Centrus Energy Corp (LEU) 2022 Q3 法說會逐字稿

Greetings, and welcome to the Centrus Energy Third Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Leistikow, Vice President, Corporate Communications. Thank you. Dan, you may begin.

大家好，歡迎參加 Centrus Energy 2022 年第三季財報電話會議。 （操作員指示）溫馨提示：本次會議正在錄製中。現在，我很高興介紹主持人，企業傳播副總裁 Dan Leistikow。謝謝。 Dan，你可以開始了。

Good morning. Thank you all for joining us. Today's call will cover the results for the third quarter of 2022 ended September 30. Today, we have Dan Poneman, President and Chief Executive Officer; Philip Strawbridge, Chief Financial Officer; and Kevin Harrill, Controller and Chief Accounting Officer.

早安.感謝各位的參與。今天的電話會議將討論截至9月30日的2022年第三季業績。今天，我們邀請了總裁兼執行長Dan Poneman、財務長Philip Strawbridge以及財務長兼財務長Kevin Harrill。

Before turning the call over to Dan Poneman, I'd like to welcome all of our callers as well as those listening to our webcast.

在將電話轉給 Dan Poneman 之前，我想歡迎所有來電者以及收聽我們網路廣播的人。

This conference call follows our earnings news release issued yesterday. We expect to file our report for the third quarter of 2022 on Form 10-Q later today. All of our news releases and SEC filings, including our 10-Ks, 10-Qs and 8-Ks are available on our website.

本次電話會議是繼我們昨天發布的獲利新聞稿之後召開的。我們預計將於今天稍晚提交2022年第三季的10-Q表報告。我們所有的新聞稿和向美國證券交易委員會提交的文件，包括10-K表、10-Q表和8-K表，均可在我們的網站上查閱。

A replay of this call will also be available later this morning on the Centrus website.

這次通話的重播也將在今天上午晚些時候在 Centrus 網站上提供。

I'd like to remind everyone that certain information we may discuss on this call today may be considered forward-looking information that involves risk and uncertainty, including assumptions about the future performance of Centrus. Our actual results may differ materially from those in our forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in our forward-looking statements is contained in our filings with the SEC including our annual report on Form 10-K and quarterly reports on Form 10-Q.

我想提醒大家，我們今天在電話會議上討論的某些資訊可能被視為前瞻性訊息，涉及風險和不確定性，包括對 Centrus 未來業績的假設。我們的實際結果可能與我們的前瞻性陳述有重大差異。有關可能導致實際結果與我們的前瞻性陳述存在重大差異的因素的更多信息，請參閱我們提交給美國證券交易委員會 (SEC) 的文件，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。

Finally, the forward-looking information provided today is time sensitive and accurate only as of today, November 9, 2022, unless otherwise noted.

最後，除非另有說明，今天提供的前瞻性資訊具有時效性，並且僅截至今天（2022 年 11 月 9 日）準確。

This call is the property of Centrus Energy. Any transcription, redistribution, retransmission or rebroadcast of the call in any form without expressed written consent from Centrus is strictly prohibited.

本次通話內容歸 Centrus Energy 所有。未經 Centrus 書面許可，嚴禁以任何形式轉錄、重新散佈、重新傳輸或轉播本次通話內容。

Thank you for your participation. And I'll now turn the call over to Dan Poneman.

感謝大家的參與。現在我將把電話交給丹波尼曼。

Thank you, Dan, and thank you to everyone on the call today. During our earnings calls over the past several years, I have consistently emphasized the lumpiness in our business in terms of quarter-to-quarter variations, and our third quarter numbers are a case in point.

謝謝丹，也謝謝今天參加電話會議的各位。過去幾年的財報電話會議中，我一直強調我們業務的季度變化不大，第三季的數據就是一個很好的例子。

But even though the numbers this quarter were down, we remain on track for a strong year. And from an operational and strategic standpoint, our accomplishments in the third quarter, combined with actions taken by Congress and the administration as well as key developments in the marketplace, make me even more bullish today than I was 3 months ago.

