AAON, Inc. (AAON) 2026 Q2 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Aaon Incorporated second quarter 2026 earnings release conference call. (Operator Instructions) I would now like to turn the conference over to Joe Mondillo, Director of Investor Relations. The floor is yours.

感謝各位耐心等候。此刻，我謹代表公司歡迎各位參加 Aaon Incorporated 2026 年第二季財報發布電話會議。(接線員指示) 現在我想將會議交給投資人關係總監 Joe Mondillo。請開始。

Thank you, operator, and good afternoon, everyone. The press release announcing our second quarter 2026 financial results was issued earlier this afternoon 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 our listen-only webcast.

謝謝你，接線員，各位下午好。我們於今天下午稍早發布了公告 2026 年第二季財務結果的新聞稿，可在我們公司網站 aaon.com 查閱。今天的電話會議亦搭配一份簡報，您也可在我們網站以及僅收聽的網路直播中取得。

We begin with our customary forward-looking statement policy. During the call, any statement presented dealing with information that is not historical is considered forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, and the Securities Exchange Act of 1934, each as amended. As such, it is subject to the occurrence of many events outside of AAON’s control that could cause AAON’s results to differ materially from those anticipated.

我們先從慣例的前瞻性陳述政策開始。在本次電話會議中，任何涉及非歷史資訊的陳述均屬前瞻性陳述，並依據 1995 年《私人證券訴訟改革法》、1933 年《證券法》以及 1934 年《證券交易法》（均為修訂後）之「安全港」條款作出。因此，該等陳述可能受到 AAON 無法控制的多項事件影響，致使 AAON 的實際結果與預期出現重大差異。

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 afternoon detail some of the important risk factors that may cause our actual results to differ from those in our predictions. Please note that we do not have a duty to update our forward-looking statements.

各位都了解進行預測性陳述所固有的困難、風險與不確定性。我們今天下午提交的新聞稿與 10-Q 表格中，詳述了若干重要風險因素，可能導致我們的實際結果與預測不同。請注意，我們沒有義務更新任何前瞻性陳述。

Our press release and portions of today’s call use non-GAAP financial measures as defined in Regulation G. You can find the related reconciliations to GAAP measures in our press release and presentation. Joining me on today’s call is Matt Tobolski, President and CEO; and Andy Cheung, our CFO. Matt will start off with some opening remarks. Andy will follow with a walkthrough of the quarterly results, and Matt will finish up with our updated outlook for 2026.

我們的新聞稿以及今天電話會議的部分內容使用了《G 規則》(Regulation G) 所定義的非 GAAP 財務衡量指標。您可在新聞稿與簡報中找到與 GAAP 指標的相關調節表。今天與我一同參與電話會議的有總裁暨執行長 Matt Tobolski，以及財務長 Andy Cheung。Matt 將先做開場致詞。接著 Andy 將帶領各位回顧本季業績，最後 Matt 會說明我們更新後的 2026 年展望。

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

接下來，我把電話會議交給 Matt。

Thanks, Joe, and good afternoon. Q2 was another strong quarter, building on the momentum established in Q1 and reflecting continued execution across the business. Higher throughput across all four of our major facilities resulted in substantial volume growth, demonstrating the value of recent investments we have made across the organization, including supply chain management, lean manufacturing, operational excellence initiatives, expanded capacity, and leadership development.

謝謝，Joe，各位下午好。第二季再度表現強勁，延續第一季建立的動能，並反映我們在全公司持續落實執行。我們四大主要廠區的產出吞吐量全面提升，帶動顯著的出貨量成長，展現我們近期在供應鏈管理、精實製造、營運卓越計畫、擴充產能與領導力發展等方面投資的價值。

These efforts translated into our fourth consecutive quarterly revenue record, with sales increasing 101% year-over-year and 26% sequentially. EBITDA more than doubled from the prior year period, and we generated substantial earnings growth while converting backlog at a much faster pace across the enterprise. These results are tangible evidence that the investments we have made are translating into measurable operating progress.

這些努力使我們連續第四季創下單季營收新高，銷售額年增 101%，季增 26%。EBITDA 較去年同期增加逾一倍；同時，我們在全公司以更快速度消化在手訂單（backlog），帶來可觀的獲利成長。這些成果清楚證明，我們的投資正轉化為可衡量的營運進展。

For an industrial manufacturing company, this level of organic growth and operational scaling is exceptional, and it reflects the strength of our markets, our strategy, and our people. Despite the substantial increase in production rates during the first half of the year, backlog remains nearly double prior year levels. Sequentially, backlog declined because production and shipments increased significantly across the enterprise, resulting in accelerated backlog conversion. That is exactly the outcome we have been working to achieve.

對一家工業製造公司而言，這樣的有機成長與營運規模擴張相當出色，反映我們市場的強勁、策略的有效，以及團隊的實力。儘管上半年產能提升幅度很大，在手訂單仍接近去年同期的兩倍。就季比而言，在手訂單下降，原因是全公司產量與出貨大幅增加，帶動在手訂單加速轉換。這正是我們一直努力要達成的結果。

Customer engagement remains strong. Our pipeline of opportunities remains healthy, and backlog continues to provide meaningful visibility into future growth. Let me begin our brand discussion with BASX. The long-term market opportunity remains compelling, supported by continued investment in data center infrastructure and the differentiated solutions we provide to the market. BASX-branded sales were a record, increasing 216% year-over-year in the quarter and 501% on a two-year stack.

客戶互動仍然強勁。我們的商機管線維持健康，在手訂單也持續為未來成長提供有意義的能見度。我先從 BASX 品牌談起。在資料中心基礎設施持續投資，以及我們向市場提供的差異化解決方案支持下，長期市場機會仍具吸引力。BASX 品牌銷售創下新高，本季年增 216%，兩年疊加（two-year stack）成長 501%。

For the first half of the year, sales were up 137% year over year and 570% on a two-year stack. Achieving and sustaining this level of growth requires coordination across engineering, operations, supply chain, manufacturing, and our field teams. Production increased across our facilities, and I hope all of our stakeholders appreciate the significance of what our teams have accomplished. As we have scaled at an unprecedented pace, maintaining high standards across quality, delivery, and customer support has remained a major focus.

上半年累計銷售年增 137%，兩年疊加成長 570%。要達成並維持這樣的成長幅度，需要工程、營運、供應鏈、製造以及前線團隊之間的協同合作。我們各廠區的產量均有所提升，我希望所有利害關係人都能理解團隊所完成成果的重要性。在我們以前所未有的速度擴張之際，維持品質、交期與客戶支援的高標準仍是我們的重點。

We continue to see meaningful improvement as the systems, processes, and teams we have been building become more mature and effective. The progress is translating into better outcomes for our customers and stronger execution across the enterprise. BASX-branded bookings were below the unusually elevated levels experienced in recent quarters. However, we do not view that as a change in the long-term opportunity.

隨著我們建立的系統、流程與團隊日益成熟並更有效運作，我們持續看到顯著改善。這些進展正轉化為客戶更好的成果，以及全公司更強的執行力。BASX 品牌接單（bookings）低於近幾季異常偏高的水準。然而，我們不認為這代表長期機會出現變化。

These projects are large in scale and can generate quarter-to-quarter variability in booking activity and award timing. Customer engagement remains strong. Our opportunity pipeline remains healthy, and backlog continues to provide substantial visibility into future growth opportunities.

這些專案規模龐大，可能導致接單活動與得標時點在季度間出現波動。客戶互動仍然強勁。我們的商機管線維持健康，在手訂單也持續為未來成長機會提供相當的能見度。

More importantly, our ability to support customers continues to improve as throughput increases, lead times come down, and additional capacity comes online. The underlying market opportunity remains very favorable, and we continue to see substantial long-term opportunities for growth.

更重要的是，隨著吞吐量提升、交期縮短以及新增產能上線，我們支援客戶的能力持續改善。基本面市場機會仍非常有利，我們持續看到可觀的長期成長機會。

Turning to the AAON brand. The AAON brand continued to perform exceptionally well, gaining market share despite a relatively soft commercial HVAC market. AAON-branded sales increased 40% year-over-year and 5% sequentially, reflecting improved production throughput, strong demand, and continued execution improvement across the business. These results point to meaningful market share gains and reinforce the strength of our product offering, sales channel, and customer relationships.

接著談 AAON 品牌。儘管商用 HVAC 市場相對疲弱，AAON 品牌仍表現出色並持續取得市占率。AAON 品牌銷售年增 40%、季增 5%，反映產出吞吐量改善、需求強勁，以及全公司執行力持續提升。這些結果顯示我們取得顯著的市占率提升，並再次印證我們產品組合、銷售通路與客戶關係的強勁。

Increased production volumes also drove further lead time improvements during the quarter, although additional improvement remains a priority as we continue increasing throughput. Bookings of AAON-branded equipment increased approximately 16% year-over-year during the quarter and were up approximately 45% on a two-year stack.

產量提升也在本季進一步改善交期，但在我們持續提高吞吐量的同時，進一步縮短交期仍是優先事項。本季 AAON 品牌設備接單約年增 16%，兩年疊加約成長 45%。

Year to date, bookings increased 12% year-over-year and 25% on a two-year stack. Growth was primarily driven by continued strength in our traditional transactional business, which is particularly encouraging given the softness we experienced throughout much of last year.

年初至今，接單年增 12%，兩年疊加成長 25%。成長主要來自我們傳統交易型業務持續強勁，考量到去年大部分時間我們經歷的疲弱情況，這點尤其令人鼓舞。

National account activity remained healthy and generally consistent with prior year levels. We also continued to see strong momentum with Alpha Class, our fully electric heat pump platform. Alpha Class orders increased 50% during the quarter and 54% year to date, and customer adoption continues to build.

