Aaon Inc (AAON) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the AAON, Incorporated's first quarter 2025 earnings release conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions) This call is being recorded on Thursday, May 1, 2025.

女士們、先生們，早安，歡迎參加 AAON, Incorporated 2025 年第一季收益發布電話會議。此時，所有線路都處於只聽模式。演講結束後，我們將進行問答環節。（操作員指示）本次通話於 2025 年 5 月 1 日星期四錄製。

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

現在，我想將會議交給投資者關係總監喬·蒙迪洛 (Joe Mondillo)。請繼續。

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

謝謝接線員，大家早安。我們第一季財務業績的新聞稿已於今日上午發布，可在公司網站 aaon.com 上查閱。今天的電話會議附帶一份演示文稿，您可以在我們的網站以及僅供收聽的網路直播中查閱。

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 1995, the Securities Act of 1933, and the Securities and Exchange Act of 1934, each as amended. As such, it is subject to the occurrence of many events outside of AAON's control that could cause AAON's results to differ materially from those anticipated. You are all aware of the inherent difficulties, risks, and uncertainties in making predictive statements.

請翻到投影片 2。我們從慣常的前瞻性聲明政策開始。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》及其修訂版的安全港條款作出。因此，它受 AAON 控制範圍之外的許多事件的影響，這些事件可能導致 AAON 的結果與預期有重大差異。大家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 morning details some of the important risk factors that may cause our actual results to differ from those in our predictions. Please note that we do not have the duty to update our forward-looking statements. Our press release and portion of today's call use non-GAAP financial measures as defined in Regulation G. You can find the related reconciliations to the GAAP measures in our press release and presentation.

我們今天早上提交的新聞稿和 10-Q 表詳細說明了一些可能導致我們的實際結果與預測結果不同的重要風險因素。請注意，我們沒有義務更新我們的前瞻性陳述。我們的新聞稿和今天電話會議的部分內容使用了 G 條例中定義的非 GAAP 財務指標。您可以在我們的新聞稿和簡報中找到與 GAAP 指標相關的對帳。

Joining me on today's call is Gary Fields, CEO; Matt Tobolski, President and COO; and Rebecca Thompson, CFO and Treasurer. Gary will start us off with some opening remarks. Rebecca will follow with a walk-through of the quarterly results. Matt will then provide further details on our operations and outlook going forward. And before taking questions, Gary will finish with some closing remarks.

參加今天電話會議的還有執行長 Gary Fields、總裁兼營運長 Matt Tobolski 和財務長兼財務主管 Rebecca Thompson。加里將先致開幕詞。麗貝卡將隨後介紹季度業績。然後，馬特將提供有關我們的營運和未來前景的更多細節。在回答問題之前，加里將發表一些結束語。

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

說完這些，我將把電話轉給加里。

Starting on Slide 3. Prior to jumping into the results, I want to start off by reminding you of our core strategic pillars. These pillars consist of leading in innovation and custom solutions, driving sustainable organic growth, and being a best-in-class operator. These three pillars help guide our long-term strategic planning and remind us of what we are trying to accomplish when forming tactical strategies.

從投影片 3 開始。在討論結果之前，我想先提醒大家我們的核心策略支柱。這些支柱包括引領創新和客製化解決方案、推動永續有機成長以及成為一流的營運商。這三大支柱有助於指導我們的長期策略規劃，並提醒我們在製定戰術策略時要實現的目標。

All of these pillars did not always exist at AAON. Since our founding, leading in innovation has always been core to who AAON is. Over the past several years, our strategy has built upon this with a focus on developing ways to drive sustainable long-term organic growth and being a best-in-class operator.

所有這些支柱在 AAON 中並不總是存在的。自成立以來，引領創新一直是 AAON 的核心。過去幾年來，我們的策略以此為基礎，重點是開發推動永續長期有機成長的方法，並成為一流的營運商。

All of the tactical initiatives that we've taken, such as transitioning to a leadership team, putting in place succession planning, formally constructing and documenting long-term strategy planning, adopting a One AAON principle, and I could go on and on. All of this was to better leverage our core to drive sustainable and efficient long-term growth.

我們採取的所有戰術舉措，例如過渡到領導團隊、制定繼任計劃、正式構建和記錄長期戰略規劃、採用「一個 AAON」原則等等，我可以繼續列舉下去。所有這些都是為了更好地利用我們的核心來推動永續、高效的長期成長。

This company has never had a better long-term strategy with a better leadership team to execute it. What we're doing with the development of heat pumps on the AAON side of the business, and custom air-side and liquid cooling data center solutions on the basics side is very exciting. The strategies we're taking regarding the other two pillars ensures that we will fully leverage these innovations, along with the already premier solutions we provide to drive market share gains at highly profitable levels.

該公司從未有過更好的長期策略，也沒有更好的領導團隊來執行。我們在 AAON 業務方面進行的熱泵開發以及在基礎方面定制的空氣側和液體冷卻資料中心解決方案的開發非常令人興奮。我們針對其他兩個支柱採取的策略確保我們將充分利用這些創新以及我們已經提供的一流的解決方案，以高利潤水平推動市場份額的成長。

Now turning to Slide 4. The first quarter was a solid quarter for AAON. Net sales, margin and earnings per share notably improved from the fourth quarter and backlog grew to a record level. Total net sales grew year-over-year 22.9%. Sales of BASX-branded equipment were up 374.8%. Both air-side and liquid cooling solutions for data centers were driving factors.

現在翻到幻燈片 4。第一季對於 AAON 來說是一個穩健的季度。淨銷售額、利潤率和每股盈餘較第四季明顯改善，積壓訂單成長至創紀錄水準。總淨銷售額較去年同期成長22.9%。BASX品牌設備的銷售量成長了374.8%。資料中心的空氣側和液體冷卻解決方案都是驅動因素。

Partially offsetting this strength, sales of AAON-branded equipment were down 19.1%. Production of our rooftop units was impacted by the weak bookings we received throughout most of the fourth quarter. Additionally, supply chain issues with certain components associated with the new R-454B refrigerant were also a factor. On a positive note, bookings of this equipment year-to-date have been strong. We also have begun to see these supply chain issues abate early in the second quarter.

AAON 品牌設備的銷售額下降了 19.1%，部分抵消了這一強勁成長。由於第四季大部分時間訂單量較弱，我們的屋頂機組的生產受到了影響。此外，與新型 R-454B 冷媒相關的某些組件的供應鏈問題也是一個因素。從積極的方面來看，今年迄今為止該設備的預訂量一直很高。我們也開始看到這些供應鏈問題在第二季初有所緩解。

Total gross margin contracted 840 basis points versus the comparable quarter a year ago. This reflected weak production volume of AAON-branded rooftop units and the resulting operating deleverage effect. Gross margin at the AAON Oklahoma segment was down 1,380 basis points.

總毛利率與去年同期相比下降了 840 個基點。這反映出 AAON 品牌屋頂機組的產量疲軟以及由此產生的營運去槓桿效應。AAON 俄克拉荷馬州分部的毛利率下降了 1,380 個基點。

Strong sales of BASX-branded equipment, along with operational efficiency improvements drove solid gross margin expansion at the AAON Coil Products and BASX segments. Gross margin at these two segments were up year-over-year 100 and 350 basis points, respectively.

BASX 品牌設備的強勁銷售以及營運效率的提高推動了 AAON 線圈產品和 BASX 部門的毛利率穩步增長。這兩個部門的毛利率分別比去年同期增加了100個基點和350個基點。

Total backlog finished the quarter at a record level of $1 billion, up year-over-year 83.9%, and up quarter over quarter 18.4%. First quarter bookings of both AAON-branded and BASX-branded equipment were robust. Backlog of AAON-branded equipment was up quarter over quarter 23.4%, and this was the highest level since the first quarter of 2023.

本季總積壓訂單達到創紀錄的 10 億美元，年增 83.9%，季增 18.4%。第一季 AAON 品牌和 BASX 品牌設備的預訂量都很強勁。AAON品牌設備積壓訂單季增23.4%，為2023年第一季以來的最高水準。

Bookings of rooftop units were very strong and strengthened throughout the quarter. Backlog of BASX-branded equipment was up quarter over quarter 15.4%, driven by bookings of both air-side and liquid cooling data center equipment. Given the backlog on both sides of the business, we're positioned well entering the second quarter.

屋頂單元的預訂量非常強勁，並且在整個季度都有所增強。由於空氣側和液體冷卻資料中心設備的預訂量增加，BASX 品牌設備的積壓訂單量較上季增加了 15.4%。考慮到雙方業務的積壓，我們已為進入第二季做好了準備。

I will now hand it off to Rebecca Thompson, who will walk through the quarterly financials in more depth.

