Aaon Inc (AAON) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the AAON Inc. second quarter 2025 earnings release conference call. (Operator Instructions) Also note that the call is being recorded on Monday, August 11, 2025.

女士們、先生們，早安，歡迎參加 AAON Inc. 2025 年第二季財報發布電話會議。（操作員指示）另請注意，該通話是在 2025 年 8 月 11 日星期一錄製的。

And I would like to turn the conference over to Joseph Mandillo, Director of Investor Relations. Please go ahead, sir.

我想將會議交給投資者關係總監約瑟夫·曼迪洛 (Joseph Mandillo)。先生，請繼續。

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

謝謝大家，早安。我們第二季財務業績的新聞稿已於今日早上早些時候發布，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，您也可以在我們的網站以及僅供收聽的網路直播中查閱。我們從慣常的前瞻性聲明政策開始。在通話過程中，任何涉及非歷史資訊的聲明都被視為前瞻性聲明。並依據 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制定。

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. 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.

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。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。

Please note that we do not have a duty to update our forward-looking statements. Our press release and portions of today's call use non-GAAP financial measures as defined in regulation G. You can find the related reconciliations to GAAP measures in our press release and presentation.

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 Matt Tobolski, CEO and President, and Rebecca Thompson, CFO and Treasurer. Matt will start off with some opening remarks. Rebecca will follow up with a walkthrough of the quarterly results, and Matt will then finish with our outlook for the rest of the year and some closing remarks.

參加今天電話會議的還有執行長兼總裁 Matt Tobolski 和財務長兼財務主管 Rebecca Thompson。馬特將先致開幕詞。麗貝卡將隨後介紹季度業績，然後馬特將對今年剩餘時間進行展望並發表一些結束語。

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

說完這些，我會把電話轉給馬特。

Thanks, Joe and good morning. Starting on slide three, our second quarter results that we reported this morning fall short of our expectations and do not reflect the high standard, we set for ourselves as an organization.

謝謝，喬，早安。從第三張投影片開始，我們今天早上報告的第二季業績沒有達到我們的預期，也沒有反映出我們作為一個組織為自己設定的高標準。

We remain committed to providing transparency to our investors, as previously shared during our investor day in June. We've experienced challenges related to our ERP implementation. In this update, we want to provide a comprehensive view of where things stand today, the key factors that contributed to the recent underperformance, and most importantly, how we are moving forward.

我們仍然致力於為我們的投資者提供透明度，正如我們六月投資者日所分享的那樣。我們在 ERP 實施方面遇到了挑戰。在此更新中，我們希望全面介紹當前的情況、導致近期表現不佳的關鍵因素，以及最重要的是，我們如何前進。

We are committed to addressing this directly and taking the necessary steps to restore your trust. I want to assure you that our confidence in the strength of our strategy remains unwavering. While we're navigating some near-term challenges, we firmly believe that the actions we're taking today will significantly strengthen the company for the long term.

我們致力於直接解決此問題並採取必要措施來恢復您的信任。我想向你們保證，我們對戰略實力的信心依然堅定不移。雖然我們正在應對一些短期挑戰，但我們堅信，我們今天採取的行動將大大增強公司的長期實力。

We don't want that bigger picture to be lost, but given the challenges we face, we will start with providing some incremental detail on what went wrong. please turn to slide four. I would like to start by giving some context to the recent events. Over the past few years, and especially following our acquisition of BASX at the end of 2021, it became increasingly clear that our existing business systems required a significant upgrade to support our growing scale and complexity.

我們不想忽視更大的圖景，但考慮到我們面臨的挑戰，我們將首先提供一些關於哪裡出了問題的漸進細節。請翻到第四張投影片。首先我想介紹一下最近發生的事件的背景。在過去幾年中，尤其是在 2021 年底收購 BASX 之後，我們越來越清楚地認識到，我們現有的業務系統需要進行重大升級，以支援我們不斷增長的規模和複雜性。

On April 1, we went live with our new ERP system at our first site in Longview. We always anticipated some slowdown in production, but we saw a more prolonged impact on AAON branded equipment and Coil's production. The slowdown ultimately impacted our broader operations as Tulsa procures the majority of its coils from Longview.

4 月 1 日，我們在朗維尤的第一個站點上線了新的 ERP 系統。我們一直預計生產會有所放緩，但我們看到 AAON 品牌設備和 Coil 的生產受到了更持久的影響。由於塔爾薩的大部分線圈都是從朗維尤購買的，因此經濟放緩最終影響了我們的更廣泛的業務。

We had a contingency plan in place, but unfortunately both of our primary external coil suppliers were simultaneously undergoing their own ERP upgrades. This unexpected overlap significantly constrained Tulsa's ability to source coils in a timely manner, compounding the challenges we faced. The end result was that at Tulsa, while production improved month to month from April to July, the ramp was slower than expected.

我們已經制定了應急計劃，但不幸的是，我們的兩個主要外部線圈供應商都在同時進行自己的 ERP 升級。這種意外的重疊嚴重限制了塔爾薩及時採購線圈的能力，加劇了我們面臨的挑戰。最終結果是，雖然塔爾薩的產量從 4 月到 7 月逐月提高，但增幅低於預期。

At Longview, production of AAON branded equipment was significantly impacted early in the quarter as teams adapted to the new system. However, as production and supporting functions gained experience and familiarity, we saw a steady improvement throughout the remainder of the quarter.

在朗維尤，由於團隊適應新系統，AAON 品牌設備的生產在本季度初受到了嚴重影響。然而，隨著生產和支援功能的經驗累積和熟悉程度的提高，我們看到本季剩餘時間內穩步改善。

I turn to slide five. This slide illustrates how recent production rates of AAON branded equipment have trended compared to normalized levels, which we benchmarked against the first nine months of 2024. This KPI measures the consolidated production of AAON branded equipment across both the AAON Oklahoma and AAON Coil product segments and measured levels of efficiency.

我翻到第五張投影片。這張投影片說明了 AAON 品牌設備的近期生產力與正常水準相比的趨勢，我們以 2024 年前 9 個月為基準。該 KPI 衡量 AAON Oklahoma 和 AAON Coil 產品部門的 AAON 品牌設備的綜合產量以及衡量的效率水平。

We've overlaid the total company gross margin on the same timeline, and as you'll see, there is a strong correlation between production efficiency metric and the gross margin performance. The biggest takeaway here is that after bottoming out in April, the total production consistently improve month to month throughout the quarter.

我們把公司的總毛利率疊在同一時間線上，你會發現，生產效率指標和毛利率表現之間有強烈的相關性。這裡最大的收穫是，在四月觸底之後，整個季度的總產量逐月持續提高。

And while it's not shown here, we continue to see improvement through July. Also, it was 6% below that benchmark pace in July, and while Longview still has some ground to make up, improvements began to accelerate starting in the second half of June. Looking ahead, we expect production levels at both our Tulsa and Longview facilities to continue to improve from July levels.

雖然這裡沒有顯示出來，但我們在七月繼續看到改善。此外，7 月的成長速度比基準速度低 6%，儘管朗維尤仍有一些需要彌補的地方，但從 6 月下半月開始，改善動能開始加速。展望未來，我們預計塔爾薩和朗維尤工廠的生產水準將繼續從 7 月的水準提高。

As production stabilizes and scales, we also anticipate a corresponding improvement in gross margins. But another way, when we hit our production metrics, we deliver our corresponding gross margin targets. Please turn to slide six. Here you can see our total backlog of AAON branded equipment, which are manufactured across both our Tulsa and Longview facilities. Bookings in Q2 and year to date remain strong. This, combined with the improving production trends, supports my earlier point regarding our expectation of a strong recovery in the second half of the year.

隨著生產的穩定和規模擴大，我們預計毛利率也會隨之提高。但換句話說，當我們達到生產指標時，我們就會達到對應的毛利率目標。請翻到第六張幻燈片。在這裡您可以看到我們的 AAON 品牌設備的總積壓量，這些設備由我們的塔爾薩和朗維尤工廠生產。第二季和年初至今的預訂量依然強勁。這一點，加上生產趨勢的改善，支持了我先前關於今年下半年強勁復甦的預期。

While we entered the third quarter, with production levels below our initial expectations, we remain confident in a solid upward trajectory, anticipate strong growth in AAON branded production over the remainder of the year. I'd also like to point out that our backlog is favorably priced relative to input cost. Almost all of our production in Q2 was associated with orders received prior to our January 1, 3% price increase, and a 6% tariff surcharge that was put in place in March. Directionally, this will begin contributing positively to both sales and margin in the third quarter with a more meaningful impact anticipated in the fourth quarter.

雖然進入第三季度，生產水平低於我們最初的預期，但我們仍然對穩步上升的趨勢充滿信心，預計 AAON 品牌產量將在今年剩餘時間內強勁增長。我還想指出，我們的積壓訂單價格相對於投入成本是優惠的。我們第二季的幾乎所有生產都與 1 月 1 日之前收到的訂單有關，價格上漲 3%，以及 3 月實施的 6% 關稅附加費。從方向上看，這將在第三季開始對銷售額和利潤產生積極貢獻，預計在第四季度將產生更有意義的影響。

Please turn to slide seven. I want to take a moment to give you some more color on our ERP upgrade, both in terms of what we are looking to achieve and how we see the roll out mapping from here. Given the size and the growing complexity of our organization, including the expanded manufacturing operations, it will become evident that continuing to scale at the growth rates we target would require more sophisticated integrated systems. After years of planning, development, and preparation, we went live with the new ERP system at our Longview facility on April 1.

請翻到第七張幻燈片。我想花點時間向您詳細介紹我們的 ERP 升級，包括我們想要實現的目標以及我們如何看待從這裡開始的推廣規劃。鑑於我們組織的規模和日益增長的複雜性，包括擴大的製造業務，很明顯，繼續以我們目標的成長率擴大規模將需要更複雜的整合系統。經過多年的規劃、開發和準備，我們於 4 月 1 日在 Longview 工廠啟用了新的 ERP 系統。

Our ERP rollout strategy was very intentional to limit disruption and manage risk, we intentionally adopted a staged roll out approach, implementing the system one location at a time and not moving on to the next site, until the prior location is operating smoothly and meeting our performance expectations. We made the decision to begin the rollout at a Longview facility, because it produces both AAON branded and BASX branded equipment as well as manufacturer coil, a critical component not only used at Longview, but also other sites in the production of finished products.

