CECO Environmental Corp (CECO) 2024 Q2 法說會逐字稿

Good morning and welcome to the CECO Environmental second quarter 2024 conference call.

早上好，歡迎參加希柯環境 2024 年第二季電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Steven Hooser, Investor Relations.

我現在想將會議交給投資者關係部門的 Steven Hooser。

Please go ahead.

請繼續。

Thank you, Gigi, and thank you for joining us for the CECO Environmental second quarter 2024 earnings call.

謝謝 Gigi，也謝謝您參加我們的希柯環境 2024 年第二季財報電話會議。

On the call with me today is Todd Gleason, Chief Executive Officer; and Peter Johansson, Chief Financial and Strategy Officer.

今天與我通話的是執行長 Todd Gleason；財務與策略長 Peter Johansson。

Before we begin, I'd like to note that we have provided a slide presentation to help guide our discussion.

在開始之前，我想指出，我們提供了幻燈片演示來幫助指導我們的討論。

The call will be webcast along with our earnings presentation, which is on our website at cecoenviro.com. The presentation materials can be accessed through the Investor Relations section of the website.

此次電話會議將與我們的收益演示一起進行網路直播，收益演示位於我們的網站 cecoenviro.com 上。演示材料可以透過網站的投資者關係部分取得。

I'd also like to caution investors regarding forward-looking statements.

我還想提醒投資人注意前瞻性陳述。

Any statements made in today's presentation that are not based on historical fact are forward-looking statements.

今天的演示中所做的任何不基於歷史事實的陳述都是前瞻性陳述。

Such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties.

此類陳述基於某些估計和預期，並受到許多風險和不確定性的影響。

Actual future results may differ materially from those expressed or implied by the forward-looking statements

未來的實際結果可能與前瞻性陳述明示或暗示的結果有重大差異

We encourage you to read the risks described in our SEC filings included on Form 10-Q for the quarter ended June 30, 2024.

我們鼓勵您閱讀截至 2024 年 6 月 30 日的季度 10-Q 表格中向 SEC 提交的文件中所述的風險。

Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that we make here today, whether as a result of new information, future events, or otherwise.

除適用證券法要求的範圍外，我們沒有義務更新或公開修改我們今天在此做出的任何前瞻性聲明，無論是由於新資訊、未來事件或其他原因。

Today's presentation will also include references to certain non-GAAP financial measures.

今天的演示也將提及某些非公認會計準則財務指標。

We provided a comparable GAAP and non-GAAP numbers in today's press release and provided non-GAAP reconciliations in the supplemental tables in the back of the slide deck.

我們在今天的新聞稿中提供了可比較的 GAAP 和非 GAAP 數據，並在幻燈片後面的補充表格中提供了非 GAAP 調整表。

And with that, I'd now like to turn the call over to Chief Executive Officer, Todd Gleason.

現在，我想將電話轉給執行長 Todd Gleason。

Todd?

托德？

Thanks, Stephen.

謝謝，史蒂芬。

And to our audience, thank you for your interest and continued support.

感謝我們的觀眾的關注和持續支持。

We are a little more than halfway through the year and are very pleased we continue to meet or exceed the needs of our customers while making a positive impact on our communities and creating above market shareholder value.

今年已過半，我們非常高興能夠繼續滿足或超越客戶的需求，同時對我們的社區產生積極影響並創造高於市場的股東價值。

As we outlined in today's press release, we delivered another strong quarter while maintaining our strategic investments to further advance our operating model as we pursue exciting growth opportunities across industrial air, industrial water, and the energy transition.

正如我們在今天的新聞稿中概述的那樣，我們在維持戰略投資的同時，又實現了強勁的季度業績，以進一步推進我們的營運模式，在工業空氣、工業水和能源轉型領域尋求令人興奮的成長機會。

In the quarter, we delivered several impressive financial records, including our highest second quarter sales, gross profit, adjusted EBITDA dollars, and excellent year-over-year margin expansion, all of which reflects the operating model we have developed and continue to advance to drive sustainable results.

在本季度，我們創造了多項令人印象深刻的財務記錄，包括第二季度最高的銷售額、毛利、調整後的EBITDA 美元以及出色的同比利潤率擴張，所有這些都反映了我們已經開發並持續推動的營運模式推動永續成果。

Now please turn to slide number 3, entitled executive summary, and I will highlight some key takeaways related to our second quarter performance.

現在請轉到第 3 號投影片，標題為執行摘要，我將重點介紹與我們第二季業績相關的一些關鍵要點。

We delivered sales of $138 million in the quarter, a 6% improvement over last year, overcoming the impact of timing delays associated with a few customer-driven projects and the more drawn out process finalizing bookings in large project opportunities.

本季我們實現了 1.38 億美元的銷售額，比去年增長了 6%，克服了與一些客戶驅動的專案相關的時間延遲以及大型專案機會的最終預訂流程更加漫長的影響。

If you recall, we signaled this in our first quarter earnings call and although we grew sales approximately 9% sequentially and we expect to grow sequentially in the third quarter, these timing issues had a modest impact on sales year to date.

如果您還記得的話，我們在第一季的財報電話會議中就表明了這一點，儘管我們的銷售額環比增長了約9%，並且我們預計第三季度也將環比增長，但這些時間安排問題對年初至今的銷售影響不大。

Gross profit of $49 million was an increase of 23% over Q2 last year.

毛利為 4,900 萬美元，比去年第二季成長 23%。

And gross margins of almost 36% were up about 500 basis points year over year, further demonstrating the benefits we are realizing from our operational excellence efforts and our strong project execution.

毛利率接近 36%，年增約 500 個基點，進一步證明了我們從卓越營運努力和強大的專案執行中所獲得的收益。

We expect that the benefits we are seeing from our sourcing and productivity initiatives will continue in subsequent quarters.

我們預計我們從採購和生產力計劃中看到的好處將在接下來的幾個季度繼續下去。

Continuing with Q2 financial metrics, adjusted EBITDA of $16.1 million was up 18% and EBITDA margins of 11.7%, we're up approximately 120 basis points year over year.

延續第二季的財務指標，調整後 EBITDA 為 1,610 萬美元，成長 18%，EBITDA 利潤率為 11.7%，年成長約 120 個基點。

Margin expansion was attributable to higher volumes, positive mix and G&A efficiencies.

利潤率的成長歸因於銷售量的增加、正面的組合和一般管理費用效率。

Finally, adjusted EPS of $0.2 was up 33% year over year, benefiting from our continued improvements in operational performance and improving interest rates.

最後，調整後每股收益為 0.2 美元，年增 33%，這得益於我們營運績效的持續改善和利率的提高。

So overall, very pleased with the financial records in the quarter and the balanced performance.

總的來說，我們對本季的財務記錄和平衡的業績非常滿意。

Now please turn to slide number 4.

現在請翻到第 4 張投影片。

We will quickly review our first half of year results and how they set up CECO for a strong finish to 2024.

我們將快速回顧上半年的業績，以及他們如何幫助 CECO 為 2024 年取得強勁的成績。

Peter will add some commentary on these points as well.

彼得也會對這些觀點添加一些評論。

Let's start with orders and sales, the top line, so to speak.

讓我們從訂單和銷售開始，可以說是最重要的。

Orders for the first half for $286 million, which produced a positive book-to-bill of 1.08, but order volumes were down about 7% year over year.

上半年訂單金額為 2.86 億美元，訂單出貨比為 1.08，但訂單量較去年同期下降約 7%。

While we are pleased to have book-to-bill of almost 1.1, we are disappointed that our first half 2024 orders were down.

雖然我們很高興訂單出貨比接近 1.1，但我們對 2024 年上半年訂單下降感到失望。

Our order pipeline has never been stronger, and we continue to do a great job winning in bookings, small to medium-sized projects, but we have witnessed a longer booking process associated with the large customer opportunities.

我們的訂單管道從未如此強大，我們繼續在中小型項目的預訂方面做得很好，但我們見證了與大型客戶機會相關的更長的預訂流程。

In the first half of last year, we were not seeing this long duration time in the notification to order process, and we booked one large industrial air order and one large energy order each exceeding $25 million.

去年上半年，我們在訂單通知流程中並沒有看到這麼長的持續時間，我們預訂了一份大型工業空氣訂單和一份大型能源訂單，每份訂單均超過 2500 萬美元。

We have similar opportunities in our current pipeline and had just one or two of these jobs booked this year, our year to date orders would have been up double digits.

我們目前的管道中也有類似的機會，今年只要預訂其中一兩個工作，我們今年迄今為止的訂單就會增加兩位數。

Instead, those large pending orders remain in our pipeline.

相反，那些大型待定訂單仍留在我們的管道中。

And although we are confident our second half orders will reflect some of these large orders.

儘管我們有信心下半年訂單將反映其中一些大訂單。

As we look at our pipeline over the next 6 to 18 months, we see significant number of large jobs, especially in the energy transition and power markets as the demands associated with electrification, data centers, and general power consumption continue to ramp.

當我們審視未來 6 至 18 個月的管道時，我們看到大量的大型工作崗位，特別是在能源轉型和電力市場，因為與電氣化、資料中心和一般電力消耗相關的需求持續成長。

So we remain optimistic in our full year bookings outlook and confident that we are well positioned for some large, exciting project wins.

因此，我們對全年預訂前景保持樂觀，並相信我們已做好準備，贏得一些大型、令人興奮的項目。

Sales in the first half were $264 million, up 9% year over year, which is at or near the midpoint of our full year growth rate expectations.

上半年銷售額為 2.64 億美元，年增 9%，達到或接近我們全年成長率預期的中點。

Additionally, if you look at our guidance for the full year, this first half sales level represents about 43% of that full year expectation.

此外，如果您查看我們對全年的指導，您會發現上半年的銷售水準約佔全年預期的 43%。

This is similar to previous year's run rate for the first half of the year.

這與去年上半年的運行率相似。

We expect stronger year-over-year sales levels in the second half as our near record backlog produces more volume and project timing is more favorable.

我們預計下半年的銷售水準將比去年同期更強勁，因為我們接近創紀錄的積壓訂單產生了更多的數量，而且項目時機也更加有利。

First half of year adjusted EBITDA of more than $29 million was up 26% over prior years first half and margins were up over 150 basis points.

今年上半年調整後的 EBITDA 超過 2,900 萬美元，比去年上半年成長 26%，利潤率成長超過 150 個基點。

We had very strong income generation on our sales growth, which demonstrates the benefits we are getting from improving mix and our productivity initiatives.

我們的銷售成長帶來了非常強勁的收入，這表明我們從改善組合和生產力計劃中獲得了好處。

Adjusted EPS of $0.32 is up 28% year over year, benefiting from improving operating leverage and the positive trends we are starting to see from lower interest rates.

調整後每股收益為 0.32 美元，年增 28%，這得益於營運槓桿的改善以及我們開始從較低的利率中看到的積極趨勢。

Free cash flow generation was up nicely when compared to last year as we continue to benefit from higher volumes and our drive associated with working capital management improvements.

