GE Vernova Inc (GEV) 2024 Q3 法說會逐字稿

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

女士們先生們，美好的一天，歡迎參加 GE Vernova 2024 年第三季財報電話會議。

(Operator Instructions) My name is Liz, and I'll 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.

謝謝。

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

歡迎參加 GE Vernova 2024 年第三季財報電話會議。

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, 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 10-Q 表格、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 third quarter earnings call.

大家早安，歡迎參加我們的第三季財報電話會議。

We continue to gain confidence and conviction in the growth trajectory ahead for GE Vernova.

我們繼續對 GE Vernova 未來的成長軌跡充滿信心和信念。

We are in the early innings of an investment super cycle in the expansion and decarbonization of the electric power system, driven by increasing demand for power, increased focus on energy security, and rising grid investments.

在電力需求增加、對能源安全的日益關注以及電網投資增加的推動下，我們正處於電力系統擴張和脫碳投資超級週期的早期階段。

The GE Vernova purpose has never been more clear, and we are excited to have published our first sustainability report last month.

GE Vernova 的目標從未如此明確，我們很高興上個月發布了第一份永續發展報告。

Our objective with this report is to provide metrics on our progress in electrifying and decarbonizing the world, while ensuring the communities we operate in thrive, and simultaneously get better each year in conserving resources with our own operations.

我們編寫這份報告的目的是提供衡量我們在世界電氣化和脫碳方面取得的進展的指標，同時確保我們運營所在的社區蓬勃發展，同時我們自己的運營在節約資源方面每年都取得更好的成績。

A quick discussion on a few of the sustainability metrics we’ll measure and update each year.

快速討論我們每年衡量和更新的一些永續發展指標。

In 2023, we added 29 gigawatts of new capacity to the grid globally, with 42% in developing markets.

2023 年，我們在全球電網新增 29 吉瓦裝置容量，其中 42% 來自發展中市場。

The carbon intensity of this capacity is approximately 25% below the global average carbon intensity of the existing global power sector and has the potential to avoid 20 million metric tons of CO2 per year.

該產能的碳強度比現有全球電力產業的全球平均碳強度低約 25%，每年有可能避免 2,000 萬噸二氧化碳排放。

I share these examples to reinforce our true north in both adding capacity of the grid each year while driving towards a more sustainable electricity system.

我分享這些例子是為了加強我們在每年增加電網容量和推動建造更永續的電力系統的正確方向。

These sustainability metrics align our broader purpose with our multi-year financial ambitions to deliver attractive returns for our shareholders.

這些永續發展指標將我們更廣泛的目標與我們的多年財務目標相結合，為股東帶來有吸引力的回報。

Turning to slide 4, I'll spend a few minutes on each of our segments.

轉到幻燈片 4，我將在每個部分上花費幾分鐘。

Our Power segment, led by Gas Power, delivered strong double-digit orders and revenue growth with over 200 basis points of margin expansion.

以天然氣發電為首的電力部門實現了強勁的兩位數訂單和收入成長，利潤率擴大了 200 個基點。

Power orders increased 34% this quarter, driven by substantial equipment demand, both for HA and aeroderivative units, as well as services.

在 HA 和航改裝置以及服務的大量設備需求的推動下，本季電力訂單增加了 34%。

Year to date, we have booked approximately 14 gigawatts of orders for new gas turbines, nearly double last year's level.

今年迄今為止，我們已預訂了約 14 吉瓦的新燃氣渦輪機訂單，幾乎是去年水準的兩倍。

We expect the fourth quarter to be our largest equipment orders quarter of 2024.

我們預計第四季將成為 2024 年設備訂單最多的季度。

As discussed in September, we have now secured capacity to deliver between 70 to 80 heavy-duty gas turbines per year starting in 2026, up from 55 in recent years.

正如 9 月所討論的，我們現在已確保從 2026 年開始每年交付 70 至 80 台重型燃氣渦輪機的能力，高於近年來的 55 台。

As we look at the anticipated orders profile for 2026 and 2027, even with this capacity expansion, manufacturing slots are scarce.

從 2026 年和 2027 年的預期訂單情況來看，即使產能擴張，製造槽位仍然稀缺。

In addition to equipment demand growth, we are seeing services demand in our installed base grow meaningfully.

除了設備需求成長之外，我們還看到我們的安裝基礎中的服務需求也在大幅增加。

As customers aim to get more capacity and better performance out of their plants, we expect greater demand for upgrades, driving Gas services growth.

由於客戶希望從他們的工廠獲得更多的產能和更好的性能，我們預計升級需求將會更大，從而推動天然氣服務的成長。

Today, we deliver about $2 billion of upgrades annually in our Gas business, and we anticipate this could grow by 50% by the end of the decade.

如今，我們的天然氣業務每年交付約 20 億美元的升級，我們預計到本世紀末這一數字可能會成長 50%。

There is a lot to be excited about in our Power segment.

我們的電力領域有很多值得興奮的地方。

Electrification is our fastest growing segment, delivering a 24% revenue increase in the quarter, driven by stronger volume and price.

電氣化是我們成長最快的領域，在銷售和價格強勁的推動下，本季營收成長了 24%。

Demand for our products remains strong as customers modernize and invest in critical grid products, such as HVDC systems, transformers, and switchgears, which are essential to ensuring a reliable electricity system and connecting new generation sources.

隨著客戶對關鍵電網產品（例如高壓直流輸電系統、變壓器和開關設備）進行現代化改造和投資，對我們產品的需求仍然強勁，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。

Over the last two years, we have seen our equipment backlog grow meaningfully and profitably, and we are on track to more than triple this backlog by year-end ’24 from year-end '22 levels of just over $6 billion.

在過去的兩年裡，我們看到我們的設備積壓訂單顯著增長且盈利，並且我們預計在 24 年底前將積壓訂單數量從 22 年底略高於 60 億美元的水平增加兩倍以上。

This quarter, Electrification achieved double-digit EBITDA margin for the first time, with expansion of nearly 700 basis points.

本季度，電氣化首次實現兩位數的 EBITDA 利潤率，擴張近 700 個基點。

Demand trends and improving execution are driving an acceleration in margin expansion, increasing our confidence in our trajectory going forward.

需求趨勢和執行力的提高正在推動利潤率的加速擴張，增強了我們對未來發展軌蹟的信心。

And we expect this business to consistently deliver double-digit EBITDA margins from here.

我們預計該業務將持續實現兩位數的 EBITDA 利潤率。

Turning to Wind.

轉向風。

In Onshore, we continue to improve on our profitability, expanding margins, and delivering our most profitable quarter in a number of years.

在陸上，我們持續提高獲利能力，擴大利潤率，並實現多年來獲利最高的季度。

We remain cautious on the timing of the inflection for orders, but have positioned this business to deliver high single-digit EBITDA margins on approximately flat revenue this year.

我們對訂單拐點的時機仍然持謹慎態度，但已將該業務定位為在今年收入大致持平的情況下實現高個位數的 EBITDA 利潤率。

We continue to have confidence that as we drive Onshore revenue growth, as early as 2026, we can continue to accrete margins in this business.

我們仍然有信心，隨著我們推動在岸收入成長，最早到 2026 年，我們就可以繼續增加該業務的利潤率。

In Offshore, we've had a difficult four months and are disappointed given the impact on our customers and on our financial results, with a significant loss we took this quarter.

在離岸業務方面，我們度過了艱難的四個月，考慮到這對我們的客戶和我們的財務業績的影響，我們感到失望，本季度我們遭受了重大損失。

We have finalized root cause analysis and confirm the blade at issue at Vineyard Wind was caused by a manufacturing deviation from our factory in Canada.

我們已經完成了根本原因分析，並確認 Vineyard Wind 的問題葉片是由我們加拿大工廠的製造偏差造成的。

We have been very intentional, thorough, not rushed in reevaluating our blade quality across Offshore Wind in totality.

我們非常有意、徹底、不倉促地重新評估我們整個離岸風電的葉片品質。

As we re-accelerate progress on our projects, we are proactively strengthening some of the blades, either back at the factory or in the field, to improve quality and readiness for their intended useful life.

隨著我們重新加快專案進展，我們正在積極強化一些葉片，無論是在工廠還是在現場，以提高品質並為其預期使用壽命做好準備。

We continue installing turbines at Dogger Bank, while at Vineyard Wind, we are installing towers and nacelles and are very close to resuming blade installation.

我們繼續在 Dogger Bank 安裝渦輪機，而在 Vineyard Wind，我們正在安裝塔架和機艙，並且非常接近恢復葉片安裝。

Looking ahead, we're focused on improving execution and delivering on the approximately $3 billion backlog in the safest, highest-quality delivery model that makes economic sense for our customers and ourselves.

展望未來，我們的重點是提高執行力，並以最安全、最高品質的交付模式交付約 30 億美元的積壓訂單，這對我們的客戶和我們自己都具有經濟意義。

We do not foresee adding to this backlog without substantially different industry economics than what we see in the marketplace today.

如果行業經濟狀況與我們今天在市場上看到的情況大不相同，我們預計不會增加積壓的訂單。

I'm proud of our team as they execute in this difficult environment and appreciate the engagement with our customers.

