Perma-Fix Environmental Services Inc (PESI) 2023 Q3 法說會逐字稿

Good day, and welcome to the Perma-Fix third quarter 2023 earnings conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host from Investor Relations, David Waldman. The floor is yours.

美好的一天，歡迎參加 Perma-Fix 2023 年第三季財報電話會議。 （操作員說明）現在我很高興將發言權交給投資人關係部門的主持人 David Waldman。地板是你的。

Thank you, and good morning, everyone. Welcome to Perma-Fix Environmental Services third quarter 2023 conference call. On the call with us this morning are Mark Duff, President and CEO; Dr. Louis Centofanti, Executive Vice President of Strategic Initiatives; and Ben Naccarato, Chief Financial Officer.

謝謝大家，大家早安。歡迎參加 Perma-Fix 環境服務 2023 年第三季電話會議。今天早上與我們通話的是總裁兼執行長馬克·達夫 (Mark Duff)； Louis Centofanti 博士，策略計劃執行副總裁；和財務長本·納卡拉托。

The company issued a press release this morning containing third quarter 2023 financial results, which is also posted on the company's website. If you have any questions after the call, or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020.

該公司今天上午發布了一份新聞稿，其中包含 2023 年第三季的財務業績，該新聞稿也發佈在該公司的網站上。如果您在通話後有任何疑問，或者想了解有關該公司的任何其他信息，請聯繫 Crescendo Communications，電話：(212) 671-1020。

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.

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 財務指標。

All statements on this conference call other than a statement of historical fact, are forward-looking statements, that is subject to known and unknown risks, uncertainties, and other factors which could cause actual results and performance of the company, to differ materially from such statements.

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，這些陳述受到已知和未知風險、不確定性以及可能導致公司實際結果和業績與實際結果和業績存在重大差異的其他因素的影響。聲明。

These risks and uncertainties are detailed in the company's filings with the US Securities and Exchange Commission, as well as this morning's press release. Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events, or circumstances after the date hereof that bear upon forward-looking statements.

這些風險和不確定性在該公司向美國證券交易委員會提交的文件以及今天上午的新聞稿中都有詳細說明。本公司不承諾揭露對前瞻性陳述的任何修訂，或本協議日期之後與前瞻性陳述有關的任何事實、事件或情況。

In addition, today's discussion will include reference 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，今天的討論將包括參考非公認會計原則措施。 Perma-Fix 認為此類資訊提供了額外的衡量標準以及對其性能的一致歷史比較。我們網站上今天發布的新聞稿中提供了非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節表。

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馬克·達夫。請繼續，馬克。

All right. Thanks, David, and good morning. We achieved another solid quarter as evidenced by an 18.4% increase in revenue to $21.9 million versus $18.5 million for the same period last year. And addition to our revenue growth, gross profit increased by 48.2%, and gross margin increased from 16.6% to 20.8%.

好的。謝謝，大衛，早安。我們又取得了穩健的季度業績，營收成長了 18.4%，達到 2,190 萬美元，而去年同期為 1,850 萬美元。除了我們的營收成長之外，毛利成長了48.2%，毛利率從16.6%成長到20.8%。

Importantly, we achieved net income of $341,000, and EBITDA of approximately $1.2 million for the third quarter of 2023. The growth in revenue reflects the commencement of several new projects grand earlier this year, that support the backlog in both segments, and provide growth opportunities into 2024.

重要的是，2023 年第三季度我們實現了341,000 美元的淨利潤，EBITDA 約為120 萬美元。收入的增長反映了今年早些時候多個新項目的啟動，這些項目支持了這兩個領域的積壓工作，並提供了增長機會到2024年。

We also improved productivity on certain projects, that had previously been delayed from the lingering effects of COVID-19. Our services in project continued to meet or exceed expectation, expected performance goals, and margins, due to strong leadership and good client relations.

我們也提高了某些項目的生產力，這些項目先前因 COVID-19 的揮之不去的影響而被推遲。由於強而有力的領導和良好的客戶關係，我們的專案服務持續達到或超越預期、預期績效目標和利潤。

While we've achieved solid year-over-year growth, we would have generated even strong results had it not been for temporary customer delays, and in our treatment and services segment. Unfortunately, this is not unusual for our business, and contributed to a slight decline in our sequential revenue, versus the second quarter of 2023.

雖然我們實現了穩健的同比增長，但如果不是客戶暫時延誤以及我們的治療和服務領域，我們本可以取得更強勁的業績。不幸的是，這對我們的業務來說並不罕見，並導致我們的連續收入與 2023 年第二季相比略有下降。

However, these projects have since commenced, and we believe will contribute to improved results for the fourth quarter of '23, and heading into '24. These and other awards are expected to generate significant revenue that will offset projects, which will wind down in the fourth quarter.

然而，這些項目已經開始，我們相信將有助於改善 23 年第四季以及進入 24 年的業績。這些獎項和其他獎項預計將產生可觀的收入，抵消將在第四季度結束的項目。

Within the services segment, we realized several new awards, including a $40 million five-year contract with our joint venture, Enviro-Fix Solutions, LLC, by the Buffalo District of the Army Corps of Engineers for environmental remediation at the Niagara Falls storage site. The awards leverage our core competencies, including characterization, remediation, and disposition of hazardous material, and waste management.

在服務領域，我們獲得了多項新合同，包括陸軍工程兵團布法羅地區與我們的合資企業Enviro-Fix Solutions, LLC 簽訂的為期4,000 萬美元的五年期合同，用於尼亞加拉大瀑布存儲地點的環境修復。這些獎項充分利用了我們的核心能力，包括危險物質的特性、修復和處置以及廢棄物管理。

Looking ahead, we're benefiting from increased bidding opportunities within our services segment overall, including both the government and commercial sectors. These opportunities include teaming of large DOE projects, and procurements, in addition to several US Army Corps of Engineers cleanup initiatives, US Navy decommissioning projects, and several international projects with sustainable revenue potential. These bids will further strengthen our backlog with awards anticipated throughout 2024.

展望未來，我們將受益於整個服務領域（包括政府和商業部門）內投標機會的增加。這些機會包括美國能源部大型專案和採購的合作，以及美國陸軍工程兵團的幾個清理計劃、美國海軍退役專案和幾個具有可持續收入潛力的國際專案。這些投標將進一步加強我們的積壓訂單，預計整個 2024 年都會獲得獎勵。

Within our treatment segment, we experienced a steady improvement in waste receipts during the third quarter, supporting our visibility and backlog for the next year. This included increased waste shipments from within the commercial sector, along with steady sales from our industrial waste programs.

在我們的處理部門，我們的廢棄物收入在第三季度穩步改善，支持了我們明年的可見度和積壓。這包括商業部門內廢棄物運輸量的增加，以及我們工業廢棄物計畫的穩定銷售。

We expect to see ongoing improvement in waste receipts, and an increase in project work from existing contracts, new contracts, and bids submitted in both segments, that are still waiting for award. We have continued to implement our growth strategy throughout the third quarter in 2023, including several new opportunities in our target list, that have the potential to significantly enhance our revenues, and our long-term backlog for next year within both segments.

我們預計廢棄物收入將持續改善，現有合約、新合約以及兩個部門提交的仍在等待授標的投標的專案工作將有所增加。我們在 2023 年第三季繼續實施我們的成長策略，包括我們的目標清單中的幾個新機會，這些機會有可能顯著提高我們的收入，以及我們明年在這兩個領域的長期積壓訂單。

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 selected by DOE would represent significant increases in sustainable revenue, to align with our core competencies. We're hopeful that one or more of these projects will be awarded this quarter. If we are successful, we'll participate as a team member on these large DOE procurements, which completely align with our strengths and innovations, in radiological protection and waste management.

此外，我們仍在等待能源部授予一些非常大的潛在戰略獎項。其中一些項目規模相當大，能源部選擇將代表永續收入的顯著增加，以符合我們的核心能力。我們希望本季能夠獲得一個或多個項目。如果我們成功，我們將作為團隊成員參與能源部的這些大型採購，這完全符合我們在放射防護和廢棄物管理方面的優勢和創新。

This book, despite delays in award announcements, these growth initiatives remain on track, including the $3 billion operations, and safe mission support contract referred to as OSMS, as well as a Joint Research Council or JRC project in Italy. We anticipate both of these projects will be announced any day. In addition, we have several other smaller projects anticipate be announced in the fourth quarter of 2023.

儘管獎勵公告有所延遲，但這些增長舉措仍在按計劃進行，包括 30 億美元的運營和被稱為 OSMS 的安全任務支持合同，以及意大利的聯合研究委員會或 JRC 項目。我們預計這兩個項目都將在任何一天宣布。此外，我們還有其他幾個較小的項目預計將於 2023 年第四季宣布。

The DOC project will support our expansion program in Europe, including existing IDIQ contracts held by Perma-Fix in the UK, and the application of our treatment technologies in Germany, Croatia, and other markets in Europe. These opportunities will generate sustained receipts, beginning in the next several quarters, providing a combined annual revenues estimated in the $10 million to $20 million range, which we expect will begin to be realized in late '24.

DOC 專案將支援我們在歐洲的擴張計劃，包括 Perma-Fix 在英國持有的現有 IDIQ 合同，以及我們的處理技術在德國、克羅埃西亞和歐洲其他市場的應用。從接下來的幾個季度開始，這些機會將產生持續的收入，預計每年綜合收入將在 1,000 萬至 2,000 萬美元範圍內，我們預計將在 2024 年末開始實現。

At the same time, the Test Bed Initiative or TBI also known as the low-level waste, also disposition project, continues to progress in support of the Hanford tank mission, although at a slower pace and anticipated over the last few months. The TBI initiative, which is based on grouting technology, will continue to re-focus Perma-Fix, as a means of saving tens of billions of dollars of taxpayer dollars, as well as eliminating several carbon emission, and reducing schedules for Hanford cleanup actions.

同時，測試台計劃或TBI（也稱為低放射性廢物，也是處置項目）繼續取得進展，以支持漢福德坦克任務，儘管進度較慢，並且在過去幾個月中是預期的。基於灌漿技術的 TBI 計劃將繼續重新關注 Perma-Fix，將其作為節省數百億美元納稅人資金、消除多項碳排放並縮短漢福德清理行動時間表的一種手段。

Grouting has been recognized as a preferred supplement to the current DOE strategy, for vitrification through the direct feed low activity waste treatment plant, what we refer to as the DFLAW, for the 59 million gallons of tank waste, currently stored at Hanford.