儘管本季業績有所下降，但我們仍有望迎來強勁的一年。從營運和策略角度來看，我們在第三季的成就，加上國會和政府採取的行動以及市場的關鍵發展，讓我比三個月前更樂觀。

I will walk through a few of those developments in a moment, but let me begin by discussing our results. In the third quarter, we booked $33.2 million in total revenue but a net loss of $6.1 million. This dynamic is consistent with previous year.

我稍後會詳細介紹其中的一些進展，但首先我想先談談我們的業績。第三季度，我們的總收入為3,320萬美元，但淨虧損為610萬美元。這一情況與去年同期持平。

As listeners on these calls will recall, our revenues and margins vary considerably quarter-over-quarter, primarily based on 2 factors: the timing of our customer deliveries and the wide range of pricing in our order book. Customers generally have long-term multiyear contracts with an annual purchase commitment, and we book the revenue from that sale in the quarter the customer elects to take that delivery. The unit pricing varies considerably from contract to contract based on the market prices at the time the contracts were signed.

參加這次電話會議的聽眾應該還記得，我們​​的收入和利潤率季度環比變化很大，主要取決於兩個因素：客戶交付的時間以及訂單中價格的差異。客戶通常簽訂的是長期多年期合同，承諾每年採購，我們會在客戶選擇提貨的季度入賬該銷售收入。不同合約的單位價格會根據合約簽訂時的市場價格而有很大差異。

For context, long-term prices hit historic highs, above $160 per separative work unit in 2010; historic lows of $40 per separative work unit in 2018; and have surged again this year to $135. So the prices in our order book reflect a wide range.

具體來說，長期價格曾創下歷史高點，2010年超過每分離功單位160美元；2018年跌至歷史低點40美元；今年又飆升至135美元。因此，我們訂單簿中的價格反映出一個很大的波動區間。

Our third quarter 2022 deliveries happened to be at much lower pricing than the deliveries fulfilled in the same quarter last year, and so our margins this quarter were lower by comparison. As we've discussed, there's no such thing as a typical quarter for Centrus, which is why we focus on our annual performance. Through the first 3 quarters of the year, we have booked net income of $30.9 million and gross profit of $69.5 million.

我們2022年第三季的交付價格恰好遠低於去年同期的交付價格，因此本季的利潤率也相對較低。正如我們之前討論過的，Centrus沒有所謂的“典型季度”，因此我們關注的是年度業績。今年前三個季度，我們的淨收入為3,090萬美元，毛利為6,950萬美元。

More importantly, and taking a longer view, we continued to make progress and see positive development on a number of fronts over the last 3 months. First, from an operational standpoint, we are continuing to make all of our scheduled customer deliveries in spite of the pandemic and uncertainty in global energy markets related to the Ukraine invasion.

更重要的是，從長遠來看，過去三個月，我們在多個方面持續取得進展，並取得了積極的發展。首先，從營運角度來看，儘管疫情和烏克蘭入侵事件導致全球能源市場充滿不確定性，我們仍在繼續按計畫向客戶交付所有產品。

Second, this has been a very strong year for Centrus in winning new sales. Year-to-date, through the end of September, we secured $270 million in new sales contracts and commitments, covering deliveries through 2030 and continuing to build long-term value for the company.

其次，今年 Centrus 在贏得新銷售表現非常出色。截至 9 月底，年初至今，我們已獲得價值 2.7 億美元的新銷售合約和承諾，涵蓋 2030 年的交付，並持續為公司創造長期價值。

Third, the U.S. government's effort to support the establishment of a domestic source of enrichment to produce High-Assay, Low-Enriched Uranium or HALEU continues to gain momentum. In late June, the Department of Energy issued a request for proposals to help finish construction of the HALEU demonstration cascade we have been building in Piketon, Ohio and eventually to begin production on that site. We submitted our proposal to bid for the competitively awarded contract in August, and the department has indicated in a recent industry briefing that a decision could come as early as this month.

