Power Solutions International, Inc. (PSIX) 2014 Q4 法說會逐字稿

Good day and welcome to the Power Solutions International fourth-quarter 2014 earnings conference call. Today's conference is being recorded. And at this time I would like to turn the conference over to Gary Dvorchak, Senior Vice President of ICR. Sir, you may begin.

美好的一天，歡迎參加 Power Solutions International 2014 年第四季財報電話會議。今天的會議正在錄製中。現在我想將會議交給 ICR 資深副總裁 Gary Dvorchak。先生，您可以開始了。

Thank you, Matt. Good afternoon, everyone. We're pleased that you are joining us for the Power Solutions International fourth-quarter earnings conference call. Speaking on the call today are Gary Winemaster, Chairman and Chief Executive Officer; Eric Cohen, Chief Operating Officer; and Daniel Gorey, Chief Financial Officer.

謝謝你，馬特。大家下午好。我們很高興您能參加 Power Solutions International 第四季財報電話會議。今天在電話會議上發言的是董事長兼執行長 Gary Winemaster；艾瑞克‧科恩，營運長；和財務長丹尼爾·戈里。

By now, everyone should have access to the press release that went out today. If you have not received the press release, it's available on the investor relations portion of Power Solutions' website at www.psiengines.com.

到目前為止，每個人都應該可以看到今天發布的新聞稿。如果您還沒有收到新聞稿，可以在 Power Solutions 網站 www.psiengines.com 的投資者關係部分取得。

Before we begin, I would like to remind you that the information in today's press release and the remarks made by our executives on this call may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on information currently available to us and involve risks and uncertainties that could cause our actual financial results, performance, prospects, and opportunities to differ materially from those expressed in or implied by these statements.

在我們開始之前，我想提醒您，今天的新聞稿中的信息以及我們的高管在本次電話會議上發表的言論可能包括1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。陳述基於我們目前掌握的資訊涉及風險和不確定性，可能導致我們的實際財務表現、業績、前景和機會與這些聲明中明示或暗示的內容有重大差異。

These risks and uncertainties include but are not limited to the factors identified in our news release and in our filings with the Securities and Exchange Commission. You may access any of these filings at www.sec.gov.

這些風險和不確定性包括但不限於我們的新聞稿和向美國證券交易委員會提交的文件中確定的因素。您可以在 www.sec.gov 上存取任何這些文件。

Please also note that the information provided on this call should be considered current only as of today. Except as expressly required by the federal securities laws, we undertake no duty to update that information.

另請注意，本次電話會議中提供的資訊僅應視為截至今天的最新資訊。除非聯邦證券法明確要求，我們不承擔更新該資訊的義務。

Finally, I want to mention that a replay of the call can be accessed after the call and will be available for approximately one year. With that, I'd like to turn the call over to the Company's Chairman and CEO, Gary Winemaster.

最後，我想提一下，通話結束後可以查看通話重播，並且可以保留大約一年的時間。接下來，我想將電話轉給公司董事長兼執行長加里‧懷恩馬斯特 (Gary Winemaster)。

Thank you, Gary. And thank you, everyone, for joining our call. I want to start the call by reviewing the year and discussing the market conditions driving our business. Then our COO, Eric Cohen, will offer more detail on our Q4 operating highlights; and our CFO, Dan Gorey, will discuss the details of our financial results. I will conclude with a discussion of our outlook for growth.

謝謝你，加里。感謝大家加入我們的電話會議。我想透過回顧這一年並討論推動我們業務發展的市場狀況來開始這次電話會議。然後我們的營運長 Eric Cohen 將提供有關我們第四季度營運亮點的更多詳細資訊；我們的財務長 Dan Gorey 將討論我們財務表現的細節。最後我將討論我們的成長前景。

2014 was a year of achievement for PSI. Our revenue grew 46%. Margins expanded materially, and adjusted EPS gained 49%. Our key achievements were: one, we announced the first of what we expect to be many design wins in our on-road effort. Our first announcement win was a partnership with Navistar for their school bus platform.

2014年是PSI取得成果的一年。我們的收入成長了 46%。利潤率大幅成長，調整後每股收益成長 49%。我們的主要成就是：第一，我們宣布了我們在道路工作中預計將獲得的眾多設計勝利中的第一個。我們宣布的第一個勝利是與 Navistar 就其校車平台建立了合作夥伴關係。

Two, we started to ramp up our PSI Mitsubishi 2.0- and 2.4-liter industrial engine business. These products are now the cornerstone internal combustion engines for several leading forklift manufacturers, solidifying our leadership in the global forklift industry.

第二，我們開始擴大 PSI 三菱 2.0 升和 2.4 升工業引擎業務。這些產品現已成為多家領先堆高機製造商的基石內燃機，鞏固了我們在全球堆高機產業的領導地位。

Three, our China JV, Green Power Dalian, which was launched last year, showed strong performance. It won 5 major customers, giving us a solid foothold in the Chinese domestic market. We believe that the China market could be twice the size of the US market for us.

第三，我們去年成立的中國合資企業綠能大連表現強勁。贏得了5家大客戶，使我們在中國國內市場站穩了腳步。我們相信中國市場對我們來說可能是美國市場的兩倍。

Finally, we capitalized on the surprising robust opportunity in the market for generators for oilfield applications. Our key differentiator is our ability to run on free flare gas, which gives us a compelling cost advantage over our other major competitors in the sector. Going forward, we remain committed to strategies that intelligently expand our business and position us for sustainable growth. We are uniquely positioned to capitalize on one of the most important economic themes of this decade: the emergence of sustainably cheap natural gas and propane, which is driving a shift away from diesel as the primary fuel for industrial and transportation applications.

最後，我們利用了油田應用發電機市場上令人驚訝的強勁機會。我們的主要區別在於我們能夠使用免費的火炬氣，這使我們比該行業的其他主要競爭對手具有引人注目的成本優勢。展望未來，我們仍然致力於明智地擴展我們的業務並為我們的永續成長奠定基礎的策略。我們處於獨特的位置，可以利用本十年最重要的經濟主題之一：可持續廉價的天然氣和丙烷的出現，這正在推動工業和運輸應用的主要燃料不再是柴油。

We believe the United States is in the early stage of this transition to alternate fuels such as natural gas and LPG, and that we are in a robust position for years to come. The economic and environmental benefits are simply too compelling. They are so compelling, in fact, the opportunity is not limited to the US. We are now penetrating similar markets in Asia and Europe, which we believe can end up being twice or three times as large as the US for our Company.

我們相信，美國正處於向天然氣和液化石油氣等替代燃料過渡的早期階段，我們在未來幾年將處於有利地位。經濟和環境效益實在是太引人注目了。它們是如此引人注目，事實上，機會不僅限於美國。我們現在正在滲透亞洲和歐洲的類似市場，我們相信對我們公司而言，這些市場最終可能是美國的兩倍或三倍。

We remain true to our time-tested approach to new opportunities. We identify niche applications and develop innovative products that solve customer challenges in a cost-effective way. In this way, we create our own market solutions by demonstrating to customers the initial ongoing operational cost benefits of alternative fuel options.

我們仍然忠於經過時間考驗的新機會方法。我們確定利基應用並開發創新產品，以經濟高效的方式解決客戶的挑戰。透過這種方式，我們透過向客戶展示替代燃料選擇的初始持續營運成本優勢來創建我們自己的市場解決方案。

Now let me review a few highlights for 2014 that give us confidence in our growth outlook for 2015 and 2016. We announced two major supply agreements in 2014, both of which we expect to make substantial contributions to growth.

現在讓我回顧一下2014年的一些亮點，這些亮點讓我們對2015年和2016年的成長前景充滿信心。重大貢獻。

Early last year we launched our 2.0- and 2.4-liter power system program. We expanded our partnership with NACCO Material Handling Group. We are now a supplier of internal combustion engines for NACCO's 1- to 8-ton forklift applications.

去年年初，我們推出了 2.0 升和 2.4 升動力系統計畫。我們擴大了與 NACCO Material Handling Group 的合作夥伴關係。我們現在是 NACCO 1 至 8 噸堆高機應用的內燃機供應商。

In 2014 we expanded this relationship by upfitting their legacy Mazda engine blocks, which helped them seamlessly transition out of that engine as we ramped up our high-volume assembly lines. The new PSI engines will provide greater performance and reliability. In 2015 we expect sales to NACCO to continue to grow, but keep in mind we are initiating many other relationships for our 2.0- and 2.4-liter engines, so growth for the whole program will be significantly better for the Company.

2014 年，我們透過升級他們的傳統馬自達引擎缸體來擴大這種關係，這幫助他們在我們擴大大批量裝配線的同時無縫過渡到該引擎。新型 PSI 引擎將提供更高的性能和可靠性。 2015 年，我們預計對 NACCO 的銷售將繼續成長，但請記住，我們正在為 2.0 升和 2.4 升引擎建立許多其他關係，因此整個計劃的成長對公司來說將明顯更好。

In the third quarter trucking/bus giant Navistar announced that the IC Bus division will offer a PSI 8.8-liter propane engine as an alternative fuel option for its 2015 model school buses. IC Bus has approximately 35% market share, and we expect a meaningful portion of their customers to choose the propane option. In addition to economic and environmental reasons, the engine is unique in that its performance is equivalent to their diesel option. Based on IC Bus's annual normal volume, our sales should see a material revenue and earnings contributor in 2015.

第三季卡車運輸/巴士巨頭 Navistar 宣布 IC Bus 部門將為其 2015 年校車提供 PSI 8.8 升丙烷引擎作為替代燃料選擇。 IC Bus 擁有約 35% 的市場份額，我們預計有相當一部分客戶會選擇丙烷選項。除了經濟和環境原因外，該引擎的獨特之處還在於其性能與柴油引擎相當。根據 IC Bus 的年度正常銷量，我們的銷售應該會在 2015 年為收入和盈利做出實質貢獻。

The importance Navistar is placing on the option shows the value we can bring to the medium-duty market. If any of you happened to listen to Navistar's recent earnings call, they cited our partnership repeatedly as a key strategic initiative for them. We certainly agree and want to emphasize that the performance and benefits of our engine solutions have widely been recognized by other truck manufacturers that see the strategic importance of alternative fuel offerings. We expect to see exciting progress in our on-road effort, both in the US and in China, in 2015.

