BWX Technologies Inc (BWXT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, welcome to BWX Technologies' second-quarter 2025 earnings conference call.

女士們，先生們，歡迎參加 BWX Technologies 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

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

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

Thank you. Good evening. Welcome to today's call.

謝謝。晚安.歡迎參加今天的電話會議。

Joining me are Rex Geveden, President and CEO; and Mike Fitzgerald, Senior Vice President and CFO.

與我一起出席的還有總裁兼執行長 Rex Geveden 和資深副總裁兼財務長 Mike Fitzgerald。

On today's call, we will reference the second quarter of 2025 earnings presentation that is available on the Investors section of the BWXT website.

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 年第二季財報。

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 in the company's SEC filings.

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。

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 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. Good evening to all of you.

謝謝你，蔡斯。大家晚上好。

First, I would like to welcome Mike Fitzgerald, our CFO, to the call. Mike has been with BWXT since 2022 and previously held the roles of Chief Accounting Officer, Head of Finance, and CFO of Government Operations. He is deeply ingrained in our business and is a trusted resource for the entire executive team. I'm happy to have him on the call with us today.

首先，我歡迎我們的財務長 Mike Fitzgerald 參加電話會議。Mike 自 2022 年起就職於 BWXT，曾擔任首席會計長、財務主管和政府營運財務長。他對我們的業務有著深厚的理解，是整個執行團隊值得信賴的資源。我很高興今天能和他一起通話。

Now, turning to our results and a discussion of our markets and outlook, second-quarter financial results exceeded our expectations, driven by strong execution and pacing of work in Government Operations. Our second-quarter financial results featured double-digit adjusted EBITDA and earnings per share growth and robust free cash flow.

現在，談談我們的業績以及對我們的市場和前景的討論，第二季度的財務業績超出了我們的預期，這得益於政府營運部門的強勁執行力和工作節奏。我們第二季的財務業績表現為兩位數的調整後 EBITDA 和每股盈餘成長以及強勁的自由現金流。

We closed the acquisition of Kinectrics in May. Kinectrics brings a workforce of over 1,300 employees and significantly broadens our life of plant services capabilities in the nuclear power and energy infrastructure markets, enabling us to offer an even broader range of services to the market.

我們在五月完成了對 Kinectrics 的收購。Kinectrics 擁有超過 1,300 名員工，大大拓展了我們在核電和能源基礎設施市場的工廠壽命服務能力，使我們能夠為市場提供更廣泛的服務。

Demand across the global security, clean energy, and medical end markets is accelerating. Backlog grew to $6 billion, up 23% quarter over quarter and 70% year over year, with growth in both segments. Organic book-to-bill was 2.2% in the quarter. The pipeline of new opportunities in Government and Commercial operations Is expanding.

全球安全、清潔能源和醫療終端市場的需求正在加速成長。積壓訂單成長至 60 億美元，季增 23%，年增 70%，兩個部門皆成長。本季有機訂單出貨率為 2.2%。政府和商業營運中的新機會管道正在不斷擴大。

Turning to segment results and market outlook, Government Operations revenue was up 9%; and adjusted, up 23%, exceeding our expectations. Results were driven by strong execution, particularly within the special materials portfolio, the AOT acquisition, and timing of material procurement.

談到分部績效與市場前景，政府營運收入成長 9%；調整後成長 23%，超出我們的預期。業績的取得得益於強有力的執行，特別是在特殊材料組合、AOT 收購和材料採購時機方面。

The naval propulsion business is focused on driving operational excellence and maintaining production pace on our franchise submarine and aircraft carrier programs.

海軍推進業務專注於推動卓越營運並保持我們的特許潛艇和航空母艦專案的生產速度。

As we announced last month, we signed the next pricing agreement for naval nuclear reactor components. The agreement is valued at $2.6 billion over the next eight years, primarily related to Virginia and Columbia class submarines and certain components for Ford-class aircraft carriers.

正如我們上個月宣布的那樣，我們簽署了下一輪海軍核反應器零件定價協議。該協議未來八年價值26億美元，主要涉及維吉尼亞級和哥倫比亞級潛艦以及福特級航空母艦的某些零件。

We've booked over $1 billion in orders on this contract in the second quarter, driving Government Operations' backlog to $4.4 billion, up 24% sequentially and up 55% compared to the second quarter of last year. This contract follows a $2.1 billion pricing agreement we signed in late 2024, which, combined with the administration's focus on naval ship building and the submarine industrial phase, supports our longer term forecast of a 3% to 5% revenue CAGR in this line of business.

我們在第二季已獲得超過 10 億美元的該合約訂單，推動政府營運積壓訂單達到 44 億美元，季增 24%，比去年第二季成長 55%。該合約是我們在 2024 年底簽署的一項價值 21 億美元的定價協議之後簽訂的，再加上政府對海軍艦艇建造和潛艇工業階段的關注，支持了我們對該業務線收入複合年增長率為 3% 至 5% 的長期預測。

Special materials remains one of the most exciting growth stories at our company. We had strong performance on legacy contracts during the quarter. Our growth prospects are brightening. The experiential qualifications and unique licenses we possess are well matched with national security missions and position us to satisfy strategic priorities for our customers.

特殊材料仍然是我們公司最令人興奮的成長故事之一。本季我們在遺留合約方面表現強勁。我們的成長前景日益光明。我們擁有的經驗資格和獨特許可證與國家安全任務非常匹配，使我們能夠滿足客戶的戰略重點。

We have nearly completed the one-year engineering study for defense uranium enrichment using the DUECE technology to satisfy naval fuel and national security needs under contract to the NNSA. Our current focus is responding to the sole-source RFP issued in April for the next phase of this program, which includes design, licensing, and construction of a pilot plant.

我們已接近完成為期一年的國防鈾濃縮工程研究，利用 DUECE 技術滿足與 NNSA 簽訂的合約中的海軍燃料和國家安全需求。我們目前的重點是響應 4 月發布的針對該計劃下一階段的單一來源 RFP，其中包括試驗工廠的設計、許可和建設。

Additionally, we are working with the NNSA on long-term production of high-purity depleted uranium in quantities that exceed our business case expectations for the AOT acquisition. We are also tracking several advanced nuclear fuel opportunities intended for defense and commercial applications. We will keep you posted as these prospects take shape.

此外，我們正在與 NNSA 合作長期生產高純度貧鈾，其產量超出了我們對 AOT 收購的商業案例預期。我們也正在追蹤幾種用於國防和商業應用的先進核燃料機會。當這些前景逐漸成形時，我們會及時向大家通報。

In microreactors, we began manufacturing the reactor core for Pele, a land-based transportable microreactor. Pele has received strong support in recent government funding bills and is highly aligned with the President's national security executive order titled Deploying Advanced Nuclear Reactor Technologies that directs the DOD to commence operations of a nuclear reactor by September 2028. As Pele progresses and the advanced fuel supply chain grows, there are multiple emerging opportunities that BWXT is well positioned to capture.

在微反應器領域，我們開始為陸基可運輸微反應器 Pele 製造反應器核心。佩利在最近的政府撥款法案中獲得了強有力的支持，並與總統的國家安全行政命令《部署先進核反應器技術》高度一致，該命令指示國防部在 2028 年 9 月之前開始運行核反應器。隨著 Pele 的進步和先進燃料供應鏈的成長，BWXT 已準備好抓住多個新興機會。

Technical services results are strong inside operational performance and in contract wins. Operating income from this business line was up over 20% compared to the average quarterly rate over the last year. We are on track to outpace that growth for the full year. This is driven by the (inaudible) and Hanford, both of which began in 2024; and newer projects such as West Valley and the Strategic Petroleum Reserve, the latter of which is expected to commence in the second half of the year.

技術服務成果在營運績效和合約贏得方面表現強勁。該業務線的營業收入較去年同期平均季度成長率成長了20%以上。我們有望實現全年超越這一成長速度。這是由（聽不清楚）和漢福德項目推動的，這兩個項目都於 2024 年啟動；還有西谷和戰略石油儲備等較新的項目，後者預計將於今年下半年啟動。

From a new business perspective, Atomic Energy 0f Canada Limited selected Nuclear Laboratory Partners of Canada, a BWXT-led joint venture, which also includes Kinectrics to manage and operate Canadian Nuclear Laboratories, our first international project in this line of business. The annual contract value is about CAD1.2 billion, with an initial term of six years and extensions for up to 20 years. We are in the preferred bidder period and expect to transition to a contract start date late in the third quarter.

