BWX Technologies Inc (BWXT) 2024 Q3 法說會逐字稿

Ladies and gentlemen, welcome to BWX Technologies third-quarter 2024 earnings conference call. (Operator Instructions)

女士們先生們，歡迎參加 BWX Technologies 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go ahead.

現在我想將電話轉給我們的主持人 Chase Jacobson，BWXT 的投資者關係副總裁。請繼續。

Thank you, Ron. Good evening, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Rob LeMasters, Senior Vice President and CFO.

謝謝你，羅恩。晚上好，歡迎參加今天的電話會議。與我一起的還有總裁兼執行長 Rex Geveden；以及資深副總裁兼財務長 Rob LeMasters。

On today's call, we will reference the third-quarter 2024 earnings presentation that is available on the Investors section of the BWXT website. We will also discuss certain matters that constitute forward-looking statements. These statements involve risks and uncertainties, including those described in the Safe Harbor provision found in the investor materials and the company's SEC filings.

在今天的電話會議上，我們將參考 BWXT 網站投資者部分提供的 2024 年第三季收益演示。我們也將討論構成前瞻性陳述的某些事項。這些聲明涉及風險和不確定性，包括投資者材料和公司向 SEC 備案的安全港條款中描述的風險和不確定性。

We will frequently discuss non-GAAP financial measures, which are reconciled to GAAP measures in the appendix of the earnings presentation that can be found on the Investors section of the BWXT website.

我們將經常討​​論非 GAAP 財務指標，這些指標與收益報告附錄中的 GAAP 指標一致，收益報告附錄可在 BWXT 網站的投資者部分找到。

I would now like to turn the call over to Rex.

我現在想把電話轉給雷克斯。

Thank you, Chase, and good evening to all of you. This afternoon, we reported strong third quarter results that were ahead of our expectations. We delivered 14% organic revenue growth which combined with solid operational performance led to 19% adjusted EBITDA growth and 24% adjusted earnings per share growth. Given our strong year-to-date performance and despite weather-related challenges stemming from Hurricane Helene and other events, we are raising our 2024 adjusted earnings per share guidance to about $3.20, the high end of the previous guidance range, and we are maintaining our free cash flow guidance of $225 million to $250 million.

謝謝你，蔡斯，祝大家晚上好。今天下午，我們公佈了強勁的第三季業績，超出了我們的預期。我們實現了 14% 的有機收入成長，加上穩健的營運業績，導致調整後 EBITDA 成長 19%，調整後每股盈餘成長 24%。鑑於我們今年迄今的強勁表現，儘管颶風海倫和其他事件帶來了與天氣相關的挑戰，我們仍將2024 年調整後每股收益指導提高至約3.20 美元，即之前指導範圍的上限，並且我們維持我們的自由現金流指引為 2.25 億至 2.5 億美元。

As we look to 2025, we expect another record year with continued growth in government operations, complemented by accelerating growth in commercial operations. Our preliminary 2025 outlook is for mid- to high single-digit revenue, EBITDA, and earnings per share growth compared to 2024 with expectations for at least 10% free cash flow growth.

展望 2025 年，我們預計政府業務將繼續成長，商業業務將加速成長，這將是另一個創紀錄的一年。我們對 2025 年的初步展望是，與 2024 年相比，營收、EBITDA 和每股盈餘將實現中高個位數成長，並預期自由現金流成長至少 10%。

Before I jump into our quarterly results and market outlook, I would like to spend a few minutes on our special materials portfolio and the acquisition of A.O.T. announced today. Special materials is a strategically important line of business for BWXT and one that I would suggest is underappreciated by some investors. The foundation of our special material portfolio is our Navy fuel business in East Tennessee. Through this business line, BWXT is the only commercial enterprise in America to hold a Category 1 NRC license, which permits BWXT to handle special nuclear materials.

在介紹我們的季度業績和市場前景之前，我想花幾分鐘時間介紹一下我們的特殊材料產品組合以及 A.O.T. 的收購。今天宣布。特殊材料是 BWXT 具有重要戰略意義的業務領域，我認為一些投資者低估了這個業務領域。我們特殊材料組合的基礎是我們在田納西州東部的海軍燃料業務。透過該業務線，BWXT 是美國唯一持有 NRC 1 類許可證的商業企業，該許可證允許 BWXT 處理特殊核材料。

We have leveraged this credential to develop unique infrastructure and retain some of the top radiochemistry talent in the world to execute high-value national security programs for the Department of Defense and Department of Energy. Over the previous decade, we have built a portfolio of businesses around our Navy fuel franchise, including the expansion of our down blending product line, growing our business in specialized nuclear fuel elements for university and government research reactors, securing a contract that converts scrap material into usable HALEU for advanced reactor fuel, and standing up a new production line to purify and process uranium metal and oxides for the NNSA.

我們利用這份證書來開發獨特的基礎設施，並保留一些世界頂尖的放射化學人才，為國防部和能源部執行高價值的國家安全專案。在過去的十年中，我們圍繞海軍燃料特許經營權建立了一系列業務組合，包括擴展我們的混合產品線、發展我們在大學和政府研究反應器專用核燃料元件方面的業務、獲得轉化廢料的合約轉化為可用於先進反應器燃料的HALEU，並為國家核子安全局建立一條新的生產線來純化和處理鈾金屬和氧化物。

Further, over the past few months, we have announced two new important contracts that strengthen this portfolio. In September, we announced that BWXT was the sole awardee of a contract to study the build-out of a national security uranium enrichment capability. And in October, the DOE announced that BWXT was one of several companies selected to provide HALEU deconversion services that will be a lynchpin and fuel fabrication for advanced nuclear reactors. Simply put, we have one of the broadest sets of capabilities in the uranium fuel processing cycle and our customers place immense trust in BWXT to support national security missions and novel civil applications.

此外，在過去的幾個月裡，我們宣布了兩項新的重要合同，以加強我們的產品組合。9 月，我們宣布 BWXT 是研究建立國家安全鈾濃縮能力的合約的唯一得主。10 月，美國能源部宣布 BWXT 是被選中提供 HALEU 轉換服務的幾家公司之一，該服務將成為先進核反應器的關鍵和燃料製造。簡而言之，我們在鈾燃料處理循環中擁有最廣泛的能力之一，我們的客戶對 BWXT 非常信任，可以支援國家安全任務和新穎的民用應用。

Building off that foundation, today we announced the acquisition of A.O.T. from L3Harris. Based in Tennessee, A.O.T. is a former Aerojet business that is the sole manufacturer of depleted uranium and other specialty finished metals used in a variety of defense applications. From a strategic viewpoint, A.O.T. is a bull's-eye. It is a natural extension of our special materials portfolio and fits perfectly with BWXT's unique business characteristics customer base and special materials handling and processing capabilities.

在此基礎上，今天我們宣布收購 A.O.T.來自L3哈里斯。總部位於田納西州，A.O.T.是一家前 Aerojet 企業，是用於各種國防應用的貧鈾和其他特殊成品金屬的唯一製造商。從策略角度來看，A.O.T.是一個靶心。它是我們特殊材料產品組合的自然延伸，與 BWXT 獨特的業務特徵客戶群和特殊材料處理和加工能力完美契合。

End users of A.O.T. products are mainly the Department of Defense and Department of Energy, including the National Nuclear Security Administration. Sales in this business are expected to be about $40 million in 2024 and the combination of its market position, program exposure, and micro level supply and demand factors all create good visibility into future top line growth at solid mid-teens EBITDA margins. We are targeting to close this roughly $100 million transaction by the end of the year and are excited to welcome A.O.T. to BWXT and to add another important product line to our unique special materials portfolio.

A.O.T. 的最終用戶產品主要是國防部和能源部，包括國家核子安全局。該業務的銷售額預計到2024 年將達到約4,000 萬美元，其市場地位、專案曝光度以及微觀供需因素的結合，都為未來營收成長提供了良好的可見性，其EBITDA 利潤率穩定在10 % 左右。我們的目標是在今年年底前完成這筆約 1 億美元的交易，並很高興歡迎 A.O.T.加入 BWXT 並為我們獨特的特殊材料產品組合添加另一個重要的產品線。

As you know, Robb and his team look at many M&A opportunities but act on a few as a company that meet our stringent criteria are hard to come by and often demand premium purchase multiples. With a stronger-than-ever corporate finance infrastructure and solid balance sheet, we remain active with M&A diligence activities to complement our organic growth with interesting inorganic opportunities to maximize our exposure to growing strategic government and commercial nuclear markets.

如你所知，羅布和他的團隊關注了許多併購機會，但只採取了一些行動，因為符合我們嚴格標準的公司很難找到，而且通常需要溢價購買倍數。憑藉比以往任何時候都更強大的企業融資基礎設施和穩健的資產負債表，我們繼續積極開展併購盡職調查活動，以有趣的無機機會補充我們的有機增長，從而最大限度地擴大我們在不斷增長的策略性政府和商業核能市場的曝光度。

Turning now to a discussion of segment results and market outlook. Government operations had a strong quarter with 17% revenue growth and 18% adjusted EBITDA growth driven largely by outperformance in our naval propulsion and technical services businesses. In naval propulsion, our teams are keenly focused on execution as we seek to level load our plants while we work through the Ford class aircraft carrier law that will be with us through 2025 and maybe 2026.

現在討論分部業績和市場前景。政府業務季度表現強勁，營收成長 17%，調整後 EBITDA 成長 18%，這主要得益於我們海軍推進和技術服務業務的出色表現。在海軍推進方面，我們的團隊非常注重執行力，因為我們尋求在我們制定福特級航空母艦法的同時實現工廠的平衡負載，該法將持續到 2025 年甚至 2026 年。

In any case, I'm pleased to report that we have completed negotiations and signed a term sheet with our customer on the next multiyear pricing agreement for naval nuclear reactor components with terms that are in line with today's supply chain and labor environment. The agreement is on track for a formal contract award by the end of the year, pending final government approval of the term sheet and the contract.