Navistar 對這個選項的重視表明了我們可以為中型市場帶來的價值。如果你們當中有人碰巧聽過 Navistar 最近的財報電話會議，他們就會一再提到我們的合作關係是他們的一項關鍵策略舉措。我們當然同意並想強調，我們的引擎解決方案的性能和優勢已得到其他卡車製造商的廣泛認可，他們看到了替代燃料產品的戰略重要性。我們預計 2015 年我們在美國和中國的道路工作將取得令人興奮的進展。

We were also excited to announce a new joint venture with Doosan Infracore during the fourth quarter at the PowerGen show. I'll let Eric discuss the JV in more detail in a minute, but we have worked with Doosan for many years, and we've used this strong strategic opportunity to continue to build our solid relationship with them.

我們也很高興在第四季的 PowerGen 展會上宣布與 Doosan Infracore 成立新的合資企業。我將讓 Eric 稍後更詳細地討論合資企業，但我們已經與斗山合作多年，我們利用這個強大的策略機會繼續與他們建立牢固的關係。

Now I'd like to turn to the oil and gas market, which, of course, is on everybody's mind at the moment. Our oil and gas product benefited from accelerated adoption and provided profitable growth for us in 2014, and we still see an expanding opportunity for several reasons.

現在我想談談石油和天然氣市場，這當然是目前每個人都關心的問題。我們的石油和天然氣產品受益於加速採用，並在 2014 年為我們帶來了獲利成長，而且出於多種原因，我們仍然看到了不斷擴大的機會。

First, we have only started to penetrate a potential market for our engines in the oil field. Currently, there are approximately 1 million oil wells in the US. A significant number of these wells require a generator for prime power, and most still use diesel as a fuel. In 2014 we sold nearly 3,000 engines to our Genset customers. In total, we have sold over 10,000 units in this space.

首先，我們才剛開始滲透油田引擎的潛在市場。目前，美國約有100萬口油井。其中相當多的井需要發電機作為主要動力，並且大多數仍然使用柴油作為燃料。 2014 年，我們向發電機組客戶銷售了近 3,000 台引擎。我們在這個領域總共售出了 10,000 多套。

Comparing our small installed base of flare gas-fueled generators to over 1 million oil wells, you can see that we have only begun to penetrate this opportunity. And that doesn't even include the untapped potential of offshore production.

將我們小型的火炬氣發電機安裝基數與超過 100 萬口油井進行比較，您可以看到我們才剛開始抓住這個機會。這還不包括尚未開發的海上生產潛力。

Second, as you would expect with falling oil prices, the operating rig count has declined in recent months. Rigs do the drilling inherent in oil exploration. But our genset customers' primary business is not served by the exploration market. Therefore, our exposure is to completed wells, and existing production is far less sensitive to oil price volatility than exploration.

其次，正如您所預料的那樣，隨著油價下跌，近幾個月來運營的鑽機數量有所下降。鑽機進行石油探勘中固有的鑽探工作。但我們的發電機組客戶的主要業務並不是由勘探市場提供的。因此，我們的風險敞口是已完井，現有產量對油價波動的敏感度遠低於勘探。

Why? The capital cost that drives exploration is already a sunk cost for the completed well, and cash operating costs tend to be quite low. We have seen estimates of an average cost of $40 per barrel for operating costs. As long as completed wells are producing, then associated gas will often be flared.

為什麼？推動勘探的資本成本已經是已完井的沉沒成本，現金營運成本往往相當低。我們估計營運成本平均為每桶 40 美元。只要已完井仍在生產，伴生氣就會經常被燃燒。

Third, the economics of turning free wellhead gas as opposed to diesel haven't changed. Because generators have used electricity, obviously, as a key metric in the cost per kilowatt hour for flare gas versus diesel versus wind power -- if it is even available -- one of our customers estimates that the wells can use nearly $325,000 per year in diesel fuel, which translates to electricity cost of $0.35 per kilowatt hour. Utility grid power can cost upward of $0.16 per kilowatt hour. In contrast, gas-powered electricity can cost around $0.03 per kilowatt hour.

第三，與柴油相比，使用免費井口天然氣的經濟性並沒有改變。顯然，因為發電機使用電力作為火炬氣、柴油和風力發電每千瓦時成本的關鍵指標（如果可用的話），我們的一位客戶估計這些油井每年可使用近 325,000 美元柴油，換算成每千瓦時的電費為0.35 美元。公用電網電力的成本可能高達每千瓦時 0.16 美元。相比之下，天然氣發電的成本約為每千瓦時 0.03 美元。

This cost advantage is compelling. By switching to nat gas generator that burns on free fuel, oil producers can have a distinct opportunity to save substantial amount of their operating expenses, which is more critical than ever in a lower-margin environment. We believe producers will opt to invest in order to substantially reduce their operating costs in this lower oil price environment.

這種成本優勢是引人注目的。透過改用使用免費燃料的天然氣發電機，石油生產商可以有一個獨特的機會來節省大量營運費用，這在利潤率較低的環境中比以往任何時候都更加重要。我們相信，在油價較低的環境下，生產商將選擇投資，以大幅降低營運成本。

Fourth, we estimate that 50% to 70% of our sales to genset customers go to service support through rental units as opposed to being sold directly to producers. Thus, to switch to natural gas generators from diesel generators, where site power is an operating expense decision rather than a CapEx decision. And for us and our customers, if there is a slowdown in oil production demand, then generators can be diverted to other uses.

第四，我們估計我們對發電機組客戶的銷售有 50% 到 70% 透過租賃設備提供服務支持，而不是直接銷售給生產商。因此，從柴油發電機切換到天然氣發電機，其中現場電力是營運費用決策而不是資本支出決策。對於我們和我們的客戶來說，如果石油生產需求放緩，那麼發電機可以轉換為其他用途。

Finally, we have seen that our growing installed base of generators in the oilfield has resulted in a pickup in our aftermarket business. Engines already in use need to be serviced, of course. Since they typically run 24/7, they will often be rebuilt several times over their useful life. As this installed base grows, this becomes a high-margin annuity for us.

最後，我們看到油田發電機安裝量的不斷增長導致我們的售後業務回升。當然，已經使用的引擎需要進行維修。由於它們通常全天候 (24/7) 運行，因此在其使用壽命期間通常會被重建多次。隨著安裝基礎的成長，這對我們來說成為高利潤的年金。

In 2015 we do not expect to replicate the oil and gas growth we saw in 2014. At 100%, the growth rate was quite rapid. However, we do expect this segment to continue to grow over time while also contributing high margins. To give you a sense of where we stand, we generated $123 million of revenue in this segment in 2014. Currently, we expect about $30 million of oil and gas revenue in Q1. So we are already sitting at $120 million annual run rate, with historical back-end sales weight yet to come.

2015 年，我們預計不會出現 2014 年石油和天然氣成長的情況。然而，我們確實預期該細分市場將隨著時間的推移而持續成長，同時也貢獻高利潤。為了讓您了解我們的處境，2014 年我們在該領域創造了 1.23 億美元的收入。因此，我們的年運行率已經達到 1.2 億美元，而歷史後端銷售量尚未到來。

In a period when producers are looking at every cost, the savings from burning free flare gas remains compelling. We believe this market opportunity will remain robust for years to come at even low oil prices we have experienced recently.

在生產商考慮每項成本的時期，燃燒免費火炬氣所節省的成本仍然引人注目。我們相信，即使在我們最近經歷的低油價的情況下，這個市場機會在未來幾年仍將保持強勁。

Now let me turn the call over to our COO, Eric Cohen, to discuss Q4 operating highlights in more detail. Eric?

現在讓我將電話轉給我們的營運長 Eric Cohen，更詳細地討論第四季的營運亮點。艾瑞克？

Thank you, Gary. I want to offer more detail on several of our highest-priority growth opportunities. Then I will turn the call to Dan for financial results.

謝謝你，加里。我想提供有關我們幾個最優先的成長機會的更多細節。然後我會打電話給丹詢問財務結果。

As Gary mentioned, the big news during the fourth quarter was our new joint venture with Doosan Infracore, a global manufacturer of construction equipment, machine tools, and engines headquartered in Incheon, South Korea. We've had a very productive relationship with Doosan for many years. In fact, we were named their Customer of the Year, North America, in 2014. The new JV, Doosan PSI, is a 50%/50% joint venture that will leverage the strengths of both companies to design, produce, and sell industrial natural gas power systems to the global market.

正如 Gary 所提到的，第四季的重大新聞是我們與 Doosan Infracore 建立的新合資企業，Doosan Infracore 是一家全球建築設備、工具機和引擎製造商，總部位於韓國仁川。多年來，我們與斗山一直保持著富有成效的關係。事實上，我們在 2014 年被評為北美年度客戶。推向全球市場。

Under the agreement, PSI has the exclusive rights to all sales in North America, while Doosan we retain its rights to all sales in South Korea. And then Doosan PSI will split all global sales outside of these two regions.

根據協議，PSI 擁有北美所有銷售的獨家權利，而斗山保留其在韓國所有銷售的權利。然後，斗山 PSI 將分割這兩個地區以外的所有全球銷售額。

The JV will work in a similar manner to our existing relationship. Doosan will supply diesel engine blocks, which PSI will develop to run on natural gas design for the international market.

