Chart Industries Inc (GTLS) 2023 Q3 法說會逐字稿

Good morning, and welcome to Chart Industries, Inc. 2023 Third Quarter Results Conference Call.

早安，歡迎參加 Chart Industries, Inc. 2023 年第三季業績電話會議。

(Operator Instructions)

（操作員說明）

The company's release and supplemental presentation were issued earlier this morning. If you have not received the release, you may access it by visiting Chart's website at www.chartindustries.com. A telephone replay of today's broadcast will be available following the conclusion of the call until Friday, November 24, 2023. The replay information is contained in the company's press release.

該公司的新聞稿和補充說明於今天早上早些時候發布。如果您尚未收到該新聞稿，您可以造訪 Chart 的網站 www.chartindustries.com 來取得該新聞稿。通話結束後，我們將在 2023 年 11 月 24 日星期五之前提供今天廣播的電話重播。重播資訊包含在公司的新聞稿中。

Before we begin, the company would like to remind you that statements made during this call that are not historical, in fact, are forward-looking statements. Please refer to the information regarding forward-looking statements and risk factors included in the company's earnings release and latest filings with the SEC. The company undertakes no objection to update publicly or revise any forward-looking statements.

在我們開始之前，該公司想提醒您，本次電話會議中所做的非歷史陳述實際上是前瞻性陳述。請參閱公司收益報告和向 SEC 提交的最新文件中包含的有關前瞻性陳述和風險因素的資訊。本公司不反對公開更新或修改任何前瞻性陳述。

I would now like to turn the conference over to Jill Evanko, Chart Industries' President and CEO. Please go ahead.

現在我想將會議交給 Chart Industries 總裁兼執行長 Jill Evanko。請繼續。

Thank you, Sylvie. Good morning, everyone, and thank you for joining. Joe Brinkman, our CFO, and me to walk you through our record third quarter 2023 results, starting on Slide 5 of the supplemental deck.

謝謝你，西爾維。大家早安，感謝您的加入。我們的財務長喬·布林克曼 (Joe Brinkman) 和我將從補充投影片的第 5 張投影片開始，向您介紹我們創紀錄的 2023 年第三季業績。

We are very pleased with our team's positive momentum on integration progress, financial results, deleveraging and delivering on the broad-based demand that we saw continued through the third quarter. One very positive accomplishment that I want to start with is that we have achieved approximately $500 million of cash proceeds from a subset of the originally defined divestiture perimeter, with the signing and closing yesterday of the sale of our American Fans business to Arcline for $111 million in an all-cash deal with multiples in line with prior Chart transactions.

我們對我們的團隊在整合進度、財務表現、去槓桿化和滿足第三季持續的廣泛需求方面的積極勢頭感到非常高興。首先我想談的一項非常積極的成就是，我們已經從最初定義的剝離範圍的一部分中獲得了約5 億美元的現金收益，昨天簽署並完成了以1.11 億美元的價格將我們的美國球迷業務出售給Arcline在全現金交易中，其倍數與先前的圖表交易一致。

In addition, we expect approximately $80 million next Tuesday from the earlier-than-expected Cofimco sale closing and also expect to close the EUR 4.25 million Cryo Diffusion sale next week. We have one additional business that was considered in the original asset sale perimeter that has not been sold, and we are evaluating whether we will proceed with the divestiture or keep the business within our portfolio.

此外，我們預計 Cofimco 銷售將於下週二提前結束，預計將獲得約 8,000 萬美元的收入，並預計下週將完成 425 萬歐元的 Cryo Diffusion 銷售。我們還有一項在原始資產出售範圍內考慮但尚未出售的業務，我們正在評估是否繼續剝離或將該業務保留在我們的投資組合中。

We also generated net cash from operating activities from continuing operations of $104.4 million and $142.2 million when adjusted for M&A transaction fees and cash costs. Combined with our margin strength, we are at 3.59 net leverage ratio, which were in pro forma for the announced divestitures is 3.47. We reiterate our expectation to achieve our target net leverage range of 2.5 to 2.9 by the middle of 2024.

經過併購交易費用和現金成本調整後，我們也從持續經營業務中產生了 1.044 億美元和 1.422 億美元的營業活動淨現金。結合我們的利潤率實力，我們的淨槓桿率為 3.59，而在宣布的資產剝離中，預計淨槓桿率為 3.47。我們重申，我們預計在 2024 年中期實現 2.5 至 2.9 的目標淨槓桿率範圍。

With respect to margin strength, since the close of the Howden acquisition on March 17, we have performed above 30% on reported and over 31.5% on adjusted gross margins and expect to continue to be at or above this level going forward. In the third quarter, we posted a record operating income, EBITDA, EBITDA margin and adjusted EBITDA margin. Adjusted EBITDA margin of 21.7%, grew 440 basis points compared to the pro forma third quarter of 2022 on top line sales growth of approximately 10%.

就利潤率而言，自 3 月 17 日完成豪頓收購以來，我們的報告毛利率已超過 30%，調整後毛利率超過 31.5%，預計未來將繼續保持或高於這一水平。第三季度，我們公佈了創紀錄的營業收入、EBITDA、EBITDA 利潤率和調整後 EBITDA 利潤率。調整後 EBITDA 利潤率為 21.7%，與預計 2022 年第三季相比成長 440 個基點，營收成長約 10%。

The team has made incredible strides in achieving our year 1 cost and commercial synergies. We have already surpassed our year 1 commercial synergy target by double, only 7 months post-acquisition with $297.9 million of synergy orders booked across hydrogen, LNG, carbon capture and multiple other end markets. To date, we have achieved $135.6 million of cost synergies and are on track to hit or exceed our year 1 target of $175 million.

該團隊在實現第一年成本和商業協同效應方面取得了令人難以置信的進步。收購後僅 7 個月，我們就已經超越了第一年商業協同目標的兩倍，在氫氣、液化天然氣、碳捕獲和多個其他終端市場預訂了 2.979 億美元的協同訂單。迄今為止，我們已實現 1.356 億美元的成本協同效應，並有望達到或超過我們 1.75 億美元的第一年目標。

The commercial synergy wins were one of many contributors to our record orders, excluding Big LNG. We did not book any Big LNGs in the third quarter and still had $1.13 billion of orders, resulting in record backlog of $4.14 billion. We've included Slides 6 and 7 to show our continued achievement of our targets on time or early, and the material on these slides will be discussed throughout today.

商業綜效的勝利是我們訂單創紀錄的眾多因素之一（不包括大型液化天然氣）。第三季我們沒有預訂任何大型液化天然氣，但仍有 11.3 億美元的訂單，導致積壓訂單達到創紀錄的 41.4 億美元。我們添加了幻燈片 6 和 7，以展示我們按時或提前持續實現目標的情況，這些幻燈片上的材料將在今天進行討論。

Moving to Slide 9. The third quarter and year-to-date 2023 figures we present are results from continuing operations. This excludes the Roots results for our entire ownership period as Roots has moved to discontinued operations previously and the divestiture closed on August 18.

轉到投影片 9。我們提供的第三季和 2023 年迄今的數據是持續經營的結果。這不包括 Roots 在我們整個所有權期間的業績，因為 Roots 之前已停止運營，剝離已於 8 月 18 日結束。

The following are included in continuing operations for the third quarter and Q3 year-to-date but are not included in our 2023 or 2024 forward-looking outlook.

以下內容包含在第三季和今年迄今第三季的持續營運中，但不包含在我們的 2023 年或 2024 年前瞻性展望中。

Cofimco fans, which is anticipated to close next Tuesday on October 31. For the third quarter and year-to-date, Cofimco is treated as an asset held for sale. Yesterday, we divested American Fans, as I said previously. And effective then, the business is no longer part of Chart. And we expect to close on the sale of Cryo Diffusion next week, the business is also not in our outlook. Throughout today, we will reference 2022 comparison periods. All references are pro forma for the combined business of Chart and Howden. We will not refer always to pro forma each time we reference 2022.

可風可粉絲預計將於下週二（10 月 31 日）關閉。第三季和年初至今，可風可被視為持有待售資產。昨天，正如我之前所說，我們剝離了美國球迷。從那時起，該業務不再是 Chart 的一部分。我們預計下週將完成 Cryo Diffusion 的出售，該業務也不在我們的展望之內。今天，我們將參考 2022 年的比較期間。所有參考資料均為 Chart 和 Howden 合併業務的形式。我們不會每次提及 2022 年時都提及預估。

Slide 10 shows both the sequential comparison of the third quarter to second quarter 2023 as well as versus third quarter 2022. Starting compared to third quarter 2022, orders, excluding Big LNG, grew 1.5% against the strong comparison. Meaningful margin expansion has occurred with reported gross margin expanding 240 basis points, reported EBITDA dollars up 35% and reported EBITDA margin up 350 basis points.

投影片 10 顯示了 2023 年第三季與第二季以及與 2022 年第三季的連續比較。與 2022 年第三季相比，訂單（不包括大型液化天然氣）增加了 1.5%。利潤率實現了顯著增長，報告的毛利率擴大了 240 個基點，報告的 EBITDA 美元增長了 35%，報告的 EBITDA 利潤率增長了 350 個基點。

Sequentially, compared to the second quarter of 2023, we had significant growth above 30% in non-Big LNG orders as well as growth in total orders of 6%, even when considering the approximately $200 million big LNG order booked in Q2. Additionally, gross operating and EBITDA margins all were consistent with or above the second quarter, with new records set in Q3 for both reported and adjusted EBITDA margins in the combined business.

因此，與2023 年第二季度相比，我們的非大型液化天然氣訂單顯著增長了30% 以上，總訂單增長了6%，即使考慮到第二季度預訂的約2 億美元的大型液化天然氣訂單。此外，總營業利潤率和 EBITDA 利潤率均與第二季度持平或高於第二季度，合併後的第三季報告和調整後 EBITDA 利潤率均創下新紀錄。

Third quarter 2023 record reporting -- reported operating income of $104.4 million, increased 9% compared to the second quarter of 2023. And when adjusted for onetime costs primarily associated with the Howden integration and deal, both adjusted operating income of $161.4 million and adjusted operating margin of 18% were records. Additionally, operating margin increased in 3 of the 4 segments sequentially when compared with the second quarter of 2023 and when excluding Big LNG, all 4 segments.

2023 年第三季創紀錄的報告－報告營業收入為1.044 億美元，比2023 年第二季成長9%。主要與豪頓整合和交易相關的一次性成本進行調整後，調整後營業收入和調整後營業收入均為1.614 億美元18%的利潤率創歷史新高。此外，與 2023 年第二季相比，以及排除大型液化天然氣業務後，所有 4 個細分市場中，4 個細分市場中有 3 個的營業利潤率連續成長。

Third quarter 2023 sales of $897.9 million grew about 10% when compared to the third quarter of 2022 and included record sales for CTS and Specialty products. During the third quarter, we saw a revenue push out to future periods related to customer project design and schedule changes, supply chain delayed deliveries impacting percent of completion and revenue recognition and timing within our RSL book and ship business, while a smaller impact, we also prioritize certain customer schedule within our facilities that created timing changes between projects and backlog.

