Graham Corp (GHM) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Graham Corporation's second-quarter fiscal year 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎您參加 Graham Corporation 2025 財年第二季財務業績電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Deborah Pawlowski, Investor Relations for Graham Corporation. Thank you. You may now begin.

現在我很高興向大家介紹格雷厄姆公司投資者關係部的 Deborah Pawlowski。謝謝。你現在可以開始了。

Thank you, Rob, and good morning, everyone. We certainly appreciate your time today and your interest in Graham. Here with me on the call are Dan Thoren, our President and CEO; Chris Thome, our Chief Financial Officer; and Matt Malone, Vice President of Graham Corporation and General Manager of Barber-Nichols. Dan, Chris, and Matt are going to provide their formal remarks, after which we will open the line for questions.

謝謝你，羅布，大家早安。我們非常感謝您今天抽出時間以及您對格雷厄姆的興趣。與我一起參加電話會議的是我們的總裁兼執行長 Dan Thoren； Chris Thome，我們的財務長；以及 Graham Corporation 副總裁兼 Barber-Nichols 總經理 Matt Malone。丹、克里斯和馬特將發表正式講話，之後我們將開放提問熱線。

You should have a copy of the second-quarter fiscal year 2025 financial results that were released this morning. If you don't have the release, it is on our website at ir.grahamcorp.com. You will also find there the slides that will accompany today's discussion.

您應該擁有一份今天早上發布的 2025 財年第二季財務業績副本。如果您沒有該版本，可以在我們的網站 ir.grahamcorp.com 上找到。您也可以在那裡找到今天討論中附帶的幻燈片。

So in looking at those slides, if you would turn to slide 2, I will review the safe harbor statement. You should be aware that we may make some forward-looking statements during the formal discussion as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors provided in the earnings release as well as with other documents filed by the company with the Securities and Exchange Commission. You can find those documents on our website or at sec.gov.

因此，在查看這些投影片時，如果您想翻到投影片 2，我將回顧安全港聲明。您應該知道，我們可能會在正式討論以及問答環節中做出一些前瞻性陳述。這些陳述適用於受風險和不確定性以及其他可能導致實際結果與今天所述結果有重大差異的因素影響的未來事件。這些風險和不確定性以及其他因素在收益報告以及公司向美國證券交易委員會提交的其他文件中提供。您可以在我們的網站或 sec.gov 上找到這些文件。

During today's call, we will also discuss some non-GAAP financial measures. We believe these will be useful in evaluating our performance. However, you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides.

在今天的電話會議中，我們還將討論一些非公認會計準則財務指標。我們相信這些將有助於評估我們的績效。但是，您不應考慮單獨提供此附加信息，也不應將其視為根據 GAAP 準備的結果的替代品。我們在今天發布的新聞稿和投影片所附的表格中提供了非公認會計準則衡量指標與可比較公認會計準則衡量指標的調節表。

We also use key performance indicators to help gauge the progress and performance of the company. These key performance metrics are orders, backlog, and a book-to-bill ratio. These are operational measures and a quantitative reconciliation of each of this is not required or provided. You can find the disclaimer regarding our use of KPIs at the back of our slide deck.

我們也使用關鍵績效指標來幫助衡量公司的進展和績效。這些關鍵績效指標是訂單、積壓訂單和訂單出貨比。這些是可操作的措施，不需要或不提供每一項的定量調節。您可以在投影片後面找到有關我們使用 KPI 的免責聲明。

So with that, if you would please advance to slide 3, I'll turn it over to Dan to begin. Dan?

因此，如果您願意轉到幻燈片 3，我會將其交給 Dan 開始。擔？

Thank you, Deb. Good morning, everyone. Our team delivered record revenue of $53.6 million, marking a 19% increase that highlights robust demand across our markets. This quarter showcases the effectiveness of our efforts to expand our market reach, improve operations, and strengthen our business model over the last few years. Notably, our results reflect significant margin expansion.

謝謝你，黛布。大家早安。我們的團隊實現了創紀錄的 5,360 萬美元收入，成長了 19%，凸顯了我們市場的強勁需求。本季度展示了我們過去幾年在擴大市場覆蓋範圍、改善營運和強化業務模式方面所做努力的有效性。值得注意的是，我們的業績反映了利潤率的顯著擴張。

Our gross margin improved by 790 basis points, reaching nearly 24% of sales, and our adjusted EBITDA margin expanded by 550 basis points to 10.5% of sales. This margin expansion translated into meaningful bottom line growth, reinforcing our focus on higher margin opportunities and solid execution throughout the business. We are positioning Graham as a resilient and increasingly profitable leader in our key markets.

我們的毛利率提高了 790 個基點，達到銷售額的近 24%，調整後的 EBITDA 利潤率擴大了 550 個基點，達到銷售額的 10.5%。這種利潤率的擴張轉化為有意義的利潤成長，加強了我們對更高利潤機會和整個業務的堅實執行的關注。我們將格雷厄姆定位為關鍵市場中富有彈性且利潤不斷增長的領導者。

In addition, we are operating from a position of financial strength with no debt, more than $32 million in cash on hand and access to an additional $43 million through our revolving credit facility. This strong balance sheet enables us to confidently pursue growth initiatives that meet our hurdle rates while maintaining agility.

此外，我們的財務實力雄厚，沒有債務，手頭現金超過 3200 萬美元，並可以透過​​我們的循環信貸額度獲得額外的 4,300 萬美元。強大的資產負債表使我們能夠自信地推行成長計劃，在保持敏捷性的同時滿足我們的最低要求。

In line with our growth strategy, we recently launched our NextGen steam injector nozzle at a Gulf Coast refinery, marking a significant milestone for the company. This new technology is designed to deliver efficiency improvements, environmental benefits, and enhance profitability for our customers, demonstrating the success of our R&D investments.

根據我們的成長策略，我們最近在墨西哥灣沿岸煉油廠推出了 NextGen 蒸汽噴射噴嘴，這標誌著該公司的一個重要里程碑。這項新技術旨在提高效率、環境效益並提高客戶的獲利能力，展現我們研發投資的成功。

Based on our estimates of the current installed base that can benefit from this advanced product, we see meaningful potential for our NextGen nozzle technology with an estimated total market opportunity exceeding $50 million over the next 5 years to 10 years. Additionally, we made a land purchase in Arvada, Colorado, to support the anticipated growth of our Barber-Nichols subsidiary. We also announced yesterday our plans to establish a new cryogenic propellant testing facility, further leveraging Graham's expertise in the cryogenic and space launch industries. I will leave it to Matt to provide more details on these two exciting initiatives.

