Consolidated Water Co Ltd (CWCO) 2025 Q4 法說會逐字稿

Good morning. Thank you for joining us today to discuss Consolidated Water Company's 2025 full-year operating and financial results. Hosting this call today is the Chief Executive Officer of Consolidated Water, Rick McTaggart; and the company's Chief Financial Officer, David Sasnett. Following their remarks, we'll open the call to your questions. (Operator Instructions)

早安。感謝各位今天加入我們，一同討論 Consolidated Water Company 2025 全年營運與財務結果。今天的電話會議由 Consolidated Water 的執行長 Rick McTaggart，以及公司財務長 David Sasnett 主持。在他們發言之後，我們將開放提問。(接線員指示)

Before we conclude today's call, I'll provide some important cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded, and it will be made available for telecom replay. Please see the instructions in yesterday's press release that has been posted to the Investor Relations section of the company's website.

在我們結束今天的電話會議之前，我將就管理層在會議中所作的前瞻性陳述提供一些重要警示。提醒各位，今天的電話會議正在錄音，並將提供電話重播。請參閱昨日新聞稿中的指示，該新聞稿已發布於公司網站的投資人關係專區。

Now I'd like to turn the call over to Consolidated Water's CEO, Rick McTaggart. Sir, please go ahead.

現在我想把電話交給 Consolidated Water 的執行長 Rick McTaggart。先生，請開始。

Thank you, Chloe, and good morning, everyone. Our Retail, Bulk and Manufacturing revenues and operating incomes in 2025 were consistent with our expectations for the year. However, our Services revenue did not perform as expected due completely to a permitting delay relating to our 1.7 million gallon per day seawater desalination project in Kalaeloa, Hawaii.

謝謝你，Chloe，各位早安。我們在 2025 年的零售、散裝與製造業務之營收與營業利益，符合我們對該年度的預期。然而，由於與我們位於夏威夷 Kalaeloa、日產 170 萬加侖海水淡化專案相關的許可核發延宕，我們的服務業務營收未如預期。

We believe this type of delay is common for the complex multi-agency permitting process required for a project of this scale and has not been due to any failures on the part of Consolidated Water.

我們認為，對於此規模專案所需的複雜跨機關許可流程而言，這類延宕相當常見，且並非因 Consolidated Water 方面的任何失誤所致。

In fact, over the past year, we have achieved all other major project milestones under this phase of the Hawaii project, which include successful pilot testing, receipt of confirmation from the Honolulu Board of Water Supply that we are able to produce water that is a reasonable match to the quality of their current water supply and that we are able to produce water that causes no detrimental impact to the Board of Water Supply system or their customers' assets. And then finally, we completed 100% of the design for this project.

事實上，在過去一年中，我們已達成夏威夷專案此階段的所有其他主要里程碑，包括成功完成試驗（pilot）測試、取得檀香山供水局（Honolulu Board of Water Supply）的確認：我們能夠生產與其現有供水水質合理相符的水，且我們所產製的水不會對供水局系統或其客戶資產造成任何不利影響。最後，我們已完成本專案 100% 的設計。

Achieving these other significant project milestones enables us to begin construction once all permits have been issued. We continue to work closely with the Honolulu Board of Water Supply and the regulatory authorities to advance the permitting process and mitigate schedule impacts.

達成這些其他重要專案里程碑，使我們能在所有許可核發完成後立即開始施工。我們持續與檀香山供水局及監管機關密切合作，以推進許可流程並降低對時程的影響。

While our total revenue on a consolidated basis was slightly down compared to the previous year, our consolidated gross margin in terms of percentage and dollars improved, and our consolidated net income from continuing operations noticeably increased compared to 2024. Gross profit generated by all four of our business segments increased in terms of percentage, which speaks very well for our attention to efficiency and cost control.

雖然我們合併口徑的總營收較前一年略有下降，但我們的合併毛利率（以百分比與金額計）有所改善，且來自持續營運的合併淨利相較 2024 年明顯增加。我們四個業務部門的毛利（以百分比計）皆有所提升，這充分反映我們對效率提升與成本控管的重視。

Our Retail water operations continued to grow in 2025, driven by the strength of the Cayman Islands' economy and historically low rainfall in our exclusive utility service area on Grand Cayman. We saw ongoing growth in population and business activity on the island, coupled with very low precipitation, which resulted in a record volume of water sold to a record number of customers in 2025.

我們的零售供水業務在 2025 年持續成長，主要受惠於開曼群島經濟強勁，以及我們在大開曼島（Grand Cayman）獨家公用事業服務區域的歷史低降雨量。島上人口與商業活動持續成長，加上降雨量極低，使得 2025 年售水量創下新高，客戶數亦創下紀錄。

Although our Caribbean-based Bulk segment revenue declined slightly this past year, primarily due to lower fuel-related charges that we pass through to our customers, we achieved higher profitability in dollars and gross profit percentage in this segment. This improvement was driven by lower cost of revenue, reflecting our focus again on operational excellence in our Bahamas and Cayman Islands Bulk businesses.

儘管我們以加勒比海為基礎的散裝（Bulk）部門營收在去年略有下滑，主要因我們轉嫁給客戶的燃料相關費用較低，但該部門的獲利金額與毛利率均有所提升。此改善來自營收成本下降，再次反映我們在巴哈馬與開曼群島散裝業務上對卓越營運的專注。

Our Services segment revenue decreased in 2025, primarily due to the completion of two major design build projects in 2024 and the lull in Hawaii project activity while awaiting the issuance of a key project permit, and this was subsequent to completion of the pilot plant testing phase of the Hawaii project in early 2025.

