Mirion Technologies Inc (MIR) 2025 Q1 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the Mirion technologies first quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Mirion technologies 2025 年第一季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Eric Linn, VP of Investor Relations. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹主持人、投資者關係副總裁 Eric Linn。請繼續。

Thank you, Ryan, and good morning and welcome to Mirion's first quarter 2025 earnings conference call. Joining me this morning are Mirion'sChairman and CEO Thom Logan and Mirion'sCFO, Brian Schopfer.

謝謝你，瑞安，早安，歡迎參加 Mirion 2025 年第一季財報電話會議。今天早上與我一起出席的還有 Mirion 董事長兼執行長 Thom Logan 和 Mirion 財務長 Brian Schopfer。

Before we begin today's prepared remarks, allow me to remind you that comments made during this call will include forward-looking statements, and actual results may differ materially from those projected in the forward-looking statements.

在我們開始今天的準備好的發言之前，請允許我提醒您，本次電話會議中發表的評論將包括前瞻性陳述，實際結果可能與前瞻性陳述中的預測有重大差異。

The factors that could cause actual results to differ are discussed in our annual reports on Form 10K, quarterly reports on Form 10Q, and in Mirian’s other SEC filings under the caption risk factors.

我們在 10K 表年度報告、10Q 表季度報告以及 Mirian 向美國證券交易委員會提交的其他文件中以「風險因素」為標題討論了可能導致實際結果不同的因素。

Quarterly references within today's discussion are related to the first quarter ending March 31, 2025, unless otherwise noted. The comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliation of those non-gap financial measures to the most directly comparable GAAP financial measures can be found in the appendix of the presentation accompanying today's call.

除非另有說明，今天討論中的季度參考均與截至 2025 年 3 月 31 日的第一季有關。本次電話會議中發表的評論還將包括某些未依照公認會計原則編製的財務指標。這些非差距財務指標與最直接可比較的 GAAP 財務指標的對帳可以在今天的電話會議隨附的簡報附錄中找到。

All earnings materials can be found in the investor relations section of our website at www.mirion.com.

所有收益資料均可在我們網站 www.mirion.com 的投資者關係部分找到。

With that, let me turn the call to Tom who will begin on slide 3.

說完這些，請允許我把電話轉給湯姆，他將從第 3 張投影片開始發言。

Eric, thank you and thank you to everyone on today's call for joining us. And most importantly, thank you to my nearly 3,000 Mirion colleagues for delivering a big quarter. We're off to a great start in 2025. We're hitting our marks both financially and operationally. This is most clearly reflected in our first quarter adjusted free cash flow and order growth. We delivered USD29 million in adjusted free cash flow, a 62% conversion of adjusted EBITDA. In addition, first quarter orders grew 11.5%, driven largely by nuclear power orders. This is our best first quarter performance since going public, and I'll share more details with you momentarily.

艾瑞克，謝謝你，也感謝今天參加電話會議的每個人。最重要的是，感謝近 3,000 名 Mirion 同事在本季度取得的出色成績。2025 年，我們將有一個好的開始。我們在財務和營運方面都達到了目標。這最明顯地反映在我們第一季調整後的自由現金流和訂單成長。我們實現了 2,900 萬美元的調整後自由現金流，佔調整後 EBITDA 的 62%。此外，第一季訂單成長11.5%，主要受核電訂單推動。這是我們上市以來最好的第一季業績，我稍後會與大家分享更多細節。

As you may have seen in this morning's press release, we acquired a small software business called Oncospace. Oncospace is a cloud native data analytics platform that enables clinicians to confidently design an optimal patient plan for radiation oncology, consistently promote best practice behavior, and share peer to peer expertise. The software is a great addition to our cancer care portfolio and is expected to enhance our go-to-the-market strategy. This acquisition is small but significant, small in initial revenue and adjusted EA contribution, but significant in its potential to catalyze the growth in our radiation therapy software business. I'm excited to welcome the Oncospace team to Mirion.

正如您可能在今天早上的新聞稿中看到的那樣，我們收購了一家名為 Oncospace 的小型軟體公司。Oncospace 是一個雲端原生數據分析平台，使臨床醫生能夠自信地設計放射腫瘤學的最佳患者計劃，持續推廣最佳實踐行為，並分享對點的專業知識。該軟體是我們癌症治療產品組合的一大補充，有望增強我們的行銷策略。此次收購規模雖小但意義重大，初始收入和調整後的 EA 貢獻較小，但其對我們放射治療軟體業務成長的催化潛力卻很大。我很高興歡迎 Oncospace 團隊加入 Mirion。

Beyond this transaction, the M&A deal pipeline remains attractive, but as you'd expect, today's uncertain market dynamics have clouded valuations and executability. As a result, we are remaining disciplined with a patient view of likely activity by year end. Let's get into the details now, beginning with 1st quarter performance on slide 4.

除了這筆交易之外，併購交易管道仍然具有吸引力，但正如您所料，當今不確定的市場動態已經為估值和可執行性蒙上了陰影。因此，我們將繼續保持紀律，並耐心觀察年底前可能出現的情況。現在讓我們了解詳細信息，從幻燈片 4 上的第一季度表現開始。

First quarter organic revenue grew 6% versus the same period last year, aided by double digit revenue growth from the nuclear power and market. First quarter adjusted EBITDA, totaled USD47 million, or 18.2% higher than last year's first quarter.

第一季有機收入較去年同期成長 6%，這得益於核電和核市場兩位數的收入成長。第一季調整後EBITDA為4,700萬美元，較去年第一季成長18.2%。

Margins also increased 260 basis points to 23.1%. The improvement reflects strong operating leverage and procurement savings, key components of our pathway to 30% adjusted EBITDA margins by 2028 as committed to at our December Investor Day.

利潤率也增加了 260 個基點，達到 23.1%。這項改善反映了強大的營運槓桿和採購節省，這是我們在 12 月投資者日承諾的 2028 年實現 30% 調整後 EBITDA 利潤率的關鍵要素。

We also repurchased 1.2 million shares in the quarter for USD18.6 million as part of our capital deployment strategy outlined in December. Adjusted EPS in the quarter was USD0.10 per share compared to USD0.06 per share in the first quarter of 2024, a 67% increase. As mentioned in my opening comments, the two standout elements for the quarter were adjusted free cash flow and orders. Q1 orders are particularly encouraging given that this is typically our lightest volume quarter. Importantly, this orders number does not account for any of the USD3 to USD400 million of large one-time opportunities that are currently in the pipeline. While global government budget dynamics have likely lengthened bidding cycles, we remain optimistic about our prospects for these contracts. And as mentioned last quarter, we think the USD3 to USD400 million sizing may be conservative. It is worth noting we've not lost any of these projects. The strong orders of nuclear power are just another proof point of the momentum building in this market. Seemingly on a weekly basis, we see and hear affirmation that nuclear is a critically important component of the solution to the growing supply, demand, and balance in the global electricity market.

作為 12 月概述的資本配置策略的一部分，我們還在本季以 1,860 萬美元回購了 120 萬股股票。本季調整後每股收益為 0.10 美元，而 2024 年第一季為每股 0.06 美元，成長 67%。正如我在開場白中提到的，本季的兩個突出因素是調整後的自由現金流和訂單。鑑於第一季通常是我們訂單量最少的一個季度，因此第一季的訂單尤其令人鼓舞。重要的是，這個訂單數量並不包括目前正在籌劃的 300 萬至 4 億美元的一次性大型投資機會。儘管全球政府預算動態可能延長了招標週期，但我們對這些合約的前景仍然持樂觀態度。正如上個季度所提到的，我們認為 300 萬至 4 億美元的規模可能比較保守。值得注意的是，我們沒有遺失任何一個項目。核電訂單強勁，這只是該市場勢頭強勁的另一個證明。似乎每週我們都會看到和聽到這樣的肯定：核能是解決全球電力市場日益增長的供應、需求和平衡問題的一個至關重要的組成部分。

This view is increasingly reflected in the public consciousness.

這種觀點日益體現在公眾意識中。

The 2024 National Nuclear Energy Public Opinion Survey shows that more than 75% of Americans support the use of nuclear energy, a record level for the 4th consecutive year. I've personally seen growing bipartisan political support for nuclear energy in the US. Last month I visited Washington DC for a lobbying trip. During the trip, I spent time with legislators and regulators overseeing the nuclear industry. I can confidently say that support for nuclear power is the highest I've seen in my career, and my sense of optimism strongly correlates to that dynamic. Now, zooming out a bit to talk about Mirion’s Resilient business model on slide 5.

