Hydrogenics Corporation (HYGS) 首席执行官 Daryl Wilson 于 2019年 第二季度业绩 - 收益电话会议记录

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Hydrogenics Corporation (NASDAQ:HYGS) Q2 2019 Earnings Conference Call August 12, 2019 10:00 AM ET

Hydrogenics Corporation(纳斯达克股票代码:[HYGS])2019年第二季度收益电话会议2019年8月12日美国东部时间上午10:00

公司代表

Daryl Wilson - President, Chief Executive Officer
Marc Beisheim - Chief Financial Officer

Daryl Wilson - 总裁兼首席执行官

Marc Beisheim - 首席财务官

电话会议参与者

Eric Stine - Craig-Hallum
Jeff Osborne - Cowen and Company

  • Eric Stine - Craig-Hallum
  • 杰夫奥斯本 - 考恩和公司

会议主持员

Good day ladies and gentlemen, and welcome to the Hydrogenics, 2019 Second Quarter Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]. As a reminder, this conference call will be recorded.
I would now like to introduce your host for today's conference, Mr. Marc Beisheim, CFO. You may begin.

美好的一天女士们,先生们,欢迎来到Hydrogenics,2019年第二季电话会议。 此时所有参与者都处于只听模式。 稍后我们将进行问答环节,届时将给出指示。 [操作员说明]。 提醒一下,此电话会议将被录制。

我现在想介绍一下今天的会议主持人,首席财务官Marc Beisheim先生。 你可以开始吧。

Marc Beisheim

Thank you, operator. Good morning ladies and gentlemen, and welcome to Hydrogenics 2019 second quarter conference call.
With me today is Daryl Wilson, President and Chief Executive Officer. The company's second quarter Press Release and PowerPoint presentation are available on our website under the Investor page at www.hydrogenics.com. We also uploaded the report this morning on both SEDAR and EDGAR and would refer you to those sites for our disclosure documents. As indicated in our press release this morning, all financial references are U.S. dollars, unless otherwise indicated.
I would now like to provide a brief Safe Harbor statement. This call and the accompanying presentation may contain statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risk and uncertainty.
Actual results could differ materially because of factors discussed in today's Press Release, in the MD&A section of our most recent financial statements or in other reports and filings with the Securities and Exchange Commission and applicable Canadian securities regulators. We do not undertake any duty to update any forward-looking statement.
And with that, I'll turn the call over to Daryl Wilson. Please go ahead.

谢谢运营商。女士们,先生们,早上好,欢迎来到Hydrogenics 2019第二季度电话会议。

今天和我在一起的是总裁兼首席执行官达里尔威尔逊。该公司的第二季度新闻稿和PowerPoint演示文稿可在我们的网站www.hydrogenics.com上的投资者页面下找到。我们今天上午也在SEDAR和EDGAR上传了这份报告,并会将您转介到这些网站以获取我们的披露文件。如我们今天上午的新闻稿所示,除非另有说明,否则所有财务参考均为美元。

我现在想提供一份简短的安全港声明。此调用和随附的演示文稿可能包含具有前瞻性的陈述。这些陈述基于当前的风险和不确定性的预期和假设。

由于今天新闻稿,我们最新财务报表的MD&A部分或其他报告以及向美国证券交易委员会和适用的加拿大证券监管机构提交的文件中所讨论的因素,实际结果可能会有重大差异。我们不承担任何更新任何前瞻性陈述的义务。