我們的服務（Services）部門營收於 2025 年下降，主要因 2024 年完成兩項大型設計—建造（design-build）專案，以及在等待關鍵專案許可核發期間，夏威夷專案活動暫歇；而這是在 2025 年初完成夏威夷專案試驗工廠測試階段之後發生的。

The Services segment revenue decrease is also due, to a lesser extent, to a decrease in non-recurring consulting revenue, which actually has picked back up in the last quarter. The decrease in Services segment construction and consulting revenue was partially offset by a 9% increase in recurring revenue from O&M contracts.

服務部門營收下降的另一個原因（影響較小）是一次性顧問收入減少，不過該項收入在上一季已回升。服務部門的工程建造與顧問收入下滑，部分被 O&M（營運與維護）合約帶來的經常性收入成長 9% 所抵銷。

This increase in O&M revenue was attributable to incremental revenue generated by both our PERC Water subsidiary and REC in Colorado, and it includes revenue from a new municipal client in Southern California and from additional services provided to a large federal client for the second half of last year under a contract which expires at the end of this month.

O&M 收入的成長，來自我們 PERC Water 子公司以及位於科羅拉多州的 REC 所帶來的增量收入；其中包含南加州一個新的市政客戶收入，以及去年下半年為一大型聯邦客戶提供額外服務所產生的收入，該合約將於本月底到期。

Our Manufacturing segment during the year continued to improve its revenue and gross margin, which reflects the production this past year of primarily higher-margin products for nuclear power and municipal water clients as well as our continued focus on maximizing efficiency and throughput of our facility.

我們的製造（Manufacturing）部門在本年度持續改善營收與毛利率，反映去年主要生產較高毛利的產品，供應核能發電與市政供水客戶，同時我們也持續專注於提升廠房效率與產能吞吐量。

Completion of our new 17,500 square foot manufacturing facility in the third quarter of 2025 has further enhanced efficiency and throughput and is key to growing that business segment through continued customer and product diversification. And that diversification is occurring primarily in the municipal water client or municipal section of our business.

我們於 2025 年第三季完成新的 17,500 平方英尺製造廠房，進一步提升效率與吞吐量，並且是透過持續的客戶與產品多元化來推動該業務部門成長的關鍵。而這項多元化主要發生在我們業務中的市政供水客戶／市政領域。

Now before getting into recent developments and our outlook for the rest of the year and beyond, I'd like to turn the call over to our CFO, David Sasnett, who will take us through the financial details for 2025.

在進入近期進展，以及我們對今年其餘時間與未來的展望之前，我想先把電話交給我們的財務長 David Sasnett，由他帶領大家了解 2025 年的財務細節。

Thanks, Rick. Good morning, everyone. Our 2025 revenue totaled $132.1 million, which is a slight decrease of 1% from 2024. This decrease was primarily due to decreased revenue for our Services segment as well as a modest decrease in the Bulk segment revenue, and these decreases were partially -- the decrease was partially offset by revenue increases in the Retail segment and in our Manufacturing segment.

謝謝你，Rick。各位早安。我們 2025 年營收合計為 1.321 億美元，較 2024 年小幅下降 1%。此下降主要來自服務部門營收減少，以及散裝部門營收小幅下滑；而這些減少部分被零售部門與製造部門的營收成長所抵銷。

Retail revenue increased 6% to $33.6 million due to an 8.3% increase in the volume of water sold to a record 1.09 billion gallons, and this increase resulted from significantly lower rainfall, in fact, historically low rainfall on Grand Cayman, and an approximate 7% increase in the number of customer accounts in our license area.

零售營收成長 6% 至 3,360 萬美元，原因是售水量增加 8.3% 至創紀錄的 10.9 億加侖；此成長源於大開曼島顯著偏低、甚至可說是歷史低水準的降雨量，以及我們特許經營區域內客戶帳戶數約增加 7%。

Our Bulk segment revenue decreased less than 1%, and this decrease was due to a decline in energy prices, which decreased the energy pass-through component of our rates in the Bahamas operations.

我們的散裝部門營收下降不到 1%，此下降係因能源價格下跌，降低了我們在巴哈馬營運中費率所包含的能源轉嫁（pass-through）部分。

The decrease in Services segment revenue was primarily due to plant construction revenue decreasing from $18.6 million in 2024 to $13.5 million in 2025, and this decrease was a result of $8.2 million of additional revenue from PERC's contract with Liberty Utilities and $1.3 million in revenue from the Red Gate contract in Grand Cayman in 2024. These contracts were both substantially completed in mid-2024.

服務部門營收下降主要是因工廠建造收入由 2024 年的 1,860 萬美元降至 2025 年的 1,350 萬美元；此下降係由於 2024 年包含 PERC 與 Liberty Utilities 合約帶來的 820 萬美元額外收入，以及大開曼島 Red Gate 合約帶來的 130 萬美元收入。這兩份合約皆於 2024 年年中基本完成。

Construction revenue recognized on the Hawaii project also declined by $2.9 million in 2025 due to completion of the pilot plant testing phase of the project. These decreases in construction revenue were partially offset by construction revenue generated under new contracts.

由於該專案試驗工廠測試階段完成，2025 年在夏威夷專案認列的工程建造收入亦下降 290 萬美元。上述工程建造收入的下降，部分被新合約所產生的工程建造收入所抵銷。

Services segment revenue generated under our O&M contracts totaled $32.1 million in 2025, which represents an increase of 9% from 2024. The increase was due to incremental revenue generated by both PERC and by REC. Our Manufacturing segment revenue increased by $1.1 million or 6% to $18.7 million as compared to $17.6 million in 2024.

