Chart Industries (GTLS) 28 Oct 222022 Q3 Earnings call transcript

Good morning, and welcome to the Chart Industries, Inc. 2022 Third Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. The company's release and supplemental presentation was issued earlier this morning and can be accessed by visiting Chart’s website at www.chartindustries.com. company's broadcast and available through can Relations of today's of the the of section call the also the replay will following be conclusion Investor A website. be accessed

the to would forward-looking Before we made this factors statements refer are and update company's to and obligation company filings that call undertakes statements. the to forward-looking to with turn call over fact in like The you not in or statements. earnings that risk during to Chart historical like are SEC. forward-looking publicly I begin, Jill release latest statements conference now remind any revise Evanko, the company no the Please information would included regarding CEO. Industries the

You may begin.

but thank not our XX% all today history third and is on quarter Brinkman. is only important million a We're me includes you the our our consecutive a highest The us quarter, record, records second and $XXX while today orders with operating quarter reported over call. gross earnings our be Joe not adjusted number EPS. And growth in in income, and point commitments is and XXXX, third XXXX CFO, of non-diluted numerous earnings of margin, due we excited reported record backlog, records share. to sales we today joining million. for XX% confidence over in third above reported it to of our of call very share for the strong all-time momentous the also per anticipated With what you include $XXX for which sales, outlook second an non-diluted in for you, Thank to high in set, quarter that believe Kevin, EPS

found reference Relations that was under our and press the release will included can As Investor section. that deck with on supplemental be website we usual, the

US you throughout on available of We'll topics are around our as and as continued remain pertinent Reduction clean public one demand how tailwind clean year as have immediate expected described. discussion scale six. why three or investment purity Labs and engaged of continue shortages for offering, applications. up slide as is More three the on the covers many to now become will well for trends have presentation, and full sells Hydrogen we shortly. on Inflation difference our the decade. beverage they look four and examples themselves page. Process in is manifesting under-construction source as is furthered sector, for XX% national in announced on and industrial to not in XXX%. Nexus food making a the example, of Let's in pragmatic you becoming to five. seek we of Clean by the direct seeing clean with in and in from offering. coming the familiar sales of conditions some benefit one And in today's walk two, more solution been both over CCUS power, Act including driving to is which slide the our countries them the no together, adoption strategy, energy world main as on to both on water, is recently macro of IRA have continued are sustainability, going double-digit tailwind eight this and shortage also geopolitical mid-August. time captured energy business to opportunities beverage hydrogen in for about decade. as hydrogen to the projects CoX our the on are and work drive we're markets offering CoX private Earthly In on independence more-and-more equipment coalesce and together kick-off our one. the process with, just announcing IRA UAE years spend growth as focus that summary, challenges or of the macro the next demand in This slide the these macro Many and book, will a global the points in that clean expect and LNG and CoX the well security, I'm order on shown that categories slide the are bring the to and The at side larger environment, particular data left-hand slide, the which be particular, order that scale, shown is in current small year up tailwinds all grade of are you countries applications the these adopted and starting the access talking through XX.X% they've the all which needs, to technology this

consistency indicator They’ve associated for XXXX our see of purchase we which of an $XXX full than our year past We our we $XXX.X million, third orders Holdings. booked liquefaction with is for vessel. million and And third million. our intent down. a liquid as first not a A European $X.X us, in million customers hydrogen powered this Europe. Texas in our not closely Energy stations West letter hydrogen is European received orders phase Clean originally facility same working shipyard had received for with equipment the first project This who order the the trucks. with tank for two we that reach. treatment is for gas phases quarter industrial what in hydrogen of on additional and three and XXXX or XXXX hydrogen a cruise above order also hydrogen in content water fuel-cell solutions demand signed large order their Chart for years with yet hydrogen with a quarter In equipment another growth the plants as hydrogen project from more major Also for and for quarter quarter two With transportable fuel anticipated. liquefaction hydrogen continue is a of bringing with hydrogen orders trend the the products related year-to-date lines order to third for the $X.X systems over in processing slowing backlog

And liquid applications. focused are Importantly, more adoption of gaseous seeing predominantly this hydrogen. global was we is movement another Europe back, historically the and for example on now hydrogen certain this of liquid towards thinking

received we move expect Intent plant gas in to XXXX. hydrogen which can liquefaction we of for While also from order our industrial booked, to not a Letter yet one customers of

tank this shop, hydrogen through Teddy been Our we sales our trailer supported tanks. has of year-to-date and $XXX.X trailers Alabama call affectionately Theodore, which September million by and

of You can the price. we year we week. Teddy in they time, facility that and September produce more October than XXXX this $X.X million. may XXXX recall Trailer are $XX.XX comparison, a and most a year were purchased At year-to-date sales million way one trailers in Teddy produced was for $XX million By through that same-period now in of the purchase for nine

water Inflation of and this directly in energy which Reduction the IRA Act and and attributable be change Some CCUS spending billion hydrogen the multiple supporting $XXX to IRA for areas climate further with includes might motion. We The happen will more of in investments customers by opportunities decade those believe to areas. our projects being across increases in near-term which that the IRA drive in Clean. and same made our Nexus sooner, the of this our turn that

the hydrogen the touched this some statistics XXX compared customers slide supporting can as the on and sequentially quarter quarter third a that noting hydrogen worth We've to end had customers, on second XXXX. of You of pipeline order end and the up seven. compared of end to XX% potential we XX% the already, but see activity up of of

we new to business Our additions IRA, our water key international impacted inquiries can the pipeline setting We've are most the customers up customers, end growing, to a over XXX XXXX potential was and year-to-date compared was treatment approved IRA driver XXX% of attribute think throughout be our carbon million. will we to adoption a area new in commercial then IRA that we is positively the $XXX records inbound The a trends while of water of treatment it, in offerings some already the the the increase that meaningful swiftly interest and pipeline CCUS before believe seen and including inbound of by capture. since XXXX. and

any interesting in with compared inbound New solutions Infrastructure third totaled the changes the $X.XX anecdote carbon in of orders with IRA we the in CCUS our in Energy million. for Labs the opportunities $X.X month. announced leads about XX for rather I that with leads so inquiries more period. was have inbound hours IRA some XX.X IRA of hour now in CCUS ever in are or and had to business the new the also European on well quarter, Arabia, had perhaps opportunities to since month XX But have you days the our than a the per quarter cryogenic throughout million XX that after And prior we most the XX Company. announcement, days was IRA per as we first for the for SES as capture isn't IRA customer pre In small-scale IRA passed XX.X shared in following Saudi terms average Earthly booked post

