Modine Manufacturing Co (MOD) 2025 Q1 法說會逐字稿

Hello and good morning. Welcome to our conference call to discuss Modine's first-quarter fiscal 2025 results. I'm joined by Neil Brinker, our President and Chief Executive Officer; and Mick Lucareli, our Executive Vice President and Chief Financial Officer.

你好，早安。歡迎參加我們的電話會議，討論 Modine 2025 財年第一季的業績。我們的總裁兼執行長尼爾布林克 (Neil Brinker) 也加入了我的行列。以及我們的執行副總裁兼財務長 Mick Lucareli。

The slides that we will be using with today's presentation are available on the Investor Relations section of our website modine.com. On slide 3 of that deck is our notice regarding forward-looking statements. This call will contain forward-looking statements as outlined in our earnings release as well as in our company's filings with the Securities and Exchange Commission.

我們今天的簡報中將使用的幻燈片可在我們網站 modine.com 的投資者關係部分找到。這張投影片的第三張投影片上是我們有關前瞻性陳述的通知。本次電話會議將包含我們的收益發布以及我們公司向美國證券交易委員會提交的文件中概述的前瞻性陳述。

With that I'll turn the call over to Neil.

我會把電話轉給尼爾。

Thank you, Kathy, and good morning, everyone. I'm pleased to report a strong start to our new fiscal year. It's clear that the investments we've made in our business are contributing to our top line growth this quarter, including the strategic acquisitions made last year and our climate solutions segment.

謝謝你，凱西，大家早安。我很高興地向大家報告我們新財年的良好開端。顯然，我們對業務的投資正在為本季的營收成長做出貢獻，包括去年進行的策略性收購和我們的氣候解決方案部門。

In addition, our performance technologies business reported a great quarter, delivering a gross margin over 20%, a 550 basis point increase from the prior year. Both segments are executing on our strategic objectives. Our financial results are ahead of our targets we outlined at our 2022 Investor Day, and we are demonstrating that we can rapidly grow our margins and earnings.

此外，我們的性能技術業務季度業績表現出色，毛利率超過 20%，比上年增長 550 個基點。這兩個部門都在執行我們的策略目標。我們的財務表現超出了我們在 2022 年投資者日制定的目標，我們正在證明我們可以快速提高利潤和收益。

This is a result of the successful deployment of 80/20 across our diversified portfolio, creating a favorable shift in our business mix as we prioritize and invest in our best performing businesses. Mike will go over our first quarter financial results and provide an update to our full year outlook. But first, I'd like to provide some high-level updates on each segment.

這是我們在多元化投資組合中成功部署 80/20 的結果，隨著我們優先考慮並投資表現最佳的業務，我們的業務組合發生了有利的轉變。麥克將回顧我們第一季的財務業績，並提供我們全年展望的最新資訊。但首先，我想提供每個部分的一些高級更新。

Please turn to slide 5. Our climate solutions segment had an outstanding quarter, benefiting from the Scott Springfield and Napps acquisitions last year. In particular, our data center business was up 138%, driven primarily by growth in North America. Organic data center sales nearly doubled compared to the prior year.

請翻到投影片 5。受益於去年對 Scott Springfield 和 Napps 的收購，我們的氣候解決方案部門在本季度表現出色。特別是，我們的資料中心業務成長了 138%，這主要是由北美地區的成長所推動的。有機數據中心銷售額與前一年相比幾乎翻了一番。

As I mentioned last quarter, we are adding additional capacity for our data center products to support future growth in North America and Europe with much of that available capacity coming online later this year. As data centers prepare for the growth of high-performance computing there is an increased need for hybrid solutions that incorporate a mix of air and liquid cooling products. By combining both air and liquid techniques in a hybrid approach data centers can achieve optimal cooling efficiency while minimizing energy consumption.

正如我上季度提到的，我們正在為資料中心產品增加額外的容量，以支援北美和歐洲的未來成長，其中大部分可用容量將在今年稍後上線。隨著資料中心為高效能運算的發展做好準備，對結合空氣和液體冷卻產品的混合解決方案的需求不斷增加。透過將空氣和液體技術結合到混合方法中，資料中心可以實現最佳冷卻效率，同時最大限度地減少能耗。

As I previously mentioned, we are internally developing a cooling distribution unit or CDU that will facilitate direct to chip cooling while integrating seamlessly with our other products. We are completing the test phase for this product and moving towards production and launch. We expect the first shipments to be delivered to a strategic co-location customer in Europe during our fourth fiscal fiscal quarter and expect this to be followed by shipments to key North America colocation customers. Our CDU will be on display at our Investor Day in September as well as at industry trade shows this fall.