灌漿已被認為是美國能源部當前策略的首選補充，透過直接進料低活性廢物處理廠（我們稱之為 DFLAW）進行玻璃化，處理目前儲存在漢福德的 5,900 萬加侖罐廢物。

The TBI program continues to move forward, following the submittal of the RD&D permit from the DOE, to the state of Washington regulators, which was done in the second quarter. We're continually -- we're currently awaiting the approval of the RD&D permit from the Washington Department of Ecology, which is the regulator, which will allow DOE to begin to extract 2000 gallons of waste from the tanks for the Phase 2 grouting demonstration.

在美國能源部向華盛頓州監管機構提交研發許可證（於第二季完成）後，TBI 計劃繼續向前推進。目前，我們正在等待監管機構華盛頓生態部批准 RD&D 許可證，該許可證將允許 DOE 開始從儲罐中提取 2000 加侖廢物，用於第二階段灌漿演示。

Given the ongoing delay by the state, and review of the permit application, we expect an official reset of the schedule, which will include public comment on the permit, followed by approval, extraction of the waste, and treatment of 2000 gallons, which is expected to be in the second half of '24.

鑑於州政府的持續拖延以及對許可證申請的審查，我們預計官方會重新調整時間表，其中將包括對許可證的公眾評論，然後是批准、廢物提取和 2000 加侖的處理。預計24年下半年。

Now, Perma-Fix remain or maintains these grouting capabilities today at our Perma-Fix facility in Northwest or in Richland, Washington, which is permitted and outfitted to safely, and compliantly grout up to 30,000 gallons a month, with the ability to expand to well over 1 million gallons annually, while dramatically reducing cost risk and schedule compared to vitrification alone.

現在，Perma-Fix 在我們位於西北地區或華盛頓州里奇蘭的 Perma-Fix 工廠保留或維持了這些灌漿能力，該工廠已獲準並配備了每月安全、合規的灌漿能力，並且能夠擴展到每年遠遠超過100 萬加侖，同時與單獨的玻璃化相比，大大降低了成本風險和進度。

It's important to note that our Perma-Fix Northwest facility offers the only local or regional option for grouting tank waste, versus other options to ship untreated waste out of state for grouting disposal. Which is defined as a higher risk in the deeper environmental assessment, as well as the recent weird documents.

值得注意的是，我們的 Perma-Fix 西北工廠為灌漿罐廢棄物提供了唯一的本地或區域選擇，而不是其他將未經處理的廢棄物運出州進行灌漿處置的選擇。這在更深入的環境評估中被定義為更高的風險，以及最近奇怪的文件。

Another critical component of the Perma-Fix growth strategy hinges on the startup of the DFLAW facility I've mentioned and Hanford, which will provide vitrification services for about 40% of the tank waste volume on site.

Perma-Fix 成長策略的另一個關鍵組成部分取決於我提到的 DFLAW 設施和漢福德的啟動，該設施將為現場約 40% 的罐廢物量提供玻璃化服務。

In January '23, DOE we signed a record decision to treat the effluent waste streams from the DFLAW facility at our local Perma-Fix Northwest facility, for at least the first 10 years of the DFLAW operations. We remain optimistic about reports coming from DFLAW, in regards to the startup of the melters, and supporting systems, which continues to progress, while several steps remain before start-up DOE has announced -- has not announced further delays in commissioning, which is currently scheduled for the late 2024 timeframe.

23 年 1 月，能源部簽署了一項創紀錄的決定，至少在 DFLAW 運營的前 10 年，在我們當地的 Perma-Fix 西北設施處理 DFLAW 設施的廢水流。我們對來自 DFLAW 的關於熔化器啟動和支援系統的報告仍然持樂觀態度，該報告仍在繼續取得進展，而在啟動之前還有幾個步驟美國能源部宣布 - 尚未宣布進一步推遲調試，這是目前計劃於2024 年末進行。

The waste that would be produced at this facility just mainly by DOE to be about 9,000 cubic meters annually. We expect that would begin to be received at the Perma-Fix facility, upon our hot startup of the vitrification plant itself. As I've mentioned in the past, the volume of this waste, and more than double the production of all our plants combined on an annual basis.

該設施每年將產生約 9,000 立方公尺的廢棄物，主要由能源部負責。我們預計，在玻璃化工廠熱啟動後，Perma-Fix 工廠將開始收到這些資訊。正如我過去提到的，這種廢物的數量以及我們所有工廠每年的產量加起來超過一倍。

In regards to our treatment facilities, our Florida and Washington plants have begun to realize the budgeted performance goals, we haven't seen since pre-COVID times as labor and pricing impacts are beginning to be in the rearview mirror at this point in time. At our DSSI facility in Eastern Tennessee, we have been planted several expansion and upgrade activities, that have been underway for the past few months, which we expect will result in a broader offering of our treatment capabilities, beginning in the second half of '24.

就我們的處理設施而言，我們佛羅裡達州和華盛頓州的工廠已經開始實現預算績效目標，這是自新冠疫情爆發之前以來我們從未見過的，因為勞動力和價格的影響此時開始出現在後視鏡中。在我們位於田納西州東部的 DSSI 工廠，我們已經開展了幾項擴建和升級活動，這些活動在過去幾個月中一直在進行，我們預計這些活動將從 2024 年下半年開始提供更廣泛的處理能力。

Importantly, we continue to invest in our capabilities in our facilities. We've built a solid foundation of growth and highly scalable infrastructure, as we continue to increase revenues. We expect to benefit from the predictable cash flows of our services segment, with high incremental margins within our treatment segment.

重要的是，我們繼續投資於我們設施的能力。隨著收入的不斷增加，我們已經建立了堅實的成長基礎和高度可擴展的基礎設施。我們預計將受益於服務部門的可預測現金流，以及治療部門的高增量利潤。

So to wrap up, we remain optimistic that the remainder of '23 and '24 will realize continued growth in both segments, as we expand our market base, and develop strategic teams to optimize win probabilities of four ongoing procurements. We're heavily focused on increasing productivity, and reducing costs to maximize our margins along the way.

因此，總而言之，我們仍然樂觀地認為，隨著我們擴大市場基礎並發展策略團隊以優化四項正在進行的採購的獲勝機率，'23 和'24 的其餘部分將實現這兩個細分市場的持續增長。我們非常注重提高生產力並降低成本，以最大限度地提高利潤。

Overall, we remain confident in our ability to maintain the growth, and stability we experienced prior to the pandemic, and we're highly encouraged by the near term market outlook for the business based on our growing backlog, our sales pipeline, a number of important contracts, expected to be awarded over the next few quarters.

總體而言，我們對維持大流行之前經歷的成長和穩定的能力仍然充滿信心，並且基於我們不斷增長的積壓、銷售管道和一系列業務，我們對該業務的近期市場前景感到非常鼓舞。預計將在未來幾季授予的重要合約。

So on that note, I'll turn the call over to Ben, who will discuss the financial results in more detail. Ben?

因此，就此而言，我會將電話轉給本，他將更詳細地討論財務表現。本？

Thank you, Mark. Our total revenue from continuing operations for the third quarter was $21.9 million compared to last year's third quarter of $18.5 million, an increase of $3.4 million or 18.4%. The improvement came in revenues, from both our segments, as our treatment segment revenue improved by $1.9 million, primarily on higher waste volumes, though at a lower average price. And our services segment increased by $1.5 million, based on improved productivity, at one of our current large projects, and additional revenue from new projects that started in the quarter.

謝謝你，馬克。第三季持續營運總收入為 2,190 萬美元，與去年第三季的 1,850 萬美元相比，增加了 340 萬美元，即 18.4%。改善來自我們兩個部門的收入，我們的處理部門收入增加了 190 萬美元，主要是由於廢物量增加，但平均價格較低。由於我們目前的大型專案的生產力提高，以及本季啟動的新專案帶來的額外收入，我們的服務部門增加了 150 萬美元。

Year to date through September 30, our revenues higher than prior year by $13.2 million or 24.5%. Again, this improvement has come from both segments. The treatment segment revenue increased by $8.5 million, primarily on increased volume, while our services segment revenue was up $4.7 million on increased project work.

今年截至 9 月 30 日，我們的收入比前一年增加了 1,320 萬美元，即 24.5%。同樣，這種改進來自兩個細分市場。治療部門的收入增加了 850 萬美元，主要是由於數量的增加，而我們的服務部門的收入由於專案工作的增加而增加了 470 萬美元。

Our gross profit for the quarter was up $4.5 million compared to three point -- was 4.5 million compared to $3.1 million in 2022. The improvement in gross profit of approximately $1.4 million, came from the services segment, where gross profit was up $2 million from both increased revenue as well as improved profitability on our projects. Offsetting this increase was a reduction in the treatment segment, gross profit of $473,000 due in part to revenue mix as well as increased fixed costs at our facilities.

我們本季的毛利比2022 年的310 萬美元增加了450 萬美元，比2022 年的310 萬美元增加了450 萬美元。毛利的改善約140 萬美元來自服務部門，該部門的毛利比2022 年增加了200 萬美元。既增加了我們專案的收入，也提高了獲利能力。治療部分的減少抵消了這一增長，毛利為 473,000 美元，部分原因是收入組合以及我們設施的固定成本增加。

For the nine months ended September 30, our gross profit was $12.1 million compared to $7.6 million in the prior year. Again, our gross profit improved in both segments, as the service segment increased by $3.4 million on higher revenue, and improved profit productivity in its projects, while the treatment segment increased by $1.1 million, primarily on higher volume.

截至 9 月 30 日的九個月，我們的毛利為 1,210 萬美元，而前一年為 760 萬美元。同樣，我們的兩個部門的毛利均有所改善，服務部門因收入增加而增加了340 萬美元，並且其項目的利潤生產率有所提高，而治療部門則增加了110 萬美元，主要是由於產量增加。

Our G&A costs for the quarter were $3.9 million, which is consistent with third quarter last year. Increased costs for labor and legal fees were offset by savings in audit and other third party service providers. For the nine months ended September 30, SG&A expenses were $11 million, again in line with $11 million in the prior year. And as with the quarter, our lower audit and outside service costs were offset by higher payroll expense.

我們本季的一般管理費用為 390 萬美元，與去年第三季持平。勞動力和法律費用的增加被審計和其他第三方服務提供者的節省所抵消。截至 9 月 30 日的九個月，SG&A 費用為 1,100 萬美元，與上一年的 1,100 萬美元持平。與本季一樣，我們較低的審計和外部服務成本被較高的薪資費用所抵銷。

Our net income for the quarter was $341,000 compared to last year's net income of $664,000. However, I want to remind you that last year's net income included employee retention credits, $2.1 billion, which approved those earnings.

我們本季的淨收入為 341,000 美元，而去年的淨收入為 664,000 美元。不過，我想提醒您，去年的淨利潤包括 21 億美元的員工保留積分，這些收益得到了批准。

For the nine months ended September 30, our net income was $404,000 compared to a loss of $2.1 billion prior year. Our income per share, basic and comp per share was $0.03 compared to income per share of $0.05 last year. Year to date, basic income per share is at $0.03 compared to a loss per share of $0.16 last year.

