Broadwind Inc (BWEN) 2023 Q2 法說會逐字稿

Greetings, and welcome to Broadwind's Second Quarter 2023 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Broadwind 2023 年第二季度業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Tom Ciccone. Thank you. You may begin.

現在我想將會議交給主持人湯姆·西科內 (Tom Ciccone)。謝謝。你可以開始了。

Good morning, and welcome to the Broadwind Second Quarter 2023 Results Conference Call. Leading the call today is our CEO, Eric Blashford; and I'm Tom Ciccone, the company's Vice President and Chief Financial Officer. We issued a press release before the market opened today detailing our second quarter results.

早上好，歡迎參加 Broadwind 2023 年第二季度業績電話會議。今天主持電話會議的是我們的首席執行官埃里克·布拉什福德 (Eric Blashford)；我是 Tom Ciccone，公司副總裁兼首席財務官。我們在今天開盤前發布了一份新聞稿，詳細介紹了我們第二季度的業績。

I would like to remind you that management's commentary and results to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially.

我想提醒您，管理層對今天電話會議問題的評論和結果可能包括前瞻性陳述，這些陳述本質上是不確定的，超出了公司的控制範圍。儘管這些前瞻性陳述基於管理層當前的預期和信念，但實際結果可能存在重大差異。

For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest annual and quarterly filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call in the press release issued today. At the conclusion of our prepared remarks, we will open the line for questions.

有關可能導致實際結果不同的一些因素的討論，請參閱我們向 SEC 提交的最新年度和季度文件中的風險因素部分。此外，請注意，您可以在今天發布的新聞稿中找到我們在電話會議期間討論的歷史非公認會計原則財務指標的調節表。在我們準備好的發言結束後，我們將開放提問熱線。

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

這樣，我會將電話轉給埃里克。

Thanks, Tom, and welcome to those joining us today. During the second quarter, we continue to demonstrate strong execution on our strategic plan while capitalizing on balanced demand strength across our diverse end markets. At the same time, we delivered a sustained price discipline, drove efficient materials procurement, and reduced our freight expense and introduced process enhancements, which, together with the benefits of the IRA-related tax benefits, translated to significant year-over-year margin expansion and improved profitability in the period.

謝謝湯姆，並歡迎今天加入我們的人。在第二季度，我們繼續展示對戰略計劃的強大執行力，同時利用我們不同終端市場的平衡需求實力。與此同時，我們實施了持續的價格紀律，推動了高效的材料採購，降低了運費，並改進了流程，再加上 IRA 相關的稅收優惠，轉化為可觀的同比利潤期內的擴張和盈利能力的提高。

This strong performance was partially offset by planned maintenance at our Abilene manufacturing facility where we are retooling and automating portions of our coding system. The planned maintenance at Abilene resulted in an EBITDA impact of approximately $0.6 million in the second quarter or $0.03 on an earnings per share basis. Indications of interest from our OEM customers, together with continued stability across our diverse non-wind markets have contributed to improved stability and optimism across our business.

這種強勁的表現被我們阿比林製造工廠的計劃維護所部分抵消，我們正在該工廠對編碼系統的部分設備進行重組和自動化。阿比林的計劃維護對第二季度的 EBITDA 影響約為 60 萬美元，按每股收益計算為 0.03 美元。我們的 OEM 客戶表現出的興趣，加上我們多元化的非風電市場的持續穩定性，有助於提高我們整個業務的穩定性和樂觀性。

As we look to the second half of the year, leading us to increase our adjusted EBITDA guidance for the full year 2023. Positive momentum within our legacy wind business, together with traction within new, higher-margin adjacent markets that leverage the unique intellectual property we're developing here at Broadwind reflect meaningful progress on a strategic plan, one that emphasizes profitable growth across a broader spectrum of energy transition and clean tech opportunities.

展望下半年，我們上調了 2023 年全年調整後 EBITDA 指引。我們傳統風電業務的積極勢頭，以及利用獨特知識產權的新的、利潤率更高的相鄰市場的吸引力我們在Broadwind 制定的戰略計劃反映了有意義的進展，該計劃強調在更廣泛的能源轉型和清潔技術機會中實現盈利增長。

As we further expand our product and service capabilities, we expect to drive improved asset utilization and unit economics consistent with our focus on driving improved margin realization through the cycle. We booked $25 million in orders in the second quarter down about 3% from the prior year quarter as softness in Gearing orders from the oil and gas market were mostly offset by increases in industrial fabrications orders for the Mining segment.

隨著我們進一步擴展我們的產品和服務能力，我們預計將推動資產利用率和單位經濟效益的提高，這與我們在整個週期中推動提高利潤率實現的重點相一致。我們第二季度預訂了 2500 萬美元的訂單，比去年同期下降了約 3%，因為石油和天然氣市場的齒輪傳動訂單疲軟大部分被採礦業工業製造訂單的增加所抵消。

Orders for our proprietary natural gas producing systems, pressure-reducing systems, or PRS and orders for the natural gas turbine aftermarket.

