GE Vernova Inc (GEV) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to GE Vernova's second quarter 2024 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 GE Vernova 2024 年第二季財報電話會議。

(Operator Instructions) My name is Liz, and I will be your conference coordinator today.

（操作員說明）我叫 Liz，今天我將擔任您的會議協調員。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the program over to your host for today's conference, Michael Lapides, Vice President of Investor Relations.

現在我想將會議議程交給今天會議的東道主、投資者關係副總裁 Michael Lapides。

Please proceed.

請繼續。

Thank you, operator.

謝謝你，接線生。

Welcome to GE Vernova's second quarter 2024 earnings call.

歡迎參加 GE Vernova 2024 年第二季財報電話會議。

I'm joined today by our CEO, Scott Strazik and CFO, Ken Parks.

今天我們的執行長 Scott Strazik 和財務長 Ken Parks 也加入了我的行列。

Our conference call remarks will include both GAAP and non-GAAP financial results.

我們的電話會議發言將包括 GAAP 和非 GAAP 財務業績。

Reconciliations between GAAP and non-GAAP measures can be found in today's Form 10-Q, the press release and in the presentation slides, all of which are available on our website.

GAAP 和非 GAAP 指標之間的調整可以在今天的表格 10-Q、新聞稿和簡報幻燈片中找到，所有這些都可以在我們的網站上找到。

Please note that year-over-year commentary or variances on orders, revenue, adjusted EBITDA and margin discussed during our prepared remarks are on an organic basis.

請注意，我們在準備好的評論中討論的訂單、收入、調整後 EBITDA 和利潤率的同比評論或差異是有機的。

We will make forward-looking statements about our performance.

我們將對我們的業績做出前瞻性陳述。

These statements are based on how we see things today.

這些陳述是基於我們今天看待事物的方式。

While we may elect to update these forward-looking statements at some point in the future, we do not undertake any obligation to do so.

雖然我們可能選擇在未來某個時候更新這些前瞻性陳述，但我們不承擔任何這樣做的義務。

As described in our SEC filings, actual results may differ materially due to risks and uncertainties.

正如我們在 SEC 文件中所述，由於風險和不確定性，實際結果可能存在重大差異。

With that, I'll hand the call over to Scott.

這樣，我就把電話轉給史考特。

Thanks, Michael.

謝謝，麥可。

Good morning, everyone, and welcome to our second-quarter earnings call.

大家早安，歡迎參加我們的第二季財報電話會議。

We delivered strong results in the quarter, with adjusted EBITDA margin expansion across all three segments and substantial improvement in free cash flow.

我們在本季取得了強勁的業績，所有三個部門的調整後 EBITDA 利潤率均有所擴大，自由現金流也大幅改善。

Macro trends are continuing to create meaningful opportunities for us to lead in the energy transition.

宏觀趨勢持續為我們引領能源轉型創造有意義的機會。

First, we're seeing increasing demand for power generation, driven by manufacturing growth, industrial electrification, EVs and emerging data center needs.

首先，在製造業成長、工業電氣化、電動車和新興資料中心需求的推動下，發電需求不斷成長。

Second, there is a significant need for grid infrastructure investments to support both energy security and reliability goals.

其次，迫切需要電網基礎設施投資來支持能源安全和可靠性目標。

And third, our customers are investing to decarbonize their power systems, which drives demand for low and zero-carbon generation as well as new grid connections.

第三，我們的客戶正在投資使其電力系統脫碳，這推動了對低碳和零碳發電以及新電網連接的需求。

We're serving this robust market demand while simultaneously running our businesses better, driving disciplined growth, margin expansion and higher free cash flow.

我們在滿足這一強勁的市場需求的同時，更好地經營我們的業務，推動有紀律的成長、利潤率擴張和更高的自由現金流。

Turning to slide 4.

轉到投影片 4。

I'll spend a few minutes on each of our segments.

我將在每個部分花費幾分鐘的時間。

Our Power segment, led by Gas Power, delivered growth in both equipment and high-margin services orders and revenue, while also achieving 180 basis points of margin expansion.

以天然氣發電為首的電力部門實現了設備和高利潤服務訂單和收入的成長，同時利潤率也實現了 180 個基點的成長。

Power orders increased 30% this quarter led by strength in equipment orders, which more than doubled year-over-year.

在設備訂單強勁的帶動下，本季電力訂單成長了 30%，比去年同期成長了一倍多。

Notably, we recently commissioned our 100th HA gas turbine in South Korea.

值得注意的是，我們最近在韓國調試了第 100 台 HA 燃氣渦輪機。

The H-class fleet is an important source of growing services revenue and billings for our Power segment.

H 級機隊是我們電力部門服務收入和帳單成長的重要來源。

In the second half of this year, we expect continued strength in orders with heavy-duty gas turbines, including HA units, to be higher versus first half 2024.

今年下半年，我們預計包括 HA 機組在內的重型燃氣渦輪機訂單將持續強勁，高於 2024 年上半年。

Electrification is our fastest-growing segment.

電氣化是我們成長最快的領域。

Profitable growth continues as customers modernize and invest in new products, such as transformers and switch gears, that are key to ensuring a reliable electricity system and connecting new generation sources.

隨著客戶現代化並投資變壓器和開關設備等新產品，利潤持續成長，而這些產品對於確保可靠的電力系統和連接新一代電源至關重要。

For example, orders more than doubled this quarter in North America, which continues to be a key growth opportunity for this segment.

例如，本季北美的訂單增加了一倍多，這仍然是該細分市場的關鍵成長機會。

Overall, the Electrification segment has grown its backlog by over 25% since the start of the year.

總體而言，自今年年初以來，電氣化領域的積壓訂單增加了 25% 以上。

I'm pleased with the team's progress on margins, which expanded 360 basis points this quarter, and I have conviction we can drive significant margin expansion given the electrification segment's strong demand and strong industry pricing dynamics.

我對團隊在利潤率方面取得的進展感到滿意，本季度利潤率擴大了 360 個基點，並且我相信，鑑於電氣化領域的強勁需求和強勁的行業定價動態，我們可以推動利潤率大幅增長。

We are thoughtfully investing to increase our output levels for this rising demand.

我們正在深思熟慮地進行投資，以提高產量水平，以滿足不斷增長的需求。

For example, we are almost doubling capacity at our Stafford facility in the UK to deliver HVDC transformers.

例如，我們將英國斯塔福德工廠的高壓直流變壓器產能幾乎翻了一番。

Right now, Wind remains the most challenging segment.

目前，風電仍然是最具挑戰性的領域。

While we grew Onshore backlog in the quarter, we remain cautious on the timing of an inflection in Onshore orders as customers navigate the challenges that come with permitting new projects and higher interest rates.

儘管我們本季在岸訂單有所增加，但隨著客戶應對新項目許可和利率上升帶來的挑戰，我們對在岸訂單出現拐點的時機仍持謹慎態度。

We are nearly two years into our Onshore Wind quality improvement program, and we are making progress with no new significant issues identified.

我們的陸上風電品質改進計劃已實施近兩年，並且正在取得進展，沒有發現新的重大問題。

We continue to look for ways to implement the improvements into our existing fleet at a faster pace.

我們繼續尋找以更快的速度對現有機隊實施改進的方法。

In order to deliver for customers, we are adding crews to the field and gaining access to more cranes to accelerate our work.

為了向客戶交付產品，我們正在向現場增加工作人員並獲得更多起重機以加快我們的工作速度。

For our new units, we are leveraging technologies, including our blade inspection robot to enhance our manufacturing process.

對於我們的新設備，我們正在利用包括葉片檢查機器人在內的技術來增強我們的製造流程。

At Offshore, we have converted almost $800 million of our backlog to revenue in the first half of the year.

在 Offshore，我們今年上半年已將近 8 億美元的積壓訂單轉化為營收。

Last week, we had a turbine blade event at our Vineyard Wind project.

上週，我們在葡萄園風能計畫舉辦了渦輪葉片活動。

The turbine was shut down safely and no one was injured.

渦輪機安全關閉，沒有人員受傷。

With safety always as a top priority, we are working with our customer and the appropriate agencies to determine the root cause and then implement corrective actions and a restart plan.

我們始終將安全放在首位，與客戶和相關機構合作確定根本原因，然後實施糾正措施和重啟計劃。

While we continue to work to finalize our root cause analysis, our investigation to date indicates that the affected blade experienced a manufacturing deviation.

雖然我們繼續努力完成根本原因分析，但迄今為止的調查顯示受影響的葉片出現了製造偏差。

We have not identified information indicating an engineering design flaw in the blade or information of a connection with the blade event we experienced in an Offshore Wind project in the UK, which was caused by an installation error out at sea.

我們尚未發現表明葉片存在工程設計缺陷的信息，也沒有發現與我們在英國海上風電項目中經歷的葉片事件有關的信息，該事件是由海上安裝錯誤引起的。

We are working with urgency to scrutinize our operations across Offshore Wind.

