Aaon Inc (AAON) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the AAON, Inc., fourth-quarter 2023 earnings conference call.

女士們、先生們，下午好，歡迎參加 AAON, Inc. 2023 年第四季財報電話會議。

(Operator Instructions) This call is being recorded on Thursday, February 29, 2024.

（操作員說明）此通話錄音時間為 2024 年 2 月 29 日星期四。

I would now like to turn the conference over to Joe Mondillo.

我現在想把會議交給喬·蒙迪洛。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

And good afternoon, everyone.

大家下午好。

The press release announcing our fourth quarter financial results was issued after market close today and can be found on our corporate website, AON. dot com.

宣布第四季度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 AON 上找到。 .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.

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收聽網路廣播中找到該簡報。

Please turn to Slide 2.

請翻到投影片 2。

We begin with our customary forward-looking statement policy during the call.

我們在電話會議期間首先介紹了我們慣用的前瞻性聲明政策。

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 Securities Act of 1933 and the Securities and Exchange Act of 1934 each as amended.

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》（各修訂版）的安全港條款制定。

As such, it is subject to the occurrence of many events outside AAON's control that could cause AAON's results to differ materially from those anticipated.

因此，許多 AAON 無法控制的事件的發生可能會導致 AAON 的結果與預期產生重大差異。

You are all aware of the inherent difficulties, risks and uncertainties in making predictive statements.

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 10 Form 10 K 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.

我們的新聞稿和今天下午提交的 10 Form 10 K 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。

Please note that we do not have the duty to update our forward-looking statements.

請注意，我們沒有義務更新我們的前瞻性陳述。

Our press release and portions of today's call will 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.

我們的新聞稿和今天電話會議的部分內容將使用 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, CEO; Matt Tobolski, President and COO; and Rebecca Thompson, CFO and Treasurer.

與我一起參加今天電話會議的是執行長加里·菲爾茲 (Gary Fields)；馬特‧托博爾斯基 (Matt Tobolski)，總裁兼營運長；以及財務長兼財務主管麗貝卡湯普森 (Rebecca Thompson)。

Gary will start the call off with some opening remarks.

加里將以一些開場白開始電話會議。

Matt will then provide some details about our operations and market trends.

然後，馬特將提供有關我們營運和市場趨勢的一些詳細資訊。

Rebecca will follow with a walk through of the quarterly results.

麗貝卡將隨後介紹季度業績。

And before taking questions, Gary will finish with our 2024 outlook and closing remarks.

在回答問題之前，Gary 將介紹我們的 2024 年展望和結束語。

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

這樣，我就把電話轉給加里。

Thanks, Joe. And thank you, everyone, for joining us on our call today.

謝謝，喬。感謝大家今天加入我們的電話會議。

If you will, please turn with me to Slide 3.

如果你願意的話，請跟我一起翻到投影片 3。

Overall, we're very pleased with our 2023 results. 2023 marked our 35th anniversary as a company, and it lined up with some outstanding achievements.

總的來說，我們對 2023 年的結果非常滿意。 2023 年是我們公司成立 35 週年，並取得了一些傑出的成就。

Most notably, we surpassed $1 billion of sales for the first time in company history.

最值得注意的是，我們的銷售額在公司歷史上首次突破 10 億美元。

Net sales in the year grew 31.5%, which followed a year in 2022 when we recorded organic growth of [46.8%] over the last two years, organic volume was at 46.6%, including being up 14.5% in 2023.

今年的淨銷售額成長了 31.5%，緊接著 2022 年我們在過去兩年中實現了有機成長 [46.8%]，有機銷量為 46.6%，其中 2023 年增長了 14.5%。

This is incredible performance for this industry, along with the strong sales growth, we recognized solid margin expansion in 2023, reflecting not only the operating leverage from the increased volume, but also significant enhancements and operational efficiencies.

對於這個行業來說，這是令人難以置信的業績，加上強勁的銷售成長，我們認識到2023 年利潤率將實現穩健增長，這不僅反映了銷量增加帶來的營運槓桿，還反映了顯著的增強和營運效率。

Net income for the year grew over 75%, resulting in a second straight year of record earnings.

全年淨利成長超過 75%，獲利連續第二年創歷史新高。

It's 2021.

現在是 2021 年。

We have more than tripled net income, all together, I'm very proud of how our team performed in the last calendar year.

我們的淨利潤總共增加了兩倍多，我對我們團隊在過去一年的表現感到非常自豪。

Please turn to Slide 4.

請翻到幻燈片 4。

We finished the year with strong results.

我們以優異的成績結束了這一年。

Organic net sales in the fourth quarter was up 20.4% and gross profit was up 42.3%.

第四季有機淨銷售額成長 20.4%，毛利成長 42.3%。

Our basics segment realized a record quarter, both sales and profits.

我們的基礎業務部門在銷售額和利潤方面都實現了創紀錄的季度業績。

Net sales in the segment were up 33.6% and gross profit was up 70.3%.

該部門的淨銷售額成長了33.6%，毛利成長了70.3%。

Aaon Oklahoma also performed very well.

Aaon Oklahoma 也表現出色。

Net sales of this segment were up 23.4% and gross profit was up 45.3%.

該部門的淨銷售額成長23.4%，毛利成長45.3%。

Gross profit margin for the Company came in at 36.4%, up year over year, nearly 560 basis points and down only modestly from the seasonally strong third quarter.

該公司毛利率為 36.4%，年成長近 560 個基點，僅比季節性強勁的第三季略有下降。

Despite the impact that Holiday's had on productivity in the fourth quarter, we were able to further improve operational efficiencies on top of the gains we recognized in the third quarter.

儘管假期對第四季度的生產力產生了影響，但我們在第三季度確認的收益的基礎上進一步提高了營運效率。

This resulted in our strongest fourth quarter of earnings in company history.

這導致了我們公司歷史上最強勁的第四季獲利。

Bookings and backlog also trended positively in the quarter.

本季的預訂量和積壓量也呈現正面趨勢。

Bookings were up quarter over quarter for the second straight quarter and were the strongest since the first quarter of 2022, but also outpaced production resulting in a quarter-over-quarter increase in backlog.

預訂量連續第二季環比增長，是 2022 年第一季以來最強勁的水平，但也超過了產量，導致積壓訂單環比增加。

All around it was a strong finish to the year.

整體而言，這一年的收官動能強勁。

Please turn to Slide 5. 35 years ago.

請翻到投影片 5。35 年前。

Our founder norm is Bjørn Hansen created Aon with one mission to manufacture the best HVAC equipment in the world for the best value at the time, the total addressable market for premium semi-custom equipment was very small as much of the market consisted of basic equipment.