2024年全國核能公眾輿論調查顯示，超過75%的美國人支持使用核能，連續4年創下歷史新高。我親眼目睹了美國兩黨對核能的政治支持日益增加。上個月我去華盛頓特區進行了一次遊說之旅。旅途中，我與負責核工業的立法者和監管者進行了交流。我可以自信地說，對核電的支持是我職業生涯中見過的最高水平，我的樂觀情緒與這種動態密切相關。現在，我們稍微放遠一點，在第 5 張投影片上討論 Mirion 的彈性商業模式。

Given today's uncertain economic backdrop, it's important to remind investors why we believe we are well positioned to traverse the unpredictable road that lies ahead. First, it begins with the customer. Mirin is a trusted partner to a global customer base. In most instances, our safety critical solutions are compulsory for customers. We are a leader in 17 of the 19 major product categories we serve and define ourselves as a category of one, the leading player in the detection, measurement, and analysis of ionizing radiation. This is all that we do and we're better at this than anybody in the world. We've also proven the resilience of our financial performance by consistently delivering organic growth and consistently outperforming our peers set on a through cycle basis. More than 70% of our revenue is recurring or repeat in nature. Also, approximately 80% of our nuclear power-based revenue is tied to the installed base. This was evident in our first quarter orders, where 79% of the year over year nuclear power order growth came from the existing nuclear fleet. Importantly, structural tailwinds from nuclear power and cancer care have us better positioned today versus previous cycles. We are highly levered to two generational trends that should be robust. Beyond structural tailwinds, our path to future value creation is predicated on established self-help initiatives, including operating leverage, procurement savings, and our proven Mirren business system.

鑑於當今不確定的經濟背景，有必要提醒投資者，為什麼我們相信我們有能力走過未來不可預測的道路。首先，從客戶開始。Mirin 是全球客戶群值得信賴的合作夥伴。在大多數情況下，我們的安全關鍵解決方案對客戶來說是強制性的。在我們所服務的 19 個主要產品類別中，我們有 17 個處於領先地位，並將自己定義為一個類別，即電離輻射檢測、測量和分析領域的領導者。這就是我們所做的一切，而且我們比世界上任何人都做得更好。我們也透過持續實現有機成長和在整個週期內持續超越同行，證明了我們財務表現的彈性。我們的 70% 以上的收入都是經常性或重複性的。此外，我們約 80% 的核電收入與已安裝的基礎相關。這在我們的第一季訂單中得到了明顯體現，其中核電訂單同比增長的 79% 來自現有的核電機組。重要的是，核電和癌症治療的結構性順風使我們今天比以前的周期處於更有利的地位。我們高度重視兩代應該強勁發展的趨勢。除了結構性順風之外，我們未來價值創造的道路還取決於既定的自助舉措，包括營運槓桿、採購節約以及我們成熟的米倫業務系統。

Our business system has been central to our operating activities for more than 15 years and informs us everything we do from the C-suite to the shop floor. One of the factors helping to mitigate potential tariff impacts is the regionalized supply chain we've established. This is table stakes for us and our local for local business model has us well positioned in today's macroeconomic environment. The benefits of this regional supply chain are better illustrated on slide 6, where we detail the expected tariff exposure based upon what we know today. As mentioned, we believe we are well positioned to weather the tariff storm impact. More broadly, we have a deep stack of mitigating actions to diffuse our modest net exposure. Not surprisingly, China accounts for the largest exposure between a USD7 to USD9 million headwind for 2025. This is largely attributable to medical segment products that have historically been produced in the US and sold into China. Note the majority of nuclear safety segment goods that we sell into China originate from Europe and therefore not subject to today's retaliatory tariffs placed on US goods. Outside of China, the 2025 exposure is minimal at a USD3 to USD4 million headwind. We are currently evaluating ways to reduce this exposure moving forward. Of note, we've learned in the last 24 hours that a plurality, potentially a majority of our products that may be exempt from the higher Chinese retaliatory tariffs. If true, this would position us at the upper end of our mitigating strategy.

15 年來，我們的業務系統一直是我們營運活動的核心，為我們從高階主管到車間所做的一切提供資訊。有助於減輕潛在關稅影響的因素之一是我們建立的區域化供應鏈。這對我們來說是賭注，我們的在地化商業模式使我們在當今的宏觀經濟環境中佔據了有利地位。投影片 6 更好地說明了該區域供應鏈的優勢，其中我們根據目前所知的情況詳細說明了預期的關稅風險。如上所述，我們相信我們已準備好抵禦關稅風暴的影響。更廣泛地說，我們採取了一系列緩解措施來分散我們適度的淨風險敞口。毫不奇怪，中國將承擔最大的風險，到 2025 年，風險敞口將達到 700 萬至 900 萬美元。這在很大程度上歸因於醫療產品歷來在美國生產並銷往中國。請注意，我們銷往中國的核安領域產品大部分來自歐洲，因此不受今天對美國商品徵收的報復性關稅的影響。在中國以外，2025 年的風險敞口很小，僅 300 萬至 400 萬美元。我們目前正在評估減少這種風險的方法。值得注意的是，我們在過去 24 小時內獲悉，我們的大部分產品可能不受中國提高的報復性關稅的影響。如果事實確實如此，這將使我們處於緩解策略的上端。

I caution here that the situation is extraordinarily dynamic, and it is likely to take some time to stabilize. Mitigating actions totaling USD5 to USD8 million including alternative sourcing strategies, production shifts, price increases, and cost management.

我在此提醒大家，目前的局勢極不穩定，可能需要一段時間才能穩定下來。緩解措施總額為 500 萬至 800 萬美元，包括替代採購策略、生產轉變、價格上漲和成本管理。

Lastly, prevailing foreign exchange represents an additional tailwind upwards of USD5 million at current rates to help offset the potential impact from tariffs. Taken together, our net impact of 2025 adjusted EBITDA from today's known tariff rates plus offsets from mitigating actions and FX. It's between a USD3 million tailwind. In an USD8 million headwind with the USD8 million headwind representing the worst-case scenario again based upon what we know today. As a result, you saw in yesterday's press release that we are reaffirming our full year 2025 organic revenue growth target, adjusted EBITDA, adjusted EPS, and adjusted free cash flow guidance, while increasing our top line revenue growth and revising the corresponding low end of adjusted EBITDA. Guidance to account for the known tariff impacts. We remain confident in our value creation strategy and well positioned to the evolving landscape. Brian will share additional details around our 2025 guidance as well as share additional color on our first quarter performance. Brian.

最後，以現行匯率計算，現行外匯將帶來額外的 500 萬美元以上的順風，有助於抵消關稅的潛在影響。綜合起來，我們對 2025 年調整後的 EBITDA 的淨影響來自於今天已知的關稅稅率加上緩解措施和外匯的抵銷。這是 300 萬美元的順風。在 800 萬美元的逆風中，根據我們今天所了解的情況，800 萬美元的逆風再次代表了最糟糕的情況。因此，您在昨天的新聞稿中看到，我們重申了 2025 年全年有機收入成長目標、調整後的 EBITDA、調整後的 EPS 和調整後的自由現金流指引，同時提高了我們的營收成長並修改了相應的調整後 EBITDA 的低端。解釋已知關稅影響的指導。我們對我們的價值創造策略充滿信心，並能很好地適應不斷變化的情況。Brian 將分享有關我們 2025 年指導的更多細節，並分享我們第一季業績的更多細節。布萊恩。

Thanks, Tom, and good morning, everyone. Let's pivot to the first quarter financials now on slide 7.

謝謝，湯姆，大家早安。現在讓我們轉到第 7 張投影片上的第一季財務狀況。

As Tom stated, first quarter orders grew 11.5% compared to the first quarter 2024, driven by disproportionate demands from the installed base of nuclear reactors. Additionally, we received a USD5 million labs and research order reflecting continued engagement from the Department of Energy.

正如湯姆所說，由於核反應器安裝基數的需求不成比例，第一季的訂單量與 2024 年第一季相比增加了 11.5%。此外，我們還收到了價值 500 萬美元的實驗室和研究訂單，這反映了能源部的持續參與。

Meanwhile, in our medical segment, orders declined in the quarter. This was anticipated as a recurring the symmetry services order that usually appears in the first quarter was booked in the 4th quarter of 2024. Offsetting this, we saw our RTQA business deliver strong order growth in the quarter of approximately 12%.

