter maybe, something like that.

大概，如果我們要進入完整的項目階段，我們會考慮收入在 9000 萬美元到 1 億美元左右的範圍內，上下浮動，具體取決於具體範圍和最終確定的特定合同。如果我們達到這個範圍或那個步驟，我們可能會在明年中期，也許是第三季度實現預訂，類似的事情。

But that's the exciting part, is one of the early opportunities around our SolveBright technology. And we're excited to see that move forward.

但這是令人興奮的部分，是我們 SolveBright 技術的早期機會之一。我們很高興看到這一進展。

Got it. Thanks for the color there. And then maybe just second, can you just -- on the backlog and kind of the guidance, can you just talk a little bit about the confidence you have in the second half and kind of reaching the guide? And then just -- you kind of laid out $850 million to $1 billion. Just any color on what areas drive that?

知道了。感謝那裡的顏色。然後也許只是第二，你能 - 關於積壓和指導，你能談談你對下半年和達到指導的信心嗎？然後你就投入了 8.5 億到 10 億美元。哪些區域的顏色可以驅動它？

Yeah, no. That's -- I think I said $850 million to $1 billion. But I want to clarify, you're right; it's $850 million. So thanks for clarifying that.

是的，不。我想我說的是 8.5 億美元到 10 億美元。但我想澄清一下，你是對的；這是8.5億美元。感謝您澄清這一點。

But there's obviously a number of projects that we have, that we're in negotiations on that are sizable projects in both thermal as well as in the clean energy technology that we're involved in today. Some of those -- obviously, when we give a range, we're anticipating some of those to happen, and some may get pushed into early next year.

但顯然我們有很多項目正在進行談判，這些項目都是我們今天參與的熱能和清潔能源技術方面的大型項目。其中一些——顯然，當我們給出一個範圍時，我們預計其中一些會發生，有些可能會推遲到明年初。

But we've got a number of those projects that we're in negotiations on right now. From an internal planning perspective, we thought one or two of those may move into bookings more in the Q2, Q3. But they're slipping into Q3, Q4, but we're -- and one or two of those may slip into next year. That's why we provide the range of the $850 million to $1 billion.

但我們現在正在就其中一些項目進行談判。從內部規劃的角度來看，我們認為其中一兩個可能會在第二季度、第三季度更多地進入預訂。但他們正在進入第三季度、第四季度，但我們——其中一兩個可能會進入明年。這就是我們提供 8.5 億至 10 億美元範圍的原因。

But we see a pathway to those opportunities. And we're in discussions and negotiations on those as we speak. So that's what gives us the confidence in those numbers. Hopefully, that helps, but happy to answer more if I can.

但我們看到了通往這些機會的途徑。我們正在就這些問題進行討論和談判。這就是我們對這些數字充滿信心的原因。希望這會有所幫助，但如果可以的話，我很樂意回答更多問題。

No, I think that's good. Thanks for taking the questions. Appreciate it.

不，我認為這樣很好。感謝您提出問題。欣賞它。

No problem. Thanks, Aaron. Appreciate it.

沒問題。謝謝，亞倫。欣賞它。

Rob Brown, Lake Street Capital Markets.

羅布·布朗，湖街資本市場。

Hi, Kenny and Lou. On the BrightLoop pipeline, I think you've gotten more bullish on the BrightLoop pipeline and scoped it out a little bit more definitively here. What's driving all that confidence? I assume it's a number of customer interactions. But where are the customers at, and is it driven by some of the IRA and other legislation?

嗨，肯尼和盧。關於 BrightLoop 管道，我認為您對 BrightLoop 管道更加看好，並在這裡更明確地界定了它的範圍。是什麼推動瞭如此大的信心？我認為這是一些客戶互動。但客戶在哪裡？它是由某些 IRA 和其他立法驅動的嗎？

Yeah. Well, combinations of all that. So it is more bullish because of the interactions that we're having both on the Wyoming aspect and the Louisiana aspect initially on those two. There's excitement for us, anyway -- and I won't -- can't comment much further -- but in and around discussions we're having in the oil and gas industry on a potential project using petroleum coke or petcoke as a fuel source as well, too, plus a number of other projects.

