Broadwind Inc (BWEN) 2023 Q4 法說會逐字稿

Greetings, and welcome to Broadwind Fourth Quarter and Full Year 2023 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Broadwind 第四季和 2023 年全年業績電話會議。（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, Chief Financial Officer. Thank you. You may begin.

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

Good morning and welcome to the Broadwind fourth 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 fourth quarter results.

早安，歡迎參加 Broadwind 2023 年第四季業績電話會議。今天主持電話會議的是我們的執行長 Eric Blashford；我是 Tom Ciccone，公司副總裁兼財務長。我們在今天開盤前發布了一份新聞稿，詳細介紹了我們第四季度的業績。

I would like to remind you that management's commentary and responses 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. 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.

我想提醒您，管理層在今天的電話會議上的評論和對問題的回答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是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。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。

Additionally, please note that you can find reconciliations of 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. With that, I'll turn the call over to Eric.

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準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。這樣，我會將電話轉給艾瑞克。

Thanks, Tom, and welcome to those joining us today. Broadwind delivered strong full year results, highlighted by record margin realization, net income, and adjusted EBITDA. For 2023 was a transitional period for domestic onshore wind developments. We continue to drive organic sales growth within our core industrials, mining and energy markets through a combination of new contract wins together with increased customer demand for our proprietary pressure, reducing system or PRS technology.

謝謝湯姆，並歡迎今天加入我們的人。Broadwind 實現了強勁的全年業績，其中創紀錄的利潤實現、淨利潤和調整後 EBITDA 凸顯了這一點。2023年是國內陸風電發展的過渡期。透過贏得新合約以及客戶對我們專有壓力、減壓系統或 PRS 技術的需求增加，我們繼續推動核心工業、採礦和能源市場的有機銷售成長。

As we built momentum through our commercial strategy, our team has also continued to drive improved productivity and cost efficiency throughout the organization, consistent with an ongoing focus on sustained operational excellence. We delivered a strong fourth quarter performance as well, as our revenue, operating income and profitability all increased meaningfully above prior year levels, driven by a combination of increased wind tower sales, together with solid demand across our diverse markets.

在我們透過商業策略建立動力的同時，我們的團隊也持續提高整個組織的生產力和成本效率，這與對持續卓越營運的持續關注保持一致。我們第四季的業績也表現強勁，在風塔銷量增加以及多元化市場強勁需求的推動下，我們的營收、營業收入和獲利能力均顯著高於去年同期水準。

Our plants executed well during the quarter, allowing us to deliver strong results. We booked $20.2 million of orders in the fourth quarter as activity levels declined from the near record levels in the prior year period. However, order rates increased on a sequential basis across all three reporting periods, a trend which is continuing into this year.

我們的工廠在本季運作良好，使我們能夠取得強勁的業績。由於活動水平較去年同期接近創紀錄的水平有所下降，我們在第四季度預訂了 2,020 萬美元的訂單。然而，所有三個報告期間的訂單率均連續上升，這一趨勢一直持續到今年。

Entering 2024, we continue to operate on plan. At a commercial level for focus on expanding our product mix within higher margin adjacent markets. The release of the Broadwind clean fuels [L-70], low flow PRS units. The third model in this product family is on track for this year and will include a version designed to accommodate RNG or renewable natural gas. For expanding our portfolio of industrial fabrications to include new products, have finalized our [high target] registration and are pursuing an AS9100 quality certification to open more gearing opportunities in aerospace and defense.

進入 2024 年，我們繼續按計劃運營。在商業層面，專注於在利潤率較高的鄰近市場中擴大我們的產品組合。推出 Broadwind 清潔燃料 [L-70]、低流量 PRS 裝置。該產品系列中的第三個型號將於今年推出，其中將包括一個專為適應 RNG 或可再生天然氣而設計的版本。為了擴大我們的工業製造產品組合以納入新產品，我們已完成[高目標]註冊，並正在尋求 AS9100 品質認證，以在航空航天和國防領域開闢更多的齒輪機會。

Operationally, the lean operating principles, process controls and continuous improvement projects we've implemented at all locations are showing good results in asset utilization and productivity. For self-help savings totaling approximately $1.5 million in 2023. Our focus on team member safety, quality systems, and flexible skills training has allowed us to continually need the quality and delivery performance at varying volumes. From a safety perspective, our recordable injuries and lost time incidents are trending favorably as we implemented our safety skills program across the company. In fact, we're proud to have recently celebrated 16 years at our North Carolina facility with our lost time incidents.

在營運方面，我們在所有地點實施的精實營運原則、流程控制和持續改善專案在資產利用率和生產力方面顯示出良好的效果。到 2023 年，自助節省總額約為 150 萬美元。我們對團隊成員安全、品質系統和靈活技能培訓的關注使我們能夠持續需要不同數量的品質和交付績效。從安全角度來看，隨著我們在整個公司實施安全技能計劃，我們的可記錄傷害和誤工事件趨勢良好。事實上，我們很自豪最近在北卡羅來納州工廠慶祝了 16 週年，並發生了一些誤工事件。

For the full year 2023, we generated total revenue of $203 million with a record-setting adjusted EBITDA of $21.5 million as all divisions posted strong performances. For the fourth quarter, we generated total revenue of $47 million [as increases] in the Heavy Fabrications and Industrial Solutions segments offset a slight reduction in [hearing]. We generated $4.4 million of adjusted EBITDA in the quarter, an increase of more than $4 million versus the prior year period, continuing the strong performance we've seen this year so far.

2023 年全年，我們的總收入達到 2.03 億美元，調整後 EBITDA 達到創紀錄的 2,150 萬美元，所有部門均表現強勁。第四季度，我們的總收入為 4700 萬美元（重型製造和工業解決方案部門的成長）抵消了收入的小幅下降[聽力]。本季我們實現了 440 萬美元的調整後 EBITDA，比去年同期增加了 400 萬美元以上，延續了今年迄今的強勁表現。

Our total consolidated backlog at the end of Q4 was approximately $183 million, down from $297 million in the prior year period. [Boarding] activity in our non-wind markets was stable in Q4. That has been robust so far in 2024 and we expect good order flow this year, notwithstanding softness in oil and gas gear market.

