CECO Environmental Corp (CECO) 2024 Q3 法說會逐字稿

Good morning, and welcome to the CECO Environmental third-quarter 2024 earnings call.

早安，歡迎參加希柯環境 2024 年第三季財報電話會議。

(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, Liz, and thank you for joining us on the CECO Environmental third-quarter 2024 earnings call.

謝謝 Liz，也謝謝您參加希柯環境 2024 年第三季財報電話會議。

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。

This call is being webcast along with our earnings presentation, which is on our website at cecoenviro.com.

此次電話會議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。

The presentation materials can be accessed through the Investor Relations section of the site.

演示材料可以透過網站的投資者關係部分存取。

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

我還想提醒投資者註意我們的前瞻性陳述。

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中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 September 30, 2024.

我們鼓勵您閱讀截至 2024 年 9 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 are made 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今天發布的任何前瞻性聲明，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've provided the comparable GAAP and non-GAAP numbers in today's press release and provided non-GAAP reconciliations in 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。

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, Steven.

謝謝，史蒂文。

Let's dive into our material, as we have a number of items to cover.

讓我們深入研究我們的材料，因為我們有很多內容要涵蓋。

Please turn to slide number 3, which summarizes today's earnings report.

請參閱第 3 張投影片，其中總結了今天的收益報告。

As the slide highlights, there are four key takeaways from today's report.

正如幻燈片所強調的，今天的報告有四個關鍵要點。

We will spend more time on each of these items throughout our earnings deck.

我們將在收益表中的每一項上花費更多時間。

But to summarize, first, we had softer than expected third quarter revenues and associated income as we could not overcome customer-driven delays and a handful of larger projects.

但總而言之，首先，我們的第三季營收和相關收入低於預期，因為我們無法克服客戶驅動的延誤和少數大型專案。

Although the delays are frustrating, we expect these projects to begin delivering in Q4 and into the first half of 2025.

儘管延誤令人沮喪，但我們預計這些項目將在第四季度開始交付，並持續到 2025 年上半年。

So, we understand the cause on our third quarter shortfall and we are confident we will deliver these delayed results in upcoming quarters.

因此，我們了解第三季虧損的原因，我們有信心在未來幾季交付這些延遲的結果。

Second, while our Q3 earnings fell short, new orders of over $160 million in the quarter were a record for our Q3 and essentially tied our largest quarter ever.

其次，雖然我們第三季的獲利有所下降，但該季度的新訂單超過 1.6 億美元，創下了第三季的記錄，基本上追平了我們有史以來最大的季度。

Our bookings remained balanced across small, medium and large orders, and we booked a very large energy transition project related to a full emission management solution for the gas power industry.

我們的預訂在小、中、大訂單之間保持平衡，並且我們預訂了一個與燃氣發電行業完整排放管理解決方案相關的非常大型的能源轉型項目。

These large energy transition projects have been in our sales pipeline for the entire year.

這些大型能源轉型專案全年都在我們的銷售管道中。

So it was great to see these orders start to convert.

所以很高興看到這些訂單開始轉變。

Additionally, we have similar opportunities in our pipeline, and have already secured another large project this month.

此外，我們的管道中也有類似的機會，並且本月已經獲得了另一個大型項目。

In fact, we expect October to likely be a record month with over $100 million in orders, setting us up for a fantastic finish for the year.

事實上，我們預計 10 月的訂單量可能會創歷史新高，超過 1 億美元，為我們今年的出色收官奠定基礎。

As a result of these record bookings, our backlog reached a new record level of $438 million.

由於這些創紀錄的預訂，我們的積壓訂單達到了 4.38 億美元的新紀錄水平。

This is the first time we eclipsed the $400 million level in company history.

這是我們公司歷史上首次突破 4 億美元的水平。

With our Q4 bookings and the significant pipeline of global opportunities across industrial, air, water and energy, we expect to continue to set new record backlog levels as we progress forward.

憑藉我們第四季度的預訂量以及工業、空氣、水和能源領域的大量全球機會，我們預計隨著我們的進展，積壓訂單水準將繼續創下新紀錄。

Moving to the third item, today, we announced two very exciting transactions as part of our continued programmatic M&A process.

今天，談到第三項，我們宣布了兩項非常令人興奮的交易，作為我們持續的程序化併購流程的一部分。

Each of these transactions will expand our portfolio and unlock new industrial and geographic markets for robust growth.

每項交易都將擴大我們的投資組合，並釋放新的工業和地理市場，以實現強勁成長。

The first transaction is the acquisition of WK Group, which we closed in early October.

第一筆交易是收購 WK Group，我們在 10 月初完成了交易。

WK is an internationally based industrial air business that expands our global reach and leadership position in solving customers' critical exhaust air and waste stream treatment challenges.

WK 是一家國際化的工業空氣企業，致力於擴大我們在解決客戶關鍵廢氣和廢物流處理挑戰方面的全球影響力和領導地位。

The company is headquartered in Germany, and also has a very strong Asia-Pacific presence led out of Singapore.

該公司總部位於德國，在新加坡以外的亞太地區也擁有非常強大的影響力。

For further details on WK, please see slide number 17 in the appendix.

有關 WK 的更多詳細信息，請參閱附錄中的幻燈片 17。

We welcome WK to the CECO organization.

我們歡迎 WK 加入 CECO 組織。

Also, this morning, we announced a transaction to acquire Profire Energy, our largest acquisition in my tenure with CECO, and I look forward to describing the deal and the company over the next few slides.

此外，今天早上，我們宣布了一項收購 Profire Energy 的交易，這是我在 CECO 任職期間最大的一筆收購，我期待在接下來的幾張幻燈片中描述這筆交易和該公司。

And to finish out this slide, we will provide you an updated outlook for 2024 and introducing full year 2025 guidance.

為了完成這張投影片，我們將為您提供 2024 年的最新展望，並介紹 2025 年全年指導。

In summary, while we were never pleased to fall short of expectations, we own it.

總而言之，雖然我們從來不高興低於期望，但我們擁有它。

We continue to execute at a very high level on what we can control, building a robust sales pipeline, booking record orders, growing our record backlog, expanding operating margins, and executing our programmatic M&A in support of our portfolio transformation.

我們繼續在我們可以控制的範圍內以非常高的水平執行，建立強大的銷售管道，預訂創紀錄的訂單，增加創紀錄的積壓，擴大營業利潤，並執行我們的程序性併購以支持我們的投資組合轉型。

These are all key elements of delivering sustained, long-term value creation.

這些都是實現持續、長期價值創造的關鍵要素。

Please turn to slide number 4.

請翻到第 4 張投影片。

As today's press release highlighted, and I have already mentioned, this morning, we announced the transaction to acquire Profire Energy, a NASDAQ listed publicly traded company based in the Salt Lake City area and with operations in Edmonton and various cities in the US.

正如今天的新聞稿所強調的那樣，我已經提到過，今天早上，我們宣布了收購Profire Energy 的交易，Profire Energy 是一家納斯達克上市的上市公司，總部位於鹽湖城地區，在埃德蒙頓和美國多個城市開展業務。

Let me walk through this slide to summarize the strategic alignment and long-term value creation opportunity.

讓我透過這張投影片來總結策略調整和長期價值創造機會。

This transaction is expected to close in early 2025 and the company currently estimates funding net proceeds of approximately $108 million at closing.

該交易預計將於 2025 年初完成，該公司目前估計交易完成時的融資淨收益約為 1.08 億美元。

Pre-synergies, the deal has an estimated value of approximately 9 times EBITDA to enterprise value.

在產生綜效之前，此交易的估計價值約為 EBITDA 與企業價值的 9 倍。

After synergies, the deal is expected to be valued at closer to 7 to 7.5 times EBITDA after the elimination of significant public company cost, deployment of operational best practice initiatives and realization of achievable commercial opportunities.

產生協同效應後，在消除大量上市公司成本、部署營運最佳實踐計畫並實現可實現的商業機會後，預計交易的估值將接近 EBITDA 的 7 至 7.5 倍。

Profire has a strong niche leadership position in combustion management and controls for largely North America customers in predominantly energy markets.

Profire 在燃燒管理和控制方面擁有強大的利基領導地位，主要服務於主要能源市場的北美客戶。

This delivers a financial profile consistent with their leadership position.

這提供了與其領導地位相符的財務狀況。

In the past few years, the Profire team has made very effective investments and strategic shifts in sales channels to further expand their revenues in broader, diversified industrial markets, which currently represents approximately 15% of their sales.

過去幾年，Profire團隊在銷售通路上進行了非常有效的投資和策略轉變，以進一步擴大其在更廣泛、多元化工業市場的收入，目前該市場約佔其銷售額的15%。

With our international resources, we expect to accelerate geographic expansion, and we intend to utilize CECO's leadership positions in various industrial air and water markets to rapidly grow Profire's industrial mix.

憑藉我們的國際資源，我們期望加速地域擴張，並打算利用希柯在各個工業空氣和水市場的領導地位來快速擴大Profire的工業組合。

This business currently operates in a manner very similar to our current platform operating model, which will ease the integration and capture the benefits of the transaction.

該業務目前的運作方式與我們目前的平台營運模式非常相似，這將簡化整合並獲得交易的好處。

As the takeaway on the slide highlights, we are adding talent, a tremendous combustion management knowledge base, a world-class R&D facility, market leadership and a strong financial profile.

正如幻燈片上所強調的那樣，我們正在增加人才、龐大的燃燒管理知識庫、世界一流的研發設施、市場領導地位和強大的財務狀況。

And with our track record of acquiring good growth businesses and investing in their continued success, we anticipate even more growth in Profire for years to come.

憑藉我們收購良好成長業務並對其持續成功進行投資的記錄，我們預計 Profire 在未來幾年將實現更大的成長。

Can't wait to create more value together.

迫不及待地想共同創造更多價值。

Please turn to slide number 5.

請翻到第 5 張投影片。

This is our standard acquisition snapshot slide.

這是我們的標準採集快照幻燈片。

I won't read all the information, but you can see we provide more insights on Profire's products and solutions, as well as their end markets.

