TPI Composites Inc (TPIC) 2023 Q1 法說會逐字稿

Hello, and welcome to the TPI Composites 1Q 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎來到 TPI Composites 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to hand the conference over to your first speaker today, Mr. Christian Edin, Investor Relations. Please go ahead.

我現在想將會議交給您今天的第一位發言人，投資者關係部的 Christian Edin 先生。請繼續。

Thank you, operator. I would like to welcome everyone to TPI Composites' First Quarter 2023 Earnings Call.

謝謝你，運營商。歡迎大家參加 TPI Composites 的 2023 年第一季度收益電話會議。

We will be making forward-looking statements during this call that are subject to risks and uncertainties, which could cause actual results to differ materially. A detailed discussion of applicable risks is included in our latest reports and filings with the Securities and Exchange Commission, which can be found on our website, tpicomposites.com.

我們將在本次電話會議期間做出受風險和不確定因素影響的前瞻性陳述，這可能導致實際結果存在重大差異。有關適用風險的詳細討論包含在我們向美國證券交易委員會提交的最新報告和文件中，可在我們的網站 tpicomposites.com 上找到。

Today's presentation will include references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

今天的演講將包括對非 GAAP 財務指標的引用。您應該參考今天演示文稿附帶的幻燈片中包含的信息，以了解歷史非 GAAP 措施與可比 GAAP 財務措施的定義信息和調節。

With that, let me turn the call over to Bill Siwek, TPI Composites' President and CEO.

有了這個，讓我把電話轉給 TPI Composites 的總裁兼首席執行官 Bill Siwek。

Thanks, Christian, and good afternoon, everyone. Thank you for joining our call. In addition to Christian, I'm here with Ryan Miller, our CFO. Today, I'll discuss our results and highlights from the first quarter; our global operations, including our service and automotive businesses; then cover our supply chain and the wind energy market more broadly. Ryan will then review our financial results, and then we'll open the call for Q&A.

謝謝，克里斯蒂安，大家下午好。感謝您加入我們的電話。除了 Christian 之外，我和我們的首席財務官 Ryan Miller 一起來了。今天，我將討論我們第一季度的業績和亮點；我們的全球業務，包括我們的服務和汽車業務；然後更廣泛地覆蓋我們的供應鍊和風能市場。然後 Ryan 將審查我們的財務結果，然後我們將打開問答電話。

Please turn to Slide 5. Despite a challenging global wind market and economic climate, during the first quarter, total sales increased by nearly 18% over prior year to $404 million; and adjusted EBITDA was $8.4 million, a 38% year-over-year increase, which was in line with our plan.

請轉到幻燈片 5。儘管全球風能市場和經濟環境充滿挑戰，但在第一季度，總銷售額比去年同期增長近 18%，達到 4.04 億美元；調整後的 EBITDA 為 840 萬美元，同比增長 38%，符合我們的計劃。

Now a quick summary of some key events since our last call. We raised approximately $110 million in net proceeds from our green convertible senior notes offering. We plan to use the proceeds from this financing to provide capital to support future growth; fund specific sustainability initiatives; support working capital needs; make sure our suppliers are healthy and ready to expand with us in the coming years; and finally, to pay down some higher interest rate debt.

現在快速總結自我們上次通話以來的一些關鍵事件。我們通過發行綠色可轉換優先票據籌集了約 1.1 億美元的淨收益。我們計劃將此次融資的收益用於提供資金以支持未來的增長；資助具體的可持續發展舉措；支持營運資金需求；確保我們的供應商健康並準備好在未來幾年與我們一起擴張；最後，償還一些利率較高的債務。

We published our 2022 ESG report during the quarter, please turn to Slide 6 for highlights from the report. The wind turbine blades we produced during 2022 will help reduce CO2 emissions by approximately 410 million metric tons over their expected 20-year operating lifetime. We made progress towards our 2030 goal of carbon neutrality by reducing overall CO2 intensity by 16%. We achieved our annual waste rate reduction goal of 5%; enhanced our global behavior-based safety program to further reinforce positive safety behaviors at all of our facilities; transitioned our diversity, equity and inclusion program to IDEA, or inclusion, diversity, equity and awareness, because without inclusion, you don't get the benefits of diversity and equity.

我們在本季度發布了 2022 年 ESG 報告，請轉到幻燈片 6 了解報告中的要點。我們在 2022 年生產的風力渦輪機葉片將有助於在其預期的 20 年使用壽命內減少約 4.1 億公噸的二氧化碳排放量。通過將總體二氧化碳排放強度降低 16%，我們在實現 2030 年碳中和目標方面取得了進展。我們實現了每年減少 5% 廢品率的目標；加強我們基於行為的全球安全計劃，以進一步加強我們所有設施的積極安全行為；將我們的多元化、公平和包容計劃轉變為 IDEA，即包容、多元化、公平和意識，因為沒有包容，您就無法從多元化和公平中受益。

We increased the diversity of our Board and global leadership team, and in furtherance of our efforts to enhance our corporate governance practices, we are asking our shareholders to approve the phaseout of our staggered Board and eliminate supermajority voting requirements from our charter documents at our Annual Meeting later this month.

我們增加了董事會和全球領導團隊的多樣性，並且為了進一步努力加強我們的公司治理實踐，我們要求我們的股東在我們的年度會議上批准逐步取消我們的交錯董事會並從我們的章程文件中取消絕對多數表決要求本月晚些時候開會。

During 2023, we plan to make further progress on our ESG goals. For example, we will be expanding our rooftop solar in Türkiye as well as investing in wind turbines, also at Türkiye, to power our facilities with renewable energy. With this investment, we expect to be able to reduce our global greenhouse gas emissions by nearly 20% while, at the same time, reducing our operating costs. This is a great example of what wind energy can do for companies: eliminate volatility of market rates, reduce the cost of energy and, therefore, improve financial results, all while reducing greenhouse gas emissions.

2023 年，我們計劃在 ESG 目標方面取得進一步進展。例如，我們將在 Türkiye 擴大我們的屋頂太陽能，並在 Türkiye 投資風力渦輪機，為我們的設施提供可再生能源。通過這項投資，我們預計能夠將全球溫室氣體排放量減少近 20%，同時降低運營成本。這是風能可以為公司做些什麼的一個很好的例子：消除市場利率的波動，降低能源成本，從而改善財務業績，同時減少溫室氣體排放。

Now for a quick update on our global operations, including our service and automotive businesses, please turn to Slide 7. During the fourth quarter, we announced and recorded material restructuring and impairment charges with respect to closing our China operations and additional head count reductions in our other manufacturing facilities and corporate functions. We expect these actions to result in structural cost savings of approximately $20 million to be realized in 2023 and beyond while continuing to focus on operating efficiencies to drive annual productivity savings of over $20 million per year, which we have consistently achieved over the past 3 years.

現在要快速了解我們全球業務的最新情況，包括我們的服務和汽車業務，請轉到幻燈片 7。在第四季度，我們宣布並記錄了與關閉中國業務和額外裁員相關的重大重組和減值費用我們的其他製造設施和公司職能。我們預計這些行動將在 2023 年及以後實現約 2000 萬美元的結構性成本節約，同時繼續專注於提高運營效率，以每年推動每年超過 2000 萬美元的生產力節約，這是我們在過去 3 年中一直取得的成果.