與去年相比，自由現金流量的產生有了很大的成長，因為我們繼續受益於更高的產量以及我們與營運資本管理改善相關的動力。

And while we didn't deploy capital for acquisitions in the first half of 2024, we did maintain balance sheet health with low debt-to-EBITDA leverage ratio and repurchased $2 million of shares in the second quarter.

雖然我們沒有在 2024 年上半年部署資本進行收購，但我們確實以較低的債務與 EBITDA 槓桿率保持了資產負債表的健康，並在第二季度回購了 200 萬美元的股票。

Year to date, we have repurchased $5 million of our stock through opportunistic price targeting.

今年迄今為止，我們已透過機會主義目標價回購了 500 萬美元的股票。

We have approximately $8 million remaining on our multiyear stock buyback authorization.

我們的多年期股票回購授權還剩約 800 萬美元。

So a solid first half of 2024 with a lot of great progress building our sales pipeline, executing on projects to deliver for our customers, and of course, the very strong margin expansion and EPS growth.

因此，2024 年上半年表現強勁，我們在建立銷售管道、執行為客戶交付的專案方面取得了很大進展，當然還有非常強勁的利潤率擴張和每股盈餘成長。

Please turn to slide number 5, and let's review our full year outlook.

請翻到第 5 張投影片，讓我們回顧一下我們的全年展望。

Typically, companies save guidance commentary for the end of their earnings report, but we felt it was important to incorporate our key themes in this first section.

通常情況下，公司會在收益報告的末尾保存指導評論，但我們認為將我們的關鍵主題納入第一部分非常重要。

We are pleased to raise our full year guidance for both revenue and adjusted EBITDA.

我們很高興上調全年收入和調整後 EBITDA 的指導。

This is the second time we are raising full year guidance since we first introduced our 2024 outlook.

這是自首次介紹 2024 年展望以來我們第二次上調全年指引。

You can see the initial guidance range in the column on the left side and how we have increased the guidance range over the past six months.

您可以在左側欄中看到初始指導範圍，以及我們在過去六個月中如何增加指導範圍。

With respect to full year revenues, we now expect a range of $600 million to $620 million, up about 12% at the midpoint.

就全年營收而言，我們目前預計在 6 億至 6.2 億美元之間，中位數成長約 12%。

This compares to our previous sales range of $590 million to $610 million.

相比之下，我們先前的銷售額範圍為 5.9 億至 6.1 億美元。

With respect to adjusted EBITDA, we now expect a range of $68 million to $72 million, up about 21% at the midpoint.

至於調整後的 EBITDA，我們目前預計範圍為 6,800 萬美元至 7,200 萬美元，中位數成長約 21%。

This compares to our previous adjusted EBITDA range of between $67 million to $70 million.

相較之下，我們先前調整後的 EBITDA 範圍為 6,700 萬美元至 7,000 萬美元。

And we continue to see free cash flow of approximately 50% to 70% of EBITDA for the full year.

我們繼續看到全年自由現金流約為 EBITDA 的 50% 至 70%。

Our updated guidance range incorporates a few key factors.

我們更新的指導範圍包含了一些關鍵因素。

As I already mentioned, we entered the second half with a near-record backlog as well as a tremendous sales pipeline.

正如我已經提到的，當我們進入下半年時，積壓訂單接近創紀錄水平，而且銷售管道巨大。

These two top line factors give us visibility and confidence to deliver second half sales performance in line with this outlook.

這兩個重要因素使我們能夠看到並有信心實現符合此前景的下半年銷售表現。

Our diverse and global sales pipeline includes meaningful project opportunities in a variety of energy-related sectors as well as ongoing strength in general industrial markets.

我們多元化的全球銷售管道包括各種能源相關領域的有意義的專案機會以及一般工業市場的持續實力。

And with respect to adjusted EBITDA, we expect to continue to produce solid margin expansion driven by more gains associated with productivity and improving business mix.

就調整後的 EBITDA 而言，我們預計，在生產力和業務組合改善相關的更多收益的推動下，利潤率將繼續實現穩健成長。

We are balancing these positive items with a clear-eyed focus on items that could be challenges such as ongoing timing delays associated with larger projects and, of course, some unknown economic and political factors.

我們正在平衡這些積極的項目，同時清醒地關注可能構成挑戰的項目，例如與大型項目相關的持續時間延遲，當然還有一些未知的經濟和政治因素。

Net-net, we feel good about raising guidance for the full year and continuing to invest for future growth.

Net-net，我們對提高全年指導並繼續為未來成長進行投資感到高興。

In addition to the items I just mentioned, I want to touch on M&A.

除了我剛才提到的內容之外，我還想談談併購。

As many of you know, we have been programmatic with respect to acquisitions over the past few years.

正如你們許多人所知，過去幾年我們在收購方面一直是有計劃的。

While we did not complete a deal in the first six months this year, we advanced several attractive business transactions that fit our strategic focus on acquiring niche leadership businesses with outsized growth potential.

雖然我們在今年前六個月沒有完成交易，但我們推進了幾項有吸引力的業務交易，這些交易符合我們收購具有巨大成長潛力的利基領先企業的策略重點。

As we shared in our press release today, I am pleased to announce we completed an acquisition this week, which is incorporated in our outlook.

正如我們今天在新聞稿中分享的那樣，我很高興地宣布我們本週完成了一項收購，這已納入我們的展望中。

While the business will have a small financial impact to our full year 2024, we are very excited with the opportunities the acquired business brings to our portfolio.

雖然該業務將對我們 2024 年全年的財務影響較小，但我們對收購的業務為我們的投資組合帶來的機會感到非常興奮。

And while this is the only transaction incorporated in our guidance, we continue to advance our M&A pipeline and remain committed to adding winning businesses to advance our leadership positions.

雖然這是我們指導中納入的唯一交易，但我們將繼續推動我們的併購管道，並繼續致力於增加獲勝企業以提升我們的領導地位。

Please turn to slide number 6, where I will brief you on the recently acquired business of EnviroCare International.

請看第6張投影片，我將向大家介紹最近收購的EnviroCare International業務的情況。

Yesterday, Monday, July 29, we completed the acquisition of the California-based EnviroCare International.

昨天，也就是 7 月 29 日星期一，我們完成了對總部位於加州的 EnviroCare International 的收購。

EnviroCare has annualized sales of approximately $13 million, and we believe as does the EnviroCare leadership that with focused investment in utilization of our established global sales and operations teams, we can significantly increase their growth and profitability.

EnviroCare 的年銷售額約為 1300 萬美元，我們和 EnviroCare 領導層一樣相信，透過集中投資利用我們現有的全球銷售和營運團隊，我們可以顯著提高他們的成長和獲利能力。

The company has an established industrial air niche leadership position in markets including chemicals, food, mining and metals, cement products, and municipal solid waste applications.

該公司在化學品、食品、採礦和金屬、水泥產品以及城市固體廢物應用等市場中確立了工業空氣領域的領導地位。

As you can see on the slide, the business has 30% of sales in aftermarket, and we believe this is a growth opportunity within their installed base of over 1,000 systems.

正如您在幻燈片中所看到的，該公司 30% 的銷售額來自售後市場，我們相信，對於其 1,000 多個系統的安裝基礎來說，這是一個成長機會。

We also like the strong patent portfolio and decades of market and technical knowledge.

我們也喜歡強大的專利組合以及數十年的市場和技術知識。

In fact, we might suggest some of these smaller acquisitions could be considered or could be called AquaResources, where you are acquiring resources.

事實上，我們可能建議可以考慮其中一些較小的收購，或者可以將其稱為 AquaResources，您可以在其中收購資源。

We believe the financials and growth profiles are very attractive on their own, but the resources are very strong, and we look forward to working closely with the team.

我們相信財務和成長狀況本身就非常有吸引力，但資源也非常強大，我們期待與團隊密切合作。

So with that, I'll hand it over to Peter, who will walk us through additional information on our financial performance for the quarter.

因此，我將把它交給彼得，他將引導我們了解有關本季度財務業績的更多資訊。

Peter?

彼得？

Thank you, Todd, and good morning, everyone.

謝謝托德，大家早安。

Thank you for attending our earnings call today.

感謝您參加今天的財報電話會議。

Let's turn to slide 8, where I'll cover orders and backlog.

讓我們轉向投影片 8，我將在其中介紹訂單和積壓訂單。

Orders for the quarter of $141 million, while still significant and reflecting a book-to-bill ratio greater than 1, are down year-over-year approximately 13% on a tough comp, impacted by two significant orders, one in industrial air and on an energy transition worth over $70 million in aggregate that did not repeat.

本季的訂單金額為 1.41 億美元，雖然仍然很大且訂單出貨比大於 1，但由於受到兩項重要訂單（一項是工業空氣和能源轉型總價值超過 7000 萬美元，但沒有重複。

The result of the absence of such orders was that year-over-year TTM orders were flat and sequential TTM orders declined from the first quarter of 2024.

缺乏此類訂單的結果是，TTM 訂單同比持平，而自 2024 年第一季以來，TTM 訂單連續下降。

Our commercial teams are pursuing a number of large projects that we expect to realize in the second half of 2024.

我們的商業團隊正在進行一些大型項目，預計在 2024 年下半年實現。

And as we have communicated in our prior calls, we do not measure CECO bookings on a quarter-by-quarter basis, because they can be lumpy, and we prefer to use the trailing TTM metric and active pipeline size as KPIs, both which are trending positive.

正如我們在先前的電話會議中所傳達的那樣，我們不會按季度衡量 CECO 預訂，因為它們可能是不穩定的，而且我們更喜歡使用追蹤 TTM 指標和活動管道規模作為 KPI，這兩者都是趨勢積極。

Shifting to the right-hand side of the slide, backlog has remained steady at near-record levels of $391 million, similar to prior year and prior quarter with a book-to-bill ratio in the quarter of approximately 1.1 and strong as booked margins, underpinning our confidence for continued strong gross profit performance in the second half of the year.

轉向幻燈片右側，積壓訂單穩定保持在 3.91 億美元的接近歷史記錄的水平，與去年和上一季度相似，本季度的訂單出貨比約為 1.1，預訂利潤率強勁，支撐了我們對下半年毛利表現持續強勁的信心。

We also expect that a large share of this backlog will be realized as revenue in the second half of the year, including a fair portion of the two very large jobs that Todd previously mentioned that booked last year in the second quarter.

我們還預計，這些積壓工作的很大一部分將在下半年作為收入實現，其中包括托德之前提到的去年第二季度預訂的兩個非常大的工作崗位的相當一部分。

Now, let's talk about sales as we turn to slide 9.

現在，讓我們討論一下投影片 9 的銷售情況。

Sales for the quarter of $138 million is a new second quarter sales record, up 6% year-over-year and up approximately 10% sequentially.

本季銷售額 1.38 億美元，創下第二季銷售新紀錄，年增 6%，季增約 10%。

While we are pleased with our sales performance in the quarter, the results could have been even stronger, have we not experienced certain order booking delays as customers are taking longer to move from notification to formal purchase order placement and select delays in revenue recognition on projects currently underway.

