TPI Composites Inc (TPIC) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the TPI Composites fourth quarter and full year 2024 earnings conference call.

下午好，歡迎參加 TPI Composites 2024 年第四季和全年財報電話會議。

At this time, I'd like to turn the conference over to Jason Wegmann, Investor Relations for TPI Composites.

現在，我想將會議交給 TPI Composites 投資者關係部的 Jason Wegmann。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, operator.

謝謝您，接線生。

I would like to welcome everyone to TPI Composites' fourth quarter 2021 earnings call.

歡迎大家參加 TPI Composites 2021 年第四季財報電話會議。

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.

我們將在本次電話會議中做出前瞻性陳述，這些陳述受風險和不確定性的影響，可能會導致實際結果大不相同。

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.

我們向美國證券交易委員會提交的最新報告和文件中包含了適用風險的詳細討論，可在我們的網站 tpicomposites.com 上找到。

Today's presentation will include references to non-GAAP financial measures.

今天的演示將引用非公認會計準則財務指標。

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.

您應該參考今天簡報附帶的幻燈片中包含的信息，以獲得定義資訊以及歷史非 GAAP 指標與可比較 GAAP 財務指標的對帳。

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

說到這裡，請容許我將電話轉給 TPI Composites 總裁兼執行長 Bill Siwek。

Thanks, Jason.

謝謝，傑森。

Good afternoon, everyone, and thank you for joining our call.

大家下午好，感謝大家參加我們的電話會議。

In addition to Jason, I'm here with Ryan Miller, our CFO.

除了傑森 (Jason) 之外，還有我們的財務長瑞安米勒 (Ryan Miller)。

Please turn to Slide 5.

請翻到投影片 5。

In the first half of the year, we took decisive action to restructure the TPI portfolio by divesting the automotive business and shutting down the Nordex Matamoros plant, both of which were loss-making businesses that had burdened our financial results.

今年上半年，我們果斷採取行動重組TPI業務組合，剝離汽車業務並關閉Nordex Matamoros工廠，這兩項業務均為虧損業務，給我們的財務業績造成了負擔。

We also started upper transition 10 lines to next-generation blades which significantly improved our performance and utilization in the second half of the year.

我們也開始將10條生產線的上部過渡到下一代刀片，這顯著提高了我們下半年的效能和利用率。

Building on the momentum from the third quarter, I'm pleased to report that our operational performance continues to improve.

基於第三季的良好勢頭，我很高興地報告我們的營運業績持續改善。

Fourth quarter revenue increased year over year by over 17% with utilization of 91%.

第四季營收年增超過17％，利用率達91％。

Free cash flow was also very strong in the quarter at $83 million, and we ended the year with $197 million of unrestricted cash.

本季的自由現金流也非常強勁，達到 8,300 萬美元，年底我們的無限制現金為 1.97 億美元。

We continue to maintain ongoing dialogues with our customers and suppliers to align on short and midterm demand, operational priorities, quality expectations, and cost targets.

我們繼續與客戶和供應商保持持續對話，以協調短期和中期需求、營運重點、品質期望和成本目標。

As we mentioned on our last call, our customers are asking for all the volume we can get out of our Mexico factories for the US market in 2025, so we have responded by ramping up production lines in Mexico to support 24/7 operations.

正如我們在上次電話會議中提到的那樣，我們的客戶要求我們在 2025 年盡可能地從墨西哥工廠生產產品以滿足美國市場的需求，因此我們做出了回應，增加了墨西哥的生產線以支援全天候運作。

While we began investing in the additional shifts in the fourth quarter of 2024, the impact of the added volume won't be realized until the second quarter; however, will continue to benefit our business moving forward.

雖然我們在 2024 年第四季開始投資額外的班次，但增加的產量的影響要到第二季才能實現；但將繼續有利於我們未來的業務發展。

Our commitment to continuous improvement driven by our lean culture and a relentless pursuit of operational excellence has put us on a trajectory in 2025 to realize an $80 million improvement in adjusted EBITDA over 2024.

我們致力於在精益文化和對卓越營運的不懈追求的推動下不斷改進，這使我們預計在 2025 年實現調整後 EBITDA 較 2024 年提高 8000 萬美元。

We will continue to explore opportunities for further footprint optimization with our customers.

我們將繼續與客戶一起探索進一步優化足跡的機會。

We recently signed an agreement with GE Venova to restart production at our Iowa facility later this year. this facility initially focused on supporting GE's two-megawatt platform is expected to create over 400 good-paying jobs with further additions expected as additional lines under discussion are added.

我們最近與 GE Venova 簽署了一項協議，將於今年稍後重啟我們愛荷華州工廠的生產。該工廠最初專注於支援通用電氣的兩兆瓦平台，預計將創造超過 400 個高薪工作崗位，並且隨著正在討論的其他生產線的增加，預計將增加更多工作崗位。

Last quarter, we announced that we had secured rights to a strategically located manufacturing facility to support anticipated growth in the US market.

上個季度，我們宣布已獲得位於戰略位置的製造工廠的權利，以支持美國市場的預期成長。

Interest in and discussions with OEMs regarding this facility have been strong.

原始設備製造商 (OEM) 對該工廠的興趣和討論一直很強烈。

We anticipate announcing the next steps for this facility soon.

我們期待很快宣布該設施的下一步。

Last quarter, we also announced an expansion of our relationship with Vestas at our India facility, while discussions with other OEMs regarding the remaining idle capacity at that facility are encouraging, both for an Indian onshore market experiencing significant growth as well as the cost competitiveness of our Indian operation to serve the global market.

上個季度，我們也宣布擴大與維斯塔斯在印度工廠的合作關係，同時與其他原始設備製造商就該工廠剩餘閒置產能進行的討論也是令人鼓舞的，這不僅有利於印度陸上市場實現顯著增長，也有利於我們的印度業務在服務全球市場方面具有成本競爭力。

From a finance perspective, sales for the quarter were $346.5 million, adjusted EBITDA was $1.2 million and below our expectations for a few reasons.

從財務角度來看，本季的銷售額為 3.465 億美元，調整後的 EBITDA 為 120 萬美元，由於一些原因低於我們的預期。

First, sales were impacted by a targeted reduction in wind blade inventory included in contract assets driven by working capital initiatives.

首先，銷售額受到營運資本計畫推動的合約資產中包含的風力葉片庫存減少的影響。

This inventory reduction impacted net sales for the quarter as lower blade inventory costs directly correlate to lower revenue under the cost-to-cost revenue recognition method for our blade contracts.

