CSW Industrials Inc (CSW) 2024 Q4 法說會逐字稿

Greetings and welcome to CSW Industrials fiscal fourth-quarter 2024 and full-year conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Alexa Huerta. Thank you. You may begin.

歡迎參加 CSW Industrials 2024 財年第四季和全年電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。現在我想將會議交給主持人 Alexa Huerta。謝謝。你可以開始了。

Thank you, Rob. Good morning, everyone, and welcome to the CSW Industrials fiscal 2024 fourth-quarter and full-year earnings call. Joining me today is Joseph Armes, Chairman, Chief Executive Officer, and President of CSW Industrials; and James Perry, Executive Vice President and Chief Financial Officer.

謝謝你，羅布。大家早安，歡迎參加 CSW Industrials 2024 財年第四季和全年財報電話會議。今天加入我的是 CSW Industrials 董事長、執行長兼總裁 Joseph Armes；和詹姆斯·佩里，執行副總裁兼財務長。

We issued our earnings release, updated Investor Relations presentation and Form 10-K prior to the market's opening today, all of which are available on the Investors portion of our website at www.cswindustrials.com. This call is being webcast and information on accessing the replay is included in the earnings release.

我們在今天開市前發布了收益報告、更新的投資者關係簡報和 10-K 表格，所有這些都可以在我們網站 www.cswindustrials.com 的投資者部分取得。這次電話會議正在網路上直播，有關訪問重播的資訊包含在收益發布中。

During this call, we will make forward looking statements. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. Actual results could materially differ because of factors discussed today in our earnings release and the comments made during this call as well as the risk factors identified in our annual report on Form 10-K and other filings with the SEC. We do not undertake any duty to update any forward-looking statements. I will now turn the call over to Joe.

在這次電話會議中，我們將做出前瞻性陳述。這些陳述是基於目前的預期和假設，受到各種風險和不確定性的影響。由於我們今天在收益報告中討論的因素、本次電話會議中發表的評論以及我們在 10-K 表格年度報告和向 SEC 提交的其他文件中確定的風險因素，實際結果可能會存在重大差異。我們不承擔更新任何前瞻性陳述的責任。我現在會把電話轉給喬。

Thank you, Alexa. Good morning, everyone. Once again, it's my pleasure to report to you that our team has executed and outperformed the markets we serve. We achieved record results in both the fourth quarter and the full fiscal year, surpassing the healthy performance of the prior year.

謝謝你，亞歷克斯。大家，早安。我很高興再次向您報告，我們的團隊已經執行並超越了我們所服務的市場。我們在第四季和整個財年都取得了創紀錄的業績，超越了去年的健康表現。

Earlier this morning, we reported record fourth-quarter revenue, EBITDA, and earnings per diluted share. We also delivered meaningful EBITDA margin expansion in the fiscal fourth quarter.

今天早些時候，我們報告了創紀錄的第四季度收入、息稅折舊攤提前利潤 (EBITDA) 和稀釋每股收益。我們也在第四財季實現了 EBITDA 利潤率的大幅擴張。

CSWI has now delivered four consecutive quarters of record results and therefore also generated record full-year results and revenue of $793 million or 4.6% growth and adjusted earnings per diluted share of $7.1 or 12.9% growth and an adjusted EBITDA of $200 million, representing a robust 14.9% growth.

CSWI 目前已連續四個季度創造了創紀錄的業績，因此也創造了創紀錄的全年業績和收入7.93 億美元，增長4.6%，調整後每股攤薄收益增長7.1 美元，增長12.9%，調整後EBITDA 為2 億美元，相當於強勁成長 14.9%。

For the full year, our adjusted EBITDA margin expanded by 220 basis points. We continued to deliver strong cash flow from the operations despite being in a quarter where we typically are building inventory for the start of the summer season with the fiscal fourth-quarter cash flow from operations of more than $22 million.

全年調整後 EBITDA 利潤率擴大了 220 個基點。儘管我們通常在夏季開始時建立庫存，並且第四財季的營運現金流超過 2,200 萬美元，但我們仍繼續提供強勁的營運現金流。

Our gross profit margin has expanded this year, primarily due to increased volumes, pricing initiatives, and reduced ocean and domestic freight in the first few quarters of the year. CSWI has achieved meaningful operating leverage and further expanded our best-in-class margins.

今年我們的毛利率有所擴大，主要是由於今年前幾季的銷售增加、定價措施以及海運和國內運費的減少。CSWI 實現了有意義的營運槓桿，並進一步擴大了我們一流的利潤率。

We have invested in future growth that will outpace the markets we serve. In line with our capital allocation strategy of prioritizing capital investments based on their expected risk-adjusted returns this year, the company invested in capital expenditures, acquisitions, and returned cash to shareholders through dividends and share repurchases. We continue to seek both organic and inorganic investments and opportunities for growth with attractive returns that support our healthy margins.

我們投資於未來的成長，這種成長將超過我們所服務的市場。根據我們根據今年預期風險調整回報優先進行資本投資的資本配置策略，公司投資於資本支出、收購，並透過股利和股票回購向股東返還現金。我們繼續尋求有機和無機投資以及成長機會，並提供有吸引力的回報，以支持我們健康的利潤率。

To fund our capital allocation strategy, we relied on our record cash flow from operations of $164 million or 35% growth during the full fiscal year of 2024. Our impressive cash flow allowed the company to again increase its most recent quarterly cash dividend that was paid on May 10 by 10.5%, making the 21st consecutive regular quarterly cash dividend.

為了為我們的資本配置策略提供資金，我們依靠創紀錄的 1.64 億美元營運現金流，在 2024 年整個財年成長了 35%。令人印象深刻的現金流使該公司能夠再次將 5 月 10 日支付的最新季度現金股息增加 10.5%，這是連續第 21 個定期季度現金股息。

During the full fiscal year, the outstanding debt on our revolving credit facility decreased by $87 million as we paid down debt with our excess cash flow. Having balance sheet strength and robust cash flow gives us confidence to pursue businesses -- to pursue business opportunities of any size.

在整個財政年度，我們的循環信貸額度的未償債務減少了 8,700 萬美元，因為我們用多餘的現金流償還了債務。強大的資產負債表和強勁的現金流使我們有信心開展業務—追求任何規模的商業機會。

I'm proud of the execution by each of our three business segments during the last quarter of the fiscal year. I will let James provide additional details around the performance of each segment during the quarter. But before I turn the call over to James, I would like to take a moment to thank our team for delivering top line growth in every segment for the full fiscal year of 2024.