We have made significant progress on the restructuring plans in the first quarter. We were able to terminate our lease for Yangzhou China on terms more favorable than we were planning on. And as of March 31, we have no further obligations with respect to the lease. We have also reduced our head count in China to about a half dozen people that will carry out the administrative activities to wind down our legal entity over the balance of this year. We are also in good shape on the other structural actions that we took and are currently at a run rate to generate our targeted savings.

我們在第一季度的重組計劃取得了重大進展。我們能夠以比我們計劃更優惠的條件終止我們在中國揚州的租約。截至 3 月 31 日，我們對租約沒有進一步的義務。我們還將在中國的員工人數減少到大約六人，他們將在今年餘下時間開展行政活動以結束我們的法人實體。我們在採取的其他結構性行動方面也處於良好狀態，目前正以運行速度產生我們的目標儲蓄。

Our wind blade facilities performed to plan in the first quarter. We produced 655 sets and achieved a utilization rate of 84%. We are working on a handful of volume changes with our customers, both up and down, but don't expect those changes to impact overall revenue guidance.

我們的風力葉片設施在第一季度的表現符合計劃。我們生產了655套，利用率達到了84%。我們正在與我們的客戶一起進行少量的數量變化，包括上下變化，但預計這些變化不會影響整體收入指導。

In global service, sales were down year-over-year due to a reduction in technicians deployed to revenue-generating projects due to a combination of inclement weather, the completion of a large customer campaign in 2022 and an increase in time spent on nonrevenue-generating inspection and rework. For the second quarter, we expect service sales to ramp up again driven by normal seasonality and customer campaigns. We remain focused on driving profitability and expanding our services outside of the U.S.

在全球服務方面，由於惡劣天氣、2022 年大型客戶活動的完成以及花在非收入項目上的時間增加，部署到創收項目的技術人員減少，銷售額同比下降。生成檢查和返工。對於第二季度，我們預計服務銷售將在正常的季節性和客戶活動的推動下再次上升。我們仍然專注於提高盈利能力並將我們的服務擴展到美國以外的地區

Things have continued to progress nicely in our automotive business. We expect to be able to move 3-plus programs from development to production during the year and, therefore, expect to have 5-plus programs in production by year-end. These innovative programs are a combination of EV passenger vehicle parts, Class 8 caps and cab structures and commercial delivery vehicles. We continue to explore strategic alternatives for this business to enable us to scale faster and are encouraged by the initial discussions and expect to have more information to share by the end of Q2 or early Q3.

我們的汽車業務繼續取得良好進展。我們希望能夠在年內將 3 個以上的項目從開發轉移到生產，因此，預計到年底將有 5 個以上的項目投入生產。這些創新項目結合了 EV 乘用車部件、8 級蓋帽和駕駛室結構以及商用運載車輛。我們將繼續探索這項業務的戰略替代方案，以使我們能夠更快地擴大規模，並對初步討論感到鼓舞，並希望在第二季度末或第三季度初分享更多信息。

As it relates to our supply chain, the situation has been largely unchanged since our last call. And although it continues to be somewhat challenging, it's significantly better than during the last 2 years. We continue to expect the overall cost of raw materials to trend down compared to 2022, while logistics costs have generally returned to pre-pandemic levels. With our contract structure and shared pain/gain approach, we expect to have a net benefit in '23 over 2022.

由於它與我們的供應鏈有關，自我們上次通話以來，情況基本沒有變化。儘管它仍然有些挑戰，但它比過去 2 年要好得多。我們繼續預計與 2022 年相比，原材料的整體成本將呈下降趨勢，而物流成本已普遍恢復到大流行前的水平。通過我們的合同結構和共享痛苦/收穫的方法，我們預計將在 2022 年的 23 年獲得淨收益。

As we've discussed over the last couple of quarters, we see 2023 as a transition year while the industry awaits formal implementation guidance related to key components of the IRA in the U.S. and clarity around more robust policies in the EU, such as the recently proposed Green Deal Industrial Plan aimed at speeding up the expansion of renewable energy and green technologies, while building on previous initiatives, such as the European Green Deal and REPowerEU.

正如我們在過去幾個季度所討論的那樣，我們將 2023 年視為過渡年，而該行業正在等待與美國 IRA 關鍵組成部分相關的正式實施指南以及歐盟更強有力政策的明確性，例如最近的擬議的綠色協議工業計劃旨在加快可再生能源和綠色技術的擴張，同時建立在之前的倡議之上，例如歐洲綠色協議和 REPowerEU。

Since we last spoke, the EU announced the deal to reach 42.5% renewable energy by 2030. Dedicated areas are to be set up where countries are required to approve new renewable energy installations within 18 months. And outside of those areas, timing will be limited to 27 months. Although it still needs to be endorsed by the EU Parliament and Council in order to become law, and that's expected to be no later than the second half of 2024, this would provide permitting relief for 100 gigawatts of wind currently stuck in permitting queues.

自我們上次發言以來，歐盟宣布達成協議，到 2030 年可再生能源佔比達到 42.5%。將設立專用區域，要求各國在 18 個月內批准新的可再生能源裝置。在這些地區之外，時間限制為 27 個月。儘管它仍需要得到歐盟議會和理事會的批准才能成為法律，而且預計最遲不會晚於 2024 年下半年，但這將為目前卡在許可隊列中的 100 吉瓦風能提供許可減免。

Here in the U.S., we continue to wait for guidance on key areas, including domestic content, direct pay, the advanced manufacturing production credit and transferability of credits. The latest we've heard is that we may receive guidance on some key remaining aspects as early as by the end of Q2 and others may be later than that. We'll wait and see.

在美國，我們繼續等待關鍵領域的指導，包括國內內容、直接支付、先進製造業生產信貸和信貸可轉讓性。我們聽到的最新消息是，我們可能最早在第二季度末收到一些關鍵剩餘方面的指導，而其他方面可能會晚於此。我們拭目以待。

While we recognize the challenges the wind industry continues to face in the near term, we remain confident that demand for wind energy will strengthen once the current regulatory uncertainty is resolved as well as being driven by the continued focus on energy security and independence globally. We believe TPI remains in a unique position with our strategically located footprint, along with strong partnerships with our customers and suppliers, to improve profitability in the near to midterm and to expand our operations and, therefore, market share as demand begins to outpace capacity once wind installations begin to accelerate again.

雖然我們認識到風能行業在短期內繼續面臨挑戰，但我們仍然相信，一旦當前的監管不確定性得到解決，並且受到全球對能源安全和獨立性的持續關注的推動，對風能的需求將會增強。我們相信 TPI 憑藉我們戰略性的足跡以及與我們的客戶和供應商的牢固合作夥伴關係，仍然處於獨特的地位，以提高近期和中期的盈利能力並擴大我們的業務，因此一旦需求開始超過產能，市場份額就會增加風力裝置開始再次加速。

While the prospect of growing our capacity is exciting, we expect our wind revenue to eclipse $2 billion, yielding a high single-digit adjusted EBITDA margin and free cash flow as a percentage of sales in the mid-single digits over the next couple of years, and this is without expanding our existing footprint.