我們正在緊急審查我們整個離岸風電的運作。

Pace matters here, but we are going to be thorough instead of rushed.

節奏在這裡很重要，但我們要徹底而不是倉促。

Going forward, we remain highly selective on potential Offshore Wind new orders, focused on achieving substantially higher pricing and disciplined commercial terms.

展望未來，我們仍然對潛在的離岸風電新訂單保持高度選擇性，重點是實現大幅更高的定價和嚴格的商業條款。

In the Wind segment overall this quarter, we expanded margins by 400 basis points and see opportunities for further expansion.

本季整個風電領域的利潤率提高了 400 個基點，並看到了進一步擴張的機會。

We still expect the Wind segment to approach profitability this year and become profitable in 2025.

我們仍然預計風能業務今年將接近盈利，並在 2025 年實現盈利。

Longer term, Wind should play a critical role in the energy transition.

從長遠來看，風能應該在能源轉型中發揮關鍵作用。

Now over to the right side of the page.

現在轉到頁面的右側。

We are driving continuous improvement in safety, quality, delivery and cost.

我們正在推動安全、品質、交付和成本方面的持續改進。

On safety, after 10 consecutive months of fatality-free operations, June was a tough month for us.

在安全方面，在連續 10 個月實現零死亡營運後，6 月對我們來說是艱難的一個月。

An employee of ours in Malaysia lost his life, driving to a work site in his personal car in a one car accident on a public road, and a contractor working at our direction in Turkey, lost his life with an arc flash event at a wind farm.

我們在馬來西亞的一名員工在公共道路上駕駛私家車前往工作地點時發生車禍而喪生，而在土耳其，在我們指導下工作的一名承包商則因風中的電弧閃光事件而喪生農場。

Safety will always be the top priority at GE Vernova and both events reinforce our need to continue to get better to ensure our employees and contractors return home at the end of work.

安全始終是 GE Vernova 的首要任務，這兩起事件都強化了我們繼續改進的必要性，以確保我們的員工和承包商在工作結束時返回家中。

Turning to quality, where we are always working to improve our outcomes for our customers.

談到質量，我們始終致力於為客戶改善成果。

For example, in a year where Gas outages increased double digits, our team has reduced quality deviations by 15% from live outage - our lean enabled digital outage platform that reduces cycle times and improve the field execution experience for our customers.

例如，在天然氣中斷數量增加兩位數的一年中，我們的團隊將即時中斷的品質偏差減少了 15% - 我們的精益數位化中斷平台可以縮短週期時間並改善客戶的現場執行體驗。

We are also using lean to improve delivery.

我們也利用精益來改善交付。

In Electrification, the team in France recently executed a series of Kaizens tackling material flow, scheduling, and increasing capacity.

在電氣化方面，法國團隊最近執行了一系列改善措施，解決物料流、調度和增加產能的問題。

As a result of the new processes we implemented, one of the production cells increased its output of certain switchgear components by 135% from 17 per week to more than 40 per week, helping to drive the growth we are seeing in our Electrification segment and ultimately improving outcomes for our customers.

由於我們實施了新工藝，其中一個生產單元的某些開關設備組件的產量增加了135%，從每週17 個增加到每週40 個以上，有助於推動我們在電氣化領域看到的增長，並最終改善我們客戶的成果。

Finally, we are using lean to simplify our operations and reduce G&A costs.

最後，我們使用精益來簡化我們的營運並降低一般管理費用。

We are focusing on reducing our G&A and driving productivity at our corporate center and in our segments.

我們專注於減少一般行政費用並提高公司中心和部門的生產力。

We began executing cost-out initiatives in the second quarter that give me increased confidence in our ability to realize G&A reductions in 2025.

我們在第二季開始執行成本削減計劃，這讓我對 2025 年實現管理費用削減的能力更有信心。

Turning to the next slide for a look into our strong second quarter financial performance.

轉向下一張投影片，了解我們強勁的第二季財務表現。

Orders were robust with 2Q'24 marking the second largest order quarter we've delivered over the last three years, and we saw healthy equipment backlog growth across multiple businesses, especially in Gas Power and Grid.

訂單強勁，2024 年第二季度是我們過去三年交付的第二大訂單季度，我們看到多個業務領域的設備積壓健康成長，特別是在天然氣發電和電網領域。

We delivered disciplined top line growth led by the strength in price and services volume.

在價格和服務量的強勁推動下，我們實現了嚴格的營收成長。

We expanded adjusted EBITDA margins by over 300 basis points, with expansion across all segments.

我們將調整後 EBITDA 利潤率擴大了 300 多個基點，並在所有業務領域進行了擴張。

Notably, we generated positive free cash flow with an over $1 billion improvement year over year, as well as sequentially, and ended the second quarter with a $5.8 billion cash balance.

值得注意的是，我們產生了正的自由現金流，同比和環比增加了超過 10 億美元，第二季結束時現金餘額為 58 億美元。

We are raising our 2024 guidance and now expect revenue to trend towards the higher end of our $34 billion to $35 billion range, largely on Electrification.

我們正在提高 2024 年的指導，現在預計收入將趨於 340 億至 350 億美元範圍的高端，主要來自電氣化。

We now expect our adjusted EBITDA margin to be 5% to 7%, up from previous expectations of the higher end of mid-single digits.

我們現在預期調整後的 EBITDA 利潤率為 5% 至 7%，高於先前較高的中位數預期。

The improvement is driven by Power, which we now expect will deliver 150 to 200 basis points of organic margin expansion and Electrification, where we expect high single-digit margins.

這項改善是由電力驅動的，我們現在預計電力將帶來 150 至 200 個基點的有機利潤擴張和電氣化，我們預計電氣化的利潤率將達到高個位數。

We are also raising our 2024 free cash flow guidance.

我們也提高了 2024 年自由現金流指引。

We expect to deliver between $1.3 billion and $1.7 billion, up from the prior $700 million to $1.1 billion range.

我們預計交付金額為 13 億至 17 億美元，高於先前 7 億至 11 億美元的範圍。

Overall, with continued demand growth, further margin expansion and strong free cash flow, we feel confident about the momentum in our business for years to come.

總體而言，隨著需求的持續成長、利潤率的進一步擴大和強勁的自由現金流，我們對未來幾年的業務勢頭充滿信心。

I will now turn the call over to Ken for more details on our second quarter performance and our latest guidance.

我現在將把電話轉給 Ken，以了解有關我們第二季度業績和最新指導的更多詳細資訊。

Thanks, Scott.

謝謝，斯科特。

Let's turn to slide 6.

讓我們轉到投影片 6。

As already stated, we delivered strong results in the second quarter with EBITDA margin expansion across all three segments and positive free cash flow generation.

如前所述，我們在第二季度取得了強勁的業績，所有三個部門的 EBITDA 利潤率均有所擴大，並且產生了積極的自由現金流。

Demand remains robust as orders reached nearly $12 billion, which Scott mentioned was our second largest orders quarter in the last three years and approximately 1.4 times second quarter revenue.

需求依然強勁，訂單達到近 120 億美元，Scott 提到這是我們過去三年來第二大訂單季度，大約是第二季度營收的 1.4 倍。

Power equipment orders more than doubled and total services orders grew double digits with strength in Power and Electrification.

憑藉電力和電氣化領域的實力，電力設備訂單增長了一倍以上，總服務訂單增長了兩位數。

Due to large Offshore Wind and HVDC equipment orders booked in the second quarter of last year, orders were 7% lower year over year.

由於去年第二季簽訂了大量離岸風電和高壓直流設備訂單，訂單量較去年同期減少了7%。

Our backlog remains sizable at $115 billion, including the impact of the recently completed divestiture of a portion of steam power to EDF.

我們的積壓訂單仍高達 1,150 億美元，其中包括最近完成的將部分蒸汽動力剝離給 EDF 的影響。

Importantly, equipment margin and backlog remains healthy, in line with our disciplined profitable growth priority.

重要的是，設備利潤率和積壓訂單保持健康，符合我們嚴格的獲利成長優先事項。

Revenue grew 2% with continued strength in Electrification and Power partially offset by Wind.

電氣化和電力業務的持續強勁成長被風能部分抵消，收入成長了 2%。

Services revenue remained solid, increasing 9% with growth across all segments.

服務收入保持穩健，隨著所有細分市場的成長，成長了 9%。

In addition, all three segments benefited from positive price again this quarter.

此外，所有三個細分市場本季再次受益於正價格。

Adjusted EBITDA grew 85%, driving 320 basis points of margin expansion.

調整後 EBITDA 成長 85%，帶動利潤率擴張 320 個基點。

All segments delivered more than 150 basis points of expansion in the quarter.

本季所有業務部門均實現了超過 150 個基點的擴張。

Margin expansion was driven by productivity, price and services volume, which more than offset inflationary impacts.

利潤率擴張是由生產力、價格和服務量所推動的，這足以抵消通貨膨脹的影響。

In addition, we continue to benefit from our previously announced restructuring actions largely at Wind and Power.