我們的創辦人準則是 Bjårn Hansen 創建 Aon 的使命是製造世界上最好的 HVAC 設備，以實現當時的最佳價值，優質半客製化設備的總潛在市場非常小，因為大部分市場包括基本設備。

This wasn't because the commercial real estate market was not interested in more sophisticated equipment.

這並不是因為商業房地產市場對更先進的設備不感興趣。

It was because of the exorbitant price that premium equipment carried to be competitive.

正是因為價格過高，優質設備才具有競爭力。

Norm determined it required a revolutionary engineering and manufacturing process compared to common industry practices at the time it has taken the Company decades to perfect this unique way of manufacturing.

Norm 認為，與當時的常見行業實踐相比，它需要革命性的工程和製造流程，而公司花了幾十年的時間來完善這種獨特的製造方式。

Currently, our equipment is the most price competitive than it's ever been.

目前，我們的設備比以往任何時候都最具價格競爭力。

At the same time, we continue to lead in the innovation performance and quality.

同時，我們在創新性能和品質方面持續領先。

This progression has expanded our total addressable market across the HVAC industry.

這項進展擴大了我們整個暖通空調產業的潛在市場總量。

Immensely secular trends such as decarbonization, electrification, driven by market demand shifts and new regulations has expanded our total addressable market even more not too long ago, Aon was known as a niche player in this industry.

在市場需求變化和新法規的推動下，脫碳、電氣化等巨大的長期趨勢進一步擴大了我們的潛在市場總量，不久前，怡安還被認為是該行業的利基參與者。

Being competitive on price has led to us being a mainstream solution.

價格競爭力使我們成為主流解決方案。

As I previously mentioned, Northern's mission 35 years ago was to provide the best HVAC equipment in the world for the best value.

正如我之前提到的，Northern 35 年前的使命是提供世界上最好的 HVAC 設備並實現最佳價值。

That mission remains true today and the value of the equipment has never been more compelling.

這項使命至今依然正確，設備的價值也從未如此引人注目。

I'll now hand over the call to Matt Tobolski, who will speak more in depth about our operational strategy.

我現在將把電話轉給馬特·托博爾斯基（Matt Tobolski），他將更深入地談論我們的營運策略。

Thank you, Gary.

謝謝你，加里。

If you turn to slide number six last November, we issued a press release announcing several changes to the management structure of the Company.

如果您翻到去年 11 月的第六張投影片，我們發布了一份新聞稿，宣布對公司管理架構進行多項變更。

It's been a couple of months since making those changes, and I wanted to start off by providing you with an update.

做出這些更改已經過去了幾個月，我想先向您提供最新情況。

Historically, Air has had two locations with the vast majority of sales being generated out of our flagship Tulsa location.

從歷史上看，Air 曾擁有兩個銷售點，其中絕大多數銷售額來自我們的塔爾薩旗艦店。

We now have a location in Parco, Missouri and with the acquisition of basics location in Redmond, Oregon.

我們現在在密蘇裡州帕爾科設有辦事處，並收購了俄勒岡州雷德蒙的基礎辦事處。

Over the last year or so, we began integrating common departments across all locations.

在過去一年左右的時間裡，我們開始整合所有地點的公共部門。

The goal was to promote collaboration and the sharing of best practices with the intent of maximizing the operational sophistication of the company.

目標是促進協作和共享最佳實踐，以最大限度地提高公司的營運複雜性。

These recent organizational changes will accelerate this integration process as well as improve our ability to manage the overall enterprise.

最近這些組織的變革將加速這個整合過程，並提高我們管理整個企業的能力。

Furthermore, the locations are beginning to overlap operationally.

此外，這些地點在營運上開始重疊。

One notable example of this is allocating some basics production to our Longview, Texas facility.

一個值得注意的例子是將一些基礎產品的生產分配給我們德州朗維尤的工廠。

This began last year, but it will escalate upon the completion of our Longview manufacturing expansion project, which is expected to be complete by the end of this year.

這種情況從去年就開始了，但隨著朗維尤製造擴建工程的完成，這種情況將會升級，預計該工程將於今年底完成。

These leadership changes will be a huge benefit as production across locations for the merge two months into the change, I can be none competing.

這些領導層的變動將是一個巨大的好處，因為跨地點的生產合併兩個月後就發生了變化，我無法與之競爭。

I could not be more pleased with how things have progressed in a short period of time, the teams have never been more collaborative and more energized.

我對事情在短時間內取得的進展感到非常滿意，團隊從未如此協作和充滿活力。

I'm confident that these changes will have a meaningful impact in the near term under our current footprint, although just as important, you should be aware that the intent of this is with long-term in mind, these changes will better position us in the future to grow out of the current footprint in the most efficient way possible.

我相信這些變化將在短期內對我們目前的足跡產生有意義的影響，儘管同樣重要，但您應該意識到這樣做的目的是長遠考慮，這些變化將使我們更好地定位未來以最有效的方式在當下的足跡中成長。

If you will, please turn to slide number seven.

如果你願意，請翻到第七張幻燈片。

I want to touch on some of the main traunches of our operational strategy.

我想談談我們營運策略的一些主要部分。

As you can see, we have a multifaceted approach when it comes to driving growth.

正如您所看到的，我們在推動成長方面採取了多方面的方法。

This includes investing profits back into the business, incrementally providing support to our sales channel, developing market-leading products, leveraging secular market trends and focusing on expanding our parts business.

這包括將利潤投資回業務、逐步為我們的銷售管道提供支援、開發市場領先的產品、利用長期市場趨勢以及專注於擴大我們的零件業務。

We have several large capital outlays that we are currently in.

我們目前有幾筆巨額資本支出。

The process of making capacity is being increased across all four of our locations.

我們所有四個地點的產能提升過程都在增加。

The two main projects are at our Longview, Texas and revenue, Oregon facilities.

這兩個主要項目位於德克薩斯州朗維尤和俄勒岡州收入工廠。

In Longview, we are increasing manufacturing square footage by roughly 50%.

在朗維尤，我們將生產面積增加了約 50%。

This is slated to be finished by the end of this year.

這預計將於今年底完成。

And at Redmond, square footage will increase by approximately 15% with it's expected to be finished by the end of third quarter.

在雷德蒙德，建築面積將增加約 15%，預計第三季末完工。

Both projects will yield much larger percentage increases in sales capacity due to expected increases in productivity.

由於生產力的預期提高，這兩個項目都將帶來更大比例的銷售能力成長。

We have several other ongoing projects and one that I'd like to highlight is the fact that we're building an additional training academy at our Tulsa location.

我們還有其他幾個正在進行的項目，我想強調的一個事實是，我們正在塔爾薩工廠建造一所額外的培訓學院。

This will be a state-of-the-art facility that will be utilized to train and certify our reps.

這將是最先進的設施，將用於培訓和認證我們的代表。

This is expected to be finished in early 2025.

預計將於 2025 年初完成。

Now trend was transition to our sales channel.

