Aaon Inc (AAON) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the AAON Inc., third-quarter of 2024 earnings release conference call. (Operator Instructions) This call is being recorded on Thursday, November 7, 2024.

女士們、先生們，下午好，歡迎參加 AAON Inc. 2024 年第三季財報發布電話會議。 （操作員說明）此通話錄音時間為 2024 年 11 月 7 日星期四。

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

我現在想將會議交給投資者關係總監 Joseph Mondillo。

Thank you, operator, and good afternoon, everyone. The press release announcing our third quarter financial results was issued after market close today and can be found on our corporate website, aaon.com. The call today is accompanied with a presentation that you can also find on our website as well as on the listen-only webcast. Joining me on today's call is Gary Fields, CEO; Matt Tobolski, President and COO; and Rebecca Thompson, CFO and Treasurer.

謝謝接線員，大家下午好。宣布第三季財務業績的新聞稿於今天收盤後發布，可在我們的公司網站 aaon.com 上找到。今天的電話會議附有演示文稿，您也可以在我們的網站以及僅供收聽的網路廣播上找到該演示文稿。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. We begin with our customary forward-looking statement policy. During the call, any statement presented dealing with information that is not historical is considered forward-looking and made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1955, the Securities Act of 1933 and the Securities and Exchange Act of 1934, each as amended.

請翻到投影片 2。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1955 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，每一個都經過修改。

As such, it is subject to the occurrence of many events outside of AAON's control that could cause AAON's results to differ materially from those anticipated. You are all aware of the inherent difficulties, risks and uncertainties in making predictive statements.

因此，許多超出 AAON 控制範圍的事件的發生可能會導致 AAON 的結果與預期產生重大差異。你們都知道做出預測性陳述所固有的困難、風險和不確定性。

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

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

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。

Starting on slide 3. The third quarter was another solid quarter for AAON. Total revenue grew year-over-year 4.9% and diluted earnings per share was up 8.6%, both strong results for the quarter. Gross margin contracted 230 basis points versus the comparable quarter a year ago. We maintain the gross margin in the mid-30s is very healthy for this business.

從幻燈片 3 開始。總營收年增 4.9%，稀釋每股收益成長 8.6%，本季業績均強勁。與去年同期相比，毛利率下降了 230 個基點。我們維持 30 多歲的毛利率對於這項業務來說非常健康。

In fact, the gross margin this quarter represented one of the strongest quarters in the company's history. Likewise, adjusted EBITDA margin of 25.3% marked the third strongest quarter in company history. Overall, our operations have been performing well, which is reflected in these results.

事實上，本季的毛利率是該公司歷史上最強勁的季度之一。同樣，調整後 EBITDA 利潤率為 25.3%，是該公司歷史上第三強勁的季度。總體而言，我們的營運表現良好，這反映在這些結果中。

From a demand perspective, bookings in the third quarter were up year-over-year in the mid-single digits. And year-to-date, they were up approximately 27%. Demand for data center equipment remains strong. Backlog at the AAON Coil Products segment at the end of the quarter was a segment record, up approximately 63% from a year ago and backlog at the BASX segment finished close to record levels, up over 100% from a year ago.

從需求角度來看，第三季的預訂量較去年同期出現中個位數成長。今年迄今為止，它們上漲了約 27%。對資料中心設備的需求依然強勁。本季末，AAON 捲材產品部門的積壓訂單創下了該部門的記錄，比一年前增長了約 63%，而 BASX 部門的積壓訂單接近創紀錄水平，比一年前增長了 100% 以上。

Total backlog finished at $647.7 million, up 32% from a year ago and was comparable with the total backlog at the end of the second quarter. A significant portion of the total backlog at the end of the quarter consisted of orders of data center equipment. Furthermore, subsequent to the end of the quarter, we received approximately $174.5 million of orders that, by and large, will be produced in the first half of 2025. We addressed this in a press release that we issued 2 weeks ago. These orders are associated with a liquid cooling solution for one data center customer and will be produced at our Longview, Texas location.

未完成訂單總額達 6.477 億美元，比去年同期增加 32%，與第二季末的未完成訂單總額相當。本季末總積壓訂單的很大一部分是資料中心設備的訂單。此外，在本季末後，我們收到了約 1.745 億美元的訂單，這些訂單總體上將在 2025 年上半年生產。這些訂單與一個資料中心客戶的液體冷卻解決方案相關，並將在我們德克薩斯州朗維尤的工廠生產。

In addition to these orders from this one customer, the pipeline of opportunity is very robust. While this was a big win for AAON, we foresee much more demand within the data center market going forward. AAON is becoming a leading player in the data center cooling market as a fully capable provider of highly engineered, energy-efficient solutions for its customers.

除了來自該客戶的這些訂單外，機會管道也非常強勁。雖然這對 AAON 來說是一個巨大的勝利，但我們預計未來資料中心市場的需求將會更大。 AAON 正在成為資料中心冷卻市場的領導者，成為為客戶提供精心設計、節能解決方案的完全有能力的供應商。

With that, I will 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. Over the last several years, AAON has been undergoing a significant transformation. And as we have addressed on recent calls, this has continued through this year. Nearly all departments of the enterprise have been undergoing some degree of change to help position the company to sustain long-term growth at the rates and efficiency metrics we are targeting.

謝謝你，加里。在過去的幾年裡，AAON 經歷了重大轉型。正如我們在最近的電話會議中所談到的，這種情況一直持續到今年。企業的幾乎所有部門都在經歷一定程度的變革，以幫助公司以我們設定的目標速度和效率指標維持長期成長。

At the same time, strong demand of data center equipment and external market factors associated with a slowing nonresidential construction sector and the refrigerant transition have consumed and challenged the operations.

同時，數據中心設備的強勁需求以及與非住宅建築行業放緩和冷媒轉型相關的外部市場因素對營運造成了消耗和挑戰。

All things considered, I could not be prouder of how the operations executed in the third quarter and year-to-date. The margins we have been able to record, which are at historically high levels, support my preconceived notion that the team has been operating at a very high level.

考慮到所有因素，我對第三季和年初至今的營運執行感到非常自豪。我們能夠記錄的利潤率處於歷史高位，這支持了我的先入為主的觀念，即團隊一直在非常高的水平上運作。

Please turn to slide 4. As we have spoken to this year, AAON is emerging as a prominent player in the data center space. Year-to-date through the first 3 quarters, bookings of equipment associated with this market have nearly doubled and made up nearly 30% of total company bookings.

請參閱投影片 4。今年至今的前三個季度，與該市場相關的設備預訂量幾乎翻了一番，占公司總預訂量的近 30%。

This compares to data center bookings in the same period in 2023, making up about 13% of total bookings. Factoring in the $174.5 million worth of orders that we received in October, this showcases the level of prominence that the data center market has within the AAON business.

相較之下，2023 年同期資料中心預訂量約佔總預訂量的 13%。考慮到我們 10 月收到的價值 1.745 億美元的訂單，這顯示了資料中心市場在 AAON 業務中的重要性。

The success that we have had thus far in the data center market is a testament to various factors. The team collaboration across the enterprise is an integral component. Over the last year, we have taken steps to integrate various divisions of the company to leverage proficiencies and best practices and to increase the efficiency of the overall business.