根據我們對目前可從該先進產品中受益的安裝基礎的估計，我們看到了 NextGen 噴嘴技術的巨大潛力，預計未來 5 年至 10 年的總市場機會將超過 5000 萬美元。此外，我們還在科羅拉多州阿瓦達購買了土地，以支持 Barber-Nichols 子公司的預期成長。我們昨天也宣布計劃建立一個新的低溫推進劑測試設施，進一步利用格雷厄姆在低溫和航太發射行業的專業知識。我將讓馬特提供有關這兩項令人興奮的舉措的更多詳細資訊。

Chris will review our financials further, but I'm pleased to share that we raised our full year guidance for both gross margin and adjusted EBITDA, which puts us solidly on track to achieve our long-term goal of low to mid-teen EBITDA margins by fiscal 2027. With a record $407 million in backlog and a strong book-to-bill ratio of 1.2 times, we are confident that our momentum will continue, supporting sustained growth and profitability in the years ahead.

克里斯將進一步審查我們的財務狀況，但我很高興與大家分享，我們提高了毛利率和調整後 EBITDA 的全年指導，這使我們穩步實現中低 EBITDA 利潤率的長期目標到2027財年。憑藉創紀錄的 4.07 億美元的積壓訂單和 1.2 倍的強勁訂單出貨比，我們有信心我們的勢頭將持續下去，支持未來幾年的持續增長和盈利能力。

Lastly, with recent headlines highlighting challenges in navy ship and submarine production, we recognize that supply chain issues are creating concerns about potential schedule delays and future order rates. However, in the short-term, this is not expected to impact our business, as our customers are urging us to maintain and even accelerate schedules. In fact, this environment presents an opportunity for us to capture additional work where other suppliers may be struggling to meet demands.

最後，最近的頭條新聞強調了海軍艦艇和潛艇生產面臨的挑戰，我們認識到供應鏈問題正在引起人們對潛在的進度延誤和未來訂單率的擔憂。然而，在短期內，這預計不會影響我們的業務，因為我們的客戶敦促我們維持甚至加快進度。事實上，這種環境為我們提供了一個機會，可以在其他供應商可能難以滿足需求的情況下完成額外的工作。

Now, I will turn it over to Matt, who will provide more insight into our recent growth initiatives. Matt?

現在，我將把它交給馬特，他將為我們最近的成長計劃提供更多見解。馬特？

Thank you, Dan. Good morning, everyone. Starting with slide 4, you will see our recent strategic land acquisition in Arvada, Colorado. The aerial shot on the right of the slide shows our current campus with bold black outlines marking our existing footprint. To the right of that is the new plot of land we have secured.

謝謝你，丹。大家早安。從幻燈片 4 開始，您將看到我們最近在科羅拉多州阿瓦達進行的策略性土地收購。幻燈片右側的空拍照片顯示了我們目前的校園，並用粗體黑色輪廓標記了我們現有的足跡。右邊是我們獲得的新土地。

As you can see, the image highlights the space constraints we have been working within. This $1.4 million investment is a proactive step to address those limitations as we continue to grow. This new plot will enable us to consolidate certain operations, freeing up space within our existing facilities and better positioning us for future expansion. With the construction slated to begin in fiscal year 2026, the additional facility will support our long-term growth initiatives, allowing us to scale for new product lines and smaller emerging programs as we move forward.

正如您所看到的，該圖像突出顯示了我們一直在工作的空間限制。這項 140 萬美元的投資是我們在不斷發展過程中解決這些限制的積極舉措。這個新地塊將使我們能夠整合某些業務，釋放現有設施內的空間，並為未來的擴張做好更好的準備。該建設計劃於 2026 財年開始，額外的設施將支持我們的長期增長計劃，使我們能夠在前進的過程中擴大新產品線和較小的新興項目的規模。

Moving to slide 5, as announced in our release yesterday, we are excited to share plans for a state-of-the-art cryogenic propellant testing facility set to be constructed near our P3 Technologies subsidiary in Florida. By providing a scalable, cost-effective alternative to existing centers, which often prioritize Flagstaff programs, our facility will serve critical programs needing timely specialized testing solutions for liquid hydrogen, liquid oxygen, and liquid methane across space, defense, new energy, and potentially even medical applications.

轉向幻燈片 5，正如我們在昨天發布的新聞稿中所宣布的，我們很高興分享將在佛羅裡達州 P3 Technologies 子公司附近建造最先進的低溫推進劑測試設施的計劃。透過為現有中心（通常優先考慮弗拉格斯塔夫項目）提供可擴展、經濟高效的替代方案，我們的設施將為關鍵項目提供服務，這些項目需要及時針對太空、國防、新能源和潛在領域的液氫、液態氧和液甲烷進行專門的測試解決方案。

Enhanced capabilities will include in-house product validation for quality assurance, covering testing for pumps, components, fluid management systems and combustion devices. The facility will also enable us to enter new high demanding markets with scalable testing solutions, addressing the evolving needs for customers across all of our segments. Additionally, it will support early feasibility studies for potential long-term customers, making this a versatile asset that aligns with our strategic goals.

增強的功能將包括用於品質保證的內部產品驗證，涵蓋泵浦、組件、流體管理系統和燃燒設備的測試。該設施還將使我們能夠透過可擴展的測試解決方案進入新的高要求市場，滿足我們所有細分市場客戶不斷變化的需求。此外，它將支援潛在長期客戶的早期可行性研究，使其成為符合我們策略目標的多功能資產。

We are aiming to break ground soon and expect initial testing to begin by mid-calendar year 2025. Financially, the facility is projected to achieve a cash payback in approximately two years to three years and deliver an internal rate of return exceeding 20%.

我們的目標是盡快破土動工，並預計初步測試將於 2025 年中旬開始。從財務角度來看，該設施預計將在大約兩到三年內實現現金回收，內部收益率超過 20%。

To summarize, these two initiatives, the land acquisition in Colorado and the new testing facility in Florida, are crucial steps in preparing for the future, providing the space and capabilities needed to support both current growth and future innovation. We are excited to leverage these investments as we continue to expand our reach in critical markets.

總而言之，科羅拉多州的土地收購和佛羅裡達州的新測試設施這兩項舉措是為未來做好準備的關鍵步驟，提供了支持當前成長和未來創新所需的空間和能力。我們很高興能夠利用這些投資，並繼續擴大我們在關鍵市場的影響力。

With that, I will turn it over to Chris for second-quarter financial details. Chris?