截至 9 月 30 日的 9 個月，我們的淨利潤為 404,000 美元，而去年同期虧損 21 億美元。我們的每股基本收益和每股收益為 0.03 美元，而去年的每股收益為 0.05 美元。今年迄今，每股基本收益為 0.03 美元，而去年每股虧損為 0.16 美元。

Adjusted EBITDA from continuing operations as we defined in this morning's press release is at $1.2 million compared to a loss of $374,000 last year. Adjusted EBITDA year to date was $2.9 million compared to a loss of $2.2 million in '22.

正如我們在今天早上的新聞稿中所定義的，持續經營業務的調整後 EBITDA 為 120 萬美元，而去年則虧損 374,000 美元。今年迄今調整後的 EBITDA 為 290 萬美元，而 2022 年為虧損 220 萬美元。

Turning to the balance sheet, our cash on the balance sheet sits at about $2 million, consistent with last -- with year-end of $1.9 million. Our accounts receivable and unbilled receivables were up $9.3 million, due to increased revenue, certain prepaid contract, and the general timing of our cash receipts.

轉向資產負債表，我們資產負債表上的現金約 200 萬美元，與去年一致，年底為 190 萬美元。由於收入增加、某些預付合約以及現金收入的一般時間安排，我們的應收帳款和未開票應收帳款增加了 930 萬美元。

Accounts payable, accrued expenses and accrued disposal collectively were up approximately $2.1 million, reflecting increased costs, associated with increased revenue and the timing of vendors payments. Our unearned revenue was up approximately $3 million compared to prior year, due mostly to the certain prepaid contracts.

應付帳款、應計費用和應計處置總計增加了約 210 萬美元，反映出與收入增加和供應商付款時間增加相關的成本增加。與前一年相比，我們的未實現收入增加了約 300 萬美元，這主要歸功於某些預付合約。

As of September 30, our waste backlog and unearned revenue was $12.1 million, significantly improved from the $9.2 million at year-end, and $7.1 million in September of '22. Our total debt at quarter end was $3.2 million, excluding debt issuance costs, which is owed primarily to PNC Bank.

截至 9 月 30 日，我們的廢棄物積壓和未實現收入為 1,210 萬美元，比年底的 920 萬美元和 2022 年 9 月的 710 萬美元顯著改善。截至季末，我們的總債務為 320 萬美元，不包括主要欠 PNC 銀行的債務發行成本。

Finally, on cash flow activity for 2023, our cash provided by continuing ops was $452,000. Our cash used in discontinued ops is $478,000. Cash used for investing of continuing operations was $1.4 million for cap spending. Cash provided from financing was $1.9 million, and that represents the net of our monthly payments, to determine capital loans of $450,000. Payments related to finance, lease and other debt of $310,000. Proceeds received in the reload of our term loan in July of $2.5 million, and receipts from other options and expenses of $150,000.

最後，就 2023 年現金流活動而言，持續營運提供的現金為 452,000 美元。我們用於停止營運的現金為 478,000 美元。用於投資持續經營業務的現金為 140 萬美元，用於上限支出。融資提供的現金為 190 萬美元，這是我們每月付款的淨額，以確定 45 萬美元的資本貸款。與融資、租賃和其他債務相關的付款為 310,000 美元。 7 月重新加載定期貸款收到的收益為 250 萬美元，其他選擇和費用的收益為 15 萬美元。

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

這樣，接線員，我將轉接電話詢問問題。

Certainly the floor is now open for questions. (Operator Instructions)

當然，現在可以提問。 （操作員說明）

Howard Brous, Wellington Shields.

霍華德·布羅斯，威靈頓·希爾茲。

Thank you, Mark, Ben, Lou. I hope you all well and your family as well. First of all, and most important --

謝謝馬克、本、盧。我希望你和你的家人一切都好。首先，也是最重要的──

Thanks, Howard, and appreciate that, they are good

謝謝，霍華德，並感謝他們，他們很好

So, what I'd like to get a sense of or a better sense of, when you look at the contract, you talked about OSAS. for Croatia, Italy, what is it all mean to Perma-Fix initially and over time and include what I believe is another contract coming from the EPA on uranium. So let's begin with that, please?

所以，我想了解或更好地了解的是，當您查看合約時，您談到了 OSAS。對於克羅埃西亞和義大利來說，這對 Perma-Fix 最初和隨著時間的推移意味著什麼，包括我認為來自 EPA 的另一份關於鈾的合約。那我們就從這個開始吧？

Yeah, Howard, the way we look at it is the company is really in a position to maintain a pretty sustainable foundation of revenue in the $90 million a year, $100 million a year range from generally from winning projects repeatedly. We may have some down quarters as my quarters, but just generally, that's kind of our baseload, that we should be able to do with the waste that's generated out there each year, along with winning a number of projects within our statistical average.

是的，霍華德，我們的看法是，公司確實有能力保持每年 9000 萬美元到 1 億美元的相當可持續的收入基礎，通常來自多次贏得項目。我們可能會有一些下降的季度，但總的來說，這是我們的基本負荷，我們應該能夠處理每年產生的廢物，並在我們的統計平均值內贏得一些項目。

Then we have procurements and opportunities that that would pull us above that. And those opportunities you mentioned a couple of OSMS, which you know is in a procurement situation that we can't really talk too much about the numbers associated with it in the JRC, same situation in ITBC, all those are funded would provide a plus up or a bump up in revenue in a significant way.

然後我們就有採購和機會，這將使我們超越這一點。您提到了幾個 OSMS 的機會，您知道這是在採購情況下，我們無法過多談論 JRC 中與之相關的數字，ITBC 中的情況相同，所有這些都得到資助將提供一個優勢收入大幅增加或增加。

Our geography is a little smaller in US in the $40 million to $50 million range of it opens up a couple of markets for us in a bigger way in Europe. And so as far as a dollar per share, it's very difficult to address that because we can't get into the financial components of it, but they'll have significant impacts on our [all] revenue stability.

我們在美國的地理位置較小，在 4000 萬至 5000 萬美元的範圍內，但它在歐洲為我們打開了一些更大的市場。就每股一美元而言，解決這個問題非常困難，因為我們無法了解其中的財務組成部分，但它們將對我們的[所有]收入穩定性產生重大影響。

And equally as important put us in a position where we can bid on other larger contracts with as a qualification that is very valuable. So, we have a number of those working to hereon. As you know, those three are the primary ones, we have several other smaller ones that we're waiting to hear on, including bids at the core engineer, banning uranium mines have all been extended project.

同樣重要的是，我們能夠以非常有價值的資格競標其他更大的合約。因此，我們有許多人正在為此努力。如你所知，這三個是主要的，我們還有其他幾個較小的項目正在等待聽取，包括核心工程師的投標、禁止鈾礦等都是擴展項目。

The project that we have in Arizona was supposed to run out in August. It got extended through the end of this month and early into November, but in the middle of November, and that will shut down for the winter because of the altitude, the mine is at and we'll start back up in the spring. The EPA has informed us that there will be additional mines procured over the winter to start in the spring as well.

我們在亞利桑那州的計畫原定於八月結束。它被延長到本月底和十一月初，但在十一月中旬，由於礦井所在的海拔高度，它將在冬季關閉，我們將在春天重新啟動。美國環保署通知我們，冬季將採購更多地雷，春季也將開始採購。

So, they are finally starting to get some traction on new procurements. But we add to that a list, a long list of bids that we're working on through the winter that will be likely awarded in the spring and summer of next year, that are very large. We've mentioned some of these on here before those opportunities include in the enterprise.

因此，他們終於開始在新採購中獲得一些吸引力。但我們還添加了一份清單，一長串我們正在整個冬季進行的投標清單，這些投標很可能會在明年春季和夏季授予，數量非常大。在將這些機會納入企業之前，我們已經在這裡提到了其中的一些。

Which we expect out the aircraft carrier that we expect out here in Q4 and late Q4, early Q1, a large project at [Y-12] West Valley DOE project, which is a $3 billion project, which we're getting on teams for several IDIQ task orders to DOE contracts and several large waste contracts that we're expecting to be able to bid on, to see the impacts again, Q2 timeframe.

我們預計航空母艦將在第四季度和第四季度末、第一季初出現，這是[Y-12] West Valley DOE 項目的一個大型項目，這是一個30 億美元的項目，我們正在為該項目組建團隊美國能源部合約的幾個 IDIQ 任務訂單以及我們預計能夠投標的幾個大型廢物合同，以在第二季度的時間範圍內再次看到影響。

So, lots of, we're very optimistic that our growth opportunities continue to come in. We're not going to win everything, but we should win a statistical quantity. That's good because of the more of the command the better. We have revamped our business development group and brought in new people, there very high energy, very well respected in the industry and are turning over a lot more rocks for us in regards to opportunities in the radiological world, including expansion into the commercial sector in a bigger way.

因此，我們對不斷出現的成長機會非常樂觀。我們不會贏得一切，但我們應該贏得統計數量。這很好，因為命令越多越好。我們重組了我們的業務發展團隊並引進了新人，他們精力充沛，在行業中備受尊重，並且在放射學領域的機會方面為我們帶來了更多的困難，包括擴展到商業領域一個更大的方式。

So overall, we do remain very optimistic about our future. While this quarter was not, what we wanted it to be overall, we did take a step back, but we still have the same momentum and we expect to get back on that trajectory in the near term. So, hope that answered your question.

總的來說，我們對未來仍然非常樂觀。雖然本季的整體情況並非我們所希望的那樣，但我們確實後退了一步，但我們仍然擁有相同的勢頭，我們預計會在短期內回到這一軌道。所以，希望能回答你的問題。

So, the [tisker] and I'm not sure how many gallons are in [Sysco] right now, my understanding is about 700,000 gallons, my understanding is from the DOE is that volume is noncompliant for the vitrification plant. Is that a correct statement?

所以，[tisker]，我不確定 [Sysco] 現在有多少加侖，我的理解是大約 700,000 加侖，我從 DOE 了解到的是，容量不符合玻璃化工廠的要求。這是正確的說法嗎？

That is a correct statement. How is there's been a couple of press releases is about that just in the past two weeks apparently, statistical worked exactly as planned. They pump the waste out of the tank and pump it into another tank. And what appears to be the case is the other tank contaminated, though the liquid after other pumped it in.