第三，美國政府支持建立國內高濃度低濃縮鈾（HALEU）濃縮源的努力持續進行中。 6月底，美國能源部發布了一份招標書，旨在幫助我們完成在俄亥俄州派克頓建造的HALEU示範級聯的建設，並最終在該地點開始生產。我們在8月提交了競標方案，以競標最終中標的合約。能源部在最近的一次產業簡報中表示，最快可能在本月做出決定。

Furthermore, in August, the President signed the Inflation Reduction Act through which Congress appropriated $700 million as a down payment in the effort to reestablish a domestic supply chain for HALEU. Last month, the Department of Energy issued a Sources Sought notice outlining a potential 10-year program to support the construction and operation of HALEU enrichment in the United States via government purchases of up to 25 metric tons of HALEU per year.

此外，總統於8月簽署了《降低通膨法案》，國會通過該法案撥款7億美元作為重建HALEU國內供應鏈的首付款。上個月，美國能源部發布了一份《尋求消息來源》通知，概述了一項潛在的10年計劃，透過政府每年採購最多25公噸的HALEU，支持美國HALEU濃縮設施的建設和運營。

This Sources Sought notice is a preliminary step, not a formal request for proposals, and the department would require additional annual appropriations beyond what is contained in the Inflation Reduction Act to fully implement that program. But it shows that the department and policymakers on both sides of the aisle are strongly committed to this effort and willing to put substantial resources behind it.

這份徵求意見通知只是初步舉措，並非正式的提案徵求書。為了全面實施該計劃，財政部每年所需的撥款將超過《降低通膨法案》規定的撥款額度。但這表明財政部和兩黨政策制定者都堅定地致力於這項工作，並願意投入大量資源。

And fourth, in addition to the growing momentum behind HALEU that I have just described, there's also growing support from both industry as well as government to invest in America's domestic supply chain for the low-enriched uranium or LEU that powers the current fleet of reactors in the United States and around the world. The Ukraine invasion has sparked rising concern about energy security, and the United States is uniquely vulnerable because our country is the world's largest importer of enriched uranium. Russia accounts for 46% of the world's enrichment capacity, and currently, there's not nearly enough uranium enrichment capacity outside of Russia to fuel the world's reactors.

第四，除了我剛才提到的高濃縮鈾（HALEU）計畫日益增長的勢頭之外，業界和政府也越來越多地支持投資美國國內低濃縮鈾（LEU）供應鏈，這些低濃縮鈾為美國乃至全球現有的反應器提供動力。烏克蘭入侵事件引發了人們對能源安全的日益擔憂，而美國作為世界上最大的濃縮鈾進口國，尤其容易受到能源安全威脅。俄羅斯佔全球濃縮鈾產能的46%，目前，俄羅斯以外的鈾濃縮產能遠遠不足以滿足全球反應器的燃料需求。

The World Nuclear Association projects that, by 2030, China and Russia together will comprise 63% of global enrichment capacity with European state-owned enterprises making up the other 37%. Reactor owners and operators require diverse sources of supply, so they know they can count on having a stable, secure fuel supply chain from a resilient market with competitive pricing. That explains the growing consensus that the market needs an American producer.

世界核能協會預測，到2030年，中國和俄羅斯將佔全球濃縮鈾產能的63%，其餘37%將由歐洲國有企業佔據。反應器所有者和營運商需要多樣化的供應來源，因此他們知道，他們可以依靠一個富有彈性且價格具有競爭力的市場，獲得穩定、安全的燃料供應鏈。這解釋了為什麼越來越多的人認為市場需要一家美國生產商。

Centrus is well positioned to fill that role. We have an active NRC license, relationships with all the major utility customers and a proven technology that is uniquely valuable because it can meet not only commercial requirements, but also America's long-term national security requirements.

Centrus 完全有能力勝任這個角色。我們擁有有效的 NRC 許可證，與所有主要公用事業客戶都建立了良好的關係，並且擁有經過驗證的技術，這項技術具有獨特的價值，因為它不僅能夠滿足商業需求，還能滿足美國的長期國家安全需求。

It is a sad fact that the United States has fallen from first to last place in uranium enrichment, a technology that was invented here in the United States during the Second World War, has defended our allies and deterred our adversary and used to dominate global markets for commercial fuel supporting both American jobs and U.S. nonproliferation policies.