現在我將把它交給麗貝卡湯普森 (Rebecca Thompson)，她將更深入地介紹季度財務狀況。

Thank you, Gary. Please turn to slide 5. Net sales for the quarter increased 22.9% to $322.1 million, up from $262.1 million in the first quarter of 2024. The year-over-year growth was driven by a 374.8% increase in BASX-branded equipment sales. This was reflected in the results of the BASX and AAON Coil Products segments. Net sales at these two segments were up 138.9% and 287.8%, respectively. Sales of AAON-branded equipment declined year-over-year 19.1%. This was largely reflected by the AAON Oklahoma segment, which realized a decline in net sales of 23%.

謝謝你，加里。請翻到投影片 5。本季淨銷售額從 2024 年第一季的 2.621 億美元成長 22.9% 至 3.221 億美元。年比成長的動力來自於 BASX 品牌設備銷售 374.8% 的成長。這反映在 BASX 和 AAON 線圈產品部門的表現中。這兩個部門的淨銷售額分別成長了138.9％和287.8％。AAON品牌設備的銷售量較去年同期下降19.1%。這主要反映在 AAON 俄克拉荷馬州分部的淨銷售額下降了 23%。

Production of rooftop units were impacted by weak bookings throughout most of the fourth quarter. This was related to a temporary lull in demand as the market shifted from the legacy R-410A refrigerant to the new R-454B refrigerant equipment. Bookings have since rebounded in a strong manner, suggesting that we're becoming more competitive with the new refrigerant equipment.

第四季大部分時間，屋頂空調的生產都受到訂單量疲軟的影響。這與市場從傳統的 R-410A 冷媒轉向新型 R-454B 冷媒設備導致的需求暫時低迷有關。此後，預訂量強勁反彈，顯示我們憑藉新的冷媒設備變得更具競爭力。

Also impacting the first quarter was a tight supply of certain components associated with the new refrigerants, which temporarily constricted our production rates. Supply of these new components have recently begun to improve and will enable us to increase production rates significantly in the second quarter.

第一季也受到與新冷媒相關的某些零件供應緊張的影響，這暫時限制了我們的生產力。這些新組件的供應最近開始改善，這將使我們能夠在第二季大幅提高生產力。

Moving to slide 6. Gross profit decreased 6.4% to $86.4 million from $92.2 million. As a percentage of sales, gross profit was 26.8% compared to 35.2% in the first quarter of 2024. Challenges from the industry regulated refrigerant transition and non-residential construction activity significantly affected our largest segment, AAON Oklahoma, resulting in decreased volumes and lower overhead absorption.

移至幻燈片 6。毛利從 9,220 萬美元下降 6.4% 至 8,640 萬美元。以銷售額的百分比計算，毛利為 26.8%，而 2024 年第一季為 35.2%。行業監管的冷媒轉型和非住宅建築活動帶來的挑戰嚴重影響了我們最大的部門 AAON 俄克拉荷馬州，導致銷量下降和開銷吸收降低。

Gross margins at this segment were down year-over-year 1,380 basis points to 23.5%. As we begin to see production volumes increase in the second quarter, we fully expect gross margins to recover. Production volumes of BASX-branded equipment acted as a partial offset. This allowed gross margin at the BASX and AAON Coil Products segments to expand. Operational efficiency improvements at both our Oregon and Texas facilities also contributed to improved segment margins.

該部門的毛利率年減 1,380 個基點至 23.5%。隨著我們開始看到第二季產量增加，我們完全預期毛利率將會恢復。BASX 品牌設備的產量起到了部分抵銷作用。這使得 BASX 和 AAON 線圈產品部門的毛利率得以擴大。我們俄勒岡州和德克薩斯州工廠的營運效率提高也有助於提高部門利潤率。

Please turn to slide 7. Selling, general and administrative expenses increased 13.3% to $51.3 million from $45.3 million in the first quarter of 2024. As a percent of sales, SG&A decreased to 15.9% from 17.3%. Depreciation and amortization was up $3 million due to our increased investments in back-office technology, offset by a decrease in professional fees of $3.1 million due to various professional, regulatory and legal corporate requirements in 2024. SG&A expenses also included a $2.7 million fee due to our real estate broker associated with the December 2024 acquisition of our Memphis, Tennessee plant for a percentage of the incentives awarded to us by various entities.

請翻到幻燈片 7。銷售、一般及行政開支從 2024 年第一季的 4,530 萬美元增加 13.3% 至 5,130 萬美元。銷售、一般及行政費用佔銷售額的百分比從 17.3% 下降至 15.9%。由於我們增加了對後台技術的投資，折舊和攤提增加了 300 萬美元，但由於 2024 年各種專業、監管和法律公司要求，專業費用減少了 310 萬美元，從而抵消了這一增加。銷售、一般及行政費用還包括向我們的房地產經紀人支付的 270 萬美元費用，該費用與 2024 年 12 月收購我們位於田納西州孟菲斯的工廠有關，用於支付各實體授予我們的一定比例的獎勵。

Moving to slide 8. Diluted earnings per share was $0.35, down 23.9% from a year ago. Excluding the net impact of the $2.7 million real estate broker fee, adjusted earnings were $0.37, down 20% from a year ago. The decline in earnings fully reflects the lower production volumes and profits of AAON-branded equipment. Our effective tax rate in the quarter was 9.8%. The company's estimated annual effective tax rate, excluding discrete events, is expected to be approximately 25%.

移至幻燈片 8。每股攤薄收益為 0.35 美元，較去年同期下降 23.9%。不包括 270 萬美元房地產經紀費的淨影響，調整後的收益為 0.37 美元，比去年同期下降 20%。獲利的下降充分反映了AAON品牌設備產量和利潤的下降。本季我們的有效稅率為 9.8%。該公司預計年度有效稅率（不包括離散事件）約為 25%。

Turning to slide 9. Cash, cash equivalents and restricted cash balances totaled $2.4 million on March 31, 2025, and debt at the end of the quarter was $252.4 million. Our leverage ratio was 0.95. Year-to-date, cash flow used in operations was $9.2 million, compared to cash flows provided by operations of $92.4 million in the comparable period a year ago. Year-to-date, cash flow from operations largely reflected increased investments in working capital.

翻到第 9 張投影片。2025 年 3 月 31 日，現金、現金等價物及受限現金餘額總計 240 萬美元，季末債務為 2.524 億美元。我們的槓桿率為0.95。年初至今，營運現金流為920萬美元，而去年同期營運現金流為9,240萬美元。年初至今，經營活動產生的現金流很大程度上反映了營運資本投資的增加。

Capital expenditures through the first quarter of the year, including expenditures related to software development, increased 30.2% to $50.4 million. We drew down $97.5 million on our revolving line of credit over this period, largely to finance the investments in working capital, capital expenditures and $30 million of open market stock buybacks.

今年第一季的資本支出（包括與軟體開發相關的支出）成長了 30.2%，達到 5,040 萬美元。在此期間，我們從循環信貸額度中提取了 9,750 萬美元，主要用於資助營運資金投資、資本支出和 3,000 萬美元的公開市場股票回購。

Overall, our financial position remains strong. This gives us flexibility and allows us to continue to fully focus on investments that will drive growth and generate attractive returns. For 2025, we continue to anticipate capital expenditures will be $220 million.

整體而言，我們的財務狀況依然強勁。這為我們提供了靈活性，使我們能夠繼續全力專注於推動成長並產生可觀回報的投資。到 2025 年，我們預計資本支出仍將達到 2.2 億美元。

I will now turn the call over to Matt, who will walk through operations in more detail and update you on our outlook.

現在我將電話轉給馬特，他將更詳細地介紹營運情況並向您介紹我們的前景。

Thank you, Rebecca. Starting on slide 10. Gary and Rebecca covered this pretty well, but here, you will see how AAON-branded sales performed relative to BASX-branded sales. Total revenue growth of 22.9% was fully driven by BASX-branded equipment sales growing 374.8%. This is driven by data center demand for both air-side cooling equipment manufactured at the BASX segment, and liquid cooling equipment manufactured in the newly expanded space at the AAON Coil Products segment.

謝謝你，麗貝卡。從投影片 10 開始。Gary 和 Rebecca 對此進行了很好的介紹，但在這裡，您將看到 AAON 品牌的銷售相對於 BASX 品牌的銷售表現如何。總營收成長 22.9% 完全得益於 BASX 品牌設備銷售額成長 374.8%。這是由資料中心對 BASX 部門生產的空氣側冷卻設備以及 AAON 線圈產品部門新擴建空間生產的液體冷卻設備的需求所推動的。

BASX segment sales were up 138.9%, and AAON Coil Products sales were up 287.8%. This helped drive an expansion in segment gross margin of 350 basis points to 24% at BASX, and 100 basis points to 34.6% at AAON Coil Products.

BASX部門銷售額成長138.9%，AAON線圈產品部門銷售額成長287.8%。這有助於推動 BASX 的分部毛利率擴大 350 個基點至 24%，AAON Coil Products 的分部毛利率擴大 100 個基點至 34.6%。

At both segments, we also began to benefit from the initiatives we're taking to improve operational efficiencies, particularly at the BASX segment where we're rightsizing capacity at the Oregon facility and focusing more on productivity of the facility. We expect to see more improvement at the BASX segment throughout the year, especially in the second half of the year.