我對我們三個業務部門在本財年最後一個季度的執行情況感到自豪。我將讓詹姆斯提供有關本季度每個部門績效的更多詳細資訊。但在我將電話轉給 James 之前，我想花點時間感謝我們的團隊在 2024 年整個財年的每個部門都實現了營收成長。

Last year at this time on our Q4 and year-end earnings call for fiscal 2023, we said we expected topline growth in each business. And our teams had executed and delivered exactly that through volume and pricing during a year when some of our end markets were simply not growing. The resilience of our teams, the end markets we serve, and the enduring value of our products allow CSWI to continue to grow through the cycles in the overall market.

去年的這個時候，在 2023 財年第四季和年終收益電話會議上，我們表示預計每項業務都會實現營收成長。在我們的一些終端市場根本沒有成長的一年裡，我們的團隊透過銷售和定價準確地執行和交付了這一目標。我們團隊的韌性、我們服務的終端市場以及我們產品的持久價值使 CSWI 能夠在整個市場的周期中持續成長。

Our model to deliver low cost and high value products to our customers continues to attract new customers for the company and allows us to report record financial results like we have today. At this time, I'll turn the call over to James for a closer look at our results, and then I will conclude our prepared remarks.

我們為客戶提供低成本高價值產品的模式繼續為公司吸引新客戶，並使我們能夠像今天一樣報告創紀錄的財務表現。此時，我將把電話轉給詹姆斯，讓他仔細看看我們的結果，然後我將結束我們準備好的演講。

Thank you, Joe. Good morning, everyone. As Joe mentioned, during the full fiscal 2024 year, we delivered record revenue of $793 million, representing growth of 4.6%. $24 million of the growth was organic through increased volumes and pricing initiatives. The remaining $11 million of growth for the full year and from the acquisitions of Cover Guard, AC Guard, Falcon, and Dust Free.

謝謝你，喬。大家，早安。正如 Joe 所提到的，在 2024 財年全年，我們實現了創紀錄的 7.93 億美元收入，成長了 4.6%。其中 2,400 萬美元的成長是透過銷售增加和定價措施實現的有機成長。全年剩餘的 1,100 萬美元成長來自於收購 Cover Guard、AC Guard、Falcon 和 Dust Free。

Operating leverage on this revenue drove 15% growth in adjusted EBITDA along with 220 basis points of margin expansion and over 13% growth in adjusted earnings per diluted share. Our consolidated record revenue during the fiscal fourth quarter of 2024, it was $211 million, an 8% increase when compared to the prior year period. This growth was half driven organically through increased unit volumes and pricing initiatives and half driven by inorganic growth from the newly acquired Dust Free business.

此營收的營運槓桿推動調整後 EBITDA 成長 15%，利潤率擴張 220 個基點，調整後稀釋每股盈餘成長超過 13%。我們在 2024 財年第四季的綜合營收達到創紀錄的 2.11 億美元，比去年同期成長 8%。這一增長一半是透過增加單位數量和定價舉措有機推動的，一半是由新收購的無塵業務的無機增長推動的。

Consolidated gross profit in the fiscal fourth quarter was $94 million, representing nearly 10% growth over the prior year period. The gross profit margin improved by 80 basis points to 44.4% compared to 43.6% in the prior year period.

第四財季綜合毛利為 9,400 萬美元，較上年同期成長近 10%。毛利率較去年同期的43.6%增加80個基點至44.4%。

Our consolidated EBITDA for the fourth quarter increased by $6 million to $56 million or 13% growth when compared to the prior year period. Our EBITDA margin improved by 130 basis points to 26.5% as compared to 25.2% in the prior year quarter, driven by gross margin expansion, partially offset by incremental investments for future revenue growth.

我們第四季的綜合 EBITDA 增加了 600 萬美元，達到 5,600 萬美元，與去年同期相比成長了 13%。在毛利率擴張的推動下，我們的 EBITDA 利潤率比去年同期的 25.2% 提高了 130 個基點，達到 26.5%，但部分被未來收入成長的增量投資所抵消。

We will continue to strive for additional EBITDA leverage as we grow revenue and manage expenses. But we are very proud of our current EBITDA margins, and we maintain our focus on growing the EBITDA dollars as revenues grow.

隨著收入的成長和費用的管理，我們將繼續努力獲得額外的 EBITDA 槓桿。但我們對目前的 EBITDA 利潤率感到非常自豪，我們將繼續專注於隨著收入的增長而增加 EBITDA 美元。

Net income attributable to CSWI in the fiscal fourth quarter was $32 million or $2.04 per diluted share compared to $27 million or $1.74 per diluted share in the prior year period, representing growth of 17%. Our contractor solutions segment was $141 million in revenue, accounted for 66% of our consolidated revenue delivered $7.3 million or 5.4% total growth as compared to the prior year quarter.

第四財季歸屬於 CSWI 的淨利潤為 3,200 萬美元，即稀釋後每股收益 2.04 美元，而去年同期為 2,700 萬美元，即稀釋後每股收益 1.74 美元，成長了 17%。我們的承包商解決方案部門的收入為 1.41 億美元，占我們綜合收入的 66%，與去年同期相比，總收入成長了 730 萬美元，即 5.4%。

Of the revenue growth in the quarter, $3.8 million or 2.8% was organic, while the remaining $3.5 million or 2.6% came from the newly acquired Dust Free business. The fourth-quarter acquisition of Dust Free brings an extensive line of patented products for residential and commercial indoor air quality and HVAC applications to the company. Growth for the quarter was reported in the HVAC/R architecturally specified building products, general industrial end markets, and was a result of increased unit volumes.

在本季的營收成長中，380 萬美元（即 2.8%）是有機成長，其餘 350 萬美元（即 2.6%）來自新收購的無塵業務。第四季收購 Dust Free 為該公司帶來了廣泛的住宅和商業室內空氣品質以及暖通空調應用的專利產品。HVAC/R 建築專用建築產品、一般工業終端市場報告了本季的成長，這是單位銷售增加的結果。

Segment EBITDA was $47.3 million or 33% of revenue, compared to $42.7 million or 32% of revenue in the prior year period as our impressive margin expansion continued. Our specialized reliability solutions segment revenue increased 8% to 41.6% due to volume growth and pricing initiatives.

