Aaon Inc (AAON) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the AAON Inc. third-quarter 2025 earnings release conference call. (Operator Instructions)

感謝您的耐心等待。在此，我謹代表AAON公司歡迎各位參加2025年第三季財報電話會議。（操作說明）

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

謝謝。現在我將把電話交給投資者關係總監 Joseph Mondillo。

You may begin.

你可以開始了。

Thank you, operator, and good morning, everyone. The press release announcing our third quarter financial results was issued earlier this morning and can be found on our corporate website, aaon.com.

謝謝接線員，大家早安。今天早上早些時候發布了公佈我們第三季度財務業績的新聞稿，可以在我們的公司網站 aaon.com 上找到。

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 our customary forward-looking statement policy. During the call, any statement presented dealing with the 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.

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上以及僅供收聽的網路直播中找到該演示文稿。首先，我們闡述我們慣常的前瞻性聲明政策。在電話會議期間，任何涉及非歷史資訊的陳述均被視為前瞻性陳述，並根據 1995 年證券訴訟改革法案、1933 年證券法案和 1934 年證券交易法案（均已修訂）的安全港條款作出。

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 detailed 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 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.

因此，AAON 的表現會受到許多 AAON 無法控制的事件的影響，這些事件可能導致 AAON 的表現與預期績效有重大差異。你們都清楚，做出預測性陳述存在固有的困難、風險和不確定性。我們今天早上發布的新聞稿和 10-Q 表格詳細列出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聲明。我們的新聞稿和今天電話會議的部分內容使用了 G 條例定義的非 GAAP 財務指標。

You can find the related reconciliations to GAAP measures in our press release and presentation. Joining me on the call today is Matt Tobolski, CEO and President; and Rebecca Thompson, CFO and Treasurer. Matt will start off with some opening remarks. Rebecca will then follow with a walk-through of the quarterly results, and Matt will finish with our outlook for the rest of the year and some closing remarks.

您可以在我們的新聞稿和簡報中找到與 GAAP 指標相關的調整表。今天和我一起參加電話會議的有執行長兼總裁馬特·托博爾斯基，以及財務長兼財務主管麗貝卡·湯普森。馬特將先致開幕詞。接下來，Rebecca 將對季度業績進行詳細解讀，Matt 將展望今年剩餘時間的業績並作總結發言。

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

接下來，我將把電話交給馬特。

Thanks, Joe, and good morning. The third quarter marked a decisive inspection point in our operational recovery and capacity expansion. We saw substantial improvement in production throughput at both the Tulsa and Longview facilities, which drove meaningful sequential sales growth while continued strength in bookings contributed to further backlog growth. While margins in the quarter continued to be impacted by operational inefficiencies in Longview and the early ramp-up of the new Memphis facility, we continue to make steady progress and expect sequential margin improvement to continue through the fourth quarter and into early 2026, putting us firmly on track toward our longer-term goals. The BASX brand continues to perform exceptionally well, fueled by strong momentum in the data center market, where favorably priced bookings have risen sharply and the pipeline of opportunities remains robust.

謝謝你，喬，早安。第三季是我們營運恢復和產能擴張的決定性節點。塔爾薩和朗維尤工廠的生產吞吐量均大幅提高，推動了銷售額的顯著環比增長，同時訂單的持續強勁增長也促進了積壓訂單的進一步增長。雖然本季利潤率繼續受到朗維尤工廠營運效率低下和孟菲斯新工廠提前投產的影響，但我們繼續穩步前進，預計利潤率將持續改善，直至第四季和 2026 年初，這將使我們穩步朝著長期目標邁進。受資料中心市場強勁勢頭的推動，BASX 品牌持續表現出色，其中價格優惠的預訂量大幅上升，且潛在機會依然充足。

BASX branded backlog grew to $896.8 million, up 119.5% from a year ago and up 43.9% from the prior quarter. Demand for both our airside and liquid cooling products remain strong, reflecting how well our custom solutions align with customer needs. To meet this growing demand, we remain laser-focused on ramping up production capacity at our new Memphis facility. This facility adds nearly 800,000 square feet of state-of-the-art manufacturing capacity which provides considerable growth to our BASX production capabilities and positions us well for continued growth. The ramp-up of the facility is progressing as planned, with large-scale production expected by year-end.

澳洲證券交易所品牌積壓訂單成長至 8.968 億美元，較去年同期成長 119.5%，較上一季成長 43.9%。市場對我們空氣側和液體冷卻產品的需求仍然強勁，這反映出我們的客製化解決方案與客戶需求的契合度很高。為了滿足不斷增長的需求，我們將繼續全力以赴，提高位於孟菲斯的新工廠的產能。該設施新增了近 80 萬平方英尺的先進製造能力，這將極大地提升我們的 BASX 生產能力，並使我們為持續成長奠定良好基礎。該工廠的產能提升工作正按計畫進行，預計到年底將實現大規模生產。

With a strong backlog and significant increase in capacity, we expect the BASX brand to deliver meaningful growth in 2026. The AAON brand continues to perform well, with sales rising substantially from the prior quarter in bookings remaining strong. AAON branded sales grew 28.1% sequentially, driven by over 20% production increases at both the Tulsa and Longview facilities and improved utilization of the ERP system, enabling us to better meet demand. Also production returned to prior year levels. In Longview, while still about 20% below last year showed strong progress.

憑藉強勁的訂單儲備和產能的大幅提升，我們預計 BASX 品牌將在 2026 年實現顯著成長。AAON品牌持續表現良好，銷售額較上一季大幅成長，預訂量也保持強勁。AAON品牌銷售額較上季成長28.1%，這得益於塔爾薩和朗維尤工廠產量成長超過20%，以及ERP系統利用率的提高，使我們能夠更好地滿足市場需求。此外，產量也恢復到上年水準。朗維尤雖然仍比去年同期低約 20%，但已取得顯著進展。

Based on September and October exit rates, we expect Longview is nearing full recovery. Enhanced production output of AAON branded equipment resulted in a book-to-bill ratio for the brand below 1, successfully helping bring backlog in lead times of AAON branded equipment closer to normalized levels. While backlog for the brand remains higher than desired, we are making steady progress in reducing it. We are committed to achieving this in the near term, ensuring we can effectively serve our customers and restore a normal business cadence. Despite a soft commercial HVAC market and extended lead times, AAON branded bookings remain strong, while flat year-over-year due to a challenging comparison, bookings were up 15% on a 2-year stack reflecting continued strength in underlying demand.

根據 9 月和 10 月的退出率，我們預計 Longview 即將全面復甦。AAON品牌設備的產量提高，使得品牌的訂單出貨比低於1，成功地幫助AAON品牌設備的交貨週期積壓情況更接近正常水準。雖然該品牌的積壓訂單仍然高於預期，但我們在減少訂單方面正取得穩步進展。我們致力於在近期內實現這一目標，確保能夠有效地服務我們的客戶，並恢復正常的業務節奏。儘管商業暖通空調市場疲軟且交貨週期延長，但 AAON 品牌的預訂量依然強勁，雖然由於去年同期基數較高而與去年持平，但兩年累計預訂量增長了 15%，反映出潛在需求的持續強勁。

National account wins were particularly robust with bookings up 96% in the third quarter and 92% year-to-date, representing 35% of total bookings for the year. Bookings of Alpha Class air-source heat pump equipment also continued their strong momentum, up 45% quarter-over-quarter and 46% year-to-date. As I mentioned earlier, Longview's ERP implementation has progressed considerably. While production of AAON branded equipment at the facility remained about 20% below target, output improved sequentially throughout the quarter and by quarter end, production of AAON branded equipment was approaching full recovery. Production of the new BASX branded equipment in Longview has performed exceptionally well with consistent year-to-date improvement.

全國性客戶的訂單量尤其強勁，第三季訂單量成長了 96%，年初至今成長了 92%，佔全年總訂單量的 35%。Alpha 級空氣源熱泵設備的預訂量也持續保持強勁勢頭，較上季成長 45%，年初至今成長 46%。正如我之前提到的，Longview 的 ERP 系統實施已經取得了相當大的進展。雖然該廠的 AAON 品牌設備產量仍比目標低約 20%，但整個季度產量逐季改善，到季度末，AAON 品牌設備的產量已接近全面恢復。位於朗維尤的 BASX 品牌新設備的生產表現非常出色，並且今年迄今持續改進。

Despite the improvement in throughput, we continue to work through efficiency challenges that are weighing on facility profitability. We view these as temporary and expect meaningful margin improvement in the coming quarters. In Tulsa, average production levels for the quarter reflected a full recovery. And by quarter end, we're running ahead of target. We've made strong progress in improving coal supply, which supported the higher production volumes.