在這兩個部門，我們也開始受益於我們為提高營運效率所採取的舉措，特別是在 BASX 部門，我們正在調整俄勒岡工廠的產能，並更加重視工廠的生產力。我們預計 BASX 部門全年將有更多改善，尤其是下半年。

AAON-branded sales were down 19.1%, driven by rooftop production volumes being down at the AAON Oklahoma segment. AAON Oklahoma segment sales were down 23%. This was largely reflective of the weak bookings we realized throughout most of the fourth quarter.

AAON 品牌銷售額下降 19.1%，原因是 AAON 俄克拉荷馬分部的屋頂產量下降。AAON 俄克拉荷馬部門銷售額下降 23%。這在很大程度上反映了我們在第四季度大部分時間的預訂量疲軟。

Supply chain issues with components associated with the new refrigerant also contributed to lower production volumes. This was a temporary issue related to refrigerant transition that is a challenging to manage occurrence and difficult to anticipate.

與新冷媒相關的組件的供應鏈問題也導致了產量下降。這是與冷媒轉換有關的暫時性問題，管理起來很困難，而且很難預測。

As the market transitioned to production of the new refrigerant equipment, component manufacturers were challenged with keeping up with demand. In hindsight, we would have increased inventory levels for some of these components, but it was tough to predict at the time.

隨著市場轉向生產新型冷媒設備，零件製造商面臨滿足需求的挑戰。事後看來，我們本來應該會增加其中一些組件的庫存水平，但當時很難預測。

As a result, the lack of access to certain parts caused us to maintain lower production levels despite a large backlog of bookings. The positive is, that we're beginning to see improvement in the supply chain, which is allowing us to increase production rates in the second quarter. Given the size of the backlog, we anticipate production will continue to increase over the next several months.

結果，由於無法獲得某些零件，儘管有大量的訂單積壓，我們仍維持較低的生產水準。積極的一面是，我們開始看到供應鏈的改善，這使我們能夠在第二季提高生產力。考慮到積壓訂單的規模，我們預計未來幾個月產量將繼續增加。

Now, please turn to Slide 11. Total backlog at the end of the first quarter finished at a record level of $1 billion and up year-over-year 83.9%, and up quarter over quarter 18.4%. Backlog of AAON-branded equipment was $404 million, up year-over-year 44.9% and up quarter over quarter 23.4%. This backlog was the highest level since the first quarter of 2023. Since the beginning of the year, bookings at this side of the business have been strong.

現在請翻到投影片 11。第一季末的總積壓訂單量達到創紀錄的 10 億美元，年增 83.9%，季增 18.4%。AAON 品牌設備積壓訂單為 4.04 億美元，較去年同期成長 44.9%，季增 23.4%。這一積壓量是自 2023 年第一季以來的最高水準。自今年年初以來，該業務的預訂量一直很強勁。

We received a lot of positive commentary from our sales channel, and we believe our competitiveness with the new refrigerant equipment has never been better. We're still trying to get an idea on exactly where our price premium lies, but it seems that we have narrowed a little.

我們從銷售管道收到了很多正面的評價，我們相信，我們憑藉新型冷媒設備的競爭力從未如此強勁。我們仍在努力弄清楚我們的價格溢價究竟在哪裡，但看起來我們已經縮小了一點。

Also helping drive the backlog, we continue to realize strong demand of our heat pump configured rooftop units, otherwise known as Alpha Class. In April, we started to introduce our next generation of the Alpha Class series, which is operable down to negative 20 degrees Fahrenheit.

此外，我們也持續實現市場對熱泵配置屋頂機組（也稱為 Alpha 級）的強勁需求，這有助於推動積壓訂單。今年 4 月，我們開始推出下一代 Alpha Class 系列，該系列可在低至華氏零下 20 度的環境下運作。

By the end of this year, our entire product portfolio of rooftop units will be configurable with this low-temperature configurability, meeting the DOE's commercial heat pump challenge two years in advance of the set 2027 goal.

今年底，我們的整個屋頂機組產品組合都將具備這種低溫可配置性，提前兩年滿足美國能源部設定的 2027 年商業熱泵挑戰。

The strong backlog on this side of the business positions us well entering the second quarter. Our goal is to drive a lot more volume through the Tulsa facility. And as we do this, you'll see margins at the AAON Oklahoma segment begin to recover.

該業務方面的大量積壓訂單使我們在進入第二季時處於有利地位。我們的目標是透過塔爾薩工廠實現更大的產量。當我們這樣做時，您會看到 AAON 俄克拉荷馬州分部的利潤率開始恢復。

With the supply chain issues abating and given the size of the backlog, we should begin to see production and profitability improve in the second quarter and continue through the third quarter. The fourth quarter will depend on the bookings we receive over the next few months.

隨著供應鏈問題的緩解以及積壓訂單的規模，我們應該會看到產量和獲利能力在第二季有所改善，並持續到第三季。第四季將取決於我們未來幾個月收到的預訂情況。

The macroeconomic environment remains in pretty poor shape, which is creating a lot of uncertainty on the back half of the year. For now, though, we are taking market share. Despite the macro uncertainties, the sentiment across our sales channel is relatively upbeat.

宏觀經濟環境依然不佳，為下半年帶來了許多不確定性。但目前，我們正在佔領市場份額。儘管存在宏觀不確定性，但我們整個銷售管道的情緒相對樂觀。

We are making headway with our national account strategy and are optimistic we will see meaningful impact, especially with our industry-leading Alpha Class air-source heat pumps. These national accounts are large in volume and are multiyear replacement programs. And if we're successful, it will be material to growth.

我們的國家帳戶策略正在取得進展，我們樂觀地認為我們將看到有意義的影響，特別是我們行業領先的 Alpha 級空氣源熱泵。這些國家帳戶規模龐大，並且是多年的替代方案。如果我們成功了，這將對成長產生重大影響。

Backlog for BASX-branded equipment was $623 million, up year-over-year 122.7%, and up quarter over quarter 15.4%. Bookings of both air-side and liquid cooling equipment for data centers have been strong year-to-date. This puts us in a great position for the rest of the year and provide much more visibility and certainty of sustainable growth into 2026.

BASX 品牌設備的積壓訂單為 6.23 億美元，較去年同期成長 122.7%，季增 15.4%。今年迄今為止，資料中心空氣側和液體冷卻設備的預訂量一直很強勁。這使我們在今年剩餘時間內處於有利地位，並為 2026 年的可持續成長提供了更大的可見性和確定性。

With such a large backlog in hand, we can manage production more efficiently, which you will see in the margins of the AAON Coil products and BASX segments. We continue to anticipate margin improvement, most notably in the BASX segment as we progress throughout the year, particularly in the second half.

有瞭如此大量的積壓訂單，我們可以更有效地管理生產，您將在 AAON Coil 產品和 BASX 部門的利潤中看到這一點。隨著全年的進展，特別是下半年，我們預計利潤率將會提高，尤其是 BASX 部門的利潤率。

Our capacity expansion plans continue to progress well. Production of our liquid cooling data center equipment at the AAON Coil Products segment has been ramping well. In the new space, we currently have three production lines in place with plans to increase that to five later this year.

我們的產能擴張計畫持續進展順利。AAON 線圈產品部門的液體冷卻資料中心設備的生產一直進展順利。在新的空間裡，我們目前有三條生產線，計劃在今年稍後增加到五條。

At BASX, we are making great progress with rightsizing capacity. We've already begun to see these operational improvements in the margin, and you should expect to see more improvement in the second half of the year.

在 BASX，我們在調整產能方面取得了巨大進展。我們已經開始看到利潤率的營運改善，並且您應該會在今年下半年看到更多改善。

The expansion in Memphis is also progressing. We've started to assemble equipment there at a small scale. Now, it won't be as efficient as our other facilities until we get the vertically integrated production set up, but it is helping us achieve our on-time delivery commitments and goals.

孟菲斯的擴張工作也在進行中。我們已經開始在那裡小規模組裝設備。現在，在我們建立垂直整合生產之前，它不會像我們的其他設施那樣高效，但它正在幫助我們實現按時交貨的承諾和目標。

We expect meaningful production to begin in the fourth quarter of this year with a sharper ramp-up of volumes throughout 2026. Until we get this production in place, we continue to expect the facility will incur about $5 million to $7 million of costs with minimal revenue to offset. In the first quarter, these costs amounted to approximately $2.8 million. In addition, we realized a $2.7 million fee associated with various incentives relating to Memphis.

