Aaon Inc (AAON) 2023 Q1 法說會逐字稿

Welcome to the AAON, Inc. First Quarter 2023 Earnings Conference Call. Our host for today's call is Joe Mondillo, Director of Investor Relations. (Operator Instructions).

歡迎來到 AAON, Inc. 2023 年第一季度收益電話會議。今天電話會議的主持人是投資者關係總監 Joe Mondillo。 （操作員說明）。

I would now like to turn the call over to your host. Mr. Mondillo, you may begin, sir.

我現在想把電話轉給您的主持人。蒙迪羅先生，您可以開始了，先生。

Thank you, operator, and good afternoon, everyone. The press release announcing our first quarter financial results was issued after market closed today, and can be found on our website, aaon.com. The call today is accompanied with a presentation that you can also find on our website as well as on the listen-only webcast.

謝謝接線員，大家下午好。宣布我們第一季度財務業績的新聞稿是在今天收市後發布的，可以在我們的網站 aaon.com 上找到。今天的電話會議附有演示文稿，您也可以在我們的網站和只聽網絡廣播中找到該演示文稿。

Please go to Slide 2 of the presentation. We begin with our customary forward-looking statement policy. 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 as amended. As such, it is subject to the occurrence of many events outside of AAON's control that could cause AAON's results to differ materially from those anticipated. You're also aware of the inherent difficulties, risks and uncertainties in making predictive statements.

請轉到演示文稿的幻燈片 2。我們從我們慣常的前瞻性聲明政策開始。在電話會議期間，根據 1995 年證券訴訟改革法、1933 年證券法和 1934 年證券交易法的安全港條款，任何處理非歷史信息的陳述均被視為前瞻性陳述，每個都經過修改。因此，它受制於 AAON 無法控制的許多事件的發生，這些事件可能導致 AAON 的結果與預期的結果存在重大差異。您還意識到在做出預測性陳述時存在的內在困難、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 10-Q 表格詳細說明了一些可能導致我們的實際結果與預測結果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。

Joining me on today's call is Rebecca Thompson, CFO and Treasurer; and Gary Fields, President and CEO. Gary will provide some opening remarks Rebecca will then walk through the quarterly results, and we'll then finish with Gary for some commentary on the quarter and outlook.

和我一起參加今天電話會議的是首席財務官兼財務主管麗貝卡湯普森 (Rebecca Thompson)；總裁兼首席執行官 Gary Fields。加里將提供一些開場白麗貝卡然後將介紹季度業績，然後我們將與加里一起結束對季度和前景的一些評論。

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

有了這個，我會把電話轉給加里。

Good afternoon, Overall, we're very pleased with our first quarter results. We reported record sales for a fifth straight quarter. Organic volume was up year-over-year 23.5%. That was against a quarter a year ago, where organic volume was up 21.3%. Our operations team is doing a great job managing the robust demand by increasing production capacity quickly while maintaining solid productivity.

下午好，總的來說，我們對第一季度的業績感到非常滿意。我們連續第五個季度公佈了創紀錄的銷售額。有機銷量同比增長 23.5%。與一年前的一個季度相比，有機銷量增長了 21.3%。我們的運營團隊通過快速提高產能同時保持穩定的生產力，在管理強勁需求方面做得非常出色。

Backlog continued to grow. Quarter marked the seventh straight quarter of record backlog and a ninth straight quarter that backlog grew sequentially. Despite how successful we've been with adding production capacity, bookings continue to outpace production. The environment for us remains positive. Bookings trends are still on the rise, and our channel partners are very optimistic. Thus, we maintain a positive outlook for the year.

積壓繼續增長。本季度標誌著積壓訂單連續第七個季度創紀錄，積壓訂單連續第九個季度環比增長。儘管我們在增加生產能力方面取得了多麼成功，但預訂量繼續超過生產量。我們的環境仍然是積極的。預訂趨勢仍在上升，我們的渠道合作夥伴非常樂觀。因此，我們對今年的前景保持樂觀。

I'll now hand over the call to Rebecca to go over the financial results.

我現在將電話轉給麗貝卡，讓她審查財務結果。

Thank you, Gary. I'd like to begin by discussing the comparative results of the 3 months ended March 31, 2023, versus March 31, 2022. Please turn to Slide 4. Net sales increased 45.5% to $266 million from $182.8 million, the largest driving factor to the growth was organic volume, which contributed 23.5%. Volume growth reflected the company's strong backlog at the start of the quarter as well as a fourth straight quarter of record production, which reflects the company's success of attracting and retaining employees, along with continuously adapting to parts shortages. In addition to volume, pricing contributed 22%.

謝謝你，加里。我想首先討論截至 2023 年 3 月 31 日的三個月與截至 2022 年 3 月 31 日的比較結果。請轉到幻燈片 4。淨銷售額從 1.828 億美元增長 45.5% 至 2.66 億美元，這是增長是有機銷量，貢獻了23.5%。銷量增長反映了公司在本季度初的大量積壓以及連續第四個季度創紀錄的產量，這反映了公司在吸引和留住員工以及不斷適應零件短缺方面的成功。除銷量外，定價也貢獻了 22%。

Moving to Slide 5. Gross profit increased 67.5% to $77.2 million from $46.1 million. As a percentage of sales, gross profit was 29% compared to 25.2% in the first quarter of 2022. The increase in gross profit was primarily due to realization of price increases, counteracting the increasing cost of materials and labor. Within the quarter, we incurred some onetime expenses related to the improvement of employee benefits. This explains the majority of the contraction in gross profit margin compared to the fourth quarter of 2022.

轉到幻燈片 5。毛利潤從 4610 萬美元增長 67.5% 至 7720 萬美元。毛利潤佔銷售額的百分比為 29%，而 2022 年第一季度為 25.2%。毛利潤的增長主要是由於實現價格上漲，抵消了材料和勞動力成本的增加。在本季度內，我們發生了一些與改善員工福利相關的一次性費用。這解釋了與 2022 年第四季度相比毛利率收縮的主要原因。

Please turn to Slide 6. Selling, general and administrative expenses increased 42.9% to $32.9 million from $23.1 million in the first quarter of 2022. As a percentage of sales, SG&A decreased to 12.4% from 12.6% in the first quarter of 2022. The increase in dollars is primarily attributable to salaries and benefits and profit sharing, which have increased as a result of our growing head count, employee pay increases and benefit improvements discussed above.

