Chart Industries Inc (GTLS) 2024 Q2 法說會逐字稿

Good morning, and welcome to Chart Industries, Inc. 2024 second quarter results conference call.

早安，歡迎參加 Chart Industries, Inc. 2024 年第二季業績電話會議。

(Operator Instructions) after the speakers’ remarks, there will be a question-and-answer session. 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.

（操作員說明）演講者發言後，將進行問答環節。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。

A telephone replay of today’s broadcast will be available approximately two hours following the conclusion of the call, until Sunday, September 1, 2024. The replay information is contained in the company’s press release.

今天的廣播將在通話結束後約兩小時內進行電話重播，直至 2024 年 9 月 1 日星期日。重播資訊包含在該公司的新聞稿中。

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 obligation 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。該公司不承擔公開更新或修改任何前瞻性陳述的義務。

I would now like to turn the conference call over to Jill Evanko, Chart Industries’ CEO. Please go ahead.

我現在想將電話會議轉給 Chart Industries 執行長 Jill Evanko。請繼續。

Thank you, Joelle. Good morning and thank you for joining Joe Brinkman, our CFO, and me, to walk through our second quarter 2024 results we are executing consistently and on the path to our reiterated medium-term financial targets, including organic sales CAGR of mid-teens, mid 30% gross margin, adjusted diluted EPS growth CAGR of mid 40%, and free cash flow conversion to attain our target net leverage ratio range of two to two and a half.

謝謝你，喬爾。早安，感謝您與我們的財務長喬·布林克曼(Joe Brinkman) 和我一起回顧我們持續執行的2024 年第二季度業績，以及實現我們重申的中期財務目標的道路，包括有機銷售複合年增長率30%左右的毛利率、40%左右的調整後稀釋每股收益成長複合年增長率以及自由現金流轉換，以實現我們2至2.5的目標淨槓桿率範圍。

For all periods referenced, all metrics are pro forma for continuing operations of the combined business of Chart and Howden, unless otherwise noted, which also excludes all assets divested in 2023. Starting on

對於所有引用的期間，除非另有說明，所有指標均為 Chart 和 Howden 合併後業務持續運營的預期數據，其中也不包括 2023 年剝離的所有資產。開始於

Slide 5, I would point you to the far right hand column of the table showing the growth in each metric from the second quarter 2023 to second quarter 2024. We had numerous all-time historical records in Q2.

在投影片 5 中，我會向您指出表格的最右側一列，其中顯示了從 2023 年第二季到 2024 年第二季每個指標的成長情況。我們在第二季創造了許多歷史記錄。

These included all-time record reported sales, backlog, gross profit, gross margin, operating income and margin, EBITDA, and EBITDA margin. All the associated adjusted metrics for these are also all-time records. Orders were $1.16 billion, an increase of 12%, and an increase of about 40% excluding big LNG.

其中包括歷史記錄的報告銷售額、積壓訂單、毛利、毛利率、營業收入和利潤率、EBITDA 和 EBITDA 利潤率。這些的所有相關調整指標也都是歷史紀錄。訂單11.6億美元，成長12%，不包括大型液化天然氣，成長約40%。

Demand remains robust. In a few slides, we'll take you through some examples of key wins in the second quarter, including a $40 million data center win for our air-cooled heat exchangers and record orders for carbon capture, metals, mining, water treatment, and field service. Record sales of $1.04 billion increased 18.8%.

需求依然強勁。在幾張幻燈片中，我們將向您介紹第二季度關鍵勝利的一些示例，包括我們的風冷熱交換器價值 4000 萬美元的數據中心勝利以及碳捕獲、金屬、採礦、水處理和現場服務。銷售額創紀錄地達到 10.4 億美元，成長 18.8%。

Repair service leasing, or aftermarket segment, as we use for shorthand, was about 35% of our second quarter sales. We had record reported gross margin of 33.8%, and record reported operating income of $167.8 million or 16.1% of sales.

維修服務租賃（或我們簡稱為售後市場部分）約佔第二季銷售額的 35%。我們報告的毛利率創紀錄地達到 33.8%，報告的營業收入創紀錄地達到 1.678 億美元，佔銷售額的 16.1%。

This was also a record $225.7 million when adjusted for specific items, primarily related to the Howden integration, and consolidation and restructure of our Asia Pacific region into our Middle East and Africa region, resulting in 21.7% record adjusted operating margin.

在特定項目調整後，這也是創紀錄的 2.257 億美元，主要與豪頓整合以及亞太地區到中東和非洲地區的整合和重組有關，調整後營業利潤率達到創紀錄的 21.7%。

Record reported EBITDA of $229.6 million was also a record 22.1% of sales. When adjusted, EBITDA margin was a record 24.7% of sales. We are focused on simplifying metrics. Therefore, we have included the negative impact of the mandatory preferred dividend in our adjusted diluted EPS, which was not included in prior periods, nor was it in our prior outlook.

Record 報告稱，EBITDA 為 2.296 億美元，佔銷售額的 22.1%，創歷史新高。調整後，EBITDA 利潤率為銷售額的 24.7%，創歷史新高。我們專注於簡化指標。因此，我們已將強制優先股股利的負面影響納入調整後的稀釋每股盈餘中，而該影響並未計入前期，也未計入我們先前的展望。

So, compared to the prior outlook, the second quarter adjusted EPS had a negative $0.14 impact from that, and our updated full-year guidance compared to prior has a negative $0.60 impact from that - from this definitional change, which has no impact on the underlying business, nor anticipated operational performance.

因此，與之前的展望相比，第二季度調整後每股收益產生了0.14 美元的負面影響，而與之前相比，我們更新後的全年指引也產生了0.60 美元的負面影響- 從這一定義的變化來看，這對基本業務，也不是預期的營運績效。

Reported diluted EPS of $1.10 when adjusted was adjusted diluted EPS of $2.18, which again, includes that negative $0.14 impact of the mandatory preferred dividend, and $0.04 of negative foreign an exchange. Our June 30th net leverage ratio of 3.26 has declined from [4.08] since closing on Howden five quarters ago. We'll discuss cash in more detail in a moment.

調整後報告的稀釋每股收益為 1.10 美元，調整後的稀釋每股收益為 2.18 美元，其中同樣包括強制性優先股股息 0.14 美元的負影響以及外匯負值 0.04 美元的影響。自從五個季度前關閉豪頓以來，我們 6 月 30 日的淨槓桿率為 3.26，已從 [4.08] 下降。我們稍後將更詳細地討論現金。

Turning to Slide 6, our four key takeaways are shown here, which we'll touch on throughout the deck today.

轉向幻燈片 6，這裡顯示了我們的四個關鍵要點，我們今天將在整個簡報中討論它們。

On Slide 7, you can see both the increases in each metric year-over-year, as well as the sequential increases in each metric from Q1 to Q2 2024. Every segment and every region sales increased year-over-year, and there were record sales in both the RSL and Specialty Products segments in the second quarter 2024.

在投影片 7 上，您可以看到每個指標的同比增長，以及每個指標從 2024 年第一季到第二季的連續成長。每個細分市場和每個地區的銷售額均較去年同期成長，2024 年第二季 RSL 和特種產品細分市場的銷售額均創歷史新高。

We're pleased with our operational margin expansion, as you can see on the page and again on

我們對我們的營運利潤率擴張感到滿意，正如您在頁面和網站上看到的那樣

Slide 8, which shows the gross margin dropping through to operating profit and margin. The incremental second quarter 2023 to second quarter 2024 operational margin improvements increased meaningfully, and all metrics shown on Slide 8 were records this quarter. Reported gross margin was a 310-basis point improvement. Adjusted operating margin grew 490 basis points, and adjusted EBITDA margin increased 330 basis points. It's important to note that we do have more room to expand margin ahead. We will continue to execute further cost synergies.

投影片 8 顯示毛利率下降至營業利益和利潤率。2023 年第二季至 2024 年第二季營運利潤率的增量顯著增加，投影片 8 中顯示的所有指標均創本季紀錄。報告毛利率提高了 310 個基點。調整後營業利潤率成長 490 個基點，調整後 EBITDA 利潤率成長 330 個基點。值得注意的是，我們未來確實有更多的空間來擴大利潤率。我們將繼續執行進一步的成本綜效。

We have established Chart business excellence and associated Six Sigma continuous improvement activities throughout the organization, and we continue to anticipate and execute on further productivity and throughput improvements ahead.

我們在整個組織內建立了卓越的圖表業務和相關的六西格瑪持續改進活動，並且我們將繼續預測並執行未來生產力和吞吐量的進一步改進。

Both cost and commercial synergies have been a key part of our operational margin expansion being ahead of schedule. As you can see on

成本和商業綜效一直是我們提前營運利潤擴張的關鍵部分。正如你所看到的

Slide 9, we have exceeded both the size and timing goals of our original year three commercial synergy target, which was $350 million by March of 2026. As of yesterday, we have achieved $924 million of commercial synergies, and are well on our way to the $1 billion mark, which we anticipate to hit in the third quarter 2024.

