GE Vernova Inc (GEV) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to GE Vernova's first-quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. My name is Liz, and I will be your conference coordinator today. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 GE Vernova 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。我叫 Liz，今天我將擔任你們的會議協調員。（操作員指示）提醒一下，本次會議正在錄音。

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

現在，我想將節目交給今天會議的主持人、投資者關係副總裁 Michael Lapides。請繼續。

Thank you. Welcome to GE Vernova's first-quarter 2025 earnings call. I'm joined today by our CEO, Scott Strazik; and CFO, Ken Parks. Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's Form 10-Q, press release, and presentation slides, all of which are available on our website.

謝謝。歡迎參加 GE Vernova 2025 年第一季財報電話會議。今天和我一起出席的是我們的執行長 Scott Strazik；和財務長 Ken Parks。我們的電話會議評論將包括 GAAP 和非 GAAP 財務結果。您可以在今天的 10-Q 表、新聞稿和簡報幻燈片中找到 GAAP 和非 GAAP 指標之間的對賬，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 margins discussed during our prepared remarks are on an organic basis unless otherwise specified.

請注意，除非另有說明，我們在準備好的評論中討論的訂單、收入、調整後和分部 EBITDA 和利潤率的同比評論或差異都是基於有機基礎的。

We will make forward-looking statements about our performance. These statements are based on how we see things today. 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. As described in our SEC filings, actual results may differ materially due to risks and uncertainties.

我們將對我們的業績做出前瞻性的陳述。這些陳述是基於我們今天對事物的看法。雖然我們可能選擇在未來某個時間點更新這些前瞻性陳述，但我們不承擔任何義務。正如我們提交給美國證券交易委員會的文件中所述，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.

說完這些，我就把電話交給史考特。

Thanks, Michael. Good morning, everyone. Welcome to our first-quarter earnings call, our fifth as a stand-alone public company. At the start, I have to share with you that I am as confident and optimistic today as any days since our spin, we are creating a stronger company at GE Vernova, one that will drive substantial value ahead.

謝謝，麥可。大家早安。歡迎參加我們的第一季財報電話會議，這是我們作為獨立上市公司召開的第五次財報電話會議。首先，我必須告訴大家，今天我和分拆以來的任何一天一樣充滿信心和樂觀，我們正在 GE Vernova 創建一家更強大的公司，一家能夠推動巨大價值向前發展的公司。

We start with the markets. We continue to see very strong end markets in power and electrification. Put simply, the world is entering an era of accelerated electrification driven by manufacturing growth, industrial electrification, EVs, and emerging data center needs which is driving an unprecedented need for investment and reliable baseload power, grid infrastructure, and decarbonization solutions.

我們從市場開始。我們繼續看到電力和電氣化終端市場非常強勁。簡而言之，世界正在進入一個加速電氣化的時代，這個時代由製造業成長、工業電氣化、電動車和新興資料中心需求推動，這推動了對投資和可靠的基載電力、電網基礎設施和脫碳解決方案的空前需求。

As supply chains become more decoupled with more redundancy built into the global system to manage trade complexities, this manufacturing buildout creates incremental demand for additional electrons. To put today's investment super cycle into perspective in terms of energy needs and decarbonization, the scale of load growth we're seeing in North America is the most significant sense of post World War II industrial buildout.

隨著供應鏈變得越來越脫鉤，全球系統為了管理貿易複雜性而建立了更多的冗餘，這種製造業的擴張對額外的電子產品產生了增量需求。從能源需求和脫碳的角度來看待當今的投資超級週期，我們在北美看到的負載成長規模是二戰後工業建設最顯著的體現。

But unlike then, the growth is global. The most populous country in the world, India, nearly 1.5 billion people, drives 80% of its electricity from coal. Saudi Arabia, which relies on heavy oil for nearly half of its power, has committed to a 50/50 mix of gas and renewables by 2030. These are just a few examples of the opportunities ahead as we help customers deliver more reliable and affordable power to the markets they serve.

但與當時不同的是，此次成長是全球性的。印度是全球人口最多的國家，人口接近15億，80%的電力來自煤炭。沙烏地阿拉伯近一半的電力依賴重油，該國承諾在 2030 年實現天然氣和再生能源各佔一半。這些只是我們幫助客戶為其服務市場提供更可靠、更實惠的電力的未來機會的幾個例子。

All this demand is driving growth, not only for new equipment, but also for services as increased utilization of our install base creates opportunities for additional service revenues, including upgrades. Services represents over 60% of our backlog at strong margins and provide significant revenue and cash flow visibility for years to come.

所有這些需求都在推動成長，不僅是新設備的成長，而且服務的成長，因為我們安裝基礎的使用率提高為包括升級在內的額外服務收入創造了機會。服務占我們積壓訂單的 60% 以上，利潤豐厚，並在未來幾年帶來可觀的收入和現金流的可預見性。

While our end markets remain strong, we are not immune to the complexity of play given the current outline of tariffs and resulting inflation. We do expect our costs to go up $300 million to $400 million in '25. We are moving at pace to mitigate these pressures with pricing actions, including use of existing contractual provision, and the acceleration of our G&A cost structure transformation.

儘管我們的終端市場仍然強勁，但考慮到當前的關稅狀況​​和由此產生的通貨膨脹，我們也無法免受市場複雜性的影響。我們確實預期 25 年我們的成本將增加 3 億至 4 億美元。我們正在採取定價措施來緩解這些壓力，包括使用現有的合約條款，以及加速我們的 G&A 成本結構轉型。

We continued to invest in our supply chain to strengthen the durability and resiliency of our operations. For example, in January, we announced our plans to invest $600 million in that 1,500 new jobs in U.S. manufacturing as part of our $9 billion global commitment to R&D and CapEx cumulatively through '28.

我們繼續投資我們的供應鏈，以增強我們營運的持久性和彈性。例如，今年 1 月，我們宣布計劃投資 6 億美元，為美國製造業創造 1,500 個新工作崗位，這是我們到 28 年累計 90 億美元全球研發和資本支出承諾的一部分。

We remain confident in our financial trajectory from here and are reaffirming our '25 financial guidance inclusive of the $300 million to $400 million of tariffs and resulting inflation that we estimate as of today, net of our mitigating actions. In this dynamic environment, we will continue to act with urgency on further mitigation steps. This is an opportunity for GE Vernova to differentiate itself as the great industrial company.

我們對今後的財務軌跡仍然充滿信心，並重申我們的 25 年財務指導，其中包括 3 億至 4 億美元的關稅以及我們截至今天估計的由此產生的通貨膨脹，扣除我們的緩解措施。在這種動態的環境中，我們將繼續緊急採取進一步的緩解措施。這對 GE Vernova 來說是一個脫穎而出、成為偉大工業公司的機會。

Overall, we have a solid balance sheet with an $8 billion cash balance, growing free cash flow, and expanding backlog which positions us to invest both in our business and in shareholder-accretive actions. For example, in the first quarter, we sold an incremental 2% in our China XD investment and completed our acquisition of Woodward's gas turbine parts business to further vertically integrate our gas power supply chain.

總體而言，我們的資產負債表穩健，現金餘額為 80 億美元，自由現金流不斷增長，積壓訂單不斷擴大，這使我們能夠投資於我們的業務和股東增值行動。例如，在第一季度，我們出售了中國西電投資中增量的2%股份，並完成了對伍德沃德燃氣渦輪機零件業務的收購，以進一步垂直整合我們的燃氣動力供應鏈。

As we begin our second year as a public company, we are well-positioned to meet the growing demand with disciplined execution.

隨著我們作為上市公司進入第二年，我們已做好準備，以嚴謹的執行力滿足日益增長的需求。

Turning to next slide on our first quarter results. We continued to build a stronger backlog supporting the long-term growth potential in our businesses. On a sequential basis, our equipment backlog grew $2.4 billion in Q1 and our services backlog grew $2 billion. We now maintain a total backlog of $123 billion.

下一張投影片展示我們的第一季業績。我們繼續建立更強大的積壓訂單，以支持我們業務的長期成長潛力。以環比計算，我們的設備積壓訂單在第一季增加了 24 億美元，我們的服務積壓訂單增加了 20 億美元。目前，我們的積壓訂單總額為 1,230 億美元。

Specific to the gas power, we grew equipment orders over 30% by booking 7 gigawatts of gas turbine orders. Additionally, we secured 7 gigawatts of new slot reservation agreements. In total, our gas turbine backlog has increased to 29 gigawatts and we also have 21 gigawatts of slot reservation agreements that are expected to convert to orders and are not yet in backlog. All of these numbers and gigawatt align with McCoy reporting which may differ from how our customers often announce projects as they cite the total combined cycle output of the plant, including the power from steam turbines.

具體到燃氣發電，我們透過預訂 7 千兆瓦的燃氣渦輪機訂單，設備訂單增加了 30% 以上。此外，我們也獲得了7千兆瓦的新時段預訂協議。總體而言，我們的燃氣渦輪機積壓訂單已增至 29 吉瓦，此外，我們還有 21 吉瓦的艙位預訂協議，預計將轉換為訂單，目前尚未積壓。所有這些數字和千兆瓦都與 McCoy 的報告一致，這可能與我們的客戶經常宣布的項目不同，因為他們引用了工廠的總聯合循環輸出，包括來自蒸汽渦輪機的電力。

Concerning the focus on gas power demand, I wanted to provide some incremental context and where we are seeing the orders trend for the year. We currently have 50 gigawatts of gas turbines under contract or with the slot reservation. We expect to ship over 10 gigawatts of equipment in the remainder of the year and add contracts for more than 2 times that amount to end the year with over 60 gigawatts between backlog and reservation agreements.