有了这个,我会把电话转给Daryl Wilson。请继续。

达里尔威尔逊

Thank you, Marc. Good day and thanks everyone for joining us on Hydrogenics 2019 second quarter conference call.
We will focus today’s call on our quarterly earnings, but I wanted to briefly discuss our proposed transaction with Cummins. As you know, Cummins agreed to acquire all of our outstanding shares, other than the shares owned by the Hydrogen Company for USD$15 in cash. The Hydrogen Company, a unit of L’Air Liquide agreed to exchange its shares with Cummins in lieu of receiving the cash consideration.
The Board and an independent special committee of the board unanimously approved the transaction and recommended that shareholders vote for the transaction for a number of reasons. The consideration represented a premium of 21.6% over the 30 day volume weighted average price of our shares on the NASDAQ and 38.8% over the 90 day volume weighted average price for the period ending June 27, 2019, which was the day before the transaction was announced.
Any questions concerning the Cummins transaction should be addressed to our management team separately from this earnings call. We look forward to the upcoming August 29 special meeting when shareholders will vote on the proposal to approve the transaction with Cummins. With that, I’ll move to discuss our quarterly earnings. Please refer to the presentation on our website for today's discussion.
Beginning with slide three, let me review some highlights from the past quarter, after which I’ll provide additional information on our recent developments in our near term areas of focus.
Second quarter sales were $10.4 million, up 37% year-over-year as the company saw a significant increase in shipments within its OnSite Generation business, including for a previously announced fueling stations in Quebec. This facility in the first 700 bar public fueling station in Quebec and the first fully containerized 700 bars location in Canada.
The station is capable of delivering four consecutive fills for typical passenger vehicles, an average tank size of 5 kilograms of hydrogen, and handles approximately 20 vehicles per day. It’s another great reference site for us here in North America.
Gross margins were impacted by product mix and Marc will review this in a moment, but we ended the quarter with a solid backlog of $144 million. As noted previously, this quarter we were selected by the Halcyon Power group to supply 1.5 Megawatt hydrogen production facility in New Zealand. This is our first major win in the South Pacific at Halcyon owners Tuaropaki Trust and Obayashi Corporation looked to implement a hydrogen supply chain for New Zealand and Japan using Hydrogenics technology.
We are in the home stretch of our first commercial order with Alstom, which should constitute some 81 heavy duty fuel cell power module systems, and our plans for expanded production in Germany are well under way. I'll speak to this more in a moment.
But the big news this quarter as I mentioned earlier is the pending acquisition of Hydrogenics by Cummins. We believe this will be a game changing transaction which will position our company and our technology at the forefront of the burgeoning hydrogen economy, and we encourage all investors to vote by the proxy deadline of August 27, 2019.

谢谢你,马克。美好的一天,感谢大家加入我们的Hydrogenics 2019第二季度电话会议。

我们将关注今天的季度收益,但我想简要讨论一下我们与康明斯的交易。如您所知,康明斯同意以现金15美元的价格收购Hydrogen公司拥有的所有已发行股票。液化空气公司(L'Air Liquide)的一个部门同意与康明斯公司交换其股份,而不是收到现金对价。

董事会和董事会独立特别委员会一致批准了该交易,并建议股东投票支持交易,原因有很多。代价较我们于纳斯达克股票的30天成交量加权平均价格溢价21.6%,较截至2019年6月27日止的90天成交量加权平均价格溢价38.8%,即交易前一天。宣布。

有关康明斯交易的任何问题,请与本财务电话会议分开发送给我们的管理团队。我们期待即将举行的8月29日特别会议,届时股东将就批准与康明斯交易的提案进行投票。有了这个,我将讨论我们的季度收益。有关今天的讨论,请参阅我们网站上的演示文稿。

从第三张幻灯片开始,让我回顾一下上一季度的一些亮点,之后我将提供有关近期重点领域近期发展的更多信息。

第二季度销售额为1040万美元,同比增长37%,因为该公司的OnSite发电业务出货量大幅增加,包括之前宣布的魁北克加油站。这个设施位于魁北克省第一个700巴的公共加油站和加拿大第一个完全集装箱化的700巴位置。

该站能够为典型的乘用车提供四次连续填充,平均油箱尺寸为5千克氢气,每天处理大约20辆车。这是我们在北美的另一个伟大的参考网站。

毛利率受到产品组合的影响,Marc将在稍后对此进行审核,但我们在本季度结束时积压了1.44亿美元。如前所述,本季度我们被Halcyon Power集团选中在新西兰供应1.5兆瓦的氢气生产设施。这是我们在南太平洋的第一个主要赢家Halcyon所有者Tuaropaki Trust和Obayashi Corporation希望使用Hydrogenics技术为新西兰和日本实施氢气供应链。

我们在阿尔斯通的第一个商业订单的主页上,应该构成81个重型燃料电池动力模块系统,我们在德国扩大生产的计划正在顺利进行。我马上就会谈到这个。

但正如我前面提到的那样,本季度的重大新闻是康明斯即将收购Hydrogenics。我们相信这将是一场改变游戏规则的交易,它将使我们的公司和我们的技术处于迅速发展的氢经济的最前沿,我们鼓励所有投资者在2019年8月27日的代理截止日期前投票。