XXXX. TAM as Also well certainty uniquely gas and IRA discussed applications. of market our variety IRA molecules. exploration under As I products, and of eight more and the gas addition addressable note adding total this just order rail $X shown space by approximately by rail as increasing to the specialty that to in opportunities, the on are XXXX that our activity slide through billion in to in a impact continued positioned $XX.X by near-term the decade billion described, we're We're we increasing a for result for consistent as areas

the multiple The customers not new but in locomotives. global space continues rail, exploration not underway Additionally in with hydrogen for vehicles, using tank about we discussions also cars trend just in utilization liquid just work on and tender also private have heavy but market. with becoming potential and customers a our commercial existing onboard duty we're

expanding for can build in you're X,XXX and meter that storage the company the tanks. we're aware site our As world Teddy only supersize are Alabama cryogenic cubic tanks

appendix the slide in each one if can You the you're build see on interested. [indiscernible] of XX in

shows of nine happened So to in that LNG year. the less coming the slide marks three systems booked the orders cycles. first is in Plaquemines years each project commitments which This year-to-date million, million. year of indicator $XXX full going months for box the that received third the work, history, our over $X quarters notice and proceed X across XX $XX.X than in quarter for three on be Phase comprise of has Big We well our quarter cold time this Global to remaining in nine, Venture this consecutive moving the of the billion first brings to LNG have over LNG-related that prior Big as this orders an as we cyclical to

the currently in of months or pipeline in commercial for $X.X next potential Our greater placement two order than billion. years discussion orders overall is XX

over in of a far the LNG with is have days in cold over coolers, the to XX of so past few than to two this that orders Doser business months name noteworthy Also demand of pre or going air and five and year orders more to to order excluding through the each average XXXX XXXX. with of to large at the on average. XX. month And a $X just order, million do XXXX XXXX from we the that anticipate %XXX the in October quarter of can Wednesday, right million million business month historical we're its quarter of across quarter Big the orders refurbishment And a had seven $XXX exploration of multiple reminder to see our This million tank to in quarters our more very station, are million but anticipating the as LNG last per ahead, you hit slide we average side said orders ranging go this in from $X box, and at $XXX first-nine every With not of records, XXXX higher month. October, wide level continued compares quarterly single range, space quarter each much as still to hand a in continuing ago few. end a second biggest fueling setting greater terms -- re-gas, our I XXXX bulk than the book days

see quarter as and historical you definitely pleased slide on this records can be this So we're trend to XX. continued multiple

going As across I reported EPS many mentioned There quarter. income, margin, reported on call, reported a EPS other team all-time City, and touch adjusted business Sri that sales. numerous the the segments were name, at sales, individual record the operating outset QX record was non-diluted non-diluted an India of too sites, I'm gross records to including the to but our and fact few posted backlog,

VRV recall, the profit sites best XX% purchased end ever of part Our you margin, acquisition safety we priority highs. safety. our and incident in third and XXXX piece had which in team, incidents operating proud of margin rate already this to critical three Also the business did repair that parts of month and discuss the in QX have our and one hit sales you XX.X% past results worth the margin as recordable of gross total of RSL their share achieved decade. XXXX box slide trailing our operating an via our safety of a may quarter An number and see green can has I We'll gross profit, On service of is been lowest am operating period. our no a that out more denoting We historical is our same. with moment. percent other pointing achieved important XX at reported the XX, times

presenting consecutive were third record our confidence now Backlog in with of Both the growth our backlog quarter. Our Not our orders time three occurring backlog, $X.XXX higher second which all XXX% Transfer XXXX further had first quarters end-of-the the very as Specialty this only in gives have backlog composition beyond. billion. in quarter and surpassed is and This record record our of we're XXXX Systems historical contributed backlogs year-ago. billion than the of history, to one third us is top eight XXXX. of the the Heat highest rich, outlook we in of for quarter $X

percent quarter As profit shown margin margin that gross gross sales improvement exit XXXX with in-line all-time a a XX.X% an into sales. to anticipated adjusted or reported When items the of was record and reported gross at and on as was slide XX, fourth our percent unusual it as of translated for more. XX.X% sequential margin XX%

percent margin, a XX. listed moment, not reported XXX specifics as four Those you in I'll segments a but continue segment We also face our adjusted margin to compared headwinds as with by adjusted a basis tee up slide three margin adjusted but XXXX of operating do the to increasing add-back in get side second-quarter or more bps. macro-environment, the the XXX EPS. gross gross HTS into of sales to sequentially increased over see on we of can than gross points margin

of a income of of highest had sales only was income the The adjusted sales the percent XX. XXXX income the XXXX operating was third reported fourth as quarter of of decade shown on percent since operating third well. Reported XX.X% the or as of as quarter slide a and the as more that in time we past XX.X% operating XX.X%

restructuring adjusted activities record cost, these restructuring and of $X.XX EPS RSL in XX. We the well $X.XX, mark-to-market segment. shown as as concluded activities add-back of reported All shown roll on EPS in we our of by our as respectively, benefit, into our net reduced release and that record slide

family. impact presentation The be will from quarter and to of XXXX of in across of integration-related have increases, main the estimate quarter Technology's, QX and currency sequential AdEdge to costs left EPS continued section sales progress as continue support do won't last video is on a side or continuing the coming that activities margin provides it’s We demand an reported reflecting slide our the third in walk well in impact transaction. XXXX the operationally when their the third was slide to variable the our from adjusted, our operational relate QX and next translation business quarters. to FX add-back well input and as margin from LA The costs. on progress year expansion. XX, XXXX as for material not anniversary across as the to as The targeted Water $X.XX row that anticipate our we one update rate I the top these is operating ongoing EPS changes time XXXX foreign-exchange included EPS to capacity or execution. left-hand as past graph hit meet negative with our we from headwinds our each netting both acquisition made approximately right-hand We the of changes the rate XX, was net spend bottom Turbine did negative quarter Starting Chart side our improvement year. on you're

You've key good to input graphs second and prices continued the that, declining the over of yet EU recent and uncertainty. geopolitical in a quarter still the the costs standard cost, energy and seen in and availability still Gas XXXX, and in while these particular are times is previously inflationary component XXXX backdrop news price. is five driver have they were are been prices the similar

our We channels associated locally have to risks. continued globally supply-chain reduce to fortify and the both then proactively

shows see hand commitments Bottom freight of our the graph in global release. press these You slide examples can right index. XX on

material quarters neutral as can above direction in see costs right it’s run-rate. two costs that freight row now input of on a it's historical where You We've the net customers. pass-through still while result trending like had in a

discussed delivery. continue shops to to to with differentiate on-time supply-chain global none averaged our just comparison, of ways this the category in an quarter, However, manufacturing we to members of drive business on of freight in I for XXX% challenges, in improvements we of P&L. through our XX. in uncertain who quarter mentioned shown our new on is XX I in terms so continue cost slide team our about well XXXX per $X.X congratulate had quick environment, like million would additional what in And look ongoing a Despite operating we forming the facilities the

price First, months. quarter the across including next past pricing, additional of in we've and XXXX months, actions over third completed six the increases planned the XX taken multiple

a in about Second, to productivity will continue for fundamental projects, the principles moment. operating look business cost-control, in Joe and and automation the which we talk

to particular, kind in our Four on hydrogen further in left-hand first further certifications customers eight we MOUs, the projects help will the a early global finally phase third Clean. slide and Third related partnerships, to across places offering two such master for and differentiator penetration the like for specific equipment Korea Nexus each of to our two and their XXXX be breadth our of ability an we equipment, decade. this the products capture very as which across for you a and carbon demonstrating collaborations from solution liquefaction for differentiators, as side one which of which specialty and Chart building and on receiving regional COX agreement in important quarter being executed XX. see included on of specialty move markets can first-mover believe and supply In in China, LNG, the and of design

and the technology company for for was beverage equipment. was master major capture supply with and Petroleum, a agreements LNG another storage with equipment Yanchange and carbon One Shell while of