庫存減少影響了本季的淨銷售額，因為根據我們刀片合約的成本到成本收入確認方法，刀片庫存成本的降低與收入的降低直接相關。

Note that we lowered overall inventory by $54 million in the quarter, which favorably impacted free cash flow for the quarter as well.

請注意，我們本季將總庫存降低了 5,400 萬美元，這也對本季的自由現金流產生了有利影響。

Next, we recorded a net $6 million change in estimate for legacy warranty matters to account for updated cost and execution plans.

接下來，我們記錄了遺留保固事項估計的淨 600 萬美元變動，以考慮更新的成本和執行計劃。

Finally, as I mentioned earlier, we also invested $2 million in additional resources to enable a 24/7 schedule at certain of our Mexico facilities to support our customers' demand in the US market in '25 and beyond.

最後，正如我之前提到的，我們還投資了 200 萬美元的額外資源，以便在我們位於墨西哥的某些工廠實現全天候生產，以滿足客戶在 25 年及以後在美國市場的需求。

When looking at our ongoing operations and without the items I just outlined, our adjusted EBITDA margin in the fourth quarter was approximately 5%, very nice progress towards our long-term EBITDA target.

當回顧我們的持續經營並且除去我剛才列出的項目時，我們第四季度的調整後 EBITDA 利潤率約為 5%，這朝著我們的長期 EBITDA 目標取得了很大的進展。

Please turn to Slide 6.

請翻到幻燈片 6。

As we continue our lean journey and focus on driving down costs through operational efficiencies and eliminating waste while delivering world-class quality, no manufacturing initiative will ultimately be more impactful to TPI in the wind industry than the implementation of Blade Assure.

隨著我們繼續精益之旅，專注於透過提高營運效率來降低成本、消除浪費，同時提供世界一流的質量，沒有任何一項製造舉措最終會比 Blade Assure 的實施對 TPI 在風電行業的影響力更大。

Over the past 18 months, we have been working internally to establish manufacturing operations that will enable us to drive what we believe will be the industry's gold standard for quality blades.

在過去的 18 個月裡，我們一直致力於內部建立製造業務，這將使我們能夠推動我們所認為的行業優質刀片的黃金標準。

Blade Assure represents a unique combination of technologies and processes to control and validate the manufacturing of utility-scale wind turbine blades.

Blade Assure 代表了技術和工藝的獨特組合，用於控制和驗證公用事業規模風力渦輪機葉片的製造。

These technologies include methods to document, verify, automate, and prevent inconsistencies or abnormalities from occurring during the manufacturing process.

這些技術包括記錄、驗證、自動化和防止製造過程中不一致或異常的方法。

Technologies unique to Blade Assure include aided vision solutions, selective automation and robotic systems, advanced sensors and inspection technologies.

Blade Assure 獨有的技術包括輔助視覺解決方案、選擇性自動化和機器人系統、先進的感測器和檢查技術。

We are looking to move beyond trailing indicators that have been the norm of our industry since its inception to providing real-time feedback to correct and prevent issues from occurring during the manufacturing process.

我們希望超越自產業誕生以來就一直是其常態的滯後指標，提供即時回饋來糾正和防止製造過程中出現的問題。

We are also evaluating the capabilities of the methods of manufacture and inspection used to validate the products produced today.

我們也正在評估用於驗證目前生產的產品的製造方法和檢驗方法的能力。

It is only by understanding the unique intersection between requirements, manufacturing methods, inspection solutions, and the capabilities of each can we build and validate products in a new and robust way.

只有透過了解需求、製造方法、檢測解決方案及其各自功能之間的獨特交集，我們才能以全新且穩健的方式建構和驗證產品。

We are rolling out the initial features of Blade Assure now and expect to have all of our plants up and running by the end of the year.

我們目前正在推出 Blade Assure 的初步功能，預計今年底前所有工廠都將投入營運。

We have also recently launched a centralized Lean Awareness hub, providing employees with access to training materials, dashboards and best practices across the organization.

我們最近也推出了一個集中的精益意識中心，為員工提供整個組織的培訓材料、儀表板和最佳實踐。

This one-stop resource will empower every member of the TPI family to contribute to continuous improvement and innovation in their daily work.

這項一站式資源將使 TPI 家族的每位成員都能在日常工作中為持續改進和創新做出貢獻。

Moving forward, we will continue to invest in innovation and technology to strengthen our competitive edge and solidify TPI's position as a premier global blade provider in the onshore wind market.

展望未來，我們將繼續投資創新和技術，以增強我們的競爭優勢，鞏固TPI作為陸上風電市場全球領先葉片供應商的地位。

From a supply chain perspective, we continue to prioritize strong relationships with our supply chain partners and open communication is crucial as we navigate industry uncertainty to enable us to ensure timely delivery, cost optimization, and operational flexibility.

從供應鏈的角度來看，我們繼續優先考慮與供應鏈合作夥伴建立牢固的關係，並且在我們應對行業不確定性時開放的溝通至關重要，以使我們能夠確保及時交貨，優化成本和營運靈活性。

While we faced logistics challenges in 2024, we anticipate a much smoother operating environment in 2025.

雖然我們在 2024 年面臨物流挑戰，但我們預計 2025 年的營運環境將更加順暢。

Given the uncertainty potential tariffs may bring to the market, we will closely monitor new developments and continue our contingency planning with our customers.

鑑於潛在關稅可能為市場帶來的不確定性，我們將密切關注新的發展，並繼續與客戶一起制定應急計劃。

With that said, we expect our supply chain to deliver a projected year-over-year decrease in raw material costs of nearly 8%.

話雖如此，我們預計我們的供應鏈原物料成本將年減近 8%。

With respect to the wind market, while acknowledging near-term challenges, including regulatory uncertainty and obstacles, such as permitting delays, interconnection issues, tariffs and siting restrictions as well as broader economic factors like elevated interest rates and nagging inflation, we remain confident in the long-term prospects of onshore wind.

就風電市場而言，雖然我們承認近期存在挑戰，包括監管的不確定性和障礙，例如許可延遲、互連問題、關稅和選址限制，以及諸如利率上升和通膨持續等更廣泛的經濟因素，但我們對陸上風電的長期前景仍然充滿信心。

With global energy demand expected to double in the coming years, driven by increased demand coming from AI and data centers along with expanded advanced manufacturing, and all of the above approach will be required to meet that demand.

受人工智慧和資料中心需求成長以及先進製造業擴張的推動，未來幾年全球能源需求預計將翻一番，需要採取上述所有方法來滿足這一需求。

Renewables, namely onshore wind, are able to cost effectively meet that demand right now.

