Chart Industries Inc (GTLS) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Chart Industries, Inc. 2024 third-quarter results conference call. (Operator Instructions)

早安，歡迎參加 Chart Industries, Inc. 2024 年第三季業績電話會議。（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 approximately two hours following the conclusion of the call until Sunday, December 1, 2024.

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。今天的廣播將在通話結束後約兩個小時內進行電話重播，直至 2024 年 12 月 1 日星期日。

The replay information is contained in the company's press release. 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.

重播資訊包含在該公司的新聞稿中。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。

The company undertakes no obligation to update publicly or revise any forward-looking statements. I would now like to turn the conference over to Julie Evanko, Chart Industries' CEO. Please go ahead.

該公司不承擔公開更新或修改任何前瞻性陳述的義務。我現在想將會議交給 Chart Industries 執行長 Julie Evanko。請繼續。

Thank you, Joel. Good morning and thank you all for joining our third-quarter 2024 earnings call. Joining me today is our CFO, Joe Brinkman. We will begin on slide 4 of the supplemental deck that was released this morning. Results shown are from continuing operations.

謝謝你，喬爾。早安，感謝大家參加我們的 2024 年第三季財報電話會議。今天加入我的是我們的財務長 Joe Brinkman。我們將從今天早上發布的補充幻燈片的第四張幻燈片開始。顯示的結果來自持續營運。

When referring to any comparative period, all metrics are pro forma for continuing operations of the combined business of Chart and Howden. Pro forma excludes the following businesses that were divested in 2023, Roots, American fan, Cofimco and CryoDiffusion.

當提及任何比較時期時，所有指標均為 Chart 和 Howden 合併業務持續營運的形式。預計不包括 2023 年剝離的以下業務：Roots、American fan、Cofimco 和 CryoDiffusion。

In the third quarter of 2024, we generated $200.7 million of net cash from operating activities and after $26 million of CapEx spend, had free cash flow of $174.6 million. This cash was used to reduce net debt and resulted in our September 30 net leverage ratio of 3.04, meaningful progress to our net leverage ratio target of 2 to 2.5 as well as our 2025 year-end net debt goal of $3 billion.

2024 年第三季度，我們從營運活動中產生了 2.007 億美元的淨現金，扣除 2,600 萬美元的資本支出後，我們的自由現金流為 1.746 億美元。這筆現金用於減少淨債務，使我們 9 月 30 日的淨槓桿率達到 3.04，在實現 2 至 2.5 的淨槓桿率目標以及 2025 年底 30 億美元的淨債務目標方面取得了重大進展。

In a few slides, we will discuss further balance sheet optimization plans. When compared to the third quarter 2023 pro forma, orders increased 5.4%. Sales of $1.06 billion increased 22.4%. Reported gross margin of 34.1% increased 350 basis points. Reported operating income of $178.5 million was $235.9 million when adjusted for items primarily related to the Howden integration and head count restructuring. As a percent of sales, adjusted operating margin was 22.2%.

在幾張投影片中，我們將討論進一步的資產負債表優化計劃。與預計的 2023 年第三季相比，訂單成長了 5.4%。銷售額達 10.6 億美元，成長 22.4%。報告毛利率為34.1%，增加350個基點。報告的營業收入為 1.785 億美元，根據主要與豪頓整合和人員重組相關的項目進行調整後，營業收入為 2.359 億美元。調整後營業利益率佔銷售額的百分比為 22.2%。

Adjusted EBITDA of $260.7 million was 24.5% of sales. Our adjusted EPS was $2.18 which would have been $2.48 absent the $0.15 negative EPS impact related to foreign exchange in the quarter and the delta of our Q3 tax rate of 26.5% to our originally assumed 20% rate, which was another negative $0.15 impact. The tax rate was impacted by our geographic profit mix.

調整後 EBITDA 為 2.607 億美元，佔銷售額的 24.5%。我們調整後的每股盈餘為2.18 美元，如果沒有本季與外匯相關的0.15 美元的每股盈餘負面影響，以及我們第三季稅率26.5% 與我們最初假設的20% 稅率的增量（這是另一個0.15 美元的負面影響），調整後的每股盈餘將為2.48 美元。稅率受到我們的地理利潤組合的影響。

Year-to-date, through September 30, sales increased 19.6% when compared to year-to-date September 30, '23 pro forma, and operating margin increased year-to-date by 510 basis points. Year-to-date through September 30, all segment sales grew compared to year-to-date Q3 '23.

年初至今，截至 9 月 30 日，銷售額較年初至今（2023 年 9 月 30 日預估）成長了 19.6%，營業利潤率年初至今成長了 510 個基點。今年迄今截至 9 月 30 日，所有細分市場的銷售額與 2023 年第三季相比均有所成長。

All segments gross margin increased and all segments SG&A as a percent of sales declined reflecting operational improvements as well as earlier-than-anticipated cost synergy achievement. In the third quarter, we surpassed our original year three, which was 2026 target of $250 million of annualized cost synergies.

所有部門的毛利率均有所上升，所有部門的銷售、管理及行政費用佔銷售額的百分比均有所下降，反映出營運改善以及成本協同效應早於預期的實現。第三季度，我們超越了原定第三年的目標，即 2026 年實現 2.5 億美元的年度成本綜效。

Slide 5 is a summary of the third quarter compared to Q3 '23, and we will cover each of these in the coming few slides.

投影片 5 是第三季與 23 年第三季相比的摘要，我們將在接下來的幾張投影片中逐一介紹。

So moving to slide 6. Our third quarter orders of $1.17 billion grew 5.4% compared to Q3 '23. You can see some specific order examples booked in Q3 on the page, including a variety from traditional energy to hydrogen to marine to LNG.

現在轉到投影片 6。我們第三季的訂單為 11.7 億美元，與 2023 年第三季相比成長了 5.4%。您可以在頁面上看到第三季預訂的一些具體訂單範例，包括從傳統能源到氫氣到船舶到液化天然氣的各種訂單。

Siemens Energy ordered multiple air-cooled heat exchangers for a variety of energy projects, including Cast County Power Station and Turtle Creek. HD Hyundai Heavy Industries placed orders for exhaust gas recirculation, or EGRs, for marine chip engines. [EGAD], part of [SEAD Group] placed an order for a diaphragm compressor for their green hydrogen plant in Italy.

西門子能源公司為包括卡斯特縣發電站和 Turtle Creek 在內的各種能源項目訂購了多颱風冷熱交換器。HD 現代重工為船用晶片引擎訂購了廢氣再循環 (EGR)。 [SEAD 集團] 旗下的 [EGAD] 為其位於義大利的綠色氫工廠訂購了一台隔膜壓縮機。

We received an order from ThyssenKrupp for process fans to be installed in a new cement line at the Mountain cement plant in Wyoming in the USA and Axial and Jet Fan contracts were awarded to us by Spark NEL for the Northeast Link tunnels in Australia.

我們收到了蒂森克虜伯的訂單，要求在美國懷俄明州 Mountain 水泥廠的一條新水泥生產線上安裝工藝風機，Spark NEL 授予我們為澳大利亞東北連線隧道提供軸流風機和射流風機合約。

We currently have over $23 billion in our commercial pipeline of opportunities. Each quarter this year, we had approximately 39% of our installed base of covered sites placing aftermarket orders with us, has good traction, yet we have room for more coverage, especially as much of the concentration is still primarily related to Howden legacy.

目前，我們的商業機會管道價值超過 230 億美元。今年每個季度，我們涵蓋站點的安裝基礎中約有39% 向我們下達售後訂單，具有良好的吸引力，但我們還有擴大覆蓋範圍的空間，特別是因為大部分集中度仍然主要與豪頓遺產相關。

We recently released enhancements to our customer aftermarket online digital portal including customer outage timing, additional capabilities for part configurations and an updated tank sizing application. We also have customers that have committed work to us that are not yet in backlog totaling $1.95 billion of commitments.

我們最近發布了客戶售後線上數位入口網站的增強功能，包括客戶停機時間、零件配置的附加功能和更新的儲罐尺寸應用程式。我們還有一些客戶已向我們承諾了尚未積壓的工作，承諾總額達 19.5 億美元。

A few examples of these include for LNG, ExxonMobil as we released a few weeks ago on behalf of Mozambique Rovuma Venture, the operator of the Area 4 concession in Northern Mozambique Ribavuma Basin, announced its decision to select our IPSMR liquefaction technology and equipment for the Rovuma LNG project.

