GE Vernova Inc (GEV) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to GE Vernova's fourth-quarter and full-year 2024 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 GE Vernova 的第四季和 2024 年全年收益電話會議。

(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。

Welcome to GE Vernova's fourth-quarter and full-year 2024 earnings call.

歡迎參加 GE Vernova 的第四季和 2024 年全年財報電話會議。

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

今天我們的執行長 Scott Strazik 也加入了我的行列。以及我們的財務長肯尼斯·帕克斯 (Kenneth Parks)。

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 press release and in the presentation slides, all of which are available on our website.

公認會計原則和非公認會計原則措施之間的調節可以在今天的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 and segment EBITDA, and margin discussed during our prepared remarks are on an organic basis unless otherwise specified.

請注意，除非另有說明，否則我們在準備的評論中討論的訂單、收入、調整後和分部 EBITDA 以及利潤率的同比評論或差異都是有機的。

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 no 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，但我們不承擔這樣做的任何義務。

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 fourth-quarter earnings call.

大家早安，歡迎參加我們的第四季財報電話會議。

We built a strong foundation in '24 and our first year as an independent company.

我們在 24 年作為獨立公司的第一年奠定了堅實的基礎。

The investment super cycle in the electric power sector driven the growing need for reliable power generation, grid modernization, and decarbonization continues to accelerate.

電力產業的投資超級週期推動了對可靠發電、電網現代化和脫碳的不斷增長的需求不斷加速。

The world is shifting, relying more on electrons and megawatts, and this is changing the energy landscape, driving increased demand for our equipment and services.

世界正在發生變化，更多地依賴電子和兆瓦，這正在改變能源格局，推動對我們的設備和服務的需求增加。

We are investing in decarbonization technologies within our own portfolio.

我們正在自己的投資組合中投資脫碳技術。

For example, advancing carbon capture and sequestration.

例如，推進碳捕獲和封存。

Late last year, we had a great customer milestone with the announcement of the Net Zero Teesside power project expected to be the first gas-fired power station fully integrated with carbon capture technology.

去年年底，我們宣布了淨零蒂賽德電力項目，這是一個偉大的客戶里程碑，該項目預計將成為第一個完全整合碳捕獲技術的燃氣發電廠。

Last week, we also announced efforts jointly with multiple large US utilities to accelerate the deployment of our small modular nuclear reactor, the BWRX-300.

上週，我們也宣布與美國多家大型公用事業公司聯合努力，加速部署我們的小型模組化核反應器 BWRX-300。

We expect these technologies to impact the electric power system in the coming decades.

我們預計這些技術將在未來幾十年內影響電力系統。

Our progress in '24 reinforced the important role we play at GE Vernova in electrifying and decarbonizing the world while creating value for our stakeholders.

我們在 24 年取得的進展強化了我們在 GE Vernova 在世界電氣化和脫碳方面發揮的重要作用，同時為我們的利害關係人創造價值。

Turning to slide 4.

轉到投影片 4。

I will spend a few minutes on each of our segments and how we are executing to meet demand.

我將花幾分鐘時間介紹我們的每個細分市場以及我們如何執行以滿足需求。

In power, market demand for gas generation is driving significant orders growth.

在電力領域，天然氣發電的市場需求正在推動訂單大幅成長。

For the full year, we built approximately 20 gigawatts of gas orders, double last year's level and secured 9 gigawatts of slot reservation agreements for new turbines, agreements that should convert to orders in '25 to '26.

全年，我們建造了約 20 吉瓦的天然氣訂單，是去年水準的兩倍，並獲得了 9 吉瓦的新渦輪機插槽預留協議，這些協議應在 25 年至 26 年轉換為訂單。

These agreements are tied to load growth in the US, partially driven by data center hyperscaler demand associated with AI, given our expansion plans to produce 70 to 80 heavy-duty gas turbines per year beginning in the second half of '26, up from 48 this year, we are positioning to meet this demand.

這些協議與美國的負載成長相關，部分是由與人工智慧相關的數據中心超大規模需求驅動的，因為我們的擴張計劃從 26 年下半年開始每年生產 70 至 80 台重型燃氣渦輪機，高於 48 台今年，我們的定位是滿足這項需求。

We expect to grow our gas equipment backlog considerably in '25, even as we ramp to ship approximately 20 gigawatts annually starting in '27 and expect to remain at that level going forward.

我們預計在 25 年我們的天然氣設備積壓量將大幅增加，儘管我們從 27 年開始每年出貨量約為 20 吉瓦，並預計未來將保持在這一水平。

In addition to equipment demand growth, we are also seeing high-margin services growth in our installed base as customers aim to get more capacity and better performance out of their plants.

除了設備需求成長之外，我們還看到我們的安裝基礎中的高利潤服務成長，因為客戶希望從他們的工廠獲得更多的產能和更好的性能。

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 億美元的升級費用，我們預計到本世紀末這一數字可能會成長 50%。

Beyond gas power we're having more active customer discussions on nuclear about the existing installed base of 65 plants here in the US that are running our technology today.

除了天然氣發電之外，我們還與美國現有 65 家核電廠的現有裝置基礎進行了更積極的核能方面的討論，這些核能發電廠目前正在運行我們的技術。

We see an opportunity to add 5 gigawatts of nuclear power in the US between these existing facilities and potential restarts that could impact both nuclear and steam services beginning late in this decade.

我們看到了在美國這些現有設施和潛在重啟之間增加 5 吉瓦核電的機會，這可能會在本十年末開始影響核電和蒸汽服務。

Against this backdrop, Power delivered 7% revenue growth and nearly 200 basis points of margin expansion in '24.

在此背景下，Power 在 2024 年實現了 7% 的營收成長和近 200 個基點的利潤率擴張。

Overall, there is a lot to be excited about as our Power segment drives profitable growth, and significant free cash flow.

總體而言，隨著我們的電力部門推動獲利成長和大量自由現金流，有很多值得興奮的事情。

In electrification, demand for our products remain strong with equipment orders more than doubling in 4Q '24 compared to last year as customers modernize and invest in critical grid components such as transformers, switch gears and HVDC systems, which are essential to ensuring a reliable electricity system and effectively connecting new generation sources.

在電氣化領域，對我們產品的需求仍然強勁，隨著客戶對變壓器、開關裝置和高壓直流系統等關鍵電網零件進行現代化改造和投資，這些零件對於確保可靠的電力至關重要，24 年第四季的設備訂單比去年增加了一倍多系統並有效連接新一代電源。

We are seeing significant orders and backlog growth in both Europe and North America.

我們看到歐洲和北美的訂單和積壓訂單顯著成長。

And while Europe remains our largest market for grid, we are seeing orders accelerate in North America, which was our fastest-growing market in '24.

雖然歐洲仍然是我們最大的電網市場，但我們看到北美的訂單正在加速成長，這是我們 24 年成長最快的市場。

For the full year, electrification achieved 18% revenue growth and over 500 basis points of margin expansion.

全年電氣化業務實現了 18% 的收入成長和超過 500 個基點的利潤率擴張。

Demand trends and improving execution are driving an acceleration of margin expansion increasing our confidence in our trajectory, and we expect this segment to deliver double-digit EBITDA margin in '25 and expand further in 2016 and beyond.

需求趨勢和執行力的提高正在推動利潤率擴張的加速，增強了我們對自身發展軌蹟的信心，我們預計該細分市場將在25 年實現兩位數的EBITDA 利潤率，並在2016 年及以後進一步擴張。

Turning to wind, we've made solid progress in our turnaround of this segment in '24, cutting our EBITDA losses by almost half despite lower revenues.

轉向風能，我們在 20 年 24 年在該領域的扭虧為盈方面取得了堅實的進展，儘管收入較低，但 EBITDA 損失卻減少了近一半。

In onshore, we delivered high single-digit EBITDA margins on roughly flat revenue in '24.

在陸上，我們 24 年的收入基本上持平，但實現了高個位數的 EBITDA 利潤率。

The timing of an inflection in North America onshore wind orders remains uncertain, but we expect to continue creating margin in this business with our focus on our key countries, improving quality and delivering cost-out initiatives.

北美陸上風電訂單的拐點時機仍不確定，但我們預計將繼續在該業務中創造利潤，重點關注我們的主要國家，提高品質並實施成本削減計劃。

We are deploying more crews and cranes to insert technology that should improve the performance of the existing fleet and better serve our customers.

我們正在部署更多的工作人員和起重機來插入技術，以提高現有車隊的性能並更好地為我們的客戶服務。

As a result, we expect to grow these investments by over $100 million in '25 versus '24 with a heavy year-on-year increase in the first half as we accelerate our operational improvements in this business.

因此，隨著我們加快該業務的營運改進，我們預計 25 年這些投資將比 24 年增加超過 1 億美元，上半年將年比大幅成長。

In offshore, we're focused on improving execution and delivering on the approximately $3 billion remaining backlogs swiftly, safely, and economically for our customers and ourselves.

在離岸業務方面，我們致力於提高執行力，並為我們的客戶和我們自己快速、安全、經濟地交付約 30 億美元的剩餘積壓訂單。

We are back to fully installing at both project sites.

我們已恢復在兩個專案現場進行全面安裝。

And as we discussed during our investor update in December, we expect to materially complete with Vineyard Wind in '25, and we have a pathway to be mostly complete with Dogger Bank in '26.