全國性客戶（National account）活動維持健康，整體與去年水準大致一致。我們也持續看到 Alpha Class（我們的全電動熱泵平台）維持強勁動能。Alpha Class 訂單本季成長 50%，年初至今成長 54%，客戶採用度持續提升。

This platform is an important long-term growth opportunity as customers increasingly focus on electrification, sustainability, and energy efficiency. Strong AAON-branded bookings resulted in a 6% sequential increase in AAON-branded backlog, despite significantly higher production rates. As a result, we remain focused on continuing to drive throughput, work down backlogs, shorten lead times, and deliver for our customers.

隨著客戶日益聚焦電氣化、永續與能源效率，該平台是重要的長期成長機會。在 AAON 品牌接單強勁帶動下，儘管生產速度顯著提高，AAON 品牌在手訂單仍季增 6%。因此，我們仍將重點放在持續提升吞吐量、降低在手訂單、縮短交期，並為客戶交付成果。

Turning now to margins. As we have discussed for several quarters, the level of demand we are experiencing has required us to scale the business rapidly. We have expanded our manufacturing footprint, brought new capacity online, invested in equipment and infrastructure, strengthened our supply chain capabilities, and significantly increased talent across operations, engineering, manufacturing, and support functions.

現在轉到毛利率。正如我們在過去幾個季度所討論的，我們目前所經歷的需求水準要求我們快速擴大業務規模。我們已擴大製造據點、啟用新增產能、投資設備與基礎設施、強化供應鏈能力，並在營運、工程、製造與支援職能方面大幅增加人才。

These actions have been deliberate. They allow us to better serve customers, convert backlogs faster, capture market share opportunities, and build the operating platform required for the company AAON is becoming.

這些行動都是經過審慎規劃的。它們使我們能更好地服務客戶、更快地消化積壓訂單、把握市占率機會，並建立AAON正逐步成為的那家公司的所需營運平台。

Importantly, the underlying economics of the business continue to improve. Oklahoma’s core operations are performing well. Memphis continues to perform meaningfully ahead of our expectations, and production throughput across the enterprise continues to increase.

重要的是，業務的基本經濟性持續改善。奧克拉荷馬的核心營運表現良好。孟菲斯的表現持續顯著優於我們的預期，而全公司的生產吞吐量也持續提升。

Consolidated margins remain pressured by the mixed impact of exceptionally strong growth, ramp of activity associated with new capacity, and price-cost timing dynamics. We continue to expect margin improvement through higher facility utilization, productivity gains, sourcing initiatives, improved price-cost realization, and a continued maturation of recently added capacity.

合併毛利率仍受到壓力，原因在於異常強勁成長的組合影響、新增產能相關活動的爬坡，以及價格與成本的時點差異動態。我們仍預期毛利率將透過更高的廠房利用率、生產力提升、採購/尋源計畫、更佳的價成本落實，以及近期新增產能的持續成熟而改善。

The key point here is that we are not simply growing revenue. We are building a stronger operating company with scale, infrastructure, systems, and discipline to support higher revenue, stronger execution, improved margins, greater cash generation, and durable earnings growth over time. We are confident in our ability to continue demonstrating the earnings power of this business as we move through the balance of 2026 and into 2027.

這裡的重點是，我們不只是讓營收成長。我們正在打造一家更強健的營運公司，具備規模、基礎設施、系統與紀律，以支撐更高營收、更強執行力、更佳毛利率、更高現金創造能力，以及隨時間推進的可持續獲利成長。我們有信心在2026年剩餘期間並進入2027年時，持續展現這項業務的獲利能力。

And with that, I will now turn the call over to Andy.

接下來，我把電話會議交給Andy。

Thank you, Matt, and good afternoon, everyone. Second quarter net sales were a record $627 million, an increase of 101% year-over-year. Growth reflected robust BASX and AAON brand performance, as well as enhanced manufacturing throughput enabled by strategic capacity investments and ongoing productivity initiatives.

謝謝你，Matt，各位下午好。第二季淨銷售額創下6.27億美元新高，年增101%。成長反映BASX與AAON品牌的強勁表現，以及在策略性產能投資與持續生產力計畫帶動下提升的製造吞吐量。

BASX branded sales increased 216.2% year-over-year, reflecting the combination of sustained momentum in data center cooling demand, higher production outputs, and greater utilization of recently added manufacturing capacity. AAON branded sales grew 39.3% in the second quarter, driven by a healthy backlog and improved production throughput as we work to reduce lead times at both our Tulsa and Longview facilities.

BASX品牌銷售額年增216.2%，反映資料中心冷卻需求的持續動能、更高的產出，以及近期新增製造產能的更高利用率。AAON品牌第二季銷售額成長39.3%，主要受惠於健康的積壓訂單，以及我們在Tulsa與Longview兩座廠區致力縮短交期所帶來的生產吞吐量改善。

Gross profit in the second quarter increased 84.3% to $152.5 million, compared with $82.7 million in the prior year period, reflecting the company’s strong revenue growth. Gross margin was 24.3%, down from 26.6% in the second quarter of 2025.

第二季毛利增加84.3%至1.525億美元，較去年同期的8,270萬美元成長，反映公司強勁的營收成長。毛利率為24.3%，低於2025年第二季的26.6%。

Results reflected the impact of ramping recently added manufacturing capacity, including the Memphis facility, along with the increased use of outsourcing to support accelerated growth and ongoing inflationary cost pressures.

本期結果反映近期新增製造產能（包括孟菲斯廠）爬坡的影響，以及為支援加速成長而增加委外使用，並承受持續的通膨成本壓力。

Importantly, these factors are temporary and largely reflect deliberate investments to support long-term growth. As throughput and utilization continue to increase, productivity improves, and better price backlog is converted, there is clear sight into gross margin improvement in the coming quarters. SG&A expenses as a percent of sales declined 570 basis points to 13.3%, demonstrating strong operating leverage as revenue growth outpaced our continued investments in the organization.

重要的是，這些因素屬於暫時性，且在很大程度上反映為支援長期成長而進行的刻意投資。隨著吞吐量與利用率持續提升、生產力改善，以及更佳價格的積壓訂單逐步轉換，我們清楚可見未來幾季毛利率改善的路徑。SG&A費用占銷售額比重下降570個基點至13.3%，顯示在營收成長快於我們對組織的持續投資之下，營運槓桿表現強勁。

On a dollar basis, SG&A increased $24.5 million to $83.6 million as the company continues to make intentional investments to drive long-term growth. Non-GAAP adjusted EBITDA increased 102.3% from the prior year period to $94.2 million. Adjusted EBITDA margin was 15.0%, compared to 14.9% a year ago. Adjusted diluted earnings per share grew 213.6% to $0.69.

以金額計，SG&A增加2,450萬美元至8,360萬美元，因公司持續進行有意識的投資以推動長期成長。非GAAP調整後EBITDA較去年同期增加102.3%至9,420萬美元。調整後EBITDA利潤率為15.0%，高於一年前的14.9%。調整後稀釋每股盈餘成長213.6%至0.69美元。

Turning now to the segment financials, beginning with AAON Oklahoma. Second quarter net sales increased 42% to $262.3 million, driven by strong execution against a robust beginning backlog and accelerated conversion enabled by production improvements.

接著看各事業部財務表現，先從AAON Oklahoma開始。第二季淨銷售額成長42%至2.623億美元，主要受惠於對強勁期初積壓訂單的良好執行，以及生產改善帶動的加速轉換。

Results also benefited from favorable price realization and a beneficial comparison to the prior year period, which was impacted by the industry refrigerant transition and other operational challenges. AAON Oklahoma gross profit increased 18.9% to $63.6 million. Gross margin was 24.3%, a decline of 460 basis points from 28.9% in the second quarter of 2025.

結果亦受惠於有利的價格落實，以及與去年同期的有利比較；去年同期受到產業冷媒轉換及其他營運挑戰影響。AAON Oklahoma毛利增加18.9%至6,360萬美元。毛利率為24.3%，較2025年第二季的28.9%下降460個基點。

Overhead expenses associated with the Memphis facility impacted segment margin by $18.1 million, compared with just $3 million in the prior year period. Excluding these costs, Oklahoma margins expanded approximately 60 basis points to 31.2%, compared to 30.5% last year.

與孟菲斯廠相關的間接費用使該事業部利潤率受到1,810萬美元影響，去年同期僅為300萬美元。若排除這些成本，Oklahoma的毛利率約擴張60個基點至31.2%，高於去年的30.5%。

Adjusted for Memphis overhead expenses, the increase in AAON Oklahoma gross margins was largely due to increased production rates. These gains were partially offset by elevated outsourcing levels and inflationary pressures, both of which are temporary and do not change the long-term margin profile of the segment.

在調整孟菲斯間接費用後，AAON Oklahoma毛利率上升主要來自生產速率提高。這些改善部分被較高的委外水準與通膨壓力所抵銷；兩者皆屬暫時性，且不改變該事業部的長期毛利率輪廓。

These factors have been addressed in recent quarters with actions embedded in backlog and new pricing actions. We expect these temporary headwinds to moderate as the year progresses. AAON Coil Products sales were $146.7 million in the second quarter, an increase of $88.2 million or 151% compared to the prior year period.

這些因素在近幾季已透過反映於積壓訂單中的措施以及新的定價行動加以處理。我們預期這些暫時性逆風將隨著年度推進而趨緩。AAON Coil Products第二季銷售額為1.467億美元，較去年同期增加8,820萬美元或151%。

Growth was driven by $126.6 million in BASX branded liquid cooling product sales, which increased 208% during the quarter. This strength was also supported by a 15.1% increase in AAON-branded output within the segment.