同時，在我們的醫療領域，本季訂單有所下降。這是可以預料到的，因為通常在第一季出現的對稱服務訂單是在 2024 年第四季預訂的。與此形成抵銷的是，我們的 RTQA 業務在本季實現了約 12% 的強勁訂單成長。

First quarter order performance is particularly encouraging because it highlights the continued demand from the nuclear power installed base. Moving to the financial results on slide 8, 1st quarter enterprise revenue was USD202 million or 4.9% better than first quarter 2024. Organic revenue growth was 6%, with both reporting segments contributing to the year-over-year improvement. This was partially offset by approximately 110 basis points of FX headwinds. We expect the foreign exchange rate headwind to improve for the remainder of the 2025, driven by the weaker dollar.

第一季的訂單表現尤其令人鼓舞，因為它凸顯了核電裝置基礎的持續需求。轉到第 8 張投影片上的財務結果，第一季企業收入為 2.02 億美元，比 2024 年第一季高出 4.9%。有機收入成長 6%，兩個報告部門均對同比成長做出了貢獻。但約 110 個基點的外匯逆風部分抵銷了這一影響。我們預計，受美元走弱的影響，2025 年剩餘時間內外匯匯率逆風將有所改善。

Adjusted IEDA in the first quarter was USD46.7 million, USD7.2 million or 18% better than the first quarter of 2024. This strong performance translated to 23.1% adjusted even to margins or a 260 basis point year by year improvement.

第一季調整後的 IEDA 為 4,670 萬美元，比 2024 年第一季高出 720 萬美元，增幅為 18%。這一強勁表現轉化為利潤率調整後 23.1% 的增幅，即年增 260 個基點。

The margin improvement reflects the high operating leverage in our business as well as procurement and Mirion in business system initiatives underway. Adjusted EPS totaled USD0.10 per share, an increase of USD0.04 per share, or 67 67% versus first quarter 2024.

利潤率的提高反映了我們業務的高營運槓桿以及正在進行的採購和 Mirion 業務系統計劃。調整後每股收益總計 0​​.10 美元，較 2024 年第一季增加 0.04 美元，增幅 67% 至 67%。

Moving to the segments beginning on slide 9. Within our nuclear safety segment, first quarter revenue totaled 133.4 million, 7.6 million, or 6% better than first quarter 2024. Organic revenue increased 7.6% in line with the targeted full year mid-single digit plus organic revenue growth we unveiled in February. We saw continued strength across the segment, particularly from nuclear power, which grew 17.6%, both from the current installed base, but also from new builds. We continue to expect the full year to represent high single digit growth in the nuclear power and market.

移至投影片 9 開始的部分。在我們的核安部門，第一季的收入總計 1.334 億，比 2024 年第一季高出 760 萬美元，即 6%。有機收入成長 7.6%，與我們 2 月公佈的全年中個位數以上有機收入成長目標一致。我們看到整個領域持續保持強勁勢頭，尤其是核電，成長了 17.6%，既包括現有安裝基數，也包括新建基數。我們仍預期全年核電和核能市場將實現高個位數成長。

Our sensing business, which incorporates core and ex-core radiation detectors and electrical penetrations, delivered strong revenue in the quarter within the nuclear power and market. Offsetting their strength was a reduction in our labs and research business, down approximately 19% in the quarter. Two drivers. First, we're copying 15% growth in 2024 in this quarter in this end market. Second, this is where we may be seeing some limited impact from Doge, either from timing or enhanced contractual scrutiny. Regardless, labs and research and defense of diversified tend to be lumpier and more varied on a quarter-to-quarter basis. As a reminder, within our nuclear and safety segment, nuclear power and market accounts for approximately 60% of the segment's revenue, while labs and research and defense are diversified, they're 20% each.

我們的感測業務包括堆芯和堆外輻射探測器以及電氣穿透器，在本季為核電和核能市場帶來了強勁的收入。抵消其強勁成長的是我們的實驗室和研究業務的減少，本季下降了約 19%。兩名司機。首先，我們預計本季該終端市場將在 2024 年實現 15% 的成長。其次，我們可能會看到 Doge 的一些有限影響，無論是從時機還是從加強的合約審查來看。無論如何，實驗室、研究和多元化防禦在每個季度中往往更加不穩定且更加多樣化。提醒一下，在我們的核能和安全部門中，核電和市場約佔該部門收入的 60%，而實驗室和研究與防禦是多元化的，各佔 20%。

Nuclear and safety segment first quarter adjusted EBITDA was USD39.2 million or USD6.1 million, or 18.4% better than the first quarter of 2024. Adjusted, EBITDA margins improved 310 basis points to 29.4%, driven by operating leverage and ongoing procurement and Miriam business system initiatives.

核能與安全部門第一季調整後 EBITDA 為 3,920 萬美元或 610 萬美元，較 2024 年第一季成長 18.4%。調整後，EBITDA 利潤率提高了 310 個基點，達到 29.4%，這得益於經營槓桿、持續採購和 Miriam 業務系統計劃。

Recall, we are streamlining our procurement process to drive efficiencies and to leverage our scale to improve cost and working capital performance. These efforts are increasingly reflected in our results with more to come over the coming quarters.

回想一下，我們正在簡化採購流程以提高效率並利用我們的規模來改善成本和營運資本績效。這些努力越來越多地反映在我們的業績中，並且在未來幾季還會有更多努力。

Moving to the medical segment on slide 10. Medical segment, first quarter revenue totaled USD68.6 million, or USD1.8 million or 2.7% better than the first quarter 2024. Organic revenue was 3%. The nuclear medicine and market was the primary contributing factor to first quarter revenue growth. Notably, even if we normalize for the ERP implementation in nuclear medicine during the first quarter of 2024, the business still would have grown double digits.

前往投影片 10 上的醫療部分。醫療部門第一季收入總計 6,860 萬美元，比 2024 年第一季高出 180 萬美元，增幅為 2.7%。有機收入為3%。核子醫學和市場是第一季營收成長的主要因素。值得注意的是，即使我們在 2024 年第一季將核醫學領域的 ERP 實施正常化，業務仍將實現兩位數的成長。

Several extraordinary items resulted in a USD1 million revenue headwind for the segment in the quarter. These include the previously announced closure of our laser business in 2024 that is still reflected in the first quarter of 2024 results. China was down approximately USD2 million in revenue versus the first quarter last year, and the net effect of two ERP system installations, one in the first quarter of 2024 and the other in the first quarter of 2025. If you exclude this 1 million headwinds or normalize for it, organic revenue would have been approximately 4.5% in approaching our targeted mid-single digit full year organic growth target.

幾項非經常性項目導致該部門本季收入減少 100 萬美元。其中包括先前宣布的 2024 年關閉雷射業務，仍反映在 2024 年第一季的業績中。中國區營收較去年第一季下降約 200 萬美元，這是兩次 ERP 系統安裝的淨效應，一次在 2024 年第一季度，另一次在 2025 年第一季。如果排除這 100 萬個不利因素或將其正常化，有機收入將達到約 4.5%，接近我們設定的中等個位數全年有機成長目標。

We are encouraged by the good order growth we saw in Q1 in our RTQA business. We continue to enjoy backlog in our nuclear medicine business. Medical segment first quarter adjusted EBITDA was USD23.2 million, USD2.7 million, or 13.2% better than first quarter 2024. Medical segment adjusted even to margins also improved by 310 basis points to 33.8%, half of which reflects the absence of the nuclear medicine ERP system implementation headwind from last year.

我們對第一季 RTQA 業務的訂單成長感到鼓舞。我們的核子醫學業務持續保持積壓訂單。醫療部門第一季調整後 EBITDA 為 2,320 萬美元，比 2024 年第一季高出 270 萬美元，增幅為 13.2%。醫療部門調整後的利潤率也提高了 310 個基點，達到 33.8%，其中一半反映了去年核醫 ERP 系統實施阻力的消失。

Another highlight for the quarter was adjusted for cash flow shown on slide 11. We delivered USD29 million of adjusted free cash flow or a 62% conversion of adjusted event. This not only reflects our improved earnings profile but also networking capital improvement from project cash timing and better DSO.

本季度的另一個亮點是第 11 張投影片中顯示的現金流調整。我們實現了 2,900 萬美元的調整後自由現金流，即調整後事件的轉換率為 62%。這不僅反映了我們獲利狀況的改善，也反映了專案現金時機和更好的 DSO 帶來的網路資本改善。

Better net cash, interest expense, and a focus on more efficient CapEx. For example, CapEx improved by USD4 million versus last year as we lapped a significant launch investment in our InstaDose VUE to symmetry badge. We remain committed to the 18% reduction in CapEx for the full year 2025 from 2024.