我們專有的天然氣生產系統、減壓系統或 PRS 的訂單以及天然氣渦輪機售後市場的訂單。

Entering the third quarter, we continue to operate one plan both at a commercial and operational level. We're focused on expanding our product mix within higher-margin adjacent markets as reflected by our latest expansion of the PRS line, the H250 high flow unit. We've introduced new technical advisory sessions for our gearbox customers and new preventative maintenance service offerings for our PRS customers. Both programs designed to increase the overall value provided to our customers.

進入第三季度，我們繼續在商業和運營層面上運行一個計劃。我們專注於在利潤率較高的鄰近市場中擴大我們的產品組合，正如我們最新擴展的 PRS 系列 H250 高流量裝置所反映的那樣。我們為變速箱客戶推出了新的技術諮詢課程，並為 PRS 客戶提供了新的預防性維護服務。這兩個計劃旨在增加為客戶提供的整體價值。

Operationally, we've deployed lean operating principles across the organization, including continuous improvement projects across all divisions with an emphasis on improved asset utilization. Our consistent focus on team member safety, quality systems and workforce training has allowed us to continually meet the strict quality and delivery requirements so vital to our customers.

在運營方面，我們在整個組織中部署了精益運營原則，包括所有部門的持續改進項目，重點是提高資產利用率。我們對團隊成員安全、質量體系和員工培訓的一貫關注使我們能夠不斷滿足對客戶至關重要的嚴格質量和交付要求。

The coding system retool and automation project launched in Abilene in Q2 will wrap up later this quarter, and we're looking forward to reaping the benefits of this $1.5 million investment in terms of both throughput and labor optimization. We generated total revenue of $51 million in the second quarter, a slight reduction in tower revenue resulting from the planned maintenance in Abilene, was offset by increases in all other product lines.

第二季度在阿比林啟動的編碼系統重組和自動化項目將於本季度晚些時候結束，我們期待在吞吐量和勞動力優化方面從這筆 150 萬美元的投資中獲益。我們第二季度的總收入為 5100 萬美元，由於阿比林的計劃維護而導致塔收入略有減少，但被所有其他產品線的增長所抵消。

We generated $5.4 million of adjusted EBITDA in the quarter, an increase of almost $5 million versus the prior year period, improving upon a strong performance in Q1. The combination of improved EBITDA generation, together with continued working capital efficiency, contributed to strong year-over-year growth in cash flow in the period. Our Heavy Fabrications segment booked $12 million of orders in Q2, down 5% year-over-year as expected.

本季度我們產生了 540 萬美元的調整後 EBITDA，比去年同期增加了近 500 萬美元，比第一季度的強勁表現有所改善。 EBITDA 產生的改善，加上持續的營運資金效率，促成了該期間現金流量同比強勁增長。我們的重型製造部門在第二季度預訂了 1200 萬美元的訂單，同比下降 5%，符合預期。

We're pleased to see increasing strength in our industrial fabrications product line with orders up 12% year-over-year, led by PRS sales. Gearing orders were $6 million, down 35% year-over-year, driven by a softening of incoming oil and gas orders, partially offset by increases in orders from the steel processing sector.

我們很高興看到我們的工業製造產品線實力不斷增強，在 PRS 銷售的帶動下，訂單同比增長 12%。由於石油和天然氣訂單疲軟，齒輪傳動訂單為 600 萬美元，同比下降 35%，但部分被鋼鐵加工行業訂單的增加所抵消。

Orders for Industrial Solutions of $7 million continue to be strong, posting a 75% increase year-over-year led by orders for both the natural gas turbine aftermarket and wind repowering projects. Our total consolidated backlog at the end of Q2 was $262 million, up $169 million versus the prior year period. Quoting activity in our non-wind markets remain strong, and we expect good order flow to continue through the balance of the year, notwithstanding the softness in gearing orders for the oil and gas market.

工業解決方案訂單量達 700 萬美元，持續強勁，同比增長 75%，其中天然氣渦輪機售後市場和風力發電項目的訂單帶動了訂單增長。截至第二季度末，我們的合併積壓訂單總額為 2.62 億美元，比去年同期增加 1.69 億美元。我們的非風電市場的報價活動依然強勁，儘管石油和天然氣市場的傳動訂單疲軟，但我們預計今年剩餘時間將繼續保持良好的訂單流。

Within our Heavy Fabrications segment, Q2 revenue was $34 million, a 5% decrease year-over-year with Industrial Fabrications revenue partially offsetting the reduction in towers revenue resulting from the previously mentioned maintenance activity in our Texas plant. Gearing revenue was $11 million, a 9% increase year-over-year as customer activity continues to be strong, within both the industrial and steel sectors, up 166% and 52% year-over-year, respectively.

在我們的重型製造部門，第二季度收入為 3400 萬美元，同比下降 5%，工業製造收入部分抵消了之前提到的德克薩斯州工廠維護活動造成的塔架收入減少。由於工業和鋼鐵行業的客戶活動持續強勁，負債收入為 1100 萬美元，同比增長 9%，同比分別增長 166% 和 52%。

Industrial Solutions revenue was up 24% year-over-year led by increases in both new gas turbine and aftermarket product lines.