我不會閱讀所有信息，但您可以看到我們提供了有關 Profire 產品和解決方案及其終端市場的更多見解。

We also capture some of their key locations and some detail around their resources.

我們還捕獲了他們的一些關鍵位置以及有關其資源的一些細節。

I would highlight that Profire has an impressive installed base that is approaching 100,000 systems, many of which are starting to enter a replacement cycle.

我想強調的是，Profire 擁有令人印象深刻的安裝基礎，接近 100,000 個系統，其中許多系統已開始進入更換週期。

This installed base is a significant opportunity and we look forward to ensuring we maximize the full potential by utilizing their current field services team and adding resources as growth supports.

這個安裝基礎是一個重要的機會，我們期待透過利用他們現有的現場服務團隊並增加資源作為成長支援來確保我們最大限度地發揮全部潛力。

As I said, this transaction is expected to close in early 2025 and our teams will remain focused on delivering for our respective customers.

正如我所說，這筆交易預計將於 2025 年初完成，我們的團隊將繼續專注於為各自的客戶提供服務。

With that, I'll now hand it over to Peter to walk us through additional detail regarding financial performance for the third quarter.

現在，我將把它交給彼得，讓他向我們介紹有關第三季財務業績的更多細節。

Peter?

彼得？

Thank you, Todd.

謝謝你，托德。

Good day, everyone.

大家好。

Thank you for attending our third quarter 2024 earnings call today.

感謝您參加今天我們的 2024 年第三季財報電話會議。

Please turn to slide number 7, where I'll give you a quick rundown of CECO's financial results for the quarter.

請翻到第 7 張投影片，我將在其中簡要介紹希柯本季的財務表現。

Starting with backlog.

從積壓開始。

Todd previously mentioned, we closed the quarter with a record backlog balance of $438 million.

托德之前提到，本季結束時，我們的積壓餘額達到創紀錄的 4.38 億美元。

This is an 11% increase versus prior year and a 12% increase sequentially versus the prior quarter, with all signs pointing towards this number being higher by year end.

與去年相比增長了 11%，與上一季相比增長了 12%，所有跡像都表明這一數字到年底會更高。

Orders in the quarter of $162 million represent a 12% increase versus prior year, up approximately $20 million sequentially.

本季訂單量為 1.62 億美元，比去年同期成長 12%，比上一季增加約 2,000 萬美元。

Timing variability impacted the TTM levels, with orders down 5% on a trailing 12-month basis.

時間變化影響了 TTM 水平，過去 12 個月的訂單量下降了 5%。

I'm pleased to see that the start of the fourth quarter has been the strongest of any quarter since my arrival 2.5 years ago, with orders in the month-to-date period exceeding $100 million.

我很高興地看到，第四季度的開局是我 2.5 年前上任以來最強勁的季度，當月至今的訂單超過 1 億美元。

Revenue in the quarter was $136 million, which was down 9% year-over-year due to two main factors.

該季度營收為 1.36 億美元，年減 9%，主要受兩個因素影響。

Large projects experiencing delays in execution, external to CECO, for which we were instructed by a handful of customers to pause work until Q4 or next year.

希柯外部的大型專案執行延遲，少數客戶指示我們暫停工作，直到第四季或明年。

In the quarter, that comprised approximately 4 to 5 points of our revenue shortfall.

在本季度，這占我們收入缺口的約 4 到 5 個百分點。

And the second factor was delays in bookings on the year-to-date basis that impacted our ability to recognize revenue as progress in the third quarter was limited.

第二個因素是今年迄今的預訂延遲，這影響了我們確認收入的能力，因為第三季的進展有限。

The impact of that factor was 2 to 3 points of the shortfall, with the balance of the 9 points being typical job timing.

此因素的影響是缺口 2 到 3 個百分點，其餘 9 個百分點是典型的工作時間安排。

Well, while this resulted in a third quarter miss, I want to reiterate that this revenue will be made up in subsequent quarters and point out that on a TTM basis, we are still growing at high single-digits.

好吧，雖然這導致了第三季度的業績下滑，但我想重申，這一收入將在隨後的幾個季度中得到彌補，並指出，在TTM 的基礎上，我們仍在以高個位數增長。

In the quarter, we delivered $14.3 million of adjusted EBITDA, a figure down 5% year-over-year on lower volumes.

本季度，我們實現了 1,430 萬美元的調整後 EBITDA，由於銷量下降，這一數字同比下降 5%。

The gross profit margin in the quarter was 33.4%, up 450 basis points versus the same period in 2023, as our material sourcing and productivity initiatives continue to deliver and the benefits of an improving portfolio and business mix are realized.

隨著我們的材料採購和生產力計劃繼續發揮作用，並實現了改善投資組合和業務組合的好處，本季的毛利率為 33.4%，比 2023 年同期增長了 450 個基點。

Adjusted EBITDA margin in the quarter of 10.6% is up 50 basis points and approximately 130 basis points on a TTM basis.

本季調整後的 EBITDA 利潤率為 10.6%，較去年同期成長 50 個基點，以 TTM 計算約成長 130 個基點。

Gross profit and adjusted EBITDA margins continue to be in line with our expectations and reflect the progress we continue to make with our operational excellence activities.

毛利和調整後的 EBITDA 利潤率持續符合我們的預期，並反映了我們在卓越營運活動中不斷取得的進展。

I feel very good about the strategic focus of our teams.

我對我們團隊的策略重點感到非常滿意。

Our teams are executing to manage cost, improve execution, and secure projects with higher underlying margins.

我們的團隊正在努力管理成本、提高執行力並確保具有更高潛在利潤的專案。

Finishing off with the final two items on the page.

完成頁面上的最後兩項。

Adjusted EPS was down $0.08 as a result of lower adjusted EBITDA and in the quarter tax items, which were partially offset by lower interest expense and cash flow, down versus the prior year on a tough comparison driven by working capital timing.

由於調整後 EBITDA 和本季稅收項目的降低，調整後每股收益下降了 0.08 美元，部分被利息費用和現金流下降所抵消，與上年相比，由於營運資金時機的嚴格比較，出現下降。

Now let's turn to Page 8 for a deeper look into gross profit.

現在讓我們翻到第 8 頁，更深入地了解毛利。

On this slide, we present CECO's gross profit performance by quarter on a TTM basis to neutralize for quarterly fluctuations, looking back over two years.

在這張投影片中，我們回顧了兩年多的時間，按季度展示了 CECO 在 TTM 基礎上的毛利表現，以抵消季度波動。

Over that time, we have expanded margins by approximately 500 basis points, with gross profit dollar growth of approximately 23% on a compounded annual basis.

在此期間，我們的利潤率擴大了約 500 個基點，每年複合毛利潤成長率約為 23%。

The trajectory of margin improvement reached an inflection point approximately one year ago in Q3 of 2023.

大約一年前的 2023 年第三季度，利潤率改善軌跡達到了轉折點。

It was in this period when after Todd and I felt we had solidified the organic growth component of our operating model, and we completed the Kemco acquisition.

正是在這個時期，托德和我覺得我們已經鞏固了營運模式的有機成長部分，並完成了對 Kemco 的收購。

We shifted focus towards advancing the operations excellence component of our operating model.

我們將重點轉向推進營運模式中的卓越營運部分。

A result like this doesn't happen by chance.

這樣的結果並非偶然發生。

It is the result of advancing a number of the initiatives in our operations excellence playbook.

這是我們在卓越營運手冊中推動多項措施的結果。

These include portfolio transformation and M&A integration, project execution and economics, material sourcing and logistics efficiencies.

其中包括投資組合轉型和併購整合、專案執行和經濟性、材料採購和物流效率。

This work continues to be a focus of our operating teams, with assistance from corporate specialists in HR, IT, supply chain, and operations excellence.

在人力資源、IT、供應鏈和卓越營運方面的企業專家的協助下，這項工作仍然是我們營運團隊的重點工作。

As you can imagine, none of this was achieved without overcoming some challenging headwinds, including supply chain efficiencies, various sources of inflation and project complexities and delays.

正如您可以想像的那樣，如果不克服一些具有挑戰性的阻力，包括供應鏈效率、各種通貨膨脹來源以及專案複雜性和延誤，這一切都是不可能實現的。

In summary, improving profitability and margins is a journey requiring a balancing of risk and a capturing of opportunities, and we feel that CECO is well positioned with our internal resources and organization to continue to sustain this performance.

總之，提高獲利能力和利潤率是一個需要平衡風險和抓住機會的過程，我們認為希柯憑藉我們的內部資源和組織處於有利地位，可以繼續維持這一業績。

Moving to slide 9 for a quick review of cash flow and liquidity.

前往投影片 9，快速回顧一下現金流和流動性。

Before we start on slide 9 though, I want to remind everyone that on October 15, we announced the details of a significant upsizing to our senior secured revolving credit facility, expanding from approximately $250 million to $400 million of capacity.

不過，在我們開始投影片 9 之前，我想提醒大家，10 月 15 日，我們宣布了大幅擴大優先擔保循環信貸額度的細節，容量從約 2.5 億美元擴大到 4 億美元。

The facility is now all revolver and increases our ability to fund investments in organic and M&A growth, business improvements and upgrades to our capabilities and systems.

該設施現在完全是左輪手槍，提高了我們為有機成長和併購成長、業務改進以及我們的能力和系統升級進行投資的能力。

Additional details on the new credit facility can be found in the October 15 press release and associated 8-K on our website.

有關新信貸安排的更多詳細信息，請參閱 10 月 15 日新聞稿以及我們網站上的相關 8-K。

Turning to slide 9 now.

現在轉到投影片 9。

Slide 9 is a new format when compared to previous earnings.

與先前的財報相比，Slide 9 是一種新格式。

Starting on the left side is a free cash flow walk down from net income on a year-to-date basis.

從左側開始，自由現金流從年初至今的淨利潤開始下降。

As of September 30, we delivered less free cash flow on a year-to-date basis due to working capital timing and higher capital expenses.

截至 9 月 30 日，由於營運資金安排和資本支出增加，我們交付的自由現金流較年初至今有所減少。

Working capital is lower by approximately $7 million, negatively impacted by customer payment timing.