合資企業將以與我們現有關係類似的方式運作。斗山將提供柴油引擎組，PSI 將開發該柴油引擎組，以便在國際市場上運行天然氣設計。

Doosan PSI will offer a line which includes five engines, from 8 liters to 22 liters. I do want to point out that because this is a 50%/50% joint venture, we will record results using the equity method -- meaning there is no impact on sales. Only the profitability flows into our P&L. However, we expect our selling effort with the JV to also create opportunities around the world to sell other heavy-duty PSI engines in addition to the lean burn engine that the JV will market.

斗山 PSI 將提供包含五種引擎的產品線，排氣量從 8 升到 22 升。我確實想指出，因為這是一家 50%/50% 的合資企業，我們將使用權益法記錄結果——這意味著對銷售沒有影響。只有獲利能力才會流入我們的損益表。然而，我們預計，除了合資公司將銷售的稀薄燃燒引擎外，我們與合資公司的銷售努力還將創造在世界各地銷售其他重型 PSI 引擎的機會。

Speaking of JVs in Asia, our JV in Dalian, China, continues to ramp satisfactorily. We are now producing units for five forklift customers, and our sales organization continues to identify and engage with potential customers. Finally regarding China, our success in oil and gas has attracted the attention of the large Chinese energy companies. And we are now developing a relationship with Sinopec and CNPC to supply flare gas fueled generators.

說到亞洲的合資企業，我們在中國大連的合資企業繼續令人滿意地發展。我們現在正在為五個堆高機客戶生產設備，我們的銷售組織將繼續識別潛在客戶並與他們互動。最後關於中國，我們在石油和天然氣方面的成功引起了中國大型能源公司的關注。我們現在正在與中石化和中石油建立合作關係，供應火炬氣發電機。

We are early in this opportunity, so we can't share a lot of detail yet for competitive reasons. However, we do want to communicate to you that the flare gas opportunity is even larger than the substantial market we see in the US.

我們處於這個機會的早期，因此出於競爭原因我們還不能分享很多細節。然而，我們確實想告訴您，火炬氣的機會甚至比我們在美國看到的龐大市場還要大。

Now let me turn to 3PI, which we acquired last April. As we told you on our last call, the integration process is taking longer than we originally anticipated. But we continue to be bullish on the long-term prospects for this subsidiary.

現在讓我談談我們去年四月收購的 3PI。正如我們在上次電話中告訴您的那樣，整合過程所花費的時間比我們最初預期的要長。但我們仍然看好這家子公司的長期前景。

We are now midstream in implementing several elements of our integration and growth plan for 3PI. For example, we have leveraged PSI's supply chain expertise to standardize system specifications and stringently cost out all components. We also completed a redesign of most of the enclosure product line, reducing the cost by 15% to 20%. Some of those redesigned enclosures are being sold now.

我們現在正在實施 3PI 整合和成長計劃的幾個要素。例如，我們利用 PSI 的供應鏈專業知識來標準化系統規格並嚴格計算所有組件的成本。我們也完成了大部分機櫃產品線的重新設計，成本降低了 15% 至 20%。其中一些重新設計的外殼現已出售。

Our quoting activity continued to increase sequentially in the fourth quarter. To give you a better idea of our sales cycle, it typically takes around 90 days to convert an order and then another 90 days to realize revenue on that order. So we expect to see sales ramping up through 2015, with most of the growth expected in the second half.

我們的報價活動在第四季繼續增加。為了讓您更了解我們的銷售週期，通常需要大約 90 天來轉換訂單，然後再需要 90 天才能實現該訂單的收入。因此，我們預計 2015 年銷售額將持續成長，其中大部分成長預計將在下半年實現。

Additionally, we recently added two new strategic hires to our sales team with many years of sales experience with Cummins. We expect that their experience and relationships will allow us to broadly expand our network of dealers.

此外，我們最近還為我們的銷售團隊增加了兩名新的策略員工，他們在康明斯擁有多年的銷售經驗。我們希望他們的經驗和關係將使我們能夠廣泛擴展我們的經銷商網路。

I will now turn the call over to our CFO, Dan Gorey, to discuss our financial results in detail. Dan?

我現在將把電話轉給我們的財務長 Dan Gorey，詳細討論我們的財務表現。擔？

Well, thank you, Eric. And hello, everyone. I would like to review our operating results and financial condition in more detail and then return the call to Gary for our outlook. Here are the details of our fourth-quarter and full-year 2014 financial performance.

嗯，謝謝你，艾瑞克。大家好。我想更詳細地審查我們的經營業績和財務狀況，然後回電給加里以了解我們的前景。以下是我們 2014 年第四季和全年財務表現的詳細資訊。

Net sales for the fourth quarter were $104 million compared to $61.5 million last year. This represents a 69% increase in revenue from last year. We saw sales growth in all major areas of our business.

第四季淨銷售額為 1.04 億美元，去年同期為 6,150 萬美元。這意味著收入比去年增長了 69%。我們看到我們所有主要業務領域的銷售額都在成長。

Our heavy-duty power generation systems for the oil and gas end market continued its strong trend, contributing over half of the overall sales growth in the quarter. The acquisition of Professional Power Products, which was effective on April 1 of 2014, was also contributor to our sales growth, adding $6.9 million to sales in the fourth quarter.

我們面向油氣終端市場的重型發電系統持續保持強勁勢頭，貢獻了本季整體銷售成長的一半以上。對 Professional Power Products 的收購於 2014 年 4 月 1 日生效，這也促進了我們的銷售成長，第四季銷售額增加了 690 萬美元。

Material handling and aftermarket sales were also notable contributors to the sales increase in the quarter. Organic sales growth, excluding the acquisition of 3PI, was 58% in the quarter. The Company saw sequential sales growth of 11% in the quarter.

物料搬運和售後市場銷售也是本季銷售成長的顯著貢獻者。不包括收購 3PI 的情況，該季度的有機銷售成長率為 58%。該公司本季銷售額較上季成長 11%。

Our gross margin for the fourth quarter was 20.3% compared to 19.2% in the fourth quarter last year. This increase in gross margin was principally due to the higher level of heavy-duty engine sales and material cost reductions. Sequentially, our gross margin also increased from the 19.8% achieved in the third quarter, again, due to continued strong sales of our heavy-duty power systems to the oil and gas end market.

我們第四季的毛利率為 20.3%，而去年第四季為 19.2%。毛利率的成長主要是由於重型引擎銷量的提高和材料成本的降低。隨後，由於我們的重型電力系統向石油和天然氣終端市場的持續強勁銷售，我們的毛利率也較第三季的 19.8% 有所成長。

Operating expenses, which include research and development, selling and service, and general and administrative costs, came in at $12 million for the fourth quarter. Operating expenses were 11.5% of sales this quarter. This compares to last year's 12.8% of sales and last quarter's 11.8%.

第四季的營運支出為 1,200 萬美元，其中包括研發、銷售和服務以及一般和管理成本。本季營運費用佔銷售額的 11.5%。相比之下，去年的銷售額為 12.8%，上季為 11.8%。

Our R&D spending in the quarter was $5.1 million, up from $3.1 million in the fourth quarter last year. We continue to make significant investments in R&D spending, both for industrial as well as our on-road applications.

我們本季的研發支出為 510 萬美元，高於去年第四季的 310 萬美元。我們繼續在工業和道路應用的研發支出上進行大量投資。

Selling expense in the quarter was $2.8 million compared to $1.7 million last year, which is directly related to our increased sales volume. General and administrative expense was $4.1 million, an increase from $3 million last year, due mainly to additional G&A expenses on 3PI.

本季的銷售費用為 280 萬美元，而去年為 170 萬美元，這與我們銷售的增加直接相關。一般及行政費用為 410 萬美元，較去年的 300 萬美元有所增加，主要是由於 3PI 的額外一般及行政費用。

Operating income for the fourth quarter was $9.1 million, up 132% from $3.9 million last year. Operating margin expanded nicely in the quarter to 8.8%. This compares to 6.4% last year and 8% in the third quarter.

第四季營業收入為 910 萬美元，比去年的 390 萬美元成長 132%。本季營業利潤率大幅成長至 8.8%。相比之下，去年為 6.4%，第三季為 8%。

Interest expense was $444,000 in the current quarter compared to $87,000 last year, due to a higher level of borrowings as a result of increased working capital needs along with acquisition of 3PI. Other income and expense includes the revaluation of our warrant liability. Our April 2011 private placement included warrants, the liability which we are required to carry on our balance sheet at fair value. Each quarter the change in value must be run through the income statement as a non-cash item that, for GAAP accounting purposes, impacts the bottom line.

本季利息支出為 444,000 美元，而去年為 87,000 美元，原因是收購 3PI 後營運資金需求增加導致借款水準較高。其他收入和支出包括我們的認股權證責任的重估。我們 2011 年 4 月的私募包括認股權證，這是我們需要在資產負債表上以公允價值記入的負債。每個季度的價值變化必須作為非現金項目貫穿損益表，出於 GAAP 會計目的，該項目會影響利潤。

This quarter we booked non-cash income of approximately $5 million, resulting from the decrease in the estimated fair value of the warrant liability. The value of these warrants will change regularly, so you should expect to see valuation adjustments, both positive and negative, in future quarters. Therefore, we encourage investors to look at our results both with and without the warrant revaluation in assessing our performance on a quarterly basis.

本季度，由於認股權證負債的估計公允價值下降，我們登記了約 500 萬美元的非現金收入。這些認股權證的價值會定期變化，因此您應該預計在未來幾季會看到估值調整，無論是正值還是負值。因此，我們鼓勵投資者在評估我們每季的業績時，考慮有或沒有權證重估的結果。

Also in the quarter, we revalued the contingent consideration related to the acquisition of 3PI. This resulted in the recording of $58,000 in income as a result of the decrease in the estimated contingent consideration to be paid to the sellers of 3PI.

同樣在本季度，我們重新評估了與收購 3PI 相關的或有對價。由於支付給 3PI 賣方的估計或有對價減少，導致收入記錄為 58,000 美元。

The GAAP fully diluted income per share was $0.48 in the current quarter compared to a loss of $0.36 a year ago. Removing the effects of the warrant revaluation and contingent consideration, the Company earned $5.3 million or $0.48 per share in our current quarter. This compares to adjusted net income of $2.6 million or $0.24 per share in our fourth quarter last year.