我為我們的團隊感到自豪，因為他們在這個困難的環境中執行任務，並感謝與客戶的互動。

I remain confident that we will return the Wind segment to profitability in the fourth quarter.

我仍然相信我們將在第四季度使風能部門恢復盈利。

Now over to the right side of the page.

現在轉到頁面的右側。

We're focused on further embedding lean across the organization, driving continuous improvement in safety, quality, delivery, and cost.

我們專注於在整個組織中進一步嵌入精益，推動安全、品質、交付和成本的持續改善。

Safety is our number one priority, and unfortunately, we experienced a fatality this quarter at an Onshore Wind site in Sweden.

安全是我們的首要任務，不幸的是，本季我們在瑞典的陸上風電站點發生了一起死亡事故。

We are working to accelerate the company-wide adoption of our life-saving rules deployed earlier this summer.

我們正在努力加快在全公司範圍內採用今年夏天早些時候部署的救生規則。

Turning to quality.

轉向品質。

An example of how we are implementing lean in our Onshore Wind business is our workhorse turbine strategy.

我們如何在陸上風電業務中實施精實的一個例子是我們的主力渦輪機策略。

Today, we have over 2,000 of our workhorse 2.8 megawatt wind turbines that we've commissioned in the last two years.

如今，我們在過去兩年內已投入使用 2,000 多台主力 2.8 兆瓦風力渦輪機。

These units are performing at approximately 98% availability due to our focus on reduced variants and repeatable operations to drive better quality.

由於我們專注於減少變型和可重複操作以提高質量，這些設備的可用性約為 98%。

On delivery, we are leveraging lean to increase output of our existing manufacturing footprint with limited capital spend needed.

在交付時，我們正在利用精益來增加現有製造足跡的產量，同時所需的資本支出有限。

As an example, in our Power Transmission business within Grid, we will double the capacity of the manufacturing output of this business, with 75% of the expansion coming from core lean improvements driven by better asset and labor utilization.

例如，在 Grid 內的輸電業務中，我們將將該業務的製造產出能力提高一倍，其中 75% 的擴張來自於更好的資產和勞動力利用率推動的核心精實改善。

The remaining 25% of the capacity increase will come from site expansions.

剩餘25%的產能成長將來自站點擴建。

On cost, we announced a planned reduction in our Offshore Wind headcount as part of our efforts to streamline our Wind business to make it more efficient and to improve results.

在成本方面，我們宣布計劃減少離岸風電員工人數，作為我們精簡風電業務以提高效率並改善業績的努力的一部分。

We are operating the Wind segment as one global business with three main product lines, two in Onshore Wind and one in Offshore Wind, with increased visibility, improved learnings across the teams, and a better cost structure.

我們將風電業務作為一個全球性業務來運營，擁有三個主要產品線，兩個是陸上風電產品線，一個是海上風電產品線，提高了可見性，改善了團隊之間的學習，並實現了更好的成本結構。

We are also driving meaningful productivity with our suppliers in the large Electrification projects that we have secured in backlog in the last 21 months.

我們也在過去 21 個月積壓的大型電氣化專案中與供應商一起提高生產力。

This progress continues to strengthen our confidence in our ability to deliver this growing backlog in Electrification for our customers while substantially accreting margins in this business going forward.

這項進展繼續增強了我們對為客戶提供不斷增長的電氣化積壓訂單的能力的信心，同時大幅增加了該業務未來的利潤。

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

轉向下一張投影片，了解我們第三季的財務表現。

We delivered a solid quarter with double-digital orders, with services up almost 30%, and double-digit revenue growth, as well as significant margin expansion at Power, Electrification, and Onshore Wind.

我們的季度業績表現強勁，訂單達到兩位數，服務成長近 30%，營收達到兩位數成長，電力、電氣化和陸上風電的利潤率也大幅成長。

That said, our current quarter could have been even stronger if not for the quality and execution challenges in Offshore Wind, which we are addressing and learning from to make us a stronger company going forward.

也就是說，如果不是離岸風電的品質和執行挑戰，我們目前的季度可能會更加強勁，我們正在解決這些問題並從中學習，以使我們成為更強大的公司。

We generated substantial free cash flow and increased our cash balance from $5.8 billion in 2Q to $7.4 billion in 3Q.

我們產生了大量的自由現金流，並將現金餘額從第二季的 58 億美元增加到第三季的 74 億美元。

During the quarter, we sold a 16% ownership stake in GE Vernova T&D India, part of the Electrification segment, at an attractive valuation that generated approximately $700 million of pre-tax proceeds.

本季度，我們以極具吸引力的估值出售了 GE Vernova T&D 印度（電氣化部門的一部分）16% 的股權，產生了約 7 億美元的稅前收益。

This transaction demonstrates how we intend to run GE Vernova.

此次交易展示了我們打算如何經營 GE Vernova。

We will monetize assets across our portfolio when we see attractive opportunities to do so, enabling us to invest more in our core businesses to simplify the company and return capital to our shareholders.

當我們看到有吸引力的機會時，我們將把我們投資組合中的資產貨幣化，使我們能夠更多地投資於我們的核心業務，以簡化公司並向股東返還資本。

We are reaffirming our full year 2024 guidance.

我們重申 2024 年全年指引。

We look forward to discussing our multi-year financial outlook, as well as our capital allocation strategy, at our investor update in New York on December 10th.

我們期待在 12 月 10 日於紐約舉行的投資者更新會上討論我們的多年財務前景以及我們的資本配置策略。

I'm more confident today in the future of our business than ever.

今天我對我們業務的未來比以往任何時候都更有信心。

And I will now turn the call over to Ken for more details on our third quarter performance.

我現在將把電話轉給肯，以了解有關我們第三季業績的更多詳細資訊。

Thanks, Scott.

謝謝，斯科特。

Turning to slide 6, in the third quarter we delivered solid results with double-digit orders and revenue growth led by Power and Electrification.

轉向投影片 6，第三季我們取得了堅實的業績，在電力和電氣化的帶動下，訂單和收入成長達到兩位數。

Margins expanded year-over-year across Power, Electrification, and Onshore Wind, but were offset primarily due to additional contract losses at Offshore Wind.

電力、電氣化和陸上風電的利潤率同比增長，但主要由於海上風電的額外合約損失而被抵消。

Importantly, we generated substantial free cash flow in the quarter, driven by strong working capital management, including improved linearity.

重要的是，在強大的營運資本管理（包括改善的線性）的推動下，我們在本季度產生了大量的自由現金流。

Orders grew 17% driven by services, which increased 28%, with double-digit growth across all three segments.

在服務的推動下，訂單成長了 17%，服務成長了 28%，所有三個細分市場均實現了兩位數成長。

Equipment orders grew approximately 8%.

設備訂單成長約8%。

Power and Electrification equipment orders grew substantially, partially offset by lower equipment orders at Wind.

電力和電氣設備訂單大幅成長，部分被風能設備訂單減少所抵銷。

Our backlog of $118 billion grew both year-over-year and sequentially, and equipment margin and backlog remains healthy, reflecting our disciplined, profitable growth priority.

我們的積壓訂單達到 1,180 億美元，同比和環比均有所增長，設備利潤率和積壓訂單保持健康，這反映了我們嚴格、盈利的增長優先事項。

Revenue increased 10% in both equipment and services.

設備和服務收入均成長 10%。

Service revenue grew in all three segments, while continued momentum in Electrification and Power drove higher equipment revenue.

所有三個領域的服務收入均有所增長，而電氣化和電力領域的持續成長勢頭推動了設備收入的成長。

In addition, price remained positive across all three segments.

此外，所有三個細分市場的價格均保持正值。

Adjusted EBITDA continued to reflect higher, more profitable volume, price, and productivity in the quarter.

調整後的 EBITDA 繼續反映出本季銷售、價格和生產力更高、利潤更高。

On an organic basis, Electrification realized nearly 700 basis points of margin expansion, and Power margins expanded more than 200 basis points.

在有機基礎上，電氣化實現了近700個基點的利潤率擴張，電力利潤率擴大了200多個基點。

This margin strength was offset by Wind, primarily due to higher contract losses at Offshore.

這一利潤率優勢被風電所抵消，主要是由於海上合約損失較高。

We delivered nearly $1 billion of positive free cash flow, improving $900 million year over year, primarily driven by stronger working capital management.

我們實現了近 10 億美元的正自由現金流，年增 9 億美元，這主要是由於更強有力的營運資本管理的推動。

Working capital was an approximately $600 million benefit in the quarter, improving over $500 million year over year, mainly due to improved linearity, which includes more closely aligning the timing of disbursements and collections.

本季營運資金效益約為 6 億美元，年增超過 5 億美元，這主要是由於線性度的改善，其中包括更緊密地協調支付和收款的時間。

Our cash balance also reflects the monetization of a 16% ownership stake in our Electrification joint venture in India, which generated approximately $700 million of pre-tax proceeds classified as financing cash flows with no impact to adjusted EBITDA.

我們的現金餘額也反映了我們在印度的電氣化合資企業 16% 股權的貨幣化，該企業產生了約 7 億美元的稅前收益，歸類為融資現金流，對調整後的 EBITDA 沒有影響。

We executed this transaction as a part of our ongoing process to simplify entity shareholding structures as well as to capitalize on strong equity valuations in India, while remaining the majority shareholder in this business serving an attractive market.

