Aaon Inc (AAON) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the AAON Inc. Second Quarter of 2024 Earnings Conference Call.

女士們、先生們，下午好，歡迎參加 AAON Inc. 2024 年第二季財報電話會議。

At this time, all lines are in a listen-only mode.

此時，所有線路都處於只聽模式。

Following the presentation, we will conduct a question-and-answer session.

演講結束後，我們將進行問答環節。

(Operator Instructions) This call is being recorded on Thursday, August 1, 2024.

（操作員說明）此通話錄音時間為 2024 年 8 月 1 日星期四。

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

我現在想將會議交給投資者關係總監 Joe Mondillo。

Please go ahead.

請繼續。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

The press release announcing our second quarter financial results was issued after market close today and can be found on our corporate website AAON .com.

宣布第二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。

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。

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)。

Please turn to slide 2.

請翻到投影片 2。

We begin with our customary forward-looking statement policy.

我們從我們慣用的前瞻性聲明政策開始。

During the call, any statement presented dealing with information that is not historical is considered forward-looking and made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, the Securities Act of 1933 and the Securities and Exchange Act of 1934, each is amended.

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》的安全港條款制定，每一項都經過修改。

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

因此，它會受到 AAON 控制之外的許多事件的影響，這可能導致 AAON 的結果與預期有重大差異。

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 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.

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。

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 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使用 G 條例中定義的非 GAAP 財務指標。

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

這樣，我會將電話轉給加里。

Good afternoon.

午安.

Starting on slide 3.

從投影片 3 開始。

Our second quarter performance exceeded expectations.

我們第二季的業績超出了預期。

Production issues from the first quarter were largely resolved, leading to increased volume output and productivity across all three segments.

第一季的生產問題基本上已解決，導致所有三個部門的產量和生產力都有所提高。

This resulted in record sales, earnings and backlog.

這導致了創紀錄的銷售額、收益和積壓訂單。

The BasX segment had an exceptional quarter.

BasX 細分市場的季度業績表現優異。

Net sales at this segment were up 58.3% from one year ago and 103.7% compared to the first quarter.

該部門的淨銷售額較去年同期成長 58.3%，較第一季成長 103.7%。

This is especially notable considering that the reconfiguration of the production layout within the Redmond, Oregon facility, which disrupted operations in Q1 continued into Q2.

考慮到俄勒岡州雷德蒙德工廠生產佈局的重新配置（第一季的營運中斷）一直持續到第二季​​度，這一點尤其值得注意。

The growth at BasX has been largely fueled by the data center market.

BasX 的成長主要是由資料中心市場所推動的。

Sales of our BasX brand and data center equipment produced at both our Oregon and Texas facilities were up year-over-year, 142.4%.

我們俄勒岡州和德克薩斯州工廠生產的 BasX 品牌和資料中心設備的銷售額年增 142.4%。

We stated on our Q1 call that data center sales made up approximately 10% of total net sales for 2023 and about 20% of bookings.

我們在第一季電話會議上表示，資料中心銷售額約佔 2023 年總淨銷售額的 10%，約佔預訂量的 20%。

In the first half of this year, sales in this market made up 10.5%.

今年上半年，該市銷售額佔10.5%。

And in Q2, it was 13.7%.

第二季為 13.7%。

In our packaged rooftop business, which makes up most of the AAON, Oklahoma segment, we are continuing to realize growth but at a moderated rate compared to the last couple of years.

在我們的包裝屋頂業務（佔俄克拉荷馬州 AAON 部門的大部分）中，我們正在繼續實現成長，但與過去幾年相比，成長速度有所放緩。

Considering our volume was up 48.7% over the last two calendar years, along with the softening macro conditions and disruptions related to the refrigerant transition, we are pleased with the performance.

考慮到我們的銷量在過去兩年中增長了 48.7%，再加上宏觀環境的疲軟以及與冷媒轉型相關的干擾，我們對業績感到滿意。

All of these factors make for a difficult operating environment as well.

所有這些因素也造成了困難的營運環境。

Near-term visibility is more limited than was the case over the last few years, and weak-to-weak orders are volatile.

與過去幾年相比，近期的能見度更加有限，並且弱到弱的訂單波動較大。

This makes production planning much more difficult.

這使得生產計劃變得更加困難。

Despite this, the operations team has been performing exceptionally well.

儘管如此，營運團隊的表現仍然非常出色。

Total company backlog at the end of the quarter was a record $650 million, up sequentially for a third straight quarter.

截至本季末，該公司積壓訂單總額達到創紀錄的 6.5 億美元，連續第三季較上季成長。

Compared to a year ago, backlog was up 23.5%, and relative to the end of the first quarter, it was up 16.4%.

與去年同期相比，積壓訂單增加了23.5%，與第一季末相比，增加了16.4%。

The increase was largely driven by the BasX segment and the data center market.

這一成長主要是由 BasX 細分市場和資料中心市場推動的。

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

現在，我將把它交給 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。

Please turn to slide 4.

請翻到幻燈片 4。

The second quarter was an excellent quarter for the company.

第二季度對公司來說是一個出色的季度。

Many of the issues that weighed on our performance in Q1 were resolved, allowing for higher volumes and greater productivity.

第一季影響我們業績的許多問題都得到了解決，從而實現了更高的產量和更高的生產力。

That said, the quarter did not go without its own challenges, which puts the overall performance into an even brighter light.

儘管如此，該季度也面臨挑戰，這使得整體業績更加耀眼。

The disruptions related to reconfiguring the layout of BasX facility in Oregon continued into Q2.

與重新配置俄勒岡州 BasX 設施佈局相關的中斷持續到第二季​​。

Equipment was still being rearranged in the outsourcing of parts we would otherwise produce in house was necessary.

設備仍然在外包中重新安排，否則我們需要在內部生產零件。

As a result, while productivity improved from Q1, there is room for continued improvement.

因此，雖然生產力較第一季提高，但仍有持續改進的空間。

Despite these challenges, the segment posted record sales and record gross profit.

儘管面臨這些挑戰，該部門仍創下了創紀錄的銷售額和創紀錄的毛利。

Most of the heavy lifting and temporary disruptions related to the production layout reconfiguration and capacity expansion is behind us.

與生產佈局重組和產能擴張相關的大部分繁重工作和臨時中斷已經成為過去。

We expect the new capacity will be up and running by the end of the third quarter, positioning BasX for robust growth and improved margins in the second half of the year, driven by increased throughput and operational efficiency.

我們預計新產能將在第三季末投入運行，在吞吐量和營運效率提高的推動下，BasX 將在下半年實現強勁成長並提高利潤率。

BasX has a strong backlog entering the back half of the year and upbeat fundamentals amongst the data center market.

BasX 在進入今年下半年時積壓了大量訂單，資料中心市場的基本面也很樂觀。

Furthermore, beyond what is in the backlog of BasX is a robust pipeline of data center projects in which we are heavily engaged and are optimistic we'll be able to convert into bookings.

