AAON, Inc. (AAON) 2026 Q3 法說會逐字稿

Thank you for standing by. At this time, I'd like to welcome everyone to the AAON Group's third quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Joseph Mondillo, Director of Investor Relations. Please go ahead.

感謝各位稍候。此刻，我想歡迎各位參加 AAON 集團 2026 年第三季財報電話會議。(接線員指示) 現在我想將會議交給投資人關係總監 Joseph Mondillo。請開始。

Thank you, operator, and good afternoon, everyone. The press release announcing our third quarter 2026 financial results was issued earlier this afternoon and can be found on our corporate website, theaaongroup.com. The call today is accompanied by a presentation that you can also find on our website, as well as on the listen-only webcast.

謝謝，接線員，各位下午好。我們於今天下午稍早發布了公布 2026 年第三季財務結果的新聞稿，可在我們的公司網站 theaaongroup.com 查閱。今天的電話會議也搭配一份簡報，您同樣可在我們網站以及僅收聽的網路直播上取得。

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.

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》及 1934 年《證券交易法》（各經修訂）的「安全港」條款作出。

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

因此，該等陳述受許多 AAON 集團無法控制之事件發生與否影響，可能導致 AAON 集團的實際結果與預期存在重大差異。各位都了解，做出預測性陳述本身具有固有的困難、風險與不確定性。

Our press release and Forms 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. Our press release and portions of today's call use non-GAAP financial measures as defined in Regulation G.

我們今天下午提交的新聞稿與 10-Q 表格中，詳述了若干可能導致實際結果與預測不同的重要風險因素。請注意，我們沒有義務更新前瞻性陳述。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》所定義的非 GAAP 財務衡量指標。

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 up with a walkthrough of the quarterly results, and Matt will then finish up with our updated outlook.

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 會帶各位回顧本季業績，之後 Matt 將以更新後的展望作結。

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

那麼，我把電話會議交給 Matt。

Thanks, Joe, and good afternoon. Before getting into what was a great quarter, I want to address the accounting corrections and material weakness we disclosed today. During our third quarter reporting process, we self-identified errors that resulted in revenue being understated in the first half of 2026. We have restated those periods and concluded that a material weakness existed in our internal control over financial reporting.

謝謝，Joe，各位下午好。在談到這個非常出色的季度之前，我想先說明我們今天披露的會計更正與重大缺失。在第三季的申報流程中，我們自行發現錯誤，導致 2026 年上半年營收被低估。我們已重述該等期間，並認定我們在財務報導內部控制方面存在重大缺失。

The company has grown tremendously in a relatively short period of time, and our financial processes and controls did not keep pace with that growth and complexity in some areas. We take responsibility for that. Over the past year, we have been strengthening the finance organization, systems, and review processes.

公司在相對短的時間內大幅成長，而我們在某些領域的財務流程與控制，未能跟上成長與複雜度的提升。我們對此承擔責任。過去一年，我們一直在強化財務組織、系統與覆核流程。

That work helped surface these issues, and we are moving with urgency to correct the underlying control gaps. The corrections increased previously reported first-half revenue by $10.7 million and diluted EPS by $0.09. That is important context, but it doesn't change the fact that our controls needed to be better.

這些工作有助於揭露上述問題，我們正以緊迫感推進，修補底層控制缺口。更正使先前報告的上半年營收增加 1,070 萬美元，稀釋後每股盈餘（EPS）增加 0.09 美元。這是重要背景，但不改變我們的控制需要更完善的事實。

Andy will cover the details and remediation efforts shortly. Now, let's talk about the business, because this was an exceptional quarter. The AAON Group net sales reached a record $707 million, up 84% year-over-year and 10% sequentially. Operating income more than doubled to $100 million, and diluted EPS more than doubled to $0.83. We made meaningful progress in profitability.

Andy 稍後將說明細節與補救措施。現在我們來談業務，因為這是一個非凡的季度。AAON 集團淨銷售額創新高達 7.07 億美元，年增 84%，季增 10%。營業利益增加逾一倍至 1 億美元，稀釋後 EPS 也增加逾一倍至 0.83 美元。我們在獲利能力方面取得了實質進展。

Gross margin improved sequentially to 26.7%. Adjusted EBITDA increased 100% year-over-year to $127 million, and adjusted EBITDA margin improved 100 basis points sequentially to 18%. Through nine months, operating cash flow reached $147 million compared with a use of $19 million over the same period last year. I'm proud of these results, but I'm even more encouraged by what's underneath them.

毛利率季增至 26.7%。調整後 EBITDA 年增 100% 至 1.27 億美元，調整後 EBITDA 利潤率季增 100 個基點至 18%。累計前九個月，營運現金流達 1.47 億美元，相較去年同期為淨流出 1,900 萬美元。我為這些成果感到自豪，但更令我振奮的是其背後的驅動因素。

For the past couple years, we've been deliberate about building the capabilities required to support a much larger company. We've invested in people, manufacturing capacity, supply chain, systems, and how we operate. That hasn't always been easy, and building ahead of growth brings cost and complexity with it. But we weren't just adding capacity, we were building capability, and we're seeing it work.

過去幾年，我們一直有意識地打造支撐更大型公司的所需能力。我們投資於人才、製造產能、供應鏈、系統，以及營運方式。這並不總是容易，超前於成長進行建置也會帶來成本與複雜度。但我們不只是增加產能，而是在建立能力，而我們正看到這些投入開始發揮效果。

We're producing more, lead times are coming down, productivity is improving, margins are moving in the right direction, we're getting leverage from the investments we've already made, and significantly more earnings are converting into cash. There is still plenty of room to improve, which frankly excites me.

我們的產出增加、交期縮短、生產力提升、毛利率朝正確方向前進；我們也從既有投資中取得槓桿效益，且更多獲利正顯著轉化為現金。仍有很大的改善空間，坦白說，這讓我感到興奮。

This is starting to show what this company is capable of. As we look at our brands, I don't want the strength of AAON getting lost in all the attention around data centers. AAON had an outstanding quarter. AAON-branded revenue increased 20% year-over-year to a record $310 million. Orders grew 10%.

這開始展現這家公司能做到什麼。當我們檢視各品牌時，我不希望 AAON 的強勁表現被外界對資料中心的關注所掩蓋。AAON 本季表現非常出色。AAON 品牌營收年增 20% 至創新高的 3.10 億美元。訂單成長 10%。

Backlog was approximately 18% above last year at $499 million, and national account orders increased nearly 70%. That's happening in a commercial construction market that remains soft. We are not being carried by the market. We are taking share. We have differentiated products, an incredibly strong sales channel, and deep customer relationships.

積壓訂單約較去年高出 18%，達 4.99 億美元，全國性客戶（national account）訂單增加近 70%。這是在商用建築市場仍然疲弱的情況下發生的。我們並非被市場帶著走。我們正在取得市占。我們擁有差異化產品、極其強大的銷售通路，以及深厚的客戶關係。

We're continuing to innovate, and the manufacturing investments we've made are allowing us to improve speed and service. National accounts is a great example of what happens when those pieces come together.

我們持續創新，而我們所做的製造投資也讓我們能提升速度與服務。全國性客戶就是當這些要素結合時會發生什麼的絕佳例子。

The closer we get to customers, the more we understand the problems they're actually trying to solve. That creates opportunities to bring our engineering, products, and operating capabilities to them in ways that are difficult to replicate. That's customer intimacy in practice.

我們越貼近客戶，就越能理解他們真正想解決的問題。這創造了機會，使我們能以難以複製的方式，將工程、產品與營運能力帶給客戶。這就是「客戶親密度」的實際運作。

It's not a sales program. It's how we want to operate. Then we have to execute. Backlog declined sequentially during the quarter because we are converting it faster and getting product to customers sooner. That's exactly what we wanted our operations initiatives to do.

這不是一個銷售方案。這是我們希望的營運方式。接著我們必須落實執行。本季積壓訂單較前一季下降，因為我們加快轉化速度，並更快把產品交付給客戶。這正是我們希望營運改善計畫達成的效果。

When I look at AAON today, I see a business growing 20% in a weak commercial market, with orders growing, national accounts accelerating, and service improving. That's a really strong business getting stronger, and I'm incredibly proud of what the team is accomplishing.

當我看 AAON 現在的狀況，我看到的是：在疲弱的商用市場中仍能成長 20%，訂單增加、全國性客戶加速成長、服務持續改善。這是一個非常強健、且正在變得更強的事業，我為團隊的成就感到無比自豪。

BASX also had an exceptional quarter. BASX branded sales increased 218% year-over-year to a record $397 million. Order activity increased 116% sequentially and backlog end of the quarter at approximately $1.4 billion, up 51% year-over-year.