2023 年第三季的銷售額為 8.979 億美元，較 2022 年第三季成長約 10%，其中 CTS 和特種產品的銷售額創下了紀錄。在第三季度，我們看到與客戶專案設計和進度變化相關的收入推向了未來時期，供應鏈延遲交付影響了我們RSL 圖書和船舶業務的完成百分比以及收入確認和時間安排，而影響較小，我們還對我們設施內的某些客戶日程安排進行優先排序，這些日程安排在項目和積壓之間造成了時間變化。

Third quarter revenue would have been above $1 billion absent these timing impacts. Based on current order and market trends, we are confident in realizing this revenue, which is still in our backlog during the fourth quarter in 2024. As a reminder, historically, order cancellation rates have been significantly below 1%. And since the Howden acquisition, we have only had 0.19% of backlog canceled.

如果沒有這些時間影響，第三季營收將超過 10 億美元。根據目前的訂單和市場趨勢，我們有信心實現這一收入，該收入在 2024 年第四季仍處於積壓狀態。需要提醒的是，從歷史上看，訂單取消率一直遠低於 1%。自收購豪頓以來，我們僅取消了 0.19% 的積壓訂單。

Slides 11 and 12 show the continued trend of increasing both gross and EBITDA margin, as I've already touched on. Since closing the Howden acquisition, we've consistently been at or above 30% on reported gross margin and 17.5% and 21.5% for reported and adjusted EBITDA. Our freight and material input costs have tempered significantly compared to the past 3 years, as you can see on Slide 13. Carbon steel is back to 2020 levels. Stainless steel is off its peak and behaving fairly consistently, while aluminum is more available similar to 2021 cost levels and has declined since the beginning of this year.

正如我已經提到的，幻燈片 11 和 12 顯示了毛利率和 EBITDA 利潤率持續成長的趨勢。自完成對豪頓的收購以來，我們的報告毛利率一直保持在 30% 或以上，報告和調整後 EBITDA 則保持在 17.5% 和 21.5% 以上。正如您在幻燈片 13 中看到的那樣，與過去 3 年相比，我們的貨運和材料投入成本已顯著下降。碳鋼回到了 2020 年的水平。不銹鋼已脫離峰值，且表現相當穩定，而鋁的供應量與 2021 年的成本水平相似，並且自今年年初以來有所下降。

We expect input costs to further normalize, although we continue to see late deliveries and longer than lead times from our suppliers. Whenever cost increase be that material, labor or other, including across the past few years, we respond quickly with price increases to protect our margins and profitability. As costs decline, our margins are anticipated to reflect improvement from these price increases. We also anticipate a tailwind in 2024 as we continue to execute on supply chain synergies.

我們預計投入成本將進一步正常化，儘管我們仍然看到供應商延遲交貨且交貨時間比交貨時間長。每當材料、勞動力或其他成本增加時（包括過去幾年），我們都會迅速透過漲價來做出反應，以保護我們的利潤和盈利能力。隨著成本下降，我們的利潤率預計將反映價格上漲帶來的改善。我們也預計，隨著我們繼續發揮供應鏈協同效應，2024 年將會出現順風車。

Slides 14 through 16 adds some more detail around our third quarter results. I'm going to start on Slide 14. Safety is our #1 priority. Our total recordable incident rate decreased again this quarter ending at 0.52 and achieving our lowest lost time incident rate in our history. I'd like to thank our team for 70% of our sites being accident-free for more than 1 year, and all of our European sites being accident-free in the month of September. Strong progress in our certification and industry leadership position was also made in Q3, and we'll discuss a few of these in a moment.

投影片 14 至 16 增加了有關我們第三季業績的更多細節。我將從投影片 14 開始。安全是我們的第一要務。本季我們的總可記錄事故率再次下降，最終降至 0.52，實現了我們歷史上最低的損失時間事故率。我要感謝我們的團隊，我們 70% 的站點在一年多的時間裡沒有發生任何事故，我們所有的歐洲站點在 9 月都沒有發生事故。第三季我們在認證和行業領導方面也取得了長足進步，我們稍後將討論其中的一些內容。

Turning to Slide 15. Repair, Service & Leasing, which comprises over 30% of our annual revenue is performing exceptionally strong year-to-date. Third quarter 2023 book-to-bill for RSL was 1.22. RSL orders increased more than 20% when compared to third quarter 2022. Year-to-date Q3, RSL orders increased 15.7% when compared to that same period in 2022 and RSL sales increased 15.5% for the same period comparison.

轉向投影片 15。維修、服務和租賃業務占我們年收入的 30% 以上，今年迄今表現異常強勁。 2023 年第三季 RSL 的訂單出貨比為 1.22。與 2022 年第三季相比，RSL 訂單成長了 20% 以上。今年第三季度，RSL 訂單與 2022 年同期相比成長了 15.7%，RSL 銷售額同期成長了 15.5%。

Third quarter 2023 RSL backlog is at a record $609.7 million, an increase of more than 35%, compared to the third quarter of 2022. We love that we're seeing tangible commercialization of Howden's Digital Uptime offering to the Chart legacy business, including applying Uptime to 51 LNG refueling stations from Chart legacy customers across 15 different customers. Additionally, the team is working on bringing Uptime to regasifications, heat exchangers, turbo expanders and earthly labs in the near term. Uptime brings reduced risk and liability to our customers, cost savings via less downtime and less feed at sites.

2023 年第三季RSL 積壓金額達到創紀錄的6.097 億美元，與2022 年第三季相比成長了35% 以上。我們很高興看到Howden 的Digital Uptime 產品針對Chart 傳統業務的切實商業化，包括應用Chart 傳統客戶的 15 個不同客戶的 51 個液化天然氣加氣站的正常運作時間。此外，該團隊正在努力在短期內為再氣化、熱交換器、渦輪膨脹機和地球實驗室帶來正常運作時間。正常運作時間可以降低客戶的風險和責任，透過減少停機時間和減少現場進料來節省成本。

Given the many macro and geopolitical factors happening in the world today, we are sharing some insights on our regions on Slide 16. EBITDA margin is fairly consistent across all of our regions with some variability between quarters. Our Americas and Europe regions are 2 largest and each is seeing double-digit growth across many of the financial metrics. Our Middle East and Africa region continues to deliver stellar quarterly and year-to-date results. Many have asked us about our presence in the Middle East, considering the current war situation. We have 35 people physically located full time in the UAE and historically, the Middle East, excluding Africa, has done between about $35 million and $50 million per year in sales. We have not seen any disruptions to the business so far in this region.

鑑於當今世界發生的許多宏觀和地緣政治因素，我們在幻燈片 16 上分享了對我們各地區的一些見解。我們所有地區的 EBITDA 利潤率相當一致，但季度之間存在一些差異。我們的美洲和歐洲地區是最大的兩個地區，每個地區的許多財務指標都實現了兩位數的成長。我們的中東和非洲地區繼續交付出色的季度和年初至今的業績。考慮到當前的戰爭局勢，許多人詢問我們在中東的存在。我們在阿聯酋有 35 名全職員工，從歷史上看，中東地區（不包括非洲）每年的銷售額約為 3500 萬至 5000 萬美元。到目前為止，我們尚未發現該地區的業務受到任何干擾。

Our APAC and India region delivered record bookings in the third quarter and continues with excellent cash conversion. We see this region as a heavy hitter ahead on synergy orders, especially in countries where hydrogen and other clean energy solutions are becoming more and more prominent, such as Australia, Japan and Korea, for which Howden brought us a much stronger presence.

我們的亞太地區和印度地區在第三季實現了創紀錄的預訂量，並繼續保持出色的現金轉換。我們認為該地區是協同訂單的重要推動者，特別是在氫和其他清潔能源解決方案變得越來越突出的國家，例如澳大利亞、日本和韓國，豪頓為我們帶來了更強大的影響力。

And finally, our China region has performed at or above forecast each quarter this year in all metrics. Not only have we been able to repatriate $35 million of cash from China to the U.S. this year-to-date, we are seeing demand increasing in the region. For China, we anticipate a stronger second half of 2023 versus first half and also approximately 20% or higher orders in 2024.

最後，我們中國地區今年每季的所有指標都達到或高於預期。今年迄今為止，我們不僅能夠將 3500 萬美元現金從中國匯回美國，而且我們還看到該地區的需求不斷增加。對於中國，我們預計 2023 年下半年將比上半年強勁，2024 年訂單量預計將成長約 20% 或更高。

Slide 17 shows the strength in the order book and strength in base heat transfer system demand outside of Big LNG with a 72% plus increase in non-Big LNG orders when compared to the second quarter of 2023. On the upper right-hand side of Slide 17, you can see some key wins from Q3, including another ChartWater win in India and an order from tech house AS for the supply of a steam turbine generating set for a new project for the (inaudible) if you would see, one of three integrated platforms operated by Equinor ASA. We had our highest ever quarter for individual orders, each greater than $1 million booked in the third quarter with 139 of these and expect to be above 100 in future quarters.

投影片 17 顯示了大型 LNG 之外的訂單實力和基礎傳熱系統需求的實力，與 2023 年第二季度相比，非大型 LNG 訂單增長了 72% 以上。在幻燈片17 中，您可以看到第三季的一些關鍵勝利，包括在印度再次贏得ChartWater，以及來自技術公司AS 的訂單，為（聽不清楚）的新項目供應蒸汽渦輪發電機組，如果您會看到， Equinor ASA 運營的三個綜合平台。我們的單筆訂單數量創歷史新高，第三季的單筆訂單金額超過 100 萬美元，其中 139 筆訂單，預計未來幾季將超過 100 筆。

Slide 18 shows specific momentum gaining end markets that we serve with a complete solution set. Each continues to increase in terms of commercial pipeline for us. This is driven by both continued traditional energy investment as well as the breadth of climate policies and increasing funding systems for renewable projects including the EU Renewable Energy Directive. The energy transition also drives demand for clean metals and mining. And as a result, we have seen increasing demand for our Fans and our Ventsim products.