Now turning to slide five, let me provide an update on our relationship with Alstom where we are moving towards commercial production of our first heavy-duty fuel cell modules. With the increasing amount of press coverage this year, regarding Fuel Cell Powered Trains, it's only a matter of time before Alstom is building a book of business that translates into orders for Hydrogenics.
We are not at the finish line just yet, but we're closing in on an initial customer contract for more than 80 Fuel Cell Power Module Systems, primarily to serve the Hydrail Commuter network in Germany. Such orders for delivery in 2020 would be the first under our 10 year exclusivity agreement, which as you will recall was originally valued around $50 million, including the supply of at least 200 engine systems, service and maintenance. We're pleased with our strong partnership with Alstom, and the future that we’ll build together in the Hydrogen Rail Powered space.
With increasing interest for such applications in Europe, North America and elsewhere, we remain very upbeat about this market and our leadership position in it, which should translate into accelerating growth in the quarters to come.
Turning to slide six, I just wanted to take a moment to summarize the outlook for the rest of the year, given our strong backlog in improving demand dynamics. As I just mentioned, rail applications are just now beginning to take shape, but such orders herald increasing interest for the hydrogen based trains of tomorrow. Our long standing relationship with Alstom and our proven heavy duty PEM technology position us for rapid growth in this space.
In China we continue to work with our many certified integrators to provide fuel cell applications, primarily for the commercial bus market there. As our investors are aware, growth in China has been adversely impacted by trade issues with the U.S. and general macro-economic forces which have caused near term investment disruption.
Obviously this does not change our long term view of the importance of this market which remains the clear leader in next generation mobility applications. In addition, our relationships with L’Air Liquide and Cummins should strengthen our position in China and open up new avenues for growth, and allow for more flexible partnership opportunities, as well as capital for rapid expansion.
Overall, the outlook for 2019 continues to be bright. We forecast significant year-over-year growth due to our current book of business and the diverse array of customers that we service. In addition as we enter the second half of the year, we've laid the groundwork for a very strong 2020.
Due to the burgeoning demand for an array of mobility applications, our partnership with Alstom and our increasing presence in Asia, North America and Europe, we are well positioned for strong growth and improving bottom line results. We'll continue to focus on cost discipline, working capital management and further efficiency improvements as we move closer to sustained profitability.

现在转到第五张幻灯片,让我提供一下我们与阿尔斯通的关系的最新情况,我们正在向第一批重型燃料电池模块的商业化生产迈进。随着今年新闻报道的数量不断增加,关于燃料电池动力列车,阿尔斯通正在建立一本翻译为Hydrogenics订单的商业书只是时间问题。

我们还没有到达终点,但我们正在签订80多个燃料电池动力模块系统的初始客户合同,主要是为德国的Hydrail Commuter网络提供服务。根据我们的10年独家协议,这些在2020年交付的订单将是第一份,您将记得最初的价值约为5000万美元,包括至少提供200个发动机系统,服务和维护。我们对与阿尔斯通的强大合作关系以及我们将在Hydrogen Rail Powered空间共同构建的未来感到高兴。

随着对欧洲,北美和其他地区此类应用的兴趣日益增加,我们对这个市场以及我们在其中的领导地位仍然非常乐观,这应该转化为未来几个季度的加速增长。

谈到第六张幻灯片,我只想花一点时间总结今年剩余时间的前景,因为我们积极改善需求动态。正如我刚才提到的,铁路应用刚刚开始形成,但这样的订单预示着对未来氢能列车的兴趣日益增加。我们与阿尔斯通的长期合作关系以及我们久经考验的重型PEM技术为我们在这一领域的快速发展奠定了基础。

在中国,我们继续与众多经过认证的集成商合作,提供燃料电池应用,主要用于那里的商用客车市场。正如我们的投资者所知,中国的增长受到与美国的贸易问题以及导致近期投资中断的一般宏观经济力量的不利影响。

显然,这并没有改变我们对这个市场重要性的长期看法,这个市场仍然是下一代移动应用的明显领导者。此外,我们与L'Air Liquide和康明斯的关系应该巩固我们在中国的地位,开辟新的增长途径,并提供更灵活的合作机会,以及快速扩张的资金。

总体而言,2019年的前景继续光明。由于我们目前的业务和我们服务的各类客户,我们预计同比增长将大幅增长。此外,随着我​​们进入下半年,我们为2020年的强势奠定了基础。

由于对一系列移动应用的需求日益增长,我们与阿尔斯通的合作伙伴关系以及我们在亚洲,北美和欧洲的业务增长,我们已经为强劲增长和提高盈利结果做好了准备。随着我们接近持续盈利,我们将继续专注于成本纪律,营运资金管理和进一步提高效率。

Before turning the call over to Marc, let me again thank all of our long-term investors for their passion and patience as we built this company to where it is today. I'm very proud of what we've accomplished, but even more excited for what the future holds. I look forward to seeing you at our special shareholders meeting and hope that you'll join me, the Board, and other investors in voting for the pending acquisition by Cummins.
With that, I'll turn the call over to Marc for a review of our financial results in detail. Marc.