由於客戶付款時間的負面影響，營運資金減少了約 700 萬美元。

This quarter was also a difficult comparison to prior year's record customer payments.

與去年創紀錄的客戶付款相比，本季也很難進行比較。

CapEx investments were up approximately $6 million year-over-year, as we continued our investments in our ERP migration and consolidations, and upgrades to machinery and facilities in select locations to improve output, deliver productivity and deploy lean production techniques.

資本支出投資年增約 600 萬美元，因為我們繼續投資於 ERP 遷移和整合，以及升級選定地點的機械和設施，以提高產量、提高生產力並部署精益生產技術。

On the right side of the slide, we are presenting a more streamlined bridge of the sources and uses driving the change to our net debt position.

在投影片的右側，我們展示了一個更精簡的來源和用途橋樑，推動了我們的淨債務部位的變化。

We ended the third quarter with a gross debt of approximately $129 million and a resulting net debt of approximately $90 million, yielding a leverage ratio of 1.6 times bank EBITDA, up slightly from year-end 2023.

截至第三季末，我們的總債務約為 1.29 億美元，淨債務約為 9,000 萬美元，槓桿率為銀行 EBITDA 的 1.6 倍，較 2023 年底略有上升。

Our available capacity of $97 million at the end of the quarter is a decrease of approximately $20 million from the year ago period, which is attributable solely to our max leverage ratio stepping down from 4 times at year-end to 3.5 times on September 30, a condition built into our previous credit facility.

截至本季末，我們的可用產能為 9,700 萬美元，較去年同期減少約 2,000 萬美元，這完全是由於我們的最大槓桿率從年底的 4 倍降至 9 月 30 日的 3.5 倍。信貸安排中內建的一個條件。

It should be noted that this base capacity when combined with various additional expansion levers built into our new credit facility, ensure that we will have sufficient capacity to close on the Profire acquisition, fund additional investments and meet CECO's working capital needs.

應該指出的是，這項基本能力與我們新信貸安排中內建的各種額外擴張槓桿相結合，確保我們有足夠的能力完成 Profire 收購、為額外投資提供資金並滿足 CECO 的營運資金需求。

And with that, I conclude my summary on CECO's third quarter 2024 results and turn the mic back over to Todd.

至此，我結束了對希柯 2024 年第三季業績的總結，並將麥克風轉回給托德。

Thanks, Peter.

謝謝，彼得。

So let's turn the page and discuss what we are seeing for the remainder of 2024 and as we head into 2025.

因此，讓我們翻過這一頁，討論 2024 年剩餘時間以及進入 2025 年時我們會看到什麼。

Please go to slide number 11.

請轉到第 11 號投影片。

We are updating our full year 2024 outlook, essentially going back to the 2024 guidance initially presented prior to the raised guidance that we provided mid-year.

我們正在更新 2024 年全年展望，基本上回到了我們在年中提供上調指導之前最初提出的 2024 年指導。

We are signaling a higher book-to-bill of 1.2, which is up from 1.05 to 1.1 as our orders are expected to remain very strong.

我們預計訂單出貨比將上升至 1.2，從 1.05 上升至 1.1，因為我們的訂單預計將保持強勁。

However, we are adjusting revenue and EBITDA back to those original outlook levels.

然而，我們正在將收入和 EBITDA 調整回原來的展望水準。

For revenue, we forecast $575 million to $600 million, which is up approximately 10% year-over-year at the midpoint.

對於收入，我們預測為 5.75 億至 6 億美元，中位數年增約 10%。

And for adjusted full year EBITDA, we forecast $65 million to $70 million, up approximately 17% year-over-year at the midpoint.

對於調整後的全年 EBITDA，我們預測為 6,500 萬至 7,000 萬美元，中位數年增約 17%。

Unfortunately, the anticipated upside that influenced our mid-year guidance raise stalled as a result of the customer-driven delays in projects as well as in booking some of our larger orders.

不幸的是，由於客戶驅動的項目延遲以及一些較大訂單的預訂，影響我們年中指導上調的預期上行陷入停滯。

Still, despite the challenges in the operating environment, our full year outlook is one of double-digit sales growth and high-teen EBITDA growth, and our orders are expected to be a full year record, producing record backlogs, which really tees up 2025 very nicely.

儘管如此，儘管經營環境面臨挑戰，我們的全年前景仍然是兩位數的銷售增長和高青少年EBITDA 增長，並且我們的訂單預計將創全年紀錄，產生創紀錄的積壓訂單，這確實為2025年做好了準備非常好。

Speaking of 2025, let's discuss how we plan to deliver robust growth for next year.

說到 2025 年，讓我們討論一下我們計劃如何實現明年的強勁成長。

Please go to slide number 12.

請轉到第 12 張投影片。

One of the best indicators for growth is a large and growing backlog.

成長的最佳指標之一是大量且不斷增長的積壓。

As we have said, we exited Q3 with record backlog levels of $438 million and with our outstanding Q4 orders to date bookings, excuse me.

正如我們所說，第三季我們的積壓訂單達到創紀錄的 4.38 億美元，第四季的訂單迄今尚未完成，請原諒。

We expect to see a higher backlog heading into 2025.

我們預計到 2025 年積壓訂​​單將會增加。

The large energy transition gas power jobs are starting to be realized with more opportunities that are each valued at or above $50 million, likely closing in either late Q4 or 2025.

大型能源轉型燃氣發電工作開始實現，帶來更多價值 5,000 萬美元或以上的機會，可能在第四季末或 2025 年結束。

In addition to these exciting gas power projects, we have a robust pipeline, which includes data center, industrial water, industrial air and infrastructure.

除了這些令人興奮的天然氣發電項目外，我們還擁有強大的管道，其中包括資料中心、工業水、工業空氣和基礎設施。

These order pursuits are well balanced between small, medium and large opportunities.

這些訂單追求在小型、中型和大型機會之間得到了很好的平衡。

On the margin side, as Peter noted earlier, we have demonstrated our ability to expand margins in a consistent manner, and we are confident that our operating excellence programs will continue to deliver great results.

在利潤方面，正如彼得之前指出的，我們已經證明了我們以一致的方式擴大利潤的能力，並且我們相信我們的卓越營運計劃將繼續取得良好的成果。

That productivity, coupled with higher volumes, should enable meaningful EBITDA margin expansion.

這種生產力，加上銷售量的增加，應該能夠實現 EBITDA 利潤率的有意義的擴張。

Our programmatic M&A remains an important aspect of our transformational journey and a boost to financial results.

我們的計劃性併購仍然是我們轉型之旅的一個重要方面，也是提升財務表現的一個重要方面。

With today's announcement, we have added a second business to our industrial air portfolio in WK, and we will add Profire and their strong margin profile to our rapidly strengthening portfolio of leading industrial environmental solutions businesses.

透過今天的公告，我們在 WK 的工業空氣產品組合中增加了第二項業務，並且我們將把 Profire 及其強勁的利潤狀況添加到我們快速增強的領先工業環境解決方案業務組合中。

Moving to slide 13.

轉到投影片 13。

Just a very quick exclamation point on the record backlog, which provides visibility towards future growth.

只是記錄積壓的一個非常快速的感嘆號，這提供了對未來成長的可見性。

As the slide shows, we have steadily increased our backlog from a little over $200 million a few years ago to now over $430 million at the end of Q3, and we anticipate adding to this backlog throughout the remainder of the year, a backlog that rarely experiences debookings or cancellations.

正如幻燈片所示，我們的積壓訂單已從幾年前的2 億多美元穩步增加到第三季末的4.3 億美元以上，並且我們預計在今年剩餘時間內，積壓訂單數量將繼續增加，而積壓訂單數量很少會增加。

So, now that we have covered the keys to growth and our backlog position, let's review our outlook for 2025.

因此，現在我們已經介紹了成長的關鍵因素和我們的積壓情況，讓我們回顧一下 2025 年的展望。

Please turn to slide 14.

請翻到投影片 14。

Let me start on the top half of the page with revenues.

讓我從頁面上半部的收入開始。

We are introducing a range of $700 million to $750 million for full year 2025, a 25% year-over-year increase at the midpoint.

我們為 2025 年全年推出了 7 億至 7.5 億美元的資金範圍，中間值年增 25%。

Top line growth is essentially split between organic and inorganic.

營收成長基本上分為有機成長和無機成長。

The organic growth comprises revenues that we expect to push out from 2024 as well as higher organic growth given our large bookings.

有機成長包括我們預計從 2024 年開始實現的收入以及考慮到我們的大量預訂而帶來的更高的有機成長。

The inorganic growth comes from the acquisition of: EnviroCare in July; WK, which we just closed earlier this month; and a full year of Profire sales, assuming that transaction closes at the beginning of the year.

無機成長來自於 7 月收購的 EnviroCare； WK，我們本月初剛關閉；以及全年的 Profire 銷售額（假設交易在年初結束）。

On the lower half, we are introducing an adjusted EBITDA range for full year 2025 of between $90 million to $100 million, representing a 40% increase year-over-year, which is equally balanced between organic and the full year benefit of the three acquisitions.

在下半部分，我們將介紹 2025 年全年調整後 EBITDA 範圍在 9,000 萬美元至 1 億美元之間，年增 40%，這在三項收購的有機效益和全年效益之間達到平衡。

This guidance also reflects another solid year of margin expansion, delivering 13% to 14% adjusted EBITDA margins at the midpoint, an expansion of more than 150 basis points year-over-year.

這項指引也反映了利潤率又一個穩健擴張的一年，調整後的 EBITDA 利潤率中點達到 13% 至 14%，較去年同期成長超過 150 個基點。

Now, we all know that stuff happens, and we don't have a crystal ball.

現在，我們都知道事情會發生，但我們沒有水晶球。

But what we do have as we start to close out 2024 and align our teams for 2025 is a good amount of visibility with respect to our backlog, great visibility to the upside from M&A and strong orders momentum and a growing sales pipeline.

