Chart Industries Inc (GTLS) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Chart Industries Inc. 2024 fourth-quarter and full year results conference call. (Operator Instructions) 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.chart industries.com. A telephone replay of today's broadcast will be available approximately two hours following the conclusion of the call until Friday, March 28, 2025. The replay information is contained in the company's press release.

早安，歡迎參加 Chart Industries Inc. 2024 年第四季和全年業績電話會議。（操作員指示）該公司的發布和補充說明已於今天早上發布。如果您尚未收到該新聞稿，您可以造訪 Chart 的網站 www.chartdustries.com 取得。今天的廣播將在電話會議結束後約兩小時提供電話重播，直至 2025 年 3 月 28 日星期五。重播資訊包含在公司的新聞稿中。

Before we begin, the company would like to remind you that statements made during this call that are not historical, in fact, are forward-looking statements. Please refer to the information regarding forward-looking statements and risk factors included in the company's earnings release 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，本公司想提醒您，本次電話會議所作的陳述並非歷史性的，事實上是前瞻性的陳述。請參閱本公司向美國證券交易委員會提交的最新收益報告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聲明的義務。

During this conference call, references may be made to non-GAAP financial measures. To assist you in understanding these non-GAAP terms, Chart has posted reconciliations to the most directly comparable GAAP financial measures on the Chart Industries website. We have provided a supplemental slide presentation to support our comments on this call that can be assets in the Presentations and Webcasts section of the Chart website at www.chartindustries.com.

在本次電話會議中，可能會提及非公認會計準則財務指標。為了幫助您理解這些非 GAAP 術語，Chart 已在 Chart Industries 網站上發布了與最直接可比較的 GAAP 財務指標的對帳表。我們提供了補充投影片簡報來支持我們對本次電話會議的評論，這些評論可以作為 Chart 網站 www.chartindustries.com 的簡報和網路廣播部分的資產。

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

現在，我想將電話會議交給 Chart Industries 執行長 Jill Evanko 女士。謝謝。請繼續。

Thank you, Ina. Good morning, everyone. And thank you for joining our fourth-quarter and full year 2024 earnings call. Joining me today is our CFO, Joe Brinkman.

謝謝你，伊娜。大家早安。感謝您參加我們的 2024 年第四季和全年財報電話會議。今天與我一起出席的是我們的財務長喬·布林克曼 (Joe Brinkman)。

We begin on slide 4 of supplemental data that was released this morning. Results shown are from continuing operations. When referring to any comparative period, all metrics are pro forma for continuing operations of the combined business of Chart in Howden. Pro forma excludes the following businesses that were divested in 2023: Roots, American Fan, Cofimco, Cryo Diffusion.

我們從今天早上發布的補充資料第 4 張投影片開始。所示結果來自持續經營。當提及任何比較期間時，所有指標均為 Howden Chart 合併業務持續經營的預測。預測不包括 2023 年剝離的以下業務：Roots、American Fan、Cofimco、Cryo Diffusion。

In the fourth quarter 2024, we generated-$281.5 million of net cash from operating activities and after $20.5 million of CapEx spend had free cash flow of $261 million, contributing to full year 2024 free cash flow of $388 million.

2024 年第四季度，我們從經營活動中獲得 2.815 億美元的淨現金，扣除 2,050 萬美元的資本支出後，自由現金流為 2.61 億美元，為 2024 年全年 3.88 億美元的自由現金流做出貢獻。

This cash was used to reduce net debt and resulted in our year end 2024 net leverage ratio of 2.8x, making further progress our net leverage ratio target of 2x to 2.5x, which we expect to hit in 2025. When compared to the fourth-quarter 2023 pro forma, orders were $1.55 billion, an increase of 29.4%, including phase one of Woodside Louisiana LNG, which was risk achieved in December 2024.

這筆現金用於減少淨債務，使我們 2024 年底的淨槓桿率達到 2.8 倍，進一步實現了我們的淨槓桿率目標 2 倍至 2.5 倍，我們預計將在 2025 年實現這一目標。與 2023 年第四季的預測值相比，訂單金額為 15.5 億美元，成長 29.4%，其中包括伍德賽德路易斯安那液化天然氣計畫第一階段，該計畫於 2024 年 12 月實現風險。

This contributed to full year 2024 orders of $5 billion, a 13% increase compared to 2023. Fourth-quarter 2024 sales of $1.11 billion increased 10.8%, excluding FX, contributing to full year organic sales growth of 16.9%. Fourth-quarter 2024 had a $17 million headwind from foreign exchange in terms of sales when compared to our forecast heading into the quarter.

這使得 2024 年全年訂單金額達到 50 億美元，比 2023 年成長 13%。2024 年第四季銷售額為 11.1 億美元，成長 10.8%（不含外匯），推動全年有機銷售額成長 16.9%。與我們本季的預測相比，2024 年第四季的銷售額因外匯而面臨 1,700 萬美元的阻力。

Fourth quarter reported operating income of $188.3 million was $243.4 million when adjusted for unusual items, primarily related to integration and restructuring. This reflects lower costs and leveraging SG&A, resulting in 22% adjusted operating margin and 33.6% gross margin. For the full year 2024, adjusted operating margin was 21.1%, an increase of 400 basis points.

第四季報告的營業收入為 1.883 億美元，經主要與整合和重組有關的異常項目調整後為 2.434 億美元。這反映了較低的成本和利用銷售、一般及行政費用，導致調整後的營業利潤率為 22%，毛利率為 33.6%。2024年全年調整後營業利益率為21.1%，成長400個基點。

Adjusted EBITDA for the fourth quarter of $283.6 million or 25.6% of sales, contributed to our full year adjusted EBITDA of $1.014 billion and EBITDA margin of 24.4%, a year-over-year increase of 330 basis points. Although adjusted operating profit exceeded our internal expectations, fourth-quarter 2024 adjusted diluted earnings per share of $2.66, faced headwinds from foreign exchange, the delta in the tax rate compared to our forecast, the change in share count due to market price movement and interest expense, which combined were approximately a $0.33 headwind to Q4 EPS.

第四季調整後 EBITDA 為 2.836 億美元，佔銷售額的 25.6%，全年調整後 EBITDA 達到 10.14 億美元，EBITDA 利潤率為 24.4%，年成長 330 個基點。儘管調整後的營業利潤超出了我們的內部預期，但 2024 年第四季度調整後的每股攤薄收益為 2.66 美元，面臨外匯阻力、稅率與我們的預測相比的差異、由於市場價格變動導致的股票數量變化以及利息支出，這些因素加在一起對第四季度每股收益造成了約 0.33 美元的阻力。

Slide 5 is a summary of fourth quarter compared to Q4 23 pro forma and we'll cover these in the coming few slides. So moving on to slide 6, you can see some specific order examples from the fourth-quarter '24 on slide 6.

投影片 5 是第四季與 23 年第四季預測的對比總結，我們將在接下來的幾張投影片中介紹這些內容。請繼續看投影片 6，您可以在投影片 6 上看到 24 年第四季的一些具體訂單範例。

Starting in the upper row left-hand side, as I mentioned earlier, we received the phase one order for Woodside Louisiana LNG, and we expect to receive phase two and 2025. Moving left to right in the top row, we have seen an increasing need for nitrogen rejection unit or NRUs as gas composition in the US Gulf Coast becomes more varied.

從左上角開始，正如我之前提到的，我們收到了伍德賽德路易斯安那液化天然氣項目的第一階段訂單，我們預計將在 2025 年收到第二階段的訂單。從上行左到右，我們看到隨著美國墨西哥灣沿岸的氣體成分變得更加多樣化，對氮氣去除裝置或 NRU 的需求也日益增加。

We are pleased to have received an NRU award from Energy Transfer and look forward to working closely to help them and other midstream and downstream provider solve these challenges in natural gas. While this is a global opportunity for Chart, in the United States, we are specifically seeing more nitrogen and other airs and gas coming out of the ground as wells age and our drill deeper. Many pipelines have a 3% limit on nitrogen and for LNG, the nitrogen limit drops only 1%.

我們很高興獲得 Energy Transfer 頒發的 NRU 獎，並期待密切合作，幫助他們和其他中下游供應商解決天然氣領域的這些挑戰。雖然這對 Chart 來說是一個全球性的機遇，但在美國，隨著油井的老化和鑽井的深入，我們特別看到更多的氮氣和其他空氣和氣體從地下湧出。許多管道對氮氣的限制為 3%，而對於液化天然氣，氮氣限制僅下降 1%。

Importantly, this is not driven by policy but rather customer efficiency. We anticipate seeing more activity in the NRU market during 2025 and beyond, as the global NRU market is expected to grow at a 6.3% CAGR from 2025 to 2033. We recently announced Chart's carbon capture solution and helium storage for Pulsar Helium, utilizing our Earthly Labs technology, which has been scaling larger in recent quarters.

重要的是，這不是由政策驅動，而是由客戶效率驅動。我們預計 2025 年及以後 NRU 市場將更加活躍，因為全球 NRU 市場預計在 2025 年至 2033 年期間的複合年增長率為 6.3%。我們最近宣布了 Chart 的碳捕獲解決方案和用於 Pulsar Helium 的氦氣儲存方案，利用了我們的 Earthly Labs 技術，該技術在最近幾季的規模不斷擴大。

On the bottom row of slide 6, you can see a few other fourth quarter wins, including air coolers for data center, as well as an order from our recently announced partnership with Bloom Energy. Together, we intend to offer a solution to customers such as data centers and manufacturers who are seeking power solutions that can be deployed rapidly without compromising reliability or emission goals. We have also received the $26 million order from an African Power Utility, which includes field installation appetite.

在第 6 張投影片的底行，您可以看到其他一些第四季的勝利，包括資料中心的空氣冷卻器，以及我們最近宣布的與 Bloom Energy 合作的訂單。我們旨在共同為資料中心和製造商等客戶提供解決方案，這些客戶正在尋求能夠快速部署且不影響可靠性或排放目標的電源解決方案。我們也收到了非洲電力公司 2,600 萬美元的訂單，其中包括現場安裝需求。

Finally, we had orders totaling $28.4 million for the space exploration end-market in the fourth quarter of '24, the highest space exploration order quarter of the year. Additionally, we've now received orders for the space exploration end-market to date in the first quarter of '25 totaling approximately $60 million.

最後，我們在 24 年第四季獲得了總額為 2840 萬美元的太空探索終端市場訂單，這是今年太空探索訂單最高的一個季度。此外，截至 2025 年第一季度，我們已收到太空探索終端市場的訂單，總額約 6,000 萬美元。

A few other notes to the start of 2025 so far in Q1 in terms of some of the larger orders received to date, we received a $35 million mining award, additional EGR blowers, and multi-million dollar order for tanks for an Asia Pacific chip manufacturing site, and multiple brazed aluminum heat exchanger orders for various energy applications. Additionally, aftermarket has started the year strong and just yesterday, we executed an LTA within Industrial Gas Major.