此外，除了 BasX 的積壓工作之外，還有一系列強大的資料中心項目，我們積極參與其中，並對能夠轉化為預訂持樂觀態度。

I will note the timing of backlog conversion at this segment is weighted more in Q4 and beyond than it hits in Q3.

我會注意到，第四季及以後該細分市場的積壓轉換時間比第三季的權重更大。

This brings me to the AAON Coil Products segment, which is increasingly becoming an extension of BasX in a manufacturer of data center cooling equipment.

這讓我想到了 AAON 線圈產品部門，該部門正日益成為資料中心冷卻設備製造商中 BasX 的延伸。

Similar to BasX, this segment finished the quarter with a strong backlog and a robust pipeline of future opportunities within the data center vertical.

與 BasX 類似，該細分市場在本季結束時擁有大量積壓訂單，並且在資料中心垂直領域擁有大量未來機會。

In fact, just last week, we ended a large liquid cooling order that increased the segment's backlog by over 50%.

事實上，就在上週，我們結束了一份大型液體冷卻訂單，該訂單使該部門的積壓訂單增加了 50% 以上。

This order is associated with a large data center company is the first tranche of a multiphase, multiyear project.

該訂單與一家大型資料中心公司相關，是多階段、多年專案的第一部分。

We are extremely excited where this business is headed.

我們對這項業務的發展方向感到非常興奮。

Like BasX, the capacity expansion project that this segment is on schedule and is expected to be finished by year-end with production expected to commence early next year.

與BasX一樣，該部門的產能擴張項目正在按計劃進行，預計年底前完成，預計明年初開始生產。

The new space is allocated to BasX branded data center products and will add an incremental 245,000 square feet of manufacturing capacity, an increase in this location of roughly 50%.

新空間分配給 BasX 品牌的資料中心產品，並將增加 245,000 平方英尺的製造能力，該地點的產能增加了約 50%。

This will help absorb the immense growth we foresee in the data center market for both airside and liquid cooling projects.

這將有助於吸收我們預計的資料中心市場空側和液體冷卻專案的巨大成長。

It will also help improve productivity.

它還將有助於提高生產力。

In fact, we've already begun to see this.

事實上，我們已經開始看到這一點。

In the second quarter, gross margin of the segment was 41.9%, up from 24.9%.

第二季度，該部門的毛利率為41.9%，高於24.9%。

And in the first half of the year, gross margin was 38.3%, up from 23.1% in the first half of 2023.

而上半年毛利率為38.3%，高於2023年上半年的23.1%。

Finally, the AAON, Oklahoma segment's performance from an operational perspective was also outstanding, particularly considering the softening construction environment and disruptions related to the new refrigerant regulations.

最後，從營運角度來看，俄克拉荷馬州 AAON 部門的表現也很出色，特別是考慮到建築環境的軟化以及與新冷媒法規相關的干擾。

Over the last couple of years, our Tulsa, Oklahoma manufacturing facility has transformed into what I describe as a well-oiled machine.

在過去的幾年裡，我們位於俄克拉荷馬州塔爾薩的製造工廠已經轉變為我所說的一台運作良好的機器。

The engineering team has never been stronger and manufacturing is as precise and efficient as it has ever been.

工程團隊從未如此強大，製造業也從未如此精確和有效率。

The comps this business is facing when compared to the last couple of years are very tough, and yet we've been able to maintain volumes comparable to a year ago.

與過去幾年相比，該業務面臨的競爭非常艱難，但我們仍然能夠保持與一年前相當的銷售量。

Furthermore, as I stated, the macro environment has bebcome more challenging, and the new refrigerant transition has created disruption.

此外，正如我所說，宏觀環境變得更具挑戰性，新冷媒的轉型造成了破壞。

As a result, bookings have been unusually volatile this year from a week-to-week and month-to-month perspective.

因此，從每周和每月的角度來看，今年的預訂量異常波動。

Booking for the segment through the first half of the year are up from a year ago, but the increased volatility introduces challenges when it comes to production planning.

今年上半年該細分市場的預訂量較去年同期有所增加，但波動性的增加給生產計劃帶來了挑戰。

All that considered the operational performance have been superb.

所有考慮到營運績效的方面都非常出色。

As for the back half of the year, the operations team will have to remain nimble.

至於下半年，營運團隊必須保持彈性。

While we still think demand will increase somewhat ahead of our phase-out dates of our R-410A refrigerant equipment later this year, our visibility is limited.

雖然我們仍然認為在今年稍後 R-410A 冷媒設備的淘汰日期之前需求將會增加，但我們的能見度有限。

A positive thing we have going for us is their lead times are still an industry best, which means we can likely expect orders for R-410A equipment later than most of our competitors.

對我們來說，一個積極的事情是他們的交貨時間仍然是行業中最好的，這意味著我們可能會比大多數競爭對手更晚收到 R-410A 設備的訂單。

If we do see an increase in near-term demand, this could position us to have a strong finish through Q4.

如果我們確實看到近期需求增加，這可能會讓我們在第四季度取得強勁的業績。

It is important to note that this scenario could also result in a soft order book in Q4, which would result in a slow start to 2025.

值得注意的是，這種情況也可能導致第四季訂單疲軟，從而導致 2025 年開局緩慢。

At this point in time, we're unsure exactly how it will play out, but the bottom line is that we expect continued volatility in the near term, and we are confident we will manage through it better than most.

目前，我們不確定具體情況會如何發展，但最重要的是，我們預計短期內將持續波動，並且我們有信心我們將比大多數人更好地應對這種情況。

Looking to next year, we've been producing R-54B equipment longer than any of our competitors.

展望明年，我們生產 R-54B 設備的時間比任何競爭對手都長。

That means we are best prepared when it comes to inventory and production.

這意味著我們在庫存和生產方面已做好充分準備。

Additionally, for us, the cost of manufacturing new refrigerant equipment versus our old refrigerant equipment is not changing at all, potentially giving us an edge and some of our competition has messaged increasing costs associated with the new refrigerant equipment.

此外，對我們來說，製造新冷媒設備的成本與舊冷媒設備相比根本沒有變化，這可能給我們帶來優勢，而且我們的一些競爭對手已經表明與新冷媒設備相關的成本不斷增加。

Regardless, we are already more cost competitive than we were years ago as the price premium of our higher-quality equipment is the narrowest it has ever been.

無論如何，我們已經比幾年前更具成本競爭力，因為我們高品質設備的溢價是有史以來最窄的。

Beyond product evolution associated with the refrigerant transition, we continue to lead the industry in innovation and are well ahead of anyone on the development of cold climate air source heat pumps.

除了與冷媒轉型相關的產品演變之外，我們還繼續引領產業創新，並在寒冷氣候空氣源熱泵的開發方面遠遠領先任何人。

Sales of our traditional heat pumps continued to outperform overall AAON, Oklahoma sales in Q2 and sales of our cold climate heat pumps outperformed traditional heat pump sales.

第二季度，我們的傳統熱泵的銷售繼續優於俄克拉荷馬州 AAON 的整體銷售，並且我們的寒冷氣候熱泵的銷售優於傳統熱泵的銷售。

Overall, while the near-term sales of heat pumps remain volatile, we're very optimistic regarding the medium to long term.