如圖 9 所示，我們已經超越了最初第三年商業協同目標的規模和時間目標，即到 2026 年 3 月達到 3.5 億美元。截至昨天，我們已經實現了 9.24 億美元的商業協同效應，並且正在順利實現 10 億美元大關，我們預計將在 2024 年第三季達到這一目標。

Cost synergies are tracking ahead of schedule toward our original year three target of $250 million, with $223 million already achieved. We expect to pass the three-year target by the end of 2024.

成本綜效正在提前實現我們最初的第三年 2.5 億美元目標，現已實現 2.23 億美元。我們預計在 2024 年底實現三年目標。

In the second quarter of 2024, we combined our Asia Pac, India region with our Middle East, Africa region, achieving further back office synergies. Going forward, we are accelerating the localization of products, utilizing our global footprint.

2024 年第二季度，我們將亞太地區、印度地區與中東、非洲地區合併，進一步實現後台綜效。展望未來，我們將利用我們的全球足跡，加速產品在地化。

Slide 10 shows some examples of the breadth of our Q2 commercial wins, including compressor packages for a direct reduction iron for DRI application. We are seeing an increasing number of those opportunities in DRI, including this being our second consecutive quarter of orders in new greenfield applications.

投影片 10 顯示了我們第二季商業勝利的一些範例，包括用於 DRI 應用的直接還原鐵的壓縮機組。我們在 DRI 中看到了越來越多的機會，包括這是我們連續第二個季度在新的綠地應用中收到訂單。

We also received an order for cryogenic storage tanks for a semiconductor company as they continue to manufacture more in the United States, another benefit of our global manufacturing footprint as nearshoring trends occur. Q2 also continued our streak of strong orders that individually were each over $1 million, with 147 of those in the quarter, and 24 first of a kind orders.

我們也收到了一家半導體公司的低溫儲罐訂單，因為他們繼續在美國生產更多產品，這是隨著近岸趨勢的出現，我們全球製造足跡的另一個好處。第二季也延續了我們的強勁訂單勢頭，單筆訂單金額超過 100 萬美元，本季有 147 份訂單，其中 24 份是同類訂單。

This diversity of awards also reflects our commercial pipeline's breadth across end markets, products, solutions, and applications.

這種獎項的多樣性也反映了我們的商業管道在終端市場、產品、解決方案和應用程式中的廣度。

This gives us the opportunity to have a relatively consistent order rate as we have shown over the past 12 months, with book-to-build consistently above one. The third quarter 2024 activity has started strong, with RSL booking a $10.5 million order for Power Africa power station spares. And further orders from this customer totaling over $25 million, are expected to be awarded in the second half.

這使我們有機會獲得相對穩定的訂單率，正如我們在過去 12 個月中所展示的那樣，訂單交付量始終高於 1。2024 年第三季的活動已經開始強勁，RSL 訂購了價值 1,050 萬美元的 Power Africa 電站備件訂單。該客戶的進一步訂單預計將在下半年獲得，總額超過 2,500 萬美元。

In July, we also received an order for approximately $27 million for a significant petrochemical project in Asia Pac. Space exploration orders in July totaled $19 million. Additionally, Airbus has awarded us a contract to fabricate a liquid hydrogen inner vessel subsystem to integrate into an Airbus ZEROe physical demonstrator program.

7 月，我們也收到了亞太地區一個重要石化項目的約 2,700 萬美元的訂單。7 月太空探索訂單總額為 1,900 萬美元。此外，空中巴士還授予我們一份合同，製造液氫內部容器子系統，以整合到空中巴士 ZEROe 物理演示程式中。

We are able to serve the breadth of the end markets applications just discussed without having to change our manufacturing operations. For example, we manufacture compressors at multiple locations globally, and they serve traditional energy applications, as well as specialty markets, including hydrogen and carbon capture. On

我們能夠為剛剛討論的廣泛的終端市場應用提供服務，而無需改變我們的製造業務。例如，我們在全球多個地點製造壓縮機，它們服務於傳統能源應用以及包括氫和碳捕獲在內的專業市場。在

Slide 11, you can see examples of our equipment that are used across molecules, from traditional energy to energy transition to specialty markets because of this, we do not foresee a material impact to our outlook as a result of the US presidential election, regardless of administration.

投影片 11，您可以看到我們跨分子使用的設備範例，從傳統能源到能源轉型再到專業市場，因此，我們預計美國總統大選不會對我們的前景產生重大影響，無論如何行政。

Our ability to serve multiple applications in end markets with these existing manufacturing capacities, along with our synergies between Chart and Howden, are the primary drivers of our commercial pipeline of opportunities for the next three-years, being at an all-time high, over $23 billion.

我們利用這些現有的製造能力為終端市場的多種應用提供服務的能力，以及 Chart 和 Howden 之間的協同效應，是我們未來三年商業機會的主要驅動力，處於歷史最高水平，超過230億美元。

We expect to further increase the pipeline from data centers and artificial intelligence, cooling and storage needs given the energy-intensive environment as shown on

鑑於能源密集型環境，我們預計將進一步增加資料中心和人工智慧、冷卻和儲存需求的管道，如圖所示

Slide 12. As mentioned earlier, in the second quarter, we received an award from a data center provider for approximately $40 million for air-cooled heat exchangers for heat rejection, the starting point with the key customer that we anticipate will continue to expand volume ahead.

幻燈片 12。如前所述，在第二季度，我們獲得了一家數據中心提供商授予的約4000 萬美元的合同，用於購買用於排熱的風冷熱交換器，這是我們預計未來將繼續擴大銷量的主要客戶的起點。

The data center and artificial intelligence opportunity for us, specifically based on three gigawatts of data center addition per year, is approximately $500 million, and it can expand from there to heavy industrial chilling using Howden's leading screw compressors. We anticipate also that our Tuf-Lite IV fan offering will be a key part of data center cooling applications. You can see our Tuf-Lite IVs in action in the photo in the middle right of

我們的資料中心和人工智慧機會，特別是每年新增 3 吉瓦的資料中心，約為 5 億美元，並且可以使用豪頓領先的螺桿壓縮機從那裡擴展到重工業冷卻。我們也預計我們的 Tuf-Lite IV 風扇產品將成為資料中心冷卻應用的關鍵部分。您可以在右中照片中看到我們的 Tuf-Lite IV 正在運行

Slide 12, which is at a location in Texas. In this photo, you can see the uniquely designed backwards sweep characteristic, which improves efficiency and resiliency. Tuf-Lite IVs are another good example of the same equipment being used in multiple end markets, and you'll see this again in a few slides on LNG.

投影片 12，位於德州的某個地點。在這張照片中，您可以看到獨特設計的向後掃描特性，它提高了效率和彈性。Tuf-Lite IV 是同一設備在多個終端市場使用的另一個很好的例子，您將在幾張有關液化天然氣的幻燈片中再次看到這一點。

In the second quarter, we booked two separate US LNG export facility customers’ orders to utilize these fans in their terminals, and we are very proud to support Cheniere’s debottlenecking efforts with our Tuf-Lite IV fans at both their Sabine Pass and Corpus Christi locations another end market that our products serve is nuclear and SMR, as you can see on

第二季度，我們為兩個單獨的美國液化天然氣出口設施客戶預訂了在他們的終端使用這些風機的訂單，我們非常自豪能夠在他們的薩賓山口使用我們的Tuf-Lite IV 風機來支持Cheniere 的消除瓶頸工作科珀斯克里斯蒂位於我們產品服務的另一個終端市場是核能和 SMR，正如您在

Slide 13, and this is a market that is gaining traction. For us, our applications include fans and SMR applications, and mainly our orders to date have been split between France and North America.

投影片 13，這是一個正在獲得關注的市場。對我們來說，我們的應用包括風扇和SMR應用，迄今為止我們的訂單主要分佈在法國和北美。

As Slide 14 shows, LNG activity continues very actively and globally, including a conscious move of LNG operators to more modular solutions, specifically benefiting our IPSMR process technology. Our big LNG commercial pipeline expanded to 32 potential projects, with 16 potential international projects considering using IPSMR. We announced our liquefaction technology and equipment was chosen for Argent’s anticipated 20 MTPA project, which is not yet booked into backlog and not included in our medium-term outlook.