這是一個正確的說法。顯然，在過去的兩週內，有幾篇新聞稿是關於這一點的，統計數據完全按照計劃進行。他們將廢物從水箱中泵出，然後泵入另一個水箱。實際情況似乎是另一個儲罐被污染了，儘管其他儲罐的液體被泵入。

So, I've been sampling the tank, they've got the roughly 700,000 gallon stored in, it will not meet the waste acceptance criteria for DFLAW. So, do we have said that they're evaluating alternatives. One of those alternatives that they mentioned in their press release was that they would run it through tisker again, we are trying to which obviously would [just a type of] (inaudible) for a while and cost money to redo it. We're proposing that the grout that waste and disposal of it.

所以，我一直在對水箱進行取樣，他們儲存了大約 70 萬加侖的水，它不符合 DFLAW 的廢棄物驗收標準。那麼，我們是否說過他們正在評估替代方案？他們在新聞稿中提到的替代方案之一是，他們將再次通過 tisker 運行它，我們正在嘗試，這顯然會[只是一​​種]（聽不清楚）一段時間，並且需要花錢重做。我們建議將水泥漿廢棄並進行處理。

DOE has not made a decision on that yet, and we're hopeful they'll see the value in that in disposing of that waste. While they're able to pump other tank waste out. But at any rate, the situation does not impacted the DFLAW, as I understand it, there's plenty of time for them to pump another 700,000 gallon before DFLAW needs it. So, there is an opportunity here, hopefully for DOE to consider another alternative other than the rerun it at this point.

美國能源部尚未就此做出決定，我們希望他們能看到處理廢棄物的價值。雖然他們能夠將其他坦克廢物抽出。但無論如何，這種情況不會影響 DFLAW，據我了解，在 DFLAW 需要之前，他們有足夠的時間再泵送 700,000 加侖。因此，這裡有一個機會，希望能源部能夠考慮此時重新運作之外的另一種選擇。

You mentioned the rod, that basically, it is a roughly a 10-year contract, where else to the Department of Energy go. If it's not just 10 years, but is just not a generationally long contract. You've got collectively 56 million gallons, high level, low level waste to be treated. And even if you did it treatment with TBI, you're still talking 1 million gallons for the [Zip] Plant a year, which means 2 million, 2.5 million gallons that you treat. Are they going to build another facility to [mimic] Perma-Fix or is this basically, my belief is this NTVR are generationally long contract.

你提到了棒子，基本上，這是一份大約 10 年的合同，能源部還能去哪裡？如果這不僅僅是10年，而且不是一個世代相傳的長期合約。總共有 5,600 萬加侖的高放射性廢棄物和低放射性廢棄物需要處理。即使您使用 TBI 進行處理，您仍然需要為 [Zip] 工廠每年處理 100 萬加侖，這意味著您需要處理 200 萬、250 萬加侖。他們是否會建造另一個設施來[模仿] Perma-Fix 或者這基本上是，我相信這個 NTVR 是世代相傳的長期合約。

They are generally long contracts, the bottom line DOE has not developer does not plan on developing the tubing capabilities, they need to handle the effluent that comes out of DFLAW. So, their position, their plan has been for the last 10 or 15 years to commercially treat the effluent that comes out of the DFLAW, as opposed to building on-site treatment capabilities.

它們通常是長期合同，DOE 的底線是開發商不打算開發管道功能，他們需要處理 DFLAW 產生的廢水。因此，他們的立場和計劃是在過去 10 或 15 年裡對 DFLAW 產生的廢水進行商業化處理，而不是建立現場處理能力。

Fortunately, there is very limited. In fact, there's really no other alternatives in the Richland area and the Hanford, other than what Perma-Fix has the capabilities to provide. So, that's why it was mentioned in the rod, that DOE would use Perma-Fix Northwest to support that backlog, as I mentioned, which is about 8,000 cubic meters a year.

幸運的是，數量非常有限。事實上，除了 Perma-Fix 能夠提供的功能之外，里奇蘭地區和漢福德確實沒有其他選擇。因此，這就是為什麼棒中提到能源部將使用 Perma-Fix Northwest 來支持積壓的訂單，正如我所提到的，每年大約 8,000 立方米。

So, a pretty sizable amount of waste is all different types of not just grouting. It's all different types of processing, different materials that would come out of that plant. And we remain optimistic that they're on track for a late '24, you may have seen a press release. I think it was just yesterday that they did turn on their melters and then the latest campaign, the melt --

因此，相當多的廢物是各種不同類型的廢物，而不僅僅是灌漿。這些都是不同類型的加工，從工廠生產不同的材料。我們仍然樂觀地認為他們將在 24 年底實現這一目標，您可能已經看到了新聞稿。我認為就在昨天，他們確實打開了熔化器，然後進行了最新的活動，熔化——

Yeah, the melter got two different tranches of liquid glass. So, up to 2100 degrees and everything seems to be working as designed. So, they are continue to make progress. They haven't announced any slips in schedule. So again, we're still anticipating hopefully that they'll have radioactive waste going through there in the late 24 timeframe.

是的，熔化器有兩個部分不同的液態玻璃。因此，在高達 2100 度的溫度下，一切似乎都按設計進行。所以，他們正在不斷取得進步。他們還沒有宣布任何時間表上的延誤。再說一次，我們仍然希望他們能在 24 小時內將放射性廢物通過那裡。

Let me come back to DFLAW in a moment, transuranic waste is basically another step in terms of a what I call a generationally long contract without specific numbers because I don't think you have them, but what could the total transuranic waste the coming out of hand for? Because basically the other main, whether it's Savannah River or others, they're already transuranic waste. Is there a sense a global sense over one timeframe and potential dollar amount or is that not achieved yet?

讓我稍後回到 DFLAW，超鈾廢物基本上是我所謂的世代長合約的又一步，沒有具體數字，因為我認為你沒有它們，但最終的超鈾廢物總量是多少手的？因為基本上其他主要河流，無論是薩凡納河還是其他河流，它們都已經是超鈾廢物。是否對某個時間範圍和潛在的美元金額有一種全球意識，或尚未實現？

Yeah, I mean, Hanford and mine saying that trend to reverse program programmatically, Hanford is pretty close to the tail end of the transuranic shipments to the Waste Isolation Pilot Plant in the Mexico, right now

是的，我的意思是，漢福德和我說以編程方式扭轉計劃的趨勢，漢福德現在非常接近向墨西哥廢物隔離試點工廠運送超鈾的尾部

Right.

正確的。

Idaho in Savannah River and Los Alamos are all shipping a lot, Hanford is scheduled to begin later this decade and are right now, Perma-Fix provides the primary means of packaging, transuranic waste and processing for web. So, what we're doing right now, and it's one of our largest waste streams supporting the plateau contractor.

愛達荷州薩凡納河和洛斯阿拉莫斯的運輸量都很大，漢福德計劃在本十年晚些時候開始，現在，Perma-Fix 提供了包裝、超鈾廢物和網路處理的主要手段。所以，我們現在正在做的事情，是我們支持高原承包商的最大廢物流之一。

They ship us different types of transuranic waste we have a very advanced system to repackage that waste, put it into single waste boxes to minimize the volume. We segregate the low-level waste outage, only trends around waste goes. It goes back to DOE at Hanford and they store until it's our turn to ship to WIPP that, represents roughly about $1 million a month in revenue and maybe a little bit more than that some months that number is increasing.

他們向我們運送不同類型的超鈾廢物，我們有一個非常先進的系統來重新包裝這些廢物，將其放入單個廢物箱中以盡量減少體積。我們將低水準的廢棄物中斷隔離開來，只關注廢棄物的趨勢。它會回到位於漢福德的能源部(DOE)，他們會儲存起來，直到輪到我們運送到WIPP 為止，這相當於每月約100 萬美元的收入，而且在某些月份，這個數字還在增加，可能會多一點。

So, it's a good sustainable backlog for us, but there is additional quantity of TRU waste at Hanford. That's a higher level of radioactivity noteworthy as there are higher grand quantities. That's all to be done. And there's a tri-party agreement milestone for that. I don't know the total value of that somewhere between, I don't know, maybe 50 million range to 200 million range, that requires removal in a certain time period.

因此，這對我們來說是一個很好的可持續積壓，但漢福德有額外數量的 TRU 廢物。這是值得注意的更高水平的放射性，因為其數量更高。這就是所有要做的事情。為此，有一個三方協議的里程碑。我不知道它的總價值，我不知道，也許是 5,000 萬到 2 億之間，需要在某個時間內刪除。

That is slipping a little bit here and there due to priorities and funding that all is will eventually come to us. And most likely, we don't have a contract for yet, but I wish I had many meetings about it. We'd anticipate getting that. But the overall transuranic program nationwide is very strategic for Perma-Fix. How this transuranic waste?

由於優先事項和資金最終都會來到我們身邊，這種情況有所下滑。最有可能的是，我們還沒有簽訂合同，但我希望我能就此舉行多次會議。我們預計會得到這個。但全國性的整體超鈾計畫對於 Perma-Fix 來說非常具有戰略意義。怎麼產生這種超鈾廢棄物？

It's proved up in Schenectady that we recently won a contract. We haven't talked a lot about a deal. Do we announced in the [10th] award, but we're going through different technical approaches, and that's about $10 million contract to start with is not dramatic, but it's important. But the other big one that's TRU is West Valley. That's the one that's coming out right now.

斯克內克塔迪證明我們最近贏得了一份合約。我們還沒有就交易進行太多討論。我們是否在[第 10 屆] 獎項中宣布，但我們正在採用不同的技術方法，大約 1000 萬美元的合約一開始並不引人注目，但很重要。但 TRU 的另一個主要項目是西谷 (West Valley)。這就是現在即將推出的產品。

So, our strengths and capabilities at Northwest will help our positioning to be in a good team and provides a value to that team for [West Valley]. So, two new program is a big deal for us in the future. We haven't talked a lot about it in the past (technical difficulty)

因此，我們在西北大學的優勢和能力將有助於我們成為一支優秀的團隊，並為該團隊提供[西谷]的價值。所以，兩個新項目對我們的未來來說是一件大事。過去我們沒有談過很多（技術難度）

Mark, you broke up? Hello? hello?

馬克，你們分手了嗎？你好？你好？

(multiple speakers)

（多個發言者）

No, you there?

不，你在嗎？

Yeah, we're here.

是的，我們在這裡。

Okay. Last, but not least, what I'm looking at DFLAW, vitrification plant, TBI, I consider those, although we just talked about the DFLAW, basically the 56 million gallons. Is it a fair statement that these are generationally long contracts after 10 years, they have no other place to go. They're not going to build a plant and ideally builds a plant it costs $1 billion, this government, we understand that.

