Generac Holdings Inc. (GNRC) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first quarter 2026 Generac Holdings Inc., earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您耐心等候。歡迎參加 Generac Holdings Inc. 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Kris Rosemann, Director, Corporate Finance and Investor Relations. Please go ahead, sir.

現在我想把會議交給今天的講者，企業財務與投資人關係總監 Kris Rosemann。先生，請開始。

Good morning, and welcome to our first quarter 2026 earnings call. I'd like to thank everyone for joining us this morning. With me today is Aaron Jagdfeld, President and Chief Executive Officer and York Ragen, Chief Financial Officer. We will begin our call today by commenting on forward-looking statements.

各位早安，歡迎參加我們 2026 年第一季財報電話會議。感謝各位今天早上加入。今天與我一同出席的有總裁暨執行長 Aaron Jagdfeld，以及財務長 York Ragen。我們將先就前瞻性陳述進行說明。

Certain statements made during this presentation as well as other information provided from time to time by Generac or its employees may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements.

本次簡報期間所作的某些陳述，以及 Generac 或其員工不時提供的其他資訊，可能包含前瞻性陳述，並涉及風險與不確定性，可能導致實際結果與這些前瞻性陳述所述內容出現重大差異。

Please see our earnings release or SEC filings for a list of words or expressions that identify such statements and the associated risk factors. In addition, we will make reference to certain non-GAAP measures during today's call. Additional information regarding these measures, including reconciliation to comparable US GAAP measures, is available in our earnings release and SEC filings.

請參閱我們的財報新聞稿或向 SEC 提交的文件，以了解用於識別此類陳述的詞語或表述清單及相關風險因素。此外，我們在今天的電話會議中將提及若干非 GAAP 指標。關於這些指標的更多資訊（包括與可比的美國 GAAP 指標之調節），可於我們的財報新聞稿及 SEC 文件中取得。

I'll now turn the call over to Aaron.

接下來我把電話交給 Aaron。

Thanks, Kris. Good morning, everyone, and thank you for joining us today. Our first quarter results reflect a return to strong growth as net sales increased 12% year-over-year with healthy gross margin performance and robust operating leverage. Growth during the quarter was led by a 28% increase in our Commercial and Industrial segment sales, primarily driven by continued momentum in the data center end market and the Allmand acquisition.

謝謝你，Kris。各位早安，感謝今天加入我們。我們第一季的結果反映出強勁成長的回歸，淨銷售額年增 12%，毛利率表現穩健，營運槓桿亦相當強勁。本季成長主要由商用與工業（C&I）事業部門銷售額年增 28% 所帶動，主要受惠於資料中心終端市場的持續動能以及 Allmand 併購案。

First quarter adjusted EBITDA margin of 18.3% expanded significantly from the prior year and was stronger than anticipated, driven by strong execution, favorable sales mix and lower-than-expected input costs and operating expenses. Given our first quarter outperformance, the continued strength in our C&I segment, including an increase in projected global data center revenue and the expected contribution from the acquisition of Enercon, we are raising our full year net sales and adjusted EBITDA margin outlook this morning.

第一季調整後 EBITDA 利潤率為 18.3%，較去年同期顯著擴張，且優於原先預期，主要由於執行力強、銷售組合有利，以及投入成本與營運費用低於預期。鑑於第一季表現超出預期、C&I 事業部門持續強勁（包括上調預估的全球資料中心營收）以及預期來自 Enercon 併購案的貢獻，我們今天上午上調全年淨銷售額與調整後 EBITDA 利潤率展望。

Now discussing our performance by segment in more detail. We're continuing to progress through the final stages of vendor approval with two hyperscale data center customers, and we are very confident that we'll be able to secure meaningful future volume commitments from these accounts. As previously disclosed, we received a nonbinding notice to proceed for approximately $600 million in 2027 deliveries with a certain hyperscale customer, and we have begun discussing site level specifications for these projects as we prepare to ramp our supply chain and production to meet this accelerating demand.

接下來更詳細地按事業部門說明我們的表現。我們正持續推進與兩家超大規模（hyperscale）資料中心客戶的供應商核准流程，已進入最後階段；我們非常有信心能從這些客戶取得具實質意義的未來供貨量承諾。如先前揭露，我們已收到某家超大規模客戶的非具約束力開工通知（notice to proceed），約為 2027 年交付、金額約 6 億美元；我們已開始討論這些專案的站點層級規格，並著手準備擴增供應鏈與產能，以因應加速成長的需求。

We believe the successful navigation of these rigorous approval processes will solidify Generac as a top-tier global supplier of large megawatt diesel backup PWRgenerators in the years ahead. Importantly, we have also realized significant order activity from both new and existing data center customers, increasing our current backlog to more than $700 million, which does not include the anticipated impact of the notice to proceed opportunity mentioned above and represents an increase of approximately $300 million since our fourth quarter update in mid-February.

我們相信，成功通過這些嚴格的核准流程，將在未來幾年鞏固 Generac 作為大型兆瓦級柴油備援電力發電機（PWRgenerators）全球一線供應商的地位。重要的是，我們也從新舊資料中心客戶獲得大量訂單活動，使目前在手訂單（backlog）增加至超過 7 億美元；此數字尚未包含上述開工通知機會的預期影響，且相較於我們在 2 月中旬第四季更新時，約增加 3 億美元。

This backlog growth provides visibility through 2027, even before considering the significant expected contribution from other hyperscale-related opportunities and ongoing momentum with non-hyperscale customers. As we prepare for meaningful growth in large megawatt generator shipments in the coming quarters, our new facility in Sussex, Wisconsin, remains on track to begin production in the second half of this year, supporting the expected increase in our domestic generator manufacturing and assembly capacity for these products to more than $1 billion by the fourth quarter.

即使尚未納入其他與超大規模客戶相關機會的重大預期貢獻，以及非超大規模客戶的持續動能，這項在手訂單成長也已提供至 2027 年的能見度。隨著我們為未來幾季大型兆瓦級發電機出貨的顯著成長做準備，我們位於威斯康辛州薩塞克斯（Sussex）的新廠仍按計畫於今年下半年開始投產，並支援我們預期在第四季前將此類產品的美國本土發電機製造與組裝產能提升至超過 10 億美元。

We believe this expanded footprint will allow us to capture an increasing share of the rapidly growing demand for backup power solutions from large data center customers and together with our international C&I production base, provides us with unique global flexibility and scale to serve this market. Additionally, on April 1, we completed the previously announced acquisition of Enercon, a leading designer and manufacturer of generator enclosures and switchgear.

我們相信，擴大的據點將使我們能在大型資料中心客戶對備援電力解決方案快速成長的需求中，取得更高的市占；並結合我們國際 C&I 生產基地，為我們提供服務此市場所需的獨特全球彈性與規模。此外，我們已於 4 月 1 日完成先前宣布的 Enercon 併購案；Enercon 是發電機外罩與開關設備（switchgear）的領先設計與製造商。

This acquisition enhances our competitive positioning for large megawatt generators by giving us direct access to the design and manufacturing processes that are an important element of the bespoke content included with large megawatt generators. Additionally, our ability to invest in additional capacity for these highly customized genset packages will allow us to solve for a growing industry bottleneck and enable us to better control overall customer lead times for our products.

此併購透過讓我們直接掌握設計與製造流程（其為大型兆瓦級發電機所含客製化內容的重要組成），強化了我們在大型兆瓦級發電機方面的競爭定位。此外，我們投資擴增這些高度客製化機組（genset）套件產能的能力，將有助於解決產業日益嚴重的瓶頸，並使我們能更有效掌控產品整體交期。

By bringing these packaging capabilities in-house, we expect to expand our margin profile, further improving the profitability for products sold into the markets for these products, including data center applications. In addition, Enercon's expertise in other product categories such as switchgear and packaged electronics controls also enables our participation in interesting adjacent market opportunities, which we are currently evaluating as we fully integrate this business into our C&I segment.

透過將這些包裝／整合能力內部化，我們預期可擴大毛利結構，進一步提升銷售至相關市場（包括資料中心應用）之產品獲利能力。此外，Enercon 在其他產品類別（如開關設備與封裝式電子控制）方面的專業，也使我們得以參與具吸引力的鄰近市場機會；目前在我們將該業務完整整合至 C&I 事業部門的同時，正評估這些機會。

During the first quarter, shipments to our domestic industrial distributor channel increased from the prior year and project quoting activity remains solid to start the year. While product lead times for this channel have continued to normalize over the last several quarters, we expect modest growth for the full year, supported by stable near-term end market demand as well as our continuing investments in distribution that are helping to drive market share gains. Order rates from domestic telecom customers improved sequentially during the quarter, providing visibility to better than previously expected growth for the remainder of the year.

第一季期間，我們對美國本土工業經銷通路的出貨量較去年同期增加，且年初至今專案報價活動仍維持穩健。雖然該通路的產品交期在過去幾季持續正常化，我們仍預期全年將呈現溫和成長，主要受穩定的短期終端市場需求支撐，以及我們持續在通路上的投資正協助推動市占提升。本季來自美國本土電信客戶的接單率較前一季改善，使我們對今年剩餘期間的成長能見度優於先前預期。

Our telecom customers continue to invest in further hardening of their networks as dependence on wireless communications increases and global power and network hub counts are expected to continue to grow well into the future. Additionally, the evolving telecom and digital infrastructure landscape is expanding our opportunity set with new and existing customers. We are working to leverage our track record of highly engineered solutions, market expertise and customer relationships in traditional telecom applications to capitalize on these opportunities, including data center adjacent applications.

隨著對無線通訊的依賴提高，我們的電信客戶持續投資以進一步強化其網路韌性；且預期全球電力與網路樞紐數量在未來仍將持續成長。此外，電信與數位基礎設施版圖的演進，正擴大我們與新舊客戶的機會集合。我們正致力於運用在高度工程化解決方案、市場專業與客戶關係方面的既有實績，於傳統電信應用中把握這些機會，包括資料中心周邊（adjacent）應用。

Domestic mobile product shipments to both national and independent rental equipment customers exceeded our expectations during the quarter and increased at a strong rate from the prior year. The acquisition of Allmand in January contributed to the strong year-over-year growth and outperformed our prior expectations with respect to both sales and adjusted EBITDA contribution. Many of our rental customers have begun to invest in new equipment as part of a refleeting cycle, and this timely acquisition has both broadened our customer base for mobile products and provided us with additional capacity and flexibility within our domestic manufacturing footprint.

本季對美國本土全國性與獨立租賃設備客戶的行動式產品出貨量超出我們預期，且較去年同期以強勁速度成長。1 月完成的 Allmand 併購案對年增成長貢獻顯著，且在銷售與調整後 EBITDA 貢獻方面均優於我們先前預期。許多租賃客戶已開始在汰換更新（refleeting）週期中投資新設備；這項及時的併購不僅擴大了我們行動式產品的客戶基礎，也為我們在美國本土製造版圖中提供額外產能與彈性。

Additionally, robust order rates from our existing national rental customers are contributing to our increased overall net sales outlook for 2026. International shipments also increased at a strong rate year-over-year, driven primarily by revenue from products sold to the data center end market, global shipments of our control solutions and the favorable impact from foreign currency. Sales increased across most regions, partially offset by softness in the Middle East and Latin American regions resulting from geopolitical instability and trade policy uncertainty.

此外，來自既有全國性租賃客戶的強勁接單率，也推動我們上調 2026 年整體淨銷售額展望。國際出貨量亦較去年同期大幅成長，主要受惠於銷售至資料中心終端市場之產品營收、我們控制解決方案的全球出貨，以及外幣匯率的有利影響。多數地區銷售均有所增加，但中東與拉丁美洲地區因地緣政治不穩定與貿易政策不確定性而走弱，部分抵銷了成長。

With a strong start to the year, we are increasing our full year 2026 C&I segment net sales guidance as a result of the increased expectations across our data center, telecom and rental markets as well as contributions from the Enercon acquisition. This is partially offset by softness in certain international regions, as previously mentioned. We now expect C&I segment net sales to increase in the mid- to high 20s percent range, which represents an increase from our prior guidance for growth in the low to mid-20s percent range for this segment.

在年初強勁開局下，基於我們對資料中心、電信與租賃市場的預期提升，以及 Enercon 併購案的貢獻，我們上調 2026 年全年 C&I 事業部門淨銷售額指引。如前所述，部分將被某些國際地區的疲弱所抵銷。我們目前預期 C&I 事業部門淨銷售額將成長約 20% 中段至高段區間，較先前對該事業部門低至中段 20% 成長的指引有所上調。

I'd now like to provide an update on our Residential segment for both the quarter and the year. At our Investor Day in March, we introduced Generac Home, a new organizational structure within our Residential segment that brings together our home standby, portable generator and energy technology teams into a single group. As our residential backup power and energy technology solutions are increasingly integrated, this combination enables us to better leverage synergies across our product development, supply chain, operations, sales and marketing and customer service capabilities.