迄今為止，我們在資料中心市場所取得的成功是多種因素的證明。整個企業的團隊協作是不可或缺的一部分。去年，我們採取措施整合公司的各個部門，以利用熟練程度和最佳實踐，並提高整體業務的效率。

In addition, this highlights AAON's superior engineering competencies. The orders we received in October were related to a highly custom-designed liquid cooling solution. The bidding process of these orders were competitive and really challenged our engineering team. At the end of the day, it came down to who is able to design and manufacture the most ideal solution for this customer.

此外，這凸顯了 AAON 卓越的工程能力。我們十月收到的訂單與高度客製化設計的液體冷卻解決方案有關。這些訂單的投標過程競爭激烈，對我們的工程團隊來說確實是一個挑戰。最終，問題取決於誰能夠為該客戶設計和製造最理想的解決方案。

AAON's customer-centric solutions-based approach is unique to the industry and has been critical to our success. We value our customer relationships and strive to create strong, long-lasting partnerships.

AAON 以客戶為中心的解決方案為基礎的方法在業界是獨一無二的，並且對我們的成功至關重要。我們重視客戶關係，並努力建立強大、持久的合作關係。

Please turn to slide 5. Another critical component to our execution in the data center market is related to expanding production capacity to meet the growing demand. The data center market is in the early stages of a multiyear growth cycle driven by cloud computing and artificial intelligence demand.

請參閱投影片 5。資料中心市場正處於由雲端運算和人工智慧需求驅動的多年成長週期的早期階段。

Supported by our strong customer relationships and high visibility into invested capital and detailed construction plans, our confidence of sustainable demand is high. The orders that we received to date represent a fraction of the overall pipeline of opportunity. We are committed to our customers in meeting their demands by increasing our production capabilities, while at the same time, balancing our risks appropriately.

在我們強大的客戶關係以及對投資資本和詳細建設計劃的高度了解的支持下，我們對永續需求充滿信心。迄今為止，我們收到的訂單僅佔整個機會管道的一小部分。我們致力於透過提高生產能力來滿足客戶的需求，同時適當地平衡我們的風險。

This year, we have been managing two significant capacity expansion projects. The first has been in our BASX segment in Redmond, Oregon. There, we expanded the square footage by approximately 15%. We also reconfigured much of the manufacturing layout in the existing footprint, while at the same time adding new production equipment, all of which has added production capacity and will lead to greater efficiencies.

今年，我們管理了兩個重大產能擴張計畫。第一個是我們位於俄勒岡州雷德蒙的 BASX 部門。在那裡，我們將面積擴大了約 15%。我們還在現有佔地面積上重新配置了大部分製造佈局，同時增加了新的生產設備，所有這些都增加了產能，並將帶來更高的效率。

The second expansion project exists at our AAON Coil Products segment at our Longview, Texas facility, where we are expanding the square footage by approximately 50%.

第二個擴建項目位於德州朗維尤工廠的 AAON 線圈產品部門，我們正在將其面積擴大約 50%。

We are on schedule to complete this expansion project by the end of this year with production to commence in early 2025. The equipment associated with the $174.5 million worth of orders that we received in October will be built within our Longview facility.

我們計劃在今年年底前完成這項擴建項目，並於 2025 年初開始生產。

In addition to the expansion projects in these two locations, we have entered into a definitive agreement to acquire a new 787,000 square foot facility in Memphis, Tennessee.

除了這兩個地點的擴建項目外，我們還簽訂了一項最終協議，在田納西州孟菲斯收購一處佔地 787,000 平方英尺的新設施。

This investment will largely accommodate incremental production of data center equipment.

這項投資將主要適應資料中心設備的增量生產。

We also intend to move production of some of our larger, more unique equipment that we currently manufacture in Tulsa to this location, which will, in turn, free up space in Tulsa, further delaying any immediate expansion needs at that location.

我們還打算將目前在塔爾薩製造的一些更大、更獨特的設備的生產轉移到這個地點，這反過來將釋放塔爾薩的空間，進一步推遲該地點的任何直接擴張需求。

At the same time, this provides additional geographic diversification, which will mitigate certain operational risks and help better serve our data center customers. We expect this facility will be up and running by the end of 2025.

同時，這提供了額外的地理多元化，這將減輕某些營運風險並有助於更好地服務我們的資料中心客戶。我們預計該設施將於 2025 年底建成並運行。

All in, both the pipeline of opportunity within the data center space and our confidence of the market has never been greater. The investments we are making in capacity, people, products and customer relationships will generate attractive returns and growth.

總而言之，資料中心領域的機會和我們對市場的信心從未如此強大。我們在產能、人員、產品和客戶關係方面的投資將產生可觀的回報和成長。

Please turn to slide 6. Turning to our more traditional commercial HVAC business, the AAON Oklahoma segment. This segment continued to perform well in the third quarter. Although sales and profits for this segment were down year-over-year, this is expected largely because of a tough comparison to the year ago period. Versus the second quarter of this year, sales and profits were comparable, which was in line with our expectations and consistent with historical seasonality. This year, volatility in bookings has been greater than previous years, largely associated with the refrigerant transition and softening macro environment.

請轉向幻燈片 6。該部門在第三季度繼續表現良好。儘管該部門的銷售額和利潤同比下降，但這主要是因為與去年同期的比較困難。與今年第二季相比，銷售額和利潤相當，符合我們的預期，也符合歷史季節性。今年的預訂波動性比往年更大，很大程度上與冷媒轉型和宏觀環境疲軟有關。

While we did realize a modest increase of orders in August and September, leading up to our phase-out dates of R-410A equipment, the benefit was not nearly as pronounced as what the industry experienced. A lot of the industry manufacturers standardized equipment that is inventoried within the distribution channel and sold to an end user at a later date. This differs from AAON's strategy in which we manufacture semi-custom build-to-order equipment. And as such, we do not see much of a prebuy.

雖然我們確實在 8 月和 9 月實現了訂單的小幅增長，導致我們逐步淘汰 R-410A 設備，但這種好處並不像行業所經歷的那麼明顯。許多行業製造商對設備進行了標準化，這些設備在分銷渠道中進行庫存並在稍後出售給最終用戶。這與 AAON 的策略不同，在該策略中，我們製造半客製化的按訂單生產設備。因此，我們沒有看到太多預購。

We think we could see a near-term lull in demand as customers transition to equipment configured with the new R-454B refrigerant. Furthermore, the new construction market remains soft and could take some time to turn around. As such, we expect the fourth quarter and possibly the first quarter of next year to soften in this segment.

我們認為，隨著客戶轉向配置新型 R-454B 冷媒的設備，近期需求可能會停滯。此外，新建築市場仍然疲軟，可能需要一段時間才能扭轉局面。因此，我們預計第四季度甚至明年第一季該領域的業績將會疲軟。

As we progress beyond the immediate near-term headwinds, we anticipate demand will accelerate throughout next year. We expect the macro environment will improve with interest rates falling and the election being behind us, plus the refrigerant transition will have played out.