就迄今為止收到的一些較大訂單而言，2025 年第一季開始時我們還收到了一些其他信息，包括：我們獲得了 3500 萬美元的採礦獎、額外的 EGR 鼓風機、為亞太晶片製造工廠提供數百萬美元的儲罐訂單，以及用於各種能源應用的多個釬焊鋁熱交換器訂單。此外，售後市場今年開局強勁，就在昨天，我們在工業氣體專業領域執行了長期協議 (LTA)。

The above illustrates the breadth of the end-markets and customers that we serve with our flexible manufacturing capacity, as well as the focus we have of not relying on one large project for one end-market. In 2024, we sold to 267 new customers compared to 322 in 2023. Additionally, we had our best order year for cryogen in Europe in 2024 and record hydrogen sales in the fourth quarter and the full year 2024.

以上說明了我們憑藉靈活的製造能力所服務的終端市場和客戶的廣度，以及我們不依賴一個大型專案來服務一個終端市場的重點。2024 年，我們向 267 位新客戶銷售產品，而 2023 年為 322 位。此外，2024 年是我們在歐洲冷媒訂單量最好的一年，2024 年第四季和全年氫氣銷量也創下了歷史新高。

We currently have approximately $24 billion in our commercial pipeline of opportunities that are not yet in backlog. And we also have customers who have committed work to us that is not yet in backlog, totaling approximately $2 billion of commitments.

目前，我們的商業管道中還有大約 240 億美元的尚未積壓的訂單。我們還有一些客戶向我們承諾了尚未積壓的工作，承諾總額約 20 億美元。

Our only end-market ended 2024 with strength. And as we look ahead, we are seeing an expanded commercial pipeline of global opportunities. India, the Philippines, and Japan have recently shared their intent to import US LNG., supported by the current US administration support of growing American energy production.

我們唯一的終端市場在 2024 年結束時表現強勁。展望未來，我們看到全球商業機會不斷擴大。印度、菲律賓和日本最近表達了進口美國液化天然氣的意向，這要歸功於美國現任政府對擴大美國能源生產的支持。

And as you can see on the left-hand side of slide 7, and as previously discussed, we booked the Woodside Louisiana LNG phase one order in the fourth quarter. As a reminder, the full potential for the Woodside Louisiana LNG site is three additional phases of 5.5 million tonnes per annum each.

正如您在幻燈片 7 的左側看到的，並且正如之前所討論的，我們在第四季度預訂了 Woodside Louisiana LNG 第一階段的訂單。提醒一下，路易斯安那州伍德賽德液化天然氣工廠的全部潛力是另外三個階段，每個階段每年 550 萬噸。

We are pleased to support Cheniere and [Beckel] Energy on the Corpus Christi Stage 3 Liquefaction Project with our IPSMR process technology. Cheniere's first cargo out of CCL Stage 3 was last week, meaningfully ahead of schedule. As we extend our process technology installed base, we are also supporting our customers with more service arrangements, and we look forward to supporting Cheniere over the coming years with our recently executed Master Services Agreement.

我們很高興利用我們的 IPSMR 製程技術為 Cheniere 和 [Beckel] Energy 的 Corpus Christi 第三階段液化專案提供支援。切尼爾石油公司 (Cheniere) 的首批貨物已於上週從 CCL 第三階段發貨，這大大提前了計劃。隨著我們擴大製程技術安裝基礎，我們也為客戶提供更多的服務安排，我們期待在未來幾年透過我們最近簽署的主服務協議為 Cheniere 提供支援。

Our recently executed Master Goods and Services Agreement with ExxonMobil includes partnering on the supply of LNG equipment, as well as the utilization of our IPSMR process technology. And lastly, on LNG, there's an increasing global interest in small-scale LNG, in particular, around hub and spoke models in development in South America, Africa, Southeast Asia, and Europe, driven, at least in part, by the distribution for local power generation and industrial use to support growing power demand.

我們最近與埃克森美孚簽署的主貨物和服務協議包括合作供應液化天然氣設備，以及利用我們的IPSMR製程技術。最後，關於液化天然氣，全球對小型液化天然氣的興趣日益濃厚，尤其是南美、非洲、東南亞和歐洲正在開發的樞紐輻射模式，其部分推動力至少是受當地發電和工業用途的分配推動，以滿足日益增長的電力需求。

And now Joe will speak to our fourth-quarter and full year results as well as cash.

現在喬將談談我們的第四季和全年業績以及現金。

Slides 8 to 9 showed the fourth-quarter 2024 results compared ot the fourth quarter of 2023 pro forma. The full year 2024 metrics are in the appendix on slides 16 and 17. For the full year 2024, orders, sales, gross profit dollars and margin, operating profit dollars and margin, EBITDA dollars and margin, and free cash flow were records.

第 8 至 9 張投影片顯示了 2024 年第四季業績與 2023 年第四季預測業績的比較。2024 年全年指標請見第 16 張和 17 張投影片的附錄。2024 年全年，訂單量、銷售額、毛利（美元）和利潤率、營業利潤（美元）和利潤率、EBITDA（美元）和利潤率以及自由現金流均創下紀錄。

Fourth-quarter 2024 sales of $1.11 billion increased 10.1%. Each quarter in 2024 sales sequentially increased. And full year 2024 sales for $4.16 billion was a year-over-year organic increase of 17.5% with a negative 0.6% foreign exchange headwind.

2024 年第四季銷售額為 11.1 億美元，成長 10.1%。2024 年每季的銷售額都連續成長。2024 年全年銷售額為 41.6 億美元，年增 17.5%，外匯逆風為負 0.6%。

Reported operating income in the fourth quarter was $188.3 million and when adjusted was $243.4 million or 22% of sales. Supporting the full year 2024 adjusted operating margin of 21.1%, an increase year-over-year of 400 basis points.

第四季報告的營業收入為 1.883 億美元，調整後為 2.434 億美元，佔銷售額的 22%。支持2024年全年調整後營業利益率達21.1%，較去年同期成長400個基點。

The second half of 2024 adjusted operating margin was 22.1% compared to the first half of 19 9%, reflecting synergies flowing through the P&L as well as leveraging SG&A. Adjusted EBITDA for Q4 of to $283.6 million contributed to our full year 2024 $1.014 billion or 24.4% of sales when adjusted, an increase of 330 basis points. We also continue to have confidence in our mid 30s gross margin percent medium-term targets.

2024 年下半年調整後的營業利潤率為 22.1%，而 1994 年上半年為 9%，這反映了損益表中的協同效應以及銷售、一般和行政費用的利用。第四季調整後的 EBITDA 為 2.836 億美元，為我們 2024 年全年貢獻了 10.14 億美元，佔調整後銷售額的 24.4%，成長了 330 個基點。我們也繼續對 30% 左右的中期毛利率目標充滿信心。

Fourth quarter 2024 free cash flow was $261 million, contributing to our end of the year 2024 net leverage ratio of 2.8x that is shown on slide 10. We reiterate our financial policy that until we are in our target net leverage ratio range of 2x to 2.5x, we do not do any share repurchases or material cash acquisitions.

2024 年第四季的自由現金流為 2.61 億美元，促成我們 2024 年底的淨槓桿率達到 2.8 倍，如投影片 10 所示。我們重申我們的財務政策，在我們達到 2 倍至 2.5 倍的目標淨槓桿率範圍之前，我們不會進行任何股票回購或重大現金收購。

As reflected in the second half of 2024, our CapEx spend is now normalizing, and we expect CapEx to be approximately $110 million. Net working capital, defined as accounts receivable inventory, accounts payable, unbilled contract revenue, customer advances, and billings in excess of as percent of trailing 12-month sales improved to 13.4%. We continue to look to optimize our capital structure and took a step toward this in the fourth quarter 2024 by fully settling our convertible notes that came due in November 2024.

正如 2024 年下半年所反映的那樣，我們的資本支出目前正在正常化，我們預計資本支出約為 1.1 億美元。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、客戶預付款和超過過去 12 個月銷售額的帳單百分比）提高至 13.4%。我們繼續尋求優化我們的資本結構，並在 2024 年第四季朝著這一目標邁出了一步，完全償還了 2024 年 11 月到期的可轉換票據。

Additionally, in our minority investment in [age deck], we have a portfolio option that could have been exercised following the September 2024 three-year mark. We have assigned LOI to modify the option so that it will be structured similar to the 2021 option, and it will not be exercisable until 2028. Therefore, we do not expect any balance sheet impact or cash impact from the option until at least that time.

此外，在我們對 [age deck] 的少數股權投資中，我們有一個投資組合選擇權，可以在 2024 年 9 月三年後行使。我們已指派意向書來修改該選擇權，以便其結構類似於 2021 年選擇權，並且直到 2028 年才可行使。因此，我們預計至少到那時為止該選擇權不會對資產負債表或現金產生任何影響。

Moving to slide 11, we'll provide some color around the segments in a set up to our reiterated 2025 outlook. Starting with Cryo Tank Solutions or CTS, fourth quarter '24 CTS orders of $138.5 million decreased 11.9% when compared to the fourth quarter of 2023, primarily driven by softer European industrial gas demand in the fourth quarter of 2023, having three customers that ordered a larger projects in the Americas. Demand to start 2025 and the commercial pipeline for 2025 in CTS is picking up and expected to drive year over year increases in both orders and sales.

轉到第 11 張幻燈片，我們將為我們重申的 2025 年展望中的各個部分提供一些顏色。從 Cryo Tank Solutions 或 CTS 開始，2024 年第四季 CTS 訂單為 1.385 億美元，與 2023 年第四季相比下降了 11.9%，這主要是由於 2023 年第四季度歐洲工業氣體需求疲軟，有三個客戶在美洲訂購了更大的專案。2025 年初的需求和 CTS 2025 年的商業管道正在回升，預計將推動訂單和銷售額的逐年增長。

Fourth quarter CTS sales of $150 million decreased 26.4% when copared to the fourth quarter of '23, which had approximately $17 million of specific project sale that did not repeat in the fourth quarter of '24. Reported gross profit margin of 24.4% for CTS increased 210 basis points compared to the prior year. Continued efforts in efficiency in operational improvements driving improvement in gross margin in 2024 for the full year and EPS of 140 basis points.

第四季 CTS 銷售額為 1.5 億美元，與 23 年第四季相比下降了 26.4%，其中特定專案銷售額約為 1,700 萬美元，而 24 年第四季並未出現這種情況。報告顯示，CTS 的毛利率為 24.4%，較上年同期增加了 210 個基點。持續努力提高營運效率，推動 2024 年全年毛利率提高，每股盈餘達 140 個基點。

In Heat Transfer Systems or HTS, the fourth quarter order sales, gross profit, gross margin, operating income, operating income margin, and EBITDA and EBITDA margin were records for the segment for that quarter and any quarter in our history. With that said, we continue to expect to HTS orders and sales to grow 2025 over 2024, driven by traditional energy as well as LNG.

