Perma-Fix Environmental Services Inc (PESI) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to the Perma-Fix Fiscal 2022 Year-End Earnings Conference Call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, David Waldman. Sir, the floor is yours.

大家好，歡迎參加 Perma-Fix 2022 財年年終收益電話會議。 （操作員說明）現在我很高興將發言權交給主持人大衛沃爾德曼。先生，地板是你的。

Thank you, Matt. Good morning, everyone, and welcome to Perma-Fix Environmental Services Fourth Quarter and Year-end 2022 Conference Call. On the call with us this morning are Mark Duff, President and CEO; Dr. Lou Centofanti, Executive Vice President of Strategic Initiatives; and Ben Naccarato, Chief Financial Officer.

謝謝你，馬特。大家早上好，歡迎來到 Perma-Fix 環境服務第四季度和 2022 年底電話會議。今天早上與我們通電話的是總裁兼首席執行官 Mark Duff；戰略計劃執行副總裁 Lou Centofanti 博士；首席財務官 Ben Naccarato。

The company issued a press release this morning containing fourth quarter 2022 financial results, which is also posted on the company's website. If you have any questions after the call, would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020.

公司今天上午發布了一份包含 2022 年第四季度財務業績的新聞稿，該新聞稿也發佈在公司網站上。如果您在通話後有任何疑問，想了解有關該公司的任何其他信息，請致電 (212) 671-1020 聯繫 Crescendo Communications。

I'd also like to remind everyone that certain statements contained within this conference call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and include certain non-GAAP financial measures. All statements on this conference call other than a statement of historical fact are forward-looking statements that are subject to known and unknown risks and uncertainties and other factors, which could cause actual results and performance of the company to differ materially from such statements. These risks and uncertainties are detailed in the company's filings with the U.S. Securities and Exchange Commission as well as this morning's press release. The company makes no commitment to disclose any revisions to forward-looking statements or any facts, events or circumstances after the date hereof that they are upon forward-looking statements.

我還想提醒大家，本次電話會議中包含的某些陳述可能被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並包括某些非 GAAP 財務措施。除歷史事實陳述外，本次電話會議上的所有陳述均為前瞻性陳述，受已知和未知的風險和不確定性以及其他因素影響，可能導致公司的實際結果和業績與此類陳述存在重大差異。這些風險和不確定性在公司提交給美國證券交易委員會的文件以及今天上午的新聞稿中有詳細說明。公司不承諾在本協議日期之後披露對前瞻性陳述的任何修訂或任何事實、事件或情況。

In addition, today's call will include references to non-GAAP measures. Perma-Fix believes that such information provides an additional measurement and consistent historical comparison of its performance. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is available in today's news release on our website.

此外，今天的電話會議還將提及非 GAAP 措施。 Perma-Fix 認為此類信息提供了額外的衡量標準和一致的歷史業績比較。我們網站今天的新聞稿中提供了非 GAAP 措施與最直接可比的 GAAP 措施的對賬。

I'd now like to turn the call over to Mark Duff. Please go ahead, Mark.

我現在想把電話轉給 Mark Duff。請繼續，馬克。

All right. Thanks, David, and good morning, everyone. 2022 was a transformative year as we built a solid foundation for growth in the upcoming year, and we're finally seeing a return to normalization and the momentum we had prior to the pandemic. The weakness in revenue we experienced in 2022 was due to the lingering effect of the COVID-19 pandemic, on delaying some of the projects in the services and the treatment segments.

好的。謝謝，大衛，大家早上好。 2022 年是變革性的一年，因為我們為來年的增長奠定了堅實的基礎，我們終於看到恢復正常化和大流行之前的勢頭。我們在 2022 年經歷的收入疲軟是由於 COVID-19 大流行的持續影響，推遲了服務和治療領域的一些項目。

Nevertheless, we achieved 58% increase in gross profit in the fourth quarter, which was due to improved profitability in the Services projects compared to last year. In addition, total gross profit margins increased from roughly 7% to 12%. While 2022 was a challenging year, we believe we are back on the growth trajectory, primarily due to the recent improvement we've seen in our Treatment segment. Within our Treatment segment, we've experienced a steady improvement in waste receipts. Specifically, our average receipts per quarter have steadily returned to pre-pandemic levels over the last 9 months of the year. This is best reflected in our backlog, which is $9.2 million at year-end, significantly higher than prior quarters. This was a result of increased waste shipments from DOE, as well as our efforts to broaden our client base into the commercial utility sector as well as oil and gas and other industrial markets.

儘管如此，我們在第四季度實現了 58% 的毛利增長，這是由於與去年相比服務項目的盈利能力有所提高。此外，總毛利率從約 7% 增加至 12%。儘管 2022 年是充滿挑戰的一年，但我們相信我們已回到增長軌道，這主要是由於我們最近在治療領域看到的改善。在我們的處理部門，我們的廢物收據穩步改善。具體來說，在今年的最後 9 個月裡，我們每季度的平均收入已穩步恢復到大流行前的水平。這在我們的積壓訂單中得到了最好的體現，年底時為 920 萬美元，大大高於前幾個季度。這是由於美國能源部的廢物運輸量增加，以及我們努力將客戶群擴大到商業公用事業部門以及石油和天然氣以及其他工業市場。

It's important to note that the fourth quarter of 2022 was negatively impacted by challenges associated with labor issues and high attrition rates due to the Department of Energy hiring campaigns at several other sites, which are near our facilities, as well as supply chain impacts from availability of waste process and materials such as grout mix. We also experienced severe weather impacts due to record low temperatures in the Tri-Cities area of Washington.

重要的是要注意，由於能源部在我們設施附近的其他幾個地點開展招聘活動，以及可用性對供應鏈的影響，2022 年第四季度受到與勞工問題和高流失率相關的挑戰的負面影響廢物處理和材料，如灌漿混合物。由於華盛頓三城地區創紀錄的低溫，我們還經歷了惡劣的天氣影響。

However, these issues have begun to subside in the first quarter of 2022 -- excuse me, first quarter of 2023, with hiring at each location realizing stability compared to the last 2 quarters. In addition to the growth of our base business, we're rapidly advancing several initiatives that we believe have the potential to significantly enhance our revenues and our long-term backlog. For instance, we've realized 2 important steps forward with the Department of Energy in pursuit of our Hanford initiatives that hold significant potential growth for many years. These initiatives include the January 31 amendment of the Record of Decision, or ROD, for the final tank closure management EIS that was originally developed in 2013, as well as an announcement this past Friday for the notice of availability for the waste incidental to reprocessing, what we call the WIR report, which is in support of the test bed initiative, demonstration what we call TBI.

然而，這些問題在 2022 年第一季度開始消退——不好意思，2023 年第一季度，與過去兩個季度相比，每個地點的招聘都實現了穩定。除了我們基礎業務的增長之外，我們還在迅速推進幾項我們認為有可能顯著提高我們的收入和長期積壓訂單的計劃。例如，我們已經與能源部一起實現了 2 個重要步驟，以實現我們多年來保持顯著增長潛力的漢福德計劃。這些舉措包括 1 月 31 日對最初於 2013 年制定的最終儲罐關閉管理 EIS 的決定記錄 (ROD) 的修訂，以及上週五發布的關於後處理附帶廢物可用性通知的公告，我們所說的 WIR 報告，它支持試驗台計劃，演示我們所說的 TBI。

First, I'll touch base on the first amendment -- the amendment to the ROD for the direct feed low activity, which we'll refer to as the DFLAW facility, supports the secondary waste program also at the Hanford site in Washington represents a sizable opportunity over the next decade. And while we can't provide too many specifics at this time, suffice to say that Perma-Fix will provide the recommended treatment solutions for rate active waste streams are produced by the DFLAW program once it gets operational.

首先，我將談談第一個修正案——對直接進料低活度 ROD 的修正案，我們將其稱為 DFLAW 設施，支持華盛頓漢福德工廠的二次廢物計劃代表未來十年的巨大機會。雖然我們目前無法提供太多細節，但足以說明 Perma-Fix 將在 DFLAW 計劃投入運營後提供推薦的活性廢物流處理解決方案。

This waste is estimated by DOE to be over 8,000 cubic meters annually. We'll be -- beginning to be received at Perma-Fix facilities upon a hot start-up of the plant currently projected to begin in the late 2024 time frame. To put this in perspective, this volume of waste would more than double the production of all of our plants combined on an annual basis. And given the fixed cost nature of our business, this could result in very significant cash flows over the next 10-year period.

美國能源部估計這種廢物每年超過 8,000 立方米。我們將——在目前預計於 2024 年底開始的工廠熱啟動後開始在 Perma-Fix 設施接收。從正確的角度來看，這一廢物量將使我們所有工廠每年的總產量增加一倍以上。鑑於我們業務的固定成本性質，這可能會在未來 10 年內產生非常可觀的現金流。

The second step forward, as I mentioned, is the final waste incidental to reprocessing or WIR document published this week by DOE, which states that the program -- the proposed TBI program would demonstrate a supplemental law treatment approach. The WIR went on to state that based on the final evaluation, we would determine that the pretreated and solidified waste from the tanks is incidental to reprocessing of spent nuclear fuel is not high level waste, and is to be managed as low-level waste. This progress opens the door for DOE to work with the Washington State Department of Ecology, which is a regulator, to develop and approve the regulatory documents for shipment of the Phase II program. The Phase II includes grouting disposal of 2,000 gallons of tank waste currently anticipated to be shipped before the end of the year.

正如我提到的，向前邁出的第二步是 DOE 本週發布的後處理附帶的最終廢物或 WIR 文件，該文件指出該計劃——擬議的 TBI 計劃將展示一種補充法律處理方法。 WIR 繼續指出，根據最終評估，我們將確定來自儲罐的預處理和固化廢物是乏核燃料後處理的附帶產物，不是高放廢物，而是作為低放廢物進行管理。這一進展為美國能源部與作為監管機構的華盛頓州生態部合作制定和批准第二階段計劃裝運的監管文件打開了大門。第二階段包括對 2,000 加侖儲罐廢物進行灌漿處理，目前預計將在年底前裝運。

These developments underscore the important role that Perma-Fix will be playing in the long-term mission for Hanford closure in support of both the DFLAW vitrification program, as well as the supplemental take waste treatment program that will likely include commercial grouting.

這些發展突顯了 Perma-Fix 將在漢福德關閉的長期使命中發揮重要作用，以支持 DFLAW 玻璃化計劃，以及可能包括商業灌漿的補充廢物處理計劃。

As discussed last quarter, the TBI initiative holds the potential to save tens of billions of dollars, taxpayer dollars as well as eliminate significant carbon emissions and reduced schedules for Hanford cleanup. Perma-Fix maintains these capabilities today at our Perma-Fix Northwest facility, which is permitted now fitted to safely and compliantly grout up to 30,000 gallons a month, with the ability to expand well over 1 million gallons annually while dramatically reducing cost compared to vitrification.

正如上個季度所討論的那樣，TBI 計劃有可能節省數百億美元和納稅人的錢，並消除大量碳排放並減少漢福德清理的時間表。 Perma-Fix 今天在我們的 Perma-Fix Northwest 設施中保持著這些能力，該設施現在被允許每月安全、合規地灌漿多達 30,000 加侖，每年能夠擴大超過 100 萬加侖，同時與玻璃化相比顯著降低成本.

Within the Services segment, we reached full operational status in several projects that have been delayed due to the impact of the pandemic. And additionally, we've secured important new projects that we expect will begin in the second quarter of 2023. As the impacts from the pandemic continue to fade, the federal government has begun to announce new projects that have been on hold. These procurement cycles are moving forward to support the increased funding levels, which we anticipate will result in a number of additional opportunities to be awarded in the coming quarters. As a result, we have now over $200 million in defined procurement opportunities targeted to be released in the next few quarters.

在服務部門，我們在幾個因大流行的影響而被推遲的項目中達到了全面運營狀態。此外，我們已經獲得了重要的新項目，我們預計這些項目將在 2023 年第二季度開始。隨著大流行的影響繼續消退，聯邦政府已開始宣布擱置的新項目。這些採購週期正在向前發展以支持增加的資金水平，我們預計這將導致在未來幾個季度獲得更多的機會。因此，我們現在有超過 2 億美元的明確採購機會，目標是在未來幾個季度發布。

In addition, we continue to await some very large potential strategic awards by the DOE. Some of these projects are quite considerable in size. And if selected by DOE, would represent substantial increases into sustainable revenue to align with our core competencies. Some of these upcoming DOE project announcements include the $45 billion Hanford integrated tank disposition contract and the $3 billion operation in site mission support project, which are both likely to be awarded in the second quarter. If we are successful, we would participate as a team member on these large deal procurements, both of which completely align with our strengths and innovations and radiological protection and waste management, we're also close to announcement of another project that we referred to in past calls through the Joint Research Council in Italy, which this project would support our expansion program in Europe and open the door for deployment of our treatment technologies in these rapidly growing markets in Europe.

此外，我們繼續等待美國能源部授予一些非常大的潛在戰略獎勵。其中一些項目的規模相當可觀。如果被美國能源部選中，將代表可持續收入的大幅增加，以與我們的核心競爭力保持一致。 DOE 即將宣布的一些項目包括價值 450 億美元的漢福德綜合儲罐處置合同和價值 30 億美元的現場任務支持項目運營，這兩個項目都可能在第二季度授予。如果我們成功了，我們將作為團隊成員參與這些大宗採購，這兩者完全符合我們的優勢和創新以及輻射防護和廢物管理，我們也即將宣布我們在過去通過意大利聯合研究委員會呼籲，該項目將支持我們在歐洲的擴展計劃，並為在歐洲這些快速增長的市場部署我們的處理技術打開大門。

We've also received several strategic awards over the past few months, specifically associated with our sole solar technology, including announcement last week that our team was awarded the first abandoned uranium mine closure task order in support of the new EPA abandon mine program. While this initial task order represents only about $1 million of revenue for 2023, we're anticipating rapid expansion of the program following the deployment of our technology into the first site, which is located in the Northeast Arizona region.