由於新燃氣輪機和售後市場產品線的增加，工業解決方案收入同比增長 24%。

In summary, I am pleased with the operating performance of all divisions through the first half of the year. and look forward to building on this momentum in the back half of the year as we continue to execute our growth and diversification strategy. With that, I'll turn the call back over to Tom for a discussion of our second quarter financial performance.

總而言之，我對上半年各部門的經營業績感到滿意。並期待在今年下半年繼續執行我們的增長和多元化戰略，鞏固這一勢頭。接下來，我會將電話轉回給湯姆，討論我們第二季度的財務業績。

Thank you, Eric. Turning to Slide 5 for an overview of our second quarter performance. We had a strong second quarter one highlighted by significant margin expansion and growth in adjusted EBITDA. In Q2, we recognized $5.4 million of EBITDA compared to $0.4 million in the prior year second quarter. The $5 million increase in improved margin realization is due primarily to the benefits attributable to the advanced manufacturing production tax credits or A&P credits, we earned this quarter associated with our wind tower production together with solid overall operational execution.

謝謝你，埃里克。請參閱幻燈片 5，了解我們第二季度業績的概述。我們第二季度業績強勁，利潤率大幅擴張，調整後 EBITDA 增長。第二季度，我們確認了 540 萬美元的 EBITDA，而去年第二季度為 40 萬美元。利潤率實現增加 500 萬美元，主要歸功於先進製造生產稅收抵免或 A&P 抵免帶來的好處，我們本季度獲得的收益與風塔生產以及穩健的整體運營執行相關。

We generated net income of $1.4 million or $0.07 per diluted share in the second quarter. After adjusting for over $1 million of proxy contest-related costs incurred in the second quarter, we generated $2.4 million of net income or $0.11 per diluted share.

第二季度我們的淨利潤為 140 萬美元，即稀釋後每股收益 0.07 美元。在對第二季度產生的超過 100 萬美元的代理競賽相關成本進行調整後，我們產生了 240 萬美元的淨利潤，即稀釋後每股收益 0.11 美元。

Turning to Slide 6 for a discussion of our Heavy Fabrications segment. Second quarter orders were $12.4 million, a decrease of $0.6 million from the prior year period. As I stated last quarter, based on the timing of the large multiyear tower order that was received late in 2022, we expect tower orders to be limited when compared to prior periods when orders were placed in more regular intervals.

轉向幻燈片 6，討論我們的重型製造部分。第二季度訂單量為 1,240 萬美元，比去年同期減少 60 萬美元。正如我上季度所述，根據 2022 年末收到的大型多年塔式訂單的時間安排，我們預計塔式訂單與之前定期下達訂單的時期相比將受到限制。

The Q2 orders did include over $8 million related to our proprietary mobile PRS units, a record for that product line. These orders included both our medium flow and newly introduced high-flow PRS model. Second quarter revenues were $33.9 million, up sequentially but down 1.6% versus the prior year quarter. We recognized less tower sections in the current year quarter, primarily due to the planned maintenance in our Abilene manufacturing facility.

第二季度的訂單確實包括與我們專有的移動 PRS 單元相關的超過 800 萬美元，這是該產品線的記錄。這些訂單包括我們的中流量和新推出的高流量 PRS 型號。第二季度收入為 3,390 萬美元，環比增長，但較去年同期下降 1.6%。我們確認本季度塔架部分減少，主要是由於我們的阿比林製造工廠計劃進行維護。

Partially offsetting the impact of lower tower sales was an increase in Industrial Fabrication revenue, reflective of higher demand for our PRS product offerings. During the second quarter, we recognized segment EBITDA of $5 million, an improvement of $3.8 million versus the prior year period, primarily driven by the A&P credits recognized in the current year period as well as the increased Industrial Fabrication product line revenue.

工業製造收入的增加部分抵消了塔式銷售下降的影響，這反映出對我們的 PRS 產品的需求增加。第二季度，我們確認分部 EBITDA 為 500 萬美元，比上年同期增加 380 萬美元，這主要是受到本年度確認的 A&P 信貸以及工業製造產品線收入增加的推動。

Turning to Slide 7. Gearing orders slowed in Q2, totaling $5.8 million, a $3.1 million or 35% decrease versus the prior year quarter. The majority of the decrease was attributable to the slowdown in oil and gas orders. Segment revenue was $11 million, up $0.9 million compared to the prior year second quarter, reflective of the strong backlog with which we entered the year. We generated $1 million of segment EBITDA in Q2, an increase of $0.9 million versus the prior year quarter, a result of the additional revenue, a more profitable mix of products sold and the lack of ramp-up costs incurred in the prior year.

轉向幻燈片 7。第二季度傳動裝置訂單放緩，總計 580 萬美元，比去年同期減少 310 萬美元，即 35%。下降的主要原因是石油和天然氣訂單放緩。部門收入為 1100 萬美元，比去年第二季度增加 90 萬美元，反映出我們進入今年時的大量積壓訂單。我們第二季度的部門 EBITDA 為 100 萬美元，比去年同期增加了 90 萬美元，這是由於收入增加、銷售產品組合利潤更高以及去年沒有增加成本所致。

Turning to Slide 8 for a discussion of our Industrial Solutions segment. Industrial Solutions continues to operate in a robust demand environment. We recorded $7.2 million of new orders in Q2, the second highest quarterly intake level since Broadwind's acquisition of Red Wolf in early 2017. The $7.2 million represent the $3.1 million or 75% increase versus the prior year period. We ended the second quarter with a record high $18 million in backlog as we continue to see strong demand for our core natural gas turbine offerings.

