DXP Enterprises Inc (DXPE) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the DXP Enterprises, Inc. third quarter 2025 earnings release. (Operator Instructions)

您好，感謝您的耐心等待。我叫馬克，今天我將擔任你們的會議接線生。在此，我謹代表 DXP Enterprises, Inc. 向大家歡迎參加 2025 年第三季財報發表會。（操作說明）

Now I would like to turn the call over to our CFO, Kent Yee. Please go ahead.

現在我想把電話交給我們的財務長 Kent Yee。請繼續。

Thank you, Mark, and thank you, everyone, for joining us today. This is Kent Yee, and welcome to DXP's Q3 2025 Conference Call to discuss our results for the third quarter ending September 30, 2025. Joining me today is our Chairman and CEO, David Little.

謝謝馬克，也謝謝各位今天蒞臨。以下是 Kent Yee，歡迎參加 DXP 2025 年第三季電話會議，我們將討論截至 2025 年 9 月 30 日的第三季業績。今天與我一同出席的還有我們的董事長兼執行長大衛·利特爾。

Before we get started, I want to remind you that today's call is being webcast and recorded and includes forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis are contained in our SEC filings. DXP assumes no obligation to update that information as a result of new information or future events.

在正式開始之前，我想提醒各位，今天的電話會議將進行網路直播和錄音，並且包含前瞻性陳述。實際結果可能與這些前瞻性陳述所設想的結果有重大差異。我們在提交給美國證券交易委員會的文件中詳細討論了我們認為可能對我們的業務產生持續重大影響的許多因素。DXP不承擔因新資訊或未來事件而更新該資訊的義務。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our earnings press release. The press release and an accompanying investor presentation are now available on our website at ir.dxpe.com.

在本次電話會議中，我們可能會同時提供GAAP和非GAAP財務指標。我們的獲利新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。新聞稿及相關投資人簡報現已發佈在我們的網站 ir.dxpe.com 上。

I will now turn the call over to David Little, our Chairman and CEO, to provide his thoughts and a summary of our third quarter performance and financial results. David?

現在我將把電話交給我們的董事長兼執行長大衛·利特爾，讓他談談他對我們第三季業績和財務結果的看法和總結。大衛？

Thanks, Kent, and thanks to everyone on our 2025 third quarter conference call. Kent will take you through the key financial details after my remarks. After our prepared comments, we will open for Q&A. It is my privilege to share DXP's third quarter results with you on behalf of over 3,234 DXPeople. Congratulations to all our stakeholders and a special thank you to our DXPeople you can trust.

謝謝肯特，也謝謝所有參加我們2025年第三季電話會議的各位。在我發言之後，肯特將為大家講解關鍵的財務細節。在我們發表完準備好的發言後，我們將進入問答環節。我很榮幸能代表 3,234 位 DXPeople 員工與大家分享 DXP 第三季業績。恭喜所有利害關係人，並特別感謝我們值得信賴的 DXPeople 團隊。

We are pleased to see end market demand and DXP's performance continue through Q3 and remain at record levels as we move into the last quarter of 2025. This allows us to achieve another quarter of both solid sales growth and 11% adjusted EBITDA margins. We are pleased to announce strong third quarter results with sales, operating income and earnings per share all up over the prior year. This is a great way to start the second half of fiscal 2025.

我們很高興看到終端市場需求和 DXP 的業績在第三季度繼續保持強勁勢頭，並在進入 2025 年最後一個季度時仍保持在創紀錄的水平。這將使我們能夠連續第二季實現穩健的銷售成長和 11% 的調整後 EBITDA 利潤率。我們很高興地宣布第三季業績強勁，銷售額、營業收入和每股盈餘均較上年同期成長。這是開啟2025財年下半年的絕佳方式。

We remain focused on serving our customers, providing products and services that help them save money, consolidate their MRO spend, manage inventory and provide solutions to solve their ever evolving needs. Being customer-driven and growing sales profitably is our goal.

我們始終專注於服務客戶，提供產品和服務，幫助他們節省資金、整合MRO支出、管理庫存，並提供解決方案以滿足他們不斷變化的需求。以客戶為中心，實現銷售獲利成長是我們的目標。

We continue to focus on driving organic and acquisition growth, increasing gross profit margins and increasing productivity. Our execution has resulted in fiscal 2024 and 2025 top line and bottom line growth, both organically and through acquisitions. That said, our growth strategies are working, and our acquisition pipeline should add to our results as we close out the fiscal year 2025 and go into the fiscal year 2026.

我們將繼續專注於推動內生成長和收購成長，提高毛利率和提高生產力。我們的執行策略已使公司在 2024 財年和 2025 財年的營收和利潤均實現成長，這既包括內生成長，也包括透過收購實現的成長。也就是說，我們的成長策略正在奏效，隨著 2025 財年結束和 2026 財年到來，我們的收購計畫應該會為我們的業績做出貢獻。

We continue to be excited about the future, delivering a differentiated customer experience, creating an engaging winning culture for DXPeople, and investing in our business to strengthen our core capabilities and drive long-term growth.

我們對未來充滿信心，致力於提供差異化的客戶體驗，為 DXPeople 創造積極向上、充滿活力的企業文化，並投資於我們的業務，以增強我們的核心能力，推動長期成長。

Year-to-date through September 30, total sales are up 11.8% and adjusted EBITDA is up 17.6%. Last 12 month sales and adjusted EBITDA were $1.6 billion and $217.1 million, respectively, with adjusted EBITDA margins of 11.1%. Moving to our third quarter results. Total DXP revenue was $513.7 million, an 8.6% increase year-over-year with adjusted EBITDA of $56.5 million.

