Solaris Energy Infrastructure, Inc. (SEI) 2026 Q2 法說會逐字稿

Good morning and welcome to the Solaris second quarter 2026 earnings conference call. (Operator Instructions).I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President of Finance and Investor Relations. Please go ahead, ma'am.

早安，歡迎參加 Solaris 2026 年第二季財報電話會議。（接線員指示）我現在將會議交給財務與投資人關係資深副總裁 Yvonne Fletcher。女士，請開始。

Thank you, operator. Good morning and welcome to the Solaris Second Quarter 2026 Earnings Conference Call. Joining us today are our Chairman and Co-CEO, Bill Zartler, our Co-CEO and Director, Amanda Brock, our President, Kyle Ramachandran, and our CFO, Steve Tompsett.

謝謝，接線員。早安，歡迎參加 Solaris 2026 年第二季財報電話會議。今天與會者包括我們的董事長兼共同執行長 Bill Zartler、共同執行長兼董事 Amanda Brock、總裁 Kyle Ramachandran，以及財務長 Steve Tompsett。

Before we begin, I'd like to remind you that some of the statements we will make today are forward-looking and reflect a number of known and unknown risks. Please refer to our press release issued yesterday along with other recent public filings with the Securities and Exchange Commission that outline those risks. I would like to point out that our earnings release and today's conference call will contain discussion of non-GAAP financial measures. The presentation of this additional information should not be considered in isolation or a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release, which is posted in the News section on our website. Additionally, we encourage you to refer to our earnings supplement slide deck, which was published last night on the Investor Relations section of our website under Events and Presentations.

在開始之前，我想提醒各位，我們今天將發表的部分陳述屬於前瞻性陳述，並反映若干已知與未知風險。請參閱我們昨日發布的新聞稿，以及近期向美國證券交易委員會提交的其他公開文件，其中概述了這些風險。我也要指出，我們的財報新聞稿與今天的電話會議將包含對非 GAAP 財務衡量指標的討論。這些補充資訊不應被孤立看待，也不應作為依 GAAP 編製之結果的替代。與可比 GAAP 指標的調節表載於我們的財報新聞稿，並已張貼於我們網站「新聞」專區。此外，我們也鼓勵各位參考我們的財報補充簡報投影片，該投影片已於昨晚發布在我們網站投資人關係專區的「活動與簡報」之下。

I'll now turn the call over to our Chairman and Co-CEO, Bill Zartler.

接下來我把電話交給我們的董事長兼共同執行長 Bill Zartler。

Thank you, Yvonne. Thank you everyone for joining us this morning. The second quarter was a record-setting quarter for Solaris and a further step along the significant growth path that is ahead of us. We are executing our strategy at all levels, including operationally, commercially, and strategically. We continue to provide dedicated power at scale to two data centers consistently achieving high reliability. We are under construction at two other data center locations, one of which will energize in September. This track record of performance has resulted in the execution of long-term contracts with three leading investment-grade technology companies. Two of those contracts were executed in the last six months. This quarter, we've already expanded the scope of both, in addition to a third expansion of a contract with one of our large energy customers.

謝謝你，Yvonne。謝謝各位今天早上加入我們。第二季對 Solaris 而言是創紀錄的一季，也讓我們在未來顯著成長的道路上再向前邁進一步。我們在各個層面執行策略，包括營運、商務與策略面。我們持續以規模化方式為兩座資料中心提供專用電力，並一貫達成高可靠度。我們也正在另外兩個資料中心據點施工，其中一處將於九月送電。這樣的績效紀錄促成我們與三家領先、具投資等級的科技公司簽署長期合約。其中兩份合約是在過去六個月內簽訂。本季我們已擴大其中兩份合約的範圍，此外也對我們一位大型能源客戶的合約進行第三次擴充。

These additions and increased contract scope translate directly into improved earnings and cash flow visibility, which is why we believe there is a significant disconnect between current public market valuations and the fundamentals, performance, and positive outlook for our company. We expect the cash flow generated from our current contracts well exceeds our enterprise value today, before including any additional cash flow from assets on order that are not yet contracted. We have transformed Solaris into a unique and sustainable power and infrastructure solutions company built for the long-term. We are collaborating with our customers to identify and work through bottlenecks in the market. We are also pursuing M&A partnerships that strengthen our ability to deliver on these goals.

這些新增內容與合約範圍的擴大，直接轉化為更佳的獲利與現金流可見度；因此我們認為，目前公開市場估值與本公司基本面、績效及正向展望之間存在顯著落差。我們預期，現有合約所產生的現金流在未納入任何尚未簽約之在訂資產所帶來的額外現金流之前，就已遠高於我們目前的企業價值。我們已將 Solaris 轉型為一家獨特且可永續的電力與基礎設施解決方案公司，並以長期發展為核心。我們正與客戶合作，辨識並共同解決市場中的瓶頸。我們也在尋求能強化我們達成這些目標能力的併購（M&A）合作夥伴關係。

Our most recent acquisition, Global Energy Services Alliance, extends our capabilities to full cycle power services, which follows our earlier investment in a selective catalytic reduction, or SCR, manufacturer, and the acquisition of the electrical distribution business that is now Solaris Power Distribution Services. All of these acquisitions enhance our execution capabilities and also create additional earning streams on top of our existing long-term power projects. Looking into the future, we've recently made an equity investment in Deployable Energy, an early-stage nuclear small modular reactor company, or SMR. We are excited to highlight that since we've made this investment, Deployable Energy has now achieved criticality working under a program with the Department of Energy. Reaching criticality, the point at which a reactor first achieves a controlled self-sustaining fission reaction, is a foundational milestone that validates the core design and marks a step change from development toward commercial readiness.

我們最近的收購案 Global Energy Services Alliance，將我們的能力延伸至全週期電力服務；這延續了我們先前對選擇性觸媒還原（SCR）製造商的投資，以及對電力配電業務的收購（該業務現為 Solaris Power Distribution Services）。所有這些收購不僅提升我們的執行能力，也在既有長期電力專案之上創造額外的獲利來源。展望未來，我們近期也對 Deployable Energy 進行股權投資，該公司為早期階段的核能小型模組化反應爐公司（SMR）。我們很高興強調，自我們投資以來，Deployable Energy 已在能源部計畫下達成臨界（criticality）。達到臨界——亦即反應爐首次達成受控且可自我維持的核分裂反應——是一項基礎里程碑，可驗證核心設計，並標誌著從研發邁向商業化就緒的重大轉折。

It also meaningfully de-risks the technology. We will be working with Deployable to help commercialize their technology, which we believe can one day complement our existing power generation capabilities. Within the power infrastructure and solutions market, the demand for islanded behind-the-meter power in conjunction with some level of grid connectivity continues to be exceptionally strong. Today, we are in active negotiations for multiple gigawatts of additional demand with multiple hyperscalers and AI compute companies. The tailwinds we've described over the past several quarters, grid interconnection delays, the market's focus on speed to compute, and enhanced regulatory focus on protecting consumer prices all continue to reinforce the significant demand for the bring-your-own-power solutions that Solaris delivers.

這也大幅降低了技術風險。我們將與 Deployable 合作，協助其技術商業化；我們相信該技術未來有一天可補強我們既有的發電能力。在電力基礎設施與解決方案市場中，具備一定程度電網連結的孤島式表後（behind-the-meter）電力需求仍然異常強勁。目前我們正與多家超大規模業者（hyperscalers）與 AI 運算公司，就數個 GW 的新增需求進行積極洽談。我們在過去幾季所描述的利多因素——電網併網延遲、市場對運算速度的重視，以及監管機關對保護消費者電價的關注提升——仍持續強化對 Solaris 所提供「自備電力」（bring-your-own-power）解決方案的顯著需求。

Our Solaris logistics segment also continues to perform well, consistently producing over $20 million per quarter of free cash flow that we are investing in our power and infrastructure services business at attractive rates of return. We are effectively sold out of our top-fill equipment, and we see robust fundamentals for the business. We are excited about the large and growing opportunities for Solaris. Our execution history, culture, and team, combined with the integration of additional services and capabilities, will continue to enable our success today and in the future. With our premier customer base, some of the best contracts in the industry, and a demonstrated ability to deliver, we are well-positioned to continue to execute on the growth opportunities ahead of us. With that, I'll turn it over to Amanda.

我們的 Solaris 物流事業部也持續表現良好，每季穩定產生超過 2,000 萬美元的自由現金流；我們正以具吸引力的報酬率將其投資於電力與基礎設施服務業務。我們的上填式（top-fill）設備實際上已全數售罄，且我們看見該業務具備強勁的基本面。我們對 Solaris 龐大且持續成長的機會感到振奮。我們的執行歷史、文化與團隊，加上額外服務與能力的整合，將持續支持我們在當下與未來的成功。憑藉我們頂尖的客戶基礎、業界最優質的部分合約，以及已證明的交付能力，我們已具備良好條件，持續把握前方的成長機會並落實執行。接下來我把電話交給 Amanda。

Thank you, Bill. Good morning, everyone. As Bill noted, the most compelling evidence of our strategy's success is that our existing customers are choosing to grow with us and expand relationships and our contracts.

謝謝你，Bill。各位早安。正如 Bill 所提到的，我們策略成功最有力的證據，是現有客戶選擇與我們一同成長，並擴大合作關係與合約規模。

In July, we finalized an amendment to our Hatchbo agreement to convert the original power capacity agreement into a comprehensive capacity and operating agreement, which includes additional balance of plant and batteries, as well as full operation and maintenance services for the turnkey 660 MW power plant. In addition, we've extended the term from up to 15 years to up to 18 years, a 10-year base term with an eight-year extension option. This extension aligns the power contract with other agreements our customer has on this site. We are making rapid progress under this contract. We commenced civil construction in July. We have more than 70% of the equipment required to service this contract already available to deploy on time. We will begin earning revenue in January 2027.