請參閱幻燈片 8，討論我們的工業解決方案部分。工業解決方案繼續在強勁的需求環境中運營。我們第二季度的新訂單量為720 萬美元，這是自2017 年初Broadwind 收購Red Wolf 以來第二高的季度訂單水平。這720 萬美元意味著與去年同期相比增加了310 萬美元，即75 %。由於我們繼續看到對我們的核心天然氣渦輪機產品的強勁需求，我們在第二季度末的積壓訂單達到了創紀錄的 1800 萬美元。

Second quarter segment revenues increased to $6.3 million from $5 million in the prior year period, due primarily to the strong order intake levels we've been experiencing. EBITDA increased by $0.8 million to $1 million, consistent with the increased revenues as well as an improved mix of products sold when compared to the prior year quarter.

第二季度部門收入從上年同期的 500 萬美元增至 630 萬美元，這主要是由於我們的訂單量強勁。與去年同期相比，EBITDA 增加了 80 萬美元，達到 100 萬美元，這與收入的增加以及銷售產品組合的改善一致。

Turning to Slide 9. Our quarter end liquidity remains adequate with cash and availability under our credit facility of $15.2 million, a $2.9 million sequential improvement. After the large expected Q1 operating working capital increase, working capital has since decreased by approximately $8 million due to an increased deposit balance.

轉向幻燈片 9。季度末流動性仍然充足，信貸安排下的現金和可用性為 1,520 萬美元，環比提高了 290 萬美元。在預計第一季度運營營運資本大幅增加之後，由於存款餘額增加，營運資本減少了約 800 萬美元。

As a reminder, as I pointed out last quarter, it should be noted that the AMP credits are not part of our traditional operating working capital calculation but we do expect this receivable balance to increase during the year. For the balance of the year, we do intend to produce our operating working capital balance and lower debt. Finally, as Eric mentioned, we are increasing our full year EBITDA guidance. For the full year 2023, we currently anticipate total adjusted EBITDA to be approximately $17 million to $19 million. This is up from the $16 million to $18 million of range previously announced. We are not changing our existing revenue guidance that remains at the $205 million to $220 million range.

提醒一下，正如我上季度指出的那樣，應該指出的是，AMP 信貸不屬於我們傳統運營營運資本計算的一部分，但我們確實預計這一應收賬款餘額將在年內增加。在今年剩餘時間裡，我們確實打算實現運營資本平衡並降低債務。最後，正如埃里克提到的，我們正在提高全年 EBITDA 指導。對於 2023 年全年，我們目前預計調整後 EBITDA 總額約為 1700 萬至 1900 萬美元。這高於之前宣布的 1600 萬至 1800 萬美元的範圍。我們不會改變現有的收入指引，該指引仍保持在 2.05 億美元至 2.2 億美元的範圍內。

That concludes my remarks. I will turn the call back over to Eric to continue our discussion.

我的發言到此結束。我會將電話轉回給埃里克以繼續我們的討論。

Thanks, Tom. Looking ahead, the IRA-related tax benefits remain a significant catalyst for new wind investment over the coming 24 months. Our wind backlog has grown substantially since its passage. Customer interest remains strong and the market remains active, reinforcing our view that wind is positioned for a sustained period of expansion. As we look forward to the second half of 2023 and into next year, we have increased visibility and an improved backlog in each of our operating segments.

謝謝，湯姆。展望未來，與 IRA 相關的稅收優惠仍然是未來 24 個月新風電投資的重要催化劑。自該法案通過以來，我們的風電積壓訂單大幅增加。客戶興趣依然強勁，市場依然活躍，這強化了我們的觀點，即風電將持續擴張。展望 2023 年下半年和明年，我們每個運營部門的可見性都得到了提高，積壓情況也有所改善。

As we build on our legacy in wind to expand into new adjacent markets in clean tech, clean fuels, solar, power generation and infrastructure. We continue to evaluate a number of inorganic growth opportunities that could accelerate our entrance into these and other complementary high-value markets.

我們在風能領域的基礎上不斷拓展，拓展到清潔技術、清潔燃料、太陽能、發電和基礎設施領域的新的相鄰市場。我們繼續評估一些無機增長機會，這些機會可以加速我們進入這些和其他互補的高價值市場。

As mentioned earlier, in our Heavy Fabrication segment, we have added coatings automation to improve our plant throughput and leverage labor as we work with our customers to prepare for the expected years long increase in demand. The line of proprietary natural gas pressure-reducing systems introduced last year is progressing as per our strategy.

如前所述，在我們的重型製造部門，我們增加了塗層自動化，以提高我們的工廠吞吐量並利用勞動力，因為我們與客戶合作，為預期的長期需求增長做好準備。去年推出的專有天然氣減壓系統系列正在按照我們的戰略取得進展。

We've released our second model in that product family, the H250 high-flow unit, and we're pleased with the order activity we''ve received for that model so far. We have also introduced rental options and preventative maintenance programs for this product line in response to customer demand. Given our current capacity, we expect to generate approximately $20 million in annual incremental revenue from these products by 2025 at attractive margins.