我們執行這項交易是我們持續流程的一部分，旨在簡化實體股權結構並利用印度強勁的股權估值，同時保持該業務的大股東地位，服務於一個有吸引力的市場。

Combined with our third quarter free cash flow, these proceeds increased our already solid cash balance to $7.4 billion.

加上我們第三季的自由現金流，這些收益使我們本已穩固的現金餘額增加到 74 億美元。

We're encouraged by our year-to-date financial performance with solid revenue growth led by services, which increased 9% year over year, adjusted EBITDA margin expansion of over 200 basis points, and more than $1.1 billion of positive free cash flow generation, a year-over-year improvement of over $2 billion.

我們對今年迄今的財務表現感到鼓舞，以服務為主導的穩健收入增長，同比增長 9%，調整後 EBITDA 利潤率擴大超過 200 個基點，以及超過 11 億美元的正自由現金流，同比增長超過20 億美元。

Our backlog growth in both services and equipment provides an excellent foundation for continued strong financial performance.

我們在服務和設備方面的積壓訂單成長為持續強勁的財務表現奠定了良好的基礎。

Turning to Power on slide 7.

前往投影片 7 上的「電源」。

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

該部門再次實現強勁的季度業績，訂單持續兩位數增長，收入增加，EBITDA 利潤率進一步擴大。

Orders grew 34%, led by higher equipment and services at Gas Power.

在 Gas Power 更高的設備和服務的帶動下，訂單增加了 34%。

Gas Power equipment orders increased 40%, as we booked 9 HA units in the quarter, which exceeded the total number of HAs booked in all of 2023.

燃氣發電設備訂單增加了 40%，我們在本季度預訂了 9 台 HA 機組，超過了 2023 年全年預訂的 HA 總數。

We also booked 15 aeroderivative units in the quarter, almost doubling units ordered in the third quarter of last year.

本季我們也預訂了 15 架航改機，幾乎是去年第三季訂購量的兩倍。

Power services orders were up 29% due to higher demand from outages and upgrades.

由於停電和升級帶來的需求增加，電力服務訂單增加了 29%。

The robust demand for Gas equipment and services is driving further growth in our backlog.

對天然氣設備和服務的強勁需求正在推動我們的積壓訂單進一步成長。

Based upon the backlog, we're funding capacity expansion from customer orders and related downpayments to enable delivery of 70 to 80 heavy duty gas turbines annually starting in 2026.

根據積壓情況，我們將透過客戶訂單和相關首付款為產能擴張提供資金，以便從 2026 年開始每年交付 70 至 80 台重型燃氣渦輪機。

Revenue grew 13%, driven by Gas Power.

在天然氣發電的推動下，營收成長了 13%。

Services increased mainly from higher outage volume as well as price.

服務的成長主要來自停電量和價格的增加。

Equipment revenue reflected growth in HA gas turbine deliveries.

設備收入反映了 HA 燃氣渦輪機交付量的成長。

EBITDA increased 45%, resulting in 240 basis points of margin expansion, as higher volume, productivity, and price more than offset the impact of inflation.

EBITDA 成長了 45%，利潤率擴大了 240 個基點，產量、生產力和價格的提高足以抵消通貨膨脹的影響。

We're using lean to drive better operational execution and productivity, which is improving equipment profitability.

我們正在利用精益來推動更好的營運執行和生產力，從而提高設備的獲利能力。

For example, the heavy duty gas turbine team enhanced standard work from underwriting to execution through a series of kaizens.

例如，重型燃氣渦輪機團隊透過一系列改善措施，加強了從承保到執行的標準工作。

This work has resulted in a 20% improvement in quality controls so far this year, generating productivity and margin expansion.

今年迄今為止，這項工作已使品質控制提高了 20%，從而提高了生產力並擴大了利潤。

We continue to leverage lean to drive better financial results and better outcomes for our customers.

我們持續利用精實為我們的客戶帶來更好的財務表現和成果。

Looking at the fourth quarter, we expect Gas equipment orders to accelerate.

展望第四季度，我們預計天然氣設備訂單將加速成長。

We anticipate higher HA deliveries and services revenue to be offset by lower aeroderivative deliveries, resulting in relatively flat revenue, EBITDA and margin, compared to a strong 4Q'23.

我們預計 HA 交付量和服務收入的增加將被航改交付量的減少所抵消，從而導致收入、EBITDA 和利潤率與 23 年第四季的強勁表現相比相對持平。

We also expect continued productivity to offset inflation.

我們也預期持續的生產力將抵消通膨。

At Wind, Onshore delivered its most profitable results in 12 quarters.

Wind 的 Onshore 實現了 12 個季度以來最盈利的業績。

While we incurred additional Offshore contract losses related to the impacts of recent blade events and expected project execution delays.

雖然我們因最近的葉片事件和預期項目執行延遲的影響而遭受了額外的海上合約損失。

Wind orders declined 19% due to lower Onshore equipment orders outside of North America as we remain selective about the markets we serve.

由於我們對所服務的市場保持選擇性，導致北美以外的陸上設備訂單減少，風電訂單下降 19%。

In Offshore, we remain focused on executing our existing challenged backlog.

在離岸業務方面，我們仍然專注於執行現有的有挑戰的積壓工作。

Revenue decreased slightly in the quarter.

本季度收入略有下降。

In Offshore, the impact of execution delays resulted in lower revenue, partially offset by a settlement of approximately $500 million for a previously canceled Offshore project.

在離岸業務方面，執行延遲的影響導致收入下降，但先前取消的離岸項目的約 5 億美元和解金部分抵消了收入的下降。

In Onshore, revenue grew due to higher North American equipment and services despite lower volume outside of North America.

在陸上，儘管北美以外地區的銷量較低，但由於北美設備和服務的增加，收入有所增長。

EBITDA margins contracted 410 basis points versus the prior year.

EBITDA 利潤率較前一年收縮 410 個基點。

In Offshore, the impact of the approximately $700 million charge for additional contract losses was partially offset by the $300 million gain from the Offshore project cancellation settlement.

在海上，約 7 億美元的額外合約損失費用的影響被海上項目取消和解帶來的 3 億美元收益部分抵消。

In Onshore, margins expanded from positive price and favorable equipment mix.

在陸上，利潤率因積極的價格和有利的設備組合而擴大。

Onshore delivered better results despite higher services costs, as we're deploying more crews and cranes to continue improving fleet availability.

儘管服務成本較高，但陸上業務仍取得了更好的業績，因為我們正在部署更多的工作人員和起重機來繼續提高車隊的可用性。

Overall, we're focused on driving better quality, cost, and execution productivity across Wind.

整體而言，我們致力於提高 Wind 的品質、成本和執行效率。

As discussed, we remain cautious on the timing of an Onshore order inflection in North America as customers navigate growing interconnection queues.

正如所討論的，隨著客戶不斷增加的互連隊列，我們對北美在岸訂單拐點的時機保持謹慎。

We do expect the Wind segment to grow revenue and EBITDA substantially in the fourth quarter as we deliver more higher-margin Onshore equipment volume out of existing backlog.

我們確實預計風電部門的收入和 EBITDA 將在第四季度大幅成長，因為我們從現有的積壓訂單中交付了更多利潤率更高的陸上設備。

As a result, Wind should be modestly profitable in the quarter given stronger Onshore results.

因此，鑑於陸上業績強勁，風能在本季應該會適度獲利。

Turning to Electrification on slide 9.

轉向投影片 9 上的電氣化。

We had another quarter of robust demand, significant revenue growth, and EBITDA margin expansion.

我們又經歷了一個季度的強勁需求、顯著的營收成長和 EBITDA 利潤率的擴張。

Orders grew 17%, driven by the increasing need for grid equipment.

由於電網設備需求不斷增長，訂單增加了 17%。

Within Grid Solutions, orders remained strong in the US, particularly for switchgears.

在電網解決方案領域，美國的訂單仍然強勁，尤其是開關設備。

In addition, Electrification services orders grew 23%.

此外，電氣化服務訂單增加了 23%。

Revenue increased 24%, driven by Grid Solutions, with meaningful growth in switchgears and transformers, and by Power Conversion.

在電網解決方案（開關設備和變壓器的顯著成長）以及電力轉換的推動下，營收成長了 24%。

EBITDA margin expanded nearly 700 basis points on strong volume with continued price and productivity.

憑藉持續的價格和生產力，銷售強勁，EBITDA 利潤率擴大了近 700 個基點。

The segment achieved its first quarter of double-digit EBITDA margins, with all Electrification businesses expanding margins in the quarter.

該部門第一季的 EBITDA 利潤率實現了兩位數，所有電氣化業務的利潤率在本季度均有所擴大。

We continue to see strong demand and price resulting in Electrification revenue growth and substantial 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 利潤率大幅擴張。

Equipment orders are outpacing revenue, further expanding the equipment backlog to approximately $19 billion, up almost $6 billion compared to the third quarter of 2023.

設備訂單超過收入，設備積壓進一步擴大至約 190 億美元，比 2023 年第三季增加近 60 億美元。

In the fourth quarter, we anticipate further equipment backlog growth driven by continued order strength at healthy margins.