如幻燈片 14 所示，液化天然氣活動在全球範圍內繼續非常活躍，包括液化天然氣運營商有意識地轉向更模組化的解決方案，這特別有利於我們的 IPSMR 製程技術。我們的大型液化天然氣商業管道擴展到 32 個潛在項目，其中 16 個潛在國際項目考慮使用 IPSMR。我們宣布我們的液化技術和設備被選用於 Argent 預期的 20 MTPA 項目，該項目尚未列入積壓訂單，也不包含在我們的中期展望中。

The upper left hand box on Slide 14 shows Q2 2023 pro forma orders to Q2 2024 for total company and for our HTS segment, which shows non-big LNG orders growth for HTS being significant, representing a series of larger orders in the second quarter, including for air coolers and a South American small scale LNG project, to name a couple.

幻燈片14 的左上角方框顯示了整個公司和我們的HTS 部門從2023 年第二季度到2024 年第二季度的預計訂單，其中顯示HTS 的非大型液化天然氣訂單增長顯著，代表第二季度的一系列較大訂單，舉幾個例子，包括空氣冷卻器和南美小型液化天然氣項目。

In LNG infrastructure, we booked our largest ever order for our Dutch and Czech Republic facility for an LNG regas project. And as of this past week, we have sold 103 LNG trailer orders in China year-to-date 2024, comparing to 25 and 15 for the full years 2023 and 2022.

在液化天然氣基礎設施方面，我們為荷蘭和捷克共和國工廠的液化天然氣再氣化項目預訂了有史以來最大的訂單。截至上週，2024 年迄今，我們已在中國售出了 103 輛液化天然氣拖車訂單，而 2023 年和 2022 年全年分別為 25 輛和 15 輛。

Slide 15 shows how effectively the RSL or aftermarket segment is executing on our profitable growth strategy plus synergy attainment, which in turn increased RSL to about 35% of our second quarter sales. In the upper left hand table, sales were a record and grew over 26%, and margin was a record 49%, driven by strong field work. Note that this level of RSL margin is not consistently typical.

投影片 15 顯示了 RSL 或售後市場部門如何有效地執行我們的獲利成長策略以及實現的協同效應，這反過來又將 RSL 增加到我們第二季銷售額的 35% 左右。在左上表中，在強勁的現場工作推動下，銷售額創歷史新高並增長了 26% 以上，利潤率達到創紀錄的 49%。請注意，此 RSL 裕度水準並不總是典型的。

As a point of reference, all quarters to date since we acquired Howden, RSL has been above 43% gross margin, and margins in RSL have been on average 200 basis points higher than pro forma RSL pre-acquisition, driven by cost and commercial synergies.

作為參考，自我們收購 Howden 以來，迄今為止的所有季度，RSL 的毛利率均高於 43%，在成本和商業協同效應的推動下，RSL 的利潤率平均比收購前預計的 RSL 高 200 個基點。

As a result of our fast response to customers and high value add to their operations, there does continue to be upside opportunity and margin benefits ahead in RSL. Second quarter 2024 RSL orders of $312.4 million, increased a half of a percent when compared to the second quarter 2023. The second quarter of 2023 did include three less frequent larger spares orders.

由於我們對客戶的快速回應以及為其營運帶來的高附加價值，RSL 確實繼續存在上行機會和利潤效益。2024 年第二季 RSL 訂單為 3.124 億美元，與 2023 年第二季相比增加了 0.5%。2023 年第二季確實包括三個頻率較低的較大備件訂單。

On the right hand side of Slide 15, I would like to point out a few key second quarter wins we had in RSL. We added a three-year LTSA to the business with a CNG station customer, another great synergy example.

在幻燈片 15 的右側，我想指出我們在 RSL 中第二節取得的一些關鍵勝利。我們與 CNG 站客戶簽訂了為期三年的 LTSA，這是另一個很好的協同例子。

Item B shown is an award for compressor LTSA in Turkey, and item E is critical heater parts for a power plant in Mexico, a great $6 million win. Both Turkey and Mexico are geographies where we are beginning to see stronger traction and penetration.

所示專案 B 是土耳其壓縮機 LTSA 的獎項，專案 E 是墨西哥一家發電廠的關鍵加熱器零件，價值 600 萬美元。土耳其和墨西哥都是我們開始看到更強的吸引力和滲透力的地區。

We have seen great synergistic aftermarket wins to date, yet we do believe that we are at the beginning of these opportunities that exist in the combined business. For example, key legacy Chart customers in refining power and gas production facilities have now engaged with the Howden local aftermarket teams for parts and services for cooling fans and air coolers.

到目前為止，我們已經看到了售後市場的巨大協同勝利，但我們確實相信，我們正處於合併後業務中存在的這些機會的開端。例如，煉油電力和天然氣生產設施的主要傳統 Chart 客戶現已與 Howden 當地售後團隊合作，為冷卻風扇和空氣冷卻器提供零件和服務。

I'll now hand it over to Joe for the financial detail and our 2024 and medium-term outlook.

我現在將把財務細節以及我們的 2024 年和中期展望交給 Joe。

Moving to Slide 16, you can see our free cash flow first and second quarter results. On the table, we are showing each category of the calculation that is considered operational cash in a period, so that you can tie directly to the beginning and ending balances on the balance sheet.

轉到投影片 16，您可以看到我們第一季和第二季的自由現金流結果。在表格中，我們顯示了在一個時期內被視為營運現金的每個計算類別，以便您可以直接與資產負債表上的期初和期末餘額連結。

Net cash from operating activities of $115 million includes long-term beyond one-year balance changes that are not reflective of our quarterly operating activity, nor how we provide or previously provided our annual cashflow outlook.

經營活動產生的現金淨額為 1.15 億美元，包括一年以上的長期餘額變化，這些變化既不反映我們的季度經營活動，也不反映我們提供或之前提供的年度現金流前景的情況。

Removing those, combined with our $28 million of second quarter 2024 CapEx spend, our comparable Q2 operating free cash flow was approximately $115 million, as compared to our original prior second quarter cash flow outlook of $175 million. The difference is due to two specific inter-quarter items that are cash flow timing that occurred in Q2.

除去這些，加上我們 2024 年第二季 2,800 萬美元的資本支出，我們第二季可比的營運自由現金流約為 1.15 億美元，而我們最初的第二季現金流預期為 1.75 億美元。差異是由於兩個特定的季度間項目造成的，即第二季度發生的現金流時間。

These were business decisions that we chose to make to drive stronger customer relationships with key long-term customers and are timing related where cash is expected in the second half of 2024. First, an emergency field service situation arose within the quarter. We dedicated a large field service team from other work to respond, and the associated timing of cash payment will be in the second half 2024.

這些是我們選擇做出的業務決策，旨在加強與關鍵長期客戶的客戶關係，並與預計在 2024 年下半年收到現金的時間相關。首先，本季出現緊急現場服務狀況。我們專門派了一支來自其他工作的大型現場服務團隊來應對，相關的現金支付時間將在 2024 年下半年。

We also had a key customer whose project has a cash milestone in the second half, request that they needed specific steps taken to hold schedule and the related materials purchase occurred earlier than we had previously planned. In the normal course of our larger project business, we achieve a cash positive or cash neutral position.

我們還有一個重要客戶，其專案在下半年有一個現金里程碑，要求他們採取具體措施來控制進度，並且相關材料的採購比我們之前計劃的要早。在我們大型專案業務的正常過程中，我們實現現金正數或現金中立。

We continue to see strong margins. Capital spending is declining, as expected, as our significant capacity expansions complete, and working capital continues to be a source of cash, as shown on Slide 17.

我們繼續看到強勁的利潤率。如投影片 17 所示，隨著我們大規模產能擴張的完成，資本支出正在下降，而營運資本仍是現金來源。

As we had previously shared in our first quarter 2024 earnings call, we expected $125 million of milestone payments in the second quarter of 2024 for our top four projects, and we collected all of that.

正如我們之前在 2024 年第一季財報電話會議上分享的那樣，我們預計 2024 年第二季我們四大專案將獲得 1.25 億美元的里程碑付款，我們已經收集了所有這些款項。

As you can see on Slide 17 when considering AR, inventory, AP, and the net of unbuild and customer advances, we have reduced our net working capital from 23% of sales a year ago to 20% of sales in the second quarter 2024. We anticipate our full-year 2024 sales to be in the range of approximately $4.45 billion to $4.6 billion, inclusive of an approximate 1% foreign exchange headwind.

正如您在投影片17 中所看到的，在考慮應收帳款、庫存、應付帳款以及未建置和客戶預付款淨額時，我們已將淨營運資本從一年前佔銷售額的23%減少到2024 年第二季銷售額的20%。我們預計 2024 年全年銷售額約為 44.5 億美元至 46 億美元，其中包括約 1% 的外匯不利因素。

Forecasted full-year adjusted EBITDA is in the range of $1.08 billion to $1.15 billion. Our anticipated 2024 full-year adjusted EPS range is $10.75 to $11.75. This range is based on an effective tax rate range of approximately 20% to 21% ,and a diluted share count of approximately $47 million.