請轉到幻燈片 6。銷售、一般和管理費用從 2022 年第一季度的 2310 萬美元增長 42.9% 至 3290 萬美元。SG&A 佔銷售額的百分比從 2022 年第一季度的 12.6% 下降至 12.4%。美元的增加主要歸因於工資和福利以及利潤分享，由於我們的員工人數增加、員工工資增加和上述福利改善，這些都增加了。

Please turn to Slide 7. Income from operations increased 92.1% to $44.2 million from $23 million in the year ago quarter. As a percent of sales, operating margin expanded to 16.6% from 12.6% in the first quarter of 2022.

請轉到幻燈片 7。運營收入從去年同期的 2300 萬美元增長 92.1% 至 4420 萬美元。作為銷售額的百分比，營業利潤率從 2022 年第一季度的 12.6% 擴大至 16.6%。

Moving to Slide 8. Diluted earnings per share increased 103% and to $0.67 per share from $0.33 per share. In the quarter, we benefited from a large excess tax benefit of $3.8 million associated with depreciation of AAON stock, including discrete events, we continue to anticipate a tax rate of 24.3% through the rest of the year.

轉到幻燈片 8。稀釋後每股收益增長 103%，從每股 0.33 美元增至每股 0.67 美元。在本季度，我們受益於與 AAON 股票貶值相關的 380 萬美元的大量超額稅收優惠，包括離散事件，我們繼續預計今年剩餘時間的稅率為 24.3%。

Turning to Slide 9. Our balance sheet remains strong. Unrestricted cash totaled $2.5 million on March 31, 2023, and debt at the end of the quarter totaled $83.7 million. Within the quarter, we borrowed $12.7 million on our line of credit. Our leverage ratio of 0.47 was essentially in line with what it was a year ago and at the end of the prior quarter. The increase in debt was primarily related to investments in working capital.

轉到幻燈片 9。我們的資產負債表依然強勁。 2023 年 3 月 31 日，不受限制的現金總額為 250 萬美元，本季度末的債務總額為 8370 萬美元。在本季度內，我們通過信用額度借入了 1270 萬美元。我們 0.47 的槓桿率與一年前和上一季度末的水平基本一致。債務增加主要與營運資本投資有關。

We had a working capital balance of $246.3 million at March 31, 2023, versus $203.5 million at December 31, 2022, and $169.5 million at March 31, 2022. The investment in working capital was made to help facilitate the robust volume growth while also helping mitigate supply chain issues. We anticipate working capital will become a source of cash in the second half of the year. Along with improved earnings, cash flow from operations will improve significantly throughout the year, helping pay down debt and finance projects.

截至 2023 年 3 月 31 日，我們的營運資金餘額為 2.463 億美元，而 2022 年 12 月 31 日為 2.035 億美元，2022 年 3 月 31 日為 1.695 億美元。對營運資金的投資有助於促進銷量的強勁增長，同時也有助於緩解供應鏈問題。我們預計營運資金將在下半年成為現金來源。隨著收益的改善，全年運營現金流將顯著改善，有助於償還債務和資助項目。

Capital expenditures for the first 3 months of the year were $28.9 million, up 106.2% from a year ago. We continue to expect capital expenditures for the year to be approximately $135 million, which equates to more than 150% year-over-year growth. We monitor our growth trajectory and capacity utilization regularly and we'll continue to invest in long-term growth.

今年前 3 個月的資本支出為 2890 萬美元，同比增長 106.2%。我們繼續預計今年的資本支出約為 1.35 億美元，相當於同比增長 150% 以上。我們會定期監控我們的增長軌跡和產能利用率，並將繼續投資於長期增長。

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

有了這個，我現在將把電話轉回給加里。

Please turn to Slide 10. As I said in my opening remarks, we're very pleased with the first quarter. Our operations continued to perform well in Q1, and I continue to commend the team for their performance. Every quarter in the recent past, the company is pushing more volume through our 3 plants than we've ever seen before. Organic volume growth was up 23.5%, and on a 2-year stack, it was up 44.8%. We have made great strides in increasing our production capacity to allow for this growth.

請轉到幻燈片 10。正如我在開場白中所說，我們對第一季度感到非常滿意。我們的運營在第一季度繼續表現良好，我繼續讚揚團隊的表現。在最近的每個季度，公司都在通過我們的 3 個工廠推動比以往任何時候都多的產量。有機銷量增長了 23.5%，在 2 年的疊加中，增長了 44.8%。為了實現這種增長，我們在提高生產能力方面取得了長足進步。

Total headcount was up 27.3% from a year ago and up 10.4% from the end of 2022. We continue to do a great job at onboarding new employees. More importantly, we are efficiently integrating them into our operations so as not to disrupt productivity and profitability.

總員工人數比一年前增加了 27.3%，比 2022 年底增加了 10.4%。我們在新員工入職方面繼續做得很好。更重要的是，我們正在有效地將它們整合到我們的運營中，以免影響生產力和盈利能力。

We are also investing in new equipment. Sheet metal production is running at high utilization rates. We're investing in new Salvagnini machines, both to replace old machines that will enable us to increase productivity as well as to add incremental sheet metal production. Supply chain issues continue to be a challenge. They seem to be slowly improving, but they still very much exist. This continues to weigh on productivity and output. Without them, volumes most likely would be stronger and productivity certainly would be better. That said, our productivity associated with dealing with these issues continues to improve.

我們也在投資新設備。鈑金生產的利用率很高。我們正在投資新的 Salvagnini 機器，以取代舊機器，這將使我們能夠提高生產率，並增加鈑金產量。供應鏈問題仍然是一個挑戰。它們似乎正在慢慢改進，但它們仍然非常存在。這繼續影響生產力和產出。沒有它們，銷量很可能會更強，生產率肯定會更好。也就是說，我們處理這些問題的效率在不斷提高。

Lastly, volume growth was also a reflection of our premier sales channel and the backlog our rep partners have been able to generate for us. AAON has never been more aligned with its sales channel partners and has never supported them as much as we are now. Last month, we had the grand opening of our Exploration Center located at our headquarters in Tulsa. This is the latest example of how we are supporting our partners. This is a first of its kind in the industry. The building is a 27,000 square foot showroom that showcases our equipment side-by-side other market alternatives. Nowhere to this scale can customers go to see and compare AAON product next to market alternatives. Sales reps will use this to help customers better understand the value proposition that AAON equipment provides. Our sales channel has never been as strong as it is right now, and we're giving them more tools to help them to be even more successful.

