Aaon Inc (AAON) 2023 Q3 法說會逐字稿

Welcome to the AAON, Inc. Third Quarter 2023 Earnings Conference Call. Our host for today's call is Joseph Mondillo. (Operator Instructions).

歡迎參加 AAON, Inc. 2023 年第三季財報電話會議。我們今天電話會議的主持人是約瑟夫·蒙迪略。 （操作員說明）。

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

現在我想把電話轉給主持人蒙迪略先生，請開始。

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

謝謝接線員，大家下午好。宣布第三季財務業績的新聞稿於今天收盤後發布，可在我們的公司網站 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以及僅供收聽的網路廣播上找到該演示文稿。

Please turn to Slide 2. We begin our customary forward-looking statement policy. During the call, any statement presented dealing with the 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 are all aware of the inherent difficulties, risks and uncertainties in making predictive statements.

請翻到投影片 2。我們開始執行慣常的前瞻性聲明政策。在電話會議期間，任何涉及非歷史資訊的聲明均被視為前瞻性聲明，並根據1995 年《證券訴訟改革法》、《1933 年證券法》和《1934 年證券交易法》的安全港條款作出。 ，每一項均經過修訂。因此，可能會發生許多超出 AAON 控制範圍的事件，這些事件可能導致 AAON 的結果與預期產生重大差異。你們都知道做出預測性陳述所固有的困難、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. Our press release and portions of today's call use non-GAAP financial measures as defined in Regulation G. You can find the related reconciliations to GAAP measures in our press release and presentation.

我們今天下午提交的新聞稿和 10-Q 表格詳細介紹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。我們的新聞稿和今天電話會議的部分內容使用 G 條例中定義的非 GAAP 財務指標。您可以在我們的新聞稿和簡報中找到與 GAAP 指標相關的調整表。

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

與我一起參加今天電話會議的是總裁兼執行長 Gary Fields。 Rebecca Thompson，財務長兼財務長；以及 AAON 新任總裁 Matt Tobolski。加里將發表一些開場白，然後麗貝卡將向您介紹季度業績，然後我們將由加里和馬特對本季度和前景進行一些評論。

With that, I will turn the call over to Gary.

這樣，我會將電話轉給加里。

Start on Slide 3. Third quarter was another very good quarter for AAON. We reported record sales for a seventh straight quarter. Organic volume was up year-over-year 11.9%. That was against a quarter a year ago, where organic volume was up 26.8%. On a 2-year stack, volumes were up 41.9%. Gross margin expanded quarter-over-quarter, another 410 basis points, driven by increased productivity and a positive contribution from price cost, increased volume and higher gross margin drove earnings per share growth of 70.6% to $0.58 per diluted share.

從幻燈片 3 開始。第三季對於 AAON 來說是另一個非常好的季度。我們連續第七個季度創下銷售記錄。有機銷量較去年同期成長 11.9%。與去年同期相比，有機銷量成長了 26.8%。兩年來，銷量成長了 41.9%。受生產力提高和價格成本的積極貢獻推動，毛利率環比增長 410 個基點，銷量增加和毛利率提高推動每股收益增長 70.6%，達到稀釋後每股 0.58 美元。

Now let's turn to Slide 4. Our operations team continues to do a great job at efficiently increasing production capacity to manage the robust demand. Production outpaced bookings for a second straight quarter, which we were very happy to see. Backlog declined further, allowing our lead times to continue to fall. Lead times are now finally back to normal levels, which is important for competitive reasons. Productivity across all 3 of our major locations improved in the quarter. Supply chain disruptions have abated, minimizing the impact of production operations. These have all been a key factor to the improved margins.

現在讓我們轉向幻燈片 4。我們的營運團隊繼續在有效提高產能以管理強勁需求方面做得很好。產量連續第二季超過預訂量，我們很高興看到這一點。積壓訂單進一步減少，使我們的交貨時間繼續縮短。交貨時間現在終於恢復到正常水平，這對競爭來說很重要。本季我們所有 3 個主要地點的生產力均有所提高。供應鏈中斷已經減少，生產營運的影響降至最低。這些都是提高利潤率的關鍵因素。

Now let's please turn to Slide 5. Market environment remains busy despite what the macroeconomic indicators have been signaling bookings and the book-to-bill improved quarter-over-quarter and sentiment at the ground level remains very positive. From a high-level perspective, industry trends remain favorable for AAON. The high-quality, high-performing customer equipment we manufacture has become a very compelling value proposition with a market that is increasingly focused on decarbonization, energy efficiency and electrification. Additionally, increased regulations on the industry led to a narrower price premium between our equipment and the competition's, increasing the value proposition of our equipment, all of which have contributed to us taking market share. As such, we continue to invest in the future.

現在讓我們轉向幻燈片 5。儘管宏觀經濟指標表明預訂情況良好，訂單出貨比季度環比有所改善，而且基層情緒仍然非常樂觀，但市場環境仍然繁忙。從高層角度來看，產業趨勢仍有利於AAON。在日益關注脫碳、能源效率和電氣化的市場中，我們製造的高品質、高性能的客戶設備已成為非常引人注目的價值主張。此外，行業監管的加強導致我們的設備與競爭對手之間的價格溢價縮小，提高了我們設備的價值主張，所有這些都有助於我們佔領市場份額。因此，我們將繼續投資於未來。

Now let's please turn to Slide 6. As you can see from our CapEx spend and head count year-to-date, we are aggressively investing in production capacity. Despite what you're seeing with the general economy, several of our AAON markets remain strong. This includes data centers, semiconductor manufacturing, general manufacturing and education. In addition to production capacity, we're investing more in sales and marketing, product development and IT infrastructure, all of this with the intent to better position us for long-term growth. Our parts business also continues to be an area we focus on. In the third quarter, part sales grew 14%. That was 5.8% of total sales. We continue to target a strong double-digit annual growth in parts and expect to increase the business by 2x to 3x in the next 5 years.

現在讓我們轉向幻燈片 6。正如您從年初至今的資本支出和員工人數中看到的那樣，我們正在積極投資於產能。儘管整體經濟狀況不佳，但我們的幾個 AAON 市場仍然強勁。這包括資料中心、半導體製造、一般製造和教育。除了生產能力之外，我們還在銷售和行銷、產品開發和 IT 基礎設施方面增加投資，所有這些都是為了更好地為我們的長期成長做好準備。我們的零件業務也仍然是我們重點關注的領域。第三季度，零件銷售額成長了 14%。佔總銷售額的 5.8%。我們繼續以零件年度強勁兩位數成長為目標，並預計在未來 5 年內將業務成長 2 至 3 倍。

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

現在，我將把電話轉給麗貝卡，讓她檢查財務表現。

Thank you, Gary. Please turn to Slide 7. Net sales increased 28.6% to $312 million from $242.6 million. Improved operational efficiencies, less supply chain disruptions and additional production capacity drove volume growth of 11.9%. Our AAON, Oklahoma and BasX segments particularly realized robust growth. In addition to volume, pricing contributed 16.7% growth.