BASX 本季同樣表現非凡。BASX 品牌銷售額年增 218% 至創新高的 3.97 億美元。訂單活動季增 116%，季末積壓訂單約 14 億美元，年增 51%。

There has obviously been a lot of noise around data center investment recently, and we would be foolish not to pay attention to it. We are staying grounded in what we are actually seeing from our customers. Engagement remains strong, the opportunity pipeline remains healthy, and the level of activity we are seeing with customers gives good visibility into the near to medium-term opportunity.

近期圍繞資料中心投資顯然有很多雜音，我們若不加以關注就太愚蠢了。我們仍然以客戶實際回饋與我們所看到的情況為依歸、保持務實。客戶互動仍然強勁、商機管線依然健康，而我們與客戶之間所見的活動水準，讓我們對近期至中期的機會有良好的能見度。

This would include the expectation of a strong seasonal demand in Q4, similar or better than what we saw in a year ago period. We have not seen a meaningful change in the demand environment or in the longer-term plans customers are sharing with us. I think it is important to put that against the backlog already in hand.

這也包括對第四季強勁季節性需求的預期，與去年同期相當或更佳。我們尚未看到需求環境或客戶與我們分享的長期規劃出現有意義的變化。我認為，把這點與我們手上既有的積壓訂單（backlog）對照來看很重要。

We ended the quarter with approximately $1.4 billion of BASX branded backlog, even as we substantially increased production and converting more of that backlog into revenue. The underlying problems our customers are trying to solve continue to get harder.

本季結束時，BASX 品牌的積壓訂單約為 14 億美元，儘管我們大幅提升產量並將更多積壓訂單轉為營收。客戶試圖解決的根本問題仍在變得更棘手。

Compute density is increasing, power availability remains constrained, efficiency matters more, and thermal management becomes increasingly more important as these systems become more power dense. That plays directly to where BASX is differentiated.

運算密度持續提高、可用電力仍受限制、效率變得更重要，而隨著系統功率密度提升，熱管理也變得愈發關鍵。這正好直接對應到 BASX 的差異化優勢所在。

We are at our best when we are working closely with customers to solve difficult thermal management problems where engineering, efficiency, speed, and execution matters. We are focused on the opportunities where those capabilities create the greatest value for our customers. That is where we win, and what we are seeing from customers continues to give us confidence in the opportunity ahead.

當我們與客戶緊密合作、解決艱難的熱管理問題時，我們表現最佳；在這些情境下，工程能力、效率、速度與執行力都至關重要。我們聚焦於能讓這些能力為客戶創造最大價值的機會。這就是我們取勝之處，而我們從客戶端看到的情況也持續讓我們對未來機會充滿信心。

When I step back from the individual businesses, this is where I get particularly excited. AAON is taking share in the commercial HVAC market, BASX is scaling into a significant thermal management opportunity, and we are getting better at running the company.

當我從各個單一事業回到更宏觀的角度時，這正是我特別感到振奮的地方。AAON 正在商用 HVAC 市場擴大市占，BASX 正在擴張並切入一個重要的熱管理機會，而我們在公司營運管理上也做得更好。

Total backlog finished the quarter at approximately $1.9 billion, up 40% year-over-year. Gross margin improved another 60 basis points sequentially. Underneath that, we are seeing tangible progress. AAON Coil Products gross margin improved from 19.1% in Q2 to 25.8% in Q3. Adjusted gross margin at AAON Oklahoma reached 32.8%.

本季末總積壓訂單約為 19 億美元，年增 40%。毛利率較前一季再提升 60 個基點。在此之下，我們看到具體的進展。AAON Coil Products 的毛利率從第二季的 19.1% 提升至第三季的 25.8%。AAON Oklahoma 的調整後毛利率達到 32.8%。

In the BASX segment, more than tripled revenue and profits year-over-year. Higher utilization is helping, labor productivity is improving, price costs have moved in the right direction, and our supply chain work is producing real results.

在 BASX 事業部，營收與獲利年增均超過三倍。更高的產能利用率帶來助益、勞動生產力正在改善、價格與成本走勢朝正向發展，而我們在供應鏈方面的工作也產生了實質成果。

We are improving sourcing and resilience while supporting tremendous growth, but there is still work ahead, and we will continue actively managing this area as we scale. I am pleased with the progress our teams are making. I am also excited about the continuous improvement discipline taking hold across the company.

我們在支援驚人增長的同時，也在改善採購與韌性，但前方仍有工作要做；隨著規模擴大，我們將持續積極管理這一領域。我對團隊取得的進展感到滿意。我也對持續改善（continuous improvement）的紀律正在全公司落地感到振奮。

We are getting more rigorous about finding problems, getting to the root cause, and making improvements stick. We still have facilities with more utilization available, teams that will continue getting more productive, opportunities in sourcing, outsourcing, and working capital. I do not look at a quarter like this and think we are done. I see proof that the work is taking hold with a lot more still available to us.

我們在找出問題、追溯根因並讓改善措施落實並持續方面，變得更嚴謹。我們仍有廠房具備更多可用產能、團隊也將持續提升生產力，並且在採購、外包與營運資金方面仍有機會。我不會看著這樣的一季就認為我們已經完成了。我看到的是：這些工作正在奏效的證明，而且我們仍有更多可發揮的空間。

With that, I will turn the call over to Andy Cheung.

接下來，我把電話會議交給 Andy Cheung。

Thank you, Matt, and good afternoon, everyone. Let me provide some additional context around the accounting revisions for the first and second quarter. As disclosed in our amended 10-Q filings, the revisions primarily relate to revenue recognition and accounting for software subscriptions.

謝謝你，Matt，各位下午好。我來補充一些關於第一季與第二季會計修正的背景。如我們修訂後的 10-Q 申報所揭露，這些修正主要與收入認列以及軟體訂閱的會計處理有關。

In aggregate, these items increased first half 2026 revenue by $10.7 million, gross margin by 71 basis points, and diluted EPS by $0.09. Importantly, the errors were identified through enhanced review procedures and management's ongoing efforts to evaluate and strengthen our internal controls.

整體而言，這些項目使 2026 年上半年營收增加 1,070 萬美元、毛利率增加 71 個基點，稀釋後 EPS 增加 0.09 美元。重要的是，這些錯誤是透過強化的審查程序，以及管理層持續評估並強化內部控制的努力而被識別出來的。

Although management concluded that the aggregate impact on certain quarterly periods was material, the errors were largely timing-related in nature and did not affect the economics of the underlying contracts. We have begun implementing remediation actions, including enhancing the design and operations of existing controls, implementing new control over the revenue process, and identifying opportunities to reduce reliance on manual controls.

雖然管理層認定其對某些季度期間的合計影響具有重大性（material），但這些錯誤在本質上多屬時間點差異，並未影響相關合約的經濟實質。我們已開始推動補救措施，包括強化既有控制的設計與運作、在收入流程上導入新的控制，以及找出降低對人工控制依賴的機會。

We remain committed to executing these actions while driving operational performance and shareholder value creation. For more information, please see disclosures in our press release, presentation, restated 10-Q filings for the first and second quarter, and in our 10-Q filing for the third quarter.

我們仍致力於在推動營運績效與為股東創造價值的同時，落實上述行動。更多資訊請參閱我們的新聞稿、簡報、第一季與第二季重編（restated）的 10-Q 申報，以及第三季的 10-Q 申報中的揭露。

Turning now to our third quarter financial results. Third quarter net sales increased 84% year-over-year to a record $707 million. Strong performance from both the BASX and AAON brands, combined with greater manufacturing efficiencies, delivered the outsized growth. AAON-branded sales growth of 20% was driven by a strong backlog and increased production throughput as we continue to drive lead times lower at both our Tulsa and Longview facilities.

接著談第三季財務結果。第三季淨銷售額年增 84%，達到創紀錄的 7.07 億美元。BASX 與 AAON 兩大品牌的強勁表現，加上更高的製造效率，帶動了超預期的成長。AAON 品牌銷售年增 20%，主要受惠於強勁的積壓訂單，以及我們持續在 Tulsa 與 Longview 兩座廠區縮短交期所帶來的產出提升。

BASX-branded sales increased 218% year-over-year, reflecting the combination of sustained momentum in data center cooling demand, increased production output, and greater utilization of recently added manufacturing capacity. Gross profit in the third quarter increased 76% to $189 million, driven primarily by strong revenue growth and improved operational execution.

