Ferguson Enterprises Inc (FERG) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to Ferguson's quarterly earnings conference call and webcast. Hopefully, you've had a chance to review the earnings announcement we issued this morning. The announcement is available in the Investors section of our corporate website and on our SEC Filings webpage. A recording of this call will be made available later today.

各位早安，歡迎參加 Ferguson 的季度財報電話會議與網路直播。希望各位已經有機會查閱我們今早發布的財報公告。該公告可於我們公司網站的投資人專區以及 SEC 申報文件網頁中取得。本次電話會議的錄音將於今日稍晚提供。

I want to remind everyone that some of our statements today may be forward-looking and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, including the various risks and uncertainties discussed in our Form 10-K, available on the SEC's website. Also, any forward-looking statements represent the company's expectations only as of today, and we disclaim any obligation to update these statements.

提醒各位，我們今天的部分陳述可能屬於前瞻性陳述，並受某些風險與不確定性影響，可能導致實際結果與預測結果出現重大差異，包括我們 Form 10-K 中所討論的各項風險與不確定性（可於 SEC 網站查閱）。此外，任何前瞻性陳述僅代表公司截至今日的預期，我們不承擔更新這些陳述的任何義務。

In addition, on today's call, we will also discuss certain non-GAAP financial measures. Therefore, all references to operating profits, operating margin, diluted earnings per share, effective tax rate, and earnings before interest, taxes, depreciation, and amortization reflect certain non-GAAP adjustments. Please refer to our earnings presentation and announcements on our website for additional information regarding those non-GAAP measures, including reconciliations to their most directly comparable GAAP financial measures.

另外，在今天的電話會議中，我們也將討論若干非 GAAP 財務衡量指標。因此，所有對營業利益、營業利益率、稀釋後每股盈餘、有效稅率，以及息稅折舊攤銷前盈餘（EBITDA）的提及，均反映特定的非 GAAP 調整。關於這些非 GAAP 指標的更多資訊（包括與最直接可比的 GAAP 財務指標之調節），請參閱我們網站上的財報簡報與公告。

With me on the call today are Kevin Murphy, our CEO; and Bill Brundage, our CFO. I will now turn the call over to Kevin.

今天與我一同參與電話會議的有我們的執行長 Kevin Murphy，以及財務長 Bill Brundage。接下來我把電話交給 Kevin。

Thank you, Pete, and welcome everyone to Ferguson's first-quarter results conference call. Today, I'll cover our quarterly performance highlights, the results by end market and by customer group. Bill will then review our financials and our guidance before I wrap up with a few final comments. We'll then have time to take your questions at the end.

謝謝你，Pete，也歡迎各位參加 Ferguson 第一季業績電話會議。今天我將說明本季表現重點，以及按終端市場與客戶群組劃分的結果。接著 Bill 會在我最後做幾點總結之前，先回顧我們的財務表現與財測指引。最後我們會保留時間回答各位的提問。

We are thankful for our expert associates who continued to execute our growth strategy and delivered another quarter of solid results despite a challenging market. Sales of $7.5 billion increased 3.6% over the prior year, driven by organic growth of 2.8% and acquisition growth of 0.8%. Gross margin expanded by 30 basis points to 31%, reflecting solid execution across the business.

我們感謝專業的同仁持續落實成長策略，即使在充滿挑戰的市場環境下，仍交出另一季穩健的成果。銷售額 75 億美元較去年同期成長 3.6%，主要由 2.8% 的有機成長與 0.8% 的併購成長所帶動。毛利率擴大 30 個基點至 31%，反映我們在全公司範圍內的扎實執行力。

Operating profit increased by 8.4%, expanding operating margins by 40 basis points to 8.7%. This drove a 9.1% increase in diluted earnings per share to $2.28. We continued to execute our capital priorities. As Bill will outline in further detail, we've closed on three acquisitions and signed definitive purchase agreements on three more since the beginning of the year. We also returned $410 million to shareholders through share repurchases and dividends, and our balance sheet remains strong, with net debt to EBITDA of 1.0 times.

營業利益成長 8.4%，營業利益率擴大 40 個基點至 8.7%。這帶動稀釋後每股盈餘成長 9.1% 至 2.28 美元。我們持續落實資本配置優先事項。如 Bill 稍後將更詳細說明，自年初以來我們已完成三項併購，並就另外三項簽署具約束力的最終購買協議。我們也透過庫藏股回購與股利向股東回饋 4.10 億美元；資產負債表仍然強健，淨負債對 EBITDA 倍數為 1.0 倍。

While the economic environment remains uncertain, we expect to continue to outperform the market by deploying scale locally while leveraging the long-term growth drivers of water infrastructure, large capital projects, climate and comfort, and aging and under-built housing. We're confident in our ability to capitalize on these growth drivers as we provide essential water and air solutions for the complex project needs of the specialized professional.

儘管經濟環境仍不明朗，我們預期將透過在地化部署規模優勢，同時把握水務基礎建設、大型資本專案、氣候與舒適，以及老化且供給不足的住宅等長期成長動能，持續優於市場表現。我們有信心在為專業技術人員的複雜專案需求提供關鍵的水與空氣解決方案之際，充分掌握這些成長動能。

Turning to our performance by end market in the United States. The residential end market, representing approximately half of revenue, remained challenged. New residential construction activity remained weak, and repair, maintenance, and improvement work also remained soft. Overall, we continue to outperform weak markets with residential revenue down 1% for the quarter.

接著看我們在美國按終端市場的表現。住宅終端市場約占營收一半，仍面臨挑戰。新建住宅施工活動依然疲弱，維修、保養與改善（RMI）工程也仍偏弱。整體而言，我們持續在疲弱市場中展現優於同業的表現，本季住宅營收年減 1%。

Although the overall non-residential market remains mixed, our scale, expertise, multi-customer group approach, and value-added solutions drove strong share gains, with non-residential revenue up 8% this quarter. We're pleased with the ongoing large capital project activity and continue to see solid shipments along with growth in bidding activity and open orders. Our intentional balanced approach to end markets continues to position us well.

雖然整體非住宅市場仍呈現分歧，但我們的規模、專業能力、多客戶群組策略與加值解決方案帶動強勁的市占提升，使本季非住宅營收成長 8%。我們對大型資本專案活動持續進行感到滿意，並持續看到穩健出貨，同時投標活動與未交訂單亦呈現成長。我們刻意維持終端市場的均衡布局，使我們持續處於有利位置。

Moving next to the first-quarter revenue performance across our customer groups in the United States. Waterworks revenue grew by 5% against an 11% comparable as our highly diversified customer group drove out performance in large capital projects, public works, municipal activities, meters, and metering technology. This allowed us to offset weaker residential activity.