此外，我們繼續受益於先前宣布的重組行動，主要是在風電領域。

We delivered over $800 million of positive free cash flow, improving more than $1 billion both sequentially and year over year from working capital and higher adjusted EBITDA partially offset by higher cash taxes.

我們實現了超過 8 億美元的正自由現金流，營運資本環比和年比增加了超過 10 億美元，調整後的 EBITDA 較高，部分被較高的現金稅所抵消。

Working capital was an approximately $760 million benefit in the quarter, improving over $700 million year over year due primarily to strong collections.

本季營運資金效益約 7.6 億美元，較去年同期增加超過 7 億美元，主要歸功於強勁的收款活動。

In the quarter, we received an approximately $300 million refund resulting from a positive arbitration decision in an open multiemployer pension plan dispute, which is included in free cash flow.

本季度，我們收到了約 3 億美元的退款，該退款是由於公開的多雇主退休金計畫糾紛中的積極仲裁決定而產生的，該退款已包含在自由現金流中。

The P&L benefit of approximately $250 million was recorded in SG&A and was excluded from adjusted SG&A and adjusted EBITDA.

約 2.5 億美元的損益收益記錄在 SG&A 中，但不包括在調整後的 SG&A 和調整後的 EBITDA 中。

Finally, as a result of completing the sale of a portion of Steam Power, we received approximately $600 million of net proceeds, which are classified outside of free cash flow and recognized an almost $900 million pre-tax gain in the quarter, which was excluded from adjusted EBITDA.

最後，由於完成了部分Steam Power 的出售，我們收到了約6 億美元的淨收益，這些收益被分類在自由現金流之外，並在本季度確認了近9 億美元的稅前收益（不包括在內）來自調整後的 EBITDA。

The combination of free cash flow generation and proceeds from divestitures increased our already solid cash balance to $5.8 billion.

自由現金流的產生和資產剝離的收益相結合，使我們本已穩固的現金餘額增加至 58 億美元。

Overall, we're encouraged by our financial performance in the first half of 2024, with organic revenue growth, adjusted EBITDA margin expansion of nearly 400 basis points, and positive free cash flow generation.

總體而言，我們對 2024 年上半年的財務業績感到鼓舞，包括有機收入增長、調整後 EBITDA 利潤率擴張近 400 個基點以及積極的自由現金流生成。

Now turning to Power on slide 7.

現在轉向幻燈片 7 上的「電源」。

The segment delivered another strong quarter with double-digit orders growth, solid revenue growth and further EBITDA margin expansion.

該部門再次實現強勁的季度業績，訂單增長兩位數，收入穩健增長，稅息折舊及攤銷前利潤率進一步擴大。

Orders grew 30%, led by higher equipment at Gas Power and Hydro power.

訂單增加了 30%，其中燃氣發電和水力發電設備的升級帶動了訂單成長。

During the second quarter, Gas Power equipment orders increased over 60% as we booked 14 heavy-duty gas turbines, which included 4 HA units compared to no HA unit bookings in 2023 second quarter.

第二季度，燃氣發電設備訂單增加了 60% 以上，我們預訂了 14 台重型燃氣渦輪機，其中包括 4 台 HA 機組，而 2023 年第二季度沒有 HA 機組預訂。

Power Services orders grew 12%, driven by Gas Power.

在燃氣發電的推動下，電力服務訂單增加了 12%。

Revenue grew 10% on higher Gas service volumes.

由於天然氣服務量增加，收入增加了 10%。

Equipment revenue also increased from Gas Power strength.

天然氣發電的實力也帶動了設備收入的成長。

EBITDA increased 24%, resulting in 180 basis points of margin expansion as higher services volume, productivity and price more than offset the impact of inflation.

EBITDA 成長了 24%，利潤率擴大了 180 個基點，因為服務量、生產力和價格的提高足以抵消通貨膨脹的影響。

Looking ahead, we see increased demand for gas as a reliable source of baseload generation, which is resulting in incremental growth opportunities for both Gas equipment and Gas services over the medium to long term.

展望未來，我們認為天然氣作為基本負載發電的可靠來源的需求將會增加，這將為天然氣設備和天然氣服務在中長期帶來增量成長機會。

We anticipate additional 2024 CapEx at power to fulfill demand on Gas orders that are already booked, and we continue to evaluate strategies to meet potential additional demand acceleration.

我們預計 2024 年將有額外的資本支出來滿足已預訂的天然氣訂單的需求，並且我們將繼續評估滿足潛在的額外需求加速的策略。

Turning to Wind.

轉向風。

We continued making progress in driving improved EBITDA despite lower revenue levels.

儘管收入水平較低，但我們在推動 EBITDA 改善方面繼續取得進展。

Orders declined 44% given the tough comparison to the second quarter of last year, when a large Offshore equipment order was booked.

與去年第二季簽訂的大型海上設備訂單相比，訂單下降了 44%。

As a reminder, that Offshore order was later canceled by the customer in the fourth quarter of 2023.

提醒一下，該離岸訂單後來被客戶於 2023 年第四季取消。

Onshore equipment orders declined 11%, but increased more than 2.5 times sequentially from the first quarter.

陸上設備訂單下降 11%，但較第一季季增超過 2.5 倍。

As Scott indicated earlier, we remain cautious on the timing of an Onshore order inflection in North America as customers navigate growing interconnection queues and higher interest rates.

正如史考特早些時候指出的那樣，隨著客戶面臨不斷增長的互連隊列和更高的利率，我們對北美在岸訂單拐點的時機保持謹慎。

Revenue decreased 20% from lower Onshore equipment deliveries, partially offset by higher Offshore revenue as we continue to execute on our Offshore equipment backlog.

由於陸上設備交付量減少，收入下降了 20%，但由於我們繼續處理海上設備積壓訂單，海上收入增加部分抵消了收入。

EBITDA margins improved 400 basis points versus the prior year from positive price and continued cost reductions.

由於積極的價格和持續的成本削減，EBITDA 利潤率比上年提高了 400 個基點。

At Offshore, EBITDA losses decreased, and Onshore margins improved despite lower volume, remaining profitable again in the second quarter.

在離岸業務，EBITDA 損失減少，在岸利潤率儘管銷量下降但有所改善，第二季度再次保持盈利。

Wind is demonstrating signs of financial progress.

Wind 正在展現財務進展的跡象。

We continue our work at both Onshore and Offshore to drive incremental cost leverage.

我們繼續在陸上和海上開展工作，以推動增量成本槓桿。

In the second half of 2024, we expect to further improve EBITDA on meaningfully higher Onshore equipment volume at better margins, which are currently in our existing backlog.

到 2024 年下半年，我們預計將進一步提高 EBITDA，因為陸上設備數量大幅增加，利潤率更高，目前這些設備處於我們現有的積壓訂單中。

Now at Electrification, we had another strong quarter of revenue growth and EBITDA margin expansion.

現在，在電氣化領域，我們又迎來了一個強勁的季度營收成長和 EBITDA 利潤率擴張。

Orders were $4.8 billion, roughly 2.7 times second quarter revenue and over 30% higher sequentially.

訂單金額為 48 億美元，約為第二季營收的 2.7 倍，比上一季成長了 30% 以上。

While remaining strong, second quarter orders declined year-over-year due to significantly higher HVDC orders recorded in the prior year.

儘管保持強勁，但由於上一年錄得的高壓直流訂單大幅增加，第二季訂單年減。

Within Grid Solutions, we saw strong orders growth in the US, particularly for high-voltage switchgears and circuit breakers.

在電網解決方案領域，我們看到美國的訂單成長強勁，尤其是高壓開關設備和斷路器。

Revenue grew 19% with strength in equipment led by Grid Solutions and Power Conversion.

由於以電網解決方案和電力轉換為主導的設備實力，營收成長了 19%。

EBITDA margin expanded 360 basis points on volume, price and productivity.

EBITDA 利潤率在數量、價格和生產力方面擴大了 360 個基點。

All of our Electrification businesses were profitable in the second quarter, and expanded margins both year over year and sequentially.

我們所有的電氣化業務在第二季度均實現盈利，並且利潤率同比和環比均有所擴大。

We continue to see strong demand and price resulting in Electrification revenue growth and meaningful EBITDA margin expansion.

我們繼續看到強勁的需求和價格將導致電氣化收入成長和 EBITDA 利潤率大幅成長。

Equipment backlog in this segment increased to approximately $17 billion, up $5 billion compared to the second quarter of 2023, with healthy margins.

該領域的設備積壓訂單增加至約 170 億美元，比 2023 年第二季增加 50 億美元，利潤率良好。

Turning to slide 10.

轉到投影片 10。

Largely based upon our strong first half performance, we're raising our full year 2024 guidance.

主要基於我們上半年的強勁表現，我們上調了 2024 年全年指引。

For revenue, we're now trending towards the high end of our original $34 billion to $35 billion guidance range, mostly due to additional Electrification strength.