我們的 ERP 推廣策略非常注重限制中斷和管理風險，我們特意採用分階段推廣的方式，一次在一個地點實施系統，而不是轉移到下一個地點，直到前一個地點運行順利並滿足我們的性能預期。我們決定在朗維尤的工廠開始推廣，因為該工廠既生產 AAON 品牌和 BASX 品牌的設備，也生產製造商線圈，這是一種不僅在朗維尤使用，而且在其他成品生產基地也使用的關鍵部件。

This approach allowed us to fully [vet] the ERP solution across our entire product portfolio, helping to reduce risk and minimize disruptions during future site implementations. Beyond product mix, when considering our organizational structure where shared services support multiple functions across all sites, starting with Longview enables these teams to build proficiency with a new ERP solution before we proceed with additional site rollouts.

這種方法使我們能夠全面審查整個產品組合中的 ERP 解決方案，有助於降低風險並最大限度地減少未來站點實施期間的中斷。除了產品組合之外，考慮到我們的組織結構，其中共享服務支援所有站點的多種功能，從 Longview 開始可以使這些團隊在我們繼續進行其他站點推廣之前熟練掌握新的 ERP 解決方案。

This ensures that by the time we transition to Redmond, which produces only BASX branded equipment, or to our largest site Tulsa, which primarily manufactures and branded products, our shared services teams will be fully up to speed and well equipped to support a smoother and more efficient go live at these locations. We've also gained valuable insights from the Longview goes live that will help us to ensure a smoother, more efficient transition for production teams and our other sites.

這確保了當我們過渡到僅生產 BASX 品牌設備的雷德蒙德或主要生產品牌產品的最大工廠塔爾薩時，我們的共享服務團隊將完全跟上進度並配備齊全，以支持這些地點更順暢、更高效的上線。我們也從 Longview 的上線中獲得了寶貴的見解，這將有助於我們確保生產團隊和其他網站更順暢、更有效率的過渡。

We brought team members from our other sites to Longview to observe best practices firsthand, and we're conducting additional training at those locations to ensure they're well prepared for their own transitions. I want to remind everyone that while this transition is creating some near-term challenges, we remain confident that once fully implemented, the new system will deliver significant operational and economic benefits across the organization.

我們將其他站點的團隊成員帶到朗維尤，親自觀察最佳實踐，並且我們正在這些地點進行額外培訓，以確保他們為自己的過渡做好充分準備。我想提醒大家，雖然這種轉變在短期內會帶來一些挑戰，但我們仍然相信，新系統一旦全面實施，將為整個組織帶來顯著的營運和經濟效益。

We anticipate full implementation will be complete by year end 2026. And while it's too early to discuss the outlook for 2026, factoring in subsequent ERP rollouts, particularly in the quarter when we go live in Tulsa, we expect to achieve double digit year over year growth in marginal improvement for the year trending towards our long-term target of 32% to 35%.

我們預計全面實施將於 2026 年底完成。雖然現在討論 2026 年的前景還為時過早，但考慮到後續 ERP 的推出，特別是在我們在塔爾薩上線的那個季度，我們預計今年的邊際改善將實現兩位數的同比增長，趨向於實現 32% 至 35% 的長期目標。

Please turn to slide eight. While it's important to clearly understand the challenges we face this quarter, we must also keep sight of the strong underlying fundamentals, that continue to drive our business forward. With that in mind, here are some of the positives that we've achieved in the second quarter. First, the BASX brand continued to demonstrate strength within the data center market in Q2. BASX branded data center sales were up 127% in Q2 and 269% year to date.

請翻到第八張幻燈片。雖然清楚了解本季面臨的挑戰很重要，但我們也必須專注於繼續推動我們業務向前發展的強勁基本面。考慮到這一點，以下是我們在第二季度取得的一些積極成果。首先，BASX品牌在第二季持續在資料中心市場展現強勢。BASX 品牌資料中心銷售額第二季成長 127%，今年迄今成長 269%。

Second, our liquid cooling solutions continue to gain traction in the rapidly evolving data center market, as evidenced by incremental orders we secured during the quarter. Year to date, liquid cooling equipment accounted for approximately 40% of total BASX branded data center sales, highlighting its increasing significance within our product portfolio.

其次，我們的液體冷卻解決方案在快速發展的資料中心市場中繼續獲得關注，這從我們在本季度獲得的增量訂單中可以看出。年初至今，液體冷卻設備約佔 BASX 品牌資料中心總銷售額的 40%，凸顯了其在我們的產品組合中日益增長的重要性。

Third, during the quarter, BASX announced a strategic partnership with Applied Digital under which it will supply thermal management solutions for their AI factory, including custom designed free cooling chillers for their data centers. This partnership resulted in a significant order, further reinforcing BASX leadership in advanced cooling solutions. Fourth, our national account strategy within the AAON brand is gaining meaningful traction.

第三，本季度，BASX 宣布與 Applied Digital 建立策略合作夥伴關係，為後者的 AI 工廠提供熱管理解決方案，包括為其資料中心客製設計的免費冷卻冷水機組。此次合作帶來了一筆重要的訂單，進一步鞏固了 BASX 在先進冷卻解決方案領域的領導地位。第四，我們 AAON 品牌下的國家帳戶策略正在獲得有意義的推動。

National account orders grew year over year by 163% in Q2, and they're up 90% year to date, reflecting the effectiveness of our targeted approach, deeper customer engagement, and the strong value proposition of our equipment, which uniquely aligns with the needs of these customers. In the first half of the year, national accounts made up approximately 35% of total AAON branded orders, up from approximately 20% a year ago.

第二季度，全國客戶訂單年增 163%，今年迄今已成長 90%，這反映了我們針對性方法的有效性、更深入的客戶參與度以及我們設備的強大價值主張，這些都與這些客戶的需求相吻合。今年上半年，國內客戶約佔 AAON 品牌訂單總額的 35%，高於一年前的約 20%。

And finally, the AAON branded alpha class heat pump business continues to disrupt the market with its high performance offerings. Alpha class sales grew 8% in Q2, while bookings surged approximately 61% during the same period, highlighting strong momentum in growing market adoption.

最後，AAON 品牌的 alpha 級熱泵業務繼續以其高性能產品顛覆市場。Alpha 級飛機的銷量在第二季度增長了 8%，而同期預訂量則激增了約 61%，凸顯了市場採用率不斷增長的強勁勢頭。

I will not turn it over to Rebecca, who will walk through the financials in more detail.

我不會把它交給麗貝卡，她會更詳細地介紹財務狀況。

Thank you, Matt. Please turn to slide nine. Net sales in the quarter declined year over year, $2 million, or 0.6% to $311.6 million. The modest overall decline was driven by a 20.9% decline in AAON branded sales, which was nearly fully offset by a 90% increase in BASX branded sales. The decline in AAON branded sales was driven by the impacts of lingering supply chain disruptions in early April, and coil supply shortages at the end of the quarter due to our ERP implementation.

謝謝你，馬特。請翻到第九張投影片。本季淨銷售額年減 200 萬美元，成長 0.6%，至 3.116 億美元。整體小幅下滑是由於 AAON 品牌銷量下降 20.9%，而 BASX 品牌銷量成長 90% 幾乎完全抵消了這一下滑。AAON 品牌銷售額的下降是由於 4 月初持續的供應鏈中斷的影響，以及由於我們實施 ERP 而導致的季度末線圈供應短缺。

The gross margin was 26.6%, down 950 basis points. The contraction of margin was largely due to lower production volume of AAON branded equipment sales at the AAON Oklahoma and AAON Coil products segments. Our new Memphis facility incurred $3 million in costs during the quarter with minimal sales to offset this cost to the AAON Oklahoma segment.

毛利率為26.6%，下降950個基點。利潤率的下降主要是由於 AAON Oklahoma 和 AAON Coil 產品部門的 AAON 品牌設備銷售下降所致。我們新的孟菲斯工廠在本季度產生了 300 萬美元的成本，而極少的銷售額卻抵消了 AAON 俄克拉荷馬分部的這一成本。

Non-GAAP adjusted EBITDA was 14.9%, down 1,120 basis points, and non-GAAP adjusted EPS was $0.22, down 64.5% from the previous year. Also noteworthy, we hosted a national sales meeting in April that incurred costs of approximately $1.6 million. While we did not flag this as a one-time event, the last national sales meeting we hosted was in 2021. We also have elevated depreciation amortization as well as technology consulting fees, creating higher SG&A as a result of our ERP implementation.

非公認會計準則調整後 EBITDA 為 14.9%，下降 1,120 個基點，非公認會計準則調整後 EPS 為 0.22 美元，較前一年下降 64.5%。同樣值得注意的是，我們在四月舉辦了一次全國銷售會議，花費約 160 萬美元。雖然我們沒有將其標記為一次性活動，但我們舉辦的上一次全國銷售會議是在 2021 年。由於實施了 ERP，我們的折舊攤提費和技術諮詢費也增加了，導致銷售、一般和行政費用 (SG&A) 更高。

Please turn the slide 10. On this slide, we bridged the second quarter sales and gross margin performance to the same quarter last year, highlighting the primary drivers of the year over year change. We estimate the Longview ERP implementation and supply chain disruptions in early April impacted total sales by approximately $35 million or 11.1%. Together, these two issues impacted gross profit by approximately $20 million. Also worth noting, pricing had a minimal impact on overall sales and gross profit for the quarter. Through Q2, we have recognized only a small portion of the 3% price increase implemented on January 1, and almost none of the 6% tariff surcharge introduced in March.

請將投影片翻到第 10 頁。在這張投影片上，我們將第二季的銷售額和毛利率表現與去年同期進行了對比，強調了同比變化的主要驅動因素。我們估計，4 月初 Longview ERP 實施和供應鏈中斷對總銷售額影響了約 3,500 萬美元，即 11.1%。這兩個問題合計影響了毛利約 2000 萬美元。另外值得注意的是，定價對本季的整體銷售和毛利的影響微乎其微。到第二季度，我們只確認了1月1日實施的3%的價格上漲的一小部分，而3月份實施的6%的關稅附加費幾乎沒有確認。

Please turn to slide 11. Looking at the segment financials and starting with AAON Oklahoma, net sales in the segment declined 18%. This decline was driven by lingering supply chain disruptions related to the refrigerant transition at the beginning of the quarter, as well as coil supply shortages towards the end of the quarter due to our ERP implementation at the Longview, Texas facility. Which slowed production of coils for our Tulsa plants. Despite the year over year decline, production improved consistently month to month throughout the quarter, a trend that continued through July.