其中一些例子包括液化天然氣，埃克森美孚幾週前代表莫三比克Rovuma Venture（莫三比克北部Ribavuma盆地4號區特許經營商）發布消息，宣布決定選擇我們的IPSMR液化技術和設備用於液化天然氣項目。伍馬液化天然氣計畫。

And since that announcement, Viability Gas plc, Gas Tanzania LTD and Tanzania Petroleum Development Corporation, have chosen to partner with us to utilize our IPSMR process and associated equipment for their small-scale LNG project. And for hydrogen, Renergy Group Partners LLC has chosen to partner on their green hydrogen plant in Egypt, which is anticipated to produce 450,000 tons of hydrogen per year.

自該公告發布以來，Viability Gas plc、坦尚尼亞天然氣有限公司和坦尚尼亞石油開發公司選擇與我們合作，在其小型液化天然氣專案中使用我們的 IPSMR 製程和相關設備。對於氫氣，Renergy Group Partners LLC 選擇與其在埃及的綠色氫氣工廠合作，預計該工廠每年可生產 45 萬噸氫氣。

We also executed a collaboration agreement to work with PetroJet Egypt's largest state-owned construction company to advance hydrogen projects across Egypt. Nuclear is gaining traction.

我們也簽署了一項合作協議，與埃及最大的國有建築公司 PetroJet 合作，推動埃及各地的氫能計畫。核能正在獲得越來越多的關注。

We serve the new leader space with our fan offering for traditional nuclear facilities as well as supporting SMR technologies with our gas circulators, fans, turbines and air coolers. To start October, we received nuclear orders from both EDF and Acima.

我們為傳統核設施提供風扇產品，並透過氣體循環器、風扇、渦輪機和空氣冷卻器支援 SMR 技術，為新的領導者領域提供服務。從 10 月開始，我們收到了 EDF 和 Acima 的核訂單。

Moving to slide 7. Our third quarter 2024 had sales of $1.06 billion an increase of 22.4% compared to Q3 '23 and an increase sequentially of 2% when compared to the second quarter of 2024. This is the first time in our history that sales sequentially increased from the second to the third quarter, reflecting continued efforts for throughput improvement, LNG project activity and specialty products projects moving to construction phases.

轉到投影片 7。我們 2024 年第三季的銷售額為 10.6 億美元，與 23 年第三季相比成長 22.4%，與 2024 年第二季相比較上季成長 2%。這是我們歷史上第一次從第二季到第三季銷售額連續成長，反映出我們在提高吞吐量、液化天然氣專案活動和進入建設階段的特種產品專案方面的持續努力。

Three of our four segments had record sales in the third quarter. We had a busy Q3 with many weather events yet continue to focus on deliveries and other continuous improvement actions. While we did have early in the quarter impacts from Hurricane Barrel in our Texas shops, we were able to recover that within Q3.

我們的四個部門中的三個部門在第三季的銷售額創下了紀錄。我們度過了繁忙的第三季度，出現了許多天氣事件，但仍繼續專注於交付和其他持續改進行動。雖然我們在本季初確實受到了颶風桶對德州商店的影響，但我們能夠在第三季內恢復這一影響。

Our shops fared well through Hurricane Helene with only a few days disruption from power outages yet we still have more opportunity to improve throughput and have more continuous improvement efforts to take hold ahead. Some examples underway include Hizon events globally using our Chart business excellence or CBE tools, optimizing assembly locations in our facilities, such as moving Kettle work to Allentown, Pennsylvania to increase other activities at our new Iberia, Louisiana shop.

我們的商店在海倫颶風期間表現良好，僅因停電而中斷了幾天，但我們仍然有更多機會提高吞吐量，並有更多的持續改進努力來保持領先。正在進行的一些例子包括Hizon 在全球範圍內舉辦的活動，使用我們的Chart 卓越業務或CBE 工具，優化我們工廠中的裝配位置，例如將Kettle 工作移至賓夕法尼亞州阿倫敦，以增加我們位於路易斯安那州的新Iberia 商店的其他活動。

Similarly, we are putting skid work in locations with larger and more capacity. Another example is an addition of two testing stations in our air cooler manufacturing facilities. And these are just a few examples as we believe we have more throughput improvement opportunities ahead of us.

同樣，我們正在更大容量的地點進行撬裝作業。另一個例子是在我們的空氣冷卻器製造廠中增加了兩個測試站。這些只是幾個例子，因為我們相信我們面前有更多吞吐量改進的機會。

The middle of slide 7 shows adjusted operating income of $236 million, an increase of 53% when compared to Q3 '23. All four segments reported operating income and margin increased compared to Q3 '23. This resulted in adjusted EBITDA of $260.7 million which does not include adjusting for negative foreign exchange headwinds of $9.3 million in the quarter.

第 7 張投影片中間顯示調整後的營業收入為 2.36 億美元，與 23 年第三季相比成長了 53%。與 23 年第三季相比，所有四個部門的營業收入和利潤率均有所增加。這導致調整後 EBITDA 為 2.607 億美元，其中不包括本季 930 萬美元的負面外匯不利因素的調整。

On slide 8, you can see the increases in gross profit margin reported in adjusted operating margins and EBITDA margins. All four segments had increases in gross operating and EBITDA margin when compared to the third quarter of 2023. Segment-specific information is shown on slide 9.

在投影片 8 上，您可以看到調整後營業利潤率和 EBITDA 利潤率中報告的毛利率的成長。與 2023 年第三季相比，所有四個部門的總營業額和 EBITDA 利潤率均有所增加。特定於細分市場的資訊如幻燈片 9 所示。

Starting with cryo tank solutions, or CTS. Third quarter 2024 CTS orders of $126.2 million decreased 17.5% when compared to the third quarter of 2023, primarily driven by the third quarter of '23, having had one order for over $19 million for railcars, which did not repeat. In the third quarter '24, we did see slowing demand in China, in particular, in industrial gas, which is primarily reflected in CTS.

從低溫罐解決方案（CTS）開始。2024 年第三季度，CTS 訂單金額為1.262 億美元，與2023 年第三季度相比下降了17.5%，這主要是由於2023 年第三季度收到了一份超過1900 萬美元的軌道車訂單，但該訂單沒有重複。在2024年第三季度，我們確實看到中國的需求放緩，特別是工業氣體的需求放緩，這主要反映在CTS。

Sequentially, compared to Q2 2024 CTS orders were down 20.6% as the second quarter had a large LNG regas skid order for over $20 million. And also we saw the slowing demand in China in the third quarter.

隨後，與 2024 年第二季相比，CTS 訂單下降了 20.6%，因為第二季有一筆超過 2,000 萬美元的大型液化天然氣再氣化撬裝訂單。我們也看到第三季中國的需求放緩。

Third quarter 2024 CTS sales of $162.5 million increased 4.6% when compared to the third quarter of 2023. Sequentially compared to Q2 '24, CTS sales were down approximately $3 million. Reported gross profit margin of 25% in CTS increased 280 basis points compared to the third quarter of 2023 and 480 basis points sequentially, driven primarily by project mix and operational improvements. CTS margins are typically in the low to mid-20s.

2024 年第三季 CTS 銷售額為 1.625 億美元，較 2023 年第三季成長 4.6%。與 2024 年第二季相比，CTS 銷售額連續下降了約 300 萬美元。CTS 報告的毛利率為 25%，與 2023 年第三季相比增加了 280 個基點，比上一季增加了 480 個基點，這主要是由專案組合和營運改善所推動的。CTS 的利潤率通常在 20 左右。

Now moving to heat transfer systems, or HTS. Before I start on Q3 specifics, I want to take a moment to discuss the LNG market and growing adoption of our modular IPSMR technology. We already discussed Exxon's Mozambique's utilization of IPSMR and wanted to share that recently, two additional projects have shared with us their decision to use IPSMR for their LNG liquefaction facilities.

現在轉向傳熱系統（HTS）。在開始討論第三季的具體情況之前，我想花點時間討論一下液化天然氣市場以及我們的模組化 IPSMR 技術的日益採用。我們已經討論了埃克森美孚莫三比克對 IPSMR 的利用，並想與大家分享，最近，另外兩個項目與我們分享了他們在其液化天然氣液化設施中使用 IPSMR 的決定。

Interest in IPSMR continues to grow as it is an accepted and validated solution for many projects. So back to the third quarter. HTS orders of $424.7 million increased 151% when compared to Q3 '23 driven by multiple and various LNG and traditional energy equipment awards.

人們對 IPSMR 的興趣持續增長，因為它已成為許多專案公認且經過驗證的解決方案。那麼回到第三季。在多項液化天然氣和傳統能源設備獎項的推動下，HTS 訂單達到 4.247 億美元，與 23 年第三季相比成長了 151%。

These also contributed to a sequential increase of over 50% compared to the second quarter of 2024. Third quarter 2024 HTS sales of $256.2 million were a record as we execute on LNG and other project backlog. Q3 '24 sales increased 12.5% compared to Q3 '23.