就收入而言，我們現在正朝著最初 340 億至 350 億美元指導範圍的高端發展，這主要是由於額外的電氣化實力。

We're also increasing our adjusted EBITDA margin guidance, which we now expect to be in the range of 5% to 7%.

我們也提高了調整後 EBITDA 利潤率指引，目前預計在 5% 至 7% 範圍內。

By segment, we maintain our Power revenue guidance, but now anticipate approximately 150 to 200 basis points of EBITDA margin expansion compared to our previous guide of approximately 100 basis points, driven mainly by gas power strength.

按細分市場，我們維持電力收入指引，但現在預計 EBITDA 利潤率將擴大約 150 至 200 個基點，而我們先前的指引約為 100 個基點，這主要是由天然氣發電實力推動的。

At Wind, we still expect revenue to be essentially flat year over year and to approach profitability this year from positive price, productivity and cost savings.

在Wind，我們仍然預計收入將與去年同期基本持平，並且由於積極的價格、生產力和成本節約，今年將接近盈利。

In the second half, the timing of turbine shipments as well as cost, could drive some variability in Wind results.

下半年，渦輪機的出貨時間和成本可能會導致風電表現有些變動。

In Electrification, we're increasing our revenue growth guidance from low double digits to mid- to high teens based on continued strong demand and favorable price.

在電氣化方面，基於持續強勁的需求和優惠的價格，我們將收入成長指引從低兩位數提高到中高兩位數。

Given our higher revenue growth expectations, we now expect Electrification to achieve high single-digit EBITDA margins in 2024 compared to our previous expectation of mid-single digits.

鑑於我們較高的營收成長預期，我們現在預期電氣化業務將在 2024 年實現高個位數 EBITDA 利潤率，而我們先前的預期為中個位數。

As a result of the higher EBITDA outlook, along with the strong cash performance and the non-recurring arbitration refund in the first half of 2024, we're also increasing our full-year free cash flow guidance to be in the range of $1.3 billion to $1.7 billion.

由於 EBITDA 前景較高，加上 2024 年上半年強勁的現金表現和非經常性仲裁退款，我們也將全年自由現金流指引提高至 13 億美元至 17 億美元。

This includes slightly higher expected CapEx investments primarily to fulfill significant Gas Power orders booked so far this year.

這包括略高的預期資本支出投資，主要是為了完成今年迄今預訂的大量天然氣發電訂單。

Looking specifically at the third quarter, we expect solid year-over-year revenue growth and continued EBITDA margin expansion across the segments.

具體來看第三季度，我們預計各細分市場的營收將達到穩健的年成長，並且 EBITDA 利潤率將持續成長。

Relative to last year's third quarter, we anticipate Power top line growth from higher Gas equipment and services revenue and EBITDA margin expansion versus last year from volume, productivity and pricing.

與去年第三季相比，我們預計電力營收將因天然氣設備和服務收入的增加而成長，而 EBITDA 利潤率將因銷售量、生產力和定價而較去年有所增長。

Wind revenue is expected to grow meaningfully year-over-year as we deliver higher-margin Onshore volume out of backlog.

隨著我們從積壓訂單中交付更高利潤的陸上銷量，風電收入預計將比去年同期大幅成長。

In addition, EBITDA should improve from the higher onshore volume, along with positive price and lower cost structure.

此外，EBITDA 應該會因在岸銷售的增加、積極的價格和較低的成本結構而有所改善。

At Electrification, we expect solid top line growth, along with margin expansion from higher volume, productivity and favorable pricing.

在電氣化方面，我們預計營收將實現穩健成長，同時銷售量、生產力和優惠價格的提高也將帶來利潤率的擴大。

In the third quarter, note that like in most years, the seasonality of outages and services revenue at gas power means lower adjusted EBITDA on a sequential basis for GE Vernova.

請注意，在第三季度，與大多數年份一樣，燃氣發電的停電和服務收入的季節性意味著 GE Vernova 調整後的 EBITDA 環比較低。

We expect free cash flow to improve year over year driven by the stronger adjusted EBITDA.

我們預計，在更強勁的調整後 EBITDA 的推動下，自由現金流將比去年同期改善。

Sequentially, we anticipate free cash flow to decrease largely from the lower adjusted EBITDA, slightly higher CapEx and cash taxes, as well as the nonrecurring arbitration refund received in the second quarter.

接下來，我們預計自由現金流將大幅減少，原因是調整後的 EBITDA 較低、資本支出和現金稅略高，以及第二季收到的非經常性仲裁退款。

We're very encouraged by the momentum we built in the first half of the year.

我們對今年上半年所建立的勢頭感到非常鼓舞。

We're also confident in the strength of our balance sheet and remain committed to maintaining our investment-grade rating as we evaluate opportunities for growth and return of capital to shareholders.

我們對資產負債表的實力也充滿信心，並在評估成長機會和股東資本回報時繼續致力於維持我們的投資等級。

With that, I'll turn it back to Scott.

有了這個，我會把它轉回給斯科特。

Thanks, Ken.

謝謝，肯。

All in, we are pleased with our performance in the first half of this year, and we are excited about our future as we help our customers electrify and decarbonize the world.

總而言之，我們對今年上半年的業績感到滿意，並且對我們的未來感到興奮，因為我們幫助客戶實現世界電氣化和脫碳。

Market dynamics continue to drive strong demand that will lead to multi-decade growth for GE Vernova.

市場動態繼續推動強勁的需求，這將導致 GE Vernova 數十年的成長。

Our Power segment generates 70% of its revenues from services.

我們的電力部門 70% 的收入來自服務。

We expect Power to drive expanded margins with growing free cash flow for a number of years.

我們預計 Power 將在未來幾年內透過不斷增長的自由現金流來推動利潤率的擴大。

We expect to continue expanding margins in Wind and to benefit when demand for new Wind units, especially in North America, ramps further.

我們預計將繼續擴大風電業務的利潤率，並在對新風力機組的需求（尤其是在北美）進一步增加時受益。

In Electrification, we are seeing customers significantly increase grid-related investments to improve reliability and connect more zero carbon power sources.

在電氣化領域，我們看到客戶大幅增加了電網相關投資，以提高可靠性並連接更多零碳電源。

We expect this segment to also continue to deliver higher margins in the years to come.

我們預計該細分市場在未來幾年也將繼續提供更高的利潤率。

Our lean operating system, sustainability, and innovation remain at the core of our company.

我們的精益作業系統、永續發展和創新仍然是我們公司的核心。

We are running our businesses better and are well positioned as electricity markets evolve.

我們正在更好地經營我們的業務，並隨著電力市場的發展而處於有利地位。

We expect to deliver growing adjusted EBITDA and free cash flow over the coming years.

我們預計未來幾年將實現不斷增長的調整後 EBITDA 和自由現金流。

And when we put all this together, we see a clear opportunity to deliver substantial value for our stakeholders going forward.

當我們把所有這些放在一起時，我們看到了一個明顯的機會，可以為我們的利害關係人帶來巨大的價值。

With that, I'll hand it back to Michael for the Q&A portion of the call.

這樣，我會將其交還給邁克爾，以進行電話問答部分。

Before we open the line, I'd ask everyone in the queue to consider your fellow analysts and ask one question so we can get to as many people as possible.

在我們開始排隊之前，我會要求隊列中的每個人考慮您的分析師同事並提出一個問題，以便我們可以接觸到盡可能多的人。

Please return to the queue if you have follow-ups.

如果您有後續行動，請返回佇列。

With that, operator, please open the line.

那麼，接線員，請打開線路。

(Operator Instructions)

（操作員說明）

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Yes, good morning.

是的，早安。

Thank you very much for taking our questions.

非常感謝您接受我們的提問。

So I wanted to start with the Wind segment and just kind of the Vineyard Wind project that's been in the news.

所以我想從風能部分以及新聞中出現過的葡萄園風能計畫開始。

I appreciate that you're taking your time, being thorough with the review here.

感謝您花時間在這裡進行徹底的審查。

Just for those on the line that haven't been through one of these before, can you just kind of talk about what that timeline might be though?

對於那些以前沒有經歷過其中一個的人來說，你能談談這個時間表可能是什麼嗎？

I mean, should we be expecting this to be more kind of weeks or months or maybe even quarters?

我的意思是，我們是否應該預期這會持續幾週、幾個月甚至幾季？

And then kind of the second question on that is, is there any impact to your deliveries on the Dogger Bank project in Europe?

第二個問題是，對歐洲 Dogger Bank 專案的交付有什麼影響嗎？

Thank you.

謝謝。

Mark, thanks for the question.

馬克，謝謝你的提問。

It's been 11 days since the event.

距離該活動已經過去11天了。

And just to reinforce at the start, we have no indications of an engineering design flaw - that's important at the beginning.