雖然我們對本季度的銷售業績感到滿意，但如果我們沒有經歷某些訂單預訂延遲，因為客戶從通知到正式採購訂單的下達需要更長的時間，並且選擇項目收入確認的延遲，結果可能會更加強勁目前正在進行中。

With our sales performance in the second quarter and for the first half of 2024, CECO's TTM sales are up $100 million from the year ago period, approximately 22%.

根據我們第二季和 2024 年上半年的銷售業績，CECO 的 TTM 銷售額比去年同期成長了 1 億美元，約成長 22%。

With $264 million of first half sales, we have delivered approximately 47% of our total year results, which is in line with our 2022 and 2023's performance.

我們上半年的銷售額為 2.64 億美元，約佔全年業績的 47%，這與我們 2022 年和 2023 年的業績相符。

I am very pleased with the strong double-digit TTM growth we have experienced and it is certainly a great way to enter the second half of the year.

我對我們經歷的兩位數的強勁 TTM 增長感到非常高興，這無疑是進入今年下半年的好方法。

Now, please turn to page 10, where I will cover earnings and margins, which is a story of continuous and steady improvements, keeping CECO on track for our mid-teens EBITDA margin target, which we have signaled we will achieve in the 2025, 2026 timeframe.

現在，請翻到第10 頁，我將在其中介紹收益和利潤率，這是一個持續穩定改進的故事，使希柯保持在10 左右的EBITDA 利潤率目標的正軌上，我們已表示將在2025年實現這一目標， 2026 年時間表。

Starting with gross profit.

從毛利開始。

Margins in the quarter were 35.6%, a record level for any second quarter, continuing a trend of mid-30%s margins started in the fourth quarter of 2023, which reinforces that we are on the right path.

本季的利潤率為 35.6%，創下第二季的歷史新高，延續了 2023 年第四季開始的 30% 左右的利潤率趨勢，這表明我們正走在正確的道路上。

The improvement year-over-year has been largely as a result of improved project execution, improved book margins, and the early benefits of our sourcing and operational efficiency initiatives.

年比的改善主要歸功於專案執行的改進、帳面利潤的提高以及我們的採購和營運效率計劃的早期效益。

Also in the second quarter and the first half periods, our short-cycle brands and recent acquisitions, both of which tend to have higher margins, are contributing higher volumes and a greater share of revenues.

同樣在第二季和上半年，我們的短週期品牌和最近的收購（兩者往往具有更高的利潤率）貢獻了更高的銷售和更大的收入份額。

Sequentially, gross profit is increased approximately $4 million to $49 million on $12 million of additional sales, realizing an incremental margin rate of 33% and a 9% improvement on a dollar basis.

隨後，銷售額增加 1,200 萬美元，毛利增加約 400 萬美元至 4,900 萬美元，實現 33% 的增量利潤率，以美元計算提高 9%。

Year-over-year gross profit increased approximately $9 million on $9 million of incremental sales for a fantastic conversion result of nearly 100%.

銷售額比去年同期增加了 900 萬美元，毛利增加了約 900 萬美元，實現了近 100% 的出色轉換率。

On a TTM basis, gross profit of $190 million is an increase of approximately $46 million, delivered on $100 million of additional sales or incremental conversion margins of 46% and a 32% increase on a dollar basis, resulting in a margin increase of 260 basis points to 33.6%, a number which is quite near our historical highs.

以 TTM 計算，毛利 1.9 億美元增加了約 4,600 萬美元，銷售額增加 1 億美元，或轉換利潤率增加 46%，以美元計算增加 32%，利潤率增加 260%達到33.6%，這個數字非常接近我們的歷史高點。

And as you will recall from our first quarter conversation and fourth quarter results that that's where we expected to get back to a level in this year.

正如您從我們第一季的談話和第四季度的業績中回想起的那樣，這就是我們預計今年會恢復到原來水平的水平。

Moving to adjusted EBITDA.

轉向調整後的 EBITDA。

Second quarter 2024 delivered $16.1 million, a record for [any] second quarter, benefiting from our record sales in the quarter and strong operational performance.

2024 年第二季交付額為 1,610 萬美元，創下第二季的記錄，這得益於我們該季度創紀錄的銷售額和強勁的營運業績。

This resulted in margins expanding by 120 basis points to 11.7%.

這導致利潤率擴大 120 個基點，達到 11.7%。

The incremental conversion in the period was approximately 24% sequentially and 28% year-over-year, respectively.

期內增量轉換分別約為 24% 的環比和 28% 的年增幅。

Our EBITDA conversion on higher sales was partially offset by continued investment in our sales, engineering and project resources necessary to drive growth and operating excellence resources and information systems to drive back-office efficiencies and productivity and to allow us to accelerate the integration of our acquisitions.

我們對銷售、工程和專案資源的持續投資部分抵消了較高銷售額帶來的EBITDA 轉換，這些資源是推動成長和卓越營運資源和資訊系統所必需的，以提高後台效率和生產力，並使我們能夠加速收購整合。

Also, I'd like to bring to your attention that in the second quarter, CECO's annual merit adjustments become active, providing a little upward pressure on G&A expense.

另外，我想提請大家注意的是，第二季度，希柯的年度績效調整開始活躍，給G&A費用帶來了一些上行壓力。

On a TTM basis, adjusted EBITDA of $64 million is an increase of approximately 40% or $18.2 million, which resulted in an 18.2% incremental margin rate, certainly on trend to achieve the 20% margin target on incremental sales that we are targeting as we start to see accelerated benefits from our investments in our G&A processes, business system upgrades, and functional resources from prior periods.

以TTM 計算，調整後EBITDA 為6,400 萬美元，增加了約40% 或1,820 萬美元，這導致了18.2% 的增量利潤率，當然有利於實現我們設定的增量銷售20% 的利潤率目標。

The resulting TTM margin of 11.2% is an increase of about 140 basis points year-over-year and 20 basis points sequentially.

由此產生的 TTM 利潤率為 11.2%，較去年同期增加約 140 個基點，較上季增加 20 個基點。

Now moving to slide 11, we'll quickly review our cash position and liquidity.

現在轉到投影片 11，我們將快速審查我們的現金狀況和流動性。

CECO finished the quarter with gross debt of $125 million, lower by $8 million from year-end 2023, with net borrowings in the quarter of approximately $8 million.

CECO 本季末的總負債為 1.25 億美元，比 2023 年底減少 800 萬美元，本季淨借款約 800 萬美元。

Net debt was $83 million at quarter end, higher by $10 million from year-end 2023 and flat year-over-year with CECO's leverage ratio moving up [1/10 of turn] to a modest 1.5 times from year-end 2023, as our bank EBITDA metric adjusted slightly downwards in the quarter.

截至季末，淨負債為 8,300 萬美元，較 2023 年年底增加 1,000 萬美元，同比持平，希柯的槓桿率較 2023 年年底上升[1/10]至適度的 1.5 倍，我們的銀行EBITDA 指標在本季略有下調。

Leverage moved down by [4/10 of a turn] year-over-year with our capacity increasing slightly on a sequential basis to $120 million, a level which fully covers our planned capital deployment for the balance of the year, including M&A and capital investment.

槓桿率較去年同期下降[4/10]，我們的產能較去年同期略有增加，達到1.2億美元，這一水準完全涵蓋了我們今年剩餘時間計畫的資本部署，包括併購和資本投資。

CECO finished the quarter with $37 million of global cash, reflecting a decrease of approximately $18 million from year-end 2023 and a decrease of $12 million year-over-year.

CECO 本季末全球現金為 3,700 萬美元，較 2023 年底減少約 1,800 萬美元，年減 1,200 萬美元。

The lower balance was the result of accelerated debt repayments in the quarter and the aforementioned stock buybacks we executed in the first half.

餘額較低是本季加速償還債務以及我們在上半年執行的上述股票回購的結果。

In the quarter, we implemented our international cash pooling structure, which reduces structurally the amount of net cash that we believe we need to hold to support operations and meet our liquidity needs.

本季度，我們實施了國際現金池結構，從結構上減少了我們認為需要持有以支援營運和滿足流動性需求的淨現金數量。

This frees up cash for other corporate uses.

這可以釋放現金用於其他公司用途。

Cash generated from operations was $8 million for the quarter and up approximately $9 million year-over-year, benefiting from improvements in working capital management.

本季營運產生的現金為 800 萬美元，年增約 900 萬美元，受惠於營運資本管理的改善。

In the quarter, we funded CapEx investments of approximately $4 million to support continued growth, IT system upgrades, and cyber upgrades.

本季度，我們資助了約 400 萬美元的資本支出投資，以支持持續成長、IT 系統升級和網路升級。

Cash taxes and cash interest paid in the first half totaled $10.4 million versus $13 million in the year ago period.

上半年支付的現金稅和現金利息總額為 1,040 萬美元，而去年同期為 1,300 萬美元。

That concludes my summary of CECO's second quarter 2024 financial results.

我對 CECO 2024 年第二季財務表現的總結到此結束。

The results in the quarter and the first half give me high confidence that we will sustain and improve on this level of performance sequentially throughout the remainder of 2024 on higher revenue generation and order rates, delivering on our commitments and the improved full year outlook.

本季和上半年的業績讓我充滿信心，我們將在 2024 年剩餘時間內繼續維持和提高這一業績水平，提高收入和訂單率，兌現我們的承諾並改善全年前景。

And now I'd like to turn the stage back over to Todd for his concluding remarks.

現在我想把舞台轉回給托德做總結發言。

Thanks, Peter.

謝謝，彼得。

A lot of good details with respect to our financials and other insights into our performance.

關於我們的財務狀況以及對我們業績的其他見解的許多詳細資訊。

We're going to go to the final section and then also our final summary slide.

我們將進入最後一部分，然後是最後的摘要幻燈片。

Please turn to slide number 13.

請翻到第13張投影片。

Overall, our second quarter and year-to-date results produced the sustainable top line and bottom line growth we have been delivering for a number of quarters and also signaling in our guidance.

總體而言，我們第二季和年初至今的業績實現了我們幾個季度以來實現的可持續的營收和利潤成長，也在我們的指導中發出了信號。

We have navigated some delays in bookings and project deliveries, we continue to produce record financial results, and we are really demonstrating strong margin expansion, which is a major focus for our leadership teams.

我們已經克服了預訂和專案交付方面的一些延遲，我們繼續創造創紀錄的財務業績，我們確實展示了強勁的利潤擴張，這是我們領導團隊的主要關注點。

We feel great about our sales pipeline.

我們對我們的銷售管道感覺很好。

There are tremendous opportunities in energy markets associated with what is proving to be a power super cycle, which is still on the horizon, but we're definitely closer to many of the jobs in our pipeline.

能源市場存在著巨大的機會，與事實證明的電力超級循環有關，這仍然是在地平線上，但我們肯定更接近我們管道中的許多工作。

And we have large project opportunities in industrial water and industrial air.

我們在工業水和工業空氣方面擁有大型專案機會。

We look forward to sharing more in the coming months and quarters as we believe the timing on these jobs is imminent.