成長主要由BASX品牌液冷產品銷售額1.266億美元帶動，該項在本季成長208%。此一強勁表現亦受到該事業部內AAON品牌產出增加15.1%的支撐。

AAON Coil Products gross profit increased 130% to $23.5 million. Gross margin was 16.0% in the second quarter, compared to 17.5% in the prior year period. The margin contraction reflected temporary inflationary pressures that we expect will moderate in Q3 and Q4. The segment continues to deliver strong profit growth, supported by higher sales volumes that are expected to continue throughout 2026.

AAON Coil Products毛利增加130%至2,350萬美元。第二季毛利率為16.0%，低於去年同期的17.5%。毛利率下滑反映暫時性的通膨壓力，我們預期將在第三季與第四季趨緩。在預期於2026年持續的更高銷售量支撐下，該事業部持續交出強勁的獲利成長。

Along with the expected margin improvements, we expect profit growth will accelerate in the second half of the year. BASX segment sales grew 221% in the second quarter to $218 million. The outsized growth was driven by sustained demand for data center solutions and a robust backlog. Increased utilization at the Memphis facility contributed meaningfully to quarterly results by expanding production capacity, accelerating backlog conversion, and driving higher sales volume.

隨著預期的毛利率改善，我們也預期下半年獲利成長將加速。BASX事業部第二季銷售額成長221%至2.18億美元。這種超常成長由資料中心解決方案的持續需求與強勁的積壓訂單所驅動。孟菲斯廠利用率提升透過擴大產能、加速積壓訂單轉換並推升銷售量，對本季結果做出顯著貢獻。

BASX segment gross profit increased 244.2% to $65.3 million, compared with $19 million in the prior year period. Gross margin was 30.0%, up from 27.9% in the prior year period. The improvements in margin reflect a strong volume growth, partially offset by incremental resources and investments to support future growth and share gains.

BASX事業部毛利增加244.2%至6,530萬美元，較去年同期的1,900萬美元大幅成長。毛利率為30.0%，高於去年同期的27.9%。毛利率改善反映強勁的銷量成長，但部分被為支援未來成長與市占提升所投入的額外資源與投資所抵銷。

Lastly, a quick update on the Memphis facility. We understand the accounting treatment can make performance difficult to evaluate, and we intend to provide greater clarity going forward. When considering the facility’s revenue generation to date and fully burdening results with all associated expenses, including overhead currently allocated to the AAON Oklahoma segment, Memphis is performing exceptionally well and ahead of plan.

最後，快速更新一下孟菲斯（Memphis）廠的情況。我們理解會計處理方式可能使績效難以評估，因此我們打算在未來提供更高的透明度與更清楚的說明。若考量該廠迄今的營收創造能力，並將所有相關費用（包含目前分攤至 AAON Oklahoma 事業部的間接費用）完整納入後，孟菲斯廠的表現非常出色，且優於原先計畫。

Production and revenue have significantly outpaced expectations, and margins have expanded for two straight quarters, reaching levels well ahead of where we expected them to be at this point in the facility’s development.

產量與營收大幅超出預期，且毛利率已連續兩季擴張，達到遠高於我們在該廠發展此階段原先預期的水準。

Now, turning to the balance sheet. Cash, cash equivalents, and restricted cash balances totaled $12.7 million on June 30, 2026, and debt at the end of the quarter was $435 million. Our leverage ratio improved to 1.48, down from 1.71 on March 31 and 1.77 on December 31.

接著談資產負債表。截至 2026 年 6 月 30 日，現金、約當現金及受限制現金餘額合計為 1,270 萬美元，季度末負債為 4.35 億美元。我們的槓桿比率改善至 1.48，低於 3 月 31 日的 1.71 與 12 月 31 日的 1.77。

In the first half of 2026, cash flow from operations was a positive $55 million, a significant improvement compared to a $31 million use of cash in the prior year period. This was driven by higher earnings and improved working capital efficiency. Capital expenditures total $102.6 million year to date, reflecting continued investment in incremental capacity to support future growth.

2026 年上半年，營運活動現金流為正 5,500 萬美元，較去年同期淨現金流出 3,100 萬美元顯著改善。主要受惠於獲利提升與營運資金效率改善。截至目前資本支出合計 1.026 億美元，反映我們持續投資新增產能以支撐未來成長。

Looking ahead, we continue to see significant opportunities to improve productivity, profitability, and working capital efficiency. We expect these initiatives to support stronger cash flow generation and continued balance sheet improvement, providing a solid foundation for sustained long-term growth.

展望未來，我們仍看到在生產力、獲利能力與營運資金效率方面有顯著的改善機會。我們預期這些措施將支持更強的現金流創造能力並持續改善資產負債表，為長期可持續成長奠定穩固基礎。

I will now hand the call back to Matt.

我現在把電話交回給 Matt。

Thank you, Andy. We enter the second half of the year with strong momentum across the business. Production throughput has increased significantly. Backlog remains at elevated levels despite record revenue conversion, and demand across both brands continues to be healthy.

謝謝你，Andy。我們以全公司強勁動能進入下半年。產能吞吐量已顯著提升。儘管營收轉換創下紀錄，積壓訂單仍維持在高檔水位，且兩個品牌的需求持續健康。

Importantly, the backlog we are converting today carries a more favorable margin profile than the backlog during the first half of the year. Combined with higher production volumes, improving facility utilization, pricing actions, sourcing initiatives, and continued operational improvements, we believe the building blocks for margin improvement are firmly in place.

重要的是，我們目前正在轉換的積壓訂單，其毛利結構比上半年期間的積壓訂單更有利。再加上更高的產量、廠房利用率提升、定價措施、採購/供應來源（sourcing）計畫，以及持續的營運改善，我們認為毛利率改善的各項基礎要素已確實到位。

Turning to our outlook for 2026, we now expect sales growth of 55% to 60%, gross margin of 25% to 26%, SG&A expense of 13% to 14% of sales, and depreciation and amortization expense of $95 million to $100 million. Our updated outlook reflects stronger than expected production, backlog conversion, and execution across the enterprise.

談到我們對 2026 年的展望，我們目前預期銷售成長 55% 至 60%，毛利率 25% 至 26%，SG&A（銷售、一般及行政）費用為銷售額的 13% 至 14%，折舊與攤銷費用為 9,500 萬至 1 億美元。我們更新後的展望反映出產量、積壓訂單轉換，以及全公司執行力均優於預期。

While we continue to see operational improvement across the business, our consolidated margin outlook reflects the mixed impact of exceptionally strong growth from recently added capacity, continued ramp-up activity, and price-cost timing. As we sit here more than halfway through the year, I want to provide a few thoughts on how we’re thinking about the business beyond 2026.

雖然我們持續看到全公司營運改善，但我們的合併毛利展望反映了多項因素的混合影響，包括：近期新增產能帶來的異常強勁成長、持續的爬坡（ramp-up）活動，以及價格與成本的時點差異。在今年已過半之際，我想分享幾點我們對 2026 年之後業務的思考。

First, we continue to feel extremely positive about the long-term outlook for both the AAON and BASX brands. Both businesses continue to gain market share, supported by differentiated products, strong customer relationships, our industry-best sales channel, and highly engineered solutions that are difficult to replicate.

第一，我們對 AAON 與 BASX 兩個品牌的長期前景仍然非常正面。兩項業務持續提升市占率，背後支撐因素包括差異化產品、強健的客戶關係、業界最佳的銷售通路，以及難以複製的高度工程化解決方案。

Second, we continue to see substantial opportunity to improve margins over time. The drivers are straightforward and well understood. Higher utilization of recently added capacity, improved fixed cost absorption, increased productivity, continued sourcing improvements, and pricing actions already embedded within our backlog.

第二，我們仍看到隨時間推進而大幅提升毛利率的機會。驅動因素清楚且已充分理解。包括：近期新增產能的更高利用率、固定成本吸收改善、生產力提升、持續的採購/供應來源改善，以及已反映在積壓訂單中的定價措施。

We expect to see progress through the balance of the year and a more meaningful benefit as we move into 2027. Third, we see a significant opportunity to improve cash generation. We have already started to see encouraging progress with operating cash flow improving meaningfully during the first half of the year. As margins improve, growth investments begin to normalize, and working capital efficiency continues to improve, we expect cash generation to become a more visible component of the AAON story.

我們預期在今年剩餘期間會看到進展，並在邁入 2027 年時獲得更顯著的效益。第三，我們看到提升現金創造能力的重大機會。我們已開始看到令人鼓舞的進展，上半年營運現金流已明顯改善。隨著毛利率改善、成長型投資開始回歸常態，以及營運資金效率持續提升，我們預期現金創造將成為 AAON 故事中更清晰可見的一部分。

The business has undergone significant transformation over the past several years. We have expanded capacity, strengthened leadership, invested in supply chain and manufacturing capabilities, broadened our product portfolio, and built the operational infrastructure necessary to support a much larger company. Those investments are increasingly showing up in the results. Today, we are seeing stronger throughput, faster backlog conversion, improved sales growth, expanding operating leverage, and improving cash flow.

過去幾年，公司經歷了顯著轉型。我們擴充產能、強化領導團隊、投資供應鏈與製造能力、拓展產品組合，並建立支撐更大型公司所需的營運基礎建設。這些投資正日益反映在經營成果上。目前我們看到更高的吞吐量、更快的積壓訂單轉換、更佳的銷售成長、營運槓桿擴大，以及現金流改善。

These are the outcomes we expected to see as the investments we have made across the business matured. The key point is that we are not simply growing revenue. We are building a stronger operating company with the scale, infrastructure, systems, and discipline to support higher revenues, stronger execution, improved margins, greater cash generation, and durable earnings growth over time. We still have work ahead, particularly around margin improvement, but the direction is clear.

這些正是我們預期在各項投資逐步成熟後會出現的成果。重點在於，我們不只是讓營收成長。我們正在打造一家更強健的營運型公司，具備規模、基礎設施、系統與紀律，以支撐更高營收、更強執行力、更佳毛利率、更高現金創造能力，以及隨時間推進更具韌性的獲利成長。我們仍有工作要做，特別是在毛利率改善方面，但方向非常明確。

The long-term opportunity remains strong and the actions required to improve margins and cash generation are underway. We are proud of what the team has accomplished, confident in the opportunity ahead, and focused on demonstrating the earnings power of this business as we move through the balance of 2026 and into 2027.