謝謝你，加里。請參閱投影片 7。淨銷售額從 2.426 億美元成長 28.6%，達到 3.12 億美元。營運效率提高、供應鏈中斷減少以及產能增加推動銷售成長 11.9%。我們的 AAON、Oklahoma 和 BasX 部門尤其實現了強勁成長。除了銷量之外，價格也貢獻了 16.7% 的成長。

Moving to Slide 8. Gross profit increased 77% and to $116.1 million from $65.6 million. As a percentage of sales, gross profit was 37.2% compared to 27% in the third quarter of 2022. The improvement in gross profit margin was led by several factors, including increased pricing, improved operational efficiencies and fixed cost absorption.

轉向幻燈片 8。毛利成長 77%，從 6,560 萬美元增至 1.161 億美元。毛利佔銷售額的百分比為 37.2%，而 2022 年第三季為 27%。毛利率的改善受到多種因素的推動，包括定價提高、營運效率提高和固定成本吸收。

Please turn to Slide 9. Selling, general and administrative expenses increased 78.2% to $51.5 million from $28.9 million in the third quarter of 2022. In the quarter, we recognized a onetime settlement fee of $7.5 million. Excluding this onetime expense and assuming the effect the exclusion has on profit sharing, non-GAAP adjusted SG&A as a percentage of sales of 14.3%. The increase relative to sales is primarily attributable to an increase in the profit sharing expenses, which is a result of the higher earnings as well as the investments we are making to facilitate long-term growth.

請參閱投影片 9。銷售、一般和管理費用從 2022 年第三季的 2,890 萬美元增加到 5,150 萬美元，成長了 78.2%。在本季度，我們確認了 750 萬美元的一次性結算費用。排除這項一次性費用並假設排除對利潤分享的影響，非 GAAP 調整後的 SG&A 佔銷售額的百分比為 14.3%。相對於銷售額的成長主要歸因於利潤分享費用的增加，這是收益增加以及我們為促進長期成長而進行的投資的結果。

Moving to Slide 10. Diluted earnings per share increased 70.6% to $0.58 per share from $0.34 per share. Excluding the onetime settlement expense and assuming the fact the exclusion has on profit sharing and taxes, non-GAAP adjusted EPS was $0.64 a year-over-year increase of approximately 90%.

轉到投影片 10。稀釋後每股收益從每股 0.34 美元增至每股 0.58 美元，成長 70.6%。排除一次性結算費用並假設排除利潤分享和稅收的事實，非 GAAP 調整後每股收益為 0.64 美元，同比增長約 90%。

Turning to Slide 11. Our balance sheet remains strong. Cash, cash equivalents and restricted cash totaled $22.5 million on September 30, 2023, and debt at the end of the quarter totaled $78.4 million. Our leverage ratio of 0.33 was down from 0.37 at the end of the second quarter and down from 0.46 at the end of 2022. Within the quarter, we spent $25 million to repurchase common shares while still decreasing our debt balance. We had working capital balance of $284.8 million at September 30, 2023, versus $203.5 million at December 31, 2022. Our working capital has increased due to the receipt of restricted cash from the closing of our New Markets Tax Credit in the second quarter as well as an increase of higher priced receivables. Year-to-date, cash flow is surrounded by operating activities is up 146.8%. We expect cash flows from operating activities in the fourth quarter will be the strongest quarter of the year, which will help pay down debt and finance CapEx projects.

轉向投影片 11。我們的資產負債表仍然強勁。截至 2023 年 9 月 30 日，現金、現金等價物及限制性現金總額為 2,250 萬美元，截至本季末的債務總額為 7,840 萬美元。我們的槓桿率為 0.33，低於第二季末的 0.37，也低於 2022 年底的 0.46。本季內，我們花費了 2,500 萬美元回購普通股，同時仍減少了負債餘額。截至2023 年9 月30 日，我們的營運資金餘額為2.848 億美元，而2022 年12 月31 日為2.035 億美元。由於第二季新市場稅收抵免結束時收到了限制性現金，我們的營運資金增加價格較高的應收帳款的增加。年初至今，經營活動現金流量增加了146.8%。我們預計第四季度經營活動產生的現金流將是今年最強勁的季度，這將有助於償還債務並為資本支出項目提供資金。

Capital expenditures for the first 9 months of the year were $82.9 million, up 99.3% from a year ago. We now expect capital expenditures for the year to be approximately $100 million. We monitor our growth trajectory in capacity utilization regularly, and we will continue to invest in long-term growth.

今年前9個月的資本支出為8,290萬美元，年增99.3%。我們現在預計今年的資本支出約為 1 億美元。我們定期監控產能利用率的成長軌跡，並將繼續投資於長期成長。

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

這樣，我現在將把電話轉回給加里。

Please turn to Slide 12. As I stated in my opening remarks, bookings in the third quarter improved sequentially. We also realized month-to-month improvement throughout the quarter, which was encouraging. On our last earnings call, we stated that we thought the soft bookings in the second quarter were not indicative of underlying demand and were more so a reflection of a temporary shift in customers' buying patterns related lead times. This played out in line with those comments. In 2022, due to robust demand and supply chain disruptions, lead times of our equipment as well as our competitors' equipment climbed significantly throughout the year. As a result, customers began placing their pre-summer orders for 2023 in the fourth quarter of 2022.

請參閱投影片 12。正如我在開場白中所說，第三季的預訂量環比有所改善。我們也實現了整個季度的逐月改善，這令人鼓舞。在我們上次的財報電話會議上，我們表示，我們認為第二季的軟預訂並不代表潛在需求，更反映了客戶購買模式與交貨時間相關的暫時變化。這與這些評論一致。 2022 年，由於強勁的需求和供應鏈中斷，我們的設備以及競爭對手的設備的交貨時間全年大幅成長。因此，客戶在 2022 年第四季開始下 2023 年夏季前的訂單。

Traditionally, this doesn't occur until mid-first quarter. There was a seasonal pull forward by about 4 to 5 months. To add to that, lead times peaked in early 2023. And by the beginning of the second quarter, they were accelerating to the downside. This was all a result of increased production capacity and less supply chain disruption. The decline in lead times earlier this year led to temporarily slower ordering by customers. This also was a factor to the soft bookings realized in the second quarter. Overall, we were happy to see bookings improve in the third quarter and to see the month-over-month improvement throughout the quarter. Thus far, September was our strongest month of bookings in the year and October was nearly as strong.

