CSW Industrials Inc (CSW) 2025 Q4 法說會逐字稿

Greetings. Welcome to CSW Industrials, Incorporated fourth-quarter and full-year earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Alexa Huerta, Vice President of Investor Relations and Treasurer. Thank you. You may begin.

問候。歡迎參加 CSW Industrials, Incorporated 第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁兼財務主管 Alexa Huerta。謝謝。你可以開始了。

Thank you, Sherry. Good morning, everyone, and welcome to the CSW Industrials fiscal 2025 fourth quarter and full year earnings call. Joining me today on the call 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，雪莉。大家早安，歡迎參加 CSW Industrials 2025 財年第四季和全年財報電話會議。今天與我一起參加電話會議的還有 CSW Industrials 董事長、執行長兼總裁 Joseph Armes；以及執行副總裁兼財務長詹姆斯佩里 (James Perry)。

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.

我們在今天市場開盤前發布了收益報告、更新的投資者關係介紹和 10-K 表格，所有這些都可以在我們網站 www.cswindustrials.com 的投資者部分找到。這次電話會議正在進行網路直播，有關重播的資訊已包含在收益報告中。

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.

在本次電話會議中，我們將做出前瞻性陳述。這些聲明是基於目前的預期和假設，受各種風險和不確定性的影響。

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.

由於我們今天在收益報告中討論的因素和本次電話會議上發表的評論，以及我們在 10-K 表年度報告和向美國證券交易委員會提交的其他文件中確定的風險因素，實際結果可能會有重大差異。我們不承擔更新任何前瞻性陳述的義務。

I will now turn the call over to Joe.

現在我將把電話轉給喬。

Thank you, Alexa. Good morning, everyone. It is my pleasure to report that once again our team has delivered record results for revenue, adjusted EBITDA, adjusted earnings per diluted share, and adjusted net income for the fourth quarter of fiscal year 2025. This morning, we reported fiscal fourth quarter revenue of $231 million, as well as fiscal fourth quarter adjusted EBITDA of $60 million, adjusted earnings per diluted share of $2.24, and adjusted net income of $38 million.

謝謝你，Alexa。大家早安。我很高興地報告，我們的團隊在 2025 財年第四季再次取得了創紀錄的收入、調整後 EBITDA、調整後每股盈餘和調整後淨收入。今天上午，我們報告了第四財季營收為 2.31 億美元，第四財季調整後 EBITDA 為 6,000 萬美元，調整後每股攤薄收益為 2.24 美元，調整後淨收入為 3,800 萬美元。

I'm also proud to note that the team delivered record results for the full fiscal year 2025 for revenue, adjust EBITDA, adjusted earnings per diluted share, adjusted net income, and cash flow from operations. We reported full year revenue of $878 million, adjusted EBITDA of $228 million, including margin expansion of 70 basis points to 25.9%; adjusted earnings per diluted share of $8.41, adjusted net income of $137 million, and cash flow from operations of $168 million.

我還自豪地指出，該團隊在 2025 財年全年的收入、調整後 EBITDA、調整後每股攤薄收益、調整後淨收入和經營現金流方面均取得了創紀錄的業績。我們報告全年收入為 8.78 億美元，調整後 EBITDA 為 2.28 億美元，利潤率擴大 70 個基點至 25.9%；調整後每股攤薄收益為 8.41 美元，調整後淨收入為 1.37 億美元，經營現金流為 1.68 億美元。

Our resilient business segments have focused on our customers and on operational excellence, and as a result, we have outperformed the markets we serve. James will provide further details of the performance of each of the three business segments for the last quarter of fiscal 2025.

我們的彈性業務部門專注於我們的客戶和卓越的運營，因此，我們在所服務的市場中表現優異。詹姆斯將提供 2025 財年最後一個季度三個業務部門各自業績的更多細節。

During the fiscal fourth quarter, we announced a definitive agreement to acquire Aspen Manufacturing for $313.5 million and we were pleased to consummate this accretive and synergistic acquisition on May 1, 2025. The Aspen acquisition is the second largest acquisition our company has made, and Aspen will expand our HVAC/R product offering with the addition of market leading evaporator coils and air handlers.

在第四財季，我們宣布了一項最終協議，以 3.135 億美元收購 Aspen Manufacturing，我們很高興在 2025 年 5 月 1 日完成這項增值和協同收購。收購 Aspen 是我們公司進行的第二大收購，Aspen 將透過增加市場領先的蒸發器盤管和空氣處理機來擴大我們的 HVAC/R 產品供應。

Before I turn the call over, I'd like to thank our team for delivering solid growth for the fiscal full-year 2025. Our impressive results, strong balance sheet, and capital allocation discipline have continued to fuel our success.

在轉交電話之前，我想感謝我們的團隊在 2025 財年全年實現了穩健的成長。我們令人印象深刻的業績、強勁的資產負債表和資本配置紀律繼續推動著我們的成功。

We will be celebrating our 10-year anniversary as a public company later this year, and in anticipation of this milestone, we announced in late April that the company will be moving to the New York Stock Exchange on June 9. We believe this strategic move to the world's largest stock exchange will be beneficial to all shareholders and provide additional liquidity and our team looks forward to joining the other outstanding industrial companies on the NYSE.

我們將於今年稍晚慶祝公司上市十週年，為了迎接這一里程碑，我們在四月底宣佈公司將於 6 月 9 日在紐約證券交易所上市。我們相信，此次向全球最大證券交易所上市的策略性舉措將有利於所有股東並提供額外的流動性，我們的團隊期待加入紐約證券交易所其他優秀的工業公司。

I also wanted to share a few longer-term metrics that demonstrate the execution and commitment of our dedicated team. Our revenue compound annual growth rate, or CAGR since the spinoff in October of 2015 is 14.1%. This average annual growth rate for the last 9.5 years has outpaced the markets we serve by a wide margin.

我也想分享一些長期指標，證明我們敬業團隊的執行力和承諾。我們的營收複合年增長率（自 2015 年 10 月分拆以來的 CAGR）為 14.1%。過去 9.5 年的年平均成長率遠超過我們所服務的市場。

Our adjusted EBITDA CAGR over the same period is 16.5%, which denotes that the team has delivered operating leverage on the revenue growth despite our already having industry leading margins when we went public in 2015. In less than 10 years, we have grown our market cap over 1,000% and total shareholder return is also over 1,000%.

我們同期的調整後 EBITDA CAGR 為 16.5%，這表明儘管我們在 2015 年上市時已經擁有行業領先的利潤率，但團隊仍在收入增長上發揮了經營槓桿作用。在不到 10 年的時間裡，我們的市值成長了 1,000% 以上，股東總回報率也超過了 1,000%。

While I am pleased with the results that we have delivered and the value we have created for our shareholders over this past decade, I am equally optimistic as I look forward to what the company can accomplish over the next 10 years. At this time, I'll turn the call over to James for a closer look at our results, and following those comments, I'll return and conclude our prepared remarks.

我對我們在過去十年所取得的業績和為股東創造的價值感到滿意，同時我同樣對公司在未來十年所取得的成就充滿樂觀。現在，我將把電話轉給詹姆斯，讓他仔細看看我們的結果，然後根據這些評論，我將回來並結束我們準備好的演講。

Thank you, Joe, and good morning, everyone. As Joe mentioned, during fiscal 2025, we delivered record revenue of $878 million representing growth of 11%. $38 million of the growth was organic, with the remaining $48 million of growth coming from the acquisitions of Dust Free, PSP Products, and PF Waterworks that we completed since February 2024. Operating leverage on this revenue drove 14% growth in adjusted EBITDA, along with 70 basis points of margin expansion and over 20% growth in adjusted earnings per diluted share.