我們期待在未來幾個月和幾個季度分享更多信息，因為我們相信這些工作的時機即將到來。

We are pleased to share the recent acquisition of EnviroCare, and we are excited how our M&A pipeline is advancing.

我們很高興與大家分享最近對 EnviroCare 的收購，我們對併購管道的進展感到興奮。

We believe we have a proven track record of acquiring strategic growth businesses at accretive prices and then accelerating the growth and profitability of these acquired businesses.

我們相信，我們在以增值價格收購策略性成長業務，然後加速這些收購業務的成長和獲利方面擁有良好的記錄。

We look forward to investing in EnviroCare, working with their leadership team and maximizing its full potential.

我們期待投資 EnviroCare，與他們的領導團隊合作並最大限度地發揮其潛力。

As a result of these factors, coupled with our view of the markets, we are pleased to have raised guidance for the second time this year, and we believe our revenue range of between $600 million to $620 million or up 12% at the midpoint and our full year adjusted EBITDA range of between $68 million to $72 million, up 21% at the midpoint, each reflect our commitment to strong performance, while we invest for future growth.

由於這些因素，再加上我們對市場的看法，我們很高興今年第二次提高指導，我們相信我們的收入範圍在 6 億至 6.2 億美元之間，即中點增長 12%，我們全年調整後的EBITDA 範圍在6,800 萬美元至7,200 萬美元之間，中間成長21%，每一項都反映了我們對強勁業績的承諾，同時我們為未來成長進行投資。

And a special thank you to all our CECO team members around the world that are working hard to deliver for our customers and providing solutions that protect people, protect the environment, and protect industrial equipment.

特別感謝我們世界各地的所有 CECO 團隊成員，他們努力為我們的客戶提供保護人員、環境和工業設備的解決方案。

And with that, we are now happy to open it up to any questions.

至此，我們現在很樂意接受任何問題。

I'll hand back over to the operator and then I will conclude with a few remarks.

我將把任務交還給操作員，然後我將發表幾句話作為結束。

(Operator Instructions)

（操作員說明）

Aaron Spychalla, Craig Hallum Capital Group.

亞倫‧斯皮查拉 (Aaron Spychalla)，克雷格‧哈勒姆資本集團 (Craig Hallum Capital Group)。

Yeah, good morning, Todd and Peter.

是的，早安，托德和彼得。

Thanks for taking the questions.

感謝您提出問題。

Maybe first for me, just on the pipeline expansion, the $4 billion up 40% year over year.

也許對我來說首先是管道擴張，40 億美元年增 40%。

Can you talk about any areas in particular driving that strength?

您能談談推動這種優勢的具體領域嗎？

Sounds like there's still some large energy transition opportunities out there.

聽起來似乎仍然存在一些巨大的能源轉型機會。

And then just maybe a little bit more detail on some of the order delays and kind of confidence in some of those converting to orders here in the back half of the year?

然後，也許可以更詳細地了解一些訂單延遲的情況，以及對下半年轉換為訂單的一些訂單的信心？

Yeah.

是的。

Good question, Aaron.

好問題，亞倫。

Look, for us, we talk about it each quarter pretty consistently that certainly the quarterly performance of bookings is important and a focus of our organization.

瞧，對我們來說，我們每季都會非常一致地談論這一點，當然，預訂的季度業績很重要，也是我們組織的重點。

But us growing our pursuits and our sales pipeline in our minds, is really the best factor for us to drive that future growth.

但我們心中不斷發展的追求和銷售管道確實是我們推動未來成長的最佳因素。

Look, I would say the largest opportunity set for us in the next 6 to 18 months, no doubt, in terms of the big projects, are in the energy and energy transition space.

我想說，就大型專案而言，毫無疑問，未來 6 到 18 個月為我們帶來的最大機會是在能源和能源轉型領域。

Doesn't mean that there aren't extremely important and large industrial water and industrial air opportunities of between $15 million to $30 million each.

但這並不意味著不存在極其重要且大型的工業水和工業空氣機會，每個價值在 1500 萬美元到 3000 萬美元之間。

But those are fewer large jobs, but attractive.

但這些都是規模較小的工作，但很有吸引力。

But in the energy space, we have been mentioning now for the last quarter maybe quarter and a half, that we are seeing many larger multiples of what we have seen in 2021, 2022, and 2023 of, again, mostly power-related opportunities, whether it be in natural gas or other power sources.

但在能源領域，我們在上個季度可能是四分之一半的時間裡一直在提到，我們看到的機會比2021 年、2022 年和2023 年的情況要大得多，而且主要是與電力相關的機會，無論是天然氣或其他能源。

And I would also say the reason we continue to refer to it as a super cycle, potentially, is that we're not seeing a slowdown in investments in renewables or in opportunities that could be down the pipeline like geothermal or nuclear.

我還想說，我們繼續稱之為超級週期的原因可能是，我們沒有看到再生能源投資或地熱或核能等可能出現的機會放緩。

We would say everything's on the table to satisfy the demands of power globally.

我們可以說，為了滿足全球權力的需求，一切都擺在桌面上。

But for gas turbine power, we are in constant dialogue with our end customers with respect to jobs that they are booking, announcing, or already been receiving but haven't yet announced.

但對於燃氣渦輪發電，我們正在與最終客戶就他們正在預訂、宣布或已收到但尚未宣布的工作進行持續對話。

These are jobs that generally go on months and months of analysis, discussion, negotiation, and review.

這些工作通常需要數月的分析、討論、談判和審查。

So those are the areas where in our $4 billion of sales pipeline, we would suggest probably have the largest big project impact for us.

因此，在我們 40 億美元的銷售管道中，我們認為這些領域可能對我們產生最大的大型專案影響。

All right, thank you for the color there.

好吧，謝謝你的顏色。

And then another solid quarter of gross margin.

然後毛利率又一個穩定的季度。

Anything particular to note there one time?

有什麼特別需要注意的地方嗎？

And then can you maybe talk about just the split between project execution, some of the initiatives that you're early in and just the short cycle mix there?

然後您能否談談專案執行之間的劃分、您早期參與的一些舉措以及那裡的短週期組合？

And then how you're thinking about margin kind of cadence over the next few quarters as you execute on some of those larger projects you kind of talked about too?

然後，當您執行您也談過的一些大型專案時，您如何考慮未來幾季的利潤節奏？

Yes, I'll make a couple of comments, and Peter will provide certainly more color.

是的，我會發表一些評論，彼得當然會提供更多的色彩。

So we're pleased, and we've been, again, signaling our investment in operating excellence, project management, and of course, both acquisitions and organic better positioning our portfolio for higher gross margins and EBITDA margin results as just a core part of our portfolio.

因此，我們很高興，並且我們再次表明我們對卓越營運、專案管理的投資，當然還有收購和有機更好地定位我們的投資組合，以實現更高的毛利率和EBITDA 利潤率結果，並將其作為核心部分我們的投資組合。

So all of those things are starting to really now produce great quarterly gross margins and EBITDA margins.

因此，所有這些事情現在都開始真正產生巨大的季度毛利率和 EBITDA 利潤率。

We expect certainly to be expanding our EBITDA margins consistently on our path to mid-teen EBITDA margins, and that's the most important of the margin discussion topics for us and we think for the investment community.

我們當然希望能夠持續擴大我們的 EBITDA 利潤率，以實現 EBITDA 利潤率中位數，這對我們和投資界來說都是最重要的利潤率討論主題。

That doesn't mean the gross margins we expect them to have a huge drop-off, but as revenue goes higher and the business mix of our gross margins in that revenue, we certainly expect gross margins will come down a little bit but still produce a very attractive year-over-year EBITDA margin expansion because of our ability to leverage the volumes and the G&A that those volumes can absorb.

這並不意味著我們預計毛利率會大幅下降，但隨著收入的增加以及我們毛利率在該收入中的業務組合，我們當然預計毛利率會略有下降，但仍會產生由於我們有能力利用銷售量以及這些銷售量可以吸收的一般行政費用，因此EBITDA 利潤率同比增長非常有吸引力。

So for us, again, having higher gross margins year-over-year is a great driver of bottom line performance.

因此，對我們來說，年比更高的毛利率是獲利績效的重要推手。

And we're going to continue to keep the focus on productivity and business mix.

我們將繼續專注於生產力和業務組合。

But as our sales go higher in the second half of the year, we do expect gross margins will come down a bit versus the first half, but will continue to drive good EBITDA margin expansion.

但隨著下半年銷售額的上升，我們預計毛利率將比上半年有所下降，但將繼續推動 EBITDA 利潤率的良好擴張。

Aaron, what we historically see is the very large projects booked with lower aggregate or lower average excuse me, gross profit margins, but come with very little fixed cost addition.

亞倫，從歷史上看，我們看到的是非常大的項目，其總毛利率較低，平均毛利率較低，但固定成本增加很少。

And so they have a powerful volume component in terms of delivery margin enhancement.

因此，他們在提高交付利潤方面擁有強大的銷售成分。

We do track gross profit margins.

我們確實跟踪毛利率。

Actually, we talk more about contribution margins internally because that is, to a great degree, what our project teams are seeing as they roll up their numbers because that takes all the project costs into consideration.

實際上，我們在內部更多地談論貢獻邊際，因為這在很大程度上是我們的專案團隊在匯總數字時所看到的，因為這考慮了所有專案成本。

And that's where we're seeing the operational efficiencies from buying better and executing faster where and when our customers are allowing us to move as fast as we would like to.

這就是我們看到的營運效率，只要我們的客戶允許我們按照自己的意願快速行動，就可以更好地購買和更快地執行。

And we're seeing those contribution margins typically and across most of our regions expand sequentially and year-over-year.

我們看到，在我們大多數地區，這些邊際貢獻通常都在連續和逐年擴大。

Right.

正確的。

Okay.

好的。

That makes sense.

這是有道理的。

Thank you for the color and for taking the questions, I'll turn it over.

謝謝你的顏色和提出問題，我會把它翻過來。

But mix is a powerful driver for us, Aaron, when we talk about large versus typical projects and short versus long and it's that mix that converts to revenue that in these last two periods has been a tailwind for us.

但亞倫，當我們談論大型專案與典型專案、短期專案與長期專案時，混合對我們來說是一個強大的驅動力，正是這種混合轉化為收入，在過去兩個時期對我們來說一直都是順風。

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

Good morning.

早安.

Just want to touch a little bit more on the project delays.

只是想多談談工程延誤的情況。

I guess, did you -- are you seeing kind of any sort of secular activity that's causing the delay?

我想，你有沒有看到任何導致延誤的世俗活動？

Or is this just the particulars of each project and the timing relative to maybe what you'd hoped?

或者這只是每個項目的細節以及與您希望的相關的時間安排？

So we understand, and I think it's confirmed by the fact that small -- and when we say small, we're talking still over $1 million projects and medium would be in the $3 million to $5 million, maybe $6 million range -- we're not seeing a slowdown in those.

所以我們理解，我認為這一點得到了以下事實的證實：小型——當我們說小型時，我們仍在談論超過100 萬美元的項目，而中型項目將在300 萬至500 萬美元，也許600 萬美元的範圍內——我們沒有看到這些放緩。

We're seeing a pipeline growing.

