ENGlobal Corp (ENG) 2022 Q3 法說會逐字稿

Good morning, and welcome to the ENG 2022 third-quarter financial results conference call. At the request of ENG, today's call is being recorded and will be available for replay on the Investor Relations section of the company's corporate website, www.englobal.com. (Operator Instructions)

早上好，歡迎來到 ENG 2022 第三季度財務業績電話會議。應 ENG 的要求，今天的電話會議正在錄音中，可以在公司網站 www.englobal.com 的投資者關係部分重播。 （操作員說明）

At this point, I would like to turn the call over to Rick Eisenberg, Media Relations Director with Eisenberg Communications. Rick, over to you.

在這一點上，我想將電話轉給 Eisenberg Communications 的媒體關係總監 Rick Eisenberg。瑞克，交給你了。

Thank you, operator, and thanks, everyone, for joining us on this call. Before we begin, I'd like to review our forward-looking statements provision.

謝謝接線員，也感謝大家加入我們的電話會議。在我們開始之前，我想回顧一下我們的前瞻性陳述條款。

During today's conference call, company representatives may make forward-looking statements. Any statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Please note that actual results achieved by the company may differ materially from such forward-looking statements. A discussion of factors that could cause such differences appears in the Risk Factors section of the company's 10-K.

在今天的電話會議上，公司代表可能會發表前瞻性陳述。本演示文稿中關於未來經營業績或其他未來事件的任何陳述均為 1995 年《私人證券訴訟改革法案》安全港條款下的前瞻性陳述。請注意，公司取得的實際結果可能與此類前瞻性結果存在重大差異-尋找陳述。公司 10-K 的風險因素部分討論了可能導致此類差異的因素。

Presenting on the call today will be Darren Spriggs, ENG's CFO; Roger Westerlind, ENG's President; and Mark Hess, ENG's CEO. Following the presentations, Darren, Roger, and Mark will be available for questions.

ENG 的首席財務官 Darren Spriggs 將出席今天的電話會議； ENG 總裁 Roger Westerlind；和 ENG 的首席執行官 Mark Hess。演講結束後，Darren、Roger 和 Mark 將可以回答問題。

And now, I'll turn it over to Darren Spriggs. Darren?

現在，我將把它交給 Darren Spriggs。達倫？

Thanks, Rick. I would also like to extend my welcome and appreciation for those on the call today.

謝謝，瑞克。我還要對今天接聽電話的各位表示歡迎和感謝。

For the quarter, we reported approximately $13.1 million in operating revenue, a 121% improvement compared to $5.9 million for the same period last year, making this the fourth consecutive quarter revenue has increased.

本季度，我們報告的營業收入約為 1310 萬美元，與去年同期的 590 萬美元相比增長了 121%，這是收入連續第四個季度增長。

Gross profit margin increased 18.8% from negative 13.7% to a positive 5.1%. This increase is attributable to the improvement in underutilized staff, which is lower by 766,000 compared to the same period last year. Our overall gross margin is driven by relative sales volumes from our different lines of business. Although our gross margin percentage may vary from quarter to quarter, depending on the composition of the segment revenue, we expect our margins to continue to improve.

毛利率從負的 13.7% 增長 18.8% 至正的 5.1%。這一增長歸因於未充分利用員工的改善，與去年同期相比減少了 766,000 人。我們的整體毛利率是由我們不同業務線的相對銷量驅動的。儘管我們的毛利率百分比可能因季度而異，具體取決於分部收入的構成，但我們預計我們的利潤率將繼續提高。

SG&A decreased $169,000 compared to the same period last year. We continue to keep an eye on our overhead cost. We held our fixed cost in line with previous quarters, notwithstanding the recent acquisition and the startup cost of our two new facilities.

SG&A 與去年同期相比減少了 169,000 美元。我們繼續關注我們的管理費用。我們的固定成本與前幾個季度保持一致，儘管最近收購了我們的兩個新設施並啟動了成本。

Operating loss improved by $1.7 million to $2.3 million from $3.9 million. For the quarter, we recorded a net loss of $2.3 million or a negative $0.07 per share, compared to a net profit of $2.4 million or $0.07 per share last year.