首先要強調的是，我們沒有任何跡象表明存在工程設計缺陷——這一點在一開始就很重要。

As we said in the prepared remarks, we have identified a material deviation, or a manufacturing deviation, in one of our factories that through the inspection or quality assurance process, we should have identified.

正如我們在準備好的評論中所說，我們已經在我們的一家工廠中發現了材料偏差或製造偏差，透過檢查或品質保證流程，我們應該已經發現了這種偏差。

Because of that, we're going to use our existing data and reinspect all of the blades that we have made for Offshore wind and for context in this factory in Gaspé, Canada where the material deviation existed, we've made about 150 blades, so that gives you an indication and context of the work ahead.

因此，我們將使用現有數據並重新檢查我們為離岸風電製造的所有葉片，並根據加拿大加斯佩工廠存在材料偏差的情況，我們製造了大約 150 個葉片，以便為您提供未來工作的指示和背景。

But to be clear, this is work we know how to do.

但要明確說明的是，這是我們知道如何做的工作。

I mean the industry uses non-destructive testing, think ultrasound, think a radiologist, but for a blade to identify deviations.

我的意思是，該行業使用無損檢測，例如超音波，例如放射科醫生，但用於刀片來識別偏差。

We are going to go and do this on every blade, prudent, thorough process.

我們將在每塊刀片上進行此操作，謹慎、徹底的過程。

We're not going to talk about the timeline today.

我們今天不打算討論時間表。

We have work to do, but I have a high degree of confidence that we can do this, and we'll do it in support of both the customer and the agency and move forward from there.

我們還有工作要做，但我對我們能夠做到這一點充滿信心，我們將在支持客戶和代理商的同時繼續前進。

On your question on deliveries and timing, I would just frame up a few things.

關於你關於交付和時間安排的問題，我只想闡述一些事情。

I mean, clearly while we're on pause right now, there's risk to some collections moving from '24 into '25.

我的意思是，很明顯，當我們現在暫停時，某些系列從 24 年過渡到 25 年存在風險。

And that is embedded into our financial guidance here for what we framed up, and we're really taking the path forward.

這已融入我們制定的財務指導中，我們確實正在走上前進的道路。

Now on Dogger Bank, we continue to install and commission wind turbines right now, and we intend to continue to do that.

現在，在 Dogger Bank，我們繼續安裝和調試風力渦輪機，並且我們打算繼續這樣做。

We're in close contact with SSE, and we continue to progress on that project today.

我們與 SSE 保持密切聯繫，今天我們繼續推進該專案。

Andy Kaplowitz, Citi.

安迪‧卡普洛維茨，花旗銀行。

Good morning, guys.

早安，夥計們。

Scott, so if I look at sort of the order environment in Wind just out of curiosity, I know you reiterated the flat revenue guidance.

Scott，如果我只是出於好奇而查看 Wind 中的訂單環境，我知道您重申了固定收入指導。

But at what point does Wind have to pick up before you get into '25 and it becomes a more difficult year.

但在進入 25 年之前，Wind 必須在何時開始復甦，這將成為更加困難的一年。

And are you still planning on sort of the high single-digit margin in Onshore in the second half of '24?

您是否仍計劃在 24 年下半年實現陸上高個位數利潤率？

We are.

我們是。

I mean we're still consistent with our financial framing of approaching profitability in '24 in the segment, with high single-digit onshore wind margins in '24 and the segment turning profitable in '25, Andy.

我的意思是，我們仍然與我們的財務框架一致，即該領域在 24 年接近盈利，陸上風電利潤率在 24 年達到高個位數，該領域在 25 年實現盈利，安迪。

What I would just emphasize is we -- '24 and '25 as we've been framing up for a period of time are two more difficult years for us in Wind relative to the dynamics we have in the other segments.

我想強調的是，與我們在其他領域的動態相比，我們在一段時間內製定的24年和25年對我們來說是更困難的兩年。

But we remain confident in that framework for '24 and '25.

但我們對 24 和 25 年的框架仍然充滿信心。

And then when you look at the orders pipeline that we see, it's just tough for us to call when it starts to convert into orders, we still see the possibility that we could see those orders come through in '25 that leads to a revenue inflection point in '26 on Onshore at the exact same time that we'll still be materially through our Offshore Wind backlog.

然後，當你查看我們看到的訂單管道時，我們很難在它開始轉換為訂單時打電話，我們仍然認為我們有可能看到這些訂單在 25 年完成，從而導致收入變化就在26 年陸上風電的同一時間，我們仍將大量完成離岸風電積壓工作。

So '24 and '25 is going to be very consistent with what we've talked about.

因此，'24 和 '25 將與我們討論的內容非常一致。

And then you're really playing through to '26, where we see the real possibility for margins to accrete substantially as we have the potential for some Onshore Wind growth and Offshore Wind becomes a smaller proportion of the total revenue guide.

然後你真的會一直玩到26年，我們看到利潤率真正有可能大幅增加，因為我們有陸上風電成長的潛力，而離岸風電在總收入指南中所佔的比例較小。

Yeah.

是的。

And the one thing I would add, I think it's the right question around thinking about '25.

我要補充的一件事是，我認為這是圍繞「25」思考的正確問題。

But also remember that as we're moving through the second half of '24, we called out on Onshore Wind in the backlog as of the end of 2023 that we had expanded our margin within that backlog by about 10 full points.

但也要記住，當我們進入 24 年下半年時，我們在截至 2023 年底的積壓訂單中指出了陸上風電，我們已將積壓訂單中的利潤擴大了約 10 個百分點。

Some of that will begin to deliver in 2024 in the second half, which gives us confidence in the statements that we made, and that Scott just reiterated about our outlook and approaching profitability for the year for Wind overall.

其中一些將在 2024 年下半年開始實現，這讓我們對我們所做的聲明充滿信心，斯科特剛剛重申了我們的展望以及 Wind 整體今年的盈利能力。

But some of that accretion and backlog will deliver in 2025.

但其中一些增加和積壓將在 2025 年交付。

So part of the step-up in 2025, as you asked about, will be incremental Wind orders coming in the second half.

因此，正如您所問的，2025 年的升級的一部分將是下半年新增的 Wind 訂單。

But a piece of that is already in our backlog, and we will deliver on it as we move into the year.

但其中一部分已經在我們的積壓工作中，我們將在進入今年時交付它。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Yeah.

是的。

Good morning.

早安.

I guess maybe just following up on part of that question there.

我想也許只是跟進該問題的一部分。

Can you talk about some of the margins that are embedded in your order demand today and sort of where the, I guess, things are going forward specific maybe to Electrification and Power?

您能談談您今天的訂單需求中包含的一些利潤嗎？

Thanks.

謝謝。

Can you please repeat the question team, we're having an audio challenge here in the room?

您能否重複問題團隊，我們正在房間裡進行音訊挑戰？

Yeah.

是的。

I guess I was just following up on the last question.

我想我只是在跟進最後一個問題。

You made some comments around the margins embedded in that Wind backlog and I'm curious what the margin profile looks like for the backlog in Power and Electrification.

您對 Wind 積壓訂單中嵌入的利潤做了一些評論，我很好奇電力和電氣化積壓訂單的利潤概況是什麼樣的。

I think you'd previously mentioned some strong pricing dynamics in both those segments.

我想您之前已經提到過這兩個領域的一些強勁的定價動態。

I'm kind of curious where things are at today.

我有點好奇今天的情況如何。

Yeah.

是的。

So we would tell you that in the -- let's start with Wind because I think it's important as we're also -- I gave you the 2023 number, what's happening as we move into 2024.

因此，我們會告訴您，讓我們從 Wind 開始，因為我認為它很重要，因為我們也很重要，我給了您 2023 年的數字，我們進入 2024 年時會發生什麼。

We had seen Wind's margin backlogs accrete and grow as, call it, the last 12 to 18 months as we move towards the end of 2023.

隨著 2023 年底的臨近，我們看到 Wind 的保證金積壓在過去 12 到 18 個月中不斷增加和增長。

What we're seeing in orders that we're taking in now is that better pricing is actually staying at kind of those levels as we move through the first half of the year.

我們從現在收到的訂單中看到的是，隨著今年上半年的進展，更好的定價實際上保持在這樣的水平。

So it's moved up and it's kind of staying at those levels.

所以它上升了，並且保持在這些水平上。

Now the difference is to where you asked about on Power and Electrification is, as those demand patterns have continued to grow, what we've seen is the pricing environment has continued to get stronger versus where we ended 2023, both in Power and Electrification.

現在的不同之處在於，隨著這些需求模式持續成長，我們所看到的是，與 2023 年底相比，電力和電氣化領域的定價環境持續變得更強。

And a point of reference is on Electrification, we had talked about for overall Electrification equipment at the end of 2023, our margins in backlog had expanded 5 full points.

一個參考點是電氣化，我們在 2023 年底談到了整體電氣化設備，我們的積壓利潤擴大了 5 個百分點。

And so we're seeing that continue to grow as we move over time, and any quarter point can have a little bit of volatility to it, but the pricing dynamic within Electrification continuing to get better, booking better, stronger profitable orders and backlog.