BASX 品牌銷售年增 218%，反映資料中心冷卻需求的持續動能、產量提升，以及近期新增製造產能的更高利用率。第三季毛利年增 76% 至 1.89 億美元，主要由強勁的營收成長與更佳的營運執行所驅動。

Gross margin was 26.7%, down 110 basis points from the year-ago period and up 60 basis points from Q2. The year-over-year decline in margin was driven by a 300-plus basis points brand mix headwind, partially offset by improved price cost and volume leverage. Sequential expansion in consolidated gross margin was driven largely by the AAON Coil Products segment and our Tulsa operations, as both benefited from favorable price cost trends and higher capacity utilization.

毛利率為 26.7%，較去年同期下降 110 個基點，但較第二季上升 60 個基點。年對年毛利率下滑主要受品牌組合不利因素影響超過 300 個基點，部分被價格與成本改善以及量增帶來的槓桿效益所抵銷。合併毛利率的季對季擴張，主要由 AAON Coil Products 事業部與我們 Tulsa 的營運所帶動，兩者皆受惠於有利的價格/成本趨勢與更高的產能利用率（在產量提升下）。

SG&A expenses as a percentage of sales declined 400 basis points to 12.5%, as strong top-line growth more than offset continued investments to support the company's strategic priorities. On a dollar basis, SG&A grew $25 million to $89 million, reflecting purposeful investments in people, systems, and processes that position the business for sustained growth and enhanced operational efficiency. Non-GAAP adjusted EBITDA increased 100% from the prior year period to $127 million. Adjusted EBITDA margin was [18%] compared to 16.5% a year ago. Adjusted diluted EPS grew 124% to $0.83.

SG&A 費用占銷售比重下降 400 個基點至 12.5%，因強勁的營收成長足以抵銷為支持公司策略重點而持續投入的投資。以金額計，SG&A 增加 2,500 萬美元至 8,900 萬美元，反映我們在人才、系統與流程上的策略性投資，使業務得以支撐持續成長並提升營運效率。非 GAAP 調整後 EBITDA 較去年同期增加 100% 至 1.27 億美元。調整後 EBITDA 利潤率為 [18%]，去年同期為 16.5%。調整後稀釋 EPS 成長 124% 至 0.83 美元。

Turning now to the segment financials. Beginning with AAON Oklahoma, third quarter net sales increased 19% to $283 million, driven by strong operational execution and increased production throughput, which enabled accelerated conversion of a healthy beginning backlog.

接著看各事業部財務表現。先從 AAON Oklahoma 開始，第三季淨銷售額年增 19% 至 2.83 億美元，主要受惠於強勁的營運執行與產出提升，使我們得以加速將期初健康的積壓訂單轉為營收。

Higher pricing also contributed to growth. AAON Oklahoma adjusted gross profit increased 12% to $93 million. Adjusted gross margin of 32.8% declined 210 basis points from the prior year period, but increased 160 basis points sequentially, reflecting improved price cost dynamics and higher capacity utilization on increased production volumes.

較高的定價也對成長有所貢獻。AAON Oklahoma 調整後毛利年增 12% 至 9,300 萬美元。調整後毛利率 32.8% 較去年同期下降 210 個基點，但較前一季上升 160 個基點，反映價格/成本動態改善，以及在產量提升下更高的產能利用率。

AAON Coil Products segment sales increased 174% to $193 million. Growth was primarily driven by BASX-branded liquid cooling product sales of $166 million, an increase of 256%. It was further supported by a 14% increase in AAON-branded production within the segment.

AAON Coil Products 部門銷售額成長 174%，達到 1.93 億美元。成長主要由 BASX 品牌液冷產品銷售額 1.66 億美元所帶動，年增 256%。此外，該部門內 AAON 品牌產量增加 14% 亦提供支撐。

AAON Coil Products gross profit increased 542% to $50 million. Gross margin was 25.8% compared to 11% in the prior year period. The significant margin improvement was largely driven by improved price cost dynamics, along with higher production volume and better overhead absorptions. BASX segment sales grew 207% to $231 million.

AAON Coil Products 毛利增加 542%，達到 5,000 萬美元。毛利率為 25.8%，相較去年同期為 11%。毛利率大幅改善主要來自價格與成本關係改善，並伴隨更高的產量與更佳的間接費用吸收。BASX 部門銷售額成長 207%，達到 2.31 億美元。

Results benefited from robust demand for data center solutions and a strong backlog. Enhanced utilization of the Memphis facility drove higher production capacity and throughput, enabling faster backlog conversion and contributing to stronger sales performance.

業績受惠於資料中心解決方案的強勁需求以及強勁的在手訂單。孟菲斯廠的使用率提升帶動更高的產能與產出，使在手訂單轉換更快，並促成更強勁的銷售表現。

BASX segment sales gross profit increased 227% to $66.4 million, while gross margin expanded to 28.7% from 27% in the prior year period. Margin improvement was driven by strong volume growth, partially offset by incremental resources and investments to support future growth initiatives and share gains.

BASX 部門銷售毛利增加 227%，達到 6,640 萬美元，同時毛利率由去年同期的 27% 擴大至 28.7%。毛利率改善由強勁的出貨量成長所帶動，但部分被為支持未來成長計畫與市占提升而增加的資源與投資所抵銷。

Now turning to the balance sheet. Cash, cash equivalents, and restricted cash balances totaled $4 million on September 30, 2026. Debt at the end of the quarter was $387 million. Our leverage ratio continued to improve as it has each quarter this year, declining to 1.0 at September 30 compared to 1.8 at the beginning of the year. Our cash flow performance improved significantly. For the first nine months of 2026, cash flow from operations totaled $147 million compared to a use of cash of $19 million in the prior year period.

接著談資產負債表。截至 2026 年 9 月 30 日，現金、約當現金及受限制現金餘額合計為 400 萬美元。本季末負債為 3.87 億美元。我們的槓桿比率延續今年每季改善的趨勢，於 9 月 30 日降至 1.0，較年初的 1.8 下降。我們的現金流表現顯著改善。2026 年前九個月，營運活動現金流入合計 1.47 億美元，相較去年同期為現金流出 1,900 萬美元。

The third quarter also marked our first free cash flow positive quarter in two years. The substantial improvement was driven by strong earnings growth and enhanced working capital management. Working capital as a percentage of trailing 12-month sales declined to 30% from 39% a year ago, extending a four quarter trend of sequential improvement.

第三季也標誌著我們兩年來首次單季自由現金流轉正。此一大幅改善主要由強勁的獲利成長與更佳的營運資金管理所帶動。營運資金占過去 12 個月銷售額的比例由一年前的 39% 降至 30%，延續連續四季逐季改善的趨勢。

While the trend is moving in the right direction, we are not yet satisfied with the current level and continue to see substantial room for improvement. Capital expenditures to date total $147 million in 2026, reflecting continued investments in strategic growth initiatives.

雖然趨勢朝正確方向發展，但我們對目前水準仍不滿意，並持續看到相當大的改善空間。截至目前，2026 年資本支出合計 1.47 億美元，反映我們持續投資於策略性成長計畫。

Although CapEx remain elevated, we are approaching the end of our multi-year investment capacity expansion program and expect spending to step down meaningfully next year. We continue to see substantial opportunities to improve operational efficiency, optimize pricing and sourcing strategies, and enhance working capital and capital management. Looking ahead, we expect strong earnings growth, improved working capital turns, and lower capital expenditures to drive significantly stronger free cash flow generation for next year.

儘管資本支出仍維持在高檔，我們正接近多年期投資的產能擴張計畫尾聲，並預期明年支出將明顯下降。我們仍看到大量機會可提升營運效率、優化定價與採購策略，並強化營運資金與資本管理。展望未來，我們預期強勁的獲利成長、營運資金周轉改善以及較低的資本支出，將推動明年自由現金流大幅增強。

I will now hand the call back to Matt.

我現在把電話交回給 Matt。

Thank you, Andy. The results Andy just walked through reinforce the operating progress I talked about earlier and give us increased confidence in the outlook. Based on our third quarter performance, production outlook, and backlog, we are raising our full-year outlook.

謝謝你，Andy。Andy 剛才帶大家回顧的結果，強化了我先前談到的營運進展，也讓我們對展望更有信心。基於第三季表現、生產展望與在手訂單，我們上調全年展望。

We now expect 2026 sales growth of 72% to 75%, up from our previous expectation of 55% to 60%. We expect gross margin of approximately 26%, SG&A of approximately 13% of sales, and depreciation and amortization approximately $100 million.