雖然我們的產能增長前景令人興奮，但我們預計我們的風能收入將超過 20 億美元，在未來幾年內產生高個位數的調整後 EBITDA 利潤率和自由現金流佔銷售額的中個位數百分比，而這並沒有擴大我們現有的足跡。

Today, we're operating 37 lines and have 11 lines of capacity available within our existing facilities. This capacity consists of 5 lines in Newton, Iowa; 4 lines in Juarez, Mexico; and 2 lines in India. The lines in Iowa are reserved by GE and the lines in India are currently reserved by Nordex. And although we have not formally announced the deal, the 4 lines in Juarez, Mexico are also spoken for, and we are working to finalize the contract for those lines by the end of Q2. We plan to have all of these lines formally under contract by the end of 2023 and in production at some point during 2024. As we exit 2024 and enter 2025, we expect to have at least 44 lines globally that are installed and operational. These 44 lines will provide us with approximately 3,600 sets per year or 14 gigawatts of capacity.

今天，我們運營著 37 條生產線，現有設施中有 11 條生產線可用。該容量包括位於愛荷華州牛頓的 5 條生產線；墨西哥華雷斯的4條線路；和印度的 2 條線路。愛荷華州的線路由 GE 保留，印度的線路目前由 Nordex 保留。雖然我們還沒有正式宣布這筆交易，但墨西哥華雷斯的 4 條線路也已談妥，我們正在努力在第二季度末完成這些線路的合同。我們計劃在 2023 年底之前讓所有這些生產線正式簽訂合同，並在 2024 年的某個時間點投入生產。隨著我們從 2024 年結束並進入 2025 年，我們預計全球至少有 44 條生產線已安裝並投入運營。這44條線將為我們提供每年約3600台或14吉瓦的產能。

In the IEA's updated net zero by 2050 scenario, wind needs to reach over 400 gigawatts of installation per year with approximately 80% onshore and 20% offshore. Therefore, the market would have to be almost 5x larger than it was in 2022. So clearly, 14 gigawatts of capacity will not be sufficient to meet the long-term needs of our customers, so strategically growing our global capacity and footprint over the next couple of years is a discussion we are engaged in today with all of our customers.

在 IEA 更新的到 2050 年的淨零排放情景中，風能需要達到每年超過 400 吉瓦的裝機容量，其中大約 80% 位於陸上，20% 位於海上。因此，市場必須比 2022 年擴大近 5 倍。很明顯，14 吉瓦的容量不足以滿足我們客戶的長期需求，因此在未來戰略性地增加我們的全球容量和足跡幾年是我們今天與所有客戶進行的討論。

With that, let me turn the call over to Ryan to review our financial results.

有了這個，讓我把電話轉給瑞安來審查我們的財務業績。

Thanks, Bill. Please turn to Slide 9. All comparisons discussed today will be on a year-over-year basis for continuing operations compared to the same period in 2022. Please note, our prior year financial information has been restated to exclude the discontinued operations from our Asia reporting segment as we shut down our operations in China at the end of 2022.

謝謝，比爾。請轉到幻燈片 9。今天討論的所有比較都是基於與 2022 年同期相比的持續經營業務的同比增長。請注意，我們上一年的財務信息已經過重述，以排除我們在亞洲的停產業務報告分部，因為我們在 2022 年底關閉了在中國的業務。

In the first quarter of 2023, net sales were $404.1 million compared to $343.5 million for the same period in 2022, an increase of 17.6%. Net sales of wind blades, tooling and other wind-related sales, which excludes field services, and hereafter I'll refer to as just wind sales, increased by $65.8 million in the first quarter of 2023 or 20.5% compared to the same period in 2022. The increase in net sales of wind during the first quarter was primarily due to a 20% increase in the number of wind blades produced as well as higher average sales prices due to the mix of wind blade models produced and the impact of inflation on wind blade prices, partially offset by foreign currency fluctuations. Additionally, our utilization in the first quarter of 2023 was 84% compared to utilization of 71% in the first quarter of last year.

2023 年第一季度，淨銷售額為 4.041 億美元，而 2022 年同期為 3.435 億美元，增長 17.6%。風電葉片、工具和其他風電相關銷售的淨銷售額（不包括現場服務）在 2023 年第一季度與 2023 年第一季度相比增長了 6580 萬美元，增幅為 20.5% 2022年第一季度風電淨銷售額的增長主要是由於生產的風電葉片數量增加了20%，以及生產的風電葉片型號組合和通貨膨脹對平均銷售價格的影響較高風力葉片價格，部分被外匯波動所抵消。此外，我們在 2023 年第一季度的利用率為 84%，而去年第一季度為 71%。

Field services sales decreased by $2.7 million in the first quarter compared to the same period in 2022. The decrease was due to a reduction in technicians deployed on revenue-generating projects due to a combination of inclement weather, the completion of a large customer campaign in Q1 of 2022 and an increase in time spent on nonrevenue-generating inspection and rework.

與 2022 年同期相比，第一季度現場服務銷售額減少了 270 萬美元。下降的原因是由於惡劣天氣、在2022 年第一季度，非創收檢查和返工時間增加。

Automotive sales decreased by $2.6 million in the first quarter compared to the same period in 2022. The decrease was primarily due to a reduction in the number of composite bus bodies produced and a decrease in sales of other automotive products, partially offset by an increase in fees associated with minimum volume commitments.

與 2022 年同期相比，第一季度汽車銷售額減少了 260 萬美元。減少的主要原因是生產的複合材料客車車身數量減少以及其他汽車產品銷售額的減少，部分被增加所抵消與最低交易量承諾相關的費用。

Net loss attributed to common stockholders was $37.3 million in the first quarter of 2023 compared to a net loss of $29.9 million in the same period in 2022. In the first quarter of 2023, our net loss attributable to common stockholders includes $15.2 million of preferred stock dividends and accretion compared to $14.1 million in the same period in 2022.

2023 年第一季度歸屬於普通股股東的淨虧損為 3730 萬美元，而 2022 年同期為 2990 萬美元。2023 年第一季度，我們歸屬於普通股股東的淨虧損包括 1520 萬美元的優先股股息和增值與 2022 年同期的 1,410 萬美元相比。

Adjusted EBITDA for the first quarter of 2023 totaled $8.4 million compared to $6.1 million during the same period in 2022. The increase in adjusted EBITDA was primarily due to earnings on higher sales, lower start-up and transition costs, cost reduction initiatives and net favorable foreign currency fluctuations, largely offset by inflation and increased production costs due to a significant change in a customer's inspection criteria requirements.

2023 年第一季度調整後 EBITDA 總計 840 萬美元，而 2022 年同期為 610 萬美元。調整後 EBITDA 的增長主要是由於銷售額增加、啟動和過渡成本降低、成本削減計劃和淨有利條件帶來的收益外匯波動，在很大程度上被通貨膨脹和由於客戶檢驗標準要求的重大變化而增加的生產成本所抵消。

Moving to Slide 10. We ended the quarter with $164.2 million of unrestricted cash and cash equivalents and $195.1 million of debt, which includes the net proceeds from the $132.5 million, 5.25% green convertible senior notes we issued in the quarter, which Bill talked about earlier.