由於我們令人印象深刻的利潤率持續擴張，該部門的 EBITDA 為 4,730 萬美元，佔營收的 33%，而去年同期為 4,270 萬美元，佔營收的 32%。由於銷售成長和定價舉措，我們的專業可靠性解決方案部門收入成長了 8%，達到 41.6%。

Revenue growth in the quarter came from the general industrial, mining, and energy end markets. Higher oil prices supported energy demand and production during the quarter. The segment EBITDA and EBITDA margin of $8.2 million and 20% respectively in the fiscal fourth quarter were generally in line with the prior year period results. We have mentioned before that the targeted EBITDA margin for this business is 20%. We are proud that our team delivered this in the quarter.

本季營收成長來自一般工業、採礦和能源終端市場。油價上漲支撐了本季的能源需求和生產。第四財季該部門的 EBITDA 和 EBITDA 利潤率分別為 820 萬美元和 20%，與上年同期業績基本一致。我們之前提到過，該業務的目標 EBITDA 利潤率為 20%。我們很自豪我們的團隊在本季實現了這一目標。

Our engineered building solutions segment revenue increased to $30.1 million, a 20% increase as compared to $25 million in the prior year period. Project mix in our backlog continued to skew towards larger jobs, which may take years to turn to revenue. Bidding and booking trends remain solid. At the end of the fiscal fourth quarter, our book-to-bill ratio for the trailing eight quarters was approximately 1.1:1.

我們的工程建築解決方案部門營收增至 3,010 萬美元，較上年同期的 2,500 萬美元成長 20%。我們積壓的專案組合繼續偏向較大的工作，這可能需要數年時間才能轉化為收入。競標和預訂趨勢依然強勁。截至第四財季末，我們過去八個季度的訂單出貨比約為 1.1:1。

Our sales team is focused on bidding on and booking institutional and multifamily projects with the highest quality developers. Segment EBITDA grew 98% to $6.2 million or 20% EBITDA margin compared to $3.1 million and a 12% EBITDA margin in the prior year period. Like the SRS segment, we target a sustainable 20% EBITDA margin in this segment as well and are making progress on that goal.

我們的銷售團隊專注於競標和預訂最優質開發商的機構和多戶住宅專案。該部門 EBITDA 成長 98%，達到 620 萬美元，EBITDA 利潤率為 20%，而去年同期為 310 萬美元，EBITDA 利潤率為 12%。與 SRS 細分市場一樣，我們的目標也是實現該細分市場 20% 的可持續 EBITDA 利潤率，並且正在朝著這一目標取得進展。

Transitioning to our strong balance sheet and cash flow, we ended our fiscal 2024 fourth quarter with $22 million of cash and reported fiscal fourth quarter cash flow from operations of $22 million compared to $37 million in the same quarter last year. For the current full fiscal year 2024, the company had a record cash flow from operations of $164 million or 35% growth compared to $121 million in the prior fiscal year.

轉向強勁的資產負債表和現金流，我們在 2024 財年第四季結束時擁有 2,200 萬美元的現金，報告第四財季營運現金流為 2,200 萬美元，而去年同期為 3,700 萬美元。在目前的 2024 財年，該公司的營運現金流達到創紀錄的 1.64 億美元，與上一財年的 1.21 億美元相比成長了 35%。

Our free cash flow, defined as cash flow from operations minus capital expenditures, was $17.5 million in the fiscal fourth quarter compared to $31.7 million in the same period a year ago. That resulted in free cash flow per share of $1.12 in the fiscal fourth quarter as compared to $2.04 in the same period a year ago.

我們的自由現金流（定義為營運現金流減去資本支出）在第四財季為 1,750 萬美元，而去年同期為 3,170 萬美元。這導致第四財季每股自由現金流為 1.12 美元，去年同期為 2.04 美元。

Our free cash flow for the full fiscal year was $147.8 million as compared to $107.5 million in the same period a year ago. That resulted in free cash flow per share of $9.48 for fiscal 2024 as compared to $6.91 in the prior fiscal year. This impressive level of free cash flow fuels our capital allocation, allowing us to invest in growth and enhance shareholder value.

我們整個財年的自由現金流為 1.478 億美元，而去年同期為 1.075 億美元。這導致 2024 財年每股自由現金流為 9.48 美元，而上一財年為 6.91 美元。這種令人印象深刻的自由現金流水準推動了我們的資本配置，使我們能夠投資於成長並提高股東價值。

During the quarter, the outstanding debt on our revolving credit facility increased by $13 million due to the $27.9 million of cash consideration for the Dust Free acquisition, offset by our cash flows. The addition of Dust Free to our portfolio allows CSWI the ability to offer industry-leading technologies that addresses indoor air quality.

本季度，由於收購 Dust Free 的現金對價為 2,790 萬美元，我們的循環信貸額度的未償債務增加了 1,300 萬美元，但被我們的現金流所抵銷。在我們的產品組合中添加 Dust Free 使 CSWI 能夠提供業界領先的技術來解決室內空氣品質問題。

We ended the fiscal fourth quarter with $166 million outstanding on our $500 million revolver. Our bank covenant levered ratio at quarter end was 0.73 times, an improvement from 1.3 times at the end of fiscal 2023 due to our strong EBITDA growth and the $87 million pay down of our revolver during that period.

截至第四財季末，我們的 5 億美元左輪手槍餘額為 1.66 億美元。我們季度末的銀行契約槓桿率為 0.73 倍，比 2023 財年末的 1.3 倍有所改善，這是由於我們強勁的 EBITDA 增長以及在此期間我們的左輪手槍支付了 8700 萬美元。

As a reminder, the company has been the lowest tier of our revolver pricing grid since reporting our fiscal 2024 first quarter, reducing our interest rate spread and saving on interest expense.

提醒一下，自報告 2024 財年第一季以來，該公司一直是我們左輪定價網格中的最低層，減少了我們的利差並節省了利息費用。

During the fiscal fourth quarter and the full fiscal 2024, the interest rate hedge for the first $100 million of borrowings under the revolver saved us approximately $400,000 and $1.5 million respectively in interest expense. Our effective tax rate for the fiscal fourth quarter was 23.8% on a GAAP basis.

在第四財季和 2024 財年整個財年，循環貸款下前 1 億美元借款的利率對沖分別為我們節省了約 40 萬美元和 150 萬美元的利息支出。以 GAAP 計算，我們第四財季的有效稅率為 23.8%。

As we look out to fiscal 2025, we anticipate delivering full-year revenue growth as well as EBITDA and EPS growth with continued strong cash flow. With that, I'll now turn the call back to Joe for his closing remarks.