接下來看我們在美國各客戶群組第一季的營收表現。Waterworks（給排水工程）營收成長 5%，在去年同期 11% 的可比基期之上，主要由高度多元的客戶群組帶動，使我們在大型資本專案、公共工程、市政活動、水表與水表技術等領域表現優於市場。這使我們得以抵銷較疲弱的住宅活動。

The commercial/mechanical customer group grew 18% on top of a 9% prior year comparable. Strong performance in large capital projects such as data centers drove this growth, helping to balance weaker activity in traditional non-residential construction. Industrial delivered strong growth of 10% in the quarter. Our balanced business delivered growth in key sectors such as power generation, life sciences, pharma, and chemical.

商用／機電客戶群組在去年同期 9% 的可比基期之上成長 18%。資料中心等大型資本專案的強勁表現帶動此成長，有助於平衡傳統非住宅建築活動的疲弱。工業客戶群組本季也繳出 10% 的強勁成長。我們均衡的業務組合在發電、生命科學、製藥與化工等關鍵產業實現成長。

Our facilities supply revenue increased 3%, while Fire & Fabrication declined 6%. Ferguson Home revenue declined 2%. However, we outperformed the challenging residential market, combining best-in-class showrooms with a digital experience serving the more resilient higher-end segment of the market. Residential Trade Plumbing revenue declined by 2%, reflecting headwinds in both new and RMI construction.

我們的設施供應（Facilities Supply）營收成長 3%，而 Fire & Fabrication（消防與製造加工）下滑 6%。Ferguson Home 營收下滑 2%。不過，我們仍優於充滿挑戰的住宅市場表現，結合同級最佳的展示間與數位體驗，服務更具韌性的高端市場區隔。住宅貿易水管（Residential Trade Plumbing）營收下滑 2%，反映新建與 RMI 施工皆面臨逆風。

Our HVAC customer group returned to growth, up 1% against a 5% comparable. We continue to drive our HVAC growth strategy. We're investing in expert associates, counter retrofits, greenfield expansion, and M&A. All of this supports the HVAC specialist as we're uniquely positioned to serve the growing dual trade contractor population. Our customer groups perform better together, sharing expertise to provide end-to-end solutions that help simplify complex projects and drive construction productivity.

我們的 HVAC 客戶群組恢復成長，在去年同期 5% 的可比基期之上成長 1%。我們持續推動 HVAC 成長策略。我們正投資於專業同仁、櫃檯改裝、綠地擴張，以及併購（M&A）。這些投入皆用以支持 HVAC 專業承包商；我們具備獨特優勢，可服務日益成長的雙工種承包商族群。我們的各客戶群組協同表現更佳，透過共享專業能力提供端到端解決方案，協助簡化複雜專案並提升施工生產力。

Now let me pass the call over to Bill for the financial results in more detail.

現在我把電話交給 Bill，請他更詳細說明財務結果。

Thank you, Kevin, and good morning, everyone. Net sales of $7.5 billion were 3.6% ahead of last year, driven by organic revenue growth of 2.8% and acquisition growth of 0.8%, with mid-single digit price inflation. Gross margin increased 30 basis points over last year to 31%. We continued to drive productivity initiatives and cost discipline in the business while we invest for future growth.

謝謝你，Kevin，各位早安。淨銷售額 75 億美元較去年成長 3.6%，主要由 2.8% 的有機營收成長與 0.8% 的併購成長所帶動，且價格通膨約為中個位數百分比。毛利率較去年提升 30 個基點至 31%。在投資未來成長的同時，我們持續推動生產力提升計畫並維持成本紀律。

Operating profit grew 8.4% to $647 million, delivering an 8.7% operating margin with 40 basis points of expansion over the prior year. This profit growth, combined with the impact of our share repurchase program, drove a 9.1% increase in diluted earnings per share to $2.28.

營業利益成長 8.4% 至 6.47 億美元，營業利益率達 8.7%，較去年同期擴大 40 個基點。此獲利成長加上我們庫藏股回購計畫的影響，帶動稀釋後每股盈餘成長 9.1% 至 2.28 美元。

Moving to our segment results. In the US, net sales grew 3.5%, with an organic increase of 2.9% and a 0.6% contribution from acquisitions. Operating profit of $656 million increased $45 million over the prior year, delivering an operating margin of 9.2%. In Canada, net sales increased by 5.5%, with a 5.8% contribution from acquisitions offset by an organic decline of 0.3%. Markets have remained subdued in Canada, particularly in residential. Adjusted operating profit of $5 million was $1 million below last year.

接著看我們的分部業績。在美國，淨銷售成長3.5%，其中有機成長2.9%，併購貢獻0.6%。營業利益為6.56億美元，較去年增加4,500萬美元，帶動營業利益率達9.2%。在加拿大，淨銷售成長5.5%，其中併購貢獻5.8%，但被有機下滑0.3%所抵銷。加拿大市場仍然低迷，尤其是住宅領域。調整後營業利益為500萬美元，較去年少100萬美元。

Next, we continued to generate solid cash flow in the quarter. EBITDA of $711 million was $60 million ahead of the prior year. Operating cash flow was $772 million, down $100 million on prior year as we invested in working capital to support growth, partially offset by the timing of cash tax payments. We continued to invest in organic growth through CapEx, investing $92 million in the quarter, resulting in free cash flow of $688 million.

接下來，本季我們持續創造穩健的現金流。EBITDA為7.11億美元，較去年同期增加6,000萬美元。營運現金流為7.72億美元，較去年減少1億美元，主因我們投資於營運資金以支援成長，部分被現金稅款支付時點所抵銷。我們也持續透過資本支出投資有機成長，本季投入9,200萬美元，使自由現金流達6.88億美元。

Moving to capital allocation. We continue to allocate capital across four clear priorities of organic growth, bolt-on geographic and capability acquisitions, sustainably growing our dividend, and returning surplus capital to shareholders when we are below the low end of our target leverage range of 1 to 2 times net debt to EBITDA. In the first quarter, as we previously mentioned, we invested $92 million into CapEx to drive further above-market organic growth.

接著談資本配置。我們持續將資本配置在四項明確優先事項：有機成長、地理版圖與能力的補強型併購、可持續地提高股利，以及當我們低於目標槓桿區間（淨負債對EBITDA為1至2倍）的下緣時，將多餘資本回饋給股東。第一季，如先前提到的，我們投入9,200萬美元資本支出，以推動進一步高於市場的有機成長。

We completed two acquisitions within our Waterworks customer group during the first quarter, including Technology Sales Associates and Chesapeake Environmental Equipment. Subsequent to quarter end, we acquired Carrier Great Lakes within our HVAC customer group. We also signed definitive purchase agreements for two additional HVAC acquisitions, Dealers Supply Company and New England Applied Products, as well as PRD Technologies Group within our Industrial customer group. We anticipate closing these three acquisitions during the second quarter.