儘管生產效率有所提高，但我們仍在努力克服影響工廠獲利能力的效率挑戰。我們認為這些只是暫時的，並預計未來幾季利潤率將顯著改善。在塔爾薩，該季度的平均產量水準反映出全面復甦。到季度末，我們的業績將超過目標。我們在改善煤炭供應方面取得了顯著進展，這支撐了更高的產量。

And while our supply of coils remains constrained, we are effectively managing through these constraints. With the Longview implementation now well underway, we have gained valuable experience and insight, both operational and technical that will guide future ERP rollouts and greatly enhance our readiness to efficiently deploy the ERP system across our other facilities. While we continue to expect some level of operational impact as future sites transition, we are far better prepared to manage these challenges with strengthened internal processes, improved training programs and a proven framework that positions us to execute future implementations with greater speed, precision and minimal disruption. We've applied the lesson plans from Longview to the Memphis go live, which occurred on November 1, and we continue to expect Redmond to transition in the first half of 2026 with Tulsa following in the second half. I will now turn the call over to Rebecca, who will walk through the financials in more detail.

雖然我們的線圈供應仍然有限，但我們正在有效地應對這些限制。隨著 Longview 的實施進展順利，我們在營運和技術方面都獲得了寶貴的經驗和見解，這將指導未來的 ERP 系統推廣，並大大提高我們在其他工廠高效部署 ERP 系統的準備程度。儘管我們預計未來站點過渡期間會受到一定程度的營運影響，但透過加強內部流程、改進培訓計劃和成熟的框架，我們已做好更充分的準備來應對這些挑戰，這使我們能夠以更快的速度、更精確的程度和最小的干擾來執行未來的實施。我們已將朗維尤的經驗教訓應用到孟菲斯的上線工作中（孟菲斯於 11 月 1 日正式上線），我們仍然預計雷德蒙德將在 2026 年上半年完成過渡，塔爾薩將在下半年跟進。現在我將把電話交給麗貝卡，她將更詳細地講解財務狀況。

Thank you, Matt. Net sales in the quarter increased year-over-year $57 million or 17.4% to $384.2 million. The increase was driven by a 95.8% rise in BASX freighted sales due to continued demand for data center solutions, and increasing production out of our Memphis facility. AAON branded sales were roughly in line with the prior year, declining 1.5% but increased 28.1% sequentially, driven by solid production gains at both Tulsa and Longview facilities. Gross margin was 27.8%, down from 34.9% in the prior year, but up 120 basis points sequentially.

謝謝你，馬特。本季淨銷售額年增 5,700 萬美元，增幅 17.4%，達到 3.842 億美元。由於對資料中心解決方案的持續需求，以及我們孟菲斯工廠產量的增加，BASX 貨運銷售額成長了 95.8%，推動了這一成長。AAON品牌銷售額與上年大致持平，下降了1.5%，但環比成長了28.1%，這主要得益於塔爾薩和朗維尤工廠的穩健產量成長。毛利率為 27.8%，低於上年的 34.9%，但較上季成長 120 個基點。

The year-over-year contraction was primarily due to operational inefficiencies associated with the ERP system implementation and unabsorbed fixed costs related to the new Memphis facility. Sequentially, the improvements reflect progress made in optimizing the new ERP system and the resulting increases in production throughput at both the Tulsa and Longview facilities. Non-GAAP adjusted EBITDA margin was 16.5%, down from 25.3% a year ago, but up 160 basis points in the previous quarter. Diluted EPS was $0.37, down 41.3% from a year ago, but up 94.7% sequentially. Below the line pressures included elevated DD&A from Memphis and technology consulting fees related to the ERP implementation.

年比下降主要是由於 ERP 系統實施帶來的營運效率低下以及與孟菲斯新工廠相關的未吸收固定成本。從順序上看，這些改進反映了在優化新的 ERP 系統方面取得的進展，以及由此帶來的塔爾薩和朗維尤工廠生產吞吐量的提高。非GAAP調整後的EBITDA利潤率為16.5%，低於去年同期的25.3%，但比上一季成長了160個基點。稀釋後每股收益為 0.37 美元，較上年同期下降 41.3%，但季增 94.7%。線下壓力包括來自孟菲斯的較高 DD&A 費用以及與 ERP 實施相關的技術諮詢費用。

Looking at the segment financials, starting with AAON, Oklahoma, net sales grew 4.3% year-over-year and 29% sequentially. The growth was driven by a strong backlog entering the quarter and improved production throughput that enabled higher backlog conversion. Oil supply also improved, allowing us to efficiently scale production of AAON branded equipment. Segment gross margin was 31.5%, down from 36.8% in the prior year period, but up sequentially 400 basis points. The year-over-year contraction was primarily due to approximately 4.5 million in unabsorbed fixed costs associated with the new Memphis facility.

從各業務部門的財務數據來看，首先是俄克拉荷馬州的 AAON，其淨銷售額年增 4.3%，季增 29%。成長的驅動力是季度初強勁的訂單積壓和生產效率的提高，從而提高了訂單積壓轉換率。石油供應也有所改善，使我們能夠有效地擴大AAON品牌設備的生產規模。分部毛利率為 31.5%，低於去年同期的 36.8%，但較上季成長 400 個基點。年比下降的主要原因是與孟菲斯新工廠相關的約 450 萬美元固定成本尚未消化。

AAON Coil Product sales increased $35 million or 99.4% from the year ago period. The year-over-year increase was driven by $46.5 million in BASX branded liquid cooling product sales, a category that was not in production during the prior year period. AAON branded sales at this segment declined $10.9 million or 31.6% due to the ERP implementation disruptions. Sequentially, AAON branded sales grew 36.2% reflecting improved utilization of the new ERP system and the resulting increase in production throughput since its go-live in April. Despite the improved throughput, gross margin declined sequentially, reflecting several discrete items which collectively impacted gross margin by 1,050 basis points in the quarter.

AAON線圈產品銷售額較上年同期成長3,500萬美元，增幅達99.4%。年比成長主要得益於 BASX 品牌液體冷卻產品銷售額達到 4,650 萬美元，而該類別在去年同期並未投產。由於 ERP 實施中斷，AAON 品牌在該領域的銷售額下降了 1,090 萬美元，降幅達 31.6%。AAON品牌銷售額較上季成長36.2%，反映出新ERP系統的利用率提高，以及自4月上線以來生產吞吐量的增加。儘管產量有所提高，但毛利率環比下降，這反映出幾個單獨的項目，這些項目在本季度合計對毛利率產生了 1050 個基點的影響。

We expect these challenges to be resolved with our ERP progress. And over time, we expect this segment will deliver gross margin of around 30% based on the strength of pricing within the backlog. Sales of the BASX segment grew 19.2% driven by sustained demand of data center solutions as the market continues to demonstrate strong momentum, and the business captures additional market share. Initial production from our new Memphis facility played a key role in driving growth. Gross margin contracted modestly due to higher indirect warehouse personnel costs associated with operating the Redmond facility near full capacity.

我們預計隨著ERP系統的推進，這些挑戰將會得到解決。隨著時間的推移，我們預計該業務板塊的毛利率將達到 30% 左右，這主要得益於積壓訂單的定價優勢。受資料中心解決方案持續強勁成長的推動，BASX 業務部門的銷售額成長了 19.2%，該業務板塊獲得了更多市場份額。我們位於孟菲斯的新工廠的初期生產對推動成長起到了關鍵作用。由於雷德蒙工廠接近滿載運轉，間接倉庫人員成本較高，導致毛利率略為下降。

Optimization efforts at this facility remain a focus and are expected to accelerate as the Memphis facility continues to ramp. Cash, cash equivalents and restricted cash balances totaled $2.3 million on September 30, 2025, and debt at the end of the quarter was $360.1 million. Our leverage ratio was 1.73. Year-to-date, we had cash outflows from operations of $18.8 million compared to cash inflows of $191.7 million in the comparable period a year ago. Capital expenditures for the first three quarters, including expenditures related to software development, increased 22.1% to $138.9 million.