預計全年調整後 EBITDA 在 10.8 億美元至 11.5 億美元之間。我們預計 2024 年全年調整後每股盈餘範圍為 10.75 美元至 11.75 美元。該範圍基於約 20% 至 21% 的有效稅率範圍以及約 4,700 萬美元的稀釋股份數。

Free cash flow guidance is in the range of approximately $400 million to $475 million. Compared to our prior 2024 full-year outlook, the main drivers of the change are foreign exchange, timing of sales on larger and longer projects, timing of larger awards received late in the second quarter 2024, having revenue impacts in 2025 and 2026, and a purely definitional change to our adjusted EPS calculation by no longer excluding the negative $0.60 mandatory preferred dividend EPS impact.

自由現金流指引約 4 億至 4.75 億美元。與我們先前的2024 年全年展望相比，這項變更的主要驅動因素是外匯、較大和較長項目的銷售時間、2024 年第二季末收到的較大合約的時間、對2025 年和2026 年收入的影響，以及我們調整後的每股盈餘計算發生了純粹的定義性變化，不再排除 0.60 美元的強制優先股每股盈餘負影響。

We have included Slide 20 as a bridge from first half 2024 actuals to the second half 2024 adjusted EBITDA outlook.

我們將幻燈片 20 作為從 2024 年上半年實際情況到 2024 年下半年調整後 EBITDA 前景的橋樑。

On Slide 22, you can see our reiterated medium-term financial outlook through 2026. Given the breadth of our end markets and applications, we have multiple macro growth drivers, including energy access, growing need for energy, given the increasing artificial intelligence trends, and the continued era of natural gas with energy transition.

在投影片 22 上，您可以看到我們重申的 2026 年中期財務展望。鑑於我們的終端市場和應用的廣度，我們有多種宏觀成長驅動力，包括能源取得、人工智慧趨勢不斷增長對能源的需求不斷增長，以及能源轉型中天然氣時代的持續。

Our medium-term financial targets are underpinned by continued throughput and productivity activities underway, anticipated further and additional cost energy achievement, and normalizing capital expenditures. We are already in the neighborhood of our midterm gross margin goal based on recent results.

我們的中期財務目標受到正在進行的持續吞吐量和生產力活動、預期的進一步和額外成本能源實現以及資本支出正常化的支撐。根據最近的結果，我們已經接近中期毛利率目標。

Additionally, this medium-term outlook doesn't include any big LNG projects that were not in our backlog as of September 30 of 2023.

此外，本中期展望不包括任何截至 2023 年 9 月 30 日未列入我們積壓訂單的大型液化天然氣項目。

There are several known big LNG project awards not currently reflected in our backlog and not assumed in our guidance metrics, including IPSMR for an international oil company's big LNG project, Argent’s facility, and the Driftwood 27 MTPA export terminal, which is already permitted. These three big LNG projects that are not yet in backlog total approximately $1.5 billion of Chart content.

有幾個已知的大型液化天然氣項目獎項目前未反映在我們的積壓訂單中，也未在我們的指導指標中假設，包括國際石油公司的大型液化天然氣項目的IPSMR、Argent 的設施和Driftwood 27 MTPA出口碼頭，該碼頭已經允許的。這三個尚未積壓的大型液化天然氣項目總計約 15 億美元的 Chart 內容。

The medium-term all looked also excludes future benefits from the US Hydrogen Hub projects. Just this week, the DOE's Office of Clean Energy Development finalized the second of seven projects that will receive funding.

中期展望也排除了美國氫中心計畫的未來收益。就在本週，美國能源部清潔能源發展辦公室敲定了將獲得資金的七個項目中的第二個項目。

We anticipate to sequentially grow sales in 2025 and 2026 each in double digits, continue our margin expansion, and generate more cash with capital expenditures as a percentage of sales in the 2% to 2.5% range.

我們預計 2025 年和 2026 年的銷售額將分別以兩位數成長，繼續擴大利潤率，並透過資本支出佔銷售額的百分比在 2% 至 2.5% 範圍內產生更多現金。

To conclude, we are well on our way to our medium-term financial targets and would like to take this opportunity to thank our one Chart global team members for their efforts, and for doing so safely, delivering our quarterly lowest rolling 12-month total reportable incident rates of 0.42. Joelle, please open it up for Q&A.

總而言之，我們正在順利實現中期財務目標，並想藉此機會感謝我們的 one Chart 全球團隊成員的努力，並安全地做到這一點，實現了我們季度最低的 12 個月滾動總額可報告事故率為0.42。 Joelle，請打開它進行問答。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions).

謝謝。女士們、先生們，我們現在開始問答環節。（操作員說明）。

James West with Evercore.

詹姆斯·韋斯特與 Evercore。

Hey, good morning, Jill. Morning, Jeff. So, Jill, I wanted to dig in on your cooling solutions. So, obviously, we know Chart very well as an LNG liquid compaction provider and a producer, or sorry, a company that that's known for its energy solutions and LNG solutions, but a lot of your compression and other equipment, especially the Howden equipment, is now being, as you alluded to in your prepared remarks, starting to be used in data centers and SMRs and things like that where you need to keep things cooler, not hotter. And so, I'd love to hear kind of how you're thinking about those parts of your business and what the opportunities could be?

嘿，早上好，吉爾。早安，傑夫。所以，吉爾，我想深入研究一下你們的冷卻解決方案。因此，顯然，我們非常了解Chart 作為LNG 液體壓縮供應商和生產商，或者抱歉，這是一家以其能源解決方案和LNG 解決方案而聞名的公司，但你們的許多壓縮和其他設備，尤其是豪頓設備，正如您在準備好的發言中提到的那樣，它現在開始用於資料中心和 SMR 以及類似的地方，您需要在這些地方保持涼爽，而不是更熱。因此，我很想聽聽您如何看待您業務的這些部分以及可能有哪些機會？

Yes, thanks, James. We're very excited about that because it's really - this is an expanded addressable market for us and something that we have the equipment and the solutions already being produced for other applications, and they're perfect for the data center and the energy-intensive artificial intelligence arenas. So, air-cooled heat exchangers are really mission-critical to these applications.

是的，謝謝，詹姆斯。我們對此感到非常興奮，因為這對我們來說確實是一個擴大的潛在市場，我們擁有已經為其他應用生產的設備和解決方案，它們非常適合資料中心和能源密集型行業人工智慧領域。因此，風冷熱交換器對於這些應用來說確實至關重要。

We have the ability to build horizontal, vertical. The one board that we referenced from the second quarter of $40 million is actually a uniquely designed air cooler, so our own design for that application. Then you get into fans. So, fans work across these end markets too. Fans are critical not only for the cooling in data centers, but also to your point on the nuclear side of things.

我們有能力建造水平的、垂直的。我們在第二季度提到的價值 4000 萬美元的一塊板實際上是一款設計獨特的空氣冷卻器，因此我們自己針對該應用進行了設計。然後你就變成粉絲了。因此，粉絲們也在這些終端市場上工作。風扇不僅對於資料中心的冷卻至關重要，而且對於您在核方面的觀點也至關重要。

In July, we received almost a million dollars of orders for fans for nuclear applications. So, you can see that gaining traction as like you said, they may need to get cooler. On the Howden side, absolutely, especially as more heavy industrial occurs.

7月份，我們收到了近百萬美元的核應用風扇訂單。所以，你可以看到，正如你所說，獲得吸引力，他們可能需要變得更酷。在豪頓方面，絕對是如此，尤其是隨著更多重工業的出現。

So, we're really excited about the screw compression capabilities that we have on the Howden side because that's perfect for chilling when we talk about heavy industrial chilling applications, which again goes to these energy-intensive increasingly larger size projects that you're hearing about on a daily basis.

因此，我們對豪頓方面擁有的螺桿壓縮能力感到非常興奮，因為當我們談論重型工業冷卻應用時，這對於冷卻來說是完美的，這又適用於您所聽到的這些能源密集型、尺寸越來越大的項目大約每天。

Right. And then maybe just a quick follow-up for me. Did I hear correctly that you think the data center opportunity based on, I think you said three gigawatts is $0.5 billion or so?

正確的。然後也許對我來說只是一個快速的跟進。我沒聽錯，您認為資料中心機會是基於，我認為您說 3 吉瓦約為 5 億美元左右？

Yes, so that's our near-term, next three-years based on the three gigawatt. And then yes, as the heavy industrial chilling expands, we anticipate that that can add another $600 million to $800 million of addressable market for us, which is really targeted to the Howden side of the business.

是的，這就是我們基於 3 吉瓦的近期、未來三年的目標。然後，是的，隨著重工業寒流的擴大，我們預計這可以為我們另外增加 6 億至 8 億美元的潛在市場，這實際上是針對豪頓方面的業務。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Ben Nolan with Stifel.