第一季我們在Waterworks客戶群完成兩項併購，包括Technology Sales Associates與Chesapeake Environmental Equipment。在季後，我們於HVAC客戶群併購了Carrier Great Lakes。我們也已簽署兩項額外HVAC併購（Dealers Supply Company與New England Applied Products）的最終購買協議，以及在工業客戶群的PRD Technologies Group。我們預期將於第二季完成這三項併購交割。

Collectively, these acquisitions will expand and enhance our capabilities across water and wastewater treatment, residential, commercial, and applied HVAC, and industrial valves and flow control. The aggregate annual revenue impact of these six acquisitions is approximately $350 million. Our overall acquisition pipeline remains healthy. Our Board declared an $0.89 per shared quarterly dividend, and we purchased $236 million in shares during the first quarter. Furthermore, given our strong financial position, the Board has approved a new $2 billion share repurchase authorization, which replaces the existing program.

整體而言，這些併購將擴大並強化我們在淨水與污水處理、住宅、商用與應用型HVAC，以及工業閥門與流量控制等領域的能力。這六項併購合計的年度營收影響約為3.5億美元。我們整體的併購案源仍然健康。董事會宣告每股0.89美元的季度股利，且我們在第一季回購了2.36億美元的股票。此外，鑑於我們強勁的財務狀況，董事會已核准新的20億美元股票回購授權，以取代現有計畫。

Now, turning to guidance. We are reaffirming our full-year 2026 guidance. While we continue to navigate an uncertain environment, we expect our markets to remain broadly flat for the year, with residential down low- to mid-single digits and non-residential up low- to mid-single digits. We expect net sales to grow in the low- to mid-single digits.

接著談展望。我們重申2026全年財測指引。在持續因應不確定環境之際，我們預期今年市場整體大致持平，其中住宅下滑低至中個位數百分比，非住宅成長低至中個位數百分比。我們預期淨銷售將以低至中個位數百分比成長。

We expect an operating margin range of 9.4% to 9.8%. We also expect interest expense to be approximately $200 million, CapEx of approximately $350 million to $400 million, and an effective tax rate of approximately 26%. We believe our strong balance sheet, agile business model, balanced end market exposure, and continued strategic investments position us well as we enter the second quarter.

我們預期營業利益率區間為9.4%至9.8%。我們也預期利息費用約2億美元，資本支出約3.5億至4億美元，有效稅率約26%。我們相信，強健的資產負債表、靈活的商業模式、均衡的終端市場曝險，以及持續的策略性投資，將使我們在進入第二季時具備良好定位。

Thank you. I'll now pass back to Kevin.

謝謝。我現在把時間交回給Kevin。

Thank you, Bill. As we wrap, let me again thank our expert associates who continue to execute in a challenging environment by serving the specialized water and air professional. Our multi-year investments position us to succeed in water infrastructure, large capital projects, climate and comfort, and aging and under-built housing. Our unique multi-customer group approach and scale deployed locally give us a distinct advantage to continue to outperform.

謝謝你，Bill。在結語之前，我要再次感謝我們的專業同仁；他們在充滿挑戰的環境中，持續透過服務專業的水務與空調從業者來落實執行。我們多年的投資使我們能在水務基礎建設、大型資本專案、氣候與舒適，以及老化且供給不足的住宅等領域取得成功。我們獨特的多客戶群策略與在地化部署的規模，讓我們具備明顯優勢，得以持續跑贏市場。

Despite the market uncertainty, we remain well-positioned to continue to capitalize on the structural trends shaping our residential and non-residential markets. And we'll continue to invest in our associates and our value-added capabilities to drive productivity in a trade-starved world.

儘管市場充滿不確定性，我們仍具備良好定位，可持續掌握塑造住宅與非住宅市場的結構性趨勢。我們也將持續投資於同仁與我們的加值能力，在技工短缺的世界中推動生產力提升。

Thank you for your time today. Bill and I are now happy to take your questions. Operator, I'll hand the call back over to you.

感謝各位今天撥冗。Bill和我現在很樂意回答各位的問題。接線員，我把電話交回給你。

(Operator Instructions) Philip Ng, Jefferies.

(接線員指示) Philip Ng，Jefferies。

Congrats on a strong quarter in a choppy environment. Bill, I appreciate you guys reiterate the full year guide. I mean, it's very early in the year, a strong start to the year. But if you had to think about unpacking your top-line outlook is there a different view in terms of how the makeup is going to look like, whether it's volumes by end markets or pricing? Certainly a very inflationary backdrop with some of the tariff changes as well as the Middle East war. Just kind of help us think through the components building up to that top-line profile you have laid out for us.

在波動的環境下交出強勁的一季，恭喜。Bill，我很感謝你們重申全年指引。我的意思是，現在才剛進入年度初期，開局很強。但如果要拆解你們對營收端的展望，你們對組成結構是否有不同看法，例如各終端市場的量，或是價格？目前通膨背景相當明顯，還有一些關稅變動以及中東戰事。請協助我們理解，你們所提出的營收輪廓，其背後各項構成要素是如何堆疊起來的。

Yeah. Thanks, Phil. Thanks for the compliments and the question. If I take a step back and go back to the guide that we set out at the end of the calendar year for the full year, we talked about a belief that our markets would be broadly flat for the year with certainly pressure on the residential markets and maybe those residential markets will be down low- to mid-single digits with the non-res markets up low- to mid-single digits.

是的。謝謝你，Phil。謝謝你的稱讚與提問。如果我先退一步，回到我們在日曆年年底提出的全年指引，我們談到我們相信今年市場整體大致持平，但住宅市場確實承壓，住宅市場可能下滑低至中個位數百分比，而非住宅市場則成長低至中個位數百分比。

So a broadly flat market for the year. And we talked about us continuing to outperform that market organically somewhere in the range of low- to mid-single digit total growth. We also talked about our best view of the overall inflationary environment at that point, being about low-single digit inflation for the calendar year.

也就是說，今年市場整體大致持平。我們也談到，我們將持續在有機面跑贏市場，總成長大約落在低至中個位數百分比的區間。我們也談到，當時我們對整體通膨環境的最佳判斷，是日曆年全年約為低個位數的通膨。

And we said that we would come into the year with a bit more inflation, but as we lapped those step-ups from last year, that we thought that would probably moderate back into that low-single digit range for the full year. So low-single digit inflation with a bit of volume gets us to that low- to mid-single digit total revenue growth for the year, with very little acquisition activity coming into the year.

我們也表示，年初通膨會稍高一些，但隨著我們跨越去年那些階梯式上調的比較基期，我們認為全年通膨大概會回落並趨於低個位數區間。因此，低個位數通膨再加上一些出貨量，就能帶來全年低至中個位數的總營收成長，而在年初時併購活動非常有限。

If we play through what we've seen to date in the first quarter, we've certainly seen inflation step up a touch more than we expected, so we delivered mid-single digit inflation in the first quarter, with volumes being a bit more pressured, really driven in that new residential side of the business, as well as the expected volume pressure that we had in HVAC in the first quarter.