傳統上，這種情況要到第一季中期才會發生。季節性提前約 4 至 5 個月。除此之外，交貨時間在 2023 年初達到高峰。到第二季初，交貨時間加速下降。這都是產能增加和供應鏈中斷減少的結果。今年稍早交貨時間的縮短導致客戶的訂購速度暫時放緩。這也是第二季實現軟預訂的因素。總體而言，我們很高興看到第三季的預訂量有所改善，並且整個季度的環比改善。到目前為止，九月是我們今年預訂量最高的月份，十月幾乎同樣強勁。

Looking to the backlog. I've stated this in the past, but I want to reiterate it because it's becoming more of a factor that you should be aware of. Historically, most of our backlog was shipped in the coming 2 to 3 months. As our business and the market has evolved, we're receiving a larger percentage of orders that expect to be shipped beyond that traditional next 2 to 3 months. This is especially the case with BasX but we're also seeing it in parts of the rest of the company. Therefore, while our lead times are back to normal, you should not expect the entire backlog to turn over in the fourth quarter.

查看積壓的訂單。我過去已經說過這​​一點，但我想重申一下，因為它變得越來越成為你應該意識到的一個因素。從歷史上看，我們的大部分積壓訂單都會在未來 2 到 3 個月內發貨。隨著我們的業務和市場的發展，我們收到的訂單比例越來越大，預計將在傳統的未來 2 到 3 個月內發貨。 BasX 的情況尤其如此，但我們在公司的其他部分也看到了這種情況。因此，雖然我們的交貨時間恢復正常，但您不應指望整個積壓訂單會在第四季度週轉。

Turning to the outlook. Please turn to Slide 13. Historically, due to holidays resulting in less production days, we've always recognized slower fourth quarter relative second and third quarters. However, in the last 2 years, we've seen very strong fourth quarters due to bloated backlogs, extended lead times. Now with lead times back to normal, we'd expect that seasonal cadence that we've historically recognized in the fourth quarter to occur this year. With that said, we'd expect fourth quarter sales and earnings to be modestly down from the GAAP results we recognized in Q3.

轉向前景。請參閱投影片 13。從歷史上看，由於假期導致生產天數減少，我們一直認為第四季相對於第二季和第三季較慢。然而，在過去兩年中，由於積壓過多、交貨時間延長，我們看到第四季度表現非常強勁。現在，隨著交貨時間恢復正常，我們預計今年第四季將出現我們歷史上所認識到的季節性節奏。話雖如此，我們預計第四季度的銷售額和收益將比我們在第三季度確認的 GAAP 業績略有下降。

Looking out to '24. While it's still early, at this point in time, we are anticipating another solid year of growth. The backlog is healthy, especially considering the portion of backlog expected to ship next year. In fact, compared to prior years, the backlog at the end of September of this year that is expected to ship within the next calendar year is 1 of the largest we've ever had compared to the same time in previous years. Furthermore, while some of the macro indicators are signaling a slowing in construction, others are still pointing to strength. Specifically, the association of builders and contractors latest monthly survey, which stated that construction backlog remain lofty and that builders and contractors expect rising employment and expanding sales and profit margins. This is also in alignment with what we've been hearing from our sales channel.

展望'24。雖然現在還為時過早，但我們預計又一個強勁的成長年。積壓訂單狀況良好，特別是考慮到預計明年發貨的積壓訂單部分。事實上，與往年相比，今年 9 月底的積壓訂單預計將在下一個日曆年內發貨，這是我們與往年同期相比最大的積壓訂單之一。此外，雖然一些宏觀指標顯示建設放緩，但其他指標仍然強勁。具體來說，建築商和承包商協會最新的月度調查顯示，建築積壓仍然很高，建築商和承包商預計就業人數將增加，銷售和利潤率將擴大。這也與我們從銷售管道聽到的情況相符。

Most of our independent sales rep offices maintain a positive sentiment and outlook when it comes to the upcoming year. Although there are a couple end markets that have softened and the comps for us next year become much tougher, we'd still expect volumes to be up. Again, some of our end markets such as data centers, semiconductor manufacturing, general manufacturing and education will remain particularly strong. As we've also discussed on previous calls, the price premium of our equipment compared to market pricing has narrowed. We expect to continue to take market share in 2024 due to the still relatively new competitive dynamic. Moreover, the industry next year is likely to be notably disrupted by new refrigerant regulations that will be going into effect January 1, 2025.

我們大多數獨立銷售代表辦公室對來年保持著正面的情緒和前景。儘管有幾個終端市場已經疲軟，而且我們明年的競爭變得更加艱難，但我們仍然預期銷量會上升。同樣，我們的一些終端市場，如數據中心、半導體製造、一般製造和教育將保持特別強勁。正如我們在之前的電話會議中也討論過的那樣，我們的設備相對於市場定價的溢價已經收窄。由於競爭動態仍然相對較新，我們預計將在 2024 年繼續佔據市場份額。此外，明年該行業可能會受到將於 2025 年 1 月 1 日生效的新冷媒法規的顯著幹擾。

Historically, AAON has always thrived in times of disruption, and we'd expect this to be another opportunity to take share. At this point in time, all of our equipment in our electronic catalog is available with the new refrigerant. We expect some of our competitors won't be able to say that until later in '24. With many states having already passed legislation to allow for equipment with the new refrigerant to be installed, we view this as an opportunity next year. In addition to all of those factors, we are also anticipating to recognize benefits from the recent investments we've been making in sales and marketing.

從歷史上看，AAON 總是在顛覆時期蓬勃發展，我們預計這將是另一個分享市場份額的機會。目前，我們電子目錄中的所有設備均可使用新冷媒。我們預計我們的一些競爭對手要到 2024 年晚些時候才能說出這一點。由於許多州已經通過立法，允許安裝使用新冷媒的設備，我們認為這是明年的機會。除了所有這些因素之外，我們還期望從我們最近在銷售和行銷方面進行的投資中獲得收益。

To remind you, up until this year, AAON never invested much in marketing in the history of the company. This is a new focus for AAON. With new products like the Alpha Class, we expect these marketing efforts will be very beneficial. Therefore, despite the concerns you're hearing related to the general economy, there's still a lot of positives that we're excited about in the upcoming year. For modeling purposes, we want to help you on how to think about pricing in the upcoming year. We're still seeing cost pressures, which we intend will be fully offset with price.

需要提醒大家的是，直到今年為止，AAON 在公司歷史上從未在行銷方面投入太多。這是AAON的新焦點。對於像 Alpha Class 這樣的新產品，我們預計這些行銷工作將非常有益。因此，儘管您聽到了與整體經濟相關的擔憂，但來年我們仍然對許多積極因素感到興奮。出於建模目的，我們希望幫助您如何考慮來年的定價。我們仍然面臨成本壓力，我們打算透過價格完全抵銷成本壓力。

At this point in time, we would expect pricing to contribute mid-single digits to net sales growth in 2024. Lastly, earlier this morning, we issued a press release related to changes we're making to our leadership team. Since my arrival to the company in 2016, there have been many changes to the leadership of this company. One of my many goals from day 1 was to successfully transition the company from the previous structure, which was very much dependent on 1 central person's leadership to a well-rounded versatile team capable of running an enterprise for long-term success. Today is another step towards achieving that goal.

