Mirion Technologies Inc (MIR) 2025 Q3 法說會逐字稿

Greetings and welcome to the Mirion Technologies third quarter 2025 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Mirion Technologies 2025 年第三季財報電話會議。（操作說明）

It is now my pleasure to introduce your host, Eric Linn, treasurer and head of investor relations.

現在，我很高興向大家介紹主持人艾瑞克‧林恩，他是財務主管兼投資者關係主管。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you. Good morning and welcome to Mirion's third quarter, 2025 earnings conference call.

謝謝。早安，歡迎參加 Mirion 2025 年第三季財報電話會議。

Joining me this morning are Mirion's founder, Chairman and CEO Tom Logan, and Marion's CFO and Medical Group President, Brian Schopfer.

今天早上和我一起接受採訪的是 Mirion 的創始人、董事長兼首席執行官 Tom Logan，以及 Mirion 的首席財務官兼醫療集團總裁 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.

在開始今天的演講之前，請允許我提醒各位，本次電話會議期間發表的評論將包含前瞻性陳述，實際結果可能與前瞻性陳述中預測的結果有重大差異。

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

可能導致實際結果出現差異的因素已在我們的 10-K 表格年度報告、10-Q 表格季度報告以及 myriad 向美國證券交易委員會提交的其他文件中以“風險因素”為標題進行了討論。

Quarterly references within today's discussion are related to the third quarter ended September 30, 2025, unless otherwise noted.

除非另有說明，今天討論中提到的季度均指截至 2025 年 9 月 30 日的第三季。

The comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted accounting principles.

本次電話會議中提出的意見還將包括一些不符合公認會計原則所編製的財務指標。

Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of the presentation accompanying today's call.

本次電話會議簡報的附錄中提供了這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。

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本公司網站 www.Mirion.com 的投資者關係版塊找到。

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

那麼，現在讓我把電話交給湯姆，他將從第 3 張投影片開始。

Eric, thank you and good morning to those joining us today. As always, we appreciate your interest in Marriott. This morning I'll focus my prepared remarks on three topics. First, I'll highlight the strong third quarter results and reassert that we remain on track for our 2025 guidance.

艾瑞克，謝謝你，也祝今天參加我們節目的各位早安。一如既往，感謝您對萬豪酒店的關注。今天上午，我將重點放在三個主題上發表演說。首先，我要重點介紹第三季強勁的業績，並重申我們仍有望實現 2025 年的業績目標。

Next, I'll provide context to the double-digit growth we are seeing year-to-date from the nuclear power and market. And finally, I'll detail progress in 2025 to broaden our nuclear power portfolio through M&A. As mentioned, we are pleased with our third quarter numbers.

接下來，我將介紹今年迄今核電和核電市場兩位數成長的背景。最後，我將詳細介紹 2025 年透過併購擴大核電業務組合的進展。正如之前提到的，我們對第三季的業績感到滿意。

The business performed well, led again by our nuclear power and market. Not only did this market support a strong quarter, it was also the main driver for order growth.

在核能和市場的帶動下，公司業績表現良好。這個市場不僅支撐了本季的強勁業績，也是訂單成長的主要驅動力。

There's been a lot of press recently about the exuberance of some emerging nuclear energy stocks, particularly the non-revenue generating ones. Myn runs counter to this narrative.

最近有許多媒體報導了一些新興核能股票的過熱現象，尤其是那些不產生收入的股票。Myn 的觀點與這種說法相反。

Approximately 80% of our nuclear revenue comes from the installed base, meaning reactors that are operating today. More broadly, approximately 45% of Marian's enterprise revenue will be generated from this end market with the addition of Paraggon Energy Solutions.

我們約 80% 的核能收入來自已安裝的核電廠，也就是目前正在運作的反應器。更廣泛地說，隨著 Paraggon Energy Solutions 的加入，Marian 約 45% 的企業營收將來自這個終端市場。

Recall we announced this acquisition last month and expect the deal to close by year end. Momentum continues to build for the nuclear renaissance, and Meirion is extremely well positioned to benefit from it, no matter which form it takes. Now let's get into the details of the quarter on panel 4.

回想一下，我們上個月宣布了這項收購，預計交易將在年底前完成。核能復興的勢頭持續增強，無論核能復興以何種形式出現，Meirion 都處於極其有利的地位，能夠從中受益。現在讓我們詳細了解一下第四部分的內容。

third quarter revenue totaled $223 million, a nearly 8% increase from last year's third quarter. On an organic basis, revenue grew 4.7%, reflecting mid single-digit organic growth from both segments.

第三季營收總計 2.23 億美元，比去年第三季成長近 8%。以有機成長計算，收入成長了 4.7%，反映出兩個業務部門均實現了中等個位數的自然成長。

The nuclear power and market organic revenue grew 9% in the quarter and 11% year-to-date. Adjusted EBITDA in the quarter was $52.4 million, up 14.7% versus third quarter last year. Both the nuclear and safety and medical segments contributed to the increase in both dollars and margin expansion.

本季核電和市場有機收入成長了 9%，今年迄今成長了 11%。本季調整後 EBITDA 為 5,240 萬美元，比去年第三季成長 14.7%。核能、安全和醫療領域都對收入成長和利潤率擴張做出了貢獻。

I'd also like to highlight our year-end 2025 expected blended cost of debt of 2.8%. This reflects a 460 basis points improvement over the past year as we took action to diversify our capital structure and reduce interest expense.

我還想重點介紹一下我們預計到 2025 年底的綜合債務成本為 2.8%。這反映出，由於我們採取措施實現資本結構多元化和降低利息支出，過去一年我們的業績改善了 460 個基點。

The 2.8% blended cost of debt is expected to continue into 2026. The Third quarter adjusted free cash flow was $18 million contributing to an impressive $53 million of year-to-date adjusted free cash flow.

預計2026年綜合債務成本將維持在2.8%。第三季調整後自由現金流為 1,800 萬美元，使年初至今調整後自由現金流達到令人矚目的 5,300 萬美元。

Strong year-to-date performance gives us the confidence to raise the low end of adjusted free cash flow guidance.

今年迄今的強勁業績使我們有信心提高調整後自由現金流預期下限。

We are now expecting 2025 adjusted free cash flow to be between $100 million and $115 million and conversion between 45% and 49% of adjusted EBITDA, a significant improvement versus 2024's conversion of 32% and well on our way to our 2028 target of 60%.

我們現在預計 2025 年調整後的自由現金流將在 1 億美元至 1.15 億美元之間，轉換率將在調整後的 EBITDA 的 45% 至 49% 之間，與 2024 年的 32% 轉換率相比有了顯著提高，並且朝著 2028 年 60% 的目標穩步提高。

Lastly, on the panel, Q3 adjusted orders increased 2.4%. We led with adjusted orders this quarter because it's important to note that this excludes the impact of the Turkey debooking in last year's third quarter.

最後，在小組討論中，第三季調整後的訂單增加了 2.4%。本季我們首先公佈了調整後的訂單數據，因為需要注意的是，這不包括去年第三季土耳其訂單取消的影響。

Importantly, nuclear power and market orders grew double-digits in the quarter. Additionally, favorable trends we mentioned last quarter like accelerating SMR orders continued into the third quarter as well.

值得注意的是，本季核電和市場訂單均實現了兩位數成長。此外，我們在上個季度提到的一些有利趨勢，例如 SMR 訂單加速成長，也延續到了第三季。

I'd also note that we've seen meaningful SMR order flow early in Q4.

我還想指出，我們在第四季初已經看到了顯著的SMR訂單流。

Notably, we also booked our first modest EPR new build order under the auspices of the EDF strategic agreement we announced last year. All of this is before we booked a large quantum of the one-time orders we've been foreshadowing for several quarters. We remain optimistic on the rest of this opportunity pipeline.

值得一提的是，我們也根據去年宣布的 EDF 策略協議，獲得了第一筆規模不大的 EPR 新造訂單。這一切都發生在我們接到幾個季度以來一直在預告的大量一次性訂單之前。我們對後續的機會儲備仍保持樂觀。

The dominant thread throughout our quarterly results is nuclear power. Channel 5 illustrates several key performance indicators that demonstrate the vibrance of this end market. For example, third quarter nuclear power adjusted orders grew 21% or 16% excluding foreign exchange tailwinds, reflecting growth across each key vertical new builds, SMRs, and today's installed base.

貫穿我們季度業績報告的主線是核能。第五頻道展示了幾個關鍵績效指標，這些指標顯示了該終端市場的活力。例如，第三季核電調整訂單成長了 21%，若不計外匯利好因素，則成長了 16%，這反映了各個主要垂直領域（新建、小型模組化反應器和現有裝置容量）的成長。

Third quarter orders include $17 million of SMR-related orders. Year-to-date SMR orders total $26 million a marked acceleration versus the $17 million of order in prior years.

第三季訂單包括價值 1700 萬美元的 SMR 相關訂單。今年迄今為止，SMR訂單總額為2,600萬美元，與前幾年的1,700萬美元訂單相比，成長率顯著加快。

Lastly, nuclear power related organic revenue grew 9% in the quarter compared to the 4.4% for the collective nuclear and safety segment.