在将电话转交给Marc之前,让我再次感谢所有长期投资者的热情和耐心,因为我们将这家公司建立在今天的位置。 我为自己所取得的成就感到自豪,但对未来的发展更加兴奋。 我期待在我们的特别股东大会上与您见面,并希望您能加入我,董事会和其他投资者的投票,以便康明斯等待收购。

有了这个,我会把电话转到Marc,详细审查我们的财务结果。 渣。

Marc Beisheim

Thank you, Daryl. As shown on the slide seven and eight, we posted revenue of $10.4 million for the second quarter and $18.5 million for the first six months of 2019 versus $7.6 million and $15.8 million respectively for the compatible period in 2018.
The company posited significantly higher revenue within its onsite generation segment during the quarter, reflecting increased shipment. During the second half of 2019 we anticipate substantial growth across both business units, in line with our current backlog.
Gross margins as shown on slides nine and 10 were 12.9% for the second quarter and 28.2% for the first six months of 2019 versus 27.6% and 33.9% respectively for the comparable periods in 2018. The company's lower performance in the current year’s second quarter was due to both business units, with an OnSite generation reduced margins reflected the impact of a custom fueling station project, while within power systems results reflected warranty costs and the write-offs of obsolete inventory.
Turning to slide 11 and 12, our adjusted EBITDA loss was $3.3 million this quarter and $4.2 million year-to-date, versus $2.4 million and $4.1 million respectively last year, reflecting the revenue and margins previously discussed.
Slide 13 showed that the company's order backlog as of June 30, 2019 was $144.1 million of which we anticipate delivering approximately $60 million over the coming 12 months. During the second quarter we received $4.4 million of new orders and continue to bid on numerous project opportunities, including with Alstom.
On slide 14 our cash resources as of June 30, 2019 were $17.7 million versus $8.7 million at the beginning of the year. We continue to work towards being cash flow neutral as we scale the business and drive improved bottom line results.
With that, we’ll now turn the call over to the operator for questions. Please go ahead operator.

谢谢你,达里尔。如第七和第八张幻灯片所示,我们第二季度的收入为1,040万美元,2019年前六个月的收入为1,850万美元,而2018年的兼容期分别为760万美元和1580万美元。

该公司在本季度的现场发电市场中的收入大幅增加,反映了出货量的增加。在2019年下半年,我们预计两个业务部门的增长将与我们目前的积压量一致。

第9和第10个幻灯片显示的毛利率在2019年的第二季度为12.9%,在2019年的前六个月为28.2%,而在2018年的可比期间分别为27.6%和33.9%。该公司在当年第二季度表现较低由于两个业务部门,OnSite一代的利润减少反映了定制加油站项目的影响,而在电力系统内的结果反映了保修成本和过时库存的注销。

转到第11和第12页,我们调整后的EBITDA损失本季度为330万美元,今年为420万美元,去年分别为240万美元和410万美元,反映了之前讨论的收入和利润。

Slide 13显示该公司截至2019年6月30日的订单积压为1.441亿美元,其中我们预计在未来12个月内交付约6,000万美元。在第二季度,我们收到了440万美元的新订单,并继续竞标众多项目机会,包括阿尔斯通。

在幻灯片14中,我们截至2019年6月30日的现金资源为1770万美元,而年初为870万美元。随着我们扩展业务并推动改善底线业绩,我们将继续努力实现现金流中性。

有了这个,我们现在将调用转移给操作员提问。请继续运营。

问答环节

Thank you. [Operator Instructions]. And our first question comes from Eric Stine with Craig-Hallum. You may proceed.

谢谢。 [操作员说明]。 我们的第一个问题来自Eric Stine和Craig-Hallum。 你可以继续。

Eric Stine

Hi Daryl, hi Marc.

嗨,达里尔,嗨马克。

达里尔威尔逊

Good morning.

早上好。

Marc Beisheim

Good morning Eric.