2025 年我們在 O&M（營運與維護）合約下所產生的服務事業部收入合計 3,210 萬美元，較 2024 年增加 9%。增加主要來自 PERC 與 REC 兩者所帶來的增量收入。我們的製造事業部收入較 2024 年的 1,760 萬美元增加 110 萬美元（或 6%）至 1,870 萬美元。

Our gross profit for 2025 was $48.4 million, which represents 30% (sic - see Press Release, "37%") of total revenue as compared to $45.6 million or 34% of total revenue in '24, and this improvement is due to increases in both the Retail and Manufacturing segment revenue.

我們 2025 年的毛利為 4,840 萬美元，占總營收的 30%（原文如此—請參閱新聞稿「37%」），相較之下，2024 年毛利為 4,560 萬美元，占總營收的 34%；此改善係由零售與製造兩個事業部收入增加所致。

Our net income from continuing operations in 2025 was $18.6 million or $1.16 per diluted share. This compares to net income of $17.9 million or $1.12 per diluted share in 2024. Including discontinued operations, our net income attributable to Consolidated Water shareholders in 2025 was $18.3 million or $1.14 per diluted share. This compares to net income of $28.2 million or $1.77 per diluted share in 2024.

我們 2025 年持續營業單位的淨利為 1,860 萬美元，或每股稀釋後盈餘 1.16 美元。相較之下，2024 年淨利為 1,790 萬美元，或每股稀釋後盈餘 1.12 美元。包含停業單位後，2025 年歸屬於 Consolidated Water 股東之淨利為 1,830 萬美元，或每股稀釋後盈餘 1.14 美元。相較之下，2024 年淨利為 2,820 萬美元，或每股稀釋後盈餘 1.77 美元。

Turning to our balance sheet, during the year, CW Bahamas accounts receivable balances decreased to $20.7 million as of December 31, 2025, as compared to $28.4 million as of December 31, 2024. This decrease was the result of receiving significant payments in addition to current billings on CW Bahamas delinquent accounts receivable from the WSC.

接著看資產負債表，年內 CW Bahamas 應收帳款餘額截至 2025 年 12 月 31 日降至 2,070 萬美元，相較於 2024 年 12 月 31 日的 2,840 萬美元。此下降係因除當期開立帳單外，亦收到 WSC 就 CW Bahamas 逾期應收帳款所支付之大額款項所致。

As of February 28, this receivable from the WSC amounted to $22.6 million. We continue to be in frequent contact with officials of the Bahamas government, who continue to express their intention to significantly reduce CW Bahamas delinquent accounts receivable balances. However, we are presently unable to determine if or when such reduction will occur.

截至 2 月 28 日，該筆對 WSC 的應收款為 2,260 萬美元。我們持續與巴哈馬政府官員保持密切聯繫，對方仍表示其意圖大幅降低 CW Bahamas 的逾期應收帳款餘額。然而，我們目前仍無法判斷此類降低是否會發生或何時發生。

Our cash and cash equivalents totaled $123.8 million as of December 31, 2025, and our working capital as of that date was $141.9 million, and our stockholders' equity was $221.7 million. The working capital and cash amounts as of December 31, 2025, represent a $24.4 million increase in cash and a $9.1 million increase in working capital from the prior year-end. And as we have consistently reported on our calls, our balance sheet currently has no significant outstanding debt.

截至 2025 年 12 月 31 日，我們的現金及約當現金合計 1.238 億美元；截至該日的營運資金為 1.419 億美元，股東權益為 2.217 億美元。截至 2025 年 12 月 31 日的營運資金與現金金額，較前一年度年末分別增加現金 2,440 萬美元及營運資金 910 萬美元。且如同我們在電話會議中一貫所報告的，我們目前的資產負債表並無任何重大未償債務。

Our projected liquidity requirements for the balance of 2025 include capital expenditures for existing operations of approximately $11.1 million, and this includes approximately $1 million in the first half of 2026 for a project in Bahamas. We increased our quarterly cash dividend by 27.3% to $0.14 per share beginning in the third quarter of 2025, and we paid approximately $2.3 million in dividends in January of 2026.

我們對 2025 年剩餘期間的預估流動性需求包括既有營運約 1,110 萬美元的資本支出，其中包含 2026 年上半年約 100 萬美元用於巴哈馬的一項專案。自 2025 年第三季起，我們將季度現金股利提高 27.3% 至每股 0.14 美元，並於 2026 年 1 月支付約 230 萬美元股利。

Our liquidity requirements may also include future quarterly dividends as such dividends are declared by our Board. And we continue to evaluate how to best utilize our ample cash balance and outstanding liquidity to increase shareholder value.

我們的流動性需求亦可能包含未來季度股利（視董事會宣告而定）。我們也持續評估如何最佳運用我們充裕的現金餘額與可用流動性，以提升股東價值。

So, this completes our financial summary for the year, and I'll turn the call back over to Rick.

以上即為我們本年度的財務摘要，接下來我把電話交回給 Rick。

Thanks, David. Looking at our Retail water business in Grand Cayman, we were pleased with the continued growth there, as David mentioned, in sales and sales volumes. And our Caribbean based Bulk water business continued to generate long-term stable recurring revenue.

謝謝，David。就我們在大開曼的零售供水業務而言，如 David 所提，我們對當地銷售額與銷售量持續成長感到滿意。而我們以加勒比地區為基礎的大宗供水業務也持續帶來長期、穩定且可重複的經常性收入。

Demand for our water in the Cayman Islands is affected by variations in the level of tourism and rainfall primarily. And according to the figures published by the Department of Tourism Statistics and Cayman, tourist air arrivals in the Cayman Islands increased by 2.9% to approximately 450,000 in 2025 compared to the previous year, and this likely contributed to our Retail sales growth.