最後，銷量增長也反映了我們主要的銷售渠道以及我們的代表合作夥伴能夠為我們產生的積壓訂單。 AAON 從未像現在這樣與其銷售渠道合作夥伴保持一致，也從未像現在這樣大力支持他們。上個月，我們位於塔爾薩總部的探索中心隆重開幕。這是我們如何支持我們的合作夥伴的最新例子。這在業內尚屬首次。該建築是一個 27,000 平方英尺的陳列室，將我們的設備與其他市場替代品並排展示。在這種規模下，客戶無法將 AAON 產品與市場替代品進行對比。銷售代表將使用它來幫助客戶更好地理解 AAON 設備提供的價值主張。我們的銷售渠道從未像現在這樣強大，我們正在為他們提供更多工具來幫助他們取得更大的成功。

Now please turn to Slide 11. I want to discuss our gross margin performance and outlook. The 29% we posted in the quarter was in line with our internal expectations. As we stated on our fourth quarter call, and as Rebecca stated today, there were some onetime expenses that weighed on the margin. We anticipated the fourth -- the first quarter to be a low watermark, and continue to expect improvement throughout the year. In addition to certain expenses in the first quarter not recurring, we have more price coming.

現在請轉到幻燈片 11。我想討論我們的毛利率表現和前景。我們在本季度公佈的 29% 符合我們的內部預期。正如我們在第四季度電話會議上所說的那樣，正如麗貝卡今天所說的那樣，有一些一次性費用影響了利潤率。我們預計第四季度 - 第一季度將是一個低水位線，並繼續期望全年有所改善。除了第一季度的某些費用不是經常性的，我們還有更多的價格要來。

Meanwhile, input cost inflation is moderating. Productivity is also expected to improve throughout the year. Most head count additions will occur in the first half of the year. As that new head count is integrated, trained and fully up to speed, we expect productivity will improve, which we expect will occur in the second half of the year. All in all, we maintain the view that 2023 gross margin will be better than the fourth quarter of 2022.

與此同時，投入成本通脹正在放緩。預計全年生產率也將提高。大多數員工人數增加將發生在今年上半年。隨著新員工人數的整合、培訓和全面提升，我們預計生產率將會提高，我們預計這將在今年下半年發生。總而言之，我們維持 2023 年毛利率將好於 2022 年第四季度的觀點。

Now moving to Slide 12. Overall demand remains very strong. Bookings in the first quarter were the strongest of any quarter since the first quarter of last year. And if not for a large price increase we had on March 30 of last year, which resulted in a big pull forward of orders, this past quarter would have likely been a company record. Despite the robust growth in volumes and significant increase in production capacity, bookings continued to outpace sales. Total backlog was up 30% from a year ago and up 9.5% from the end of the fourth quarter. Many factors are contributing to the robust demand, including favorable lead times, a narrowing price premium between our equipment and market alternatives, the attractive value proposition that AAON equipment has to offer, the strengthening of our sales channel, robust growth at BasX and favorable secular market trends related to decarbonization, electrification, energy efficiency and new governmental regulations.

現在轉到幻燈片 12。總體需求仍然非常強勁。第一季度的預訂量是自去年第一季度以來最強勁的季度。如果不是去年 3 月 30 日的大幅提價導致訂單大幅提前，上個季度很可能會創下公司記錄。儘管銷量強勁增長且產能顯著增加，但預訂量繼續超過銷售量。總積壓訂單比一年前增加了 30%，比第四季度末增加了 9.5%。許多因素促成了強勁的需求，包括有利的交貨時間、我們的設備和市場替代品之間的價格溢價縮小、AAON 設備必須提供的有吸引力的價值主張、我們銷售渠道的加強、BasX 的強勁增長和有利的長期與脫碳、電氣化、能源效率和新政府法規相關的市場趨勢。

Please turn to Slide 13. Our lead times have continued to extend. We still maintained industry best lead times, but the gap has begun to narrow. We're doing our best at reversing this with the investments we're making in production capacity. CapEx is expected to be up 150% this year, of which a vast majority is related to increasing production, and we're increasing head count. Considering that, I'm optimistic that lead times have peaked.

請轉到幻燈片 13。我們的交貨時間繼續延長。我們仍然保持行業最佳交貨時間，但差距已經開始縮小。我們正在盡最大努力通過我們在生產能力方面的投資來扭轉這種局面。今年的資本支出預計將增長 150%，其中絕大部分與增加產量有關，而且我們正在增加員工人數。考慮到這一點，我對交貨時間已經達到頂峰持樂觀態度。

Please turn to Slide 14. Demand continues to be fairly broad-based as far as end markets. Data centers and semiconductor markets are very strong. BasX had a very good quarter as far as bookings. The K-12 education vertical is solid. Health care and manufacturing are also still very good. We continue to see robust demand in the grow facility market. And while new construction warehouse is slowing, the end market remains good for us due to retrofit work. Overall, demand for us is solid across most of the board.

請轉到幻燈片 14。就終端市場而言，需求仍然相當廣泛。數據中心和半導體市場非常強勁。 BasX 在預訂方面有一個非常好的季度。 K-12 教育垂直是堅實的。醫療保健和製造業也仍然很好。我們繼續看到增長設施市場的強勁需求。雖然新建倉庫正在放緩，但由於改造工作，終端市場仍然對我們有利。總體而言，對我們的需求在大多數情況下都是穩定的。

Sentiment among our channel partners remains positive. Compared to a year ago, it may not be quite as strong, but overall sentiment is still very positive. Macro data is also still solid. Construction spending is now well beyond pre-pandemic levels and construction starts are at the strongest levels in years. The ABI and the Dodge Momentum Index, which track the pipeline of nonresidential projects early in the planning stages, have recently peaked, but they still imply the pipeline is still at historically high levels.

我們的渠道合作夥伴之間的情緒仍然積極。與一年前相比，可能沒有那麼強勁，但整體情緒仍然非常積極。宏觀數據也依然穩固。建築支出現在遠遠超過大流行前的水平，建築開工率也達到多年來的最高水平。 ABI 和道奇動量指數在規劃階段早期跟踪非住宅項目的管道，最近已見頂，但它們仍然暗示管道仍處於歷史高位。

Please move to Slide 15. Parts sales grew 38.5% in the quarter. And on a 2-year stack, they were up 88.6%. The business declined to 5.3% of total sales, but that was due to the robust growth of equipment sales. We remain optimistic through the rest of the year. Despite the positive outlook, parts continue to feel effects from the supply chain issues. As those issues dissipate, we expect parts sales accelerate. Long term, we continue to anticipate this business will become a larger part of the company, both on a sales and profitability basis.