展望 2025 財年，我們預計全年營收成長以及 EBITDA 和 EPS 成長，現金流持續強勁。現在，我將把電話轉回給喬，讓他作結束語。

Thanks, James. To summarize, during the fourth fiscal quarter of 2024 and the full year, we posted record results across the Board highlighted by organic and inorganic revenue growth, expanded margins, and robust cash flow, and consummated the acquisition of Dust Free.

謝謝，詹姆斯。總而言之，在 2024 年第四財季和全年，我們全面公佈了創紀錄的業績，突出表現在有機和無機收入增長、利潤率擴大和強勁的現金流，並完成了對 Dust Free 的收購。

Since going public in 2015, CSWI has grown our market cap over 700% to around $3.8 billion, while also delivering 720% total shareholder return. We are proud that we have the same number of shares outstanding today as when we went public.

自 2015 年上市以來，CSWI 的市值已成長 700% 以上，達到約 38 億美元，同時也實現了 720% 的股東總回報。我們感到自豪的是，今天我們的流通股數量與上市時相同。

Fiscal 2024 was a record year for CSWI, and our revenue CAGR over the past five years is 18%, including both organic growth and growth through acquisitions, where we have invested over $600 million since fiscal 2016. As we begin fiscal 2025, we expect a year of revenue, EBITDA, and EPS growth as James mentioned earlier. We also expect to continue our history of executing on acquisitions to complement our organic growth.

2024 財年是 CSWI 創紀錄的一年，過去五年我們的營收複合年增長率為 18%，包括有機成長和透過收購實現的成長，自 2016 財年以來我們已投資超過 6 億美元。正如詹姆斯之前提到的，在 2025 財年開始之際，我們預計這一年的收入、息稅折舊攤銷前利潤 (EBITDA) 和每股盈餘 (EPS) 將實現成長。我們也希望繼續執行收購的歷史，以補充我們的有機成長。

As I look at our expectations for fiscal year 2025, we should see similar topline growth as fiscal 2024 while maintaining our strong margin profile. Our goal is to make it as easy as possible to do business with CSWI and to be the partner of choice for our loyal customers.

在我對 2025 財年的預期中，我們應該會看到與 2024 財年類似的營收成長，同時保持強勁的利潤率。我們的目標是盡可能輕鬆地與 CSWI 開展業務，並成為我們忠實客戶的首選合作夥伴。

Earlier this month, our contractor solutions segment received the Vendor of the Year award from Blue Hawk and HVAC/R distributor cooperative with over 200 member owners. This award further demonstrates our commitment to our customers, and I'm extremely proud of the contractor solutions team for their continued achievements.

本月早些時候，我們的承包商解決方案部門獲得了由 Blue Hawk 和 HVAC/R 經銷商合作組織（擁有 200 多家會員業主）頒發的年度供應商獎。該獎項進一步體現了我們對客戶的承諾，我為承包商解決方案團隊不斷取得的成就感到非常自豪。

Of note, this is the third major Vendor of the Year award we have won over the last 18 months. At CSWI, we are committed to a culture of diversity, inclusion, and respect where we focus on recruiting and retaining great talent, offering rewarding careers, and recognizing team members who excel while providing the opportunity for a safe, secure, and dignified retirement.

值得注意的是，這是我們在過去 18 個月內第三次獲得年度主要供應商獎。在CSWI，我們致力於創造多元化、包容性和尊重的文化，專注於招募和留住優秀人才，提供有價值的職業生涯，表彰表現出色的團隊成員，同時提供安全、有保障和有尊嚴的退休機會。

I could not be more proud to announce that CSWI has recently been certified as a great place to work for the second year in a row. This recognition is a testament to our team members embracing our focus on core values such as accountability, citizenship, teamwork, respect, integrity, stewardship, and excellence. How we succeed matters, and our success is shaped by the collaborative efforts of our team members.

我非常自豪地宣布 CSWI 最近連續第二年被認證為最佳工作場所。這項認可證明了我們的團隊成員擁護我們對責任、公民意識、團隊合作、尊重、正直、管理和卓越等核心價值的關注。我們如何取得成功很重要，而我們的成功取決於團隊成員的協作努力。

As always, I want to close by thanking all my colleagues here at CSWI who collectively own approximately 4% of CSWI through our employee stock ownership plan as well as all of our shareholders for their continued interest in and support of our company. With that, Operator, we're now ready to take questions.

像往常一樣，我想最後感謝 CSWI 的所有同事，他們透過我們的員工持股計畫總共擁有 CSWI 約 4% 的股份，並感謝所有股東對我們公司的持續關注和支持。接線員，我們現在準備好回答問題了。

(Operator Instructions) Jon Tanwanteng, CJS Securities.

（操作員指示）Jon Tanwanteng，CJS 證券。

Hi, good morning. Thank you for taking my questions and really nice quarter there. My first question is just regarding the quarter, this Q4 looked a lot like your historical Q1 and Q2 performances from a revenue and margin perspective. I was wondering, did you pull anything into the quarter or seen anything that was more one times in nature, maybe in the project-based businesses? Or is this more of a base that you expect to build on going forward into your seasonally stronger summer quarters?

早安.感謝您提出我的問題，並且這個季度非常愉快。我的第一季度是關於本季的，從營收和利潤率的角度來看，第四季看起來很像你們第一季和第二季的歷史表現。我想知道，您是否在本季中引入了任何東西，或者看到了本質上更多的東西，也許是在基於專案的業務中？或者這更像是您期望在季節性更強的夏季季度建立的基礎？

Yeah, Jon. Thanks. This is James. Appreciate your question and all the good work you do for the shareholder community. I've mentioned a couple of things. If you dive into the 10-K, you'll see a couple of things as well.

是的，喬恩。謝謝。這是詹姆斯。感謝您的問題以及您為股東社區所做的所有出色工作。我已經提到了幾件事。如果您深入研究 10-K，您也會看到一些事情。

Our engineered building solutions segment sold the prior facility. They relocated to a larger facility this quarter. So we had kind of a onetime property gain that was [$1.2 million]. Didn't hit revenue, but that would help our EBITDA a little bit. So that was a bit of a one timer.

我們的工程建築解決方案部門出售了先前的設施。他們本季搬遷到更大的設施。所以我們有一種一次性的財產收益[120萬美元]。沒有影響收入，但這對我們的 EBITDA 有一點幫助。所以這有點像是一次性的。

You had some things going the other way in other segments, so that was relatively neutral. So we didn't call it out. We don't do adjusted-type things very often.