營業虧損從 390 萬美元減少 170 萬美元至 230 萬美元。本季度，我們錄得淨虧損 230 萬美元或每股虧損 0.07 美元，而去年的淨利潤為 240 萬美元或每股虧損 0.07 美元。

Last year's net income of $2.4 million included non-recurring other income of $6.4 million, which consisted of $5 million for our PPP loan forgiveness and $1.4 million for an employee retention tax credit.

去年 240 萬美元的淨收入包括 640 萬美元的非經常性其他收入，其中包括 500 萬美元的 PPP 貸款減免和 140 萬美元的員工保留稅收抵免。

Backlog increased by $2.9 million to $15.7 million, compared to $12.8 million at the end of last year. It also increased by $7.3 million compared to $8.4 million at the end of the third quarter last year. The improvement in backlog is an indication that our recovery is continuing and that these key strategic initiatives we implement in last year are producing the desired results. We expect our bookings to be significantly higher in Q4 compared to the previous quarters and to carry a healthy backlog into 2023.

積壓訂單增加了 290 萬美元，達到 1570 萬美元，而去年年底為 1280 萬美元。與去年第三季度末的 840 萬美元相比，它也增加了 730 萬美元。積壓的改善表明我們的複蘇仍在繼續，我們在去年實施的這些關鍵戰略舉措正在產生預期的結果。我們預計，與前幾個季度相比，我們在第四季度的預訂量將顯著增加，並將在 2023 年保持良好的積壓狀態。

Our bookings increased $6.3 million for the quarter to $9.6 million from $3.3 million for the same period last year. For the year, we have been awarded 106 POs for new work, with an average PO value of $227,000. For the quarter, we received 35 POs for new work, with an average value of $181,000; the largest being the recent $2.6 million task order from the $20 million contract with the Army Corps of Engineers. And this was the only press release issued during the quarter for new awards.

我們本季度的預訂量從去年同期的 330 萬美元增加到 960 萬美元，增加了 630 萬美元。這一年，我們獲得了 106 個 PO 新作品，平均 PO 價值為 227,000 美元。本季度，我們收到了 35 個新工作採購訂單，平均價值為 181,000 美元；最大的是最近與陸軍工程兵團簽訂的 2000 萬美元合同中的 260 萬美元任務訂單。這是本季度發布的唯一一份新獎項新聞稿。

For the first nine months of the year, revenue, gross profit, and operating income all improved compared to the same time period last year. Revenues increased by $2.4 million to $31.8 million from $29.4 million. Gross profit increased by $1 million to $1.3 million from $300,000. Operating loss improved by $2.3 million to $7.3 million from $9.6 million.

今年前 9 個月，收入、毛利和營業收入均較去年同期有所改善。收入從 2940 萬美元增加 240 萬美元至 3180 萬美元。毛利潤從 300,000 美元增加 100 萬美元至 130 萬美元。營業虧損從 960 萬美元減少 230 萬美元至 730 萬美元。

Our working capital decreased by $9.6 million from $26.3 million to $16.7 million. The change in our working capital is primarily related to the loss for the year of $7.5 million. We are expecting to increase our working capital early next year as we generate positive cash flow when we return to profitability. We are pursuing additional financing alternatives in the event we need additional working capital to fund our current operations.

我們的營運資金減少了 960 萬美元，從 2630 萬美元減少到 1670 萬美元。我們營運資金的變化主要與 750 萬美元的年度虧損有關。我們預計明年初將增加營運資金，因為當我們恢復盈利時會產生正現金流。如果我們需要額外的營運資金來資助我們目前的運營，我們正在尋求額外的融資方案。

We believe our cash on hand, along with internally generated funds, availability under the company's revolving credit facility, and other sources of working capital, will be sufficient to fund ENG's current operations (technical difficulty) and expected near-term growth.