最後，與核電相關的有機收入在本季度增長了 9%，而核能和安全部門的整體有機收入增長了 4.4%。

Year-to-date, nuclear power organic revenue is on track for the double-digit organic revenue growth we've guided for 2025.

今年迄今為止，核電有機收入正朝著我們先前預測的 2025 年兩位數有機收入成長目標穩步邁進。

We continue to believe that we're still in the early innings of a nuclear super cycle. Panel six showcases just a few of the recent headlines that support this belief.

我們仍然認為，我們仍處於核能超級週期的早期階段。第六幅圖展示了一些支持這一觀點的近期新聞標題。

Take for instance the recent World Nuclear Association headline stating that nuclear reactors set a new record for electricity generation in 2024, and this is for the first time in nearly two decades. The average capacity factor was 83% globally in 2024, up from 82% in 2023.

例如，世界核能協會最近發布的頭條新聞稱，核反應爐在 2024 年創下了發電量的新紀錄，這是近二十年來的第一次。2024 年全球平均容量係數為 83%，高於 2023 年的 82%。

And just a note here that the US fleet ran at 92%, so there's plenty of upside for the global fleet.

另外要指出的是，美國機隊的運作率為 92%，因此全球機隊還有很大的上升空間。

Growth expectations for the overall global nuclear fleet continue to increase. The IAEA recently increased its nuclear capacity forecast, expecting almost 1 terawatt of nuclear capacity by 2050 versus 377 gigawatts today, and this is a net of significant expected decommissioning activity over this 25 year time frame.

全球核電廠整體成長預期持續提高。國際原子能總署最近提高了其核電裝置容量預測，預計到 2050 年核電裝置容量將接近 1 太瓦，而目前為 377 吉瓦，這是扣除這 25 年期間預計的大量退役活動後的淨值。

As I've been predicting, we've also seen a spate of recent headlines around potential restarts in the US. On Monday, it was announced that Google and Nextera Energy will be partnering to restart the Dwayne Arnold facility in Iowa to help fuel Google's AI growth.

正如我一直預測的那樣，最近我們也看到了一系列關於美國可能重啟經濟的新聞報導。週一，Google宣布將與 Nextera Energy 合作重啟位於愛荷華州的 Dwayne Arnold 工廠，以幫助推動Google人工智慧的發展。

Separately, Santee Cooper is in negotiations with Brookfield Asset Management regarding the potential completion of the two previously abandoned AP 1,000 reactor projects at the VC Summer site in South Carolina.

另外，桑蒂庫珀電力公司正在與布魯克菲爾德資產管理公司就南卡羅來納州 VC Summer 核電站兩個先前被放棄的 AP 1000 反應器項目的潛在完成進行談判。

New builds have also gained considerable support from the Trump administration's $80 billion deal announced this Monday to support eight new Westinghouse AP 1000s plus SMRs through financing guarantees and regulatory support.

川普政府本週一宣布了一項價值 800 億美元的協議，透過融資擔保和監管支持，為新建的 8 座西屋 AP 1000 型核電廠和小型模組化反應器 (SMR) 提供支持，這也為新建項目提供了相當大的支持。

Lastly, global support for nuclear power was recently on display in South Africa where the first ever G20 high-level meeting on nuclear energy was held.

最後，全球對核能的支持最近在南非得到了體現，在那裡舉行了有史以來第一次二十國集團核能高階會議。

Turning to panel 7.

翻到第7格。

In all, we're broadening our nuclear power portfolio. In the case of the Surrek acquisition, we're enhancing Myrin's software solutions suite by incorporating mission critical regulatory compliance solutions into our overall offerings.

總而言之，我們正在擴大核電業務組合。就 Surrek 收購案而言，我們將關鍵任務監管合規解決方案納入我們的整體產品中，從而增強 Myrin 的軟體解決方案套件。

These applications are critical to customers as they seek approval for life extensions for existing facilities and submit applications for new builds and SMRs.

這些申請對客戶至關重要，因為他們需要申請現有設施的延壽改造，並提交新建專案和小型模組化反應器的申請。

In the case of Paragon, we will broaden Marian's US presence with additional products, software, and services, notably including safety-related critical radiation protection systems.

就 Paragon 而言，我們將透過增加產品、軟體和服務來擴大 Marian 在美國的業務，特別是包括與安全相關的關鍵輻射防護系統。

Like Myriad's nuclear power and market, 94% of Pargon's revenue stems from the currently installed large scale reactor base. In both cases, these will be attractive additions to our portfolio, adding energetic business models with built-in customer bases and room for substantial growth.

與 Myriad 的核電和市場一樣，Pargon 94% 的收入來自目前已安裝的大型反應器。無論哪種情況，這些都將是我們投資組合中極具吸引力的補充，它們將帶來充滿活力的商業模式，擁有內建的客戶群和龐大的成長空間。

We look forward to closing the Paragon deal and welcoming both Surtrek and Paragon's world-class talent to the Mirian family. Before I hand it over to Brian to walk through the details of the quarter, let me spend a minute on panel 8 sharing a medical segment update.

我們期待完成對 Paragon 的收購，並歡迎 Surtrek 和 Paragon 的世界級人才加入 Mirian 大家庭。在將本季詳情交給布萊恩之前，請容許我花一分鐘時間在第 8 組分享醫療板塊的最新情況。

We're strategically aligned with the cancer care revolution underway today. Recall 75% of our medical segment revenue stems from this market. We continue to make steady progress on key strategic elements outlined in our 2024 Investor Day.

我們與當今正在進行的癌症治療革命在戰略上保持一致。請記住，我們醫療業務部門 75% 的收入都來自這個市場。我們在2024年投資者日上概述的關鍵策略要素方面繼續穩步取得進展。

These include growing our software and service offerings through Suncheck within our RTQA segment. And squared within nuclear medicine. This important lever has helped expand medical segment margins year-to-date.

其中包括透過 Suncheck 在我們的 RTQA 部門內擴展我們的軟體和服務產品。並且是核子醫學領域的一個組成部分。這一重要槓桿作用幫助擴大了今年迄今的醫療保健業務利潤率。

Conversely, the current US healthcare environment is pressuring our US RTQA business. We expect this to be a delay instead of a decline in customer activity due to the safety critical nature of our solution set. However, timing and magnitude of a rebound remain clouded due to government shutdown headwinds.

反之，目前的美國醫療保健環境正給我們的美國RTQA業務帶來壓力。由於我們的解決方案對安全至關重要，我們預計這將導致客戶活動延遲而不是下降。然而，由於政府停擺帶來的不利影響，經濟反彈的時機和幅度仍然不明朗。

Meanwhile, we're pleased with the continued adoption of our Insta as viewed digital dosimeters.

同時，我們很高興看到我們的 Insta 數位劑量計繼續廣泛採用。

As a reminder, we introduced our latest digital offering to the market in late 2023. We're making great progress converting existing customers and attracting new customers as well. In fact, third quarter organic revenue from our symmetry services and market grew 7% with our digital offering leading from the front.

提醒一下，我們最新的數位產品已於 2023 年底推向市場。我們在轉換現有客戶和吸引新客戶方面都取得了巨大進展。事實上，第三季我們來自對稱服務和市場的有機收入成長了 7%，其中我們的數位化產品處於領先地位。

With that, I'll turn it over to Brian. Brian.

接下來，我將把麥克風交給布萊恩。布萊恩。

Tom, thank you and good morning, everyone.

湯姆，謝謝你，大家早安。

Let's continue to slide 9 detailing our order's performance. As Tom noted earlier, the nuclear power and market continues to be a bright spot for us.

讓我們繼續看第 9 張投影片，詳細介紹我們訂單的執行情況。正如湯姆之前提到的，核能和核能市場仍然是我們的一大亮點。

Third quarter orders grew 2.4% versus an adjusted base. This normalizes for the $21 million Turkey-related debooking disclosed in last year's third quarter, and Surrek orders added as part of the acquisition in late July.

第三季訂單量較調整後基數增加2.4%。這已將去年第三季披露的 2,100 萬美元土耳其相關訂單取消以及 7 月下旬收購 Surrek 時新增的訂單納入考量。

On a reported basis, the order book grew 14.5%. The nuclear and safety segment order book grew $9.5 million on an adjusted basis, reflecting 21% growth from the nuclear power and market alone. Importantly, this incorporates growth across all three verbs.

據報告顯示，訂單量增加了 14.5%。核能和安全部門的訂單總額經調整後增加了 950 萬美元，光是核電市場就成長了 21%。重要的是，這包含了所有三個動詞的增長。

Interestingly, within the US nuclear power and market, year-to-date orders are up 44%, most of which is related to the SMR activity. We see the US market as the bellwether, with the European and Asian markets as lagging followers.

有趣的是，在美國核電市場中，今年迄今的訂單量成長了 44%，其中大部分與小型模組化反應器 (SMR) 活動有關。我們認為美國市場是風向標，歐洲和亞洲市場則是落後的追隨者。

We also experienced healthy order uptick in our defense and diversified market from a non-nuclear decommissioning order, as well as a European-based military safety equipment order. This continues our long track record of serving the NATO armed forces.