再生能源，即陸上風能，目前能夠以經濟有效的方式滿足這項需求。

While the EU market also presents a long-term growth opportunity, significant challenges remain.

雖然歐盟市場也提供了長期成長機會，但仍存在重大挑戰。

Competition from Chinese manufacturers and the ongoing impact of hyperinflation in Turkey continue to pose risks for TPI.

來自中國製造商的競爭和土耳其持續的惡性通貨膨脹的影響繼續對TPI構成風險。

Steps proposed by the EU like the Net Zero Industrial access auction resilience guidelines could help to level the playing field for certain players.

歐盟提出的措施，如淨零工業准入拍賣彈性指南，可以幫助為某些參與者提供公平的競爭環境。

The ultimate benefit to component suppliers like TPI, however, is still uncertain.

然而，TPI等零件供應商的最終利益仍不確定。

In December, we committed to a restructuring plan in Turkey to rationalize our workforce in response to lower forecasted near-term demand, primarily for the EU.

12 月，我們承諾在土耳其實施一項重組計劃，以合理化我們的勞動力，應對預測的近期需求下降（主要是針對歐盟）。

Notwithstanding, we remain encouraged by the interest expressed from OEMs in our available capacity.

儘管如此，OEM 對我們的可用產能所表現出的興趣仍然令我們感到鼓舞。

Demand for domestically manufactured wind energy equipment at Turkey remained strong, in part due to the resumption of the YEKA tender process announced late last year as well as Turkey being one of Europe's largest wind markets.

土耳其對國產風能設備的需求依然強勁，部分原因是去年年底宣布恢復 YEKA 招標程序，而且土耳其是歐洲最大的風電市場之一。

Given the domestic content requirement for blades, we are optimistic that there will be continued demand for capacity in Turkey.

考慮到刀片的國內含量要求，我們樂觀地認為土耳其的產能需求將持續存在。

With the operational challenges of 2024 behind us, we anticipate significant financial improvement in 2025.

隨著 2024 年營運挑戰的過去，我們預計 2025 年財務狀況將顯著改善。

We expect revenue from continuing operations to increase to a range of $1.4 billion to $1.5 billion, driven by increased blade shipments from Mexico for the US market partially offset by reduced revenue from Turkey and India, while adjusted EBITDA is expected to improve by $80-plus million over 2024 and by higher sales volume, lower start-up and transition costs, the absence of losses from the Nordex Matamoros facility, and cost savings.

我們預計持續經營收入將增至 14 億美元至 15 億美元，這得益於墨西哥對美國市場的刀片出貨量增加，但部分被土耳其和印度收入的減少所抵消，而調整後的 EBITDA 預計到 2024 年將增加 8000 多萬美元，並且得益於銷售量的增加、啟動成本的成本、Nord Matamo）

As we enter 2025, the inflection point in the US wind market continues to shift to the right and the ultimate impact of proposed tariffs and/or changes or modifications to existing regulations in the US is presently unknown.

隨著我們進入 2025 年，美國風電市場的轉折點繼續向右移動，目前尚不清楚擬議的關稅和/或美國現有法規的變化或修改的最終影響。

This, coupled with the challenges in the EU, creates uncertainty in the industry's near-term outlook and has increased our focus on ensuring that we have sufficient liquidity to weather the storm and the right level of leverage relative to our EBITDA and free cash flow generation.

再加上歐盟的挑戰，這給行業近期前景帶來了不確定性，也使我們更加註重確保我們擁有足夠的流動性來渡過難關，以及相對於我們的 EBITDA 和自由現金流產生的適當槓桿水平。

Therefore, we are working with our Board of Directors and our external advisers to evaluate options to optimize our capital structure for the current environment.

因此，我們正在與董事會和外部顧問合作，評估在當前環境下優化資本結構的方案。

While definitive plans have not yet been finalized, this remains a priority.

雖然最終計劃尚未最終確定，但這仍然是優先事項。

We anticipate providing further details of our plans throughout the year.

我們預計將全年提供有關我們計劃的更多細節。

With that, I'll turn the call over to Ryan to review our financial results.

說完這些，我將把電話轉給瑞安來審查我們的財務結果。

Thanks, Bill.

謝謝，比爾。

Please turn to Slide 8.

請翻到幻燈片 8。

In the fourth quarter of 2024, net sales were $346.5 million compared to $294.3 million for the same period in 2023, an increase of 17.7%.

2024 年第四季淨銷售額為 3.465 億美元，而 2023 年同期為 2.943 億美元，成長 17.7%。

Net sales of wind blades tooling and other wind-related sales increased by $54.2 million or 19.2% to $336 million for the 3 months ended December 31, 2024, as compared to $281.8 million for the same period in 2023.

截至 2024 年 12 月 31 日的 3 個月，風電葉片工具和其他風電相關銷售的淨銷售額與 2023 年同期的 2.818 億美元相比增加了 5,420 萬美元或 19.2%，達到 3.36 億美元。

The increase was primarily driven by higher sales volume and higher average sales prices for wind blades due to a shift of product mix to new and longer blades, including the resumption of production at our previously idled facility in Juarez, Mexico.

成長的主要原因是風電葉片的銷售增加和平均銷售價格上漲，原因是產品結構轉向新型和更長的葉片，包括恢復我們先前閒置的墨西哥華雷斯工廠的生產。

This increase also reflects the absence of a four-week shutdown at one of our plants in the prior year due to a supply chain disruption caused by out-of-specification materials.

這一增長也反映了我們去年的一家工廠沒有因為材料不合格而造成供應鏈中斷而停工四周的情況。

These increases were partially offset by lower volumes at our India facility as we began the transition of a blade type and the closure of our Nordic Matamoros plant.

由於我們開始轉型葉片類型以及關閉北歐馬塔莫羅斯工廠，印度工廠的產量下降部分抵消了這些成長。

Field service inspection and repair services sales decreased $2.1 million or 19.9% to $10.5 million for the 3 months ended December 31, 2024, as compared to $12.6 million in the same period in 2023.

截至 2024 年 12 月 31 日的 3 個月，現場服務檢查和維修服務銷售額減少 210 萬美元至 1,050 萬美元，降幅 19.9%，而 2023 年同期為 1,260 萬美元。

The decrease was primarily due to the mix of revenue versus warranty activity in the quarter.

下降主要是由於本季收入與保固活動的組合。

Adjusted EBITDA was $1.2 million for the 3 months ended December 31, 2024, as compared to an adjusted EBITDA loss of $24.5 million during the same period in 2023.