是的。好吧，所有這些的組合。因此，由於我們最初在懷俄明州和路易斯安那州這兩個方面進行的互動，所以它更加樂觀。不管怎樣，我們很興奮——我不會——無法進一步評論——但在我們在石油和天然氣行業就一個使用石油焦或石油焦作為燃料的潛在項目進行的討論中。也有源代碼，以及許多其他項目。

We're also seeing discussions, and we're moving into specific long-term planning around, as I mentioned in the call, scale-up from the initial medium-sized projects in both those locations, Louisiana and Wyoming, to large-sized units in both those locations. The need for hydrogen on both of those are much bigger than the medium units will provide. But the scale-up is in discussions right now. And we see pathways to move those forward a little bit further once we get the medium-sized up and running.

我們還看到了討論，正如我在電話中提到的那樣，我們正在製定具體的長期規劃，從路易斯安那州和懷俄明州這兩個地點最初的中型項目擴大到大型項目這兩個地點的單位。這兩個裝置對氫氣的需求遠遠大於中型裝置所能提供的。但擴大規模目前正在討論中。一旦我們建立並運行中型企業，我們就會看到進一步推動這些發展的途徑。

So we've got pathway into large units and see visibility into those. We've seen visibility into other projects, like I said, in the oil and gas industry as well as few others that are around the world. That's on, I would call it -- I'm saying, immediate opportunities, meaning, opportunities that we're actively engaged in.

因此，我們有進入大型單位的途徑並了解這些單位的可見性。正如我所說，我們已經看到了石油和天然氣行業的其他項目以及世界各地的其他項目。這就是我所說的——我是說，直接的機會，意義，我們正在積極參與的機會。

We're in early discussions with -- on other projects, potentially in Europe and elsewhere, that give us confidence in those around our ability to get to those bookings and backlog that I mentioned -- I'm sorry -- our bookings and revenues that I mentioned on the call associated with BrightLoop.

我們正在與其他項目進行早期討論，可能是在歐洲和其他地方，這讓我們對我們有能力獲得我提到的預訂和積壓訂單的人充滿信心，我很抱歉，我們的預訂和收入我在與BrightLoop 相關的電話會議中提到過這一點。

So the uniqueness for us is we're one of the only technologies that can leverage, A, a solid fuel aspect on a scale-up environment to produce hydrogen and also isolate the CO2. The second aspect is, we're unique in our abilities to be able to blend fuels on BrightLoop. That really comes into play in these opportunities.

因此，我們的獨特之處在於，我們是唯一能夠在規模化環境中利用固體燃料來生產氫氣並分離二氧化碳的技術之一。第二個方面是，我們在 BrightLoop 上混合燃料的能力是獨一無二的。這確實在這些機會中發揮了作用。

If you look at -- for example, in Wyoming, the possibility exists. And we're planning on introducing a mixture of biomass with, in that particular case, coal as a fuel source that will, as to your point, will allow us to leverage some of the IRA credits, 45Z credits, on that particular -- or us or the customer, depending on how we finalize that.

例如，如果你看看懷俄明州，這種可能性是存在的。我們計劃引入生物質混合物，在這種特殊情況下，將煤炭作為燃料來源，就您的觀點而言，這將使我們能夠利用一些 IRA 信用額、45Z 信用額，在這一特定方面——或我們或客戶，取決於我們如何最終確定。

But still, the driver is, from the IRA standpoint, to blend the biomass in with the coal to leverage those credits. And that's something that we're in dialogue and discussions right now directly with the customer to make a final determination there.