在過去的幾個月裡，我們還獲得了多項戰略獎勵，特別是與我們唯一的太陽能技術相關，包括上周宣布我們的團隊獲得了第一個廢棄鈾礦關閉任務訂單，以支持新的 EPA 廢棄礦山計劃。雖然這個初始任務訂單僅代表 2023 年約 100 萬美元的收入，但我們預計在將我們的技術部署到位於亞利桑那州東北部地區的第一個站點後，該計劃將迅速擴展。

Awards have also been realized at several DOE locations that will support backlog generation in 2023. In addition, we're well positioned for several upcoming procurement initiatives for the U.S. Department of Corp Engineers, the U.S. Navy and several other DOE site projects that are supposed to be secured in the next few quarters.

DOE 的幾個地點也獲得了獎勵，這些地點將支持 2023 年的積壓生成。此外，我們為美國公司工程師部、美國海軍和其他幾個 DOE 現場項目即將進行的幾項採購計劃做好了準備將在接下來的幾個季度內得到保障。

As a result of these factors, it's clear to us that there is a significant pent-up demand and that we expect the benefit from improving budgets and carryover spending from last year. As a result, we've maintained an optimistic view that 2023 will see a significant improvement over 2022. As I mentioned earlier, we're already seeing signs of that improvement.

由於這些因素，我們很清楚存在大量被壓抑的需求，我們預計改善預算和去年的結轉支出會帶來好處。因此，我們一直樂觀地認為 2023 年將比 2022 年有顯著改善。正如我之前提到的，我們已經看到了這種改善的跡象。

Turning back to our financials for a moment. Adjusted EBITDA for Q4 2022 improved to a loss of $1 million compared to a loss of $1.7 million in the prior year Q4 2021. Aside from our expectations of solid revenue growth having a positive impact on our EBITDA going forward, we continue to focus on a reduction of non-billable indirect operating costs as well as SG&A expenses. As a result, we anticipate a meaningful improvement in profitability and cash flow going forward.

暫時回到我們的財務狀況。 2022 年第四季度調整後的 EBITDA 虧損 100 萬美元，而上一年 2021 年第四季度虧損 170 萬美元。除了我們預期穩健的收入增長會對我們未來的 EBITDA 產生積極影響外，我們繼續專注於減少不可計費的間接運營成本以及 SG&A 費用。因此，我們預計未來盈利能力和現金流量將有顯著改善。

At the same time, we continue to invest in our capabilities into our facilities. We've built a solid foundation for growth and a highly scalable infrastructure. As a result, we believe we're in a great position to take advantage of the pent-up demand that we mentioned. As we continue to increase revenue, we expect to benefit from the predictable cash flows within our Services segment and high incremental margins from our Treatment segment. Overall, we remain confident in our ability to achieve the growth and stability we experienced prior to the pandemic, given our increasing backlog, our solid pipeline of nuclear services projects and several potentially transformative events we've mentioned that could materialize over the next coming months and years.

與此同時，我們繼續在我們的設施中投資於我們的能力。我們已經為增長和高度可擴展的基礎架構奠定了堅實的基礎。因此，我們相信我們能夠很好地利用我們提到的被壓抑的需求。隨著我們繼續增加收入，我們預計將從服務部門的可預測現金流和治療部門的高增量利潤率中受益。總的來說，鑑於我們不斷增加的積壓、我們可靠的核服務項目管道以及我們提到的幾個可能在未來幾個月內實現的潛在變革事件，我們對我們實現大流行之前經歷的增長和穩定的能力仍然充滿信心和歲月。

On that note, I'll now turn it over to Ben, who will discuss our financial results in a little more detail. Ben?

關於這一點，我現在將其轉交給本，他將更詳細地討論我們的財務業績。本？

Thank you, Mark. Let's start with revenue. Our total revenue for the -- from continuing operations for the quarter was $16.8 million compared to last year's fourth quarter of $17.1 million, a decrease of $359,000 or 2.1%. The decrease was primarily due to a drop in our Treatment segment revenue of about $290,000 despite a good quarter on the waste receipt side processing, as you mentioned, was impacted by supply chain, labor and inclement weather. Despite these delays, volume did have a positive impact on revenue, but there was an offset from lower average pricing, and that's not uncommon. It's just related to waste mix.

謝謝你，馬克。讓我們從收入開始。我們本季度來自持續經營業務的總收入為 1680 萬美元，而去年第四季度為 1710 萬美元，減少了 359000 美元或 2.1%。下降的主要原因是我們的處理部門收入下降了約 290,000 美元，儘管正如您提到的，廢物收據方面的處理季度表現良好，受到供應鏈、勞動力和惡劣天氣的影響。儘管有這些延遲，但銷量確實對收入產生了積極影響，但較低的平均定價有所抵消，這種情況並不少見。這只是與廢物混合有關。

In the Service segment, revenue was down slightly by $69,000, and that's really just timing of on-site projects. For the year ended 2022, our revenue was $70.6 million compared to $72.2 million last year. In the Treatment segment, revenue increased slightly by $366,000 due to higher waste volume, and then offset by average -- lower average pricing as of the quarter. On the Service segment revenue, it was down by $2 million primarily from the slow start in the first quarter at 2 of our larger projects, but the productivity ramped up production in Q2 through 4.

在服務部門，收入略微下降了 69,000 美元，這實際上只是現場項目的時間安排。截至 2022 年，我們的收入為 7060 萬美元，而去年為 7220 萬美元。在處理部門，由於廢物量增加，收入略微增加了 366,000 美元，然後被平均水平所抵消——本季度平均定價較低。在服務部門的收入方面，主要是由於我們兩個較大項目在第一季度的緩慢起步而下降了 200 萬美元，但生產率在第二季度到第四季度提高了產量。

On the gross profit side, gross profit for the quarter was $2 million compared to $1.3 million in 2021. The increase in gross profit of approximately $741,000 was from the Services segment, which was a result of improved profitability of our current projects worked on, which included a 19.8 reduction in project-related variable costs. This improvement was offset by a reduction in gross profit from the Treatment segment due to the processing delays we discussed previously, as well as an increase in fixed expenses at the plants related to labor and utilities.

在毛利方面，本季度的毛利為 200 萬美元，而 2021 年為 130 萬美元。毛利增加約 741,000 美元來自服務部門，這是我們當前開展的項目盈利能力提高的結果，包括與項目相關的可變成本減少 19.8%。由於我們之前討論的處理延遲以及工廠與勞動力和公用事業相關的固定費用增加，處理部門的毛利潤減少抵消了這一改善。

For the year ended 2022, the gross profit was $9.6 million compared to $6.8 million in '21. This improvement in gross profit came from the Services segment where, again, the improved project profitability contributed $4.7 million in improved gross profit, and that was offset by a small decrease in the gross profit from lower revenue. This increase in gross profit in the Service segment was offset by the decrease in Treatment segment, again, from lower revenue and waste mix, or a lower margin mix of waste and the increased facility cost.

截至 2022 年，毛利潤為 960 萬美元，而 21 年為 680 萬美元。毛利的改善來自服務部門，項目盈利能力的提高再次貢獻了 470 萬美元的毛利，但被收入減少導致的毛利小幅下降所抵消。服務部門毛利的增加被處理部門的減少所抵消，同樣是由於收入和廢物組合的減少，或者廢物的利潤率降低和設施成本的增加。

Our total G&A for the quarter was $3.6 million compared to $3.3 million in the fourth quarter last year. And while SG&A for the full year was $14.7 million compared to $12.8 million in 2021. SG&A expenses for the quarter were higher as marketing expenses were up from increased payroll, trade show expenses and commissions earned. Admin expenses for the quarter were higher -- higher payroll benefits, audit fees, write-off of patents and stock option compensation, as well as Perma-Fix medical costs, which are no longer absorbed by our previous medical segment.

我們本季度的 G&A 總額為 360 萬美元，而去年第四季度為 330 萬美元。雖然全年的 SG&A 為 1,470 萬美元，而 2021 年為 1,280 萬美元。本季度的 SG&A 費用較高，因為營銷費用因工資、貿易展覽費用和賺取佣金的增加而增加。本季度的管理費用更高——更高的工資福利、審計費用、專利註銷和股票期權補償，以及 Perma-Fix 醫療費用，這些費用不再被我們之前的醫療部門吸收。

Similar to the quarter, our G&A costs were up for the year in marketing from payroll and trade show and travel. Admin expenses were higher due to audit, outside services and increased payroll costs no longer absorbed by the Medical segment.

與本季度類似，我們全年的 G&A 成本在薪酬、貿易展覽和差旅方面的營銷成本有所上升。由於審計、外部服務和醫療部門不再吸收的工資成本增加，行政費用較高。

Our net loss attributable to common shareholders for the quarter was $1.7 million compared to last year's net loss of $2.5 million for the year ended 12/31/2022. Our net loss attributable to common shareholders was $3.8 million compared to net income of $835,000 in prior year. Our basic and diluted net loss per share for the quarter was $0.13 compared to a loss of $0.19 in the prior year. Loss per share for the year ended December 31 was $0.29 per share compared to income of 7 in the prior year.

本季度歸屬於普通股股東的淨虧損為 170 萬美元，而去年截至 2022 年 12 月 31 日止年度的淨虧損為 250 萬美元。我們歸屬於普通股股東的淨虧損為 380 萬美元，而上一年的淨收入為 835,000 美元。我們本季度的基本和稀釋每股淨虧損為 0.13 美元，而去年同期為虧損 0.19 美元。截至 12 月 31 日止年度的每股虧損為每股 0.29 美元，而去年同期為每股收益 7 美元。

Adjusted EBITDA from continuing operations, as we defined in this morning's press release, was a loss of $1 million compared to a loss of $1.7 million last year. For the year ended 2022, adjusted EBITDA was a loss of $3.3 million compared to a loss of $4.4 million in '21.

正如我們在今天上午的新聞稿中定義的那樣，調整後的持續經營業務 EBITDA 虧損 100 萬美元，而去年虧損 170 萬美元。截至 2022 年，調整後的 EBITDA 虧損 330 萬美元，而 21 年虧損 440 萬美元。

Turning to the balance sheet. Our cash on the balance sheet was $1.9 million compared to $4.4 million at year-end, reflecting the losses for the year. Our accounts receivable were down $2 million, reflecting improved collections primarily in the Service segment. Our unbilled receivables were down $2.9 million, reflecting increased billing in a large project that was nearing completion.

轉向資產負債表。我們資產負債表上的現金為 190 萬美元，而年底為 440 萬美元，反映了當年的虧損。我們的應收賬款減少了 200 萬美元，主要反映了服務部門的收款情況有所改善。我們的未開票應收賬款減少了 290 萬美元，反映了一個即將完工的大型項目的開票增加。

Other assets were up $1.1 million, partially due to the employment retention credit of $2 million, which is still outstanding. Our current liabilities were down $3.2 million from payment of outstanding payables and the reduction in unearned revenue of approximately $767,000. As of December 30 -- as of December 2022, our Treatment backlog sits at $9.2 million, up from $7.1 million, both at year-end 2021 and September of 2022.

其他資產增加了 110 萬美元，部分原因是 200 萬美元的就業保留信貸仍未償還。我們的流動負債因未償付應付款項而減少了 320 萬美元，未實現的收入減少了約 767,000 美元。截至 12 月 30 日——截至 2022 年 12 月，我們的治療積壓訂單為 920 萬美元，高於 2021 年底和 2022 年 9 月的 710 萬美元。

Our total debt for the quarter end was $1 million, excluding debt issuance costs, which is mostly owed to PNC Bank. Finally, on the cash flow side, for 2022 our cash provided by continuing operations came in at $164,000. Cash used by discontinued operations was $717,000. Cash used for investing of continuing operations was $997,000 primarily capital related. And cash used for financing was $921,000, representing payments and capital line of $502,000 and payments related to finance lease liabilities and other debt of approximately $419,000.

我們本季度末的總債務為 100 萬美元，不包括主要欠 PNC 銀行的債務發行成本。最後，在現金流方面，2022 年我們通過持續經營提供的現金為 164,000 美元。終止經營業務使用的現金為 717,000 美元。用於持續經營投資的現金為 997,000 美元，主要與資本相關。用於融資的現金為 921,000 美元，代表付款和資本額度為 502,000 美元，與融資租賃負債和其他債務相關的付款約為 419,000 美元。

With that, operator, I'll now turn the call over to questions.

有了這個，接線員，我現在將把電話轉給問題。

(Operator Instructions)

（操作員說明）

Your first question is coming from Howard Brous from Wellington Shields.

你的第一個問題來自 Wellington Shields 的 Howard Brous。

Mark Ben, Lou, I hope you and your families are doing well. So first things first, for full disclosure, I need to say that I was the investment banker to your equity raise of $6.2 million in September 2021. And in addition, members of my immediate family owned shares in Perma-Fix.