請轉到幻燈片 15。本季度零件銷售額增長了 38.5%。在 2 年的堆棧中，它們上漲了 88.6%。該業務下降至總銷售額的 5.3%，但這是由於設備銷售額的強勁增長。在今年餘下的時間裡，我們仍然保持樂觀。儘管前景樂觀，但零件繼續受到供應鏈問題的影響。隨著這些問題的消散，我們預計零部件銷售會加速。從長遠來看，我們繼續預計這項業務將成為公司的更大一部分，無論是在銷售額還是盈利能力的基礎上。

Now please turn to Slide 16. Before finishing up and handing off the call for Q&A, I want to provide some information on our outlook for the rest of the year. Based on the size and improving margin profile of the backlog, increasing production capacity and productivity, and strong order trends, we anticipate sales and earnings will improve sequentially through at least Q3. We continue to anticipate pricing will be a low double-digit contributor to sales growth for the year.

現在請轉到幻燈片 16。在結束並結束問答環節之前，我想提供一些有關今年剩餘時間展望的信息。根據積壓訂單的規模和不斷改善的利潤率狀況、產能和生產率的提高以及強勁的訂單趨勢，我們預計至少在第三季度銷售額和收益將連續改善。我們繼續預計定價將是今年銷售額增長的低兩位數貢獻者。

For gross profit margin, we anticipate gross margin will improve throughout the year. For SG&A, we're making several investments that will help position the company better for long-term growth. This will limit the operating leverage you usually tend to see with SG&A. We continue to think SG&A as a percent of sales will be slightly higher than what we realized in 2022. Finally, CapEx will be approximately $135 million.

對於毛利率，我們預計全年毛利率將有所改善。對於 SG&A，我們正在進行多項投資，以幫助公司更好地實現長期增長。這將限制您通常傾向於在 SG&A 中看到的運營槓桿。我們仍然認為 SG&A 佔銷售額的百分比將略高於我們在 2022 年實現的水平。最終，資本支出約為 1.35 億美元。

In closing, I want to finish by thanking all of our employees, our sales channel partners and our customers. I also want to remind everyone we will be hosting an Investor Day on May 17 and 18 at our headquarters in Tulsa. You can find more details on this event in the Investor Relations section of our website. We will also be attending Wells Fargo's Industrials Conference on June 13. I hope to see some of you at these events.

最後，我想感謝我們所有的員工、我們的銷售渠道合作夥伴和我們的客戶。我還想提醒大家，我們將於 5 月 17 日至 18 日在我們位於塔爾薩的總部舉辦投資者日活動。您可以在我們網站的投資者關係部分找到有關此活動的更多詳細信息。我們還將參加 6 月 13 日的 Wells Fargo 工業大會。我希望能在這些活動中見到你們中的一些人。

Thank you, and I will now open up the call for question and answers.

謝謝，我現在將打開問題和答案的電話。

(Operator Instructions) And our first question comes from Brent Thielman of D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Brent Thielman。戴維森。

Gary, just -- I mean, it looks like still -- real robust orders and backlog here. I didn't see a breakdown of core AAON product [versus] BasX. Maybe if you could just talk to what you're seeing in terms of underlying demand on both sides there in either business line, Gary. And then also what are the sort of the strongest end market drivers for the company today, considering this huge book of business you're building?

加里，只是 - 我的意思是，它看起來仍然 - 真正強大的訂單和積壓在這裡。我沒有看到核心 AAON 產品 [與] BasX 的細分。加里，也許如果你能談談你在任何一條業務線的雙方潛在需求方面所看到的情況。考慮到您正在建立的龐大業務，當今公司最強大的終端市場驅動力是什麼？

Well, the pace at BasX is a little more brisk than the pace at legacy, but there's good, strong bookings at both. When I look back historically -- going back, say, 5 quarters, if I take out the effect of a price increase having pull forward, then bookings overall were at the highest level related to bill that they had been in all those quarters, and legacy stayed just about pace with that. We're still not able to produce as much as we're able to book. So the backlog continues to just accumulate a little bit at a time. I will say that it's coming more in parity for 2 reasons.

好吧，BasX 的節奏比 legacy 的節奏快一點，但兩者都有很好的預訂。當我回顧歷史時——比如說，回溯 5 個季度，如果我去掉價格上漲的影響，那麼總體預訂量處於所有這些季度中與賬單相關的最高水平，並且遺產與此保持同步。我們仍然無法像我們能夠預訂的那樣生產。所以積壓繼續一次只積累一點點。我要說的是，出於兩個原因，它會更加平等。

While one particular reason is the increase in output volume. I mean that's really the key thing. The bookings have not really bent over anything at all. So we're just continuing to increase production. We've got more things in place now. Our head count is up. It continues to accumulate. And we're layering in people at the same pace that we're able to get more parts. So as there's been a lot of talk in a lot of business publications recently about the supply chain issues easing, if not, being a nonissue. I don't want to call them a nonissue. I'll just say that the big sticking points are behind us. Now we just fight with some kind of small things from time to time, but they are still a bit disruptive.

而一個特別的原因是產量的增加。我的意思是這真的是關鍵。預訂並沒有真正屈服於任何事情。所以我們只是繼續增加產量。我們現在已經準備好了更多的東西。我們的人數增加了。它繼續積累。我們正在以我們能夠獲得更多零件的相同速度對人員進行分層。因此，最近許多商業出版物都在談論供應鏈問題的緩解，如果不是，那就不是問題。我不想稱它們為無問題。我只想說，最大的癥結已經過去了。現在只是時不時和一些小事打架，但還是有點擾民。

Okay. And Gary, one of the questions -- I think this dovetails nicely into the next one. But one of the questions we seem to get is when eventually industry lead times normalize, whenever that is, can AAON sustain the market share gains that you've ultimately seen? I'd just love to get your response and perspective on that.

好的。加里，其中一個問題——我認為這與下一個問題很吻合。但我們似乎得到的一個問題是，行業交貨時間最終何時正常化，即 AAON 能否維持您最終看到的市場份額增長？我很想知道您對此的回應和看法。

Yes. We've had sales meetings. We had a eastern half of the United States sales meeting in March. We had a western half about last week or week before. So we had all the sales channel partners together. In between those 2 sales meetings, we had a meeting with the principals introducing them to the grand opening of the new marketing center. All of them assure us that while we did gain some business because of lead time, that those customers now appreciate the value even more since they've got this equipment on their buildings and being able to sustain those customers long term, is very probable. So I don't think that as lead times come together that it's going to be as impactful. It won't be impactful in a negative way. But we did gain because of the lead time initially.

