Chart Industries Inc (GTLS) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Chart Industries 2025 first quarter results conference Call. (Operator Instructions) The company's release and supplemental presentation were issued earlier this morning. If 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 2 hours following the conclusion of the call until May 8, 2025. The replay information is contained in the company's press release.

早安，歡迎參加 Chart Industries 2025 年第一季業績電話會議。（操作員指示）該公司的發布和補充介紹已於今天早上發布。如果您尚未收到該新聞稿，您可以造訪 Chart 的網站 www.chartindustries.com 取得。今天的廣播將在電話會議結束後約 2 小時後提供電話重播，直至 2025 年 5 月 8 日。重播資訊包含在公司的新聞稿中。

Before we begin, the company would like to remind you that statements made during this call that are not historical, in fact, are forward-looking statements. Please refer to the information regarding forward-looking statements and risk factors included in the company's earnings release and latest filings with the SEC.

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。請參閱公司收益報告和向美國證券交易委員會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. 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.

該公司不承擔公開更新或修改任何前瞻性聲明的義務。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。

We have provided a supplemental slide presentation to support our comments on this call that can be accessed in the Events and Presentations section of the Chart's website at www.chartindustries.com.

我們提供了補充幻燈片演示來支持我們對此次電話會議的評論，您可以在 Chart 網站 www.chartindustries.com 的「活動和演示」部分訪問該演示。

I would now like to turn the conference over to Jill Evanko, Chart Industries' CEO. You may begin.

現在，我想將會議交給 Chart Industries 執行長 Jill Evanko。你可以開始了。

Thank you, Ludy. Good morning, and thank you for joining our first quarter 2025 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. When compared to the first quarter of 2024, orders of $1.32 billion increased 17.3% and included the addition of Woodside Louisiana LNG Phase 2. Woodside Louisiana LNG is utilizing our IPSMR process technology and associated equipment for their project.

謝謝你，Ludy。早安，感謝您參加我們的 2025 年第一季財報電話會議。今天與我一起出席的是我們的財務長喬·布林克曼 (Joe Brinkman)。我們將從今天早上發布的補充簡報的第 4 張投影片開始。與 2024 年第一季相比，訂單金額為 13.2 億美元，成長了 17.3%，其中包括伍德賽德路易斯安那液化天然氣第二期項目。伍德賽德路易斯安那液化天然氣公司正在其項目中使用我們的 IPSMR 製程技術和相關設備。

As of the end of the first quarter of 2025, LNG makes up approximately 1/4 of our backlog. Sales of $1 billion organically grew 6.6%, and three of our four segments had an increase in sales. Our gross margin of 33.9% marked the fourth consecutive quarter of gross margin above 33%. By leveraging our 14.1% SG&A, we achieved a 190 basis point expansion in adjusted operating income margin, reflecting the last 2 years of cost synergies from the integration of Howden dropping through to operating income.

截至 2025 年第一季末，液化天然氣約占我們積壓訂單的四分之一。銷售額有機成長 6.6%，達到 10 億美元，我們四個部門中有三個部門的銷售額都有所成長。我們的毛利率為 33.9%，是連續第四季度毛利率超過 33%。透過利用我們 14.1% 的銷售、一般和行政費用，我們實現了調整後營業收入利潤率 190 個基點的成長，反映了過去 2 年 Howden 整合帶來的成本協同效應對營業收入的影響。

Adjusted EBITDA of $231.1 million was 23.1% of sales, an increase of 80 basis points. Reported adjusted diluted earnings per share was $0.99 and adjusted was $1.86, an increase of 38.8%. Free cash flow was negative $80.1 million due to the uses of cash customary for our first quarter, yet still represented an improvement of $55.6 million when compared to the first quarter of 2024 free cash flow. March 31, 2025, net leverage ratio was 2.91, and we reiterate our target net leverage ratio of 2 to 2.5 expected to be achieved in 2025.

調整後的 EBITDA 為 2.311 億美元，佔銷售額的 23.1%，成長 80 個基點。報告調整後每股攤薄收益為 0.99 美元，調整後為 1.86 美元，成長 38.8%。由於第一季按慣例使用現金，自由現金流為負 8,010 萬美元，但與 2024 年第一季的自由現金流相比，仍增加了 5,560 萬美元。2025年3月31日，淨槓桿率為2.91，我們重申2025年預計將達到2至2.5的目標淨槓桿率。

Looking ahead, we continue to see positive demand trends as we start the second quarter of 25% across the majority of the business, and we'll share more information on that as well as on anticipated gross impact from tariffs for which the team has been very nimble to address and take mitigating actions to date. We also reiterate our full year guidance outlook for 2025, and we'll share specifics around that shortly, given our strong backlog as well as aftermarket service repair being approximately 1/3 of our business.

展望未來，我們將繼續看到積極的需求趨勢，因為我們在第二季度的大部分業務中都將增長 25%，我們將分享更多有關這方面的信息以及預期的關稅總影響，迄今為止，團隊一直非常靈活地應對並採取緩解措施。我們也重申了對 2025 年全年業績的展望，鑑於我們擁有大量積壓訂單，且售後服務維修約占我們業務的 1/3，我們將很快分享具體細節。

The first quarter 2025 order activity demonstrated continued broad-based demand. Examples of this activity is shown on slide 5. I already mentioned Woodside Louisiana LNG Phase 2 being booked in Q1. Note that Woodside anticipates Phases 3 and 4 that are not yet in our backlog, each of which is the same content as Phase 2.

2025 年第一季的訂單活動顯示需求持續廣泛。此項活動的範例如投影片 5 所示。我已經提到過，伍德賽德路易斯安那液化天然氣二期項目已在第一季預訂。請注意，Woodside 預計第 3 階段和第 4 階段尚未列入我們的積壓工作中，其內容與第 2 階段相同。

First quarter 25 orders in space exploration, HLNG vehicle tanks, nuclear and marine were each greater than the full year 2024 orders in those end markets. Highlights for the quarter include booking the first serial run order for HLNG vehicle tanks with Volvo Aker, Abra's aluminum heat exchanger order with Honeywell UOP, multiple tank and heat exchanger orders with a space exploration customer, multiple railcars with a large industrial gas customer and an order with EDA for 3 regas plants in Europe.

第一季度，太空探索、HLNG 車輛儲槽、核能和海洋領域的 25 個訂單都超過了這些終端市場 2024 年全年的訂單量。本季度的亮點包括與沃爾沃阿克簽訂的 HLNG 車輛罐的首個批量生產訂單、與霍尼韋爾 UOP 簽訂的 Abra 鋁製熱交換器訂單、與一家太空探索客戶簽訂的多個罐體和熱交換器訂單、與一家大型工業氣體客戶簽訂的多輛軌道車訂單以及與 EDA 簽訂的位於歐洲的 3 家再氣化廠的訂單。

Additionally, RSL orders were strong and included a carbon capture retrofit for a coal-fired power plant. As of now, despite the many uncertainties associated with global tariffs and general economic conditions, we are not seeing demand decline. Our commercial pipeline remains robust at approximately $24 billion, even as we convert larger projects in that pipeline into our backlog. We have a meaningful pipeline also of potential large global LNG work that we believe has a significant likelihood to come into backlog in 2025, given natural gas and LNG demand and the current administration support for LNG.

此外，RSL 訂單強勁，其中包括對燃煤發電廠的碳捕獲改造。截至目前，儘管全球關稅和總體經濟狀況存在許多不確定性，但我們並未看到需求下降。即使我們將商業管道中的較大項目轉換為積壓項目，我們的商業管道仍然保持強勁，價值約 240 億美元。我們還擁有一條意義重大的管道，其中包含潛在的大型全球液化天然氣工作，我們相信，考慮到天然氣和液化天然氣的需求以及當前政府對液化天然氣的支持，這些工作很有可能在 2025 年積壓。

Additionally, aftermarket is holding up strongly across all of our regions to date. Even with the strong orders in Q1 for nuclear, marine and space we've already in April booked over $54 million for these 3 end markets. Yesterday, we booked an order for nuclear application for power generation in Europe which will utilize a series of our distillation recirculation and storage solutions. Our customers' latest feedback for specific end markets reflects expectations for continued positive trends in marine, metals mining, energy, natural gas, space exploration, nuclear, data centers, aftermarket, carbon capture and hydrogen specifically in Europe.

此外，迄今為止，我們所有地區的售後市場都表現強勁。即使第一季核能、海洋和航太領域的訂單強勁，我們在 4 月已經為這三個終端市場預訂了超過 5,400 萬美元的訂單。昨天，我們接到了一份歐洲核能發電應用的訂單，該訂單將利用我們的一系列蒸餾再循環和儲存解決方案。我們的客戶對特定終端市場的最新回饋反映了對歐洲海洋、金屬採礦、能源、天然氣、太空探索、核能、資料中心、售後市場、碳捕獲和氫氣持續保持積極趨勢的預期。

Generally, water treatment, general industrial, LNG vehicle tanks and food and beverage are in line with our original expectations that we had coming into 2025. Finally, we are watching uncertainty in the industrial gas and hydrogen market, specifically in the Americas. We were pleased to see industrial gas orders via our CTS segment increased sequentially by 10% from Q4 '24 to '25.

總體而言，水處理、一般工業、液化天然氣汽車罐以及食品和飲料符合我們對 2025 年的最初預期。最後，我們關注工業氣體和氫氣市場的不確定性，特別是在美洲。我們很高興地看到，透過我們的 CTS 部門的工業氣體訂單從 2024 年第四季到 2025 年環比增長了 10%。

In total, we anticipate that our second quarter 2025 orders will be higher than our second quarter 2024 orders. Data centers and AI continue to be a driver for the growing energy demand globally. Our existing portfolio of heat rejection, cryogenic storage, water treatment and digital monitoring solutions, as shown on slide 6, support data center customer needs. We continue to see this end market as an area for near, medium and long-term addressable market for us. Since adding a dedicated data center commercial team member a couple of months ago, our pipeline of potential customers in this space has grown to over 50.

整體而言，我們預計 2025 年第二季的訂單量將高於 2024 年第二季的訂單量。資料中心和人工智慧持續成為全球能源需求成長的驅動力。如投影片 6 所示，我們現有的散熱、低溫儲存、水處理和數位監控解決方案組合可滿足資料中心客戶的需求。我們繼續將這個終端市場視為我們近期、中期和長期可尋址市場的一個領域。自從幾個月前增加了專門的資料中心商業團隊成員以來，我們在這個領域的潛在客戶數量已經成長到 50 多個。

We are in discussions about partnerships to utilize our solutions with two specific companies beyond our existing customer base. And the next 12- to 18-month commercial pipeline for data center specifically, has expanded to approximately $400 million of opportunities.