長期機會依然強勁，而提升毛利率與現金創造能力所需的行動也已在推進中。我們為團隊所完成的成果感到自豪，對前方機會充滿信心，並專注於在 2026 年剩餘期間及邁入 2027 年時，展現這項業務的獲利能力。

In closing, I want to thank our employees, customers, sales channel partners, and shareholders for their continued support. Our employees have accomplished an extraordinary amount. The growth we are delivering today is a direct result of their effort, discipline, and commitment to serving customers while building a stronger company. We remain focused on execution, disciplined in our approach, and excited about the opportunities ahead. With that, I will open the call up for questions.

最後，我要感謝我們的員工、客戶、銷售通路夥伴與股東持續的支持。我們的員工完成了非常卓越的工作。我們今天所交出的成長，直接來自他們的努力、紀律，以及在打造更強公司同時服務客戶的承諾。我們仍專注於執行、秉持紀律的做法，並對未來機會充滿期待。接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

Hey, everyone. Thanks for the question. I want to start with the data center orders in the quarter. They’re a little bit weaker than I think some of us were expecting. Matt, just put a finer point on that, if you would. I know you mentioned the pipeline is healthy. And then could you provide any color on if you think orders will improve in the third quarter?

各位好。謝謝讓我提問。我想先從本季資料中心的訂單談起。它們比我想我們當中一些人原先預期的要弱一些。Matt，如果可以的話，請你更具體說明一下。我知道你提到管線（pipeline）仍然健康。另外，你能否補充一些看法：你是否認為第三季訂單會改善？

Yeah. Good afternoon, Ryan, and certainly great question, one we anticipated was going to come out today. So I want to start off maybe by stepping back for one second and just looking at the kind of trajectory that we’ve had in our data center bookings over the last four quarters.

好的。Ryan，下午好，這確實是個很好的問題，也是我們預期今天會被問到的。所以我想先退一步，先看一下過去四個季度我們在資料中心接單（bookings）的走勢。

So at a high level, when we look at the momentum that we have going into this quarter, the prior four quarters had a book-to-bill approaching three over that time period. So we’ve had exceptionally strong bookings as we’ve been ramping up capacity. And we think about it from the standpoint of that trajectory that we see really highlights that differentiated offering that we have in the data center space has certainly been resonating within the marketplace. And so there’s been a lot of great momentum, a lot of great trajectory, and tremendous amount of pipeline opportunity.

整體來看，當我們檢視進入本季度的動能時，前四個季度的接單出貨比（book-to-bill）在那段期間接近 3。因此，在我們逐步提升產能的同時，接單表現一直異常強勁。從這樣的走勢來看，我們認為這凸顯了我們在資料中心領域的差異化產品/方案確實在市場上引起共鳴。因此動能很強、趨勢很好，且有非常龐大的管線機會。

Now, when we look at the size and the scale of the orders, it’s important to kind of go back and recognize that these tend to be large orders. And so there is potential, as we talked about in prior quarters, and really highlighted that there’s potential for there to be a little bit of lumpiness around how that flows through to actual backlog and bookings. But really just at a high level, the amount of activity that we have in the data center space, the amount of volume we’re putting through, there’s a tremendous amount of momentum that we have around our products and our orders.

現在，當我們看訂單的規模與量級時，重要的是要回頭認知到，這些通常都是大型訂單。因此，正如我們在前幾個季度討論並特別強調的，這在實際反映到未交訂單（backlog）與接單（bookings）時，可能會出現一些不均勻（lumpiness）的情況。但從更高層次來看，我們在資料中心領域的活動量、我們正在處理的出貨/產出量，都非常可觀；我們的產品與訂單正展現出極強的動能。

And really it’s a timing conversation around how that pipeline opportunity is converting to overall bookings. But the pipeline itself is the strongest that it’s ever been, and would be important to highlight that it’s not just strength with existing customers.

而這其實主要是時間點的問題：也就是這些管線機會（pipeline opportunity）如何在時間上轉換為整體接單。但管線本身是我們歷來最強的一次，而且重要的是要強調，這不只是來自既有客戶的強勁需求。

There is great strength with our existing customer base, but our pipeline continues to expand in terms of diversification of our overall customer base. And so really from an outlook perspective, we are incredibly excited about the opportunity. We have seen acceleration in conversations and activity with our sales channel and engagement in the overall market. So while this quarter certainly had a little bit lighter bookings, we do not see that as indicative of anything on the overall market opportunity for our product.

我們既有客戶基礎確實非常強勁，但我們的管線也持續擴張，體現在整體客戶基礎的多元化上。因此，從展望的角度來看，我們對這個機會感到非常興奮。我們看到與銷售通路的對話與活動，以及整體市場的互動，都在加速。所以，雖然本季的接單確實稍微偏輕，但我們不認為這代表我們產品在整體市場機會上有任何問題。

Okay. That is helpful. And just a quick follow-up there, just because it is an important topic. Was there a large order that slipped because of a timing issue, or is it just the lumpiness that you talked about and the pipeline is still healthy?

好的。這很有幫助。再快速追問一下，因為這是個重要議題。是否有一筆大型訂單因為時間點問題而延後，還是只是你提到的那種不均勻性，而管線仍然健康？

Yeah, it is just lumpiness. There is no specific order push out or movement. Again, it is just really lining up the overall bookings in a given quarter.

對，就是不均勻性。沒有任何特定訂單被延後或移動。再說一次，這只是把某一季的整體接單對齊的問題。

Alright. And then moving to gross margin. You cut the gross margin for the year 200 basis points. And my question is, I am curious what changed versus when we spoke to you in May. It almost seems like you accelerated throughput and you were willing to eat the higher cost, but just tell us what happened.

了解。接著談毛利率。你把全年毛利率下修了200個基點。我的問題是，我很好奇相較於我們5月跟你們談的時候，究竟發生了什麼變化。看起來有點像你們加速了產出吞吐量，並願意承擔較高的成本；但請跟我們說明一下發生了什麼。

Well, let’s maybe kind of unpack this for a bit. So when we look at margin as a whole and looking at Q1 to Q2, I want to start off by saying operationally, the margin in the Oklahoma segment is improving, and the BASX Redmond segment is improving, and the Memphis segment is improving, and there’s a little bit of pressure from a price cost perspective in the ACP segment. But I want to start by framing there that the progression that we see operationally is improvement in the overall margin profile of this business.

好，我們先把這件事拆開來談一下。當我們看整體毛利率、並比較Q1到Q2時，我想先說，從營運面來看，Oklahoma事業的毛利率在改善，BASX Redmond事業在改善，Memphis事業也在改善；而ACP事業在價格與成本（price-cost）方面有一些壓力。但我想先用這個框架來說明：我們在營運上看到的趨勢，是這個業務整體毛利結構正在改善。

Now what is driving that conversation is the accelerated backlog conversion that we have within our Memphis site. And so from a mix perspective, the increasing revenue volume that we’re driving through Memphis while ramping that facility is at a lower margin point than the AAON Oklahoma segment. And so as we’re driving more volume through that Memphis segment on a consolidated basis, it’s pulling the margin down, but providing a net positive impact to the business.

那麼推動這個討論的因素，是我們在Memphis廠區加速將未交訂單轉為營收（accelerated backlog conversion）。因此，從產品/業務組合（mix）的角度來看，當我們在擴建並爬坡該廠的同時，透過Memphis帶動的營收量增加，其毛利率水準低於AAON Oklahoma事業。所以，當我們在合併基礎上讓更多量走Memphis事業時，會拉低毛利率，但對公司整體帶來淨正面影響。

And more importantly, it’s helping us build a stronger foundation to continue serving data center customers. And so us pushing a little bit harder in our Memphis site and really ramping this facility is giving us a foundation to then drive more business through, allowing us to turn on more production lines and continue growing the overall volume through our Memphis site. And so that mix conversation is one of the biggest drivers of kind of that consolidated margin coming down in the quarter.

更重要的是，這也在幫助我們建立更強的基礎，以持續服務資料中心客戶。因此，我們在Memphis廠區更積極推進、並真正把這個廠拉起來，能讓我們建立基礎，進而承接更多業務，使我們能啟用更多生產線，並持續提升Memphis廠的整體產量。所以，這個組合因素是本季合併毛利率下滑的最大驅動因素之一。

I see. So of the 200 basis point cut, it was mix and lower margin data centers accelerating, and then it was price cost and then still a bit outsourcing.

我明白了。所以在下修的200個基點中，主要是組合因素與低毛利的資料中心業務加速，然後是價格成本因素，另外還有一些外包？

Correct. And when we think about bringing up the top-line outlook for the year up about 20%, obviously the vast majority of that is coming through Memphis. And so there’s a lot of drive that we’re getting in throughput through Memphis, but obviously it is burdened by a little bit more ramp pressure and outsourcing other things.

沒錯。而當我們把全年營收展望上調約20%時，顯然其中絕大部分是由Memphis貢獻。因此，我們在Memphis的吞吐量提升帶來很大的推動力，但顯然也承受了更多爬坡壓力，以及部分事項的外包。

Again, this facility just point of reference, in the quarter Q2, we did roughly half of the total year 2025 revenue that BASX did out of Redmond. And so in one quarter, a brand new facility did almost half of what an established mature facility was doing. And so there’s inherently going to be some pressures to margin, kind of as we ramp that from a productivity standpoint, onboarding new staff, and really outsourcing some of the production as a lot of the new equipment continues to come online throughout that facility. And so really that is the bigger pressures. It is not a fundamental structural pricing issue, it is just ramping a large facility from scratch.