謝謝你，喬，大家早安。正如喬所提到的，在 2025 財年，我們實現了創紀錄的 8.78 億美元的收入，成長了 11%。其中 3,800 萬美元的成長是有機成長，其餘 4,800 萬美元的成長則來自於我們自 2024 年 2 月以來完成的對 Dust Free、PSP Products 和 PF Waterworks 的收購。此營收的經營槓桿推動調整後 EBITDA 成長 14%，利潤率擴大 70 個基點，調整後每股稀釋收益成長 20% 以上。

Our consolidated revenue during the fiscal fourth quarter of 2025 was a record $231 million, a $20 million or 9% increase when compared to the prior year period. $13.5 million of the revenue growth came from the aforementioned acquisitions. The remaining growth was organic, primarily due to higher volumes and pricing actions in Contractor Solutions, offset somewhat by declines in the other two segments.

我們 2025 財年第四季的綜合營收達到創紀錄的 2.31 億美元，與去年同期相比成長 2,000 萬美元，增幅為 9%。其中 1,350 萬美元的營收成長來自上述收購。其餘成長為有機成長，主要由於承包商解決方案業務量增加和定價舉措，但其他兩個部門的下滑在一定程度上抵消了這一增長。

Consolidated gross profit in the fiscal fourth quarter was $102 million, representing 9% growth over the prior year period. Our gross profit margin remained relatively flat at 44.2% compared to 44.4% in the prior year period. The slight decrease from the prior year was primarily driven by decreased gross profit margins in both Specialized Reliability Solutions and Engineered Building Solutions, mostly offset by growth in Contractor Solutions.

第四財季綜合毛利為 1.02 億美元，較去年同期成長 9%。我們的毛利率與去年同期的 44.4% 相比保持相對平穩，為 44.2%。與去年相比略有下降，主要是由於專業可靠性解決方案和工程建築解決方案的毛利率下降，但大部分被承包商解決方案的成長所抵消。

Our consolidators adjusted EBITDA during the fiscal fourth quarter increased by $4 million to a fiscal fourth quarter record of $60 million which was 7% growth when compared to the prior year period. Our adjusted EBITDA margin declined by 60 basis points to 25.9% compared to 26.5% in the prior year quarter, as we had additional expenses related to our recently acquired companies, including investments to support their successful integration, as well as inbound increased freight expense.

我們的整合商在第四財季調整後的 EBITDA 增加了 400 萬美元，達到第四財季創紀錄的 6,000 萬美元，與去年同期相比成長了 7%。我們的調整後 EBITDA 利潤率下降了 60 個基點，至 25.9%，而去年同期為 26.5%，因為我們有與最近收購的公司相關的額外費用，包括支持其成功整合的投資，以及增加的入境運費。

Adjusted net income attributable to CSW in the quarter was a fiscal fourth quarter record of $38 million with a record $2.24 of adjusted earnings per diluted share compared to $32 million or $2.04, respectively, in the prior year period, representing 19% growth in adjusted net income and 10% growth in adjusted EPS.

本季歸屬於 CSW 的調整後淨收入創下第四財季記錄，達到 3,800 萬美元，調整後每股攤薄收益達到創紀錄的 2.24 美元，而去年同期分別為 3,200 萬美元和 2.04 美元，調整後淨收入增長 19%，調整後每股收益增長 10%。

The lower EPS growth as compared to net income was due to the higher share count from the successful follow-on equity offering in September in which we issued an additional 1.265 million shares for $347 million in proceeds net of fees. This growth came as a result of the aforementioned performance in adjusted EBITDA and lower interest expense, which turned to interest income in the fiscal second quarter after the full repayment of our revolver balance with the proceeds from our follow-on equity offering.

與淨收入相比，每股盈餘成長較低是由於 9 月成功進行後續股票發行導致股票數量增加，當時我們額外發行了 126.5 萬股股票，扣除費用後的收益為 3.47 億美元。這一增長是由於上述調整後 EBITDA 的表現和較低的利息支出，在我們用後續股票發行所得全額償還循環信貸餘額後，利息支出在第二財季轉為利息收入。

There were two non-recurring adjusting items to EBITDA, net income, and EPS in the fiscal fourth quarter. The $2.1 million increase in the expected earnout consideration for the PSP Products acquisition due to revenue outperformance since the acquisition. And $1.4 million of transaction expenses incurred during the quarter for the Aspen Manufacturing acquisition. Both of these adjusted items occurred in our Contractor Solution segment.

第四財季的 EBITDA、淨收入和 EPS 有兩項非經常性調整項目。由於收購以來收入表現優異，PSP Products 收購的預期獲利對價增加了 210 萬美元。本季因收購 Aspen Manufacturing 而產生的交易費用為 140 萬美元。這兩項調整後的項目都出現在我們的承包商解決方案部門。

During the fourth quarter, our Contractor Solution segment, with $166 million in revenue, accounted for 71% of our consolidated revenue and delivered $24.7 million or 17.5% growth when compared to the prior year quarter. Of the revenue growth in the quarter, $13.5 million or 9.5% came from our recent acquisitions, while the remaining $11.2 million or 8% was driven by organic volume growth in pricing actions. This solid organic growth is in line with our stated mid- to high-single digit growth target in the Contractor Solutions segment.

第四季度，我們的承包商解決方案部門營收為 1.66 億美元，占我們合併收入的 71%，與去年同期相比成長 2,470 萬美元，增幅為 17.5%。本季的營收成長中，1,350 萬美元（9.5%）來自我們最近的收購，其餘 1,120 萬美元（8%）則由定價行動帶來的有機銷售成長推動。這種穩健的有機成長符合我們在承包商解決方案領域提出的中高個位數成長目標。

During the quarter, we had growth in the HVAC/R and electrical in markets. Adjusted EBITDA for the segment was $56 million or 33.7% of revenue, compared to $47 million or 33.5% of revenue in the prior year period. The slight increase in adjusted EBITDA margin came from higher gross margins due to pricing actions, which offset increased freight expense combined with the decrease in operating expenses as a percent of revenue.

本季度，我們的 HVAC/R 和電氣市場實現了成長。該部門的調整後 EBITDA 為 5,600 萬美元，佔營收的 33.7%，而去年同期為 4,700 萬美元，佔營收的 33.5%。調整後的 EBITDA 利潤率略有增加，這是由於定價行動導致的毛利率上升，抵消了運費的增加以及營業費用佔收入百分比的下降。

Our Specialized Reliability Solution segment revenue decreased by 9% to $38 million as compared to the prior period. Revenue increased in the general industrial market but declined in the energy, rail transportation, and mining end markets.

我們的專業可靠性解決方案部門營收與上一季相比下降了 9%，至 3,800 萬美元。一般工業市場收入增加，但能源、軌道運輸和礦業終端市場收入下降。

The lower revenue was driven primarily by softer market demand, most pronounced early in the fourth quarter, which drove a decline in unit volumes versus the prior period. And also due to a stronger prior year fourth quarter due to a catch up from shipping issues at the end of the third quarter of the prior fiscal year.

營收下降的主要原因是市場需求疲軟，尤其是在第四季初，導致銷量較上一季下降。同時也由於上一財年第三季末運輸問題的解決，導致去年第四季業績表現更為強勁。

The segment EBITDA of $5.8 million in the fourth quarter represented a decrease of 30% from $8.2 million in the prior year period. The EBITDA margin contracted 450 basis points to 15.3% in the current period, driven primarily by a decrease in gross margins due to the lower volume, more growth coming from lower margin products, and higher freight expenses related to the strategic management of international inventory ahead of tariffs.