整體而言，雖然熱泵的近期銷售仍不穩定，但我們對中長期前景非常樂觀。

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

接下來，我會將其交給麗貝卡（Rebecca），讓您了解財務狀況。

Thank you, Matt.

謝謝你，馬特。

Please turn to slide 5.

請翻到投影片 5。

Net sales increased 10.4% to $313.6 million from $284 million in the second quarter of 2023.

淨銷售額從 2023 年第二季的 2.84 億美元成長 10.4% 至 3.136 億美元。

The year-over-year growth was largely driven by the BasX segment, which realized an increase in net sales by 58.3%, a majority of which was spurred by sales related to the data center cooling solutions.

同比成長主要是由 BasX 部門推動的，該部門的淨銷售額成長了 58.3%，其中大部分是受到資料中心冷卻解決方案相關銷售的推動。

Sales at AAON, Oklahoma and AAON Coil Products segments grew 3.4% and 4.3%, respectively.

AAON、俄克拉荷馬州和 AAON 線圈產品部門的銷售額分別成長 3.4% 和 4.3%。

Moving to slide 6.

轉到投影片 6。

Gross profit increased 20.3% to $113.1 million from $94 million.

毛利從 9,400 萬美元成長 20.3% 至 1.131 億美元。

As a percentage of sales, gross profit was 36.1% compared to 33.1% in the second quarter of 2023.

毛利佔銷售額的百分比為 36.1%，而 2023 年第二季為 33.1%。

The realization of price increases, along with the slowing of inflation for raw materials at the AAON, Oklahoma and AAON Coil Products segments improved overall consolidated margin performance.

AAON、俄克拉荷馬州和 AAON 捲材產品部門的價格上漲以及原物料通膨的放緩改善了整體綜合利潤率表現。

Please turn to slide 7.

請翻到幻燈片 7。

Selling, general and administrative expenses increased 16.9% to $45.9 million from $39.3 million in the second quarter of 2023.

銷售、一般和管理費用從 2023 年第二季的 3,930 萬美元增長 16.9% 至 4,590 萬美元。

As a percent of sales, SG&A increased to 14.6% from 13.8%.

SG&A 佔銷售額的百分比從 13.8% 增加到 14.6%。

The increase relative to sales is primarily attributable to an increase in investments made in technology, professional and legal fees, increased travel and consulting expenses.

相對於銷售額的成長主要歸因於技術投資的增加、專業和法律費用、差旅和諮詢費用的增加。

Moving to slide 8.

轉到投影片 8。

Diluted earnings per share was $0.62, up 12.7% from a year ago.

稀釋後每股收益為 0.62 美元，較上年同期成長 12.7%。

Our tax rate in the quarter was 22.1%.

我們本季的稅率為 22.1%。

The company's estimated annual effective tax rate, excluding discrete events, is expected to be approximately 25%.

不包括離散事件，該公司預計的年度有效稅率預計約為 25%。

Turning to slide 9.

轉到投影片 9。

Our balance sheet remains strong with a current ratio of 3.0. Cash, cash equivalents and restricted cash totaled $12.1 million on June 30, 2024, and debt at the end of the quarter was $85.9 million.

我們的資產負債表依然強勁，流動比率為 3.0。截至 2024 年 6 月 30 日，現金、現金等價物及限制性現金總計 1,210 萬美元，季末債務為 8,590 萬美元。

Our leverage ratio was 0.3x.

我們的槓桿率為0.3倍。

Year-to-date, cash flow from operations was $127.9 million, up from $59.9 million in the comparable period a year ago.

年初至今，營運現金流為 1.279 億美元，高於去年同期的 5,990 萬美元。

Capital expenditures for the first half of the year, including expenditures related to software development increased 24.4% to $75.4 million.

上半年資本支出（包括與軟體開發相關的支出）成長了 24.4%，達到 7,540 萬美元。

During the quarter, we also repurchased $100 million of shares outstanding, reflecting our confidence in the long-term prospects of the company and our commitment to delivering value to our shareholders.

本季度，我們也回購了 1 億美元的已發行股票，反映了我們對公司長期前景的信心以及為股東創造價值的承諾。

The combination of the capital investments and share repurchases led us to draw down on our revolving line of credit.

資本投資和股票回購的結合導致我們動用了循環信貸額度。

We anticipate paying just over half of that off by the end of the year.

我們預計到今年底將支付一半以上的費用。

All in, our financial position is strong, giving us flexibility and allowing us to continue to fully focus on growth opportunities.

總而言之，我們的財務狀況強勁，這給了我們靈活性，使我們能夠繼續充分關注成長機會。

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

有了這個，我現在想把電話轉回給加里。

Please turn to slide 10.

請翻到投影片 10。

We feel really good about our current position.

我們對目前的處境感覺非常好。

The growth of the AAON, Oklahoma segment in the first half of the year was below our expected targets, but I want to remind everyone that the volume of equipment at this segment was up 48.7% from 2021 to 2023.

俄克拉荷馬州AAON部門上半年的成長低於我們的預期目標，但我想提醒大家的是，從2021年到2023年，該部門的設備量增加了48.7%。

That type of volume growth is unheard of for this industry.

這種數量增長對於這個行業來說是聞所未聞的。

Furthermore, we've been operating all year with normal lead times and a lean backlog in this segment.

此外，我們全年都在正常的交貨時間內運營，並且該領域的積壓情況很少。

That's far different than some of our competition who are still trying to catch up since the peak of the supply chain issues.

這與我們的一些競爭對手截然不同，他們自供應鏈問題高峰以來仍在努力追趕。

All considered, including the slowing macro environment and disruptions from the refrigerant transition, the fact we have maintained comparable volumes to a year ago is terrific.

考慮到所有因素，包括宏觀環境放緩和冷媒轉型造成的干擾，我們保持與一年前相當的銷售事實是非常棒的。

The bottom line is we have the highest quality package rooftop equipment in the industry, currently selling for the smallest price premium in our history.

最重要的是，我們擁有業界最高品質的屋頂整裝設備，目前的售價是我們歷史上最低的溢價。

Our sales channel continues to strengthen, and we are leading in innovation.

我們的銷售管道不斷加強，我們在創新方面處於領先地位。

If recent commentary coming from our competition regarding their cost of manufacturing the new refrigerant equipment is accurate, we're going to be in an even more advantageous position than we already are today.

如果我們的競爭對手最近關於新型冷媒設備的製造成本的評論是準確的，那麼我們將處於比今天更有利的地位。

Either way, our package rooftop business is in great shape and we expect growth will accelerate next year when some of these external issues are behind us.

不管怎樣，我們的屋頂套餐業務狀況良好，預計明年當一些外部問題解決後，成長將會加速。

Matt spoke at length regarding data center opportunities at both BasX and AAON Coil Products segments.

Matt 詳細介紹了 BasX 和 AAON 線圈產品領域的資料中心機會。

But I just want to add one comment and stress another that he mentioned.

但我只想補充一條評論並強調他提到的另一條評論。

First, we are in the early stages of this cycle.