該工廠的優化工作仍然是重點，隨著孟菲斯工廠的持續增產，預計優化工作將會加快。截至 2025 年 9 月 30 日，現金、現金等價物及受限現金餘額總計 230 萬美元，季末債務為 3.601 億美元。我們的槓桿率為 1.73。今年迄今為止，我們的營運活動現金流為 1,880 萬美元，而去年同期現金流入為 1.917 億美元。前三個季度的資本支出（包括與軟體開發相關的支出）成長了 22.1%，達到 1.389 億美元。

We had net borrowings of debt of $205 million over this period, largely the finance investments in working capital, capital expenditures and $30 million in open market stock buybacks that we executed in the first quarter, all of which we anticipate will generate attractive returns. Overall, our financial position remains strong. We anticipate cash flow from operations will turn significantly positive in the fourth quarter as working capital, including contract assets become a source of cash, reflecting payments received on a large order that was recent started deliveries. This gives us flexibility and allows us to continue to focus on investments that will drive growth and generate attractive returns. We now anticipate 2025 capital expenditures will be $180 million compared to our previous estimate of $220 million.

在此期間，我們的淨借款債務為 2.05 億美元，主要用於營運資金、資本支出以及我們在第一季執行的 3000 萬美元公開市場股票回購，我們預計所有這些都將產生可觀的回報。整體而言，我們的財務狀況依然穩健。我們預計，隨著營運資金（包括合約資產）成為現金來源，第四季度經營活動產生的現金流將顯著轉正，這反映了近期開始交付的大訂單的款項已收到。這賦予我們靈活性，使我們能夠繼續專注於能夠推動成長並產生可觀回報的投資。我們現在預計 2025 年的資本支出將為 1.8 億美元，而我們先前的估計為 2.2 億美元。

The reduction primarily reflects project timing and the inability to fully deploy funds this year with the majority of these expenditures expected to shift into 2026. I will now turn the call over to Matt.

此次削減主要反映了專案進度安排以及今年無法充分利用資金的情況，預計大部分支出將推遲到 2026 年。現在我將把通話交給馬特。

Thank you, Rebecca. As previously mentioned, backlog remains strong across both brands, giving us the confidence in visibility to stay focused on production and execution. The BASX brand remains the key growth driver of the company, fueled by exceptional demand for the data center market and the unique custom design solutions that we provide our customers. In the quarter, BASX security strong volume of new orders at attractive margins, most of which are scheduled for production at our new Memphis facility in 2026. This sets us up to ramp production efficiently next year to optimize the fixed cost investments made in 2025 and drive robust growth for the BASX brand in 2026.

謝謝你，麗貝卡。如前所述，兩個品牌的訂單積壓情況依然強勁，這讓我們有信心專注於生產和執行。BASX 品牌仍然是該公司的主要成長動力，這得益於資料中心市場的強勁需求以及我們為客戶提供的獨特客製化設計解決方案。本季度，BASX 獲得了大量利潤率可觀的新訂單，其中大部分計劃於 2026 年在我們位於孟菲斯的新工廠投產。這將使我們能夠在明年高效地提高產量，從而優化 2025 年的固定成本投資，並推動 BASX 品牌在 2026 年實現強勁成長。

The AAON brand also maintained strong momentum. Backlog at the end of the quarter was up 77.1% year-over-year, reflecting strong demand across our business. While backlog size and lead times remain extended we are actively managing this by ramping production. Despite commercial HVAC volumes being down double digits year-to-date, bookings have stayed strong, demonstrating the resilience of our business. For the fourth quarter, we expect double-digit revenue growth driven by continued production recovery and pricing actions implemented earlier this year.

AAON品牌也維持了強勁的發展動能。本季末的積壓訂單年增 77.1%，反映出我們業務各方面的強勁需求。雖然積壓訂單量和交貨週期仍然較長，但我們正在透過提高產量來積極應對這種情況。儘管今年迄今商業暖通空調銷量下降了兩位數，但預訂量依然強勁，這表明我們業務具有韌性。我們預計第四季度營收將實現兩位數成長，這主要得益於持續的生產恢復和今年稍早實施的價格措施。

This positions us well for 2026 as comparison fees. However, looking to 2026, we also plan to implement the ERP system at our Tulsa facility in the second half of the year. While we expect minimal disruption based on our Longview learnings, there may be some short-term production impact during the transition. Turning to our 2025 outlook. We now anticipate full year sales growth in the mid-teens at a gross margin of 28% to 28.5%.

這使我們在 2026 年的比較費用方面處於有利地位。不過，展望 2026 年，我們也計劃在下半年在塔爾薩工廠實施 ERP 系統。根據我們在 Longview 專案中的經驗，我們預計此次過渡將不會造成太大影響，但短期內可能會對生產造成一些影響。接下來展望2025年。我們現在預計全年銷售額將成長15%左右，毛利率為28%至28.5%。

Adjusted SG&A as a percent of sales expected to be 16.5% to 17%. Before I hand it off for Q&A, I just want to finish by saying, while we continue to navigate some near-term challenges, we're making steady progress across all areas of the business. Our operational execution is improving, production is ramping, demand remains robust and cash flow is trending in the right direction. As we look ahead, we are extremely excited about the opportunities that 2026 will bring. With that, I will now open the call for Q&A.

調整後的銷售、一般及行政費用佔銷售額的百分比預計為 16.5% 至 17%。在進入問答環節之前，我只想最後說一句，雖然我們仍在應對一些短期挑戰，但我們在業務的各個領域都取得了穩步進展。我們的營運執行力正在提升，產量正在逐步提高，需求依然強勁，現金流也朝著正確的方向發展。展望未來，我們對2026年將帶來的機會感到無比興奮。接下來，我將開放問答環節。

(Operator Instructions) Ryan Merkel, William Blair.

（操作說明）瑞安·默克爾，威廉·布萊爾。

Congrats on the quarter, a lot of things to like here. I wanted to start off with the BASX orders, which I think for me is the headline. You talked about liquid cooling being strong. You talked about Memphis is fully coming to line. But just speak to fibers, speak to your confidence in your outlook for 40% to 50% growth for the BASX segment.

恭喜你本季業績出色，有很多值得稱道的地方。我想先從BASX的訂單說起，我認為這才是重點。你之前說過液冷散熱性能很強。你提到孟菲斯正在全面步入正軌。但請談談纖維產業，談談您對BASX板塊40%至50%成長前景的信心。

And then you mentioned order visibility is pretty good. I just want to get a sense that you continue to expect strong orders.

然後您提到訂單可見度相當不錯。我只是想確認一下，你是否仍然預期會有強勁的訂單。

Great question. And to start, maybe looking back to the Q2 earnings call, where the sort of backlog in BASX was flat, it was obviously a point of question from a lot of individuals. We mentioned on that call that obviously, we have to have the capacity and the visibility in our ability to execute those orders in order to really start taking on large orders to support the Memphis growth. As we've kind of progressed through the third quarter, we've had a lot more traction and visibility and kind of understanding what that ramp rate looks like, which allowed us to effectively go out to the market and really start filling the coffers for the Memphis facility. That, coupled with continued strength on liquid cooling orders out of the Longview site airside solutions at both Memphis and the Redmond site, provide a lot of that backlog growth.

問得好。首先，或許可以回顧第二季財報電話會議，當時 BASX 的積壓訂單量持平，這顯然是許多人提出的問題。我們在電話會議上提到，顯然，我們必須具備執行這些訂單的能力和透明度，才能真正開始承接大訂單，以支持孟菲斯的成長。隨著我們進入第三季度，我們獲得了更多的進展和可見性，也對產能爬坡速度有了更清晰的了解，這使我們能夠有效地進入市場，並真正開始為孟菲斯工廠籌集資金。再加上朗維尤工廠的液冷訂單在孟菲斯和雷德蒙德工廠的空氣側解決方案方面持續強勁增長，這為積壓訂單的增長提供了很大一部分動力。

And so the Q3 sort of order security was really a good mix of orders in both airside and liquid side orders kind of across all of our sites, but certainly with a strong amount of focus on the Memphis facility as we look to ramp that up in late '25 into '26. As we think through the visibility, I would just say that the activity our team is having in the pipeline conversations, in projects across existing as well as a number of new customers continues to strengthen and remain very strong. And so we're having a lot of interest really across the product portfolio in tremendous amount of conversations across the sort of entire network of data center developers, but you look to really capitalize on the continued growth and align our unique value proposition to those customers. So really, we see the BASX -- the growth story is certainly being very strong, certainly have good growth in 2025. And as we go into 2016, we'll see continued good strength in converting that backlog into sales.

