BWX Technologies Inc (BWXT) 2026 Q2 法說會逐字稿

Ladies and gentlemen, welcome to BWX Technologies' second quarter 2026 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.

各位女士、先生，歡迎參加 BWX Technologies 2026 年第二季財報電話會議。（接線員指示）現在我想把電話交給我們的主持人、BWXT 投資人關係副總裁 Chase Jacobson。請開始。

Thank you, operator. Good evening, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Mike Fitzgerald, Senior Vice President and CFO. On today's call, we will reference the second quarter 2026 earnings presentation that is available on the Investors section of the BWXT website.

謝謝，接線員。各位晚安，歡迎參加今天的電話會議。與我一同出席的有總裁暨執行長 Rex Geveden，以及資深副總裁暨財務長 Mike Fitzgerald。在今天的電話會議中，我們將引用 2026 年第二季財報簡報，該簡報可於 BWXT 官網「投資人」專區取得。

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 investment 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.

我們也將討論若干構成前瞻性陳述的事項。這些陳述涉及風險與不確定性，包括公司向美國證券交易委員會（SEC）申報文件之投資資料中「安全港」條款所述者。我們將經常討論非 GAAP 財務衡量指標；其與 GAAP 指標之調節表載於財報簡報附錄，亦可於 BWXT 官網「投資人」專區查閱。

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

現在我想把電話交給 Rex。

Thank you, Chase, and good evening to all of you. We delivered another strong quarter, characterized by excellent execution across the company and continued momentum in commercial nuclear. Revenue increased 18%, including 9% organic growth. Adjusted EBITDA grew 7%, and adjusted earnings per share increased 5%.

謝謝你，Chase，也向各位道晚安。我們再度交出強勁的一季，特色是全公司卓越的執行力，以及商用核能業務持續的動能。營收成長 18%，其中包含 9% 的有機成長。調整後 EBITDA 成長 7%，調整後每股盈餘成長 5%。

Demand for nuclear solutions continues to build across the national security and global commercial power markets. We are benefiting from that demand today and believe the industry is in the early stages of a multi-decade super cycle of growth. BWXT faces the market from a position of strength with exposure across the nuclear value chain.

核能解決方案的需求，持續在國家安全與全球商用電力市場中升溫。我們目前正受惠於這股需求，並相信產業正處於為期數十年的超級成長循環早期階段。BWXT 以堅實的優勢面對市場，並在核能價值鏈各環節均有布局。

Our naval propulsion, technical services, special materials and commercial nuclear aftermarket businesses provide a highly predictable base of revenue and earnings. Combined with more than 75 years of nuclear experience, specialized qualifications, established infrastructure and approximately 11,000 employees, these capabilities create a competitive position that is exceptionally difficult to replicate. Still, we are taking disciplined actions to further strengthen our market position and capture the opportunities ahead.

我們的海軍推進、技術服務、特殊材料以及商用核能售後市場業務，提供高度可預測的營收與獲利基礎。再加上超過 75 年的核能經驗、專業資格、既有基礎設施以及約 11,000 名員工，這些能力共同形成極難複製的競爭地位。即便如此，我們仍採取嚴謹且有紀律的行動，進一步強化市場地位並掌握未來機會。

We announced the sale of our medical business to Nordic Capital at a valuation of up to $800 million. The transaction results in the sale of just over 80% of BWXT's medical and Kinectrics stable isotope enrichment businesses. BWXT will retain a minority equity interest and continue to provide certain specialty manufacturing services following the close. Notably, the transaction does not include our Isogen joint venture with Framatome, which provides irradiation services through Bruce Power.

我們宣布以最高達 8 億美元的估值，將醫療業務出售給 Nordic Capital。此交易將出售 BWXT 醫療業務以及 Kinectrics 穩定同位素濃縮業務中略高於 80% 的股權。BWXT 將保留少數股權，並在交割後持續提供部分專業製造服務。值得注意的是，本交易不包含我們與 Framatome 的 Isogen 合資企業；該合資企業透過 Bruce Power 提供照射服務。

While we remain optimistic about the long-term nuclear medicine market, this transaction enables BWXT to sharpen its focus on our core nuclear national security and commercial nuclear power businesses while placing the medical business with an owner dedicated to accelerating its growth. We believe this creates compelling value for both organizations.

儘管我們對核醫市場的長期前景仍持樂觀態度，此交易使 BWXT 得以更聚焦於核心的核能國家安全與商用核能發電業務，同時也讓醫療業務由一位致力於加速其成長的所有者接手。我們相信這將為兩個組織創造具吸引力的價值。

We also completed the acquisition of Precision Components Group in early July. While the majority of PCG's current revenue and backlog is tied to the US naval nuclear propulsion program, it also has a history of serving the commercial nuclear power market, including components for AP1000s, thereby establishing an important commercial nuclear manufacturing platform for BWXT in the US.

我們也在 7 月初完成對 Precision Components Group 的收購。雖然 PCG 目前大部分的營收與在手訂單（backlog）與美國海軍核動力推進計畫相關，但其亦有服務商用核能發電市場的歷史，包括為 AP1000 提供零組件，因而在美國為 BWXT 建立一個重要的商用核能製造平台。

Customer feedback on the acquired capabilities has been very positive. PCG also creates opportunities to bring outsourced work in-house to capture supply chain profits, alleviate capacity constraints and generate near-term synergies. Beyond PCG, we are evaluating the next phase of our US commercial manufacturing expansion.

客戶對所收購能力的回饋非常正面。PCG 也創造機會，將外包工作內製化，以掌握供應鏈利潤、緩解產能限制並產生短期協同效益。除 PCG 之外，我們也正在評估美國商用製造擴張的下一階段。

In addition to Mount Vernon, Indiana, which we discussed before, and because our closing time line with PCG accelerated, we now have attractive potential East Coast locations that could leverage PCG's real estate and workforce and accelerate our time to market.

除了我們先前討論過的印第安納州 Mount Vernon 之外，且由於我們與 PCG 的交割時程加速，我們目前也有具吸引力的美國東岸潛在據點，可運用 PCG 的不動產與勞動力，並加快我們的上市時程。

Importantly, whichever side we choose will have the deepwater port access necessary to serve the global nuclear power market with large components such as steam generators and reactor pressure vessels, complementing PCG's capabilities for medium-sized components and enhancing our merchant supplier role.

重要的是，無論我們選擇哪一側，都將具備深水港口的進出條件，以便向全球核能發電市場供應蒸汽產生器與反應爐壓力容器等大型部件；這將與 PCG 在中型部件方面的能力相互補強，並強化我們作為獨立供應商（merchant supplier）的角色。

In May, we were awarded a $21 million award from the DOE to support our domestic manufacturing capacity expansion, and we expect to reach a final investment decision in the coming months. Supporting this strategy is a growing pipeline of heavy nuclear equipment proposals with multiple SMR and large reactor OEMs across a spectrum of technologies. In the United States, we are encouraged by the administration's continued efforts to accelerate nuclear deployment, streamline licensing, support project developers and strengthen the domestic industrial base.

5 月，我們獲得美國能源部（DOE）2,100 萬美元的補助，用以支持我們擴充國內製造產能，並預期在未來數月內做出最終投資決策。支撐此策略的是一個持續成長的重型核能設備提案管線，涵蓋多家 SMR 與大型反應爐 OEM，並橫跨多種技術路線。在美國，我們對政府持續推動加速核能部署、簡化許可流程、支持專案開發商並強化國內產業基礎的努力感到振奮。

In recent months, the DOE's Energy Dominance Financing Office announced a $17.5 billion loan commitment supporting long lead nuclear equipment procurement for AP1000 projects, an initiative that aligns well with our capabilities. We also see momentum across multiple government-backed SMR programs.

近幾個月，DOE 的「能源主導融資辦公室」宣布一項 175 億美元的貸款承諾，用以支持 AP1000 專案的長交期核能設備採購；此一倡議與我們的能力高度契合。我們也看到多項政府支持的 SMR 計畫正持續推進。

International demand is equally compelling. Canada recently released its nuclear strategy, contemplating up to 10 new large nuclear reactors over the coming decades in addition to the SMR deployments and CANDU life extension programs already underway, which BWXT is actively supporting.

國際需求同樣引人注目。加拿大近期發布其核能策略，規劃在未來數十年內新增最多 10 座大型核反應爐，並在既有推進中的 SMR 部署與 CANDU 延壽計畫之外持續擴展；BWXT 正積極提供支持。

Across Europe, energy security continues to drive demand for new nuclear power, creating opportunities across countries including Poland, Bulgaria, the United Kingdom, Sweden and other markets. Taken together, these developments reinforce our confidence in sustained global nuclear growth. BWXT is investing now to extend our market position and capitalize on this expanding opportunity set.

在歐洲各地，能源安全持續推動新建核能發電的需求，並在波蘭、保加利亞、英國、瑞典及其他市場創造機會。綜合而言，這些發展進一步強化我們對全球核能持續成長的信心。BWXT 正在投資，以延伸我們的市場地位並把握這個持續擴大的機會集合。

Turning now to our results and market outlook. We ended the quarter with backlog of $8.4 billion, an increase of 40% year-over-year. Although backlog was modestly lower than last quarter, the timing of large multiyear contract awards can result in normal sequential backlog fluctuations. On a trailing 12-month basis, our book-to-bill is a robust 1.7 times, demonstrating the strength of customer demand.

接著談我們的業績與市場展望。本季結束時，我們的在手訂單（backlog）為 84 億美元，年增 40%。雖然在手訂單較上季略低，但大型多年期合約的授予時點可能造成正常的季對季波動。以過去 12 個月計算，我們的接單出貨比（book-to-bill）強勁達 1.7 倍，展現客戶需求的力道。

In segments, Government Operations delivered another strong quarter with strong margins attributable to outstanding operational execution and productivity improvements. In May, the Navy released its updated 30-year shipbuilding plan. The plan calls for a sustained production of two Virginia-class submarines and one Columbia-class submarine annually. Importantly, the plan also accelerates Ford-class aircraft carriers to a four year procurement cadence.

就各事業部而言，政府營運（Government Operations）再度交出強勁的一季，優異的營運執行與生產力提升帶動了強勁的利潤率。5 月，美國海軍發布更新版的 30 年造艦計畫。該計畫要求每年持續生產兩艘維吉尼亞級潛艦與一艘哥倫比亞級潛艦。重要的是，該計畫也將福特級航空母艦的採購節奏加速至每 4 年一次。

Over time, this should improve manufacturing volume stability and efficiency compared with the five year ordering cadence under which we have been operating. The plan also introduces a nuclear powered battleship. While this program will require further design work and congressional authorization, we are actively engaged with our customer and stand ready to support the mission as requirements develop.