XX% American, customers Pacific approximately the Asia North new East. XX% quarter XX Europe of reach XX% and were across and in broad Our geographies. Middle this a

of and slide space on our application biobased We food food commented and favorite also feasibility shown geographic we right-hand first and equipment certification Australia, welcomed we in first product page, can We differentiator. the for for orders Asia-Pacific with you numerous which One Bioveritas, beverage of a see customer globally this our I key an of are in received carbon of were with kicked-off in specific ingredients in regionally XX. study exploration and with as approvals and third for capture Firefly Canada equipment. included breadth, quarter, side XX new application comprised the Korea. order lines in and booked the a of kind a new middle the for a Certifications topics, cryogenic

Now capacity Joe some on I'll productivity place. turn in and it expansions Brinkman operational over to

Thanks, Jill.

a productivity a These row, into arm you have efficiency. with this Our automation and of are multiples third improves improvement welder and which sample By examples was [SAW] to constantly facility sense same projects margin other organic processes give capacity equipment, the ongoing end-of-the the China achieve a Chart our way share in-flight help quarter of the of XX. few how new quarter margin some are integrated the shown enabled and highest the underway should to the original XXXX six gross Take good of to with comment, these capacity significantly slide plant XXXX. break and China which welder on as cases. projects top projects in two (ph) they with well the we as welding mig just in have types since income of their operating quarter Chart consistently records for middle

one in a shown is bottom where year example a -- machine generates rotation improves machine vacuum implementing middle, the on in we includes welding savings. bellows XX% time slide row during with by a automatic $XX,XXX this over process. for pipe and insulated XX This Another weld of are the

into the We after year brazing furnace are quarter, in our Tulsa, facility XX. a photo our you on flexible see Oklahoma to can the manufacturing which very slide making excited receive in actual an

in end right a hydrogen, activity which it'd and variety post aluminum applications be CCUS. helium quarter, LNG, capacity will for brazed the fourth that use exchangers, We braze supports or schedule whether begin different on more heat is of

XX, to slide expanding on on original Goch, -- already slide space have progressing expansion As Bay have existing situation we our shown in and to on build-out we are timeline. a have book the similar go property have which our we reminder this our a XX And already for Germany in anticipate run segment million where which trailer repair. will XXXX location, delivered order Jill out starting is through base-load slide facility, exploration through will long the XXXX quarter the expanded our Alabama performance fourth is expanded early Theodore, new as XXXX. the production set to or of Mobile in we late and of on for a third order in have of We I'll in be either $XX now location quarter turn it begin to XX. for on area quickly a also that service back expansion, of

results and Joe. a quarter fourth the HTS the delivered Thanks, quarter levels, cooler recovery continue air of the of strong types third our third expansion expect in to macro in superb point business, these LNG, of LNG, we operational full-year HTS. XXXX, A continued into few capacity out record and quarter excellence, items about the backlog of XXXX and the tailwind given LNG. to

continued include there XX% $X chart of each of is the execution capacity concentration left and be. each made in location. LNG, not XX increased HTS million, have our individual Big orders commitment, than shows restructuring and The demonstrating the completion more Excluding a there products that customer on one used over sequentially, to like to in

margin floating can well You margin projects the project orders. LNG to trend traditional improvement small-scale have driven range these operating of revenue, newer the we in as our bigger LNG, more discussed by from gross mix as segment sequential various and as medium-size start a seeing see backlog this previously, and the work material

$XX sized across to combination with LNG this mixed million years. sub-XX nice of us growth of meet customers' on Fronti also on the to not of remiss recent segment coming up the projects. This the RevRec acquisition be $XX expected on timeframe timing. month in All is sets the coupling delivery improving comment to the recognition million give I'd fact longer continue Technologies by Big Fabrications, revenue our that of HTS are Cryo the and to capacity supported and strong combination which more margins

we look set and fourth up quarter HTS. in of XXXX XXXX full-year well ahead, the As are

to strong while milestone the rooftop. New production is key margin million large also the our receipts flow Specifically, cash under of our QX over Louisiana increasing a quarter. HTS end is in continues, of first contributor the scheduled Iberia, cooler outlook expected in cash begin to fourth with air $XXX expanded payment year

booked one marked coming momentum Big our anticipate row at and of LNG see LNG third project this and in we purchase the $XXX not over more also million quarter small-scale The nine floating where you We release LNG. just months XXXX on continues, but LNG, Big in a Big orders XX year-to-date. least slide quarter totaling in third that can the

I technology XX is IPSMR It FID. and going gaining the have plenty think slide activity that powerful. demonstrates decade whole. has as to this pretty LNG that of It the traction what moved shows considering also to even is already in is market a midscale

I'm multiple same potential remember as lastly we into last two of international one obviously annum qualified which quarter, for just use of booked that the on technology the our pipelines, oil three is that in things of million one potential in shows a on row for Row pipeline also Big the quarter order our going and then commented that book shows third IPSMR which And XX. move bottom opportunities our projects. couple have size international one, new reflected And the our point number project ton So, out is for the companies what to per the previously to a business. in the can slide, I LNG table. on categories row XX of FID are their in sub-X so came This coming years.

is ever as it been. as has of Our LNG bucket pipeline for robust this

that gaining the XX commented the the movement since deck slide traction is of included receipt already on. smaller I IPSMR towards trains through we've So in more the validation and also

One commonly other from options. questions IPSMR of what differentiates the we is receive

power project. point [indiscernible] a as different Big XX removal on this production, becoming of hydrocarbon be I'd and included to we've for So projects. we slide LNG These technologies. more the increase a quarter discuss of our the look bottom orders multiple received ways then in And in these studies to potentially are can benefit systems that cost system varying IPSMR the nitrogen two we systems savings, at potential to at heavy with rejection installed where XXXX important compositions. third And also gas

higher to which timing had continued integrations for negatively associated also had low gross specialty customer we year-one we of the sales, vehicle percent have specialty, between movements by which a XX.X% quarter volume margin And driven outage slide of one freight had the revenue, shift HLNG mix the typically mix-shift quarters Moving sales impacts XX, was the turbine. finalized project only two lower which products for than revenue and third volume Not LA de-minimis reported large as our margin projects recognition. anticipated tanks. in and in margin for particular

we grow ahead, including in treatment from gross were and expect be the sequentially in operations specific to ranging the to and products third to multiple to XXXX operating water across project pushed with quarter. space contributing margin, margin hydrogen segment sales, now metrics, from revenue in-house levers QX Looking that all recognized specialty of

shiny a we're in While the CTS definitely and uptick segment. which pleased a margin thing, bright third is key certainly for the segment performance not XX, slide on market this with shown quarter milestone