但從 IRA 的角度來看，驅動因素仍然是將生物質與煤炭混合以利用這些信用。我們現在正在直接與客戶進行對話和討論，以做出最終決定。

But ours is the only real technology that can have that dual blending. We'll be looking at similar aspects on either natural gas and biomass in other locations. And yet, in other locations, it'll strictly be biomass, and yet, in others, it'll be strictly natural gas. So we have that runway.

但我們的技術是唯一能夠實現雙重混合的真正技術。我們將在其他地方研究天然氣和生物質的類似方面。然而，在其他地方，它會嚴格是生物質，而在其他地方，它會嚴格是天然氣。所以我們有那條跑道。

When you look at -- just to expand on that, I'm going to go a little bit further. When you look at our technologies versus, say, steam methane reform or autothermal reform technologies, we're vastly different in the fact that we can produce hydrogen from natural gas.

當你看到——只是為了擴展這一點時，我會更進一步。當您將我們的技術與蒸汽甲烷重整或自熱重整技術進行比較時，您會發現我們的技術有很大不同，因為我們可以從天然氣中生產氫氣。

But our process using the chemical looping will actually create and isolate the CO2 on the front end of the process rather than in a very expensive post-combustion environment. And SMR and ATR, by their definition and the way the technology works, actually requires a post-combustion carbon capture, which is very expensive from a capital standpoint to be able to provide. So long term, we believe the market for hydrogen being produced from natural gas will remain strong for many, many, many, many years.

但我們使用化學循環的工藝實際上會在工藝的前端產生並隔離二氧化碳，而不是在非常昂貴的燃燒後環境中。而 SMR 和 ATR，根據其定義和技術工作方式，實際上需要燃燒後碳捕獲，從資本角度來看，提供這種碳捕獲非常昂貴。從長遠來看，我們相信天然氣製氫市場將在很多年裡保持強勁。

And the fact that we can produce hydrogen from natural gas, but we automatically isolate the CO2 for either other beneficial use or sequestration, puts us in a real competitive advantage from a cost profiling standpoint versus traditional SMR and ATR technology. So if you combine all of those elements together, it gives us confidence in our technology and where we see it going.

事實上，我們可以從天然氣中生產氫氣，但我們會自動分離二氧化碳用於其他有益用途或封存，從成本分析的角度來看，與傳統的 SMR 和 ATR 技術相比，我們具有真正的競爭優勢。因此，如果將所有這些元素結合在一起，就會讓我們對我們的技術及其發展前景充滿信心。

Okay. Thanks for the great overview there. And then in general, on your pipeline growth or your increase in your pipeline estimate, how much of that -- or how is the European waste energy market at this point? Has that increased as well?

好的。感謝您的精彩概述。然後，總的來說，就您的管道增長或管道估計的增加而言，其中有多少——或者歐洲廢能市場目前情況如何？這也增加了嗎？

Yeah. We're seeing some opportunities in waste energy. It's still strong in the European market. UK, in particular, is still strong for new-build projects.

是的。我們在廢棄能源領域看到了一些機會。它在歐洲市場仍然強勁。尤其是英國，新建項目仍然強勁。

We're starting to see more demand, I think, which is great for our renewable services business and platform in Europe, where older plants are requiring upgrades and new services, either to expand their size or platform or just update the technologies and/or various parts and services that traditionally B&W hadn't been involved in. So we're seeing that as well, too.

我認為，我們開始看到更多的需求，這對我們在歐洲的可再生服務業務和平台來說非常有用，其中舊工廠需要升級和新服務，要么擴大其規模或平台，要么只是更新技術和/或傳統上 B&W 未涉及的各種零件和服務。所以我們也看到了這一點。

And we're -- obviously, I think we tried to share that excitement in the release and on the call. But our renewable services group in Europe is doing a great job. And we're seeing the increase in revenues on that platform as well.