截至 2024 年 12 月 31 日的 3 個月的調整後 EBITDA 為 120 萬美元，而 2023 年同期的調整後 EBITDA 虧損為 2,450 萬美元。

Adjusted EBITDA margin was 0.4% as compared to an adjusted EBITDA margin loss of 8.3% in the same period in 2023.

調整後的 EBITDA 利潤率為 0.4%，而 2023 年同期調整後的 EBITDA 利潤率虧損為 8.3%。

The improvement was primarily driven by the absence of losses from our Nordic Matamoras facility, which was shut down at the end of the second quarter of 2024, increased volume at our other Mexico locations, lower start-up and transition costs, and cost savings initiatives.

業績改善的主要原因是，我們位於北歐的馬塔莫拉斯工廠沒有虧損（該工廠於 2024 年第二季末關閉），我們其他墨西哥工廠的產量增加，啟動和過渡成本降低，以及成本節約措施。

These improvements were partially offset by unfavorable changes in estimate for pre-existing warranties and higher labor costs in Turkey and Mexico.

但這些改進被對預先存在的保固估計的不利變化以及土耳其和墨西哥更高的勞動力成本所部分抵消。

Moving to Slide 9.

移至幻燈片 9。

We ended the quarter with $197 million of unrestricted cash and cash equivalents and $617 million in net debt.

截至本季末，我們的無限制現金和現金等價物為 1.97 億美元，淨債務為 6.17 億美元。

Free cash flow was $83.2 million in the fourth quarter of 2024 compared to negative free cash flow of $15.4 million in the same period in 2023.

2024 年第四季的自由現金流為 8,320 萬美元，而 2023 年同期的自由現金流為負 1,540 萬美元。

The net generation of cash in the fourth quarter of 2024 was primarily due to improved cash earnings and working capital improvements focused on our contract asset balance where we decreased inventory levels and increased customer advances.

2024 年第四季的淨現金產生主要歸因於現金收入的提高和營運資本的改善，重點是我們的合約資產餘額，我們降低了庫存水準並增加了客戶預付款。

We continue to believe our current cash position provides us with the flexibility to meet the near-term demands of the business and continue to invest in growth for lines in the rooftop today.

我們仍然相信，我們目前的現金狀況為我們提供了靈活性，以滿足業務的短期需求，並繼續投資於當今屋頂線路的成長。

A summary of our financial guidance for 2025 can be found on Slide 10.

我們的 2025 年財務指導摘要可在投影片 10 上找到。

We anticipate sales from continuing operations in the range of $1.4 billion to $1.5 billion, representing a high single-digit year-over-year growth at the midpoint of the guidance.

我們預計持續經營銷售額將在 14 億美元至 15 億美元之間，相當於指引中位數的高個位數年成長。

This projected growth is primarily driven by increased blade shipments from our Mexico facility to support the US market and the planned reopening of our Iowa site. partially offset by projected reduced sales from our Turkey and India facilities driven by -- primarily by anticipated lower demand from our Nordex lines.

這一預計增長主要得益於我們墨西哥工廠為支持美國市場而增加的刀片出貨量，以及我們愛荷華州工廠計劃重新開放。部分抵消了我們土耳其和印度工廠預計的銷售額下降——主要是由於預計我們的 Nordex 生產線需求下降。

We expect to have six lines in start-up and transition in 2025.

我們預計到 2025 年將有 6 條生產線投入啟動和轉換。

We expect average selling prices to remain relatively flat year over year.

我們預計平均售價將比去年同期保持相對穩定。

Field Services revenue is expected to increase more than 50%, driven by a shift of technicians back to historical levels of revenue-generating activity.

由於技術人員重返歷史創收活動水平，現場服務收入預計將成長 50% 以上。

We expect EBITDA margin from continuing operations to be in the range of 2% to 4%.

我們預計持續經營的 EBITDA 利潤率將在 2% 至 4% 之間。

This improvement from 2024 was primarily driven by higher sales volume, reduced start-up and transition costs, the absence of losses from the Nordex Matamoros facility, and cost savings achieved through supply chain optimization and lean initiatives.

自 2024 年以來，這項改善主要得益於銷售量的增加、啟動和過渡成本的降低、Nordex Matamoros 工廠沒有虧損，以及透過供應鏈優化和精益措施實現的成本節約。

We expect capital expenditures of about $25 million to $30 million in 2025.

我們預計 2025 年的資本支出約為 2,500 萬至 3,000 萬美元。

We concluded 2024 with 34 dedicated production lines and anticipate exiting 2025 at this level.

我們在 2024 年結束時擁有 34 條專用生產線，並預計在 2025 年結束時將保持在這一水平。

Key line changes planned for 2025 include the start-up of two new lines in Iowa, the transition of two lines in Mexico in the first quarter, the addition of two new lines in India to replace two lines no longer under contract, and a planned reduction in two production lines in Turkey expected in the middle of the year. 2025 utilization expected to improve to the mid-80s compared to 77% in 2024, driven by reduced start-up and transition activity versus 2024.

2025年計畫的關鍵生產線變化包括在愛荷華州啟動兩條新生產線、第一季轉換墨西哥兩條生產線、在印度增加兩條新生產線以取代兩條不再受合約約束的生產線，以及計畫在年中減少土耳其兩條生產線。預計 2025 年利用率將提高至 85% 左右，而 2024 年為 77%，這主要是由於啟動和過渡活動較 2024 年減少。

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

說完這些，我會把電話轉回給比爾。

Thanks, Ryan.

謝謝，瑞安。

Please turn to Slide 12.

請翻到投影片 12。

While acknowledging near-term global and industry challenges, including regulatory uncertainty in the US and the EU, with global energy demand expected to double in the coming years and all of the above approach will be required to meet that demand.

儘管承認近期全球和產業面臨挑戰，包括美國和歐盟的監管不確定性，但預計未來幾年全球能源需求將翻一番，需要採取上述所有方法來滿足這一需求。

Onshore wind is able to cost-effectively meet a significant portion of that demand right now.

目前，陸上風電能夠以經濟有效的方式滿足很大一部分需求。

We are a critical part of the onshore wind value chain to the long-term future of onshore wind remains a significant opportunity for us, and we will continue to focus on driving safety, quality, productivity and cost to remain a key player in the industry.

我們是陸上風電價值鏈的關鍵組成部分，從長遠來看，陸上風電的未來對我們來說仍然是一個重大機遇，我們將繼續專注於提高安全性、品質、生產力和成本，以保持在行業中的關鍵地位。

Before we open the call for Q&A, I'll conclude saying I'm encouraged by the progress we've made over the last year including shedding loss-making operations, starting up or transitioning 10 new manufacturing lines and significantly streamlining operations and improving quality, all while doing it as safely as we ever have.