班諾蘭與史蒂菲爾。

Yes. Thanks, Joe. Joe and Tom. Okay. So I am we with respect to the guidance and appreciating there's always moving parts and things can go wrong or whatever, but there's been a couple of times now that slippage is sort of led to a and the need to change the guidance a little bit. Can you maybe talk through how you're thinking about it, maybe handicapping the timing of projects and maybe how that how that is baked into your revised guidance says?

是的。謝謝，喬。喬和湯姆。好的。因此，我對指導意見表示讚賞，並理解總會有移動的部分，事情可能會出錯或發生其他任何事情，但現在已經有幾次滑點導致了，需要稍微改變指導意見。您能否談談您的想法，也許會阻礙專案的時間安排，也許您是如何將其納入修訂後的指南中的？

Sure, absolutely. And let me reiterate the revised guide here, the $4.45 billion to $4.6 billion on the top line, and then adjusted EBITDA of 1.08 to 1.15. If you look at those margins, that's EBITDA growth year-over-year of 44 plus percent, and that's top line sales growth in the 20% range.

當然，絕對。讓我在這裡重申一下修訂後的指南，營收為 44.5 億美元至 46 億美元，然後調整後的 EBITDA 為 1.08 至 1.15。如果你看一下這些利潤率，你會發現 EBITDA 年成長超過 44%，而營收成長則在 20% 範圍內。

So, challenge that against the performance to date, the way that we look at it and we feel really good about an all-time record quarter that we had in the second quarter, the trajectory that the business is on, posting 24.7% adjusted EBITDA margins in the quarter.

因此，根據迄今為止的業績、我們看待它的方式以及我們對第二季度創歷史紀錄的季度感覺非常好，以及業務的發展軌跡（調整後 EBITDA 為 24.7%）來挑戰這一點本季度的利潤率。

Clearly, at this point in the year, we have better line of sight to those timings of the projects that - in particular, the orders that came in the first half and the associated timing to those orders. And so, this is our look at where we sit today, where we think is in the very reasonable, achievable target range here.

顯然，在今年的這個時候，我們對專案的時間表有了更好的了解，特別是上半年收到的訂單以及這些訂單的相關時間表。因此，這就是我們今天所處的位置，我們認為這裡處於非常合理、可實現的目標範圍內。

And obviously, I challenge anybody to put our growth metrics against other companies in our end market industries. But with that said, we felt like we needed to give a range that we felt was very achievable, given the fact that we have had timing shifts.

顯然，我挑戰任何人將我們的成長指標與終端市場行業的其他公司進行比較。但話雖如此，考慮到我們已經發生了時間變化，我們覺得我們需要給出一個我們認為非常可以實現的範圍。

Ours is not a quarterly business, and therefore we looked to build some of that kind of inevitable quarterly movement into our updated full-year guide. The other thing I would just make sure to point out here is that our medium-term targets are unchanged, right? So, we said our sequential growth is going to be sequential in 2025, sequential in 2026, and those medium-term targets don't include that $1.5 billion for those three big LNG projects.

我們的業務不是季度業務，因此我們希望將一些不可避免的季度變動納入我們更新的全年指南中。我想在此指出的另一件事是我們的中期目標沒有改變，對嗎？因此，我們表示，我們的環比成長將在 2025 年、2026 年實現環比成長，而這些中期目標不包括這三個大型液化天然氣項目的 15 億美元。

They don't include any future US hydrogen hub anticipated opportunities. So, again, we felt like that we know enough at this point in the year based on the timing of orders and based on the fact that our business is becoming more project-oriented and there was movements between quarters, that we needed to bake some of that into the year’s outlook.

它們不包括任何未來美國氫中心的預期機會。因此，我們再次覺得，根據訂單的時間安排，以及我們的業務變得更加以項目為導向，並且季度之間存在變化的事實，我們在今年的這個時候已經了解得足夠多了，我們需要烘烤一些並將其納入今年的展望。

Okay. I appreciate. And just maybe as a follow-up, the as you you're sort of going forward, do you expect to maybe handicap that a little bit more? Or any thoughts about sort of strategically how you think about doing?

好的。我很欣賞。也許作為後續行動，當你繼續前進時，你是否期望可能會造成更多的障礙？或者您對如何做策略有什麼想法嗎？

Yes. I mean, I think, listen, we always put a range out that we think we can achieve with factors that can get us to the high end of the range on the clearly, as we have delivered these record results, which in the second quarter, again, across the board, and we're well on our path here. So little even with a more handicapped outlook to your point we're still on a trajectory to be ahead of our medium-term targets, which is where we sit today. And so with even with a little handicap in into that methodology, then we feel like we're still going to deliver what we said we were and not have to revise the current period because of timing shifts. So yes, to be very direct in your answer.

是的。我的意思是，我認為，聽著，我們總是提出一個我們認為可以實現的範圍，其中的因素可以使我們清楚地達到該範圍的高端，因為我們已經交付了這些創紀錄的業績，這是在第二季度再次強調，我們在這條路上進展順利。即使對你的觀點有更不利的展望，我們仍然走在實現中期目標的軌道上，這就是我們今天所處的位置。因此，即使該方法存在一點障礙，我們仍然覺得我們仍然會實現我們所說的目標，而不必因為時間變化而修改當前期間。所以是的，要非常直接地回答。

I appreciate it. Thank you.

我很感激。謝謝。

Marc Bianchi with TD Cowen.

馬克·比安奇和 TD Cowen。

Yes, if I look historically on a pro forma basis, it looks like at least EBITDA was kind of flat. So if that's the case, I guess here for Q3 would require a pretty sharp increase for Q4. But maybe you could just talk us through the back how the back half is expected to unfold?

是的，如果我從歷史數據來看，看起來至少 EBITDA 是持平的。因此，如果是這樣的話，我想第三季將需要第四季的大幅成長。但也許你可以告訴我們後半部預計會如何展開？

Sure. Good morning, Mark. The first part of your question was cut off. So just make sure I'm answering the question, see how the back half is expected to unfold from in terms of our outlook?

當然。早上好，馬克。你問題的第一部分被切斷了。因此，請確保我回答了這個問題，看看我們的前景預計後半部分將如何展開？

Yes, your EBITDA for the third quarter and free cash flow for the third quarter and then if those follow historical trends, it would seem to imply a pretty sharp increase in the fourth quarter, but maybe maybe they're not going to follow historical trends.

是的，你第三季的 EBITDA 和第三季的自由現金流，如果這些遵循歷史趨勢，這似乎意味著第四季的大幅成長，但也許它們不會遵循歷史趨勢。

Okay. Yes, thanks for the clarification on the year. The fourth quarter has historically been a very strong fourth quarter for us, and we anticipate that to be similar this year yet again, sequential growth is what we anticipate through the back half. And in addition, there's a slide in our deck on page 20 that walks from first half to the second half of pointing to specific on conversion from various different projects and and in the backlog as well as big LNG as well as our cost synergies.

好的。是的，感謝您對這一年的澄清。從歷史上看，第四季度對我們來說是一個非常強勁的第四季度，我們預計今年會再次類似，我們預計下半年將出現環比成長。此外，我們的第 20 頁上有一張幻燈片，從前半部分到後半部分，具體說明了各種不同項目的轉換、積壓工作、大型液化天然氣以及我們的成本協同效應。

So on Q4 should hold true, but should not be what a hockey stick on as you have seen sometimes in the past, on the cash side, we would expect the Q3 cash into to be positive and Q4 has to be positive. We have very specific looks at the timing of the billings in the third quarter based on how they roll rollout within the quarter and same for the fourth so I would say Q4 will be stronger than Q3. Yes, we're going to continue to see sequential improvement as we go here through the back half of the year.

因此，第四季度應該是正確的，但不應該像您過去有時看到的那樣，在現金方面，我們預計第三季的現金投入將為正數，而第四季也必須為正數。我們根據第三季的計費時間以及第四季的推出方式對第三季的計費時間進行了非常具體的研究，因此我想說第四季將比第三季更強。是的，今年下半年我們將繼續看到連續的改進。

Okay. So So through 3Q, free cash flow is better than 2Q is what I think I heard. And then on the EBITDA side, it sounds like 3Q EBITDA to be better than 2Q as well, just because the sequential improvements throughout and it's not as big of a hockey stick.

好的。所以，我想我聽到的是，到第三季度，自由現金流比第二季度好。然後在 EBITDA 方面，聽起來第三季的 EBITDA 也比第二季好，只是因為整個過程中的連續改進，而且它不像曲棍球棒那麼大。

Yes. And that's how we're thinking about first half, second half exactly like that. So I think I think you captured certainly the sequential anticipated improvement on the EBITDA side. Obviously, there's a lot of factors in cash flow that go into play here. So but we do even with the third quarter unsecured interest payments, we do anticipate cash to be a positive.