我們目前預期 2026 年銷售成長 72% 至 75%，高於先前預期的 55% 至 60%。我們預期毛利率約 26%，SG&A 約占銷售額 13%，折舊與攤銷約 1 億美元。

That's a significant move from where we were three months ago. We are producing more, converting backlog faster, and executing better. We're also seeing the benefit of the pricing actions we've taken, both on new orders and through pricing improvements we've been able to secure within portions of our existing backlog.

這相較三個月前是相當顯著的調升。我們生產更多、在手訂單轉換更快、執行也更到位。我們也看到已採取的定價措施帶來效益，無論是新訂單，或是我們在既有在手訂單部分所爭取到的價格改善。

Combined with better utilization, productivity, and sourcing, that's contributing to the margin progress we're seeing. We built for this growth, we're now delivering it, and increasingly, we're seeing the operating leverage that should come with it.

再加上更佳的設備利用率、生產力與採購，這些都促成我們看到的毛利率進展。我們為這波成長做好準備，現在正在交付成果，而且我們愈來愈看到隨之而來的營運槓桿效益。

We're not providing formal 2027 guidance today, but I do want to share how we're thinking about what comes next. When I look forward, what excites me is how much opportunity remains in the capabilities we've built. We have attractive opportunities to continue growing, capacity to produce more, teams that continue getting stronger, and significant opportunity to improve productivity and returns from the investments we've already made.

我們今天不提供正式的 2027 年指引，但我想分享我們對下一步的思考。當我往前看，令我振奮的是我們已建立的能力仍有多大的機會。我們有具吸引力的持續成長機會、有更多的產能可供生產、團隊持續變得更強，並且在提升生產力與提高既有投資報酬方面仍有顯著空間。

That gives us multiple ways to drive value, through growth, margin expansion, and cash generation. At AAON, we're not assuming the commercial market suddenly gets easier. Our performance this year shows we don't need it to.

這讓我們能透過成長、毛利率擴張與現金創造等多種方式來驅動價值。在 AAON，我們不假設商用市場會突然變得更容易。我們今年的表現顯示，我們也不需要市場變得更容易。

We have a differentiated business that's taking share, and we see plenty of opportunity to continue doing that. At BASX, I'd like to come back to what we're actually seeing. We have approximately $1.4 billion of backlog. Order activity increased significantly during the quarter.

我們擁有差異化的業務並正在取得市占，我們也看到充足的機會可以持續如此。在 BASX，我想回到我們實際看到的情況。我們約有 14 億美元的在手訂單。本季接單活動顯著增加。

Customer engagement and the opportunity pipeline remain strong, and the activity we're seeing gives us good visibility into the near-to-medium-term opportunities. Our projects are geographically diverse, so we're not dependent on any single state or market, and the vast majority of our backlog is with well-capitalized customers with strong balance sheets. Beyond the backlog, the depth of our customer relationships gives us visibility into development plans that extend years into the future.

客戶互動與機會管線仍然強勁，而我們看到的活動讓我們對短期至中期的機會具有良好能見度。我們的專案在地理分布上多元，因此不依賴任何單一州或市場，而且我們在手訂單的絕大多數來自資本實力雄厚、資產負債表強健的客戶。除了在手訂單之外，我們與客戶關係的深度也讓我們能掌握延伸至未來數年的開發計畫。

More importantly, those relationships put us close to the problems our customers are working to solve and where their needs are going. As compute density continues to increase, power and water remain constrained, and efficiency continues to matter, with thermal management becoming increasingly more important as these facilities become larger and more power-dense.

更重要的是，這些關係讓我們貼近客戶正在努力解決的問題，以及他們需求的走向。隨著運算密度持續提高，電力與用水仍受限制、效率仍然重要；而隨著這些設施規模更大、功率密度更高，熱管理的重要性也日益提升。

These are exactly the problems BASX was built to solve. We're close to our customers. We understand their applications and engineer around their specific requirements. We move quickly, solve difficult problems, and execute at scale. That's where BASX is differentiated, and that differentiation is winning with customers today and is what gives us confidence in the long-term opportunity ahead.

這些正是 BASX 為解決而打造的問題。我們貼近客戶。我們理解其應用，並依其特定需求進行工程設計。我們反應迅速、解決高難度問題，並能以規模化方式執行。這就是 BASX 的差異化所在，而這種差異化正在贏得今日的客戶，也正是讓我們對未來長期機會充滿信心的原因。

I'll finish here. I'm incredibly proud of this quarter. We delivered record revenue, operating income and earnings per share more than doubled, margins improved sequentially, cash generation improved significantly, and we're raising our full-year outlook. Those results reflect years of investment and an incredible amount of work by our team. We're seeing that work translate into performance.

我在此作結。我對本季表現感到無比自豪。我們創下營收新高，營業利益與每股盈餘均超過倍增，毛利率逐季改善，現金創造顯著提升，並上調全年展望。這些成果反映了多年投資以及團隊投入的巨大努力。我們正看到這些努力轉化為績效。

We also self-identified a financial reporting issue this quarter that resulted in previously reported first-half revenue and earnings being understated. It exposed areas where our controls weren't good enough. We own it, and we're fixing it. I'm incredibly proud of what our team delivered, and when something isn't good enough, we're going to be equally direct about fixing it. That's how I want us to run this company.

我們也在本季自行發現一項財務報導問題，導致先前揭露的上半年營收與獲利被低估。這暴露出我們的控制措施仍有不足之處。我們承擔責任，並正在修正。我對團隊所交付的成果感到無比自豪，而當某些地方不夠好時，我們也會同樣直接地去修正。這就是我希望我們經營這家公司的方式。

What gives me confidence looking forward is pretty simple. We're closer to our customers, we're executing better, we're getting more productive, and both AAON and BASX have strong, differentiated positions in their markets. The strategy is working, and there's still a lot more performance available from what we've built. I'm incredibly proud of this team, and I'm excited about where we're going.

讓我對未來有信心的原因其實很簡單。我們更貼近客戶、執行得更好、生產力更高，而且 AAON 與 BASX 在各自市場都具備強而有力、差異化的定位。策略正在奏效，而我們已建立的基礎之上，仍然還有更多可釋放的績效空間。我為這個團隊感到無比自豪，也對我們前進的方向感到振奮。

With that, we'll open the call for questions.

接下來，我們將開放提問。

(Operator Instructions)

（接線員指示）

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

Everyone. Thanks for the question, and nice job this quarter. Wanted to start on the data center orders, if I could. It's nice to see BASX orders back above $300 million. Matt, can you talk about timing variability in BASX orders that you called out in the press release? Are you still waiting on some larger orders, or did you see those in the third quarter?

各位好。謝謝讓我提問，本季表現很不錯。我想先從資料中心訂單談起。很高興看到 BASX 訂單回到 3 億美元以上。Matt，你能談談你在新聞稿中提到的 BASX 訂單時點波動嗎？你們是否仍在等待一些較大的訂單，還是第三季已經看到那些訂單了？

Well, certainly, there was great momentum in the third quarter compared to Q2, but that momentum continues to strengthen into Q4. As we look at Q4, and in the prepared remarks, made the comment that we expect the bookings in the BASX side to be at or above what we saw in the same quarter in 2025.

當然，第三季相較第二季動能非常強，但這股動能在第四季仍持續增強。就我們看第四季而言，也如同事先準備的發言所提到的，我們預期 BASX 端的接單（bookings）將達到或高於 2025 年同一季度的水準。

So there's been continued strength in bookings, and actually, as we've been on this call, I've been getting texts from our team as additional orders keep flowing through. So, we've had a lot of flow-through of orders, especially around our kind of annual program releases to some of our larger customers.

因此接單持續走強；事實上，就在我們通話的同時，我一直收到團隊傳來的訊息，因為新增訂單仍在持續進來。所以我們有大量訂單持續流入，特別是圍繞我們對部分大型客戶的年度方案釋出。

Got it. That's great. Okay. And then, it was a big beat on revenue, and it came from both segments. Where did the surprise come from? Was it the increased throughput? Was it share gains? Was it price? Just unpack that a little bit.

了解。這很棒。好，那接著，本季營收大幅優於預期，而且兩個事業部門都有貢獻。驚喜主要來自哪裡？是產能吞吐量提升嗎？是市占率提升嗎？是價格因素嗎？能否稍微拆解說明一下？

Yes, thanks. No, it's been exciting to watch the strength in both sides of the business. Obviously, the BASX side has been growing tremendously strong over the last many quarters, but really, the AAON brand has just been as strong as it's ever been.