我們相信，我們手頭的現金，連同內部產生的資金、公司循環信貸額度下的可用性以及其他營運資金來源，將足以為 ENG 當前的運營（技術困難）和預期的近期增長提供資金。

And now to you, Roger.

現在輪到你了，羅傑。

Thanks, Darren, and good morning, everyone. Our strategy for the chosen market is picking up speed. As discussed before, ENG's focus markets are oil and gas and petrochemicals, where we provide project management, engineering, procurement, fabrication, and also field construction services for trail, mid, and downstream clients.

謝謝，達倫，大家早上好。我們針對選定市場的戰略正在加快速度。如前所述，ENG 的重點市場是石油和天然氣以及石化產品，我們在這些領域為中下游客戶提供項目管理、工程、採購、製造以及現場施工服務。

Our automation group is focused on control system for both the public market as major international companies and the DOE and DoD segment.

我們的自動化集團專注於面向大型國際公司的公共市場以及美國能源部和國防部部門的控制系統。

Our energy and renewables is focused on a mix of larger public operators as well as developers. And as Darren mentioned and announced before, our GTL is a gas-to-liquid for stranded and flare gas is picking up speed. We have several opportunities, especially in the Middle East area.

我們的能源和可再生能源專注於大型公共運營商和開發商的組合。正如 Darren 之前提到和宣布的那樣，我們的 GTL 是一種用於滯留和火炬氣的氣液化技術，正在加快速度。我們有很多機會，尤其是在中東地區。

Since we last spoke, ENG has, in oil and gas and petrochemicals, signed a number of major MSAs with major international companies, completed our first construction contract, and finally, we see a lot of opportunities created by Doug and his team.

自從我們上次發言以來，ENG 在石油和天然氣以及石化領域與主要國際公司簽署了多項重要的 MSA，完成了我們的第一份建設合同，最後，我們看到了 Doug 和他的團隊創造的很多機會。

Kevin, focusing on automation for government and industry, and his team is focusing on the integration and automation market and making steady progress, both with the DoD, DOE, and major operators.

Kevin 專注於政府和行業的自動化，他的團隊專注於集成和自動化市場，並在與 DoD、DOE 和主要運營商的合作中取得穩步進展。

Energy and renewables, under Mark, delivered our first renewable diesel plant for Seaboard as earlier announced. This plant was successfully hand over in late October. We also finalized our feed estimate for a new sustainable airplane fuel plant in North Dakota in end of October. Client is working on funding and the award is delayed to 2023.

能源和可再生能源，在 Mark 的領導下，如早前宣布的那樣，為 Seaboard 交付了我們的第一個可再生柴油發電廠。該廠於10月下旬順利移交。我們還於 10 月底完成了對北達科他州新的可持續飛機燃料工廠的進料估算。客戶正在籌措資金，獎勵推遲到 2023 年。

Gas to liquid, under Tino, is making headway especially in Middle East. Several promising opportunities is currently under negotiations.

在 Tino 的領導下，天然氣到液體正在取得進展，尤其是在中東。目前正在談判幾個有前途的機會。

As Darren mentioned, we signed a new lease in Brookshire, which is west of Houston, for a state-of-the-art fabrication facility which we announced before. We also got our field service organization in Monahans, which is 45 minutes roughly at west of Midland, Texas, which is really promising for field service and rest of bus crews.

正如 Darren 提到的，我們在休斯頓以西的布魯克郡簽署了一份新租約，用於我們之前宣布的最先進的製造設施。我們還在莫納漢斯設立了我們的現場服務機構，距離德克薩斯州米德蘭以西約 45 分鐘路程，這對於現場服務和巴士乘務員的休息來說非常有前途。

Since we last spoke, we have booked a number of new work. Few examples, if you start with oil/gas and petrochemicals, we're doing a solar farm in Texas. We have signed an MSA with one of the largest IOCs. We generated immediately a construction work in their shale. We continue working with other major IOCs. We have been awarded an EPC project for metering upgrades. We also awarded engineering for methane upgrades, the fabrication of vessels, and compression station upgrades.