我現在想就本季及全年住宅（Residential）事業部門提供最新進展。在3月的投資人日上，我們推出了 Generac Home，這是住宅事業部門內的一項新組織架構，將家用備用發電機、可攜式發電機與能源技術團隊整合為單一團隊。隨著我們的住宅備援電力與能源技術解決方案日益整合，這項整併使我們能更有效地在產品開發、供應鏈、營運、銷售與行銷以及客戶服務能力等方面發揮協同效益。

The unification of these teams will allow us to further streamline our software platforms to better serve our customers as well as accelerate the development of products and solutions to help homeowners solve for the increasingly -- increasing power reliance, resiliency and cost challenges they are facing. Importantly, the efficiencies resulting from this new structure reflect the continued recalibration of our clean energy operating expenses and are expected to enable cost savings that support our projected Residential segment adjusted EBITDA margins expansion in the coming years.

這些團隊的整合將使我們能進一步精簡軟體平台，以更好地服務客戶，並加速產品與解決方案的開發，協助屋主因應其所面臨日益——日益增加的用電依賴、韌性與成本挑戰。重要的是，這項新架構所帶來的效率提升，反映了我們持續對潔淨能源營運費用進行再校準，並預期可帶來成本節省，以支持我們未來數年住宅事業部門調整後 EBITDA 利潤率的擴張。

We've already begun to realize these benefits as evidenced by the expansion of our Residential segment EBITDA margins by nearly 500 basis points as compared to the prior year first quarter, driven largely by lower operating expenses in the current quarter. Looking at our first quarter residential segment results in more detail. Home standby generator sales were approximately flat from the prior year with higher pricing offsetting lower volumes as compared to a strong prior year period that included the benefit from an active 2024 hurricane season.

我們已開始實現這些效益，具體表現在住宅事業部門 EBITDA 利潤率較去年第一季擴大近500個基點，主要由本季較低的營運費用所帶動。更詳細地看我們第一季住宅事業部門的表現。家用備用發電機銷售額與去年同期大致持平，較高的定價抵銷了較低的銷量；去年同期表現強勁，包含受益於活躍的2024年颶風季。

The current quarter's performance was slightly ahead of our expectations as we experienced stronger-than-anticipated demand following Winter Storm Fern. This event and the related media coverage preceding it helped drive awareness for our products, resulting in strong year-over-year growth in home consultations for home standby generators and higher shipments of portable generators.

本季表現略優於我們的預期，因為在冬季風暴 Fern 之後，我們看到需求強於預期。該事件及其之前相關的媒體報導有助於提升市場對我們產品的認知，帶動家用備用發電機到府諮詢量的年增強勁成長，並推升可攜式發電機出貨量。

However, despite the elevated outage activity from Winter Storm Fern, overall power outage activity for the first quarter was approximately in line with the long-term baseline average. Activations or installations of home standby generators declined as expected from the first quarter of 2025, primarily driven by markets that were impacted by elevated hurricane activity in the second half of 2024. We expect activations will return to growth in the second half of this year, underpinned by our assumption for a return to a more normal baseline average power outage environment as compared to the exceptionally soft outage environment experienced in the second half of 2025.

然而，儘管冬季風暴 Fern 造成停電活動升高，第一季整體停電活動大致與長期基準平均一致。家用備用發電機的啟用或安裝量如預期較2025年第一季下滑，主要是因為2024年下半年受較高颶風活動影響的市場。我們預期啟用量將在今年下半年恢復成長，支撐因素是我們假設停電環境將回到較正常的基準平均水準，相較於2025年下半年所經歷的異常偏弱停電環境。

Our residential dealer network expanded further during the quarter and now includes more than 9,500 dealers, representing an increase of approximately 300 from the prior year. Continuing interest in the home standby category from these partners provides us with further confidence in the significant growth opportunity that remains for home standby generators as contractors continue to see value with their involvement in the category.

本季我們的住宅經銷商網路進一步擴張，目前已超過9,500家經銷商，較去年增加約300家。這些合作夥伴對家用備用發電機品類持續展現興趣，使我們對該品類仍具顯著成長機會更具信心，因為承包商持續看見參與此品類所帶來的價值。

Additionally, as we continue to integrate the teams within our new Generac Home organization, we intend to also unify our distribution networks with the goal of providing homeowners and channel partners greater access to a wider range of home energy solutions with enhanced service and support capabilities.

此外，隨著我們持續在新的 Generac Home 組織內整合各團隊，我們也計畫統一我們的通路配送網路，目標是讓屋主與通路合作夥伴能更便利地取得更廣泛的家用能源解決方案，並強化服務與支援能力。

First quarter sales of our residential solar and storage solutions decreased from the prior year as expected following the successful completion of our Department of Energy program in Puerto Rico. Throughout the quarter, we continue to execute against our plan of ramping production of PWRmicro, the first Generac-branded microinverter product with a contract manufacturing partner here in the US.

如預期，第一季我們的住宅太陽能與儲能解決方案銷售額較去年下滑，原因是我們在波多黎各的美國能源部（DOE）計畫已成功結束。整個季度期間，我們持續依計畫推進 PWRmicro 的量產爬坡；PWRmicro 是首款以 Generac 品牌推出、並與美國本土合約製造夥伴合作生產的微型逆變器產品。

The PWRmicro product offering is expected to deliver strong gross margin contribution as sales increase throughout the second half of 2026 and into 2027. The attractive margin profile for these products, together with our ongoing focus on operational efficiencies within the new Generac home structure are expected to contribute to our longer-term residential segment margin expansion. A significant focus for the Generac Home business is to market and sell our differentiated residential energy ecosystem with ecobee positioned as the energy management hub of the home.

隨著銷售在2026年下半年至2027年持續增加，PWRmicro 產品組合預期將帶來強勁的毛利貢獻。這些產品具吸引力的利潤率結構，加上我們在新的 Generac Home 架構下持續聚焦營運效率，預期將有助於我們住宅事業部門的長期利潤率擴張。Generac Home 業務的一項重要重點，是行銷並銷售我們具差異化的住宅能源生態系，並將 ecobee 定位為家庭的能源管理中樞。

An important metric, ecobee's connected home count grew -- continued to grow in the quarter to more than 5 million homes with service attach rates further increasing and providing us with a growing high-margin recurring revenue stream to complement ecobee's expanding hardware market share. Profitability continued to improve as well with ecobee, delivering its first positive adjusted EBITDA during the first quarter, which is normally a seasonally softer quarter for these products.

一項重要指標是，ecobee 的連網家庭數在本季持續成長——持續成長至超過500萬戶，服務附加率也進一步提升，為我們帶來不斷成長的高毛利經常性收入來源，以補充 ecobee 擴大的硬體市占率。ecobee 的獲利能力也持續改善，第一季實現其首次正向的調整後 EBITDA；而第一季通常是這類產品季節性較疲弱的季度。

We are expecting continued strong growth in ecobee's shipments for the full year 2026. And as a result, we believe the benefits of a scaling top line together with a strong gross margin profile and disciplined operating expense investment will support continued improvement in profitability into the future. In closing this morning, our first quarter results and increased 2026 outlook provide an early look at the significant earnings growth potential of our business given the dramatic sales increase in our C&I segment, healthy gross margin performance and realization of strong operating leverage.

我們預期 ecobee 在2026年全年出貨量將持續強勁成長。因此，我們相信營收規模擴大所帶來的效益，加上強勁的毛利結構與對營運費用投資的紀律，將支持未來獲利能力持續改善。在今天上午的結語中，我們第一季的業績以及上調的2026年展望，讓市場得以提前看見我們業務顯著的獲利成長潛力，這得益於我們 C&I 事業部門銷售的大幅增加、健康的毛利表現，以及強勁營運槓桿的實現。

Based on our continued progress in quoting multiple hyperscale data center customers, combined with the improved competitive positioning and profitability resulting from the recent Enercon acquisition, our confidence in capturing a growing share of the generational growth opportunity in the data center market has only increased. Additionally, the megatrends of lower power quality and higher power prices remain firmly intact and continue to support long-term growth expectations for our Residential segment, highlighted by the $50 billion-plus penetration opportunity that we believe exists for home standby generators.

基於我們在多家超大規模（hyperscale）資料中心客戶的報價進展持續推進，再加上近期收購 Enercon 所帶來的競爭定位與獲利能力提升，我們對於在資料中心市場這一代際成長機會中取得更大市占的信心只增不減。此外，電力品質下降與電價上升等重大趨勢依然明確存在，並持續支撐我們對住宅事業部門的長期成長預期；其中亮點是我們認為家用備用發電機存在超過500億美元的滲透機會。

We remain guided by our Powering a Smarter World enterprise strategy. And we believe that we are on the cusp of a special moment in the history of Generac as a result of the more balanced growth drivers we're experiencing across our entire business.

我們仍以「Powering a Smarter World」的企業策略為指引。我們相信，隨著整體業務各面向的成長動能更趨均衡，Generac 正站在其歷史上一個特殊時刻的門檻上。

With that, I'd now like to turn the call over to York to walk through some of the first quarter financial results and our updated outlook in some more detail. York?

接下來，我想把電話會議交給 York，請他更詳細地說明第一季的財務結果以及我們更新後的展望。York？

Thanks, Aaron. Looking at first quarter 2026 results in more detail. Overall, consolidated net sales during the quarter increased 12% to $1.06 billion as compared to $942 million in the prior year first quarter. The net effect of acquisitions, divestitures and foreign currency had an approximate 4% favorable impact on revenue growth during the quarter. Residential segment total sales increased approximately 1% to $552 million as compared to $549 million in the prior year.

謝謝，Aaron。我們更詳細地看看2026年第一季的結果。整體而言，本季合併淨銷售額年增12%至10.6億美元，相較去年第一季的9.42億美元。併購、處分與外匯的淨影響，對本季營收成長帶來約4%的正面貢獻。住宅事業部門總銷售額約成長1%至5.52億美元，相較去年同期的5.49億美元。

This sales increase was primarily driven by higher portable generator shipments due to Winter Storm Fern in January 2026, partially offset by a decline in energy storage system sales due to the completion of our DOE Puerto Rico program. Home standby generator sales were approximately flat versus prior year as higher pricing was offset by lower volumes due to a strong prior year period that included the benefit from a substantial 2024 hurricane season.

這項銷售成長主要由2026年1月冬季風暴 Fern 帶動的可攜式發電機出貨增加所驅動，但部分被能源儲存系統銷售下滑所抵銷，原因是我們的 DOE 波多黎各計畫已完成。家用備用發電機銷售額與去年大致持平，較高的定價被較低的銷量所抵銷；去年同期表現強勁，包含受益於2024年顯著的颶風季。

Commercial and Industrial segment total sales increased approximately 28% to $510 million from $399 million in the prior year quarter, including an approximate 10% net favorable impact from the combination of acquisitions, divestitures and foreign currency. Favorable FX and the Allmand C&I Mobile Products acquisition contributed to this inorganic growth, partially offset by two small divestitures that closed during the quarter.

商用與工業（C&I）事業部門總銷售額約成長28%至5.10億美元，去年同期為3.99億美元；其中併購、處分與外匯合計帶來約10%的淨正面影響。有利的外匯影響以及收購 Allmand C&I Mobile Products 促成了這部分的非有機成長，但部分被本季完成交割的兩項小型處分所抵銷。

The core total sales growth for the segment was primarily driven by revenue from products sold to global data center customers. In addition, increased shipments to our domestic industrial distributor and rental channels and higher sales of our control solutions to the global power generation market also contributed modestly to the C&I segment sales growth during the quarter. Consolidated gross profit margin was 38.7% compared to 39.5% in the prior year first quarter.

該事業部門的核心總銷售成長主要由銷售給全球資料中心客戶的產品營收所帶動。此外，對國內工業經銷商與租賃通路的出貨增加，以及我們控制解決方案在全球發電市場的較高銷售，也對本季 C&I 事業部門銷售成長帶來小幅貢獻。合併毛利率為38.7%，相較去年第一季的39.5%。

The 0.8% decrease in gross margin was primarily driven by the higher mix of C&I sales in the quarter, partially offset by favorable price/cost realization. As compared to our prior expectations, we experienced better-than-expected sales of our higher-margin home standby generators following Winter Storm Fern. This favorable sales mix, together with strong execution and lower-than-expected input costs supported our first quarter gross margin outperformance relative to our previous guidance.

毛利率下降0.8%主要是由於本季C&I（商業與工業）銷售占比提高所致，部分被有利的價格/成本實現所抵銷。相較於我們先前的預期，在冬季風暴Fern之後，我們的高毛利家用備用發電機銷售表現優於預期。這項有利的銷售組合，加上強勁的執行力以及低於預期的投入成本，支持我們第一季毛利率表現優於先前指引。

Operating expenses increased $4.6 million or 2% compared to the first quarter of 2025. The increase was primarily driven by higher intangible amortization from the Allmand acquisition. Importantly, we were able to realize strong operating leverage on higher shipment volumes while also capitalizing on operational efficiencies by recalibrating our clean energy spending as part of our Generac Home reorganization.