我們在國防和多元化市場也經歷了健康的訂單成長，其中包括一份非核能退役訂單和一份歐洲軍事安全設備訂單。這延續了我們長期以來為北約武裝部隊提供服務的良好記錄。

This was partially offset by our labs and research and market. As mentioned previously, demand from the US Department of Energy has been muted since the launch of Doge and the government shutdown. We also commented on the September investor call. Order flow coming from China for laboratory instruments has slowed.

我們的實驗室、研發和市場在一定程度上抵消了這種影響。如前所述，自從狗狗幣發行和政府停擺以來，美國能源部的需求一直較為低迷。我們也對9月的投資者電話會議發表了評論。來自中國的實驗室儀器訂單量已經放緩。

We see this as a transitory dynamic and are optimistic about the equilibration of demand due to the safety critical nature of our products.

我們認為這只是暫時的，並且由於我們產品的安全至關重要，我們對需求的平衡持樂觀態度。

Through October, we continue to see orders from the labs, but we are seeing signs of funding strain in this market as we discussed a few weeks back.

10 月份，我們繼續收到來自實驗室的訂單，但正如我們幾週前討論的那樣，我們看到這個市場出現了資金緊張的跡象。

Within our medical segment, adjusted orders declined $4.7 million. The RTQA and market's performance more than offset continued growth in our nuclear medicine and market. The dosymmetry services business was relatively flat in the quarter.

在我們的醫療業務板塊，調整後的訂單減少了 470 萬美元。RTQA 和市場表現足以抵消我們核醫學和市場的持續成長。本季對稱性服務業務相對穩定。

Digging into the RTQA orders is a bit of a mixed bag. In the US, particularly, and to a lesser extent in China and Japan, RTQA hardware orders were down in the quarter. However, on a year to day basis, orders are closer to flat.

深入研究 RTQA 指令，結果好壞參半。在美國，尤其是中國和日本，RTQA 硬體訂單在本季有所下降，但下降幅度較小。然而，按年計算，訂單量接近持平。

This again stems from changing funding and trade dynamics which are expected to normalize in the year ahead.

這同樣源自於融資和貿易動態的變化，預計這些變化將在未來一年內趨於正常化。

Meanwhile, rest of world RTQA continues to see steady growth and be a bright spot.

與此同時，世界其他地區的 RTQA 繼續保持穩定成長，成為一大亮點。

RTQA software and services remains a bright spot and a contributing factor to margin performance year-to-date.

RTQA 軟體和服務仍然是亮點，也是今年迄今利潤率表現的貢獻因素。

Taking a step back, what's particularly impressive about the third quarter order book is that it only includes approximately $10 million of large orders. A diverse composition of flow orders continues to drive the business.

退一步講，第三季訂單簿最令人印象深刻的是，其中只有大約 1000 萬美元的大訂單。多樣化的訂單流組合持續推動業務發展。

We expect a Q4 as it comes to bookings, particularly in the nuclear power and market.

我們預計第四季度預訂量將有所增長，尤其是在核電市場方面。

Slide 10 contribute contributes an update on the larger Opportunity pipeline. Through October we've been awarded $65 million from this pipeline. As mentioned, $10 million is reflected in our third quarter order book, while the other $55 million was awarded in October and will be reflected in our fourth quarter order book.

第 10 張投影片提供了更廣泛商機管道的最新資訊。截至10月份，我們已從該專案中獲得6,500萬美元的資金。如前所述，1000萬美元已反映在我們的第三季訂單中，而另外5500萬美元是在10月份授予的，將反映在我們的第四季訂單中。

As we approach year end, $285 million of the Opportunity pipeline is still to be awarded. $175 million of the $285 million should be awarded by year end. While the other $110 million is now likely to be awarded in 2026.

接近年底，仍有價值 2.85 億美元的專案機會待授予。其中 1.75 億美元應在年底前授予。而另外 1.1 億美元很可能在 2026 年發放。

A large portion of the project's pushed to 2026 are US government related and are being impacted by the shutdown. Encouragingly, we continue to see new potential large projects materialized that are not included in the snapshots.

推遲到 2026 年完成的項目很大一部分與美國政府有關，並受到政府停擺的影響。令人鼓舞的是，我們不斷看到一些尚未包含在快照中的潛在大型新專案得以實現。

To be clear, we have consistently communicated that we do not expect to be awarded every order, but maintain our strong conviction that we have a right to win on all of these opportunities.

需要明確的是，我們一直強調我們並不期望獲得每一份訂單，但我們堅信我們有權贏得所有這些機會。

Now let's pivot to the P&L slide.

現在我們來看損益表。

On slide 11.

第 11 張投影片。

Consolidated revenue for the company totaled $223.1 million, up 7.9%, or $16.3 million over last year's third quarter. Nearly $12 million of the approximate approximately $16 million increase came from our nuclear and safety segment.

該公司綜合收入總計 2.231 億美元，比去年第三季成長 7.9%，即 1,630 萬美元。在約 1,600 萬美元的成長中，近 1,200 萬美元來自我們的核能和安全部門。

Adjusted EBITDA grew 14.7% or $6.7 million to $52.4 million, with both segments meaningfully contributing to the increase.

調整後 EBITDA 成長 14.7%，即 670 萬美元，達到 5,240 萬美元，兩個業務板塊均對成長做出了顯著貢獻。

Approximately $3 million of the adjusted EBITDA increases related to greater volumes, followed by approximately $2 million of net price inflation, meaning we got $2 million more price than cost and approximately $2 million of procurement initiatives.

調整後的 EBITDA 成長約 300 萬美元與銷售增加有關，隨後淨價格上漲約 200 萬美元，這意味著我們的價格比成本高出 200 萬美元，採購措施也帶來了約 200 萬美元的收益。

As you can tell, we're making strong progress on consolidating our supplier base, and it's beginning to improve margin performance.

正如你所看到的，我們在整合供應商基礎方面取得了顯著進展，利潤率也開始提高。

As you will see on the coming slides, those segments contributed to the approximately 140 basis points of margin expansion.

正如您將在接下來的幻燈片中看到的那樣，這些部分促成了約 140 個基點的利潤率擴張。

Lastly, adjusted EPS totaled $0.12 per share, a 50% increase versus the third quarter of last year. If you keep the share count constant to last year's third quarter, our adjusted EPS would have been $0.15 per share, or nearly double last year's adjusted EPS.

最後，經調整後的每股收益為 0.12 美元，比去年第三季成長了 50%。如果將股份數量與去年第三季保持不變，我們調整後的每股盈餘將為 0.15 美元，幾乎是去年調整後每股盈餘的兩倍。

Our adjusted EPS performance is a culmination of our progress across all parts of the business, from growing EBITDA to the tax projects we've discussed to lower net interest costs.

我們調整後的每股盈餘表現是我們業務各個方面取得進展的最終體現，從 EBITDA 的成長到我們討論過的降低淨利息成本的稅務項目。

Recall our third quarter 2025 diluted share count reflects vested founder shares and the potential impact of our convertible notes. As a reminder, we put cap calls in place that limit the impact of both converts until a fairly material appreciation in the stock price. We have tables in the appendix that demonstrate this.

請注意，我們 2025 年第三季的稀釋股份數量反映了已歸屬的創辦人股份以及我們可轉換債券的潛在影響。再次提醒，我們已設定上限選擇權，限制兩種可轉換債券的影響，直到股價出現相當大的上漲。我們在附錄中有表格對此進行了說明。

The equity issuance we did in September to fund the expected paragon acquisition is an immaterial impact in the third quarter since we didn't transact until late in September.

我們在 9 月發行股票以資助預期中的 Paragon 收購，由於我們在 9 月下旬才完成交易，因此對第三季的影響微乎其微。

We've included a detailed table in the appendix of our earnings call slides to bridge the differences and lay out all the movements that have taken place between 2024 and 2025.

我們在財報電話會議投影片的附錄中附上了一張詳細的表格，以彌合差異並列出 2024 年至 2025 年間發生的所有變更。

Slide 12 illustrates our nuclear and safety segment financial performance. Revenue for this segment grew 9%, or $11.9 million to $144.6 million.

第 12 張投影片展示了我們的核能和安全部門的財務表現。該業務板塊的營收成長了 9%，即 1,190 萬美元，達到 1.446 億美元。

Organic growth for the segment was 4.4%. It reflects nuclear power and market growth of 9% and defense of diversified and market growth of 7%, partially offset by our labs and research business.

該細分市場的有機成長率為 4.4%。這反映了核電市場成長 9%，以及多元化防禦市場成長 7%，部分被我們的實驗室和研究業務所抵銷。

As we indicated a few weeks back when we announced Pargon, we now expect the nuclear and safety segment's organic revenue growth to be mid-single-digits, driven by double-digit nuclear power and market growth.

正如我們幾週前宣布成立 Pargon 時所指出的那樣，我們現在預計核能和安全部門的有機收入成長將達到中等個位數，這主要得益於兩位數的核電和市場成長。

Adjusted EBITDA was $40.6 million or a 16.3% or $5.7 million dollar increase over last year's third quarter. Adjusted EBITDA margins totaled 28.1% or 180 basis points higher than last year.

調整後 EBITDA 為 4,060 萬美元，比去年第三季成長 16.3%，即 570 萬美元。經調整後的 EBITDA 利潤率總計為 28.1%，比去年高出 180 個基點。

This is a result of operational leverage, procurement initiatives, and lower incentive compensation. Year-to-date, nuclear safety segment margins have expanded approximately 80 basis points.