從新的業務角度來看，加拿大原子能有限公司選擇了由 BWXT 牽頭的合資企業——加拿大核子實驗室合作夥伴，該合資企業還包括 Kinectrics，負責管理和營運加拿大核子實驗室，這是我們在該業務領域的第一個國際項目。該合約年度價值約12億加元，初始期限為6年，可延長至20年。我們正處於優先投標期，預計合約開始日期將在第三季末。

Turning to Commercial Operations, reported revenue growth was 24%. On an organic basis, revenue was down 3% and largely in line with our expectation as double-digit growth in medical was offset by a modest decline in commercial power due to the timing of outage and maintenance projects, as we discussed last quarter.

談到商業運營，報告的收入成長了 24%。從有機基礎來看，收入下降了 3%，基本上符合我們的預期，因為醫療業務的兩位數成長被停電和維護專案時間導致的商業電力小幅下降所抵消，正如我們上個季度所討論的那樣。

Backlog in the segment grew to $1.6 billion, including about $240 million from the Kinectrics acquisition. On an organic basis, book-to-bill in the quarter was 1.3%. Importantly, this was driven by a multitude of contracts for existing nuclear power infrastructure, highlighting the strong underlying base of revenue in our portfolio and supporting our full-year outlook for mid-teens organic growth and over 50% of growth, including contribution from Kinectrics.

該部門的積壓訂單成長至 16 億美元，其中包括收購 Kinectrics 帶來的約 2.4 億美元。以有機基礎計算，本季訂單出貨率為 1.3%。重要的是，這是由大量現有核電基礎設施合約推動的，突顯了我們投資組合中強勁的收入基礎，並支持我們對全年中等水平有機增長和超過 50% 的增長前景，其中包括 Kinectrics 的貢獻。

BWXT Medical delivered a solid quarter with double-digit revenue growth driven by the pet diagnostic product lines and TheraSphere. Robust demand signals for the diagnostic and therapeutic isotopes support the outlook for over 20% growth this year.

BWXT Medical 本季業績穩健，在寵物診斷產品線和 TheraSphere 的推動下，營收將達到兩位數成長。診斷和治療同位素的強勁需求訊號支持今年超過 20% 的成長前景。

In product development, the Canadian Nuclear Safety Commission approved the irradiation of (inaudible)-90 and Lutetium-177, using the target delivery system with Laurentis Energy Partners at the Darlington site.

在產品開發方面，加拿大核安委員會批准在達靈頓工廠與 Laurentis Energy Partners 合作使用目標輸送系統對 (聽不清楚)-90 和镥-177 進行輻照。

On Tc-99, as we discussed last quarter, we've been perfecting the product attributes. Encouragingly, we have line of sight to address the final technical issues that are typical in the scale of an industrialization phase of complex projects. I'm quite encouraged by our progress. Given the timing, I don't expect the product launch this year. But customer appetite remains strong. This will be an important addition to our fast-growing portfolio of medical isotopes.

關於 Tc-99，正如我們上個季度討論的那樣，我們一直在完善產品屬性。令人鼓舞的是，我們有望解決複雜專案工業化階段中典型的最終技術問題。我對我們的進步感到非常鼓舞。考慮到時間安排，我預計該產品不會在今年推出。但顧客的需求依然強勁。這將是我們快速成長的醫用同位素產品組合的重要補充。

Turning now to commercial power, where demand is accelerating rapidly, in the CANDU market, we have talked in depth about the opportunities in the ongoing life extensions and the potential for large-scale new builds. Ontario Power Generation and Bruce Power are evaluating options to expand their nuclear reactor fleets to meet increasing electricity demand in the region. While these projects are in the planning stages, BWXT and Kinectrics are trusted partners in the Canadian nuclear market and are engaging with these utilities now.

現在轉向商業電力，對 CANDU 市場的需求正在迅速增長，我們已經深入討論了正在進行的壽命延長所帶來的機會以及大規模新建的潛力。安大略發電公司和布魯斯電力公司正在評估擴大核反應器群的方案，以滿足該地區日益增長的電力需求。雖然這些項目尚處於規劃階段，但 BWXT 和 Kinectrics 是加拿大核能市場值得信賴的合作夥伴，目前正在與這些公用事業公司合作。

For the AP1000, we are bidding on component engineering and manufacturing contracts across a global opportunity set.

對於 AP1000，我們正在全球競標組件工程和製造合約。

There continues to be good momentum in the SMR market. In July, the NRC accepted [TVA's] construction permit application to build a GE Hitachi BWRX-300 at Clinch River in Tennessee, with the review expected to be complete by the end of next year. This would be a giant step in the US SMR market and would complement the progress in Canada at the Darlington site for which BWXT is manufacturing the reactor pressure vessel and other important components, potentially.

SMR市場持續保持良好勢頭。7 月，NRC 接受了 TVA 的施工許可申請，將在田納西州克林奇河建造一台 GE Hitachi BWRX-300，預計審查將於明年年底完成。這將是美國 SMR 市場邁出的一大步，並將補充加拿大達靈頓核電廠的進展，BWXT 正在為該核電廠製造反應爐壓力容器和其他重要零件。

In addition to our work with GE Hitachi, we are also working with TerraPower, Rolls-Royce, and others as we anticipate multiple follow-on orders in the coming years.

除了與通用電氣日立的合作外，我們還與 TerraPower、勞斯萊斯等公司合作，預計未來幾年將有多個後續訂單。

Our long history of manufacturing large, complex nuclear components and existential and expanding capacity position us as a super merchant supplier to the SMR market.

我們擁有製造大型複雜核部件的悠久歷史，現有和不斷擴大的產能使我們成為 SMR 市場的超級商業供應商。

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

說完這些，我現在將電話轉給麥克。

Thank you, Rex. Good evening, everyone. Very happy to be here.

謝謝你，雷克斯。大家晚上好。很高興來到這裡。

I've had a chance to meet with a number of you recently. I look forward to meeting with more of you in the coming months.

最近我有機會與你們中的一些人見面。我期待在接下來的幾個月與更多的人見面。

I'll start with some total company financial highlights on slide 4 of the earnings presentation.

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。

Second-quarter revenue was $764 million, up 12%, with growth in both segments. Excluding contributions from acquisitions, organic revenue was up 4%.

第二季營收為 7.64 億美元，成長 12%，兩個部門均成長。不包括收購貢獻，有機收入成長了 4%。

Adjusted EBITDA was $146 million, up 16% year over year, driven by robust double-digit growth in Government Operations, which was partially offset by lower adjusted EBITDA in Commercial Operations.

調整後的 EBITDA 為 1.46 億美元，年成長 16%，這得益於政府營運業務的強勁兩位數成長，但商業營運業務調整後的 EBITDA 較低部分抵消了這一成長。

Corporate expense was lower compared to last year. We continue to expect corporate adjusted EBITDA expense in 2025 to be slightly lower than the $16.8 million reported last year.

公司費用與去年相比有所降低。我們仍預期 2025 年企業調整後的 EBITDA 支出將略低於去年報告的 1,680 萬美元。

Adjusted earnings per share were $1.02, up 24%, driven by strong operating performance, complemented by a lower tax rate, foreign currency gains, and higher pension income, which were partially offset by higher interest expense due to debt associated with the Kinectrics and AOT acquisitions.

調整後每股收益為 1.02 美元，成長 24%，這得益於強勁的營運業績，加上較低的稅率、外匯收益和較高的退休金收入，但因 Kinectrics 和 AOT 收購相關的債務導致的利息支出增加，部分抵消了上述影響。

Our adjusted effective tax rate was 20% for the quarter, which was lower than anticipated due to various tax credits, as well as higher stock compensation expense. Given the lower second-quarter tax rate, we now expect our full-year tax rate to be approximately 21%. This yields a second -half tax rate of approximately 22.5%, which is more in line with our expectation of our tax rate going forward.

本季我們的調整後有效稅率為 20%，由於各種稅收抵免以及股票薪酬費用增加，該稅率低於預期。鑑於第二季稅率較低，我們現在預計全年稅率約為 21%。這意味著下半年的稅率約為 22.5%，這更符合我們對未來稅率的預期。

Free cash flow in the quarter was a robust $126 million, driven by good working capital management.