這樣，我將把第二季的財務細節交給克里斯。克里斯？

Thank you, Matt, and good morning, everyone. As a reminder, our results for the quarter include P3 Technologies, which we acquired in November of 2023.

謝謝你，馬特，大家早安。提醒一下，我們本季的業績包括我們於 2023 年 11 月收購的 P3 Technologies。

I will begin on slide 6. As you can see, we achieved another record quarter with sales totaling $53.6 million, a 19% increase over last year and was across all our diversified revenue base. This increase also included $0.9 million of incremental sales from P3.

我將從幻燈片 6 開始。正如您所看到的，我們的季度銷售額再次創紀錄，達到 5,360 萬美元，比去年增長 19%，並涵蓋了我們所有多元化的收入基礎。這一增長還包括 P3 90 萬美元的增量銷售額。

Sales to the defense market were a major driver, reaching $30.9 million, which represents a 23% increase over the prior year. This growth was fueled by the expansion of new defense programs, a ramp-up in existing programs and the timing of critical project milestones. Additionally, higher refining and chemical petrochemical sales contributed $2.2 million to the overall growth, mainly reflecting the timing of capital improvement projects.

國防市場的銷售額是主要推動力，達到 3,090 萬美元，比前一年增長 23%。這一增長是由新國防計劃的擴展、現有計劃的增加以及關鍵項目里程碑的時間表所推動的。此外，較高的煉油和化學石化產品銷售額為整體成長貢獻了 220 萬美元，主要反映了資本改善項目的時機。

Although our aftermarket sales were down compared to last year's record levels, they remain strong, underscoring the resilience of our aftermarket business. US sales made up 85% of our total revenue, highlighting the scale and importance of our domestic defense business.

儘管我們的售後市場銷售額與去年創紀錄的水平相比有所下降，但仍然強勁，凸顯了我們售後市場業務的彈性。美國銷售額占我們總收入的85%，凸顯了我們國內防務業務的規模和重要性。

Turning to slide 7. Our gross margin expanded by 790 basis points to 23.9%. This improvement was driven by higher sales volume, a favorable project mix, enhanced pricing, and strong operational execution.

轉到投影片 7。我們的毛利率成長了 790 個基點，達到 23.9%。這一改善是由更高的銷售、有利的專案組合、更高的定價和強大的營運執行力推動的。

Our gross profit for the quarter also benefited $0.4 million or roughly 80 basis points from the BlueForge Alliance grant. This $2.1 million grant, which we announced in July, supports our defense welder training program in Batavia and funds related equipment. The grant will continue to contribute to our gross margin over the next two quarters at similar levels, aligning with our commitment to workforce development and securing skilled labor for future growth. As a reminder, the BlueForge Alliance is a non-profit that supports the US Navy submarine industrial base, and we are grateful for this partnership as we expand our capabilities and talent pipeline.

我們本季的毛利也受惠於 BlueForge 聯盟的資助，即 40 萬美元，約 80 個基點。我們在 7 月宣布了這筆 210 萬美元的贈款，用於支持我們在巴達維亞的國防焊工培訓計劃並資助相關設備。這筆贈款將在未來兩個季度繼續為我們的毛利率做出類似水準的貢獻，這符合我們對勞動力發展和確保未來成長的熟練勞動力的承諾。提醒一下，BlueForge 聯盟是一個支持美國海軍潛艇工業基地的非營利組織，當我們擴大我們的能力和人才管道時，我們感謝這種合作夥伴關係。

On slide 8, we see how our strong performance is boosting our bottom line. GAAP net income for the second quarter reached $3.3 million, a significant increase from the $0.4 million in the same period of fiscal 2024, translating to $0.30 per diluted share. This quarter's results include a $0.6 million reversal of a previously accrued earn-out liability for P3. This adjustment was not due to any lost orders, but rather the timing of projects, which extend beyond the earn-out period.

在幻燈片 8 中，我們看到強勁的業績如何提高我們的利潤。第二季 GAAP 淨利潤達到 330 萬美元，較 2024 財年同期的 40 萬美元大幅成長，相當於稀釋後每股收益 0.30 美元。本季的業績包括對 P3 之前應計的獲利負債進行了 60 萬美元的沖銷。這項調整並不是因為訂單遺失，而是因為專案的時間安排超出了獲利期。

Excluding this item, among others, our adjusted net income grew by 353% to $3.4 million or $0.31 per diluted share. While our effective tax rate can fluctuate quarterly based on factors like projected income levels, the mix of foreign derived income and discrete items, this year's tax rate reflects a benefit from the vesting of restricted stock awards in the first quarter, bringing our year-to-date effective tax rate to approximately 18% and was at a more normalized level in Q2 at 23.6%.

除其他項目外，我們調整後的淨利潤增長了 353%，達到 340 萬美元，即稀釋後每股收益 0.31 美元。雖然我們的有效稅率可能會根據預計收入水平、外國衍生收入和離散項目等因素而按季度波動，但今年的稅率反映了第一季度限制性股票獎勵歸屬的好處，使我們的全年業績- 將有效稅率調整至約18%，並在第二季達到更正常化的水平，即23.6%。

For the full fiscal year, we continue to expect our effective tax rate to be between 20% and 22%.

對於整個財年，我們仍然預計有效稅率在 20% 至 22% 之間。

Slide 9 highlights our adjusted EBITDA, which totaled $5.6 million for the second quarter, reflecting a 10.5% margin, an expansion of 550 basis points over the prior year.

投影片 9 重點介紹了我們調整後的 EBITDA，第二季總計 560 萬美元，利潤率為 10.5%，比上年增長 550 個基點。

While our SG&A expenses increased this quarter by $2.8 million over the prior year, this rise was primarily attributed to our strategic investments in operations, personnel, and technology. Specifically, we incurred $0.4 million in additional costs related to the P3 acquisition, along with a $0.3 million increase in the supplemental performance bonus from the Barber-Nichols acquisition. We also recorded $0.2 million in expenses for the ERP conversion at our Batavia facility and another $0.2 million in increased investment in R&D.

雖然本季我們的 SG&A 費用比前一年增加了 280 萬美元，但這一成長主要歸因於我們在營運、人員和技術方面的策略投資。具體來說，我們因收購 P3 而產生了 40 萬美元的額外成本，同時因收購 Barber-Nichols 而增加了 30 萬美元的補充績效獎金。我們還記錄了 20 萬美元的巴達維亞工廠 ERP 轉換費用以及另外 20 萬美元的研發投資增加費用。

The remainder of the SG&A increase reflects costs associated with our overall growth, inflation, and various ongoing initiatives. Overall, these investments position us well for future growth and support our long-term objectives. I should point out that the supplemental performance bonus from the Barber-Nichols acquisition was $1.1 million during the quarter or approximately 200 basis points of revenue, and will be completed at the end of fiscal 2026.