隨著我們克服近期的不利因素，我們預計明年需求將加速。我們預計，隨著利率下降和選舉的結束，宏觀環境將會改善，而且冷媒轉型將會結束。

Regarding pricing, we anticipate a very modest amount of pricing next year, which is very different than what we are hearing from the rest of the industry. Finally, our product remains best positioned to support secular trends associated with decarbonization, electrification and future regulations. Therefore, while this segment could see a more pronounced softening in the fourth quarter and first quarter than we normally do in these seasonally down quarters, we feel very good about the medium and long term at the AAON Oklahoma segment.

關於定價，我們預計明年的定價將非常溫和，這與我們從業內其他公司聽到的價格有很大不同。最後，我們的產品仍然最適合支持與脫碳、電氣化和未來法規相關的長期趨勢。因此，雖然該細分市場在第四季度和第一季可能會比我們通常在這些季節性下降的季度中看到更明顯的疲軟，但我們對AAON 俄克拉荷馬州細分市場的中長期前景非常看好。

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. Please turn to slide 7. Net sales for the quarter increased 4.9% to a record of $327.3 million, up from $312 million in the third quarter of 2023. The year-over-year growth was largely driven by the BASX and AAON Coil Products segments, which realized growth of 58.8% and 36.7%, respectively, primarily related to the data center market. Sales at the AAON Oklahoma segment declined year-over-year 7.1%. The year-over-year decline at this segment largely reflects the tough year-over-year comparison, along with the previously discussed disruptions caused by the refrigerant transition.

謝謝你，馬特。請參閱投影片 7。 %和36.7%的成長，主要與資料中心市場有關。 AAON 俄克拉荷馬部門的銷售額年減 7.1%。該細分市場的同比下降很大程度上反映了嚴峻的同比比較，以及先前討論的冷媒轉型造成的干擾。

Moving to slide 8. Gross profit decreased 1.7% to $114.2 million from $116.1 million. As a percentage of sales, gross profit was 34.9% compared to 37.2% in the third quarter of 2023. The contraction in gross margin was a result of lower volumes at the AAON Oklahoma segment and temporary inefficiencies at BASX, partially offset by strong results at the AAON Coil Products segment, which benefited from a favorable product mix and increased efficiencies.

轉到投影片 8。毛利佔銷售額的百分比為34.9%，而2023 年第三季為37.2%。的強勁業績所抵消。

Please turn to slide 9. Selling, general and administrative expenses decreased 5.5% to $48.6 million from $51.5 million in the third quarter of 2023. As a percent of sales, SG&A decreased to 14.9% from 16.5%. Overall, SG&A as a percent of sales continues to be elevated due to depreciation and increased investments in back-office technology and automation. Professional fees decreased due to the absence of the onetime $7.5 million settlement that occurred in the same period of 2023.

請參閱投影片 9。總體而言，由於折舊以及後台技術和自動化投資的增加，SG&A 佔銷售額的百分比持續上升。由於沒有達成 2023 年同期 750 萬美元的一次性和解，專業費用有所下降。

Moving to slide 10. Diluted earnings per share was $0.63, up 8.6% from a year ago. Our tax rate in the quarter was 18.4%. The company's estimated annual effective tax rate, excluding discrete events, is expected to be approximately 24.9%.

轉到投影片 10。我們本季的稅率為 18.4%。剔除離散事件後，公司預計年度有效稅率約為24.9%。

Turning to slide 11. Our balance sheet remains strong with a current ratio of 3:1. Cash, cash equivalents and restricted cash totaled $6.7 million on September 30, 2024, and debt at the end of the quarter was $55.7 million. Our leverage ratio was 0.19x. Year-to-date, cash flow from operations was $191.7 million, up from $107.1 million in the comparable period a year ago. The year-over-year improvement in year-to-date cash flow from operations reflects more efficient inventory management. Capital expenditures through the first 3 quarters of the year, including expenditures related to software development, increased 37.3% to $113.8 million. We also drew down $17.3 million on our revolving line of credit over this period, largely to finance the $100 million of open market stock buybacks in the second quarter. In the third quarter, we reduced the balance by $30.2 million.

轉向投影片 11。截至 2024 年 9 月 30 日，現金、現金等價物及限制性現金總計 670 萬美元，季末債務為 5,570 萬美元。我們的槓桿率為0.19倍。年初至今，營運現金流為 1.917 億美元，高於去年同期的 1.071 億美元。年初至今營運現金流量的年比改善反映出庫存管理更有效率。今年前三個季度的資本支出（包括與軟體開發相關的支出）成長了 37.3%，達到 1.138 億美元。在此期間，我們還提取了 1,730 萬美元的循環信貸額度，主要用於為第二季 1 億美元的公開市場股票回購提供資金。第三季度，我們減少了 3,020 萬美元的餘額。

Overall, our financial position is strong. This gives us flexibility and allows us to continue to fully focus on investments that will drive growth and generate attractive returns. For 2024, we now have anticipate capital expenditures will be $215 million, up from our previous expectation of $125 million.

整體而言，我們的財務狀況強勁。這給了我們靈活性，使我們能夠繼續完全專注於推動成長並產生有吸引力回報的投資。對於 2024 年，我們目前預計資本支出將為 2.15 億美元，高於先前 1.25 億美元的預期。

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

這樣，我現在將把電話轉回給加里。

Please turn to slide 12. As we approach the end of the year and begin to shift our focus to 2025, we are very pleased with the current trajectory of the company. While the traditional rooftop business has faced multiple headwinds this year, and we expect it could soften more in the immediate near term, our data center business is more than compensating.

請參閱投影片 12。雖然傳統屋頂業務今年面臨多重阻力，我們預計在短期內可能會進一步疲軟，但我們的資料中心業務足以彌補這一不足。

We estimate at the end of this year, we will be entering 2025 with a backlog up over 50% from a year ago, a vast majority of which will be converted in 2025. This compares to a year ago when we were entering this year with a backlog that was down year-over-year approximately 6.9%.

我們估計，到今年年底，我們的積壓量將比一年前增加 50% 以上，其中絕大多數將在 2025 年轉換。

Our data center business is clearly very strong. This is a rapidly evolving market, and all considered, we are executing extremely well with product development, customer service, production and management of our capacity.

我們的資料中心業務顯然非常強勁。這是一個快速發展的市場，綜合考慮，我們在產品開發、客戶服務、生產和產能管理方面執行得非常好。

On the traditional HVAC equipment side of the business, it's hard to be nearly as positive compared to data center. Nonetheless, we remain optimistic. We manufacture the highest quality, highest performing, most efficient rooftop units in the industry.

在傳統的暖通空調設備業務方面，與資料中心相比很難有如此積極的表現。儘管如此，我們仍然保持樂觀。我們製造業內最高品質、最高性能、最高效率的屋頂機組。

Furthermore, as the industry attempts to improve the quality of their equipment, it has increased their cost of manufacturing, resulting in us becoming more cost competitive. This year, we have generated the highest gross margins in AAON's history while managing a price premium to market pricing at the lowest level in company history.