我們正在討論與現有客戶群以外的兩家特定公司建立合作夥伴關係，以利用我們的解決方案。具體來說，未來 12 至 18 個月的資料中心商業管道已擴大到約 4 億美元的機會。

Now Joe will take you through Q1 specifics.

現在喬將帶您了解第一季的具體情況。

Slide 7 is a summary of the first quarter compared to Q1 2024, and we will cover these in more detail starting on slide 8. slides 8 and 9 show our key financial metrics compared to the first quarter of 2024. From left to right, on slide 8, sales increased 5.3% with a headwind from FX of 1.3%. Adjusted operating profit grew over 16%. Adjusted operating margin of 19.9% reflected further productivity actions, favorable project mix as we execute backlog and benefits of increased efficiencies in our new manufacturing lines.

投影片 7 是與 2024 年第一季相比的第一季的總結，我們將從投影片 8 開始更詳細地介紹這些內容。投影片 8 和 9 顯示了與 2024 年第一季相比我們的主要財務指標。從左到右，在第 8 張投影片上，銷售額成長了 5.3%，但外匯阻力為 1.3%。調整後的營業利潤成長超過16%。調整後的營業利潤率為 19.9%，反映了進一步的生產力行動、執行積壓訂單時的有利項目組合以及新生產線效率提高的好處。

Additionally, Q1 was the first quarter since 2022 of Specialty Products gross margin above 30%, and we continue to leverage our SG&A on more throughput. This contributed to adjusted EBITDA of over $231 million, an increase of nearly 9%. We continue to take cost out via productivity initiatives and improved throughput via our Chart business excellence as we track to our medium-term 2026 goal of mid-30s gross margin percentage.

此外，第一季是自 2022 年以來特種產品毛利率首次超過 30% 的季度，我們將繼續利用銷售、一般及行政費用 (SG&A) 來提高產量。這使得調整後的 EBITDA 超過 2.31 億美元，成長近 9%。我們將繼續透過生產力措施降低成本，並透過我們的 Chart 業務卓越性提高吞吐量，以實現 2026 年中期目標，即 30% 左右的毛利率。

Turning to slide 9. You can see gross operating and EBITDA margin expanded on both a reported and adjusted basis. In particular, we are continuing to leverage SG&A as we deliver more volumes to our shops, which is reflected in the 190 basis point improvement in adjusted operating margin.

翻到第 9 張投影片。您可以看到，報告和調整後的總營業利潤率和 EBITDA 利潤率均有所擴大。特別是，隨著我們向商店交付更多商品，我們將繼續利用銷售、一般及行政費用，這反映在調整後的營業利潤率提高了 190 個基點。

Turning to slide 10. First quarter free cash flow was negative $80.1 million, driven by typical first quarter cash outlays, including our senior secured notes interest payment, timing of insurance costs, and bonus payments, among other seasonal items. As a reminder, the senior secured notes interest payment of approximately $79 million occurs in the first and third quarter of the year.

翻到第 10 張投影片。第一季自由現金流為負 8,010 萬美元，受第一季典型現金支出的影響，包括優先擔保票據利息支付、保險費用時間、獎金支付以及其他季節性項目。提醒一下，優先擔保票據利息支付約為 7,900 萬美元，將在今年第一季和第三季支付。

Our capital expenditures for 2025 are anticipated to be in the 2% to 2.5% of sales range, and we continue to focus on improving working capital. Our CapEx is related to capacity for compressors and productivity and automation for more throughput in our shops. First quarter 2025 working capital, defined as net accounts receivable net inventory, unbilled contract revenue, accounts payable customer advances and billings in excess as a percent of last 12 months sales was 16.3%.

我們預計 2025 年的資本支出將佔銷售額的 2% 至 2.5%，並且我們將繼續專注於改善營運資本。我們的資本支出與壓縮機容量以及我們車間更高的生產能力和自動化程度有關。2025 年第一季營運資本（定義為淨應收帳款淨庫存、未開立發票合約收入、應付帳款客戶預付款及超額帳單佔過去 12 個月銷售額的百分比）為 16.3%。

In February 2025, we shared that we signed a letter of intent with a new counterparty to replace our HTEC book call option that could have been exercised by [Isqua] Capital on or after May 1, 2025. The new agreement was executed this week on April 30. Based on the put option triggers in the new agreement, which are substantially similar to the previous arrangement, we do not expect any balance sheet or cash impact with respect to such option prior to 2028.

2025 年 2 月，我們分享了我們與新的交易對手簽署了一份意向書，以取代我們的 HTEC 帳簿看漲期權，該期權可能由 [Isqua] Capital 在 2025 年 5 月 1 日或之後行使。新協議於本週4月30日生效。根據新協議中看跌期權的觸發條件（與先前的安排基本相似），我們預計該期權在 2028 年之前不會對資產負債表或現金產生任何影響。

We remain committed to and reiterate our financial policy as shown on the right-hand side of slide 9. Until we are within our target net leverage ratio of 2 to 2.5, we will not do any material cash acquisitions or share repurchases. We reiterate that we anticipate ending 2025 with approximately $3 billion of net debt and achieve our sub-2.5% target net leverage ratio in 2025 and based on full year 2025 free cash flow generation between $550 million and $600 million.

我們仍然致力於並重申我們的財務政策，如第 9 張投影片右側所示。在我們的淨槓桿率達到 2 至 2.5 的目標之前，我們不會進行任何重大現金收購或股票回購。我們重申，預計到 2025 年底，淨債務將達到約 30 億美元，並在 2025 年實現低於 2.5% 的目標淨槓桿率，並且基於 2025 年全年產生的 5.5 億美元至 6 億美元的自由現金流。

So let's move to slide 11 to discuss our Q1 25 segment results. Starting with Cryo Tank Solutions, or CTS. First quarter 2025 CTS orders of $152.6 million decreased 4.2% when compared to the first quarter of 2024. It is important to note that CTS orders, as I mentioned earlier, increased over 10% sequentially versus the fourth quarter of 2024, resulting in the first sequential quarter increase in CTS backlog in a year.

那麼讓我們轉到第 11 張投影片來討論我們的 Q1 25 分部業績。從低溫罐解決方案（CTS）開始。2025 年第一季 CTS 訂單金額為 1.526 億美元，與 2024 年第一季相比下降了 4.2%。值得注意的是，正如我之前提到的，CTS 訂單與 2024 年第四季度相比環比增長了 10% 以上，導致 CTS 積壓訂單量在一年內首次環比增加。

CTS' first quarter 2025 sales of $153 million declined 4.1%, yet grew 2% sequentially versus the fourth quarter. CTS first quarter 2025 adjusted operating income margin of 12.7% improved 220 basis points and reflects operational efficiencies as well as improved long-term agreement constructs.

CTS 2025 年第一季的銷售額為 1.53 億美元，下降 4.1%，但與第四季相比環比成長 2%。CTS 2025 年第一季調整後營業收入利潤率為 12.7%，提高了 220 個基點，反映了營運效率的提高以及長期協議結構的改善。

Moving to Heat Transfer Systems, or HTS. First quarter 2025 HTS orders of $220.7 million declined 7% when compared to the first quarter of '24. HTS end market demand, including traditional energy, LNG and data centers, all remain robust as does our commercial pipeline, and we anticipate larger orders in these end markets for the balance of 2025.

轉向熱傳遞系統（HTS）。2025 年第一季 HTS 訂單為 2.207 億美元，與 24 年第一季相比下降了 7%。HTS 終端市場需求（包括傳統能源、液化天然氣和資料中心）與我們的商業管道一樣保持強勁，我們預計 2025 年剩餘時間這些終端市場的訂單將會增加。

HTS sales of $267.3 million increased 5.4%, driven by conversion of LNG and data center backlog. HTS adjusted operating margin in the first quarter of 2025 was 25.5%, a 460 basis point improvement compared to the first quarter of 2024 as SG&A remains consistent even as we deliver higher volumes.

HTS 銷售額為 2.673 億美元，成長 5.4%，主要受 LNG 轉換和資料中心積壓訂單的推動。HTS 2025 年第一季的調整後營業利潤率為 25.5%，與 2024 年第一季度相比提高了 460 個基點，因為即使我們交付的數量增加，銷售、一般及行政費用仍保持一致。

In Specialty Products, for the first quarter of 2025, orders were $487.7 million and increased 24.6% when compared to the first quarter of 2024. This included record orders in nuclear space exploration, marine and HLNG vehicle tanks that I described earlier. Specialty Product sales of $276.1 million increased 16.7% when compared to the first quarter of 2024, driven primarily by backlog conversion in hydrogen, water treatment and power generation.

在特種產品領域，2025 年第一季的訂單金額為 4.877 億美元，與 2024 年第一季相比成長了 24.6%。其中包括我之前描述的核空間探索、海洋和 HLNG 車輛罐的創紀錄訂單。特種產品銷售額為 2.761 億美元，與 2024 年第一季相比成長 16.7%，主要受氫氣、水處理和發電領域積壓轉換的推動。

Specialty Products adjusted operating income margin of 18.9% grew 560 basis points compared to Q1 '24, driven by backlog conversion, greater efficiencies and leverage of SG&A. Contributing to this was Specialty Products gross margin of 30.3%, the first quarter that we achieved gross margin in specialty above 30% since 2022.

特種產品調整後的營業利潤率為 18.9%，與 24 年第一季相比增長了 560 個基點，這得益於積壓訂單轉換、效率提高以及銷售、一般和行政費用的槓桿作用。其中，特種產品毛利率達到 30.3%，這是自 2022 年以來我們首次在特種產品毛利率上達到 30% 以上的成長。

Finally, Repair Service & Leasing, which is a very strong segment for aftermarket service and repair. RSL first quarter 2025 orders of $454.6 million grew 36.1% when compared to the first quarter of 2024, driven in part by a retrofit order for a coal-fired power plant. RSL sales grew 1.3% compared to the first quarter of 2024, which was driven by timing of certain projects and field work being scheduled for post Q1.

最後，維修服務和租賃是售後服務和維修領域非常強大的領域。RSL 2025 年第一季的訂單為 4.546 億美元，與 2024 年第一季相比成長了 36.1%，部分原因是燃煤發電廠的改造訂單。與 2024 年第一季相比，RSL 銷售額成長了 1.3%，這是由於某些項目的時間表以及現場工作安排在第一季之後。

RSL adjusted operating margin of 32.4% decreased 270 basis points when compared to the first quarter of as a result of lower spare sales in Q1 2025, which we attribute to timing. We expect and continue to expect looking ahead, RSL gross margin to be in our normal mid-40% range for the year. So continuing on with some more detail on how we plan to continue to grow RSL, which is 1/3 of our revenue approximately and half of our operating profit.