我們預計今年第四季將開始實現大規模生產，2026 年全年產量將大幅增加。在我們完成生產之前，我們預計該設施將產生約 500 萬至 700 萬美元的成本，而收入卻很少。第一季度，這些成本總計約 280 萬美元。此外，我們還獲得了與孟菲斯相關的各種激勵措施相關的 270 萬美元費用。

Now, please turn to slide 12. We maintain our full year outlook. We anticipate full year sales growth to be in the mid- to high-teens at a gross margin similar to what we realized in 2024. SG&A as a percent of sales will realize a decline of 25 to 50 basis points, and CapEx will be approximately $220 million.

現在請翻到第 12 張投影片。我們維持全年展望。我們預計全年銷售額成長率將達到中高水平，毛利率與 2024 年的水平相似。銷售、一般及行政費用佔銷售額的百分比將下降 25 至 50 個基點，資本支出將達到約 2.2 億美元。

For the second quarter, we look for sales and earnings to be up modestly from the first quarter. Note that the tax rate was unusually low in Q1, and that our interest expense in Q2 will be up with the higher debt balance. The implication is that operating income will be up quarter over quarter more than just modestly as indicated in the earnings guide.

對於第二季度，我們預計銷售額和收益將較第一季略有成長。請注意，第一季的稅率異常低，且隨著債務餘額的增加，第二季的利息支出將增加。這意味著營業收入將逐季成長，而不僅僅是獲利指南中指出的溫和成長。

Finally, inclusive of the updated annual outlook is our tariff mitigation surcharge of 6%, which recently went into effect. The outlook assumes this surcharge will be in effect throughout the remainder of the year. Of course, trade policy is very fluid. At any moment, depending on how policy evolves, we could increase or decrease the surcharge. We anticipate the surcharge will fully neutralize the impact of tariffs on our costs and margin.

最後，更新後的年度展望還包括我們最近生效的 6% 的關稅減免附加費。展望認為，這項附加費將在今年剩餘時間內有效。當然，貿易政策非常不穩定。根據政策的演變，我們隨時可能增加或減少附加費。我們預計附加費將完全抵銷關稅對我們的成本和利潤的影響。

Lastly, I would like to highlight that we are hosting an Investor Day on June 10 in New York City. Please find additional information on our corporate website under the Investors section. I hope to see some of you there.

最後，我想強調的是，我們將於 6 月 10 日在紐約市舉辦投資者日。請在我們公司網站的「投資者」部分中找到更多資訊。我希望在那裡見到你們。

Now with that, I will hand the call back to Gary for closing remarks.

現在，我將把電話交還給加里，請他作最後發言。

With this being my last earnings conference call, I wanted to close by thanking all of our stakeholders. To our stockholders, our employees, sales channel partners, customers and vendors, thank you. I also would like to thank our founder, Norman Asbjornson, for giving me this opportunity. It has truly been a pleasure and honor managing this company for nearly 10 years.

這是我最後一次召開收益電話會議，最後我想感謝所有的利害關係人。向我們的股東、員工、銷售通路夥伴、客戶和供應商表示感謝。我還要感謝我們的創辦人 Norman Asbjornson 給我這個機會。近十年來，能夠管理這家公司確實是一件非常快樂和榮幸的事。

A lot of change has taken place over the last decade, and I can confidently say the company is in a much better state than when I arrived. I always said one of my principal goals since day one was to work myself out of a job. I've done that. The day has come. The management team of this company under Matt's leadership has never been better. The growth prospects are better than ever.

過去十年發生了很多變化，我可以自信地說，公司現在的狀況比我剛上任時好多了。我總是說，從第一天起，我的主要目標之一就是讓自己擺脫工作。我已經這麼做了。這一天已經到來。在馬特的領導下，這家公司的管理團隊從未如此出色。成長前景比以往更好。

With that, thank you again, and I will now open the call for Q&A.

再次感謝大家，現在我將開始問答環節。

(Operator Instructions)

（操作員指示）

Julio Romero, Sidoti.

胡里奧·羅梅羅、西多蒂。

Great. Good morning, Gary, Rebecca, Matt, and Joe. I want to start off, congratulations again, Gary, for all your work over the years.

偉大的。早上好，蓋瑞、麗貝卡、馬特和喬。首先，我要再次祝賀加里，感謝你多年來的辛勤付出。

Thank you.

謝謝。

Maybe to start on what you're seeing on K-12 public bid data, what does that data tell you in terms of where the industry is in terms of pricing of equipment and where AAON's pricing delta currently stands relative to the competition?

也許從您在 K-12 公開投標數據中看到的情況開始，這些數據告訴您該行業在設備定價方面的現狀以及 AAON 的定價差異相對於競爭對手的現狀如何？

Well, we just had a national sales meeting a week or so ago, and Matt presided over that. I'm going to ask him to respond to that one for us.

嗯，大約一周前我們剛剛舉行了一次全國銷售會議，由馬特主持。我要請他為我們回答這個問題。

Yeah, of course. And when we look at the kind of feedback we're getting from the sales channel partners and really from the bid activity, and all indicators definitely say the AAON price premium is definitely contracted, which is a positive that we're seeing from a competitiveness standpoint.

是的，當然。當我們查看從銷售通路合作夥伴和投標活動中獲得的回饋時，所有指標都明確表明 AAON 價格溢價肯定有所收縮，從競爭力的角度來看，這是一個積極信號。

Certainly hasn't gotten to parity, but definitely is showing 1% or 2% of closure in that price premium, which is allowing us to continue taking market share and really make it a lot easier to be able to sell that value proposition that the AAON product offers.

當然還沒有達到平價，但肯定顯示出 1% 或 2% 的價格溢價，這使我們能夠繼續佔領市場份額，並且確實使我們能夠更輕鬆地銷售 AAON 產品所提供的價值主張。

Got it. That's very helpful. And then, can you give us a sense of where your market share stands today with regards to national accounts, and where you think you can take that overtime by leveraging your heat pump technology?

知道了。這非常有幫助。然後，您能否向我們介紹一下貴公司目前的全國市場份額情況，以及您認為透過利用熱泵技術，貴公司可以將這一市場份額提高到什麼程度？

Yeah. National accounts as they stand today, I mean, there's definitely a good amount of national accounts within the AAON portfolio, but a lot of the ones that exist today in our books are, I'll say, kind of smaller scale national accounts. And so when we look at the overall market share in national accounts, it's certainly low as it stands today inside the AAON portfolio.

是的。就目前的國民帳戶而言，我的意思是，AAON 投資組合中肯定有大量的國民帳戶，但我認為，我們帳簿中現有的許多國民帳戶都是小規模的國民帳戶。因此，當我們查看國民帳戶中的整體市場份額時，我們發現它在 AAON 投資組合中的當前份額確實很低。

What I would say, though, is the acceleration that we have seen with intentional effort in really positioning the product, is showing a very noticeable acceleration of national account activity around the AAON brand. And really, when you look at the kind of trajectory that we see in the national account segment, it will make a meaningful impact to the AAON brand.

不過，我想說的是，我們在真正定位產品時所付出的刻意努力所帶來的加速，顯示出圍繞 AAON 品牌的全國帳戶活動顯著加速。事實上，當您看到我們在國家帳戶領域看到的軌跡時，它將對 AAON 品牌產生有意義的影響。

I mean, we're seeing a tremendous amount of activity, a lot of adoption and understanding of the value proposition. And with the Alpha Class product and really being able to offer an incredibly flexible heat pump solution that really offers a great option, not just in cold climates, but also in warmer climates.

我的意思是，我們看到了大量的活動、大量的採用和對價值主張的理解。Alpha Class 產品確實能夠提供極其靈活的熱泵解決方案，不僅在寒冷氣候下，而且在溫暖氣候下，都提供了絕佳的選擇。

We have a portfolio that can really check the boxes for the entire industry and for the entire national account across countries, across the country. And so, we're seeing a tremendous amount of involvement there. The activity that our national sales team in partnership with our sales channel is engaged right now is tremendous. And so, we see that being a meaningful impact for AAON kind of on a go-forward basis.

我們擁有一個可以真正滿足整個產業和整個國家帳戶需求的投資組合。因此，我們看到那裡有大量的參與。我們的全國銷售團隊與銷售通路合作目前所進行的活動非常龐大。因此，我們認為這對 AAON 未來發展將產生重大影響。

The one thing I always want to point out, though, is national accounts do not just transition overnight. I mean it's a process. Because of the scale of these accounts, the sales cycle tends to be a little bit longer than, let's say, a traditional K-12 type project. And so there's a lot more conversation around the value proposition. There's a lot more positioning of the product because we're setting up multiyear programs, not just a single project.

不過，我一直想指出的一點是，國民帳戶不是一夕之間就能轉變的。我的意思是這是一個過程。由於這些帳戶的規模，銷售週期往往比傳統的 K-12 類型項目要長一些。因此，圍繞價值主張的討論越來越多。由於我們制定的是多年計劃，而不是單一項目，因此產品的定位更加明確。

And so, why I say that is, we're going to see these materializing in '25. We'll start seeing more and more national accounts materialize. But definitely with the trajectory, I think it's going to be later '25, you'll start seeing the acceleration, but '26 is really the year that a lot of today's work is going to convert to revenue.