受良好的營運資本管理推動，本季自由現金流達到強勁的 1.26 億美元。

Capital expenditures in the quarter were $33 million or 4.3% of sales due to timing of growth investments being more back-half-weighted during the year. We now expect capital expenditures to be 5.5% to 6% of sales for the year, driven by investments to meet growing and market demand, including the ongoing expansion of our Cambridge commercial nuclear manufacturing facility and infrastructure investments related to defense fuels and Government Operations.

本季的資本支出為 3,300 萬美元，佔銷售額的 4.3%，這是因為本年成長投資的時間安排更集中在後半部分。我們現在預計資本支出將佔全年銷售額的 5.5% 至 6%，主要原因是滿足不斷增長的市場需求的投資，包括我們劍橋商業核製造工廠的持續擴建以及與國防燃料和政府運營相關的基礎設施投資。

Moving now to segment results on slide 6, in Government Operations, second-quarter revenue was up 9%, driven by growth in naval propulsion, timing of material procurements, special materials performance, and just over 2% contribution from the AOT acquisition.

現在轉到幻燈片 6 上的分部業績，在政府運營方面，第二季度收入增長 9%，這得益於海軍推進、材料採購時機、特殊材料性能的增長以及 AOT 收購帶來的 2% 多一點的貢獻。

Adjusted EBITDA was up 23% year over year to $133 million, yielding an adjusted EBITDA margin of 22.6%. This was driven by favorable mix, strong operating performance, and favorable contract performance in our special materials portfolio.

調整後的 EBITDA 年成長 23% 至 1.33 億美元，調整後的 EBITDA 利潤率為 22.6%。這是由我們的特殊材料產品組合的良好組合、強勁的營運表現以及良好的合約履行所推動的。

We continue to expect Government Operations to generate mid-single-digit revenue growth in 2025. However, with stronger margin performance in the first half, we now anticipate adjusted EBITDA margin to be approximately 20.5% for the year.

我們仍然預計政府營運將在 2025 年實現中等個位數的收入成長。然而，由於上半年利潤率表現強勁，我們現在預計全年調整後的 EBITDA 利潤率約為 20.5%。

Turning to Commercial Operations, revenue was $176 million, up 24% year over year, driven by contribution from the Kinectrics acquisition and double-digit growth in Medical, which was partially offset by a modest decline in commercial power, as Rex discussed. Excluding Kinectrics, organic revenue was down 3%.

談到商業運營，收入為 1.76 億美元，同比增長 24%，這得益於 Kinectrics 收購的貢獻以及醫療業務的兩位數增長，但正如 Rex 所討論的，商業電力的適度下降部分抵消了這一增長。不包括 Kinectrics，有機收入下降了 3%。

Specific to commercial power, while we had strong revenue growth and components work on the BWRX-300 reactor pressure vessel and Pickering steam generators, this was more than offset by the expected decline in field services due to timing of key outage and maintenance projects during the year.

具體到商業電力，雖然我們的收入增長強勁，並且在 BWRX-300 反應器壓力容器和皮克林蒸汽發生器方面取得了進展，但由於年內關鍵停電和維護項目的時間安排，現場服務的預期下降抵消了這一增長。

Adjusted EBITDA in the segment was $16 million compared to $23 million last year. This resulted in an adjusted EBITDA margin of 9.2%. While we had solid margin performance in commercial power components and fuel, this was offset by the decline in field services and growth investment to match the robust market demand.

該部門調整後的 EBITDA 為 1,600 萬美元，而去年同期為 2,300 萬美元。調整後的 EBITDA 利潤率為 9.2%。雖然我們在商用電力組件和燃料方面取得了穩健的利潤表現，但為滿足強勁的市場需求，現場服務和成長投資的下降抵消了這一利潤表現。

To provide some additional perspective, within commercial power field services, one of our higher margin business lines was just over 10% of revenue in the quarter, down from over 35% in the same period last year. This unfavorable mix accounted for over half of the year-over-year margin decline, with the remainder due to unfavorable absorption of higher SG&A, given lower revenue in the quarter.

為了提供一些額外的視角，在商業電力現場服務領域，我們利潤率較高的業務線之一在本季度的收入中僅佔 10% 多一點，低於去年同期的 35% 以上。這種不利因素佔了去年同期利潤率下降的一半以上，其餘部分則是由於本季收入較低，導致銷售、一般及行政費用增加，導致利潤率下降。

At this segment level, we now expect Commercial Operations revenue to grow over 50%, with mid-teens organic growth complemented by the Kinectrics acquisition. However, adjusted EBITDA margin is expected to be 13.5% to 14% compared to the low end of 14% to 15% previously, due to growth investment and modestly higher contribution from Kinectrics.

在這個細分市場層面，我們現在預計商業營運收入將成長 50% 以上，而 Kinectrics 收購將補充中等水準的有機成長。不過，由於成長投資和 Kinectrics 的貢獻略有增加，調整後的 EBITDA 利潤率預計為 13.5% 至 14%，而之前的低端為 14% 至 15%。

Still, our guidance implies significantly improved results in the second half of the year, with higher revenue, more favorable mix, and the absence of commodity price pressure that acutely impacted our first-quarter results.

儘管如此，我們的預期意味著下半年業績將顯著改善，收入將增加，產品組合將更加有利，而且大宗商品價格壓力不會對第一季業績造成嚴重影響。

Turning now to our 2025 total company guidance on slides 7 and 8 of the earnings presentation, we are raising our guidance for revenue, adjusted EBITDA, and earnings per share; and increasing the low end of our free cash flow guidance.

現在來看看收益報告第 7 張和第 8 張投影片上的 2025 年公司總體指引，我們提高了收入、調整後 EBITDA 和每股盈餘的指引；並提高了自由現金流指引的下限。

We now anticipate revenue of approximately $3.1 billion, with modestly better revenue assumptions across the business, as well as contributions from a slightly earlier close of the Kinectrics acquisition. Accordingly, we're raising our adjusted EBITDA guidance to $565 million to $575 million, up $10 million at the midpoint as the stronger operational performance in Government and slightly higher revenue in Commercial is partially offset by mix and growth investment, as I previously discussed.

我們現在預計營收約為 31 億美元，整個業務的收入假設略有提高，而 Kinectrics 收購稍早完成也帶來了貢獻。因此，我們將調整後的 EBITDA 指引上調至 5.65 億美元至 5.75 億美元，中間值上漲 1000 萬美元，因為政府部門的營運業績強勁以及商業部門的收入略有增加，但正如我之前所討論的，這些變化被組合和增長投資部分抵消。

These changes to our operating outlook, combined with a lower tax rate and better pension and other income, yield an increase in our adjusted EPS guidance from $3.65 to $3.75 per share. This is up about $0.23 at the midpoint compared to our original guidance, with half of the increase driven by operations and half by the non-operating items I previously discussed.

這些經營前景的變化，加上較低的稅率和更好的退休金和其他收入，使我們的調整後每股收益預期從 3.65 美元增加到 3.75 美元。與我們最初的指導相比，這一數字中間上漲了約 0.23 美元，其中一半的增長是由營運推動的，另一半是由我之前討論過的非營運項目推動的。

Lastly, we are increasing our free cash flow guidance from $275 million to $285 million, up $10 million at the low end as higher income and benefits from tax legislation are partially offset by slightly higher CapEx.

最後，我們將自由現金流指引從 2.75 億美元提高到 2.85 億美元，最低增加 1,000 萬美元，因為更高的收入和稅收立法帶來的收益被略高的資本支出部分抵消。

Overall, we had a strong second quarter and are well positioned to meet our increased guidance for the year. With that, I will turn it back to Rex for closing remarks.

總體而言，我們第二季度表現強勁，並有能力實現今年上調的預期。最後，我將把演講時間交還給雷克斯，請他作最後發言。

Thanks, Mike.

謝謝，麥克。

Over the past decade as a standalone public company, BWXT has invested both organically and inorganically to enhance our capabilities in the nuclear market.

過去十年來，作為一家獨立的上市公司，BWXT 透過有機和無機投資來增強我們在核市場的能力。

We have built significant industrial scale. Our customers are increasingly relying on BWXT to meet their needs.

我們已經形成了相當規模的產業。我們的客戶越來越依賴 BWXT 來滿足他們的需求。

We've had a strong start to the year, both financially and strategically. Our backlog is at a record level. Demand across our end markets is accelerating. Our intense focus on operational excellence positions us well to continue to drive shareholder value in the years ahead.