本季 GAAP 完全攤薄每股收益為 0.48 美元，去年同期為虧損 0.36 美元。除去認股權證重估及或有對價的影響，本季度獲利 530 萬美元，即每股 0.48 美元。相比之下，去年第四季調整後淨利潤為 260 萬美元，即每股 0.24 美元。

For the full year ended December 31, 2014, the Company had sales of $348 million, an increase of 46% from $238 million for 2013. Gross margin for 2014 expanded to 19.3%, and operating margin expanded to 7.5%. Adjusted earnings for the full year were $15.7 million or $1.41 per share. This compares to $9.4 million or $0.92 per share last year.

截至2014年12月31日的全年，公司銷售額為3.48億美元，較2013年的2.38億美元成長46%。全年調整後收益為 1,570 萬美元，即每股 1.41 美元。相比之下，去年為 940 萬美元，即每股 0.92 美元。

Now let's discuss the balance sheet and liquidity. Our balance sheet is solid, with $115 million of working capital, which includes about $6.6 million in cash. We had about $91 million in shareholders' equity as of December 31. Our credit facility had borrowings of $78 million as of quarter-end. This leaves $21 million available under the facility. We are in good standing with the bank and in compliance with all covenants.

現在讓我們討論資產負債表和流動性。我們的資產負債表穩健，擁有 1.15 億美元的營運資金，其中包括約 660 萬美元的現金。截至 12 月 31 日，我們的股東權益約為 9,100 萬美元。這使得該機制下的可用資金為 2,100 萬美元。我們與銀行保持良好的信譽並遵守所有契約。

I believe cash generated from operations as well as availability on our line of credit will be sufficient for all near-term operating and capital needs. During the first quarter of 2015, we requested and received an increase in our credit facility from Wells Fargo Bank to $125 million from $100 million. This should help to provide us with additional funding to support the growth of our business in 2015.

我相信營運產生的現金以及我們信貸額度的可用性將足以滿足所有近期營運和資本需求。 2015 年第一季度，我們請求並收到了富國銀行將信貸額度從 1 億美元增加到 1.25 億美元的請求。這應該有助於為我們提供額外的資金來支持我們 2015 年業務的成長。

For 2015 we estimate that depreciation and amortization should be approximately $8 million, and CapEx should be approximately $12 million. Our effective income tax rate for 2015 will be provided at 39%.

我們估計 2015 年的折舊和攤提應約為 800 萬美元，資本支出應約為 1,200 萬美元。我們2015年的有效所得稅稅率為39%。

That concludes my comments. Let me now turn the call back to Gary to discuss our outlook. Gary?

我的評論到此結束。現在讓我把電話轉回給加里，討論我們的前景。加里？

Thanks, Dan. On our last call we offered preliminary outlook for 2015 and 2016, and we remain confident in that guidance. In 2015 we believe we can generate revenue of $480 million to $500 million. In 2016 we expect sales to range from $580 million to $620 million.

謝謝，丹。在上次電話會議中，我們提供了 2015 年和 2016 年的初步展望，我們對此指引仍然充滿信心。我們相信 2015 年我們可以創造 4.8 億至 5 億美元的收入。 2016 年，我們預計銷售額將在 5.8 億美元至 6.2 億美元之間。

Those estimates are based on trends we see across our various segments, as well as the visibility we have into the on-road opportunity. The Navistar relationship can expand to other platforms, and we also see many opportunities with other truck OEMs in the US and China. I also want to reiterate that, based on these growth opportunities -- both the ones announced and others we are pursuing -- we believe we have good visibility to become a $1 billion a year company in the next few years.

這些估計是基於我們在各個細分市場看到的趨勢以及我們對道路機會的了解。 Navistar 的關係可以擴展到其他平台，我們也看到了與美國和中國其他卡車原始設備製造商的許多機會。我還想重申，基於這些成長機會（包括已宣布的成長機會和我們正在尋求的其他成長機會），我們相信我們有良好的前景，可以在未來幾年內成為一家年收入 10 億美元的公司。

Now, with that, well into Q1, we also have better visibility on the slope for 2015 growth, which will be more back-end loaded than years past. We still expect year-over-year revenue growth in each quarter, with approximately 20% growth in the first quarter. Obviously, that implies a sequential decline from Q4 -- which is actually normal for our business, but not evident in the past couple of years due to the exceptional growth we had.

現在，進入第一季度，我們對 2015 年的成長斜率也有了更好的了解，這將比過去幾年承受更多的後端負載。我們仍預期各季度營收年增，第一季成長約20%。顯然，這意味著從第四季度開始連續下降——這實際上對我們的業務來說是正常的，但由於我們的非凡成長，在過去幾年中並不明顯。

Operator, let's now open it up to questions.

接線員，現在讓我們開始提問。

(Operator Instructions) Noah Kaye from Northland Capital Markets.

（操作員指令）來自 Northland Capital Markets 的 Noah Kaye。

This is Colin Rusch in for Noah. Just one quick question on pricing. Given the payback, which only takes a few months for this flared gas with your engines, why not more aggressive with pricing?

這是飾演諾亞的柯林拉許。只是一個關於定價的快速問題。考慮到使用引擎燃燒的天然氣僅需幾個月即可收回成本，為什麼不採取更激進的定價呢？

Yes. So what we do is we try and balance market share with the profitability. And we feel that with our pricing, that we are already aggressive, and that we are below the other competition -- mainly the existing systems or large OEMs. So what we try to do is we try and strike a balance between what's going to be attractive profits and aggressive pricing to the market. And we feel right now that we are striking that balance with the continuing opportunities we still have coming our way at our current pricing.

是的。因此，我們所做的就是嘗試平衡市場份額和盈利能力。我們認為，透過我們的定價，我們已經很激進，而且我們低於其他競爭對手——主要是現有系統或大型原始設備製造商。因此，我們要做的就是嘗試在有吸引力的利潤和激進的市場定價之間取得平衡。我們現在覺得，我們正在與我們在當前定價下仍然擁有的持續機會取得平衡。

Okay. And just with the comments around back-end weighted revenue this year, what are you seeing right now that's really giving you the confidence in that? Certainly, there would be some risk, if you are not seeing the sales ramp until the back half here, that folks could continue to push out.

好的。就今年有關後端加權收入的評論而言，您現在所看到的是什麼真正讓您對此充滿信心？當然，如果你直到下半年才看到銷售量上升，那麼人們可能會繼續推出產品，這會存在一些風險。

What are you seeing with your conversations with clients? And how are you getting comfortable with maintaining four quarters -- or, well, I should say eight quarters' worth of guidance at this point?

您在與客戶的對話中看到了什麼？您對維持四個季度的指導感到滿意嗎？

Well, we are not seeing customers push out. I think what we are seeing is the number of programs that we have identified come into play, and releases, which will happen in the third and fourth quarters. When we look at last year, we did have a significant third and fourth quarter, as expected. And I think what we're saying is that we're going to see a similar trend this year on our revenue line.

好吧，我們沒有看到客戶退出。我認為我們看到的是我們已確定的項目數量，這些項目將在第三和第四季度發揮作用並發​​布。當我們回顧去年時，正如預期的那樣，我們確實有一個重要的第三季和第四季。我認為我們要說的是，今年我們的收入線上將看到類似的趨勢。

Great. And then just a final question -- how much demand is there right now with your customers in the oil patch for a third-party finance product to go along with your engine? Is that a real opportunity -- that you guys feel like you could develop a fleet of assets that could be deployed and then redeployed, potentially, as a separate line of business?

偉大的。最後一個問題是，您的石油領域客戶現在對與您的引擎配對的第三方金融產品有多少需求？這是一個真正的機會嗎——你們覺得你們可以開發一組可以部署然後重新部署的資產，有可能作為一個單獨的業務線？

Yes. I'm going to defer to Gary or Eric, but let me just step in for a second. Colin, a fair amount of our business goes to customers that ultimately go -- these engines ultimately go into rental fleets. And I think more and more, in the oil patch, those guys really don't want to be owners of this equipment. They want to be renters of that equipment. So, in effect, that model is already intact.

是的。我會聽從加里或埃里克的意見，但請允許我介入。科林，我們的相當一部分業務都流向了最終的客戶——這些引擎最終進入了租賃車隊。我越來越認為，在石油領域，那些人真的不想成為這些設備的擁有者。他們想成為該設備的租用者。因此，實際上，該模型已經完好無損。

And again, just following up on what Dan said, is that what they are seeing is there's kind of a shift from CapEx spending to either renting or having third-party leasing companies come in, so it really becomes much more of just an operating expense.

再說一次，根據丹的說法，他們看到的是資本支出支出正在轉變為租賃或第三方租賃公司的介入，因此它實際上變得更多的是營運支出。

Excellent, guys. Thank you so much for the time.

太棒了，夥計們。非常感謝您抽出時間。

Walter Liptak with Global Hunter.

華特·利普塔克與《全球獵人》。

Great end to the year. I wanted to ask about the second-half shipments. As we look at your revenue trends, it seems pretty normal that you kind of ramp throughout the year. And I just wanted to ask, how much of the -- you talked before about Navistar, how much it's going to ramp. And maybe with 3PI, how much that is going to ramp in the back half?

美好的一年結束了。我想問一下下半年的出貨情況。當我們觀察您的收入趨勢時，您全年的收入成長似乎很正常。我只是想問，你之前談過 Navistar，它會成長多少。也許對於 3PI，後半部會增加多少？

Well, what we believe is that we are going to see about $30 million in on-highway revenue for the Company in 2015, most of which will be in the third and fourth quarters. We are seeing 3PI with substantial quotes out there. And we believe that we are going to get to a point where we are going to be a $10 million a quarter business, probably by the third quarter.