正如我們在 12 月的投資者更新中所討論的，我們預計將在 25 年實質地完成 Vineyard Wind，並且我們有一條途徑在 26 年基本完成 Dogger Bank。

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

如果產業經濟狀況與我們今天在市場上看到的情況大不相同，我們預計不會增加離岸訂單積壓。

Looking ahead, we are applying what we've learned from the challenges in offshore wind to make us a stronger company going forward.

展望未來，我們正在運用從離岸風電挑戰中學到的經驗，使我們成為一家更強大的公司。

Now, over to the right-hand side of the page, we're focused on further embedding the lean culture across the organization driving operational improvement across safety, quality, delivery, and cost.

現在，在頁面的右側，我們專注於在整個組織中進一步嵌入精益文化，推動安全、品質、交付和成本方面的營運改善。

Let me take you through an example where the lean journey over the last seven years has driven real results and improved performance across all of SQDC.

讓我向您介紹一個範例，其中過去七年的精實歷程在整個 SQDC 中帶來了實際成果並提高了績效。

Earlier this month, I visited a gas power services and repair facility in Singapore that focuses on app and aged gas turbines.

本月早些時候，我參觀了新加坡的一家燃氣發電服務和維修設施，該設施專注於應用和老化的燃氣渦輪機。

On safety, this facility has achieved decades of fatality-free operations supported through implementation of lean lines, which is have eliminated millions of mechanical lifts per year.

在安全方面，該工廠透過實施精益生產線，實現了數十年的無死亡運營，每年淘汰了數百萬台機械升降機。

On quality, we have lowered escapes at this facility by 25% from driving standard work and have used lean to reduce the amount of rework, generating cost savings.

在品質方面，我們已將該工廠因推動標準工作而導致的逃逸率降低了 25%，並利用精益減少了返工量，從而節省了成本。

On delivery, through implementing eight green lines, we have tripled the output, utilizing 50% less shop floor space and doubling the working hours.

交貨時，透過實施 8 條綠色生產線，我們的產量增加了兩倍，車間空間佔用減少了 50%，工作時間增加了一倍。

On cost, by performing more database preventative maintenance and removing waste, we reduced machine costs by 50% and significantly increased productivity on existing machines.

在成本方面，透過執行更多的資料庫預防性維護和消除浪費，我們將機器成本降低了 50%，並顯著提高了現有機器的生產率。

The Singapore example represents the culture we are building at GE Venova as we accelerate our lean progress across the entire company and improve our own efficiency.

新加坡的例子代表了我們在 GE Venova 建構的文化，因為我們加快了整個公司的精實進程並提高了我們自身的效率。

There is significant growth we will achieve in this facility in the years ahead, all within the same four walls without pouring concrete or adding new cranes with a team that has fully embraced lean to serve our customers while preserving our capital for our shareholder accretive actions.

未來幾年，我們將在這個設施中實現顯著的成長，所有這些都在相同的四面牆內，無需澆築混凝土或添加新的起重機，團隊完全接受精益服務我們的客戶，同時為我們的股東增值行動保留我們的資本。

Turning to slide 5 on our financial performance in '24.

轉向投影片 5，了解我們 24 年的財務表現。

We booked $44 billion of orders with $35 billion in revenue, delivered EBITDA margin expansion across all segments, and more than $1 billion improvement in free cash flow.

我們預訂了 440 億美元的訂單，收入達 350 億美元，所有部門的 EBITDA 利潤率均實現擴張，自由現金流改善超過 10 億美元。

We grew our backlog to $119 billion and nearly doubled our cash balance to over $8 billion spend from a combination of strong free cash flow generation and capitalizing on value creation opportunities such as the partial stake sales of GEV T&D India and China XD Electric, which generated $1.3 billion of pretax proceeds in '24.

我們的積壓訂單增加至1,190 億美元，現金餘額幾乎翻倍，達到超過80 億美元支出，這得益於強大的自由現金流產生和利用價值創造機會（例如GEV T&D India 和中國XD Electric 的部分股權出售），這產生了2024 年稅前收益為 13 億美元。

As I said in December, this is representative of the culture we are building inside GE Venova, when we see opportunities to simplify our organization or to monetize parts of the portfolio at attractive prices that creates capital that allows us to either invest back into our business or return to shareholders, we are going to act with urgency.

正如我在12 月所說，這代表了我們在GE Venova 內部建立的文化，當我們看到機會簡化我們的組織或以有吸引力的價格將部分投資組合貨幣化，從而創造資本，使我們能夠重新投資於我們的業務時或回報股東，我們會緊急行動。

In December, we raised our multiyear financial outlook and framed our cap allocation strategy, including a shareholder return program with our initial dividend and first buyback authorization, reflecting our conviction in the substantial value creation opportunities ahead.

12 月，我們上調了多年財務展望，並制定了上限分配策略，包括股東回報計劃、初始股息和首次回購授權，反映了我們對未來創造巨大價值機會的信念。

One of the primary drivers of our conviction on our path forward is the significant growth and margin expansion in our equipment backlog again in '24, which I'll touch on in the next page.

我們對前進道路充滿信心的主要驅動力之一是 24 年我們的設備積壓再次顯著成長和利潤率擴張，我將在下一頁談到這一點。

Over the past two years, we have added more than $6 billion of margin to our equipment backlog given better pricing and more disciplined underwriting as this backlog has grown over 50% to $43 billion.

在過去的兩年裡，由於更好的定價和更嚴格的承保，我們的設備積壓訂單增加了超過 60 億美元的利潤，積壓訂單增加了 50% 以上，達到 430 億美元。

We also expanded margin across all three segments, again, in '24.

24 年，我們也再次擴大了所有三個細分市場的利潤率。

Starting with power and electrification, we expect these segments to continue to materially grow their backlogs in '25 at better margins.

從電力和電氣化開始，我們預計這些細分市場的積壓訂單將在 25 年繼續大幅成長，利潤率更高。

We see this clearly in front of us because of our wins in late '24, such as the gas slot reservation agreements that we expect to turn into orders this year, along with the continued strong demand for electrification products driven by increased grid investments.

我們清楚地看到了這一點，因為我們在 24 年底取得了勝利，例如我們預計今年將轉化為訂單的加油槽預留協議，以及電網投資增加推動的對電氣化產品的持續強勁需求。

Because these segments are longer cycle, we won't begin delivering on the majority of the high-margin orders of '23 and '24 until '26 and beyond.

由於這些細分市場的周期較長，因此我們要到 26 年及以後才會開始交付 23 年和 24 年的大部分高利潤訂單。

Moving to wind, we project a stable to modestly lower backlog in '25.

轉向風電，我們預計 25 年積壓訂​​單將穩定到小幅下降。

Our backlog will reduce an offshore wind as we execute on the remaining $3 billion of backlog but the margins will improve as this unprofitable business is completed.

當我們執行剩餘的 30 億美元積壓訂單時，我們的積壓訂單將減少離岸風電，但隨著這項不盈利的業務完成，利潤率將會提高。

At onshore, we expect backlog should remain approximately flat with stable margins as we remain focused on key markets and disciplined underwriting, while we leverage our existing footprint and our supply chain.

在陸上，我們預計積壓訂單將保持大致持平，利潤率穩定，因為我們仍然專注於關鍵市場和嚴格的承保，同時我們利用我們現有的足跡和供應鏈。

But as we said in December, we see incremental opportunity for the teams to expand margins that aren't projected in our external backlog today.

但正如我們在 12 月所說，我們看到團隊有更多機會擴大利潤，而這些利潤在我們今天的外部積壓訂單中並未預期。

That starts with our operating teams delivering variable cost productivity from things like sourcing savings and project execution at important milestones to secure lower cost and allow us to accrete margins as we execute.

首先，我們的營運團隊透過重要里程碑的採購節省和專案執行等方式提供可變成本生產力，以確保降低成本，並使我們能夠在執行過程中增加利潤。

The teams are also working hard to accelerate capacity additions leveraging lean, which can create incremental slots we can sell at premium pricing.

這些團隊也努力利用精實加速產能增加，這可以創造增量插槽，我們可以高價出售。

In summary, we are encouraged with our progress here, but it is just the beginning.

總而言之，我們對這裡的進展感到鼓舞，但這只是一個開始。

When I look at our pricing success in gas in late our continued momentum in electrification with things like switch gears in North America and the internal expectations I have of the opportunity for teams to accrete incremental margin with variable cost productivity savings, I expect the margin we create in backlog in '25 to be higher than our run rate the prior two years, further positioning GE Venova for profitable growth over the long term.

當我看到我們最近在天然氣定價方面取得的成功、我們在北美開關裝置等電氣化方面的持續勢頭以及我對團隊有機會通過可變成本生產率節省來增加增量利潤的內部期望時，我預計我們的利潤率25 年的積壓訂單數量高於前兩年的運行速度，進一步為 GE Venova 的長期獲利成長奠定了基礎。

With that, I will now turn the call over to Ken for more details on our fourth quarter performance.

現在，我將把電話轉給 Ken，以了解更多有關我們第四季業績的詳細資訊。

Thanks, Scott.

謝謝，斯科特。

Turning to slide 7.

轉到投影片 7。

We finished 2024 strong with record quarterly orders and revenues and adjusted EBITDA margin reaching 10.2%.

