Babcock & Wilcox Enterprises, Inc. (BW) 2026 Q1 法說會逐字稿

Good afternoon. Thank you for attending the Babcock & Wilcox Enterprises first-quarter 2026 conference call. (Operator Instructions)

下午好。感謝各位參加 Babcock & Wilcox Enterprises 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the conference over to your host, Sharyn Brooks, B&W's Director of Communications. Thank you. You may proceed, Ms. Brooks.

現在我想把會議交給本次主持人、B&W 傳播總監 Sharyn Brooks。謝謝。Brooks 女士，您可以開始了。

Thank you, Allen, and thanks to everyone for joining us in Babcock & Wilcox Enterprises first-quarter 2026 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 Cameron Frymyer, Chief Financial Officer, to discuss our first quarter results.

謝謝你，Allen，也感謝各位參加 Babcock & Wilcox Enterprises 2026 年第一季財報電話會議。我是傳播總監 Sharyn Brooks。今天與會的有 B&W 董事長兼執行長 Kenny Young，以及財務長 Cameron Frymyer，將與各位討論我們第一季的業績表現。

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 in our quarterly report on Form 10-Q that was filed with the SEC earlier today.

在本次電話會議中，我們所做的某些陳述將屬於前瞻性陳述。這些陳述受各項風險與不確定性影響，包括我們前瞻性陳述安全港條款中所列者；該條款可見於我們財報新聞稿末尾，以及我們今日稍早向美國證券交易委員會（SEC）提交的 10-Q 季度報告中。

Additionally, except as required by law, we undertake no obligation to update any forward-looking statements. We also provide non-GAAP information regarding certain historical and targeted results to supplement the results provided in accordance with GAAP. This information, which includes our discussion of adjusted EBITDA, adjusted net income and net debt should not be considered superior to or as a substitute for the comparable GAAP measures.

此外，除法律另有要求外，我們不承擔更新任何前瞻性陳述的義務。我們亦提供若干非 GAAP 資訊，針對某些歷史與目標結果作為依 GAAP 提供之結果的補充。此等資訊包括我們對調整後 EBITDA、調整後淨利以及淨負債的討論，不應被視為優於或可替代相對應的 GAAP 指標。

A reconciliation of historical non-GAAP measures can be found in our first quarter 2026 earnings release published earlier today and in our company overview presentation filed on Form 8-K, which is posted on the Investor Relations section of our website at babcocks.com. Please also see our first quarter 2026 earnings release published on May 11, 2026, for further information regarding our bookings and backlog.

歷史非 GAAP 指標的調節表可見於我們今日稍早發布的 2026 年第一季財報新聞稿，以及我們以 Form 8-K 提交的公司概覽簡報；該簡報已張貼於我們網站 babcocks.com 的投資人關係專區。另請參閱我們於 2026 年 5 月 11 日發布的 2026 年第一季財報新聞稿，以取得關於我們接單與在手訂單的更多資訊。

I will now turn the call over to Kenny.

現在我把電話交給 Kenny。

Thanks, Sharyn. Well, good afternoon, everyone, and thanks for joining us on our first quarter 2026 earnings call. We are very pleased to report one of the strongest first quarter performances in recent company history.

謝謝你，Sharyn。各位下午好，感謝各位參加我們 2026 年第一季財報電話會議。我們非常高興報告，這是公司近年來最強勁的第一季表現之一。

Babcock & Wilcox continued to see significant growth in the quarter, driven by high demand for electrical generation from utility, industrial and AI data center customers. In addition, we also achieved strong operating results supported by continued momentum in our core business and ongoing debt reductions as well.

Babcock & Wilcox 在本季持續看到顯著成長，主要受公用事業、工業以及 AI 資料中心客戶對發電需求強勁所帶動。此外，在核心業務持續動能與持續降低負債的支持下，我們也取得了強勁的營運成果。

Our quarterly results were highlighted by revenue and adjusted EBITDA that exceeded company and street expectations. Adjusted EBITDA was $16.1 million for the first quarter, which was 296% increase compared to the first quarter of 2025. Our revenues for the quarter came in at $214 million, which is a 44% increase compared to the first quarter of 2025.

本季業績亮點在於營收與調整後 EBITDA 均超出公司與市場預期。第一季調整後 EBITDA 為 1,610 萬美元，較 2025 年第一季增加 296%。本季營收為 2.14 億美元，較 2025 年第一季增加 44%。

We also achieved positive adjusted net income from continued operations of $2.2 million after removing $81.8 million of costs associated with increased noncash warrant and stock appreciation rights valuation, both of which are directly due to the significant stock price increase in the first quarter of 2026.