在傳熱系統或 HTS 中，第四季度的訂單銷售額、毛利、毛利率、營業收入、營業收入利潤率以及 EBITDA 和 EBITDA 利潤率均創下了該季度以及我們歷史上任何季度該部門的記錄。話雖如此，我們仍然預計，在傳統能源和液化天然氣的推動下，2025 年 HTS 訂單和銷售額將比 2024 年有所增長。

Fourth quarter 2024 HTS. orders of $536 million increased over 66% when compared to the fourth quarter of 2023, driven by the large LNG phase one order that we got, as well as grow growth in the order book for all of our HTS.

2024 年第四季 HTS。 5.36 億美元的訂單與 2023 年第四季相比成長了 66% 以上，這得益於我們獲得的大型 LNG 第一階段訂單，以及我們所有 HTS 訂單的成長。

Excluding the Woodside order, HTS orders still grew in the fourth quarter of '24. Asia sales for the quarter were $288.8 million, which grew 14.2% compared to Q4 '23 and had associated gross profit margin of 31.8%, the highest quarter of the year for HTS.

除伍德賽德訂單外，HTS 訂單在 24 年第四季仍有成長。本季亞洲銷售額為 2.888 億美元，與 23 年第四季相比成長 14.2%，毛利率為 31.8%，是 HTS 今年最高的季度。

Moving to Specialty Products. Fourth-quarter '24 Specialty Products orders of $509 million increased 27.7% when compared to the fourth quarter of '23, driven by orders and carbon capture, energy recovery, infrastructure, and space exploration; each more than doubling compared to the fourth quarter of 2023.

轉向特色產品。24 年第四季特種產品訂單為 5.09 億美元，與 23 年第四季相比成長了 27.7%，這主要得益於訂單和碳捕獲、能源回收、基礎設施和太空探索；與 2023 年第四季相比，每個季度都成長了一倍以上。

Fourth quarter '24 Specialty Products sales of $317 million increased 47.7% when compared to Q4 23, driven by a combination of meaningful increases, meaning 30% or more in sales and carbon capture, hydrogen, LNG vehicle tanks, infrastructure, water treatment, space exploration, energy recovery, and marine.

24 年第四季特種產品銷售額為 3.17 億美元，與 23 年第四季相比成長了 47.7%，這得益於多種因素的顯著增長，即銷售額和碳捕獲、氫氣、液化天然氣汽車油箱、基礎設施、水處理、太空探索、能源回收和海洋業務分別增長了 30% 或更多。

Reported gross profit margin of 27.4% decreased 120 basis points when compared to the fourth quarter of '23 in Specialty. Although gross margin increased 110 basis points sequentially compared to third quarter of '24.

報告的毛利率為 27.4%，與 23 年第四季相比下降了 120 個基點。儘管與 24 年第三季相比，毛利率比上季增加了 110 個基點。

The Q4 '24 gross margin reflected specific third-party expenses and inefficiencies in our start up, which we incurred at the Theodore, Alabama or Teddy 2 facility. Looking at the full year Specialty Products gross margin of 27%, if we did not have the inefficiencies related to the Teddy costs that I just referred to, Specialty gross margin would have been approximately 29%.

24 年第四季的毛利率反映了我們在阿拉巴馬州西奧多或泰迪 2 號工廠啟動時產生的特定第三方費用和低效率。從全年特種產品毛利率 27% 來看，如果沒有我剛才提到的與泰迪成本相關的低效率，特種產品毛利率將達到約 29%。

Repair, Service, and Leasing for the fourth quarter, orders were $369 million, which increased 14.2% compared to Q4 2023, driven by general strong aftermarket trends as well as a $25 million retro-fit order for a utility. This past year, we saw consistent retrofit service and repair awards and we have good visibility to more ahead for 2025.

第四季維修、服務和租賃訂單金額為 3.69 億美元，與 2023 年第四季相比成長 14.2%，這得益於普遍強勁的售後市場趨勢以及 2,500 萬美元的公用事業改造訂單。過去的一年，我們獲得了持續的改造服務和維修獎項，並且我們對 2025 年的更多獎項有著清晰的認識。

Q4 RSL sales of $351 million increased 4% and associated gross profit margin of 44.8% was in line with our typical gross profit margin in the RSL segment. Q4 RSL contributed to growth in the full year 2024 RSL order book of 10.5% year over year and sales growth for the year of 19.2%.

第四季 RSL 銷售額為 3.51 億美元，成長 4%，相關毛利率為 44.8%，與我們在 RSL 部門的典型毛利率一致。第四季 RSL 推動 2024 年全年 RSL 訂單年增 10.5%，全年銷售額成長 19.2%。

RSL is now approximately one-third of our business, an increase from a few years ago in the [low-10s]. We expect it to continue to grow in the approximately high-single digit to 10% range, driven by multiple actions that are underway.

RSL 目前約占我們業務的三分之一，比幾年前有所成長[低於 10 秒]。我們預計，在正在進行的多項行動的推動下，它將繼續以大約高個位數到 10% 的幅度增長。

To give a few examples of those actions, those are around covering our install base globally in geographies that we have less current coverage; penetrating our digital uptime offering and coverage, including deploying digital uptime on products such as Earthly Labs, Orca, and LNG fleet; and continuing to drive LTSAs and framework agreement increases as we've discussed earlier.

舉幾個例子，這些行動都圍繞著覆蓋我們目前覆蓋較少的地區的全球安裝基礎；滲透我們的數位正常運行時間產品和覆蓋範圍，包括在 Earthly Labs、Orca 和 LNG 船隊等產品上部署數位正常運行時間；並繼續推動長期服務協議和框架協議的增加，正如我們之前所討論的。

So finally, moving to slide 12, we reiterate our prior 2025 outlook, as shown here. I want to point out a few 2025 considerations about the outlook. Our strong December 31, 2024, backlog, including the Woodside LNG phase one order that we referred to, as well as a few specific larger orders received quarter-to-date in Q1, such as the mining order I referred to and the strong start to the year in the space exploration end-market, supports our backlog conversion for our full year 2025 guidance range; offsetting the potential negative foreign exchange impact that it holds, as it is currently for the full year, would have an approximately 2% negative impact on sales.

最後，轉到第 12 張投影片，我們重申我們先前對 2025 年的展望，如下所示。我想指出一些關於2025年前景的考慮。我們截至 2024 年 12 月 31 日的強勁積壓訂單，包括我們提到的 Woodside LNG 第一階段訂單，以及第一季度迄今為止收到的一些特定的較大訂單，例如我提到的採礦訂單和今年在太空探索終端市場的強勁開局，支持我們將積壓訂單轉換為 2025 年全年指導範圍；抵消其目前全年將承受其對潛在銷售額的負面影響。

Faster conversion in commercial pipeline conversion to backlog would be key contributors to achieving the higher end of our outlook. We anticipate the second half of 2025 to sequentially increase when compared to the first half of 2025.

商業管道向積壓訂單的更快轉換將是實現我們更高預期的關鍵因素。我們預計 2025 年下半年與 2025 年上半年相比將持續成長。

Our first quarter is anticipated to be our lowest quarter of the year, as is typical. Additionally, the first quarter of our year is typically a use of cash, given the timing of insurance, taxes, bonuses, and our senior note interest, and other seasonal cash uses. As a reminder, we have our semi-annual security interest payment of approximately $79 million in the first and third quarter of '25.

預計我們的第一季將是今年業績最低的季度，這是很正常的。此外，考慮到保險、稅金、獎金、優先票據利息和其他季節性現金使用的時間，我們每年的第一季通常會使用現金。提醒一下，我們在 25 年第一季和第三季支付了大約 7,900 萬美元的半年擔保利息。

Regarding tariffs, this is not explicitly in our guidance as there is little clarity yet on the breadth and specificity of the actions, as well as the length of their respective durations. To offer a point of information based on our work on this topic done to date internally, potential growth impacts from tariffs, as we understand them today, would fall within our EBITDA range.

關於關稅，我們的指導方針中沒有明確提到，因為目前還不清楚這些行動的廣度和具體性，以及各自的持續時間。根據我們迄今為止內部就此主題所做的工作，提供一點信息，根據我們今天所理解的，關稅對增長的潛在影響將在我們的 EBITDA 範圍內。

We also want to point out a few things that we have done and continue to do to mitigate impacts from tariffs. We believe that we are much better positioned today, not only for tariffs, but also potential supply chain disruption, following the last round of tariffs, as well as the supply chain challenges of 2021. And our associated actions taken subsequently around multiple sources of supply and regional, as well global supply structures.

我們也想指出我們已經採取並將繼續採取的一些措施，以減輕關稅的影響。我們相信，我們今天不僅在關稅方面處於更有利的地位，而且在上一輪關稅之後，我們還能夠應對潛在的供應鏈中斷以及 2021 年的供應鏈挑戰。我們隨後圍繞多種供應來源、區域以及全球供應結構採取了相關行動。

As we referred to before, we have flexible manufacturing and flexible supply chain in our business. We worked very hard on instilling our Chart Business Excellence or CBE process, and we're seeing traction from this effort. And as a reminder, we are the only manufacturer of brazed aluminum heat exchangers in the United States, including the world's two largest variances in our facilities.

正如我們之前提到的，我們的業務擁有靈活的製造和靈活的供應鏈。我們付出了巨大的努力來灌輸我們的圖表業務卓越或 CBE 流程，並且我們看到了這種努力帶來的進展。需要提醒的是，我們是美國唯一一家釬焊鋁熱交換器製造商，我們的工廠擁有世界上最大的兩種熱交換器。

We have a strong air cooler and fan manufacturing footprint, also in the United States, as well as the world's largest shop build cryogenic fabrication in our Theodore, Alabama facility. The strong United States manufacturing footprint can also help our customers as they navigate their supply needs.

我們在美國擁有強大的空氣冷卻器和風扇製造基地，並且在阿拉巴馬州西奧多的工廠擁有世界上最大的低溫製造車間。強大的美國製造業足跡也可以幫助我們的客戶滿足他們的供應需求。

Before we open it up for Q&A, we want to take a moment to share our enormous thanks to our Global One Chart to our team members for their focus to execution and dedication to accomplish this past year's results and for the start to 2025. Thank you all for all of your efforts, and now, Ina, please open it up for Q&A.

在開始問答環節之前，我們想花點時間向我們的 Global One Chart 團隊成員表達我們最誠摯的謝意，感謝他們專注於執行並奉獻精神，實現了過去一年的成果，並為 2025 年的開始做出了貢獻。感謝大家的努力，現在，Ina，請開始問答環節。

(Operator Instructions) Saurabh Pant, Bank of America.