自從我們上次發言以來，我們已經預訂了一些新作品。舉幾個例子，如果你從石油/天然氣和石化產品開始，我們正在得克薩斯州做一個太陽能農場。我們已經與最大的 IOC 之一簽署了 MSA。我們立即在他們的頁岩中進行了建設工作。我們繼續與其他主要國際奧委會合作。我們獲得了計量升級的 EPC 項目。我們還授予甲烷升級、容器製造和壓縮站升級工程。

In energy and renewables, we have expanded our strategy, as earlier discussed, to also service the chemical companies and the downstream opportunities. Of course, we are still focusing on the renewable, diesel, and especially, the sustainable airplane fuel segment, which is very active with several opportunities.

在能源和可再生能源領域，如前所述，我們擴大了我們的戰略，以服務於化工公司和下游機會。當然，我們仍然專注於可再生能源、柴油，尤其是可持續飛機燃料領域，該領域非常活躍，有很多機會。

In automation DoD, as Darren mentioned, we have been awarded by the Army Corps of Engineers. We were awarded Friday to remote the instrument enclosure for a major IOC here in Houston. We continue working with SCADA System TLCs for several clients.

在自動化國防部，正如達倫提到的，我們已經獲得了陸軍工程兵團的獎勵。週五，我們獲得了為休斯頓一家主要 IOC 遠程控制儀器外殼的權利。我們繼續為多個客戶使用 SCADA 系統 TLC。

As also mentioned, for GTL, we have several 50 barrel proposals out, which we are very hopeful to receive the PO soon. We're using our CRM to forecast the ruling 90 days.

如前所述，對於 GTL，我們提出了幾個 50 桶的提案，我們非常希望能盡快收到 PO。我們正在使用我們的 CRM 來預測 90 天的裁決。

A few highlights in the oil and gas and petrochemical group, we have some 30 hard bids outstanding, with a total value of approximately $50 million. Market is picking up. Several new MSAs are signed in place, and it looks like a very strong 2023 for us.

石油和天然氣及石化集團的一些亮點，我們有大約 30 個硬標未完成，總價值約為 5000 萬美元。市場回暖。簽署了幾項新的 MSA，對我們來說，2023 年看起來非常強勁。

Automation and integration, both for IOCs, DoD, and DOE, has several opportunities. We have some 60 proposals out, valued just under $100 million. For energy and renewables, we have a mix of chemical and renewable projects, some 20 prospects valued totally over $100 million. And lastly, and not least, gas-to-liquid, as said before, mainly in the Middle East for major operators, some 10 opportunities with a total ENG value of plus $100 million.

IOC、DoD 和 DOE 的自動化和集成有很多機會。我們提出了大約 60 份提案，價值不到 1 億美元。對於能源和可再生能源，我們擁有化學和可再生能源項目組合，約 20 個前景總價值超過 1 億美元。最後，同樣重要的是，如前所述，主要在中東主要運營商的天然氣到液體，大約有 10 個機會，ENG 總價值超過 1 億美元。

Thank you.

謝謝。

Thank you, Roger. Just as a reminder, several years ago, we started this journey to redefine ENG. Since that time, we have new leadership team, we've rebranded, we've moved our Houston office, we've expanded our capacities and our capabilities with field construction and field services in West Texas, as Roger and Darren both mentioned.

謝謝你，羅傑。提醒一下，幾年前，我們開始了重新定義 ENG 的旅程。從那時起，我們有了新的領導團隊，我們更名了，我們搬遷了休斯頓辦事處，我們擴大了我們的能力和我們在德克薩斯州西部的現場建設和現場服務的能力，正如羅杰和達倫都提到的那樣。

To realize the benefit of these investments, we've had to modify or sign many new MSAs providing for the new service offerings that we now have. While client acceptance has been a bit slower with these new services, we've started executing these for our current and new clients.