截至第四季末，我們的合併積壓訂單總額約為 1.83 億美元，低於去年同期的 2.97 億美元。第四季非風電市場的[登機]活動保持穩定。2024 年到目前為止，這一情況一直很強勁，儘管石油和天然氣齒輪市場疲軟，但我們預計今年的訂單流良好。

Within our Heavy Fabrications segment, Q4 revenue was $29.5 million, a 24% increase year-over-year, led by increases in wind tower sales, mining equipment in our PRS systems, offset by reductions in our construction and industrial markets. Gearing revenue was $11 million a 5% reduction year-over-year due to reduced customer activity in oil and gas and mining, partially offset by strength in the steel processing sector.

在我們的重型製造部門，第四季營收為 2,950 萬美元，年增 24%，主要得益於風塔銷售和 PRS 系統中採礦設備的成長，但被建築和工業市場的減少所抵消。由於石油、天然氣和採礦領域的客戶活動減少，負債收入為 1,100 萬美元，年減 5%，但部分被鋼鐵加工業的強勁成長所抵消。

Industrial Solutions revenue was $6 billion, up 29% year-over-year. Led by increases in new gas turbine content, continuing the positive trend for this business, which began in 2022.

工業解決方案營收為 60 億美元，年增 29%。在新燃氣渦輪機含量增加的帶動下，該業務延續了 2022 年開始的積極趨勢。

In summary, I'm pleased with the operating performance of all divisions for the fourth quarter as we took quick cost actions in response to demand fluctuations in both our Heavy Fabrications and [Gearing year] deliver favorable results for the quarter and for the full year 2023.

總之，我對第四季度所有部門的經營業績感到滿意，因為我們採取了快速的成本行動來應對重型製造和[齒輪年]的需求波動，為本季度和全年帶來了良好的業績2023 年。

With that, I'll turn the call back over to Tom for a discussion of our fourth quarter financial performance.

接下來，我會將電話轉回給湯姆，討論我們第四季的財務表現。

Thank you, Eric. Turning to slide 5 for an overview of our fourth quarter performance. We had a strong fourth quarter. We experienced significant year-over-year growth in revenue, gross margin and EBITDA. In Q4, we generated $4.4 million of EBITDA compared to $0.2 million in the prior year fourth quarter. The greater than $4 million EBITDA increase and improved margin realization is due primarily to the benefits attributable to the advanced manufacturing production tax credits or AMP credits we have earned associated with our wind tower production together with improved throughput and improved operational execution. We generated net income of $1.1 million or $0.05 per diluted share in the fourth quarter compared to a loss of $2.9 million, or $0.14 per diluted share in the prior year.

謝謝你，埃里克。請參閱投影片 5，以了解我們第四季業績的概述。我們第四季表現強勁。我們的營收、毛利率和 EBITDA 年比大幅成長。第四季度，我們產生了 440 萬美元的 EBITDA，而去年第四季為 20 萬美元。超過 400 萬美元的 EBITDA 成長和利潤率的提高主要歸功於我們與風塔生產相關的先進製造生產稅收抵免或 AMP 抵免的好處，以及吞吐量的提高和營運執行的改善。第四季我們的淨利潤為 110 萬美元，即稀釋後每股收益 0.05 美元，而去年同期虧損 290 萬美元，即稀釋後每股收益 0.14 美元。

Turning to slide 6, for a discussion of our Heavy Fabrication segment, fourth quarter orders of $10 million are down sharply versus the prior year period as we entered into a significant supply agreement for wind tower purchases valued at $175 million in the prior year fourth quarter. This is not typical for us as we usually receive orders at more regular intervals.

轉向幻燈片 6，為了討論我們的重型製造部門，第四季度 1000 萬美元的訂單與去年同期相比大幅下降，因為我們在去年第四季度簽訂了價值 1.75 億美元的風塔採購重要供應協議。這對我們來說並不常見，因為我們通常會定期收到訂單。

Fourth quarter revenues were $29.5 million, up $5.8 million versus the prior year. We sold 132 tower sections in the fourth quarter versus 96 in the prior year quarter. Sequentially, tower sections sold decreased as we had less activity in our Manitowoc facility due to project timing, and we slowed Abilene production late in Q4 in response to customer demand.

第四季營收為 2,950 萬美元，比去年同期增加 580 萬美元。我們在第四季售出了 132 個塔段，而去年同期為 96 個。隨後，由於專案時間安排，我們馬尼托瓦克工廠的活動減少，銷售的塔段有所減少，並且我們在第四季度末放慢了阿比林的生產以滿足客戶需求。

During the fourth quarter, we recognized segment EBITDA of $3.7 million, an improvement of $3.4 million versus the prior year period, primarily driven by the increased tower sections sold and the AMP credits recognized in the current year period. It should be noted that while segment EBITDA was down sequentially, Q4 included $1.1 million of charges related to discounts and administrative fees recorded in December associated with the sale to monetize our 2023 AMP credits.

第四季度，我們確認分部 EBITDA 為 370 萬美元，比上年同期增加 340 萬美元，這主要是由於本年期間銷售的塔樓部分增加和 AMP 積分確認。應該指出的是，雖然部門EBITDA 連續下降，但第四季度包括110 萬美元的與折扣和管理費相關的費用，這些費用與12 月記錄的與銷售相關的費用有關，以將我們的2023 年AMP積分貨幣化。

Turning to slide 7. Gearing orders slowed in Q4 versus the prior year. Q4 orders totaled $3.6 million, an $11.5 million decrease. The majority of the decrease was attributable to the reduction in oil and gas demand given a decline in domestic development activity as producers are deploying relatively less capital for drilling. Segment revenue was $11.1 million, down $0.6 million compared to the prior year fourth quarter. But EBITDA increased $0.5 million to $1.3 million due to a more profitable mix of products sold and improved operational execution when compared to the prior year period.

轉到投影片 7。第四季的負債訂單比去年同期放緩。第四季訂單總額為 360 萬美元，減少 1,150 萬美元。下降的主要原因是石油和天然氣需求減少，因為生產商用於鑽探的資金相對較少，國內開發活動減少。部門收入為 1,110 萬美元，比去年第四季減少 60 萬美元。但 EBITDA 增加了 50 萬美元，達到 130 萬美元，原因是與去年同期相比，銷售的產品組合利潤更高，營運執行力有所改善。

Turning to slide 8, for a discussion of our Industrial Solutions segment. Industrial Solutions had another strong quarter with revenue in excess of $6 million. This represents the third consecutive quarter with revenue total greater than $6 million, a quarterly revenue level only achieved once before 2023. Orders of $6.6 million were up both sequentially and versus the prior year fourth quarter. And our backlog of $16.1 million continues to remain at an elevated level and represents the third highest quarterly total since acquisition. We continue to see strong demand for our core natural gas turbine offerings.