無論如何，我很高興地報告，我們已經完成了談判，並與客戶簽署了關於海軍核反應器部件的下一個多年定價協議的條款清單，其條款符合當今的供應鏈和勞動力環境。該協議預計在今年年底前獲得正式合同，尚待政府最終批准條款清單和合約。

In technical services, after a lengthy appeal process and being awarded the contract multiple times, the BWXT-led joint venture H2C, received a notice to proceed on the 10-year plus Hanford Integrated Tanks Disposition Contract in mid-October. With this transition, the Hanford Tanks project becomes the largest contract in our technical services portfolio and punctuates our long-term strategy to convert our unmatched capabilities and nuclear operations into outsized market share for environmental remediation and management and operations of DOE and NNSA site.

在技​​術服務方面，經過漫長的上訴程序並多次獲得合約後，BWXT 牽頭的合資企業 H2C 於 10 月中旬收到了繼續執行 10 年以上漢福德綜合儲罐處置合約的通知。透過這一轉變，漢福德儲罐計畫成為我們技術服務組合中最大的合同，並強調了我們的長期戰略，即將我們無與倫比的能力和核能業務轉化為環境修復以及美國能源部和國家核安全局場地管理和營運的巨大市場份額。

And microreactors, our current projects continue apace. Project Pele is maturing nicely and continues to receive good funding support. In fact, Idaho National Laboratory, where the reactor will be final assembled and powered, recently kicked off construction of the Pele testing facility, highlighting concrete progress on this key project. Last quarter, we discussed the Defense Innovation Unit RFP for microreactors on Army bases, an opportunity that continues to be intriguing. And beyond that, we are seeing tangible interest from other defense agencies and emergency relief organizations.

至於微反應器，我們目前的專案仍在快速推進。Pele 計畫正在成熟，並繼續獲得良好的資金支持。事實上，反應器最終組裝和供電的愛達荷國家實驗室最近啟動了貝利測試設施的建設，突顯了這個關鍵項目的具體進展。上個季度，我們討論了國防創新部門針對陸軍基地微反應器的 RFP，這是一個仍然令人感興趣的機會。除此之外，我們也看到其他國防機構和緊急救援組織的實際興趣。

With our foundation of recurring businesses and in-hand opportunities, we see playing out in the near term, we anticipate modest organic growth in the government operations segment in 2025, consistent with the trajectory contemplated in our medium-term guidance. This will be complemented by the A.O.T. acquisition, ultimately leading to mid-single-digit revenue and EBITDA growth in 2025. Our focus remains on driving operational excellence throughout the organization and providing our customers with high-quality nuclear solutions that enable some of the government's most critical missions.

憑藉我們的經常性業務和現有機會的基礎，我們預計在短期內發揮作用，我們預計政府營運部門將在 2025 年實現適度的有機成長，這與我們中期指導中設想的軌跡一致。A.O.T 將對此進行補充。收購，最終導致 2025 年收入和 EBITDA 實現中個位數成長。我們的重點仍然是推動整個組織的卓越運營，並為客戶提供高品質的核解決方案，以幫助政府完成一些最關鍵的任務。

Turning now to commercial operations. Revenue was up modestly, driven by robust medical and commercial nuclear components growth, partially offset by lower field services activity. In commercial nuclear power, consistent with our prior view, demand is continuing to grow from traditional nuclear utilities and now the emergence of new customers investing directly in first-of-a-kind nuclear to secure long-duration, clean baseload power.

現在轉向商業營運。在醫療和商業核部件強勁增長的推動下，收入小幅增長，但部分被現場服務活動減少所抵消。在商業核電方面，與我們先前的觀點一致，傳統核公用事業的需求持續成長，現在新客戶的出現直接投資於首個核電，以確保長期、清潔的基荷電力。

Many of these customers are signaling a newfound appetite for nuclear given unprecedented levels of electricity demand growth and nowhere else to turn for reliable green energy. Over the past several months, some of the largest companies in the world, including Microsoft, Amazon, and Google have announced investments in nuclear power. These investments range from restarting decommissioned large-scale nuclear plants like Three Mile Island and Palisades to investing in new advanced reactor technologies such as SMRs. This newfound demand is evolving rapidly, and the shape is uncertain, but it is a clear indication of the growing demand and broadening public support for nuclear power.

鑑於電力需求空前成長，而且無處可去尋求可靠的綠色能源，許多客戶都表示對核能有了新的興趣。在過去的幾個月裡，包括微軟、亞馬遜和谷歌在內的一些世界上最大的公司都宣布了對核電的投資。這些投資包括重啟三哩島核電廠和帕利塞茲核電廠等已退役的大型核電廠，以及投資小型反應器等新型先進反應器技術。這種新發現的需求正在迅速發展，形態尚不確定，但它清楚地表明需求不斷增長，公眾對核電的支持不斷擴大。

For BWXT, our breadth of experience and capabilities around nuclear technologies that stem from decades of experience in naval propulsion and commercial nuclear power position us as a merchant supplier to the market. The foundation of our commercial nuclear power business is in large-scale can-do reactors. However, we are also supplying SMR projects with large complex components, including the reactor pressure vessel for the GE Hitachi BWRX-300 project in Canada and molten salt heat exchangers for Terra Power's Natrium reactor in Wyoming.

對 BWXT 來說，我們在核子技術方面的豐富經驗和能力源自於數十年的海軍推進和商用核電經驗，使我們成為市場的商業供應商。我們商業核電業務的基礎是大型可做反應器。然而，我們也為 SMR 專案提供大型複雜組件，包括加拿大 GE Hitachi BWRX-300 專案的反應器壓力容器和懷俄明州 Terra Power Natrium 反應器的熔鹽熱交換器。

Further, BWXT has the potential to play a key role in the advanced reactor fuel supply chain by providing TRISO fuel, HALEU deconversion, or other manufacturing services. We are also working with parties like the Wyoming Energy Authority in the state's mining industry to potentially build microreactors to address off-grid power needs, leveraging our experience in the Pele and DRACO prototypes.

此外，BWXT 透過提供 TRISO 燃料、HALEU 轉換或其他製造服務，有可能在先進反應器燃料供應鏈中發揮關鍵作用。我們也與懷俄明州能源局等該州採礦業相關各方合作，利用我們在 Pele 和 DRACO 原型方面的經驗，建造微反應器來滿足離網電力需求。

New investment in nuclear is no doubt exciting, but I want to emphasize the strength of our existing commercial nuclear power business. Current projects, including the life extension of Ontario Power Generation's Pickering units 5 through 8, reactor pressure vessel work on the SMR project at Darlington, and heightened demand for field services to ensure the fleet can run longer and harder or all balance that will enable BWXT to quietly deliver solid double-digit growth in 2025. In the near term, our operational focus is on building our workforce and executing on the capacity expansion of our Cambridge facility to ensure we are well positioned to capture the dynamic growth we see in this important market.

核電領域的新投資無疑令人興奮，但我想強調我們現有商業核電業務的實力。目前的項目包括安大略發電公司皮克林5 至8 號機組的壽命延長、達靈頓SMR 項目的反應器壓力容器工作，以及對現場服務的更高需求，以確保機組能夠運行更長時間、更努力或實現BWXT 的所有平衡到 2025 年悄悄實現兩位數的穩健成長。短期內，我們的營運重點是培養員工隊伍並擴大劍橋工廠的產能，以確保我們處於有利地位，能夠抓住這個重要市場的動態成長。

Turning to BWXT Medical. We had another good quarter. Year-to-date growth is in line with our full year expectations of about 25%. This is driven by our base diagnostics portfolio that supports the SPECT and PET imaging markets, both of which are experiencing increased patient volumes as well as higher contract drug manufacturing volumes for TheraSphere. We expect these trends to support similar growth in 2025 for these product lines, which represent most of our medical revenues today.

轉向 BWXT 醫療。我們又度過了一個美好的季度。年初至今的成長符合我們約 25% 的全年預期。這是由我們支援 SPECT 和 PET 影像市場的基礎診斷產品組合所推動的，這兩個市場的患者數量都在增加，TheraSphere 的合約藥品生產量也在增加。我們預計這些趨勢將支持這些產品線在 2025 年實現類似的成長，這些產品線代表了我們當今醫療收入的大部分。

Specific to our tech-99 development program, we continue to test and perfect our product and build the commercial relationships necessary for future growth. Notably, we have successfully tagged our product with every cold kit on the market and have finalized our first supply agreement with the radiopharmacy network. FDA communications and commercialization efforts are consistent with the update we provided to you last quarter, and we continue to anticipate disciplined market entry with spot volumes in 2025 and a full annual run rate of contracted volumes in 2026 and beyond.

具體到我們的 tech-99 開發計劃，我們繼續測試和完善我們的產品，並建立未來成長所需的商業關係。值得注意的是，我們已成功在市場上的每個冷套件中標記我們的產品，並與放射性藥物網絡敲定了第一份供應協議。FDA 的溝通和商業化工作與我們上季度向您提供的最新資訊一致，我們繼續預計 2025 年現貨量將嚴格進入市場，並在 2026 年及以後實現合約量的全年運作。

In therapeutics, we continue to support our customers' clinical trials with actinium-225 and are taking initiative to prepare for higher volumes, including new production modalities to increase capacity and provide better surety of supply as these drugs move through the pipeline and closer to commercialization. Similarly, our strategy for lutetium production is taking shape, and we anticipate starting radiation runs on our Darlington target delivery system next year alongside tech-99 radiations, making that investment more value-enhancing than our original business case.

在治療領域，我們繼續支持客戶的Actinium-225 臨床試驗，並主動為更高產量做好準備，包括採用新的生產方式來提高產能，並隨著這些藥物進入研發階段並接近商業化，提供更好的供應保障。同樣，我們的镥生產策略正在形成，我們預計明年將與 tech-99 輻射一起在我們的達林頓目標傳輸系統上開始輻射運行，使該投資比我們最初的業務案例更具價值。

With that, I will now turn the call over to Robb, and I will come back with closing remarks.