為了實現這些投資的好處，我們不得不修改或簽署許多新的 MSA，以提供我們現在擁有的新服務。雖然客戶接受這些新服務的速度有點慢，但我們已經開始為我們現有的和新的客戶執行這些服務。

Additionally, we acquired new GTL technology, as Roger mentioned. We are now working to complete the designs. I'm pleased with where we have been able to accomplish over the last 20 months or so. We are now very well positioned to take advantage of the increased workload we expect in West Texas and other basins, as well as our renewable business and other business units.

此外，正如 Roger 提到的，我們獲得了新的 GTL 技術。我們現在正在努力完成設計。我對我們在過去 20 個月左右的時間裡取得的成就感到滿意。我們現在完全有能力利用我們預期在西德克薩斯和其他盆地以及我們的可再生能源業務和其他業務部門增加的工作量。

Darren mentioned our bookings. We're on the upswing, and we have increased our revenue each quarter over the last four quarters. With the increase in revenue comes the increase in utilization of our people, which helps our gross margins. And while holding our fixed cost steady points to profitability in the near future, we have increased our backlog four out of the last five quarters and have made a healthy start on Q4. This start for Q4 will help the Q4 revenue, and it will also give us a much better start to the new year relative to where do we started this year.

達倫提到了我們的預訂。我們正處於上升期，在過去四個季度中，我們每個季度的收入都在增加。隨著收入的增加，我們員工的利用率也隨之提高，這有助於提高我們的毛利率。在不久的將來保持我們的固定成本穩定點盈利能力的同時，我們在過去五個季度中有四個增加了我們的積壓訂單，並在第四季度取得了健康的開端。第四季度的這個開始將有助於第四季度的收入，相對於我們今年的開始，它也將使我們在新的一年有一個更好的開始。

Looking forward into 2023, we should see activity in our oil and gas segment increase significantly. The small field service and construction projects we are working on in 2022 should come at a quicker pace and in larger amounts in 2023.

展望 2023 年，我們應該會看到石油和天然氣領域的活動顯著增加。我們在 2022 年進行的小型現場服務和建設項目應該會在 2023 年以更快的速度和更大的數量進行。

There's still a lot of activity in the renewables and green energy market. We will continue to be relevant in these markets, as well as other markets, as Roger mentioned.

可再生能源和綠色能源市場仍有很多活動。正如羅傑提到的，我們將繼續在這些市場以及其他市場發揮作用。

The continual improvement of the industry outlook for both traditional oil and gas and green energy should continue for the foreseeable future, which will be a significant tailwind for us. We have a long list of opportunities in each of our business units; Roger just touched on many of them. And we expect to close on many of these in the coming months, which will continue to increase our bookings, our backlog, and our revenue. And finally, today is Election Day. Make sure your voice is heard.

在可預見的未來，傳統石油和天然氣以及綠色能源的行業前景將持續改善，這對我們來說將是一個重要的推動因素。我們的每個業務部門都有一長串機會；羅傑剛剛談到了其中的許多問題。我們預計在未來幾個月內完成其中許多項目，這將繼續增加我們的預訂量、積壓訂單和收入。最後，今天是選舉日。確保聽到您的聲音。

I'll now turn the call over to the operator for questions.

我現在將電話轉給接線員詢問問題。

(Operator Instructions) Jeffrey Campbell, Alliance Global Partners.

（操作員說明）Jeffrey Campbell，Alliance Global Partners。

Hi, gentlemen. Good morning. Thanks for the wealth of discussion this morning. I'm just going to mainly ask some questions to probe some of those a little bit more.

嗨，先生們。早上好。感謝今天早上的大量討論。我主要是想問一些問題來進一步探究其中的一些問題。

The third-quarter '22 revenues grew quite nicely quarter over quarter, but the gross profit declined approximately 50%. I'm just wondering if you had some color on this quarter's gross margin result and how you think this is going to trend over the next several quarters.