第四季該部門的 EBITDA 為 580 萬美元，較去年同期的 820 萬美元下降 30%。本期 EBITDA 利潤率收縮 450 個基點至 15.3%，主要原因是銷售下降導致毛利率下降、低利潤產品帶來的成長較多，以及關稅前國際庫存策略管理相關的運費增加。

Our Engineered Building Solution segment revenue decreased by 4% to $28.7 million compared to $30.1 million in the prior year period, driven simply by the timing of projects converting to revenue from backlog. I'll note that the prior year period had a large project completed that will not recur this year.

我們的工程建築解決方案部門收入為 2,870 萬美元，較去年同期的 3,010 萬美元下降 4%，這僅僅是由於專案從積壓轉化為收入的時間。我要指出的是，去年同期已經完成了一個大型項目，今年不會再重複了。

Bidding and booking trends remained solid during the fiscal fourth quarter, which was one of the segment's highest booking quarters in our history. And our book to build ratio for the trailing eight quarters remained at 1:1. The backlog increased sequentially during the quarter with projects that will deliver favorable margin mix in future quarters as they convert to revenue.

第四財季的競標和預訂趨勢依然穩健，這是我們歷史上該部門預訂量最高的季度之一。過去八個季度，我們的訂單與建造比率仍保持在 1:1。本季積壓訂單季增，這些項目將在未來幾季轉化為收入，帶來有利的利潤組合。

Segment EBITDA was 33% lower than the prior year period at $4.2 million or a 14.5% EBITDA margin compared to $6.2 million and 20.5% in the prior year period. The contraction in EBITDA margin in the current period was primarily due to a $1.2 million gain in the prior year period on the sale of an operating property that did not recur, which reduced gross margin during the current reporting period as well as operating expenses as a higher percentage of revenue.

該部門 EBITDA 較去年同期下降 33%，為 420 萬美元，EBITDA 利潤率為 14.5%，而去年同期為 620 萬美元，EBITDA 利潤率為 20.5%。本期 EBITDA 利潤率的收縮主要是由於去年同期出售未重複發生的經營性資產獲得了 120 萬美元的收益，這降低了本報告期的毛利率，也導致營業費用佔收入的比例上升。

Transitioning to our strong balance sheet and cash flow. We ended our fiscal fourth quarter of 2025 with $226 million of cash and reported cash flow from operations of $27 million in the quarter, up 22% compared to $22 million in the same quarter last year driven by increased net income.

轉向我們強勁的資產負債表和現金流。我們以 2.26 億美元現金結束了 2025 財年第四季度，並報告本季的經營現金流為 2,700 萬美元，與去年同期的 2,200 萬美元相比增長了 22%，這得益於淨收入的增長。

For the full fiscal year 2025, the company had a record cash flow from operations of $168 million or 2% growth compared to $164 million in the prior fiscal year. Our free cash flow, defined as cash flow from operations minus capital expenditures, was $22.8 million in the fiscal fourth quarter as compared to $17.5 million in the same period a year ago. This resulted in free cash flow per share $1.35 in the fiscal fourth quarter as compared to $1.12 in the same period a year ago, which was even more impressive when considering the additional shares included in this year's quarter from the follow-on equity offering.

2025 財年全年，該公司的營運現金流創下新高，達到 1.68 億美元，較上一財年的 1.64 億美元成長 2%。我們的自由現金流（即經營活動產生的現金流量減去資本支出）在第四財季為 2,280 萬美元，而去年同期為 1,750 萬美元。這使得第四財季每股自由現金流為 1.35 美元，而去年同期為 1.12 美元，考慮到今年季度透過後續股票發行新增的股份，這一成績更加令人印象深刻。

Our free cash flow for the full fiscal year was $152.1 million as compared to $147.8 million in the prior fiscal year. That resulted in free cash flow per share of $9.32 for fiscal 2025. That's compared to $9.48 in the prior fiscal year. The reduction of free cash flow per share on the higher free cash flow was due to the additional shares from the follow-on equity offering.

我們整個財年的自由現金流為 1.521 億美元，而上一財年的自由現金流為 1.478 億美元。這使得 2025 財年的每股自由現金流達到 9.32 美元。相比之下，上一財年為 9.48 美元。每股自由現金流在自由現金流增加的情況下有所減少，這是由於後續股票發行增加了股份。

As discussed last quarter, we repaid all of our borrowings under the revolver in September of 2024, utilizing the cash received from our follow-on equity offering. As a result, the company was able to eliminate most of our interest expense and invest the net proceeds from the follow-on equity offering in money market accounts to generate interest income.

正如上個季度所討論的，我們利用後續股票發行所獲得的現金，於 2024 年 9 月償還了循環信貸項下的所有借款。因此，公司能夠消除大部分利息支出，並將後續股票發行的淨收益投資於貨幣市場帳戶以產生利息收入。

As Joe mentioned, in the fiscal fourth quarter, we announced a definitive agreement to acquire Aspen Manufacturing for $313.5 million. We completed the acquisition subsequent to year end on May 1, 2025. We used most of our cash-on-hand at that time and borrowed $135 million from our revolving credit facility to fund the transaction.

正如喬所提到的，在第四財季，我們宣布了一項最終協議，以 3.135 億美元收購 Aspen Manufacturing。我們在 2025 年 5 月 1 日年底之後完成了收購。我們當時使用了大部分現金，並從循環信貸額度中藉入 1.35 億美元來資助這筆交易。

I would also like to highlight that subsequent to the end of fiscal 2025, the company renewed, extended, and upsized our revolving credit facility to $700 million earlier this month. The renewal of our revolver provides us with access to additional capital, allowing us to be nimble and opportunistic on growth opportunities. We are grateful to our banking partners for their support. Our effective tax rate for the fiscal fourth quarter was 24.6% on a GAAP basis and 24.7% when adjusted.

我還想強調的是，在 2025 財年結束後，公司本月初將循環信貸額度續約、延長並增加至 7 億美元。我們的循環信貸的更新為我們提供了獲得額外資本的途徑，使我們能夠靈活地抓住成長機會。我們感謝銀行合作夥伴的支持。我們第四財季的有效稅率以 GAAP 計算為 24.6%，調整後為 24.7%。

As mentioned in this morning's earnings release, as we look into fiscal 2026, we anticipate delivering full year growth in revenue and adjusted EBITDA for each segment, as well as consolidated EPS growth and even stronger growth in operating cash flow than in fiscal year 2025. We expect Aspen's fiscal 2026 revenue to grow in the high-single to low-double digits off their trailing 12-month revenue of $125 million through our fiscal 2025 year-end.

正如今天早上的收益報告中所提到的，展望 2026 財年，我們預計各部門全年收入和調整後 EBITDA 將實現增長，合併每股收益也將增長，經營現金流也將比 2025 財年增長得更強勁。我們預計，到 2025 財年末，Aspen 2026 財年的營收將比過去 12 個月的 1.25 億美元成長高個位數至低兩位數。

Note that Aspen's quarterly revenue sequencing is weighted more heavily to our first and second fiscal quarters due to the nature of their products. As such, we expect that Contractor Solutions go forward quarterly revenue seasonality will be more pronounced than we've experienced in the past.

請注意，由於產品的性質，Aspen 的季度收入排序在我們的第一和第二財季中佔比更大。因此，我們預計承包商解決方案未來季度收入的季節性將比過去更加明顯。

We expect Aspen's EBITDA margin to be approximately 24% for the full fiscal year 2026 as we begin our work to improve the Aspen margins over time. The Aspen margin will vary from this full year level from quarter-to-quarter due to the seasonality of the business.

我們預計，隨著我們開始努力逐步提高 Aspen 的利潤率，Aspen 的 2026 財年全年 EBITDA 利潤率將達到約 24%。由於業務的季節性，Aspen 利潤率每個季度都會與全年水準有所不同。

As a reminder, Aspen will only be included in our results for 11 months during fiscal year 2026 and two months in our fiscal first quarter due to the May 1 acquisition date. As I previously mentioned, the company borrowed $135 million from our revolving line of credit and used the remainder of our cash on hand from the follow-on equity offering to fund the Aspen acquisition on May 1, so we are no longer forecasting quarterly net interest income.