SG&A 成長的其餘部分反映了與我們的整體成長、通貨膨脹和各種持續措施相關的成本。總體而言，這些投資為我們未來的成長奠定了良好的基礎，並支持我們的長期目標。我應該指出的是，本季收購 Barber-Nichols 帶來的補充績效獎金為 110 萬美元，約為營收的 200 個基點，並將於 2026 財年末完成。

Turning to slide 10. We continue to demonstrate robust cash generation, reporting $13.9 million of cash flow from operations for the quarter.

轉到投影片 10。我們持續展現強勁的現金產生能力，本季營運現金流為 1,390 萬美元。

Our balance sheet remains strong with $32.3 million in cash and no outstanding debt. Additionally, we have $43 million available on our revolving credit facility as of September 30, providing us with significant financial flexibility to pursue our strategic growth initiatives.

我們的資產負債表依然強勁，現金為 3,230 萬美元，沒有未償債務。此外，截至 9 月 30 日，我們的循環信貸額度還有 4,300 萬美元，為我們實現策略成長計畫提供了巨大的財務靈活性。

For the quarter, our capital expenditures totaled $3.5 million and are focused on capacity expansion and productivity enhancements, including investments in automated welding equipment and new machining centers. Additionally, approximately $1.5 million of this CapEx plan is related to the customer supported expansion of our Batavia facility, which is essential for accommodating an accelerated shipbuilding schedule for the US Navy.

本季度，我們的資本支出總計 350 萬美元，重點用於產能擴張和生產力提高，包括對自動化焊接設備和新加工中心的投資。此外，該資本支出計畫中約 150 萬美元與客戶支援的巴達維亞工廠擴建有關，這對於加快美國海軍的造船進度至關重要。

Given our recent land acquisition in Arvada, Colorado, and plans to construct a cryogenic testing facility in Florida that Matt discussed, we have increased our fiscal 2025 capital expenditure expectations to a range of $13 million to $18 million, up from the previous $10 million to $15 million. We expect this elevated level of capital spend of around 7% to 10% of sales to continue for the next several years in order to meet our long-term growth objectives. I should point out that nearly all of our large capital projects have a return on investment greater than 20% and that our maintenance CapEx is approximately $2 million.

鑑於我們最近在科羅拉多州阿瓦達收購了土地，併計劃在佛羅裡達州建造馬特討論過的低溫測試設施，我們已將2025 財年資本支出預期從之前的1000 萬美元到1800 萬美元提高到1300萬美元到1800 萬美元。我們預計，資本支出佔銷售額的 7% 至 10% 的高水準將在未來幾年持續下去，以實現我們的長期成長目標。我應該指出，我們幾乎所有大型資本項目的投資報酬率都超過 20%，我們的維護資本支出約為 200 萬美元。

Turning to slide 11. We reported orders of $63.7 million for the quarter, resulting in a book-to-bill ratio of 1.2 times. Notably, approximately half of these orders were for the defense sector, including the award for the MK19 Air Turbine Pump used in the torpedo ejection system of the Columbia-class submarine that we announced in August.

轉到投影片 11。我們報告本季訂單量為 6,370 萬美元，訂單出貨比為 1.2 倍。值得注意的是，這些訂單中大約有一半是針對國防部門的，包括我們在 8 月宣布的用於哥倫比亞級潛艇魚雷彈射系統的 MK19 空氣渦輪泵。

In addition, we saw an increase in orders for the space sector, which totaled $13.5 million in the quarter. This included a key contract for a cryogenic recirculation pump for one of our large space customers. Furthermore, our refining orders totaled $10.6 million for the quarter, driven by ongoing strength in aftermarket orders. Aftermarket orders to the refining and chemical/petrochemical market totaled $13 million for the quarter, up 11% over the prior year.

此外，我們還看到航太領域的訂單增加，本季訂單總額達到 1,350 萬美元。其中包括為我們的一家大型航太客戶提供低溫再循環泵的重要合約。此外，在售後市場訂單持續強勁的推動下，本季我們的煉油訂單總額為 1,060 萬美元。本季煉油和化工/石化市場的售後訂單總額為 1,300 萬美元，比上年同期成長 11%。

Slide 12 highlights our backlog, which reached a record $407 million at September 30, due to our consistent order demand and strong market position. This robust backlog not only provides us with excellent visibility into the future, but also ensures a high degree of operational stability.

投影片 12 突顯了我們的積壓訂單，由於我們持續的訂單需求和強大的市場地位，截至 9 月 30 日，積壓訂單已達到創紀錄的 4.07 億美元。這種強勁的積壓不僅為我們提供了對未來的良好預見性，而且還確保了高度的營運穩定性。

Overall, our backlog has grown by 30% year over year, with the defense backlog increasing by 31% or nearly $77 million. Our space backlog has surged by 150%, up almost $11 million, while our chemical and petrochemical backlog has risen by 58% or approximately $8 million. It's nice to see our backlog growing across all of our diversified markets.

總體而言，我們的積壓訂單年增了 30%，其中國防積壓訂單增加了 31%，即近 7,700 萬美元。我們的航太積壓訂單激增 150%，增加了近 1,100 萬美元，而我們的化學品和石化積壓訂單增加了 58%，約 800 萬美元。很高興看到我們所有多元化市場的積壓訂單都在成長。

We expect approximately 35% to 45% of our backlog to convert to sales within the next 12 months, with an additional 30% to 40% projected for conversion over the following 12 months. It is important to note that the majority of the orders anticipated to convert beyond 12 months are from the defense sector, primarily for the US Navy.

我們預計約 35% 至 45% 的積壓訂單將在未來 12 個月內轉化為銷售額，另外 30% 至 40% 預計將在接下來的 12 個月內轉換。值得注意的是，預計 12 個月後轉換的大部分訂單來自國防部門，主要是美國海軍。

On slide 13, we are updating our guidance for fiscal 2025 from what we provided last quarter. We continue to anticipate revenue between $200 million and $210 million, which reflects a projected top line growth of 11% over fiscal 2024 at the midpoint of this range.