再提供一個參考點：在Q2這一季，我們大約做出了BASX在Redmond於2025全年營收的一半左右。也就是說，一個全新的廠在單一季度就做到了成熟既有廠接近一半的規模。因此，當我們從零開始把這個大型廠區拉起來時，在毛利率上必然會有一些壓力，包括生產力提升、招募並訓練新員工，以及在許多新設備陸續上線期間，將部分生產外包。所以真正較大的壓力在這裡。這不是根本性的結構性定價問題，而只是從零開始爬坡一座大型廠房。

Got it. Okay. Thanks, Matt. I will defer to others.

了解。好的。謝謝你，Matt。我把時間留給其他人。

David Tarantino, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 David Tarantino。

Hey, good afternoon, everyone.

嗨，各位下午好。

Good afternoon.

下午好。

Yeah, could you give us some color on what the sales outlook now embeds between AAON and BASX branded product sales, and maybe some thoughts on what’s informing the confidence on your ability to deliver that growth relative to the capacity ramp that’s ongoing?

是的，你們能否多分享一些目前銷售展望中，AAON 與 BASX 品牌產品銷售各自包含了多少？另外，也請談談是什麼因素讓你們對於在產能爬坡仍在進行中的情況下，仍有信心能交付相對應的成長？

Yeah, no, great question. And so from a branded perspective, the 2026 guide is assuming approximately 20% growth year-over-year in the AAON brand. And so then back in AM that implies that BASX will again more than double in the year.

好的，這問題問得很好。以品牌來看，2026年的指引假設AAON品牌年增約20%。因此，回推到AM（按此推算），意味著BASX在該年度將再次超過倍增。

And so just in perspective, the overall data center market last year and this year is growing around 30%. And so more than doubling BASX again after having 140% growth rate the prior year, continue showing a good growth outperforming the overall market. So really strong acquisition from a market share perspective.

從脈絡來看，整體資料中心市場在去年與今年的成長大約在30%左右。因此，在前一年成長率達140%之後，BASX今年再次超過倍增，持續展現出優於整體市場的成長表現。所以從市占率角度來看，這代表非常強勁的市占取得。

When we look at confidence in supporting and executing that growth, you’ve seen us be intentional and disciplined around trying to not over-commit too much growth until we see the sort of legs get below it in the Memphis site.

當我們談到支撐並執行這個成長的信心時，你們也看到我們一直很有意識、很自律地，在還沒看到Memphis廠真正站穩之前，不會過度承諾太多成長。

And so as we get more and more runtime in Memphis, we get more and more visibility and confidence in that rate of ramp, and that’s really what helps guide our approach to that backlog conversion and the messaging around the overall growth rates.

因此，隨著Memphis的運轉時間越來越長，我們對爬坡速度的能見度與信心也越來越高，而這正是引導我們在未交訂單轉換，以及對外溝通整體成長率時的核心依據。

You take that and kind of add in all the investments we’ve been making in our operational model and execution within manufacturing, within lean manufacturing process, continuous improvement and supply chain discipline. And really, it’s making meaningful results in the overall ability for us to execute.

再加上我們在營運模式與製造執行方面所做的各項投資，包括精實製造流程、持續改善，以及供應鏈紀律。而這些確實正在我們的整體執行能力上帶來有意義的成果。

Now, I will say there certainly is a level of caution that is growing this rate in this environment certainly has a little bit of pressures. And so when we look at the implied growth rate in the back half of the year, obviously it’s not some acceleration beyond Q2 in the back half of the year.

現在，我會說在這樣的環境下，確實有一種日益增加的謹慎態度；以這樣的速度成長，確實會帶來一些壓力。因此，當我們看今年下半年的隱含成長率時，顯然下半年並不是在 Q2 之後再出現某種加速。

It’s showing a relatively moderate kind of performance in the back half. And that’s just recognizing that this rate of growth is going to have some level of pressures, whether it be supply chain or operationally. But that’s embedded into our outlook, that’s embedded into our guidance. And really from our standpoint, we’re intentional and we’re also clear-eyed about some of the realities about growing this fast.

它顯示下半年是相對溫和的表現。這只是承認這樣的成長速度會面臨一定程度的壓力，無論是供應鏈或營運面。但這些都已反映在我們的展望中，也已反映在我們的指引中。而且就我們的立場而言，我們是有意識地推進，同時也清醒地看待以這麼快速度成長的一些現實。

And then just a follow up on that last comment, is that supply chain pressures and/or other pressures that you are seeing today, or is that just conservatism?

接著針對你剛才最後那個評論追問一下：你們今天看到的供應鏈壓力和／或其他壓力，是實際存在的，還是只是保守起見？

I would say there are always challenges that pop up. I mean, Q1 and Q2, there has certainly been a variety of issues we have tackled and continue to tackle. There is nothing new or meaningful that is in there, but it is just a reality of this market that we are not wanting to dismiss the reality of some of the supply chain sensitivities and operation in this kind of environment today.

我會說，總是會有一些挑戰突然出現。我的意思是，在 Q1 和 Q2，我們確實處理了各式各樣的問題，而且仍在持續處理。裡面沒有什麼新的或重大的變化，但這就是當前市場的現實；在今天這種環境下，我們不想忽視供應鏈敏感性以及營運面的現實。

Okay, great. And then maybe back on gross margins, could you just give us the key buckets driving the second half improvement versus the first half, particularly between the better absorption and maybe improving price costs? And then maybe kind of give us some color on how these should progress between both 3Q and 4Q.

好的，很棒。然後回到毛利率，你們能否說明一下，推動下半年相較上半年改善的主要項目（key buckets）是哪些，特別是在更好的吸收（absorption）與價格／成本改善之間？另外也請提供一些說明，這些因素在 3Q 與 4Q 之間大概會如何推進。

Yeah. So at a high level, the biggest driver of margin improvement in the back half is price cost. That certainly is the biggest driver. We messaged this back in the Q1 call as well, but at the very end of last year, we certainly noticed some price cost challenges that we intentionally took action on from a pricing perspective. And so the backlog that we have today is at a substantially different price point than the backlog that we executed in Q1 and Q2.

好的。從高層次來看，下半年毛利率改善最大的驅動因素是價格／成本（price cost）。這無疑是最大的驅動因素。我們在 Q1 的電話會議也有提到：在去年年底，我們確實注意到一些價格／成本方面的挑戰，因此我們有意識地從定價角度採取了行動。因此，我們目前的在手訂單（backlog）價格水準，與我們在 Q1 和 Q2 所執行的在手訂單相比，已經處在顯著不同的價位。

And so that certainly is the biggest driver of margin improvement in the back half. But certainly beyond that, productivity gains will certainly continue to be a positive from an overall margin perspective. Looking at Memphis as an example, as there is more runtime, productivity gains will begin to materialize in overall margin profile. But the progression from Q2 is really improving in Q3, but Q4 certainly is the back half load of that overall margin improvement.

因此，這確實是下半年毛利率改善的最大驅動因素。但除此之外，生產力提升也將持續對整體毛利率帶來正面影響。以孟菲斯（Memphis）為例，隨著運轉時間增加，生產力提升將開始反映在整體毛利率結構中。不過，相較 Q2 的進展，Q3 會有所改善，但 Q4 才是下半年整體毛利率改善更集中體現的時點。

Okay, great. Thanks, guys.

好的，很棒。謝謝各位。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Thanks. Maybe just double-clicking on margins. Can you help us understand the margin trends in ACP, where we saw sequentially lower margins and liquid cooling was, I think, over 85% of the segment. So how should that segment, particularly the liquid cooling side of it, profile from a margin perspective? What happened in the quarter, and what is sort of embedded for improvement from here?

謝謝。我想再深入追問一下毛利率。你們能否協助我們理解 ACP 的毛利率趨勢？我們看到毛利率較前一季下降，而液冷（liquid cooling）我記得占該部門超過 85%。那麼該部門，特別是液冷這一塊，從毛利率角度應該呈現什麼樣的輪廓？本季發生了什麼？以及從現在起，改善的部分大概已經內含（embedded）了哪些？

Yeah, the biggest driver in the ACP segment. Well, first off, good afternoon, Noah. The biggest driver in the segment margin quarter-over-quarter was really on price cost, driven by inflation. So whether it is the raw materials inflationary pressures, a lot of freight pressure from a costing perspective, really those are the biggest drivers in the quarter. To be frank, we were behind on pricing actions to recover those.

是的，ACP 部門最大的驅動因素。首先，下午好，Noah。該部門毛利率季對季變動最大的驅動因素，主要是價格／成本（price cost），由通膨所帶動。因此，不論是原物料的通膨壓力，或是從成本角度來看的大量運輸（freight）壓力，這些都是本季最大的驅動因素。坦白說，我們在透過定價行動來回收這些成本方面，進度是落後的。

And so there has been a lot of work done in the ACP segment around pricing to basically make sure that inflationary pressure is captured properly. And I would just say, as we continue investing in our organization’s sophistication, whether in Andy’s organization from a finance perspective or our supply chain organization. We are getting more and more visibility, which is allowing us to make more and more forward-looking actions to stay ahead of these inflationary pressures.

因此，ACP 部門在定價方面已做了大量工作，基本上是要確保能適當地反映通膨壓力。我也想說，隨著我們持續投資於組織的成熟度（sophistication），不論是在 Andy 的財務團隊，或是我們的供應鏈組織。我們獲得的能見度越來越高，這讓我們能採取越來越多前瞻性的行動，以便領先這些通膨壓力。

And so this sophistication and investment we are making to really drive improvements in our operating model will continue to make meaningful impact in the overall margin profile to help capture this ahead of time. The reality is, we were behind on the overall pricing against the inflationary cost, and those actions have been taken and continue to be monitored and taken appropriately going forward to capture that.