更好的淨現金、利息支出以及更有效率的資本支出。例如，由於我們對 InstaDose VUE 對稱徽章進行了大量的啟動投資，資本支出與去年相比提高了 400 萬美元。我們仍致力於將 2025 年全年的資本支出從 2024 年的 18% 減少。

Although not on the slide, we also did repurchase 1.2 million shares as part of the 100 million share repurchase plan we put in place in December. The program is principally intended to mitigate the dilutive impact of shares issued under the company's 2021 Omnibus incentive plan and to provide management with capital structure flexibility.

雖然沒有被列入投影片，但我們確實回購了 120 萬股，這是我們 12 月實施的 1 億股回購計畫的一部分。該計劃的主要目的是減輕公司 2021 年綜合激勵計劃下發行股票的稀釋影響，並為管理層提供資本結構靈活性。

This leads nicely to our 4-year guidance outlined on slide 12. As mentioned, we're maintaining our organic revenue growth, adjusted EBA, adjusted EPS, and adjusted free cash flow guidance. Despite the puts and takes of potential tariff impacts, mitigating factors, and updated foreign exchange rates, our initial guidance here still holds. We're revising total revenue higher to account for the emerging tailwind from FX at quarter end rates, recognizing that the dollar has fallen a bit further since quarter end.

這很好地引出了我們在第 12 張投影片中概述的 4 年指引。如上所述，我們維持有機收入成長、調整後的 EBA、調整後的 EPS 和調整後的自由現金流指引。儘管有潛在的關稅影響、緩解因素和更新的外匯匯率等因素，但我們的初步指導仍然有效。我們上調了總收入，以適應季度末匯率出現的順風，同時認識到美元自季度末以來進一步下跌。

You can see the potential impact of current trading ranges on our tariff analysis. As a reminder, total revenue growth is now between 5% and 7%, better than our initial guidance of between 4 and 6%. This still includes an approximately 40 basis point foreign exchange headwind at the USD1.08 EUR to USD, better than the 190 basis point headwind from our previous guidance.

您可以看到當前交易區間對我們的關稅分析的潛在影響。提醒一下，目前總收入成長率在 5% 至 7% 之間，優於我們最初預測的 4% 至 6% 之間。這仍然包括歐元兌美元匯率 1.08 時的約 40 個基點的外匯逆風，好於我們先前預測的 190 個基點的逆風。

The biggest FX driver is our is our update from an assumed EUR1.04 a USD rate to USD1.08 at the end of March. Adjusted EBITDA is still expected to land between USD215 and USD230 million. However, the low end of adjusted the margin was slightly tweaked to incorporate the new revenue guidance and to recognize there may be some margin leakage due to tariffs.

最大的外匯驅動因素是我們將 3 月底的歐元兌美元匯率從假設的 1.04 歐元兌 1 美元更新為 1.08 美元。調整後的 EBITDA 預計仍將在 2.15 億美元至 2.3 億美元之間。然而，調整後的利潤率低端略有調整，以納入新的收入指導，並認識到關稅可能會造成一些利潤損失。

We are sticking to our adjusted free cash flow guide recognizing that we got off to a strong start in Q1. From where we sit today, the 2nd quarter will be our lightest cash flow quarter of the year, mainly driven by timing of cash tax payments and networking capital being a seasonal use of cash. It is worth reminding everyone that the midpoint of full year adjusted free cash flow guidance is a 50% increase year over year.

我們堅持調整後的自由現金流指南，因為我們知道我們在第一季取得了良好的開端。從目前的情況來看，第二季度將是我們今年現金流最少的季度，主要受現金納稅時間和網路資本的季節性現金使用的影響。值得提醒大家的是，全年調整後的自由現金流指引中點年增50%。

Adjusted EPS guidance of between USD45.50 remains intact and assumes an effective tax rate of between 25% and 27%, down from 2024. Cash taxes of approximately USD40 million and an average share count of approximately 227 million shares, all are unchanged.

調整後的每股盈餘指引在 45.50 美元之間保持不變，並假設有效稅率在 25% 至 27% 之間，低於 2024 年的水準。現金稅約 4,000 萬美元，平均股數約 2.27 億股，均維持不變。

Remember, the 2025 share count increase versus 2024, reflecting the founder shares vesting in the fourth quarter and the taking out of the warrants in the second quarter. This is a USD0.05 per share headwind to our adjusted EPS guide in 2025 due to these two factors.

請記住，2025 年的股票數量相對於 2024 年有所增加，這反映了創始人股份在第四季度歸屬以及認股權證在第二季度被取出。由於這兩個因素，這對我們 2025 年調整後的每股盈餘指南來說是一個 0.05 美元的阻力。

While we are confident in our full year guide, let's set some margin expectations for Q2. We expect medical margins to be up year-over-year, but slightly less than they were up in the first quarter.

雖然我們對全年指南充滿信心，但讓我們為第二季設定一些利潤預期。我們預計醫療利潤率將年增，但略低於第一季的增幅。

Any tariff impact on the medical segment will be more back and weighted in the year. On the nuclear and safety side, we expect flattish 2 margins year over year due to mix and timing around tariff mitigation plans. We're expecting to see some revenue move from Q2 to Q3 in this segment as we implement tariff mitigation strategies.

關稅對醫療領域的影響在今年將會更加顯著。在核能和安全方面，由於關稅減免計畫的組合和時間安排，我們預計利潤率將比去年同期持平。隨著我們實施關稅減免策略，我們預計該部門的收入將從第二季到第三季有所變化。

Concurring with Tom's earlier comments, I remain enthusiastic for the financial and operating performance of the business. We're off to a strong start in 2025 and are making great progress towards our 2028 financial targets. With that, I'll turn it back to the operator to open the line for questions.

我同意湯姆之前的評論，我仍然對該公司的財務和營運表現充滿熱情。我們在 2025 年取得了良好的開端，並朝著 2028 年的財務目標取得巨大進展。說完這些，我將把電話轉回給接線生，以便開通問答熱線。

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

謝謝。女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

The first question comes from the line of Rob Mason from Baird. Please go ahead.

第一個問題來自貝爾德的羅布梅森 (Rob Mason)。請繼續。

Yes, good morning, Tom, your commentary, I mean, I know this is a developing situation, but you know what you're seeing on the ground there in China around the tariffs, potential reprieve around that, can you elaborate a little more on just, what would be driving that when you might think you would have some more clarity on it?

是的，早上好，湯姆，您的評論，我的意思是，我知道這是一個正在發展的情況，但您知道您在中國看到的有關關稅的情況，以及潛在的緩解措施，您能否更詳細地說明一下，是什麼推動了這一進程，您可能認為您會對此有更清晰的認識？

Yeah, Rob, good morning. Just to reiterate a couple of comments that I made. Firstly, that most of our exposure today comes from medical equipment produced in the US, predominantly radiation therapy equipment, but some nuclear medicine equipment that then is shipped to China. It's obviously a very dynamic situation and the landscape is changing, but what we are learning is that There are 3 or 4 classification codes under which our products are shipped where there's an emerging body of thought and evidence that they'll be exempt from the retaliatory tariffs with a likelihood that there will still be a 20% baseline tariff.

是的，羅布，早安。只是重申我所提出的幾點評論。首先，我們今天接觸到的輻射大部分來自美國生產的醫療設備，主要是放射治療設備，但也有一些核醫設備隨後運往中國。顯然，這是一個非常動態的情況，情況正在發生變化，但我們了解到，我們的產品運輸時有 3 或 4 個分類代碼，有新的想法和證據表明，這些產品將免於報復性關稅，但可能仍會有 20% 的基準關稅。

But to the extent we can prove this out and it is in fact validated, obviously that would be that would be of great benefit to us and change our view a bit on the aggregate range of that that tariff exposure.

但如果我們可以證明這一點，並且事實上也得到了證實，那麼這顯然會給我們帶來很大的好處，並會稍微改變我們對關稅風險總體範圍的看法。

Certainly, sure.

當然，當然。

Just as a follow up as well.

也只是作為後續行動。

Again, the order numbers looked really strong, absent, any influence from the USD300 to USD400 million that we're referencing frequently you did mention, some potential exposure there to government procurement process in that envelope.

再次，訂單數量看起來確實很強勁，不存在您提到的我們經常提到的 3 億至 4 億美元的影響，該信封中的政府採購流程可能會受到一些影響。

Anyway that you can quantify that and what you're, what you're actually seeing, what percentage exposed and, where that's coming from, what you're seeing.