轉向幻燈片 8，討論我們的工業解決方案部分。Industrial Solutions 再次表現強勁，營收超過 600 萬美元。這是連續第三個季度收入總額超過 600 萬美元，這一季度收入水準在 2023 年之前只達到過一次。訂單金額為 660 萬美元，比上一季和去年第四季均有所增加。我們 1,610 萬美元的積壓訂單繼續保持在較高水平，是自收購以來第三高的季度總額。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。

Fourth quarter segment revenues benefited from the relatively strong backlog we've been carrying throughout 2023. EBITDA increased to $1 million from $0.7 million in the prior year period, consistent with the increased revenue when compared to the prior year.

第四季部門營收受惠於我們 2023 年全年相對強勁的積壓訂單。EBITDA 從去年同期的 70 萬美元增至 100 萬美元，與去年同期的營收一致。

Turning to slide 9. At the end of 2023 we had cash and availability under our credit facility of nearly $23 million. As expected, we were able to deliver improved working capital efficiency during the fourth quarter with working capital declining $6.6 million sequentially.

轉到投影片 9。截至 2023 年底，我們的信貸額度下擁有近 2,300 萬美元的現金和可用資金。正如預期的那樣，我們在第四季度提高了營運資金效率，營運資金環比減少了 660 萬美元。

In December 2023, we sold approximately $15 million of AMP credits, less discounts, transaction fees and related expenses in conjunction with the tax credit transfer agreement made pursuant to Section 45 X of the Internal Revenue Code.

2023 年 12 月，我們根據《國內稅收法》第 45 X 條簽訂的稅收抵免轉讓協議，出售了約 1500 萬美元的 AMP 抵免，扣除折扣、交易費用和相關費用。

We recognized $6.5 million in cash proceeds from this initial sale on December 2023, and the remaining $7 million balance was collected in February. As part of the tax credit transfer agreement, we have sold all of the 2023 AMP credits and will sell our 2024 AMP credits as they're generated. We expect to sell earned AMP credits and collect more ratably throughout 2024. And as such, expect to see a corresponding decline in our AMP credit receivable in 2024 when compared to 2023.

我們於 2023 年 12 月確認了此次首次銷售的 650 萬美元現金收益，其餘 700 萬美元餘額於 2 月收回。作為稅收抵免轉讓協議的一部分，我們已出售所有 2023 年 AMP 抵免額，並將在生成後出售 2024 年 AMP 抵免額。我們預計將在 2024 年出售賺取的 AMP 積分並以更高的比例收取。因此，與 2023 年相比，預計 2024 年我們的 AMP 應收信用額將相應下降。

Finally, with respect to our financial guidance today, we are introducing financial guidance for the first quarter 2024. Given current expectations and beliefs, we anticipate first quarter revenue to be in a range of $34 million to $38 million and adjusted EBITDA to be in a range of $1 million to $2 million.

最後，關於我們今天的財務指引，我們將介紹 2024 年第一季的財務指引。鑑於目前的預期和信念，我們預計第一季營收將在 3,400 萬美元至 3,800 萬美元之間，調整後的 EBITDA 將在 100 萬美元至 200 萬美元之間。

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. Now allow me to provide some thoughts entering 2024. Beginning with our Heavy Fabrication segment, domestic onshore wind development and activity is expected to gradually accelerate beginning in the second half of 2024. Even still a higher interest rate environment and raw materials inflation have impacted project economics for some developers, leading them to temporarily delay or defer the timing of their investments in the interim, we've aligned our cost structure to reflect a period of lower production volumes at our tower facilities, while repurposing available capacity towards non-wind demand across our diverse end markets. We remain highly constructive on the long-term economics of wind, particularly with the decade-long tax credit visibility afforded by the IRA of which we remain a key beneficiary.

謝謝，湯姆。現在請容許我提供一些進入 2024 年的想法。從我們的重型製造部門開始，國內陸風電開發和活動預計將在 2024 年下半年開始逐步加速。儘管較高的利率環境和原材料通膨仍然影響了一些開發商的項目經濟效益，導致他們暫時推遲或推遲投資時間，但我們調整了成本結構，以反映產量較低的時期在我們的塔設施中，同時重新利用可用容量以滿足我們不同終端市場的非風電需求。我們對風電的長期經濟仍然高度建設性，特別是考慮到愛爾蘭共和軍提供的長達十年的稅收抵免透明度，我們仍然是其主要受益者。

As mentioned in my earlier comments, we are expanding our position with several of our industrial fabrications customers to support multiple product lines for them. We requested and received our federal eye chart registration, which stands for International Traffic in Arms Regulations from the Department of State, which opens new opportunities in the defense industry for us. In industry, we are well suited to support with a deep water port access we have at our Wisconsin facility and allowing us to deliver very large projects by barge in our Gearing segment efforts to broaden our sales mix into less cyclical markets remain ongoing, positioning us to realize a more balanced, stable revenue profile moving forward.

正如我之前的評論中提到的，我們正在擴大我們與一些工業製造客戶的地位，為他們支援多個產品線。我們請求並收到了聯邦視力表註冊，它代表國務院的《國際武器貿易條例》，這為我們在國防工業領域開闢了新的機會。在工業領域，我們非常適合透過威斯康辛州工廠的深水港通道提供支持，並允許我們在齒輪傳動部門透過駁船交付非常大的項目，從而將我們的銷售組合擴大到週期性較小的市場的努力仍在繼續，這使我們處於有利地位以實現更加平衡、穩定的收入狀況。

In Q4, we took cost action to align overhead expenses with demand and upgraded our commercial team to include stronger representation in our central and western regions. Following recent process improvement and TI actions implemented in 2023, we've been able to respond to new market opportunities more quickly to that and our customer response times improved by more than 50% in the fourth quarter. And we expect an additional 25% improvement in this metric by midyear 2024.

在第四季度，我們採取了成本行動，使管理費用與需求保持一致，並升級了我們的商業團隊，以增強在中西部地區的代表性。繼最近的流程改善和 TI 於 2023 年實施的行動之後，我們能夠更快地回應新的市場機會，而我們的客戶回應時間在第四季度縮短了 50% 以上。我們預計到 2024 年年中，該指標將再提高 25%。

For Industrial Solutions, we are pleased to be expanding our share of market in the gas turbine sector, notably in the aftermarket where quick responses, especially vital to our customers as they deal with outages in the field, both planned and unplanned. We've upgraded our in-house engineering capabilities, added CNC machining capabilities, plasma cutting and packaging automation to improve throughput and reduce costs. We've also optimized our facility to accommodate our expected growth in the wind, repowering and solar markets.