與 2024 年第二季相比，這些也導致季增超過 50%。當我們執行液化天然氣和其他積壓項目時，2024 年第三季 HTS 銷售額達到 2.562 億美元，創歷史新高。與 23 年第三季相比，24 年第三季銷售額成長了 12.5%。

Sequentially, compared to the second quarter of this year, HTS sales increased 8.2% as we continue to execute on delivering our backlog and work on further throughput improvements in our shops. HTS Q3 gross profit margin was 29.8%, an increase of 340 basis points compared to Q3 '23 driven primarily by project mix.

隨後，與今年第二季相比，HTS 銷售額成長了 8.2%，因為我們繼續履行積壓訂單並致力於進一步提高商店的吞吐量。HTS 第三季毛利率為 29.8%，與 23 年第三季相比成長了 340 個基點，這主要是由專案組合推動的。

Sequentially compared to the second quarter of this year, HTS gross margin improved based on higher volumes, project mix and operational improvements. We anticipate HTS gross margin to be in the mid- to high 20s consistently going forward.

與今年第二季相比，HTS 毛利率因產量增加、專案組合和營運改善而有所改善。我們預計 HTS 的毛利率將持續維持在 20 多歲左右。

Moving to specialty products. Third-quarter 2024 specialty products orders were $237.8 million and decreased approximately 49% when compared to the third quarter of 2023 as the third quarter of 2023 included larger hydrogen-related orders. Larger project timing for orders can vary between quarters, in particular in specialty products and HTS.

轉向特色產品。2024 年第三季特種產品訂單為 2.378 億美元，與 2023 年第三季相比下降約 49%，因為 2023 年第三季包括更大的氫相關訂單。較大項目的訂單時間可能因季度而異，特別是在特殊產品和 HTS 領域。

We received customer commitments on certain projects that we did not book in Q3 given timing of paperwork and for one project, timing of their FID. We anticipate that we will receive orders for approximately two more larger specialty projects in the fourth quarter of 2024, one in hydrogen and one in mining, which already has been verbally awarded and terms and conditions are underway.

我們收到了客戶對某些項目的承諾，但考慮到文書工作的時間和一個項目的最終投資決定的時間，我們沒有在第三季度預訂這些項目。我們預計，我們將在 2024 年第四季度收到大約兩個更大的專業項目的訂單，一個是氫氣項目，一個是採礦項目，這些項目已經口頭授予，條款和條件正在進行中。

Sequentially compared to Q2 2024, specialty orders declined 44%, driven by the second quarter's record orders in carbon capture, metals, mining, water treatment and strong globally diverse hydrogen and helium awards.

與 2024 年第二季相比，由於第二季度碳捕獲、金屬、採礦、水處理領域創紀錄的訂單以及全球多樣化的氫和氦獎項，特種訂單連續下降了 44%。

Third-quarter 2024 specialty product sales of $283 million were a record for the segment and increased 25.9% when compared to the third quarter of 2023, driven primarily by increasing throughput and progress on specialty projects within the quarter. Sequentially, compared to the second quarter of '24, specialty sales increased 2%.

2024 年第三季特種產品銷售額為 2.83 億美元，創下該領域的紀錄，與 2023 年第三季相比增長 25.9%，這主要是由於該季度吞吐量和特種項目進展的增加。隨後，與 2024 年第二季相比，專業銷售額成長了 2%。

Reported gross profit margin of approximately 26% increased 60 basis points compared to Q3 of last year, yet decreased sequentially when compared to the second quarter of 2024. The sequential decrease was due to the third quarter 2024 expenses incurred at our newly opened Teddy 2 facility in Theodore, Alabama, and that was related to a supplier's machinery startup challenges at our site. And therefore, associated inefficiencies on specific space exploration-related projects, which we do not anticipate repeating ahead.

報告毛利率約 26%，較去年第三季增加 60 個基點，但較 2024 年第二季季減。環比下降的原因是我們在阿拉巴馬州西奧多新開設的 Teddy 2 工廠在 2024 年第三季度產生了費用，這與供應商在我們工廠面臨的機械啟動挑戰有關。因此，特定的太空探索相關項目會出現效率低下的情況，我們預計這種情況不會在未來重演。

And finally, for the repair, service and leasing segment or RSL, third quarter '24 RSL orders of $377.9 million increased 16.5% when compared to the third quarter of 2023, driven in part by a larger aftermarket sale of equipment. Sequentially compared to Q2, orders grew 21% or about $65 million, driven primarily by our Q3 $10.5 million order for Power Africa Power Station spares, and the larger RSL equipment sales.

最後，對於維修、服務和租賃領域 (RSL)，24 年第三季的 RSL 訂單為 3.779 億美元，與 2023 年第三季相比成長了 16.5%，部分原因是設備售後市場銷售規模擴大。與第二季相比，訂單成長了 21%，約 6,500 萬美元，這主要是由於我們第三季為 Power Africa 電站備件訂購了 1,050 萬美元，以及 RSL 設備銷量增加。

Third-quarter 2024 RSL sales of $360.5 million increased 36% versus Q3 of '23. Sequentially, Q3 sales were flat to Q2 '24, which had large field service work and also reflects typical summer timing being slower in field service outages.

2024 年第三季 RSL 銷售額為 3.605 億美元，比 23 年第三季成長 36%。隨後，第三季的銷售額與 2024 年第二季持平，該季度有大量現場服務工作，也反映出典型的夏季現場服務中斷速度較慢。

Reported RSL gross profit margin of 47% was driven by the larger than typical aftermarket equipment sales sequentially to the second quarter of 2024, RSL gross margin declined from 49%, which was unusually high and driven by the large field service work in Q2.

報告稱，RSL 毛利率為47%，這是由於截至2024 年第二季的售後設備銷售量高於典型售後設備銷量，RSL 毛利率從異常高的49% 下降，並受到第二季大型現場服務工作的推動。

Now Joe will discuss cash, the balance sheet and our '24 and '25 outlooks.

現在喬將討論現金、資產負債表以及我們 '24 和 '25 的前景。

Third-quarter 2024 reported net cash from operating activities of $200.7 million, less capital expenditures of $26.1 million, resulted in $174.6 million of free cash flow. Our September 30, 2024, net leverage ratio was 3.04, as shown on slide 10. We reiterate our financial policy that until we are in our target net leverage ratio range of 2 to 2.5 times and we will not do any share repurchases or material cash acquisitions.

2024 年第三季度，營運活動產生的淨現金為 2.007 億美元，減去 2,610 萬美元的資本支出，自由現金流為 1.746 億美元。2024 年 9 月 30 日，我們的淨槓桿率為 3.04，如投影片 10 所示。我們重申我們的財務政策，在淨槓桿率達到 2 至 2.5 倍的目標範圍之前，我們不會進行任何股票回購或重大現金收購。

The strength in Q3 cash reflects our ongoing cash culture efforts, Chart Business Excellence, coordination of milestone billing and increasing operational throughput. As we have previously indicated, we are coming off a period of heavy CapEx spend for capacity.

第三季現金的實力反映了我們持續的現金文化努力、卓越業務、里程碑計費的協調以及不斷增加的營運吞吐量。正如我們之前所指出的，我們正在經歷一段產能資本支出大量支出的時期。

Our CapEx spend is now normalizing, and we expect normalized CapEx to be between 2% and 2.5% of sales. Net working capital, defined as accounts receivable inventory, accounts payable, unbilled contract revenue, customer advances and billings in excess as a percent of trailing 12-month sales improved to 16%.

我們的資本支出現已正常化，我們預期正常化的資本支出將佔銷售額的 2% 至 2.5%。淨營運資本（定義為應收帳款庫存、應付帳款、未開票合約收入、客戶預付款和超額帳單佔過去 12 個月銷售額的百分比）提高至 16%。

As a reminder, we had our semiannual unsecured interest payment of $79 million in the third quarter that will not repeat in the fourth quarter. Additionally, the fourth quarter has multiple milestones scheduled for collection and tax is typically a tailwind to free cash flow in Q4. We continue to look to optimize our capital structure.

提醒一下，我們在第三季支付了 7,900 萬美元的半年無擔保利息，第四季不會重複支付。此外，第四季度有多個里程碑計劃徵收，稅收通常是第四季度自由現金流的推動力。我們繼續尋求優化我們的資本結構。

We anticipate our 2017 seven-year convertible note to settle at maturity in November 2024 and with a principal of approximately $259 million paid in cash and the premium settled with equity. Note that the share count will change upon settlement, which is contemplated in our outlook.