我們以創紀錄的季度訂單和收入結束了 2024 年，調整後 EBITDA 利潤率達到 10.2%。

We increased our cash balance to over $8 billion with our third consecutive quarter of positive free cash flow generation and the benefit of two additional value-accretive portfolio actions.

由於連續第三個季度產生正的自由現金流以及另外兩項增值投資組合行動的好處，我們的現金餘額已增加至超過 80 億美元。

Demand remained robust in the fourth quarter as we booked $13.2 billion of orders, an increase of 22% year-over-year and approximately 1.3 times revenue.

第四季需求依然強勁，我們預訂了 132 億美元的訂單，年增 22%，約為營收的 1.3 倍。

Equipment orders grew 44%, driven by strength in both electrification and power, partially offset by lower orders in onshore wind.

在電氣化和電力強勁的推動下，設備訂單增加了 44%，但部分被陸上風電訂單減少所抵消。

As a result, our backlog continued to grow both year over year and sequentially across equipment and services, reaching $119 billion.

因此，我們的設備和服務積壓訂單逐年持續成長，達到 1,190 億美元。

Equipment margin and backlog remains healthy with overall margin and backlog increasing approximately 5 points versus year-end 2023, reflecting our focus on disciplined profitable growth.

設備利潤率和積壓訂單保持健康，整體利潤率和積壓訂單較 2023 年底增加約 5 個百分點，反映出我們對嚴格獲利成長的關注。

Revenue increased 9%, driven by both higher equipment and services revenues.

在設備和服務收入增加的推動下，營收成長了 9%。

Wind and electrification equipment revenue both grew double digits, while services revenue increased 6% with growth in all three segments.

風電和電氣化設備收入均達到兩位數成長，而服務收入隨著這三個領域的成長而成長 6%。

In addition, price was positive in each segment.

此外，每個細分市場的價格都是正面的。

Adjusted EBITDA grew to approximately $1.1 billion, up 85% and EBITDA margin expanded 440 basis points.

調整後 EBITDA 增至約 11 億美元，成長 85%，EBITDA 利潤率擴大 440 個基點。

We delivered our first quarter of double-digit margins with expansion in all three segments, driven by more profitable volume, price and productivity, which more than offset inflationary impacts.

在利潤增加、價格和生產力提高的推動下，我們第一季實現了兩位數的利潤率，所有三個細分市場均實現擴張，這遠遠抵消了通貨膨脹的影響。

In addition, we benefited from previously announced restructuring actions, primarily at wind and power.

此外，我們也受惠於先前宣布的重組行動，主要是在風能和電力領域。

We delivered approximately $600 million of positive free cash flow in the fourth quarter.

我們在第四季交付了約 6 億美元的正自由現金流。

As expected, free cash flow decreased year over year, primarily due to lower customer down payments at wind and actions we've taken to improve cash linearity across the quarters as we continue to more closely align the timing of disbursements and collections.

正如預期的那樣，自由現金流量同比下降，主要是由於客戶預付款減少以及我們為改善各季度現金線性而採取的行動，因為我們繼續更緊密地調整付款和收款的時間。

Working capital in the quarter was an approximately $200 million cash benefit, which combined with our stronger EBITDA, more than offset higher CapEx investments to support future capacity expansion along with higher cash taxes on higher EBITDA.

本季的營運資金約為 2 億美元的現金收益，加上我們更強勁的 EBITDA，足以抵消為支持未來產能擴張而增加的資本支出投資以及更高的 EBITDA 帶來的更高的現金稅。

We're using lean to drive better cash management and linearity.

我們正在利用精益來推動更好的現金管理和線性。

For example, the electrification team implemented new standard work and daily management to improve the timing of invoices and reduce disputes.

例如，電氣化團隊實施了新的標準工作和日常管理，以提高發票的及時性並減少爭議。

These actions drove a reduction in days sales outstanding by four days, resulting in approximately $80 million of additional free cash flow.

這些行動使應收帳款天數減少了四天，從而帶來了約 8,000 萬美元的額外自由現金流。

We continue to leverage our lean culture across GE Venova to deliver better financial results.

我們持續利用 GE Venova 的精實文化來實現更好的財務表現。

In the fourth quarter of 2024, we generated approximately $600 million of incremental pretax proceeds by selling partial ownership stakes in our GEV, T&D India, and China XD Grid businesses.

2024 年第四季度，我們透過出售 GEV、T&D India 和 China XD Grid 業務的部分股權，獲得了約 6 億美元的增量稅前收益。

These proceeds are classified outside of free cash flow and the gain was removed from adjusted EBITDA.

這些收益被分類在自由現金流之外，收益已從調整後的 EBITDA 中刪除。

We remain the majority shareholder of GEV T&D India and currently own 12% of China XD.

我們仍然是 GEV T&D India 的大股東，目前擁有 China XD 12% 的股份。

Combined with our fourth quarter free cash flow, these proceeds increased our cash balance to $8.2 billion.

加上我們第四季的自由現金流，這些收益使我們的現金餘額增加到 82 億美元。

Our strong cash balance and further improved free cash flow profile enabled us to frame our capital allocation strategy at our investor update on December 10 while maintaining our firm commitment to an investment-grade balance sheet.

我們強勁的現金餘額和進一步改善的自由現金流狀況使我們能夠在 12 月 10 日的投資者更新中製定資本配置策略，同時保持我們對投資等級資產負債表的堅定承諾。

We expect to return at least one-third of cash generated to shareholders, starting with a $1 per share annualized dividend and our $6 billion share repurchase authorization.

我們預計將至少三分之一的現金回饋給股東，首先是每股 1 美元的年化股利和 60 億美元的股票回購授權。

In late December, we initiated our share repurchase activity, buying approximately $3 million in the month.

12 月底，我們啟動了股票回購活動，當月購買了約 300 萬美元。

We're pleased with our full-year 2024 financial performance.

我們對 2024 年全年財務表現感到滿意。

As Scott said, it was strong, but it was just the start of where we expect to go.

正如斯科特所說，它很強大，但這只是我們期望的開始。

During the year, we booked over $44 billion of orders led by double-digit equipment growth in both power and electrification, services orders increased 12%, largely due to the strength of power.

年內，我們預訂了超過 440 億美元的訂單，其中電力和電氣化設備均實現兩位數增長，服務訂單增長 12%，這主要得益於電力的強勁。

We delivered approximately $35 billion in revenue, driven by high teens growth in electrification and high single-digit growth in power.

在電氣化和電力高個位數成長的推動下，我們實現了約 350 億美元的收入。

We doubled our adjusted EBITDA to over $2 billion and expanded margins nearly 300 basis points year over year, with significant improvement in each segment.

我們調整後的 EBITDA 翻了一番，達到 20 億美元以上，利潤率年增了近 300 個基點，每個細分市場都有顯著改善。

We also made solid progress towards our lower adjusted G&A target by achieving an almost $200 million reduction in 2024.

我們也在 2024 年減少近 2 億美元的調整後 G&A 目標方面取得了堅實進展。

Finally, we generated $1.7 billion of free cash flow, a year-over-year improvement of $1.3 billion, primarily driven by our stronger EBITDA.

最後，我們產生了 17 億美元的自由現金流，比去年同期增加了 13 億美元，這主要是由我們更強勁的 EBITDA 推動的。

Our growing backlog with higher margin provides an excellent foundation for further improvement in our financial performance ahead.

我們不斷增加的積壓訂單和更高的利潤為我們未來財務表現的進一步改善提供了良好的基礎。

Turning to Power on slide 8, power delivered strong full year 2024 results led by the gas power business.

轉向幻燈片 8 中的電力，在天然氣電力業務的帶動下，電力在 2024 年全年業績表現強勁。

Power orders grew 28%, given robust demand for gas equipment and 10% growth in services, which combined increased adjusted backlog by more than $4 billion.

由於天然氣設備需求旺盛，服務業成長 10%，電力訂單成長 28%，調整後的積壓訂單增加超過 40 億美元。

Power grew revenue 7% for the year with gas power growing 9%.

今年電力收入成長了 7%，燃氣發電收入成長了 9%。

Power EBITDA increased by more than 20%, expanding margins by 180 basis points driven by services strength, more profitable equipment and continued productivity, partially offset by inflation.

在服務實力、利潤更高的設備和持續生產力的推動下，電力 EBITDA 成長了 20% 以上，利潤率擴大了 180 個基點，但部分被通貨膨脹所抵消。

In the fourth quarter, power orders grew 24% led by high equipment at gas power and hydro, partially offset by lower services.

第四季度，在天然氣發電和水力發電等高階設備的帶動下，電力訂單增加了 24%，但部分被服務業下降所抵消。

In gas power, equipment orders increased nearly 80% as we booked 24 heavy-duty gas turbines, including 4 HA units.

在燃氣發電方面，設備訂單成長近 80%，並訂購了 24 台重型燃氣渦輪機，其中包括 4 台 HA 機組。

This was almost triple the number of heavy-duty units booked in fourth quarter of 2023.

這幾乎是 2023 年第四季預訂的重型設備數量的三倍。

Power services orders remained strong, but declined 6%, largely due to a strong fourth quarter 2023 gas transactional services comparison.

電力服務訂單依然強勁，但下降了 6%，這主要是由於 2023 年第四季天然氣交易服務比較強勁。

Revenue increased low single digits as power services growth and higher HA deliveries more than offset lower aero derivative shipments.