因此，我們為了推動營運模式改善而進行的這些成熟化與投資，將持續對整體毛利率結構產生實質影響，幫助我們提前掌握並反映這些因素。現實是，我們在整體定價相對於通膨成本方面確實落後，而相關行動已經採取，並且會在未來持續適當地監控與採取行動，以確保能反映到位。

Yeah, Lowell, I will also just add that given the actions that we have taken, it probably is going to be towards the end of the year for us to see some meaningful rebound there. There is a bit of a backlog there as well. So we knew what it is, and we have been taking action. So I think to Matt’s point, now that we have a more sophisticated view of our costing product costs, so now we will be able to do more timely actions. So we knew that a lot of the action is already in place.

是的，Lowell，我也補充一下：鑑於我們已採取的行動，可能要到今年年底左右，我們才會看到那邊出現一些有意義的回升。那裡也有一些在手訂單（backlog）。所以我們知道情況是什麼，也一直在採取行動。因此我認同 Matt 的觀點，現在我們對成本、產品成本有了更成熟的視角，接下來就能更及時地採取行動。所以我們知道很多措施其實已經到位了。

Very helpful. Thanks. And then, I guess, just to double-click on David’s point, I think you talked about Q4 being where some of the margin improvement is weighted towards. Should we not assume fairly ratable sequential margin improvement in Q3 and Q4? Because I think we could get there within 120 basis points or so improvement quarter-over-quarter for the next couple of quarters. Do you think it is going to be more back-end weighted?

非常有幫助。謝謝。然後，我想再追問一下 David 的觀點：我記得你提到 Q4 是毛利率改善較為集中的季度。那我們是否不應假設 Q3 和 Q4 會是相當平均（ratable）的逐季毛利率改善？因為我想接下來幾個季度，我們可能每季逐季改善大約 120 個基點左右就能達到。你認為會更偏向後段（back-end weighted）嗎？

Yeah, you’ll see modest improvement in Q3, but really Q4 is going to be where the more noticeable improvement’s going to be weighted.

是的，Q3 會看到溫和的改善，但真正更明顯的改善會主要集中在 Q4。

Okay. Thanks, Matt. And then just on the orders, because to agree with Ryan, that was a big focus today. I just want to see if we can get some clarity here. Were there large orders or meaningful improvement in orders in July and early August versus the 2Q level? Can you share anything on that? Because you mentioned the pipeline expanding, and certainly we know industry activity is very good. Can you just talk about trends quarter to date, to the extent you can share?

好的。謝謝，Matt。然後關於訂單，因為我同意 Ryan 的看法，這是今天的一個重點。我想確認一下是否能更清楚一些。7 月以及 8 月上旬，相較於 2Q 的水準，是否有出現大型訂單或訂單的顯著改善？你們能分享任何相關資訊嗎？因為你提到管線（pipeline）在擴大，而且我們也知道產業活動確實非常熱絡。在你們能分享的範圍內，能否談談本季迄今（quarter to date）的趨勢？

I would just say quarter to date, I don’t have it specifically in front of me, the overall bookings, but what I would say is from a pipeline perspective, with visible and high-confidence conversions, there is a tremendous amount of pipeline with existing customers for 2027 and 2028 orders.

我只能說，就本季迄今而言，我手邊沒有具體的整體接單（bookings）數字；但我想說的是，從管線角度來看，伴隨可見且高信心的轉換（conversions），我們在既有客戶方面，針對 2027 與 2028 年訂單有非常龐大的管線。

So there’s a lot of work going into those existing relationships, and really they’re planning for 2027 and 2028 deliveries that just didn’t hit the books in Q2. But again, part of our normal planning process this time of year is where a lot of that planning actually begins to materialize into orders for the next year and beyond. So I would just keep reiterating that the amount of activity that we have is tremendously high, very strong with existing customer base.

因此，針對那些既有關係投入了大量工作，而他們其實是在規劃 2027 與 2028 年的交付，只是這些在第二季並未反映在帳上。但再說一次，每年這個時候我們正常的規劃流程之一，就是許多規劃會開始具體化，轉化為下一年及更往後年度的訂單。所以我只想再次強調，我們目前的活動量極其龐大，既有客戶基礎的動能非常強勁。

And again, we’re continuing to turn on production capacity in Memphis, which is allowing us to, beyond that existing customer base, really accelerate new customer relationships from a diversification play. So the amount of activity that is out there that we’re involved in with a lot of high probability closures of existing customers and new customers is as high as it’s ever been.

而且同樣地，我們持續在孟菲斯啟用產能，這讓我們除了既有客戶基礎之外，還能從多元化布局的角度，加速建立新的客戶關係。因此，我們所參與的各項活動量，以及既有客戶與新客戶中高機率成交的案子數量，都達到歷來最高水準。

Yeah. And that would be very consistent with how the calendar year works, where some of those 2027, 2028 commitments would start to flow through to your orders. So that would make sense. And Matt, just to follow up on that last point, you mentioned the diversification progress here. I am not sure whether it was in the bookings this quarter or any other metrics, but what can you share with us around where you feel you are making real progress on that diversification? What are customers looking for? What wins have you had or what feels reasonably high probability?

是的。而這也非常符合年度運作的節奏，因為部分 2027、2028 年的承諾會開始逐步反映到你們的訂單中。所以這樣就說得通。Matt，針對你剛才最後一點再追問一下，你提到這裡的多元化進展。我不確定這是否反映在本季的接單或其他任何指標上，但你能否分享一下，你覺得在哪些方面你們在多元化上取得了實質進展？客戶在尋找什麼？你們有哪些勝出案例，或哪些看起來是相當高機率的？

Yeah, what has been great is it is relatively diverse across our product portfolio, so we are not looking at pipeline activity and new relationships just in one specific product. So whether it is liquid cooling products, whether it is air side products, chiller products, the conversations are happening across the entire portfolio and really there is a pretty good weighting across all of that.

是的，最棒的是，這些機會在我們的產品組合中相對分散，因此我們看到的管線活動與新關係並不是只集中在某一個特定產品上。所以不論是液冷產品、氣側產品、冷水機產品，相關對話都在整個產品組合中同步發生，而且整體而言在各類別之間的比重相當不錯。

So it is not weighted like it is all 95% one or the other. It is actually pretty evenly spread across that product portfolio with new customers. And so really showing that portfolio really resonates across a broad spectrum of customers.

所以它並不是像 95% 都集中在某一類或另一類。實際上，針對新客戶而言，這些機會在產品組合中分布得相當平均。這也真正顯示出，我們的產品組合能夠在廣泛的客戶群中產生共鳴。

Alright. Thanks for all the color.

好的。謝謝你提供這麼多補充說明。

My pleasure.

不客氣。

Timothy Wojs, Baird.

Timothy Wojs，Baird。

Hey, guys. Good afternoon. Thanks for all the details. Maybe just my first question, just when you look at the Oklahoma segment, and we talk about kind of mid to high 30% gross margins and having visibility to that, I mean, I think we’ve kind of been talking about that for really the last 18 months. So we’ve still kind of been kind of hung up in this kind of 30%, 31% range.

嗨，各位。下午好。謝謝你們提供所有細節。我第一個問題是，當你們看奧克拉荷馬事業部時，我們談到大約 30% 中段到高段的毛利率，並且對此有能見度；我的意思是，我想我們其實在過去 18 個月一直在談這件事。但我們仍然有點卡在大約 30%、31% 這個區間。

So I guess could you put a little finer point on kind of when you would expect to get to that kind of mid to high kind of [30%] level, or do you have backlog today that is kind of clearly at that level? Just some color on the timing and the visibility to when we’d actually start to see that.

所以我想問的是，你能否更明確地說明一下，你們預期何時能達到那種 30% 中段到高段的水準？或者你們目前是否已有明確處於該水準的在手訂單（backlog）？想請你補充一些關於時點與能見度的說明，讓我們了解何時會真正開始看到那樣的表現。

Yeah, Tim, first off, good afternoon, Tim. Yeah, on the Oklahoma segment, obviously we talked about this in the Q1 call, where we noticed some definite price cost dislocation at the end of last year, and pricing action started to get put in place.

好的，Tim，首先，下午好，Tim。關於奧克拉荷馬事業部，顯然我們在第一季電話會議中談過：我們在去年底注意到價格與成本之間出現明顯的錯位，因此開始採取調價行動。

Well, that was getting put in place when we had a pretty healthy backlog, and so as that pricing went in, it takes time for that to really start hitting the overall production floor. But those actions, we’re really starting to see movement, obviously, in this quarter, but really we think about that meaningful pricing is going to really come in Q4. You’ll see some very meaningful price impact hitting the AAON Oklahoma margins then into 2027.

當時我們是在有相當健康的在手訂單下推動這些措施，因此當調價生效後，需要一些時間才會真正開始反映到整體生產端。不過，我們在本季顯然已開始看到一些變化，但我們認為真正有意義的調價效果會在第四季顯現。屆時你會看到相當顯著的價格影響反映在 AAON 奧克拉荷馬的毛利率上，並延續到 2027 年。

So we anticipate with the overall pricing structure and our productivity gains that we’re seeing across that facility, that Q4 into 2027 is when we’re going to really expect to see that kind of start to flow through as that mid to high 30s.

因此，我們預期在整體定價架構以及我們在該廠區看到的生產力提升之下，從第四季一路到 2027 年，將會是我們真正預期開始看到毛利率往 30% 中段到高段流動（flow through）的時點。

Okay. And can you just step back and talk about what We’ve got some kind of trailing price cost pressures in ACP. We’ve got it in Memphis or in Oklahoma. Can you just kind of step back and talk about what you’ve done over the last six to nine months, so that we’re not as behind on price cost as we’ve been here the last six to nine months?