我們預計 2017 年七年期可轉換票據將於 2024 年 11 月到期，本金約為 2.59 億美元以現金支付，溢價以股本結算。請注意，股份數量將在結算時發生變化，這是我們的展望中所考慮的。

Moving to slide 11. Our full-year 2024 sales outlook is approximately $4.2 billion to $4.3 billion, with anticipated full year 2024 adjusted EBITDA of approximately $1.015 billion to $1.045 billion. This reflects a year-over-year 18% to 21% sales growth range, which, as Jill described in her comments, reflects our year-to-date sales growth and margin progress.

轉到投影片 11。我們的 2024 年全年銷售前景約為 42 億至 43 億美元，預計 2024 年全年調整後 EBITDA 約為 10.15 億至 10.45 億美元。這反映了 18% 至 21% 的同比銷售成長範圍，正如 Jill 在她的評論中所描述的，這反映了我們今年迄今為止的銷售成長和利潤率進步。

The sales growth at the lower end of the range is based on our confidence in what we have been able to consistently achieve year-to-date and backlog coverage. Achieving the higher end of the range will depend on larger project timing and further operational throughput actions already underway, which will continue into 2025.

該範圍低端的銷售成長是基於我們對能夠持續實現年初至今和積壓訂單覆蓋率的信心。實現該範圍的高端將取決於更大的專案時間表和已經正在進行的進一步的營運吞吐量行動，這些行動將持續到 2025 年。

Our associated anticipated full year 2024 adjusted diluted EPS is anticipated to be approximately $9 based on an anticipated tax rate of approximately 22%. Free cash flow is anticipated to be approximately $400 million. Our 2025 sales are anticipated to be in the range of $4.65 billion to $4.85 billion and anticipated adjusted EBITDA between $1.175 billion and $1.225 billion.

根據約 22% 的預期稅率，我們預計 2024 年全年調整後稀釋每股盈餘預計約為 9 美元。自由現金流預計約 4 億美元。我們 2025 年的銷售額預計在 46.5 億美元至 48.5 億美元之間，調整後 EBITDA 預計在 11.75 億美元至 12.25 億美元之間。

We have strong backlog coverage for 2025 and also have line of sight to additional larger orders that we anticipate closing in the coming months. We anticipate our 2025 adjusted diluted EPS and to be approximately $12 to $13 on a tax rate of approximately 22%. Additionally, we anticipate ending 2025 with approximately $3 billion of net debt based on full year 2025 free cash flow generation of approximately $550 million to $600 million.

我們的 2025 年積壓訂​​單覆蓋率很高，並且還關注預計在未來幾個月內完成的其他更大訂單。我們預計 2025 年調整後稀釋後每股盈餘約為 12 至 13 美元，稅率約為 22%。此外，根據 2025 年全年自由現金流產生量約 5.5 億至 6 億美元，我們預計到 2025 年年底，淨債務約為 30 億美元。

We look forward to sharing additional details of our 2025 outlook at our Investor Day on November 12. Joel, please open it up for Q&A.

我們期待在 11 月 12 日的投資者日分享 2025 年展望的更多細節。喬爾，請打開它進行問答。

(Operator Instructions) Eric Stine, Craig Hallum.

（操作員說明）Eric Stine、Craig Hallum。

So I guess on 2025 guidance, I know that it's kind of been an ongoing focus of yours to try to better incorporate the project -- more project-based nature of your business. So could you go into the thought process, Joe, I know you just talked a little bit about the backlog coverage, line of sight to new orders. But maybe thought process on -- did you haircut this guidance, what gets you to the high -- the low end and the high end, that would be very helpful.

因此，我想在 2025 年指導中，我知道你們一直在關注如何更好地整合專案——業務的更多基於專案的性質。那麼，喬，您能談談思考過程嗎？ 我知道您剛剛談到了積壓訂單覆蓋率以及新訂單的視線。但也許思考過程——你是否剪裁了這個指導，是什麼讓你達到高端——低端和高端，這將是非常有幫助的。

Yes. Joe, feel free to chime in on this one. What I would say, Eric, is that we have really worked to incorporate our learnings from the movements that we have and things we've talked about throughout 2024. And that's reflected in our 2025 outlook.

是的。喬，請隨意插話一下。艾瑞克，我想說的是，我們確實努力將我們從 2024 年的行動和討論的事情中學到的知識結合起來。這也反映在我們 2025 年的展望中。

And that's something that we feel very confident in this outlook given backlog coverage that we have, Joe, what you referred to as stronger than typical backlog coverage, which we've got about 61% of our [9/30] backlog that's going to that is scheduled to convert in the next 12 months.

鑑於我們擁有的積壓工作覆蓋率，我們對這一前景感到非常有信心，喬，你所說的比典型的積壓工作覆蓋率更強，我們[9/30]積壓工作的大約 61% 將用於計劃在未來12 個月內進行轉換。

So we feel that we've kind of gotten through this evolution of getting to the point of incorporating all of the learnings that we've had over the last few quarters into our 2025 construct which was our goal to do and feel good about being down the fairway on that.

因此，我們覺得我們已經完成了這一演變，將過去幾個季度我們學到的所有知識融入到 2025 年的構建中，這是我們的目標，並且在低迷中感覺良好球道上。

In terms of the higher end of that range, which is approximately a 12% growth off of the higher end of the '24's range is around more conversion of the backlog that we currently have. And also, we do see movement of new orders that come in, and we have good line of sight to the next few months of some of the larger orders that if something does move and a new order comes in, that can be offsetting to get to the higher end.

就該範圍的高端而言，比 24 世紀範圍的高端增長了約 12%，這與我們目前積壓的訂單的轉換率有關。而且，我們確實看到了新訂單的變動，並且我們對未來幾個月的一些較大訂單有良好的視野，如果確實有變動並且有新訂單進來，則可以抵消到更高端。

But that was our thought process, Eric, around incorporating everything that we've learned when we have to move things between quarters just simply because we've become a much longer cycle company.

但這就是我們的思考過程，艾瑞克，當我們必須在季度之間轉移事情時，我們會整合我們所學到的一切，只是因為我們已經成為一家週期更長的公司。

Yes, nothing really significant to add to that, Eric, just like Jill said, understanding the things that can make thing revenue move between quarters and incorporating that into our approach as we forecast moving forward.

是的，沒有什麼真正重要的補充，埃里克，就像吉爾說的那樣，了解可以使收入在季度之間變化的因素，並將其納入我們預測的未來方法中。

Okay. And when you talk about new potential orders that come in, I mean I would assume if those are LNG orders, then those would have to be early in the year, and that would probably at best have a late impact in the year? And is that how we should think about it that this would be more skewed to some of the other segments in terms of those order opportunities impacting '25?

好的。當你談論新的潛在訂單時，我的意思是，我會假設如果這些是液化天然氣訂單，那麼這些訂單必須在今年年初，而這最多可能會在今年稍後產生影響？我們應該如何看待這會更偏向於影響「25」的訂單機會方面的其他一些細分市場？

Yes, that's the right way to think about it.

是的，這是正確的思考方式。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD·考恩。

I wanted to start with the order outlook, Jill, you talked about a $23 billion pipeline, nearly $2 billion of commitments that are not in backlog. And if we look at third quarter, you had this really good HTS performance, but there was some weakness in specialty. So maybe just talk to us about put that $23 billion and $2 billion of commitments in context for us, where was that recently. And how has that changed? And then how are you thinking about the order progression in 4Q and into early '25.

我想從訂單前景開始，吉爾，您談到了 230 億美元的管道，近 20 億美元的未積壓承諾。如果我們看一下第三季度，你會發現 HTS 的表現非常好，但在專業領域存在一些弱點。因此，也許只是與我們談談將 230 億美元和 20 億美元的承諾放在我們的背景下，最近在哪裡。那麼情況發生了什麼樣的變化呢？那麼您如何看待第四季度和 25 年初的訂單進度。

Yes. Thanks, Mark. What I would say is across the majority of our end markets, with the exception of China, we continue to see good demand and a very strong pipeline things like the acceptance of IPSMR internationally with the Rovuma, the Exxon Rovuma LNG project. have added to that pipeline recently. So the more that our technologies and solutions get out in the field, the more that pipeline seems to grow.

是的。謝謝，馬克。我想說的是，在我們的大多數終端市場（中國除外），我們繼續看到良好的需求和非常強大的管道，例如埃克森魯夫瑪液化天然氣項目魯伍馬（Rovuma）在國際上接受IPSMR。最近已新增至該管道。因此，我們的技術和解決方案在該領域的應用越多，管道似乎就會成長得越多。

When I look at the nearly $2 billion of commitments, about $1.5 billion of that is HTS and the other $0.5 million or $450 million is specialty -- is entirely specialty. Since the $1.5 billion of HTS related that we had talked about previously, we've added few small scale into that number.