正如我之前提到的，我們正在內部開發一個冷卻分配單元或 CDU，它將促進直接晶片冷卻，同時與我們的其他產品無縫整合。我們正在完成該產品的測試階段，並轉向生產和發布。我們預計第一批貨物將在第四財季交付給歐洲的戰略託管客戶，並預計隨後將發貨給北美主要託管客戶。我們的 CDU 將在 9 月的投資者日以及今年秋季的行業貿易展上展出。

Please turn to slide 6. The performance technology segment also had an outstanding quarter with a 25% increase in adjusted EBITDA and an EBITDA margin of 14%. Mick will cover the specifics, but we are lowering our sales outlook and the performance technology segment due to lower expected volumes in the agricultural and construction equipment markets as well as certain portions of the automotive market.

請翻到幻燈片 6。性能技術部門也有一個出色的季度，調整後的 EBITDA 成長了 25%，EBITDA 利潤率為 14%。米克將介紹具體細節，但由於農業和建築設備市場以及汽車市場某些部分的預期銷售量較低，我們正在降低銷售前景和性能技術領域。

However, we have been able to offset some of these declines with higher than expected sales of gem-set modules as the market continues to be strong. This strategic shift and evolving product mix is one of the contributing factors to the significant margin improvement in the performance technologies segment.

然而，隨著市場持續強勁，我們已經能夠透過高於預期的寶石鑲嵌模組銷售來抵消部分下降。這種策略轉變和不斷發展的產品組合是性能技術領域利潤率顯著提高的因素之一。

Earlier this month, our EV systems business announced an important product launch with the introduction of the advanced cabin climate system. Along with the other products marketed under the Evantage brand this system is specifically designed for commercial off-highway and specialty electric vehicles and fully integrates with our other thermal management products.

本月早些時候，我們的電動車系統業務部門宣布推出重要產品，推出先進的座艙氣候系統。與以 Evantage 品牌銷售的其他產品一起，該系統專為商用非公路和特殊電動車輛而設計，並與我們的其他熱管理產品完全整合。

The team booked eight program wins this quarter, equating to a projected annual run rate of over $24 million at peak revenue. One of these awards was with a major bus customer in Europe, which will be the first program launched out of our expanded Italian footprint next year, we are projecting this business to grow by 30% or more per year over the next few years. This is a great example of how 80/20 has changed our culture, allowing us to identify and foster new opportunities to leverage our deep expertise in thermal management to develop highly engineered mission-critical solutions.

該團隊本季贏得了 8 個項目，相當於高峰收入時的預計年運行率超過 2,400 萬美元。其中一個獎項是由歐洲的一家主要巴士客戶授予的，這將是我們明年在擴大的意大利業務範圍內推出的第一個項目，我們預計該業務在未來幾年內每年將增長 30% 或更多。這是 80/20 如何改變我們文化的一個很好的例子，使我們能夠識別和培育新的機會，利用我們在熱管理方面的深厚專業知識來開發高度工程化的關鍵任務解決方案。

Performance technologies revenue were also influenced by the planned strategic divestitures completed last year, and we are continuing to reduce our costs as we shift resources away from some of our legacy businesses. We will continue to evaluate the best way to achieve these goals and look for opportunities to accelerate where possible. Now that we've improved the profitability of the business, we have more and better options than we've had before and can take the time to do what's best to evolve our portfolio.

性能技術收入也受到去年完成的計劃策略剝離的影響，隨著我們將資源從一些傳統業務轉移出去，我們將繼續降低成本。我們將繼續評估實現這些目標的最佳方式，並尋找可能的加速機會。現在我們已經提高了業務的盈利能力，我們擁有比以前更多、更好的選擇，並且可以花時間做最好的事情來發展我們的產品組合。

I'm very pleased with our progress and our performance this quarter. I'm looking forward to our Investor Day event, which is in September at our headquarters, where we will provide some additional insights on our transformation and updated financial targets.

我對我們本季的進展和表現感到非常滿意。我期待著 9 月在我們總部舉行的投資者日活動，屆時我們將就我們的轉型和更新的財務目標提供一些額外的見解。

With that, I'll turn the call over to Mick.