目前，我們預計定價將為 2024 年淨銷售額成長帶來中個位數的貢獻。最後，今天早些時候，我們發布了一份與我們對領導團隊進行的變革相關的新聞稿。自從我2016年到公司以來，這家公司的領導階層發生了許多變動。從第一天起，我的眾多目標之一就是成功地將公司從以前的結構（很大程度上依賴於一名核心人員的領導）轉變為一個能夠運營企業以獲得長期成功的全面多才多藝的團隊。今天是實現這一目標的另一步。

Starting January 1, Matt Tobolski will take on the role of AAON's President and Chief Operating Officer. Currently, Matt is President of BasX, the business that Matt cofounded and we acquired in December of '21. Since joining AAON through that acquisition, Matt has been an integral part of the entire company. Along with managing the BasX business, he's been a key leader within our executive leadership team. By passing down the President title from myself to Matt, Matt will be more responsible for the day-to-day operations of the company, while I narrow my focus to strategic objectives as CEO. Dave Benson, also a co-founder of BasX, will take the role of AAON Vice President and President of BasX and will be responsible for managing the BasX segment. Dave has 40-plus years of experience in the industry, and we're confident he will successfully continue to grow this business into being a world-class organization.

從 1 月 1 日開始，Matt Tobolski 將擔任 AAON 總裁兼營運長。目前，Matt 是 BasX 的總裁，該公司是由 Matt 共同創立的，我們在 2021 年 12 月收購了該公司。自從透過此次收購加入 AAON 以來，Matt 一直是整個公司不可或缺的一部分。除了管理 BasX 業務外，他還是我們執行領導團隊中的關鍵領導者。透過將總裁頭銜從我自己手中傳給馬特，馬特將更多地負責公司的日常運營，而我則將注意力集中在作為執行長的策略目標上。 BasX 共同創辦人 Dave Benson 將擔任 AAON 副總裁兼 BasX 總裁，負責管理 BasX 部門。 Dave 擁有 40 多年的行業經驗，我們相信他將成功地繼續將這項業務發展成為世界一流的組織。

Additional alignment of the leadership team will occur to leverage resources and organizational efficiencies with globally focused roles and collaborative site leadership, all of which will occur starting January 1. Please see the press release we issued earlier this morning for more details.

領導團隊將進行額外的調整，以利用全球重點角色和協作站點領導力來利用資源和組織效率，所有這些都將從1 月1 日開始進行。請參閱我們今天早上早些時候發布的新聞稿以了解更多詳細資訊。

Now I'd like to hand it off to Matt Tobolski, our new President and COO, for some brief remarks.

現在我想將其交給我們的新任總裁兼營運長馬特·托博爾斯基（Matt Tobolski），他將做一些簡短的發言。

Thank you, Gary. It is truly an exciting time to be a part of the AAON organization, and I'm honored to accept this new role within the company. I've always had a tremendous amount of respect for AAON and well before the acquisition of BasX in 2021. AAON's culture, commitment to innovation and value-focused product offerings align well with the BasX heritage and have allowed the collective team to make major strides over the past 2 years. As a collaborative leader within the AAON organization, I have been continually impressed with the caliber of the team and the direction of the company, and my respect for AAON has only grown.

謝謝你，加里。成為 AAON 組織的一員確實是一個令人興奮的時刻，我很榮幸能接受公司內的這個新角色。早在2021 年收購BasX 之前，我就一直對AAON 懷有極大的敬意。AAON 的文化、對創新的承諾以及以價值為中心的產品供應與BasX 的傳統非常吻合，並使集體團隊取得了重大進步過去2年。身為 AAON 組織內的協作領導者，我一直對團隊的能力和公司的方向印象深刻，我對 AAON 的尊重有增無減。

As we look forward, AAON is positioned to be a world-class organization, and I am proud to be a part of it. I'm also excited because the company still has a lot more potential. I look forward to helping drive AAON towards sustainable growth and continued success for our team, our sales channel, our trade partners and our shareholders. I want to thank Gary and the board for this opportunity. Genuinely, I do not take this for granted and intend to do everything possible to help make this organization as successful as possible.

展望未來，AAON 致力於成為世界一流的組織，我很自豪能成為其中的一員。我也很興奮，因為該公司仍然有很大的潛力。我期待著幫助推動 AAON 實現永續成長，並為我們的團隊、銷售管道、貿易夥伴和股東持續取得成功。我要感謝加里和董事會給我這個機會。說實話，我並不認為這是理所當然的，並打算盡一切可能幫助這個組織盡可能取得成功。

I'll now pass it off to Gary for closing remarks.

現在我將把它交給加里做總結發言。

In closing, I want to finish by thanking all of our employees, sales channel partners and customers. Thank you. To our shareholders, this company has never been more well managed than it is today, and we look forward to generating the returns that you expect of us. I will now open the call for question and answers.

最後，我要感謝我們所有的員工、銷售通路夥伴和客戶。謝謝。對於我們的股東來說，這家公司的管理從未像現在這樣良好，我們期待為您帶來期望的回報。我現在將開始問答徵集。

And our first question today will come from Brent Thielman with D.A. Davidson.

今天我們的第一個問題將來自 D.A. 的 Brent Thielman。戴維森。

Congrats on a great quarter. Yes, Gary, I mean, I guess, first and foremost, spoke a little bit to it, but maybe how do you think about pricing as an industry goes as AAON approaches it moving into 2024. Gary, I mean these are fantastic gross margins here in the business. And it looks like, for the most part, they sustain here over the near term. Do you think the business moved into some sort of level of normalization in the next year as you've talked about kind of 28% to 32%? Or are we at a new level of normal?

恭喜您度過了一個出色的季度。是的，加里，我的意思是，我想，首先，也是最重要的一點，但也許隨著 AAON 進入 2024 年，您如何看待行業的定價。加里，我的意思是，這些毛利率非常好在這裡做生意。看起來，在很大程度上，他們在短期內會維持在這裡。您認為明年業務是否會像您所說的 28% 到 32% 那樣進入某種正常化水平？或者我們正處於一個新的正常水平嗎？

Well, while I would like to declare this 37% plus a new normal, I think that's pretty strong to expect or an absolute normal. What I will say that it's in the new range. I would say that our target range has risen. The 28% to 32% is no longer a target range for us. Reason for that is, that we've monitored our market position versus our competitors and what our value proposition is. And at this point in time, it will allow us a margin a bit stronger than historically. That points well to the innovations that we have come up with our Alpha Class, in particular. It is an absolute, just tremendously ahead of the market for that kind of a product. And we're seeing good activity with it. Bookings are beginning to come, but it's pretty early to declare that 100% success. But what we do know for sure is that there's a lot of major customers that looked at that strongly, and it will afford us this sort of margin.