令人悲哀的是，美國在鈾濃縮領域從第一個跌落到最後一名。這項技術是美國在第二次世界大戰期間發明的，它保衛了我們的盟友，遏制了我們的對手，並用於主導全球商業燃料市場，支持了美國的就業和美國的核不擴散政策。

But it is a fact and one that motivates every Centrus employee to wake up every day and work hard to regain our lost leadership and its vital capability that is equally essential to U.S. national security as well as to the epic battle to cut air pollution and fight climate change.

但這是事實，它激勵著每一位 Centrus 員工每天醒來，努力工作，重新獲得我們失去的領導地位及其至關重要的能力，這對美國國家安全以及減少空氣污染和應對氣候變遷的史詩般的戰鬥同樣重要。

Indeed, Centrus has the only deployment-ready enrichment technology that is legally available to support national security missions for which a domestic technology is required. The Biden administration has proposed a multibillion dollar investment in domestic LEU enrichment while Senators Manchin, Barrasso, Risch and others in Congress have offered their own proposals for federal investment.

事實上，Centrus公司擁有唯一可部署的濃縮技術，可合法用於支援需要國產技術的國家安全任務。拜登政府已提議投資數十億美元用於國內低濃縮鈾濃縮項目，而曼欽、巴拉索、裡施等參議員也提出了各自的聯邦投資提案。

In recent months, Centrus has been part of a robust conversation involving industry, policymakers, nongovernmental organizations and other stakeholders, all focused on developing a path forward that would enable us to deploy our homegrown technology to produce LEU for existing reactors and to meet U.S. national security requirements in addition to producing HALEU.

最近幾個月，Centrus 一直參與由業界、政策制定者、非政府組織和其他利益相關者參與的激烈對話，所有各方都致力於制定一條前進的道路，使我們能夠部署自主研發的技術，為現有反應器生產低濃縮鈾，並且除了生產高濃縮鈾之外，還能滿足美國國家安全要求。

So I'll now turn the call over to Philip, who will walk you through some more of the numbers. Philip?

現在我將電話轉給菲利普，他將向您介紹更多數字。菲利普？

Thank you, Dan. Good morning, everyone. As we regularly discuss in these calls, there's considerable variability in our revenue margins from quarter-to-quarter, which is why we focus on what happens over the course of the entire year.

謝謝丹。大家早安。正如我們在電話會議中經常討論的那樣，我們的收入利潤率在各個季度之間差異很大，因此我們關注的是全年的情況。

The first quarter of this year was relatively subdued. We had a big second quarter with a larger number of LEU deliveries fulfilled on higher-priced contracts. And as Dan mentioned, the few deliveries fulfilled in the third quarter happened to be on our lower-priced contracts, so our margins were lower as a result.

今年第一季業績相對平淡。第二季業績表現強勁，高價合約的低濃縮鈾交付量增加。正如丹所提到的，第三季完成的少量交付恰好是低價合同，因此利潤率較低。

In our LEU segment, we generated $20.2 million in revenue against cost of sales of $18.9 million for the quarter, resulting in a gross profit of $1.3 million for the segment. Revenues and margins for the segment were lower than the same quarter of 2021 as a result of lower average market prices for our deliveries, which was partially offset by an increase in the quantities we delivered.

低濃縮鈾 (LEU) 部門本季收入 2,020 萬美元，銷售成本 1,890 萬美元，毛利 130 萬美元。該部門收入和利潤率低於 2021 年同期，原因是我們交付的平均市場價格較低，但交付量的增加部分抵消了這一影響。

In our Centrus Technical Solutions segment, we generated $13 million of revenue against cost of sales of $12 million for the quarter, resulting in a gross profit of $1 million for the segment. Segment revenues were $46.3 million lower than the same period of 2021 when we recorded a $43.5 million settlement with the Department of Energy for pension and postretirement health benefits related to a contract the company performed many years ago with the Portsmouth Gaseous Diffusion Plant. Excluding that settlement, segment revenue declined by $2.8 million for the quarter, but that was more than offset by the $6.1 million reduction in the cost of sales.