這樣，我就把電話轉給米克。

Thanks, Neil, and good morning, everyone. Please turn to slide 7 to review the segment results. Climate solutions is off to a strong start with a 31% increase in adjusted EBITDA and a margin over 20%. Our heavy focus and resource shift to the data center market continues to pay off, driving strong revenue growth and an improved sales mix.

謝謝尼爾，大家早安。請翻至投影片 7 查看分段結果。氣候解決方案開局良好，調整後 EBITDA 成長 31%，利潤率超過 20%。我們對資料中心市場的高度關注和資源轉移繼續獲得回報，推動了強勁的收入成長和銷售組合的改善。

Data center sales grew 138% or $94 million, driven by strong demand from hyperscale customers, along with sales from the acquired Scott Springfield business. HVAC&R sales increased 7% or $5 million, including revenue from our acquired businesses.

在超大規模客戶的強勁需求以及收購的 Scott Springfield 業務的銷售推動下，資料中心銷售額成長了 138%，即 9,400 萬美元。HVAC&R 銷售額成長了 7%，即 500 萬美元，其中包括我們收購的業務的收入。

The heating market bounce back this quarter with encouraging signs for an improved market this year. Heat transfer product sales were down 21% or $29 million. The decline primarily related to a significant drop in sales to European heat pump customers and lower demand in certain other commercial and residential markets.

暖氣市場本季反彈，今年市場出現改善的令人鼓舞的跡象。傳熱產品銷售額下降 21%，即 2,900 萬美元。這一下降主要與歐洲熱泵客戶的銷售額大幅下降以及某些其他商業和住宅市場的需求下降有關。

Overall, we're very pleased with the climate solutions strong earnings conversion, resulting in a 100 basis point adjusted EBITDA margin improvement to 20.1%. Our 80/20 discipline remains at the heart of our quarterly earnings margin improvements, including a positive mix impact with data center sales continuing to drive a meaningful margin increase. In addition, our acquisitions are meeting or exceeding the goals we established, which is further supporting the positive momentum and outlook for climate solutions.

整體而言，我們對氣候解決方案強勁的獲利轉換感到非常滿意，調整後的 EBITDA 利潤率提高了 100 個基點，達到 20.1%。我們的 80/20 原則仍然是我們季度利潤率改善的核心，包括資料中心銷售的積極綜合影響繼續推動利潤率大幅增長。此外，我們的收購達到或超過了我們設定的目標，這進一步支持了氣候解決方案的積極勢頭和前景。

Please turn to slide 8. Performance technologies also started the fiscal year off very well with a 25% increase in adjusted EBITDA and a 390 basis point improvement in adjusted EBITDA margin. Revenue decreased 10%, which was in line with our expectations, driven primarily by the German divestitures along with lower sales to automotive and off-highway customers. Excluding the negative $24 million impact of divestitures and FX rates, sales decreased 1%.

請翻到幻燈片 8。Performance Technologies 的財年開始也表現出色，調整後 EBITDA 成長了 25%，調整後 EBITDA 利潤率提高了 390 個基點。收入下降 10%，符合我們的預期，主要是由於德國資產剝離以及汽車和非公路客戶銷售下降所致。排除資產剝離和匯率帶來的 2,400 萬美元的負面影響，銷售額下降了 1%。

Performance technologies is leveraging our 80/20 model to focus on improving earnings and margins. While the sales line may be flat or down, the team continues to exit certain lower margin businesses and grow other targeted areas.

Performance Technologies 正在利用我們的 80/20 模型專注於提高收益和利潤。儘管銷售線可能持平或下降，但該團隊繼續退出某些利潤率較低的業務並發展其他目標領域。

Advanced solutions sales were higher by 12% or $3 million, driven by higher sales of EV systems to commercial and specialty vehicle customers, partially offset by lower EV auto sale. Liquid cooled application sales decreased 23% or $31 million, primarily due to the divestitures, along with lower end market demand across auto, commercial vehicle, and off-highway markets.

先進解決方案的銷售額增長了 12%，即 300 萬美元，這是由於向商用和特種車輛客戶提供的電動車系統銷量增加，部分被電動車銷量下降所抵消。液冷應用銷售額下降 23%，即 3,100 萬美元，主要是由於資產剝離以及汽車、商用車和非公路市場的低端市場需求。

Lastly, air cooled application sales were lower by 2% or $4 million, mostly driven by lower volumes in the agriculture and construction markets, along with the impact from last year's divestitures. These items were partially offset by strong order intake and sales for products that go into GenSets.