長期而言，相較於我們目前運作的每 5 年一次下單節奏，這應可提升製造量的穩定性與效率。該計畫也引入一項核動力戰艦。雖然此計畫仍需進一步設計工作與國會授權，我們正與客戶積極合作，並已準備好在需求逐步明確時支持任務。

Our technical services business continues to earn strong performance ratings while supporting 14 major programs for the DOE and NNSA in the United States and the Canadian National Labs. Within special materials, our two largest growth programs, defensive fuels, enrichment and high-purity depleted uranium, are progressing well. Our enrichment program is moving quickly, and we remain closely engaged with the NNSA on this strategically important capability.

我們的技術服務業務在支持美國 DOE 與 NNSA 的 14 項重大計畫，以及加拿大國家實驗室的同時，持續獲得強勁的績效評等。在特殊材料方面，我們兩項最大的成長計畫——防禦燃料、濃縮，以及高純度貧化鈾——進展良好。我們的濃縮計畫推進迅速，並持續與 NNSA 就這項具戰略重要性的能力保持密切合作。

At our Centrifuge Manufacturing development facility, we are on schedule to deliver an operational prototype centrifuge this year. At Jonesborough, Tennessee, engineering design and site prep for our new HPDU plants are moving along nicely as we prepare to initiate construction.

在我們的離心機製造開發設施，我們正按計畫於今年交付一台可運作的原型離心機。在田納西州瓊斯伯勒，我們新的 HPDU 工廠之工程設計與場地整備進展順利，正準備啟動施工。

This program should contribute meaningfully to Government Operations revenue growth in the second half of the year. These new factories will incorporate advanced automation, digital manufacturing and AI-enabled capabilities that will serve as a blueprint for the continued modernization of our entire manufacturing footprint.

此計畫預期將在今年下半年對政府營運（Government Operations）營收成長作出顯著貢獻。這些新工廠將導入先進自動化、數位製造與 AI 賦能能力，並將作為我們持續推動整體製造版圖現代化的藍圖。

Advanced nuclear also had an active quarter in June. Antares' Mark-0 Reactor became the first advanced reactor to achieve criticality under the administration's Reforming Nuclear Reactor Testing executive order, utilizing TRISO fuel and HALEU supplied by BWXT.

先進核能在 6 月也有活躍的一季。Antares 的 Mark-0 反應爐成為在政府「改革核反應爐測試」行政命令之下，首座達到臨界（criticality）的先進反應爐，使用 TRISO 燃料與由 BWXT 供應的 HALEU。

This milestone demonstrates our leadership in advanced nuclear fuels and highlights a growing customer demand for our capabilities. As advanced reactor deployments accelerate, including through the potential Janus Program, we continue to evaluate a commercial TRISO investment in Wyoming through our collaboration with Kairos.

此一里程碑展現我們在先進核燃料領域的領導地位，並凸顯客戶對我們能力日益成長的需求。隨著先進反應爐部署加速（包括透過潛在的 Janus 計畫），我們持續透過與 Kairos 的合作，評估在懷俄明州進行商業化 TRISO 投資。

We executed multiple agreements related to our mPower technology as well. These align with our strategy of serving as a merchant supplier of large critical components for SMRs while creating additional value from our legacy design efforts through licensing agreements.

我們也就 mPower 技術簽署了多項相關協議。這些協議符合我們的策略：作為 SMR 的大型關鍵組件之商業供應商（merchant supplier），同時透過授權協議，將既有設計投入轉化為額外價值。

We signed an exclusive land-based licensing agreement with Applied Atomics, wherein they will lead and fund the completion of the design and licensing process. Under the agreement, BWXT will be contracted to provide support during that process and retains exclusive manufacturing rights, royalty rights and intellectual property.

我們與 Applied Atomics 簽署一項陸基（land-based）獨家授權協議，由其主導並出資完成設計與取證（licensing）流程。依據協議，BWXT 將在該流程中受聘提供支援，並保留獨家製造權、權利金權利及智慧財產權。

We also announced a feasibility study with Core Power to evaluate the use of mPower technology for floating nuclear power platforms serving offshore energy markets where we are seeing demand from multiple parties.

我們也宣布與 Core Power 進行可行性研究，以評估將 mPower 技術用於浮動式核能發電平台，服務離岸能源市場；我們在該市場看到多方需求。

The study will inform potential engineering scope, regulatory engagement, commercial structure and next steps. These arrangements follow the extended discussions and a deliberate evaluation of potential partners and applications. We believe Applied Atomics and Core Power are well suited to advance mPower in their respective markets and unlock value from the technology.

該研究將為潛在的工程範疇、法規/監管互動、商業架構與後續步驟提供依據。這些安排是在延長討論以及對潛在合作夥伴與應用進行審慎評估之後所達成。我們相信 Applied Atomics 與 Core Power 分別適合在其各自市場推進 mPower，並釋放該技術的價值。

Turning now to Commercial Operations, which delivered another strong quarter. Organic revenue increased 33%, total revenue grew more than 70% and adjusted EBITDA more than doubled. Performance was driven by exceptional growth in commercial nuclear power and nuclear medicine, with additional contribution from Kinectrics. As I discussed, demand for commercial nuclear equipment and services remains exceptionally strong. We continue pursuing opportunities with multiple reactor vendors around the world.

接著談商業營運（Commercial Operations），本季再度交出強勁表現。有機營收成長 33%，總營收成長超過 70%，調整後 EBITDA 超過倍增。表現主要由商用核電與核醫藥的卓越成長帶動，Kinectrics 亦有額外貢獻。如我先前所述，商用核能設備與服務需求仍然非常強勁。我們持續在全球與多家反應爐供應商洽談並追求機會。

Although award timing can be difficult to predict, our customer discussions are advancing, and we believe there's a credible opportunity to secure at least one new build nuclear equipment order before the year-end. As demand builds, we are investing in our facilities, workforce and capabilities. These investments will moderate near-term margin expansion, but they are essential to establishing the industrial scale required to lead this market and support our customers over the long term.

雖然得標時點難以預測，但我們與客戶的討論正在推進，我們相信在年底前有具可信度的機會取得至少一筆新建核能設備訂單。隨著需求升溫，我們正投資於設施、人力與能力建置。這些投資將抑制短期的利潤率擴張，但對於建立引領市場所需的產業規模、並長期支援客戶而言至關重要。

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

接下來我把電話會議交給 Mike。

Thanks, Rex, and good evening, everyone. I'll begin with total company financial highlights on slide 4 of the earnings presentation. Second quarter revenue was $902 million, up 18% year-over-year, including 9% organic growth.

謝謝你，Rex，各位晚安。我將從財報簡報第 4 頁的全公司財務重點開始。第二季營收為 9.02 億美元，年增 18%，其中包含 9% 的有機成長。

Strong Commercial Operations performance was complemented by steady growth in Government Operations. Adjusted EBITDA increased 7% to $156 million, driven by robust Commercial Operations growth, partially offset by lower Government Operations adjusted EBITDA and higher corporate expense.

商業營運的強勁表現，並由政府營運的穩健成長相輔相成。調整後 EBITDA 年增 7% 至 1.56 億美元，主要由商業營運的強勁成長帶動，但部分被政府營運調整後 EBITDA 較低以及公司費用較高所抵銷。

Adjusted earnings per share increased 5% to $1.07, driven entirely by operating performance as nonoperating items were net neutral compared to last year. Our adjusted effective tax rate for the quarter was 21.8%, up modestly from last year due to stronger growth in international markets.

調整後每股盈餘年增 5% 至 1.07 美元，完全由營運表現驅動，因非營運項目相較去年整體影響為中性。本季調整後有效稅率為 21.8%，較去年小幅上升，主因國際市場成長更強。

Second quarter free cash flow was $115 million, supported by solid earnings, strong advanced billings and disciplined working capital management, partially offset by the timing of tax payments. Given our strong year-to-date performance and visibility into second half milestones, we are raising full year free cash flow guidance by $30 million to a range of $345 million to $360 million. Capital expenditures in the quarter were $41 million.

第二季自由現金流為 1.15 億美元，受惠於穩健獲利、強勁的預收款（advanced billings）以及嚴謹的營運資金管理，但部分被稅款支付時點所抵銷。鑑於我們年初至今的強勁表現以及對下半年里程碑的可視性，我們將全年自由現金流指引上調 3,000 萬美元至 3.45 億至 3.60 億美元區間。本季資本支出為 4,100 萬美元。

We continue to expect our full year capital expenditures of approximately 6% of sales, with increased investment in US commercial capacity during the second half of the year. As discussed last quarter, capital expenditures could approach 7% of sales in future years as we expand commercial capacity and add capabilities and advanced nuclear and nuclear fuel.

我們仍預期全年資本支出約為銷售額的 6%，並將在下半年加大對美國商業產能的投資。如上季所述，隨著我們擴充商業產能並新增先進核能與核燃料相關能力，未來年度資本支出可能接近銷售額的 7%。

Moving to the segment results on slide 6. Government Operations revenue increased 2% as growth in special materials enable propulsion more than offset lower microreactor volumes. Adjusted EBITDA in the segment was $126 million, resulting in an adjusted EBITDA margin of 20.9%, driven by solid operational performance across the segment and higher technical services group equity income.

接著看簡報第 6 頁的分部結果。政府營運營收成長 2%，其中特殊材料支援推進（propulsion）的成長，足以抵銷微型反應爐（microreactor）出貨量下降。該分部調整後 EBITDA 為 1.26 億美元，調整後 EBITDA 利潤率為 20.9%，主要受惠於分部整體穩健的營運表現，以及技術服務事業群（technical services group）權益法收益較高。

Turning to Commercial Operations. Revenue increased 72%, including 33% organic growth, reflecting increases across commercial power and medical with an additional contribution from Kinectrics as we passed the one year anniversary of the acquisition in mid-May. Results reflected higher Canadian field services and aftermarket activity, along with increased revenue at Kinectrics.

再來看商業營運。營收成長 72%，其中包含 33% 的有機成長，反映商用電力與醫療業務全面增加；此外，隨著我們在 5 月中旬度過收購滿一年的時間點，Kinectrics 亦帶來額外貢獻。結果反映加拿大現場服務與售後市場活動增加，以及 Kinectrics 營收提升。

Adjusted EBITDA more than doubled to $36 million, an increase of 123% from last year. Adjusted EBITDA margin in the quarter was 11.9% as higher volume and strong execution more than offset continued investments to scale the business for future growth.

調整後 EBITDA 超過倍增至 3,600 萬美元，較去年增加 123%。本季調整後 EBITDA 利潤率為 11.9%；更高的出貨量與強勁的執行力，足以抵銷為因應未來成長而持續擴大業務規模的投資。

Turning to our updated 2026 guidance on slide 7 and 8 of the earnings presentation. We now expect revenue of approximately $3.8 billion, representing high teens growth compared to 2025. We are raising our adjusted EBITDA guidance by $10 million at the midpoint to a range of $662 million to $672 million. The increase reflects strong year-to-date execution and our expectation of continued improvement over the next two quarters.