這是營運槓桿、採購措施和較低的激勵性薪酬共同作用的結果。今年迄今為止，核安領域的利潤率已擴大約 80 個基點。

Moving on to slide 13, medical segment revenue totaled $78.5 million up 5.9%, or $4.4 million versus last year. Organic revenue grew mid single-digits at 5.2%, in line with the guidance shared on our July earnings call.

接下來是第 13 張投影片，醫療部門的收入總計 7,850 萬美元，比去年成長 5.9%，即 440 萬美元。有機收入實現了 5.2% 的中等個位數成長，與我們在 7 月財報電話會議上給出的預期一致。

We remain on track for full year organic growth of mid single-digits for the entire medical segment.

我們預計全年整個醫療業務板塊的有機成長率將達到中等個位數。

Adjusted EBITDA was 28.2 million, or nearly 10% better than last year. Margins also improved, up 120 basis points to 35.9%. This reflects healthy operating leverage and favorable mix, particularly from our dosymmetry services, and market.

調整後 EBITDA 為 2,820 萬，比去年增長近 10%。利潤率也有所提高，上升 120 個基點至 35.9%。這反映了健康的經營槓桿和有利的產品組合，特別是來自我們的不對稱服務和市場。

Year-to-date, our medical margins have expanded approximately 240 basis points. We do expect fourth quarter margin expansion in this business, but not at these levels. Adjusted free cash flow shown on slide 14 totaled $18 million in the third quarter and $53 million year-to-date.

今年迄今為止，我們的醫療利潤率已成長約 240 個基點。我們預計該業務第四季利潤率會有所成長，但不會達到目前的水平。第 14 頁所示的調整後自由現金流第三季總計 1,800 萬美元，年初至今總計 5,300 萬美元。

This equates to a 35% year-to-date conversion of adjusted EBITDA. This was driven by adjusted the growth, lower interest expense, and lower cap X partially offset by use of cash for network and capital. We are materially ahead of where we were at this time last year, which gives us good confidence on our year-end targets.

這相當於今年迄今調整後 EBITDA 轉換率達到 35%。這主要得益於調整後的成長、較低的利息支出和較低的資本支出，但部分被用於網路和資本的現金所抵銷。我們目前的狀況比去年同期有了顯著改善，這讓我們對年底目標充滿信心。

Before we move to Q&A, let me touch on our full year guidance on slide 15.

在進入問答環節之前，讓我先簡單介紹一下我們在第 15 頁投影片中提到的全年業績指引。

The one item we've updated is our adjusted free cash flow guidance. We increased the low end from $95 million to $100 million and now expect adjusted free cash flow to be between $100 million and $115 million equating to a conversion of adjusted even up between 45% and 49%.

我們更新的唯一一項內容是調整後的自由現金流預期。我們將下限從 9,500 萬美元提高到 1 億美元，現在預計調整後的自由現金流將在 1 億至 1.15 億美元之間，相當於調整後轉換率提高 45% 至 49%。

With that, operator, please cue the line for questions.

話音剛落，接線員，請提示排隊提問。

(Operator Instructions)

（操作說明）

The first question is from Andy Kaplowitz from Citigroup. Please go ahead.

第一個問題來自花旗集團的安迪‧卡普洛維茲。請繼續。

Good morning, everyone.

各位早安。

Morning, Andy.

早安，安迪。

Morning. So there's obviously been a flurry of news announcements around commercial nuclear lately, as you mentioned, Tom. So with the understanding that nuclear is obviously very long weed, you haven't yet added to your $350 million large project opportunity funnel that you gave out quite some time ago.

早晨。正如你所提到的，湯姆，最近商業核能領域顯然出現了一系列新聞公告。所以，儘管核能顯然是一個非常漫長的過程，但你還沒有將這筆3.5億美元的大型專案機會加入你很久以前公佈的專案中。

But Brian, you talked about Marion booking projects that are not part of the funnel. So should we really just be focused on your commercial nuclear backlog and Tom, would you expect a material acceleration in that backlog given the uptick in activity you mentioned?

但是布萊恩，你之前提到過瑪莉安預訂的項目並不在銷售漏斗之內。那麼我們是否應該只關注你們的商業核能項目積壓訂單？湯姆，鑑於你提到的業務活動增加，你是否預期這些積壓訂單會大幅加速完成？

Yeah, what I would say, Andy, is our view that is that when you look at the core dynamics of the market right now, I think there are 3 important drivers. One is the install base as we've talked about previously, the desire to run these reactors hotter and at greater capacity factors, meaning greater capacity utilization.

是的，安迪，我想說的是，我們的觀點是，當你觀察當前市場的核心動態時，我認為有三個重要的驅動因素。一是安裝基礎，正如我們之前討論過的，人們希望以更高的溫度和更大的容量係數運行這些反應堆，這意味著更高的容量利用率。

A correlates strongly with CapEx. So as that as that quest continues, noting that I put out there the World Nuclear Association report that the global fleet ran at about 83%. 90% is considered to be good. The US fleet runs at 92%.

A 與資本支出 (CapEx) 有強烈的相關性。因此，隨著這項探索的繼續，需要指出的是，我已發布了世界核能協會的報告，該報告顯示全球核電廠的運作率約為 83%。 90% 被認為是良好的運作率。美國艦隊的運作率為 92%。

I think there is a reasonable likelihood that we're going to see a continued uptrend in capacity factors across the global fleet. And that augurs well for our flow business in support of that fleet overall.

我認為全球船隊運力係數持續上升的可能性相當高。這對我們的物流業務以及整個船隊的營運來說都是個好兆頭。

Secondly, you have a new utility scale builds and as we've seen in this flurry of news reports and obviously we see it on the ground day in and day out, there clearly is an acceleration in the planning and execution. Of more global utility scale projects, we expect that that will build over time.

其次，新的公用事業規模建設正在加速，正如我們在最近的一系列新聞報導中看到的那樣，而且我們每天都能在現場看到，規劃和執行顯然正在加速進行。我們預計，隨著全球公用事業規模項目的增多，這種情況會隨著時間的推移而改善。

Obviously again, as we've been stated emphatically historically, the timing can be very difficult to predict as to when a new project commences. But the good news is that in this country as well as in others, there is an unprecedented level of government support to streamline the regulatory timeline and burden.

顯然，正如歷史上無數次強調的那樣，新專案何時啟動往往很難預測。但好消息是，在這個國家以及其他國家，政府都給予了前所未有的支持，以簡化監管時間表並減輕監管負擔。

And to provide additional financial support and essentially risk mitigation for sponsors of these plants. So we do expect that trend to continue. And then finally you have the SMR projects, which, given the enormous focus.

並為這些工廠的贊助商提供額外的財政支持，從根本上降低風險。因此，我們預計這種趨勢將會持續下去。最後是 SMR 項目，鑑於其受到的巨大關注。

On AI-driven data center build out, is increasingly becoming a more viable market and in general, again, while timing is very difficult to predict, we do see that moving to the left. So as we look ahead, it is a reasonable supposition that over time we will see the nuclear power related backlog beginning to grow.

人工智慧驅動的資料中心建設正日益成為一個更可行的市場，而且總的來說，雖然時間很難預測，但我們確實看到這種情況正在向左發展。因此，展望未來，我們可以合理地推測，隨著時間的推移，與核電相關的積壓訂單將會開始增加。

We will be conservative about how we disclose that over time, but I think that will be an important tell in terms of how this market will evolve over time.

我們會謹慎地披露相關信息，但我認為這將是一個重要的指標，可以預示這個市場將如何隨著時間的推移而發展。

Finally, Andy, I would say that that, the flow business that does not necessarily become visible in backlog because it tends to tends to transact quickly. Has been a very important driver of the overall nuclear power dynamic. We expect that again as that correlates with capacity factors that will continue to swell.

最後，安迪，我想說的是，這種流動業務不一定會體現在積壓訂單中，因為它往往交易速度很快。一直是推動核電整體發展的重要因素。我們預計這種情況會再次發生，因為這與產能因素的持續成長有關。

There may be just two things to add to Tom's comments, just one on the installed base. Paragon is definitely additive to that narrative, right?

湯姆的評論可能只有兩點需要補充，其中一點是關於安裝基礎的。Paragon無疑為這種敘事增添了色彩，對吧？

They're very strong in the US install base. 94% of their revenue and 25% will come from that, and I think we indicated on the call that that's their business has definitely grown in double-digits over the last couple of years. And then maybe on the new bill it's just a reminder there are no US new builds in any of the numbers we've put out there.

他們在美國的客戶基礎非常強大。他們94%的收入和25%的收入都來自美國市場，我認為我們在電話會議上也提到過，過去幾年他們的美國業務確實實現了兩位數的成長。然後，或許新法案只是提醒人們，在我們公佈的所有數據中，沒有一項是美國新建計畫。

So just, that's something that again very hard to predict that will take time to come through, but that is not in any of our planning assumptions through 208.

所以，這件事很難預測，需要時間才能實現，但這不在我們2008年的任何規劃假設之內。

Helpful color and then tell me, Brian, how do we, how are you thinking about your medical business in the current environment? You you said pressure in RTQA, but you still delivered over 5% organic revenue growth in medical in Q3.