我之所以這麼說，是因為我們會在 25 年看到這些目標實現。我們將會看到越來越多的國家帳戶實現。但按照這個軌跡來看，我認為到 25 年後期你就會開始看到加速，但 26 年才是當今許多工作真正轉化為收入的一年。

But when we look at that Alpha Class solution and really what we just announced at our national sales meeting a couple of weeks ago, being able to have a heat pump solution that can operate all the way down to negative 20 degrees is a tremendous option to be able to present to our customers and national accounts where we can handle those coldest climates. We call that the extreme series for us with the negative 20 operating conditions.

但是，當我們看一下 Alpha Class 解決方案以及我們幾週前在全國銷售會議上宣布的內容時，我們發現，能夠擁有一個可在低至零下 20 度的溫度下運行的熱泵解決方案，這是一個非常棒的選擇，可以向我們的客戶和全國客戶展示，我們可以應對最寒冷的氣候。我們稱這為具有負 20 個操作條件的極端系列。

We're able to really capture a tremendous amount of those northern states in a true heat pump operation mode, but we also have what we branded the ECO and the Pro series, which provide flexibility and more cost-effective solutions as you kind of move to those southern states.

我們能夠以真正的熱泵運作模式佔領大量北方州的市場，但我們也有自己的品牌 ECO 和 Pro 系列，它們在您遷移到南方州時提供靈活性和更具成本效益的解決方案。

And so that portfolio of Alpha Class products from the extreme cold temperatures to the warmer climates is really an all-encompassing product portfolio that is really resonating with our national account customers.

因此，從極寒溫度到溫暖氣候的 Alpha Class 產品組合實際上是一個包羅萬象的產品組合，這真正引起了我們全國客戶的共鳴。

Very helpful. Thanks again.

非常有幫助。再次感謝。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Hey, everyone, good morning. Nice quarter. And let me also say congrats, Gary. It's been great working with you. Wish you best of luck.

大家好，早安。不錯的季度。我還要向加里表示祝賀。和你一起工作很愉快。祝你好運。

Thank you much.

非常感謝。

So my first question is just on the core rooftop business. You guys talked about strengthening orders through the quarter. Can you just talk about a couple of things? The pushouts that you saw last quarter, did those come back as you expected? Do you think you're taking market share just given where you're priced? And then, I'm a little curious if you saw kind of a pop in March, ahead of that surcharge that you put it in April.

所以我的第一個問題是關於核心屋頂業務。你們談到了本季加強訂單的問題。能談幾件事嗎？您在上個季度看到的延遲情況是否如您預期的那樣恢復了？您是否認為，考慮到您的定價，您就能佔領市場份額？然後，我有點好奇，您是否看到 3 月份出現了某種上漲，比 4 月份設定的附加費要早。

Yeah, Matt, go ahead.

是的，馬特，請說。

Yeah, so as it relates to the pushouts and definitely there was, there's volatility in Q4 and bookings and really a lot of that was just on the adoption cycle with that new refrigerant. We talked very openly on that Q4 call that while the first couple of months of Q4 were soft, we definitely saw that reinvigoration in December. And we continued seeing strength and bookings throughout Q1.

是的，就推出而言，肯定存在波動，第四季度和預訂量確實存在波動，而這很大程度上只是與新冷媒的採用週期有關。我們在第四季度電話會議上非常坦率地表示，雖然第四季度的前幾個月表現疲軟，但我們在 12 月確實看到了復甦。我們在第一季繼續看到強勁的業績和預訂量。

And so, what that's telling us is that sort of softness and those pushouts that we saw in Q4 are largely behind us from an overall kind of impact from the refrigeration transition. And really see that now materializing in the consistent order cadence that we're seeing and that we would expect in this kind of normal seasonal booking cadence.

所以，這告訴我們，我們在第四季度看到的那種疲軟和延遲基本上已經過去了，因為冷卻轉型帶來了整體影響。我們現在確實看到，我們看到的一致訂單節奏正在實現，這也是我們期望在這種正常的季節性預訂節奏中實現的。

Your question definitely, I mean, yeah, obviously, you put a 6% surcharge and there's going to be a lot of conversation and activity trying to get ahead of that. But Ryan, one thing we're very intentional on was not allowing this to be an open ended, bring all your orders in and slam us before that surcharge comes in.

你的問題肯定是這樣的，我的意思是，是的，很明顯，你徵收了 6% 的附加費，而且將會有很多對話和活動試圖解決這個問題。但是瑞安，我們有意為之的一件事就是不允許這種情況變成開放式結局，在附加費到來之前，把你們所有的訂單都拿過來，然後猛烈抨擊我們。

We were very open with our sales channel that we had capped the amount of orders that we would accept with that -- without a surcharge in place. Really based on financial modeling and inventory levels that we had for the vast majority of components. And so while there was definitely a lot of activity ahead of that surcharge in March, there would have been a lot more if we didn't put a cap on that.

我們對我們的銷售管道非常開放，我們對接受的訂單數量進行了限制——並且不收取附加費。確實基於我們對絕大多數組件的財務模型和庫存水準。因此，儘管在 3 月份附加費徵收之前確實有很多活動，但如果我們不對此設置上限，活動還會更多。

And so we cap that and said this is the amount of orders we're willing to accept prior to implementing a surcharge. And why it's important is, as we came on the back end of that surcharge, I mean, obviously the day after the surcharge went in effect, there was certainly a dip relative to the day before.

因此，我們對此進行了限制，並表示這是我們在實施附加費之前願意接受的訂單數量。這很重要，因為我們正處於附加費的後期，我的意思是，附加費生效後的第二天，相對於前一天來說，顯然出現了下降。

But if you look at the overall orders cadence that's come on the backside of that surcharge being put in place, we continue seeing the traditional strengthening of orders that we would normally see within the Q2 booking statements. So while there was a little bit of pull forward, we didn't allow that to be overwhelming to the overall operation, and we're definitely seeing a traditional bookings cadence in the last 45 days on the heels of that surcharge being put in effect.

但是，如果你看一下徵收附加費後出現的整體訂單節奏，我們會繼續看到訂單的傳統加強，這通常會在第二季的預訂報表中看到。因此，雖然出現了一些提前的情況，但我們並沒有讓這種情況對整體營運造成太大影響，而且在附加費生效後的 45 天內，我們確實看到了傳統的預訂節奏。

And so we definitely see this normalizing. And really what it's telling us as well is relative to some of our peers we're definitely seeing, I'll say stronger bookings, which really tells us number one, our price competitive definite -- our price positioning is definitely more competitive than it's historically been. And also, it's telling us that we are definitely getting market share.

因此我們確實看到這種情況正在正常化。事實上，它也告訴我們，相對於我們的一些同行，我們肯定會看到更強勁的預訂量，這實際上告訴我們，第一，我們的價格絕對具有競爭力——我們的價格定位肯定比歷史上更有競爭力。而且，這也告訴我們，我們肯定會獲得市場份額。

Got it. Okay. That's encouraging, and that was the answer I was looking for actually. Thanks for that. And then I'd like to put a finer point on the Q2 guide. The Street is about $0.60. You just did adjusted $0.37, and you're talking about up modestly.

知道了。好的。這令人鼓舞，這其實就是我一直在尋找的答案。謝謝。然後我想對 Q2 指南進行更詳細的說明。華爾街的股價大約是0.60美元。你剛剛調整了0.37美元，你說的是小漲。

Can you just help us with that? And help us think through sales and margins. I'm just wondering if there's a potentially bigger margin impact in 2Q because of the Memphis facility that maybe we don't appreciate, but just any help there would be great.

你能幫我們解決這個問題嗎？並幫助我們思考銷售和利潤。我只是想知道，由於孟菲斯工廠可能不被重視，第二季度的利潤率是否會受到更大的影響，但任何幫助都會很棒。

Yeah. So I want to start off by reaffirming the overall full year guide. And just kind of why I want to start there is by saying there's definitely a strong growth year and a strong performance year that you're going to see in 2025 out of AAON.

是的。因此，首先我想重申全年總體指導。我之所以要從這裡開始說，是因為 2025 年肯定是 AAON 強勁的成長年和強勁的業績年。

Q2, we're coming on the heels of Q1 that would impact in the Oklahoma segment with some supply chain constraints. And so, as we said in the prepared commentary, yes, supply chain impacts are abating. But if you kind of think for a second, coming out of April -- into April, I should say, those were still lingering as we entered April.

第二季度，我們緊跟著第一季之後，這將對俄克拉荷馬州部分地區產生影響，並帶來一些供應鏈限制。因此，正如我們在準備好的評論中所說，供應鏈的影響正在減弱。但如果你想一想，從四月開始，進入四月，我應該說，當我們進入四月時，這些問題仍然存在。

And so what that does is it starts us off a little bit slow in April, and slower than we want to be relative to the backlog we have and the overall demand for the product. So that's not given us that immediate pop that we'd want to see inside of the Oklahoma segment as we basically ramp up production as supply chain kind of gets to a more normalized cadence. So that is a little bit of an impact that is built into that guide.