投影片 18 顯示了我們透過完整的解決方案集服務的終端市場的具體勢頭。對我們來說，每一個都在不斷增加商業管道。這是由持續的傳統能源投資、廣泛的氣候政策和不斷增加的再生能源專案融資系統（包括歐盟再生能源指令）所推動的。能源轉型也推動了對清潔金屬和採礦業的需求。因此，我們發現對風扇和 Ventsim 產品的需求不斷增加。

We will discuss LNG and hydrogen in the coming slides, so let me touch on water treatment and carbon capture here. Not only were orders from both end markets in Q3, the highest order quarter in our combined history, both are experiencing macro tailwinds. For example, the global PFAS water treatment market is projected to reach $546 billion by 2030, a market well served by our water treatment technology. We booked water orders at 15 new customers in the third quarter, including one for treating trace amounts of TNT in wastewater.

我們將在接下來的幻燈片中討論液化天然氣和氫氣，所以讓我在這裡談談水處理和碳捕獲。第三季不僅來自兩個終端市場的訂單（這是我們歷史上訂單最高的季度），而且兩個終端市場都經歷了宏觀順風。例如，到 2030 年，全球 PFAS 水處理市場預計將達到 5,460 億美元，我們的水處理技術可以很好地服務於這個市場。第三季度，我們向 15 位新客戶預訂了水訂單，其中包括一個用於處理廢水中微量 TNT 的訂單。

Our carbon capture bookings are getting larger in size, indicating more movement to larger scale as well as progress to actual build versus just engineering studies. To demonstrate our expectation for continued increasing demand across the entire business, you can see the takeaway on Slide 18 that we have over $20.3 billion of potential orders in our commercial pipeline, including over $1.3 billion that are potential synergy orders an increase from $800 million of potential synergy awards in May. Note that our total commercial pipeline of opportunity that could close between now and year-end 2023 or in the next 2 months, is $5.94 billion.

我們的碳捕獲預訂規模越來越大，這表明與工程研究相比，更多的規模轉移以及實際建造的進展。為了證明我們對整個業務需求持續增長的預期，您可以在幻燈片18 中看到，我們的商業管道中有超過203 億美元的潛在訂單，其中包括超過13 億美元的潛在協同訂單，從8 億美元增加到五月的潛在協同獎。請注意，從現在到 2023 年底或未來 2 個月內，我們可能完成的商業機會總額為 59.4 億美元。

Slide 19 shows the way we serve the LNG market. We are bullish on all 4 of these aspects of LNG, including Big LNG for both macro and Chart specific reasons. Multiple LNG projects are underway, and we believe there is now consensus around the thought that the energy crisis is not over as there continues to be geopolitical unrest, returning high visibility to energy security and energy access.

投影片 19 顯示了我們服務液化天然氣市場的方式。我們看好液化天然氣的所有四個方面，包括出於宏觀和圖表特定原因的大型液化天然氣。多個液化天然氣項目正在進行中，我們相信現在人們已經達成共識，認為能源危機尚未結束，因為地緣政治動盪仍在繼續，能源安全和能源獲取問題重新得到高度關注。

From left to right on Slide 19, starting with Big LNG. The takeaway is that we anticipate Big LNG orders and revenue each year for the foreseeable future. This is driven by expected LNG sanctioning, expanded sizes of projects and the movement to modular midscale for international projects, many of which have already qualified our IPSMR process technology. We're very excited to share in Q3, we had our IPSMR technology selected for an international Big LNG modular project, for which we anticipate booking a full order in late 2024 or 2025, with engineering work already underway. There are multiple other Big LNG projects in our pipeline, as you saw on the previous slide.

第 19 張投影片從左到右，從 Big LNG 開始。結論是，在可預見的未來，我們預計每年都會有大量液化天然氣訂單和收入。這是由預期的液化天然氣制裁、項目規模擴大以及國際項目向模組化中型發展的趨勢所推動的，其中許多項目已經通過了我們的 IPSMR 製程技術的認證。我們非常高興在第三季分享，我們的 IPSMR 技術被選用於國際大型液化天然氣模組化項目，我們預計在 2024 年末或 2025 年預訂完整訂單，工程工作已經在進行中。正如您在上一張幻燈片中看到的那樣，我們的管道中還有多個其他大型液化天然氣項目。

To the right of Big LNG on the slide, it's a small and floating category, which has grown significantly over the past 18 months and continues to do so, especially in Southeast Asia and Africa, where we have dozens of imminent opportunities. Just last week, we were awarded a FEED study for [Chemtex] for a 0.4 MTPA plant expected to move to full order in 2024.

在幻燈片上大型液化天然氣的右側，它是一個小型浮動類別，在過去 18 個月中大幅增長，並將繼續如此，特別是在東南亞和非洲，我們在那裡有數十個迫在眉睫的機會。就在上週，我們獲得了 [Chemtex] 一家 0.4 MTPA 工廠的 FEED 研究，預計將於 2024 年全面訂單。

In LNG infrastructure category, ISO containers, LNG fueling stations and regas have been very consistent. The one aspect of LNG infrastructure that has been depressed the past 2 years is LNG over-the-road vehicle tanks. We're finally seeing some rebound in demand for these tanks with our highest order quarter for this product since the first quarter of 2022. Also remember that the LNG over-the-road vehicle tanks, we're the jumping off point for our unique liquid hydrogen onboard tank that has gained early and often traction so far.

在LNG基礎設施類別中，ISO貨櫃、LNG加氣站和再加氣一直非常一致。過去兩年，液化天然氣基礎設施的低迷之一是液化天然氣公路車輛儲槽。我們終於看到這些儲罐的需求出現了一些反彈，這是自 2022 年第一季以來該產品訂單最高的季度。還請記住，液化天然氣公路車輛儲罐是我們獨特的產品的起點。氫車載儲罐很早就獲得了關注，並且迄今為止經常受到關注。

And finally, a growing category for our equipment and solutions is the retrofit service and repair for existing LNG facilities. Driven by operators desiring optimization of output from existing capital, reducing downtime and in some cases, necessity of a retrofit to keep the facility running. We currently have 3 nitrogen rejection unit FEED studies underway for customers that are dealing with high nitrogen content natural gas, which can create challenges in liquefaction output and consumption of LNG. We have an extremely differentiated solution to handle this.

最後，我們的設備和解決方案不斷增長的類別是現有液化天然氣設施的改造服務和維修。營運商希望優化現有資本的產出，減少停機時間，在某些情況下，需要進行改造以保持設施運作。目前，我們正在為處理高氮含量天然氣的客戶進行 3 個脫氮裝置 FEED 研究，這可能會對液化天然氣的液化輸出和消耗造成挑戰。我們有一個極其差異化的解決方案來處理這個問題。

So moving to Slide 20. This shows the U.S. Department of Energy has announced selection of 7 regional hydrogen hubs in which we are a partner in the HyVelocity Hub. More importantly, though, for our future demand is that each of the 7 hubs is not a single project in a single location but rather each will be a collection of projects across the hydrogen value chain. We've been in discussion with many of the projects that will now potentially be down selected by the regional hub partners, and we anticipate multiple orders across the hubs in the coming years.

現在轉到幻燈片 20。這顯示美國能源部已宣布選擇 7 個區域氫中心，我們是其中 HyVelocity 中心的合作夥伴。但更重要的是，對於我們未來的需求來說，這 7 個樞紐中的每一個都不是單一地點的單一項目，而是每個氫價值鏈中的項目集合。我們一直在與許多項目進行討論，這些項目現在可能會被區域中心合作夥伴選擇，我們預計未來幾年將在各中心收到多個訂單。

This federal funding is expected to also catalyze many private sector investments in hydrogen and is estimated to be over $40 billion of that private sector investment spend. Both gases and liquid hydrogen demand is expanding globally across various geographies. So this isn't just a U.S. story, as you can see on the lower right-hand map on Slide 21. Not only at hydrogen and helium than our #1 end market for synergy orders, the third quarter was also record order quarters for this market.

預計這筆聯邦資金還將促進許多私營部門對氫能的投資，預計私部門投資支出將超過 400 億美元。氣體和液氫的需求正在全球各個地區不斷擴大。因此，這不僅僅是美國的故事，正如您在幻燈片21 右下角地圖上看到的那樣。不僅在氫和氦方面，我們的協同訂單排名第一終端市場，第三季度的訂單季度也創下了紀錄。這個市場。

We continue to be a leader in global certification and first related to hydrogen, including delivering KGS certified liquid hydrogen trailers, the first that will deliver liquid hydrogen in South Korea. There are other first shown on the left-hand side of Slide 21. So I've already shared the strong third quarter synergy achievements at the outset of the call, which are repeated on Slide 23. We also have more cost synergy potential ahead not only with renewals on the calendar year-end cycle but also optimizing the use of our Mexico facilities, legal entity consolidations, tax reductions and executing on additional identified in-sourcing opportunities.

我們繼續成為全球認證領域的領導者，並首先與氫相關，包括提供經過 KGS 認證的液氫拖車，這是韓國第一輛提供液態氫的拖車。第21 張投影片的左側首先顯示了其他內容。因此，我已經在電話會議開始時分享了第三季的強勁協同效應成就，這在投影片23 上重複了。我們還有更多的成本協同潛力，而不是不僅在日曆年終週期進行更新，而且還優化我們墨西哥設施的使用、法人實體合併、減稅以及執行其他已確定的內包機會。

Slide 24 shows 4 commercial synergy wins from the third quarter generated from both Chart and Howden legacy customers as well as new customers. These are the result of the breadth of Howden's field service footprint and resources, shared capabilities for in-sourcing internal testing, thus accelerating lead times and therefore, getting synergy orders, full solutions with all mission-critical manufacturing in-house, and strong relationships with key customers in multiple end markets that both Chart legacy and Howden legacy bring to the table.

投影片 24 顯示了第三季 Chart 和 Howden 傳統客戶以及新客戶帶來的 4 項商業協同效應。這些都是豪頓廣泛的現場服務足跡和資源、共享內包內部測試能力的結果，從而縮短了交貨時間，從而獲得協同訂單、所有關鍵任務內部製造的完整解決方案以及牢固的關係與Chart 傳統和Howden 傳統帶來的多個終端市場的關鍵客戶。

Commercial and cost synergies are very tangible but what is less so tangible is the OneChart culture that our global team members have embodied together to achieve these results. Slide 25 shows some examples of this, including the QR code app that the team came up with that we used to submit new synergy ideas. Another great example was our teams working together to improve our 2023 Eco beta sustainability ratings from bronze to silver for certain European sites. I spent time already on our robust aftermarket service and repair capabilities.

商業和成本協同效應非常明顯，但不太明顯的是我們的全球團隊成員為實現這些成果而共同體現的 OneChart 文化。投影片 25 顯示了這方面的一些範例，包括團隊提出的 QR 碼應用程序，我們用它來提交新的協同創意。另一個很好的例子是我們的團隊共同努力，將某些歐洲工廠的 2023 年 Eco beta 永續性評級從銅牌提高到銀牌。我已經花時間了解我們強大的售後服務和維修能力。

Slide 26 shows that there are still a significant amount of synergies available to us, which are accelerating as we close 2023 and head into 2024, and support continued double-digit plus growth in the RSL segment. I want to just share a one example of this, and this is just in the last day or so, we received about EUR 0.5 million order from customer [VGO]. You may recall me talking about VGO early on as an early synergy in the RSL segment where we were able to take Chart legacy fueling stations and get a long-term service agreement with this customer as a result of Howden's U.K. field service folks.