了解。那你能否退一步談談：我們在 ACP 有一些滯後的價格/成本壓力，孟菲斯或奧克拉荷馬也有。你能否概括說明一下，過去六到九個月你們做了哪些事，讓我們不會像過去六到九個月那樣在價格相對成本上落後那麼多？

Yeah, no, it’s a very fair question. We’ve talked about this really for the last few quarters, which is the evolution and the investments we’re making in the sophisticate, how we run this business. And so whether it comes down to the supply chain strategy, whether it comes down to the overall finance organization in partnership with the business and better insights and kind of forward-looking information to the business, all these investments we’re making are really being made to provide better forward-looking visibility and better confidence and execution.

是的，這是個非常合理的問題。我們其實在過去幾季一直在談，也就是我們在提升經營這門業務的成熟度（sophistication）方面所做的演進與投資。因此，不論是供應鏈策略，或是整體財務組織與業務端的協作、提供更好的洞察與更具前瞻性的資訊給業務端；我們所做的所有投資，都是為了提供更好的前瞻能見度，以及更高的信心與執行力。

And you and I have certainly talked about this, and I’ve made these comments before around the rate of scaling at AAON. It’s pretty phenomenal to think that five years ago, the revenue was a bit above $500 million, and certainly substantially higher than that in this calendar year, more than 4x in this calendar year.

你我也確實談過這點，我之前也提過 AAON 的擴張速度。想想看，五年前營收才略高於 5 億美元，而在今年這個年度顯然大幅高於此，等於在今年這個年度成長超過 4 倍，這是相當驚人的。

When we look at that dynamic, there was a lot of evolution that had to happen in the business to really provide the infrastructure and the discipline to not only run that fast, but to do it successfully and reliably time and time again.

在這樣的動態之下，企業必須進行大量演進，才能真正建立基礎建設與紀律，不僅能以這麼快的速度運轉，還能一次又一次地成功且可靠地做到。

So the investments we’re making in really the operational improvements and sophistication of this business are really driven on that idea of getting better visibility and foresight into our execution and allow us to have actionable insights well in advance of when we have to make decisions.

因此，我們在營運改善與提升企業成熟度方面所做的投資，核心就是為了提升對執行的能見度與前瞻性，讓我們能在必須做決策之前很久，就取得可採取行動的洞察。

And so all of those investments are being made to allow us to see these things coming, so that a year down the road, I’m not saying, hey, Tim, we didn’t see this coming. We’re going to be able to say, hey, we saw this coming, which is why we made these actions, which is why you see the margin maintaining where it’s at.

所以，所有這些投資都是為了讓我們能提前看到這些情況，這樣一年之後，我就不會再說：嘿，Tim，我們沒看到這件事會發生。我們能夠說：嘿，我們看到了，所以才採取了這些行動，因此你才會看到毛利率維持在目前的水準。

Yeah. Tim, I will add that to Matt’s point. So now that we have a handful of new finance leader joining us, and we organize a bit a couple of months ago. Every executive now is partnering with finance insight and allowing us to do much more analytics to inform the action faster. And this can really go beyond gross margin as well.

是的。Tim，我再補充 Matt 的觀點。現在我們有幾位新的財務主管加入，而且我們在幾個月前也做了一些組織調整。現在每位高階主管都會與財務洞察合作，讓我們能做更多分析，以更快地推動行動。而且這其實也能延伸到毛利率以外的面向。

So we really have a lot of insight now into managing working capital. A lot of process change already been kicking off. I am pretty bullish that we will quickly see some fruits coming out of these investments. Definitely, we have a next level of insight guiding the business right now.

所以我們現在對於營運資金管理確實有了很多洞見。許多流程變革也已經開始推動。我相當看好，我們會很快看到這些投資帶來的成果。毫無疑問，我們現在有更高一層次的洞見在引導業務。

Okay. That is helpful. Thanks. And then I will sneak one last in. Just the BASX backlog. I know you ran through production more than you thought, and you had some order lumpiness, but would you expect that backlog in BASX to be higher at the end of the year than it is today?

好的。這很有幫助。謝謝。然後我再偷偷問最後一個。關於 BASX 的積壓訂單。我知道你們的產出比預期多，而且訂單有些波動，但你們是否預期 BASX 的積壓訂單在年底會比現在更高？

Certainly, we anticipate there being. Yeah, I guess what I will say is two parts. First off, I want to just kind of keep reiterating that some of this acceleration in conversion, it is building us a stronger foundation to build off of. And so the faster we convert, the better visibility and clarity we get into the ability to execute at scale. And then we build more production capacity, more lines out from there. It is allowing us to really continue taking this opportunity in the market and capturing as much as possible.

當然，我們預期會是如此。是的，我想我會分兩部分來說。首先，我想一再強調，這部分轉換加速正在為我們建立更強的基礎，讓我們可以在其上持續發展。因此，我們轉換得越快，就越能更清楚、更透明地掌握我們以規模化方式執行的能力。接著我們再從那裡擴增更多產能、增加更多產線。這讓我們能夠真正持續把握市場上的這個機會，並盡可能多地加以捕捉。

And so that conversion of backlog, acceleration of conversion certainly makes the bookings become a big balancing point. But our goal is to get that operating foundation in place, to keep growing it, and then continue driving sales based on visibility into our ability to execute against the overall demand of the market.

因此，積壓訂單的轉換、轉換加速，確實會讓接單（bookings）成為一個重要的平衡點。但我們的目標是把營運基礎建置到位、持續擴大，然後再基於我們對自身執行能力的可視性，持續推動銷售，以滿足市場整體需求。

So we talked about this in the past, that the balance of confidence and execution in bookings kind of go hand in hand. And so as we keep getting this foundation built, it allows us and our sales team the opportunity to more aggressively go after the orders.

所以我們過去談過，對接單的信心與執行其實是相輔相成的。因此，隨著我們持續把這個基礎打好，就能讓我們以及我們的銷售團隊有機會更積極地去爭取訂單。

And so just to say, the growth and the execution that our operations team is driving is pretty phenomenal when we think about all of this organic growth and the scale of growth and the pace of growth. And so that is then arming our sales channel to go out there in the marketplace and really drive more bookings. And so we certainly anticipate that being very good ammunition for our sales channel to keep driving more order cadence into the overall backlog, and really keep driving it up as we go into 2027. So that to us should be a driver to continue capturing more and more of the opportunity and driving more and more backlog into the business.

所以簡單說，我們營運團隊所推動的成長與執行力非常驚人，尤其是考量到這些有機成長、成長規模以及成長速度。而這也進一步武裝我們的銷售通路，讓他們能在市場上真正推動更多接單。因此，我們確實預期這會成為我們銷售通路的強力彈藥，持續推動更多訂單節奏進入整體積壓訂單，並在邁向 2027 年時持續把它往上推。所以對我們而言，這應該會成為持續捕捉越來越多機會、並為公司帶來越來越多積壓訂單的驅動因素。

Understood. Thank you guys for the color. Appreciate it.

了解。謝謝你們提供的補充說明。很感謝。

Chris Moore, CJS Securities.

Chris Moore，CJS Securities。

Hey, good afternoon, guys. Thanks for taking a couple. Maybe one more on gross margin. So recognizing that you are not giving specific guidance on 2027, but what would be maybe the puts and takes that would make it possible or make it difficult to improve the 25% to 26% gross margin range in 2026 by, say, 400 basis points in 2027?

嗨，下午好，各位。謝謝讓我問幾個問題。我想再問一個關於毛利率的問題。我知道你們不會提供 2027 年的具體指引，但有哪些可能的正負因素，會讓 2026 年 25% 到 26% 的毛利率區間在 2027 年有機會提升例如 400 個基點，或反而變得困難？

Yeah. So I guess when we look at the margin trajectory through 2026, and again, we’ve talked about the fact that Q4 is certainly going to be the strongest margin quarter for the overall organization. That certainly means that we’re entering 2027 at a much higher than 25% to 26% margin profile.

是的。我想當我們看 2026 年之前的毛利率走勢時，而且我們也談過，第四季肯定會是整個組織毛利率最強的一季。這也意味著，我們進入 2027 年時的毛利率水準會明顯高於 25% 到 26% 的區間。

So starting off to say, we’re ending the year at the high water mark and then driving that momentum into 2027. When we look at how do we drive that margin? Again, people ask the question around would we get back to that 30%-plus. My starting point is to say, well, we’re exiting the year actually at a pretty healthy margin when you run the math on the momentum and the guidance.

所以先從這點說起：我們在年底會以高點作收，並把這股動能帶進 2027 年。至於我們要如何推升毛利率？大家也會問我們是否能回到 30% 以上。我的出發點是：如果你把動能與指引帶入計算，我們其實是在年底以相當健康的毛利率水準退出。

And really the upside to keep driving beyond that comes down to higher volumes to absorb the fixed costs, continued discipline around price cost, and continued overall focus on improving productivity across the business. And so all those things are what allow us to keep driving that margin higher and getting ourselves back into that 30%-plus profile from a consolidated basis.

而要在此基礎上繼續往上推，關鍵在於更高的出貨量以吸收固定成本、持續在價格與成本之間保持紀律，以及持續聚焦提升全公司的生產力。這些因素讓我們能夠持續推升毛利率，並在合併基礎上把毛利率帶回 30% 以上的輪廓。

I will just say that obviously mix is certainly a conversation. So as that BASX brand that again, it’s got improving margin quarter over quarter, but certainly, as we keep driving more volume through there, mix can be a little bit of a factor. But again, we anticipate on that side of the business as well to continue seeing progress in margin profile throughout the year.

我也要補充，產品組合（mix）當然也是一個討論點。因此，隨著 BASX 品牌（同樣地，其毛利率正逐季改善）持續拉高出貨量，組合可能會成為一個因素。但同樣地，我們也預期該業務在全年毛利率輪廓會持續看到進展。

Got it. That makes sense. And as you said, Q4 is going to be the high on the margin side. I wasn’t sure what you said earlier, Matt Tobolski, in terms of from a revenue perspective, Q3 versus Q4. Is that relatively balanced or is Q3 meaningfully a bit higher than Q4? I’m just not sure how we should be looking at that.