請翻到第 11 張投影片。查看分部財務狀況，從 AAON 俄克拉荷馬州開始，該分部的淨銷售額下降了 18%。造成這一下降的原因是本季初冷媒轉換導致的持續供應鏈中斷，以及本季末我們在德州朗維尤工廠實施 ERP 導致的線圈供應短缺。這減緩了我們塔爾薩工廠的線圈生產速度。儘管產量年減，但整個季度產量逐月持續提高，這一趨勢一直持續到 7 月。

Production efficiency in July was 6% below pre Q4 2024 levels. Lower production volumes were the primary factor in the gross margin, contracting 970 basis points. Also contributing to the segment's contraction of gross margin, the Memphis plan incurred costs of $3 million. Along with improving production rates, AAON Oklahoma entered August with a strong backlog.

7 月的生產效率比 2024 年第四季之前的水準低 6%。產量下降是毛利率下降的主要因素，下降了 970 個基點。孟菲斯計劃的成本高達 300 萬美元，這也導致該部門毛利率下降。隨著生產力的提高，AAON Oklahoma 八月的訂單積壓情況良好。

Please turn to slide 12. AAON Coil product sales grew $27.1 million or 86.4%, primarily driven by growth in BASX spread products of $40.1 million for a large liquid cooling project. AAON branded products declined $13 million, due to disruptions caused by the change in ERP systems. The ERP implementation significantly impacted both production volumes and efficiencies of AAON branded equipment, serving as the primary driver of the 1,990 basis points contraction and segment gross margin.

請翻到第 12 張投影片。AAON 線圈產品銷售額成長 2,710 萬美元，增幅 86.4%，主要得益於大型液體冷卻專案的 BASX 價差產品銷售額成長 4,010 萬美元。由於 ERP 系統變更造成的中斷，AAON 品牌產品的銷售額下降了 1,300 萬美元。ERP 實施對 AAON 品牌設備的生產量和效率產生了顯著影響，成為 1,990 個基點收縮和部門毛利率下降的主要原因。

Since April, production of AAON branded equipment at the Longview facility has improved significantly. Using the average production rate over the first nine months of 2024 as a benchmark, production of AAON branded equipment in April was down approximately 50%. At the end of July, we were down 37%. For BASX branded production at this segment, the impact of the ERP implementation was considerably less, largely because of the uniformity of units within the orders. Thus, production performed relatively well, and the backlog remained strong.

自 4 月以來，朗維尤工廠的 AAON 品牌設備的產量已顯著提高。以 2024 年前 9 個月的平均生產力作為基準，4 月 AAON 品牌設備的產量下降了約 50%。截至七月底，我們的業績下降了 37%。對於該部門的 BASX 品牌生產而言，ERP 實施的影響要小得多，這主要是因為訂單內的單位是統一的。因此，生產表現相對較好，積壓訂單仍然強勁。

Please turn to slide 13. Sales of the BASX segment grew 20.4%, due to the continued demand for the data center solutions. Gross margin contracted 60 basis points from a year ago due primarily to higher indirect costs for warehouse personnel, partially offset by lower material costs. Gross margin increased sequentially for the second consecutive quarter, reflecting continued operational improvements, since we initiated targeted efforts late last year.

請翻到第 13 張投影片。由於對資料中心解決方案的持續需求，BASX 部門的銷售額成長了 20.4%。毛利率較去年同期下降了 60 個基點，主要原因是倉庫人員的間接成本增加，但材料成本下降部分抵銷了這一影響。毛利率連續第二季環比成長，反映出我們自去年年底啟動有針對性的措施以來持續的營運改善。

Please turn to slide 14. Cash equivalents and restricted cash balances totaled $1.3 million on June 30, 2025, and debt at the end of the quarter was $317.3 million. Our leverage ratio was [1.4]. Here to date, cash flow used in operations was $31 million, compared to cash flow provided by operations of $127.9 million in the comparable period a year ago. Here today, cash flow from operations largely reflects increased investments in working capital.

請翻到第 14 張投影片。2025 年 6 月 30 日，現金等價物及受限現金餘額總計 130 萬美元，季末債務為 3.173 億美元。我們的槓桿比率是[1.4]。迄今為止，經營活動所用現金流為 3,100 萬美元，而去年同期經營活動提供的現金流為 1.279 億美元。如今，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 half of the year, including expenditures related to software development, increased 18.7% to $89.6 million. We had net borrowings of debt of $162.1 million over this period, largely to finance the investments in working capital expenditures, and $30 million in open market stock buybacks that we executed in the first quarter.

今年上半年的資本支出（包括與軟體開發相關的支出）成長了 18.7%，達到 8,960 萬美元。在此期間，我們的淨債務借款為 1.621 億美元，主要用於資助營運資本支出的投資，以及我們在第一季執行的 3,000 萬美元的公開市場股票回購。

Overall, our financial position remains strong. This gives us the flexibility and allows us to continue to 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.

現在我將電話轉給馬特。

Thank you, Rebecca. Up until now, we've intentionally placed extra emphasis on the quarter and the challenges we faced, particularly around the ERP rollout, because it's important that you fully understand what happened. That said, what matters most is where we go from here.

謝謝你，麗貝卡。到目前為止，我們有意特別強調本季和我們面臨的挑戰，特別是在 ERP 推出方面，因為讓您充分了解發生的事情非常重要。話雖如此，最重要的是我們下一步要去哪裡。

Starting on slide 15. As shown here, our adjusted backlog remains strong, up 72% compared to a year ago. At this stage, the BASX brand is the primary growth engine of the company, fueled by exceptionally strong demand from the data center market and the unique custom designed solutions that we provide our customers. We are now producing BASX branded products at all of our major facilities, including our newest site in Memphis, which we purchased just eight months ago.

從第 15 張投影片開始。如圖所示，我們的調整後積壓訂單依然強勁，與一年前相比成長了 72%。現階段，BASX 品牌是該公司的主要成長引擎，這得益於資料中心市場異常強勁的需求以及我們為客戶提供的獨特客製化解決方案。我們現在在所有主要工廠生產 BASX 品牌產品，包括我們八個月前購買的位於孟菲斯的最新工廠。

Aside from effectively managing the ERP rollout, bringing the facility fully online is their top operational priority. By year end, this facility will significantly expand the capacity of BASX branded manufacturing by nearly doubling its square footage.

除了有效管理 ERP 的推廣之外，讓設施全面上線也是他們的首要營運重點。到今年年底，該工廠的面積將增加近一倍，從而顯著擴大 BASX 品牌製造的能力。

At that point, we'll be well positioned operationally to fully capitalize on the robust demand for the data center market. While we've seen strong growth in BASX branded production thus far, our full potential remains constrained by current capacity limitations, a challenge we are actively working to overcome.

到那時，我們將在營運上處於有利地位，充分利用資料中心市場的強勁需求。儘管迄今為止我們看到 BASX 品牌產量強勁成長，但我們的全部潛力仍然受到當前產能限制的限制，我們正在積極努力克服這一挑戰。

The Longview facility, which is represented by our AAON Coil product segment, is equally as important to our growth strategy with the BASX brand. At Longview, we are currently manufacturing a uniquely designed liquid cooling product for a Hypercealer. We've been steadily ramping production of this product throughout the first half of the year, positioning our manufacturing operations for a multi-year increase in volume. Since being awarded the initial order late last year, we received additional follow-on orders and are actively collaborating with this customer to develop new designs for their next generation data centers.

朗維尤工廠代表我們的 AAON 線圈產品部門，對於我們 BASX 品牌的成長策略同樣重要。在 Longview，我們目前正在為 Hypercealer 製造一款設計獨特的液體冷卻產品。我們在整個上半年一直在穩步提高該產品的產量，使我們的製造業務在未來幾年內實現產量成長。自去年年底獲得首筆訂單以來，我們又收到了額外的後續訂單，並正在積極與該客戶合作，為他們的下一代資料中心開發新的設計。

Overall, the outlook of our BASX brand remains very strong. We produced the most sophisticated, customized thermal management equipment in what is a rapidly evolving and technically demanding industry. Looking ahead to the second half of the year, we anticipate BASX branded sales will increase year over year approximately 40%.

整體而言，我們的 BASX 品牌前景依然強勁。在這個快速發展且技術要求極高的產業中，我們生產了最先進、客製化的熱管理設備。展望下半年，我們預計 BASX 品牌銷量將年增約 40%。

Our AAON brand is equally strong and critical to our long-term success. Despite prolonged softness in non-residential construction market, our bookings have remained strong, particularly in the second quarter, when they grew by double digits year over year. The recent strength in bookings highlights the value of our products and signals an opportunity to further leverage our pricing power.

我們的 AAON 品牌同樣強大，對我們的長期成功至關重要。儘管非住宅建築市場長期疲軟，但我們的訂單依然強勁，尤其是在第二季度，比去年同期成長了兩位數。近期訂單量的強勁成長凸顯了我們產品的價值，並預示著我們有機會進一步提高定價能力。

At the end of the second quarter, backlog of AAON branded equipment was up 93% from a year ago and up 22% from the end of March. Our top priority right now within the AAON brand is to put our customers first by continuing to ramp up production at both Tulsa and Longview facilities in ensuring that we deliver the highest quality products in a timely manner.

第二季末，AAON品牌設備積壓訂單較去年同期成長93%，較3月底成長22%。目前，AAON 品牌的首要任務是將客戶放在第一位，繼續提高塔爾薩和朗維尤工廠的產量，確保及時提供最優質的產品。

The value we deliver our customers to our premium quality, high performance equipment has never been more compelling, and we're seeing that reflected in strong demand even in a soft market environment. You could particularly see this with our national account strategy with year to date orders to these customers up significantly.

我們為客戶提供的優質、高性能設備的價值從未如此引人注目，即使在疲軟的市場環境下，我們也看到強勁的需求反映出這一點。您可以從我們的全國客戶策略中特別看到這一點，今年迄今為止這些客戶的訂單大幅增加。

Given the progress we're making in production and the strength of our backlog, we expect AAON branded sales to increase significantly in the second half of the year, with quarter over quarter growth anticipated in both Q3 and Q4.