艾瑞克,早上好。

Eric Stine

Good morning. So I know it hasn’t closed the transaction, but curious you know over the last couple months or even as this process is kind of unfolded behind the scenes, how it has maybe changed your view of the mobility market opportunity, with their backing and then maybe as part of that obviously, given their market presence, maybe how you think that impacts your infrastructure business.

早上好。 所以我知道它还没有结束交易,但是好奇你知道在过去的几个月里,或者甚至因为这个过程在幕后展开,它如何改变你对移动市场机会的看法,以及他们的支持和 那么可能作为其中的一部分显然,考虑到他们的市场存在,也许你认为这会影响你的基础设施业务。

达里尔威尔逊

Sure, thanks Eric. I think the engagement by companies like Cummins is a very clear signal of maturity in the hydrogen sector. So we've seen the growth in China, we’ve seen the growth in electric vehicles around the world and the developments based on battery technology have brought to light a number of the constraints with battery technology and the opportunities with hydrogen to become more clear, especially in the heavy mobility applications.
So our leadership in trains and trucks and buses are historically diesel applications and I think that we can bring efficient, effective and cost effective electrification solutions to these areas with fuel cell technology and recognition by Cummins that that time has come I think is a very, very positive signal for the hydrogen sector.
So there will be a steady growth period now I think in the coming years. There's lots of work to accomplish the integration platform by platform, so it will be steady-up. I don't expect a massive up-swing. These things are challenging to implement, but I think there will be a very steady upswing in the place of hydrogen within electrified mobility, and as I said especially in the heavy mobility areas for truck, train, bus.
So a very positive signal, and I think there are numerous other positive signals around the world for our hydrogen market. China of course is a lead market with significant volume up-take, but we see Europe coming much stronger now, and in the U.S., California has been a very strong market for us and I see that continuing as well. So on the whole very positive for mobility and this is just one more clear signal about where we are and where we're going.

当然,谢谢埃里克。我认为像康明斯这样的公司的参与是氢气行业成熟的一个非常明确的信号。所以我们看到了中国的增长,我们已经看到全球电动汽车的增长以及基于电池技术的发展已经揭示了电池技术的一些制约因素以及氢气变得更加清晰的机会,特别是在重型移动应用中。

因此,我们在火车,卡车和公共汽车领域的领导地位是历史上的柴油应用,我认为我们可以通过燃料电池技术为这些领域带来高效,有效和具有成本效益的电气化解决方案,康明斯认为时机已到,我认为非常氢行业的非常积极的信号。

因此,我认为未来几年将会出现稳定的增长期。通过平台完成集成平台有很多工作,所以它会稳定下来。我不指望大幅上涨。这些事情的实施具有挑战性,但我认为在电动机动性中氢气的位置将会非常稳定地上升,正如我所说的那样,特别是在卡车,火车,公共汽车的重型机动区域。

这是一个非常积极的信号,我认为全球氢气市场还有许多其他积极信号。中国当然是一个具有大量增加量的主导市场,但我们现在看到欧洲变得更加强大,而在美国,加利福尼亚对我们来说是一个非常强大的市场,我认为这种情况还在继续。总的来说,对移动性非常积极,这只是一个关于我们在哪里以及我们将要去哪里的更明确的信号。

Eric Stine

Got it! Okay and then just quick, last one from me, just turning on the train said, you know great to hear. I know you're not there quite yet, but very close to that aggregated order that you've been waiting for. I mean as that plays out, you've got things going on in other markets, the retrofit market in U. K. and Canada. You know just maybe how you see that playing out, especially if Alstom is really going to take that next step.

得到它了! 好吧,然后快点,最后一个来自我,只是打开火车说,你知道很高兴听到。 我知道你还没有,但非常接近你一直在等待的汇总顺序。 我的意思是,随着这种情况的发展,你在其他市场,即英国和加拿大的改造市场上都有进展。 你可能只知道你是怎么看出来的,特别是如果阿尔斯通真的要采取下一步的话。

达里尔威尔逊

Yeah, I think the key threshold condition is that what we have done in the past is working well and indeed it is and that's been widely reported in the press. There's lots of customers that experience the Hydrogen Rail system and daily use in Germany, and this first group of orders will all focus on this first platform, the Coradia iLint that we worked on with Alstom over the last number of years.
In other market areas there are other applications on other train platforms and so there's some developmental work to have the power train solution suitable for these other platforms and then we'll move through the first trials, the certifications, and then eventually the series production for those as well.
I think on the whole as I look back over the last few years, working with Alstom, this application has moved much faster and much more strongly than we ever anticipated. It’s an application where the value proposition of hydrogen fuel cells is well positioned against the incumbent catenary technology and now that we have a reference site, perspective customers from multiple jurisdictions, municipalities can come and see what Hydrogen Rail is all about and kind of catch the momentum that exists and the opportunities that exist with this application.
So this is an area where we see good acceleration coming in the coming years and we've done a tremendous amount of speed work together with Alstom in the recent years and this will lead to nice momentum going forward.