無論如何，您可以量化這一點，以及您實際看到的、暴露的百分比以及它來自哪裡、您所看到的。

Yeah, it's a bit challenging, Rob, recognizing that the, this pipeline that we've referenced is a combination of government and commercial projects overall and scattered around the globe. So, this is not all about doge or not all about US government dynamics, but we clearly have a confirmation bias where we are looking for evidence that doge-related activities are having some impact. On these and or other, just kind of routine slow government business and today we're really not seeing it absent, the commentary that Brian made that there may be some evidence that some of the some of the tepid order dynamics in labs may be theoretically related to dodge, but beyond that we're not seeing anything. We are actively looking for it, but to be clear, we're not hearing any commentary from the program managers of these government funded projects.

是的，羅布，這有點挑戰性，認識到我們所提到的這條管道是政府和商業項目的組合，並且分散在全球各地。因此，這不僅與 doge 有關，也不僅僅與美國政府動態有關，但我們顯然存在確認偏誤，我們正在尋找與 doge 相關的活動正在產生一定影響的證據。關於這些或其他，只是政府例行的緩慢工作，今天我們真的沒有看到它缺席，布萊恩的評論是，可能有一些證據表明實驗室中一些不溫不火的秩序動態可能在理論上與閃避有關，但除此之外我們沒有看到任何東西。我們正在積極尋找它，但需要明確的是，我們沒有聽到這些政府資助計畫的專案經理的任何評論。

It continues to be a relatively constructive environment for us, but obviously we're being quite vigilant and monitoring any changes in any flow through.

對我們來說，這仍然是一個相對建設性的環境，但顯然我們保持警惕並監控任何流程的變化。

Maybe just if I could sneak one quick one in, you talked about almost weekly occurrence of news flow around nuclear power.

也許如果我可以偷偷地快速說一句，你談到了幾乎每週都會發生的有關核電的新聞流。

Japan recently, talked about restarting a reactor. You just update us on what your Japan exposure might be.

日本最近談到重啟反應爐。您只需告訴我們您在日本的曝光情況即可。

The Japanese exposure is relatively minimal as it relates to their nuclear industry, in aggregate, it's just under 2% of our total revenue, but much of that relates to scientific instruments, some medical exposure, medical market exposure, etc. And this is because historically within Japan, there's been a very tightly bound Keiretsu network.

日本的業務相對較少，因為它與核工業有關，總體而言，僅占我們總收入的 2% 以下，但其中大部分涉及科學儀器、一些醫療業務、醫療市場業務等。這是因為從歷史上看，日本國內一直存在著一個非常緊密的 Keiretsu 網路。

Supporting the nuclear fleet, really supporting the nuclear infrastructure. I will say that we've chipped away at this and increasingly are being what I would characterize as more assertive in that marketplace. So it is a marketplace that represents upside opportunity for us.

支援核艦隊，真正支援核子基礎設施。我想說的是，我們已經在這方面取得了進展，並且在這個市場上變得越來越自信。因此，對我們來說，這是一個充滿機會的市場。

And the importance of what you stated really reflects not only the continued momentum. In Japan to restart, a significant tranche of their idle nuclear base, but also the desire to do more to take it further. And so, again we see that more as upside than anything else.

您所述的重要性實際上不僅僅反映了持續的動力。日本在重啟大量閒置核基地的同時，也希望能夠做更多的事情來進一步推進核子計畫。因此，我們再次認為這更多的是一種好處。

Very good, thank you

非常好，謝謝

Thank you.

謝謝。

The next question comes from the line of Joe Ritchie from Goldman Sachs. Please go ahead.

下一個問題來自高盛的喬·里奇。請繼續。

Thank you. Good morning, everybody.

謝謝。大家早安。

Hey Joe.

嘿，喬。

Hey guys, so I'm just curious so look nice start to the year, great to see the orders, just on that USD300 to USD400 million pipeline I think kind of like the expectation was that you'd start, you'd see like the vast majority of those decisions being made sometime like in 2025 has the timeline on that shifted at all just given the current backdrop? And then also are we like is this is this like a just like a handful of projects or like any anything you can tell us about like kind of like the sizing on these on these projects that are out there.

嘿夥計們，我只是好奇，所以看起來今年的開始不錯，很高興看到訂單，僅在那條 3 億到 4 億美元的管道上，我認為有點像預期你會開始，你會看到絕大多數這些決定都是在 2025 年左右做出的，考慮到當前的背景，這個時間表是否有所改變？然後我們是否也可以這樣說，這只是一些項目，或者您可以告訴我們任何有關這些現有項目的規模的信息。

Yeah, so in aggregate, we hold to the view that a majority of these contracts will be awarded within the calendar year 2025. Obviously reserving for the possibility that there may be some spillage into the back end of the year. In aggregate, these are projects that we would define as being notably larger than what we would typically expect in our flow business. So typically, that would mean an 8. An 8 figure or higher handle on the on the deal overall. And again, as we've noted previously, it's a mix of nuclear and other projects, US and international in scope, right? I think you want to add to that.

是的，總的來說，我們認為大部分合約將在 2025 年內授予。顯然，這是為年底可能出現一些溢出的可能性預留的。總的來說，我們認為這些項目比我們在流程業務中通常預期的項目要大得多。通常來說，這意味著 8。整個交易的處理金額為 8 位數或更高。而且，正如我們之前提到的，這是核能專案和其他專案的混合體，涉及美國和國際範圍，對嗎？我想你想補充這一點。

No, I would just say, where we've seen maybe a few things move to the right, maybe out of the 2025, I think we've seen again more stuff drop into the pipeline in 2025. I mean our commentary in the last two quarters has been. We hold the ranges, but we see kind of, more in the funnel than that. We did not have any expectations to pull anything in the first quarter. So, to date, I think I would tell you we're pretty on track.

不，我只想說，我們可能已經看到一些事情向右移動，也許超出了 2025 年，我認為我們又看到更多的東西在 2025 年進入管道。我的意思是我們過去兩個季度的評論都是這樣的。我們控制著範圍，但我們在漏斗中看到的不僅僅是這些。我們並沒有對第一季取得的任何成績抱持任何期望。所以，到目前為止，我想我會告訴你我們的進展相當順利。

Okay, great. And then helpful to get the 2Q color, so thank you for that. Curious, like it seems like you're already starting to see some of the benefits from your procurement savings, the incremental margins this quarter were really good in both segments, just maybe kind of help me understand like I know we have the color for the 2nd quarter, but for the second half of the year, should we be expecting then, incremental margins on your volume. To be, better than what you have historically said. So, in medical at 50% to 60% range and nuclear that 40% to 50% range and how do we think about that into the second half of the year?

好的，太好了。然後有助於獲得 2Q 顏色，所以謝謝你。好奇的是，似乎您已經開始看到採購節省帶來的一些好處，本季度兩個部門的增量利潤率都非常好，這也許能幫助我理解，我知道我們已經了解了第二季度的情況，但對於下半年，我們是否應該期待您的銷售增量利潤率。比你過去所說的還要好。那麼，醫療領域的比例為 50% 到 60%，核能領域的比例為 40% 至 50%，我們如何看待下半年的情況？

Yeah, I mean, look, we've tried to stick to keeping kind of our annual guidance. Joe, I did obviously give you some color on the 2nd quarter. Look, I think the first quarter incremental were very strong. Obviously, we do have a pay raise cycle that goes into effect kind of in the 2nd quarter. So, what I would tell you is, we still believe there is margin expansion every quarter. I would tell you that I think the 3rd quarter is probably our best margin expansion quarter, and the others are kind of, similar in size. And I think the incremental, you'll see. They are a little bit lumpy by business quarter by quarter. You heard me talk about kind of my expectations in the second quarter on nuclear safety are more for flattish margins just as we move some stuff probably from Q2 to Q3 to help mitigate some of the tariffs, but we also have some mixed dynamics in the 2nd quarter. We talked about this a little bit last year as well, so. I mean, that's probably as much as I want to give at this point, but we do feel good about marginal expansion company-wide, each quarter of the rest of the year.

是的，我的意思是，看，我們一直努力堅持我們的年度指導。喬，我確實給你講了一些有關第二季度的情況。看起來，我認為第一季的增量非常強勁。顯然，我們確實有一個加薪週期，該週期將在第二季生效。所以，我想告訴你的是，我們仍然相信每季的利潤率都會擴大。我想告訴你，我認為第三季度可能是我們利潤率擴張最好的季度，其他季度的規模也差不多。我認為，您會看到增量。每個季度的業務表現都有些不穩定。您聽到我談到我對第二季度核安全的預期，即利潤率將持平，因為我們可能會將一些產品從第二季度轉移到第三季度，以幫助減輕部分關稅，但第二季度也有一些混合動態。我們去年也談論過這個問題。我的意思是，這可能是我現在想給出的全部金額了，但我們確實對全公司範圍內、全年剩餘時間每季的邊際擴張感到滿意。

Okay, great. one last one for you just free cash flow, nice start to the year, just all the working capital benefits, second quarter it sounds like you're indicating because of a couple, cash taxes and a few other items that you might, see like I guess maybe negative free cash flow in the 2nd quarter. I just want to make sure I understood that correctly and then, yeah, how are you even thinking about working capital.