在七月，我們完成對 Hatchbo 協議的修訂，將原本的發電容量協議轉換為一份涵蓋容量與營運的綜合協議，其中包含額外的廠內平衡系統（balance of plant）與電池，並為交鑰匙的 660 MW 電廠提供完整的營運與維護服務。此外，我們將合約期限由最長 15 年延長至最長 18 年：10 年基本期限，並附帶 8 年延長選擇權。此延長使電力合約與客戶在該場址的其他協議期限一致。我們在此合約下正快速推進。我們已於七月開始土木施工。我們已有超過 70% 的履約所需設備可供調度，確保如期部署。我們將於 2027 年 1 月開始認列營收。

Our second contract expansion with our third investment-grade global technology customer relates to the contract we executed in April of this year. We've already expanded the scope from the original 640 MW of generation to include incremental balance of plant and energy storage, as well as the procurement, delivery, and management of natural gas on a cost-plus basis with no commodity price risk. The first deployment under this contract is on time, under construction, with energization expected next month. Power shortages, grid infrastructure, and regulatory related delays continue to be widespread. In July, we expanded and extended our contract with one of our large energy customers who has been informed that the grid interconnect time is now seven to eight years away. They increased power capacity from 60 MW to approximately 80 MW and extended the term of the contract from four to six years.

我們與第三家具投資等級的全球科技客戶之第二次合約擴充，與我們在今年四月簽署的合約相關。我們已將範圍自原先 640 MW 的發電擴大，納入新增的廠內平衡系統與儲能，並以成本加成（cost-plus）方式進行天然氣的採購、交付與管理，且不承擔商品價格風險。此合約下的首次部署進度如期、正在施工中，預計下個月送電。電力短缺、電網基礎設施與監管相關的延誤仍普遍存在。七月，我們也與一位大型能源客戶擴大並延長合約；該客戶已被告知電網併網時間目前已延至七至八年後。他們將電力容量由 60 MW 提高至約 80 MW，並將合約期限由四年延長至六年。

These delays are indicative of what medium to large load businesses are experiencing nationwide. We have a diverse and high-quality customer base. Our proven performance to date gives us confidence that these relationships will continue to strengthen and grow. Our long-term customers have come back to expand their contracts, seeking more capacity and scope and longer tenure. While our commercial team develops deep relationships resulting in the initial execution of our contracts, it is also our operation performance, engineering, and service capabilities that we believe result in the expansions of our contracts, as well as opportunities to evaluate new sites. Looking forward, we have approximately 800 MW of open capacity, with attractive nearer term delivery timelines and a line of sight to additional capacity, both through the traditional OEM channels as well as the secondary market.

這些延遲反映了全國各地中大型負載企業正在經歷的情況。我們擁有多元且高品質的客戶基礎。我們迄今為止經驗證的表現，讓我們有信心這些關係將持續深化並成長。我們的長期客戶已回來擴大合約，尋求更大的容量與範圍以及更長的合約期限。雖然我們的商務團隊透過建立深厚關係促成合約的初始簽署，但我們相信，正是我們的營運表現、工程與服務能力，帶來合約擴張，以及評估新場址的機會。展望未來，我們約有800 MW的可用容量，具備具吸引力的較近期交付時程，並可望取得額外容量，來源包括傳統OEM通路以及次級市場。

We continue to make positive progress and are in advanced detailed discussions with numerous customers related to the deployment of this equipment under long-term contracts. In summary, as a result of the credibility we have earned through two years of at-scale operations, the recent additions to our team who have decades of power and infrastructure experience, and the strategic acquisitions we have made, we continue to perform as a leader in the distributed power sector. We are well-positioned and pleased with our performance to date, our positive momentum in the market, and our overall growth. I'll now turn it over to Kyle to discuss our M&A and vertical integration strategy.

我們持續取得正向進展，並正就以長期合約部署這些設備，與眾多客戶進行深入且細節層面的進階討論。總結而言，憑藉我們在兩年規模化營運中建立的可信度、近期加入且具備數十年電力與基礎設施經驗的團隊成員，以及我們所進行的策略性收購，我們持續以分散式電力領域的領導者之姿展現績效。我們具備良好定位，並對迄今的表現、市場上的正向動能以及整體成長感到滿意。接下來我將交給Kyle，請他說明我們的併購與垂直整合策略。

Thank you, Amanda, and good morning, everyone. At Solaris, we are building a diversified, integrated power and infrastructure service company, organically and through acquisitions, that we can deliver the solutions our customers are looking for. Today, we deliver infrastructure and services across the full power asset lifecycle of design, deployment, operations, and maintenance for our own generation and for generation owned by others. We're targeting growth initiatives that, one, de-risk our ability to deliver for customers, two, add recurring revenue, and three, create a competitive edge. We focus on opportunities that bring us capabilities or scarce resource that enhances our ability to execute for our customers. Skilled labor, engineering depth, access to equipment, which enhances the value proposition for our customers and widens the moat both around the contracts we already have and the new ones we are working on.

謝謝你，Amanda，各位早安。在Solaris，我們正透過有機成長與收購，打造一家多元化、整合式的電力與基礎設施服務公司，以便提供客戶所尋求的解決方案。目前，我們在電力資產全生命週期的設計、部署、營運與維護各環節提供基礎設施與服務，涵蓋我們自有發電資產以及他人持有的發電資產。我們鎖定的成長計畫包括：第一，降低我們為客戶交付的風險；第二，增加經常性收入；第三，打造競爭優勢。我們聚焦於能為我們帶來能力或稀缺資源的機會，以提升我們為客戶執行交付的能力。熟練勞動力、深厚的工程能力、設備取得管道，這些都能強化我們對客戶的價值主張，並擴大我們在既有合約與正在推進的新合約周邊的護城河。

Today, every acquisition we have made has been founder-led with entrepreneurs taking mostly stock rather than cash, which creates alignment culturally and financially to keep building the business after closing. Global Energy Services Alliance, or GESA, is the latest and largest example. In early July, we acquired GESA, which was formed from the combination of Baseload Power, a U.S. provider of generation aftermarket installation and commissioning services, and Pro-Per Energy Services, a global installation and operations and maintenance provider with project experience in more than 30 countries. GESA supports a wide range of customers, including utilities and IPPs, governments and OEMs, and services a wide range of generation technologies, including large gas turbines. GESA also brings in-house installation and commissioning, long-term operations and maintenance, repair, refurbishment, and 24/7 emergency response across aero-derivative, heavy-duty industrial, hydroelectric, and steam turbine classes.

截至目前，我們所進行的每一項收購皆由創辦人主導，創業者多以股票而非現金作為對價，這在文化與財務上形成一致性，使其在交易完成後仍持續投入建設公司。Global Energy Services Alliance（GESA）是最新且規模最大的例子。7月初，我們收購了GESA；GESA由Baseload Power與Pro-Per Energy Services合併而成。Baseload Power是美國發電設備售後安裝與試運轉服務供應商；Pro-Per Energy Services則是全球性的安裝、營運與維護服務供應商，專案經驗遍及30多個國家。GESA服務的客戶範圍廣泛，包括公用事業與獨立電力生產商（IPP）、政府與OEM，並涵蓋多種發電技術，包括大型燃氣渦輪機。GESA亦帶來內部安裝與試運轉能力、長期營運與維護、修理、翻新，以及針對航改型、重型工業、 水力發電與蒸汽渦輪機等類別提供24/7緊急應變服務。

Following the acquisition of GESA, we now have a team of over 600 skilled and experienced colleagues installing, commissioning, operating, and maintaining power infrastructure. This workforce provides several key strategic benefits for us, including de-risking our own execution at a time when the market for experienced and skilled labor is exceptionally tight. As the global installed base of turbines matures, GESA is also well-positioned to benefit from significant aftermarket opportunities. Additionally, GESA provides boots on the ground to identify equipment available for refurbishment, which we can add to our own capacity or market. Finally, it strengthens how we earn new business. Providing turnkey installation, commissioning, and long-term operations under one roof enhances our execution capabilities and eliminate multi-contractor handoff risks. That gives customers greater schedule and performance certainty. We are excited about additional opportunities that we're actively evaluating that we believe will strengthen Solaris over the long run. I'll now hand it over to Steve.

在收購GESA之後，我們現在擁有一支超過600名具備技能與經驗的團隊，負責電力基礎設施的安裝、試運轉、營運與維護。在目前具經驗且熟練勞動力市場極度吃緊之際，這支人力為我們帶來多項關鍵策略效益，包括降低我們自身執行交付的風險。隨著全球渦輪機裝置基礎逐漸成熟，GESA也具備良好定位，可受惠於可觀的售後市場機會。此外，GESA提供第一線人員以辨識可供翻新的設備，我們可將其納入自有容量或對外銷售。最後，它也強化了我們取得新業務的方式。在同一體系下提供交鑰匙的安裝、試運轉與長期營運，可提升我們的執行能力並消除多承包商交接風險。這讓客戶在時程與績效上更具確定性。我們也對其他正在積極評估、且我們相信將在長期強化Solaris的機會感到振奮。接下來我把時間交給Steve。

Good morning, everyone. In the second quarter, we generated revenue of approximately $219 million, up 12% sequentially from the first quarter, and adjusted EBITDA of approximately $108 million, up 30% sequentially. Adjusted EBITDA attributable to Solaris, excluding the effect of the non-controlling interest in our Stateline joint venture, was approximately $111 million. Net income was $25 million, and adjusted pro forma net income was $37 million, or $0.39 per fully diluted share. In Power Solutions, we averaged approximately 950 MW of capacity, earning revenue during the quarter, up 4% from approximately 910 MW in the first quarter. Segment revenue of approximately $158 million was up 23% sequentially, and segment adjusted EBITDA of approximately $96 million increased 34%, driven primarily by increased ancillary service revenue.

各位早安。第二季我們創造約2.19億美元營收，較第一季季增12%；調整後EBITDA約1.08億美元，季增30%。歸屬於Solaris的調整後EBITDA（不含我們Stateline合資企業非控股權益的影響）約為1.11億美元。淨利為2,500萬美元，調整後備考淨利為3,700萬美元，或每股完全稀釋後0.39美元。在Power Solutions業務中，本季平均約950 MW容量產生營收，較第一季約910 MW增加4%。部門營收約1.58億美元，季增23%；部門調整後EBITDA約9,600萬美元，增加34%，主要由輔助服務收入增加所帶動。

In Logistics, segment revenue of $61 million was down 10% on lower last-mile transportation activity, while segment adjusted EBITDA of $25 million increased 7% on higher activity and a more favorable project mix. We have increased our third quarter adjusted EBITDA guidance to $90 million-$105 million, reflecting the contribution of the GESA acquisition, as well as our expectations for continued execution. We are also establishing initial fourth quarter adjusted EBITDA guidance of $100 million-$120 million, reflecting the ramp of energization at our Stateline joint venture, as well as the first location for our third hyperscaler customer. I'd also note that our guidance excludes any potential benefits from additional ancillary services.