RSL 調整後的營業利潤率為 32.4%，與第一季相比下降了 270 個基點，這是由於 2025 年第一季的備件銷售額下降所致，我們將其歸因於時機問題。我們預計並將繼續預計，RSL 的毛利率今年將達到正常的 40% 左右。因此，我們將繼續詳細介紹我們計劃如何繼續發展 RSL，它約占我們收入的 1/3 和營業利潤的一半。

So let's look at slide 12, where you can see some of the statistics from the first quarter of 2025. We expanded the number of service and framework agreements by 10.7% since the end of 2024. And we have continued to leverage our e-commerce tools to drive more spares using our website chart parts. Specifically, orders on the website increased 9% in Q1 '25 when compared to Q1 '24.

讓我們看第 12 張投影片，您可以看到 2025 年第一季的一些統計數據。自 2024 年底以來，我們將服務和框架協議的數量增加了 10.7%。我們將繼續利用我們的電子商務工具，透過我們的網站圖表零件來獲取更多的備用零件。具體來說，與 2024 年第一季相比，2025 年第一季該網站的訂單量增加了 9%。

In addition to growing our installed base coverage globally, we see more and more opportunity for global coverage for screw compressors and axial fans in Asia Pacific as well as recip compressors and steep turbines in the Middle East. The Howden Screw Compressor brand is well known for reliability and quality, and we are gaining installed base coverage with customers that are managing critical processes. Retrofits of existing brownfield facilities is another area that we're seeing more interest from customers such as we saw with our fans retrofit at Cheniere's Sabine Pass facility and also a growing pipeline for more nitrogen rejection unit opportunities.

除了在全球範圍內擴大安裝基礎覆蓋範圍之外，我們還看到亞太地區的螺旋壓縮機和軸流風扇以及中東地區的往復式壓縮機和渦輪機的全球覆蓋機會越來越多。Howden 螺桿壓縮機品牌以其可靠性和品質而聞名，我們正在獲得管理關鍵流程的客戶安裝基礎覆蓋。現有棕地設施的改造是我們看到客戶越來越感興趣的另一個領域，例如我們看到的 Cheniere 的 Sabine Pass 設施的風扇改造，以及越來越多的氮氣脫除裝置機會。

We've received very favorable feedback on our newly developed digital LNG dashboards, which utilize digital uptime with a customer in Europe that is testing these at their LNG fueling stations, which were purchased from us as a new build. We see this area in application as well as in geography as a large meaningful opportunity for us in aftermarket service and repair, in particular, on mobility applications. These are just a few examples of the many ways within our own control that we can expand the aftermarket piece of our business with our capabilities for the supply of equipment, extensive service network and LTSA solutions for our long-term partners, another reason that we're thrilled to have approximately one-third of our business in the RSL segment.

我們新開發的數位液化天然氣儀表板收到了非常好的回饋，該儀表板利用數位正常運行時間，歐洲的一位客戶正在他們的液化天然氣加油站測試這些儀表板，這些加油站是從我們這裡購買的新建的。我們認為，無論從應用或從地理角度來看，這一領域對於我們在售後服務和維修方面，特別是在行動應用方面，都是一個巨大的、有意義的機會。這些只是我們自己可以控制的眾多方式中的幾個例子，我們可以利用我們為長期合作夥伴提供設備供應能力、廣泛的服務網絡和 LTSA 解決方案來擴大我們的售後市場業務，這也是我們很高興有大約三分之一的業務在 RSL 領域的原因之一。

On slide 13, you can see our gross annual estimated impact from tariffs on the left-hand side is approximately $50 million. With 8 months remaining in 2025, this would be a remainder of the year gross impact of estimated approximately $34 million if none were mitigated based on known tariffs as of yesterday. Our team has remained very agile and has taken already certain steps and has further steps underway. I'll share a few of these, which are certainly not all inclusive.

在第 13 張投影片上，您可以看到左側關稅對年度總影響的估計約為 5000 萬美元。2025 年還剩 8 個月，如果根據昨天已知的關稅不採取任何緩解措施，那麼今年剩餘時間的總影響估計約為 3400 萬美元。我們的團隊保持著高度敏捷，已經採取了某些措施，並且正在採取進一步措施。我將分享其中的一些，當然它們並不全面。

We're leveraging our in-region sources of supply and our global sourcing for best costs where possible, taking advantage of our flexible manufacturing footprint across the globe, continuing to deploy Chart business excellence and focusing on cost structure and productivity. We're passing through certain cost increases as well as getting exemptions in certain regions for specific products. For example, for specific aluminum parting sheets, we have an exemption until September of 2025 to import material duty-free. We are ensuring that we have more than 1 supplier for every input, which supports our in-region supply chain strategy.

我們正在利用我們區域內的供應來源和全球採購來盡可能實現最佳成本，利用我們遍布全球的靈活製造足跡，繼續部署 Chart 卓越業務並專注於成本結構和生產力。我們正在經歷某些成本的增加，同時也為特定地區的特定產品獲得了豁免。例如，對於特定的鋁分型板，我們可以在2025年9月之前免稅進口材料。我們確保每種投入都有多個供應商，這支持了我們的區域供應鏈策略。

In our book and ship business, we issued a price increase in early April. And as a reminder, we are the only manufacturer of brazed aluminum heat exchangers in the United States with the world's two largest brazing furnaces. We also have a strong air cooler and fan manufacturing footprint in the United States as well as the world's largest shop built cryogenic tanks in our theater, Alabama facility, where this week, we shipped two of our large space exploration customers their 1,700 cubic meter tanks.

在我們的圖書和船舶業務中，我們在四月初提高了價格。需要提醒的是，我們是美國唯一一家擁有世界上最大的兩台釬焊爐的釬焊鋁熱交換器製造商。我們還在美國擁有強大的空氣冷卻器和風扇製造基地，並在位於阿拉巴馬州的工廠擁有世界上最大的低溫儲罐，本週，我們在這裡向我們的兩個大型太空探索客戶運送了 1,700 立方米的儲罐。

Specific to steel and aluminum, most of our steel is sourced domestically and is not directly impacted. To the extent that market pricing goes up for domestic steel, we anticipate that we can pass that along to many of our customers. And then finally, with specific actions to tariffs, we do purchase project-based materials at the time of order as a general rule. And so we have largely locked in our cost on steel and aluminum for existing backlog.

具體到鋼鐵和鋁，我們的鋼鐵大多來自國內，不會受到直接影響。如果國內鋼鐵市場價格上漲，我們預計可以將其轉嫁給許多客戶。最後，透過對關稅採取具體行動，我們一般會在訂購時購買基於項目的材料。因此，我們基本上鎖定了現有積壓的鋼鐵和鋁的成本。

Though we have not yet seen it in our results, we do recognize that we face an uncertain global environment for the remainder of 2025. Currently, we reiterate our anticipated 2025 outlook, as shown on slide 14. Setting tariff-related uncertainty aside, we have not seen any material changes in the business. Our full year 2025 sales are anticipated to be in the range of $4.65 billion to $4.85 billion. Our full year 2025 anticipated adjusted EBITDA range is $1.175 billion to $1.225 billion.

儘管我們尚未在業績中看到這一點，但我們確實認識到，2025 年剩餘時間我們將面臨不確定的全球環境。目前，我們重申對 2025 年的預期，如投影片 14 所示。撇開與關稅相關的不確定性不談，我們尚未看到業務發生任何重大變化。我們預計 2025 年全年銷售額將在 46.5 億美元至 48.5 億美元之間。我們預計 2025 年全年調整後 EBITDA 範圍為 11.75 億美元至 12.25 億美元。

As we have previously mentioned, our second half 2025 will be higher than our first half of the year. This is driven by the timing specific project revenue and service work in our backlog. Examples of this include, but are not limited to, timing of revenue on the nitrogen rejection unit that we booked a few months ago, Woodside Louisiana LNG timing of revenue, specific mining projects that were booked in the first quarter and the timing of the larger backlog for space exploration and marine that came into our backlog in Q1.

正如我們之前提到的，2025 年下半年的業績將高於上半年。這是由我們積壓的特定項目收入和服務工作的時間所驅動的。這樣的例子包括但不限於我們幾個月前預訂的脫氮裝置的收入時間、伍德賽德路易斯安那液化天然氣的收入時間、第一季度預訂的特定採礦項目以及第一季度進入我們積壓訂單的大量太空探索和海洋積壓訂單的時間。

We continue to anticipate achieving our leverage ratio sub of 2.5 in 2025. As Joe described earlier, we are committed to our financial policy as we focus on operational cash generation for debt paydown to achieve that range.

我們仍然預計到 2025 年我們的槓桿率將低於 2.5。正如喬之前所描述的，我們致力於我們的財務政策，因為我們專注於產生營運現金來償還債務，以實現這一範圍。

As shown on slide 15, once we are within our target net leverage ratio range, we will evaluate allocating capital in a conservative way in the categories shown on the bottom of the slide. These include high ROI organic capital expenditures for value creation, including but not limited to, expanding our aftermarket footprint and capabilities, machine automation for additional throughput and innovation related to R&D activities.

如投影片 15 所示，一旦我們進入目標淨槓桿率範圍，我們將評估投影片底部所示類別中保守的資本配置方式。這些包括用於創造價值的高投資回報率有機資本支出，包括但不限於擴大我們的售後市場足跡和能力、增加產量的機器自動化以及與研發活動相關的創新。

Additionally, we will consider other ways to return to shareholders, inclusive of potential share repurchases, which we consider an investment in our company, and it creates value when buying stock at a discount to fair value. We will also evaluate potential bolt-on acquisitions that focus in the repair and services area, specific technologies and high-pressure low-temperature capabilities. All of these are as shown on slide 15, are underpinned with our commitment to a simplified balance sheet and capital structure.

此外，我們將考慮其他方式回報股東，包括潛在的股票回購，我們認為這是對我們公司的一種投資，以低於公允價值的價格購買股票時會創造價值。我們還將評估專注於維修和服務領域、特定技術和高壓低溫能力的潛在附加收購。所有這些都如投影片 15 所示，以我們對簡化資產負債表和資本結構的承諾為基礎。

And finally, to conclude our prepared remarks, I would like to thank our global One Chart team members for all of their continued team efforts that drove our first quarter results.

最後，為了結束我們的準備好的發言，我要感謝我們全球的 One Chart 團隊成員，感謝他們持續的團隊努力，並推動了我們第一季的表現。

Ludy, please open it up for Q&A.

Ludy，請開放問答環節。

(Operator Instructions)

（操作員指示）

Scott Gruber with Citigroup.

花旗集團的史考特‧格魯伯。

Yes, good morning.