首先，我們正處於這個週期的早期階段。

The big increase in CapEx plans that our customers have announced occurred in 2024 through 2026.

我們的客戶宣布的資本支出計畫大幅增加發生在 2024 年至 2026 年。

We are just scratching the surface.

我們只是觸及了表面。

This is why we continue to speak to this pipeline of opportunity beyond what is already in our backlog, which is the comment I want to stress.

這就是為什麼我們繼續談論超出我們積壓的機會管道的原因，這是我想強調的評論。

I always say nothing is a guarantee until it makes its way into the backlog.

我總是說，在它進入積壓工作之前，沒有什麼是可以保證的。

However, the pipeline we referred to is not just a calculated estimate market size or related to CapEx numbers.

然而，我們提到的管道不僅僅是計算出的估計市場規模或與資本支出數字相關。

Our customers have announced.

我們的客戶已經宣布。

Our sales teams and engineering departments are working very closely with these customers, helping design very unique cooling solutions for the largest data centers ever built.

我們的銷售團隊和工程部門正在與這些客戶密切合作，幫助為有史以來最大的資料中心設計非常獨特的冷卻解決方案。

Many of the solutions require a lot of equipment with highly customized designs due to the size of the buildings and heat being generated.

由於建築物的大小和產生的熱量，許多解決方案需要大量具有高度客製化設計的設備。

The execution of everyone involved has been top-notch and I'm confident we will benefit greatly from this pipeline of opportunity.

每個參與人員的執行力都是一流的，我相信我們將從這個機會中受益匪淺。

Needless to say, I'm very excited where our data center business is headed.

不用說，我對我們資料中心業務的發展方向感到非常興奮。

Our updated outlook is as follows: in 2024, we are now looking for volume to be flattish.

我們更新後的展望如下：2024 年，我們預期成交量將持平。

We continue to anticipate pricing will be a mid-single-digit contributor and that gross margin will be up year-over-year.

我們繼續預期定價將是中個位數的貢獻者，毛利率將比去年同期上升。

For SG&A, as a percent of sales, we anticipate a 50 basis points to 100 basis points increase, and we maintain our CapEx guidance of $125 million.

對於 SG&A，佔銷售額的百分比，我們預計將增加 50 到 100 個基點，並維持 1.25 億美元的資本支出指引。

In the back half of the year, we expect much of the year-over-year growth will be weighted to the fourth quarter.

今年下半年，我們預計大部分同比成長將集中在第四季。

For the third quarter, we anticipate year-over-year sales growth of flat to up modestly, and we expect GAAP earnings per share will be flat to down modestly from a year ago.

對於第三季度，我們預計銷售額同比增長將持平或小幅增長，我們預計 GAAP 每股收益將與去年同期持平或小幅下降。

In closing, I want to finish by thanking all of our employees, sales channel partners and customers.

最後，我要感謝我們所有的員工、銷售通路夥伴和客戶。

Thank you.

謝謝。

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.

對於我們的股東來說，這家公司的管理從未像現在這樣好，我們期待為您帶來期望的回報。

I will now open the call for Q&A.

我現在將開始問答環節。

(Operator Instructions) Chris Moore, CJS Securities.

（操作員指令）Chris Moore，CJS 證券。

Hey, good afternoon, guys.

嘿，下午好，夥計們。

A terrific quarter.

一個很棒的季度。

Maybe I will start with where Gary left off in terms of the Q4 sales stronger than Q3.

也許我會從加里留下的第四季銷售強於第三季的地方開始。

Is it data center timing?

是資料中心計時嗎？

Or is there something else that's driving that?

或者還有其他什麼因素在推動這一點？

It's production capacity coming on board primarily for data centers.

它的生產能力主要用於資料中心。

So the orders for rooftop units, they've been just steady, not strengthening.

因此，屋頂單位的訂單只是穩定，而不是增加。

Maybe they're up over last year, but not enough to press on very hard.

也許他們比去年有所進步，但還不足以繼續努力。

But the data center bookings have been tremendous.

但資料中心的預訂量卻非常巨大。

We'll have a little bit of a struggle to get any of it built in Q3 for any material amount because of both getting parts and pieces in and getting production facilities ready to go.

我們將在第三季以任何材料量建造其中任何一個，因為要獲得零件並準備好生產設施，因此我們將面臨一些困難。

The production facilities are coming along nicely and on schedule, as we said in the earlier part of the call.

正如我們在電話會議的前半部分所說，生產設施進展順利且按計劃進行。

Got it.

知道了。

That's helpful.

這很有幫助。

And in terms of both Oregon and Texas, it sounds like you're getting there.

就俄勒岡州和德克薩斯州而言，聽起來您正在實現目標。

Did you say earlier in the call that you're talking about increasing data center capacity even further beyond that?

您之前在電話會議中是否說過您正在討論進一步增加資料中心容量？

Or do I miss that?

還是我想念那個？

Well, the additions that we've got going on in Oregon will give us considerable, more productive capacity there.

好吧，我們在俄勒岡州進行的擴建將為我們提供相當大的、更高的生產能力。

The new addition in Longview, which is 245,000 square foot is currently 100% allocated to data centers because of the pipeline of work and the backlog of work that we have.

由於工作流程和積壓工作，朗維尤新增的面積為 245,000 平方英尺，目前 100% 分配給資料中心。

Got it.

知道了。

And maybe just the last one for me.

也許對我來說只是最後一次。

So obviously, a very strong quarter for BasX.

顯然，BasX 的季度表現非常強勁。

Operating margin was 28.5%.

營業利益率為 28.5%。

Matt talked about productivity issues that are winding down.

馬特談到了正在逐步解決的生產力問題。

You were at the 34% range at the end of Q2 -- excuse me, Q3 and Q4 last year.

在第二季末，你處於 34% 的範圍內——對不起，去年第三季和第四季。

Can you get back up to there in Q3?

你能在第三季回到那裡嗎？

Or is that more of a Q4 kind of target?

或者這更像是第四季的目標？

Yet there in Q3 still definitely had some headwinds against it.

然而，第三季肯定仍然存在一些阻力。

And really kind of some of the depression we saw in Q2 is during the rearrangement, not just productivity challenges, but also with the rearrangement of some of the fabrication equipment, there was a lot more outsourcing kind of in there.

我們在第二季度看到的一些蕭條確實是在重新安排期間，不僅僅是生產力挑戰，而且隨著一些製造設備的重新安排，那裡有更多的外包。

So obviously, there's some cost pressures that come off of that.

顯然，這會帶來一些成本壓力。

So that's going to continue waiting through Q3 and definitely kind of Q4 and beyond as a kind of really start getting back towards the normalized margin profile.

因此，這將繼續等待第三季度，肯定是第四季度及以後，真正開始回到正常化的利潤狀況。

Terrific.

了不起。

I will leave it there.

我會把它留在那裡。

Thanks, guys.

謝謝，夥計們。

Ryan Merkel, William Blair.

瑞恩·梅克爾、威廉·布萊爾。

Hey, everyone.

嘿，大家。

Congrats on the nice quarter.

