BWX Technologies Inc (BWXT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, welcome to BWX Technologies first-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go ahead.

女士們，先生們，歡迎參加 BWX Technologies 2025 年第一季財報電話會議。（操作員指示）現在，我想將電話轉給我們的主持人，BWXT 的投資者關係副總裁 Chase Jacobson。請繼續。

Thank you, Frans. Good evening, everyone, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Robb LeMasters, Executive Vice President and CFO. On today's call, we will reference the first quarter 2025 earnings presentation that is available on the Investors section of the BWXT website. We will also discuss certain matters that constitute forward-looking statements.

謝謝你，弗蘭斯。大家晚上好，歡迎參加今天的電話會議。與我一起出席的還有總裁兼執行長 Rex Geveden；以及執行副總裁兼財務長 Robb LeMasters。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 2025 年第一季財報。我們也將討論構成前瞻性陳述的某些事項。

These statements involve risks and uncertainties, including those described in the Safe Harbor provision found in the investor materials in the company's SEC filings. 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.

這些聲明涉及風險和不確定性，包括公司提交給美國證券交易委員會 (SEC) 的投資者資料中的安全港條款中所述的風險和不確定性。我們將經常討​​論非 GAAP 財務指標，這些指標與 BWXT 網站投資者部分收益報告附錄中的 GAAP 指標相協調。

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

現在我想把電話轉給雷克斯。

Thank you, Chase, and good evening to all of you. BWXT had a solid start to the year with good first quarter financial results and multiple strategic wins. Our first quarter financial performance exceeded expectations highlighted by double-digit year-over-year revenue, adjusted EBITDA and adjusted earnings per share growth. We had solid execution across our businesses and benefited from an increased pace of work and timing of material procurement. .

謝謝你，蔡斯，大家晚上好。BWXT 今年開局良好，第一季財務表現良好，並取得多項策略性勝利。我們第一季的財務表現超出預期，營收、調整後息稅折舊攤銷前利潤及調整後每股盈餘均達到兩位數成長。我們的各項業務執行得都十分出色，工作節奏的加快和材料採購時間的安排也讓我們受益匪淺。。

From a demand perspective, we had another quarter of robust bookings performance led by commercial operations whose backlog now stands at $1.3 billion up 78% year-over-year. In government operations, our Wind Street continued with the award of the management and operations contract for the Department of Energy's Strategic Petroleum Reserve in April.

從需求角度來看，我們又一個季度的預訂業績表現強勁，這主要得益於商業運營的帶動，商業運營的積壓訂單目前已達 13 億美元，同比增長 78%。在政府營運方面，我們的 Wind Street 於 4 月繼續獲得能源部戰略石油儲備的管理和營運合約。

Additionally, the NNSA published its intent to award the domestic uranium enrichment, centrifuge experiment or DOEs contract to BWXT on a sole-source basis. These two contracts highlight our unique value proposition in energy security.

此外，國家核安局還公佈了將國內鈾濃縮、離心實驗或 DOE 合約以單一來源方式授予 BWXT 的意圖。這兩份合約凸顯了我們在能源安全方面的獨特價值主張。

With our strong first quarter results as a backdrop, I'd like to spend a few moments to discuss BWXT's all-weather portfolio to trust our customers place in BWXT and how we are positioned in the current macro environment. First, the secular drivers of our business, global power competition, decarbonization and increased demand for nuclear technologies are persistent. They're creating near and long-term opportunities for BWXT that are mostly independent of short-term economic variability. On the government side of our business, US shipbuilding and more specifically, the naval nuclear fleet and nuclear modernization are top priorities for the administration.

以我們強勁的第一季業績為背景，我想花點時間討論 BWXT 的全天候投資組合，以信任我們的客戶對 BWXT 的看法，以及我們在當前宏觀環境中的定位。首先，我們業務的長期驅動力——全球電力競爭、脫碳和對核子技術的需求增加——是持續存在的。他們正在為 BWXT 創造短期和長期機會，這些機會大多不受短期經濟變化的影響。在我們政府的業務方面，美國造船業，更具體地說，海軍核子艦隊和核子現代化是政府的首要任務。

Our roles as the sole source provider of nuclear reactors, components and fuel for the US naval nuclear propulsion program and as a trusted supplier of other products and services to the DOE and NNSA position us well in the current environment.

作為美國海軍核子推進計畫核反應器、零件和燃料的唯一供應商，以及美國能源部和美國國家核子安全局值得信賴的其他產品和服務供應商，我們在當前環境中佔據了有利地位。

Similarly, on the commercial side of our business, our customers are making long-term investments to meet growing electricity demand and satisfy decarbonization goals with clean nuclear power. We have the largest heavy nuclear equipment manufacturing facility in North America in Cambridge, Ontario, where we are expanding capacity. Further, we are augmenting our nuclear services portfolio through the pending acquisition of Connectrix. Said differently, BWXT enables mission-critical long-term investment, long-term investments to which our customers are committed.

同樣，在我們業務的商業方面，我們的客戶正在進行長期投資，以滿足不斷增長的電力需求，並透過清潔核電實現脫碳目標。我們在安大略省劍橋市擁有北美最大的重型核子設備製造廠，我們正在擴大工廠的產能。此外，我們正在透過即將收購 Connectrix 來擴大我們的核服務組合。換句話說，BWXT 支援關鍵任務長期投資，也就是我們的客戶致力於的長期投資。

I will remind you that our supply chains are mostly contained in the countries where we operate. In the US, we have a long-standing largely domestic supply chain to meet the strict national security requirements of our customer. In Canada, we have a growing workforce that currently stands at about 1900 across major operating sites serving the Candu and SMR market with a mostly indigenous supply chain, requiring little or no cross-border movement of input materials and finished products.

我要提醒大家的是，我們的供應鏈主要集中在我們經營所在的國家。在美國，我們擁有長期的國內供應鏈，以滿足客戶嚴格的國家安全要求。在加拿大，我們的員工隊伍不斷壯大，目前約有 1,900 名員工，分佈在為 Candu 和 SMR 市場提供服務的主要營運基地，供應鏈主要為本土化，幾乎不需要或根本不需要跨境運輸投入材料和成品。

All of this is meant to remind you that while no company is impervious to macro disruptions, BWXT is positioned to weather any storm given our long-cycle contracts, alignment with customer priorities and strong balance sheet.

所有這些都是為了提醒您，雖然沒有一家公司能夠免受宏觀幹擾的影響，但憑藉我們的長週期合約、與客戶優先事項的一致性以及強勁的資產負債表，BWXT 有能力抵禦任何風暴。

Now turning to our first quarter results and market outlook, which further affirm the resilient characteristics of our business. Government operations had a strong quarter with 14% revenue growth and 17% adjusted EBITDA growth, albeit off a relatively easy comp, driven by timing of material procurement under our new pricing agreement with Naval reactors the continued ramp of metal and the AOT acquisition. Higher revenue and solid operating performance drove segment adjusted EBITDA margin to its highest level since the fourth quarter 2023.

現在談談我們的第一季業績和市場前景，這進一步證實了我們業務的彈性特徵。政府業務本季表現強勁，營收成長 14%，調整後 EBITDA 成長 17%，儘管年增率相對較低，但這得益於我們與海軍反應器達成的新定價協議下的材料採購時機、金屬的持續成長以及 AOT 收購。更高的營收和穩健的營運表現推動分部調整後的 EBITDA 利潤率達到 2023 年第四季以來的最高水準。

In naval propulsion, our focus on operational excellence drove improvements in utilization and efficiency. Our backlog supports our revenue outlook for modest growth in 2025 with steady production on Virginia-class submarine reactor cores, increasing production of Columbia class components and early ocoscope. These help offset the lull in forward class aircraft carrier propulsion systems through 2025 and likely 2026, which we began discussing upon publication of the latest 30-year shipbuilding plan in early 2024.