現在的趨勢是向我們的銷售管道過渡。

As we've spoken to you in the past, we have never been more aligned with our channel partners and have never provided them with as much support and resources as we do today, building this new Academy in Tulsa as a perfect example.

正如我們過去與您交談過的那樣，我們從未像今天這樣與通路合作夥伴更加一致，也從未為他們提供過如此多的支持和資源，在塔爾薩建立這個新學院就是一個完美的例子。

Likewise, last year, we hosted the grand opening of our exploration Center, a one-of-a-kind facility at our headquarters that showcases our products alongside market alternative equipment.

同樣，去年，我們舉辦了勘探中心的盛大開幕儀式，這是我們總部的一個獨特的設施，展示我們的產品以及市場替代設備。

This is a powerful resource for our sales reps to utilize to help sell the value proposition of a on equipment, a value proposition that is apparent once the customer walks through that facility, something that we've also beginning to focus on much more is what we call the complete customer experience historically and was primarily product development company solely focused on designing and manufacturing some of the best HVAC equipment in the world like continue to hold true to that reputation, but we want to also be known for providing a premium customer experience from day one of the sales process through the entire lifecycle of the equipment, including installation, operation and maintenance.

對於我們的銷售代表來說，這是一個強大的資源，可以用來幫助銷售設備的價值主張，一旦客戶走過該設施，這種價值主張就會顯而易見，我們也開始更多地關注什麼歷史上，我們稱之為完整的客戶體驗，主要是產品開發公司，專注於設計和製造世界上一些最好的暖通空調設備，我們將繼續保持這一聲譽，但我們也希望以提供優質的客戶體驗而聞名從銷售過程的第一天到設備的整個生命週期，包括安裝、操作和維護。

This is an opportunity and one that we're now addressing and adding resources to take advantage of.

這是一個機會，我們現在正在解決並增加資源來利用這個機會。

We're also investing in sales and marketing marketing is something that a hasn't previously spent a lot of resources on, although our premium equipment now offers the most compelling value than ever, and it's still a small company in an industry with a much larger players and brands.

我們還在銷售和行銷方面進行投資，行銷是以前沒有花費大量資源的事情，儘管我們的優質設備現在提供了比以往任何時候都最引人注目的價值，而且它仍然是一個小公司，在一個在擁有許多資源的行業中。更大的參與者和品牌。

We think that small investments in marketing will go a long way for us by getting our name and brand out there more and educating the market about the attractive value proposition of our premium equipment.

我們認為，在行銷方面的小額投資將對我們大有幫助，因為可以讓我們的名字和品牌更多地傳播，並讓市場了解我們優質設備的有吸引力的價值主張。

We expect it will assist our sales reps success in penetrating the market quicker.

我們希望它將幫助我們的銷售代表更快地成功打入市場。

This is just another example of how we are incrementally providing support to our sales channel partners.

這只是我們如何逐步向銷售通路合作夥伴提供支援的另一個例子。

Earlier, Gary mentioned that one of our core missions is to design and manufacture the best HVAC equipment in the world.

早些時候，Gary 提到我們的核心使命之一是設計和製造世界上最好的 HVAC 設備。

As we enter 2024, we are leading the industry with two product developments.

進入 2024 年，我們以兩項產品開發引領產業。

First, we have been accepting orders for new for 54 b. refrigerant equipment since January first, most of the industry won't be offering new refrigerant equipment until the second half of this calendar year.

首先，我們一直在接受 54 b 的新訂單。自一月一日起，大多數行業都將推出新的冷媒設備，直到今年下半年才會推出新的冷媒設備。

Second, last year, we introduced our newly branded ultra-class equipment, the ultra-class and air source heat pump powered rooftop unit that is operable down to zero degrees Fahrenheit.

其次，去年，我們推出了新品牌的超一流設備，即超一流空氣源熱泵動力屋頂機組，可在華氏零度下運作。

No other competitor in the marketplace has such an offering most other air source heat pumps on the market today are operable just down to 25 to 30 degrees Fahrenheit, giving us an advantage and has ever really ever increasing part of the market.

市場上沒有其他競爭對手擁有這樣的產品，當今市場上大多數其他空氣源熱泵的運行溫度僅為 25 至 30 華氏度，這給我們帶來了優勢，並且市場份額一直在不斷增加。

Sales of this equipment still making a small percentage of the total sales, but bookings in the second half of 23 and three have nearly doubled when compared to the first half of the year for alpha products.

該設備的銷售量仍佔總銷售量的一小部分，但 23 和 3 下半年的預訂量與 alpha 產品上半年相比幾乎翻了一番。

So there's solid momentum thus far.

因此，到目前為止，勢頭強勁。

We expect our Alpha glass to fully leverage several of several secular trends that a and has already been benefiting from.

我們預計我們的阿爾法玻璃將充分利用已經受益的幾個長期趨勢中的幾個。

Again with an increased focus on decarbonization, electrification and energy efficiency as well as the accelerated impact from government regulations and superior performing highly energy-efficient equipment is well-positioned to take advantage of such trends.

同樣，隨著人們對脫碳、電氣化和能源效率的日益關注，以及政府法規的加速影響，性能卓越的高能源效率設備完全有能力利用這些趨勢。

Lastly, I want to touch on a on parts and service.

最後，我想談談零件和服務。

Normally, we don't talk much about service because a and doesn't have a direct service business.

通常，我們不會過多談論服務，因為a並沒有直接的服務業務。

However, our reps do provide service that we indirectly benefit from.

然而，我們的代表確實提供了我們間接受益的服務。

As we touch on parts, our parts business will be one of our fastest growing business segments going forward will also be our most profitable business parts sales grew 26.3%.

當我們談到零件時，我們的零件業務將是我們成長最快的業務部門之一，未來也將是我們利潤最高的業務，零件銷售額成長了 26.3%。

In 2023, and we anticipate a strong double digit growth rate in 2024.

2023 年，我們預計 2024 年將達到強勁的兩位數成長率。

We are making several investments to help support this growth.

我們正在進行多項投資來幫助支持這一成長。

In 2023 parts made up 5.8% of total sales.

2023 年，零件佔總銷售額的 5.8%。

And we think that we can double this portion of the business in three to four years at which time it should represent closer to 10% of sales.

我們認為，我們可以在三到四年內將這部分業務增加一倍，屆時它應佔銷售額的接近 10%。

Now let me touch on service.

現在讓我談談服務。

As part of our initiative of improving the all around customer experience, we intend to be much more focused on making sure our reps are providing a premium level of service to our customers like most OEM rep firms in any other industry.

作為我們改善全方位客戶體驗計畫的一部分，我們打算更加專注於確保我們的代表為客戶提供優質的服務，就像其他行業的大多數 OEM 代表公司一樣。

Our reps know the equipment and the customer more than anyone else in the field.