恭喜這個美好的季度。

Thank you.

謝謝。

I wanted to ask about the transition to the R-454B equipment.

我想詢問有關向 R-454B 設備過渡的問題。

What is the big risk exactly?

到底最大的風險是什麼？

Is it that customers are going to buy R-410A and not move as quickly to the new systems?

顧客是否會購買 R-410A 而不會盡快轉向新系統？

And then the follow-up is, when is this risk over?

那麼後續就是，這個風險什麼時候結束呢？

Is it 2Q '25?

是 2025 年第 2 季嗎？

So really, we just have to worry about 4Q and 1Q?

那麼真的，我們只需要擔心 4Q 和 1Q 嗎？

Well, we cannot ship current refrigerant, meaning 410A beyond December 31.

嗯，我們無法在 12 月 31 日之後運送目前的冷媒，即 410A。

So all equipment that we ship beginning January 1 has to be 454B.

因此，我們從 1 月 1 日開始發貨的所有設備都必須是 454B。

Part of the hesitation on the part of our customers is many states have not yet put building codes in place to allow the utilization of 454B.

我們的客戶猶豫的部分原因是許多州尚未制定允許使用 454B 的建築規範。

Those building codes historically are put in place in October every third year is when they update it.

從歷史上看，這些建築規範是在每三年的 10 月實施的，屆時他們會進行更新。

So in October, we anticipate that the vast majority of municipalities, entities will be able to utilize the new refrigerant.

因此，在十月份，我們預期絕大多數城市、實體將能夠使用新冷媒。

Then comes the next part of the equation that really I didn't anticipate quite so well, I guess.

然後是等式的下一部分，我想我確實沒有預料到。

Some buildings have to modify the building slightly in order to use the new refrigerant.

有些建築物必須稍微改造建築物才能使用新冷媒。

They have to put in refrigerant purge kind of systems if the refrigerant could get inside the building.

如果冷媒可能進入建築物內部，他們必須安裝冷媒淨化系統。

So it's not all buildings.

所以並不是所有的建築物都是如此。

It's very complex, how it works.

它的工作原理非常複雜。

But there are instances where putting the new equipment with 454B on causes the building to be modified.

但在某些情況下，安裝 454B 的新設備會導致建築物發生改造。

So some of these people have been rethinking what they're doing, and we anticipate there could be a little bit of a surge possibly in 410A equipment here towards the end of the, call it, useful life of it.

因此，其中一些人一直在重新思考他們正在做的事情，我們預計 410A 設備在其使用壽命即將結束時可能會出現一些激增。

And all of this will be behind us as far as order bookings and even shipments January 1.

就訂單預訂甚至 1 月 1 日發貨而言，所有這一切都將成為過去。

Right.

正確的。

But you also make R-410A, so you could -- if that's what the market wants and the rest of the year, you could make that.

但你也生產 R-410A，所以你可以——如果這是市場想要的，而且今年剩下的時間，你也可以生產。

We can throughout 2024, then it becomes kind of a cat and mouse game.

我們可以整個 2024 年，然後它就變成了一場貓捉老鼠的遊戲。

If you anticipate a certain number of orders and you have inventory of parts for that and you have a staffing for run rate that will allow you to build it before December 31, wonderful.

如果您預計會有一定數量的訂單，並且您有相應的零件庫存，並且您有足夠的人員配置來保證運行速度，從而可以在 12 月 31 日之前建造它，那就太棒了。

But then you're going to have to determine exactly when that cutoff is in order to not put at risk the ability to produce it before December 31.

但隨後你必須準確地確定截止時間，以免 12 月 31 日之前的生產能力面臨風險。

So we've published that table of when we're cutting off certain products.

因此，我們發布了我們何時停止某些產品的表格。

We already -- our longest lead products that the components are more specialized.

我們已經—我們最長的主導產品，其組件更加專業化。

They're very large tonnage.

它們的噸位非常大。

They're low volume in number of units.

它們的單位數量很少。

We've already cut that off.

我們已經把它砍掉了。

There is no more 410A for that.

沒有更多的410A了。

We have additional milestones later this month.

本月晚些時候我們還有其他里程碑。

But I think somewhere in October is our final cutoff on 410A.

但我認為 10 月的某個時間是我們 410A 的最終截止時間。

I appreciate all that.

我很感激這一切。

I know it's a little confusing here.

我知道這裡有點令人困惑。

And I'm talking about taking orders.

我說的是接受訂單。

We won't take orders beyond those dates.

我們不會接受超過這些日期的訂單。

Right.

正確的。

Okay.

好的。

And then the other question I had is just on BasX.

我的另一個問題是關於 BasX 的。

I mean a really nice quarter, well above what we were thinking.

我的意思是，這是一個非常好的季度，遠遠超出我們的想像。

So it sounds like 3Q the BasX growth rate will slow relative to 2Q and then 4Q once the production comes online, it should accelerate again.

因此，聽起來第 3 季 BasX 的成長率將相對第 2 季放緩，然後第 4 季一旦生產上線，它應該會再次加速。

And then am I right that the BasX growth rate, just given the backlog should also accelerate into 2025?

那麼，考慮到 2025 年的積壓，BasX 的成長率也應該會加速，我這樣說對嗎？

Yes.

是的。

Certainly, the kind of, as you mentioned, kind of a little bit of deceleration in growth, certainly, Q3 is not going to be showing a huge backlog conversion.

當然，正如您所提到的，成長略有放緩，第三季不會出現巨大的積壓轉換。

But really, backlog conversion is going to focus Q4, kind of what a lot of that capacity is kind of online within Oregon.

但實際上，積壓訂單轉換將集中在第四季度，其中大部分產能都在俄勒岡州境內線上。

And then really kind of that production capacity gets in full swing, kind of help ramp that up kind of sequentially throughout 2025.

然後，產能確實會全面啟動，這有助於在 2025 年期間逐步提高產能。

Got it.

知道了。

All good.

一切都好。

Thank you.

謝謝。

Thank you.

謝謝。

Julia Romero, Sidoti & Company.

朱莉婭·羅梅羅，Sidoti & Company。

Yes.

是的。

Hi.

你好。

This is Alex on for Julio.

這是亞歷克斯（Alex）替胡里歐（Julio）發言。

Great quarter.

很棒的季度。

Thanks for taking questions.

感謝您提出問題。

I wanted to follow up -- yes, of course, last quarter, you spoke about devoting some engineering and operations resources to develop more tailored sticky retention opportunities in data center.

我想跟進——是的，當然，上個季度，您談到投入一些工程和營運資源來在資料中心開發更多客製化的黏性保留機會。

Could you give us an update on those developments?

能為我們介紹一下這些進展的最新情況嗎？

Yeah.

是的。

I mean certainly, some of the -- I'll say, the resources that are really focusing on developing the creative and really innovative solution at the data center market are really reflecting that the single order we mentioned kind of after quarter close, but technically booked inside the AAON Coil Product site.