我們已經發布了該產品系列中的第二個型號，即 H250 高流量裝置，我們對該型號迄今為止收到的訂單活動感到滿意。為了滿足客戶需求，我們還為此產品線推出了租賃選項和預防性維護計劃。鑑於我們目前的產能，我們預計到 2025 年，這些產品的年增量收入將達到約 2000 萬美元，利潤率頗具吸引力。

In our Gearing segment, efforts to broaden our sales mix into less cyclical markets to achieve a more balanced revenue stream going forward, remain important for us, and we've expanded our technical sales team to improve our response time. Order growth from the industrial and steel processing segments has been strong. And we're seeing increased interest in our quick turn gearbox repair and refurbishment services.

在我們的傳動裝置部門，努力將我們的銷售組合擴大到週期性較小的市場，以實現未來更加平衡的收入流，對我們來說仍然很重要，並且我們擴大了我們的技術銷售團隊，以提高我們的響應時間。工業和鋼鐵加工領域的訂單增長強勁。我們發現人們對我們的快轉變速箱維修和翻新服務越來越感興趣。

And finally, our strategy to add process capabilities to our Industrial Solutions business to expand our position within existing accounts while winning new ones that improve margins, is yielding desired results. I'm pleased that we booked more than $1 million of wind and solar orders in this business this year as we increase our presence in renewables markets.

最後，我們為工業解決方案業務增加流程能力的戰略，以擴大我們在現有客戶中的地位，同時贏得新客戶以提高利潤率，正在產生預期的結果。我很高興今年我們在該業務中預訂了超過 100 萬美元的風能和太陽能訂單，因為我們擴大了在可再生能源市場的影響力。

In summary, I'm pleased with the progress our team is making to build a durable foundation for steady, profitable growth, serving the energy transition in other key markets and look forward to capitalizing on improved market demand in the years ahead. As the wind and renewables investment activity gradually increases over the next several years, we will prudently maintain our facilities, our equipment, and invest in the vital core talent we need to support an ongoing recovery in order activity.

總之，我對我們的團隊在為穩定、盈利增長奠定持久基礎、服務其他主要市場的能源轉型方面所取得的進展感到高興，並期待在未來幾年利用不斷改善的市場需求。隨著未來幾年風能和可再生能源投資活動逐漸增加，我們將謹慎維護我們的設施、設備，並對支持訂單活動持續復甦所需的重要核心人才進行投資。

We will leverage our presence in wind, clean fuels and power generation while establishing new footholds within other complementary markets, serving the energy transition, Concurrently, we will drive capacity utilization, margin expansion and reduced net leverage, ensuring continued balance sheet optionality to support the long-term growth of our business.

我們將利用我們在風能、清潔燃料和發電領域的影響力，同時在其他互補市場中建立新的立足點，服務於能源轉型。同時，我們將推動產能利用率、利潤率擴張和降低淨槓桿率，確保持續的資產負債表選擇性，以支持我們業務的長期增長。

As we successfully execute this strategy, we expect to generate significant growth in both revenue and income over the next several years as we more fully leverage our NOLs with an emphasis on long-term value creation. With that said, I'll turn the call over to the moderator for the Q&A session.

隨著我們成功執行這一戰略，我們預計未來幾年將在收入和收入方面實現顯著增長，因為我們更充分地利用我們的 NOL，重點關注長期價值創造。話雖如此，我會將電話轉交給問答環節的主持人。

(Operator Instructions) Our first question comes from Eric Stine with Craig-Hallum.

（操作員說明）我們的第一個問題來自 Eric Stine 和 Craig-Hallum。

Maybe just starting on the tower side. I mean, obviously, Abilene filled to a large extent, makes sense given its location. I'm just curious, could you talk a little bit about the Wisconsin plant. I mean what do you feel like you need to see in the industry to start to gain confidence in timing. I mean, obviously, that will be filled at some point. Is it activity picking up in the Midwest and wind markets that are closer? Is it waiting for other plants, industry-wide to fill up that might be in more advantageous locations? Or how should we think about that?

也許只是從塔樓一側開始。我的意思是，很明顯，阿比林在很大程度上充滿了它，考慮到它的位置，這是有道理的。我只是好奇，你能談談威斯康星州工廠嗎？我的意思是，您覺得您需要在行業中看到什麼才能開始獲得對時機的信心。我的意思是，顯然，這將在某個時候被填補。中西部和更接近的風電市場的活動是否有所回升？是否正在等待整個行業內可能位於更有利位置的其他工廠來填補？或者說我們應該如何思考這個問題？

Yes. I think certainly, we see about 44 megawatts or 44,000 megawatts or 44 gigawatts of demand in the northern region. We do see it in kind of the central northern region, kind of the Dakotas and west of there. So we would need to see some of that demand materialize. Again, there's plenty of demand there in the eastern part of that region. We do expect that to happen.