在剔除與非現金認股權證及股票增值權估值上升相關的 8,180 萬美元成本後（兩者皆直接源自 2026 年第一季股價大幅上漲），我們也實現了來自持續經營業務的正向調整後淨利 220 萬美元。

These top line metrics captured the recent tailwinds we've seen across our business and illustrate B&W's growth trajectory moving forward as we continue to capitalize on strong global demand for parts and services, new baseload generation and behind-the-meter AI data center projects. These recent tailwinds can also be seen in our pipeline, bookings and backlog as well, which saw a significant acceleration during the first quarter of 2026.

這些營收端指標反映了我們近期在各項業務中所見的順風因素，並展現 B&W 未來的成長軌跡；我們將持續把握全球對零件與服務、新增基載發電，以及表後（behind-the-meter）AI 資料中心專案的強勁需求。這些近期順風也反映在我們的商機管線、接單與在手訂單上，並於 2026 年第一季顯著加速。

Our total pipeline grew by more than 17% to over $14 billion, including new AI data center opportunities. Our bookings and backlog values continued to surge fueled by our core business growth and development of our Base Electron project in North Dakota as we are in further discussions with other hyperscaler customers as well.

我們的商機管線總額成長逾 17%，達到 140 億美元以上，其中包含新的 AI 資料中心機會。我們的接單與在手訂單金額持續攀升，受核心業務成長以及我們在北達科他州 Base Electron 專案的推進所帶動；同時我們也正與其他超大規模（hyperscaler）客戶進一步洽談。

In the first quarter of 2026, we had bookings of $2.5 billion, which is more than a 1,900% increase compared to the first quarter of 2025. Additionally, our backlog was $2.7 billion in the first quarter of 2026, which is a 483% increase compared to the first quarter of 2025. We believe our results reflect, global demand for B&W's technologies and combined with the increased demand for power generation gives us a solid foundation for continued growth this year and for many years to come.

2026 年第一季，我們接單金額為 25 億美元，較 2025 年第一季增加逾 1,900%。此外，2026 年第一季在手訂單為 27 億美元，較 2025 年第一季增加 483%。我們認為，我們的成果反映了全球對 B&W 技術的需求；再加上發電需求提升，為我們今年以及未來多年持續成長奠定了穩固基礎。

Our core business, excluding data centers, continue to excel as our parts and services saw elevated demand from the increased operation of baseload generation in North America and beyond. Rising energy demand from consumers, industries and grid dependent AI data centers is prompting utilities to recondition and recommission coal-fired generation assets to help meet accelerating load growth.

我們的核心業務（不含資料中心）持續表現出色；由於北美及其他地區基載發電運轉增加，我們的零件與服務需求維持在較高水準。來自消費者、產業以及依賴電網的 AI 資料中心的能源需求上升，正促使公用事業公司整修並重新啟用燃煤發電資產，以協助因負載快速成長而增加的需求。

The existing coal plants in the US are currently operating at capacity factors of around 50% highlighting a significant source of underutilized generation capacity available to support expanding electricity needs. At the same time, elevated natural gas prices are driving improved economics of coal-based generation. This has increased utilization and created additional demand for our core business offerings.

美國現有燃煤電廠目前的容量因子約為 50%，顯示仍有大量未充分利用的發電容量，可用以支援擴大的用電需求。同時，天然氣價格走高正在改善燃煤發電的經濟性。這提高了使用率，並為我們的核心產品與服務創造了額外需求。

The rising demand for power across North America serves as a catalyst for B&W's continued growth, positioning us to play a critical role in supporting AI data center expansion and meeting increased baseload generation needs in the years ahead. Our project with Base Electron is progressing favorably as border manufacturing and turbines move forward.

北美電力需求上升成為推動 B&W 持續成長的催化劑，使我們在未來數年能在支援 AI 資料中心擴張及滿足更高基載發電需求方面扮演關鍵角色。我們與 Base Electron 的專案進展順利，鍋爐製造與汽輪機相關工作正持續推進。

Siemens Energy continues to progress turbine fabrication and other long lead time items such as other pressure parts are advancing as planned. Most of the constructions, including civil and mechanical is scheduled for 2027 and 2028 and the impact of AI data center growth on B&W is truly profound as we added over $2 billion in additional AI data center opportunities in our pipeline from hyperscalers and utility customers. And as I mentioned before, we remain in active discussions with different AI data center customers regarding potential bookings in 2026.

Siemens Energy 持續推進汽輪機製造，其他長交期項目（例如其他受壓部件）也按計畫進行。大部分施工（包括土建與機械）預計安排在 2027 年與 2028 年。AI 資料中心成長對 B&W 的影響確實深遠：我們在商機管線中新增了超過 20 億美元的 AI 資料中心機會，來源包括超大規模業者與公用事業客戶。如我先前所提，我們仍在與不同 AI 資料中心客戶就 2026 年可能的接單進行積極洽談。

In the first quarter of 2026, we paid off $15 million in outstanding bonds that are due in December of 2026. This is the continuation of our bond buybacks, and we expect to fully pay off the remaining $69 million in outstanding December 2026 bonds in a timely fashion. Including these bond repurchases, we have significantly reduced our secured debt and unsecured bonds by 87% in the first quarter of 2026, resulting in net debt of $42.4 million at the end of the quarter. These recent debt payments bring our net debt to below 1 times our trailing 12-month adjusted EBITDA.