關於對天然氣電力需求的關注，我想提供一些增量背景以及我們看到的今年的訂單趨勢。我們目前已簽訂合約或預留了 50 千兆瓦的燃氣渦輪機。我們預計在今年剩餘時間內將出貨超過 10 千兆瓦的設備，並增加超過該數量 2 倍的合同，以使到年底積壓和預訂協議之間的總容量超過 60 千兆瓦。

The second half of the year should see a heavier mix of combined cycle orders to after first half with more simple cycle or peaking applications, driving the dollar value of orders in the second half of the year to be substantially higher than the first half.

下半年聯合循環訂單將會增加，而上半年簡單循環或調峰應用將增多，這將推動下半年訂單金額大幅高於上半年。

Sitting here today, '26 and '27 are largely sold out. We are approaching filling out '28 and starting to sign agreements for later years. I give that context just to frame that I continue to see this market normalizing to a higher for longer gas market. The world needs more dispatchable power generation to support economic growth and national security. Gas power will provide a significant amount of the incremental dispatchable power while also being the force multiplier for more renewables where wind and solar resources makes sense. With this strength, commercial activities accelerating for '29 and '30 deliveries, we remain focused on our fulfillment strategy of reaching 20 gigawatts of annualized deliveries in the second half of '26 and sustaining 20 gigawatts per year starting in '27.

今天坐在這裡，26 和 27 的門票基本上都賣光了。我們即將完成 28 年的合約並開始簽署以後幾年的協議。我給出這個背景只是為了表明我繼續看到這個市場在更長時間內正常化為更高的天然氣市場。世界需要更多可調度的發電來支持經濟成長和國家安全。天然氣發電將提供大量的增量可調度電力，同時也將成為風能和太陽能資源合理利用的更多再生能源的力量倍增器。憑藉這一優勢，2029 年和 2030 年的商業活動加速推進，我們將繼續專注於實現策略，即在 2026 年下半年實現 20 吉瓦的年交付量，並從 2027 年開始維持每年 20 吉瓦的交付量。

We are gaining momentum in nuclear as well. Our customer in Ontario Power Generation received the license to construct the first SMR in North America earlier this month. We are also seeing increased interest in the U.S. about expansions at existing nuclear sites as well as the development of SMRs with productive discussions with utilities, hyperscalers, and the administration on what it takes to commission our first SMR in the U.S. by late 2030.

我們在核能領域的發展也正在取得進展。本月初，我們的客戶安大略發電公司獲得了在北美建造第一座 SMR 的許可。我們也看到美國對現有核電廠擴建以及 SMR 開發的興趣日益濃厚，並與公用事業公司、超大規模企業和政府部門就如何在 2030 年底前在美國投入使用第一座 SMR 進行了富有成效的討論。

And the growth is not restricted to Power. We continue to grow our equipment backlog in Electrification systems with $2 billion of sequential backlog growth, up 10% versus year-end levels on the strength of demand for transformers and switchgear. Electrification remains our fastest growing business and orders remain strong, particularly in North America and Asia which were our strongest growth regions this quarter.

而且這種成長並不限於電力。由於變壓器和開關設備需求強勁，我們的電氣化系統設備積壓訂單持續增加，環比積壓訂單成長 20 億美元，較年底水準成長 10%。電氣化仍然是我們成長最快的業務，訂單依然強勁，尤其是北美和亞洲，這兩個地區是我們本季成長最強勁的地區。

I mentioned services layer, and we will go on a more detail here on what we saw this quarter. Customers continue to invest more in the install base, driving orders and high margin services. Services orders grew 16% as customers aim to get more capacity and better performance out of their plants. Gas power and onshore wind drove double-digit services order strength. And steam services orders were up nearly 60% this quarter as our customers are increasingly investing in equipment upgrades, including existing nuclear sites to extend the life of their plants and get more capacity.

我提到了服務層，我們將在這裡更詳細地介紹本季看到的情況。客戶繼續在安裝基礎上投入更多資金，推動訂單和高利潤服務。由於客戶希望提高工廠的產能和性能，服務訂單增加了 16%。天然氣發電和陸域風電推動服務訂單強度達兩位數。本季蒸汽服務訂單增加了近 60%，因為我們的客戶越來越多地投資於設備升級，包括現有的核電廠，以延長其工廠的使用壽命並獲得更多產能。

To provide a bit more context on Wind in the quarter, we were pleased with delivering our fifth straight profitable quarter on onshore wind. We are also pleased with our progress with our utilization robotic crawlers that inspect the inside of our blades, both at the factory and at the site before we commission the turbines. We are investing over $100 million more year-over-year in '25 to improve the performance of our install base and remain confident these investments will yield a substantial improvement in fleet availability and services profitability in 2026.

為了提供本季度風能方面的更多背景信息，我們很高興看到陸上風能連續第五個季度實現盈利。我們也對我們在利用機器人爬行器檢查葉片內部方面取得的進展感到滿意，無論是在工廠還是在調試渦輪機之前，我們都會在現場進行檢查。我們將在 2025 年比上年增加 1 億多美元的投資，以提高我們的安裝基礎的性能，並堅信這些投資將在 2026 年大幅提高機隊可用性和服務盈利能力。

In offshore, we continue to make progress executing our existing backlog in the first quarter, commissioning another 17 units across Dogger Bank and Vineyard Wind. We still expect to be materially complete with Vineyard Wind in '25 and to be mostly complete with Dogger Bank in '26. We also agreed to a termination of the last remaining offshore wind supply agreement associated with the 18-megawatt product we are no longer developing. Our only remaining contractual commitments are the two projects currently in execution. Our losses in offshore wind have improved sequentially. And absent this one-time charge, we are better year-over-year as well.

在離岸風電領域，我們第一季繼續推動現有積壓訂單的執行，在 Dogger Bank 和 Vineyard Wind 地區投入使用另外 17 個機組。我們仍然期望 Vineyard Wind 能在 25 年實現實質完工，Dogger Bank 能在 26 年實現基本完工。我們也同意終止與我們不再開發的 18 兆瓦產品相關的最後一份離岸風電供應協議。我們唯一剩下的合約承諾是目前正在執行的兩個項目。我們在離岸風電方面的損失已持續改善。而且，除去這筆一次性費用，我們的業績也比去年同期表現得更好。

From a margin perspective, Power expanded margins 70 basis points, while Electrification expanded margin almost 700 basis points. Wind expanded margin 190 basis points while continuing to control what they can control given this is the one end market we continue to see real softness in today. We continue to expect margin expansion across all three segments in '25.

從利潤率來看，電力利潤率擴大了 70 個基點，而電氣化利潤率擴大了近 700 個基點。風能的利潤率擴大了 190 個基點，同時繼續控制其可以控制的範圍，因為這是我們今天繼續看到真正疲軟的終端市場。我們繼續預計25年所有三個部門的利潤率都將擴大。

Lean remains core to how we operate as we maintain an intense focus on improving safety, quality, delivery, and cost, a focus we are embedding throughout GE Vernova that will benefit all stakeholders. In mid-February, we held our CEO Kaizen Week with over 120 Kaizens across 13 countries, across the segments, and corporate functions. Overall, we identified over 500 safety improvements in total during Kaizen Week. We also identified enhancements to either capacity or delivery times that will create roughly $150 million in incremental revenues. Kaizens like these drive tangible sustainable improvements across SQDC while also benefiting both our customers, employees, and our financial performance.

精實仍然是我們營運的核心，因為我們高度重視提高安全性、品質、交付和成本，我們將這一重點貫穿整個 GE Vernova，這將使所有利害關係人受益。二月中旬，我們舉辦了“CEO 改善週”，來自 13 個國家/地區、各個部門和公司職能部門的 120 多名 CEO 參加了此次活動。總體而言，我們在「改善週」期間總共確定了 500 多項安全改善措施。我們還確定了產能或交貨時間的提高，這將創造約 1.5 億美元的增量收入。此類改進推動了 SQDC 的實際永續改進，同時也使我們的客戶、員工和我們的財務表現受益。

In Q1, we generated $1 billion in free cash flow after spending over $400 million between R&D and CapEx combined, an improvement of $1.6 billion year-over-year given working capital benefits and higher EBITDA as we continue to run our businesses better.

在第一季度，我們在研發和資本支出上共花費了超過 4 億美元，產生了 10 億美元的自由現金流，由於營運資本收益和更高的 EBITDA，以及我們繼續更好地運營業務，這一數字比去年同期增加了 16 億美元。

We are also creating value for our shareholders. In the quarter, we returned $1.3 billion of capital to shareholders and continued in April for a total of $1.5 billion of capital returned so far this year.

我們也為股東創造價值。本季度，我們向股東返還了 13 億美元的資本，並在 4 月繼續返還，今年迄今共返還了 15 億美元的資本。

Overall, we repurchased approximately 5 million shares at an average share price of $299. We shared at our investor update in December that we would be opportunistic with our share buyback program. And today, we see a more valuable company with even greater prospects ahead.

總體而言，我們以平均每股 299 美元的價格回購了約 500 萬股。我們在 12 月的投資者更新中表示，我們將抓住機會實施股票回購計畫。今天，我們看到的是一家更有價值、前景更廣的公司。

Taking into account the dynamic supply chain environment matched with the strength in our businesses, as I discussed on the previous page, we are reaffirming our '25 financial guidance; expect to continue to grow backlog; expand margins; and deliver positive free cash flow throughout the year.

考慮到動態的供應鏈環境與我們業務實力相匹配，正如我在上一頁所討論的，我們重申我們的'25財務指導；預計積壓訂單將繼續增加；擴大利潤；並全年實現正的自由現金流。

With that, I'm going to hand it over to Ken to provide details on Q1 results.