（操作員指示）Saurabh Pant，美國銀行。

Jill, if you don't mind I'll start at a little bit higher level on 2025 guide. I know the revenue guidance is unchanged despite the FX headwinds, which is good to see. Can you maybe just remind us of how you're thinking about the four segments?

吉爾，如果你不介意的話，我將從 2025 年指南的更高層次開始。我知道，儘管面臨外匯逆風，但收入預期並未改變，這是令人欣慰的。您能否提醒我們一下您對這四個部分的看法？

I know you talked about data at your Capital Markets Day. At a video you say that RSL should still grow high-single digit to 10%. But maybe if you can step through some of the other segments as one is looking better or something else is slightly offsetting. Just walk us through that.

我知道您在資本市場日談到了數據。在影片中您說 RSL 仍應保持高個位數成長至 10%。但也許你可以逐步瀏覽其他一些部分，因為其中一個部分看起來更好，或者其他部分略有抵消。只需向我們介紹一下即可。

So you commented on RSL and we see many, many actions that are well underway to achieve that, and consistently achieve that ahead is our expectation in RSL segment. In HTS, we expect growth in 2025 or 2024. LNG is a driver of that. So we would expect LNG sales to be higher in '25 compared to 2024.

因此，您對 RSL 進行了評論，我們看到許多行動正在順利進行以實現這一目標，並且不斷實現這一目標是我們對 RSL 領域的期望。在 HTS 方面，我們預計 2025 年或 2024 年將實現成長。液化天然氣 (LNG) 是推動這項進程的因素。因此，我們預計 2025 年液化天然氣銷售量將高於 2024 年。

We also see just traditional energy applications in being very active right now, in particular, when we talk to our customers the last couple of months. And it's really around we're going to take this opportunity under the current administration to build out the the energy framework.

我們也發現傳統能源應用目前非常活躍，特別是在過去幾個月我們與客戶交談時。我們實際上將利用現任政府的這個機會來建立能源框架。

But also just this growing demand for all things energy, energy intensity, around app locations that we are about every day, whether that's data centers or whether that's providing LNG globally. So on that, HTS segment, we expect to grow with a tailwind from LNG.

但對我們每天接觸的應用程式位置周圍的所有能源、能源強度的需求也在不斷增長，無論是資料中心還是全球液化天然氣供應商。因此，我們預計 HTS 領域將在 LNG 的推動下實現成長。

And CTS, really said, traditionally for CTS this is our low- to mid-single digit grower. We would expect to see approximately mid-single digits too in the CTS segment. And we've seen a good start to Q1 in terms of on CTS orders.

而 CTS 確實表示，傳統上對 CTS 來說，這是我們低到中等個位數的成長者。我們預計 CTS 領域也會出現大約中等個位數的成長。就 CTS 訂單而言，我們看到第一季開局良好。

And then finally, in Specialty, backlog conversion on Specialty is the key driver to our expected growth in that particular segment. We started to see some improving backlog conversion in 2024 in the Specialty segment. And we expect that to continue to pick up the pace, especially with some of these carbon capture projects that we've referred to and some of the orders that came into the order book in the second half of 2024. So we anticipate growth across each of the four segments in '25 when compared to '24.

最後，在專業領域，專業領域的積壓轉換是我們在該特定領域預期成長的關鍵驅動力。我們開始看到 2024 年專業領域的積壓訂單轉換有所改善。我們預計這一速度將繼續加快，特別是我們提到的一些碳捕獲項目以及 2024 年下半年進入訂單簿的一些訂單。因此，我們預期與 2024 年相比，2025 年四個細分市場均會成長。

Okay. Fantastic, Jill. And I know, Jill, you just talked about RSL, LNG contributing to growth over there. If you can dive a little deeper, Jill, on that LNG side of things, especially big LNG. If you think about what's in your backlog, how that converts to revenue in 2025? How should that grow?

好的。太棒了，吉爾。我知道，吉爾，你剛剛談到了 RSL、LNG 對那裡的成長的貢獻。吉爾，如果你能深入了解液化天然氣方面的情況，尤其是大型液化天然氣。如果您考慮一下您的積壓訂單，那麼到 2025 年這些訂單將如何轉換為收入？那該如何成長？

Part of the reason I ask is it's supposed to be an offering, if it's IPSMR, by the way, it's good to see really good traction project starting up. And how does that convert out of backlog next year '25 versus '24? And then what does that mean for HTS margins?

我問這個問題的部分原因是，如果它是 IPSMR，那麼它應該是一種產品，順便說一句，很高興看到真正好的牽引項目啟動。那麼，2025 年和 2024 年的積壓情況如何呢？那麼這對 HTS 利潤率意味著什麼？

Okay, first of all, I really thank you for pointing out the IPS, our attraction. We're thrilled with what's happened to date in terms of the first liquid and the first cargo for Cheniere's Corpus Christi Stage 3 Project; New Fortress Energy sharing that. Fast LNG is producing a meaningfully above nameplate capacity. So gaining that traction globally for IPSMR has been a positive, including any floating project.

好的，首先，我非常感謝您指出我們的景點 IPS。我們對迄今為止 Cheniere 公司 Corpus Christi 第三階段專案的第一批液體和第一批貨物的進展感到非常興奮； New Fortress Energy 分享了這一點。Fast LNG 的產量遠高於額定產能。因此，對於 IPSMR 來說，在全球範圍內獲得這種吸引力是一件積極的事，包括任何浮動項目。

So to address your question directly, when you see a big LNG project announced coming into the order book, what we would anticipate typically in those projects is revenue meaningfully start approximately six to eight months after the order comes in. There's a little bit of revenue around engineering and maybe some material ordering for that. But in terms of the cadence of when it really starts to be consistent across coming quarters, it's that six- to eight-month mark.

因此，直接回答您的問題，當您看到宣布大型液化天然氣項目進入訂單簿時，我們通常預計這些項目的收入將在訂單到來後約六到八個月開始顯著增長。工程和材料訂購可能會帶來一些收入。但就未來幾季真正開始保持一致的節奏而言，這將是六到八個月的時間。

In terms of what we would expect in '25, the timing of Woodside, obviously, we referred to it being a Q4 '24 order, so you can apply that type of logic to it. Also having strong global LNG backlog, not only around big LNG. We'd expect that to flow through the year with a first half to second half step up just simply because of the Woodside timing.

就我們對 25 年伍德賽德時間的預期而言，顯然，我們將其稱為 24 年第四季的訂單，因此您可以將這種邏輯應用於它。全球液化天然氣庫存充足，不僅限於大型液化天然氣。我們預計，由於伍德賽德的時間安排，這項進程將在全年上半年到下半年逐步推進。

And LNG projects are nice contributors to our HTS segment margin, in particular, when they utilize IPSMR. And so that is another factor in how we anticipate to achieve our 2025 growth and margin for the total company, with HTS being a key contributor to that.

LNG 計畫對我們的 HTS 部門利潤貢獻很大，特別是當它們利用 IPSMR 時。因此，這是我們預期實現 2025 年整個公司成長和利潤率的另一個因素，而 HTS 是其中的關鍵貢獻者。

Fantastic. Okay. Thanks for that color. I'll turn it back.

極好的。好的。謝謝你這個顏色。我會把它轉回去。

Ben Nolan, Stifel.

本·諾蘭（Ben Nolan），斯蒂費爾（Stifel）。

So I wanted to start on CTS. It was a little lower, but it sounds like 1Q is going pretty well. I know that China is a big part of that particular business. Are you seeing -- well, I guess the improvement that you're seeing, is it in China or is it elsewhere? And can you maybe talk through how you're thinking about the China exposure and how that fits broadly with what you have going on?

所以我想開始使用 CTS。雖然略低了一點，但聽起來第一季的進展相當順利。我知道中國是該特定業務的重要組成部分。您是否看到了——嗯，我想您所看到的改善是在中國還是在其他地方？您能否談談您對中國業務的看法以及這與您正在進行的業務有何關聯？

So let me just hit CTS first and then I'll take China broadly second. In terms of CTS, so far, I'm pleased to the start of '25, especially coming off on declining orders and sales and year over year in the fourth quarter in this segment.

因此，我首先討論的是 CTS，然後我會將中國列為第二位。就 CTS 而言，到目前為止，我對 25 年的開始感到滿意，特別是在第四季度該領域的訂單和銷售額同比下降的情況下。

Which interestingly enough, the second half of '24, we did see industrial gas slowdown in China, which would impact CTS. But also we saw the summer slowdowns in CTS, in Europe as well. And no real chunky orders in Q4 of 24 in that segment.

有趣的是，24 年下半年，我們確實看到中國工業天然氣成長放緩，這將對 CTS 產生影響。但我們也看到歐洲夏季 CTS 業務放緩。該領域在第四季度的 24 個訂單中沒有真正的大宗訂單。

The team is feeling good about order and sales growth in CTS for 2025. And so we'll continue to monitor that closely, not only specific to China, but globally. Really pleased to have executed that LTA yesterday with one of IG majors. So those types of things also help us have visibility to the forecast.

該團隊對 2025 年 CTS 的訂單和銷售成長感到樂觀。因此，我們將繼續密切關注這一情況，不僅針對中國，而且針對全球。真的很高興昨天與 IG 的一位專業人士一起執行了 LTA。所以這些事情也能幫助我們了解預測。

When we speak of China, first quarter in China, obviously, you have Chinese New Year in there, but we're seeing consistency in China right now. And I think the other part of the question earlier that I want to address is around supply chain in China, in particular.

當我們談到中國時，顯然中國第一季正值農曆新年，但我們現在看到中國經濟保持了穩定。我認為我之前想要討論的另一部分問題是關於中國的供應鏈。

We're not dependent on China supply chain. We have other sources of supply. We're very regionalized in our supply chain, really as a result of the actions that our global sourcing team has taken since 2021. And we'll continue to dynamically assess and make those sourcing decisions based on the market conditions. But we feel positioned well to be agile in response to what's happening in China.

我們並不依賴中國的供應鏈。我們還有其他供應來源。我們的供應鏈高度區域化，這其實是我們全球採購團隊自 2021 年以來的行動所致。我們將繼續根據市場狀況動態評估並做出採購決策。但我們認為自己已經做好準備，能夠靈活應對中國正在發生的事情。

Great. And then just another quick one. Appreciate the color that you gave on NRU (inaudible). Can you maybe just frame out how big of a business that is now just so that we can understand a little bit about what it could be for you?

偉大的。然後再快速地做一次。感謝您對 NRU（聽不清楚）的評價。您能否簡單描述一下現在這個業務有多大，以便我們可以稍微了解一下它對您來說意味著什麼？

Yes. So to give a sense of what the size of an NRU could be, there is, I guess in terms of content, depending on the size, an NRU can be anywhere between approximately $20 million of Chart content to could be upwards of $75 million per NRU. It just depends on the scope of the application, et cetera. Definitely, in areas that we have seen a meaningful increase in terms of customer inbound around this, yeah, it's the CapEx decisions then, but it's also an optimization and efficiency spend for these plants.