是的。我認為當然，我們看到北部地區的需求約為 44 兆瓦或 44,000 兆瓦或 44 吉瓦。我們確實在中北部地區、達科他州及其西部地區看到了這種情況。因此，我們需要看到其中一些需求得以實現。同樣，該地區東部地區的需求也很大。我們確實希望這種情況發生。

What's encouraging to me is that 44 gigawatts is a lot of demand, and this is in terms of announced advanced development, even some delayed projects. This does not really include what's already under construction. So the demand is there. But you're right, we would not -- we would need to start seeing some of that demand materialize in the northern and the eastern most part of that region, meaning Minnesota, Iowa, the Dakotas versus Wyoming, Montana and further West.

讓我感到鼓舞的是，44 吉瓦是一個很大的需求，這是就已宣布的先進開發項目而言的，甚至是一些推遲的項目。這並不真正包括已經在建設中的項目。所以需求就在那裡。但你是對的，我們不會——我們需要開始看到一些需求在該地區的北部和東部大部分地區實現，這意味著明尼蘇達州、愛荷華州、達科他州與懷俄明州、蒙大拿州和更西部的地區。

Got it. And then in terms of just other I mean, other plants is that -- so it really is more just activity in starting up closer to Manitowoc rather than just capacity being filled industry-wide in other locations?

知道了。然後就其他而言，我的意思是，其他工廠是這樣的 - 所以這實際上只是在靠近馬尼托瓦克的地方啟動活動，而不僅僅是在其他地點填補整個行業的產能？

Correct. I mean we are on the eastern side of that, Eric. So we've got some competitors that are more West. And so you're correct, as they fill up and their demand goes western, then we would fill up. Again, other plants in Minnesota and Iowa, et cetera.

正確的。我的意思是我們在東邊，埃里克。所以我們有一些更西方的競爭對手。所以你是對的，當他們填滿並且他們的需求轉向西方時，那麼我們就會填滿。同樣，還有明尼蘇達州和愛荷華州的其他工廠，等等。

All right. That is helpful. And then maybe just turning to the guide on EBITDA. I know that Abilene, just the work there, you're obviously setting up for the back half and into 2024 and at limited Q2, but the EBITDA guide does imply that it would be down potentially sequentially or down from Q2?

好的。這很有幫助。然後也許只是轉向 EBITDA 指南。我知道阿比林，只是那裡的工作，你顯然正在為下半年和 2024 年以及有限的第二季度做好準備，但 EBITDA 指南確實暗示它可能會連續下降或比第二季度下降？

And I'm just trying to make sense of that given if you're going to be heavier on the wind side, you get more of the A&P. Just thoughts on that. Are there other parts of the business, whether it's mix or something else that may limit EBITDA in the back half?

我只是想弄清楚這一點，因為如果你在風側的重量更大，你就會得到更多的 A&P。只是對此的想法。是否還有其他業務部分（無論是混合業務還是其他業務）可能會限制下半年的 EBITDA？

Yes, Eric, thanks for the question. I think a lot of it has to do with the fact that we had a -- we executed very, very well in Q1 and Q2. As you mentioned, the mix was very favorable in Q1, Q2, and some of that will turn around in the latter half of the year.

是的，埃里克，謝謝你的提問。我認為這很大程度上與我們在第一季度和第二季度執行得非常非常好這一事實有關。正如您提到的，第一季度、第二季度的組合非常有利，其中一些將在下半年出現好轉。

Got it. Okay. So -- but wind, obviously, I mean, that will strengthen. It's simply mix in other parts of the business.

知道了。好的。所以——但我的意思是，顯然風會加強。它只是混合在業務的其他部分。

Correct.

正確的。

Okay. And then maybe last one for me, just on kind of thinking about 3Q, 4Q, as you see the order book and the timing. I mean, do you -- is it how should we think about these? I mean, are they at this point, similar looking quarters? Or do you envision 1 quarter higher than the other?

好的。然後也許是我的最後一個，只是關於第三季度、第四季度的思考，正如你看到的訂單簿和時間安排一樣。我的意思是，我們應該如何思考這些？我的意思是，他們現在看起來是相似的宿舍嗎？或者你預計比另一個高四分之一？

From the order book, I would say it's consistent from the year on out. Tower orders, as you know, Eric, have been traditionally spiky, and we won this really nice order late last year. So we do expect order activity to continue.

從訂單簿來看，我想說從今年開始都是一致的。埃里克，正如你所知，塔式訂單歷來都是尖峰的，去年年底我們贏得了這個非常好的訂單。因此，我們確實預計訂單活動將會繼續。

I don't see a number of very, very large ones over the next 6 months or so. But I do see strong order flow in the other businesses, Industrial Fabrications, Industrial Solutions, and, to a lesser extent, Gearing for the rest of the year.

在接下來的 6 個月左右的時間裡，我沒有看到很多非常非常大的事件。但我確實看到今年剩餘時間其他業務、工業製造、工業解決方案以及較小程度上的傳動裝置的強勁訂單流。

Okay. And then from a revenue I guess just the revenue linearity of revenue for the back half of the year, I mean, is it fair to say that right now, I mean, they look like pretty similar quarters? Or is one at least at this point, looks like it might be higher...