嗯，我們相信 2015 年公司的公路收入將達到約 3,000 萬美元，其中大部分將出現在第三和第四季。我們看到 3PI 有大量報價。我們相信，我們的業務將達到每季 1000 萬美元的規模，可能到第三季。

Okay, great. And then, to ask a question on the O&G power gen, given the cost savings -- I know there's probably a lot of noise out there with CapEx budgets getting cut for things that don't have a payback, or for trying to reduce costs. But since the playback is so quick on the flare gas, are you seeing the E&P customers coming to you as a cost savings? Why wouldn't you expect to see nat gas power gen accelerate instead of the concerns that are out there?

好的，太好了。然後，問一個關於石油和天然氣發電的問題，考慮到成本節約——我知道可能會有很多噪音，因為沒有回報的事情或試圖降低成本而削減資本支出預算。但由於火炬氣的回放速度如此之快，您是否認為 E&P 客戶來找您是為了節省成本？為什麼您不希望看到天然氣發電加速，而不是擔心那裡的問題？

We have seen a lot of customers come to us and talk about their forecasts for 2015, with the larger engines increasing dramatically over last year. What we've given is, I think, a conservative approach to the market. And I think that we believe that listening to our customers and seeing the orders, especially when we look at the first quarter having $30 million of sales -- I think we remain very bullish on that product. And with the savings that are available to the oil companies, I think it's going to be significant going forward.

我們看到很多客戶來找我們談論他們對 2015 年的預測，大型引擎比去年大幅增加。我認為，我們對市場採取的是保守的態度。我認為，我們相信傾聽客戶的意見並查看訂單，特別是當我們看到第一季的銷售額為 3000 萬美元時，我認為我們仍然非常看好該產品。考慮到石油公司可以節省的資金，我認為這將是一個巨大的進步。

Okay. Great. Okay, thank you.

好的。偉大的。好的，謝謝。

Eric Stine with Craig-Hallum.

埃里克·斯坦和克雷格·哈勒姆。

Thanks for all the color on the opportunities, especially oil and gas. Maybe just starting with forklift: you talked about, beyond NACCO, a number of other opportunities you are pursuing -- maybe just how that breaks down between the new opportunities and expanding with existing? And if you are able to, could you size what you view the opportunity here versus the current business right now?

感謝所有關於機會的色彩，尤其是石油和天然氣。也許只是從堆高機開始：除了 NACCO，您還談到了您正在追求的許多其他機會 - 也許只是如何在新機會和現有機會的擴展之間進行分解？如果可以的話，您能否評估一下您認為這裡的機會與當前業務的差異？

The largest opportunity in the forklift business has always been the four-cylinder market, the 2.0-liter to -2.5 engines. And we've had a product from General Motors which was marginally competitive.

堆高機業務中最大的機會一直是四缸市場，即2.0升至-2.5升發動機。我們擁有通用汽車公司的一款產品，具有一定的競爭力。

The Mitsubishi product opens a complete new opportunity for us. We had relationships with all of the customers in this business. But I think now we are able to get to the high-volume product line -- the 1.5- to 3.5-ton lift trucks. We've seen that with NACCO. We've seen it with a number of other customers.

三菱產品為我們開啟了一個全新的機會。我們與該行業的所有客戶都有關係。但我認為現在我們能夠進入大批量產品線——1.5 噸至 3.5 噸堆高機。我們已經在 NACCO 身上看到了這一點。我們已經在許多其他客戶身上看到過這種情況。

And we have -- when we talked about the competitors that we faced off with every day, our primary competitor was always Mazda and Nissan. Winning the business with NACCO -- Mazda ended their production for industrial business. We now are head-to-head with Nissan, and we feel that our product has distinct advantages over the Nissan product.

當我們談論每天面臨的競爭對手時，我們的主要競爭對手始終是馬自達和日產。贏得NACCO業務－馬自達結束了工業業務的生產。我們現在和日產正面交鋒，我們覺得我們的產品比日產的產品有明顯的優勢。

So we remain very bullish about those opportunities. We continue to really dominate the V-6 4- to 5-ton lift truck business. So I think our out going forward remains very, very positive.

因此，我們仍然非常看好這些機會。我們繼續真正主導 V-6 4 至 5 噸堆高機業務。所以我認為我們的未來仍然非常非常積極。

Got it. So a lot of this growth is expanding with customers that you've got in the 4- to 5-tons -- at that size -- with your new engine?

知道了。那麼，這種增長的很大一部分是透過使用新引擎的 4 至 5 噸級客戶來擴大的嗎？

We've always said that most of the relationships that we are going after or the business that we are going after was with existing customers, and that it's always easier to expand inside those customers than it would be to create and conquest new ones. With the market swing towards our four-cylinder, 2-liter and 2.4- product, we are seeing new opportunities to not only get the four-cylinder business, but get some of the six-cylinder business as well. So from a pull-through standpoint, we've used it with existing customers and to conquest new customers.

我們總是說，我們所追求的大多數關係或我們所追求的業務都是與現有客戶建立的，並且在這些客戶內部擴展總是比創建和征服新客戶更容易。隨著市場轉向我們的四缸、2 升和 2.4 缸產品，我們看到了新的機會，不僅可以獲得四缸業務，還可以獲得一些六缸業務。因此，從拉動的角度來看，我們已將其用於現有客戶並征服新客戶。

Okay, that's great. Maybe just turning to on-road, you discussed -- I know a few quarters ago you discussed that you had an agreement with one China -- one on-road OEM in China. And today you are talking about a few others. If possible, are you able to clarify maybe the application or the timing of those?

好的，太好了。也許只是轉向公路，你討論過——我知道幾個季度前你討論過你與一個中國——中國的一家公路原始設備製造商達成協議。今天你正在談論其他一些。如果可能的話，您能否澄清一下這些申請或時間表？

Well, it is multiple OEMs in China for on-highway, all of which are significant. And I think that we hope to be able to announce that sometime at the end of the first quarter or potentially early second quarter.

嗯，中國有多家公路整車廠，所有這些都很重要。我認為我們希望能夠在第一季末或第二季初的某個時候宣布這一消息。

Okay. And just as a reminder, those are -- those would be outside the JV?

好的。提醒一下，那些是──那些將在合資企業之外？

Correct.

正確的。

Okay. Maybe the last one for me. I know that recently IC Bus came out and said that the bus with your engine on propane is available for order. Just maybe some updated thoughts on when you think you start to see volumes -- when that starts to contribute?

好的。也許對我來說是最後一次。我知道最近 IC Bus 出來表示可以訂購使用丙烷引擎的巴士。也許只是一些關於什麼時候你認為你開始看到交易量的最新想法——什麼時候開始做出貢獻？

Yes, they are expecting to launch that product the first part of July. And so we will start to ramp up and install our engines to Navistar shortly behind that. But what I can say, though, is that we have been meeting some of their end customers and then also talking to a lot of their sales personnel in the field. And it's off to a very positive start, and there's a lot of excitement and momentum around the product already.

是的，他們預計在七月上旬推出該產品。因此，我們將在此之後不久開始加速並將我們的引擎安裝到 Navistar。但我可以說的是，我們已經會見了他們的一些最終客戶，然後也與他們在該領域的許多銷售人員進行了交談。這是一個非常積極的開始，並且該產品已經引起了很多興奮和動力。

Okay, that's it for me. Nice quarter.

好吧，我就這樣了。不錯的季度。

Alex Potter with Piper Jaffray.

亞歷克斯·波特與派珀·傑弗裡。

I was wondering if you could give revenue contribution. And I you talked a little bit about the revenue contribution in (technical difficulty) from oil and gas. I was wondering if you could do something similar for material handling and also kind of that general industrial bucket?

我想知道你是否可以貢獻收入。我剛才談到了石油和天然氣對（技術難度）收入的貢獻。我想知道您是否可以為物料搬運做類似的事情以及通用工業桶？

We typically -- as you probably know, Alex -- we don't provide detailed market contribution by end market. In general, I think, as you probably know, the oil and gas market and that series of products is one of our highest gross margin products, but it isn't the only one.

正如您可能知道的那樣，亞歷克斯，我們通常不會提供終端市場的詳細市場貢獻。總的來說，我認為，正如你可能知道的那樣，石油和天然氣市場以及該系列產品是我們毛利率最高的產品之一，但它不是唯一的。

The aftermarket, as an example, is our highest gross margin product and, I should add, grew very, very nicely last year. I think we've been on record as saying that this Company -- relative to material handling, the important thing is to get the business, win the program.

例如，售後市場是我們毛利率最高的產品，我應該補充一點，去年的成長非常非常好。我想我們已經公開說過，這家公司——相對於物料搬運，重要的是獲得業務，贏得專案。

We are fortunate enough to have a tremendous group of supply chain people that -- and we saw some of those results last year, where we did -- I talk a lot about the fact that margin increased as a result of oil and gas. But I got to give fair due to the supply chain team that also are aggressively costing down product as we transfer from prototype parts and low-volume parts to more mature components. A few years ago, we sourced very little out of China. I think we are sourcing probably a third of all of our components and engines out of China now.

我們很幸運，擁有一支龐大的供應鏈人員隊伍，去年我們就看到了其中一些結果，我經常談論石油和天然氣帶來的利潤增加這一事實。但我必須給予公平的對待，因為供應鏈團隊也積極降低產品成本，因為我們從原型零件和小批量零件轉移到更成熟的組件。幾年前，我們從中國採購的產品很少。我認為我們現在可能有三分之一的零件和引擎是從中國採購的。

So I don't want to get into any more detail than that. But we typically start with a little bit lower margins on these programs and, through aggressive costing and modification of those margins, build to acceptable gross margins for the Company.

所以我不想討論更多細節。但我們通常會從這些計劃的較低利潤率開始，然後透過積極的成本核算和這些利潤率的修改，為公司建立可接受的毛利率。

Okay, that's all very helpful commentary. I was -- actually, maybe I worded it incorrectly. But I was just looking for the revenue contribution from -- not margin, but the revenue contribution from forklift and industrial. And then is it possible to disclose that?