鑑於我們在生產方面取得的進展和積壓訂單的強勁勢頭，我們預計 AAON 品牌銷售額將在下半年大幅成長，預計第三季和第四季都將環比成長。

Please change slide 16. Due to the greater than expected impact of the ERP implementation on our second quarter results, and the resulting effect we now anticipate in the second half of the year, we are revising our full year 2025 outlook lower. We now anticipate full year sales growth in the low teens at a gross margin of 28% to 29%. Adjusted SG&A as a percentage of sales is now expected to be between 16.5% and 17%, and we continue to respect CapEx to be approximately $220 million.

請更改投影片 16。由於 ERP 實施對我們第二季業績的影響超出預期，並且我們現在預計其將在下半年產生影響，因此我們下調了 2025 年全年預期。我們現在預計全年銷售額成長率將達到百分之十幾，毛利率將達到 28% 至 29%。調整後的銷售、一般及行政費用佔銷售額的百分比目前預計在 16.5% 至 17% 之間，我們繼續將資本支出保持在約 2.2 億美元。

Please turn to slide 17. On this slide, we hide the key factors now incorporated into our full year outlook. When compared to the similar slide Rebecca walked through for the second quarter, you'll notice it reflects an expectation of accelerated volume growth in the second half of the year.

請翻到第 17 張投影片。在這張投影片上，我們隱藏了目前納入全年展望的關鍵因素。與麗貝卡在第二季度看到的類似幻燈片相比，你會注意到它反映了對下半年銷售加速成長的預期。

This is not as strong as we were previously expecting due to lower production rates entering the third quarter, but it's still strong sequential growth. You'll also notice favorable price cost dynamics are expected to accelerate meaningfully in the second half. At the same time, it also factors in additional ERP-related headwinds that we previously were not anticipating.

由於進入第三季生產力較低，這一成長不如我們之前預期的那麼強勁，但仍是強勁的連續成長。您還會注意到，預計下半年有利的價格成本動態將顯著加速。同時，它也考慮了我們之前未曾預料到的與 ERP 相關的其他不利因素。

Please turn to slide 18. Here we illustrate and quantify, what the full year outlook implies for the second half of the year. Despite the temporary challenges we are facing, we still expect a significant jump from the first half to the second half. Furthermore, if we take a step back, you can see the trajectory is positive looking back to the beginning of 2024. We are addressing the challenges we face head on and are firmly on the path to recovery.

請翻到第 18 張投影片。這裡我們說明並量化了全年展望對下半年的影響。儘管我們面臨暫時的挑戰，但我們仍然預計下半年將出現顯著的成長。此外，如果我們退一步來看，你會發現，回顧 2024 年初，軌跡是正面的。我們正在積極應對面臨的挑戰，並堅定地走在復甦的道路上。

Lastly, I want to direct your attention to the table in the bottom right corner. The year over year growth that we now anticipate in Q3 and Q4 implies sequential growth throughout the rest of the year. To year end, we expect production rates to improve, and the adverse impacts of new ERP system implementation to lessen.

最後，我想請大家注意右下角的表格。我們現在預計第三季和第四季的年成長意味著今年剩餘時間也將實現連續成長。到年底，我們預期生產力將會提高，新 ERP 系統實施帶來的不利影響將會減輕。

Before I hand it off for Q&A, it's important to note that the core fundamentals of this company have never been stronger, and once we move past these temporary obstacles, we'll be in an even stronger position to deliver long-term value for our customers and our shareholders. I know these results are disappointing and believe me, I share in that disappointment. For the broader context, this remains an incredibly exciting time for our company. The future is bright, and we are well positioned to emerge from this period even stronger.

在進行問答之前，我必須指出，這家公司的核心基本面從未如此強大，一旦我們克服這些暫時的障礙，我們將處於更有利的位置，為我們的客戶和股東創造長期價值。我知道這些結果令人失望，相信我，我也有同樣的失望。從更廣泛的角度來看，這對我們公司來說仍然是一個無比令人興奮的時刻。未來是光明的，我們已做好準備，以更強大的姿態走出這一困境。

With that, I will now open the call up for Q&A.

現在，我將開始問答環節。

(Operator Instructions) Timothy Wojs, Baird.

（操作員指示）蒂莫西·沃伊斯，貝爾德。

Hey guys, good morning. Thank you, thanks for all the details, maybe just to start. I guess on the guidance and the second half, kind of coming down more than you think, could you just, I guess maybe bridge us a little bit, versus the prior guidance that you have versus what you have now, and how much of that is the ERP implementation. And how much of that is just lower volumes and the under absorption associated with that.

大家好，早安。謝謝，感謝您提供的所有詳細信息，也許這只是一個開始。我想，在指導和下半年方面，下降幅度比您想像的要大，您能否稍微銜接一下，將您之前的指導與您現在的指導進行比較，其中有多少是 ERP 實施。其中有多少只是由於較低的音量和與此相關的吸收不足。

Yeah, good morning, Tim, and yeah, thanks for the question. So as we look at the kind of revision to the back half of the year and the guidance side, primarily the drivers there are going to be around the ACP performance, and the sort of ERP implement impacts that come with that. And so with that, we ended July with a 37% performance against our efficiency metric, but just to quantify, that was at a production level, total production level that was down about 20%.

是的，早安，提姆，是的，謝謝你的提問。因此，當我們審視下半年的修訂和指導方面時，主要驅動因素將圍繞 ACP 的表現，以及隨之而來的 ERP 實施影響。因此，截至 7 月底，我們的效率指標達到了 37%，但量化一下，這是在生產水準上，總生產水準下降了約 20%。

So, we finished off July being 20% of where we want to be from a top line revenue perspective on AAON branded products inside of the Longview segment. And we're seeing that accelerate. We're seeing that improve, but just kind of meaningfully considering that impact on the back half of the year.

因此，從 Longview 部門內 AAON 品牌產品的營業收入角度來看，7 月我們的營業收入已達到預期目標的 20%。我們看到這一進程正在加速。我們看到這種情況正在改善，但只是有意義地考慮到了對下半年的影響。

And then when we kind of switch over to a lesser extent on the Tulsa side, while Tulsa is certainly performing substantially better than the ACP segment, we did start the quarter at a lower performance point just with that coil impact that we had. And so really that's reflecting to a lesser extent also the lower starting point that we're ramping off of within the Tulsa segment.

然後，當我們在塔爾薩方面轉換到較小程度時，雖然塔爾薩的表現肯定比 ACP 部分好得多，但由於受到線圈的影響，我們在本季度開始時的業績確實較低。因此，這實際上在較小程度上也反映了我們在塔爾薩地區業務起點較低。

Okay, and I guess when you look at kind of what's implied, I think it's probably something in the low 30s for gross margins in Oklahoma in the back half of the year, yet you're probably going to get close to the revenue numbers that you had in the first half of '24. So I guess what is the difference in outside a few million dollars and things like Memphis kind of ramping. Between that kind of maybe low 30s number and something that was closer to [36 or 37].

好的，我想當你看一下隱含的含義時，我認為今年下半年俄克拉荷馬州的毛利率可能在 30% 左右，但你可能會接近 24 年上半年的收入數字。所以我想，除了幾百萬美元之外，孟菲斯之類的擴張計劃還有什麼區別呢？介於 30 多歲左右，或更接近[36或37]。

Yes, a great question. And so we think about the Tulsa side of the business and just want to start off that nothing has drastically changed kind of on the overall performance of that segment. There are some incremental costs that we've invested within the organization with enhancements to our end of line test procedures, some investments in additional laboratory work and really driving some of our innovation.

是的，這是一個很好的問題。因此，我們考慮塔爾薩方面的業務，首先要說的是，該部門的整體表現並沒有太大的變化。我們在組織內部投入了一些增量成本，用於改進生產線末端測試程序、對額外的實驗室工作進行一些投資，並真正推動我們的一些創新。

But when we look at that, we're talking about, tens of basis points, not hundreds of basis points. So when you really think about what are the primary drivers in the overall margin on the Tulsa segment, Memphis and the startup cost certainly is going to be one of those big cost drivers, that's going to kind of add on top of those incremental costs.

但當我們看這個問題時，我們談論的是幾十個基點，而不是幾百個基點。因此，當您真正思考塔爾薩分部整體利潤的主要驅動因素是什麼時，孟菲斯和啟動成本肯定會成為那些主要成本驅動因素之一，這將會增加那些增量成本。

And then on top of that, we have been producing BASX products within the Tulsa segment, and so that production that we're temporarily doing there just to basically provide more capacity for the BASX brand. That capacity that manufacturing is temporarily putting some strains on the overall efficiency metrics within the segment.

除此之外，我們也一直在塔爾薩分部生產 BASX 產品，因此我們暫時在那裡進行生產只是為了為 BASX 品牌提供更多產能。生產能力暫時對該領域的整體效率指標造成了一些壓力。

So that really is kind of what's putting the pressure points on there. But when we look at it from an overall kind of Tulsa perspective, we truly believe that gets back into that long term target and, that 32% to 35% on an annualized basis within that margin profile.

所以這確實就是造成壓力的原因。但當我們從塔爾薩的整體角度來看時，我們確實相信這會回到長期目標，即在利潤率範圍內以年率計算達到 32% 至 35%。

Okay, and then I guess the last question I have just data center backlog. I know it's been pretty good the last couple quarters, but it was flat sequentially anything you would kind of highlight or call out there I know that that business can kind of be lumpy, but just if you could spend a minute just on the health of the data center business and how your position there, I think that'd be helpful thanks.

好的，我想我最後一個問題是資料中心積壓。我知道過去幾季的情況相當不錯，但與上一季相比持平。您可以強調或指出哪些業務方面的問題？我知道這項業務可能會不太穩定，但如果您能花一點時間談談資料中心業務的健康狀況以及您在那裡的立場，我想這會很有幫助，謝謝。

Yeah, so from a data center perspective, I just want to start off by saying it remains incredibly strong. The activity, the engagement we have within the market remains incredibly strong. And so just to put it in perspective, the overall top line sales were up year over year 127% in the quarter. So when we look at that flat backlog, obviously suggesting, good strength in that quarter, which means good activity in the overall booking side. And that activity and that engagement has been at least, if not stronger in both July and August.