在其他細分市場中，有些事情發生了相反的情況，所以這是相對中性的。所以我們沒有叫出來。我們不常做調整型的事情。

You'll recall, at the end of Q3, our specialized reliability segment, just getting some product out at the end of December. And we were able to make that up on the last call. You'll remember, early February, we had already made that up. So they had a little better quarter than they might have as a result of that. That was more a catch-up than a pull forward though, so that was certainly not the case.

您會記得，在第三季末，我們的專業可靠性部門剛剛在 12 月底推出了一些產品。我們在最後一次通話中彌補了這一點。你會記得，二月初，我們已經準備好了。因此，他們的季度業績比可能的結果要好一些。不過，這更像是一種追趕，而不是前進，所以情況肯定不是這樣的。

And our contractor solutions segment just continued to perform well. I think we see and the OEMs have said it as well that a lot of the destocking seems to be behind us now. Our customers ordered from us. We have our usual price increase and promotional session as we go through our fiscal fourth quarters, everybody gets ready for the summer season. So their quarter I think was pretty normal. They did a really nice job getting things out the door by the end of the quarter.

我們的承包商解決方案部門持續表現良好。我認為我們看到，原始設備製造商也說過，很多去庫存似乎已經成為過去。我們的客戶向我們訂購。當我們進入第四財季時，我們會進行通常的價格上漲和促銷活動，每個人都為夏季做好準備。所以我認為他們的季度很正常。他們在本季末完成了非常出色的工作。

And I'd say, overall, a pretty normal quarter, certainly on the top line. It's hard to ever know what you expect quarter to quarter. Some things come in, but there wasn't any big project pull forwards to your point. We didn't necessarily pull anything dramatic from Q1 to end of Q4. So, I think as we said, we expect to have top-line growth this next year, very healthy top-line growth, and our goal is to maintain these margins that our team has been putting forth for the last several quarters.

我想說，總體而言，這是一個相當正常的季度，當然是在營收方面。很難知道每個季度的預期是什麼。有些事情進來了，但沒有任何大項目推動你的觀點。從第一季到第四季末，我們不一定會取得任何戲劇性的成果。因此，我認為正如我們所說，我們預計明年將實現營收成長，非常健康的營收成長，我們的目標是維持我們團隊在過去幾季提出的利潤率。

Got it. That's very helpful. And I was just wondering about that topline growth guidance or the outlook of similar to 2020 -- fiscal '24. What are the components of that? Could you rank what you expect to be growing the fastest and the slowest among the segments or end markets that you're in?

知道了。這非常有幫助。我只是想知道營收成長指引或類似 2020 年（24 財年）的前景。它的組成部分是什麼？您能否對您所在的細分市場或終端市場中您預計成長最快和最慢的市場進行排名？

Yeah, I don't think anything terribly unusual there. It's a little early in the year to know where the end markets are going. The residential HVAC space has been a bit of a headwind, and it's starting to turn a little bit. We've clearly outperformed that from the residential OEM HVAC perspective. So, our team continues to do a really nice job there.

是的，我不認為那裡有什麼特別不尋常的地方。現在要了解終端市場的走向還為時過早。住宅暖通空調領域一直面臨一些阻力，但現在情況開始有所改善。從住宅 OEM HVAC 的角度來看，我們的表現顯然優於這一點。因此，我們的團隊繼續在那裡做得非常出色。

It hasn't gotten real hot yet, but folks of course, are gearing up for that and it will. From a specialized reliability solutions standpoint, the joint venture continues to ramp up and our business is prepared for that. So we've got a little bit of an optimistic tailwind there.

它還沒有變得真正熱門，但人們當然正在為此做好準備，而且它會的。從專業可靠性解決方案的角度來看，合資企業不斷壯大，我們的業務已為此做好準備。因此，我們有一些樂觀的推動力。

In engineered building solutions, they built a really healthy backlog. Their book-to-bill continued to stay in a really good place. There're some headwinds there in certain markets as we all would expect some of the construction markets. But overall, again, last year, we had nearly 5% revenue growth. And we said, roughly in line from an organic standpoint, we would expect that.

在工程建築解決方案中，他們建立了非常健康的積壓工作。他們的訂單出貨量繼續保持在一個非常好的位置。正如我們都預期的一些建築市場一樣，某些市場存在一些阻力。但總的來說，去年我們的收入成長了近 5%。我們說，從有機的角度來看，我們預期會發生這種情況。

And then we only had a couple of months of the Dust Free acquisition. We pointed out, that was about $3.5 million and that was just a couple of months. So you'll have a full year of that now. So that run rate would get you a little bit higher from an inorganic perspective growth rate given that Dust Free has been a really nice addition to the portfolio already.

然後我們只花了幾個月的時間就收購了無塵公司。我們指出，這大約是 350 萬美元，而且只是幾個月的時間。所以現在你將擁有一整年的時間。因此，從無機角度來看，運作率會讓你的成長率更高一些，因為無塵已經是產品組合中一個非常好的補充。

Fair enough. Thank you. And then a last one I'll jump back in queue, but just any thoughts to the margin going forward? You're expecting revenue growth but maybe not so much margin expansion. And to your credit, you've done a great job on margins on a trailing basis. I'm wondering, is there less upside to the margins as you see it today, and what might be holding you back if that's the case?

很公平。謝謝。然後最後一個我會跳回隊列，但對未來的利潤有什麼想法嗎？您預計收入會成長，但利潤率可能不會大幅成長。值得讚揚的是，你們在利潤率方面做得很好。我想知道，正如您今天看到的那樣，利潤率的上升空間是否會減少？ 如果是這種情況，什麼可能會阻礙您？

Yeah, Jon. I'll take that. I think we set our goals to sustain the margins we have. These are best-in-class margins in all of our segments. That SRS segment has gotten to the 20% goal. Of course, we're going to continue to push and see where we can find some more margin points.

是的，喬恩。我會接受的。我認為我們設定的目標是為了維持我們現有的利潤。這是我們所有細分市場中同類中最好的利潤率。SRS 細分市場已達到 20% 的目標。當然，我們將繼續努力，看看在哪裡可以找到更多的利潤點。

EBS' goal is to get to 20%. They were there this quarter, aided a little bit by the gain I talked about. But nonetheless, even without that, it's still kind of a mid- to high-teens business.

EBS 的目標是達到 20%。他們本季就在那裡，受到我談到的收益的一點幫助。但儘管如此，即使沒有這一點，它仍然是一個中等到十幾歲的行業。

And the goal there from the team is to hit 20% as well in the not-too-distant future. And then contractor solutions with these low to mid 30s margins, 33% margin, we have in the rearview mirror now just tremendous margins.