因此，第三季的訂單保障情況在空側和液態側訂單方面都表現良好，涵蓋了我們所有站點，但尤其關注孟菲斯工廠，因為我們計劃在 2025 年末到 2026 年期間提高其產能。從可見性的角度來看，我想說的是，我們的團隊在現有客戶和眾多新客戶的專案中開展的管道溝通活動正在不斷加強，並且保持著非常強勁的勢頭。因此，我們在整個產品組合中都獲得了極大的關注，與整個資料中心開發商網路進行了大量的交流，但我們希望真正利用持續成長，並將我們獨特的價值主張與這些客戶的需求相匹配。所以，我們看到 BASX 的成長前景非常強勁，2025 年肯定會有良好的成長。進入 2016 年，我們將看到將積壓訂單轉化為銷售額方面繼續保持良好勢頭。

That's great. Okay. Perfect. And then the one [nitpick] this quarter was gross margin. Good to hear though the ERP.

那太棒了。好的。完美的。這個季度唯一美中不足的是毛利率。很高興聽到ERP的消息。

You're feeling strong there. The implied guidance for 4Q gross margin, 31%, you're showing a step-up. But let's just take the two pieces. So in Oklahoma, if I add back sort of the Memphis unabsorbed and you're going to be getting the full production there soon, it sounds like, and then the price cost, which is really just a timing thing. Should we think about sort of gross margins on a normalized basis for the Oklahoma segment at that 35%, 36% level? That's the first part of the question.

你覺得自己狀態很好。第四季毛利率的隱含預期為 31%，顯示業績有所提升。但我們只考慮這兩個部分。所以，在俄克拉荷馬州，如果我把孟菲斯未被吸收的產能加回去，你很快就會在那裡獲得全部產量，聽起來是這樣，然後是價格成本，這實際上只是一個時間問題。我們是否應該考慮將俄克拉荷馬州業務的毛利率調整到 35% 或 36% 的正常水平？這是問題的第一部分。

Yes. And certainly, the math we're doing is putting in that range. So when we back out the Memphis impact and we back out that price cost differential kind of on that near-term kind of tariff dislocation, that does put you right in that mid-30s. Certainly, we see some additional pressures that existed when we look at the kind of year-over-year comp from '24 to '25 in Q3, certainly, you got another 200-ish basis points of kind of gap there. And really, what I would say is we've been ramping up production, kind of meeting some near-term needs of BASX products inside the Oklahoma segment, which while profitable in its sales, it certainly is a new product introduction into that facility that just caused some manufacturing inefficiencies where production lines aren't optimized kind of to build that, but we were doing it to ensure we met customer demand.

是的。當然，我們所做的數學計算正是將範圍設定在這個範圍內。所以，當我們剔除孟菲斯的影響，並剔除短期關稅錯位造成的價格成本差異時，價格就會正好落在 30 多美元的水平。當然，當我們查看 2024 年到 2025 年第三季的同比數據時，我們看到了一些額外的壓力，確實存在大約 200 個基點的差距。實際上，我想說的是，我們一直在提高產量，以滿足俄克拉荷馬州地區對 BASX 產品的一些近期需求。雖然該產品銷售盈利，但對於該工廠來說，這無疑是新產品的引入，導致了一些生產效率低下的問題，因為生產線還沒有針對該產品進行優化。但我們這樣做是為了確保滿足客戶的需求。

So I'd say that mid-30s with some headroom on top of that really is where we see the Oklahoma segment kind of on a normalized basis.

所以我認為，俄克拉荷馬州人群的平均年齡在 35 歲左右，並且在此基礎上還有一些上升空間，這才是比較正常的年齡範圍。

Got it. All right. I'll leave the ACP questions for others, but it sounds like there's some discrete items there and 30% long term as a target. So that's kind of what I expected. Now I wanted to give you an opportunity before I turn it over to just comment on the short report was out.

知道了。好的。關於 ACP 的問題，我留給其他人解答，但聽起來其中有一些獨立的項目，長期目標是 30%。所以這跟我預想的差不多。在把發言權交給你之前，我想給你一個機會，讓你對這份簡短的報告發表一下看法。

I don't know if that's something you want to do. So I'll give you that out. But there were two claims that I was hoping you could respond to. One, the change in accounting has inflated revenues. And then two, a large liquid cooling gross margins are in the 20% range.

我不知道這是否是你想做的事。所以我把那件事告訴你。但我希望您能回應兩個問題。第一，會計準則的改變導致收入虛高。其次，大型液冷系統的毛利率在 20% 左右。

Just any thoughts there?

大家有什麼想法嗎？

Yes. So just maybe to start off on that report and other way, just to hit this head on, we want to just kind of reaffirm that we take the integrity of our financial reporting incredibly seriously. And it is regularly reviewed by our independent auditors. And so these statements that are prepared and presented are fully in accordance with GAAP and with the rules of ASC 606. From a confidence standpoint, we're incredibly confident in the strength of our business and the appropriateness of our accounting practices in our operations overall.

是的。所以，為了從這份報告入手，或者說，為了直截了當地說明這一點，我們想重申，我們非常重視財務報告的完整性。而且它會定期接受我們獨立審計師的審查。因此，這些編製和提交的報表完全符合公認會計原則和ASC 606的規定。從信心的角度來看，我們對公司的實力以及整體營運中會計實務的適當性都非常有信心。

So with that, just saying that the demand for our products, the pricing of our products remains incredibly strong, and our focus is on executing our strategy, serving the customers and making sure we deliver that long-term value for our shareholders. As we talk through the portfolio change in an accounting practice, just to state that, that is the ASC 606 standard, which is how revenue has been recognized for the BASX brand kind of throughout its history and since being acquired by AAON.

因此，我想說的是，我們產品的需求和定價仍然非常強勁，我們的重點是執行我們的策略，服務客戶，並確保我們為股東創造長期價值。當我們討論會計實務中的投資組合變化時，需要說明的是，這是 ASC 606 標準，這是 BASX 品牌在其發展歷程中以及被 AAON 收購以來確認收入的方式。

When we look at the dynamics, there was certainly an increase in contract assets in the first half relative to that one large liquid cooling order which is recognized as a custom engineered custom manufactured product recognized on a percent of completion basis. And so when we think about this in context, that one order that was acquired late in the year last year and kind of converting through it this year, it was nearly the size that single order was nearly the size of all of BASX in 2024. And so that's just mathematically is going to drive that change in a near-term perspective on the contract assets.

從動態來看，上半年合約資產肯定有所增加，而那筆大型液冷訂單被確認為定制工程定制製造產品，按完工百分比確認。因此，當我們從這個角度來考慮這個問題時，去年年底獲得的那筆訂單，並在今年逐步完成轉換，其規模幾乎相當於 2024 年整個 BASX 的規模。因此，從數學角度來看，這將在短期內推動合約資產的變化。

But in Q3, you saw those contract assets declined. You saw the receivables jump showing that conversion and shipping and doing to that customer. And so that conversion is going to drive cash strength as receivables are kind of converted to cash in and throughout the fourth quarter. The look in that -- I mean, that liquid cooled order itself, again, just to reaffirm, that is a custom engineer products developed in the standard process in which BASX support our customers over its entire history. And so just kind of reaffirming that, that is not a contract manufactured product.

但第三季度，這些合約資產有所下降。你可以看到應收帳款大幅成長，這表明轉換率、出貨量以及對該客戶的服務都有所提升。因此，隨著應收帳款在第四季及整個季度逐步轉化為現金，這種轉換將增強現金實力。就外觀而言——我的意思是，就液冷訂單本身而言，再次重申一下，那是按照 BASX 在整個發展歷程中為客戶提供支援的標準流程開發的客製化工程師產品。所以再次重申一下，這不是代工生產的產品。

It was engineered to a specification from a customer, much the same as we have executed the development and execution of BASX products over its entire history. It is priced well. It is not priced at some low margin kind of perspective. We're executing well. We're delivering for the customer.