22 年第三季度的收入環比增長相當不錯，但毛利潤下降了約 50%。我只是想知道您是否對本季度的毛利率結果有一些看法，以及您認為未來幾個季度的趨勢如何。

So Jeff, you had mentioned a decline when comparing it to the second quarter or third quarter of last year?

那麼 Jeff，你在與去年第二季度或第三季度相比時提到了下降？

No, second quarter or quarter over quarter.

不，第二季度或季度環比。

Okay. And like I mentioned in the script earlier, our gross margin or our gross profit is driven by the composition of the segment revenue and the utilization of our people. So that's been improving.

好的。就像我之前在劇本中提到的那樣，我們的毛利率或毛利潤是由部門收入的構成和我們員工的利用率驅動的。所以這一直在改善。

And with the Q4 -- Q3, we had some projects that had low gross margins in our OGP segment in Q3 compared to Q2. And so I think that was driving most of that decrease.

在第四季度 - 第三季度，與第二季度相比，我們在第三季度的 OGP 部門有一些毛利率較低的項目。所以我認為這是造成大部分下降的原因。

Okay, good. So it was essentially mixed?

好的。所以它本質上是混合的？

Yes.

是的。

Okay. Darren, you mentioned, and Mark reiterated, expectation for meaningful booking growth even in fourth quarter 2022. Are these bookings expected to be from the ongoing business lines or does this start to represent contributions from new initiatives such as the Permian expansion?

好的。達倫，你提到，馬克重申，即使在 2022 年第四季度，也預計預訂量將出現有意義的增長。這些預訂量是否預計來自正在進行的業務線，或者這是否開始代表二疊紀擴張等新舉措的貢獻？

It's coming from both. So some of it is from the expansion in the Permian, both in the field services and the construction services, but there's also increased bookings from our current business. It does not include anything for GTL, though, by the way.

它來自兩者。所以其中一些來自二疊紀的擴張，包括現場服務和建築服務，但我們當前業務的預訂量也有所增加。順便說一句，它不包含任何 GTL 內容。

Yeah, well, I was going to get there. But before that, can you add a little color on the new fabrication facility in Brookshire? Is this an expansion levered to any of the specific new lines of business, such as the small scale gas-to-liquids units? Or is this more just an expansion of your broad fabrication capacity?

是的，好吧，我正要去那裡。但在此之前，您能否為布魯克郡的新製造工廠增添一點色彩？這是針對任何特定新業務線的擴張，例如小型氣液裝置嗎？或者這更僅僅是你們廣泛製造能力的擴展？

The Henderson facility, we start with, call it the old one, is not optimally set up for doing modules. And for example, crane capacity space is very limited. So the strategy forward is the new facility will do bigger modules. We get our ASME stamp actually yesterday.

亨德森設施，我們從一開始就稱之為舊設施，並不是最適合做模塊的。例如，起重機的容量空間非常有限。因此，未來的戰略是新設施將做更大的模塊。實際上，我們昨天就拿到了 ASME 印章。

So the strategy forward is, for Henderson, the existing older facility will do the smaller pipe racks mix and max, and our Brookshire facility, the new one, will do the modules, for example, including GTL.

因此，對於亨德森而言，未來的戰略是，現有的舊設施將進行較小的管架混合和最大化，而我們布魯克郡的新設施將進行模塊，例如，包括 GTL。

Okay. That's very helpful, Thank you. Regarding the small scale GTL opportunity, I just want to know is the 12 to 18-month timeline to full capacity still intact? And do you still expect to have testing that's ready sometime in first half '23?

好的。這很有幫助，謝謝。關於小規模 GTL 機會，我只想知道 12 到 18 個月的滿負荷時間表是否仍然完好無損？您是否仍然希望在 23 年上半年的某個時候準備好測試？

We're working hard on it. New technology and new application all have challenges, which we are up to. So what we are doing, as Mark mentioned, is we're finalizing design. We had a big workshop last week, and we're going to wrap up that to put a concrete plan in place for how we're going to both sell and execute this, which is well underway.