在我們的 Centrus 技術解決方案部門，本季我們實現了 1,300 萬美元的收入，而銷售成本為 1,200 萬美元，因此該部門的毛利為 100 萬美元。部門收入較 2021 年同期減少 4,630 萬美元，當時我們與能源部達成了 4,350 萬美元的和解協議，涉及公司多年前與朴茨茅斯氣體擴散工廠簽訂的合約所涉及的退休金和退休後健康福利。剔除和解協議，本季部門營收下降 280 萬美元，但銷售成本減少 610 萬美元，足以抵銷這一下降。

Combining the 2 segments, we produced a gross profit of $2.3 million, net loss of $6.1 million and revenue of $33.2 million for the quarter.

合併這兩個部門，我們本季的毛利為 230 萬美元，淨虧損為 610 萬美元，營收為 3,320 萬美元。

Through 9 months, we've achieved $69.5 million in gross profit and $30.9 million in net income from revenue of $167.6 million.

過去 9 個月，我們的營收為 1.676 億美元，實現了毛利 6,950 萬美元，淨收入 3,090 萬美元。

For the 3-month period, our SG&A expenses were $8.6 million, down from $9 million in the same quarter of 2021.

在這三個月期間，我們的銷售、一般及行政費用為 860 萬美元，低於 2021 年同期的 900 萬美元。

Through the first 9 months of the year, our SG&A expenses were down from $25 million last year to $24.4 million this year.

今年前 9 個月，我們的銷售、一般及行政費用從去年的 2,500 萬美元下降到今年的 2,440 萬美元。

We're in a strong financial position going forward with overall cash balance of $153 million, which includes $21.1 million of restricted cash for financial assurance and a long-term order book value through 2030 of approximately $1 billion as of September 30.

我們的財務狀況良好，總現金餘額為 1.53 億美元，其中包括 2,110 萬美元的財務擔保受限現金，以及截至 9 月 30 日至 2030 年的長期訂單價值約為 10 億美元。

With that, let me turn things back over to Dan.

說完這些，讓我把事情交還給丹。

Thanks, Philip. Before we get to your questions, let me just take a moment to talk about the outlook for the nuclear industry as a whole, which is continuing to improve.

謝謝，菲利普。在回答你的問題之前，我想先聊聊整個核工業的前景，它正在持續改善。

The war in Ukraine has caused a great deal of turmoil across global energy markets, particularly for oil and gas. The Nord Stream pipelines in Europe have been disabled. Natural gas prices have skyrocketed. And we have all been starkly reminded of the risks of overdependence on fossil fuel energy, particularly for nations that are not blessed with abundant fossil fuel reserves.

烏克蘭戰爭在全球能源市場引發了巨大動盪，尤其是石油和天然氣市場。歐洲的北溪管道已停駛。天然氣價格飆升。我們都被強烈提醒著過度依賴化石燃料能源的風險，尤其是對於那些化石燃料儲量並不豐富的國家而言。

That's having a huge impact on electricity markets. The International Energy Agency recently reported that average wholesale electricity prices in the European Union in the first half of 2022 were more than 3x higher than in the first half of 2021, driven by the rising price of fossil fuels. That means nuclear is increasingly competitive in the electricity market, a market that is expected to grow substantially around the world in the coming years driven by the rise of electric vehicles, greater use of electricity and heating and bringing electricity to more than 1 billion inhabitants of our planet who don't have it today.

這對電力市場產生了巨大影響。國際能源總署最近報告稱，受化石燃料價格上漲的推動，2022年上半年歐盟平均批發電價比2021年上半年高出三倍多。這意味著核能市場在電力市場上的競爭力日益增強。預計未來幾年，全球電力市場將大幅成長，這得益於電動車的興起、電力和供暖使用量的增加，以及為地球上目前尚無電力供應的超過10億人口提供電力。

Meanwhile, as the United States ramps up our exports of natural gas to our partners and allies, the overall rise in demand is putting upward pressure on domestic natural gas prices as well. U.S. electric utilities tend to pay twice as much for natural gas this summer compared to last summer and the price was more than triple what they paid in the summer of 2020. Those price increases and the price volatility they represent make the economics of nuclear even more attractive.