截至 9 月 30 日，今年迄今，總銷售額成長 11.8%，調整後 EBITDA 成長 17.6%。過去 12 個月的銷售額和調整後 EBITDA 分別為 16 億美元和 2.171 億美元，調整後 EBITDA 利潤率為 11.1%。接下來是第三季業績報告。DXP 總營收為 5.137 億美元，年增 8.6%，調整後 EBITDA 為 5,650 萬美元。

In terms of Q3 financial results from segment perspective, Innovative Pumping Solutions led the way, growing sales 11.9% year-over-year to $100.6 million, followed by our Service Centers growing sales 10.5% year-over-year to $350.2 million. Supply Chain Services declined 5% year-over-year to $63 million.

從各業務部門的第三季財務業績來看，創新泵送解決方案業務表現突出，銷售額年增 11.9% 至 1.006 億美元，其次是我們的服務中心，銷售額年增 10.5% 至 3.502 億美元。供應鏈服務年減 5% 至 6,300 萬美元。

In terms of IPS, our Innovative Pumping solution, it bears repeating that we have two Broad businesses tied to capital budgets or project work, DXP's heritage energy-related project work and DXP Water. Year-to-date, DXP Water is 54% of IPS' sales versus last year at this time, it was 47%. As we grow -- have grown our DXP Water platform, we have increased both gross margins and operating income margins for the IPS segment and for DXP.

就我們的創新泵送解決方案 IPS 而言，值得重申的是，我們有兩個與資本預算或專案工作相關的廣泛業務，即 DXP 的傳統能源相關專案工作和 DXP 水務。今年迄今為止，DXP Water 佔 IPS 銷售額的 54%，而去年同期為 47%。隨著我們的發展—我們的 DXP Water 平台不斷發展壯大，IPS 部門和 DXP 的毛利率和營業利潤率均有所提高。

Our energy-related bookings and backlog continues to show resilience and perform above our long-term averages, albeit not an all-time high. Additionally, our year-to-date average remains above our long-term average energy IPS backlog going back to 2015. What this indicates is that we continue to feel good at this point in the cycle on energy and water and wastewater-related project work.

我們的能源相關訂單和積壓訂單繼續展現出韌性，表現優於長期平均水平，儘管尚未達到歷史最高水平。此外，我們今年的平均值仍高於自 2015 年以來的長期平均能源 IPS 積壓量。這表明，在能源、水和廢水相關專案工作的週期中，我們目前仍然感覺良好。

As we have been discussing on previous earnings calls, we have booked a few large projects in both energy and water that have been recognized some of the revenues in 2025 and will continue in 2026. We are quoting a lot of opportunities and working hard to convert quotes to bookings. That said, DXP's focus within IPS will be to continue to manage the demand levels we have plus finding opportunities in all markets such as energy, biofuels, food and beverage and water and wastewater and manage pricing and delivery while improving and maintaining margins.

正如我們在先前的財報電話會議上討論的那樣，我們在能源和水務領域都預定了一些大型項目，這些項目的部分收入已在 2025 年確認，並將持續到 2026 年。我們正在提供很多報價，並努力將報價轉化為預訂。也就是說，DXP 在 IPS 中的重點將繼續管理我們現有的需求水平，並在能源、生物燃料、食品飲料、水和廢水等所有市場中尋找機會，並在提高和維持利潤率的同時管理定價和交付。

In terms of Service Centers, the diversity of end markets, multiple product division approach, service and repair and our MRO nature within Service Centers allows us to continue to remain resilient and to continue to experience consistent top line year-over-year growth. A few growth initiatives that are helping DXP grow percentages at over the last several years is technical products like automation, vacuum pumps, new pump brands for water and industrial markets, process equipment and filtration. New markets like water, air compression and data centers need pumps. They need water, power, cooling and filtration.

就服務中心而言，終端市場的多元化、多產品部門模式、服務和維修以及我們在服務中心的MRO特性，使我們能夠繼續保持韌性，並繼續實現持續的年度營收成長。過去幾年，幫助 DXP 實現成長百分比的幾項成長舉措包括自動化、真空幫浦、面向水和工業市場的新幫浦品牌、製程設備和過濾等技術產品。水處理、空氣壓縮和資料中心等新興市場都需要水泵。他們需要水、電、冷卻和過濾。

We have added an e-commerce channel for the generation that wants to buy pumps and parts electronically. The service nature within Service Centers allows us to continue to remain resilient and continue to experience consistent sales performance and continue to find ways to add value for our customers.

我們為希望在線上購買水泵及配件的年輕一代增加了一個電子商務管道。服務中心的服務性質使我們能夠繼續保持韌性，繼續取得穩定的銷售業績，並繼續尋找為客戶創造價值的方法。

From a regional perspective, regions that continue to experience year-over-year growth includes South Central, California, Southeast, South Rockies, Texas Gulf Coast and Northern Rockies. We have also seen strength in our air compressor, metalworking and U.S. Safety Services division, which is also great to see.

從區域角度來看，持續實現年增長的地區包括中南部、加利福尼亞州、東南部、南落基山脈、德克薩斯州墨西哥灣沿岸和北落基山脈。我們也看到，我們的空氣壓縮機、金屬加工和美國安全服務部門也展現出強勁的實力，這同樣令人欣喜。

Supply Chain Services sales decreased 3.7% sequentially and year-over-year declined to $63 million. In the Supply Chain Services, all pricing is electronics, so flow to improve processes and price increases and inflation and tariffs take longer to implement. That said, SCS is adding several new customers and are currently -- they are being implemented.

供應鏈服務銷售額季減 3.7%，年減至 6,300 萬美元。在供應鏈服務中，所有定價都是電子化的，因此改善流程、價格上漲、通貨膨脹和關稅等因素需要更長時間才能實施。也就是說，SCS 正在新增幾位客戶，目前這些客戶正在實施中。

Historically, the latter half of the year is impacted by the holiday season and there being fewer billing days with SCS and also being subject to the customers' facility closures and holiday hours, thus, we expect mild Q4 and stronger outlook as we close out Q1 of 2026. Demand for SCS services is increasing because of the proven technology, efficiency they perform for all of their industrial customers, and we expect a strong year in 2026.