是的。因此，為了讓大家了解 NRU 的規模，我想就內容而言，根據規模，NRU 的價值可以從大約 2000 萬美元的 Chart 內容到每個 NRU 7500 萬美元不等。這僅取決於應用的範圍等等。毫無疑問，在我們看到的客戶入站量顯著增加的領域，是的，這是資本支出決策，但這也是這些工廠的最佳化和效率支出。

Currently, it's not a very large portion of our business. You would have had one or two NRUs in any given type of year, but we would expect that to step up meaningfully. And what we've had to date has been toward the lower-end of what I described NRUs to date.

目前，它在我們的業務中所佔比例還不是很大。在任何一年中，你都會有一到兩次 NRU，但我們預計它將會有意義地增加。而我們迄今為止所得到的已經處於我迄今為止所描述的 NRU 的低端。

Very helpful. Appreciate it. Thanks, Jill.

非常有幫助。非常感謝。謝謝，吉爾。

Scott Gruber, Citigroup.

花旗集團的史考特‧格魯伯。

What part on aftermarket can we get the growth here in '24, but last couple quarters kind of flattish. You mentioned the strong start to the [Endal] in 1Q. Can you speak specifically to the growth outlook for aftermarket in '25? What will it be in line with the high-single digit longer-term targets you have? And what we need to see from an order perspective of early near-term to make that happen?

售後市場的哪些部分我們可以在 24 年成長，但最近幾季卻比較平緩。您提到了 [Endal] 在第一季的強勁開局。能具體談談 25 年售後市場的成長前景嗎？這與您設定的高個位數長期目標相符嗎？那麼，從近期的訂單角度來看，我們需要看到什麼才能實現這一目標？

Yeah, in sequential Q2, Q3; Q3, Q4 in terms of RSL, each of those had either a specific aftermarket or servicing repair order of a decent size. And we have good visibility to the LTSA, the framework agreement, as well as multiple service and repair that customers are looking to do in 2025. So we feel confident in our RSL growth outlook, both for the order and the sales book.

是的，在第二季和第三季連續；就 RSL 而言，Q3、Q4 均有特定的售後市場或相當規模的維修訂單。我們對 LTSA、框架協議以及客戶希望在 2025 年進行的多項服務和維修有充分的了解。因此，我們對 RSL 的成長前景充滿信心，無論是訂單還是銷售額。

It's important that we don't get behind in the year. I think it is a key metric for us that we look at internally is that we're seeing consistency in the aftermarket globally. And that is true so far to date, Q1, quarter-to-date. We don't want to get behind where we're sitting here in September saying you need to get a large service and repair order to hit that high-single digit to 10%. But the visibility that we have to the pipeline is strong around RSL.

重要的是，我們不能在今年落後。我認為，我們內部關注的關鍵指標是，我們看到全球售後市場的一致性。到目前為止，第一季迄今的情況都是如此。我們不想回到九月的現狀，說你需要獲得大量的服務和維修訂單才能達到 10% 的高個位數。但是我們對 RSL 周圍的管道的可見性很強。

And then what (technical difficulty) we also take advantage of things that are within our own control on the RSL side. And those are multiple different and activities that our goal aftermarket team and our regions, working with them are working on that specific product line targeting in Europe, North Africa, around piston compressor penetration for the aftermarket. The centrifugal compressors coverage globally is an area that is on our key activity list and then Chart legacy coverage.

然後（技術難度）我們也利用了 RSL 方面我們自己可以控制的事情。這些都是我們的目標售後市場團隊和我們各地區進行的多種不同活動，他們正在與他們合作，針對歐洲、北非的特定產品線，圍繞售後市場的活塞壓縮機滲透率。全球離心式壓縮機覆蓋範圍是我們重點活動清單上的一個領域，隨後是圖表遺留覆蓋範圍。

We also are seeing more opportunities to have service agreement with the operators of larger plants. That's something that ties hand-in-hand to IPSMR, in particular, where the EPC, once the first gas or first liquid has achieved, the EPC typically then is done with the project. And so, having a relationship directly with the operator where our process technology is a way for us to further penetrate service agreements.

我們也看到更多與大型工廠營運商簽訂服務協議的機會。這與 IPSMR 密切相關，特別是 EPC，一旦第一批氣體或第一批液體實現，EPC 通常就會隨著專案而完成。因此，與營運商直接建立關係，利用我們的製程技術是我們進一步滲透服務協議的一種方式。

Then on the in the digital uptime, we're seeing great traction on taking that across specific products, and we're about to introduce that into our into the heat exchanger offering as well. So those are just a few examples of within our own control to make sure that we're not relying on market dynamics to achieve that growth that we have laid out for '25 and ourselves.

然後在數位正常運行時間方面，我們看到了在特定產品中應用它的巨大吸引力，我們也即將把它引入我們的熱交換器產品中。因此，這些只是我們自己可以控制的幾個例子，以確保我們不依賴市場動態來實現我們為 25 年和我們自己設定的成長目標。

That's good color. And I want to come back to the IPSMR technology given that it's gaining good traction. I believe that the payment structure and most of the contracts so far is an upfront licensing fee, but with greater adoption and global MSAs, like the one you have with Exxon. Would you consider transitioning towards more of an ongoing fee structure for the technology?

這顏色真好。我想再次談論 IPSMR 技術，因為它正在獲得良好的發展勢頭。我認為，到目前為止的付款結構和大多數合約都是預付許可費，但隨著採用率的提高和全球 MSA 的增加，就像您與埃克森美孚簽訂的合約一樣。您是否會考慮轉向更持續的技術收費結構？

What we currently have done it, as you described, there is a technology fee associated with the utilization of IPSMR, but we are flexible working with our customers around what that could look like and how it's built into the contracts.

正如您所描述的，我們目前所做的是，使用 IPSMR 會產生技術費用，但我們會靈活地與客戶合作，確定其形式以及如何將其納入合約中。

Our key on any of these larger problem projects with or without IPSMR is that we do not go upside down on working capital. So that those milestones are tied to our spend on material, and that we're not behind the ball on that. And that's been a key focus. So the overarching, that's the first filter.

無論有沒有 IPSMR，我們對這些較大問題項目的關鍵在於不要在營運資金上陷入困境。因此，這些里程碑與我們在材料上的支出息息相關，而且我們在這方面並沒有落後。這一直是我們關注的重點。所以總體來說，這是第一個過濾器。

And then, we work with individual customers on what that technology see, how that's embedded. We'll go with their particular project. We're not adverse to it, it's just customer-specific.

然後，我們與各個客戶合作，了解該技術的具體應用以及如何將其嵌入。我們將執行他們的具體項目。我們並不反對，這只是針對特定客戶而已。

Okay. Appreciate it. Thanks, Jill.

好的。非常感謝。謝謝，吉爾。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

I just wanted to focus on the data center market. How are the discussions progressing with the data center providers? And did the deep seek announcement change any of those discussions? If you could just talk about that.

我只是想專注於資料中心市場。與資料中心提供者的討論進度如何？深度搜尋公告是否改變了這些討論？如果你能談談這個的話。

Data centers as a whole, maybe, I'll just step back to the increasing need for global energy is the theme, and that's inclusive of data centers. And our discussions amongst multiple different hyperscalers is consistent, would be one word that I would use if you asked me to use one word; consistent in that they're going to be spending money in this area and CapEx, and they have a need for multiple different types of heat rejection associated with these data centers.

就整個資料中心而言，也許，我只是回顧日益增長的全球能源需求這個主題，其中包括資料中心。我們與多個不同的超大規模企業之間的討論是一致的，如果您讓我用一個詞來表達，我會用這個詞；一致的是，他們將在這個領域投入資金和資本支出，並且他們需要與這些數據中心相關的多種不同類型的散熱。

And that the energy, the power demand is going to continue to increase as artificial intelligence becomes smarter and there's more of it out there. So I think that, deep seek or otherwise, there is not a change in direction of these folks looking for multiple different forms of power in multiple different ways to reject heat. And that's really what we're hearing from them.

隨著人工智慧變得越來越智能，並且越來越多，能源和電力需求將會持續增加。因此我認為，無論深度探索還是其他方式，這些人尋求以多種不同形式的能量以排出熱量的方向都沒有改變。這正是我們從他們那裡聽到的。

We also because we're starting to see more demand in this market, we have recently hired a data center commercial team member who will be joining our business development team here in the next week or so. He brings a breadth of data center background and market knowledge and connection. So we do see this as a meaningful opportunity ahead for us.

我們也因為我們開始看到這個市場有更多的需求，我們最近聘請了一位資料中心商業團隊成員，他將在下週左右加入我們的業務開發團隊。他擁有豐富的資料中心背景和市場知識及人脈。因此，我們確實認為這對我們來說是一個有意義的機會。

Okay. A quick follow up here is your free cash flow guidance for next year is it $550 million to $600 million? And trying to understand what pushes towards the top-end of that guidance of $600 million. And similarly for EBITDA, trying to understand the blue sky scenario, which pushes you towards the top-end versus the midpoint of the guidance.

好的。這裡快速跟進一下，您對明年的自由現金流指引是 5.5 億至 6 億美元嗎？並試圖了解推動該指導金額達到 6 億美元上限的因素是什麼。對於 EBITDA 也是如此，試著去理解藍天情景，這會將你推向指導的頂端而不是中點。

Sure. I can help on this one. So the free cash flow forecast for this year is coming from stronger EBITDA conversion from existing backlog. We do have some normalizing of CapEx that I mentioned in my comments earlier. So just a combination of the two there. And our overall growth is driving the free cash flow to the progress that we have.

當然。我可以幫忙。因此，今年的自由現金流預測來自於現有積壓訂單的更強勁的 EBITDA 轉換。正如我之前的評論中提到的，我們確實對資本支出進行了一些規範化。所以這只是兩者的結合。我們的整體成長正在推動自由現金流的進步。

(technical difficulty) I'm sorry, your second part of Manav's question there, to the higher-end of the EBITDA guidance, which would also be a contributor to the higher-end of free cash flow guidance, you want to speak to that, Joe?

（技術難題）抱歉，這是 Manav 問題的第二部分，關於 EBITDA 指引的高端，這也將成為自由現金流指引高端的一個貢獻因素，喬，你想談談這個嗎？

Yeah, just as Jill described there, as well as on a lower tax rate and the backlog conversion and lower deal integration costs.

是的，正如吉爾所描述的那樣，還有較低的稅率和積壓轉換以及較低的交易整合成本。

And then Manav, if there's a larger order that come in early in the first half of '25, those would have the opportunity also to contribute revenue in the second half toward the higher-end. So multiple different factors that go into achieving the higher-end. (inaudible) say that of an absolute growth rate perspective, the higher-end would be year over year lower than what we achieved in '24 over '23 from the top line growth.