營業費用較2025年第一季增加460萬美元，增幅為2%。增加主要來自Allmand收購案帶來的無形資產攤銷增加。重要的是，在出貨量提高的同時，我們得以實現強勁的營運槓桿，並透過Generac Home重組的一部分重新校準潔淨能源支出，以掌握營運效率提升的效益。

To that end, OpEx as a percent of sales, excluding intangible amortization expense, improved from 27.9% in Q1 of 2025 to 24.8% in Q1 of 2026. Overall adjusted EBITDA before deducting for noncontrolling interest, as defined in our earnings release, was $193 million or 18.3% of net sales in the first quarter as compared to $150 million or 15.9% of net sales in the prior year. As just discussed, the improved operating leverage on higher sales volumes, coupled with reduced residential OpEx drove the significant increase in adjusted EBITDA margins versus prior year.

因此，扣除無形資產攤銷費用後，營業費用占銷售額比率由2025年第一季的27.9%改善至2026年第一季的24.8%。整體而言，依我們財報新聞稿所定義、扣除非控制權益前的調整後EBITDA為1.93億美元，約占第一季淨銷售額的18.3%，相較去年同期為1.50億美元、占淨銷售額的15.9%。如同剛才所述，較高銷售量帶來的營運槓桿改善，加上住宅端營業費用降低，推動調整後EBITDA利潤率較去年同期顯著提升。

Importantly, this represents strong outperformance compared to our prior expectations, helping to contribute to our higher full year 2026 guidance that I will discuss shortly. Adjusted EBITDA for the Residential segment was $139 million or 25.1% of total residential sales as compared to $112 million in the prior year or 20.3%. This significant margin increase versus prior year was primarily driven by favorable price realization and operational efficiencies from the reorganization of Generac Home, resulting in lower operating expenses, partially offset by higher costs from tariffs and commodity prices.

重要的是，這代表相較於我們先前預期的強勁超越表現，並有助於支撐我們稍後將說明的2026年全年較高指引。住宅（Residential）事業部的調整後EBITDA為1.39億美元，約占住宅總銷售額的25.1%，相較去年同期為1.12億美元、占比20.3%。此一相較去年同期的顯著利潤率提升，主要由有利的價格實現與Generac Home重組帶來的營運效率（使營業費用降低）所驅動，但部分被關稅與大宗商品價格上升帶來的較高成本所抵銷。

Adjusted EBITDA for the Commercial and Industrial segment before deducting for noncontrolling interest was $67 million or 13.0% of C&I total sales as compared to $45 million or 11.4% of total sales in the prior year. This margin increase was primarily driven by improved price/cost realization, the favorable impact of the Allmand acquisition and operating leverage on higher shipment volumes.

商業與工業（Commercial and Industrial）事業部在扣除非控制權益前的調整後EBITDA為6,700萬美元，約占C&I總銷售額的13.0%，相較去年同期為4,500萬美元、占總銷售額的11.4%。此一利潤率提升主要由價格/成本實現改善、Allmand收購案的有利影響，以及出貨量提高帶來的營運槓桿所驅動。

Now switching back to our overall financial performance for the first quarter of '26 on a consolidated basis. As disclosed in our earnings release, GAAP net income for the company in the quarter was $73 million as compared to $44 million in the first quarter of '25. The current year includes a modest noncash loss from the net impact of two small divestitures that closed during the quarter as we continue to trim the portfolio of noncore assets. The prior year includes a $10 million noncash loss to reflect the change in fair value of our Wallbox investment.

接著回到我們在2026年第一季合併基礎下的整體財務表現。如我們在財報新聞稿中揭露，公司本季GAAP淨利為7,300萬美元，相較2025年第一季為4,400萬美元。本年度包含一筆小額的非現金損失，來自本季完成交割的兩項小型處分交易之淨影響，因我們持續精簡非核心資產組合。去年同期則包含一筆1,000萬美元的非現金損失，用以反映我們對Wallbox投資公允價值的變動。

GAAP income taxes during the current year first quarter were $23.6 million or an effective tax rate of 24.4% as compared to $14.2 million or an effective tax rate of 24.3% for the prior year. Diluted net income per share for the company on a GAAP basis was $1.24 in the first quarter of '26 compared to $0.73 in the prior year. Adjusted net income for the company, as defined in our earnings release, was $106 million in the current year quarter or $1.80 per share.

本年度第一季GAAP所得稅費用為2,360萬美元，有效稅率為24.4%，相較去年同期為1,420萬美元、有效稅率24.3%。公司第一季GAAP稀釋後每股淨利為1.24美元，相較去年同期為0.73美元。依我們財報新聞稿所定義，公司本年度第一季調整後淨利為1.06億美元，或每股1.80美元。

This compares to adjusted net income of $75 million in the prior year or $1.26 per share. Cash flow from operations was $119 million in the current year quarter as compared to $58 million in the prior year first quarter. And free cash flow, as defined in our earnings release, was $90 million as compared to $27 million in the same quarter last year.

相較之下，去年同期調整後淨利為7,500萬美元，或每股1.26美元。本年度第一季營運活動現金流量為1.19億美元，相較去年同期第一季為5,800萬美元。而自由現金流（依我們財報新聞稿之定義）為9,000萬美元，相較去年同季為2,700萬美元。

The strong increase in free cash flow was primarily driven by higher operating earnings and a lower use of cash for working capital as compared to the prior year. From a uses of cash standpoint, we closed the Allmand acquisition in January 2026 by funding the $123 million purchase price in cash. Subsequent to March 31 quarter end, we closed the Enercon acquisition on April 1.

自由現金流的大幅增加主要由較高的營運獲利，以及相較去年同期較少的營運資金現金占用所驅動。就現金用途而言，我們於2026年1月完成Allmand收購案，以現金支付1.23億美元的收購價金。在3月31日季末之後，我們於4月1日完成Enercon收購案交割。

We funded the $122 million initial purchase price with $77 million in cash and $45 million in stock. Total debt outstanding at the end of the quarter was $1.32 billion, resulting in a gross debt leverage ratio at the end of the first quarter of 1.7 times on an as-reported basis, which is within our target gross debt leverage range of 1 times to 2 times adjusted EBITDA.

我們以7,700萬美元現金及4,500萬美元股票支付1.22億美元的初始收購價金。季末未償還總債務為13.2億美元，使得第一季末的總債務槓桿比率（以公告口徑）為1.7倍，落在我們目標的總債務槓桿區間（調整後EBITDA的1倍至2倍）之內。

With that, I will now provide further comments on our updated outlook for 2026. As disclosed in our earnings release this morning, we are raising our full year 2026 outlook for net sales and adjusted EBITDA given further momentum across certain C&I end markets, the acquisition of Enercon and our first quarter outperformance. As a result of these factors, we now expect consolidated net sales for the full year to increase at a mid- to high teens rate as compared to the prior year, which includes an approximate 2% favorable impact from the net effect of foreign currency, acquisitions and divestitures.

接下來，我將進一步說明我們更新後的2026年展望。如我們今早在財報新聞稿中揭露，鑑於部分C&I終端市場動能持續、Enercon收購案以及第一季優於預期的表現，我們上調2026年全年淨銷售額與調整後EBITDA展望。基於上述因素，我們目前預期全年合併淨銷售額將較去年以中到高十位數百分比的幅度成長，其中包含外匯、收購與處分之淨影響帶來約2%的有利貢獻。

This net sales update compares to our previous guidance of growth in the mid-teens percent range over the prior year. This increased net sales growth expectation is driven entirely by the C&I segment with net sales for this segment now projected to increase in the mid- to high 20% range compared to 2025, an increase from our previous range of low to mid-20% growth as disclosed at our Investor Day in March.

此次淨銷售額更新，相較於我們先前指引為較去年成長中十位數百分比。這項較高的淨銷售額成長預期完全由C&I事業部所驅動；目前預估該事業部淨銷售額將較2025年成長中到高20%區間，高於我們在3月投資人日所揭露的先前區間（低到中20%成長）。

Incremental sales from additional data center projects, higher shipments into our rental and telecom channels and the Enercon acquisition are all contributing to this updated guidance for C&I segment net sales. For the full year, significantly higher data center revenue is expected to be the main contributor to our C&I segment organic growth, while the net effect of foreign currency, the Allmand and Enercon acquisitions and two small divestitures that closed in the first quarter of 2026 are anticipated to have an approximate 5% favorable impact versus prior year.

新增資料中心專案帶來的增量銷售、對租賃與電信通路的更高出貨量，以及Enercon收購案，皆促成此次C&I事業部淨銷售額指引的更新。就全年而言，預期大幅提高的資料中心營收將是C&I事業部有機成長的主要貢獻來源；同時，外匯、Allmand與Enercon收購案，以及於2026年第一季完成交割的兩項小型處分交易之淨影響，預計將較去年帶來約5%的有利貢獻。

Our Residential segment net sales guidance remains consistent and is still expected to increase in the 10% range compared to the prior year. Growth in home standby generators is expected to be the primary contributor to this net sales growth during the year, in particular, in the second half of 2026, given a relatively easier prior year comparison that included a very low power outage environment.

我們住宅事業部的淨銷售額指引維持不變，仍預期較去年成長約10%。家用備用發電機的成長預期將是全年淨銷售額成長的主要貢獻來源，特別是在2026年下半年，因去年同期比較基期相對較容易，當時停電環境非常低迷。

Consistent with our historical approach, this guidance assumes a level of power outage activity in line with the longer-term baseline average for the remainder of the year and does not assume the benefit of a major power outage event during the year. From a seasonal pacing perspective, we now expect first half sales to be approximately 45% weighted and sales in the second half approximately 55% weighted, resulting in second quarter consolidated net sales growth in the approximate 9% to 10% range, driven entirely by the C&I segment.

依循我們一貫的歷史作法，此指引假設今年剩餘期間的停電活動水準與長期基準平均一致，且不假設今年會出現重大停電事件所帶來的額外效益。就季節性節奏而言，我們目前預期上半年銷售約占45%，下半年約占55%，因此第二季合併淨銷售額成長約落在9%至10%區間，且完全由C&I事業部所驅動。

Year-over-year net sales growth is expected to accelerate in the second half of the year given expected continued data center strength and an easier prior year comparison for the residential segment that included very low power outage activity. Looking at our updated gross margin expectations for the full year 2026, we now expect gross margin percent to increase approximately 50 basis points from our previous expectations, resulting in full year 2026 gross margins in the 38.5% to 39.5% range.

鑑於資料中心預期將持續強勁，以及住宅部門在去年同期比較基期較容易（去年包含非常低的停電活動），預期下半年淨銷售年增率將加速。就我們更新後的2026全年毛利率展望而言，我們目前預期毛利率百分比將較先前預期提高約50個基點，使2026全年毛利率落在38.5%至39.5%的區間。

This improved gross margin outlook is driven primarily by our first quarter outperformance and the margin accretive impact of the new Enercon acquisition. From a seasonality perspective, we now expect gross margins to be more level loaded throughout 2026. Importantly, this updated guidance excludes the future impact of any potential tariff recovery as a result of the recent Supreme Court ruling related to IEEPA tariffs.

這項毛利率展望的改善，主要來自我們第一季表現優於預期，以及新併購Enercon所帶來的毛利增厚效益。從季節性角度來看，我們目前預期2026年的毛利率將在全年更為平均分布。重要的是，此次更新的指引不包含近期與IEEPA關稅相關的最高法院裁決所可能帶來之任何潛在關稅回收的未來影響。

Additionally, our outlook assumes that the removal of the IEEPA tariffs will get fully offset by a new tariff framework made up of incremental Section 122, 232 and 301 tariffs. As a result, and given that the trade policy landscape remains dynamic, our assumptions around overall tariff rates remain consistent with our prior guidance. Given the factors outlined in our net sales and gross margin update, we are increasing our guidance range for adjusted EBITDA margins to 18.5% to 19.5%. This compares to our previous guidance range of 18.0% to 19.0%.

此外，我們的展望假設：IEEPA關稅的移除將被由新增的第122、232與301條款關稅所構成的新關稅架構完全抵銷。因此，且鑑於貿易政策環境仍具動態變化，我們對整體關稅稅率的假設與先前指引一致。基於我們在淨銷售與毛利率更新中所概述的因素，我們將調整後EBITDA利潤率的指引區間上調至18.5%至19.5%。相較之下，我們先前的指引區間為18.0%至19.0%。

We expect second quarter adjusted EBITDA margins to increase modestly relative to second quarter 2025 levels in the 18% range before improving sequentially in the back half of the year, reaching approximately 20% in the fourth quarter of 2026. This sequential second half adjusted EBITDA margin improvement is projected to be driven primarily by stronger operating expense leverage on seasonally higher sales volumes in the second half of the year.