對於工業解決方案，我們很高興能夠擴大我們在燃氣渦輪機領域的市場份額，特別是在售後市場，快速響應對於我們的客戶尤其重要，因為他們需要處理現場的計劃內和計劃外停電。我們升級了內部工程能力，增加了CNC加工能力、等離子切割和包裝自動化，以提高產量並降低成本。我們還優化了我們的設施，以適應風能、再生能源和太陽能市場的預期成長。

In summary, I am pleased with the strong operational performance from our team this year, including the strong results we achieved in Q4, we were able to effectively pivot our cost structure during a transitional period for domestic onshore wind demand while continuing to retain our highly skilled workforce. We continue to build a firm foundation for steady, profitable growth, serving the energy transition, other key markets and look forward to capitalizing on improved demand in the years ahead.

總而言之，我對我們團隊今年強勁的營運表現感到滿意，包括我們在第四季度取得的強勁業績，我們能夠在國內陸風電需求的過渡時期有效地調整我們的成本結構，同時繼續保持我們的高度熟練的勞動力。我們繼續為穩定、獲利的成長奠定堅實的基礎，服務能源轉型和其他關鍵市場，並期待在未來幾年利用需求的改善。

With that said, I'll turn the call back over to the moderator for the Q&A session.

話雖如此，我會將電話轉回主持人進行問答環節。

(Operator Instructions) Eric Stine, Craig-Hallum.

（操作員說明）Eric Stine，Craig-Hallum。

Hi, Eric and Tom.

嗨，埃里克和湯姆。

Hi, Eric.

嗨，艾瑞克。

So maybe just could we start with the Q1 outlook and maybe just talk about some of the puts and takes you did talk about on your expected utilization in wind. I would presume that you expect some weakness in gearing, it seems as if Industrial Solutions is actually trending positively. So I'm just trying to kind of match up that commentary with whether it's comparing it to last year's Q1 or Q4, however, you'd like to do it. That would be helpful.

因此，也許我們可以從第一季的前景開始，也許只是談談您確實談到的關於風能的預期利用率的一些看跌期權和看跌期權。我認為您預計傳動裝置會出現一些疲軟，但工業解決方案似乎實際上呈現正面趨勢。因此，我只是想將這一評論與去年第一季或第四季度進行比較，但是，您願意這樣做。那會有幫助的。

Yeah, you're spot on, Eric. We ended 2022 with a pretty strong backlog in those divisions, both in industrial fabrication product line and in gearing, our bookings late in the year 2023, were soft. And so we're entering this year with a softer backlog in gearing in industrial fabrication. So that's changing because as I mentioned in my prepared remarks, things are looking up sequentially and actually in this year. But that's what you're seeing in Q1 versus last year, Q1.

是的，你說得對，艾瑞克。2022 年結束時，這些部門的積壓訂單相當多，無論是工業製造產品線還是傳動裝置，我們在 2023 年底的訂單都比較疲軟。因此，進入今年，工業製造領域的齒輪積壓情況有所緩解。所以這種情況正在發生變化，因為正如我在準備好的發言中提到的，今年情況實際上正在逐步改善。但這就是你在第一季和去年第一季看到的情況。

Okay. All right. That's helpful. And then you saw it's helpful that you gave 25% utilization for wind in Q1. Any thoughts I mean, I know a lot of factors go into this, but thoughts as to what that looks like trending throughout the year. And I know that a big portion of that will be what is the timing of the step back up in the big order that you gave us for jointly delayed? Maybe I don't know if that's something that you're able to do, but just maybe what that looks like throughout the year?

好的。好的。這很有幫助。然後您發現，第一季風電利用率為 25%，這很有幫助。我的意思是，我知道很多因素都會影響到這一點，但是關於全年趨勢的想法。我知道其中很大一部分將是你們給我們共同推遲的大訂單的恢復時間是什麼？也許我不知道你是否能夠做到這一點，但也許全年都會是什麼樣子？

Yeah. Well, as I indicated, that's a nice ratable order for the remainder of that specific order as ratable through '24 and '25, we certainly have capacity that we can fill, we're actively looking to fill that with other customers but as a reminder, we also have capacity using those same plants to do other industrial fabrications, which is why this higher quoting activity is going to manifest itself in the higher utilization for those plants. The 25% I mentioned is just the tower capacity utilization, which is typical what you analysts are interested in, but the actual capacity utilization of those plants is a bit higher than that.

是的。好吧，正如我所指出的，對於該特定訂單的其餘部分來說，這是一個很好的可評級訂單，可在24 年和25 年期間進行評級，我們當然有能力填補，我們正在積極尋求與其他客戶一起填補這一空缺，但作為一個提醒一下，我們還有能力使用這些工廠進行其他工業製造，這就是為什麼這種更高的報價活動將體現在這些工廠的更高利用率中。我提到的25%只是塔的產能利用率，這是分析師感興趣的典型內容，但這些工廠的實際產能利用率比這還要高一些。

Got it. And then maybe last one for me and just to follow up, it's still wind. I mean, 25%. I would assume that that is made up of this large contract and it's radical --

知道了。然後也許是我的最後一場，只是為了跟進，它仍然是風。我的意思是，25%。我認為這是由這份大合約組成的，而且是激進的--

Correct.

正確的。

Radical execution. And so you would think then that Q2 there's not a whole lot of time to [add] so maybe Q2 looks similar. And then Q3 and Q4, it really comes down to due to conversations you're having to fill that capacity, do those come to fruition to turn into orders? Is that a fair way to think about it?

激進的執行。所以你會認為第二季度沒有太多時間來[加]，所以也許第二季看起來很像。然後是第三季度和第四季度，這實際上取決於您必須填補該容量的對話，這些對話是否會實現並轉化為訂單？這是一個公平的思考方式嗎？

You're correct, and that's why we said that we believe our earnings profile is going to increase throughout the year. So second half will be strong in the first half, not because of what I mentioned about wind or what you discussed about wind, but because of the other businesses that we have that have such strong quoting.

你是對的，這就是為什麼我們說我們相信我們的獲利狀況將在全年有所增長。所以下半年會比上半年強勁，不是因為我提到的風能或你討論的風能，而是因為我們擁有的其他業務有如此強勁的報價。

Now what I will say is what's not included in that we don't guide on it, it would be adapter projects and those would be wind. But typically, when I'm talking about wind tower capacity, that's what we're talking about with the 25%.

