Aaon Inc (AAON) 2022 Q2 法說會逐字稿

Good day, and welcome to the AAON Inc. Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded.

美好的一天，歡迎參加 AAON Inc. 2022 年第二季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Joe Mondillo, Director of Investor Relations. Please go ahead, sir.

我現在想將會議轉交給投資者關係總監喬·蒙迪略（Joe Mondillo）。請繼續，先生。

Thank you, operator, and good afternoon, everyone. The press release announcing our second quarter 2022 financial results was issued after market close today and can be found on our corporate website, aaon.com. Joining me on the call this afternoon is Gary Fields, our President and CEO; and Rebecca Thompson, our CFO and Treasurer; Shortly, I'll be handing the call off to Rebecca to go through the second quarter results. Gary will then provide further insight on the quarter along with commentary on our outlook, and then we'll open up the call for Q&A. Prior to that, though, we begin with our customary forward-looking statement policy.

謝謝接線員，大家下午好。宣布我們 2022 年第二季度財務業績的新聞稿於今天收市後發布，可在我們的公司網站 aaon.com 上找到。今天下午和我一起參加電話會議的是我們的總裁兼首席執行官 Gary Fields；以及我們的首席財務官兼財務主管麗貝卡·湯普森（Rebecca Thompson）；很快，我將把電話交給 Rebecca 來查看第二季度的結果。然後，加里將提供有關本季度的進一步見解以及對我們前景的評論，然後我們將開放問答電話。不過，在此之前，我們從慣常的前瞻性聲明政策開始。

During the call, any statement presented dealing with information that is not historical, is considered forward-looking and made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, the Securities Act of 1933 and the Securities and Exchange Act of 1934, each has amended. As such, it is subject to the occurrence of many events outside of AAON's control and that could cause AAON's results to differ materially from those anticipated. You're all aware of the inherent difficulties, risks and uncertainties in making predictive statements.

在電話會議期間，任何涉及非歷史信息的聲明均被視為前瞻性聲明，並根據 1995 年證券訴訟改革法案、1933 年證券法和 1934 年證券交易法的安全港條款作出，每個都有修改。因此，它受制於 AAON 無法控制的許多事件的發生，這可能導致 AAON 的結果與預期的結果大不相同。你們都知道做出預測性陳述的內在困難、風險和不確定性。

Our press release and Form 10-Q that we filed this afternoon detail some of the important risk factors that may cause our actual results to differ from those in our predictions. Please note that we do not have the duty to update our forward-looking statements.

我們今天下午提交的新聞稿和表格 10-Q 詳細說明了一些可能導致我們的實際結果與我們的預測不同的重要風險因素。請注意，我們沒有義務更新我們的前瞻性陳述。

And with that, I'll turn over the call to Rebecca.

有了這個，我會把電話轉給 Rebecca。

Thank you, Joe. I'd like to begin by discussing the comparative results of the 3 months ended June 30, 2022, versus June 30, 2021. Net sales increased 45.1% to $208.8 million from $143.9 million. The addition of BasX sales of $24.6 million was the largest contributing factor to our growth. As noted in our earnings release, revenue synergies from this acquisition have materialized faster than expected and are expected to have significant growth in the coming years.

謝謝你，喬。我想首先討論截至 2022 年 6 月 30 日的 3 個月與 2021 年 6 月 30 日的比較結果。淨銷售額從 1.439 億美元增長 45.1% 至 2.088 億美元。 BasX 銷售額增加 2460 萬美元是我們增長的最大貢獻因素。正如我們在財報中所指出的，此次收購帶來的收入協同效應的實現速度快於預期，預計未來幾年將有顯著增長。

Another contributing factor to the total sales increase was the growth of our AAON Coil Products segment realized. Organic unit volumes at the segment increased 43.3% due to the new manufacturing capacity added to our Longview, Texas facility in early 2021 as well as strong market demand for the electric-powered split systems this facility produces.

另一個促成總銷售額增長的因素是我們的 AAON 線圈產品部門實現了增長。由於 2021 年初我們在德克薩斯州朗維尤的工廠增加了新的製造能力，以及對該工廠生產的電動分體系統的強勁市場需求，該部門的有機單位產量增長了 43.3%。

Our gross profit increased 12.5% to $47.4 million from $42.1 million. As a percentage of sales, gross profit was 22.7% compared to 29.3% in the second quarter of 2021. The contraction in gross margin was primarily due to higher cost materials.

我們的毛利潤從 4,210 萬美元增長 12.5% 至 4,740 萬美元。毛利潤佔銷售額的百分比為 22.7%，而 2021 年第二季度為 29.3%。毛利率的收縮主要是由於成本較高的材料。

While the cost of some materials have stabilized, we continue to see volatility in the cost of our component parts, and we continue to experience supply disruptions that create additional cost to the business. On a positive note, gross margin improved sequentially throughout the quarter as we work through lower-priced backlog and began to see some of our higher price backlog hit the production floor. While we expect supply disruptions will continue through the second half of the year, we believe pricing will offset those costs and help drive gross margin expansion in the second half of the year.

雖然一些材料的成本已經穩定，但我們繼續看到零部件成本的波動，而且我們繼續經歷供應中斷，給業務帶來額外成本。積極的一面是，隨著我們通過低價積壓工作並開始看到我們的一些較高價格的積壓訂單進入生產層，整個季度的毛利率連續提高。雖然我們預計供應中斷將持續到下半年，但我們認為定價將抵消這些成本，並有助於推動下半年毛利率的增長。

Selling, general and administrative expenses increased 59.4% to $26.9 million from $16.9 million in the second quarter of 2021. As a percentage of sales, SG&A increased to 12.9% from 11.7% in the second quarter of 2021. Excluding BasX, SG&A expenses increased 25.6% and total 11.5% of sales, down 20 basis points from a year ago. We continue to do a good job at controlling these expenses, particularly in the inflationary environment we are in.

銷售、一般和管理費用從 2021 年第二季度的 1690 萬美元增長 59.4% 至 2690 萬美元。作為銷售額的百分比，SG&A 從 2021 年第二季度的 11.7% 增長至 12.9%。不包括 BasX，SG&A 費用增長 25.6 % 和總銷售額的 11.5%，比一年前下降 20 個基點。我們繼續在控制這些費用方面做得很好，特別是在我們所處的通貨膨脹環境中。

Income from operations decreased 18.9% to $20.5 million or 9.8% of sales from $25.2 million or 17.5% of sales in the second quarter of 2021. Our effective tax rate increased to 20.8% from 18.3% The company's estimated annual 2022 effective tax rate, excluding discrete events, is expected to be approximately 25%.