我們預期第二季調整後EBITDA利潤率將較2025年第二季約18%的水準小幅提升，並在下半年逐季改善，於2026年第四季達到約20%。預期下半年調整後EBITDA利潤率的逐季改善，主要由下半年季節性較高的銷售量帶來更強的營業費用槓桿所驅動。

As is our normal practice, we will also provide -- we're also providing additional guidance details to assist with modeling adjusted earnings per share and free cash flow for the full year 2026. Importantly, to arrive at appropriate estimates for adjusted net income and adjusted earnings per share, add-back items should be reflected net of tax using our expected effective tax rate.

依照我們一貫作法，我們也將提供——我們也正在提供——更多指引細節，以協助建立2026全年調整後每股盈餘與自由現金流的模型。重要的是，為了得出適當的調整後淨利與調整後每股盈餘估計，加回項目應依我們預期的有效稅率以稅後淨額反映。

For full year 2026, our GAAP effective tax rate is expected to be between 24.5% to 25.0%. We now expect interest expense to be approximately $65 million for full year '26, down from $65 million to $69 million previously expected, assuming no additional term loan principal prepayments during the year. Lower borrowings during the year are the primary driver for this reduction in interest expense guidance.

就2026全年而言，我們的GAAP有效稅率預期介於24.5%至25.0%。我們目前預期2026全年利息費用約為6,500萬美元，低於先前預期的6,500萬至6,900萬美元，前提是假設年度內不再額外提前償還定期貸款本金。年度內借款水準較低是此次利息費用指引下調的主要原因。

Our capital expenditures are still projected to be approximately 3.5% of our forecasted net sales for the year, slightly elevated from historical levels as we continue to invest in incremental capacity and execute other projects to support future growth expectations, particularly for C&I data center products.

我們的資本支出仍預計約為本年度預測淨銷售的3.5%，較歷史水準略高，因我們持續投資新增產能並執行其他專案以支持未來成長預期，特別是針對商用與工業（C&I）資料中心產品。

Depreciation expense is now forecast to be approximately $108 million to $112 million in 2026, an increase from $104 million to $108 million previously expected, primarily due to slightly higher CapEx guidance and recently closed acquisitions. GAAP intangible amortization expense in 2026 is now expected to be approximately $112 million to $116 million during the year, up from $108 million to $112 million previously expected, primarily due to updated assumptions around recently closed acquisitions.

2026年的折舊費用目前預估約為1.08億至1.12億美元，高於先前預期的1.04億至1.08億美元，主要由於資本支出指引略為提高以及近期完成的併購。2026年GAAP無形資產攤銷費用目前預期全年約為1.12億至1.16億美元，高於先前預期的1.08億至1.12億美元，主要由於對近期完成併購的假設更新。

Stock compensation expense is still expected to be between $54 million to $58 million for the year. Consistent with prior guidance, operating and free cash flow generation is expected to be weighted towards the second half of the year in 2026, resulting in projected free cash flow generation of approximately $350 million for the full year 2026.

股票酬勞費用仍預期全年介於5,400萬至5,800萬美元。與先前指引一致，2026年的營運現金流與自由現金流產生預期將偏重於下半年，因此2026全年自由現金流預估約為3.5億美元。

Our full year weighted average diluted share count is still expected to be between 59.5 million and 60 million shares in 2026. And finally, this 2026 outlook does not reflect potential additional acquisitions, divestitures or share repurchases that could drive incremental shareholder value during the year.

2026全年加權平均稀釋後股數仍預期介於5,950萬至6,000萬股。最後，這份2026年展望未反映年度內可能進一步的併購、資產處分或庫藏股回購，這些行動可能帶來額外的股東價值。

This concludes our prepared remarks. At this time, we'd like to open up the call for questions.

以上為我們預先準備的發言。接下來，我們想開放提問。

(Operator Instructions) Tommy Moll, Stephens.

(接線員指示) Tommy Moll，Stephens。

Aaron, you referenced the $600 million nonbinding notice to proceed, which was also discussed at the Investor Day. I'm just curious if you can share anything about how the product testing and pilots are going there?

Aaron，你提到6億美元的非具約束力開工通知（notice to proceed），這在投資人日也有討論。我想請教你是否能分享一下那邊的產品測試與試點（pilot）進展如何？

And then related, the accompanying service capabilities don't get a ton of airtime, but you did mention it at the Investor Day. And I'm just curious, is that also potentially a gating factor here? Do you need to staff up a lot with Generac folks to enable those capabilities?

另外相關的服務能力並沒有太多被提及，但你在投資人日有提到。我也想了解，這是否也可能是此案的關鍵限制因素之一？你們是否需要大量增聘Generac的人員來啟用這些能力？

Yes. Thanks, Tommy. So yes, the notice to proceed that we talked about at Investor Day, and we mentioned again this morning, that's from one of the hyperscale customers that we continue to negotiate with. And I would -- maybe the best way to characterize it, Tommy, is that if this was a 100-yard dash, we're like 99 yards of the way done with the race. We've got a yard left.

是的。謝謝，Tommy。所以是的，我們在投資人日談到、今天早上也再次提到的開工通知，是來自我們仍在持續協商的一家超大規模（hyperscale）客戶。我會——或許最好的形容方式是，Tommy，如果這是一場100碼短跑，我們大概已經跑到99碼了。只剩最後1碼。

We're in the final stages with the final agreement. There's a process, it's a gauntlet. I mean there's literally a hurdle for every step along the way here. But all of the -- everything from product quality to supply chain visits, our factory visits, the audits that they put us through internal and external, we continue to march through the process, and we're passing all of those gates as we go.

我們正處於最終協議的最後階段。這是一個流程，像是闖關。我的意思是，幾乎每一步都真的有一道關卡。但從產品品質到供應鏈訪查、我們的工廠參訪、他們對我們進行的內外部稽核，我們持續推進流程，並且一路通過各項關卡。

And we really are at the very last yard of this race -- this 100-yard race. So we feel really good about it. And as such, we're into -- we mentioned this in the prepared remarks, we're into discussions about the specifics around certain sites, which sites would we see next year as part of that NTP, the notice to proceed, and we're preparing accordingly. On that point, maybe transitioning to the second part of your question with service. This is obviously an area that as we deploy equipment to these large project areas, we need to make sure we're appropriately staffed.

而我們確實已經來到這場——這場100碼賽跑——的最後1碼。所以我們感覺非常好。因此，我們也進入——我們在準備稿中提到——針對特定場址細節的討論，包括明年哪些場址會納入該NTP（開工通知）的一部分，我們也正據此做準備。就這點而言，或許可以轉到你第二個關於服務的問題。顯然，當我們把設備部署到這些大型專案區域時，我們需要確保人力配置得當。

I think one of the great things about our industrial distribution network is over the last five or six years, we've been in -- we've talked about the investments we've made there. Some of those investments have come in the form of acquisitions.

我認為我們工業經銷網路的一大優勢是，在過去五到六年，我們一直在——我們也談過我們在那方面所做的投資。其中一些投資是透過併購的形式完成。

And today, we own about 30% to 35% of our industrial distribution network here in the US. And we continue to work with our partners on staffing to appropriate levels to serve the market. I mean, obviously, the ability to react to any kind of service situation is critical. And again, I think we're -- we feel like we're in a really good spot there given our own ownership and our appetite to continue to invest and hire people as needed as the sites get deployed.

而目前，在美國我們約擁有自家工業經銷網路的30%到35%。我們也持續與合作夥伴合作，將人力配置提升到能夠服務市場的適當水準。我的意思是，顯然，對任何服務狀況做出反應的能力至關重要。再者，鑑於我們自身的持股比例，以及我們願意持續投資並在場址部署時視需要招募人員的意願，我們認為目前處於非常有利的位置。

George Gianarikas, CGS.

George Gianarikas，CGS。

As you look to scale -- hyperscale demand, I mean, how are you de-risking your engine supply chain? And what sort of multiyear capacity guarantees have you secured? And maybe more specifically, any exclusivity frameworks you have to ensure that the supply remains an advantage to Generac?

當你們著眼於擴大規模——我是指超大規模（hyperscale）需求——你們如何降低引擎供應鏈的風險？另外，你們已取得哪些多年期的產能保證？或更具體地說，你們是否有任何排他性（exclusivity）架構，以確保供應能持續成為 Generac 的優勢？

Yes. Thanks, George. Obviously, an important question in this whole effort around data centers is supply chain based, right? And it's not just the engine, although the engine, of course, is critical, but it's alternator supply, it's cooling package supply. It's the end packaging of the product, which we're -- with our Enercon acquisition that we closed on April 1, we're taking a big step forward there, trying to solve for what is becoming -- a fast becoming a bottleneck in the industry around finished packaging.

是的。謝謝你，George。顯然，在整個資料中心相關的努力中，供應鏈是個重要問題，對吧？而且不只是引擎，雖然引擎當然很關鍵，但也包括交流發電機（alternator）供應、冷卻套件（cooling package）供應。還有產品最終的封裝（packaging）；我們在 4 月 1 日完成 Enercon 的收購，在這方面邁出了一大步，試圖解決產業中正在——而且很快就會——成為成品封裝瓶頸的問題。

Even if we can get great lead times on the unpackaged product, it doesn't help us if the packaging phase is constrained. So that was a big part of the thesis, our calculus in acquiring Enercon, and we look to expand that operation as well pretty aggressively here so that we can control those lead times. With respect to engines, maybe directly your question there, we have a multiyear agreement in place with our current engine supplier, our large diesel engine supplier.

即使我們能在未封裝產品上取得很好的交期，如果封裝階段受限，對我們也沒有幫助。因此，收購 Enercon 是我們論點與評估（calculus）中的重要一環；我們也計畫在這裡相當積極地擴張該營運，以便能掌控這些交期。至於引擎，直接回到你的問題，我們已與目前的引擎供應商——我們的大型柴油引擎供應商——簽有多年期協議。

That agreement allows us to have exclusivity. Here in the US, there are a couple of small exceptions to some legacy customers there, but nothing that I would say any of those small customers are going to be able to get through the gauntlet, at least with hyperscale customers. We don't foresee that at all. Engine supply, we feel really good about our engine suppliers' capacity and their ability to not only produce at the kind of scale that is going to be needed with the volumes that we're talking about with these hyperscale customers and non-hyperscale customers, but also their appetite to continue to invest.

該協議讓我們享有排他性。在美國這邊，針對一些既有（legacy）客戶有少數例外，但我認為那些小客戶不太可能通過重重關卡，至少在超大規模客戶方面是如此。我們完全不預期會發生那種情況。在引擎供應上，我們對引擎供應商的產能，以及他們不僅能以我們所談論的超大規模客戶與非超大規模客戶所需的量級進行生產、同時也願意持續投資的意願，都感到非常有信心。

And the footprint that they have -- the global footprint that they have and the ability to expand that footprint as needed. So we're talking to this -- the engine partner about potential production of these engines right here in the US at this point. So it might even be something cohabitated with us on some kind of joint investment. We're not exactly sure at this stage.

以及他們的佈局——他們的全球佈局——以及在需要時擴大該佈局的能力。因此，我們目前正與這家引擎合作夥伴討論，是否可能就在美國本土生產這些引擎。所以這甚至可能會是與我們共同進行某種聯合投資、共同設置的模式。現階段我們還不完全確定。

Right now, there's plenty of capacity in place. So we feel really good about that.

目前產能相當充足。所以我們對此感覺非常好。

And we're really working to solve kind of the next level capacity constraints and supply chain around alternators, cooling packages. We're multi-sourcing those critical components as well. And we feel like the supply chain for those other critical components if they don't already have the capacity added, they have really good plans to add it as we enter 2027 and beyond.

而我們也正努力解決下一層級的產能限制，以及交流發電機、冷卻套件等方面的供應鏈問題。我們也在對這些關鍵零組件採取多來源供應（multi-sourcing）。我們認為，對於其他關鍵零組件的供應鏈，即使目前尚未新增產能，他們也有很好的擴產計畫，會在 2027 年及之後逐步到位。

So at this stage of the game, we feel like we're in pretty good shape. But it's -- supply chain is something that's not 100% inside of our control. So obviously, that's something we have to keep a close eye on. I'm very pleased, though, with our team's engagement there. It's an area of strength for Generac historically, just working with supply chain, developing deep partnerships, focusing on capacity adds where needed and getting ahead of it.

所以在目前這個階段，我們覺得整體狀況相當不錯。但供應鏈並不是 100% 在我們可控範圍內。因此，這顯然是我們必須密切關注的事情。不過我對我們團隊在這方面的投入非常滿意。這一直是 Generac 歷史上的強項之一：與供應鏈合作、建立深度夥伴關係、在需要時聚焦於新增產能並提前布局。

We don't wait to react. We try to be proactive. And so I feel like those -- we're covering those bases as well as we can today. And we're basically kind of coiling the spring here as we get ready to get into the fourth quarter, back half of this year and really into 2027, really driving to the next level with the data center products.

我們不會等到事情發生才反應。我們會盡量主動出擊。因此我覺得，這些面向我們今天已經盡可能地都顧到了。而我們基本上是在這裡蓄勢待發，準備進入第四季、今年下半年，並真正邁向 2027 年，將資料中心產品推進到下一個層級。

Mike Halloran, Baird.