了解。這很合理。而且如你所說，第四季在毛利率方面會是高點。我不太確定你先前說的內容，Matt Tobolski，就營收角度來看，第三季相較第四季是大致持平，還是第三季會明顯高於第四季？我不太確定我們應該怎麼看這件事。

No, they’ll be relatively balanced. But one thing I want to point out is we have holidays in Q4. So a balanced top-line revenue Q3 to Q4 actually implies higher productivity in Q4. Just the holidays tend to certainly slow down production levels. So sales per day should be up, but overall top line relatively flat quarter to quarter.

不，兩季會相對平衡。但我想指出一點：第四季有假期。所以第三季到第四季的營收若是持平，其實意味著第四季的生產力更高。因為假期通常確實會讓產出水準放緩。所以每日銷售額應該會上升，但整體營收季對季大致持平。

Got it. Thanks. And maybe just last one for me. Many of the data center HVAC players dealing with significant supply chain issues, one of the bigger challenges being the sourcing of certain fans. And I know you guys made a decision a couple of years ago to vertically integrate a little further, specifically with regard to Plenum fans for your own HVAC units, external sales. Can you talk a little bit more about the current impact of that decision and just kind of overall supply chain challenges that you’re seeing at this stage?

了解。謝謝。我最後再問一個。許多資料中心 HVAC 業者正面臨顯著的供應鏈問題，其中一個更大的挑戰是某些風扇的採購。我知道你們幾年前做了更進一步的垂直整合決策，特別是針對你們自有 HVAC 機組所用的 Plenum 風扇，以及對外銷售。你能否多談談這個決策目前帶來的影響，以及你們在這個階段看到的整體供應鏈挑戰？

Yeah, just a data point. I mean, certainly on the AAON side of the business, we brought in the manufacturing of fans a couple of years back, but just as a data point, the BASX business, from the day we started that business, we manufactured our own fans.

可以，提供一個數據點。我的意思是，當然在 AAON 這一側的業務，我們在幾年前把風扇製造納入內部，但再補充一個數據點：BASX 業務從我們開始經營的第一天起，我們就自行製造風扇。

And so whether recently through some of our current supply chain challenges or during the COVID supply chain challenges, the insourcing of fans continued to be a competitive benefit for us with some of the overall volatility.

因此，無論是近期我們面臨的一些供應鏈挑戰，或是在 COVID 期間的供應鏈挑戰，風扇內製在整體波動之下都持續為我們帶來競爭優勢。

Now, that said, we still do buy fans, we still use fans other than just our own. So we do also get a good eye into the overall marketplace and recognize that fans as an overall market, certainly have some constraints around the amount of available capacity in the marketplace.

不過話說回來，我們仍然會採購風扇，我們也仍會使用不只我們自製的風扇。因此，我們也能更清楚地觀察整體市場，並且了解到風扇這個市場整體而言，確實在市場可用產能方面存在一些限制。

And so there is some pressure kind of on the fan side, but we continue to look for opportunities to manufacture our fans or to multi-source fans. I would say that the discipline and the continued focus around supply chain resiliency that our supply chain organization is focused on continues to look at ahead of being hit by a supply chain constraint.

因此在風扇端確實有一些壓力，但我們仍持續尋找機會自行製造風扇，或採取風扇多元供應來源。我會說，我們供應鏈組織所專注的供應鏈韌性之紀律與持續聚焦，仍在供應鏈限制衝擊之前就提前布局，持續向前看。

We tend to be looking at as many leading indicators as possible and driving multi-sourcing strategies or alternate vendor selections as early in the process as possible to mitigate the overall challenges. So I would say that at a high level, Chris, supply chain challenges certainly exist in this market. There definitely are constraints, and our team continues to very actively and proactively manage those constraints. We’ve actually had some very good success in mitigating the overall impacts to our overall volumes.

我們傾向於盡可能觀察更多領先指標，並在流程儘早推動多元採購策略或替代供應商選擇，以緩解整體挑戰。所以我會說，從高層次來看，Chris，這個市場確實存在供應鏈挑戰。確實有一些限制，而我們團隊也持續非常積極且主動地管理這些限制。我們其實在降低對整體出貨量的影響方面取得了非常好的成效。

That said, we also recognize there is potential for those two to create some noise in the coming quarters. So our focus is to continue looking as far ahead as possible to look for constraints in the overall supply base as soon as we can see them and really drive sourcing strategies to mitigate the overall impacts as soon as possible.

話雖如此，我們也認知到，未來幾個季度這兩者可能會帶來一些雜訊。因此我們的重點是盡可能向前看，盡早在整體供應基礎中發現限制，一旦看得到就立即推動採購策略，以盡快降低整體影響。

Very helpful. I will leave it there. Appreciate it.

非常有幫助。我就先到這裡。感謝。

Julio Romero, Sidoti.

Julio Romero，Sidoti。

Thanks. Hey, good afternoon. Thanks for taking my questions. Matt, based on the comment earlier in the Q&A of the revised full-year sales guide embedding AAON branded sales at 20% growth. I think that implies, if my math is right, second half BASX branded product sales of roughly $290 million to $330 million a quarter, and that would be below the $345 million of BASX branded sales you just did in the second quarter. Is that right, Matt? If so kind of help us understand why the step down there?

謝謝。嗨，午安。謝謝讓我提問。Matt，根據先前在問答中提到的修正後全年銷售指引，其中包含 AAON 品牌銷售成長 20%。我想這表示（如果我算得沒錯），下半年 BASX 品牌產品銷售每季約 2.90 億到 3.30 億美元，這會低於你們第二季剛做出的 BASX 品牌銷售 3.45 億美元。是這樣嗎，Matt？如果是的話，能否幫我們理解為什麼會有這樣的下滑？

I would say more flattish on the BASX kind of sales kind of quarter-over-quarter in Q2, 3, and 4. So relatively flattish. I would not say a big step down. And just from that standpoint, I would say our focus and our drive is certainly to continue driving volume through our facilities. But also embedded in there is recognition that while we have had very good success in mitigating supply challenges, we are also not blind to the potential that there could be issues.

我會說 BASX 的銷售在第二季、第三季與第四季之間，季對季會比較偏持平。所以相對持平。我不會說有很大的下滑。就這點而言，我會說我們的重點與推動方向，當然是持續提升我們各廠的產量。但其中也納入一項認知：雖然我們在緩解供應挑戰方面做得很成功，但我們也不會忽視仍可能出現問題的風險。

And so we are looking at this from a standpoint of open eyes and reality around the overall market. And the reality is growing a business as fast as we are growing this business in a market that has some of the constraints that it has, is not without challenge.

因此我們是以睜大眼睛、面對整體市場現實的角度來看這件事。而現實是，在一個存在某些限制的市場中，以我們目前這樣的速度成長，並非沒有挑戰。

And so embedded in that sort of back half on the BASX side is some recognition of some of that potential impact to the business. But I would just say that our focus every day that we wake up is to mitigate those impacts and really drive the volume through that factory and continue delivering. But that really is the focus from an execution standpoint.

因此在 BASX 端下半年（後半段）的規劃中，也反映了對這些潛在影響的一些認知。但我想說的是，我們每天醒來的重點就是要降低這些影響，真正把產量推過那座工廠並持續交付。從執行面來看，這就是我們的重點。

Got it. Okay. That is helpful. Then, you did see some pretty good leverage on the SG&A line this quarter. Is there room for further leverage as revenue continues to scale, especially as we head into 2027?

了解。好。這很有幫助。另外，你們本季在 SG&A（銷售、一般及行政費用）這一項目上看到相當不錯的槓桿效益。隨著營收持續擴大，是否還有進一步提升槓桿的空間，尤其是邁向 2027 年時？

What I would say is we certainly rewind the clock last year and the year before, we’ve been making investments, very intentional investments to prepare this business to operate at the scale that it’s operating at. So we’re seeing some of that leverage show through in the quarter, obviously, which is great. But I would say there continues to be some investments that we have to make to really kind of get all of the parts and pieces in place.

我會說，如果把時間倒回去年與前年，我們一直在投資，而且是非常有意識的投資，來讓這個業務能夠在目前這樣的規模下運作。所以我們在本季確實看到部分槓桿效益顯現，這當然很好。但我會說，我們仍需要做一些投資，才能把所有環節與拼圖真正到位。

So I wouldn’t expect, at least in the next quarter or two, to see substantially more leverage. But what I would say, as these investments that we’re going to be making in the near term take effect and we keep driving revenue beyond that, we would anticipate seeing that kind of lever up or lever down, I should say, in the future, in more of the 2027 calendar year.

因此我不預期至少在接下來一兩季會看到顯著更多的槓桿效益。但我會說，隨著我們近期要進行的這些投資開始發揮效果，且我們持續推動營收在此之上成長，我們預期未來會看到那種槓桿提升——或者說費用率下降——更可能是在 2027 年曆年期間。

Great. Thanks again. I’ll pass it on.

很好。再次感謝。我把時間交給下一位。

That concludes our Q&A session. I will now turn the conference back over to Joe Mondillo for any closing remarks.

我們的問答環節到此結束。我現在把電話會議交回給 Joe Mondillo，請他做任何結語。

Thank you, operator. I’d like to thank everyone for joining 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.

謝謝你，接線員。我要感謝各位參加今天的電話會議。如果未來幾天或幾週內有人有任何問題，歡迎隨時與我聯繫。祝各位今天剩下的時間愉快，我們也期待未來再與各位交流。

This concludes today’s call. Thank you for attending. You may now disconnect, and have a wonderful rest of your day.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線，祝您今天剩下的時間愉快。