該團隊的目標是在不久的將來達到 20%。然後，承包商解決方案的利潤率為 30 多歲中低至 33%，我們現在看到的只是巨大的利潤率。

The one thing we point out when we say the goal is to sustain this is, hey, we're very proud of the margins. As we grow the top line, the bottom line is going to grow of course from a dollar perspective. And that's the ultimate goal is to have dollars to reallocate, have strong cash flows, and invest in our growth.

當我們說目標是維持這一目標時，我們指出的一件事是，嘿，我們對利潤率感到非常自豪。隨著我們收入的成長，從美元的角度來看，利潤當然也會成長。最終目標是擁有資金進行重新分配、擁有強勁的現金流並投資於我們的成長。

But we had some tailwinds on the pricing the last couple of years that we were able to increase. And if some of the costs came down, we held onto that pricing. So, we were able to improve our margins and get back to some of the pre-COVID type margins. Especially in contractor solutions, we're back there, even though cost of goods sold continue to be elevated in some of the places.

但過去幾年我們能夠提高定價，但遇到了一些阻力。如果部分成本下降，我們就會維持這個定價。因此，我們能夠提高利潤率並恢復到新冠疫情之前的水平。特別是在承包商解決方案方面，我們回到了那裡，儘管某些地方的銷售成本繼續上升。

While we've had some of that come back and we've held onto the pricing that's given us this bump, but this year was kind of a year of normal pricing increases and normal inflation so far it looks like. So to hang on to these type of margins and of course the goal is to maximize margins where we can as we hold on to cost. But we would expect to sustain these margins. And as we can eke out some basis points here and there, we're going to work hard to deliver that.

雖然我們已經恢復了一些，我們堅持了為我們帶來這次上漲的定價，但今年看起來是正常價格上漲和正常通膨的一年。因此，要維持這些類型的利潤，當然，我們的目標是在控製成本的同時盡可能提高利潤。但我們預計將維持這些利潤。由於我們可以在這裡或那裡找到一些基點，因此我們將努力實現這一點。

Jon, this is Joe. As you recall, because you've been with us for a long time, when we went public, we had best-in-class margins. And we stated, our goal was to grow meaningfully and maintain our margins. And we said if we did that, our shareholders be rewarded. And we feel like that's played out exactly the way we plan.

喬恩，這是喬。正如您所記得的，因為您已經在我們這裡工作了很長時間，所以當我們上市時，我們擁有一流的利潤率。我們表示，我們的目標是實現有意義的成長並保持利潤率。我們說，如果我們這樣做，我們的股東就會得到回報。我們覺得這完全按照我們計劃的方式進行。

The ups and downs are how we got there. Have been very, very different, could have never predicted that. But I think that continues to be the strategy. It is a strong filter on acquisitions and other investments that we make that we have these kinds of margins.

起起落落就是我們如何到達那裡的。情況非常非常不同，我無法預測到這一點。但我認為這仍然是我們的策略。我們擁有這樣的利潤率，是對我們進行的收購和其他投資的強而有力的過濾。

And I think that adds to our disciplined approach on M&A. And I think that it's a service really, really well to have that kind of strategy. And I think we'll just continue doing the same.

我認為這增強了我們在併購方面的嚴謹態度。我認為擁有這種策略是一項非常非常好的服務。我想我們會繼續做同樣的事情。

No, you've done a great job. Thank you. I'll wait for the next opportunity.

不，你已經做得很好了。謝謝。我會等待下一次機會。

Thanks, John.

謝謝，約翰。

Julio Romero, Sidoti & company.

胡里奧·羅梅羅，西多蒂公司。

Thanks. Hey, good morning, Joe, James, and Alexa. Thanks very much for taking the questions. Maybe to start on the contractor solutions segment. Very nice quarter here. Your prepared commentary sounds like you feel pretty good. You're through customer destocking. Some of the HVAC OEMs have noted positive commentary surrounding residential HVAC demand. I think one major one called out low single digit volume growth for the remainder of calendar '24. Is that in line with what you folks are seeing at the moment?

謝謝。嘿，早上好，喬、詹姆斯和 Alexa。非常感謝您提出問題。也許可以從承包商解決方案領域開始。這裡非常好。你準備好的評論聽起來感覺不錯。您已完成客戶前往庫存。一些暖通空調原始設備製造商注意到了圍繞住宅暖通空調需求的積極評論。我認為一項重要的報告指出，24 日曆年剩餘時間裡銷量成長將呈現低個位數成長。這與大家目前看到的相符嗎？

Well, we've seen mixed projections. The industry wide estimates going forward are much lower than that. But I do believe that in real time, the OEM community seems to be a little more positive. So I would say mixed kind of backdrop for us. But against that, our commitment has always to outgrow the market, and we think that will result in positive organic growth for us and similar to last year.

嗯，我們看到了混合的預測。整個產業對未來的預測遠低於此。但我確實相信，實際上，OEM 社群似乎更加積極一些。所以我想說我們的背景是混合的。但與此相反，我們的承諾始終是超越市場，我們認為這將為我們帶來積極的有機成長，與去年類似。

Understood. And as we think about contractor solutions positive organic growth, I guess it would be a mix of price and volume for fiscal '25?

明白了。當我們考慮承包商解決方案的積極有機增長時，我想這將是 25 財年價格和數量的結合？

Yes. We've already put our price increase through, and that's the usual few percent. We're back to just normal lowish single digits. And then we would expect volumes to grow as well.

是的。我們已經完成了價格上漲，這只是通常的幾個百分點。我們回到了正常的低個位數。然後我們預計銷量也會成長。

Then you have the acquisition tailwind from dust free, as I mentioned, getting into that indoor air quality market was important to us. So yeah, we see acquisition growth, unit volume growth, and then the tailwind of pricing all contributing to that topline growth.

然後，正如我所提到的，進入室內空氣品質市場對我們來說很重要。所以，是的，我們看到收購成長、單位銷售成長以及定價的推動都有助於營收成長。

Excellent. And then just to delve into Dust Free a little bit. Indoor air quality is not a theme I believe I've heard you guys talk about too much in the past. Can you maybe speak to the indoor air quality opportunity? And are there other inorganic opportunities that are in line with that indoor air quality theme going forward?

出色的。然後稍微深入研究一下無塵。室內空氣品質不是一個主題，我相信我過去聽你們談論太多了。能談談室內空氣品質機會嗎？未來是否還有其他符合室內空氣品質主題的無機機會？

There are, sure. And yeah, we can certainly dive into indoor air quality quite a bit. It's a topic that has been out there for a long time with filtration and some UV technology. But when COVID hit, it became a really big topic.