我的意思是，當然，我會說，真正專注於在資料中心市場開發創意和真正創新解決方案的一些資源確實反映了我們提到的單一訂單是在季度結束後完成的，但從技術上講在AAON 線圈產品網站內預訂。

But that was a collaborative custom engineered solution for one of our data center customers within the liquid cooling space and really tailored to a unique operating strategy and an overall build strategy for that customer.

但這是為我們的一個資料中心客戶在液體冷卻領域提供的協作定制工程解決方案，並且真正針對該客戶的獨特營運策略和整體構建策略量身定制。

And so that kind of engagement and really collaboration with our customers, it's kind of the lifeblood of how BasX operates.

因此，與客戶的這種參與和真正的協作是 BasX 運作方式的命脈。

And so that's really driving continued pipeline visibility activity and really backlog conversion as well.

因此，這確實推動了持續的管道可見性活動和積壓的轉換。

Great.

偉大的。

Yes. thank you for the colour there.

是的。謝謝你那裡的顏色。

And following what seems like a very successful BasX acquisition, could you comment on how you're thinking about M&A these days and what might be in the pipeline?

在看似非常成功的 BasX 收購案之後，您能否評論一下您最近如何看待併購以及可能正在進行哪些併購？

We don't have anything in the pipeline at the moment.

目前我們還沒有任何進展。

BasX was very strategic.

BasX 非常具有策略意義。

There was a long history with the former owners and myself.

我和前業主之間有著悠久的歷史。

So it made it fairly certain what the outcome would be.

因此，這使得結果相當確定。

We went on kind of a proactive search to see if there was anything out there that would work in a strategic manner similarly.

我們進行了主動搜索，看看是否有任何東西可以以類似的策略方式發揮作用。

We've come up empty handed so far.

到目前為止我們兩手空空。

But we keep our ear to the ground, and we listen and multiple investment bankers talk to us frequently about deals they've got running around.

但我們密切關注實際情況，我們傾聽並且多位投資銀行家經常與我們談論他們正在進行的交易。

And we just have not yet found anything that would fit us in a strategic manner.

我們只是還沒有找到任何在戰略上適合我們的東西。

We don't have any reason at all to purchase anyone other than that.

除此之外，我們根本沒有任何理由購買任何其他人。

Okay.

好的。

Great.

偉大的。

Yeah, appreciate it.

是的，很感激。

That's all from us.

這就是我們的全部。

Thank you.

謝謝。

Brent Tillman with DA Davidson.

布倫特·蒂爾曼和地方檢察官戴維森。

Hey, thanks.

嘿，謝謝。

Good evening, all.

大家晚上好。

Gary, I want to come back just to the expectations through the rest of the year.

加里，我想回到今年剩餘時間的期望。

It sounds like essentially all of the growth is being driven by the ramp-up at BasX and kind of data center products.

聽起來基本上所有的成長都是由 BasX 和資料中心產品的成長所推動的。

Can you help me kind of flesh out how you're thinking about the rooftop business from a sales perspective over the next couple of quarters?

您能幫我從銷售角度詳細說明您對未來幾季屋頂業務的看法嗎？

Because it sounds like maybe you think you'll have some headwind overall there.

因為聽起來你可能認為整體上會遇到一些阻力。

Yeah.

是的。

I think that's reasonable.

我認為這是合理的。

Rooftop sales were up 4%, which is mostly price, right?

屋頂銷售額成長了 4%，這主要是價格因素，對吧？

So the volume was flattish, which -- when you look at 48% growth stacked over the last two years, it's pretty good to hang on to that.

因此，銷量持平，當你看到過去兩年 48% 的成長時，保持這一成長勢頭就相當不錯了。

But to keep it going and growing, it's been difficult.

但要維持它的持續發展和成長，這是很困難的。

You may recall, going back to nearly this time last year, I projected that it was going to be difficult.

你可能還記得，早在去年的這個時候，我就預期這會很困難。

I said the refrigerant transition was going to make it chaotic.

我說過冷媒的轉變會讓事情變得混亂。

I thought interest rates were going to have a bearing on it.

我認為利率會對其產生影響。

I thought the election was going to have a bearing on it.

我認為選舉會對它產生影響。

And unfortunately, it looks like my projections were correct.

不幸的是，看來我的預測是正確的。

So I think that as we get some interest rate relief, which all of us anticipate probably coming this fall, as we get the election behind us, those two are clear.

因此，我認為，當我們獲得一些利率減免時（我們所有人都預計這可能會在今年秋天發生），當我們大選結束時，這兩點是明確的。

The refrigerant transition is behind us, really January 1.

冷媒轉型已經過去，實際上是 1 月 1 日。

But how fast the market rebounds and accelerates, that's yet to be seen.

但市場反彈和加速的速度有多快，還有待觀察。

It's just really chaotic right now for our customer base.

對於我們的客戶群來說，現在真的很混亂。

So I think the next couple of quarters with regards to rooftops, I'm not real excited about anything at this moment saying here's a clear path to things getting back to growing like they were for the next couple of quarters.

因此，我認為在接下來的幾個季度裡，關於屋頂，我對目前的任何事情都不感到興奮，因為我說這是一條明確的道路，可以讓事情恢復到未來幾季的成長狀態。

So yes, what you said is correct.

所以是的，你說的是正確的。

However, the data center business is very, very strong as evidenced by what we booked and the other conversations we're having with these clients about what they want to book.

然而，資料中心業務非常非常強勁，我們的預訂以及我們與這些客戶就他們想要預訂的內容進行的其他對話就證明了這一點。

And when we get that facility online in Texas, it's a rare thing.

當我們在德克薩斯州將該設施上線時，這是一件罕見的事情。

I mean I've been running this business nearly eight years, and I have not put any production facility in place yet that on day 1, it was totally booked up until this one.

我的意思是，我經營這項業務已經近八年了，但我還沒有建立任何生產設施，在第一天，直到今天它都被預訂滿了。

When we get this facility up and running Q1 of '25, it's fully sold out.

當我們在 25 年第一季啟動並運行該設施時，它已全部售罄。

Got it.

知道了。

No.

不。

Duly noted on calling a choppy year here, Gary.

加里，適當地指出今年是動盪的一年。

I guess just as a follow-up just related to Longview, kind of two-part question.

我想這只是與朗維尤相關的後續問題，是一個由兩部分組成的問題。

Can you help us understand what drove the really strong margin this quarter?

您能否幫助我們了解是什麼推動了本季真正強勁的利潤率？

And what's sustainable for that kind of business going forward?

此類業務未來的永續發展是什麼？

I mean it looks like year-to-date, you actually produced more data center product there last year than you did this year.

我的意思是，今年到目前為止，你們去年在那裡生產的資料中心產品實際上比今年多。

Does that really reverse in a significant way in the second half or more into 2025?

這種情況真的會在下半年或 2025 年更長時間內發生重大逆轉嗎？

Well, while I know the answers to every one of those questions, I think Matt is just one notch closer to it than me, I'd like for him to answer those.

好吧，雖然我知道每一個問題的答案，但我認為馬特只比我更接近這個問題，我希望他能回答這些問題。

Yeah.

是的。

With respect to the margin profile, certainly, the margin uptick we saw in Q2 really one of the big things is being driven by productivity as well as product mix.