由於電力服務的成長和 HA 交付量的增加抵消了航空衍生性商品出貨量的下降，收入成長幅度較低。

EBITDA margins expanded to approximately 15%, led by gas power from services volume, productivity, and price, more than offsetting the impact of inflation.

EBITDA 利潤率擴大至約 15%，其中天然氣發電的服務量、生產力和價格領先，足以抵消通貨膨脹的影響。

Looking at the first quarter of 2025, we expect continued year-over-year growth in gas equipment orders.

展望2025年第一季度，我們預期天然氣設備訂單年增將持續成長。

We also anticipate low single-digit revenue growth at power, but a low single-digit decline on a reported basis as a result of the impact of the divestiture of a portion of the steam business in the second quarter of 2024.

我們也預期電力收入將出現低個位數成長，但由於 2024 年第二季剝離部分蒸汽業務的影響，報告基礎上的收入將出現低個位數下降。

We expect EBITDA margins of approximately 10% to 11% as productivity and price should more than offset inflation as well as higher investments at nuclear and gas.

我們預計 EBITDA 利潤率約為 10% 至 11%，因為生產率和價格應足以抵消通貨膨脹以及核能和天然氣投資的增加。

Turning to slide 9.

轉到投影片 9。

Wind results continued to progress in 2024, improving full-year EBITDA losses by 42%.

2024 年風電業績持續取得進展，全年 EBITDA 虧損減少了 42%。

Onshore had a solid second half to 2024 and achieved approximately 7% EBITDA margins for the year.

到 2024 年下半年，陸上業務表現強勁，全年 EBITDA 利潤率約 7%。

Offshore performance was challenging as we recorded approximately $1 billion of incremental contract losses in 2024, largely due to the impacts of blade events and project execution delays.

海上績效面臨挑戰，我們在 2024 年錄得約 10 億美元的增量合約損失，這主要是由於葉片事件和專案執行延遲的影響。

These costs were partially offset by a $300 million gain recorded in the third quarter from a previously canceled offshore project.

這些成本被第三季先前取消的離岸項目錄得的 3 億美元收益部分抵銷。

We remain focused on continuing to improve results through better quality, delivery, and cost productivity across wind.

我們仍然專注於透過提高風電品質、交付和成本效率來繼續提高業績。

In the fourth quarter, wind orders decreased 41% and driven by lower onshore wind given we booked our largest ever onshore order in the fourth quarter of 2023, the 2.4-gigawatt SunZia Wind project in the US.

由於我們在 2023 年第四季度預訂了有史以來最大的陸上訂單，即美國 2.4 吉瓦的 SunZia 風電項目，第四季度風電訂單下降了 41%，這是由於陸上風電訂單減少所致。

Excluding this large order, onshore orders declined slightly.

除去這筆大訂單，在岸訂單略有下降。

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

在海上，我們仍然專注於執行現有的有挑戰的積壓工作。

Wind revenue increased 21% in the quarter on higher onshore equipment deliveries, partially offset by lower offshore revenue.

由於陸上設備交付量增加，本季風電收入增加了 21%，但部分被海上收入下降所抵消。

We've now restarted Blade installations at the Vineyard Wind project in December.

我們現已在 12 月重新啟動了 Vineyard Wind 專案的 Blade 安裝。

Wind was modestly profitable in fourth quarter of 2024 with EBITDA improving approximately $300 million year over year.

Wind 在 2024 年第四季度實現了適度盈利，EBITDA 同比增長約 3 億美元。

Onshore delivered its most profitable quarter in over three years on strong volume, price, and productivity partially offset by higher services costs as we deployed more crews and cranes as we focus on improving installed fleet availability.

陸上業務實現了三年多來利潤最高的季度，強勁的銷量、價格和生產率部分被更高的服務成本所抵消，因為我們部署了更多的工作人員和起重機，因為我們專注於提高已安裝車隊的可用性。

As we've discussed, we remain cautious on the timing of an onshore order inflection in North America as customers continue to navigate growing interconnection queues and higher interest rates.

正如我們所討論的，隨著客戶繼續應對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。

We do expect the wind segment to grow revenue mid-single digits in the first quarter of 2025 driven by higher onshore equipment deliveries.

我們確實預計，在陸上設備交付量增加的推動下，風電領域的營收將在 2025 年第一季實現中個位數成長。

EBITDA losses should remain relatively consistent year over year as the impact of higher onshore volume is offset by increased services cost to further improve the operating performance of the installed onshore fleet.

EBITDA 損失應與去年同期保持相對穩定，因為陸上運量增加的影響被服務成本增加所抵消，以進一步改善已安裝陸上船隊的營運績效。

Turning to electrification, strong demand and price resulted in high teens full year orders and revenue growth with EBITDA margins expanding to 9% in 2024.

轉向電氣化，強勁的需求和價格導致全年訂單和收入成長高達兩位數，2024 年 EBITDA 利潤率將擴大至 9%。

Electrification equipment orders grew nearly 20%, which further increased the equipment backlog to $20 billion.

電氣化設備訂單成長近20%，設備積壓進一步增加至200億美元。

Electrification revenue grew 18%, led by Grid Solutions and margins expanded 520 basis points from higher volume, favorable pricing and productivity.

在電網解決方案的帶動下，電氣化收入成長了 18%，由於產量增加、定價有利和生產力提高，利潤率擴大了 520 個基點。

In the fourth quarter, orders were robust at approximately $4.8 billion, roughly 2.2 times fourth quarter revenue, more than doubling year-over-year driven by the growing need for grid equipment and services.

第四季訂單強勁，約 48 億美元，約為第四季營收的 2.2 倍，在電網設備和服務需求不斷增長的推動下，同比增長了一倍多。

We booked two large HVDC orders in the quarter in Germany and Korea, and demand also remained strong for switchgears, particularly in North America.

本季我們在德國和韓國預訂了兩份大型高壓直流訂單，開關設備的需求也依然強勁，特別是在北美。

Revenue increased 12%, even compared to a strong fourth quarter 2023, which benefited from the ramp in volume that started late last year.

即使與 2023 年第四季的強勁表現相比，營收仍成長了 12%，這得益於去年年底開始的銷售成長。

Revenue growth in the quarter was primarily driven by higher volume and price at Grid Solutions where we saw meaningful growth in switchgears and substation equipment.

本季的營收成長主要是由網格解決方案的銷售和價格上漲所推動的，我們看到開關設備和變電站設備的顯著成長。

The segment delivered another quarter of double-digit EBITDA margins with 500 basis points of margin expansion on more profitable volume, higher price and increased productivity.

該部門的 EBITDA 利潤率又實現了兩位數，由於利潤增加、價格上漲和生產力提高，利潤率擴大了 500 個基點。

In the first quarter of 2025, we anticipate solid equipment orders at healthy margins.

2025 年第一季度，我們預期設備訂單穩定，利潤率可觀。

Electrification revenue should increase at a growth rate in line with our full-year guidance led by Grid Solutions.

電氣化收入的成長率應與我們以電網解決方案為主導的全年指引一致。

We expect year-over-year margin expansion similar to what we delivered in the fourth quarter from higher volume, productivity and favorable pricing.

我們預計，由於銷售量、生產力和優惠的定價，年比利潤率將與第四季度的情況類似。

Consistent with prior years, we expect first quarter revenue and EBITDA margin to be lower sequentially, primarily due to the timing of project milestones, which tend to be more second half weighted.

與往年一致，我們預計第一季營收和 EBITDA 利潤率將環比下降，這主要是由於專案里程碑的時間安排，而專案里程碑往往會更重視下半年。

I'll now turn to slide 11 to discuss GE Venova guidance further.

我現在將轉向幻燈片 11 進一步討論 GE Venova 指導。

For the first quarter based on our expectations for the segments, which I've already outlined, we expect continued year-over-year revenue growth and adjusted EBITDA margin expansion in the quarter.

對於第一季度，根據我已經概述的對各細分市場的預期，我們預計該季度營收將繼續同比增長，調整後的 EBITDA 利潤率將擴大。

We also expect positive free cash flow in the first quarter, a significant improvement year over year driven by our continuing focus on better cash linearity along with increased EBITDA, partially offset by higher CapEx.

我們也預期第一季的自由現金流為正，年比顯著改善，這是由於我們持續關注更好的現金線性以及 EBITDA 的增加，部分被較高的資本支出所抵消。

As discussed in December, we expect to generate positive free cash flow in all four quarters this year.

正如 12 月所討論的，我們預計今年所有四個季度都將產生正的自由現金流。

For the full year, we're reaffirming the 2025 guidance we provided at our investor update on December 10.

對於全年，我們重申了 12 月 10 日投資者更新中提供的 2025 年指引。

We continue to expect full year 2025 revenue to be in the $36 billion to $37 billion range, a mid-single-digit year-over-year increase, with growth in both services and equipment.

我們仍然預計 2025 年全年營收將在 360 億美元至 370 億美元之間，年成長中個位數，服務和設備都將成長。

We also expect continued expansion in adjusted EBITDA margin to high single digits as we deliver our growing backlog at better pricing and with better execution.