現在，我將把電話轉給羅伯，然後我將發表結束語。

Thanks, Rex, and good evening, everyone. I'll start with some total company financial highlights on slide 4 of the earnings presentation. Third quarter revenue was $672 million, up 14% organically with growth in both segments. Adjusted EBITDA was $127 million, up 19% year-over-year, driven by robust government operations growth, which was partially offset by lower commercial operations EBITDA due to project timing and the mix of revenues. Unallocated corporate EBITDA was lower compared to last year due to cost management and timing of health care costs. We continue to expect full year corporate EBITDA expense to be relatively flat compared to 2023.

謝謝雷克斯，大家晚上好。我將首先在收益簡報的幻燈片 4 中介紹一些公司的整體財務亮點。第三季營收為 6.72 億美元，隨著兩個細分市場的成長，有機成長 14%。調整後的 EBITDA 為 1.27 億美元，較去年同期成長 19%，這得益於政府業務強勁成長，但由於專案時間安排和收入組合導致商業營運 EBITDA 下降，部分抵消了這一成長。由於成本管理和醫療保健費用的時間安排，未分配的企業 EBITDA 低於去年。我們仍預期全年企業 EBITDA 支出與 2023 年相比將相對持平。

Adjusted earnings per share of $0.83 increased 24% compared to $0.67 in the prior year quarter. As shown in the EPS bridge on slide 6, growth is largely driven by operations as slightly lower interest expense was offset by lower pension income and a slightly higher tax rate. Our adjusted effective tax rate in the quarter was 23.1% and 22.8% year-to-date. We expect our full year tax rate to be approximately 23.0%, a touch lower than our initial guidance.

調整後每股收益為 0.83 美元，較去年同期的 0.67 美元成長 24%。如幻燈片 6 上的每股盈餘橋所示，成長主要由營運推動，因為利息支出的略微下降被退休金收入的下降和稅率的略微上升所抵消。年初至今，本季調整後的有效稅率分別為 23.1% 和 22.8%。我們預計全年稅率約為 23.0%，略低於我們最初的指引。

I would like to tip my hat to our tax team, which has embraced our culture of operational excellence, focusing on driving continuous improvement wherever possible. They're finding small but consequential items to generate incremental value for the shareholder. And frankly, I see more value in this area as we challenge ourselves further and come through various tax planning exercises.

我要向我們的稅務團隊致敬，他們擁護我們卓越營運的文化，專注於盡可能推動持續改善。他們正在尋找小而重要的項目來為股東創造增量價值。坦白說，隨著我們進一步挑戰自己並進行各種稅務規劃練習，我看到了這一領域的更多價值。

Free cash flow in the quarter was a [use] of $8 million as the timing of contracts impacted our working capital during the quarter. Despite that, we are reaffirming our full year free cash flow outlook of $225 million to $250 million.

本季的自由現金流[使用]為 800 萬美元，因為合約的時間表影響了我們本季的營運資金。儘管如此，我們仍重申全年自由現金流前景為 2.25 億至 2.5 億美元。

As you likely know, East Tennessee, where our nuclear fuel services facility is located is one of the areas that was impacted by flooding and widespread power outages caused by Hurricane Helene. This devastating weather event resulted in an over three-week shutdown of our navy fuel processing facility and the metal construction project from late-September through mid-October. As such, large customer payment milestones that we have anticipated in fourth-quarter 2024 may be pushed into early 2025, putting the upper half of our free cash flow guidance at risk.

您可能知道，我們的核燃料服務設施所在的東田納西州是受到颶風海倫造成的洪水和大規模停電影響的地區之一。這次毀滅性的天氣事件導致我們的海軍燃料加工設施和金屬建築項目從九月下旬到十月中旬關閉了三週多。因此，我們預計在 2024 年第四季實現的大客戶付款里程碑可能會推遲到 2025 年初，從而使我們的自由現金流指引的上半部分面臨風險。

To be clear, these opportunities are not lost and may simply move into 2025, and we are working with our customers to see what is possible in light of this highly disruptive weather event. No matter where we land, I am proud of our team and their focus on improving working capital and free cash flow conversion laying the groundwork for another year of at least 10% or greater free cash flow growth in 2025.

需要明確的是，這些機會並沒有消失，可能會持續到 2025 年，我們正在與客戶合作，看看在這種高度破壞性的天氣事件中可以採取什麼措施。無論我們在哪裡，我都為我們的團隊感到自豪，他們致力於改善營運資本和自由現金流轉換，為 2025 年自由現金流增長至少 10% 或更高奠定基礎。

Capital expenditures in the quarter were $40 million and $101 million year-to-date. We continue to expect 2024 CapEx to be similar to last year's level of about $150 million. We have begun the expansion of our large commercial nuclear component manufacturing facility located in Cambridge, Ontario. This, combined with other select growth initiatives, sets us up for similar capital spend in 2025.

本季資本支出為 4,000 萬美元，年初至今為 1.01 億美元。我們繼續預計 2024 年資本支出將與去年約 1.5 億美元的水平相似。我們已經開始擴建位於安大略省劍橋的大型商用核能零件製造廠。這與其他精選的成長舉措相結合，為我們在 2025 年實現類似的資本支出奠定了基礎。

Moving now to the segment results on slide 7. In government operations, third quarter revenue was up 17% to $560 million, driven by increases in naval nuclear components, long lead materials, new metal, and microreactors. Adjusted EBITDA in the segment grew by 18% to $117 million as higher revenue was complemented by solid operational performance. EBITDA margin in the segment was 20.9% compared to 20.7% in the same quarter last year. Consistent with the view provided last quarter, we expect full year GO segment EBITDA margin to be just over 20%.

現在轉到投影片 7 上的分段結果。在政府業務方面，受海軍核子零件、長鉛材料、新金屬和微反應器成長的推動，第三季營收成長 17%，達到 5.6 億美元。該部門調整後的 EBITDA 成長了 18%，達到 1.17 億美元，因為收入的增加得到了穩健的營運績效的補充。該部門的 EBITDA 利潤率為 20.9%，而去年同期為 20.7%。與上季提供的觀點一致，我們預計全年 GO 部門 EBITDA 利潤率將略高於 20%。

Turning to commercial operations. Revenue was up modestly, driven by our portfolio of BWXT Medical products and strong growth in commercial nuclear power components, fuel and fuel handling systems which was partially offset by lower commercial field services revenue. Adjusted EBITDA in the segment was $13.5 million compared to $13.9 million in the same quarter last year. Solid execution was offset by revenue mix and growth investment in the commercial nuclear power and medical business lines.

轉向商業營運。由於我們的 BWXT 醫療產品組合以及商用核電組件、燃料和燃料處理系統的強勁增長，收入小幅增長，但商業現場服務收入的下降部分抵消了這一增長。該部門調整後 EBITDA 為 1,350 萬美元，而去年同期為 1,390 萬美元。穩健的執行力被商業核電和醫療業務線的收入組合和成長投資所抵消。

Turning now to guidance for the remainder of 2024 and our preliminary outlook for 2025. We are raising our 2024 adjusted EPS guidance to about $3.20, the high end of the guidance range we set in the beginning of the year. We are maintaining our segment level operating assumptions, but we'll note that the summation of our revenue is likely to be just slightly higher. As such, you will notice we've raised our consolidated revenue guidance accordingly to approximately $2.7 billion.

現在轉向 2024 年剩餘時間的指導以及我們對 2025 年的初步展望。我們將 2024 年調整後每股盈餘指引上調至 3.20 美元左右，這是我們年初設定的指導範圍的上限。我們維持部門層面的營運假設，但我們會注意到，我們的收入總和可能會略高一些。因此，您會注意到我們已相應地將綜合收入指引提高至約 27 億美元。

Moving now to our preliminary outlook for 2025, which includes a modest contribution from the A.O.T. acquisition we announced today. Overall, we expect to see another solid year that is in line with our medium-term outlook. In 2025, we expect mid- to high single-digit revenue, EBITDA and EPS growth with at least 10% free cash flow growth compared to our 2024 guidance.

現在轉向我們對 2025 年的初步展望，其中包括 A.O.T. 的適度貢獻。我們今天宣布了收購。總體而言，我們預計將迎來另一個穩健的一年，這與我們的中期前景相符。與我們的 2024 年指引相比，我們預計 2025 年營收、EBITDA 和每股盈餘將實現中高個位數成長，自由現金流成長至少 10%。

In government operations, we expect mid-single-digit revenue and EBITDA growth, which consists of low single-digit organic growth plus a marginal contribution from A.O.T. Organic growth will largely be driven by our special materials and technical services portfolios, while naval propulsion will be relatively flat as growth from increasing Columbia-class production is offset by the aircraft carrier volume [rule] in 2025. Government EBITDA margin is anticipated to be relatively consistent with the strong 2024 rate as revenue mix, a greater amount of early-stage programs, and lower volumes of aircraft carrier work are offset with OpEx initiatives and seasoning of our much expanded workforce.

在政府營運方面，我們預計收入和 EBITDA 將實現中個位數成長，其中包括低個位數有機成長以及 A.O.T 的邊際貢獻。有機成長將主要由我們的特殊材料和技術服務組合推動，而海軍推進將相對平穩，因為哥倫比亞級產量增加的增長被 2025 年航空母艦數量[規則]所抵消。預計政府 EBITDA 利潤率將與 2024 年的強勁水平相對一致，因為收入結構、更多的早期項目和航空母艦工作量的減少被運營支出計劃和我們大幅擴大的勞動力隊伍的經驗所抵消。

In commercial operations, we anticipate double-digit growth in both commercial power and medical. EBITDA growth is anticipated to outpace revenue growth as better EBITDA contribution from medical and higher commercial power revenue is partially offset by project mix and investment in our facilities and workforce to support the growth we see ahead.

在商業營運方面，我們預計商業電力和醫療將實現兩位數成長。預計 EBITDA 成長將超過收入成長，因為醫療和更高的商業電力收入帶來的更好的 EBITDA 貢獻被專案組合以及對我們設施和勞動力的投資部分抵消，以支持我們未來的成長。

To sum it up, we had a robust quarter, and we are on track for a strong end to 2024, another year of likely record earnings and cash flow in 2025. I would like to thank all of our over 8,000 employees whose hard work and dedication helped to drive our results and position BWXT for continued success.