Mark Ben，Lou，我希望你和你的家人都過得很好。所以首先，為了全面披露，我需要說我是你在 2021 年 9 月籌集 620 萬美元股權的投資銀行家。此外，我的直系親屬擁有 Perma-Fix 的股份。

So let me get to a couple of important questions. The Department of Energy just published various comments relating to DFLAW. Record of Decision specifically mentions, and only mentioned, Perma-Fix Northwest as the facility to treat, which seems to be enormous quantities of secondary waste. They talk about 8,300 cubic meters of solid and liquid waste annually, which if I converted that to liquid, which I have questions about, it's about 2.2 million gallons of -- if it's liquid waste, 18 cubic meters of mid-level waste and 370 cubic meters of level waste. Because it's a combination of liquids and sales, can you give you a sense of what the annual revenues the Perma-Fix could be starting to your operational in 2025, as an example?

那麼讓我談談幾個重要的問題。能源部剛剛發表了與 DFLAW 相關的各種評論。決策記錄特別提到，並且只提到，Perma-Fix Northwest 作為處理設施，似乎是大量的二次廢物。他們每年談論 8,300 立方米的固體和液體廢物，如果我把它轉換成液體，我對此有疑問，大約是 220 萬加侖——如果是液體廢物，18 立方米的中級廢物和 370立方米水平廢物。因為它是液體和銷售的結合，您能否舉例說明 Perma-Fix 在 2025 年開始運營的年收入是多少？

Sure, Howard. Yes, you really can't do a real conversion of those quantities because a lot of that 8,300 cubic meters is debris or other solid waste like PPE or personal protective equipment. Other things that get contaminated and other things. So it's difficult to do that.

當然，霍華德。是的，你真的不能對這些數量進行真正的轉換，因為這 8,300 立方米中有很多是碎片或其他固體廢物，如 PPE 或個人防護設備。其他被污染的東西和其他東西。所以很難做到這一點。

We looked at the various types of waste to be generated compared to what we do now. And as I've mentioned before in the script, it's about double our total input now for waste of all of our plants combined. And -- but we do have -- I do want to mention, we do have a contract with the (inaudible) contractor that will likely be novated, and it's like -- it's an MSA, a master services agreement type of contract.

與我們現在所做的相比，我們研究了將產生的各種類型的廢物。正如我之前在劇本中提到的那樣，現在我們所有植物的浪費加起來大約是我們總投入的兩倍。而且 - 但我們確實有 - 我確實想提一下，我們確實與（聽不清）承包商簽訂了合同，該合同可能會被更新，就像 - 它是 MSA，一種主服務協議類型的合同。

And it's got rates, and we've talked about rates -- applying our rates to the volumes of each individual waste stream looks to be about an annual revenue of between $65 million and $75 million a year. So it is a significant increase in revenue for that plant and the company overall. That $65 million to $75 million could vary depending on how much of which waste stream changes along the way. And it can also vary dependent on the (inaudible) nuclear content that was received.

它有費率，我們已經討論過費率——將我們的費率應用於每個單獨廢物流的數量，看起來年收入大約在 6500 萬到 7500 萬美元之間。因此，對於該工廠和整個公司來說，這是一個顯著的收入增長。這 6500 萬到 7500 萬美元可能會有所不同，具體取決於沿途廢物流的變化量。它也可能因收到的（聽不清）核內容而異。

There's different charges for different types of levels of radioactivity and those types of things. But generally, when that plant is running, the (inaudible) flow plant is running at full capacity, which is, right now, understand the design capacity for the plant is to treat 1 million gallons a year. When it gets to that level, then I think we'll be able to expect over 8,000 cubic meters a year.

不同類型的放射性水平和那些類型的東西有不同的收費。但一般來說，當該工廠運行時，（聽不清）流量工廠正在滿負荷運行，也就是說，現在，了解該工廠的設計能力是每年處理 100 萬加侖。當它達到那個水平時，我認為我們將能夠期望每年超過 8,000 立方米。

And basically, this will be at your normalized treatment margins. Is that a correct statement?

基本上，這將在您的標準化治療範圍內。這是正確的說法嗎？

Most generally, yes. There's some inflation, obviously, is going to have to occur along the way. The natural gas prices in the Tri-Cities area have gone up dramatically compared to the rest of the country, and things like that, labor issues. But yes, generally, the margins will be what we make now on waste treatment as a whole.

大多數情況下，是的。顯然，在此過程中將不得不發生一些通貨膨脹。與全國其他地區相比，三城市地區的天然氣價格大幅上漲，還有諸如此類的勞工問題。但是，是的，一般來說，利潤將是我們現在在整個廢物處理方面的利潤。

Will you need to hire any additional personnel to this specific award?

您是否需要為此特定獎項僱用任何其他人員？

Yes, there will be. This will be expected, as I mentioned in the script. Right now, DOE is very casual or, I should say, informal about when the start-up of the plant will occur. Predicting at this point in time, it will be late 2024. And then it will get rolling through '25.

是的，會有的。正如我在腳本中提到的那樣，這是意料之中的。現在，DOE 非常隨便，或者我應該說，對於工廠何時啟動是非正式的。在這個時間點預測，將是 2024 年末。然後它將滾動到 25 年。

I would expect them to take 1 year, 1.5 years to get to full capacity if everything went well. And I'm sorry, what was your question, Howard?

如果一切順利的話，我預計他們需要 1 年、1.5 年才能達到滿負荷運轉。對不起，你的問題是什麼，霍華德？

Just additional personnel.

只是額外的人員。

Additional personnel, yes. So at full capacity, I would anticipate between certainly 70, 75, maybe 100 people.

額外的人員，是的。因此，在滿負荷情況下，我預計肯定會有 70、75 甚至 100 人。

Additional?

額外的？

Yes, additional to current staff. Correct.

是的，除了現有員工之外。正確的。

What you're basically talking about, if I do some numbers, you're talking about earnings just in this contract fully deployed than, say 2025, almost $3 in earnings. Does that sound about right?

你基本上在說什麼，如果我做一些數字，你談論的只是這份合同完全部署的收益，比說 2025 年，收益將近 3 美元。那個聽起來是對的嗎？

I'm not qualified at this point to do that math, just the (inaudible) of them. I haven't done that math. But it sounds like it might be about the right number, generally.

在這一點上我沒有資格做那個數學，只是他們的（聽不清）。我沒有做過那個數學。但總的來說，這聽起來可能是正確的數字。

Okay. Let me continue because the DOE has published probably 1,500 different pages of items. Let's talk about the TBI. What's interesting about the TBI comment 2,000 gallons, assuming that's done by the end of the year. They also mentioned that they have no desire -- and this is in the documents, final waste incidental to reprocessing evaluation for the test that initiative demonstration. And this came out March 16.

好的。讓我繼續，因為美國能源部已經發布了大約 1,500 頁不同的項目。讓我們談談TBI。 TBI 評論 2,000 加侖的有趣之處，假設在今年年底完成。他們還提到他們不希望——這在文件中是最終廢物附帶的再處理評估，用於測試該倡議演示。這是 3 月 16 日發布的。

And on Pages 4-20, 21 and 22, effectively, they have said that they have no desire to do what you and I would look at as the third phase of 300,000 gallons. And this does imply that they're looking to go from the 2,000 gallons assuming successful, right to full capacity. I'd like your comments about that.

在第 4-20、21 和 22 頁上，實際上，他們說他們不想做你我認為的 300,000 加侖的第三階段。這確實意味著他們希望從假設成功的 2,000 加侖到滿負荷生產。我想听聽你對此的評論。

Yes. We've had a number of meetings with DOE in the last few weeks about the overall TBI program, and I've asked before about that. And DOE's response has generally been the same as it's been, as I've described on prior phone calls. And that is that they have a road map that they refer to, which integrates their strategy for tank cleanup.

是的。在過去的幾周里，我們與 DOE 就整個 TBI 計劃進行了多次會談，我之前也問過這個問題。正如我在之前的電話中所描述的那樣，DOE 的回應總體上與以往一樣。那就是他們有一個他們參考的路線圖，其中整合了他們的坦克清理策略。

It includes -- it's largely based on the DFLAW facility. I know DOE has $14 billion invested in and, obviously, decades of construction. Getting that plant up and running, and that's kind of the centerpiece of it. TBI and grouting certainly fits into that road map, as they refer to it.

它包括 - 它主要基於 DFLAW 設施。我知道 DOE 已經投資了 140 億美元，而且顯然已經進行了幾十年的建設。啟動並運行該工廠，這是它的核心。正如他們所說，TBI 和灌漿當然符合該路線圖。

When it occurs is going to be dependent on when DFLAW gets rolling, funding, how DFLAW facility works, other types of regulatory considerations and those types of things. And in the response to whether they're going to go to 300,000 gallons versus right into a production level, I don't think DOE has made that decision yet period. Whether they call it TBI or low-level waste off-site disposition, which is what they refer to [gradually], that remains to be seen.

何時發生將取決於 DFLAW 何時啟動、資金、DFLAW 設施的運作方式、其他類型的監管考慮因素以及這些類型的事情。在回答他們是否要達到 300,000 加侖而不是直接進入生產水平時，我認為能源部還沒有做出這個決定。他們是否稱其為 TBI 或低水平廢物場外處置，這是他們 [逐漸] 所指的，還有待觀察。

But the supplemental program for grouting, it certainly seems to be -- and I've been told is a part of that overall road map. So to answer your question, Howard, whether it's 300,000 gallons as Phase III of TBI, or whether it's moving right into an operational phase, DOE has laid the groundwork so far from a regulatory perspective from -- through the WIR that we mentioned, also through the environmental assessment to support their [legal] requirements.

但是灌漿的補充計劃，它似乎肯定是——我被告知是整個路線圖的一部分。因此，為了回答你的問題，霍華德，無論是作為 TBI 第三階段的 300,000 加侖，還是正在進入運營階段，DOE 到目前為止已經從監管的角度奠定了基礎 - 通過我們提到的 WIR，也通過環境評估來支持他們的[法律]要求。

They have all been done. They have another hurdle to address which is a smaller hurdle with the state of Washington for the RD&D permit, which is required to pump the waste out of the tank that's shipped to us. Once that's done, they can start going. And as you know, there's another method of that they're pumping out now to what they call a TSCR. The TSCR pumping waste. DOE has planned on pumping 800,000 gallons this calendar year with that, and putting it in storage for DFLAW.

他們都已經完成了。他們還有另一個障礙需要解決，這是華盛頓州獲得 RD&D 許可證的一個較小障礙，需要將廢物從運往我們的水箱中抽出。一旦完成，他們就可以開始了。正如你所知，他們現在正在向他們所謂的 TSCR 輸送另一種方法。 TSCR 泵送廢物。 DOE 計劃在本日曆年用它抽取 800,000 加侖，並將其儲存起來供 DFLAW 使用。

And once that gets full, I think it's an opportunity to also grout some of that. So we have not agreed to that yet. But it depends on when DFLAW gets up and running if it's just around the corner or if it's a good ways off, I'm sure there'll be opportunities to talk to DOE about that potential as well. So to answer your question specifically, I don't think DOE has given a lot of consideration to whether it's Phase III of TBI or whether it's right into an operational phase.

一旦填滿，我認為這是一個灌漿其中一些的機會。所以我們還沒有同意。但這取決於 DFLAW 何時啟動和運行，它是否指日可待，或者它是否還有很長的路要走，我相信也有機會與 DOE 討論這種潛力。因此，具體回答你的問題，我認為能源部沒有過多考慮它是 TBI 的第三階段還是進入運營階段。

On an operational phase, what kind of capacity could you use in, or work on in terms of, say, 2025?

在運營階段，您可以在 2025 年使用或開發什麼樣的容量？

We can do 30,000 gallons a month as of tomorrow. Our permits in our facilities to support that throughput. And we can expand that through a minor permit mod and some minor capital improvements up to 1 million. And with some additional mods, we can get that up to several million. But right now, about 300,000 gallons a year is where our current capacity is, whenever DOE is ready to go.

從明天開始，我們每月可以生產 30,000 加侖。我們在我們的設施中允許支持這種吞吐量。我們可以通過一個小的許可模型和一些小的資本改進來擴展它，最高可達 100 萬。再加上一些額外的模組，我們可以達到數百萬。但是現在，只要 DOE 準備好，我們目前的產能就是每年大約 300,000 加侖。

And this is standard treatment margins again?

這又是標準治療利潤率？

Yes, that's correct.

對，那是正確的。

And would you need additional people to process this?

你需要額外的人來處理這個嗎？

Up to 300,000 gallons would be about 25 people in total, to run that operation. And a lot of that depends on how fast we're receiving the waste, whether we go to a second shift or a third shift, or whether it's over a longer period of time, which we've done in the 1 shift. So that will vary. But 15 to 25 people is probably a good estimate if we were running at full 30,000 gallons a month.

最多 300,000 加侖總共需要 25 個人來運行該操作。這在很大程度上取決於我們接收廢物的速度有多快，我們是進入第二班還是第三班，或者是否需要更長的時間，我們在第一班已經完成了。所以這會有所不同。但如果我們以每月滿 30,000 加侖的速度運行，則 15 到 25 人可能是一個不錯的估計。

30,000 gallons a month. If you just did that, you're talking about $0.75 a share, give or take. And (inaudible) full capacity you can be talking about...

每月 30,000 加侖。如果你只是那樣做，你談論的是每股 0.75 美元，給予或接受。並且（聽不清）您可以談論的全部容量......

I could verify those numbers, Howard, but that sounds like potentially about right.

我可以驗證這些數字，霍華德，但這聽起來可能是正確的。

All right. Everybody is going to be wanting to talk to you lastly about ITDC. We're expecting a decision momentarily. Is that a correct statement? .