好的。然後從收入來看，我猜只是下半年收入的收入線性，我的意思是，現在可以公平地說，我的意思是，它們看起來非常相似的季度？或者至少在這一點上是一個，看起來可能會更高......

Yes, I would say we've got tower projects in both of our plants, the one in the northern plant, a lot of that will ship some -- most of it will ship in Q3. So Q3 will be a stronger quarter than Q4. But the latter half of the year will be balanced other than that.

是的，我想說我們的兩個工廠都有塔式項目，北部工廠的一個，其中很多將發貨——其中大部分將在第三季度發貨。因此，第三季度將比第四季度表現強勁。但下半年除此之外將保持平衡。

Our next question is from Amit Dayal with H.C. Wainwright.

我們的下一個問題來自 Amit Dayal 和 H.C.溫賴特。

Just following up on Eric's question that you answered last question and your answer to that. In terms of the backlog, you had this big win late last year. So it looks like there's nothing significant that may be coming up that may be of that size this year. But the pipeline going into next year, are there deals of that size or similar sort of bigger or smaller, I guess, that could materialize for you and help maybe ramp utilization even better?

只是跟進埃里克的問題，您回答了上一個問題以及對此的回答。就積壓而言，去年年底你們取得了巨大的勝利。因此，看起來今年可能不會出現如此規模的重大事件。但明年的管道中，是否有這種規模或類似的更大或更小的交易，我想，這可能會為您實現，並可能有助於更好地提高利用率？

Sure. There are always larger deals that are percolating. I do expect some maybe smaller deals to materialize over the next couple of quarters for smaller tower deals and perhaps larger ones into '24, potentially late '23 into '24.

當然。總有更大的交易正在醞釀之中。我確實預計，一些較小的交易將在接下來的幾個季度內實現，對於較小的塔樓交易，也許更大的交易將在 24 年實現，可能在 23 年末到 24 年實現。

Okay. And with the visibility that you have right now, will that -- say, by the end of '24, will you potentially be at full capacity levels? And then how do we plan for growth ahead of that?

好的。憑藉您現在擁有的可見性，到 24 年底，您是否可能達到滿負荷水平？那麼在此之前我們如何規劃增長呢？

This is to Eric's question, it has the full capacity, especially in the northern plant has to do with these is about 44 gigawatts of data coming of tower demand coming online, turbine demand coming online. The timing of that is slower than the timing in the southern part of the wind belt. So I would say, over the next couple of quarters, we should see that demand increasing. As far as full capability capacity in the northern plant, I would not look to that until perhaps into 2025.

這是埃里克提出的問題，它已經滿負荷運轉，特別是在北部工廠，這些與塔架需求上線、渦輪機需求上線的大約 44 吉瓦數據有關。其時間比風帶南部的時間要慢。所以我想說，在接下來的幾個季度，我們應該會看到需求增加。至於北部工廠的全部產能，我可能要到 2025 年才會實現。

Okay. Maybe just last one for me, guys. The strength in the non-wind business, is this just being driven by like sort of a stronger market environment? Or is there anything you've been doing as a company from a sales and marketing perspective that is helping you perform better in these segments?

好的。伙計們，也許這對我來說只是最後一場。非風電業務的強勁，是否只是由更強勁的市場環境推動的？或者從銷售和營銷的角度來看，作為一家公司，您一直在做哪些事情來幫助您在這些領域取得更好的表現？

Yes. We've had a diversification strategy for a couple of years now. I've spoken about that a number of times. We have hired some experts in our sales force to go after specific industries. As an example, the mining industry out in Gearing and material handling in Gearing to help us diversify from oil and gas. As far as Industrial Fabrications, we are leveraging the capabilities we have in our northern plant that has excess capacity or available capacity because of the tower softness right now to go after markets such as construction, material handling, mining, marine, and we've had great success there and growing success there.

是的。我們實行多元化戰略已有幾年了。我已經多次談到過這個問題。我們在銷售隊伍中聘請了一些專家來負責特定行業。舉個例子，採礦業的齒輪傳動和材料處理齒輪傳動幫助我們實現石油和天然氣的多元化。就工業製造而言，我們正在利用我們北部工廠的能力，該工廠由於塔樓目前的疲軟而產能過剩或可用，以追求建築、物料搬運、採礦、船舶等市場，我們已經在那裡取得了巨大的成功，並且在那裡取得了越來越大的成功。

Plus, let's not forget our proprietary products that are coming out. They came out last year, and it will continue to come out over the next year or so. Furthermore, Industrial Solutions business, that's dependent on the global demand for natural gas turbine utility scale, global natural gas turbine demand around the world, and that is increasing. In fact, that's been at its highest point since the acquisition in 2018.

另外，我們不要忘記我們即將推出的專有產品。它們去年問世，並將在未來一年左右繼續問世。此外，工業解決方案業務依賴於全球對天然氣渦輪機公用事業規模的需求，全球天然氣渦輪機需求在世界範圍內不斷增長。事實上，這是自 2018 年收購以來的最高點。

Our next question is from Justin Clare with ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Justin Clare。

So I first wanted to ask about the Abilene facility. Just given the bookings that you have for that facility, the visibility into demand, could you update us on how you're thinking about the capacity at that plant? Are you thinking about expansion? If so, how much capacity could you add? And what would be the time frame? And then also if you could address what the cost might be in terms of the CapEx requirement?