2026 年第一季，我們償還了 1,500 萬美元、將於 2026 年 12 月到期的未償債券。這是我們債券回購計畫的延續，我們預期將及時全數償還剩餘 6,900 萬美元的 2026 年 12 月到期未償債券。包含這些債券回購在內，我們在 2026 年第一季將有擔保負債與無擔保債券合計大幅降低 87%，使得季末淨負債為 4,240 萬美元。這些近期的償債使我們的淨負債降至過去 12 個月調整後 EBITDA 的 1 倍以下。

Our efforts to progress our BrightLoop initiatives are moving forward as we further the commercial development of existing projects and continue working to improve the overall operational effectiveness of these technologies to produce low-cost hydrogen or steam. We are building momentum around the use of chemical looping as a means to convert solid and gas fuels for either hydrogen or steam generation while simultaneously capturing the CO2 that can be used for enhanced oil or methane recovery and other beneficial uses.

我們推進 BrightLoop 計畫的工作持續向前，正進一步推動既有專案的商業化開發，並持續改善這些技術的整體營運效能，以生產低成本氫氣或蒸汽。我們正累積以化學循環作為轉換固體與氣體燃料、用於氫氣或蒸汽生成的方法之動能，同時捕捉 CO2；該 CO2 可用於提高採油或甲烷回收，以及其他有益用途。

The commercial scale demonstration of BrightLoop at our Mason, Ohio project still remains a key priority for B&W as we continue to position the company for expanded growth opportunities in the years ahead.

在俄亥俄州梅森（Mason, Ohio）專案進行 BrightLoop 商業規模示範，仍是 B&W 的關鍵優先事項之一；我們將持續為公司在未來數年擴大成長機會做好布局。

I will now turn the call over to Cameron to discuss the financial details of the first quarter of 2026. Cameron?

現在我把電話交給 Cameron，請他說明 2026 年第一季的財務細節。Cameron？

Thanks, Kenny. I am pleased to review our first quarter 2026 financial results. Further details of which can be found in the 10-Q that was filed with the SEC this morning.

謝謝你，Kenny。我很高興向各位回顧我們 2026 年第一季的財務結果；更多細節可見於我們今天上午向 SEC 提交的 10-Q。

Our first quarter 2026 consolidated revenues were $214.4 million, which is a significant increase compared to revenue of $148.6 million in the first quarter of 2025. The increase is primarily driven by large project volume, including $31 million from Base Electron and the increasing need for electricity from fossil fuels driven by the demand from AI data centers and expanding economies.

我們 2026 年第一季合併營收為 2.144 億美元，較 2025 年第一季的 1.486 億美元大幅增加。增加主要由大型專案量帶動，其中包括 Base Electron 貢獻的 3,100 萬美元；此外，AI 資料中心需求與經濟擴張推動對以化石燃料發電之用電需求增加，也帶來成長。

Our core parts and services continue to perform well, delivering the strongest first quarter revenues in recent history. This development comes as higher demand from consumers, industrial and AI data centers drive increased coal baseload generation. Continued growth in our parts and services is expected throughout 2026.

我們核心的零件與服務持續表現良好，創下近年來最強勁的第一季營收。此一發展源於消費者、工業與 AI 資料中心需求走高，帶動燃煤基載發電增加。預期我們的零件與服務在 2026 年將持續成長。

Our operating loss in the first quarter of 2026 was $1.7 million, which is relatively flat compared to an operating loss of $1.8 million in the first quarter of 2025. Net loss from continuing operations in the first quarter of 2026 was $79.6 million, compared to a net loss of $15.6 million in the first quarter of 2025. This increase in net loss is attributed to $81.8 million of noncash warrant and other stock rated costs that we recorded this quarter due to the increase in our stock performance.

我們 2026 年第一季營業損失為 170 萬美元，與 2025 年第一季 180 萬美元的營業損失大致持平。2026 年第一季持續經營業務淨損為 7,960 萬美元，較 2025 年第一季淨損 1,560 萬美元增加。淨損擴大主要歸因於本季因股價表現上升而認列的 8,180 萬美元非現金認股權證及其他股票相關成本。

Excluding the impact of these stock warrants and other stock-related costs, have reported adjusted net income from continuing operations of $2.2 million. Adjusted EBITDA from continuing operations was $16.1 million in the first quarter of 2026 compared to $4 million in the first quarter of 2025.