我們在開曼群島的用水需求主要受觀光水準與降雨量變動影響。根據觀光統計部門與開曼公布的數據，2025 年開曼群島的航空入境旅客人次較前一年增加 2.9% 至約 45 萬人，這可能促成我們零售銷售的成長。

And it's interesting to note, so preliminary statistics show that January this year has also been a banner month for tourism arrivals in the Cayman Islands. So we look forward to seeing how that ultimately impacts our sales. However, also in the first couple of months of this year, the weather was much wetter with about a 280% increase in rainfall for the first two months of 2026. So, we also expect that is impacting our sales in 2026 in the first quarter.

值得注意的是，初步統計顯示今年 1 月同樣是開曼群島觀光入境人次表現亮眼的月份。因此我們期待觀察這最終將如何影響我們的銷售。不過，今年前兩個月天氣也明顯更為潮濕，2026 年前兩個月的降雨量增加約 280%。因此，我們也預期這將在 2026 年第一季影響我們的銷售。

Regarding our Cayman Water utility license, in February of last year, we received a new concession from the government that authorizes and maintains the terms of our 1990 license until a new license from OfReg is enacted. Negotiations between Cayman Water and OfReg for a new license have been more active than in previous quarters but remain ongoing.

關於我們 Cayman Water 的公用事業特許執照，去年 2 月我們自政府取得新的特許，授權並維持我們 1990 年執照的條款，直至 OfReg 核發新的執照為止。Cayman Water 與 OfReg 就新執照的協商較前幾季更為積極，但仍在進行中。

So looking again at the Hawaii project, this past quarter, we completed -- or this past quarter, we completed 100% of the design of the seawater desalination plant for BWS, and we're focused on obtaining the remaining permits needed to allow our client to issue a notice to proceed with construction of the project. This includes actively responding -- our activities include actively responding to regulatory inquiries and coordinating with the BWS to mitigate schedule impacts.

再回到夏威夷專案，本季我們完成了為 BWS 規劃之海水淡化廠 100% 的設計，並專注於取得其餘所需許可，以便讓客戶得以發出專案施工的開工通知（notice to proceed）。其中包括積極回應監管機關的詢問，並與 BWS 協調以降低對時程的影響。

The deferral of construction activities essentially has shifted anticipated revenue recognition and associated cash flows related to the Hawaii project into future periods. We anticipate that construction of the project will recommence or will commence later this year and see the construction phase of this major project substantially adding to our revenue and earnings growth in later reporting periods.

工程建造活動的遞延，實質上已將與夏威夷專案相關的預期收入認列及相關現金流移轉至未來期間。我們預期該專案的施工將於今年稍晚重新開始或開始，並在後續報告期間使此重大專案的施工階段對我們的營收與獲利成長帶來顯著貢獻。

Our Construction Service segment revenue is anticipated to remain below the record we achieved in 2023 until the initiation of construction of the Hawaii project.

在夏威夷專案開始施工之前，我們預期工程服務事業部收入將維持低於我們於 2023 年所創下的紀錄水準。

Looking more at our Services segment, as announced this past quarter, we were awarded two water treatment plant construction projects, new projects including a $3.9 million drinking water plant expansion in Colorado and an $11.7 million wastewater recycling plant in Northern California.

再多談一些我們的服務事業部，如本季所宣布，我們獲得兩項水處理廠建造專案，包括科羅拉多州一項 390 萬美元的飲用水廠擴建案，以及北加州一項 1,170 萬美元的廢水回收廠專案。

The revenue attributable to these projects is expected to be realized primarily this year, and the combined value of these projects totals obviously $15.6 million. The first project was secured by REC, our Colorado subsidiary, and this drinking water plant expansion will help us to build a resume to pursue additional design build opportunities in Colorado.

預期可歸屬於這些專案的營收將主要於今年實現，而這些專案合計價值顯然為1,560萬美元。第一個專案由REC（我們在科羅拉多州的子公司）取得，這項飲用水廠擴建將有助於我們建立實績，以在科羅拉多州爭取更多設計—建造（design-build）機會。

As announced during the fourth quarter, our PERC Water subsidiary secured the other contract to construct a wastewater recycling plant for San Francisco Bay Area Golf Club. This innovative project, which will convert untreated wastewater into irrigation water, is expected to save 36 million to 38 million gallons of potable water annually for the golf club.

如同在第四季所宣布，我們的PERC Water子公司取得另一份合約，為舊金山灣區高爾夫俱樂部興建一座廢水回收廠。這項創新專案將把未處理的廢水轉換為灌溉用水，預期每年可為該高爾夫俱樂部節省3,600萬至3,800萬加侖的可飲用水。

Because this facility will be constructed below ground, we decided to start construction of the project when the rainy season ends in Northern California to minimize construction delays. Therefore, we expect revenue from this project to be recognized primarily this year. In the meantime, we have been lining up subcontracts and ordering long lead equipment for the project, so it continues.

由於該設施將在地下建造，我們決定在北加州雨季結束後再開始施工，以將施工延誤降至最低。因此，我們預期此專案的營收將主要於今年認列。同時，我們一直在安排分包並訂購交期較長的設備，因此專案仍在持續推進。

PERC Water's Customized Design Report or CDR program delivers comprehensive project specific plans for water infrastructure, incorporating life cycle costs, schedule and performance metrics. These reports minimize risk and optimize plant performance for our clients by providing cost, schedule and water quality certainty and have been particularly attractive to large homebuilders and private utilities.