同時，隨著美國加大對合作夥伴和盟友的天然氣出口，整體需求的成長也給國內天然氣價格帶來了上行壓力。今年夏天，美國電力公司的天然氣價格往往是去年夏天的兩倍，是2020年夏天的三倍多。這些價格上漲及其帶來的價格波動，使得核能的經濟性更具吸引力。

Nuclear is much less vulnerable to fuel price volatility because fuel is a much smaller percentage of the overall cost. So nuclear energy remains affordable even when the cost of enriched uranium goes up.

核能受燃料價格波動的影響較小，因為燃料成本在總成本中所佔比例要小得多。因此，即使濃縮鈾成本上漲，核能仍然價格合理。

The net result of all of this is a growing recognition all over the world of the need for more nuclear energy, a lot more. In fact, in the International Energy Agency 2022 World Energy Outlook just released in late October significantly upgraded the long-term projections for nuclear energy generation across all 3 of the agency's scenario for the future.

所有這些的最終結果是，全世界越來越意識到需要更多、更多的核能。事實上，國際能源總署（IEA）在10月底剛發布的《2022年世界能源展望》中，大幅提升了該機構未來三種情境下核能發電量的長期預測。

For example, in last year's report, the IEA estimated under their net zero emission scenario that global nuclear generation would double by 2050, which is consistent with previous analysis by the International Panel on Climate Change and others. In the new updated report, the net zero emission scenario shows they're generating double its current capacity by 2040, representing a substantially faster new reactor deployment worldwide.

例如，在去年的報告中，國際能源總署估計，在其淨零排放情境下，到2050年全球核能發電量將翻一番，這與國際氣候變遷專門委員會（IPCC）等機構先前的分析一致。在最新的報告中，淨零排放情境顯示，到2040年，全球核能發電量將達到目前水準的兩倍，這意味著全球新反應爐的部署速度將大幅加快。

We've posted a couple of interesting charts based on the World Energy outlook data on our Twitter feed, and if you have not already, please do take a moment to follow us. We are @centrus_energy. And with that, we will take your questions. Operator?

我們在推特上發布了幾張基於《世界能源展望》數據的有趣圖表，如果您還沒有關注，請花點時間關注我們。我們的帳號是@centrus_energy。屆時，我們將解答您的問題。接線生？

(Operator Instructions) Our first question comes from the line of Rob Brown with Lake Street Capital.

（操作員指示）我們的第一個問題來自 Lake Street Capital 的 Rob Brown。

Just wanted to get a little perspective on the capacity of the demo facility and sort of what capacity or facility scale would be needed for sort of 25 metric tons in the DOE sort of initial document that you talked about?

只是想稍微了解一下演示設施的容量，以及您提到的 DOE 初始文件中 25 公噸所需的容量或設施規模？

Yes. Good question, Rob. So basically, the 16 machines, if you assume feedstock of just low-enriched uranium of the typical 4.95% enrichment level, that will produce just under 1 metric ton per year, between 900 kgU and 1 metric ton per year. And to basically expand to produce on the order of 25, basically every cascade -- the cascade typically gets deployed in chunks of 120 machines each. And each one of those produces 6 MTU per year with the same kind of feedstock.

是的。羅布，問得好。所以，基本上，這16台機器，如果假設原料只有典型的4.95%豐度的低濃縮鈾，每年將生產不到1公噸，也就是900公斤鈾到1公噸之間。為了擴大到大約25台，基本上每個級聯的產量——級聯通常以每台120台機器為一組進行部署。每台機器使用相同類型的原料，每年可生產6公噸鈾。

So you can do the math. So basically, 4 of those would produce 24 plus the 1 MTU off the demo cascade, that would provide 25 MTU per year.

你可以算一下。基本上，其中4個可以產生24個MTU，再加上示範級聯產生的1個MTU，每年可以提供25個MTU。

Okay. Great. And then just kind of thinking through the lumpiness of the business, I know your annual numbers are pretty solid and they move around per quarter. But just want to confirm any sort of changes in the market or this is truly just a timing and delivery kind of quarter and things sort of pick up -- or change annually, they maintain where you thought it.