好的。每個人最後都會想和你談談 ITDC。我們正在等待一個決定。這是正確的說法嗎？ .

The DOE has been very difficult to pin down in regards to the schedule and the procurement. Right now, DOE has been consistently saying I've been hearing that -- it will be some time in -- by the end of Q1, which obviously is only a week away. So I have to believe it's sometime in Q2 for both ITDC and the OSMS. OSMS, they have been more vocal about an award in the May time frame. But the ITDC, I'm going to assume, Howard, is any day. And -- but likely in Q2 or at least in April time frame.

美國能源部很難確定時間表和採購。現在，DOE 一直在說，我一直在說——這將是一段時間——到第一季度末，顯然只有一周的時間了。所以我不得不相信 ITDC 和 OSMS 都在第二季度的某個時候。 OSMS，他們在 5 月的時間框架內更直言不諱地授予獎項。但是，霍華德，我假設 ITDC 是任何一天。而且 - 但可能在第二季度或至少在四月份的時間範圍內。

The OSMS is (inaudible) is that the one.

OSMS 是（聽不清）就是那個。

That's -- yes. That's the DUF6 management contract and as well as (inaudible) infrastructure contracts together.

那是——是的。這是 DUF6 管理合同以及（聽不清）基礎設施合同。

Assume for the moment that your group wins the ITDC contract, which we all hope you do, what does that mean to you other than 15 years, and it's $45 billion? You're not doing $45 billion. But what could you be doing as a part of it? And the second question to that is, if you lose because you're a small business, will you still participate?

假設您的團隊現在贏得了 ITDC 合同（我們都希望您這樣做），除了 15 年和 450 億美元之外，這對您意味著什麼？你沒有做 450 億美元。但是作為其中的一部分，你能做什麼呢？第二個問題是，如果你因為是一家小企業而輸了，你還會參加嗎？

Yes. It's very difficult to answer the question -- the first question, Howard. This as I've told many investors, this procurement is quite unusual. And it's so large and so complex, we did not require a baseline schedule or a baseline cost estimate. Which means that there's very little costing provided in very less detail on what each firm, each team member is doing specifically.

是的。很難回答這個問題——第一個問題，霍華德。正如我告訴許多投資者的那樣，這次採購非常不尋常。而且它是如此之大和如此復雜，我們不需要基線時間表或基線成本估算。這意味著幾乎沒有提供關於每個公司、每個團隊成員的具體工作的詳細信息。

So it's like a closure contract in that you will negotiate -- the winner will negotiate task orders for all the components of scope during the transition period. At that time, you'll understand which pieces of the scope specifically you're going to be contractually required to do, how many people are going to come with it and that type of thing.

因此，它就像一個關閉合同，您將進行談判——獲勝者將在過渡期間為範圍的所有組件協商任務訂單。屆時，您將了解合同中具體要求您執行的範圍的哪些部分，將有多少人參與其中以及此類事情。

So none of that will be defined by any of the winners until after transition is off and running. So I really can't answer what the overall financial impact is. As a small business, as I mentioned as well in the past, there is a very significant small business set-aside requirement for the winner, a formula of overall revenue. But generally, the small business set aside goals average about $200 million a year, $200 million annually for small business goals. That's a pretty significant amount.

因此，在過渡關閉並運行之前，任何獲勝者都不會定義這些。所以我真的無法回答整體財務影響是什麼。作為一家小型企業，正如我過去也提到的那樣，對獲勝者有非常重要的小型企業預留要求，即總收入的公式。但一般來說，小企業預留的目標平均每年約 2 億美元，小企業每年有 2 億美元的目標。這是一個相當可觀的數額。

And we still remain a small business, qualified to do that. So to the second part of your question, if we were not selected, we would certainly be a very viable way for the winning team to meet their small business goals as well as provide the value proposition we provide to our team. And we're highly optimistic that if we don't win, we'll be able to take a good portion of that work, if it's not already accounted for by another team member.

我們仍然是一家小企業，有資格這樣做。所以對於你問題的第二部分，如果我們沒有被選中，我們肯定是獲勝團隊實現他們的小業務目標以及提供我們為團隊提供的價值主張的一種非常可行的方式。我們非常樂觀地認為，如果我們沒有獲勝，我們將能夠完成這項工作的很大一部分，如果它還沒有被其他團隊成員負責的話。

Your next question is coming from Aaron Warwick from Breakout Investors.

你的下一個問題來自 Breakout Investors 的 Aaron Warwick。

Appreciate all of Howard's questions and your answers to those and give us more clarity. I wanted to talk about Hanford a little bit as well, but also wanted to look more near term and get some clarity. It sounds like the business has really turned the corner here after the pandemic.

感謝霍華德提出的所有問題以及您對這些問題的回答，讓我們更加清楚。我也想談談漢福德，但也想看得更近一些，弄清楚一些。聽起來，大流行病過後，這裡的生意真的出現了轉機。

And just trying to get a sense of do you expect to be profitable in this fiscal year?

只是想了解您是否希望在本財年實現盈利？

Yes. Q1 looks a lot better than Q4 did, Aaron. I appreciate your question. And Q2 has a lot of things happening that are very exciting, that are projected to be much better than Q1. And so we certainly expect to be profitable in Q2. Q1 is still a couple of things we're waiting to see come in. But Q2 is very exciting.

是的。 Q1 看起來比 Q4 好多了，Aaron。我很感激你的問題。第二季度發生了很多非常令人興奮的事情，預計會比第一季度好得多。因此，我們當然希望在第二季度實現盈利。 Q1 仍然是我們等待看到的幾件事。但是 Q2 非常令人興奮。

We have the EWOC facility here in Oak Ridge that we've been carrying for a lease for about 3 years now. It's finally starting to generate real revenue. We've got a big project we're doing there and several others pending. That gets rolling -- has gotten rolling here in the last 10 days. It will run at full capacity just about through Q2.

我們在橡樹嶺這裡擁有 EWOC 設施，我們已經租賃了大約 3 年。它終於開始產生真正的收入。我們有一個大項目正在那裡進行，還有幾個其他項目正在等待中。這開始了——在過去的 10 天裡已經在這裡開始了。它將在第二季度滿負荷運行。

And in addition to that, as I mentioned in the notes, we've won a number of projects that are all getting rolling in Q2 as well, and that includes the abandoned uranium mines as well as some commercial contracts, a project in San Diego, the Navy. And 2 or 3 new projects with DOE at different sites, Los Alamos and Livermore, all get enrolling in April.

除此之外，正如我在筆記中提到的，我們已經贏得了一些項目，這些項目也在第二季度開始，其中包括廢棄的鈾礦以及一些商業合同，一個在聖地亞哥的項目， 海軍。 DOE 在 Los Alamos 和 Livermore 等不同地點的 2 或 3 個新項目都在 4 月份註冊。

So Q2 looks really good, and our backlog will be increasing. And some of the headwinds I described before, which includes the labor and supply chain issues, are all really behind us. We've replaced a lot of people that have been on board now for 3 or 4 months of their train. They're rolling, and we're pretty confident that Q2 will be well into profitable range moving forward.

所以第二季度看起來真的很好，我們的積壓訂單會增加。我之前描述的一些不利因素，包括勞動力和供應鏈問題，都已經過去了。我們已經更換了很多已經在火車上工作了 3 或 4 個月的人。他們正在滾動，我們非常有信心第二季度將進入盈利範圍。

Fantastic. That sounds good. So you mentioned the EPA, and I've noticed that they've been moving forward with a lot of different projects that have kind of been delayed because of COVID and other reasons. And the project that you mentioned, if I remember right, you said only probably $1 million this year. But if I remember right, that's like an $80 million contract over 3 years. Is that accurate?

極好的。聽起來很好。所以你提到了 EPA，我注意到他們一直在推進許多不同的項目，這些項目由於 COVID 和其他原因而被推遲。你提到的項目，如果我沒記錯的話，你說今年可能只有 100 萬美元。但如果我沒記錯的話，這就像一份 3 年 8000 萬美元的合同。那是準確的嗎？

Yes. Aaron, I believe that IDIQ is a $225 million IDIQ. So there's 3 teams, we're with one of those teams providing waste management and radiological services, which is obviously what we do.

是的。亞倫，我相信 IDIQ 是價值 2.25 億美元的 IDIQ。所以有 3 個團隊，我們與其中一個團隊一起提供廢物管理和放射服務，這顯然是我們所做的。

And so it's really difficult to say. The last time we talked to EPO, which I've not talked to myself, but our folks have, there's been about a dozen sites teed up by the characterization contractor, to bid out and. They just haven't been through the procurement process.

所以這真的很難說。上次我們與 EPO 交談時，我沒有與自己交談，但我們的人已經交談過，表徵承包商已經準備了大約十幾個網站，以競標。他們只是還沒有完成採購流程。

I don't know the size of those, or the timing or the funding. But I know the ceiling is high. The intent by EPA is to get rolling on these things this year. And that's one reason why we're confident that with our technology and the soil-sorting stuff, that it will be a very efficient. And we'll be able to -- once we get deployed in the field, we'll be able to keep it going.

我不知道這些的規模、時間或資金。但我知道天花板很高。 EPA 的意圖是在今年開始這些事情。這就是為什麼我們有信心利用我們的技術和土壤分類技術，它會非常有效的原因之一。我們將能夠——一旦我們部署到現場，我們將能夠繼續下去。

So right now, we're only contractually signed up for that first half, but we're pretty confident that this thing is going to grow, because the contamination and the mission of this thing is so large.

所以現在，我們只是簽訂了上半年的合同，但我們非常有信心這個東西會增長，因為這個東西的污染和使命是如此之大。

Okay. And then on the international front, you didn't mention anything about that, but it sounded promising the last several conference calls. What's the status of that one?

好的。然後在國際方面，你沒有提到任何事情，但在過去的幾次電話會議上聽起來很有希望。那個人是什麼狀態？

Yes, I mentioned the JRC. I think I summed through that part of the script, Aaron. But the JRC is the Italy contract that we're counting on, or hopeful for, yes. I don't know if that's why I broke down or not.

是的，我提到了 JRC。我想我總結了劇本的那一部分，Aaron。但 JRC 是我們指望或希望獲得的意大利合同，是的。我不知道這是否是我崩潰的原因。

But the bottom line is we're expecting to hear about the JRC bid any minute. And as I mentioned before, it's nearly $50 million job. And it will be kind of the seed for our overall European strategy.

但底線是我們期待隨時聽到 JRC 出價的消息。正如我之前提到的，這是一項近 5000 萬美元的工作。它將成為我們整體歐洲戰略的種子。

But overall, to answer your question, we continue to get shipments from Germany. We're working with one right now, we shipped any day from Croatia and Slovenia, as well as the U.K. and Italy. So the more we're shipping, the better we're getting at it, and more efficient we're getting at it, to deal with all the logistics and all the paperwork that goes with shipping radioactive material across the Atlantic.

但總的來說，為了回答你的問題，我們繼續從德國收到貨物。我們現在正在與一個合作，我們每天從克羅地亞和斯洛文尼亞以及英國和意大利發貨。因此，我們運輸的越多，我們就做得越好，我們處理的效率就越高，以處理與跨大西洋運輸放射性物質相關的所有物流和所有文書工作。

So it is going very well. The market is really exploding. And the marketing we've done has been very effective to the effect that we're getting the opportunity to bid on a lot of things. And hopefully, we'll see that JRC announcement soon, and then we'll start moving forward with the new plant in England, which will kind of be the centerpiece of our European approach.

所以進展順利。市場真的在爆炸式增長。我們所做的營銷非常有效，我們有機會競標很多東西。希望我們很快就會看到 JRC 的公告，然後我們將開始推進在英格蘭的新工廠，這將成為我們歐洲方法的核心。

Okay. So for Hanford, a couple of things. First of all, I was pleasantly surprised to hear well, at least if I understood it correctly, that even if you're bidding conglomerate were to lose, and it sounds like there's only 2. But even if you were to lose, that you still may get some business because of that small business clause as part of the contract. Am I understanding that correct?

好的。所以對於漢福德來說，有幾件事。首先，我很驚喜地聽到，至少如果我理解正確的話，即使你在競標，企業集團也會輸，而且聽起來只有 2 個。但即使你輸了，你由於作為合同一部分的小業務條款，仍然可能獲得一些業務。我的理解正確嗎？

Yes, the (inaudible) is speculation, and I don't know the landscape if we were to lose, who the winner is going to have on their team necessarily. So that's really speculation. But yes, those will be opportunities for that. Again, it's important to understand, as I've told investors, the ITDC is primarily labor and the waste will be separate. And the waste will -- for example, DFLAW is part of that contract.

是的，（聽不清）是猜測，如果我們輸了，我不知道情況，獲勝者必然會在他們的團隊中擁有誰。所以這真的是猜測。但是，是的，這些將是實現這一目標的機會。同樣，重要的是要理解，正如我告訴投資者的那樣，ITDC 主要是勞動力，廢物將被分開。浪費將——例如，DFLAW 是該合同的一部分。

To operate the DFLAW and the waste will come out separately as a separate subcontract, and not through the ITDC to us. So the opportunity to do the waste that's defined in the ROD amendment, which is slated to come our way. I won't say it's operational. And then there's other opportunities for other waste that we'll likely get as well. And then there's other opportunities for labor that -- and other small business opportunities along the way.