PERC Water的客製化設計報告（Customized Design Report，或CDR）計畫，提供針對特定專案的完整水務基礎設施方案，納入全生命週期成本、時程與績效指標。這些報告透過提供成本、時程與水質的確定性，為客戶降低風險並最佳化廠房效能，對大型住宅建商與民營公用事業特別具吸引力。

In Arizona, PERC continues to use its CDR program to pursue several design build opportunities for developers in the Phoenix metropolitan area. As was the case with the Liberty Utilities project in Arizona a few years ago, we believe that some or all of these CDRs will ultimately lead to a design build contract for these important wastewater treatment facilities. But as I mentioned, these opportunities typically have a longer sales cycle.

在亞利桑那州，PERC持續運用其CDR計畫，為鳳凰城都會區的開發商爭取多項設計—建造機會。如同幾年前亞利桑那州Liberty Utilities專案的情況，我們相信其中部分或全部CDR最終將促成這些重要廢水處理設施的設計—建造合約。但如我所提到，這些機會通常有較長的銷售週期。

Regarding our manufacturing operations, in August 2025, we finished expanding our facility in Fort Pierce, Florida by adding 17,500 square feet of plant space, bringing the total manufacturing space to 47,500 square feet. This expansion allows us to handle more production volume and manage several projects at once. It's particularly well timed as there has been a significant increase in bidding activity for municipal water projects in Florida.

關於我們的製造營運，於2025年8月，我們完成擴建佛羅里達州Fort Pierce的廠房，新增17,500平方英尺的廠房空間，使總製造面積達47,500平方英尺。此擴建使我們能處理更高的產量，並同時管理多個專案。此時機尤其恰當，因為佛羅里達州的市政水務專案投標活動顯著增加。

Given the extended lead times associated with these municipal initiatives, we anticipate that they will contribute to growth in 2027. We believe that our extensive experience manufacturing large-scale nanofiltration and RO systems as well as our location in Fort Pierce, Florida, positions us well to continue growing that part of the business in the Florida market.

鑑於這些市政計畫通常伴隨較長的交期，我們預期它們將在2027年帶動成長。我們相信，憑藉我們在大型奈米過濾（nanofiltration）與RO（逆滲透）系統製造方面的豐富經驗，以及我們位於佛羅里達州Fort Pierce的地理位置，使我們在佛州市場持續擴大該業務板塊具備良好優勢。

And as reported previously, we hold an NQA-1 certification from two major nuclear industry companies, and we see renewed interest in US nuclear power solutions. These specialized manufacturing qualifications also position us for continued growth.

此外，如先前所報告，我們已取得兩家主要核能產業公司核發的NQA-1認證，且我們看到美國核能解決方案再度受到關注。這些專業製造資質也使我們具備持續成長的有利條件。

As we move through the year ahead, we believe our diversified business segments will continue to deliver improved results to shareholders. This includes continued growth in our Retail business in Grand Cayman, our long-term stable recurring revenue from our Caribbean-based Bulk water business and the growth potential of our US-based manufacturing, design, build and O&M businesses.

展望未來一年，我們相信多元化的業務部門將持續為股東帶來更佳成果。這包括我們在大開曼（Grand Cayman）的零售業務持續成長、我們以加勒比地區為基礎的大宗供水業務所帶來長期穩定的經常性收入，以及我們以美國為基地的製造、設計、建造與營運維護（O&M）業務的成長潛力。

As the global demand for clean water continues to grow, our strong balance sheet enables us to move quickly on desalination and water infrastructure opportunities in the Caribbean and North America as well as any potential strategic acquisitions or partnerships.

隨著全球對潔淨用水的需求持續成長，我們強健的資產負債表使我們能迅速把握加勒比地區與北美的海水淡化及水務基礎設施機會，以及任何潛在的策略性併購或合作夥伴關係。

So with that, I'd like to open the call up for questions. Chloe?

那麼，接下來我想開放電話會議進入提問。Chloe？

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Gerry Sweeney, ROTH Capital.

Gerry Sweeney，ROTH Capital。

Good morning, Rick and David. Thanks for taking my call. I wanted to ask a couple more questions on the Hawaii desal project. Just curious as to what that permit is and who's responsible for obtaining the permit.

早安，Rick和David。謝謝接聽我的來電。我想就夏威夷淡化專案再問幾個問題。我只是好奇那個許可是什麼，以及由誰負責取得該許可。

Well, I guess that would be all right to say it's the state historical preservation department. I think we mentioned it in the call in November. I mean, that permit is required before we can put in applications for all the building permits and ground clearance permits and that sort of thing. We're making progress on it. It's just a very slow process for everybody. It's not just us.

嗯，我想可以說那是州歷史保存部門（state historical preservation department）。我想我們在11月的電話會議中有提到。也就是說，在我們能提出所有建築許可、地面清理許可等各類申請之前，必須先取得那個許可。我們正在推進中。只是對所有人而言這是一個非常緩慢的流程。不只是我們。

Got it. So is Consolidated responsible for that permit? Or is the city responsible for it?

了解。所以是Consolidated負責那個許可嗎？還是市政府負責？

The client is responsible for that. And they've been dealing with all the inquiries and that sort of thing from the department.

客戶負責。他們一直在處理該部門提出的所有詢問之類的事項。

Got it. And once that is received, then you do have to put in some other building permits, et cetera. Is that -- did I understand that correctly?

了解。而一旦取得該許可，接著你們還需要申請其他建築許可等等。我這樣理解正確嗎？

That's correct. Yes. Some of -- this permit is a prerequisite for applying for a number of other permits. That's my understanding.

沒錯。是的。這個許可是申請其他多項許可的先決條件之一。我的理解是這樣。

Got you. Best guess, I mean, once the historical permit is achieved, I mean, do you have any idea of how long the other permits take? Or is that sort of a little open-ended just because of the nature of permitting?