在船舶推進方面，我們注重卓越運營，從而提高了利用率和效率。隨著弗吉尼亞級潛艇反應器核心的穩定生產、哥倫比亞級部件和早期觀測器的產量的增加，我們的積壓訂單支持了我們對 2025 年適度增長的收入前景。這些有助於抵消2025年甚至2026年前沿型航空母艦推進系統的低迷，我們在2024年初發布最新的30年造船計劃時就開始討論這個問題。

From a longer-term perspective, the administration's prioritization of the Navy and its industrial base to defend the South Pacific underscores our 10-year forecast of a 3% to 5% revenue CAGR in this line of business. Our recent wins and ongoing operations at multiple DOE sites within Technical Services are also a testament to government confidence and trust in BWXT to support its most crucial missions.

從長遠來看，政府優先考慮海軍及其工業基地來保衛南太平洋，這突顯了我們對該業務領域 10 年內 3% 至 5% 的收入複合年增長率的預測。我們最近在技術服務部門的多個 DOE 站點取得的勝利和正在進行的運作也證明了政府對 BWXT 支援其最關鍵任務的信心和信任。

In the first quarter, we completed transition and now lead the Hanford Integrated tanks' disposition contract, which is the largest TSG project in our portfolio and one of the largest environmental restoration projects in the world. Just recently, BWXT is a minority JV partner with APTIM was selected to manage and operate the strategic petroleum reserve sites in Texas and Louisiana for the DOE. While this contract brings a relatively modest earnings contribution in the near term, it highlights our value-based competitive positioning in this space.

第一季度，我們完成了過渡，目前領導漢福德綜合油罐的處置合同，這是我們投資組合中最大的 TSG 項目，也是世界上最大的環境修復項目之一。就在最近，BWXT 作為 APTIM 的少數合資夥伴，被選中為美國能源部管理和營運位於德克薩斯州和路易斯安那州的戰略石油儲備站。雖然這份合約在短期內帶來的獲利貢獻相對較小，但它凸顯了我們在這一領域基於價值的競爭地位。

Following this win, BWXT is providing services at 13 DOE and NNSA sites in the US and is actively tracking new opportunities in the US and Canada to further grow this exciting business. And special materials, perhaps one of our most underappreciated businesses, our growth prospects are beyond exciting. We closed the AOT acquisition on January 3, have fully integrated it financially and are working with customers on large-scale opportunities to supply high-purity depleted uranium for national security missions that would create a strong upside to our M&A business case within the first few years of our ownership.

繼這場勝利之後，BWXT 正在為美國 13 個 DOE 和 NNSA 站點提供服務，並積極尋找美國和加拿大的新機會，以進一步發展這項令人興奮的業務。特殊材料可能是我們最被低估的業務之一，但我們的成長前景卻令人興奮。我們於 1 月 3 日完成了對 AOT 的收購，已對其進行了全面的財務整合，並正在與客戶合作，尋找大規模供應高純度貧鈾的機會，用於國家安全任務，這將在我們擁有的頭幾年內為我們的併購業務案例帶來強勁的優勢。

In that same vertical, we are more than halfway through a one year study for the build-out of a national security enrichment plant. We are receiving positive feedback from the NNSA, which recently published its intent to issue a sole-source contract to BWXT for a pilot plant. For that purpose, we acquired 97 acres of land in Oak Ridge, Tennessee. We will keep you posted as this exciting part of our business evolves.

在同一垂直領域，我們為建造國家安全濃縮工廠而進行的為期一年的研究已經進行了一半以上。我們收到了來自國家核安局的正面回饋，該局最近公佈了向 BWXT 頒發試驗工廠單一來源合約的意向。為此，我們在田納西州橡樹嶺購買了 97 英畝土地。隨著我們業務中這一令人興奮的部分不斷發展，我們將隨時向您通報最新進展。

In our microreactor business line, the Defense Innovation Unit launched the Advanced Nuclear Power for installations Program, or ANPI to provide energy security for US military bases. BWXT in a handful of other companies were selected to be eligible to receive awards under this program, for which we are well positioned given our heritage of Palay and Trisofuel in addition to our facilities and experiential qualifications.

在我們的微反應器業務線中，國防創新部門啟動了先進核電設施計畫（ANPI），為美國軍事基地提供能源安全。BWXT 和少數其他公司一起被選中有資格獲得該計劃的獎項，憑藉我們在 Palay 和 Trisofuel 方面的傳統以及我們的設施和經驗資質，我們處於有利地位。

Turning to commercial operations. Results in the segment met expectations with revenue and EBITDA growth in both commercial power and nuclear medicine. In Commercial Power, we had another very strong quarter of bookings, leading to a record segment backlog of $1.3 billion, up 39% from last quarter and up 78% year-over-year. This is mainly driven by the booking of the remainder of the Pickering life extension steam generator contract augmented by other key wins across the portfolio.

轉向商業營運。該部門的業績符合預期，商業電力和核醫學的收入和 EBITDA 均成長。在商業電力領域，我們又迎來了一個非常強勁的訂單季度，導致分部積壓訂單達到創紀錄的 13 億美元，比上一季增長 39%，比去年同期增長 78%。這主要是由於皮克林延壽蒸汽發生器合約剩餘部分的預訂以及整個投資組合中的其他關鍵勝利所致。

Importantly, even excluding the Pickering contract, our book-to-bill would have been above 1.0, highlighting solid underlying demand in the market in supportive of our forecast for double-digit organic commercial power revenue growth in 2025.

重要的是，即使不包括皮克林合同，我們的訂單出貨比也將高於 1.0，這突顯了市場強勁的潛在需求，支持了我們對 2025 年商業電力收入實現兩位數有機增長的預測。

Concerning future plans, our largest customers, Bruce Power and Ontario Power Generation are investing in their existing nuclear generation capacity as they look to undertake large-scale new builds. On top of that, Energy Alberta recently submitted an initial project description for the proposed Peace River nuclear power project that calls for up to 4.8 gigawatts of Candu capacity. This expands the large-scale newbuild opportunity in Canada to nearly 20 gigawatts, more than double the country's current nuclear capacity and obviously representing a meaningful long-term opportunity for BWXT and the entire Candu supply chain.

關於未來計劃，我們最大的客戶 Bruce Power 和 Ontario Power Generation 正在投資現有的核能發電能力，並尋求大規模的新建。除此之外，阿爾伯塔能源局最近提交了擬議的和平河核電項目的初步項目描述，該項目要求坎杜核電廠的發電能力達到 4.8 千兆瓦。這將使加拿大的大規模新核電機會擴大到近 20 吉瓦，是該國現有核電容量的兩倍多，顯然對 BWXT 和整個 Candu 供應鏈來說是一個有意義的長期機會。

In the SMR market, the Canadian Nuclear Safety Commission authorized construction of the first BWRX-300 unit at OPG's Darlington site, a significant milestone for North America's first SMR project. our work on the reactor pressure vessel will continue at pace, and we continue to anticipate multiple follow-on orders in Canada, the US and Europe.

在SMR市場，加拿大核安委員會授權在OPG的達靈頓廠區建造第一台BWRX-300機組，這是北美首個SMR計畫的重要里程碑。我們在反應器壓力容器方面的工作將繼續快速推進，我們預計加拿大、美國和歐洲將陸續接到多個後續訂單。

As I previously mentioned, we are investing to meet customer demand. The expansion of our Cambridge manufacturing plant, which will create nearly 50% more capacity is ahead of schedule, and the acquisition of Conectrix which offers a broad set of life of plant services is on track to close by midyear.

正如我之前提到的，我們正在投資以滿足客戶需求。我們劍橋製造工廠的擴建工程已提前完成，將使產能增加近 50%，而對提供廣泛工廠服務壽命的 Conectrix 的收購也有望在年中完成。

Also, as the US nuclear power industry seeks partners for plant life extensions, new SMR deployments and perhaps large-scale reactor build-outs. BWXT stands ready with our scaled domestic nuclear manufacturing foot plant-- print and a highly credentialed new qualified workforce. There are several compelling industry groups, coalescing around a whole of industry approach to propelling the commercial nuclear enterprise in America, similar to the group formed by TVA and its application to the DOE for an $800 million SMR development grant. These groups will require strong nuclear partners and BWXT is prepared to support this exciting growth.