我們也預計，隨著我們以更好的定價和更好的執行交付不斷增長的積壓訂單，調整後的 EBITDA 利潤率將繼續擴大至高個位數。

We anticipate free cash flow to be between $2 billion and $2.5 billion.

我們預計自由現金流將在 20 億至 25 億美元之間。

By segment, we continue to expect mid-single-digit organic revenue growth in power driven by higher gas services and equipment with EBITDA margins between 13% and 14%.

按細分市場劃分，我們繼續預計，在天然氣服務和設備增加的推動下，電力業務有機收入將實現中個位數成長，EBITDA 利潤率在 13% 至 14% 之間。

In wind, we expect revenue to be down mid-single digits given our continued geographic selectivity in onshore and the benefit of the onetime settlement from an offshore contract termination in 2024.

在風電領域，鑑於我們在陸上持續的地理選擇性以及 2024 年海上合約終止的一次性結算的好處，我們預計收入將下降中個位數。

We expect 2025 wind EBITDA losses to be between $200 million and $400 million, improving year over year driven by onshore margin expansion within the high single-digit range, and slightly lower losses at offshore.

我們預計 2025 年風電 EBITDA 損失將在 2 億至 4 億美元之間，由於陸上利潤率在高個位數範圍內擴張以及海上損失略有下降，推動逐年改善。

In electrification, we anticipate continued strong demand and favorable price to drive mid- to high-teens organic revenue growth with 11% to 13% EBITDA margins as we deliver a more profitable backlog.

在電氣化領域，隨著我們交付利潤更高的積壓訂單，我們預計持續強勁的需求和優惠的價格將推動中位數至高位數的有機收入成長，EBITDA 利潤率達到 11% 至 13%。

We expect 2025 adjusted EBITDA to be more second half weighted similar to last year.

我們預計 2025 年下半年調整後 EBITDA 的權重將與去年類似。

We anticipate the typical gas services seasonality with the highest outage volume in the fourth quarter.

我們預計典型的天然氣服務季節性，第四季停電量最高。

In addition, wind EBITDA should improve in the second half compared to the first largely due to the timing of onshore turbine deliveries already in backlog and improved services profitability.

此外，與上半年相比，下半年風電 EBITDA 應該會有所改善，這主要是由於已經積壓的陸上渦輪機交付時間以及服務盈利能力的提高。

Finally, we expect electrification earnings to grow sequentially through the year.

最後，我們預計今年電氣化收入將環比成長。

Overall, we built a solid foundation in 2024, delivering significant margin expansion with growing free cash flow generation.

總體而言，我們在 2024 年奠定了堅實的基礎，隨著自由現金流的產生不斷增長，利潤率顯著增長。

In 2025, we expect to drive even stronger results as we deliver our growing more profitable backlog with improved execution enabled by our lean culture.

到 2025 年，我們預計將取得更強勁的業績，因為我們的精實文化提高了執行力，交付了不斷增長的利潤更高的積壓訂單。

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 this year and are excited about our future as we help our customers electrify and decarbonize the world. '24 has increased my conviction, the GE Vernova is well positioned to lead.

我們對今年的表現感到滿意，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。 '24 增強了我的信念，GE Vernova 處於領先地位。

In power, it's about delivering continued margin expansion with growing free cash flow, both from equipment as well as strong services.

在電力領域，關鍵在於透過不斷增長的自由現金流（來自設備和強大的服務）來實現利潤率的持續擴張。

In wind, it's about disciplined margin expansion in onshore while we position for the market inflection in quality and execution in offshore.

在風電領域，重點在於陸上的嚴格利潤擴張，而我們則針對海上品質和執行的市場變化進行定位。

For electrification, it's about delivering an accelerated high-margin profitable growth from rising demand for grid technologies.

對於電氣化來說，它是為了透過不斷增長的電網技術需求來實現加速的高利潤利潤成長。

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。

As we head into '25, I am optimistic about the future, and we are just getting started.

當我們進入 25 世紀時，我對未來感到樂觀，而我們才剛開始。

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

這樣，我會將其交回給邁克爾，以進行電話問答部分。

(Conference Instructions)

（會議須知）

(Operator Instructions) Andrew Percoco, Morgan Stanley.

（操作員指示）Andrew Percoco，摩根士丹利。

Good morning, guys.

早安，夥計們。

Good morning, Andrew.

早安，安德魯。

Good morning.

早安.

So maybe just to start out at a very high level here.

所以也許只是從一個非常高的水平開始。

I mean you guys gave a very comprehensive update back in December, but it's been a pretty active 48 hours or so with the new administration.

我的意思是，你們在 12 月就給出了非常全面的更新，但新政府在 48 小時左右的時間內非常活躍。

Certainly some positives to point to on the AI investments and the gas infrastructure side but also some potential headwinds that we're seeing on wind.

當然，人工智慧投資和天然氣基礎設施方面存在一些積極因素，但我們在風能方面也看到了一些潛在的不利因素。

So can you maybe just give us your latest thoughts on how you're thinking about this incoming administration and how it might impact the outlook across each of your businesses?

那麼，您能否向我們介紹一下您對即將上任的政府的最新想法以及它可能如何影響您每個業務的前景？

You bet, Andrew.

你敢打賭，安德魯。

I mean, I'll start.

我的意思是，我要開始了。

I just would take it a step back beyond maybe the last four to eight hours, and let's just talk about the last six weeks since we were together December 10 for the Analyst Day.

我只想退後一步，超越過去四到八個小時，讓我們談談自 12 月 10 日分析師日以來我們在一起的過去六週。

And I would say in our largest scale businesses, the market continues to get stronger.

我想說的是，在我們規模最大的企業中，市場持續變得更加強勁。

I mean we see accelerated activity in pipeline and gas that's very focused in the US., but not just the US.

我的意思是，我們看到管道和天然氣活動加速，這些活動主要集中在美國，但不僅僅是美國。

And what I'd emphasize on gas is it's becoming an even more diversified demand cycle and that you can start to see in the numbers.

我要強調的是，天然氣正在成為一個更多樣化的需求週期，你可以開始從數字中看到這一點。

I mean we had 25 HAs that we had an order this year.

我的意思是，今年我們收到了 25 個 HA 的訂單。

We also had 20 F class units.

我們還有 20 個 F 級單位。

We had north of 40 aeroderivative units.

我們擁有超過 40 架航改機。

So the diversity of demand just continues to get stronger.

因此，需求的多樣性正在不斷增強。

Similar theme in grid.

網格中的類似主題。

Even in the last six weeks, we closed the year very strongly with grid orders.

即使在過去的六週裡，我們的電網訂單也非常強勁地結束了這一年。

The pipeline remains very strong.

管道仍然非常強大。

But the diversity of the pipeline is really what I would emphasize.

但管道的多樣性確實是我要強調的。

I mean, this was a business that two years ago was basically a European company.

我的意思是，兩年前這家公司基本上還是一家歐洲公司。

Today, we've taken a business that was $6 billion of backlog two years ago.

今天，我們接手了兩年前積壓 60 億美元的業務。

It's $20 billion today.

今天是 200 億美元。

Yeah, a little bit more than half of that is still Europe, but 20% to 25% is in North America.

是的，其中一半多一點仍然是歐洲，但 20% 到 25% 是在北美。

The other 20% to 25% is the rest of the world with Asia really growing.

另外 20% 到 25% 是世界其他地區，其中亞洲確實在成長。

So the diversity of demand in grid is just giving me that much more confidence in the durability of those two businesses.

因此，電網需求的多樣性讓我對這兩項業務的持久性更有信心。

On the other side, to your question on wind, it remains soft.

另一方面，對於你關於風的問題，它仍然是柔和的。

I mean we talked about a generally flat financial projection with wind through the next few years.

我的意思是，我們討論了未來幾年整體平穩的財務預測。

That's still really what we see six weeks later from where we were on December 10.

六週後，我們仍然看到 12 月 10 日的情況。

We're cautious on when that inflection point is going to come in North America.

我們對北美的拐點何時到來持謹慎態度。

We have been for a while; we still are today.

我們已經有一段時間了；今天我們仍然如此。

And we're going to keep focused on executing and serving our customers as well as we can there.

我們將繼續專注於盡我們所能地執行和服務我們的客戶。

But the market fundamentals are softer there, certainly, relative to the other two large businesses.

但相對於其他兩家大型企業來說，那裡的市場基本面無疑更為疲軟。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Hi.

你好。

Good morning.

早安.

Maybe just wanted to ask my question around the power organic sales outlook for the year.

也許只是想問我今年電力有機銷售前景的問題。

So you grew, I think, low single digit or you're guiding for low single digits growth starting out the year organically, you've got that mid-single-digit guide for the year.

因此，我認為，你的成長是低個位數，或者你在今年開始時就有機地指導低個位數成長，你已經得到了今年的中個位數指導。

Maybe help us understand sort of how we should think about that pace of acceleration through the balance of 2025.

也許可以幫助我們理解應該如何思考 2025 年剩餘時間的加速步伐。

And also help us understand within power service, how we should think about the growth there?

也幫助我們了解在電力服務領域，我們該如何看待那裡的成長？

Should it be equivalent to equipment this year at sort of mid-single digits?

它是否應該相當於今年中個位數的設備？

Or do you see opportunities on the transactional side of power service maybe to get higher volume and price as gas power utilization rises?