好的。太好了。然後，考慮到業務的波動性，我知道你們的年度數據相當穩定，而且每季都會有所變動。但我只是想確認市場是否有任何變化，或者這真的只是一個與時間和交付相關的季度，情況會有所好轉——或者每年都會發生變化，但會維持在你預想的水平。

Yes. It's truly lumpiness. In other words, the things that you see in the market you can see in the price curves that we mentioned in the original laydown. The prices were $56 per SWU before all of the challenges we faced in Europe and now they're $135 long-term market. And as you know, most of the business is contracted long term. So those are very strong price trends. And with the continued unrest in Europe, and in addition, the secular increase in climate-driven concerns and the consequent -- the traction of nuclear, we think that aspect is solid.

是的，這確實是波動的。換句話說，您在市場上看到的情況，您可以在我們最初發布的定價中提到的價格曲線中看到。在我們面臨歐洲所有挑戰之前，價格為每SWU 56美元，現在長期市場價格為135美元。而且正如您所知，大多數業務都是長期合約。因此，這些都是非常強勁的價格趨勢。鑑於歐洲持續的動盪，以及氣候驅動的擔憂的長期增長以及隨之而來的核能發展，我們認為這方面是穩固的。

As we noted, we have booked a lot of sales ourselves in the last 3 quarters. So it's just generally and genuinely the lumpiness because different contracts get deliveries in different quarters and it just doesn't even out except over a year-to-year kind of basis.

正如我們所提到的，過去三個季度，我們自己也簽下了許多訂單。所以，這總體上確實存在不平衡的情況，因為不同的合約在不同的季度交付，除非按年計算，否則很難保持平衡。

Our next question comes from the line of Joseph Reagor with ROTH Capital Partners.

我們的下一個問題來自 ROTH Capital Partners 的 Joseph Reagor。

So first, on contracts, so you signed $270-or-so million new contracts. Should we anticipate any of that, I know you're not going to quantify it, but any of that this year before year-end?

首先，關於合同，您簽了大約2.7億美元的新合約。我們能預測一下嗎？我知道您不會量化，但今年年底之前會有什麼變化嗎？

I'm going to -- in terms of quarter-by-quarter, stuff like that, I'm going to kick that over to Philip.

我將把每個季度的事情交給菲利普。

Yes. No, those were long-term contracts that are signed out into the future as we described before, Joe. That's the great thing about this industry is that you're selling out , as we say, in our order book to 2030. So that means that we've got visibility for a good time. But those contracts are ordered well in advance.

是的。不，喬，就像我們之前說的，那些是簽到未來的長期合約。這個行業的偉大之處在於，正如我們所說，你把訂單都賣到2030年。這意味著我們擁有了良好的預期。但這些合約都是提前很久就訂好的。

Okay. And a little follow-up on contracts then. Is there any potential for anything that you might have at the beginning of the year anticipated this year being pushed into early next year? Or is it a matter of whatever the number was that you expected this year will happen by year-end?

好的。接下來是關於合約的後續問題。您在年初預計今年的合約可能會延後到明年年初嗎？或者您預計今年年底的合約數量是多少？

Go ahead, Philip.

繼續吧，菲利普。

Yes. That's a great question. Nothing's happened this year that would change what our vision was at the beginning of the year. I mean that's the bottom line. Again, that assumes that there's no sanctions between now and market disruption, right?

是的。這個問題問得很好。今年沒有發生任何事改變我們年初的願景。我的意思是，這是底線。再說一次，這是假設從現在到市場混亂期間沒有製裁，對嗎？

So as I mentioned before, the great thing about our company and the revenue is that we've got great visibility. So we don't see any change really.

正如我之前提到的，我們公司和收入的一大優勢在於我們擁有極高的能見度。所以我們實際上沒有看到任何變化。

(Operator Instructions) It appears we have no further questions. I'd like to turn the floor back over to management for closing remarks.

（操作員指示）看來我們沒有其他問題了。我想把發言權交還給管理階層，請他們做最後發言。

Thank you, operator. This will conclude our investor call for the third quarter of 2022. And as always, I want to thank all of you who listened online and all of our investors who called in. We look forward to talking to you again next quarter.

謝謝接線生。 2022年第三季投資者電話會議到此結束。一如既往，我要感謝所有在線上收聽的各位，以及所有致電的投資者。我們期待下個季度再次與您溝通。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。