我們正在努力。新技術、新應用都有挑戰，我們都在努力應對。因此，正如 Mark 所提到的，我們正在做的是完成設計。上週我們舉辦了一個大型研討會，我們將結束這個研討會，為我們將如何銷售和執行它制定一個具體的計劃，這一切都在順利進行中。

Okay. Thank you. And finally, Roger, you mentioned that the North Dakota renewable gas-to-liquids project's been delayed into 2023. I just wondered if you could add anything to that, meaning do you now expect FID in the first half of '23 or could it stretch longer? Any color there would be helpful.

好的。謝謝。最後，羅傑，你提到北達科他州的可再生天然氣製油項目已推遲到 2023 年。我只是想知道你是否可以添加任何內容，這意味著你現在是否期望 FID 在 23 年上半年或可以拉長一點？那裡的任何顏色都會有所幫助。

No. Hard question. The base funding is based on USDA guarantees through a bank. And I think the summaries is -- the financing is more complicated than the operator expected, I think, is a fair statement. So to give it a timeline right now, I would be very careful.

不，這個問題很難。基礎資金是基於美國農業部通過銀行提供的擔保。我認為總結是——融資比運營商預期的更複雜，我認為這是一個公平的陳述。所以現在給它一個時間表，我會非常小心。

In addition to that, Jeff, so you know, so we have a finalized design for what we call inside battery limit for a 6,500 battery unit based on how other types of technology. So we are not waiting for like one, what do you call that in English, all eggs in one basket.

除此之外，Jeff，所以你知道，所以我們根據其他類型的技術，為 6,500 電池單元的內部電池限制制定了最終設計。所以我們不是在等待一個籃子裡的所有雞蛋，用英語怎麼稱呼它。

What we have is another four or five opportunities where we are pursuing the same strategy as for the North Dakota plan. Those plans I'm referring to is both here in the US and in Canada. So we are not waiting for anybody, first comes for short.

我們擁有的是另外四五個機會，我們正在執行與北達科他州計劃相同的戰略。我指的那些計劃在美國和加拿大都有。所以我們不等待任何人，先到先得。

Well, and to follow up on that, just to help your friendly modeler here, what's a timeline on any of those opportunities? And presumably, it would be sometime in -- FID would be sometime in 2023. Is that fair?

好吧，為了跟進，只是為了幫助你友好的建模師，這些機會的時間表是什麼？據推測，它會在 - FID 會在 2023 年的某個時候。這公平嗎？

Absolutely.

絕對地。

Okay. All right. Thank you.

好的。好的。謝謝。

Rob Brown, Lake Street Capital.

湖街資本公司的羅伯·布朗。

Good morning, Rob.

早上好，羅伯。

Good morning. Just a follow-up on some of the projects you talked about in the pipeline. It's a pretty nice pipeline, but on the gas-to-liquid projects, could those get ordered and signed in '23 and some of those started in '23? Or what's the timeline on that particular segment or project?

早上好。只是跟進您在管道中談到的一些項目。這是一條相當不錯的管道，但在天然氣到液體項目中，這些項目能否在 23 年訂購和簽署，其中一些在 23 年開始？或者該特定部分或項目的時間表是什麼？

We are hopeful as some of these will be signed this year. So if anybody thought we said we're waiting for somebody, we're not. We have -- I think, back to Mark's comment earlier, I think we [redid] the strategy and we're sticking to that, and it starts to pay off.

我們充滿希望，因為其中一些將在今年簽署。所以如果有人認為我們說我們在等人，我們不是。我們 - 我想，回到馬克早些時候的評論，我認為我們 [重新制定] 戰略並且我們堅持這一點，並且它開始得到回報。

What comes first if what GTL is a little hard to say is a deeper discussion. Anybody have access to the World Bank report about flaring. I mean, that indicates a huge market, but it looks to us that the Middle East and with our porter also in the Middle East, we are very hopeful that quite a few opportunities both this year and next year. Hope that answered your question.