投影片 26 顯示，我們仍然存在大量協同效應，隨著 2023 年結束並進入 2024 年，這種協同效應正在加速，並支持 RSL 領域持續兩位數以上的成長。我想分享一個這樣的例子，就在最後一天左右，我們收到了客戶 [VGO] 約 50 萬歐元的訂單。您可能還記得我很早就談過 VGO，它是 RSL 領域的早期協同作用，在 Howden 的英國現場服務人員的幫助下，我們能夠採用 Chart 傳統加油站並與該客戶簽訂長期服務協議。

This is -- this order this week is the second station that's going to be installed by the Howden U.K. team and in a meeting with this customer this week, they were really positively impressed by the performance of the service team in the U.K. And in turn, we were able to book this additional order, which, by the way, is not included in the $297.9 million of commercial synergies that we reported today. We shared our progress on net leverage ratio so far at 3.59, forward expectations, and now we reiterate our financial policy as shown on Slide 28.

這是——本週的訂單是 Howden 英國團隊將要安裝的第二個站，在本週與該客戶的會面中，他們對英國服務團隊的表現印象深刻。 ，我們能夠預訂這個額外的訂單，順便說一句，該訂單不包括在我們今天報告的2.979 億美元的商業協同效應中。我們分享了迄今為止淨槓桿率達到 3.59（遠期預期）的進展，現在我們重申我們的財務政策，如幻燈片 28 所示。

Our third quarter 2023 ending liquidity level of $700 million covers all material 2024 debt service needs even before our fourth quarter expected cash generation and divestiture cash proceeds in the fourth quarter. It's also worth noting that we have no major debt due until 2030.

我們的 2023 年第三季末流動性水準為 7 億美元，甚至在我們第四季預期的現金產生和資產剝離現金收益之前就可以滿足 2024 年的所有重大償債需求。另外值得注意的是，我們在 2030 年之前沒有到期的重大債務。

Now turning it over to Brinkman, who has been extremely instrumental in our deleveraging as well as our synergy execution.

現在將其交給布林克曼，他在我們的去槓桿化以及協同執行方面發揮了極大的作用。

We continue to undertake actions to generate more cash for debt pay down and optimize our balance sheet, including repatriating over $25 million of cash in the third quarter, favorable repricing of our term loan B and closing on the sale of our South African facility for $2.2 million. We anticipate closing the sale of 2 other properties in the fourth quarter.

我們繼續採取行動，以產生更多現金來償還債務並優化我們的資產負債表，包括在第三季度匯回超過2500 萬美元的現金、對我們的定期貸款B 進行有利的重新定價以及以2.2 美元的價格出售我們的南非貸款。百萬。我們預計在第四季完成另外兩處房產的銷售。

On Slide 30, you can see additional details of our Theodore, Alabama, jumbo tank and rail expansion. This is a high ROI project for us, and the additional capacity is needed to deliver on the $115 million of orders already in backlog for this facility. We accelerated our capital spend timing to take advantage of market opportunities that arose primarily in the space exploration, rail and marine markets where multiple blue-chip customers needed deliveries as early as possible in 2024. We were able to work with our building contractors to accelerate the pouring of the very thick concrete floor, which holds tanks up to 1 million pounds and expedite the arrival and erection of the building steel. You can also see on Slide 30 where the site was as of June 30 and the incredible progress as of this week.

在幻燈片 30 上，您可以看到我們阿拉巴馬州西奧多巨型油箱和鐵路擴建的更多詳細資訊。這對我們來說是一個高投資回報率的項目，需要額外的產能來交付該工廠已積壓的 1.15 億美元訂單。我們加快了資本支出時機，以利用主要出現在太空探索、鐵路和海洋市場的市場機會，這些市場的多個藍籌客戶需要在 2024 年儘早交付。我們能夠與建築承包商合作，加快交付速度澆築非常厚的混凝土地板，可容納重達100 萬磅的儲罐，並加快建築鋼材的到達和安裝。您還可以在幻燈片 30 上看到該網站截至 6 月 30 日的情況以及截至本週的令人難以置信的進展。

Also, the steel workers remain on site, and we expect to have all of the building columns complete by Sunday. We originally had a multiphase CapEx optionality on this project, which was to be determined based on future demand. Given the early railcar demand and backlog, we also decided to accelerate what was originally a Phase 2 scope with the site's rail spur edition and revamp. We now expect occupancy in the beginning of operations earlier than originally anticipated. Pulling forward this related capital expenditure spend was instrumental in securing to $58 million of third quarter 2023 orders booked specifically for this facility.

此外，鋼鐵工人仍留在現場，我們預計所有建築柱將在周日之前完成。我們最初對該專案有一個多階段的資本支出選項，這將根據未來的需求來確定。考慮到早期的軌道車需求和積壓，我們也決定透過該站點的鐵路支線版本和改造來加速最初的第二階段範圍。我們現在預計營運開始時的入住率將比最初預期的要早。提前推進相關資本支出有助於確保專門為此設施預訂的 2023 年第三季訂單達到 5,800 萬美元。

On Slide 31, the table walks from U.S. GAAP reported statement of cash flows, cash from operations, which includes both continuing and discontinued operations as well as assets held for sale movements to our adjusted free cash flow from continuing operations of $84.8 million, which is a metric we are using for guidance.

在投影片31 中，表格從美國公認會計準則報告的現金流量表、營運現金（包括持續經營業務和非持續經營業務以及持有待售資產的變動）到我們調整後的持續營運自由現金流8480萬美元，也就是我們用來指導的指標。

We are also showing normalized free cash flow on this table to reflect the Teddy 2 accelerated capital spend and not repeating stub interest payment, which when adjusted was $128.8 million. It should be noted that we also had 1 key customer with $25 million accounts receivable due in September that is now expected to be a tailwind for us for fourth quarter cash.

我們還在該表中顯示了正常化的自由現金流，以反映 Teddy 2 加速的資本支出和不重複的存根利息支付，調整後的利息為 1.288 億美元。應該指出的是，我們還有 1 個關鍵客戶，其 9 月到期的 2,500 萬美元應收帳款現在預計將成為我們第四季現金的推動力。

Slides 33 and 34 cover our guidance metrics. We are updating our full year 2023 sales forecast to approximately $3.45 billion to $3.5 billion, this is driven by the earlier-than-expected divestiture completions for American Fan, Cofimco and Cryo Diffusion, which is a positive; and third quarter 2023 revenue timing discussed earlier. All of our divestitures in 2024 represent annualized revenue of approximately $225 million and EBITDA multiples in line with prior chart transactions.

幻燈片 33 和 34 介紹了我們的指導指標。我們將 2023 年全年銷售額預測更新為約 34.5 億至 35 億美元，這是由於 American Fan、Cofimco 和 Cryo Diffusion 的剝離早於預期完成，這是一個積極的因素；以及先前討論過的 2023 年第三季營收時序。我們 2024 年所有資產剝離的年化收入約為 2.25 億美元，EBITDA 倍數與先前的圖表交易一致。

We are updating our full year adjusted EBITDA guidance to reflect the lower revenue in 2023, which has now moved into 2024 due to supply chain and customer delivery timing. We expect to see a nice sequential step-up in free cash flow in the fourth quarter of 2023. Our cash available for debt paydown now reflects the $111 million from the American Fans divestiture as well as the updated free cash flow guidance and higher CapEx spending in Q3.

我們正在更新全年調整後 EBITDA 指引，以反映 2023 年收入的下降，由於供應鏈和客戶交付時間的原因，該收入現已移至 2024 年。我們預計 2023 年第四季度自由現金流將出現良好的連續增長。我們可用於償還債務的現金現在反映了美國球迷剝離的 1.11 億美元以及更新的自由現金流指導和更高的資本支出在第三季度。

While there is some modestly lower interest expense flowing through our guidance in Q4, we will not see most of the benefit until 2024, which brings us to the next slide, Slide 34 and our 2024 outlook. Our EBITDA forecast of approximately $1.3 billion remains unchanged since November 2022, despite the divestitures done in 2023, which are being offset by continued strong order growth in commercial and cost synergy wins.

雖然我們在第四季度的指導中出現了一些適度較低的利息支出，但我們要到2024 年才能看到大部分收益，這讓我們看到下一張幻燈片，即幻燈片34 和我們的2024 年展望。儘管 2023 年進行了資產剝離，但我們對約 13 億美元的 EBITDA 預測自 2022 年 11 月以來一直保持不變，但商業和成本協同優勢的訂單持續強勁增長抵消了資產剝離的影響。

As you can see here, we are initiating a 2024 revenue outlook of approximately $5.1 billion, which is supported by our record Q3 2023 backlog of $4.1 billion and strong commercial synergies still expected to be announced in the fourth quarter and early 2024. Remember, as the company shifts to more of a solution provider, that extends our orders to sales conversion cycle. We anticipate free cash flow. We are moving -- we are removing the word adjusted for 2024 in the range of $575 million to $625 million. We are also guiding 2024 adjusted EPS to $14 plus. Additional details are on the slides. We look forward to seeing you at our November 28 Investor Day, where we will provide a 3-year forward outlook as well as a longer-term view on our markets.

正如您在此處所看到的，我們對2024 年的收入展望約為51 億美元，這得益於我們2023 年第三季度創紀錄的41 億美元積壓訂單以及預計將在第四季度和2024 年初宣布的強大商業協同效應。請記住，該公司更多地轉變為解決方案提供商，從而延長了我們的訂單到銷售轉換週期。我們預計自由現金流。我們正在採取行動——我們正在刪除「為 2024 年調整為 5.75 億美元至 6.25 億美元」一詞。我們也將 2024 年調整後每股盈餘指引至 14 美元以上。幻燈片上有更多詳細資訊。我們期待在 11 月 28 日投資者日見到您，屆時我們將提供 3 年前瞻性展望以及對市場的長期看法。

And now Sylvie, please open up for Q&A.

現在請西爾維開始問答。

(Operator Instructions) And your first question will be from Ben Nolan at Stifel.

（操作員說明）您的第一個問題將來自 Stifel 的 Ben Nolan。

Great. Jill and Joe, so I -- first of all, the orders are strong, the guidance is really strong. The backdrop, though, in this environment with higher interest rates is -- it feels a little less certain than maybe it has in past. In fact, I know and Joe, you would know that one of your competitors are at least a fraction of their business is competitive years was out sort of saying there's just too much uncertainty to have much confidence looking into next year. You don't seem to be reflecting that at all. And certainly, it's not in your orders.