在Logistics業務中，由於末端運輸活動降低，部門營收6,100萬美元下滑10%；但在活動量提高及較有利的專案組合帶動下，部門調整後EBITDA為2,500萬美元，增加7%。我們已將第三季調整後EBITDA指引上調至9,000萬至1.05億美元，反映GESA收購的貢獻，以及我們對持續執行交付的預期。我們也建立第四季初步調整後EBITDA指引為1億至1.2億美元，反映Stateline合資企業的送電（energization）爬坡，以及我們第三家超大規模雲端客戶的第一個據點。我也要指出，我們的指引未包含任何來自額外輔助服務的潛在效益。

These services, which include third-party engineering studies, start-up, commissioning or decommissioning costs, option payments, and now with GESA, third-party equipment sales, can be both short cycle and difficult to precisely predict, but the earnings and cash impact could be meaningful. During the second quarter, we transformed our capital structure by successfully issuing $1.3 billion of senior unsecured notes and securing a new $650 million five-year revolving credit facility. In connection with these financings, we were assigned corporate credit ratings of BB- from S&P, Ba3 from Moody's, and BB from Fitch. We ended the quarter with over $800 million in cash and a fully ongoing revolver. This approximately $1.4 billion of liquidity, combined with our operating cash flow, supports our current projected growth.

這些服務包括第三方工程研究、啟動、試運轉或除役成本、選擇權款項，以及在納入GESA後的第三方設備銷售；其週期可能很短且難以精準預測，但對獲利與現金的影響可能相當可觀。第二季期間，我們成功發行13億美元的無擔保優先票據，並取得新的6.5億美元、五年期循環信用額度，藉此重塑我們的資本結構。配合這些融資，我們獲得S&P的BB-、穆迪的Ba3，以及惠譽的BB公司信用評等。本季結束時，我們持有超過8億美元現金，且循環信貸額度可完全動用。約14億美元的流動性，加上我們的營運現金流，支持我們目前預估的成長。

We also remain committed to our dividend program, and on August 4th, our board approved a third quarter dividend of $0.12 per share, which once paid, will represent our 32nd consecutive dividend. In summary, the Solaris team delivered another great quarter, and following a successful financing, our balance sheet is in great shape and our growth plan is on track. With that, we'd be happy to take your questions.

我們也持續致力於股利計畫；8月4日董事會核准第三季每股0.12美元股利，該股利一旦發放，將是我們連續第32次發放股利。總結而言，Solaris團隊再度交出亮眼的一季；在成功完成融資後，我們的資產負債表狀況非常穩健，成長計畫也按部就班。接下來，我們很樂意回答各位的問題。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we'll pause momentarily for the first question. Our first question today will come from David Arcaro with Morgan Stanley. Please go ahead.

謝謝。我們現在開始問答環節。如欲提問，請在您的按鍵式電話上按星號再按 1。如果您使用免持聽筒，請在按鍵前先拿起話筒。如欲取消提問，請按星號再按 2。此刻我們將稍作停頓，等待第一個問題。今天的第一個問題來自摩根士丹利的 David Arcaro。請開始。

Hi, thanks so much. Good morning.

嗨，非常感謝。早安。

You've added a lot of new capabilities recently. I'm looking at slide four, which now has quite a long list, I guess, of upside strategies here. I was wondering if you could maybe help just elaborate or frame the magnitude of the upside potential as you look at your deployed and contracted fleet over time, and what that upside could look like on that run-rate EBITDA.

你們最近新增了很多新能力。我在看第 4 頁投影片，現在我想這裡列出了一長串的上行策略。我想請你們協助多談談或框架一下：隨著時間推移，從你們已部署與已簽約的機組（fleet）來看，上行潛力的量級大概如何？以及這些上行在經常性（run-rate）EBITDA 上可能會呈現什麼樣子？

Well, I think that what we've laid out here is a view of this on a conservative basis. I think what's embedded in this is not a lot of option value to the growth of the GESA platform as well. I think there's significant upside to that. This does include some level of probably less than we're actually seeing of balance of plant associated with the additional capacity, but there's more to come on that and on top of GESA. GESA's footprint is global and massive, and we see lots of opportunities out there with that business. They're seeing equipment that has uses both in the U.S. and outside the U.S. with the ability to refurbish and do some work there.

嗯，我認為我們在這裡呈現的是以保守基礎來看的觀點。我認為其中其實沒有把 GESA 平台成長所帶來的太多選擇權價值（option value）納入。我覺得那部分有顯著上行空間。這裡也包含了一定程度的（可能低於我們實際看到的）與新增產能相關的廠內配套（balance of plant），但那部分以及疊加在 GESA 之上的內容，後續還會有更多。GESA 的據點是全球性的且規模龐大，我們在那項業務上看到很多機會。他們看到的設備在美國境內與境外都有用途，並且具備翻修與進行一些作業的能力。

We're seeing a little bit of an aftermarket activity there where we actually can see significant opportunities to generate additional cash out of that business as we grow it over the next year or two

我們也看到那邊有一些售後市場活動（aftermarket activity），隨著未來一到兩年我們擴大該業務，實際上有相當大的機會從中產生額外現金。

And I was wondering if we could also get your latest thoughts on other technologies outside of the turbines that you've been securing. Does the Giese acquisition make you look maybe more seriously at things like combined cycle plants or larger frame turbines in the market and just any evolution in your thinking around that or like reciprocating engines, et cetera?

另外我也想請教你們對於渦輪機之外、你們一直在取得的其他技術的最新看法。Giese 這項收購是否讓你們更認真地看待例如複循環電廠（combined cycle plants）或市場上更大型的框架式渦輪（larger frame turbines），以及你們在這方面的思考是否有任何演進？或者像往復式引擎（reciprocating engines）等等？

Yeah. We're, as we said all along, agnostic to the source of power. We do understand the limitations and the strengths of the turbines that we're selecting. We are evaluating some technologies on some smaller scale steam generation that could go along with the waste heat that they produce, and the capabilities there with the steam generation history that GESA has on top of the ability to look at frames. I think as we see this market evolve, I think that the nimbyism is clearly real. Everyone reads about it every day. What it will dictate is once there's more than likely a friendly local environment where the local citizens realize the benefits of these manufacturing facilities, if you will, in their towns, and that the negatives have been overblown, there'll be opportunities to continue to grow those facilities. And so where we see opportunities is evolving these, 500 to 1 gigawatt power plants using, small medium scale turbines and enhancing that with larger equipment and larger units. And so we're actively in the design phase and in the discussions on how you design those facilities to see the continued growth in specific locations. Because I think that it will be easier to grow locations that have been accepted and it will be kind of starting new ones.

是的。我們一直以來都說，我們對電力來源保持中立（agnostic）。我們也了解我們所選擇的渦輪機的限制與優勢。我們正在評估一些較小規模的蒸汽發生技術，可搭配其產生的廢熱；再加上 GESA 在蒸汽發生方面的歷史能力，以及我們評估各種機型（frames）的能力。我認為隨著市場演變，「鄰避效應」（nimbyism）顯然是真實存在的。大家每天都在新聞上看到。它所意味的是：一旦在某些地方形成較友善的在地環境，當地居民若能理解這些製造設施（如果你願意這麼稱呼）的好處，並且發現負面影響被誇大了，就會有機會持續擴建這些設施。因此我們看到的機會在於：把這些 500 兆瓦到 1 吉瓦的電廠，先以中小型渦輪為主，並透過更大型設備與更大單機來強化。所以我們正積極處於設計階段，也在討論如何設計這些設施，以便在特定地點持續成長。因為我認為，擴大已被接受的既有據點會更容易，而新建據點則會比較像是從零開始。

Okay, got it. Thank you. Appreciate it.

好的，了解。謝謝。很感謝。

And our next question will come from Michael Sullivan with Wolfe Research. Please go ahead.

下一個問題來自 Wolfe Research 的 Michael Sullivan。請開始。

I wanted to just ask on thoughts around financing, potential future growth, we've obviously seen what Williams has done recently with a partner in Blackstone and just your appetite for something like that and what could potentially catalyze it?

我想請教你們對融資與未來潛在成長的看法。我們顯然看到 Williams 最近與 Blackstone 這樣的夥伴所做的安排；你們對類似作法的意願如何？以及可能促成這件事的催化因素會是什麼？

Yeah, great question. I'll let Steve address that.

是的，這是個好問題。我讓 Steve 來回答。

Yeah. As we said in the prepared remarks, we're sitting on significant liquidity today for the projects that we have in front of us. We actually think there's probably some incremental debt capacity for small additions to our portfolio of projects. As you may have gathered from our comments, there's quite a few commercial opportunities we're looking at, and some of those may lend themselves to more of a project finance or a structure in which we bring in a partner. We're in discussions with a wide variety of market participants. We feel there's quite a few attractive options out there if some of these projects come to fruition. We're going to be flexible around those structures, taking into account, of course, cost of capital and flexibility that provides the business.

好的。如同我們在事先準備的發言中所說，就目前我們面前的專案而言，我們擁有相當充裕的流動性。我們也認為，對於我們專案組合中一些小幅新增項目，可能還有額外的舉債空間。從我們的評論你可能也感受到，我們正在評估相當多的商業機會，其中一些可能更適合採用專案融資（project finance），或是引入合作夥伴的結構。我們正與各式各樣的市場參與者進行討論。如果其中一些專案得以落地，我們認為市場上有不少具吸引力的選項。我們會在這些結構上保持彈性，當然也會把資本成本以及其為業務帶來的彈性納入考量。

Great. Very helpful. Thanks. And then just in terms of maybe you could just give us a little color on what you're seeing in the secondary market for turbines that could maybe hit in the next year or two?