現在我要說的是，我們不提供指導的內容中未包含的內容，這將是適配器項目，而這些將是風。但通常，當我談論風塔容量時，這就是我們談論的 25%。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Thanks, Eric.

謝謝，埃里克。

Sameer Joshi, H.C. Wainwright.

薩米爾‧喬希 (Sameer Joshi)，H.C.溫賴特。

Thanks. Thanks for taking my questions. Just a little bit of clarification on the second half activity that you're expecting on the wind front, is this -- are you expecting some kind of quoting activity and receiving orders at that time or do you [X] do you see initial discussions about new dollars are new in our plans coming up and then subsequently you getting orders for 2025 and beyond?

謝謝。感謝您回答我的問題。對您預計在風鋒上的下半年活動進行一點澄清，是這樣的——您當時是否期待某種報價活動並接收訂單，或者您[X]您看到初步討論了嗎？關於新美元是我們即將推出的計劃中的新內容，然後您會收到2025 年及以後的訂單嗎？

Yeah, I would think the industry in general considers 2024 a transitional year as it heads and ramps up into '25, '26 and '27. And that's indicated by the graph we have on our in our presentation and also supported by just general industry beliefs.

是的，我認為整個行業將 2024 年視為過渡年，因為它即將進入“25”、“26”和“27”。我們演示中的圖表表明了這一點，並且也得到了一般行業信念的支持。

So your question I would love to have orders received in 2024 that we could still produce in 2024. But I think the more likely scenario is we're receiving orders in 2024 which we would begin to build in 2025 and beyond. With the exception, as I mentioned earlier of adapters, which we can respond a lot faster to adapt orders because of the length of the lead time length is shorter.

所以你的問題我希望能在 2024 年收到訂單，並且我們仍然可以在 2024 年生產。但我認為更有可能的情況是我們在 2024 年收到訂單，並在 2025 年及以後開始建造。但正如我之前提到的適配器例外，我們可以更快地回應適應訂單，因為交貨時間長度較短。

Understood. The switching gears, the PRS system that you have, can you give us some a qualitative, like how is it being received? And what is the demand over the next couple of years for this our contribution to your revenues from this?

明白了。您擁有的開關裝置、PRS 系統，您能給我們一些定性的資訊嗎？例如它的接收情況如何？未來幾年我們對你們收入的貢獻是什麼？

Yeah, what I can tell you is we anticipate PRS is becoming a bigger part of our overall volume mix, we were just over about $10 million in '23. We anticipate that being closer to $20 million for '24. So that's our goal for '24. It does provide a nice strong margins for us in, it is a growing part of our business.

是的，我可以告訴你的是，我們預計 PRS 將成為我們整體銷售組合中更重要的一部分，23 年我們的銷售額剛剛超過 1000 萬美元。我們預計 24 年將接近 2000 萬美元。這就是我們 24 年的目標。它確實為我們提供了豐厚的利潤，它是我們業務中不斷增長的一部分。

Understood. And then the last one from me on the AMP credits that were sold have you disclosed what kind of a discount was given and now that you are going to do it on an ongoing basis as we receive those credits? Or do you expect any discounting there? Or how should we look at the accounting for that?

明白了。然後我寫的關於已售 AMP 積分的最後一篇文章，您是否透露了給予了何種折扣，現在您將在我們收到這些積分時持續這樣做？或者你希望那裡有折扣嗎？或者我們應該如何看待其會計處理？

Sure. Yeah, we've disclosed it and you'll see that in the 10-K it comes out later today we -- the direct discount that we sold it for was 6.5% when you factor in all the other administrative fees that we incurred, it's a little bit. It's almost 8% is what we've the overall discount factor. So we took a December Q4 charge of $1.1 million, which represents the discount on all of the '23 credits that we've earned. As part of our agreement. We've also sold all of the '24 credits, and we'll be monetizing those on a ratable basis in '24. So that discount will remain the same throughout the balance of 2024. So after '24, we do not have an agreement to sell those assets yet. So that will be something we look into midyear.

當然。是的，我們已經披露了這一點，你會看到今天晚些時候發布的 10-K 中，當你考慮到我們產生的所有其他管理費用時，我們出售它的直接折扣是 6.5%，有一點點。我們的整體折扣係數接近 8%。因此，我們在 12 月第四季度收取了 110 萬美元的費用，這代表了我們獲得的所有 '23 積分的折扣。作為我們協議的一部分。我們還出售了所有 24 年積分，我們將在 24 年按比例將這些積分貨幣化。因此，該折扣將在 2024 年餘下時間保持不變。因此，24 年後，我們尚未達成出售這些資產的協議。所以這將是我們年中要研究的事情。

And so the $7 million and the $6.5 million are sort of part of the same agreement. It's just that you see $6.5 million last year at $7 million in February.

因此，700 萬美元和 650 萬美元是同一協議的一部分。只是去年 2 月的收入為 700 萬美元，去年為 650 萬美元。

Yeah, that's just how the timing worked out in terms of the cash settlement. Yeah

是的，這就是現金結算的時間安排。是的

Got it. Okay.

知道了。好的。

Sameer, if I could go back to if I could ask add some color to your question about the PRS you did Tom talked about on revenue and profitability, but you asked about the acceptance has been very well, very well accepted in the marketplace. That's why we're coming up with these multiple models to thought the family, which supports different flow rates and different different applications. So we're very excited about that. And I think that market we estimate to between of for just the PRS is to be between $100 million, $150 million, part of a larger $700 million market in the overall compressed natural gas virtual pipelines. So we do see room to grow there. And it's really been very well received so far, which is why we're expanding the line.

Sameer，如果我可以回去問一下，我是否可以為您關於 PRS 的問題添加一些色彩，Tom 談到了收入和盈利能力，但您詢問了接受程度在市場上得到了非常非常好的接受。這就是為什麼我們提出了這些多個模型來考慮該系列，它支援不同的流量和不同的應用。所以我們對此感到非常興奮。我認為，我們估計僅 PRS 的市場就在 1 億至 1.5 億美元之間，這是整個壓縮天然氣虛擬管道中 7 億美元的更大市場的一部分。所以我們確實看到了那裡的成長空間。到目前為止，它確實很受歡迎，這就是我們擴大產品線的原因。

Yeah. No, it was great to see that industrial solution that you're offering is able to replace existing solutions so quickly, I think that just speaks to the PRS technology quality of that technology.