接著看財報簡報第 7 與第 8 頁更新後的 2026 年指引。我們目前預期營收約 38 億美元，較 2025 年呈現十位數後段（high teens）的成長。我們將調整後 EBITDA 指引在中位數上調 1,000 萬美元至 6.62 億至 6.72 億美元區間。上調反映年初至今的強勁執行，以及我們預期未來兩季將持續改善。

Looking at the segments. In Government Operations, we now expect revenue growth in the high single digits compared with our previous expectation of low teens growth. This revision reflects stronger cost performance, particularly on HPDU, as well as broader operational efficiency gains. Improved cost performance under our accounting rules results in lower reported revenue, but an overall favorable economic outcome.

分部方面。在政府營運，我們目前預期營收成長為高個位數，低於先前預期的十位數前段（low teens）成長。此修正反映成本表現更佳，特別是在 HPDU 上，以及更廣泛的營運效率提升。依據我們的會計規則，成本表現改善會導致報表認列營收較低，但整體經濟結果更為有利。

As a result, based on our strong year-to-date performance and outlook for the remainder of the year, we are raising adjusted EBITDA margin guidance approximately 20.5% from greater than 19%, yielding higher expected adjusted EBITDA dollars.

因此，基於我們年初至今的強勁表現以及對今年剩餘期間的展望，我們將調整後 EBITDA 利潤率指引上調至約 20.5%，高於先前的「高於 19%」，從而帶來更高的預期調整後 EBITDA 金額。

In Commercial Operations, we're increasing our revenue growth outlook to approximately 45% from approximately 30% previously. Slightly more than half of the increase reflects the PCG acquisition, with the balance driven by stronger organic growth in commercial power and modestly improved Kinectrics performance. We now expect Commercial Operations adjusted EBITDA margin of approximately 13% compared with approximately 14% previously.

在商業營運方面，我們將營收成長展望由先前約 30% 上調至約 45%。增幅中略高於一半來自 PCG 收購，其餘則由商用電力更強的有機成長以及 Kinectrics 表現小幅改善所帶動。我們目前預期商業營運調整後 EBITDA 利潤率約為 13%，低於先前約 14% 的預期。

The revision reflects incremental investments in US capacity expansion, including PCG, as well as continued investment in Canada. These investments position the segment to capture a growing pipeline of long-term opportunities.

此次修訂反映了對美國產能擴張（包括 PCG）的逐步投資，以及在加拿大的持續投資。這些投資使該事業部門得以掌握日益增加的長期機會管線。

For modeling purposes, as you look towards 2027, on an annualized basis, we expect the medical businesses included in the sale to Nordic Capital to represent approximately $130 million of 2026 revenue at a margin that is modestly accretive to the Commercial segment average. Following the transaction, we will account for our retained minority interest through equity income with no associated revenue.

就建模而言，展望 2027，以年化基礎計算，我們預期出售予 Nordic Capital 的醫療業務在 2026 年的營收約為 1.30 億美元，其利潤率對商業事業部門平均水準具有小幅增益。交易完成後，我們將以權益法認列所保留的少數股權投資收益，且不會有相關營收。

These assumptions result in updated 2026 non-GAAP earnings per share guidance of $4.70 to $4.80. The increase from our prior guidance is driven entirely by stronger operating earnings. On a quarterly basis, given normal seasonality in Commercial Operations and the timing of new program ramps in Government Operations, we expect approximately 55% of second half earnings to be generated in the fourth quarter.

基於上述假設，我們更新 2026 年非 GAAP 每股盈餘指引至 4.70 至 4.80 美元。相較先前指引的上調完全由更強勁的營運獲利所驅動。以季度來看，考量商業營運的正常季節性，以及政府營運中新專案爬坡的時點，我們預期下半年約 55% 的獲利將在第四季產生。

Overall, we delivered another strong order at raising our financial outlook for the year. Our robust backlog, expanding opportunity pipeline, strong cash generation and continued focus on execution give us increasing confidence in our 2026 performance and long-term growth trajectory.

整體而言，我們再度交出強勁表現，並上調本年度財務展望。我們強勁的在手訂單、擴大的機會管線、強勁的現金創造能力，以及持續聚焦執行力，使我們對 2026 年表現與長期成長軌跡更具信心。

With that, I will turn it back to Rex for closing remarks.

接下來我把時間交還給 Rex 作結語。

Thanks, Mike. As I discussed in my prepared remarks, BWXT faces the nuclear market from a position of strength. Our capabilities span across the nuclear value chain. We have a remarkably robust business foundation, and demand for our solutions continues to grow.

謝謝，Mike。如我在事先準備的發言中所述，BWXT 以強勢地位面對核能市場。我們的能力橫跨核能價值鏈。我們擁有極為穩健的業務基礎，對我們解決方案的需求也持續成長。

With the announced sale of our medical business, we are sharpening the focus on our core nuclear national security and commercial nuclear power markets, and we'll have even greater financial capacity to invest in the future of BWXT and capitalize on the powerful secular trends driving the nuclear market.

隨著我們宣布出售醫療業務，我們將更聚焦於核心的核能國家安全與商用核電市場，並將具備更強的財務能力投資 BWXT 的未來，掌握推動核能市場的強勁長期結構性趨勢。

I believe this is just the beginning, and I am increasingly confident in our long-term growth prospects and our ability to drive shareholder value, which we look forward to discussing more at our upcoming Investor Day in September.

我相信這只是開始；我對我們的長期成長前景以及創造股東價值的能力愈發有信心，我們也期待在 9 月即將舉行的投資人日進一步討論。

And with that, we look forward to your questions.

接下來我們期待各位的提問。

(Operator Instructions)

(接線員指示)

Bob Labick, CJS Securities.

Bob Labick，CJS Securities。

Good afternoon. Thanks for taking our questions, and congratulations on the quarter and on the medical sale as well.

下午好。感謝讓我們提問，也恭喜本季表現以及醫療業務出售案。

Thank you, Bob.

謝謝你，Bob。

Sure. It's got to be a little bittersweet. It's obviously been performing very well, but it certainly lets you hone your focus. And you gave us the P&L impact, so thank you for that. So I guess first question is just, can you just talk about the deal a little bit more, what the considerations are to reach up to $800 million? Like what's the downside? What's the range of the sale outcomes? And what are the drivers of that range?

當然。這一定有點五味雜陳。它顯然表現非常好，但也確實讓你們能更聚焦。你們也提供了損益表（P&L）的影響，所以謝謝。我想第一個問題是，能否再多談一點這筆交易？為什麼對價最高可以到 8 億美元，相關考量是什麼？下行風險是什麼？出售結果的區間會是什麼？驅動該區間的因素有哪些？

Yeah, I'll start with maybe a little bit of strategic context, but Bob, and then flip it over to Mike here. So a few points. First, that asset wasn't for sale. We certainly weren't going through strategic considerations there. We were approached by the buyer, and they came forward with a very compelling offer financially. But I think an even more compelling strategic growth story for that asset.

好的，我先從一些策略背景談起，Bob，然後再交給 Mike。幾點說明。第一，那項資產原本並不在出售名單上。我們當時也沒有在進行相關的策略性評估。是買方主動接觸我們，並提出在財務上非常具吸引力的報價。但我認為對該資產而言，更具吸引力的是其策略性的成長故事。

And it became clear to us pretty early in that process that those assets would be better off in the hands of a strategic player that has a focus on the medical market. Nordic has a lot of history in the medical market, and they understand that and are committed to it. As I said in the prepared remarks, we still like that market, and we will maintain a 20% equity stake in those assets going forward.

在那個過程中，我們很早就清楚，這些資產由專注於醫療市場的策略型業者持有會更合適。Nordic 在醫療市場有很深的歷史，他們理解這個市場並承諾投入。如我在事先準備的發言中所說，我們仍然看好該市場，未來也將維持對這些資產 20% 的股權持有。

And it does -- and I said this twice in the prepared remarks, certainly liberates us to focus more on the national nuclear security and commercial nuclear markets where we've got abundant opportunities to grow both. So there's some room to invest in both and concentrate resources on both of those areas.

而且——我在事先準備的發言中也提到兩次——這確實讓我們能更專注於國家核能安全與商用核能市場；在這兩個領域我們都有充足的成長機會。因此，我們有空間在兩者上投資，並將資源集中在這兩個領域。

Medical was 3% of our total sales and required certainly an outsized management attention relative to its place in our portfolio. And in the end, we can't shoot at everything that moves. We've got to manage our resources appropriately. So it was the right time to sell it for those reasons. Maybe I'll flip it over to Mike here to talk about the financial considerations.

醫療業務僅占我們總銷售額的 3%，但相較其在投資組合中的比重，卻需要明顯更高的管理關注。最終，我們不可能對所有機會都出手。我們必須妥善管理資源配置。因此，基於這些原因，現在是出售的適當時點。接下來我把時間交給 Mike，談談財務方面的考量。

Yeah. So from an outcome perspective, the deal includes $750 million of consideration, and then there's some shared economics that allow you to get up to $800 million. As we said in the prepared remarks, this includes both the legacy BWXT medical business, but it also includes part of the stable isotope business for Kinectrics. That is not the entire portfolio of nuclear medicine related to medical isotopes for Kinectrics, but it does include kind of the stable isotope production.

好的。就交易結果而言，本案包含 7.50 億美元的對價，另外還有一些共享經濟利益的安排，使總對價最高可達 8.00 億美元。如我們在事先準備的發言中所說，這包含 BWXT 既有的醫療業務，也包含 Kinectrics 的部分穩定同位素業務。這並非 Kinectrics 與醫療同位素相關的核醫藥完整組合，但確實包含穩定同位素的生產部分。

We still will complete work around design support, chemical analysis, hot cells, things of that nature. If you look at total revenue of approximately $130 million for 2026, we've discussed before that that's going to be at a modestly accretive margin compared to the segment. And so you can do the math on kind of the implied multiple valuation, but we felt very comfortable with the offer. And we fully believe that we can get up to the $800 million consideration, but it's an enticing deal even at $750 million.

我們仍將完成設計支援、化學分析、熱室（hot cells）等性質的工作。若以 2026 年約 1.30 億美元的總營收來看，我們先前已討論過，其利潤率相較該事業部門將是小幅增益。因此你可以自行推算隱含的估值倍數，但我們對這個報價感到非常安心。我們也完全相信總對價可達 8.00 億美元；不過即使以 7.50 億美元來看，這也是一筆相當具吸引力的交易。

Okay. Super. And then congratulations. And then just, I guess, for my follow-up, but just shifting a little bit. With PCG closed, can you talk a little bit about the timing? I know there's incremental capacity there. The timing and what's necessary for you to be able to update that incremental capacity to get it in so that you can use that for your US nuclear work and growth there?

好的。非常好。再次恭喜。接著我的追問想稍微轉個方向。PCG 已完成交割後，能否談談時程？我知道那裡有新增產能。在時程上，以及你們需要做哪些事情，才能更新並導入那部分新增產能，讓你們能用於美國核能相關工作與在當地的成長？

Yeah, Bob, I would say that will be something that will unfold over the next few quarters. We've got to assess our portfolio and see what we're going to tuck in over there at PCG and also see what the capital needs are. But it's certainly something that we're working on in earnest right now, but will unfold over the next, let's call it, year.