XXXX. plus about record million predict like industrial customers demand. the XX% call While explained backlog gas ordered is as combination for quarter, the a for declined sequentially as question growth get pulling continues and the orders of sequentially, in from well ISO CTS as sales the to demand $XXX second-quarter of we increase in earnings This we by QX, in mid-single-digit that orders orders foreign-exchange continuing asked increased shows impacts, containers driven with regularly lower-margin which XXX shipping

We percent driven RSL trend operating third for slide quarter this first of the record segment. to expansion footprint visa quarter aftermarket of our strategic Slide posted RSL for fourth sales, anticipate conclusion strong the For temperature point and the our in in of as the yielding on second chart bright into requirements sales gross moved our customers. XXXX XXXX. and anticipated later incremental QX from our fan work, service well trailers, and is strong quarter into States with sales due by we in a XX CSC quarter. service expanded a into changes in marks and field shows activities outlook of sale interest location ahead. particular, quarter to CTS anticipate more being QX QX left-hand decline gross RSL work basically sequential The to quarter at our XXXX. the winter profit and international really sequentially leases to The turn jumping-off field with from Future LTA our the a further a United EU and start QX European RSL look-ahead as timing with and segment for strong restructuring faster came demonstrate end income. was by of in the to of side XX QX sequential very work that the and both for quarter as year orders leveraged into we as customers first a through the that continue large of QX a work margin our improvement the in and more

flow sales to of $X.XX the of EPS turning of range range non-diluted So revenue specific driven prior headwinds The as $X.XX quarter is large and driven $X.XX which pleased weighted the assumed our is recognition, change in above million HTS quarter XXXX approximately to highest milestone approximately our actions. approximately Anticipated reduction $X.XXX typical to quarter associated sales be $X.X timing billion $XXX million currency remains outlook fourth billion payments EPS to then to of with of commented sales outlook to quarter anticipated XX.XX billion, on and our adjusted is outstanding share the expected which year. inventory XX%. for by $X, of billion our or improvement more business. adjusted I We're with free-cash XX, our of non-diluted for and guidance shares $X at of that execution third project and in is expected our the to demonstrates margin in our full-year slide in an fourth tax-rate by

full-year range end then includes in $X.X we third to projects backlog the Our slide of that in our the of net to quarter XXXX. only $X.X -- ‘XX. point of And is as which X.XX we -- the time times, look-ahead leverage billion, below September XXXX second of really are of is the Big confidence high-level of the as XXXX. times billion Sales LNG which for the since XX, here quarter the in are first of X

comes to mid-size additional now shares on the non-diluted bottom new the order adjusted sales. billion XXXX. four, a old that to in table slide be from of buildup line with assuming between associated associated first is greenfield billion on I XX.XX to that revenue XXXX, in as million tax-rate at $XX which which outlook is full-year you that between the the mid in weighted EPS for the of $XX of of potential revenue can free-cash large-size of and would the or of to want to see anticipate and our Associated half We could of between our book not $X.X we’d come year. anticipate this to XXXX. point $X.XX $X.X have $XXX have outstanding, the large include into on the to project spend million now the ’XX, for Note anticipated to range On and the projects million any of does the the into five more of QX the XX. the end I'd a flow book you the one end or XX% $X.XX moment them million into year. recognizing range the in million $XXX year full more or to backlog table order

the a in and Business moment So third within strong of three giving is our for customer Q&A, thank key finalist on our team our ever priority, Women’s top up want slide our as before Purpose Global being take back. embracing quarter, Awards. themes, XX work Collaborative One S&P Energy to Congratulations of of TRIR for global a Chart open for their for hitting XX and our team safety XXXX orientation, lowest acknowledged a Company ethic to the I we entire for categories members through

Council I'd of on up give who in the to please which our slide Welding lean now, Q&A. open each team performance. part thank like of certifications allows And us to Kevin, XX, continue to and Council, personally Finally extra for be cryogenic effort it to

comes question first Our from Stine Craig with Eric Hallum. Instructions] [Operator

line open. is Your

Hey, Jill and Joe.

good Hi, morning.

morning. Good

the all first projects than play longer-cycle that. just given I'm and I talked you a not in the an of in LNG outlook also number increased past, macro Big move those the in I for of seen you've you've mean, know $X.X obviously a but forward, but urgency backdrop. got on got about you've got release pipeline billion, maybe thoughts question. of curious you've things So, your

think think these flow about you that How front-end -- So, think longer-cycle. they as things you it's that you loaded? are Do that going-forward? over you gradually are about thinking

each LNG variety and of of a projects the expectations across than that looks towards projects. it in stair-step kind LNG did across it Big we of kind of To anticipate the timing it different and FID. little time earnings way front-end that's I continue in history on completely of that a year, the this quarters a our marching first would give and loaded. these third does period versus you longer on that fact ever Definitely its on by color being evidenced orders of on booked which certainty FID of shows

XXXX NRUs in commented, outlook, add-ons should that's separate projects it that While QX to to which potential included two on an We're our backlog. working, to anticipate not also facilities equipment-related we we particular early a are that do QX, released we FID. existing on get in currently or are project late order haven't moving for in I as

for XXXX NRU needs million just of the or NRU an related changes and in is $XX add-on. So between for and million NRU content HHCs sometime composition somewhere per the given kind we'd I'd an that. order anticipate that in gas see $XX us that to

IPSMR starting or see larger year ones or upcoming into project the there's could that And that a the be new could international in to projects that weren't move FID. hiatus the this year, existing it of pipeline that pipeline be that the even currently deceased to move about have or have to that into anticipate before Lastly, say projects either has on there's kind I'd for that and in order come also FID an projects multiple customers We -- considered small-scale year. to to come

of So same that to and of consistency we the projects. the more decade equipment, across for adds of like this look the these that coming the design continuation utilization larger same really

those you it's and bit given recognize or when little recognize mean, bit be little a That's over the potential projects, to a just lower starting just on how lag And LNG. that? color. award you from floating bit of a then it obviously, it's lower. that LNG, project should it that, on we know you about get or you when talk maybe you dollar could of when about recognize? how to I Thank them amount two those terms big you. great years three And that, recognize mean, long you floating, those six-month how can quite I I think do size think in to flowing actually then would

overarching projects. RevRec of to rule you sub-XX and kind Yeah. the or sub-years which floating size subtext take and they be construct is and interesting are these there a months on going typically an is were as that The to these or can any the of of floaters depending