如果我們回顧截至目前第一季所看到的情況，通膨確實比我們預期的略有升溫，因此第一季我們實現了中個位數的通膨；而銷量則承受了些許壓力，主要來自新建住宅端的業務，以及我們在第一季於 HVAC 方面原本就預期會出現的銷量壓力。

I think as we look out for the rest of the year, we'd still expect that volume pressure to continue, particularly on new residential. If you look at starts and permits across the first quarter, they're still weaker this calendar year in Q1 than they were last year, which, I mean, indicates that we'll still have maybe a touch more pressure on new resi as we go through the year.

我認為展望今年剩餘時間，我們仍預期這種銷量壓力會持續，尤其是在新建住宅方面。如果你看第一季的開工數與許可數，今年日曆年度第一季仍比去年更疲弱，這表示我們在今年推進的過程中，新建住宅可能仍會再多承受一點壓力。

On inflation, we have seen a touch more price increase announcements coming through. I tell you, it still remains a bit early, particularly when we start to look at the commodity basket in areas such as PVC. There are a lot of cost input pressures on PVC today, whether that's oil leading to resin prices and transportation costs. And so we've seen a fair amount of price increase announcements, but it's still early. It remains to be seen how long that lasts and how that sticks in place through the market.

在通膨方面，我們確實看到更多的漲價公告陸續出來。我得說，現在仍稍嫌太早，特別是當我們開始觀察像 PVC 這類領域的商品組合時。目前 PVC 面臨許多成本投入壓力，無論是油價推升樹脂價格，或是運輸成本。因此我們看到相當多的漲價公告，但現在仍屬早期。這會持續多久、以及能在市場上維持到什麼程度，仍有待觀察。

So maybe taking a broad step back, our overall guidance hasn't changed. We probably would say there might be a touch more inflation with a touch more volume pressure than we originally anticipated but still think the broad revenue environment's going to be pretty similar.

所以如果稍微拉遠一點來看，我們整體指引沒有改變。我們可能會說，通膨可能比原先預期略高一些、銷量壓力也略大一些，但我們仍認為整體營收環境會相當類似。

Got you. And then Bill, just to kind of button that up, in terms of the inflation you're potentially expecting to see, what type of impact do you think it's going to have on demand destruction? It sounds like on the non-res stuff, business as usual. Any more choppiness on the resi side because of this inflation? And then net-net, I think coming into the year, you're expecting gross margins to be pretty muted because you're lapping some nice inventory profit gains. Is that potentially an opportunity just given the inflation you're seeing across the board and even some of the commodity categories that was a little more of a drag last year?

了解。那 Bill，為了把這點收尾一下，就你們可能預期會看到的通膨而言，你認為它對需求破壞會造成什麼樣的影響？聽起來在非住宅方面，一切照常。住宅端會不會因為這個通膨而出現更多波動？另外，整體來看，我想年初你們預期毛利率會相當平淡，因為你們要面對去年不錯的庫存獲利基期。那麼，考量你們目前看到的全面性通膨，甚至一些去年拖累較大的商品類別，這是否可能反而成為一個機會？

Yeah. I think first off on demand and volume strength in non-resi still remains quite strong, driven, as we've talked about, by large capital projects, as we're still seeing quite a bit of pressure on traditional non-resi. So I don't think we view the demand picture or demand -- a risk of demand destruction on the non-resi side any different than we did a quarter ago.

是的。我想首先，在非住宅端的需求與銷量強度仍然相當強勁，正如我們談過的，主要由大型資本專案所帶動，同時我們仍看到傳統非住宅領域承受相當大的壓力。因此，我不認為我們對非住宅端的需求情勢、或需求——也就是需求破壞風險——的看法，與一季前有任何不同。

Again, on resi, probably a touch more volume pressure. Whether you call that demand destruction or just a variety of factors that are pressuring the residential environment, not the least of which is mortgage rates that still remain high, uncertainty around oil prices and fuel costs for the consumer, and pressured balance sheets.

再來在住宅端，銷量壓力可能會再多一點。你要稱之為需求破壞也好，或只是多種因素在壓抑住宅環境也好，其中包括仍然偏高的房貸利率、油價與消費者燃料成本的不確定性，以及資產負債表承壓。

So I'm not sure I would call that demand destruction, but I think it's a bit of a weaker new resi environment than we originally anticipated stepping into the year. In terms of gross margin, we are really pleased with the 31% gross margin in the first quarter. Certainly solid execution across the business. The teams are executing really well across our pricing teams, leveraging tools and technology, executing our product strategy, and certainly, delivering great customer service and charging for that value.

所以我不確定我會把它稱為需求破壞，但我認為新建住宅環境確實比我們在年初進入今年時所預期的更疲弱一些。就毛利率而言，我們對第一季 31% 的毛利率非常滿意。整個業務的執行力當然很扎實。團隊在各方面都執行得非常好，包括我們的定價團隊運用工具與科技、落實產品策略，並且確實提供優質的客戶服務，並就這份價值收費。

We also had pretty good own brand growth in the first quarter. The own brand is now above, slightly above 10% of our total revenue. And so we're continuing to execute that product strategy. And then last, there was a bit of benefit from the sequential step-up in inflation from Q4 to Q1. So you package that all together, Phil, it's a really solid 31% gross margin in the quarter.

第一季我們的自有品牌成長也相當不錯。自有品牌目前已略高於我們總營收的 10%。因此我們持續推進這項產品策略。最後，從第四季到第一季通膨的連續性上升也帶來了一些助益。把這些因素合在一起，Phil，本季 31% 的毛利率表現非常扎實。

We would still expect that gross margins could tick down a bit as we get into Q2 and Q3, principally driven by the seasonal customer groups of HVAC and Waterworks, which are two of our most seasonal customer groups. Those will pick up a bit in the summer and become a larger share of the business, and those have carried lower gross margins than the overall total. So we still would expect that gross margins could come in a bit from 31%.

我們仍預期，進入第二季與第三季後，毛利率可能會小幅下滑，主要是因為 HVAC 與 Waterworks 這兩個客群具有季節性，是我們最具季節性的客群之一。夏季它們的業務量會回升、在整體業務中的占比也會提高，而這兩者的毛利率一直低於整體平均。因此我們仍預期毛利率可能會從 31% 略為回落。

And then when you take a step back from the year, that's very much how we thought and talked about the year playing out. A bit of year-over-year gross margin pressure, principally because of the outsized benefit we had last year with price increase, and then we'd offset that with SG&A leverage and then land in that 9.4% to 9.8% range for overall operating margins.

再把視角拉回到全年，這基本上就是我們原先對今年走勢的看法與說法。毛利率年對年會有一些壓力，主要是因為去年漲價帶來了超額的助益；接著我們會以 SG&A 槓桿來抵消，並使整體營業利益率落在 9.4% 到 9.8% 的區間。

Appreciate all the great color, Bill. Thank you.

非常感謝你提供這麼多有用的細節，Bill。謝謝。

Sam Reid, Wells Fargo.