最後，風冷應用銷售額下降了 2%，即 400 萬美元，主要是由於農業和建築市場銷售下降以及去年資產剝離的影響。這些項目被發電機組產品的強勁訂單量和銷售量部分抵銷。

We said that revenue is not the primary focus for performance technologies in our transformation, and I'm very pleased with the high level of earnings conversion in the quarter. Performance technologies drove a 390 basis point margin improvement, resulting in a 14.1% EBITDA margin.

我們說過，收入並不是我們轉型中性能技術的主要關注點，我對本季的高水準獲利轉換感到非常滿意。性能技術使利潤率提高了 390 個基點，EBITDA 利潤率為 14.1%。

Now let's review the total company results. Please turn to slide 9. First quarter sales increased 6%, driven by acquisitions and organic growth in climate solutions, partially offset by $24 million of divestitures and planned 80/20 initiatives in performance technologies. Excluding the impact of acquisitions, divestitures, and FX rates, organic sales increased 4%.

現在讓我們回顧一下公司的整體表現。請翻到投影片 9。第一季銷售額成長了 6%，這主要得益於氣候解決方案領域的收購和有機成長，但部分被 2,400 萬美元的資產剝離和性能技術領域計畫的 80/20 計畫所抵消。排除收購、資產剝離和匯率的影響，有機銷售額成長了 4%。

Our gross margin was significantly higher with a 400 basis point improvement to 24.6%. The margin improvement has continued over the last two years, benefiting from 80/20 initiatives and a strategic shift in our business mix.

我們的毛利率顯著提高，提高了 400 個基點，達到 24.6%。由於 80/20 計劃和業務組合的策略轉變，過去兩年利潤率持續改善。

SG&A increased $21 million, which is larger than normal, but in line with our expectations and outlook. The SG&A change includes SG&A in the acquired businesses and incremental amortization expense tied to the acquired intangible assets. In addition, we recorded higher salary and incentive compensation expenses in our base businesses.

SG&A 增加了 2,100 萬美元，高於正常水平，但符合我們的預期和前景。SG&A 變更包括所收購業務的 SG&A 以及與所收購無形資產相關的增加攤銷費用。此外，我們的基礎業務的薪資和激勵補償費用也有所增加。

Adjusted EBITDA was extremely strong again this quarter with an increase of 25% or $21 million. The adjusted EBITDA margin was 15.3%, a 240 basis point improvement from the prior year. This now represents the 10th consecutive quarter of year-over-year margin improvement. Adjusted earnings per share was $1.04, 22% higher than the prior year. We're very pleased with another exceptional quarter, resulting in an EBITDA margin that confirms we're on the right path for 80/20 journey.

本季調整後 EBITDA 再次表現強勁，成長 25%，即 2,100 萬美元。調整後的 EBITDA 利潤率為 15.3%，比上年提高 240 個基點。這意味著利潤率連續第十個季度同比改善。調整後每股收益為 1.04 美元，比上年增長 22%。我們對另一個出色的季度感到非常滿意，EBITDA 利潤率確認我們正走在 80/20 旅程的正確道路上。

Now moving to the cash flow metrics, please turn to slide 10. We generated $14 million of free cash flow in the first quarter. This was primarily driven by higher operating earnings, partially offset by CapEx and payments for incentive compensation. This also included $11 million of cash restructuring payments, primarily in Europe and integration costs paid during the quarter.

現在轉向現金流量指標，請翻到投影片 10。第一季我們產生了 1400 萬美元的自由現金流。這主要是由較高的營業收入推動的，但部分被資本支出和激勵薪酬支付所抵消。這還包括 1,100 萬美元的現金重組付款（主要在歐洲）以及本季支付的整合成本。

Net debt of $363 million was $9 million lower than the prior fiscal year end. This resulted in a leverage ratio of 1.1. The balance sheet remains strong, and we anticipate another year of good free cash flow. We remain in a great position to support more organic growth and acquisition initiatives.

淨債務為 3.63 億美元，比上一財政年度結束時減少 900 萬美元。這導致槓桿率為1.1。資產負債表仍然強勁，我們預計又一年將出現良好的自由現金流。我們仍處於支持更多有機成長和收購計劃的有利地位。

Now let's turn to slide 11 for our fiscal '25 outlook. I'm pleased to report we're raising our sales earnings and adjusted EPS outlook for fiscal '25. Our first quarter results exceeded our expectations and our improved outlook reflects this along with some revenue adjustments across a few product groups.