是的。不，很高興看到您提供的工業解決方案能夠如此迅速地取代現有解決方案，我認為這恰恰說明了該技術的 PRS 技術品質。

Yes. Thank you.

是的。謝謝。

That's all I have. Thanks.

這就是我的全部。謝謝。

Thanks, Sameer.

謝謝，薩米爾。

Thanks, Sameer.

謝謝，薩米爾。

Justin Clare, ROTH MKM.

賈斯汀·克萊爾，羅斯 MKM。

Hi, guys and thanks for taking our questions here.

大家好，感謝您在這裡提出我們的問題。

Hi Justin.

嗨賈斯汀。

So first, I just wanted to start on the visibility you have into 2025, just based on the conversations you're having with wind tower customers are they planning for a significant increase in demand in 2025 relative to 2024? And are you seeing preparations for that? And what's the potential that they could look to secure capacity, some potentially in a near term here so that they're prepared for 2025.

首先，我想從您對 2025 年的展望開始，根據您與風塔客戶的對話，他們是否計劃 2025 年的需求相對 2024 年大幅增加？您是否看到了為此所做的準備？他們可以尋求哪些潛力來確保產能，其中一些可能會在短期內實現，以便為 2025 年做好準備。

[Well I say] I'd say that the customers that we're speaking to are are bullish they're cautious, but they're bullish on '24 and '25 versus '24 and [six] beyond that. So I think there are there active discussions. They are planning some of the capacity has been secured in long-term agreements like we have with our customers, but others, but those long-term agreements can certainly be expanded and added to. And those are the discussions that are active.

[好吧，我說]我想說的是，與我們交談的客戶是看漲的，他們是謹慎的，但他們看好 '24 和 25 年，而不是 '24 和 [六] 除此之外。所以我認為有積極的討論。他們計劃部分產能已在長期協議中得到保障，就像我們與客戶簽訂的那樣，但其他產能也肯定可以擴大和增加。這些都是活躍的討論。

Okay. Got it. And then you mentioned some of the factors that are impacting the demand for wind here, high rates inflation. Wondering if you're seeing cancellations or is this just delays? And then wondering what it takes for many of these projects to kind of get back on track or are PPAs needing to be amended and renegotiated higher for the economics to make sense? And then also, are we waiting for treasury guidance here? Is that a key factor that is potentially holding projects back [may be] just share a little bit about that?

好的。知道了。然後您提到了影響這裡風電需求的一些因素，即高通膨。想知道您是否看到航班取消或只是航班延誤？然後想知道這些項目需要什麼才能重回正軌，或者是否需要對購電協議進行修改和重新談判才能使經濟有意義？然後，我們是否正在等待財政部的指導？這是一個可能阻礙專案進展的關鍵因素嗎？（可能）只是分享這一點？

Sure. We haven't had when speaking with our customers. We haven't heard that, that final 10% that bonus you think you're talking about Justin, with the PRA has had any impact on the timing or at least we haven't heard that if it has it certainly hasn't risen to the conversations we've had. But the customers are pretty open when it talks about of inflation pressures, interest pressures in infrastructure, interconnection queues, those tend to delay projects that we haven't had any cancellations, but I know that there are some been some projects. Our customer projects have been pushed to the right, because I think the customers are waiting for their potentially evaluating one project site over a different project site because of interconnection to the timing thereof.

當然。我們在與客戶交談時還沒有遇到過。我們還沒有聽說，你認為你在談論賈斯汀的最後 10% 獎金，PRA 對時間有任何影響，或者至少我們沒有聽說，如果有的話，它肯定沒有上升我們的談話。但當談到通膨壓力、基礎設施的利息壓力、互連隊列時，客戶的態度相當開放，這些往往會推遲我們沒有取消的項目，但我知道有些項目已經完成了。我們的客戶專案已被推到右側，因為我認為客戶正在等待他們可能評估專案站點而不是另一個專案站點，因為其時間互連。

So I answered your question. I still feel that customers are bullish. We're all excited about the PRA and the impact. But again in an inflationary environment with interest rates still high or higher than they'd be desired. I think that's causing the pause or temporary pause in some projects.

所以我回答了你的問題。我仍然覺得客戶很看好。我們都對 PRA 及其影響感到興奮。但同樣是在通膨環境下，利率仍然很高或高於預期。我認為這導致了某些項目的暫停或暫時暫停。

Got it. Okay. And then you did mention earnings profile for 2024 expected to be more back half weighted. And it sounds like that's actually not the wind business that's expected to pick up, but your other our businesses here. So gearing, industrial fabrications. I was wondering if you just speak to that a little bit more what end markets are driving the anticipated uptick in orders? And is that really across Heavy Fabrications, Gearing, Industrial Solutions? And then maybe you could just speak to oil and gas. Is that part of it? You see the oil and gas order flow picking up here?

知道了。好的。然後您確實提到 2024 年的盈利狀況預計將更多地採用後半加權。聽起來實際上預計會復甦的並不是風電業務，而是我們這裡的其他業務。因此，傳動裝置、工業製造。我想知道您是否能多談一下，哪些終端市場正在推動訂單的預期成長？這真的適用於重型製造、傳動裝置、工業解決方案嗎？然後也許你可以談談石油和天然氣。這是其中的一部分嗎？您看到石油和天然氣訂單流量在這裡增加了嗎？

Yeah, good question. Thank you. Regarding let's start with gearing. Steel is strong, coal pulverized are strong, cement is strong, the industrial, the core industrials material handling our strong, oil and gas is predicted to remain soft at least through 2024. We think we're seeing some green shoots, some customer orders are coming through and some quotes are coming through, but we're cautious on that.

是的，好問題。謝謝。關於讓我們從齒輪開始。鋼鐵強勁，煤粉強勁，水泥強勁，工業、核心工業材料處理強勁，預計石油和天然氣至少到 2024 年將保持疲軟。我們認為我們看到了一些萌芽，一些客戶訂單正在收到，一些報價正在收到，但我們對此持謹慎態度。

So we think the demand from gearing is going to come from these other markets. And we're also getting into other markets that are not gearing that are more machining. I mentioned this 9100 new quality certification we're going after, which will allow us to get into aerospace and defense. That's a market we think is untapped certainly for us, and we think it's attractive for us because we have the capabilities that's exciting.