Sam Reid，富國銀行。

Wanted to drill down a little bit more on the Waterworks business. Just looking at the growth rate here it's 5%. It's solid, but it does represent a slowdown versus where you landed in the fourth quarter and throughout much of last year. Maybe just give us a finer point on the breakdown between volume and price in this segment here. And then perhaps talk to the magnitude of the residential decline that you're seeing in the Waterworks segment.

我想再更深入一點了解 Waterworks 業務。從這裡的成長率來看是 5%。表現不錯，但相較於你們在第四季以及去年大部分時間的水準，確實有所放緩。能否更精準地說明一下，這個部門在銷量與價格之間的拆分？另外也請談談你們在 Waterworks 部門看到的住宅端下滑幅度大概有多大。

Yeah, sure, Sam. I'll start. First off on the Waterworks volume versus price. You should consider that all volume, with actually a touch of deflation, so volume's a bit greater than that 5%, and there's really no acquisition in that. So really all organic volume, and that's true of the prior year comparable as well.

好的，當然可以，Sam。我先說。首先談 Waterworks 的銷量與價格。你應該把它視為全部來自銷量，實際上還有一點點通縮，所以銷量其實略高於 5%，而且其中完全沒有併購因素。所以基本上全是有機銷量成長，而去年同期的可比基期也是如此。

Yeah. And Sam, if you look at plus 5, all volume, all organic against a plus 11 comp, that's pretty strong performance. And as we said in the earlier comments, that was really driven by the diversification of the Waterworks business and the continued backlog that we are building across some of our strategic businesses like municipal, private water authorities, meters and metering technology, public works, erosion control and stormwater management.

是的。而且 Sam，如果你看 +5，全部是銷量、全部是有機成長，對比的是 +11 的可比基期，這其實是相當強勁的表現。正如我們先前評論所說，這主要是由 Waterworks 業務的多元化，以及我們在一些策略性業務上持續累積的在手訂單所帶動，例如市政、民營供水機構、水表與計量技術、公共工程、侵蝕控制與雨水管理。

And that diverse business is performing well against what are candidly quite challenged normal non-res and residential markets. And so you add that together with a multi-customer group approach on large capital construction, and we're really pleased with what that volume performance looks like inside that Waterworks business. Again, specifically against what was a challenging PVC pipe pricing environment that will likely see some degree of support as the changes with the current market play out.

而且，坦白說，在非住宅與住宅市場都相當具挑戰的情況下，那個多元化業務仍表現良好。因此，將這點與大型資本建設採取多客戶群組策略結合起來，我們對 Waterworks 業務內部的量能表現感到非常滿意。同樣地，特別是在具挑戰性的 PVC 管材定價環境下，隨著目前市場變化逐步發酵，該環境很可能會獲得某種程度的支撐。

Absolutely, guys. No, very strong results in the context of what you're seeing in the market. So congratulations there. Maybe just switching gears, would love to hear perhaps a bit more color on the trajectory/split between commodity and finished good pricing in Q1. And then remind me, did the guidance contemplate unannounced price increases, or do you think there could be some upside to your price expectations if some of the OEMs attempt to push through more price?

完全同意，各位。不，在你們所看到的市場背景下，這是非常強勁的成果。所以恭喜。也許換個話題，我想多了解一下第一季（Q1）大宗商品與成品定價之間的走勢／分化情況。另外提醒我一下，指引是否已納入尚未公告的漲價因素？或者如果部分 OEM 嘗試推動更多漲價，你們的價格預期是否可能有上行空間？

Sure, Sam. If you look at the split today, finished goods are a reminder, that's roughly 85% of our total revenue. Overall inflation was in that mid-single digit range for the quarter, and commodities as a basket had moved back into slight inflation. So I'd call that very low single digit inflation in the quarter.

當然，Sam。如果看目前的拆分，成品提醒一下，約占我們總營收的 85%。本季整體通膨大約在中個位數區間，而大宗商品作為一籃子則回到輕微通膨。所以我會稱之為本季非常低的個位數通膨。

In terms of what we're seeing in price increases, I would go back to some of my earlier comments. We have seen a bit more price increase announcements coming through on the branded side of the world. Some of that driven by, call it Section 232 tariffs, that have been announced recently. So we probably expect a bit more inflation coming through than we originally anticipated.

就我們看到的漲價而言，我會回到我先前的一些評論。我們確實看到品牌端有更多的漲價公告陸續出來。其中一部分是由近期宣布的、所謂《232 條款》關稅所驅動。因此，我們可能預期通膨傳導會比原先預估的稍多一些。

Our guide, however, did try to contemplate how we thought the inflationary environment would play out through the year. So again, thought that we'd have low single-digit inflation for the full year. Stepping into the year, it might be a touch higher than that. Bu the big question mark and always the hardest thing to predict is that commodity basket. That's 15% of our revenue.

不過，我們的指引確實嘗試納入我們對全年通膨環境演變的判斷。所以再次強調，我們原本認為全年會是低個位數通膨。進入今年，可能會略高於此。但最大的問號、也一直最難預測的是那一籃子大宗商品。那部分占我們營收的 15%。

As I just said, it's ticked into the low single-digit inflation range. Each of those commodities still has a different dynamic around it, and they're moving at different paces and at different velocities. So if you unpack the largest component of our commodities, which would be plastic pipe, that's roughly half of that commodity basket, split between Waterworks pipe as well as plumbing, small diameter pipe.

如我剛才所說，它已小幅進入低個位數通膨區間。每一項大宗商品仍各自有不同的供需動態，且以不同的步調與速度在變動。因此，如果拆解我們大宗商品中最大的組成項，也就是塑膠管材，約占該大宗商品籃子的一半，分別來自 Waterworks 管材以及管路（plumbing）的小口徑管材。

We have seen -- both of those have been in deflation for some period of time. They were still in deflation for the first quarter, so still down low-double digits as a basket of plastic commodities. We have seen, as I mentioned, price increase announcements coming on the back of resin and transportation costs that have moved up in result of the Iran conflict.

我們看到——這兩者在一段時間內都處於通縮。第一季仍在通縮，因此作為一籃子塑膠類大宗商品，仍是低雙位數下跌。如我提到的，我們已看到因伊朗衝突導致樹脂與運輸成本上升，進而帶來的漲價公告。

It still is early, though. It remains to be seen how that plays through and how that plays through in terms of those prices sticking in the market and then how long that lasts. But we would anticipate at the current price increase announcements that that negative or deflationary environment on plastic would start to minimize as we step through the year.

不過現在仍屬早期。這將如何傳導、這些價格是否能在市場上站穩，以及能維持多久，仍有待觀察。但依目前的漲價公告來看，我們預期塑膠品項的負向或通縮環境，會在今年推進過程中開始收斂。

Copper tube and fittings has been the strongest inflationary product category for us. We are starting to lap the outsized increases from last year. I think that will still be an inflationary territory, but we would anticipate that inflation coming down a bit. And then steel, different components of steel are moving at different paces, but still, call it in that low- to mid-single-digit inflation. Overall as a basket, again, we'll see how that plays through.