好吧，雖然我想宣布這個 37% 以上是一個新常態，但我認為這是相當強烈的預期或絕對正常。我要說的是它在新範圍內。我想說我們的目標範圍已經擴大了。 28%到32%不再是我們的目標範圍。原因是，我們已經監控了我們相對於競爭對手的市場地位以及我們的價值主張是什麼。此時此刻，這將使我們的利潤比歷史水準稍高。這很好地表明了我們在 Alpha 級上的創新。它絕對領先於此類產品的市場。我們看到了良好的活動。預訂已經開始出現，但現在宣布 100% 成功還為時過早。但我們確實知道的是，有很多主要客戶對此有強烈的關注，這將為我們提供這樣的利潤。

Okay. Appreciate that, Gary. And then it looked like the Longview Coil Products business ran into some hurdles as you sort of implement the BasX product there. When do you expect to sort of get that back to normal or back to the sales expectations you look forward from that, in that business?

好的。很欣賞這一點，加里。然後，當您在那裡實施 BasX 產品時，Longview Coil Products 業務似乎遇到了一些障礙。您預計什麼時候能在該業務中恢復正常或恢復到您期望的銷售預期？

Well, we've been chipping away at in a lot of factors. And our intercompany work with them, they have a higher percentage of copper, particularly related to the intercompany product. And we probably let them fall a little behind on how we should have transferred that when you flush it all out, the business does very well, that just puts a little bit of burden on them that they probably don't deserve. On finished products, we're seeing strengthening due to efficiencies.

嗯，我們一直在努力消除很多因素。我們的公司間與他們合作，他們擁有更高比例的銅，特別是與公司間產品相關的銅。我們可能讓他們在我們應該如何轉移的問題上落後了一點，當你把一切都清除時，業務做得很好，這只是給他們帶來了一點他們可能不應該承受的負擔。在成品方面，我們看到由於效率而加強。

We just now really started hitting our stride in Building BasX product there. And we're probably going to flush through a good bit of what we have now, and we're kind of waiting for the next tranche of that to come along. We've got some other products that BasX has secured that we believe fit that plant very well. But we've got some work to do before we can transfer it down there. Those orders have been very strong.

我們現在才真正開始在建立 BasX 產品方面取得重大進展。我們可能會耗盡現有的大部分資金，我們正在等待下一批資金的出現。 BasX 已經獲得了一些其他產品，我們相信這些產品非常適合該工廠。但在將其轉移到那裡之前，我們還有一些工作要做。這些訂單非常強勁。

Matt, do you want to say anything at all about those?

馬特，你有什麼想說的嗎？

Yes. Just to Gary's comments. Certainly, Part of our initiative right now is to continue increasing the portfolio of BasX products manufactured within the Longview plant. And so there's very active engagement to broaden the amount of products that we can manufacture down there that fit very well within the Longview manufacturing practice. But as Gary mentioned, spending the time to make sure we get everything properly aligned from a manufacturing process perspective is kind of where the teams are actively engaged to keep building that portfolio.

是的。只是針對加里的評論。當然，我們目前計劃的一部分是繼續增加朗維尤工廠生產的 BasX 產品組合。因此，我們非常積極地參與擴大我們在那裡可以製造的產品數量，這些產品非常適合朗維尤的製造實踐。但正如加里所提到的，花時間確保我們從製造流程的角度確保一切都正確對齊，這就是團隊積極參與不斷建立該產品組合的地方。

So just to summarize that, Brent, I would say that we'll see continuous improvement from them gradually throughout the next year.

總結一下，布倫特，我想說我們將在明年看到他們逐漸不斷改進。

Okay. Gary, maybe just my last one, I couldn't help but notice the comment in the press release, the organizations made major enhancements the last few years, much as which is yet to be financially recognized. I sort of opened the floor to you, I'd be interested in hearing and some of the things in particular that you think can be leveraged during the coming years.

好的。加里，也許只是我的最後一篇，我忍不住注意到新聞稿中的評論，這些組織在過去幾年中做出了重大改進，但尚未得到財務認可。我向你們開放了發言權，我有興趣聽到一些特別是你們認為在未來幾年可以利用的事情。

Well, we've already seen a lot of productivity improvement as we've been able to stabilize the workforce. If you go back to when I joined the company 7 years ago, a statement was made to me by the founder that the company could build more than we could sell. And as you'll look back historically, you'll see that wasn't the case. So, we fell all over ourselves trying to figure that out. Well, we figured that out, and we've become very, very efficient. And so as we stabilize these things, then we -- the processes, the head count, look at this, my God, our head count is huge.

嗯，隨著我們能夠穩定勞動力，我們已經看到了生產力的巨大提高。如果你回到七年前我加入公司時，創辦人曾向我說過，公司可以建造的東西比我們可以銷售的東西還要多。當你回顧歷史時，你會發現事實並非如此。因此，我們竭盡全力試圖弄清楚這一點。好吧，我們明白了這一點，並且我們變得非常非常有效率。因此，當我們穩定這些事情時，然後我們——流程、人員數量，看看這個，天啊，我們的人員數量是巨大的。

But our marketing and sales channel improvements are where we think there's a whole lot yet to be gained. The marketing building that we put together that some of you came to Investor Day and so last week, we had our Board meeting there. And while I was waiting for the Board meeting, there were 2 regional sales managers standing there waiting on people to come in. I asked the young woman that kind of manages the schedule there and said, "Hey, is this unusual? And she says, "No, not the least bit." She says we have more than 1 group on most days, and we have some kind of group almost every day of the week. Well, that far exceeds anything that I ever envisioned. I envisioned maybe 1 or 2 groups a week. We're seeing multiples of that. So that's all manifesting itself very well as time comes on. But the other thing is, our CapEx projects are yet to show their full capability of the returns. And so we've got just an awful lot here that is in the earlier stages of recognition of what the contributions are.

但我們認為我們的行銷和銷售管道改進還有很多工作要做。我們建造的行銷大樓是你們中的一些人來參加投資者日的，所以上週我們在那裡舉行了董事會會議。當我等待董事會會議時，有 2 位區域銷售經理站在那裡等待人們進來。我問那位負責管理日程的年輕女士說：「嘿，這很不尋常嗎？她說，「不，一點也不。」她說我們大多數時候都有不只一個小組，而且我們幾乎一周的每一天都有某種小組。嗯，這遠遠超出了我的想像。我想像也許每週1 到2 組。我們看到的是這個數字的倍數。所以隨著時間的推移，這一切都會很好地體現出來。但另一件事是，我們的資本支出項目尚未顯示出其回報的全部能力。所以我們這裡有很多處於對貢獻的認可的早期階段。

And our next question will come from Chris Moore with CJS Securities.