提醒一下，由於收購日期為 5 月 1 日，Aspen 將只納入我們 2026 財年 11 個月的業績和第一財季 2 個月的業績。正如我之前提到的，該公司從我們的循環信用額度中藉入了 1.35 億美元，並使用後續股票發行中剩餘的現金為 5 月 1 日的 Aspen 收購提供資金，因此我們不再預測季度淨利息收入。

Beginning in May, the company will begin incurring interest expense on our revolver borrowings. We anticipate paying off our current borrowings outstanding by the end of fiscal year 2026 if the company does not have further acquisitions throughout fiscal year 2026. Note that we continue to actively seek acquisitions, but do not include that in our forecast.

從五月開始，公司將開始產生循環借款的利息費用。如果公司在 2026 財年沒有進一步的收購，我們預計將在 2026 財年末償還目前未償還的借款。請注意，我們將繼續積極尋求收購，但不會將其納入我們的預測中。

With that context, we currently anticipate approximately $5.3 million in net interest expense for the full year, with the second fiscal quarter being the highest level. Our amortization of intangible assets will increase significantly over the prior year due to our acquisitions, most prominently from the Aspen acquisition.

基於此，我們目前預計全年淨利息支出約為 530 萬美元，其中第二財季的淨利息支出最高。由於我們的收購，最突出的是 Aspen 的收購，我們的無形資產攤銷將比前一年大幅增加。

We currently expect that the Aspen acquisition will add approximately $9.5 million of amortization expense in fiscal year 2026. This is a preliminary internal estimate and will be finalized during the fiscal year.

我們目前預計，收購 Aspen 將在 2026 財年增加約 950 萬美元的攤提費用。這是初步的內部估計，將在財政年度內最終確定。

In our first quarter 10-Q, we will provide the initial results of our purchase price allocation. Note that this forward-looking outlook was included in the quarterly investor presentation that we posted to our website this morning.

在我們的第一季 10-Q 中，我們將提供購買價格分配的初步結果。請注意，這項前瞻性展望已包含在我們今天早上發佈到我們網站的季度投資者報告中。

We expect Contractor Solutions overall adjusted EBITDA margin for the full fiscal year 2026 to be in the low-30s. Versus the recent margins closer to the mid-30s as we layer in our acquisitions in the inspected impact of tariffs. We are anticipating an overall cost of goods sold impact from increased tariffs, and we will update you each quarter as warranted on this highly fluid situation.

我們預計 Contractor Solutions 2026 財年全年整體調整後 EBITDA 利潤率將在 30% 出頭。與最近的利潤率相比，當我們在收購中考慮關稅的影響時，利潤率接近 30 年代中期。我們預計關稅上調將對整體銷售成本產生影響，我們將根據這一高度不穩定的情況每季向您通報最新情況。

We have taken broad-based action on pricing for our Contractor Solutions products to offset the new tariffs. Our approach as always is to prioritize protecting margin dollars, and we know that this approach can result in some margin compression.

我們對承包商解決方案產品的定價採取了廣泛的行動，以抵消新關稅。我們一如既往的做法是優先保護利潤，我們知道這種方法可能會導致利潤率壓縮。

And we continue to make strategic changes to our global supply chain to minimize the impact of tariffs and other potential disruptions. We also remain highly focused on cost discipline across the company, especially in the current economic environment.

我們將繼續對全球供應鏈進行策略性變革，以盡量減少關稅和其他潛在幹擾的影響。我們也高度重視整個公司的成本控制，尤其是在當前的經濟環境下。

During fiscal year 2026, Specialized Reliability Solutions and Engineered Building Solutions are each expected to have higher full year EBITDA margin on higher revenue than the prior year. We expect to see EPS growth in fiscal 2026, although the company does not anticipate EPS to grow as a percentage as much as revenue in EBITDA due to the additional shares outstanding from the follow-on equity offering, increased interest expense, and the increased intangible amortization from recent acquisitions.

在 2026 財年，專業可靠性解決方案和工程建築解決方案預計全年 EBITDA 利潤率都將高於前一年，收入也將更高。我們預計 2026 財年的每股盈餘將實現成長，但由於後續股票發行產生的額外流通股、利息支出的增加以及近期收購產生的無形資產攤銷的增加，公司預計每股收益的增幅不會與 EBITDA 的收入增幅相同。

Thus, we continue to focus on EBITDA as the best comparable measure of our profitability growth over time. We currently forecast our fiscal 2026 tax rate to be 26%, which may vary from quarter-to-quarter due to specific items.

因此，我們將繼續關注 EBITDA，將其作為衡量我們獲利能力隨時間成長的最佳可比較指標。我們目前預測 2026 財年的稅率為 26%，由於具體項目的不同，該稅率可能每季都有所不同。

With that, I'll now turn the call back to Joe for his closing remarks.

說完這些，我現在將電話轉回給喬，請他作最後發言。

Thank you, James. To summarize, during the fiscal fourth quarter of 2025, we posted record quarterly results for revenue, adjusted EBITDA, earnings per share, and adjusted net income. Our impressive 9%-plus revenue growth included both inorganic growth from our recent acquisitions and strong organic volume growth in Contractor Solutions.

謝謝你，詹姆斯。總而言之，在 2025 財年第四季度，我們公佈了創紀錄的營收、調整後 EBITDA、每股盈餘和調整後淨收入的季度業績。我們令人印象深刻的 9% 以上的收入成長包括我們最近收購帶來的無機成長和承包商解決方案的強勁有機成長。

Looking ahead to the full fiscal year of 2026, we will continue to focus on delivering sustainable growth that exceeds the markets we serve. We will continue to identify and pursue accretive acquisitions of innovative companies and products that are synergistic to our existing portfolio.

展望 2026 全年財年，我們將持續致力於實現超越我們所服務市場的永續成長。我們將繼續尋找並尋求與我們現有產品組合具有協同效應的創新公司和產品的增值收購。

I would like to take a moment to welcome the most recent group of employees to join the CSW family in connection with our acquisition of Aspen Manufacturing. Aspen Manufacturing is one of the largest independent evaporator coil and air handler manufacturers for the HVAC/R industry and is a recognized leader in product quality and indoor comfort.

我想花點時間歡迎最近一批員工因我們收購 Aspen Manufacturing 而加入 CSW 大家庭。Aspen Manufacturing 是 HVAC/R 行業最大的獨立蒸發器盤管和空氣處理器製造商之一，是公認的產品品質和室內舒適度領導者。

All of Aspen's products are designed, engineered, and assembled in the US. Bringing this line of HVAC/R equipment and the Aspen team under the CSW umbrella will expand our current product offering and allow us to distribute these products through our existing distribution centers across the US.

Aspen 的所有產品均在美國設計、製造和組裝。將這一系列 HVAC/R 設備和 Aspen 團隊納入 CSW 旗下將擴大我們目前的產品供應，並使我們能夠透過遍佈美國的現有配送中心分銷這些產品。

At CSW we are committed to an employee-centric culture where we focus on recruiting and retaining great talent, offering rewarding careers, and recognizing team members who excel while providing them the opportunity to earn a safe, secure, and dignified retirement. I could not be more proud to announce that CSW Industrials has recently been certified as a Great Place to Work for the third year in a row.

在 CSW，我們致力於以員工為中心的文化，我們專注於招募和留住優秀人才、提供有回報的職業生涯、認可表現出色的團隊成員，同時為他們提供安全、有保障和有尊嚴的退休機會。我非常自豪地宣布，CSW Industrials 最近連續第三年被認證為「最佳工作場所」。

This recognition is a testament to 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.