銅管與配件一直是我們通膨最強的產品類別。我們開始進入與去年大幅上漲的高基期相比的階段。我認為仍會處於通膨區間，但我們預期通膨幅度會下降一些。至於鋼材，鋼材的不同組成項以不同速度變動，但整體仍可說在低到中個位數通膨。作為整體一籃子而言，再次強調，我們會觀察其後續傳導。

So overall, again, maybe a touch more inflation than we originally anticipated, and we'll continue to monitor that month in, month out.

所以整體而言，再次說明，通膨可能比我們原先預期的略高一些，我們也會按月持續監測。

Always helpful color, guys. I'll pass it on. Thank you.

這些補充一直都很有幫助，各位。我就先把時間交回去。謝謝。

John Lovallo, UBS.

UBS 的 John Lovallo。

Thanks for taking my questions as well. The first one on the HVAC business return to growth of about 1%, which was encouraging. I mean, what are your expectations for the business as we move through the year? Any thoughts you can share on Home Depot's recent entrance into the space?

也謝謝讓我提問。第一個問題是 HVAC 業務回到約 1% 的成長，這令人鼓舞。我的意思是，隨著今年推進，你們對該業務的預期是什麼？另外，對 Home Depot 最近進入這個領域，你們有什麼看法可以分享嗎？

Yeah. Thank you, John. The HVAC business, as we said, we were pleased to see it come back to growth. You look at a [+1%] against a [+5%] comparable and 6% growth on a two-year stack, a pretty good result, all things considered against what is a tough residential new construction market against what is a pretty challenged consumer right now in terms of pressure in their balance sheet, and that consequential movement to more repair versus replace.

是的。謝謝你，John。如我們所說，我們很高興看到 HVAC 業務回到成長。你看在 [+5%] 的可比基期下做到 [+1%]，兩年疊加成長 6%，綜合各種因素來看是相當不錯的結果；尤其是在住宅新建市場艱難、消費者資產負債表承壓、因而更傾向「維修而非更換」的情況下。

And all of that against the change from a regulatory environment and what that looked like against some degree of pull forward of demand. We think we're largely through that and we're back into an environment where we can grow inside the HVAC business.

而這一切又是在監管環境變化、以及需求某種程度提前拉貨的背景下發生的。我們認為那部分大致已經過去，現在回到一個我們可以在 HVAC 業務內成長的環境。

If you look at where we're headed from an HVAC perspective, we talk about climate and comfort as one of the real growth areas for us as a company. You see us continuing to focus on the specialist trade professional and making sure that we're adding expertise across the country in terms of associate base.

如果從 HVAC 的角度看我們的方向，我們把「氣候與舒適」視為公司真正的成長領域之一。你會看到我們持續聚焦於專業技師／專業承包商（specialist trade professional），並確保在全國範圍內擴充門市同仁的專業能力。

You see us adding locations. You see us adding counter build outs to really service that dual trade growing contractor base more effectively than anyone else. And you see us using M&A as a good growth area to bring in talented associates with great relationships in local markets, and that was really evident during the quarter and as we move into quarter two.

你會看到我們增加據點。你會看到我們擴建櫃檯（counter）配置，以更有效地服務那個雙工種、持續成長的承包商客群，並做到比任何人都更好。你也會看到我們把併購（M&A）作為良好的成長手段，將在當地市場擁有優秀人脈與關係的優秀同仁納入團隊；這在本季以及我們進入第二季時都非常明顯。

If you talk about the Mingledorff's acquisition in the Southeast, clearly, we respect our retail competitor incredibly well, and that HVAC growth area was on their roadmap, so it really wasn't a surprise for us. If you look at where we stand, we have a really strong position inside the Southeast in both plumbing as well as HVAC. And we continue to build that out both organically through counter build out and now further strengthened by the acquisition of Dealers Supply with 17 locations in the Southeast.

談到在東南部收購 Mingledorff's，我們非常尊重我們的零售競爭對手，而 HVAC 這個成長領域也在他們的路線圖上，所以這對我們來說並不意外。就我們目前的位置而言，我們在東南部的管路（plumbing）與 HVAC 都有非常強的布局。我們也持續透過櫃檯擴建等有機方式來擴張，而如今又透過收購在東南部擁有 17 個據點的 Dealers Supply 進一步強化。

So we're really pleased with what we're able to do inside that market and more broadly across HVAC and plumbing as we look at the growth of the repair professional in dual trade across the United States.

因此，我們對於能在該市場內部，以及更廣泛地在HVAC與管路領域所能做的事情感到非常滿意，因為我們看到在全美範圍內，具備雙工種能力的維修專業人士正在成長。

Okay. That's helpful. And then how should we think about your diesel cost exposure? Do you have any hedging mechanisms in place, and have you implemented fuel surcharges?

好的。這很有幫助。接著，我們應該如何看待你們在柴油成本上的曝險？你們是否有任何避險機制，並且是否已實施燃油附加費？

Well, we have not implemented fuel surcharges, and we do not intend to. We do not pass along surcharges as a matter of principle from a pricing perspective. If you think about diesel and overall fuel costs for us, it's certainly a headwind, John, but not one that I would consider overly material to the financials. It is one that we are working every day very hard to offset with our productivity initiatives. One of those largest initiatives that we've been really pleased with the results has been our fleet optimization and our fleet rationalization program.

嗯，我們沒有實施燃油附加費，而且也不打算實施。從定價原則來看，我們不會把附加費轉嫁出去。如果你看柴油以及整體燃料成本，對我們而言確實是一股逆風，John，但我不會認為它對財務表現有過度重大的影響。我們每天都非常努力，透過生產力提升計畫來抵銷它。其中一項我們對成果非常滿意、也是最大的計畫之一，就是我們的車隊最佳化與車隊精簡方案。

And so today, we've effectively offset that increase in fuel. But it will remain a bit of a headwind that we will continue to work hard to offset. And maybe to put a finer point on Bill's comments regarding fuel surcharge, John, we have historically taken the position that we need to make sure that we get the broadest product offering to our customers where and when they need it. That includes our final mile trucking fleet of over 5,900 trucks, and that's roughly half of our revenue is being delivered on those trucks.

因此，截至目前，我們已有效抵銷燃料上漲的影響。但它仍會是一點逆風，我們會持續努力加以抵銷。另外，為了更精準回應Bill對燃油附加費的評論，John，我們一向的立場是：我們必須確保能在客戶需要的時間與地點，提供最完整的產品組合。這也包含我們超過5,900輛卡車的最後一哩路運輸車隊，而大約有一半的營收是透過這些卡車配送。

And we need to make sure that that value-added service, that service that we offer, is in the price of product, and that's always been the way we've looked at it. And additionally, you see some degree of inflation inside of our product categories that should allow us, together with the productivity measures that Bill highlighted, to keep that expense in a right controlled spot.