從歷史上看，下半年會受到假期的影響，SCS 的計費天數也會減少，而且還會受到客戶設施關閉和假日營業時間的影響，因此，我們預計 2026 年第四季業績溫和，但隨著 2026 年第一季結束，前景會更加樂觀。由於 SCS 擁有成熟的技術，能夠為所有工業客戶提供高效的服務，因此對 SCS 服務的需求不斷增長，我們預計 2026 年將迎來強勁的一年。

DXP's overall gross profit margins for the third quarter were 31.4%, a 50 basis point improvement over 2024. Overall, I am pleased with our gross margins and our steady improvement over the last 2 years.

DXP 第三季的整體毛利率為 31.4%，比 2024 年提高了 50 個基點。總體而言，我對我們的毛利率以及過去兩年來的穩定提升感到滿意。

SG&A for the third quarter increased $11 million versus Q3 of 2024. SG&A as a percent of sales increased going from 22.5% in Q3 of 2024 to 22.9% in Q3 of 2025. SG&A continues to reflect our investment in our people, increasing insurance renewals, technology investments, acquisition support and other growth strategies. As always, it is our privilege to share DXP's financial results on behalf of all our DXPeople.

第三季銷售、一般及行政費用比 2024 年第三季增加了 1,100 萬美元。銷售、一般及行政費用佔銷售額的百分比從 2024 年第三季的 22.5% 增加到 2025 年第三季的 22.9%。銷售、一般及行政費用持續反映我們對員工、不斷成長的保險續保、技術投資、收購支援和其他成長策略的投資。一如既往，我們很榮幸能代表所有 DXPeople 分享 DXP 的財務表現。

DXP's overall operating income margin was 8.5% or $43.7 million, which includes corporate expenses and amortization. This reflects a 14 basis point increase in margins versus Q3 of '24. We still feel there is opportunity in our operations to be more efficient, but we have chosen to invest in the business via people and our operations, and we have been focused on growth.

DXP 的整體營業利潤率為 8.5%，即 4,370 萬美元，其中包括公司費用和攤提。這反映出利潤率比 2024 年第三季提高了 14 個基點。我們仍然認為我們的營運還有提高效率的空間，但我們選擇透過人才和營運來投資業務，並且我們一直專注於成長。

Overall, DXP produced adjusted EBITDA of $65.5 million in the third quarter of 2025 versus $52.6 million in the same period of 2024. Adjusted EBITDA as a percent of sales was 11% for the third quarter. I am pleased with our performance in the third quarter. DXPeople continue to make great efforts and adapt as we grow and evolve DXP into a more diversified and less cyclical business. We call that the next chapter. We still have substantial work to do to achieve our efficiency goals, but I am confident that the team will continue to execute and drive sales and profitability.

總體而言，DXP 在 2025 年第三季實現了 6,550 萬美元的調整後 EBITDA，而 2024 年同期為 5,260 萬美元。第三季調整後 EBITDA 佔銷售額的百分比為 11%。我對我們第三季的表現感到滿意。隨著 DXP 發展壯大，成為一家更加多元化、週期性更小的企業，DXPeople 將繼續努力並持續調整自己。我們稱之為下一章。我們仍需付出大量努力才能實現效率目標，但我相信團隊將繼續努力，推動銷售和獲利成長。

We are growing sales more than the market and expect that into the near future. We continue to make progress on our growth strategies and our commitments to our customers is strong. We are driving growth and improvements at DXP, and we look forward to navigating and working through the remainder of fiscal 2025. To continue to build our capabilities to provide a technical set of products and services in all of our markets, which makes DXP very unique in our industry and gives us more ways to help our customers win.

我們的銷售成長速度超過了市場平均水平，並且預計在不久的將來也會如此。我們在成長策略方面持續取得進展，對客戶的承諾也始終堅定不移。我們正在推動 DXP 的成長和改進，並期待順利完成 2025 財年的剩餘工作。為了持續提升我們在所有市場提供技術產品和服務的能力，DXP 在業界獨樹一幟，並為我們的客戶提供了更多成功之道。

Finally, I would like to thank our DXPeople for continuing to maintain 11% plus EBITDA margins, hitting a new quarter sales high in Q3. Q3 was another great quarter as we continue to have a successful year in 2025. We remain excited about the next chapter.

最後，我要感謝我們的 DXPeople，他們繼續保持 11% 以上的 EBITDA 利潤率，並在第三季創下新的季度銷售額新高。第三季又是一個非常棒的季度，我們2025年也持續保持成功動能。我們對下一個篇章依然充滿期待。

And with that, I'm going to turn it over to Kent.

接下來，我將把麥克風交給肯特。

Thank you, David, and thank you to everyone for joining us for our review of our third quarter 2025 financial results. Q3 financial performance reflects DXP's ability to continue to successfully navigate through the market and execute and create value for all our stakeholders. Our third quarter results also reflect another new record sales watermark.

謝謝大衛，也謝謝各位參加我們2025年第三季財務業績回顧會議。第三季財務表現反映了 DXP 繼續成功駕馭市場、執行並為我們所有利害關係人創造價值的能力。我們第三季的業績也反映出銷售額再創新高。

As it pertains specifically to our third quarter, DXP's third quarter financial results reflect solid sales growth within IPS along with an accelerating contribution from DXP Water, record Service Center performance marked by gross margin strength and stability and a pickup in sales performance from Q2 to Q3 2025, consistent consolidated gross margin performance with year-to-date margins up 89 basis points versus last year, continued contribution from acquisitions with sales year-to-date of $74.1 million and consistent operating leverage leading to sustained 11% plus adjusted EBITDA margins.