好的，謝謝。看到業務兩端都展現強勁力道，確實令人振奮。顯然，BASX 端在過去許多季度成長非常強勁，但 AAON 品牌也同樣維持在歷來最強的狀態。

So you look at the differentiation in that product, it's allowing us to take share on the AAON brand, and all of that's being supported by continued strengthening of our operations and our execution, and that's really allowing us to capture that share on the AAON side.

你看產品的差異化，讓我們在 AAON 品牌上得以提升市占，而這一切都由我們營運與執行力的持續強化所支撐，這也真正讓我們能在 AAON 端把市占拿下來。

On the BASX side of it's continued operating rhythm and really driving performance in our existing investments. We're seeing the coil product segment continuing to ramp up with good margin progression and really good operating performance, as well as seeing our Memphis investment continue to make great returns as we increase productivity.

BASX 端則是延續既有的營運節奏，並在既有投資上真正推動績效。我們看到盤管（coil）產品線持續爬坡，毛利率進展良好、營運表現也非常出色；同時，隨著我們提升生產力，孟菲斯的投資也持續帶來很好的回報。

So, it's really been pretty broad-based. The market's been strong for us. The differentiation of the products has been strong. Our operations have been allowing us to execute well, and our supply chain team has been doing a tremendous job of ensuring the parts and pieces are showing up when our team needs them.

所以整體來說，動能相當全面。市場對我們而言很強勁。產品差異化也很強。我們的營運讓我們能夠良好執行，而供應鏈團隊也做得非常出色，確保零組件在團隊需要時能準時到位。

That's great. Okay, and then one quick one on gross margins. Q4 is implied down slightly from Q3. Can you just talk about why that is? Are you seeing any cost inflation that might be causing a little bit of a squeeze?

很棒。好，接著快速問一題毛利率。指引隱含第四季會比第三季略降。能談談原因嗎？你們是否看到任何成本通膨，可能造成一些擠壓？

That's a great question, and you're reading kind of what the guidance implies correctly. I think just to clarify, the big driver on the kind of sequential short downturn from quarter 3 to quarter 4 is really being driven not by inflation. It's really just calendar days working.

這是個好問題，你對指引所隱含的解讀是正確的。我想先澄清一下，第三季到第四季這種季比的小幅下滑，主要驅動因素並不是通膨。主要只是工作日天數的因素。

When we look at holidays, traditional production schedules, as well as our traditional year-end wall-to-wall inventory counts, those just reduce the overall days of production. So, we're seeing increase in productivity and price cost through the quarter, but those are just being offset a little bit by the overall production days.

當我們考量假期、傳統生產排程，以及我們年終慣例的全面盤點（wall-to-wall inventory counts），這些都會降低整體生產天數。因此，我們在本季確實看到生產力提升以及價格/成本（price-cost）改善，但這些會被整體生產天數的減少稍微抵銷。

Alright. Thanks for the color. I'll pass it on. Good luck in fourth Q.

好的。謝謝補充說明。我把時間交給下一位。祝第四季順利。

Julio Romero, Sidoti & Company.

Julio Romero，Sidoti & Company。

Good evening, Matt, Andy and Joe. This is Justin on for Julio. I wanted to start on the restatement. As you have previously signaled a move towards reporting AAON-branded and BASX-branded results as separate segments, does the restatement or the controls work tied to it change the timing? Would the new segments come with recasted historicals that match the corrected basis provided today?

晚安，Matt、Andy 和 Joe。我是 Justin，代 Julio 發問。我想先從重編（restatement）談起。由於你們先前已釋出訊號，將把 AAON 品牌與 BASX 品牌的結果分開作為不同部門揭露，這次重編或相關的內控工作是否會改變時程？新的部門劃分是否會提供重編後的歷史數據（recast historicals），以符合今天提供的更正基礎？

Yes. I would say, first off, these correction and the control gaps that we find will not affect our plan from a resegmentation standpoint. Right now, we are still targeting in our Q4 earnings call, we will be providing a new look based on the two brand concept that we have been talking about.

會的。我先說，這些更正以及我們發現的內控缺口，不會影響我們在重新分部（resegmentation）方面的計畫。目前我們仍以第四季法說為目標，屆時將依我們一直在談的「兩品牌」概念，提供新的呈現方式。

This quarter's discovery will not have any impact on it, and we are also anticipating that shortly prior to the resegmentation in Q4, we will be providing a recast of the historicals so that you can see what the historical trend is, and it will be reflecting the restated Q1 and Q2 financials.

本季的發現不會對此造成任何影響；此外，我們也預期在第四季重新分部之前不久，會提供歷史數據的重編版本，讓你們能看到歷史趨勢，而該版本將反映已重編的第一季與第二季財務數字。

Thanks. And then turning to margins, you mentioned the year-over-year gross margin decline was mainly due to less mature, lower utilization facilities, which I assume is primarily Memphis. I am curious, where is Memphis utilization today, and when do you expect Memphis to reach the margins of your established plants?

謝謝。接著談毛利率，你提到年對年毛利率下滑主要是因為較不成熟、稼動率較低的廠房，我猜主要是孟菲斯。我想了解，孟菲斯目前的稼動率是多少？你們預期孟菲斯何時能達到既有成熟廠的毛利率水準？

Yes. Let me start with clarifying, yes, because of the growth of our BASX business, particularly in Memphis, but it is also reflecting, remember, I think we talked about in the past, there is a mix impact as we continue to outpace the growth between BASX and the AAON brand.

好的。我先澄清一下：是的，因為 BASX 業務成長，特別是在孟菲斯，但同時也反映了——請記得——我們過去談過，隨著 BASX 的成長持續快於 AAON 品牌，產品/品牌組合也會帶來影響。

That is roughly we estimated to be more than 300 basis points in brand mix headwind. These are really the driver. In terms of the utilization, I will say that the utilization we previously mentioned that we are approximately approaching about a third utilized in our Memphis location, and we still have lots of room to continue to grow that business.

我們估計這大約帶來超過 300 個基點的品牌組合逆風。這些才是真正的驅動因素。至於稼動率，我會說，我們先前提過孟菲斯據點目前大約接近三分之一的稼動率，而我們仍有很大的空間可以持續擴大該業務。

I would just touch, I mean, it's a very intentional rate of growth in how we turn on more capacity inside that facility. This is a very substantial ramp-up investment for us, and it's a very intentional growth trajectory for us to ensure that we continue delivering not just the top-line dollars, but the quality growth and margin, as well as the quality and delivery expectation we have for our customers.

我再補充一下，我們在該廠內逐步啟用更多產能的成長速度，是非常有意識地規劃的。這對我們而言是一項非常可觀的爬坡投資，我們也採取非常有計畫的成長軌跡，以確保我們不僅交付營收規模，也交付高品質的成長與毛利率，以及我們對客戶所承諾的品質與交付水準。

While the other 2/3 of capacity sits there from an overall square footage standpoint, we'll be intentional about how we ramp that over time to ensure that quality growth is delivered not just to the street, but also to our customers. We're talking about quarters and years of time to basically fully ramp that facility intentionally.

雖然從整體建築面積的角度來看，另外 2/3 的產能仍在那裡，我們會有意識地隨時間推進其爬坡節奏，以確保交付的是高品質的成長，不僅對資本市場如此，對我們的客戶亦然。我們談的是以季度與年度為時間尺度，來有計畫地把該廠房逐步完全爬坡。

Thanks for all the color there. I'll turn it back.

感謝你提供這麼多細節。我把時間交回去。

Noah Kaye, Oppenheimer.

Noah Kaye，Oppenheimer。

Hey, good afternoon, guys. And I'm sure investors listening to this call are cheering right now around the resegmentation, so looking forward to that, and great to see you moving forward with it. Matt, you sound great about the health of the business, especially the BASX side, and your comments around the expectations for orders this quarter, 4Q, suggests to me at least that you've got a good amount of that already.

各位下午好。我相信正在收聽這通電話的投資人，現在對於重新分割（resegmentation）都很振奮，也很期待看到這件事，並且很高興看到你們持續推進。Matt，你對業務健康狀況的描述聽起來很不錯，尤其是 BASX 這一塊；而你對本季（第四季）訂單的預期評論，至少讓我覺得你們已經掌握了相當一部分。

Can you talk about the nature of these orders a little bit more? Give us a sense of composition. What's the same? What may be changing? Customers, any new customers? Just help us understand how the orders book is shifting here.