Mike Halloran，Baird。

So on the non-data center side of the C&I piece, maybe just talk to what you're seeing from a sequential and then how the rest of the year should play out on the kind of core rental, telecom and then traditional C&I type categories. And then related, layer in how the new product categories from the power range that you're bringing to bear, how those are early receptivity of those products into those markets?

那在 C&I 業務中、非資料中心的部分，能否談談你們看到的環比（sequential）情況，以及今年剩餘時間在核心租賃（rental）、電信（telecom）以及傳統 C&I 類別將如何發展？另外，相關地也請談談你們正在推出的電力產品線（power range）中的新產品類別，這些產品在上述市場的早期接受度如何？

Yes. Thanks, Mike. Yes, the balance of our -- the amazing thing is the balance of our C&I business is also -- it's -- as we indicated over the last couple of quarters, we were starting to see signs of nice recovery or growth in telecom as an example, which really began in kind of in earnest in the fourth quarter of last year and has continued to pick up steam here in early 2026, really kind of outpacing expectations on order volume, giving us good confidence as part of the guidance raise here for the balance of 2026 in the C&I segment is coming from telecom.

好的。謝謝你，Mike。是的，我們——令人驚訝的是——我們 C&I 業務的其餘部分也同樣……正如我們在過去幾個季度所指出的，我們開始看到電信等領域出現不錯的復甦或成長跡象；這其實在去年第四季就真正開始發力，並在 2026 年初持續加速，在訂單量上確實有點超出預期，讓我們對這次上調指引更有信心：2026 年剩餘期間 C&I 部門的成長，有一部分將來自電信。

The other area is rental. It's interesting. I kind of had an epiphany -- it's probably not an epiphany, that's probably too strong. I'm overstating. But driving by one of these data center construction sites.

另一個領域是租賃。這很有意思。我有點像是突然領悟——也許稱不上「頓悟」，那可能太強烈了。我有點誇大了。但我開車經過其中一個資料中心的施工現場。

There's actually one going up right next door to our Beaver Dam -- our new Beaver Dam manufacturing plant. And when I was kind of taking a drive through that last year, and it's right next door, I was struck by just how much of our mobile equipment and the type of equipment that we build is on that site in light towers, mobile generators for temporary power, temporary lighting and temporary heat even in the cold Wisconsin winters to keep construction going and construction does go.

其實就在我們 Beaver Dam——我們新的 Beaver Dam 製造工廠——隔壁就有一座正在興建。去年我開車經過那裡時，因為就在隔壁，我注意到現場有大量我們的行動式設備，以及我們所製造的那類設備：照明塔、用於臨時供電的行動式發電機、臨時照明，甚至在威斯康辛寒冷的冬天也需要臨時供熱來維持施工，而施工確實會持續進行。

It goes 24/7 on these sites. And so it's really no surprise that what we're seeing and hearing from our rental customers, starting with our national rental customers is that the refleeting cycle really has begun. And we've been waiting on it to begin about 18 months here. It's been -- we've kind of been on the back side of that, and it's starting to kick up. And fortuitously, we had been negotiating for the Allmand acquisition, and we closed that deal on January 1, as we announced.

在這些工地上是 24/7 不間斷的。因此，我們從租賃客戶那裡看到與聽到的情況——先從全國型租賃客戶開始——車隊汰換補充（refleeting）週期確實已經開始，這也就不令人意外了。我們等它開始已經大約 18 個月了。我們一直處在那個週期的後段，而現在開始回升。而且很巧的是，我們一直在談 Allmand 的收購，並如我們所宣布的，在 1 月 1 日完成了交易。

And it's just -- the timing couldn't have been better.

時機再好不過。

We've seen just a really nice response there. That business has outperformed on top line, on bottom line. And the combination of that business, our business historically was focused on national rental account customers, which typically have a little bit lower gross margin profile because they're buying in bulk, whereas the Allmand business was really focused on the independent rental channel. So it was a great complementary fit for us from a distribution standpoint. And it also gave us some much needed capacity.

我們看到非常不錯的回應。那個業務在營收端與獲利端都表現超出預期。而該業務與我們原本的業務結合後——我們過去主要聚焦於全國型租賃大客戶，這類客戶通常因為大量採購而使毛利率結構略低；相對地，Allmand 的業務則更聚焦於獨立租賃通路。因此，從通路角度來看，對我們是很好的互補。同時也為我們帶來一些急需的產能。

They have a nice big factory in Nebraska. And so the combination of our factory here in Wisconsin and that factory in Nebraska give us some great capacity for serving what is a growing market. Our core C&I business, the industrial distributor business has been good. Our quote rates remain pretty strong. I would tell you, I'll remind you that as we've talked over the last really four or five quarters, we've been working down our backlog there and shortening up our lead times, and we've kind of caught those now, continue to grow, albeit not at the same rate we were growing previously for those core markets.

他們在內布拉斯加州有一座相當大的工廠。因此，我們在威斯康辛的工廠加上內布拉斯加的工廠，讓我們具備很好的產能來服務這個正在成長的市場。我們核心的 C&I 業務——工業經銷商業務——表現不錯。我們的報價率（quote rates）仍然相當強勁。我也想提醒大家，正如我們在過去四到五個季度所談到的，我們一直在消化那邊的積壓訂單（backlog）並縮短交期，而我們現在已經把這些追上了；在這些核心市場上仍持續成長，只是成長速度不如先前那段時間那麼快。

And then I think maybe the last point of your question, Mike, was around these larger machines, kind of taking those to market through our traditional channels, that's been very well received. The sales cycles are very long, especially in the traditional market. So we've only started to realize the first couple of orders coming through the pipeline here. But just this week, we had an engineering symposium conference in Waukesha with over 200 -- I think it was like 220 engineering firms represented.

接著我想，你問題的最後一點，Mike，是關於這些較大型的機組，透過我們傳統通路將它們推向市場，市場反應非常好。銷售週期非常長，尤其是在傳統市場。因此我們才剛開始看到管線中前幾筆訂單進來。不過就在本週，我們在沃基肖（Waukesha）舉辦了一場工程研討會，超過200家——我想大約是220家——工程公司出席。

And it's an opportunity for us to talk about the expanded product line. One of the shortcomings of Generac historically in the C&I markets has been our product line stopped at 2 megawatts. So now having a product line that goes to 3.25 megawatt and then we've got an expansion of that even further to 4 megawatt on the drawing board makes us a full-line provider. And it really takes away any final excuses that specifying engineering firms may have had not to specify us by name, either because they were concerned that they couldn't just -- they'd have to put us on certain specs and not on all specs because we didn't have a full product range.

這也是我們介紹擴充後產品線的機會。Generac 過去在商用與工業（C&I）市場的一個短板是，我們的產品線只到2兆瓦。如今產品線可延伸到3.25兆瓦，而且我們還在規劃進一步擴展到4兆瓦，這讓我們成為全產品線供應商。這也確實消除了指定工程公司過去最後可能不願意點名指定我們的任何藉口——例如他們擔心無法把我們納入所有規格，只能在某些規格中列入，因為我們的產品範圍不夠完整。

That's been completely eliminated now. So really good receptivity there, and we're expecting big things out of that product range in our traditional markets in the years ahead.

現在這些問題已經完全消除了。因此市場接受度非常好，我們也預期未來幾年這個產品區間在傳統市場會有很大的成長。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

This is David Tarantino on for Jeff. Maybe switching to Residential. Could you give us some color on the strength in margins here? It sounds like there was some favorable mix here, but can you parse out anything unique to this quarter and maybe how sustainable this level of margin is moving forward?

我是代替Jeff發言的David Tarantino。也許我們切換到住宅（Residential）業務。能否請你們談談這裡毛利率走強的原因？聽起來似乎有一些有利的產品組合因素，但你們能否拆解一下本季有哪些獨特因素，以及往後這樣的毛利率水準有多可持續？

Yes. Maybe I'll start and then maybe York can chime in, too. The margin improvement there was pretty dramatic. It was 500 basis points of EBITDA margin expansion over the prior year and a combination of two things. I mean, it was primarily driven, as we said in the prepared remarks, though, by just better cost control, I would say, as we have brought together our teams there under the Generac Home, the one residential one home business that we've referred to.

好的。也許我先回答，York也可以補充。那邊的利潤率改善相當顯著。相較去年，EBITDA利潤率擴張了500個基點，主要是兩個因素的組合。我的意思是，正如我們在事先準備的講稿中提到的，主要驅動因素是更好的成本控管；我會說，這是因為我們把那邊的團隊整合到Generac Home之下，也就是我們所說的住宅、單一的家用事業體。

It's really helped us leverage our team members more efficiently across that business. We built a world-class team in our energy technology business. And look, the market has shifted, right? It's moved based on policy, based on continued high -- persistently high interest rates and some other things that have been -- presented headwinds to that market. We believe that, that long term is still a good business opportunity as retail energy prices continue to rise.

這確實幫助我們在該業務中更有效率地運用團隊成員。我們在能源科技業務打造了一支世界級團隊。而且你看，市場已經轉變了，對吧？它受到政策影響，也受到持續——長期維持在高檔的利率，以及其他一些因素影響——這些都對該市場形成逆風。我們相信，從長期來看，隨著零售電價持續上升，這仍然是一個很好的商機。

I mean there's no question that self-generation, self-storage, that cost containment for homeowners and businesses around electricity rates, in particular, is just going to become -- that's going to become a headline story here.

我的意思是，毫無疑問，自發電、自儲能，對住戶與企業在電價方面的成本控制，將會成為——這將會成為一個頭條議題。

It's already moving into the headlines. So we like that business. But the reality of it is it's softer right now because of where the market is at. And so being able to leverage that team, this world-class team that we've built and move that into our traditional residential business, our -- what we refer to as consumer power around portable generators and home standby, it's been a great move.

它已經開始登上新聞頭條。所以我們看好這項業務。但現實是，因為目前市場狀況，它現在比較疲弱。因此，能夠運用我們打造的這支世界級團隊，並把它導入我們傳統的住宅業務——也就是我們所稱的消費者電力（consumer power），涵蓋可攜式發電機與家用備援（home standby）——這是一個很好的調整。

We've been able to get a lot out of that team. We've been able to get some early wins here on cost containment. That's really the primary driver for a big chunk of that improvement in EBITDA margin, and you should expect to see that going forward, Dave. We also had some gross margin improvement there as well. And maybe I'll let York just maybe chime in a little bit around that.

我們從這個團隊身上獲得了很多成果。我們在成本控制方面也取得了一些早期勝利。這確實是EBITDA利潤率大幅改善的主要驅動因素之一，而你應該可以預期這種情況會延續下去，Dave。此外，我們的毛利率也有所改善。我想讓York再補充一下這部分。

Yes. No, like you said, probably about 3% of that 5% improvement was the OpEx side that Aaron just talked about. the remainder is the gross margin improvement that we saw with residential. We still continue -- while we did -- our home standby shipments, we did see strong demand following Winter Storm Fern, so a little bit of favorable mix there relative to prior year.

是的。沒錯，如你所說，那5%的改善中，大概有3%來自Aaron剛提到的營業費用（OpEx）端；其餘則是我們在住宅業務看到的毛利率改善。我們仍然持續——雖然我們的家用備援出貨量方面，確實在冬季風暴Fern之後看到強勁需求，因此相較去年有一些有利的產品組合。

But we still are seeing positive price/cost here in the quarter for the Residential segment. If you recall, so, we rolled out pricing probably in more Q2 of last year as a result of higher input costs and tariffs. And then as we rolled out our next-gen home standby in the second half of last year, we -- with the added features to that product offering, we did roll out additional price with that new product offering as well.

但本季住宅事業群仍然呈現正向的價格/成本（price/cost）。如果你還記得，我們大概在去年第二季推出調價，原因是投入成本與關稅上升。接著在去年下半年推出下一代家用備援產品時——由於該產品增加了功能，我們也針對新產品再做了額外的調價。

So the combination of the higher input costs and the rollout of the new model allowed us to roll out additional price, and we saw that reading through here probably more than the cost is coming up. So still favorable price cost on the residential side that we're pleased with.

因此，投入成本上升加上新機型上市的組合，讓我們得以進一步調價，而我們看到這些效益在本季反映出來，且價格上升幅度大於成本上升。所以住宅端仍是有利的價格/成本，我們對此感到滿意。

Brian Drab, William Blair.

Brian Drab，William Blair。

I just wanted to ask about the standby business at the moment. I think I gathered that you said it was flat in the first quarter. And then I heard a comment that said that the second quarter growth would be driven entirely by C&I.

我想問一下目前備援（standby）業務的情況。我理解你們說第一季是持平。然後我也聽到一個評論說，第二季的成長將完全由商用與工業（C&I）帶動。

But I think you're still modeling for the year. I know -- I don't know if you restated it today, but you're thinking like mid-teens growth for the standby business for the full year '26. Is there a significant ramp in the second half that you're expecting? I know there's easy comps with the weather. But can you just talk about if there is a ramp and what drives that?