轉到幻燈片 10。本季度結束時，我們擁有 1.642 億美元的無限制現金和現金等價物以及 1.951 億美元的債務，其中包括我們在本季度發行的 1.325 億美元、利率為 5.25% 的綠色可轉換優先票據的淨收益，比爾談到了這一點更早。

We used $87.1 million of free cash flow in the first quarter of 2023 compared to $86.6 million in the same period in 2022. Our use of cash during the quarter was for $37.6 million payments of outstanding payable, severance and other restructuring activities associated with the shutdown of our China operations. In addition, our gross contract assets grew $35.4 million due to an increase in unbilled wind blade production and timing of advanced payments. The quarter also included $8.1 million in payments related to our associates' annual cash bonus program and $6.3 million down payment to acquire wind turbines that will provide renewable energy for our manufacturing facilities in Türkiye. We also had capital expenditures of $3.3 million during the first quarter.

我們在 2023 年第一季度使用了 8710 萬美元的自由現金流，而 2022 年同期為 8660 萬美元。我們在本季度使用現金支付 3760 萬美元的未償應付款項、遣散費和與關閉相關的其他重組活動我們的中國業務。此外，由於未開票的風力葉片產量和預付款時間的增加，我們的總合同資產增長了 3540 萬美元。本季度還包括 810 萬美元與我們員工的年度現金紅利計劃相關的付款以及 630 萬美元的預付款，用於購買風力渦輪機，這些風力渦輪機將為我們在 Türkiye 的製造設施提供可再生能源。我們在第一季度還有 330 萬美元的資本支出。

Moving on to Slide 11. We are confirming sales and adjusted EBITDA guidance that we issued last quarter. Still a lot to play out over the year, but we are working on a handful of volume changes with our customers, both increases and decreases. They will likely net out sales closer to the bottom end of our guidance range with what we know today.

轉到幻燈片 11。我們正在確認我們上個季度發布的銷售額和調整後的 EBITDA 指導。這一年還有很多事情要做，但我們正在與我們的客戶一起研究一些數量變化，包括增加和減少。根據我們今天所知道的情況，他們可能會在接近我們指導範圍底端的情況下淨銷售額。

In addition, I wanted to provide some color on our adjusted EBITDA guidance for 2023. Similar to sales, there's still a lot of things to play out during the year, in particular, our union negotiations with Türkiye and foreign currency fluctuations, but we still feel comfortable with our guidance range in the low single digits.

此外，我想為我們調整後的 2023 年 EBITDA 指導提供一些色彩。與銷售類似，這一年仍有很多事情要做，特別是我們與 Türkiye 的工會談判和外匯波動，但我們仍然對我們低個位數的指導範圍感到滿意。

When we look at second quarter, most of our wage or merit changes kick in, so I expect the second quarter will likely be the low-water mark for adjusted EBITDA margin. In the second half of the year, we expect incremental benefits from our productivity improvements and improving raw material and logistics costs to further take shape and offset most of the wage headwinds.

當我們看第二季度時，我們的大部分工資或績效變化都會開始，所以我預計第二季度可能是調整後 EBITDA 利潤率的低水位線。在今年下半年，我們預計我們的生產力提高以及原材料和物流成本的改善將進一步形成增量收益，並抵消大部分工資逆風。

Moving on to capital expenditures. We are revising our 2023 capital expenditures guidance from $25 million to a range of $40 million to $45 million. The increase in expected capital expenditures is driven by the project we discussed in Türkiye to purchase 2 wind turbines as well as incremental capital needed to start up our 2 open manufacturing lines in India.

轉向資本支出。我們正在將 2023 年的資本支出指導意見從 2500 萬美元修改為 4000 萬至 4500 萬美元。預期資本支出的增加是由我們在土耳其討論的購買 2 颱風力渦輪機的項目以及啟動我們在印度的 2 條開放式生產線所需的增量資本推動的。

And as we think about the cadence of our overall cash flows throughout the rest of the year, we do expect our cash balance to remain above flat with the end of Q1. There will be some puts and takes by quarter, but generally, it should be relatively flat. Now as we expect positive cash flows from adjusted EBITDA we generate and the recovery of the elevated levels of in-process contract assets, offsetting these positive cash flows will be capital expenditures, income tax payments, interest payments, and as Bill alluded to earlier, paying down some higher interest rate lines of credit.

當我們考慮今年剩餘時間整體現金流的節奏時，我們確實預計我們的現金餘額將在第一季度末保持平穩。每個季度會有一些put和take，但一般來說，應該是比較平淡的。現在，由於我們預計我們產生的調整後 EBITDA 產生的正現金流量以及在建合同資產的高水平恢復，抵消這些正現金流量將是資本支出、所得稅支付、利息支付，正如比爾之前提到的，償還一些利率較高的信貸額度。

I don't expect a lot of other working capital changes over the balance of the year as our sales are projected to be flattish until the fourth quarter, which we currently expect to be our lowest sales quarter of the year due to seasonally higher holidays, which means less production days, as well as a couple of lines that we'll begin to prepare for transitions.

我預計今年餘下時間不會有很多其他營運資金變化，因為我們的銷售額預計在第四季度之前持平，我們目前預計由於季節性假期增加，這將是我們今年銷售額最低的季度，這意味著更少的生產天數，以及我們將開始為過渡做準備的幾條生產線。

So with that, I'll turn the call back over to Bill.

因此，我將把電話轉回給比爾。

Thanks, Ryan. Please turn to Slide 13. We remain very bullish on the energy transition and believe we will continue to play a vital role in the pace and ultimate success of the transition. We remain focused on managing our business through the short-term challenges in the industry and are excited about how we are positioned to capitalize on the significant growth the industry expects in the coming years.

謝謝，瑞安。請轉到幻燈片 13。我們仍然非常看好能源轉型，並相信我們將繼續在轉型的步伐和最終成功中發揮重要作用。我們仍然專注於通過行業的短期挑戰來管理我們的業務，並對我們如何定位以利用行業在未來幾年預期的顯著增長感到興奮。

I want to thank all of our TPI associates once again for their commitment, dedication and loyalty to TPI. And finally, I want to remind you about our upcoming Annual Stockholders' Meeting on May 24 and encourage you to vote in favor of all stockholder proposals, including a couple of key amendments to our charter to enhance our corporate governance practice, specifically proposals 4 and 5 which, if passed, will phase out our staggered Board and eliminate supermajority voting requirements from our charter documents.

我要再次感謝所有 TPI 員工對 TPI 的承諾、奉獻和忠誠。最後，我想提醒您注意我們即將於 5 月 24 日舉行的年度股東大會，並鼓勵您投票贊成所有股東提案，包括對我們的章程進行的幾項重要修正案，以加強我們的公司治理實踐，特別是提案 4 和5 如果獲得通過，將逐步取消我們的交錯董事會，並從我們的章程文件中消除絕對多數投票要求。

I'll now turn the call back over to the operator and open the call for questions.

我現在將把電話轉回給接線員並打開電話提問。

(Operator Instructions) Your first question comes from Julien Dumoulin-Smith from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Julien Dumoulin-Smith。

So just digging in here a little bit, you talked about at least 44 lines in the prepared remarks here. Also last quarter, you talked about ongoing finalization of some of those negotiations here. Can you talk about what you've been able to crystallize here in terms of visibility against that 44, and also, perhaps even more critically, how you think about what that upside is to the 44? You alluded to it a little bit in your prepared remarks, but where would that come from? How do you think about the time line for getting that visibility here?