是的，早安。

Hey, good morning, Scott.

嘿，早上好，史考特。

Yes. A couple of questions here. So first, I'll just start with kind of the #1 inbound we've got Chart over the last month or so. It was just your exposure to China, are you able to discuss the major sales verticals into China, I think it's tanks and maybe some mining equipment, et cetera. Where you fabricating the equipment? And overall, your ability to shift any -based fabrication destined for China to other locations?

是的。這裡有幾個問題。首先，我將從過去一個月左右我們獲得的排名第一的入站圖表開始。這只是您對中國的了解，您能否討論中國的主要銷售垂直領域，我認為是坦克，也許還有一些採礦設備等等。您在哪裡製造該設備？整體而言，你們有能力將運往中國的製造產品轉移到其他地點嗎？

Yes. So when we -- specifically in China, we manufacture primarily cryogenic tanks, and we can manufacture certain trailers in addition to that equipment on the Howden side related to power generation. So industrial gas and power gen are kind of the two main verticals in China that we manufacture in China. We have de minimis amount that we actually import from other regions, in particular, the United States into China in terms of intercompany activity, in terms of material inputs from the United States to China.

是的。因此，當我們——特別是在中國——主要生產低溫儲罐時，除了豪頓方面與發電相關的設備外，我們還可以生產某些拖車。工業氣體和發電是我們在中國生產的兩個主要垂直行業。就公司間活動而言，就美國向中國提供的物質投入而言，我們實際上從其他地區，特別是美國進口到中國的量有一定的最低限度。

We have that reflected in the gross tariff number that you see on one of the slides there, which we've been able to over the course of the last week or so, get certain exemptions on codes actually in China specific. So we've seen that gross exposure reduced by about 40% in the last week with those exemptions on any inbound specific material. So ultimately, industrial gas, power gen and manufacturing in China for China primarily and then the inbound material as I just described.

您在一張幻燈片上看到的總關稅數字就反映了這一點，在過去一周左右的時間裡，我們已經能夠獲得針對中國特定代碼的某些豁免。因此，我們看到，由於對所有入境特定材料實施豁免，上週總風險敞口減少了約 40%。因此，最終，主要為中國提供工業氣體、發電和製造業，然後是進口材料，正如我剛才所描述的。

I appreciate that color. And then it does look like the overall tariff impact is rather modest because of the manufacturer for China. But are there other moving pieces that are helping you offset it and keep the overall EBITDA guide for the year? Is there a segment where you see margins maybe a little bit stronger than you originally anticipated or revenues across certain segments? Just some color on what gave you the confidence to hold the EBITDA in light of the tariffs and risk around the general economic slowdown.

我很欣賞那個顏色。而且看起來，由於製造商是中國，所以整體關稅影響似乎相當溫和。但是，是否有其他因素可以幫助您抵消這一影響並保持全年的整體 EBITDA 指導？您是否認為某個細分市場的利潤率可能比您最初預期的要高一些，或者某個細分市場的收入會比您最初預期的要高一些？只是想解釋一下，在關稅和整體經濟放緩的風險下，是什麼讓您有信心維持 EBITDA。

Yes. So let me start just with the kind of overarching aspect of the business that I think is really important for people to recognize that on the newbuild side, we are very backlog-driven. And that's something that we've worked hard over the last 5 to 7 years to really focus on. And then the second piece being the amount of aftermarket service repair in the business today, which is very different than it was even 3 years ago.

是的。因此，讓我先從業務的整體方面開始，我認為這對於人們認識到在新建方面我們非常依賴積壓訂單這一點非常重要。這是我們過去 5 到 7 年來一直努力關注的事情。第二點是當今業務中的售後服務維修量，與三年前相比有很大不同。

Those two things really help us with the visibility in the business. When you look at tariffs specifically, I laid out some of the mitigating actions that we've been taking. The team has been working really hard at this. The in-region supply strategy, I think, is a very important one as to why you see that gross number being manageable. That really came as a result of the learnings that we had in the 2021 supply chain crisis.

這兩件事確實幫助我們提高了業務的知名度。當你具體看關稅時，我列出了我們一直在採取的一些緩解措施。該團隊一直為此努力工作。我認為，區域內供應策略非常重要，因為它決定了總量是可控的。這其實是我們在 2021 年供應鏈危機中學到的教訓的結果。

I'd also point to this -- what we call flexible manufacturing strategy where we make nearly all of our parts in more than one location, that stemmed from wanting to be close to customer projects, especially with larger equipment to give us advantage commercially. But over the years, that flexible manufacturing footprint in conjunction with the regional supply is proving to help us in this current situation.

我還要指出的是，我們所謂的靈活製造策略，即我們在多個地點生產幾乎所有的零件，這源於我們希望靠近客戶項目，特別是使用更大的設備來為我們帶來商業優勢。但多年來，事實證明，靈活的製造佈局與區域供應相結合能夠幫助我們應對當前情況。

When you look at other things that gave us more confidence in reiterating our guide, I can't drumbeat enough our focus on the aftermarket service repair side of the business, and that business is continuing to grow and margins are in line with what we have said our expectations are for 2025, and we see multiple other ways to continue to grow that particular segment.

當您查看其他讓我們更有信心重申我們的指南的事情時，我不能過分強調我們對業務的售後服務維修方面的關注，並且該業務正在繼續增長並且利潤率符合我們對 2025 年的預期，並且我們看到了多種其他方法來繼續增長該特定細分市場。

I was very pleased to see Specialty Products gross margin at over 30%, I guess, for the first time since Q3 of 2022. And that was what we had been really working toward to get more efficiencies, in particular, in the specialty shops that we have expanded, such as Teddy 1 and Teddy 2 such as Tulsa for specialty baseload heat exchangers. So those are a couple of the segments that I would point to.

我很高興看到特種產品毛利率超過 30%，我想這是自 2022 年第三季以來的首次。而這正是我們一直努力追求的目標，以提高效率，特別是在我們擴建的專業商店，例如 Teddy 1 和 Teddy 2，例如 Tulsa 的專業基載熱交換器商店。這些就是我想指出的幾個部分。

And then finally, as we get more IPSMR LNG content, clearly leading with the technology and then the associated equipment gives us visibility into the timing around those projects as they come into backlog. So we're really still very bullish on the nat gas side of the business.

最後，隨著我們獲得更多的 IPSMR LNG 內容，顯然技術領先，然後相關設備使我們能夠了解這些項目積壓時的時間安排。因此，我們仍然非常看好天然氣業務。

Oh it's great color, Joe. Thank you.

哦，顏色真棒，喬。謝謝。

Thank you, Scott.

謝謝你，斯科特。

Saurabh Pant with Bank of America

美國銀行的 Saurabh Pant

Jill, maybe I want to just continue with that line of thinking from [Scott]. I know the guidance is unchanged, which is fantastic to see despite the uncertainty, right? But I think if I'm looking at the slide there correctly, you are assuming that general economic activity remains stable, right? And that's where a lot of people are concerned about a lot of uncertainty then maybe walk us through what could be potential risks for you from a macroeconomic standpoint, right? Or maybe talk about backlog coverage, obviously, your RSL business, right? Just walk us through how we should think about the potential scenarios.

吉爾，也許我只是想繼續這種思路[斯科特]。我知道指導方針沒有改變，儘管存在不確定性，但看到這一點還是很高興的，對吧？但我認為，如果我正確地看了幻燈片，您假設總體經濟活動保持穩定，對嗎？這就是許多人擔心的不確定性，那麼從宏觀經濟的角度，您能向我們介紹一下對您來說可能存在的潛在風險嗎？或者也許談論積壓覆蓋，顯然是您的 RSL 業務，對嗎？只需向我們介紹一下我們應該如何考慮潛在的情況。

Absolutely. Thanks, Saurabh, for the question. What I would point to is not only, again, the backlog-driven business, the aftermarket service repair and the visibility that, that lends to us, but also the diverse end markets that we serve are really kind of proving out to be supportive where if we're seeing some caution in end markets such as industrial gas. I mean, certainly, we signaled that in China back in the third quarter of '24. We didn't really see it get better in the fourth quarter of '24.

絕對地。謝謝 Saurabh 提出這個問題。我想指出的是，不僅是積壓業務、售後服務維修和為我們帶來的可見性，而且我們所服務的多樣化終端市場也確實證明是具有支持作用的，如果我們看到工業氣體等終端市場的一些謹慎態度。我的意思是，我們當然早在 2024 年第三季就在中國發出了這樣的訊號。我們並沒有真正看到 24 年第四季的情況有所改善。

We had softness in general in our thinking around industrial gas. So while Q1 does not make a trend, we were pleased to see sequential order growth in Q1 versus Q4 in the CTS segment. But that's a watch market for me. I would say, I think this is not new news, right? But hydrogen in the Americas, in particular, is an area that we anticipate to be impacted by the uncertainty that we're all describing here. But outside of that, I mean, just the fact that we started the year with more orders in space exploration, nuclear, marine, HLNG vehicle tanks in Q1 and the entire year of '24, and '24 was a strong year.

我們對工業氣體的思考大致上是比較溫和的。因此，儘管第一季沒有形成趨勢，但我們很高興看到 CTS 部門第一季相對於第四季的訂單連續成長。但對我來說那是一個手錶市場。我想說，我認為這不是什麼新消息，對吧？但我們預計美洲的氫能領域將會受到我們在此描述的不確定性的影響。但除此之外，我的意思是，我們在今年第一季和整個 24 年在太空探索、核能、海洋、 HLNG 車輛油箱方面獲得了更多訂單，而 24 年是強勁的一年。

That gives us, again, some more confidence around as we see the rest of the year through backlog into the guide. So the diverse end markets and the two end markets I just named would be the risk areas. If we we'll watch those very carefully. And we'll also be watching very carefully if we see anything meaningfully different in terms of cancellations of projects in backlog in the first quarter. The only meaningful cancellation we had was on hydrogen project out of the backlog.

這再次給了我們更多的信心，因為我們可以透過指南中的積壓來查看今年剩餘的時間。因此，我剛才提到的多樣化終端市場和兩個終端市場將成為風險領域。如果我們的話，我們會非常仔細地觀察這些。我們也將密切關注第一季積壓項目取消情況是否有任何顯著變化。我們唯一有意義的取消是積壓的氫氣項目。

So that has, again, not been a trend so far. And then the last part of my answer, I think, which is important is just as we think about the low end and the high end of our outlook, the high end will require certain larger projects that we anticipate coming in, in the first half to do so and to release almost time schedules for manufacturing that we would anticipate based on what the customers are telling us now. So that's, I think, an important thing to when I'm answering your question around uncertainty, that would be the other thing for us that we're watching as the second quarter unfolds.