然後，Manav，如果在 25 年上半年有更大的訂單，那麼這些訂單也有機會在下半年為高端市場貢獻收入。因此，實現更高端需要多種不同的因素。 (聽不清楚) 從絕對成長率的角度來看，高端成長率將低於我們在 2024 年對 20​​23 年實現的頂線成長率。

Thank you so much.

太感謝了。

Marc Bianchi, TD Cowen.

馬克·比安奇（Marc Bianchi），TD Cowen。

Could you say what the, out of 2024 orders, how much was LNG? And how are you thinking about that number for 2025?

您能說一下，2024 份訂單中，液化天然氣佔了多少？您認為 2025 年的這個數字如何？

I'll approximate that, Marc, in terms of orders for LNG. And I'm approximating only because when you look at the LNG within HTS, that's a bit larger. And then you have LNG infrastructure and per vehicle tanks into the jump in Specialty, and then there's some LNG asset that can show up in CTS, as well.

馬克，我會根據液化天然氣訂單來估算這個數字。我只給出近似值，因為當你查看 HTS 內的 LNG 時，它會稍微大一些。然後你就有了 LNG 基礎設施和每輛車的油箱進入 Specialty 領域，然後還有一些 LNG 資產也可以出現在 CTS 中。

I would estimate, approximately, in the 20% to 25% range and of orders. And then we would anticipate that to be similar in 2025 compared to 2024.

我估計，訂單量大約在 20% 到 25% 之間。我們預期 2025 年的情況與 2024 年的情況類似。

Okay. I think some folks anticipate an increase in '25 just given the change on the licensing for the US. Is that conservatism on your part or was it just some stuff going into the back half of '24 and that maybe makes it less likely for growth? Maybe you could expand on that a little bit?

好的。我認為，鑑於美國許可證制度的變化，有些人預計 25 年會出現成長。這是您的保守主義嗎？還是只是 24 年下半年的一些因素導致成長的可能性降低？也許您可以稍微詳細闡述這一點？

Sure. I would say that it's down the fairway way to answer your questions and element of conservatism in that, given it's hard to predict on the larger pieces and parts, right? So to stay consistent, with phase one of Woodside coming in the back half of '24, we mentioned we anticipate phase two coming in '25.

當然。我想說，這是回答你的問題的一種方式，而且其中帶有保守主義的成分，因為很難預測較大的部分和部分，對嗎？因此，為了保持一致，伍德賽德的第一階段將在 24 年下半年開始，我們提到我們預計第二階段將在 25 年開始。

There's also a handful, as you mentioned, of other LNG projects globally now in the US that could move ahead. So there's opportunity for that to be larger in '25 compared to '24. But that is not required for us to hit our '25 guidance that we put out there. So that's how we're thinking of coming into the year. The construct around it. Really because there is variability of when these orders can can or may come in.

正如您所提到的，目前美國還有少數其他全球液化天然氣計畫可以推進。因此，與 2024 年相比，2025 年這一數字有更大的成長機會。但這對於我們實現我們提出的 25 年指導目標並不是必要的。這就是我們對新一年的想像。圍繞它的結構。確實，因為這些訂單何時能夠或可能到達存在差異。

But with that said, our pipeline of LNG opportunities have grown in the last three months. So since we talked that, the pipeline of LNG project opportunities, not only for equipment, but also for IPSMR potential has expanded. And that's definitely a direct result of growing global demand for LNG.

但話雖如此，我們的液化天然氣機會管道在過去三個月內有所成長。因此，自從我們談到這一點以來，液化天然氣專案機會的管道，不僅在設備方面，而且在 IPSMR 潛力方面也得到了擴大。這無疑是全球液化天然氣需求不斷增長的直接結果。

The US administration bullishness on Alaska, on Pennsylvania, onUS Gulf Coast, as well as projects that we're hearing are much closer to moving ahead than they, maybe, were even six months ago. We've got folks talking out there about products like Abadi, LNG with impacts like that in [Tanzania], and you've got Delfin, that's definitely more likely than it was even a year ago.

美國政府對阿拉斯加、賓州、美國墨西哥灣沿岸計畫的樂觀態度，以及我們所聽到的計畫比六個月前更接近取得進展。我們已經有人談論過阿巴迪 (Abadi) 等產品、液化天然氣 (LNG) 對坦尚尼亞的影響，還有 Delfin，這肯定比一年前更有可能。

So just to name a few, I think the opportunity set has increased in the last few months. And we're really well-positioned to play on many of them. It's just that hard to time some of the largers.

僅舉幾個例子，我認為過去幾個月機會增加。我們確實有能力參與其中的許多活動。只是對於一些較大的事件來說，確定時間非常困難。

Yeah. That makes sense. The other one I had was on this study to costing that is happening. Just first of all, to clarify, I think you said it was like what if margins would have been 29% without that, was that for fourth quarter or was that for the full year?

是的。這很有道理。我做的另一項研究是關於正在發生的成本的研究。首先，需要澄清的是，我想您說過，如果沒有這個因素，利潤率會是 29%，這是針對第四季還是針對全年？

That was for the full year. So as we've looked at the cost around inefficiencies on specific costs related to -- we had a challenge with one particular third party supplier on the machine and getting that started up, which was a real challenge in the back half for us. So very specific cost that we do not anticipate repeating. And we really called that one out.

這是全年的數據。因此，當我們研究與特定成本相關的低效率成本時——我們在與特定的第三方供應商合作啟動機器時遇到了挑戰，這對我們後半部分來說是一個真正的挑戰。因此，我們不希望重複產生如此具體的成本。我們確實喊出了這個名字。

Marc was just a good one, to clarify, if you're looking at modeling '25 in the segments where the '24, '25 jumping off points and what were some of the contributors to the less than where we want Specialty Products gross margin to be.

馬克說得很好，需要澄清的是，如果你正在研究 25 年的建模，那麼 24 年、25 年的起點以及導致特種產品毛利率低於我們期望水平的一些因素是什麼。

Yeah, that's exactly what I was asking. So we should be solving for like this impact happening in 2H '24 to solve for that 29% for the year, and that's the clean market going in the -- like these issues are resolved now as we step into '25 right?

是的，這正是我所問的。因此，我們應該解決 2024 年下半年發生的影響，解決全年 29% 的問題，這就是清潔市場的發展——就像我們進入 2025 年時這些問題已經解決一樣，對吧？

Yeah. That's right. So you thought about how these load into '24 very well. There was a little bit in Q2, but it really was Q3 and Q4.So I think you hit the nail on it.

是的。這是正確的。所以你考慮過如何將這些很好地加載到'24 中。Q2 中有一點，但實際上是 Q3 和 Q4。所以我認為你說到了點子上。

Great. Thanks so much, Jill. I'll turn it back.

偉大的。非常感謝，吉爾。我會把它轉回去。

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

You had a strong quarter of bookings, [$1.5 billion] -- [$5 billion] of orders. About two thirds, the drain HTS and Specialty. I was just wondering if you could just comment on the quality of the bookings and maybe the margin implications for HTS and Specialty, in particular.

本季你們的預訂量表現強勁，訂單量達到[15億美元]到[50億美元]。大約三分之二，排水管 HTS 和 Specialty。我只是想知道您是否可以評論一下預訂的品質以及對 HTS 和 Specialty 的利潤影響。

So it was a strong quarter on booking as a whole. Obviously, Woodside Louisiana LNG order being of meaningful magnitude, given the utilization of IPSMR and the associated LNG equipment that will provide into that was a key contributor to that number.

因此，從整體來看，這是一個預訂量強勁的季度。顯然，考慮到 IPSMR 的利用以及將為該訂單提供的相關 LNG 設備的使用，Woodside Louisiana LNG 訂單具有重要意義，這是該訂單數量的關鍵貢獻者。

Though, LNG and the projects in ACS, those bookings are above average gross margin generally. So the way to think about that is the strong Q4 bookings as a whole across the segments were an elevator to margin in backlog.

不過，對於 LNG 和 ACS 中的項目來說，這些訂單的毛利率一般都高於平均值。因此，我們可以這樣想：第四季度各部門的訂單量整體強勁，從而提高了積壓訂單的利潤率。

And then on the Specialty side, very broad mix, as we pointed out. But I want to call out just maybe a couple of end markets in Specialty that were strong performers in the fourth quarter. Carbon capture as we've seen some really strong progress commercially in the market, in particular, on these cases.

然後，在專業方面，正如我們所指出的，組合非常廣泛。但我想指出的是，第四季表現強勁的幾個專業終端市場。我們已經看到碳捕獲在市場上取得了一些非常強勁的商業進展，特別是在這些案例中。

We've talked about a couple of those, whether that was the Bloom Energy Partnership or some of these other ones. But that's -- we're seeing that our carbon capture technology is now being used in larger Chart content applications. And with the full solution mix come generally improving margin.

我們已經討論過其中的幾個，無論是布魯姆能源夥伴關係還是其他一些。但我們看到我們的碳捕獲技術現在正被用於更大的圖表內容應用程式中。隨著解決方案的全面組合，利潤率普遍提高。

And then the other end market that I really would like to point out is space exploration. And I want to point that one out because it had very strong, that end market within Specialty had a very strong Q4 in terms of orders. But -- and even stronger start to 2025 with approximately $16 million of orders in the space exploration market in combined January and February 2025.

我真正想指出的另一個終端市場是太空探索。我想指出這一點，因為它非常強勁，專業終端市場在第四季的訂單量非常強勁。但是—2025 年的開局會更加強勁，2025 年 1 月和 2 月太空探索市場的訂單總額約為 1,600 萬美元。

And as you might imagine, in space type of end market is really low temperature, high pressure application that cannot fail. And we're talking about providing storage tanks as well as heat exchangers into these applications. So that's another key contributor to nice margin in backlog.

正如您可能想像的那樣，太空類型的終端市場實際上是不會失敗的低溫高壓應用。我們正在討論為這些應用提供儲罐和熱交換器。所以這是另一個積壓訂單利潤率較高的關鍵因素。

Understood. (technical difficulty) It's clearly a mission critical applications. Maybe just a follow up on just your outlook on orders. I think you highlighted around [2 billion] of customer commitments that aren't yet quite in the backlog. Can you just maybe describe the breadth and depth of those commitments? And thoughts on just backlog conversion or conversion into backlog?

明白了。（技術難度）這顯然是一個關鍵任務應用程式。也許只是對訂單前景的跟進。我認為您強調了大約 [20 億] 個尚未完全完成的客戶承諾。您能否描述一下這些承諾的廣度和深度？對於只是積壓轉換或轉換為積壓有什麼想法嗎？

Absolutely. So on that 2 billion, it's pretty broad. There's a couple of larger LNG projects in there, we have the ExxonMobil, Mozambique in that mix. So that's not in backlog, but that's included in that 2 billion of commitments.