但我想你們對全年仍有模型預估。我知道——我不確定你們今天是否重申，但你們對2026年全年備援業務的成長預期大概是中十位數（mid-teens）。你們是否預期下半年會有顯著拉升？我知道天氣因素的比較基期會比較容易。但能否談談是否會有拉升，以及是什麼驅動？

Well, I guess a couple of things. Sorry, Aaron, I'll start and then you can maybe follow. But the Winter Storm Fern did help some of the residential side in Q1. We're not modeling any -- I guess, we're just modeling baseline weather for Q2.

嗯，我想有幾點。抱歉，Aaron，我先回答，然後你可以再補充。冬季風暴Fern確實在第一季對住宅端有一些幫助。我們在第二季的模型中沒有納入任何——我想我們只是以基準天氣（baseline weather）來建模第二季。

But yes, normal seasonality would have the second half sequentially increasing first half, second half. That's just normal seasonality. And then when you're looking at year-over-year growth in the second half, there should -- you should see significant home standby growth because we just didn't have a season in '25, second half '25. So basically, the 15% home standby growth that you're referring to or overall 10% for the residential segment will come in the second half for the most part.

不過是的，正常的季節性會使下半年相較上半年呈現逐季走高；這就是一般的季節性。這是正常季節性。而當你看下半年同比成長時，你應該——你會看到家用備援有顯著成長，因為我們在2025年下半年基本上沒有旺季。所以你提到的家用備援15%成長，或住宅事業群整體10%的成長，大部分會出現在下半年。

And a good chunk of that is there's price as well. About half the growth in 2026, Brian, is price with the new product line we introduced a bit higher price there. So that's part of the equation. But as York said, that return to base -- that assumption that we return to baseline normal outage kind of long-term outage environment is a big assumption for the second half.

而其中相當一部分也來自價格因素。Brian，2026年的成長大約有一半來自價格，因為我們導入的新產品線定價略高。所以這是其中一部分。但如York所說，回到基準——也就是我們假設回到長期的基準、正常停電環境——這是對下半年的一項重要假設。

But we started off the year well. Winter Storm Fern was a nice kick. We had a lot of -- we saw a lot of interest in terms of sales leads in Q1. We'll see what conversion looks like here as we get into Q2. It's kind of the first real test for us of our new pool -- our lead pool system.

但我們今年開局不錯。冬季風暴 Fern 帶來了不錯的助攻。我們有很多——我們在第一季看到在銷售線索方面有很高的興趣。進入第二季後，我們會看看轉換率會是什麼樣子。這算是我們新線索池——我們的線索池系統——的第一次真正考驗。

So we're modeling Q2 off of our historical close rates when we get an influx like that.

因此，我們是依據歷史成交率來建模第二季，因為當我們遇到像這樣的線索湧入時，過去的成交率可作為參考。

So we'll see if that holds or if it's better. Maybe it's -- it will be better. We're not sure yet at this point. We've got to watch the read through. But it's a good start to the year.

所以我們會看看是否能維持，或是表現更好。也許——會更好。目前我們還不確定。我們得觀察後續的反映。但這是個不錯的年度開端。

And as York said, we feel like with the easy comps in the back half that we're going to see growth -- we see really nice growth in the second half with home standby in particular.

而且如 York 所說，我們認為在下半年比較基期較容易的情況下，我們將會看到成長——尤其是家用備用電源（home standby）在下半年會有非常亮眼的成長。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

Two kind of connected topics for me. The first is how should we -- and I know you kind of gave the full year guide for the company. How should we think about sort of the C&I margin progression given obviously, the strong growth that we're seeing?

我有兩個彼此相關的問題。第一個是，我們應該如何——我知道你們已經給了公司全年指引——我們應該如何看待在明顯強勁成長之下，C&I 的毛利率走勢（margin progression）？

And maybe attached to that, I know it's early, but based on what you're seeing in order flow and you talked about the nonbinding notice, do you think growth rates in that business can remain in the teens plus into '27?

另外延伸一下，我知道現在還早，但根據你們看到的接單流（order flow），以及你們提到的非具約束力通知（nonbinding notice），你們認為該業務的成長率能否在 2027 年之前仍維持在十幾％以上？

Yes. Thanks, Steve. Maybe I'll take the first -- or the second part of the question and let York kind of tackle the margin progression because there's some -- there's a lot of moving pieces in that, but a lot of that's coming from leverage that we're going to get on the OpEx line. But in terms of the -- just the growth rates there, obviously, we put some aggressive targets out there and long-term growth rates at the Investor Day, but -- and the growth rates here near term are even better just given the incremental nature, right?

可以。謝謝，Steve。也許我先回答第一個——或第二個部分，然後讓 York 來談毛利率走勢，因為那裡面——有很多變動因素，但其中很大一部分來自我們在營業費用（OpEx）項目上將取得的槓桿效益。但就成長率而言，顯然我們在投資人日提出了一些積極的目標與長期成長率，不過——短期的成長率甚至更好，主要是因為增量的特性，對吧？

Like we're going from -- almost from zero to the kind of the $700 million-plus backlog that we've talked about, right, and converting that backlog over the course of this year and next in particular, and then the hyperscale opportunities that aren't even reflected in that backlog. And the notice to proceed of $600 million is a good representation, I think, of the kind of volumes that are -- the potential that's there in terms of growth rates. I think the answer to your question, Stephen, though, is somewhat highly linked though to the CapEx spending assumptions for data center build-out.

例如我們幾乎是從零開始，走到我們談到的 7 億美元以上的在手訂單（backlog），對吧？並在今年、尤其是明年逐步把這些在手訂單轉為營收；此外還有一些超大規模（hyperscale）的機會，甚至尚未反映在這些在手訂單中。而 6 億美元的開工通知（notice to proceed）我認為很好地代表了在成長率方面的量體——以及那裡的潛力。不過，Stephen，你這個問題的答案在某種程度上高度取決於資料中心建置的資本支出（CapEx）投入假設。

And so it really depends on where you kind of land on the spectrum there. And I will say this, and I think it's easy -- and you got to be really careful in situations like this because it's easy to talk yourself into all kinds of things. But every single conversation we have, and it's up and down the line. It's not just the data center customers themselves, but it's the developers -- it's the other component suppliers that are feeding this.

所以這真的取決於你在那個光譜上落在哪裡。我也想說，這種情況下很容易——你必須非常小心，因為很容易讓自己說服自己相信各種推論。但我們每一次的對話——而且是上下游各環節——都顯示同樣的訊息。不只是資料中心客戶本身，還包括開發商——以及其他為此供應零組件的供應商。

Obviously, here in Wisconsin, we have the benefit of having a few other companies that are also feeding the data center market with products as OEMs. And so just kind of comparing notes, right, just sharing notes. It's -- I think most, if not all, of these, I guess, forecasts -- this is going to be more than a multiyear run.

顯然在威斯康辛州，我們的優勢是還有幾家公司也以 OEM 的身分提供產品給資料中心市場。因此我們會互相比對資訊、分享觀察。我認為大多數——如果不是全部——的這些預測，都指向這將不只是多年的一波行情。

And the kind of impact that AI is going to have on businesses and on kind of society at large, I think we're just at the very early innings of that and starting to see some of the power of this and what it can do.

而 AI 對企業以及整體社會將造成的影響，我認為我們才剛在非常早期的階段，開始看到它的威力與它能做到的事情。

And as that takes root, the need for data center capacity is just going to be -- is just going to grow. And so we feel really good about our longer-term growth rates. And then maybe I'll kick it to York just on the margin progression. If there are any comments there, York, you want to make.

隨著這些應用逐步落地，對資料中心容量的需求只會——只會持續成長。因此我們對長期成長率感到非常有信心。接著我把毛利率走勢的部分交給 York。York，你那邊如果有任何想補充的，請說。

Yes. Just a follow up on the growth rate. So if you recall in our Investor Day back in March, we did have -- guide a 3-year CAGR for our C&I segment of low to mid-20% range. And obviously, we've got some visibility to the 2027 numbers with that notice to proceed that Aaron talked about as well as the backlog that we -- the $700 million of backlog that we have that will spill -- some of that will spill into 2027. So we have at least clear visibility there, and we're feeling good about the growth rate.

好的。先補充一下成長率。如果你還記得，我們在三月的投資人日確實給了 C&I 事業部三年期年複合成長率（CAGR）指引，約在低到中 20% 的區間。而且很明顯地，透過 Aaron 提到的那份 6 億美元開工通知，以及我們擁有的 7 億美元在手訂單——其中一部分會延續到 2027 年——我們對 2027 年的數字至少有相當清楚的能見度。所以我們在那方面至少有明確能見度，對成長率也感覺良好。

The margin progression, you're obviously seeing it here in Q1. You're starting to see that. A couple of comments there is the Enercon acquisition, which really starts April 1, that's when that closed. That should actually -- with the vertical integration and the margin profile of that and getting the margin stack of that business on top of the margin -- the data center margins that we were guiding previously, that's actually going to give us about a 50 basis point lift to our -- to the C&I segment EBITDA margins or gross margins.

至於毛利率走勢，你們在第一季其實已經看到了。你們開始看到那個趨勢。這裡有幾點：Enercon 的併購案是在 4 月 1 日才正式生效，也就是那天完成交割。透過垂直整合、其本身的毛利結構，以及把該業務的毛利堆疊加到我們先前指引的資料中心毛利之上，這實際上將為我們的 C&I 事業部 EBITDA 利潤率或毛利率帶來約 50 個基點的提升。

So that's good. And then again, as you grow low to mid-20% CAGR over the next three years, you start really leveraging the OpEx infrastructure that we're building to support the data center initiative. And you should start seeing more mid- to high teens EBITDA margins in the out years in that 2028 -- when you get out into 2028. So continued margin growth for C&I is expected as you grow dramatically on the top line.

所以這是好事。再者，當你在未來三年以低到中 20% 的 CAGR 成長時，你會開始更有效地槓桿化我們為支援資料中心計畫而建立的營業費用（OpEx）基礎架構。而在更後面的年度——到 2028 年左右——你應該會開始看到 EBITDA 利潤率落在中到高十幾％的水準。因此，隨著營收大幅成長，預期 C&I 的利潤率將持續改善。

Praneeth Satish, Wells Fargo.

Praneeth Satish，Wells Fargo。

So the release in there, it references a potential multiyear hyperscale agreement. Is that referring to the same customer behind the $600 million notice to proceed that was discussed at the Investor Day, potentially extending that order? Or are you signaling a separate hyperscaler opportunity? Just trying to get some more detail on the opportunity set. And then just very quickly, can you confirm whether you've included the impact of the new Section 232 rules on steel in the guidance?

所以在那份新聞稿中，提到了可能的多年期超大規模（hyperscale）協議。這是指投資人日討論的、那位 6 億美元開工通知背後的同一位客戶，可能延伸該筆訂單嗎？還是你們在暗示另一個不同的 hyperscaler 機會？我只是想更了解機會集合的細節。另外很快地，你們能否確認：指引中是否已納入新的《232 條款》（Section 232）鋼鐵規則對鋼材的影響？

Yes. I'll take the first part of your question, and then I'll let York tackle the tariff assumptions. Yes, Praneeth, we really -- we're in conversation with two hyperscale customers in particular. And both would be -- we would assume, would present multiyear opportunities for us. The agreements themselves are -- there's kind of a master supply agreement.

好的。我先回答你問題的第一部分，然後讓 York 來談關稅假設。是的，Praneeth，我們目前確實主要在與兩家 hyperscale 客戶洽談。而我們假設兩者都會為我們帶來多年期的機會。協議本身——會有點像是一份主供應協議（master supply agreement）。

And then once you get past that, you're officially added to the approved vendor list and then they can cut POs.

接著一旦完成那一步，你就會被正式加入核准供應商名單（approved vendor list），然後他們就可以下採購單（PO）。

So -- and each customer has a different approach to that in terms of giving you a forecast and then those POs that would be with that. But the -- because the planning cycles are so long on these projects and because lead times have been stretched in our industry anyway, our lead times may be shorter, but industry lead times are longer. Many of the planning cycles were already -- they're already looking at, in some cases, 2028 and beyond because the traditional supply base for these backup systems are constrained.

所以——每位客戶在提供預測以及隨之而來的那些採購訂單（PO）方面，做法都不一樣。但——由於這些專案的規劃週期非常長，而且我們產業的交期本來就被拉長了；我們的交期可能較短，但整體產業的交期更長。許多規劃週期原本就——他們在某些情況下已經在看 2028 年及以後，因為這些備援系統的傳統供應基礎受到產能限制。

And so the visibility we have right now is limited to 2027. We hope that, that -- we'll get better visibility to that as we kind of get through this final stage of negotiations with these two customers. The customer that we are working with that we've got the notice to proceed with is the customer that we're closest to the finish line, but I would say the other customer is close behind. There's just a few more steps there that we have to work through.