當然有。是的，我們當然可以深入研究室內空氣品質。這個關於過濾和一些紫外線技術的話題已經存在很久了。但當新冠肺炎爆發時，它就成為了一個非常大的話題。

And I'll give our contractor solutions team a lot of credit. Our first step was not to go out and make an acquisition when it really started to surge. Our step was to partner with Dust Free, who's a local company here just outside of Dallas. So our team being in Houston, it was convenient to do that.

我將高度讚揚我們的承包商解決方案團隊。我們的第一步是，當它真正開始飆升時，不要出去進行收購。我們的步驟是與 Dust Free 合作，它是達拉斯郊外的一家當地公司。所以我們的團隊在休士頓，這樣做很方便。

Our team had known the folks at Dust Free, which is a multi-generational company for a long time. So we licensed their product. And we became a master distributor for them. And we learned the product category; we learned how to sell through the channel.

我們的團隊很早就認識 Dust Free 的員工，這是一家經歷了幾代人的公司。所以我們授權了他們的產品。我們成為了他們的主要經銷商。我們了解了產品類別；我們學會如何透過管道進行銷售。

There's some OEM customer business there as well. It's not all the same distribution channel that we go through. There's some direct to OEM type products as well. So our sales force learned that channel, learned to work with those folks in a little different way and really understood the category.

那裡也有一些 OEM 客戶業務。我們所經歷的分銷管道並不完全相同。還有一些直接 OEM 類型的產品。因此，我們的銷售人員了解了該管道，學會了以稍微不同的方式與這些人合作，並真正了解了這個類別。

A lot of indoor air quality companies had a surge, came back to earth and didn't make it or haven't done much. Dust Free has continued to be proven to be one of the winners in the category. So we had the opportunity to partner with the ownership team there and buy the company. And we took advantage of that opportunity earlier this year and a really nice transaction for that family that really built a great company. And good to have this as part of the CSWI family now.

許多室內空氣品質公司經歷了一次飆升，但回到現實後卻沒有成功，或者沒有做太多事情。事實證明，Dust Free 是該類別中的贏家之一。因此，我們有機會與那裡的所有權團隊合作並購買該公司。我們今年早些時候利用了這個機會，為那個家族進行了一次非常好的交易，真正建立了一家偉大的公司。現在很高興將其納入 CSWI 家族。

So again, it's a product that's got a lot of different applications, again, through filtration and UV technology and some other things they're developing. So really proud to have that business. But it's a quality -- it's indoor air quality as a segment that we've talked about here and there because we've been licensing it. But now that it's part of who we are, we can look at growing that business organically, but also seeing bolt on acquisitions as we always do when we enter a new category.

同樣，透過過濾和紫外線技術以及他們正在開發的其​​他一些東西，這種產品有很多不同的應用。擁有這項業務真的很自豪。但這是一種品質——室內空氣品質作為我們在這裡和那裡談論的一個部分，因為我們已經獲得了許可。但現在它已經成為我們的一部分，我們可以考慮有機地發展業務，但也可以像我們進入新類別時所做的那樣，進行收購。

You saw us do that when we bought TRUaire four years ago. We bought TRUaire that was our entry to the GRD market. A year later, we added Shoemaker as a product portfolio. They gave us a little different geography and got us into the specific commercial segment as well. So yeah, building on categories like that that we are already in has been a focus of our M&A on D&A.

四年前我們收購 TRUaire 時，您就看到我們這樣做了。我們購買了 TRUaire，這是我們進入 GRD 市場的入口。一年後，我們將 Shoemaker 加入為產品組合。他們為我們提供了一些不同的地理位置，並讓我們進入了特定的商業領域。所以，是的，建立在我們已經所處的類別之上一直是我們在 D&A 方面併購的重點。

Perfect. And then just last one for me is, I'm sure it's probably somewhere in the 10-K, somewhere, but remind us of your HVAC book sales as of today as a percentage of the overall business.

完美的。最後一個對我來說是，我確信它可能在 10-K 的某個地方，但請提醒我們截至今天您的 HVAC 圖書銷售額佔整體業務的百分比。

Let me pull that forward real quick. HVAC was 54% this last year and was 55% the year before. So it stayed pretty steady.

讓我快速推動這一點。去年 HVAC 為 54%，前年為 55%。所以一直保持相當穩定的狀態。

Stays steady, but I assume with Dust Free, it'll probably trend.

保持穩定，但我認為，隨著無塵，它可能會流行。

That's the total. Contractor solutions HVAC is the vast majority. Plumbing and electric being the other couple of pieces relatively small, HVAC is the vast majority. And keep in mind, again, we categorize those things based on who we sell to. So there's some HVAC products that go to more plumbing distributors and vice versa.

這就是總數。承包商解決方案 HVAC 佔絕大多數。管道和電力是另外兩個相對較小的部分，暖通空調佔據了絕大多數。再次記住，我們根據我們的銷售對象對這些東西進行分類。因此，有些暖通空調產品會流向更多的管道經銷商，反之亦然。

So it's not an exact science. But the overall consolidated entity, the way we reported in the 10-K is 54% total, all of that, of course, being within contractors.

所以這不是一門精確的科學。但就整體合併實體而言，我們在 10-K 中報告的方式為 54%，當然，所有這些都在承包商內部。

Yes. Industry will be incremental to that.

是的。工業將對此進行增量。

Absolutely.

絕對地。

Very good. Thanks very much. I'll hop back into queue.

非常好。非常感謝。我會跳回隊列。

Thanks, Julio.

謝謝，胡里奧。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, guys. Thanks for the follow up. Just wanted to get an update on the M&A pipeline, which you're seeing out there, what end markets look relatively more attractive today. And if you're seeing the opportunity of the valuations change compared to the last quarter or two quarters that you've been in the market?

嗨，大家好。感謝您的跟進。只是想了解您所看到的併購管道的最新情況，以及當今哪些終端市場看起來相對更具吸引力。與您進入市場的最後一個季度或兩個季度相比，您是否看到估值變化的機會？

Sure. We see a strong, robust pipeline for our potential acquisitions. Very pleased with the continuing interest in partnering with us and the way the team identifies opportunities for us. So no shortfall there.

當然。我們看到了潛在收購的強大管道。對與我們合作的持續興趣以及團隊為我們尋找機會的方式感到非常高興。所以那裡不存在任何缺點。

We do feel like the backdrop has cooled off just a bit. Feels like maybe the sponsor community has been slower to bid on -- overbid on potential acquisitions. And so we're encouraged by that.