因此，我們看到隨著時間的推移，這一數字繼續增長，任何四分之一的點都可能有一點波動，但電氣化領域的定價動態繼續變得更好，預訂更好，盈利訂單和積壓訂單更強。

And obviously, the same thing on the Power dynamics as you see the really strong orders coming on to the books.

顯然，權力動態也是如此，正如你看到的真正強勁的訂單出現在帳面上一樣。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Thanks, and good morning, guys.

謝謝，大家早安。

I want to focus my question on Gas Power equipment orders.

我想把問題集中在燃氣發電設備訂單上。

And so year-to-date, you guys have booked 9 gigawatts of orders, which is pretty incredible given where we were last year.

今年迄今為止，你們已經預訂了 9 吉瓦的訂單，考慮到我們去年的情況，這是相當令人難以置信的。

Scott, how much of this do you think is the market expanding versus market share gains?

斯科特，您認為市場擴張與市場佔有率成長的關係有多大？

And then also your commentary around the HAs being -- having better order rates in the second half of the year.

然後，您對 HA 的評論是——下半年訂單率更高。

I'm just curious if you can maybe just talk about your visibility and the conversations that you're having with data centers as well.

我只是好奇您是否可以談談您的可見性以及您與資料中心的對話。

Thanks, Joe. I mean, clearly, the first half of the year has been encouraging with the demand cycle for Gas, both first and second quarter equipment orders grew north of 50%.

謝謝，喬。我的意思是，顯然，今年上半年天然氣的需求週期令人鼓舞，第一季和第二季的設備訂單都增加了 50% 以上。

We're also seeing the investments though, in the installed base with our services orders both growing double digits in both the first and the second quarter.

不過，我們也看到了安裝基礎上的投資，我們的服務訂單在第一季和第二季都以兩位數成長。

So you're seeing the investment on both sides.

所以你會看到雙方的投資。

I mean, we were intentional in our prepared remarks in the sense that as strong as those orders are on a year-over-year basis, with the pipeline we see, and it's a combination of U.S. orders and global orders, we do expect the second half of the year to have more orders in the first half of the year.

我的意思是，我們在準備好的發言中是有意的，因為這些訂單同比強勁，根據我們看到的管道，而且它是美國訂單和全球訂單的組合，我們確實預計下半年訂單量會比上半年多。

So first half of the year, we had 30 heavy-duty gas turbines with 12 HAs.

今年上半年，我們有 30 台重型燃氣渦輪機，其中 12 台 HA。

Second half will be stronger based on what we see.

根據我們的觀察，下半年將會更加強勁。

But we're not in a place today that this is one transaction, one market.

但我們今天並不認為這是一筆交易、一個市場。

This is a general trend of just the realization of the need for more reliable power that's leading to increased demand (added by company after the call) into gas that's supporting us also having to invest into more gas to support that growth.

這是一個總體趨勢，即認識到對更可靠電力的需求，導致天然氣需求增加（由公司在電話會議後添加），這支持我們也必須投資更多天然氣來支持這種增長。

Moses Sutton, BNP.

摩西‧薩頓，法國巴黎銀行。

Hi.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

Just continuing on the Gas topic.

繼續討論天然氣話題。

How should we think of the eventual capacity constraints at Greenville and perhaps expanding the factory especially, as we know many utilities are signaling a further rise in CCGTs and peakers and so on.

我們應該如何考慮格林維爾最終的產能限制，尤其是擴建工廠，因為我們知道許多公用事業公司都發出了聯合循環燃氣渦輪機和調峰器等進一步增加的信號。

And then just to add to that, how do you think about pricing of the gas turbines going forward and impact on margin, relative to maybe a historical razor blade model.

然後補充一點，相對於歷史剃刀片模型，您如何看待燃氣渦輪機的未來定價及其對利潤的影響。

Could you see something like 20% contribution margin on new gas turbines?

您能否看到新燃氣渦輪機的邊際貢獻率達到 20%？

Any thoughts there would be helpful.

任何想法都會有幫助。

Thanks.

謝謝。

Thanks, Moses.

謝謝，摩西。

I'll start.

我開始吧。

I mean if we had the benefit of having you visit Greenville with us, you'd see that we have clear capacity to grow into this market in Greenville.

我的意思是，如果我們有幸讓您與我們一起參觀格林維爾，您會發現我們有能力進入格林維爾的這個市場。

But the challenge isn't going to be the Greenville factory.

但挑戰並非來自格林威爾工廠。

We're investing into single piece flow and lean lines that have given us a lot of physical capacity.

我們正在投資單件流程和精實生產線，這為我們提供了大量的體能。

We do have challenges and needs to work across our supply base and supply chain to gain access to more parts, think castings and forgings.

我們確實面臨挑戰，需要在我們的供應基地和供應鏈中開展工作，以獲得更多零件，例如鑄件和鍛造件。

And we're going through that process right now.

我們現在正在經歷這個過程。

And that very well may lead to some investments we need to make to support this growth on a go-forward basis.

這很可能會導致我們需要進行一些投資來支持未來的成長。

But that's investments we'll make as the market tested results tell us to make those investments.

但這是我們將要進行的投資，因為市場測試的結果告訴我們要進行這些投資。

But today, we're not in a position that, that's really our concern.

但今天，我們的處境並不是我們真正關心的。

I mean we look at our slots, we're pricing for the scarce slots that we have.

我的意思是，我們會關注我們的老虎機，我們正在為我們擁有的稀缺老虎機定價。

We do continue to see a healthier pricing environment for Gas on orders that we'll book in '24 into '25 and that we'll convert into revenue approximately three years later.

我們確實繼續看到更健康的天然氣定價環境，我們將在 24 年至 25 年預訂訂單，並將在大約三年後將其轉化為收入。

So we do see that over the medium to long term as margin accretive to where the Power business segment goes.

因此，我們確實認為從中長期來看，電力業務部門的利潤率會增加。

But again, these are equipment orders we're booking today at better margins that will convert three years from now.

但同樣，這些是我們今天以更高的利潤預訂的設備訂單，這些訂單將在三年後轉換。

Yeah.

是的。

And just so you think about how we're managing through the required investments to support that, we indicated in the prepared remarks that you should expect to see a little bit more CapEx coming through our numbers this year than maybe we had guided to, not significantly different, but a bit more.

正如您所想，我們如何管理所需的投資來支持這一點，我們在準備好的評論中表示，您應該期望看到今年我們的數據帶來的資本支出比我們指導的要多一些，而不是明顯不同，但更多。

That's because these orders are on the books and we're trying to go ahead and get in place to get our capacity expanded as much as we can to support that.

這是因為這些訂單已記錄在案，我們正在努力繼續推進並到位，以盡可能擴大我們的產能來支持這些訂單。

We're also working with our supply base to make sure our supply base is right there with us, so they can provide what we need to support those orders.

我們也與我們的供應基地合作，確保我們的供應基地就在我們身邊，這樣他們就可以提供我們需要的東西來支持這些訂單。

I called that out because correlating that to what we said about cash flow guidance, we took our cash flow guidance up nicely, not only just based upon the refund from the arbitration item on the legal dispute, we have about $300 million, but took it up by another $300 million on both ends of the range.

我之所以這麼說，是因為將其與我們所說的現金流量指導相關聯，我們很好地提高了我們的現金流量指導，不僅基於法律糾紛仲裁項目的退款，我們有大約3 億美元，但把它拿走了。

And that is with that incremental capacity and CapEx that we're looking to invest, again primarily in Power, as well as trying to do things to help and keep our supply base where it needs to be.

這就是我們希望投資的增量產能和資本支出，同樣主要是在電力方面，以及努力幫助和維持我們的供應基礎在需要的地方。

So it's a really good place to be in.

所以這是一個非常好的地方。

But as Scott said, this is all for orders that we have on the books today, and we will continue to watch these order patterns as we move forward and try to make really good, thoughtful decisions so we manage through the capital investments, as well as the pricing environment.

但正如斯科特所說，這都是我們今天帳上的訂單，隨著我們的前進，我們將繼續關注這些訂單模式，並嘗試做出真正好的、深思熟慮的決策，以便我們透過資本投資進行管理。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Hi.

你好。

Thanks so much for taking the question.

非常感謝您提出問題。

I just want to come back to the Electrification segment.

我只想回到電氣化部分。

You're obviously increasing the margin guidance this quarter for the full year.

顯然，您將提高本季全年的利潤指引。

At the Investor Day, you kind of laid out 500 basis points of margin upside based on what was already captured in the backlog as of the end of 2023.

在投資者日，您根據截至 2023 年底的積壓訂單中已經捕獲的內容，制定了 500 個基點的利潤上漲空間。

It seems like you're capturing half of that in 2024.

看來您將在 2024 年實現其中的一半。

So I'm just curious like what's driving that?

所以我很好奇是什麼推動了這一點？

Is that an accelerated conversion of the backlog?