所以，到目前為止，這還不是一種趨勢。然後，我認為我回答的最後一部分很重要，正如我們思考展望的低端和高端一樣，高端將需要某些我們預計將在上半年完成的大型項目，並根據客戶現在告訴我們的情況發布我們預期的製造時間表。因此，我認為，當我回答您關於不確定性的問題時，這是一件重要的事情，這也是我們在第二季度關注的另一件事。

Right, right. Now that's super helpful, Jill. And maybe a quick follow-up on -- you talked about the diverse end markets. It's really good to see that slide on your data center opportunity. And if I remembering it correctly, Joe, when we were in London together, we were talking about a $500 million opportunity over the next 3 years. Now you're saying $400 million over the next 12 to 18 months. So it looks like a lot of that opportunity has come forward. So maybe talk to that a little bit and just if you are looking at that slide outside of just the air coolers, where else are you seeing that opportunity accelerate?

對，對。這非常有幫助，吉爾。也許可以快速跟進一下——您談到了多樣化的終端市場。很高興看到有關資料中心機會的幻燈片。如果我沒記錯的話，喬，當我們一起在倫敦時，我們談論的是未來 3 年 5 億美元的機會。現在您說的是未來 12 到 18 個月內要投入 4 億美元。看起來很多這樣的機會已經出現。所以也許可以稍微談一下這一點，如果您只看空氣冷卻器以外的幻燈片，您還在哪裡看到這種機會加速？

Yes, absolutely. Thank you for the question. And you remember perfectly that our original kind of addressable market size of anticipated business that we had thought for 3 years was about $500 million. Now that we've really hammered into this market with a dedicated resource, we're seeing more and more opportunities for our existing product and solutions for this end market. And that $400 million is a tangible number, that is actually built bottoms-up from the customer pipeline and discussions that we've had over the last 60 days.

是的，絕對是。謝謝你的提問。您清楚記得，我們​​最初 3 年來預期的業務目標市場規模約為 5 億美元。現在，我們已經真正利用專用資源打入了這個市場，我們看到我們現有的產品和解決方案在這個終端市場上有越來越多的機會。這 4 億美元是一個實實在在的數字，實際上是根據過去 60 天來我們根據客戶管道和討論情況自下而上建立起來的。

So that is good to see that accelerating and the air coolers and sands, so are -- what we would deem to be Finfans. So air cooler heat exchangers and then the breadth of the fans that we have ranging from the Tuf-Lite IV that has the very specific and unique sweeping blade design, which is really well equipped and suited for applications with high wind, for example, in regions that are like the Gulf Coast of the United States. And so that fan can really help serve data centers in certain applications.

因此，很高興看到加速和空氣冷卻器和沙子，所以是 - 我們認為的 Finfans。因此，空氣冷卻器熱交換器以及我們擁有的各種風扇，從具有非常具體和獨特的掃掠葉片設計的 Tuf-Lite IV 開始，裝備精良，適合大風應用，例如在美國墨西哥灣沿岸的地區。因此，風扇確實可以幫助資料中心在某些應用中提供服務。

We're also in many discussions around the cryogenic cooling side of our business as these AI projects and AI learning happen, the energy intensity continues to increase. And so in some cases, our cryogenic cooling solutions are really well suited for those applications. And then you get into things like that I consider adjacent but still good for this end market, which are our carbon capture solutions as well as our water treatment solutions.

隨著這些人工智慧專案和人工智慧學習的開展，我們也在就業務的低溫冷卻方面進行許多討論，能源強度也不斷增加。因此在某些情況下，我們的低溫冷卻解決方案非常適合這些應用。然後你會了解到我認為相鄰但對這個終端市場仍然有利的事情，即我們的碳捕獲解決方案以及我們的水處理解決方案。

What we've primarily seen to date in terms of interest is cryogenic cooling, air coolers and fans.

到目前為止，我們主要關注的是低溫冷卻、空氣冷卻器和風扇。

Awesome. Okay, thanks for that color. I'll turn it back.

驚人的。好的，謝謝你的顏色。我會把它轉回去。

Thanks.

謝謝。

Marc Bianchi with TD Cowen

馬克·比安奇與 TD Cowen

Another question on the tariffs and the impact, Jill. It sounds like -- so this is not reflecting any mitigation efforts, maybe could you talk about what the likelihood is of mitigating that? And how is that reflected in the guidance? Is the guidance assuming any benefit from mitigation efforts?

吉爾，另一個問題是關於關稅及其影響。聽起來——這並沒有反映出任何緩解措施，也許您能談談緩解這種影響的可能性有多大？這在指導上是如何體現的？該指南是否假設緩解措施會帶來任何好處？

Correct, Marc. So that is -- the number that we show there is an annualized growth impact that we estimate for the year. And so 12 months, obviously, we're in starting month 5 here. So that's just a mathematical calc for the remaining 8 months. Those do not reflect any of the mitigating actions that we've described here, of which many, many are underway. We're certainly the norm in terms of the war rooms attacking this with all hands on deck around the world to mitigate what these potential actions are.

正確，馬克。所以，我們所顯示的數字是我們估計的年度成長影響。因此，12 個月，顯然，我們現在處於第 5 個月。所以這只是對剩餘 8 個月的數學計算。這些並沒有反映出我們在此描述的任何緩解措施，其中許多措施正在進行中。我們當然是依照常態在作戰室發動攻擊，在世界各地全力以赴，以減輕這些潛在行動的影響。

We do have good visibility to, obviously, the contracts in backlog and how they're structured and our ability to pass through cost to customers. I mentioned a few exemptions that we've already received to date. I'd also mention that inclusive in that approximately $50 million annual gross number is if the 90-day pause were lifted and it went in the 10% reverted back to a higher number. So that's also in that.

顯然，我們確實對積壓的合約、合約結構以及我們將成本轉嫁給客戶的能力有很好的了解。我提到了我們迄今為止已經收到的一些豁免。我還要提到，如果取消 90 天的暫停期，並將 10% 恢復到更高的數字，那麼大約 5000 萬美元的年度總收入就包含在內了。這也是其中之一。

So what I would say is we believe that we've -- that we're well underway in mitigating these tariffs, and that gives us confidence. I won't go into specifics because some of it is customer -- very customer specific. But what I would say is that we felt confident in actions taken to date around being able to size the number within our guide range. And what we've seen to date we'll continue to evaluate the success of the actions that we have, but we've made some good progress to date on the mitigation efforts.

所以我想說的是，我們相信我們已經在降低這些關稅方面取得了良好的進展，這給了我們信心。我不會談論具體細節，因為其中一些是針對客戶的——非常針對客戶。但我想說的是，我們對迄今為止的行動充滿信心，能夠將數字控制在我們的指導範圍內。根據迄今為止所見，我們將繼續評估我們所採取行動的成功程度，但到目前為止，我們在緩解措施方面已經取得了一些良好進展。

Okay. Great. Yes. And I would just echo like I think it's definitely a much smaller number than a lot of people are anticipating. On -- going into second quarter and just some of the disruption that we've people are expecting to be out there. It doesn't seem like you're expecting it for the year. But as we kind of go through the second quarter and into the back half of the year, is there anything different that we should expect from a seasonality perspective? Like if I think about typically what we've seen from 1Q to 2Q as revenue goes up 10%, maybe you get a couple, 300 basis points of margin -- EBITDA margin improvement from 1Q to 2Q. Any reason that's not a good base case assumption?

好的。偉大的。是的。我只是想重複一遍，我認為這個數字肯定比很多人預期的要小得多。進入第二季度，我們預計會出現一些混亂的情況。看起來你今年似乎沒有期待過這件事。但是，隨著我們進入第二季和下半年，從季節性的角度來看，我們應該期待什麼不同嗎？例如，如果我考慮我們通常看到的第一季到第二季的營收成長 10% 的情況，那麼利潤率可能會提高幾到 300 個基點——從第一季到第二季度，EBITDA 利潤率會提高。有什麼理由認為這不是一個好的基本情況假設？

No reason to assume '25 is any different than the last couple of years in terms of seasonality.

沒有理由認為 25 年在季節性方面與過去幾年有什麼不同。

Okay. And anything on the cash flow side that we should be thinking about? I know you mentioned the unusual -- or the typical payments that occur. But is there anything from -- because of these tariffs or anything like that, that should be called out from a cash flow perspective?

好的。在現金流方面我們應該考慮什麼？我知道您提到了不尋常的——或者典型的付款。但是，由於這些關稅或類似因素，從現金流角度來看，有什麼需要注意的嗎？

The two things -- well, the 3 things, I guess, Joe commented on the semiannual --

喬在半年一次的會議上評論了兩件事——好吧，我想是三件事。--

Yes, the semiannual twice a year, yeah --

是的，一年兩次，是的--

I never get that right. And then we have -- we are -- there's a couple of raw materials that we're going to buy ahead in Q2 on taking advantage of the exemptions that we have, which I wouldn't say is meaningful, but just for everybody's knowledge. And then our tax payments, our normal tax payments generally are heftiest in Q2 and Q4.

我從來都做不對。然後，我們將利用現有的豁免權，在第二季提前購買一些原料，我認為這並沒有什麼意義，只是為了讓大家知道。然後我們的納稅，我們的正常納稅通常在第二季和第四季最為沉重。

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

好的。謝謝，喬。我會把它轉回去。

Thank you, Mark.

謝謝你，馬克。

Eric Stine with Craig-Hallum

Eric Stine 與 Craig-Hallum

So you called out a number of these end markets where '25 is better or first quarter better than all of '24, great color on the data center business, so probably in the category of that you view that as a sustainable business where it's matured to the point where you have pretty high confidence. Just curious on the other ones, I know business can be lumpy and Jill, you've been at this for a while. I mean as you look at these other end markets, where is your confidence level that they've kind of reached a different level for you in terms of being a business that you can count on that you see growth, and it's kind of just moved beyond that really lumpy kind of start-up of end markets.

因此，您列舉了一些終端市場，其中 25 年表現更好，或者第一季比 24 年全年表現更好，數據中心業務表現非常好，因此您可能認為這是一個可持續的業務，它已經成熟到您有相當高信心的程度。只是對其他的感到好奇，我知道生意可能會不穩定，吉爾，你已經在這個領域工作了一段時間了。我的意思是，當你觀察這些其他終端市場時，你對它們是否已經達到了不同的水平有信心，就成為一家你可以信賴、可以成長的企業而言，它們已經超越了終端市場起步階段的那種不穩定狀態。

Yes. Thanks, Eric, and you've been around as well for a while and seeing kind of seen the evolution and that's what I would call it that it's really been a journey, and I'm so pleased as we sit here today to be able to have this discussion because we've worked really hard to get out of that super peaky, super troughy reliant on a project or to which, again, that just took us some time.