偉大的。吉爾和喬，所以我——首先，命令是強而有力的，指導是非常強大的。然而，在這種利率上升的環境下，情況似乎比過去更不確定。事實上，我知道，喬，你會知道你的一個競爭對手至少有一小部分業務是競爭性的，這並不是說有太多的不確定性來對明年有太多信心。你似乎根本沒有反映這一點。當然，這不是你的命令。

So the question here is -- sorry, that was a long-winded start -- but the question here is, could you maybe talk through maybe segment by segment, what your line of sight is for next year? And maybe by those segments, what portion of the business is economically sensitive? And then what portion of it you think is maybe not?

所以這裡的問題是——抱歉，這是一個冗長的開始——但這裡的問題是，你能否逐段談談你明年的視線是什麼？也許透過這些細分市場，業務的哪一部分對經濟敏感？那你認為其中哪一部分可能不是？

All right. Thanks, Ben, for the question and the tee up. And before I answer your question directly, thank you for recognizing the strength in the order book and the outlook ahead. So that leads me to our view and our confidence level -- our very high confidence level in these figures, in this outlook in particular, given our record backlog, record origin ex Big LNG, which I think is extremely important, right? It's the shift in the dynamic of the business away from that heavy reliance on one or two orders coming in.

好的。謝謝本，謝謝你的提問和開球。在我直接回答您的問題之前，感謝您認識到訂單簿的實力和未來的前景。因此，這讓我得出了我們的觀點和信心水平——我們對這些數字非常高的信心水平，特別是在這一前景中，考慮到我們創紀錄的積壓，創紀錄的原產地（前大型液化天然氣），我認為這是極其重要的，對吧？這是業務動態的轉變，擺脫了對一兩個訂單的嚴重依賴。

And this broad-based demand where we have multiple end markets that we serve, which, oh, by the way, we don't have to change our manufacturing lines to serve, right? We can use the brazed aluminum heat exchangers, whether that's in Big LNG, whether that's in hydrogen liquefaction or helium liquefaction in some cases, carbon capture. So the list could go on and you're really familiar with that.

這種基礎廣泛的需求，我們有多個終端市場，我們服務，哦，順便說一句，我們不必改變我們的生產線來服務，對嗎？我們可以使用釬焊鋁熱交換器，無論是在大型液化天然氣中，無論是在氫液化或氦液化（在某些情況下）還是碳捕獲。這樣的清單還可以繼續列下去，而且您對此非常熟悉。

But that broad-based nature of our backlog, the visibility that we have to where those projects are in terms of progression is one of the shifts that Joe talked about in his remarks thereof, moving toward that solution provider gives us more visibility into that backlog. I'd also say, specifically, we have more than 65% of our backlog for -- that covers 65% of our 2024 covered by backlog. I think that's an important metric, right? We talk about also the ability for us to move schedules around and to be able to adapt how we serve our customers is another key element to how we deliver on that backlog.

但是，我們的積壓工作具有廣泛的性質，我們對這些專案進度的可見性是喬在其演講中談到的轉變之一，轉向解決方案提供者使我們能夠更清楚地了解積壓工作。我還想說，具體來說，我們有超過 65% 的積壓訂單，這涵蓋了 2024 年積壓訂​​單的 65%。我認為這是一個重要的指標，對嗎？我們還討論了我們調整計劃的能力以及能夠調整我們為客戶服務的方式的能力，這是我們如何交付積壓訂單的另一個關鍵因素。

And we did mention as well in our outlook that it does include commercial synergies. And I mean, heck, I think you commented on it in your early look report. We delivered 100% more of our year 1 synergies commercially in the first 7 months of our ownership of Howden. I mean that shows the combination in that full solution offering coming into our backlog.

我們在展望中也提到，它確實包括商業綜效。我的意思是，哎呀，我想你在早期的觀察報告中對此發表了評論。在擁有 Howden 的頭 7 個月內，我們在商業上的第一年協同效應就實現了 100% 以上。我的意思是，這顯示了我們積壓的完整解決方案中的組合。

All right. So let me talk about the segments because you really get into the question about what's sensitive and where we see those sensitivities, both from a positive and potential watchout perspective. Let's start with CTS. CTS is our shortest cycle -- shortest book and ship cycle. This is heavily industrial gas majors business and you can get the industrial gas majors outlook. But what we're hearing from a forecast perspective is kind of in line to what it always is generally and historically, which is in that like kind of mid-single-digit growth. When you look backwards at CTS, it's fairly insensitive in terms of being dramatically lower or dramatically higher.

好的。因此，讓我談談這些部分，因為您確實會從積極和潛在的觀察角度來討論什麼是敏感的以及我們在哪裡看待這些敏感度的問題。讓我們從 CTS 開始。 CTS 是我們最短的週期－最短的預訂和出貨週期。這是工業氣體專業的重要業務，您可以獲得工業氣體專業的前景。但從預測的角度來看，我們所聽到的情況與一般情況和歷史情況一致，即中等個位數的成長。當您回顧 CTS 時，您會發現它對於大幅降低或大幅提高而言相當不敏感。

Within CTS, I would point out that the EU and China regions serves the CTS segment. And in the remarks, I commented that we expect China orders year-over-year to be 20% or more higher than 2023 as we did -- we didn't see really a slowdown per se in those 2 regions in that market, but we're seeing some pickup in activity. The CTS, I think, is fairly insensitive and we have a very good line of sight to the next 12 months from those key customers.

在 CTS 中，我要指出的是，歐盟和中國地區為 CTS 細分市場提供服務。在演講中，我評論說，我們預計中國訂單將同比 2023 年將比 2023 年增長 20% 或更多 - 我們並沒有看到該市場的這兩個​​地區本身確實出現放緩，但是我們看到活動有所回升。我認為，CTS 相當不敏感，而且我們對這些主要客戶未來 12 個月的情況有很好的了解。

In the HTS segment, so the Big LNG, we have good backlog for the coming couple of years on the Big LNG front. We do expect to book another Big LNG order around year-end and we have good line of sight to more for the coming years, inclusive of that IPSMR win that international win that we can't name but we have the technology, we haven't yet booked the order. But even without that, we see plenty of commercial pipeline, I'm not only for other LNG, including retrofit but I would like to hammer home that point on traditional energy, oil and gas.

在高溫超導領域，也就是大型液化天然氣領域，未來幾年我們在大型液化天然氣方面有大量積壓。我們確實預計在年底左右再預訂一份大型液化天然氣訂單，並且我們對未來幾年的更多訂單有良好的視野，包括 IPSMR 贏得的國際勝利，我們無法命名，但我們擁有技術，我們還沒有'尚未預訂訂單。但即使沒有這些，我們也看到了大量的商業管道，我不僅支持其他液化天然氣，包括改造，我想在傳統能源、石油和天然氣方面強調這一點。

Again, the beauty is we serve traditional energy and clean energy end markets with the same manufacturing lines, and we have seen traditional energy pick up. I think the metric that we showed was 72% in order increases ex Big LNG from the last quarter sequentially.

同樣，美妙之處在於我們用相同的生產線為傳統能源和清潔能源終端市場提供服務，而且我們已經看到傳統能源的回升。我認為我們顯示的指標是，除大型液化天然氣外，訂單量較上季連續增加了 72%。

All right. Specialty. I think the Specialty is interesting because Specialty is kind of where I think the comments as you referred to one of our competitors or at least a small part of the business being a competitor, the comments there, probably would bring into the Specialty segment, if you were to try to pick out one of the segments here. But one thing I would say, if I know who you're talking about, one thing I would say that I fully agree with his waiting on the government to fund something is not a good strategy.

好的。專業。我認為專業很有趣，因為我認為專業是指您提到我們的競爭對手之一或至少一小部分業務是競爭對手的評論，那裡的評論可能會帶入專業領域，如果您要嘗試在這裡挑選出其中一個片段。但我要說的是，如果我知道你在談論誰，我會說我完全同意他等待政府資助某些事情並不是一個好的策略。

And that's absolutely not where we are with our Specialty end markets. These are, as Joe called them blue-chip customers, and we're talking in Specialty -- these are, in some cases, the IGs that I talked about in CTS. EPC, these are large companies that are making these investments and we're the beneficiary of them. With that said, I do think the government hubs and funding can be a catalyst for more but that's not what our -- basis of our outlook is built on. It's built on the projects that we have in backlog and what we think is real, real in the commercial pipeline.

這絕對不是我們專業終端市場的現況。正如喬所稱的那樣，這些客戶是藍籌客戶，我們在專業領域中討論——在某些情況下，這些是我在 CTS 中談到的 IG。 EPC，這些是正在進行這些投資的大公司，我們是他們的受益者。話雖如此，我確實認為政府中心和資金可以成為更多的催化劑，但這不是我們前景的基礎。它建立在我們積壓的項目以及我們認為商業管道中真實的項目之上。

In terms of the rest of the Specialty, right, this is also global. It's not a U.S.-only commentary, right? So take hydrogen, it's industrial gas, it's mobility, it's utility storage, and we're seeing a lot of pragmatic projects in the -- coming into the backlog versus the dreamers.

就專業的其餘部分而言，對吧，這也是全球性的。這不是僅限美國的評論，對吧？因此，以氫氣為例，它是工業氣體，它是流動性，它是公用事業存儲，我們看到許多務實的項目正在積壓，而不是夢想家。

And then lastly, in RSL, I want to end with RSL. I purposely ending with RSL because RSL -- think back, one of the key elements of our strategy over the last 5 years and really amped up with the Howden acquisition was having a higher percent of our revenue in aftermarket service repair. And for exactly the idea that we're going to continue to grow double digits through a cycle. And this gives us a lot of resiliency and confidence in being able to do so.

最後，在 RSL 中，我想以 RSL 結束。我特意以 RSL 結尾，因為 RSL——回想一下，我們過去 5 年戰略的關鍵要素之一，並且隨著豪頓收購而真正得到加強的是，我們的售後服務維修收入所佔的比例更高。正是為了我們將在一個週期中繼續實現兩位數成長的想法。這給了我們很大的彈性和信心，讓我們能夠做到這一點。

And the other thing I would say is you heard me talk on the amount of opportunity in [pie] in RSL that we don't even touch today, and we don't even have a lot of our Chart legacy products that we serve outside of the United States, and there's just opportunity without having to have the actual end markets themselves grow dramatically for us to gain share and have this continue to grow double digit. So all in all, I think our confidence is high for different reasons perhaps than someone else's confidence may be a little bit less.