是的,我认为关键的门槛条件是我们过去所做的事情运作良好,确实是这样,并且在媒体上已经广泛报道。有很多客户在德国经历氢气铁路系统和日常使用,第一批订单将全部集中在第一个平台,即我们在过去几年中与阿尔斯通合作的Coradia iLint。

在其他市场领域,在其他列车平台上还有其他应用,因此有一些开发工作要求动力传动系统解决方案适用于这些其他平台,然后我们将完成首批试验,认证,然后最终进行系列生产那些也是。

总的来说,在回顾过去几年与阿尔斯通合作的过程中,这个应用程序的运行速度比我们预期的要快得多。这是一个应用,其中氢燃料电池的价值主张完全抵抗现有的悬链线技术,现在我们有一个参考站点,来自多个司法管辖区,市政当局的观点客户可以来看看氢铁是什么,并抓住存在的动力和该应用程序存在的机会。

所以这是我们在未来几年看到良好加速的领域,近年来我们与阿尔斯通一起做了大量的速度工作,这将带来良好的发展势头。

Eric Stine

Okay, thanks a lot. Best of luck going forward!

好的,非常感谢。 祝你好运!

达里尔威尔逊

Okay, thanks for all your work Eric. We appreciate the support of Craig-Hallum and the analyst there in very fairly reporting the prospects and opportunities of this business, and just want to say thank you for that today.

好的,谢谢你所有的工作Eric。 我们非常感谢Craig-Hallum及其分析师的支持,非常公正地报道了这项业务的前景和机会,并且今天只想说谢谢。

会议主持员

[Operator Instructions]. And our next question comes from Jeff Osborne with Cowen and Company. You may proceed.

[操作员说明]。 我们的下一个问题来自Jeff Osborne和Cowen and Company。 你可以继续。

杰夫奥斯本

Yeah, good morning, guys. A couple of questions on my end. You certainly covered the train side there with Eric’s questions, but maybe Marc for you, can we just go over some of the moving pieces on the gross margin side. If I'm reading the SEDAR filing right, it looks like the warranty charge was about $560,000. I think you mentioned obsolete inventory as well as the containerized solution impacting margins. Is there a way to sort of peel back the onion on what the three items were, getting at truth naturalized gross margins without those one-time issues?

伙计们,早上好。 关于我的几个问题。 你肯定在那里用埃里克的问题覆盖了火车那边,但也许Marc对你来说,我们能不能只看一些毛利方面的动作。 如果我正在阅读SEDAR申请权,看起来保修费约为560,000美元。 我想你提到过时的库存以及影响利润的集装箱化解决方案。 有没有办法在这三个项目上剥掉洋葱,在没有那些一次性问题的情况下获得真实的归化毛利率?

Marc Beisheim

Yeah with – as best as I can Jeff, but you got the three elements on the OnSite Generation side. I will say that our projects on balance were at our target margins and we talk around, you know the north of 20 to 25 range, but with the fueling station which as Daryl highlighted is a first of a kind in jurisdiction in Canada with commensurate, a little more heavy engineering and what you would expect, a lower margin. That diluted the quarter results, irrespective of the nice lift in revenue as that fueling station accounted for well over 50% of our revenue that quarter.
So I would say it’s what we expected, and the margins are actually coming in, just mildly better actually than what we had originally budgeted, even on that fueling station. On the power side, we are suffering – sorry, go ahead.

是的 - 尽我所能杰夫,但你在OnSite Generation方面得到了三个元素。 我会说我们的平衡项目是我们的目标利润率,我们谈论,你知道20到25范围的北部,但是加油站,正如Daryl所强调的那样是加拿大管辖范围内的第一个具有相应性的, 更重的工程和你期望的,更低的利润。 由于加油站占该季度收入的50%以上,无论收入增长如何,这都淡化了季度业绩。

所以我会说这是我们所期望的,而且利润实际上正在进入,实际上比我们原先预算的要好一些,即使在加油站也是如此。 在力量方面,我们正在遭受痛苦 - 抱歉,继续吧。

杰夫奥斯本

I was just going to follow-up, is it the issue that because its 700 bar or containerized, just a naive question, but the engineering aspect of difficulties. Can you just flush that out a bit?