無論從財務或策略角度來看，今年我們都有一個好的開始。我們的積壓訂單已達到創紀錄的水平。我們終端市場的需求正在加速成長。我們對卓越營運的高度關注使我們能夠在未來幾年繼續推動股東價值。

With that, we look forward to taking your questions.

我們期待回答您的問題。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Mike, the 10-Q flags a $29 million favorable contract adjustment, I think, on nuclear operations. Can you clarify any more what that relates to and if any of that was assumed in the original guide?

麥克，我認為，10-Q 標記了一項價值 2900 萬美元的核能業務有利合約調整。您能否進一步說明這與什麼有關以及原始指南中是否假設了其中的內容？

Yeah. Thanks, Scot.

是的。謝謝，斯科特。

The $29 million, as you mentioned, in the 10-Q relates to one of the special materials contracts. As Rex mentioned, we had strong operating performance in special materials.

正如您所提到的，10-Q 中的 2900 萬美元與其中一份特殊材料合約有關。正如雷克斯所提到的，我們在特殊材料領域的經營績效強勁。

Scott, as you know, we look at a number of different potential opportunities -- as it looks to those contracts. So portion of that was included in the guide.

斯科特，如你所知，我們正在考慮許多不同的潛在機會——就像那些合約一樣。因此其中的一部分已包含在指南中。

But I would say it was a little bit more favorable than we had originally anticipated. So I would say a part of it we assumed in our original guidance.

但我想說的是，這比我們最初預期的要好一些。所以我想說我們在最初的指導中已經假設了其中的一部分。

Okay. Great.

好的。偉大的。

And then, Rex, do you see any opportunity for BWXT to secure some level of content on new-build AP1000s that may be built at some point in the US? And if so, what type of content would the company be able to compete for those reactors?

那麼，雷克斯，您是否認為 BWXT 有機會獲得可能在美國某個時候建造的新建 AP1000 的一定程度的內容？如果是這樣，該公司將用什麼類型的內容來與這些反應爐競爭？

Yeah. I do, Scott.

是的。我同意，斯科特。

We have, in fact, an MOU with Westinghouse to potentially manufacture certain components for the AP1000 in the US market and potentially in other markets. What we would do there is similar to what we do and can do. We're qualified for high-pressure components like steam generators, heat exchangers. We could make that reactor pressure vessel in our Cambridge plant.

事實上，我們與西屋公司簽署了一份諒解備忘錄，有可能在美國市場和其他市場生產 AP1000 的某些零件。我們在那裡做的事情與我們所做的和能做的類似。我們有資格生產蒸汽發生器、熱交換器等高壓部件。我們可以在劍橋工廠製造此反應爐壓力容器。

So there's a lot there. I think as industrial capacity starts to stretch, we might have some really interesting opportunities there.

那裡有很多東西。我認為隨著工業產能開始擴張，我們可能會有一些非常有趣的機會。

Okay. And just to clarify, could your content on that potentially be as large as CANDU or would it be still materially smaller?

好的。只是為了澄清一下，您關於它的內容可能和 CANDU 一樣大嗎，還是會小得多？

Yeah. I'm not sure if I'd go that far. We'll have to see how that unfolds.

是的。我不確定我是否會走那麼遠。我們將拭目以待事情將如何發展。

For CANDU, of course, we typically get all the steam generators -- most of the heat exchangers, theaters, and other such content. I'd say it's the same kind of scope of equipment. But I don't know if we would un the table like we do at CANDU.

當然，對於 CANDU，我們通常會獲得所有的蒸汽發生器——大多數熱交換器、劇院和其他類似的內容。我想說的是，這是同一種範圍的設備。但我不知道我們是否會像在 CANDU 那樣撤回談判桌。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Jeff Campbell, Seaport.

傑夫·坎貝爾，海港。

Congratulations on the strong quarter. I thought I'd start with one high-level question. Then, I got a specific for the second.

恭喜本季業績強勁。我想從一個高層次的問題開始。然後，我得到了第二個的具體資訊。

I thought the appointment of Kevin McCoy, the Chief Nuclear Officer, was clearly important. But it's not clear to me how you will influence bottlenecks that don't historically reside at BWXT. So any high-level commentary you can provide there is certainly appreciated.

我認為任命首席核能官凱文·麥考伊 (Kevin McCoy) 顯然非常重要。但我不清楚您將如何影響 BWXT 歷史上不存在的瓶頸。因此，如果您能提供任何高水準的評論，我們將不勝感激。

Yeah. Jeff, I didn't quite catch the question. Would you be good enough to repeat it?

是的。傑夫，我沒太聽清楚這個問題。您願意重複一遍嗎？

Sure. I was saying that I noted Kevin McCoy's appointment to Chief Nuclear Officer with interest. But I wasn't really sure how what his mandate will be since BWXT is usually not the point of dragging when we have difficulties getting these projects through. So just any commentary that you can provide on how he's going to influence so --

當然。我說的是，我饒有興趣地註意到凱文·麥考伊被任命為首席核能官。但我真的不確定他的任務是什麼，因為當我們在完成這些項目時遇到困難時，BWXT 通常不是拖延的重點。所以，你能提供任何關於他將如何影響的評論嗎？--

I got you. I got you.

我接到你了。我接到你了。

Yeah. Thank you.

是的。謝謝。

All right. Okay. I understand the question now. Right.

好的。好的。我現在明白了這個問題。正確的。

You're quite correct in the way that title is normally used. Let me just say that that's a bit of a holding place for Kevin. The reason for that is that Kevin is [seconded] to the Department of Defense to help the Deputy Secretary of Defense and the Secretary of the Navy with nuclear shipbuilding. So he remains an executive employee of BWXT but he is fully under contract with the Navy.

您對這個標題的通常使用方式非常正確。我只想說，這對凱文來說是一個阻礙。原因是凱文被借調到國防部，協助國防部副部長和海軍部長進行核動力艦艇建造工作。因此，他仍然是 BWXT 的執行僱員，但他與海軍簽訂了完整的合約。

And so that's the title that he's holding while he is (inaudible) occupying those positions with the Navy. In the meantime, we promoted Joe Miller up into President of Government Operations to replace Kevin. So it's all part of that dynamic.

這就是他在海軍擔任這些職務期間所持有的頭銜（聽不清楚）。同時，我們提升喬米勒 (Joe Miller) 為政府營運總裁，接替凱文 (Kevin)。所以這都是動態的一部分。

Okay. Yeah. That makes a lot more sense.

好的。是的。這更有意義。

My other question was slide 7, the Government Operations' margins of approximately 20.5% That seems well above prior guidance. I just wonder if you could pinpoint some drivers of this improvement and maybe their durability. Thanks.

我的另一個問題是第 7 張投影片，政府營運的利潤率約為 20.5%，這似乎遠高於先前的指導。我只是想知道您是否可以指出這種改進的一些驅動因素及其持久性。謝謝。

Yeah. GO margin for the quarter was impacted by the [EAC] for the special materials contract that we just mentioned. We also had some really good pacing of work, as well as some of the timing of materials that was good, from an overall margin standpoint.

是的。本季的 GO 利潤率受到我們剛才提到的特殊材料合約 [EAC] 的影響。從整體利潤的角度來看，我們的工作節奏也非常好，而且某些材料的時機也很好。

Overall, I would say we're comfortable and we're happy with some of the efficiencies and utilization that we're seeing at the plants. We think we're continuing to focus on that, from a margin standpoint, to create some long-term sustainability there.

總的來說，我想說我們感到很舒服，我們對工廠所看到的一些效率和利用率感到滿意。我們認為，從利潤的角度來看，我們將繼續關注這一點，以創造一些長期的永續性。

We'll see continued strong performance for the rest of the year. We'll give you more clarity around what we're expecting in '26 next quarter.

我們將在今年剩餘時間內繼續看到強勁的表現。我們將向您更清楚地說明我們對下個季度 26 年的預期。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Robert Labick, CJS Securities.

CJS 證券公司的羅伯特·拉比克（Robert Labick）。

Good afternoon. Thanks for taking my questions. Congrats to Mike on his new role.

午安.感謝您回答我的問題。祝賀邁克獲得新職位。

Thank you.

謝謝。

Sure. I wanted to start, Rex, you mentioned this in your prepared remarks, you had the recent approval by the CNSC to radiate [atrium] and lutetium in your target delivery system. Can you talk about the opportunity there? What are the next steps and what it will take for you to get that (inaudible) done and produce commercial material?