顯然，我認為我們試圖在發布和電話會議中分享這種興奮。但我們在歐洲的可再生能源服務集團做得很好。我們也看到該平台上的收入有所增加。

So we mentioned earlier in an announcement, I guess, late last year that we're involved in the Lostock project, which I think now is the largest in the United Kingdom presently from a plant-size standpoint. There will be others. And we're involved in discussions on some other projects as well, which would be potentially part of that backlog that we talked about but, clearly, in our pipeline, too.

因此，我想我們在去年底的一份公告中提到，我們參與了洛斯托克項目，從工廠規模的角度來看，我認為該項目是英國目前最大的項目。還會有其他人。我們還參與了其他一些項目的討論，這些項目可能是我們討論過的積壓工作的一部分，但顯然也在我們的管道中。

Okay, thank you. I'll turn it --

好的謝謝。我來轉一下——

I will add to that -- no, that's good, Rob. I'll just add to it because I think it's important. We're starting to see early -- early on -- but we're starting to see a number of potential projects emerge in the US as well in the waste energy segment. And that's exciting for us.

我要補充一點——不，那很好，羅布。我會添加它，因為我認為它很重要。我們很早就開始看到，但我們開始看到美國以及廢棄能源領域出現了許多潛在項目。這對我們來說是令人興奮的。

And we're in discussions with a number of partners on those projects. But we're starting to see some early demand around waste energy here in the US. And I think that's an exciting development. So nothing -- or I don't think we would see anything -- any potential bookings until the latter part of 2024 or early 2025, somewhere in that neighborhood.

我們正在與一些合作夥伴就這些項目進行討論。但我們開始看到美國對廢棄能源的一些早期需求。我認為這是一個令人興奮的發展。因此，在 2024 年下半年或 2025 年初之前，該社區的某個地方不會有任何潛在的預訂，或者我認為我們不會看到任何潛在的預訂。

But those take time, obviously, to develop. But there's a number of them beginning to develop here in the US, and I think that's exciting news for us. It's been a while. Anyway --

但顯然，這些都需要時間來發展。但其中有很多已經開始在美國發展，我認為這對我們來說是一個令人興奮的消息。有一陣子了。反正 -

Okay, thank you.

好的謝謝。

I'll pause there. Thanks.

我會在那裡暫停。謝謝。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Hey, great. Thanks. Good afternoon or evening. I guess, Kenny, you gave us a little flavor for the financial prospects around BrightLoop, which I appreciate the added color there.

嘿，太棒了。謝謝。下午好或晚上好。我想，肯尼，你讓我們對 BrightLoop 的財務前景有了一些了解，我很欣賞其中增添的色彩。

Since you gave us kind of the revenue opportunity, I got to ask how we ought to think about maybe the margin opportunity from the business, such a unique sort of technology to you in terms of what you're offering here. I presume at least the margin opportunity may be in excess of kind of the legacy B&W businesses. But any thoughts there?

既然你們給了我們某種收入機會，我就得問我們應該如何考慮業務的利潤機會，就你們在這裡提供的產品而言，這種技術對你們來說是一種獨特的技術。我認為至少利潤機會可能超過傳統的 B&W 業務。但有什麼想法嗎？

Yeah, no. We fully anticipate and expect it to be a strong margin uplift to B&W overall. As we mentioned, the different size platforms, rough order of magnitude, we're fully anticipating those to be in the 20% to 30% gross margin range on those new-build projects that we're involved in.

是的，不。我們完全預計並預計 B&W 整體利潤率將大幅提升。正如我們提到的，不同規模的平台，大致的數量級，我們完全預計我們參與的新建項目的毛利率將在 20% 至 30% 範圍內。

The other key piece that I mentioned or tried to mention anyway was that we also anticipate follow-on on an annual basis of about, call it, $200,000 to $250,000 roughly of additional revenues on per ton of hydrogen produced. So if we deploy several -- I don't know -- 400, 500 tons of hydrogen, you could multiply that out times $200,000 to $250,000 a year in additional incremental revenues from follow-on parts, services, and particle. And we fully anticipate that to be a much higher margin than the initial projects.