在我們開始問答環節之前，我最後想說，我們對過去一年所取得的進展感到鼓舞，包括擺脫虧損業務、啟動或轉型 10 條新生產線、大幅精簡運營並提高質量，所有這些都是在盡可能安全地進行的同時進行的。

And I want to once again extend my gratitude to all of our TPI associates for their continued commitment and dedication to TPI and our mission to safely decarbonize and electrify the world.

我要再次向所有 TPI 員工表示感謝，感謝他們對 TPI 以及我們安全脫碳和電氣化世界的使命的持續承諾和奉獻。

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

我現在將電話轉回給接線員並開始提問。

(Operator Instructions)

（操作員指令）

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

So I wanted to start with policy, Bill.

所以我想從政策開始，比爾。

I mean, as you said, there's a lot of uncertainty about what may or may not happen with the IRA.

我的意思是，正如你所說，愛爾蘭共和軍可能發生或不會發生什麼存在很多不確定性。

Just curious if you can talk about with what has been enacted so far?

只是好奇您是否可以談談迄今為止已經實施了哪些措施？

Has there been any impact maybe from the day one executive orders with permitting, anything like that, that you can comment on?

從第一天起，行政命令是否會產生任何影響，許可等類似的事情，您可以評論一下嗎？

Mark, I would say we haven't felt the direct impact today.

馬克，我想說我們今天還沒有感受到直接的影響。

As we've talked about before, we are we're doing whatever we can to produce as much volume for the US market this year.

正如我們之前談到的，今年我們正在竭盡全力為美國市場生產盡可能多的產品。

That has not changed from a customer standpoint.

從客戶的角度來看，這一點並沒有改變。

We have heard, as you probably have, in the press discussions about federal permitting on private land, et cetera, et cetera, whether that be FAA or 404 permits from Army Corps of Engineers, et cetera.

正如您可能已經聽說過的，我們在媒體討論中聽說過關於私人土地上的聯邦許可等等，無論是聯邦航空管理局還是陸軍工程兵團的 404 許可證等等。

But again, from our perspective, we have not seen a direct impact at this point.

但從我們的角度來看，目前我們還沒有看到直接的影響。

Okay.

好的。

And then just a couple of modeling questions, if I can.

如果可以的話，我只想問幾個建模問題。

So the startup ins going to 24/7 with a couple of lines in Mexico, it sounds fairly immaterial from a transition expense, but just wanted to see if you could quantify what that impact might be in 1Q.

因此，新創公司在墨西哥開設了幾條線路，實現全天候運營，從過渡費用來看，這聽起來並不重要，但我只是想看看您是否可以量化這種影響在第一季可能產生的影響。

And then obviously, there was a lot going on in 2024 with utilization rates on a quarterly basis.

顯然，2024 年的季度利用率將會發生很大變化。

Just curious how we should be thinking about, you've guided to 85% for the year, but how should we be thinking about that kind of on a quarterly cadence?

只是好奇我們應該如何考慮，您已經指導今年達到 85%，但是我們應該如何考慮這種季度節奏？

Mark, I'll start with investments we're making in 24/7.

馬克，我先從我們 24/7 的投資開始說。

As we move forward, we're converting three or four factories down in Mexico to 24/7 operations.

隨著我們的發展，我們正在將墨西哥的三、四家工廠轉變為全天候運作。

And some of that's behind us in Q4.

其中一些已經在第四季度過去。

We invested a couple of million dollars towards the end of Q3 and then a couple of more million in Q4.

我們在第三季末投資了幾百萬美元，在第四季又投資了幾百萬美元。

It will probably end up being $4 million, $5 million that we'll invest in that with most of that being in the first quarter, and then that will more than pay itself back in the second half of the year as you have said, increased volumes.

我們最終可能會投資 400 萬美元、500 萬美元，其中大部分將在第一季投入，然後正如您所說，在下半年，隨著交易量的增加，我們的投資回報將會超過這筆錢。

Mark, I apologize.

馬克，我很抱歉。

I was staring at another question.

我正盯著另一個問題。

Can you repeat your second question?

你能重複一下你的第二個問題嗎？

Yes.

是的。

Sorry, Ryan, try to jam it in there.

抱歉，瑞安，試著把它塞進去。

Just how to think about utilization rates throughout the year on a quarterly basis.

只是如何按季考慮全年的使用率。

Yes, so the first quarter is going to be kind of interesting.

是的，所以第一季將會非常有趣。

It's our weakest quarter as we get things ramped back up after the holidays.

這是我們最疲軟的一個季度，因為假期過後我們的業務才剛剛恢復。

For the year, we're expecting mid-80s.

我們預計今年的產量將達到 80 年代中期。

The second and third quarter will be our best quarters as they traditionally are, and the third quarter will probably be a little bit better than the second.

第二季和第三季將是我們業績最好的季度，就像傳統情況一樣，第三季可能會比第二季好一點。

I would expect that our first quarter will be somewhere around the 70-ish percent range, maybe low 70s because we have six lines in start-up and transition and four of those lines will be in existing plants that will be starting up in the first quarter.

我預計我們第一季的產量將在 70% 左右，或許是 70% 以下，因為我們有六條生產線處於啟動和過渡階段，其中四條生產線將位於現有工廠，並將在第一季啟動。

And then the other two lines are in Iowa that will start up probably towards the tail end of the second quarter.

另外兩條生產線位於愛荷華州，預計在第二季末投產。

But for the first quarter, it will be our weakest kind of think in the low 70s and then migrating up to the mid- to upper 80s in the second and third quarter with some opportunity to go a little bit above that, depending on how successful we are in converting the 24/7 and how rapidly that pays off.

但對於第一季來說，我們最弱的預測是 75 出頭，然後在第二季和第三季上升到 85 中上段，並且有機會略微超過這個數字，這取決於我們在 24/7 轉換方面的成功程度以及回報速度有多快。

Fourth quarter will probably step down just a touch as it usually does with the holidays for us.

第四季度的銷售額可能將略有下降，就像我們通常的假期一樣。

(Operator Instructions)

（操作員指令）

Andrew Percoco, Morgan Stanley.

摩根士丹利的安德魯‧佩科科 (Andrew Percoco)。

I wanted to start out with a question on demand.

我想從一個需求問題開始。

At the onset at the start of the call, you talked about strong demand out of your facilities in Mexico.