好的。最後但並非最不重要的一點是，我正在關注 DFLAW、玻璃化工廠、TBI，儘管我們剛剛談到了 DFLAW，但我認為這些基本上是 5600 萬加侖。這是一個公平的說法，這些都是10年後的代際長合同，他們沒有其他地方可去。他們不會建造一座工廠，理想情況下建造一座工廠需要花費 10 億美元，這個政府，我們理解這一點。

But as we get closer and closer day by day, is it a fair comment that notwithstanding any further delays, but we're still talking about fourth quarter, 2025 for DFLAW vitrification plant and possibly at the same time, grouting TBI and the maximum ability for DFLAW to process is basically 1 million gallons of waste a year, which for notes to be [$2 million, $2.5 million] earlier. Ways to you, was that a fair comment.?

但隨著我們一天天接近，這是一個公平的評論，儘管有任何進一步的延誤，但我們仍在談論 DFLAW 玻璃化工廠 2025 年第四季度，並可能同時灌漿 TBI 和最大能力DFLAW 每年要處理的廢棄物基本上是100 萬加侖，對票據來說是[200 萬美元，250 萬美元]。對你來說，這是一個公平的評論嗎？

We believe that's the fair comment, Howard. I think the investments we've made locally in the Hanford area, the capabilities we've built up the quality of our team in the recent agreements with the local labor unions have all positioned us to be a very high value alternative for DOE to provide exactly described, which is processing via flow waste, the grouting and other waste on site and put Perma-Fix Northwest in a position, where it's the best value alternative for the overall Hanford mission.

我們相信這是公平的評論，霍華德。我認為我們在漢福德地區進行的本地投資，以及我們在最近與當地工會達成的協議中建立的團隊素質的能力，都使我們成為能源部提供的非常高價值的替代方案。準確描述的是，它通過流動廢物、灌漿和現場其他廢物進行處理，並使Perma-Fix Northwest 處於一個位置，成為整個漢福德任務的最佳價值替代方案。

So, last comment, then there are a couple of people who have asked various questions about 2025, is DFLAW the [Vit] Plant is operational for the full year. People have talked about basic earnings just from that project of roughly $3 a share, whether it's [250 or three] in a quarter, but you still feel comfortable assuming that the DFLAW does start full stream in 2025 or sometime a little bit before. Is that still a fair comment?

所以，最後的評論是，有幾個人提出了有關 2025 年的各種問題，DFLAW [Vit] 工廠是否會全年運作。人們已經談論了每股約 3 美元的專案的基本收益，無論是一個季度的 [250 還是 3]，但你仍然可以放心地假設 DFLAW 確實會在 2025 年或更早的某個時候開始全面啟動。這仍然是一個公平的評論嗎？

Yeah, Howard, and this has come up on a couple of calls. And I guess our best way to handle it is to kind of give you an overview of what we are considering because this is so substantial to our regular business and game changing when it occurs.

是的，霍華德，這個問題已經在幾次電話中提到過。我想我們處理這個問題的最佳方法是讓您大致了解我們正在考慮的事情，因為這對我們的正常業務和遊戲規則發生時的改變非常重要。

What I can give you is that from the metrics we've seen in the rod, we'd be looking at $60 million to $70 million of additional revenue a year. We'll be looking, we believe, our incremental range, which we openly advertise at about 25% variable cost or 75% margin is consistent for this waste stream. The big wildcard is the capital and fixed expenses that would go into growing the company to support this kind of number.

我可以告訴你的是，根據我們在桿中看到的指標，我們預計每年會增加 6000 萬至 7000 萬美元的額外收入。我們相信，我們將尋找我們公開宣傳的增量範圍，即大約 25% 的可變成本或 75% 的利潤，這與這種廢物流是一致的。最大的通配符是用於發展公司以支持這一數字的資本和固定支出。

And we've talked about 100 FTEs. We've talked about capital in the $5 million to $10 million range. We've talked about other expenses, which we typically consider fixed in nature, utilities, insurance, maintenance, et cetera. That's probably another $10 million to $15 million of cost. So a lot of that, if you show all that together, you get some pretty significant dollars income probably in the $18 million to $25 million range.

我們已經討論過 100 個 FTE。我們討論過 500 萬至 1000 萬美元範圍內的資本。我們已經討論過其他費用，我們通常認為這些費用本質上是固定的，例如公用事業、保險、維護等。這可能還需要 1000 萬至 1500 萬美元的成本。因此，如果將所有這些綜合起來，您將獲得相當可觀的美元收入，可能在 1800 萬美元到 2500 萬美元之間。

EBITDA in the $22 million to $30 million range. ROIs, 200% payback real quick couple of years that might have best. So, all that I'll say that it's reasonable to think with all other things that could happen in between that $2 to $3 range is certainly very achievable.

EBITDA 在 2,200 萬至 3,000 萬美元範圍內。投資回報率，200% 的回報真正快幾年，這可能是最好的。因此，我想說的是，考慮到 2 美元到 3 美元範圍內可能發生的所有其他事情，這是合理的，這當然是非常可以實現的。

That's all I have. Mark, Ben. Thank you, Lou.

這就是我的全部。馬克、本。謝謝你，盧。

Brian Russo, Sidoti.

布萊恩·羅素，西多蒂。

Yes, hi. Good morning.

是的，嗨。早安.

Good Morning, Brian.

早安，布萊恩。

Hey, just real quickly on the quarter, you mentioned temporary customer project delays in the third quarter, which aren't uncommon likely get pushed in the fourth quarter. So, any way to quantify what revenue is being pushed, what amount of revenues being pushed to the right?

嘿，在本季度很快，您提到了第三季度的臨時客戶專案延遲，這並不罕見，很可能會在第四季度被推遲。那麼，有什麼方法可以量化哪些收入被推到了右邊，有多少收入被推到了右邊呢？

It's difficult to define the quantity of those. Basically what happened was we had a couple of projects that were paused and REAs renegotiated and we'll be able to make up for some of that. And we'll see some of that in the fourth quarter. But I can't because I can't give you a total amount of revenue that we'll see push into it.

很難定義它們的數量。基本上發生的事情是我們有幾個項目被暫停，並且 REA 重新談判，我們將能夠彌補其中的一些。我們將在第四季度看到其中的一些內容。但我不能，因為我無法給你我們將看到的總收入。

I do expect to see pretty similar quarter in Q4 that we've seen here, which is going to typically takes a step backwards in Q3. But we do have a couple of new projects that are starting up in Q4 as well, that will assist in getting a little better, but we look at it pretty flat overall moving forward through Q4. Ben, anything else you want to add to that?

我確實預計第四季度會出現與我們在這裡看到的非常相似的季度，這通常會在第三季度出現倒退。但我們確實也有幾個在第四季度啟動的新項目，這將有助於變得更好，但我們認為第四季度的整體進展相當平淡。本，您還有什麼要補充的嗎？

No, I think I think that's fair. Q4 is always that impacted by holidays and those things. So, there's a lot, again, a lot of moving parts, but we do expect a lot of the, what we missed in the third to move into fourth and for and beyond.

不，我想我認為這是公平的。第四季總是受到假期和其他事情的影響。所以，同樣，還有很多變化的部分，但我們確實希望我們在第三階段錯過的很多東西能夠進入第四階段以及之後的階段。

Okay. Got it. Great. And then just on the segment margins, it seems fairly low relative to what normalized margins are is it's just a function of the lower revenue and the higher fixed cost kind of dynamic.

好的。知道了。偉大的。然後就細分利潤率而言，相對於標準化利潤率來說，它似乎相當低，因為它只是收入較低和固定成本較高的動態的函數。

Well, there was, it's higher on the service side because of the improved productivity, it was lower on the treatment side. And that was a -- that's a revenue or a waste mix issue, a little higher this time around than usual because we had a good-sized number of what we call direct ship waste streams that we don't even touch at the plants and they go and we just broke room. So to speak, and that brought the margin down, but we expect it to normalize going forward.

好吧，由於生產力的提高，服務方面的水平較高，而治療方面的水平較低。這是一個收入或廢物混合問題，這次比平時要高一些，因為我們有大量所謂的直接船舶廢物流，我們甚至不接觸工廠和他們走了，我們就壞了房間。可以這麼說，這導致了利潤率下降，但我們預計未來它將正常化。

Okay, great. And then just on the on the RD&D permit delays from the DOD permit delays from the Washington State of Ecology. Any insight there? Is it just more procedural or are there any read-throughs? Are they taking an extended period of time to review, which I thought might have been more of a formality. Just wanted to get any insight there?

好的，太好了。然後是關於研發與發展許可的延遲，以及來自華盛頓州生態學的國防部許可的延遲。有什麼見解嗎？它只是更程式化還是有任何通讀？他們是否需要花費很長時間進行審查，我認為這可能更像是一種形式。只是想在那裡獲得任何見解？

Yeah, we have no idea, Brian. The bottom line is that this is not a big permit. They ask some questions several months ago of DOD, we answered them before I heard and they weren't big questions. So it's really difficult to understand, why this would take so long, but it certainly has taken a lot longer than everyone anticipated for the state to turn this thing around for 2000 gallons, it certainly would not appear to be that big of an effort, but we have no insight whatsoever as to why.

是的，我們不知道，布萊恩。底線是，這不是一個大許可證。幾個月前他們向國防部提出了一些問題，我們在我聽到之前就回答了這些問題，這些問題都不是什麼大問題。所以真的很難理解，為什麼要花這麼長時間，但州政府將這件事扭轉到 2000 加侖的速度肯定比每個人預期的要長得多，它看起來肯定不會有那麼大的努力，但我們不知道為什麼。

Okay. And then just any update on the [ITTs at ITTC]

好的。然後是 [ITTs at ITTC] 的任何更新

Sure.

當然。

A contract and the options that the DOE has either rebidding the procurement again or any other scenarios?

合約以及能源部有重新招標採購或任何其他情況的選項？

Yes, that's extremely complicated procurement, unprecedented in nature in regards to what has happened, if there's not a lot more information than what's publicly available and regards status of it, other than to say that the deal we did come out with a final proposal revision request, each of the teams provided a response, the Atkins team did a file a protest in regard to that final proposal revision requests.

是的，這是極其複雜的採購，就所發生的事情來說，本質上是史無前例的，如果沒有比公開的信息更多的信息，並且考慮到它的狀態，除了說我們確實達成了最終提案修訂之外請求後，每個團隊都做出了回應，阿特金斯團隊針對最終提案修訂請求提出了抗議。

That's at the I believe it's a [JO now and JOS], I believe they're going to make a decision. But before February, what those options would be are very difficult to speculate on other than to say that, one could still assume that the options are to award two, the Adkins team or to go out for rebid and I'm sure that with the submittal of that proposal, now there's a revision there's probably an alternative to award again to [BBXT].