它是根據客戶的規格設計的，這與我們過去開發和執行 BASX 產品的方式非常相似。價格很合理。它的定價並非基於低利潤的考量。我們執行得很好。我們正在為客戶提供服務。

We're delivering the quality that customer expects, and we continue to receive add-on orders for that product as well as developing and collaborating on other cutting-edge innovations for the data center space. So all that to say, I mean this is executing in accordance with regulations. It's executing incredibly well and profitably for our customers some of the ACP near-term stuff is looking to do with the price perspective on the product, its inefficiency as we've kind of rolled out some of that growth.

我們正在提供客戶期望的質量，並且我們不斷收到該產品的追加訂單，同時我們也在開發和合作開發資料中心領域的其他尖端創新技術。總而言之，我的意思是，這一切都是按照規定執行的。它執行得非常出色，為我們的客戶帶來了豐厚的利潤。 ACP 的一些近期計劃是著眼於產品的價格前景，以及我們在推出一些成長計畫時所存在的效率低下問題。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Matt, Rebecca. Great to be on with you for the first time and a good quarter to be on for the first time on. I want to go to your CapEx guide lowering it to $180 million and the comments you made, Rebecca. Anything we should read or infer from that into kind of the timing of your planned capacity ramp, whether at Memphis or elsewhere in the business that we should be thinking about?

馬特，麗貝卡。很高興第一次和你們一起合作，這季度也是個不錯的開始。麗貝卡，我想看看你把資本支出指南降低到 1.8 億美元，以及你所做的評論。我們應該從中解讀或推斷出什麼訊息，來幫助您確定計劃產能提升的時間安排，無論是在孟菲斯還是在公司其他地方？

No, I don't think so. Is this a slight shift from moving some amounts between Q4 to Q1. So I don't think the lowering of that CapEx is going to slow down the ramp-up of Memphis. The Memphis facility has already really built out with most of the equipment we need to do the ramp-up right now. So next year's additional plants would just be increasing capacity for future growth.

不，我不這麼認為。這是由於第四季到第一季期間部分資金轉移造成的輕微變化嗎？所以我認為降低資本支出不會減緩孟菲斯計畫的啟動速度。孟菲斯工廠基本上已經建成，配備了我們目前啟動生產所需的大部分設備。因此，明年新增的工廠只是為了增加未來成長所需的產能。

So it should not impact those ramp-up plans at all.

因此，這完全不會影響這些產能提升計畫。

Okay. And then since Ryan teased it up, I might as well ask about the discrete onetime at ACP. Can you just give a little color on that and kind of how you lap them as we go into 4Q in '26 here?

好的。既然瑞恩已經提起這件事，那我不妨問問他在 ACP 的那次秘密經歷。你能稍微詳細地介紹一下，以及我們在 2026 年第四季是如何超越他們的嗎？

Just to start off, I wanted to maybe just take the ACP segment for a second and look at this from a quarter-over-quarter perspective, we saw really good strength in growth in the AC segment. And absent to these free items that we kind of referenced, you see a margin around 27%, which is showing good quarter-over-quarter growth in both the throughput as well as the overall margin profile. Some of these discreet items that kind of are question. I mean there's essentially operational inefficiencies, some of which are being -- or most of which will abate kind of with the optimization of the ERP, the rest of which just with some additional manufacturing process improvement. Nothing to do with pricing.

首先，我想稍微看一下ACP細分市場，從季度環比的角度來看，我們看到AC細分市場的成長動能非常強勁。除去我們剛才提到的這些免費項目，利潤率約為 27%，這表明吞吐量和整體利潤率都實現了良好的季度環比增長。有些細節令人質疑。我的意思是，本質上存在一些營運效率低下的問題，其中一些問題正在（或者說大部分）隨著 ERP 系統的優化而得到緩解，其餘的問題則可以透過一些額外的製造流程改進來解決。與價格無關。

The liquid cooling order is priced at very compelling levels. And as I mentioned earlier to Ryan's question that liquid cooling order itself is a solutions-based product solution-based win was not a low-bid type situation. So priced well and really just focused on getting that execution kind of fully in order. And looking forward, we're confident when we say the segment is at least a 30% gross margin business based on what we have in the backlog, based on what we have with the margin profile in the backlog and really just focus on execution for both the BASX and AAON brands.

液冷產品的定價極具競爭力。正如我之前在回答 Ryan 的問題時提到的那樣，液冷訂單本身就是一個基於解決方案的產品，基於解決方案的中標並不是低價中標的情況。所以定價合理，而且確實專注於把執行工作完全做好。展望未來，我們有信心說，根據我們目前的積壓訂單量和積壓訂單的利潤率情況，該業務板塊的毛利率至少可以達到 30%，我們真正需要做的就是專注於 BASX 和 AAON 品牌的執行。

Yes. And is that -- is ACP where we see the most improvement sequentially into 4Q to kind of help us get to that 31% that was referenced earlier, if that's the right number for (inaudible) for 4Q?

是的。那麼，ACP 是否是我們在第四季度看到最大程度改善的地方，從而幫助我們達到之前提到的 31% 的目標（如果 31% 是第四季度的正確數字的話）？

Definitely quarter-over-quarter, you're going to see strong improvement. ACP definitely being a big driver of that improvement. But I would say, I mean, you're also going to see some incremental improvement within the Oklahoma segment as well kind of as that price cost dynamic get on the right side from the tariff impact.

可以肯定的是，季度環比來看，你會看到顯著的改善。ACP無疑是推動這項進步的重要因素。但我想說，我的意思是，隨著關稅的影響，俄克拉荷馬州的價格成本動態逐漸好轉，你也會看到該州市場出現一些漸進式的改善。

Okay. Perfect. And lastly, obviously, really strong data center orders for BASX this quarter, great to see the increase in backlog. Can you talk a little bit about the customer mix and profile there? You mentioned liquid versus airside, but just give us a sense of the demand profile across the customer base.

好的。完美的。最後，很顯然，BASX本季的資料中心訂單非常強勁，很高興看到積壓訂單增加。您能談談那裡的客戶組成和特徵嗎？您提到了液體運輸與空運，但請您簡單介紹不同客戶群的需求。

Yes, it's a pretty broad-based actually. And I would say that when we look at the amount of interaction and conversation in the space right now, it is across sort of the entire profile of data center developers. So obviously, there's big strength and continued strength within the hyperscalers, but within a lot of the, I'll say, the contract builders, the colocation providers, the (inaudible) seeing strength really across the profile in the order activity and in the quote activity in that space.

是的，它的基礎確實相當廣泛。我想說，當我們觀察目前這個領域的互動和對話量時，會發現它幾乎涵蓋了資料中心開發人員的整個群體。顯然，超大規模資料中心營運商實力雄厚，並且持續保持強勁勢頭，但許多其他營運商，例如合約提供商、託管服務提供商，以及（聽不清楚）都展現出了強勁的勢頭，無論是在訂單活動還是報價活動中。

Chris Moore, CJS Securities.

克里斯摩爾，CJS證券。

Maybe we'll shift from BASX to rooftop. Can you just talk a little bit about pricing at this point in time, the current AAON premium. And maybe just your big picture thoughts on rooftop in '26.

或許我們會從BASX轉移到屋頂。您能否談談目前的定價狀況，以及AAON目前的保費？或許你只是想談談 2026 年在屋頂上的一些宏觀想法。

Yes. So from a pricing standpoint, I mean, obviously, we put on price twice this current calendar year. So early getting rate first, put in 3% and then additional 6% kind of came in through the tariff surcharge. So sitting a little above 9% compounded for the year. As we look forward, we're definitely in the midst right now of really kind of all of our analytics and kind of where cost drivers are looking as we go into 2026.

是的。所以從定價的角度來看，我的意思是，很顯然，我們今年已經兩次提價。所以，先拿到了早期利率，投入了 3%，然後再透過關稅附加費又增加了 6%。所以今年的複利收益率略高於 9%。展望未來，我們目前正處於全面分析和研究2026年成本驅動因素的關鍵階段。

So no real guidance at this point on kind of what pricing actions are going to come in the near to midterm. But I would say that we certainly see the price premium of AAON equipment is still existing, for sure, kind of inside the space, maybe ever so slight contraction from last year to this year, but really seeing the price premium and the value proposition is still being sold kind of throughout that product ramp. Looking to your question more, I'll say, on the market perspective, I mean, certainly, the space remains soft, the commercial HVAC space remains soft. As we do a lot of our checks with our sales channel partners, a lot of the commentary we're getting is there's actually a pretty substantial uptick in bid activity but still soft in the overall order conversion. So I say that to say that as a positive indicator, certainly showing there's a lot of activity kind of brewing inside the space.