絕對地。所以對於這 20 億來說，這個數字相當廣泛。其中有幾個較大的液化天然氣項目，其中包括埃克森美孚和莫三比克的項目。所以這不屬於積壓，但包含在 20 億美元的承諾中。

And a couple of other in there that would be LNG related. And so the timing of those aren't easily predictable, but you've heard what the larger hooks and operators have said around their timing associated with SID. So I would anticipate about, let's say, half of that 2 billion is related to LNG end markets.

其中還有一些與液化天然氣相關的。因此，這些的時間並不容易預測，但您已經聽到了較大的鉤子和操作員所說的與 SID 相關的時間。因此我預計這 20 億美元中約有一半與液化天然氣終端市場有關。

And then you have a handful of carbon capture applications that hadn't been booked because they would be dependent on government grant funding. And so the timing of that will be related to when they get their funding, and to that we'll likely be around clarity on funding from certain states or in one case Canada. That's small handful in there, so it's not a meaningful dollar amount but I thought worth calling out because of the end market itself.

還有一些碳捕獲應用尚未被預訂，因為它們依賴政府撥款。因此，具體時間將與他們獲得資金的時間有關，我們可能會明確來自某些州或加拿大的資金狀況。這裡面的金額很小，所以不是一個有意義的金額，但我認為，由於終端市場本身，值得一提。

And then you have a couple of hydrogen related projects that are international projects and have have site, have permits, and have offtake and are very close on their financing. With respect to financing, those would be we'd anticipate in 2025. So that's probably $150 million or so associated with those guys.

然後，您有幾個與氫相關的項目，它們是國際項目，有場地、有許可證、有承購，並且融資非常接近。關於融資，我們預計在 2025 年實現。因此，這些人涉案金額可能高達 1.5 億美元左右。

And then the last is around a particular helium project outside of North America. And that project we have the award and waiting for their final go on their full financing. It's a very large project. A few $300 million for that particular project. And we'd anticipate that that one either will move forward in '25 or just won't move forward.

最後是關於北美以外的一個特定的氦氣計畫。我們已經獲得了該專案的獎項，正在等待他們最終獲得全部融資。這是一個非常大的項目。該項目耗資約 3 億美元。我們預計該專案要麼在 25 年取得進展，要麼就無法繼續進行。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

So just sticking with the customer commitments that you just detail them, is it fair to say as you rattle those off, it doesn't sound like that is very exposed to any of the issues or uncertainty at the federal level, US federal level? So I guess that would be first.

因此，只要堅持您剛才詳細說明的客戶承諾，是否可以公平地說，當您一口氣說出這些承諾時，聽起來這並不像聯邦層級（美國聯邦層級）的任何問題或不確定性的影響？所以我想那應該是第一位的。

And then second, when we think about that number, is there any way to compare that to what you've seen in the past? I mean, that's obviously seems like a pretty elevated number. But just looking for some context how to compare that to other periods?

其次，當我們考慮這個數字時，有沒有辦法將其與過去看到的數字進行比較？我的意思是，這顯然是一個相當高的數字。但只是尋找一些背景如何將其與其他時期進行比較？

You're absolutely right on the first part, which is that there's really very limited exposure to the decision making at the federal US government level or really at any government level, I should say, across across the world on these. Most of them really are in the case of Exxon taking FID on the project. In the case of the larger helium, one is getting their final full funding over the fence.

您在第一部分上說得完全正確，即人們對美國聯邦政府層面，或者應該說是全世界任何政府層面的決策的了解都非常有限。在埃克森美孚對該項目採取最終投資決定的情況下，大多數情況確實如此。對於較大的氦氣來說，人們正在透過圍欄獲得最後的全額資金。

So those that's a positive, I guess, in my mind, just given the changing dynamic in landscape with the people looking for certainty from the US government that's not the driver of these.

所以，我認為這些都是正面的，只是考慮到情勢的變化，人們希望從美國政府得到確定性，而這並不是這些事情的驅動因素。

And then the second part compared to the past. That's a really interesting question. When I was thinking about it in the last couple of weeks, what I think we said, gosh, I can't remember exactly --we said it's currently [1.5 billion] or so, maybe, nine months ago. And then at one point in the last six or eight months on that list was Woodside phase one.

然後是第二部分與過去的比較。這是一個非常有趣的問題。當我在過去幾週思考這個問題時，我想我們說過什麼，天哪，我記不清了——我們說目前是 [15 億] 左右，也許是九個月前。然後在過去的六到八個月中，伍德賽德第一期工程就出現在了這份名單上。

So even with booking Woodside phase one, we've seen that funnel increase or at least stay flat. And that for me -- commitment funnel -- and so that for me is another tidbit of information around how we're viewing the demand profile of this coming 12 months.

因此，即使預訂了伍德賽德第一階段，我們也看到漏斗增加或至少保持穩定。對我來說，這就是承諾漏斗，也是關於我們如何看待未來 12 個月的需求狀況的另一個訊息。

Okay. Very helpful. And then maybe just on orders. I mean, you obviously called out Woodside and there's a broad base. So I'm just curious, I mean, do you attribute any of the shrinks to a year end push on the part of your customers? Or is this a true indication of the strength of the overall business? And then is it fair to assume 2025 while there can be quarter-to-quarter variability, book-to-bill above 1?

好的。非常有幫助。然後也許只是按照命令。我的意思是，你顯然提到了伍德賽德，並且擁有廣泛的基礎。所以我只是很好奇，我的意思是，您是否將任何縮減歸因於客戶在年底的推動？或者這是否真實地表明了整體業務的實力？那麼，假設 2025 年的情況合理嗎，因為季度與季度之間可能會有差異，訂單出貨比會高於 1？

Yes, the book-to-bill above 1 in '25. We absolutely stick the words right out of my mouth on. And I would say that we anticipate that Q1 book-to-bill will be 1 or above.

是的，25 年訂單出貨比超過 1。我們絕對會堅持我所說的一切。我想說的是，我們預計第一季的訂單出貨比將達到 1 或更高。

Okay. Thank you.

好的。謝謝。

Robert Brown, Lake Street Capital Markets.

羅伯特布朗 (Robert Brown)，Lake Street Capital Markets。

I just wanted to dig in a little bit under gross margin expansion discussion. Where do you see that getting to, because over time we're committed to the last (technical difficulty) and where that could be?

我只是想深入探討毛利率擴張問題。您認為這將會帶來什麼結果，因為隨著時間的推移，我們將致力於解決最後的（技術難題），那麼這將會帶來什麼結果呢？

Yeah, as I mentioned in my comments, mid-30$ gross margin still is our mid-term target. Nothing changing on that.

是的，正如我在評論中提到的，30 美元左右的毛利率仍然是我們的中期目標。這一點沒有任何改變。

I think over time, that's a journey, Rob, would be the way we would describe it; that we anticipate to get beyond the mid-30%s, right? That's, really, truly a medium-term and when we laid the medium-term out, that was for 2026. And I think we're in early innings of our target excellence activities as well.

我認為隨著時間的推移，這將是一段旅程，羅布，我們會這樣描述它；我們預計這一比例將超過 35% 左右，對嗎？這確實是一個中期目標，我們所訂定的中期目標是 2026 年。我認為我們也正處於目標卓越活動的早期階段。

Yeah, so as we continue to deliver synergy, as Jill mentioned, in the mid-30%s was our medium-term target and we'll continue to expand beyond that. More favorable product mix across our arsenal and specialty. And the specific business for booking HTS will continue to drive those margins up over time.

是的，正如吉爾所提到的，隨著我們繼續發揮協同效應，30% 左右是我們中期的目標，我們將繼續擴大這一目標。我們的產品庫和專業領域擁有更有利的產品組合。而預訂 HTS 的特定業務將隨著時間的推移繼續提高利潤率。

Okay. Great. And then can we talk about the LTA on industrial gas major. How much penetration is there to go in that customer base (technical difficulty) visibility there?

好的。偉大的。然後我們可以談談工業氣體專業的長期協議嗎？那裡的客戶群（技術難度）可見度需要多大程度的滲透？

So with the majors, those we've typically had over the years and when they come up for renewal, we work really hard in conjunction with them and partner with them on what their needs are and what the challenges both sides faced in the last go around. And so how do we how do we optimize that for win-wins.

因此，對於我們多年來通常合作過的主要合作夥伴，當他們需要續約時，我們會與他們一起努力，並與他們合作，了解他們的需求以及雙方在上次合作中面臨的挑戰。那麼我們該如何優化以實現雙贏呢？

So on the major side, I think there's more opportunity to penetrate other products within those LTAs. And that's an area that we have -- we're working with them on as well as penetrating more on the aftermarket service repair aspects of those agreements.

因此，從主要方面來看，我認為有更多機會滲透到這些長期協議內的其他產品。這就是我們的一個領域——我們正在與他們合作，並進一步深入這些協議的售後服務維修方面。

In terms of other industrial gas folks, we tend to speak to the majors, but there's also multiple different others that play in industrial gas on the independent perspective. We home independent so these would be non-industrial gas majors folks that are more localized or regionalized industrial gas.

對於其他工業氣體產業人士，我們傾向於與主要企業對話，但也有多個不同的企業從獨立角度參與工業氣體產業。我們是獨立的家庭，所以這些將是非工業天然氣主要企業，他們是更本地化或區域化的工業天然氣企業。

And we see a meaningful opportunity to work more closely with them. And we have been over the last year. So we've been working to develop those partnerships to move them to LTAs, in particular. And that is primarily in North American and European continent.

我們看到了與他們更緊密合作的有意義的機會。我們已經度過了過去的一年。因此，我們一直在努力發展這些合作夥伴關係，特別是將其轉變為長期協議。這主要發生在北美和歐洲大陸。

I think there's one or two real strong potentials in Europe for this in 2025 and a handful in the United States that we could get done in the next 18 months or so. So there's more opportunity for us, but would be more of them at lower volumes just because of the size of their businesses.

我認為，2025 年歐洲有一兩個真正有巨大潛力的計畫可以實現這一目標，而美國也有少數幾個可以在未來 18 個月左右完成的計畫。因此，對我們來說，機會更多，但由於他們的業務規模較小，因此交易量會較小。

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

好的。謝謝。我把它翻過來。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

First, is the moratorium saga for US LNG projects and you talked about growing funnel. If all these projects have been paused at the starting line, so to speak, and are looking at FID around the same time, could long lead equipment for these projects become sort of a bottleneck? And just to ask it all once, I guess, between that and tariffs, would you say pricing is it becoming more flexible or should we still think about $30 million per MTPA for IPSMR?