總而言之，我們度過了一個強勁的季度，並且預計在 2024 年底實現強勁增長，2025 年盈利和現金流可能再創新高。我要感謝我們所有 8,000 多名員工，他們的辛勤工作和奉獻精神幫助我們取得了成果，並使 BWXT 取得了持續的成功。

I will now turn it over to Rex for final remarks.

現在我將把它交給雷克斯做最後的評論。

Thanks, Robb. Let me close by taking a moment to recognize our employees and their families at our nuclear fuel services side in Erwin, Tennessee, who were impacted by Hurricane Helene. Many of whom experienced loss of personal property and in some cases, friends and loved ones. We have and will continue to provide support for this region as it rebuilds.

謝謝，羅布。最後，請允許我花一點時間向田納西州歐文核燃料服務部門的員工及其家人致以謝意，他們受到了海倫颶風的影響。其中許多人失去了個人財產，在某些情況下還失去了朋友和親人。我們已經並將繼續為該地區的重建提供支援。

I'm extremely proud of how our team has navigated extreme weather event in addition to other shorter-term power outages and flooding at several of our other sites in the Midwest throughout the summer. Our workforce at all locations demonstrated their preparedness for emergencies by taking immediate action to ensure the safety of all employees and the safeguarding of special nuclear materials. Severe weather events like these are also a stark reminder of the impacts of climate change and the obvious need for clean, reliable baseload nuclear power.

我對我們的團隊如何應對極端天氣事件以及整個夏季中西部其他幾個站點的短期停電和洪水的情況感到非常自豪。我們各地的員工立即採取行動，確保所有員工的安全並保護特殊核子材料，展示了他們對緊急情況的準備。此類惡劣天氣事件也清楚地提醒人們氣候變遷的影響以及對清潔、可靠的基載核電的明顯需求。

In conclusion, despite these weather events, it is an exciting time at BWXT. Over the past several years, we have invested in our people and our infrastructure and instill the culture of innovation and operational excellence. There are secular tailwinds supporting our key defense, clean energy, and nuclear medicine markets and there are tangible signs of accelerating demand for nuclear solutions that will lead to steady earnings, free cash flow growth for BWXT. Our focus remains on providing our customers high-quality solutions to address their most critical missions, and we will continue to invest organically and inorganically to position BWXT for ongoing success.

總之，儘管存在這些天氣事件，但 BWXT 仍然是一個激動人心的時刻。在過去的幾年裡，我們對員工和基礎設施進行了投資，並灌輸了創新和卓越營運的文化。長期的有利因素支持我們的關鍵國防、清潔能源和核醫市場，有明顯跡象表明對核子解決方案的需求正在加速成長，這將為 BWXT 帶來穩定的收益和自由現金流成長。我們的重點仍然是為客戶提供高品質的解決方案來完成他們最關鍵的任務，我們將繼續進行有機和無機投資，以使 BWXT 持續成功。

And with that, we look forward to taking your questions.

因此，我們期待回答您的問題。

(Operator Instructions) Pete Skibitski, Alembic Global.

（操作員說明）Pete Skibitski，Alembic Global。

Nice quarter, guys. Thought I would start out, we're seeing a lot of supply chain issues at the shipyards due to things like steam turbines and such for submarines and carriers. Has that impacted you guys at all? Or is the systems guys and the Navy kind of keeping you guys' level loaded and the supply chain issues aren't impacting you guys?

夥計們，這個季度不錯。我想我會開始，我們在造船廠看到了很多由於蒸汽渦輪機等潛艇和航空母艦的供應鏈問題。這對你們有影響嗎？或者係統人員和海軍是否會保持你們的水平加載並且供應鏈問題不會影響你們？

Yeah, Pete. I would say -- a couple of things I would say about that. One is you obviously know that our build schedule is a couple of years ahead of the shipyards because of the advanced procurement and the reactor delivery times. And so I think there's some sense in which we get maybe a couple of years early visibility into problems like supply chain and materials and wage pressure and all of that. And so I think by and large, we've worked our way through some of those issues in pretty -- in reasonably good shape. And so I think we feel well positioned to do what we need to do for completing our products.

是的，皮特。我想說——對此我想說幾件事。一是你顯然知道，由於提前採購和反應爐交付時間，我們的建造時間表比造船廠提前了幾年。因此，我認為我們可以提前幾年了解供應鏈、材料、薪資壓力等問題，這是有道理的。所以我認為總的來說，我們已經以相當好的狀態解決了其中一些問題。因此，我認為我們有能力做我們需要做的事情來完成我們的產品。

And in terms of the supply chain that we use, again, we've sort of worked our way through that, done through the periods of COVID and managed that successfully in my view. And so I'm not -- we're not seeing pressures on our supply chain in that way. And I think we feel sort of well-equipped to deliver what we need to our customer.

就我們使用的供應鏈而言，我們已經透過自己的方式解決了這個問題，在新冠疫情期間完成了這項工作，並在我看來成功地做到了這一點。所以我不是——我們沒有看到我們的供應鏈面臨這樣的壓力。我認為我們感覺自己已經做好了向客戶提供所需服務的準備。

Okay. That's great. And just one clarification for me. In government this quarter, you had a strong growth. Was there some materials ordering that kind of drove that? I know sometimes in the past; the outsized growth has a material aspect to it. And then maybe that was kind of pulled ahead from the fourth quarter. Could you just maybe clarify that?

好的。那太棒了。只需向我澄清一件事。本季度政府部門實現了強勁成長。是否有一些材料訂購了這種驅動力？我知道過去有時；巨大的成長有其實質的一面。也許這比第四季有所提前。您能澄清一下嗎？

No, I don't think anything to particularly call out. It was strongest growth rate we had all year. We're really hitting nice strides in advanced technologies as we have both Project Pele and DRACO coming through. We're hitting nice performance and some of the ramp-up of those immature programs just in general, kind of ramping those. So nothing just general good execution across the board.

不，我認為沒有什麼特別值得強調的。這是我們全年最強勁的成長率。隨著 Project Pele 和 DRACO 的成功，我們在先進技術方面確實取得了長足的進步。我們正在取得不錯的性能，並且一般而言，這些不成熟的程序的一些提升，有點提升了這些。所以沒有什麼只是全面好的執行力。

I would say some of our naval sites are digesting all the labor that they brought in and doing that nicely both at the margin as well as the top line. So kind of consistent drivers across the board really.

我想說，我們的一些海軍基地正在消化他們帶來的所有勞動力，並且在利潤和收入方面都做得很好。確實是全面一致的驅動程式。

(Operator Instructions) Bob Labick, CJS.

（操作員說明）Bob Labick，CJS。

Yes. Hi. Good afternoon. It's Pete Lukas for Bob. You covered a lot, and I do appreciate that. Just a couple of broad questions. In terms of -- given the renewed interest or newfound interest as you mentioned in the nuclear space, can you remind us of your main competitive advantages other than experience i.e., your licenses, your commercial capabilities and kind of how this compares and lets you stand out from competitors?

是的。你好。午安.鮑伯是皮特·盧卡斯。你講了很多，我很感激。只是幾個廣泛的問題。考慮到您在核領域提到的新的興趣或新發現的興趣，您能否提醒我們除了經驗之外您的主要競爭優勢，即您的許可證、您的商業能力以及如何比較和讓您脫穎而出從競爭對手中脫穎而出？

Yeah. And I'd say there are multiple aspects to how we're differentiated in the market. I mean, among them are -- we are really the market leader in advanced nuclear fuels, coated fuels, in particular, that we make for the space application and TRISO fuel, which has pretty exciting potential commercial outlets for all these advanced reactors. That would be one thing.

是的。我想說，我們在市場上的差異化有多個面向。我的意思是，其中包括——我們確實是先進核燃料、塗層燃料的市場領導者，特別是我們為太空應用生產的塗層燃料和TRISO 燃料，它為所有這些先進反應器提供了非常令人興奮的潛在商業出口。那是一回事。

We talk often about the fact that we're the only -- we're sort of the last man standing when it comes to large component manufacturing in North America. Our Cambridge site is capable of making large pressure vessels, which we use for steam generators, pressurizers, and heat exchangers and the like. And that's the site where we're manufacturing the reactor pressure vessel for the GE small modular reactor. It is an SMR by definition, but because of that technology, it's actually quite a large vessel.

我們經常談論這樣一個事實：在北美的大型零件製造領域，我們是唯一的——我們是最後一個堅持下來的人。我們的劍橋工廠能夠製造大型壓力容器，用於蒸汽發生器、穩壓器和熱交換器等。這就是我們為 GE 小型模組化反應器製造反應器壓力容器的地方。從定義上來說，它是一艘中小型反應堆，但由於這項技術，它實際上是一艘相當大的船。

So we have that, those two things, I would say, in addition to all that, there's kind of a, you might say, a sort of a steady supply of experiential qualifications that we have that would be unlike a lot of competitors in the sense that we've been performing on nuclear projects for decades without interruption, particularly because of our commercial capabilities in Canada and because of our naval nuclear propulsion capabilities in the states, we've delivered literally of 415 reactors to the nuclear Navy.

因此，我們擁有這兩件事，我想說，除此之外，您可能會說，我們擁有穩定的經驗資格供應，這與該領域的許多競爭對手不同。間斷地進行核子項目，特別是因為我們在加拿大的商業能力以及我們在各州的海軍核子推進能力，我們實際上已經向核海軍交付了415 個反應爐。

And so that stream of business never stops. And there's really no one that can talk about experiential qualifications that would stand up to something like that. There are probably multiple others that I could cite. But we are differentiated and pretty deep in serious ways.

因此，業務流永遠不會停止。確實沒有人能夠談論能夠經得起這樣的考驗的經驗資格。我可能還可以引用其他多個例子。但我們在嚴肅的方面是與眾不同的並且相當深入。

Very helpful. Thanks. And then just a last one for me. You talked a little bit about some of the incremental growth and proceeding nice -- making nice strides in Pele and DRACO. But can you walk us through a time frame for that growth in the isotopes microreactors and SMRs, specifically, when do we look for that to kind of bolster the P&L in a more meaningful way?