運營 DFLAW，廢物將作為單獨的分包合同單獨出來，而不是通過 ITDC 交給我們。因此，有機會做 ROD 修正案中定義的浪費，這將按照我們的方式進行。我不會說它是可操作的。然後我們也可能會遇到其他浪費的其他機會。然後還有其他勞動力機會 - 以及其他小型商業機會。

So yes, to answer your question, there will be opportunities as a small business, most likely with the awarding.

所以是的，要回答你的問題，作為一家小企業，會有機會，最有可能的是獲獎。

Yes. And you had mentioned up to $200 million. That was about my estimate as well, obviously, not necessarily every year, but on an annualized basis. And I'm just wondering that would go to small business. How many small businesses are there? There can't be that many small businesses that are doing what you do. So I just...

是的。你提到了高達 2 億美元。這也是我的估計，顯然，不一定每年，但按年計算。我只是想知道這會流向小企業。有多少小型企業？不可能有那麼多小企業在做你所做的事情。所以我只是...

There's -- none of our competitors are day-to-day competitors, which are WCS and energy solutions and those types of firms, which are private companies. None of those guys are small business.

有 - 我們的競爭對手都不是日常競爭對手，它們是 WCS 和能源解決方案以及那些類型的公司，它們是私營公司。這些人都不是小企業。

So you're absolutely right. It was a very limited small business competition with waste treatment capability. There's a few. There's a couple here in Oak Ridge. There's really not any necessarily in the Hanford area to speak of at this point. But -- it's also very broad scope. There's other things to do. But as far as what we do, there's very limited small business competition in this space.

所以你是絕對正確的。這是一個非常有限的具有廢物處理能力的小企業競爭。有幾個。橡樹嶺有一對夫婦。在這一點上，漢福德地區真的沒有任何必要可言。但是——它的範圍也非常廣泛。還有其他事情要做。但就我們所做的而言，這個領域的小企業競爭非常有限。

Okay. So speaking of the larger competitors, some of them were mentioned in the final WIR that for the TBI that you had talked about earlier. And I think it caught some people by surprise as you were the only one that was mentioned in the 1% [secondary waste]. But can you explain what the reasoning is behind that?

好的。所以說到更大的競爭對手，其中一些在您之前談到的 TBI 的最終 WIR 中提到了。我認為這讓一些人感到驚訝，因為你是 1% [二次廢物] 中唯一提到的人。但是你能解釋一下這背後的原因嗎？

Yes, I'm glad you asked that, Aaron, because I do get a couple of questions about that this week. And what it comes down to is the WIR references the environmental assessment that was done for NEPA . So the environmental assessment, the goal of that document is to evaluate alternatives for treatment of the tank waste and treatment disposal.

是的，我很高興你問這個問題，亞倫，因為這週我確實收到了幾個關於這個的問題。歸根結底，WIR 參考了為 NEPA 所做的環境評估。因此，環境評估，該文件的目標是評估處理罐廢物和處理處置的替代方案。

So when EA looks at every alternative available that makes it feasible and it looks at the competition, which includes WCS and Energy Solutions and us. So that -- what that WIR referred to is who was evaluated in the EA. And if you look at the EA, there's a number of different evaluations done based on risk, from transportation to safety to environmental hazards and those kinds of things. We were the lowest risk approach because we're the only ones that are adjacent to the site.

因此，當 EA 考慮所有可行的替代方案時，它會考慮競爭對手，其中包括 WCS 和 Energy Solutions 以及我們。因此，WIR 所指的是在 EA 中對誰進行了評估。如果你看一下 EA，就會發現根據風險進行了許多不同的評估，從運輸到安全再到環境危害等等。我們是風險最低的方法，因為我們是唯一與該站點相鄰的方法。

The other solutions would have to require transportation of untreated radioactive of liquid, to at least 600 miles Energy Solutions and further to WCS. So obviously, the -- perfect approach having a facility permitted right next door is the preferred solution. But it did include what was defined in the evaluation for NEPA in the WIR document, that's why it's in there.

其他解決方案必須要求將未經處理的放射性液體運輸到至少 600 英里的 Energy Solutions 並進一步到 WCS。很明顯，在隔壁允許設施的完美方法是首選解決方案。但它確實包含了 WIR 文件中對 NEPA 的評估中定義的內容，這就是它出現在那裡的原因。

And so how would they transport that waste to the Perma-Fix Northwest facility?

那麼他們如何將這些廢物運送到 Perma-Fix Northwest 設施呢？

It will be in totes, and on the back of a large flatbed, most likely. And they'll bring over several totes a day when at full capacity.

它將放在手提袋中，很可能放在大型平板車的背面。滿負荷運轉時，他們每天會運來幾個手提袋。

Yes. It seems like that would be rather dangerous to go all the way from Texas.

是的。從得克薩斯州一路走來似乎相當危險。

Yes. Yes, exactly. .

是的。對，就是這樣。 .

Okay. And then I guess the final thing for me would be on the secondary waste that you had mentioned earlier. Really impressive to hear that revenue number. It's about twice my estimates, so also then twice the earnings per share that Howard had talked about.

好的。然後我想對我來說最後一件事就是你之前提到的二次廢物。聽到這個收入數字真的令人印象深刻。這大約是我估計的兩倍，所以也是霍華德所說的每股收益的兩倍。

I guess just to make sure I understand and everyone else understands, I guess this is because of the incremental margins that you would have, given your fixed cost structure, is that -- is that accurate? Do you have such higher margins because it's the incremental, it's not just what your current margins are?

我想只是為了確保我理解並且其他人都理解，我想這是因為你會有增量利潤，考慮到你的固定成本結構，這是準確的嗎？你有如此高的利潤率是因為它是增量的，而不僅僅是你目前的利潤率嗎？

Yes. I think Howard's back at the envelope number. This is Ben, Aaron. And I think back of the envelope number is reasonable given our incremental margins. And then as Mark mentioned, there would be some additional fixed costs against that number.

是的。我認為霍華德回到了信封號碼。這是本，亞倫。考慮到我們的增量利潤，我認為信封數量是合理的。然後正如 Mark 提到的那樣，這個數字會有一些額外的固定成本。

But I think, just again, back of the envelope, it's pretty reasonable given those volumes.

但我再次認為，從信封的背面來看，考慮到這些數量，這是非常合理的。

You've done a great job navigating through COVID. It seems glad to hear your -- the business is starting to turn the corner there, and going to be profitable. And then obviously potentially lucrative stuff here at Hanford. So congratulations, guys.

您在應對 COVID 方面做得很好。聽到你的消息似乎很高興 - 那裡的業務開始出現轉機，並將盈利。然後顯然在漢福德這裡有潛在的有利可圖的東西。恭喜你，伙計們。

Your next question is coming from Anthony Harpel.

你的下一個問題來自 Anthony Harpel。

Thanks for holding the call. I have a number of questions, many of which are clarification related, just given there's so many moving parts. Maybe to start out with for the TBI program, can you please clarify what price per gallon you would realistically expect to get paid?

感謝您接聽電話。我有很多問題，其中很多都與澄清相關，只是考慮到有很多活動部分。也許從 TBI 計劃開始，您能否澄清您實際期望獲得的每加侖價格是多少？

Well, we only get too deep, Anthony, first of all, into costing the thing. But generally, our established rates that we have in our MSAs are in the low $40 a gallon range for the actual treatment, that's the actual grouting. So if a container of waste shows up on our dock, in other words, we're not paying for transportation. And we just have to grout it. It's $40 to $45.

好吧，安東尼，首先，我們只是太深入地計算了這件事的成本。但總的來說，我們在 MSA 中建立的實際處理費率在每加侖 40 美元的低位範圍內，這就是實際灌漿。因此，如果一個垃圾箱出現在我們的碼頭上，換句話說，我們不會支付運輸費用。我們只需要灌漿它。這是 40 到 45 美元。

And again, that can change based on rates and the different types of waste received. But that's generally a good number. In TBI space, if DOE subcontracts to us to deliver those quotes I mentioned of waste to our dock, they would likely subcontract us to route and dispose of the waste.

而且，這可能會根據費率和收到的不同類型的廢物而改變。但這通常是一個不錯的數字。在 TBI 空間，如果 DOE 將我提到的那些廢物報價分包給我們送到我們的碼頭，他們可能會分包給我們來安排和處理廢物。

And if that's the case, and we have to pay for transportation and disposal at an off-site landfill, then that price would be closer to $100 a gallon. So we typically use $100 a gallon for the TBI as an alternative to include treatment and disposal at a Texas landfill, at the WCS. So that's where those numbers come from.

如果是這樣的話，我們必須支付運輸和在場外垃圾填埋場處理的費用，那麼這個價格將接近每加侖 100 美元。因此，我們通常使用每加侖 100 美元的 TBI 作為替代方案，包括在 WCS 的德克薩斯州垃圾填埋場進行處理和處置。這就是這些數字的來源。

So do those same rates apply to treating the supplemental low-activity waste from Hanford tanks outside of the TBI program? I assume they're the same?

那麼，這些相同的費率是否適用於在 TBI 計劃之外處理來自漢福德水箱的補充性低活度廢物？我假設他們是一樣的？

No, they don't. It's a good question. They are different. And the reason they're different is they're important to us and important to the exclusivity of our program. And that is because of the agreements with the state, this waste -- the secondary waste is coming off of vitrification, which is what is defined as with the state as the preferred treatment alternatives.

不，他們沒有。這是個好問題。他們是不同的。它們之所以不同，是因為它們對我們很重要，對我們項目的排他性也很重要。這是因為與州政府達成的協議，這種廢物——二次廢物來自玻璃化，這是與州政府定義的首選處理方案。

So what that means is after the secondary waste comes off at the flow, we can put that waste in the local Hanford landfill. So it won't go down the highway to Texas and Energy Solutions in most cases, there may be some exceptions. It will likely mostly or largely go back on to the Hanford site into their gigantic beautiful new landfill. It's designed just for this type of waste. So it won't go very far away.

因此，這意味著在二次廢物隨流程排出後，我們可以將這些廢物放入當地的漢福德垃圾填埋場。因此，在大多數情況下，它不會沿著通往德克薩斯和能源解決方案的高速公路前進，可能會有一些例外。它很可能大部分或大部分會回到漢福德遺址，進入他們巨大而美麗的新垃圾填埋場。它專為此類垃圾而設計。所以不會走很遠。

Well to be clear, I'm referring to the primary waste. The supplemental low-activity waste you're doing in TBI, saying once the TBI program is behind us and if this moves into the operational stage of treating the primary supplemental low-activity waste, with the rates that you would be getting paid be the same rates per gallon that you would be getting paid in the TBI program for that primary waste?

明確地說，我指的是初級廢物。你在 TBI 中做的補充性低活度廢物，說一旦 TBI 計劃落後於我們，如果這進入處理主要補充性低活度廢物的運營階段，你將獲得報酬的比率是每加侖的費率與您在 TBI 計劃中為該初級廢物獲得的報酬相同嗎？

I'm a little confused. So there's 2 different waste streams. There's one, the secondary waste coming off DFLAW. That's the one that goes back on site. And then TBI, which is, as you said, supplemental, that's the TBI. So that's all supplemental, and that would be the $100.

我有點困惑。所以有兩種不同的廢物流。有一個，來自 DFLAW 的二次廢物。那就是返回現場的那個。然後是 TBI，正如您所說，是補充性的，那就是 TBI。所以這都是補充，那就是 100 美元。

Okay, okay. So can you clarify whether the DOE has officially made a decision to grout secondary waste that are generated by vitrification of the tanks, low-activity waste? Or whether this remains a proposal rather than an official decision?

好吧好吧。那麼，您能否澄清一下，美國能源部是否已正式決定對儲罐玻璃化產生的二次廢物、低活性廢物進行灌漿？或者這是否仍然是一個提案而不是一個官方決定？

The ROD amendment is quite a formal document. And it defines DOE's decision on how to disposition the waste coming off of DFLAW. It goes through a lot of pain and suffering through the DOE to get that ROD amendments approved, and supplemental analysis and that type of thing. So it's a pretty formal decision in my mind.

ROD 修正案是一份相當正式的文件。它定義了能源部關於如何處理 DFLAW 產生的廢物的決定。 DOE 經歷了很多痛苦和磨難，才讓 ROD 修正案獲得批准，並進行了補充分析和類似的事情。所以在我看來，這是一個非常正式的決定。

It will -- yes, to answer your question, yes, from my perspective, is the ROD amendment is very formal, and it's their intent to send the secondary waste on DFLAW for commercial treatment site, off-site treatment.

它將——是的，回答你的問題，是的，從我的角度來看，ROD 修正案是否非常正式，他們打算將二次廢物發送到 DFLAW 進行商業處理現場、場外處理。

Can you please clarify whether the DOE has awarded the tank off-site secondary waste treatment business to you all, to waste control specialists, or to neither of you yet?

能否請您澄清一下，DOE 是否已將儲罐場外二次廢物處理業務授予你們所有人、廢物控制專家，或者尚未授予你們雙方？

They have not made any awards yet, and we would not expect them to do that until the tank gets operating or very close to operating in the high capacity. We -- what they'll do on this, Anthony, most likely and there's some speculation here, is there's -- each of the entities we've mentioned have contracts with the tank operating contractor, which at this point in time is WRPS.

他們還沒有做出任何獎勵，我們不希望他們在坦克開始運行或非常接近高容量運行之前這樣做。我們 - 他們將在這方面做些什麼，安東尼，最有可能的是，這裡有一些猜測，是 - 我們提到的每個實體都與坦克運營承包商簽訂了合同，目前是 WRPS。

The WRPS is there, notwithstanding who wins the ITDC, where the ITDC will get this contract. We have MSA with them, with established rates that will likely be renegotiated along the way. And when the time comes for them to generate this waste from DFLAW. They'll put out a task order. Maybe competitive, may not be, I don't know, but they'll put out a task order.