是的，從資料中心的角度來看，我首先想說的是它仍然非常強大。我們在市場中的活動和參與度依然非常強勁。從這個角度來看，本季的整體營業額年增了 127%。因此，當我們查看持平的積壓訂單時，顯然表明該季度的實力強勁，這意味著整體預訂方面的活動良好。7 月和 8 月，這種活動和參與度至少有所增強。

But when we step back and think about the data center market, a key aspect there is we've got to have the capacity to sell. And so we have just begun selling into that Memphis, investment that we have as a kind of a production capacity perspective. And we're going to start seeing the ability to sell that capacity, meaningfully impact the backlog going forward. But when we look at kind of where we stand right now, while we're ramping up production in Memphis.

但當我們退一步思考資料中心市場時，一個關鍵面向是我們必須具備銷售能力。因此，我們剛開始向孟菲斯銷售產品，我們從生產能力的角度進行投資。我們將開始看到銷售該產能的能力，並對未來的積壓產生重大影響。但當我們看看我們目前的狀況時，我們正在孟菲斯提高產量。

We also have to be realistic when we book orders to make sure, that we are providing delivery within the customer expectations and so we're going to see that Memphis facility really provide a meaningful capacity increase at the later half or later portion of this year and continuing to accelerate within 2026. And you'll start seeing orders that are basically filling that facility start to come to fruition.

我們在接受訂單時也必須實事求是，以確保我們能夠按照客戶的期望交付產品，因此我們將看到孟菲斯工廠在今年下半年或下半年真正實現產能的顯著提升，並在 2026 年繼續加速增長。您將開始看到基本上填滿該設施的訂單開始實現。

And just to maybe also give you a little bit of context, we look at the ACP performance, we look at the segment sales and really the bookings perspective on that liquid cooling order. I mentioned in the prepared commentary but just want to reiterate here that you know we continue to have active engagement with that customer not just in the current orders and follow on orders, but also working with them actively to develop the next generation liquid pooling solutions for their data centers.

也許只是為了給你一點背景信息，我們看看 ACP 的表現，看看細分市場的銷售額，以及液體冷卻訂單的預訂情況。我在準備好的評論中提到過，但我只想在這裡重申，您知道我們將繼續與該客戶積極合作，不僅在當前訂單和後續訂單中，而且還積極與他們合作，為他們的數據中心開發下一代液體池解決方案。

And so, we've kind of brought this up multiple times in the past, but it's a dynamically evolving market with new technology, and so the customization, the unique value proposition that the BASX brand provides to that data center market really resonates in that rapidly evolving and dynamically moving market. And so we're going to continue seeing good strength in bookings kind of coming off of all the engagement we're having within that market today.

因此，我們過去曾多次提到這一點，但這是一個擁有新技術的動態發展的市場，因此 BASX 品牌為資料中心市場提供的客製化、獨特的價值主張確實在快速發展和動態變化的市場中引起了共鳴。因此，我們將繼續看到預訂量的強勁成長，這得益於我們今天在該市場的所有參與。

[Anne Hillman], D.A. Davidson.

[安妮·希爾曼]，D.A.戴維森。

Thanks. Good morning. Hey Matt, maybe just picking up off that last question on just the BASX brand visibility and data center. I mean, they could just talk about the significance of the the applied digital partnership to -- for the future of BASX and orders, you know how that fits in.

謝謝。早安.嘿，馬特，也許只是想回答關於 BASX 品牌知名度和數據中心的最後一個問題。我的意思是，他們可以談談應用數位合作關係對 BASX 和訂單的未來的重要性，你知道這其中的關係。

Yes, good morning, Brent and I yeah, great question. So applied digital, it is a pretty much a pure play AI data center developer, and so really as a Data center developer, they're actively engaged in developing sort of really high-performance next generation AI infrastructure, and that really resonates with the BASX brand and be able to really create solutions that that optimize performance within that segment.

是的，早安，布倫特和我，是的，很好的問題。因此，應用數位技術，它基本上是一個純粹的人工智慧資料中心開發商，因此，作為資料中心開發商，他們積極致力於開發真正高性能的下一代人工智慧基礎設施，這與 BASX 品牌產生了共鳴，並能夠真正創造出優化該領域性能的解決方案。

And so when we look at that and we think about an AI data center as a whole, and you think about kind of where we play inside that data center, we've got the let's say the thermal management systems, that are going to be outside, which in this case are chillers. We've got the airside solutions that are going to be inside, so basically chilled water fan coil walls or craw units, and then CDUs.

因此，當我們考慮這個問題並將 AI 資料中心作為一個整體來考慮時，您會想到我們在資料中心內部所扮演的角色，我們有熱管理系統，它們位於外部，在本例中是冷卻器。我們有位於室內的空側解決方案，基本上是冷凍水風機盤管牆或爬行單元，然後是 CDU。

And with that customer we're engaged in conversations all three of those aspects. We already have orders for two of the three of those pieces, including high performance chillers that are really important as we think about, how we're going to manage. High efficiency heat rejection inside of these AI data centers, and so our team collaborated very actively with that customer to develop a solution that is optimum for AI workloads.

我們與該客戶就這三個方面進行了交談。我們已經獲得了其中兩台設備的訂單，其中包括高性能冷水機組，這對於我們思考如何管理非常重要。這些 AI 資料中心內部的散熱效率很高，因此我們的團隊與該客戶積極合作，開發出最適合 AI 工作負載的解決方案。

And really when we look at their deployment plans, we're obviously talking about the facility that they're currently building in North Dakota, but you know they're continuing to expand across the region and really from our perspective, we're actively engaged in all of those pursuits and all those collaborations.

實際上，當我們查看他們的部署計劃時，我們顯然談論的是他們目前在北達科他州建造的設施，但你知道他們正在繼續在整個地區擴張，從我們的角度來看，我們積極參與所有這些追求和所有這些合作。

So this really is first, I'll say first phase of a first step in a long relationship with that customer, managing the thermal loads as they deploy AI capacity across the country.

所以，我想說，這確實是與該客戶建立長期關係的第一步，即在他們在全國範圍內部署 AI 容量時管理熱負荷。

Okay, alright, appreciate that Matt maybe just as a follow up. Look, you look over the course of the rest of this year, it's certainly embedded some challenges here into the outlook, trying to get a sense, especially as we look into the fourth quarter.

好的，好吧，感謝 Matt 的跟進。看看，回顧今年剩餘的時間，我們肯定會發現前景中存在一些挑戰，我們試圖了解這一點，特別是當我們展望第四季度時。

Matt, I mean, still implying, reasonably strong growth here on the top line, high 20s, maybe if you could just talk a little more about what you are -- you there's this common sort of cushion in terms of the outlook. What are you embedding as we get into the fourth quarter and we're talking about fairly significant growth, towards the end of the year here.

馬特，我的意思是，仍然暗示這裡的營收成長相當強勁，達到 20 多歲，也許你可以再多談一下你的情況——就前景而言，存在這種常見的緩衝。當我們進入第四季度並談論到年底相當顯著的增長時，您嵌入了什麼？

Yeah, they certainly, as we look at the guidance that's implied for Q4 and really as a whole, we're showing acceleration quarter over quarter from Q3 to Q4. And so when you look at the implied growth that we kind of talked about in the prepared commentary, and we're talking about year for year growth in the high 20s, kind of implied, and that's the top line perspective in getting back into a margin profile in the 30s, the low 30s.

是的，當然，當我們查看第四季度以及整體的指引時，我們發現從第三季度到第四季度，季度環比增長都在加速。因此，當您查看我們在準備好的評論中談到的隱含增長時，我們談論的是 20 多歲的逐年增長，這是一種隱含的增長，這是回到 30 多歲或 30 多歲的利潤率狀況的頂線視角。

And so, certainly building upon it and kind of working our way out of the challenges that we've had operationally as we've gone live with this ERP. But when we think about kind of what's built into that, I want to first start off with, we have a lot of visibility in the backlog. So the back half of this year, we have a lot of visibility both in the AAON brand and the BASX brand. And so implied and there is certainly strong continued performance or I should say continued performance within the ACP segment on the BASX brand.

因此，我們當然會在此基礎上繼續努力，解決我們在 ERP 上線過程中遇到的營運挑戰。但是，當我們思考其中蘊含的內容時，我首先要說的是，我們對積壓工作有很高的可見度。因此，今年下半年，AAON 品牌和 BASX 品牌都具有很高的知名度。因此，這意味著 BASX 品牌在 ACP 領域內肯定會有強勁的持續表現，或者我應該說是持續的表現。

Recovery quarter over quarter in the AAON brand at the ACP segment. We're building up within Tulsa and we're going to be ramping in Tulsa substantially quarter over quarter with that backlog. So, we've got a lot of visibility in the AAON segment, and the Tulsa segment -- sorry, the Tulsa segment with the AAON branded products that we're going to see accelerating throughout the year. And all of that is sitting there with positive price dynamic in it.

AAON 品牌在 ACP 領域的表現逐季回升。我們正在塔爾薩進行建設，我們將透過積壓的訂單逐季度大幅增加塔爾薩的業務。因此，我們在 AAON 部門和塔爾薩部門獲得了很大的知名度——抱歉，塔爾薩部門擁有 AAON 品牌產品，我們將看到這些產品在全年加速成長。所有這些都具有積極的價格動態。

And so as we mentioned in the prepared commentary, Q2 barely touched on the 3% price increase and almost none of the 6% tariff surcharge. And so all of that starts to come into play in Q3 and Q4, which is helping provide some strength, obviously in top line as well as gross margin expansion. And then beyond that BASX segment, we're expecting to see kind of stability on sort of what it performed at in Q2 but increasing efficiency and so keep driving for marginal improvement in the BASX segment.

正如我們在準備好的評論中提到的那樣，第二季度幾乎沒有觸及 3% 的價格上漲，而且幾乎沒有觸及 6% 的關稅附加費。因此，所有這些都開始在第三季和第四季發揮作用，這有助於提供一些優勢，顯然是在營業收入和毛利率擴張方面。除了 BASX 領域之外，我們預計在第二季的表現將保持穩定，但效率將提高，因此將繼續推動 BASX 領域的邊際改善。

And then throw on top of that we're going to start seeing Memphis come online. So that's what's baked into it, obviously from a -- where the caution lies or what the -- as you kind of call the cushion. I mean, obviously we're still factoring in the ERP impacts within the Longview segment as we're recovering. So we're baking in, obviously the recovery off of the impacts that we had and really also taking in the fact that Q3 for the Tulsa segment.