在通話開始時，您談到了墨西哥工廠的強勁需求。

And I guess I'm just trying to cross some commentary that we're hearing out of one of your big customers in North America, really highlighting that demand for onshore wind remains relatively soft outside of repowering.

我想我只是想表達我們從你們在北美的一位大客戶那裡聽到的一些評論，這些評論確實突顯出，除了再發電之外，對陸上風電的需求仍然相對疲軟。

It feels like repowering might be the area of strength.

感覺重新供電可能是其優勢領域。

So is it fair to conclude that the demand that you're seeing in 2025 for North America is mostly driven by the repowering opportunity?

那麼，是否可以公平地得出這樣的結論：您所看到的 2025 年北美的需求主要是由再發電機會驅動的？

And then, I guess, second to that, if that is true\ and this is mostly repowering, how are you conversing with your customers to ensure that utilization remains steady beyond 2025, just given how lumpy repowering can be?

其次，我想，如果這是真的，而且主要是重新供電，考慮到重新供電的不穩定性，您如何與客戶溝通以確保利用率在 2025 年以後保持穩定？

Yes.

是的。

I guess I would say there's probably a portion of our production that's going to repowering, Andrew.

我想說的是，我們生產的一部分可能需要重新供電，安德魯。

But we're working off their backlog.

但我們正在處理他們的積壓工作。

And I think the latest I heard was soft order volume in the first half, but that doesn't mean that we're not fulfilling orders from last year or the year before.

我聽到的最新消息是上半年訂單量疲軟，但這並不代表我們沒有履行去年或前年的訂單。

So again, our demand from our customers for '25 is, as I said, we're all out in our Mexico plants.

所以，正如我所說，我們客戶對 25 年的需求是，我們的墨西哥工廠已經全部投入生產。

We don't know what volumes look like yet from a firm perspective for '26 and beyond.

我們尚不清楚從公司角度來看 26 年及以後的銷售量會如何。

We'll learn about that a little bit more as we get through the first half of the year.

隨著上半年的到來，我們會對此有更多了解。

But from a '25 perspective, the demand remains strong.

但從’25’的角度來看，需求依然強勁。

We haven't seen any letdown from that perspective.

從這個角度來看，我們還沒有看到任何令人失望的情況。

And my guess is there is a share of that, that is repowered just given the size blades we're building.

我的猜測是，考慮到我們正在建造的葉片的尺寸，其中一部分是重新供電的。

But again, we haven't seen anything, any meaningful drop-off or indications that drop off for 2025 deliveries at this point.

但是，我們目前還沒有看到任何明顯下降或表明 2025 年交付量會下降的跡象。

Okay.

好的。

That's helpful context.

這是很有幫助的背景資訊。

And maybe just a follow-up on the tariff point for a second.

也許只是想稍微討論一下關稅問題。

You obviously have a 90-day window here of delay on tariffs in Mexico.

顯然，墨西哥有 90 天的關稅延期期限。

But curious how the conversations have gone with the customers.

但很好奇與顧客的對話進展如何。

What are the sharing arrangements look like?

共享安排是怎樣的？

Are they built into the contract?

這些都包含在合約裡嗎？

Or is it more a delivery by delivery, negotiation with the customer in terms of who's bearing the risk associated with those tariffs?

或者更多的是逐一交付，與客戶協商誰來承擔與這些關稅相關的風險？

Yes.

是的。

Most of it are driven by the standard incoterms in our POs or our contracts.

其中大部分是由我們的採購訂單或合約中的標準貿易術語所驅動的。

So in some cases, we are ex-works, which means as soon as we complete the blade and roll it out the doors of the factory, it becomes the responsibility of our customers.

因此，在某些情況下，我們採用工廠交貨，這意味著，一旦我們完成葉片並將其推出工廠，它就成為我們客戶的責任。

So they would be responsible for any import duties or export duties.

因此他們將負責任何進口關稅或出口關稅。

And so that's the case with our contracts with our customers out of Mexico, is that our customers today are responsible for tariffs or border taxes, if you will.

這就是我們與墨西哥客戶簽訂的合約的情況，如果你願意的話，今天我們的客戶要負責關稅或邊境稅。

So the discussions we're having with our customers are, we don't know what's going to happen.

因此，我們與客戶討論的是，我們不知道會發生什麼。

We've looked at options as far as accelerating delivery or not.

我們已經研究過是否加速交付的各種選項。

Obviously, we continue to look at footprint from a long-term standpoint.

顯然，我們繼續從長遠的角度來看足跡。

But right now, it's business as usual.

但現在一切照常。

And contingency planning in the background on what we may do if those tariffs come into play.

並且制定了應急計劃，以應對這些關稅生效時我們可能採取的措施。

And just remember, if you look at the overall cost of a blade compared to the entire turbine itself as well as balance of plant, it's about 17%.

請記住，如果將葉片的總成本與整個渦輪機本身以及工廠的平衡成本進行比較，則其成本約為 17%。

Even if it was a 25% tariff, and again, I'm not downplaying the impact, but it's about a 3% to 4% impact on the overall cost.

即使是 25% 的關稅，我再次強調，我不會低估其影響，但它對總成本的影響約為 3% 至 4%。

Wood-Mac just put out a study that said a 7% to 10% for the entire turbine if those 25% tariffs went into effect for both Canada and Mexico based on their estimate of what's sourced from both countries.

伍德麥肯茲剛發布的一項研究報告稱，根據他們對加拿大和墨西哥原材料的估計，如果 25% 的關稅對兩國生效，整個渦輪機的關稅將上漲 7% 至 10%。

So again, when and if they come into play, we will have alternatives there, and we will look at options with our customers.

所以，當它們發揮作用時，我們會有替代方案，我們會與客戶一起研究選擇。

But again, whether they come into play or not is still a big question at this point.

但目前來看，他們是否會發揮作用仍是一個大問題。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Great.

偉大的。

So you had mentioned on your last call and also on this call, additional manufacturing capabilities that you're looking for, I believe, in the United States to meet demand here in '25, given Mexico's full conversations with potential partners.

因此，您在上次電話會議和這次電話會議上都提到，鑑於墨西哥與潛在合作夥伴進行了充分的對話，我相信您正在尋找美國額外的製造能力以滿足25年的需求。

So just curious what are the next steps that maybe we should look for there?

所以只是好奇我們應該尋找的下一步是什麼？

And then curious how do you balance that and the potential investment with some of the uncertainty beyond 2025.

然後很好奇您如何平衡這一點以及潛在投資與 2025 年以後的一些不確定性。

Yes.

是的。

So there's two things there.

因此，這裡有兩件事。

We've got the facility in Iowa that we've talked about that we are in the process of ramping as we speak and expect to start production there in the middle of the year on two lines.