WRPS 在那裡，無論誰贏得 ITDC，ITDC 將在哪裡獲得這份合同。我們與他們有 MSA，確定的費率可能會在此過程中重新談判。當他們從 DFLAW 產生這種廢物的時候到了。他們會發布任務指令。也許有競爭力，也許沒有，我不知道，但他們會發出任務指令。

in the case of this one in the only one company named in the ROD, it will likely just be a task order. We'll put in a price, they'll negotiate with us, and then we'll go. So we have a contract in place. They'll put task orders in place as waste is generated, and that's contractual approach. That has not occurred yet. And like I said, it won't likely occur until DFLAW is operated.

對於 ROD 中唯一一家公司中的這一個，它很可能只是一個任務訂單。我們報個價，他們會和我們談判，然後我們就走。所以我們有一個合同。他們會在產生廢物時下達任務訂單，這就是合同方法。那還沒有發生。就像我說的，在運行 DFLAW 之前它不太可能發生。

And that is a late 2024 event? .

那是 2024 年末的事件嗎？ .

Correct.

正確的。

Okay. And so if you all were to treat the secondary waste that are generated by vitrification of the, say, Hanford tanks low-activity waste. I may have completely misunderstood your comments. But were you implying based on the revenue numbers you had mentioned earlier, that you would realistically expect to get paid around $7,800 a cubic meter? Did I -- am I getting that math right? Or did I misunderstand?

好的。因此，如果你們要處理由玻璃化產生的二次廢物，比如說，漢福德罐低活性廢物。我可能完全誤解了你的評論。但是，根據您之前提到的收入數字，您是否暗示您實際期望每立方米獲得 7,800 美元左右的報酬？我——我做對了嗎？還是我誤會了？

Yes. I don't have a calculator in front of me here, Anthony. But generally, for 8,300 yards, 8,300 cubic meters, we're estimating roughly $70 million annually in revenue.

是的。我面前沒有計算器，安東尼。但總的來說，對於 8,300 碼、8,300 立方米的場地，我們估計每年的收入約為 7,000 萬美元。

Okay. And regarding the ITDC, so are you saying, Mark, that the scope of it as it relates to Perma-Fix only includes services, not treatment?

好的。關於 ITDC，馬克，你是說它與 Perma-Fix 相關的範圍只包括服務，而不包括治療？

I really can't talk about the procurement at all because it's such a sensitive situation at this point in time. But the scope -- the RFP is public information. It includes managing the facilities and waste management, which would include disposition of the tank waste to close tanks. So it would be a component of scope within that overall contract. That's about all I can say about the procurement.

我真的根本不能談論採購，因為在這個時間點這是一個非常敏感的情況。但范圍——RFP 是公共信息。它包括管理設施和廢物管理，其中包括處理罐廢物以關閉罐。因此，它將成為整個合同範圍內的一個組成部分。關於採購，我只能說這麼多。

So if I'm hearing you right then, it's -- we're talking about a $45 billion contract over 10 years. And it is a possibility that Perma-Fix could generate services business from that contract as well as treatment business from that contract. Possible. Is that a fair statement?

因此，如果我當時聽到你的話，那就是——我們正在談論一份為期 10 年的價值 450 億美元的合同。 Perma-Fix 有可能從該合同中產生服務業務以及從該合同中產生處理業務。可能的。這是一個公平的說法嗎？

Yes. It's possible.

是的。這是可能的。

It's possible for both services and treatment?

服務和治療都有可能嗎？

Correct.

正確的。

Okay. And then last question. Can you please give us an update mark on the status of your -- of renewing your Northwest facilities dangerous waste regulation permit?

好的。然後是最後一個問題。能否請您告訴我們您更新西北設施危險廢物監管許可證的最新狀態？

Yes. That permit has been in the renewal process for 12 years. So -- and we continue to work with the state and provide updates to the permit. It's right now -- boy, Anthony, I think we're still another year off before we're going to see anything finalized. But it doesn't keep us from operating what we're doing. What it does keep us from doing until we get to the final one renewed is new technologies like the GeoMelt system that we've got in place.

是的。該許可證已經更新了 12 年。所以 - 我們將繼續與州合作並提供許可證的更新。現在——安東尼，我想我們還需要一年的時間才能看到任何事情最終確定下來。但這並不妨礙我們經營我們正在做的事情。在我們完成最後一個更新之前，它確實阻止我們做的是新技術，比如我們已經到位的 GeoMelt 系統。

We were able to run that through a treatability study for a year or so. But until we get the formal renewal, we can't do something new like that. So it is impacting us, from that sense. But the state is going through the process as they've had the last 12 years, and we're hoping to have it completed in about a year, if I remember correctly.

我們能夠通過一年左右的可治療性研究來運行它。但在我們獲得正式續約之前，我們不能做那樣的新事情。所以從這個意義上說，它正在影響我們。但該州正在經歷過去 12 年的過程，如果我沒記錯的話，我們希望能在大約一年內完成。

And does it preclude you from treating the waste that we've been discussing through any of these other initiatives?

它是否會阻止您處理我們一直在通過任何其他倡議討論的廢物？

No, which is demonstrated by the TBI stuff that we've already done. No. And we do grouting all the time now, similar processes. And so we would not expect that, that permit renewal issue or delay have any impact on everything we're talking about here.

不，我們已經完成的 TBI 證明了這一點。不，我們現在一直在灌漿，類似的過程。因此，我們不希望許可證更新問題或延遲對我們在這裡談論的一切產生任何影響。

Your next question is coming from Ross Taylor from ARS Investment Partners.

您的下一個問題來自 ARS Investment Partners 的 Ross Taylor。

We'll shift off of Hanford for a bit. And I'd like to talk to you about a couple of things. One, what you're looking at with things such as uranium mines and how long do you think that ends up working out? What kind of opportunities that have generally what other kinds of opportunities are you seeing of that sort around the country that are starting to be freed up?

我們將暫時離開漢福德。我想和你談談幾件事。第一，你對鈾礦等事物的看法是什麼，你認為最終會在多長時間內奏效？什麼樣的機會通常有什麼其他類型的機會，你在全國范圍內看到了開始被釋放的那種機會？

And then I'd like to ask you to talk about what you see happening with regard to the Navy. The Navy has a lot of ships, more nuclear capable ships looks like they're going to be coming offline again this year. They're building up what looks like a fairly interesting fleet of mothballed nuclear vessels that they need to deactivate. And where do we stand with the ability to kind of push those major contracts forward?

然後我想請你談談你所看到的與海軍有關的事情。海軍有很多艦船，更多具有核能力的艦船看起來今年將再次下線。他們正在建立一支看起來相當有趣的艦隊，由需要停用的封存核艦船組成。我們在推動這些主要合同方面的能力如何？

Sure, Ross. Yes, the EPA program for being randomized, it's been a while since I've looked at that information. But I want to say there's like 180 abandoned uranium mines that are within this program. It was -- it received a good slug of funding about 5 years ago when these IDIQ bids came out.

當然，羅斯。是的，用於隨機化的 EPA 計劃，自從我查看該信息以來已經有一段時間了。但我想說的是，這個計劃中有大約 180 個廢棄的鈾礦。大約 5 年前，當這些 IDIQ 出價時，它獲得了大量資金。

We were awarded that -- awarded a contract with our prime who is a Native American firm and local to the area in the Navajo region there in the Northeast, Arizona. And this is the first one. So there's a contract that we hired across, I believe it's Tetra Tech that their job and has been highly funded and most of the funding has been, I think if anything, they actually spend all their funding, where they're going around doing the characterization and surveying and developing the scope for each one of those mines.

我們獲得了 - 與我們的主要公司簽訂了合同，該公司是一家美洲原住民公司，在亞利桑那州東北部的納瓦霍地區當地。這是第一個。所以我們有一份合同，我相信這是 Tetra Tech 他們的工作並且得到了大量資金，而且大部分資金已經，我想如果有的話，他們實際上把所有的資金都花在了他們四處做的地方對這些地雷中的每一個進行特徵描述、調查和開發範圍。

As I mentioned before, I believe we have 12 or 18 done. And next step after Tetra does that as they turn over the information to the EPA. EPA puts together a procurement between these 3 bidders, these 3 awardees and they go. So we won the first one of those. And they're very remote locations, some more remote than others. And they will be off and running, hopefully start making awards subsequent to the first one through the summer.

正如我之前提到的，我相信我們已經完成了 12 或 18 個。在 Tetra 將信息移交給 EPA 之後，下一步就是這樣做。 EPA 在這 3 個投標人、這 3 個中標人之間進行了採購，然後他們就走了。所以我們贏得了其中的第一個。而且它們位於非常偏遠的位置，有些比其他地方更偏遠。他們將開始奔跑，希望在整個夏天的第一個之後開始頒獎。

Some are very large, some are smaller. This is a smaller one. And -- but we're hopeful that once we could go in, our systems will be in place and they can keep operating and once they're in the field, because mobilization is so expensive on these types of things.

有些非常大，有些則較小。這是一個較小的。而且 - 但我們希望一旦我們能夠進入，我們的系統就會到位並且它們可以繼續運行並且一旦它們進入現場，因為動員在這些類型的事情上非常昂貴。

So it's very difficult to tell you what type of funding this year looks like because they've had funding for years and years, and it's all been stifled because of procurement. I don't know if procurement is going to get things rolling this year or not, if it's going to be next year. But the projects remain. The objectives remain. There's a lot of politics behind them, and they seem to be off and running.

所以很難告訴你今年的資金是什麼樣的，因為他們已經有很多年的資金了，而且都因為採購而被扼殺了。我不知道採購是否會在今年取得進展，是否會在明年取得進展。但項目仍然存在。目標依然存在。他們背後有很多政治因素，而且他們似乎正在運行。

Like I said, our kickoff meeting for the first one, is -- [AG] with EPA is actually next week. So we'll have more information on that by the next earnings call.

就像我說的，我們的第一次啟動會議是—— [AG] 與 EPA 實際上是在下週。因此，我們將在下一次財報電話會議上獲得更多信息。

As far as the Navy goes, the Navy is, boy, it really got stifled too. We reported a couple of years ago on this call that the GAO and may put a report together, they're going to decommissioned 48 ships, I think 12 of those are going to be nuclear, and they're all going to be done in 4 years. When nothing's happened in about 18 months to 2 years until about the first week and second week in March, that Industry Day, the Navy Day -- excuse me, in the Navy headquarters in DC, and went over the plans for the enterprise to be the next vessel they're going to decommission.

就海軍而言，海軍是，男孩，它真的也被扼殺了。幾年前我們在這次電話會議上報導說，政府問責辦公室可能會匯總一份報告，他們將讓 48 艘船退役，我認為其中 12 艘將是核能的，它們都將在4年。在大約 18 個月到 2 年內甚麼都沒有發生，直到大約 3 月的第一周和第二週，那個工業日，海軍日 - 對不起，在華盛頓特區的海軍總部，並審查了企業的計劃他們將要退役的下一艘船。

We're expecting an RFP, I believe it's this summer, and that will be the next one coming. So teams are forming on that. We're working with a company, several companies to define the right team based on the fact that we've got some good project calls from the ship we're doing now. It's going very well, and we're hopeful to get on the winning team for that.

我們期待著一份 RFP，我相信是在今年夏天，而這將是下一個。因此，團隊正在組建中。我們正在與一家公司、幾家公司合作，根據我們從我們現在正在做的船上接到一些好的項目電話這一事實來定義合適的團隊。一切進展順利，我們有希望加入獲勝的隊伍。

I would anticipate it to be quite well that's awarded probably 1 year or so. And then I think the Navy will be off and running with that business model. I know the Nimitz aircraft carriers also close behind the enterprise and there's a few others that names (inaudible) me at the moment, that will be on the list as well. So we're hoping with this enterprise initiative that it will be kind of the beginning of this market getting rolling and hopefully we can get on the right team.

我預計它會被授予大約 1 年左右的時間。然後我認為海軍將開始使用這種商業模式。我知道 Nimitz 航空母艦也緊隨企業號之後，目前還有其他一些（聽不清）我的名字，它們也會在名單上。因此，我們希望通過這項企業計劃，這將成為這個市場開始運轉的開始，希望我們能加入正確的團隊。

And right now, these vessels are just sitting idle?

而現在，這些船隻只是閒置？

It's like the enterprise, my understanding, the enterprise is sitting at HII, I think the [angles] in Norfolk, and they're maintaining it. It has 8 reactors on it. So it's a big job and a complex one to make it go away. So yes, it's sitting in the harbor there or shipyard there at Norfolk.

這就像企業，我的理解，企業坐在 HII，我認為諾福克的[角度]，他們正在維護它。它上面有8個反應堆。因此，讓它消失是一項艱鉅而復雜的工作。所以是的，它就在諾福克的港口或造船廠。

Nothing really wrong with that. You talked about the competitive environment. It looks like in a lot of places you're operating, you have a very limited number of competitors. And it would seem to me that one of the risks the government runs into in here is that it needs to make sure that it continues to have competitive options. So therefore, one would expect to see some spreading of business, if not yours. How do you see that environment? And is that not an incorrect read that given the limited number of people who can do what you do that, basically over time, everyone needs to win some?