因此，目前對於近期到中期內將採取哪些定價措施，還沒有真正的指導意見。但我認為，AAON 設備的價格溢價仍然存在，這一點毋庸置疑，雖然可能比去年略有收縮，但確實可以看到，在整個產品推廣過程中，價格溢價和價值主張仍然得到體現。進一步回答你的問題，從市場角度來看，我的意思是，當然，這個領域仍然疲軟，商業暖通空調領域仍然疲軟。我們在與銷售通路合作夥伴進行大量核查時，得到的回饋是，競價活動實際上出現了相當大的成長，但整體訂單轉換率仍然疲軟。所以我說這話是想說明，這是一個正面的訊號，肯定表示這個領域內部正在醞釀著很多活動。

But obviously, in the near term, if not converting to actual orders, it's not converting to new projects. And so when we think about what that looks like into '26 indicates we're going to enter '26 kind of in continued softness, but I'd say that demand we're seeing with that bid activity we would look to see that sort of start converting midway through the year into sort of strengthening of the overall order cadence from a macro perspective. But that aside, with that kind of as the macro driver, we continue to remain incredibly focused on some of the unique growth drivers that are sort of providing us that outperform in bookings, things like the Alpha Class air-source heat pump product differentiation really getting out in the marketplace and ensuring that we're selling to the market and effectively communicating to the market that value proposition as well as the continued focus on that national account strategy. So we see those being the, I'll say, the levers that are allowing us to continue outperforming from a bookings perspective against the softer macro backdrop.

但顯然，在短期內，如果不能轉化為實際訂單，就無法轉化為新項目。因此，當我們展望 2026 年時，這表明我們將進入 2026 年，市場將持續疲軟，但我認為，從目前的競標活動來看，我們預計到年中，這種疲軟態勢將從宏觀角度開始轉化為整體訂單節奏的增強。但撇開這些不談，在這種宏觀驅動因素的影響下，我們仍然非常專注於一些獨特的成長驅動因素，這些因素正在為我們帶來超額訂單，例如 Alpha Class 空氣源熱泵產品的差異化真正進入市場，確保我們向市場銷售產品，並有效地向市場傳達這一價值主張，以及繼續專注於全國客戶戰略。因此，我們可以說，這些因素是讓我們能夠在宏觀經濟疲軟的背景下，繼續在預訂方面取得優異成績的關鍵。

Perfect. Very helpful. And maybe just a follow-up back to BASX in terms of gross margins. We've had lots of discussions currently and ultimately, in terms of where the margins could be at the Investor Day, and we talked about 29% to 32%, a little bit below rooftop. And I'm just, again, trying to understand is there something structural in BASX that couldn't get to the mid-30s or it's just the rapid growth is going to make it difficult for a while to get to that level?

完美的。很有幫助。或許還可以跟進BASX的毛利率狀況。目前我們已經進行了很多討論，最終在投資者日上，我們討論了利潤率可能達到的水平，大約在 29% 到 32% 之間，略低於預期。我只是想再次了解，BASX是否存在某種結構性因素導致其無法達到30多點，還是說快速成長使得其在一段時間內難以達到該水準？

It's a great question. And certainly, our kind of putting it around that 30% level is really sort of setting what we see as the sort of near-term execution targets kind of within that space. From a perspective standpoint, it took AAON 30-some-odd years to really get into that mid-30s range. And a lot of that was driven by really good execution around improvements around manufacturing process, coupled with obviously pricing competitiveness. And so as we start getting more and more, I'll say, we get the ability to really kind of get some of our production lines stable, we can really start focusing on pulling the cost and putting dollars to the bottom line in those spaces.

這是一個很好的問題。當然，我們將其設定在 30% 左右的水平，實際上是將我們認為的近期執行目標設定在這個範圍內。從長遠來看，AAON 花了三十多年才真正達到 30 多歲的水平。這很大程度得益於製造流程改進方面的出色執行，當然還有價格競爭力。因此，隨著我們越來越有能力讓一些生產線穩定下來，我們就可以真正開始專注於降低成本，並在這些領域提高利潤。

And so I would just say from an expectation setting standpoint, that 30% range is really kind of where we want to keep everyone grounded. But certainly, we're an organization that is focused on outperforming. And so for us, looking at how do we keep driving better execution and really keep driving improvement of that is going to be something that is certainly front of mind as we keep progressing forward.

所以，從設定預期的角度來看，30% 這個範圍是我們希望大家保持務實態度。但可以肯定的是，我們是一個致力於超越自我的組織。因此，對我們來說，如何不斷提高執行力並真正不斷改進，無疑是我們不斷前進過程中需要重點考慮的問題。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

On the Oklahoma business, Matt, I mean where are your lead times today kind of relative to normal? And I guess as you think about kind of converting the Tulsa facility next year on the ERP side. I guess how are you kind of communicating that to people in the channel? And how are you preparing for any sort of I guess, kind of order pull forward that might kind of happen as a result of that implementation?

馬特，關於俄克拉荷馬州的業務，我的意思是，你們目前的交貨週期與正常情況相比如何？我想，你明年可能會考慮對塔爾薩工廠的ERP系統進行改造。我想問的是，你是如何把這些訊息傳達給頻道裡的人的？那麼，對於實施該政策後可能出現的任何訂單提前交付的情況，你們是如何準備的呢？

Certainly a great questions. And on the lead times, when you look at the Oklahoma segment, where they stand today, they're probably sitting around 50% higher than we wanted to be. And again, our focus here is really on getting that execution up, getting that volume up at that facility and really start pulling that back down. So one thing I'd say is, well, obviously, backlog growth is a big conversation on the BASX side of the business. On the AAON side, our big driver here is let's get that backlog down.

這的確是個好問題。至於交貨週期，以俄克拉荷馬州為例，目前的情況是，交貨週期可能比我們預期的高出 50% 左右。再次強調，我們這裡的重點是提高生產效率，提高工廠的產量，並真正開始降低產量。所以我想說的是，很顯然，積壓訂單成長是 BASX 業務的重要議題。AAON 這邊，我們最大的目標就是盡快解決積壓問題。

Let's get that lead time kind of back in check where we want them to be, just to be able to make sure that we're meeting the market demands appropriately. As we think about, I'll say, kind of getting ahead of things within the ERP side. We're certainly going to be substantially more proactive. Again, I'll just say lessons learned around the Longview side to make sure we get ahead of it. And provide some buffer kind of in sort of what we communicate to the market to make sure we deliver and the schedules that are met with our best foot forward.

讓我們把交貨週期調整到我們想要的水平，以確保我們能夠適當地滿足市場需求。當我們思考的時候，我想說，要提前做好ERP方面的工作。我們肯定會採取更積極主動的措施。我再說一遍，我們在朗維尤這邊吸取了一些經驗教訓，以確保我們能夠領先一步。在與市場溝通時留出一些緩衝空間，以確保我們能夠按時交付，並盡我們所能做到最好。

So that's going to be definitely going to be part of our intentional kind of before go-live messaging strategy ahead of a pulse that go live. Exactly what that's going to look like and kind of what buffer that's still certainly part of an operational conversation. But certainly will be something we're looking at throughout the mid-part of '26.

所以這肯定會成為我們上線前有意制定的資訊發布策略的一部分，為正式上線做好準備。具體會是什麼樣子，以及需要預留多少緩衝空間，這當然仍然是營運討論的一部分。但可以肯定的是，這將是我們在 2026 年中期需要關注的事情。

Okay. And speaking of operations, I mean, you just, I think, hired a COO. Could you maybe talk about what kind of those responsibilities are going to be for him in kind of maybe the near and intermediate term and kind of what he brings to AAON?

好的。說到營運方面，我的意思是，我想你們剛剛聘請了一位營運長。您能否談談在近期和中期內，他將承擔哪些職責，以及他能為AAON帶來什麼？

Yes. And really maybe what I'll do is I'll start by kind of just framing a perspective here, which is we've been very fortunate to go through some tremendous growth, which is incredibly exciting. It's an awesome opportunity for our organization, for our team to grow and to really thrive inside that space. And as we think about AAON five years ago versus AAON today, I mean, we've got facilities, we've got some monster growth coming out of brand new facilities. We've had massive expansion in Longview, strong investment in Redmond and continued investment inside the Tulsa facility, all of that supported by strong demand.