好的，這都是非常有用的評論。事實上，我可能用詞錯誤。但我只是在尋找收入貢獻——不是利潤率，而是堆高機和工業的收入貢獻。那可以透露嗎？

Well, right now all of our business is industrial for the most part. We don't really have -- we believe and have a line of sight to $30 million of on-road revenue in 2015. But $348 million of revenue was industrial; roughly about 35% of that was oil and gas last year. About 9% to 10% of it was -- and this isn't in any particular order -- but 9% to 10% was aftermarket. About 18% to 19% was both power generation, non-oil and gas; and material handling.

嗯，現在我們所有的業務大部分都是工業業務。我們確實沒有——我們相信並且預計 2015 年公路收入將達到 3,000 萬美元。去年，其中約 35% 是石油和天然氣。其中約 9% 到 10% 是（排名不分先後），但 9% 到 10% 是售後市場。大約18%到19%都是發電，非石油和天然氣；和物料搬運。

And about 10% from Arbor Environmental. And then if I added right, there's about a remaining 10% of all about 2% to 3% end markets, aerial lift and other markets -- sweepers and other end markets like that.

大約 10% 來自 Arbor Environmental。然後，如果我補充得正確的話，大約 2% 到 3% 的終端市場、空中升降機和其他市場——清掃機和其他類似的終端市場，大約還有剩下的 10%。

Okay, great. That's very helpful. I guess last question from me is on the big-displacement Perkins-based natural gas engines. I was wondering if you have an update there. I know those are pretty big ASPs, so a smaller volume can move the needle for you guys. I was just wondering if you are getting some good orders there? Any good volume in there to report? Thanks.

好的，太好了。這非常有幫助。我想我的最後一個問題是關於基於珀金斯的大排氣量天然氣引擎。我想知道你那裡有沒有更新。我知道這些都是相當大的 ASP，所以較小的體積可以為你們帶來幫助。我只是想知道你們那裡是否收到了一些好的訂單？有什麼好的捲可以報告嗎？謝謝。

We expect to see orders from the eight-cylinder in Q2. And we are hoping that by sometime in the end of Q2, we will be able to announce or to release the 60-liter version of that engine. So we will start taking orders in the second quarter.

我們預計第二季將看到八缸引擎的訂單。我們希望在第二季末的某個時候，我們能夠宣布或發布該引擎的 60 升版本。所以我們將在第二季開始接受訂單。

Okay, very good. Thank you, guys.

好的，非常好。謝謝你們，夥計們。

Rob Brown with Lake Street Capital Markets.

湖街資本市場公司的羅布布朗 (Rob Brown)。

On your China business, how long from actually winning a program do you anticipate revenue or getting that into the market or on the road?

對於您的中國業務，從實際贏得專案開始，您預計需要多長時間才能獲得收入或將其推向市場或上路？

Rob, which part are you talking about -- forklifts?

羅布，你說的是哪一部分──堆高機？

No. I'm sorry, I'm sorry. The on-road China business.

不，對不起，對不起。路上的中國業務。

Oh, the on-road China business.

哦，路上的中國生意。

Well, I think that we hope to be able to announce those agreements, like I said, end of the first quarter or early second quarter. We hope then to see revenue early part of 2016 or in the end of 2015.

嗯，我認為我們希望能夠像我說的那樣，在第一季末或第二季初宣布這些協議。我們希望在 2016 年初或 2015 年底看到收入。

Okay, great. Great, thank you. Then I just wanted to get a sense on cost. The R&D run rate that you are showing -- how do we think about that trending forward? Should that continue to trend up? Or has that hit a level where you think you can leverage that?

好的，太好了。太好了，謝謝。然後我只是想了解成本。您所展現的研發運作率—我們如何看待這一趨勢？這種趨勢應該會持續上升嗎？或者它是否達到了您認為可以利用的水平？

Well, I think I have gone on record as saying that R&D is probably one of the most important line items of spend the Company has. And as you know, Rob, it represents the future products and profits of the Company.

嗯，我想我已經公開說過，研發可能是公司最重要的支出項目之一。如你所知，羅布，它代表了公司未來的產品和利潤。

So I believe that that's probably a 4% to 5% of revenue kind of line item. And I think it stays that way. So I don't know that I want to give leverage out of R&D. But I think that, clearly, G&A and selling are two line items where we should be able to get good leverage.

所以我認為這可能是佔收入 4% 到 5% 的訂單項目。我認為情況仍然如此。所以我不知道我想從研發中發揮槓桿作用。但我認為，顯然，一般管理費用和銷售是我們應該能夠獲得良好槓桿作用的兩個項目。

And I think if we fast-forward to the end of 2015 -- you know, we came in, I believe, at 11.8%, I think, of -- yes, 11.8% of OpEx as a percentage of sales for 2014. I think we're probably looking at somewhere between 10% and 11%, probably 10% to 10.5%. So we will start to see that leverage; there's no question about it.

我認為，如果我們快轉到 2015 年底，我相信我們的營運支出佔 2014 年銷售額的 11.8%，是的，營運支出佔 2014 年銷售額的 11.8%。 11% 之間，可能是10% 到10.5%。所以我們將開始看到這種槓桿作用；毫無疑問。

Okay, great, thank you.

好的，太好了，謝謝。

Matt Koranda with ROTH Capital.

馬特·科蘭達（Matt Koranda）與羅斯資本（ROTH Capital）。

Nice performance on gross margins this quarter. You guys cracked the 20% mark. Just wanted to discuss where you guys see that going into 2015. And then, was there any particular benefit from lower commodity prices on the quarter that you could quantify for us?

本季毛利率表現良好。你們突破了 20% 大關。只是想討論一下你們對 2015 年的看法。

I'm not sure that I can quantify lower material costs. Iron is probably the major basic metal that impacts our business. But I don't know, Matt, that I can give you a precise number relative to savings as a result of decline in the commodity. And I apologize; you cut off a little bit on the first part, so I didn't hear your question.

我不確定我是否可以量化較低的材料成本。鐵可能是影響我們業務的主要基本金屬。但我不知道，馬特，我能否給你一個與商品價格下跌所帶來的節省有關的精確數字。我道歉；你在第一部分中斷了一點，所以我沒有聽到你的問題。

Yes, it was just generally the outlook in 2015. Can we keep up the 20% level, or do we see flattening from here? What do you guys see in 2015?

是的，這只是 2015 年的整體展望。大家對2015年有何看法？

I think we're going to see a decline in gross margins, basically volume related, right. So as Gary pointed out in his comments, we've got a clear line of sight to the guidance that we've given, the $480 million to $500 million. I think that as this plays out, what we will see is we will see gross margins in the neighborhood of 20% for the year ended, although that will ramp similarly to what we saw in 2014.

我認為我們將會看到毛利率下降，基本上與銷量有關，對吧。因此，正如加里在評論中指出的那樣，我們對我們給出的 4.8 億至 5 億美元的指導有了清晰的認識。我認為，隨著這一情況的展開，我們將看到年底的毛利率將達到 20% 左右，儘管這將與 2014 年的情況類似。

Okay, that's helpful. And then just one more on oil and gas. I think we've pretty well covered it here. But I was curious. There's been a lot of E&P letters to oilfield services companies, asking them to share in pricing concessions, given the tough environment. And you guys are already priced pretty aggressively, it seems like. So just wondering if you guys have seen any of that stuff filter through to you in terms of pricing concessions being asked for.

好的，這很有幫助。然後還有一個關於石油和天然氣的問題。我認為我們已經很好地介紹了它。但我很好奇。鑑於嚴峻的環境，已經有許多勘探與生產公司致函油田服務公司，要求他們分享價格優惠。而且你們的定價似乎已經相當激進了。所以想知道你們是否已經看到這些東西在要求價格優惠方面滲透到你們身上。

Yes. No, we have not seen that. Again, when you look at our product, we are not just another CapEx expense. We are actually a system which helps reduce costs. And so if you look at a very quick paybacks, already at our pricing level there's a very fast incentive to pay back and reduce costs. So for us, we have not been asked that at all. And again, we do see continued growth, especially even at our pricing levels.

是的。不，我們還沒有看到這一點。再說一遍，當您查看我們的產品時，您會發現我們不僅僅是另一項資本支出費用。我們實際上是一個有助於降低成本的系統。因此，如果您考慮非常快速的回報，在我們的定價水平上，已經有非常快的動力來回報和降低成本。所以對我們來說，我們根本沒有被問過這個問題。再次，我們確實看到了持續的成長，尤其是在我們的定價水平上。

Okay, that's helpful. And one last one for me. In terms of other OEMs that you guys are in discussions with, could you just characterize the nature of those discussions on-road for the US or North American market in particular? How are those proceeding? Just a little bit of color around that would be helpful.

好的，這很有幫助。最後一張是給我的。就您正在討論的其他原始設備製造商而言，您能否描述一下這些討論的性質，特別是針對美國或北美市場？這些進展如何？周圍只要有一點顏色就會有幫助。

We can't disclose actual names, because we are under NDA and for competitive reasons. But I'd say they are progressing very well. There's a continued strong interest from OEMs and end markets on the on-road side. Because, if you think about what we do, we really provide an alternative to diesel. And a lot of these OEMs are trying to make decisions that might go out a decade for what is the attractive fuel going to look like versus diesel. And so we offer a variety of alternatives.

我們不能透露真實姓名，因為我們處於保密協議之下並且出於競爭原因。但我想說他們進展得很好。原始設備製造商和終端市場對道路方面持續表現出濃厚的興趣。因為，如果您考慮我們所做的事情，我們確實提供了柴油的替代品。許多原始設備製造商正在努力做出可能需要十年的決定，以確定與柴油相比，有吸引力的燃料會是什麼樣子。因此我們提供了多種替代方案。

At the same time, you have continued tightening in emissions and regulations for diesel engines. So for example, in 2017, there is a whole new set -- series of regulations hitting on-road diesel engines. So the price of a diesel engine keeps going up, and these OEMs are aware of that. And so they are right now looking for alternatives and solutions. So we've got a considerable amount of inbound interest and activity trying to sort out future platform for 2016, 2017, and beyond.