當然。首先，雷克斯，你在準備好的發言中提到了這一點，你最近獲得了加拿大核安全委員會的批准，可以在目標運載系統中輻射[心房]和镥。你能談談那裡的機會嗎？下一步是什麼？您需要做什麼才能完成（聽不清楚）並製作商業材料？

Sure, Bob. Yeah. We're doing that in partnership with Laurentis Energy Partners, as I said in the script. The qualification of those products is really up to our partner. They're the ones that have developed the contracts to produce that material for certain clients. And so we have a bit of a passive role there.

當然，鮑伯。是的。正如我在劇本中所說，我們正在與 Laurentis Energy Partners 合作完成這項工作。這些產品的資格其實取決於我們的合作夥伴。他們就是為特定客戶制定生產該材料的合約的人。因此我們在這方面扮演著有點被動的角色。

We did design and deploy that target delivery system. And so it will be a royalty opportunity for us.

我們確實設計並部署了該目標交付系統。因此這對我們來說是一個版權機會。

Okay. Great.

好的。偉大的。

And then, just switching gears a little bit for my follow-up, you have a tremendous amount of opportunities ahead of you: talked about the new SMR growth, Pele build-out, et cetera.

然後，稍微轉換一下話題，接下來我會繼續提問，你們面前有大量的機會：談到新的 SMR 成長、Pele 的建設等等。

Talk about capital allocation, how do you prioritize capital into each of these? What are the big amounts of capital that you need to deploy over the next 5 to 10 years for any of these or other opportunities? How you allocate?

談到資本配置，您如何對每個資本進行優先排序？為了抓住這些或其他機會，您需要在未來 5 到 10 年內投入多少資金？怎麼分配？

Yeah. Maybe I'll start and then, flip it over to Mike.

是的。也許我會開始，然後再把它交給麥克。

We've given the broad guidance: that 4% for maintenance CapEx, [searching] up to perhaps 5% or 6% episodically, depending on the opportunity. We're doing the Cambridge plant build-out, right now, which is obviously not maintenance CapEx. That's 1% of our sales, right now. And so that pushes it up in that 4% to 6% range. I think that's how we see it.

我們給出了大致的指導：維護資本支出為 4%，根據機會，偶爾會上升到 5% 或 6%。我們目前正在擴建劍橋工廠，這顯然不是維護資本支出。這占我們目前銷售額的 1%。因此，這將使其上升至 4% 至 6% 的範圍內。我想我們就是這樣看待的。

We don't see in the windshield, Bob, any CapEx super cycles like we've been through, at least at the present moment. So I think you'd see it banded in that range, 4% to 6%.

鮑勃，至少目前，我們在擋風玻璃上沒有看到任何我們經歷過的資本支出超級週期。所以我認為你會看到它處於 4% 到 6% 的範圍內。

As to how we evaluate it, it's obviously a business case. We've got so many high-quality business cases, right now, and so much competition for capital, it's actually pretty tough. But that goes with the abundance of opportunities that we're facing.

至於我們如何評價它，這顯然是一個商業案例。目前，我們有很多高品質的商業案例，而且資本競爭非常激烈，這實際上相當艱難。但這與我們面臨的大量機會相伴而生。

Maybe I'll pitch it over to Mike for any additional comments.

也許我會把它提交給麥克以徵求更多意見。

Yeah, Rex. That is right. The only other thing I'd call out is we did raise guidance and expectations for CapEx to 5.5% to 6%. Part of that is driven by some investments we're making around defense fuels related to enrichment.

是的，雷克斯。沒錯。我唯一要指出的是，我們確實將資本支出的指導和預期提高到了 5.5% 到 6%。部分原因是我們在濃縮相關國防燃料方面進行了一些投資。

But as Rex mentioned, we see this. I think we've said before, we anticipate more of -- tens of millions of dollars in investments in some of these opportunities. But we don't see the same level of significant CapEx than we may have seen in the past.

但正如雷克斯所提到的，我們看到了這一點。我想我們之前說過，我們預計將在其中一些機會上投入數千萬美元。但我們並沒有看到與過去相同水準的顯著資本支出。

Super. All right. Thanks very much.

極好的。好的。非常感謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Hi. Good afternoon. This is Josh Korn, on for David.

你好。午安.我是喬許‧科恩 (Josh Korn)，代替大衛。

You've gotten two Navy contracts now in quick succession. How far are you contracted for for those Navy programs?

您現在已經連續獲得了兩份海軍合約。您與這些海軍項目簽訂了多長的合約？

Those contracts have a performance period of up to eight years. It's typical for the delivery of a full ship set to take between six and eight years, depending on whether that's Virginia and Columbia or [Ford].

這些合約的履行期最長為八年。整艘船的交付通常需要六到八年的時間，這取決於是弗吉尼亞號和哥倫比亞號，還是[福特]。

So eight years from the time we signed the contract.

從我們簽約到現在已經八年了。

Okay. Thanks.

好的。謝謝。

And then, I wanted to ask, with Kinectrics closing a little earlier than you expected, how much did that contribute to the guidance increase?

然後，我想問一下，Kinectrics 的關閉時間比您預期的要早一點，這對指導增加有多大貢獻？

And then, in the free cash flow guidance, what are you assuming for working capital?

然後，在自由現金流指導中，您對營運資本有何假設？

Yeah. We had previously said: Kinectrics, about midyear. As we mentioned, we look at a number of different scenarios. So you're right. It was a few weeks ahead of what we had planned.

是的。我們之前曾說：Kinectrics，大約在年中。正如我們所提到的，我們研究了許多不同的場景。所以你是對的。這比我們計劃的提前了幾週。

Part of what you're seeing in the guidance raise relates to that. I would say, though, that that's a smaller portion. If you think about Kinectrics at an EPS level, it is slightly neutralized by the additional interest expense associated with funding from the acquisition. And so when you look at it from that standpoint, it's a smaller amount. I think most of the rate really relates to timing and pacing of work, as well as our performance in our Government Operations business.

您在指導意見中看到的部分內容與此有關。但我想說的是，這只是一小部分。如果您從 EPS 等級來考慮 Kinectrics，它會因與收購資金相關的額外利息支出而略微被抵銷。所以從這個角度來看，這個金額較小。我認為大部分費率實際上與工作時間和節奏以及我們在政府運營業務中的表現有關。

And then, as it relates to working capital, from an overall working capital standpoint -- and I don't know if this was specific to Kinectrics -- we are anticipating working capital and free cash flow generation similar to the rest of our business. So over 80% free cash flow generation, specific to Kinectrics.

然後，就營運資本而言，從整體營運資本的角度來看——我不知道這是否特定於 Kinectrics——我們預計營運資本和自由現金流的產生與我們其他業務類似。因此，對於 Kinectrics 來說，自由現金流的產生率超過 80%。

Okay. Thanks.

好的。謝謝。

Pete Skibitski, Alembic.

皮特·斯基比茨基（Pete Skibitski），Alembic。

Hey. Good evening, guys. Nice quarter.

嘿。大家晚上好。不錯的季度。

Rex, if I could follow up, I think it was Josh's question on the two naval reactor contracts in the last, call it, six or seven months or so -- I feel like, historically, the Navy is like an annual pace for you guys. But now, we've got a quicker pace, pretty -- especially this latest win, a pretty sizable award. Can you give us a sense of what's motivating the Navy?

雷克斯，如果我可以跟進的話，我認為喬希的問題是關於過去六七個月左右的兩個海軍反應堆合約——我覺得，從歷史上看，海軍對你們來說就像是每年的步伐。但現在，我們的步伐更快了——尤其是最近贏得的這項相當可觀的獎項。您能告訴我們海軍的動機是什麼嗎？

Because I don't know if this is industrial-based funding or wage growth or -- but I don't really think of you guys as being a bottleneck on submarine construction, right? So I'm just wondering if you can give us a sense of what the motivation is here for these size of awards and this compressed timeframe.

因為我不知道這是基於工業的資金還是工資增長——但我真的不認為你們是潛艇建造的瓶頸，對嗎？所以我只是想知道您是否可以讓我們了解一下設立如此規模的獎項和縮短時間框架的動機是什麼。

Yeah. Hey, Pete.

是的。嘿，皮特。

The way that worked out -- this last pricing agreement that we announced, the $2.6 billion one -- was really on time. You may remember on the last one that we had a number of delays. That related to the complexity of that negotiation.