我相信這是一個[JO now 和 JOS]，我相信他們會做出決定。但在二月之前，很難推測這些選擇是什麼，只能說，人們仍然可以假設這些選擇是授予阿德金斯團隊兩個，或者出去重新競標，我確信隨著提交該提案後，現在進行了修訂，可能有一個替代方案可以再次授予[BBXT]。

So, in other words, anybody can win, so nobody lost anything yet. [Now] one's one any and it's really wrapped around the axle and protest space. So, I wish I could give you some speculation, Brian, but we've got no idea on this one. And there's a lot that the public, including us is, does not know about the legal situation and what they know, what the data is or what the evidence is. So, it's just the you sit back and wait, there's really not much else we can do at this point, right?

所以，換句話說，任何人都可以獲勝，所以還沒有人失去任何東西。 [現在]一個人就是一個人，它真的包裹在車軸和抗議空間周圍。所以，我希望能給你一些猜測，布萊恩，但我們對此一無所知。包括我們在內的公眾對法律狀況、他們所知道的、數據或證據有很多不了解。所以，你只能坐下來等待，此時我們真的無能為力，對吧？

Yes. know that, that's helpful. And then just to clarify on the DFLAW, how to start and ramp up. If hypothetically, if there's a hot startup in late 2024, you won't be at full production or DFLAW won't be at full production for all of 2025. There's it's more like full year, 12 months of production, would be more like 2026? Correct?

是的。知道這一點，這很有幫助。然後只是澄清 DFLAW，如何啟動和升級。如果假設，如果 2024 年末有一個熱門啟動，那麼您將不會全面生產，或者 DFLAW 在 2025 年全年都不會全面生產。這更像是全年、12 個月的生產，更像是2026？正確的？

That's probably a good thing. And I don't know, when both melters are operating, but one could assume your statement is correct that any plant, the stress of like that it's not going to be 100% productive initially. So, one would assume your statement is correct, that they will start up with one melter [this will] melter at a time and it'll be a while before the all three shifts or hit on all cylinders and that they're maximizing their design basis [for 100 for a million] gallons a year. So, I would assume it would be 26 before you start to see that effluent come out at that rate.

這可能是件好事。我不知道，當兩台熔化器都在運行時，但人們可以假設你的說法是正確的，任何工廠，像這樣的壓力，它一開始不會達到 100% 的生產力。因此，人們會認為您的說法是正確的，他們將一次啟動一台熔化器[這將]熔化器，並且在所有三個班次或擊中所有氣缸之前需要一段時間，並且他們正在最大化其設計基礎[每年100 加侖]。因此，我假設在您開始看到污水以該速度流出之前會是 26。

Okay, great. And one last question, if you don't mind, just I'm sorry if I missed this, but what was it? What was the services backlog as of September?

好的，太好了。最後一個問題，如果你不介意的話，如果我錯過了這個，我很抱歉，但那是什麼？截至 9 月份，服務積壓是多少？

It's in the $22 million range.

售價約 2200 萬美元。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks, Brian.

謝謝，布萊恩。

Ross Taylor, ARS Investment Partner.

羅斯泰勒 (Ross Taylor)，ARS 投資合夥人。

Yeah. Gentlemen, I kind of want to dig into, what I think is the real important issue here, which is we spend a lot of time on minutia about contracts, but let�s talk about revenues and where we�re going just a bit ago, you indicated that you should be able to do $90 million to $100 million kind of a base load. You did '21 or so this last quarter, you're talking about this next quarter being roughly the same.

是的。先生們，我想深入探討一下，我認為這裡真正重要的問題是，我們花了很多時間在合約的細節上，但讓我們談談收入和我們剛才的發展方向，您表示您應該能夠承擔9000 萬至1 億美元的基本負荷。上個季度你做了大約 21 年的事情，你正在談論下個季度大致相同的情況。

My math tells me that you're operating 80%, 90% of base load on those two numbers, why don't we are what's going to take to get to the fourth quarter get to that 23 million, 25 million, you need to have to kind of keep your baseload where you want it to be?

我的數學告訴我，你正在運行這兩​​個數字的 80%、90% 的基本負載，為什麼我們不採取措施才能在第四季度達到 2300 萬、2500 萬，你需要必須將基本負載保持在你想要的位置嗎？

Yeah, I was really speaking more annually, Ross, on that. So, we had a rough Q1 that pulled us down a good bit, but our goal is to [hover] a minimum around the [20, 23, 25] range every quarter. And that's where our sweet spot is. And profitability being below that gets very difficult based on our fixed costs. So that's typically where we need to be to maximize our EBITDA is a $23 million to $25 million minimum each quarter.

是的，羅斯，我確實每年都在這方面發表更多演講。因此，我們的第一季表現不佳，這讓我們的成績下降了很多，但我們的目標是每個季度在 [20, 23, 25] 範圍內[徘徊]最小值。這就是我們的最佳點。根據我們的固定成本，低於該水準的獲利能力會變得非常困難。因此，這通常是我們需要最大化 EBITDA 的地方，即每季最低 2,300 萬至 2,500 萬美元。

Okay. So, and do you can you get there? Do you see you talked about stuff being pushed to the right and the like, do you, can you get there in this current quarter end? Or is that something we're going to need to wait?

好的。那麼，你能到達那裡嗎？您是否看到您談到將東西推到右側之類的事情，您能在本季度末實現這一目標嗎？或者我們需要等待什麼？

As, I think we're looking at our forecast the next quarters, I said we should be equally as good as this quarter, but a little better. We do have several projects starting up and it's difficult to predict, what the revenues and margins will look like as you roll through the quarter on new projects. But right now, it looks very promising to see a quarter at least as good as this quarter.

我認為我們正在考慮對下幾個季度的預測，我說我們應該與本季度一樣好，但要好一點。我們確實有幾個專案正在啟動，很難預測當你在新專案上滾動整個季度時，收入和利潤率會是什麼樣子。但現在看起來很有希望看到一個季度至少與本季一樣好。

And particularly in regards to revenue. So, we're optimistic that we will continue to see that come back. The trajectory we had last couple of quarters as well and finish up in the $90 million or close to $90 million range for the year. But we were like, when I mentioned that, like goal of $90 million fully annualized on a quarterly basis, so beginning in about 22, 23 is that we got to be to really be healthy as, we dipped a little bit below that this quarter because of those delays?

尤其是在收入方面。因此，我們樂觀地認為這種情況將會繼續出現。我們過去幾季的業績軌跡也是如此，全年的營收達到 9,000 萬美元或接近 9,000 萬美元。但當我提到這一點時，我們的目標是按季度實現 9000 萬美元的年化目標，所以從 22、23 左右開始，我們必須真正保持健康，因為本季度我們的收入略低於這個數字因為這些延誤？

Yeah, yeah. Now in looking at it, it's been a while since we've seen you guys announce a win, you had started the year around talking about what we could be getting out at Hanford in the [vet]. And that obviously caused a lot of excitement in the name.

是啊是啊。現在看來，我們已經有一段時間沒有看到你們宣布勝利了，你們在這一年開始時就在談論我們可以在漢福德的[獸醫]中得到什麼。這顯然引起了很多人的興奮。

And since then, we've kind of been stuck waiting for the Italy operation for some other Hanford stuff for things happening, how you've talked about the ability to get you think you can get some new wins or get some this decided in this current quarter, how comfortable are you that your ability to kind of push next year towards the extra business to be able to produce [$2030 million] or more kind of out of this non-core load that we just were talking about.

從那時起，我們一直在等待意大利行動，等待漢福德的其他一些事情發生，你如何談論讓你認為你可以獲得一些新的勝利或在這方面做出一些決定的能力當前季度，您對明年推動額外業務能夠生產[20.3 億美元] 或更多我們剛才討論的非核心負載的能力感到滿意嗎？

We are also what's really asking about is our growth strategy. And I was mentioning the list of opportunities that we're bidding on these next two quarters this quarter and next quarter are a significant [chunk] that, we haven't seen this many big opportunities that we're really well positioned for with high win probabilities that would that could be literally be awarded by next summer. So with that in mind, I feel very good about where we're heading and we're very optimistic about it. The way we've retooled our ability to bid these things, gives us additional confidence. The JRC, we're very confident on -- we're very confident that we'll know in the next week or two, I have been saying it since last December, very aware of that.

我們真正關心的是我們的成長策略。我提到了我們在本季度和下個季度競標的未來兩個季度的機會清單是一個重要的[塊]，我們還沒有看到這麼多我們真正處於有利地位的大機會贏得的概率實際上可以在明年夏天授予。因此，考慮到這一點，我對我們的發展方向感到非常滿意，並且對此非常樂觀。我們重新調整投標能力的方式給了我們額外的信心。 JRC，我們非常有信心——我們非常有信心在未來一兩週內就會知道，自去年 12 月以來我一直在這麼說，我非常清楚這一點。

But it is -- it's got to move forward, because it's got the remediation contract has been selected, and is ready to mobilize, and are just waiting for us to be awarded, so we can get going. I was over there last week, I was actually there Monday, Tuesday this week, and everything is on track. I can make an announcement here in the next few weeks, so I will wait for that to occur there.

但它是——它必須向前推進，因為它已經選擇了修復合同，並準備好動員起來，並且正在等待我們獲得獎勵，這樣我們就可以開始了。上週我去過那裡，實際上我本週週一、週二我也在那裡，一切都按計畫進行。我可以在接下來的幾週內在這裡發佈公告，所以我會在那裡等待。

Once that happens, as I mentioned before it opens up a lot of opportunity in Europe, and it kind of -- begins implementation of our overall European strategy. As far as OSMS, that one has very significant revenue implications for us, because we have such a big piece of scope, defined from the overall contract.

一旦發生這種情況，正如我之前提到的，它將在歐洲帶來很多機會，並且開始實施我們的整體歐洲戰略。就 OSMS 而言，它對我們的收入有非常重大的影響，因為我們的範圍非常大，是根據整個合約定義的。

Again, several bidders that it's got to be considered there. The competition is a lot bigger, and I just can't speculate on when that's going to be award, other than to say, the DOE asked for an 18-day, it was extension into November, from the end of October. So when they asked for extension, it's basically asking you to maintain your costing, without change for another 18 days.

再次，一些投標者表示必須在那裡考慮。競爭要大得多，我只是無法推測什麼時候會頒獎，只能說，DOE 要求為期 18 天，從 10 月底延長到 11 月。因此，當他們要求延期時，基本上是要求您在 18 天內保持成本核算不變。

So I got to believe that's going to come out in the next week or so. So we see these things coming. It's been very frustrating for us, not understanding how to plan for them. But in the meantime, you know, the point is that we're pursuing very, very aggressively other bids and opportunities of the same magnitude, and the same impact, and we're getting on good teams, and providing innovation into the proposals that are needed to win.