說完這些，我將把電話交給 Ken，讓他提供有關第一季業績的詳細資訊。

Thanks, Scott. Turning to slide 5. We delivered a strong start to 2025 with continued orders and revenue growth and adjusted EBITDA margin expansion. Importantly, we improved free cash flow by $1.6 billion year-over-year, reflecting strong downpayments and working capital management, including further improvement in linearity.

謝謝，斯科特。翻到幻燈片 5。我們為 2025 年帶來了強勁開局，訂單和收入持續成長，調整後的 EBITDA 利潤率也隨之擴大。重要的是，我們的自由現金流年增了 16 億美元，反映了強勁的首付款和營運資金管理，包括線性的進一步改善。

Demand remained robust in the first quarter as we booked $10.2 billion of orders, an increase of 8% year-over-year and approximately 1.3 times revenue. Services orders grew double digits with growth in each segment. Equipment orders grew low single digits primarily driven by strength in Power, partially offset by lower orders in onshore Wind as expected, and a tough comparison in Electrification due to a large HVDC order recorded in the first quarter of last year.

第一季需求依然強勁，我們的訂單金額達到 102 億美元，較去年同期成長 8%，約為營收的 1.3 倍。服務訂單成長兩位數，各部門均成長。設備訂單成長了較低的個位數，主要原因是電力業務的強勁成長，但陸上風電訂單的下降（符合預期）以及電氣化業務的艱難比較（由於去年第一季度記錄了大量高壓直流訂單）。

As a result of the strong orders, our backlog continued to grow both year-over-year and sequentially across equipment and services, reaching $123 billion. Equipment margin and backlog remains healthy, reflecting higher price as well as our focus on disciplined profitable growth. Revenue increased 15% with higher equipment and services revenues in all three segments. Equipment revenue grew 22% with double-digit growth in onshore Wind, Power and Electrification, while services revenue increased 8%. In addition, price was positive in each segment.

由於訂單強勁，我們的設備和服務積壓訂單持續年增，達到 1,230 億美元。設備利潤率和積壓訂單保持健康，反映出更高的價格以及我們對有紀律的獲利成長的關注。由於三個部門的設備和服務收入均增加，收入增加了 15%。設備收入成長 22%，其中陸上風電、電力和電氣化收入達到兩位數成長，服務收入成長 8%。此外，各細分市場的價格均呈現正面態勢。

Adjusted EBITDA increased nearly 70% to approximately $460 million and adjusted EBITDA margin expanded 170 basis points. Margin improved in all three segments driven by more profitable volume, price, and productivity which more than offset investments as well as inflationary impacts.

調整後的 EBITDA 成長近 70% 至約 4.6 億美元，調整後的 EBITDA 利潤率擴大 170 個基點。受利潤率提升、價格上漲和生產力提高的推動，三個部門的利潤率均有所提高，足以抵銷投資和通膨的影響。

We generated positive free cash flow in the first quarter of approximately $1 billion, a significant first quarter milestone for GE Vernova. Free cash flow improved $1.6 billion year-over-year, reflecting higher downpayments from rising orders and slot reservation agreements at Power, along with ongoing actions we're taking to improve linearity. Working capital in the quarter was approximately $1 billion cash benefit which more than offset CapEx investments to support capacity expansion, along with higher cash taxes on growing EBITDA.

我們在第一季產生了約 10 億美元的正自由現金流，這是 GE Vernova 第一季的一個重要里程碑。自由現金流年增 16 億美元，反映了 Power 訂單增加和艙位預訂協議帶來的首付款增加，以及我們為提高線性度而正在採取的持續措施。本季營運資本約為 10 億美元現金收益，足以抵銷支持產能擴張的資本支出投資，以及不斷增長的 EBITDA 的更高現金稅。

We're using Lean to drive better cash management and linearity. For example, the Power team continues to focus on accelerating the cash conversion cycle. By implementing stronger daily management and new standard work, the team improved the timely payment of invoices. These actions decreased the Power past dues balance by nearly 30% and reduced days sales out standing by three days resulting in approximately $150 million of additional free cash flow in the quarter. We continue to leverage our Lean culture across GE Vernova to deliver consistently better financial results.

我們正在使用精益來推動更好的現金管理和線性化。例如，Power 團隊繼續專注於加速現金轉換週期。透過實施更強有力的日常管理和新的標準工作，團隊提高了發票的及時支付率。這些措施使電力逾期餘額減少了近 30%，並將銷售拖欠天數減少了三天，從而為本季度帶來了約 1.5 億美元的額外自由現金流。我們將繼續在 GE Vernova 中運用精實文化，以持續提供更好的財務表現。

In 1Q 2025, we generated approximately $100 million of incremental pretax proceeds by selling an additional partial ownership stake in our China XD grid business. The proceeds are classified outside of free cash flow and the gain was removed from adjusted EBITDA. We continue to own just over 10% of China XD.

2025 年第一季度，我們透過出售中國 XD 電網業務的額外部分所有權，獲得了約 1 億美元的增量稅前收益。此收益被歸類為自由現金流以外的收益，並從調整後的 EBITDA 中剔除。我們繼續持有中國XD略高於10%的股份。

Our strength and free cash flow profile enabled us to repurchase $1.2 billion of stock and pay our inaugural dividend in the quarter. We ended 1Q 2025 with a healthy cash balance of $80.1 billion which gives us confidence in navigating this dynamic environment. As Scott mentioned, we have continued share repurchases this month, completing approximately $300 million in April.

我們的實力和自由現金流狀況使我們能夠在本季回購價值 12 億美元的股票並支付首期股利。截至 2025 年第一季度，我們的現金餘額為 801 億美元，這讓我們有信心應對這一動態環境。正如史考特所提到的，我們本月繼續回購股票，4 月完成了約 3 億美元的回購。

Importantly, we remain committed to maintaining a solid investment-grade balance sheet. In March, Fitch revised its GE Vernova ratings outlook to positive from stable and affirmed our investment-grade credit rating of BBB. Our growing backlog with expanding backlog margin provides an excellent foundation for further improvements in our financial performance moving forward.

重要的是，我們仍然致力於維持穩健的投資等級資產負債表。3 月份，惠譽將 GE Vernova 的評級展望從穩定調整為正面，並確認其投資等級信用評級為 BBB。我們的積壓訂單不斷增加，積壓訂單利潤率不斷擴大，為我們未來財務表現的進一步改善奠定了良好的基礎。

Turning to Power on slide 6. The segment delivered another strong quarter with continued robust orders growth, increased revenue, and further EBITDA margin expansion. Power orders grew 28%, led by equipment and gas power and services strength. In gas power, equipment orders increased more than 30% as we booked 29 heavy-duty gas turbines, including eight HA units. This was almost double the number of heavy-duty units booked in 1Q of 2024.

前往第 6 張投影片上的「電源」。該部門又一個季度表現強勁，訂單繼續強勁增長，收入增加，EBITDA 利潤率進一步擴大。電力訂單成長28%，主要得益於設備和天然氣發電及服務的強勁成長。在燃氣發電方面，我們預訂了 29 台重型燃氣渦輪機，其中包括 8 台 HA 機組，設備訂單增加了 30% 以上。這幾乎是 2024 年第一季預訂重型車輛數量的兩倍。

Power services orders were strong, increasing 18% primarily driven by gas and steam. Revenue increased 16% led by gas power. Equipment revenue growth was driven by increased HA deliveries. Services increased mainly from higher volume as well as price.

電力服務訂單強勁，成長 18%，主要受天然氣和蒸汽的推動。在天然氣發電的帶動下，收入增加了 16%。設備收入的成長得益於 HA 交付量的增加。服務的成長主要源自於數量和價格的提高。

EBITDA margins expanded 70 basis points to 11.5% as productivity, price, and volume more than offset the impact of inflation and additional expenses to support R&D and capacity investments at nuclear and gas power, respectively.

由於生產力、價格和產量分別抵消了通貨膨脹以及支持核電和燃氣電研發和產能投資的額外費用的影響，EBITDA 利潤率擴大了 70 個基點，達到 11.5%。

Looking at the second quarter of 2025 at Power, we expect continued year-over-year growth in gas equipment orders. We also anticipate mid-single-digit organic revenue growth, given expected equipment strength as well as continued services growth.

展望 2025 年第二季的 Power，我們預期天然氣設備訂單將持續年增。考慮到預期的設備實力以及持續的服務成長，我們也預期有機收入將實現中等個位數成長。

On a reported basis, we expect the low single-digit increase, reflecting the impact of the divestiture of a portion of the steam business in the second quarter of 2024. We expect EBITDA margin of approximately 14% to 16% as productivity and price should more than offset inflation as well as additional expenses to support R&D and capacity investments at nuclear and gas power.

根據報告，我們預計增幅將保持在低個位數，這反映了 2024 年第二季剝離部分蒸汽業務的影響。我們預計 EBITDA 利潤率約為 14% 至 16%，因為生產力和價格應足以抵消通貨膨脹以及支持核能和天然氣發電研發和產能投資的額外費用。

Based on the current outline of tariffs and resulting inflation, we do not expect a material impact to our second quarter financials at Power or Electrification.

根據目前的關稅概況和由此產生的通貨膨脹，我們預計不會對電力或電氣化第二季的財務狀況產生重大影響。

Turning to Wind on slide 7. EBITDA margin improved even as we are investing more to enhance onshore fleet performance. Wind orders decreased 43% driven by lower onshore wind equipment as a result of ongoing U.S. policy uncertainty and permitting delays. In offshore, we remain focused on executing our existing challenge backlog. Wind revenue increased 15% in the quarter on higher onshore equipment deliveries and price, partially offset by lower offshore revenue as we executed on the updated delivery schedule.