我們確實覺得背景已經冷卻了一點。感覺贊助商社群的出價速度可能較慢——對潛在收購的出價過高。我們對此感到鼓舞。

Obviously, interest rates are up and it's more expensive, but that is with our strong balance sheet and our cash flow. We think that's a better environment for us in a lot of ways because we can weather that storm much better than some others. So very pleased with the outlook. Very pleased with the pipeline. We'd be very disappointed if we can't get something done this year.

顯然，利率上升並且價格更加昂貴，但這是因為我們強大的資產負債表和現金流。我們認為這在很多方面對我們來說都是一個更好的環境，因為我們比其他一些人能夠更好地抵禦這場風暴。對前景非常滿意。對管道非常滿意。如果今年我們不能完成一些事情，我們會非常失望。

Got it. And then lastly, just a little more drill-down on the EBS segment. I was just wondering what the order trends have looked like. I know, you've given the trailing eight quarters of book to bill. But in the last two quarters, if things have kept pace relatively with how things have trended over a longer timeframe. Just looking at, ABI has been down for many quarters in a row now, and I'm wondering if that strength is sustainable. I know you guys are at the end of projects that are funded, but any insight into the real-time would be helpful.

知道了。最後，再深入了解 EBS 部分。我只是想知道訂單趨勢是什麼樣的。我知道，您已將本書的後八個季度付清。但在過去兩個季度，情況是否與較長時間內的趨勢相對保持同步。看看，ABI 已經連續多個季度下降，我想知道這種強勁勢頭是否可持續。我知道你們的資助計畫已接近尾聲，但任何對即時情況的深入了解都會有所幫助。

Yeah, we see the same ABI results, and obviously, that's the negative for a while. Our team has just done a really good job focused on the right products. The backlog has been relatively flat for the last couple of quarters. At least we're keeping up with the revenues, which is important. So, we've got a good healthy backlog.

是的，我們看到了相同的 ABI 結果，顯然，這在一段時間內是負面的。我們的團隊剛剛在專注於正確的產品方面做得非常出色。過去幾季的積壓情況相對穩定。至少我們跟上了收入，這很重要。因此，我們有良好的積壓訂單。

Some of the projects have slowed down a bit, but as we've always said, the vast majority of our projects in the backload are out of the ground. And we're at the back end, so it takes a while.

有些專案已經放慢了一點，但正如我們一直說的，我們絕大多數的待處理專案都已啟動。我們處於後端，所以需要一段時間。

Some of the markets that were a little hotter a couple of years ago, like Toronto, slowed down a bit. That's just natural. Some parts of California have picked up, so you've seen things flip a little bit.

一些幾年前還比較熱的市場，像是多倫多，現在已經放緩了一些。這很自然。加州的一些地區已經回暖，所以你會看到事情發生了一些變化。

Our Balco business has done really well. The Greco business has done really well. Smoke Guard is finding some new creative ways to use their products in different applications. So Scott and his team are really doing a nice job of seeing things.

我們的拜戈業務做得非常好。Greco 的生意做得非常好。Smoke Guard 正在尋找一些新的創意方法來在不同的應用中使用他們的產品。所以斯科特和他的團隊在觀察事物方面確實做得很好。

I would say that overall, things are a little slower going from bidding to booking, but our team is out there seeing a lot of bids. Just that cycle to turn it into backlog is maybe taking a little longer, but they're still getting the job done. And across the board, they're finding, as I said, new applications and really focused on the right areas.

我想說的是，總的來說，從投標到預訂的過程有點慢，但我們的團隊看到了很多投標。只是將其轉化為積壓的周期可能需要更長的時間，但他們仍在完成工作。正如我所說，他們正在全面尋找新的應用程序，並真正專注於正確的領域。

When one area slows down, another one tends to pick up a little bit in the construction market. And despite ABI being relatively negative, our team is just focused on the right markets and the right projects. And that's important.

當一個領域放緩時，另一個領域的建築市場往往會略有回升。儘管 ABI 相對負面，但我們的團隊只專注於正確的市場和正確的專案。這很重要。

We really make sure before we book a project that we've invested a lot of time on the estimating to really cost out the project, but also do the due diligence on the project itself. Is it a high-quality project? Does it have financing? Those kinds of things.

在預訂專案之前，我們確實要確保投入大量時間估算專案的實際成本，同時對專案本身進行盡職調查。這是一個高品質的項目嗎？有融資嗎？諸如此類的事情。

So you don't see in our backlog projects that are high in the sky. One may go away occasionally. That happens with in any business. But overall, we are working with very high-quality customers and projects that expect to be completed.

所以你在我們的積壓項目中看不到高高在上的項目。一個人可能偶爾會離開。任何企業都會發生這種情況。但總的來說，我們正在與非常高品質的客戶和預計完成的專案合作。

Jon, the other thing I would add there is you've been an astute observer here. But the slowdown, if there is a slowdown, will be well telegraphed. It shows up in biddings; it shows up in bookings; it shows up in backlog long before it shows up in revenue.

喬恩，我要補充的另一件事是，你在這裡是一位精明的觀察者。但如果確實存在經濟放緩，那麼這種經濟放緩將會被很好地傳達出來。它出現在投標中；它出現在預訂中；它早在收入中出現之前就出現在積壓中。

So we learned that through the pandemic. And at this point, a lot of that backlog is now in the revenue phase and that is going to be shown in the past results we're seeing. But we'll have lots of warning if that market for us -- if that segment turns down.

所以我們透過大流行了解到了這一點。目前，許多積壓訂單現在處於收入階段，這將在我們看到的過去的結果中反映出來。但如果這個市場對我們來說——如果這個細分市場出現下滑，我們將會收到很多警告。

Understood. Thank you.

明白了。謝謝。

Thanks, Jon.

謝謝，喬恩。

Thanks, Jon.

謝謝，喬恩。

We have reached the end of the question-and-answer session. And now I'd like to turn the call back over to management for closing comments.

我們的問答環節已經結束。現在我想將電話轉回給管理層以徵求結束意見。

Great. Rob, thank you very much. We really appreciate everybody's interest in CSWI's 8.5 years. And really, really pleased with the results. Really pleased with performance of the team. And thank you for your interest, and I hope you'll continue to partner with us. Thank you.

偉大的。羅布，非常感謝你。我們非常感謝大家對 CSWI 8.5 年的關注。對結果真的非常滿意。對團隊的表現非常滿意。感謝您的關注，希望您繼續與我們合作。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。