排除這些股票認股權證及其他與股票相關成本的影響後，我們報告持續營運的調整後淨利為220萬美元。2026年第一季持續營運的調整後EBITDA為1,610萬美元，較2025年第一季的400萬美元增加。

I'll now turn to the balance sheet, cash flow and liquidity. Total debt on our balance sheet at March 31, 2026, was $275.9 million, which includes unamortized fees, unamortized gains from the bond swap done in 2025. Assuming these fees, gains and leases, our secured debt and senior notes totaled $237.2 million, of which $69.1 million is current, which as Kenny stated earlier, we will be paid off within the year. The company had cash, cash equivalents and restricted cash balance of $194.8 million, giving us net debt as of March 31, 2026, of $42.4 million against our secured debt and senior notes.

接下來我將說明資產負債表、現金流與流動性。截至2026年3月31日，我們資產負債表上的總負債為2億7,590萬美元，其中包含未攤銷費用，以及2025年進行債券交換所產生的未攤銷收益。若排除這些費用、收益及租賃，我們的擔保債務與優先票據合計為2億3,720萬美元，其中6,910萬美元為流動部分；如Kenny先前所述，我們將在一年內償還。公司持有現金、約當現金及受限制現金餘額為1億9,480萬美元，因此截至2026年3月31日，針對我們的擔保債務與優先票據計算之淨負債為4,240萬美元。

With that, I will now turn the call back over to Kenny.

接下來，我把電話交回給Kenny。

Thanks, Cameron. Well, in closing, we are encouraged by a strong start to 2026. Our core business continues to see sustained opportunity fueled by the evolving need for power generation and growth in areas such as the AI data center space. B&W remains focused on our objectives and uniquely positioned to capitalize on this current landscape.

謝謝你，Cameron。最後總結，我們對2026年強勁的開局感到鼓舞。我們的核心業務持續看到穩健的機會，動能來自對發電需求的演變，以及AI資料中心等領域的成長。B&W仍專注於我們的目標，並具備獨特優勢，可把握當前的市場環境。

Our pipeline remains robust, exceeding $14 billion in project opportunities with significant tailwinds bolstered by the growing impact of AI data centers. Meanwhile, our bookings and backlog continue to convert at a strong pace, and we expect that momentum to continue throughout 2026.

我們的商機管線仍然強勁，專案機會超過140億美元，並受AI資料中心影響力日益擴大所帶來的顯著順風支撐。同時，我們的接單與在手訂單持續以強勁速度轉化，我們預期這股動能將在2026年全年延續。

As we celebrate B&W's 160th year, I would like to recognize our employees around the world, past and present who have made this a milestone possible. Their expertise, commitment to working safely and dedication to advancing our technologies and serving our customers set Babcock & Wilcox apart and have established our company as a recognized leader in the industries we serve.

在慶祝B&W成立160週年之際，我想表揚全球各地過去與現在的員工，正是他們讓這個里程碑得以實現。他們的專業、對安全作業的承諾，以及推進我們技術並服務客戶的投入，使Babcock & Wilcox脫穎而出，並讓公司成為我們所服務產業中公認的領導者。

I also want to thank our customers and suppliers for their continued support. And with this strong foundation, we're excited about where we're headed and confident in our ability to leverage our leading power and environmental solutions to capitalize on the many opportunities ahead.

我也要感謝我們的客戶與供應商持續的支持。有了這個堅實的基礎，我們對未來的方向感到振奮，並有信心運用我們領先的電力與環境解決方案，把握前方眾多機會。

With that, I'll now turn the call back over to Allen, who will assist on a few questions. Allen?

接下來，我把電話交回給Allen，他將協助回答幾個問題。Allen？

(Operator Instructions)

（接線員指示）

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

Good afternoon. Congratulations on all the progress. First question is on the expanding pipeline. I think it went up by a couple of billion this quarter since last quarter. What's sort of the environment for the pipeline you're seeing? What are some of the opportunities you're taking a look at? And I know the idea is that is driving a lot of it, but could you give us just some more color on the pipeline growth.

下午好。恭喜你們取得各項進展。第一個問題是關於擴大的商機管線。我想本季相較上季增加了約數十億美元。你們目前看到的管線環境如何？正在評估哪些機會？我知道AI是推動因素之一，但能否再多提供一些關於管線成長的細節。

Sure. Yeah. Obviously, the data center aspects of our business is driving quite a bit there, but there are others. There, we continue, and I'll start with maybe one part here and more back. But we still continue to see a lot of opportunities in growing in either coal to natural gas conversion opportunities or, in some cases, some large coal generation plant upgrades, environmental upgrades to help and assist on those particular areas. So we're seeing a lot of larger opportunities across the breadth of our portfolio technologies, both on the core side and environmental side as well.

當然。是的，顯然資料中心相關業務在其中推動了相當多，但也還有其他因素。我們持續看到許多機會——我先從其中一部分談起，之後再補充——我們仍持續看到燃煤轉天然氣的改造機會，或在某些情況下，對大型燃煤發電廠進行升級，以及環保升級以協助改善相關領域。因此，我們在產品組合技術的廣泛範疇中都看到許多大型機會，包含核心業務與環保業務兩端。

Specifically, in the data center opportunities, we are seeing new opportunities emerge, both from utilities as well as hyperscalers that we're in discussions with that are, in some cases, they're looking to power specific data center opportunities.