轉向幻燈片 7 上的「風」。儘管我們增加了投資以提高岸上船隊的性能，但 EBITDA 利潤率仍有所提高。由於美國政策持續不確定以及許可延遲，陸上風電設備數量減少，導致風電訂單下降了 43%。在海上，我們仍然專注於執行現有的挑戰積壓。由於陸上設備交付量增加和價格上漲，本季度風電收入增長了 15%，但由於我們按照更新後的交付計劃執行，海上收入下降，部分抵消了這一增長。

EBITDA losses improved 7%, driven by more profitable onshore equipment volume. Services cost increased in 1Q as we're deploying more crews and cranes to accelerate improvement in the onshore installed fleet performance. At offshore, EBITDA losses included a one-time termination of a supply agreement of approximately $70 million.

受陸上設備利潤增加的推動，EBITDA 虧損改善了 7%。由於我們部署了更多的工作人員和起重機以加速提高陸上安裝船隊的性能，因此第一季的服務成本有所增加。在離岸業務方面，EBITDA 損失包括一次性終止約 7,000 萬美元的供應協議。

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, policy uncertainty, and higher interest rates. We expect the Wind segment to grow revenue high single digits in 2Q 2025 driven by higher onshore equipment deliveries.

正如我們所討論的，由於客戶繼續面臨日益增長的互連隊列、政策不確定性和更高的利率，我們對北美境內訂單變化的時間保持謹慎。我們預計，受陸上設備交付量增加的推動，風電部門的收入將在 2025 年第二季度實現高個位數成長。

EBITDA losses should remain relatively consistent with 1Q 2025 as the impact of higher year-over-year onshore volume is offset by higher services us to further improve the operating performance of the installed onshore fleet and the estimated impact of tariffs primarily at offshore.

EBITDA 損失應與 2025 年第一季度保持相對一致，因為陸上油氣產量同比增長的影響被我們為進一步改善已安裝陸上油氣船隊的運營業績而提供的更高服務所抵消，以及主要在海上的關稅的預計影響。

Turning to Electrification on slide 8, we had another quarter of robust demand, significant revenue growth, and EBITDA margin expansion. Orders remained strong at approximately $3.4 billion, roughly 1.8 times revenue driven by the growing need for grid equipment. Vhile we saw substantial order growth for switchgear and transformers in North America and Asia, total orders decreased low single digits year-over-year due to a large HVDC order recorded in the first quarter of 2024.

談到第 8 張投影片上的電氣化，我們迎來了一個季度的強勁需求、顯著的營收成長和 EBITDA 利潤率擴大。訂單保持強勁，約 34 億美元，約為電網設備需求不斷增長所推動的收入的 1.8 倍。雖然我們看到北美和亞洲的開關設備和變壓器訂單大幅成長，但由於 2024 年第一季度記錄了大量高壓直流訂單，總訂單量比去年同期下降了個位數。

Equipment orders outpaced revenue, further expanding the equipment backlog to approximately $22 billion, up more than $7 billion compared to the first quarter of 2024. Revenue increased 18% driven by higher volume and price, particularly at grid solutions where we saw meaningful growth in switchgear and transformer equipment volumes. The segment delivered another quarter of double-digit EBITDA margins with 680 basis points of margin expansion on more profitable volume, increased productivity, and favorable pricing.

設備訂單成長超過收入，導致設備積壓訂單進一步擴大至約 220 億美元，與 2024 年第一季相比增加了 70 多億美元。受銷量和價格上漲的推動，收入增長了 18%，尤其是在電網解決方案方面，我們看到開關設備和變壓器設備銷售的顯著增長。該部門本季再次實現兩位數 EBITDA 利潤率，利潤率擴大 680 個基點，得益於盈利量的增加、生產力的提高以及優惠的價格。

In the second quarter 2025, we anticipate continued solid equipment orders at healthy margins. Electrification revenue growth should be in line with our full-year guidance driven by higher volume and favorable pricing primarily at grid solutions as we expect modest EBITDA margin expansion sequentially.

我們預計 2025 年第二季設備訂單將持續保持穩健，利潤率也將保持健康。電氣化收入成長應與我們的全年預期一致，這主要得益於電網解決方案的銷售增加和優惠定價，因為我們預計 EBITDA 利潤率將環比適度擴大。

I'll now turn to slide 9 to discuss GE Vernova guidance further. For the second quarter, based on our expectations for the segment which I've already outlined, we expect continued year-over-year revenue growth and adjusted EBITDA margin expansion in the quarter. While we expect to generate positive free cash flow in the second quarter driven by our continuing focus on better cash linearity and increased EBITDA, we do anticipate lower free cash flow year-over-year due to the approximately $300 million non-recurring arbitration refund received in the second quarter of 2024. We continue to expect to deliver positive free cash flow in all four quarters this year.

我現在將翻到第 9 張投影片來進一步討論 GE Vernova 指導。對於第二季度，根據我們已經概述的對該部門的預期，我們預計本季營收將繼續同比增長，調整後的 EBITDA 利潤率也將擴大。雖然我們預計第二季將產生正的自由現金流，這得益於我們持續關注更好的現金線性和增加 EBITDA，但由於 2024 年第二季收到約 3 億美元的非經常性仲裁退款，我們預計自由現金流將同比下降。我們仍然預計今年四個季度的自由現金流都將為正值。

For the full year, we're reaffirming the 2025 guidance which includes the impact of tariffs as currently outlined and resulting inflation which is estimated to be approximately $300 million to $400 million net of mitigating actions. As Scott mentioned, we're actively navigating this dynamic environment and taking action. Some of our G&A cost-out acceleration and supply chain actions will occur in 2025, but we expect benefits beyond this year.

對於全年，我們重申 2025 年的指導方針，其中包括目前概述的關稅影響以及由此產生的通貨膨脹，扣除緩解措施後估計約為 3 億至 4 億美元。正如斯科特所說，我們正在積極應對這種動態環境並採取行動。我們的一些 G&A 成本加速和供應鏈行動將在 2025 年發生，但我們預計收益將在今年之後顯現。

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

我們繼續預期 2025 年全年營收將在 360 億美元至 370 億美元之間，年成長中等個位數，服務和設備均成長。我們也預計，隨著我們以更優惠的價格和更好的執行力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。我們預計自由現金流將在 20 億美元至 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 Power EBITDA margins between 13% and 14%. In Wind, we expect revenue to be down mid-single digits given our continued geographic selectivity in onshore and the benefit of the one-time settlement from an offshore contract termination in 2024. 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. 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.

按部門劃分，我們繼續預期電力部門的有機收入將實現中等個位數成長，這得益於更高的天然氣服務和設備，電力部門的 EBITDA 利潤率將在 13% 至 14% 之間。在風能領域，考慮到我們在陸上風電領域的持續地理選擇性以及 2024 年海上合約終止的一次性結算收益，我們預計收入將下降中等個位數。我們預計，2025 年風電 EBITDA 虧損將在 2 億美元至 4 億美元之間，年比有所改善，這得益於陸上利潤率在高個位數範圍內擴張以及海上虧損略有下降。在電氣化領域，我們預計持續強勁的需求和優惠的價格將推動中高水準的有機收入成長，EBITDA 利潤率將達到 11% 至 13%，因為我們將提供更具利潤的積壓訂單。

We continue to expect 2025 adjusted EBITDA to be more second half-weighted similar to last year. We anticipate typical gas services seasonality with the highest outage volume in the fourth quarter. 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. We also expect electrification earnings to grow sequentially through the year.

我們繼續預計 2025 年調整後的 EBITDA 將與去年下半年加權持平。我們預計天然氣服務將呈現典型的季節性，第四季的中斷量最高。此外，下半年風電 EBITDA 應該會比上半年有所改善，這主要歸功於已積壓的陸上渦輪機交付時間的安排以及服務盈利能力的提高。我們也預計電氣化收益將全年持續成長。

Finally at corporate, EBITDA can be uneven across quarters like 2024 as it includes the portfolio activity at our financial services business. We also the timing of cost savings to be more back-end loaded as we drive additional G&A cost transformation. Overall, we drove strong results in 1Q 2025 with continued growth, significant margin expansion, and increasing free cash flow generation. We're very encouraged by the rising demand and consistently stronger execution we're seeing at Power and Electrification as well as the improvements we're making at Wind enabled by our Lean culture.

最後，在企業方面，EBITDA 在 2024 年等各季度可能會不均衡，因為它包含了我們金融服務業務的投資組合活動。隨著我們推動額外的 G&A 成本轉型，我們還將節省更多後端成本。總體而言，我們在 2025 年第一季取得了強勁的業績，持續成長，利潤率大幅擴大，自由現金流不斷增加。我們對電力和電氣化領域不斷增長的需求和持續強勁的執行力感到非常鼓舞，而我們在精益文化的推動下，在風能領域也取得了進步。

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

說完這些，我就把話題轉回給史考特。

Thanks, Ken. We are pleased with our performance to start the year and are excited about our future as we help our customers electrify and decarbonize the world. I have increased conviction that GE Vernova is well-positioned to lead. Markets remained robust in Power and Electrification. At Wind, markets remain tough. We continue to execute better in all three segments. We remain in the early stages of substantial margin expansion, and I am pleased with our momentum and adoption of Lean.