我們的代表比該領域的任何其他人都更了解設備和客戶。

As such to provide the best customer experience, we will instill upon them to provide the best service possible and was offering in the end, our customers' interests as well as our business and brand will benefit substantially.

因此，為了提供最好的客戶體驗，我們將向他們灌輸盡可能最好的服務，最終我們的客戶利益以及我們的業務和品牌都將受益匪淺。

Before handing it off to Rebecca, I will close with this.

在將其交給麗貝卡之前，我將以此結束。

I'm extremely extremely proud to be part of and help lead this organization.

我非常自豪能夠成為這個組織的一員並幫助領導這個組織。

While the growth we realized over the last two years has been incredible, there is still a lot of work to be done to realize the full potential of this organization.

雖然我們在過去兩年中實現了令人難以置信的成長，但要充分發揮組織的潛力，仍有大量工作要做。

The team has never been more energized, and I look forward to continuing to build upon what we've already accomplished.

團隊從未如此充滿活力，我期待在我們已經取得的成就的基礎上繼續前進。

And with that, I will hand it off to Rebecca, who will walk through financials.

接下來，我會將其交給麗貝卡，她將介紹財務知識。

Thank you, Matt.

謝謝你，馬特。

I'd like to begin by discussing the comparative results of the three months ended December 31st, 2023 versus December 31st, 2022.

我想先討論截至 2023 年 12 月 31 日與 2022 年 12 月 31 日止三個月的比較結果。

Please turn to Slide 8.

請翻到幻燈片 8。

Net sales were up 20.4% to $306.6 million and $254.6 million.

淨銷售額成長 20.4%，達到 3.066 億美元和 2.546 億美元。

Along with a healthy backlog that we entered the quarter with increased productivity resulted in volume growth of 9.3%.

隨著我們進入本季度的良好積壓以及生產率的提高，銷量增長了 9.3%。

Adjusting total sales for inflation on a per day per production employee basis, sales in the fourth quarter were the best in over two years, reflecting the recognized productivity gains.

以每位生產員工每天的通貨膨脹調整總銷售額，第四季度的銷售額是兩年多來最好的，反映了公認的生產力提高。

Pricing was largely the other contributor to growth.

定價在很大程度上是成長的另一個因素。

On a per segment basis, basics net sales in the quarter grew 33.6%, Aaon Oklahoma grew 23.4% while Aaon coil products declined 17.9%.

以細分市場計算，本季基礎產品淨銷售額成長 33.6%，Aaon Oklahoma 成長 23.4%，而 Aaon 線圈產品下降 17.9%。

Moving to slide number 9, our gross profit increased 42.3% to $111.7 million from $78.5 million.

轉到第 9 張投影片，我們的毛利從 7,850 萬美元增加到 1.117 億美元，成長了 42.3%。

As a percentage of sales, gross profit margin was 36.4% compared to 30.8% in 2022.

毛利率佔銷售額的百分比為 36.4%，而 2022 年為 30.8%。

The year-over-year improvement in gross profit margin was driven by incremental pricing, improved productivity and higher volumes leveraging our fixed costs.

毛利率的同比改善是由於增量定價、生產力提高以及利用固定成本提高產量所推動的。

Please turn to slide 10.

請翻到投影片 10。

Selling, general and administrative expenses increased 49.8% to $47.9 million from $31.9 million in 2022.

銷售、一般和管理費用從 2022 年的 3,190 萬美元增長 49.8% 至 4,790 萬美元。

As a percentage of sales, SG&A increased to 15.6% of total sales compared to 12.5% in the same period in 2022.

SG&A 佔銷售額的百分比從 2022 年同期的 12.5% 增至總銷售額的 15.6%。

The increase in SG&A was due to higher warranty expense and profit sharing expenses from our increased sales and earnings.

SG&A 的增加是由於我們的銷售和收入增加導致保固費用和利潤分享費用增加。

Other increases are a result of increased depreciation and amortization and consulting expenses related to investments we're making in back-office technology.

其他增長是由於與我們在後台技術投資相關的折舊和攤銷以及諮詢費用增加所致。

Moving to slide 11, diluted earnings per share increased 19.1% to $0.56 per share from $0.47 per share.

轉到投影片 11，攤薄後每股收益從每股 0.47 美元增至每股 0.56 美元，成長 19.1%。

This marked the strongest fourth quarter of EPS in the company's history.

這標誌著該公司歷史上最強勁的第四季每股收益。

Turning to slide 12, you'll see our balance sheet remains strong.

翻到投影片 12，您會發現我們的資產負債表仍然強勁。

Cash, cash equivalents and restricted cash totaled $9 million at December 31, 2023, and outstanding debt on our revolver at the end of the quarter was $38.3 million.

截至 2023 年 12 月 31 日，現金、現金等價物及限制性現金總計 900 萬美元，截至本季末我們左輪手槍的未償債務為 3,830 萬美元。

Within the quarter, we paid down approximately $40.1 million on our line of credit lowering our leverage ratio to 0.15 from 0.33 at the end of the third quarter and down from 0.46 at the end of 2022.

在本季度內，我們償還了約 4,010 萬美元的信貸額度，槓桿率從第三季末的 0.33 降至 0.15，並從 2022 年底的 0.46 降至 0.15。

We had a working capital balance of $282.2 million at December 31, 2023 versus $203.5 million at December 31, 2022.

截至 2023 年 12 月 31 日，我們的營運資金餘額為 2.822 億美元，而 2022 年 12 月 31 日為 2.035 億美元。

Capital expenditures in 2023 were $104.3 million, up 93.1% from a year ago.

2023年資本支出為1.043億美元，年增93.1%。

As Matt addressed, we have several large capital projects that will increase production capacity, improve productivity and support future growth.

正如馬特所說，我們有幾個大型資本項目，這些項目將增加產能、提高生產力並支持未來的成長。

Several of the projects from 2023 will carry over into 2024.

2023 年的幾個項目將延續到 2024 年。

This will make for another heavy CapEx year.

這將導致另一個資本支出沉重的一年。

In 2024, we anticipate capital expenditures to be approximately $125 million.

2024 年，我們預計資本支出約為 1.25 億美元。

We consistently engage in a rigorous analysis of our capital projects.

我們始終對我們的資本項目進行嚴格的分析。

All the projects included in the budget will help our growth generate very compelling returns.

預算中包含的所有項目都將幫助我們的成長產生非常引人注目的回報。

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

現在，我想將電話轉回給加里。

As I stated in my opening remarks, bookings in the fourth quarter improved sequentially for a second straight quarter and output outpaced production in the fourth quarter as a result, we realized a modest quarter-over-quarter increase in the backlog year over year.