-- baker levers scale do seen I've design these conjunction with we like a like kind Fast month type it small if XX you project, in and fast NFEs that mix put the not but a example that XX So Then of faster to work pull for frosting award not scale I'm the people those of floating because there some get revenue it's that or sub-XX that frosting month in also a XX to more do and that's you a you LNG, at completed it's but other multiple like it. Big mark, book period delivery. are already projects larger have -- cake, would take than to -- is projects, recognizing because certainly that from month the of and

addition ranges to projects two one million in to $XXX on to size $XX So starting builds and and to few then these on this million grow, through itself to a to multiple our continues million see million layer see in which $XX these you're we're of layer projects. backlog upon $XXX starting

as nice margin anticipate we have we consistency more will to also versus leads leads combination, it which those benefits margin mix we cycles. like shops So and and through improve a that further [indiscernible] absorption to it our

Got it.

Okay. rest Thanks, take Jill. I offline. the will

Eric. you, Thank

question for And next comes Ben from next with our question. Nolan moment Stifel. One

Your line open. is

months. one just exactly acceleration ask going Hi, already sort do we're we're sort it as curious clearly about for to had you of the of I addressable that have you're with depends few an carbon acceleration in LNG, So really like total there seeing. some start obviously I you're the the more. I and of seeing also can suppose activity much capture to, about that raise -- I'm the last how in of sort what of of market -- you're carbon how general. want all, anticipating into then been would few is I maybe we I first And I'm margins to Jill. curious things, stuff. that on ‘XX guidance, think look business doing, not but in expected is if capture but going had if

Sure.

TAM I larger see completely as agree of anticipate it's going with commercialization. the all on you we to get to I first start that side, So

sizes go said, I and So coming until those on ever feasibility various grow the to seeing you themselves, different of activity we have It than appendix. the hesitant see a continues we're the build and that across an in to took was With it to of years. of certainly we anticipated that the assumptions approach little plant can would larger the most seen. we studies design anticipate start commercialization number building of from it an plants see

but to of trend added direction, the being So these plants I'm larger-scale looking some around positive facilities. actual certainty for that in

watch that see that be to something to TAM us. So from will key grow

two where on bullish, be full to continue applications some I this horizon it's of for industrial and ago we here years very So the I hit macro I larger on finally solution. think the point the and but supports the the was factors bullish

in the industrial you seeing we're Earthly this in million on with is number a the will the the small-scale what and that's – of we side Labs, give the to delivery payback CCUS in roll and terms larger the CCUS do on a the Labs, said In $XX of application range install nice Earthly a turn and it's that obviously, very on application, very to booked for has customers. With quick unique a is year. so the depend from margins kind

percent And of so types gross as of margin those are applications a XX% mark. sales above that

the are the get roll industrial, it studies full which the towards On project. larger-scale those engineering in we we work, but on our margin mindset nice

lot So that them. the that to larger at size industrials XX% because ton will don't there's of downside go into of anticipate projects just different not probably of we a a and to larger margin all upside that of be kind on that, mark these the but input the it's costs

for sort good again, a up, hydrogen you tends second your was industrial color more different geography might Cryo feels normal do in I'm see. gears And orders marks, feels CCUS and it Tank just hydrogen what Difficulty] uncertainty, to I all seeing as this I in that around you as of the And little macro-environment all appreciating to it like anything question That with plus whatever. industrial this activity you be that oriented, into for like hydrogen maybe while switching of gas Europe just look seeing guess just that, and is at sort sort bit. a Europe? in you. to do And little regular asking a little of given you that, then is ordinarily are you're industrial there order be Great. surprised see over of specialty, other would gas my got above book me and in the acceleration to or that and We [Technical just Europe business, an a associated bit of sort but there's or one, fair?

Yeah.

region. remain of recent during discussion the to EU put solving near-term the what at a has the demand the will is weeks that well, has pressure that, public top-of-mind for earlier do EU in US for is something of and the private feeling the from side an governments there tech in hydrogen need I there for sustainability your point both think while also additional in in issue also couple to that and -- the comment is the the from on and a the we last heard the Ben hear this to incentivizing IRA September you there visit particular. that gas to the lot is continue I were in in overarching EU quarter gas for nat sector

I think in this potential a I previously going we now and necessary we and customers hydrogen. in in gaseous coming EU the of liquid my but train equipment as to would whole requires way to that, hydrogen, power saying linkage the going in have example -- to be or talked different want application to it for, acceleration be an the a go alluded as a can sort about us So hydrogen existing only the there's variety it's only to the and continued are I'll a and seeing solve revisit that that more between distance a we customers to of fuel-cell remarks, prepared applications on heavy-duty

the in evolution EU. an been has there So

in we're things that decides and to going doing that With of the well the that said equipment anticipate order that in think and the side it ship in as if think we're customers their is that. different XXXX. would things, with And we're XXXX, on whole I Commission X% their particular and accelerate put side bit Well, timing cruise that in in us in there's definitely our global existing of and is be I they fleet. that tanks, Variety an the the around the to watching gets a in they growth I the outlook into work timing that something they're are of go underutilized in inventory spring on further we'll winter that that EU applications industrial powered see there is asset kind in there flat you're similar hydrogen is gas EU telling gas depends while something that XXXX in headlines for IRA, that the fewer that for some of the already just a where on play to the see gas their industrial could nat range is EU. there that uses purchased the terms accelerating as in seeing to what the news, hydrogen going are that more, of that example. have books regional little elements for, over as like on X% even of

a we've it As into of kind whole, heading modeled XXXX. that's how

Europe, So be we out think all the of industrial gas particular in the regions I in Year. of into as the that'll in the head softness region New

again. really it. I Very right. thorough All you. appreciate Thank

Ben. Thanks,

for our moment One question. next

with from comes John next Walsh Suisse. Your question Credit

line Your is open.