了解。大概估計一下，我是說，一旦歷史保存許可取得後，你們是否知道其他許可大概需要多久？還是因為許可程序的性質而有點難以界定？

I mean, again, my understanding is that they're a bit more straightforward. We have finished the design, and so it would be a matter of getting the regulators to sign off on the various parts of that design so that we could get moving on building permits. I mean, I'm just -- I'm a little reluctant. I mean, you can see what's happening because we got delayed from last year in the fourth quarter.

我的意思是，再次強調，我的理解是其他許可會比較直接。我們已完成設計，因此接下來就是讓主管機關對設計的各個部分核准，以便我們能開始推進建築許可。我的意思是，我只是——我有點不太願意（做出時間預測）。你也看到目前的情況，因為我們從去年第四季就被延後了。

I mean, with the stock price and that sort of thing, it's very difficult to predict these sorts of things. So that's why we said in our notes that later this year, I mean, we would expect certainly for the construction to start sometime this year. But to say exactly what quarter it is, is somewhat difficult at this point.

我的意思是，考量到股價以及諸如此類的因素，要預測這類事情非常困難。所以我們才在備註中表示，較晚些時候，也就是今年稍晚，我們當然預期施工會在今年某個時間點開始。但要說確切是在哪一季，目前仍有些困難。

No, that's understandable. I was just curious as to what are some of the other sort of milestones or steps post the historical permits. So that helps frame out when and how it all develops. So that's helpful.

不，這可以理解。我只是好奇，在歷史許可之後，還有哪些其他類似的里程碑或步驟。這樣有助於勾勒出整體何時以及如何發展。所以這很有幫助。

And then the other thing I want to talk about was just the O&M revenue that's ticked back up in the quarter. I think you mentioned a couple of project wins, but I think also another project was expiring. But that's around, I think, PERC and REC, I'm talking about, not the Caribbean. But how does that business look in pipeline and opportunity on a go-forward basis?

然後我想談的另一件事是，本季 O&M 營收又回升了。我想你提到幾個專案得標，但我也覺得另外一個專案正在到期。不過我說的是 PERC 和 REC，我指的不是加勒比地區。但就未來而言，這項業務在管線與機會方面看起來如何？

There's a lot going on there, Gerry. I mean, there's a couple of really big opportunities that we're chasing right now. One of them, the -- it's very competitive. I mean, these are bigger O&M opportunities. We think we have certain advantages.

Gerry，那邊有很多事情在進行。我的意思是，我們現在正在追逐幾個非常大的機會。其中一個——競爭非常激烈。我的意思是，這些都是較大型的 O&M 機會。我們認為我們有一些特定優勢。

Obviously, they're both in Southern California, and we think our presence there and our record helps us. But it's a competitive market, and we're just working through trying to get some of these. It could be big winners for us if we get these projects.

顯然，它們都在南加州，我們認為我們在當地的布局與過往紀錄對我們有利。但這是一個競爭激烈的市場，我們正在努力推進、爭取拿下其中一些案子。如果我們拿到這些專案，可能會是我們的大勝利。

Got it. All right. And then one last question. Obviously, the West Bay facility was completed. That, I think, 1 million gallons a day of water. How do we -- I think it was finished in the fourth quarter last year, but how do we think about that? I mean, that adds incremental volume.

了解。好。然後最後一個問題。顯然，West Bay 設施已經完工。我想那是每天 100 萬加侖的供水量。我們該如何看待這件事——我想它是在去年第四季完成的，但我們該怎麼思考它？我的意思是，那會增加額外的供水量。

I don't think it's going to be used up right out of the gate. Or that may be the case, but I'm just curious as to how much of that water or the 1 million gallons a day sort of spoken for are going to be used if you have a visibility on that.

我不認為它一開始就會立刻被用滿。或者也可能會，但我只是好奇，如果你們對此有能見度的話，那每天 100 萬加侖中，有多少水量或產能已經被預先承諾、會被使用？

Well, I mean, last year, we used it because we had pretty big quarters. I think we look at maybe like a five-year horizon, 5- to 10-year horizon on our asset planning. So it kind of depends on what this higher rainfall is going to do this year because we base our production capacity on peak demand, which typically occurs in December, January, February, those sort of months. And then it starts getting wetter in the summer, so demand tapers off.

嗯，我的意思是，去年我們有用到，因為我們有幾個季度的量相當大。我想我們在資產規劃上會看大概五年期、甚至 5 到 10 年的時間範圍。所以這有點取決於今年較高的降雨量會帶來什麼影響，因為我們是以尖峰需求來規劃產能，而尖峰通常出現在 12 月、1 月、2 月這幾個月份。然後夏天開始變得更潮濕，所以需求會逐步回落。

But I mean, we use that capacity, and we had to -- we put in the original 1 million gallons, I guess, about 2.5 years ago, and then we immediately started expanding it because we needed the additional capacity. If you look at our volume growth over the last five years, it's quite -- since post-COVID, it's quite remarkable.

但我的意思是，我們會用到那個產能；而且我們——我想大約 2.5 年前先建了原本的每天 100 萬加侖，然後我們立刻就開始擴建，因為我們需要額外產能。如果你看我們過去五年的用量成長，這相當——尤其是 COVID 之後，真的相當驚人。

Got it. Okay, I will -- I appreciate it. I'll jump back to the queue. Thanks.

了解。好，我——謝謝你。我回到排隊等候。謝謝。

Yes. Thanks, Gerry.

好的。謝謝你，Gerry。

(Operator Instructions) John Bair, Ascend Wealth Advisors.

(接線員指示) John Bair，Ascend Wealth Advisors。

Good morning, guys.

各位早安。

Hey, John.

嗨，John。

Thanks for taking the call here. I probably ought to know this by now, but how quickly are the energy cost recovery increases reflected in your Bulk services? Is that on a monthly, quarterly? How does that work?