所以只是在這裡稍微挖掘一下，你在這裡準備好的評論中談到了至少 44 行。同樣在上個季度，您談到了正在進行的其中一些談判的最終定稿。你能談談你在 44 的可見性方面在這裡能夠具體化的東西嗎，也許更重要的是，你如何看待 44 的優勢是什麼？你在準備好的發言中提到了一點，但那是從哪裡來的呢？您如何看待在這裡獲得知名度的時間表？

Yes. So first, for the 44, although, again, we don't have necessarily final contracts on all of those lines, Julien, we have the majority of signed memorandums of understanding as well as letters of intent, so feel very good with those 44. Now that 44, as we talked about last quarter, does not include currently the 4 lines that we have for Nordex and Matamoros. So if, for some reason, we were to keep those lines, clearly, we could move that 44 to 48. Our intent right now is not to, but time will tell.

是的。所以首先，對於 44，雖然，我們不一定在所有這些線路上都有最終合同，朱利安，我們有大部分簽署的諒解備忘錄和意向書，所以對這 44 個感覺非常好. 現在我們上個季度談到的 44 條線不包括目前我們為 Nordex 和 Matamoros 提供的 4 條線。因此，如果出於某種原因，我們要保留這些線，顯然，我們可以將 44 移動到 48。我們現在的意圖不是，但時間會證明一切。

And then what you alluded to and what I alluded to is, clearly, there's going to be a need for more capacity in the market as we get clarity on the IRA, we get more clarity and implementation in the EU and we start to see installs accelerate. And so we're looking right now at our existing footprints: do we expand on existing footprints, do we look at different geographies. And as I mentioned, we're in strategic discussions with each of our customers as to where we can best serve them from a long-term perspective, not necessarily in the next year or 2, but more from a long-term perspective.

然後你提到的和我提到的是，很明顯，隨著我們對 IRA 的清晰度、歐盟的清晰度和實施度的提高，我們開始看到安裝，市場將需要更多的容量加速。因此，我們現在正在查看我們現有的足跡：我們是否擴展現有足跡，我們是否關注不同的地理位置。正如我所提到的，我們正在與我們的每個客戶進行戰略討論，從長期的角度來看我們可以在哪裡最好地為他們提供服務，不一定是在明年或兩年，而是從長期的角度來看。

Excellent. And if I can pivot a little bit more financially oriented here, look, I'm trying to read between the lines a little bit on what you're saying in terms of ramping the CapEx here, specifically to buy your own wind energy, as it turns out. It seems like a statement of confidence in your liquidity to say, look, we're going to invest today to decrease our future operating costs. Can you talk a little bit about where you stand today, your confidence in sourcing incremental sources of financing today and how you think about the ramp here, as the best way to describe it?

出色的。而且，如果我可以在這裡更加註重財務，看，我正在嘗試從字裡行間了解您所說的增加資本支出的內容，特別是購買您自己的風能，因為結果。這似乎是對你的流動性的信心聲明，看，我們今天要投資以降低我們未來的運營成本。你能談談你今天的立場，你對今天尋找增量融資來源的信心，以及你如何看待這裡的增長，作為描述它的最佳方式？

Julien, this is Ryan. I think with what we did with the convertible note, I think that provides us the ample firepower here as we move forward. One of the things I've been focusing in on is our working capital. And so while it's okay to go out and get external capital when you need it, I also want to make sure we have an efficient balance sheet. And so as we think about moving forward, we're very laser-like focused in on that. I think there's incremental capability to go extract more value out of our balance sheet today. You saw us raise CapEx, but we're not lowering where our cash balance is at today. And so I think it's a sign of us indicating we feel pretty confident where we're at.

朱利安，這是瑞安。我認為我們對可轉換票據所做的一切，我認為這為我們前進提供了充足的火力。我一直關注的事情之一是我們的營運資金。因此，雖然可以在需要時外出獲取外部資本，但我也想確保我們擁有高效的資產負債表。因此，當我們考慮向前邁進時，我們非常專注於此。我認為今天有能力從我們的資產負債表中提取更多價值。你看到我們提高了資本支出，但我們並沒有降低我們今天的現金餘額。所以我認為這是我們的一個標誌，表明我們對我們所處的位置非常有信心。

Where we're at cash-wise, we're in a position today where we think the windows will open and close pretty quick with opportunities with our customers. And we do have some firepower on our balance sheet to make sure we're able to take advantage of that.

在我們現金方面，我們今天處於一個位置，我們認為窗口將很快打開和關閉，並為我們的客戶提供機會。我們的資產負債表上確實有一些火力來確保我們能夠利用它。

Got it. Did you guys quantify how much your working capital requirements have increased overall, just as you think about this ramp?

知道了。你們有沒有量化你們的營運資金需求總體上增加了多少，就像你們考慮這個斜坡一樣？

No, we haven't quantified that. I'd say, generally speaking, as we look at our existing working capital and where we're at today, I think we will try to really push to offset any incremental needs with driving efficiencies through our balance sheet. I think that's the way to put it.

不，我們還沒有對此進行量化。我想說，一般來說，當我們審視我們現有的營運資金和我們今天所處的位置時，我認為我們將努力真正推動通過我們的資產負債表提高效率來抵消任何增量需求。我認為這就是表達方式。

Okay. All right. Well, I'll leave that there. Best of luck, all right? Speak soon.

好的。好的。好吧，我會把它留在那裡。祝你好運，好嗎？快說吧。

Thanks, Julien.

謝謝，朱利安。

Your next question comes from Justin Clare from ROTH MKM.

您的下一個問題來自 ROTH MKM 的 Justin Clare。

So I guess, first off here, I wanted to dig into the treasury guidance here. We haven't gotten some guidance in terms of treasury, but we're still awaiting guidance on domestic content, the manufacturing side. I was wondering if you could just talk about whether you're seeing your customers and developers waiting on the guidance before moving projects forward. Like, is this a significant hurdle to moving projects ahead here? And if we do get that guidance, could we anticipate an uptick in orders at that point in time?

所以我想，首先，我想深入了解這裡的財務指導。我們還沒有在資金方面獲得一些指導，但我們仍在等待國內內容和製造方面的指導。我想知道您是否可以談談您是否看到您的客戶和開發人員在推進項目之前等待指南。比如，這是推進項目的重大障礙嗎？如果我們確實獲得了該指導，我們是否可以預期到那個時候訂單會增加？

Justin, thanks for the question. I would tell you, I think there are some developers that are maybe better capitalized and more confident in where that guidance will ultimately roll out. So it hasn't slowed them down that much. I think there are others that are a little bit more conservative and waiting to see. I think depending on how some of this guidance turns out, it may make or break certain projects. So I think it's a combination of things. So clearly, there is some holdback. I think also the interest rate environment is creating some hesitation as you start to look at ROIs. Although as we mentioned in the prepared remarks, the supply chain, at least from our perspective, is improving fairly significantly and we expect to continue to see an improvement through the year, I think we're still dealing with inflationary impacts that are creating some challenges to some of the projects.

賈斯汀，謝謝你的提問。我會告訴你，我認為有些開發人員可能資本更充裕，並且對該指南最終將在何處推出更有信心。所以它並沒有減慢他們的速度。我認為還有其他人更保守一些，正在觀望。我認為，根據某些指南的結果，它可能會成就或破壞某些項目。所以我認為這是多種因素的結合。很明顯，有一些阻礙。我認為，當你開始關注投資回報率時，利率環境也會讓你猶豫不決。儘管正如我們在準備好的評論中提到的那樣，至少從我們的角度來看，供應鏈正在顯著改善，並且我們預計今年會繼續改善，但我認為我們仍在應對通貨膨脹的影響，這會產生一些影響一些項目的挑戰。

With that said, when we do get guidance, I absolutely expect to see orders begin to pick up. I don't know if you saw the article today with GE, but GE had a very positive article today on the U.S. market, notwithstanding the IRA and where that's going, very bullish on the U.S. market. And I think we're in that same boat. So I do think once we have more clear guidance that, certainly, we'll see order books start to build. But we are already seeing some of that already even without the full guidance.