是的。我們開過銷售會議。我們在 3 月份召開了美國東半部的銷售會議。大約上週或前一周我們有一個西半部。因此，我們將所有銷售渠道合作夥伴聚集在一起。在這兩次銷售會議之間，我們與負責人舉行了會議，向他們介紹了新營銷中心的盛大開幕。他們都向我們保證，雖然我們確實因為交貨時間而獲得了一些業務，但這些客戶現在更加欣賞價值，因為他們在他們的建築物上安裝了這種設備並且能夠長期維持這些客戶，這是非常有可能的。所以我不認為隨著交貨時間的到來，它會產生如此大的影響。它不會以負面的方式產生影響。但我們確實從最初的交貨時間中獲益。

Now the next thing is that with the regulations that took effect January 1, 2023, all of our competitors had to raise the energy efficiency of their equipment considerably to get over that threshold. AAON had been over that threshold for a long time and had been priced according to that. In order to meet these 2023 regulations, there's more cost content in the units to do it. So a lot of the price premium had been associated with the difference in energy efficiency. And now they're much closer to us, so that's narrowed the price premium. So then the other value items that are enate to the AAON equipment become more visible stand-alone on themselves. So there's fewer things that you have to evaluate. There's less premium difference. And so for all these reasons, I think that our trajectory is sustainable.

接下來的事情是，根據 2023 年 1 月 1 日生效的法規，我們所有的競爭對手都必須大幅提高其設備的能源效率才能超過這一門檻。 AAON 已經超過這個門檻很長一段時間，並根據那個定價。為了滿足這些 2023 年的規定，單位中有更多的成本內容可以做到。因此，很多價格溢價都與能源效率的差異有關。現在他們離我們更近了，所以價格溢價縮小了。因此，與 AAON 設備相關的其他有價值的物品在其自身上變得更加明顯。所以你需要評估的東西更少了。保費差異較小。因此，出於所有這些原因，我認為我們的軌跡是可持續的。

That's great. Just the last one, understanding the investments [in] facilities, people you've had to make to support the growth and future growth for that matter. But as you move into 2024, do you anticipate being sort of improved SG&A leverage from what you're talking about doing this year?

那太棒了。最後一個，了解對設施的投資，以及為支持該問題的增長和未來增長而必須進行的人員投資。但是，隨著您進入 2024 年，您是否預計 SG&A 的槓桿率會比您今年所說的有所提高？

Yes. It's probable that we'll get some leverage on that. But with the growth trajectory we're on, we're going to have to stay very aggressive at CapEx. What we're putting in place this year solves a lot of problems. But if we continue to grow at this rate for the reason that it takes about 3 years to plan and then get into production a new facility, we'll have to continue to invest there. So some of that hits SG&A and some of the planning processes and so forth.

是的。我們很可能會在這方面獲得一些影響力。但隨著我們所處的增長軌跡，我們將不得不在資本支出方面保持非常積極的態度。我們今年實施的措施解決了很多問題。但如果我們繼續以這種速度增長，因為新設施需要大約 3 年的時間來規劃然後投入生產，我們將不得不繼續在那裡投資。所以其中一些影響了 SG&A 和一些規劃流程等等。

But the other thing to bear in mind is that we utilize a profit-sharing plan for our employees, everyone below the senior leadership team level is eligible for profit sharing, and that's 10% of our pretax profits. So as we become more profitable, there's more attributed to SG&A because of that one event right there. So we will get some leverage eventually, but I don't look for it to be significant or right away.

但要記住的另一件事是，我們為員工採用利潤分享計劃，高級領導團隊級別以下的每個人都有資格分享利潤，這是我們稅前利潤的 10%。因此，隨著我們變得更有利可圖，由於那裡的一個事件，更多的歸因於 SG&A。所以我們最終會獲得一些影響力，但我不認為它很重要或馬上。

Our next question comes from Jonathan Braatz from Oppenheimer.

我們的下一個問題來自奧本海默的 Jonathan Braatz。

Gary, can you talk a little bit about your pricing for the remainder of the year. I think you've been increasing prices 1% per month. What do you see for the remainder of the year?

加里，你能談談今年剩餘時間的定價嗎？我認為你們每個月都在提高 1% 的價格。您對今年餘下的時間有何看法？

We increased prices 1% per month through April. When May 1 occurred, we did not. We hit the pause button. Our FP&A team has done a real good job of projecting where our financial performance will be and they've gone back and calibrated that against actuals so that we know that their algorithms are very accurate or as accurate as possible in a projection theme. And with that, we're certain that we have achieved the financial performance that we've always set as our goals. And with the price increases that are in place now, we believe that the gross margin will continue to increase quarter-over-quarter throughout the year so that when we end the year, it will end at the highest gross margin as a total year that we've had. We also believe that the total year will end up in parity or slightly north of what it was in Q4 of '22.

我們在 4 月份之前每月將價格提高 1%。當 5 月 1 日發生時，我們沒有。我們按下了暫停鍵。我們的 FP&A 團隊在預測我們的財務業績方面做得非常好，他們已經回過頭來根據實際情況進行校準，以便我們知道他們的算法在預測主題中非常準確或盡可能準確。有了這個，我們確信我們已經實現了我們一直設定為目標的財務業績。隨著現在的價格上漲，我們相信全年毛利率將繼續環比增長，因此當我們年底時，它將以全年的最高毛利率結束我們有過。我們還認為，全年將與 22 年第四季度的水平持平或略微偏北。

Yes. Okay. What are you seeing on the competitive front in terms of pricing? Are your competitors continuing to raise price?

是的。好的。您在定價方面的競爭前沿看到了什麼？您的競爭對手是否繼續提價？

Only seen 1 recently that announced another price increase. I haven't seen anything else. But people put price increases in -- late in the fall or earlier in first quarter, coming into effect about now. But those were more or less in line with the accumulation of our 1% price increases per month.

最近只看到1家宣布再次漲價。我還沒有看到其他任何東西。但人們在秋季末或第一季度早些時候提價，現在開始生效。但這些或多或少符合我們每月 1% 的價格上漲的累積。

Okay. Okay. And then lastly, in the quarter, revenues from BasX was about $30 million. And I think that was down from $39 million in the fourth quarter. Is that just a reflection of seasonality? Or is there anything else?