就利潤率而言，我們在第二季度看到的利潤率上升確實是由生產力和產品組合推動的重要因素之一。

We had a pretty strong run of data center products we're building out of there for one of our customers with legacy AAON product.

我們正在為一位使用舊版 AAON 產品的客戶建立一系列相當強大的資料中心產品。

And that product mix and the overall kind of productivity through there really helped flesh out that good strong margin profile in the quarter.

這種產品組合和整體生產力確實有助於充實本季良好的強勁利潤狀況。

Certainly, though, as we look forward, to your second half of that question, yeah, definitely, we see an uptick in sort of the percentage of revenue coming out of Longview driven by data centers in that the latter half of this year.

當然，正如我們所期望的那樣，對於這個問題的後半部分，是的，當然，我們看到今年下半年由資料中心驅動的 Longview 收入百分比有所上升。

So there's definitely a lot of activity in conversion of that order that booked kind of after quarter end.

因此，在季度末之後預訂的訂單肯定會有很多轉換活動。

We expect to convert at a high probability of that backlog within Q4 of this year.

我們預計今年第四季很可能會轉換積壓的訂單。

So there certainly is a lot of drive in the data center market kind of coming through the back half.

因此，資料中心市場肯定會在後半段產生很大的推動力。

Very good.

非常好。

Thank you.

謝謝。

Timothy Wjos, Baird.

蒂莫西·沃斯，貝爾德。

Hey, Everybody.

嘿，大家。

Good afternoon.

午安.

Good afternoon.

午安.

Hey, Gary, just on the orders in the backlog.

嘿，加里，正在處理積壓的訂單。

I was just kind of curious if you could give us a little bit of kind of added color on what you're seeing on the data center side.

我只是有點好奇您是否能為我們提供一些關於您在資料中心方面看到的內容的補充資訊。

It sounds like it's several orders, but I guess I want to kind of confirm that and just maybe what parts of the business or what products are you seeing some of the bookings and the backlog kind of growing?

聽起來像是有幾個訂單，但我想我想確認一下，也許您看到業務的哪些部分或哪些產品的預訂和積壓訂單正在增長？

Yeah.

是的。

With regards to the data center portion, it is multiple customers.

就資料中心部分而言，它是多個客戶。

Many of these customers have been on board with this for a good while.

這些客戶中的許多人已經接受這一點很長一段時間了。

And as we've increased our production capabilities and have prospects of more production capabilities they've began booking.

隨著我們提高生產能力並有望獲得更多生產能力，他們已經開始預訂。

As I said, the new building in Longview is essentially booked full right now, and it doesn't come online until January 1.

正如我所說，朗維尤的新大樓現在基本上已經預訂了，要到 1 月 1 日才能上線。

But that fits their schedule.

但這符合他們的日程安排。

The type of products, they're both air-cooled and liquid cool.

產品類型有風冷式和液冷式。

And we have developed some unique solutions for certain clients on a collaborative basis for their liquid cooling needs.

我們在合作的基礎上為某些客戶開發了一些獨特的解決方案，以滿足他們的液體冷卻需求。

And we continue to excel with our air cooled.

我們的風冷技術持續表現出色。

So we're strong in both.

所以我們在這兩方面都很強大。

I would look for liquid cooling to grow at a more rapid rate than air cooling going forward, but air cool is not going away and it's not going down.

我希望液體冷卻的發展速度比空氣冷卻更快，但空氣冷卻不會消失，也不會下降。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just on Oklahoma.

然後也許就在俄克拉荷馬州。

It does sound like there is going to be a little bit more volatility on the top line in the back half of '24.

聽起來確實24年下半年的營收波動會更大一些。

How would you kind of think about the margins as you kind of chop through that?

當你削減利潤時，你會如何看待利潤？

Is it just a situation where you have to kind of manage through it, keep the employee base, keep everything and you just get a little bit more productive?

這是否只是一種情況，你必須透過它來管理，保留員工基礎，保留一切，然後你才能提高一點生產力？

Or are there levers you can pull where you can still kind of maintain this kind of 37% to 38% gross margin?

或者是否有任何槓桿可以讓您仍然保持 37% 到 38% 的毛利率？

Well, those are great questions, and we discuss them frequently.

嗯，這些都是很好的問題，我們經常討論它們。

At this point in time, we're able to run at a rate that allows these margins to continue.

目前，我們能夠以允許這些利潤繼續存在的速度運行。

If the bookings don't strengthen here soon, then we will have to make some adjustments for that segment.

如果這裡的預訂量沒有很快增加，那麼我們將不得不對該部分進行一些調整。

I don't know.

我不知道。

Historically, you could just cut off hiring because there's enough turnover at the low end of the kind of the entry level end of the employment.

從歷史上看，你可以直接停止招聘，因為在就業的入門級低端有足夠的人員流動。

But we don't have much turnover now.

但我們現在的營業額不多。

We're a preferred place to work and these people, they come and they stay in the turnover so low.

我們是首選的工作場所，這些人來到這裡後，流動率一直很低。

So there's other ways, other levers we can pull if need be.

因此，如果需要的話，我們還可以採取其他方法、其他手段。

We're not at a point of making that kind of decision yet.

我們還沒到做出這樣的決定的時候。

Bookings are decent.

預訂很不錯。

They're just not as strong as what we'd like.

它們只是沒有我們想要的那麼強大。

And like I say -- we kind of mentioned this in the call earlier.

就像我說的——我們在之前的電話會議中提到了這一點。

You'll run along for a few days at the first part of the month, you go home, my goodness, this is not good.

月初你跑幾天，回家了，天哪，這可不好。

And then it will start strengthening and then the month finishes out, pretty darn decent.

然後它會開始加強，然後這個月就結束了，非常好。

And for whatever reason, I don't know of one rep that gets paid on an end-of-the-month basis.

無論出於何種原因，我不知道有哪個銷售代表是在月底領取報酬的。

So it's not like they're doing it for that.

所以他們這樣做並不是為了這個。

But for some reason, they kind of cleaned their desk off towards the end of the month and send the orders in.

但出於某種原因，他們在月底清理了辦公桌並發送了訂單。

I wish they'd be a little more regular cadence to it.

我希望他們能有更規律的節奏。

But we continue to manage through that, and I look for it to be just a little chaotic for another one or two quarters.

但我們繼續克服這個問題，我預計接下來的一兩個季度會有點混亂。

Okay.

好的。

Understood.

明白了。

And then just as you kind of think about the pricing on 454B.

然後就像您考慮 454B 的定價一樣。

I think there's been some chatter in the marketplace a couple of your competitors have talked about maybe 8% to 10% type price increases next year.

我認為市場上有一些討論，你們的一些競爭對手已經談到明年的型號價格可能會上漲 8% 到 10%。

When do you kind of solidify what you'll do with price.

你什麼時候會鞏固你將如何處理價格？

Is that kind of something where you go out with one big increase?

是不是那種你出去就大幅上漲的事情？

Or do you think you kind of slowly kind of price into where the market is going through next year?