正如我在開場白中所說，第四季度的預訂量連續第二個季度連續增長，並且第四季度的產量超過了產量，因此，我們意識到積壓訂單同比略有增長。

Backlog was down modestly, but this was intentional to rightsize lead times for several months.

積壓訂單略有減少，但這是為了縮短幾個月的交貨時間。

Now our lead times have been back to normal.

現在我們的交貨時間已恢復正常。

Conversely, much of the industry still seems to be focused on bringing lead times down from elevated levels.

相反，該行業的許多公司似乎仍然專注於縮短交貨時間。

Overall, market environment seems to be resilient despite what the headlines and some of the macro economic indicators have been signaling for some time.

總體而言，儘管頭條新聞和一些宏觀經濟指標一段時間以來一直在發出訊號，但市場環境似乎具有彈性。

Now month to month, bookings have been steady and sentiment amongst our sales channel remains positive.

現在，每個月的預訂量一直穩定，我們的銷售管道的情緒仍然積極。

Furthermore, the pipeline of large projects, particularly at our basics today on core product segments, is robust.

此外，大型專案的準備工作，尤其是我們今天在核心產品領域的基礎項目，是穩健的。

Certain verticals such as data centers, manufacturing and education remain strong while some of our traditional markets such as office buildings and retail are soft.

資料中心、製造和教育等某些垂直行業仍然強勁，而辦公大樓和零售等一些傳統市場則疲軟。

The nonresidential construction market seems to be slowing as a whole, but it's definitely bifurcated in addition to a slowing construction market there's the uncertainty of how the market, especially the replacement market will behave related to the refrigerant transition so far, two months into this year.

非住宅建築市場似乎整體上正在放緩，但除了建築市場放緩之外，它肯定是分裂的，今年兩個月以來，市場，特別是替換市場將如何與冷媒轉型相關的表現存在不確定性。

This doesn't seem to have had an impact yet.

這似乎還沒有產生影響。

That said, we still anticipate for at least a short period of time in the middle part of the year that some customers may choose to delay replacing their units waiting for new refrigerant equipment.

儘管如此，我們仍然預計至少在今年中期的短時間內，一些客戶可能會選擇推遲更換機組，等待新的冷媒設備。

If this does happen, we have much bigger impact to the overall our overall market than to us as most of our equipment has been configurable with the new refrigerant since January 1st of this year.

如果這種情況確實發生，我們對整個市場的影響比對我們自己的影響要大得多，因為自今年 1 月 1 日以來，我們的大多數設備都已配置了新冷媒。

Given that we are in an advantageous position, if the market chooses to shift to new refrigerant equipment early in the year, there's also a possibility that much of that market overlooks the long-term maintenance cost of buying equipment with the old refrigerant.

鑑於我們處於有利地位，如果市場選擇在今年年初轉向新的冷媒設備，那麼大部分市場也有可能忽略購買舊冷媒設備的長期維護成本。

And we see a much more muted effect either way we are prepared with respect to manufacturing capabilities and with respect to our supply chain of the new refrigerant components, all considered, we anticipate 2024 will be a slower growth year than we've experienced in the last couple of years.

我們看到，無論我們在製造能力方面還是在新冷媒組件的供應鏈方面做好了準備，效果都更加溫和，綜合考慮，我們預計2024 年將是比我們過去經歷過的增長速度更慢的一年。過去幾年。

Not only do we have tougher comps that we are facing, but the economy and the nonresidential construction sector is softer than a year ago.

我們不僅面臨更嚴峻的競爭，經濟和非住宅建築業也比一年前疲軟。

Turning to the outlook, please turn to Slide 14.

談到展望，請翻到幻燈片14。

For 2024, we anticipate pricing will be a mid single digit contributor to sales growth and we look for volume growth to be in the low single digits.

到 2024 年，我們預計定價對銷售成長的貢獻將達到中等個位數，並且我們預計銷售成長將保持在較低個位數。

We'd expect gross margin will be up year over year, mainly due to the favorable comp in the first quarter for SG&A as a percent of sales.

我們預期毛利率將較去年同期上升，主要是由於第一季銷售、管理及行政費用（SG&A）佔銷售額的比例良好。

We look for these expenses to be modestly up compared to 2023.

我們預計這些費用與 2023 年相比將略有上升。

As Rebecca stated, CapEx will be in the $125 million range.

正如 Rebecca 所說，資本支出將在 1.25 億美元範圍內。

I would also like to remind you of the seasonality that we typically see in the first quarter.

我還想提醒您注意我們通常在第一季看到的季節性。

We expect both sales and earnings in the first quarter will be down when compared to the fourth quarter of 2023.

我們預計第一季的銷售額和利潤將較 2023 年第四季有所下降。

Year over year, we expect both sales and earnings in the first quarter to be up modestly.

與去年同期相比，我們預計第一季的銷售額和利潤將小幅成長。

In closing, I want to finish by thanking all of our employees, sales, channel partners and customers also want to announce that we will be attending Sidoti & Company's virtual Small Cap Conference on March 13, Wolfe Research's Small and Mid-Cap Conference in New York on June 4, and Wells Fargo's Industrials Conference in Chicago on June 12.

最後，我要感謝我們所有的員工、銷售人員、通路合作夥伴和客戶，同時也要宣布，我們將參加3 月13 日舉行的Sidoti & Company 虛擬小型股會議、Wolfe Research 在紐約舉行的中小型股會議。6 月 4 日在約克舉行，6 月 12 日在芝加哥舉行富國銀行工業會議。

I hope to see some of you at these events.

我希望在這些活動中見到你們中的一些人。

Thank you.

謝謝。

And I will now open up for Q&A.

現在我將開始問答環節。

Thank you.

謝謝。

Ladies and gentlemen, we will now begin the question-and-answer session.

女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Chris Moore, CJS Securities.

克里斯摩爾，CJS 證券。

Hey, good afternoon, guys.

嘿，下午好，夥計們。

Congratulations on a another incredible quarter.

祝賀又一個令人難以置信的季度。

It looks like big basics is really kind of hitting on all cylinders.

看起來大基礎真的是全力以赴。

I wonder if maybe we could we can focus on the data center market a little bit.

我想知道我們是否可以稍微關註一下資料中心市場。

So I know you had in the past you have broken out addressable market, roughly $30 billion data center, cooling being about $6.5 billion of that AI is driving data center growth rapidly over the next 5, 10 years.

所以我知道你過去已經突破了可尋址市場，大約價值 300 億美元的資料中心，其中冷卻價值約為 65 億美元，人工智慧正在推動資料中心在未來 5 年、10 年快速成長。

I wonder if Matt, you just talked about a little bit.

我想知道馬特，你剛才談了一點。

It sounds like what you're seeing from from on the AI front and kind of what areas that you are especially well positioned for right now?

聽起來你在人工智慧領域看到了什麼，以及你現在在哪些領域特別有優勢？

It's a fantastic question Chris.