在第四季度，我們預計，由於訂單持續強勁且利潤率良好，設備積壓將進一步成長。

Revenue should increase year over year, but at a more modest rate relative to year-to-date performance given the comparably strong revenue in 4Q'23.

營收應該會逐年增加，但考慮到 23 年第四季的營收相對強勁，營收的成長速度相對於年初至今的業績而言較為溫和。

We expect continued margin expansion from higher volume, favorable pricing, and productivity.

我們預計，由於產量增加、價格優惠和生產力提高，利潤率將持續擴大。

Turning to slide 10 to discuss guidance.

轉向幻燈片 10 來討論指導。

While I touched on the fourth quarter for the segments, for GE Vernova overall, we expect solid year-over-year revenue growth and adjusted EBITDA margin expansion from higher, more profitable volume, pricing and productivity, despite losses at Offshore.

雖然我談到了第四季度的各個細分市場，但對於GE Vernova 整體而言，儘管海上業務出現虧損，但我們預計收入將實現穩健的同比增長，調整後的EBITDA 利潤率將因更高、更有利可圖的產量、定價和生產力而擴大。

We expect fourth quarter free cash flow to be lower year over year as quarterly cash linearity improves.

我們預計，隨著季度現金線性度的改善，第四季自由現金流將年減。

Given we booked our largest Onshore order in 4Q last year, the SunZia wind project, we also expect lower down payments.

鑑於我們去年第四季度預訂了最大的陸上訂單，即 SunZia 風電項目，我們也預計首付款會降低。

In addition, we anticipate higher taxes as a result of our EBITDA growth, along with higher capex primarily to support future capacity expansion in Gas Power and Electrification.

此外，我們預期 EBITDA 成長將帶來更高的稅收，同時資本支出也會增加，主要是為了支持未來天然氣發電和電氣化產能的擴張。

For the full year, we're reaffirming our 2024 GE Vernova guidance, as stronger performance in Power and Electrification is offsetting additional losses at Wind.

對於全年，我們重申 2024 年 GE Vernova 指引，因為電力和電氣化業務的強勁表現正在抵消風能業務的額外損失。

We continue to expect revenue towards the high end of $34 billion to $35 billion, adjusted EBITDA margin to be in the range of 5% to 7%, and free cash flow to be between $1.3 billion and $1.7 billion, but trending towards the higher end of the range.

我們仍預期營收將達到340 億美元至350 億美元的高端，調整後的EBITDA 利潤率將在5% 至7% 之間，自由現金流將在13 億美元至17 億美元之間，但仍趨於高端的範圍。

By segment, in Power, we continue to expect mid-single digit organic revenue growth with EBITDA margin expansion at the higher end of 150 to 200 basis points from services strength and productivity.

以細分市場來看，在電力領域，我們繼續預期有機收入將實現中個位數成長，而由於服務實力和生產力，EBITDA 利潤率將擴大 150 至 200 個基點。

At Wind, we still anticipate revenue to be essentially flat year over year.

在Wind，我們仍然預計收入將同比基本持平。

Positive price, productivity, and cost savings in Onshore are expected to partially mitigate losses in Offshore.

陸上的積極價格、生產率和成本節約預計將部分減輕海上的損失。

As a result, we expect segment EBITDA to move closer to profitability, improving nearly 50% compared to the $1 billion loss in 2023.

因此，我們預計該部門 EBITDA 將更接近獲利，與 2023 年 10 億美元的虧損相比，改善近 50%。

In Electrification, we now expect high-teens revenue growth, giving us increased confidence in achieving the upper end of high-single digit EBITDA margins for the year.

在電氣化領域，我們現在預計收入將實現高雙位數成長，這使我們更有信心實現今年高個位數 EBITDA 利潤率的上限。

We're very encouraged by the growing strength we're seeing at Power and Electrification, and we're taking steps necessary to deliver better financial results at Wind.

我們對電力和電氣化業務不斷增長的實力感到非常鼓舞，我們正在採取必要措施，以實現風能業務更好的財務表現。

We remain committed to maintaining our investment-grade balance sheet, and we're growing our cash balance.

我們仍然致力於維持投資等級資產負債表，並且我們正在增加現金餘額。

We look forward to providing you with details on our multi-year financial outlook and capital allocation strategy at our December 10th meeting.

我們期待在 12 月 10 日的會議上向您提供有關我們多年財務前景和資本配置策略的詳細資訊。

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。

We are pleased with our performance so far this year and excited about our future as we help our customers electrify and decarbonize the world.

我們對今年迄今為止的表現感到滿意，並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 and continue creating value for our stakeholders.

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，並繼續為我們的利害關係人創造價值。

Specifically, our Power segment generates approximately 70% of its revenue from services, and we expect this segment to deliver continued margin expansion with growing free cash flow for a number of years.

具體來說，我們的電力部門約 70% 的收入來自服務，我們預計該部門將在未來幾年內隨著自由現金流的增長而實現利潤率的持續增長。

We expect to continue expanding margins and Onshore Wind, and we are vigorously addressing the challenges and Offshore Wind.

我們預計將繼續擴大陸上風電的利潤率，並且我們正在積極應對海上風電的挑戰。

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 deliver higher margins in the years to come.

我們預計該細分市場在未來幾年也將實現更高的利潤率。

As we execute on our strategy, our lean operating system, commitment to sustainability and innovation remain at the core of our company.

在我們執行策略時，我們的精實營運系統、對永續發展和創新的承諾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 our call.

這樣，我會將其交還給邁克爾，以供我們電話中的問答部分使用。

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。

Operator, please open the line.

接線員，請開通線路。

(Operator Instructions) Julian Mitchell, Barclays.

（操作員指示）朱利安·米切爾，巴克萊銀行。

Maybe just the first question, I'm circling back on Offshore as there was clearly a lot of news there in September.

也許只是第一個問題，我又回到了 Offshore，因為 9 月顯然有很多新聞。

And maybe just remind us as you look today, how you're thinking about the pace of that $3 billion of Offshore backlog being worked down.

也許只是提醒我們，當您今天看到時，您如何考慮 30 億美元的離岸訂單積壓的處理速度。

And then there was a good update on the turbine blade issues in North America, and maybe just anything on what's going on with the UK project, please?

然後有關於北美渦輪葉片問題的良好更新，也許還有關於英國項目進展的任何信息，好嗎？

You bet, Julian, I mean, to start, clearly the last four months for Offshore Wind have been difficult for us.

你敢打賭，朱利安，我的意思是，首先，顯然過去四個月對離岸風電來說對我們來說很困難。

I mean, the delayed project execution has cost us time on when we had previously talked about completing the backlog we have to go, which previously we'd said we'd be largely complete by the end of 2025.

我的意思是，延遲的專案執行浪費了我們的時間，因為我們之前曾談到完成我們必須完成的積壓工作，此前我們曾說過我們將在 2025 年底前基本完成。

In light of what we've been managing to the last four months, that's moving to the right.

鑑於我們過去四個月的努力，情況正在向右移動。

But we're also at a period of time where we’re evaluating alternatives, things like incremental vessels, things like that, that can increase the pace.

但我們也正處於評估替代方案的時期，例如增加船舶等可以加快速度的方案。

And we're committed to giving you transparency to the burn down of the approximate $3 billion backlog we have left to go when we get together on December 10th, as we outline our both '25 financial objectives and our long-range financial targets associated with that.

我們致力於在 12 月 10 日聚會時向您提供關於我們剩餘的約 30 億美元積壓工作的銷毀情況的透明度，因為我們概述了 25 年的財務目標以及與那。

On the blade piece of the equation, just going right there, we've been very intentional and focused on this since the event in July.

從等式的最重要部分開始，自 7 月的活動以來，我們一直非常有意並專注於此。

We can tell you, I'd say, that the root cause was what we framed up in July.

我們可以告訴你，我想說，根本原因是我們在七月陷害的。

There was a manufacturing deviation at one of our factories in Canada.

我們位於加拿大的一家工廠出現了生產偏差。

We have been very systematically reviewing all of our blades in Offshore Wind, and we can say today that a very small proportion, low single digit proportion of our manufactured blades in totality also had a manufacturing deviation similar to the blade that we experienced the failure at Vineyard Wind.

我們一直非常系統地審查我們在離岸風電中使用的所有葉片，今天我們可以說，我們製造的葉片中只有很小一部分、低個位數比例也存在製造偏差，類似於我們在葡萄園風。

In those cases, we're taking action on those blades, and we're doing that right now and really now getting to a point of shifting back to execution out at sea.

在這些情況下，我們正在對這些刀片採取行動，我們現在正在這樣做，而且現在確實已經到了回到海上執行的地步。

To your question on Dogger Bank, we're fully in installation and commissioning in Dogger Bank today.

關於您關於Dogger Bank的問題，我們今天在Dogger Bank已全面安裝和調試。

In the case of Vineyard, we have been installing both towers and nacelles and just got guidance to start to begin reinstalling blades at Vineyard yesterday.