此外，美國核電產業正在尋求合作夥伴來延長工廠壽命、部署新的 SMR 以及可能進行大規模反應器建設。BWXT 已準備好規模化的國內核子製造工廠——印刷廠和一支資質優良的新合格勞動力隊伍。有幾個引人注目的行業團體，它們聯合起來採取全行業方法推動美國商業核能企業的發展，類似於田納西河谷管理局 (TVA) 組建的團體及其向美國能源部申請 8 億美元 SMR 開發補助金的團體。這些團體需要強大的核武合作夥伴，而 BWXT 已準備好支持這一令人興奮的成長。

Turning to BWXT Medical. We had a solid quarter with double-digit revenue and adjusted EBITDA growth, driven by our pet diagnostic product lines. We remain on track for full year revenue growth of over 20%. As discussed on the last call, with our medical business based in Canada and a portion of our sales going to the United States, we've been working closely with our customers to assess the impact of potential tariffs.

轉向 BWXT Medical。在寵物診斷產品線的推動下，我們本季表現穩健，營收和調整後 EBITDA 均達到兩位數成長。我們全年營收成長仍有望超過 20%。正如上次電話會議所討論的那樣，我們的醫療業務位於加拿大，部分銷售額銷往美國，我們一直與客戶密切合作，以評估潛在關稅的影響。

Today, our products are covered under the US MCA free trade agreement, which exempts radiopharmaceutical materials from tariffs. Nonetheless, we continue to watch this closely and are working to limit future cross-border risk and product delivery disruption.

如今，我們的產品已受到美國 MCA 自由貿易協定的保護，該協定免除了放射性藥物材料的關稅。儘管如此，我們仍將繼續密切關注此事，並努力限制未來的跨境風險和產品交付中斷。

On tech-99, consistent with prior updates, we are perfecting our product as we proceed toward FDA approval. And looking forward, the market for nuclear medicine remains highly enticing with increasing volumes of spec and pet scanning procedures and pharmaceutical companies investing heavily in novel radiotherapeutic drugs. Of note, Novartis just received FDA approval for Plubicto, its blockbuster letesium 177 based prostate cancer treatment to be used in prechemotherapy settings, which is estimated to triple the number of patients eligible for the treatment, highlighting the market's growth potential.

在 tech-99 上，與先前的更新一致，我們正在完善我們的產品，以獲得 FDA 批准。展望未來，隨著 spec 和 PET 掃描程序數量的增加以及製藥公司對新型放射治療藥物的大量投資，核醫市場仍然極具吸引力。值得注意的是，諾華公司剛剛獲得 FDA 批准其基於 letesium 177 的重磅前列腺癌治療藥物 Plubicto 用於化療前治療，預計這將使適合治療的患者數量增加兩倍，凸顯了市場的成長潛力。

In conclusion, we had a very good financial performance in the first quarter, supported by our growing backlog and accelerating nuclear demand. Our customers are investing for the future. and our value proposition rings true as we prepare for growth and navigate any macroeconomic condition.

總而言之，由於不斷增長的積壓訂單和不斷增長的核能需求，我們在第一季取得了非常好的財務表現。我們的客戶正在為未來投資。當我們為成長做好準備並應對任何宏觀經濟狀況時，我們的價值主張是正確的。

And with that, I will now turn the call over to Robb.

現在，我將把電話交給 Robb。

Thanks, Rex, and good evening, everyone. I'll start with some total company financial highlights on slide 4 of the earnings presentation. First quarter revenue was $682 million, up 13% with growth in both segments. Adjusted EBITDA was $130 million, up 13% year-over-year, driven by robust double-digit growth in government operations and modest growth in commercial operations. This was partially offset by slightly higher corporate expense.

謝謝，雷克斯，大家晚上好。我將從收益報告第 4 張投影片上的一些公司整體財務亮點開始。第一季營收為 6.82 億美元，成長 13%，兩個部門均成長。調整後的 EBITDA 為 1.3 億美元，年成長 13%，這得益於政府業務的強勁兩位數成長和商業業務的適度成長。但企業費用略有增加，部分抵銷了這一影響。

We continue to expect corporate EBITDA expense in 2025 to be slightly lower than the $16.8 million reported in 2024. Adjusted earnings per share were $0.91, up 20% compared to $0.76 last year due to the operating items previously discussed, complemented by a lower tax rate and slightly lower interest expense. That was partially offset by lower pension income in other net on the income statement.

我們仍預期 2025 年企業 EBITDA 支出將略低於 2024 年報告的 1,680 萬美元。調整後每股收益為 0.91 美元，較去年的 0.76 美元增長 20%，這得益於之前討論過的經營項目，加上較低的稅率和略低的利息支出。這被損益表中其他淨額的退休金收入降低部分抵銷。

Our adjusted effective tax rate in the quarter was 18.3%, in line with seasonal patterns due to the timing of excess tax benefits on compensation expense. For the full year, we expect our adjusted effective tax rate to benefit from the ongoing tax planning initiatives discussed last quarter.

本季我們的調整後有效稅率為 18.3%，由於薪資費用超額稅收優惠的時間安排，與季節性模式一致。就全年而言，我們預計調整後的有效稅率將受益於上個季度討論的持續稅務規劃措施。

In fact, with a better line of sight to qualified research expenditure credits and geographical mix from growth in our Canadian commercial nuclear power business, we now expect our 2025 tax rate to be only slightly higher versus 2024. A modest improvement compared to our original expectation of a 20 to 40 basis points increase.

事實上，由於我們加拿大商業核電業務的成長，對合格研究支出抵免和地理分佈有了更好的了解，我們現在預計 2025 年的稅率將僅略高於 2024 年。與我們最初預期的 20 至 40 個基點的增長相比，這是一個溫和的改善。

Free cash flow in the quarter was $17 million, driven by timing of advanced billings and working capital management in what is seasonally our lowest quarter of cash generation. Capital expenditures in the quarter were $33 million or 4.9% of sales compared to our expectation for full year CapEx to be in the range of 5% to 6% of sales. Lower CapEx in the quarter was mainly due to timing of spend on the Cambridge expansion which is expected to ramp throughout the year as the project is progressing ahead of schedule, as Rex mentioned. Consistent with our prior view, we anticipate full year free cash flow of $265 million to $285 million.

本季的自由現金流為 1,700 萬美元，這得益於預付款項的時間安排和營運資本管理，這是我們季度中現金產生量最低的季度。本季的資本支出為 3,300 萬美元，佔銷售額的 4.9%，而我們預計全年資本支出將佔銷售額的 5% 至 6%。正如雷克斯所提到的，本季資本支出較低主要是由於劍橋擴建項目的支出時間安排，隨著項目進展提前，預計全年支出將會增加。與我們先前的觀點一致，我們預計全年自由現金流為 2.65 億美元至 2.85 億美元。

Moving to the segment results on slide 6. In government operations, first quarter revenue was up 14%, driven by growth in Naval propulsion special materials and about 1% contribution from the AOT acquisition. Adjusted EBITDA was $117 million, leading to adjusted EBITDA margin of 21.1%. As Rex mentioned, we had good operating performance but also benefited from timing of certain long lead material procurements.

轉到投影片 6 上的分段結果。在政府營運方面，第一季營收成長 14%，這得益於海軍推進特殊材料的成長以及 AOT 收購約 1% 的貢獻。調整後的 EBITDA 為 1.17 億美元，調整後的 EBITDA 利潤率為 21.1%。正如雷克斯所提到的，我們的營運表現良好，同時也受益於某些長週期材料採購的時機。

We continue to expect government operations to generate mid-single-digit revenue growth in 2025, consisting of low single-digit organic growth plus contribution from the acquisition of AOT and adjusted EBITDA margins of approximately 20%.