如果 GTL 有點難說，首先要進行更深入的討論。任何人都可以訪問世界銀行關於燃燒的報告。我的意思是，這表明一個巨大的市場，但在我們看來，中東和我們的搬運工也在中東，我們非常希望今年和明年有很多機會。希望這回答了你的問題。

Yeah, that was great. Thank you. And then I guess that was -- the other question I had is what gives you the -- or what areas of confidence do you have that bookings are set up nicely for the fourth quarter here? Is it really that pipeline that you talked about and discussions with customers that give you confidence in that bookings activity ramping here?

是的，那太好了。謝謝。然後我想那是——我的另一個問題是什麼給了你——或者你對第四季度的預訂設置得很好有什麼信心？是不是您談到的管道以及與客戶的討論讓您對這裡的預訂活動充滿信心？

Yeah, I think you're correct. It is the conversations that we're having with customers. It's the indications from them of the -- and these are obviously projects that we've already bid. So it's where we stand in the bid, their indication to us as to when these purchase orders may result from the opportunities.

是的，我認為你是對的。這是我們與客戶進行的對話。這是他們的指示——這些顯然是我們已經投標的項目。所以這就是我們在投標中的立場，他們向我們表明這些採購訂單何時可能來自機會。

If I add to that, what we really have geared up is to, in practice, called follow the money. So we are really focusing on the operators that we truly believe, with all our knowledge, have the money to either award this to us or, unfortunately at times, to others. But we don't want to get hanging that things drags on them, don't come to them.

如果我補充說，我們真正準備好的是，在實踐中，所謂的跟隨金錢。因此，我們真正關注的是我們真正相信的運營商，據我們所知，他們有錢將此獎勵給我們，或者不幸的是，有時會獎勵給其他人。但是我們不想因為事情拖累他們而感到困惑，不要來找他們。

So with the help of the CRM, and we upgraded that also this year, 32 years on the line, I would say we have a solid back -- not backlog -- but a solid backlog of prospects, which is really real for us or for somebody else for a long time, if that makes sense.

因此，在 CRM 的幫助下，我們也在今年升級了它，在線 32 年，我想說我們有堅實的後盾 - 不是積壓 - 但前景的堅實積壓，這對我們來說是真實的或對於其他人很長一段時間，如果這有意義的話。

Yeah. Okay, great. Yes, thank you. And then the last question is really on the sustainable aviation fuel projects. I think you said four to five of them are in your sites. What's a typical revenue per project and how long do those take to complete once you've booked them?

是的。好的，太好了。是的，謝謝。最後一個問題是關於可持續航空燃料項目的。我想你說過其中有四到五個在你的網站上。每個項目的典型收入是多少？預訂後需要多長時間才能完成？

Maybe a longer answer again that it's two version of them. One is somebody extend the plant or you build a grassroot. What we're focusing more is on the grassroots. So a 6,500 per flat pound is somewhere around $500 million.

也許又是一個更長的答案，它是它們的兩個版本。一個是有人擴展工廠，或者你建立一個基層。我們更關注的是基層。因此，每單位磅 6,500 約合 5 億美元。

And the ENG scope then is focused on the inside battery limits, which means project management, the engineering, procurement, and fabrication modules. So if you take those $500 million, the ENG scope is approximately $150 million over an 18, 20-month period.

然後，ENG 範圍專注於內部電池限制，這意味著項目管理、工程、採購和製造模塊。因此，如果你拿這 5 億美元，ENG 範圍在 18、20 個月內約為 1.5 億美元。

Okay, great. Thank you. That's very helpful. I'll turn it over.

好的，太好了。謝謝。這很有幫助。我會把它翻過來。

You're welcome.

不客氣。

(Operator Instructions) There appear to be no further questions in queue. I would like to turn the floor back over to the management team for any closing comments.

（操作員說明）隊列中似乎沒有其他問題。我想將發言權交還給管理團隊，徵求任何結束意見。

No closing comments from us.

我們沒有結束評論。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝你們，女士們，先生們。這確實結束了今天的電話會議。此時您可以斷開電話線，度過美好的一天。感謝您的參與。