我想說的另一件事是，你聽到我談論 RSL 中的 [pie] 機會數量，我們今天甚至沒有觸及這些機會，我們甚至沒有很多我們在外部提供服務的 Chart 遺留產品我們有機會獲得市場份額並繼續以兩位數的速度增長，而不必讓實際的終端市場本身大幅增長。總而言之，我認為由於不同的原因，我們的信心很高，也許比其他人的信心可能要低一些。

Next question is from Martin Malloy at Johnson Rice.

下一個問題來自約翰遜萊斯公司的馬丁·馬洛伊。

I wanted to ask a question about the hydrogen outlook and some of the graphs on -- you have on 21. I was wondering if maybe you could help us with thinking through the scope of potential awards to Chart for, say, 10 ton per day hydrogen production liquefaction plant coming online. Assuming that the hydrogen is going to be used for transportation or stationary power. When you think about all the storage and transportation, end use equipment that you might sell?

我想問一個關於氫前景和 21 日的一些圖表的問題。我想知道您是否可以幫助我們思考 Chart 的潛在獎勵範圍，例如每天 10 噸氫液化廠即將上線。假設氫氣將用於運輸或固定動力。當您考慮您可能出售的所有儲存和運輸、最終用途設備？

Yes. Thanks, Marty, for the question. And I appreciate you looking into the detail that we have put out in the deck. So let me touch on a few things on that Slide 21. In that upper right-hand graph, there's a lot to digest here. The first thing being that we are continuing to see more and more commercialization in hydrogen, the second being that -- the 3 facets of the hydrogen value chain, production, storage and transport, and then end use you can see for the last couple of years, the primary -- our primary customer spend was in production and storage and transport.

是的。謝謝馬蒂的提問。我感謝您研究我們在甲板上提供的細節。讓我談談幻燈片 21 上的一些內容。在右上角的圖表中，有很多內容需要消化。第一件事是，我們繼續看到越來越多的氫商業化，第二件事是——氫價值鏈的三個方面，生產、儲存和運輸，然後是最終用途，你可以在最後幾個方面看到多年來，我們的主要客戶支出是在生產、儲存和運輸方面。

And now if you look at that last category, we're starting to see an increase in orders for end use, whether that's mobile refuelers that could be fueling stations, things like that. And that to us is a positive indicator for the years ahead given that you have to have -- for the ecosystem to work, you have to have supply and demand, and you're seeing that end use, the demand starting to grow. So that's the takeaway -- the 2 takeaways on that upper right-hand chart on Slide 21.

現在，如果你看看最後一個類別，我們開始看到最終用途的訂單增加，無論是行動加油機還是加油站之類的。對我們來說，這是未來幾年的一個積極指標，因為生態系統要發揮作用，必須有供應和需求，而且您會看到最終用途，需求開始成長。這就是重點——幻燈片 21 右上角圖表中的 2 個要點。

Now what your question was kind of Chart content and what are we seeing on, let's take whether it's a 10 ton per day. We're seeing -- most of the liquefiers we see are either 15 ton per day or 30 ton per day. So I'm going to just use 15 ton per day as an example. And if you take the liquefier itself, those typically a 15 ton per day is going to cost -- our content will be $35 million to $50 million on a 15 ton per day, obviously, with variability depending on aspects and customization that the customer may want.

現在你的問題是圖表內容，我們看到了什麼，讓我們看看是否是每天 10 噸。我們看到——我們看到的大多數液化器要么每天 15 噸，要么每天 30 噸。所以我將以每天 15 噸為例。如果您使用液化器本身，通常每天 15 噸的成本 - 我們的內容將是每天 15 噸的 3500 萬至 5000 萬美元，顯然，具體情況取決於客戶可能的方面和定制。想。

But the second half of your question, which I really think is astute is around used for transport or stationary power, which brings us more equipment around the production site. And that is typically what we're seeing right now, storage tanks and trailers. What what our Hydrogen team tells me is that the trailers are usually ordered about a year after the production equipment is ordered or the production technology. And so I think we'll see -- given the liquefier activity that we've seen in '23, I would expect we'd see a pickup in trailers in late '24 and 2025.

但你問題的後半部分，我真的認為這是精明的，用於運輸或固定電源，這為我們在生產現場帶來了更多設備。這就是我們現在所看到的典型情況：儲罐和拖車。我們的氫氣團隊告訴我，拖車通常是在生產設備或生產技術訂購後一年左右訂購的。因此，我認為我們會看到——考慮到我們在 23 年看到的液化器活動，我預計我們會在 24 年底和 2025 年看到拖車數量的增加。

So I like the staggeredness of the way that the full solution in the exceptional hydrogen portfolio that we have has been rolling out. I also really like the point we want to try to drill here is that it's not U.S. only. And you see that on that bottom right-hand map. These are orders across multiple geographies, and we had a Howden compression order for about $16 million in the third quarter. And that was -- again, that was for an Asia location.

因此，我喜歡我們在卓越的氫產品組合中推出完整解決方案的交錯方式。我也非常喜歡我們想在這裡嘗試的一點，那就是這不僅僅是美國。你可以在右下角的地圖上看到這一點。這些訂單來自多個地區，第三季我們接到了一份價值約 1,600 萬美元的豪頓壓縮訂單。再說一次，那是針對亞洲地點的。

So it's really broad-based global, we serve all these facets of the value chain and in transporter stationary power, which really are the more pragmatic applications for hydrogen. We get the benefit of equipment technology on the production side as well as the ancillary pieces and parts.

因此，它確實具有廣泛的全球性，我們為價值鍊和運輸固定動力的所有這些方面提供服務，這確實是氫的更務實的應用。我們受惠於生產方面的設備技術以及輔助零件和零件。

Next question will be from Eric Stine at Craig-Hallum.

下一個問題將由 Craig-Hallum 的 Eric Stine 提出。

Jill, Joe, so I appreciate that you're limited as to what you can say. But curious, just on the new LNG award -- or new LNG opportunity that you expect to book later next year. I'm wondering if you can give any detail in terms of size? And also, just curious, is this one of the counterparties that you've been qualified with? Is this a new customer? Details would be helpful.

吉爾，喬，所以我很感激你們能說的話有限。但好奇的是，只是關於新的液化天然氣獎項——或者您預計明年晚些時候預訂的新液化天然氣機會。我想知道你是否可以提供有關尺寸的詳細資訊？另外，我很好奇，這是您符合資格的交易對手之一嗎？這是新客戶嗎？詳細資訊會有幫助。

Yes. Thank you, Eric, for the question. And I appreciate you picking up on our excitement around this particular win. We've -- we're qualified IPSMR qualification. Without boring you with the technical details, it's a big deal. And it's a big order deal to get there. It's multiyears with -- in particular, with international oil companies. And we have a couple, I think, close to a dozen of these validations and qualifications technically. And we had -- I think last quarter, we said 9 international potential projects that fall in this category. Now we say we have 10 plus the one that we know we were awarded the technology. That's a meaningful step for us.

是的。謝謝埃里克提出的問題。我很感謝您了解我們對這場特殊勝利的興奮。我們已經獲得 IPSMR 資格了。不用讓你對技術細節感到厭煩，這是一件大事。到達那裡是一筆大訂單。尤其是與國際石油公司的合作已經持續多年。我認為，我們在技術上有將近十幾個這樣的驗證和資格。我想上個季度我們說過 9 個國際潛在項目屬於這一類別。現在我們說我們有 10 個加上我們知道我們獲得了該技術的那個。這對我們來說是有意義的一步。

I think part of that -- so the direct answer, yes, it's with one that has qualified us. The way that these typically work is the qualification happens through engineering and then the project team is the one who actually makes the decision because they have to implement it. And so that's -- again, that's a separate process and a longer process. So we're super excited about this win. This is a high dollar. If you're looking at historically the way we range out our Big LNG projects, we say [$100 million] to a few hundred million. This is certainly going to be at the high end of that range in terms of size and content.

我認為這是其中的一部分 - 所以直接的答案是，是的，這是一個使我們合格的人。這些通常的工作方式是透過工程進行資格認證，然後專案團隊才是真正做出決定的人，因為他們必須實施它。所以，這又是一個單獨的過程，而且是一個更長的過程。所以我們對這場勝利感到非常興奮。這是一個高美元。如果您從歷史上看我們對大型液化天然氣項目的劃分方式，我們會說[1億美元]到幾億美元。就規模和內容而言，這肯定會處於該範圍的高端。

And I can't tell you, international -- there's very limited locations geographically, internationally that are -- that have very sticky and established LNG activity. And so you can probably at least hone in on that from my answer there. But I think even bigger, when you're talking about future potential growth, it unlocks -- having this type of win unlocks an entire market within big LNG that we never played in or played extremely limited in before. And so that's -- my takeaway is the strategy for profitable growth, continued consistency in big LNG bookings. And now we have this whole other facet of the world that is going to use IPSMR. I love it.

我不能告訴你，國際上——國際上有非常有限的地區——具有非常粘性和成熟的液化天然氣活動。所以你至少可以從我的回答中磨練這一點。但我認為更大的是，當你談論未來的潛在成長時，它會解鎖——這種類型的勝利解鎖了大型液化天然氣領域的整個市場，而我們以前從未參與過或參與過極其有限的市場。因此，我的結論是利潤成長的策略，以及大型液化天然氣預訂的持續一致性。現在，世界的另一面將使用 IPSMR。我喜歡它。

Right. And I guess, safe to assume that this large company has a backlog beyond just this project? Or at least a pipeline.

正確的。我想，可以肯定地說，這家大公司除了這個專案之外還有積壓的工作？或至少是一條管道。

That is the -- yes, you are correct, Eric.

那是——是的，你是對的，艾瑞克。

Okay. And then last one for me. You mentioned the 65% coverage in backlog. I mean, obviously, that's a great number for Chart. So a little just context now that Howden is added as well. I mean, should we kind of view them the same that, that is a -- that's a historically high level of backlog coverage?

好的。然後是我的最後一張。您提到了積壓中 65% 的覆蓋率。我的意思是，顯然，這對 Chart 來說是一個很大的數字。現在豪頓也被加入了一些上下文。我的意思是，我們是否應該以同樣的方式看待它們，即積壓覆蓋率達到歷史最高水準？

Yes, absolutely. Having 65% historically for Howden is excellent backlog coverage.

是的，一點沒錯。豪頓歷史上擁有 65% 的積壓覆蓋率，這是非常出色的。

Next question will be from Marc Bianchi at TD Cowen.

下一個問題將由 TD Cowen 的 Marc Bianchi 提出。

I'm going to honor John's request and ask just one question. The -- so the fourth quarter guidance here and then for '24, just trying to think about the progression as we get into '24 because I think typically, you would have some seasonal downturn in the first part of the year and then it ramps over the course of the year. Maybe that's dampened a bit by Howden. But even if that happens, it would seem that you'd need to be exiting 2024 at margins may be quite a bit above the 25% EBITDA margin that's implied by the guidance. So maybe if you could just provide a little bit of a progression on how this should play out in '24 to give us a sense of the exit rate?