好的，Bob，我會說這會在接下來幾個季度逐步展開。我們必須評估我們的投資組合，看看要在 PCG 那邊納入哪些業務，同時也要評估資本需求。但這確實是我們目前正積極推進的事項，並將在接下來大約一年內逐步落地。

Okay. Great. I'll get back in line. Thank you.

好的。很好。我回到隊列後面。謝謝。

Thank you.

謝謝。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Hi, good evening. Rex, you made a comment in your prepared remarks that you expect at least one new nuclear equipment order by year-end. Can you specify if that was a gigawatt class order you expect? Or is that more connected with SMRs?

嗨，晚上好。Rex，你在事先準備的發言中提到，你預期在年底前至少會拿到一筆新的核能設備訂單。你能否說明你預期的是吉瓦級（gigawatt class）的訂單嗎？還是說這比較與SMR有關？

I think it's certainly among those opportunities, Scott. We've got -- I mean, we certainly expect to get a second half order among the opportunities for the three SMRs, additional SMRs, at the Darlington site, the AP1000 opportunities and then the X300 opportunities that are in the US.

Scott，我認為這當然包含在那些機會之中。我們有——我的意思是，我們確實預期在下半年，會在這些機會裡拿到一筆訂單：Darlington場址的三座SMR、額外的SMR訂單，AP1000的機會，以及在美國的X300機會。

There's a lot of momentum around those. We are in constant contact with GE, Renova and with Westinghouse, and they certainly are biased to action here. So we're quoting actively and there's a lot of feedback on our quotes.

這些方面的動能很強。我們與GE、Renova以及Westinghouse保持持續聯繫，他們在這件事上確實傾向於採取行動。因此我們正積極報價，也收到很多對我們報價的回饋。

And it just feels like things are moving, at least with regard to technology providers. I was at Budapest just last week with the CEO and leadership of GE. And I'm very optimistic about what we learned over there. So yes, that set of opportunities.

而且感覺事情正在推進，至少就技術供應商而言是如此。我上週才在布達佩斯與GE的執行長及其領導團隊會面。我對我們在那邊了解到的情況非常樂觀。所以是的，就是那一組機會。

The 10 X300 reactors in the US government deal, the 10 AP1000s in the US government deal, the 10 reactors that are in the commerce -- Department of Energy, long lead item deal. There's just a lot happening there, and it feels like real movement. And so we're very optimistic about it.

美國政府協議中的10座X300反應爐、同一美國政府協議中的10座AP1000，以及商務部——能源部（Department of Energy）長交期項目（long lead item）協議中的10座反應爐。那邊有很多事情正在發生，感覺確實有實質進展。因此我們對此非常樂觀。

Okay. And just from an industry perspective, do you have a sense as to why Westinghouse still hasn't received a firm US AP1000 order despite all this positive news and federal support? I guess I'm just trying to understand, like what is that first customer need that they haven't gotten yet in order to pull the trigger to buy a reactor and get the cycle going?

好的。從產業角度來看，你是否了解為什麼Westinghouse在這麼多正面消息與聯邦支持之下，仍然還沒有拿到一筆確定的美國AP1000訂單？我想理解的是，他們還缺少哪一個「第一位客戶」的關鍵需求，才會讓他們扣下扳機去買反應爐、讓整個循環開始運轉？

Yes, Scott, what I believe is happening is that when you look at the way those deals are structured with the sovereign money, and that would be -- that would apply to the first 10 X300s in the US and the first 10 that were announced out of commerce a while back. Those deals are being structured as I understand it as special purpose vehicles where the participants in the SPV, including the US government, would actually own those reactors and procure all the long lead items and the reactor plants.

是的，Scott，我認為正在發生的是：當你看這些以主權資金（sovereign money）架構的交易方式——這會適用於美國首批10座X300，以及先前商務部宣布的首批10座——據我了解，這些交易正被設計成特殊目的載體（SPV），由SPV中的參與方（包括美國政府）實際擁有這些反應爐，並採購所有長交期項目以及反應爐電廠。

In that case, I think the utilities are intended to be the operators, the nuclear utilities tend to be the operators of those reactors, which are likely to be on government sites. And so what I think is happening is that the utilities are sort of [right leading] to see how those deals come out before they step into it. So I think that's the dynamic here is wait and see how these government deals, the sovereign deals unfold, and then jump in.

在那種情況下，我認為公用事業公司將被定位為營運方，核能公用事業公司往往會成為這些反應爐的營運者，而這些反應爐很可能設在政府場址上。因此我認為目前的情況是，公用事業公司有點在[right leading]，想先看看這些交易最後會如何落地，才會加入。所以我認為這裡的動態就是：先觀望這些政府交易、主權交易如何展開，然後再跳進來。

Okay. Thank you. I'll jump back in queue.

好的。謝謝。我回到隊列後面。

Jeffrey Campbell, Seaport Research Partners.

Jeffrey Campbell，Seaport Research Partners。

First of all, congratulations on a very strong quarter, dynamic quarter. Just a quick follow-up on the BWXT medical questions. Have you determined a use for the sale receipts at this point?

首先，恭喜你們本季表現非常強勁、非常有動能。我想就BWXT醫療業務的問題再追問一下。你們目前是否已經決定出售所得要如何運用？

So not exactly. I would say, part of our focus on capital allocation priorities, this was a big part of it because what the sale of the medical does is it really allows us to focus on national nuclear security and commercial nuclear opportunities within the portfolio. As we've discussed before, we're highly focused on growth investments.

目前還沒有完全決定。我會說，資本配置優先順序是我們關注的重點之一，而這筆交易正是其中很重要的一部分，因為出售醫療業務讓我們能更聚焦於投資組合中的國家核安（national nuclear security）與商用核能機會。如同我們之前討論過的，我們非常專注於成長型投資。

And so first and foremost, we'll be looking at internal investments that we're making through kind of the 6% to 7% we've discussed around CapEx funding. Outside of that, we have a very robust M&A pipeline, but we also have a fine filter and we're looking for opportunities similar to what you've seen over the past couple of years where it fit strategically and also fit nicely from a financial perspective. So we'll continue to look at those.

因此，首要之務我們會先看內部投資，也就是我們透過先前提到約6%到7%的資本支出（CapEx）資金來進行的投資。除此之外，我們有非常充實的併購（M&A）案源，但我們也有嚴格的篩選機制，會尋找類似你過去幾年看到的那種機會：在策略上契合，同時在財務面也很合適。所以我們會持續尋找。

We do also have a couple of bonds due over the next couple of years. So to the extent that we want to continue to show balance sheet strength, we'll look at those opportunities. And we don't have any planned at the moment, and we've guided for '26 that we don't have any planned repurchases. That's always something that we'll continue to look at as well. So I think we're looking across the opportunity set, and we'll certainly give more perspective as we make those decisions.

另外，我們在未來幾年也有幾筆債券到期。因此，若我們希望持續展現資產負債表的強健，我們也會評估那些機會。目前我們沒有任何既定計畫，而且我們對2026年的指引也表示沒有規劃回購。但這也一直是我們會持續評估的選項。所以我認為我們會通盤檢視整體機會集合，並在做出決策時提供更多觀點。

No, that was helpful. I wondered if you could talk a little bit about the mPower licensing to Applied Atomics a little bit more. I was wondering, was there some recent work done on the design? [World Nuclear] or news called it a 195-megawatt reactor. I thought it was 180 megawatts when the project was shelved in 2017. That's a little wonky, but just kind of curious.

不，這很有幫助。我想請你再多談一點把mPower授權給Applied Atomics這件事。我在想，最近是否有針對該設計做一些新的工作？[World Nuclear]或新聞把它稱為195兆瓦的反應爐。我記得2017年專案擱置時是180兆瓦。這有點技術細節，但我只是好奇。

Yes, Jeff, I'll take that question. Yes, we announced two activities with mPower. Maybe by way of a little bit of background, mPower was a small modular reactor technology developed originally by -- starting in the McDermott days, and then Babcock & Wilcox, our predecessor companies, I think that work began in 2008-2009 time frame. We eventually stopped that activity around 2014 after having spent something like $400 million on it. We estimated at that time that there was maybe $600 million to go in licensing that technology through the NRC.

是的，Jeff，我來回答這個問題。是的，我們宣布了兩項與mPower相關的活動。先補充一點背景：mPower是一項小型模組化反應爐（SMR）技術，最初是在——從McDermott時期開始，之後由Babcock & Wilcox（我們的前身公司）延續開發；我認為那項工作大約始於2008到2009年。在投入約4億美元之後，我們最終在2014年前後停止了該項活動。當時我們估計，要把該技術完成NRC的許可（licensing），大概還需要再投入約6億美元。

And so we stopped that project at the time because the market around small modular reactors had not precipitated. And so it's kind of -- it's IP that's been kind of sitting there on the shelf. You might call it a partially designed, partially certified small modular reactor. It just rated to 195 million of megawatts by the way. We have not done an incremental work on that technology since that time. But there has been some interest in it because it was a very elegant design. It probably would be attractive in the modern market.

因此我們當時停止該專案，是因為SMR市場尚未成形。所以它算是——一項一直放在架上的智慧財產（IP）。你可以稱它為部分完成設計、部分完成認證的小型模組化反應爐。順帶一提，它的額定功率是195兆瓦。自那之後，我們沒有再對該技術做任何增量工作。但外界對它仍有一些興趣，因為那是一個非常精巧的設計。在當今市場中，它可能會很有吸引力。

Now when we stopped progress on mPower, we made the decision strategically to face the market as a merchant supplier. And you see how that manifests in today's business. We are supporting the BWRX-300. We're supporting TerraPower. We're working with Rolls-Royce on steam generators for their projects in the UK. And that's been a very successful strategy for us. So it's not our intention to bring mPower into the marketplace.

當我們停止推進mPower時，我們在策略上決定以商業供應商（merchant supplier）的角色面向市場。你也看到這如何體現在我們今天的業務上。我們正在支援BWRX-300。我們正在支援TerraPower。我們也正與Rolls-Royce合作，為其英國專案提供蒸汽發生器。而這對我們而言是一個非常成功的策略。因此，我們無意把mPower推向市場。

That said, there are some parties that are out there that are interested in that IP and have approached us about licensing that technology. And so we've been in that process for probably 1.5 years or 2 years now. And we ended up with an agreement with Applied Atomics, who has exclusivity for terrestrial applications.

話雖如此，市場上確實有一些對該智慧財產（IP）感興趣的單位，並已就授權該技術與我們接洽。因此，我們大概已經進行這個流程約 1.5 年到 2 年了。最終我們與 Applied Atomics 達成協議，其在陸上應用方面享有獨家權利。

What they would do is complete that design and get it through NRC approval. We're -- we'll be under contract with them to support that. And what that deal entails is they get exclusivity for the terrestrial application. We get right of first refusal for manufacturing all the components, and we retain the IP. So it's a very attractive looking deal from our perspective.