謝謝讓我加入這通電話。我可能現在應該早就知道了，但能源成本回收的調升，會多快反映在你們的散裝（Bulk）服務中？是按月、按季嗎？這是怎麼運作的？

It's monthly. We look at the average cost for fuel and electricity every month, and then we charge the client back for that.

按月。我們每個月看燃料與電力的平均成本，然後再向客戶回收（轉嫁）這些費用。

Okay. All right. And then the next one, you mentioned a federal contract for services that's finishing up at the end of the month, I believe it was. Is that a renewable contract? And if it is, is it something that's open for bid? Or is it over and done with?

好的。好。然後下一個，你提到一份聯邦服務合約，我記得是這個月底到期。那是可續約的合約嗎？如果是，它會重新開放投標嗎？還是就結束了？

Yes. We bid for that back during COVID, and it's been renewed every year since. Our understanding is there were some other -- it has nothing to do with our performance or their willingness to renew with us in particular.

是的。我們在 COVID 期間投標拿到那份合約，之後每年都有續約。我們的理解是，這跟我們的表現無關，也不是他們不願意特別跟我們續約。

The -- I guess the military had other things that they had to deal with on that base, and they gave it -- our understanding is that that contract is being given to a municipal entity that's right next door to the base. So they didn't bid it out. They just -- they gave it to this public utility, municipal utility.

我想——軍方在那個基地還有其他事情需要處理，因此他們——我們的理解是，那份合約會交給基地隔壁的一個市政單位。所以他們沒有重新招標。他們只是——把它交給這家公用事業單位、市政公用事業。

Okay. And then you did talk in general in your prepared remarks about project opportunities and so forth. And I was just kind of curious, so there's a lot of municipal projects that are out there.

好的。然後你在事先準備的發言中也大致談到專案機會等等。我只是有點好奇，外面有很多市政專案。

Just wondering how much is -- if you can speak to the balance between public-private opportunities versus purely the public projects. In other words, is there, for example, opportunities in data center water aspects that maybe is a bigger opportunity for you?

想請教你能否談談公私合作機會與純公共專案之間的比重。換句話說，例如在資料中心用水相關的面向，是否可能對你們而言是更大的機會？

Yes. I mean, we're not chasing the data center stuff, honestly, John. I mean, the stuff I'm talking about is kind of rock-solid municipal business. So particularly in Florida, I mean, there's been changes to regulations for shallow aquifer withdrawals and that sort of thing.

是的。老實說，John，我們沒有在追資料中心那一塊。我所說的主要是非常穩健的市政業務。特別是在佛羅里達，像是對淺層含水層取水的法規有所變動之類的。

So, any new capacity, drinking water capacity that's being built, if the cities have already exceeded their shallow water withdrawal permits and they're having to go into the deeper aquifers, which are more saline. So it gives us a big opportunity on the low-pressure RO market.

所以，任何正在興建的新產能、飲用水產能，如果城市已經超過其淺層取水許可額度，而不得不改從更深層的含水層取水——那裡的鹽度更高。因此這在低壓 RO（逆滲透）市場上給了我們很大的機會。

I mean there's -- I mean, there's a number of projects. They're all municipal. So just name a city up the East Coast of Florida, and they're all looking at expanding their production capacity for drinking water. So Pompano Beach, Delray Beach, West Palm Beach, Stuart, Port St. Lucie, all up there.

我的意思是——有不少專案。它們全都是市政的。所以你只要隨便說出佛羅里達東岸的一個城市，它們都在考慮擴增飲用水的生產能力。像是 Pompano Beach、Delray Beach、West Palm Beach、Stuart、Port St. Lucie，沿線一路往北都是。

There's a number of projects that are going on that give us opportunities to build the equipment. So we've made a lot of progress over the last few years working with the consulting engineers in Florida, and they really love our products and our quality, and we're getting spec-ed in on a number of these projects.

目前有許多正在進行的專案，讓我們有機會建造這些設備。因此，過去幾年我們與佛羅里達的顧問工程師合作取得了很大進展，他們非常喜歡我們的產品與品質，而我們也在其中多個專案中被納入規格（spec）。

That's good to hear. That kind of leads in a little bit to my last question here. And wondering if there's any new opportunities, any new market opportunities that are addressable by your Manufacturing segment, given that you've expanded it and so forth. You're looking at any new potential market opportunities to provide equipment?

很高興聽到這個。這也稍微引出我最後一個問題。想請教在你們擴大製造事業部等之後，是否有任何新的機會、任何你們製造事業部可切入的新市場機會。你們是否在尋找任何新的潛在市場機會來提供設備？

Yes. I mean, you kind of can view the municipal RO system market as sort of a renewed opportunity. I mean, we hadn't gotten that much business out of that market for a number of years, and we're focused more on producing smaller equipment and assemblies and piping and that sort of thing.

是的。我的意思是，你可以把市政用 RO（逆滲透）系統市場視為一個重新出現的機會。我的意思是，我們有好幾年沒有從那個市場拿到太多業務，而我們更專注於生產較小型的設備、組件與管路等這類產品。

This larger space in Fort Pierce gives us the opportunity to participate in a much bigger way in the municipal water market and to make these large assemblies at production skids that are required for those types of plants. So that's really where we're focusing at the moment.

位於 Fort Pierce 的這個更大空間，讓我們有機會以更大的規模參與市政供水市場，並製作這類工廠所需的、安裝在生產滑撬（production skids）上的大型組裝件。所以這就是我們目前真正聚焦的方向。

And then there's other -- the nuclear market. I mean, there's -- we continue to make products for that market. It's a little bit more cyclical, I guess, than what we're seeing in the municipal market right now. There's just a very strong demand for that type of equipment. So that's where we're focusing our effort.