你能否再多談一點這些訂單的性質？讓我們了解一下組成結構。哪些是一樣的？哪些可能正在改變？客戶方面，有沒有新客戶？請協助我們理解訂單簿在這裡是如何轉變的。

Good afternoon, and great question. So when we look at the overall order trend in Q3 and in Q4 as well, certainly there's a broad-based kind of portfolio bookings growth in there. A lot of great success in liquid cooling orders with existing customers as well as with new customers. Continue to see growth in the airside products as well alongside that, and that continues to be with a diversifying customer base.

下午好，這是個很好的問題。我們看第三季以及第四季的整體訂單趨勢時，確實可以看到相當廣泛的產品組合接單成長。在液冷訂單方面，我們不論是既有客戶或新客戶都取得了很好的成果。同時我們也持續看到氣側（airside）產品的成長，而且客戶基礎也在持續多元化。

When we look high level at really where that growth is coming from, we have a really good base of existing customers that continue to not only kind of order existing products that we manufacture with them, but we continue to evolve the products with them going forward based on how their deployment's shifting over time.

從高層次來看這些成長主要來自哪裡，我們有很扎實的既有客戶基礎，他們不僅持續下單我們與其合作製造的既有產品，我們也會根據他們的部署如何隨時間變化，持續與他們一起演進產品。

Kind of a continuous evolution in the overall products that we're manufacturing for existing customers. But really, also some great strength on new customer wins and diversified customer wins. It's really been a pretty broad-based success in the quarter, Q3, as well as quarter-to-date in Q4.

也就是說，我們為既有客戶製造的整體產品在持續演進。但同時，在新客戶得標以及客戶多元化得標方面也展現出很強的動能。整體而言，第三季以及第四季迄今，表現都相當全面、廣泛地成功。

Okay. I'm sure you're getting these questions. We're getting them a lot from investors post-elections, because you touched on in your prepared remarks, your confidence in the backlog with respect to the counterparties and the geographic exposure of the projects.

好的。我相信你們也常被問到這些問題。選後我們從投資人那邊也常收到，因為你在事先準備的發言中提到，你對於積壓訂單在交易對手以及專案地理曝險方面很有信心。

Can you just give us a little bit more Colin on that? I mean, when you look at what's in your backlog, I would imagine the vast majority of it is on projects that are already permitted and probably under construction, but just what gives you that confidence in the firmness of the backlog?

Colin，你能否就這點再多說一些？我的意思是，當你看你們的積壓訂單時，我想其中絕大多數應該都是已經取得許可、而且可能正在施工中的專案；但究竟是什麼讓你對積壓訂單的確定性這麼有信心？

Yes, great question, and yes, to your point, certainly been a question that's been asked plenty of times post-election. When we look at the overall geographic diversity, we're talking about less than 1/3 of our backlog is sitting in states with any level of pressure around data centers.

是的，這是個很好的問題；也如你所說，選後確實被問了很多次。就整體地理多元性而言，我們的積壓訂單中，位於任何程度上對資料中心有壓力的州，比例不到 1/3。

In those states, the majority of the conversation's more around regulation, around kind of who's there and who's footing the bill for a lot of the investments in utilities and other things like that. From a geographic perspective, good strength that we're seeing in where we're deploying projects. But we also continue seeing new orders come in within a geographically diverse set of states.

在那些州，多數討論更偏向監管層面，例如有哪些業者在當地、以及大量公用事業投資與其他事項的成本由誰來負擔。從地理角度來看，我們在專案部署地點上看到很強的韌性。同時，我們也持續看到新訂單進來，且分布在地理上相當多元的一組州別。

We continue to see strength with our customer base. A lot of our hyperscale customers have exposure all across the country, so they're not levered into one state substantially. Really seeing the geographic part be a non-issue at least in what we're seeing in our existing backlog. To your point, these are existing permitted projects. They're not speculative projects.

我們也持續看到客戶基礎的強勁表現。我們許多超大規模（hyperscale）客戶在全國各地都有布局，因此不會在單一州有過度集中的曝險。至少就我們現有的積壓訂單來看，地理因素基本上不是問題。如你所說，這些都是已取得許可的既有專案。它們不是投機性專案。

Beyond that, just touching on the overall health of the business, well over 80% of what's in our backlog is with customers with incredibly strong balance sheets. When we look at the kind of risk factor, there's a certain small amount of consideration in there, but by and large, there's very strong protections in the customers and the locations that we're providing product to.

此外，談到整體業務健康狀況，我們積壓訂單中超過 80% 來自資產負債表極為強健的客戶。就風險因素來看，確實有一小部分需要考量，但整體而言，無論是客戶本身或我們供貨的地點，都有非常強的保障。

That's helpful, Colin. Thank you. I want to ask one more about margins, if I may. That ACP margin improvement sequentially was pretty stark. Was there any one-time benefit? You mentioned some pricing improvement. Did revised contract prices generate any kind of catch-up revenue or margin benefit under percentage-of-completion accounting? Or is this the kind of margin that we should sort of expect for Q4?

這很有幫助，Colin。謝謝。如果可以的話，我還想再問一個關於毛利率的問題。ACP 的毛利率環比改善相當明顯。是否有任何一次性利多？你提到一些定價改善。在完工百分比法（percentage-of-completion）會計下，合約價格的修訂是否帶來任何追溯認列（catch-up）的營收或毛利率利益？或者這就是我們在第四季應該大致預期的毛利率水準？

Yes, no, fair question, and it does not include any catch-up revenue. That margin is for product that was manufactured and shipped during the quarter. That is reflective of kind of where we're building upon going forward. I would just touch on, we have spent a tremendous amount of energy in the Longview site beyond just a pricing perspective on really driving the operational efficiency of that factory.

是的，這是合理的問題；而答案是沒有包含任何追溯認列的營收。這個毛利率是針對本季製造並出貨的產品。它反映了我們未來持續建構、提升的基礎。我也想補充，我們在 Longview 廠區投入了大量心力，不僅是定價層面，更是在推動該工廠的營運效率提升。

When I think about things that excite me, it's not just the top-line dollars we're getting, but it's the improvements we see in the shop floor every day, and we expect those to continue making meaningful impact in the margin as we drive forward.

對我而言，令人振奮的不只是我們取得的營收金額，還有我們每天在產線現場看到的改善；而我們預期這些改善會持續，並在我們向前推進時，對毛利率帶來實質影響。

Congrats. Great quarter. Thank you.

恭喜。很棒的一季。謝謝。

Tim Wojs, Baird.

Tim Wojs，Baird。

Guys. Good evening. Nice job. Maybe just to start on the, Matt, just on the AAON Oklahoma business. I mean, the order activity there has been good year to date, but you are, I'd say, burning some backlog or catching up on some of the lead times. So I know you're not giving '27 guidance, but as you think about AAON Oklahoma next year, is there any sort of dynamic where that catches up to you, or do you feel like AAON Oklahoma could see another growth year next year?

各位晚上好。做得很好。也許先從 Matt，你談談 AAON Oklahoma 的業務。我的意思是，那邊今年迄今的接單活動一直不錯，但你們也在消化一些積壓訂單或縮短部分交期。所以我知道你們不提供 2027 年指引，但當你們看明年 AAON Oklahoma 時，是否會有某種動態讓這件事反過來影響你們？還是你覺得 AAON Oklahoma 明年仍可能再成長一年？

Yes, I think one thing to kind of keep in mind as we think about the booking cadence and kind of the backlog dynamic in Q3, and that is Q3 into Q4 tends to be the seasonally softest bookings quarters in our business, as basically we're filling the coffers for Q4 and Q1 and having delivery timeframes. When we look at the booking strength in Q3 from a seasonality perspective, we actually look at it as being a strong bookings quarter, all things considered.

是的，我認為在思考第三季的接單節奏以及積壓訂單動態時，有一點需要記住：第三季到第四季通常是我們業務中季節性最疲弱的接單季度，因為基本上我們是在為第四季與第一季把「彈藥庫」補滿，並安排交付時程。從季節性角度來看，我們認為第三季的接單強度其實是相當強勁的，綜合各項因素而言。

So it's really giving us the opportunity to continue driving the backlog down, and therefore driving down the lead times in our product as we prepare for the end of Q4 into Q1, which tends to be the strongest bookings quarters.

因此，這確實讓我們有機會持續降低積壓訂單，進而縮短我們產品的交期，為Q4結束進入Q1做準備；而這段期間通常是預訂（bookings）最強的季度。

So really from that vantage point, it was a very intentional decision to drive the production rates where we're at, with the goal of getting our lead times basically where we want them to be as we enter the strong booking season.