因此，我們目前的能見度僅到 2027 年。我們希望——隨著我們與這兩位客戶進入最後階段的談判，我們能獲得更好的能見度。我們正在合作、且已收到開工通知（notice to proceed）的那位客戶，是我們最接近終點線的客戶；但我會說另一位客戶也緊追在後。只是還有幾個步驟需要我們一起完成。

But both of them -- and the volume numbers that they've kind of talked to us about in preparing us for being able to be a supplier they're significant. And I think we're already turning our attention to what do we think about for the next leg of capacity growth because we're trying to accelerate our Sussex facility ramp here into Q3.

但他們兩位——以及他們為了讓我們能成為供應商而與我們討論的量體數字——都相當可觀。我想我們已經把注意力轉向下一階段的產能成長該怎麼規劃，因為我們正試圖把薩塞克斯（Sussex）廠的爬坡加速到第三季。

We originally slated it as Q4, trying to pull that in so that we've got an opportunity to maybe even do some of this in the fourth quarter. But we're going to need -- it's the old Jaws phrase. We're going to need to build a bigger boat.

我們原本排在第四季，現在想把時程往前拉，讓我們甚至有機會在第四季做一些交付。但我們將需要——這就像《大白鯊》那句老話。我們需要造一艘更大的船。

We need a bigger boat if we're going to win both of these accounts because that's not in our current capacity capability today, we would definitely have to add more. So -- and then I'll kick it to York on the tariff question.

如果我們要同時拿下這兩個客戶，我們就需要一艘更大的船，因為以我們目前的產能能力來看，今天是做不到的，我們一定得再擴增。所以——接下來我把關稅問題交給 York。

Yes. On the 232, obviously, with the IEEPA reciprocal tariffs getting overruled by the Supreme Court, that would be a savings to us. But with the Section 122 at least temporarily in place. And then to your question, the 232 steel, aluminum tariffs, the way we've modeled it is that we're assuming that, that just offsets any IEEPA tariff savings.

是的。關於 232，顯然，若 IEEPA 對等關稅被最高法院推翻，那對我們而言會是節省。但目前第 122 條至少暫時仍在。至於你問的 232 鋼、鋁關稅，我們的建模方式是假設它會抵消任何 IEEPA 關稅節省。

So it's not going to be detrimental to our run rate margins. Currently, as they're stated today, there's some benefit, but there's some uncertainty as to sort of what 232 tariffs will be in the second half, what 301 tariffs will be in the second half. So we've just assumed that in the outlook that we've presented today that we're just being consistent with the tariff rates from our previous guidance. So not any worse, not any better, which probably is a conservative view here.

因此，這不會對我們的常態化（run rate）毛利率造成不利影響。以目前公布的狀況來看，有一些好處，但也存在不確定性，例如下半年 232 關稅會是什麼、下半年 301 關稅會是什麼。所以我們在今天提出的展望中，假設與先前指引的關稅稅率保持一致。也就是不更差、也不更好，這裡可能算是較保守的看法。

Christopher Glynn, Oppenheimer & Co.

Christopher Glynn，Oppenheimer & Co.（奧本海默公司）。

Just wanted to go back to the Residential margin upside. Curious, it clearly sounds like it came in ahead of your expectations. I wonder if that was the speed of the unification benefits or kind of the scope of the cost structure opportunity.

我想回到住宅（Residential）毛利率上行的部分。好奇的是，聽起來顯然比你們預期更好。我想知道這是整合（unification）效益實現得更快，還是成本結構改善機會的範圍更大。

It sounds like maybe those 3 percentage points of OpEx maybe a waypoint and a point in time that you continue to build off of. And really just kind of trying to tie into the 50 basis points boost to the EBITDA margin guidance. It seems like what you delivered in the first quarter residential EBITDA margins is really considered pretty modestly in the full year guide, especially since first quarter is the seasonal mix low for residential.

聽起來那 3 個百分點的營業費用（OpEx）可能只是某個階段性里程碑、某個時間點，你們還會在此基礎上繼續改善。我也想把這點和 EBITDA 利潤率指引上調 50 個基點連結起來。看起來你們第一季住宅 EBITDA 利潤率的表現，在全年指引中被納入得相當保守，尤其第一季通常是住宅業務季節性組合較低的季度。

Yes. I mean I can start with that. Yes, so if you look -- if you factor in what do we factor in the updated margin guide, the extra 50 basis point improvement in gross margins, you're right, it's the outperformance in Q1. And then the margin accretion from the Enercon acquisition that I mentioned that will help impact improved margins for Industrial.

是的。我的意思是我可以先回答。是的，所以如果你看——把我們更新後的毛利率指引納入考量，也就是毛利率額外改善 50 個基點，你說得對，這反映了第一季的超預期表現。另外還有我提到的 Enercon 併購帶來的毛利率增厚，將有助於提升工業（Industrial）業務的毛利率。

We, for the most part, are holding everything else, again, that tariff assumption that I just gave on the previous question. Obviously, the mix elements there with taking up C&I, you'd expect -- you'd actually expect it to mix down, but there's a little bit improvement that we've baked in to offset that. So we're basically holding Q2, Q3, Q4 outside of our margin profile outside of those other -- the Q1 beat and the Enercon acquisition...

我們在其他部分大致都維持不變，再次強調，就是我在上一題提到的關稅假設。當然，隨著商用與工業（C&I）占比提升的組合因素，你會預期——其實你會預期毛利率會被稀釋一些，但我們也納入了一點改善來抵消。所以基本上，第二季、第三季、第四季的毛利率輪廓，除了——第一季的超預期以及 Enercon 併購之外，我們都大致維持不變……

And then maybe on the Residential OpEx, Chris, just to put a finer point on that. I mean there's some really good things going on there. I mean the unification has happened quickly. That was a process we began evaluating last year and really accelerated the combination as we got in here into 2026. And so there's clearly -- that is having an impact.

另外在住宅營業費用（OpEx）方面，Chris，我再更精準地補充一下。那邊確實有一些很好的進展。整合進行得很快。這是我們去年開始評估的流程，並在進入 2026 年時大幅加速合併。因此很明顯——這正在產生影響。

I would also say we're on the backside of some of those new product introductions with the PWRmicro now getting into market, we're ramping there.

我也會說，我們已經度過了部分新產品導入的高峰期，PWRmicro 現在已進入市場，我們正在那邊爬坡放量。

And then PWRcell 2 also into market. So some of the hardcore development work being done last year on those projects is tapering. And then on the software side, like everybody else, we are benefiting from the trends in coding around AI and just not needing the intensity of headcount there to produce -- productivity is up dramatically, and that's certainly helpful.

另外 PWRcell 2 也已進入市場。因此，去年在那些專案上所做的一些硬核研發工作正在趨緩。而在軟體方面，和其他公司一樣，我們也受益於 AI 帶動的程式開發趨勢，不再需要那麼高強度的人力編制來產出——生產力大幅提升，這當然很有幫助。

So I mean, it's a combination of those areas that is helpful. And I think also, as you look forward, kind of the other part of your question, I think it's a good jumping off point as we go into 2026 here. We do typically have expenses start to ramp as the season. You go back to our core business around HSB, home standby and portables, there'll be some marketing ramp and whatnot as we -- as you would normally expect seasonally here.

所以我的意思是，這些面向的組合都帶來助益。而且我認為，展望未來——也就是你問題的另一部分——我覺得這是我們進入 2026 年的一個很好的起跳點。我們通常會在旺季來臨時看到費用開始爬升。回到我們以 HSB（家用備援電源）、家用待機機組與可攜式產品為核心的業務，隨著季節性因素，行銷投入等會有所增加——這也符合你對季節性的正常預期。

So the raw quantum of dollars will increase, but so does the top line as we've laid it out into the second half of the year. So we feel really good about this, though. I think the Generac one home project, I'm not ready to call it a complete success at this point. I mean there's still a lot of things we're working through to bring those teams together. But we like what we see so far, and we're getting a lot of leverage out of that combined entity.

所以費用的絕對金額會增加，但如同我們對下半年營收的規劃，營收也會同步成長。不過我們對此感覺非常好。我認為 Generac One Home 專案，我現在還不準備稱之為完全成功。我的意思是，我們仍有很多事情要處理，才能把那些團隊真正整合在一起。但到目前為止我們喜歡我們所看到的，而且我們正從這個合併後的實體中取得很大的槓桿效益。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies（傑富瑞）。

This is Tanner James on for Julien. Maybe just a question on what you're seeing for pricing momentum for large diesel gensets. You spoke to the lead time advantage relative to competitors. You're talking about additional capacity growth and investment. Just prospectively, how should we think about the sequential pricing ex-tariffs here into the '27, '28, '29 time frame?

我是代 Julien 提問的 Tanner James。想請教一下你們看到大型柴油發電機組（gensets）的定價動能如何。你們提到相較競爭對手的交期優勢。你們也談到要進一步擴產與投資。就前瞻角度來看，撇除關稅因素，對於 2027、2028、2029 這段期間的逐季定價走勢，我們應該如何看待？

Yes. Thanks, Tanner. It's a great question. And I'll preface my response by saying when we laid out our original business case to go into the large megawatt genset market, historical pricing levels on the ASPs of those machines were lower because we put our business case together in a much less constrained -- with a much less constrained backdrop of supply. And so as that's changed, and as you would expect, we've seen pricing improve.

是的。謝謝你，Tanner。這是個很好的問題。我先說明一下：當我們最初提出進入大型兆瓦級發電機組（genset）市場的原始商業案例時，這些機器的平均售價（ASP）在歷史上較低，因為我們是在供應相對不那麼受限的背景下建立該商業案例的。因此，隨著情況改變，如你所預期的，我們看到定價有所改善。

And that has improved the overall business case for those products, even with data center customers who buy in large quantities where you would typically assume you'd have margin pressure. And the margins are lower kind of net -- on a net basis relative to selling a similar machine into more of our legacy traditional market, but they're not dramatically lower. And they're dramatically better than historical margins in that net product segment would have been.

這也改善了這些產品的整體商業案例，即使是對於大量採購的資料中心客戶——通常你會假設那裡會有毛利壓力。而且相較於把類似機器賣到我們較傳統的既有市場，這些產品的毛利在淨額基礎上確實較低，但並沒有低得很誇張。並且相較於過去該淨產品區隔的歷史毛利水準，現在是顯著更好。

So we feel good about that. Speaking to the forward ASPs, I think everything that we look at today is that lead times are going to remain constrained for the next several years. And a lot of that is underpinned by continued engine supply constraints. So with our competitive set, they are adding capacity. They've announced those projects and those plans, but it's going to take time to get that online.

所以我們對此感到滿意。談到未來的ASP，我認為我們今天看到的一切都顯示，交期在未來幾年仍將維持緊張。而這在很大程度上是由引擎供應持續受限所支撐。因此就我們的競爭對手而言，他們正在增加產能。他們已宣布那些專案與計畫，但要讓產能上線仍需要時間。

I do think over time, that probably will find its baseline and normalize.

我確實認為，隨著時間推移，這大概會找到其基準並趨於正常化。

But at this stage of the game, we feel like there are also opportunities to increase our vertical integration and efficiencies. Again, back to the Enercon acquisition, a part of our calculus there is the opportunity to capture that value with the machine and the math is very good there. As you can imagine, it's not only the ASPs on the gensets themselves, the bare gensets that have increased, but also the package ASPs have increased.

但在目前這個階段，我們也覺得有機會提升我們的垂直整合與效率。再回到收購Enercon這件事，我們其中一部分的盤算就是有機會在整機上捕捉那個價值，而那裡的經濟效益非常好。如你所想像，不只是發電機組本體（bare gensets）的ASP上升，整套方案（package）的ASP也上升了。

And so the opportunity to capture some of that value and bring that through in our gross margins there is very strong. And so we'll look at other areas as well. And I think as we improve our efficiency and we leverage our footprint here, we think there's probably some other opportunities there to continue to improve margin on a go-forward basis, but that may be offset by ASP kind of normalizing or even coming down slightly, but we think those gross margins are going to hang in there for the foreseeable future.

因此，能夠捕捉其中一部分價值並反映在我們的毛利率上，機會非常強。所以我們也會看其他領域。我認為，隨著我們提升效率並運用我們在這裡的據點布局，我們覺得在未來還可能有其他機會持續改善毛利；但這可能會被ASP的正常化、甚至小幅下滑所抵銷。不過我們認為，在可預見的未來，這些毛利率仍會維持得住。

Vikram Bagri, Citi.

Vikram Bagri，花旗（Citi）。

I have two questions, one on C&I and one on Residential, quick ones. Are you hearing air quality permits for diesel generators as a sort of like a gating factor or a reason for delay in final orders? You talked about potential for next leg of capacity growth.