但當我們開始結束2024 年並為2025 年調整我們的團隊時，我們所擁有的是對我們的積壓訂單的良好可見性、對併購上行空間的良好可見性、強勁的訂單勢頭和不斷增長的銷售渠道。

Those items, coupled with the progress we continue to make with margin expansion, is very encouraging.

這些項目，加上我們在利潤率擴張方面不斷取得的進展，非常令人鼓舞。

We look forward to wrapping up a solid 2024 and driving even better performance in 2025.

我們期待圓滿結束 2024 年，並在 2025 年取得更好的業績。

Let's turn to slide 15 for some concluding remarks.

讓我們轉向投影片 15 來了解一些結論。

In summary, we are disappointed to have missed expectations in the third quarter, but we remain confident in our overall trajectory and our outlook.

總而言之，我們對第三季未達預期感到失望，但我們對整體軌跡和前景仍然充滿信心。

We have a great backlog.

我們有大量積壓訂單。

We have strong bookings and a growing sales pipeline.

我們擁有強勁的預訂量和不斷成長的銷售管道。

We remain confident our programmatic M&A will continue to add sustainable value creation, and we are excited to welcome these businesses to our leading portfolio.

我們仍然相信，我們的程序性併購將繼續增加可持續的價值創造，我們很高興歡迎這些企業加入我們的領先投資組合。

Finally, as always, I want to thank team CECO for delivering for our customers and navigating complicated and challenging markets.

最後，一如既往，我要感謝 CECO 團隊為我們的客戶提供服務並在複雜且充滿挑戰的市場中航行。

You inspire all of us every day.

你每天都激勵著我們所有人。

And with that, we'll now open up the call for questions.

現在，我們將開始提問。

Operator?

操作員？

(Operator Instructions) Rob Brown, Lake Street Capital Markets.

（操作員說明）Rob Brown，Lake Street Capital Markets。

First question is on the order environment.

第一個問題是關於訂單環境。

I think you talked about one large power plant project that has been booked, as of September and then a couple more in October.

我想您談到了截至 9 月已預訂的一個大型發電廠項目，以及 10 月的另外幾個項目。

Could you just clarify kind of the opportunity set in those large projects and what you've booked and I guess, what is still outstanding, or potential?

您能否澄清一下這些大型項目中設置的機會以及您已經預訂的內容，我猜，哪些內容仍然懸而未決或有潛力？

Yes.

是的。

Yes, I'll start and then Peter can add to it.

是的，我先開始，然後彼得可以補充。

We'll try to keep it short because there's a ton of material here in this area, and we've been highlighting it all year.

我們會盡量簡短，因為這個領域有大量的材料，而且我們一整年都在強調它。

So, look, there's obviously been a much discussed need for additional power.

所以，看，顯然人們對額外電力的需求進行了很多討論。

There's also an ongoing conversion in the energy ndustry and energy space, converting coal to natural gas-fired power plants, adding more scale with respect to solar and wind, et cetera, backup power for those applications as well as more power for data centers as well as on-site backup power for data centers.

能源產業和能源領域也在不斷轉型，將煤炭轉變為天然氣發電廠，增加太陽能和風能等的規模，為這些應用提供備用電源，並為資料中心提供更多電力以及資料中心的現場備用電源。

All areas where we have been articulating are real, are providing us and a lot of folks in the industry with a lot of opportunities.

我們所闡述的所有領域都是真實的，為我們和業內的許多人提供了許多機會。

And we had initially anticipated that those bookings would come earlier in the year, and they're starting now.

我們最初預計這些預訂會在今年早些時候進行，現在就開始了。

So, the project that we booked at the end of the fourth quarter is a natural gas-fired power plant.

所以，我們在第四季末預訂的項目是一個天然氣發電廠。

The projects that we booked in October are similar.

我們10月預訂的項目也類似。

Each of them, we believe represent the leading position that we have to solve critical emissions applications for power generation at very complex full systems.

我們相信，它們中的每一個都代表了我們必須解決非常複雜的完整系統中發電的關鍵排放應用的領先地位。

So these projects are anywhere between $25 million to greater than $50 million.

因此，這些項目的金額在 2500 萬美元到超過 5000 萬美元之間。

We think that the levy is sort of opened now for things to start moving in a more efficient manner.

我們認為現在徵稅已經開始，以便事情開始以更有效的方式進行。

These jobs have been started to being permitted and approved.

這些工作已開始獲得許可和批准。

Companies are being notifying suppliers and support partners like us.

公司正在通知像我們這樣的供應商和支援合作夥伴。

And while we had anticipated that maybe one or more of these would have booked in our favor in the first half of the year, we're pleased to see that those are now starting to open up in the fourth quarter and at the end of the third quarter, obviously.

雖然我們預計其中一個或多個項目可能會在今年上半年以我們的方式預訂，但我們很高興看到這些項目現在開始在第四季度和年底開放。

Rob, from a number standpoint and the dynamics Todd just described, yield a pipeline between 15 and 20 active opportunities in total.

從數字的角度來看，Rob 和托德剛剛描述的動態，總共產生了 15 到 20 個活躍機會。

The total realized value could be as high as $450 million over the next 8 quarters.

未來 8 季的總實現價值可能高達 4.5 億美元。

Now some of that will move in and out based on availability of equipment permitting and our ability to succeed in capturing that business, but that's the gross opportunity in the U.S. We haven't begun to detail the Middle East and their requirements, and India and their requirements, but we estimate them as equally large.

現在，其中一些將根據設備允許的情況以及我們成功獲得該業務的能力而進出，但這是美國的總體機會。它們同樣大。

Okay.

好的。

Great.

偉大的。

And then on Profire, a good acquisition.

然後是 Profire，這是一次很好的收購。

What's sort of your view on synergies?

您對綜效有何看法？

I think you gave numbers that were more public company cost synergies.

我認為你給的數字更多的是上市公司的成本綜效。

But could you describe the sales or revenue synergies that you think you can get there?

但您能否描述一下您認為可以實現的銷售或收入綜效？

Yes.

是的。

So today, the business is essentially a North American business with 80% to 85% of its revenue in its core traditional markets, which you know well.

所以今天，該業務本質上是一家北美業務，其 80% 至 85% 的收入來自其核心傳統市場，這一點大家都很清楚。

We anticipate through -- bringing the business into our Middle East and Southeast Asian energy channels, substantial upside.

我們預計，透過將業務引入我們的中東和東南亞能源管道，將帶來巨大的成長。

The markets are as large, if not larger, than the U.S. production markets and transport markets.

這些市場與美國生產市場和運輸市場一樣大，甚至更大。

And on the industrial side, as they've begun to scratch the service of new applications, we think that is a substantial opportunity, Rob, probably, and they have potential to take the mix of industrial to core or traditional business to 40% of overall sales.

在工業方面，隨著他們開始涉足新應用程式的服務，我們認為這可能是一個巨大的機會，Rob，他們有潛力將工業與核心或傳統業務的組合提高到 40%。

We have known the Profire business and admired their success for a while and had even sort of certainly evaluated opportunities to look at business development programs where their leading solutions around combustion management could potentially work with ours in a variety of ways.

我們了解Profire 業務並欽佩他們的成功已經有一段時間了，甚至對了解業務發展計劃的機會進行了一定的評估，他們圍繞燃燒管理的領先解決方案可能會以多種方式與我們的解決方案合作。

It sort of helped lead to a development of a good relationship with the organization, and in a sense helped to introduce this topic to both of us, which makes a lot of sense, not just from the synergies perspective.

這在某種程度上有助於與組織建立良好的關係，並且在某種意義上有助於向我們雙方介紹這個主題，這很有意義，而不僅僅是從協同效應的角度來看。

But again, we have a lot of experience and comfort in acquiring growth companies and helping to unlock that growth even further.

但同樣，我們在收購成長型公司並幫助進一步釋放成長方面擁有豐富的經驗和信心。

So there are synergies that are certainly associated with both companies being public, and that's an obvious opportunity for us to capture as well as now synergies that we've already put in place with the infrastructure in the industrial markets, the infrastructure in international markets, and we can really accelerate a partnership here to figure -- to bring their products more quickly through our channels.

因此，兩家公司上市肯定會產生協同效應，這對我們來說是一個明顯的機會，我們現在已經與工業市場的基礎設施、國際市場的基礎設施建立了協同效應，我們可以真正加速這裡的合作夥伴關係－透過我們的管道更快推出他們的產品。

Aaron Spychalla, Craig-Hallum.

亞倫·斯皮查拉，克雷格·哈勒姆。

Maybe first for me, can you just talk a little bit about the confidence in the customer delays closing in kind of fourth quarter and the first quarter?

也許首先對我來說，您能談談對第四季和第一季客戶延遲關閉的信心嗎？

And then just looking at the 2025 guidance, a little wider ranges than typical.

然後看看 2025 年的指導，範圍比典型範圍要寬一些。

Can you just talk a little bit about the puts and takes on that and just maybe how you're thinking about kind of that order to delivery timeline in the guide?

您能否簡單談談對此的投入和承擔，以及您如何考慮指南中的訂單到交付時間表？

Yes.

是的。

Well, it's a good question, Aaron, and it's fair.

嗯，這是一個好問題，亞倫，而且很公平。

And I certainly would recognize, as we all do, that this has been a bit of a repetitive theme that things have been a little slow to execute on larger projects that are in our backlog throughout the year.

我當然會認識到，就像我們所有人一樣，這是一個有點重複的主題，即我們全年積壓的大型專案的執行速度有點慢。

And again, we have had a decent size, as our slides and as our material has highlighted, somewhere between $15 million to $30 million worth of project delays.

再說一次，正如我們的幻燈片和材料所強調的那樣，我們的專案延遲規模相當大，價值在 1500 萬美元到 3000 萬美元之間。

Now, those projects are starting, and that's good.

現在，這些項目正在啟動，這很好。

How fast can we start to work with the customer to execute and do various areas of delivery?

我們能夠多快開始與客戶合作執行和完成各領域的交付？

The way we recognize our revenues and projects on a percent of complete basis, which is standard, will dictate how fast we can turn what is in our backlog into our P&L, into our revenue and income.