Hi, good morning, everyone.

morning, Good John.

have the of already first but maybe some there, about expectations the maybe on the detail guess you us just operating can think just even went QX? you us from QX. into momentum. see And good you I trajectory here quarter, just maybe give out obviously, have I thinking since on beyond But level-set ‘XX margin, for the you maybe you

in pleased as business but and not margin a you've and certainly talking the margin we four had said fourth-quarter the it with in so were good momentum, improvement. as you our And Definitely. We as we quarter the for expect. of like segments is visibility sequential specialty ours improvement view sequential well. more three into aren't Certainly a that's quarterly movements previously, third to that me very heard whole, as the say us, provide particular,

will for expecting above out meeting in the fourth year gross a of whole fourth-quarter margin be the with margin to the we're and coming be mid-teens our as So out quarter, the so that coming point. the XX% of year operating the we in

Tank it gross that of hard heat we've a darn across good sales the that pretty transfer close, The transfer Solutions transfer. quarter, be As into fourth exactly the of [indiscernible] in mix heat a but the you margin expect will sight segments, on keep heat percent like look project increases the would got I line to third quarter. Cryo as sequentially --

expect take world see margin step-up the So everybody our the of Specialty, would that XXXX. XXX And the this see the and lowest I'm as QX continued we always And year the be year level same bps to QX, fourth-quarter. sequential and we’d quarter of Then with scenario in margin. we expect across that side. QX to the the in be see same because of all a volumes that sales that similar in we from exception of going XXXX, then for QX -- supports the kind the we then step-up as and to range that we and grow that then in in more in expect kind the XX-ish there we you our first-quarter few the to head we continued is over metrics even QX remind history like percent RSL margins look expect sequentially HTS, and pretty ‘XX. backlog of of have to to opportunity of this into every year on be still

the cash, flow Thank free-cash implying you then so year probably obviously, kind That's But some did that. of delivering next working you correct, switching a of sales so and And I maybe math going be you're great. to or lot just if building are capital. for margin. to XX%

that free-cash we to for are in just maybe levers pull of year outlook? payments next the what that sure there QX, And coming about think as there some as well. curious have I'm milestone you Just those flow these

because next around strong year. have Just cash, anything really cash like it you looks maybe that

have like way we that's Yes, projects but the don't people anticipate never really are. on just do any fun, schedules metric, strong our and fourth-quarter to it's a heavy cash that

milestone the full-year And and so are specific scheduled or the so, payments the early anticipate project project payments. in payments, definitely milestone have fourth around quarter very mid milestone XXXX milestone we

the are levers. one our those are those So contributors, of

we bleed side the that, some lever we working that we'll so at working point the as on of perspective. a have safety ultimately from the we is a have on capital AR that on build other cannot much feel stock of to and that's out so pull like inventory The side, inventory but hold much some capital another we built where

damn there right all-in fairway to we put of XX% number all the gives with the that confidence now. payment the milestone right schedule, number So it is kind and think out us

pass the Thanks it Great. for details. I'll along.

Thank you, John.

One moment for our next question.

Our from next Markets. question Street comes Capital with Lake Brown Rob

open. Your line is

Good morning, Jill.

morning. Hey, Rob. Good

plays -- and you we kind of sort margin of this of out necessarily not the year, but that? how see to next think margin question you sticking on Maybe and sort can the does the do what get operating you business

the make like location the have these productivity will reasons have that effect I better, think we for automation plus these I’m of also the beating couple we the to on that margin where multiple add lot get years, that, one in shops out. cycles of to that's So of -- to with underway, coming but a combination whipsaw I not manage more it the seen really labor including conjunction business over operating that had can quickly different projects allows the with horse sounds dead take of quickly than combination and here XX% that million $XX we and and million you the of historical a to where labor have projects us in then $XX we our some have had larger that to

all, actually we it be and we XX%, XXXX targets To got year have XXX our bps margins we've in increasing in at It's our have XXXX. XXXX our targets. and that the targets for through specific, certainly in out is operating that within into about all So within by then XXXX.

around -- better? assumptions sort they on assuming Are Thanks the sort they worse, your your chain outlook, kind your kind then stay same energy and -- issues? assumptions Are get And there. about Okay. what's but of for you you get Great. assuming are of of clarity they what's assuming supply there? 'XX they European the of

we maybe outlook, then get of are its where makes In return to better. of worse and that, through now. months before it's assume our is the six they coming going winter there better current expect Yes. we silver kind four that get But the we getting kind our But to or situation months. that is no that worse across that assumption bullet

and the months positive able of the Dagger, the some the our to mobile and of side is new by matter for very larger a regas side for access Now coin that's opposite a energy on we the of we're of business sense built things, can get regas of in terminals demand in the seeing solution activity, units certainly help that's that and being we have a being in quickly. deliver customers years. solve adopted And that that versus terminal

and uncertainty opposite the costs with European world, input issue. anticipate able associated double-edged that regions So side this exists, to a the manufacturing demand the is, coin it's in resolve energy because we're yet more the trying to of

Thank I’ll it you. turn over. Okay.

you, Thank Rob.

question. our for moment One next

Our next Sam from question Burwell with comes Jefferies.

Your line open. is

Hi. to carbon Good most back space. the in differentiated I circle your morning, capture. everybody. Cryo from towards capture understand is others wanted I Solution that carbon And I mean, as

terms retrofit of sort your us see require curious suited that you about in of TAM how terms better we to then facilities in expect what others how can kind to breakdown could you're versus So you new was and others to compares think if And of you builds. being at see capture existing I of the in orders from come and bearing recognized. What's being frame least to ultimately, and the of able is terms guys with in revenue revenues like industrial for you the the coming orders in stuff. MOUs like fruit time large-scale see have carbon

Absolutely.

large the SDS it, very, the great call So have studies industrial in Flavors is there have ranging of different International date to to a book And definitely differentiated as come particular, very where place. cryogenic been from in we've we metals manufacturer, large applications of the so order & retrofits carbon that retrofit studies questions. manufacturers, seen applications, is industrial for technology are in into for in or to it work completed majority our Fragrances, CCC, cement the been variety on plants, a or strong capture

in as So see we you're TAM, the carbon terms think out capture than of show. whole larger there a going TAMs for to what I

okay, this to built built gets plants these the to is in build. it larger time how period be saying, plant are the of realistically The of longer going time. being up takes many CCUS period Ours of and

will want will view you're is, ask sizes was XXXX this you or applications my a from a they that those to of have So standard ramp kind the more picked because technology periods It to of the TAM sharp if and become XXXX, become see will time, more going standard. XXXX for out use. to into that

conjunction that play how So With positioned of these I their related couple well equipment this agreement MOUs that positioned, With one MOU came manufacturer. coming on about commented that the MOU quarter, and is $X.X but in positioned we allowed which view, in for we're that the on million order the said, for into well for give really decades. weren't large book. service I really, that out beverage CoX with provide I'll a received with facilities it, decade to specifics, example. one order a in master a signed but capture. well that think We longer the really when you is we carbon

order of it, addition signed associated MOUs we're with to but some $X.X not in million level, came certainly order these see to with majority the starting we the at the that it the and that well that partnerships quarter relationships In the the that, And other already the benefit through in. is to like you book. markets necessarily about pulls kind were of really that, end I collaborations part not positioned

the markets. having be penetrating opens that So believe option for end of applications the TAM example, that AG opposite geographies, we're strong agriculture, for with can will technology a end but as hit CAT markets it and where Group in, to they're and larger pull more the Africa what like gas they just and up agreement not the further access South these market weigh, I and through is we our

in are I an order. And made runway for think kind to I time tomorrow bright when still this capture. this places is we investments So to built of carbon be point the can right the commercialized so and at we very that really think but technology future that get the the we had embryonic, the someone