很好。非常有幫助。謝謝。另外，就渦輪機的次級市場而言，你們能否補充一些你們看到的情況？可能在未來一到兩年會有什麼供給出現？

Yeah. There is active market for the OEMs continue to make it. There's things around the world. Obviously, the U.S. and Canada are still sitting on very favorable natural gas prices. The rest of the world is not today. The cost of the use of some incremental generation around the world may not be as attractive for the gas-fired equipment as it would be moving it here. The GESA guys with their footprint and activity are on top of all that, and I think that we will see some ability to free up. We've been active in picking up additional equipment when folks have walked or the OEMs produced one or two more than they thought they had, and we've been able to get kind of a first call on that, or at least a second call.

好的。市場很活躍，OEM 也持續在生產。全球各地都有相關機會。很明顯，美國與加拿大仍享有非常有利的天然氣價格。但世界其他地區目前不是。在全球某些地方，新增發電的邊際成本對燃氣設備而言，可能不如把設備移到這裡來得有吸引力。GESA 團隊憑藉其據點與活動範圍，對這些情況掌握得很到位，我認為我們會看到一些釋出（free up）的可能性。當有人放棄（walked）或 OEM 多生產了一兩台超出原先預期時，我們一直很積極去承接額外設備，也因此能取得某種程度的優先權（first call），至少也是第二順位。

The market is active and I think GESA and the ability to repair, maintain, move, deliver, do all the stuff that is the hard part there, that really gives us advantage on finding the equipment and getting it in the shape it needs to be, in the U.S. market or in the opportunistic place where we may find it internationally and keep it international and just sell it to somebody else. I think that it opens a lot of doors for us, in the power generation market.

市場是活躍的，而我認為 GESA 以及其維修、保養、搬運、交付等能力——也就是其中最困難的部分——確實讓我們在尋找設備並把它整備到所需狀態方面具備優勢，不論是在美國市場，或是在我們可能於國際上找到、並選擇維持在海外、再轉售給其他人的機會性地點。我認為這為我們在發電市場打開了很多大門。

Appreciate all the color. Thank you very much.

很感謝這些補充說明。非常謝謝。

And our next question will come from David Anderson with Barclays. Please go ahead.

下一個問題來自 Barclays 的 David Anderson。請開始。

Thank you. Good morning. Balance of plan is really starting to show up in the numbers, and it's clearly a big part of your execution platform. Can you talk a bit about how much of your deployed capacity by the end of 2027 will have a contracted balance of plant element? Maybe kind of longer term, kind of like what percentage are you sort of thinking in terms of that part of your business?

謝謝。早安。廠內配套（balance of plant）已經開始在數字上顯現，而且顯然是你們執行平台的重要組成。你能否談談，到 2027 年底你們已部署產能中，有多少會包含已簽約的廠內配套要素？也許從更長期來看，你們對這塊業務大概在比例上是怎麼思考的？

Well, obviously, the more the better, if we get the right returns on it. I think it's really addressing the specific customer situation and how we're fitting into their behind the meter power solution. We've kind of flashed numbers out there, kind of arranging the cost and the return, to an incremental dollar per megawatt basis. It ranges clearly, as we add balance of plant to that. I think one of the evolutions of the company is as we grow this, as we grow the other platforms, it is this X number of megawatts times Y number equals this, equals our stock price. I think that math is going to be less and less meaningful as we continue to grow the business in the ancillary parts of it as well. Not a hard and fast rule.

嗯，顯然，如果我們能取得合適的報酬，越多越好。我認為這真正是在回應特定客戶的情境，以及我們如何融入他們的表後（behind the meter）電力解決方案。我們之前大概也拋出過一些數字，某種程度是在把成本與報酬做排列，換算成每增加 1 美元／每兆瓦的基礎。而且很明顯，當我們把電廠輔助系統（balance of plant）納入後，區間會有所變動。我認為公司的一個演進方向是：當我們擴大這項業務、也擴大其他平台時，會出現這種『X 兆瓦乘以 Y 倍數等於這個，等於我們股價』的說法。但我認為，隨著我們也在其周邊／輔助領域持續擴張業務，這種算法會變得越來越沒有意義。這不是一條硬性規則。

Obviously, we believe that running the entire plant as the operator and owner of it's better to control all that equipment and operate it as one specific unit. I think our goal is to continue to do more of that as we grow and put the fleet to work.

顯然，我們相信由我們作為營運方與所有者來運行整座電廠，更能掌控所有設備，並把它作為一個特定的單一單元來運作。我認為我們的目標是，隨著我們成長並讓機組群投入運作，持續做更多這樣的事情。

I think the other thing that is happening, it's not only that we believe it is more efficient and cost effective, but our existing customers and the customers that we are talking to believe that sort of one-stop turnkey where we deliver all of the generation Gas access and also the distribution side, that turnkey approach is something that they want.

我認為另一個正在發生的事情是：不只是我們相信這樣更有效率、也更具成本效益，我們現有的客戶以及我們正在洽談的客戶，也相信那種一站式交鑰匙（one-stop turnkey）的模式——由我們交付所有發電、天然氣接入（Gas access），以及配電端——這種交鑰匙的方法正是他們想要的。

That makes a lot of sense. It leads to my next question. It's more of a kind of broader strategic question. You're obviously moving away from just deploying megawatts. You're talking about balance of plant. There's an SMR, you're talking about the GESA acquisition. Can you talk a little bit about how your strategy has evolved to date, and any insight into how you see the strategy extending further over the next few years? Clearly, you're looking in many different areas. Just any insight on that would be great. Thank you.

這很有道理。也引出我下一個問題。這比較像是一個更宏觀的策略性問題。你們顯然正在從單純部署兆瓦數的模式轉移。你們談到電廠輔助系統（balance of plant）。還有 SMR，你們也談到收購 GESA。能否談談你們的策略到目前為止如何演進，以及你們如何看待未來幾年策略會如何進一步延伸？顯然你們在很多不同領域都有布局。任何相關洞見都會很有幫助。謝謝。

Yeah, I think the strategy is showing up now more than changing. I think we've always believed and understood that adding the balance of plant scope was something that we were looking at. The acquisition strategy to broaden our capabilities is really our view of the market needs and how do we provide those turnkey solutions to the customers, and how are we able to grow. A couple of the critical paths here are both having equipment and then having the team and the skill set to put it all together and run it, and the ability to maintain it over the life cycle of the equipment. I think the strategy hasn't necessarily changed. What's happening now is it's actually showing up.

是的，我認為現在策略更多是『呈現出來』，而不是『改變』。我想我們一直都相信並理解，把電廠輔助系統（balance of plant）的範疇加進來，是我們在評估的方向。透過併購來擴大我們能力的策略，核心其實是我們對市場需求的看法：我們要如何為客戶提供那些交鑰匙解決方案，以及我們如何能夠成長。這裡有幾個關鍵路徑：一是要有設備，二是要有團隊與技能組合把所有東西整合起來並運行，還要有在設備全生命週期內維護它的能力。我認為策略本身未必改變了。現在正在發生的是，它實際上開始顯現出來。

Thank you very much.

非常感謝。

And our next question will come from Derrick Whitfield with Texas Capital.

下一個問題來自 Texas Capital 的 Derrick Whitfield。

Thanks. Good morning, and congrats on your quarter and update. Wanted to start on your project pipeline. What impact, if any, have data center moratoriums had on your project pipeline? It would seem to me that your offering would inherently be more valuable given the tightness in compute and power.

謝謝。早安，恭喜你們本季表現與最新進展。我想先從你們的專案管線談起。資料中心的暫停令（moratoriums）對你們的專案管線有沒有造成任何影響？如果有，影響是什麼？在我看來，鑑於算力與電力供給吃緊，你們的方案本質上應該更有價值。

Maybe I'll just jump in. I think clearly what we're seeing is the demand for compute is outpacing the incremental supply of compute getting put online broadly. To the point on moratoriums in different jurisdictions, I think where we fit really neatly into that story is the flexibility of our solution. If you've got access to gas, we can really kind of go anywhere. I think rather than having a certain location where we put in a bunch of infrastructure that's kind of stuck there, I think what really helps us be nimble is the flexibility around the solution that we have, the team that we have that can go out and build projects kind of anywhere. I think it's kind of all playing into our hand. Bill alluded to it. There's significant job creation here.

也許我先回答。我認為很明顯，我們看到算力需求正在超過整體新增上線的算力供給增量。至於不同司法管轄區的暫停令，我認為我們非常契合這個故事的地方在於我們解決方案的彈性。只要你能取得天然氣，我們基本上可以去任何地方。相較於在某個固定地點投入大量基礎設施、之後就被綁在那裡，我認為真正讓我們能保持敏捷的是：我們方案本身的彈性，以及我們的團隊能到各地去建置專案。我認為這整體上都對我們有利。Bill 也提到過。這裡會創造大量就業。

There's significant stimulus that comes from these localities. We are seeing areas where there's local influence that is meaningfully pushing towards development. There are significant pockets available, but certainly, where we sit relative to a fixed geographic position is a really advantageous position in the portfolio.

這些地方也會因此獲得顯著的刺激效益。我們確實看到一些地區存在地方層面的影響力，正實質推動開發。可用的機會區塊相當多；但就我們相對於固定地理位置的限制而言，我們在投資組合中的位置確實非常有利。

Great. Maybe with respect to GESA, while the impact it will have on your offering is clear, how are you thinking about its impact on the industries you can serve from a distributed power perspective and your ability to grow third-party business within their existing offering?

很好。再談 GESA：雖然它對你們產品／方案的影響很清楚，但從分散式電力的角度，你們如何看待它對你們可服務產業範圍的影響？以及在他們既有的產品／服務中，你們擴大第三方業務的能力會如何提升？

I think we see that as clear. The data center market is a giant and massively growing market. There's still utilities, there's still growth in the sector. There's still electrification of lots of things in this country. There's still reshoring of manufacturing. The ability for us to provide those solutions and the GESA platform really helping us get there, is significant. They're providing utility power internationally in several countries today, running those assets. We could see that continue and grow. We can see playing a role in partial ownership of assets. We have the joint venture today where we own it with our customer, but we operate it. That can be a model as things evolve as well.