就資料中心的機會而言，我們看到新的機會正在浮現，來源包括公用事業公司以及我們正在洽談的超大規模業者（hyperscalers）；在某些情況下，他們希望為特定的資料中心專案提供電力。

In some cases, they're looking to power a specific manufacturing or large manufacturing associated with data center opportunities. And so there's combinations there on the specific end case or end user, where that power would be applied. But we're looking and talking to them around utilizing and leveraging B&W's for their technology. One of the key areas that we're focused on is supporting our customers on the ability to leverage our steam boilers with steam turbine combination.

在某些情況下，他們希望為特定製造業或與資料中心機會相關的大型製造設施供電。因此，在具體的最終用途或終端用戶方面，電力的應用場景會有不同組合。但我們正與他們討論如何使用並發揮B&W的技術。我們聚焦的一個關鍵領域，是協助客戶運用我們的蒸汽鍋爐與蒸汽渦輪的組合。

But perhaps combine that with a combustion turbine down the road, where obviously, you can gain some efficiencies through that combination of adding the combustion turbine with the steam boiler and the steam turbine generation set on that. But what we believe we also gain is you can actually increase the amount of power output provided on the same size or same score foot basis, if you will.

但也可能在未來再結合燃氣渦輪（combustion turbine），顯然透過將燃氣渦輪與蒸汽鍋爐及蒸汽渦輪發電機組結合，可以獲得一些效率提升。但我們也相信，這樣做還能在相同尺寸或相同占地面積（如果你願意這麼說）的基礎上，提高可提供的電力輸出。

So in other words, if we're putting in a 50-megawatt or 100-megawatt boiler, by adding the combustion turbine and combining the heat on some of the turbine into the steam boiler itself, we can actually almost double the size of the output from that particular site. So with very little real estate, we can actually increase the amount of wattage that can come from that particular location. So there's interest in a few of our customers as it relates to those kind of long-term technology aspects.

換句話說，如果我們部署一台50兆瓦或100兆瓦的鍋爐，透過加入燃氣渦輪並將渦輪部分熱量導入蒸汽鍋爐，我們實際上幾乎可以把該場址的輸出規模加倍。因此，在占用很少土地的情況下，我們可以提高該地點可輸出的瓦數。因此，就這類長期技術面向而言，我們的一些客戶對此表現出興趣。

And then clearly, a few customers also want to make sure that they're in a position to capture the CO2 at some future point in time, either for enhanced oil recovery or methane recovery or other uses or even sequestration. But, so as we talk about the data center concept, there's some uniqueness around our ability to get the steam boiler and turbine out quicker than a combustion set, but does give them the ability to combine the combustion turbine at a later date in order to enhance that particular side or increase the overall productivity or output from an electrical generation standpoint, and that's an attractive value proposition for our customers. So we're looking at all of that.

此外，顯然也有一些客戶希望確保他們在未來某個時間點具備捕捉CO2的能力，用於提高採油（EOR）、甲烷回收、其他用途，甚至封存。不過，當我們談到資料中心概念時，我們在能更快交付蒸汽鍋爐與渦輪方面具有一些獨特性，相較於燃氣機組更具速度優勢；同時也讓他們能在日後再結合燃氣渦輪，以強化該方案或從發電角度提升整體生產力或輸出，這對客戶而言是很有吸引力的價值主張。因此，我們正在評估並推進所有這些面向。

Okay. Great. Then the Base Electron project, and get $31 million in the quarter. How do you see that kind of laying out? Is it really ramped significantly in starting next year? Or do you get some out of revenue this year?

好的，很棒。接著是Base Electron專案，本季貢獻3,100萬美元。你們怎麼看它的進度安排？是否要到明年才會顯著加速？還是今年也會有一些營收？

We'll get more revenue this year. I mean clearly, it's a bigger ramp, obviously, as I mentioned, is when we get into the full construction aspect on site. So not only civil and the early groundworks and all of that, but more over putting up steel starting to do the steel production of the site itself. That's when there is a very significant ramp on revenue. So we'll see that as we go into next year there.

今年會有更多營收。我的意思是，顯然更大的加速——如我提到的——會在我們進入現場全面施工階段時出現。不僅是土木與前期整地等工作，更重要的是開始立鋼構、進行場址本體的鋼構施工。那時營收會非常顯著地加速。因此，我們會在明年進入那個階段。

But they'll continue to produce revenue this year for Base Electron. We complete different milestones on the manufacturing side of the project itself and complete some of the on-site preparation work we need to do for engineering and other aspects for the civil construction capabilities and get the site prepped for the actual steel manufacturing itself. So there are different milestones involved in those contracts. So we'll still see further revenue this year. But yes, the huge amounts will start to impact next year.