當我看到近 20 億美元的承諾時，其中大約 15 億美元是 HTS，另外 50 萬美元或 4.5 億美元是專業的——完全是專業的。由於我們之前討論過 15 億美元的 HTS，我們在這個數字中加入了一些小規模的內容。

The other opportunity that has been increasing for us is around data centers. And so we did have our second quarter data center order that we talked about on air-cooled heat exchangers. And as we started October, we got another order for air coolers related to data centers. So that's another contributor to -- into that $23 billion of pipeline. That's not included in the $1.95 billion of commitments that we referred to that are not yet booked.

對我們來說另一個不斷增加的機會是資料中心。因此，我們確實獲得了第二季的資料中心訂單，我們談到了風冷熱交換器。從 10 月開始，我們又收到了一份與資料中心相關的空氣冷卻器訂單。這是 230 億美元管道的另一個貢獻者。這還不包括在我們提到的尚未預訂的 19.5 億美元承諾中。

In terms of specialty weakness, what I look at is structurally, is there weakness structurally in these end markets or in our offering for them? Or is it really just timing? And what I would say around specialty in the third quarter is it really truly was just timing.

就專業弱點而言，我關注的是結構性弱點，這些終端市場或我們為他們提供的產品是否有結構性弱點？或者這真的只是時機？關於第三季的專業，我想說的是，這確實只是時機。

And with the mining order that one that we have verbally been awarded, and we're just working on Ts and Cs at the customer right now. That's over $40 million, as an example. We have a few -- a handful of potential in the hydrogen space that are in the $20 million to $35 million range. So these are orders in FIDs and financing that sometimes take a little more time than what we had originally thought.

我們已經口頭授予了採礦訂單，現在我們正在為客戶制定條款和條件。例如，這一數字超過 4000 萬美元。我們在氫領域有一些潛力，價值在 2000 萬至 3500 萬美元之間。因此，這些最終投資決定和融資訂單有時比我們最初想像的要花更多時間。

And a couple of those in that $1.95 on the specialty side were -- could have been bookable in terms of our policy, but we didn't not feel comfortable that they were at the point of completing their financing far enough along in that to put them into our backlog.

其中一些 1.95 美元的專業產品是——根據我們的政策，本來可以預訂的，但我們感到不舒服的是，他們已經完成了足夠長的融資，以便將他們進入我們的積壓工作。

So overall, the only area of kind of what I would say, structural concern in end markets right now is just China industrial gas.

因此，總的來說，我想說，目前終端市場結構性擔憂的唯一領域是中國工業天然氣。

Okay. And would you anticipate that fourth quarter book-to-bill could be greater than one?

好的。您是否預期第四季的訂單出貨比可能會大於 1？

Yes, one or greater is our outlook.

是的，一個或更大的就是我們的前景。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

I appreciate it. is only on -- so I'll start with this one -- or I guess I'll end with this one, too. as you think about the fourth quarter, just the is normally an uplift in the fourth quarter. I think in guidance, you're calling for roughly I think, $150 million of incremental sales. Can you maybe talk through maybe segment by segment, how that plays out? Like where are you expecting the uplift in 4Q to reach your updated guidance?

我很感激。只開著——所以我將從這個開始——或者我想我也會以這個結束。當你想到第四季時，第四季通常會有所提升。我認為在指導中，我認為您大約需要 1.5 億美元的增量銷售額。能否逐段談談結果如何？您預計第四季的漲幅將達到您更新後的指導水準嗎？

Yes. So if you look at 4Q, sequentially, Q3 to Q4, historically, we'll do between 10% and 15% on average of an increase and then year-over-year really varies. If you look at our year over year for Q4 of this year, the lower end is a little bit lower as a percent than what we have been doing in the last few quarters in the high end is pretty consistent with what we've been doing in the last few quarters.

是的。因此，如果你依序觀察第四季度，從第三季度到第四季度，從歷史上看，我們的平均增幅將在 10% 到 15% 之間，然後同比確實會有所不同。如果你看看我們今年第四季的同比情況，你會發現低端比我們過去幾季所做的要低一點，高端與我們一直在做的非常一致在過去的幾個季度。

When you look at the segments themselves, we're continuing to see strength in throughput in HTS, Specialty and CTS, I would just say, is consistent. So that's the way to think about that on a relative basis of growth sequentially. And maybe one other quick add here on RSL is that we did have a larger field service work in the second quarter, and we had a larger than typical equipment sale in the third quarter in RSL.

當你觀察這些細分市場本身時，我們會繼續看到 HTS、特種和 CTS 的吞吐量優勢，我想說的是，是一致的。這就是在相對成長的基礎上思考這個問題的方法。也許關於 RSL 的另一個快速補充是，我們在第二季確實進行了更大規模的現場服務工作，而且我們在第三季的 RSL 設備銷售量比典型的設備銷售量更大。

So those were those were pretty strong quarters in that respect. And as we head into Q1, right, in 2025, Q1 is always our lowest quarter of the year, and we don't anticipate anything different for 2025 in that respect.

所以這些是在這方面相當強勁的季度。當我們進入 2025 年第一季時，第一季始終是我們一年中最低的季度，我們預計 2025 年在這方面不會有任何不同。

Got it. Okay. I appreciate it. And if I could sneak in just a super fast in I think, Jill, you said 16% was the unbilled revenue as a percentage of sales. What should that be on a normalized basis?

知道了。好的。我很感激。如果我能快速地講一下，吉爾，你說過 16% 是未開票收入佔銷售額的百分比。在標準化的基礎上應該是什麼呢？

That was working -- how we define working capital as a percent of sales, which is the aggregate of accounts receivable, inventory unbilled customer advances. And so that 16% is as a percent of an annualized sales number. we will share some more details on the specificity around what we expect that to be at our November 12 Capital Markets Day. But I think you've seen us perform in that particular metric in the low 20% to the high teens is kind of the range that it's been in the combined business the last 18 months.

這很有效——我們如何將營運資金定義為銷售額的百分比，即應收帳款、未開立發票客戶預付款的庫存總額。因此，16% 是年化銷售額的百分比。我們將在 11 月 12 日資本市場日分享更多關於我們預期的細節。但我認為您已經看到我們在該特定指標上的表現在 20% 到高 18 個月的綜合業務範圍內。

Mark Malloy, Johnson Rice.

馬克·馬洛伊，約翰遜·賴斯。

RSL is putting up another good quarter here. Just from a high level, can you maybe talk about where you are in terms of putting equipment on to maintenance service contracts or your digital offering and kind of the runway here for growth in that segment, how you look at it when you look out two or three years?

RSL 在此季度再次表現出色。從較高的層面來看，您能否談談您在將設備納入維護服務合約或數位產品方面處於什麼位置，以及該細分市場成長的跑道類型，當您觀察兩個方面時您如何看待它還是三年？

Yes. Thanks, Marty, for recognizing that. We're very pleased with the aftermarket side of the business in the last few quarters and then 34% or 35% of our total revenue in RSL in the segment with strong performing gross margins. We just don't want people to get too far out over their skis on that RSL gross margin number.

是的。謝謝馬蒂認識到這一點。我們對過去幾季的售後市場業務感到非常滿意，我們的 RSL 總收入的 34% 或 35% 來自於毛利率強勁的細分市場。我們只是不希望人們在 RSL 毛利率數字上超出他們的滑雪板範圍。

We have meaningful ways to go in penetrating the installed base and penetrating the digital uptake offering from our digital uptime offering. We still are primarily concentrated in Howden legacy assets. And so the tool kits being taken across the Chart legacy assets, that just takes some time to integrate the various different digital offerings with that.

我們有一些有意義的方法可以滲透到已安裝的基礎並滲透到我們的數位正常運行時間產品中的數位吸收產品。我們仍主要集中在豪頓遺留資產。因此，工具包被用於圖表遺留資產，只需要一些時間來將各種不同的數位產品與其整合。

But what I would say is early innings on this. So we have a good ways to go. But on LTSAs and framework agreement, we have seen positive growth in terms of the numbers of and framework agreements year-to-date in 2024, and we saw the same in 2023. So we're getting traction there.

但我想說的是這件事還處於早期階段。所以我們還有很長的路要走。但在長期協議和框架協議方面，我們看到 2024 年年初至今的數量和框架協議出現了積極增長，2023 年也出現了同樣的情況。所以我們在那裡得到了牽引力。

But what I would really like to see is a higher than 39%, 40% uptake that we currently have on customers with an installed base that are buying something aftermarket each quarter. So that, to me, that's a positive. To me, it's a positive because there's more to go in this aftermarket side of the business. And I'm very excited to see what we can do there.