這項認可證明了我們對責任、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。我們如何成功很重要，而我們的成功取決於團隊成員的共同努力。

It's my pleasure to also announce that our Board has recently approved a profit sharing ESOP contribution fiscal 2025 equal to 6% of each US employee's salary, as well as an additional profit sharing 401k contribution of 3% for fiscal 2025, which is in addition to our already healthy 6% match. As always, to close my prepared remarks, I just want to thank the dedicated team here at CSW Industrials who collectively own approximately 4% of our company through the employee stock ownership plan, as well as all of our shareholders for your continued interest in and support of CSW Industrials.

我很高興地宣布，我們的董事會最近批准了 2025 財年的利潤分享 ESOP 貢獻，相當於每位美國員工工資的 6%，以及 2025 財年的 3% 的額外利潤分享 401k 貢獻，這是在我們已經很健康的 6% 匹配額度之外的。像往常一樣，在結束我的準備好的演講之前，我只想感謝 CSW Industrials 的專業團隊，他們透過員工持股計畫共同擁有我們公司約 4% 的股份，也感謝我們所有的股東對 CSW Industrials 的持續關注和支持。

So operator, we're now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) John Tanwanteng, CJS Securities.

（操作員指示） John Tanwanteng，CJS Securities。

I was wondering if you could go over a little more detail of the impact of tariffs on your COGS. Maybe you saw on a trailing basis, if any, and what your assumptions are by segment going forward with Vietnam, especially, in focus.

我想知道您是否可以更詳細地介紹一下關稅對您的銷貨成本的影響。也許您是在回顧的基礎上看到的（如果有的話），並且您對未來各個細分市場的假設是什麼，尤其是對越南的假設。

Tariffs is obviously very dynamic. There's not a lot of trailing impact yet, just given the lag of that and when tariffs came into play. As you may recall in our fiscal third quarter, we brought in extra inventory as well as early in the fourth quarter to get ahead of any potential tariffs.

關稅顯然非常具有動態性。目前還沒有太多的後續影響，只是考慮到滯後性和關稅發揮作用的時間。您可能還記得，在我們的第三財季以及第四季度初，我們引入了額外的庫存，以應對任何潛在的關稅。

So we've been working through that inventory the last couple of months, so there's not much trailing impact. As we go forward, as a reminder, despite the current pause on tariffs, there's still a 10% tariff everywhere and 30% plus in China.

因此，我們在過去幾個月一直在處理這些庫存，因此沒有太大的滯後影響。需要提醒的是，儘管目前暫停徵收關稅，但各地的關稅仍為 10%，而中國的關稅則高達 30% 以上。

And as you know, we do have some of our product that comes out of China. We expect for fiscal '26 for that number to be at or a little less than 10%. As I mentioned, we've been working hard to strategically move things around.

如您所知，我們的一些產品確實來自中國。我們預計 26 財年數字將達到或略低於 10%。正如我所提到的，我們一直在努力策略性地推動事態發展。

The addition of Aspen, which is fully United States based, helps that percentage as well. Vietnam continues to be important to us with our facility there. We have no owned facilities internationally outside of in Vietnam. Vietnam's in the [30s] now as a result.

完全總部位於美國的 Aspen 的加入也有助於提高這一比例。越南對我們來說仍然很重要，因為我們在那裡設有工廠。除了越南以外，我們在國際上沒有自有設施。結果是，越南現在處於 [30 年代] 時期。

So we're watching the tariffs very closely. Obviously the current pause is helpful in the near-term. And I as mentioned, we've had some broad-based pricing action on certain products that have been impacted and that's a product, by product, type conversation.

因此，我們正在密切關注關稅。顯然，目前的暫停在短期內是有幫助的。正如我所提到的，我們對受到影響的某些產品採取了一些廣泛的定價行動，這是針對產品、產品類型的對話。

So we do expect that there's going to be an impact. We do expect that we'll weather that well, working closely with our customers on that. And again, as we continue to strategically work our way out of areas like China and other areas that have less impact there, I think we're going to come out of the other end in really good shape.

所以我們確實預計會產生影響。我們確實希望我們能夠順利度過這一難關，並與我們的客戶密切合作。而且，隨著我們繼續策略性地走出中國等對中國影響較小的地區，我認為我們將會以非常好的狀態走出困境。

Okay, great. Thank you. And then, just in regards to the M&A pipeline, you mentioned being able to pay off your debt, your revolver by the year-end, you're increasing the size of your revolver. Is there more in the pipeline that that would utilize that capacity or is that more of just in case that you can move forward?

好的，太好了。謝謝。然後，就併購管道而言，您提到能夠在年底前償還債務、償還循環信貸，您正在增加循環信貸的規模。是否有更多計劃可以利用這一產能，或者這只是為了以防萬一你能繼續前進？

As you know, I mean, we have been acquisitive since the beginning and so we will continue to do that. We take a very disciplined approach and so we never forecast acquisitions.

正如你所知，我們從一開始就積極收購，因此我們將繼續這樣做。我們採取非常嚴謹的方法，因此我們從不預測收購。

We have said, since the equity offering, that we feel like we can fund the typical strategic product line extension type acquisitions that are smaller through our free cash flow that we generate through operations. The revolving line of credit is available for chunkier sizable acquisitions like Aspen Manufacturing that we just closed and like TRUaire that we did several years ago.

我們說過，自從股票發行以來，我們覺得我們可以透過營運產生的自由現金流為規模較小的典型策略產品線擴展類型的收購提供資金。循環信貸額度適用於規模較大的收購，例如我們剛完成的 Aspen Manufacturing 和幾年前完成的 TRUaire。

So the revolver is there so that we can be opportunistic and we think that the target list for acquisitions is very robust and strong, and there's still a lot of consolidation and a lot of innovation that we can acquire over the next few years. I would say that there seems to be a bit of a sorting out.

因此，我們可以利用這筆資金來抓住機會，我們認為收購目標名單非常穩健，未來幾年我們仍然可以進行大量整合和創新。我想說，似乎需要進行一些整理。

And as we sit here today, we would likely wait for some of these -- some of the uncertainty to settle down before we did anything with international manufacturing. But domestic manufacturing like the Aspen Manufacturing acquisition would still be very actionable in the short-term.

今天我們坐在這裡，我們可能會等待一些不確定性平息下來，然後再對國際製造業採取任何行動。但像收購 Aspen Manufacturing 這樣的國內製造業在短期內仍然非常具有可行性。

Got it, thank you. And then just one last question on Aspen, do you believe that to be accretive to your margins over the longer-term? What's the, I guess, the upside there as you bring it into your distribution and try to do your product improvements on the business?

知道了，謝謝。關於 Aspen 的最後一個問題，您是否認為從長遠來看這會提高您的利潤率？我想，當您將其納入您的分銷管道並嘗試對業務進行產品改進時，它的好處是什麼？

Yeah, John, I think, given where the margins are now at 24%, I think accretion to the consolidated margin is a goal of ours in the near- to mid-term. We're a couple points from that.

是的，約翰，我認為，考慮到現在的利潤率是 24%，我認為提高合併利潤率是我們近期到中期的目標。我們距離這個目標還有幾點。

Accreted to the Contractor Solutions margins in the [30s], that's a stronger bar to a higher bar to get over. Given the nature of that product being more in the equipment space and the accessory space, the margins just aren't quite as opportunistic there, but we do think there's a good path to see accretion in the near-term to the consolidated margin.

在 [30 年代] 累積了承包商解決方案的利潤，這是一個更強的門檻，需要克服更高的門檻。鑑於該產品更多地應用於設備和配件領域，其利潤率並不那麼高，但我們確實認為，短期內有一條很好的途徑可以實現合併利潤率的成長。

I will also say, as I mentioned in my script, that we're really highly focused on the EBITDA from that acquisition. You're going to have intangible amortization, as I detailed and is in the investor deck online.