非常有幫助。謝謝。對我來說，這是最後一個。你談到了一些增量成長和進展順利——貝利和德拉科取得了長足的進步。但您能否向我們介紹同位素微反應器和 SMR 成長的時間框架，具體來說，我們什麼時候尋求以更有意義的方式增強損益？

Yes. So I would say it's a pretty interesting situation. A lot of that really is now, right? We've built a portfolio in nuclear medicine that is really growing nicely. The therapeutics are starting to take off and our imaging products are really growing very -- in a very robust way. Microreactors, we have two prototype programs that are ongoing, and small modular reactors, we're clearly active with the GE product and with TerraPower's natrium reactor.

是的。所以我想說這是一個非常有趣的情況。很多現在確實是這樣，對吧？我們已經在核子醫學領域建立了一個發展良好的產品組合。治療方法開始起飛，我們的成像產品確實以非常強勁的方式成長。微反應器，我們有兩個正在進行的原型項目，以及小型模組化反應堆，我們顯然對 GE 產品和 TerraPower 的鈉反應器很活躍。

And so maybe I'd sort of bucket into three horizons. In the near time horizon, I would say, nuclear medicine and small modular reactors are contributing to growth, the most growth near term. In the midterm, I would say, microreactors, even though we're doing work there now, as you get into production programs and commercial opportunities, I think you'd start to see that one rise. And then I'd put AUKUS in that midterm bucket, too, because we'll start to see interesting growth from that one over the next few years.

所以也許我會進入三個視野。我想說，在不久的將來，核醫和小型模組化反應器正在促進成長，這是近期成長最快的。從中期來看，我想說的是，微反應器，儘管我們現在正在那裡開展工作，但當你進入生產計劃和商業機會時，我認為你會開始看到這一點的上升。然後我也會把 AUKUS 放在中期桶中，因為我們將在未來幾年開始看到該桶的有趣增長。

And then on the long horizon, we've got enrichment opportunities for the national security application and perhaps commercial angle there that I think are really exciting. I think we can build an entire new franchise just on the national security component of enrichment. And then you're going to see -- and it's going to happen fast, you're going to see, I believe, announcements about large-scale nuclear reactors for grid scale applications obviously, to meet the emerging power demands.

從長遠來看，我們在國家安全應用方面獲得了豐富的機會，也許還有商業角度，我認為這確實令人興奮。我認為我們可以僅在濃縮的國家安全部分上建立一個全新的特許經營權。然後你會看到——而且這會發生得很快，我相信你會看到有關用於電網規模應用的大型核反應器的公告，以滿足新興的電力需求。

There are -- there's not just data center and AI, and I've talked about this a lot before, but there's the electrification of everything, transportation, industrial process as we drive toward clean energy solutions that puts immense demand on the grid. And it's going to require a mix of technologies to address that need, but most especially I believe, large commercial nuclear reactors will come around.

不只是資料中心和人工智慧，我之前已經談過很多次了，而且隨著我們推動清潔能源解決方案，這對電網提出了巨大的需求，一切、交通、工業流程都實現了電氣化。這將需要多種技術來滿足這一需求，但我特別相信，大型商用核反應器將會出現。

And so we've got three horizons where we see growth coming. All of those are going to blend together to create, I believe, everlasting almost growth signals for this company, growth opportunities for this company. And so we see these secular trends that we've talked about persisting for decades, certainly.

因此，我們在三個方面看到了成長的到來。我相信，所有這些都將融合在一起，為這家公司創造幾乎永恆的成長訊號，為這家公司創造成長機會。因此，我們看到我們所談論的這些長期趨勢肯定會持續數十年。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey. Good afternoon. Robb, the 2024 guide implies a sequential decline in EPS from 3Q to 4Q. I think that's a bit contradictory to your typical seasonality of the business though. Just wanted to see if you can walk through what's going to drive EPS to decline in the fourth quarter from the third quarter? Thanks.

嘿。午安.Robb，2024 年指南意味著 EPS 從第三季到第四季連續下降。我認為這與您典型的業務季節性有點矛盾。只是想看看您是否可以了解是什麼導致第四季每股收益比第三季下降？謝謝。

Yeah. Thanks for the question, Scott. As you know, we traditionally do have a significant fourth quarter dynamic. All year, frankly, we've been just sort of bringing some of that goodness what we normally see in the fourth quarter. We never know how it's going to sort of play out for the year. So we're always banking on that happening, of course, by the fourth quarter. And you just think about different events that have happened throughout the year, performance fees at TSG or performance on different microreactor contracts. And so you just think about all that, we've kind of almost taken some of that into the numbers. So that derisks the fourth quarter numbers specifically.

是的。謝謝你的提問，斯科特。如您所知，傳統上我們第四季確實有顯著的動態。坦白說，一整年，我們只是帶來了我們通常在第四季度看到的一些好處。我們永遠不知道今年會如何發展。當然，我們總是指望這種情況會在第四季發生。您只需考慮全年發生的不同事件、TSG 的績效費用或不同微反應器合約的績效。所以你想想所有這些，我們幾乎已經將其中的一些納入了數字中。因此，這特別降低了第四季度數據的風險。

The other impact that I think you just need to be aware of is there will be a little bit of a sequential headwind from the activity we saw down in Tennessee, we were off-line for three weeks. Not only do you have that sort of headwind, if you will, but you have the ramp-up going into the rest of the year. And so we're just working our way through that. There's [fits] and starts of that. And so if you just think about the sequential Q4 versus Q3, that factor alone really would cause you to sort of step down.

我認為您只需要注意的另一個影響是，我們在田納西州看到的活動將會帶來一些連續的逆風，我們已經離線三週了。如果你願意的話，你不僅會遇到這種逆風，而且在今年剩餘時間裡還會有加速的情況。所以我們正在努力解決這個問題。這是[間歇]和開始。因此，如果你只考慮第四季與第三季的連續情況，光是這個因素就確實會導致你下台。

The last smaller thing is I think you know that our corporate expenditures generally bump up because of just cadence around health care. That has an impact in the fourth quarter. So that caused a sequential move down for the Q4 versus Q3.

最後一件小事是，我想你知道，我們的企業支出通常會因為醫療保健的節奏而增加。這對第四季產生了影響。因此，這導致第四季與第三季相比連續下降。

Okay. That's helpful bridge. And then Robb, excluding tech-99, are you expecting growth to flow at the rest of BWXT Medical next year? Or should we expect the base BWXT Medical business to continue to drive this 25% type growth next year? Rex's comments kind of seem to be alluding to that, but I just wanted to check.

好的。這是一個很有幫助的橋樑。然後，Robb（不包括 tech-99）您預計明年 BWXT Medical 的其他業務也會成長嗎？或者我們應該預期基礎 BWXT 醫療業務明年將繼續推動 25% 的成長？雷克斯的評論似乎在暗示這一點，但我只是想檢查一下。

Yeah, that's right. The underlying growth is really how we guided preliminarily to say, look, ex tech, we have a very small slice of spot volumes that I frankly think at the profit level is relatively neutral as it relates to 2025, but your question is specific for sales. We do not bank on tech in order to hit that sort of similar growth as what we're experiencing here in 2024. The portfolio is really strong across the PET products, TheraSphere is strong. So it's really the underlying portfolio that's going to drive that.

是的，沒錯。潛在的成長實際上是我們初步指導的方式，看看，除科技之外，我們的現貨量很小，坦白說，我認為在利潤水平上相對中性，因為它與2025 年相關，但你的問題是針對銷售的。我們不會依靠科技來實現 2024 年類似的成長。PET 產品組合非常強大，TheraSphere 也很強大。因此，真正推動這一趨勢的是基礎投資組合。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Thanks. Good evening. In terms of the new -- are the Navy pricing agreement, can you give some additional color? I know layer in overtime with the other contracts you're currently working on. But does that pricing construct if that kind of holds going forward with future contracts? Does that allow the government operations EBITDA margins to kind of stay in that 20% or so range?

謝謝。晚安.就新的海軍定價協議而言，您能提供一些額外的資訊嗎？我知道你目前正在處理的其他合約中加班費是分層的。但是，如果未來的合約繼續存在這種情況，那麼這種定價是否有效？這是否能讓政府營運的 EBITDA 利潤率維持在 20% 左右的範圍內？

Yeah, David. That's certainly what we hope. As you know, we negotiate those into the low mid-teens as a starting point of the cost baseline and then drive OpEx, try to gain advantages in materials pricing and other such things. And certainly, with a high focus on operational excellence, maybe volume matters to drive it into the high teens as we've done traditionally. So that's our model, and that's what we hope to achieve.

是的，大衛。這當然是我們所希望的。如您所知，我們將這些成本談判到中低十幾歲作為成本基線的起點，然後推動營運支出，嘗試在材料定價和其他此類方面獲得優勢。當然，由於高度關注卓越運營，也許數量很重要，可以像我們傳統上所做的那樣將其推向十幾歲。這就是我們的模式，也是我們希望實現的目標。

Yeah, maybe I'll offer just a specific on the margin. The dynamic that we saw in 2024 was strong underlying performance on the GO basis, right, basically fighting through mix all through the year but holding that constant. And then we obviously had the missile tube issue last Q4. So when you exclude that, that we sort of held our own underlying ex the missile tube.

是的，也許我會在邊緣提供一個具體的內容。我們在 2024 年看到的動態是 GO 基礎上強勁的潛在表現，對吧，基本上全年都在通過混合戰鬥，但保持不變。然後我們顯然在第四季度遇到了導彈管問題。所以當你排除這一點時，我們就擁有了自己的底層飛彈發射管。

That's how I'm really sort of thinking about 2025. Very similarly, of course, you have some immature programs that are ramping, whether it's microreactors or special materials. We obviously have the A.O.T. acquisition, small in revenue, but a touch lower in terms of margin. And so we're really looking to hold underlying margins, which is like saying, look, you're fighting mix and you're growing underlying margin to offset the mix. That's how I see 2025 margins for GO.