就我們第三季度而言，DXP 第三季度的財務業績反映了 IPS 業務的穩健銷售增長，以及 DXP Water 業務貢獻的加速增長；服務中心業績創歷史新高，毛利率強勁且穩定；銷售業績較 2025 年第二季度至第三季度有所回升；合併毛利率表現穩定，年初至今的毛利率較 2025 年第二季度至第三季度有所回升；合併毛利率表現穩定，年初至今的毛利率較達年同期增長 89 個萬美元；持續的經營槓桿作用使調整後 EBITDA 利潤率維持在 11% 以上。

Total sales for the third quarter increased 8.6% year-over-year to a record $513.7 million and 3% compared to Q2. Acquisitions that have been with DXP for less than a year contributed $18.4 million in sales during the quarter. Average daily sales for the third quarter were $8 million per day versus $7.92 million per day in Q2 and $7.39 million per day in Q3 of 2024.

第三季總銷售額年增 8.6%，達到創紀錄的 5.137 億美元，比第二季成長 3%。收購對象加入 DXP 不到一年的公司在本季貢獻了 1,840 萬美元的銷售額。第三季平均每日銷售額為 800 萬美元，而第二季為 792 萬美元，2024 年第三季為 739 萬美元。

Adjusting for acquisitions, average daily organic sales were $7.74 million per day for the third quarter of 2025 versus $6.95 million per day during the third quarter of 2024. That said, the average daily sales trends during the quarter went from $7.26 million per day in July to $8.9 million per day in September, reflecting a normal push in the last month of the quarter.

剔除收購因素後，2025 年第三季平均每日有機銷售額為 774 萬美元，而 2024 年第三季為 695 萬美元。也就是說，該季度平均每日銷售額從 7 月的 726 萬美元增長到 9 月的 890 萬美元，這反映了該季度最後一個月的正常銷售成長。

In terms of our business segments, Innovative Pumping Solutions sales grew 11.9% year-over-year and 7.5% sequentially. This was followed by Service Center sales growing 10.5% year-over-year and 3.1% sequentially. Supply Chain Services sales declined 3.7% sequentially and 5% year-over-year. In terms of Innovative Pumping Solutions, we continue to experience strong backlogs in both our energy and water and wastewater businesses. Our Q3 energy-related average backlog declined 3.3%. This is our first decline in the backlog in 10 quarters, but continues to be ahead of all our averages.

就我們的業務部門而言，創新泵送解決方案的銷售額年增 11.9%，環比成長 7.5%。隨後，服務中心銷售額年增 10.5%，季增 3.1%。供應鏈服務銷售額較上季下降 3.7%，較去年同期下降 5%。在創新泵送解決方案方面，我們的能源業務和水務及污水處理業務都持續面臨嚴重的訂單積壓問題。第三季能源相關平均積壓訂單下降了3.3%。這是我們十個季度以來首次出現積壓訂單下降，但仍高於所有平均值。

As David mentioned, and as we have been discussing on previous earnings calls, we have booked a few large projects in both energy and water that we have recognized some revenue in 2025 and will continue into 2026. We will be looking to see what happens to our Q4 2025 and Q1 2026 average backlog.

正如大衛所提到的，也正如我們在先前的財報電話會議上所討論的那樣，我們在能源和水務領域都預定了一些大型項目，這些項目在 2025 年確認了一些收入，並將持續到 2026 年。我們將密切關注 2025 年第四季和 2026 年第一季的平均積壓訂單情況。

The conclusion continues to remain that we are trending meaningfully above all notable sales levels based upon where our backlog stands today. To provide a broader perspective, on a nine month comparative basis, our native energy IPS backlog is up 56.2% year-over-year. We expect this to continue throughout 2025. We also see strength in our IPS water backlog as it continues to grow due to a combination of organic and acquisition additions. DXP Water's average backlog is up 7% compared to Q2.

根據我們目前的訂單積壓情況，結論依然是我們的銷售趨勢顯著高於所有重要的銷售水平。為了提供更廣闊的視角，以九個月的比較為基礎，我們的本土能源IPS積壓訂單年增56.2%。我們預計這種情況將持續到2025年。我們也看到，由於自身業務成長和收購的雙重作用，我們的IPS水務業務儲備持續成長，表現強勁。DXP Water 的平均積壓訂單量比第二季度增加了 7%。

In terms of our Service Centers, our Service Center performance reflects our internal growth initiatives along with our diversified and evolving end market dynamics. On a comparative basis, our third quarter of 2025 is now our strongest quarter within Service Centers over the last 10 quarters and sets a new sales high watermark.

就我們的服務中心而言，我們的服務中心業績反映了我們內部的成長舉措以及我們多元化和不斷變化的終端市場動態。從相對角度來看，2025 年第三季是我們服務中心近 10 個季度以來表現最好的一個季度，創下了新的銷售高點。

Regions within our Service Center business segment, which experienced year-over-year sales growth in South Central, California, Southeast, North and South Rockies and the Texas Gulf Coast. From a product perspective, we also experienced strength in our air compressors and U.S. Safety Services divisions.

在我們的服務中心業務部門中，南中部、加利福尼亞州、東南部、北落基山脈和南落基山脈以及德克薩斯州墨西哥灣沿岸地區實現了同比增長。從產品角度來看，我們的空氣壓縮機和美國安全服務部門也表現出色。

Supply Chain Services sales performance reflects a 3.7% decrease sequentially and 5% decline year-over-year. Supply Chain Services third quarter sales performance reflects pullback in activity at oil and gas and our diversified chemical customer sites.