或者你認為你會慢慢了解明年市場的走向嗎？

Well, the two or three things.

嗯，有兩三件事。

First off, right now, we've got great margins, and the pressures on those margins are minimal.

首先，目前我們的利潤率很高，而且這些利潤率面臨的壓力很小。

There's more pressure related to run rate than there is to material cost at today's analysis.

根據今天的分析，與運行率相關的壓力比與材料成本相關的壓力更大。

So if we want to keep our margins, we need to keep the run rate up there where it's at now or grow the run rate.

因此，如果我們想保持利潤，我們需要將運行率保持在目前的水平或提高運行率。

That takes care of a lot of the fixed cost that keeps that margin where it's at.

這解決了許多固定成本，使利潤保持在原來的水平。

So all of that looks real good for us.

所以所有這些看起來對我們來說真的很好。

If we are a premium to these people now, which we are, and they go up 8% to 10%, we don't have to.

如果我們現在對這些人給予溢價（我們確實如此），而他們的工資上漲了 8% 到 10%，那麼我們就不必這樣做。

That premium largely goes away.

這種溢價基本上就消失了。

And when you look at the value proposition of our equipment versus theirs, it becomes very intriguing to purchase AAON equipment versus the others because you get so much more value for it.

當您比較我們的設備與他們的設備的價值主張時，購買 AAON 設備與其他設備相比會變得非常有趣，因為您可以獲得更多的價值。

And if it's not a cost thing, then we can see some real strengthening to the bookings.

如果這不是成本問題，那麼我們可以看到預訂量確實有所增加。

We're not absolutely sold that, that's what's going to happen.

我們並不完全相信這一點，但這就是將會發生的事情。

But as these competitors talk, they become more and more certain about them going to have a price increase related to the refrigerant, and we become more and more certain, we're not.

但隨著這些競爭對手的談論，他們越來越確定他們將提高與冷媒相關的價格，而我們越來越確定，我們不會。

We have produced a decent amount of the equipment now.

我們現在已經生產了相當數量的設備。

So we've got empirical data to support the analytics -- that pricing analytics we have in the company, and we've built the equipment.

因此，我們有經驗數據來支援分析——我們公司的定價分析，並且我們已經建造了設備。

And it just -- it's a really interesting story that I want to watch how it unfolds here.

這是一個非常有趣的故事，我想看看它是如何在這裡展開的。

I cannot imagine how much fun it would be to be in the sales channel, again, like my old days, if I wasn't a price premium.

我無法想像，如果我不是價格溢價的話，在銷售管道中會有多有趣，就像我以前那樣。

That would be outrageously fun.

那會非常有趣。

I look forward to watching it too.

我也很期待觀看。

So thanks for the time off.

所以謝謝你的休息時間。

I'll turn it back.

我會把它轉回來。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Good afternoon, everyone.

大家下午好。

Hello, Jon.

你好，喬恩。

Good afternoon.

午安.

Hello.

你好。

Matt, I have a question, and Gary touched on it a little bit on your liquid cooling solution for the data market, data center market.

馬特，我有一個問題，加里談到了您針對數據市場、數據中心市場的液體冷卻解決方案。

Can you talk a little bit about how that market is evolving?

您能談談這個市場是如何演變的嗎？

And maybe what your competitive position within that segment of the market is and maybe pricing and margin for that product versus air cooled?

也許您在該市場領域的競爭地位是什麼，以及該產品與風冷產品相比的定價和利潤？

Yeah, of course.

是的，當然。

So when we get down to kind of where the product is kind of positioned and where that competitive advantage comes from, it's really driven by the ability for us to really kind of custom-tailored solutions to applications.

因此，當我們深入了解產品的定位以及競爭優勢的來源時，它實際上是由我們為應用程式提供真正客製化的解決方案的能力所驅動的。

And when we think about the evolution inside the data center market around AI, we're driving pretty substantial increases in overall density from an IT compute perspective.

當我們思考資料中心市場內部圍繞人工智慧的演變時，從 IT 運算的角度來看，我們正在推動整體密度的大幅成長。

But we're also driving the need for, I'd say, higher capacity heat rejection solutions.

但我想說，我們也在推動更高容量散熱解決方案的需求。

And so moving towards these larger and really highly configured solutions is really the sweet spot for us to be in as an organization from developing solutions and crafting solutions.

因此，轉向這些更大且高度配置的解決方案確實是我們作為一個組織從開發解決方案到製定解決方案的最佳選擇。

And so the market is evolving in a way that's really positioning the BasX products in a much stronger light in kind of this changing dynamic.

因此，市場正在以一種真正將 BasX 產品定位在這種不斷變化的動態中的更強有力的方式發展。

And as the data center kind of infrastructure and design concepts are changing, the overall kind of infrastructure, how we want to deploy data centers and data center cooling, the engineering know-how and resources that our team will be able to provide to customers is really helping drive value in that sort of design architecture and evolution.

隨著資料中心基礎設施類型和設計理念的不斷變化，基礎設施的整體類型、我們希望如何部署資料中心和資料中心冷卻、我們的團隊將能夠為客戶提供的工程知識和資源也在不斷變化。有助於推動此類設計架構和演進的價值。

And so it's strengthening bonds with existing customers.

因此，它正在加強與現有客戶的聯繫。

Gary mentioned, we're working with some -- a lot of new customers, but we're also working with existing customers where that engineering know-how and sort of thought process is really providing a very strong relationship and a really sticky relationship kind of going forward.

加里提到，我們正在與一些新客戶合作，但我們也在與現有客戶合作，這些客戶的工程知識和思考過程確實提供了非常牢固的關係和非常黏性的關係。

As we think about pricing, there certainly is more price content living inside of a liquid cooled data center right now from a price per KW perspective as well as there's still as we deploy liquid cool data centers, airside doesn't go away.

當我們考慮定價時，從每千瓦價格的角度來看，目前液冷資料中心內部肯定有更多的價格內容，而且當我們部署液冷資料中心時，空側也不會消失。

So we still have airside cooling in combination with liquid cooling for a variety of ancillary equipment.

因此，我們仍然將空氣側冷卻與液體冷卻相結合，用於各種輔助設備。

And so the overall kind of project opportunity for us continues to evolve and get larger from a potential pricing standpoint.

因此，從潛在定價的角度來看，我們的整體專案機會繼續發展並變得更大。

And then just on the margin side, it's comparable margin to what we're doing today.

然後就利潤率而言，它與我們今天所做的利潤率相當。

So it's what we're selling at today is not markedly different from kind of a margin expectation perspective.

因此，我們今天的銷售價格與利潤率預期的角度沒有明顯不同。

Okay, Matt.

好吧，馬特。

Thank you very much.

非常感謝。

Appreciate the color.

欣賞顏色。

Of course.

當然。

There are no further questions at this time.

目前沒有其他問題。

Joe Mondillo, please continue.

喬·蒙迪羅，請繼續。

I'd like to thank everyone for joining on today's call.

我要感謝大家參加今天的電話會議。

If anyone has any questions over the coming days and weeks, please feel free to reach out to myself.

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。

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。

Thanks.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。