在投影片 13 中，我們根據上季提供的內容更新了 2025 財年的指引。我們繼續預期營收在 2 億美元至 2.1 億美元之間，這反映了預計 2024 財年營收將成長 11%，處於該範圍的中點。

However, based upon the results to date, our better-than-expected gross margins, and expectations for the remainder of the year, we are raising our adjusted EBITDA guidance by $1.5 million on the top and bottom end of the range to $18 million to $21 million, implying a 47% increase at the midpoint. This range also suggests an adjusted EBITDA margin of approximately 9.5% at the midpoint, representing a 230 basis point improvement over fiscal 2024.

然而，根據迄今為止的結果、我們好於預期的毛利率以及對今年剩餘時間的預期，我們將調整後的 EBITDA 指導值在上限和下限上調 150 萬美元，至 1800 萬美元。著中點成長47%。這一範圍也表明，調整後的 EBITDA 利潤率中點約為 9.5%，比 2024 財年提高了 230 個基點。

I should point out that we have taken into account the seasonal cadence in our projections, noting historically lighter third quarter revenue due to the holidays and direct labor vacations.

我應該指出，我們在預測中考慮了季節性節奏，並指出，由於假期和直接勞動假期，第三季收入歷史上較低。

On slide 14, we emphasize our strategic and operational priorities that are essential for achieving our long-term goals. We are making steady progress in meeting our targets and strategically positioning ourselves for sustained growth. This momentum, coupled with our recent adjustment to the EBITDA guidance, keeps us on track to achieve our goal of low- to mid-teen adjusted EBITDA margins by fiscal 2027, just two short years away. Importantly, an additional component that will help bridge our progress toward this long-range goal is the completion of the Barber-Nichols supplemental bonus expense at the end of fiscal 2026. This will contribute approximately 200 basis points to our adjusted EBITDA margin in fiscal 2027.

在投影片 14 中，我們強調了我們的策略和營運優先事項，這對於實現我們的長期目標至關重要。我們在實現目標和持續成長的策略定位方面取得穩步進展。這種勢頭，加上我們最近對 EBITDA 指引的調整，使我們有望在短短兩年後的 2027 財年實現調整後 EBITDA 利潤率處於低至中雙位數的目標。重要的是，有助於我們實現這一長期目標的另一個組成部分是在 2026 財政年度結束時完成 Barber-Nichols 補充獎金支出。這將為我們 2027 財年調整後的 EBITDA 利潤率貢獻約 200 個基點。

With that, we can now open the call for questions.

至此，我們現在可以開始提問了。

(Operator Instructions) Joe Gomes, Noble Capital Markets.

（操作員說明）Joe Gomes，Noble Capital Markets。

I want to start off on the space segment. Really nice job there. And the reason I'm asking was on a couple of calls and people are talking about they've seen the space segment slow down some, basically driven by the OEMs there, but it doesn't seem to be impacting your guys. I was just wondering maybe you could talk a little bit about your space business and how you got -- are you building up that backlog that we're seeing here?

我想從太空部分開始。那裡的工作真的很好。我問這個問題的原因是在幾個電話中，人們在談論他們已經看到太空領域的發展速度有所放緩，這基本上是由那裡的原始設備製造商推動的，但這似乎並沒有影響你們的人。我只是想知道也許你可以談談你的太空業務以及你是如何獲得的——你是否正在積累我們在這裡看到的積壓訂單？

Matt, do you want to take that one?

馬特，你想拿那個嗎？

Yeah, I will. This is Matt Malone at Barber-Nichols. So specifically, on the space side, we continue to see a lot of opportunity there. There certainly is a lot of consolidation of the launch market, which is, at this point, sort of consolidated down to the top few main providers.

是的，我會的。我是理髮店的馬特馬龍。因此，具體來說，在太空方面，我們繼續看到很多機會。發行市場肯定存在大量整合，目前來看，整合到了前幾名主要提供者。

On that being said, large satellite deployment as well as microsatellites kind of all in LEO are still very prominent. And I think what we're starting to see is a transition from exploration and scientific experimentation to really value-added space assets.

話雖如此，近地軌道上的大型衛星部署和微型衛星仍然非常突出。我認為我們開始看到的是從探索和科學實驗到真正增值的太空資產的轉變。

And so, where we're seeing the continued growth is in the value-added space assets. So satellite cooling, very specifically around advanced propulsion technology for these different assets. And so that's where we're seeing the growth. What I will say is it still remains yet a stable and growing part of our business, and the future is bright on it.

因此，我們看到增值空間資產的持續成長。因此，衛星冷卻，特別是針對這些不同資產的先進推進技術。這就是我們看到的成長。我要說的是，它仍然是我們業務中穩定且不斷成長的一部分，未來是光明的。

Thanks for that insight. And obviously, we had the election on Tuesday, and there's been a lot of, for lack of a better term here, the Trump trades, and I think you guys have benefited somewhat from that. As you're looking out and knowing maybe what you know or have heard from your contacts, what kind of potential -- additional growth do you think you could see because of the change in administration? Do you think that there's going to be a bigger emphasis on specific areas that you're in? Or do you think, hello, with the programs we're on, it doesn't matter who is really President where those programs are going to be growing. Any thoughts or color on that would be appreciated?

感謝您的見解。顯然，我們週二舉行了選舉，由於這裡缺乏更好的術語，川普進行了很多交易，我認為你們已經從中受益了。當你觀察並了解你所知道的或從你的聯絡人那裡聽到的資訊時，你認為由於政府的變化，你可以看到什麼樣的潛力——額外的增長？您認為您所在的特定領域會更加受到重視嗎？或者你是否認為，你好，對於我們正在進行的項目，誰是真正的總統並不重要，因為這些項目將不斷發展。有什麼想法或顏色嗎？

Yes. Happy to take that one, Joe. So it's always hard to tell the future, so I'll start with that. But I really like where we're starting from with a nicely diversified base of business and quite a bit of backlog in strategic Navy programs. So if I look at the future, I think that I see some pretty stable, maybe even growing a little bit defense budgets. And specifically, the strategic programs that we're on, I see those as very safe.

是的。很高興接受這個，喬。所以預測未來總是很難，所以我就從這裡開始吧。但我真的很喜歡我們的起點，業務基礎非常多元化，戰略海軍計劃中有相當多的積壓工作。因此，如果我展望未來，我認為我會看到一些相當穩定的國防預算，甚至可能會有所成長。具體來說，我們正在進行的戰略計劃，我認為這些計劃非常安全。

When I look at energy, there is likely some changes coming on the energy side. So when Trump was in office before he opened up a lot of the public lands for exploration, and we saw quite a bit of pressure on prices for oil and gas. There's benefit for the general economy when that happens, lower-priced fuel. I think that there's -- on the refinery side, it probably hurts the refineries a little bit because their margins start to reduce.