但我真正希望看到的是，我們目前每季在售後市場購買產品的客戶群的使用率高於 39% 至 40%。所以，對我來說，這是積極的。對我來說，這是正面的，因為售後市場方面還有更多的事情要做。我很高興看到我們能在那裡做些什麼。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

So based on the updated guidance, the trajectory of revenue recognition in 2024 is pretty balanced, almost 50-50 do you expect next year to be more back-end weighted or less back-end weighted?

因此，根據更新後的指引，2024 年收入確認的軌跡相當平衡，幾乎 50-50，您預計明年會增加後端權重還是減少後端權重？

So we would expect that Q1 is -- I feel like I beat this strong, but I think it's really important that we've always seen Q1 be the lowest quarter of our financial metric year. But I do think that you'll see a little more balance in 2025, just given the backlog coverage that we have, especially on the new build side of things.

因此，我們預計第一季是——我覺得我的表現如此強勁，但我認為我們一直認為第一季是我們財務指標年度中最低的季度，這一點非常重要。但我確實認為，考慮到我們的積壓情況，到 2025 年你會看到更多的平衡，特別是在新建方面。

RSL is typically pretty balanced with the exception of Q3 tends to ex the larger equipment sale order that we had this time tends to be a little slower because of summer outages. But we have a real strong line of sight on the newbuild project solutions. But I do want to stress that Q1 is always seasonally our lowest quarter, but less of a ramp into Q4 than what we've seen historically.

RSL 通常相當平衡，但第三季往往會排除較大的設備銷售訂單，而這次由於夏季停電，我們的設備銷售訂單往往會稍微慢一些。但我們對新建專案解決方案有著真正強烈的關注。但我確實想強調，第一季始終是我們季節性最低的季度，但進入第四季度的增幅比我們歷史上看到的要小。

And given that we are four days away from the US election, I have to ask -- is there a certain amount of revenue in 2025 that hypothetically could be at risk if the hydrogen or carbon capture policies in Washington were to change?

鑑於距離美國大選還有四天，我必須問——如果華盛頓的氫氣或碳捕獲政策發生變化，2025 年是否有一定數量的收入可能面臨風險？

The short answer, Pavel, is no, but I appreciate the top of the question given how close you are to the election and kind of the various different pieces and parts dependent on party. We're very well positioned regardless of the outcome, just given the fact that our equipment and solutions go into so many different molecules.

帕維爾，簡短的回答是否定的，但考慮到你距離選舉有多近以及取決於政黨的各種不同部分和部分，我很欣賞這個問題的首要問題。無論結果如何，我們都處於非常有利的位置，只要考慮到我們的設備和解決方案涉及如此多不同的分子。

So -- but what I would say is we did think about not adding what could be pent-up demand into our '25 outlook. So there may be potential for a little upside, but we did not contemplate that in what we've put out here. But no, we don't believe that there's risk based on either outcome to the elections to our '25.

所以，但我想說的是，我們確實考慮過不要將可能被壓抑的需求納入我們的 25 年展望中。因此，可能會有一點上漲的潛力，但我們在此處發布的內容中沒有考慮到這一點。但不，我們不認為 25 年選舉的任何結果都會有風險。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

It was great to see the deleveraging process restart strongly. My quick question here is you highlighted some parts in the opening comments. -- let's say we have a big uptick in the nuclear cycle driven by power demand. Can you help us understand the ways in which GTLS wins from that?

很高興看到去槓桿化進程強勢重啟。我的簡單問題是你在開場評論中強調了一些部分。 ——假設在電力需求的推動下，核循環出現了大幅成長。您能否幫助我們了解 GTLS 從中獲勝的方式？

Thank you, Manav. Thank you also for the comment about deleveraging. We're very, very focused on that, and we'll continue to be when you look at nuclear, it's definitely become more active, I would say, in our commercial pipeline. It's not something that we're serving new. It's something we always have.

謝謝你，馬納夫。也感謝您對去槓桿的評論。我們非常非常關注這一點，而且我們將繼續關注核能，我想說，在我們的商業管道中，它肯定變得更加活躍。這不是我們提供的新東西。這是我們一直以來擁有的東西。

It's just a matter of of how much interest there is there has been, and we're definitely seeing an increase there. Our -- there's multiple different ways that we play with nuclear. We do serve the traditional utility companies with our CTS applications.

這只是一個有多少興趣的問題，而且我們肯定會看到興趣的增加。我們有多種不同的方式來利用核能。我們確實透過 CTS 應用程式為傳統公用事業公司提供服務。

So with tanks related to that, we serve a general nuclear space across the board with fans. And now we have the ability to support SMR technologies with the gas circulators and air coolers in addition to the fans. And that's, I would say, the fans and the tanks are primarily what we have seen to date and also recently, a little bit more of an uptick in spares and aftermarket for nuclear.

因此，透過與此相關的坦克，我們為粉絲提供全面的核空間。現在，除了風扇之外，我們還能夠透過氣體循環器和空氣冷卻器來支援 SMR 技術。我想說的是，風扇和水箱主要是我們迄今為止所看到的，而且最近核電的備件和售後市場有所增加。

Now what we're seeing is the smaller SMR companies coming forward with various different technologies, and that's what we're quoting on right now. So it's a small percent of our total currently. But if this does become a bigger part of the energy transition for lack of a better description, we're very well positioned to play with equipment. We do not have a process technology for nuclear.

現在我們看到的是規模較小的 SMR 公司正在推出各種不同的技術，這就是我們現在引用的內容。所以這只是我們目前總數的一小部分。但如果由於缺乏更好的描述，這確實成為能源轉型的重要組成部分，那麼我們就可以很好地利用設備。我們沒有核子工藝技術。

Rob Brown, Lake Street Capital.

羅布布朗，湖街資本。

Just wanted to clarify kind of the specialty segment gross margins you think you can get. I know there were sort of onetime stuff in the quarter, but where do you think that can be as you ramp that business?

只是想澄清一下您認為可以獲得的專業細分市場的毛利率。我知道本季有一些一次性的事情，但是當你擴大業務時，你認為這些事情會發生在哪裡？

Yes. I mean, I was disappointed in the third quarter, but at least we can pinpoint to what caused it. where we see this is in 30-plus, low 30s is where kind of in the near-term type of time frame, however you define near term, but I would say in the next five quarters type of time frame, it should be running in that in that level.

是的。我的意思是，我對第三季感到失望，但至少我們可以找出是什麼原因造成的。我們看到這是在 30 多歲，低 30 歲是在近期類型的時間範圍內，無論你如何定義近期，但我想說在接下來的五個季度類型的時間範圍內，它應該運行在那個級別。

We'll also see a little bit of benefit from the more throughput that we get on specialty just naturally by design. But more than anything, it's getting out of start-up inefficiencies. And this particular one was unfortunately outside of our control, but it was fact and was a drag on our margin in Q3 in specialty.

我們還將看到透過設計自然而然在專業領域獲得的更高吞吐量帶來的一些好處。但最重要的是，它正在擺脫新創公司的低效率問題。不幸的是，這個特殊的問題超出了我們的控制範圍，但這是事實，並且拖累了我們第三季特種產品的利潤率。

Craig Shere, Tuohy Brothers.

克雷格·謝爾，圖伊兄弟。

I want to dig a little bit more in the Manav's nuclear question and your comments around SMR. So a couple of things. One, most recently, there's been a couple well-advertised TRISO SMR data center opportunities that were announced. Now obviously, this is going into the early 2030s. But no one get a sense if the type of reactor technology has an impact on your ability to ultimately service gas circulators, fans and such.

我想進一步深入探討馬納夫的核問題以及您對 SMR 的評論。有幾件事。一是最近宣布了幾個廣為宣傳的 TRISO SMR 資料中心機會。現在顯然，這將進入 2030 年代初。但沒有人知道反應器技術的類型是否會影響您最終維修氣體循環器、風扇等的能力。

And then another thing that's come up is relating to data centers is that they use a lot of water and you're in the water business. And so just wondering if this whole broader economic driver has a multisegment opportunity set for you.

然後出現的另一件事與資料中心有關，它們使用大量的水，而你從事的是水務業務。因此，我想知道這個更廣泛的經濟驅動因素是否為您提供了多細分市場的機會。

Yes. Thank you, Craig. And commercially, I think this is a great example of how we haven't had to go do something different from our traditional equipment and products that we have in serving new types of growing end markets or more nascent type of end market.

是的。謝謝你，克雷格。在商業上，我認為這是一個很好的例子，說明我們在服務新型不斷增長的終端市場或更新興的終端市場時不必做一些與傳統設備和產品不同的事情。

So let me peel this back just kind of from -- starting from nuclear -- we serve -- we can serve traditional and new SMR technologies and opportunities. We recently have had some activity with X-energy, which I think is a name that many people are tying to the space and also seeing I would say, an increase in the commercial pipeline, in particular in Europe around nuclear opportunities with various different SMR technologies.