所以從這個角度來看，將生產速率維持在目前水準是一個非常刻意的決策，目標是在進入強勁的預訂旺季時，把交期基本上調整到我們希望的水準。

Okay. And then I guess as you think about just the lead times within BASX, is there any way, probably varies by product and program and things, but is there any way to kind of give us a sense of where the lead times are in that business today versus maybe where they were six or nine months ago?

了解。那接著我想問，當你們思考BASX內部的交期時，這可能會因產品、專案等而有所不同，但你們是否能大致讓我們了解一下：目前該業務的交期相較於六到九個月前大概處於什麼位置？

Just trying to think of kind of the order activity in Q4. You'll probably ship most of that backlog in 2027, but just if you can actually take orders and ship orders as you kind of get into next year, if that kind of falls into '28.

我只是想從Q4的接單活動來思考。你們可能會在2027年出貨大部分的積壓訂單，但如果你們在進入明年時能夠接單並出貨，那是否會落在2028年？

Yes, I think to start off, your statement at the beginning is very correct, which is very much varies by program and by product. There's been a lot of moving pieces that really go into it in terms of how we're driving throughput within existing programs and really balancing kind of line rates to meet demand. So a little more complicated aspect with some of these longer duration programs.

是的，我想先說，你一開始的說法非常正確，也就是確實會因專案與產品而有很大差異。在如何提升既有專案的產出（throughput）、以及如何平衡產線節拍以滿足需求方面，牽涉到很多變動因素。因此，對於一些週期較長的專案來說，情況會更複雜一些。

But by and large, on the kind of, I'll say the more traditional type programs that are going through our production on the BASX side of the business, the simplest way to say it is yes, lead times have come down, but lead times have come down as we continue getting more maturity in our production operations across the entire fleet.

但整體而言，對於BASX業務中較傳統、走我們既有生產流程的那類專案，最簡單的說法是：是的，交期已經縮短；而交期之所以縮短，是因為我們在整個產能體系的生產營運上持續提升成熟度。

Really the driver of lead times coming down is a balance of more production capacity coming online as a lot of the investments continue to mature, thereby allowing us to put in more demand into the system. I would say, for us, and we've heard me say this for multiple quarters now, we are very intentional about when we turn on the capacity to the market, because one of our key prime focus areas for us is ensuring that when we commit to delivery dates with customers, we hit them.

交期縮短的主要驅動因素，是更多產能隨著投資逐步成熟而上線，因而讓我們能把更多需求導入系統。我會說，對我們而言——而且你們也聽我講了好幾季——我們非常有意識地決定何時把產能對市場開放，因為我們的一個關鍵重點是：確保當我們向客戶承諾交付日期時，我們能如期達成。

That means being very intentional about the level of confidence we have in that production coming online at the rate needed to meet the demand of the market. As the capacity matures more and more, it allows us to more confidently go to the market with accelerating lead times and more capacity to sell.

這意味著，我們必須非常審慎地評估：對於產能能否以滿足市場需求所需的速率上線，我們有多高的信心。隨著產能愈來愈成熟，我們就能更有把握地以更短的交期、以及更多可銷售的產能走向市場。

Really, I think on a broad-based perspective, the lead time movement is very much reflected around the operational maturity that continues to come into place within the existing investments that we've been making.

我認為從更宏觀的角度來看，交期的變化很大程度上反映了我們既有投資所帶來、並持續到位的營運成熟度。

Okay. That's helpful. I mean, is it fair to say that that pace today is faster and ahead of schedule relative to what you thought at the beginning of the year?

好的，這很有幫助。我的意思是，是否可以說，相較於你們年初的預期，目前的進度更快、而且超前？

Yes, I mean, I'll just say simply that our supply chain teams, our operating teams, they continue to impress me on a daily basis with the progression that they're making. They continue to drive performance across this business from an execution perspective.

是的，我就簡單說，我們的供應鏈團隊、營運團隊每天都持續以他們的進展讓我印象深刻。他們從執行面持續推動這項業務的績效表現。

The evolution of our operating model within our production floors and our supply chain organization is incredibly impressive to see where it is today versus where it was a couple years ago. That discipline, that cadence for improvement, I mean, all of that is what's allowing us to deliver the improving production improvement, and ultimately allow us to drive more product through our factories.

我們在生產現場與供應鏈組織的營運模式演進，看到今天的狀態相較於兩年前，真的非常令人驚豔。那種紀律、那種持續改善的節奏——這些正是讓我們能交付持續的生產改善，並最終讓我們能讓更多產品通過工廠產線的原因。

Okay. Then just the last one I had. I think this year, just to help kind of get some of the lead times worked out in Oklahoma, you guys did have some enhanced outsourcing arrangements. Is it still the plan as you go into 2027 that some of those outsourcing arrangements would come back in-house?

好的。那我最後一個問題。我想今年為了協助在奧克拉荷馬把部分交期問題理順，你們確實採取了一些加強的外包安排。那麼，當你們進入2027年時，計畫是否仍是讓其中一些外包安排回到內部生產？

Yes, so we're being very intentional around the balance of the outsource/in-source conversation, but we are driving a lot of volumes through our insourcing, vertical integration production capabilities inside our plants. Today, we continue to see the amount of insourcing that we're doing increase, but we're also being very intentional to balance the outsourcing to ensure customer delivery.

是的，所以我們在外包/內製（outsource/in-source）的平衡上非常有意識地規劃；同時，我們也在廠內透過內製與垂直整合的生產能力推動大量產量。目前我們持續看到內製的比重在提高，但我們也非常刻意地平衡外包，以確保能如期交付給客戶。

As we progress into 2027, we do expect there to be some outsourcing that is still sitting there to support our operations, but our goal is to continue bringing more and more of that capacity in-house, and obviously get the margin uplift that comes with it.

隨著我們邁入2027年，我們預期仍會保留部分外包來支援營運，但我們的目標是持續把越來越多的產能帶回內部，並且顯然也能因此帶來毛利率提升。

Thanks for the time, guys. See you in couple days.

謝謝各位撥冗。幾天後見。

David Tarantino, KeyBanc Capital Markets.

David Tarantino，KeyBanc Capital Markets。

Good afternoon, everyone. Maybe just starting on the, putting a finer point on the margins and the coils business. You gave some Colin on it, but could you give some Colin on what drove the better margins between better throughput and better price cost? Maybe on the pricing front, can you give us an update on how those conversations with your customer has progressed this quarter?

各位下午好。我想先從利潤率與線圈（coils）業務談起，問得更精準一些。你們已經提供了一些說明，但能否再多談談：利潤率改善是由更好的產出效率（throughput）帶動，還是更好的價格/成本（price-cost）所帶動？另外在定價方面，能否更新一下本季你們與客戶的溝通進展？

Yes. From an overall kind of margin impact, the pricing certainly is the majority of the uplift that we saw in Q3. Definitely the productivity improvements are in there, but pricing would be the bigger driver in the quarter-over-quarter progression.

是的。就整體利潤率影響而言，定價確實是我們在Q3看到的利潤率提升中占比最大的因素。生產力改善當然也有貢獻，但就季對季的改善來看，定價是更大的驅動因素。

When you think about the pricing conversations and how those are going with our customers, a lot of our large hyperscale customers or large customers that are sitting in our longer duration programs, sophisticated conversations around the drivers of the cost and really what we're doing to mitigate costs.

當你思考與客戶的定價溝通以及進展時，我們許多大型超大規模（hyperscale）客戶，或是位於較長週期專案中的大型客戶，都在進行相當深入的討論，聚焦於成本的驅動因素，以及我們正在做哪些事情來緩解成本。

The conversations are being met openly, and really, the expectation that we hold ourselves to is that we can clearly articulate the drivers and everything we're doing to minimize the impacts, and in doing that, allowing us to have a very structured conversation to ensure that we're delivering the product at the appropriate value point.

這些對話都以開放的態度進行；而我們對自己的要求是：能清楚說明成本驅動因素，以及我們為了把影響降到最低所做的一切。做到這一點，就能讓我們以非常有架構的方式來對話，確保我們以適當的價值水準交付產品。

Really from a how it's going standpoint, there's an expectation obviously around discipline from our standpoint as well as doing everything we can to mitigate the overall cost increase. At the end of the day, those conversations are being met with open arms, and really, obviously, as you can see in the price going through in backlog, it's sitting there in the books, and it continues to show up in future orders at higher levels as well.