我們看到管道正在成長。

We're seeing those moving through the bid review, the notification and then the purchase order issuance very much at the same pace in a brisk good pace as before.

我們看到，投標審查、通知和採購訂單發布的流程與以前一樣，速度非常快。

And these are big customers that are doing important expansions, that are doing even new builds, very similar to what we were seeing last year.

這些大客戶正在進行重要的擴張，甚至正在進行新的建設，與我們去年看到的非常相似。

And so we would say economically speaking, we're not seeing a lot or anything in the general industrial markets that would signal a sea change or a change or a different view of what -- of the type of investment that businesses are taking to support global and of course, re-shoring and other ongoing thematic industrial expansion.

因此，我們可以說，從經濟角度來看，我們在一般工業市場中沒有看到太多或任何事情表明企業正在支持的投資類型發生了巨大變化或變化或不同觀點全球，當然還有回流和其他正在進行的主題工業擴張。

However, in larger projects, I think what we're hearing and seeing and fortunately for us, we have a very good resource plan.

然而，在更大的項目中，我認為我們所聽到和看到的，幸運的是，我們有一個非常好的資源計劃。

And while keeping people and recruiting people is a challenge, we're ready to go.

雖然留住人才和招募人才是一項挑戰，但我們已經準備好了。

However, that's not always the case for some of these larger projects, EPC firms, big customers, lots of suppliers, getting their resources, I guess, in their camps, ready to go for these larger projects is what we're hearing is creating a little bit of the delays.

然而，對於一些較大的項目來說，情況並非總是如此，EPC 公司、大客戶、許多供應商，我想，在他們的陣營中，他們正在獲取資源，準備好進行這些較大的項目，這就是我們所聽到的正在創建的內容有點延遲。

Is that these large projects are waiting for all of their suppliers, maybe even including themselves to be ready to be deployed to go and install and do the heavy work associated with these projects.

這些大型專案正在等待所有供應商，甚至可能包括他們自己，準備好部署、安裝並完成與這些專案相關的繁重工作。

So if there's one area that I guess we would say, and I think, we've been saying this now for several months, maybe certainly this year, is that certain resource delays and availability are causing a little pause in these larger projects.

因此，如果我想我們會說一個領域，而且我想，我們已經這麼說了幾個月了，也許今年肯定是，某些資源延遲和可用性導致這些大型專案出現了一些暫停。

Now that probably means that there's going to be a quarter where there's an oversized bookings for a number of companies and potentially including ours.

現在，這可能意味著將有一個季度，許多公司（可能包括我們公司）的訂單量過大。

And time will tell because we still have a very good visibility to these large projects.

時間會證明一切，因為我們對這些大型專案仍然有很好的了解。

Like I said, this year and as we head into 2025, we see a number of jobs that we feel well-positioned to win.

正如我所說，今年以及進入 2025 年時，我們看到了許多我們認為有能力贏得的工作。

So look, we don't think there's a lot of economic change.

所以看，我們認為經濟不會有太大變化。

In fact, maybe there could even be a pause associated with people waiting to see what happens on the regulatory front associated with the election, could be a pause related to interest rates coming down and commodity costs coming down.

事實上，甚至可能會出現暫停，因為人們等待觀察與選舉相關的監管方面會發生什麼，可能會出現與利率下降和大宗商品成本下降有關的暫停。

So I think you bring all those things into the mix, and these large projects are just taking -- they're more complicated and they're taking the right amount of time to get everything organized.

所以我認為你把所有這些東西混合在一起，這些大型專案只是——它們更加複雜，並且需要適當的時間來組織一切。

Okay.

好的。

Yes, makes sense.

是的，有道理。

Thank you.

謝謝。

And then I think you talked before about, sort of, the size range of these projects.

然後我想你之前談過這些項目的規模範圍。

Could you remind us of what the sizes are sort of these projects in the range, I guess?

我想您能否提醒我們該範圍內這些項目的規模是多少？

And how do those flow through over what period of time does that [drive revenue] for you?

這些是如何在多長時間內為您帶來[增加收入]的？

Rob, we're seeing in our pipeline now, the size of large jobs growing, and we used to think $20 million to $30 million was large.

羅布，我們現在在我們的管道中看到，大型工作崗位的規模不斷增長，我們過去認為 2000 萬到 3000 萬美元已經很大了。

We're now talking about opportunities in the $60 million to $100 million range.

我們現在談論的是 6,000 萬至 1 億美元範圍內的機會。

The scope and scale of a lot of we're beginning to talk about with energy customers and coal to gas conversions, data center backup power supply build out, hydrogen supply opportunities supporting electrolyzer plants are just becoming eye-wateringly in large.

我們開始與能源客戶談論的許多項目的範圍和規模，以及煤改氣、數據中心備用電源建設、支持電解廠的氫氣供應機會正在變得令人眼花繚亂。

And so I'd say the median is moving up on us quarter-over-quarter as we think about what large means.

因此，我想說，當我們思考「大」意味著什麼時，中位數正在逐季度上升。

But the impact has historically been, book a nice project, runs for anywhere from four, six, sometimes eight quarters, depending on how quickly the plant gets commissioned and is running.

但從歷史上看，其影響是，預訂一個好的項目，運行時間從四個、六個，有時是八個季度不等，取決於工廠調試和運行的速度。

And we recognize revenue consistently and generate cash consistently over a multi-quarter period.

我們在多個季度期間持續確認收入並持續產生現金。

They generally -- these projects generally follow a similar milestone progression, and we manage them with our teams across regions.

一般來說，這些專案通常遵循類似的里程碑進展，我們與跨地區的團隊一起管理它們。

Thank you, great.

謝謝你，太好了。

I'll turn it over.

我會把它翻過來。

Gerry Sweeney, Roth.

格里·斯威​​尼，羅斯。

Good morning out Todd, Peter, Steven, and thanks for taking my call.

托德、彼得、史蒂文早安，感謝您接聽我的電話。

I'm just going to stick with power since everybody else is, but a slightly different question.

我只是堅持使用權力，因為其他人都是如此，但問題略有不同。

Just curious as to maybe how many projects are out there and maybe it would be good to even understand what really differentiates you?

只是好奇可能有多少項目，也許了解真正讓您與眾不同的是什麼會更好？

And then finally, not surprised there's probably some resource delays there, et cetera.

最後，毫不奇怪，那裡可能存在一些資源延遲等等。

But are you seeing an actual margin opportunity since there are so many projects out there maybe you can start ratcheting up the margins on these projects?

但是，您是否看到了實際的利潤機會，因為有如此多的項目，也許您可以開始提高這些項目的利潤？

Yeah.

是的。

A couple of questions there.

有幾個問題。

I'll start with the -- no, that's great.

我將從——不，那太好了。

It's all -- we get it.

就是這樣——我們明白了。

We'll start, I guess, with the volume of projects and then we'll kind of maybe try to blend it the answer associated with, do we feel that there's maybe some pricing or margin opportunity?

我想，我們將從專案的數量開始，然後我們可能會嘗試將其與相關的答案混合起來，我們是否認為可能存在一些定價或利潤機會？

Which, of course, any company would want to make sure that we're taking advantage of our leadership position and defend our pricing and maximize our ability to utilize productivity as we go through this.

當然，任何公司都希望確保我們利用我們的領導地位，捍衛我們的定價，並在我們經歷這一過程時最大限度地提高我們利用生產力的能力。

So, look, I think over the last few years, our energy related projects with respect to power have been good.

所以，我認為在過去幾年中，我們在電力方面的能源相關項目一直很好。

They have grown, and they have been -- we have benefited from those healthy markets.

它們已經成長，而且我們已經從這些健康的市場中受益。

But over the last few years, we would maybe typically look at three to four project opportunities of large size and pursue those and be rewarded; the appropriate number for us as a well-positioned provider of the types of emissions or separation, filtration solutions, or acoustic silencing, noise management solutions that we and only a few competitors can provide for these very large complicated important power projects.

但在過去的幾年裡，我們通常會專注於三到四個大型專案機會並追求這些機會並獲得獎勵；作為排放或分離、過濾解決方案或消音、噪音管理解決方案類型的領先供應商，我們和只有少數競爭對手可以為這些非常大型、複雜的重要電力項目提供適當的數量。

We would probably say now we could be looking at over the next 12 months, a dozen jobs that we would consider large, so three to four times the number.

我們現在可能會說，在接下來的 12 個月內，我們可能會考慮十幾個我們認為規模較大的工作崗位，因此數量是原來的三到四倍。

And like I said, we're seeing more activity, not less, in other areas like nuclear and geothermal, where you need very specific certifications and experience, reference sites.

正如我所說，我們在核能和地熱等其他領域看到了更多的活動，而不是更少，在這些領域，您需要非常具體的認證、經驗和參考網站。

Not many nuclear facilities are looking for unproven suppliers.

沒有多少核設施正在尋找未經證實的供應商。

They're looking for the pieces of equipment, service models, solutions and, of course, the resources to do those types of work.

他們正在尋找設備、服務模式、解決方案，當然還有完成這些類型工作的資源。

So we're -- again, and specifically in power, the magnitude of it has gone up multiples in terms of the pipeline.

因此，我們再次強調，特別是在權力方面，其規模在管道方面增加了數倍。

And that looks to be a multiyear sustainable level.

這看起來是一個多年可持續的水平。

I think that others in the power space are talking about it a fair amount.

我認為電力領域的其他人正在大量談論這個問題。

GE Vernova, Siemens Energy, et cetera, are certainly indicating their well-positioned portfolio as the power investments are coming online.

隨著電力投資的上線，GE Vernova、西門子能源等公司無疑地表明了其處於有利位置的投資組合。

And then our acquisition of Wakefield 1.5 years ago or so has also extended and expanded our position in providing industrial solutions for data centers and for other power related backup power, acoustic management solutions, and that's a business that we have more than doubled in 18 months.

然後，我們在1.5 年前左右收購了Wakefield，也擴展並擴大了我們在為資料中心和其他電力相關備用電源、聲學管理解決方案提供工業解決方案方面的地位，並且我們的業務在18 個月內增長了一倍多。

Expect to and are optimistic that we have tremendous growth and opportunities associated with our ability to expand its footprint with a smart investment with respect to capital and hiring resources.

我們預期並樂觀地認為，我們有能力透過在資本和招募資源方面的明智投資來擴大其足跡，從而獲得巨大的成長和機會。

And we see opportunities in other international regions with that business now that we wouldn't have seen 1.5 years ago.

我們現在在其他國際地區看到了該業務的機遇，這是 1.5 年前看不到的。

So I would say we're seeing multiples of the market versus a year ago or two years ago.

所以我想說，我們看到的市場規模是一年前或兩年前的數倍。

And yeah, look, I think will pricing and will gross margins be vastly different than before.

是的，我認為定價和毛利率會與以前有很大不同。

I think they'll be healthy.

我想他們會很健康。

I don't think that we -- I have an opportunity here.

我不認為我們——我在這裡有機會。

We're not certainly planning to try to have an opportunity where price is our focus.