謝謝，肯。我們對今年年初的業績感到滿意，並對未來充滿期待，因為我們將幫助客戶實現世界電氣化和脫碳。我越來越相信 GE Vernova 有能力成為領導者。電力和電氣化市場依然強勁。對 Wind 來說，市場依然艱難。我們在所有三個領域都繼續表現得更好。我們仍處於利潤大幅擴張的早期階段，我對我們的發展動能和精實的採用感到滿意。

We are reaffirming our 2025 guidance and are taking action to mitigate the current outline of tariffs and resulting inflation. Our balance sheet is solid. And we're growing free cash flow which gives us confidence in our ability to invest in the businesses while also returning significant capital to shareholders.

我們重申我們的 2025 年指導方針，並採取行動緩解當前的關稅狀況​​和由此產生的通貨膨脹。我們的資產負債表穩健。我們的自由現金流正在成長，這使我們對投資業務的能力充滿信心，同時也為股東帶來大量資本回報。

Our team is core to all of these efforts, and we are accelerating a stronger culture to ensure GE Vernova can meet its full potential. We are just getting started.

我們的團隊是所有這些努力的核心，我們正在加速打造更強大的文化，以確保 GE Vernova 能夠充分發揮其潛力。我們才剛開始。

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

說完這些，我將把電話會議的問答部分交還給麥可。

(Event Instructions) With that, operator, please open the line.

（活動指示）接線員，請接通線路。

(Operator Instructions)

（操作員指示）

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Good morning, guys. Can we start with the tariffs impact? I guess, can you talk about like what's embedded in $300 million, $400 million with respect to the impact on COGS on a gross basis versus the mitigation actions? And Scott and Ken, if you guys could talk a little more about what the mitigation focus is with respect to price versus G&A and if you expect to fully offset tariffs by the time we get to 2026. Thank you.

大家早安。我們可以從關稅的影響開始嗎？我想，您能否談談 3 億美元、4 億美元對 COGS 整體影響以及緩解措施的影響？史考特和肯，你們能否再多談談價格與一般及行政費用方面的緩解重點是什麼，以及是否預計到 2026 年將完全抵銷關稅。謝謝。

Obviously, as we start this and look at the $300 million to $400 million, what we can tell you is that the teams are actively working to not only identify what we see as the 2025 impact. But as you pointed out at the last part of your question, continuing to drive this to where we can minimize the ongoing cost that it affects that company over time. We do believe in this environment that however tariffs end up, whether they be a continuing impact at the levels that they're at or that they do adjust down, that this will result in, not just for us but for all companies, a continued increase in the cost base. Therefore, it gives us the opportunity to take a look at our supply base as well as our G&A structure and make sure that, I think, we've used the words, make sure that we are operating as a great industrial company, both with a strong supply base as well as the G&A work force.

顯然，當我們開始這項工作並著眼於 3 億到 4 億美元時，我們可以告訴你的是，團隊正在積極努力，不僅要確定我們所看到的 2025 年的影響。但正如您在問題的最後一部分所指出的那樣，繼續推動這一進程，我們可以最大限度地減少對公司長期影響的持續成本。我們確實相信，在這種環境下，無論關稅最終如何，無論是繼續維持現有水準還是下調，都會導致成本基礎持續增加，不僅是對我們，而且對所有公司而言。因此，它使我們有機會審視我們的供應基礎以及我們的 G&A 結構，並確保，我認為，我們已經使用了這些詞，確保我們作為一家偉大的工業公司運營，既擁有強大的供應基礎，也擁有 G&A 勞動力。

As far as gross to net, I'll stay away a little bit from the actual gross numbers. But what I will tell you, our couple of stats that are probably important and not so surprising, the biggest tariff impact to us really sits on the China base. And it's not so much that that's where the majority of our spend is. But it's really just based upon the rate of the tariff that you've heard that has been announced.

就總額與淨額而言，我會稍微遠離實際總額。但我要告訴你的是，我們的一些數據可能很重要，而且並不令人驚訝，對我們最大的關稅影響實際上在於中國。但這並不是說我們的大部分支出都花在了這一點上。但它實際上只是基於您所聽到的已公佈的關稅稅率。

We've talked to you in the last couple of months that we've been trying to stay really, really close to the tariff situation that when it was China, Canada, and Mexico, it impacted about 5% of our total direct spend which is about $20 billion on an annual basis.

過去幾個月我們曾說過，我們一直在努力密切關注關稅情況，當涉及到中國、加拿大和墨西哥時，關稅影響了我們直接支出總額的約 5%，即每年約 200 億美元。

Now with the expanded tariffs across the world beyond China, Canada, Mexico, and pulling in some of the spend on steel which is an impact to us, it really impacts about a quarter of our total direct spend on an annual basis.

現在，隨著全球範圍內除中國、加拿大、墨西哥以外的關稅擴大，並拉動部分鋼鐵支出，這對我們產生了影響，實際上影響了我們每年直接支出總額的四分之一。

So what are our mitigating actions? There are some places where we can pass it through under contracts that have inflationary clauses, and we're looking actively at that right now. There are some of our contracts on the equipment side where we have the opportunity to talk to our customers about how this might come through with a change in law kind of clause. And if those changes in laws do create a higher cost base, we have the opportunity to add a minimum to go back to our customers and talk about that. We're also looking at ways where we can move our supply chain around, right?

那我們的緩解措施是什麼？在一些地方，我們可以透過包含通貨膨脹條款的合約來實現這一點，我們現在正在積極考慮這一點。在我們的一些設備合約中，我們有機會與客戶討論如何透過法律條款的變更來實現這一點。如果這些法律變化確實造成了更高的成本基礎，我們就有機會增加最低成本，然後與客戶討論這個問題。我們也在尋找可以轉移供應鏈的方法，對嗎？

So in the case of China, there's probably about two-thirds of our China spend that today is already dual qualified in other places. Now that can't move immediately because we have contracts in progress. But we are looking at the activity that will help us to move that along and have the opportunity to reduce the cost overall.

因此，就中國而言，我們目前在中國的支出中大約有三分之二已經在其他地方獲得了雙重資格。現在還不能立即行動，因為我們還有合約正在進行中。但我們正在尋找能夠幫助我們推動這項進程並有機會降低整體成本的活動。

I'll wrap it up a little bit with the comment on the G&A side. Back in March of 2024 when we started with our first Investor Day with the broader community, we talked about a target to really transform our G&A structure or call it our back office structure that supports this new combined group of 12 companies that became GE Vernova. And we set a target to reduce costs by about $0.5 billion by 2028 at that point in time.

我將用 G&A 方面的評論來總結一下。早在 2024 年 3 月，當我們與更廣泛的社區一起開始我們的第一個投資者日時，我們就談到了一個目標，即真正改變我們的 G&A 結構，或稱之為我們的後台結構，以支持這個由 12 家公司組成的新合併集團，即 GE Vernova。我們設定的目標是到 2028 年將成本降低約 5 億美元。

The teams have been working hard with that initiative well before the concept of what might happen with tariffs because we know it was the right thing to do. We updated that number for you in December and said we were going to achieve about $600 million now.

早在關稅問題出現之前，團隊就一直在努力推動這項舉措，因為我們知道這是正確的做法。我們在 12 月更新了這個數字，並表示我們現在將實現約 6 億美元的目標。

Really, what we're doing through this process is accelerating that exact work that we've been working on for the last year-and-a-half-plus as we've been preparing to make this company even more streamlined from an operational perspective, both within the manufacturing side of the operations as well as on the back office side.

實際上，我們透過這個過程所做的就是加速我們在過去一年半多的時間裡一直在進行的工作，我們一直在準備從營運的角度使這家公司更加精簡，無論是在製造方面還是在後台方面。

So lots of words to say, lots of things going on. But what I would close that off by saying is we don't put a check box and say $300 million to $400 million, count on that to be the number today and going forward. We will continue to work to make this company even better from a cost perspective.

有很多話要說，有很多事要做。但最後我想說的是，我們不會打勾然後說 3 億到 4 億美元，而是指望這就是今天和未來的數字。我們將繼續努力，從成本角度使這家公司變得更好。

I think Ken framed it perfectly. The only thing I would combine and bring together to his point where our biggest impact is in China and about two-thirds of the China exposure, we can move fairly easily. The one business within the portfolio that were maybe most affected on is offshore wind. And when you think about offshore wind with a two-year backlog we're trying to expedite and close out, that's the business that we're not going to invest money into to reallocate supply chain at this point and maybe a more pronounced impact in some of the other businesses for just the state of affairs of offshore wind.

我認為肯將它完美地框起來。我唯一想結合他的觀點，即我們最大的影響力在中國，而且約有三分之二的中國業務，我們可以相當輕鬆地採取行動。投資組合中受影響最嚴重的業務可能是離岸風電。當您想到我們正試圖加快並結束積壓了兩年的離岸風電訂單時，我們目前不會在該業務上投入資金來重新分配供應鏈，而且就海上風電的現狀而言，這可能會對其他一些業務產生更明顯的影響。

So this really is an opportunity for us to simply become a better industrial company from when President Trump was at the Rose Garden on April 2 in the afternoon to Friday afternoon, we had countermeasures and plans in place 48 hours later. and we're going to use this moment to become a better company together. Thanks, Nicole.

所以這對我們來說真的是一個機會，讓我們成為一家更好的工業公司，從川普總統 4 月 2 日下午到玫瑰園，到星期五下午，48 小時後我們就制定了對策和計劃。我們將利用這一時機共同打造一家更好的公司。謝謝，妮可。

Mark Strouse, J.P. Morgan.

摩根大通的馬克‧斯特勞斯。

Hey everybody. Good morning. Thanks for taking my questions. I wanted to start with the Power segment. Appreciate the update on the slot reservations. Are you able to provide more color on those 21 gigs by customer type, by geography? I know you've got a lot of different irons in the fire, but how much of that is coming from data centers, for example? Thank you.