我認為我們看得很清楚。資料中心市場是一個龐大且高速成長的市場。同時，公用事業仍然存在，該領域仍在成長。這個國家仍在推動許多事物的電氣化。製造業回流（reshoring）也仍在進行。我們提供這些解決方案的能力，以及 GESA 平台在其中幫助我們達成目標的作用，都非常重要。他們目前在多個國家提供國際公用電力服務並運行那些資產。我們可以看到這會持續並成長。我們也可以看到在資產部分持有（partial ownership）方面扮演角色。我們目前就有合資企業：我們與客戶共同持有，但由我們負責營運。隨著情勢演進，這也可能成為一種模式。

GESA's largest customer segment to this point is delivering services, both refurb O&M to utilities. That is just one example of where we are opening up additional business, and the third-party opportunities are significant. We're very excited about what GESA brings to the table.

截至目前，GESA 最大的客戶區隔是向公用事業提供服務，包括翻修（refurb）與營運維護（O&M）。這只是我們開啟更多新增業務的一個例子，而第三方機會相當可觀。我們對 GESA 能帶來的價值感到非常興奮。

Our next question will come from Scott Gruber with Citigroup. Please go ahead.

下一個問題來自 Citigroup 的 Scott Gruber。請開始。

Yes, good morning. I guess just to stay on GESA, Bill, you mentioned the upside in the next year or two. It sounds like a kind of bullish kind of outlook for commercial synergies. Any targets that you could provide for us? As you think about it, is it kind of ramping within the kind of core utility market, or is it really ramping with the behind the meter solutions and helping with the install and commissioning and that side of things?

是的，早安。我想繼續問 GESA。Bill，你提到未來一到兩年的上行空間。聽起來你對商業協同效益的展望相當樂觀。你們能否提供一些目標給我們？你們在思考時，成長主要是來自核心公用事業市場的爬坡，還是更多來自表後（behind the meter）解決方案，以及協助安裝、試運轉（commissioning）等那一端的爬坡？

I'll give you the perfect answer. The answer is yes. The markets are big, they're broad. The traditional utility market has been at the pace that it's grown. You haven't seen a lot of growth in the U.S. in that last few years. Internationally, power demands are growing. The world is getting more electrified and the needs for that are continuous and steady.

我給你一個最完美的答案。答案是：是的。市場很大、範圍很廣。傳統公用事業市場一直以其既有的速度在成長。過去幾年你在美國並沒有看到太多成長。在國際上，電力需求正在成長。全球正在更廣泛地電氣化，而相關需求是持續且穩定的。

The fuel choice is different around the world, you kind of have a different use case there. The target markets and the opportunities we see both with GESA and its core and its ability to find, locate, refurbish used equipment that we can either put internationally or back domestically, I think is going to be a mix on whether it's going to be a fit for short-term U.S. needs or whether these are long-term assets that stay outside the U.S. It's big and broad, and we don't have any specific targets necessarily other than.

全球各地的燃料選擇不同，你在那裡的使用情境也會有所不同。我們看到的目標市場與機會，無論是透過 GESA 及其核心能力——尋找、定位並翻新二手設備，讓我們可以將其投放到國際市場或帶回國內——我認為會取決於這些設備是更符合美國短期需求，還是屬於長期資產並留在美國境外。這個範圍很大、很廣，我們目前也沒有特別明確的目標，除了……

I think importantly, we're in the middle of the flywheel here, and it's continuing to accelerate. We're two-plus years into this journey, and the opportunity set, I think, is continuing to grow. We have found ourselves in a position where all the M&A we've done to date has really been proprietarily sourced. We've brought in tremendous entrepreneurs. GESA is the latest example of that, where people see the value of the track record that we've established in actually powering the fastest-growing piece of the power segment. Jumping onto the platform, which is not necessarily a word we love to use, is providing an expansion of opportunities not only for us, but for the businesses that we're bringing in as well.

我認為重要的是，我們正處於這個飛輪的中段，而且它還在持續加速。我們踏上這段旅程已經兩年多了，而我認為機會集合仍在持續擴大。我們發現自己處於一個位置：迄今為止我們所做的所有併購（M&A）其實都是以專案/獨家方式取得來源。我們引進了非常多優秀的創業家。GESA 就是最新的例子，人們看到了我們所建立的實績所帶來的價值——我們確實在為電力領域中成長最快的那一塊提供動力。加入這個平台（這不一定是我們喜歡用的詞）不僅為我們帶來機會擴張，也同樣為我們納入的企業帶來更多機會。

Tremendous synergies commercially that we are just at the tip of the spear here on this evolution happening around the world, and we'll just continue to find ways to add more to the flywheel.

在商業面有極大的協同效益；就全球正在發生的這場演進而言，我們現在只是站在矛尖的最前端，而我們也會持續尋找方法，為這個飛輪再加更多動能。

At a time that you see labor and skilled labor, a shortage, and in many cases, potentially a bottleneck. We've just added 600 people who have deep domain knowledge, and that just gives us a lot of opportunity looking forward.

在你看到勞動力、尤其是技術勞動力短缺的時候，在很多情況下甚至可能形成瓶頸。我們剛新增了 600 名具備深厚領域知識的人才，這讓我們在未來有很多發展機會。

Yeah. In developing the training programs, it gives us the critical mass to do a lot of those important things. We've got an internal training program that we've combined up with GESA's talent. They've got a relationship with the Maine Maritime Academy on their engine training programs, where they bring interns into the facility and work on generators. I think the real notion is how do we see the next five and 10 years falling out, and what kind of skills and assets do we want to have ready to take advantage of the market need?

是的。在建立訓練計畫方面，這讓我們具備足夠的規模去做很多重要的事情。我們有一套內部訓練計畫，並已與 GESA 的人才結合。他們與緬因海事學院（Maine Maritime Academy）在引擎訓練課程上有合作關係，會把實習生帶進工廠，在發電機上實作。我認為真正的核心是：我們如何看待未來 5 年與 10 年的發展走向，以及我們希望預先準備哪些技能與資產，以把握市場需求？

Yeah, it's a good segue into my follow-up, which is on the cost synergy side, because it seems like there could be some ability to help on the cost of installation, cost of commissioning, and obviously the maintenance of your turbines over their life. Any color that you'd provide on how GESA can help on the cost side of things, and is there a cost angle here too that could aid your margins?

是的，這正好銜接到我接下來的追問，也就是成本協同的部分，因為看起來你們可能有能力在安裝成本、試運轉（commissioning）成本，以及當然在渦輪機全生命週期的維護成本上提供協助。你能否多分享一些 GESA 如何在成本面提供幫助？這裡是否也有成本角度能夠改善你們的利潤率？

There's a cost angle, there's a spare parts angle, and there's time to do turnarounds and time to do things that are all as we have it in-house, as Scott alerts it, we have control of it. We're doing it for a third-party. The bigger you are, the quicker you can do all the work you need to do in an emergency response or in a planned maintenance cycle. We've got to look at both parts of that, and you recognize that these are a lot of equipment here, whether it's our turbines out on a site or third-party turbines or even a third-party's recips out there with generators that have maintenance needs. It's just a tremendous and big opportunity that we see ahead.

有成本面的角度，也有備品備件的角度，還有大修（turnaround）的時間、以及完成各項工作的時間——當這些都在內部進行時，正如 Scott 提到的，我們就能掌控它。我們也會為第三方提供服務。規模越大，在緊急應變或計畫性維護週期中，你就能越快完成所有需要做的工作。我們必須同時看這兩個面向；而你也會注意到，這裡涉及大量設備——不論是我們在現場的渦輪機、第三方渦輪機，甚至是第三方的往復式機組（recips）搭配發電機，都有維護需求。我們看到前方是一個非常龐大且極具潛力的機會。

When we look at our own projects, certainly when we think about the capitalization of some of these long-term projects, we see some synergy there on bringing costs down by having it in-house. Most critical is the theme of time to compute and hitting timelines and having the in-house execution capabilities, where, as we alluded to in the prepared remarks, we provide that level of certainty now to customers saying, "We are going out and putting together 20 different vendors to make this project happen." We are continuing to build the in-house capabilities to provide certainty to quality as well as execution timeline.

當我們看自己的專案時，尤其在思考某些長期專案的資本化（capitalization）時，我們確實看到一些協同效益：透過內部化把成本降下來。最關鍵的是時間這個主題——能否如期達成、命中時程，以及具備內部執行能力；正如我們在事先準備的講稿中提到的，我們現在能向客戶提供那種確定性：不是「我們要找 20 個不同的供應商來讓這個專案成真」。我們會持續建立內部能力，以在品質與執行時程上提供確定性。

All right. I appreciate the color. Thank you.

好的。感謝補充說明。謝謝。

Our next question will come from Sean Milligan with Needham. Please go ahead.

下一個問題來自 Needham 的 Sean Milligan。請發問。

Good morning. Thanks for taking the question. On the July slide deck, you had $100 million+ in EBITDA potential on scope from customer B and C. First, I just want to make sure I'm thinking about it correctly, that that's all been signed up, and now I guess the updated slide deck is showing scope on open capacity. Is that the correct way to think about that first?

早安。謝謝讓我提問。在 7 月的簡報中，你們提到來自客戶 B 與 C 的範疇（scope）有 1 億美元以上的 EBITDA 潛力。首先，我想確認我理解是否正確：那部分都已經簽下來了，而現在更新的簡報顯示的是開放產能（open capacity）上的範疇。這樣理解對嗎？

I'd say first on the additional EBITDA, that is for the balance of plant and the incremental CapEx, which is in line with what we've been communicating the last several quarters. There is still significant upside for the uncontracted capacity that we've already committed to. All that stays intact relative to what we communicated before.

我先談額外的 EBITDA：那是針對廠外配套/廠務系統（balance of plant）以及增量資本支出（incremental CapEx），這與我們過去幾季一直在溝通的內容一致。對於我們已經承諾但尚未簽約的產能，仍然有顯著的上行空間。相較於我們之前所溝通的內容，這些都維持不變。

Okay. Some customers are dual-sourcing equipment. Is there a potential for you to bring that equipment under your managed services, like via some type of agreement? Is that contemplated at all in that slide four guidance?