就進展而言，市場對我們的期待當然也包括紀律性，以及盡一切努力去緩解整體成本上升。歸根結底，這些對話都獲得非常正面的回應；而且如你所見，價格已反映在積壓訂單中、也已記入訂單簿，並且在未來的新訂單中也持續以更高水準呈現。

Okay, great. And maybe a similar line of questioning, but on Oklahoma, looks like the adjusted margins here are making some solid progress, but remain below the long-term target. Maybe could you just update us on the headwinds here and maybe give us your thoughts on if you think there's enough price in the backlog to return to that targeted mid to high 30s margin, and when should we expect that to show through?

好的，很好。那也許是類似的問題，但針對奧克拉荷馬（Oklahoma），看起來這裡的調整後利潤率正在取得不錯的進展，但仍低於長期目標。你能否更新一下目前的逆風因素，並談談你是否認為積壓訂單中的價格已足以讓利潤率回到目標的中高30%區間，以及我們應該何時會看到這些反映出來？

Yes, so that's a great question. We look at the Oklahoma segment, and we've obviously talked about the price costs kind of mismatch in prior quarters. Really, a lot of action has been put in place to really get the price cost dynamic in check, to really ensure that we're staying ahead of the overall inflation and getting ourselves back towards our target margin level.

是的，這是個很好的問題。我們看奧克拉荷馬這個部門，過去幾季我們確實談過價格與成本之間不匹配的情況。我們已經採取了很多措施，來讓價格/成本的動態回到可控狀態，確保我們能跑在整體通膨之前，並讓利潤率回到我們的目標水準。

All that to say that the progress you're seeing quarter-over-quarter throughout this year is very much reflective around that pricing discipline. Sitting in the backlog today is increased pricing relative to what we produced in Q3.

總而言之，您今年每一季相較上一季所看到的進展，很大程度上反映了我們在定價紀律方面的作為。目前在手訂單中的定價，相較於我們在第三季所生產的產品，已有所提高。

So, there is continued price cost benefit that sits inside our backlog. Really from a going forward basis, we continue to maintain a level of this, continue to have a level of discipline in our process, really where we're looking at inflation, not just that's showing up in our books today, but really within a supply chain perspective, getting much better visibility into forward-looking price expectations, or cost expectations, I should say, and ensuring that we're putting price into the market to counteract those and really drive the margin to our target levels.

因此，我們的在手訂單中仍持續存在價格相對成本的效益。就未來而言，我們會持續維持這樣的水準、在流程上保持一定的紀律；我們關注的不只是今天已反映在帳上的通膨，更是從供應鏈角度出發，取得對未來價格預期（更準確地說是成本預期）的更佳能見度，並確保我們把價格推向市場以抵消這些因素，進而真正把毛利率推動到我們的目標水準。

Are we able to flip a switch and get back to the overall target margin levels? No, it takes a little bit of time. But as we get through next year, we expect to continue seeing movement in margins of the Oklahoma segment in the right direction.

我們能不能一按開關就回到整體目標毛利率水準？不能，這需要一點時間。但隨著我們進入明年，我們預期奧克拉荷馬事業部的毛利率將持續朝正確方向改善。

Okay, great. If I could sneak one more in here, and apologies if I missed it. Can you just update us on what the sales outlook now embeds between the AAON and BASX branded product growth?

好的，很棒。如果我可以再追問一個問題，也抱歉如果我漏聽了。你們能否更新一下，目前銷售展望中，AAON 與 BASX 品牌產品成長之間的假設是什麼？

Yes, we don't have explicit kind of definition for the quarter, the Q4. I just say thinking about it on a relative basis, it's going to be relatively in line from a ratio perspective to Q3, is what you would expect to see in Q4. So, that implies from a BASX side of the business growth of around 140% for the overall year.

可以。我們沒有針對第四季（Q4）做出明確的拆分定義。我只能說，若以相對比例來看，您在 Q4 看到的組合比例，預期會與 Q3 大致相當。因此，這也意味著 BASX 端的業務全年成長約為 140%。

Okay. Great. Thanks again.

好的。很棒。再次感謝。

Chris Moore, CJS Securities.

Chris Moore，CJS Securities。

Hey, good afternoon, guys. Maybe we'll stick with the data center sales a little bit. So the liquid cooling, $166 million within the coil segment. Can you kind of compare these sales to the data center sales within the BASX segment, for example? Are they more customized? The average size of these projects much different? The lead times much different?

嗨，大家下午好。也許我們再多談一下資料中心的銷售。所以液冷在盤管事業部中是 1.66 億美元。你們能否把這些銷售與例如 BASX 事業部中的資料中心銷售做個比較？它們是否更客製化？這些專案的平均規模是否差很多？交期是否差很多？

I guess just the differentiating point that I would bring up regarding the coil segment liquid cooling products is really just, what's sitting in there is a long duration customer relationship and program. Kind of sitting inside there's some very bespoke products that have been designed and we're manufacturing specific to the customer's applications.

我想就盤管事業部液冷產品而言，我會強調的差異點是：其中包含的是一段長期的客戶關係與專案計畫。裡面有一些非常高度客製的產品，是為了客戶的應用而設計、並由我們針對其特定需求進行製造。

Really kind of on that custom product side of things. We have similar products that are sitting in other facilities, whether Memphis or the BASX segment. I would just say the relative scale of the sort of relationship in the ACP segment is just a larger relationship and a longer duration relationship compared to some of the things in other plants.

確實是偏向客製產品的那一端。我們在其他廠區也有類似產品，不論是孟菲斯或 BASX 事業部。我會說，ACP 事業部這類合作關係的相對規模更大、合作期間也更長，相較於其他工廠的一些案子。

Got it. My line's a little fuzzy, I might have missed it, but just in terms of the kind of data center capacity at the end of '26 versus, I know CapEx will step down in '27, versus where you'll be at the end of '27. Can you talk to that?

了解。我的電話線有點不清楚，可能漏聽了，但就 2026 年底的資料中心產能，相較於我知道 2027 年資本支出會下降，以及你們在 2027 年底會到什麼水準。你們能談談這部分嗎？

Yes, certainly. A lot of capacity is still sitting kind of there to be able to bring out, brought online over time. We've messaged obviously that capacity of the overall BASX side of the business is in excess of $2 billion. We haven't put a fine-tooth comb in exactly where we see that ceiling.

可以，當然。目前仍有相當多的產能是保留在那裡，能夠隨時間逐步導入並上線。我們先前已經對外說明，BASX 整體業務端的產能超過 20 億美元。我們尚未用放大鏡般的細緻程度去精確界定我們認為的上限在哪裡。

But certainly throughout 2027, as we continue bringing on more production capacity, it'll allow that to continue increasing throughout the year. Do we finish the year at that $2 billion capacity? Probably not, but certainly there's going to be more opportunity over time as we enter '27 into '28 as well.

但可以確定的是，在 2027 年期間，隨著我們持續導入更多生產產能，這將使產能在全年持續提升。我們會在年底就達到 20 億美元的產能嗎？可能不會，但隨著我們在 2027 年進入 2028 年，時間拉長仍會有更多機會。

Sounds good. I'll leave it there. Appreciate it.

聽起來不錯。我就先到這裡。感謝。

Matt Summerville, D.A. Davidson.

Matt Summerville，D.A. Davidson。

This is PJ Heilbronn on for Matt Summerville. Just one from me. Given the recent pullback in shares, can you talk about the potential to buy back shares at these levels and how you're thinking about that? Thank you.

我是 PJ Heilbronn，代替 Matt Summerville 發言。我只有一個問題。鑑於近期股價回檔，你們能否談談在目前水準回購股票的可能性，以及你們對此的思考？謝謝。

Yes, good afternoon. And yes, very obvious question. I think when we look at the share pullback, certainly coming to mind is the fact that we still have $70 million of authorization for buybacks that are sitting inside of prior board approval. And so as we look at the overall share values, we will certainly look at those opportunistically to really reduce the share count as appropriate. So certainly is on the radar for us.

好的，下午好。是的，這確實是個很直接的問題。我想當我們看待這次股價回檔時，首先想到的是：我們仍有 7,000 萬美元的回購授權，這是先前董事會核准、目前仍在有效範圍內。因此，當我們評估整體股價水準時，我們當然會把握機會、在適當時機進行回購，以在合適的情況下降低流通股數。所以這確實在我們的關注範圍內。

That concludes our question-and-answer session. I will now turn the conference back over to Joseph Mondillo, Director of Investor Relations, for any closing comments.

問答環節到此結束。接下來我將把電話交回給投資人關係總監 Joseph Mondillo，請他做結語。

Alright. Thank you, everyone, for joining today's call. If anyone has any questions over the coming days and weeks, please feel free to reach out to me. 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。謝謝。

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一切順利。