用一些有用的顏色來描述一下，然後告訴我，布萊恩，在當前的環境下，你是如何看待你的醫療業務的？你說過 RTQA 面臨壓力，但第三季醫療業務的有機收入成長仍超過 5%。

So is that how we should think about the near term growth in medical while there's still some uncertainty out there? I know Brian, you said you expect spend to normalize, but is there any visibility to that normalization?

那麼，在當前情況仍存在一些不確定性的情況下，我們該如何看待醫療產業的近期成長？我知道布萊恩，你說過你預期支出會趨於正常化，但這種正常化過程有任何可見性嗎？

Andy, so if you look at the medical business writ large, we continue to love this business overall, the dominant demand drivers that we've talked about ad nauseam, including, an aging of the population demographic in the developed West, greater incidence rate of cancers of all forms.

安迪，所以如果你縱觀整個醫療行業，我們仍然非常看好這個行業，我們已經反复討論過的主要需求驅動因素包括：發達西方國家的人口老齡化，以及各種癌症發病率的上升。

And the push to create a higher standard of care in the lesser developed markets are all themes that are robust and continue to be in place. What we've seen in RTQA is strength coming out of international single payer systems that have not been exposed to the kind of budgetary and doge related dynamics that we've seen in the US market. As I noted, as Brian noted, we do expect those factors to equilibrate.

在欠發達市場中推動建立更高護理標準的舉措，都是強勁且持續推進的主題。我們從 RTQA 看到的是，國際單一支付系統展現了強大的實力，這些系統沒有受到我們在美國市場看到的預算和與狗狗幣相關的動態的影響。正如我和布萊恩都提到的那樣，我們預計這些因素會達到平衡。

The demand hasn't changed. The need for the solutions that we offer here has not changed, and so our view is a constructive one that that we will find an equilibrium sooner rather than later. And as we achieve that, we we would expect the the the RTQA business to be back on trend. In terms of nuclear medicine, again, the core dynamics there continue to be very favorable.

需求沒有改變。我們在此提出的解決方案的必要性並未改變，因此我們持建設性的觀點，認為我們將盡快找到平衡點。隨著我們實現這一目標，我們預計 RTQA 業務將重回正軌。就核子醫學而言，其核心動態依然非常有利。

The activity, the excitement, the tangibility of the growth of the radioligan market continues. Again, we have a superb positioning in this market overall, and we're confident that that, over time the numbers will be trending. In a in a direction that's consistent with what we've guided historically.

放射性藥物市場的活躍度、興奮度和成長的實際性仍在持續。再次強調，我們在這個市場整體上擁有極佳的定位，我們相信，隨著時間的推移，這些數字將會呈現上升趨勢。朝著與我們歷來所指引的方向一致的方向發展。

Lastly on our medical symmetry business, as noted, strong revenue growth in the quarter 7%, the digital product line is coming off the peg. We feel good about the dynamic there. So to be clear, even though we spent most of our commentary.

最後，關於我們的醫療對稱業務，正如先前提到的，本季營收強勁成長 7%，數位產品線正在蓬勃發展。我們對那裡的氣氛感到滿意。所以說清楚點，儘管我們的大部分評論都集中在這一點上。

On nuclear power, we still love the medical business. We'll see it as an important contributor to the the story overall.

在核能領域，我們仍然熱愛醫療產業。我們將把它視為整個故事的重要組成部分。

I would just say in the very short-term, and I think we talked a little bit about this last time. I mean, if you think about the Q4 Q4 kind of revenue number, it's probably flattish for us on a on a pretty big comp. We had a very big do I think we were up 14% last Q4 in dosymmetry, which is a very tough comp on product sales.

我只想說，就短期而言，而且我想我們上次也稍微談到這一點。我的意思是，如果你想想第四季的收入數字，考慮到去年同期較大的基數，我們的收入可能比較穩定。我認為我們上個季度在 Dosymmetry 方面取得了非常大的進展，成長了 14%，而去年同期產品銷售額的同比數據非常高。

So Tom's comments are all exactly what we're seeing and talking about in in the medical side, over probably the next 12 months to 18 months. But as you think about the next quarter, I think we do expect flattish, and that should not be a surprise because that's that's what we talked about last quarter.

所以，湯姆的評論完全符合我們未來 12 到 18 個月在醫學領域所看到和討論的內容。但展望下一季度，我認為我們預計成長將比較平穩，這不應該令人意外，因為這正是我們上個季度所討論的。

The next question is from Joe Ritchie from Goldman Sachs. Please go ahead.

下一個問題來自高盛的喬·里奇。請繼續。

Thanks. Good morning guys.

謝謝。各位早安。

Hey, Joe.

嘿，喬。

So just a few quick ones, the first one is just like look really interesting to see the the $55 million dollar award come through in the third quarter it's interesting that you with just two months left in in the year you you still have that $175 million dollar pipeline.

簡單說幾句，第一句是，看到第三季獲得 5500 萬美元的獎勵真的很有意思，有趣的是，今年只剩下兩個月了，你們仍然有 1.75 億美元的項目儲備。

I guess just just Tom maybe what kind of what degree of confidence do you have that the 175 will be awarded fully recognizing. That you know you you'll have some share of that if it does get awarded.

我想湯姆，你對175號獎能否獲得完全認可，有多大的信心？你知道，如果這個計畫最終獲獎，你將分得一部分收益。

Yeah, to be clear, firstly, Joe, just a minor correction, the 55 traded or was booked in Q4 was booked in October.

是的，首先，喬，澄清一下，第四季度交易或預訂的 55 輛車實際上是在 10 月預訂的。

But as we look at the pipeline, clearly we've we've parsed between stuff that is largely impacted by government funding dynamics that we think spills in the 2026 versus what we think trades in 2024.

但當我們審視這條管道時，很明顯，我們已經區分了主要受政府資金動態影響的因素（我們認為這些因素會在 2026 年發生洩漏），以及我們認為會在 2024 年進行的交易。

And from a confidence standpoint, again with the caveat that on these large opportunities, the timing is always unpredictable. I would tell you that our conviction improves as Brian noted, we feel like we have a strong right to win on this opportunity set overall, so we feel pretty good about it.

從信心的角度來看，需要再次強調的是，對於這些大型機會，時機總是難以預測的。正如布萊恩所指出的那樣，我們的信心增強了，我們感覺我們完全有理由在這次機會中獲勝，所以我們對此感覺相當不錯。

Got it. Great, yeah, and thanks for the clarification. I did mean 42, so I'm going to ask you the same question I asked you last quarter, given the flow, of projects has been coming in around $200 million, you like $55 million already in the fourth quarter.

知道了。好的，謝謝你的解釋。我指的是 42，所以我要問你上個季度問你的同一個問題，鑑於目前的項目資金流向，總額約為 2 億美元，而第四季度已經達到了 5500 萬美元。

You've got this pipeline out there. Why can't we have a good quarter that's above [$300 million]?

你們那裡有這條輸油管。為什麼我們不能迎來一個業績優異、高於平均的季度呢？3億美元？

I think you can. I mean, look, I think we will see, I think we could see strong double-digit order growth in the fourth quarter.

我認為你可以。我的意思是，你看，我認為我們會看到，我認為我們可能會在第四季度看到兩位數的強勁訂單增長。

For sure.

一定。

Okay great and then lastly, I just want to understand this SMR opportunity a little further, so you mentioned that you booked the $10 million, project in third quater, just had another company talk about, 30, plus SMRs potentially being constructed, in the next five years.

好的，太好了。最後，我想進一步了解小型模組化反應器 (SMR) 的機會。您提到您在第三季獲得了 1000 萬美元的項目，而另一家公司也談到，未來五年內可能會建造 30 多個 SMR。

When I think about like the $10 million that you booked, is it like simplistically is this like a, like, maybe think about it as like a 250 type, megawatt SMR is it for the full project is it for a portion of the project? I'm just trying to understand how to think about the related opportunity for you going forward.

當我想到你預定的 1000 萬美元時，簡單來說，這就像一個 250 兆瓦的小型模組化反應器 (SMR) 項目，是整個項目的費用，還是項目的一部分費用？我只是想了解一下，對於你未來的發展機遇，該如何看待。

Yes, so the overall op opportunity set is is expanding, Joe. Firstly, the, noting that right now what you're seeing, I think there are over 120 discrete SMR projects in various forms of development around the world, some of them merely kind of PowerPoint presentations, others are fairly mature in terms of the design evolution.

是的，喬，所以整體的營運機會正在擴大。首先，需要指出的是，目前全球有超過120個小型模組化反應器（SMR）專案處於不同的開發階段，其中一些專案仍停留在PPT演示階段，而另一些專案在設計演進方面已經相當成熟。

So what we're seeing now and what we're going to continue to see for the next Probably a few years will be the development of the first of a kind instances that are really going to prove the viability of the fleet.

所以，我們現在看到的，以及未來幾年我們將繼續看到的，是第一批真正能夠證明艦隊可行性的新型實例的發展。

We do expect that there will be a consolidation, a shakeout, if you will, in this space, and that from that there will be clearly identified strong leaders that emerge and really begin to gain scale economies and momentum overall. Our focus right now is that we want to be part of the overall solution set.