他們將完成該設計並推進取得 NRC 核准。我們——我們會與他們簽約提供支援。這筆交易的內容是：他們取得陸上應用的獨家權利。我們取得製造所有組件的優先承購權（right of first refusal），並且我們保留該 IP。所以從我們的角度來看，這是一筆非常有吸引力的交易。

The other case was Core Power. And Core Power has been interested in using mPower On a barge-like system so that you could generate near shore power and obviously avoid some balance of plant costs and some other complexities around licensing and siding.

另一個案例是 Core Power。Core Power 一直有興趣在類似駁船（barge-like）的系統上使用 mPower，如此一來就能在近岸發電，並且顯然可以避免部分電廠平衡系統（balance of plant）成本，以及在許可與選址（siting）方面的一些其他複雜性。

That one's pretty compelling, and we are under contract with Core Power to assess that situation right now. So one licensee under an agreement, one potential licensee and some outlets for our technology. So fundamentally, what we're doing here is monetizing our IP, and we hope that both of them succeed with it.

那個方案相當有吸引力，而我們目前正與 Core Power 簽約評估該情況。因此，一個授權方已在協議之下，一個潛在授權方，並且我們的技術也有一些出口。所以基本上，我們在做的是將我們的 IP 變現，而我們也希望他們兩者都能成功。

And if I could just ask you real quickly. When you talk about being the exclusive supplier to the AA efforts, does that mean between your current capabilities and the stuff you've added with PCG, that you essentially provide x percentage of components for the entire reactor? Or is it going to mainly concentrate on the stuff you've historically done like reactor vessels and steam generators and heat exchangers?

如果我可以很快再問一下。當你談到成為 AA 專案的獨家供應商時，這是否表示，結合你們目前的能力以及透過 PCG 新增的能力，你們基本上會提供整座反應爐的 x% 組件？還是主要會集中在你們歷來做的那些，例如反應爐壓力容器、蒸汽發生器與熱交換器？

Yeah, it would be our typical component capabilities. We would manufacture presumably things like steam generators, reactor pressure vessels. We certainly can do control raw and drive mechanisms for that design. So lots of things we could do there, lots of content we could take. We wouldn't do balance point or anything like that for us.

是的，會是我們典型的組件製造能力。我們推測會製造像是蒸汽發生器、反應爐壓力容器這類產品。我們當然也能為該設計製作控制棒與驅動機構。所以我們能做的很多、可承接的內容也很多。至於電廠平衡系統（balance of plant）之類的，我們不會做。

Great. That was really, really helpful. Thanks a lot, Rex.

太好了。這真的非常、非常有幫助。非常感謝你，Rex。

Sure, Jeff. My pleasure.

當然，Jeff。我的榮幸。

Matt Akers, BNP Paribas.

BNP Paribas 的 Matt Akers。

Hey, guys, good afternoon. Thanks for the question. Rex, you mentioned the battleship in the opening remarks. I was wondering if you could you say anything about sort of how far along are you on discussions there? When do you expect that to ramp up? And just how you think of -- does that fit into existing capacity? Or would there be some expansion needed to support that?

嗨，各位，下午好。謝謝讓我提問。Rex，你在開場致詞提到了戰艦。我想請問你能否談談目前相關討論大概進展到什麼程度？你預期何時會開始加速推進？以及你怎麼看——這是否能納入既有產能？或者是否需要擴產來支援？

Yeah, early days on that one, but we're certainly having discussions with naval reactors about that. And that one, of course, is maybe certainly dependent upon some future authorization and appropriations for that program. But it's a battleship class vessel that would use a Ford class nuclear reactor. Now the Ford class aircraft carriers use two of these very large reactors, small modular reactors that we make. The battleship would use one of those, and so it would be a drop in kind of thing.

是的，這個案子還在早期階段，但我們確實正在就此與海軍反應爐部門進行討論。當然，這也可能取決於未來對該計畫的授權與撥款。但那會是一艘戰艦級艦艇，使用福特級（Ford class）核反應爐。目前福特級航空母艦使用兩座這種非常大型的反應爐——我們製造的小型模組化反應爐。戰艦會使用其中一座，因此基本上可以視為直接導入（drop-in）。

So we would manufacture the fuel steam generators, the RPPs, the core bar, all the things that we do. There was some -- in the -- there was budget authorized to study that ship design. We would not be involved with that. It's obviously for the shipyards. That was in the '27 budget authorization.

因此我們會製造燃料、蒸汽發生器、RPP、爐心支撐結構（core bar），以及我們一貫製造的所有項目。在——有一部分——預算已獲授權用於研究該艦艇設計。我們不會參與那部分。那顯然是船廠的工作。那是在 2027 年的預算授權中。

We would -- should go forward, long-lead procurements would begin in '28 as we understand it, and that's when the business would start to flow into our plants. But it certainly would flow right through the existing Ford-class reactor lines and fuel lines, existential capacity that we have and would fit very nicely into the business and produce quite some incremental volume for us.

我們——若計畫推進，如我們所理解，長交期採購（long-lead procurements）將於 2028 年開始，屆時業務就會開始流入我們的工廠。但它肯定會直接透過既有的福特級反應爐產線與燃料產線來承接，我們現有的產能足以支應，並且能非常順利地融入業務，為我們帶來相當可觀的增量產量。

Now I would say, let me just add to that, that putting the forward on four year centers is actually more important to our business. That one has a bigger volume impact than even that in a battleship to it, but both of those are serious upsides to the business.

另外我想補充的是，把福特級的建造節奏調整為每四年一艘，對我們的業務其實更重要。就產量影響而言，那個的影響甚至比戰艦案還大，但兩者對業務而言都是重要的上行因素。

Great. Thank you. That's helpful. And could you touch on margins and how you're thinking about that longer term on the Government business? I know there are a couple of dilutive programs ramping up, but just how you think about that and FX could grow into 2027?

很好。謝謝。這很有幫助。另外你能談談政府業務的利潤率，以及你對長期的看法嗎？我知道有幾個稀釋利潤率的專案正在爬坡，但你怎麼看待這點，以及到 2027 年 FX 會如何成長？

Yeah. So we started the year at guiding around 19% from a margin perspective, and a lot of that was driven by the newer programs with HPDU and DUECE that we're ramping up that had kind of a lower margin to start, similar to our past special materials and other contracts where you start off at a lower margin and you increase that margin over time.

好的。今年一開始，我們在利潤率方面的指引大約是 19%，其中很大一部分是由我們正在爬坡的較新專案（HPDU 與 DUECE）所驅動，這些專案在起步時的利潤率相對較低，類似我們過去的特殊材料與其他合約：一開始利潤率較低，之後會隨時間逐步提升。

We've also kind of previously discussed that we're still working off backlog associated with older pricing arrangements with the customer, and we fully expect that to be done by the end of '26. So if you look at the updated guide, we're actually guiding 150 basis points, an increase since the start of the year. And a lot of that is really driven by very strong operational performance.

我們先前也提過，我們仍在消化與客戶較舊定價安排相關的在手訂單（backlog），並且完全預期在 2026 年底前完成。因此若你看更新後的指引，我們實際上自年初以來上調了 150 個基點。而這在很大程度上是由非常強勁的營運表現所帶動。

We're hitting significant increases in our efficiencies and throughput within the factories of pretty much all of our Government Operations plants. And we have started to see some very good cost performance, cost [under runs] on some of these newer programs, particularly on HPDU. But we're still hitting milestones.

我們在幾乎所有政府營運（Government Operations）工廠的效率與產出吞吐量方面都達成顯著提升。而且我們也開始在一些較新專案上看到非常好的成本表現、成本[低於預算]（under runs），特別是在 HPDU 上。但我們仍然如期達成里程碑。

And so when you look at that from a margin perspective, we've started to see some of the margin enhancements that we've been talking about, and you can see that in the reflected results in the updated guidance.

因此從利潤率角度來看，我們已開始看到我們一直在談的利潤率改善，而你也能在更新後指引所反映的結果中看到。

As we look to '27 -- I'm not setting '27 guidance at this point. I think we'll give a better perspective on that later in the year. I mean, the one thing I would just say is we will have to continue to maintain this performance and some of the performance that we've discussed that we were expecting to see in '27 is starting to show up in '26. So we'll continue to push and drive efficiency and operational performance within the business. And hopefully, we can see that expand over time.

至於展望 2027 年——我目前不會提供 2027 年的指引。我想我們會在今年稍晚提供更好的觀點。我唯一想說的是，我們必須持續維持這樣的表現；而且我們原本預期在 2027 年才會看到的一些表現改善，現在已開始在 2026 年浮現。因此我們會持續推動並提升業務內的效率與營運表現。希望能隨時間看到利潤率擴張。

On the Commercial Operations side, we did lower the guidance for the year from approximately 14% to approximately 13%. That is mainly driven by some of the additional investments that we're making to stand up the US commercial nuclear capacity and also to prepare ourselves for some of the high growth that we're expecting.

在商業營運（Commercial Operations）方面，我們把今年的指引從約 14% 下調至約 13%。這主要是因為我們正在加碼投資，以建立美國商用核能產能，同時也為我們預期的高速成長做好準備。

We're adding high-caliber executive talent to the business to support what we think is going to be very high growth going forward, and we're working to do that. So there's some modest investment there. When you look at that year-over-year, we'll have a pretty consistent margin at 13% year-over-year. And I do expect that as we go into '27, we'll see more of a meaningful increase in that margin in that business.

我們正在為業務引進高水準的高階主管人才，以支撐我們認為未來將出現的高速成長，我們也正朝這個方向推進。因此那裡會有一些溫和的投資。若以年對年來看，我們的利潤率將大致維持一致，年對年約為13%。而我確實預期，當我們進入27年時，該業務的利潤率會出現更具意義的提升。

Great. That's very helpful. Thank you.

很好。這非常有幫助。謝謝。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

Hi, hello, everyone. Thanks for taking my questions. You noted TRISO [fill] supported Antares' nuclear reaching criticalities. Could you provide an update on expected TRISO demand such as government skills and monetization timing as far as you can share, please? Thank you.

嗨，大家好。感謝讓我提問。你提到TRISO[填充]支援了Antares的核反應達到臨界。能否請你就可分享的範圍內，提供TRISO預期需求的最新情況，例如政府端的需求規模以及變現時點？謝謝。

Yeah, let me see. Let me place it in terms of the kind of capacity that we exhibit at BWXT, Tomo. We're able to produce a few hundred kilograms a year in our plant down in Lynchburg, Virginia. It took basically the full capacity of that plant to load the Pele core running for, let's call it, 1.5 years. And then we've had some incremental demand from some customers, including Antares, as you cited, that's well within our existing capacity.