所以我必須相信這將在下週左右出現。所以我們看到這些事情即將發生。這對我們來說非常令人沮喪，不知道如何為他們做好計劃。但同時，你知道，關鍵是我們正在非常非常積極地尋求同等規模和相同影響的其他投標和機會，我們正在組建優秀的團隊，並為提案提供創新需要獲勝。

So I do feel like we'll -- we're going to getting companies nailed down, the next six months, and we'll see those revenues go the direction that we're talking to our investors about. To answer your question, Ross.

所以我確實覺得，在接下來的六個月裡，我們將讓公司確定下來，我們將看到這些收入朝著我們與投資者談論的方向發展。回答你的問題，羅斯。

Honestly, kind of because I'm really trying to wrestle with the idea of, you know, we've been kind of you've been stuck in, then I understand you can't control this. I'm trying to get understand that -- if we get Italy, what does that open up? Because that opens up Europe, that probably opens up Croatia, and some other opportunities you've talked about in the past. If Italy comes to pass before the end of the year, could we see $20 million out of Europe next year?

老實說，有點因為我真的在努力克服這樣的想法，你知道，我們一直被困在其中，然後我明白你無法控制這一點。我試著去理解──如果我們拿下義大利，會帶來什麼？因為這會打開歐洲的大門，這可能會打開克羅埃西亞的大門，以及您過去談到的其他一些機會。如果義大利在今年年底前通過，明年我們能看到歐洲流出 2000 萬美元嗎？

It's not necessarily contingent on the GRC -- the JRC, it has a big impact in that. We have some agreements for building a plant in England with Westing house, and because so much time has gone by, we'll need to revisit that right now, again, met with him last week. That's all still in place. And what it does is, it provides the backlog for that plant, and the ability to move forward with it, which would be able to service all of Europe.

它不一定取決於GRC——JRC，它在這方面有很大的影響。我們與西屋公司達成了一些在英格蘭建設工廠的協議，由於已經過去了很長時間，我們現在需要重新審視這一點，上週與他會面。這一切都還在原地。它所做的是，它為該工廠提供了積壓的訂單，並提供了繼續推進的能力，這將能夠為整個歐洲提供服務。

And not to answer your question, that's going to take several years to build that plan. However, what we have worked several additional deals with clients in Europe, to begin shipping to us irrespective of that plant being there, in anticipation of it coming eventually. But the waste backlog in Germany, in Croatia, in the UK, are all such that they have to start moving those waste in the near term, and are not in a position to wait for that plant.

不是回答你的問題，而是需要幾年的時間來製定該計劃。然而，我們已經與歐洲的客戶達成了幾項額外的協議，無論工廠是否在那裡，我們都開始向我們發貨，預計它最終會到來。但德國、克羅埃西亞和英國的廢棄物積壓都如此嚴重，以至於他們必須在短期內開始轉移這些廢棄物，而無法等待該工廠的到來。

So we anticipate seeing our backlog of international waste grow from where it is right now, in the $2 million to $3 million a year range, closer to an annualized receipt in the $7 million to $10 million range by the end of '24.

因此，我們預計我們的國際廢棄物積壓將從現在開始成長，每年在 200 萬至 300 萬美元範圍內，到 24 年底，年化收入將接近 700 萬至 1,000 萬美元。

So again, Croatia is a big piece -- excuse me, JRC is a big piece of that, but not all contingent on that, and in talking to the German clients, we have there now tens of thousands of drums and storage over there, that have to be moved, as a facilities have reached their capacity, and regulatory drivers have forced them to move those waste.

再說一遍，克羅埃西亞是一個大塊 - 對不起，JRC 是其中的一個大塊，但並非全部取決於此，在與德國客戶交談時，我們現在在那裡有數以萬計的桶和存儲，由於設施已達到其容量，因此必須轉移這些廢棄物，而監管驅動因素迫使他們轉移這些廢棄物。

And where we are the only -- only successful organization that's has been able to take this waste stream in the US, and return other residues back successfully. So we remain optimistic on that, and really feel that. But by the end of '24, the annualized, we should be close to $10 million a year in revenues from Europe.

我們是唯一成功的組織，能夠在美國處理這些廢物流，並成功地將其他殘留物回饋。所以我們對此保持樂觀，並且確實感受到了這一點。但到 24 年底，以年計算，我們來自歐洲的收入應該接近 1,000 萬美元。

Okay. And then as we obviously, we just are kind of waiting for the dough on these other issues, when you -- with that kind of -- what do you think as a base load that kind of you've talked about profitability, does Europe come in at company average profitability?

好的。然後，顯然，我們只是在等待這些其他問題的解決方案，當你 - 與這種 - 你認為基本負荷是什麼，你已經談到了盈利能力，歐洲是嗎？達到公司平均盈利能力？

Correct. Yes, it does. So our treatment, our costs that we provide for our pricing we provide for the European market, is pretty close to what we provide here. And then you tack on the transportation costs, but that's pretty much only options available, for most of those folks over there.

正確的。是的，它確實。因此，我們的待遇，我們為歐洲市場提供的定價所提供的成本，與我們在這裡提供的非常接近。然後你還要考慮交通成本，但這對那裡的大多數人來說幾乎是唯一可用的選擇。

Okay. I'll let someone come in and ask obviously the soon -- it's outside of your control. But obviously, I think you can you can tell from today's action, investors are getting frustrated, and we'd love to see some tangible signs of victory between here and the end of the year, to remind us, because it strikes me, as from what you're saying, this is a calendar play. 2025 should be a pretty powerful year, earnings wise, as you ramp up everything that's going, and you have a chance to have it be hugely powerful. You picked up an enterprise win and some other factors. So thank you very much.

好的。我很快就會讓人進來詢問——這不在你的控制範圍之內。但顯然，我想你可以從今天的行動中看出，投資者感到沮喪，我們希望看到從現在到今年年底之間出現一些明顯的勝利跡象，以提醒我們，因為這讓我印象深刻，因為從你的說法來看，這是一場日曆比賽。從獲利角度來看，2025 年應該是非常強勁的一年，因為你會加強一切力度，你有機會讓它變得非常強大。您獲得了企業勝利和其他一些因素。非常感謝。

You bet, Ross. We're very sensitive to what you're saying to. You know, it's very frustrating us. We are the department, and most of our government agencies, typically make announcements on Thursdays. Every Thursday, because why will we all look at and say, oh, my gosh, another weeks go by, and you know, these bids continue to be out there waiting for announcement.

你敢打賭，羅斯。我們對你所說的話非常敏感。你知道，這讓我們非常沮喪。我們這個部門以及我們大多數的政府機構通常會在星期四發佈公告。每個星期四，因為為什麼我們都會看著並說，哦，天哪，又一個星期過去了，你知道，這些出價繼續在那裡等待公告。

And but all we can do is keep our heads down, and keep fighting for new opportunities. And I'm very proud of what we've come up with, and direction we're heading in, with those new opportunities that keep those irons in the fire. So, I appreciate your support.

但我們能做的就是保持低調，繼續爭取新的機會。我對我們所取得的成果和我們前進的方向感到非常自豪，這些新機會讓我們繼續努力。所以，我感謝您的支持。

Yeah. Thank you, sir. You take care, keep looking at it.

是的。謝謝你，先生。你保重，繼續觀察。

Thanks, Ross.

謝謝，羅斯。

William Miller

威廉·米勒

Yes. My question really is, I think all of our stockholders understand that we'd be billionaires, if writing RFPs and I mean, demand generated a bottom line, but they don't. So what I'd like to know is at the end of last quarter, how many RFPs or bids did you have out, of those who were out, how many were awarded, and have those awarded, how many did you win?

是的。我的問題實際上是，我認為我們所有的股東都明白，如果編寫 RFP，我們將成為億萬富翁，我的意思是，需求產生了底線，但他們沒有。所以我想知道的是，在上個季度末，你們有多少個 RFP 或投標被淘汰，在那些被淘汰的項目中，有多少被授予了，那些被授予了，你們贏得了多少？

You constantly talk about our statistical win percentage, but we the stockholders just hear about stuff. So how many bids you got outstanding, how many did you win last quarter? How many do you lose, let us determine whether you've got a future or not?

你經常談論我們的統計勝率，但我們股東只是聽到一些東西。那麼，上季您獲得了多少個未完成的投標，贏得了多少個？你失去了多少，讓我們來判斷你是否還有未來？

Well, we've I don't have the numbers in front of me, but I can tell you that we have about $700 million in potential [REV] total contract values outstanding. And last quarter Q3, we actually had a good quarter. We had we're pretty -- I don't have the statistic exactly, but we had wins for Niagara Falls, [Santos Anna], a couple of commercial clients, [Boning Randy Minds] and [Ion Beam Los Alamos] and this fruit job, I would estimate that would be in the 30% to 40% range of the number of bids we submitted.

好吧，我沒有眼前的數字，但我可以告訴你，我們有大約 7 億美元的潛在 [REV] 未償還合約總價值。上個季度的第三季度，我們實際上度過了一個不錯的季度。我們很漂亮——我沒有確切的統計數據，但我們為尼亞加拉大瀑布、[桑托斯安娜]、幾個商業客戶、[Boning Randy Minds] 和 [Ion Beam Los Alamos] 以及這個贏得了勝利水果工作，我估計會在我們提交的投標數量的30% 到40% 範圍內。

So there's two ways to provide an answer to you. One is what is the percentage of revenue potential that you won, and what is the percentage of number of bids that you bid. And our goal is typically to get to a 40% win rate on the number of bids that we submit, because sometime you submit a much smaller, and sometimes there's a couple of big ones.

因此，有兩種方法可以為您提供答案。一是您贏得的潛在收入百分比是多少，以及您出價的出價數量百分比是多少。我們的目標通常是在我們提交的出價數量上獲得 40% 的勝率，因為有時您提交的出價要小得多，有時會提交幾個大的出價。

When you do it the other way, it's not necessarily a value -- a statistic versus how many bids you submitted for semi wins. So we view a 40% win rate, as it's kind of industry standard in this business. And we typically close between 20% and 40%, sometimes it depends on as to what was the government, or wherever the client is as announced, so which was they haven't.

當您以其他方式進行操作時，它不一定是一個值 - 與您為半勝提交的出價的統計資料。因此，我們認為勝率是 40%，因為這是該行業的行業標準。我們通常會在 20% 到 40% 之間完成，有時這取決於政府是什麼，或者客戶在哪裡（如所宣布的那樣），所以他們還沒有。

So it's difficult to show to answer your question, without a lot of caveats and data. So but we do track that, and we can tried to provide a little bit more information on the next call, in regards to your question.