運營收入從 2021 年第二季度的 2520 萬美元或銷售額的 17.5% 下降 18.9% 至 2050 萬美元或銷售額的 9.8%。我們的有效稅率從 18.3% 提高至 20.8% 公司估計的 2022 年有效稅率，不包括離散事件，預計約為 25%。

Net income decreased to $15.9 million or 7.6% of sales compared to $20.6 million or 14.3% of sales in the second quarter of 2021. Diluted earnings per share decreased by 21.1% to $0.30 per share from $0.38 per share.

與 2021 年第二季度的 2060 萬美元或銷售額的 14.3% 相比，淨收入下降至 1590 萬美元或銷售額的 7.6%。攤薄後每股收益從每股 0.38 美元下降 21.1% 至每股 0.30 美元。

Turning to the balance sheet. You'll see that we had a working capital balance of $191.2 million versus $131.3 million at December 31, 2021. Unrestricted cash totaled $17.6 million at June 30, 2022.

轉向資產負債表。您會看到，我們的營運資金餘額為 1.912 億美元，而 2021 年 12 月 31 日為 1.313 億美元。截至 2022 年 6 月 30 日，非限制性現金總額為 1760 萬美元。

Our current ratio is approximately 2.4:1. Capital expenditures for the first 6 months of the year were $27.2 million. We now expect capital expenditures for the year to be approximately $73.3 million.

我們的流動比率約為 2.4:1。今年前 6 個月的資本支出為 2720 萬美元。我們現在預計今年的資本支出約為 7330 萬美元。

The reduction from our previous guidance of $100.4 million is due to our existing facilities finding ways to increase capacity under the current square footage, allowing us to push out some of our other capacity expansion projects.

與我們之前指導的 1.004 億美元相比，減少是由於我們現有的設施找到了在當前平方英尺下增加產能的方法，從而使我們能夠推出一些其他產能擴張項目。

The company had stock repurchases of $6.9 million during the 6 months ended June 30, 2022. Shareholders' equity per diluted share is $9.09 at June 30, 2022, compared to $8.68 at December 31, 2021.

該公司在截至 2022 年 6 月 30 日的 6 個月內進行了 690 萬美元的股票回購。截至 2022 年 6 月 30 日，每股攤薄後股東權益為 9.09 美元，而 2021 年 12 月 31 日為 8.68 美元。

I'd now like to turn the call over to our CEO and President, Gary Fields.

我現在想把電話轉給我們的首席執行官兼總裁 Gary Fields。

Good afternoon. Overall, we're happy with second quarter results. We improved production rates to record levels for the second straight quarter, the shift the most amount of product in any quarter in company history. At the same time, our backlog still increased modestly from the end of the first quarter. Demand remains strong, and we continue to book slightly more than we're producing. This positions us well headed into the second half of the year.

下午好。總體而言，我們對第二季度的業績感到滿意。我們連續第二個季度將生產率提高到創紀錄水平，這是公司歷史上任何一個季度中產品數量最多的一次。與此同時，我們的積壓訂單仍較第一季度末略有增加。需求依然強勁，我們的預訂量繼續略高於我們的生產量。這使我們順利進入下半年。

Another positive is that our lead times were relatively stable throughout the quarter and still remain well below industry average. Today, in early August, we're still booking orders for shipment in '22. I don't think anyone else in the industry is saying not.

另一個積極因素是我們的交貨時間在整個季度相對穩定，仍遠低於行業平均水平。今天，在 8 月初，我們仍在預訂 22 年裝運的訂單。我不認為業內其他人會說不。

Gross margins were a little lighter than we were anticipating. Price/cost was the biggest headwind to gross margins in the quarter. Difference between pricing the equipment we ship versus the cost of materials and wages was the largest of any quarter in recent inflationary cycle. The good news is that it began to shift in a positive way in June, and we expect it will continue throughout the rest of the year. Pricing of orders in the backlog is much greater than the pricing of the orders that were shipped in the first half of the year. Furthermore, raw material prices have turned down since peaking earlier in the year. So we continue to expect substantial margin expansion in the second half of the year.

毛利率比我們預期的要低一些。價格/成本是本季度毛利率的最大阻力。我們運送的設備定價與材料和工資成本之間的差異是近期通脹週期中任何季度中最大的。好消息是，它在 6 月開始向積極的方向轉變，我們預計它將在今年餘下的時間裡持續下去。積壓訂單的定價遠高於上半年出貨的訂單定價。此外，原材料價格自今年早些時候見頂以來已經回落。因此，我們繼續預計下半年利潤率將大幅增長。

We continue to face issues with supply chain. However, we're doing a very good job managing these challenges. I have to recognize our operational team for reaching record production rates for second quarter. In this environment, it is certainly very commendable. The flexibility of our custom manufacturing operations and engineering team provide us an advantage as we're able to quickly adapt to supply chain shortages better than most others in the industry. We expect this environment will be with us for a while. But if and when things normalize, we'll definitely see operational efficiencies because of the learning curve that we've gone through.

我們繼續面臨供應鏈問題。但是，我們在應對這些挑戰方面做得非常好。我必須承認我們的運營團隊在第二季度達到了創紀錄的生產率。在這樣的環境下，無疑是非常值得稱道的。我們定制製造運營和工程團隊的靈活性為我們提供了優勢，因為我們能夠比業內大多數其他公司更好地快速適應供應鏈短缺。我們預計這種環境會伴隨我們一段時間。但是，如果事情正常化，我們肯定會看到運營效率，因為我們已經經歷了學習曲線。

As I mentioned at the top of my commentary, demand continues to remain strong. Organic orders in the first half of the year were up approximately 60%. Total backlog continues to grow on a sequential basis and organic backlog at the end of the second quarter was up 164% from a year ago. Furthermore, June and July bookings were strong. Everything we're hearing from our sales channel partners is demand remains robust. On a micro level, activity remains strong. This is also consistent to what we're seeing on a macro level.

正如我在評論頂部提到的，需求繼續保持強勁。今年上半年的有機訂單增長了約 60%。總積壓量繼續連續增長，第二季度末的有機積壓量比一年前增加了 164%。此外，6 月和 7 月的預訂量也很強勁。我們從銷售渠道合作夥伴那裡聽到的一切都是需求依然強勁。在微觀層面上，活動依然強勁。這也與我們在宏觀層面上看到的一致。

The Dodge Momentum Index, which measures the number of construction projects in the planning stages and is a 12-month leading indicator for non-residential construction spending was at a 14-year high in its latest reading. The Architectural Billing Index, also a leading indicator for non-residential construction spending remains above 50, indicating architectural billings continue to grow.