是的。謝謝，艾瑞克，你也在這裡有一段時間了，看到了這種演變，這就是我所說的，這真的是一段旅程，我很高興我們今天坐在這裡能夠進行這次討論，因為我們真的很努力地擺脫對某個項目的依賴，或者說，這花了一些時間。

So reiterating your point of having more visibility on the new build backlog that we have across a variety of end markets is super helpful and then having that more meaningful RSL or aftermarket service repair, especially when I was talking to our four presidents earlier this week, and asking, hey, in your specific region, are you seeing anything that's alarming on the aftermarket service side because that's an area that we really are leaning into here and the four of them said now, it's holding up very well. And so that was a big positive.

因此，重申您的觀點，即更加了解我們在各個終端市場的新建積壓訂單，這非常有幫助，然後進行更有意義的 RSL 或售後市場服務維修，特別是當我本週早些時候與我們的四位總裁交談時，我問，嘿，在您所在的特定地區，您是否看到售後市場服務方面出現任何令人擔憂的情況，因為這是我們真正傾向於的領域，他們四位總裁。所以這是一個很大的正面因素。

I think the diversification of the end markets and more content on these projects also helped us in this evolution that we're under here, meaning like, hey, space -- 3 years ago, space exploration was maybe I'm going to fit ball here, but maybe a $10 million style a year. And now we told you at the end of February, we told you that we had already booked $60 million of space exploration orders. And that number is now year-to-date around $95 million as of yesterday.

我認為終端市場的多樣化和這些項目的更多內容也有助於我們實現目前的這種演變，也就是說，嘿，太空——3 年前，太空探索可能是我要在這裡投資的項目，但可能是每年 1000 萬美元。我們在二月底就告訴你們，我們已經預訂了價值 6000 萬美元的太空探索訂單。截至昨天，今年迄今的數字約為 9,500 萬美元。

So these are end markets that we have more content. We're leading with technology. And then I would be remiss not to mention IPSMR, the LNG liquefaction process technology and how having that out there in the market has really brought more consistency to the LNG business and more opportunities into the LNG business.

因此，這些是我們擁有更多內容的終端市場。我們以技術領先。然後，如果不提及IPSMR（液化天然氣液化製程技術）以及該技術在市場上的應用如何真正為液化天然氣業務帶來更多一致性和更多機遇，那我就是失職了。

So I feel like we're at that prestice now where we're really seeing those pieces of the puzzle contribute to us looking very different as a business than we did 8 to 10 years ago.

所以我覺得我們現在正處於這樣的境地，我們真正看到這些難題的碎片使我們的企業看起來與 8 到 10 年前相比有很大不同。

No, that's great. And on repair service and leasing. I know you're talking about just making sure that, that business is holding up. But if I recall, past times where maybe there was economic uncertainty, repair service and leasing actually was almost better off because customers are more likely to protect what they have rather than new -- so I mean, curious, it seems like that would almost be a bit of a counter if things were to get worse or more uncertain, if that's possible. Just curious your thoughts on that.

不，那太好了。以及維修服務和租賃。我知道您說的只是確保業務能夠順利進行。但如果我沒記錯的話，過去可能存在經濟不確定性，維修服務和租賃實際上幾乎更好，因為客戶更有可能保護他們已有的東西而不是新產品——所以我的意思是，好奇的是，如果情況變得更糟或更加不確定，這似乎幾乎會起到一點反作用，如果這是可能的話。只是好奇你對此的想法。

Yes, more uncertain if that's possible, right? It's an interesting time right now. I think what you said -- I don't think I could have said what you just said better. That's how we view it in terms of aftermarket service repair, but what we also really like about the RSL business is not only what you just described where the uncertainty or things get delayed on new build or CapEx or OpEx purchases, then people are still not only retrofitting, but preventive maintenance and regular maintenance to keep plants running is very, very important.

是的，更不確定這是否可能，對嗎？現在是一個有趣的時刻。我認為你所說的話——我認為我無法更好地表達你剛才所說的話。這就是我們對售後服務維修的看法，但我們真正喜歡 RSL 業務的原因不僅僅是您剛才描述的情況，即在新建或資本支出或運營支出採購方面存在不確定性或延誤，那麼人們不僅會進行改造，而且預防性維護和定期維護對於保持工廠運轉也非常非常重要。

And that's also where digital uptime, the Howden Digital uptime preventive maintenance software that we're taking across other product lines. We've had a lot of interest in that as well, so that it's not a reactive where a customer has to come and ask for a quick ship of something, but rather a preventive. So all those things we like because it's not one thing that's driving RSL. It's a lot of different things that are driving it. And then this whole idea of optimization for molecules. So we talked a lot last year about the retrofit at being passed for fans to help the customer get as much product out for them of the existing facility.

這也是我們在其他產品線上採用的數位正常運作時間、Howden Digital 正常運作時間預防性維護軟體的所在。我們對此也非常感興趣，因此它不是客戶要求快速發貨的被動措施，而是一種預防措施。所以我們喜歡所有這些事情，因為它們並不是推動 RSL 發展的單一因素。有很多不同的因素在推動這項進程。然後是整個分子優化的想法。因此，去年我們討論了許多有關風扇改造的問題，以幫助客戶從現有設施中獲得盡可能多的產品。

And I think we're going to see more and more of that. That's why we're also excited about the retrofit of a coal-fired power plant order. That was the first of that kind for our application using our FCS cryogenic carb and capture technology.

我認為我們會看到越來越多這樣的情況。這就是為什麼我們對燃煤發電廠改造訂單感到興奮。這是我們首次使用 FCS 低溫碳和捕獲技術進行此類應用。

Ben Nolan with Stifel

Ben Nolan 與 Stifel

Good quarter. So my couple of quick ones are: number one, just from a macro perspective on the LNG side, just paying attention to this every day, it feels like there's been a pretty material acceleration of activity maybe since the first of the year, but certainly even in this last month. I'm curious if you're seeing the same and how you're thinking about the development of potentially big LNG orders, I don't know, and then through the rest of the year or into next year?

好季度。因此，我的幾點簡要看法如下：第一，僅從液化天然氣方面的宏觀角度來看，只要每天關注這一點，感覺活動似乎自今年年初以來就出現了相當大的加速，但肯定甚至是在上個月。我很好奇您是否看到了同樣的情況，以及您如何看待潛在的大型液化天然氣訂單的發展，我不知道，然後在今年剩餘時間或明年？

Yes. No, I think your observation is what we would have answered the question with as well. We're definitely seeing an acceleration. What our energy team told me is that to all of our customers are saying that they're going to take advantage of pro energy environment and Pro LNG and natural gas environment. And I think you're seeing that with projects that are looking -- are pushing really far ahead, but also it's good to see some of these offtake arrangements getting put in place for the projects.

是的。不，我認為您的觀察也是我們回答這個問題的依據。我們確實看到了加速的跡象。我們的能源團隊告訴我，我們所有的客戶都表示他們將利用專業能源環境和專業液化天然氣和天然氣環境。我認為您已經看到了這些項目正在向前推進的跡象，但同時我們也很高興看到一些承購安排正在為這些項目實施。

So yes, I would say that. What I didn't size in the prepared remarks, but I'll size it specifically now is for our LNG specific pipeline of potential orders that we would anticipate to come into backlog in the next 12 months is about $1 billion. That's a meaningful number, and that does not include the ExxonMobil Mozambique Rovuma that we already -- that's not in backlog, but we know we'll utilize IPSMR and our equipment. So that number is ex that. And those are -- that's a handful of global LNG work, and that pipeline continues to expand.

是的，我會這麼說。我在準備好的演講中沒有具體說明規模，但現在我將具體說明的是，我們預計未來 12 個月內積壓的液化天然氣專用管道潛在訂單額約為 10 億美元。這是一個有意義的數字，這還不包括我們已經簽訂的埃克森美孚莫三比克魯伍馬計畫——該計畫並未積壓，但我們知道我們將利用 IPSMR 和我們的設備。所以這個數字是除此之外的。這些都是全球少數的液化天然氣項目，而且管道還在持續擴大中。

And then the other piece of it that's a little bit tangential, but certainly hits this set of end markets is the nitrogen rejection unit offering that we have. We have seen more and more of an increase in customers, potential customers talking to us about NRUs based on gas composition that they have in their projects or even midstream, upstream guys that may be looking at NRU to serve their downstream customers.

然後，另一部分雖然有點離題，但肯定會影響到這組終端市場，那就是我們提供的氮氣去除裝置。我們看到越來越多的客戶和潛在客戶根據他們專案中的天然氣成分向我們談論 NRU，甚至中游和上游的企業也可能希望使用 NRU 來服務他們的下游客戶。

Right. The color is very helpful. I appreciate it. And then secondly, just switching gears a little bit. I know you -- maybe it's nothing, but it sounds like you're sort of changing how you refer to the RSL business being aftermarket service and repair. Maybe it's always been that way. I just didn't notice. But curious where the leasing part is in that? I mean, is that something that you're still looking to lean into? Or how do you think about the leasing as a function of sort of that part of the business?

正確的。顏色非常有用。我很感激。其次，稍微轉換一下話題。我了解你——也許這沒什麼，但聽起來你正在改變你對 RSL 業務即售後服務和維修的理解。也許一直都是這樣。我只是沒注意到。但好奇其中的租賃部分在哪裡？我的意思是，這是你仍在尋求的嗎？或者您如何看待租賃作為該部分業務的功能？

Yes. No, leasing still is an important part of that business as well. So we just -- internally, sometimes we flip flop between how we refer to it. And sometimes, we just even say aftermarket generally for the entire segment. So that's probably just a little bit of semantics on my part. But now leasing is still a really important offering for our customers, and we've stayed the course on that being a standard product. So that's -- there's no change in our leasing strategy.

是的。不，租賃仍然是該業務的重要組成部分。所以我們只是——在內部，有時我們會在如何引用它之間搖擺不定。有時，我們甚至會泛指整個領域的售後市場。這可能只是我的一點語意。但現在租賃對我們的客戶來說仍然是一項非常重要的服務，我們一直堅持將其作為標準產品。所以——我們的租賃策略沒有改變。

And the only thing I would answer as it always has been, which is that we do that within our financial policy. We're not going to go outside of our financial policy to build some massive leasing fleet on our own on our balance sheet.

我唯一的回答是，一如既往，我們會在我們的財務政策範圍內這樣做。我們不會超出我們的財務政策，在我們的資產負債表上自行建立一些龐大的租賃車隊。

Yeah, right, I appreciate it. Thanks guys.