話雖如此，當我們確實獲得指導時，我絕對希望看到訂單開始回升。我不知道你是否看到今天關於 GE 的文章，但是 GE 今天有一篇關於美國市場的非常積極的文章，儘管有 IRA 和它的發展方向，但非常看好美國市場。我認為我們在同一條船上。所以我確實認為，一旦我們有了更明確的指導，我們肯定會看到訂單簿開始建立。但即使沒有完整的指導，我們也已經看到了其中的一些。

Okay. Great. Appreciate all the color there. And then I wanted to ask about, assuming that you do sign contracts for your lines, like, let's say, in India, you get a contract signed by the end of Q2, what's the time frame between getting the contracts signed and then starting up that facility? And how long does it take to kind of get to full operational capability? And then, if we look at the U.S. and Mexico, is that time frame similar? So if you were to sign that contract for your U.S. facility by the end of the year, what does that look like? And then if you could talk to how Mexico might operate as well.

好的。偉大的。欣賞那裡所有的顏色。然後我想問一下，假設你確實為你的生產線簽訂了合同，比如說，在印度，你在第二季度末簽署了一份合同，從簽署合同到啟動之間的時間框架是多少那個設施？需要多長時間才能獲得全面的運營能力？然後，如果我們看看美國和墨西哥，時間框架是否相似？那麼，如果您要在年底前為您的美國工廠簽署合同，那會是什麼樣子？然後，如果你能談談墨西哥也可能如何運作。

Yes. It's really a function of demand on when our customers want the volume. It's not necessarily just if we're going back and forth on the contract, getting it signed versus not. We can start moving forward before we have a finally signed contract depending on what the volume needs are for the customer. But I would tell you, in all 3 of them, well, India, Mexico and Iowa, the start-up will be much quicker than it would typically be because they're not greenfields. Iowa will be a little bit trickier just because we're going to have to hire the workforce again in a tight labor market there. But it's probably 18 months in Iowa kind of from start to finish. And I would say, Mexico and India, it's probably half that or 1/3 of that, quite frankly.

是的。這實際上是我們的客戶何時需要數量的需求函數。這不一定只是我們在合同上來回走動，簽署還是不簽署。我們可以在最終簽署合同之前開始前進，具體取決於客戶的需求量。但我會告訴你，在這三個國家中，好吧，印度、墨西哥和愛荷華州，啟動速度將比通常情況下快得多，因為它們不是綠地。愛荷華州會有點棘手，因為我們將不得不在那裡緊張的勞動力市場中再次僱用勞動力。但在愛荷華州，從開始到結束可能需要 18 個月。坦率地說，墨西哥和印度可能只有一半或 1/3。

Your next question comes from James West from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 James West。

Bill, so I saw the GE remarks as well, which were extremely bullish remarks on the U.S. market. And I'm curious, because they're talking about being sold out now for '23 versus half sold at this time, I think, last year was the commentary. How does that translate into your visibility? Is this a question of, if they're sold out now and other customers are getting sold out, then you'll see the orders come in pretty quickly? Or I mean, I guess, what's the time line here to when your memorandum turn into contracts?

比爾，所以我也看到了通用電氣的言論，這是對美國市場非常看好的言論。我很好奇，因為他們談論的是現在 23 年售罄，而不是此時售出一半，我認為，去年是評論。這如何轉化為您的知名度？這是一個問題，如果他們現在賣完了，而其他客戶也賣完了，那麼您會看到訂單很快就進來了嗎？或者我的意思是，我猜，當您的備忘錄變成合同時，這裡的時間表是什麼時候？

Yes. Well, with GE, in particular, we expect those by the end of Q2 to turn those into formal contracts. I mean their visibility is great for our visibility, as you might expect. We have a lot of capacity for them in the U.S. So the better visibility they have, obviously, that's really good for us as well.

是的。好吧，特別是對於通用電氣，我們希望在第二季度末將這些變成正式合同。我的意思是，正如您所料，他們的知名度對我們的知名度非常重要。我們在美國為他們提供了很多容量。因此，顯然，他們擁有更好的知名度，這對我們也非常有利。

Of course, of course. And maybe a follow-up for me. With the turbine guys having had difficult conditions the last year or 2 years and kind of rethinking some of their model and trying to get their supply chains in order and deal with inflation, are they also talking to you about increased standardization of blades and trying to make the entire process easier, more efficient?

當然，當然。也許是我的後續行動。由於渦輪機人員在過去一年或兩年裡遇到了困難，他們正在重新考慮他們的一些模型並試圖讓他們的供應鏈井然有序並應對通貨膨脹，他們是否也在與你談論提高葉片的標準化並試圖讓整個過程更簡單、更高效？

Yes. I would say, James, I mean they are obviously talking about standardization, talking about modularization. They're talking about slowing down NPI, new product introduction. But from a standardization, it's not as much standardization from a blade perspective across OEMs as it is standardization of how we build the blades in each of our factories, their factories and maybe our competitors' factories when it's the same blade type. So it's about standardization across a single blade type across all of the manufacturing footprint, whether it's in-sourced or outsourced, as opposed to standardizing a Siemens blade that runs on a Vestas turbine, nothing like that.

是的。我會說，詹姆斯，我的意思是他們顯然在談論標準化，談論模塊化。他們正在談論放慢 NPI，新產品的推出。但從標準化的角度來看，從刀片的角度來看，跨 OEM 的標準化並不多，因為它是我們如何在我們的每個工廠、他們的工廠以及我們競爭對手的工廠中製造刀片的標準化，當它是相同的刀片類型時。因此，它是關於跨所有製造足蹟的單一葉片類型的標準化，無論是內包還是外包，而不是標準化在維斯塔斯渦輪機上運行的西門子葉片，沒有類似的東西。

Your next question comes from Greg Wasikowski from Webber Research.

您的下一個問題來自 Webber Research 的 Greg Wasikowski。

I appreciate all the guidance that you guys are giving with so many unknowns out there, and you guys have already touched on this, but on the 11 available lines, I was wondering if you'd recap or maybe get a little bit more granular around the cadence of those in terms of start-up and the ramp to full operations and when, from now to 2025, that could potentially be hitting P&L. How do you see it?

我感謝你們在這麼多未知數的情況下提供的所有指導，你們已經談到了這一點，但在 11 條可用的線路上，我想知道你們是否會回顧一下或者更詳細一點啟動和全面運營的節奏，以及從現在到 2025 年的時間，這可能會影響損益。你怎麼看？

I'll start. And if I get it wrong, Ryan will correct me. On India, we're looking at likely starting by the end of this year. We're getting those lines ready to go by the end of this year. So you would see production ramping to full production in 2024. So by the end of '24 and entering '25, you'd be at full ramp.