衡量處於規劃階段的建築項目數量的道奇動量指數是非住宅建築支出的 12 個月領先指標，其最新讀數處於 14 年高位。建築賬單指數，也是非住宅建築支出的領先指標，仍高於 50，表明建築賬單繼續增長。

The latest ABI report also cited that backlogs amongst architectural firms are currently at 7 months, which is extremely high in a historical perspective.

最新的 ABI 報告還指出，建築公司的積壓訂單目前為 7 個月，從歷史角度來看，這是非常高的。

The pipeline of projects in the industry is strong, and we're seeing that in nonres starts and spending data. For us, the strength remains very broad based across all the verticals we sell into. That all said, we're aware of what is going on in the economy with rising interest rates, higher wages, supply chain labor shortages, and we're prepared to deal with slowdown if one comes. However, at this time, we're not seeing it in the channels we monitor.

該行業的項目管道很強大，我們在非資源啟動和支出數據中看到了這一點。對我們來說，我們銷售的所有垂直領域的實力仍然非常廣泛。總而言之，我們知道隨著利率上升、工資上漲、供應鏈勞動力短缺，經濟正在發生什麼，我們準備好應對經濟放緩。但是，目前，我們沒有在我們監控的渠道中看到它。

I want to shift my focus to basics for a moment. This is an area of our company we're seeing tremendous growth, and I'm very proud of how this acquisition has progressed since closing on the deal in December. Through the first 6 months of the year, the deal has been accretive to earnings, and the second half is shaping up even better. The data center and clean room end markets, which make up a vast majority of their sales are extremely strong. Pipeline of projects extends out multiple years, giving them a tremendous amount of visibility.

我想暫時將注意力轉移到基礎知識上。這是我們公司的一個領域，我們看到了巨大的增長，自去年 12 月完成交易以來，我對此次收購取得的進展感到非常自豪。今年前 6 個月，這筆交易增加了收益，而下半年的情況則更好。佔其銷售額絕大多數的數據中心和潔淨室終端市場非常強勁。項目的管道延伸了多年，給了他們巨大的知名度。

Since acquiring the business, the revenue synergies have even surprised me. From the end of '21 to the end of the second quarter, backlog at BasX has increased nearly threefold. Furthermore, subsequent to the end of the second quarter, the business booked a single order were $16.2 million.

自從收購該業務以來，收入協同效應甚至讓我感到驚訝。從 21 年底到第二季度末，BasX 的積壓訂單增加了近三倍。此外，在第二季度末之後，該業務的單筆訂單為 1620 萬美元。

We plan on leveraging the capacity in our new facility in Longview to manufacture this product for the basics for this specific customer. This will not only help leverage overhead costs associated with this facility, but it will position us better from a strategic regional manufacturing perspective. It's quite expensive to ship product from Redmond, Oregon to the East Coast. Now we can better attack that region from a pricing standpoint when we build it in the South Central in Longview, Texas.

我們計劃利用我們位於朗維尤的新工廠的產能來為該特定客戶生產該產品的基礎知識。這不僅有助於利用與該設施相關的間接成本，而且從戰略區域製造的角度來看，它將使我們處於更好的位置。將產品從俄勒岡州雷德蒙德運送到東海岸非常昂貴。現在，當我們在德克薩斯州朗維尤的中南部建造它時，我們可以從定價的角度更好地攻擊該地區。

There's other projects in the pipeline that are significant size that we have commitments for and looking forward to getting firm purchase orders secured on those soon. This will help maximize BasX' chance of winning future work using this Longview facility to regionally assist us in deliveries.

還有其他一些規模很大的項目正在籌備中，我們承諾並期待很快獲得確定的採購訂單。這將有助於最大限度地提高 BasX 贏得未來工作的機會，利用這個 Longview 設施在區域內協助我們進行交付。

I want to touch briefly on our parts business. Parts still make up a small percentage of sales at just 7%, but it's something we've been focusing a lot on both internally and with our channel partners, we've been having a great success. Parts sales in the second quarter were up 32%. That was a quarterly record for the company. Moreover, the 32% growth was against a comp of 42% growth realized in the second quarter of '21. So compared to 2 years ago, parts sales were up 88% this past quarter. Parts generate very good gross margins for the company. So growing this business will continue to be a strong focus for us.

我想簡單談談我們的零件業務。零件仍然只佔銷售額的一小部分，僅為 7%，但這是我們在內部和與我們的渠道合作夥伴一直非常關注的事情，我們已經取得了巨大的成功。第二季度的零部件銷售額增長了 32%。這是該公司的季度記錄。此外，32% 的增長與 21 年第二季度實現的 42% 增長形成對比。因此，與 2 年前相比，上一季度的零部件銷售額增長了 88%。零件為公司帶來了非常好的毛利率。因此，發展這項業務將繼續成為我們的重點。

Before finishing up and handing off the call for Q&A, I'd just like to update you on our capital investment plans. I'm sure you noticed Rebecca said that we reduced our CapEx budget for '22 by 27% compared to what we were previously targeting. This by no means is an indication of slowing growth. As I've been saying, demand is robust, and we do not see material signs of a slowdown. Moreover, we continue to target double-digit organic sales growth for the next several years. The fact is we are regularly challenging the team to look at ways of increasing production capacity and maximizing efficiency in our existing facilities. In recent history, we've done a great job with this, and we continue to do so. I want to commend the group that calls themselves space force. They've reallocated hundreds of thousands of square feet in our -- all of our facilities for this.

在結束並發出問答電話之前，我想向您介紹我們的資本投資計劃。我敢肯定你注意到麗貝卡說，與我們之前的目標相比，我們將 22 年的資本支出預算減少了 27%。這絕不是增長放緩的跡象。正如我一直在說的，需求強勁，我們沒有看到放緩的實質性跡象。此外，我們繼續瞄準未來幾年兩位數的有機銷售增長。事實上，我們經常向團隊提出挑戰，以研究如何提高現有設施的生產能力和最大限度地提高效率。在最近的歷史中，我們在這方面做得很好，我們將繼續這樣做。我要讚揚自稱為太空部隊的組織。他們為此重新分配了我們所有設施中的數十萬平方英尺。

So the reduction in our 2022 CapEx budget is merely us finding ways to increase capacity in our existing space. I want to assure you, we are regularly monitoring our capacity versus our growth projections, making sure that we've got adequate room for growth. We've detailed plans over the next several years to increase capacity, so we're able to continue to absorb the robust growth that we anticipate. We just took a little pause on it right now because we've discovered additional capacity in the existing facilities.