這就是我對 2025 年的真實想法。當然，非常相似的是，你有一些不成熟的項目正在加速，無論是微反應器還是特殊材料。我們顯然有 A.O.T.收購，收入雖小，但利潤率略低。因此，我們確實希望保持基本利潤，這就像說，看，你正在與混合作鬥爭，並且你正在增加基本利潤以抵消混合。這就是我對 GO 2025 年利潤率的看法。

Got it. Okay. And Rex, your comment about the [Kerio] lull potentially extending into '26. What's the background there?

知道了。好的。Rex，你對 [Kerio] 平靜的評論可能會延續到 26 年。那裡的背景是什麼？

We've talked about that before, David, for a few quarters now. It has to do with the shipbuilding plan that the Navy published and when they intend to procure that next carrier. And so depending on how the advanced procurement pays out, it could have -- it could lead to an extra year of that same lull. We're hopeful, and we're working it certainly, and we would like to avoid the supply chain disruption that creates -- but it's what we've been signaling for a few quarters now.

大衛，我們之前已經討論過這個問題好幾個季度了。這與海軍發布的造船計劃以及他們打算何時採購下一艘航空母艦有關。因此，根據提前採購的支付方式，它可能會導致相同的平靜期再延長一年。我們充滿希望，我們正在努力解決這個問題，我們希望避免由此造成的供應鏈中斷——但這正是我們幾個季度以來一直在發出的信號。

Yeah. No. Two quarters ago, we announced the shipbuilding plan slightly changed adding that third year. Of course, as long as two investor days ago, we talked about that ordering cadence being a two-year thing. And then the new shipbuilding plan as it came out was a third year. And so we just highlighted that to investors. That was pretty far off when we did that two quarters ago.

是的。不。兩個季度前，我們宣布造船計畫略有改變，增加了第三年。當然，就在兩位投資者幾天前，我們談到訂購節奏是兩年的事情。新的造船計畫一出來就已經是第三年了。所以我們只是向投資人強調了這一點。當我們兩個季度前這樣做時，這個目標還很遙遠。

And as Rex said, we'll continue to -- as we do this pricing agreement and the next one, try to look effectively. As you know, we sort of -- all of our facilities are met for various types of volume. And so our customer is very focused on finding ways to drive as much volume as they can through a fixed cost infrastructure like we have. And we hope to be successful there.

正如雷克斯所說，當我們簽署這份定價協議和下一份定價協議時，我們將繼續努力尋找有效的方法。如您所知，我們所有的設施都滿足各種類型的容量。因此，我們的客戶非常專注於尋找透過像我們這樣的固定成本基礎設施來盡可能增加銷售量的方法。我們希望在那裡取得成功。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Hey. Good afternoon, Rex and Robb. Nice results. Rex, and maybe Robb will comment also just maybe thinking about -- you made comments about 2025 double-digit organic growth in commercial nuclear. Just is that -- how do we think about kind of the building blocks? Is it obviously a pickup in refurbishment activity. Are you starting to see already contributions from Pickering? And is there a material revenue change tied to kind of what you're doing with GE Hitachi?

嘿。下午好，雷克斯和羅柏。不錯的結果。雷克斯（Rex），也許羅布（Robb）也會發表評論，也許只是想一想——您對 2025 年商業核能實現兩位數有機增長發表了評論。只是——我們如何思考建構模組的類型？翻新活動顯然有增加嗎？您是否開始看到 Pickering 的貢獻？是否存在與您在 GE Hitachi 所做的事情相關的重大收入變化？

Sure. Yeah. Maybe I'll start by just saying that's exactly right. The big drivers we see in the commercial nuclear business, of course, there's two segments there. We've already talked about the Medical, which will be a really nice driver of growth in the CO segment in general. As it relates to commercial nuclear, we have ways that we can play across the value chain, if you will, of nuclear. We have the large position in Canada. We have the medium reactors, if you will, with the SMRs and then you have the microreactor play increasingly being of interest to people in that part of the market.

當然。是的。也許我會先說這是完全正確的。當然，我們在商業核能業務中看到的主要驅動因素有兩個部分。我們已經討論過醫療領域，總體而言，這將是 CO 領域成長的一個非常好的驅動力。由於它與商業核能有關，如果你願意的話，我們有辦法在核能的價值鏈上發揮作用。我們在加拿大擁有很大的地位。如果你願意的話，我們有中型反應堆，還有小型反應堆，然後你會看到微反應堆，這部分市場的人們越來越感興趣。

And when you think through the large, medium and small presence we have, on the large side, we're really seeing both refurbishments with Pickering, some pickup of thinking a little bit about greenfield activity, that will be a little further out, but that's where we're going to see some growth there over time. It probably doesn't bleed into 2025. It's mostly about Pickering there as well as just generally the Canadian fleet seeing good growth, and we have that recurring business.

當你仔細考慮我們擁有的大、中、小型存在時，從大的方面來看，我們確實看到了皮克林的翻新工程，以及一些關於綠地活動的思考，這會有點遙遠，但是隨著時間的推移，我們將會看到一些成長。它可能不會持續到 2025 年。這主要是因為皮克林以及加拿大船隊總體上看到了良好的成長，而且我們有經常性的業務。

On the medium side, our project at Darlington as it relates to BWRX-300, that will pick up steam as we enter 2025. So we'll get kind of a full year of that. And then a lot of cats and dogs in and around that, that we're doing for other competitors and trying to get some scope there and different engineering work for various companies.

在中期方面，我們在達靈頓的計畫與 BWRX-300 相關，隨著我們進入 2025 年，該計畫將加速發展。所以我們會得到一整年的時間。然後，我們正在為其他競爭對手做很多事情，並試圖在那裡獲得一些範圍，並為不同的公司提供不同的工程工作。

And in the small, we don't have a huge presence yet on the commercial side. But obviously, what we're seeing with Pele and DRACO educates our ourselves on how to play in that market. So I wouldn't be surprised if you get a little bit of at least some work that we're going to start to think about over the medium term.

就規模而言，我們在商業方面還沒有很大的影響力。但顯然，我們在 Pele 和 DRACO 身上看到的情況教會了我們如何在這個市場上發揮作用。因此，如果您至少能完成一些我們將在中期內開始考慮的工作，我不會感到驚訝。

Got it. And then just on the microreactor, I think Rex, you made a comment about the Army RFP that was out there. Is there any update on timing? And then just lastly, on 2025 CapEx, is it still, Robb, the kind of $100-plus million of maintenance plus the $40 million-ish of kind of growth CapEx? Just any thoughts on that. Thanks.

知道了。然後就在微反應器上，我想雷克斯，你對陸軍 RFP 發表了評論。時間上有更新嗎？最後，關於 2025 年的資本支出，Robb，這仍然是那種 1 億多萬美元的維護加上 4000 萬美元左右的成長資本支出嗎？只是對此有任何想法。謝謝。

Yeah. On that first opportunity, Peter, with the Army -- sorry, with the Defense Innovation Unit. We submitted a proposal. We think a compelling one with a pretty interesting team. I know there was a lot of industry interest in that one and we haven't heard back from the government yet. So we're standing by for what we think is an interesting opportunity.

是的。在這第一個機會，彼得，與陸軍——抱歉，與國防創新部門。我們提交了一份提案。我們認為這是一個引人注目的項目，擁有一支非常有趣的團隊。我知道業界對此很感興趣，但我們還沒有收到政府的回覆。因此，我們正在等待我們認為有趣的機會。

Yeah, and I can deal with the CapEx question. So we guided free cash flow to be up. We really haven't disaggregated the operating cash flow from the CapEx. We'll provide you more guidance on that next quarter. I will say a couple of things. One, you just look at our Q4 cadence to finish out this year. It's a step-up from the past couple of quarters. Why that is related around to the Cambridge expansion. As you know, we're trying to bring as much of that forward just given all the demand signal, we're seeing for the BWRX-300 as well as all the growth in Canada. So we're trying to wrap our heads around how that sort of feathers into 2025, so that's one factor.

是的，我可以解決資本支出問題。因此我們引導自由現金流上升。我們確實沒有從資本支出中分解營運現金流。我們將在下個季度為您提供更多指導。我會說幾件事。第一，你只需看看我們今年第四季的節奏。與過去幾個季度相比，這是一個進步。為什麼這跟劍橋擴張有關。如您所知，考慮到 BWRX-300 以及加拿大的所有成長，我們正在努力盡可能地推進這一需求訊號。所以我們正在努力思考 2025 年這種情況會如何發展，所以這是一個因素。

I think the second factor that you just need to be aware of is as we sign this term sheet, we're trying to decipher sort of the operating cash flow, if you will, versus the CapEx. Several of our peers on the shipbuilding side, there are certain triggers of profit, if you will, or different cash flow that makes somewhat fungible between operating cash flow and CapEx. It's a small thing, but we're kind of coming through that and deciding where we need to invest on the naval side given what our customer wants in terms of accelerating Colombia, in terms of preparing for international growth and so forth.

我認為您需要注意的第二個因素是，當我們簽署本條款清單時，我們正在嘗試解讀營運現金流（如果您願意的話）與資本支出的比較。我們在造船方面的一些同行，如果你願意的話，有一定的利潤觸發因素，或者不同的現金流，使得營運現金流和資本支出之間可以互換。這是一件小事，但我們正在經歷這個過程，並根據我們的客戶在加速哥倫比亞發展、為國際成長做準備等方面的需求，決定我們需要在海軍方面進行哪些投資。

And so those are all factors that still puts you in and around the level that we've been running this year, maybe a touch higher. And we'll provide more guidance as we roll into 2025. But no matter what the scenario is, we're sticking with our free cash flow, right? That's kind of how we guide the overall company. And so we've really asked you to focus on the free cash flow, and we'll deliver either operating cash flow or CapEx to perform at that level that we guided you to for 2025.