我們繼續預期政府業務將在 2025 年實現中等個位數的收入成長，包括低個位數的自然成長加上收購 AOT 的貢獻以及約 20% 的調整後 EBITDA 利潤率。

Turning to commercial operations. Revenue was $128 million, up 10% year-over-year, led by double-digit growth in Medical and solid growth in commercial power. Within Commercial Power, higher revenue was driven by SMRs and Pickering component volumes, which was partially offset by lower field services work due to the wind down of the Darlington life extension project and timing of outage work, which can vary significantly on a year-over-year basis.

轉向商業營運。營收為 1.28 億美元，年增 10%，其中醫療業務達到兩位數成長，商用電力業務穩步成長。在商業電力領域，SMR 和 Pickering 組件銷售推動了收入的增長，但由於達靈頓壽命延長項目的結束和停電工作的時間安排導致現場服務工作減少，這部分抵消了收入的增長，而停電工作的時間安排與去年同期相比可能會有很大差異。

Adjusted EBITDA in the segment was $14 million, up modestly year-over-year. However, adjusted EBITDA margin was 10.9%, down 100 basis points as good operating performance was offset by two main factors: First, as we discussed last year and contemplated in our guidance, we faced unfavorable mix and cost absorption due to the decline in field services related to the pacing of life extensions and outage schedules.

該部門調整後的 EBITDA 為 1,400 萬美元，較去年同期略有成長。然而，調整後的 EBITDA 利潤率為 10.9%，下降了 100 個基點，因為良好的運營業績被兩個主要因素所抵消：首先，正如我們去年所討論的和在我們的指導中所考慮的，由於與壽命延長和停機計劃的節奏相關的現場服務下降，我們面臨著不利的組合和成本吸收。

Second, we experienced heightened inflation for specialized raw materials in our Candu fuel business line. This temporary impact will be with us through the second quarter until we begin to contractually recover these cost increases in the second half of the year.

其次，我們的 Candu 燃料業務線的專用原物料通膨加劇。這種暫時的影響將持續整個第二季度，直到我們在今年下半年開始按照合約收回這些成本增加為止。

For the full year, we anticipate commercial operations revenue growth of approximately 50%, consisting of double-digit commercial power growth, over 20% medical growth and the contributions from the Connectrix acquisition. Our EBITDA outlook calls for 14% to 15% EBITDA margin, although we now see the lower end is more likely due to the higher raw material cost issue in the first half of the year.

我們預計全年商業營運收入將成長約 50%，其中包括兩位數的商業電力成長、超過 20% 的醫療成長以及收購 Connectrix 的貢獻。我們的 EBITDA 預期為 14% 至 15%，但由於上半年原料成本較高，我們現在認為較低水準的可能性較大。

Turning now to our 2025 total company guidance on slide 7 and 8 of the earnings presentation. We are reaffirming our guidance for the four key metrics we provided last quarter for revenue adjusted EBITDA and EPS and free cash flow. I will note that we refined the ranges for several items listed on the right side of slide 8, which I referenced throughout my remarks.

現在來看看收益報告第 7 張和第 8 張投影片中對 2025 年公司整體表現的預測。我們重申上個季度提供的四個關鍵指標的指導，即收入調整後的 EBITDA、EPS 和自由現金流。我要指出的是，我們改進了幻燈片 8 右側列出的幾個項目的範圍，我在整個發言過程中都提到了這些項目。

Looking at the quarterly cadence of earnings. As discussed, our first quarter EPS outperformance was largely due to the timing of work in government operations as well as a slightly lower tax rate.

查看季度收益節奏。如上所述，我們第一季每股收益的優異表現主要是由於政府營運的工作時間以及略低的稅率。

For perspective, compared to our expectation, a little over $0.01 in earnings per share came from higher operating income, mainly due to higher government operations segment income from material procurement timing from Q2 into Q1 and just over a 1p from more favorable taxes given the tax planning initiatives I discussed earlier, that will remain with us for the remainder of the year.

從角度來看，與我們的預期相比，每股收益略高於 0.01 美元來自更高的營業收入，這主要是由於政府運營部門收入因從第二季度到第一季度的材料採購時機而增加，以及由於我之前討論過的稅收籌劃舉措而獲得的更優惠的稅收，略高於 1 便士，這些舉措將在今年剩餘時間內繼續伴隨我們。

As the material procurement related item normalizes, we now expect the second quarter to be our lowest earnings quarter of the year. This should equate to a little over half of our full year EPS coming in the second half of the year consistent with our prior view.

隨著材料採購相關項目的正常化，我們現在預計第二季將成為我們今年獲利最低的季度。這相當於我們下半年實現的全年每股盈餘的一半多一點，與我們先前的觀點一致。

To conclude, we had a good start to 2025. Our financial performance, strong bookings and outlook highlight the quality of BWXT's broad capabilities in the nuclear industry, serving global security, clean energy and nuclear medicine markets. We are intensely focused on execution and are investing in our company to support customer demand.

總而言之，2025年我們有一個好的開始。我們的財務表現、強勁的預訂量和前景凸顯了 BWXT 在核工業領域的廣泛能力，服務於全球安全、清潔能源和核子醫學市場。我們高度重視執行，並投資我們的公司以滿足客戶需求。

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

我們期待回答您的問題。

(Operator Instructions) Scott Deuschle, Deutsche Bank.

（操作員指示）Scott Deuschle，德意志銀行。

Robb, it looks like there were some negative EACs this quarter of about $11 million based on what's in the 10-Q. Were those EACs all at government operations, I think can you share in more detail what the offsets were that allowed the segment to deliver these pretty strong margins, honestly, despite that headwind?

羅布，根據 10-Q 報表顯示，本季的 EAC 為負，約 1100 萬美元。這些 EAC 是否都屬於政府營運部門？我想您能否更詳細地分享一下，儘管面臨不利因素，但這些抵消因素使得該部門能夠實現相當可觀的利潤率？

Yes. No, it wasn't all in government operations so it's about half and half between the commercial and the government business, in terms of those EACs in that footnote. The half from the commercial operations, we talked a little bit about that zirc cost impact. That was actually the material zirconium that impacted us on the fuel business. And so we'll start to recover that, as I mentioned, during the second half and ultimately into 2026.

是的。不，它並不全是政府運營，所以就腳註中的 EAC 而言，商業業務和政府業務各佔一半。在商業營運的一半中，我們稍微討論了 zirc 成本的影響。事實上，正是鋯這種材料對我們的燃料業務產生了影響。因此，正如我所提到的，我們將在下半年開始恢復，最終將達到 2026 年。

So we'll earn that back, but that obviously causes sort of a negative offset there. And then the GEO business is really a little bit of this, a little bit of that. across that segment, nothing to call out and nothing big on the positive side.

所以我們會賺回這些錢，但這顯然會造成某種負面抵銷。那麼 GEO 業務其實就是這個一點，那個一點。在整個這過程中，沒有什麼值得關注的，也沒有什麼大的正面面向。

Okay. And then, Rex, in terms of the recent funds that have been appropriated to support the shipbuilding industry, do you see BWXT as in line to get any of that funding? I mean your performance don't suggest you don't really need it, but just curious if maybe there are opportunities for you all in terms of getting additional government support.

好的。那麼，雷克斯，就最近撥付的支持造船業的資金而言，您認為 BWXT 會獲得其中的任何資金嗎？我的意思是，你們的表現並不代表你們真的不需要它，只是好奇你們是否都有機會獲得額外的政府支持。

Yes. Thank you, Scott. To be clear, you're talking about all the elements and the reconciliation bill?

是的。謝謝你，斯科特。明確地說，您談論的是所有要素和和解法案嗎？

Yes, as well as the continuing resolution that included, I think, an extra $5.5 billion for the industry.

是的，此外還有持續決議，我認為其中包括為該行業額外撥款 55 億美元。

For the yes, okay. Not much there for us in the CR. The reconciliation bill is interesting. That's a question you didn't ask, but there are interesting things in there for domestic -- for defense and Richmond and for acceleration of DoD, nuclear reactors and some things like that. So we're a bit optimistic about what could come of that.