我們當然不打算嘗試以價格為重點的機會。

We want to be a great partner with our customers.

我們希望成為客戶的優秀合作夥伴。

We want to be in the right projects for us where our expertise is valued and we can price accordingly.

我們希望參與適合我們的項目，我們的專業知識受到重視，並且我們可以相應地定價。

And then -- but we do think that as we get these large projects, our ability to leverage that scale to do very good areas around project management, execution, productivity, sourcing, logistics management and we can get productivity if we know the jobs are ours and we can start to position for it.

然後，但我們確實認為，當我們獲得這些大型專案時，我們有能力利用這種規模在專案管理、執行、生產力、採購、物流管理方面做得非常好，如果我們知道這些工作，我們就可以獲得生產力我們的，我們可以開始為它定位。

So I think for our customers, they're going to see similar pricing, which is always appropriate for us and for them.

因此，我認為對於我們的客戶來說，他們會看到類似的定價，這總是適合我們和他們。

But for our ability to execute and deliver additional margin expansion versus maybe years past, we're just, I think, a better, more efficient operating organization, and we expect to generate some benefits through our own productivity initiatives.

但就我們執行和實現額外利潤擴張的能力而言，我認為，與過去幾年相比，我們只是一個更好、更有效率的營運組織，我們希望透過自己的生產力計畫產生一些效益。

Got you.

明白你了。

And Gerry, one area that Todd didn't include in his summary of the project pipeline is the addition of numerous nuclear opportunities.

格里，托德在他的專案總結中沒有包括的一個領域是增加了許多核子機會。

Nuclear has rebounded or recovered, shall I say, in the last three to four quarters, where it's now on many companies in many countries, radar screens.

容我說，在過去的三到四個季度裡，核能已經反彈或恢復，現在它出現在許多國家的許多公司的雷達螢幕上。

As they're looking to have all potential sources of electricity to support electrification goals, decarbonization goals, and support reindustrialization.

因為他們希望擁有所有潛在的電力來源來支持電氣化目標、脫碳目標並支持再工業化。

Got it.

知道了。

Todd, you mentioned earlier, when you're talking about pipeline, I think specifically around power, the size grew from maybe $20 million to $30 million to now $60 million to $100 million in terms of what your definition of a large project is.

托德，您之前提到，當您談論管道時，我認為特別是在電力方面，根據您對大型項目的定義，其規模從大約2000 萬美元到3000 萬美元增加到現在的6000 萬美元到1億美元。

Is that project those size of the project getting larger?

該項目的規模是否越來越大？

Or is that more of a function of maybe some recent acquisitions, bolt-ons that you're able to gain more wallet share or share of the project size?

或者這更多是因為最近的一些收購、補充，你能夠獲得更多的錢包份額或項目規模的份額？

It's scope of the project.

這是該項目的範圍。

They're just bigger.

它們只是更大。

Bigger machines, more of them producing more gigawatts.

機器越大，產生的功率就越多。

It's all -- I said last quarter, I'll say it every quarter until I'm probably at the end of the decade, it's all about the electrons.

這就是——我上個季度說過，我每個季度都會這麼說，直到我可能在這個十年結束時，這一切都是關於電子的。

All about the electrons.

所有關於電子。

All about the electronic.

所有關於電子的。

However, they're being produced.

然而，它們正在生產中。

It's a bumper sticker wait to happen.

這是一個等待發生的保險桿貼紙。

But we're confident, look, we do think as we have invested and grown our resources in India as we've invested and grown our resources in the Middle East, our great team, great leadership, very dedicated employees.

但我們有信心，看，我們確實認為，就像我們在印度投資和發展我們的資源一樣，我們在中東投資和發展我們的資源，我們偉大的團隊，偉大的領導力，非常敬業的員工。

As we now have capabilities in Korea and East Asia and Southeast Asia that we never had before as we continue to add Wakefield and more European, Western European capabilities.

因為我們現在在韓國、東亞和東南亞擁有以前從未有過的能力，我們繼續增加韋克菲爾德和更多歐洲、西歐的能力。

And so we've always been well positioned in a few of those markets, especially North America, US power, et cetera.

因此，我們在其中一些市場上一直處於有利地位，特別是北美、美國電力等。

So yeah, acquisitions do expand our overall pipeline.

所以，是的，收購確實擴大了我們的整體管道。

But for these big jobs.

但對於這些大工作。

Jobs that used to be $40 million, $50 million would have been their max.

以前的工作工資是 4000 萬美元，現在 5000 萬美元已經是他們的最高工資了。

Now there's $60 million to $100 million.

現在有6000萬到1億美元。

It's really the scope of the job.

這確實是工作範圍。

It is converting coal fired to natural gas, but then expanding that to also have solar and wind and other backup power and peaker power and other applications that might not have been in a singularly focused power application.

它正在將燃煤轉換為天然氣，然後將其擴展到太陽能和風能以及其他備用電源和峰值電源以及其他可能不屬於單一集中電力應用的應用。

Now they're doing sort of multi-fab.

現在他們正在做某種多晶圓廠。

These are bigger, more complicated jobs.

這些都是更大、更複雜的工作。

And look, there's a need for it.

看，有必要。

Data centers and digitization and of course, just more need for comfort, air conditioning, heating, et cetera, it's a tremendous demand cycle.

資料中心和數位化，當然，還有對舒適性、空調、暖氣等的更多需求，這是一個巨大的需求週期。

Got it.

知道了。

Okay.

好的。

I have probably taken up too much time as it is, but we have a follow-up.

我可能已經佔用了太多時間，但我們有後續行動。

So thanks.

所以謝謝。

Thanks.

謝謝。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Hi.

你好。

Thanks, good morning.

謝謝，早安。

Maybe moving to some of the more mundane aspects.

也許轉向一些更平凡的面向。

You talked about customer-driven delays.

您談到了客戶驅動的延誤。

And I'm wondering if you could maybe size that for us?

我想知道你是否可以為我們確定一下尺寸？

And do you expect these delays to catch up on some of these delays in Q3?

您預計這些延遲會趕上第三季的部分延遲嗎？

Or is that potentially slip into Q4?

或者這可能會滑入第四季？

Revenue recognition-related delays that are due to principally either customer review, customer approvals or reaching a level of design-freeze that's necessary to issue purchase orders to our suppliers are merely revenue postponements.

主要由於客戶審核、客戶批准或達到向供應商發出採購訂單所需的設計凍結水準而導致的與收入確認相關的延遲僅是收入延遲。

And that then rolls into the third quarter, fourth quarter subsequent periods.

然後滾動到第三季、第四季的後續期間。

So that's not revenue loss, it's revenue deferred.

所以這不是收入損失，而是收入遞延。

And Jim, so those -- we do expect that will be a benefit to the third quarter and potentially the fourth quarter.

吉姆，我們確實預計這將為第三季甚至第四季帶來好處。

In terms of customers taking longer to move from notification to formal award, that dynamic does produce and then we're going to see in this year a much more - a much larger back end of the year in terms of revenue.

就客戶從通知到正式授予所需的時間更長而言，這種動態確實產生了，然後我們將在今年看到更多 - 就收入而言，今年年底將出現更大的增長。

We recognized 43% of the full year outlook in the first half, that implies 57% of our outlook will be in the second half.

我們對上半年的全年展望有 43% 的認可，這意味著我們對下半年的展望有 57%。

And these customer dynamics are a portion of that, not all of it by any means, we have projects that were naturally planned that way.

這些客戶動態只是其中的一部分，而不是全部，我們的專案自然就是這樣規劃的。

And Peter, just the way you're seeing the business, is there the potential that it's even more weighted into Q4 this year, just given what

彼得，正如您看待業務的方式一樣，考慮到今年第四季度，它是否有可能獲得更大的權重？

(multiple speakers)

（多個發言者）

Historically, our business has had large Q4s.

從歷史上看，我們的業務第四季業績一直很強勁。

Q1 is typically our lightest; Q4, our heaviest; and Qs 2 and 3, they kind of -- maybe they ping pong back and forth.

Q1 通常是我們最輕的； Q4，我們最重的； Q 2 和 3，他們可能會來回打乒乓球。

But we do have that operating norm in our business.

但我們的業務確實有這種營運規範。

So Q1 being lighter and Q4 being heavier.

所以 Q1 更輕，Q4 更重。

It also leads us to have heavier EBITDA delivery in the fourth period.

這也導致我們在第四期的 EBITDA 交付量更大。

EnviroCare, congrats on that issues about $13 million of annualized '24 revenue.

EnviroCare，祝賀其在 24 年實現了約 1300 萬美元的年收入。

Is that mix similar to your mix, where 55%, 60% of the revenues come in the back half?

這種組合是否與您的組合類似，即 55%、60% 的收入來自後半部分？

Or is it more linear?

或者它更線性？

No, that business, as we understand it now, is more evenly distributed as we diligence that business and came to understand kind of their project and revenue recognition processes with a 30% weighting to aftermarket, that's very steady.

不，正如我們現在所理解的那樣，當我們對該業務進行盡職調查並了解他們的項目和收入確認流程時，該業務的分佈更加均勻，售後市場的權重為 30%，這是非常穩定的。

And they've got a small service component, which tends to be steady as well.

他們有一個小的服務組件，而且也很穩定。

So we're talking about 65% of their revenue.

所以我們談論的是他們收入的 65%。

And that's -- we felt that was evenly balanced across the year.

那就是——我們認為這一年的情況是均衡的。

It can swing up or down a few points by quarter, but it's not going to drive -- it's not going to change our overall quarterly balance of revenue significantly.

它可以按季度上下波動幾個百分點，但它不會推動——它不會顯著改變我們整體的季度收入平衡。

What it will contribute, though is revenue in the third and fourth quarter where we didn't have revenue from EnviroCare in the first seven months of the year.

不過，它將貢獻的是第三季和第四季的收入，今年前七個月我們沒有來自 EnviroCare 的收入。

So that will exacerbate the shift.

因此，這將加劇這種轉變。

But next year, it won't have a demonstrable impact.

但明年，它不會產生明顯的影響。

And last question, just in general, the M&A pipeline, it's been kind of quiet; things picking up with this.

最後一個問題，總的來說，併購管道一直很安靜；事情正在好轉。

What's your -- how would you characterize the environment right now?

您如何形容現在的環境？

And the potential to do more of these smaller deals that look like, they could be quite attractive?

是否有可能進行更多看起來相當有吸引力的小型交易？

The environment is very active, whether it's private businesses or sponsor owned businesses or corporate carve-outs.

無論是私人企業、贊助商擁有的企業或企業分拆，環境都非常活躍。

The activity in the market is very, very high, much higher than a year ago even higher than the first quarter.

市場的活躍度非常非常高，遠高於一年前，甚至高於第一季。

We're very selective.

我們非常有選擇性。

We feel a lot of inbounds, but we work on very few as we narrow them down through our valuation process.

我們感受到了很多入站，但當我們透過估值過程縮小範圍時，我們只關注很少的入站。

But the pipeline is active, the pricing environment is positive, and the asset quality continues to impress us.