好的，太好了。最後要問的是自由現金流，今年開局不錯，所有的營運資金都有好處，第二季度聽起來您指的是由於一些現金稅和其他一些項目，您可能會看到，我猜第二季度的自由現金流可能是負的。我只是想確保我理解正確，然後，是的，你是如何考慮營運資金的。

Going forward?

繼續前進？

I'm not sure. I said it would be negative. I just said it'd be the lightest cash flow quarter of the year, and look, I mean, I don't think it's if you look back at the 2nd quarters over, let's say the last 2 years, right? It's probably somewhere in in those ranges candidly maybe on the lower end of those ranges versus the higher end of those ranges. Look, we had a very good first quarter. Collect the teams across the company did absolutely fantastic. Collections were good. There's still tons of opportunity here for us, both on the collection side as the procurement stuff comes, that should help on the payable side. We're very focused, specifically in Europe on project cash flow timing. I like the 3rd and 4th quarter to see, continued pick up on networking capital.

我不知道。我說這將是負面的。我剛才說了，這將是一年中現金流最少的一個季度，你看，我的意思是，如果你回顧一下第二季度，比如說過去兩年，我認為情況並非如此，對吧？它可能位於這些範圍的某個地方，坦白說，可能位於這些範圍的低端，也可能位於這些範圍的高端。看，我們的第一季表現非常好。收集整個公司各個團隊的表現絕對出色。收藏品很好。對我們來說，這裡仍然有大量的機會，無論是在收款方面，還是在採購方面，這都應該有助於應付方面。我們非常關注專案現金流的時間，特別是在歐洲。我希望看到第三季和第四季網路資本繼續回升。

Seasonally, we're negative net working capital in the 2nd quarter. I think that holds true here. In our biggest kind of one of our biggest cash tax quarters is the 2nd quarter, just with the US taxes and etc. So, I think we feel good, but I don't think I said it would be negative.

從季節性來看，我們第二季的淨營運資本為負。我認為這裡也確實如此。我們最大的現金稅季度之一是第二季度，僅包括美國稅收等。所以，我認為我們感覺良好，但我不認為我會說它會帶來負面影響。

Yeah, no, that was me. That was me projecting, but I appreciate the.

是啊，不，那就是我。這是我的想法，但我很感激。

You can put that in your model if you want.

如果你願意的話，你可以把它放入你的模型中。

Alright. Thanks guys.

好吧。謝謝大家。

Thanks, Joe.

謝謝，喬。

Thank you. The next question comes from the line of Vlad Bystricky from Citigroup. Please go ahead.

謝謝。下一個問題來自花旗集團的 Vlad Bystricky。請繼續。

Hey, good morning, guys. Thanks for taking my question here. So maybe first just on China Medical. The potential tariff clarification that you mentioned is encouraging, but could you just step back and talk about, underlying demand trends in in China medical broadly and, as a follow up to that, how you're thinking about the risks of any potential anti-American backlash in that market, or whether you've seen any evidence of that developing.

嘿，大家早安。感謝您在這裡回答我的問題。因此也許首先只討論中國醫療。您提到的潛在關稅澄清令人鼓舞，但您能否退一步談談中國醫療領域廣泛的潛在需求趨勢，以及作為後續問題，您如何看待中國市場可能出現的反美反彈風險，或者您是否看到任何證據表明這種情況正在發生。

Yeah. So, I mean, I'll start with the caveat that it's hard to say. Obviously, there's a lot of battle haze right now and we're trying to be careful about our guidance, careful about describing how we see things. But it's important to contextualize the answer as well that this is something we've been talking about for the last two years. The last year you may recall.

是的。所以，我的意思是，我首先要聲明的是，這很難說。顯然，目前有很多戰鬥陰霾，我們正努力謹慎地指導，謹慎地描述我們對事物的看法。但同樣重要的是將答案置於背景中，這是我們過去兩年一直在談論的事情。您可能還記得去年。

We saw a slowdown in the Chinese component of our growth, particularly in radiation therapy, and this was driven by a generalized slowdown in Medtech overall exports into China because of their pronounced anti-corruption programs where it just induced. Incredible caution into the marketplace and this began out in 204. It began the prior year, but it's had a long tail and had a big impact on the things like the build out of new radiation therapy clinics, which is really the key demand driver for our growth into that into that marketplace overall. In hindsight, it's a bit of a godsend though because of the cautionary stance. That that we took in terms of framing our operating plans for 2025 and guiding, that that view overall. Again, we took a cautious view toward China in general because of because of the stale, and I think that that certainly helps in terms of the aggregate exposure that that we're facing this year.

我們發現中國市場的成長有所放緩，特別是在放射治療領域，這是由於中國大力推行反腐敗計劃，導致醫療技術對華出口整體放緩所致。市場開始高度謹慎，這一切始於 204 年。它始於前一年，但影響深遠，對新放射治療診所的建設等方面產生了巨大影響，而這實際上是推動我們在整個市場中成長的關鍵需求驅動力。事後看來，由於採取了謹慎的態度，這多少算是天賜之物。我們在製定 2025 年營運計畫和指導時採取了這種總體觀點。再說一次，由於陳舊的原因，我們總體上對中國持謹慎態度，我認為這肯定有助於我們今年面臨的整體風險敞口。

At the end of the day, I think what it comes down to for Chinese economic decisions, particularly today in this, we're all hopeful that some type of constructive deal is brokered, that clarity emerges, and that China and the US work together as partners to reduce the trade imbalance overall. But our interpretation of this whole trade code dynamic is that at the end of the day, there's a cold rationality that prevails. And there's certain things that that the US has to source from China, and there's certain things that China has to source from the US, and I think that's reflected in this instance by these trade code exemptions. And so again, this is very dynamic. We're still trying to prove this out and we're being very careful about this overall, but if that is true, then that would suggest that we have reason to believe.

歸根結底，我認為對於中國的經濟決策來說，特別是在今天，我們都希望能夠達成某種建設性的協議，出現明確的結果，並且中國和美國能夠作為合作夥伴共同努力，減少整體貿易不平衡。但我們對整個貿易準則動態的解讀是，最終還是冷靜的理性佔了上風。有些東西美國必須從中國採購，有些東西中國也必須從美國採購，我認為這在這些貿易法規豁免中有所反映。所以，這又是十分有活力的。我們仍在努力證明這一點，並且總體上對此非常謹慎，但如果這是真的，那就表明我們有理由相信。

That the environment in China, may be a little bit more constrained going from 0% tariffs potentially to 20% tariffs, but again that that is a reflection of national need as it relates to the products, software and solutions. That we're selling into that market overall. Longer term, if there is some type of sentiment that builds up, not just in the China block but in any other trading bloc, Europe, Latin America, etc.

中國的環境可能會受到更多限制，關稅可能從 0% 上升到 20%，但這也反映了與產品、軟體和解決方案相關的國家需求。我們的整體產品都銷往該市場。從長遠來看，如果出現某種情緒，不僅在中國，而且在任何其他貿易區、歐洲、拉丁美洲等，都會出現這種情緒。

We have within our planning queue a number of actions that we think we can take to further defies that risk and really kind of build on this local for local construct that's endemic in our structure today.

我們的計劃中已經包含一些我們認為可以採取的行動，以進一步抵禦這種風險，並真正在當今我們的結構中建立這種本地化的結構。

That's helpful color, Tom, and I guess we'll just have to watch the tweets going forward, just, I think Tom, I heard you say that 79% of the 12 nuclear order growth came from the existing fleet. As opposed to new build, which is quite encouraging, maybe could you just characterize how you're thinking about, where customers are in terms of their current upgrade cycle and and how you're thinking about, potential longevity of this capital investment into the existing fleet.

湯姆，這很有幫助，我想我們只需要關注未來的推文，只是，我想湯姆，我聽到你說 12 個核訂單增長中有 79％ 來自現有機隊。與令人鼓舞的新建相比，也許您能否描述一下您是如何考慮的，客戶目前的升級週期如何，以及您如何考慮對現有船隊的資本投資的潛在壽命。

Yeah, I think it's still early days of the, and the dynamics just for all listening is that the installed base really is the most important element of our nuclear business and it's typically represents 80% of our nuclear revenue overall. What is changing, just to walk people through the logic is that the, there's a growing supply demand.