此外，隨著產業試圖提高設備質量，製造成本也隨之增加，使我們變得更具成本競爭力。今年，我們創造了 AAON 歷史上最高的毛利率，同時將相對於市場定價的溢價控制在公司歷史上的最低水準。

We also continue to maintain our edge in product development and innovation, as noted in previous discussions regarding our heat pump technology. Our rooftop units configured with this technology have been growing at very robust rates this year. Thus, we are very optimistic with both sides of the business.

正如之前有關我們的熱泵技術的討論中所指出的那樣，我們也繼續保持在產品開發和創新方面的優勢。我們配置了這項技術的屋頂單元今年一直以非常強勁的速度成長。因此，我們對雙方的業務都非常樂觀。

Lastly, before getting into outlook and opening up the call for Q&A, I want to take a step back and view things from a broader perspective. AAON is positioned for growth to accelerate in a transformative way over the next 12 months, and that is very exciting.

最後，在進入展望並開始問答之前，我想退後一步，從更廣闊的角度來看待事情。 AAON 的定位是在未來 12 個月內以變革性的方式加速成長，這是非常令人興奮的。

This kind of growth can come with risk, including long-term sustainability or operational efficiencies, if not handled properly. We are focused on building an organization with the proper structure and leadership that will mitigate these risks and ensure long-term sustainability and success.

如果處理不當，這種成長可能會帶來風險，包括長期可持續性或營運效率。我們致力於建立一個具有適當結構和領導力的組織，以減輕這些風險並確保長期可持續性和成功。

In tandem with managing the day-to-day opportunities and challenges that we have experienced this year, we are tactically restructuring the organization in a way to best manage the enterprise over the next several years.

在管理我們今年經歷的日常機會和挑戰的同時，我們正在戰術性地重組組織，以便在未來幾年最好地管理企業。

From a high level, we are restructuring leadership and the business and modifying processes throughout the organization. These initiatives will ensure that we are maximizing efficiency, minimizing risk and maintaining high returns on invested capital while the company is growing at a high rate.

從高層來看，我們正在重組領導層和業務，並修改整個組織的流程。這些舉措將確保我們在公司高速成長的同時最大限度地提高效率、最大限度地降低風險並保持投資資本的高回報。

You'll hear more about this in the near future, but I wanted to make all shareholders aware that we are not taking this near-term growth for granted, and we are investing in the long-term sustainability for this business.

在不久的將來，您會聽到更多有關此事的信息，但我想讓所有股東意識到，我們並不認為這種短期增長是理所當然的，我們正在投資於這項業務的長期可持續性。

For our 2024 outlook, we maintain that our volume will be flattish, and pricing will be a mid-single-digit contributor. We also maintain that our gross margin for the year will be up year-over-year, but to expect this to reflect typical seasonal softness in the fourth quarter. For SG&A as a percent of sales, we maintain that it will increase 50 to 100 basis points. Finally, we increased our CapEx guidance to $215 million, up from $125 million, reflecting the recently announced Memphis project.

對於 2024 年的展望，我們認為銷售量將持平，而定價將是中個位數的貢獻者。我們也認為，今年的毛利率將比去年同期上升，但預計這將反映出第四季典型的季節性疲軟。對於 SG&A 佔銷售額的百分比，我們認為它將增加 50 至 100 個基點。最後，我們將資本支出指引從 1.25 億美元提高到 2.15 億美元，反映了最近宣布的孟菲斯計畫。

As we progress into 2025, considering the timing of backlog conversion and accounting for the near-term softening in the nonresidential construction market, we expect Q1 sales and earnings will be modestly down from Q4. Moving forward through the rest of the year, we anticipate an acceleration of year-over-year growth in both sales and earnings.

隨著進入 2025 年，考慮到積壓訂單轉換的時間以及非住宅建築市場近期的疲軟，我們預計第一季的銷售額和盈利將較第四季度小幅下降。展望今年剩餘時間，我們預期銷售額和收益將較去年同期加速成長。

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

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

I will now open the call for Q&A.

我現在將開始問答環節。

(Operator Instructions) Ryan Merkel, William Blair.

（操作員指示）瑞安·默克爾、威廉·布萊爾。

I guess, first off, I wanted to start with the Oklahoma segment. And Gary, you've talked about the slowdown kind of all year, and I guess we're seeing it. And my question is, should we expect revenue in the Oklahoma segment to be down more than the 7% we saw this quarter? Or what do you mean by seeing a slowdown in 4Q and 1Q?

我想，首先，我想從俄克拉荷馬州部分開始。加里，你一直在談論全年的經濟放緩，我想我們已經看到了這一點。我的問題是，我們是否應該預期俄克拉荷馬州部門的營收下降幅度將超過本季的 7%？或者說第四季和第一季放緩是什麼意思？

Well, we've always had seasonality. And for the last few years, we've had such a tremendous backlog because we didn't have production capacity, and we weren't able to produce in the shorter lead times. Now we're able to produce at a much faster rate. So, the backlog impacts it substantially. So, there could be just a slight bit more softening in Q4 and Q1 because the backlog is -- again, we've turned it down pretty good. But the pipeline is very strong. Sales channel partners tell us things are beginning to turn around.

嗯，我們一直都有季節性。在過去的幾年裡，我們有如此巨大的積壓，因為我們沒有生產能力，我們無法在更短的交貨時間內生產。現在我們能夠以更快的速度進行生產。因此，積壓對其影響很大。因此，第四季度和第一季的情況可能會稍微軟一些，因為積壓的情況——再次，我們已經很好地拒絕了。但管道非常強大。銷售通路夥伴告訴我們，情況正在開始好轉。

I had cited three reasons that I felt like the pipeline for that business was challenged, the refrigerant transition, the election and interest rates. Well, election is behind us. I think we did fine there. Interest rates went down another 25 basis points today. I think that points well. And the refrigerant transition will be behind us any moment now. I mean we cannot produce equipment past December 31 with the old refrigerant. And since we don't have any of our equipment going into inventory like a distributorship, then we are already shipping 454B equipment, and we will be shipping exclusively that. So, I think just this -- the timing of these events has been pretty much the way I projected going back a year ago. And hopefully, that answers what you were looking for.

我列舉了三個我認為這項業務的管道受到挑戰的原因：冷媒轉型、選舉和利率。好吧，選舉已經過去了。我認為我們在那裡做得很好。今天利率又下降了 25 個基點。我認為這一點很好。冷媒轉型現在隨時都會成為過去。我的意思是，我們無法在 12 月 31 日之後使用舊冷媒生產設備。由於我們沒有任何設備像分銷商一樣進入庫存，因此我們已經在運輸 454B 設備，而且我們將專門運輸該設備。所以，我認為這些事件的發生時間與我一年前的預測基本上一致。希望這能滿足您的需求。

Yes, it does. And a quick follow-up because you said that you think 1Q '25 earnings will be down year-over-year. Is that, again, due to the Oklahoma business and some of the softness we're talking about? Or is there anything in there for data centers?