我只是要跟进,是不是因为它的700巴或集装箱化,只是一个天真的问题,但工程方面的困难。 你可以稍微说清楚吗?

达里尔威尔逊

Hi Jeff. When you start doing this in a jurisdiction that do not have familiarity in history, you have to educate the officials in multiple areas of responsibility and that leads to project delays that you know were not originally budgeted and extra labor work as we go through any open necessary issues. So it’s more a fresh start in the new jurisdiction that trips off the challenges.
In our experience in California and other places in Europe, once you’ve done the first one and the various authorities are well versed in the proper interpretation of the international codes, and standards and the applicability of their current local codes and standards, then it typically goes much more smoothly. So as Mark said, we anticipated something more challenging this first time around here in Canada.

杰夫,你好。 当你在一个历史上不熟悉的司法管辖区开始这样做时,你必须在多个责任领域教育官员,这会导致项目延迟,你知道这些项目是最初未编入预算的,而且当我们通过任何公开的方式进行额外的劳动力工作时 必要的问题。 因此,在新的司法管辖区开展挑战时,这更是一个新的开始。

根据我们在加利福尼亚和欧洲其他地方的经验,一旦你完成了第一个,并且各个部门都精通正确解释国际规范,标准以及它们当前的当地规范和标准的适用性,那么它 通常会更顺利。 正如马克所说,我们第一次在加拿大这里预计会遇到更具挑战性的事情。

杰夫奥斯本

Makes sense.

说得通。

Marc Beisheim

And then in regards to the Power Systems Group, Jeff, the delta quarter-on-quarter is entirely attributable to the two adjustments that we talk about there, truing up some warranty provisions and also as we tend to be ahead of some inventory obsolescence charges and not waiting to the end of the year when there's evidence earlier in an appropriate provision.
The other thing I would just comment is, at sub-$3 million of revenue, this quarter as well as the quarter comparatively, our margins are eating up a disproportionate amount of – to start fix manufacturing overhead and perhaps what I would point to is the year-over-year growth margins with respect to the six months and the kind of halo effect of very strong results in Q1 that continued service so well through the first half of the year.

然后就电力系统集团而言,杰夫,季度环比增长完全归功于我们在那里谈论的两项调整,完善了一些保修条款,而且我们往往领先于一些库存过时费用 并且没有等到年底有适当条款的证据。

我要评论的另一件事是,本季度以及本季度的收入低于300万美元,相比之下,我们的利润率正在扼杀不成比例的数量 - 开始修复制造费用,或许我要指的是 六个月的同比增长幅度以及第一季度非常强劲的结果的光环效应,在今年上半年继续提供良好的服务。

杰夫奥斯本

Got it, and I appreciate the detailed. Two other quick ones if you don't mind. One is on China, certainly you highlighted the trade in macro. I was just curious I guess that the revenue is not flowing through and delays in orders. But is there a delay in discussions with potential customers as well or is the narrative still proceeding, but just people aren't pulling the trigger?

得到它,我很欣赏详细。 如果你不介意,另外两个快速的。 一个是中国,当然你突出了宏观贸易。 我只是好奇我猜想收入没有流入和订单延迟。 但是,与潜在客户的讨论是否有延迟,或者叙述是否还在继续,但只是人们没有动摇?

达里尔威尔逊

No, I think the general momentum is still there. I've often drawn attention to the phases of pilot trials and first-op prototypes and then scale up and most of the players that are active in the market up till now have been relatively small companies and when they start getting into larger volumes, they have more challenges in getting into higher levels of throughput. So that's being the phase change issue to be really ready to start doing decent numbers.
I do expect that those issues will get work through, and over the coming 18 months there will be you know reasonably decent demand. Sometimes perspective volumes are inflated in that market, as you know, but I think we will work through the capability issues to execute at a higher level.
And as I mentioned, this transition with Cummins I think is an important part of our market engagement with China as well. I Cummins has a very established network of joint ventures and partnerships in China already, many thousands of employees already there. So Cummins is a platform where we can work together in the Chinese market and established a very strong position with a lot of credibility in existing partnerships.