我們以完整百分比確認收入和項目的方式（這是標準的）將決定我們將積壓訂單轉化為損益表、收入和收入的速度。

So, certainly, we would like to see as much as possible in the fourth quarter, which would take some out of next year and -- but if it doesn't happen in the fourth quarter, then we have a little bit more rolling into next year.

因此，當然，我們希望在第四季度看到盡可能多的情況，這將需要明年的一些時間，但如果第四季度沒有發生這種情況，那麼我們就會有更多的投資明年。

So in a sense, Aaron, that answers your question, like, where we sit today, giving guidance in late October for next year, we see there could be a slightly larger range just based on the visibility that we have in our backlog.

因此，從某種意義上說，亞倫，這回答了你的問題，就像我們今天坐在哪裡，在明年10 月下旬給出指導，我們看到，根據我們積壓的可見性，可能會有稍大的範圍。

And so, that's essentially why we have a little bit of a wider range.

因此，這就是我們擁有更廣泛範圍的根本原因。

It's either going to be a little bit more in the fourth quarter, which is great, and that's incorporated in the range, or it's going to be a little bit that moves out of the fourth quarter and into the next year, which is incorporated in both ranges.

它要么會在第四季度增加一點，這很好，並且已納入範圍內，要么會從第四季度移出並進入明年，這已納入範圍內兩個範圍。

All right.

好的。

That makes sense.

這是有道理的。

Thanks for the color there.

感謝那裡的顏色。

And then just second, with kind of the pipeline continuing to grow and looking at this guidance and the opportunities you kind of laid out, can you just talk about how you feel about capacity today and some of the areas of investment that you see for the busines to capitalize on that growth?

其次，隨著通路的不斷增長，看看這個指導和你所提出的機會，你能談談你對今天的產能的看法以及你認為的一些投資領域嗎？

Yes.

是的。

Again, a good question with respect to capacity and our ability to manage, execute, capture the growth.

這又是一個關於能力以及我們管理、執行和捕捉成長的能力的好問題。

I will say it's an area of operational execution that we believe we're very good at, but it also sort of is reflected a little bit in our third quarter earnings miss, let me explain.

我想說，這是我們認為我們非常擅長的營運執行領域，但它也在我們第三季獲利的失誤中有所反映，讓我解釋一下。

As we have record bookings in the third quarter, if we were a different company that might have a majority short-cycle sales, those bookings are sales, right?

由於我們在第三季的預訂量創歷史新高，如果我們是另一家可能擁有大部分短週期銷售的公司，那麼這些預訂就是銷售，對吧？

And we would probably start to ship and move quickly to recognize those sales.

我們可能會開始發貨並迅速採取行動以確認這些銷售。

As they are, they are projects.

事實上，它們都是項目。

And so, they go into our backlog, and we are preparing to execute on those projects.

因此，它們進入了我們的積壓工作，我們正準備執行這些項目。

The combination of our backlog that has been delayed as well as the new bookings that now are in backlog, we want to have a rightsized organization to execute on what's in front of us.

考慮到我們已經推遲的積壓訂單以及現在積壓的新預訂，我們希望有一個合理的組織來執行我們面前的任務。

And so, the trick is, of course, not adding too much G&A or too much costs ahead of bookings or ahead of the need for those resources to execute.

因此，訣竅當然是不要在預訂之前或在需要執行這些資源之前添加太多的一般管理費用或太多的成本。

But the other trick is we can't just willy-nilly remove costs in a tough quarter and then have to go back a quarter or 2 down the road and add it all back, getting qualified technicians, engineers, project managers, field service technicians.

但另一個技巧是，我們不能在艱難的季度隨意削減成本，然後必須倒退一兩個季度，將其全部加回來，聘請合格的技術人員、工程師、專案經理、現場服務技術人員。

It is tricky.

這很棘手。

So, the third quarter represents both, some of the best of CECO, and with respect to our great bookings, it also represents a little of the challenges we have when we have project delays because we need these resources to ensure exactly the question you're asking, that we have the capacity, we have the capability to go execute.

因此，第三季度代表了 CECO 的一些最佳表現，就我們的出色預訂而言，它也代表了我們在專案延遲時面臨的一些挑戰，因為我們需要這些資源來確保準確滿足您的問題。要求，我們有能力，我們有能力去執行。

So when timing works in our favor, then we have tremendous leverage on that model.

因此，當時機對我們有利時，我們就對該模型擁有巨大的影響力。

When timing works against us a little bit, we just have to be patient.

當時機對我們不利時，我們只需要有耐心。

And Aaron, in the supply chain, we're constantly monitoring our suppliers, our fabrication partners' abilities to flex.

亞倫，在供應鏈中，我們不斷監控我們的供應商、我們的製造夥伴的彈性能力。

And where we feel there may be challenges, we have a conscious effort to add new -- add and qualify new fabrication sources.

在我們認為可能存在挑戰的地方，我們有意識地努力添加新的——添加並限定新的製造來源。

That effort is ongoing in Korea, in Vietnam, it's ongoing in India for -- part of our strategy is to make us close to where we sell.

這項努力正在韓國、越南、印度持續進行——我們策略的一部分是讓我們更接近我們的銷售地點。

We're working with additional fabrication partners in Canada and in the United States to address the Buy America provisions of many of our customers as they're receiving dollars from either U.S. government or other government-related subsidies.

我們正在與加拿大和美國的其他製造合作夥伴合作，以解決我們許多客戶的「購買美國貨」條款，因為他們從美國政府或其他政府相關補貼中獲得資金。

And we think we're ahead of that.

我們認為我們已經領先了。

We think we're in a very good position there relative to supply chain and supplier availability.

我們認為，相對於供應鏈和供應商可用性，我們處於非常有利的位置。

Gerry Sweeney, ROTH Capital.

格里·斯威​​尼，羅斯資本。

Just want to dig a little further on the energy side.

只是想在能源方面進一步挖掘一點。

So, I think you mentioned, Peter, 15 to 20 opportunities, $450 million over 8 quarters.

所以，Peter，我想你提到了 15 到 20 個機會，8 個季度 4.5 億美元。

I'm assuming that's maybe bookings potentially over 8 quarters on those 15 to 20 opportunities?

我假設這 15 到 20 個機會的預訂量可能超過 8 個季度？

That's booking.

那就是預訂。

Yes, that's right.

是的，沒錯。

That's booking -- Yes, and with jobs delivering out through the end of the decade.

這就是預訂——是的，而且工作崗位將在本世紀末交付。

These jobs take 3 to 5 years from inception to completion.

這些工作從開始到完成需要3到5年的時間。

And you may have recently seen the GE Vernova pronouncements of these constraints they're seeing in the supply chains that feed them.

您最近可能已經看到 GE Vernova 對他們在供應鏈中看到的這些限制的聲明。

Got you.

明白你了。

And you mentioned

還有你提到的

--

--

So, it's all about getting turbines into the field.

因此，一切都是為了將渦輪機投入現場。

Yes.

是的。

I'm going to touch back on that in a second, but I think you mentioned 15 to 20 opportunities.

我稍後會再次討論這一點，但我認為您提到了 15 到 20 個機會。

And my word is not your words, but I thought you said maybe last quarter or earlier this year you were looking at like 12-ish different opportunities.

我的話不是你的話，但我認為你可能在上個季度或今年早些時候說過，你正在尋找大約 12 個不同的機會。

So, I guess the question here is.

所以，我想這裡的問題是。

Yes.

是的。

Are we seeing expansion in opportunities?

我們是否看到機會擴大？

Yes, we are.

是的，我們是。

And those I'm referring to qualified opportunities.

我指的是合格的機會。

There's way more on paper than are going through permitting and execution.

紙面上的內容比獲得許可和執行的內容多得多。

Yes.

是的。

So our teams are working on a pipeline that's greater than the qualified number.

因此，我們的團隊正在開發比合格數量更多的管道。

Got it.

知道了。

And that $450 million, roughly, what's the win rate of those 15 to 20 to get to that $450 million?

粗略地說，這 4.5 億美元，這 15 到 20 個人獲得這 4.5 億美元的勝率是多少？

That's the total pipeline.

這就是總的管道。

Our historical win rate would put us estimating a lower number.

我們的歷史勝率將使我們估計的數字更低。

But there's two competitors.

但有兩個競爭對手。

So, I'll let you estimate it.

那我就讓你估計一下吧。

Okay.

好的。

Okay.

好的。

Got it.

知道了。

That makes sense.

這是有道理的。

Okay, then, super helpful.

好吧，那麼，超級有幫助。

Then switching over to the Profire.

然後切換到 Profire。

I was wondering if we could go and dig in just for a minute or 2, a little bit more about their model, right?

我想知道我們是否可以深入研究一兩分鐘，並更多地了解他們的模型，對嗎？

So, I was curious as to how much of this is sort of I was paging through I mean, read the press release, I jumped on the website, et cetera, and I know the company a little bit, but it's been some time.

所以，我很好奇我翻閱了多少內容，我的意思是，閱讀新聞稿，我跳上網站等等，我對這家公司有一點了解，但已經有一段時間了。

But how much of it is sort of recurring revenue versus product sales?

但其中有多少是經常性收入與產品銷售相比？

Yes.

是的。

So if you look at the business today, call it, recurring revenue is defined by replacing themselves, supplying spare parts and service is about 20%, 25%.

因此，如果你看看今天的業務，經常性收入是透過更換自己、提供備件和服務來定義的，約佔 20%、25%。

Their service teams in the field do a lot of commissioning and start-up as well as customer diagnostic.

他們的現場服務團隊進行了大量的調試和啟動以及客戶診斷。

They're not necessarily a repair service organization.

他們不一定是維修服務組織。

They will be critical to this pending replacement and upgrade cycle.

它們對於這個即將進行的更換和升級週期至關重要。

Got it.

知道了。

And then

進而

--

--

Which we think is just now hitting which we think is now accelerating and it being the appropriate time for that replacement.

我們認為現在正在加速，現在是更換的合適時機。

Yes.

是的。

Got it.

知道了。

And then, what's the typical unit sell for if you're going to replace it?