我還要說，正如我在腳本中提到的那樣，我們非常關注此次收購的 EBITDA。您將獲得無形攤銷，正如我在網路投資者資料中詳細說明的那樣。

You've got interest expense for a little while, those kind of things, but from an EBITDA accretion perspective, it's accretive day one from a dollar's perspective, but the margins are unconsolidated. We think we will get there in the near- to mid-term.

您可能會有一段時間的利息支出，諸如此類的事情，但從 EBITDA 增值的角度來看，從美元的角度來看，它是第一天就增值的，但利潤率是未合併的。我們認為我們將在近期至中期內實現這一目標。

Got it. Thank you.

知道了。謝謝。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My first question is, I just want to follow up on the answers that you gave to the prior question with the 10% or less that'll come from China in fiscal '26, is that as a percent of the COGS or as a percent of the portfolio sales? How should we think about what that number is exactly referring to?

我的第一個問題是，我只是想跟進您對上一個問題的回答，即 26 財年來自中國的銷售額佔 10% 或更少，這是佔 COGS 的百分比還是佔投資組合銷售額的百分比？我們該如何思考這個數字究竟指的是什麼？

That's on COGS and that is specific to Contractor Solutions. The other two segments, which last quarter were less than 30% and it'll be even less now with Aspen coming in, have virtually nothing that comes from overseas. A little bit here and there, but I'm referring to Contractor Solutions cost of goods sold for fiscal '26.

這是關於 COGS 的，並且特定於承包商解決方案。另外兩個部門上個季度的佔比不到 30%，而現在隨著 Aspen 的加入，佔比會更低，而且幾乎沒有來自海外的產品。這裡和那裡都有一點，但我指的是承包商解決方案 26 財年的銷售成本。

Okay, all right. That's helpful. And then just following up on the pricing, can you give us some sense about how we should think about the magnitude and perhaps the timing of that pricing action coming through and the implications that we could see to the margins as we move through fiscal 2026?

好的，好的。這很有幫助。然後，關於定價，您能否告訴我們應該如何看待定價行動的規模和時機，以及在 2026 財年對利潤率的影響？

Yeah, we're still working through some of that. As you recall in Contractor Solutions, we had a price increase January 1 with the increased freight expenses from last year. So that's been in effect all through the fiscal fourth quarter and now into the fiscal first quarter of 2026.

是的，我們仍在努力解決其中的一些問題。正如您所記得的，在承包商解決方案中，由於去年運費增加，我們在 1 月 1 日起提高了價格。因此，這項政策將在整個第四財季以及 2026 年第一個財季生效。

The price increase that that I mentioned earlier is broad-based and it's targeted by specific products based on their country of origin, certain customers, those kind of things. That's something that'll take place likely during this quarter. We've worked with that with our customers.

我之前提到的價格上漲是廣泛的，並且針對特定產品，包括原產國、特定客戶等。這很可能在本季發生。我們已經與客戶合作過這個問題。

Obviously, that's very dynamic with all the changes that we see. So in terms of margin impact, you're starting to see the tariff costs come through, but we think we're matching that up pretty well with pricing as we need to, as we go through this quarter and through the fiscal year.

顯然，我們看到了各種變化，這是非常動態的。因此，就利潤率影響而言，您開始看到關稅成本的出現，但我們認為，隨著本季和整個財政年度的進行，我們會根據需要將其與定價很好地匹配。

Okay, that's helpful. And then one last question, as you think about the set up into the busy spring and summer season, how are you thinking about the inventory on the ground? Are you seeing that your customers and the contractors have started to focus perhaps more on some of these products as they've moved past some of the changes in the regulations on the refrigeration side? And did you see any pull forward or any actions in response to the tariffs that have been announced by your customers or in turn, in the field?

好的，這很有幫助。最後一個問題，當您考慮在繁忙的春夏季節進行設定時，您如何考慮地面庫存？您是否發現，隨著客戶和承包商逐漸適應冷凍方面的一些法規變化，他們開始更加關注這些產品？您是否看到針對客戶或相關領域宣布的關稅採取了任何行動或提前行動？

I don't think we've seen anything terribly unusual. We had a nice fiscal fourth quarter with 8% organic growth in Contractor Solutions. We were really happy with the performance of that team on the ground.

我認為我們沒有看到任何異常的事情。我們的第四財季表現良好，承包商解決方案實現了 8% 的有機成長。我們對這支球隊在場上的表現感到非常滿意。

It's been a little later hot season if you look at cooling days across the country so far. I think people have taken a bit of a wait-and-see approach at the very beginning of the quarter, but overall things feel relatively normal.

如果你看目前為止全國各地的降溫天數，你會發現炎熱季節已經有點晚了。我認為人們在本季初採取了一些觀望態度，但總體而言情況相對正常。

I think what you saw, the pull forward on the equipment from the OEMs was probably more pronounced with the refrigeration change to be sure they had the new equipment as well as the old equipment. As we've said all along, that just hasn't affected us a whole lot. I think our normal seasonality and pattern of purchasing from our customers for the parts and accessories and now with Aspen, the evaporator coils, which are more of a replacement part, has been pretty normal.

我認為，您所看到的是，隨著冷凍技術的變革，原始設備製造商對設備的提前採購可能更加明顯，以確保他們擁有新設備和舊設備。正如我們一直所說的那樣，這並沒有給我們帶來太大的影響。我認為，我們從客戶那裡購買零件和配件的正常季節性和模式，以及現在 Aspen 的蒸發器盤管（更像是替換零件）都是相當正常的。

Okay, all right. Thanks for all the color and good luck.

好的，好的。感謝所有的色彩並祝你好運。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Really appreciate all the context on Aspen, the detail you gave on the margin profile. Wanted to drill down a little bit on the swings in margins inter-quarter, just for modeling purposes. Sounds like overall margins running at around 24%. But maybe just give us some bands around that 24%, just so we have some guard rails for modeling.

非常感謝您提供有關 Aspen 的所有背景資訊以及您在保證金概況中提供的詳細資訊。想要深入了解季度間利潤率的波動，僅用於建模目的。聽起來整體利潤率約 24%。但也許只需給我們一些圍繞這 24% 的區間，這樣我們就有了一些建模的護欄。

That's hard. I think we'll be able to give you more clarity as we go through this first couple of quarters of owning Aspen. Obviously, we're looking to make improvements where we can. It's several 100 basis points either side of that 24%. I can safely say that.

這很難。我認為，在我們擁有 Aspen 的最初幾個季度裡，我們將能夠為您提供更清晰的答案。顯然，我們希望盡我們所能做出改進。這是 24% 左右幾百個基點。我可以肯定地說。

How many hundreds of bases of points it is. I think we're going to -- we'll learn as we go through this first year, because obviously, we'll get them into our accounting system and our operations and those kind of things.

有多少個百基點。我認為我們會——我們會在第一年學習，因為顯然，我們會將它們納入我們的會計系統、營運和諸如此類的東西中。

So I think it's early to get beyond that. We wanted to give you what we could and at least give you a sense of that 24%, give you some sense of revenue, but being able to get detailed on the swings quarter-to-quarter is a little premature for us.

所以我認為現在就超越這一點還為時過早。我們希望盡我們所能，至少讓您了解那 24%，讓您了解一些收入，但對於我們來說，能夠詳細了解每個季度的波動情況還為時過早。

No, that's fair. And then, just another quick one on Aspen, just historically, has Aspen taken pricing in line with the industry? Has it taken pricing ahead of the industry? And just maybe any context on price gaps versus some of the competitors and the air handler evaporator coil space.