我將尊重約翰的請求，只問一個問題。 - 所以第四季度的指導是這裡的，然後是 24 年的，只是想考慮一下我們進入 24 年時的進展，因為我認為通常情況下，今年上半年會出現一些季節性低迷，然後它會加速在這一年中。也許這被豪頓削弱了一點。但即使發生這種情況，您在 2024 年退出時的利潤率似乎可能遠高於指南中暗示的 25% EBITDA 利潤率。那麼，也許您可以提供一點關於 24 年應該如何進行的進展，以便讓我們了解退出率？

Yes. Thanks for the question, Marc. And what I would say, maybe I'll step back to since we closed on the Howden dealer, we've been at above the 21.5% adjusted EBITDA margin. We see the cost synergies are really starting to flow through the P&L here, in particular, on SG&A as an example. We definitely see 2024 in terms of progression. We used to say -- Chart legacy used to say, okay, the first quarter and the fourth quarter were the lowest quarters of the year. We don't see that nearly as much, just given the shift to the project nature of the business.

是的。謝謝你的提問，馬克。我想說的是，也許我會回顧一下，自從我們關閉豪頓經銷商以來，我們的調整後 EBITDA 利潤率一直高於 21.5%。我們看到成本綜效確實開始在損益表中流動，特別是以銷售、管理和行政費用為例。就進展而言，我們肯定會看到 2024 年。我們過去常說——圖表遺產過去常說，好吧，第一季和第四季是一年中最低的季度。只是考慮到業務的項目性質的轉變，我們並沒有看到那麼多。

What we do want to point out in particular on -- and I'm going to come back around on the margin point here. But in particular, I want to make sure everybody noted the comments about the senior secured note interest payments where we pay in January and July. So there are 2 payments a year. So that's an important because that flows through operating cash.

我們確實想特別指出的是——我將在這裡回到邊緣點。但特別是，我想確保每個人都注意到有關我們在一月和七月支付的優先擔保票據利息支付的評論。所以一年有2次付款。所以這很重要，因為它透過營運現金流動。

On the margin side, we have increasing benefit from mix in backlog around the projects that we've booked. The synergies I already touched on and then the delivering through on the higher volume that we have. So I would -- the way I would model the year is kind of sequentially stepping up the EBITDA margin from where we sit today. And that's -- you can see that reflected in the implied fourth quarter '23 guidance. And I don't see anything that says there's 1 quarter like we used to have that's really, we should call out as being lower than the rest of them.

在利潤方面，我們從已預訂項目的積壓混合中獲得了越來越多的收益。我已經談到了協同效應，然後是我們所擁有的更高產量。所以我會——我對這一年的建模方式是從我們今天的水平開始逐步提高 EBITDA 利潤率。那就是——你可以看到這反映在隱含的 23 年第四季指引中。我沒有看到任何消息說有四分之一的人像我們以前那樣，實際上，我們應該指出比其他人要低。

Next question will be from Pavel Molchanov at Raymond James.

下一個問題將來自 Raymond James 的 Pavel Molchanov。

Actually, digging back on the previous question but more zooming in on top line given how much the business mix has changed, particularly the recurring and service revenue. Is the kind of progression first half versus second half going to be meaningfully smoother going forward versus the legacy Chart, which was very back-end weighted?

實際上，回顧上一個問題，但考慮到業務組合發生了多大變化，尤其是經常性收入和服務收入，更專注於營收。與後端加權的傳統圖表相比，上半場與下半場的進展是否會更順利？

Yes. Pavel, thank you for the question. So the short answer is yes. The longer answer is that there -- the way -- I'll give you an example, the way that the larger projects timing of deliveries that we'll take a Big LNG project in the second quarter of this year, we had more Big LNG-related revenue because there was the delivery of a train for a customer that we got that revenue into the quarter. We had less so in the third quarter because we're starting work on the next train or the next series of trains.

是的。帕維爾，謝謝你的提問。所以簡短的回答是肯定的。更長的答案是，方式——我給你舉個例子，我們將在今年第二季度進行大型液化天然氣項目的大型項目交付時間，我們有更多大型項目與液化天然氣相關的收入是因為為客戶交付了火車，我們將這些收入計入本季。第三季的情況有所減少，因為我們正在開始下一趟列車或下一系列列車的工作。

So there is a little bit of kind of how those project delivery schedule play out, much smoother than historically. If you look at our backlog, you will have a step up from first half to second half in '24 just based on the Big LNG projects that are in the backlog but not nearly kind of this Q1 to Q2 to Q3 and then down in Q4 like it used to be.

因此，這些專案交付時間表的實施方式有些，比歷史上順利得多。如果您查看我們的積壓訂單，您會發現，僅基於積壓中的大型液化天然氣項目，您將在24 年上半年到下半年有所進步，但與本季度第一季到第二季度到第三季度然後在第四季度下降的情況相差甚遠。就像以前一樣。

Yes. And I would just add that -- just one thing to add, Pavel, is a growing business is naturally going to have a bigger fourth quarter than first quarter just because it's growing.

是的。我想補充一點——帕維爾，需要補充的一點是，一家不斷成長的企業自然會擁有比第一季更大的第四季業績，只是因為它正在成長。

Did that answer your question, Pavel?

這回答了你的問題嗎，帕維爾？

Yes. Perfect.

是的。完美的。

Next question will be from Craig Shere at Tuohy Brothers.

下一個問題將由 Tuohy Brothers 的 Craig Shere 提出。

So given the commercial synergies are kind of doubling original guidance, just kind of scratching my head a little bit that shouldn't that have aided 2023 revenue performance? And kind of related to this question, can you elaborate a little bit on the elongation of the non-Big LNG book-to-bill?

因此，考慮到商業協同效應是原始指導的兩倍，這讓我有點摸不著頭腦，這不應該有助於 2023 年的收入表現嗎？與這個問題相關的是，您能否詳細說明非大型液化天然氣訂單到帳單的延長情況？

Yes. Thanks, Craig, for the question. So almost all of the synergies that we have booked, the orders are full solution style bookings. And so these are -- these would have engineering timing and these in many cases are going to be across 12- to 36-month type of rev rec cycle. So you don't really get anything in the very short term. And the amount of synergies we booked in the third quarter, you're really going to start to see that in the first quarter in terms of sales.

是的。謝謝克雷格的提問。因此，我們預訂的幾乎所有協同效應訂單都是完整解決方案類型的預訂。因此，這些將具有工程時序，並且在許多情況下將跨越 12 至 36 個月的轉速記錄週期。所以你在短期內不會真正得到任何東西。我們在第三季預訂的協同效應量，你真的會在第一季的銷售方面開始看到這一點。

In terms of the elongation of the non-Big LNG book-to-bill. What I would say here is that we -- maybe I'll turn the question slightly differently. We continue to expect to see a book-to-bill above 1. That's kind of the way we think about continuing to be able to grow the backlog to grow the top line at that 15% plus. And having the solution -- this full solution, differential is a way that we get sticky with these customers. And in many, many cases, there's multiple projects behind the ones that are in the backlog.

就非大型液化天然氣訂單交貨期的延長而言。我在這裡要說的是，我們——也許我會稍微不同地回答這個問題。我們仍然預計訂單出貨比會高於 1。這就是我們考慮繼續增加積壓訂單以使收入增長 15% 以上的方式。擁有解決方案—這個完整的解決方案，差異化是我們與這些客戶保持黏性的一種方式。在很多很多情況下，積壓的項目背後有多個項目。

So one of the point that I think is really important in the shift of our business from what we used to look like, is that we're -- and I said this time and time again here in the last hour, is that we're no longer reliant on one or two things. And that gives us that confidence level to be able to grow through the cycle, and we love Big LNG but we can grow without Big LNG.

因此，我認為，對於我們的業務從過去的樣子轉變來說，真正重要的一點是，我們——我在過去一小時裡一次又一次地說過，我們」我們不再依賴一兩件事。這讓我們有信心在整個週期中成長，我們喜歡大型液化天然氣，但我們可以在沒有大型液化天然氣的情況下成長。

Now I do want to hit the point home that we continue to expect Big LNG orders here, and we have a really good line of sight to the ones that we know we have content on across the coming foreseeable years here. So it's a good -- it's a great position to sit with record backlog but also with the visibility we have to the full solution commercial pipeline that we expect to continue to come into the order book here throughout the years ahead.

現在我確實想強調一點，我們繼續期待這裡的大型液化天然氣訂單，而且我們對那些我們知道在未來可預見的幾年裡我們有內容的訂單有非常好的視野。所以這是一個很好的 - 這是一個很好的位置，可以坐擁創紀錄的積壓，而且我們對完整的解決方案商業管道具有可見性，我們希望在未來幾年繼續進入這裡的訂單簿。

Next question will be from Ati Modak at Goldman Sachs.

下一個問題將由高盛的阿蒂·莫達克（Ati Modak）提出。

Can you help us understand the moving pieces in the '23 guidance between the $100 million in revenue slippage, what segments that affect? And to Craig's question from earlier, the synergies and the asset sales that have occurred and then '24 guidance seems like it remains unchanged. Did that already contemplate the divestitures? Or are there any offsetting factors there?

您能否幫助我們了解 23 年指引中 1 億美元收入下滑之間的變化因素，哪些部分會受到影響？對於克雷格早些時候提出的問題，已經發生的協同效應和資產出售以及隨後的 24 指導似乎保持不變。那是否已經考慮過剝離？或者有什麼抵銷因素嗎？

Yes. Thanks for the question, Ati. So as we pointed out in our remarks, there was -- there were a few factors that went into the timing shift, and I'll say this again, I say it every quarter, 2 to 3 months in our business, especially now that we have these long -- larger projects is it's really hard to get exact and it's not lost revenue, it's timing of the revenue associated with whether that's POC for supplier deliveries or progress, whether that's customers that call us and say, "Hey, we want to add a capability or tweak a design to get more output from the nameplate production, " or whether that's us moving and prioritizing a customer because they have an urgent situation, and we get less revenue rec in a quarter off of that. So that's kind of the tactical side of things.