我們在愛荷華州擁有一家工廠，正如我們之前所說，我們正在逐步擴大產能，預計將在今年年中在那裡開始兩條生產線的生產。

So the question there is do we go to more than two lines?

所以問題是我們是否要使用兩條以上的線路？

And when do we go there?

我們什麼時候去那裡？

And I think, Eric, to your point, our customer will wait until there's a little bit more certainty with respect to policy and demand before we make a decision to expand beyond the two lines.

艾瑞克，我認為正如你所說，我們的客戶會等到政策和需求方面更加確定之後，我們才會決定是否要擴大這兩條生產線。

The other facility, I think, we are in discussions as far as timing on that. again, that one will -- the actual timing will probably will depend on ultimate certainty with policy and when we have some certainty.

我認為，我們正在就其他設施的時間進行討論。再次強調，實際時間可能將取決於政策的最終確定性以及我們何時有一定確定性。

That was really never meant for 2025 volume.

這實際上並不意味著2025年的銷售量。

That was always a '26 and beyond opportunity as far as from a volume perspective.

從數量角度而言，這始終是一個 26 年及以後的機會。

So again, once we have a little bit more certainty from a policy standpoint, whether it's related to the IRA tariffs, et cetera, then we'll be able to finalize what the plans are for that second facility.

所以，一旦我們從政策角度有了更多的確定性，無論它是否與愛爾蘭共和軍關稅等有關，那麼我們就能夠最終確定第二個設施的計劃。

Got it.

知道了。

Well, and I guess the fact that that is thinking about 2026, I mean I guess that's a little bit of a counter to the narrative that there is quite a bit of uncertainty into that versus '25, but I guess we'll wait and see on that.

嗯，我想事實上這是在考慮 2026 年，我的意思是，我想這與 2025 年相比存在相當多的不確定性的說法有點相反，但我想我們會拭目以待。

Maybe just on start-ups and transitions, I know 2024 was a heavy year part of that by design expected for '25 to be lower.

也許只是在新創和轉型方面，我知道 2024 年是個繁忙的一年，其中一部分是設計上預計 2025 年會較低。

Is it early enough?

夠早了嗎？

Is it too soon to have a view of what 2026 might look like?

現在預測 2026 年會是什麼樣子還為時過早嗎？

Just trying to judge without looking for an outlook, what your momentum might be entering the year?

只是試著判斷，不考慮前景，您進入新一年的勢頭會是怎樣的？

Yes.

是的。

I would -- Eric, I think other than new capacity, if you will, or I'm sorry, filling existing capacity.

我會 - 艾瑞克，我認為除了新產能之外，如果你願意的話，或者對不起，填補現有產能。

So as you know, we have four lines of capacity available in India.

如您所知，我們在印度有四條產能生產線。

And we'll have -- we have some capacity available in Turkey as well as then the capacity in Iowa.

我們在土耳其和愛荷華州都有一定的產能。

So I would say if demand -- if we get some level of certainty and policy in the US and demand rebounds after we have some certainty, then you could see some startup or transition.

因此我想說，如果我們在美國獲得一定程度的確定性和政策，並且在我們獲得一定確定性之後需求反彈，那麼你就會看到一些啟動或轉型。

If the uncertainty remains and the demand for 26 remains soft, my guess is you won't see any lines being started or transitioned quite frankly.

如果不確定性仍然存在，並且對 26 的需求仍然疲軟，我猜你不會看到任何線路啟動或過渡。

So kind of a long answer and kind of a depends answer.

所以這是一個很長的答案，並且取決於具體情況。

But if demand solidifies, you could see some activity if demand remains soft because of uncertainty and policy, then I would suggest there probably will be very few transitions.

但如果需求穩定，你會看到一些活動。

Jeff Osborne, TD Cowen.

傑夫·奧斯本（Jeff Osborne），TD Cowen。

Bill, a couple of quick ones.

比爾，有幾個問題。

Is there a way you could just give us a high-level lock between the 2% to 4% EBITDA margin guide relative to, if I heard you right, I think you said 5% is what you reported in Q4 ex the numerous onetime items?

如果我沒聽錯的話，您是否能給我們一個 2% 到 4% 之間的 EBITDA 利潤率指南高度鎖定，我記得您說的是 5% 是您第四季度報告的數字，除了眾多一次性項目？

What's the drag relative to what you saw in Q4?

與第四季相比，阻力有多大？

Yes, we can kind of start with just kind of as we think about where we ended for the year, Phil mentioned on the prepared remarks that we expect to be up $80 million plus in EBITDA from last year to this year.

是的，我們可以先回顧今年的收官之作，菲爾在準備好的評論中提到，我們預計今年的 EBITDA 將比去年增加 8000 萬美元以上。

Probably a couple of things I'd point to is, one, the Nordex Matamoros losses are behind us.

我想指出的幾件事是：第一，Nordex Matamoros 的損失已經過去了。

That's in the range of 30-ish or so for the year -- or for the impact this year.

就今年而言，或就今年的影響而言，這個數字大約在 30 左右。

And the other thing is our start from transition costs will probably be probably less than half of what they were this year.

另一件事是，我們的起始過渡成本可能還不到今年的一半。

And then as we think about the other moving parts, volumes up, we'll have good flow on that.

然後，當我們考慮其他活動部件時，音量會增加，我們就會有一個良好的流程。

We have a lot of cost savings initiatives.

我們有很多節約成本的舉措。

We expect warranty to be down a little bit, so that will be a benefit to us.

我們預計保固費用會略有下降，這對我們有利。

But to your question on what the drag is, it really relates to the underutilized factories we have in Turkey and India.

但對於你關於拖累因素是什麼的問題，這其實與我們在土耳其和印度的工廠利用率不足有關。

Those factories as we look out at our volumes next year, they are a headwind for us.

當我們展望明年的產量時，這些工廠對我們來說是一個阻力。

We have a lot of really good growth in Mexico and the start-up in Iowa, but the underutilization is the drag.

我們在墨西哥和愛荷華州的新創公司都取得了很好的成長，但利用不足是一個拖累因素。

And in addition to that, is continued inflation in Turkey with the production that we do have.

除此之外，由於我們的生產，土耳其的通貨膨脹仍在持續。

So that's really where the drag is at with the underutilization of those factories and inflation.

所以這才是工廠利用率不足和通貨膨脹的真正阻礙所在。

That's helpful.

這很有幫助。

And then just two rapid fire ones.

然後就快速射擊兩次。

Does the CapEx guide assume the second facility is built out in the US or no?