我們必須確保我們提供的加值服務、也就是我們所提供的服務，已包含在產品價格之中，而這一直是我們看待此事的方式。此外，你也會看到我們的產品類別中存在一定程度的通膨，這應能讓我們在Bill所強調的生產力措施配合下，把這項費用控制在適當、可控的位置。

Great. Thanks, guys.

很好。謝謝各位。

David Manthey, Baird.

David Manthey，Baird。

First question for you guys is, large commercial projects, clearly doing really well at the moment. And given the visibility of those types of jobs, could you discuss backlog as you see it and what your outlook is for the remainder of 2026, as I assume some of those are rolling off and new ones are starting up?

我第一個問題是，大型商用專案目前顯然表現非常好。考量這類工作通常能見度較高，你們能否談談你們所看到的在手訂單（backlog）以及對2026年剩餘期間的展望？我猜其中一些專案會逐步結束，同時也會有新專案啟動。

Yeah. Dave, the backlog continues to grow. Our open order volume continues to grow, particularly in that Commercial/Mechanicalchanical business. So again, really pleased with that 18% growth on top of a 9% comparable. Those comparables get tougher and tougher as we move through the year. We're going to start to lap some 18% comparables on Commercial/Mechanical and double-digit growth comparables in overall non-res.

是的。Dave，在手訂單持續成長。我們的未交訂單量（open order volume）也持續增加，特別是在商用／機械（Commercial/Mechanical）業務。所以，再次強調，我們對在9%可比基期之上仍達到18%成長感到非常滿意。隨著年度推進，這些可比基期會愈來愈具挑戰。我們將開始面對商用／機械18%可比，以及整體非住宅（non-res）雙位數成長的可比基期。

But I can tell you the Commercial/Mechanicalchanical backlog is up greater than that 18%. Certainly, there can be some lumpiness on how those projects play out in terms of revenue delivery, but we don't see any slowdown still on the large capital project space and continue to believe it's going to be a strong multi-year tailwind still to come.

但我可以告訴你，商用／機械的在手訂單增幅高於那個18%。當然，這些專案在營收認列的節奏上可能會有一些不均勻性（lumpiness），但我們仍未看到大型資本專案領域有任何放緩，並且持續相信這將是一股強勁、跨多年的順風，未來仍會延續。

Yeah, David, as we've discussed earlier in the call, that multi-customer group approach and engaging early with the owner engineering community and the contractor base is serving us well. And as we talked about Waterworks earlier, a +5% on a +11% all volume, good result. Again, 18% growth in Commercial/Mechanicalchanical on a 9% comp, 10% growth inside the Industrial space.

是的，David，正如我們在電話會議前面討論過的，那種多客戶群組（multi-customer group）的方式，以及及早與業主工程社群與承包商群體互動，對我們很有幫助。而如同我們先前談到Waterworks，在整體量成長+11%的基礎上再成長+5%，結果不錯。同樣地，商用／機械在9%可比基期上成長18%，工業領域內部成長10%。

We feel good about across those customer groups, that activity level. And as Bill said, we continue to build that open order volume and that bidding activity. Again, understanding that there can be some lumpiness in terms of how those projects play out, given their size, scale, and the amount of projects that are going on.

我們對於這些客戶群的活動水準感到樂觀。而如Bill所說，我們持續累積未交訂單量以及投標活動。同樣也理解，考量專案的規模、體量，以及同時進行的專案數量，這些專案在推進過程中，營收表現可能會有一些不均勻性。

For us, one of the things that we're really focused on is making sure that as that large amount of activity plays through, that we've got the right inventory levels, the right supply chain solutions on large diameter steel pipe, weld fittings, flanges, especially in the current environment that we find ourselves in geopolitically, that we've got that right inventory level to keep those projects moving on time and in full.

對我們而言，我們非常聚焦的一件事是：在大量活動逐步落地的同時，確保我們具備適當的庫存水位、以及在大口徑鋼管、焊接管件、法蘭等方面的正確供應鏈解決方案。尤其在我們目前所處的地緣政治環境下，我們要有正確的庫存水位，才能讓這些專案按時、足量推進。

Okay. Thank you for that. Second, going back to last year, I know you were working through this $100 million in cost savings. I'm just trying to, with the change in fiscal year, sort out where we are. Is that all behind us now? Anything left over and/or any new cost efforts as you enter calendar 2026?

好的。謝謝你的說明。第二個問題，回到去年，我知道你們當時在推進1億美元的成本節省。我只是想在會計年度變更後釐清一下我們目前的進度。那部分現在都已經結束了嗎？是否還有剩餘，以及／或在進入2026年曆年時是否有任何新的成本措施？

Yeah, Dave, it's a great question. We executed the vast majority of that in the month of April last year. So by May first, we were fully recognizing that annualized rate. We're just about through the end of that. Really pleased with the cost position of the business today. If you look in Q1, costs were up just about 3%, so we got about 10 basis points of leverage on what was a still a challenge revenue environment with revenue up 3.6%.

是的，Dave，這是個很好的問題。我們在去年4月執行了其中絕大部分。因此到去年5月1日，我們已完全反映那個年化水準。我們現在也差不多走完整個週期了。我們對目前業務的成本狀態非常滿意。如果看第一季，成本大約上升3%，因此在營收仍具挑戰、營收成長3.6%的環境下，我們取得了約10個基點的槓桿效益（leverage）。

So, very pleased with how the teams have executed, very pleased with some of the productivity initiatives, both from a technology and automation perspective, as well as the fleet program that I mentioned before. So I think we're well-positioned.

所以，我們對團隊的執行非常滿意，也對一些生產力提升計畫感到非常滿意，這些計畫包括科技與自動化面向，以及我先前提到的車隊計畫。因此我認為我們的布局相當到位。

With that said, as we're going to lap those comparables on the cost side, I would expect that cost growth rate could step up just a touch as we move into Q2 and Q3, but believe that we're well-positioned to continue to generate a bit of cost leverage as we look across the full calendar year.

不過，隨著我們在成本端也將開始面對那些可比基期，我預期當我們進入第二季與第三季時，成本成長率可能會小幅上升一些，但我們相信就整個曆年來看，我們仍具備持續產生成本槓桿效益的良好條件。

Sounds good. Thanks, guys.

聽起來不錯。謝謝各位。

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

Thanks for the question and nice job this quarter. Want to start with a question on the shape of the quarter. It seems maybe you exited at a better growth rate in March. And then can you just tell us what you're seeing so far in April?

謝謝讓我提問，這一季表現做得很好。我想先從本季走勢（the shape of the quarter）問起。看起來你們在3月結束時的成長率可能更好一些。另外，你們能否談談截至目前在4月所看到的情況？

Yeah, the quarter, Ryan, I will tell you, it was a little choppy. We talked about this on our stub period call back in February with just -- given the weather that we saw in January, February, so it's a little hard to get a read on it. But I would tell you that April has played out pretty similar to the shape of the overall quarter. So we're still, for the month of April, in that low- to mid-single digit total growth range. So not a significant shift as we came out of Q1 and into April.