了解。有些客戶在設備上採取雙重來源（dual-sourcing）。你們是否有可能透過某種協議，把那些設備納入你們的託管服務（managed services）之下？在第 4 頁指引（guidance）中有把這點納入考量嗎？

No, that's not contemplated in the forward numbers. That is a possibility though. And it's built into the GP. Yeah. We are doing that today in a smaller way. Yes, it can grow, especially with the added capabilities we bring in-house. Part of this is us maintaining that we've had our labor force and struggling, not struggling, but just really trying to maintain our capital deployment and our people there. It's been a big task hiring. This accelerates that. It really does, to some extent, pull that off of our critical path when we're making decisions on how to continue to grow.

沒有，前瞻數字裡沒有把那個納入。不過那確實是一種可能性。而且它已經反映在 GP（毛利/毛利率）裡。是的。我們今天已經以較小規模在做這件事。是的，這可以成長，尤其是隨著我們把更多能力內部化。其中一部分是：我們一直在維持我們的勞動力——不是說很吃力，但確實是在努力維持資本部署與人力配置。招募一直是一項很大的任務。這會加速那個進程。在某種程度上，當我們做出如何持續成長的決策時，這確實把一些事情從我們的關鍵路徑（critical path）上移開。

Our ability to service the power market is not limited to our balance sheet to that point. We're working for groups with obviously very large balance sheets. To the extent they've taken a position in some equipment and they want to partner with us in some mix of their own equipment, our equipment, and having us in the position of making it all happen is somewhere where we can play.

我們服務電力市場的能力並不受限於我們的資產負債表到那個程度。我們正在為一些顯然擁有非常龐大資產負債表的團體工作。如果他們已經在某些設備上建立部位，並希望與我們合作，以他們的設備、我們的設備做某種組合，並由我們來促成整體落地與交付，這是我們可以參與的領域。

Our next question will come from Derek Podhaizer with Piper Sandler. Please go ahead.

下一個問題來自 Piper Sandler 的 Derek Podhaizer。請發問。

Hey. Good morning, everyone. Wanted to go back to the GESA conversations. What else should we be thinking about as you look to continue to deepen your moat as a turnkey 5 MW power supplier? What else from an integrated services perspective? Ancillary services, obviously, there was a big impact on your financials this quarter. As you integrate GESA, look forward to seeing that go back to HV MV LV. What else is out there? How can you educate us as far as the different areas that you could pursue to really deepen the moat around the turnkey power supplier you're building out here?

嗨。各位早安。我想回到關於 GESA 的討論。當你們希望持續加深作為 5 MW 一站式（turnkey）電力供應商的護城河時，我們還應該思考哪些面向？從整合式服務（integrated services）的角度，還有哪些？附屬服務（ancillary services）顯然在本季對你們的財務表現有很大影響。隨著你們整合 GESA，也期待看到它回到 HV MV LV。還有什麼其他方向？就你們可能追求的不同領域而言，你們能如何讓我們更了解，從而真正加深你們正在打造的這個一站式電力供應商的護城河？

Yeah, that's a great question. As Kyle alluded to, all of these opportunities we've internally sourced through our networks and through working with several of them on different sites. The last thing I want to do is tell an investment bank on where we're going to go find opportunities to go buy. I think there are lots of them out there that are entrepreneur-owned.

是的，這是個很好的問題。正如 Kyle 提到的，這些機會我們都是透過自身的人脈網絡，以及在不同案場與其中幾家合作的過程中，內部自行發掘而來。我最不想做的事，就是告訴投資銀行我們要去哪裡找機會去收購。我認為外面有很多這類機會，且多為創業者持有的企業。

The folks that we're tucking in underneath it see the opportunity. Frankly, they see taking our stock as it being undervalued in the whole package. That's part of the point, is they're coming in as our partners and helping us to grow this business. I think there are more of those out there, and we're going to continue to try to deliver them at the right relative valuation with the right skill sets and focus.

我們納入體系之下的那些夥伴看得到這個機會。坦白說，他們把接受我們的股票視為整體交易方案中「被低估」的一部分。這也是重點之一：他們是以合作夥伴的身分加入，並協助我們把這門業務做大。我認為外面還有更多這樣的標的，我們也會持續努力，以合適的相對估值、搭配正確的技能組合與聚焦方向，把它們帶進來。

Got it. No, that all makes sense. The announcement on the equity investment in the SMR nuclear company was clearly interesting. Maybe just kind of your high-level thoughts, Bill, as far as how you see the future energy mix for your solution and how you see this advancing over time as that looks to scale up and kind of be part of maybe a future solution of yours.

了解。不，這些都很合理。你們宣布對 SMR 小型模組化反應爐核能公司進行股權投資，確實很有意思。Bill，也許請你從較高層次談談：你如何看待未來你們解決方案的能源組合，以及你如何看待這項投資隨著規模化推進、逐步成為你們未來解決方案一部分的發展路徑。

Well, I think the nuclear industry is going through a bit of a renaissance here as we retrace from the big plants and the engineering battles and the regulatory and permitting battles to the SMR market, where you've got a few select companies that are really making progress on reactor small designs that actually work and are safe. I think us picking Deployable and understanding where they were in the process for getting critical is really important.

我認為核能產業正在經歷某種復興；我們正從大型電廠、工程攻防，以及監管與許可的拉鋸，回到 SMR 市場。在這裡，有少數幾家公司在小型反應爐設計上確實取得進展，設計可行且安全。我們選擇 Deployable，並了解他們在達到臨界（critical）流程中的進度，這點非常重要。

The technologies are going to work. It's a matter of how do we piece them together and how do we get the demonstration of that power up and running as part of this tool? The economics are still to be determined. It does save a lot of gas, and it's environmentally friendly to the most extent.

技術是可行的。問題在於我們要如何把這些技術拼接整合起來，以及如何讓示範電力作為這個工具的一部分真正上線運轉。經濟性仍有待確定。但它確實能節省大量天然氣，而且在很大程度上是環境友善的。

How is this going to fit into the mix of power generation in this country? We think it will. We think it will have a role, and it's a matter of how quick. I think the timelines of some of these, especially with support of the federal government, can be quicker than expected, and I think that's what's exciting to us here.

這會如何融入本國的發電組合？我們認為會。我們認為它會扮演一定角色，關鍵在於速度有多快。我認為其中一些專案的時程，特別是在聯邦政府支持下，可能比預期更快，而這正是我們覺得令人振奮的地方。

Great. I appreciate all the color. I'll turn it back.

很好。感謝你提供這麼多補充說明。我把時間交回去。

Our next question will come from Stephen Gengaro with Stifel. Please go ahead.

下一個問題來自 Stifel 的 Stephen Gengaro。請發問。

Thanks. Good morning, everybody. Two from me. The first is, and maybe this acquisition you announced today helps, we've heard more and more about sort of the wear and tear on turbines in the field working for data centers. I'm just curious kind of your take on that and what you've seen.

謝謝。各位早安。我有兩個問題。第一個是：我們越來越常聽到，現場為資料中心供電的渦輪機在使用上有某種程度的磨損與耗損。我想請教你們對此的看法，以及你們實際看到的情況。

Yeah, I read the Bloomberg article this morning, and there's a lot of experts in this world. We've been doing this. All of our turbines work. We have turbines that, as we've said, that have been temporary, that are moving off to another site, and we have checked them all over and re-looked at them, and they're all in great shape. There is a lot of noise around it. They are difficult loads. Pairing it up with some sort of buffer solution, be it a battery or a fuel cell, is a good way of managing that, and we've seen the dynamics. I think we've got designs and experience on how to manage that without ruining equipment, so to speak, or accelerating the life cycle. The benefits of some of the equipment we use is this can run on multi-fuels, it has run on multi-fuels.

是的，我今天早上讀了彭博那篇文章，這個世界上有很多「專家」。我們一直在做這件事。我們所有的渦輪機都運作良好。我們有一些渦輪機，如同我們說過的，是臨時部署的，之後會移往另一個案場；我們已經把它們全部檢查過、重新檢視過，狀況都非常好。外界有很多雜音。這些確實是較難應對的負載型態。搭配某種緩衝解決方案，不論是電池或燃料電池，都是管理這種情況的好方法，我們也看過這些動態。我認為我們在設計與經驗上，知道如何管理而不至於把設備「搞壞」，或加速其生命週期。我們使用的部分設備優點在於可使用多種燃料，也確實已經以多燃料運轉過。

It has run on multi-fuels and running clean natural gas. From a utility through them is far less impactful than trying to run diesel fuel through them or somewhere else, some other fuel around the world. So from our perspective, we see the dynamic, we think we've engineered and designed in a way that actually eliminates that risk on the equipment.

它已經以多燃料運轉過，也能以潔淨天然氣運轉。相較於讓它們使用柴油，或在世界其他地方使用其他燃料，從公用事業端供應天然氣給它們的影響要小得多。因此就我們的角度，我們看得到這種動態，也認為我們的工程與設計方式，實際上已經消除了設備端的風險。

Great. Thank you. My second question is, and you always lay things out really well in the deck, so thanks. I think when we think about Solaris in 2030, do you think it'll be materially different? Do you think there'll be M&A in the business on the power gen side? How do you think the company evolves from here? Obviously, there's more contracts to sign, et cetera, but do you think the world changes much, or do you think we kind of have more of the same?

很好。謝謝。第二個問題是：你們在簡報裡一向把事情講得很清楚，謝謝。我想，當我們思考 2030 年的 Solaris 時，你覺得會有實質上的不同嗎？你覺得在發電端業務會有併購（M&A）嗎？你認為公司接下來會如何演進？當然還有更多合約要簽等等，但你覺得外部世界會有很大改變，還是我們大致會看到更多同樣的情況？

I think it's going to look dramatically different. I think we have a stairstep through here in terms of what we can see today and what we can talk about. I think if we look at what opportunity set lies out there and what we think is happening, I think that the company will be materially different than it is today. Our goals are far beyond what we have in this deck in terms of the growth of this company. A capital-intensive industry, getting ourselves to the size at which we're investment-grade is a big step, and I think that we will see things heading that direction by 2030.