最終的結果——我們宣布的最後一個定價協議，價值 26 億美元的協議——確實準時達成。您可能還記得，上一次我們遇到了一些延誤。這與談判的複雜性有關。

It was complex because we had gone through COVID, had a lot of labor and commodity price pressure. It took a while to get through that. And so this one came on time. The prior one came pretty late. So the pace is still the same. We're still receiving orders to the 30-year shipbuilding plan that the Navy has.

這很複雜，因為我們經歷了新冠疫情，面臨著巨大的勞動力和商品價格壓力。花了一段時間才解決這個問題。所以這次來得及時。前一個來得相當晚。所以步伐還是一樣的。我們仍在接受海軍 30 年造船計劃的訂單。

But I would say what's significant about it is there are concerns about whether or not the shipyards will keep pace with the supply chain. We have offered that we believe that the names approach is going to be to try to fix the problem in the shipyards and keep the supply chain running at base.

但我想說，重要的是人們擔心造船廠是否能跟上供應鏈的步伐。我們已經表示，我們相信，解決方案是嘗試解決造船廠的問題並保持基地供應鏈的正常運作。

And so this last pricing agreement validates that thesis. It has two Virginias per year. Columbia is now in serial ordering. And then, the (inaudible) next Ford, when it comes.

因此，最後的定價協議證實了這個論點。每年有兩艘維吉尼亞號。《哥倫比亞》目前已進入連續訂購階段。然後，（聽不清楚）下一輛福特汽車就來了。

And so I think it was important from that perspective to say that at least for us, the supply chain is staying on schedule.

因此，我認為從這個角度來看，至少對我們來說，供應鏈正在按計劃進行，這一點很重要。

Okay. Got it. Yeah, So don't expect the next one until 2026, it seems like what we should think.

好的。知道了。是的，所以不要指望下一次災難要等到 2026 年，這似乎是我們應該想到的。

It depends. Sometimes, it's on two-year intervals. Sometimes, on three. So we'll see how that unfolds with our customer.

這取決於。有時，間隔兩年。有時，三點。因此，我們將觀察我們的客戶如何進行這項工作。

Okay. Okay.

好的。好的。

Just one follow-up for me, in your prepared remarks, your comments about several advanced nuclear fuel opportunities, I feel like in the past, you guys have said that you're not really interested in commercial fuel opportunities. I just want to validate if that's still true.

我只想問一個後續問題，在您準備好的發言中，在您對幾種先進核燃料機會的評論中，我覺得過去你們曾說過，你們對商業燃料機會並不真正感興趣。我只是想驗證這是否仍然正確。

These fuel opportunities, are they largely the government, at this point?

目前，這些燃料機會主要屬於政府嗎？

Not exactly. I'd say there's a smallish but an interesting demand signal for TRISO fuel that we're responding to. We can produce that fuel, commercially. We're literally the only company that can produce TRISO at any scale.

不完全是。我想說的是，我們正在對 TRISO 燃料的一個較小但有趣的需求訊號做出反應。我們可以商業化生產這種燃料。我們實際上是唯一一家能夠大規模生產 TRISO 的公司。

So there's commercial interest. I expect we'll get a couple of contracts in that area this year.

因此存在商業利益。我預計我們今年將在該地區獲得幾份合約。

And then, I think the other indication was around -- on the front of the fuel cycle for the defense enrichment program that we're involved with, depending on the scale of that thing and how it unfolds, it could be commercial outlets for that material.

然後，我認為另一個跡像是——在我們參與的國防濃縮計劃的燃料循環前端，根據該計劃的規模和進展情況，它可能成為該材料的商業銷售管道。

So I'd say a couple of opportunities there that are interesting to us.

所以我想說，那裡有幾個令我們感興趣的機會。

Okay. Great. Thank you.

好的。偉大的。謝謝。

You're welcome.

不客氣。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Good afternoon, guys. Thanks for taking my question.

大家下午好。感謝您回答我的問題。

Looking at microreactor, I know a lot of moving pieces there. It looks like Pele's progressing well. How should we think about that end market in the near to medium term? Given the progress on Pele, the loss of DRACO, is there any contribution from JETSON still?

看看微反應器，我知道那裡有很多活動部件。看起來貝利的進步很快。我們該如何看待近期和中期的終端市場？鑑於 Pele 的進展、DRACO 的損失，JETSON 是否還有任何貢獻？

Just trying to figure out what the moving pieces are.

只是想弄清楚移動的部分是什麼。

Yeah. I'd say under the -- let me take those by part.

是的。我想說的是──讓我分部分來講。

For Pele, yeah, it's progressing. We're assembling the reactor core now, as we have discussed. I was in the Pentagon just within the last month, talking to a senior official about what the path ahead is for government microreactors. It looks like the procurement strategy is going to be a competitive offering to put microreactors at multiple DOD sites.

對貝利來說，是的，他正在進步。正如我們所討論的，我們現在正在組裝反應器核心。就在上個月，我在五角大廈與一位高級官員討論了政府微反應爐的未來發展方向。看起來採購策略將是一種競爭性舉措，將微反應器放置在多個國防部站點。

This is what we had always hoped. We had hoped that Pele would become, maybe, a low -rate initial production program, with production programs to follow. I think that could happen.

這正是我們一直希望的。我們曾希望，Pele 或許會成為一個低速率的初始生產項目，隨後會有生產項目進行。我認為這是有可能的。

Now, that's certainly in the future couple of years. But I think that's the end point for it.

現在，這肯定是在未來幾年內。但我認為這就是它的終點。

Concerning DACO, DRACO hasn't gone away. Just to be clear about that, DARPA withdrew its participation from a joint venture with NASA to develop that nuclear thermal propulsion technology. But the NASA program is going ahead.

關於 DACO，DRACO 並沒有消失。為了明確這一點，DARPA 退出了與 NASA 的核熱推進技術開發合資計畫。但美國宇航局的計劃仍在繼續進行。

In fact, the [CJS] appropriation marks for DRACO for nuclear thermal propulsion were [$175 million] on the House side and [110 million] on the Senate side. So it looks like we will have a program, going forward, through NASA to develop that technology. I'm actually pretty optimistic about that one.

事實上，眾議院為 DRACO 核熱推進項目撥款為 1.75 億美元，參議院為 1.1 億美元。因此看起來我們將透過 NASA 制定一個計劃來開發這項技術。我實際上對此非常樂觀。

In terms of JETSON, the other program that you talked about, there's a sliver of a program there. It's a smallish thing.

就您談到的另一個程式 JETSON 而言，那裡有一個程式的碎片。這是一件小事。

And then, we have some other pieces, Fission Surface Power and other such programs. I think from what I'm hearing, NASA is ready to gear up on Fission Surface Power, pretty quickly. So there's a lot there. I think we'll have a significant role in some of it.

然後，我們還有一些其他的部分，裂變表面動力和其他類似的項目。我認為，從我聽到的消息來看，NASA 已經準備好迅速啟動裂變表面能專案。那裡有很多東西。我認為我們將在其中發揮重要作用。

Okay. That's definitely promising. Good to hear.

好的。這絕對是有希望的。很高興聽到這個消息。

And then, moving in a different direction, just talking about naval nuclear supply chain more broadly. I think one of your peers talked about the prospect of taking more work off the plates of the shipyards in order to help clear up some of those bottlenecks. Is that something that you guys would ever be interested in doing? Or is it been there-done that, don't really want to do that anymore?

然後，換個方向，更廣泛地談論海軍核子供應鏈。我想您的一位同事談到了從船廠分擔更多工作以幫助解決其中的一些瓶頸問題的前景。這是你們感興趣的事嗎？還是已經經歷過了，真的不想再做了？

I know this is something that I think you guys have explored before. But I wasn't sure if you're maybe taking another look at it with fresh eyes.

我知道這是你們之前已經探索過的。但我不確定您是否會以全新的眼光看待它。

I'd say, generally, it's not of high interest to us. If it's not nuclear-qualified components, then that work would not be, for the most part. So I wouldn't put it at the top of my list.

我想說，一般來說，我們對此不太感興趣。如果不是核級合格組件，那麼大部分工作就無法完成。所以我不會把它放在我的首要位置。

Got it. Okay. That makes sense.

知道了。好的。這很有道理。

One more, if I could squeeze it in. Looking at the supply chain, again, to stick on that, any further impact related to zirconium? What are you guys seeing there? Does it look like it's getting better, getting worse?