是的，我認為現在還處於早期階段，所有聽眾都知道，安裝基礎確實是我們核能業務中最重要的元素，通常占我們核能業務總收入的 80%。正在改變的是，只是為了讓人們明白其中的邏輯，那就是供應需求正在成長。

Our demand supply imbalance in global electrical generating capacity.

全球發電能力的供需失衡。

We are seeing an immediate spike in year over year demand for electricity is more pronounced in the American market than in many, but in general we are seeing an acceleration of demand which in aggregate was up about 4% last year versus the prior year and that you know that that's versus what had been for much of the decade between 2010 and 2020, a rate of about 1 to 2% annual growth and an environment where most of the nuclear power plant operators were losing money. So, what's happening today is that the demand for electricity is mounting, particularly clean base load energy, which only nuclear power can supply, and the most visible motive behind that is the AI driven data center growth, but it goes well beyond that. It's the general electrification of the economy, the EV market as it emerges, etc.

我們看到，美國市場的電力需求同比急劇上升，這比許多市場更為明顯，但總體而言，我們看到電力需求在加速增長，去年的需求總體比前一年增長了約 4%，這與 2010 年至 2020 年的大部分時間相比有所差異，當時的年增長率約為 1% 至 2%，而大多數核電站運營商都在。因此，今天發生的情況是，對電力的需求不斷增加，特別是只有核電才能供應的清潔基載能源，而這背後最明顯的動機是人工智慧驅動的資料中心成長，但它遠不止於此。這是經濟的普遍電氣化、新興的電動車市場等等。

So, what is clear and what will be, I think, an extant trend for quite a while is this view that there is a very clear and compelling economic incentive for the operators of nuclear power plants to run them at a higher capacity factor. That being the term of art for capacity utilization within the industry to extend the life of plants to permit extensions, so the majority of American power plants will be life extended to 80 years. Some will be life extended to 100 years.

因此，我認為，很明顯的、並且將在相當長一段時間內成為一種趨勢的觀點是，對於核電廠的運營商來說，以更高的容量係數運行核電廠有著非常明確和令人信服的經濟動機。這是業界利用產能來延長電廠壽命的術語，因此大多數美國發電廠的壽命將延長至 80 年。有些壽命將延長至100年。

It is bringing back previously shut down. Kind of pre-decommissioned reactors including the Palisades reactor, the Three Mile Island reactor, and potentially now the Dwayne Arnold reactor coming back online. It is resuscitating projects that had been terminated, like the VC Summer project in North Carolina or South Carolina.

它正在恢復之前關閉的功能。一些已退役的反應堆，包括帕利塞茲反應爐、三哩島反應堆，以及現在可能重新上線的德韋恩·阿諾德反應器。它正在恢復那些已經終止的項目，例如北卡羅來納州或南卡羅來納州的 VC Summer 項目。

And then it operates, so it's adding capacity to the existing fleet. And so, while people tend to focus on new build activity as they're looking at the nuclear market, whether it's through small modular reactors or utility scale, for us, what matters more is the health of that installed base and when they have the incentive that they do today to operate with greater up time, extend life, operate capacity, etc.

然後它開始運營，從而增加了現有船隊的運力。因此，儘管人們在關注核市場時往往關注新建活動，無論是透過小型模組化反應器還是公用事業規模，但對我們來說，更重要的是已安裝基礎的健康狀況，以及它們是否有動力像今天這樣延長正常運行時間、延長使用壽命、提高運營能力等。

Then that obviously drives looser capital spending budgets. It greenlights projects that are supportive of those three overarching objectives. Which would include many of the solutions that we sell. And so long answer, but the summary of all of that is we expect this, we think we're just in the beginning of this cycle, and we expect to see really healthy CapEx coming out of the global fleet for many years to come.

這顯然會導致資本支出預算更加寬鬆。它批准了支持這三個總體目標的項目。其中包括我們銷售的許多解決方案。答案很長，但總結一下，我們預計這一點，我們認為我們才剛剛處於這個週期的開始階段，我們預計未來許多年全球船隊將會出現真正健康的資本支出。

And I would also just remind you, Glad that you know we had just committed to in December kind of high single digit growth through our long range guidance. So, we're expecting that this year and, that means we need to see that also for the next couple of years.

我還要提醒您，很高興您知道我們剛剛在 12 月承諾透過我們的長期指導實現高個位數成長。因此，我們預計今年會出現這種情況，這意味著我們也需要在未來幾年看到這種情況。

That's that's encouraging and and really helpful color guys maybe just one last one for me and I'll get back into the queue on the acquisition you announced. I know it's I know it's fairly small, but maybe could you just characterize how that came about was that proprietary, just any color on it.

這令人鼓舞，並且對色彩界人士真的很有幫助，也許對我來說這只是最後一個問題，我將回到您宣布的收購隊列中。我知道它相當小，但也許您能描述一下它是怎麼產生的嗎？它是專有的，還是任何顏色都可以。

Yeah, this is. This was proprietary and you know again kind of consistent with that that crowdsourcing approach that we take internally, again a small deal, but I think it'll be proved to be very important strategically in terms of how it flushes some of the capabilities that we have in our flagship RTQA workflow software platform called SunCHECK. And you know we're really excited about it not only in terms of the capability that the acquisition brings to bear but the team. It's a great team and I think we're going to see some good leverage down the road from this.

是的，這是。這是專有的，你知道，這與我們內部採取的眾包方法一致，雖然這只是一筆小交易，但我認為事實證明它在戰略上非常重要，因為它可以增強我們旗艦 RTQA 工作流程軟體平台 SunCHECK 的一些功能。你知道，我們對此感到非常興奮，不僅是因為這項收購帶來的能力，也因為我們的團隊。這是一支出色的團隊，我認為我們將來會看到這支團隊發揮出一些良好的優勢。

So a nice deal, nice pick up, it's not really going to move the needle meaningfully in the short term, but the main point is that our pipeline continues to be good. Obviously, this is an environment where a lot of a lot of people are very cautious. Sellers are being cautious.

因此，一筆不錯的交易，一個不錯的回升，在短期內不會真正產生重大影響，但主要的是我們的管道繼續保持良好。顯然，在這種環境下，很多人都非常謹慎。賣家正在謹慎行事。

I think sellers of private companies have not, quite yet, capitulated in terms of multiple reductions that we've seen driven by the public industrial tech sector, but I think all that will be sorted out. We continue to actively work on it, but to be clear, we're going to be very disciplined and we're going to be patient as always in this room. And.

我認為私人公司的賣家還沒有像公共工業技術部門那樣在多次減持方面做出讓步，但我認為所有這些都會得到解決。我們將繼續積極地致力於此事，但要明確的是，我們將非常自律，並且將一如既往地保持耐心。和。

Maybe just two other comments. This is like a Sumi of revenue deal for us, this year, so really small probably break even. I think the other thing that this is one of the more creative deals we've done where, there's almost no upfront cash and it's kind of a or as you go stream. So, I think that is also just kind of proving that we are flexible in how we do deals and we want to make sure that it's a win-win for everyone.

也許只是另外兩則評論。對我們來說，今年這就像一筆收入交易，規模很小，可能只是收支平衡。我認為這是我們做過的更有創意的交易之一，幾乎沒有預付現金，而且是一種即用即付的交易。所以，我認為這也證明了我們在交易方式上很靈活，我們希望確保對每個人來說都是雙贏的。

Awesome thanks guys.

太棒了，謝謝大家。

Thank you. The next question comes from the line of Chris Moore from CJS Securities. Please go ahead.

謝謝。下一個問題來自 CJS Securities 的 Chris Moore。請繼續。

Hey, good morning, guys. Yeah, maybe just a, of a bigger picture, pricing power question, if there are surprises, after this 90 day hiatus, is over, are there certain areas, products, services, where you, consider Mirion to have, kind of stronger pricing power and maybe.

嘿，大家早安。是的，也許只是從更大的角度來看，定價權問題，如果有意外的話，在這 90 天的停擺結束後，您是否認為 Mirion 在某些領域、產品、服務方面擁有更強的定價權？

Might it might be a little less uncertainty there.

那裡的不確定性可能會少一些。

Yeah, Chris, this is a super important question because when most people are talking about tariffs or doge, they're talking about it narrowly. The approach that we're trying to take is very expensive, where, to begin with, the FX dynamics which are strongly correlated to this kind of global reset more broadly are obviously an important and very visible economic element. But the other element that I think is less visible to people that we are hyper focused on right now is a competitive advantage, recognizing that in some instances based on you know what, anticipated.