供應鏈服務銷售業績較上季下降 3.7%，較去年同期下降 5%。供應鏈服務第三季銷售業績反映了石油天然氣和我們多元化化工客戶現場業務活動的減少。

Overall, we experienced reduced spending from existing customers by continuing to drive efficiencies and streamline purchasing that we bring to our new customers. Going into Q4, we expect the next quarter to be impacted by seasonality with there being fewer billing days as SCS customers have facility closures and holiday hours. Thus, we expect a mild Q4 and stronger outlook as we close out Q1 of 2026. However, interest and demand for SCS services is increasing because of the proven technology and efficiencies they perform for all their industrial customers, and we expect a stronger 2026.

整體而言，我們透過不斷提高效率和簡化採購流程，為新客戶帶來效益，從而降低了現有客戶的支出。進入第四季度，我們預計下一季將受到季節性因素的影響，由於 SCS 客戶的設施關閉和假日營業時間縮短，計費天數將會減少。因此，我們預期第四季經濟情勢溫和，而隨著 2026 年第一季結束，經濟前景將更加樂觀。然而，由於 SCS 為所有工業客戶提供的成熟技術和高效服務，人們對 SCS 服務的興趣和需求正在不斷增長，我們預計 2026 年將會更加強勁。

Turning to our gross margins. DXP's total gross margins were 31.39%, a 50 basis point improvement over Q3 of 2024. This improvement is attributed to strength in gross profit margins within Service Centers with a 117 basis point improvement from Q3 of last year.

接下來我們來看看毛利率。DXP 的總毛利率為 31.39%，比 2024 年第三季提高了 50 個基點。這項改善歸功於服務中心毛利率的強勁成長，較去年第三季提高了 117 個基點。

Additionally, the accretive contribution from acquisitions at a higher overall relative gross margin versus our base DXP business helped drive consistent gross margins within consolidated DXPE. Acquisitions continue to be accretive to both our gross and operating margins. That said, from a segment mix sales contribution, Service Centers contributed 68.16%; Innovative Pumping Solutions, 19.57%; and Supply Chain Services was 12.26%. This sales mix positively impacts our gross margins as we see an uptick in contribution from IPS.

此外，收購帶來的增值貢獻，以及相對於我們基礎 DXP 業務而言更高的整體相對毛利率，有助於推動合併後的 DXPE 實現穩定的毛利率。收購持續提升我們的毛利率和營業利益率。也就是說，從細分市場組合的銷售貢獻來看，服務中心貢獻了 68.16%；創新泵送解決方案貢獻了 19.57%；供應鏈服務貢獻了 12.26%。這種銷售組合對我們的毛利率產生了積極影響，因為我們看到 IPS 的貢獻增加。

In terms of operating income, Service Centers, IPS and Supply Chain Services each had 14.6%, 18.3% and 8.4% operating income margins, respectively. The consistency in Innovative Pumping Solutions reflects the impact of our water and wastewater acquisitions at a higher relative operating income margin and a growing percentage of revenue in our sales mix.

就營業收入而言，服務中心、IPS 和供應鏈服務的營業收入利潤率分別為 14.6%、18.3% 和 8.4%。創新泵送解決方案業務的持續成長反映了我們在水務和污水處理領域的收購所帶來的影響，包括更高的相對營業利潤率和在銷售組合中不斷增長的收入百分比。

DXP Water has gone from 28% of year-to-date sales in Q1 of 2023 to over 54% of year-to-date sales of IPS at the end of the third quarter of 2025. Total DXP operating income was $43.7 million in the third quarter or 8.5% of sales versus $39.6 million or 8.37% of sales in the third quarter of 2024.

DXP Water 的銷售額佔 IPS 2023 年第一季至今銷售額的 28%，至 2025 年第三季末，這一比例已超過 54%。DXP 第三季總營業收入為 4,370 萬美元，佔銷售額的 8.5%，而 2024 年第三季為 3,960 萬美元，佔銷售額的 8.37%。

Our SG&A for the quarter increased $11 million from Q3 2024 and $5.7 million from Q2 of this year to $117.6 million. The increase reflects the growth in the business and associated incentive compensation and DXP investing in its people through merit and pay raises.

本季銷售、一般及行政費用比 2024 年第三季增加了 1,100 萬美元，比今年第二季增加了 570 萬美元，達到 1.176 億美元。這一成長反映了業務的成長以及相關的激勵性薪酬，也反映了 DXP 透過績效和加薪對員工的投資。

Additionally, this also reflects an increase in our insurance premiums, which we changed our renewal from a calendar year to midyear renewal, continued investments in technology and our facilities as well as acquisition costs and growth initiatives. SG&A as a percentage of sales increased 36 basis points year-over-year to 22.88% of sales and was up slightly or 46 basis points sequentially from Q2 of this year.

此外，這也反映了我們保險費的增加，我們將續保週期從日曆年改為年中續保，以及對技術和設施的持續投資、收購成本和成長計畫。銷售、一般及行政費用佔銷售額的百分比較去年同期上升 36 個基點至銷售額的 22.88%，較今年第二季較去年同期略為上升 46 個基點。

Turning to EBITDA. Q3 2025 adjusted EBITDA was $56.5 million. Adjusted EBITDA margins were 11%. We continue to benefit from the fixed cost SG&A leverage we experienced as we grow sales. This translated into 1.5x operating leverage.

接下來看 EBITDA。2025 年第三季調整後 EBITDA 為 5,650 萬美元。調整後 EBITDA 利潤率為 11%。隨著銷售額的成長，我們持續受惠於先前獲得的固定成本銷售、管理及行政費用槓桿效應。這意味著經營槓桿倍數為1.5倍。

In terms of EPS, our net income for Q3 was $21.6 million. Our earnings per diluted share for Q3 2025 was $1.31 per share versus $1.27 per share last year. Adjusting for onetime items, adjusted earnings per diluted share for Q3 2025 was $1.34 per share.