除此之外，我們還將看到孟菲斯上線。所以，這顯然是出於謹慎考慮，或者說是緩衝。我的意思是，顯然我們在復原過程中仍在考慮 ERP 對 Longview 部門的影響。因此，我們顯然正在從所受的影響中恢復過來，同時也考慮了塔爾薩分部第三季的情況。

We started off at a lower point than we wanted to -- but again, we're going to see that strong production ramp throughout the back half of the year helping to really top up that (inaudible) or the guidance that we provided for the back half of the year.

我們的起點比我們想要的要低——但是，我們將再次看到下半年產量強勁增長，這將有助於真正補充（聽不清楚）或我們為下半年提供的指導。

Okay, appreciate that, Matt, let me just one more, I mean, fairly strong bookings here on the AAON branded product, maybe just your read on that is just a direct result of a share capture strategy you've obviously discussed for several quarters now. There are other elements to that that we have to think about in terms of driving those bookings just be curious to read on the booking strength and in that product line.

好的，謝謝，馬特，讓我再說一遍，我的意思是，AAON 品牌產品的預訂量相當強勁，也許您讀到的只是您顯然已經討論了幾個季度的份額獲取策略的直接結果。在推動這些預訂方面，我們還需要考慮其他因素，只是好奇地了解預訂實力和該產品線的情況。

Yes, as we think about the AAON brand and especially with the Tulsa, the rooftop segment, I want to start off by saying, obviously the market remains in a challenged position. So the overall non-res market. Probably sitting near the bottom of kind of the cycle, but certainly it's been a tough market within that side. So when you look at our bookings relative to that market dynamic, it's certainly is showcasing and over or an outperformed relative to the kind of macro environment there.

是的，當我們考慮 AAON 品牌，特別是塔爾薩的屋頂部分時，我想先說，顯然市場仍然處於挑戰之中。整體而言，非住宅市場是如此。可能處於週期的底部附近，但這無疑是一個艱難的市場。因此，當您查看我們相對於該市場動態的預訂量時，它肯定展示了相對於那裡的宏觀環境而言的表現，甚至超過了該宏觀環境。

And really, we talk about a lot of the things that we're focusing on. That are helping that from a share capture standpoint, but really the biggest driver that we've talked a lot about with the intentional investments we made comes down to our national account strategy, and you know we've invested heavily within internal resources to support that strategic initiative and really help [bolster] that from a growth driver for the organization.

事實上，我們談論了很多我們關注的事情。從市場佔有率的角度來看，這是有幫助的，但實際上，我們在進行有意投資時經常談論的最大驅動力是我們的全國帳戶戰略，而且您知道，我們在內部資源方面投入了大量資金來支持這一戰略舉措，並真正幫助[增強]該戰略舉措，使其成為組織的增長動力。

And when you marry up that national account strategy with, best in class, he pump technology in the alpha class, we're really seeing just unique opportunities for us to be able to capture opportunity and share within the marketplace. And so as we as we look at that and we think about the overall performance, when we see that kind of shared dynamic.

當你將國家帳戶策略與同類最佳技術結合時，我們真正看到的只是獨特的機會，讓我們能夠抓住機會並在市場中分享。因此，當我們看到這一點並思考整體表現時，我們看到了這種共享的動態。

Obviously in the backlog growth, it also does, have us review and really kind of look at the opportunity to leverage price within that environment as well. And so as we think about the opportunity going forward, we're showing that the value proposition, the pricing of our product, and really the positioning in the marketplace is really resonating and providing opportunity to continue reviewing pricing strategy going forward.

顯然，在積壓訂單成長方面，我們也進行了審查，並真正考慮了在這種環境下利用價格的機會。因此，當我們思考未來的機會時，我們會表明價值主張、我們產品的定價以及市場定位確實引起了共鳴，並為繼續審查未來的定價策略提供了機會。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Hey all, thanks for the questions. I guess that first off, Matt, what's your confidence level that the new guide captures the downside risk from the ERP? And in the press release you mentioned taking immediate actions to shore things up. Talk about that a little bit.

大家好，感謝您的提問。我想首先，馬特，您對新指南捕捉到 ERP 的下行風險的信心程度如何？您在新聞稿中提到立即採取行動鞏固現狀。稍微談論一下這個。

Yeah, so certainly from what's provided in that tax slab guidance, we've spent a lot of time ensuring that we adequately cover the risk factors, that we see and make sure that we're providing a target that is achievable and obviously has some upside potential to it. So when we look at the effort we've put and kind of where we stand from a trajectory standpoint, a visibility standpoint, and kind of where we're at from a performance and recovery standpoint, all of that's baked in adequately inside that guide to be able to provide upside against it.

是的，從稅率指導中提供的內容來看，我們花了很多時間確保充分涵蓋風險因素，我們看到並確保我們提供的目標是可實現的，並且顯然具有一些上行潛力。因此，當我們審視自己付出的努力以及從軌跡、可見性角度和性能與恢復角度所處的位置時，所有這些都已充分融入指南中，以便能夠提供優勢。

We certainly see that the impacts that we saw in in terms of production rates within the ACP segment, and then also the impacts that kind of spilled over into Tulsa, certainly was not what we wanted to see, but from a recovery standpoint, both segments we look at from a metric standpoint are showing strong recovery, that we talked about on the call with Tulsa being in July 6% below its target efficiency rate at the end of the end of the month.

我們當然看到，就 ACP 部門的生產力而言，我們看到的影響，以及蔓延到塔爾薩的影響，當然不是我們希望看到的，但從復甦的角度來看，我們從指標角度看到的兩個部門都顯示出強勁的複蘇，我們在電話會議上談到了塔爾薩在 7 月份的效率比月底的目標效率低 6%。

So we certainly are seeing all the signs in the recovery that we expected to see, [all] the impact, not or the impact lower than we wanted to see in the first place, but certainly the recovery and the path of recovery is very visible for us. When we look at the immediate actions, we took and really kind of relating to some of the supply [chainsillover], it was a certainly an unfortunate (inaudible) events as the ERP began to impact our coil production within our Longview segment, thus impacting Tulsa.

因此，我們確實看到了我們預期會看到的復甦的所有跡象，[所有]影響，不是或說影響低於我們最初希望看到的影響，但復甦和復甦的道路對我們來說是非常明顯的。當我們看到我們立即採取的行動時，我們發現這些行動確實與一些供應鏈 [chainsillover] 有關，這無疑是一個不幸的（聽不清）事件，因為 ERP 開始影響我們 Longview 分部的線圈生產，從而影響到 Tulsa。

As soon as the supply chain constraints were observed kind of from our third party vendors, our supply chain team was very proactive in getting boots on the ground, getting resources in place to tactically manage what was happening at those sites and really getting the visibility to respond and mitigate the impacts of the overall operation. And so, that activity is certainly part of the driver, where we see the Tulsa segment sitting in a much stronger position kind of coming out of July, and the reaction, the -- I'll say the ability to react to challenges is certainly one of the strengths of AAON.

一旦從我們的第三方供應商處觀察到供應鏈限制，我們的供應鏈團隊就會非常積極地前往實地，調配資源來戰術性地管理這些站點發生的情況，並真正獲得可視性以應對和減輕整體運營的影響。因此，這種活動無疑是驅動因素的一部分，我們看到塔爾薩分部在 7 月份的表現更為強勁，而反應——我想說，應對挑戰的能力無疑是 AAON 的優勢之一。

And as these things have come up, our team has jumped on every single issue has come up, got the resources in place, seeks to understand what the drivers were, and make sure that we create strategies to prevent them from happening again. And so I just want to kind of stress, when we look at the ERP as a whole, certainly the impacts in Longview were larger than we wanted to see as an organization, but the decision to go live in Longview really was very intentional to stress test the ERP as a whole.

當這些事情發生時，我們的團隊會立即著手解決每一個問題，調集資源，努力了解原因，並確保制定策略防止它們再次發生。因此，我只是想強調，當我們從整體上看待 ERP 時，Longview 的影響肯定比我們作為一個組織想要看到的要大，但在 Longview 上線的決定確實是為了對整個 ERP 進行壓力測試。

It was done to look at a site that manufactures both brands of products to manufacture coils, so that we can truly test the system in all the ways that we operate this business. You, stress test to break as much as possible, any of the things that we could possibly break so that when we go live in future locations, those same issues aren't going to come up because you've already been able to see them, resolve them, and build a system or adapt the system to make sure, that the organization can perform as expected on the future go lives.

這樣做是為了查看生產兩個品牌產品的線圈製造場地，以便我們可以真正測試我們經營這項業務的所有方式的系統。透過壓力測試，您可以盡可能地打破任何可能出現的問題，以便當我們在未來的地點上線時，同樣的問題不會再出現，因為您已經能夠看到它們、解決它們，並建立一個系統或調整系統以確保組織能夠在未來的上線時按預期執行。

So, just to stress, as much as the performance at the go live wasn't what we wanted, the lessons learned in the operational strategy has provided us a lot of confidence and sort of the ability to perform going forward.

因此，需要強調的是，儘管上線時的表現並不如我們所願，但在營運策略中學到的教訓為我們提供了極大的信心和繼續前進的能力。

Perfect. That that's helpful. And then I want to put the 4Q guide into a little context with revenue of high 20s. I don't think ERP issues will be totally back to normal at that point. So just a little context on what's assumed there, and then what is it to assume about growth for Oklahoma?

完美的。這很有幫助。然後，我想將第四季指南放在 20 多億美元的收入背景下。我認為 ERP 問題到那時不會完全恢復正常。那麼，只需稍微介紹一下這裡的假設，然後就可以知道對於俄克拉荷馬州的成長有何假設？

Yeah, I mean, Oklahoma, maybe just kind of looking at it from across the Bard. I mean, Oklahoma, you're going to see quarter over quarter strength on topline bookings as we kind of keep accelerating production capacity within that facility against that backlog, I was I like to point out and stress that. Ramping up production, it certainly is a calculated approach, and we can't just, go from 0 to 60, from a production perspective in Tulsa.

是的，我的意思是，俄克拉荷馬州，也許只是從巴德對面來看它。我的意思是，在俄克拉荷馬州，你會看到總訂單量逐季增長，因為我們會不斷提高該工廠的生產能力以應對積壓訂單，我想指出並強調這一點。提高產量當然是一種經過深思熟慮的方法，從塔爾薩的生產角度來看，我們不能只從 0 增加到 60。

And so we'll see quarter over quarter strengthening of the overall production rates in Tulsa, and that's baked into the guidance from an overall recovery perspective in the coil product segment, certainly the ERP is the guide assuming there's some lingering effect in Q4 within the ACP segment. And so while it's improving, we certainly have some consideration in there just as it continues to recover after that performance. And so that's, that is baked into the guide from a Q4 perspective.