那麼，如果您要更換它，典型的單位售價是多少？

You don't have to go into that much if you don't want to at this point.

如果您現在不想，則不必考慮那麼多。

So if its possible

所以如果可能的話

--.

--.

Gerry, that's something I would misquote at this time.

格里，這是我現在會錯誤引用的內容。

So we'll take a look and get back to you with that.

所以我們會看一下並回覆您。

Let's scratch that from the record.

讓我們從記錄中刪除這一點。

Well, compared to our standard CECO sale, if you want these are well-priced products for the market, but certainly much smaller than the average price tag for what we would have.

好吧，與我們的標準 CECO 銷售相比，如果您想要這些產品，這些產品在市場上價格合理，但肯定比我們的平均價格標籤小得多。

So, these are in the yes.

所以，這些都是肯定的。

These are not project sales.

這些不是項目銷售。

These are low thousands of dollars per unit, mostly.

大多數情況下，每單位價格為數千美元。

We can scratch that question.

我們可以解決這個問題。

I apologize.

我道歉。

So it just popped in my head when it came up.

所以當它出現時，它就突然出現在我的腦海中。

So, I understand.

所以，我明白了。

And then, maybe one more question on Profire.

然後，也許還有一個關於 Profire 的問題。

Obviously, they have a good U.S., North America base, and you sort of touched on it, I think, in your remarks.

顯然，他們在美國、北美擁有良好的基礎，我想，你在演講中也提到了這一點。

But when you look at your investment base or your customer base outside the U.S., or even inside the U.S. to some degree, how much opportunity is there with existing clients to maybe cross-sell, sell into that base?

但是，當您審視美國境外甚至美國境內的投資基礎或客戶群時，現有客戶有多少機會進行交叉銷售、向該基礎銷售？

Well, it's not about a cross-sell, Gerry.

嗯，這不是交叉銷售，格里。

It's about taking this model that works so well in the U.S. and midstream and downstream producers and migrating it to other markets that behave similarly, that use the same equipment for which Profire is yet to be able to tap.

關鍵在於採用這種在美國以及中游和下游生產商中運作良好的模式，並將其遷移到表現類似的其他市場，這些市場使用 Profire 尚未能夠利用的相同設備。

So, if you look at all of the infrastructure that's required to treat, move and use oil and gas in the Middle East, in Southeast Asia and to some extent in Africa, they don't have a footprint.

因此，如果你看看中東、東南亞以及某種程度上非洲處理、運輸和使用石油和天然氣所需的所有基礎設施，你會發現它們沒有留下足跡。

We have a very sizable footprint.

我們的足跡非常大。

Sure.

當然。

So, it's leveraging our existing infrastructure commercially and existing customer relationships in those regions and bringing them to market to our teams.

因此，它利用我們現有的商業基礎設施和這些地區現有的客戶關係，並將其推向市場給我們的團隊。

So that's lever one.

這就是槓桿一。

Lever two is introducing the organization of Profire and their business development specialists to industrial customers that we work with, that have a need for this technology, and then to some degree, stepping out of the way.

第二個槓桿是將Profire的組織及其業務開發專家介紹給我們合作的、需要這項技術的工業客戶，然後在某種程度上，讓開。

It's making the introduction.

正在做介紹。

It's connecting the right people in the organizations and then letting them do what they do well, which is sell their applications as a leading provider of the tech.

它連接組織中合適的人員，然後讓他們做他們擅長的事情，即作為領先的技術提供者銷售他們的應用程式。

And I suspect they were not in Middle East, North Africa because capital constraints.

我懷疑他們不在中東、北非，因為資金限制。

97% of those.

其中97%。

Huge traffic.

流量巨大。

97%, hat's great.

97%，帽子很棒。

Gerry, 97% of the sales in the U.S. and Canada.

Gerry，97%的銷售額在美國和加拿大。

We also have with our global footprint, we have locations to distribute product and provide service team basing.

我們也擁有全球足跡，擁有分銷產品和提供服務團隊的地點。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

So you touched on this in terms of the impact of some of these delays.

因此，您談到了其中一些延誤的影響。

I guess, one of the questions I have is, there's a component of this that is normal course of business type delays that you guys have experienced, I assume.

我想，我的問題之一是，其中有一個組成部分是你們經歷過的正常業務類型延遲過程，我想。

But I'm also wondering how much of this is a function of just these larger deals that you've alluded to?

但我也想知道其中有多少是您提到的這些較大交易的函數？

And just as we think about the impact and appreciate the outlook for '25, does some of that impact the early part of 2025?

正如我們思考其影響並展望 25 年的前景一樣，其中是否會影響 2025 年初？

Yes.

是的。

It certainly could impact the early part of 2025.

這肯定會影響 2025 年初。

Like you can imagine, we're working through our plans and how the quarterly linearity looks like as we go into 2025.

正如您可以想像的那樣，我們正在研究我們的計劃以及進入 2025 年時的季度線性情況。

So, we'd be happy to kind of work through sort of a view of that as we go through the year here, Jim and all.

因此，吉姆和所有人，我們很樂意在這一年中透過某種觀點來開展工作。

So, a couple of things.

所以，有幾件事。

Yes, there are always delays.

是的，總是有延誤。

That said, I might submit that 1 year ago and before in the last 1.5 years or so, as we were coming out of COVID and the supply chain issues that had been negatively impacting a lot of companies, as we emerge from that, projects were actually booking faster and moving faster.

也就是說，我可能會說，一年前以及過去1.5 年左右的時間裡，當我們擺脫新冠疫情和供應鏈問題時，這些問題對許多公司產生了負面影響，當我們擺脫這些問題時，項目是實際上預訂速度更快，行動也更快。

And maybe it was a bit of a relief factor from, oh, we can actually get caught up here.

也許這讓我們鬆了一口氣，哦，我們實際上可以被困在這裡。

We're seeing a little of the opposite now on, what I'll kind of call meaningfully sized jobs.

我們現在看到了一些相反的情況，我稱之為有意義的規模工作。

Either there is delays in multiple factors associated still with supply chain or availability of people resources, which is one of the areas we've heard.

要么是與供應鏈或人力資源可用性相關的多個因素存在延遲，這是我們聽到的領域之一。

We also understand that some projects are sort of waiting for certain known factors to become completed, whether it's the presidential election or where are interest rates going.

我們也了解到，有些項目正在等待某些已知因素完成，無論是總統選舉還是利率走勢。

So look, I think sometimes you have an economic or an industrial environment where there is one factor.

所以看，我認為有時你的經濟或工業環境中存在著一個因素。

And you know that there's one factor that is either influencing an acceleration or a deceleration of activity.

您知道有一個因素會影響活動的加速或減速。

In this case, I think what we're seeing is a multitude of smaller factors that in some projects have a higher weight for one of those, like resource availability.

在這種情況下，我認為我們看到的是許多較小的因素，在某些專案中，其中一個因素的權重較高，例如資源可用性。

On another project, there's a higher weighted factor associated with, well, we're going to wait until after the election.

在另一個項目中，有一個更高的權重因素，我們將等到選舉之後。

And on yet another project, it could be a little bit of a delay associated with interest rates and funding or permitting or government monies that need to go through a much longer, slower process to be allocated and distributed.

在另一個項目中，可能會出現一些與利率和資金或許可或政府資金相關的延遲，這些資金需要經過更長、更慢的過程才能分配和分配。

So that is what we know.

這就是我們所知道的。

And look, these things are outside of our control and at times outside of our customers' control.

看，這些事情超出了我們的控制範圍，有時也超出了我們的客戶的控制範圍。

In no scenario are we seeing debookings.

在任何情況下我們都不會看到取消預訂的情況。

In fact, we received a unanimous vote of confidence from our customers that these projects are going to happen.

事實上，我們收到了客戶一致的信任票，認為這些項目將會實現。

We're going to start later in the year or we're going to start next year.

我們將在今年晚些時候或明年開始。

And so, there's very little we can do to do pre-work until they give us the approvals of our engineering designs and similar.

因此，在他們批准我們的工程設計和類似設計之前，我們幾乎無能為力做前工作。

So here, we wait a little bit, and it's been frustrating a little all year because we have certain 2 or 3 jobs that, had they just moved forward at the beginning of the third quarter, we wouldn't have had a gap.

所以在這裡，我們等了一會兒，這一整年都有點令人沮喪，因為我們有某些2 或3 個工作崗位，如果他們在第三季度初就向前推進，我們就不會有差距了。

Just 2 or 3 jobs, have enough revenue that we're talking $10 million to more $15 million, $20 million, could have actually executed in the third quarter with deliveries, et cetera.

只要 2 到 3 個工作崗位，就有足夠的收入，我們所說的 1000 萬美元到 1500 萬美元、2000 萬美元，實際上可以在第三季度通過交付等來執行。

So look, we're certainly never going to be negative on a customer.

所以看，我們當然永遠不會對客戶持負面態度。

We understand that they're working through a number of factors that are in and outside of their control.

我們知道他們正在努力解決許多他們無法控制的因素。

But it's a complicated environment, and we're patient, and we look forward to execute.

但這是一個複雜的環境，我們有耐心，我們期待執行。

These jobs don't go away.

這些工作不會消失。

They just move to the right.

他們只是向右移動。

Jim, I'll highlight one that's extraordinary, to make Todd's point.

吉姆，我將強調一個非凡的地方，以闡明托德的觀點。

We have a customer in the Middle East that we work with very frequently, the two very nice projects where we were selected and competitively succeeded against one of the largest water services supply company in the world.

我們在中東有一個客戶，我們經常與之合作，這兩個非常好的項目使我們被選中，並在與世界上最大的供水服務供應公司之一的競爭中取得了成功。

And we were sitting down to finalize contracts when they came to us and said, we're still working through our financing on this project.

當我們坐下來敲定合約時，他們來找我們說，我們仍在為這個專案進行融資。

We're unable to, at this point, underwrite with bonding this job.

目前我們無法透過擔保來承保這項工作。

We need to be patient.

我們需要保持耐心。

Are you going to hang in there with us?

你要和我們一起堅持下去嗎？

We said, yes.