另外還有——核能市場。我的意思是——我們仍持續為該市場製造產品。我想它的景氣循環性比我們目前在市政市場看到的要更明顯一些。對那類設備的需求非常強勁。所以我們的努力重點也放在那裡。

And that nuclear market, is that more domestic? Or is it global, I guess, broadly speaking? Is it pretty much --

那核能市場是以國內為主嗎？還是說更廣義來看是全球性的？基本上是--

Yes. The two clients that we have, I mean, they sell domestically and globally. I don't really have that sort of number off the top of my head, but I know there's projects in the US, in Canada and Japan, things like that, Korea that these products are used on.

是的。我們的兩個客戶，我的意思是，他們在國內與全球都有銷售。我一時沒有那樣的數字，但我知道在美國、加拿大、日本等地，以及韓國，都有專案會使用到這些產品。

Very good. Well, thanks for taking my questions.

非常好。謝謝你回答我的問題。

You're welcome.

不客氣。

All right. At this time, this concludes our question-and-answer session. I'd like to now turn the call back over to Mr. McTaggart. Sir, please go ahead.

好的。此時，我們的問答環節到此結束。我現在想把電話交回給 McTaggart 先生。先生，請繼續。

Yes. I'd just like to thank everybody for joining us today, and happy St. Patrick's Day, by the way. And I look forward to speaking with everybody when we release our Q1 report in May. Take care. Thank you.

是的。我想感謝各位今天加入我們，順帶一提，祝大家聖派翠克節快樂。我期待在五月發布第一季（Q1）報告時再與各位交流。保重。謝謝。

Thank you. Before we conclude today's call, I would like to provide the company's Safe Harbor statement that includes cautions regarding forward-looking statements made during today's call.

謝謝。在結束今天的電話會議之前，我想提供公司的「安全港」聲明，其中包含對於今天電話會議中所作之前瞻性陳述的警示。

The information that we have provided in this conference call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the company's future revenue, future plans, objectives, expectations and events, assumptions and estimates.

我們在本次電話會議中提供的資訊包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述，包括但不限於有關公司未來營收、未來計畫、目標、預期與事件，以及假設與估計的陳述。

Forward-looking statements can be identified by the use of words or phrases usually containing the words believe, estimate, project, intend, expect, should, will or similar expressions.

前瞻性陳述通常可透過使用某些字詞或片語來辨識，這些字詞或片語通常包含 believe（相信）、estimate（估計）、project（預測）、intend（意圖）、expect（預期）、should（應該）、will（將會）或類似表述。

Statements that are not historical facts are based on the company's current expectations, beliefs, assumptions, estimates, forecasts and projections for its business and the industry and markets related to its business.

非歷史事實的陳述係基於公司目前對其業務以及與其業務相關之產業與市場的當前預期、信念、假設、估計、預測與推估。

Any forward-looking statements made during this conference call are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Actual outcomes and results may differ materially from what is expressed in such forward-looking statements.

本次電話會議中所作的任何前瞻性陳述均不保證未來表現，並涉及某些難以預測的風險、不確定性與假設。實際結果與成果可能與該等前瞻性陳述所表達者存在重大差異。

Factors that would cause or contribute to such differences include, but are not limited to, tourism and weather conditions in the areas we serve; the economic, political and social conditions of each country in which we conduct or plan to conduct business; our relationships with the government entities and other customers we serve; regulatory matters, including resolution of the negotiations for the renewal of our Retail license on Grand Cayman; our ability to successfully enter new markets and various other risks as detailed in the company's periodic report filings with the Securities and Exchange Commission.

造成或導致此類差異的因素包括但不限於：我們服務地區的旅遊與天候狀況；我們已進行或計畫進行業務之各國的經濟、政治與社會狀況；我們與所服務之政府機構及其他客戶的關係；法規相關事項，包括就大開曼（Grand Cayman）零售牌照續期之談判解決；我們成功進入新市場的能力；以及公司向美國證券交易委員會（SEC）提交之定期報告文件中所詳述的各種其他風險。

For more information about risks and uncertainties associated with the company's business, please refer to the Management's Discussion and Analysis of Financial Conditions and Results of Operations and Risk Factors sections of the company's SEC filings, including, but not limited to, its annual report on the Form 10-K and quarterly reports for Form 10-Q.

如需更多關於與公司業務相關之風險與不確定性的資訊，請參閱公司向 SEC 提交文件中的「管理階層對財務狀況及營運結果之討論與分析」（MD&A）及「風險因素」章節，包括但不限於其 Form 10-K 年度報告及 Form 10-Q 季度報告。

Any forward-looking statements made during the conference call speaks as of today's date. The company expressly disclaims any obligations or undertaking to update or revise any forward-looking statements made during the conference call to reflect any changes in its expectations with regard thereto or any changes in its events, conditions or circumstances of which any forward-looking statement is based, except as required by law.

本次電話會議中所作的任何前瞻性陳述均以今日日期為準。除法律要求外，公司明確聲明不承擔亦無義務更新或修訂本次電話會議中所作的任何前瞻性陳述，以反映其相關預期的任何變化，或反映任何前瞻性陳述所依據之事件、狀況或情勢的任何變化。

I would like to remind everyone that this call will be available for replay starting later this evening. Please refer to yesterday's earnings release for dial-in replay instructions available via the company's website at cwco.com.

提醒各位，本次電話會議將於今晚稍晚提供重播。請參閱昨日的財報新聞稿，以取得重播撥入指引；亦可透過公司網站 cwco.com 查詢。

Thank you for attending today's presentation. This concludes the conference call. You may now disconnect.

感謝各位參加今天的簡報。本次電話會議到此結束。您現在可以掛線。