是的，好的。在 CR 中我們能得到的東西不多。這份和解法案很有趣。這是你沒有問到的問題，但其中有一些關於國內事務的有趣事情——關於國防和里士滿以及國防部的加速、核反應堆和諸如此類的事情。因此，我們對最終結果感到有點樂觀。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Rex, can you maybe go further on the whole reconciliation package? I mean, I think there are some potential changes at NASA. I don't know if that means we're more inclined to go to Mars now and maybe what that could mean for you? And then also just the shipbuilding office setup, a lot going on there? Could you maybe add some color on all of that?

雷克斯，你能否進一步談談整個和解方案？我的意思是，我認為 NASA 可能會發生一些變化。我不知道這是否意味著我們現在更傾向於前往火星，以及這對您來說意味著什麼？然後還有造船辦公室的設立，那裡有很多事情要做嗎？您能為這一切添加一些顏色嗎？

Yes, to the best of my ability, I will, Pete, and hey there. So yes, the reconciliation bill, as I mentioned, has some funding for accelerating defense enrichment. There's some funding to accelerate DoD reactors, there's some additional funding for the strategic capabilities office, there seems to be maybe some funding in there for coated fuels like -- and some things like that. And of course, there's some pretty -- there's a pretty big chunk of money for a second Virginia. I think that goes with FY27.

是的，我會盡我所能，皮特，嘿。是的，正如我所提到的，和解法案為加速國防濃縮提供了一些資金。有一些資金用於加速國防部反應堆，還有一些額外資金用於戰略能力辦公室，似乎還有一些資金用於塗層燃料之類的資金——以及諸如此類的事情。當然，對於第二個維吉尼亞來說，需要相當多的資金。我認為這與 FY27 相符。

So there's a lot there -- in terms of the office of shipbuilding, it's -- I think it's too early to tell how much -- what if any of that would influence us, Pete. I would say that's generally positive. I certainly like the White House's posture on the emphasis on nuclear shipbuilding, specifically and also commercial ship building, which I believe this nation needs more capacity for.

所以那裡有很多事情——就造船辦公室而言——我認為現在判斷這些事情會對我們產生多大影響還為時過早，皮特。我想說這總體上是正面的。我當然喜歡白宮對核動力船舶建造的重視態度，特別是商用船舶建造，我相信國家需要更多的商用船舶建造能力。

On the Space One, hard to say exactly what the -- if you're talking about the language that came out in a skinny budget from the White House, it's hard to tell exactly what that propulsion language was about. I suspect it's related to SLS. In terms of nuclear, we're getting pretty good vibes from NASA about their appetite for nuclear thermal propulsion and then I kind of expect that to go forward.

關於太空一號，很難確切地說出——如果你談論的是白宮在微薄的預算中提出的語言，那麼很難確切地說出推進語言是關於什麼的。我懷疑它與 SLS 有關。在核能方面，我們從美國太空總署了解到他們對核熱推進的興趣，我預計這項計畫將會繼續推進。

Okay. And you just -- I wasn't quite sure at DOE, if you saw any step back in terms of support of any of the advanced nuclear stuff you do there that goes through DOE, did that all look pretty close to you guys?

好的。而你只是——我不太確定在能源部，你是否看到在對通過能源部進行的任何先進核項目的支持方面有任何倒退，這一切對你們來說看起來都很接近了嗎？

Yes. I'd say almost the opposite, Pete. This idea of energy dominance that's being promoted by the administration certainly includes a strong nuclear element. And I would say that the Energy Secretary, Chris Wright seems very, very pronuclear from every encounter we have. So yes, if anything, it feels like full steam ahead on advanced nuclear and acceleration of nuclear projects.

是的。我想說的幾乎恰恰相反，皮特。政府所推崇的能源主導思想肯定包含強大的核子元素。我想說，從我們每次的接觸來看，能源部長克里斯·賴特似乎都非常支持核能。所以，是的，如果有的話，感覺就像在先進核能和核子專案加速方面全速前進。

Got it. Maybe just one quick one for Robb. Robb, just on the raw material issue at commercial and calling it back in the second half. Second quarter is typically your highest margin quarter at commercial does that change this year because of that impact?

知道了。也許對 Robb 來說這只是一個快速動作。羅布，剛才談到商業方面的原料問題，並在下半年再次提到了這一點。第二季度通常是商業利潤率最高的季度，今年這種情況會因為這種影響而改變嗎？

It does. Thanks for flagging that. Yes, generally, as you know, that is a higher-margin quarter where we actually do some outage work that can be a little bit higher margin that's going to be overwhelmed, if you will, by that zirconium sort of issue that we have and just kind of a -- couple of other mix items. So I would say we're not going to have as great performance as it relates to the normal margin flow.

確實如此。感謝您檢舉。是的，一般來說，如你所知，這是一個利潤率較高的季度，我們實際上會進行一些停機工作，這些工作的利潤率可能會稍微高一點，但如果你願意的話，這些利潤率將會被我們所擁有的鋯類問題和其他一些混合項目所淹沒。因此我想說，我們的業績表現不會像正常的保證金流那麼好。

And then it'll pick back up. I think we have a better schedule, frankly, in the second half than we even had last year and just in terms of timing of projects. So the way I would think about it is sort of lower margins in the first two quarters, which is a little bit of an anomaly for us in the commercial business. And then picking up even more than maybe one might expect in the second half.

然後它就會恢復。坦白說，我認為我們下半年的計劃比去年更好，就專案時間表而言。所以我認為前兩季的利潤率較低，這對我們商業業務來說有點異常。然後在下半年，成長速度甚至可能超出人們的預期。

Bob Labick, CJS Securities.

鮑勃·拉比克（Bob Labick），CJS 證券公司。

So Rex, you said you're perfecting the process on moly right now. And so just kind of maybe the latest update and time line on that. And in the past, we've kind of thought if you were approved by September, October, then you can get into the contracting season for 2026, but now you have partners kind of waiting for approval. So I don't know if like September, October is still a time frame that's necessary? Or how are you thinking about latest steps and then kind of like time line to get into contracted sales in 2026?

雷克斯，你說你現在正在完善鉬的工藝流程。這也許就是有關該問題的最新更新和時間軸。過去，我們認為如果在 9 月或 10 月之前獲得批准，那麼就可以進入 2026 年的簽約季節，但現在您的合作夥伴正在等待批准。所以我不知道九月、十月是否仍然是必要的時間範圍？或者您如何考慮最新舉措以及 2026 年實現合約銷售的時間表？

Yes, I certainly had hoped for approval in 2025, Bob, as we've discussed many times before, this last mile here has been pretty long for us to get a couple of product characteristics right. So -- what I would say about that is there's still a window for approval in 2025. We did not forecast any sales in 2025. I think what we said consistently was that, if anything, we might be in the spot market for 2025. So our plan doesn't depend on that at all.

是的，鮑勃，我確實希望在 2025 年獲得批准，正如我們之前多次討論過的那樣，這最後一英里對於我們正確掌握幾個產品特性來說已經相當長了。所以——我想說的是，2025 年仍有獲得批准的機會。我們沒有預測 2025 年的任何銷售額。我認為我們一直在說的是，如果有的話，我們可能會進入 2025 年的現貨市場。所以我們的計劃根本不依賴於此。

We certainly hope for approved 125, and we still see -- we have -- still have a window for that for sure. But honestly speaking, that could bleed over into the first couple of months of 2026 or whatever. But we're -- we can see the finish line from here for sure.

我們當然希望 125 能夠獲得批准，而且我們仍然看到 — — 我們仍然有一個確定的機會。但老實說，這種局面可能會持續到 2026 年頭幾個月甚至更久。但我們——我們可以肯定地從這裡看到終點線。

Great. And just to clarify the effectiveness and everything is there. This is, as you said, perfecting the product, the elution time, the rates like things like that? Or how should we think about the delays?

偉大的。只是為了澄清有效性，一切都在那裡。正如您所說，這是在完善產品、洗脫時間、速率之類的東西嗎？或者我們應該如何看待延遲？

Yes, we've been working on things. You have a number of items when you go through -- when we went through our first FDA application that came back with a number of items that we needed to address technically. And so you sort of work your way through that list, of which there are literally dozens. Some of them are minor things and some of them are pretty significant things.