就 Vineyard 而言，我們一直在安裝塔架和機艙，昨天剛收到指導開始在 Vineyard 重新安裝葉片。

So I think this blade chapter, we've learned a lot from the last three or four months and now this is back to project execution, and we'll give you more on the burn down of the $3 billion to go on December 10th.

因此，我認為在刀片章節中，我們從過去三四個月中學到了很多東西，現在又回到了項目執行，我們將在 12 月 10 日為您提供有關 30 億美元燒毀情況的更多信息。

And Julian, I would just add where we are, it's important to understand that as we've taken that $700 million charge, we've taken into account all of the things that Scott has outlined.

朱利安，我想補充我們的情況，重要的是要明白，當我們收取 7 億美元的費用時，我們已經考慮了斯科特概述的所有事情。

So in other words, we know that there's cost for blade remediation.

換句話說，我們知道葉片修復是有代價的。

There's also this extension of the delivery timeline, which we have some current estimates at.

交貨時間也有所延長，我們目前對此有一些估計。

But we'll continue to work through it, both on how it may impact the Vineyard Wind project as well as the Dogger Bank project.

但我們將繼續研究它對 Vineyard Wind 計畫和 Dogger Bank 計畫的影響。

So the important thing to consider is, we've done a lot of work.

所以要考慮的重要一點是，我們已經做了很多工作。

The teams have done some outstanding work to make sure that we're staying ahead of this with the customers and making sure we're delivering on our commitments there.

這些團隊做了一些出色的工作，以確保我們在客戶面前保持領先，並確保我們兌現我們的承諾。

But we have attempted our best effort in those charges to encapsulate all the costs that's going to come along with that.

但我們已盡最大努力在這些費用中囊括隨之而來的所有成本。

So the numbers that we gave you our are as clean as they can be as far as what it takes to deliver.

因此，我們向您提供的數字是盡可能乾淨的，只要交付所需的數據即可。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Maybe I can ask a question on Power.

也許我可以問一個關於電源的問題。

I think you guys said that you expect Power equipment orders to accelerate in the fourth quarter.

我想你們說過，你們預計第四季電力設備訂單將加速。

I guess, can you talk a little bit about what you're hearing from customers to provide confidence in that outcome?

我想，您能否談談您從客戶那裡聽到的情況，以增強對結果的信心？

You bet, Nicole.

你敢打賭，妮可。

I mean, I'll hit on it.

我的意思是，我會抓住它。

And although the Power orders in the third quarter are up 34%, and as we said in our prepared remarks for Gas, as an example, we've taken 14 gigawatts of new orders in 3Q year to date, which is twice those equivalent levels in the first three quarters of last year.

儘管第三季的電力訂單增加了34%，正如我們在為天然氣準備的評論中所說的那樣，作為例子，我們在第三季迄今已獲得14 吉瓦的新訂單，這是同等水平的兩倍去年前三季。

When we look at the pipeline coming from here, we do expect our fourth quarter to be our strongest quarter of 2024.

當我們查看來自這裡的管道時，我們確實預計第四季度將是 2024 年最強勁的季度。

And although it's early, and we’ll firm this up before December 10th, we see the 2025 orders looking very similar to 2024, if not modestly stronger, but probably with a larger tilt towards North America.

雖然現在還為時過早，而且我們將在12 月10 日之前確定這一點，但我們認為2025 年的訂單看起來與2024 年非常相似，即使不是稍微強勁，但可能會更大程度地向北美傾斜。

The reality is the orders that we booked this year have been, had a heavy proportion of Middle East orders.

實際情況是，我們今年預訂的訂單中，中東訂單佔很大比例。

We announced a large order in Japan in the third quarter.

第三季我們宣布了日本的大訂單。

US was part of the equation, but as we've been saying for quite some time, we see North America and we see the hyperscaler dynamic being more of a '25 dynamic than '24.

美國是其中的一部分，但正如我們在相當長一段時間以來所說的那樣，我們看到北美，我們看到超大規模的動態更像是「25 年」而不是「24 年」。

And that's exactly how we think this is going to still play out sitting here today.

這正是我們認為今天坐在這裡仍然會發生的情況。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Thanks for taking the question.

感謝您提出問題。

I want to stick with Power for a second, a little bit of a higher-level question.

我想先談談 Power，這是一個更高層次的問題。

But clearly, you're seeing a lot of demand, particularly in Gas.

但顯然，您看到了很大的需求，尤其是天然氣方面。

As I look back to the early 2000s and 2010s, I mean, your Power business was a high-teens, low-20s EBITDA margin business.

當我回顧 2000 年代初和 2010 年代時，我的意思是，你們的電力業務是一個 EBITDA 利潤率高達 10 多歲、低 20 多歲的業務。

I'm just curious now that we’re entering this next wave of growth in Gas, is the current pricing environment supportive of getting back to that margin structure, or is there anything structurally different this time around that might impede your ability to get back there?

我只是好奇現在我們正在進入天然氣的下一波增長浪潮，當前的定價環境是否支持恢復到這種利潤結構，或者這次是否有任何結構上的不同可能會阻礙您獲得利潤的能力回到那裡？

Thank you.

謝謝。

Thanks, Andrew.

謝謝，安德魯。

I mean, at the start, candidly, we have a much larger services business today than what we would have had at that comparison point because we've been growing the fleet all of these years since then.

我的意思是，坦白說，一開始我們的服務業務比當時的服務業務要大得多，因為從那時起這些年來我們一直在擴大機隊。

So at the start, we've got an incredible services annuity stream that's going to sustain itself for a long time.

因此，一開始，我們就擁有了令人難以置信的服務年金流，並將在很長一段時間內維持下去。

The composition of what's going to play out the second half of this decade relative to early in the 2000s is different in the sense that it's still going to be less gas turbines, but the megawatts per gas turbine are going to be substantially larger, right, now that were we're shifting towards the HA profile.

與 2000 年代初相比，本十年後半葉的結構有所不同，燃氣渦輪機的數量仍然會減少，但每台燃氣渦輪機的兆瓦功率將大幅增加，對吧，現在我們正在轉向 HA 配置文件。

We are seeing a substantially better pricing environment today in what we are getting in orders today, relative to what we’re shipping in revenue today.

相對於我們今天發貨的收入，我們今天收到的訂單的定價環境要好得多。

And that will start to benefit us really in, to a large extent, the second half of '26 and the full year of '27 in revenue on what I'd call today's new pricing environment.

這將在很大程度上使我們在 26 年下半年和 27 年全年的收入中真正受益，我稱之為今天的新定價環境。

And when you combine those two things together with the much larger services business, a customer sentiment that's investing in that gas fleet substantially more today than certainly have the prior 10 years, and that equipment profile that you're citing with better pricing, we have a lot of confidence that throughout the better part of this decade, we're going to keep expanding margins and look forward to giving you really a new definition of what should look like by 2028 at our December 10th analyst day.

當你將這兩件事與規模大得多的服務業務結合起來時，客戶情緒表明，今天對天然氣車隊的投資比過去10 年要多得多，而且你引用的設備配置文件具有更好的定價，我們有我們充滿信心，在這十年的大部分時間裡，我們將繼續擴大利潤率，並期待在 12 月 10 日的分析師日為您提供 2028 年的新定義。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Hey, Scott.

嘿，斯科特。

So when we met a few months ago, we were talking about a Gas Power equipment market of, call it roughly about 35 gigawatts by 2028.

因此，當我們幾個月前見面時，我們正在討論到 2028 年天然氣發電設備市場的規模約為 35 吉瓦。

And it seems like that market is basically effectively doubled overnight.

看起來這個市場基本上在一夜之間就翻了一番。

And so the real question I have longer term as you think about the next few years, is this the new run rate for that business from an order perspective?

因此，當您考慮未來幾年時，我面臨的真正問題是，從訂單角度來看，這是該業務的新運行率嗎？

And then specifically as it relates to capacity, we know you're increasing your own capacity.

然後，特別是與容量相關的時候，我們知道您正在增加自己的容量。

Any update that you can give us from the supply chain on their ability to meet faster growth in the next few years.

您可以從供應鏈向我們提供有關其在未來幾年內實現更快增長的能力的任何最新資訊。

Thanks, Joe. I'd say the orders level that we're seeing for 2024, which again, as I said before, 14 gigawatts 3Q year to date, twice where we were last year in the fourth quarter, should be our strongest quarter.

謝謝，喬。我想說的是，我們看到的 2024 年訂單水平，正如我之前所說，今年第三季迄今為 14 吉瓦，是去年第四季的兩倍，應該是我們最強勁的季度。

When we package that for '24 then look at 2025, at minimum, based on the visibility we have there, we see 2025 being equivalent or modestly better orders levels than 2024.

當我們將其打包到 24 年時，然後根據我們在那裡的可見性，至少看看 2025 年，我們認為 2025 年的訂單水平與 2024 年相當或略好。

And that we can clearly see in front of us and are very comfortable articulating.

我們可以清楚地看到我們的面前，並且非常輕鬆地表達出來。

There is a healthy backlog -- pipeline -- excuse me, beyond that, that will work.

有一個健康的積壓工作——管道——對不起，除此之外，這會起作用。

But we can say that with quite a bit of definition for '24 and '25, that very quickly by the time you get into the first quarter of next year, we're really going to be focused on filling slots primarily in 2028.