嘿，大家好。早安.感謝您回答我的問題。我想從電力部分開始。感謝您提供有關時段預訂的更新資訊。您能否按客戶類型和地理位置提供更多關於這 21 場演出的詳細資訊？我知道你們有很多不同的工作要做，但是其中有多少是來自資料中心呢？謝謝。

A couple of important data points. I'd say of the total 50 gigawatts that we have on contract between the backlog and the slot reservation agreements, about 60% of that is in the U.S. So geographically, that gives you an idea for where this growth is coming. And then of the 29 gigawatts that are already in backlog, when it comes to data centers, it's fairly negligible. I mean, we started executing on a few smaller projects that have been announced like Crusoe in Texas. But it's a very small amount. With the slot reservation agreements, that 21 gigawatts, about a third of it is aligned with the data center buildouts. So what you're seeing here is a very strong shift towards the U.S. And in slot reservation agreements, a lot of data center contracts that we expect to start to convert to orders in the second half of the year. Thanks, Mark.

幾個重要的數據點。我想說，在我們簽訂的積壓合約和時段預訂協議中，總共 50 千兆瓦的電力中，大約 60% 是在美國。所以從地理位置來看，這可以讓你了解這種成長來自哪裡。然後，對於已經積壓的 29 千兆瓦來說，當涉及到資料中心時，這幾乎可以忽略不計。我的意思是，我們開始執行一些已經宣布的小型項目，例如德克薩斯州的克魯索項目。但數量非常少。根據時段預留協議，這 21 千兆瓦中約有三分之一與資料中心建置一致。因此，您在這裡看到的是向美國的強勁轉變。在時段預訂協議中，我們預計許多資料中心合約將在今年下半年開始轉換為訂單。謝謝，馬克。

Joe Ritchie, Goldman Sachs.

高盛的喬·里奇。

Good morning. Just quickly on both the slot reservation agreement and the 29 gigawatts that are already in your backlog, we often get the question on cancellation risk just given the gyrations that we're seeing, particularly from the data center market, can you maybe just talk about the stickiness and resiliency of both the backlog and the slot reservations?

早安.關於時段預訂協議和您已經積壓的 29 千兆瓦，我們經常會問到取消風險的問題，考慮到我們所看到的波動，特別是數據中心市場的波動，您能否談談積壓和時段預訂的粘性和彈性？

I would just emphasize that even with the slot reservation agreements, I mean, we've got directionally 20% of those contracts paid for today. The reason they're not on order today is because the customers are still working through their EPC contracts. They're still working through site selection and air permits. And as they do those things, although they've secured the timing of a slot, that gives us the confidence that the accuracy of that slot relative to the ultimate delivery is that much more firmed up to recognize that as an order.

我只想強調，即使有時段預訂協議，我們今天也已經定向支付了 20% 的合約費用。他們今天沒有訂購的原因是客戶仍在履行他們的 EPC 合約。他們仍在進行選址和申請空氣許可證的工作。當他們做這些事情時，儘管他們已經確定了時間段，但這讓我們有信心，相對於最終交付，該時間段的準確性更加確定，可以將其識別為訂單。

So the 29 gigawatts that are on backlog, very firm on schedule. I think the 21 gigawatts that are on slot reservation agreements, we could see some movements on slots as final EPCs and sites are selected. But if you just take a step back, Joe, we're at a point now where '26 and '27 are largely sold out. '28 is materially sold out, although we still have some slots were selling. And I think the material development, even in the last 90 days, is we now have orders for '29 and we're in active discussions for slots in 2030.

因此，積壓的 29 千兆瓦發電量非常符合計畫。我認為，在時段預訂協議中的 21 千兆瓦中，隨著最終 EPC 和站點的選擇，我們可能會看到時段的一些變動。但喬，如果你退一步想一想，我們現在所處的階段是 26 年和 27 年的門票基本上都已售罄。 '28 的門票基本上已經售罄，儘管我們還有一些座位在售。我認為，即使在過去 90 天裡，實質的發展就是我們現在有 29 年的訂單，我們正在積極討論 2030 年的訂單。

And I'd make that point to just really reinforce that it's very clear with the customers that there's a need for more gas over a longer period of time. There will be some movement amongst the slots, I would expect, over the next five years. But I see very little "cancellation risks." But there will be some movements that our supply chain will have to be nimble with as the slot reservation agreements turn to orders and final dates get finalized. Thanks for the question, Joe.

我提出這一點只是為了強調，客戶非常清楚，在較長時期內需要更多的天然氣。我預計，未來五年內，老虎機之間會發生一些變動。但我發現「取消風險」很小。但隨著艙位預訂協議轉化為訂單以及最終日期的確定，我們的供應鏈必須靈活應對一些變化。謝謝你的提問，喬。

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

Good morning and thank you. I wanted to ask about pricing dynamics. Previously in December, you all had indicated that you're taking pricing on gas turbines. I'm curious what the environment is like today. Are you still able to push pricing further in gas and also in electrification? Thanks.

早安，謝謝。我想詢問一下定價動態。早在 12 月份，你們就曾表示要為燃氣渦輪機進行定價。我很好奇今天的環境是什麼樣的。您是否還能進一步提高天然氣和電氣化的價格？謝謝。

In gas, we continue to be in a price-up environment. I think the price and what we recognized in orders in the first half of '25 is going to be better than the second half of '24. The second half of '25 will be better than the first half. We continue to take price-up, including in the month of April, in light of the tariff dynamic to further extent. Those pricing actions in April aren't yet leading to orders per se, but that continues to be the direction of travel. Those price-up moves in gas remain much steeper than where we are on Electrification. We do continue to be gaining price on Electrification but at a slower rate than what we were experiencing in '24, let's say. And it varies a little bit by geography and by product type. So switchgears in North America remain very strong in price. A little bit more of a normalization with some of our product and solutions in Europe, as an example.

在天然氣方面，我們繼續處於價格上漲的環境中。我認為 25 年上半年的價格和訂單情況會比 24 年下半年更好。25 年下半年將會比上半年更好。考慮到關稅動態，我們將繼續提高價格，包括四月的價格。四月份的定價行動本身尚未帶來訂單，但這仍然是發展的方向。天然氣價格上漲幅度仍比電氣化價格上漲幅度大得多。電氣化價格確實在繼續上漲，但漲幅比 24 年慢。並且它會根據地理位置和產品類型而略有不同。因此北美的開關設備價格仍然非常堅挺。例如，我們在歐洲的一些產品和解決方案更加規範化。

Maybe just one thing to think about as you're thinking about the dynamic of our margins and backlog. And Scott has talked -- we talked about this back in December. But just think about the timeline that it takes to go from a concept of an order to the booking of an order. And we gave you some numbers in January, as we close the year, that talked about another 12 full points of margin in our backlogs across the company and that coming in both the Electrification segment as well as the Power segment fairly sizably.

當您思考我們的利潤和積壓訂單的動態時，也許只需要考慮一件事。斯科特已經談過了——我們早在 12 月就談過這個問題。但只要想想從訂單概念到訂單預訂所需的時間表。我們在一月份，也就是今年年底的時候，給了你們一些數據，這些數據表明，我們整個公司的積壓訂單的利潤率又增加了 12 個點，而且無論是電氣化部門還是電力部門，利潤率都相當可觀。

I give you that because just as you think about that kind of growth in our margin and backlog that we quoted towards the end of 2024, a lot of the pricing dynamics that Scott is talking to you right now where the prices have continued to go up as we've seen the acceleration of demand, that incremental pricing really isn't already sitting in our orders. Some of that's in our SRAs. But those, as they continue to get finalized, will create additional margin in our backlog which will support future growth and profitability in both the Electrification and Power businesses.

我之所以給你這個訊息，是因為正如你想到我們在 2024 年底報價的利潤率和積壓訂單的增長一樣，斯科特現在和你談論的許多定價動態是，隨著需求的加速，價格持續上漲，增量定價實際上還沒有包含在我們的訂單中。其中一些在我們的 SRA 中。但隨著這些項目的不斷完成，將為我們的積壓訂單創造額外的利潤，這將支持電氣化和電力業務未來的成長和獲利能力。

Thanks, Ken. Perfect.

謝謝，肯。完美的。

Andrew Percoco, Morgan Stanley.

摩根士丹利的安德魯·佩科科。

Good morning, Scott. Thanks for taking the question and congrats on a strong start to the year. Scott, it doesn't sound like you're worried at all about the outlook. It sounds like you're still very confident in what you're seeing. But I'm just curious, since April 2, since the implementation of the tariffs, here's the market's getting a lot more worried about a recession, have you seen any change in behavior from your customers? I'm thinking particularly about the gas power business, maybe some of the co-located data centers versus the traditional regulated utilities. Has there been any change in cadence of conversation or appetite from customers as you've seen the world changed pretty dramatically in the last few weeks?

早安，史考特。感謝您回答這個問題，並祝賀您今年取得了良好的開端。史考特，聽起來你一點也不擔心前景。聽起來你對你所看到的事情仍然非常有信心。但我很好奇，自 4 月 2 日實施關稅以來，市場對經濟衰退的擔憂日益加劇，您是否發現客戶的行為有任何變化？我特別考慮的是天然氣發電業務，也許是一些共置資料中心與傳統受監管的公用事業。過去幾週，世界發生了翻天覆地的變化，您發現顧客的談話節奏或胃口有什麼變化嗎？

And then maybe as a follow-up question to a prior question, are you changing at all your contract structure with these long lead time orders to maybe better protect yourself for future changes in tariff? I'm just wondering if there's any fundamental changes to the contract structure just given the world that we're living in. Thank you.