我們的下一個問題將來自 CJS 證券的 Chris Moore。

Congrats on a great quarter. Certainly, so maybe I'm just interested maybe in parsing out a little bit more kind of the competitive landscape that you're seeing now between the kind of the core rooftop and BasX. I mean, specifically from a pricing trend perspective, is there much difference between the 2 segments, what you're seeing?

恭喜您度過了一個出色的季度。當然，所以也許我只是有興趣解析出您現在看到的核心屋頂和 BasX 之間的更多競爭格局。我的意思是，特別是從定價趨勢的角度來看，您所看到的這兩個細分市場之間是否存在很大差異？

A little different dynamics. So I would say -- well, Trane, Carrier, Lennox, Daikin, don't make exact part for part equipment, what we do. A lot of the competition is for the application itself for the project. Once we're chosen, we typically have a supreme position because of the things that we have. But when we're competing against them, then the delta between our price and their price is often discussed. That's where I'm saying historically, that had been around 15%. And more recently, it's maybe 8% to 10%.

動態有點不同。所以我想說──特靈、開利、倫諾克斯、大金，我們所做的並不是為零件設備製造精確的零件。很多競爭都是針對專案的應用程式本身。一旦我們被選中，我們通常會因為我們擁有的東西而擁有至高無上的地位。但當我們與他們競爭時，我們的價格和他們的價格之間的差異經常被討論。這就是我所說的歷史情況，大約是 15%。最近，可能是 8% 到 10%。

So a lot of the costs that went into making the competitors' equipment more efficient in order to meet 2023 DOE energy standards. We already had that baked into our deal. And so it narrowed. We just had more and more data points tell us that we're correct on that statement of being in general for a general application 8% to 10%. Now BasX, on the other hand, I'll let Matt talk to that specifically. I think I've got a good grasp on it, but I'd like for him to go with that.

因此，為了滿足 2023 年 DOE 能源標準，我們投入了大量成本來提高競爭對手的設備效率。我們已經將其納入我們的交易中。所以它縮小了。越來越多的數據點告訴我們，對於一般應用程式來說，我們的說法是正確的，即 8% 到 10%。另一方面，現在 BasX，我將讓 Matt 專門談談這一點。我想我已經很好地掌握了這一點，但我希望他也能同意。

Yes, very much in the BasX side of the business, there certainly still is a cost premium for the product, but much the same as legacy AAON products. We're selling a value-driven product. And so typically, it is beyond just first cost and overall investment from a quality and efficiency perspective that kind of drives the value proposition of the product. And other huge drivers is the ease of implementation, the kind of project management and implementation of the product provides a huge value for the overall customer in terms of fees and time line with installation and basically getting an up and running 4 facilities.

是的，在 BasX 業務方面，該產品肯定仍然存在成本溢價，但與傳統 AAON 產品大致相同。我們銷售的是價值驅動的產品。因此，通常情況下，從品質和效率的角度來看，推動產品價值主張的不僅僅是初始成本和整體投資。其他巨大的驅動因素是易於實施，產品的專案管理和實施在費用和安裝時間以及基本上啟動和運行 4 個設施方面為整個客戶提供了巨大的價值。

Yes. Well, I won't talk about this specific customer's name, I'll say a major customer came to us with an RFP, a request for proposal, they looked for a submittal in return. The submittal is all the technical details showing that you meet and comply with the RFP. They allowed 6 weeks, as I recall, for that response. We responded in 3 weeks, and the comment was given that we had the most stellar response that they had seen amongst any competitors and delivered it early. So that just speaks highly of the team that we have at BasX. And some of this alignment of leadership that was announced today is to capitalize on this so that we have a 2-way communication globally connected. So a lot of the things that AAON has done very nicely for many years, can be complemented by a lot of the things BasX has done and vice versa. So I'm -- no one's yet asked me about these organizational changes. And I think that's probably the biggest news of the day.

是的。好吧，我不會談論這個特定客戶的名字，我會說一個主要客戶帶著 RFP（徵求建議書）來找我們，他們尋求提交作為回報。提交的內容是表明您滿足並遵守 RFP 的所有技術細節。我記得，他們給了 6 週的時間來做答案。我們在三週內做出了回應，並且得到的評論是，我們在所有競爭對手中看到了最出色的回應，並且提前交付了。這充分說明了我們 BasX 團隊的高度評價。今天宣布的領導層聯盟的一部分是利用這一點，以便我們在全球範圍內建立雙向溝通。因此，AAON 多年來做得很好的許多事情可以透過 BasX 所做的許多事情來補充，反之亦然。所以我——還沒有人問過我這些組織變革的情況。我認為這可能是當天最大的新聞。

Got it. That's very helpful. Great color. And maybe just my follow-up. You talked about it in your prepared remarks, Gary, but the lower global warming refrigerant sounds like you guys are ready, and I'm just trying to maybe understand the potential tailwind here. Would it be potentially greater market share gains in the second half of the year for -- depending on lead times, et cetera?

知道了。這非常有幫助。顏色很棒。也許只是我的後續行動。加里，你在準備好的發言中談到了這一點，但全球暖化較低的冷媒聽起來你們已經準備好了，我只是想了解這裡潛在的推動力。下半年市佔率是否有可能獲得更大的成長—取決於交貨時間等？

Well, it sure looks that way it's shaping up. And kind of our data points are that we have multiple engineers that sit on industry councils where all of the peers are there in the industry councils. So they're pretty talkative about where they're at with developing things like this. And from the latest, we'll call it chit chat at 1 of those industry councils, it was determined that we are way far ahead as far as being ready. We have it entirely introduced in our electronic catalog now. We're accepting orders within the next 60 days and delivery within 8 weeks of that.

嗯，看起來確實是這樣。我們的數據點是，我們有多名工程師在行業委員會中任職，所有同行都在行業委員會中。因此，他們非常熱衷於談論自己在開發此類產品方面的進展。從最新的情況來看，我們稱之為其中一個行業委員會的閒聊，確定我們在準備方面遙遙領先。我們現在已將其完全引入到我們的電子目錄中。我們將在未來 60 天內接受訂單，並在 8 週內出貨。

And I don't think that that's widespread across the industry at all. So for these few states that have put in place provisions to allow the utilization of the new refrigerant, we're going to be an early adopters answer in those early adopted states. So we do see that as an advantage to take some market share. So let's just take 1 of those states. And they say, "I need a store built with 20, 30, 40 ton rooftop units. And we're the only ones that have the new refrigerant. Well, would you want to go if that was available in your state, would you want to use an obsolete refrigerant on a change out? Of course, not.