或者，您認為隨著天然氣發電利用率的提高，電力服務交易方面可能會獲得更高的銷售量和價格？

Thank you.

謝謝。

Thanks, Julian.

謝謝，朱利安。

Maybe if we just think about kind of the pace of that business, I would say, if you think about equipment and services, which is really how you broke down your question, as we look at what's in backlog, while we're growing at a slightly slower organic pace early in the year, and we're still projecting mid-single-digit growth overall for that business for the year, it's really just built upon how we expect the backlog to roll out.

也許如果我們只考慮該業務的節奏，我會說，如果您考慮設備和服務，這實際上就是您分解問題的方式，因為我們會查看積壓的內容，同時我們正在增長今年年初的有機增長速度略有放緩，而且我們仍然預計今年該業務的整體成長率為中個位數，這實際上只是建立在我們預期積壓訂單如何推出的基礎上。

So the build cycle for that -- for the equipment piece.

所以設備的建置週期。

So nothing surprising there.

所以這沒什麼好奇怪的。

We overall have about 90% of our overall GE Vernova volumes in backlog today.

目前，我們的 GE Vernova 總訂單量中約有 90% 處於積壓狀態。

So that gives us really good visibility on how it's going to roll.

因此，這讓我們能夠很好地了解它將如何發展。

So I wouldn't take any indication of maybe a slightly slower first-quarter growth against the full year guide that's higher than that, is anything other than us having the knowledge of how that backlog is going to roll out.

因此，除了我們了解積壓訂單將如何推出之外，我不會採取任何跡象表明第一季的成長可能會比全年指導稍慢一些。

On the services side, there's certainly opportunity as we're in this cycle of higher utilization to see opportunities, not only on the contract service part of our portfolio, but also the transactional part of our service business, which equates for about half of the overall total.

在服務方面，當然存在機會，因為我們正處於這個利用率較高的周期中，不僅在我們投資組合的合約服務部分，而且在我們服務業務的交易部分，這相當於約一半的業務。 。

So we feel really good about where we're starting, and we feel good about the visibility into the backlog and the visibility into the service outages that will take us to the right place on the guide.

因此，我們對我們的起點感到非常滿意，並且我們對積壓的可見性和服務中斷的可見性感到滿意，這將帶我們到指南上的正確位置。

Julian, the only thing I'd emphasize is we talked about in December, this being really the last year at mid-single-digit revenue growth with an acceleration to high single digits and '26 and beyond in this segment.

朱利安，我唯一要強調的是我們在 12 月談到的，這確實是最後一年實現中個位數收入增長，並加速到高個位數，並且在 26 年及以後這一領域。

And I spent a lot of the first month of the year with some of our suppliers and partners in this space and continue to have real confidence and conviction that they're capacitizing as we need them to for this growth that comes in 2016 and beyond.

今年第一個月的大部分時間我都與我們在這個領域的一些供應商和合作夥伴一起度過，並繼續對他們的能力充滿信心和信念，因為我們需要他們來實現2016 年及以後的增長。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Good morning, Mark.

早上好，馬克。

Good morning, everybody.

大家早安。

Thanks for taking our questions.

感謝您回答我們的問題。

So when we were together in December, you gave some color about increasing your pricing on the gas power side.

因此，當我們 12 月聚在一起時，您就提高天然氣發電的定價給了一些建議。

Just curious if you can talk about order activity since then or maybe just kind of general customer receptivity to that?

只是好奇您是否可以談論此後的訂單活動，或者只是一般客戶對此的接受程度？

And do you have any near-term plans to raise pricing further?

你們近期有進一步提高定價的計畫嗎？

Thank you.

謝謝。

Sure.

當然。

Mark.

標記。

I'd say, again, I'm picking on words a little bit, but the truth of it is an explicit order in the last six weeks, there hasn't been an incredible amount of orders activity, right, because we kind of trended into the holidays and it's early in the new year.

我想說，我有點挑剔，但事實是過去六週內有明確的訂單，沒有出現令人難以置信的訂單活動，對吧，因為我們有點趨勢是假期和新年伊始。

What I would say, though, is the intensity of discussions for more and bidding activity right now and the receptivity to pay for, what I'll call, premium slots in the out years going.

不過，我想說的是，目前對更多競標活動的討論強度，以及未來幾年支付費用的接受度，我稱之為高級席位。

And I'm talking premium slots 28, 29 really, to a large extent.

我說的是高級老虎機 28、29，很大程度是真的。

The discussions are much more focused on how can the end customers fulfill than the last dollar of price.

討論更多地集中在最終客戶如何滿足而不是最後一美元的價格。

I wouldn't say there's been another explicit price increase since we were together December 10, because the reality is we had, at that point, had a very, very productive month of November and had just taken the market up another level.

我不會說自從12 月10 日我們在一起以來，價格又出現了一次明顯的上漲，因為事實上，我們在11 月份度過了一個非常非常富有成效的月份，並且剛剛將市場提升到了另一個水平。

So that hasn't changed.

所以這並沒有改變。

But I would not say at all in gas that the pricing dynamics are the main event.

但我根本不會說天然氣價格動態是主要事件。

It's us continuing to partner with these end customers on their ability to actually generate the power when they need it.

我們繼續與這些最終客戶合作，幫助他們在需要時實際發電。

And we'll continue to do everything we can to serve them, but also maximize our economics.

我們將繼續盡一切努力為他們服務，同時最大限度地提高我們的經濟效益。

Nicole DeBlase.

妮可·德布拉斯.

Deutsche Bank.

德意志銀行。

Yeah, thanks.

是的，謝謝。

Good morning, guys.

早安，夥計們。

Good morning, Nicole.

早安，妮可。

Can we talk a little bit about last week's SMR announcement, I thought that was really interesting.

我們可以談談上週的 SMR 公告嗎？

I guess, to what extent can deployment actually be accelerated?

我猜，部署實際上可以加速到什麼程度？

And does this kind of come with increased customer interest in the SMR offering?

這是否會增加客戶對 SMR 產品的興趣？

Thank you.

謝謝。

Nicole, I think it's a great question.

妮可，我認為這是一個很好的問題。

I'm glad to get a chance to spend a little bit more time talking about that.

我很高興有機會花更多時間談論這個問題。

I mean it is a longer-term play for us, but last week was meaningful because when you think about where we were previous to that, our launch customers in North America with Ontario Power Generation and Tennessee Valley Authority.

我的意思是，這對我們來說是一個長期的遊戲，但上周是有意義的，因為當你想到我們之前的情況時，我們在北美的啟動客戶包括安大略省發電公司和田納西河谷管理局。

These are two customers that are 100% government owned, okay?

這是兩個 100% 政府所有的客戶，好嗎？

Last week's announcement was that next shift forward, having Duke, having AEP join into the mix and join into the consortium to invest in this product and commit towards our technology for projects that they have slotted for new zero carbon power between 2032 and 2034 in the US.

上週宣布的下一個轉變是，讓杜克大學、AEP 加入其中，並加入財團投資該產品，並致力於我們的技術用於他們在 2032 年至 2034 年期間用於新零碳電力的專案。我們。

So the activity of customer interest here, not just in the US, but also outside the US is only strengthening.

因此，這裡的客戶興趣活動不僅在美國，而且在美國以外的地區都在增強。

I mean, to give you a little bit more color I was in Japan, the first week of the new year.

我的意思是，為了給你更多的色彩，我在日本，新年的第一週。

We've turned down two of our BWX nuclear plants in Japan very recently.

我們最近拒絕了日本的兩座 BWX 核電廠。

There's another 18 in Japan that have not been restarted that is only accelerating in activity.

日本還有 18 個尚未重啟的國家，其活動只是在加速。

And I generally spend the first week of the new year in Japan for kind of the New Year's greetings.

我通常會在日本度過新年的第一周，以表達新年的問候。

It's the first year I've left the market saying, okay, this is happening now.

這是我離開市場的第一年，我說，好吧，這種情況現在正在發生。

These plants are going to be turned back on, whether it be from the federal government or from the local communities because of the clear need and we continue to see more activity on upgrades and up rates into the installed base in North America.

由於明確的需求，這些工廠將重新啟動，無論是來自聯邦政府還是當地社區，我們繼續看到北美安裝基地的升級和提高費率的活動越來越多。

We've talked in the past.

我們過去談過。

We've got 65 plants running with our technology.

我們有 65 家工廠正在使用我們的技術。

We will add more megawatts to those existing plants and more.

我們將為現有電廠增加更多兆瓦的電力。

And more customers with those plants are coming back to us and saying, within the security apparatus of the existing plant, we can fit an SMR.

越來越多擁有這些工廠的客戶向我們表示，在現有工廠的安全設備內，我們可以安裝 SMR。

And then when you've already got the security infrastructure that creates a lot of economic and operational arbitrage for them.

然後，當您已經擁有可以為他們創造大量經濟和營運套利的安全基礎設施時。

So you can hear the enthusiasm in my voice on this.

所以你可以從我的聲音中聽到對此的熱情。

Can we move it to the left earlier than the first plant being commissioned in Ontario in 2029?

我們可以在 2029 年安大略省第一座工廠投產之前將其移至左側嗎？

I don't think that will happen.

我認為這不會發生。

The first plant will be commissioned in Canada in '29.

第一家工廠將於 29 年在加拿大投產。

There's even more confidence that in the US, many more plants can be commissioned, let's just call it, 2032 and beyond, but this is about the next decade.