然後也許作為前一個問題的後續問題，您是否會根據這些長交貨期訂單改變您的所有合約結構，以便在未來的關稅變化中更好地保​​護自己？我只是想知道，考慮到我們所生活的世界，合約結構是否會發生根本性的變化。謝謝。

Andrew, it's only a few weeks, as you said. But generally speaking, we continue to see the same growth trajectory today than we were projecting on April 1. So what we're trying to emphasize in the call today is all indications are strong growth ahead.

安德魯，正如你所說，只需要幾週時間。但總體而言，我們今天看到的成長軌跡與我們 4 月 1 日預測的一樣。因此，我們今天在電話會議上試圖強調的是，所有跡像都表明未來將出現強勁成長。

All that said, we do have some cost pressures now that we need to go after, and that's why we're calling out the $300 million to $400 million this year. I think Ken framed perfectly the tariff dynamic for '25. But we run the company with a view that the tariffs are going to change, the inflation dynamics will evolve. But there's some cost pressure here that we expect, that then we need to countermeasure. And that's everything that Ken framed up. And if we do that well, we're going to be all that much better a company on the other side. So the growth remains strong. We do have some tariff inflation pressure we've got to countermeasure.

儘管如此，我們現在確實面臨一些需要應對的成本壓力，這就是我們今年要撥款 3 億至 4 億美元的原因。我認為肯完美地描繪了 25 年的關稅動態。但我們經營公司時認為關稅將會改變，通膨動態將會演變。但我們預計這裡存在一些成本壓力，因此我們需要採取應對措施。這就是肯所策劃的一切。如果我們做得好，那麼我們就會成為一家更好的公司。因此成長依然強勁。我們確實面臨一些關稅通膨壓力，必須採取應對措施。

When it comes to the contracts, in many cases, we already were protected. In other cases, there are some adjustments that we're making with some contracts and some learnings that should protect us going forward. And I think those are really the key themes.

就合約而言，在許多情況下，我們已經受到保護。在其他情況下，我們正在對一些合約和一些經驗教訓進行一些調整，以保護我們未來的發展。我認為這些才是真正的關鍵主題。

It's really a nuance to that contract question, but we've talked a lot in the last 18 months or so about stronger underwriting to make sure that we're driving disciplined growth. And one of the things that we are truly looking at right now is not necessarily a change in contracting, but really looking closely at these cash curves. The reason I bring that up is we bring a lot of cash in upfront on the downpayment. Scott mentioned approximately 20% of downpayments on orders and SRAs. But in this environment where we're bringing things in to support those contracts at a higher cost, we will watch very closely when the milestone payments need to occur as we're incurring costs so we always stay in a positive cash curve.

這確實是合約問題的一個細微差別，但在過去 18 個月左右的時間裡，我們已經多次討論加強承保，以確保我們推動有紀律的成長。我們現在真正關注的事情之一不一定是合約的變化，而是密切關注這些現金曲線。我之所以提起這一點，是因為我們在首付中預先投入了大量現金。斯科特提到訂單和 SRA 的首付款大約為 20%。但在這種環境下，我們以更高的成本引入資源來支持這些合同，我們將密切關注里程碑付款何時需要發生，因為我們會產生成本，因此我們始終保持正現金曲線。

I put that point out there because we often get the question around, hey, you've got a great amount of money coming in on the upfront, how do you manage it through the process to ensure that you're positive the whole team time. And that's one of the things that we're looking at closely now.

我提出這一點是因為我們經常被問到這樣的問題：嘿，你預先獲得了一大筆資金，你如何在整個過程中管理它以確保你在整個團隊中都保持積極的態度。這是我們目前正在密切關注的事情之一。

Thanks, Ken.

謝謝，肯。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Thanks for the question. Just want to stick with gas. I think, Scott, you mentioned that the minority of your reservations, data center, which is a bit surprising. So I'm just wondering maybe you could weigh in with your perspective on what you've seen in kind of your kind of front-loaded opportunity set for data centers as it relates to gas?

謝謝你的提問。只想堅持使用天然氣。史考特，我認為你提到了你的保留意見中少數是關於資料中心的，這有點令人驚訝。所以我只是想知道，您是否可以根據自己的觀點來談談您所看到的與天然氣相關的資料中心前期機會？

And then what is kind of the key to getting the slot reservations into orders? Is it permitting, financing? And I know you said over the next 12 months or so, but just wondering what that looks like. Thanks.

那麼，將艙位預訂轉化為訂單的關鍵是什麼？是許可還是融資？我知道您說過在接下來的 12 個月左右，但我只是想知道它會是什麼樣子。謝謝。

You bet, Nigel. I'd go work it backwards. It really comes down to the customer securing their EPC. In some cases, they're choosing amongst a few sites. So think to yourself, they may have put in air permit requests in multiple states for potential buildouts. They're negotiating with the EPCs. And as those things firm up, we'll firm them up in orders.

當然，奈傑爾。我會反過來做這件事。這實際上取決於客戶如何確保他們的 EPC 安全。在某些情況下，他們會在幾個站點中進行選擇。所以你自己想想，他們可能已經在多個州提出了空中許可申請，​​以進行潛在的擴建。他們正在與 EPC 進行談判。隨著這些事情逐漸確定，我們將在訂單中確定它們。

The reality with a lot of the slot reservation agreements is it's less the concern on financing capability. But until you got that final site selection and EPC partner to build the plan, we aren't going to put in an order because until those things are secured, there is some timing uncertainty, although I think with the capital and the cash these customers are providing for us, we don't view the cancellation risk to be very material.

現實情況是，許多時段預訂協議並不太重視融資能力。但是，在最終選址和 EPC 合作夥伴制定計劃之前，我們不會下訂單，因為在這些事情得到解決之前，存在一些時間上的不確定性，儘管我認為憑藉這些客戶提供的資金和現金，我們認為取消風險並不大。

You are right. We said about a third of the 21 gigawatts are direct to a data center project. The other two-thirds are everything else that's happening in the world right now. I mean, we have electrification growth for more than just data centers. I mean, it's beyond baseload power also because a healthy amount of these are also F-class gas turbines to just strengthen the durability and the resiliency on the grid. So we don't think the one-third is a bad directional view of where the orders profiles going from here here, whether that be in the U.S. or globally. Thanks, Nigel.

你是對的。我們說，21千兆瓦中約有三分之一直接用於資料中心專案。其餘三分之二是當今世界上正在發生的其他一切事情。我的意思是，我們的電氣化成長不僅限於資料中心。我的意思是，它也超出了基載電力，因為其中相當一部分也是 F 級燃氣渦輪機，只是為了增強電網的耐用性和彈性。因此，我們認為，無論是在美國還是在全球範圍內，三分之一的訂單情況對於未來的走向並不是一個糟糕的方向性看法。謝謝，奈傑爾。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Good morning. Maybe just wanted to start with the EBITDA margin guide. So you've got the Power and Electrification numbers on slide 9 for the year at sort of 13-ish percent at the high end for Electrification, the low end for Power. But I guess if I look at your Q1 results and your Q2 comments, it looks like the first half in both Power and Electrification, you should be at the full-year margin numbers. And normally, you get a half on half step-up in margins in those businesses in the second half. So I'm just trying to understand anything you'd call out and any sort of bridge items or anything that would imply less than normal seasonal ramp. Is it the tariff weighting coming in hard in Q3? Is it plant capacity, additional ramp-up costs in Power? How much is just natural contingency? Any color on that, please?

早安.也許只是想從 EBITDA 利潤率指南開始。因此，您可以看到第 9 張幻燈片中顯示的今年的電力和電氣化數字，電氣化的最高端為 13% 左右，電力的最低端為 13%。但我想，如果我看一下您的第一季業績和第二季評論，看起來無論是電力還是電氣化部門的上半年，您的利潤率都應該與全年利潤率數字一致。通常情況下，下半年這些業務的利潤率會提高一半以上。所以我只是想了解您所呼籲的任何內容以及任何類型的過渡項目或任何暗示季節性增長低於正常水平的內容。第三季關稅加權是否會變得嚴格？是工廠產能，還是電力的額外提升成本？有多少只是自然偶然事件？請問那上面有什麼顏色嗎？

The first quarter is obviously our smallest quarter of the year. So we are performing well in the businesses exactly in line or better than where we expected to perform coming out of the gates. The guides that you talked about, we certainly do have a new placeholder in there that wasn't there when we set the guide which is the increase in costs due to tariffs that we've sized to the $300 million to $400 million impact.

第一季顯然是我們今年業績最小的一個季度。因此，我們的業務表現良好，完全符合或優於我們預期的表現。在您所談到的指南中，我們確實有一個在製定指南時不存在的新佔位符，即由於關稅而導致的成本增加，我們將其影響規模定為 3 億至 4 億美元。

The one that we can more immediately estimate what's going to impact us is the one that hits the Wind piece of the business. And that's because when you have a piece of the portfolio, specifically the offshore wind side, that's got a couple of contracts that are running at losses, pretty much anything that you estimate for incremental cost is going to flow through and affect you right there. So that's one variable on that business that we do see a very clear path to how much it's going to affect us.

我們可以更直接地估計哪些因素會對我們產生影響，哪些因素會對風能業務產生影響。這是因為，當你擁有投資組合的一部分，特別是離岸風電方面，其中有幾份合約處於虧損狀態時，你估計的幾乎所有增量成本都會流經並對你產生影響。因此，這是該業務的一個變量，我們確實清楚地看到了它將對我們的影響有多大。

At this point in time, we've inclined that both the Power and Electrification businesses are running well against where we thought they were going to be both on an orders perspective and importantly on an execution perspective. But we do want to continue to measure how these tariffs are going to roll in to each of those businesses as we move through the year.