我會開始。如果我說錯了，Ryan 會糾正我。在印度，我們正在考慮可能在今年年底開始。我們將在今年年底前準備好這些線路。所以你會看到生產在 2024 年達到全面生產。所以到 24 年底和進入 25 年，你將達到全面生產。

In Iowa, right now, probably starting to build our team in the back half of this year with start of production probably -- maybe it's later in the year and start of production probably mid-2024 at this point and then hopefully getting to a point where we're at almost full-ramp speed by the end of '24, going into '25. And then in Mexico, it's the end of this year we'll start. But that one is pushed to the right just a little bit. So it's probably kind of a first quarter-ish start-up production with being at full ramp by the end of the year. So I would expect, again, depending on volumes by region, customer, all things, if kind of everything was clicking on all cylinders, exiting '24, moving into 25%, we'd be pretty much full ramp on all 44 of the lines. Did I get that right?

在愛荷華州，現在，可能會在今年下半年開始建立我們的團隊，可能會開始生產——也許是在今年晚些時候，可能會在 2024 年年中開始生產，然後希望達到一定程度到 24 年底，我們幾乎達到全速，進入 25 年。然後在墨西哥，我們將在今年年底開始。但是那個被推到右邊一點點。因此，這可能是第一季度的啟動生產，到今年年底將全面啟動。所以我再次期望，根據地區、客戶、所有事物的數量，如果所有事物都在點擊所有氣缸，退出 24 年，進入 25%，我們將在所有 44 個線。我做對了嗎？

Yes. Okay.

是的。好的。

Got it. That's very helpful. And then a follow-up is just on your contracts. I was just wondering if you could talk a little bit more about the process for incorporating inflation into the contracts, so labor, cost of materials, commodity, pass-throughs, et cetera. Would you characterize those conversations as being more sympathetic in nature now versus last year or a few years ago? And then is there an actual physical difference in terms between the new contracts that you guys are looking at or signed in the last 6 months to a year versus contracts from a few years ago?

知道了。這很有幫助。然後跟進只是在你的合同上。我只是想知道你是否可以多談談將通貨膨脹納入合同的過程，比如勞動力、材料成本、商品、傳遞等。與去年或幾年前相比，您認為現在的這些對話在本質上更具同情心嗎？那麼你們在過去 6 個月到一年內正在查看或簽署的新合同與幾年前的合同之間是否存在實際的物理差異？

Yes. So there's a lot to unpack there. But I would say, in general, there's much more awareness as far as like inflation. There's always been a focus on the bill of material. That 60%, 65% of total COGS is the BOM. So that's been where the focus has been, and that's where you would see the most shared pain/gain. Price goes up, we share the price with them. Price goes down, they get some savings. But with some of the inflationary environments we've seen on wages and other things as well as currency fluctuation, there is more attention being paid to that by us and by our customers. Some of the kind of the limits we've put on it probably look pretty good for our customers right now and not as good for us, in some circumstances. So we're working on those as we either extend or renew or enter into new contracts. We're looking at some of that as well.

是的。所以那裡有很多東西要拆開。但我想說，總的來說，人們對通貨膨脹的認識要高得多。材料清單一直是人們關注的焦點。總銷貨成本的 60%、65% 是 BOM。所以這就是重點所在，也是你會看到最多的共同痛苦/收穫的地方。價格上漲，我們與他們分享價格。價格下降，他們可以節省一些錢。但是，由於我們在工資和其他方面看到的一些通貨膨脹環境以及貨幣波動，我們和我們的客戶對此給予了更多關注。在某些情況下，我們對其施加的某些限制現在對我們的客戶來說可能看起來不錯，但對我們來說卻不太好。因此，在我們延長或續籤或簽訂新合同時，我們正在努力解決這些問題。我們也在研究其中的一些。

We're still working through the details of the new contract format. So it's a little early to say exactly where we'll wind up with our customers. But clearly, both sides are much more attuned to dealing with inflationary environments. We've been in a deflationary environment for so long until the last couple of years that it was usually pretty simple to do. But I'll tell you there's a lot more focus on it and a lot more work being done around there, but a little bit early yet to tell you exactly how that's going to fall out.

我們仍在研究新合同格式的細節。因此，現在確切地說出我們將在何處與客戶結束合作還為時過早。但顯然，雙方都更願意應對通脹環境。直到最近幾年，我們一直處於通貨緊縮的環境中，這通常很容易做到。但我會告訴你，人們對它的關注度更高，並且正在做更多的工作，但現在還不能確切地告訴你結果如何。

Your next question comes from Eric Stine from Craig-Hallum.

您的下一個問題來自 Craig-Hallum 的 Eric Stine。

So this might be tough to answer, but I guess I'll ask it anyway. So I know you've got the collaboration agreement with Vestas kind of stepping, I guess, the relationship up to an extent, and you're talking to all your customers about what the future may look like. So I'm just curious, is there a way to kind of describe what the interaction with Vestas is compared to some of your other customers? And is it possible that you could have some sort of an enhanced relationship with those other customers as well?

所以這可能很難回答，但我想我還是會問的。所以我知道你已經與維斯塔斯達成了某種程度的合作協議，我猜，這種關係在一定程度上，你正在與你所有的客戶談論未來可能會是什麼樣子。所以我很好奇，有沒有一種方法可以描述與維斯塔斯的互動與您的其他一些客戶的互動？您是否也可以與其他客戶建立某種增強的關係？

Yes. I would tell you, we have actually really good relationships with all of our customers, and they're a little bit different. Each one is a little bit different. But I would tell you that we spent a lot of time with them. And over the last year, we've transitioned a lot of what used to be more transactional to a lot more strategic meetings, so higher level, more frequency, with our customers talking about not the issue of the day but about the issue of 2 years, 3 years, 5 years, 10 years down the road.

是的。我會告訴你，實際上我們與所有客戶的關係都非常好，而且他們有點不同。每一個都有點不同。但我會告訴你，我們花了很多時間和他們在一起。在過去的一年裡，我們已經將很多過去更具交易性的會議轉變為更具戰略意義的會議，因此級別更高，頻率更高，我們的客戶談論的不是當天的問題，而是 2幾年，三年，五年，十年。

And I would tell you that's happening with all of our customers. So we do have a little bit of a different contractual structure today with Vestas, but the way the relationships work are very similar between customers in that they are very collaborative. And especially now where I think it's been a tough couple of years, as we all know, but I think our customers are beginning to see what the potential is and starting to look more strategically long term on what their needs are going to be from a geographic standpoint. And so that's really forcing a lot of these more strategic discussions, which works great for both parties.

我會告訴你我們所有的客戶都在發生這種情況。所以我們今天與維斯塔斯的合同結構確實有點不同，但客戶之間的關係運作方式非常相似，因為他們非常協作。尤其是現在，我認為這是艱難的幾年，眾所周知，但我認為我們的客戶開始看到潛力是什麼，並開始更具戰略性地長期看待他們的需求地理觀點。因此，這確實迫使進行很多這些更具戰略性的討論，這對雙方都非常有用。

Got it. And so basically, to put it differently, I mean your other customers, the relationship, I mean it's migrating more towards kind of what you were talking about in that. And when you signed that agreement, I believe you announced it on your third quarter call last year. .

知道了。所以基本上，換句話說，我的意思是你的其他客戶，這種關係，我的意思是它正在更多地朝著你所說的那樣遷移。當您簽署該協議時，我相信您是在去年第三季度的電話會議上宣布的。 .