好的，我來看看。Tomo，我先用BWXT所具備的產能來說明。我們在維吉尼亞州林奇堡的工廠，每年可生產數百公斤。為了裝填Pele反應爐心，基本上動用了該廠的全部產能，運轉了大約1.5年。之後我們也收到一些客戶的增量需求，包括你提到的Antares，這些都完全在我們現有產能範圍內。

As to how the as to how the demand lays up across the broad market, I think it depends on a lot of things. It depends on success of X-Energy. It depends on the success of Kairos and some others that are requiring TRISO fuel and use these high-temperature gas reactors with the pebble type fuel. So I think there's a bit of a TBD. When you stack all that opportunity up, the opportunity could be fairly striking, strikingly large.

至於整體市場的需求會如何分布，我認為取決於很多因素。這取決於X-Energy的成功與否。也取決於Kairos以及其他需要TRISO燃料、並使用卵石型燃料的高溫氣冷反應爐業者的成功與否。所以我認為仍有不少待定之處。把所有這些機會加總起來，潛在機會可能相當驚人、規模非常大。

And I think that's the reason why you see multiple players getting involved here, including ourselves, TRISO, X, and Standard Nuclear and some others. And so it's still a highly uncertain market, in my opinion. And so we're not yet ready to make a full capital commitment on it, but it is enticing.

我想這也是你會看到多家業者投入的原因，包括我們自己、TRISO、X、Standard Nuclear以及其他一些公司。因此在我看來，這仍是一個高度不確定的市場。所以我們還沒準備好做出全面的資本承諾，但確實很有吸引力。

And just one follow-up on the mPower licensing and the feasibility work with the Core Power. Could you qualify BWXT's monetization model? And the next milestones, please. Thank you.

另外追問一點，關於mPower的授權以及與Core Power進行的可行性工作。你能否說明BWXT的變現模式？以及接下來的里程碑是什麼？謝謝。

Sorry, I didn't catch the latter part of that question, Tomo.

抱歉，Tomo，你問題後半段我沒聽清楚。

Sorry. So like, could you quantify the company's monetization model? And what kind of the next milestone that we should be expecting? Thank you.

抱歉。我的意思是，你能否量化公司的變現模式？以及我們接下來應該期待哪些里程碑？謝謝。

Yeah, monetization model is we certainly have some royalty rights and manufacturing rights, as I've said. But their monetization model, I'm not clear on what that is, but that's -- yes, license the design, presumably.

好的，變現模式方面，我們確實擁有一些權利金權益以及製造權益，如我之前所說。但他們的變現模式，我不太清楚是什麼，不過那就是——推測是授權該設計。

Thank you. That's all I have. Thank you very much.

謝謝。我就這些問題。非常感謝。

You're welcome.

不客氣。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Hey, good evening, guys. Hey, Rex, can you talk more about the new Canada nuclear strategy, 10 new large scale reactors, more penetration into CANDU do internationally? It sounds like maybe you think Canada is behind where the US is, but -- maybe you can talk about the TAM there and the timing?

嗨，晚安，各位。Rex，你能否多談談加拿大新的核能策略：新增10座大型反應爐、以及在國際上更深入切入CANDU？聽起來你可能認為加拿大落後於美國，但——你能談談那裡的TAM（可服務總市場）以及時程嗎？

Yeah, sure, Pete. The federal strategy that Canada rolled out, I think, is quite impressive. In fact, Canada's nuclear industrial policy has been very favorable for a long time. It's the reason why we've been buying assets in that market and the reason why our center of gravity is still there. That -- the strategy that the federal government rolled out had four pillars to it.

好的，當然可以，Pete。我認為加拿大聯邦推出的策略相當令人印象深刻。事實上，加拿大的核能產業政策長期以來都非常有利。這也是我們一直在該市場收購資產、以及我們的重心仍在那裡的原因。聯邦政府推出的這項策略包含四大支柱。

One was enabling new builds across Canada. And this federal support for up to 10 large reactors by 2040, with some of those under construction by 2035. And one deployment outside, at least one deployment outside of Ontario by 2035.

第一個是促成加拿大各地的新建案。聯邦支持在2040年前最多興建10座大型反應爐，其中部分將在2035年前動工。並且在2035年前，至少在安大略省以外地區部署至少一座。

They also paired that with a plan to build a Canadian micro reactor, and I think that means Canadian licensing rights or IP, deploying one of those to a remote community by the late 2030s. Now that would be -- that effort would be led through the Canadian Nuclear Labs, where we are in the majority equity partner and operating that laboratory. So that's Pillar 1.

他們也搭配了一項計畫，要建造加拿大的微型反應爐；我認為這代表加拿大的許可權或智慧財產權（IP），並在2030年代末期前將其中一座部署到偏遠社區。而這項工作將由加拿大核子實驗室（Canadian Nuclear Labs）主導，我們是其多數股權夥伴並負責營運該實驗室。所以這是第一支柱。

Pillar 2 is Canada and tends to be an exporter and a global supplier of choice around that sovereign technology coming to CANDU technology. And they want to make full use of their supply chain in that process. And of course, there's a track record above that. There are CANDU in Romania, South Korea, Argentina. And so there's some history there.

第二支柱是加拿大一向是出口國，並希望成為圍繞其主權技術（也就是CANDU技術）的首選全球供應商。他們希望在此過程中充分運用其供應鏈。當然，這方面也有既有的實績。羅馬尼亞、南韓、阿根廷都有CANDU。因此這方面是有歷史基礎的。

The third pillar has to do with expanding uranium production and nuclear fuel. Now we would presumably participate on the fuel side of that. We're not involved in mining and milling, but Canada has powerful uranium assets. I think they have something like 20% of the world's reserves there.

第三支柱與擴大鈾礦生產及核燃料有關。我們推測會在燃料端參與其中。我們不涉及採礦與選礦，但加拿大擁有強大的鈾資產。我認為他們大約擁有全球20%的儲量。

And then the last one has to do with driving innovation through Canada, which is -- which translates to investing in fission -- sorry, fusion projects in addition to fission, medical isotopes and other nuclear applications.

最後一個支柱是透過加拿大推動創新，也就是——轉化為投資裂變——抱歉，是聚變專案，此外也包括裂變、醫療同位素以及其他核能應用。

Again, I think, primarily through the Canadian Nuclear Laboratories, where we're principally involved there. So all good for us, very forward-looking strategy. Canada is leaning forward on nuclear as they have been. And so it's unsurprising, but it's gratifying to see that laid out in detail.

同樣地，我認為主要會透過加拿大核子實驗室來推動，而我們在那裡是主要參與者。所以這對我們都很有利，是非常具前瞻性的策略。加拿大一如既往地在核能上積極前行。因此這並不令人意外，但看到他們如此詳細地闡述，確實令人欣慰。

In terms of revenue to you, are they maybe a year or two behind the US at this point?

就你們的營收而言，他們目前是否大概落後美國一到兩年？

Well, I think they're actually ahead, right, because of what's going on with the small modular reactors at Darlington. In terms of large reactor builds, yes, I think what you see there is if you've got projects underway by 2035, then that means the long lead items like pressure vessels, the steam generators have to be ordered two or three years in advance of that. So I would expect it to start to influence our business in a very positive way in the early 2030s.

我認為他們其實是領先的，對吧，因為達靈頓（Darlington）的小型模組化反應爐正在推進。就大型反應爐新建而言，是的，我認為你看到的是：如果專案要在2035年前後推進，那麼像壓力容器、蒸汽發生器這類長交期項目，必須提前兩到三年下單。因此我預期在2030年代初期，這將開始以非常正面的方式影響我們的業務。

Okay. Great. Thank you.

好的。很好。謝謝。

Thank you.

謝謝。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

Hi, good afternoon. This is Josh Korn on for David. I was hoping you could maybe speak a little bit about the M&A pipeline now with the sale of medical, if you might be more interested in kind of staying in that, doubling down on the commercial nuclear power side or maybe getting into other adjacencies? So any context you could provide? Thanks.

嗨，午安。我是 Josh Korn，代替 David 發言。我想請您談談在出售醫療業務之後，目前的併購（M&A）案源（pipeline）情況；您是否會更有興趣留在這個領域、加碼商用核電這一塊，或是切入其他相鄰領域？所以想請您提供一些背景脈絡。謝謝。

Yeah, I think that's right. I mean, so we see our last couple of commercial nuclear deals, I think, have been very accretive to the business. And we're certainly looking at ways that we can continue to expand not only capacity, but also looking for areas where we can continue to provide expanded services throughout the life cycle of nuclear.

是的，我想你說得沒錯。我的意思是，我們最近幾筆商用核能交易，我認為對業務的增益（accretive）非常明顯。我們也確實在尋找方法，持續擴張不只是產能，同時也在找尋能在核能全生命週期中持續提供更廣泛服務的領域。

Kinectrics has some really unique design capabilities. They perform work around transmission and distribution, lot of unique experience around licensing. So they have a strong relationship with the nuclear utilities. And so there could be expanded opportunities as we look at commercial nuclear from a pipeline perspective.

Kinectrics 具備一些非常獨特的設計能力。他們在輸電與配電方面承接工作，也在許可（licensing）方面有許多獨特經驗。因此他們與核能公用事業公司維持很強的合作關係。所以，從案源角度來看，當我們檢視商用核能時，可能會有更多擴展機會。

I think national security nuclear also is a high priority and focus, and that's continuing to expand our capabilities to support the national security missions. As well as any other small tuck-ins, similar to what you've seen us do in the past.

我認為國安核能同樣是高度優先且聚焦的領域，而這也正持續擴大我們的能力，以支援國家安全任務。以及任何其他小型補強式併購（tuck-ins），就像你們過去看到我們做的那樣。

So we have a robust pipeline. We go through that regularly to assess that and strategically to make sure that it aligns not only with what we're trying to accomplish from a strategic standpoint, but it also has the financial and other qualitative metrics that make it a good BWXT business. So I think you'll continue to see more M&A from us in the future.

所以我們有一個很強健的案源。我們會定期檢視並評估，從策略面確保它不僅符合我們想達成的策略目標，同時也具備財務與其他質化指標，使其成為一筆適合 BWXT 的交易。因此我認為，未來你們會持續看到我們進行更多併購。

Great. Thanks. Just one for me.

很好。謝謝。我這邊就一個問題。

Thank you.

謝謝。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

Hey, thank you. I first wanted to ask on this updated shipbuilding plan and the forward cadence. Can you talk about -- just remind us where you are in that forward cadence? And then when we could start to see this update affecting your financial results?

嗨，謝謝。我首先想問這個更新後的造船計畫以及未來的節奏。你能談談——提醒我們一下你們目前在這個未來節奏中的位置嗎？另外，我們何時能開始看到這次更新對你們財務結果的影響？

So yeah, Marc, the -- see the ordering cadence. The -- so the last four that was ordered, long lead items quarter through BWXT was 2026, if I'm recalling correctly. 2024. The shipset was ordered in 2026, before that, was ordered in 2020. And before that 2016 for the shipyards, that's when the holes were ordered. As you know, our long lead items ordered a couple of years in advance of that.