資本支出指南是否假設第二家工廠建在美國？

It does not.

但事實並非如此。

No.

不。

it does not.

但事實並非如此。

And remind me, what would that be if you proceeded with that?

提醒我一下，如果你繼續這樣做，結果會是什麼？

Or would you elect to do Iowa first and then build out after that?

或者你會選擇先建造愛荷華州，然後再擴展？

Well, yes, that depends.

嗯，是的，這得看情況。

But if you're talking about the other facility, the CapEx is probably in the $30 million range.

但如果您談論的是其他設施，資本支出可能在 3000 萬美元左右。

Got it.

知道了。

And then in your prepared remarks, Bill, you mentioned sort of a drag on EBITDA for reported numbers, if I heard you right, a change to legacy warranty -- what was the nature of that?

然後，比爾，在您準備好的發言中，您提到了對報告數字的 EBITDA 的拖累，如果我沒聽錯的話，對遺留保修的改變——其性質是什麼？

Can you articulate what that was and what the remediation was.

你能清楚地說明那是什麼以及補救措施是什麼嗎？

It's just kind of normal course warranty that we are working through and changes in estimates just based on inflation and cost and execution of the actual warranty program.

這只是我們正在研究的正常保固課程，估算的變更僅基於通貨膨脹、成本和實際保固計畫的執行。

So it's just -- it's tough from a few years back.

所以這只是—幾年前的情況比較艱難。

Okay.

好的。

So there's no noticeable change in field performance or quality control or anything like that as it relates to the new program that you announced on the call, the program, I just want to make sure those two things are linked.

因此，與您在電話會議上宣布的新計劃相比，現場表現或品質控製或類似方面沒有明顯變化，我只是想確保這兩件事是相互關聯的。

No, they are definitely not linked.

不，它們絕對沒有聯繫。

Our quality performance over the last year, two years, has been actually been very, very solid.

過去一年、兩年來，我們的品質表現其實非常非常穩健。

Justin Clare, Roth Capital Partners.

羅斯資本合夥人公司的賈斯汀·克萊爾 (Justin Clare)。

So I wanted to just start out on the Q4 results.

所以我想先了解一下第四季的業績。

So utilization in the quarter was actually quite strong at 91%, but the gross margins were negative 1%, so I would have anticipated something a bit higher there.

因此，本季的利用率實際上相當強勁，達到 91%，但毛利率為-1%，所以我預計毛利率會更高一些。

And you mentioned the cost-to-cost method that you use as well as a reduction in inventory I just wanted to see if there were any other notable factors in the quarter, product mix, warranty charges that drove the margin results?

您提到了您使用的成本成本方法以及庫存的減少，我只是想看看本季是否還有其他值得注意的因素、產品組合、保固費用推動了利潤率結果？

And then do you see reversal potentially in the inventory as we move into Q1 that could support margin expansion.

那麼，隨著我們進入第一季度，您是否認為庫存可能出現逆轉，從而支持利潤率擴大。

Justin, I would start with, I think you got the moving parts there.

賈斯汀，首先，我想你已經掌握了其中的活動部分。

What Bill talked about, was about a 5% margin without the reduction in work in process inventories that we had without some of the investments we made in 24/7 operations and without the there's a -- you'll see in the warranty footnote, there's a net $6 million charge in there that we took.

比爾談到的是，在沒有減少在製品庫存的情況下，利潤率約為 5%，而我們在 24/7 全天候運營方面進行的一些投資，以及——您會在保修腳註中看到，其中有 600 萬美元的淨費用。

So that was the amount.

數量就是這樣。

So if you back all those things out, it's we're around 5% or so in margins for the quarter.

因此，如果將所有這些因素考慮在內，我們本季的利潤率約為 5％ 左右。

So that's where we're at as far as for the year.

這就是我們今年的狀況。

I would tell you that we also have a lot, as we look forward to 25%.

我想告訴你，我們也有很多，因為我們期待 25%。

There's a lot of cost reduction initiatives that we're working through in our Mexico operations.

我們在墨西哥業務中正在實施許多降低成本的措施。

You'll be able to follow those -- our Mexico sites along as we get those all ramped up.

您將能夠關注這些——隨著我們逐步完善這些功能，我們在墨西哥的網站也將陸續更新。

We had a lot of start-ups and transitions that were now maturing.

我們經歷了許多新創企業和轉型企業，如今它們已日趨成熟。

And so that will be an area as we move forward that you'll see a large improvement on as we go forward.

因此，隨著我們不斷前進，您將會看到這一領域取得巨大進步。

Okay.

好的。

Got it.

知道了。

And then you also mentioned the underutilization in Turkey as a drag in 2025 here.

然後您也提到土耳其的利用不足對 2025 年造成了阻礙。

Just wondering following the restructuring actions that you've taken, can you generate positive EBITDA in 2025 from that facility, or do you need to take further actions?

只是想知道，在您採取重組行動之後，您是否能在 2025 年從該工廠產生正的 EBITDA，或者您是否需要採取進一步的行動？

Or do you see any potential for policy changes in Turkey that might support that improvement there?

或者您認為土耳其的政策變革有可能促進其改善？

Yes, while we're challenged there, we will have positive EBITDA in Turkey for the year for those two plants combined.

是的，雖然我們面臨挑戰，但今年我們在土耳其的這兩家工廠的 EBITDA 將為正值。

So we do feel like we've taken the prudent actions to keep those factories in a cash positive position as we move forward.

因此，我們確實覺得我們已經採取了審慎的行動，以確保這些工廠在未來的發展中保持正現金狀況。

There are two lines, as we mentioned earlier, that we do plan that will likely go away in the middle of the year.

正如我們之前提到的，我們確實計劃取消兩條線路，它們可能會在今年年中消失。

And so that will drive a further headcount reduction at that time.

因此這將導致進一步裁員。

That will happen around the middle of the summer in the June-July time frame.

這將發生在六月至七月期間的夏季中旬。

Operator

操作員

(Operator Instructions)

（操作員指令）

With no other questions holding, I will turn the program back over to Mr. Bill Siwek for any additional or closing remarks.

如果沒有其他問題，我將把節目交還給比爾·西維克先生，請他發表任何補充意見或結束語。

Thank you again for your time today and your continued interest and support of TPI until next quarter.

再次感謝您今天的時間以及您對 TPI 的持續關注和支持，直到下個季度。

Thank you.

謝謝。

Thank you, sir.

謝謝您，先生。

Ladies and gentlemen, that does conclude today's program.

女士們、先生們，今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at this time.

您現在可以斷開連線。