因此，這些因素仍然使您達到我們今年的水平，甚至可能更高一些。進入 2025 年，我們將提供更多指導。但無論情況如何，我們都會堅持自由現金流，對吧？這就是我們指導整個公司的方式。因此，我們確實要求您專注於自由現金流，我們將提供營運現金流或資本支出，以達到我們指導您在 2025 年達到的水平。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Yeah. Hey, guys. Rex, just a big picture question for you. when we've seen the shipyards report this quarter, and it's been really, really challenging for them, particularly on Virginia and Columbia. And you guys have been doing great on it. And like you mentioned, you've got a lead time on that. When does that catch up to you? I mean, meaning like -- or doesn't it, if they're still building on in the one-third, maybe 1.5 in the Virginia class a year and it just seems like how much advanced procurement for power plants can Navy actually do given that the shipyards are so far behind where maybe anybody hoped they would be at this point.

是的。嘿，夥計們。雷克斯，只是問你一個大問題。當我們看到本季造船廠的報告時，這對他們來說確實非常具有挑戰性，特別是在維吉尼亞州和哥倫比亞州。你們在這方面做得很好。就像你提到的，你有一個準備時間。你什麼時候能明白這一點？我的意思是，意思是——或者不是，如果他們仍在弗吉尼亞級每年三分之一，也許是 1.5 艘，海軍實際上可以為發電廠進行多少先進採購考慮到造船廠目前遠遠落後於任何人所希望的水平。

Yeah. Thanks, Ron. So a couple of things I would say. Yes, I'll reiterate the point that we're kind of a couple of years ahead of the shipyards when it comes to environmental labor conditions, all of that. And so that gives us a little bit of an advantage. And I think it's helped us to contend with those complex issues. I would add to that, that we have a very sophisticated customer and naval reactors and they really see around corners and they supported us few years ago with some setting industrial-based funding that enabled us to go and add some training capabilities to add some workforce, some talent acquisition capabilities and some other kinds of depth, including some digital transformation dollars that we needed. And so that's been extremely helpful to us. We're grateful to that to what we get from our customer there they help us think.

是的。謝謝，羅恩。我想說幾件事。是的，我會重申這一點，即在環境勞工條件等方面，我們領先於造船廠幾年。這給了我們一點優勢。我認為這有助於我們應對這些複雜的問題。我想補充一點，我們有一個非常複雜的客戶和海軍反應堆，他們確實看到了拐角處，幾年前他們通過一些基於工業的資金支持了我們，使我們能夠去增加一些培訓能力，以增加一些勞動力、一些人才獲取能力和其他一些深度，包括我們需要的一些數位轉型資金。這對我們非常有幫助。我們很感激我們從客戶那裡得到的東西，他們幫助我們思考。

I guess the other thing I would say about it is, look, the shipyards are not slowing down. They're just not achieving the shipbuilding tempo that's required by the Navy. So they're going full steam ahead and the supply chain is going full steam ahead. And I don't think there's any world in which you could conceive of just stopping the supply chain to let the shipyards catch up to the supply chain, right? So if you stood down the supply chain for two, three years or whatever it was, you would literally lose the capability.

我想我要說的另一件事是，看，造船廠並沒有放慢速度。他們只是沒有達到海軍要求的造船節奏。因此，他們正在全速前進，供應鏈也正在全速前進。我不認為有任何世界可以想像僅僅停止供應鏈就可以讓造船廠趕上供應鏈，對吧？因此，如果你讓供應鏈停頓兩年、三年或其他什麼時間，你實際上就會失去這種能力。

And so I think the wisdom of the Navy, the wisdom of the appropriators is we've got to keep the supply chain going even if there are challenges at the shipyard and you just got to bet that the shipyards are going to get it sorted out and they'll get up to the production rates that are required for our defense needs. And I believe that they will. I certainly believe you got to bet on that outcome, but you can't just ask your supply chain to go and take a vacation for two or three years. And so I think we're going to continue to produce at the levels that are appropriate for our business, including the idea of level loading our factory and letting our customer take full advantage of the rates that go with that.

所以我認為海軍的智慧，撥款者的智慧是，即使造船廠面臨挑戰，我們也必須保持供應鏈的運轉，而且你必須打賭造船廠會解決這個問題他們將達到我們國防需求所需的生產率。我相信他們會的。我當然相信你必須押注於這個結果，但你不能只要求你的供應鏈去休假兩三年。因此，我認為我們將繼續以適合我們業務的水平進行生產，包括水平裝載我們工廠的想法，並讓我們的客戶充分利用與之相伴的價格。

Got it. And then maybe changing gears a little bit. At the Investor Day, you guys mentioned that you thought maybe the SMR market could be $300 billion by 2040. How much of that could you guys actually capture? And if -- how much of SMR is your business today? And where could we expect it to be in five or 10 years?

知道了。然後也許會稍微改一下。在投資者日上，你們提到你們認為到 2040 年 SMR 市場可能會達到 3,000 億美元。你們實際上能捕捉到多少？如果—今天您的業務佔 SMR 的比例是多少？我們預計五年或十年後會是什麼樣子？

So that is a big picture question. Maybe a little tough to speculate, but I'll give you maybe some ways to think about it. You look at the GE BWRX-300, we've said that we thought we would get maybe $100 million of content. On that $100 million of content on that reactor US, we've got work going with TerraPower now and the natrium reactor and a contract there that could lead to maybe tens of millions.

所以這是一個大問題。也許有點難推測，但我會給你一些思考的方法。你看看 GE BWRX-300，我們說我們認為我們可能會獲得價值 1 億美元的內容。關於美國反應爐價值 1 億美元的內容，我們現在正在與 TerraPower 和鈉反應器進行合作，並簽訂一份合同，可能會帶來數千萬美元的收入。

And so I think on a per unit basis, you can think about it in those terms, Ron. I mean, it's possible that we could put ourselves into a partnering configuration with a reactor developer and capture more scope. And certainly, we have those kind of conversations. But when you think about our role as a merchant supplier to the market, that's how I would scale it. And so take the number of units and multiply it with those kinds of numbers as kind of the baseline consideration for our growth with the possibility of sort of leveraging our capabilities with a partnering kind of approach.

所以我認為在每個單位的基礎上，你可以用這些術語來思考它，羅恩。我的意思是，我們有可能與反應器開發人員建立合作夥伴關係並獲得更多範圍。當然，我們也進行過這類對話。但當你想到我們作為市場商業供應商的角色時，我就會這樣擴展它。因此，將單位數量乘以這些數字作為我們成長的基準考慮因素，並有可能透過合作方式利用我們的能力。

Yeah. I might add a couple of other just sort of call options in that space. Some of those platforms demand fuel solutions. So we have a really good expertise in that area of TRISO and so forth. And so we do have plays that we can't actually get the component manufacturing that Rex talked about, underlying those. We're certainly going to be ready and willing to help other players on the fuel side, and that's a very challenging part of their equation. And so as they ramp, we're ready and able to satisfy some of those SMR demands on the fuel side.

是的。我可能會在該空間中添加一些其他的看漲期權。其中一些平台需要燃料解決方案。因此，我們在 TRISO 等領域擁有非常豐富的專業知識。因此，我們確實有一些戲劇，我們實際上無法獲得雷克斯談到的組件製造，這是這些的基礎。我們當然會做好準備並願意在燃料方面幫助其他參與者，這是他們等式中非常具有挑戰性的部分。因此，隨著它們的增加，我們已經準備好並能夠滿足燃料方面的一些 SMR 需求。

The other thing that I would say is that we've expanded our facility to accommodate the BWRX-300 and the Canadian growth and as growth continues to show itself up in the US, you can imagine that our sites that are principally government sites in terms of component manufacturing in the US are very able to have US capacity. And so as those customers in the US start to show themselves and look for solutions where they want a domestic supply chain, I think there's other options that you're going to see more from us in the near term in terms of manufacturing capability in the US in addition to our expansion in Canada.

我要說的另一件事是，我們已經擴大了我們的設施，以適應 BWRX-300 和加拿大的增長，並且隨著美國的增長繼續顯現，您可以想像我們的站點主要是政府站點美國的零零件製造非常能夠擁有美國的產能。因此，當美國的客戶開始展示自己並尋找他們想要國內供應鏈的解決方案時，我認為在短期內您會從我們這裡看到更多在製造能力方面的其他選擇。之外，我們還在美國。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey, everyone. Thanks for taking my question. I wanted to ask a quick one. I think late October, the DOE selected four providers for domestic high SA, low-enriched uranium production. I think the max was about like $2.7 billion. Was this something that you guys were bidding on? I know you won a similar award earlier in the month for deconversion, but I wasn't sure if there are other ways you guys were looking to play the newfound demand for domestic uranium.

嘿，大家。感謝您提出我的問題。我想快點問一下。我認為十月下旬，美國能源部選擇了四家供應商進行國內高SA、低濃縮鈾生產。我認為最高金額約為 27 億美元。這是你們競標的東西嗎？我知道你們在本月初因去轉換而獲得了類似的獎項，但我不確定你們是否有其他方式尋求滿足國內鈾的新需求。

Yeah. So that's an opportunity we did not submit a proposal for. That's really about developing commercial capability in the enrichment space and there are other companies that are better suited to do that. So there are places where we can play. We have some nice niches in deconversion, for example, that you mentioned. But our intention was not to get into large-scale commercial fuel enrichment. That's not where we play.

是的。所以這是一個我們沒有提交提案的機會。這實際上是在濃縮領域發展商業能力，還有其他公司更適合這樣做。所以我們有可以玩的地方。例如，您提到的，我們在去轉換方面有一些不錯的利基市場。但我們的目的並不是要進行大規模商業燃料濃縮。那不是我們玩的地方。

Got it. And then I think [Amersham] was selected for the decommissioning contract in Lithuania. It was pretty small, but I kind of saw it and looked at it as a good opportunity to look -- revisit where you guys were exploring international opportunities moving forward? And how those could contribute to the broader business?

知道了。然後我認為 [Amersham] 被選為立陶宛的退役合約。它很小，但我看到了它，並將其視為一個很好的機會來回顧你們正在探索的國際機會的前進方向？這些如何為更廣泛的業務做出貢獻？

Around decommissioning?