好的，Marc，關於——你看下單節奏。——所以最近一次下單的四套（shipset），如果我沒記錯，透過 BWXT 的長交期項目（long lead items）是在 2026 年。2024 年。該 shipset 是在 2026 年下單；在那之前，是在 2020 年下單。再之前是 2016 年對船廠下單，那是船體（hulls）下單的時間。如你所知，我們的長交期項目會比那個時間提前幾年下單。

What happened was in 2020, that was accelerated from 2021. So that 2020 order for us, the long lead items started to be ordered in 2018. The 2026 long lead items started to be ordered in 2024 from us. And then the next board set, the advanced procurement occurs in 2027.

在 2020 年發生的情況是，原本 2021 年的計畫被提前了。因此對我們而言，2020 年那筆訂單的長交期項目其實從 2018 年就開始下單。而 2026 年那批的長交期項目則從 2024 年開始向我們下單。接著下一套（board set）的預先採購（advanced procurement）會在 2027 年進行。

So what's happened -- what happens on the four year intervals that 2026 call and goes 2030 on a four year interval in mid-2034 after that? And again, put us two years ahead of that. Sorry, a lot of dates there to sort through, but 2030 would be the next whole order to the shipyards, 2028 for long lead items on that one.

所以發生的——在四年一個區間的情況下，2026 之後會到 2030，再之後是 2034 年中，仍是四年一個區間。同樣地，我們會比那個時間點提前兩年。抱歉，日期很多需要整理，但 2030 會是下一次船廠的船體下單，而那一批的長交期項目會在 2028 年下單。

Okay. So we start to see the consistency in the business in 2028 and beyond is sort of -- it sounds like is that right, Rex?

了解。所以我們會在 2028 年及之後開始看到業務的一致性——聽起來是這樣，對嗎，Rex？

Yeah, that's right. I would make a key point here, Marc. Because of the ordering and the delivery cadence, and we've talked a lot about this in the past, the ordering cadence has been on the five year intervals except for that one exception where there was an acceleration in 2020. And delivery for that chipset takes about eight years altogether.

是的，沒錯。Marc，我想在這裡強調一個重點。由於下單與交付節奏，而且我們過去談過很多次，下單節奏一直是每五年一次，除了 2020 年那次提前的例外。而該套（chipset）的交付週期合計大約需要八年。

And so what that means is that you end up with a couple of gap years every decade because of that so that you've got one chip set moving through the plants instead of two chip sets. What this does is this four year ordering interval fixes that gap so that we would have -- constantly have two to four for chip sets moving through our plants at any 1 point in time.

因此這代表每十年會出現幾個空窗年，因為那樣一來就會變成只有一套 chipset 在工廠流程中移動，而不是兩套。這次改成四年下單間隔，就能補上那個空窗，使我們在任何時間點都能持續有兩到四套 chipset 在我們的工廠中流轉。

So it takes that swell out of there, that revenue bathtub that we've been going through for the past couple of seasons. And that's obviously very positive for our rates, for our stability, for our ability to forecast business and keep a steady production going through the plants.

所以它把那種起伏拿掉，也就是我們過去幾個季度一直在經歷的那種營收「浴缸效應」（revenue bathtub）。這顯然對我們的費率、穩定性、預測業務的能力，以及在工廠維持穩定生產都非常正面。

Yeah. Okay. Great. Thanks for that. And then the other one that I wanted to ask was just on these AP1000 opportunities. And we've talked to this in the past, but just want to get maybe some updated thoughts on this.

是的。好。很好。謝謝你的說明。另外我想問的是這些 AP1000 的機會。我們過去談過，但想再聽聽你們最新的看法。

Like if we go back to [Vogtle], I don't think you guys were involved in any of the large reactor components that you're sort of going for right now, but there are other participants that were and they're still in the market. How do you think your value proposition compares to them? Or what do you think you're going to win on when it comes to going up against those other suppliers?

如果回到 [Vogtle]，我記得你們當時並沒有參與任何你們現在正在爭取的那種大型反應爐組件，但當時有其他參與者，而且他們現在仍在市場上。你認為你們的價值主張相較於他們如何？或者當你們與其他供應商競爭時，你認為你們會憑什麼勝出？

Yeah, at the time those Vogtle plants are being built, we were almost out of the commercial nuclear business. Very, very limited activities in our Canadian plant at Cambridge at that time, Marc I would say our capabilities are very favorable with the largest industrial players, the Dusants and the NSAs of the world. There's some captive capabilities for the technology providers. But in terms of let's call it, supply chain providers, we sit right at the top.

是的，在 Vogtle 那些電廠建造的時候，我們幾乎已經退出商用核能業務了。當時在加拿大劍橋（Cambridge）的工廠只有非常、非常有限的活動。Marc，我會說我們的能力與全球最大的工業玩家相比非常有利，例如 Dusants、NSAs 這些公司。技術供應商本身也有一些自有（captive）能力。但就我們所稱的供應鏈供應商而言，我們就位於最頂端。

We certainly have the largest component nuclear manufacturing plant in North America, really the only surviving one. And when we're done with our capacity expansion in Cambridge, we will have the world's largest nuclear clean room.

我們確實擁有北美最大的核能組件製造工廠，實際上也是唯一仍然存續的。而當我們完成劍橋廠的產能擴建後，我們將擁有全球最大的核能無塵室（clean room）。

And then you add to that the capacity expansion that we took with PCG, where we kind of doubled our commercial footprint. Now that one does -- is not capable of producing the very largest components. PCG is not capable of producing the largest components like reactor pressure vessels for, say, an AP1000 or a steam generator, but it can do medium-scale components like fuel assemblies and modules and other such things to pressure boundary components. So yeah, we're right there. In terms of capacity and capability, I don't think there's anyone better on the globe.

再加上我們透過 PCG 進行的產能擴張，等於把我們的商用版圖大致翻倍。不過那一座——並不具備生產最大型組件的能力。PCG 無法生產像 AP1000 的反應爐壓力容器（reactor pressure vessels）或蒸汽發生器這類最大型組件，但它可以做中型規模的組件，例如燃料組件（fuel assemblies）、模組，以及其他這類壓力邊界（pressure boundary）組件。所以是的，我們就在第一線。就產能與能力而言，我不認為全球有任何人比我們更強。

Good. Thanks. I'll turn it back.

好的。謝謝。我把時間交回去。

Mark Shooter, William Blair.

Mark Shooter，William Blair。

Hi, [team]. Hi, Rex. Congrats on the quarter with the divestiture and fueling the entire [Mark zero] reactor. Just following up a little bit on the TRISO question here that somebody -- another analyst asked. You did mention that you're not ready to make a full capital commitment on it. But what would you like to see from the reactor customers or other demand signals to give you that green light? And assuming that light turns green, any shape on the -- or any color to the CapEx or the capacity or time lines?

嗨，[team]。嗨，Rex。恭喜本季在資產剝離以及為整個[Mark zero]反應爐供料方面的表現。我想就這裡有人——另一位分析師問到的TRISO問題再追問一下。你確實提到你們還沒準備好對此做出全面的資本承諾。但你們希望從反應爐客戶或其他需求訊號看到什麼，才會給你們開綠燈？以及假設綠燈亮起，資本支出（CapEx）或產能或時程方面，有沒有任何輪廓——或可提供一些顏色（細節）？

Yeah, I'd say we'd like to see a pipeline of orders that looks very, very solid. Now we're pretty far down that road. We've got a partner within Kairos, we have $100 million grant from the Wyoming Energy Authority. And so we just need to see that pipeline of opportunities firm up a little bit.

是的，我會說我們希望看到一個看起來非常、非常扎實的訂單管線。目前我們在這條路上已經走得相當深入了。我們在Kairos那邊有合作夥伴，也拿到懷俄明州能源管理局（Wyoming Energy Authority）1億美元的補助。所以我們只需要看到那個機會管線再更進一步地確定一些。

I think we've talked about in the past that it's been the commitment, the CapEx associated with standing up that facility and populating with equipment is a few hundred million dollars up to $500 million. And so that's the scale of it. Again, we'd be sharing it with partner, and we've got an offset with the Wyoming Energy Authority. And so probably a pretty modest investment for us in terms of large-scale capital, and we remain optimistic about it.

我想我們過去談過，真正的承諾在於：建立那座設施並配置設備所需的資本支出，大約是數億美元，最高可到5億美元。所以規模大概是這樣。再說一次，我們會與合作夥伴分攤，而且也有懷俄明州能源管理局的補助抵減。因此就大型資本而言，對我們來說可能是一筆相當溫和的投資，我們也仍然對此保持樂觀。

The only other thing I would add is we continue -- one of the probably key milestones that we're looking for is the Janus decision. That will is expected to continue to progress through this year, we're expecting an award this year. And so that will be a key milestone to watch from an order solidification in order for us to make a decision.

我唯一想補充的是，我們持續——我們正在關注的可能其中一個關鍵里程碑，是Janus的決策。預期它今年會持續推進，我們也預期今年會有授標結果。因此，從訂單落實、讓我們做出決策的角度來看，這將是一個需要關注的關鍵里程碑。

That's helpful. Thank you, both. Also in one of the last times we spoke, we were thinking or walking through the potential expansion of the NNSA enrichment award and what that opportunity could bring. And on the preamble here, BWX is obvious that you're executing on schedule on this program. So has there been any deeper conversations or updates around the potential to expand that program?

很有幫助。謝謝你們兩位。另外，上次我們談到時，我們在思考或推演NNSA濃縮授標案可能擴大，以及那個機會可能帶來什麼。作為前言，BWX很明顯在這個專案上是按進度在執行。那麼，關於擴大該計畫的可能性，是否有更深入的對話或更新？

Sure. I'll make a few comments about that. As you know -- as you may know, the scope of that program to the technology transfer from the Federal Laboratory into our Centrifuge Manufacturing development facility. We discussed in the script, the progress that we're making there. We stood up that facility within the last year or so, just 14 months ago.

當然。我先做幾點說明。如你所知——或你可能知道，該計畫的範疇是把技術從聯邦實驗室移轉到我們的離心機製造開發設施。我們在講稿中也談到我們在那方面的進展。我們在過去一年左右——大約14個月前——建置了那座設施。

And we are expecting to demonstrate centrifuge capability, operational centrifuge in the second half of the year. So great progress there. That's the front end of it. The back end of it, it's licensing and construction of the plant for doing the high enriched uranium part of the -- a part of the process that's required for stockpile replenishment.

而我們預期在今年下半年展示離心機能力，也就是可運轉的離心機。所以那邊進展很好。那是前端。後端則是為了進行高濃縮鈾——也就是庫存補充所需流程的一部分——而進行的工廠許可與建造。

The space in between is where the real opportunity is, and that's building plans for -- we're enriching from either depleted uranium or natural uranium up to low enriched uranium, which is essentially commercial fuel. And then from low-enriched up to high assay, low uranium, thinking about going through -- building through all of those assays, which you have to do to get to high-enriched uranium.