這是一個很棒的問題，克里斯。

And certainly data centers as a as a whole market is certainly driving a tremendous amount of growth within a I'm just kind of as a data point, just above 10% of our revenue in 2023 came from the data center market, and we're in that same period.

當然，資料中心作為一個整體市場肯定會推動巨大的成長，我只是作為一個數據點，2023 年我們收入的 10% 以上來自資料中心市場，我們』處於同一時期。

Over 20% of our bookings for new orders came out of data centers.

我們超過 20% 的新訂單來自資料中心。

So strong, strong demand being pushed from that marketplace kind of within our business.

我們業務中的市場推動瞭如此強烈的需求。

And as we look forward, we're well positioned from a product perspective and relationship perspective to really support the kind of broad data center market.

展望未來，從產品角度和關係角度來看，我們處於有利位置，可以真正支援廣闊的資料中心市場。

So we are actively involved in more traditional kind of airside cooling solutions, but are also very, very actively engaged in liquid cooling applications kind of being driven by that identity AI application.

因此，我們積極參與更傳統的空氣側冷卻解決方案，但也非常非常積極地參與由身份人工智慧應用程式驅動的液體冷卻應用程式。

So as we look forward, a lot of that capital investment, we talked about a lot of the kind of growth we talked about within the A. on coil products group out of Longview is actually going to materialize kind of in the in the mid term is going to materialize being primarily data center products.

因此，當我們展望未來時，大量的資本投資，我們在 Longview 的 A. 線圈產品集團中討論過的許多增長實際上將在中期實現。將主要成為資料中心產品。

So we're making the investments kind of across the fleet to really support this marketplace and as well as kind of the product development efforts to really be well positioned from a solutions perspective.

因此，我們正在對整個機隊進行投資，以真正支持這個市場，並進行產品開發工作，以便從解決方案的角度真正定位。

Got it.

知道了。

Very helpful.

很有幫助。

And just I think Gary kind of hit on this from a from just a general visibility standpoint.

我認為加里只是從一般可見性的角度來看了這一點。

And when you see where you are today versus this time last year, significantly different or similar?

當你看到你今天的處境與去年這個時候相比，有顯著的差異還是相似？

And anything that that has changed over the last three to four months that that you're seeing now you might not have seen then?

在過去的三到四個月裡，您現在看到的任何變化可能是您當時沒有看到的嗎？

Go ahead, Matt.

繼續吧，馬特。

Yeah, I can say just for me kind of what's changed over the last three to four months.

是的，我可以只為自己說說過去三到四個月所發生的變化。

I mean the market dynamics, we certainly had plenty of plenty of conversation and kind of macroeconomic indicators.

我的意思是市場動態，我們當然進行了大量的對話和宏觀經濟指標。

And we've talked about in the last three to four months and really still see it today that a lot of the trends that some of the indicators are kind of putting out there.

我們在過去三到四個月裡討論過，今天仍然看到一些指標所揭示的許多趨勢。

Really the market is a little bit stronger and basically resilient against some of those indicators.

實際上，市場稍強一些，並且相對於其中一些指標基本上具有彈性。

So we continue seeing and we don't see the slowdown that some of those indicators are kind of alluding to.

因此，我們繼續看到，但我們沒有看到其中一些指標所暗示的經濟放緩。

We certainly see some softness in the marketplace, but really kind of over the last three to four months compared to today.

我們當然看到市場有些疲軟，但與今天相比，過去三到四個月的情況確實有些疲軟。

We are still seeing that kind of strength in the markets.

我們仍然在市場上看到這種力量。

I would say, you know, certainly as we talk about the data center market in particular, we certainly three to four months ago and really compared to this time last year for sure, are seeing an acceleration of investment.

我想說，你知道，當我們特別談論資料中心市場時，我們肯定在三到四個月前，與去年的這個時候相比，確實看到了投資的加速。

I mean, we definitely are seeing the amount of investment being made in that sector continuing to accelerate and really and driving a lot of growth in the overall HVAC market as a whole, which again, we're making the investments in ensuring that we have the product that really properly position us to be successful there.

我的意思是，我們肯定看到該領域的投資金額繼續加速，並且確實推動了整個暖通空調市場的大幅增長，我們再次進行投資是為了確保我們擁有該產品真正使我們能夠在那裡取得成功。

But I'd say no, no real major changes in the overall landscape in that last kind of three to four month timeframe.

但我想說不，在最後三到四個月的時間範圍內，整體格局沒有真正的重大變化。

I'd like to add just one.

我想補充一點。

HRI furnishes data to us indicating what the overall market is and then what our market share is the overall market that has continued to soften just a little bit, but our market share continues to increase and this has been many quarters in a row that is terrific and any specifics that you could add there?

HRI 向我們提供的數據表明整體市場情況以及我們的市場份額是多少 整體市場繼續略有疲軟，但我們的市場份額繼續增加，這已經連續多個季度了，非常棒您可以在那裡添加任何具體信息嗎？

Well, again, I would say that they're in the mid sized tonnages and larger for four unit sizes.

好吧，我再說一遍，它們的噸位是中等噸位，四種單位尺寸的噸位較大。

The two through five, 10 units is preponderance, all rooftop units manufactured as far as number of units, and we have a small percentage of that once you get up in above five times, but particularly 20 to 40 tons, our market share becomes very, very substantial.

2到5、10台是優勢，所有屋頂機組就數量而言，一旦達到5倍以上，我們的比例就很小，但特別是20到40噸，我們的市場份額就變得非常大，非常充實。

Terrific.

了不起。

I will leave it there.

我會把它留在那裡。

I really appreciate it, guys.

我真的很感激，夥計們。

Thank you.

謝謝。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

Hey, good afternoon, everyone.

嘿，大家下午好。

You mentioned you've already begun accepting orders for equipment that can use the new refrigerant as of January 1, I believe.

我相信您提到從 1 月 1 日起您已經開始接受可以使用新冷媒的設備訂單。

When do you expect to begin delivering those orders?

您預計什麼時候開始交付這些訂單？

And how much of the sales guidance is driven by that new equipment?

有多少銷售指導是由新設備推動的？

It uses the new refrigerant?

它使用新冷媒嗎？

Yeah.

是的。

From a from a kind of quantity of orders received.

來自收到的訂單數量。

I mean, we just kind of opened up the opportunity to place orders kind of at the beginning of January.

我的意思是，我們只是在一月初提供了下訂單的機會。

So we have certainly started to see orders being placed with the new refrigerant, those from a delivery perspective are going to be kind of more in the end of Q2 kind of timeframe, just from an oil component availability perspective, it's a little bit more extended lead time compared to 14 A. products, but and does it start converting to you to shipments in that kind of Q2 timeframe?