首先，是美國液化天然氣計畫的暫停傳奇，您談到了成長漏斗。如果所有這些項目都暫停在起跑線上，並且大約在同一時間考慮最終投資決定 (FID)，那麼這些專案的長週期設備是否會成為某種瓶頸？我想問一下，在這一點和關稅之間，您是否認為定價會變得更加靈活，或者我們仍應考慮 IPSMR 每 MTPA 3000 萬美元的價格？

So it depends on the project in terms of the dollar per MTPA, whether they have heavy hydrocarbon renewables or various content. But I think you, indirectionally, used an estimate of what we've said historically per MTPA. And definitely growing, as you mentioned, growing utilization of IPSMR and there's brownfield opportunities from existing operators and then there's greenfield opportunities.

因此，這取決於專案每 MTPA 的美元金額，以及它們是否含有重質碳氫化合物可再生能源或各種成分。但我認為，您間接地使用了我們歷史上每 MTPA 所說的估計值。正如您所說，IPSMR 的利用率肯定在成長，現有業者也提供了棕地機會，還有綠地機會。

I think the brownfield opportunities look similar to what they look like even during the L&G moratorium, whereas greenfield opportunities are the ones that have expanded in terms of ones that maybe prior, thought of themselves as we're not going to move forward. And now, there is demand for it. And so there's an opportunity for us to move forward.

我認為棕地機會看起來與 L&G 禁令期間的機會類似，而綠地機會則是那些之前可能認為自己不會前進的機會已經擴大了。現在，它有需求。因此，我們有機會繼續前進。

So with all that said, we feel good about the fact that we expanded our capacity over the course of the last seven years to be able to serve not only the LNG market but the heat; it's all things, energy, all things molecules. And the heart and soul of that is around the heat exchanger capacity and the tank capacity, and as well as fans. So those three have been a key area of focus for us to ensure that we have the capacity and the size of the furnaces that are needed to be able to deliver these customers' needs.

所以綜上所述，我們很高興看到我們在過去七年中擴大了產能，不僅能夠服務液化天然氣市場，還能服務於熱能市場；它是一切事物、能量、一切分子。其核心在於熱交換器容量、水箱容量以及風扇。因此，這三個一直是我們關注的重點領域，以確保我們擁有滿足這些客戶需求所需的熔爐容量和尺寸。

And so I think we're really well-positioned capacity-wise. Pipeline is growing, and we'll just see how these -- how the project timing and which ones move forward as the year, and the next three years, go on.

所以我認為我們在產能方面確實處於有利地位。管道正在不斷增長，我們將拭​​目以待這些項目的時間表以及哪些項目在今年和未來三年內會取得進展。

That's very helpful. Thanks, Jill.

這非常有幫助。謝謝，吉爾。

Doug Becker, Capital One.

道格·貝克爾（Doug Becker），Capital One 公司。

Jill, you had another strong quarter-to-quarters, including some large orders. There's ongoing throughput initiatives. Just how much of year-end backlog do you now expect to convert to revenue this year? And just any context you can provide around how much of year-end '23 backlog was converted last year?

吉爾，你的季度業績又表現強勁，包括一些大訂單。目前正在進行吞吐量計劃。您現在預計有多少年末積壓訂單將轉化為今年的收入？您能否提供一些背景信息，說明去年 23 年底積壓訂單中有多少被轉換了？

Yeah, so we would expect approximately 60% of year-end '24 backlog to convert in 2025. And I don't have the answer to the second part of your question on '23. But definitely, we could go back and provide that to you. I would probably estimate in the 55% to 60%, but I'm not -- I would need to check that figure to be specifically accurate on that.

是的，因此我們預計 2024 年底積壓訂單的約 60% 將在 2025 年轉換。對於你關於『23』問題的第二部分，我還沒有答案。但當然，我們可以回去並將其提供給您。我可能會估計在 55% 到 60% 之間，但我不是——我需要檢查這個數字以確保其準確。

No, that's fair. And the higher conversion, is that a function of throughput initiatives or is it just the type of projects in the backlog?

不，這很公平。而更高的轉換率，是吞吐量計畫的功能還是只是積壓項目的類型？

The throughput initiatives are key to that. And also in particular shops, I should say, like the compressor shops as an example, the screw compressor shops in Europe. There was some bottleneck challenges there. We're getting more and more throughput in the heat exchanger shops, in particular, the cold box shops.

吞吐量計劃是實現這一目標的關鍵。而且在某些特定的商店，我應該說，例如壓縮機商店，歐洲的螺桿壓縮機商店。那裡存在一些瓶頸挑戰。我們的熱交換器車間，特別是冷箱車間的產量越來越大。

So those would be the three that really can drive improved backlog conversion with the efforts that we've done so far. We still have more to do on throughput improvement in '25 and the teams are really working hard on that. But that's the definite contributor to this.

因此，透過我們迄今為止所做的努力，這三個方面確實可以推動積壓轉換的改善。在 25 年，我們在提高吞吐量方面還有很多工作要做，團隊正在為此努力工作。但這確實是造成這現象的原因。

And then there's also something like the large LNG projects, like the Woodside, where we had pretty good visibility on the timing of that revenue and the associated engineering associated on milestones with that particular project, as an example.

然後還有一些像大型液化天然氣項目這樣的項目，例如伍德賽德，我們對該收入的時間以及與該特定項目里程碑相關的工程有相當好的了解。

So kind of combo of both. But I really want to see the self-help throughput start to flow through for growth through the top line here in 2025.

所以這是兩者的結合。但我真的希望看到自助吞吐量在 2025 年開始透過這裡的收入成長。

Got it. And then just another one on trying to get more comfortable with the CTS outlook. Like the backlog was down 20% last year, and from the outside looking in, that seems like a very high hurdle to get over. The LTA with the industrial gas majors, is that in isolation enough to support growth in CTS this year or do you need some of those smaller independents to come in to actually show growth this year?

知道了。然後，我們再嘗試更適應 CTS 前景。就像去年積壓訂單下降了 20% 一樣，從外部來看，這似乎是一個很難克服的障礙。與工業天然氣巨頭簽訂的長期協議是否足以支持今年 CTS 的成長，還是需要一些規模較小的獨立公司的加入才能在今年真正成長？

We did not revise -- our forecast does not rely on the small independents to come in, but it's not that one in particular LTA either that is the driver of the growth. It's a broad-based global look at where the industrial gas guys are spending their money.

我們沒有修改——我們的預測並不依賴小型獨立公司的進入，但也不是某個特定的 LTA 成為成長的驅動力。這是對全球工業氣體生產商的資金支出情況的廣泛觀察。

And then the other part of the answer, Doug, is just to there's a handful of these projects that were a bit larger in '23 that we have visibility to similarly sized ones for '25, with two of those being anticipated to come in on the first half of '25 as well.

道格，答案的另一部分是，這些項目中有少數在 23 年規模較大，我們可以預見 25 年類似規模的項目，其中兩個預計也會在 25 年上半年完成。

So I think the LTAs a nice contributor to it. But also just the general demand profile globally is a key contributor to our outlook. Also the first couple of months start to the year informed our thought process around it as well.

所以我認為長期協議對此做出了很好的貢獻。但全球整體需求狀況也是我們展望的關鍵因素。今年頭幾個月的情況也讓我們對這個問題有了更深入的思考。

Yeah, I would just add on the industrial gas, there are ebbs and flows to their CapEx cycles, some [sloppiness] to their to their ordering practices. So that could contribute on a quarter-over-quarter basis.

是的，我只想補充一下工業天然氣，它們的資本支出週期有起有落，訂購實務也有些馬虎。因此，這可能會按季度做出貢獻。

Got it. Thank you.

知道了。謝謝。

Ati Modak, Goldman Sachs.

高盛的阿蒂·莫達克（Ati Modak）。

I was wondering if you could give us an update on how you're seeing the hydrogen end market, especially with the (technical difficulty) color that we received from the [45V] January. How are you seeing that 7% to 10% growth through 2030 that you highlighted during the Capital Markets Day?

我想知道您是否可以向我們介紹一下您對氫氣終端市場的看法，特別是我們從 1 月份的 [45V] 中收到的（技術難度）顏色。您如何看待在資本市場日期間強調的到 2030 年 7% 至 10% 的成長率？

Yeah, thanks for the question on. So I think the hydrogen end market, at times, gets pigeonholed into being a US discussion. And for us, it is a much more global discussion. We've seen, as I mentioned in the script, we saw a strong year in Europe, in particular, on the hydrogen side.

是的，謝謝你的提問。因此，我認為氫氣終端市場有時會被歸類為美國的討論對象。對我們來說，這是一個更全球性的討論。正如我在腳本中提到的那樣，我們已經看到歐洲今年表現強勁，尤其是在氫氣方面。

Which for us was storage tanks and compression. So those were the two primary products that went into those applications. And we're seeing continued demand in hydrogen from mostly the liquefaction side globally as well.

對我們來說，這就是儲罐和壓縮。因此，這些是用於這些應用程式的兩種主要產品。我們也看到全球對氫氣的需求持續成長，主要是來自液化。

In terms of the 45V and some clarifications that came out, what I'd say to that is, the market and the operators we're waiting. They really, I mean, the IRA was in announcement of August 2022 and there was no clarity until the 45V clarification came out in the last couple of months. And so there is really 2.5 years of these guys waiting for those clarification.

關於 45V 和一些已經發布的澄清，我想說的是，我們正在等待市場和營運商。他們確實，我的意思是，IRA 是在 2022 年 8 月宣布的，直到最近幾個月 45V 澄清出來之前都沒有明確的消息。因此，這些人實際上花了 2.5 年的時間等待這些澄清。

I almost view it as a catalyst in a positive way to move folks who can't do it out of the way. And those who really have real projects here and real funding here, and can utilize the structure as it's been laid out a positively as a good thing for the United States in the industry.

我幾乎把它看作是一種積極的催化劑，可以把那些做不到這一點的人趕走。那些在這裡真正擁有實際項目和實際資金並能利用該結構的人，將對美國的該行業產生積極的影響。

And I do think from a global perspective that high-single digits to 10% for the cater between now and 2030 is very achievable for the market and for our company to play in that both gases and liquid end market.

我確實認為，從全球角度來看，從現在到 2030 年，餐飲業的成長率達到 10% 左右對於市場和我們公司在氣體和液體終端市場中發揮作用來說都是非常有可能實現的。

Thanks for the color. I'll turn it back.

謝謝你的顏色。我會把它轉回去。

Thank you. And that ends our question-and-answer session. I will now hand the call back to Ms. Jill Evanko for any closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話交還給吉爾·埃文科女士，請她做最後發言。

Thank you, Ina, and thank you, everyone, for joining us this morning. We look forward to the coming months to provide further updates. Have a great rest of the day.

謝謝你，伊娜，也謝謝大家今天早上加入我們。我們期待在未來幾個月提供進一步的更新。祝您今天剩餘時間愉快。

Thank you and this concludes today's call. Thank you for participating. You may all disconnect.

謝謝，今天的通話到此結束。感謝您的參與。你們都可以斷開連線。