我認為這種情況在整個行業中根本沒有普遍存在。因此，對於這些已經制定了允許使用新冷媒的規定的少數州，我們將成為這些早期採用州的早期採用者的答案。因此，我們確實認為這是佔據一些市場份額的優勢。因此，我們只選取其中的 1 個狀態。他們說，「我需要一家用 20、30、40 噸屋頂設備建造的商店。我們是唯一擁有新冷媒的商店。好吧，如果您所在的州有這種冷媒，您願意去嗎？想要更換時使用過時的冷媒嗎？當然不是。

We'll move next to Julio Romero with Sidoti & Company.

我們將與 Sidoti & Company 一起前往胡里奧·羅梅羅 (Julio Romero) 的旁邊。

Gary, Rebecca and Joe. Congratulations, Matt. So Gary, you mentioned the backlog turnover is going to take longer than the traditional 2 to 3 months, especially considering customers booking further out and the BasX products factoring as well. Can you maybe level set for us how we should think about the new duration of the backlog turnover.

加里、麗貝卡和喬。恭喜，馬特。加里，您提到積壓訂單週轉時間將比傳統的 2 到 3 個月更長，特別是考慮到客戶的預訂時間更長以及 BasX 產品的保理。您能否為我們設定如何考慮積壓週轉的新持續時間？

Well, it's so complex that there's no -- historically, prior to the pandemic, prior to BasX, you could take our backlog divided by our latest production figures and that it gives you lead time. The issue now is that because of the pandemic and because of extended lead times, people began to order with a longer thought process. I'll give you an example, for over -- or close to, if not over 10 years, AAON Longview has been providing split systems for modular data centers. And we have always been hand-to-mouth on those. Like when they give us an order, they want them as fast as we can build them. And historically, that had been around 8 weeks.

好吧，它是如此複雜，以至於從歷史上看，在大流行之前，在 BasX 之前，您可以將我們的積壓訂單除以我們最新的生產數據，然後您可以獲得交貨時間。現在的問題是，由於疫情和交貨時間延長，人們開始以更長的思考過程進行訂購。我舉個例子，AAON Longview 已經為模組化資料中心提供分離式系統，已經超過或接近 10 年了。我們在這些方面一直都是勉強糊口。就像當他們給我們下訂單時，他們希望我們盡快建造它們。從歷史上看，這大約是 8 週。

Well, they got in a huge demand, and we got to where we couldn't supply it. And so they started ordering further and further ahead. From 2 of our clients for that, we have orders that are spaced out all the way through 2024, and here's the good news with appropriate pricing attached. So we're not stuck with a delivery down the road without reasonable pricing.

好吧，他們的需求量很大，而我們卻無法供應。於是他們開始越來越向前訂購。我們的 2 位客戶向我們發出了一直持續到 2024 年的訂單，這是一個好消息，附有適當的定價。因此，我們不會在沒有合理定價的情況​​下被困在路上交貨。

So that being the case, Julio, that was a normal for BasX. It's now becoming a normal in some -- it's the same customer base. It's this data center customer base. They are long-term planners. I mean, I heard, now this is not our company. It's not our product, but another company selling a product, air-cooled chillers, that they have orders that are going out 2 and 3 years. So again, for data centers. So you're seeing a lot of this related to data centers, so as that becomes a larger portion of our portfolio, the likelihood of this continuing is great. Hope that answers. It's just not a simple answer anymore. That's the reality.

胡里奧，既然如此，這對 BasX 來說是很正常的。現在這在某些人中已經成為一種常態——這是相同的客戶群。這就是這個資料中心的客戶群。他們是長期規劃者。我的意思是，我聽說，現在這不是我們公司了。這不是我們的產品，而是另一家銷售產品（風冷式冷水機）的公司，他們的訂單將在 2 到 3 年內到期。對於資料中心也是如此。因此，您會看到很多與資料中心相關的內容，因此隨著資料中心成為我們產品組合的較大部分，這種情況持續下去的可能性很高。希望能得到解答。這不再是一個簡單的答案了。這就是現實。

No. There's definitely some nuance to it, but I appreciate all the color you gave for sure. Maybe asking also about the refrigerant regulation. It sounds like you're going to play some offense in '24 given the product catalog positioned well for the new refrigerant. And you talked about some first-mover advantage as being a part of that strategy in some of the early stages. Do you also expect your pricing premium to potentially narrow relative to the competition as they have to kind of play catch-up with their product portfolio and that may factor into some of your offense strategy as well?

不。肯定有一些細微差別，但我確實很欣賞你提供的所有顏色。也許還會詢問冷媒法規。考慮到產品目錄非常適合新冷媒，聽起來您將在 24 年採取一些進攻措施。您談到了一些先發優勢是某些早期階段策略的一部分。您是否仍預期您的定價溢價相對於競爭對手可能會縮小，因為他們必須追趕他們的產品組合，這也可能會影響您的一些進攻策略？

Well, it's interesting you ask that, we were at an industrial conference recently and several of the investors had come from a different conference, where some of these competitors of ours were announcing how much they expected to go up on their equipment over the next 2 years as a result of the refrigerant change. Well, we're not seeing it the same way. We're seeing that the refrigerant itself is less cost. We're seeing that the pieces and parts -- well, let me just back up, our vertical manufacturing -- vertically integrated manufacturing strategy played well for this.

嗯，你問的很有趣，我們最近參加了一個工業會議，幾位投資者來自另一個會議，我們的一些競爭對手在會上宣布他們預計在未來 2 年內他們的設備會上漲多少年由於製冷劑的變化。嗯，我們的看法不一樣。我們發現冷媒本身的成本較低。我們看到零件——好吧，讓我支持一下，我們的垂直製造——垂直整合製造策略對此發揮了很好的作用。

On Monday last week or Tuesday last week, I was at our controls manufacturing facility in Parkville, Missouri, which, part of our CapEx has gone to them. And I was there to see it's about 90% fleshed out and being utilized. We're manufacturing our own control sensing system related to the safety for UL-60335 and everything else to do with this refrigerant. And the cost of it was just tremendously beneficial to us.

上週一或上週二，我在密蘇裡州帕克維爾的控制製造工廠，我們的部分資本支出已經交給了他們。我在那裡看到大約 90% 的內容都已充實並利用。我們正在製造自己的控制感測系統，涉及 UL-60335 的安全性以及與該冷媒相關的所有其他內容。它的成本對我們來說是非常有利的。

I was -- I couldn't be more proud of that group. It was 1 of those deals where 2 years ago, they came to me with this CapEx request and told me all these great things they could do with it. And I said, sure, it looks good. Their business plan showed like 14 months return on investment. And I said, go, go as fast as you can. Well, they have that in place and they're building that product, and that's going to be a major advantage for us. So I'm just loving what I'm seeing, Julio. I'm loving it.