因此，這會導致我們在四月開始時進展有點慢，而且相對於我們積壓的訂單和產品的整體需求而言，比我們想要的要慢。因此，隨著供應鏈進入更正常的節奏，我們基本上提高了產量，但這並沒有為我們帶來俄克拉荷馬州分部的立即增長，我們希望看到這種增長。所以這在該指南中有一定的影響。

As you also think about the BASX and the ACP segments, Q1 was a very strong quarter. In Q1, definitely, we had some good uptick in productivity, especially inside that Coil Products segment. But there's also traditionally a little bit of lumpiness just on kind of how orders flow through, and just based on delivery schedules of these larger orders that kind of are associated with these data center projects.

當您考慮 BASX 和 ACP 部門時，您會發現第一季的表現非常強勁。在第一季度，我們的生產力確實取得了一些良好的提升，尤其是在線圈產品部門。但傳統上，訂單的流程也存在一些不穩定性，並且僅基於與這些資料中心專案相關的較大訂單的交付時間表。

So why I say that is I don't want to set an expectation for Q2 to build upon Q1. There's a little bit of noise, and you might see just a slight kind of pullback in overall sales inside the ACP-BASX segment just coming off the heels of such a strong Q1. So that's sort of built into that guide.

我之所以這麼說，是因為我不想對 Q2 設定基於 Q1 的期望。存在一些噪音，您可能會看到 ACP-BASX 細分市場的整體銷售額在第一季如此強勁之後出現輕微回落。這就是該指南中內建的內容。

But the one part I want to also touch on is the overall operating income is going to be up far more than modestly, which is to your comment, showing strength in sales out of Oklahoma. And with that, you're going to see good margin recovery out of the Oklahoma segment in Q2.

但我還想談的一點是，整體營業收入將大幅成長，正如您所說，這表明俄克拉荷馬州的銷售強勁。因此，您將看到俄克拉荷馬州分部的利潤率在第二季度出現良好的回升。

But as we kind of peel that back, Q1 had a very beneficial tax rate that we don't anticipate in Q2. And so, from a bottom line flush out, you can definitely see a tax rate impact in Q2 you didn't have in Q1. And you're also going to have growing interest expense as we've invested in working capital with the production rates ramping up in both Coil products and BASX.

但當我們仔細分析一下，就會發現第一季的稅率非常優惠，而我們預期第二季不會出現這種情況。因此，從底線來看，您肯定可以看到第二季的稅率影響，而第一季則沒有。而且，隨著我們對營運資金進行投資，隨著線圈產品和 BASX 的生產力不斷提高，您的利息支出也將不斷增加。

And so if you look at the operating income perspective, you would see a great uptick in Q2, and that's just being hampered a little bit by that tax rate differential and the interest rate. That's kind of what's flushing that modest guide from an EPS perspective.

因此，如果從營業收入的角度來看，您會看到第二季大幅上漲，而這只是受到稅率差異和利率的一點阻礙。從 EPS 角度來看，這就是推動這項適度指導的原因。

Okay. That's really helpful. I'll pass it on. Thanks so much.

好的。這真的很有幫助。我會傳達的。非常感謝。

Chris Moore, CJS Securities.

克里斯·摩爾（Chris Moore），CJS 證券。

Hey. Good morning, guys. Thanks for taking a couple. And also, congrats, Gary, thanks for everything.

嘿。大家早安。謝謝你帶了一對。另外，恭喜你，加里，謝謝你所做的一切。

Thank you.

謝謝。

Sure. In terms of -- you still hear some big players canceling or downsizing data center construction. Just wanted to kind of go a little deeper in terms of what you're hearing from your customers. How much visibility do they give you in terms of their plans over the next three to five years?

當然。就此而言——你仍然聽到一些大公司取消或縮減資料中心建設。只是想更深入地了解您從客戶那裡聽到的信息。他們對未來三到五年的計畫有多少了解？

Yeah, there's tremendous visibility from a pipeline perspective that we see with our customers and large data center operators that we work with, we're typically getting every month, every two months, we're getting an updated pipeline that is provided to us. And so that's giving us anywhere from a three- to seven-year kind of outlook on what these big players have in their projection.

是的，從管道的角度來看，我們與客戶和大型資料中心營運商合作時，具有很高的可見性，我們通常每個月、每兩個月都會收到提供給我們的更新管道。因此，這為我們提供了對這些大公司的預測的三到七年的展望。

Is there noise in the data center industry right now? Sure. There's a lot of conversation around cancellations and pushouts. But what I would say is the pipeline that we see has never been stronger. The orders book that we see has never been stronger.

目前資料中心產業是否存在噪音？當然。關於取消和推遲的討論有很多。但我想說的是，我們看到的管道從未如此強大。我們看到的訂單從未如此強大。

And while there might be some near-term noise, it's still on a growing base. And so, we're seeing this continue to strengthen. We're seeing the inquiries, the pipeline visibility. We're seeing all of that in a very strong condition. We see it strengthening.

儘管近期可能會出現一些噪音，但其基礎仍然在不斷增長。因此，我們看到這種趨勢繼續加強。我們看到了詢問和管道可見性。我們看到這一切都處於非常強勁的狀態。我們看到它在不斷加強。

There's definitely some near-term conversations, which, frankly, Chris, I think it's actually a good thing if you think about this systematically. I mean if we sort of have a more normalized but aggressive growth rate as an industry, not relative to AAON, but as an industry, that's far easier to manage. And so we see this continued long-term strengthening cycle. We see tremendously good visibility into 2026 that's providing us confidence in that sort of next year performance continuing to build off a strong '25.

肯定會有一些近期的對話，坦白說，克里斯，我認為如果你有系統地考慮這個問題，這實際上是一件好事。我的意思是，如果我們作為一個行業擁有更正常但積極的成長率，不是相對於 AAON，而是作為一個行業，那麼管理起來就容易得多。因此，我們看到了這種持續的長期強化週期。我們對 2026 年的前景非常樂觀，這讓我們對明年的表現充滿信心，並相信 2025 年的表現將繼續強勁成長。

And so, yes, there's noise in the industry, but I would just reaffirm that the visibility of the pipeline has never been stronger. The order activity within the BASX segment has never been stronger and the activity with our customers, engaging with those customers has never been better.

是的，行業中確實存在一些噪音，但我只想重申，管道的可見性從未如此強大。BASX 部門內的訂單活動從未如此強勁，我們與客戶的活動以及與客戶的互動也從未如此好。

Perfect. The $200 million-plus liquid cooling order, was -- I know it had gotten pushed a little bit, was any of that or much of that in Q1?

完美的。價值超過 2 億美元的液體冷卻訂單——我知道它已經被推遲了一點，其中有一部分或大部分是在第一季嗎？

So of that order, if we look at the $200 million order that we talked about last year, so far, we've recognized about $80 million or so of that revenue. And so that's the sort of ramp-up -- that started off in Q4 of last year, when it started, certainly had a very strong ramp in Q1 as we really work to get a baseline of inventory and really build up that product.

因此，如果我們看去年談到的 2 億美元訂單，到目前為止，我們已經確認了其中約 8,000 萬美元的收入。這就是去年第四季開始的成長，當它開始時，第一季的成長勢頭非常強勁，因為我們確實在努力獲得庫存基準並真正打造該產品。

That project, when we talked about on the Q4 call, originally, we had said, hey, we anticipated that mostly converting the first half of the year with some spillover into Q3. I would just say that, that's the overall cycle or that project has, I'll say, spread a little bit. And so really from our anticipation, we recognized $80 million of that $200 million to date. We anticipate the rest of that to really spread out over the rest of this (technical difficulty) and that's kind of what we see.

當我們在第四季度電話會議上談論該項目時，我們最初曾說過，嘿，我們預計該項目主要會轉換上半年並有一些溢出效應延續到第三季度。我只想說，這就是整個週期，或者說，該專案已經擴展了一點。因此，根據我們的預期，迄今為止我們已經確認了 2 億美元中的 8,000 萬美元。我們預計其餘部分將真正分散到其餘部分（技術難度），這就是我們所看到的。

But we have additional follow-on orders with that customer. We have a tremendous amount of visibility into that 2026 and 2027 pipeline with that customer. And so we're continuing to show that as an accelerating demand with that customer, it's just the initial build-out and really the ramp-up rate of that investment, is just it's taking a little bit longer to kind of materialize, not from a demand from their customers' perspective, but just all the construction activity that's associated with building these new AI data centers. It's just lengthening that cycle with that order just a little bit.