好的。好的。最後，在本季度，BasX 的收入約為 3000 萬美元。我認為這低於第四季度的 3900 萬美元。這只是季節性的反映嗎？或者還有別的嗎？

No, that was supply chain, it was a timing issue because everything that we revenue from them is on a WIP schedule, and we had equipment that we couldn't quite finish because we had little bits and pieces that had not arrived in time. So it's a little bit of a kind of a stair-stepping process. You've got a big unit that's waiting on a few parts in order to get to that complete stage. I look for their revenue to be increasing throughout the year.

不，那是供應鏈，這是一個時間問題，因為我們從他們那裡獲得的所有收入都在 WIP 計劃中，而且我們的設備無法完全完成，因為我們有一些零碎的東西沒有及時到達。所以這有點像一個階梯式的過程。你有一個大單元正在等待幾個部分才能到達那個完整的階段。我希望他們的收入全年都在增長。

Okay. Okay. And is there anything you can say about their backlog versus last year?

好的。好的。與去年相比，您對他們的積壓有什麼要說的嗎？

I don't have the exact percentages in front of me, but it's a tremendous increase. The opportunities just keep coming our way and they keep landing these things. A lot of their backlog has requirements for shipping out in the future a bit, not in accordance with standard lead time, but longer than that because people want to secure that position because they're a critical path to their project being completed on time. So I think that everything we dreamed about when we bought BasX as far as how it would occur with our balance sheet, coupled with their appreciation in the marketplace. Those have all come to fruition, and it's just -- it's probably one of the most outstanding transactions that I've ever been involved in.

我沒有確切的百分比，但這是一個巨大的增長。機會不斷地向我們走來，他們不斷地獲得這些東西。他們的很多積壓訂單都要求在未來發貨，不是按照標準的交貨時間，而是比這更長的時間，因為人們想要確保這個位置，因為這是按時完成項目的關鍵途徑。因此，我認為我們在購買 BasX 時所夢想的一切，包括我們的資產負債表如何發生，以及它們在市場上的升值。這些都取得了成果，這可能是我參與過的最傑出的交易之一。

Our next question comes from Chris Moore from CJS Securities.

我們的下一個問題來自 CJS 證券公司的 Chris Moore。

So maybe the $135 million in CapEx, I think, roughly $100 million of that is for capacity expansion. Can you just kind of help with the math in terms of the additional capacity on a relative basis that this investment will make or provide?

因此，我認為可能有 1.35 億美元的資本支出，其中大約 1 億美元用於產能擴張。您能否根據這項投資將產生或提供的相對基礎上的額外容量來幫助計算數學？

Yes. So we'll dissect it by the 4 different facilities. So we'll start with the smallest facility, Parkville, Missouri, where we manufacture electronics that are control items for our unitary equipment predominantly. The expansion there will more than double their output capabilities.

是的。所以我們將通過 4 個不同的設施來剖析它。因此，我們將從最小的工廠開始，密蘇里州帕克維爾，我們在那裡製造電子產品，這些電子產品主要是我們單一設備的控制項目。那裡的擴張將使他們的輸出能力增加一倍以上。

When we move to the next location, Redmond, Oregon -- BasX, we're building some things that while they had doubled the facility right before we purchased them, in fact, it wasn't quite finished when we got them. They found a way to improve productivity a lot by building, call it, a little bit of an annex building to move one of their processes that was taking up some space that would be better utilized if they were in their own annex facility. So that has the ability to probably raise their production above what they already had, another double-digit percentage, but I'd say low to middle, maybe 20%, 25%.

當我們搬到下一個地點，俄勒岡州雷德蒙德 -- BasX 時，我們正在建造一些東西，雖然他們在我們購買它們之前已經將設施翻了一番，但實際上，當我們得到它們時還沒有完全完成。他們找到了一種提高生產力的方法，方法是建造一點點附屬建築來移動他們的一個流程，這些流程佔用了一些空間，如果他們在自己的附屬設施中，這些空間會得到更好的利用。所以這有可能將他們的產量提高到他們已經擁有的水平之上，另一個兩位數的百分比，但我會說低到中等，可能是 20%、25%。

In Longview, 2 years ago, we put a new building in place. And you've seen the revenue of the coil products -- AAON Coil Products in Longview, you've seen it go up substantially. We had in our mind, in our planning a 5- to 7-year runway before we would have to build the mirror image half of the building. As you recall, we built 3 permanent walls and 1 temporary wall with BasX acquisition and being able to move one of their significant data center products down there for manufacturer, which we've started doing. That used up a lot of our surplus. And so that building actually was -- it wasn't out of capacity ceiling, but it was coming much quicker than we wanted. So we're starting to build the other half of that building. That will give us -- let's say, right now, that building is probably capable of somewhere around $150 million to $180 million in finished products a year, something in that range. It will more than double that.

2 年前，我們在 Longview 建造了一座新大樓。你已經看到線圈產品的收入——朗維尤的 AAON 線圈產品，你已經看到它大幅上升。在我們的腦海裡，在我們必須建造鏡像的一半建築之前，我們計劃了 5 到 7 年的跑道。您還記得，我們通過收購 BasX 建造了 3 面永久牆和 1 面臨時牆，並能夠將他們的重要數據中心產品之一移到那裡供製造商使用，我們已經開始這樣做了。那用掉了我們很多的盈餘。所以那座建築實際上是——它並沒有超出容量上限，但它的到來比我們想要的要快得多。所以我們開始建造那棟建築的另一半。這會給我們——比方說，現在，這座建築可能每年能夠產出大約 1.5 億至 1.8 億美元的成品，在這個範圍內。它將增加一倍以上。

Then in Tulsa, a common interesting conundrum here. So when I first came to the company, I'd walk the plant floor and I'd see all this space that just wasn't being utilized well. And so I took that to a team of people, and they named themselves Space Force. And they've done a tremendous job of repurposing that space. They've gained us probably in excess of 30%, maybe even as close to 40% more usable space. But then we ran into another problem. When we brought all these people on to use that space, we didn't have any parking places. So we bought some land adjoining one of the buildings, so we have more parking. I mean it's funny how some of these little things just manifest themselves like, I didn't think about that. So now we have -- we've closed on that property, so we have plenty of parking spaces.