我們預期這個領域將會出現整合、洗牌，從中湧現出一些實力雄厚的領導者，真正開始獲得規模經濟效益和整體發展勢頭。我們現在的重點是，我們希望成為整體解決方案的一部分。

With all of them, and here I would note that with the the incipient paragon acquisition coupled with the Surrek edition and some of the other moves that we've made to augment our portfolio, we're extremely well positioned within this community in a broad fashion.

綜上所述，我還要指出，隨著我們收購 Paragon，以及推出 Surrek 版本，再加上我們為擴充產品組合而採取的其他一些舉措，我們在這個社區中已經佔據了非常有利的地位。

It's not only our traditional book of business in and around things like radiation monitoring systems. And neutron flux measurement systems and health physics products, etc.

這不僅包括我們傳統的輻射監測系統等相關業務。還有中子通量測量系統和輻射防護產品等。

But now it's expanded to more comprehensive physical and cybersecurity, a much broader position in instrumentation and control with a far more compelling, cogent and coherent ecosystem. Of solutions in that in that arena. We are a critical partner to a strong plurality of these players as it relates to the regulatory support through Surrek.

但現在它已擴展到更全面的實體和網路安全，在儀器和控制方面佔據了更廣泛的地位，並擁有一個更具吸引力、更連貫、更協調的生態系統。該領域內的解決方案。我們透過 Surrek 為這些參與者中的絕大多數提供監管支持，是他們的重要合作夥伴。

And so we expect the ecosystem to continue to build. We expect that the foot race will continue recognizing that I think many of these players, maybe most of these players. You view this as analogous to the commercial space market, and they all want to be SpaceX and so we like where we said, again we're going to be conservative about how we call the ball in terms of how this market evolves, but to be clear, as it in general becomes more tangible and as we continue to augment. Our relevance, our solutions set into the space.

因此，我們預計生態系統將繼續發展。我們預計這場跑步比賽還會繼續，因為我認為這些球員中的許多人，也許是大多數球員。你認為這類似於商業航太市場，他們都想成為 SpaceX，所以我們喜歡我們之前說的，我們會對這個市場的發展方向保持保守態度，但要明確的是，隨著它總體上變得更加具體，隨著我們不斷擴大規模。我們的相關性，我們的解決方案，都融入了這個領域。

We think it'll be an important addition to growth, in the long-term. And.

我們認為從長遠來看，這將是成長的重要補充。和。

Maybe just to make sure we put a fine point on a couple of things you asked.

也許只是為了確保我們能更清楚地說明您提出的幾個問題。

One, no, this is not our full suite of products with that that player, and I think we talked about seeing even momentum here in Q4. It's actually with different players than the $10 million that we booked.

第一，不，這並不是我們與該玩家合作的全部產品，而且我認為我們之前也討論過，在第四季度，我們甚至看到了這種勢頭。實際上，這筆交易的球員和我們預定的那筆價值 1000 萬美元的交易的球員並不相同。

And I think we continue to definitely be exciting, but yeah, this is a that the portfolio definitely comes in pieces in the order book and this is just a piece of the portfolio that got that got awarded this quarter.

我認為我們肯定會繼續令人興奮，但是，是的，這個投資組合肯定是分批進入訂單簿的，而這只是本季度獲得訂單的投資組合的一部分。

The next question is from Rob Mason from Baird. Please go ahead.

下一個問題來自 Baird 公司的 Rob Mason。請繼續。

Yeah, hi, good morning, Tom Bryant.

是的，你好，早上好，湯姆布萊恩特。

When we entered this year, this fiscal fiscal year, there was commentary just around your backlog and what that represented in terms of the next 12 months conversion revenue coverage.

今年，也就是本財年伊始，人們都在討論你們的積壓訂單以及這些訂單對未來 12 個月轉換收入覆蓋率的影響。

As you think about exiting 25, how do you think that metric looks on a relative basis to how we entered the year and I'm just curious if the 175 million of bolus of large orders or wars that are still out there, does that really influence that metric for the next 12 months?

當你考慮結束 25 年時，你認為這個指標相對於年初的情況如何？我很好奇，目前仍有 1.75 億美元的大訂單或戰爭正在進行，這是否真的會影響未來 12 個月的這個指標？

Yeah, so a couple of things. I mean, this comment really pertains to the kind of the the current business, right? Obviously we'll have Paragon on top of this and that'll have its own dynamics.

是的，有兩件事。我的意思是，這條評論確實與當前的業務類型有關，對吧？顯然，我們也會在此基礎上推出 Paragon，而 Paragon 會有它自己的發展動態。

I would say that. Q4 is always a large order booking month or quarter for us, and so goes Q4, so goes kind of that metric, we've always said somewhere between 45% and 50% is the next 12 months coverage number, and you know we'll continue to assess that as we go through the quarter.

我會這麼說。第四季一直是我們的訂單量很大的月份或季度，因此，第四季的情況也與該指標的情況類似。我們一直認為，未來 12 個月的訂單覆蓋率應該在 45% 到 50% 之間，而且我們會隨著季度的推進繼續評估這一點。

As you think about the 175, look, there's definitely revenue in 26 for some of that. But all of those contracts will trade over multiple years. So these are not kind of, one year we're going to take that that that type of revenue. We tend to see kind of a smaller portion of the revenue in year one, that kind of ran.

當你考慮175的時候，你看，其中一定有一部分收入來自26。但所有這些合約的交易期限都將持續多年。所以這並不是說，某一年我們就能獲得那種類型的收入。我們往往會看到第一年​​收入佔比相對較小，這種情況比較普遍。

In 23, maybe it comes down a little bit in four or five depending on the time period. So that's kind of, high level how we're thinking about it and I think, look, we'll talk about our coverage dynamic, once we report our Q4 numbers.

23年的時候，也許會稍微下降一點，四、五年後就會下降一些，這取決於時間段。所以，這就是我們目前思考這個問題的大致思路。我想，等我們公佈第四季業績後，我們會討論我們的覆蓋範圍動態。

Sure.

當然。

Just as a follow-up regarding some of the news flow of late, the Westinghouse name has been prominent in some of these, and you had that strategic partnership that you announced earlier in the year.

就最近的一些新聞而言，西屋電氣的名字在其中一些新聞中頻頻出現，而且您在今年早些時候宣布了與西屋電氣的戰略合作夥伴關係。

At the time that seemed to be more around the install-based opportunity, but I'm just curious if you could inform us on, how does that relationship work on the new build side and if you could. Fold paragons, potential relationship there as well into the commentary.

當時這似乎更與安裝相關的機會有關，但我很好奇您是否可以告知我們，這種關係在新建築方面是如何運作的。將典範人物及其潛在關係也納入評論中。

I'm just curious what their history would be with that player also.

我只是好奇他們和那名球員之間有什麼淵源。

Yeah, what I would say, Rob, is that historically, Westinghouse has been, a critically important customer to to Marion, and we've worked hard to continue to improve our relevance and augment our solutions to them overall.

是的，羅布，我想說的是，從歷史上看，西屋電氣一直是馬里恩公司至關重要的客戶，我們一直努力提高我們與他們的關係，並全面提升我們為他們提供的解決方案。

We're quite happy with the NFMS agreement that we talked about, in the past.

我們對之前討論過的NFMS協議非常滿意。

And with argon, we think again the relevance and attractiveness of the potential solutions that we can bring to bear, not only for Westinghouse, but truly all of the NFMS, all of the strike that NSS or nuclear reactor designers globally will continue to swell so.

而對於氬氣，我們再次思考了我們能夠帶來的潛在解決方案的相關性和吸引力，這不僅對西屋公司而言如此，而且對所有核燃料管理系統、所有核燃料系統或全球核反應器設計師而言也同樣如此，並且這種趨勢還將繼續擴大。

Yeah, we're working hard to to really represent our capabilities in a fulsome way and as it relates to, the future of both.

是的，我們正在努力全面展現我們的能力，以及這與兩者未來發展的關係。

System upgrades as we look at life extensions and operates is favorable, but we also expect that our positioning for new build activity will become more favorable as well.

考慮到延壽和運營，系統升級是有利的，但我們也預計我們在新專案方面的地位也將變得更加有利。

The next question is from Tom O Sano from JP Morgan. Please go ahead.

下一個問題來自摩根大通的湯姆·奧薩諾。請繼續。

Hello everyone.

大家好。

Morning.

早晨。

Good morning. I'd like to ask SCMR as well. Could you talk about the pipeline for SMR projects within $285 million and beyond, and if it's if it would be great if you could touch on what factors could accelerate or delay these awards, please.

早安.我也想問SCMR。能否談談2.85億美元及以上的小型模組化反應器（SMR）專案的儲備情況？如果可以的話，能否談談哪些因素可能會加速或延緩這些項目的授予？

Yeah, maybe taking the, I mean, if you think about the $285 million, I mean, There's lots of factors that can that can delay awards. I mean some of it's making sure we we cut a deal that we're happy with. We're less interested in cutting a deal just to hit a quarter than we are making sure we have a contract and a relationship that we can live with going forward.