我提到或試圖提到的另一個關鍵部分是，我們還預計每年每生產一噸氫氣將產生約 200,000 至 250,000 美元的額外收入。因此，如果我們部署幾個——我不知道——400、500噸氫氣，你可以將其乘以20萬到25萬美元，每年從後續零件、服務和顆粒中獲得額外的增量收入。我們完全預計這將比最初項目的利潤率高得多。

So hopefully, that helps. But that's how we're thinking about it in terms of our future cash flows. And we wanted to reflect that in the call.

希望這會有所幫助。但這就是我們對未來現金流的思考方式。我們想在電話中反映這一點。

Got it. Appreciate that. Just back on the visibility toward the backlog figures, you talked about, potentially by year-end, $850 million to $1 billion; maybe just what stages these various opportunities are. I guess, what I'm getting at, Kenny, are these things that you've been selected for but just not signed yet? I just wanted to understand that a little more.

知道了。感謝。回到積壓數據的可見性，您談到，到年底可能會達到 8.5 億至 10 億美元；也許這些不同的機會都處於什麼階段。我想，我的意思是，肯尼，你已經被選中但還沒有簽署這些東西嗎？我只是想多了解一點。

Some of -- that's both. Some of those where we've been selected for, and we're in discussions on or negotiations in -- or the contracts. Some of those are where we're down to us versus one other. And we're highly confident that that will come our way for either technology purposes, competitive purposes.

其中一些——兩者兼而有之。其中一些我們已被選中，並且我們正在討論或談判合同。其中一些是我們需要彼此對抗的地方。我們非常有信心，無論是出於技術目的還是出於競爭目的，這都會實現。

We've got strength in -- if we go to some of the thermal projects and the fact that we provide unit construction opportunities combined with our technologies, and we're involved in a couple projects on the thermal side that would require both the unit construction and the technology component. And we're really in a strong position to provide that, and that -- and it's -- with customers that we've got -- also, customers that we've got strong prior history in performing services and work for.

我們有實力——如果我們參與一些熱力項目，事實上我們提供與我們的技術相結合的機組建設機會，而且我們參與了幾個熱力方面的項目，這兩個項目都需要機組施工和技術部分。我們確實處於有利地位，可以向我們擁有的客戶提供這一服務，而且我們在提供服務和工作方面擁有豐富的歷史記錄。

So those all give us the confidence that we can reach those backlog numbers, if that makes sense.

因此，如果有意義的話，這些都讓我們有信心能夠達到這些積壓數量。

It does. And maybe just lastly, the solar arena for you -- I know that's the business you've been ramping up quite a bit. Maybe just an update on the progress you're seeing there.

確實如此。也許最後是您的太陽能領域——我知道這就是您一直在大力發展的業務。也許只是您在那裡看到的進展的更新。

Yeah. As we mentioned, on the solar side, we're starting to see for us, not the market -- the market demand's been there. But we're starting to slowly pick up our share of opportunities.

是的。正如我們提到的，在太陽能方面，我們開始看到的是我們自己，而不是市場——市場需求一直存在。但我們開始慢慢地抓住我們的機會。

And as mentioned, with what we have either been awarded, we just announced in July, or projects that we're well in -- part of that $850 million to $1 billion -- but projects that we're well into discussions on, we fully intend and plan and should be able to announce at least $100 million in bookings in solar for the second half of 2023, which would double from last year. There are more opportunities than that in the solar market on the community and utility scale.