因此，我們 2022 年資本支出預算的減少僅僅是我們在尋找增加現有空間容量的方法。我想向您保證，我們會定期監控我們的產能與我們的增長預測，確保我們有足夠的增長空間。我們已經制定了未來幾年增加產能的詳細計劃，因此我們能夠繼續吸收我們預期的強勁增長。我們現在只是暫停了一下，因為我們發現現有設施中有額外的容量。

So in closing, I want to reiterate, we feel very good as we head into the second half of the year. Size of the backlog and most important. This is very important. The profitability of the backlog. We've got 2 price increases that we have not yet realized in the first 2 quarters of the year that are just right here with us in Q3 and Q4. This positions us for robust sales and earnings growth. Bookings remained strong through July. Pipeline remains very positive. So barring a severe recession, our outlook for the foreseeable future has never been stronger.

所以最後，我想重申一下，我們在進入下半年時感覺非常好。積壓的大小和最重要的。這個非常重要。積壓的盈利能力。今年前 2 個季度我們還沒有實現 2 次價格上漲，這在第三季度和第四季度就在我們身邊。這使我們能夠實現強勁的銷售和盈利增長。 7 月份的預訂量保持強勁。管道仍然非常積極。因此，除非出現嚴重的衰退，否則我們對可預見未來的前景從未如此樂觀。

I want to finish by thanking all of our employees, sales channel partners and customers. Your support is immense and very much appreciated. So now I'll open it up for Q&A.

最後，我要感謝我們所有的員工、銷售渠道合作夥伴和客戶。您的支持是巨大的，非常感謝。所以現在我將打開它進行問答。

(Operator Instructions) And our first question today will come from Julio Romero with Sidoti & Company.

（操作員說明）我們今天的第一個問題將來自 Sidoti & Company 的 Julio Romero。

So I wanted to start on the sales growth in the second quarter, the organic growth of 28%. I appreciate you're giving us the 10% volume number. I was hoping you could expand on how much of the remaining 18% we can attribute to price versus mix.

所以我想從第二季度的銷售增長開始，有機增長 28%。感謝您給我們 10% 的數量。我希望你能詳細說明剩下的 18% 中有多少我們可以歸因於價格與組合。

Well, I don't have it broken out exactly that way. The mix, I didn't really see too much difference here. So looking at total sales, I think it was almost -- not quite even between organic growth, pricing and the acquisition. The 3 of them are very, very close to equal percentages.

好吧，我沒有完全那樣打破它。混合，我在這裡並沒有真正看到太大的區別。因此，從總銷售額來看，我認為幾乎 - 甚至在有機增長、定價和收購之間也不完全一致。其中三個非常非常接近相等的百分比。

Okay. No, I appreciate that. Turning to basics. I would love to hear you expand on the strategic benefit of manufacturing that product in Longview and what geographic regions are you looking to potentially play offense in.

好的。不，我很感激。轉向基礎。我很想听聽您擴展在 Longview 製造該產品的戰略利益，以及您希望在哪些地理區域進行進攻。

This is something that when we were looking at the acquisition, I described to the Board two things that I believe would occur. One was that there were clients that really appreciated BasX' knowledge and abilities, but they just didn't have enough foundation under them if something was to go wrong. They didn't have a disaster recovery plan that made sense, particularly because they didn't have a dedicated additional facility. So I knew in my heart that when we got this company would have in the financial backing of the mother ship of AAON, that these companies would be more comfortable but also having additional manufacturing facilities. We had space both in Tulsa and Longview that we could dedicate to manufacturing BasX' products.

這是我們在考慮收購時，我向董事會描述了我認為會發生的兩件事。一是有些客戶非常欣賞 BasX 的知識和能力，但如果出現問題，他們只是沒有足夠的基礎。他們沒有有意義的災難恢復計劃，特別是因為他們沒有專門的附加設施。所以我心裡知道，當我們得到這家公司時，會得到 AAON 母艦的資金支持，這些公司會更舒適，但也會擁有更多的製造設施。我們在 Tulsa 和 Longview 都有空間，可以專門用於製造 BasX 的產品。

So this first opportunity came up. The salesman actually worked for my former company that I was at before AAON, the one I was with for 30 years. He contacted this and said that he had a hyperscale data center client that he had been doing business with 15 years that had used AAON equipment in some of their ancillary areas but never in the core data hall. And now that we had BasX, they wanted to explore that. So we all met in Redmond, Oregon, everything went really well. And coming out of that was that the majority of their facilities are in the Midwest and the East. So we explored the possibility. I'd already started preparing an area of the new building in Longview to manufacture this kind of equipment and made the commitment to them that the timing was going to be good that we could build this order there.

於是，第一個機會出現了。這位推銷員實際上為我在 AAON 之前工作的前公司工作，我在這家公司工作了 30 年。他聯繫了這個並說他有一個超大規模數據中心客戶，與他開展業務 15 年，在他們的一些輔助區域使用過 AAON 設備，但從未在核心數據大廳使用過。現在我們有了 BasX，他們想探索一下。所以我們都在俄勒岡州的雷德蒙德見面，一切都很順利。結果就是他們的大部分設施都在中西部和東部。所以我們探索了這種可能性。我已經開始準備在朗維尤新大樓的一個區域來製造這種設備，並向他們承諾，我們可以在那裡建立這個訂單的時機會很好。

So when you look at the whole breadth of the order, not the $16.2 million, but the whole thing that they have committed to us, then we were able to save them a significant amount in freight. A load of freight to go from Redmond, Oregon to this project is about, I think it was $8,400 versus $4,000 going from Longview to this plant. So they save $4,400 per truckload. And it takes -- you can put 2 of these units on 1 truck. So it's considerable. It's considerable.

因此，當您查看訂單的全部範圍時，不是 1620 萬美元，而是他們承諾給我們的全部內容，那麼我們能夠為他們節省大量的運費。從俄勒岡州雷德蒙德到該項目的運費約為 8,400 美元，而從朗維尤到該工廠的運費為 4,000 美元。因此，他們每卡車可節省 4,400 美元。它需要 - 您可以將 2 個這樣的單元放在 1 輛卡車上。所以相當可觀。這是相當大的。

Now they have multiple facilities in the midwest and the east that they -- we will build this product. But the other thing is, this product is relatively simple. It's very custom design. But once you build the first one, then you just repeat hundreds, if not thousands, of times to build this product. Well, that fits the Longview manufacturing culture very, very well. And this also allows BasX to free up that space. Had they built it in Redmond, they would have used up that space there. But Redmond has the capability of building much, much more complex equipment for some of their other customers. So this was just beneficial all the way around.