Yes. Absolutely.

是的。絕對地。

Yes. All right. Then maybe last one for me. I know it's been less important here over the last couple of years given activity levels, but I know that, certainly, speed of transitions, that was a big focus. So as you come out of this and you look longer term, and you think about what the business looks like, I mean, maybe where do you stand in that, the strides you've made and potentially the impact that has?

是的。好的。然後也許是我的最後一個。我知道在過去的幾年裡，考慮到活動水平，這已經不那麼重要了，但我知道，當然，過渡速度是一個重點。因此，當您從這件事中走出來，從長遠來看，您會考慮業務的樣子，我的意思是，也許您在這方面的立場，您所取得的進步以及可能產生的影響？

Yes. I think we've made really good strides over the last several years. As you've indicated, that has been a focus. I think at our last Investor Day, we talked about a 50% reduction in time and cost due to the transitions. Right after that, COVID happened. So it's been a little bit hard to measure that. But I feel very confident in where we're at. And instead of having kind of a global team that would go site to site, the focus now is to really build transition teams at each of our locations, so that we can do multiple transitions in multiple geographies more effectively.

是的。我認為我們在過去幾年中取得了很大的進步。正如您所指出的，這是一個重點。我想在我們上一個投資者日，我們談到了由於過渡而減少了 50% 的時間和成本。在那之後，COVID 發生了。所以衡量這一點有點困難。但我對我們所處的位置非常有信心。現在的重點是在我們的每個地點真正建立過渡團隊，而不是擁有一個會去一個站點到另一個站點的全球團隊，這樣我們就可以更有效地在多個地區進行多個過渡。

And it's not like we have to stack them because we only have 1 team. So I would tell you, we're building that talent pool, making sure that in each region, we have the qualified folks that are experienced with the transition, and that will only help to enable us to do more transitions at the same time, if that's the case, but also do them more cost effectively.

而且我們不需要堆疊它們，因為我們只有 1 個團隊。所以我會告訴你，我們正在建立人才庫，確保在每個地區，我們都有對過渡有經驗的合格人員，這只會幫助我們同時進行更多的過渡，如果是這樣的話，還可以更經濟高效地完成它們。

Your next question comes from Graham Price from Raymond James.

你的下一個問題來自 Raymond James 的 Graham Price。

For the first one, I was just wondering if we could get an update on carbon fiber and epoxy resin costs, in particular. I know from your comments, it sounds like material costs overall should be trending lower throughout the year. So I just wanted to get a little color on that.

對於第一個問題，我只是想知道我們是否可以獲得有關碳纖維和環氧樹脂成本的最新信息，尤其是。從您的評論中我知道，聽起來材料成本在全年應該呈下降趨勢。所以我只是想在上面加一點顏色。

Yes. We're in a pretty good position with both carbon fiber as well as epoxy. Indices have come down on epoxy resin over '22. Now we're still not at pre-pandemic levels, but we are better than we were in 2022, and we see similar improvement through the balance of the year. There is adequate capacity in the world today, which is helping. And as well as, with logistics, when I talk about logistics being back to pre-pandemic levels, I'm talking about inbound as opposed to outbound. But from an inbound logistics standpoint, with the capacity in China, it kind of opens up China again a little bit for us from a raw material sourcing standpoint because the logistics costs have come back down. So from that standpoint, a lot of capacity and the pricing is pretty solid.

是的。我們在碳纖維和環氧樹脂方面都處於非常有利的地位。 22 年以來，環氧樹脂的指數有所下降。現在我們還沒有達到大流行前的水平，但比 2022 年要好，而且我們在今年餘下時間看到了類似的改善。當今世界有足夠的能力，這很有幫助。此外，在物流方面，當我談到物流回到大流行前的水平時，我指的是入站而不是出站。但從入站物流的角度來看，憑藉中國的產能，從原材料採購的角度來看，它在某種程度上為我們再次開放了中國，因為物流成本已經回落。所以從這個角度來看，大量的容量和定價是相當可靠的。

And on carbon fiber, similar. Now it's still higher than it was. From a capacity standpoint, we had problems last year a little bit with that, but capacity seems to be fine this year. It's still elevated in cost from where it was pre-pandemic, and that's primarily because it's such an energy-intensive process to produce it. And with energy costs where they're at, especially in Europe, that's continuing to weigh on those costs. But overall, in pretty good shape from that standpoint.

而在碳纖維上，類似。現在它仍然比以前高。從產能的角度來看，去年我們在這方面遇到了一些問題，但今年的產能似乎還不錯。它的成本仍然比大流行前高，這主要是因為它的生產過程非常耗能。加上他們所處的能源成本，尤其是在歐洲，這將繼續影響這些成本。但總的來說，從這個角度來看，狀態非常好。

Okay. Got it. And then for my second one, I was just wondering about currency exposure in Turkey. Obviously, the lira continues to be basically in a free fall. So I was wondering how that impacts your profitability.

好的。知道了。然後對於我的第二個，我只是想知道土耳其的貨幣風險。顯然，里拉基本上繼續處於自由落體狀態。所以我想知道這會如何影響您的盈利能力。

So from a foreign currency perspective, I think the lira, we'd prefer it to be even more of a free fall with the inflation pressures we've had there. I think we talked about this on our last call that Turkey raised the minimum wage by 54.6%. And certainly, that's something we're continuing with right now because we're not seeing the same reaction in the lira and its currency. And just as a reminder, our functional currency in Turkey is the euro. And so for us, as the dollar weakens against the euro, that's actually a good thing for us. And as the lira weakens against the dollar and the euro, that's also a good thing as we bear manufacturing costs and local labor dollars in lira and also production expenses in local lira. As that weakens, that's a good thing for us.

所以從外彙的角度來看，我認為里拉，我們更希望它隨著我們在那裡的通脹壓力而自由落體。我想我們在上一次關於土耳其將最低工資提高 54.6% 的電話會議上談到了這一點。當然，這是我們現在正在繼續的事情，因為我們沒有看到里拉及其貨幣出現同樣的反應。提醒一下，我們在土耳其的功能貨幣是歐元。所以對我們來說，隨著美元兌歐元走弱，這對我們來說實際上是一件好事。隨著里拉兌美元和歐元走弱，這也是一件好事，因為我們承擔了以里拉計價的製造成本和當地勞動力美元，以及以里拉計價的生產費用。隨著它的減弱，這對我們來說是一件好事。

As we look forward, we're certainly hoping that the currency fluctuations, they mirror that, the pressures we're seeing inflation right now. Because our first quarter was impacted. We're already experiencing some of that inflation pressure in the first quarter and didn't have the same reaction with the lira.

展望未來，我們當然希望貨幣波動反映出我們目前看到的通脹壓力。因為我們的第一季度受到了影響。我們在第一季度已經經歷了一些通脹壓力，但對里拉沒有同樣的反應。

(Operator Instructions) There are no further questions at this time. I would now like to turn the conference back over to Mr. Bill Siwek for any closing remarks.

（操作員說明）目前沒有其他問題。我現在想將會議轉回給 Bill Siwek 先生作閉幕詞。

Thank you again for your time today as well as your continued interest and support of TPI. Look forward to speaking to you again next quarter. Thank you.

再次感謝您今天的時間以及您對 TPI 的持續關注和支持。期待下個季度再次與您交談。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。