LNG. one And That's another very, helpful. very then going it. back maybe Got to

for Venture You Fortress a Cheniere good job obviously orders projects between modular and New guys done train as well. have and the really winning

with the assume? like of can what does business you you associate curious does the that Or there of And items? but hit on Just guys of TAM increase smaller of in larger guys kind be a capture that really wave modular you that think that do that LNG, train modularity, sort ticket sort how like on? projects much will

Yes.

from or So the cases. further is there, numbers built with I discussions on phase project some were that supplemental this slide on up even mid-flight other which out customers of deck, we actual the that think put design we're along XX in

that than the -- of some is in of well, a view whole a said my percent world the as if TAM. world is a just less view, bottoms-up more of less we top-down of me So than which all take of and we confidence that gives a

positioned on good if you see plus well when really that we're the I go. market. -- fact these about how $X.X XX projects they projects or slide is on go addressable that the that caveat in of to The So that larger feel billion

or There's number to been modularity If movement semantics, exactly would ago, smaller fact this a the world questions. point, is what in lot But on you be? your say, Sam, us have it been question this of trains because that People line balance years at that mid-scale our does has in modularity not asked and or three optionality of the for means once XX MTPA MTPA two a and and doing an could lot link process a all rather what having right? be -- the do sheet. in to as point IPSMR the but operator of and utilization time technology them two whatever doing baseload to the works the a together them facility as full at one

from continues, getting is, We're back that in than could I direct of more result there. So this give that to absolutely think to positioning consistently there inbound our scale small-scale we're week, some a of out a And out market and around on we're "Hey, the now going associate addressable that your the this to at level, more showing but pipeline is, do itself. can moved I customer has question. multiple a us So been on new the and answer what yes. oil an small in talking the very the is with actual afternoon, at had be had not And saying, trend grown IPSMR." out just movement this question, the process you come potential on also as want for got companies There I project. from validation they're an think example ago. are I which macro that if the the I'll were there direction and is out day floaters about there's LNG more international more size we there they're for you with opportunities an Tuesday Thank floating. that potential that reach on between firms. smaller there that definitely move you and this to work on to

Thanks, it. Got Yeah. Jill.

Sam. Thank you,

moment for One question. next our

question with comes next from Our Rice. Johnson Malloy Martin

line open. is Your

was in from Could Congratulations first also actually increase on color TAM strong what little food like on us quarter. water would slide Good maybe it’s on water a question talk treatment? the And It largest pure second eight, -- term morning. an increase looks previously without more CoX, My in the the given on going there. on and then you going for -- and there, have with beverage, give what's I expected on pricing what's CoX. order treatment. was there big near -- a

So maybe if on comment you areas. can those

Absolutely. Marty. Thanks,

that example, numerous wins projects that, side technology we'll XXX-plus thought more you that So of are once could is we're we now have states, in take follow-on so doing now -- international that. what are kind equipment. on always we With having year technologies have the portfolio. decision just been respective we we hits there's markets and And markets what of of where their an have in will have was make state seen member larger provider and BlueInGreen AdEdge, all the via underappreciated water contaminants. who on markets, a piece as penetrate with already, of water on we the that project and things, our a India international the technology have than the to an the we And able

increases TAM the of India. in driven is water one on So the by

You to India, may had the other were wins projects this near water treatment looking recall do two term. year those that are multiple same in those on that million larger And about pop same in we a have states to in date. $X discussions states

Brazil large penetrate last is or other geography Brazil treatment The year that Paulo to with able over Sao we've so been the project. the water

these So operate now that for we're established able entity projects. regions more again as more an to and technologies, in be in to discussions proven with treatment we're

where a a wanted think in other as seeing type more the very and here is by we before say, So the sizes already the I driven wait driven larger experience it's we're time. whole, there's to It's that we content, that we of of point that's contaminants. Then we order would piece, short period until content. had a of backlog to said we lot got enough in that by a

order United we $X the received million October, water in in month this States. Just another treatment

multimillion projects to a you previously the could what we're now we pipeline. seeing project, $XXX,XXX when were a tank gives for that it sense in dollar be water it a And we're So doing $XXX,XXX.

inter that what's bigger the Nexus of water the say penetration also So the and increase of the is the of the in part contemplated side on those are in larger the in I'd some water near-term linkages Clean. TAM TAM. to contributors the

water. food said, for So and about three of water Because areas treatment. talk and about seeing beverage, that the together, carbon and food I'd being business Labs and applications if their traditional to -- tanks talk from pick customers water we're us to benefiting food capture. and say, We're bev are you customers seeing Earthly us

that. So coalesce, we like really there. starting It's not to but it's

only of then bit bev part of in the little past. that the your baked and So is not a we food And the question on increasing. last

traditional customers fairly And other We have in for some we've and captured we the the of shortages TAM specialty on kind these CoX the of consistent a areas. beverage food set side. think of

there. not food we the So are in we and bev get TAM to new continuing But -- we didn't market. did increase increase that customers

while I food say, and accounts on multi-store so haven't share builds. increasing in is our believe that market really increased that national bev, some would nice And I have particular in the TAM itself, we

maybe the strong And outlook leasing I it you've talk about the to on second container you're orders ask looks wanted like leasing question, for you Great. business? what Could And on side. seeing my got ISO about business. the the

Absolutely.

$X to of the We invest organic the the itself. a the disciplined last on middle million we of ramp With into that very XXXX. of and between CapEx And year, in that we've we leasing then fleet. the pretty CapEx. fleet leasing continue in So did is stay over another XXXX big kind million, business said, probably $X our to put continue of on what middle

the returned that we're the you redeploy leaseholder if product to returned. equipment. end It's So buying time, is rarely tell majority of it. I almost the able certainly, that can up the standard it

resiliency towards the fleet fast and of And It leasing outlook good side. is that So more security direct is the ISO add actually on our a access a we've think ISO We're is The on ability direct outright grows the a energy seen function to of how buys container I than side. and result movement this trend. itself. leases it side, of uptick And function nice looking ahead the to to to offer to options if trailers have grow. where you're tanks that have with tool budget. that hydrogen are a customers capital for portfolio the to on leasing side in also think the seeing applications. in talking bookend the It's is an you'll see leasing we a business portfolio I or continue when to their leasing the on

Thank you much. very Great.

Thanks, Marty.

One moment question. our for next

with Marc Cowen. from comes question next Bianchi Our

Your open. line is

Hi. Thank you.

would Is consistent correct? $X.XX see confirm that guidance. like off, to I Just the that be for first year-to-date. the I'd EPS with year-to-date

correct. is That

Great. Okay.