所以我首先想詢問有關阿比林設施的情況。考慮到您對該工廠的預訂情況以及需求的可見性，您能否向我們介紹一下您對該工廠產能的最新看法？您是否正在考慮擴張？如果可以，您可以增加多少容量？時間範圍是怎樣的？然後，您是否可以解決資本支出要求方面的成本可能是多少？

Well, we're continuing to study opportunities to expand that plant. We've got customer interest in that plant, and it continues to grow. We have conducted and continue to finalize studies on what it would take in terms of time and investment to expand that plant anywhere from 10 to upwards of maybe 50%. We're evaluating that. And that could be an investment, I would say, it could be $40 million or $50 million on the high side.

嗯，我們正在繼續研究擴大該工廠的機會。我們引起了客戶對該工廠的興趣，並且它還在繼續增長。我們已經開展並繼續完成研究，了解將工廠規模從 10% 擴大到 50% 以上需要花費多少時間和投資。我們正在對此進行評估。我想說，這可能是一項投資，可能是 4000 萬美元或 5000 萬美元，偏高。

Got it. Okay. And then you did indicate in the prepared remarks that the A&P credit balance is expected to increase through the year on the balance sheet here. I was wondering if you could just update us on your plans for monetizing that credit. Could you look to monetize the credit early? Or are you likely to wait for your tax return to get the cash payment there? It sounds like from others that we talked to, the pricing could be in the low 90s, $0.90 on the $1 or so. But just wondering if you could talk through kind of your strategy there.

知道了。好的。然後，您確實在準備好的評論中指出，資產負債表上的 A&P 信貸餘額預計全年都會增加。我想知道您是否可以向我們介紹一下您將這筆信用貨幣化的計劃。您能否儘早將信貸貨幣化？或者您可能要等待納稅申報表才能獲得現金付款嗎？從我們採訪過的其他人那裡聽來，定價可能會在 90 多美元左右，1 美元左右的價格為 0.90 美元。但只是想知道你是否可以在那裡談談你的策略。

Yes. Thanks, Justin. We have been looking at monetizing them. The market has been slow to develop, at least from our perspective. We're trying to reach out to interested parties. We have several conversations. There's an aspect to the guidance that came out, which would make us kind of more inclined to transfer if possible. So we definitely were interested in doing so. But at this point, we don't have anything -- nothing is imminent at this point.

是的。謝謝，賈斯汀。我們一直在考慮將它們貨幣化。至少從我們的角度來看，市場發展緩慢。我們正在努力聯繫感興趣的各方。我們有幾次談話。發布的指導意見有一個方面，這將使我們更傾向於在可能的情況下進行轉移。所以我們肯定有興趣這樣做。但目前，我們什麼都沒有——目前還沒有什麼是迫在眉睫的。

Got it. Okay. And then just one more on domestic content. We have received some guidance from the treasury on the domestic content requirements. And it looks like the towers really are going to have to be manufactured in the U.S. to qualify for the domestic content adder. So wondering if that's changed the discussions that you're having with customers at all? Are you anticipating really the vast majority of U.S. demand being met by domestic sources? And maybe you can just speak to what that might mean for the supply and demand dynamic that you're seeing out there?

知道了。好的。然後再講一篇關於國內內容的文章。我們收到了財政部關於國內含量要求的一些指導。看起來這些塔確實必須在美國製造才能獲得國內內容添加器的資格。那麼想知道這是否改變了您與客戶的討論？您是否真的預計美國的絕大多數需求將由國內來源滿足？也許您可以談談這對您所看到的供需動態意味著什麼？

Yes. We do see -- we certainly are appreciative of that finding as a U.S. company. We do believe that it's in our customers and the developers' best interest by U.S., by domestic. And yes, that certainly helps with increasing the demand for our towers here in the U.S. I think there will be a good balance between the supply and demand curves going forward with some announced expansions in our industry plus the available capacity that we have and others have that can be brought online. So I think there will be a nice balance to support the U.S. industry and maintain adequate pricing.

是的。我們確實看到了——作為一家美國公司，我們當然對這一發現表示讚賞。我們確實相信，這符合美國和國內客戶和開發商的最大利益。是的，這肯定有助於增加美國對我們的塔樓的需求。我認為，隨著我們行業宣布的一些擴張，加上我們擁有的和其他人擁有的可用產能，未來的供需曲線將達到良好的平衡。可以帶到網上。因此，我認為在支持美國工業和維持適當的定價之間將會有一個很好的平衡。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eric Blashford for closing comments.

我們的問答環節已經結束。我現在想將電話轉回給埃里克·布拉什福德（Eric Blashford）以徵求結束意見。

Yes. Thanks, everyone, who participated in the call today and listened to the call today, and we look forward to coming to you with our Q3 results. Have a great day. Thank you.

是的。感謝今天參加電話會議並聽取電話會議的所有人，我們期待向您提供第三季度的結果。祝你有美好的一天。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。