正如前面提到的，我們要么獲得了獎勵，要么是我們在 7 月份剛剛宣布的項目，要么是我們正在進行的項目（8.5 億至 10 億美元的一部分），但我們正在深入討論的項目，我們充分打算和計劃，並且應該能夠宣布2023 年下半年至少1 億美元的太陽能訂單，這將是去年的兩倍。在社區和公用事業規模上，比太陽能市場有更多的機會。

Clearly, we are improving or working to improve the margins on those projects, primarily as we've expanded that business. And as I mentioned on the call, we're investing in some back-office systems as well as -- a critical part is more self-performance on those projects around those solar services. And so those are two areas that we're actively involved in and we'll continue to invest in.

顯然，我們正在改善或努力提高這些項目的利潤率，主要是因為我們擴大了該業務。正如我在電話會議上提到的，我們正在投資一些後台系統，其中一個關鍵部分是圍繞太陽能服務的項目提高自我績效。因此，這是我們積極參與並將繼續投資的兩個領域。

But we are seeing that growth on the solar opportunities. And as we mentioned before, key thing that we're seeing constantly as we get into these renewable energy projects, many at the state level and some of the state funding on the IRA requires solar aspects as well as clean energy aspects and/or CO2 sequestration.

但我們看到了太陽能機會的增長。正如我們之前提到的，當我們進入這些可再生能源項目時，我們不斷看到關鍵的事情，其中​​許多項目是在州一級，並且IRA 的一些國家資金需要太陽能方面以及清潔能源方面和/或二氧化碳封存。

And some of those are opportunities long term that we're starting to see that would blend some of those services where we're pulling together solar in conjunction with possible other green energy or clean energy projects in the marketplace. So we'll see that in full probably next year more as the IRA kicks in fully.

其中一些是我們開始看到的長期機會，這些機會將我們將太陽能與市場上可能的其他綠色能源或清潔能源項目結合在一起的一些服務結合起來。因此，隨著 IRA 的全面啟動，我們可能會在明年看到更多的情況。

But a lot of the developers that we're in discussions with are starting to inquire, or we're answering, RFPs and other aspects in and around some of those combined technologies. So but there's a ramp on solar. We've got to improve the margins. We know that, and we're working behind the scenes to do that overall.

但是，我們正在討論的許多開發人員開始詢問，或者我們正在回答，RFP 以及其中一些組合技術的其他方面。所以，太陽能有一個坡道。我們必須提高利潤率。我們知道這一點，並且我們正在幕後努力做到這一點。

I should've mentioned on the call and didn't, but I'll take the opportunity to put it here so it's in the script. But we are -- based on -- this is beyond solar. But based on decisions and actions that we've taken over the past couple years to help create more optimization efficiencies in the business, we're working to take out roughly another $15 million of cost out of our platform that would be more incremental to whatever targets we put out in 2024.

我應該在電話中提及但沒有提及，但我會藉此機會將其放在此處，以便將其納入腳本中。但我們——基於——這超出了太陽能的範圍。但根據過去幾年我們為幫助提高業務優化效率而採取的決策和行動，我們正在努力從我們的平台中再削減大約 1500 萬美元的成本，這將比任何其他成本都增加。我們在2024 年制定的目標。

And those are just further optimizations based on actions that we have taken previously through a number of different areas. So we're excited to -- and we wanted to point to that because it's important that we continue to announce and discuss that we're constantly trying to optimize the business as we continue to invest in the future growth of the platform and the company. So we're looking to do both.

這些只是基於我們之前在多個不同領域採取的行動的進一步優化。因此，我們很高興 - 我們想指出這一點，因為我們繼續宣布和討論我們在繼續投資於平台和公司的未來增長的同時，不斷嘗試優化業務，這一點很重要。所以我們希望兩者兼得。

Okay. Thank you.

好的。謝謝。

Alex Rygiel, B. Riley Securities.

Alex Rygiel，B. Riley 證券公司。

Thank you. Good morning, Kenny and Lou. Looks like you've got a lot of exciting things going on here long term. A couple of questions for you first.