因此，讓我從核開始，我們服務，我們可以服務傳統和新的 SMR 技術和機會。我們最近與X-energy 進行了一些活動，我認為這是許多人與該領域聯繫在一起的一個名字，而且我想說的是，商業管道的增加，特別是在歐洲圍繞各種不同SMR 的核機會技術。

So again, that really is the core offering that we serve into those, and it's primarily the Howden offering that brought -- came into the portfolio.

再說一次，這確實是我們服務這些產品的核心產品，而且主要是豪頓產品帶來的——進入了產品組合。

When we look at the water and the data center opportunity, this is pretty broad. So maybe start with the data center piece. We've talked about air coolers for the data center market. And it's not only around water, but also around heat rejection where there isn't necessarily access to water. But on the water treatment side, absolutely.

當我們審視水和資料中心的機會時，會發現這是相當廣泛的。所以也許可以從資料中心部分開始。我們已經討論了資料中心市場的空氣冷卻器。它不僅與水有關，而且還與不一定能獲得水的散熱有關。但在水處理方面，絕對是如此。

I mean I think there's -- the way to think about water treatment is there are so many secular tailwinds for water treatment that can benefit what we serve because we hit all of the contaminants that this could be a great opportunity ahead I would caveat that answer with we haven't seen a tonne of that linkage yet.

我的意思是，我認為思考水處理的方式是，水處理有很多長期的順風車，這可以使我們所服務的產品受益，因為我們打擊了所有污染物，這可能是未來的一個很好的機會，我要警告這個答案我們還沒有看到大量的這種連結。

But I think it's early days on how the hyperscalers and other data center providers are thinking about their locations, in particular, in their size and their scale. Again, feel very well positioned without having to change our manufacturing lines or processes to achieve that.

但我認為，超大規模企業和其他資料中心供應商如何考慮其位置，特別是其規模和規模，仍處於早期階段。再次強調，無需改變我們的生產線或流程即可實現這一目標。

And we'll share more end market specifics about how we play both in the new build and some of these end markets that we're discussing right now as well as an aftermarket at the November 12 Capital Markets Day.

我們將在 11 月 12 日資本市場日分享更多關於我們如何在新建市場和我們現在正在討論的一些終端市場以及售後市場中發揮作用的終端市場細節。

Walt Liptak, Seaport Research.

沃爾特·利普塔克，海港研究中心。

I wanted to ask, you guys made a comment on free cash flow about the cash culture. And I know you guys have been focused on cash flow for a while. But was there a change? What does that mean? And then as a follow-up, there's some special cash flow actions, I guess, that you're taking in the fourth quarter. I wonder if you can quantify those. And then in the 2025 cash flow, are there any special kind of onetime actions.

我想問一下，你們對現金文化的自由現金流發表了評論。我知道你們一段時間以來一直在關注現金流。但有變化嗎？這意味著什麼？然後，作為後續行動，我想您將在第四季度採取一些特殊的現金流行動。我想知道你是否可以量化這些。然後在2025年的現金流中，是否有任何特殊的一次性行動。

Yes. Thank you, Walt. So we're pleased to see the activities that we've had underway through the integration start to actually show up in the cash results here in the third quarter.

是的。謝謝你，沃特。因此，我們很高興看到我們透過整合進行的活動開始真正體現在第三季的現金業績中。

What I would say is the cash culture, when we describe it is kind of like we described Chart Business Excellence. It's embedded in the organization. It's something that we've had a concerted effort to make be sustainable and have multiple different element of our organization working together.

我想說的是現金文化，當我們描述它時，它有點像我們描述的圖表業務卓越。它嵌入到組織中。我們共同努力使其永續發展，並讓我們組織的多個不同部門共同努力。

So whether it's the project management team, linking to the commercial team, linking to the operational team to ensure that the milestones are proper in the contract or make sure that the milestones are being hit by the operations team or the engineering team, making sure that the milestones are being built on time.

因此，無論是專案管理團隊，與商業團隊聯繫，與營運團隊聯繫，以確保合約中的里程碑是正確的，還是確保營運團隊或工程團隊達到里程碑，確保里程碑正在按時建立。

Some of those things probably sound fairly basic, but they are the types of efforts that we have had underway in cash culture. We've also incorporated into the organization, you treat the organization's money as if it were your own and focus on areas that each and every one of you can impact whether that's traditional trade working capital or areas that, to your point, you can find other ways to generate cash.

其中一些事情可能聽起來相當基本，但它們是我們在現金文化中正在進行的努力類型。我們還融入了該組織，您將組織的資金視為您自己的資金，並專注於您每個人都可以影響的領域，無論是傳統的貿易營運資金還是就您而言，您可以找到的領域其他產生現金的方式。

I do think the other piece that BR mentioned in his remarks was around the normalizing CapEx is an important factor as we head into 2025. We really came off of a period of heavy spend and we feel like we have good capacity in place. And so now CapEx is going to be more in that 2% to 2.5% of sales.

我確實認為 BR 在他的演講中提到的另一件事是資本支出正常化，這是我們進入 2025 年的一個重要因素。我們確實擺脫了一段大量支出的時期，我們感覺我們擁有良好的能力。因此，現在資本支出將佔銷售額的 2% 至 2.5%。

The second piece of your question was around other things that we're doing to generate cash. And we had talked, I think, a month or so ago or maybe a little six weeks or so ago about there's other non-operational actions that we are working on. And we kind of are constantly looking at the portfolio to see what those might look like.

你的第二個問題是關於我們正在做的其他創造現金的事情。我想，大約一個月前，或大約六週前，我們已經討論過我們正在進行的其他非營運行動。我們一直在關注投資組合，看看它們會是什麼樣子。

And we have a small potential product line divestiture that we're working on. It's more opportunistic, and we would want to get the right price for that if we were to do it. We've got some cash repatriation actions. So if you look at the balance sheet, we do have a cash balance sitting there. And so Brinkman is working on that. You'll have some of that back in Q4.

我們正在著手進行一項小型的潛在產品線剝離。這更具機會主義色彩，如果我們這樣做的話，我們希望得到合適的價格。我們有一些現金匯回行動。因此，如果你查看資產負債表，我們確實有現金餘額。所以布林克曼正在努力解決這個問題。您將在第四季度看到其中的一些內容。

We will be pulling back some cash from more restricted countries in Q4. and use that for debt paydown.

我們將在第四季度從受到更多限制的國家撤回一些現金。並將其用於償還債務。

So those are just a few examples of what you're describing. And -- but again, I think the real takeaway here is our goal of cash culture has been to make it sustainable and not have to rely on any nonoperational to hit the target net leverage ratio range. And we're pleased to see the traction starting to take hold in -- for the first time here in the third quarter.

這些只是您所描述內容的幾個例子。而且，我認為真正的要點是我們現金文化的目標是使其可持續發展，而不必依賴任何非營運來達到目標淨槓桿率範圍。我們很高興看到這種勢頭開始顯現——這是在第三季首次出現。

Okay. Great. Are those nonoperational things in the 2024, 2025 free cash flow guidance?

好的。偉大的。2024年、2025年自由現金流指引中是否包含那些非營運性的東西？

They are not.

他們不是。

Alexa Petrick, Goldman Sachs.

亞歷克斯·佩特里克，高盛。

On the hydrogen side, you announced an MOU for a 30 tonne per day liquefier. Can you talk a little more about the demand in the market today? And then it's 30 tonne per day becoming more common or still what you're seeing? Any conversations around that outlook would be really helpful.

在氫氣方面，你們宣布了一份每日 30 噸液化器的諒解備忘錄。能多談談當今市場的需求嗎？然後每天 30 噸變得越來越普遍，或者仍然是您所看到的情況？任何圍繞這一前景的對話都會非常有幫助。

Thanks for the question, Alexa. What I would say on the liquefaction side is we're seeing more and more that are looking to go larger. And these are companies, not just the ones that we're looking at 30 tonnes per day.

謝謝你的提問，亞歷克斯。我想說的是，在液化方面，我們看到越來越多的公司希望規模更大。這些都是公司，而不僅僅是我們每天關注 30 噸的公司。

There are companies that are fully strong balance sheets that you'd be familiar with that are looking at 100 tonne per day style. None of those are in backlog and none of those are anticipated in our order book here in the next even in '25 because it takes a little bit of development time.

您熟悉的有些公司擁有非常強大的資產負債表，每天的產量為 100 噸。這些都沒有積壓，即使在 25 年，我們的訂單簿中也不會預期這些，因為它需要一點開發時間。

But the concept in the market is to go larger, get more scale, be more interconnected to not have these hub and spokes regionally, but actually have a true infrastructure from production to end use. Still early days on that, but that's what we're seeing in terms of the direction that the market is going.