是的，確實如此。並進行快速跟進，因為您表示您認為 25 年第一季的收益將同比下降。這是否又是由於俄克拉荷馬州的業務和我們正在談論的一些疲軟造成的？或是那裡有資料中心的東西嗎？

The data centers are very robust. The data centers, the thing is there, the Longview facility in order to produce that at the rates to make up for the slowing down in Oklahoma. It's just coming online here in a few weeks. So, I don't expect to flip the lights on and produce at 100% capability right away. So, I think it will take a quarter to speed that up.

數據中心非常強大。數據中心，東西就在那裡，朗維尤設施，以便以彌補俄克拉荷馬州放緩的速度生產數據。幾週後它就會上線。因此，我並不期望立即打開燈並以 100% 的產能進行生產。因此，我認為需要四分之一的時間才能加快速度。

And Ryan, just to clarify, the -- we don't anticipate a year-over-year decline in Q1. We're messaging a potential quarter-over-quarter decline from Q4 to Q1, with just a modest decrease from Q4 to Q1, but it will be up.

瑞安，我想澄清一下，我們預計第一季的業績不會比去年同期下降。我們預計第四季到第一季可能出現季度環比下降，第四季到第一季略有下降，但將會上升。

Okay. And then let me ask one on data centers before I turn it over. The $175 million order, which I appreciate is not in the backlog, by the way, why was that order so big? And was that a new customer?

好的。然後讓我在轉交之前詢問有關資料中心的問題。我欣賞的1.75億美元訂單並沒有積壓，順便問一下，為什麼這個訂單這麼大？那是新客戶嗎？

So, it is an existing customer, but with this specific customer, it is the first exposure into the liquid cooling realm with that customer. The reason it is so large is it is a basically a large-scale deployment of a liquid cooling AI supporting process kind of with exposure across their fleet. So, it's not a single facility, but it's providing product to support a large build-out of AI capacity across the overall enterprise for that customer.

因此，它是一個現有客戶，但對於這個特定客戶來說，這是該客戶第一次接觸液體冷卻領域。它之所以如此之大，是因為它基本上是液體冷卻人工智慧支援流程的大規模部署，並在整個車隊中進行了曝光。因此，它不是一個單一的設施，而是提供產品來支援該客戶在整個企業中大規模擴展人工智慧能力。

And one thing I would just note is we obviously messaged the $174 million order. But even subsequent to that, I mean, the last week, we've tallied on another $34 million in liquid cooling orders as well. So, the demand around liquid cooling and the kind of strength with the product development continues to kind of showcase the value that AAON provides.

我要指出的一件事是，我們顯然已經傳達了 1.74 億美元的訂單。但即使在那之後，我的意思是，上週，我們還收到了另外 3400 萬美元的液體冷卻訂單。因此，圍繞液體冷卻的需求以及產品開發的實力繼續展示了 AAON 提供的價值。

And that leads to my last question here. When you say that, that order is a fraction of the pipeline, I think a lot of us are wondering, are there other big chunky orders out there that you have visibility to in the $100 million area? Or should we not be thinking about it that way? There's just a long pipeline of lots of kinds of orders?

這就引出了我的最後一個問題。當你這麼說時，該訂單只是管道的一小部分，我想我們很多人都想知道，在 1 億美元的區域中是否還有其他大訂單？或者說我們不應該這樣思考嗎？只是有很長的管道，有很多種類的訂單嗎？

Yes. I mean, certainly, the kind of the single tranche, $170-plus million order is -- it's certainly a little bit more of the unique kind of scale of orders. But I would just say, I mean, we have tremendous visibility into numerous orders that are $20-plus million orders within the liquid cooling and air side space. So, the fundamental volume is large orders. The $174 million certainly is one large tranche that's pretty unique. But in aggregate, we have substantially more visibility and pipeline to kind of overall order volume.

是的。我的意思是，當然，單筆 1.70 多萬美元的訂單是——它肯定是一種更獨特的訂單規模。但我只想說，我的意思是，我們對液體冷卻和空氣側空間內價值 20 多萬美元的眾多訂單擁有巨大的可見性。所以，基本量是大訂單。 1.74 億美元無疑是一筆非常獨特的大筆資金。但總的來說，我們對整體訂單量有更多的可見性和管道。

Chris Moore, CJS Securities.

克里斯摩爾，CJS 證券。

Maybe just one on the rooftop. Just have all the states passed the necessary legislation for the new refrigerants?

也許只有屋頂上的一個。所有州都通過了新冷媒的必要立法嗎？

Yes. At this point, the regulations are supporting the refrigerant transition. So, we're less than 2 months away from the mandatory cutover date. And so, from a regulation standpoint, the states are prepared for that January 1 date.

是的。目前，法規正在支持冷媒轉型。因此，距離強制轉換日期還有不到兩個月的時間。因此，從監管的角度來看，各州已經為 1 月 1 日這一日期做好了準備。

Got it. And I know this is probably a difficult one. But since some of these solutions can be hybrid on the data center side. But if you were to look out 3 to 4 years and kind of parse the air cooled versus liquid cooled, any sense as to what percentage of the data center revenue would be on the liquid cooled side?

知道了。我知道這可能是一件困難的事。但由於其中一些解決方案可以在資料中心端混合使用。但是，如果您展望 3 到 4 年，並分析風冷與液冷，您是否知道資料中心收入中液冷的百分比是多少？

Yes. I mean it's going to be a transition for sure. So, the -- it's not going to be day 1, all of a sudden, we flip a switch and have this massive liquid cooling kind of turnover. So, 3 to 4 years out, you're really still going to be predominantly airside cooling. But I want to frame one thing up as well. When you think about liquid cooling, a pure-play liquid cooling data center still has a substantial amount of air cool requirement, I think, 20-plus percent.

是的。我的意思是這肯定會是一個轉變。所以，這不會是第一天，突然間，我們按下開關並進行大規模的液體冷卻業務。因此，三到四年後，您實際上仍將主要採用空氣側冷卻。但我也想框定一件事。當您考慮液體冷卻時，純液體冷卻資料中心仍然有大量的空氣冷卻需求，我認為超過 20%。

So, as you think about the flip to a higher concentration of liquid cooling with this large-scale investment going on in AI/ML, just mathematically speaking, it's still -- even if you went to a today, flip the switch and all that new demand with liquid cooling, the demand is growing so much that the airside cooling is still growing in that backdrop. So, when we look at 3 to 4 years out, you're probably looking -- you might be approaching 40%, 50% of the overall cooling demand being around liquid cooling if the investment cycle continues around the AI/ML investment.

因此，當你想到隨著人工智慧/機器學習領域的大規模投資轉向更高濃度的液體冷卻時，從數學上來說，它仍然是——即使你今天去，翻轉開關等等液體冷卻的新需求，需求增長如此之快，以至於空氣側冷卻在這種背景下仍在增長。因此，當我們展望 3 到 4 年後，您可能會發現，如果投資週期繼續圍繞 AI/ML 投資，那麼您可能會接近 40%、50% 的整體冷卻需求是圍繞液體冷卻的。

That makes perfect sense. And then one more. Just on the gross margin, BASX 27.9, obviously, down significantly year-over-year. You're still building out capacity. Looking -- as you get there and volume starts to ramp, do you expect the BASX gross margin to be the highest of the three segments?