這是積壓訂單的加速轉換嗎？

Is it better OpEx discipline or maybe just conservatism out of the gate at the Investor Day.

是更好的營運支出紀律，還是只是投資者日的保守主義？

And then maybe as a follow-up question to that.

然後也許作為一個後續問題。

Can you just update us on what you're seeing come to the backlog today in terms of pricing relative to what you're recognizing in 2024?

您能否向我們介紹一下您今天所看到的積壓訂單的最新情況（相對於您所認識的 2024 年定價而言）？

Thank you.

謝謝。

You bet.

你打賭。

Andrew, thank you.

安德魯，謝謝你。

At the start, I think exactly as you said, we, in March, had a view of mid-single-digit margins for the year in Electrification.

一開始，我認為正如您所說，我們在三月預計電氣化今年的利潤率為中個位數。

Now, the first half of the year has delivered mid-single-digit margins, so by default, as we shift towards the full year now delivering high single-digit margins, that gives you an indication for how much stronger we expect the margin profile to be in the second half of this year, which will then be indicative of the margin profile and growth that we expect into 2025 and beyond.

現在，今年上半年已經實現了中個位數的利潤率，因此預設情況下，當我們轉向全年實現高個位數的利潤率時，這可以讓您了解我們對利潤率狀況的預期有多強預計將在今年下半年進行，這將表明我們預計 2025 年及以後的利潤率狀況和成長。

There was some level of caution on our part earlier in the year on how quickly we would fulfill and be able to ramp up into this growth.

今年早些時候，我們對實現這一成長目標的速度持一定程度的謹慎態度。

This is not a business that has experienced this substantial growth trajectory.

這不是一家經歷過如此大幅成長軌跡的企業。

And the team is doing a very good job.

團隊做得非常好。

And frankly, as they do a very good job, that's also giving us a little bit more confidence to invest into more growth with them and more capacity for them to manage this incredibly strong market that we have right now.

坦白說，由於他們做得非常好，這也讓我們更有信心投資於他們的更多成長，並讓他們更有能力管理我們現在擁有的這個令人難以置信的強大市場。

Now at the same time, when you step back to our discussions in March, exactly as you said, we did accrete margin 500 basis points in the backlog last year, but we also said that over 50% of that backlog doesn't start to convert to revenue until 2026.

現在，與此同時，當您回到我們3 月份的討論時，正如您所說，去年我們確實在積壓訂單中增加了500 個基點的保證金，但我們也表示，超過50% 的積壓訂單並未開始增加。

So we're pleased to see the financial performance improve in '24 and to get to this high single-digit number we're just getting started here.

因此，我們很高興看到 24 年的財務表現有所改善，並且要達到這個高個位數的數字，我們才剛開始。

I mean there's a lot of opportunity to improve and a lot to be excited about in Electrification, but also a lot of work to do.

我的意思是，電氣化領域有很多改進的機會，也有很多令人興奮的事情，但也有很多工作要做。

So we sit here today in July with a lot of optimism, and a lot of confidence as we move forward.

因此，今天，我們七月坐在這裡，在前進的過程中充滿了樂觀和信心。

And to put a couple of finer points on it, as you think about how this business is going to move.

當你思考這項業務將如何發展時，我想提出一些更具體的觀點。

You heard us talk a lot in March, not only in the Electrification business, but all about doing an even stronger approach at underwriting these contracts, right?

您在三月聽到我們談論了很多，不僅是在電氣化業務方面，而且都是關於採取更強有力的方法來承保這些合同，對吧？

So as we even accreted the margin in backlog about 500 basis points, it wasn't a matter of conservatism, as Scott said, it was a matter of this business kind of managing their execution to deliver even better margins than what we booked in backlog.

因此，當我們甚至將積壓訂單的利潤增加了約500 個基點時，正如斯科特所說，這不是保守主義的問題，而是這種業務管理其執行的問題，以提供比我們在積壓訂單中預訂的利潤更好的利潤。

So while some of that will flow out into later years, what we're seeing is the execution on some of the contracts that are already in backlog we're actually landing at a better margin than what we thought that we contracted at.

因此，雖然其中一些將流向以後幾年，但我們看到的是一些已經積壓的合約的執行，我們實際上獲得了比我們認為的合約更高的利潤。

I give you that point because it's not a market point, it is an execution point.

我給你這個點是因為它不是一個市場點，而是執行點。

And I think you -- we want you to make sure and think about that business in the way that we are continuing to execute very well, not just on the market side, but as well as how we're executing on these complicated projects.

我認為，我們希望您能夠確保並以我們繼續良好執行的方式來思考該業務，不僅是在市場方面，而且還包括我們如何執行這些複雜的項目。

The second thing I would say is there are parts of the Electrification business that are not longer cycle, right?

我要說的第二件事是，電氣化業務的某些部分週期並不長，對吧？

So some of the smaller components, actually, we take orders and we may book within a few months.

因此，實際上，我們接受一些較小的組件的訂單，並且可能會在幾個月內預訂。

And because of the strength of that market, the pricing that's coming through on those in the early parts of this year are going to flow out into better margins in the second half of the year.

由於該市場的強勁，今年年初的定價將在下半年帶來更好的利潤。

So it just supports everything that Scott said, but you've got a couple of finer points to think about how our execution sits.

所以它只是支持斯科特所說的一切，但你有幾個更好的觀點來思考我們的執行方式。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

Thank you.

謝謝。

Good morning, everybody.

大家早安。

So my question is also on the heavy-duty gas turbine side.

所以我的問題也是關於重型燃氣渦輪機方面的。

Orders were obviously great.

訂單量顯然很大。

And I guess I know all the work you've been doing to lean stuff out.

我想我知道你為精益求精所做的所有工作。

That's probably not the easiest task in a kind of low volume -- low unit volume, in a little bit of variable industry.

在一個小批量、低單位批量、有點變化的行業中，這可能不是最簡單的任務。

So I'm a little bit curious if there's a certain level that you can get to a real sort of process flow and really just how things consistent and predictable flowing?

所以我有點好奇是否可以在一定程度上達到真正的流程，以及事情如何保持一致和可預測？

And what that level is, if there's a margin impact when you really get to a steady state?

當你真正達到穩定狀態時，如果對利潤率產生影響，那麼這個水準是多少？

And how large that could be for the segment if you're willing to talk about it?

如果您願意談論的話，這個細分市場的規模有多大？

Thank you.

謝謝。

Thanks, Rob.

謝謝，羅布。

I mean, I'll start.

我的意思是，我要開始了。

There's clear opportunity.

有明顯的機會。

Although, yes, this is big pieces of infrastructure that we're building in our factories in Greenville.

不過，是的，這是我們在格林維爾工廠建造的大型基礎設施。

You can walk through that factory today.

今天你可以參觀那家工廠。

And if you had seen it five years ago to what it is today, it doesn't resemble what it was.

如果你在五年前看到它今天的樣子，你會發現它與以前的樣子並不一樣。

I mean, we are -- I'm really proud of where we've gotten to with very high-tech single-piece flow that has eliminated an immense amount of rework in factories.

我的意思是，我們——我對我們透過非常高科技的單件流程所取得的成就感到非常自豪，該流程消除了工廠中的大量返工。

We've got parts that move substantially less to the factory today because they just go on one single piece line from beginning to end as we build these gas turbines that have frankly freed up a lot of capacity in the factory to add a lot of services capacity into Greenville.

如今，我們的零件運往工廠的數量大大減少，因為在我們建造這些燃氣渦輪機時，它們從頭到尾都在一條單件生產線上，坦率地說，這些零件釋放了工廠的大量產能，以增加大量服務容量進入格林維爾。

But frankly, it also has created the capacity for us to grow into this better gas market without a need for anything other than leveraging our existing factories.

但坦白說，它也為我們創造了進入更好的天然氣市場的能力，除了利用我們現有的工廠之外，不需要任何其他東西。

So that's one of our real elements of arbitrage here because we have the industrial footprint.

所以這是我們真正的套利要素之一，因為我們擁有工業足跡。

We have the cranes.

我們有起重機。

The factories are attached to the railroads.

這些工廠附屬於鐵路。

We do have some P&E we're going to have to spend for some machinery.

我們確實有一些 P&E，需要花在一些機器上。

We're going to have to spend some money in partnership with some of our suppliers to support faster long lead items to meet this market, but this is work we know how to do.

我們將不得不花一些錢與一些供應商合作來支援更快的長交貨期產品以滿足這個市場，但這是我們知道如何做的工作。

So Ken effectively laid out the fact that our free cash flow guide for this year is already incorporating some of those investments on orders that have already booked in the first half of the year.

因此，肯有效地闡述了這樣一個事實，即我們今年的自由現金流指南已經將其中一些投資納入了上半年已預訂的訂單。

And as the order strength continues, where it makes sense, we'll continue to make more of those investments.