就每股收益而言，我們第三季的淨收入為 2,160 萬美元。2025 年第三季稀釋後每股收益為 1.31 美元，去年同期為 1.27 美元。剔除一次性項目後，2025 年第三季調整後的每股攤薄收益為 1.34 美元。

Turning to the balance sheet and cash flow. In terms of working capital, our working capital increased $15.6 million from June and $73.6 million from December to $364.5 million. As a percentage of last 12 months sales, this amounted to 18.6%. This is an uptick from where we have been and reflects the impact of acquisitions and an increase in DXP's capital project work. As we move into fiscal 2026, we will continue to grow into the working capital as a percentage of sales, and particularly the impact from recent acquisitions.

接下來來看資產負債表和現金流量表。就營運資金而言，我們的營運資金較 6 月增加了 1,560 萬美元，較 12 月增加了 7,360 萬美元，達到 3.645 億美元。佔過去 12 個月銷售額的 18.6%。這比我們之前的水準有所提高，反映了收購的影響以及 DXP 資本項目工作的增加。隨著我們進入 2026 財年，營運資本佔銷售額的比例將持續成長，尤其是近期收購的影響。

In terms of cash, we had $123.8 million in cash on the balance sheet as of September 30. This is an increase of $9.5 million compared to the end of Q1 and reflects our ability to produce free cash flow while managing growth capital expenditures and remaining acquisitive.

截至9月30日，我們的資產負債表上有1.238億美元的現金。與第一季末相比，這增加了 950 萬美元，反映了我們在管理成長資本支出和保持收購積極性的同時，產生自由現金流的能力。

In terms of CapEx, CapEx in the third quarter was $6.8 million or a decrease of $3.6 million compared to Q2 and a $2.8 million increase versus Q3 of last year. We are continuing to make investments in our business, software, our facilities and operations for our employees. As we move forward, we will continue to invest in the business as we focus on growth.

就資本支出而言，第三季資本支出為 680 萬美元，比第二季減少了 360 萬美元，比去年第三季增加了 280 萬美元。我們將繼續增加對業務、軟體、設施和營運方面的投資，以造福我們的員工。展望未來，我們將繼續加大對業務的投資，專注於成長。

That said, as mentioned during the second quarter, over the short to medium term over the next one to two quarters, we should see CapEx lessen and we look for it to be less in 2026. Turning to free cash flow. Free cash flow for the third quarter was $28.2 million versus $24.4 million in Q3 of 2024. This does reflect improvements in profitability along with elevated CapEx, which is primarily growth-oriented and highly controllable.

也就是說，正如第二季所提到的，在接下來的一個到兩個季度的中短期內，我們應該會看到資本支出減少，我們預計到 2026 年資本支出會更少。接下來討論自由現金流。第三季自由現金流為 2,820 萬美元，而 2024 年第三季為 2,440 萬美元。這確實反映了獲利能力的提高以及資本支出的增加，而資本支出主要以成長為導向，並且高度可控。

Additionally, we continue to focus on tightly managing our capital projects, which we see as an opportunity to further generate and optimize cash flow. We have highlighted this in the past as requiring investments in inventory, product and costs in excess of billings. That said, we continue to focus on tightly managing this aspect of our business from a cash flow perspective and look to align billings with the investments.

此外，我們繼續專注於嚴格管理我們的資本項目，我們認為這是進一步創造和優化現金流的機會。我們過去曾強調過，這需要對庫存、產品和成本進行投資，而這些投資將超過帳單金額。也就是說，我們將繼續從現金流的角度嚴格管理業務的這一方面，並努力使帳單與投資保持一致。

Return on invested capital, or ROIC at the end of the third quarter was 33% and continues to be measurably above our cost of capital and reflects the improvements in EBITDA and the operating leverage inherent within the business. Additionally, also, it points to our recent acquisitions performance and their positive contribution and accretive impact to both gross profit and EBITDA.

第三季末的投資資本報酬率（ROIC）為 33%，並且持續明顯高於我們的資本成本，反映了 EBITDA 的改善以及業務固有的經營槓桿作用。此外，這也顯示了我們近期收購的業績，以及它們對毛利和 EBITDA 的正面貢獻和增值影響。

As of September 30, our fixed charge coverage ratio was 2.2:1, and our secured leverage ratio was 2.3:1 with a covenant EBITDA for the last 12 months of $225.1 million. Total debt outstanding on September 30 was $644 million.

截至 9 月 30 日，我們的固定費用覆蓋率為 2.2:1，擔保槓桿率為 2.3:1，過去 12 個月的契約 EBITDA 為 2.251 億美元。截至9月30日，未償債務總額為6.44億美元。

In terms of liquidity, as of the third quarter, we were undrawn on our ABL with $31.6 million in letters of credit with $153.4 million of availability and liquidity of $277.3 million, including $123.8 million in cash. In terms of acquisitions, we have closed five acquisitions year-to-date, including two subsequent to the quarter end, and we will look to close a minimum another three before the end of the first quarter. DXP's acquisition pipeline continues to remain active and robust, and the market continues to present compelling opportunities. That said, we remain comfortable with our ability to execute on our pipeline and valuations continue to remain reasonable.

就流動性而言，截至第三季度，我們的資產抵押貸款尚未動用，信用證餘額為 3,160 萬美元，可用資金為 1.534 億美元，流動性為 2.773 億美元，其中包括 1.238 億美元的現金。在收購方面，我們今年迄今已完成五項收購，其中兩項是在季度末之後完成的，我們將在第一季結束前至少再完成三項收購。DXP的收購專案儲備依然活躍且強勁，市場也持續提供極具吸引力的機會。儘管如此，我們仍然對推進專案進度有信心，估值也依然合理。

In summary, we are excited about the future and building the next chapter. We will keep our eyes focused on those things we can control and what is ahead of us. We are excited because there is still substantial value embedded in DXP. Now I will turn the call over for questions.