我們說，是的。

We extend our bid 30 days.

我們將出價延長 30 天。

They went back to their banks, got recapitalized and now they've kicked-off this month with work starting next month.

他們回到銀行，進行了資本重組，現在他們已經從本月開始，工作將於下個月開始。

That's an extraordinary instance.

這是一個非同尋常的例子。

We didn't experience that in the last 3 years.

過去三年我們沒有經歷過這種情況。

This is a company that's suffering growth pains.

這是一家正在經歷成長陣痛的公司。

And they have so much work that they actually had to go back and get more money and which is a good thing, but it led to a delay.

他們的工作量很大，實際上不得不回去拿更多的錢，這是一件好事，但這導致了延誤。

That's just an example of some of the external factors that kind of add to the uncertainty that we experienced in the third quarter.

這只是一些外部因素的一個例子，這些因素增加了我們在第三季度經歷的不確定性。

We went from receiving verbal communication to an issued PO to, guys, you got to stop work because we don't have the ability to start.

我們從接收口頭溝通到發出採購訂單，夥計們，你們必須停止工作，因為我們沒有能力開始工作。

Got it.

知道了。

Todd, you touched on the issue of resources.

托德，你談到了資源問題。

And I'm wondering, just given the backlog that you have, given the pipeline that you guys are chasing and see out there, do you see the need to perhaps look at increasing resources as you go after this larger book of business?

我想知道，考慮到你們所積壓的工作，考慮到你們正在追逐和看到的管道，你們是否認為在追求這本更大的業務時可能需要考慮增加資源？

Sure.

當然。

It's something that we constantly, and I mean, constantly review and discuss in our platforms.

這是我們不斷地，我的意思是，不斷地在我們的平台上審查和討論的事情。

And I think, look, it's certainly, we don't make acquisitions for this purpose, but there are very important benefits of these transactions with respect to some of their great talent.

我認為，看，我們當然不會為此目的進行收購，但這些交易對他們的一些優秀人才有非常重要的好處。

The ability to partner in a, now in a combined way with EnviroCare, who has a tremendous amount of knowledge in an industry, in a segment.

現在能夠與 EnviroCare 進行合作，EnviroCare 在某個產業、某個細分市場擁有豐富的知識。

And we have a tremendous amount of experience and connections in another segment.

我們在另一個領域擁有豐富的經驗和人脈。

The fact now that we have each other's resources versus us hiring 15, 20, 30 people to go pursue an industry.

事實上，現在我們擁有彼此的資源，而不是僱用 15、20、30 人去從事一個行業。

We now have a very talented, established seasoned group of niche industry leaders that we're able to grab on to.

我們現在擁有一群非常有才華、經驗豐富的利基行業領導者，我們可以抓住他們。

Similarly, with WK, we have been steadily growing internationally.

同樣，透過 WK，我們在國際上穩步發展。

And Western Europe and Southeast Asia and other markets have, we see those opportunities.

而西歐和東南亞等市場都有，我們看到了那些機會。

Now with WK, we have resources, right?

現在有了WK，我們就有資源了，對吧？

So, that allows us to turn the lights on faster and to partner.

因此，這使我們能夠更快地打開燈並進行合作。

Of course, Profire is in front of us.

當然，Profire就在我們面前。

But again, we have a lot of respect already for their leadership team, their capabilities, their product management leadership, their R&D.

但同樣，我們已經非常尊重他們的領導團隊、他們的能力、他們的產品管理領導、他們的研發。

So, there's a lot that these acquisitions provide with resources to not only support those businesses, but cross support each other's growth.

因此，這些收購提供了大量資源，不僅可以支持這些業務，還可以交叉支持彼此的成長。

So those efficiencies are really important as we execute on our pipeline.

因此，當我們執行管道時，這些效率非常重要。

Got it.

知道了。

Just quickly on Profire.

很快就可以上Profire了。

Revenues have been volatile in particularly during the pandemic.

收入一直不穩定，尤其是在疫情期間。

But is that growth rate that they show from 2018 through 2023, all organic?

但他們從 2018 年到 2023 年顯示的成長率都是有機的嗎？

Were there any M&A that contributed meaningfully to those revenues?

是否有任何併購對這些收入做出了有意義的貢獻？

It was organic.

它是有機的。

Okay.

好的。

Yes, largely organic.

是的，很大程度是有機的。

The market recovery, product new product introduction and the expansion of their business into adjacent markets, utility and industrial markets.

市場復甦、產品新產品推出以及將業務擴展到鄰近市場、公用事業和工業市場。

Bobby Brooks, Northland Capital Markets.

布魯克斯 (Bobby Brooks)，北國資本市場。

So to start on Profire, they've seen industrial revenues grow from about 1% of revenues right in 2021 to now 15% of sales as of the last quarter.

首先，從 Profire 開始，他們發現工業收入從 2021 年佔收入的 1% 左右增長到目前佔銷售額的 15%。

And then, I believe you guys mentioned earlier that you think you can grow those industrial revenues to be about 45% of the business.

然後，我相信你們之前提到過，你們認為可以將這些工業收入增加到業務收入的 45% 左右。

With that in mind.

考慮到這一點。

Yes, Bobby, the number I gave you was approximately 40% of industrial share of revenue.

是的，鮑比，我給你的數字大約是工業收入份額的 40%。

Yes.

是的。

Okay.

好的。

So, 40%.

所以，40%。

So just with that in mind, Profire's earnings deck has a whole page of logos for industrial customers, but it's still a really small base for them, right?

因此，考慮到這一點，Profire 的收益甲板有一整頁向工業客戶的徽標，但對他們來說仍然是一個非常小的基礎，對吧？

So, I was hoping you could give us a sense of how big industrial projects usually are for Profire?

那麼，我希望您能讓我們了解 Profire 的工業項目通常有多大？

And maybe how big do you think those could get going forward?

也許您認為這些項目未來能發展到多大？

We'll have to get back to you after we spend some more time going through the differences in customer profile that they're experiencing.

在我們花費更多時間了解他們所經歷的客戶資料差異後，我們將不得不回覆您。

Okay.

好的。

The industrial project is the industrial customer is different from their traditional customer.

工業項目是不同於傳統客戶的工業客戶。

And so, they've done some product adaptation and the service model is different as well.

所以他們做了一些產品的適配，服務模式也有所不同。

So, we're going to get our arms around that more fully, and that is an answer that will evolve over the next 90 days.

因此，我們將更充分地解決這個問題，這個答案將在未來 90 天內持續演變。

Okay.

好的。

But then maybe going to the -- how you guys get -- how you grow it to 40% of industrial sales being 40% of revenues.

但接下來也許會討論——你們如何獲得——如何將工業銷售額的 40% 增長到收入的 40%。

Could -- I know, obviously, you've talked about just bringing their solutions to new geographic areas as well as just being the bridge to introduce them to new customers.

顯然，我知道，您已經談到將他們的解決方案帶到新的地理區域，並且只是將它們介紹給新客戶的橋樑。

Could you just maybe give us any more detail on that?

您能給我們更多細節嗎？

Or maybe any specific types of customers you think that come to mind that would be clear beneficiaries of you connecting them to Profire?

或者您認為您想到的任何特定類型的客戶將是您將他們連接到 Profire 的明顯受益者？

Yes.

是的。

So I think, look, we like the question.

所以我想，看，我們喜歡這個問題。

We appreciate the question and absolutely a focus for us.

我們感謝這個問題，這絕對是我們關注的焦點。

We haven't closed on the transaction.

我們還沒有結束交易。

And as we've said, it's in early '25.

正如我們所說，現在是 25 年初。

We expect it to be an early '25 closure.

我們預計 25 年會提前關閉。

So it would be a little premature for us to start to articulate that type of activity because, frankly, it hasn't happened yet and nor should it.

因此，我們現在開始闡明此類活動還為時過早，因為坦白說，它還沒有發生，也不應該發生。

They're still operating as a standalone public company.

他們仍然作為一家獨立的上市公司運作。

We're operating as a standalone public company.

我們作為一家獨立的上市公司運作。

I can tell you that we have a pretty good view of a tremendous amount of industrial applications and relationships, and we have products that are going to benefit down the road from working together and bringing solutions to market.

我可以告訴您，我們對大量的工業應用和關係有很好的了解，我們的產品將在未來透過合作和將解決方案推向市場而受益。

But until the deal closes, we're not really working on customer lists, and we're certainly -- we're not there and nor should we be.

但在交易完成之前，我們並沒有真正處理客戶名單，而且我們當然不在那裡，也不應該在那裡。

Yes, I can appreciate that.

是的，我很欣賞這一點。

I guess I was just asking like just off the top of the head, like, the aluminum can business could use these solutions, but I can appreciate that answer.

我想我只是突然想問，鋁罐業務可以使用這些解決方案，但我很欣賞這個答案。

I guess the next question would be the $100 million of orders this month.

我想下一個問題是本月 1 億美元的訂單。

Could you maybe sparse out, is that mostly attributable to the one large energy project?

您可能會疏忽，這主要歸因於一個大型能源專案嗎？

Or has it been a couple of different projects?

還是這是幾個不同的項目？

Just kind of curious of the makeup of that.

只是對那個妝容有點好奇。

I'd say it's 2/3 diversified across a variety of our markets, brands and platforms, and 1/3 associated with a large energy transition project to date in the month.

我想說，其中 2/3 涉及各種市場、品牌和平台，1/3 涉及本月迄今為止的大型能源轉型項目。

So look, it's a meaningful project that we booked in October.

所以看，這是我們十月預訂的一個有意義的項目。

But we're already over $100 million.

但我們的資金已經超過 1 億美元。

I'd say that, that's a little more than 1/3, but let's go with about 1/3 of our orders in the quarter-to-date.

我想說的是，這比 1/3 多一點，但我們只處理本季迄今大約 1/3 的訂單。

Okay.

好的。

I understand.

我明白。

And just last question for me.

這是我的最後一個問題。

On the WK acquisition, obviously, it seems that this is kind of just to build out your international presence.

顯然，就 WK 收購而言，這似乎只是為了擴大您的國際影響力。

But I was just kind of curious on what are some example products or applications that WK will now give to your organization?