XX% it tax fourth rate $X.XX to the the third for is was What down implying for pretty like and looks maybe but year, but that quarter. bring Difficulty] for the the year, tax benefit $X.XX that? [Technical Can So got or the there still clarify I a fourth quarter? big just might you on XX% assumed is quarter in quarter you something. fourth the full

Yes.

our jurisdictions. which So and did in benefit though, with in the China, valuation in that some associated quarter, have results was the of the third in we we kind tax benefit release of quarter, have fourth improvements our China of saw. allowance the anticipate I that foreign onetime continued doesn't that

in so, XX% kind low fourth quarter. the of And for the

you. Got you. Got

Okay. And last me. one for then

of try that flow. $XX you guidance here? for added back. for talk year-to-date. the expectation fourth on free as quarter year to costs It sort -- are million the Can about was, the we Just guess, nonrecurring I cash we're when What the the about thinking

Yes.

decrease, -- our through we're then could don't in So shipments It on we've given or add-backs to for as and then that the is that. there would about what the quarter fourth drive we tax for anything And on would a nothing million strategic we we be $X higher and anticipate payments fourth down not the divestiture-related we the nonrecurring. little inventory modeled build inventory be escrows quarter any to have inventory have the of bit would coming in looking profile to related release. than

you just stuff about that you what of could maybe curious $XX the it? includes little sounds talk like you more of year-to-date spend Can sort the referenced? it's just Okay. time It million that some a I but said, on if

Yes.

appendix category, Difficulty] the -- there's by have there, deck, some the on we of in I through of XX add-back In some And run can you want. I So those if think there's maybe. details restructured. specifics slide the [Technical

capital I that that of going I implication kind I items nonrecurring is the calling $XX the that. to we Maybe to want million and in it confirm something just And what million that just that guess guess quarter. mean, most is? outside totaled I recent curious, out XXXX? that guess $XX the it's that year-to-date, be I working see movements just was yes, of of is in discuss of I was sort biggest bucket the not would

Yes.

category there. each through run me let So

an XXXX, restructuring to but it now. add you're implication of backs The see that, we I and had, restructuring this And excess the these you we've but first not some relates Marc, management today. other we the I is reduced kind didn't was RSL, segment associated The asking, we of restructuring, that. organizational that what do actually accrual understand around commented with which in add-backs have the on had itself. would Sorry, category I can which quarter in categories severance that all RSL

integration related. we costs, On related back integration only the year deal and add one

and in So May any completely deal XXXX. Fronti was another in now you acquisition of would between time The we unless year. did last see we did this that

would actual where fact to bio these So that related and as May you'd organic that. given related then very liability is minimal not Fronti begun were to the anything similar Then we CSC have integration-related that fairly acquisitions next acquisition-related startups deal have deal themselves. And Cryo one divestiture you see we costs themselves. see startup, these on or that to by on play, remaining related into just -- add-backs then closing also the and the free while any come and small would

goes costs pulse or here brazed air So it's the German up by just an really year of -- end themselves. direction cost ongoing we'd we line, add-backs in vapor in first the the trailers start-up completed whatever be running down would cooler for then running. then to fully quarter. it didn't comes any in will basis, and on is reduced? through of quarter up 'XX. bullet anticipate because actually The one you The quarter and back aluminum And either the added in the mark-to-market first this run each when captured excess it's and second off that in line have riser the example, training that the consolidation up has as or related quarter, middle third the you the have will

you. Got

Okay.

be what XXXX? there what on free the we cash adjusted free ought if any like the cash be would number the difference flow for reported there So steer the is about in flow, 'XX to think and

what Yes. half for I say would sub see you XXXX. of

turn Okay. it so back. Thanks Great. much Jill. I’ll

you, Marc. Thank

next question. for moment One our Instructions] [Operator

Seaport Walter comes Liptak with question from Next Research.

open. is Your line

guys. ask to of I follow-on. Hi. Thanks. Good wanted kind morning, a

the operating earlier EPS different can I the are going with cadence this flow cadence? year, of work wonder some better XXXX. revenue looking there's chain if you the we margins to just Are with You gross something us in at supply think to talked similar help project way you or a for of LNG, maybe the for about XXXX? margins, and

Yes.

to side, and that project going when first So the book of on I'll want the a year the function is case on and That's start product, of comment that's of consistent. certainly holiday is a lowest based customers XXXX. the period between quarter, quarter be to booking every difference standard the shipments the the themselves, shift in more the whereas kind little

be the would to similar lowest perspective. from sequential. And So then quarter would sales QX what anticipate, this is I a QX, certainly year being which every

and each look year, past we sequentially we'll lowest lowest quarter quarter. QX the top as before if as second increasing have the had have So you quarter this QX line. would from back year, This the

would on. year Next so the be QX so scenario, same QX to and

our Thank you. One for moment question. next

comes with Craig Our next Tuohy from question Brothers. Shere

line Your open. is

Good morning. questions. just prior a Jill, of couple on follow-ups

electrolysis. surprised out not on two of before water discussion I you the years multiple you but hydrogen Is your And maybe more didn't water to of in can Clean, little was in the a immediate elaborate need more First, on becomes clean maybe that. or drivers? versus that the three quarters mention of that that an some meaningful other is water water for in Nexus because that

exactly Craig. That's right,

definitely gave the commercial they as the just just let's XXXX see were on. inbound we around that just interest internally, TAM had it said, we of place it $XXX guys it talking some for associated put we one up the with mark, number it. before We building When number about big getting the ready. getting where guys the We're to me. pretty and So million orders activity brought a out was where there. commercially that that lot it's a that to -- these point It's have the is and

Great. than not on the in you're historically is lower onetime time thoughts they're lastly, because Okay. now every and of items, And discussion expenses think whatsoever. ongoing usually, comparably or acquisition company maybe of acquisition investments. from if direct about the that costs without one up any lost integration I fees these might have and banking And some things most returns subject costs that been low-cost until perpetuity

that we the spend the relationships company of a on than bolt-on the like been and definitely acquisitions kind you that the would of definitely us most result deals we we of nature anticipate less for Yes, has what and do.

majority have We of expect day one to. have the and coming deals will of deals these the them on returned they out the we gate, these that accretive of done, said us in that as be to majority expected we've we

value I to into we'll company, the total made that see ahead the at clean and inter solutions. answer and see above where concept numbers the really wouldn't is that of these last example, of the further or three multiple orders that portfolio, grow certain that besides our So we the is things, as be buy that for across really standard we've that's they of to fact orders where anticipate case to years, we where or portfolio as the the in coming you linkages have why think or see differentiated you're their capture didn't water for over the this customers are AdEdge this have be portfolio in continue because we we getting didn't we've as having model Earthly that's we I we And And years. the SCS how modeled wouldn't the even nexus going I getting where the carbon the by combination if an in of if returns opportunity see Labs XXXX. coming

you. Thank

And I'm not showing any further questions at this time.

presentation. does conclude So this today's

have disconnect, may You and a day. all wonderful