當我觀察能源時，能源方面可能會發生一些變化。因此，當川普上任之前，他開放了大量公共土地進行勘探，我們看到石油和天然氣價格承受了相當大的壓力。當這種情況發生時，整體經濟就會受益，即燃料價格降低。我認為，在煉油廠方面，這可能會對煉油廠造成一點傷害，因為它們的利潤開始減少。

On the petrochemical side, it's a low-cost feedstock in the natural gas. So that benefits. So we see some pluses and minuses in the legacy energy markets that we serve. And then probably for the new energy side, that probably becomes less of a focus for the new administration. But the beauty of the company that we've built is that, again, a really nicely diversified market mix such that as one goes up, another one is probably coming down, and we're able to move between them. So generally, I'm okay with where we're at and what the future looks like.

在石化方面，它是天然氣的低成本原料。這樣有好處。因此，我們看到了我們所服務的傳統能源市場的一些優點和缺點。然後，對於新能源方面來說，這可能不再是新政府的焦點。但我們所建立的公司的美妙之處在於，它是一個非常多元化的市場組合，當一個市場上漲時，另一個市場可能會下跌，而我們能夠在它們之間移動。所以總的來說，我對我們現在的處境和未來的樣子感到滿意。

Dick Ryan, Oak Ridge.

迪克·瑞安，橡樹嶺。

Thank you. And good job on another quarter of strong execution, Dan. A question on the -- it was good to hear your comments on any potential build rate impacts with the supply chain. You mentioned there could be a potential to capture additional work. Can you elaborate a little bit? What does that mean? What's your confidence level in that occurring?

謝謝。丹，又一個季度的強勁執行力，幹得好。關於這個問題——很高興聽到您對供應鏈的任何潛在構建率影響的評論。您提到可能有可能獲得額外的工作。能詳細說明一下嗎？這意味著什麼？您對這種情況發生的信心程度如何？

Yes. So again, this is a little bit of hearsay. But as we listen to our customers and kind of understand what they're seeing and what's going on there, the Navy is really, really active in supporting the supply chain, making investments, et cetera. And so that's wonderful. Navy is also talking to the shipbuilders about what are the opportunities to accelerate and what can you reallocate to high performing supply chain partners like Graham Corporation.

是的。再說一遍，這只是道聽途說。但當我們傾聽客戶的意見並了解他們所看到的以及那裡正在發生的事情時，海軍確實非常積極地支持供應鏈、進行投資等。這太棒了。海軍也正在與造船商討論哪些加速機會以及可以將哪些內容重新分配給格雷厄姆公司等高績效供應鏈合作夥伴。

So we're getting some of those inquiries that traditionally have been held within the Navy yards. And I think that the Navy is also talking about what is it that we can do relative to extending life of the assets that we have in the field. So it's good problem solving across the board where everybody is looking at, okay, we do have challenges in the supply chain, what can we do to improve? And as I look at it, I just see opportunity for Graham.

因此，我們收到了一些傳統上在海軍船廠內進行的詢問。我認為海軍也在討論我們可以做些什麼來延長我們在該領域擁有的資產的壽命。因此，這是一個很好的全面解決問題的方法，每個人都在關注，好吧，我們在供應鏈中確實面臨挑戰，我們可以做些什麼來改進？當我看到它時，我只看到了格雷厄姆的機會。

Okay. And kind of related, you've had very strong support for the Batavia expansion, land and building, the $13 million-ish investments and now the BlueForge for the welding programs. Are there additional pots to go after for Batavia business?

好的。與此相關的是，你們對巴達維亞的擴建、土地和建築、1300 萬美元左右的投資以及現在的焊接項目 BlueForge 都給予了非常強有力的支持。巴達維亞業務還有其他機會可以追求嗎？

And then maybe for Matt, with the Barber-Nichols expansion, are there grant opportunities to help you expand your Colorado campus?

然後，也許對馬特來說，隨著巴伯-尼科爾斯的擴建，是否有資助機會來幫助您擴大科羅拉多校區？

Yeah, Dick. So all we can really say about that right now is that we are in constant communication with our customers as to how we can accelerate our ship-build schedule and what we need to help improve our volume flow. And we have constant communications with our customers in BlueForge, and we see opportunities on both the Barber-Nichols and Graham side for future opportunities such as the ones we just announced. Nothing that we can really talk to today, but we just think it validates the fact that we are a strategic supplier to the US Navy and have a lot of opportunity in front of us that Dan just talked about.

是的，迪克。因此，我們現在真正能說的是，我們正在與客戶不斷溝通，了解如何加快造船進度以及我們需要什麼來幫助改善我們的體積流量。我們與 BlueForge 的客戶保持持續的溝通，我們看到了 Barber-Nichols 和 Graham 未來的機會，例如我們剛剛宣布的機會。我們今天沒有什麼可以真正談論的，但我們只是認為它證實了這樣一個事實：我們是美國海軍的戰略供應商，而丹剛才談到的我們面前有很多機會。

Russell Stanley, Beacon Securities.

羅素·史丹利，燈塔證券。

Good mornig. And congrats on the quarter. With respect to the gross margin and the guidance lift, a great number this quarter, following on almost 25% last quarter. I'm just looking at the lift, and I guess it implies a bit of compression in H2. Are there any specific headwinds that you'd call out that would drive that beyond the holidays and the impact in Q3? Or does this just reflect a bit of conservatism on your end?

早安.恭喜本季。就毛利率和指引提升而言，本季的數字很大，上季接近 25%。我只是在看升力，我猜這意味著 H2 中有一點壓縮。您是否會指出任何具體的不利因素會導致假期和第三季影響之外的情況發生？或者這只是反映了你的一點保守主義？

It's really just reflective of our typically seasonally lower Q3, right? Year to date, we're at about 24% margin and the guidance is 23% to 24%. So that's the range we feel comfortable with given the slowdown in the third quarter.

這實際上只是反映了我們通常季節性較低的第三季度，對吧？今年迄今為止，我們的利潤率約為 24%，指導值為 23% 至 24%。考慮到第三季的放緩，這是我們感到滿意的範圍。

Got it. And just following up on an earlier question around the election. And I'm wondering what its implications might be for you on the acquisition front? Does it change your criteria or what you might be focusing on given what we now know so far about the next government?