但我們與該客戶還有額外的後續訂單。我們對該客戶的 2026 年和 2027 年管道有非常深入的了解。因此，我們繼續表明，隨著客戶需求的加速，這只是最初的建設，而實際上投資的成長率只是需要更長的時間才能實現，不是從客戶的角度出發，而是與建設這些新的人工智慧資料中心相關的所有建設活動。該命令只是稍微延長了周期。

Got it. I appreciate that. I'll jump back in line. Thanks, Matt.

知道了。我很感激。我會重新排隊。謝謝，馬特。

Yeah, of course.

是的，當然。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

Hey, great. Thanks. Gary, I relay all the same. It's been a pleasure. I guess first question, just on the rooftop business, some of the supply chain issues you've felt here in the quarter, and it sounds like you continue to feel to some degree.

嘿，太棒了。謝謝。加里，我還是會轉達。我很榮幸。我想第一個問題是，就屋頂業務而言，您在本季感受到了一些供應鏈問題，聽起來您在某種程度上仍在繼續感受到這些問題。

Are you at the point where there's some confidence these issues are going to be behind you as you go into the second half of the year? And I guess just with that, I was curious, it didn't really seem like that impacted the BASX-branded products. I'm just wondering if that could still come or do you see it as a nonissue there.

您是否相信，進入下半年，這些問題將會得到解決？我想，正是出於這個原因，我很好奇，這似乎並沒有真正影響 BASX 品牌的產品。我只是想知道這是否還可能發生，或者您是否認為這不是什麼問題。

Yes. So where the confidence comes from, and really, I'll say, Brent, where we sit today, the acceleration of resolution that we're seeing in the supply chain with these new refrigerant components, I mean, it's all trending very positive. It's really -- as a whole industry transition with that sort of hard stop on January 1 to go from 410 to 454B, it was just a lot of, I'll say, strains on the overall supply chain just in support of those new components. Because you're basically having to support the 410A products that were being built and fletched out through 2024, with also the impending new products that you had introduced in support of the R-454B equipment.

是的。那麼信心從何而來呢？實際上，我想說，布倫特，就我們今天所處的情況而言，我們在供應鏈中看到的這些新冷媒組件的解決速度正在加快，我的意思是，所有的趨勢都非常積極。確實如此——隨著整個行業的轉型，1 月 1 日從 410 到 454B 的強制停止，我想說，這給整個供應鏈帶來了很大的壓力，僅僅為了支持這些新組件。因為您基本上必須支援到 2024 年正在製造和推出的 410A 產品，以及即將推出的支援 R-454B 設備的新產品。

So there was just, I'll say, some initial transition strains that were put there within the supply chain. But if we look month by month, we have continued to see these abate. And really, we saw the impact in Q1 waning, as the quarter kind of progressed and going into April, we still have a little bit of lingering issue, but by and large, we're seeing the light at the end of the funnel. And so that's definitely what's giving us that confidence going forward.

所以我想說，供應鏈中存在著一些最初的轉型壓力。但如果我們逐月觀察，就會發現這些現像不斷減弱。事實上，我們看到第一季的影響正在減弱，隨著季度的進展和進入四月份，我們仍然存在一些揮之不去的問題，但總的來說，我們看到了漏斗盡頭的曙光。所以這絕對是讓我們對未來充滿信心的原因。

You're not going to be operating in this environment, let's say, once we get into the second half of the year, these manufacturers are primarily building the 454B components. And so that definitely is alleviating some of the noise that was created in the supply chain in that first quarter.

你不會在這種環境下運營，比如說，一旦我們進入下半年，這些製造商主要會生產 454B 組件。因此，這肯定會緩解第一季供應鏈中產生的一些噪音。

So definitely a lot of confidence that these are abating and really providing kind of the support of our acceleration in our production levels within the Oklahoma segment in particular, that's going to really get that top line sales back where we want to be as well as the overall profit margins kind of with that volume getting back up.

因此，我們絕對有信心這些影響正在減弱，這確實為我們加速提高俄克拉荷馬州生產水平提供了支持，這將真正使銷售額回到我們想要的水平，並且隨著銷量的回升，整體利潤率也會隨之上升。

But relative to the BASX segment, most of the products that are made in the BASX segment, the vast majority of those products are not refrigerant-based systems, and so they do not have those same supply chain impacts. So really, in the BASX segment, we didn't see any of those impacts impacting our ability to manufacture there.

但相對於 BASX 部門，BASX 部門生產的大多數產品絕大多數不是基於冷媒的系統，因此它們不會產生相同的供應鏈影響。因此，實際上，在 BASX 領域，我們並沒有看到任何影響我們在那裡製造的能力的影響。

Really helpful, Matt. And then maybe as a follow-on, beyond the issues associated with the refrigerant change and those associated components, can you talk about maybe broader exposure just now with the implementation of tariffs, and what that might do to the broader supply chain? How do you think AAON is positioned around that, where you feel right here, you're well positioned or not, just for the things that we can't potentially see coming in terms of broader impacts to the supply chain?

真的很有幫助，馬特。然後，作為後續問題，除了與冷媒變化和相關組件相關的問題之外，您能否談談現在實施關稅可能帶來的更廣泛的影響，以及這可能對更廣泛的供應鏈產生什麼影響？您認為 AAON 在這方面的定位如何？您覺得您的定位是否合適？是否只針對那些我們無法預見的、對供應鏈產生更廣泛影響的事物？

Yeah, certainly. I mean tariffs definitely -- we had a bet going, Brent, how long was it going to take for a tariff question to come. So it came a little later than we expected on the overall Q&A. But when we think about the impact of tariffs within the AAON segment, I'll say one thing that we feel good about is we have a tremendous amount of vertical integration in our manufacturing process.

是的，當然。我的意思肯定是關稅——布倫特，我們打賭，關稅問題要花多久時間才會出現。因此，整體問答時間比我們預期的要晚一些。但是，當我們考慮關稅對 AAON 部門的影響時，我會說讓我們感到高興的一件事是，我們的製造流程中擁有大量的垂直整合。

And we also rely heavily, and proudly rely heavily on a lot of our US partners. So the exposure to tariffs that we see from an AAON perspective are certainly less than what we see in some of our competition. So to start off, we say that certainly, we see ourselves being better positioned in a tariff-ridden environment.

我們也非常依賴，並且自豪地非常依賴我們的許多美國合作夥伴。因此，從 AAON 的角度來看，我們所看到的關稅風險肯定比我們的一些競爭對手要低。因此，首先，我們當然認為我們在關稅環境下處於更有利的地位。

Now, we'd be naive to not say they're going to impact us somehow. I mean supply chain, even for US-manufactured components that we might buy, a lot of components that go into those components might be sourced internationally. And so there's definitely some tariff impact. And obviously, that's reflected in our surcharge.

現在，如果我們不說它們會對我們產生某種影響，那就太天真了。我的意思是供應鏈，即使是我們可能購買的美國製造的零件，這些零件中的許多零件也可能來自國際採購。因此肯定會受到關稅的影響。顯然，這反映在我們的附加費中。

But the general supply chain environment that we have, there'll be some noise that we think will come out of the tariffs. But by and large, the focus on U.S. manufacturing, the focus on vertical integration and really a pretty strong US-based supply chain that we rely on for the vast majority of our components puts us in a position where we think those are going to be a smaller impact to AAON, especially relative to a lot of our competition.

但就我們所處的整體供應鏈環境而言，我們認為關稅會帶來一些影響。但總的來說，對美國製造業的關注、對垂直整合的關注以及我們依賴的、用於生產絕大多數零件的相當強大的美國供應鏈，使我們認為這些對 AAON 的影響較小，特別是相對於我們的許多競爭對手而言。

Okay. Just last one, just on the BASX-branded products. Maybe more of a clarification, Matt, I think I heard you say, a lot of growth certainly aligned with one of the customers out there. Could you just talk about diversification of customers within that product line?

好的。最後一個，僅關於 BASX 品牌產品。也許更多的是澄清，馬特，我想我聽到你說過，很多成長肯定與其中一位客戶一致。您能談談該產品線內的客戶多樣化嗎？

Do you expect more diversity in the coming year, especially as you're bringing on new capacity? Just trying to get a sense around how much is aligned with a single customer versus a lot of different customers that are out there.

您是否預期來年會更加多樣化，特別是在您引進新產能的情況下？只是想了解有多少是與單一客戶一致的，有多少是與眾多不同客戶一致的。

Yeah. No, it's a great question, Brent. And I'll say that the math certainly is never in our favor when you get a $200 million order in terms of its impact on some concentration, at least in the near term. But what I would say is while that is a great win, and that's certainly something that is helping fuel a lot of the growth, it's also very front of mind for us to continue getting diversified customer base.