但我只是好奇 WK 現在將為您的組織提供哪些範例產品或應用程式？

Or is it really more just of a focus of getting entry into new markets?

或者它實際上只是為了進入新市場？

I would point you to Page 17, where we highlight the core applications of the business.

我會向您推薦第 17 頁，其中我們重點介紹了業務的核心應用程式。

The one area that they excel in is using gas at high temperature to incinerate waste and then capture the incineration byproducts before they're exhausted.

他們擅長的一個領域是使用高溫氣體焚燒廢物，然後在焚燒副產品耗盡之前捕獲它們。

Right.

正確的。

And if you can imagine that there is a control system that company that we are looking to acquire that manages and combusts gas, they might have something to do with one another.

如果你能想像我們想要收購的公司有一個管理和燃燒天然氣的控制系統，那麼它們之間可能有某種關係。

Yes.

是的。

They also have a very strong position in some R&D and new products that we would be acknowledge that we're behind on.

他們在一些研發和新產品方面也擁有非常強大的地位，我們承認我們在這些方面落後了。

And so as we work together, which is a newly acquired business, now we're only a few weeks in, but our teams are already engaged very aggressively on getting to know each other, their product capabilities and the variety of their industrial air portfolio.

因此，當我們一起工作時，這是一項新收購的業務，現在我們只有幾週的時間，但我們的團隊已經非常積極地相互了解，了解他們的產品能力和工業空氣產品組合的多樣性。

Very much fits ours, but it brings some new efficiencies, some new technologies and frankly, some innovation that we were behind on and we look forward to capitalizing from their already completed investments.

非常適合我們，但它帶來了一些新的效率、一些新技術，坦白說，還有一些我們落後的創新，我們期待從他們已經完成的投資中獲利。

Sameer Joshi, H.C. Wainwright.

薩米爾‧喬希 (Sameer Joshi)，H.C.溫賴特。

In your 2025 guidance for EBITDA, it seems that even the organic incremental revenue year-over-year is expected to garner 20% EBITDA margins.

在 2025 年 EBITDA 指導中，似乎即使是同比有機增量收入也有望獲得 20% 的 EBITDA 利潤率。

Should we expect that level of EBITDA margins from your historical revenues as well going forward?

我們是否應該期望你們的歷史收入能夠達到這樣的 EBITDA 利潤率水準？

Or is there

或者有沒有

(inaudible) --

（聽不清楚）——

What we did

我們做了什麼

--.

--.

contribution -- sorry, go ahead.

貢獻——抱歉，請繼續。

Yes, thanks.

是的，謝謝。

It's a good question, again, because of how we presented on the slide.

這又是一個好問題，因為我們在投影片上的簡報方式。

And look, there's at least two ways to do a guidance EBITDA walk, considering that's what we're showing you.

看，考慮到我們向您展示的內容，至少有兩種方法可以指導 EBITDA 行走。

One way is the way we didn't do it, but we could have where we break out the categories in a different way, including things like price mix, productivity.

一種方法是我們沒有這樣做，但我們可以用不同的方式來劃分類別，包括價格組合、生產力等。

So, there's an approach where you try to provide as much visibility to maybe how those impact our margins going from 10% to 15%, if I'm just using that as an example.

因此，有一種方法可以讓您盡可能多地了解這些因素對我們的利潤率從 10% 到 15% 的影響（如果我只是以此為例）。

How do you get that margin expansion sort of by component.

如何按組件實現利潤擴張。

The other way is to, in a sense, sort of bundle it like we did and say, look, productivity, price and mix, and the benefits of certain whether it's synergies or execution, is just embedded in the sales growth.

從某種意義上說，另一種方法是像我們所做的那樣將其捆綁起來，看起來，生產力，價格和組合，以及某些好處，無論是協同效應還是執行力，都嵌入在銷售增長中。

And so what we did was when we created the revenue walk to walk through projects that were delayed that could push over into '25 as well as the high single-digit organic growth outside of that, as well as the M&A that we've already announced or completed, we said each of those with the components embedded in them from productivity to synergies to efficiencies, will deliver, we believe, at or above 20% EBITDA margins.

因此，當我們創建收入分析時，我們所做的就是遍歷那些可能推遲到 25 年的項目以及除此之外的高個位數有機增長，以及我們已經進行的併購我們表示，無論是宣布還是完成，每一項包含從生產力、綜效到效率等各個要素的項目都將達到20% 或以上的EBITDA 利潤率。

And the core, which was our guidance for 2024 is our core, is that the margins it's at.

我們對 2024 年的指導是我們的核心，核心是它的利潤率。

So, the way we're walking '24 to '25 from an EBITDA margin is, we're just leaving that core the same and then every component from there walks up 20%, 20%, 20% to provide you with our implied EBITDA margin outlook for 2025.

因此，我們從 24 年到 25 年 EBITDA 利潤率的方式是，我們只是讓核心保持不變，然後每個組成部分都會上漲 20%、20%、20%，為您提供我們的隱含利潤2025 年EBITDA 利潤率展望。

Now, the future is a potential opportunity for us to improve upon that.

現在，未來是我們改進這一點的潛在機會。

Not only the core gets better the '24 core that moves into '25, with mix and productivity, but we'll see how the execution goes throughout the year.

不僅核心變得更好，'24 核心也進入了 '25，在混合和生產力方面，而且我們將看到全年的執行情況。

And of course, there could be some challenges, inflation, things we don't know that are going to come our way.

當然，可能會遇到一些挑戰，例如通貨膨脹，以及我們不知道的事情。

So, we're just trying to account for all that in a fairly simple EBITDA walk.

因此，我們只是試圖透過相當簡單的 EBITDA 分析來解釋所有這些。

Understood.

明白了。

Thanks for that color.

謝謝那個顏色。

Stepping back, I mean, you have a programmatic acquisition strategy and you're executing very well on it.

退一步來說，我的意思是，你有一個程式化的收購策略，並且執行得非常好。

Given that this is like one of the biggest acquisitions during your tenure, should we expect a pause going forward?

鑑於這就像您任期內最大的收購之一，我們是否應該期待未來暫停？

And if not, do you have enough cash or sources of capital to finance future acquisitions?

如果沒有，您是否有足夠的現金或資金來源來為未來的收購提供資金？

Yes, Sameer, with the new credit facility in place, we have more than adequate resources to continue, as well the businesses we have acquired are nicely they generate cash flow very nicely, which will continue to help us finance growth.

是的，薩米爾，隨著新的信貸安排到位，我們有足夠的資源來繼續發展，而且我們收購的企業很好，它們產生的現金流非常好，這將繼續幫助我們為成長提供融資。

The credit facility itself has some additional levers to help us expand, if necessary.

如有必要，信貸安排本身還有一些額外的槓桿可以幫助我們擴張。

So, we feel fully covered.

所以，我們感覺完全被覆蓋了。

Understood.

明白了。

Thanks.

謝謝。

And then, I think Todd briefly mentioned the presidential election, but just, if you have a crystal ball, how do you see either scenarios work out for your business?

然後，我認為托德簡短地提到了總統選舉，但是，如果您有水晶球，您認為這兩種情況對您的業務有何影響？

Good luck predicting this election obviously.

顯然，祝你好運地預測這次選舉。

But we see a huge exhale, first of all, either way with respect to just knowing.

但我們首先看到了巨大的呼氣，無論哪種方式都只是了解。

So, there's a big moment regardless of what any individual or organization would like to happen, the knowledge of what has happened moves things (inaudible), right?

因此，無論任何個人或組織希望發生什麼，都會有一個重要的時刻，了解已發生的事情會推動事情發生（聽不清楚），對吧？

There we believe that there will be a stabilization of concern just moving forward.

我們相信，只要向前邁進，擔憂就會趨於穩定。

And there I suppose I could articulate there are some pluses as well as some minuses to either, for '25, '26, '27, because it's about the future, right?

我想我可以清楚地說出 25 年、26 年、27 年各有一些優點和缺點，因為它關係到未來，對嗎？

So that's balanced, is what I would say.

所以這是平衡的，這就是我想說的。

We look forward to this being in the rear view mirror and all of us understanding as a result, what is likely going to happen with things that are related to the either side with respect to the policies.

我們期待這種情況出現在後視鏡中，我們所有人都會理解，與雙方政策相關的事情可能會發生什麼。

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。

Great.

偉大的。

Thank you.

謝謝。

Well, to all the participants, thanks for your interest.

好的，感謝所有參與者的關注。

And of course, thanks for the questions today.

當然，感謝您今天提出的問題。

We know we went through a lot of material.

我們知道我們查閱了很多資料。

Again, thanks to our global teams that are delivering incredible value to our customers.

再次感謝我們的全球團隊為我們的客戶提供了令人難以置信的價值。

We continue to protect people, protect the environment and protect our customers' investment in their industrial equipment, and the acquisitions we've made year-to-date and we have announced for the upcoming future, all aligned with that exact theme.

我們繼續保護人員、保護環境並保護客戶對其工業設備的投資，以及我們今年迄今進行的收購和我們宣布的未來計劃，所有這些都與這一主題保持一致。

We will be presenting at the Baird's -- Baird Industrials Conference on November 12th in Chicago as well as the Southwest IDEAS Investor Conference in Dallas on November 21st.

我們將於 11 月 12 日在芝加哥舉行的 Baird's -- Baird Industrials Conference 以及 11 月 21 日在達拉斯舉行的 Southwest IDEAS 投資者會議上發表演講。

So, for investors that are participating in those conferences, we hope to see you.

因此，對於參加這些會議的投資者，我們希望見到您。

If you do want to meet or reach out, please connect with our team or the conference representatives.

如果您確實想見面或聯繫，請與我們的團隊或會議代表聯繫。

And lastly, we look forward to speaking with you when we release our fourth quarter results in late February of next year.

最後，我們期待在明年二月下旬發布第四季度業績時與您交談。

And with that, we'll go ahead and sign off.

就這樣，我們將繼續並簽署。

Thank you.

謝謝。

Have a great day.

祝你有美好的一天。

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。