是的。這就是我們對上半場的看法，下半場也是。因此，我認為您確實捕捉到了 EBITDA 方面的連續預期改善。顯然，現金流有很多因素在這裡發揮作用。因此，即使第三季無擔保利息支付，我們也預期現金將是正面的。

Okay. Thanks, Joe. I'll turn it back.

好的。謝謝，喬。我會把它轉回來。

Thank you, Mark.

謝謝你，馬克。

Manav Gupta with UBS.

瑞銀集團的馬納夫·古普塔。

Good morning. The data center opportunities seem pretty good. Can you talk a little bit more about what you're seeing on the hydrogen side of the business, especially as you're coming to a close of this administration, do you expect more hydrogen hub fundings to be released before November and December? Thank you.

早安.資料中心的機會似乎相當不錯。您能否多談談您在氫業務方面所看到的情況，特別是在本屆政府即將結束之際，您是否預計在 11 月和 12 月之前發放更多氫中心資金？謝謝。

Yes, good morning. Thank you for the questions. On the hydrogen side of the business, we have seen a very global set of demand. And so, that's something that's extremely positive. What I also really liked about the second quarter order set in hydrogen for us has been the breadth of the applications that we're seeing.

是的，早安。謝謝你的提問。在氫業務方面，我們看到了非常全球化的需求。所以，這是非常正面的事情。我對第二季氫訂單的真正喜歡之處在於我們所看到的應用的廣度。

So, ranging from compressors for steel applications to liquefaction applications to onboard vehicle tanks for class eight heavy duty trucks, et cetera. We just saw recently the DOE's announcement for the funding for a second of the seven announced hubs.

因此，範圍從用於鋼鐵應用的壓縮機到液化應用，再到用於八級重型卡車的車載儲罐等。我們最近剛看到美國能源部宣佈為七個已宣布的中心中的第二個提供資金。

I would anticipate that you'll continue to see that progress forward, but I would like to reiterate that any future hydrogen hub activity that could benefit us is not built into our medium-term outlook. So, definitely, global hydrogen is continuing to gain traction and be a part of the solution, and the breadth of applications are now starting to hit the end use side of the value chain.

我預計您將繼續看到這一進展，但我想重申，任何可能使我們受益的未來氫中心活動都不會納入我們的中期前景。因此，可以肯定的是，全球氫正在繼續獲得關注並成為解決方案的一部分，其應用範圍現在開始觸及價值鏈的最終使用端。

So, all of those things are a tailwind to us. And then lastly, just want to continue to hit the drumbeat around the fact that we don't have to change our manufacturing operations. So, much of the same equipment that we build that goes into hydrogen, also goes into traditional energy applications across the board. So, we see multiple different ways we can play in the energy transition itself.

所以，所有這些事情對我們來說都是順風車。最後，我只想繼續宣傳我們不必改變我們的製造業務。因此，我們製造的許多用於氫的設備也全面用於傳統能源應用。因此，我們看到了能源轉型本身可以採取多種不同的方式。

Thank you.

謝謝。

Thank you.

謝謝。

Eric Stine, Craig Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

So, can you hear me? Just making sure.

那麼，你聽得到我說話嗎？只是確定一下。

Hey, Eric, yes, good morning. We can just hear you now.

嘿，艾瑞克，是的，早安。我們現在只能聽到你的聲音。

Okay, good. A little lag there. So, I just want to come back to Q4 and just thinking about the guide. I mean, are there - because I know - I mean, as the previous question stated, I mean, you've got a lot of moving parts in your business, and obviously this quarter a lot of records, but today will likely take a back seat to the lower guide.

好的，很好。那裡有點滯後。所以，我只想回到第四季並思考指南。我的意思是，有嗎 - 因為我知道 - 我的意思是，正如上一個問題所述，我的意思是，您的業務中有很多移動部件，顯然本季度有很多記錄，但今天可能需要後座至下部導軌。

So, just thinking about fourth quarter, I mean, are there a number of projects that you are anticipating need to hit in that quarter to meet that guide, or are you contemplating that there is a decent amount of either orders or chance that those orders may slip into 2025? I'm sorry, orders, I mean, revenues, sorry.

因此，僅考慮第四季度，我的意思是，您是否預計在該季度需要完成許多項目才能滿足該指南，或者您是否認為存在相當數量的訂單或這些訂單的機會可能會滑到2025年嗎？對不起，訂單，我的意思是收入，對不起。

Revenues, yes. Yes, so we have very strong backlog and good line of sight too, what's in there and the timing associated with it. So, we're contemplating what we see today based on our current backlog and/or known orders in the third quarter, quarter timing.

收入，是的。是的，所以我們有非常強大的積壓和良好的視線，其中有什麼以及與之相關的時間表。因此，我們正在根據目前的積壓訂單和/或第三季的已知訂單來考慮今天所看到的情況。

So, the latter, to answer your question specifically. And thank you also for pointing out the second quarter strong records and the trajectory that we’re on, realizing again that it's not - it doesn't have an impact to the medium-term outlook.

所以，後者，專門回答你的問題。也要感謝您指出第二季的強勁記錄和我們所處的軌跡，再次認識到事實並非如此——它不會對中期前景產生影響。

And you would agree, though, with the comment that you - or that you think you are appropriately handing capping that fourth quarter, because you could have stuff further slip as we just think about our confidence in the back half.

不過，你會同意你的評論，或者你認為你正在適當地限制第四季度，因為當我們只考慮我們對後半段的信心時，你可能會進一步下滑。

Yes, we're very thoughtful around the updated guide, knowing that we are at this point in the year and the visibility that we have around the timing of orders that came in late Q2, as well as current backlog. So, yes, we worked to contemplate that and include it, which we felt like, given the timing moves historically that we've had, we've really worked to build that in.

是的，我們對更新的指南非常周到，因為我們知道我們正處於今年的這個階段，並且我們對第二季度末的訂單時間以及當前的積壓訂單的可見性。所以，是的，我們努力考慮這一點並將其納入其中，我們認為，考慮到我們歷史上的時間變化，我們確實努力將其納入其中。

Okay. Thanks.

好的。謝謝。

Rob Brown with Lake Street Capital Markets.

湖街資本市場公司的羅布布朗 (Rob Brown)。

Good morning. I just want to hit a little bit on the cost plan for the rest of the year and getting to the goals. What steps are to go and how much visibility do you have there?

早安.我只想稍微討論一下今年剩餘時間的成本計劃並實現目標。需要採取哪些步驟以及您在那裡的可見度如何？

Yes, thank you, Rob, for the question. And definitely tracking ahead of plan on the cost synergies, commented that we expect to be - hit our year-three number by the end of 2024 on the cost synergy side. And there's still quite a bit of opportunity for us, whether that's around the sourcing side. So, we expect to see more synergies from the global sourcing plan that we have in play.

是的，謝謝你，羅布，提出這個問題。並且肯定會提前追蹤成本協同效應的計劃，我們預計到 2024 年底，在成本協同效應方面將達到我們的第三年目標。無論是在採購方面，我們仍然有很多機會。因此，我們期望從我們正在進行的全球採購計劃中看到更多的協同效應。

There's additional localization opportunities which cut down on freight costs, things like that. We're also in kind of massive agreement contract land of various different renewal cycles that come up, whether that's for services or systems and things like that, that we still have opportunity ahead of us here in the second half. So, we're excited about the fact that we're executing against our original year three target early, but more so that we do continue to see opportunities for further cost synergies ahead.

還有額外的本地化機會可以降低運費等。我們也處於各種不同續約週期的大規模協議合約領域，無論是服務還是系統之類的，下半年我們仍然有機會。因此，我們很高興能夠提前實現最初的第三年目標，但更重要的是，我們確實繼續看到未來進一步實現成本協同效應的機會。

Okay. Thank you. I'll turn it over.

好的。謝謝。我會把它翻過來。

Pavel Molchanov with Raymond James.

帕維爾·莫爾恰諾夫和雷蒙德·詹姆斯。

Yes, thanks for taking the question. You, you called out the US election in November. Of course, we had a lot of elections already this summer. If we zoom in on the UK where the new Labor government is talking about kind of pushing green hydrogen, among other sustainability initiatives, what's Chart's opportunity with that, particularly given the Howden presence in the UK?

是的，感謝您提出問題。你，你呼籲11月的美國大選。當然，今年夏天我們已經進行了很多選舉。如果我們關注英國，新工黨政府正在討論推動綠色氫能以及其他永續發展舉措，那麼 Chart 的機會是什麼，特別是考慮到 Howden 在英國的業務？

Yes, great point. And we do have a good strong presence in the UK with Howden on the compression side, and we see multiple opportunities in that particular geography. Recently met with folks locally in the UK, both public and private companies that are looking at not only the green hydrogen project opportunities, but also around their industrial PCUS parks.