是的。也許我會先從闡明一個觀點開始，那就是我們非常幸運地經歷了巨大的發展，這令人無比興奮。對於我們組織、我們的團隊來說，這是一個絕佳的機會，讓我們能夠在這個領域成長並真正蓬勃發展。當我們回顧五年前的 AAON 和今天的 AAON 時，我的意思是，我們擁有了新的設施，全新的設施帶來了巨大的成長。我們在朗維尤進行了大規模擴張，在雷德蒙德進行了大力投資，並在塔爾薩工廠內部持續進行投資，所有這些都得到了強勁需求的支持。

So the company over the last 5 to 10 years, it's really transformed. It's kind of gotten a lot of legs below it and really built itself up in stature and mass. And so when we think about what Roberto brings to the organization, it's the ability to effectively manage consistency across all five facilities. And drive best practice lean manufacturing, visible manufacturing, really across the organization and get the right ability to be able to attack the problems before they become problems. And so he's got experience operating up to 23 facilities expertly in manufacturing and really something that the operations team and the whole team of AAON and BASX is incredibly excited about as we look to continue capitalizing on the growth drivers in a very profitable fashion.

所以，在過去的5到10年裡，這家公司發生了翻天覆地的變化。它下面長出了很多腿，而且體型和體積也確實增長了不少。因此，當我們思考羅伯託為組織帶來的價值時，那就是有效管理所有五個設施一致性的能力。並在整個組織內推行精實生產、視覺化生產的最佳實踐，從而具備在問題出現之前就解決問題的能力。因此，他擁有營運多達 23 個製造工廠的豐富經驗，AAON 和 BASX 的營運團隊和整個團隊都對此感到無比興奮，因為我們期待繼續以非常盈利的方式利用成長動力。

Okay. Okay. That's great. And then I guess just two questions -- two time modeling questions. I guess, first, is there any way to just quantify the free cash flow that you expect in the fourth quarter?

好的。好的。那太棒了。然後我想問兩個問題——兩個時間建模問題。首先，有沒有辦法量化您預計第四季的自由現金流？

And then as you kind of think about bringing on Memphis, do you have like a DNA number that we should think about for AAON in 2026?

那麼，在考慮引進孟菲斯的時候，你們有沒有一個類似DNA數字的概念，供我們在2026年為AAON設定？

So I don't have a quantification of the free cash flows for Q4. It should be considerably up. I mean, especially you saw it turn positive this quarter. We're starting to -- we had delays in getting some of our buildings out. So we're collecting those now in the fourth quarter.

因此，我沒有第四季自由現金流的量化數據。應該會大幅上漲。我的意思是，尤其是你看到它在本季度轉為正值。我們正在著手——我們的一些建築物的搬遷工作出現了延誤。所以我們現在正在第四季收集這些數據。

Yes. It should be up significantly, but I don't have a good estimate to give you just off the cuff. And then on -- so for 2025, we expect the year will be in the $75 million to $80 million range, and then we expect to see like another $20 million to $25 million in 2026.

是的。應該會有大幅上漲，但我現在無法立即給出準確的估計。然後——所以對於 2025 年，我們預計這一年的收入將在 7,500 萬美元到 8,000 萬美元之間，然後我們預計 2026 年將再增加 2,000 萬美元到 2,500 萬美元。

(Operator Instructions) Julio Romero, Sidoti & Company.

（操作說明）Julio Romero，Sidoti & Company。

This is Alex on for Julio. Just a follow-up on ERP. I know we talked a little bit about lessons learned alluded to that, but maybe we could get a little more specific on key lessons learned from Longview that you're applying to Memphis and maybe even what milestones you thought about before greenlighting the rollout to Memphis?

這是Alex替Julio報。關於ERP系統的後續問題。我知道我們之前稍微談到了一些經驗教訓，也提到了這一點，但或許我們可以更具體地談談你從朗維尤學到的關鍵經驗教訓，以及你正在應用到孟菲斯的經驗教訓，甚至在批准向孟菲斯推廣之前，你考慮過哪些里程碑？

Yes. From a lesson learned, I mean, I'll say there's kind of a variety of people and process side of it. But just high level, what I would say is some of the configuration change and lesson learned that we've implemented into Longview as well as Memphis is streamlining some of the automation that can be provided in process flow inside the ERP that wasn't fully implemented, I'll say, kind of on the initial go-live that caused too much manual interaction that slowed down some of the production velocity. And so we really kind of streamline some of those processes and we've really greatly enhanced DMI hands-on training within the system. I think the lessons learned is we did a lot of training as part of the go live, but a lot of it was more classroom setting versus getting really more live hands on how you would live in the system on a day-to-day basis.

是的。從經驗教訓來看，我的意思是，這其中涉及到形形色色的人和各種不同的流程。但從總體上看，我想說的是，我們在 Longview 和 Memphis 實施的一些配置變更和經驗教訓，簡化了 ERP 系統內部流程中的一些自動化功能。這些功能在最初的上線階段並沒有完全實現，導致人工互動過多，從而降低了生產速度。因此，我們確實簡化了一些流程，並且大大加強了系統內的 DMI 實務訓練。我認為我們學到的教訓是，我們在系統上線前進行了大量培訓，但其中許多培訓都是課堂式的，而不是真正地讓學員親身實踐如何在日常工作中運用該系統。

And so a lot of that kind of was lessons learned out of the Longview site. And really, that was informing the kind of go-live strategy within the Memphis site. And Memphis has been live for about a week now and really been operating in a smooth fashion, albeit lower volumes than what we have in Longview, but kind of on a go-live and a ramp-up perspective, behaving very well.

因此，許多經驗教訓都是從朗維尤基地學到的。事實上，這影響了孟菲斯站點的上線策略。孟菲斯已經上線大約一周了，運行非常順利，雖然交易量比朗維尤低，但從上線和逐步提升的角度來看，表現非常好。

Great. I think going hand-in-hand with streamlining and ERP work might be automating with AI. So I was curious if you could touch on any sort of work with that.

偉大的。我認為，與流程精簡和企業資源規劃 (ERP) 工作相輔相成的，或許就是利用人工智慧來實現自動化。所以我很好奇您是否能談談這方面的工作。

Yes. I mean, certainly, as a manufacturer that greatly supports the explosive growth of the data center investment around AI, it certainly also informs kind of how we leverage AI and organizations. So there's a lot of things we're looking at. I mean everything from how we analyze warranty claims for trends, how we look at predictive analytics around unit performance. There's a lot of sort of projects going on.

是的。我的意思是，當然，作為一家大力支持人工智慧資料中心投資爆炸性成長的製造商，這當然也會影響我們如何利用人工智慧和組織。所以有很多事情我們正在關注。我的意思是，從我們如何分析保固索賠的趨勢，到我們如何看待設備性能的預測分析，所有這些都包括在內。目前有很多項目正在進行中。

But certainly, as time progresses, AI will become more and more relevant kind of in our strategy. But what I would say now is we have a lot of things that are more in the sandbox and planning phase as we look at how to leverage AI, both from a operations perspective but also from a value driver for our customers' perspective.

但可以肯定的是，隨著時間的推移，人工智慧在我們的策略中將變得越來越重要。但我現在想說的是，我們有很多事情還處於探索和規劃階段，我們正在研究如何利用人工智慧，既從營運角度，也從為客戶創造價值的角度。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Great. I guess, question, Matt, just as you peel back the layers here within the risk top business, your thoughts on what seems to be working in terms of the share capture strategy. I heard you comment on the national accounts growth maybe how that informs how that kind of strategy is working and anything else in and around that?

偉大的。我想問的是，馬特，就像你一層層剝開高風險業務的面紗一樣，你認為在股份取得策略方面哪些做法似乎行之有效？我聽到您評論了國民經濟核算的成長，也許這會影響這類策略的運作方式，以及其他相關內容？

Yes. So to maybe peel it back in kind of two pieces. I think when we look at what we call the more transactional type orders, the standard kind of end market orders, we see that softness kind of that you hear across the overall commercial HVAC space on the more everyday type orders. We see that kind of in our order cadence as well. And so when we look at where the growth drivers have been, I'd say two things that are big differentiators for us that have allowed us to outperform in bookings has been the Alpha Class air-sourced heat pump.