但我們可以說，有了對 24 和 25 的相當多的定義，很快，當你進入明年第一季時，我們真的將主要集中在 2028 年填補空缺。

And that is at that level of 70 to 80 gas turbines per year, probably on the lower end in '26, the higher end beyond that, because the capacity starts to come in in the middle of '26.

這是每年 70 到 80 台燃氣渦輪機的水平，可能是 26 年的低端，更高的端，因為產能在 26 年中期開始增加。

We don't necessarily see, today, going materially higher than that 80 number that we've talked about most recently.

今天，我們不一定會看到這個數字大幅高於我們最近討論的 80 個數字。

But we're looking at tactical ways to go modestly above that if and when it makes sense, but it's not likely to be another material shift to the extent today's run rate of 55 gas turbines a year, we've now secured capacity down to 80.

但我們正在尋找戰術方法，在有意義的情況下適度高於這一水平，但這不太可能是另一個重大轉變，達到今天每年 55 台燃氣渦輪機的運行率，我們現在已經確保產能降至80.

That took us six months working with the supply chain to secure.

我們花了六個月的時間與供應鏈合作才確保這一點。

And we're really just continuing to firm that up and make tactical adjustments, no major headlines beyond the updates we've made recently on that.

我們實際上只是繼續鞏固這一點並進行戰術調整，除了我們最近對此進行的更新之外，沒有其他重大頭條新聞。

Yeah.

是的。

I think one of the other things to consider as you're thinking about how does that impact us from an investment perspective as we're thinking about building out for this capacity.

我認為當你考慮這對我們從投資角度的影響時，當我們考慮建立這種能力時，需要考慮的其他事情之一。

One of the nice things about the cycle that we're operating in, as you know, is that as we take orders and orders are coming in nicely, those come along with down payments.

如您所知，我們所處的周期的好處之一是，當我們接受訂單並且訂單進展順利時，這些訂單會伴隨著預付款。

And we've been pretty clear and Scott said along the way, and I think we even said it in the last quarter call, that as we're thinking about making investments, and we're making these investments for this -- growing from 55 units a year to call it 70 to 80 -- we're really funding that with customer orders, right?

我們一直非常明確，斯科特一直在說，我想我們甚至在上個季度的電話會議中說過，當我們考慮進行投資時，我們正在為此進行這些投資 - 從每年55 台，相當於70到80 台——我們實際上是透過客戶訂單來提供資金，對嗎？

So customers are coming in, they're making down payments.

所以顧客進來，他們支付頭期款。

And so the draw on capital really comes directly from the orders that we're taking, and I think that's a really important thing to kind of build into your thinking around how we, as a management team, are making very disciplined decisions around those investment levels.

因此，資本的利用實際上直接來自我們所接受的訂單，我認為這是一件非常重要的事情，可以讓您思考我們作為一個管理團隊如何圍繞這些投資做出非常嚴格的決策水平。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

And just pivoting slightly differently within Power.

只是在 Power 內部的轉變略有不同。

As you think about the BWX opportunity here and GEH, how would you frame SMRs as a proportion of the overall growth trajectory?

當您考慮這裡的 BWX 機會和 GEH 時，您如何將 SMR 視為整體成長軌蹟的一部分？

How would you frame any initial expectations on awards here?

您如何看待這裡的獎項的初步期望？

Would love to hear the new framing.

很想聽聽新的框架。

You bet.

你打賭。

I mean, I think when we get to nuclear, we really have to start with the existing installed base we have.

我的意思是，我認為當我們進入核能領域時，我們確實必須從現有的安裝基礎開始。

I mean, in the US as an example, we have 65 plants today with our equipment.

我的意思是，以美國為例，目前我們有 65 家工廠配備了我們的設備。

And as an illustration, we see at least 3 gigawatts of incremental nuclear capacity we can add with uprates of the existing installed base that we have, and another couple of gigawatts that could get added from restarting plants that aren’t running today.

舉例來說，我們看到，隨著現有裝置基礎的提高，我們可以增加至少 3 吉瓦的核容量，另外，透過重啟目前未運行的核電站，還可以增加另外幾吉瓦的核容量。

So I give that context to just say, in the case of nuclear and with the surge in demand cycle of nuclear, that's likely to trickle through to our financials sooner than small modular reactor.

因此，我給出的背景只是說，就核能而言，隨著核能需求週期的激增，這可能會比小型模組化反應器更快地影響到我們的財務狀況。

We can see orders playing out middle of the decade in that regard, that cut into revenue late in the decade.

我們可以看到在這方面的訂單在本世紀中期開始，這將在本世紀末削減收入。

Small modular reactor sentiment in commercial activity is continuing to accelerate here.

商業活動中的小型模組化反應器情緒繼續加速。

The tone of the conversation is also shifting a little bit, even in the context of the summer really, where more discussions are taking place right now with existing nuclear plants that have the security infrastructure within it to add small modular reactors to the security apparatus that already exists with existing plants.

談話的基調也發生了一點變化，即使是在夏天的背景下，現在正在與現有的核電站進行更多的討論，這些核電站內部有安全基礎設施，以在安全裝置中添加小型模組化反應堆，已經存在於現有工廠中。

That has been a more dynamic conversation the last 90 days than when we were together at the July earnings call, and I think there will be activity there that's going to continue to move forward, and the new builds that follows.

與我們一起參加 7 月財報電話會議時相比，過去 90 天的對話更加活躍，我認為那裡將會有一些活動繼續向前推進，以及隨後的新構建。

For us, ultimately, this comes back to the first 300 megawatt block of power getting commissioned in Canada in 2029.

對我們來說，最終這要追溯到 2029 年加拿大第一個 300 兆瓦的電力專案投入運作。

We don't see that moving to the left. 2029 really is the start.

我們沒有看到它向左移動。 2029 年確實是個開始。

And then from a revenue perspective and really a US new capacity growth perspective, we're really excited about what SMR can mean for us, but it's not going to financially become a meaningful part of our income statement with revenue and growth until early into the next decade, and those activities and those discussions are very healthy right now.

然後從收入角度以及美國新產能成長的角度來看，我們對SMR 對我們意味著什麼感到非常興奮，但在財務上，它不會成為我們收入和成長損益表中有意義的一部分，直到進入早期階段。

But I think it's important to contextualize when it's really going to translate to the financials, and it is going to take until then before it becomes a material part of our future growth.

但我認為，當它真正轉化為財務數據時，重要的是要結合實際情況，直到那時它才會成為我們未來成長的重要組成部分。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Yeah.

是的。

Just to follow up on JDS's question, you know it seems that the customer profile, particularly on the nuclear side, is changing.

就 JDS 的問題而言，您知道客戶概況（尤其是核電方面）似乎正在改變。

We see a lot of headlines about hyperscalers trying to get their own expertise in running these aspects.

我們看到很多關於超大規模企業試圖在運行這些方面獲得自己的專業知識的頭條新聞。

Can you just talk about how the channel is evolving?

您能談談這個管道是如何發展的嗎？

And are you disadvantaged in any way, shape, or form?

您在任何方面、形狀或形式上是否處於不利地位？

Because I can see how in gas turbines, your traditional customers coming back is a big positive, but these customers do not necessarily have experience with you.

因為我可以看到，在燃氣渦輪機領域，您的傳統客戶的回歸是一個很大的積極因素，但這些客戶不一定有與您合作的經驗。

You don't necessarily have a reputation with them.

你不一定在他們那裡有聲譽。

How do you get your fair share from this new class of customers across gas and nuclear?

您如何從天然氣和核能領域的新客戶類別中獲得公平的份額？

Thank you.

謝謝。

Yeah.

是的。

I would say on nuclear, Andrew, going back to that.

我想說的是，關於核能，安德魯，回到那個主題。

I mean, when I think about COP28 last year in Dubai and think about 22 heads of state talking about tripling the nuclear capacity in the world by 2050, it's going to be an all-of-the-above above dynamic with new nuclear add.

我的意思是，當我想到去年在杜拜舉行的 COP28 並想到 22 位國家元首談論到 2050 年將世界核電容量增加兩倍時，這將是一個綜合上述所有因素並增加新的核能的動態。

There's going to be large conventional blocks of power added.

將會增加大量的傳統電源。

There's going to be multiple small modular reactor technologies that are going to be part of the equation.

將會有多種小型模組化反應器技術成為這個方程式的一部分。

We're really excited about the sentiment shift back towards nuclear and have an incredible amount of confidence in our ability to serve that growing market.

我們對人們重新轉向核能的情緒感到非常興奮，並對我們服務這個不斷增長的市場的能力充滿信心。

To be clear, a lot of the market sentiment with, call it, new archetype of customers that are interested in nuclear power, are going to ultimately, in most cases, still have a traditional nuclear operator running those plants.

需要明確的是，許多市場情緒（即對核電感興趣的新客戶原型）最終在大多數情況下仍將由傳統核能操作員營運這些工廠。

And those traditional nuclear operators are the bread-and-butter customers that we have thrived with for decades.

這些傳統核能運營商是我們幾十年來賴以生存的主要客戶。

The commercial arrangements of exactly how that works between us to those operators of the assets, and their commercial arrangement with the end customers, that's a lot of what's materializing and firming up, and will take some more time to unfold.