是的，也許考慮到，我的意思是，如果你想想那2.85億美元，有很多因素可能會導致賠償延遲。我的意思是，其中一部分原因是確保我們達成一項令我們滿意的協議。我們與其說是為了完成季度目標而達成協議，不如說是為了確保我們擁有一份未來能夠長期維持的合約和合作關係。

So I think that's kind of how we think about this, and we're fairly disciplined on margin raising cash profiles, etc. So there's, approvals on their side. Those negotiations take time. It is the holiday season. I mean those are all things that can impact it.

所以我覺得我們大概就是這麼想的，我們在提高利潤率、增加現金流等方面都相當自律。所以，他們那邊也已經獲得批准了。這些談判需要時間。現在是假期。我的意思是，這些都是可能產生影響的因素。

But again, I mean, to I think Joe's point, I mean, we're sitting 2 months out and we continue to kind of work very hard as you noticed we had a team in in Asia yesterday that actually last week that signed the deal. So, there's there's lots of activity going on and we'll continue to press hard to get everything we can closed kind of by year end and worst case, before kind of mid February.

但話說回來，我想喬的觀點是，我們還有兩個月的時間，我們將繼續非常努力地工作，正如你所看到的，我們昨天在亞洲有一個團隊，實際上上週就簽了合約。所以，目前有很多活動正在進行，我們將繼續努力，爭取在年底前完成所有能完成的工作，最糟的情況是，在二月中旬之前完成。

On the SMR question, I don't think there's any more SMR. There actually aren't any more SMR orders in those larger, that, $10 million to $15 million kind of size pipeline that we've talked about, but there's tons of stuff we're working on, more broadly than that.

關於SMR的問題，我認為已經沒有SMR了。實際上，在我們之前討論過的那些規模較大的（1000 萬至 1500 萬美元）的 SMR 訂單中，已經沒有更多 SMR 訂單了，但是我們正在進行很多其他方面的工作，範圍更廣。

So I tag on a couple of things. Firstly, not to scoop Brian, but to scoop Brian, we booked another.

所以我又加了一些東西。首先，不是為了搶在布萊恩前面，而是為了搶在布萊恩前面，我們又訂了一間房子。

SMR related order yesterday for about $5.5 million, so the momentum continues to swell there.

昨天與 SMR 相關的訂單金額約為 550 萬美元，因此該領域的成長動能仍在持續增強中。

And I'd also note that the government support here is very important, the deal that was announced Monday for this $80 billion package of financing guarantees and regulatory support is inclusive of SMRs.

我還要指出，政府的支持非常重要，週一宣布的這項價值 800 億美元的融資擔保和監管支持計畫中就包含了小型模組化反應器 (SMR)。

Beyond that, the funding that's flowed from Not only the Department of Energy in the US, but also the Department of War, formerly the Department of Defense, is very meaningful as it relates to the evolution and the rapidity within which this market evolves.

除此之外，不僅來自美國能源部，還有來自戰爭部（以前稱為國防部）的資金投入，對於這個市場的演變和快速發展都具有非常重要的意義。

So again, as Brian noted in that big opportunity set. Because our threshold bar is that high, that tends to exclude the majority of SMR opportunities, and we're happy overall with the way this market's evolving.

所以，正如布萊恩在那次重大機會中指出的那樣。因為我們的門檻很高，這往往會排除大多數小型模組化反應器的機會，但我們總體上對這個市場的發展方式感到滿意。

Thank you.

謝謝。

I mean, it's worth pointing out we've booked $26 million of SMR orders to date in the prior two years, year-to-date. In the prior two years, I think that number was only $17 million combined, and that doesn't include the 5.5 that just mentioned.

我的意思是，值得一提的是，在過去兩年裡，我們迄今為止已經獲得了價值 2,600 萬美元的 SMR 訂單。前兩年，我認為這個數字加起來只有 1700 萬美元，而且這還不包括剛才提到的 550 萬美元。

So I mean, clearly there is lots going on and I think we're super proud of everything the team's doing.

所以我的意思是，很明顯地有很多事情正在發生，我認為我們為團隊所做的一切感到非常自豪。

Thank you, very helpful. And just one follow-up on the talent and supply chains resilience. So to capture large pipeline, what steps are you taking to secure critical talent, including BCN M&A and then strengthen your supply chains, including some of the specialized components like government names please.

謝謝，非常有幫助。最後還有一個關於人才和供應鏈韌性的後續問題。為了獲取大量潛在客戶，你們正在採取哪些措施來確保關鍵人才，包括BCN併購，以及加強供應鏈，包括一些專業組成部分，例如政府機構名稱？

Yes, so on that on that front, Tama, firstly, yes, we know that one of one of the most important strategic elements of the recent M&A activity, and here I would highlight both Surrek and Paragon is the talent acquisition.

是的，關於這一點，Tama，首先，是的，我們知道，近期併購活動中最重要的戰略要素之一，在這裡我想重點提及Surrek和Paragon，就是人才獲取。

In each instance we have just world class teams that are that are going to meaningfully augment our corporate gene pool. And give us capabilities that here heretofore have have have have been lacking in some dimension or another.

在每個案例中，我們都擁有世界一流的團隊，他們將極大地增強我們公司的人才庫。並賦予我們先前在某些方面所缺乏的能力。

This is a great place to work. We're we're, pleased with our historical retention dynamic, as you might imagine, we're very focused on continuing that track record as we as we move ahead. But to be clear, we feel happy.

這裡是個很棒的工作場所。正如您所料，我們對以往的客戶留存情況感到滿意，我們非常注重在未來的發展中繼續保持這一良好記錄。但說實話，我們感到很開心。

And confident with the talent that we have in the barn today that that's more than adequate to drive, our future growth, our future aspirations in terms of the physical supply chain, here we're again we tend to be very conservative and so, as an example when looking at at precious metals or critical commodities relating to orders that are likely to trade longer-term.

我們對目前團隊的人才充滿信心，認為他們足以推動我們未來的成長，實現我們在實體供應鏈方面的未來願景。我們再次強調，我們傾向於非常保守的做法。例如，在考慮貴金屬或與可能進行長期交易的訂單相關的關鍵商品時，我們採取的策略是謹慎的。

We tend to defuse that risk up front by acquiring a all or a significant quantum of the exposure there and do that you know with cash funded customer advances overall. So in terms of our exposure to A precious metals like rhodium, other elements like germanium, etc.

我們傾向於預先消除這種風險，方法是承擔全部或大部分風險敞口，而我們這樣做是透過現金資助的客戶預付款來實現的。因此，就我們接觸貴金屬（如銠）和其他元素（如鍺）而言，

We over time have developed pretty decent heuristics for managing and mitigating that supply risk. Yeah.

隨著時間的推移，我們已經開發出相當不錯的經驗方法來管理和減輕這種供應風險。是的。

I think part of what we're doing all the supply chain work we've basically been doing for the last 18 months is not just about cost out, right? It's about shoring up the supply base, bringing together to find larger suppliers.

我認為我們過去 18 個月以來所做的所有供應鏈工作，不僅僅是為了降低成本，對吧？關鍵在於鞏固供應鏈基礎，聯合起來尋找更大的供應商。

It's about finding, a second and third supplier in some cases, and it's about payment terms. So we're we're tackling many things on top of just the cost structure as we, as we've gone through that process.

這涉及到尋找第二甚至第三供應商，有時還需要考慮付款條件。因此，在處理成本結構問題的同時，我們也在努力解決許多其他問題。

The next question is from Chris Moore from CJS Securities. Please go ahead.

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

Hi, this is Will on for Chris. Can you just talk broadly about how your pricing power is holding up and, is it trending differently in nuclear safety versus medical?

大家好，我是威爾，替克里斯報道。您能否大致談談貴公司的定價能力如何，以及在核安領域和醫療領域，定價趨勢是否有所不同？

Look, I mean, I made a comment on the third quarter, right, price/cost this quarter was $2 million positives to us.

你看，我的意思是，我之前評論過第三季度，對吧，本季度的價格/成本比給我們帶來了 200 萬美元的收益。

So I think we feel good about what we're doing internally pricing. We've invested quite a bit in our pricing heuristic methodologies, etc.

所以我覺得我們對內部定價策略感到滿意。我們在定價啟發式方法等方面投入了相當多的資金。

And I would say that, we're probably.

我想說，我們大概是。

We're probably a bit less aggressive right now on the medical, specifically the US side, than we are on the other side of the house, but we like the dynamic and we like our our portfolio and the moats that have been created around that product portfolio over the last 22 years.

目前我們在醫療領域，特別是美國醫療領域，可能不如在其他領域那麼積極，但我們喜歡這種發展態勢，也喜歡我們的產品組合，以及過去 22 年來圍繞該產品組合建立的護城河。

Thank you.

謝謝。

The next question is from Yuanvi from B. Riley. Please go ahead.

下一個問題來自 B. Riley 的 Yuanvi。請繼續。

Thank you for taking our questions and congrats on a good quarter. Can you expand on the US healthcare environment? Is it due to the government grants or Medicare, Medicaid reimbursement, delaying patients seeking treatment there?

感謝您回答我們的問題，並祝賀您本季業績出色。能詳細介紹一下美國的醫療保健環境嗎？是因為政府撥款或醫療保險、醫療補助報銷的原因，導致病人延遲到那裡接受治療嗎？

Yeah, I mean, overall it is driven, more than anything else by by the aggregate noise.