如果我能擠進去的話，再來一個。再次看一下供應鏈，堅持這一點，還有與鋯相關的進一步影響嗎？你們在那裡看到了什麼？看起來情況是變好了還是變壞了？

Seems to have leveled out. It certainly went through a spike there. Mike talked about it in his remarks. It impacted us in the first quarter. There was a modest -- very minor -- impact in the second quarter.

似乎已經穩定下來了。它確實在那裡經歷了一次高峰。麥克在講話中談到了這一點。它對我們第一季產生了影響。第二季的影響很小，非常小。

But just as a reminder, that zirconium price variability is the reason why we don't accept that risk in our contract. That passes through to the customer. The impact was merely a timing impact related to how we do the [percentage complete contract].

但需要提醒的是，鋯價格波動是我們在合約中不接受這種風險的原因。這傳遞給了客戶。影響只是與我們如何做有關的時間影響[合約完成百分比]。

That bounces back to us. So I think, first, it has settled down; second, it comes back to us in the end.

這對我們來說是反彈。所以我認為，首先，它已經平息了；其次，它最終還是回到了我們身邊。

Got it. I appreciate the clarification, Rex. I'll leave it there. Thanks so much.

知道了。我很感謝你的澄清，雷克斯。我就把它留在那裡。非常感謝。

Thank you.

謝謝。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

You have [Mark Schutter], on for Jed.

馬克舒特 (Mark Schutter) 代替傑德 (Jed)。

Given all the new enthusiasm and the government support, can you try to place a metric on the engagement level you're seeing now versus a quarter ago or a year ago, maybe on the number of projects you're bidding on actively or maybe an increase of revenue opportunity?

考慮到所有新的熱情和政府支持，您能否嘗試將現在看到的參與度與一個季度前或一年前進行比較，也許是您積極競標的項目數量，也許是收入機會的增加？

Well, hard to answer that one, Mark. I would say we certainly see high activity in every one of our end markets.

嗯，這個問題很難回答，馬克。我想說的是，我們確實看到每個終端市場都很活躍。

Medical has been compounding the 20% per year. The Government appetite seems to be stronger than ever. In fact, I've said earlier today that we can outgrow the Government business. Commercial power, the opportunities are abundant.

醫療業每年的複合成長率為 20%。政府的興趣似乎比以往更強烈。事實上，我今天早些時候就說過，我們可以超越政府業務。商業力量，商機無限。

Yeah. The markets are just strong everywhere. We certainly haven't experienced a time like this.

是的。各地市場都很強勁。我們確實沒有經歷過這樣的時刻。

I appreciate it. I thought I'd ask.

我很感激。我想問一下。

Just switching gears a bit to the TRISO fuel, I think I heard you mention that you expect some contracts by end of the year. Can you wrap that in any unit economics or maybe a capacity? Or can you give us any more color on what we should be expecting there? Is that going to be any significant impact to the financials this or maybe even next year?

稍微轉換一下主題，談談 TRISO 燃料，我想我聽到您提到過，您預計年底前會簽訂一些合約。您能將其納入任何單位經濟學或容量中嗎？或者您能否向我們詳細介紹一下我們應該期待什麼？這會對今年甚至明年的財務狀況產生重大影響嗎？

Yeah. I'd say -- I don't want to be specific about timing -- I would be a little bit cautious about the scale of those. They're smallish. They're certainly smaller than the Pele contract fuel contracts.

是的。我想說——我不想具體說明時間——我會對這些規模保持謹慎態度。它們比較小。它們肯定比貝利的燃料合約要小。

But I think they're interesting because we're beginning to see the precipitation of modest demand for TRISO fuel on the Commercial side. So it's exciting, strategically. It's not big economically yet.

但我認為它們很有趣，因為我們開始看到商業方面對 TRISO 燃料的適度需求的下降。因此從戰略角度來說這是令人興奮的。從經濟角度來說，它的規模還不算大。

Great. Thank you, guys.

偉大的。謝謝你們。

[John Francis Engler], Baird.

[約翰·弗朗西斯·恩格勒]，貝爾德。

Good evening, Rex, Mike, and Chase.

晚上好，雷克斯、麥克和蔡斯。

The first question, I just want to start on the [Reconciliation Bill]. There's a lot of big-dollars (inaudible) ship building in support for the nuclear triad. So I just wanted to get your thoughts how you're thinking about that? Any incremental orders that you expect to start to flow to BWXT, where it wouldn't have existed if there was no Reconciliation Bill?

第一個問題，我只是想從[和解法案]。為了支持核子三位一體，需要投入大量資金（聽不清楚）建造大量船舶。所以我只是想了解一下您的想法，您對此有何看法？您預計是否有任何增量訂單開始流向 BWXT，如果沒有對帳單，它就不會存在？

Yeah. This reconciliation bill was good for us. There was funding in there for a second Virginia for 2026, of course. There was, if I recall it correctly, $100 million for defense enrichment, which obviously is right in our wheelhouse and what we're working on with National Nuclear Security Administration. There was funding that's specific to advanced reactors. You can read that as Pele. There was additional funding for the Strategic Capabilities office.

是的。這項和解法案對我們有利。當然，其中有為 2026 年建立第二個維吉尼亞州提供的資金。如果我沒記錯的話，國防濃縮計畫有 1 億美元，這顯然是我們能夠掌控的，也是我們正在與國家核安局合作的計畫。有專門用於先進反應器的資金。你可以將其讀作 Pele。戰略能力辦公室獲得了額外資金。

And so when you stack all that up, I think it was all quite edifying to programs that we had in progress.

所以，當你把所有這些加在一起時，我認為它們對於我們正在進行的項目來說都是非常有啟發性的。

Great. Thanks, Rex.

偉大的。謝謝，雷克斯。

And then, just a quick follow-up on the BWRX-300. On the first reactor in Darlington, how should we think about the revenue recognition? When does that peak for the first reactor?

然後，簡單跟進一下 BWRX-300。對於達靈頓第一座反應堆，我們該如何考慮收入確認？第一座反應爐的峰值何時到來？

To add to that question, is there a potential for the TVA deployment to leapfrog reactors to the four at Darlington?

進一步問一下，田納西河谷管理局的部署是否有可能超越達靈頓的四座反應爐？

So just as we think about those two locations and just the revenue cadence for reactor 1 on the (inaudible) design.

因此，正如我們考慮這兩個位置以及（聽不清楚）設計中 1 號反應器的收入節奏一樣。

Yeah. What we said historically on the revenue profile for that X-300 is that -- well, first, we said the opportunity per X-300 is in the range of $100 million and that the revenue profile was evenly distributed over, let's call it, a four-year period. The reason for that is the reactor pressure (inaudible) certain other components that we could manufacture simply long-lead items for those reactors. In fact, we received the order for the project that was formally approved by the provincial government. And so you can think about it that way.

是的。我們從歷史上對 X-300 收入狀況的描述是——首先，我們說每架 X-300 的機會在 1 億美元的範圍內，並且收入狀況在四年期間均勻分佈。原因在於反應器壓力（聽不清楚）某些其他零件，我們可以為這些反應器製造簡單的長週期零件。事實上，我們接到的是省政府正式批准的項目訂單。所以你可以這樣想。

In terms of the timing for TVA, I don't know if it will lead from two, three, and four, Darlington. I hope so. I hope it goes fast. But I think both of those opportunities -- think about that opportunity is probably four more X-300 added to the additional three at Darlington.

就田納西河谷管理局 (TVA) 的時機而言，我不知道它是否會領先第二、第三和第四達靈頓。我希望如此。我希望它進展很快。但我認為這兩個機會——想想這個機會可能是在達靈頓現有的三架 X-300 基礎上再增加四架。

And so it remains an exciting opportunity for us. I would think what would happen is maybe the first reactor at TVA fall somewhere in the middle of all that. But I'm speculating.

因此，這對我們來說仍然是一個令人興奮的機會。我認為可能發生的情況是，田納西河谷管理局的第一個反應爐可能位於這一切的中間某處。但我只是推測。

Okay. Great. Thanks. It's very helpful. I'll jump back in the queue. Congrats on a strong quarter. Thanks.

好的。偉大的。謝謝。這非常有幫助。我會重新回到隊列中。恭喜本季業績強勁。謝謝。

Thank you.

謝謝。

Mike Ciarmoli, Truist Securities.

Truist Securities 的 Mike Ciarmoli。

Hey. Good evening, guys. (inaudible).

嘿。大家晚上好。（聽不清楚）。

On the guidance here, I know timing is always hard to predict but the guidance assumes GO revenues could actually be down second half, year over year? You've been looking at the EBITDA margin run rate. I know you got the positive [EAC] but that second-half run rate looks like it might be below 20%. You haven't done that in quite some time.