我們與資產運營商之間具體如何運作的商業安排，以及他們與最終客戶的商業安排，這是許多正在實現和鞏固的內容，並且需要更多時間來展開。

And that's an applicable statement for both gas and nuclear.

這對於天然氣和核能都是適用的。

But in both cases, I really like our chances to play a meaningful role in serving that growing market.

但在這兩種情況下，我真的很高興我們有機會在服務這個不斷成長的市場方面發揮有意義的作用。

And especially with nuclear, what I would keep emphasizing is, this is about established technology and time to market, and our BWRX is using established fuel, established combustion chamber technology.

尤其是對於核能，我要一直強調的是，這關係到成熟的技術和上市時間，我們的 BWRX 正在使用成熟的燃料、成熟的燃燒室技術。

That gives us a high degree of confidence that we're going to cut in our first 300 megawatt block of power in 2029.

這讓我們充滿信心，相信我們將在 2029 年削減第一個 300 兆瓦的電力。

And as we're into construction on that first project in Canada next year, we have a lot of customer sentiment that's following that progress, and more commercial activity will follow.

當我們明年在加拿大建造第一個項目時，我們有很多客戶情緒隨著這一進展而變化，更多的商業活動也會隨之而來。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Maybe just on Onshore Wind, I think you said that you can maintain a high-single digit margin on flat revenue, but you’re still a little conservative of when a new orders inflection might be.

也許就陸上風電而言，我認為您說過可以在收入持平的情況下保持高個位數的利潤率，但您對於新訂單何時出現拐點仍然有點保守。

At this point, with the understanding that you'll update us again in December, could you sustain that performance you had in Onshore?

目前，您將在 12 月再次向我們更新最新消息，您能否維持在陸上的表現？

When do you need an inflection in Onshore Wind bookings to support the business?

您何時需要改變陸域風電預訂來支持業務？

Well, Andy, we see, much like we've had flat revenue in '24 relative to '23.

好吧，安迪，我們看到，就像我們 24 年的收入與 23 年持平一樣。

When we sit here today, we see flat revenue also in 2025, but with improved profitability in Onshore Wind on generally a similar looking revenue profile.

當我們今天坐在這裡時，我們看到 2025 年收入也將持平，但陸上風電的盈利能力有所提高，收入狀況總體相似。

And that's just the ability to continue to--we’ve been remixing the profitability of the backlog, and you started to see that in the third quarter with the most profitable quarter we've had in three years, and you'll see that even more so in the fourth quarter into next year.

這就是繼續的能力——我們一直在重新調整積壓訂單的盈利能力，你開始看到第三季度是我們三年來盈利最多的季度，你會看到從第四季度到明年更是如此。

We don't need quote-unquote orders inflection to sustain that performance.

我們不需要報價-取消報價訂單的變化來維持這種表現。

I don't have a lot of apprehension that the top line level that we're at today is at risk of going lower, as an example.

例如，我並不擔心我們今天所處的營收水準有可能下降。

So, by default, I would think of this very much as a floor.

因此，默認情況下，我會將其視為地板。

The escape -- the second half performance of 2024 into 2025, on what Onshore Wind is for us in a business that is very North America dependent, and let’s contextualize where we are in North America.

逃離——2024 年下半年到 2025 年的表現，陸上風電對我們這個非常依賴北美的企業來說意味著什麼，讓我們了解我們在北美的情況。

We're going to ultimately COD in the industry this year mid-to-high single digit gigawatts of new Onshore Wind.

今年，我們最終將在業界實現中高個位數千兆瓦的新陸上風電。

There's a lot of people that believe that number needs to be 15 to 20 gigawatts a year for us to reach our objectives.

很多人認為，我們每年需要 15 至 20 吉瓦的發電量才能實現目標。

Where I'm cautious and have been consistently cautious is, when we see the orders come that start to get us back to the US commissioning double-digit, mid-teens gigawatts of orders, that when we do that volume leverage that we're going to yield in Onshore Wind is going to lead to a much more profitable business that we're all going like a lot more.

我持謹慎態度並且一直持謹慎態度的是，當我們看到訂單開始讓我們回到美國委託兩位數、十幾吉瓦的訂單時，當我們利用數量槓桿時，我們陸上風電的盈利將帶來我們都希望獲得的利潤更高的業務。

I'm just not ready to call a date on when that comes because we just don't quite see that now.

我只是還沒準備好確定具體日期，因為我們現在還不太明白。

Although all indications say the US does need that later in the decade.

儘管所有跡像都表明美國在本世紀後期確實需要這樣做。

But I don't want you to take my comments to be one that we're concerned that it's going to go backwards.

但我不希望你認為我的評論是我們擔心事情會倒退。

We feel like we're at a solid foundational level with Onshore Wind performance that will get better with top-line growth.

我們認為，我們的陸上風電業績已經處於堅實的基礎水平，隨著營收的成長，我們的表現將會變得更好。

We're just not ready to call that top-line growth yet.

我們只是還沒準備好稱之為營收成長。

Yeah.

是的。

I think that, to repeat something that we've said in the last couple of calls, the Wind team and specifically the Onshore Wind team, Vic and team, have been working really hard to take cost out of that business to make sure it is as efficient as can be.

我認為，重複我們在過去幾次電話中說過的話，風電團隊，特別是陸上風電團隊，Vic 和團隊，一直在努力降低該業務的成本，以確保它是盡可能高效。

And in doing so, running to what Scott said to put some numbers around it, they've resized the business to be profitable at about 1,000 turbines a year.

在這樣做的過程中，按照斯科特所說的一些數字，他們調整了業務規模，以每年約 1,000 台渦輪機實現盈利。

We’re obviously running at a higher rate than that.

顯然我們的運行速度比這個快。

So, I just say that because to respond to your question around when do we need the wind orders to turn in order to see an inflection in this business, we're already starting to see that inflection and profitability based upon cost management.

所以，我只是說，因為要回答你的問題，即我們何時需要風電訂單才能看到這項業務的拐點，我們已經開始看到基於成本管理的拐點和盈利能力。

Plus I'll remind you that as we came into the year, we talked about an Onshore Wind backlog that had about 10 incremental points of margin in that backlog.

另外，我要提醒您的是，當我們進入這一年時，我們討論了陸上風電積壓訂單，該積壓訂單中有大約 10 個增量點的利潤。

That's really what's giving us confidence in the second half of this year to see the profitability improvement that we're seeing now, which does set us up for the carry-on point.

這確實讓我們有信心在今年下半年看到我們現在所看到的獲利能力的改善，這確實為我們的延續點奠定了基礎。

I wouldn't necessarily say a jumping-off point for incremental growth because pricing is stabilized at these better levels, but to be able to carry us through.

我不一定會說這是增量成長的起點，因為價格穩定在這些更好的水平，但能夠支撐我們度過難關。

And then when that inflection comes, we are, because of the hard work of everybody in the business, in a really good place to benefit from it.

然後，當這種轉折點到來時，由於業內每個人的辛勤工作，我們確實處於一個從中受益的好地方。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

I want to go back to the comment about the Power equipment orders in 2025 and shifting more towards the US with the hyperscalers.

我想回到關於 2025 年電力設備訂單以及超大規模企業更多轉向美國的評論。

As you are progressing with these conversations with the hyperscalers, are you seeing any commonality in the mix of product type that they are interested in as far as aero versus H-class?

當您與超大規模企業進行這些對話時，您是否發現他們感興趣的航空級和 H 級產品類型組合中有任何共同點？

And then can you remind us, is there any meaningful difference between the two as far as lead times or financial profile, anything like that?

然後您能否提醒我們，就交貨時間或財務狀況等而言，兩者之間是否存在任何有意義的差異？

You bet, Mark, thanks for the question.

當然，馬克，謝謝你的提問。

And I do think this goes back, if I start, I would just say the trend is definitely shifting more towards HA gas turbine discussions with consistency than aeroderivative.

我確實認為這可以追溯到，如果我開始的話，我只想說趨勢肯定更多地轉向HA燃氣渦輪機討論，而不是航改。

That's because the hyperscalers are evolving from single data centers dependent on 60 to 100 megawatts to, starting to look at, multiple-gigawatt size data center parks that support a number of data centers in one location.

這是因為超大規模企業正在從依賴 60 到 100 兆瓦的單一資料中心發展為開始關注在一個位置支援多個資料中心的多千兆瓦規模的資料中心園區。

So there is a very healthy shift towards what, maybe a few years ago, we would have been talking to these customers about aeroderivative applications in Ireland that were backup power for the grid, to now this being baseload power with HA gas turbines at the exact time that our HA product line is set to thrive.

因此，這是一個非常健康的轉變，也許幾年前，我們會與這些客戶討論愛爾蘭的航改應用，這些應用是電網的備用電源，現在是 HA 燃氣渦輪機的基本負載電力，精確度為我們的HA產品線即將蓬勃發展。

And just to emphasize a few points there.

只是強調幾點。

I mean, we have almost 60 gigawatts of HA gas turbines commissioned today.

我的意思是，今天我們已投入使用近 60 吉瓦的 HA 燃氣渦輪機。

We have over 100 running.