隨著訂單的持續成長，在有意義的情況下，我們將繼續進行更多的投資。

Yeah.

是的。

And you asked a great question around the impact on ultimate margins.

您就對最終利潤的影響提出了一個很好的問題。

But as Scott just kind of leaned into, the point is not only is it a margin impact, but as we continue to kind of move down this lean journey and the Gas power business is further along than most in our portfolio.

但正如斯科特剛剛談到的那樣，重點不僅在於它對利潤率的影響，而且隨著我們繼續沿著精益之路前進，天然氣發電業務比我們投資組合中的大多數業務都走得更遠。

It's also an optimizing of our working capital impact.

這也是對我們營運資本影響的最佳化。

So that flows straight to free cash flow.

這樣就直接流入自由現金流。

So even though we're going to invest a little bit more in CapEx early, we know that, that will bring us benefits on cash flow side, and all of this runs down to better margins as well as better cash generation.

因此，儘管我們將儘早在資本支出上進行更多投資，但我們知道，這將為我們帶來現金流方面的好處，而所有這些都可以帶來更好的利潤率和更好的現金產生。

James West, Evercore.

詹姆斯·韋斯特，埃弗科。

Hey.

嘿。

Good morning, Scott.

早安，史考特。

Good morning, Ken.

早安，肯。

I am curious, Scott, if you could maybe elaborate on your grid and grid infrastructure and transistor businesses because I think that's going to be a big area of growth.

我很好奇，斯科特，您能否詳細介紹一下您的電網和電網基礎設施以及晶體管業務，因為我認為這將是一個很大的成長領域。

I know that you guys have historically been strong in Europe and the US, but I believe this is a much more global business than any of us actually realize.

我知道你們在歐洲和美國歷來都很強大，但我相信這是一個比我們任何人實際意識到的更全球化的業務。

And so I love some commentary on the outlook and maybe some education on that business.

所以我喜歡一些關於前景的評論，也許還有一些關於該行業的教育。

James, I appreciate it.

詹姆斯，我很感激。

I mean the reality is you're right.

我的意思是現實是你是對的。

I mean, historically, this has been a more European-centric business.

我的意思是，從歷史上看，這是一個更以歐洲為中心的業務。

That is true.

確實如此。

But as we framed up in the prepared remarks, this is a business segment that saw our North America orders double over the course of the second quarter.

但正如我們在準備好的發言中所闡述的那樣，我們的北美訂單在第二季翻了一番。

So I think the reality is our Electrification segment, in Grid, is the part of GE Vernova that's benefiting the most from Vernova.

因此，我認為現實情況是，我們的 Grid 電氣化部門是 GE Vernova 的一部分，從 Vernova 中受益最多。

And what I mean by that is we're really able to lean in, in a much more coordinated way on the front end of this business with our relationships on the Power and Wind side and are finding an ability to pull through even more Grid growth with very strong customer relationships in places like the US.

我的意思是，我們確實能夠透過我們在電力和風電方面的關係，以更協調的方式在這項業務的前端進行傾斜，並且正在尋找一種能力來推動更多的電網成長在美國等地擁有非常牢固的客戶關係。

And as one company, and organized as one company, where especially with things like key accounts, we're driving another level of coordinated activity, we're starting to really bear fruit from that.

作為一家公司，作為一家公司組織起來，特別是在關鍵客戶等方面，我們正在推動另一層次的協調活動，我們開始真正從中取得成果。

When we think about the strategic sessions we're having with our customers, it is true that in Electrification, especially in the US, we're doing an education even with our customers on what the art of the possible is.

當我們考慮與客戶舉行的策略會議時，確實在電氣化領域，尤其是在美國，我們甚至正在與客戶一起進行關於什麼是可能的藝術的教育。

And it gives me that much more optimism that beyond the fact that this is a good market and a good global market, especially in the US, I have a lot of optimism with where this business is going.

這讓我更加樂觀，除了這是一個好的市場和一個好的全球市場（尤其是在美國）之外，我對這項業務的發展方向也非常樂觀。

So you really have a conviction case in Europe where since the crisis in Ukraine, our European customers are spending at incredibly high levels to give themselves real -- another level of resiliency and energy independence that's driving grid growth.

因此，在歐洲確實有一個令人信服的案例，自烏克蘭危機以來，我們的歐洲客戶以令人難以置信的高水平支出，以實現真正的彈性和能源獨立性，從而推動電網成長。

The US isn't growing as fast, but candidly, we have more arbitrage to lean into with the Vernova benefits that are helping us right now.

美國的成長速度沒有那麼快，但坦白說，我們有更多的套利機會可以利用目前正在幫助我們的 Vernova 福利。

And over the longer term, Asia is going to be an important market, too.

從長遠來看，亞洲也將成為一個重要的市場。

But this is very much a lot about Western Europe and North America.

但這很大程度上是關於西歐和北美的。

But those markets alone with customers we know very well and have very strong relationships, converging at a time where Philippe and the team are simply running this business a lot better are two converging factors that give us real possibility to create a business that we're very excited about here.

但是，這些市場與我們非常了解並擁有非常牢固的關係的客戶在一起，在菲利普和團隊只是更好地經營這項業務的時候，這兩個聚合因素使我們真正有可能創建我們正在做的業務。

And maybe just -- again, just to kind of give you a little bit of perspective on how to kind of think about where the numbers are.

也許只是——再一次，只是為了給你一些關於如何思考數字在哪裡的觀點。

If you take HVDC, and I'm going to talk about orders in the second quarter and it kind of holds for the first half as well.

如果你採用高壓直流輸電，我將談論第二季的訂單，這也適用於上半年。

If you take HVDC orders kind of out of the order totals for Electrification, the remainder of the orders within the Electrification business are fairly evenly spread across North America, Europe and rest of world.

如果您將高壓直流輸電訂單從電氣化訂單總數中剔除，那麼電氣化業務中的其餘訂單相當均勻地分佈在北美、歐洲和世界其他地區。

So we like that because while HVDC is coming in strong in Europe, as Scott mentioned, the carry-on impact is really affecting all of the regions around the world.

所以我們喜歡這一點，因為正如斯科特所提到的那樣，雖然高壓直流輸電在歐洲表現強勁，但其持續影響確實影響了世界各地。

So this business is feeling much more balanced globally when you look at it in that perspective.

因此，當你從這個角度來看時，這項業務在全球範圍內感覺更加平衡。

Operator, we have time for one last question, please.

接線員，我們有時間回答最後一個問題。

Maheep Mandloi, Mizuho.

馬希普‧曼德洛伊，瑞穗。

Hey.

嘿。

Can you guys hear me?

你們聽得到我說話嗎？

We can.

我們可以。

Good morning.

早安.

Thanks for the questions here.

感謝您在這裡提出的問題。

Just looking at the 10-Q, the product warranty liabilities reduced from $1.4 billion, down $1.2 billion in the quarter.

光是看 10-Q 季度，產品保固負債就從 14 億美元減少到本季 12 億美元。

Just trying to understand what's driving that.

只是想了解是什麼推動了這一點。

And then in light of the AEP lawsuit and potential environmental liabilities in Massachusetts, just how to think about where that number goes here.

然後考慮到 AEP 訴訟和馬薩諸塞州潛在的環境責任，如何考慮這個數字的去向。

Thanks

謝謝

Yeah.

是的。

So it's a good question.

所以這是一個好問題。

I would just think about it this way, really no fundamental change in warranties, the way we're accruing warranties.

我只是這樣想，保固和我們累積保固的方式確實沒有根本性的改變。

The real difference right there, Maheep, is just the fact that as we take the portion of the Steam business that we sold to EDF and take their balances off the books, that made essentially that change in that warranty accrual.

Maheep，真正的區別在於，當我們將 Steam 業務的一部分出售給 EDF 並將其餘額從帳簿中扣除時，本質上就使保固發生了變化。

So there's really no other dynamics going on there.

所以那裡確實沒有其他動態發生。

We're still accruing the same way.

我們仍然以同樣的方式累積。

We're seeing the same kind of patterns of trends.

我們看到了同樣的趨勢模式。

So nothing of significance there outside of the disposition of that piece of that business.

因此，除了對該業務的處置之外，沒有任何重要意義。

Before we wrap up, let me turn it back to Scott.

在我們結束之前，讓我把它轉回給斯科特。

Scott, closing comments?

斯科特，結束評論？

Thanks, Michael.

謝謝，麥可。

Everyone, we're excited about the trajectory of our company going forward.

大家，我們對公司的未來發展軌跡感到興奮。

I do want to take a minute as we conclude the call and just thank our employees, our partners for their dedication and hard work and our customers for their continued trust in us.

在結束通話時，我確實想花一點時間感謝我們的員工、合作夥伴的奉獻和辛勤工作以及客戶對我們的持續信任。

And thank you for your interest in GE Vernova.

感謝您對 GE Vernova 的興趣。

Thank you.

謝謝。

We'll turn it back over to the operator.

我們會將其返還給操作員。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。