人們更有信心，在美國，更多的工廠可以投產，我們姑且稱之為 2032 年及以後，但這大約是下一個十年的事。

It's not going to create a substantial amount of incremental megawatts until we get there.

在我們到達那裡之前，它不會產生大量增量兆瓦。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Good morning.

早安.

Good morning, Andrew.

早安，安德魯。

Yeah, with the headlines like Constellation buying Calpine seems people are getting excited about that gas.

是的，隨著像 Constellation 收購 Calpine 這樣的頭條新聞，人們似乎對氣體感到興奮。

As we think about services and the scope of your activities as price of gas is going up over the next several years.

當我們考慮服務和您的活動範圍時，天然氣價格將在未來幾年上漲。

Just trying to understand what happens to the scope of your service activities as price of gas -- if price of gas structurally goes up?

只是想了解您的服務活動範圍作為天然氣價格會發生什麼變化——如果天然氣價格結構性上漲？

And if you are starting to have those conversations with your customers.

如果您開始與客戶進行這些對話。

Andrew, if you just take the F-class fleet, which is our largest fleet in North America we have over 700 F-class gas turbines in the US that we have incremental technology that we can insert into the existing installed base in the US and drive output and efficiency savings.

安德魯，如果你只看F 級機隊，這是我們在北美最大的機隊，我們在美國擁有700 多台F 級燃氣渦輪機，我們擁有增量技術，可以將其插入到美國現有的安裝基地中，推動產出和效率節約。

And that's just the F-class fleet in North America as an illustration amongst the 7,000 gas turbines we have globally, and that's what we're going to see happen.

這只是北美的 F 級機隊，作為我們在全球擁有的 7,000 台燃氣渦輪機中的一個例子，這就是我們將看到的情況。

Admittedly, today, the discussions with incremental investments is more focused on megawatts than it is efficiency.

誠然，今天關於增量投資的討論更著重於兆瓦而不是效率。

I agree with your train of thought on where gas pricing is going, but the discussion is much more on we need every megawatt we can get right now.

我同意你關於天然氣定價走向的思路，但討論更多的是我們需要現在可以獲得的每一兆瓦。

And how can you operationally allow us to generate those megawatts, even if in the end, it leads to a few more outages over time because we run the gas turbines at higher firing temperatures as an example.

即使最終，隨著時間的推移，由於我們在更高的燃燒溫度下運行燃氣渦輪機，最終會導致更多的停電，您如何在操作上允許我們產生這些兆瓦的電力？

But what this is clearly going to lead to is the scope per outage is going up because the amount that our customers are willing to invest in technology at that outage event is going up for.

但這顯然會導致每次停電的範圍不斷擴大，因為我們的客戶願意在停電事件中投資於技術的金額不斷增加。

At the moment, megawatts, but ultimately, efficiency will matter, too.

目前是兆瓦級，但最終，效率也很重要。

So that's why we've talked for the better part of, call it, the last four months about the fact that we see the upgrades growing directionally 50% by the end of the decade in the gas business because of this market opportunity, and a lot of it's going to be in North America and the demand signals with more investment into gas like you alluded to with Constellation is a great indicator here.

因此，這就是為什麼我們在過去四個月的大部分時間裡都在談論這樣一個事實：由於這個市場機會，我們看到到本世紀末天然氣業務的升級將定向增長 50%，並且其中很大一部分將在北美，而像您在星座中提到的那樣，對天然氣進行更多投資的需求訊號是一個很好的指標。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Good morning.

早安.

Nice to chat with you guys.

很高興和你們聊天。

Thank you very much.

非常感謝。

Look, you made illusion to this earlier about sort of the diversification in your turbine sales, right, not just H-Class but F and Aero.

看，您之前對渦輪機銷售的多樣化產生了幻想，對吧，不僅是 H 級，還有 F 和 Aero。

Can you speak a little bit more to the extent to which that might be accelerating given the availability dynamics and the supply constraints?

您能多談談考慮到供應動態和供應限制，這種情況可能會加速的程度嗎？

And how that might drive volumetric upside where folks might have otherwise thought you were constrained in what you can do in that kind of '26, '27 time frame?

這將如何推動銷售量上升，否則人們可能會認為你在「26」、「27」這樣的時間範圍內所能做的事情受到了限制？

It's -- Julian, thanks for the question.

這是——朱利安，謝謝你的提問。

It's not going to materially change '26.

26 年不會有實質改變。

At the end of the day, the same amount of for (technical difficulty) things and at least 26 is really kind of what we're going to have to be clear.

歸根結底，相同數量的（技術難度）事物並且至少 26 個確實是我們必須明確的。

I mean we're working this very hard.

我的意思是我們正在非常努力地工作。

But the premise of your question is spot on in the sense that the more that we do F-class gas turbines as an example, we've been making them for 25 years, it is easier for us to make an F-class gas turbine than it is an H.

但你問題的前提是正確的，因為我們做F級燃氣渦輪機為例，我們已經做了25年了，我們製造F級燃氣渦輪機就越容易比它是一個H.

The supply base has an ability to ramp those faster.

供應基地有能力更快增加這些。

And the reality is, yes, there's a lot of baseload power needs.

現實是，是的，存在大量的基本負載電力需求。

A lot of the data centers, AI will be H-class because the end customers are underwriting a business case where they need to power 24 hours a day, 7 days a week and the efficiency is -- again, it will be a baseload H class.

許多資料中心，人工智慧將是 H 級，因為最終客戶正在承保一個業務案例，他們需要每週 7 天、每天 24 小時供電，並且效率是——同樣，這將是基本負載 H 級班級。

At the same time, you look at where the reserve margins are today and PJM and ERCOT and where pricing is going, and there's a lot of simple cycle pipeline demand growth for F class that makes a lot of sense.

同時，你看看今天的儲備利潤率、PJM 和 ERCOT 以及定價的走向，F 級的簡單循環管道需求增長很多，這是很有意義的。

And the truth of it is, those are easier for us to make.

事實上，這些對我們來說更容易做到。

And as we continue to drive our lean improvement and I'll be back down in Greenville, South Carolina next week with the team for the entire week to kind of partner with them on our path forward, that diversification of gas turbines, including, let's call it, more mature gas turbines like F-class does give us a little bit more of a kick in our step that we're going to find every opportunity we can to serve our customer base with as many gas turbines as practical, but we've got to balance that with what our supply base is able to serve.

隨著我們繼續推動精益改進，下週我將回到南卡羅來納州格林維爾，與團隊一起度過整整一周，在我們前進的道路上與他們合作，燃氣渦輪機的多樣化，包括，讓我們可以這麼說，像F 級這樣更成熟的燃氣渦輪機確實為我們帶來了更多的動力，我們將找到一切機會，用盡可能多的燃氣渦輪機為我們的客戶群提供服務，但我們必須在這一點與我們的供應基地能夠提供的服務之間取得平衡。

And in that regard, today, nothing's changed from our previous comments that will be at directionally 20 gigawatts by '27 and steady there going forward.

在這方面，今天，我們之前的評論沒有任何變化，到 27 年定向為 20 吉瓦，並穩定向前發展。

Andrew Kaplowitz, Citi.

安德魯‧卡普洛維茨，花旗銀行。

Good morning, everyone.

大家早安。

Good morning

早安

Scott, could you give more color into your commentary regarding accelerating capacity expansion to sell premium slots that you have on slide 6.

Scott，您能否在有關加速產能擴張以銷售幻燈片 6 上的優質老虎機的評論中提供更多色彩。

I think at the Investor Day, you were careful to say you're going to be thoughtful and down quickly, you grow capacity.

我認為在投資者日，你小心翼翼地說你會深思熟慮，很快就會下降，你會成長能力。

And maybe slide 6 commentary today seems slightly more appointed.

也許今天第 6 張投影片的評論似乎更正式一些。

I know you just talked about power and no real changes there, but what about an electrification?

我知道您只是談論了電力，並沒有真正的變化，但是電氣化呢？

Are you potentially going to accelerate capacity a little bit on that side of the business?

您是否有可能稍微提高這方面業務的產能？

Yeah.

是的。

And that comment is exactly, Andrew, as you said, more applicable to electrification.

正如你所說，安德魯的這一評論更適用於電氣化。

I'm looking forward to being at one of our factories in Pennsylvania in a few weeks for the better part of a week that makes switch gears for us.

我期待著幾週後前往我們位於賓夕法尼亞州的一家工廠，在那裡度過一周的大部分時間，為我們製造開關設備。

And we do see opportunity to continue to accelerate capacity build-out and electrification that is in North America in the near term, leveraging some of our industrial footprint.

我們確實看到了在短期內繼續加速北美產能建設和電氣化的機會，利用我們的一些工業足跡。

And as we do, the ability to sell those premium slots is something we're very, very focused on.

正如我們所做的那樣，銷售這些優質老虎機的能力是我們非常非常關注的事情。

So we did try to talk about this in December that if there was an upside case within our, call it, what's in -- what's out of our by '28 guide, we did talk about accelerated fulfillment and electrification being the most applicable example.

因此，我們在 12 月確實嘗試討論過這一點，如果我們的 28 指南中有什麼是好的，我們確實討論了加速實現和電氣化是最適用的例子。

And that remains the case.