因此，我們認為傳動裝置的需求將來自這些其他市場。我們也進入了其他沒有更多機械加工的齒輪市場。我提到了我們正在尋求的 9100 新品質認證，這將使我們能夠進入航空航天和國防領域。我們認為這是一個尚未開發的市場，我們認為它對我們很有吸引力，因為我們擁有令人興奮的能力。

Regarding industrial fabrications, we're seeing more demand in material handling, more customers are coming to us for increased material handling and some infrastructure fits with regard to industrial solutions. That's power-generation, that's global. We've seen or the market has seen more utility scale, a combined-cycle plants be put up around the world, which is very good for us.

關於工業製造，我們看到材料處理的需求越來越大，越來越多的客戶來找我們增加材料處理，並且一些基礎設施適合工業解決方案。這就是發電，這是全球性的。我們已經看到或市場已經看到更多的公用事業規模，聯合循環工廠在世界各地建立，這對我們非常有利。

So our content in that is increasing and the market is increasing for Industrial Solutions, plus we're starting to tap into the solar market in terms of inverter skids, which we provide under that space and even wind repowering, we provide internals for the adapter projects we do from that division. So a lot of our diverse markets are up and wind is stable, which is why I said the growth that we have, [Justin] is going to be in those non-wind markets if wind picks up sooner than we think that would be a benefit.

因此，我們的內容正在增加，工業解決方案的市場也在增加，此外，我們開始在逆變器撬裝方面進軍太陽能市場，我們在該領域提供，甚至風能重新供電，我們為適配器提供內部結構我們從該部門做的項目。因此，我們的許多多元化市場都在成長，風能也很穩定，這就是為什麼我說，如果風能恢復得比我們想像的要早，那麼我們的成長，[賈斯汀]將出現在那些非風能市場。益處。

Okay, got it. Thanks for the color.

好，知道了。謝謝你的顏色。

Thank you.

謝謝。

Donovan Schafer, Northland Capital Markets.

多諾萬‧謝弗 (Donovan Schafer)，北國資本市場。

Hi, guys. I have a question kind of a follow-up to Justin's question about the oil and gas segment. [And he] said, you expected it to be pretty flat in 2024. And I'm curious because like how much of that is being driven by you know there's been a bit of a downtick in CapEx spending by the upstream oil and gas and the drillers at the same time, I think if I'm going after information, the rig count peaked just a little over a year ago and then kind of has trended down.

嗨，大家好。我有一個問題是賈斯汀關於石油和天然氣領域問題的後續問題。 [他]說，你預計 2024 年會相當平穩。我很好奇，因為這其中有多少是由上游石油和天然氣以及鑽探商的資本支出同時有所下降所推動的，我想如果我要追踪信息，鑽機數量在一年多前達到頂峰，然後呈下降趨勢。

Correct.

正確的。

But the volume of production is that is kind of still like a record high level.

但產量仍處於歷史最高水準。

Correct.

正確的。

And a lot of cases, yes, they talk about a lot of that is being driven by efficiency gains and so is that is there some secular element here? I'm going to separate the two things out there. Is there a change in either like the completion [rate] and actually don't know the answer I will follow this closely like had they are they pumping less when they're doing completions in a way? Or I know they've gone to longer laterals, but that doesn't affect your gearings and pressure pumping equipment. So has there been a change just from like a design or an approach standpoint that puts less wear and tear and lowers the demand on that gearing.

在很多情況下，是的，他們談到很多都是由效率提升所驅動的，那麼這裡是否存在一些世俗因素？我要把這兩件事分開。是否有像完成率[rate]這樣的變化，實際上不知道答案，我會密切關注這個問題，就像他們在以某種方式完成完成時泵送的量減少一樣？或者我知道它們已經採用了更長的支管，但這不會影響您的齒輪和壓力泵設備。因此，從設計或方法的角度來看，是否發生了變化，減少了磨損並降低了對齒輪的要求。

So there's a couple of dynamics, these you mentioned and complete their completions. There's this concept called docks or drilled but uncompleted wells, those funds like a bank account that then they're already drilled. And as they want to start pumping, the oil companies can tap that without having a drill new wells, and we participate mostly in gearing in the new wells. So that's one dynamic as they get more efficient in the and they bring these uncompleted wells online they're going to eventually need to drill more.

因此，有一些動力，您提到的這些動力並完成了它們的完成。有一個概念稱為碼頭或已鑽但未完成的井，這些資金就像銀行帳戶一樣，然後它們已經被鑽了。當他們想要開始抽油時，石油公司可以在不鑽新井的情況下利用這一點，而我們主要參與新井的傳動裝置。因此，這是一種動態，因為他們變得更加高效，並且他們將這些未完成的井上線，他們最終需要鑽探更多。

So that's why I'm saying I think this is a temporary [low], but oil and gas tends to have very cyclical. And when it's down, it's down maybe 18 months and then it picks back up again with regards to the efficiency of the wells and drilling the strength that we've seen over the last couple of years is because our customers through breadth would have designed more powerful, stronger rigs, gearboxes. And so the horsepower of those is increasing. The efficiency of those is increasing.

所以這就是為什麼我說我認為這是暫時的[低點]，但石油和天然氣往往具有很強的周期性。當它下降時，它可能會下降 18 個月，然後它會在油井效率和鑽井效率方面再次回升，我們在過去幾年中看到的強度是因為我們的客戶會設計更多強大、更強的鑽孔機、變速箱。因此，它們的馬力正在增加。這些的效率正在提高。

Now I'd say as CapEx is topped off, what's happening is they'll eventually start to wear out these rigs. And so we'll start to see repairs increase, which we are seeing some spare parts increase, which we've seen and eventually the love to replace will gearboxes. And that's when we'll see the [line] share of the revenue come back in that particular market.

現在我想說，隨著資本支出達到頂峰，正在發生的事情是他們最終會開始磨損這些鑽孔機。因此，我們將開始看到維修量的增加，我們看到一些備件的增加，我們已經看到了這一點，最終對更換變速箱的熱愛也隨之增加。那時我們將看到該特定市場的[線]收入份額回升。

So that seems like actually my mistake and I heard by you did gearboxes for the pressure pumping trucks, do the fracking, but actually it's more on the rigs themselves. Is that correct?

所以這看起來實際上是我的錯誤，我聽說你為壓力泵車做了變速箱，進行了水力壓裂，但實際上更多的是在鑽機本身上。那是對的嗎？

You're correct. And it's a fracking. It's a fracking.

你是對的。這是水力壓裂。這是水力壓裂。

It's a fracking. Okay.

這是水力壓裂。好的。

Right.