是的，我們一直在努力。當我們審查第一份 FDA 申請時，會發現有很多問題需要我們從技術上解決。因此，您可以按照該列表的方式進行操作，其中實際上有幾十個。其中一些是小事，而另一些則是相當重要的事情。

I think we're well satisfied with product quality. We've been chasing down some contamination issues, which is very, very typical in Radiopharma or -- farm generally. So it's things like that. It's just kind of counting it flat, as I've said before, and we're certainly going to get there, but it's just a lot of details here in the last mile.

我認為我們對產品品質非常滿意。我們一直在追蹤一些污染問題，這在放射性製藥或農場中非常常見。就是這樣的事情。正如我之前所說，這只是一種平面計算，我們肯定會到達那裡，但最後一英里還有很多細節。

Okay. Great. And then Robb, you gave us some good color on the cadence of commercial ops going next quarter, this next -- et cetera. With the very big increase in backlog from Pickering and Pickering being the biggest driver. How do we think about that when that roll on over the next year or two?

好的。偉大的。然後，羅布，你為我們很好地介紹了下個季度、接下來的這個季度等等的商業運營節奏。皮克林和皮克林積壓訂單的大幅增加是最大的推動因素。當這種情況在未來一兩年內繼續發生時，我們該如何看待它？

Is there like a lumpiness to it? Is it smooth once we get there? Or is there any kind of general thought on transition to that growth and SMR growth and how it will affect commercial -- ?

它有塊狀的感覺嗎？到那兒之後一切順利嗎？或者對於向這種增長和 SMR 增長的過渡有什麼總體想法，以及它將如何影響商業-- ？

Yes, there's nothing to call out in terms of all of a sudden kind of surge in any one quarter or any one year. I think it's going to build pretty steadily. I would note that, of course, you have other refurbishment work that tails off, right, from refurbishments that we started a few years ago. So you kind of have a -- we talked about last quarter that Pickering looks very strong on top of what we're doing at the Bruce. And then, of course, you have Darlington at some point that will kind of finish up.

是的，在任何一個季度或一年中，沒有什麼值得大驚小怪的突然激增。我認為它將會穩步發展。當然，我要指出的是，還有其他翻新工程，這些工程從我們幾年前開始的翻新工程開始逐漸減少。所以你有點 - 我們上個季度談到，皮克林看起來非常強大，除了我們在布魯斯所做的事情之外。然後，當然，達靈頓在某個時候就會完成。

So I think it's going to be steady. We've talked about that growth rate being one of the higher ones within our overall portfolio, and I still see that over the next couple of years. Conectrix as well kind of lining up and confirming that as we kind of looked inside their books, we also kind of feel like, oh, we have a different glimpse of that trajectory and it's steady as you go.

所以我認為它會很穩定。我們說過，這個成長率是我們整個投資組合中較高的成長率之一，而且我仍然認為未來幾年還會繼續維持這種成長率。Conectrix 也排隊並確認，當我們查看他們的書時，我們也有點感覺，哦，我們對那條軌跡有了不同的一瞥，而且它是穩定的。

Thomas Meric, Janney Montgomery.

湯瑪斯·梅里奇、珍妮·蒙哥馬利。

I wanted to start on the enrichment contract and just kind of walk us through the next phases of the pilot program, if you can over the next few years?

我想從濃縮合約開始，然後帶我們了解試點計劃的下一個階段，如果您可以的話，在接下來的幾年裡？

And then secondly, within enrichment, I just wanted to get a sense of how you look at the LEU market for US reactor owners potentially being an obligated supplier of enriched product there? And just what do you see as the returns in that market as well as the capital and operational risks of it?

其次，在濃縮領域，我想了解您如何看待美國反應器所有者作為濃縮產品義務供應商的低濃縮鈾市場？您認為該市場的回報以及資本和營運風險如何？

Yes. Sure. Good question, by the way. So the -- so where we are on that program with the NNSA is we're just in a conceptual stage designing a pilot plant, this next phase would be a sole source award for that pilot plant. And what we're doing is looking at that DOEs technology, which was developed at Oakridge National Laboratory.

是的。當然。順便說一句，這個問題問得好。因此，我們與 NNSA 合作的這個計畫目前還處於設計試驗工廠的概念階段，下一階段將是該試驗工廠的唯一來源獎勵。我們正在研究由奧克里奇國家實驗室開發的 DOE 技術。

It's a centrifuge type of enrichment technology. And really what this space is about is about design for manufacturability of those centrifuges. And what you do is, of course, with this pilot plant, be manufacturing the centrifuges themselves. And so you think of this in two different pieces. One is the manufacturing phase. The second phase is when you have obviously a plant and you go and actually perform enrichment on the uranium.

這是一種離心式濃縮技術。這個空間的真正目的是設計這些離心機的可製造性。當然，你要做的就是利用這個中試工廠自己製造離心機。所以你可以從兩個不同的角度來考慮這個問題。一是製造階段。第二階段是當你擁有一座工廠並開始實際進行鈾濃縮時。

And so in order to get to the stockpile needs, you obviously need high enriched uranium, but to get to that stage, you have to walk through low-enriched uranium and high assay, low enriched uranium which I think is the source of your question.

因此，為了滿足儲備需求，顯然需要高濃縮鈾，但要達到這個階段，必須經過低濃縮鈾和高濃縮低濃縮鈾，我認為這就是你提出這個問題的根源。

And all that has to be done with unobligated materials, meaning US sourced. So that's the tricky part. That means you can't use some commercial uranium that isn't unobligated on your way to high-enriched uranium. And so I think that program could play out in multiple ways.

而所有這些都必須使用非義務材料，也就是美國來源的材料。這就是棘手的部分。這意味著你不能使用一些沒有義務生產高濃縮鈾的商業鈾。所以我認為該計劃可以以多種方式發揮作用。

One way would be that some commercial source emerges for those -- for that LEU and HALEU material or the NNSA could build the entire capability themselves. And so we've got a whole spectrum of outcomes depending on the acquisition strategy and depending on what emerges commercially on a natural basis.

一種方法是，出現一些商業來源，用於生產低濃縮鈾和高濃縮鈾材料，或者國家核子安全局可以自行建造整個生產能力。因此，我們會得到一系列的結果，這取決於收購策略以及自然出現的商業成果。

So I guess what I would say about it, I'll have to fudge here a little bit. It's just too early to tell where that thing will go. But suffice it to say that the pilot plan is an opportunity that's very interesting for us in the near term, it will be a significant program. And then in the end, we'll be the company that's doing the enrichment for defense purposes for the high enriched uranium part of it. And I think all the in-between stuff is the interesting question, mark, and we'll see where that goes.

所以我想我對此要說的話，我必須在這裡稍微含糊一下。現在判斷這件事將會走向何方還為時過早。但我可以說，這個試點計畫對我們來說是一個近期非常有趣的機會，它將是一個重要的計畫。最後，我們將成為一家為國防目的進行高濃縮鈾濃縮的公司。我認為所有介於兩者之間的東西都是有趣的問題，馬克，我們會看到事情會如何發展。

Yes. I would say the government has a very constructive view of using the HALEU market to ultimately set up that and test that capability. And as you know, the amount of so that's necessary in that market is way different than the LEU. So said differently, if you were to try to stand up a technology going from 1% to 5%, that's a lot of a -- lot of cost, whereas you could focus on the HALEU and that's why we believe that they've let that. That will allow us to do it at a lower investment on behalf of the government.

是的。我想說，政府對利用 HALEU 市場最終建立並測試該能力抱持著非常建設性的看法。而且如你所知，該市場所需的量與低濃縮鈾的需求量有很大不同。換句話說，如果你試圖將一項技術從 1% 提高到 5%，那將需要花費很多成本，而你可以專注於 HALEU，這就是我們相信他們允許這樣做的原因。這將使我們能夠代表政府以較低的投資來完成這項工作。

And then ultimately, if that proves out, then they'll have an alternative. There's one other technology that could potentially be available to the LEU market, and we'll see what the government, the DOE and NNSA want to do.