情況仍然如此。

And we've got a team that's incredibly focused on making progress there and a leadership team that's here to serve them because the market needs everything we can give them.

我們有一個非常專注於在那裡取得進展的團隊，還有一個為他們服務的領導團隊，因為市場需要我們能為他們提供的一切。

And we're hopeful we're going to ramp that up even faster.

我們希望能夠更快地提高這一速度。

And with it, we should have fulfillment and price opportunity.

有了它，我們應該有履行和定價的機會。

Yeah.

是的。

And I think the only thing I would add to that is that one of the things we called out in December, which is still true only a few weeks later, is a big portion of the electrification capacity expansion really isn't driven by bricks and order, right?

我認為我唯一要補充的是，我們在 12 月提出的一件事（僅幾週後仍然如此）是，電氣化產能擴張的很大一部分實際上並不是由磚塊和電力驅動的。嗎？

The lean culture within some of the businesses that are faster flow businesses, less kind of like project moving through the factory, but flow businesses, we're getting a significant amount of capacity expansion with lean initiatives, which are some of the most effective from a return perspective because you're not putting that bricks and mortar in the ground forever.

一些業務中的精益文化是流動速度更快的業務，不像項目在工廠中移動，但是流動業務，我們通過精益計劃獲得了大量的產能擴張，這是最有效的一些回歸視角，因為你不會永遠把磚塊和灰泥埋在地下。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Good morning, Joe.

早安，喬。

Good morning, guys.

早安，夥計們。

So look, I think very few of us would have thought that over the past two years, you'd be able to grow that electrification equipment backlog to over $20 billion.

所以，我想我們很少人會想到，在過去的兩年裡，電氣化設備積壓訂單能夠增加到超過 200 億美元。

It's pretty incredible.

這太不可思議了。

As you're looking out for 2025, Scott, any thoughts around how much that backlog can build?

Scott，在您展望 2025 年時，您對積壓訂單的數量有什麼想法嗎？

And then specifically as it relates to North America, really encouraging to hear that that business is now 20% to 25% of your business today.

特別是與北美相關的業務，聽到該業務現在佔您今天業務的 20% 到 25%，這真的很令人鼓舞。

What's the opportunity in North America?

北美的機會在哪裡？

Substantial.

重大的。

It is -- it continues to be the part of the business that as we lean into the front end, I continue to be encouraged that the GE Vernova symmetry synergy helps the most on the front end.

隨著我們向前端傾斜，它仍然是業務的一部分，我繼續受到鼓舞，因為 GE Vernova 對稱協同效應對前端的幫助最大。

We continue to educate our customers on our offerings in electrification, and we're like in the response.

我們繼續向客戶宣傳我們的電氣化產品，我們也做出了回應。

And I've alluded to the fact that I spent a week in Asia to start the year in both Singapore and Japan, that's applicable in those markets too.

我已經提到過，我在亞洲度過了一周，以在新加坡和日本開始新的一年，這也適用於這些市場。

We are not a known commodity, but there are industrial footprint opportunities for us to invest into in both Asia and North America that are attractive and that are things that we're going to keep working very hard right now.

我們不是知名商品，但我們在亞洲和北美都有一些有吸引力的工業足跡投資機會，這是我們現在將繼續努力的事情。

So of our three business segments, Joe, it's very clear to me from a commercial perspective beyond market growth, us simply gaining share, let's say, within the market regardless of where it goes.

因此，在我們的三個業務部門中，喬，從市場成長之外的商業角度來看，我非常清楚，我們只是在市場中獲得份額，比方說，無論市場走向何方。

There's a lot more for us to do in electrification.

在電氣化方面我們還有很多事情要做。

And I expect that $20 billion equipment backlog, to grow substantially in 2025 and beyond as we continue to run this business better.

我預計，隨著我們繼續更好地經營這項業務，2025 年及以後 200 億美元的設備積壓將大幅成長。

Operator we have time for about one last question.

接線員，我們還有時間回答最後一個問題。

Moses Sutton, BNB Paribas.

摩西‧薩頓，法國巴黎銀行。

Hi, thanks for squeezing me in.

你好，謝謝你拉我進來。

I wanted to continue on gas turbine pricing.

我想繼續燃氣渦輪定價。

At this point, new CCGTs are costing 2,000 per kilowatt all-in and rising perhaps.

目前，新型 CCGT 的總成本為每千瓦 2,000 美元，而且可能還在上漲。

Is your content still tracking at 30% to 35% of that new build cost?

您的內容仍佔新建成本的 30% 至 35%？

And our pricing and bids, is there any differentiation between, I don't know, like a US 2027 versus an international 2028, which might have a little more open room.

我不知道我們的定價和出價之間是否有任何區別，例如美國 2027 年與國際 2028 年，後者可能有更多的開放空間。

So just thoughts on that price level against the total content and then variation by geography and shipment near.

因此，只需考慮價格水準與總內容的關係，然後考慮地理位置和附近運輸的變化。

Thanks.

謝謝。

Moses the directional numbers you're giving for an H-class gas turbine in North America or a plant build are directionally accurate today.

摩西，您為北美的 H 級燃氣渦輪機或工廠建設提供的方向數字今天的方向是準確的。

And our share of that is directionally accurate too.

我們的份額在方向上也是準確的。

So I wouldn't think it's different than what you're saying.

所以我不認為這和你說的話有什麼不同。

The only thing maybe I would distinguish is we're very quickly getting to a point that the premium slot dynamic, there's not really a difference between '27 and '28 right now.

我可能唯一要區分的是，我們很快就達到了高級老虎機動態的地步，現在 27 和 28 之間並沒有真正的區別。

I mean I think if you want to start to distinguish between schedule and capacity, it's really turning in more '28 versus '32, okay.

我的意思是，我認為如果你想開始區分時間表和容量，那麼實際上是在 28 年與 32 年之間投入更多，好吧。

And internationally, there are markets that will plan out that far.

在國際上，有些市場會制定這麼遠的計畫。

That may lead to modestly different way to think about things, but '27, '28, we are going to be talking about 2029 in gas before the year is over on some of these calls.

這可能會導致思考問題的方式略有不同，但“27”、“28”，我們將在今年結束之前透過其中一些電話會議討論 2029 年的天然氣行業。

That's very clear to me because we've got 20 gigawatts of capacity.

這對我來說非常清楚，因為我們擁有 20 吉瓦的容量。

We're going to have strong orders here.

我們將在這裡收到大量訂單。

We're going to fill the bathtub, so to speak, of those 20 gigawatts per year fairly quickly and be into the out years.

可以說，我們每年很快就會填滿這 20 吉瓦的浴缸，並進入最後幾年。

So I don't think we're going to be making much of a pricing distinction between '27 and '29 right now.

因此，我認為我們現在不會在 27 和 29 之間做出太大的定價差異。

It's really going to continue to be a challenge of how the customers secure not just our equipment, but everything else required.

客戶如何不僅保護我們的設備，而且保護其他所需的一切，這確實將繼續成為一個挑戰。

The EPC support is going to be a big open switch and one that I'm going to invest a lot of time and in 2025 because I continue to believe that could be one of the bigger challenges towards fulfillment is just whether the projects stay on schedule, notwithstanding our explicit gas turbine deliveries.

EPC 支援將是一個重大的開放式轉變，我將在 2025 年投入大量時間，因為我仍然相信，專案是否按計劃進行可能是實現的更大挑戰之一，儘管我們明確地交付了燃氣渦輪機。

And we have a number of strategic sessions in the first quarter with those EPCs to just stay very aligned on their schedule and ours.

我們在第一季與這些 EPC 舉行了多次策略會議，以確保他們的日程安排與我們的日程安排保持一致。

So thanks for the question.

謝謝你的提問。

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

在我們結束之前，讓我把它轉回斯科特以徵求結束意見。

Everybody.

大家。

I just want to thank everyone again for your continued interest in GE Vernova, as I do on all of these calls.

我只想再次感謝大家對 GE Vernova 的持續關注，就像我在所有這些電話中所做的那樣。

I think it's important to recognize our employees in our first year as a public company.

我認為在我們成為上市公司的第一年認可我們的員工非常重要。

I have an incredible amount of pride to lead this group, a lot of optimism and ambition for the company that we're creating.

我對領導這個團隊感到無比自豪，對我們正在創建的公司充滿樂觀和雄心壯志。

I have a huge appreciation for the customers that are leaning in with us right now on the opportunity and the excitement they have for the art of the possible for what GE Vernova can be.

我非常感謝那些現在就支持我們的客戶，他們對 GE Vernova 的可能性藝術感到興奮和興奮。

So we had a good first year, but there's nobody inside the walls of GE Vernova that's celebrating right now.

所以我們度過了美好的第一年，但現在 GE Vernova 的圍牆內沒有人在慶祝。

We've got our feet on the ground.

我們已經腳踏實地。

We're very focused on the opportunity in front of us. in these markets and serving it and going into a new year with a lot of energy and a lot of optimism.

我們非常關注擺在我們面前的機會。進入這些市場並為其提供服務，並以充沛的精力和樂觀的態度進入新的一年。

So thanks for giving us the time today, and we look forward to seeing all of you out in the field over the next few months.

感謝您今天給我們時間，我們期待在接下來的幾個月裡在現場見到你們所有人。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

This concludes today's conference.

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。