我認為會看起來截然不同。我認為我們在這段期間會呈現階梯式的推進，就我們今天看得到、以及我們能談的內容而言。如果我們看外面存在的機會集合，以及我們認為正在發生的事情，我認為公司將會與今天相比有實質性的不同。就公司成長而言，我們的目標遠遠超出這份簡報裡所呈現的。在資本密集型產業中，把公司做到能達到投資等級（investment-grade）的規模，是一個重大里程碑；我認為到 2030 年，我們會看到事情朝那個方向發展。

We'll look back, if you go back to first quarter of 2024, looking at where we were, looking at where we are today, I think the step change will be about as radical as the last two years have been.

回頭看，如果你回到 2024 年第一季，看看我們當時的位置，再看看我們今天的位置，我認為這種階躍式變化會像過去兩年一樣劇烈。

Great. Thank you.

很好。謝謝。

And our next question comes from Bobby Brooks with Northland Capital Markets. Please go ahead.

下一個問題來自 Northland Capital Markets 的 Bobby Brooks。請發問。

Hey, good morning, guys. Something that really stuck out to me in the prepared remarks was the line of sight commentary on additional capacity. I'm less interested in trying to size that or time that because I think you've constantly shown the market you can and will execute on that. What I do want to ask is, with the GESA acquisition and the expertise they brought in-house across a broader array of turbine OEMs, makes, models, did that directly tie to that improved line of sight on capacity positions? Maybe just expand on that.

嘿，各位早安。在事先準備的發言中，有一點讓我印象很深，就是你們對額外產能的可見度（line of sight）評論。我比較不想去估算規模或時間點，因為我認為你們一直向市場證明你們能、也會把它執行出來。我想問的是：隨著收購 GESA，以及他們帶進公司、涵蓋更廣泛渦輪機 OEM、品牌與型號的專業能力，這是否直接提升了你們對產能配置的可見度？能否再多談一些。

I think you hit the nail on the head. We have established very good relations with the OEMs and been able to pick up a little bit of used equipment and slots from the OEMs that may have come up. Slots they may have been conservative in their rollout and had a few extra turbines that we've been able to buy up. GESA changes that dramatically from out there, the used or lightly used or highly used equipment where we can actually in-house determine and do the diligence quickly on what might need to be done to that equipment and get it moved.

我認為你說到重點了。我們已經與 OEM 建立非常良好的關係，也能從 OEM 那邊取得一些二手設備與可能釋出的產能名額（slots）。有些名額是他們在推進節奏上較保守，因此多出幾台渦輪機，我們就能把它們買下來。GESA 讓情況有了很大的改變：面對外部的二手、輕度使用或高度使用的設備，我們可以在內部快速判斷並完成盡職調查，確認設備可能需要做哪些處理，然後把它移轉過來。

The level of involvement knowledge that's applied to that scanning the world, if you will, looking for opportunistic power generation, I think is giant with their addition. We had hired them before to do diligence for us on a set of assets. So we knew their capabilities and are really excited to have them as part of the team. We knew their capabilities and are really excited to have them as part of the team.

他們加入之後，在「掃描全球」——如果你願意這麼說——尋找具機會性的發電資產這件事上，所能運用的參與度與專業知識，我認為是非常巨大的。我們之前就曾聘請他們，替我們對一組資產做盡職調查。所以我們了解他們的能力，也非常興奮能讓他們成為團隊的一部分。我們了解他們的能力，也非常興奮能讓他們成為團隊的一部分。

These footprint is in over -- they've operated in over 30 countries. So they have a lot of visibility into what is happening in these countries, where the power plants are that might be decommissioned, and where there is good equipment.

他們的足跡遍及——他們已在超過30個國家營運。因此他們對這些國家正在發生的事情有很高的能見度：哪些電廠可能會除役、哪裡有良好的設備。

And it's determined there's a lot of equipment that isn't going to be suitable. So I think very quickly, understanding what's a wild goose chase and what's a real effort we apply time and energy to is an important thing that they bring to the table.

而且我們判斷有很多設備並不會適用。所以我認為，他們能很快辨識哪些是在白費力氣、哪些才是真正值得我們投入時間與精力的工作，這是他們帶來的一項重要價值。

Very helpful. Also on GESA, it seems like this gives you a notable second and separate shot on that with entire power gen build-out because of their aftermarket servicing maintenance across various different turbines. I just wanted to ask, one, do you plan, and to kind of answer this early, but just to confirm, it seems like you do plan on having GESA continue to pursue an expanding set of maintenance and servicing jobs where it might not necessarily be your assets on site. Then secondly, on your own projects or future ones, does adding the GESA team further expand potential scope?

非常有幫助。另外談到GESA，看起來由於他們在各種不同渦輪機上的售後維修保養服務，這似乎讓你們在整體發電建置上有一個顯著的第二次、且獨立的機會。我想問第一個問題：你們是否計畫——你剛才某種程度上已經回答了，但我想確認——看起來你們確實打算讓GESA持續爭取並擴大維護與服務的工作範圍，即使現場不一定是你們自己的資產。第二個問題：就你們自己的專案或未來的專案而言，加入GESA團隊是否會進一步擴大潛在的工作範疇？

Yes and yes. I think we do anticipate and want them to continue to grow their third-party work from an O&M perspective and from a generator maintenance perspective and rewinding and all the really important stuff that they can do for third-parties as well as us and continue to grow their shop. On top of that, they do give us a greater level of expertise on certain elements of what we do, especially as we're developing our preventative maintenance programs and we're developing all the protocols around that, and we're applying some really cool AI tools to manage and anticipate issues to get ahead of any maintenance to make sure that it's planned versus unplanned. I think the team there and integration into what we're developing is very important to how we run our business and how we are as reliable as possible for our customers.

是的，兩個都是。我認為我們確實預期、也希望他們能持續從O&M（營運與維護）的角度、以及發電機維修、重繞（rewinding）等他們能做的所有關鍵工作上，擴大第三方業務；同時也為我們服務，並持續擴大他們的維修工場能力。除此之外，他們也在我們所做的某些環節上提供更高層級的專業，特別是當我們在建立預防性維護計畫、制定相關的各項流程與規範時；我們也在運用一些很酷的AI工具來管理並預測問題，提前介入任何維護，確保維護是「計畫性」而不是「非計畫性」。我認為那邊的團隊以及與我們正在開發的內容整合，對於我們如何營運業務、以及如何盡可能為客戶提供最高可靠性，非常重要。

Thank you very much.

非常感謝。

Our next question will come from Michael Dudas with Vertical Research Partners. Please go ahead.

下一個問題來自Vertical Research Partners的Michael Dudas。請開始。

Good morning, everyone.

各位早安。

Good morning.

早安。

Bill, maybe a very supportive commentary this morning. What are some of the things we should look for that maybe there's any headwinds on timing, customer commitment, supply chain, integration, anything that we should be thinking about? Not that there's any need flow in the marketplace, but to gain continued confidence in the execution moving forward next few quarters.

Bill，今天早上我想先給一段非常支持性的評論。我們應該留意哪些事情？例如在時程、客戶承諾、供應鏈、整合等方面，是否可能有任何逆風，是我們應該思考的？並不是說市場上沒有需求動能，而是為了在接下來幾季的執行上，持續建立信心。

Well, the good news about this market today, it's pretty good at pointing out what it thinks is going to go wrong.

嗯，這個市場今天的好消息是，它很擅長指出它認為會出什麼問題。

These are complicated businesses and us putting the team forward, understanding execution, understanding build-out risk, understanding permitting challenges, understanding all the aspects to make all this happen, I think is really a key driver and a key risk mitigation strategy that we think about every project, every location we're building every subset of what's happening maintaining that we've got the team.

這些都是複雜的業務。我們把團隊配置到位，理解執行、理解建置風險、理解許可（permitting）方面的挑戰、理解讓這一切發生所需的各個面向，我認為這確實是關鍵的驅動因素，也是我們在每一個專案、每一個地點、每一個正在建置的環節、以及每一個正在維護的子項目上，都會思考的關鍵風險緩解策略：確保我們有這個團隊。

We've got the ability to put we need we've got friendly local you know local relationships with the community where we operate and understanding how to how to how to think about that and how to manage that is all part of ensuring that we That we can execute equipment over the short-term and it's called there is more demand for Compute than there is compute and power to compute right now from what we see so I think getting things up and running. Speed at which the industry launch is important. And, we're going to do what we can do. We're going to do it safely, but we're going to do it as fast as possible.

我們也有能力去配置所需資源；我們在營運所在地與社區有良好的在地關係。理解該如何思考、如何管理這些，都是確保我們能夠在短期內把設備落地並執行的一部分。就我們所見，目前對運算（Compute）的需求大於可用的運算資源，以及支撐運算所需的電力供給，所以我認為把事情建起來並運轉起來很重要。產業啟動的速度很重要。而我們會盡我們所能去做。我們會安全地做，但也會盡可能快地做。

We also are going to be very focused on signing the right contracts at the right time with the right people.

我們也會非常專注於在正確的時間，與正確的人簽下正確的合約。

Yeah, duly noted. Thank you. Thank you, Bill. Thank you, Amanda.

了解，記下了。謝謝。謝謝你，Bill。謝謝你，Amanda。

Our next question will come from Jerry Revich with Wells Fargo. Please go ahead.

下一個問題來自Wells Fargo的Jerry Revich。請開始。

Morning. This is Kevin on for Jerry. Congrats on the quarter. Could you help us walk through the economics of the expanded scope? Where is the incremental $100 million+ of annual EBITDA coming from balance of plant, infrastructure support, et cetera? Where are you getting the most interest in terms of scope from existing or prospective clients and how are the returns trending on that scope compared to the rest of the business? Thanks.

早安。我是Kevin，代Jerry提問。恭喜本季表現。能否請你們協助我們梳理一下擴大範疇後的經濟性？每年新增的1億美元以上EBITDA增量主要來自哪裡——例如廠內平衡系統（balance of plant）、基礎設施支援等等？就工作範疇而言，你們從既有或潛在客戶那邊看到最多的興趣集中在哪些部分？而這些範疇的報酬率相較於公司其他業務的趨勢如何？謝謝。

Yeah. Good morning. I'll take a piece of that. As we've talked about consistently, when we look at these projects, the generation as well as the balance of plant, we look at it on a return of capital basis when we price the contract. We look for similar rates of return. The incremental capital is going to be earning rates of return very similar to what we've already deployed for the turbines. It's all consistent from a pricing strategy standpoint.