正確的。

And then another question. So you mentioned the inverter skids, which is something that Intersolar in January and came across companies doing some similar types of activities. And it seemed like there was an uptick in that activity for domestic manufacturers being driven in part by the desire to meet domestic content requirements in the US. Is that something having an impact shifting towards more activity there versus say before the Inflation Reduction Act before the domestic content stuff? Or is that the one thing you were doing before and it's just steady?

然後還有一個問題。所以你提到了逆變器打滑，這是 Intersolar 一月份遇到的問題，並且遇到了一些從事類似活動的公司。國內製造商的這種活動似乎有所增加，部分原因是滿足美國國內含量要求的願望。與國內內容之前的《通貨膨脹削減法案》之前相比，這是否會對那裡的更多活動產生影響？或者這是你之前一直在做的一件事並且很穩定？

So Donovan, I think this I think what you're what you're saying is having a desired impact because our customers want to have more domestic content, whether or not they're trying to meet a certain percentage. I think they want continuity of supply chain and a person that's going to [cut], a supplier willing to work with them to help design and optimize their design. And that's what we're offering to our customers because we're local and their local and we can collaborate on designs to make it very efficient and quick to deploy in the field.

所以，多諾萬，我認為你所說的正在產生預期的影響，因為我們的客戶希望擁有更多的國內內容，無論他們是否試圖滿足一定的百分比。我認為他們想要供應鏈的連續性和一個願意[削減]的人，一個願意與他們合作以幫助設計和優化他們的設計的供應商。這就是我們為客戶提供的服務，因為我們是本地的，他們也是本地的，我們可以在設計上合作，使其在現場部署非常有效率且快速。

Okay. And then my last question. This is this could be I mean, I kind of pride myself perhaps too much in sometimes asking questions or trying to find things that could be material and could be overlooked, but the risk of that is sometimes it ends up being a totally irrelevant question. So this one is on that with the wind market balsa wood is used in a lot of the wind blades. I can't remember which portion but it's significant it can matter. There are substitutes and alternatives to balsa wood.

好的。然後是我的最後一個問題。我的意思是，我有點為自己感到自豪，有時會提出問題或試圖找到可能重要且可能被忽視的東西，但這樣做的風險是有時它最終會成為一個完全不相關的問題。因此，這一點是關於風力市場，輕木被用於許多風力葉片。我不記得哪一部分，但它很重要，它可能很重要。輕木有替代品和替代品。

So I know there are some I think petrochemical [device] derive the phones or compounds or something that can be used instead. But with balsa wood specifically, your Ecuador becomes like the major check point because it produces more than 90% of balsa wood globally. And so it just a comment attention when there is an increasing like gang violence and I think there is some precedent as tapes and just kind of it looks like that country has erupted into some [chaos] and some martial law things and so forth.

所以我知道有一些我認為石化[設備]衍生出電話或化合物或可以用來代替的東西。但對於輕木來說，厄瓜多爾就成為了主要檢查站，因為全球 90% 以上的輕木都產自該國。因此，當幫派暴力不斷增加時，這只是一個評論關注，我認為有一些先例，例如磁帶，看起來那個國家已經爆發了一些[混亂]和一些戒嚴法等等。

So the first question is just in general, like at a very general level, do balsa wood prices get really high or anything, does that flow through into wind and eventually maybe it takes a year or two, but does that eventually does that become a material headwind or not with wind deployment so that it could be worth paying attention to? Or if it's you know that, yes, if it can be material, then are you seeing anything in this specific case currently? (multiple speakers) material and then subject here.

因此，第一個問題是一般性的，就像在非常一般的水平上一樣，輕木價格是否會變得非常高或其他什麼，是否會流入風中，最終可能需要一兩年的時間，但這最終會成為一個問題嗎？材料逆風或不順風部署值得關注嗎？或者，如果您知道，是的，如果它可能是實質性的，那麼您目前在這個具體案例中看到了什麼嗎？（多個發言者）材料，然後主題在這裡。

What I would say is in the general supply chain, our customers are trying to make sure that they optimize their inventory and their cash flow and [they mean] they to have the towers, and the cells and the blades really come to site as near one another as they can. So any kind of delay or disruption could have could have an issue. That's not something I follow because I'm not a blade guy up on the tower person, my follow steel.

我想說的是，在一般供應鏈中，我們的客戶正在努力確保他們優化庫存和現金流，[他們的意思是]他們擁有塔、電池和刀片真正到達現場盡其所能地互相幫助。因此，任何形式的延誤或中斷都可能產生問題。這不是我所遵循的，因為我不是塔上的刀鋒戰士，我​​的跟隨者是鋼鐵。

So I would say, I haven't heard that TPIC is another public company that their blades. So maybe they could shed some light on that for you. But I have not heard that although. This is a global supply chain. And like I said, the turbine OEMs are trying very hard to make sure they optimize their supply chain and optimize our inventories, and this could have an impact, but it's not something that I've heard of site. I can only help you there, Don.

所以我想說，我沒有聽說過 TPIC 是他們的刀片之外的另一家上市公司。所以也許他們可以為你闡明這一點。但我還沒聽過。這是一個全球供應鏈。正如我所說，渦輪機原始設備製造商正在非常努力地確保他們優化供應鏈並優化我們的庫存，這可能會產生影響，但這不是我在現場聽說過的事情。我只能幫你到那裡，唐。

Okay. Yeah, and [I'm familiar] TPIC, I know that they have the capability to pay that. I just can't remember in a [hypothetical] crisis situation. There's an ability [but I just can't remember], what the timing is on that if it takes a while.

好的。是的，[我很熟悉] TPIC，我知道他們有能力支付這筆費用。我只是不記得在[假設的]危機情況下。有一種能力[但我就是不記得了]，如果需要一段時間的話，時間是什麼時候。

And that's something, [that's] something I can help with there.

這就是我可以提供幫助的事情。

Sure. Appreciate that. All right. Thanks, guys. I'll take the rest of my questions.

當然。感謝。好的。多謝你們。我將回答剩下的問題。

Thanks, Donovan.

謝謝，多諾萬。

Thanks, Donovan.

謝謝，多諾萬。

We've 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。

Well, thanks, everyone, for listening today. We're pleased with our 2023 results and look forward to a great 2024 together and presenting our results to you on our next conference call. Thank you.

好的，謝謝大家今天的收聽。我們對 2023 年的業績感到滿意，並期待共同創造美好的 2024 年，並在下次電話會議上向您展示我們的成果。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。