然後在塔爾薩，這裡有一個常見的有趣難題。所以當我第一次來到公司時，我會在車間裡走走，看到所有這些空間都沒有得到很好的利用。所以我把它帶給了一群人，他們給自己取名為太空部隊。他們在重新利用該空間方面做得非常出色。他們為我們增加了可能超過 30%，甚至可能增加了近 40% 的可用空間。但是後來我們遇到了另一個問題。當我們讓所有這些人使用那個空間時，我們沒有任何停車位。所以我們買了一些毗鄰其中一棟建築的土地，所以我們有更多的停車位。我的意思是有趣的是，這些小事中的一些只是表現出來，就像我沒有考慮過那樣。所以現在我們已經 - 我們已經關閉了那處房產，所以我們有足夠的停車位。

The other thing was that when we're onboarding employees, then we were fairly constrained on the space we had to do that. And you can see we're growing employees quite aggressively. And so we needed more space to do that. We thought the employee experience would be enhanced if we had a discrete location for HR. So if they had anything they wanted to discuss with HR, they weren't standing in front of maybe their supervisors or their peers and have to answer to that question, why did you go to HR today? So one of the buildings we closed on is about maybe a city block and a half, close to 2 city blocks away from the main campus, and we'll be relocating HR over there both for improved onboarding processes and for the discrete nature of it.

另一件事是，當我們對員工進行入職培訓時，我們在必須這樣做的空間上受到相當大的限制。你可以看到我們正在非常積極地培養員工。所以我們需要更多的空間來做到這一點。我們認為，如果我們有一個獨立的 HR 位置，員工體驗將會得到改善。因此，如果他們有任何想與 HR 討論的事情，他們不會站在他們的主管或同事面前，而必須回答這個問題，你今天為什麼去 HR？因此，我們關閉的其中一棟建築可能距離主校區大約一個半街區，接近 2 個街區，我們將把 HR 重新安置在那裡，以改進入職流程和它的離散性.

The other thing that we got with that property was a large building that at one time when we initially started pursuing the property, we envisioned it as potential additional warehouse facility to -- because our inventory has increased so much, we needed warehouse. While we did a reevaluation of the use of that building here recently, and we've decided that we're going to add a coil manufacturing facility in that building we just acquired to supplement the Longview coil manufacturing. That will do 2 or 3 things for us. Number one is it will minimize the freight damage that happens when you're moving coils 2 or 3 times, handling them and moving them 300 miles as opposed to a couple of blocks. The other thing it will do is it will give us the ability for a quick response when we have a change order, and then it just gives us a lot more coil manufacturing capacity.

我們從該物業得到的另一件事是一座大型建築，在我們最初開始追求該物業的時候，我們將其設想為潛在的額外倉庫設施——因為我們的庫存增加了很多，我們需要倉庫。雖然我們最近對該建築物的使用情況進行了重新評估，但我們決定在我們剛剛收購的建築物中增加一個線圈製造設施，以補充 Longview 線圈製造。這將為我們做兩三件事。第一，它將最大限度地減少當您移動線圈 2 或 3 次、處理它們並將它們移動 300 英里而不是幾個街區時發生的運輸損壞。它會做的另一件事是，當我們有變更訂單時，它將使我們能夠快速響應，然後它只會為我們提供更多的線圈製造能力。

So we're just barely stay in pace with coil manufacturing and the demand of the Tulsa facility and how fast it's growing. So like I said, we just kind of repurposed our thoughts on that. And I don't know exactly -- we just started putting the plan together a few days ago and they're going to present me a written plan tomorrow on exactly what the pace of construction of that will be as far as getting the equipment in there and getting it up to go. But those are kind of the major things we're doing.

所以我們只是勉強跟上線圈製造和塔爾薩工廠的需求以及它的增長速度。所以就像我說的，我們只是重新調整了我們的想法。我不太清楚——我們幾天前才開始製定計劃，他們明天會向我提交一份書面計劃，說明從設備到位的建設速度到底是多少在那裡開始吧。但這些都是我們正在做的主要事情。

We currently have probably -- I'll just say, in summary, we probably got 40% surplus capacity in the facilities as a whole. And -- but at the growth rate we're going at, that's not very long. So we're just trying to stay out in front of this thing and make sure that we've always got surplus in front of us. I suffered through that period of time back there in 2017, 2018, when we didn't have enough production capacity. And that's just not a spot I want to see us in again.

我們目前可能 - 我只想說，總而言之，我們可能在整個設施中有 40% 的過剩產能。而且 - 但按照我們的增長率，這不是很長。所以我們只是想遠離這件事，並確保我們面前總是有盈餘。我在 2017 年、2018 年經歷了那段時間，當時我們沒有足夠的產能。那不是我想再次見到我們的地方。

Got it. So is that back of the envelope? Is that -- are we talking about an additional $400 million to $500 million in capacity from this investment?

知道了。那是信封的背面嗎？那是——我們是在談論通過這項投資增加 4 億到 5 億美元的產能嗎？

Yes. In back of the envelope, that's probably a good number to use. Yes, sir.

是的。在信封背面，這可能是一個很好的數字。是的先生。

Got it. And just the last one for me. You talked a lot about bookings, but they continue to outpace production. Can you maybe just give a little sense of the degree to how much you're still outpacing production compared to recent quarters?

知道了。對我來說只是最後一個。你談了很多關於預訂的事情，但他們繼續超過生產。與最近幾個季度相比，您能否稍微了解一下您仍然超過生產的程度？

Yes. So as I kind of touched on a little bit early on, when we look at the whole business, including BasX, which is now fully integrated into the thought process of the whole company, we had a huge price increase that went into effect first quarter of '22, caused a lot of pull forward. But if I normalize that then I would say that bookings versus billings are really close to the highest level they've ever been in Q1 of '23. They just continued to increase quarter-over-quarter throughout the year. So we've -- we're gaining momentum while -- you hear all these signs of things slowing down. There's nothing slowing down for us.

是的。因此，正如我早些時候提到的那樣，當我們審視整個業務時，包括 BasX，它現在已完全融入整個公司的思維過程，我們的價格大幅上漲，從第一季度開始生效22 年的，引起了很大的推動作用。但如果我將其標準化，那麼我會說預訂量與賬單的比值確實接近 23 年第一季度的最高水平。他們只是在全年繼續環比增長。所以我們 - 我們正在獲得動力 - 你會聽到所有這些事情放緩的跡象。對我們來說，沒有什麼可以放慢腳步。

But at the same time, we've gained production capacity. So you're seeing a great thing here, an opportunity for us to grow at a very robust rate. I do believe that, that will begin to bend over a little bit for 2 reasons. I think the market will slow down just a little bit. Overall, I think our chances of continuing to book at a brisk rate are very, very high, but our production continues to increase.