這沒什麼不對的。你談到了競爭環境。看起來在你經營的很多地方，你的競爭對手數量非常有限。在我看來，政府在這裡遇到的風險之一是它需要確保它繼續擁有有競爭力的選擇。因此，如果不是您的業務，人們會期望看到一些業務擴展。你怎麼看那個環境？考慮到能做你所做的事情的人數有限，基本上隨著時間的推移，每個人都需要贏得一些，這不是一個錯誤的解讀嗎？

I should like to think that, Ross, that not only government but even the primes have that same perspective. If one company gets all the work, it's not going to be -- you want a competitive market. And DOE certainly understand that. I think they consider that.

羅斯，我想，不僅政府，甚至最重要的人也有同樣的觀點。如果一家公司得到了所有的工作，它就不會——你想要一個競爭激烈的市場。能源部當然明白這一點。我認為他們會考慮這一點。

I don't know how they consider in these big proposal initiatives. But I do believe that's the case and that everyone is sensitive to the comment you just made and understands the importance of spreading it around as well. So yes, I think that's an objective.

我不知道他們在這些大型提案倡議中是如何考慮的。但我確實相信情況確實如此，每個人都對您剛剛發表的評論很敏感，並且也理解傳播它的重要性。所以是的，我認為這是一個目標。

So in areas where perhaps the other side, the other group one, there might be some potential tilt to the idea of keeping your consortium and your team in the game. Otherwise, you risk losing the capability entirely?

因此，在可能是另一方的領域，另一組可能會傾向於讓您的財團和團隊參與遊戲的想法。否則，您將面臨完全失去能力的風險？

Yes. That's -- I just don't understand how that's going to all play out with this award because it is so large. And -- but we certainly have a long-term mission in Richmond area up there and a very unique capability that other folks don't have. So I would expect, no matter what happens, I would expect us to be a player on the waste treatment side of the house for the long term with that contractor.

是的。那是——我只是不明白這個獎項將如何發揮作用，因為它太大了。而且 - 但我們當然在里士滿地區有一個長期任務，並且具有其他人所沒有的非常獨特的能力。所以我希望，無論發生什麼情況，我都希望我們能長期與該承包商一起參與房屋廢物處理方面的工作。

Yes, and just a quick comment. And obviously, you've mentioned some of the rail transport there. Obviously, everyone knows about what went on in Ohio, but I thought it was interesting.

是的，只是一個快速的評論。顯然，您提到了那裡的一些鐵路運輸。顯然，每個人都知道俄亥俄州發生的事情，但我認為這很有趣。

There's a lawsuit by a Native American nation against the Burlington Northern Santa Fe for an oil train derailment a number of years ago. I think it was back in 2015 that just after that trial started, Burlington Northern Santa Fe derailed another train on that nation's property or land. So I thought it does highlight the fact that any time you put anything on the train and haul it some place, bad things can happen. Which obviously increases the risk and the cost of the project.

幾年前，一個美國原住民民族對伯靈頓北部聖達菲的石油火車出軌提起訴訟。我想那是在 2015 年，就在那次審判開始之後，伯靈頓北聖達菲 (Burlington Northern Santa Fe) 使另一列火車出軌，該火車撞到了該國的財產或土地上。所以我認為它確實強調了一個事實，即任何時候你把任何東西放在火車上並將它拖到某個地方，壞事都可能發生。這顯然會增加項目的風險和成本。

Otherwise, I think it sounds like from what you're saying that a lot of this -- I noticed the tenses that you're using, a lot of the tenses you're using are not, what I might call, hopeful tenses, but expected tenses, that you see this happening. And you see this is really like the game that -- it's not the game might change. It's the game has changed and is changing. And that those pieces are already moving, the rocks are already sliding. Is that a correct read?

否則，我認為從你所說的來看，很多這樣的——我注意到你使用的時態，你使用的很多時態不是，我可以稱之為充滿希望的時態，但預期時態，你會看到這種情況發生。你看這真的很像遊戲——遊戲可能不會改變。遊戲已經改變並且正在改變。那些碎片已經在移動，岩石已經在滑動。那是正確的閱讀嗎？

Well, Ross, we got to be careful to as public companies to only speculate on these things. But the -- so there is risk, obviously. We all know that going into this. But what Perma-Fix has tried to do for the last 7 years, truthfully, is to get as many big irons in the fire as we possibly can, with the hope that a couple of them we'll win.

好吧，羅斯，作為上市公司，我們必須小心，不要只對這些事情進行投機。但是 - 顯然存在風險。我們都知道進入這個。但 Perma-Fix 在過去 7 年裡一直試圖做的，說實話，是盡可能多地投入大鐵桿，希望我們能贏得其中的幾個。

And the one thing I am very confident about is the ROD that came out that everyone has commented on is -- could be viewed, to a large degree, as a commitment by DOE to ship us that waste. There is risk that plant has to get up and running and operate, but that's a pretty big commitment they made to commercialize through local capabilities, that secondary waste from DFLAW.

我非常有信心的一件事是，每個人都評論過的 ROD 是——在很大程度上可以被視為 DOE 向我們運送這些廢物的承諾。存在工廠必須啟動、運行和運營的風險，但這是他們通過當地能力商業化的一個相當大的承諾，即來自 DFLAW 的二次廢物。

So we're more optimistic than usual. Obviously, ITDC and OSMS are procurements, they can go either way. And we could be really lucky or not lucky. But we feel like we've got enough other things going on that we'll continue to see the growth we had before COVID, irrespective of those wins. And hopefully, these wins really transform us if we can get a couple.

所以我們比平時更樂觀。很明顯，ITDC和OSMS都是採購，哪條路都可以走。我們可能真的很幸運，也可能不幸運。但我們覺得我們還有足夠多的其他事情要做，我們將繼續看到 COVID 之前的增長，無論這些勝利如何。希望這些勝利真的能改變我們，如果我們能得到一對的話。

Right. Yes, it sounds like they should be transformational. And I would think you probably have reason to be more optimistic than you just sounded, but thank you very much. .

正確的。是的，聽起來它們應該是變革性的。而且我認為你可能有理由比你剛才聽起來更樂觀，但非常感謝你。 .

Your next question is coming from Stephen Fein from Fein LLC.

您的下一個問題來自 Fein LLC 的 Stephen Fein。

I have a scripted comment, but I got 2 questions prior to it. Number one, you mentioned there were labor problems. Are they being rectified or rectified?

我有一個腳本評論，但在此之前我有 2 個問題。第一，你提到存在勞工問題。是被整改還是被整改？

Yes. What that comes down to do, Steve, particularly at Hanford, but also in Oak Ridge. DOE has seen -- as every manufacturing entity really has seen a big gap in labor and particularly with the union folks. And they've been hiring hundreds, and in some cases, thousands of people. And we've lost a number of folks at both Hanford facility and Oak Ridge facility 2 the large DOE facilities. They have a little better benefits. We pay -- our pay is pretty similar, but there's some advantages and disadvantages between each of the firms.

是的。歸根結底，史蒂夫，尤其是在漢福德，但也在橡樹嶺。 DOE 已經看到——每個製造實體都確實看到了勞動力方面的巨大差距，尤其是與工會人員之間的差距。他們一直在僱傭數百人，在某些情況下，甚至是數千人。我們在漢福德設施和橡樹嶺設施 2 大型 DOE 設施中失去了很多人。他們有更好的好處。我們付錢——我們的薪水非常相似，但每家公司之間都有一些優勢和劣勢。

But the big pull from those hiring initiatives, we did lose a lot of folks, particularly a lot of folks at Hanford. And that all happened in Q4. It started early Q4 and got worse in first 2 weeks of December and it really impacted productivity in Hanford between the holidays. We've hired -- since then, we hired in December very quickly. We're able to find folks. They did require a lot of training, but they've been in there since.

但是，由於這些招聘計劃的巨大拉動，我們確實失去了很多人，尤其是漢福德的很多人。而這一切都發生在第四季度。它在第 4 季度初開始，並在 12 月的前兩週變得更糟，這確實影響了假期期間漢福德的生產力。我們已經聘用了——從那時起，我們在 12 月就非常迅速地進行了招聘。我們能夠找到人。他們確實需要大量培訓，但從那以後他們就一直在那裡。

And our general managers were all here in Oak Ridge this week for an off-site. They all reported that labor has not been an issue -- there's not been an issue through the month of March, particularly in most of February and that we've got the labor part behind, labor issues behind us.

我們的總經理本週都在橡樹嶺參加異地活動。他們都報告說勞工問題不是問題——整個 3 月份都沒有問題，特別是在 2 月的大部分時間裡，我們已經解決了勞工問題，勞工問題已經過去了。

Good. My next question before I read what I wrote. In the write-up, it says there was $1.2 million written off from the Medical. Where does that all -- I understand what that was from. But how does that -- how does that impact the financials? I mean so what is that? Is that $1.2 million less, or...

好的。在閱讀我寫的內容之前，我的下一個問題。在報告中，它說醫療部門註銷了 120 萬美元。這一切——我知道那是從哪裡來的。但這如何影響財務狀況？我的意思是那是什麼？是少了 120 萬美元，還是……

Yes. Steve, that was all last year, 2021. And net-net, it was 0 because it was within the entity. So our Medical segment, it was basically writing off money we'd invested into the Medical segment. So Perma-Fix Environmental takes the loss, but Medical gets a gain from the write-off. And so it's a wash in consolidation.

是的。史蒂夫，那是去年，也就是 2021 年的所有事情。而 net-net，它是 0，因為它在實體內。所以我們的醫療部門，它基本上是在註銷我們投資於醫療部門的資金。因此，Perma-Fix Environmental 承擔了損失，而 Medical 從註銷中獲得了收益。因此，這是一次合併洗禮。

Okay. All right. I'm going to read a statement. I've lived and selected your company and hopefully, this will be informational. I just wanted to applaud the progress and actions of Perma-Fix. In that vein, I would like to express my thought on today's unique potential of Perma-Fix.

好的。好的。我要宣讀一份聲明。我住過並選擇了貴公司，希望這能提供信息。我只是想為 Perma-Fix 的進步和行動鼓掌。本著這種精神，我想表達我對當今 Perma-Fix 獨特潛力的看法。

In 2006, I was introduced to Perma-Fix and asked to do due diligence on the company. Among my 3 degrees, I am an engineer in MBA with a hazardous chemical manufacturer for many years. I was a government contractor, but also a business and science consultant who throughout my career, assimilated various technical businesses and opportunities to either commercialize or analyze and report it.

2006 年，我被介紹給 Perma-Fix，並被要求對公司進行盡職調查。在我的 3 個學位中，我是一名在危險化學品製造商工作多年的 MBA 工程師。我是一名政府承包商，但也是一名商業和科學顧問，在我的整個職業生涯中，吸收了各種技術業務和機會，將其商業化或分析和報告。

Immediately surveying Perma-Fix, I realized there are 4 plants at the time in 2016 were essentially non-duplicable because of the plant, people, radiation permits and unique ability to handle low mixed radiation waste. The infrastructure and its capabilities cannot be understated in its uniqueness and value.

立即調查 Perma-Fix，我意識到 2016 年當時有 4 家工廠基本上是不可複制的，因為工廠、人員、輻射許可證和處理低混合輻射廢物的獨特能力。基礎設施及其功能的獨特性和價值不容低估。

Since 2016, I have watched how Perma-Fix has moved to diversify in a multitude of areas beyond those at Hanford. Clearly, Perma-Fix is capable of being a $150 million plus company without Hanford, with treatment and service segments as it lends to a wide array of possibilities.

自 2016 年以來，我觀察了 Perma-Fix 如何在漢福德以外的眾多領域實現多元化發展。很明顯，Perma-Fix 有能力在沒有 Hanford 的情況下成為一家市值超過 1.5 億美元的公司，因為它提供了廣泛的治療和服務部門。

Immediately when I started studying the Hanford reservation and particularly the vitrification plant being built, frankly, as a guest. Over 30 years, not 1 gallon had been treated from the 56 million gallons of mixed nuclear waste sitting in the 170 tanks. In 2022, there was $1.5 billion spent on maintaining the waste in the tank and building the deep well plant to treat low-level waste. I immediately understood that 90% of the waste in the tank was low radioactive waste and more suitable for treatment by immobilizing and then solidifying with concrete. This has been done in Savannah for decades.

坦率地說，當我作為客人開始研究漢福德保留地，特別是正在建造的玻璃化工廠時。 30 多年來，170 個儲罐中的 5600 萬加侖混合核廢料中沒有一加侖得到處理。 2022 年，有 15 億美元用於維護罐中的廢物和建造深井工廠以處理低放廢物。我頓時明白了，罐內90%的廢物都是低放射性廢物，更適合用混凝土固化處理。幾十年來，薩凡納一直這樣做。

Since 1992, Perma-Fix has treated millions of gallons of mixed radioactive waste by mobilizing and then solidifying with an appropriate concrete. I thus immediately question test bed initiative and its purpose. It just seems there could be a quicker path for treatment by Perma-Fix.

自 1992 年以來，Perma-Fix 已通過使用適當的混凝土流動和固化處理了數百萬加侖的混合放射性廢物。因此，我立即質疑試驗台計劃及其目的。看來 Perma-Fix 可能有一條更快的治療途徑。

The waste in the tanks becomes even larger as they must be liquefied before treatment. So arguably, there can be 2 to 4x more ways to treat. Various sources of GAO, NRS and NAS has stated it will take in any treatment way, 60 to 70 years to treat the tank waste. A study completed by GAO last summer state of mobilizing and solidifying the concrete will save tens of billions of dollars.