我們有超過 100 個正在運行。

We’re approaching 3 million operating hours with our HA gas turbines.

我們的 HA 燃氣渦輪機運行時間已接近 300 萬小時。

And for us, this is what is so exciting to us about this part of the orders book because when you start to look into that orders profile for 2025-- that we do project to be more US centric, similar in size to '24, maybe modestly better than 2024 for our orders level--you're seeing very good equipment economics.

對我們來說，這就是訂單簿的這一部分讓我們如此興奮的原因，因為當你開始研究 2025 年的訂單概況時，我們確實預計會更加以美國為中心，規模與 24 年類似，我們的訂單水平可能略好於2024 年——您會看到非常好的設備經濟效益。

But then you're also adding more baseload machines that are going to run a substantial amount of the year.

但隨後您還會添加更多的基本負載機器，這些機器將在一年中的大部分時間內運作。

So the services calories for us on this equipment opportunity in the life cycle economics are just especially good, because you've got the capacity adds and the services calories over the long term that we're really excited about.

因此，我們在生命週期經濟學中的設備機會上獲得的服務卡路里特別好，因為從長遠來看，我們真的很興奮產能的增加和服務卡路里的增加。

And that's all part of why with confidence we could make the announcement we did in September that we are adding more capacity for Gas, from the 55 to the 70 to 80 a year, because the lifecycle economics are so compelling.

這就是為什麼我們可以滿懷信心地宣布我們在 9 月宣布將增加更多天然氣產能，從每年 55 到 70 到 80，因為生命週期經濟學是如此引人注目。

And frankly, the payback was so attractive because you've got the equipment margin to keep the payback quite tight.

坦白說，投資回報是如此有吸引力，因為你有設備利潤來保持投資回報相當緊張。

But these are going to run at a baseload level for very long time.

但這些將在基本負載水平上運行很長一段時間。

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。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Yes, I appreciate you squeezing me in here.

是的，我很感激你把我擠在這裡。

I guess I wanted to hit on Electrification here.

我想我想在這裡談談電氣化。

I guess, specifically, order demand continues to build.

具體來說，我想訂單需求會繼續增加。

We've heard that the HVDC market could have a backlog out into 2030.

我們聽說 HVDC 市場可能會積壓到 2030 年。

So the question is, do you have the capacity to support the demand in Electrification?

那麼問題來了，你們有能力滿足電氣化的需求嗎？

And then on top of that, are you continuing to push prices higher quarter on quarter?

最重要的是，你們是否會繼續逐季推高價格？

Is that leveled off here?

這裡已經變平了嗎？

I appreciate the question.

我很欣賞這個問題。

I mean, there's a lot, just to reframe this for a moment.

我的意思是，有很多東西，只是暫時重新組織。

I mean, there's just a lot to be excited about with electrification today.

我的意思是，今天的電氣化有很多令人興奮的事情。

I mean, you cited what we've been talking about, which is the backlog will be more than triple what it was the beginning of '23 by the end of the year.

我的意思是，你引用了我們一直在談論的內容，即到今年年底，積壓的訂單將是 23 年初的三倍多。

We are continuing to see price in today's environment, so we don't feel like we've topped out there in a way that Ken mentioned earlier, where in Onshore Wind, as an example, that's really leveled off.

我們繼續看到當今環境下的價格，所以我們不覺得我們已經以肯之前提到的方式達到頂峰，例如，在陸上風電領域，價格確實已經趨於平穩。

We're not there today in Electrification.

今天我們還沒有實現電氣化。

Part of why in our prepared remarks, we are intentional to talk about things like Electrification-- the transmission business, the Power Transmission business-- is we've worked hard over the first nine months of the year to get to a point that we have a high degree of confidence that we're going to double the capacity of that business, and 75% of the capacity is just coming with managing the assets better, managing labor better, adding shifts that doesn't really require capex.

在我們準備好的發言中，我們有意談論諸如電氣化之類的事情——輸電業務、輸電業務——的部分原因是我們在今年的前九個月裡一直在努力工作，以達到這樣的程度：我們非常有信心將該業務的產能提高一倍，而75% 的產能只是透過更好地管理資產、更好地管理勞動力以及增加並不真正需要資本支出的班次來實現。

There's about 25% of the growth to double that does require capex, that's site expansion.

大約有 25% 的成長要翻倍，確實需要資本支出，也就是站點擴張。

So we use that illustration to say it would be a lot harder for us to meet this growing demand if we were doing it with greenfield operations.

因此，我們用這個例子來說明，如果我們透過新建業務來滿足這種不斷增長的需求，我們將更加困難。

That's not what's happening here.

這不是這裡發生的事情。

The reality is, I've been around these businesses for a while and, broadly what they call energy businesses for a while, and for a big part of that period of time, we had overcapacity in an industrial footprint that was a financial drag.

現實情況是，我從事這些業務已經有一段時間了，廣義上他們所謂的能源業務也有一段時間了，在那段時間的很大一部分時間裡，我們的工業足跡產能過剩，這對財務造成了拖累。

That same industrial footprint, most explicitly in Electrification, is now a catalyst that allows us to drive towards growth more capital-efficiently and time-efficiently than others, because we're using existing footprint that has the factory, that has the connection to the railroads, that has the electricity source already.

同樣的工業足跡，最明顯的是電氣化，現在是一種催化劑，使我們能夠比其他人更有效率地推動資本效率和時間效率的成長，因為我們正在使用擁有工廠的現有足跡，它與鐵路，已經有電力來源了。

And that's frankly where we're seeing the Electrification business continuing to fulfill faster than we thought.

坦白說，這就是我們看到電氣化業務繼續以比我們想像的更快的速度完成的地方。

I mean, you saw 24% revenue growth in the third quarter.

我的意思是，第三季的收入成長了 24%。

It's because they're continuing to make real progress here executing on their backlog a bit faster than we anticipated when the year started.

這是因為他們繼續在積壓工作上取得真正的進展，執行速度比我們年初時的預期要快一些。

And now we need to work our way through a budget process in November and share that with you on what it looks like for 2025, but we're excited about that trend.

現在，我們需要在 11 月完成預算流程，並與您分享 2025 年的預算，但我們對這一趨勢感到興奮。

So that's a long-winded context or explanation to say, yeah the backlog is up substantially, but we have a lot of industrial assets that were demonstrating an ability to manage very efficiently.

因此，這是一個冗長的背景或解釋，是的，積壓數量大幅增加，但我們有許多工業資產，它們展示了非常有效的管理能力。

That's going to allow us to grow into this at a very attractive way.

這將使我們能夠以一種非常有吸引力的方式成長。

And I think that, to put a little bit of color on it from a regional perspective of what we're excited about, is the fact that while the European business has historically and continues to be in our Electrification business the biggest individual piece of it, what we're seeing is that those growth rates that we saw step up last year were some of the large HVDC orders.

我認為，從區域角度來看，我們感到興奮的是，儘管歐洲業務歷來並將繼續成為我們電氣化業務中最大的個體，但事實是， ，我們看到的是，去年我們看到的增長率是一些大型高壓直流輸電訂單。

While the compares get tougher year over year, the order comparisons are good.

雖然比較逐年變得更加困難，但訂單比較還是不錯的。

We're still standing at a good level, not just on HVDC, but the other products in the portfolio.

我們仍然處於良好的水平，不僅在高壓直流輸電方面，而且在產品組合中的其他產品方面也是如此。

But what's really important is, not only is it a dynamic that's driving our business for Europe, but the fastest growing part of our electrification business based upon comps is really in North America.

但真正重要的是，這不僅是推動我們歐洲業務的動力，而且我們基於比較的電氣化業務成長最快的部分實際上是在北美。

And we're excited about both of those things, both Europe and North America, because they will provide multi-year tailwinds for us to continue to see this business grow and expand as Scott outlined.

我們對歐洲和北美的這兩件事感到興奮，因為它們將為我們提供多年的順風車，讓我們繼續看到這項業務的成長和擴張，正如斯科特所概述的那樣。

Operator, before we wrap up, let me turn it back to Scott for closing comments.

接線員，在我們結束之前，讓我把它轉回斯科特以徵求結束意見。

Michael, thank you.

邁克爾，謝謝你。

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

大家，我們對我們公司的發展軌跡感到興奮。

We look forward to talking with many of you in the coming months.

我們期待在未來幾個月與你們中的許多人交談。

At the wrap, as I often do, I do want to thank our employees, our partners for their dedication and their hard work, and our customers for their continued trust in us.

在總結時，正如我經常做的那樣，我確實要感謝我們的員工、合作夥伴的奉獻和辛勤工作，以及客戶對我們的持續信任。

Thank you for your continued investment interest in GE Vernova.

感謝您對 GE Vernova 的持續投資興趣。

We're looking forward to the months to come.

我們期待著未來幾個月。

We're in the early innings of a really exciting journey together and really looking forward to having everyone together on December 10th for our analyst meeting.

我們正處於一段激動人心的旅程的早期階段，非常期待 12 月 10 日大家齊聚一堂，參加我們的分析師會議。

So thanks everyone.

所以謝謝大家。

Thank you, ladies and gentlemen, this concludes today's conference.

謝謝女士們、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。