總而言之，我們對未來充滿期待，並準備開啟新的篇章。我們將把目光集中在我們能夠控制的事情和我們面前的事情上。我們感到興奮，因為 DXP 仍然蘊含著巨大的價值。現在我將把通話交給提問者。

Zach Marriott, Stephens.

扎克·馬裡奧特，史蒂芬斯。

So sorry, I missed the daily sales number for June. If you could just quickly walk through Q3 again? And then any color you could share on Q4 thus far?

非常抱歉，我錯過了六月的每日銷售額數據。您能再快速瀏覽一次Q3嗎？那麼，您能否分享一下第四季至今的色彩狀況？

Yes. No, absolutely. I'll just walk through each month in Q3 and then kind of give you our flash look at October for Q4. July was $7.26 million per day, August, $7.95 million per day, September $8.9 million per day and October was $7.59 million per day.

是的。不，絕對的。我將逐月介紹第三季的情況，然後簡要展望一下第四季十月份的情況。7 月份日均收入為 726 萬美元，8 月份日均收入為 795 萬美元，9 月份日均收入為 890 萬美元，10 月份日均收入為 759 萬美元。

Much appreciated. Looking at EBITDA margins, the last two years, there was a little compression in the margin percentage from 3Q to 4Q. Is it fair to expect something similar this year in 4Q '25?

非常感謝。從 EBITDA 利潤率來看，過去兩年，第三季到第四季利潤率略有下降。2025年第四季是否會出現類似情況？

Yes. Zach, actually, I think last year, which may have been the first time, we started going above 10% EBITDA margins really, really in Q2, Q3 and in Q4 of last year. So point being is I think, big picture, we've said it on the last couple of earnings calls, but that we feel plenty comfortable with 11%. Yes, there may be quarters where it's 11.2%, 11.4%. But really, we're trending now, I'll call it, at a sustainable 11% plus for now.

是的。扎克，實際上，我認為去年，也許是第一次，我們在第二、第三和第四季度真正實現了超過 10% 的 EBITDA 利潤率。所以重點是，我認為，從大局來看，我們在最近幾次財報電話會議上都說過，我們對 11% 的成長率感到非常滿意。是的，有些季度可能會達到 11.2%、11.4%。但實際上，我認為我們現在正處於一個可持續的趨勢，目前成長率在 11% 以上。

As we move into 2026 and we continue to get more acquisitions and particularly in the water space, we may adjust that. But right now, the 11% is sustainable. So hopefully, that answers your question around Q4.

隨著我們進入 2026 年，並且我們繼續進行更多收購，尤其是在水務領域，我們可能會對此進行調整。但就目前而言，11% 的成長速度是可持續的。希望這能解答你關於第四季的問題。

Q4 is a lighter, though, I think that's your point, is lighter from the number of days in the quarter due to holidays, Thanksgiving and Christmas here in the U.S. and Boxing Day, if you will, in Canada. But we still expect from a profitability perspective to be our mix to kind of get us to that 11%.

第四季比較輕鬆，不過，我想這就是你的意思，由於假日，例如美國的感恩節和聖誕節，以及加拿大的節禮日，所以第四季的天數比較少。但從獲利能力的角度來看，我們仍然期望目前的投資組合能讓我們達到 11% 的目標。

Understood. That's responsive. And then corporate expenses aren't something we talk about too much, but there has been some variability just worth asking about today. The Q3 number you just reported was just under $26 million. Is that a fair proxy for what we should assume going forward?

明白了。反應靈敏。此外，我們不太常談論公司開支，但今天出現了一些值得一提的變化。你剛才公佈的第三季數字略低於2600萬美元。這是否可以作為我們未來應該假設的合理參考？

And what might bias that number higher or lower as you move through the coming quarters?

在接下來的幾個季度裡，哪些因素可能會導致這個數字偏高或偏低？

Yes. So there was a couple of unique things in there that I think David and I both called out in our scripts. One, we just -- and this is the first year, we flipped our insurance renewal from a calendar year to a midyear. And so that created July as when you're paying all the premiums, a little bit of an elevated level.

是的。所以裡面有一些獨特的地方，我覺得我和大衛都在各自的劇本中提到過。第一，我們——而且今年是第一次——將保險續保週期從日曆年改為年中。因此，7 月就成了繳納所有保費的月份，保費水準略為上升的時期。

On top of that, from an insurance perspective, no different than any other company, our insurance overall premiums have gone up slightly. So that's what you're seeing from July going forward, if you will. And so in Q4, I think you will see from a percentage basis, very similar.

此外，從保險角度來看，與其他公司一樣，我們的整體保險費略有上漲。所以，這就是從7月開始你們將會看到的情況。因此，我認為在第四季度，從百分比來看，你會看到非常相似的情況。

The other thing we experienced was just higher -- we're self-insured and we play on a claims basis from a health insurance perspective, and we had some unique claims come through, if you will, in Q3. That I can't forecast right now whether that will happen in Q4 or not, but that created an elevated level of cost, if you will, that's flowing through that corporate SG&A number.

我們遇到的另一件事是費用更高——我們是自保的，從健康保險的角度來看，我們以理賠為基礎，而且我們在第三季度收到了一些特殊的理賠。我現在無法預測第四季是否會發生這種情況，但這確實造成了成本上升，而這部分成本會反映在公司銷售、一般及行政費用中。

And then once again, we're acquisitive, as everyone knows. And so just more so timing than anything else, but we've been busy here, if you will, in Q3 from an acquisition standpoint. So our professional fees, if you will, and costs kind of were elevated here in Q3. That will continue. We have a very robust pipeline, but that will continue in Q4 and into Q1 for sure, just given our pipeline from an acquisition standpoint.