中間那一段才是真正的機會所在，也就是為——我們把貧化鈾或天然鈾濃縮到低濃縮鈾，這基本上就是商用燃料。然後再從低濃縮提升到高豐度低濃縮鈾（HALEU），並思考一路——把所有這些不同濃縮度（assays）的能力建起來，因為要到高濃縮鈾就必須經過這些階段。

I think there's a subtle point here that all of that equipment has to be unobligated, meaning US sourced. And so there's a uniqueness to how you build supply chain, and there's some uniquely higher costs that are associated to that. So there's a question about the commercial viability of enriching into those assays. But that's the way it has to be done under treaty.

我想這裡有個細微但重要的點：所有那些設備都必須是「不受義務約束」（unobligated），也就是必須是美國來源。因此在供應鏈的建置方式上有其獨特性，也會伴隨一些獨特且較高的成本。所以，將濃縮做到那些濃縮度在商業上是否可行，確實存在疑問。但依條約規定，必須以這種方式來做。

And so that's the opportunity to go and build out low enriched uranium and high assay low enriched uranium plants and to see whether or not you can build a commercial capability on the, say, on a contribution margin basis, for those plants. And those would be very, very large-scale projects.

因此，機會就在於去建置低濃縮鈾以及高豐度低濃縮鈾（HALEU）工廠，並評估是否能以例如貢獻毛利（contribution margin）的角度，建立這些工廠的商業能力。而那些都會是非常、非常大型的專案。

Very helpful. Thank you, both.

非常有幫助。謝謝你們兩位。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Thanks for taking my questions. I'm looking for an update on Project Janus. I mean, does the timing still hold here? And how might the economics differ based on the outcome, whether you win as an OE or as a supplier?

謝謝回答我的問題。我想了解Janus專案的最新進度。也就是說，時程目前還成立嗎？以及依結果不同，無論你們是以OE（原廠/整機商）身分得標或是以供應商身分得標，經濟性可能會有何差異？

Yeah, that the -- we're still in that process. We still are optimistic about the outcome of that competition. So I think this is just government timing. They're making their decisions, and they will announce their decisions on their timetable, but we're certainly optimistic over here. And what was the second part of the question, pardon me?

是的，那個——我們仍在那個流程中。我們對那場競標的結果仍然保持樂觀。所以我想這就是政府的時程。他們會做出決策，並依他們的時間表公布，但我們這邊當然是樂觀的。不好意思，問題的第二部分是什麼？

Just how the economics might differ based on the outcome? I know you kind of have several shots on goal here.

就是經濟性可能會如何因結果而不同？我知道你們在這裡有好幾種可能性。

Yeah, we do. Do you mean how we might think about investments in things like TRISO and micro reactors if we don't succeed in that one?

是的，我們確實有。你的意思是，如果我們在那個案子沒有成功，我們會如何看待像TRISO和微型反應爐這類投資嗎？

Well, that and as well as what the contribution might look like, either way things go.

是的，包含那個；另外也想了解不論結果如何，貢獻可能會長什麼樣子。

Yeah, I'd just say -- maybe I'll hold comments on that one. We need to get through this negotiation stage and hopefully receive an award, and then I think we can have more say about it.

是的，我只能說——這題我可能先保留評論。我們需要先走完這個協商階段並希望能拿到授標，之後我想我們就能更具體地談。

Got it. Got it. That's helpful. And then I guess another one as it pertains to the decision upcoming about expanding commercial capacity, whether it be [outman, Vernon], greenfield or M&A. I mean, what are really the gating factors to kind of come into that decision? What more are you looking for to, I guess, help you get there to that decision?

了解。了解。很有幫助。接著我想再問一題，關於即將做出的擴大商業產能決策，不論是[outman, Vernon]、新建（greenfield）或併購（M&A）。也就是說，真正的關卡因素是什麼，會影響你們做出那個決策？你們還在尋找什麼，來幫助你們走到並做出那個決策？

Not much, right? We certainly see the commercial demand. And I don't think we're ahead of the market by any means whatsoever. There needs to be domestic capability in the US for large component manufacturing, and we need to be in a deepwater situation, so that we could ship by water to any point on the globe. Because our intention to be a global supplier in addition to a domestic source for AP1000s, X300s, TerraPower, whatever comes.

其實不多，對吧？我們確實看得到商業需求。而且我不認為我們在任何程度上是超前市場。美國需要具備大型部件製造的國內能力，而且我們需要位於深水港的條件，這樣我們才能透過水運把貨運到全球任何地方。因為我們的意圖是成為全球供應商，同時也作為AP1000、X300、TerraPower或未來任何專案的國內供應來源。

So all we're going through right now is sorting out state incentives amongst New Jersey, Indiana and one other option that we're considering. By the way, we're proceeding with the plant design full out, and we'll proceed with equipment procurements in short order. So there's nothing that stalling this out. It's just a matter of site selection at this point, and we'll get to that decision in a pretty short order.

所以我們目前正在處理的是，在新澤西州、印第安納州以及我們正在考慮的另一個選項之間，釐清各州的激勵措施。順帶一提，我們正全力推進工廠設計，並且很快就會進行設備採購。所以沒有任何事情在拖延這件事。目前只是場址選定的問題，我們會在相當短的時間內做出決定。

Got it. That's very helpful, Rex. I'll leave it there. Thanks so much.

了解。這非常有幫助，Rex。我就先到這裡。非常感謝。

Thank you.

謝謝。

Ron Epstein, Bank of America.

美國銀行的 Ron Epstein。

Yeah. Rex and team, so far, we've covered a lot of ground, but maybe just couple of basic ones. How is supply chain holding out for you, Rex? Given the growth you're seeing across the business, in particular on the commercial side. Are you having any challenges there, getting the raw materials you need or otherwise?

是的。Rex 和團隊，到目前為止我們談了很多，但也許再問幾個基本問題。Rex，你們的供應鏈目前狀況如何？考量到你們在整體業務、特別是商業端所看到的成長。在取得所需原材料或其他方面，你們是否遇到任何挑戰？

Not so far, Ron. Things have been going pretty well. Zirconium tubes, large forgings, whatever we need, we've been able to get those materials now. I wouldn't worry about it as we surge into this demand environment over the next two or three years, but we're keeping a very close eye on it. And so far, so good. We've got reliable suppliers, and our supply chain team is really quite talented in managing this.

目前還沒有，Ron。進展一直相當順利。鋯合金管、大型鍛件，不管我們需要什麼，目前都能取得這些材料。當我們在未來兩到三年進入這個需求快速上升的環境時，我不會太擔心，但我們會非常密切地關注。到目前為止一切都很好。我們有可靠的供應商，而我們的供應鏈團隊在管理這方面確實非常有能力。

Now I will make one key point which I've made a lot in relation to the history of this company. The reason that BWXT was kind of the last man standing in commercial capability in North America is because we had a tremendous anchor-tenant on the government side with naval reactors.

我現在要提出一個關鍵點，這點我在談到這家公司歷史時已經說過很多次。BWXT 之所以能成為北美商用製造能力中「最後的倖存者」，是因為我們在政府端有一個非常強大的主力客戶，也就是海軍反應爐。

And so just to remind you, we've delivered 420 essentially small modular reactors, exquisitely beautiful, high-performing small modular reactors to the market over the last 50 years or so. And that's been a great way for us to maintain our capability and exercise a supply chain. Not exactly the same one as the commercial one, but we've had our muscles around that capability. So we have some natural advantages that our competitors did not. And so far, so good supply chain.

所以提醒一下，過去大約 50 年，我們已向市場交付了 420 座本質上屬於小型模組化反應爐的產品——極其精美、性能卓越的小型模組化反應爐。這一直是我們維持能力並運作供應鏈的一個很好的方式。雖然不完全是與商業端相同的供應鏈，但我們在這項能力上一直保持「肌肉」與熟練度。因此我們具備一些競爭對手所沒有的天然優勢。到目前為止，供應鏈一切順利。

Got you. Got you. And then sort of the other side of that. How are they going on the labor front, right? Because all this work takes labor as well. Have you have a adequate source to qualified labor? And can you retain labor, so on and so forth?

了解。了解。那再從另一個面向來看。在勞動力方面進展如何？因為這些工作也需要人力。你們是否有足夠的合格勞動力來源？以及能否留住人力等等？

Yeah, generally good. It is challenging to find all the trades. As I've said many times before, more challenging to find qualified trades people than it is to find nuclear engineers right now, if you can believe that. And we're doing pretty well with it. Our acquisition rates are consistent with our program needs for the most part.

是的，整體來說不錯。要找到所有工種確實有挑戰。我之前說過很多次，現在要找到合格的技術工人，比找到核能工程師還更困難——如果你能相信的話。而我們在這方面做得相當不錯。就大多數情況而言，我們的招募速度與我們的專案需求一致。

Our turnover rates net of retirement, net of voluntary exits are really low. It's mid-single digit or below 4%, something like that. I would say we've got some challenges finding steel workers in Canada right now as an example of a little bit of a shortage, but we're attacking that problem. But broadly speaking, human capital management is really under good control. Then we've got a great leader in that area in Gonzalo Gahate, and he's working with the operating businesses and is on it every second of his life.

我們的離職率（扣除退休與自願離職後的淨值）非常低。大約是中個位數百分比，或低於 4%，差不多是那樣。我會說，例如我們目前在加拿大找鋼鐵工人有一些挑戰，算是有點短缺，但我們正在積極解決這個問題。但整體而言，人力資本管理確實控制得很好。而且我們在這方面有一位很棒的領導者 Gonzalo Gahate，他正與各營運事業合作，幾乎每一秒都在盯著這件事。

Got you. Got you. And then maybe just a bit of a financial detail. Could you guys quantify what the organic change was in your EBITDA guide? How much can be attributed to organic versus inorganic?

了解。了解。再問一個財務細節。你們能否量化一下 EBITDA 指引中，有機變動的部分是多少？有多少可以歸因於有機成長，多少是非有機（併購等）？

It's mostly organic.

主要是有機的。

Okay. Great. Cool. Thank you, all.

好的。很好。了解。謝謝各位。

Thank you, Ronald.

謝謝你，Ronald。

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

目前沒有進一步的問題。我現在把電話交回給 Chase Jacobson 作結語。

Thank you, everybody, for your questions and your interest in BWXT. We look forward to speaking with you and seeing many of you at investor events in the coming months and at Investor Day in late September. If you have any questions, please reach out. Thank you.

謝謝各位提出問題，也謝謝各位對 BWXT 的關注。我們期待在接下來幾個月的投資人活動，以及九月底的投資人日，與各位交流並見到各位中的許多人。如果您有任何問題，請與我們聯繫。謝謝。

This concludes today's call. Thank you all for joining, and you may now disconnect.

今天的電話會議到此結束。感謝各位參與，您現在可以掛線。