是的，克里斯，這是一個非常重要的問題，因為當大多數人談論關稅或總督時，他們談論的都是狹義的。我們嘗試採取的方法非常昂貴，首先，與這種全球重置密切相關的外匯動態顯然是一個重要且非常明顯的經濟因素。但我認為我們現在高度關注的另一個不太為人們所注意的因素是競爭優勢，並認識到在某些情況下基於預期。

Future tariff constructs, we will gain economic advantage versus our competitors and in some instances, we will lose that economic or a degree of economic advantage relative to the competitors. What I would tell you is that in general we like where we sit.

在未來的關稅結構中，我們將獲得相對於競爭對手的經濟優勢，在某些情況下，我們將失去相對於競爭對手的經濟優勢或某種程度的經濟優勢。我想告訴你的是，一般來說，我們喜歡我們坐的位置。

Meaning that in aggregate, we feel like our competitive advantage will be strengthened based upon likely, kind of long-term sustained tariff scenarios overall. And to the extent that does in fact happen, obviously that gives us a price. Power and the ability to really optimize between hoped for incremental share gains, plus margin expansion. So it's something again that is we're thinking about a lot, doing a lot of analytics and feel like there's a probably an upside opportunity for us here down the road.

這意味著，總體而言，我們認為我們的競爭優勢將基於可能的、長期持續的關稅情境而加強。如果這種情況確實發生，顯然我們會得到一個價格。權力和真正優化所希望的增量份額收益與利潤率擴大的能力。所以，我們又一次思考了很多，做了很多分析，感覺未來這可能對我們來說是一個上行機會。

Got it. That's very helpful. All the other ones I had were asked already. I will jump back in line. Thanks guys.

知道了。這非常有幫助。我所有其他的問題都已經被問過了。我會重新排隊。謝謝大家。

Thanks.

謝謝。

Thank you. The next question comes from the line of Yuan Zhi from B. Riley Securities. Please go ahead.

謝謝。下一個問題來自 B.Riley Securities 的袁志。請繼續。

Thank you for taking our questions, Tom and, Brian. We, so we had that USD21 million de-booking from Turkey in 1Q 2024. Can we anticipate the backlog to grow in the near term?

感謝湯姆和布萊恩回答我們的問題。因此，我們在 2024 年第一季從土耳其取消了 2,100 萬美元的預訂。我們能否預見積壓訂單在短期內會增加？

Look, I don't like to comment on quarter-to-quarter orders and backlog. I think as it relates to that specific project, the team continues to work on, winning some of that back. And I think when we're ready, when we have more to say there, we'll talk about it.

聽著，我不喜歡對季度訂單和積壓訂單發表評論。我認為，就該特定專案而言，團隊會繼續努力，贏回一些收益。我認為，當我們準備好了，當我們有更多話要說時，我們就會談論它。

Look, we had a strong first quarter on the order side, obviously, FX rates are beginning to kind of favor our backlog, which, about half the backlog does sit in euros. So, the strong move here in April with the EUR, the weaker dollar, I guess, should help us overtime. But look, then, we've talked a lot about the USD300 to USD400 million today, as that comes in, of course, we would expect backlog growth. Between now and the end of the year because, cause there's some larger projects obviously in that queue. So, look, we like where we sit, we like dynamics. We think we had a very good first quarter commercially and, we look forward to updating you in kind of Q2 in the back half of the year on how we're progressing.

你看，我們第一季的訂單表現強勁，顯然，外匯匯率開始對我們的積壓訂單有利，其中大約一半的積壓訂單是以歐元結算的。因此，我認為，四月份歐元的強勁走勢和美元的疲軟應該會對我們有幫助。但你看，我們今天已經談論了很多關於 3 億到 4 億美元的事宜，當然，隨著這一數字的增加，我們預計積壓訂單將會成長。從現在到年底，因為，因為顯然有一些更大的項目在等待著。所以，你看，我們喜歡我們所坐的地方，我們喜歡動態。我們認為第一季的商業表現非常好，我們期待在下半年第二季向您通報我們的進度。

Yeah, got it. Maybe a quick follow up to Joe's question earlier. What is the exact timing on those one-time orders in total of USD300 to USD400 million? Should do you anticipate them more in the second half, or it's like even out in the next 2 or 3 quarters?

是的，明白了。也許可以快速跟進一下喬之前提出的問題。總計3億至4億美元的一次性訂單的具體時間是什麼時候？您是否應該預期他們在下半年會有更多表現，還是預計在接下來的 2 或 3 個季度內會有所表現？

Yeah, look, again, like, I don't, we're not going to talk about precise diamond, but I would tell you it's back half loaded.

是的，再說一次，就像，我不，我們不會談論精確的鑽石，但我會告訴你它是半裝的。

Yeah, and maybe one last question for me for those in the backlog, how should we think about the push and pull in terms of timing? What if some projects have been delayed? Is that a big risk in your assumptions?

是的，對於積壓工作，我還有一個最後一個問題，我們該如何考慮時間上的推動和拉動？如果有些項目被延後了怎麼辦？在您的假設中，這是一個很大的風險嗎？

Yeah, well, look, we spent a lot of time in the backlog of teams, are looking at the project piece of this quite a bit. I think one of these bigger projects are longer cycle. They take years and years and years to kind of push through the revenue stream.

是的，好吧，你看，我們花了很多時間在團隊的積壓工作上，相當多地關注著這個專案。我認為這些較大的項目之一週期較長。他們花了很多年的時間才開闢出收入來源。

And so I think, we're always kind of looking in accounting for that as we put our forecast together. So, there's always risk, it's just kind of inherent in the new build nuclear game of maybe things moving to the right.

所以我認為，我們在做出預測時總是會考慮到這一點。所以，風險總是存在的，這只是新核遊戲中固有的現象，事情可能會向右發展。

But I think a lot of the work currently going on from a project basis is actively happening, and I think we feel very good about our forecast for the year.

但我認為，目前以專案為基礎進行的許多工作正在積極進行，我認為我們對今年的預測非常滿意。

CNY, I'll have to say randomly too that I was convinced you would ask a question either about the the fluvito broader approval or our Apex scarred software release. So I got that one wrong.

CNY，我還得隨機地說一下，我確信您會問有關 fluvito 更廣泛的批准或我們的 Apex 疤痕軟體版本的問題。所以我錯了。

Yeah, sorry, I, we just got more questions on the other part, but yeah, we can save the the pro of related questions for the call back.

是的，抱歉，我們剛剛在另一部分收到了更多問題，但是是的，我們可以將相關問題留到回電時再處理。

Thank you for taking our questions.

感謝您回答我們的問題。

Okay, thank you.

好的，謝謝。

Thank you. Ladies and gentlemen, as there are no further questions, I now hand the conference over to Thomas Logan, Chairman and CEO of Mirion.

謝謝。女士們，先生們，由於沒有其他問題，我現在將會議交給 Mirion 董事長兼執行長 Thomas Logan。

Thank you, Ryan and ladies and gentlemen, thank you for listening in today and as always, thank you for your support. Just to close by reiterating, it was a strong quarter, a great start to the year. The team executed extremely well.

謝謝瑞安、女士們、先生們，謝謝你們今天的收聽，也一如既往地感謝你們的支持。最後，我要重申的是，這是一個強勁的季度，也是今年的一個好開始。該團隊的表現非常出色。

We're in a remarkable environment. This is a, it's a fascinating time to be alive, very challenging from a business standpoint. But I would say that historically these are the times where we've been at our best, where we have excelled. We have a battle-hardened team that has weathered a lot of macro variability and challenges, and their track record is second to none, and I'm proud to take the field with them each and every day. We're going to continue to drive hard on execution in Q2. And we'll look forward to speaking with you again in a quarter and seeing many of you in the various investor conferences and NDRs that we have scheduled for the quarter. But thanks again today and we'll talk soon.

我們處在一個非凡的環境。這是一個令人著迷的時代，從商業角度來看也充滿挑戰。但我想說，從歷史上看，這是我們處於最佳狀態、取得卓越成就的時期。我們擁有一支久經沙場的團隊，他們經歷了許多宏觀變化和挑戰，他們的業績記錄是首屈一指的，我很自豪能夠每天與他們並肩作戰。我們將在第二季度繼續努力執行。我們期待在一個季度後再次與您交談，並在本季度安排的各種投資者會議和 NDR 中見到你們。但今天再次感謝，我們很快會再談。

Thank you, ladies and gentlemen, the conference of Mirion technologies has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝各位朋友，Mirion技術大會已經結束。感謝您的參與。現在您可以斷開線路了。