目前，我們傾向於認為，無論是從訂單角度還是從執行角度來看，電力和電氣化業務的運作都與我們預想的一樣好。但我們確實想繼續衡量這些關稅在今年內將如何對每個企業產生影響。

That said, we still feel extremely confident of the guide that we've given you on all three businesses as well as GE Vernova overall for the year.

儘管如此，我們仍然對我們為這三家公司以及 GE Vernova 全年提供的整體指導非常有信心。

it's a good start, Julian. It's 90 days. Let's get through the second quarter. And much like we did last year, we'll see where we are in the summertime.

這是一個好的開始，朱利安。是90天。讓我們度過第二季。就像我們去年所做的那樣，我們將在夏天看看我們的處境。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Good morning and thank you very much. Maybe following up on my namesake here a little bit. Just the FCF range, you've got about $0.5 billion for the $2.5 billion. You talk about $300 million to $400 million. Are there other mitigating impacts from a cash perspective, just to understand there, or was it just kind of an acceleration of the SG&A that we should be looking for at the back half of the year? And then related, if I can, your commentary on Wind certainly took a little bit of a tone lower here. On onshore specifically, how do you think about that especially given the top of the funnel seems to be slowing given the permitting regime of late? How do you think about the longer-term trends on that front?

早安，非常感謝。也許在這裡稍微跟進一下我的名字。僅就自由現金流範圍而言，25 億美元中就有約 5 億美元。你說的是3億到4億美元。從現金角度來看，是否還有其他緩解影響，只是為了了解一下，或者這只是我們應該在下半年尋找的銷售、一般和行政費用的加速？然後相關地，如果可以的話，你對《風》的評論在這裡肯定會稍微低調一些。具體來說，就陸上而言，您如何看待這個問題，尤其是考慮到最近的許可製度似乎導致漏斗頂部的增長放緩？您如何看待這方面的長期趨勢？

Ken, I'll start in the back half and then, you do the first half. I'd say on Wind, let's just keep the context that we have over 200 gigawatts of projects, the country does, I mean, the interconnect queue. We continue to see there being an important role for Wind to play, but we need to see progress on permitting. I think there's a real question on the price embedded in those projects that are in the interconnect queue where the tax incentive is going. I think clarity on permitting process today and ultimate incentives are going to be important to drive clarity and those projects to get into closure.

肯，我先講後半部分，然後你講前半部分。我想說，關於風能，我們只要記住我們有超過 200 千兆瓦的項目，這個國家確實有，我的意思是，互連隊列。我們繼續看到風能發揮重要作用，但我們需要看到許可的進展。我認為，對於互連隊列中享受稅收優惠的項目，其價格確實存在疑問。我認為，今天明確許可流程和最終激勵措施對於推動清晰度和這些專案的完成至關重要。

First quarter was light. We remain cautious on the moment that we see that growth inflection in orders. But with that backlog of pipeline, let's say, projects, we're focused on controlling what we can control with the business to get ourselves ready for that growth inflection point. And when it comes, we're highly confident that we'll capture our fair share. That's on Wind. On the first half of the question, Ken, do you want to hit on it?

第一季很輕鬆。當我們看到訂單成長出現拐點時，我們仍然保持謹慎。但是，由於積壓了大量項目，我們專注於控制我們能夠控制的業務，為成長拐點做好準備。當這一切到來時，我們非常有信心我們將獲得公平的份額。那是在風上。對於問題的前半部分，肯，你想談談嗎？

On the first half of the question, I would tell you that look, we will see what we typically see on profitability expanding as we move through the year. Our fourth quarter is our largest outage quarter and therefore, service quarter in the Power businesses which is one of our most profitable businesses. You will see more of the savings from SG&A. And in fact, the other piece of this is that in the Wind business, we anticipated a softer first half than the second half because we anticipated, based upon our backlog where the turbines we're going to deliver, and that's more of a second half-weighted dynamic as well. So those are really the big variables that drive first half to second half.

關於問題的前半部分，我想告訴你，隨著時間的流逝，我們將看到獲利能力不斷擴大。第四季是我們停電次數最多的季度，因此也是電力業務的服務季度，也是我們最賺錢的業務之一。您將看到銷售、一般及行政費用 (SG&A) 的更多節省。事實上，另一方面，在風電業務中，我們預計上半年會比下半年更疲軟，因為我們根據積壓訂單預測了我們將要交付的渦輪機，這也是下半年加權動態的一部分。所以這些確實是影響上半年到下半年走勢的重大變數。

Andrew Obin, Bank of America.

美國銀行的安德魯‧奧賓。

Good morning. I think the EPA has been quite busy issuing directives and specifically with a focus on endangerment (inaudible). And I guess the question I have, when you talk to utilities, A, does this change their plans for spending? And specifically, do you see any changes to your expectations on what's happening on the ground on the actual permitting? Thank you.

早安.我認為環保署一直忙於發布指令，特別是關注危害（聽不清楚）。我想我有一個問題，當您與公用事業公司交談時，A，這會改變他們的支出計劃嗎？具體來說，您對實際許可情況的預期有什麼變化嗎？謝謝。

No on the front part of the question as to whether that's driving a change in customer behavior. Certainly, there's a lot of collaboration happening right now with the industry on how to break through with permitting reform, both at a federal and a state level. The reality is it's hard to get a lot of oxygen in the room for that right now. I think this year is going to very much about firming up the tax cuts and how that gets funded, Andrew. And the permitting topic probably follows. So that kind of directionally takes us into '26 more than '25 as I see it today.

關於這是否會推動客戶行為的改變，問題的前半部分回答為「否」。當然，目前聯邦和州兩級正在與業界進行大量合作，探討如何在許可改革方面取得突破。現實情況是，現在房間裡很難有足夠的氧氣。安德魯，我認為今年的重點是鞏固減稅政策及其資金來源。接下來可能還會討論許可話題。因此，從我今天所看到的方向來看，這更可能將我們帶入 2026 年，而不是 2025 年。

Liz, I think we have time for one more question.

莉茲，我想我們還有時間再問一個問題。

Andrew Kaplowitz, Citigroup.

花旗集團的安德魯‧卡普洛維茲 (Andrew Kaplowitz)。

Good morning, everyone. Thanks for fitting me in. Orders, as you said, in Electrification had a difficult comparison in Q1. But in the recent tests, you said that you'd expect a similar annualized growth rate in your equipment backlog in '25 as you saw in '24 and '23. Is that still what you expect, Scott? Can you update us on your capacity capability in Electrification? I know you didn't change '25 revenue guidance, but I know you've been pushing on the capacity of that segment. So if you could maybe update us on the potential increasing capacity that you can see as early as '26?

大家早安。謝謝你幫我安排。正如您所說，第一季電氣化領域的訂單情況較為困難。但在最近的測試中，您表示預計 25 年設備積壓量的年增長率將與 24 年和 23 年類似。這還是你所期望的嗎，史考特？您能否向我們介紹貴公司在電氣化方面的產能能力？我知道您沒有改變 25 年的收入預期，但我知道您一直在推動該部門的產能。那麼，您能否向我們介紹一下早在 26 年就能看到的潛在產能成長情況？

You bet, Andrew. I would just reinforce what we've said in the past. I mean, our equipment backlog did grow by about $2 billion in the first quarter even though the year-over-year orders were down. We continue to expect backlog growth throughout this year in Electrification that'll directionally have a similar trajectory of backlog growth in '25 relative to what you experienced in '23 and '24. We are making progress on capacity generally and you're going to see that growth and revenue growth really throughout 2025 and into 2026. No change. And again, a lot of this is within our control, it's adding shifts, it's adding workers, it's "easier stuff" and I don't make light of it than things that are outside of our control where we're waiting for certain long lead parts to ramp up in businesses like gas. So I like our chances to continue to really ramp up our Electrification revenue through '25 and into '26 from here.

當然，安德魯。我只是想重申我們過去說過的話。我的意思是，儘管同比訂單量下降，但我們的第一季設備積壓訂單確實增加了約 20 億美元。我們繼續預期今年電氣化領域的積壓訂單將持續成長，與 2023 年和 2024 年的情況相比，2025 年的積壓訂單成長軌跡將大致相同。我們的產能總體上正在取得進展，您將在 2025 年和 2026 年看到這種成長和收入成長。沒有變化。再說一次，很多事情都在我們的控制範圍內，比如增加班次、增加工人，這些都是“比較容易的事情”，我不會輕視這些事情，而會重視我們無法控制的事情，比如在天然氣等行業中，我們正在等待某些長期交付的零部件的產量增加。因此，我希望我們有機會在 25 年和 26 年繼續真正提高我們的電氣化收入。

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

在我們結束之前，請允許我把話題交還給斯科特，請他發表結束語。

Michael, I appreciate it. To wrap, I know we're short on time, I just would reinforce solid quarter, more importantly, great prospects from here. And as we wrap, with a lot of humility and with a lot of appreciation, I just want to continue to thank our customers for their trust, for our employees that are here every day to serve our customers and our owners, and for all of you and your interest and investment in GE Vernova. We're excited. This is our fifth earnings call. We've just passed a year. And we really feel like we're just getting started and the best is yet to come. Thanks, everyone.

邁克爾，我很感激。總而言之，我知道我們的時間不多了，我只是想強調穩固的季度，更重要的是，從現在開始的美好前景。在結束之際，我懷著謙卑和感激之情，繼續感謝客戶的信任，感謝我們每天在這裡為客戶和業主服務的員工，感謝你們所有人對 GE Vernova 的興趣和投資。我們很興奮。這是我們第五次的財報電話會議。我們剛剛過去一年。我們確實感覺一切才剛開始，最好的還在後頭。謝謝大家。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位，女士們、先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。