但今年Base Electron仍會持續貢獻營收。我們會完成該專案製造端的不同里程碑，並完成我們在現場所需的一些前置準備工作，以支援工程與其他面向的土木施工能力，並讓場址為實際的鋼構施工做好準備。因此，這些合約包含不同的里程碑。所以今年仍會看到進一步的營收。但沒錯，大量的影響將從明年開始顯現。

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

好的，謝謝。我把時間交回去。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Hey, Ken, for some of these projects, as I recall on the last earnings call a couple of months back, it sounded like there were a couple of projects that were in, I guess, fairly serious discussions. I know you're relatively limited on what you can say on the call, but just kind of wondering on those specific projects or any others that have kind of come up on the priority list over the last couple of months? What's kind of the latest and greatest is in terms of the state of those conversations and the outlook there?

嗨，Ken，關於其中一些專案，我記得在幾個月前上一通財報電話會議時，聽起來有幾個專案正在進行相當深入的討論。我知道你在電話會議上能說的內容有限，但我想了解一下，那些特定專案或其他在過去幾個月被提升到優先清單的專案，有沒有最新進展？就這些對話的狀態與前景而言，目前最新、最重要的情況是什麼？

Yeah. No, we still progress on those discussions with two or three different customers out there to determine obviously, the best way to move forward with them on that. I think if we get one or so across the goal line, it will clearly be a project where we'll sign some sort of MOU or LNTP or something, obviously, to start. And then allow us to get everything set up to move into the full notice to proceed at a later date. So similar to what we do just about every big project that B&W has ever been involved in.

是的。我們仍在與外部兩到三家不同客戶推進這些討論，以釐清顯然最好的推進方式。我認為如果我們能讓其中一個左右跨過終點線，這將明顯是一個我們會先簽署某種MOU（合作備忘錄）或LNTP（有限開工通知）之類文件的專案，作為起步。然後讓我們能把一切準備就緒，以便在稍後進入完整的NTP（開工通知）。這與B&W幾乎所有曾參與的大型專案做法相似。

So on that front. But those discussions still continue in working through a number of different scenarios. As typical on these kind of projects, there's a lot of different variables that the end user and customers are trying to accomplish, either be from a technology standpoint, end user standpoint, permitting standpoint, location, geography, so on and so forth. So a lot of things kind of ebb and flow as we enter into these discussions, but they continue, and we're hopeful that we can move one across the goal line.

就這方面而言，這些討論仍在持續，並在多種不同情境中推進。如同這類專案的常態，終端用戶與客戶想要達成的目標存在許多不同變數，可能來自技術面、終端用戶面、許可（permitting）面、地點、地理等因素，諸如此類。因此，當我們進入這些討論時，許多事情會有所起伏變化，但討論仍在持續，我們也希望能推動其中一個達成。

Got it. I appreciate that. As a follow-up, to the extent you get another one or two projects under the belt here that you ultimately can book. Are there any investments or things along that kind of notion that B&W may look to make to ensure it can deliver on perhaps an accelerated slate of projects? Or do you feel that the company is and the supply chains are appropriately situated to deliver on multiple projects running concurrently.

了解了。我很感謝。作為後續問題，在您這邊若再拿下一到兩個最終能夠入帳的專案的情況下，B&W 是否會考慮進行任何投資或採取相關措施，以確保能夠交付可能加速推進的一系列專案？或者您認為公司以及供應鏈目前的配置已足以同時交付多個並行進行的專案？

Yeah. No, we feel good about the current supply chain that we've established. Obviously, around the Base Electron project, we use that in order to establish a broader aspect around potential on other data center projects so that we could begin to secure a little bit of capacity there around that. I think each one of these will be a little bit nuanced. The size of the boilers and the size of the turbines will vary.

是的。不，我們對目前已建立的供應鏈很有信心。當然，圍繞 Base Electron 專案，我們也會利用它來建立更廣泛的基礎，以因應其他資料中心專案的潛在機會，讓我們能開始在那方面預先鎖定一些產能。我認為每一個專案都會有些細微差異；鍋爐的尺寸與汽輪機的尺寸都會不同。

There'll be, as we've always talked about, we want to as much as possible use and leverage existing technology that B&W has put in the marketplace, similar on the turbine side of the equation. But there will be, because there's a need to have different size boilers used, right?

而且就像我們一直談到的，我們希望盡可能使用並發揮 B&W 已經投放到市場上的既有技術；在汽輪機端也是同樣的概念。但確實會有差異，因為需要使用不同尺寸的鍋爐，對吧？

For Base Electron, we're using the 300-megawatt boilers. In other cases, we're looking at smaller, and in some cases, we're actually looking at even bigger. So the positive news on that is that we have different manufacturers lined up to be able to accept depending on the size of the boiler out there.

以 Base Electron 來說，我們使用的是 300 兆瓦鍋爐。其他情況下，我們在看更小的；而在某些情況下，我們其實也在看更大的。因此正面的消息是，我們已經安排了不同的製造商，可依外部所需的鍋爐尺寸來承接。

And so where we've been proactive on is to make sure as we move forward into these opportunities that the manufacturers are kind of if you will, sitting side by side with us as it relates to these so that we can ensure that we've got the capacity to make those happen out there.