好的。早安。我先回答其中一部分。如同我們一直在談的，當我們看這些專案時，無論是發電端或廠內平衡系統（balance of plant），我們在合約定價時都是以資本報酬率（return of capital）為基礎來評估。我們尋求相近的報酬率水準。新增投入的資本，其報酬率將與我們先前在渦輪機上部署的資本非常相似。從定價策略的角度來看，一切都是一致的。

Yeah. From an offering standpoint, Bill used the word evolution earlier today, and that's a word we've been using quite frequently recently. If we look at just the evolution of the offering and the scope that we've put in place here across the three major data center contracts that we have, the scope continues to expand at each contract. I think to Amanda's point, people are looking for a turnkey trusted provider, and we're doing it organically and inorganically in terms of being able to articulate that value proposition. We think the earnings potential here, is very compelling as we sort of land and expand here.

是的。就產品/服務提供（offering）的角度，Bill今天稍早用了「演進」這個詞，而這也是我們最近很常用的詞。如果我們只看我們在三個主要資料中心合約上所建立的提供內容與工作範疇的演進，每簽下一份合約，範疇都在擴大。我想呼應Amanda的觀點，大家在尋找的是一個可交付全套（turnkey）、值得信賴的供應商；而我們正以有機與無機的方式來強化並清楚闡述這個價值主張。我們認為，隨著我們在這裡「落地並擴張」（land and expand），其獲利潛力非常具吸引力。

Every time we've signed a contract, we have expanded the scope under that contract.

每一次我們簽下一份合約，我們都擴大了該合約下的工作範疇。

Got it. Thank you. I'll pass it along.

了解。謝謝。我把問題交給下一位。

Our next question will come from Blake McLean with Daniel Energy. Please go ahead.

下一個問題來自Daniel Energy的Blake McLean。請開始。

Hey, thanks for taking the time this morning. A lot of great insights already. Maybe I've got just one broader question here. I'm curious to get your take on insights from customers and potential customers from a mindset evolution perspective.

嗨，謝謝今天早上撥時間。目前已經有很多很棒的洞見。我可能只有一個比較宏觀的問題。我想聽聽你們對於客戶與潛在客戶在「心態演進」方面的觀察。

You guys had a great interconnection delay data point in your materials. How are those types of anecdotes and other grid headwinds that we keep hearing about changing commercial conversations? Clearly it's broadening interest levels, but how is it shaping, like, when they want to engage with y'all, how they think about site selection, size of capacity commitments, that sort of stuff?

你們在資料中提到一個很好的併網（interconnection）延遲數據點。這類案例，以及我們一直聽到的其他電網逆風，是如何改變商務對話的？顯然這正在提高整體興趣程度，但它如何影響例如他們何時想與你們接洽、他們如何思考選址、容量承諾的規模等這類事情？

Well, I think I alluded to a little bit earlier. I think the momentum toward expanding sites that are already there, if you've got strong local relationships, continues to be a little bit easier than a greenfield project. That said, there are still many large greenfield projects with eyes to larger size campuses, and it's really about the evolution of, if I want to build a 4, 5, 10 GW campus, the sky's the limit. How do I start that? What does that look like starting that and rolling up the power supply into a facility like that over the next two to five years as they build it out. I think that's the ongoing conversation is, what does the design look like for that? How does it all fit together? How does it look?

嗯，我想我稍早已稍微提到過。我認為，在你已經有既有據點、且在當地有很強的關係基礎時，朝擴建既有場址的動能，通常仍比從零開始的綠地專案來得更容易一些。話雖如此，仍有許多大型綠地專案，目標是更大規模的園區；這其實關乎演進：如果我想打造一個 4、5、10 GW 的園區，幾乎沒有上限。我要怎麼開始？在未來兩到五年逐步建置的過程中，從啟動到把電力供應整合、匯入這樣的設施，會是什麼樣子？我認為持續在討論的就是：那樣的設計會長什麼樣？所有東西要如何整合在一起？整體看起來會是什麼樣子？

What does the generation stack look like, for five gigawatt islanded power project three years from now or five years from now? I think all of those conversations are very ongoing. I think that our dialogues are consultative with our customers and trying to figure out how do we fit a solution into there, and how you partner up with others to execute on the scale which is needed to execute on.

三年後或五年後，一個 5 GW 的孤島式（islanded）供電專案，其發電組合（generation stack）會長什麼樣？我認為這些對話都仍在非常持續地進行中。我認為我們與客戶的對話是以諮詢式方式進行，試著釐清我們要如何把解決方案嵌入其中，以及如何與其他夥伴合作，去落地執行所需的規模。

Moratoriums, the issues associated with the interconnection and the queues. Look at the Abbott letter that there's been a lot of conversations about. I mean, these are all tailwinds. One of the primary solutions to meaningfully alleviate the strain on public infrastructure and eliminate or at least mitigate the potential of increased costs on the ratepayer really pushes you back to behind the meter. These are tailwinds, and as Bill said, we are in discussions as to how to make it happen, and how to make it happen and where to make it happen. The conversations are very consultative.

暫停令（moratoriums）、併網（interconnection）相關議題以及排隊（queues）問題。看看 Abbott 州長那封信，大家已經就此進行了很多討論。我的意思是，這些都是順風因素（tailwinds）。要實質緩解公共基礎設施的壓力，並消除或至少降低電價用戶（ratepayer）成本上升的可能性，其中一個主要解方其實會把你推回到「表後」（behind the meter）。這些都是順風因素；正如 Bill 所說，我們正在討論如何讓它發生、在哪裡讓它發生。這些對話非常偏向諮詢式。

Yeah. I think their view of the time value of compute time between now and the energizing in early 2027 versus 2029 or 2030 is significant value to the customer. They see that and they recognize the need to get this going quickly, then have a long-term plan about what it looks like. I think there's always been a bit of a perception that some more efficient, large combined cycle unit is going to be a much more lower cost solution. In today's environment, with the cost of the EPC contracts, the location, the siting of all that, the needs for high voltage transformers and the needs for high voltage transmission and on-site backup power, the costs are beginning to converge in a way that we think is really much pushing the behind the meter solution to really become the next generation of power.

是的。我認為他們看待「算力時間」的時間價值：從現在到 2027 年初通電（energizing），相較於 2029 或 2030 年，對客戶而言是很顯著的價值。他們看得到、也認知到需要快速啟動，然後再針對長期會長什麼樣子制定計畫。我認為一直以來都有一種觀感：更高效率的大型複循環機組會是成本更低的解決方案。但在當前環境下，隨著 EPC 合約成本、地點與選址等因素，再加上高壓變壓器需求、高壓輸電需求、以及現場備援電力需求，成本正以我們認為相當明顯的方式逐漸收斂，進而強力推動「表後」解決方案成為下一代電力供應模式。

That at some point it can turn around and supply back into the grid, as resiliency as needed. I'm sure you have one more question, Blake, about the logistics segment.

在某個時間點，它也可以回頭把電力供回電網，作為所需的韌性支援。我想你應該還有最後一個問題，Blake，關於物流事業部。

Anything you want to share on that, we'd love to hear it. Thanks, you guys, very much for the color.

這部分你有什麼想分享的嗎？我們很想聽聽。非常感謝各位提供的補充說明。

Thank you, Blake. That business continues to perform extremely well. We do see customers focused on it, that the trucking bottlenecks with the data center market has taken a lot of the pneumatic truck in using for cement service. The evolution of kind of what's happening there with the growth of the need, and I think John's letter of Sunday night highlighted that you're going to need more frac spreads next year to complete the wells that are being drilled as the rig count grows a little bit.

謝謝你，Blake。那項業務持續表現得非常好。我們確實看到客戶很關注；資料中心市場造成的卡車運輸瓶頸，已經把原本用於水泥服務的許多氣力輸送車（pneumatic truck）抽走了。隨著需求成長，相關情勢也在演變；我認為 John 週日晚上那封信也強調，隨著鑽機數（rig count）小幅增加，明年你將需要更多壓裂作業隊（frac spreads），才能完成正在鑽的井。

All of that points to continued growth in that business for us. We've got strong reliability. We've really spent a lot of effort in that business, continuing to focus on equipment reliability, and getting it working, and I think that we're hitting on all cylinders in that business as well.

這些都指向我們在該業務上的持續成長。我們具備很強的可靠性。我們在這項業務上投入了大量心力，持續聚焦於設備可靠性，讓設備保持運轉；我認為我們在這項業務上也同樣是火力全開、各方面運作順暢。

Good stuff. Thank you all.

很棒。謝謝各位。

This will conclude our question-and-answer session. I'd like to turn the conference back over to Bill Zartler for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Bill Zartler，請他做結語。

Thanks, Cole. Thank you all for joining us today. This quarter's progress showed once again that our strategy is working. Our team is executing, and the company is growing quickly. Our customers keep choosing to grow with us. We keep integrating more of the power value chain, all that combination is producing durable results.

謝謝你，Cole。感謝各位今天加入我們。本季的進展再次顯示我們的策略正在奏效。我們的團隊正在落實執行，公司也在快速成長。客戶持續選擇與我們一起擴張。我們持續整合電力價值鏈的更多環節；這些組合正在產生可持續的成果。

About our 2.3 GW that are currently under long-term contract and have a clear path to significant free cash flow from those contracts and other parts of our business over the next decade. A sincere thank you to our employees, customers, and partners. Your dedication and trust are the foundation of everything we are building, and they are why we are more excited about the future than at any point in our history. We look forward to sharing our continued progress, and thanks again. Have a great day.

關於我們目前有 2.3 GW 已簽訂長期合約，且在未來十年，這些合約以及我們業務的其他部分，都有清晰路徑可帶來可觀的自由現金流。衷心感謝我們的員工、客戶與合作夥伴。各位的投入與信任，是我們正在打造的一切之基石，也正是我們對未來的期待比公司歷史上任何時刻都更高的原因。我們期待與各位分享後續的持續進展，再次感謝。祝各位有美好的一天。

The conference is now concluded. Thank you for attending today's presentation. (Operator Instructions)

本次電話會議到此結束。感謝各位參加今天的簡報。（接線員指示）