是的，我很感激。謝謝大家。

Arun Jayaram with JPMorgan Chase

摩根大通的 Arun Jayaram

Yeah, good morning, Jill, I was wondering if you could elaborate on the potential for more chunky orders in HTS. I just want to see if you can expand on your commentary on HTS.

是的，早上好，吉爾，我想知道你是否可以詳細說明 HTS 中更多大宗訂單的可能性。我只是想看看您是否可以擴展您對 HTS 的評論。

Yes. So what I was really trying to convey there in that commentary is that orders while down from Q1 '24 to Q1 '25 and HTS by about 7% and doesn't really reflect what we're seeing commercially in the market where some of these are just timing like can always gamma $20 million to $50 million order into March 30 or 31 and maybe comes in, in April type of thing.

是的。因此，我在該評論中真正想表達的是，訂單量從 2024 年第一季到 2025 年第一季度下降了約 7%，但這並不能真正反映我們在市場上看到的商業情況，其中一些只是時間問題，比如 3 月 30 日或 31 日可以收到 2000 萬至 5000 萬美元的訂單，也許在 4 月份就會收到賬目。

So that was really the genesis of what I was trying to convey with that comment is that we continue to be -- to see bullishness in kind of the broader HTS end markets, but also that we do have a strong pipeline of these chunkier projects. Chunkier for us can be anywhere from kind of $20 million at the lower end to in that pipe that I was just referring to in my last answer of LNG specific, the largest beyond what we booked with Woodside Phase 2 would be approximately $140 million or so.

所以，我試圖透過該評論傳達的真正含義是，我們繼續看到更廣泛的 HTS 終端市場的看漲情緒，而且我們確實擁有大量此類大型專案。對我們來說，大宗商品的價格範圍可以從低端的 2000 萬美元到我上次回答 LNG 時提到的那個管道，除了我們與 Woodside Phase 2 預訂的價格之外，最大的價格大約是 1.4 億美元左右。

And there's a couple of those in that pipeline, and then there's a handful of the $20 million to $70 million.

其中有幾個正在籌備中，還有少數金額在 2,000 萬至 7,000 萬美元之間。

Great. That's helpful. margins in 1Q were quite a bit better than our model. You mentioned -- Marc talked about some of the seasonal historical season patterns. Can you talk about just the margin outperformance in 1Q and just how you see the setup for the rest of the year?

偉大的。這很有幫助。第一季的利潤率比我們的模型好得多。您提到—馬克談到了一些季節性的歷史季節模式。您能否談談第一季的利潤率表現以及您如何看待今年剩餘時間的走勢？

Yes. So I would say RSL was in line with what we had anticipated HTS with the conversion of the data center and the LNG backlog. The more IPSMR backlog we have in HTS, the better for us. And so that's going -- that's a driver currently, and we anticipate continues to be a driver in the coming years ahead.

是的。因此我想說，RSL 與我們對 HTS 資料中心轉換和 LNG 積壓的預期一致。我們在 HTS 中擁有的 IPSMR 積壓越多，對我們來說就越有利。這就是當前的一個驅動力，我們預計它在未來幾年將繼續成為驅動力。

On CTS, yes, I'd say CTS did a little bit better on the margin side than we anticipated. And that's, again, just specific product mix in that segment. but we like to see things like the railcar order that came in, that that's a good mix for us. Larger tanks are good mix for us, et cetera. And then finally, specialty is the one that kind of drumbeat here that over the last 24 months, right, we've been -- we got to get specialty back to that 30% mark.

關於 CTS，是的，我認為 CTS 在利潤方面的表現比我們預期的要好一些。再次強調，這只是該領域特定的產品組合。但我們希望看到諸如鐵路車輛訂單之類的事情，這對我們來說是一個很好的組合。對我們來說，更大的坦克是更好的選擇，等等。最後，專業化是過去 24 個月來我們一直在強調的一點——我們必須讓專業化比例回到 30% 的水平。

That's been a really hefty focus for us. We did make some investments in some of the, I would say, inefficiencies, took a little bit longer to flow through the system. But I feel like we're at that turning point in Q1 reflected that. So looking ahead, we've said that the medium term mid-30% gross margins, and we feel like we're on our way on that path.

這對我們來說是一個非常重要的關注點。我們確實對一些效率低下的地方進行了一些投資，我想說，這些投資需要更長的時間才能在系統中流通。但我覺得我們正處於第一季的轉捩點，這反映了這一點。因此展望未來，我們說過中期毛利率將達到 30% 左右，我們感覺我們正在朝著這個目標前進。

Great, thanks a lot.

太好了，非常感謝。

Thank you.

謝謝。

David Anderson with Barclays

巴克萊銀行的戴維安德森

Hi, good morning, Jill. A couple of questions around the aftermarket business or RSL. You had a really strong quarter in orders this quarter, much more than we've seen in the past. Can you just tell us what was kind of incremental on that quarter? Was there anything kind of kind of unique or kind of exists kind of building up? Just kind of help us understand a little bit what's behind that?

嗨，早上好，吉爾。關於售後市場業務或 RSL 的幾個問題。本季的訂單量非常強勁，比過去任何時候都要多。您能告訴我們該季度的增量是多少嗎？是否存在某種獨特或現有的建設性的東西？只是幫助我們稍微了解背後的原因嗎？

Yes, absolutely. Thanks, Dave. And I appreciate you flip flopping between aftermarket and ourselves. So first, I would say that we were very pleased that -- and when we look within RSL, right, we look at leasing, we look at retrofit/service as a category and then the third category being spares. And what we were very pleased to see was the retrofit service and spares, both of those orders were up Q1 to Q1. So that's good to see because it's not really -- it's indicating that it's not one particular driver.

是的，絕對是。謝謝，戴夫。我很欣賞您在售後市場和我們自己之間搖擺不定。因此，首先，我想說我們非常高興 - 當我們查看 RSL 時，我們將租賃視為一個類別，我們將改造/服務視為一個類別，然後第三類是備件。我們非常高興地看到改造服務和備件的訂單量都比第一季有所成長。這很好，因為這並不是真的——這表明這不是一個特定的驅動因素。

We did see a good -- we had a strong Americas Q1, which we had anticipated, but it came through, and that's a good thing because Americas is a large region for us. It's also a region that out of the out of the 4 regions that we discussed, it currently has the lowest percent of its revenue as (inaudible). And so that is an indicator of gaining some share for us.

我們確實看到了好的一面——美洲第一季的業績表現強勁，正如我們預期的那樣，但這並沒有實現，這是一件好事，因為美洲對我們來說是一個很大的地區。在我們討論的 4 個地區中，該地區目前的收入佔比最低的是（聽不清楚）。因此，這表明我們獲得了一些份額。

And then that the retrofit side was -- retrofit/service side was kind of broad-based demand, and then there were two that were a little bit larger, one being a mining -- South Africa service project that came in and then the other being the CCUS with the retrofit on -- with a utility customer.

然後改造方面——改造/服務方面是一種廣泛的需求，然後有兩個稍微大一點的項目，一個是採礦——南非的服務項目，另一個是與公用事業客戶一起改造的 CCUS。

So I'm just caring curious. So Howden came in, I guess, what, about two years ago. So we didn't really see how the aftermarket business performed during COVID or some other kind of demand changes out there. You highlighted industrial gas is kind of one of the watch market. I'm just curious how you're thinking about some of the potential risks in aftermarket. I guess intuitively, if you have kind of economic uncertainty, I would think maybe some of your customers would push out say, a retrofit or we kind of delay some of this spending. Is there any concern that, that could happen? Or counter to that is are you just seeing kind of this build out of your backlog that kind of offsets any of those potential concerns?

所以我只是關心好奇。我想，豪登大約兩年前就加入了我們。因此，我們並沒有真正看到售後市場業務在 COVID 或其他某種需求變化期間的表現如何。您強調工業氣體是值得關注的市場之一。我只是好奇您如何看待待售後市場的一些潛在風險。我想直覺上，如果你有某種經濟不確定性，我想也許你的一些客戶會推遲改造，或者我們會推遲一些支出。是否有人擔心這種情況會發生？或者與此相反的是，您是否只是看到積壓訂單的增加可以抵消任何潛在的擔憂？

Yes. So let me start with the first part of the question on kind of how do the aftermarket and how it performed under -- in the private world that it was very consistent. And so the only time in Howden where there was even kind of a blip in a quarter for aftermarket was summer of 2020, where people couldn't go to site. And so that might push from like Q2 to Q3, but it was within a year, so it performed consistently in kind of the 5 years before we owned it in aftermarket.

是的。因此，讓我從問題的第一部分開始，關於售後市場如何以及它在私人世界中的表現如何，它非常一致。因此，豪登售後市場唯一一個季度出現下滑的時期是 2020 年夏季，當時人們無法前往現場。因此，這可能會從第二季度推到第三季度，但這是在一年之內，因此在我們擁有售後市場之前的 5 年裡，它表現穩定。

In terms of things that we're -- that could be pushed or look differently, maybe I'll start with the with the end answer, which is with the backlog that we have in RSL, that gives us a lot of confidence to what we're seeing in the kind of imminence here. But also -- could there be somebody that says, hey, I'm not going to do a retrofit of a facility. That's definitely a possibility. But I think with the global kind of service network and the spares side on balance, I think those two things probably balance each other is the way we think about it.

就我們可能推動或以不同方式看待的事情而言，也許我會從最終答案開始，也就是我們在 RSL 中的積壓工作，這讓我們對我們所看到的緊迫性充滿信心。但同時——有人可能會說，嘿，我不會對設施進行改造。這絕對有可能。但我認為，透過平衡全球服務網絡和備件方面，我認為這兩件事可能會相互平衡，這是我們的想法。

Yes. No, I just -- I would add one thing there. I mean the installed base of Howden equipment is mission-critical in their applications. So in a downturn, that equipment is going to continue to be maintained because the ramifications of it not being maintained far outweigh the cost of the maintenance. So that's -- as Jill mentioned, we saw that when we're doing the Howden diligence, it's not a cyclical segment.

是的。不，我只是——我想補充一點。我的意思是，豪頓設備的安裝基礎在其應用中起著至關重要的作用。因此，在經濟低迷時期，這些設備將繼續維護，因為不維護的後果遠遠超過維護成本。所以 — — 正如吉爾所提到的，我們發現，當我們進行豪頓盡職調查時，它不是一個週期性部分。

Okay. Thank you. Appreciate it.

好的。謝謝。非常感謝。

Walter Liptak with Seaport Research

海港研究公司的 Walter Liptak

Congratulations guys. And I enjoyed that last discussion about Howden, I think diversity is your strength.

恭喜你們。我很喜歡上次關於豪登的討論，我認為多樣性是你的優勢。

Thanks, Walter. We really appreciate that observation and I couldn't agree more.