我有兩個問題，一個關於C&I（商用與工業），一個關於住宅端，都是簡短的。你們是否聽到柴油發電機的空氣品質許可，成為最終下單延遲的一種門檻因素或延遲原因？你們談到下一階段產能成長的可能性。

Where do you see sort of like the gating factors in capacity growth? You've acquired Enercon. So that part is said -- would it require any more M&A to expand capacity beyond what you have? And then on residential, you're seeing multiple benefits from [at home] and expense recalibration. I was wondering if you have accelerated the ET energy transition breakeven time line at all? Any update on that?

你們認為產能成長的門檻因素主要會在哪裡？你們已收購Enercon。所以那部分算是到位了——若要把產能擴張到超過目前水準，是否還需要更多併購（M&A）？另外在住宅端，你們從[在家]與費用重新校準中看到多重利多。我想問你們是否有加速ET（能源轉型）損益兩平時間表？這方面有任何更新嗎？

Yes. Thanks, Vic. Yes. So the C&I question -- in terms of -- I think the question was diesel -- on permitting, air permitting around some of these bigger projects. And I think all permitting, whether you're talking air or water or other things, that's become more challenging as communities grapple with the impacts that data centers may have on air, on water, on energy. There are solutions there.

是的。謝謝你，Vic。是的。關於C&I的問題——就許可而言——我想你的問題是柴油——關於許可，針對一些較大型專案的空氣排放許可。我認為所有許可，不論是空氣、水或其他事項，隨著社區在面對資料中心可能對空氣、水資源與能源造成的影響時，確實變得更具挑戰。但這方面是有解方的。

And with respect specifically to diesel backup generators, the option of using a Tier 4 certified solution. There are after-treatment packages that can be added to those projects to further improve the emissions profile. And in particular, there are some markets where that's required kind of best commercial -- best available technologies are required either because of the concentration of data centers in a particular market or just concerns around diesel particulate and emissions.

而就柴油備援發電機而言，具體的選項是採用Tier 4認證的解決方案。也可以在這些專案上加裝後處理（after-treatment）套件，以進一步改善排放表現。特別是在某些市場，因為特定市場資料中心的集中度，或是對柴油微粒與排放的疑慮，會要求採用某種「最佳商業——最佳可用技術」。

So -- but again, there we have projects that we're involved with where we're discussing site certifications that would include aftertreatment and/or Tier 4 certified product. And so there are ways around that. I don't -- we don't see that being -- that's not a showstopper, put it that way. That's something that we can solve for. On the capacity question with C&I, that question, as we look at the future here, we're already looking for ways to expand capacity.

所以——但同樣地，我們也參與了一些專案，正在討論包含後處理和/或Tier 4認證產品的場址認證。因此是有方法可以因應的。我不——我們不認為那會是——換句話說，那不是致命阻礙（showstopper）。那是我們可以解決的問題。至於C&I的產能問題，展望未來，我們已經在尋找擴充產能的方法。

As I said before, we've got to be forward thinking here. And we've got to be thinking not about $1 billion in capacity, but $2 billion or $3 billion in capacity. What does that look like? How do we achieve that? Can we get more out of our existing footprint, the footprint inclusive of Sussex, inclusive of what we've acquired with Enercon.

如我先前所說，我們必須有前瞻性思維。我們必須思考的不是10億美元的產能，而是20億或30億美元的產能。那會是什麼樣子？我們要如何達成？我們能否從既有據點中榨出更多產能——包含Sussex，也包含我們透過收購Enercon所取得的據點。

But beyond that, we're also looking at other facilities and where would we site those facilities? Do we have time to do a greenfield? Do we not? We can buy existing real estate. Can you buy existing companies?

但除此之外，我們也在看其他設施，以及這些設施應該設在哪裡。我們是否有時間做綠地（greenfield）建置？還是沒有？我們可以購買既有不動產。那能不能買現成的公司？

To your point, could some of that be solved through M&A? And so we're looking at all those things. Everything is on the table. And I think you will hear from us about those capacity adds as we go forward here.

如你所說，其中一部分是否可以透過併購（M&A）來解決？因此我們正在評估所有這些選項。一切都在檯面上。我想隨著我們往前推進，你們會聽到我們談到這些新增產能的動作。

And in particular, as we get through these negotiations with these hyperscalers and it becomes more real, we definitely have to take action. So you should see that coming. The Residential question, again, I think as you reiterated, the one home project has gone well. We still love energy technology. We just -- the technologies themselves -- and where we're at in the cycle there, we've got a very competitive microinverter that's in market today, and we're starting to scale.

特別是當我們與這些超大規模雲端業者（hyperscalers）的談判逐步完成、事情變得更具體時，我們確實必須採取行動。所以你們應該會看到相關動作出現。至於住宅端的問題，再次地，正如你重申的，one home專案進展良好。我們仍然喜歡能源科技。只是——技術本身——以及我們在那個循環中的位置，我們目前在市場上有一款非常具競爭力的微型逆變器（microinverter），而且正開始放量。

So we're moving from our initial production tooling, which was more of a prove-out line. We're moving it to a scaled line that's here domestically. We're getting on ABLs for more customers there. We're starting to dabble with some prepaid lease products so that we can take away additional constraints there.

因此我們正從初期的生產工裝階段（那更像是一條驗證線）往前走。我們正把它移轉到在國內的量產線。我們也正在為更多客戶取得ABL（核准供應商名單）。我們開始嘗試一些預付租賃（prepaid lease）產品，以便消除額外的限制因素。

And the market is changing, too, rapidly. As you know, there's a lot going on here in terms of consolidation of distribution. There's changes in terms of focus with other OEMs that supply either inverter products or batteries into the market. Some of those pivots are the necessity of the current environment. But longer term, look, this is simple math.

而市場也在快速變化。如你所知，在通路整併方面有很多事情正在發生。其他供應逆變器產品或電池給市場的OEM，其策略重點也在改變。其中一些轉向是當前環境下的必要之舉。但從長期來看，這其實是簡單的數學。

If electricity -- retail electricity prices continue to rise, and things like storage costs and electronics costs continue to come down, we're going to see strong demand for these products in the long run.

如果電力——零售電價持續上漲，而像儲能成本與電子元件成本等持續下降，長期來看，我們將看到這些產品有強勁需求。

It's clearly going to be a bumpy 2026 and into 2027 probably for these products in terms of market demand. But we feel we're very well positioned. And when you put that together with our home ecosystem that we're building out, which is differentiated, we feel like we're in a really good position there to capture opportunities.

就市場需求而言，這些產品在2026年以及可能延續到2027年，顯然會是一段顛簸的時期。但我們認為我們的布局非常到位。再加上我們正在打造、且具差異化的家庭生態系統，我們覺得自己處於非常有利的位置，能夠把握機會。

And it's a unique market. I think it helps round out our Residential segment quite well. And we're very excited about the future. We just have to get through this kind of air pocket in -- at least as it relates to energy technology here in the market over the next, I would say, next year, 1.5 years.

而且這是一個獨特的市場。我認為它能很好地補足我們的住宅業務部門。我們對未來非常興奮。我們只是必須度過這段——至少就市場上的能源科技而言——我會說接下來大約一年到一年半的短暫空窗期。

And the breakeven timeline remains intact for 2027.

而損益兩平的時間表仍維持在2027年不變。

Absolutely. Have not moved on that.

完全正確。這點沒有改變。

Keith Housum, Northcoast Research.

Keith Housum，Northcoast Research。

Just in terms of like the telecom and the national rental trajectory for both those companies, it appears, obviously, they're both on the upward swing here. Can you just remind us, are these more refresh opportunities or growth within these markets? And then traditionally, when you guys have had an upward cycle, how long do these cycles generally last?

就電信以及全國性租賃（national rental）這兩家公司各自的走勢來看，很明顯兩者目前都在上升軌道。能否請您提醒我們一下，這些比較偏向汰換更新的機會，還是這些市場中的成長機會？另外，傳統上當你們遇到上行週期時，這些週期一般會持續多久？

Yes. Thanks, Keith. Great question. I'll talk to telecom first. Telecom cycles usually go, they're multiyear.

是的。謝謝你，Keith。問得很好。我先談電信。電信週期通常是跨多年（multiyear）的。

And actually, that cycle it tends to follow kind of project build-out. So a lot of it is new build of sites. There is retrofitting of existing sites still available as part of the opportunity with telecom. And this is mostly what's referred to in the industry as outside plant backup.

而且實際上，這個週期往往會跟著專案建置（project build-out）的節奏走。所以其中很大一部分是新建站點。同時，既有站點的改裝（retrofitting）也仍是電信領域機會的一部分。而這主要是業界所稱的戶外機房備援（outside plant backup）。

So it's the towers that you'd see along highways, hillsides, things like that for -- and a lot of that is still around the 5G build-out that continues for many of the carriers. We're the primary supplier to all the Tier 1 wireless carriers and have been for decades. We customize product for them. We have great response rates from a service standpoint. We're able to work with their engineering and operations teams, to create bespoke solutions and then build those at scale.

也就是你會在高速公路旁、山坡上等地方看到的那些塔台——其中很多仍與各家電信商持續進行的5G建置相關。我們是所有一線（Tier 1）無線電信商的主要供應商，而且數十年來一直如此。我們為他們客製化產品。在服務層面，我們的回應速度非常好。我們能與他們的工程與營運團隊合作，打造量身訂做的解決方案，並進行規模化生產。

In all honesty, it's a lot like what these hyperscale opportunities are on the data center side in terms of working with engineering teams and operations teams for bespoke solutions and then turning that into product at scale and then being able to provide the service and support to surround it. It's just obviously a lot bigger factor -- form factor and a lot bigger dollars.

坦白說，這在本質上很像資料中心端的超大規模（hyperscale）機會：與工程團隊與營運團隊合作，做出客製化解決方案，接著把它轉化為可規模化的產品，並提供周邊的服務與支援。只是很明顯，它的外形規格（form factor）更大、金額規模也更大。

But telecom is usually a multiyear run. We feel really good about that going forward, a lot of new build there. And then on the mobile side, that's a refleeting cycle. There is some new -- it's new equipment, but the cycle is -- they'll buy for a couple of years, and then they'll not buy for a year or two as they let the equipment kind of age out. They watch very closely their utilization rates, their rental rates and then they watch the residual equipment value rates as well.

但電信通常是一段跨多年的成長期。我們對未來非常有信心，因為那裡有大量的新建需求。至於行動端（mobile side），那是一個車隊汰換（refleeting）週期。會有一些新的——是新設備，但週期是——他們會買個兩年左右，然後在接下來一到兩年不買，讓設備逐步老化到期。他們會非常密切地觀察使用率、租賃率，並同時關注設備殘值（residual equipment value）水準。

And it's kind of -- it's basically math. A lot of the equipment companies, the rental equipment companies have become very sophisticated in terms of the math that they run and the metrics that they watch. And so they kind of know when they need to kind of hit the gas on spending CapEx to refleet so that it's available for the market and where it's supported, obviously, by the metrics that they need it to be supported by.

而這有點——基本上就是數學。許多設備公司、租賃設備公司在他們所做的數學模型與所追蹤的指標方面，已變得非常成熟。因此他們大致知道何時需要在資本支出（CapEx）上「踩油門」進行汰換補充（refleet），以便供應市場；而這當然也必須由他們所需要的各項指標來支撐。

And those -- typically, those runs can be usually, again, a year or two on and generally maybe a year or 18 months off. That's kind of what we saw here in the latest run. There can be other cycle factors there. I'd just point this out. In the past, we've seen energy cycles as domestic energy production increases, that can increase the intensity of the rental market cycle.

而這些——通常這類走勢一般是再一次，一到兩年的上行，接著通常是一年或18個月的下行。這大致就是我們在最近一輪所看到的情況。當然也可能有其他週期因素。我只想指出一點。過去我們看到，當國內能源產量增加時，能源週期可能會提高租賃市場週期的強度。

And we -- I think we're seeing a little bit of that right now. We'll see where that goes here over the next couple of quarters. But everything we're hearing is a lot of the refleeting cycle right now is just the age out of some of the equipment they've had in their fleets. And then obviously, demand is continuing to be pretty strong. Again, you can -- built around data center construction activity and other activity in the domestic energy production sector.

而我們——我認為我們現在正看到一點這樣的情況。接下來幾個季度我們再看看會如何發展。但我們聽到的訊息是，目前這一輪汰換週期很大一部分只是因為他們車隊中的部分設備已經到了汰換年限。而且很明顯，需求仍然相當強勁。同樣地，你可以看到——這是建立在資料中心建設活動，以及國內能源生產領域的其他活動之上。

And I'm showing no further questions at this time. And I would like to hand the conference back over to Kris Rosemann for closing remarks.

目前顯示沒有其他提問。我想把電話會議交回給Kris Rosemann做結語。

We want to thank everyone for joining us this morning. We look forward to discussing our second quarter earnings results in late July. Thank you again, and goodbye.

我們要感謝各位今天早上加入我們。我們期待在7月下旬討論我們第二季的財報結果。再次感謝，並再會。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。祝各位有美好的一天。