現在他們在中西部和東部擁有多個設施——我們將製造這個產品。但另一件事是，這個產品比較簡單。這是非常定制的設計。但是一旦你構建了第一個，那麼你只需重複數百甚至數千次來構建這個產品。嗯，這非常非常適合 Longview 的製造文化。這也讓 BasX 可以釋放這些空間。如果他們在雷德蒙德建造它，他們就會用完那裡的空間。但雷德蒙德有能力為其他一些客戶製造更複雜的設備。所以這一直都是有益的。

Great. I appreciate that color. Any way to think about where you are with capacity utilization at Longview?

偉大的。我很欣賞那種顏色。有什麼方法可以考慮一下您在 Longview 的產能利用率如何？

With the commitment we have from this client, plus 2 other clients that are similarly positioned that are in very late stages of discussion, this could put the Longview -- the new Longview facility at close to 100% utilization for '23 and '24. One of our clients is talking to us about exclusively delivering to them in '24. They want to secure that capacity. So if we secure these clients, again, I'm very hopeful, we're in the late stages of negotiations with them, then that would pretty much tap out what that building could do. But that leave space in Tulsa that we can use. We have a good amount of space here that we've -- we could build the same product. Of course, Redmond can still build it. So we're not tapped out in growth. Just that 1 facility might be.

憑藉我們從該客戶那裡得到的承諾，加上其他 2 個處於討論後期的類似定位的客戶，這可能會使 Longview——新的 Longview 設施在 23 年和 24 年接近 100% 的利用率。我們的一位客戶正在與我們討論在 24 年專門向他們提供服務。他們希望確保這種能力。因此，如果我們再次獲得這些客戶，我非常有希望，我們正處於與他們談判的後期階段，那麼這幾乎可以挖掘出這座建築可以做什麼。但這在塔爾薩留下了我們可以使用的空間。我們在這裡有足夠的空間——我們可以製造同樣的產品。當然，Redmond 仍然可以建造它。所以我們沒有在增長中被挖掘出來。可能只有 1 個設施。

Well, when we built that building, we started in production there at February of 2021. So we really finished at about January 1, '21. We built it with 3 sides that were permanent tilt walls on one side that was a temporary metal wall. And the idea was that when we saw that we were going to use up the capacity or get close to it, then we can double the building. So we're well prepared. We could probably stand that up in about 18 to 20 months. And if we secure these other orders before the end of the year, which is very likely that we will, then we'll very likely start construction on the other half of that building right away so that we don't end up at 100% utilization before we get the new building finished.

好吧，當我們建造那棟大樓時，我們於 2021 年 2 月開始在那裡生產。所以我們真的在 21 年 1 月 1 日左右完成了。我們建造了 3 個側面，一側是永久性傾斜牆，一側是臨時金屬牆。我們的想法是，當我們看到我們將用完容量或接近它時，我們可以將建築物翻倍。所以我們做好了充分的準備。我們可能會在大約 18 到 20 個月內站穩腳跟。如果我們在年底之前獲得這些其他訂單，我們很可能會這樣做，那麼我們很可能會立即開始建造該建築物的另一半，這樣我們就不會達到 100%在我們完成新建築之前的利用率。

(Operator Instructions) Our next question will come from Brent Thielman with D.A. Davidson.

（操作員說明）我們的下一個問題將來自 D.A. 的 Brent Thielman。戴維森。

Gary, good to hear the gross margins you see coming back here nicely in the second half. Just trying to get a sense on the quarter itself. Just relative to the first quarter, you were down a bit, especially looks like in the sort of core business. Is there a way to kind of bucket what's the difference in terms of the quarter-on-quarter comparison because I would have thought you'd see a little better comparison to the first quarter?

加里，很高興聽到你看到的毛利率在下半年很好地回到這裡。只是想了解季度本身。僅相對於第一季度，您有所下降，尤其是在核心業務方面。有沒有一種方法可以判斷季度比較有什麼不同，因為我認為你會看到與第一季度更好的比較？

Yes. It's actually fairly vivid. The price increase that we put into effect January 1, we had so much pull forward on that, that we ended up with almost 2 full quarters of production needs, and so we had, let's say, a fixed price through the first 2 quarters. There was no real appreciation of significance of the price that was on the plant floor. But we continue to have materials increase, freight being one of them, components being the other, throughout the quarter. So I think our labor -- our annual labor increase went into effect right out the very first of the second quarter.

是的。它實際上是相當生動的。我們在 1 月 1 日實施的價格上漲，我們在這方面有很大的推動力，最終我們幾乎滿足了 2 個完整季度的生產需求，所以我們在前 2 個季度有一個固定價格。沒有真正意識到工廠車間價格的重要性。但在整個季度，我們繼續增加材料，貨運是其中之一，組件是另一個。所以我認為我們的勞動力 - 我們的年度勞動力增長從第二季度的第一季度開始生效。

So that was significant because we have -- normally, we have an annual labor adjustment across the board on the company. This past year, we had labor adjustment first part of Q4 because cost of living was going up so much. We wanted to make sure we secured our people. So I'm not remorseful about that for this reason. How many manufacturers have you talked to that have got a head count that's plus 20% versus a year ago? Not a lot. So this one key issue that we spent more money on our labor, but that allowed us to get this production, which helped with absorption of some overhead but it did come at a penalty.

所以這很重要，因為我們 - 通常情況下，我們對公司進行全面的年度勞動力調整。在過去的一年裡，我們在第四季度的第一部分進行了勞動力調整，因為生活成本上漲了很多。我們想確保我們保護我們的員工。因此，我對此並不感到懊悔。您與多少製造商交談過，他們的人數比一年前增加了 20%？不是很多。所以這是一個關鍵問題，我們在勞動力上花費了更多的錢，但這使我們能夠獲得這種生產，這有助於吸收一些間接費用，但它確實是有代價的。

Right about probably the second week of June, we started getting this higher-priced work on the plant floor. And so we saw good significant improvement in June and that's why we're quite confident that we've got this improvement because our costs are relatively stable starting -- in second quarter, they stabilized and they have not worsened any, but our sale price is going up considerably. That January 1 price increase was 8% just by itself. And then we had one in late March that was 7%. I don't think Q3 will get anything material of that 7%, but it will be vastly built on the 8%, which very little of Q2 was built on that 8% price increase. Does that help you kind of [understand]?