最終，如果事實證明確實如此，那麼他們就會有其他選擇。還有一項技術也可能適用於低濃縮鈾市場，我們將拭​​目以待政府、能源部和國家核子安全局想要做什麼。

Helpful on both. Robb, I wanted to follow up on free cash flow seasonality through the year. I mean, I think we've covered a lot of the margin puts and takes, but maybe just to expand on that on the cash flow statement a little bit. Is there any reason to think free cash flow seasonality this year is markedly different than, say, last year or the year before? And that's it for me.

兩者都有幫助。羅布，我想追蹤全年自由現金流的季節性。我的意思是，我認為我們已經涵蓋了許多保證金的看跌和看漲，但也許只是在現金流量表上稍微擴展一下。是否有理由認為今年的自由現金流季節性與去年或前年有明顯不同？對我來說就是這樣。

Yes. Thanks for the question. No, I see it as a typical pattern. We've gotten off to a really good start in the first quarter, which is great to see. We talked about the seasonality of CapEx building over the course of the year, same thing with operating cash flow.

是的。謝謝你的提問。不，我認為這是一種典型的模式。我們在第一季取得了非常好的開局，這真是令人高興。我們討論了一年中資本支出建設的季節性，經營現金流也是如此。

So I think that will make ultimately the back half look as it has in the past in the fourth quarter to be the most significant quarter in terms of free cash flow. But happy to get off to a good start here.

因此，我認為這最終將使下半年看起來像過去的第四季一樣，成為自由現金流最重要的一個季度。但很高興在這裡有一個好的開始。

Michael Ciarmoli, Truist.

邁克爾·恰莫利（Michael Ciarmoli），Truist。

Rex, you mentioned, I think, some early scope on [August] and that's probably come under some scrutiny. But if I think about -- and then that potential for the second VA sub, does that -- do those two items potentially change the slope of your kind of 10-year growth CAGR of 3% to 4%? Are they contemplated in there? Or are you feeling better about sort of both of those programs?

雷克斯，我認為，你提到了 8 月份的一些早期範圍，這可能會受到一些審查。但是如果我考慮一下 - 然後考慮第二個 VA 子項的潛力，那麼 - 這兩項是否有可能改變 10 年複合年增長率從 3% 到 4% 的斜率？他們在那裡沉思嗎？或者您對這兩個項目都感覺好一點？

Michael, I don't think that fundamentally changes our outlook. I think what it does is it derisks our outlook a little bit. Because what's happening here, of course, is the Australians have made kind of a $500 million down payment against their $3 billion commitment to the Department of Defense, the US government. And some of that's starting to trickle through.

邁克爾，我不認為這從根本上改變我們的觀點。我認為它的作用是稍微降低我們的前景風險。因為這裡發生的事情是，澳洲人已經為向美國國防部（美國政府）承諾的 30 億美元支付了 5 億美元的首付。其中一些已經開始逐漸顯現。

And what we have going are capital projects related to capacity expansion in order to accommodate [indiscernible]. And so it's just early capital projects, frankly, slightly lower margin than what we do in the rest of the plant, because it is in production programs, but it's also without risk because it's cost reimbursable. But yes, it just derisks our future and starts to ramp toward August.

我們正在進行的是與產能擴張相關的資本項目，以適應[音頻不清晰]。因此，坦白說，這只是早期的資本項目，利潤率比我們在工廠其他部分所做的略低，因為它處於生產計劃中，但它也沒有風險，因為它的成本是可補償的。但是的，它確實降低了我們的未來的風險，並且會在八月開始加劇。

Okay. Perfect. And then just switching gears maybe to the ANPI program. Any sort of updated details there.

好的。完美的。然後也許就轉換到 ANPI 程式。那裡有任何更新的詳細資訊嗎？

I think maybe there were probably a couple more participants than maybe we originally thought. But how are you thinking about that opportunity, maybe incremental revenues? Or what's the expected cadence of that program?

我認為參與者的數量可能比我們最初想像的要多。但是您如何看待這個機會，也許是增量收入？或者該計劃的預期節奏是什麼？

Yes. I would say, Michael, there's a lot of uncertainty around that thing right now. They -- we thought what would happen is they would down select to a couple of suppliers. That final list is actually eight and includes us of happily, but some other ex Energy, Westinghouse, Kairos, GelAtonics and Radiance and a couple of others.

是的。我想說，邁克爾，現在這件事存在著許多不確定性。他們——我們認為會發生什麼，他們會選擇幾個供應商。最終名單實際上有八家，其中包括我們高興的，但也包括一些其他公司，例如 Energy、Westinghouse、Kairos、GelAtonics 和 Radiance 以及其他一些公司。

So what they've said is that they've down selected to that group of eight from, by the way, a very large field of interest, and they're going to negotiate -- then we're able to negotiate what are called OTAs with them, and that stands for other transactional authority.

所以他們說的是，他們從一個非常廣泛的領域中選出了八個，他們將進行談判——然後我們就可以與他們談判所謂的 OTA，這代表其他交易權限。

That means contracts that are outside of the federal acquisition regulations. It's an easier way for them to get into a contract framework with the suppliers. And so I mean, you're to see where that goes. We just don't have a good feel for the funding. We don't have a good feel for how much potential. CWe don't have a good feel for the probabilities yet, but we're eligible and we'll start negotiations and hopefully get some business out of it.

這意味著合約不受聯邦採購法規的約束。對他們來說，這是一種與供應商達成合約框架的更簡單的方法。所以我的意思是，你要看看會發生什麼。我們只是對資金狀況不太樂觀。我們不太清楚其潛力有多大。C我們還沒有很好地了解可能性，但我們有資格，我們將開始談判，並希望從中獲得一些業務。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Nice results. Robb, just for clarification. On the Pickering life extension steam generator contract that was added into commercial operations backlog. Was that for the full amount? Or is that just for the initial steam generators?

效果不錯。羅布，只是為了澄清。關於皮克林延壽蒸汽發生器合同，該合約被添加到商業運營積壓訂單中。那是全額嗎？或者這僅適用於初始蒸汽發生器？

Yes. That finishes off the full order. I mean, there might be a little bit of cash -- , but that's the steam generator, the final the 48 memory serves. So that's the final dose. I think we got a little bit in the beginning and that just kind of gives us the final bit.

是的。這樣就完成了整個訂單。我的意思是，可能會有一點現金——但那是蒸汽發生器，48 記憶中的最後一個。這就是最後的劑量。我認為我們在開始時就得到了一點，而這給了我們最後的一點。

Okay. Helpful. And then, Rex, you mentioned that with the new Secretary of Energy, that it seems to be all go for nuclear. What -- has there been any discussions or any new developments on SMRs, whether it's TVA or some of the other players that are out there?

好的。很有幫助。然後，雷克斯，你提到，新任能源部長似乎全力支持核能。有沒有什麼關於 SMR 的討論或新進展，無論是 TVA 還是其他一些參與者？

Yes. I think Department of Energy is certainly pushing TBA to get the Clinch River site started as soon as possible. And there are other discussions that I hear about that couldn't necessarily disclose. But it feels like the DOE is leaning in very hard to enable the commercial capability for SMRs in the US, and we're certainly grateful to see it. We need some steam on that.

是的。我認為能源部肯定會敦促 TBA 盡快啟動 Clinch River 站點。我還聽過其他一些討論，但不一定能透露。但感覺美國能源部正在盡力推動美國 SMR 的商業化能力，我們對此感到非常高興。我們需要對此加大力度。

Yes, I might just say, we feel pretty well positioned because, of course, we have strong manufacturing capability in the US and with everything going on macroeconomic wise, they would be looking obviously for a local solution whereas in other instances or other geopolitical environments, we might see different people desiring to ship material into the US. We see that all the more reason why it will be part of the solution.