但管道很活躍，定價環境積極，資產品質繼續給我們留下深刻印象。

And we remain -- so all of that is positive.

我們仍然存在——所以所有這些都是積極的。

And we have said and we'll continue to say, we've done a great job and our business leaders have done a great job of building these relationships.

我們已經說過並將繼續說，我們做得很好，我們的企業領導人在建立這些關係方面也做得很好。

We then advance those discussions.

然後我們推進這些討論。

We have very exciting opportunities that we believe, if it makes sense for them, the company that we look to acquire and us, if it fits our operating model, if it fits our culture, and we can obviously find win-win transaction, then we'll create a win-win transaction and we'll win together going forward.

我們擁有非常令人興奮的機會，我們相信，如果這對他們、我們希望收購的公司和我們來說有意義，如果它適合我們的營運模式，如果它適合我們的文化，而我們顯然可以找到雙贏的交易，那麼我們將創造雙贏的交易，並在未來共同獲勝。

And we'll invest in all of our businesses that we've acquired.

我們將投資於我們收購的所有業務。

We've invested in growth.

我們投資於成長。

We've grown.

我們已經長大了。

We are excited about those opportunities.

我們對這些機會感到興奮。

But we're also very consistent with the fact that if it isn't a win-win or if it's not a good cultural fit, we'll walk away and we'll walk away as friends.

但我們也非常認同這樣一個事實：如果不是雙贏，或者文化不契合，我們就會走開，我們就會以朋友的身份走開。

And we've had a number of those in the last year, which is why it's taken them a little bit of time to I think, get to the place in our pipeline where we have win-wins going forward.

去年我們已經做了很多這樣的事情，這就是為什麼我認為他們花了一點時間才達到我們未來雙贏的目標。

And so that's our focus.

這就是我們的重點。

We're not going to deviate from our strategy just to make an acquisition, as you can imagine.

正如你可以想像的那樣，我們不會僅僅為了進行收購而偏離我們的策略。

I don't -- not suggesting that other companies do that, but let's just say that it happens where people feel the pressure to close transactions.

我不——並不是建議其他公司這樣做，但我們只能說，當人們感受到完成交易的壓力時，就會發生這種情況。

And we feel that we can be selective.

我們覺得我們可以有選擇性。

Okay.

好的。

Thank you.

謝謝。

Bobby Brooks, Northland Capital Market.

鮑比布魯克斯，北國資本市場。

Hey, good morning, guys. so you guys called out in the prepared remarks, that an improving business mix is going to be a tailwind for margins going forward.

嘿，早上好，夥計們。因此，你們在準備好的發言中指出，業務組合的改善將成為未來利潤率的推動力。

Could you just discuss what that improving mix contains?

您能否討論一下改進的組合包含哪些內容？

I know short cycle is a tailwind for margins.

我知道短週期對利潤率是有利的。

But seems like the mix would tilt more towards long-cycle stuff going forward, just given the commentary.

但從評論來看，未來的組合似乎更傾向於長週期的東西。

And I know that, that traditionally

我知道，傳統上

[is not].

[不是]。

Bobby, I think the statement was that it benefited us in the first half.

鮑比，我認為這句話是讓我們在上半場受益。

Well, but if you do look year-over-year.

好吧，但如果你確實逐年觀察的話。

Well, let's just answer the question.

好吧，我們就來回答這個問題吧。

I guess, with respect to the improving mix, yes, you're on to all of the right themes, Bobby.

我想，關於改進組合，是的，你已經找到了所有正確的主題，鮑比。

So first of all, the comment was associated with year over year.

首先，該評論與年復一年相關。

So if you look at the third and the fourth quarter, our expectation is and remains that the investments and the productivity that we have been generating in the first half of the year that, that mix year over year will continue to be a benefit.

因此，如果你看看第三季度和第四季度，我們的預期仍然是，我們在今年上半年產生的投資和生產力，與去年同期相比，這種組合將繼續帶來效益。

And so yes, you're also right in the question that we might have still a larger percentage of long-cycle versus short-cycle, which typically is not the mix benefit.

所以，是的，你的問題也是正確的，即我們可能仍然擁有更大比例的長週期與短週期，這通常不是混合效益。

But we are going to have more short-cycle year over year in terms of dollars.

但就美元而言，我們將逐年經歷更多的短週期。

And we also would say that our long-cycle businesses have higher margins in them.

我們也想說，我們的長週期業務的利潤率更高。

And that's a factor of a number of discrete things.

這是許多離散事物的因素。

So as you think about jobs in, let's say, separation, filtration now with Transcend with great aftermarket, when you look at some of the industrial water businesses that we've been building organically and inorganically over the last few years, higher margins in our in industrial water and more consumables and more replacement parts and et cetera, that are just ongoing, all of those things trend up.

因此，當您考慮現在擁有出色售後市場的 Transcend 的分離、過濾工作時，當您查看我們在過去幾年中以有機和無機方式建立的一些工業水業務時，我們的利潤率更高在工業用水、更多的消耗品和更多的替換零件等方面，這些都還在進行中，所有這些都呈現上升趨勢。

If you look at even areas that might be small for our entire P&L, but are a little bit more weighted in the second half like applications for the US Navy, Department of Defense, et cetera, those are higher margin.

如果你看看那些對我們整個損益表來說可能很小但在下半年權重更大的領域，例如美國海軍、國防部等的申請，那麼這些領域的利潤率就更高。

Some of the energy jobs that we have been winning and in our smaller or higher margin in our thermal acoustics business, for example.

例如，我們已經贏得了一些能源工作，並且在我們的熱聲學業務中利潤率較小或較高。

And then and in other applications, while they're somewhat long cycle, they're in that sweet spot of size for us, that is still higher margin versus the average long-cycle job.

然後在其他應用中，雖然它們的周期有點長，但它們對我們來說處於最佳規模，與平均長週期工作相比，利潤率仍然較高。

So it's not one thing Bobby, I guess as my bit long answer here, it's a number of modestly sized factors that each of them contribute a little bit more to margins year over year.

所以，鮑比，我想這不是一件事，正如我在這裡的回答有點長，而是一些規模適中的因素，其中每個因素逐年對利潤率做出了更多的貢獻。

And I think that's our focus.

我認為這是我們的重點。

Again, we're not a quarterly company.

再說一次，我們不是一家季度公司。

We certainly produce quarterly revenues and quarterly results, but we don't think of sequential as our main driver and our main value creator.

我們當然會產生季度營收和季度業績，但我們並不認為連續性是我們的主要驅動力和主要價值創造者。

It is a 6 to 12 month cycle organization still, but we are very keen to the margin expansion year over year as is still being very much in our wheelhouse.

這仍然是一個 6 到 12 個月的周期組織，但我們非常熱衷於逐年擴大利潤，因為這仍然是我們的駕駛室。

Understood.

明白了。

That's great color.

那顏色真棒。

And then just kind of piggybacking on that.

然後就順勢而為。

You mentioned in one of your answers to Aaron's question on gross margins that you guys are -- better positioning the portfolio for higher margins is key.

您在回答亞倫關於毛利率的問題時提到，更好地定位投資組合以獲得更高的利潤是關鍵。

Is that just kind of the stuff that you just touched on?

這就是你剛才提到的內容嗎？

Or could you maybe just explain what does that -- what is better positioning the portfolio mean in terms of higher margins?

或者您能否解釋一下這意味著什麼——更好地定位投資組合意味著更高的利潤率？

And how does CECO plan on doing so?

CECO 計劃如何這樣做？

Yeah.

是的。

So well, look, I think we'd probably be and you even asked it as if we might give a redundant answer.

好吧，聽著，我想我們可能會這樣，你甚至問了這個問題，就好像我們可能會給出多餘的答案一樣。

And I think our short answer is yeah.

我認為我們的簡短回答是肯定的。

Look, it's all part of our operating model that's going to continue to drive that margin expansion.

看，這都是我們營運模式的一部分，將繼續推動利潤率擴張。

We signaled that over the last year, we've been investing in our platforms and in key corporate resources to get after opportunities and operating excellence.

我們表示，在過去的一年裡，我們一直在投資我們的平台和關鍵企業資源，以尋求機會和卓越營運。

And it's the classic components of supply chain, purchases, making sure that we are getting pricing, adding people, resources to lean enterprise.

這是供應鏈的經典組成部分，採購，確保我們獲得定價，為精益企業增加人員和資源。

We've had more lean boot camps over the last six months than we did at any time in the company's history prior to that probably.

在過去六個月裡，我們舉辦的精實訓練營數量可能比公司歷史上任何時候都多。

And these are getting up to all of our facilities, looking at safety, quality, delivery, cost.

這些涉及我們所有的設施，涉及安全、品質、交付和成本。

The playbook of lean is now being adopted much more consistently across our operating model.

現在，精益手冊在我們的營運模式中得到了更一致的採用。

And so it is these small wins, if you're improving the cost of poor quality and you're eliminating that scrap, you're eliminating that rework, these things just show up in margin, because we have higher delivered margins than even we anticipated in our bookings, et cetera.

因此，正是這些小胜利，如果您正在提高低品質的成本，並且正在消除廢品，您正在消除返工，這些事情只會顯示在利潤中，因為我們的交付利潤甚至比我們還要高我們的預訂等中預期的。

So for us, it's about a whole bunch of singles and doubles, not home runs, including the acquisitions.

所以對我們來說，這是關於一大堆單打和雙打，而不是全壘打，包括收購。

It is incentivizing people differently this year for more margin expansion.

今年，它以不同的方式激勵人們擴大利潤。

We said that over the last few years, the pendulum -- and I like to use that as a visual, was leaning a little bit more on growth organically and growth inorganically, still heavily incentivized on growth, which is why our outlook is low-double-digit growth, which is mostly organic.

我們說過，在過去的幾年裡，鐘擺——我喜歡用它作為視覺效果——更多地傾向於有機增長和無機增長，仍然對增長有很大的激勵，這就是為什麼我們的前景較低——兩位數的成長，其中大部分是有機成長。

But this year, we have a slightly more weighting towards driving margin expansion, and we have more people incentivized specifically on productivity and margin expansion.

但今年，我們對推動利潤率擴張的重視程度稍高，我們有更多的人專門針對生產力和利潤率擴張進行激勵。

So, it is a playbook that for us, Bobby and for everyone out there.

所以，這對我們、鮑比以及所有人來說都是一本劇本。

It evolves, it advances.

它不斷發展，不斷進步。

It doesn't radically change.

它並沒有根本改變。

And so the evolution and the advancement of our playbook this year is to just apply more incentivized pressure on our ability to go after those 15% EBITDA margins, which we believe are inside our organization today and will continue to do organic and inorganic activities to ensure our delivery of those mid-teen EBITDA margins.

因此，今年我們的策略的演變和進步就是對我們追求 15% EBITDA 利潤率的能力施加更多激勵壓力，我們相信今天在我們的組織內部，並將繼續進行有機和無機活動，以確保我們實現了中等左右的EBITDA 利潤。

But we're not going to try to do it overnight.

但我們不會試圖一夜之間做到這一點。

It's going to be a slow, steady, sustainable rate that we expect to win, and those are the types of things that we build on every quarter.