不，這很公平。然後，再簡單問一下關於 Aspen 的問題，從歷史上看，Aspen 的定價是否與業界保持一致？它的定價是否領先於該行業？也許只是關於與一些競爭對手和空氣處理器蒸發器盤管空間相比的價格差距的任何背景資訊。

Yeah, I think Aspen's done a good job, obviously, as they've become part of our environment now May 1, and we're working with them on that. Couldn't really do anything before that and working with them, of course, but Aspen's done a good job of that. And I think that you'll see them react like the competitors do, them react as they need to.

是的，我認為 Aspen 做得很好，顯然，他們從 5 月 1 日起就成為了我們環境的一部分，我們正在與他們合作。當然，在此之前和他們合作之前我們真的做不了什麼，但 Aspen 在這方面做得很好。我認為你會看到他們像競爭對手一樣做出反應，做出他們需要的反應。

But again, Aspen doesn't have the tariff impact necessarily given that it's US-based. So as we compete with evaporator corals and air handlers that have either components or the full system coming in from overseas, you have an opportunity there. But in general, Aspen is doing a good job with pricing and they'll fall into the same discipline that we do from a cost perspective and a pricing perspective with the rest of Contractor Solutions.

但由於 Aspen 總部位於美國，因此它不一定受到關稅影響。因此，當我們與來自海外的組件或完整系統的蒸發器珊瑚和空氣處理器競爭時，您就有機會。但總體而言，Aspen 在定價方面做得很好，從成本角度和定價角度來看，他們與我們其他承包商解決方案遵循相同的原則。

No, that's helpful. And then maybe if I could just squeeze one more in here, tariff pricing, you sell into multiple channels, you sell into distributors, you sell into retailers. Talk to how those pricing discussions have worked by channel, and then are you finding it easier to push pricing through on the distribution side versus, say, some of the home centers?

不，這很有幫助。然後如果我可以在這裡再擠一點，關稅定價，你賣給多個通路，你賣給經銷商，你賣給零售商。請談談這些定價討論在各個管道中是如何進行的，然後您是否發現與某些家居中心相比，在分銷方面推動定價更容易？

Yeah, I don't think we bifurcate quite that much. Obviously, each customer is a little bit different. We've always said where we are in the supply chain is important, so our ability to push pricing and that working its way through the system, we feel comfortable with.

是的，我認為我們的分歧並沒有那麼大。顯然，每位顧客都有點不同。我們一直說我們在供應鏈中的位置很重要，因此我們推動定價的能力以及透過系統進行定價的能力讓我們感到滿意。

But I think it's early and I don't think we get so precise to bifurcate retail versus distribution. As a reminder, we are heavily weighted towards distribution. Retail plays a role in some of the products, of course but our ability to look at pricing and have good relationships and always think about the long-term with distributors is very important to us.

但我認為現在還為時過早，我們無法如此精確地區分零售和分銷。提醒一下，我們非常重視分銷。當然，零售在某些產品中發揮作用，但我們能夠審視定價，與分銷商保持良好的關係，並始終考慮長遠利益，這對我們來說非常重要。

As I mentioned, we're focused on the dollars not the margin as much, so you may see a little bit of compression. We saw that saying you weren't with us at the time, but we saw that during COVID, and we recovered that over time as some of those costs came back down.

正如我所提到的，我們關注的是美元而不是利潤，所以你可能會看到一點點壓縮。我們看到有人說你當時不在我們身邊，但我們在 COVID 期間也看到了這一點，隨著時間的推移，隨著部分成本的下降，我們恢復了這一水平。

But again, we continue to focus on the distribution customers where we have relationships with retailers. We're having good discussions there as well.

但我們仍會持續關注與零售商有關係的經銷客戶。我們在那裡也進行了很好的討論。

Awesome. Thanks so much. I'll pass it on.

驚人的。非常感謝。我會傳達的。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

I guess two questions. One just on we're in May and your quarter ended in March. Just wondering if there was any change in demand as we entered into April, in May across the portfolio.

我想問兩個問題。我們現在剛進入五月份，而您的季度在三月結束。我只是想知道，進入四月和五月份，整個投資組合的需求是否有任何變化。

And then my second question on Contractor Solutions, it sounds like organic growth is still expected to be healthy in 2026. Obviously you're putting through price increases because of tariffs. Do you assume volumes are still healthy? Do you assume to what degree does higher pricing have a negative impact on volumes?

然後我的第二個問題是關於承包商解決方案，聽起來有機成長預計在 2026 年仍然會保持健康。顯然，你們因為關稅而提高了價格。您認為交易量仍然健康嗎？您是否認為更高的定價會在多大程度上對銷售產生負面影響？

And then my last -- actually my last question is sorry just on Engineered Building Solutions. Organic growth was obviously negative but you posted a strong book-to-bill and your bookings were up 18%. So just wondering when we should see that translate into positive organic growth for EBS. Thank you.

然後我的最後一個問題——實際上我的最後一個問題是關於工程建築解決方案的。有機成長顯然是負的，但你們的訂單出貨比表現強勁，訂單量成長了 18%。所以只是想知道我們什麼時候能看到它轉化為 EBS 的積極有機增長。謝謝。

Engineered Building Solutions, again, we want to highlight historically strong booking quarter for us and given things like the ABI index and those kind of things, we're really proud of the team. We're focused on the direct sales of the smoke cartons. We're focused on the right projects that are still getting built and getting permitted.

工程建築解決方案，我們再次強調，我們歷史上強勁的預訂季度，考慮到 ABI 指數等因素，我們為團隊感到自豪。我們專注於煙盒的直銷。我們專注於仍在建造和獲得許可的正確項目。

One thing that our leadership team has told us they're seeing a higher number of rebiddings, which means projects are getting very close to getting done. Instead of just that initial bid, they throw out but don't turn into a booking.

我們的領導團隊告訴我們，他們看到重新招標的數量增加，這意味著專案已經接近完成。他們不只是將最初的出價拋掉，而是將其轉化為預訂。

So we had a really nice fourth quarter across the board. They're really bucking some of the industry trends based on the team's hard work there and the commercial sales efforts, and we think we're going to have a nice booking year in fiscal '26 as well.

所以，我們第四季的整體表現非常出色。憑藉團隊的辛勤工作和商業銷售努力，他們確實逆轉了一些行業趨勢，我們認為 26 財年我們也將迎來不錯的預訂年。

In terms of when that turns into revenue, obviously some of it's rather near-term. Things like smoke curtains can be near-term depending on when they're bid and booked. Some of those are 18 to 24 months out, but we do expect good top line growth as well as EBITDA and margin growth at EBS.

至於何時轉化為收入，顯然其中一些是短期的。諸如煙幕之類的東西可能是短期的，取決於何時投標和預訂。其中一些需要 18 到 24 個月的時間，但我們確實預計 EBS 的營收、EBITDA 和利潤率都會有良好的成長。

Within Specialized Reliability Solutions, going back to your demand question. Again, we had a soft fourth quarter. January, February we're soft. As we exited, March, April, and now into May, we've seen things pick up some. You still have a little bit of softness in the energy markets, for example, but the team is doing a good job finding opportunities.

在專業可靠性解決方案中，回到您的需求問題。我們在第四季再次表現疲軟。一月、二月我們很疲軟。我們已經走出三月、四月，現在進入五月，我們看到情況有所改善。例如，能源市場仍然有些疲軟，但團隊在尋找機會方面做得很好。

So I think that they're back to a nice, order booking level and a nice sales level. And again, we expect revenue and EBITDA with margin growth in that segment as well.

所以我認為他們已經恢復到一個良好的訂單水平和良好的銷售水平。我們再次預期該部門的營收、EBITDA 和利潤率也將成長。

In Contractor Solutions, as I mentioned, 8% organic growth in the fiscal fourth quarter. We do expect single or mid- to high-single digit growth as we go mid- and long-term in that business. That's going to vary a little bit quarter to quarter. We feel good about it.