所以我們主動在做的是：確保在我們推進這些機會時，製造商能夠（可以這麼說）與我們並肩合作，讓我們能確保具備足夠的產能把這些事情落地。

So we feel good about where we are right now. In the future, obviously, having security on the steam turbine aspect of it for us, and some of the pressure parts is going to be crucial as we get past the one or two of these additional projects as we move along. And we'll have to make sure that we've got, we keep in mind how we can secure that capacity to continue to move forward. But at the moment, we feel pretty good about our position right now.

因此我們對目前的狀況感覺良好。未來，對我們而言，在蒸汽汽輪機環節以及部分承壓部件方面的供應保障，將會在我們再往前推進、超過一到兩個額外專案之後變得至關重要。我們必須確保並持續思考如何鎖定那部分產能，以便持續向前推進。但就目前而言，我們對自身的現況與位置相當有信心。

Got it. I appreciate all those details. I'll turn it back. Thank you.

了解了。我很感謝這些細節。我把時間交回去。謝謝。

Thank you.

謝謝。

Aaron Spychalla, Craig Hallam.

Aaron Spychalla，Craig Hallam。

Yeah, good afternoon, Kenny and Cameron. Thanks for taking the questions. Maybe first for me, on just guidance with the better start to the year, and it sounds like confidence in activity levels. Can you just talk to visibility in the guidance and maybe cadence throughout the year?

是的，下午好，Kenny 和 Cameron。謝謝你們回答問題。先從指引談起：今年開局更好，而且聽起來對活動水準也更有信心。能否談談指引的能見度，以及全年節奏可能會是怎樣？

Yeah. No, good question. Obviously, we kept the guidance where we are right now. 100%, just as we try to figure out how much we could shift either into construction or pull forward some of the manufacturing and other aspects around these projects that we're involved in. Once we have a better handle on that, here in the coming months, then we'll relook at the guidance we put out in the marketplace, and we'll see how that goes.

是的。這是個好問題。很明顯，我們目前維持既有指引不變。百分之百是因為我們仍在評估：在我們參與的這些專案中，有多少可以轉移到施工階段，或是把部分製造與其他環節提前。一旦在接下來幾個月我們對此有更清楚的掌握，我們就會重新檢視我們對外發布的指引，看看進展如何。

But I think the positive news is there's definitely a potential for upside related to our guidance that exists today, and we're going to keep an eye on how things progress this year and see where it goes. Obviously, if it doesn't hit this year, then it just goes into next year. So either way, it's a good position for B&W to be in, but we'll keep an eye on that and circle back around on that at a later date.

但我認為正面的消息是：相對於目前的指引，確實存在上行空間；我們會持續觀察今年的進展再看走向。當然，如果今年沒有反映出來，那就會延後到明年。因此無論如何，對 B&W 來說都是個不錯的位置；我們會持續關注，並在之後再回頭更新。

Right. Understood. And then within the guide for this year, is there a way to think about kind of that base parts and services business? What kind of contribution looks like there? And just as we think about kind of growth in the coming years, you obviously have the big projects and some of these coal to gas conversions. But just what's kind of that base run rate, and it seems like that business is still very much healthy.

好的，理解。那在今年的指引之內，有沒有方式可以思考你們基礎的零件與服務業務？那部分大概會貢獻多少？另外，展望未來幾年的成長，你們顯然有大型專案以及一些燃煤轉燃氣的改造，但這個基礎的常態化營運水準（run rate）大概是多少？看起來那塊業務仍然非常健康。

Yeah. No, it's, I mean, obviously, our parts and services, we mentioned, had a significantly strong first quarter, one of its best and from a first quarter standpoint, in recent history, usually, as you know, Q1 is a little low for us from our parts and services, Q2, maybe about the same, slightly better, but Q3, Q4 is where we really pick up on that due to the outages and every aspect.

是的。我的意思是，很明顯，我們的零件與服務業務——我們也提到過——第一季表現顯著強勁，是近年來就第一季而言最好的之一。通常如你所知，第一季對我們的零件與服務來說會稍微偏低；第二季大概差不多、可能略好一些；但第三、第四季才會因為停機檢修（outages）以及各方面因素而明顯拉升。

The demand we're seeing still is still strong out there for that business. We don't see that changing as it goes into the rest of the year. We have pretty good visibility into the outages that are targeted to come later this year to do maybe a significant aspect, not necessarily a gas or coal to gas conversion, but a broader upgrade or something, maybe environmental aspects as well, too, on these coal plants.