是的，Ryan，我跟你說，這一季的表現有點顛簸。我們在2月的過渡期電話會議上談過這件事——考量到我們在1月、2月看到的天氣狀況，所以有點難以判讀。但我會說，4月的走勢與整體季度的形態相當類似。因此就4月而言，我們仍處於總成長率低到中個位數的區間。所以從第一季結束進入4月，並沒有出現顯著的變化。

Got it. Okay. And then just a high level comment on data centers. I'm just curious what are you seeing out there? Are you winning your fair share? Is growth accelerating? And then are you also seeing, like, stronger orders or an earlier look at orders? Because that's what we're hearing from some of the peers.

了解。好。接著想請你從高層次談談資料中心。我只是好奇你們在市場上看到什麼？你們是否拿到應有的市占？成長是否在加速？另外你們是否也看到，例如更強的訂單，或更早看到訂單的跡象？因為我們從一些同業那邊聽到的是這樣。

We are seeing earlier looks, but that has been a real conscious effort for us over the course of the last several years as we've started to engage earlier in the process to make sure that we've got the right product set to make sure that the supply chain can take care of delivering on that project, as I referenced earlier. The open order and bidding activity, again, continues to be robust.

我們確實更早看到一些機會，但這是我們過去幾年刻意為之的成果：我們更早介入流程，以確保我們有正確的產品組合，也確保供應鏈能夠交付該專案——如我先前提到的。未結訂單與投標活動同樣持續強勁。

We feel very good about our ability to win inside the data center environment. Early interaction with the owners, engineering communities, and the general contractors, allowing us to make sure that we've got the right product set, a multi-customer group approach, and then adding value-added services that help to drive construction productivity, things like fabrication, valve and automation.

我們對於在資料中心環境中贏得專案的能力非常有信心。與業主、工程社群以及總承包商的早期互動，使我們能確保具備正確的產品組合、採取多客戶群組策略，並加入可提升附加價值的服務，以推動施工生產力，例如預製加工、閥件與自動化。

It allows that project to get finished more on time, and especially in light of what is a trade-starved world and the resources available out there. We see our larger contractors inside the Commercial/Mechanicalchanical space in specific, growing faster, and so making sure that we can handle that volume with them is very important. We think, especially as we move to liquid cooled, that continued acceleration will play on.

這能讓專案更準時完成，尤其是在當前技工短缺、外部可用資源有限的情況下。我們看到在商用/機械領域（特別是機械領域）的大型承包商成長更快，因此確保我們能與他們一起承接並消化這些量能非常重要。我們認為，特別是隨著我們轉向液冷，這種持續加速的趨勢將會延續。

All right. Thanks. I'll pass it on.

好的。謝謝。我把問題交給下一位。

Keith Hughes, Truist.

Truist 的 Keith Hughes。

Thank you. I guess the question back on some of the commercial industrial here, we talk a lot about data centers. If you could talk about non-data center business, how much that's contributing to the numbers you're reporting here this quarter and previous periods.

謝謝。我想回到商用工業這一塊的問題，我們談了很多資料中心。如果可以談談非資料中心的業務，它在你們本季以及前幾期所報告的數字中，貢獻大概有多少？

Yeah, Keith, we've been really pleased with overall large new construction capital projects. But additionally, as we've really grown in the area of maintenance, repair, and operations in our core Industrial business, we're very pleased with that. So the broad-based growth of Waterworks commercial, mechanical, Industrial across that non-res space has been good.

是的，Keith，我們對整體大型新建資本專案感到非常滿意。此外，隨著我們在核心工業業務的維護、修理與營運（MRO）領域大幅成長，我們也非常滿意。因此，在非住宅領域，Waterworks 的商用、機械、工業等業務呈現廣泛性的成長，表現不錯。

When we look at data center activity, we see a knock-on effect of power generation and what that means with combined cycle power plants and the construction of those across the country, as well as the need for water and what that means for raw water source and water treatment. And all of that dovetails nicely into the investments that we've been making over time in our Industrial business, our Waterworks diversification, and then driving that multi-customer group approach.

當我們看資料中心活動時，也看到其帶動效應：例如發電，以及這對複循環電廠與全國各地相關建設的意義；同時也包括用水需求，以及這對原水來源與水處理的意義。而這些都與我們長期在工業業務、Waterworks 多元化，以及推動多客戶群組策略上的投資相互契合。

Additionally, we've seen good activity levels in traditional onshoring of manufacturing capacity, as well as the growth in pharma around things like GLP-1 production. So it has been more broad-based, and we think it's got a longer runway, especially when we look at water and energy inside the space.

另外，我們也看到傳統製造產能回流（onshoring）的活動水準良好，以及製藥領域在 GLP-1 相關產能（例如 GLP-1 生產）方面的成長。因此成長更為廣泛，我們認為跑道更長，特別是當我們觀察該領域中的水與能源需求時。

Okay. Thanks. Just one other quick one on HVAC. I know in the past year or so, we've seen a lot of instances where the accessories and -- or sorry, repair parts are growing faster than the unit themselves from affordability issues. Is that still the case heading into 2026?

好的。謝謝。再快速問一個關於 HVAC 的問題。我知道在過去一年左右，我們看到很多情況是因為可負擔性問題，配件以及——或抱歉，維修零件的成長速度比整機更快。展望 2026 年，這種情況仍然如此嗎？

Keith, it is still the case. We still see more repair than we do replace for a variety of reasons, and that continued to play out through the quarter, and we think that continues to play out as we go through the year.

Keith，仍然是這樣。基於多種原因，我們仍然看到「修」多於「換」，這一點在本季持續呈現，我們也認為在今年接下來的時間會持續如此。

Okay. Thank you.

好的。謝謝。

I'll now pass back to Kevin Murphy, CEO, for closing remarks.

我現在把時間交回給執行長 Kevin Murphy 作結語。

Yes, again, thank you for your time, and we appreciate the attention, and we'll talk to you as we go forward. Suffice it to say, we again want to thank our associates who have driven another fantastic performance inside the quarter as you look at growth and improvement across what is still an uncertain market. We continue to invest in those areas of construction productivity for the water and air specialized professional and continue to play out a multi-customer group approach that engages early to drive specification and product reference to make sure that we can get a project done on time and on budget.

是的，再次感謝各位撥冗，我們也感謝大家的關注，未來我們會持續與各位保持溝通。簡而言之，我們再次要感謝我們的同仁，在市場仍不確定的情況下，他們推動本季再度交出非常出色的表現，無論是成長或改善都很亮眼。我們持續投資於提升施工生產力的領域，服務水與空氣專業的專門承包商，並持續推動多客戶群組策略，透過早期介入來推動規格制定與產品引用，確保我們能按時、按預算完成專案。

Thank you again, and we look forward talking to you soon.

再次感謝，我們期待很快再與各位交流。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝各位的出席。各位現在可以掛線。