是的，我的意思是，總體而言，它主要受各種噪音的綜合影響，而不是其他任何因素。

The cuts in Medicaid have been the most pronounced, the most defined, and that has had a modest impact recognizing that the majority of of of cancer treatment is actually funded out of Medicare versus versus Medicaid overall.

醫療補助計劃的削減最為顯著、最為明確，但其影響卻不大，因為總體而言，大部分癌症治療實際上是由聯邦醫療保險（Medicare）而非醫療補助計劃（Medicaid）資助的。

But to be clear, if you look at the profitability of the US health care system overall operating margins, and just again kind of the noise and and kind of strategic haze around the space, all of those factors tend to put put any entity on a more defensive CapEx footing.

但需要明確的是，如果你看美國醫療保健系統的整體營運利潤率，以及圍繞該領域的各種噪音和戰略迷霧，所有這些因素都傾向於讓任何實體採取更保守的資本支出策略。

And I think that's what we're seeing again. We noted that when we look at the demand dynamics out of single payer and markets, those have continued to be to be strong and you know in normalized ranges.

我覺得我們現在再次看到的就是這種情況。我們注意到，當我們觀察單一支付方和市場的需求動態時，這些需求一直保持強勁，並且處於正常範圍內。

Again noting that the demand dynamics have not changed in the US market, we do expect to achieve a level of equilibrium and at that point, get back on trend here.

再次指出美國市場的需求動態沒有改變，我們預期會達到某種平衡狀態，屆時將恢復到先前的趨勢。

Got it. It's great to see the US government putting real money to invest into the Westinghouse nuclear reactors. Can you maybe talk about the economic contribution to your side, let's say if we build a nuclear reactor for $10 billion what's the percentage will go to, let's say your NIS systems or go to your paraground services, etc.

知道了。很高興看到美國政府投入真金白銀投資西屋公司的核反應爐。您能否談談這對貴方的經濟貢獻？比方說，如果我們建造一座價值 100 億美元的核反應堆，其中有多少百分比會用於貴方的 NIS 系統或地面服務等等？

Yes, so the dynamic here continues to change, particularly with the more recent acquisitions again Paragon, Sartrek, but also the Collins Aerospace cyber and physical security business that we acquired as well. Historically, and I guess most recently dating back to our 2024 investor day, we've talked about the the front end opportunity for a new nuclear reactor.

是的，所以這裡的動態仍在不斷變化，特別是隨著最近對 Paragon、Sartrek 以及我們收購的 Collins Aerospace 網路和實體安全業務的收購。從歷史上看，我猜最近一次可以追溯到我們 2024 年的投資者日，我們一直在討論新建核反應爐的前端機會。

That and given the specific example of the Hinkley Point C deal in our plant being built in the UK where on the front end of that we booked somewhere between $80 million to 90 million of backlog and that's for a two reactor project.

再舉一個具體的例子，那就是我們在英國建造的欣克利角 C 核電站項目，該項目初期我們預定了 8000 萬至 9000 萬美元的積壓訂單，而這只是一個雙反應堆項目。

With the incremental capabilities, I would say that that dynamic is improving and if anything, we would expect the quantum of the front end opportunity to increase and so I'm going to reserve on giving you a specific number as it relates to new builds in Westinghouse.

隨著能力的逐步提升，我認為這種動態正在改善，而且我們預計前端機會的數量將會增加，因此，我不會就西屋公司的新建項目給出具體數字。

But I would tell you that it's it's attractive or an attractive opportunity and obviously we're going to work hard to Do everything we can to secure the trust, confidence, and ultimately the commitment from Westinghouse as they move down this pathway.

但我會告訴你，這是一個很有吸引力的機會，顯然我們會努力做到一切可能，以確保西屋公司在這條道路上的信任、信心和最終承諾。

Got it. Thank.

知道了。感謝。

You.

你。

The next question is from Jeff Gramp from Northland Capital Markets. Please go ahead.

下一個問題來自 Northland Capital Markets 的 Jeff Gramp。請繼續。

Morning everyone. Just to kind of put a finer point, just to put a finer point on that last topic, I'm curious, relative to the analyst a metrics you guys put out on kind of a $1 per megawatt, of a revenue opportunity given the data you guys have gathered.

各位早安。為了更清楚地說明一下，關於上一個主題，我很好奇，相對於你們分析師給出的每兆瓦 1 美元的收入機會指標，根據你們收集的數據，你們給出的指標是多少。

Since then, as well as potentially any benefits from search record paragon that that might help be added to that number is is that, is that still a decent proxy as best you guys can tell or?

從那時起，除了搜尋記錄典範可能帶來的任何好處（這可能有助於增加該數字）之外，你們認為它仍然是一個不錯的代理嗎？

Any, better updates that we should keep in mind as we look forward be helpful. Thanks.

任何值得我們關注的、更完善的更新都將對我們未來的發展有所幫助。謝謝。

Yeah, again, Jeff, we're going to reserve on that for the time being. Firstly, we want to get the Paragon acquisition closed and our mode of operation is that Whenever we acquire a new company, our first and most important rule is the Hippocratica, first do no harm.

是的，傑夫，我們暫時還是保留這個想法。首先，我們希望完成對 Paragon 的收購，我們的運作方式是，每當我們收購一家新公司時，我們第一條也是最重要的一條規則是希波克拉底箴言，即首先不造成傷害。

And so we're going to spend a lot of time learning from them, and they'll learn from us, and we're going to work jointly to figure out, best integration pathway and ultimately how that informs the relevant product categories, the way we position those in the marketplace.

因此，我們將花大量時間向他們學習，他們也會向我們學習，我們將共同努力，找出最佳的整合途徑，並最終了解這如何影響相關的產品類別，以及我們在市場上的定位方式。

In the way that we commercially prosecute growth. Having said all of that and again recognizing this is not just para paragon, but as Surre, it's SIS, but beyond that it's also expanded organic capabilities that we've developed internally, I think that the numbers move up over time.

以我們商業上追求成長的方式。綜上所述，再次強調這不僅僅是 para paragon，而是 Surre，是 SIS，除此之外，它還包含了我們內部開發的擴展的有機能力，我認為隨著時間的推移，這些數字會上升。

I would tell you that I also continue to believe strongly. That the premium in terms of dollars per megawatt will be of output will be higher in the SMR market. Historically we've talked about that being 60% or so higher than it is for utility scale.

我會告訴你，我仍然堅信這一點。小型模組化反應器（SMR）市場的每兆瓦發電溢價（以美元計）將會更高。從歷史上看，我們曾討論過，這種情況比公用事業規模的情況高出 60% 左右。

I think those numbers continue to hold for the time being, but what I'd like to do is to come back early in the new year when we're talking about Q4 results and maybe do an update, at that time or the subsequent quarter.

我認為這些數字暫時還會繼續保持，但我希望在新年伊始，當我們討論第四季度業績時，或者在接下來的季度裡，再做一個更新。

Understood. I appreciate those details and for my follow-up with with respect to these larger one-time orders, are you seeing or do you expect any material difference from a margin profile to the extent these become a larger piece of the of the revenue pie looking ahead? Yeah.

明白了。我感謝您提供的詳細資訊。關於這些較大的一次性訂單，您是否看到或預期，隨著這些訂單在未來收入中所佔比例的增加，利潤率會有任何實質的變化？是的。

Look, I think we're very focused on our on our 30%, even a margin target.

你看，我認為我們非常專注於實現我們30%的利潤率目標。

That is something we are internally continue to be committed to.

這是我們內部一直堅持的承諾。

Look, we've always said, to the extent any of that stuff is new builds, that does come with lower margin than kind of the installed base work, but we're not moving off of our 30% even of commitment at this time.

我們一直都說，如果這些項目涉及新建項目，那麼它們的利潤率肯定比現有項目要低，但我們目前不會改變 30% 的承諾。

Got it thanks so much Brian appreciate the time guys.

明白了，非常感謝布萊恩，感謝你們抽出時間。

There are no further questions at this time. I would like to turn the floor back over to Thomas Logan for closing comments.

目前沒有其他問題了。現在我把發言權交還給湯瑪斯‧洛根，請他做總結發言。

I thank you, operator, and thanks to everyone for your continued interest in Marion and listening to the call today. We're progressing quarter by quarter on our journey towards becoming a great compounder. Myion increasingly is a destination investment.

感謝接線員，也感謝大家一直以來對馬里恩的關注，以及今天收聽電話會議。我們正按季度穩步前進，朝著成為一家優秀的複利型公司邁進。Myion正日益成為一種目的地投資選擇。

For revenue generating exposure to global nuclear power tailwinds and with our acquisition of Paragon, we will be a top tier supplier to the global nuclear power industry while remaining true to our core mission of harnessing our knowledge of ionizing radiation for the greater good of humanity.

為了獲得全球核電順風帶來的收益，以及透過收購 Paragon，我們將成為全球核電產業的一流供應商，同時堅持我們利用電離輻射知識造福人類的核心使命。

We'll look forward to sharing another update in the business on our fourth quarter earnings call in February, and until then, we appreciate you joining us today, and I hope you have a great day.

我們將在二月的第四季財報電話會議上與大家分享公司的最新進展，在此之前，感謝您今天參加我們的電話會議，祝您度過美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation.

感謝您的參與。