同時，你們繼續收緊柴油引擎的排放和法規。例如，2017 年出現了一套全新的法規——針對道路柴油引擎的一系列法規。因此柴油引擎的價格不斷上漲，這些原始設備製造商也意識到了這一點。因此，他們現在正在尋找替代方案和解決方案。因此，我們收到了大量的興趣和活動，試圖為 2016 年、2017 年及以後尋找未來的平台。

Okay, thanks. That's it for me, guys.

好的，謝謝。我就是這樣，夥計們。

Aditya Satghare with FBR Capital Markets.

FBR 資本市場的 Aditya Satghare。

So you guys touched a lot on the oil and gas market. But is there a good way for us to think about what part of your oil and gas revenue is exposed to new drilling CapEx versus sort of the operating loads?

你們對石油和天然氣市場影響很大。但是，我們是否有一個好方法來考慮您的石油和天然氣收入的哪一部分受到新的鑽探資本支出與某種營運負荷的影響？

Well, as Gary mentioned before, the primary focus of our business is existing wells. And that's what's coming back from our customers. So again, once a well is in production, the cost to produce it -- the initial cost has sunk to much lower variable costs.

嗯，正如加里之前提到的，我們業務的主要焦點是現有油井。這就是我們客戶的回饋。再說一次，一旦一口井投入生產，生產成本——初始成本——的變動成本就會大大降低。

So the bulk and vast part of our market is really existing wells. So we can't quantify the exact number, but we see it as a minimal impact on our oil and gas business -- that exploration side.

因此，我們市場的大部分實際上是現有的油井。因此，我們無法量化確切的數字，但我們認為這對我們的石油和天然氣業務（即勘探方面）影響很小。

Got it. And then just moving on to China, what is the total end market opportunity you guys are pursuing in China today? And then, if we think about those five major customers, is there -- I mean, how many forklift dealers are they selling per year? And how does that penetration rate potentially progress with those customers?

知道了。然後轉向中國，你們今天在中國追求的整體終端市場機會是什麼？然後，如果我們考慮這五個主要客戶，我的意思是，他們每年銷售多少堆高機經銷商？這些客戶的滲透率可能會如何提高？

Yes. Well, if you look at China, there's really kind of three markets we are looking at and targeting. So the first one, the forklift market -- they sell in the high 200,000, almost 300,000 forklifts a year in China, which is a much larger market than even the US. And if you look at the forklift OEMs that we are talking to and in discussions with, they represent probably over 80% of that market. So it's a very vast market.

是的。嗯，如果你看看中國，我們實際上正在關注和瞄準三個市場。第一個是堆高機市場——中國每年銷售堆高機高達 20 萬輛，幾乎 30 萬輛，這是一個比美國大得多的市場。如果你看看我們正在交談和討論的堆高機原始設備製造商，他們可能佔據了該市場 80% 以上的份額。所以這是一個非常廣泛的市場。

To date almost all the market is diesel. However, there is a rapid interest towards alternative fuels, both for economic reasons but also health reasons. For example, using diesel engines inside factories is deemed not very safe now. So there's a compelling movement for that.

迄今為止，幾乎所有市場都是柴油。然而，出於經濟原因和健康原因，人們對替代燃料產生了濃厚的興趣。例如，現在在工廠內使用柴油引擎被認為不太安全。因此，有一個引人注目的運動。

And on top of that, the alternative fuel engines they do use --- very often they are imported. And they want to start to move toward a domestic Chinese source, which is our engine. That's one.

最重要的是，他們使用的替代燃料引擎通常是進口的。他們希望開始轉向中國國內的來源，這就是我們的引擎。這是一個。

The other one, on oil and gas: we touched on the large OEMs. Just Sinopec and CNPC control the majority of the oil and gas fields in China. And they've had some internal mandates to switch from diesel engines to natural gas engines. So, again, there's a very large market. And we are primed, sitting right there.

另一個是關於石油和天然氣：我們談到了大型原始設備製造商。光是中石化和中石油就控制著中國大部分油氣田。他們也收到了一些從柴油引擎轉向天然氣引擎的內部指令。所以，這又是一個非常大的市場。我們已經準備好了，就坐在那裡。

And then finally, on the on-road space, there's continuing projections for a very large acceleration of natural gas engines on the on-road and commercial space throughout. And that's both, again, for economic reasons; but there, it's energy independence and also pollution reasons are driving those changes. So those three markets -- we play in all three of those.

最後，在道路空間方面，人們持續預測天然氣引擎在道路和商業空間中的加速將會非常大。這也是出於經濟原因。但在那裡，能源獨立和污染原因正在推動這些變化。所以這三個市場——我們在這三個市場都有業務。

All right, thank you. Thanks for the update.

好的，謝謝。感謝您的更新。

Greg McKinley, Dougherty.

格雷格·麥金利，多爾蒂。

I wonder if we can just talk about 3PI for a moment. You walked through the timing required to procure an order, and then for that order to turn into revenues. And you mentioned real strong quotation activity.

我想知道我們是否可以簡單談談 3PI。您了解了獲取訂單所需的時間，然後將該訂單轉化為收入。您提到了真正強勁的報價活動。

So what is driving the uptick in quotation activity? I think for a while there were maybe some push-outs early on with some customers on order receipts. So what have you seen changing, either in terms of internal execution or customer behavior that maybe migrates us from the $7 million range to $10 million a quarter, a few quarters out?

那麼是什麼推動了報價活動的上升呢？我認為有一段時間，可能會有一些客戶在早期因訂單收據而被拒絕。那麼，您看到了哪些變化，無論是在內部執行方面還是在客戶行為方面，這些變化可能使我們從每季 700 萬美元的規模轉變為幾個季度後的 1000 萬美元？

So good question. So as we mentioned in the last quarterly call, when we acquired the company, that two things were really present. One is that some of the sales relations had become strained, because some of the items that got rushed out the door created some strained relationships with the customers. So we have been fixing both the quality of the product but also repairing some of those relationships.

好問題。正如我們在上一季電話會議中提到的，當我們收購該公司時，確實存在兩件事。一是一些銷售關係變得緊張，因為一些匆忙出貨的商品造成了與客戶的關係緊張。因此，我們一直在修復產品的質量，同時也在修復其中的一些關係。

And then, also, being a small, really more of a mom-and-pop type operation, there wasn't an established sales force. So we spent the time building a -- both internal and external sales team. And that team has been out, both mining existing relationships, but adding on new accounts, new customers; and also targeting new OEMs who we were not targeting before. So all of that effort is starting to show results in an uptick in quotation activity.

而且，作為一家小型、實際上更像夫妻店類型的企業，沒有成熟的銷售團隊。因此，我們花時間建立了一支內部和外部銷售團隊。團隊已退出，既挖掘現有關係，也增加新帳戶、新客戶；並且也針對我們之前沒有針對的新原始設備製造商。因此，所有這些努力都開始顯示出報價活動上升的結果。

Okay, thank you. And then, Gary, you had provided some color around growth in the forklift market for 2015. But I just wanted to make sure I understood it. Did I interpret your answer that a significant portion of the growth is getting into additional product lines within NACCO versus new relationships with new OEMs? Or -- I just want to make sure I understood how you are looking at that.

好的，謝謝。然後，加里，您對 2015 年堆高機市場的成長提供了一些見解。我是否了解您的回答，即成長的很大一部分是進入 NACCO 內的其他產品線，而不是與新 OEM 建立新關係？或者——我只是想確保我理解你是如何看待這個問題的。

We are now -- you know, the IC engine for their 1- to 8-ton lift truck. So we are now in a very strategic partnership with them. I think we will be one of their larger suppliers.

您知道，我們現在是他們 1 至 8 噸堆高機的內燃機。所以我們現在與他們建立了非常策略性的合作關係。我認為我們將成為他們較大的供應商之一。

When we look at the other customers, I think if you look at the top 12 forklift manufacturers in the world, I think we are selling to probably eight of them significant amounts. We are conquesting the Chinese leaders in that space.

當我們看看其他客戶時，我想如果你看看世界上 12 家最大的堆高機製造商，我認為我們向其中的 8 家銷售了相當數量的產品。我們正在征服這個領域的中國領導人。

We have a very strategic share with the Korean manufacturers. We have a strong relationship with Japanese manufacturers. So I think we are in a very good global position to ramp that business. The fact that we have a product that is very cost-effective and the performance is exceptional will help us drive that opportunity.

我們與韓國製造商有非常策略性的份額。我們與日本製造商有著密切的關係。因此，我認為我們在全球範圍內處於非常有利的地位來擴大該業務。事實上，我們擁有一款極具成本效益且性能卓越的產品，這將有助於我們抓住這個機會。

Okay. All right, thank you.

好的。好的，謝謝。

Rudy Hokanson with Barrington Research.

巴林頓研究公司的魯迪‧霍坎森。

I'm not going to ask anything about oil and gas. My question is: on your JVs right now, when will they get to the size where you start seeing them on the income statement?

我不會問任何有關石油和天然氣的問題。我的問題是：目前你們的合資企業什麼時候才能達到你們開始在損益表上看到的規模？

Yes, Rudy. And there's two JVs. There's the Green Power in China; then there's the Doosan JV. Which one are you referring to?

是的，魯迪。還有兩家合資企業。中國有綠色力量；然後是斗山合資企業。您指的是哪一個？

Well, basically, both of them right now. It's just that we have been talking about the JVs, and that you have been pleased with the relationships you are building. And I was thinking, when it starts showing up, it will be on the equity line, and we will be able to start watching it or watching either one of them?