我們目前看到的需求仍然很強勁。我們不認為在今年剩餘時間會有改變。我們對於今年稍晚預計進行的停機檢修有相當好的能見度，屆時可能會做一些較大範圍的工作——不一定是燃氣或燃煤轉燃氣改造——而可能是更廣泛的升級，或是這些燃煤電廠的環保相關項目等。

I think the the uniqueness is that on the coal plants that are being used, obviously, more and more and more and have capacity to be used even further than they are today. As a result of that, you're seeing more investment put into these coal plants than we've seen in the past because they are running a lot longer, and the need for them to run now is also increasing.

我認為其獨特之處在於：這些正在被使用的燃煤電廠，顯然使用頻率越來越高，而且未來還有能力比現在用得更多。也因此，你會看到相較過去更多的投資投入到這些燃煤電廠，因為它們運轉時間更長，而目前對它們運轉的需求也在增加。

So a lot of the utilities or a lot of our customers are investing more into these plants to ensure the longevity for the, obviously, baseload generation. So it's a good place for us to be in right now and excited about that, and we're taking it a quarter of time, but right now, we see a very strong outlook on the parts and services and anticipate that continuing right now for the foreseeable future.

因此，許多公用事業公司或我們的客戶正在加大對這些電廠的投資，以確保其壽命，當然也是為了基載發電。這對我們而言是個很好的位置，我們也對此感到振奮。我們會一季一季地看，但就目前而言，我們對零件與服務的展望非常強勁，並預期在可預見的未來會持續如此。

I don't, the concept of the utilization on this, and that's the good news about it. These aren't just one-off kind of parts aspects. This is based on a continuation of these plants running. We don't see that slowing down anytime soon.

我不——這裡的概念是利用率，而這正是好消息。這些並不是一次性的零件需求；而是建立在這些電廠持續運轉的基礎上。我們不認為這種情況短期內會放緩。

Right. Okay. Thank you for the color. And then just maybe almost housekeeping. On the pipeline expansion to $14 billion to see, you had kind of talked about a data center, power gen pipeline of $3 billion to $5 billion plus, I think, is most of that increase just driven the $2 billion kind of driven by an increase in that pipeline or anything else to highlight?

好的。謝謝補充說明。接著可能是偏例行問題：你們把管線（pipeline）擴大到 140 億美元。你們之前談到資料中心、發電相關的管線大約是 30 億到 50 億美元以上。我想問，這次增加的大部分——大約 20 億美元——主要是由那部分管線增加所驅動，還是有其他重點？

Yeah. That's, I mean the data centers obviously have a large impact just because of the size consideration of those. There are a few that we're talking to that are in the 500 megawatts range. To start with, there's a couple that are in the 300-megawatt range, but there are some that are in the 1 to 2 gigawatt range. So there's there is a big demand for that as the data centers continue to grow.

是的。資料中心確實有很大影響，主要是因為其規模考量。我們正在洽談的案子中，有幾個起步規模在 500 兆瓦左右；也有幾個在 300 兆瓦左右；但也有一些是在 1 到 2 吉瓦的範圍。因此，隨著資料中心持續成長，這方面的需求非常大。

And obviously, we're not going to book all of that business, but the opportunities are wide across that size range. So when you're talking about a 1 gigawatt plant or higher, that's a significant project for us and so obviously has solid revenue ramifications if we get that booked and across the goal line. So overall, the pipeline out there is reflected in that, and we, it's been able to allow us to grow it quite a bit, but, and the opportunities are still continue to evolve and comp.

當然，我們不可能把所有業務都拿下，但機會涵蓋的規模範圍很廣。當你談的是 1 吉瓦或更高的電廠時，對我們而言就是非常重大的專案；因此如果我們能把它簽下來並順利推進到終點線，對營收的影響也會相當可觀。整體而言，外部的管線反映了這些因素，這也讓我們能把管線規模擴大不少；而且機會仍在持續演變並持續增加。

But keep in mind that the pipeline is the projects where we think we'll close not necessarily 100% with us, but we think we'll close within the next three years. There's obviously opportunities that are outside that three-year window that would increase the size of that, but we don't talk about the opportunities. But just to give you some idea, there's a lot of conversations, some things that could be four years out that don't make it to the pipeline for that very definition reason.

但請記住，這個管線指的是我們認為會在未來三年內完成成交的專案——不一定是 100% 由我們拿下，但我們認為會在三年內結案。當然也有一些機會是在三年窗口之外，會讓規模更大，但我們不會把那些機會納入討論。只是給你一些概念：有很多對話中的案子可能是四年之後才會發生，基於這個定義原因，它們不會被納入管線。

Right. That makes sense. I appreciate the color. I'll turn it over.

好的，這很合理。謝謝補充說明。我把時間交出去。

We have reached the end of the Q&A session. I will now turn the call back to Sharyn Brooks for closing remarks

我們已到達問答環節的結束。我現在把電話交回給 Sharyn Brooks 作結語。

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

感謝各位加入。本次電話會議到此結束。今天稍晚我們的網站將在有限時間內提供重播。

You may now disconnect.

您現在可以掛線。