大約在 6 月的第二週，我們開始在車間進行這項高價工作。因此，我們在 6 月份看到了顯著的改善，這就是為什麼我們非常有信心取得這種改善，因為我們的成本從一開始就相對穩定——在第二季度，它們穩定下來並且沒有惡化，但是我們的銷售價格正在大幅上升。 1 月 1 日的價格上漲本身就是 8%。然後我們在 3 月下旬有了一個，它是 7%。我認為第三季度不會獲得 7% 的任何實質性內容，但它將在很大程度上建立在 8% 的基礎上，而第二季度幾乎沒有建立在 8% 的價格上漲之上。這對你有幫助嗎？

Yes. Really helpful, Gary. Appreciate that. And on June, I mean, were you -- are you closing in on the sort of target gross margins that you talked about? I'm just curious (inaudible). Sounds like a huge (inaudible)...

是的。真的很有幫助，加里。感謝。我的意思是，在 6 月，您是否接近您談到的那種目標毛利率？我只是好奇（聽不清）。聽起來像一個巨大的（聽不清）......

Closing in. Not quite. Not quite there. Q3 has a remote chance of being there, but it's probably going to be -- I'd anticipate it not quite reaching in Q3, but Q4 is absolutely going to reach and towards the upper end of that range, actually.

關閉。不完全。不完全在那裡。第三季度出現的可能性很小，但很可能會——我預計第三季度不會完全達到，但實際上第四季度絕對會達到並接近該範圍的上限。

Yes. And Gary, I noticed that you made a mention that the margins looked great at BasX that they've been able to kind of reprice maybe some or all of their backlog. What is it about that business and ability to do that, that you can't necessarily do in the core?

是的。加里，我注意到你提到BasX的利潤率看起來不錯，他們已經能夠重新定價他們的部分或全部積壓。那項業務和這樣做的能力是什麼，你不一定能在核心做到這一點？

The core business is our clients provide a purchase order to us for a fixed cost at the advertised price today, it's effective. And we hold to that. Whereas BasX, they're dealing with the end user itself. Most of the time, they're not going through a sales channel partner that's going through contractor base. And it's just a different strategy of go-to-market. So you're much closer to the end user in BasX business model.

核心業務是我們的客戶以今天的廣告價格以固定成本向我們提供採購訂單，這是有效的。我們堅持這一點。而BasX，他們正在與最終用戶本身打交道。大多數時候，他們不會通過承包商基地的銷售渠道合作夥伴。這只是進入市場的不同策略。因此，您在 BasX 商業模式中更接近最終用戶。

That being said, they're able to set things in price because they have such a long duration. For instance, this $16.2 million contract, they do want it pretty quick, relatively as quick as we can build it, which is going to be Q1 of '23. Maybe a little bit of it in Q4 of '22. But they have committed to us all the way through what they need for 2024. Well, they're not writing purchase orders to us yet because we need to negotiate what that price is. If we see an escalation in cost, then we have a formula we've discussed with them about how we very transparently -- so that we can maintain our margins.

話雖如此，他們之所以能夠定價，是因為它們的持續時間如此之長。例如，這份 1620 萬美元的合同，他們確實希望它很快，相對來說我們可以建造它的速度，這將是 23 年的第一季度。也許在 22 年第四季度會有一點點。但是他們一直向我們承諾 2024 年他們需要的東西。好吧，他們還沒有給我們寫採購訂單，因為我們需要協商這個價格是多少。如果我們看到成本上升，那麼我們已經與他們討論了一個關於我們如何非常透明的公式 - 這樣我們就可以保持我們的利潤。

Well, that's just the difference in dealing with the end user that's actually purchasing the equipment as opposed to a mechanical contractor that purchased it from our sales channel partner and sells it to a general contractor who sells it to an owner. So there's just 2 or 3 steps that are removed in BasX process that allow that to happen. I hope that's clear to that (inaudible) too cloudy for you.

嗯，這只是與實際購買設備的最終用戶打交道的區別，與從我們的銷售渠道合作夥伴處購買設備並將其出售給將其出售給所有者的總承包商的機械承包商不同。因此，BasX 流程中僅刪除了 2 或 3 個步驟，從而允許這種情況發生。我希望這對你來說很清楚（聽不清）太陰天了。

It's good, Gary. I appreciate it. Any thoughts on chip plant legislation, what that might mean for the company core or BasX?

很好，加里。我很感激。關於芯片廠立法的任何想法，這對公司核心或 BasX 可能意味著什麼？

Yes. So Intel themselves have been a longtime client of BasX and some of their people there, other chip manufacturers as well. We're doing some clean room work with them now. We're looking at more -- we're looking at doing makeup air units and things for them.

是的。所以英特爾自己一直是 BasX 的長期客戶，以及他們那裡的一些人，其他芯片製造商也是如此。我們現在正在和他們一起做一些潔淨室工作。我們正在研究更多——我們正在考慮為他們做補給空氣裝置和東西。

Basically, they'd like for us to do probably more than we can. So that is going to be where -- I was talking about some of these more complex equipment that the Redmond facility is capable of building that we're not capable of building in any of the legacy AAON plants. So that's why moving some of the simple product that they were building in Redmond to an AAON plant is so sensible because it gives them manufacturing space and capacity for these very complex units. These makeup air units for a chip manufacturer. They're monstrous, and they've got just an immense amount of piping and controls -- and I mean, they're like giant equipment rooms. They assemble in 2 or 3 pieces, maybe 4 pieces sometimes. And in Redmond, they have the ability to put that whole thing together in one piece on the plant floor so that they make sure everything fits and aligns and all of that. We just can't do that in our other facilities.

基本上，他們希望我們做的可能比我們能做的更多。所以這將是 - 我在談論雷德蒙德工廠能夠建造的一些更複雜的設備，而我們無法在任何傳統的 AAON 工廠中建造這些設備。這就是為什麼將他們在雷德蒙德建造的一些簡單產品轉移到 AAON 工廠如此明智的原因，因為這為他們提供了製造這些非常複雜的單元的空間和能力。這些為芯片製造商補充空氣單元。它們很可怕，而且只有大量的管道和控制裝置——我的意思是，它們就像巨大的設備室。它們組裝成 2 或 3 件，有時可能是 4 件。在雷德蒙德，他們有能力在車間將整個東西放在一起，這樣他們就可以確保一切都適合和對齊等等。我們只是不能在我們的其他設施中做到這一點。

Our next question will come from Jon Braatz with Kansas City Capital.