這是完全有道理的。然後還有一張。僅就毛利率而言，BASX 27.9 顯然年比大幅下降。您仍在擴充容量。當您到達那裡並且銷量開始增加時，您是否預計 BASX 毛利率將成為三個細分市場中最高的？

I don't know if I go as far as to say the highest of the three segments, but I think the Oklahoma segment provides a good target of where we're trying to work towards within the BASX segment. In the -- to your comment on the Q3 numbers, I mean not only the build-out of capacity, but there's still -- if you imagine kind of all our talk around the investments we're making within Longview and talking about the Memphis facility and that build-out, the goal is to really start leveraging a geographically diverse manufacturing fleet. And so, as we start to leverage that, we can really optimize manufacturing efficiency and drive margins at those sites.

我不知道我是否能說出三個細分市場中最高的一個，但我認為俄克拉荷馬州細分市場為我們在 BASX 細分市場中努力實現的目標提供了一個很好的目標。在 - 對於您對第三季度數據的評論，我的意思不僅是產能的建設，而且 - 如果您想像我們所有的討論都圍繞我們在朗維尤進行的投資並談論孟菲斯設施和擴建的目標是真正開始利用地理上多樣化的製造車隊。因此，當我們開始利用這一點時，我們可以真正優化製造效率並提高這些工廠的利潤率。

Within the Oregon site today, the volumes going through there, it requires a tremendous amount of collaboration, but also some outsourcing that puts pressures on margin, where once we get the manufacturing fleet kind of fully in operation, that outsourcing really starts to kind of pull back and allows us to really in-source as much as possible, getting that kind of additional tailwind around margin.

今天，在俄勒岡州的工廠內，那裡的生產量需要大量的協作，但也需要一些外包，這會給利潤率帶來壓力，一旦我們的製造車隊完全投入運行，外包就真的開始了撤回並允許我們盡可能地真正進行內部採購，從而在利潤率方面獲得額外的推動力。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Congrats on all the activity here. I wanted to come back to just thinking about the sheer magnitude of things you've got in orders and going to be revenue in here in the next few quarters. But I was thinking about your comment that you may be down into the first quarter on a sequential basis -- on the basis. Does that mean the bulk of this sort of new orders is going to revenue in the second quarter? I'm just trying to understand how this is going to sequence over the next -- first half of the year.

祝賀這裡的所有活動。我想回過頭來考慮一下您的訂單數量以及未來幾季的收入。但我在考慮你的評論，即你可能會按順序進入第一季——在此基礎上。這是否意味著此類新訂單的大部分將在第二季實現收入？我只是想了解在接下來的上半年，這將如何進行。

Yes. So great question. And when you think about the historic seasonality, we have in the rooftop business, coupled with the kind of macro and secular dynamics that are happening right now, the Oklahoma segment certainly is having downward pressures Q4 and Q1 being offset by the ACP and BASX segment. But when we talk about the kind of growth in revenue in that backlog, it definitely is accelerating quarter-over-quarter. And so, you're going to -- when you think about Q1 to Q2, you've got the seasonality softening on the Oklahoma segment that's providing an uplift in revenue. Add on top of that, the acceleration of conversion of that backlog around the data center space. And certainly, that's where Q2 is going to have a substantially stronger performance compared to Q1 from a top line revenue perspective.

是的。很好的問題。當你考慮屋頂業務的歷史季節性時，再加上目前正在發生的宏觀和長期動態，俄克拉荷馬州部分肯定面臨第四季度和第一季的下行壓力，但被 ACP 和 BASX 部分抵消。但當我們談論積壓訂單中的收入成長時，它肯定在逐季度加速。因此，當您考慮第一季到第二季時，您會發現俄克拉荷馬州部分的季節性疲軟帶來了營收的成長。除此之外，也加速了資料中心空間積壓的轉換。當然，從營收角度來看，第二季的業績將明顯強於第一季。

Yes. Matt, what about just the core BASX business, especially as you wrap up the projects there at that facility. How do you sort of think about the sequencing of revenue from there? Is it going to take some time to work through the kinks? Just curious because it would seem to me you've got a pretty full pipeline there.

是的。馬特，核心 BASX 業務怎麼樣，特別是當你在工廠完成專案時。您如何看待那裡的收入排序？是否需要一些時間來解決這些問題？只是好奇，因為在我看來，你那裡有一個相當完整的管道。

Yes. And so, one thing to consider, and this is something that as we go forward, we really have to start thinking about BASX differently than we think about it today. And the reason I say that is the BASX brand is truly going to leverage the geographically diverse manufacturing fleet.

是的。因此，需要考慮一件事，隨著我們前進，我們確實必須開始以不同於今天的方式思考 BASX。我這麼說的原因是 BASX 品牌真正將利用地理上多樣化的製造車隊。

So, when we talk about BASX today, it's tied to Redmond. The walls are only so big within that Oregon facility. And so, we naturally hit kind of a point where that facility is at its revenue kind of cap, and we focus on, at that point, driving efficiency and basically margin up step kind of from there.

因此，當我們今天談論 BASX 時，它與雷德蒙德息息相關。俄勒岡州工廠內的牆壁就這麼大。因此，我們自然會達到該設施達到其收入上限的程度，此時我們專注於提高效率並基本上從那裡開始提高利潤率。

But when you think about BASX as a whole, our big intention with the Longview expansion with this Memphis project, it is to be manufacturing that BASX branded product across that area. And so, we may (inaudible) facilities to optimize the manufacturing fleet and really drive manufacturing efficiency going forward.

但是，當您將 BASX 作為一個整體考慮時，我們在孟菲斯朗維尤擴建項目的主要目的是在該地區生產 BASX 品牌產品。因此，我們可以（聽不清楚）設施來優化製造車隊並真正提高未來的製造效率。

So, it's kind of -- the true root answer to your question is BASX as a whole is going to really be seeing strong acceleration, leveraging that diverse manufacturing fleet. The today's style of reporting of BASX is obviously only -- can only grow so much within our geographic walls in Redmond until we kind of help further, further provide the explanation of BASX going forward. And so that's definitely from a reporting perspective, something we're very cognizant of is really identifying the true BASX revenue that's manufactured across the fleet.

所以，你的問題的真正根本答案是，BASX 作為一個整體將真正看到強勁的加速，利用多樣化的製造車隊。今天的 BASX 報告風格顯然只能在我們雷德蒙德的地理範圍內發展這麼多，直到我們進一步提供幫助，進一步提供 BASX 未來的解釋。因此，從報告的角度來看，我們非常清楚地確定了整個機隊製造的真實 BASX 收入。

Got it. Appreciate it. I guess my last one is understanding you've got a little bit of a lull here in the rooftop business in the short term. I guess my question around it is, is any of this induced by the refrigerant change? Or is this really just kind of a consequence more of, look, there's a lot of things going on in the end markets right now and customers are just taking a step back.