但市場的概念是規模更大、規模更大、互聯程度更高，而不是在區域內擁有這些中心和輻條，但實際上擁有從生產到最終使用的真正基礎設施。雖然還處於早期階段，但這就是我們所看到的市場發展方向。

And the other thing I would say we're seeing in terms of linking to that is around the storage transport and end-use aspects of these more companies getting involved in that and trying to bring more than just California, as an example, in the United States into the mix.

我想說的另一件事是，我們看到與此相關的更多公司參與了儲存運輸和最終使用方面的工作，並試圖將不僅僅是加州，例如，在美國也加入其中。

Canada has been very strong in terms of support for hydrogen, whether that's through CIB or their other funding efforts. And I think you'll see Canada actually be one of the leaders in hydrogen infrastructure development.

加拿大在對氫能的支持方面一直非常強有力，無論是透過 CIB 還是其他融資努力。我認為您會看到加拿大實際上成為氫基礎設施開發的領導者之一。

Okay. That's very helpful. And then just sticking with specialty products. You guys -- can you talk a little bit more about the mining project award expected in 4Q? Anything around the size of the award? Or any color you can provide on that?

好的。這非常有幫助。然後只堅持使用特色產品。你們能多談談預計第四季的採礦項目獎勵嗎？有沒有關於獎項大小的事情？或者你可以提供任何顏色嗎？

Yes. It's approximately USD40 million. It's for a project that is international project, a non-US project, and it would be primarily Howden legacy equipment.

是的。大約是4000萬美元。這是一個國際項目，一個非美國項目，主要是豪頓遺留設備。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

I really want to piggyback on that last part of -- on hydrogen. Is there an upper limit to what Charts hydrogen liquefaction tech can do in terms of capacity? Like we talked about 30 tonnes per day, but you raised the point that, for example, what Petrojet could do could be 10x that size in the back half of the decade?

我真的很想利用氫的最後一部分。Charts氫液化技術的產能有上限嗎？就像我們談到每天 30 噸一樣，但您提出了這樣的觀點：例如，Petrojet 在本世紀後半段的產能可能是這個尺寸的 10 倍？

And can you speak to the medium-term trajectory for specialty margins as we see more hydrogen liquefaction compression, storage, comprised more of specialties mix.

您能否談談特種產品利潤的中期軌跡，因為我們看到更多的氫液化壓縮、存儲，包括更多的特殊產品組合。

Thanks, Sherif. Thanks for the questions. What -- so technically, there is no upper limit to what we can do. We're actually working with a partner that's not somebody we've named that is looking at a 300 tonne per day as an example, in the medium term. So in the late latter part of this decade, and we're certainly capable to do it. It does require a different type of development in the engineering arena, but it's all based off of our current technology.

謝謝，謝里夫。感謝您的提問。從技術上來說，我們能做的事情沒有上限。實際上，我們正​​在與一個合作夥伴合作，但我們沒有透露該合作夥伴的名字，該合作夥伴正在以中期內每天 300 噸的產量為例。因此，在本十年的後半段，我們當然有能力做到這一點。它確實需要在工程領域進行不同類型的開發，但這一切都基於我們目前的技術。

So it's around scale, it's around can you get the efficiencies. We've done a lot of work around like what is most efficient in the current state, is it a 60 or 70 tonne per day. So there's many factors that go into it, but there's not a limit to how we can scale. It's just a matter of what the customer is looking for.

因此，問題在於規模，在於能否提高效率。我們做了很多工作，例如在當前狀態下什麼是最有效的，是每天 60 噸還是 70 噸。因此，影響因素有很多，但我們的擴展方式沒有限制。這只是客戶正在尋找什麼的問題。

And right now, what I would say the Egypt one we talked about is by far the largest we've seen, the potentially largest we've seen. Followed behind that is this other partner that we haven't disclosed who they are, but it's about a 300 tonne per day. Obviously, both of those are -- well, not obviously, the one is international. The other is also international.

現在，我想說的是，我們所談論的埃及是迄今為止我們所見過的最大的，也是我們所見過的可能最大的。緊隨其後的是另一個合作夥伴，我們沒有透露他們是誰，但每天的產量約為 300 噸。顯然，兩者都是——好吧，不明顯，一個是國際性的。另一個也是國際化的。

When we look at medium-term trajectory for specialty. There's elements of specialty that are a little more mature than others. And if I pick the mature elements, those would be like in the category of mining. We're very well positioned currently. The mining customers are pretty consistent in what they do.

當我們審視專業的中期軌跡時。有些專業元素比其他元素更成熟一些。如果我選擇成熟的元素，那就像是採礦類別。我們目前處於非常有利的位置。採礦客戶的行為非常一致。

And we see their behavior being consistent, whereas there's other aspects of specialty that we think later in the decade, which we consider medium term, really take further hold in terms of growth. And that would be around the hydrogen side, the water side and the carbon capture side.

我們看到他們的行為是一致的，而我們認為在這十年的後期，我們認為中期的專業的其他方面確實會進一步促進成長。這將圍繞氫側、水側和碳捕獲側。

So whether it's our forecast or someone else's from a macro perspective, the later part of this decade is anticipated to accelerate further. And so we would we would expect specialty to continue to have a strong growth trajectory in the medium term for all the reasons that we've talked about.

因此，無論是我們的預測或是其他人從宏觀角度的預測，本十年後半段預計會進一步加速。因此，出於我們已經討論過的所有原因，我們預計專業技術在中期內將繼續保持強勁的成長軌跡。

Saurabh Pant, Bank of America.

索拉布潘特，美國銀行。

Maybe I wanted to go back and touch a little bit on the fact that post how you continue to become more and more project oriented versus more individual product oriented. And obviously, that has impact on cash milestone payment timing of free cash flow and all of those things.

也許我想回顧一下這個事實，即發布你如何繼續變得越來越以專案為導向，而不是更加以個人產品為導向。顯然，這會影響自由現金流的現金里程碑支付時間以及所有這些事情。

Can you maybe talk to how you are managing that transition internally from a project management standpoint, your organizational setup standpoint, anything that you're doing internally to disposition the organization to better handle projects going forward?

您能否從專案管理的角度、組織設置的角度以及您在內部所做的任何事情來談談您如何在內部管理這種轉變，以便更好地處理未來的專案？

Sure. And I'd also just point out that post Howden, we also have 30% to 35% of our revenue in aftermarket, whereas before, we had about 13% to 14%, right? So just to be clear, the new build solution set is less as a percent of our total revenue.

當然。我還想指出，豪頓之後，我們也有 30% 到 35% 的收入來自售後市場，而之前，我們的收入約為 13% 到 14%，對嗎？因此需要明確的是，新的建置解決方案集占我們總收入的百分比較低。

But with that said, the -- many of the actions around the cash culture, but structurally, what we have done is we've set a One Chart global commercial team, the One Chart to our global engineering team. and a One Chart global project management team. And those groups work together with the regional operations that are working to increase the throughput that we've talked about.

但話雖如此，許多行動都圍繞著現金文化，但從結構上來說，我們所做的是我們建立了一個 One Chart 全球商業團隊，即我們的全球工程團隊 One Chart。以及 One Chart 全球專案管理團隊。這些小組與區域營運部門合作，致力於提高我們所討論的吞吐量。

So this is quite faceted. But I think the question in particular that you're asking is around structurally what have we done to work to improve the throughput on cash and in the project and solution that starts at the upfront with the customers the timing of the milestones, then it's through the project management and key account managers that manage the project themselves and work closely with the operations.

所以這是非常有面性的。但我認為您特別提出的問題是，從結構上講，我們做了哪些工作來提高現金吞吐量，以及在專案和解決方案中，從前期與客戶一起開始里程碑的時間安排，然後透過專案管理層和大客戶經理自行管理專案並與營運部門密切合作。

And then there's just an element also, I would say, of discipline. And ensuring that this isn't something that happens on a weekly basis, it happens on an hourly basis. And all of those things together will support we believe we'll continue to support the sustainable cash generation that we anticipate to have.

我想說，還有一個因素是紀律。並確保這不是每週發生的事情，而是每小時發生的事情。所有這些事情加在一起將支持我們相信我們將繼續支持我們預期的可持續現金產生。

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

目前沒有其他問題。我現在將把電話轉給吉爾進行總結發言。

Thanks, Joel, and thanks, everyone, for joining us today. We look forward to hosting you on November 12 at our Capital Markets Day, and thank you to all of our Global One Chart team members for all of your ongoing efforts. Have a great day.

謝謝喬爾，也謝謝大家今天加入我們。我們期待在 11 月 12 日資本市場日招待您，並感謝所有 Global One Chart 團隊成員的持續努力。祝你有美好的一天。

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

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。