是的，很棒的一點。我們在英國確實擁有強大的影響力，豪頓在壓縮方面，我們在該特定地區看到了多個機會。最近與英國當地的人士進行了會面，其中包括上市公司和私人公司，他們不僅關注綠氫計畫機會，還關注其工業 PCUS 園區的機會。

There's also some planning for water treatment types of opportunities. So, we are very well positioned in the UK, and thanks to Howden's presence there, we have the connections to getting the projects as early as possible. So, see that as additional potential upside from what we had been seeing previously.

還有一些針對水處理類型機會的規劃。因此，我們在英國處於非常有利的地位，並且由於豪頓在那裡的存在，我們擁有儘早獲得專案的聯繫。因此，與我們之前看到的相比，這可以視為額外的潛在好處。

Thanks very much.

非常感謝。

Ati Modak with Goldman Sachs.

阿蒂·莫達克 (Ati Modak) 與高盛 (Goldman Sachs) 合作。

Hi, good morning, team. Jill, we saw a recent transaction in the LNG and equipment sort of process business in the market. Can you compare and contrast the various components of your LNG offerings with that? And are there similar opportunities for you to acquire that could be attractive?

嗨，早上好，團隊。吉爾，我們最近在市場上看到了液化天然氣和設備類加工業務的交易。您能否將您的液化天然氣產品的各個組成部分與此進行比較和對比？是否有類似的機會對您來說可能很有吸引力？

Thanks, Ati, for the question. And there's been a lot of LNG activity in the market, whether that's NFE’s Fast gas, which uses IPSMR, whether that's Woodside’s definitive agreement to purchase Tellurian's Driftwood, Tellurian and the Driftwood Project, or Venture Global getting their FERC approval.

謝謝阿蒂的提問。市場上有許多液化天然氣活動，無論是使用 IPSMR 的 NFE 的 Fast Gas，還是 Woodside 購買 Tellurian 的 Driftwood 的最終協議、Tellurian 和 Driftwood 項目，還是 Venture Global 獲得 FERC贊同。

So, lots of activity, but I think what you're referring to is Honeywell's purchase of AIR Products’ APCI. And what I would say is, what we've seen comparing and contrasting generally IPSMR to other technologies, is the move to more modular.

因此，有許多活動，但我認為您指的是 Honeywell 收購 AIR Products – APCI。我想說的是，我們在 IPSMR 與其他技術的比較和對比中看到的是轉向更模組化的轉變。

And that's really what IPSMR'S sweet spot is, with modular being limited plot space needs, also the ability to have higher efficiencies in many cases and partner up with e-drives and other ways to make LNG cleaner and greener. So, what I would say is that we have - we feel great about our process technologies that are currently in the portfolio, whether that's IPSMR, which is organically developed, or our cryo technologies for hydrogen helium, which links up really well on heavy hydrocarbon renewal or NRU.

這確實是 IPSMR 的最佳點，模組化能夠滿足有限的場地空間需求，而且在許多情況下能夠提高效率，並與電力驅動和其他方式合作，使液化天然氣更清潔、更環保。所以，我想說的是，我們對目前產品組合中的製程技術感到非常滿意，無論是有機開發的 IPSMR，還是我們的氫氦低溫技術，它與重碳氫化合物的結合非常好續訂或NRU 。

So, in terms of technologies, we feel great about how ours stacks up against the others. So, wouldn't look - we don't see any particular things out there with respect to this that we need into the portfolio. And the other kind of ad hoc item here is just the fact that if there are things that we want to add to the technology, we have an exceptional liquefaction engineering team in-house that does organic product development. And so, there's a lot of behind-the-scenes R&D happening here too.

因此，就技術而言，我們對自己的技術與其他技術相比感到非常滿意。所以，不會看 - 我們沒有看到任何與我們需要納入投資組合的特定事物相關的東西。這裡的另一個臨時項目是，如果我們想在技術中添加一些東西，我們內部有一個出色的液化工程團隊來進行有機產品開發。因此，這裡也進行了大量的幕後研發。

Appreciate the color. Thank you, Jill.

欣賞顏色。謝謝你，吉爾。

Walt Liptak with Seaport Research.

沃爾特·利普塔克（Walt Liptak）與海港研究中心。

Hey, thanks. Good morning. Wanted to ask about the timing issue and try and get a little bit more detail about - I think this was in the HTS segment that you saw some of the timing issue. And I think in the past, that's from my experience with following you guys, it's been sort of like a business where you get your lead times, your projects get the time schedule and it's been pretty seamless. I wonder if you could clarify which segment the timing issue was in. And two, was it more a matter of when the orders came in during the quarter, that they came in late, or was it something with the customer schedules changing around?

嘿，謝謝。早安.想詢問有關計時問題並嘗試獲取更多詳細資訊 - 我認為這是在 HTS 部分，您看到了一些計時問題。我認為在過去，這是根據我跟踪你們的經驗得出的，這有點像一個企業，你可以得到交貨時間，你的項目得到時間表，而且一切都非常無縫。我想知道您能否澄清一下時間問題出現在哪個部分。第二，這更多的是訂單在本季度何時到達的問題，還是訂單到達較晚的問題，還是客戶日程安排變化的問題？

So, what I would say is, we have more larger projects happening across the business than what you would've had two or three-years ago, which would've primarily been HTS. We have larger projects happening across the segments. Obviously, RSL is aftermarket spares, service repair. So, that's not really impacted by this, because we're really looking at specialty and HTS, if you were looking at the brunt of the changes.

所以，我想說的是，我們整個企業正在進行比兩三年前更多的大型項目，其中主要是 HTS。我們在各個領域都有更大的項目正在進行中。顯然，RSL 是售後備件、服務維修。所以，這並沒有真正受到影響，因為如果你關注的是變化的衝擊，我們真正關注的是專業和 HTS。

I would say that you can't really compare to a couple of years ago or a few years ago because of the fact that there's so many more across the business that is a great thing because it gives us good medium visibility, but yet there are - 60 or 90 days in a period is not really this type of business.

我想說的是，你無法真正與幾年前或幾年前進行比較，因為事實上，整個行業還有很多這樣的事情，這是一件很棒的事情，因為它為我們提供了良好的中等可見度，但仍然存在- 一段時間內 60 或 90 天並不是真正的此類業務。

So, it's difficult to pinpoint that exactly down. What I would say is there's a couple of other factors that go into it. Like you said, the timing of orders within a quarter. We had heavy order activity in the month of June, but the other part of it being that things move around, customer schedules move around, inputs from the supply chain move around, that drive, and priority changes within a quarter that move where you have to shift some engineers to work on something that is a higher priority based on customer needs. So, all of those things together drive timing between quarters.

因此，很難準確地確定這一點。我想說的是，還有其他幾個因素在其中。就像你說的，訂單時間在一個季度內。我們在 6 月有大量的訂單活動，但另一部分是事情發生變化，客戶計劃發生變化，供應鏈的輸入發生變化，驅動因素以及季度內優先級的變化會發生變化根據客戶需求，將一些工程師轉移到更優先的工作。因此，所有這些因素共同推動了季度之間的時間安排。

Okay, got it. And then I wondered too, maybe at a - and this may not impact, but in the geographic region when you looked at those timing issues, it sounds like China with the trailers, that's going well for you, but I wonder if you could talk about just kind of regionally where the timing issues are showing up. Thanks.

好的，明白了。然後我也想知道，也許在- 這可能不會產生影響，但在地理區域，當你考慮這些時間問題時，聽起來像是中國的預告片，這對你來說進展順利，但我想知道你是否可以談談關於出現時間問題的地區性情況。謝謝。

Well, our two biggest regions are Americas and Europe. So, that's where the brunt of the larger project activity happens. And between those two regions would be where I'd focus. China and what we now call AMIA, so Asia Pac, India, Middle East, Africa, those are a little more book and ship-oriented businesses as well.

嗯，我們最大的兩個地區是美洲和歐洲。因此，這就是較大專案活動的主要發生地。這兩個區域之間就是我要關注的地方。中國和我們現在所說的 AMIA，亞太地區、印度、中東、非洲，這些也都是以圖書和船舶為導向的業務。

Okay. Great. Okay. Thanks much.

好的。偉大的。好的。非常感謝。

Martin Malloy with Johnson Rice.

馬丁·馬洛伊和約翰遜·賴斯。

Good morning. I wanted to ask about RSL this morning. That segment has been doing extremely well, and just trying to get a better sense in terms of the sustainability of the results there. And maybe now that you've had it for a while, or since the acquisition, if you could maybe speak to some of the initiatives that you see out there that maybe you're thinking about pursuing to continue to drive the growth there, and maybe some update on your thoughts there for the growth.