知道了。欣賞它。我想我的最後一個想法是理解屋頂業務在短期內會有些平靜。我想我的問題是，這是否是由冷媒變化引起的？或者這真的只是更多的結果，看，現在終端市場上發生了很多事情，而客戶只是後退了一步。

I think all three factors that I've been talking about for in excess of a year now are pressuring the rooftop business. The refrigerant transition is certainly one of the larger of those. I think the interest rates have kept construction starts down. If we look at ABI, it's been down for like 20 months in a row or something like that. So once these interest rates, the impact of them lowering the interest rates starts to materialize into more starts, be more opportunities and the refrigerant transition will be behind us here shortly. So, the headwinds don't seem to have a whole lot of duration to them.

我認為我一年多來一直在談論的所有三個因素現在都在給屋頂業務帶來壓力。冷媒轉變無疑是其中較大的轉變之一。我認為利率導致建築開工率下降。如果我們看一下 ABI，它已經連續 20 個月下降或類似的情況。因此，一旦這些利率，降低利率的影響開始具體化為更多的啟動，更多的機會，冷媒的轉型很快就會過去。因此，逆風對他們來說似乎並沒有持續很長時間。

Timothy Wools, Baird.

提摩西‧伍爾斯，貝爾德。

Maybe just -- I want to dig on one point that you said in the press release. So, bear with me, there's a little bit of math. But over half of your backlog right now is for data centers, and that's going to be produced and shipped in 2025. So, if I just use 51% of that, that implies $325 million or so of that backlog is going to be for data centers in 2025. And then if we add the $175 million order you announced in October, that adds up to at least $500 million in data center revenue next year. So, I guess, is that math, right? And I guess if it is, just how do your kind of -- how are you kind of set up from a capacity perspective to just kind of make sure that you can handle that type of growth?

也許只是——我想深入探討您在新聞稿中所說的一點。所以，請耐心等待，這裡有一些數學知識。但現在超過一半的積壓訂單用於資料中心，並將於 2025 年生產和發貨。 ，資料中心將建成。所以，我想，這就是數學吧？我想如果是的話，從能力的角度來看，你是如何設定的，以確保你能夠應對這種類型的成長？

Yes. So, one thing I'll touch on, just with the data center revenue -- sorry, backlog that is there today, there is still a portion of that, that will be manufactured past '25. So, we have some stuff in our backlog that's going to be 18 months out. So not all of that is going to convert for what's in backlog today in 2025. But certainly, the $174 million, we messaged that's going to be primarily converted within the first half of '25. And we still have then capacity that we're selling in the latter half of '25 around liquid cooling products.

是的。所以，我要談一件事，就是資料中心的收入——抱歉，今天有積壓訂單，其中仍有一部分將在 25 年後生產。因此，我們積壓了一些需要 18 個月才能完成的工作。因此，並非所有這些都將在 2025 年轉換為今天的積壓訂單。我們仍有能力在 25 年下半年銷售液體冷卻產品。

So, while not providing direct guidance, I'll just say your sentiment and what you're thinking is certainly in the realm of kind of what we see within the data center space going forward. And when we look at how do we support that, I mean, it's a fantastic question when you think about that's tremendous growth around that segment and managing that from a manufacturing and efficiency perspective is critical.

因此，雖然不提供直接指導，但我只想說您的觀點和想法肯定屬於我們在未來資料中心領域所看到的領域。當我們考慮如何支持這一點時，我的意思是，當你想到該細分市場的巨大增長並且從製造和效率的角度對其進行管理至關重要時，這是一個很棒的問題。

So, we've already wrapped up the fundamental Redmond project is wrapped up. We're still doing some work in Oregon, but the big stair step of that investment is wrapped up and is now producing product. So that was a 15% gain in square footage, which has more headroom compared to overall revenue, not a 1:1 square footage to revenue.

所以，我們已經完成了基本的雷蒙德專案。我們仍在俄勒岡州做一些工作，但這項投資的重要一步已經完成，現在正在生產產品。因此，面積增加了 15%，與總收入相比有更大的空間，而不是面積與收入的 1:1。

We go to the Longview site and by the end of the year, we'll have that wrapped up. We're already setting up and actually priming production lines within that facility today. So, when we hit 2025 and that facility is turned over, we're sequentially bringing those production lines on throughout the calendar year, which is providing a tremendous amount of additional capacity. So, you're going to see sequential capacity in Longview coming online really from Q1, Q2 into Q3. And right as we're sitting there in Q3 is when we anticipate really starting to be able to get some inertia within the Memphis facility and producing product kind of in earnest towards the latter half of the year in '25.

我們將前往朗維尤現場，到今年年底，我們將把它完成。今天我們已經在該工廠內建立並實際啟動生產線。因此，當我們到 2025 年並且該設施被移交時，我們將在整個日曆年中依次啟用這些生產線，這將提供大量的額外產能。因此，您將看到 Longview 的連續容量從第一季、第二季到第三季真正上線。就在我們第三季坐在那裡的時候，我們預計孟菲斯工廠真正開始能夠獲得一些慣性，並在 25 年下半年認真生產產品。

So, all that to say, that capacity from an investment perspective, really from today throughout the end of '25 is going to be a continuous increase in capacity throughout the calendar year that's going to really allow us to support that bookings growth.

因此，綜上所述，從投資角度來看，從今天到 25 年底，整個日曆年的容量將持續增加，這將真正讓我們能夠支持預訂量的成長。

Okay. That's really helpful. I guess on Oklahoma, Gary, just kind of if you can maybe just talk a little bit about the decision to maybe put through a little less price than your competitors are doing. Because by my math, I mean, you effectively won't have much of a premium now, at least on an initial cost basis relative to your peers. And so, I guess, how do you intend to push that in terms of marketing and sales just given the efficiency or just the much bigger efficiency that you have relative to standardized product?

好的。這真的很有幫助。我想在俄克拉荷馬州，加里，如果你能談談你的決定，也許你的價格比你的競爭對手要低一些。因為根據我的數學計算，我的意思是，你現在實際上不會有太多溢價，至少相對於你的同行而言，初始成本是這樣。因此，我想，鑑於您相對於標準化產品的效率或更高的效率，您打算如何在行銷和銷售方面推動這一目標？

Well, one of the things to kind of take note of is several of our competitors have announced that they're building inventory to put in their distributor channel that is 410A. And one of those competitors stated that they could be putting new 410A equipment in for about 9 more months. So, while that's still out there, we're not going to see the real price difference because they're not getting a preponderance of 454B equipment out there yet.

嗯，需要注意的一件事是我們的幾個競爭對手已經宣布他們正在建立庫存以放入其分銷商通路 410A。其中一位競爭對手錶示，他們可能會在大約 9 個月內安裝新的 410A 設備。因此，雖然這仍然存在，但我們不會看到真正的價格差異，因為他們還沒有獲得 454B 設備的優勢。

So, it's not going to be instantaneous that we see this glaring difference in pricing show up. It's going to take a quarter or 2. We're monitoring it very closely. When we have competed with the others on 454B, we have found them to be much closer to our price or above our price. So, I just -- I want to get the momentum back into this business and not try and get the margins out of line. The margins are very, very good right now. And we've produced enough 454B equipment already to know that our margins are solid on it as well. So, we will be monitoring that, Tim. I don't want to leave money on the table. Our equipment is definitely a value statement that is easily defined, and we intend to get paid for the value.