大約退役？

Or just international opportunities at large to decommissioning and that large.

或只是大規模退役的國際機會。

Okay. So maybe two different. Maybe I'll parse that one a little bit. From the standpoint of decommissioning or environmental remediation, we haven't really looked too much to international scope. And certainly, we're not interested in exposing ourselves to the risk that comes with sort of the fixed price large-scale decommissioning projects that are out there. We just haven't chosen to play there. We like the decommissioning and environmental remediation work in the DOE space. It's cost reimbursable. The risk is bounded there, and it's something that we understand, and I think it contribute meaningful value to. And so I don't think you'd see us doing decommissioning in Lithuania or places like that.

好的。所以也許是兩個不同的。也許我會稍微解析一下。從退役或環境修復的角度來看，我們並沒有真正過度關注國際範圍。當然，我們不想讓自己面臨那種固定價格的大規模退役計畫所帶來的風險。我們只是沒有選擇在那裡比賽。我們喜歡能源部領域的退役和環境修復工作。是可以報銷費用的。風險是有限的，這是我們所理解的，我認為它貢獻了有意義的價值。因此，我認為您不會看到我們在立陶宛或類似的地方進行退役。

The commercial nuclear power development opportunities in international are pretty intriguing. I mean I think if you look at the CANDU footprint, we already work in places like Romania to a limited extent in Argentina and in South Korea. And I think those refurbishment projects in Romania and new reactors there that are around the CANDU technology are exciting and important for us for growth. And there's interest in scaling that CANDU technology to a gigawatt scale reactor called MONARK and we certainly have a role to play there. And we believe there will be an international footprint for that MONARK reactor and others, right? There are things out there like the AP1000 and others where you could see us contributing. So I think the international opportunity is significant, and we'll find ways to play.

國際上商業核電的發展機會十分誘人。我的意思是，如果你看看 CANDU 的足跡，我們已經在羅馬尼亞、阿根廷和韓國等地開展了有限的工作。我認為羅馬尼亞的那些圍繞 CANDU 技術的翻新項目和新反應器對我們的成長來說是令人興奮和重要的。人們有興趣將 CANDU 技術擴展到名為 MONARK 的吉瓦級反應器，我們當然可以在其中發揮作用。我們相信 MONARK 反應爐和其他反應爐將會在國際上留下足跡，對嗎？您可以在 AP1000 等其他產品上看到我們的貢獻。所以我認為國際機會很重要，我們會找到發揮作用的方法。

Ron, can we go to next question, please?

羅恩，我們可以進入下一個問題嗎？

Michael Ciarmoli, Truist Securities.

邁克爾·恰莫利 (Michael Ciarmoli)，Truist 證券公司。

Hey. Good evening, guys. Thanks for taking my questions. Nice results. Maybe, Robb, just to dig a little deeper on the EBITDA margins. It sounds like you're grappling with some of the hurricane-related disruption this year, and I know you called out mix, but what -- maybe what specifically is dilutive because I guess at the consolidated level, the EBITDA margins are going to be flat next year. I would have thought maybe you get a little bit more lift in medical. Is anything materially changing with mix that's creating some of that, I guess, lack of margin expansion?

嘿。晚上好，夥計們。感謝您回答我的問題。不錯的結果。羅伯，也許只是為了更深入地了解 EBITDA 利潤率。聽起來你今年正在努力應對一些與颶風相關的破壞，我知道你提出了混合，但是什麼——也許具體是什麼是稀釋性的，因為我猜在綜合水平上， EBITDA 利潤率將是明年持平。我以為你在醫療方面可能會得到更多的提升。我想，是否有任何重大的組合變化導致利潤率擴張不足？

Yeah. We've been talking about this all year. I mean the easiest examples you have is the microreactor programs that we have. We're not looking to take risk and make a lot of margin there, right? So we signed up the two most important contracts in Project Pele and Project DRACO. And so those come in at lower margins with really solid revenue and allows us to maintain a lead by having those prototype contracts. That's a 2024 impact as well as into 2025.

是的。我們一整年都在談論這個問題。我的意思是，最簡單的例子就是我們的微反應器程式。我們不想冒險並在那裡賺取大量利潤，對嗎？所以我們簽下了Project Pele和Project DRACO這兩個最重要的合約。因此，這些產品的利潤率較低，但收入卻非常穩定，使我們能夠透過擁有這些原型合約來保持領先地位。這是 2024 年以及 2025 年的影響。

You also have a few special materials contracts that come in, we're constructing a line around metal, as you know. That comes in at a lower margin versus the other business. We also are just dealing with mix as it relates to the core enable segment. You know that we're going through the lull. And so we've been actually done quite a nice job of moving business around. We're seeing actually our Lynchburg plant do an excellent job of moving between upper tier and lower-tier components. And ultimately, that's driving us to continue to maintain margin despite a relatively sort of tide going out, if you will, right?

你們也簽訂了一些特殊材料合同，如你們所知，我們正在圍繞金屬建造一條生產線。與其他業務相比，該業務的利潤率較低。我們也只是處理混合，因為它與核心啟用部分相關。你知道我們正在經歷平靜期。因此，我們實際上在業務轉移方面做得相當不錯。實際上，我們看到我們的林奇堡工廠在上層和下層組件之間的轉換方面做得非常出色。最終，這促使我們繼續保持利潤率，儘管相對來說潮水已經退去，如果你願意的話，對嗎？

And our naval business, as you can expect, is also a good margin business for us. So immature programs as well as just general nonrobust volumes, which we've been well choreographing for the first couple of years of our medium-term guidance until that aircraft carrier lull dissipates, all of that just makes us sort of have to grind through and maintain margins. So it's mix and a little bit of just core underlying softness just given you're not -- just don't have an abundant volume, which generally helps a business like ours.

正如您所期望的那樣，我們的海軍業務對我們來說也是利潤豐厚的業務。因此，不成熟的計劃以及一般的不穩健的數量，我們在中期指導的頭幾年裡一直在精心設計，直到航空母艦的平靜消散，所有這些都讓我們不得不磨練和維持利潤。所以它是混合的，而且有一點核心的底層軟性，只是因為你沒有——只是沒有足夠的數量，這通常有助於像我們這樣的企業。

Got it. That's fair. And just quickly on Pele, I think the initial contract is like $300 million, and it probably runs its course in '25. Do you get additional funding for that? Or do you kind of complete your portion of the work in '25? I guess I've seen the press releases out there with their kind of testing at construction sites. But what has to happen in terms of Pele and your funding and next steps?

知道了。這很公平。就貝利而言，我認為最初的合約大約是 3 億美元，並且可能會在 25 年到期。您為此獲得額外資金嗎？或是你在 25 年完成了你那部分工作嗎？我想我已經看到了有關建築工地測試的新聞稿。但貝利和你的資金以及後續步驟會發生什麼？

Yes. It's Robb. I'll take that. Yes. So you're right. That was the initial contract now. The customer -- we work with the customer as they have expanded their scope and different things that they want as part of that, that will not end in 2025. We continue to see different interest in different features. We see different spending as we move it out to Idaho. And so that's not going to be a program that terminates in 2025. So there will be a tail, and I wouldn't be surprised if it runs higher than the $300 million.

是的。是羅布。我會接受的。是的。所以你是對的。現在這就是最初的合約。客戶—我們與客戶合作，因為他們已經擴大了他們的範圍以及他們想要的不同東西，這不會在 2025 年結束。我們繼續看到人們對不同功能的不同興趣。當我們把它搬到愛達荷州時，我們看到了不同的支出。因此，該計劃不會在 2025 年終止。所以會有一條尾巴，如果它的價格高於 3 億美元，我不會感到驚訝。

Tate Sullivan, Maxim Group.

泰特·沙利文，馬克西姆集團。

Hi. You mentioned the potential to turn the enrichment to build a new franchise from the security portion of enrichment. Do you have the potential to be a sole source supplier in this market? Or will it mostly be a design effort or technical services opportunity?

你好。您提到了將豐富性從豐富性的安全部分轉變為建立新的特許經營權的可能性。您有潛力成為該市場的唯一來源供應商嗎？或主要是設計工作或技術服務機會？

So Tate, we were the sole awardee of that contract. They did have -- the government did say they could award to multiple contractors, but they just awarded the BWXT. So it's possible we could be the sole supplier for both the centrifuges and for the enrichment capability. But that depends on what the government wishes to do in the long term here, but it's a very interesting opportunity for us.

所以泰特，我們是該合約的唯一獲獎者。他們確實有——政府確實說過他們可以授予多個承包商，但他們只是授予了 BWXT。因此，我們有可能成為離心機和濃縮能力的唯一供應商。但這取決於政府長期以來希望做什麼，但這對我們來說是一個非常有趣的機會。

And is the next step, according to the press release from August 29 related to submitting a report on the potential costs and time line to build a pilot enrichment facility starting 2027?

根據 8 月 29 日的新聞稿，下一步是否涉及提交一份關於從 2027 年開始建造試點濃縮設施的潛在成本和時間表的報告？

That's exactly right. We started the contract in August this year. So it will run through late summer next year, and we'll deliver our report on the concept for the manufacturing site for the centrifuges and other such things and then go into -- hopefully go into Phase 1.

完全正確。我們今年八月開始簽訂合約。因此，它將持續到明年夏末，我們將提交有關離心機和其他此類設備的製造場地概念的報告，然後進入——希望進入第一階段。

That concludes our Q&A session. I will now turn the call back over to Chase Jacobson, Vice President of Investor Relations. Please go ahead.

我們的問答環節到此結束。我現在將把電話轉回給投資者關係副總裁 Chase Jacobson。請繼續。

Yes. Thanks, everybody, for joining us today. We look forward to seeing and speaking with many of you at conferences and other events over the next quarter. If you have any questions, please feel free to reach out to me at investors@bwxt.com. Thanks.

是的。謝謝大家今天加入我們。我們期待在下個季度的會議和其他活動中與你們中的許多人見面並交談。如果您有任何疑問，請隨時透過 Investors@bwxt.com 與我聯繫。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。