因此，我們將看到塔爾薩的整體生產力逐季加強，這已融入線圈產品領域整體復甦的指導中，當然 ERP 是指導，假設 ACP 領域在第四季度存在一些揮之不去的影響。因此，在它不斷改善的同時，我們肯定會考慮一些因素，因為它在那次表現之後會繼續恢復。所以，從第四季的角度來看，這已經融入指南中了。

And then just from a BASX perspective, I mean it's operating kind of near its capacity within the Redmond location, and so BASX as a whole, you're not going to see a lot of acceleration of growth off of the BASX segment as we report, but you will see acceleration of the BASX brands as we begin bringing on capacity within Memphis. And so Memphis is considered to start coming online in that Q4 guide as well. In a more fashion.

然後從 BASX 的角度來看，我的意思是它在雷德蒙德地區的運作能力已經接近飽和，因此，就 BASX 整體而言，正如我們所報告的，你不會看到 BASX 部門的成長加速，但隨著我們開始在孟菲斯增加產能，你會看到 BASX 品牌的成長加速。因此，孟菲斯也被認為將在第四季度指南中開始上線。更加時尚。

All right. Last one for me, so you're going to exit 4Q at the gross margin, 30%, 31%. You quantify the ERP, impact this year $55 million, we have to set a model for '26, and I know you don't want to talk about that, but then the script you mentioned double digit top line and margin improvement. Can you give us some sort of sense of how much margin lift we could see in '26? I know it's a bit early, but it would be helpful, any color.

好的。對我來說最後一個問題是，第四季的毛利率將會是 30% 或 31%。您量化了 ERP，今年的影響為 5500 萬美元，我們必須為 26 年樹立一個模型，我知道您不想談論這個，但是您提到的腳本兩位數的頂線和利潤率改善。您能否告訴我們 26 年利潤率能提升多少？我知道現在有點早，但無論什麼顏色都會有幫助。

Yeah, so certainly, we're not getting into too much detail on '26 yet, but when we look at the overall performance from a '25 to '26 perspective, we do see the top line growth that we guided or we provided that insight to in the overall prepared commentary, our Q4 implied margins sitting at the 30% or 31%, what we're basically implying in 2026 is nearing that long term target of 32% to 35%, and that is factoring in.

是的，當然，我們還沒有對 26 年的情況進行過多的詳細說明，但是當我們從 25 年至 26 年的角度來看整體表現時，我們確實看到了我們指導的營收增長，或者我們在整體準備好的評論中提供的見解，我們第四季度的隱含利潤率為 30% 或 31%，我們暗示 2026 年將是接近 32% 的長期目標。

While we've gone through, I'll say the hardest implementation in the Longview facility in terms of its, first sight and really stress testing the system. '26 obviously will still have the additional go lives within the BASX and the Tulsa segment. So there is consideration kind of in that margin profile approaching 32% to 35% from a long-term guide perspective on some stress from the kind of future rollouts.

雖然我們已經經歷過，但我認為，就其第一眼所見和真正的系統壓力測試而言，朗維尤工廠的實施是最困難的。 '26 顯然仍將在 BASX 和 Tulsa 部門內有額外的投入使用。因此，從長期指導角度來看，利潤率接近 32% 至 35% 是考慮到未來推出的產品可能帶來的一些壓力。

Chris Moore, CJS.

克里斯·摩爾（Chris Moore），CJS。

Hey, good morning, guys. Yeah, it's, so it looks like booking's pretty good on AAON maybe we could just talk overall about the prolonged softness in rooftop. I mean, what are you thinking about the market overall in the next 16 -- 6 to 18 months? Is it, interest rates -- is it, just any thoughts you might have in the overall market?

嘿，大家早安。是的，所以看起來 AAON 的預訂情況相當不錯，也許我們可以總體上談談屋頂長期柔軟的情況。我的意思是，您對未來 16 到 18 個月的整體市場有何看法？是利率嗎—是您對整個市場有什麼看法嗎？

Yeah, so from a kind of overall macro perspective, if we look at everyone else that's released, for QT results, the -- everyone is signaling obviously volumes are down kind of in the non-res market, which we would agree with, if we look at this from an overall macro perspective, there is certainly softness probably in the 10% volumes, down to 10% volume as an overall industry perspective in the non-res market.

是的，從整體宏觀角度來看，如果我們看一下其他所有已發布的季度業績，那麼每個人都在暗示非住宅市場的交易量明顯下降，我們同意這一點，如果我們從整體宏觀角度來看，非住宅市場的交易量肯定會出現疲軟，大概在 10% 左右，從整個行業角度來看，下降到 10%。

And so to put that in context, so, when we look at the bookings trend, we certainly look like we're at the bottom of the trough. So we don't see it as a continued kind of deceleration and decline. We see ourselves certainly nearing the bottom, if not at the bottom as an industry within that segment. So, that's kind of what we're seeing.

因此，當我們查看預訂趨勢時，我們確實看起來處於低谷。因此，我們並不認為這是一種持續的減速和衰退。我們認為自己肯定已經接近底部，如果不是作為該領域的一個行業處於底部的話。這就是我們所看到的。

We see certainly the interest rates obviously are a driver, but also, I mean, interest rates at the end of the day, if they're stable eventually we get used to how to operate inside those interest rate environments. And so it's really the getting to a stable perspective that is, I'd say the big driver and so getting past some of the volatility, whether it be tariffs, whether it be interest rates.

我們當然看到利率顯然是一個驅動因素，但我的意思是，如果利率最終保持穩定，我們最終會習慣如何在這些利率環境中運作。因此，我認為，這實際上是一種穩定的視角，也是最大的驅動力，可以克服一些波動，無論是關稅還是利率。

Once we get to a normal operating cadence as an industry, the industry fundamentally figures out how to operate inside that new cost structure. And so a lot of the deceleration that we've seen, a lot of the conversations that we've seen really have centered around just the uncertainty kind of in that near term perspective. And so as we look, well 6 to 18 months out, getting into a more stable operating condition, we're going to -- we expect to see the market as a whole, be on the upswing, coming out of that. So I would just, point out though that as much as we talk about the soft and the macro market to your comment, I mean, the bookings you see with an AAON certainly showcase a different performance level against that that overall dynamic.

一旦我們的行業進入正常的營運節奏，行業就會從根本上弄清楚如何在新的成本結構內運作。因此，我們看到的許多減速，我們看到的許多對話實際上都集中在短期視角的不確定性上。因此，我們預計，在未來 6 到 18 個月內，市場將進入更穩定的營運狀態，我們預計整個市場將呈現上升趨勢。因此，我只想指出，儘管我們談論了軟市場和宏觀市場，但我的意思是，您看到的 AAON 預訂量肯定顯示出與整體動態不同的性能水平。

And again, that is really a lot of the strategy that we've had, whether it be the Alpha Class product with bookings up, above 60% in a quarter or national accounts that are showing tremendous strength in bookings, those really are the opportunities for AAON when we think about the non-res market to continue performing that market and acquire market share.

再說一次，這確實是我們制定的許多策略，無論是預訂量在一個季度內增長 60% 以上的 Alpha Class 產品，還是預訂量強勁的全國性帳戶，當我們考慮非住宅市場時，這些確實是 AAON 繼續在該市場表現並獲得市場份額的機會。

Got it. Very helpful. So maybe we just going back to investor day you talked about, in a more normalized situation, gross margins 29% to 32% for BASX, a little bit, below rooftop. Just trying to understand it, is there something fundamentally different in the rooftop market that allows a higher margin, or is it just, it's a function of the rapid growth in BASX, fully leveraging the facilities is there a point where you ever see them at parity or BASX will likely be lower, kind of long term.

知道了。非常有幫助。因此，也許我們只是回到您談到的投資者日，在更正常的情況下，BASX 的毛利率為 29％至 32％，略低於屋頂。只是想了解一下，屋頂市場是否存在根本性的不同，從而實現更高的利潤率，或者這僅僅是 BASX 快速增長的結果，充分利用這些設施，是否存在一個價格持平的點，或者 BASX 的價格可能會長期較低。

That's a great question, Chris. And really when we think about the margins, there's nothing that says we can't get to parity on the overall margin profile. The reason the commentary came and really we give that commentary regarding BASX and investor day, and kind of today as well is just as we think about its growth rate, there's inherent pressures that are created in investing ahead of that capacity,

克里斯，這個問題問得真好。實際上，當我們考慮利潤率時，沒有什麼能阻止我們實現整體利潤率的平價。我們之所以發表這樣的評論，並且實際上對 BASX 和投資者日以及今天也發表這樣的評論，是因為當我們考慮它的增長率時，在產能之前進行投資會產生內在的壓力，

And so when we think about these strong year over year growth rates, we're having to put the engineering resources, the overhead resources, the -- a lot of the manufacturing staff ahead of the overall revenue to be able to support that revenue going forward. And so that creates some strains, growing 40% year over year over year, creates some strains just in operational dynamics.

因此，當我們考慮這些強勁的同比增長率時，我們必須將工程資源、管理資源以及大量製造人員置於整體收入之前，以便能夠支持未來的收入。因此，這會產生一些壓力，年復一年地成長 40%，這在營運動態方面也會產生一些壓力。

But certainly we look at as those growth rates, I don't want to say temper, but as we get this capacity online, we we're able to start leveraging some of that, there's nothing to say we can't get our margins on parity with the overall rooftop segment, just this hyper growth stage certainly has some pressures there.

但我們當然會考慮這些成長率，我不想說是溫和的，但隨著我們在線獲得這種產能，我們能夠開始利用其中的一些，沒有什麼可以說我們不能使我們的利潤率與整體屋頂部分持平，只是這個超高速增長階段肯定會有一些壓力。

(Operator Instructions) Julio Romero, Sidoti.

（操作員說明）Julio Romero，Sidoti。

Good morning. This is Alex on for Julio. Thanks for taking questions. My first question was just circling back to backlog, I know it's up significantly year over year. Could you comment a little bit on the margin profile and pricing embedded in the backlog and, really I'm asking if these orders are sort of protected with price increases and and tariff surcharges or there's still some risk of margin compression on fulfillment.