我為這個團隊感到非常自豪。這是兩年前的其中一筆交易，他們向我提出了資本支出請求，並告訴我他們可以用它來做所有這些偉大的事情。我說，當然，看起來不錯。他們的商業計劃顯示 14 個月的投資回報。我說，走吧，盡可能快地走。嗯，他們已經做到了這一點，並且正在開發該產品，這將成為我們的主要優勢。所以我只是喜歡我所看到的，胡里奧。我喜歡這個。

That's very helpful. And maybe just 1 maybe for Rebecca. You mentioned some of the elevated SG&A in the quarter was due to profit sharing. Were there any kind of other factors that led to that? And are those factored into the 4Q guide?

這非常有幫助。對麗貝卡來說，也許只有 1。您提到本季銷售管理費用（SG&A）上升的部分原因是利潤分享。是否還有其他因素導致了這種情況？這些是否已納入第四季指南？

Yes. Those factors are included in the Q4 guidance. So we have -- we talked about some of these investments we're making for long-term growth for back office, like technology and automation. Some of that was more heavily weighted to the second half of the year. So that is why you'll see our guidance for Q4 as a percent of sales is up a bit.

是的。這些因素包含在第四季的指導中。因此，我們討論了我們為後台的長期成長而進行的一些投資，例如技術和自動化。其中一些在今年下半年的權重更大。這就是為什麼您會看到我們對第四季度的指導，因為銷售額的百分比略有上升。

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

您的下一個問題將來自堪薩斯城資本公司的喬恩·布拉茨 (Jon Braatz)。

Maybe going back to the refrigerant question. you have historically seen periods where there's been disruptions going back a ways. And I guess maybe to quantify it for us in if the market was going to deliver you maybe x percent volume growth next year, how much of that might be because of the gain in market share because of the -- sort of the disruption in the industry. I'm trying to better sense as what the opportunity for you in terms of grabbing market share might be?

也許回到冷媒問題。從歷史上看，您曾經見過一些時期，曾經出現過混亂的情況。我想也許可以為我們量化一下，如果明年市場將為你帶來 x% 的銷售成長，其中有多少可能是因為市場份額的增加，因為——某種破壞行業。我試著更了解你們在搶佔市場份額方面的機會是什麼？

Well, it's early. I haven't yet seen -- because none of these states can take that new equipment yet. They're preparing for it. Some of them are very near term. I thought that it was not going to happen until January 1, 2025, all along. Well, that's where most of it stopped. But there were some states that were very aggressive, no surprise, California, for instance, trying to pull everything forward as far as they could. They want to be the leaders in global responsibility. And so they're pulling a lot of things forward. And the industry responded when it comes to chillers, I think they're well prepared. When it comes to packaged rooftops, it doesn't appear to be so much. So that's our strong point is we don't build chillers.

還好還早。我還沒有看到——因為這些州都還沒有能夠採用這種新設備。他們正在為此做準備。其中一些是近期的。我一直以為這要到 2025 年 1 月 1 日才會發生。嗯，大部分事情就到此為止了。但有些州非常積極，這並不奇怪，例如加州，試圖盡其所能地推動一切。他們希望成為全球責任的領導者。所以他們正在推動很多事情向前發展。當談到冷水機時，業界的反應是，我認為他們已經做好了充分的準備。當談到包裝屋頂時，它似乎沒有那麼多。所以這就是我們的強項，我們不建造冷水機。

We build packaged rooftop units, and we're way far ahead of everybody with being ready with the new refrigerant. I think a lot of the reason that we're ahead is that they had to develop, they had to allocate a lot of their resources to the 2023 energy standards. And then by the time they got that completed, then they began the refrigerant changeovers kind of the way it's been told to me. Well, we were way ahead of both because we had that 2023 energy standard captured 3 to 5 years back. So we were able to get a lot earlier development on this new refrigerant. So I don't know what percentage it is, Jon. I will tell you that we've got a lot of market drivers that are in our favor for us to take market share. I think next year of our total revenue gains there will be some pricing, but I believe it will be -- our revenue gains will be more weighted towards volume than they will be price. That's my opinion.

我們建造了成套的屋頂機組，並且我們在新冷媒的準備方面遠遠領先所有人。我認為我們領先的許多原因是他們必須發展，他們必須為 2023 年能源標準分配大量資源。當他們完成這項工作時，他們開始按照告訴我的方式更換冷媒。嗯，我們遠遠領先兩者，因為我們在 3 到 5 年前就制定了 2023 年能源標準。因此，我們能夠更早地開發這種新型冷媒。所以我不知道這個百分比是多少，喬恩。我會告訴你，我們有很多市場驅動因素，有利於我們佔領市場佔有率。我認為明年我們的總收入成長將會有一些定價，但我相信會的——我們的收入成長將更注重數量而不是價格。這是我的意見。

Okay. Great. And then secondly, maybe for you, Rebecca, the strong gross margins in the quarter, 37%. Sometimes, everything that can go right, goes right in the quarter and vice versa. But I think it's obviously a lot more than that. But having said that, was there things in the quarter that just were unusually positive and it's difficult to repeat and maybe generated those higher margins?

好的。偉大的。其次，麗貝卡，也許對你來說，本季的毛利率很高，達到 37%。有時，一切可以順利進行的事情，在本季都會順利進行，反之亦然。但我認為顯然遠不止於此。但話雖如此，本季是否有一些事情異常積極且難以重複並可能產生更高的利潤率？

Well, I didn't say they're unusually positive. I will say the increased revenue and our operational efficiencies that we've been seeing has led to better overhead absorption. So sometimes that is a factor that when you get into some of our seasonality, you have less absorption and the margins might dip just slightly. But I would say there was nothing out of the usual for the quarter.

好吧，我並沒有說他們異常積極。我想說的是，我們所看到的收入增加和營運效率的提高導致了更好的管理費用吸收。因此，有時這是一個因素，當您進入我們的某些季節性時，您的吸收量會減少，利潤率可能會略有下降。但我想說，本季沒有任何異常情況。

(Operator Instructions) It appears we have no further questions at this time. I'll turn the call back to our presenters for any additional or closing remarks.

（操作員說明）目前看來我們沒有其他問題了。我會將電話轉回給我們的主持人，以徵求任何補充或結束語。

All right. 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. Thank you.

好的。我要感謝大家參加今天的電話會議。如果有人在未來幾天或幾週內有任何疑問，請隨時與我本人聯繫。祝您今天休息愉快，我們期待將來與您交談。謝謝。

This concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。