我們的下一個問題將來自堪薩斯城首都的 Jon Braatz。

Gary, did any -- did the supply chain issues that you have pressure your volumes at all? Were you at times unable to get some product out the door? And would volumes have been a little bit better in the second quarter?

加里，有沒有 - 您遇到的供應鏈問題是否對您的銷量造成了壓力？您是否有時無法將某些產品推出市場？第二季度的銷量會好一些嗎？

Not significantly, Jon. The way it works, and I'll share this with you every day at a bit after 6:00, our production -- our Director of Manufacturing sends me a report that how many units came off of what line. How many total units are shipped and what the total dollar volume is, okay? That's in the Tulsa plant. And I get the same thing from the Longview plant.

不顯著，喬恩。它的工作方式，我將在每天 6:00 之後與您分享，我們的生產——我們的製造總監向我發送了一份報告，說明有多少單位從哪條生產線上下來。總出貨量是多少，總金額是多少，好嗎？那是在塔爾薩工廠。我從 Longview 工廠得到了同樣的東西。

Well, we have expected dollars per day. And when I see it right on that, I don't have any questions. When I see it under that, I usually put a question mark and then I get a report back that will say short some parts this that and the other. Well, then 1 or 2 days later, I see a great big number coming in. So they had some number of units that were 99.9% completed, waiting on this 0.1% part. They couldn't send it to shipping, so it wouldn't qualify for this report.

好吧，我們預計每天有美元。當我看到這一點時，我沒有任何問題。當我在下面看到它時，我通常會打一個問號，然後我會收到一份報告，其中會說一些簡短的部分。好吧，然後 1 或 2 天后，我看到大量的進來。所以他們有一些完成了 99.9% 的單元，等待這 0.1% 的部分。他們無法將其發送到運輸，因此它不符合此報告的條件。

So I'm seeing things delayed 2, 3 days at the most, but I'm not seeing things weeks or months. And I get this report, I'm looking at them here, 6:08, 6:22, 6:04, just after 6:00 every night. And I just eagerly anticipate that report, and mostly the numbers are what I expect. And we've increased production even more in August than what we did July increased production over June, and August has increased again. Now part of this is tempered by price because we're getting that 8% higher price on a lot of this. So I have to go back and do some, I call it, napkin math to get me back to see what my actual volume growth is, but we're certainly getting volume growth, too.

所以我看到事情最多延遲 2、3 天，但我沒有看到事情幾週或幾個月。我收到這份報告，我正在這裡查看它們，6:08、6:22、6:04，每晚 6:00 之後。我只是熱切地期待這份報告，而且大部分數字都是我所期望的。而且我們在 8 月份的產量增加幅度甚至超過了 7 月份比 6 月份增加的產量，而且 8 月份再次增加。現在，其中一部分受到價格的影響，因為我們在其中很多方面都獲得了高出 8% 的價格。所以我必須回去做一些，我稱之為餐巾紙數學，讓我回來看看我的實際銷量增長是多少，但我們當然也在銷量增長。

We've gotten more people on the plant floor. We've gotten them up to speed where they're productive now. And so that's why we're very confident that we've turned the corner on the worst part of this. And the other thing, I don't know how much of this we described in the Q. I think we described it. We had an 8% price increase in January, a 7% in March, but starting June 1, we were going up 1% per month until further notice.

我們已經讓更多的人在工廠車間工作。我們已經讓他們加快了他們現在的生產力。這就是為什麼我們非常有信心，我們已經在最糟糕的部分上扭轉了局面。另一件事，我不知道我們在 Q 中描述了多少。我想我們已經描述了。 1 月份我們的價格上漲了 8%，3 月份上漲了 7%，但從 6 月 1 日開始，我們每月上漲 1%，直至另行通知。

Well, what this amounted to is once we got the 8% on the plant floor and got 7% on the plant floor, I felt like that we had caught up and maybe even got a little ahead of the price/cost scenario with gross margin that we should be towards the upper end of our range is my anticipation from everything that we're projecting. Well, as that occurred, I said, well, if we're at 9% inflation rate, that's almost -- that's what 0.75% a year. I'd like to stay just a little ahead of that. I want to go up 1% a month.

好吧，這相當於一旦我們在車間獲得 8% 並在車間獲得 7%，我覺得我們已經趕上了，甚至可能在毛利率的價格/成本情景中領先一點我們應該接近我們範圍的上限是我對我們所預測的一切的預期。好吧，發生這種情況時，我說，好吧，如果我們的通貨膨脹率是 9%，那幾乎是 - 這就是每年 0.75%。我想保持領先一點。我想一個月漲1%。

So I'm trying -- I think we're between the guardrails on the range of gross margin that we anticipate is our preferred range. We're going to end the year probably towards the higher end of that range. But that 1% per month is going to keep us there from now on out. And especially with materials, steel, copper and aluminum have all subsided in pricing, components have not, however. Motors, compressors, variable frequency drives, all the electrical stuff. It's still going up. But when you take it in total, and I just did this analysis with our people earlier today, we're kind of flattish on material cost right now at this point in the game.

所以我正在嘗試 - 我認為我們在我們預期的毛利率範圍內處於護欄之間，這是我們的首選範圍。我們將在今年結束時可能會接近該範圍的高端。但是，從現在開始，每月 1% 的費用將讓我們保持穩定。尤其是在材料方面，鋼、銅和鋁的價格都下降了，但組件卻沒有。電機、壓縮機、變頻驅動器，所有電氣設備。它還在上漲。但是當你把它綜合起來，我今天早些時候剛剛和我們的人做了這個分析，我們現在在遊戲的這個階段對材料成本有點平淡。

That's good. Good. A couple of questions on BasX. When you acquired BasX, you had expressed the hope that as part of AAON you will be able to work with larger customers, larger data centers. Number one question, are you seeing that coming to fruition?

那挺好的。好的。關於 BasX 的幾個問題。當您收購 BasX 時，您曾表示希望作為 AAON 的一部分，您將能夠與更大的客戶、更大的數據中心合作。第一個問題，你看到它實現了嗎？

And then secondly, BasX basically was doing sort of about $100 million in revenue, something like that. Given the strength of their business, what's happening in Longview, how do you see that revenue potential now at BasX relative to when you acquired them?

其次，BasX 基本上是在做大約 1 億美元的收入，類似的。鑑於他們的業務實力，Longview 正在發生什麼，你如何看待 BasX 現在相對於你收購他們時的收入潛力？

Well, let's, okay, let's do 2 -- you had 2 questions there. So I'll bifurcate them. So the first one is, absolutely.