知道了。只是跟進之前有關選舉的問題。我想知道這對您在收購方面可能有何影響？鑑於我們目前對下一屆政府的了解，這是否會改變您的標準或您可能關注的重點？

Yeah. So Russ, as you know, acquisitions are part of our long-term strategic plan. The nice thing is that when you're growing 8% to 10% organically per year, we don't have to do acquisitions just for the sake of doing acquisitions to get growth.

是的。所以，拉斯，如你所知，收購是我們長期策略計畫的一部分。令人高興的是，當你每年有機成長 8% 到 10% 時，我們不必為了實現成長而進行收購。

So as we framed in the past, we feel we're going to be more opportunistic with regards to acquisitions. There's nothing really imminent today as we sit here today. But we do have discussions all the time with potential targets, and we don't see any change in the current administration changing that.

因此，正如我們過去所設想的那樣，我們認為我們在收購方面會更加投機。今天我們坐在這裡，並沒有什麼迫在眉睫的事。但我們確實一直在與潛在目標進行討論，而且我們沒有看到現任政府做出任何改變來改變這一點。

Frank Francese, First Eagle Investment.

弗蘭克·弗朗西斯，第一鷹投資公司。

Dan, Chris, Matt, and Deb, great quarter. Thank you for taking my questions. I wish all my companies reported like this. Anyway, Dan, I was wondering if you could give a little bit more scoping around the NextGen nozzle stuff, $50 million opportunity 5 years, 10 years, you're actively marketing. Is that something that's just the easy stuff that you see already in the CapEx structure from your clients? And how difficult is it for this nozzle to fit on to other non-Graham refiners or petrochem places out there?

丹、克里斯、馬特和黛布，很棒的季度。感謝您回答我的問題。我希望我所有的公司都這樣報告。不管怎樣，丹，我想知道你是否可以對下一代噴嘴的東西進行更多的界定，5年、10年5000萬美元的機會，你正在積極行銷。這只是您在客戶的資本支出結構中看到的簡單的東西嗎？這種噴嘴安裝到其他非格雷厄姆煉油廠或石化廠有多困難？

Yeah. Great question, Frank. So what we've identified right now is the easy pickings, I guess, I would say. So we've got a bunch of steam ejectors out there that we know that this technology will provide an improvement on.

是的。好問題，弗蘭克。所以我想，我想說，我們現在確定的是容易的選擇。因此，我們有許多蒸汽噴射器，我們知道這項技術將對其進行改進。

Now within the R&D environment, what we're doing is looking to expand that to other types of nozzles that we have produced here over the years. So we would expect that, that kind of $50 million ballpark addressable market starts to grow, but we really wanted to get this one out to the market just so that we could start to get some experience in the field and show the improvement that we're making with the R&D investments that we're putting into place.

現在，在研發環境中，我們正在做的事情是將其擴展到我們多年來在這裡生產的其他類型的噴嘴。因此，我們預計這種 5000 萬美元的潛在市場會開始成長，但我們真的很想將這個市場推向市場，這樣我們就可以開始在該領域獲得一些經驗，並展示我們所取得的進步。正在利用我們正在進行的研發投資進行投資。

Frank, I would just add to that, that as you know, our installed base is global. And a lot of other countries aren't as fortunate as the US to have such affordable utility costs, right? So in other countries where the utility costs are much higher, this is a lot more valuable to them. And we're introducing this through our India and our China subsidiaries, and they're very excited about this technology.

弗蘭克，我想補充一點，如您所知，我們的安裝基礎是全球性的。許多其他國家並不像美國那麼幸運，擁有如此負擔得起的公用事業成本，對嗎？因此，在公用事業成本高得多的其他國家，這對他們來說更有價值。我們正在透過我們的印度和中國子公司推出這項技術，他們對這項技術感到非常興奮。

And then to follow-up on your other question about is this usable for our competitors' nozzles, it isn't a replacement option for them. It would have to be the entire steam ejector is replaced with the Graham ejector for this to work.

然後跟進您的其他問題，這是否可用於我們競爭對手的噴嘴，它不是它們的替代選項。必須將整個蒸汽噴射器更換為格雷厄姆噴射器才能正常工作。

Great. Thank you. And just a little bit more of a strategic question, Dan. We keep talking about Barber-Nichols, we talk about Batavia, we talk about Florida. How much of the -- I guess, mind transfer or employee transfer? Or how much sharing is actually going on behind the scenes that maybe you're seeing either accelerating or better than expected in the kind of sharing that's going across those three locations?

偉大的。謝謝。丹，還有一點戰略問題。我們一直在談論巴伯-尼科爾斯，我們談論巴達維亞，我們談論佛羅裡達。我猜，有多少是思想轉移或員工轉移？或者，有多少共享實際上在幕後進行，您可能會發現這三個地點的共享正在加速或好於預期？

Yeah. Another really great question, Frank. So we have been pretty active. We've been sharing best practices on the HR side, on the IT side, more recently on the engineering side. So P3 Technologies is really strong in computational fluid dynamics. And they've been coming up to Batavia and working hand-in-hand with our R&D group on some new technology that we're not ready to talk about yet. But there's some nice collaboration that's going on.

是的。另一個非常好的問題，弗蘭克。所以我們一直都非常活躍。我們一直在分享人力資源方面、IT 方面的最佳實踐，最近又在工程方面分享。所以 P3 Technologies 在計算流體動力學方面確實很強大。他們已經來到巴達維亞，與我們的研發團隊攜手合作開發一些我們尚未準備好談論的新技術。但一些良好的合作正在進行中。

And I think that we're really leveraging the subject matter experts in each of our business units to help the other ones. So honestly, it is a ton of fun. And I think that we're really building a cohesive group as we're able to kind of introduce the business units to each other and the people within those business units to each other. It's a ton of fun.

我認為我們確實在利用每個業務部門的主題專家來幫助其他部門。老實說，這很有趣。我認為我們確實正在建立一個有凝聚力的團隊，因為我們能夠向彼此介紹業務部門以及向彼此介紹這些業務部門內的人員。這很有趣。

(Operator Instructions) Gary Schwab, Valley Forge Capital Management.

（操作員說明）Gary Schwab，Valley Forge Capital Management。

Fantastic job in sales and margins this quarter. I just -- I have a question about -- you mentioned Navy Yard. Can you add some color to the announcement made by GD in September that they awarded $450 million to the Austal shipyard in Mobile to build a state-of-the-art expansion facility there, specifically for the non-nuclear modules of the Virginia and Columbia? How is that going to affect your business?