是的。所以或許可以把它分成兩個部分剝開。我認為，當我們審視所謂的交易型訂單，也就是標準的終端市場訂單時，我們會發現，在整個商業暖通空調領域，日常訂單中普遍存在的疲軟態勢。我們的訂單節奏也反映了這種趨勢。因此，當我們審視成長的驅動因素時，我認為有兩件事對我們來說是很大的差異化因素，使我們能夠在預訂量方面表現出色，那就是 Alpha Class 空氣源熱泵。

So from an innovation and sort of a product differentiation standpoint, continue to see that getting some good traction inside the space as we really have a best-in-class solution that operates in sort of your southern climate all the way to your low term climates with sort of the more Alpha Classes stream program. So that's definitely been a driver that's sort of allowing that differentiation of product to really capture the hearts and souls of a lot of organizations. And it really aligns well with that national account customer. So when we think about national account customers looking to reduce carbon footprints with portfolios of facilities all across the country. That Alpha Class product definitely is a huge conversation starter and a differentiator kind of inside the space.

因此，從創新和產品差異化的角度來看，我們繼續看到我們在該領域獲得了良好的發展勢頭，因為我們確實擁有一流的解決方案，該方案適用於從南方氣候到低海拔氣候的各種情況，並適用於更高端的 Alpha Classes 系列產品。所以這無疑是推動產品差異化真正贏得眾多組織青睞的重要因素之一。這與該全國性客戶的需求非常契合。因此，當我們想到那些希望透過遍布全國的設施組合來減少碳足跡的全國性客戶時。Alpha Class 產品絕對是該領域內一個巨大的話題引子和差異化優勢。

And with the three tiers of that product. We rolled that out in a way that provided solid pricing points, really depending on kind of what the market is from an environmental perspective. And so we don't need to go all the way to the Alpha Class stream, low ambient air-source heat pump if I'm delivering a product in Florida. But when we look at some of the northern states, the solutions that we have in terms of efficiency, performance points and cost points really can't be beat inside the marketplace. And so that's really allowed a broad conversation on that national account space, really around air-source heat pumps, decarbonization to be able to provide really a solution across the portfolio that really can't be met by anyone else in the marketplace.

本產品分為三個等級。我們以一種能夠提供可靠定價點的方式來推出這項服務，這實際上取決於市場從環境角度來看的情況。因此，如果我在佛羅裡達州交付產品，我們就不需要採用 Alpha 級低環境空氣源熱泵了。但當我們審視一些北方州時，就會發現我們在效率、性能和成本方面提供的解決方案在市場上是無可匹敵的。因此，這確實促成了在國家客戶領域，圍繞著空氣源熱泵和脫碳的廣泛對話，從而能夠為整個產品組合提供市場上其他任何人都無法滿足的解決方案。

And so a lot of that on some of that conversation and growth really in both the national accounts as well as really just transactional air-source heat pumps.

因此，許多討論和增長都涉及了國民帳戶以及實際的空氣源熱泵交易。

Got it. And then on the BASX side, whether you wanted to talk around the orders this quarter, Matt, or kind of an immediate pipeline? I mean one of the objectives here is to try and get into maybe more of the standardized products. And I guess, question one is, are you starting to see those orders come through? Is it far too early for that?

知道了。那麼在 BASX 方面，馬特，你是想談談本季的訂單情況，還是想談談近期的訂單儲備情況？我的意思是，我們的目標之一是嘗試進入更多標準化產品領域。那麼，第一個問題是，您是否開始看到訂單到貨了？現在是不是太早了？

And maybe just the diversification of customers that are reflected in these orders?

或許正是這些訂單反映出了客戶群的多元化？

And just to maybe put a clarifying point. When we look at the productization of strategy, I wouldn't say we're going to be a standard product by any stretch. What I would say is really just envision that as the same solution or the same mindset around how AAON goes to market with a software-driven semi-custom, still very much value-driven products just in a little bit more of a wells off platform that provides some more efficiencies in how we go to market. But I just want to kind of clarify that it wouldn't really go to sort of a standardized product definition. It's still very much is highly configurable, value-driven solutions.

或許我還要補充一點說明。當我們審視策略的產品化時，我絕對不會說我們會成為一個標準化的產品。我想說的是，這其實就是同樣的解決方案或同樣的思維方式，圍繞著 AAON 如何以軟體驅動的半客製化產品進入市場，這些產品仍然非常注重價值，只是在一個更開放的平台上，從而提高了我們進入市場的效率。但我只想澄清一下，它並不會形成某種標準化的產品定義。它仍然是高度可配置、以價值為導向的解決方案。

But I would say we're certainly starting to get into quote activity on those products. We're in the early innings, really on getting that in the marketplace. And so certainly out there having the conversation, but that backlog growth that we see right now that is reflective of the historic solution-based, the custom products that BASX brand has built itself on since its formation. Customer-wise, I mean, there's obviously, a couple of large orders that exist inside that sort of backlog growth. But I would say there's also a scattering of other smaller customers kind of in there.

但我認為，我們肯定已經開始收到這些產品的報價了。我們現在還處於起步階段，主要目標是將產品推向市場。因此，我們當然會就此展開討論，但我們現在看到的積壓訂單成長反映了 BASX 品牌自成立以來一直秉持的以解決方案為導向的客製化產品理念。從客戶角度來看，很明顯，在這種積壓訂單成長中，存在著幾個大訂單。但我認為其中也零星分佈著一些其他的小客戶。

So there is definitely a couple of big hitters in that backlog growth, but there's also a diversity in the customer base in what we're growing right now.

因此，積壓訂單成長中肯定有幾個大客戶，但我們目前成長的客戶群也呈現多樣性。

Okay. Last one. Obviously, a big chunk of orders here is to fill the Memphis capacity that comes on to, I think, just based on past conversations, Matt, you sort of want to be deliberate about that, work through any inefficiencies as that facility ramps up. I guess the question I have is do you have what you want for now? Or are you comfortable continuing to push and capture more orders for that facility even as it hasn't ramped up quite yet?

好的。最後一個。顯然，這裡很大一部分訂單是為了填滿孟菲斯工廠的產能，我認為，根據過去的談話，馬特，你應該對此有所考慮，在工廠產能提升的同時，努力解決任何效率低下的問題。我想問的是，你現在擁有你想要的東西嗎？或者，即使該工廠尚未完全投產，您是否也樂於繼續推進並爭取更多訂單？

Yes, a great question. I mean, I think the -- there's definitely good backlog sitting in there right now to help ramp that facility in a measured perspective. But there also is some headroom in there, especially as we get into the second half of next year to start putting in some more demand into that facility. And so there is room to definitely keep putting orders in there as we get more and more traction. The facility as it stands today, just kind of maybe perspective, it has the ability to have seven production lines put in place.

是的，問得好。我的意思是，我認為——目前那裡肯定有大量的訂單積壓，可以從穩健的角度幫助該設施逐步擴大規模。但其中也存在一些成長空間，尤其是在明年下半年，隨著我們對該設施的需求增加，這種成長空間就更加明顯了。因此，隨著我們獲得越來越多的市場認可，肯定還有繼續下單的空間。從目前的情況來看，該設施有能力設置七條生產線。

We're sitting at three today. We're adding -- we're working to add a couple more. But there certainly is all of that five to seven production lines are not fully booked out. And so there is room to -- as we keep growing it out to keep ramping up production at that facility, but I would definitely be thinking about that from a looking statements for orders that will be coming in for start delivery in the back half of next year.

我們今天排名第三。我們正在增加——我們正在努力再增加幾個。但可以肯定的是，五到七條生產線並沒有完全排滿。因此，隨著我們不斷擴大規模，不斷提高該工廠的產量，我們還有發展的空間。但我肯定會從展望明年下半年開始交付的訂單的角度來考慮這個問題。

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

目前沒有其他問題了。現在我將把電話轉回給管理團隊，請他們作總結發言。

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

好的。感謝各位參加今天的電話會議。如果在接下來的幾天或幾週內有人有任何問題，請隨時與我聯繫。祝您今天餘下的時間過得愉快，我們期待未來與您再次交流。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。