謝謝，沃爾特。我們非常欣賞這一觀察，我完全同意。

Okay. Great. So I want to go back to the mitigation and ask about selling price increases versus surcharging, if you've started doing any of that yet, especially around steel and how that might -- if you're just passing through things with surcharges, how that might impact the gross margin and the aspirations for gross margin this year?

好的。偉大的。因此，我想回到緩解措施上來，並詢問一下關於銷售價格上漲與附加費的問題，如果您已經開始採取任何措施，特別是圍繞鋼鐵，以及這可能會如何 - 如果您只是通過附加費來解決問題，這可能會如何影響今年的毛利率和毛利率預期？

Yes. Thanks for the question. So in terms of -- maybe just stepping back, we think of our business pricing in kind of 3 major categories. The first is project-based pricing, which in that there's multiple mechanisms for change orders and things like that. So that's kind of an insulated piece of the business. The second being things that are on long-term agreements, which is primarily in the CTS segment, and those have a pricing mechanism in those where it's really meant not to hurt or benefit either party.

是的。謝謝你的提問。因此，就這一點而言——也許只是退一步來說，我們認為我們的業務定價分為三大類。首先是基於專案的定價，其中存在多種變更單等機制。所以這算是業務中一個與外界隔絕的部分。第二種是長期協議，主要是 CTS 領域，這些協議都有定價機制，其真正目的是不損害或使任何一方受益。

And what we learned in the last supply chain crisis was that lag kind in terms of the mechanism, like flip slopping was something that we had to manage better. And subsequently, we've done that. And then the third is really the book and ship business with the price book. We did launch a price increase earlier in April for that piece of the business, and we're watching that carefully. But I think overall, we feel like we've got a lot of good activities underway that would not materially impact margin as we see it today.

我們在上次供應鏈危機中學到的是，機制上的滯後，例如翻轉，是我們必須更好地管理的事情。隨後，我們就這麼做了。第三個實際上是帶有價格手冊的圖書和船舶業務。我們確實在四月初針對該部分業務啟動了提價，我們正在密切關注此事。但我認為總體而言，我們覺得我們正在進行許多良好的活動，這些活動不會對我們今天看到的利潤率產生重大影響。

Yes. One thing I want to add on the -- our tariff exposure One thing to remember is we don't manufacture finished goods in other regions and then bring them into the and have tariff exposure on the whole value of the equipment. We're largely manufacturing in the for the market. And so our exposure is on the raw material side. And in every case, where we source those raw materials internationally, we also have domestic sources. So we can pivot between the international raw material sources and the domestic raw material sources as the economic situation changes like tariffs. So not importing finished goods for resale and having exposure on the whole value of the finished goods is one important aspect of our tariff exposure.

是的。我想補充一點——我們的關稅風險。要記住的一點是，我們不會在其他地區生產成品，然後將它們帶入該地區，並對設備的整體價值產生關稅風險。我們主要為市場進行製造。因此我們的關注點在原材料方面。在每種情況下，我們在國際上採購原料，同時也在國內採購。因此，隨著關稅等經濟情勢的變化，我們可以在國際原料來源和國內原料來源之間進行調整。因此，不進口成品進行轉售並承擔成品整體價值的風險是我們關稅風險的重要方面。

Okay. Great. And with that April pricing -- that was a price increase, not a surcharge. Is that right?

好的。偉大的。四月的定價是漲價，而不是附加費。是嗎？

That was price increase -- that's a price increase, correct.

這就是價格上漲——這就是價格上漲，正確。

Okay. Great. Okay. And then am I thinking about it right to think that there could be a gross margin impact from some of this? Or does this just sort of kind of still play in maybe even positively into gross margin targets?

好的。偉大的。好的。那麼，我認為這可能會對毛利率產生影響，這種想法對嗎？或者這仍然對毛利率目標產生正面影響？

Yes, I would say not. I wouldn't go to so far as to say positively at all. What I would say is that we feel like the growth potential impact is manageable on an annualized basis. Clearly, that's based on what we know today, that we have -- the team has done an exceptional job in terms of being agile and been hitting these hard. We have also some members of our executive leadership program that are on this daily, and we're tracking it and all of that. So our intent would be that through these mitigating actions, we're able to manage our way where it does not have a meaningful impact to gross or operating margin.

是的，我認為不是。我根本不會做出正面的評價。我想說的是，我們認為以年率計算，成長潛力的影響是可控的。顯然，這是基於我們今天所知道的，即我們的團隊在敏捷性和努力應對這些挑戰方面做得非常出色。我們的一些高階主管領導力專案成員也每天都在關注此事，我們正在追蹤這一切。因此，我們的目的是透過這些緩解措施，我們能夠以我們的方式進行管理，而不會對毛利率或營業利潤率產生重大影響。

Okay, great. Okay, thanks so much.

好的，太好了。好的，非常感謝。

Think well.

好好想想。

Rob Brown with Lake Street Capital Markets.

湖街資本市場 (Lake Street Capital Markets) 的 Rob Brown。

On the specialty gross margins were improving nicely in the quarter, what's sort of the opportunity there? Where do you think you can get those two?

本季專業毛利率大幅提升，有哪些機會？您認為從哪裡可以得到這兩個？

Yes. Thanks, Rob. Thanks for recognizing that, too. It's kind of been a long hole to get through some of this stuff, but we really needed to get that capacity in play given what we're seeing in terms of demand. I'd be happy if this year, it hangs around the low 30s. If we can consistently be 30% plus in the next 9 months or 8 months, I'm going to be pleased with that. What I think it should be is closer to like 33%, 34%.

是的。謝謝，羅布。也感謝您體認到這一點。要解決這些問題確實需要很長時間，但考慮到我們所看到的需求，我們確實需要發揮這種能力。如果今年氣溫能保持在 30 度出頭左右，我會很高興。如果我們能夠在未來 9 個月或 8 個月內持續保持 30% 以上的成長，我會感到滿意。我認為應該更接近 33%、34%。

But in terms of 2025, we still have some efficiencies to gain in order to get to that. But in terms of like the project mix and the technologies and capabilities and some of the unique manufacturing capacity that we now have, that should be ticking closer to that 33%, 34%. And but I don't want to get out over our skis for what it could look like in '25.

但就 2025 年而言，我們仍需要提高一些效率才能實現這一目標。但就專案組合、技術、能力以及我們現在擁有的一些獨特製造能力而言，這個比例應該更接近 33% 或 34%。但我不想為了 25 年的景象而出去滑雪。

Okay, thank you.

好的，謝謝。

Martin Malloy with Johnson Rice.

馬丁·馬洛伊和約翰遜·賴斯。

Good morning. Thank you for taking my questions. The first question I had was on nuclear. I was just wondering if maybe you could talk a little bit more about the scope of potential award for Chart, whether it's upgrade projects on existing large nuclear facilities or maybe some of the newer SMR designs, what you potentially could sell into those areas.

早安.感謝您回答我的問題。我的第一個問題是關於核子問題的。我只是想知道您是否可以再多談談 Chart 的潛在獎項範圍，無論是現有大型核設施的升級項目，還是一些較新的 SMR 設計，以及您可能在這些領域銷售什麼。

Yes. Thanks, Marty, for the question. We're excited about nuclear. We're excited about helium. We're excited about data center. There's a lot going on that all kind of circles this energy intensity and energy security concept. In terms of nuclear, there's a few different areas that we play in. So retrofitting existing is primarily smaller dollar work for us. So take a fan as an example. Those -- that work is fairly consistent. It's not huge. It's not large in terms of what we have right now, but it's generally coming from the players that you anticipate it comes from.

是的。謝謝 Marty 提出這個問題。我們對核能感到興奮。我們對氦氣感到很興奮。我們對資料中心感到興奮。有很多事情都圍繞著能源強度和能源安全的概念。在核能方面，我們涉足幾個不同的領域。因此，對我們來說，改造現有的設施主要是花費較少的工作。以風扇為例。那些——那些工作是相當一致的。它不是很大。就我們目前擁有的而言，它並不大，但它通常來自你預期它會來自的玩家。

The second is SMR, and that's more of what I call like an early -- it's more -- it's a little bit more embryonic in where it is in its evolution. A lot of smaller players trying to sort out what they want to do in particular in Europe. But we have good capabilities on the Howden compression side for that.

第二個是 SMR，我稱之為早期──它的發展階段還處於萌芽階段。許多小型企業都在努力弄清楚自己想做什麼，尤其是在歐洲。但我們在 Howden 壓縮方面擁有良好的能力。

And then the third is what I call like nuclear/helium, and we have current customers and a growing pipeline of potential new customers for helium circulation. That's one area. And that -- this category, helium liquefaction compression goes into that as well. Compression kind of leads some of that, but also our cryogenic technologies do as well. That third category is where I see the largest opportunity in kind of the near medium term. That pipeline in the first quarter, it grew 3x what it was. And so it's becoming a hotter topic and that's not a regional comment. It's a comment for both Europe and North America.

第三個是我所謂的核能/氦氣，我們擁有現有客戶，而氦氣循環的潛在新客戶數量正在不斷增長。那是一個領域。而且 — — 在這一類別中，氦氣液化壓縮也屬於這一類。壓縮在某種程度上起到了一定作用，但我們的低溫技術也能起到同樣的作用。我認為第三類是近期中期最大的機會。第一季的管道成長了 3 倍。因此，這正成為一個熱門話題，而且這並不是一個地區性的評論。這是針對歐洲和北美的評論。

Great. And for a follow-up question, just wanted to ask about with respect to Chart water. Are you all doing anything in terms of oilfield produced water pretreatment or cleaning it up even further for beneficial reuse?

偉大的。對於後續問題，我只想問一下有關 Chart water 的問題。你們是否都在對油田採出水進行預處理或進一步淨化以便進行有益的再利用？

No, not specific to that application. Most of our water treatment is a, oxidation, oxygenation and PFAS.

不，不是特定於該應用程式。我們的大部分水處理是氧化、充氧和 PFAS。

Okay. Thank you.

好的。謝謝。

Thanks, Marty.

謝謝，馬蒂。

And there are no further questions at this time. I would like to turn it back to Jill Evanko for closing remarks.

目前沒有其他問題。我想請吉爾·埃文科 (Jill Evanko) 作最後發言。

Thank you so much to everyone for joining us today, and we look forward to keeping you updated across the coming few months and quarters ahead. Have a great day, and thank you again to all the Global One Chart team members for all you do every day. Take care.

非常感謝大家今天的參與，我們期待在未來幾個月和幾季內向大家通報最新情況。祝您有美好的一天，並再次感謝 Global One Chart 團隊的所有成員每天所做的一切。小心。

Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝各位主持人。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。