本季的銷售額和利潤率都非常出色。我只是——我有一個問題——你提到了海軍造船廠。GD 在9 月宣布向莫比爾的奧斯塔造船廠撥款4.5 億美元，用於在那裡建造最先進的擴建設施，專門用於弗吉尼亞號和哥倫比亞號的非核模組，您能否為這一消息增添一些色彩呢？這將如何影響您的業務？

Yes, we don't think that it affects us per se. I'm not that familiar with that specific transaction, but I think it just goes to show that the Navy is really questioning the current approach and open to it and supporting different approaches to really accelerate our shipbuilding process. The shipyards don't give up that stuff very easily. So I'm sure that there's been a little bit of harm to us. But generally, for our specialized equipment, it doesn't affect us at all from a competitive perspective.

是的，我們認為它不會影響我們本身。我對具體交易不太熟悉，但我認為這只是表明海軍確實質疑當前的方法並對此持開放態度，並支持不同的方法以真正加速我們的造船進程。造船廠不會輕易放棄這些東西。所以我確信我們受到了一點傷害。但一般來說，對於我們的專業設備來說，從競爭的角度來看，它根本不會影響我們。

It probably helps accelerate the shipbuilding, which we're going to be able to support. So in total, I would say that it's a very positive thing for our country.

它可能有助於加速造船速度，我們將能夠支持這一點。總的來說，我想說這對我們國家來說是一件非常正面的事情。

Tony Bancroft, Gabelli Funds.

東尼班克羅夫特，Gabelli 基金。

Congratulations on the great quarter. My question, Dan, is maybe just more longer term. In 5 years, you guys have performed so well and been doing acquisitions. So where do you sort of see yourself sort of 5 years from now? Are you looking to do something more something -- more transformational to your company?

恭喜這個偉大的季度。丹，我的問題可能只是更長遠的問題。五年來，你們表現得很好，一直在進行收購。那麼您認為 5 年後的自己會是什麼樣子呢？您是否希望為您的公司做更多的事情—更具變革性？

Or do you look at someone would want to come and acquire you? Sort of what -- I'm just trying to see this company has a lot of growth, there's a lot of opportunity and just trying to sort of see where your next sort of long-term move is?

還是你認為有人想來收購你？有點像——我只是想看看這家公司有很大的成長，有很多機會，只是想看看你的下一步長期行動是什麼？

Yes. We really are enjoying what we're doing right now. We see a really nice road ahead of us as far as the ability to both grow organically and inorganically. I think that the megatrend of baby boomers retiring gives us some opportunity to potentially acquire and grow organically and capture some really pretty interesting business. At this point in time, we're component suppliers, if you will.

是的。我們真的很享受我們現在所做的事情。就有機和無機成長的能力而言，我們看到了一條非常美好的道路。我認為嬰兒潮世代退休的大趨勢為我們提供了一些潛在的收購和有機成長的機會，並捕捉一些非常有趣的業務。如果你願意的話，目前我們是零件供應商。

And the next logical move is towards subsystems and system integration. So I could see that in the next 5 years to 10 years. But gosh, we're so small right now as a little microcap public company that I think that there's a lot of room for additional growth organically and inorganically.

下一個合乎邏輯的舉措是朝著子系統和系統整合的方向發展。所以我可以在未來 5 年到 10 年看到這一點。但是天哪，我們現在作為一家小型微型上市公司太小了，我認為有機和無機方面還有很大的額外增長空間。

I love that we're very diversified in a bunch of different markets, and we're able to use our strengths to help ourselves in each of the different markets, apply the lessons learned and the new technology to new markets that it may have not seen it before. So honestly, Tony, I just see it as this nicely controlled growth that was a part of Barber-Nichols before the acquisition and now Graham Corporation after the acquisition.

我喜歡我們在許多不同市場中的多元化，我們能夠利用我們的優勢在每個不同的市場中幫助自己，將學到的經驗教訓和新技術應用到可能沒有的新市場以前見過。老實說，東尼，我只是將其視為這種良好控制的增長，它是收購前 Barber-Nichols 的一部分，也是收購後現在 Graham Corporation 的一部分。

Gary Schwab, Valley Forge Capital.

施瓦布 (Gary Schwab)，Valley Forge Capital。

I had a follow-up on the NextGen nozzle that you just introduced. From what I understand, almost all of your aftermarket sales that you've been getting or coming from -- that are coming from the huge installed base and refinery and petro have been initiated by your customers rather than your solicitation because you said it's still hard getting the needed contact information.

我對您剛剛介紹的 NextGen 噴嘴進行了跟進。據我了解，幾乎所有您已經獲得或來自的售後市場銷售——來自龐大的安裝基礎、煉油廠和石油公司都是由您的客戶發起的，而不是您的招攬，因為您說這仍然很難取得所需的聯絡資訊。

Matt had also mentioned that you'd like to set up a condition-based monitoring program as a subscription service for your refineries and petro customers. Can you say because you got these orders coming in from the customers, what percentage of that used base you already have the names and the contact numbers so you can start selling both the ejectors and possibly a subscription service?

馬特也提到，您希望建立一個基於狀態的監控程序作為煉油廠和石油客戶的訂閱服務。你能說因為你收到了這些來自客戶的訂單，所以你已經知道了姓名和聯絡電話的已使用基地的百分比是多少，以便你可以開始銷售噴射器和可能的訂閱服務？

Boy, I probably couldn't tell you that number, Gary. It's something that I don't know off the top of my head.

男孩，我可能無法告訴你那個數字，加里。這是我根本不知道的事。

At this time, I would like to turn the floor back to Dan Thoren for further comments.

現在，我想請 Dan Thoren 進一步發表評論。

Thanks, Rob. Thank you all for joining us today. If you'd like an opportunity to speak with us in more detail, we will be participating in two upcoming conferences, the Southwest IDEAS Conference on November 21 in Dallas, and the Noble Emerging Growth Equity Conference in Boca Raton on December 4. As always, these presentations will be available on our website or please feel free to reach out to us at any time. We look forward to talking with you all again after our third quarter fiscal 2025 results.

謝謝，羅布。感謝大家今天加入我們。如果您想有機會與我們進行更詳細的交談，我們將參加即將舉行的兩場會議，即11 月21 日在達拉斯舉行的西南IDEAS 會議和12 月4 日在博卡拉頓舉行的Noble 新興增長股票會議。與往常一樣，這些簡報將在我們的網站上提供，或請隨時與我們聯繫。我們期待在 2025 財年第三季業績公佈後再次與大家交談。

Enjoy your day.

享受你的一天。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may now disconnect your lines at this time, and have a wonderful day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開線路，度過美好的一天。