因此，我們當然已經開始看到新冷媒的訂單，從交付的角度來看，這些訂單將在第二季末的時間範圍內更多，僅從石油成分可用性的角度來看，它會更長一點與 14 A. 產品相比，交貨時間更長，但是它是否開始在第二季度的時間範圍內轉換為發貨？

You know, Gary mentioned kind of in the main narrative, the there's certainly a lot of uncertainty around exactly how the adoption or kind of timing of adoption of the new refrigerant equipment is going to kind of come into play throughout the calendar year.

你知道，加里在主要敘述中提到，新冷媒設備的採用或採用時間在整個日曆年中將如何發揮作用，肯定存在許多不確定性。

And I think that again, due to the point, we certainly see ourselves best position from a ability to deliver both the 14 A. and 54 B products.

我再次認為，鑑於這一點，我們當然認為自己有能力提供 14 A. 和 54 B 產品的最佳位置。

I'm kind of within that, I'll say, noisy period of kind of middle of the year.

我會說，我正處於年中的喧鬧時期。

And so while we do see potential for some noise to kind of be in that mid-year order trend driven by the changeover.

因此，儘管我們確實看到在這種轉變所驅動的年中訂單趨勢中可能會出現一些噪音。

We certainly have the product portfolio to support it, and we expect to see increasing sales conversion, obviously as we progress through the year, but definitely kind of in the latter half of the year expect to see a substantial contribution from new refrigerant equipment orders.

我們當然擁有支持它的產品組合，我們預計隨著今年的進展，銷售轉換率將會不斷增加，但肯定會在今年下半年看到新冷媒設備訂單的重大貢獻。

I want to add just a little to that.

我想補充一點。

Our extremely close relationship with our sales channel allows us a lot better view of what the customer is looking to do with regards to this refrigerant change.

我們與銷售管道的極其密切的關係使我們能夠更好地了解客戶對冷媒變化的期望。

And so I feel like that we can pivot and respond very quickly and have the appropriate inventory of these components ready to go as a result of that.

因此，我覺得我們可以非常快速地進行調整和回應，並因此準備好這些組件的適當庫存。

Okay.

好的。

Understood.

明白了。

Deliveries begin 2Q.

交付從第二季開始。

You guys kind of expecting some delayed replacement happening in the back half and maybe orders accelerating some, but that would benefit 25 from a delivery standpoint?

你們有點期待下半年發生一些延遲的更換，也許訂單會加速一些，但從交付的角度來看，這會讓 25 受益？

Yeah.

是的。

I mean, certainly 25 Is it that kind of lead up in the second half.

我的意思是，當然 25 是下半場的那種領先嗎？

But to your point, we do expect to see kind of that velocity really accelerating in the second half of the year from orders and really conversion to sales as well.

但就您的觀點而言，我們確實預計下半年訂單和轉換為銷售的速度會真正加快。

Okay.

好的。

Got it.

知道了。

That's helpful.

這很有幫助。

Matt, you talked about the capital investments into Longview and Redmond that should be finished by 4Q and 3Q of this year.

馬特（Matt），您談到了對朗維尤（Longview）和雷德蒙德（Redmond）的資本投資，應該在今年第四季度和第三季度完成。

Any way to help us kind of conceptualize how much increased capacity results from those investments?

有什麼方法可以幫助我們概念化這些投資增加了多少容量？

Great question, Julio, and I'll say it's a very product mix dependent answer to that.

很好的問題，胡里奧，我會說這是一個非常依賴產品組合的答案。

But the investments that are being made are being made with the ability to to really capitalize on the large volume growth within data center sales.

但正在進行的投資能夠真正利用資料中心銷售的大幅成長。

And so I would just leave it at with the product mix potential, in other words, kind of low variability high volume data center solutions.

因此，我將其保留在產品組合潛力上，換句話說，就是一種低可變性大容量資料中心解決方案。

There is a substantial upside potential kind of relative to the investment cost or relative to the capacity increase from a square footage perspective, I'm kind of given that product mix potential.

考慮到產品組合的潛力，相對於投資成本或相對於面積增加的容量，存在巨大的上行潛力。

Got it.

知道了。

Very helpful.

很有幫助。

I'll pass it on.

我會把它傳遞下去。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Hey, great.

嘿，太棒了。

Thanks.

謝謝。

Gary or Matt, can you just update us on the pricing strategy?

加里或馬特，您能為我們介紹一下定價策略的最新情況嗎？

I think you are out with 1% increases a month can be where you're at today and where you plan to go going forward?

我認為您每月 1% 的增幅可能就是您今天的情況以及您計劃繼續前進的情況嗎？

Sure.

當然。

I'll take that one real quick.

我會盡快拿走那個。

So we began those.

所以我們開始了這些。

Let's see, I think it was October, October, November December, January, February -- yeah, we began those October first and we continued through February first.

讓我們看看，我想是十月、十月、十一月、十二月、一月、二月——是的，我們從十月開始，一直持續到二月。

And at this point in time, we don't have any direct intent of continuing.

目前，我們沒有任何繼續下去的直接意圖。

Now we reserve the right to change our mind should something change in the world.

現在，如果世界發生變化，我們保留改變主意的權利。

But as we see it right now, we've secured the gross margin targets that we intend to maintain.

但正如我們現在所看到的，我們已經實現了我們打算維持的毛利率目標。

And while our gross margin might vary little because of volume and absorption of fixed cost.

儘管由於數量和固定成本的吸收，我們的毛利率可能變化不大。

It's not we're not having any problems with labor or material costs beyond what we had already estimated recovering with those five one percenters.

這並不是說我們在勞動力或材料成本方面沒有任何問題，超出了我們已經估計的這百分之五的恢復水準。

So at this point in time, I think we're good to go for a while.

所以在這個時候，我認為我們可以繼續一段時間了。

Okay.

好的。

Gary, any rough sense of where that kind of bridges relative to the industry from a pricing perspective.

加里，從定價的角度來看，這種橋樑與行業的聯繫有什麼粗略的感覺嗎？

I know you've talked about that in the past.

我知道你過去曾經談論過這個問題。

Where does that sit today from where you can see?

今天從你能看到的地方它位於哪裡？

Well, I don't have anything different than what I've been saying that we used to be around 15% as a result of the 2020 free of energy standard, where everybody had to come up closer to us or we were still above that standard, but they had to come up very close to us and there was cost associated with that.

嗯，我的觀點與我一直說的沒有什麼不同，由於 2020 年的免費能源標準，我們過去的水平約為 15%，每個人都必須接近我們，否則我們仍然高於這個水平標準，但他們必須非常接近我們，並且與此相關的成本。

So that narrowed the gap to somewhere around 8% to 10%, probably closer to 10.