因此，我們不會立即看到這種明顯的定價差異。這將需要四分之一或兩個季度的時間。當我們在 454B 上與其他公司競爭時，我們發現他們的價格更接近或高於我們的價格。所以，我只是——我想讓這個業務重新獲得動力，而不是試圖讓利潤率變得不合理。現在的利潤率非常非常好。我們已經生產了足夠的 454B 設備，因此我們的利潤也很可觀。所以，我們將對此進行監控，蒂姆。我不想把錢留在桌上。我們的設備絕對是一個易於定義的價值聲明，我們打算根據價值獲得報酬。

(Operator Instructions) Julio Romero, Sidoti & Company.

（操作員說明）Julio Romero，Sidoti & Company。

Could you give us some flavor in terms of the margin profile of that $175 million liquid cooling order? And is it fair to assume that order is going to be part of the Coil segment? Or would it be BASX?

您能為我們介紹一下價值 1.75 億美元的液體冷卻訂單的利潤情況嗎？假設訂單將成為線圈業務的一部分是否公平？還是 BASX？

Yes. So, from a margin perspective, I would just say, I mean, it's going to be in line with what we historically have seen in the BASX segment kind of before all the disruption. Obviously, there's opportunity to get margin expansion kind of given that volume, the manufacturing efficiencies that come with that. there provides headroom in there. But we're not guiding they're going to be as strong as kind of what we've been posting in the Oklahoma segment just because there's going to be pressures on that margin during the initial ramp-up.

是的。因此，從利潤率的角度來看，我想說，這將與我們在所有中​​斷之前在 BASX 領域歷史上看到的情況一致。顯然，鑑於產量和隨之而來的製造效率，有機會實現利潤率擴張。那裡提供了淨空。但我們不會指導他們會像我們在俄克拉荷馬州部分發布的那樣強勁，只是因為在最初的成長過程中利潤率會受到壓力。

And then as we get into a steady state, there's going to be opportunity for actually some upside. So, I would use kind of a 2023 BASX margin profile as kind of a rough expectation of really where we expect to see that come. And yes, it will -- that revenue will show up in our reporting within the Coil Products segment.

然後，當我們進入穩定狀態時，就有機會實現一些實際的上漲。因此，我將使用 2023 年 BASX 利潤率概況作為對我們真正期望看到的情況的粗略預期。是的，它會——該收入將顯示在我們線圈產品部門的報告中。

Okay. Got it. So, 2023 BASX margin. But wouldn't the majority of that order be kind of in 1 quarter in 2Q, as you said earlier? Or am I not thinking about that correctly?

好的。知道了。所以，2023 年 BASX 保證金。但正如您之前所說，大部分訂單不是會在第二季的第一季出現嗎？或者我沒有正確思考這一點？

It will ramp up. I mean you'll see that revenue kind of sequentially realistically, even a little bit in Q4. So, you'll see it kind of in Q4 ramp up in Q1 and then ramp up more in Q2. So, it will be sequential. But certainly, there's going to be a high density of that sitting in Q2. That obviously is going to provide some margin upside just around leverage.

它會加速。我的意思是，你會看到這種收入實際上是連續的，甚至是第四季度的一點點。因此，您會在第四季度看到第一季的成長，然後在第二季的成長更多。所以，這將是連續的。但可以肯定的是，第二季的這種情況將會很高。顯然，這將在槓桿周圍提供一些利潤上行空間。

Got you. Got you there. And then on the new production facility in Tennessee, you said you expect to have it running kind of towards end of the year '25. Can you just give us an idea of kind of the expected contribution of that facility on an annualized basis?

明白你了。找到你了。然後，關於田納西州的新生產設施，您表示預計將在 25 年底投入運作。您能否向我們介紹一下該設施的年度預期貢獻？

Yes. I mean it certainly has a lot of room to really impact the revenue within AAON. And so, we haven't really kind of put to paper publicly at least where the revenue potential is. But what I would just say is if you step back and think about what 787,000 square feet means relative to the data center footprint that exists inside AAON today, and it's roughly doubling the available square footage to produce data center products.

是的。我的意思是，它確實有很大的空間來真正影響 AAON 的收入。因此，我們還沒有真正公開公佈收入潛力，至少是這樣。但我想說的是，如果您退一步思考一下，相對於目前 AAON 內部的資料中心佔地面積而言，787,000 平方英尺意味著什麼，它大約是生產資料中心產品的可用面積的兩倍。

And so that's kind of the guidance we're giving is if you look at that and look at Redmond, you look at the ACP site with the expansion, all in, you're getting roughly a doubling of that square footage to be able to kind of revenue data center products going forward. So, there's definitely upside to be able to really impact the market with that coming online.

所以這就是我們給的指導，如果你看看雷德蒙德，看看 ACP 站點的擴建，總之，你會得到大約一倍的面積，以便能夠未來的收入數據中心產品類型。因此，能夠真正影響市場的上線肯定有好處。

Good context there. And maybe getting ahead of myself, but is that going to be also a Coil segment facility? Or would it be different?

那裡的背景很好。也許有點超前了，但這也會是線圈段設施嗎？或者會有所不同嗎？

So near term, it will likely report into Oklahoma. But obviously, on the long term, we're going to work through reporting to be able to clearly articulate the BASX versus AAON segments from their impact to the enterprise as a whole.

因此，短期內，它可能會向俄克拉荷馬州報告。但顯然，從長遠來看，我們將透過報告來清楚地闡明 BASX 與 AAON 細分市場對整個企業的影響。

Understood. And then just one more for me, if I could. Maybe it's Rebecca, you said earlier that the annual tax rate -- effective tax rate for this year is expected to be 24.9%. So does that imply kind of a high 30s tax rate we should be looking at for the fourth quarter?

明白了。如果可以的話，然後再給我一份。也許是Rebecca，您之前說過年稅率－今年的有效稅率預計為24.9%。那麼，這是否意味著我們第四季應該考慮 30 多歲的高稅率？

No. So the annual -- each of the quarters reflects discrete events, mainly our excess tax benefit that lowers it below the 24%. So it won't be like year-to-date, you take 24% and back out to get a higher rate in fourth quarter. It'd be 24%. I assume we'll have another excess tax benefit in Q4. So it might likely end up less than 24% when you add in some of those discrete events. So you would look at your fourth quarter results times that 24% tax rate and factor in what discrete events could be.

不。因此，不會像年初至今那樣，你採取 24% 的利率，然後在第四季度退出以獲得更高的利率。應該是24%。我認為我們將在第四季度獲得另一項超額稅收優惠。因此，當您新增其中一些離散事件時，最終結果可能會低於 24%。因此，您將查看第四季度的業績乘以 24% 的稅率，並考慮可能發生的離散事件。

There are no further questions at this time. I will now turn the call over to management for closing remarks.

目前沒有其他問題。我現在將把電話轉交給管理階層進行總結發言。

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

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

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。