正如我所提到的，承包商解決方案在第四財季實現了 8% 的有機成長。我們確實預計，隨著該業務的中長期發展，其將實現個位數或中高個位數的成長。每個季度之間都會有一點變化。我們對此感覺很好。

As I mentioned to one of the earlier questions, Jamie, it's been a slow hot season so far, but the group is still doing a great job of getting our product in customers' hands so they have what they need as soon as it heats up. We do a great job of getting things out very near-term.

正如我在之前的問題中提到的那樣，傑米，到目前為止，這是一個緩慢的炎熱季節，但我們的團隊仍然在努力將我們的產品送到客戶手中，以便他們在天氣變暖時立即獲得所需的東西。我們在短期內完成任務方面做得很好。

Obviously the fact that some of it comes from overseas, we have to plan accordingly, so we strategically place the right inventory. So we feel good about the organic growth prospects there as well.

顯然，由於部分庫存來自海外，我們必須制定相應計劃，從而策略性地放置正確的庫存。因此，我們對那裡的有機成長前景也充滿信心。

And I'll mention, on top of introducing new products to the acquisitions we have, product innovation with those acquisitions. And we will always include, as part of our organic growth expectations, market share growth.

我要提到的是，除了為我們收購的公司推出新產品之外，我們也利用這些收購進行產品創新。我們將始終把市場份額成長作為有機成長預期的一部分。

The team is highly focused on continuing to offer more and more of the Contractor Solutions products to our customers. And the more products we can offer our distribution customers, the more they want to do business with us. We make it easy to do business with technology, with shipments, with invoicing one point of contact, so we're picking up share as we continue to add products.

該團隊高度致力於繼續向我們的客戶提供越來越多的承包商解決方案產品。我們能為分銷客戶提供的產品越多，他們就越想與我們做生意。我們利用科技、貨運和發票單點聯繫的方式讓做生意變得簡單，因此隨著我們不斷增加產品，我們的市場份額也不斷擴大。

Thank you.

謝謝。

Hopefully I covered it all, Jamie.

希望我已經涵蓋了所有內容，傑米。

Yeah, you did. Thank you.

是的，你做到了。謝謝。

(Operator Instructions) Andrew Kaplowitz, Citi Group.

（操作員指示）花旗集團 Andrew Kaplowitz。

This is Natalia Bak on behalf of Andy Kaplowitz. First question I want to ask just in engineering or Engineered Building Solutions, last quarter you reiterated a 20% EBITDA margin target in the intermediate term. So as backlog quality improves, what's the timeline to approach that goal? Like are there any key hurdles like cost, scale, or pricing you need to overcome to get there?

我是代表 Andy Kaplowitz 的 Natalia Bak。我想問的第一個問題是工程或工程建築解決方案，上個季度您重申了中期 20% 的 EBITDA 利潤率目標。那麼，隨著積壓品質的提高，實現該目標的時間表是怎樣的？例如，為了實現這一目標，您需要克服哪些關鍵障礙，例如成本、規模或定價？

We still target that as the mid-term hurdle, whether we're there each and every quarter, that'll bounce around as it has. The only thing I would say that's a little in the face of that is there's a minimal tariff impact there as they do import some products, motors, for example, those kind of things.

我們仍然將其作為中期障礙，無論我們是否每個季度都達到目標，它都會像以前一樣波動。我唯一要說的是，關稅的影響很小，因為他們確實進口了一些產品，例如引擎之類的東西。

We've seen a little cost and it's a little harder to get pricing through that business because you bid projects, so we're working on that. Obviously a little tariff relief is helpful, so we're going to bring in all the products we can at a little bit lower tariff than we thought we might have.

我們已經看到了一些成本，而且由於您競標項目，透過該業務獲得定價有點困難，所以我們正在努力解決這個問題。顯然，少量的關稅減免是有幫助的，所以我們將以比我們預想的略低一點的關稅進口所有我們能進口的產品。

But 20% is still the intermediate term hurdle. Are we there for the full year fiscal '26? Probably a little early to say that necessarily, but we're approaching it here as we go through quarter-to-quarter, yes.

但20%仍然是中期障礙。我們能完成 26 財年全年目標嗎？現在這麼說可能還為時過早，但是隨著我們逐季度推進，我們正在接近這個目標，是的。

Helpful. And then just an SRS like margins compressed this quarter, but what specific factors contributed to the performance, but more importantly, what strategies are in place to address these challenges. Like I saw on the presentation, there's a mention of new product introductions and new deals and process, so maybe if you could expand on those points.

很有幫助。然後就像本季的利潤率壓縮一樣，但是哪些具體因素導致了業績的下滑，更重要的是，有哪些策略可以應對這些挑戰。正如我在演示中看到的，其中提到了新產品的介紹、新的交易和流程，所以也許您可以就這些要點進行擴展。

The biggest factor for Specialized Reliability Solutions, as we've talked about, is volume. And it was a soft January and February, certainly compared to the prior year, we had some catch-up last year from some shipments we missed, but volume matters in that business. And the volume was soft in January and February. And that's just going to hit margins. Your absorptions are strong with your overhead. It's a pretty high fixed cost base there.

正如我們所討論的，專業可靠性解決方案的最大因素是數量。與去年相比，今年一月和二月的銷售情況較差，我們彌補了去年錯過的一些發貨量，但銷售量對這個行業來說很重要。一月和二月的交易量較弱。這只會影響利潤。您的吸收能力很強，開銷也很大。那裡的固定成本基礎相當高。

Also, as we went through the mix in the quarter, we had a few more products that sold that were just lower margin products. That's going to vary quarter-to-quarter. Nothing is wrong with that business. Nothing intuitively tells us that that's the new hurdle. We've talked about that being a 20% margin business as well. They've hit it several times.

此外，當我們在本季進行產品組合時，我們發現銷售的一些產品只是利潤率較低的產品。每個季度都會有所不同。這項業務沒有任何問題。沒有任何事物直觀地告訴我們這是新的障礙。我們也討論過這是一項利潤率為 20% 的業務。他們已經擊中過它好幾次了。

So I think more than anything, it's making sure we have the volume. One thing that's a under the radar, we've mentioned just in passing to folks; we relocated a facility from Pennsylvania down to our main facility here in Texas. And that's our highest margin group of products.

所以我認為最重要的是確保我們有足夠的數量。有一件事我們只是順便向大家提過；我們將賓夕法尼亞州的一個工廠搬遷到了德克薩斯州的主要工廠。這是我們利潤最高的產品組。

And so, A, we eliminate a little bit of cost by moving that down here. But secondly, we've got more eyes on those products now. We're doing better with product development there, having it right here in the same lab in the same facility, and so we're doing things like that structurally that will continue to push top line and bottom line growth and help those margins.

因此，A，我們透過將其移到這裡來消除一點成本。其次，我們現在更加關注這些產品。我們在那裡的產品開發做得更好，因為就在同一個設施的同一個實驗室裡進行開發，所以我們在結構上做這樣的事情，這將繼續推動營收和利潤的成長，並有助於提高利潤率。

Got it. Helpful. That's all my questions. Congrats on the quarter.

知道了。很有幫助。這就是我所有的問題。恭喜本季取得佳績。

There are no further questions at this time. I would like to turn the conference back over to Joe Armes for closing remarks.

目前沒有其他問題。我想將會議交還給喬·阿姆斯 (Joe Armes) 做最後發言。

Thank you. And we just want to thank everyone for joining us for this fourth quarter and full year conference call. Appreciate your support and look forward to the next time we'll be in contact. Thank you.

謝謝。我們只想感謝大家參加我們的第四季和全年電話會議。感謝您的支持並期待我們下次聯繫。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。