謝謝。早上好，肯尼和盧。從長遠來看，您似乎會發生很多令人興奮的事情。首先問你幾個問題。

Backlog, $567 million. Your projection of $850 million to $1 billion by year-end is pretty fantastic growth. Can you just kind of keep it simple and help us to bridge from $567 million to $850 million to $1 billion? It sounds like $100 million is coming out of solar. But maybe give us a few other kind of bigger chunks that can help walk us there.

積壓訂單，5.67 億美元。您預計到年底將實現 8.5 億至 10 億美元的增長，這是相當驚人的增長。您能否簡單一點，幫助我們從 5.67 億美元過渡到 8.5 億美元，再到 10 億美元？聽起來太陽能將帶來 1 億美元的收入。但也許給我們一些其他類型的更大的塊可以幫助我們到達那裡。

Yeah. We have -- great question, Alex. By the way, thanks for joining.

是的。我們有一個很好的問題，亞歷克斯。順便說一下，感謝您的加入。

We have a number of -- I won't get specific because, obviously, we're in negotiations and discussions. But we have a number of projects out that we're involved in. Some of those are larger projects that are in the $150 million to $200 million range that we're involved in, both thermal and in our -- I would say thermal and renewable energy to keep it simple, primarily.

我們有很多——我不會具體說明，因為顯然我們正在談判和討論。但我們參與了許多項目。其中一些是較大的項目，我們參與的項目價值在 1.5 億至 2 億美元之間，包括熱能項目和我們的——我想說的是熱能和首先是可再生能源，以保持簡單。

There's some smaller ones in environmental. But the larger ones that I'm referring to are in renewable and thermal both, and we're in discussions on those projects. But some of those are new-build opportunities in waste to energy and biomass to energy. Some of those are continued upgrades, enhancements, and conversions in the thermal sector.

環境方面還有一些較小的。但我指的較大項目是可再生能源和熱能項目，我們正在討論這些項目。但其中一些是垃圾發電和生物質發電方面的新建機會。其中一些是熱力領域的持續升級、增強和轉換。

But there are -- we have several large projects that are in the $100 million-plus range. I guess, a couple that could be in the $200 million-plus range that would be potentially part of that scale-up from the $850 million to $1 billion.

但我們有幾個價值超過 1 億美元的大型項目。我猜想，其中一些可能會在 2 億美元以上的範圍內，這可能是從 8.5 億美元到 10 億美元規模擴大的一部分。

That's very helpful. And then with that said, can you kind of talk about your comfort level and guidance of the $100 million to $120 million?

這非常有幫助。話雖如此，您能談談您對 1 億至 1.2 億美元的舒適程度和指導嗎？

And clearly, if the backlog is at $850 million to $1 billion, I've got to suspect you're going to have incrementally greater confidence in strong growth over that $100 million to $120 million this year out in 2024. So maybe talk about those two points.

顯然，如果積壓金額達到 8.5 億至 10 億美元，我懷疑您對 2024 年今年 1 億至 1.2 億美元的強勁增長的信心會越來越大。所以也許可以談談這些兩點。

Yeah, no. I mean, it would -- the backlog would come in -- obviously, in timing of EBITDA. Adjusted EBITDA impact this year will be greatly dependent on when that backlog hits, right? Obviously, we're -- from a cost standpoint, we have to get those projects in and going.

是的，不。我的意思是，積壓的訂單顯然會在 EBITDA 的時間出現。今年調整後的 EBITDA 影響將在很大程度上取決於積壓訂單何時到來，對吧？顯然，從成本的角度來看，我們必須讓這些項目投入運行。

Obviously, some will happen before the end of the year, and some will happen more in November, December. So there's always a timing issue there around that.

顯然，有些會在年底前發生，有些會在11月、12月發生更多。因此，這始終存在一個時間問題。

It would allow us to really focus on growth opportunities in 2024. The offset to that would only be -- as we mentioned on the call, obviously, we continue to invest in these new technologies: BrightLoop as well as biomass with carbon or oxy-combustion or carbon capture associated with that, as well as some of the new environmental [blue gas] treatment technologies we brought to the marketplace.