早安.這是 Alex 為 Julio 表演的。感謝您的提問。我的第一個問題只是回到積壓問題，我知道它逐年大幅增加。您能否對積壓訂單的利潤狀況和定價發表一些評論？我實際上是在問，這些訂單是否受到價格上漲和關稅附加費的保護，或者在履行過程中是否仍然存在利潤壓縮的風險。

Yeah, and I'll bifurcate that conversation between the two brands, because there's definitely some different dynamics that exist between the two different brands, but as you look at the AAON segment or AAON brand as as the first starting point, that backlog certainly is favorably priced relative to the Q2 results and really getting down to that comment that was made in commentary, that we really just started to see that 3% January 1, price increase start hitting the overall revenue profile in Q2.

是的，我將把這個主題分成兩個品牌來討論，因為這兩個不同的品牌之間肯定存在一些不同的動態，但是當你將 AAON 部門或 AAON 品牌作為第一個起點時，相對於第二季度的業績，這個積壓訂單的價格肯定是有利的，並且真正回到評論中提到的那個評論，我們真的開始看到 1 月 1 日第二季度的價格上漲。

So when we look at that backlog from an AAON perspective, we've got 3% price plus a 6% tariff surcharge that we're going to see meaningfully impact the overall results in the back half of the year and We see that being accreted to margin when we look at the overall price cost dynamic, that price as we see it today with all the visibility we have on supply chain, there certainly is some additional kind of margin opportunity that exists inside that backlog. So on the AAON brand, it's kind of the visibility we have and the, we're buying essentially our supply chain team is actively buying the overall input costs or input products to be able to manufacture that. So a lot of visibility into kind of what that dynamic looks like.

因此，當我們從 AAON 的角度來看待積壓訂單時，我們會發現 3% 的價格加上 6% 的關稅附加費，這將對下半年的整體業績產生重大影響，而且，當我們查看整體價格成本動態時，我們會看到利潤率增加，而正如我們今天所看到的那樣，憑藉我們對額外供應的所有可見性，積壓訂單中肯定存在著某種供應的所有機會。因此，對於 AAON 品牌而言，這是我們所擁有的一種知名度，我們基本上是在購買，我們的供應鏈團隊正在積極購買整體投入成本或投入產品，以便能夠製造這些產品。因此，我們可以很清楚地看到這種動態是什麼樣子的。

On the BASX side of the business, certainly from a margin profile, there is escalation clauses that exist in the vast majority of the backlog that is extended and so there's opportunity, if dynamics were to change drastically to be able to address that with our customer base, but we also have a lot of visibility into what the input costs are and really are securing kind of longer-term supply contracts to support that. So we see that basically being more margin neutral kind of on what is built into that overall pricing in the backlog for the BASX side.

在 BASX 業務方面，當然從利潤率來看，絕大多數延期的積壓訂單都存在升級條款，因此，如果情況發生劇烈變化，我們就有機會與客戶群一起解決這個問題，但我們對投入成本也有很大的了解，並且確實在確保某種長期供應合約來支持這一點。因此，我們認為，對於 BASX 方面的積壓訂單而言，其整體定價的利潤率基本上是中性的。

Great color. Thank you for the context. And then one more from us, just changing gears a little bit. Curious if you're seeing any positive sentiment from customers as a result of the One Big Beautiful Bill Act, maybe any implications for stronger demand that, as a result of bonus depreciation or other aspects of the bill.

顏色很棒。感謝您提供的背景資訊。然後我們再說一個，只是稍微改變話題。我很好奇，您是否看到消費者因《一票美麗法案》而產生任何積極情緒，也許這會導致獎金貶值或法案的其他方面帶來更強勁的需求。

Yeah, I would say, I mean, certainly from an investment perspective and especially investment in the US, from a manufacturing, from a warehousing, from an overall capital investment standpoint, there is certainly some benefit that is improving sentiment. I wouldn't say, a light switch slips kind of when that go into the place, but certainly provided some positive trajectory which really, as I mentioned before, when we're sitting kind of on, I'll say the bottom of what we see is -- or what we see is the bottom of the cycle. Any positive movement sentiments say overall positive going forward.

是的，我想說，我的意思是，從投資角度來看，特別是在美國的投資，從製造業、倉儲業、整體資本投資的角度來看，肯定會有一些好處，可以改善情緒。我不會說，當它進入那個地方時，電燈開關就會滑動，但肯定會提供一些積極的軌跡，正如我之前提到的，當我們坐在那裡時，我會說我們所看到的底部是 - 或者我們所看到的是周期的底部。任何正面的運動情緒都表明未來總體上是正面的。

Jon Braatz, Kansas Capital.

堪薩斯首府的喬恩‧布拉茨 (Jon Braatz)。

Morning, everyone.

大家早安。

Good morning.

早安.

Matt, I know you don't want to talk too much about 2026, but can you give us a little sense of how the P&L for Memphis might look in 2026 versus 2025, sort of the delta between years?

馬特，我知道你不想談論太多關於 2026 年的事情，但你能不能給我們稍微介紹一下孟菲斯 2026 年與 2025 年的損益情況，以及年份之間的差異？

Just to clarify, I mean specifically kind of the cost drag versus the positive kind of contribution.

只是為了澄清，我指的是成本拖累與正面貢獻的具體對比。

Yes.

是的。

Yeah, so, obviously, when we acquired the Memphis facility and the way, since we started building out the overall facility, a lot of that investment, whether it be in people and staff or capital investments, they're certainly all coming ahead of the overall revenue. And so while we are, generating some revenue in Memphis in 2025, it's not offsetting kind of the overall cost structure of basically standing up that that facility.

是的，顯然，當我們收購孟菲斯工廠時，自從我們開始建造整個工廠以來，很多投資，無論是人員和員工投資還是資本投資，都肯定都超過了整體收入。因此，雖然我們在 2025 年將在孟菲斯創造一些收入，但這並不能抵消建立該設施的整體成本結構。

As we look into 2026 and as we think about orders like applied digital that we're going to be manufacturing primarily in the Memphis facility, we're going to start generating substantially more revenue to be able to offset those costs. And so the kind of way we look at Memphis in 2025 to 2026 is really going from a cost drag to an overall kind of drag on the overall financials to a positive contributor in the financials.

當我們展望 2026 年並考慮主要在孟菲斯工廠生產的應用數字等訂單時，我們將開始產生更多的收入，以抵消這些成本。因此，我們對 2025 年至 2026 年孟菲斯的看法實際上是從成本拖累轉變為對整體財務狀況的整體拖累，再轉變為對財務狀況的積極貢獻。

And really when we think about, what's happening in '26.I mean, the growth of the BASX brand, that growth is going to come through Memphis in 2026. And so the demand we have for data centers, the relationships as we continue to develop these innovative solutions, all that's going to be what's driving the 2026 growth in Memphis. And really allow it to become a positive contributor to the overall financial statement.

當我們真正思考 26 年會發生什麼時，我的意思是，BASX 品牌的成長將在 2026 年透過孟菲斯實現。因此，我們對資料中心的需求，以及我們繼續開發這些創新解決方案的關係，都將成為推動孟菲斯 2026 年成長的動力。並真正讓它成為整體財務報表的積極貢獻者。

Okay, all right, thank you. And maybe a question for Joe, in your presentation, you mentioned management will provide regular updates on implementation progress. What does that mean?

好的，好的，謝謝。也許我想問喬一個問題，在您的演講中，您提到管理層將定期提供實施進度的最新資訊。這意味著什麼？

I would just say that as we hit certain milestones that are significant, to informing you all, we will take that approach. There's nothing, in the sand today as far as exactly what and when we will be providing that information, but as we hit certain milestones, we will provide those updates.

我只想說，當我們達到某些重要的里程碑時，我們會採取這種方式來通知大家。目前我們還沒有確定具體提供什麼資訊以及何時提供，但當我們達到某些里程碑時，我們將提供這些更新。

So Joe, if you reach those milestones, you might say something. Between conference calls, is that how you should understand it?

所以喬，如果你達到了這些里程碑，你可能會說些什麼。在電話會議之間，您應該這樣理解嗎？

Potentially or a conference or, I mean, like I said, there's no set game plan to that, but we will provide regular updates when we hit certain milestones. We're trying to be as transparent as possible in an environment that is certainly impacting the financials like you've seen.

可能是一次會議，或者，我的意思是，就像我說的，對此沒有既定的計劃，但當我們達到某些里程碑時，我們會定期提供更新。如您所見，在肯定會影響財務狀況的環境中，我們正努力保持盡可能的透明。

Okay. And one last question, Rebecca, there was a significant investment in working capital in the quarter in the first half. How do you see that playing out in the second half as as operations get a little bit stronger?

好的。最後一個問題，麗貝卡，上半年在營運資本方面進行了大量投資。隨著營運變得更加強勁，您如何看待下半年的情況？

Well, we'll still have some working capital needs to support the BASX brand, and like Matt talked about this upcoming job with applied digital, to the extent we have to make, those investments prior to like all of the production coming along. Plus you do have our Memphis facility that we do need to stock up, make the investments to supply with inventory at that location.

好吧，我們仍然需要一些營運資金來支持 BASX 品牌，就像馬特談到即將到來的應用數位工作一樣，我們必須在所有生產開始之前進行這些投資。此外，我們確實有孟菲斯工廠，我們需要補充庫存，並進行投資以在該地點供應庫存。

So that's primarily been what most of those investments have been. I anticipate maybe, through I don't know, mid Q3 back half of the year, they should start to ease.

所以，大多數投資基本上都是這樣的。我預計，也許，到今年下半年第三季中期，他們應該會開始放鬆政策。

Okay, all right, thank you Rebecca.

好的，好的，謝謝你，麗貝卡。

Thank you. And at this time, Mr. Mondillo, we have no other questions registered. Please proceed.

謝謝。蒙迪略先生，目前我們沒有其他問題。請繼續。

Okay. Thanks everyone for joining the call today. If anyone has any questions over the coming days and weeks, please feel free to reach out to us. Have a great rest of the day, and we look forward to speaking with you in the future. Thanks.

好的。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，請隨時與我們聯繫。祝您今天過得愉快，我們期待將來與您交談。謝謝。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending and at this time, we ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的出席，此時，請您斷開線路。