是的。不，這是一個很好的問題，布倫特。我想說的是，當你接到 2 億美元的訂單時，從其對某些集中度的影響來看，至少在短期內，數學計算肯定對我們不利。但我想說的是，雖然這是一個偉大的勝利，而且這無疑有助於推動很多成長，但繼續獲得多元化的客戶群也是我們最關心的問題。

And so, if you look at the activity that we have in terms of both bidding activity, in terms of new orders that we have, large-scale orders, not small orders, there is a continuing diversification in that customer base. There's also an acceleration of new customer interactions. With the win on that liquid cooling product, we've got a tremendous amount of inertia in the industry regarding the solutions we can provide.

因此，如果你看一下我們的投標活動，以及我們的新訂單（大型訂單，而不是小訂單），你會發現客戶群正在持續多樣化。新客戶互動也在加速。隨著液體冷卻產品的成功，我們在業界對於我們能夠提供的解決方案擁有了巨大的慣性。

And so, our sales and engineering teams are actively engaged with a large spread of new customers supporting both liquid cooling and traditional colocation data center projects. And that definitely, as we look forward, is going to be a continued focus to continue diversifying, continue building upon the great wins we have to be very intentional about continuing to build great wins with new customers as well. And so, going forward, I think you'll see our backlog continue diversifying in a customer base perspective and really not having us to overleverage on one single customer.

因此，我們的銷售和工程團隊積極與大量新客戶合作，支援液體冷卻和傳統的主機託管資料中心專案。毫無疑問，展望未來，我們將繼續專注於多元化，並繼續鞏固已取得的巨大勝利，我們必須非常有意識地繼續與新客戶建立巨大的勝利。因此，展望未來，我認為您會看到我們的積壓訂單在客戶群角度上繼續多樣化，並且實際上不會讓我們過度依賴單一客戶。

Very good. Thank you.

非常好。謝謝。

(Operator Instructions)

（操作員指示）

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey, everybody. Good morning. Just wanted to echo the same sentiments to Gary. It's been great working with you.

嘿，大家好。早安.只是想向加里表達同樣的看法。和你一起工作很愉快。

Thank you.

謝謝。

Maybe just I just have a couple of follow-ups. So, I guess, on the Oklahoma business, has there been any change to how you're thinking about the full year revenue guidance? I think previously, you said maybe the full year would be flat to down a little bit. Has that changed at all? Is it just kind of more back half weighted? And then, how do you think about kind of layering that surcharge part into that?

也許我只是有幾個後續問題。那麼，我想，關於俄克拉荷馬州的業務，您對全年收入預期的看法有什麼變化嗎？我認為之前您說過全年可能會持平或略有下降。情況有改變嗎？這是否只是後半部重量較重？那麼，您如何考慮將附加費部分分層到其中？

Yes. The guide as it stands today has not changed. And Tim, what I'll say is there's the uncertainty definitely in that back half of the year and really, I'll say, uncertainty more on the Q4 side. As much as we are taking market share and we're continuing to see good order cadence here in late second quarter, there is definitely still uncertainty in an overall macro environment perspective that is certainly front of mind for us. And so our guide definitely has that built into it on what Q4 looks like.

是的。今天的指南並沒有改變。提姆，我想說的是，今年下半年肯定存在不確定性，實際上，我想說，第四季的不確定性更大。儘管我們正在佔領市場份額，並且我們在第二季末繼續看到良好的訂單節奏，但從整體宏觀環境角度來看，仍然存在不確定性，這無疑是我們最關心的問題。因此，我們的指南肯定已經考慮到了第四季度的情況。

The tariff part of it, the tariff itself, while it went in place in March essentially, the reality is we're not going to really start seeing that until the later part of Q3. And so, when that's going to really start hitting the production for hitting the revenue side, it's going to be a Q3 story is where it's going to start, and you'll see that kind of materialize in Q4.

至於關稅部分，即關稅本身，雖然基本上是在三月就已實施，但事實上我們要到第三季後期才會真正開始看到它。因此，當它真正開始影響生產並影響收入時，這將是第三季度的故事開始的地方，你會看到它在第四季度實現。

But it's going to have an impact, but obviously, from a full year perspective, it's not like we're getting a 6% uplift. It's going to definitely be more like a third of that from an overall kind of impact on the overall sales side of things.

但它會產生影響，但顯然，從全年的角度來看，我們不會獲得 6% 的成長。從對整體銷售方面的影響來看，這肯定會達到三分之一左右。

And so, really, what I'd say is that's the tariff aspect and just the uncertainty that's built into that Q4 guide, just given the unknowns around the macro is really where that guide is sitting today.

所以，實際上，我想說的是，這是關稅方面的問題，也是第四季度指南中存在的不確定性，考慮到宏觀方面的未知數，這就是該指南目前所處的位置。

Okay. That's helpful. Thanks. And then just on the data kind of the BASX backlog, I mean, the $80 million to $85 million sequential increase, I guess, any color on kind of the mix of liquid cooling and air-side cooling within that? And then I guess just in the total backlog, kind of the same question, kind of the mix of liquid versus air?

好的。這很有幫助。謝謝。然後僅就 BASX 積壓訂單的數據而言，我的意思是，連續增加了 8000 萬美元到 8500 萬美元，我想，其中液體冷卻和空氣側冷卻的混合情況如何？然後我想，在總體積壓中，有點同樣的問題，有點液體與空氣的混合？

Yeah, definitely, there's more activity in liquid cooling that is in that backlog. Obviously, also some good run rates out of coil products that's eating down that. So we've replenished the covers a little bit with some more liquid cooling orders that came in, in Q1.

是的，液體冷卻領域確實還有更多積壓活動。顯然，一些線圈產品的良好運作率也正在降低。因此，我們根據第一季收到的一些液體冷卻訂單對蓋子進行了少量補充。

There definitely though is air-side, continued acceleration in air-side looking as well, a lot of activity around air-side. And so, why I say that is really when we look at the activity that we're seeing, definitely, there's a lot of conversation, a lot of activity on the AI data center side of things, but there's also continued strength and we continue seeing the investments made in the more traditional data centers, cloud compute data centers, and we're seeing that kind of materialize with air-side activity as well.

但肯定存在空側，空側也持續加速，空側周圍有許多活動。所以，我之所以這麼說，是因為當我們觀察我們所看到的活動時，確實有很多關於人工智慧資料中心方面的討論和活動，但同時也有持續的實力，我們繼續看到對更傳統的資料中心、雲端運算資料中心的投資，我們也看到這種投資在空中活動中實現。

So we definitely are seeing the broad bookings built into that backlog and into that business cadence. And there's a good amount of backlog sitting inside of liquid cooling, but it's not the majority. It's not like it's the vast majority of that is cooling. It's a pretty good spread between liquid and air-side products.

因此，我們確實看到廣泛的預訂量融入了積壓訂單和業務節奏中。液體冷卻方面還有大量積壓工作，但不是大多數。這並不意味著絕大多數都在冷卻。液體和空氣側產品之間的傳播相當好。

Okay. Thanks for the color. Good luck on the rest of the year.

好的。謝謝你的顏色。祝今年餘下的時間一切順利。

Thank you.

謝謝。

[Tom Sandys, Sandy's].

[湯姆·桑迪斯，桑迪的]。

Yes, I'm a stockholder, go back to [Diamond Head], and what's the problem with AAON being listed on the New York on the Wall Street Journal? They were listed and now they're not. What's going on? How do we get the stockholders involved, more stockholders involved in buying AAON stock?

是的，我是股東，回到[Diamond Head]，AAON 在紐約華爾街日報上市有什麼問題？它們曾經被列入名單，但現在卻不見了。這是怎麼回事？我們如何讓股東參與進來，讓更多的股東參與購買 AAON 股票？

Hey, Tom, this is Joe.

嘿，湯姆，我是喬。

Hi Joe.

嗨，喬。

Good morning. I think we've probably spoken about this in the past.

早安.我想我們過去可能談論過這個問題。

Yes.

是的。

Yeah. I think I'm still looking into that, not really serving the answer, but I'll try to provide you with an answer sometime soon.

是的。我想我仍在研究這個問題，並沒有真正給出答案，但我會盡快為您提供答案。

Thank you.

謝謝。

There are no further questions at this time. I'd like to turn the call over to Joe Mondillo for closing comments. Sir, please go ahead.

目前沒有其他問題。我想將電話轉給喬·蒙迪洛 (Joe Mondillo) 來做最後發言。先生，請繼續。

All right. Thank you, operator. Just want to remind everyone that we'll be attending the William Blair Conference on June 4 in Chicago, and hosting an Investor Day in New York City on June 10. So I hope to see some of you there.

好的。謝謝您，接線生。只是想提醒大家，我們將於 6 月 4 日參加在芝加哥舉行的 William Blair 會議，並於 6 月 10 日在紐約市舉辦投資者日。所以我希望在那裡見到你們。

I want to thank everyone for joining the call today. 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. Thanks.

我要感謝大家今天參加電話會議。如果在接下來的幾天或幾週內任何人有任何問題，請隨時與我聯繫。祝您今天過得愉快，我們期待將來與您交談。謝謝。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。