但與此同時，我們已經獲得了生產能力。所以你在這裡看到了一件好事，這是我們以非常強勁的速度增長的機會。我確實相信，由於兩個原因，它會開始有點彎曲。我認為市場會放緩一點點。總的來說，我認為我們繼續以活躍的速度預訂的機會非常非常高，但我們的產量仍在繼續增加。

We had planning procedures to add considerable people the first half of the year, which would allow us to continue to accelerate. And if seasonality happens to reemerge, which we've not really seen in a very long time, but if seasonality happens to emerge, then we could burn some of this backlog down, which would actually be a good thing because we would shorten our lead times up even a bit more.

我們有計劃程序在今年上半年增加大量人員，這將使我們能夠繼續加速。如果季節性恰好再次出現，我們已經很長時間沒有真正看到了，但如果季節性恰好出現，那麼我們可以燒掉一些積壓的訂單，這實際上是一件好事，因為我們會縮短我們的領先優勢時間甚至更多。

(Operator Instructions) And our next question comes from Julio Romero from Sidoti & Company.

（操作員說明）我們的下一個問題來自 Sidoti & Company 的 Julio Romero。

So just wanted to ask another one about pricing. Curious about the decision not to continue to pass along any price increases in May. Are you starting to see some pushback from customers on price? And I'm asking that because that kind of seems to be different from the message of managing price to market rather than cost.

所以只想問另一個關於定價的問題。對決定不繼續傳遞 5 月份的任何價格上漲感到好奇。您是否開始看到客戶對價格的一些抵制？我之所以這麼問，是因為這似乎與管理市場價格而不是成本的信息不同。

Well, we looked at the market, and we believe we have reestablished a gap between us and them. We are demanding a premium for the equipment. What makes it a little hard for your side of the table to see is how much of that price increase is in the backlog that's yet to materialize in the financials through the financial performance of the company. So we're -- we got to be way out in front of this thing and see where we're at. We know that we are, again, a premium to the market, and we know that the premium is less than it used to be but it continues to be justifiable. So we considered market pricing as well as financial performance when we made this decision.

好吧，我們看著市場，我們相信我們已經重新建立了我們和他們之間的差距。我們要求設備溢價。讓你這邊有點難以看出的是，積壓的價格上漲有多少尚未通過公司的財務業績體現在財務上。所以我們 - 我們必須遠離這個東西，看看我們在哪裡。我們知道，我們再次對市場溢價，而且我們知道溢價低於過去，但它仍然是合理的。因此，我們在做出此決定時考慮了市場定價和財務業績。

Got it. Yes, that makes sense. Maybe turning to the parts business. I know you said more to come once supply chain eases. Maybe just give us a sense of how much pent-up demand is there for parts and how much of that will be able to flow through once supply chain does ease?

知道了。是的，這是有道理的。也許轉向零件業務。我知道你說過一旦供應鏈放鬆就會有更多。也許只是讓我們了解對零件有多少被壓抑的需求，一旦供應鏈放鬆，其中有多少將能夠流出？

Well, parts business is growing at a very brisk rate. If we didn't grow the equipment business at such a brisk rate then the percentages would be quite a bit more in line with our expectations. (inaudible) begins to normalize, which it's already begun to normalize. It's just not totally there, but it's doing much better. We will see continued acceleration in the parts business. I don't believe we'll hit our goal percentage of equipment sales to parts sales ratio in '23, I think that, that might be a worthy goal to set for '24, though.

好吧，零件業務正在以非常快的速度增長。如果我們沒有以如此快的速度發展設備業務，那麼百分比將更符合我們的預期。 （聽不清）開始正常化，它已經開始正常化了。它只是不完全存在，但它做得更好。我們將看到零部件業務繼續加速發展。我不相信我們會在 23 年達到我們的設備銷售與零件銷售比率的目標百分比，我認為這可能是為 24 年設定的一個有價值的目標。

Got it. Maybe just last one for me. It's just a broader question about the operating environment. Just if you could talk about how that -- how the operating environment has changed relative to your last call in February?

知道了。也許對我來說只是最後一個。這只是一個關於操作環境的更廣泛的問題。只是如果你能談談 - 相對於你在 2 月份的最後一次電話會議，運營環境發生了怎樣的變化？

Well, I don't think there's been much change in the operating environment since then. Supply chain issues had already begun to ease, maybe towards the end of Q3 going into Q4 last year. Electronics were still a little bit sticky. Those have become less sticky. Now it's just miscellaneous parts and pieces that aren't great big dollar volume things, just had not historically been sticky at all and -- kind of related to people's labor, how much labor they can get as opposed to the materials they can get.

好吧，我認為自那時以來操作環境沒有太大變化。供應鏈問題已經開始緩解，可能在去年第三季度末進入第四季度。電子產品仍然有點粘。那些變得不那麼粘了。現在它只是雜項零件，不是很大的美元數量的東西，只是歷史上根本沒有粘性 - 有點與人們的勞動有關，他們可以獲得多少勞動力而不是他們可以獲得的材料。

So there's still some of these smaller manufacturers that we source, pressure sensors and refrigeration valves and things like that, that -- they just continue to -- they're increasing their deliveries to us, but it's not to the point where you can just take your eye off of it and say, "hey, I ordered 1,000 of these, and I know I'm going to get 1,000 of them in a normal lead time." So it is getting better. I look for it to continue to improve throughout '23. And I'm hopeful that we're not talking about supply chain issues in '24.

所以我們仍然有一些較小的製造商，壓力傳感器和製冷閥以及類似的東西，他們只是繼續增加對我們的交付，但還沒有到你可以的地步把你的眼睛從它身上移開，然後說，“嘿，我訂購了 1,000 個，我知道我會在正常的交貨時間內得到 1,000 個。”所以它越來越好。我期待它在整個 23 年繼續改進。我希望我們不是在談論 24 世紀的供應鏈問題。

And seeing no further questions in queue, I'll turn the call back over to our host.

看到隊列中沒有其他問題，我會將電話轉回我們的主持人。

I'd like to thank everyone for joining 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, everyone, and we look forward to speaking with you in the future. Thank you.

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，請隨時與我聯繫。祝大家今天休息愉快，我們期待著在未來與您交談。謝謝。

Bye-bye.

再見。

The meeting has now concluded. Thank you for joining, and have a pleasant day.

會議現已結束。感謝您的加入，祝您度過愉快的一天。