不,我认为总体势头仍然存在。我经常把注意力集中在试验试验阶段和第一眼原型上,然后扩大规模,到目前为止,市场上活跃的大多数参与者都是相对较小的公司,当他们开始进入更大规模的产品时,在获得更高水平的吞吐量方面面临更多挑战。所以这是相变问题,准备开始做正确的数字。

我确实希望这些问题能够得到解决,在未来的18个月里,你会知道相当不错的需求。正如您所知,有时在该市场中透视量会膨胀,但我认为我们将通过能力问题来处理更高层次的问题。

正如我所提到的,我认为这与康明斯的转变是我们与中国市场接触的重要组成部分。我康明斯在中国拥有一个非常成熟的合资企业和合作伙伴网络,已有数千名员工。因此,康明斯是一个我们可以在中国市场合作的平台,并在现有的合作伙伴关系中建立了非常强大的地位,并且具有很高的可信度。

杰夫奥斯本

Make sense. And the last one I had Daryl was on the – either for yourself or what Cummins are jointly are seeing. But you talked about the heavy duty market in trucking. Are you seeing anything in the Class 4 - 6 range or is most of the pipeline and discussions you are having on the heavier side in in the Class 8 segment.

是的,很棒的问题。我要解决第一个,然后Andy可以解决第二个问题。因此,我们只是将这些结果报告为酒精滥用或药物滥用,以及NYX-783。正如我们之前提到的那样,我们当然有兴趣扩大我们各种化合物的适应症,因为我们有许多临床前模型可以指导我们这些化合物在一系列临床前行为疾病范例中非常有效。

在这一点上,我们正在评估我们想要对这些发现做些什么,以及他们如何重新进入临床研究,为时尚早。但至少就目前而言,我们感到鼓舞的是,因为它与创伤后应激障碍有关,从机械上证实,其中一种合并症是酒精或药物滥用可能会从783的作用机制中受益。除此之外,我认为我们将进一步看到并与您分享我们的想法。

我们让安迪告诉你为什么我们非常鼓励和看好帕金森症患者的458认知障碍。...

达里尔威尔逊

These discussions have shifted substantially in the last years. So there is a lot more focus now on what hydrogen can do, and a lot of work in identifying which parts of the trucking fleet make the best sense.
I won't get into detail by class, but whereas we’ve had you know the occasional interest in drainage trucks in California, I see much broader span interest now. You have major corporations focusing on zero emission, last mile delivery and decarbonizing their logistics pathways and so that's opening up a lot of other discussions in various classes.
And in some of these areas there's been attempts to execute with batteries and then the inevitable concerns around the long recharge time and the limited range and of course in heavier vehicle that range issue is compounded. So the truck discussion has matured very nicely in the last year in China and elsewhere and obviously that's an interest area for Cummins and their involvement in diesel applications in heavier mobility as well.
So I think there's some very good prospect for us in the coming years in the truck market across multiple classes.

这些讨论在过去几年中发生了重大变化。因此,现在人们更关注氢能做什么,以及确定卡车运输车队哪些部分最有意义的大量工作。

我不会在课堂上详细介绍,但是我们已经让你知道加利福尼亚州对排水卡车偶尔的兴趣,我现在看到更广泛的跨度兴趣。您有大公司专注于零排放,最后一英里交付和脱碳他们的物流途径,因此在各个类别开放了许多其他讨论。

并且在其中一些领域中,已经尝试使用电池执行,然后围绕长充电时间和有限范围的不可避免的担忧,当然在更重的车辆中,范围问题更加复杂。因此,去年在中国和其他地方的卡车讨论已经非常成熟,显然这是康明斯的一个兴趣领域,也是他们参与柴油车应用的更重要的流动性。

所以我认为未来几年我们在卡车市场上会有很多前景。

杰夫奥斯本

Good to hear. Best of luck as your move forward!

很高兴听到。 祝你好运!

达里尔威尔逊

Okay, thanks very much for your support over the years Jeff. Much appreciated.

好的,非常感谢你多年来对Jeff的支持。 非常感激。

会议主持员

Ladies and gentlemen, we currently do not have any further questions in queue. Thank you for attending today’s conference. This now concludes our program. You may all disconnect. Everyone have a great day!

女士们,先生们,我们目前没有任何进一步的问题。 感谢您参加今天的会议。 这现在结束了我们的计划。 你可能都断开了。 每个人都有美好的一天!

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