然後，正如大家所知，我們又一次展現出了強烈的佔有欲。所以，時機比其他任何因素都重要，但從收購的角度來看，我們在第三季一直很忙。所以，第三季我們的專業費用和成本都上漲了。這種情況還會持續下去。我們擁有非常強大的專案儲備，而且從收購的角度來看，這種情況肯定會在第四季和第一季繼續保持。

So hopefully, that gives you additional color there on that SG&A line.

希望這能讓你對銷售、管理及行政費用這一項有更深入的了解。

Last one for me. Can you please touch on any data center exposure or opportunities you guys may have?

這是我最後一個了。請問貴公司在資料中心領域是否有任何經驗或機會？

Sure. I'll take that. We're looking at a lot of different avenues based on the products that we represent. So we represent pumps, we represent water, represent filtration. And so all these data centers are -- and we also represent power and equipment that handles gas and other things.

當然。我接受。我們正在根據我們代理的產品，探索許多不同的發展途徑。所以，我們代表水泵，我們代表水，我們代表過濾。因此，所有這些資料中心——我們也代表著處理天然氣和其他東西的電力和設備。

So we have an opportunity there. We're trying to do best we can to figure out how to tap into that market.

所以，我們在那裡有機會。我們正在盡最大努力去弄清楚如何打入這個市場。

We are getting a little bit here and there, but it's not been a big market for us. We feel like it can be from -- and so we're attacking it pretty hard. It's pretty diversified across the country. So trying to get on top of all the projects and trying to get some credibility, I guess, with the fact that we can do a lot of things is what we're doing. But really, at this point, I'm going to tell you that it's not been a big win for us.

我們零星地得到一些訂單，但這並非我們的大市場。我們覺得這可能是由…引起的，所以我們正在全力以赴地攻克它。全國各地的情況都相當多樣化。所以，我們正在努力掌控所有項目，並努力獲得一些信譽，我想，這要歸功於我們能夠做很多事情。但說實話，就目前而言，我得告訴你們，這對我們來說並不是一場巨大的勝利。

And yet, I think it's a great opportunity.

但我認為這是一個絕佳的機會。

There is no further questions at this time. I will now turn the call back over to David Little for closing remarks. David?

目前沒有其他問題了。現在我將把電話交還給大衛·利特爾，請他作總結發言。大衛？

Yes. First, let me thank all our DXPeople for certainly setting record sales. I think that's awesome. I think as we manage the company, the hardest thing we do is satisfy customers and get bookings and sales. So expenses, they were a little surprising, but they were really for all the right reasons and for the things that are necessary for us to be a growth-oriented company.

是的。首先，我要感謝我們所有的 DX 員工，感謝你們創造了銷售記錄。我覺得太棒了。我認為，身為公司管理者，我們面臨的最大挑戰是滿足客戶需求，獲得預訂和銷售機會。所以，支出確實有點出乎意料，但都是出於正當的理由，也是為了我們成為以成長為導向的公司所必需的事情。

So I'm not concerned about that. There's nothing really broken about DXP where we add acquisitions, expenses and the dollars are certainly going up, but it was a little concerning that the expense percentage went up. So -- so we're not crazy about that, but it's certainly a lot easier to fix than sales.

所以我並不擔心。DXP 實際上並沒有什麼問題，我們增加了收購、支出，美元數額當然也在增加，但支出百分比上升這一點確實有點令人擔憂。所以——我們對此不太滿意，但這肯定比銷售問題更容易解決。

I also want to thank our suppliers. It seems like they're doing a much better job with deliveries, and they're trying to manage their costs the best they can and keep us competitive in the marketplace. And we pass on those increases, but -- and that seems to be working all right. I'm pretty proud of the fact that we've got our gross profit margins up slightly and maybe a better statement is they're certainly holding. So I feel good about that.

我還要感謝我們的供應商。看來他們在配送方面做得好多了，他們也在盡力控製成本，讓我們在市場上保持競爭力。我們把這些成長轉嫁出去，而且──看起來效果還不錯。我相當自豪的是，我們的毛利率略有上升，或許更準確的說法是，它們確實保持穩定了。所以我覺得挺好的。

Of course, thanks to our shareholders and thanks for everybody supporting DXP. In summary, I think you can just say, well, we just had record sales. Gross profit margins are good and holding. Expenses were a little higher than expected, but they were for all the right reasons. Free cash flow improved at $28.2 million, which is great.

當然，感謝我們的股東，也感謝所有支持 DXP 的人。總而言之，我認為你可以說，我們剛剛創下了銷售紀錄。毛利率良好且維持穩定。支出比預期略高，但這都是值得的。自由現金流改善至 2820 萬美元，這非常好。

We continue to hit adjusted EBITDA margins of 11%. We're excited about that. If we have any negatives, it would be a little bit in the booking side and that we trace that back to kind of our smaller piece of oil and gas that we have today. That market is still struggling as far as growth is concerned. And -- but they tell me even there that quoting activity is up and doing well, and we just got to get from the quote to the bookings.

我們繼續維持11%的調整後EBITDA利潤率。我們對此感到興奮。如果有什麼不足之處，那就是預訂方面有點問題，而這可以追溯到我們目前擁有的石油和天然氣業務規模較小。就成長而言，該市場仍然舉步維艱。而且——但他們告訴我，即使在那邊，報價活動也在增加，而且進展順利，我們只需要把報價轉化為預訂。

But anyway, so we're not concerned about any particular markets. We're not concerned about tariffs. We're not concerned about our government as it affects DXP. And so we feel good about our future. And so thank you for joining our call today, and we look forward to talking to you next quarter.

總之，我們並不擔心任何特定的市場。我們並不擔心關稅。我們並不擔心政府會對 DXP 產生影響。所以我們對未來感到樂觀。感謝您今天參加我們的電話會議，我們期待下個季度與您再次交流。

Thanks.

謝謝。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。