因此，如果沒有大量的警告和數據，很難回答你的問題。所以，我們確實會追蹤這一點，並且我們可以嘗試在下次通話中就您的問題提供更多資訊。

[Steve Fein].

[史蒂夫·費恩]。

Can you hear me, because I'm on a speaker. Can you hear me?

你聽得到我說話嗎，因為我正在使用揚聲器。你聽得到我嗎？

We can hear you.

我們能聽到你的聲音。

Okay. I got a question for Rob. One on the I have a lot of questions. But on the depreciation and amortization, why was that so dramatically up? I mean, I'm looking at here that for '23, depreciation and amortization was 2124 versus 1433, why is that so significantly up?

好的。我有一個問題想問羅布。一是我有很多問題。但在折舊和攤提方面，為什麼會大幅上漲呢？我的意思是，我在這裡看到，23 年的折舊和攤提是 2124，而 1433，為什麼會如此顯著上升？

Yes, Steve, that was a unique situation with our new facility in Oak Ridge. The depreciation we're talking about, isn't your typical capital depreciation. It's the closure related, and there's some closure costs, and the way closure costs work, it's called ARO, in accounting lingo, and goes in as an asset against the liability. And we just needed to ramp up, accelerate the closure number on the balance sheet. You would see an offsetting asset number.

是的，史蒂夫，我們在橡樹嶺的新工廠的情況很獨特。我們談論的折舊不是典型的資本折舊。這是與關閉相關的，並且有一些關閉成本，以及關閉成本的工作方式，用會計術語來說，它被稱為 ARO，並作為負債的資產。我們只需要增加、加速資產負債表上的關閉數字。您會看到一個抵銷資產編號。

So that's just the -- it's operating. It's just though a one-time deal?

所以這就是——它正在運作。這只是一次性交易嗎？

Correct. Yeah, it will slow down.

正確的。是的，它會變慢。

I do have a bunch of questions. When I -- I have not heard about this contaminated waste that's come out of the -- that's in the tisker. So my question there is, Mark, the fact that it's contaminated, does that change the classification of it?

我確實有很多問題。當我——我還沒有聽說過這種受污染的廢物是從——這是在廣告中產生的。所以我的問題是，馬克，它被污染了，這會改變它的分類嗎？

No (multiple speakers) It's just a little bit more contamination of a specific time kind is not within the design basis of the DFLAW.

不（多個發言者）這只是特定時間類型的更多污染，不在 DFLAW 的設計基礎之內。

What -- can I ask what the contamination was? Is it something that's hard for DOE to handle, or something that they could put again through the tisker.

什麼－我可以問一下污染是什麼嗎？這是能源部難以處理的事情，還是他們可以再次透過股票發布者處理的事情。

They can put it again through tisker. I've tried to reduce it -- I believe it's a radio isotope. It's high. I thought it was cesium, but I'd have to check the press release, but (multiple speakers) contaminant from within the tank that they put it in, after they ran through the tisker.

他們可以透過 tisker 再次將其放入。我試圖減少它——我相信它是一種放射性同位素。它很高。我以為是銫，但我必須檢查新聞稿，但是（多個發言者）在他們通過測試器後將其放入的罐內產生了污染物。

But if they would redo it, would they not have tank problems?

但如果他們重做的話，坦克不會出現問題嗎？

They have to put it in a different tank. So what (multiple speakers)

他們必須將其放入不同的水箱中。那又怎樣（多位發言者）

Yeah, okay. Alright, fine. When Howard was initially asking, about how long -- and this is how long, let's say, Hanford would be, if they did the vitrification and Perma-Fix got the secondary ways. Is it not true that they passed to liquefy the waste, so the actual waste is not 59 million gallons, it's probably closer to hundreds of millions of gallons because of the liquification. And that's why we take so long.

好的。好吧，好吧。當霍華德最初問，如果他們進行玻璃化冷凍並且 Perma-Fix 採取次要方法，那麼漢福德會持續多久。他們不是真的通過液化廢物嗎，所以實際廢物不是5900萬加侖，因為液化可能更接近數億加侖。這就是為什麼我們花了這麼長時間。

That's absolutely correct. It's believed to be about 1 to 3, 1 to 2.5 to 3, for every gallon that you have in the tank, you're able to add a couple of gallons of water to get it out, because most of that tank waste itself is either dry, or [intricacies] it will require a slurry to get it out. So you have to add some to remove it.

這是絕對正確的。據信，水箱中的每加侖水大約為 1 到 3、1 到 2.5 到 3，您可以添加幾加侖的水來將其排出，因為大部分水箱廢物本身就是無論是乾燥，還是[錯綜複雜]，都需要漿液才能取出。所以你必須添加一些來刪除它。

I'm going to move over to Europe. So you succeed in Europe, is it what the people be provided by [Westing house], if you created a plant?

我要搬到歐洲去。所以你在歐洲取得了成功，如果你創建了一家工廠，這就是[西屋]為人們提供的嗎？

Yes, it would be our technology Westing house's facility and license (multiple speakers) It's to do with (inaudible) Westing house.

是的，這將是我們的技術西屋公司的設施和許可證（多個發言者）這與（聽不清楚）西屋公司有關。

And is that 50%, 50%?

那是50%、50%嗎？

It's 55%, 45%.

是55%、45%。

Okay, alright. So do you know but the -- but to me, the real main thing here is, you're joining with somebody, who is a big player and that's a fabulous. With regard to the comments we talked about, okay, the vitrification plant goes on, and then there's a secondary waste, and then the secondary waste comes to per the rod -- in part of the rod in January you mentioned, and then an additional you're really only player. In that rod, it states that the way you treat it, would go back to Hanford.

好吧，好吧。所以你知道嗎，但對我來說，真正重要的是，你正在與一個大玩家一起加入，這真是太棒了。關於我們談到的評論，好的，玻璃化工廠繼續運行，然後出現二次廢物，然後二次廢物進入每根棒——在你提到的一月份棒的一部分中，然後是額外的廢物你真的只是一個玩家。在那根棍子裡，它指出你對待它的方式，將回到漢福德。

So my question is, as there have been work done, that way that secondary waste could go back and be buried in Hanford.

所以我的問題是，既然工作已經完成，那麼二次廢物就可以返回並埋在漢福德。

For the DFLAW, that's the value the Perma-Fix buyers of Perma-Fix brings to DOE is that waste, it will be disposed of at the Hanford landfill, as opposed to anywhere else, which makes non-regional treatment capabilities, a lot less attractive, that the ship out of state have retreated, and ship it back into state for disposal. That adds the value of the -- of being local is that the DOE has a disposal cell there for this waste. (multiple speakers)

對於 DFLAW 來說，Perma-Fix 買家為能源部帶來的價值是，廢物將在漢福德垃圾掩埋場進行處理，而不是在其他任何地方，這使得非區域處理能力大大降低有吸引力的是，該船已離開州，並將其運回州進行處置。這增加了本地化的價值，因為能源部在那裡設有一個廢物處理單位。 （多個發言者）

Yeah, excuse me. My real question was, can it be disposed in Hanford if you get the secondary waste.

是的，對不起。我真正的問題是，如果收到二次廢棄物，可以在漢福德處理嗎？

The secondary waste has to be disposed of Handford, and for as long as it meets the (multiple speakers)

二次廢棄物必須由漢德福德處理，只要它符合（多位發言者）

Alright. I just wanted to -- Okay, I did -- I think all my questions were answered, but I've been assiduously listened to you guys, since then somewhere I think in 2016, and I remember when you came on Mark, there was a period somewhere in '18 or '19, where you kept saying or getting there, we're going to move towards $100 million and then you achieved it.

好吧。我只是想——好吧，我做到了——我想我所有的問題都得到了解答，但我一直在孜孜不倦地傾聽你們的意見，從那時起我想是在2016 年的某個時候，我記得當你出現在馬克身上時，有在 18 或 19 年的某個時期，您不斷地說或達到目標，我們將向 1 億美元邁進，然後您就實現了。

And I remember the stock moved. And so when I look at history, when I look back at history, having been a like I always say, I was a positive chemical manufacturers, so I do understand what you encounter, but I do take your statements so positively that, you know today because I've learned to listen to you, when you're always been very transparent that when you say that there will be that you do see the possibility that there will be this space and $90 million to $100 million.

我記得股票發生了變化。所以當我回顧歷史時，當我回顧歷史時，就像我總是說的那樣，我是一個積極的化學品製造商，所以我確實理解你所遇到的情況，但我確實如此積極地對待你的言論，你知道今天，因為我學會了傾聽你的意見，當你總是非常透明的時候，當你說會有這個空間時，你確實看到了存在這個空間和9000 萬到1 億美元的可能性。

And that is so critical because that covers your overhead and so forth, and gives you breathing room. And then all these other things I look at, as you know, hey, the potential is just so great and you know, my strategy when I was in business was, to have a base business, pay for my business, and just keep pushing.

這非常重要，因為它涵蓋了您的開銷等，並為您提供了喘息空間。然後我看到的所有其他事情，如你所知，嘿，潛力是如此巨大，你知道，我在做生意時的策略是，擁有基礎業務，為我的業務付費，然後繼續推動。

And then what happens is, something happens that, you know, something happens that's just changed the status quo, and that's the reality. And so I guess what I'm trying to say, as I look at this very positively, you're clearly diversifying, you're clearly bidding more.

然後發生的事情是，發生了一些事情，你知道，發生了一些改變現狀的事情，這就是現實。所以我想我想說的是，當我非常積極地看待這個問題時，你顯然在多元化，你顯然在出價更高。

And at the same time, you're saying that you do see a vision that you could get to a solid base, which is the key that you're paying your bills, and then when some of these other circumstances occur, then you know, here we go. So I, yeah, again, I commend you guys and yeah, I think the it's hard, it's world hard, but you're taking big leaps and that's all. So anyway, thank you.

同時，你說你確實看到了一個可以建立堅實基礎的願景，這是你支付賬單的關鍵，然後當其他一些情況發生時，你就知道了， 開始了。所以我，是的，再次，我讚揚你們，是的，我認為這很難，這是世界上很難的，但你們正在取得巨大的飛躍，僅此而已。所以無論如何，謝謝你。

Thank you, Steve. Appreciate it.

謝謝你，史蒂夫。欣賞它。

Unfortunately, that's all the questions we have time for today. I would now like to turn the floor over to Mark Duff for any closing remarks.

不幸的是，這就是我們今天能回答的所有問題。現在我想請馬克·達夫發表結束語。

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

好的。謝謝。我要感謝大家參加我們的第三季電話會議。我們對我們的業務前景仍然充滿信心，我們感謝股東的持續支持，並期待隨著事態發展提供進一步的更新。謝謝大家。

This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開電話線，度過美好的一天。感謝您的參與。