我們期望贏得一個緩慢、穩定、可持續的速度，而這些正是我們每季所建立的基礎。

Understood.

明白了。

And just last one for me.

對我來說只是最後一件。

So, you guys mentioned the pipeline is now $4 billion.

你們提到管道現在價值 40 億美元。

That's a $500 million increase from the last call.

這比上次通話增加了 5 億美元。

I was just curious on how much of that increase is new jobs entering the pipeline?

我只是很好奇，新增就業中有多少是正在醞釀中的？

And how much of that is due to the delays in projects that you guys have called out that in normal circumstances likely would have already been booked or just decided?

其中有多少是由於你們所指出的在正常情況下可能已經預訂或剛剛決定的項目的延誤造成的？

Well, let's just go with, we've had at least $50 million worth of jobs that we hoped and expected might have been a -- would have been very unlikely to have been in the beginning of the year, but we had an expectation that they could have been in the second quarter.

好吧，讓我們繼續吧，我們已經擁有了至少價值 5000 萬美元的工作崗位，而我們希望和預期的工作崗位在今年年初是不太可能出現的，但我們預計他們本來可以在第二季度進行。

And it could be much high.

而且它可能會很高。

It could be $100 million worth of jobs.

這可能會創造價值 1 億美元的就業機會。

They have now extended into the second half of the year.

現在，它們已延長至今年下半年。

So that's a number that we can point to, because we know the projects specifically on those.

所以這是我們可以指出的數字，因為我們特別了解這些項目。

But I think getting from $3.5 billion less than a year ago to $4 billion, that is also just our reference sites now in industrial water, which we didn't have before; us having global expansion in markets like India that open up another $50 million worth of pipeline for us to go and pursue.

但我認為從不到一年前的 35 億美元增加到 40 億美元，這也只是我們現在在工業用水方面的參考點，這是我們以前沒有的；我們在印度等市場進行全球擴張，這為我們開闢了另一個價值 5000 萬美元的管道供我們追求。

And frankly, I think we would say that there are some end markets that we've mentioned that had a great in 2021, but then 2022 and 2023 things sort of pause, and they're coming back a little bit in various general industrial.

坦白說，我認為我們會說，我們提到的一些終端市場在 2021 年表現出色，但到 2022 年和 2023 年，情況會有所暫停，並且在各種一般工業領域會有所回升。

So, there's ebbs and flows here.

所以，這裡有潮起潮落。

But I'd say $50 million to $100 million is associated with jobs it just pushed out.

但我想說 5000 萬到 1 億美元與它剛推出的工作有關。

The rest is us just continuing to expand into new markets geographically or kind of now some other markets coming back into favor in what could be the second half of the year.

剩下的就是我們繼續向新的地理市場擴張，或者現在其他一些市場可能會在今年下半年重新受到青睞。

But certainly, as we roll into 2025.

但毫無疑問，隨著我們進入 2025 年。

Terrific.

了不起。

Thank you for the color.

謝謝你的顏色。

Appreciate the time.

珍惜時間。

I'll return back to queue.

我會返回隊列。

Thank you.

謝謝。

Amit Dayal, H. C. Wainwright.

阿米特‧達亞爾 (Amit Dayal)，H.C.溫賴特 (H.C. Wainwright)。

Thank you.

謝謝。

Good morning guys.

早安，夥計們。

With respect to this lower interest rate environment you're anticipating, how should we think about sales cycles may be accelerating for you?

對於您預期的這種較低利率環境，我們應該如何考慮您的銷售週期可能會加速？

Like how does the business change, you've done very well through this higher interest rate environment?

就像業務如何變化一樣，您在這種高利率環境中做得很好嗎？

With interest rates potentially hitting lower, is that opportunity set even bigger for you?

隨著利率可能下降，這個機會對您來說是否更大？

Like how should we think about it?

例如我們該如何思考？

It's a great question.

這是一個很好的問題。

I don't know that if I had to circle yes or no, to just that question, yes, it's going to be a driver.

我不知道如果我必須圈選“是”或“否”，對於這個問題，是的，這將是一個驅動程式。

No, it's not.

不，不是。

I'm tempted to more circle no, because I don't think that -- or customers purchasing decisions, their CapEx, their growth investments or the regulatory, or just their commitment to safety and the environment and their protection of their industrial equipment has much if anything to do with the higher interest rate or the lower interest rate situation.

我很想更多地圈出“不”，因為我不認為客戶的購買決策、他們的資本支出、他們的增長投資或監管，或者只是他們對安全和環境的承諾以及他們對工業設備的保護與較高的利率或較低的利率情況有很大關係。

If interest rates went up a lot, where we're rapidly declining, then yes, I think there would be some of that.

如果利率大幅上升，而我們正在迅速下降，那麼是的，我認為會有一些。

So I think the answer is not a lot of change in our markets as a result of interest rates at the moment.

所以我認為答案不是目前利率導致我們的市場太大變化。

That said, there are certainly some of the delays and maybe some of the future opportunities that have not yet materialized are a little bit of an interest -- I hate to use the word interest and interest rates.

也就是說，肯定會有一些延遲，也許一些尚未實現的未來機會有點令人感興趣——我討厭使用「利息」和「利率」這個詞。

But there is a confidence that interest rates are going to come down.

但人們有信心利率將會下降。

I also think that there's some topics associated with the presidential election.

我還認為有一些與總統選舉相關的話題。

They could be creating budgetary pauses to see what happens with various decisions.

他們可能會暫停預算，看看各種決策會發生什麼。

They could be associated with the change or the stability of an administrative policy program, et cetera.

它們可能與行政政策計劃的變化或穩定性等相關。

And so there are factors in the moment that are influencing modestly at least certain projects and certain decisions.

因此，目前有些因素至少對某些項目和某些決策產生了一定的影響。

They're not incredibly material, but they're out there.

它們並不是令人難以置信的物質，但它們就在那裡。

We see them and we hear them.

我們看到他們，我們聽到他們。

So look, for us, I've always say as the CEO, if you give us high interest rates, but it's stable, we'll figure out what to do with that.

所以，對於我們來說，作為首席執行官，我總是說，如果你給我們高利率，但它很穩定，我們會弄清楚如何處理。

You give us high commodity costs, but they're stable, we'll figure out what to do with that.

你為我們帶來了高昂的商品成本，但它們很穩定，我們會弄清楚如何處理。

If you give us lower interest rates or lower commodity costs, great, that's even better, it feel,. and we'll figure out what to do with that.

如果你給我們更低的利率或更低的商品成本，那就太好了，感覺更好。我們會想出如何處理它。

It's when things are moving around a lot and that uncertainty creates the pause.

當事情發生很大變化時，不確定性就會造成停頓。

It isn't high or low, typically that creates the pause.

它不是高或低，通常會造成停頓。

It is all of us waiting to see what's going to happen as a result of things.

我們所有人都在等著看事情會發生什麼。

And so if we're anxious for anything, it is just for decisions announcements and things to become more finalized.

因此，如果我們對任何事情感到焦慮，那隻是為了宣布決定和事情變得更加確定。

And so if the Fed wants to tell us exactly what they're going to do with interest rates, that'd be great, because then we can start to plan for that.

因此，如果聯準會想確切地告訴我們他們將如何處理利率，那就太好了，因為這樣我們就可以開始為此制定計劃。

If we all know the outcome of various policies and restrictions, et cetera, are going to come down the pipeline, that'd be great.

如果我們都知道各種政策和限制等的結果將會出現，那就太好了。

So I think for most of us, the knowledge of what's going to end up being a more stable market over the next 6 to 12 months is probably the more interesting factor.

因此，我認為對於我們大多數人來說，了解未來 6 到 12 個月內市場最終會變得更加穩定可能是更有趣的因素。

And that low interest rates that are stable is positive.

穩定的低利率是正面的。

Todd talked about the market impact.

托德談到了市場影響。

I'll talk about the impact on CECO.

我講一下對CECO的影響。

We have 100% of our credit is variable rate debt.

我們 100% 的信貸是浮動利率債務。

Every reduction in interest rate is an improvement in our cash generation, the more cash we have and the lower the interest burden we have, the more likely we are to consider new investments, additional acquisitions, investments in growth, or alternate uses of that cash.

利率的每一次降低都是我們現金產生能力的改善，我們擁有的現金越多，利息負擔越低，我們就越有可能考慮新的投資、額外的收購、成長投資或現金的替代用途。

It certainly makes the PS. environment more positive for us as a company.

它確實可以製作PS。環境對我們公司來說更加積極。

So we have our micro impact.

所以我們有微觀影響。

I can define the macro impact positive, but I don't think, to Todd's point, it's a big swinger.

我可以將宏觀影響定義為正面的，但我不認為，就托德的觀點而言，這是一個很大的搖擺。

Understood.

明白了。

Appreciate the color, guys.

欣賞一下這個顏色，夥計們。

That's all I have.

這就是我所擁有的一切。

Thank you so much.

太感謝了。

Thanks, Amit.

謝謝，阿米特。

Thank you.

謝謝。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Todd Gleason for any closing remarks.

我想將會議轉回托德·格里森（Todd Gleason）發表閉幕詞。

Yes.

是的。

Thank you.

謝謝。

And like to thank everyone for your great questions.

感謝大家提出的好問題。

And of course, the interest in our information today.

當然，還有對我們今天的訊息的興趣。

Also, importantly, thanks to our CICO global teams that continue to deliver incredible value for our customers as we protect people, protect the environment, and protect our customers' investment in their industrial equipment.

此外，重要的是，感謝我們的 CICO 全球團隊，他們在保護人員、保護環境和保護客戶工業設備投資的同時，繼續為我們的客戶提供令人難以置信的價值。

Also, once again, I'd like to welcome the great team at EnviroCare International to team CECO.

另外，我想再次歡迎 EnviroCare International 的優秀團隊加入 CECO 團隊。

Looking forward to getting to know each of you and working with you closely.

期待認識你們每一個人並與你們密切合作。

We're going to continue to be active in the working and being out and available with investors.

我們將繼續積極與投資者合作並與投資者交流。

So we hope to see you as we present and have one-on-one meetings at the Midwest Ideas Conference in Chicago in late August, as well as the Jefferies Industrial and Lake Street Conferences in September.

因此，我們希望在 8 月下旬在芝加哥舉行的中西部創意會議以及 9 月在傑富瑞工業和湖街會議上發表演講並舉行一對一會議時見到您。

We'll be out in other opportunities to meet with investors across the country at various times.

我們將在不同時間利用其他機會與全國各地的投資者會面。

So we hope to see you if we're in your town.

因此，如果我們在您所在的城鎮，我們希望見到您。

If you'd like to meet or please contact your representative at those conferences or reach out to us, and we'd be happy to set up a discussion.

如果您想會面或聯絡您在這些會議上的代表或聯絡我們，我們很樂意安排討論。

With that, I hope you have a great day, a great week and we appreciate, again, your time on the call.

在此，我希望您度過愉快的一天、愉快的一周，我們再次感謝您抽出寶貴的時間接聽電話。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。