早安.今天早上我想問 RSL 的事。該部門一直表現得非常好，只是試圖更好地了解那裡結果的可持續性。也許現在你已經擁有了一段時間，或者自從收購以來，你是否可以談談你看到的一些舉措，也許你正在考慮繼續推動那裡的成長，也許你對成長的想法有一些更新。

Yes, thanks, Marty. And we're very, very pleased with RSL and the aftermarket side of the business. Pointing to just the margin performance, which we would attribute to bringing Howden's best practices across the Chart legacy business in this particular area, as well as to the commercial synergies that we've seen with having field service proximity to where our customers’ install base is, those have been really strong wins. so far, but we're in early innings. We see a lot more opportunity to continue to expand the RSL growth.

是的，謝謝，馬蒂。我們對 RSL 和售後市場業務感到非常非常滿意。僅指利潤表現，我們將其歸因於將 Howden 的最佳實踐引入該特定領域的 Chart 傳統業務，以及我們通過將現場服務靠近客戶安裝位置而看到的商業協同效應基礎是，這些都是非常強大的勝利。到目前為止，但我們還處於早期階段。我們看到了繼續擴大 RSL 成長的更多機會。

And that ranges anywhere from the digital offering to the LTSAs across our customer base, to further rationalization on the pricing models. And that's kind of driving where we initially - five quarters ago when we closed on Howden, had about 30% of our revenue in RSL.

其範圍從數位產品到整個客戶群的 LTSA，再到定價模型的進一步合理化。這在某種程度上推動了我們最初的發展——五個季度前，當我們關閉 Howden 時，我們的 RSL 收入約佔 30%。

Obviously, it fluctuates between quarters, but this quarter at 34.7%, we were pleased with that, as well as the margin expansion opportunity there. I'm not going to drive you to say that every quarter is going to be in the high 40% gross margin because that really does depend on mix and the segment between field service and spares. Yet there we do see meaningful opportunity to continue to grow this segment and grow its margin

顯然，它在季度之間有所波動，但本季為 34.7%，我們對此以及利潤率擴張機會感到滿意。我不會強迫您說每個季度的毛利率都將高達 40%，因為這確實取決於組合以及現場服務和備件之間的細分。然而，我們確實看到了繼續發展這個細分市場並提高其利潤率的有意義的機會

Thank you. I'll turn it back.

謝謝。我會把它轉回來。

Thank you.

謝謝。

Craig Shere with Tuohy Brothers.

克雷格‧謝爾 (Craig Shere) 與圖伊兄弟 (Tuohy Brothers)。

Good morning. Thanks for taking the question. On the free cash flow bridge on Slide 16, I'm a little confused, if you could elaborate about what exactly the long-term balance sheet changes, not reflective of quarterly OCF refers to. And the next two lines sound like they're kind of like headwind second quarter, but should kind of be tailwinds into the second half, and trying to square that with the reduced guidance for the full year?

早安.感謝您提出問題。在投影片 16 上的自由現金流橋上，我有點困惑，如果您能詳細說明長期資產負債表的具體變化是什麼，而不是反映季度 OCF 所指的變化。接下來的兩行聽起來像是第二季度的逆風，但下半年應該是順風，並試圖將其與全年指導的減少相平衡？

Sure. So, primarily in the long term, these are balances for activities outside of one year. And when we talk about our cash guide, we talk about a one-year outlook. Primarily in there is changes in deferred tax. And then the next two lines are related to the two specific projects that we talked about, or Joe referred to on the call here.

當然。因此，主要從長期來看，這些是一年以外活動的餘額。當我們談論現金指南時，我們談論的是一年的前景。主要是遞延稅項的變化。接下來的兩行與我們討論過的兩個具體項目有關，或者喬在此處的電話會議中提到的。

They are specific things we did in the quarter when customers had a need and we responded to it so that we once again continue to build that relationship and have those opportunities with these particular two customers. And these will be certainly cash tailwinds in the second half.

它們是我們在本季度當客戶有需求時所做的具體事情，我們對此做出了回應，以便我們再次繼續與這兩個特定的客戶建立這種關係並獲得這些機會。這些肯定會成為下半年的現金推動力。

But when we looked at the outlook for the second half and the full year combined on cash, we had a change to our EBITDA outlook for the full year. So, that flows through. And then we also looked at our cash conversion that we felt was achievable based on the fact that we have timing moves and built some of that in as well to the guide.

但當我們綜合考慮下半年和全年現金前景時，我們對全年 EBITDA 前景進行了更改。所以，它流過。然後我們也研究了我們認為可以實現的現金轉換，因為我們有時間調整，並將其中的一些內容也納入了指南中。

All right. Thank you.

好的。謝謝。

Sherif Elmaghrabi with BTIG.

謝里夫·埃爾馬格拉比 (Sherif Elmagrabi) 與 BTIG 的合作。

Hey, good morning. Thanks for taking my questions. Hopping on a little bit late here, so I apologize if it's been asked, but in the past, I believe talked about large scale IPSMR orders being roughly 30 million per MTPA. So, when it comes to the Origin LNG deal, because that's, I think we said mid-scale LNG, what is the revenue opportunity there?

嘿，早安。感謝您回答我的問題。在這裡跳得有點晚，所以如果有人問我，我深表歉意，但在過去，我相信談論過大規模 IPSMR 訂單約為每 MTPA 3000 萬個。那麼，當談到 Origin 液化天然氣交易時，我認為我們說的是中型液化天然氣，那裡的收入機會是什麼？

Yes, thanks for the question. So, if you look at the three projects, the three big LNG projects that we don't currently have in backlog, but we know that they will use our technology and equipment, that's Argent, that's Driftwood, and that is the international oil companies’ big LNG project that's an international project. Those three combined have Chart content of approximately $1.5 billion, is the way to think about it.

是的，謝謝你的提問。所以，如果你看看這三個項目，我們目前沒有積壓的三個大型液化天然氣項目，但我們知道他們將使用我們的技術和設備，那就是Argent，那是Driftwood，那是國際石油公司。液化天然氣計畫是一個國際計畫。這三者加起來的圖表內容約為 15 億美元，這是一種思考的方式。

That's helpful. And then at a higher-level, CCUS drove record ordering in specialty, or it was one of the drivers. So, I'm just wondering if you could speak to that. Are you starting to see orders from industrial scale projects, or is this order flow coming from localized stuff? So, here I'm thinking about an individual refinery or a power plant.

這很有幫助。然後在更高的層面上，CCUS 推動了專業領域的創紀錄訂單，或者說它是推動因素之一。所以，我只是想知道你是否可以談談這一點。您是否開始看到來自工業規模項目的訂單，或者該訂單流是否來自本地化產品？所以，我在這裡考慮的是單一煉油廠或發電廠。

Sure, yes. Specialty had a few different end markets that had records that we were very pleased with. And kind of - I don't know if you heard during the prepared remarks, but the DRI end market supporting green applications, et cetera. But specific to CCUS, the scales are getting larger. So, the sizes of the project that we're doing are getting larger in a breadth of end markets as well.

當然，是的。Speciality 有幾個不同的終端市場，這些市場的記錄讓我們非常滿意。我不知道您在準備好的演講中是否聽說過 DRI 終端市場支援綠色應用等。但具體到CCUS，規模正在變得越來越大。因此，我們正在做的專案規模在廣泛的終端市場中也變得越來越大。

So, a little more expanded kind of applications. I would say that it's not yet integrated. There's still one project per customer style activity, but there's more of them happening, and there's more applications in end markets that they're happening in. So, that to us, it's the second sequential quarter that CCUS has been a record in terms of orders. So, the traction is there, gaining steam and very, I would say pragmatic, practical projects that are looking - that are using these applications and our technology.

因此，應用程式的範圍更廣一些。我想說的是它還沒有整合。每種客戶風格的活動仍然有一個項目，但有更多的項目正在發生，而且它們正在發生的終端市場中有更多的應用程式。因此，對我們來說，這是 CCUS 訂單量創紀錄的連續第二季。因此，吸引力就在那裡，正在獲得動力，我想說的是正在尋找的非常務實、實用的項目——正在使用這些應用程式和我們的技術。

Thanks very much, Jill.

非常感謝，吉爾。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call over to management for closing remarks.

目前沒有其他問題。我現在將把電話轉交給管理階層進行總結發言。

Thanks, everybody, for joining us today, and as Joe concluded our prepared remarks. Thank you to the global one chart. Thank you for all you do and for executing safely with our rolling 12 month TRIR of 0.42 as of the end of June. So thanks, everybody, and appreciate your time.

感謝大家今天加入我們，喬結束了我們準備好的演講。感謝您提供全球單一圖表。感謝您所做的一切以及安全執行，截至 6 月底我們的滾動 12 個月 TRIR 為 0.42。謝謝大家，謝謝您抽出時間。

Thanks.

謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。