是的。謝謝你的提問，阿蒂。因此，正如我們在發言中指出的那樣，有一些因素導致了時間的轉變，我會再說一遍，我在我們的業務中每個季度、2 到 3 個月都會這麼說，尤其是現在我們有這些長期的、更大的項目，這真的很難準確，而且這不是收入損失，而是與供應商交付的POC 或進度相關的收入時間，無論是客戶打電話給我們說：“嘿，我們想要添加一項功能或調整設計，以從銘牌生產中獲得更多產出，」或者我們是否因為客戶有緊急情況而轉移並優先考慮客戶，而我們在四分之一的時間內獲得的收入減少了。這就是事情的戰術面。

And then we had, at the end of the second quarter, obviously, roots was in disc ops, but we had expected Cofimco to close pretty close to year-end of '23, we're excited that it's going to close on the 31st of October for that cash in. We hadn't expected to have the American Fans divestiture done in '23 but that was really a nice win-win. It's ending up in a really good home for the fact that it's 80% plus Navy oriented government, which isn't core to our business. So those were the couple of divestiture pieces that kind of shifted timing for the rest of 2023.

然後，在第二季末，顯然，我們的根源在於光碟運營，但我們預計 Cofimco 將在 23 年底關閉，我們很高興它將在 31 日關閉我們沒想到美國球迷會在23 年完成剝離，但這確實是一個很好的雙贏。它最終得到了一個非常好的歸宿，因為它 80% 以上是面向海軍的政府，這不是我們業務的核心。這些是改變 2023 年剩餘時間時間的幾項資產剝離。

When we look ahead to 2024, what we would share here in terms of the outlook being unchanged is while our guide in 2024, we hadn't really given -- we had not given a revenue guide, we had given an EBITDA guide. And we had known the original asset sale perimeter, which I would point out again that we hit the number of the target even with a subset of the original perimeter, just 7 months post close of the acquisition.

當我們展望 2024 年時，我們在這裡分享的展望不變是，我們並沒有真正給出 2024 年的指南——我們沒有給出收入指南，我們給出了 EBITDA 指南。我們已經知道了原始資產出售範圍，我想再次指出，即使是原始範圍的一個子集，我們也達到了目標數字，收購結束後僅 7 個月。

But when we look ahead, we had commercial synergies that we talked about on the last question from Craig that now are coming stronger earlier into the order book. So that gives us earlier revenue in 2024 than -- which allows us to cover what we had sold out of the portfolio. If I were distilling it to one answer, that's really it. And then, of course, there's things like the way that we talked about the step-up in first half to second half and the timing of when these projects revenue recognition kind of ramps up, and having booked the Big LNG order at the end of the second quarter, we see good line of sight to that revenue ramping up. We have full notice to proceed on that. So that revenue really ramping up mid-2024 as well.

但當我們展望未來時，我們在克雷格的最後一個問題中談到了商業協同效應，現在在訂單簿的早期階段變得更加強大。因此，這讓我們在 2024 年獲得了更早的收入，這使我們能夠彌補我們從投資組合中出售的資金。如果我將其提煉為一個答案，那就是真的。當然，還有一些事情，例如我們討論上半年到下半年的成長方式，以及這些專案收入確認何時增加的時間，以及在年底預訂了大型液化天然氣訂單。第二季度，我們看到收入成長的良好前景。我們已收到充分通知，將繼續進行此事。因此，到 2024 年中期，收入也會真正增加。

Next question will be from Rob Brown at Lake Street Capital.

下一個問題將由 Lake Street Capital 的 Rob Brown 提出。

Jill, Joe, just wanted to follow up, given the really strong commercial synergies that you're showing and really better than you expected. How do you see that continuing? Do you expect that to kind of flow through in future periods? And do you sort of think that, that can be better than you ultimately expected?

吉爾、喬只是想跟進，因為你們所展現的商業綜效非常強大，而且比你們預期的要好。您如何看待這種情況的持續？您預計這種情況會在未來一段時間內發生嗎？您認為這會比您最終預期的更好嗎？

No, we've been continually surprised by all the synergy opportunities that we're seeing. As we pointed out in our remarks, pivoting to more of a solutions provider here, you've got the traditional cryogenic liquid. Background of Chart, you've got the gas side of the business and Howden really coming together for solutions for customers in the hydrogen space and in other spaces. So yes, continue to expect more synergy wins as we put these offerings together.

不，我們一直對所看到的所有協同機會感到驚訝。正如我們在評論中指出的那樣，轉向更多的解決方案提供商，您將獲得傳統的低溫液體。 Chart 的背景是，氣體方面的業務和 Howden 真正走到一起，為氫氣領域和其他領域的客戶提供解決方案。所以，是的，當我們將這些產品組合在一起時，我們將繼續期待更多的協同效應。

And Rob, I'd elaborate on that -- answering that. You think about, we said $800 million of commercial synergy pipeline available to us that was in May of this year. And now we're saying $1.3 billion of commercial synergy pipeline here sitting at the end of October even after this $300 million of already awarded commercial synergies. That's pretty exceptional in my mind. But what to me is even more so is, we have this WhatsApp group for the commercial team, and we share wins amongst that. And the amount and types, and breadth of the synergy potential that these teams are working on and going out together, this is the value of the one Chart commercial team, it's really amazing.

羅布，我會詳細闡述這一點──回答這個問題。你想一想，我們在今年 5 月說過，我們可以使用 8 億美元的商業協同管道。現在我們說的是，即使在已經授予的 3 億美元商業協同效應之後，10 月底仍有 13 億美元的商業協同效應管道。這在我看來是非常特別的。但對我來說更重要的是，我們有這個商業團隊的 WhatsApp 群組，我們在其中分享勝利。而這些團隊正在共同努力、共同走出去的協同潛力的數量、類型、廣度，這就是 One Chart 商業團隊的價值，真的很驚人。

The other thing that I think has been fantastic around bringing these synergy opportunities forward. There's 2 things I'd point out. One is we have a dedicated team that trains the commercial organization and the technical organization on the respective offerings that both Chart and Howden legacy brought together. And I think that's really driven their ability to sell. So kudos to Jesse and the team that's been working on that.

我認為推動這些協同機會的另一件事非常棒。我要指出兩件事。一是我們擁有一支專門的團隊，負責對商業組織和技術組織進行 Chart 和 Howden 傳統產品的培訓。我認為這確實推動了他們的銷售能力。感謝 Jesse 和致力於此的團隊。

And then the second piece is this RSL opportunity. I can't share enough times how much synergy potential on the RSL side that's untapped yet, and it's already been -- it's already gained a lot of traction. I love the tools. Mark and his team up in Buffalo, the tools that they've been able to deploy to our commercial team, whether that's an app to be able to see an installed base when they go to a customer or just gathering the opportunity of installed base has really been an accelerant to the synergy achievement. I'm not going to give a specific number but I don't see certainly it's slowing in 2024 by any means.

第二個是 RSL 機會。我無法多次分享 RSL 方面有多少尚未開發的協同潛力，而且它已經——它已經獲得了很大的吸引力。我喜歡這些工具。馬克和他在布法羅的團隊，他們已經能夠部署到我們的商業團隊的工具，無論是一個應用程式能夠在他們去找客戶時看到安裝基礎，還是只是收集安裝基礎的機會確實是協同效應成就的促進劑。我不會給出具體數字，但我認為 2024 年這一增長速度肯定不會放緩。

Great. Thank for the color and congratulations on the progress.

偉大的。感謝您的顏色並祝賀您的進展。

Thank you, Rob.

謝謝你，羅布。

Next question will be from Sherif Elmaghrabi at BTIG.

下一個問題將由 BTIG 的 Sherif Elmagrabi 提出。

Changing gears here. You talked about high velocity hub really being a group of projects. Can you give us more color on what kind of project Chart involved in at the hub? And on the equipment side, given it's blue hydrogen or mostly blue hydrogen, is there an opportunity for HTS and CTS here as well?

在這裡換檔。您談到高速樞紐實際上是一組專案。您能否詳細介紹一下 Chart 在中心參與了哪些專案？在設備方面，考慮到它是藍氫或主要是藍氫，HTS和CTS在這裡也有機會嗎？

Yes. Thanks for the question, Sherif. On -- so stepping back on the hubs, I think -- well, first of all, I think BTIG understands the hub is really well from what I read in the sense of they're not. It wasn't just 7 awards and that was it. Sometimes, we had some calls in saying, well, you're only in one hub, you actually just join the hub but being in the hub doesn't mean that you automatically are winning a project. So we were in the high velocity hub. We think that, in particular, in high velocity, there's a great opportunity for liquefaction, which would be strong for our content.

是的。謝謝你的提問，謝里夫。回到中心，我認為，首先，我認為 BTIG 從我讀到的內容中了解到，中心確實很好，但實際上它們不是。這不僅僅是 7 個獎項，僅此而已。有時，我們接到一些電話說，好吧，你只在一個中心，你實際上只是加入該中心，但在該中心並不意味著你自動贏得了一個專案。所以我們處於高速樞​​紐。我們認為，特別是在高速條件下，液化的機會很大，這對我們的內容來說非常重要。

Also in the high-velocity hub, we have partners such as Cummins in this hub. And so there's a lot of kind of behind-the-scenes opportunities for us to commercially work together, whether that's in the hub or not. When we talk about across the hubs, so as the regional hub partners down select the projects, there will be multiple projects in the hubs. And we have been in conversations with existing customers and potential customers that all have projects that they would like to win within the hubs, and think that there's plenty of opportunity, both on the gas and the liquid side.

同樣在高速樞紐，我們在該樞紐擁有康明斯等合作夥伴。因此，我們有很多商業合作的幕後機會，無論是在中心還是其他地方。當我們談論跨樞紐時，隨著區域樞紐合作夥伴向下選擇項目，樞紐中將會有多個項目。我們一直在與現有客戶和潛在客戶進行對話，他們都有希望在樞紐內贏得的項目，並認為在天然氣和液體方面都有很多機會。

So to your question on HTS, so we talk Specialty, right? On HTS or CTS content for hydrogen opportunities, I'll let Joe talk to that.

那麼對於你關於 HTS 的問題，我們來談談專業，對吧？關於氫機會的 HTS 或 CTS 內容，我會讓 Joe 談談。

Yes. I mean just the liquefaction flows through HTS. But as a reminder, any investment in liquefaction of hydrogen is going to lead to more hydrogen trailers needed and more hydrogen storage tanks, downstream that those trailers are delivering into. So we get pull-through in both HTS and CTS with any of the hubs.

是的。我的意思是只有液化流過高溫超導。但提醒一下，對氫氣液化的任何投資都將導致需要更多的氫氣拖車和更多的氫氣儲罐，這些拖車將輸送到下游。因此，我們可以透過任何集線器在 HTS 和 CTS 中實現拉通。

Thank you. At this time, we have no further questions. Please proceed.

謝謝。目前，我們沒有其他問題了。請繼續。

Thank you for everyone for attending the call today, and we look forward to continuing the dialogue going forward and a strong fourth quarter. Goodbye.

感謝大家參加今天的電話會議，我們期待繼續進行對話，並期待第四季的強勁表現。再見。

Thank you. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝。女士們、先生們，今天的電話會議到此結束。再次感謝您的出席。此時，我們確實要求您斷開線路。