嗯，基本上，現在他們兩個都是。只是我們一直在談論合資企業，而且您對正在建立的關係感到滿意。我在想，當它開始出現時，它將出現在權益線上，我們將能夠開始觀看它或觀看其中之一？

Yes, Rudy. The Doosan JV is very new but should begin to be a contributor. What I don't know is to the extent that it will be material enough for you to actually see it as a line item on the financials. But what I believe, though, is that both of those JVs will contribute positively to the results of the business in 2015. And to the extent that they become reasonably material, we will break those out for you, so you can see them.

是的，魯迪。斗山合資企業非常新，但應該開始做出貢獻。我不知道的是，它是否足夠重要，足以讓您真正將其視為財務報表中的一個項目。但我相信，這兩家合資企業都將為 2015 年的業務業績做出積極貢獻。

Okay. And then this is sort of a large picture. As you are working on a model of JV relationships and global demand, and that seems to be a very convenient way -- and perhaps a low fixed-cost way to expand globally -- what do you think that could mean -- and you can pick how many years, if it's two years, three years, five years: what could JVs mean in terms of your capacity around the world? And how does that impact the investment you have to make in North America?

好的。這是一幅大圖。當您正在研究合資企業關係和全球需求的模型時，這似乎是一種非常方便的方式- 或許也是一種在全球範圍內擴張的固定成本較低的方式- 您認為這可能意味著什麼- 您可以選擇多少年，如果是兩年、三年、五年：合資企業對您在全球的產能意味著什麼？這對您在北美的投資有何影響？

Right now we're talking about $1 billion within a few years. But that's on your income statement as it is right now, and I presume domestic production. But with the JVs, have you been playing around with how big that could be on its own?

現在我們談論的是幾年內 10 億美元。但這是你現在的損益表上的，我認為是國內生產。但是對於合資企業，您是否考慮過本身可以有多大？

Well, the market in China alone for forklifts, I think, is in excess of 200,000 units a year. And they are all run on diesel right now, Rudy. So it depends on how big you dream.

嗯，我認為光是中國的堆高機市場每年就超過20萬台。魯迪，現在它們都用柴油驅動。所以這取決於你的夢想有多大。

But we really believe that there's an ability to conquest a very, very significant portion of that 200,000-forklift market. Right? They've got huge pollution issues; they want to become energy-independent. And we've got an engine on the ground at Dalian that I think can solve that problem. So I think it could be huge.

但我們確實相信，我們有能力佔領 20 萬台堆高機市場中非常非常大的一部分。正確的？他們有嚴重的污染問題；他們希望實現能源獨立。我們在大連有一台發動機，我認為它可以解決這個問題。所以我認為它可能是巨大的。

Equally, with the JV with Doosan, we don't have the type of distribution globally that Doosan does. We've done a great deal of development on the product, and I think to a point where we were selling north of 90% of their gas engines just on the global scale -- but those sales were just in North America. We believe that that opportunity is equal to what we sell in North America on a global ramp.

同樣，對於與斗山的合資企業，我們沒有斗山那樣的全球分銷類型。我們在該產品上進行了大量開發，我認為我們在全球範圍內銷售了 90% 的燃氣發動機 - 但這些銷售僅在北美。我們相信，這個機會相當於我們在北美向全球銷售的產品。

So the opportunities are enormous. To Gary's point, to leverage our technology globally through the likes of Doosan is just huge in terms of its potential.

所以機會是巨大的。在 Gary 看來，透過斗山等公司在全球範圍內利用我們的技術潛力巨大。

Okay. So again, that it equity line is going to become increasingly important as we look at your business model?

好的。那麼，當我們審視你們的商業模式時，它的股權線將變得越來越重要嗎？

Yes, yes.

是的，是的。

Okay, thank you very much. That's very helpful. That's all I have right now.

好的，非常感謝。這非常有幫助。這就是我現在所擁有的一切。

Christopher Crum with Aylstone Capital.

克里斯多福‧克拉姆 (Christopher Crum) 與艾爾斯通資本 (Aylstone Capital)。

Wanted to shift more onto the balance sheet side. I noticed your accounts receivables ticked up again -- your days sales outstanding. Just wondering if you guys are offering any different credit terms or what's going on there.

希望將更多資金轉移到資產負債表方面。我注意到你們的應收帳款再次增加——你們的應收帳款日銷售額。只是想知道你們是否提供任何不同的信用條款或那裡發生了什麼。

No. And part of this -- we had a huge quarter in the fourth quarter, as we've seen. And that in part is driving it. We are also building the inventory in preparation for what we expect to be a very, very strong 2015. And all that results in a balance sheet and working capital that's built up and built up a bit.

不。這在一定程度上推動了這一趨勢。我們也正在建立庫存，為我們預期的非常非常強勁的 2015 年做準備。

We also have pre-bought certain engines that are in excess of current needs. But we will be working through those engines during the year, and so we will see -- we will start to see inventory, I think, and the metrics around inventory develop a little better as a result of working off that excess inventory.

我們也預購了某些超出當前需求的引擎。但我們將在這一年中研究這些引擎，所以我們將看到——我認為，我們將開始看到庫存，並且由於消除了多餘的庫存，圍繞庫存的指標會發展得更好一些。

Okay. And are you guys -- as you mentioned, you are buying excess engines. Are you doing that so that you can get a lower per-unit price in bulk orders? Or is there some other reason why?

好的。正如你們所提到的，你們正在購買多餘的引擎嗎？您這樣做是為了在大量訂單中獲得更低的單價嗎？或是有其他原因嗎？

It's opportunistic, and it just depends. Sometimes it's for pricing, and sometimes it's for other reasons.

這是機會主義的，而且要看情況。有時是為了定價，有時是出於其他原因。

One of the things that we wanted to make sure is that with the expanding opportunity that you had for some of the oil and gas companies that we were selling, we wanted to make sure that with all the challenges at the ports, that we had inventory to supply the fourth-quarter demand. And we took a position on some of the larger engines, and it paid off.

我們想要確保的一件事是，隨著我們出售的一些石油和天然氣公司的機會不斷擴大，我們希望確保在港口面臨所有挑戰的情況下，我們有庫存以滿足第四季度的需求。我們在一些大型引擎上採取了立場，並且得到了回報。

We see opportunities to take a position in engines from time to time with General Motors, and we have. Our key to our business is to make sure that we can supply to our customers' schedules. Our responsibility as their partner is to make sure that they are never challenged with supply of engines. So that's why we have done some of the things that we've done, knowing what was coming in the environment.

我們不時看到在通用汽車公司擔任引擎職位的機會，而且我們確實做到了。我們業務的關鍵是確保我們能夠按照客戶的時間表供貨。作為他們的合作夥伴，我們的責任是確保他們永遠不會受到引擎供應的挑戰。這就是為什麼我們做了一些我們已經做過的事情，了解環境中會發生什麼。

Okay. And for 2015, do you guys think that you will be operating cash flow positive with the big increase in sales?

好的。 2015年，你們認為你們的經營現金流會隨著銷售額的大幅成長而出現正數嗎？

It's highly unlikely, growing as fast we are growing. So when you are growing 40% a year, I would say we won't be. Or we will be, with the exception of growth in working capital. Right?

這是極不可能的，因為我們的成長速度很快。所以當你每年增長 40% 時，我想說我們不會。或者我們會的，除了營運資本的成長。正確的？

So we can probably self-sustain here at 15%. But I don't think anybody is in favor of ratcheting down. So in the near-term -- I mean, I think the model is effective. We rely on our bank, Wells Fargo, to help us fund our growth in working capital to support growth of the business. And we do generate significant positive cash flow to support our CapEx and other needs to invest.

所以我們大概可以在 15% 的水平上自我維持。但我認為沒有人贊成縮減規模。所以在短期內——我的意思是，我認為這個模型是有效的。我們依靠我們的銀行富國銀行來幫助我們為營運資金的成長提供資金，以支持業務的成長。我們確實產生了大量的正現金流來支持我們的資本支出和其他投資需求。

Great, thank you.

太好了，謝謝。

Rob Ammann with RK Capital.

羅布·阿曼 (Rob Ammann) 與 RK Capital 合作。

Congratulations, nice quarter. Could you talk a little bit -- is NACCO fully transitioned off the Mazda block and fully onto Mitsubishi at this time?

恭喜，美好的季度。您能否談談—NACCO 此時是否已完全脫離馬自達業務並完全轉向三菱？

Yes, they are.

是的，他們是。

Okay, great. And that should have some positive margin implications on that segment of the business in 2015, I would assume?

好的，太好了。我認為這應該會對 2015 年該業務部門的利潤率產生一些正面的影響？

Yes, it will.

是的，會的。

Great, great. And then to do the $30 million of on-road revenues, can you do that with the existing wins that are already in hand, or are you relying to some extent on any new wins?

太棒了，太棒了。然後，為了實現 3000 萬美元的公路收入，您可以利用現有的勝利來實現這一目標，還是在某種程度上依賴任何新的勝利？

What we are counting on is the business that we have in-house. Programs that are already in play.

我們所依賴的是我們內部的業務。已經在播放的節目。

Great, that's all I needed. Thank you.

太好了，這就是我所需要的。謝謝。

That does conclude the question-and-answer session. At this time we will turn the call back over to Gary Winemaster for any additional or closing remarks.

問答環節到此結束。此時，我們會將電話轉回加里·懷恩馬斯特 (Gary Winemaster)，以徵求任何補充或結束語。

This concludes our call. Thank you for your interest in Power Solutions International. We look forward to our next conference call with you in May, when we will report the first-quarter results. So thank you very much.

我們的通話到此結束。感謝您對 Power Solutions International 的關注。我們期待在五月與您舉行下一次電話會議，屆時我們將報告第一季業績。非常感謝。

Once again, that does conclude today's conference call. Thank you all for your participation.

今天的電話會議再次結束。感謝大家的參與。