這將使我們能夠真正關注 2024 年的增長機會。正如我們在電話會議上提到的那樣，顯然，我們將繼續投資這些新技術：BrightLoop 以及碳或氧生物質，從而抵消這一點。與此相關的燃燒或碳捕獲，以及我們推向市場的一些新的環境[藍色氣體]處理技術。

So we constantly have to balance the expense and spend towards investing in the future growth of the platform to support those new technologies versus the run rate EBITDA in the business. But that's -- tried to indicate that on the -- in the call, as well, that we balance those two.

因此，我們必須不斷地平衡費用和支出，以投資平台的未來增長以支持這些新技術，並與業務中的息稅折舊攤銷前利潤（EBITDA）運行率進行平衡。但這是 - 試圖在電話會議中表明 - 我們平衡這兩者。

But clearly, on our site, we've got growth that we see. Obviously, getting the backlog in would support -- some of that backlog will be spread over 2024, 2025, 2026. Some of that backlog will actually be 2025, 2026, 2027. So from a revenue timing standpoint, they'll vary depending on the specific project, on the revenue impact, and the timing of that revenues.

但顯然，在我們的網站上，我們看到了增長。顯然，獲得積壓訂單將提供支持——其中一些積壓訂單將分佈在2024 年、2025 年、2026 年。其中一些積壓訂單實際上將在2025 年、2026 年、2027 年。因此，從收入時間的角度來看，它們會有所不同，具體取決於具體項目對收入的影響以及收入的時間安排。

But I don't know, Lou, if you have (multiple speakers)

但我不知道，Lou，你是否有（多個發言者）

Yeah. I think you'll see, Alex, when you look at the queue, the backlog runoff is about 60% of that $560 million, $570 million runoff this year and then about 30% next year and then, as Kenny said, the rest thereafter. So that's the immediate backlog that we have literally under contract.

是的。我想你會看到，亞歷克斯，當你查看隊列時，積壓的徑流約為今年5.6 億美元、5.7 億美元徑流的60%，明年約為30%，然後，正如肯尼所說，其餘的都是此後的。 。這就是我們根據合同所確定的直接積壓訂單。

And then, there'll be additional backlog. And then we don't include a substantial amount in backlog for the parts business because that's kind of a book-and-bill business. So we don't really put much of that -- consider that into backlog. So that gives us the confidence of hitting these numbers for 2023 and beyond.

然後，將會出現額外的積壓。然後，我們不會在零部件業務中計入大量積壓訂單，因為這是一種賬簿和賬單業務。所以我們並沒有真正投入太多——將其考慮到積壓中。因此，我們有信心在 2023 年及以後達到這些數字。

Helpful. Thank you.

有幫助。謝謝。

Alex, thanks. Louisa, we'll turn it back over to you.

亞歷克斯，謝謝。路易莎，我們會把它還給你。

Thank you for your question. Thank you. That concludes the question-and-answer session. We have no further questions.

謝謝你的問題。謝謝。問答環節到此結束。我們沒有其他問題了。

Thank you, Kenny and Lou, for your prepared remarks. I will now pass the call back to Sharyn Brook for any closing remarks.

謝謝肯尼和盧準備好的發言。現在，我將把電話轉回莎琳·布魯克，讓其作結束語。

Thank you for joining us. That concludes our conference call. A replay will be available for a limited time on our website later today.

感謝您加入我們。我們的電話會議到此結束。今天晚些時候，我們的網站將在有限時間內提供重播。

Thank you, all, for joining today's Babcock & Wilcox second-quarter 2023 earnings conference call. Have a good rest of your day. You may now disconnect your lines.

感謝大家參加今天舉行的 Babcock & Wilcox 2023 年第二季度收益電話會議。祝你這一天好好休息。您現在可以斷開線路。