罐中的廢物變得更大，因為它們必須在處理前液化。因此可以說，可以有 2 到 4 倍以上的治療方法。 GAO、NRS 和 NAS 的各種來源都表示，無論採用何種處理方式，處理坦克廢物都需要 60 到 70 年的時間。 GAO 去年夏天完成的一項關於動員和固化混凝土狀態的研究將節省數百億美元。

The National Academy of Science recently stated them mobilizing and then solidifying with concrete in an off-state facility and bearing (inaudible) site would push treatment for 10 years, thereby taking pressure from leaky tanks, space and facilitating movement towards building a plant to treat the high level waste. That will also ensure preservation of groundwater hamper.

美國國家科學院最近表示，他們在州外設施和軸承（聽不清）場地動員並用混凝土固化將推動處理 10 年，從而從洩漏的儲罐、空間中承受壓力，並促進建造工廠以處理高放廢物。這也將確保地下水籃子的保存。

For over a year that it existed in the tank, [farm] system called the tank side (inaudible) enabled unit, (inaudible). The TSCR separates high and low waste. After 3 phases of filtering the product remaining is a watering mix hazardous and low radiation product. Radiation is no more than one would experience in a medical test that is ready for treatment.

它在坦克中存在了一年多，[農場] 系統稱為坦克側（聽不清）啟用單元，（聽不清）。 TSCR 將高廢物和低廢物分開。經過 3 個階段的過濾後，剩餘的產品是一種危險且低輻射的澆水混合物。輻射不超過一個人在準備治療的醫學測試中所經歷的。

The TSCR can do 7,200 gallons per day. And thus, there was over 300 gallons sitting in a (inaudible) tank today. The nature of this product has been generally not vitrified. Last summer, I was exposed to no-cost studies of vitrification versus grouting, the name used for that. And grouting is the name used for the concrete process, but I underscore a misnomer, because it is confounded with just covering waste with concrete and not immobilizing as Perma-Fix would do.

TSCR 每天可以處理 7,200 加侖。因此，今天（聽不清）罐中有超過 300 加侖的水。本品性質一般未玻化。去年夏天，我接觸了玻璃化與灌漿的免費研究，用於此的名稱。灌漿是用於具體過程的名稱，但我強調了一個用詞不當，因為它與用混凝土覆蓋廢物而不是像 Perma-Fix 那樣固定不動相混淆。

These studies were completed in December of 2021 by Laura Cree, who works for Washington River Protection Systems, the Hanford Tank plant contractor in charge of maintaining the tank waste. This crew chose to use 1 million-gallon samples for each mode of treatment. For grouting, I will use, all waste was treated, and there was no secondary waste. No heat issues. There is no diesel, copious amounts of water or hazardous chemical. The process is not environmentally (inaudible).

這些研究由勞拉·克里 (Laura Cree) 於 2021 年 12 月完成，她供職於華盛頓河保護系統 (Washington River Protection Systems)，這是一家負責維護罐廢物的漢福德罐廠承包商。該團隊選擇為每種處理方式使用 100 萬加侖的樣本。灌漿，我會用，所有廢棄物都經過處理，沒有二次廢棄物。沒有熱問題。沒有柴油、大量的水或危險化學品。該過程不環保（聽不清）。

The data is pre used was supplied by Savannah, which, as stated, they have been grouting for years. Grouting is 1/10 the cost of vitrifying. Savannah has 1 reactor. So it's been argued that their hazardous waste is more homogeneous. While at Hanford, there were a number of reactors and thus a multitude of hazardous waste to treat. Perma-Fix has stated that it can or have streamed the hazards waste listed in the 170 tanks.

預先使用的數據由 Savannah 提供，如前所述，他們已經灌漿多年。灌漿是玻璃化成本的 1/10。薩凡納有 1 個反應堆。所以有人認為他們的危險廢物更同質。在漢福德時，有許多反應堆，因此有大量危險廢物需要處理。 Perma-Fix 表示它可以或已經流出 170 個儲罐中列出的危險廢物。

Dr. Jim Conto who has a PhD in geochemistry and as well-known nationally states, there should be no issue in treating a multitude of positive waste. For the vitrification, 1 million gallon model, about 340,000 gallons. So that's only 1/3 was vitrified. And the other 2/3 were secondary waste that has to be treated in ways other than vitrification. Data was supplied relative from Hanford contractors building the vitrification plant.

擁有地球化學博士學位的Jim Conto博士，作為國內著名的州，處理大量陽性廢物應該沒有問題。對於玻璃化，100 萬加侖模型，約 340,000 加侖。所以只有 1/3 被玻璃化了。另外 2/3 是二次廢物，必須以玻璃化以外的方式進行處理。相關數據由建造玻璃化工廠的漢福德承包商提供。

With vitrification it requires 2,000 degrees Fahrenheit, 3 million gallons of diesel fuel, which drove off over 20,000 metric tons of CO2, 2 million gallons of water, which mainly is contaminated and become secondary waste, 151 truckloads of hazardous chemicals, the amount of energy used would energize 15,000 homes.

玻璃化需要 2,000 華氏度、300 萬加侖柴油燃料（可排放 20,000 多公噸二氧化碳）、200 萬加侖水（主要被污染並變成二次廢物）、151 卡車危險化學品、能源消耗量用於為 15,000 戶家庭供電。

There was a statement that vitrification could cause 36 high-consequence hazards. The model used assumes a 70% efficiency, but vitrification plants typically have efficiencies around 40%, and this should take longer, be more expensive and possibly worsen the vitrification outlets. Perma-Fix can treat now 300,000 gallons per year, which is equivalent to 1 million gallons of inputted waste into the vitrification plan as maybe 1/3 will be vitrified. Perma-Fix has related, they can scale up to 3 million treated gallons per year. This is equivalent to 9 million gallons of waste input into the vitrification plant. And note, the vitrification plant would create 6 million gallons of secondary waste.

有聲明稱，玻璃化可能會導致 36 種後果嚴重的危害。使用的模型假設效率為 70%，但玻璃化工廠的效率通常在 40% 左右，這應該需要更長的時間，更昂貴，並且可能會使玻璃化出口惡化。 Perma-Fix 現在每年可以處理 300,000 加侖，這相當於將 100 萬加侖的廢物輸入玻璃化計劃，因為可能有 1/3 將被玻璃化。 Perma-Fix 表示，他們每年可以處理多達 300 萬加侖的水。這相當於將 900 萬加侖的廢物輸入玻璃化工廠。請注意，玻璃化工廠將產生 600 萬加侖的二次廢物。

Governor Inslee of Washington State was interviewed in August 22 by the New York Times. The governor touted how it was early in calling for climate change. The legislator of Washington State has advocated concern regarding CO2 and environmental responsibility. Recently, our government has stated that any government contractor doing over $7 million a year must be responsible in its environmental profile, relative to the above concern for environmental strain, one can question how the political ecosystem of a Washington state for most of vitrification plants.

華盛頓州州長英斯利8月22日接受紐約時報專訪。州長吹捧呼籲氣候變化是多麼早。華盛頓州的立法者提倡關註二氧化碳和環境責任。最近，我們的政府已經聲明，任何年收入超過 700 萬美元的政府承包商都必須對其環境狀況負責，相對於上述對環境壓力的擔憂，人們可以質疑華盛頓州的政治生態系統對大多數玻璃化工廠的影響。

The political ecosystem of Hanford is vitrified in it's focus that the tank waste needs to be vitrified. There seems to be no issue the tank, the secondary waste would be treated by Perma-Fix, which in my mind is actually [moronic] to our position to Perma-Fix in mobilizing and solidifying waste with concrete directly.

漢福德的政治生態系統被玻璃化了，因為它的重點是坦克廢物需要被玻璃化。水箱似乎沒有問題，二次廢物將由 Perma-Fix 處理，在我看來，這實際上是 [愚蠢] 我們對 Perma-Fix 的立場，即直接用混凝土動員和固化廢物。

As a problem solver, I do not understand why Perma-Fix cannot start treating the waste in the TSCR now as the vitrification continues to be built. Then there would be 2 systems treating waste and help get the waste treated faster, provide backlog.

作為一個問題解決者，我不明白為什麼 Perma-Fix 現在不能開始處理 TSCR 中的廢物，因為玻璃化還在繼續建設中。然後會有 2 個系統處理廢物並幫助更快地處理廢物，提供積壓。

The Hanford reservation is in an earthquake zone and we know climate change is real. There needs to be an urgency because a black spot with the Black Swan event, there will -- this will negate no treatment of the waste. In January 2023, DOE published a new ROD rules of the system, how the waste would be treated with vitrification. This is plan of the ROD last published in 2013. It was quite a complement to Perma-Fix's unique ability that DOE proposed 2.2 million gallons of secondary waste would be treated by Perma-Fix Northwest. And there is products that would go to a Midwestern plant of Perma-Fix too.

漢福德保留地位於地震帶，我們知道氣候變化是真實存在的。需要有一個緊迫感，因為黑天鵝事件的黑點，將 - 這將否定對廢物的任何處理。 2023 年 1 月，DOE 發布了該系統的新 ROD 規則，即如何通過玻璃化處理廢物。這是 ROD 上次於 2013 年發布的計劃。能源部提議 Perma-Fix Northwest 處理 220 萬加侖的二次廢物，這是對 Perma-Fix 獨特能力的補充。還有一些產品也將運往 Perma-Fix 的中西部工廠。

The ROD is framed so the treated secondary waste has come back to Hanford and buried there. This is an important nuance one, implying the nearness of Perma-Fix plants. And someone asked the question, by the way, in the right is that strictly says nothing will be shipped other than by truck. And two, implying the treatment prowess of Perma-Fix.

ROD 是框架式的，因此處理過的二次廢物已返回漢福德並埋在那裡。這是一個重要的細微差別，暗示著 Perma-Fix 植物的臨近。順便說一下，有人問了這個問題，正確的是嚴格說除了卡車以外什麼都不會運送。第二，暗示 Perma-Fix 的治療能力。

So ROD is also very interesting with the section on season nitro. This is a potential hazard created in the vitrification plant, which under certain heated conditions can create cyanide gas, all the assumed nitro would come direct to Perma-Fix.

所以 ROD 也很有趣，有關於 season nitro 的部分。這是玻璃化工廠中產生的潛在危險，在某些加熱條件下會產生氰化物氣體，所有假設的硝基都會直接進入 Perma-Fix。

Stephen, this is Mark. I think we're going to probably have to wrap up. Mark, do you have -- can you conclude on that, Steve, before we move forward?

斯蒂芬，這是馬克。我認為我們可能不得不結束。馬克，史蒂夫，在我們繼續之前，你能得出結論嗎？

Excuse me?

打擾一下？

We need to move on, I'm afraid. Are you close to the end? Or can you have a conclusion that you can wrap up?

恐怕我們需要繼續前進。你接近尾聲了嗎？或者你能得出一個可以總結的結論嗎？

I have 2 more paragraphs.

我還有2段。

Okay.

好的。

Finally, there has been a tank maintenance contract for the tank farm sitting out there for awarding. It is for 10 years and $45 billion. Perma-Fix is part of the 2 consortiums bidding. If Perma-Fix consortium wins, Perma-Fix would have people on the ground at the tank form, irrespective any treatment at their Northwest plant. The contract encompasses maintaining the tanks waste to running the vitrification plant.

最後，還有一份儲罐區的儲罐維護合同等待授予。這是 10 年和 450 億美元。 Perma-Fix 是 2 個財團競標的一部分。如果 Perma-Fix 財團獲勝，Perma-Fix 將在坦克形式的地面上安排人員，無論其西北工廠的任何處理如何。該合同包括維護儲罐廢物以運行玻璃化工廠。

In any case, Perma-Fix will treat waste. That is a given. And of course, it will be a significant impact to the financials of Perma-Fix. Over the last year, I have commented to DOE a college in (inaudible) of Washington State, had comments by court order included in the files of the consent decree. And my comments are publicly included in the National Academy study in a low-level waste in Hanford. In this vein, I urge you to speak to your congressional representatives in order to start treating waste at the Hanford tank farm. There is no reason the Perma-Fix that should not be treating waste right now. I'm done.

無論如何，Perma-Fix 都會處理廢物。這是一個給定的。當然，這將對 Perma-Fix 的財務狀況產生重大影響。在過去的一年裡，我曾向 DOE 華盛頓州（聽不清）的一所大學發表評論，根據法院命令將評論包含在同意令的文件中。我的評論公開包含在國家科學院在漢福德低放廢物的研究中。本著這種精神，我敦促您與您的國會代表談談，以便開始處理漢福德油罐區的廢物。 Perma-Fix 沒有理由不立即處理廢物。我受夠了。

All right. Thanks. We appreciate your passion on this topic, Stephen, and your support. I do have to say that statements that were made by Stephen were Stephen alone and don't necessarily reflect all the opinions of PESI as a company. But we appreciate your support, Stephen.

好的。謝謝。我們感謝您對這個主題的熱情，Stephen，以及您的支持。我不得不說，Stephen 發表的聲明是 Stephen 個人的，並不一定反映 PESI 作為一家公司的所有意見。但我們感謝您的支持，斯蒂芬。

I'd like to thank everyone for participating in the fourth quarter and year-end conference call. We remain extremely confident in the outlook for the business. We appreciate the continued support of our shareholders, and we look forward to providing further updates as developments unfold this quarter. Thank you very much.

我要感謝大家參加第四季度和年終電話會議。我們對業務前景仍然充滿信心。我們感謝股東的持續支持，我們期待隨著本季度的發展提供進一步的更新。非常感謝。

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

謝謝大家。今天的活動到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。