這樣差距就縮小到了 8% 到 10% 左右，可能接近 10。

We'll have some empirical evidence of that here very, very soon because a lot of school districts will position their bid document sets, it does say basis of design base be it is a on give us an add or deduct for these other manufacturers.

我們很快就會在這裡得到一些經驗證據，因為許多學區將定位他們的投標文件集，它確實說明了設計基礎的基礎，無論它是給我們對這些其他製造商進行添加或扣除的基礎。

And that's one of the primary places that we pick up real empirical data on that.

這是我們獲取相關真實經驗數據的主要地方之一。

We get some other more subjective data from our reps.

我們從我們的代表處獲得了一些其他更主觀的數據。

They'll say, well, we got this job and the best that anybody could align with us was X and this looks like what our premium was, but oftentimes the bill of materials doesn't match real well.

他們會說，好吧，我們得到了這份工作，任何人都可以與我們保持一致的最好的是 X，這看起來就像我們的溢價，但通常物料清單並不完全匹配。

So let's say it's a bit subjective, but we're still thinking we're around 8% to 10%.

所以我們可以說這有點主觀，但我們仍然認為我們的比例在 8% 到 10% 左右。

Now we had the conversion to our fit to 4b or call it the new refrigerant because they can choose an R. 32 as my understanding home.

現在我們已經轉換為 4b 或稱其為新冷媒，因為他們可以選擇 R.32 作為我的理解之家。

There are some manufacturers that have been very open about the fact that they're going to have to charge more money for that.

有些製造商非常公開地表示，他們將不得不為此收取更多費用。

We've been equally open about it that we don't see that in our materials cost or development cost or anything like that.

我們對此也同樣持開放態度，我們在材料成本或開發成本或類似成本中並沒有看到這一點。

So at this point in time, we don't have any change in price to go from 14 eight, four, 54 b.

因此，目前，我們在 14 八、四、54 b 的價格上沒有任何變化。

So if these other manufacturers have additional cost to do that, that could narrow this gap just a bit more.

因此，如果其他製造商有額外的成本來做到這一點，則可能會進一步縮小這一差距。

Okay.

好的。

The mid single digit price expectation for this year is reflective of what you've done to date?

今年中等個位數的價格預期反映了您迄今為止所做的事情嗎？

Yes.

是的。

Maybe there's upside if you decide to resume.

如果你決定重新開始，也許會有好處。

Got it.

知道了。

Okay.

好的。

And then you back back on basics, I mean data centers face growing very nicely.

然後你回到基礎知識，我的意思是資料中心面臨非常好的成長。

It looks like the clean room systems are a little slower and just kind of parsing through the different product lines.

看起來潔淨室系統有點慢，只是透過不同的產品線來解析。

Is that a function of you allocating more resources to the data center market right now, just given how strong it is, is it just timing?

這是您現在向資料中心市場分配更多資源的結果嗎？考慮到資料中心市場的強大程度，這只是時機嗎？

And I guess is there any line of sight with the CHIPS Act to see that part of the business accelerate?

我想《CHIPS 法案》是否會促進這部分業務的加速發展？

Yeah, we certainly saw the the kind of semiconductor clean-room market kind of conversion of the kind of new new facility construction be slower than kind of was originally expected.

是的，我們確實看到半導體無塵室市場的轉換、新設施建設的速度比最初預期的要慢。

So we've definitely seen that investment be a little bit slower out of the gate.

因此，我們確實看到投資在一開始就放緩了一些。

But certainly on the data center side, one of the advantages of data centers, kind of ability to grow from a revenue perspective is the kind of single design, high repetition that allows us to really scale that production up faster.

但當然在資料中心方面，資料中心的優勢之一，從收入角度來看成長的能力是單一設計，高重複性，使我們能夠真正更快地擴大生產規模。

And so we're really able to kind of optimize manufacturing processes and really drive efficiency and productivity kind of with that product type.

因此，我們確實能夠優化製造流程，並真正提高該產品類型的效率和生產力。

So kind of that has really helped kind of the combination of those two factors has really helped kind of the data center market really outpace the cleaner market within the basic segment from a growth perspective.

從成長的角度來看，這確實有助於這兩個因素的結合，確實有助於資料中心市場真正超過基本細分市場中的清潔市場。

Got it.

知道了。

Thanks.

謝謝。

Matt.

馬特。

And then just the last one, the coil products division or Longview, I think you've had maybe some inefficiencies there just this year, sort of implementing basics.

最後一個，線圈產品部門或 Longview，我認為今年可能存在一些低效率的情況，在實施基礎方面。

Obviously, you've got a huge expansion you're working on.

顯然，您正在進行一項巨大的擴展。

I'm sure that's created a few things to work through what what's embedded in this outlook for this year, just in terms of that division?

我確信這已經創造了一些東西來解決今年展望中包含的內容，就該部門而言？

Yeah, with that I mean -- just from a very valid point from a standpoint of there's a lot of stuff going on down within the Longview facility itself.

是的，我的意思是——從一個非常有效的角度來看，朗維尤設施內部正在發生很多事情。

As we look at kind of converting a lot of these investment efforts there.

當我們考慮在那裡轉化大量投資努力時。

They're definitely not a flip a switch.

它們絕對不是一個翻轉開關。

And so as we look at bringing online the new facility expansion and moving some more basics production lines down to that facility that really from me 2024 perspective is not going to materialize, huge impact in the numbers that investment and that real growth is going to really materialize in 2025 revenue and sales.

因此，當我們考慮將新設施擴建上線並將更多基礎生產線移至該設施時，從我的角度來看，2024 年這實際上不會實現，投資和實際增長將真正對數字產生巨大影響。到2025 年實現收入和銷售額。

And so really the 2024 outlook or at least the kind of expectation, not a long view is growth.

因此，2024 年的前景確實是成長，或至少是一種預期，而不是長遠的展望。

But definitely not the dynamic growth.

但絕對不是動態成長。

We expect when a lot of that capacity comes online and we can really, really start bringing in some more production capacity in the data center market and meaningfully impact the results there.

我們預計，當大量產能上線時，我們就可以真正開始在資料中心市場引入更多產能，並對那裡的結果產生有意義的影響。

Got it.

知道了。

Understood.

明白了。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) There are no further questions at this time.

（操作員說明） 目前沒有其他問題。

Mr. Mondillo, please proceed.

蒙迪略先生，請繼續。

All right.

好的。

Thank you, everyone, for joining on today's call.

謝謝大家參加今天的電話會議。

If anyone has any questions over the coming days, and weeks.

如果有人在未來幾天或幾週內有任何疑問。

Please feel free to reach out to myself.

請隨時與我本人聯繫。

Have a great rest of the day, and we look forward to speaking with you in the future.

祝您今天休息愉快，我們期待將來與您交談。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

Thank you all for participating.

感謝大家的參與。

You may all disconnect.

你們都可以斷開連線。