關於這裡的指導，我知道時間總是很難預測，但指導假設 GO 收入下半年實際上可能會比去年同期下降？您一直在關注 EBITDA 利潤率。我知道你得到了積極的 [EAC] 但下半場的運行率看起來可能低於 20%。您已經很久沒有這樣做了。

Was it all just timing? Is there anything going on with the mix of some of these newer programs? Should we just think about more [cost-plus] coming in? What's the best that you can help us with on that weaker second half?

這一切都只是時機問題嗎？這些較新的程式組合在一起有什麼變化嗎？我們是否應該只考慮更多的[成本加成]收入？在下半場表現較弱的情況下，您能為我們提供什麼最好的幫助？

Yeah. I would say I don't think we're seeing a major shift in overall mix across the contract portfolio. So what I would say is we signed a pricing agreement that we mentioned a little bit ahead of schedule. That had a number of advanced material procurements that came into the quarter that we weren't expecting. That typically would be in the back half of the year.

是的。我想說，我認為我們不會看到整個合約組合的整體結構發生重大轉變。所以我想說的是，我們簽署了一份定價協議，我們提到這比計劃提前了一點。本季出現了大量我們未曾預料到的先進材料採購。這通常是在下半年。

I would say, in addition to that, when you look at the special materials' contract performance, typically, the fourth quarter is a very strong quarter for us. And in a lot of cases, we're seeing strong performance at that point in the year.

我想說，除此之外，當你查看特殊材料的合約表現時，通常第四季度對我們來說是一個非常強勁的季度。在很多情況下，我們都會看到一年中那個時候的強勁表現。

We see and we're able to get very confident in our contract performance in Q2, which is where you're seeing some outsized growth in the quarter. So when we look at the rest of the year, I think the way that we look at it, we feel confident in where we'll land. I don't think there's anything, individually, to call out too much around overall revenue.

我們看到，我們對第二季的合約履行情況非常有信心，本季我們看到了一些超額成長。因此，當我們展望今年剩餘時間時，我認為，我們看待它的方式讓我們對自己的最終目標充滿信心。我認為，就整體收入而言，沒有什麼特別值得關注的。

But I would just say that we're seeing a number of things hit earlier in the year than we typically do.

但我只想說，我們看到今年發生的許多事情比平常更早。

Okay. Maybe I'll just add a footnote to that -- just going to add a footnote to what Mike just said, Mike.

好的。也許我只會對此添加一個腳註 - 只是對邁克剛才所說的話添加一個腳註，邁克。

The operating condition of the plants is good. We've had a focused campaign around OpEx with multiple dimensions (inaudible), including factory throughput lead time, cost of poor quality, price of non-conformance is the name of our program. So the plants in Cambridge and across Canada, the plants in our NOG complex, are performing quite well.

工廠運作狀況良好。我們圍繞營運支出 (OpEx) 開展了一項有針對性的活動，涉及多個維度（聽不清楚），包括工廠吞吐量交付週期、劣質成本、不合格價格，這些都是我們計劃的名稱。因此，位於劍橋和加拿大各地的工廠以及我們 NOG 綜合設施內的工廠表現都相當良好。

I think we just had a very strong overperformance in the first half. It will normalize a little bit in the second half. But we feel good about our operational performance. So there's no degradation, from that perspective.

我認為我們在上半年的表現非常出色。下半年情況會稍微正常化。但我們對我們的營運表現感到滿意。因此從這個角度來看，並不存在任何退化。

Okay. Okay.

好的。好的。

And then, just on that topic-- maybe the (inaudible) Commercial, it sounds like you've got good line of sight to that field services. I thought that was good color, Mike, providing percent of revenue.

然後，就這個主題而言 - 也許是（聽不清楚）商業，聽起來您對現場服務有很好的了解。我認為這是一個很好的顏色，麥克，提供了百分比的收入。

But presumably, you get a pick-up in steel services and that drives the margin strength in Commercial, second half?

但據推測，鋼鐵服務業務將回升，這將推動商業利潤率在下半年走強？

That's right. Yeah. We were down seasonally compared to -- normally, Q2 is a strong quarter for us. But obviously, we saw a significant decline, down to 10% of revenue in that mix.

這是正確的。是的。與往常相比，我們出現了季節性下滑——通常情況下，第二季對我們來說是一個強勁的季度。但顯然，我們看到了大幅下降，該組合的收入下降至 10%。

So we feel good about where the rest of the year will shake out. I think we're confident in what we're going to see in field services and the components margins for the next few quarters.

因此，我們對今年剩餘時間的走勢感到樂觀。我認為我們對未來幾季的現場服務和零件利潤率充滿信心。

Okay. Perfect. Thanks, again. I'll get back in the queue.

好的。完美的。再次感謝。我會回到隊列中。

Ron Epstein, BAML.

愛潑斯坦（Ron Epstein），美銀美林。

Hello. Hey. Good afternoon, guys.

你好。嘿。大家下午好。

Maybe just a couple of quick ones. One, when you look at the growth in the backlog, it bumped up a lot, how much of that is because of the acquisition and how much of that is organic?

也許只是幾個簡單的。首先，當您查看積壓訂單的成長時，您會發現它大幅成長，其中有多少是因為收購，有多少是有機成長？

Yeah. The majority of that is going to be organic. If you look at -- ultimately, our book-to-bill for this quarter was 2.2. We had, really, about $240 million-ish of backlog associated with the acquisitions.

是的。其中大部分將是有機的。如果你看一下－最終，我們本季的訂單出貨比是2.2。我們實際上有大約2.4億美元的積壓訂單與收購有關。

But the majority of it was organic.

但其中大部分都是有機的。

Got it. All right. Great. That's super.

知道了。好的。偉大的。太棒了。

And then, one more, we've heard some companies talking this quarter about shortages of critical minerals. Has that been an issue for you guys? Do you see it as a potential issue? How are you mitigating it? Or is it just not an issue at all?

另外，我們聽到一些公司本季談論關鍵礦物的短缺。這對你們來說是個問題嗎？您認為這是潛在問題嗎？您如何緩解這種情況？或者這根本不是一個問題？

Yeah. Maybe I'll take that one.

是的。也許我會選擇那個。

Ron, we're not seeing much pressure from that. We did -- the zirconium pricing that we saw in the first quarter was a derivative of that problem. But that seems to be settled out. We seem to be settling out now, as I said earlier. Apart from that, we manage our commodity risk pretty well and aren't that sensitive to critical minerals.

羅恩，我們並沒有感受到太大的壓力。我們確實如此——我們在第一季看到的鋯價格就是這個問題的衍生性商品。但事情似乎已經解決了。正如我之前所說，我們現在似乎正在安定下來。除此之外，我們很好地管理了商品風險，對關鍵礦物不那麼敏感。

Yeah. It's just not moving the needle for us. Yeah.

是的。這對我們來說毫無意義。是的。

Yeah. The only thing I would say, we're not having an issue trying to get in the actual raw materials. And then, from a pricing perspective, we typically -- and I think we've publicly said in the past that our arrangements will have pricing locked in for roughly 70% over overall materials purchases on our contracts.

是的。我唯一想說的是，我們在取得實際原料方面沒有遇到問題。然後，從定價的角度來看，我們通常 - 而且我認為我們過去曾公開表示過，我們的安排將把價格鎖定在合約中整體材料採購的約 70% 左右。

That's either due to firm vendor quotes, extended ordering periods, those types of things. And so that's how we're able to manage.

這是由於供應商報價堅定、訂購期延長等原因造成的。這就是我們的管理方式。

Got it. All right. Cool. All right. Thank you.

知道了。好的。涼爽的。好的。謝謝。

That concludes the question-and-answer session.

問答環節到此結束。

I would like to turn the call back over to Mr. Chase Jacobson for closing remarks.

我想將電話轉回給 Chase Jacobson 先生，請他做最後發言。

Thank you. Thanks, everybody, for joining today. We look forward to seeing many of you and speaking with you in the upcoming weeks at investor events or on the phone.

謝謝。感謝大家今天的參與。我們期待在接下來的幾週的投資者活動或電話中見到你們並與你們交談。

If you have any questions, please feel free to reach out to me at investors@bwxt.com.

如果您有任何疑問，請隨時透過 investors@bwxt.com 與我聯繫。

Thank you.

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。