是的，我只想說，我們覺得自己處於非常有利的位置，因為我們在美國擁有強大的製造能力，而且隨著宏觀經濟形勢的變化，他們顯然會尋求本地解決方案，而在其他情況下或其他地緣政治環境中，我們可能會看到不同的人希望將材料運往美國。我們更加明白，它將成為解決方案的一部分。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

You called out the zirconium cost impact a bit earlier in the call. And I kind of want to just dive a little bit deeper there and get a sense of what you guys are seeing, I'm aware that obviously, a lot of global supply is dominated by China. So recent tariff noise probably doesn't help the issue. I mean how isolated is that impact? How able do you think you'll be to manage it moving forward?

您在電話會議中早些時候提到了鋯成本的影響。我想更深入地了解你們所看到的情況，我知道很明顯，全球許多供應都由中國主導。因此，最近的關稅風波可能無助於解決問題。我的意思是這種影響有多孤立？您認為自己未來能有多大能力管理好它？

Any sense there would be helpful.

任何感覺都會有幫助。

Yes, I could start, just financially talking about it. As we mentioned in the commercial nuclear power business, we do import certain materials into Canada, right, from other markets into Canada. So that's the first thing to make clear about the geopolitical, right, it's materials into Canada from other geographies, sometimes also the US. We generally try to buy that sufficiently forward. We don't see other issues really affecting us.

是的，我可以開始，只從財務角度談論它。正如我們在商業核電業務中提到的那樣，我們確實從其他市場進口某些材料到加拿大。所以首先要明確的是地緣政治，對吧，材料從其他地區進入加拿大，有時也從美國進入。我們通常會盡力提前購買。我們認為其他問題並沒有真正影響到我們。

I mean overall commodity prices going up is not a favorable thing for us, but we generally work with our customers and have clarity and hedge all that and kind of have that material on the ground in that business. So this was a very rapid change. And luckily, we -- because we have really strong relationships with our customers, we actually have a pass-through mechanism, as I said, to exactly mitigate some unforeseen risk to our business because ultimately, we weren't looking to bear that risk. And so we've had that for years.

我的意思是，整體商品價格上漲對我們來說不是一件好事，但我們通常會與客戶合作，明確所有價格並對衝，並在該業務中將這些材料付諸實踐。這是一個非常迅速的改變。幸運的是，由於我們與客戶的關係非常牢固，我們實際上有一個傳遞機制，正如我所說，可以準確地減輕我們業務中一些不可預見的風險，因為最終我們不想承擔這種風險。我們已經這樣做很多年了。

Got it. And then I guess, aside from that, and sorry just kind of rehashing the previous question I was asked on it, but -- . Aside from the initial Virginia units that you guys are going to be contributing to, I mean, when will we get any further sense on component down selection and what your eventual role on the later program that's built in Australia will be?

知道了。然後我想，除此之外，抱歉，我只是重複了之前被問到的問題，但是-- 。除了你們最初將要參與的弗吉尼亞單位之外，我的意思是，我們什麼時候才能進一步了解零部件的選擇，以及你們最終將在澳大利亞建造的後續項目中扮演什麼角色？

Yes. So that you're talking about the SSN otoscope, Yes, following the 3 to 5 Virginia, we've said that we anticipate scope on SSN [August] . We haven't been specific about that yet and really can't be. But as soon as we could disclose that scope, we will. .

是的。所以你談到了 SSN 耳鏡，是的，繼 3 至 5 弗吉尼亞之後，我們說過我們預計 [8 月] 會對 SSN 進行檢查。我們尚未明確說明這一點，而且實際上也無法明確說明。但只要我們能夠揭露該範圍，我們就會這麼做。。

(Operator Instructions) Jeffrey Campbell, Seaport Research Partners.

（操作員指示）傑弗裡·坎貝爾，海港研究合作夥伴。

Congratulations on the strong quarter. I thought BWXT's entry into the SPR management was both interesting and perhaps not expected. Can you add some color on how the award came about and why you be that the next was chosen?

恭喜本季業績強勁。我認為 BWXT 加入 SPR 管理層既有趣又出乎意料。您能否解釋一下該獎項的由來以及您認為為什麼選擇該獎項？

Jeff, I'll take a crack at that. Right. It was a very, very competitive field there. I believe there six proposals that were submitted altogether for that activity. I thought it was a bit of a long shot for us. And so we were certainly happy to win it with that crowded field. That said, we have experiential quals that go all the way back to our history as McDermott. We once to manage that site as Babcock & Wilcox. So we know that world, and we've developed experiential quals in that world. And so I think the reason you see DOE taking a bet on us there is because we understand how to operate high-consequence sites, whether they're nuclear or otherwise.

傑夫，我會嘗試一下。正確的。那裡的競爭非常激烈。我認為針對該活動一共提交了六份提案。我認為這對我們來說有點難以實現。因此，我們非常高興能夠在如此激烈的競爭中贏得勝利。話雖如此，我們的經驗品質可以追溯到麥克德莫特的歷史。我們曾經以 Babcock & Wilcox 的名義管理該地點。所以我們了解那個世界，並且我們在那個世界中發展了經驗素質。所以我認為，美國能源部之所以願意在我們身上下注，是因為我們了解如何運作高後果場址，無論它們是核子場址還是其他場址。

And there's, I think, a tremendous amount of confidence in the BWXT brand and the people that we bring to it. And so it gave us the opportunity to look at on the horizon to expand into something new based on our performance history with DOE.

我認為，人們對 BWXT 品牌以及我們為該品牌招募的人才有著極大的信心。因此，它使我們有機會根據與 DOE 的合作歷史，展望未來，拓展新的業務。

That makes a lot of sense. And on the medical side, I just wanted to ask how the actinium-225 effort continues to progress. We continue to see some chatter about lead-212 as a competitive approach. So I just thought I would check in on this.

這很有道理。在醫學方面，我只想問錒-225 的研究進展如何。我們繼續看到一些關於鉛-212 作為一種競爭方法的討論。所以我只是想檢查一下這一點。

Yes, sure. So we're doing well in actinium. I think we're still the largest commercial producer of that product. We produce it at the Triumph Accelerator with a spallation method, it's called -- we also are working on other production modalities. I think we've talked about on these calls.

是的，當然。我們在錒元素方面做得很好。我認為我們仍然是該產品最大的商業生產商。我們在 Triumph Accelerator 上採用散裂法生產它，我們也在研究其他生產方式。我想我們已經在電話中討論過這些了。

And so we've got multiple sources for it. It's exciting. There are other isotopes that are emerging as possible therapeutics for cancer. And what I would say about those is I don't know that they're necessarily competitors.

因此我們有多個來源。這很令人興奮。還有其他同位素正在成為治療癌症的潛在藥物。我想說的是，我不知道他們是否一定是競爭對手。

They are probably also in the race with Tsum and Actinium, for example, behave differently in the body and address different cancer conditions and different tumors in different states of metastasis. And so to me, it's lead is another one of those in the product pipeline. So it would be there with lutetium, actinium and perhaps others to come. So pretty excited about the potential of all of it.

例如，它們也可能與 Tsum 和 Actinium 競爭，在體內表現不同，並針對不同的癌症狀況和不同轉移狀態下的不同腫瘤。所以對我來說，它的領先地位是產品線中的另一個。因此，它會與镥、錒以及其他元素一起存在。我對這一切的潛力感到非常興奮。

There are no further questions at this time. I would like now to turn the call back over to Chase Jacobson for the closing remarks.

目前沒有其他問題。現在我想將電話轉回 Chase Jacobson 做結束語。

Thanks, everybody, for joining us today. We appreciate your interest in BWXT and for your questions. We look forward to seeing and speaking with many of you at upcoming investor events in the next few months. If you have any questions, you can reach me at investors@bwxt.com. Thank you.

感謝大家今天加入我們。我們感謝您對 BWXT 的關注以及您的提問。我們期待在未來幾個月即將舉行的投資者活動中見到你們並與你們交談。如果您有任何疑問，可以透過 investors@bwxt.com 與我聯繫。謝謝。