好吧，好吧，讓我們做 2 - 你有 2 個問題。所以我將它們分叉。所以第一個是，絕對的。

So this data center customer that gave us the $16.2 million order for a BasX product. For 15 years, they've been buying AAON for their ancillary areas, but they've never bought AAON or AAON affiliated for their core data hall. So we're still supplying them legacy AAON equipment for their building pressurization and humidity control. But now we're providing them equipment for the core data hall. And that was the target. That was the whole concept was that these customers that we had for many years, we had a very, very small footprint of participation of their HVAC needs, and now we can take care of a huge tranche of their needs. So there's the first customer that signed up with us with BasX as a result of that.

所以這個數據中心客戶給了我們 1620 萬美元的 BasX 產品訂單。 15年來，他們一直在為他們的附屬領域購買AAON，但他們從未為他們的核心數據大廳購買過AAON或附屬的AAON。因此，我們仍在為他們提供傳統的 AAON 設備，用於建築增壓和濕度控制。但現在我們正在為他們提供核心數據大廳的設備。這就是目標。整個概念是，我們擁有多年的這些客戶，我們參與他們的暖通空調需求的足跡非常非常小，現在我們可以滿足他們的大量需求。因此，第一個客戶與我們簽約使用 BasX。

Now we've got multiple other customers that are in the same scenario. Those are some of the negotiations. I feel very confident that we're going to have a favorable outcome because they've been AAON customers for many years, been very, very confident and respectful of what AAON has done for them, and we have a mutual respect for each other. And now that we're in this business and we've proven that with BasX, we can do this, we're getting these opportunities.

現在我們有多個其他客戶處於相同的場景中。這些是一些談判。我非常有信心我們將取得有利的結果，因為他們多年來一直是 AAON 的客戶，對 AAON 為他們所做的一切非常、非常有信心和尊重，我們相互尊重。現在我們從事這項業務，並且我們已經證明，有了 BasX，我們可以做到這一點，我們正在獲得這些機會。

Now let's talk about the revenue synergy to it. So BasX was, we'll say, roughly $100 million of anticipated revenue for '22. And I think that's still going to be relatively close. I think they might be right in that range. As you saw, they did -- they've done, what, nearly half of that so far this year. What have they done so far, Rebecca?

現在讓我們談談它的收入協同效應。因此，我們會說，BasX 在 22 年的預期收入約為 1 億美元。我認為這仍然會比較接近。我認為他們可能在那個範圍內。正如你所看到的，他們做到了——他們已經做到了，今年到目前為止，他們做到了近一半。到目前為止，他們做了什麼，麗貝卡？

$12 million.

1200萬美元。

No, no, for the year. BasX revenue.

不，不，這一年。 BasX 收入。

I'm sorry, that was gross profit. Yes, $45.5 million.

對不起，那是毛利潤。是的，4550 萬美元。

So they've done $45.5 million, and they're accelerating. So they're probably going to end up just north of $100 million. Now when we build this BasX product in Longview, it won't go on BasX P&L because it's built in the Longview plant. It will go on their P&L. So we'll be giving commentary to that to show you what that is. But right now, the Longview plant is also growing tremendously. What's our volume this quarter on Longview? You segment that out.

所以他們已經完成了 4550 萬美元，而且還在加速。所以他們最終可能會在 1 億美元以上。現在，當我們在 Longview 製造這款 BasX 產品時，它不會繼續使用 BasX 損益表，因為它是在 Longview 工廠製造的。它將繼續他們的損益表。因此，我們將對此進行評論，以向您展示那是什麼。但現在，Longview 工廠也在迅猛發展。本季度我們在 Longview 的銷量是多少？你把它分割出來。

Yes, we do.

是的，我們有。

Should have been about $27 million, $26 million, $27 million? Or is it?

應該是 2700 萬美元、2600 萬美元、2700 萬美元？或者是嗎？

While Rebecca is looking for that. So the thing is as Longview is running on pace to do $100 million, which is doubling their business, but this opportunity to build these computer room air handling units there is going to double that.

而麗貝卡正在尋找那個。所以事情是，Longview 正朝著 1 億美元的目標邁進，這使他們的業務翻了一番，但是這個在那裡建造這些機房空氣處理機組的機會將翻一番。

41.9% increase in units sold for Longview.

Longview 的銷售單位增加了 41.9%。

Yes, but that still didn't give me the volume of -- we're running at a pace to do just ride out $100 million in Longview in the legacy product. And then this new product, it won't have a material impact on 2022. We're going to build prototype units for testing next week. And we're going to bring that owner in to review those because there's 2 different ways that we've explored building it. And from a cabinet construction methods and we're going to make some decisions on it, and then we'll probably get everything together supply chain-wise, and we might deliver some units in December, but I don't really look to deliver too much before that. They really don't need units until May of '23. They're looking at how they can store before that. We'd like to materially build that order in January and February, and then that allows us to really get the year started building $8 million, $10 million a month of those kind of products, in addition to the $10 million or so of legacy products.

是的，但這仍然沒有給我足夠的數量 - 我們正在以一種速度在Longview的舊產品中度過1億美元。然後是這個新產品，它不會對 2022 年產生實質性影響。我們將在下週製造原型單元進行測試。我們將邀請該所有者進行審查，因為我們已經探索了兩種不同的構建方式。從櫥櫃的建造方法來看，我們將對此做出一些決定，然後我們可能會在供應鏈方面將所有東西整合在一起，我們可能會在 12 月交付一些單元，但我真的不打算交付在那之前太多了。直到 23 年 5 月，他們才真正需要單位。他們正在研究如何在此之前進行存儲。我們希望在 1 月和 2 月實質性地建立該訂單，然後這使我們能夠真正開始在這一年開始製造 800 萬美元、每月 1000 萬美元的此類產品，此外還有 1000 萬美元左右的遺留產品.

There are no further questions at this time. This will conclude the question-and-answer session. I'd like to turn the conference back over to the company for any closing remarks.

目前沒有其他問題。這將結束問答環節。我想把會議轉回給公司做任何閉幕詞。

All right. Thanks, Cole. I'd like to thank everyone for joining on today's call. If anyone has any questions over the coming days and weeks, please feel free to reach out to myself. Have a great rest of the day, and we look forward to speaking with you in the future. Thanks. Bye.

好的。謝謝，科爾。我要感謝大家參加今天的電話會議。如果有人在接下來的幾天和幾週內有任何疑問，請隨時與我本人聯繫。好好休息一天，我們期待著未來與您交談。謝謝。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。你現在可以在這個時候斷開你的線路。