現在讓我們轉向幻燈片 11 來了解我們的 25 財年展望。我很高興地報告，我們正在提高 25 財年的銷售收入和調整後的每股盈餘前景。我們第一季的業績超出了我們的預期，我們改善的前景反映了這一點以及一些產品組的一些收入調整。

We're raising the total company sales growth to a range of 6% to 11%. In the climate solutions segment, we have an improved sales outlook driven by a large increase in our data center sales projections, which is partially offset by adjustments to HVAC&R and heat transfer products. We now expect data center sales to grow 80% to 90%, which is a substantial increase from our initial guidance of 60% to 70%.

我們將公司總銷售額成長率提高至 6% 至 11%。在氣候解決方案領域，由於資料中心銷售預測大幅成長，我們的銷售前景有所改善，但 HVAC&R 和傳熱產品的調整部分抵消了這一增長。我們現在預計資料中心銷售額將成長 80% 至 90%，比我們最初指導的 60% 至 70% 大幅成長。

Moving to HVAC&R, we continue to see strong growth but are adjusting to be up in the range of 15% to 20%. And for heat transfer products, we now anticipate that HTP sales will be flat to down 5% with improvements later in the fiscal year. Within performance technologies, we're adjusting advanced solutions growth to be in the 15% to 25% range, driven by new program launches.

轉向 HVAC&R，我們繼續看到強勁成長，但正在調整至 15% 至 20% 的成長範圍。對於傳熱產品，我們現在預計 HTP 銷售額將持平或下降 5%，並在本財年稍後有所改善。在效能技術方面，在新專案推出的推動下，我們正在將先進解決方案的成長調整至 15% 至 25% 的範圍內。

We continue to expect a decline in sales for liquid-cooled products, driven by the remaining impacts of the German divestitures and further attrition of nonstrategic businesses. Our air cool business continues to see higher sales of products, the genset and power generation market. However, we've also experienced a reduction in orders from customers in the ag and construction markets. As a result we now anticipate that sales in this product group will be flat to down 10%.

我們繼續預期液冷產品的銷售將下降，原因是德國資產剝離的剩餘影響以及非戰略業務的進一步縮減。我們的空氣冷卻業務的產品、發電機組和發電市場的銷售量持續成長。然而，我們也經歷了農業和建築市場客戶訂單的減少。因此，我們現在預計該產品組的銷售額將持平或下降 10%。

As I discussed at the beginning of the fiscal year, we're anticipating slightly lower sales in performance technologies. But this is consistent with our long-term strategy and expect improvement in EBITDA dollars and margin during fiscal '25.

正如我在本財年年初所討論的那樣，我們預計性能技術的銷售額將略有下降。但這符合我們的長期策略，並預計 25 財年 EBITDA 美元和利潤率將有所改善。

Now moving to our earnings outlook. While it's early in the fiscal year, we're raising the earnings outlook, mostly based on the strength of our first quarter. We now expect fiscal '25 adjusted EBITDA to be in the range of $375 million to $395 million.

現在轉向我們的獲利前景。雖然現在還處於本財年初期，但我們正在上調獲利前景，主要是基於第一季的強勁表現。我們現在預計 25 財年調整後 EBITDA 將在 3.75 億美元至 3.95 億美元之間。

In addition, we anticipate another year of good cash flow and expect will generate a similar level of free cash flow as in fiscal '24. As part of our cash flow outlook, we anticipate the fiscal '25 capital spending to be in line with the prior year.

此外，我們預計又一年將出現良好的現金流，並預計將產生與 24 財年類似水準的自由現金流。作為我們現金流前景的一部分，我們預計 25 財年的資本支出將與前一年保持一致。

We're expecting adjusted EPS to be in the range of $3.65 to $3.95, which is also an increase from the previous guidance. This reflects key assumptions for interest expense, taxes and amortization and depreciation expense, including the impact from the acquisition of Scott Springfield. These assumptions are summarized in the appendices attached to this presentation in our press release.

我們預計調整後每股收益將在 3.65 美元至 3.95 美元之間，這也比之前的指導增加。這反映了利息費用、稅收以及攤銷和折舊費用的關鍵假設，包括收購斯科特·斯普林菲爾德的影響。這些假設在我們新聞稿中的簡報所附的附錄中進行了總結。

To wrap up, we're very pleased with the results from the first quarter and we're off to a strong start to the fiscal year. As a reminder, for holding an Analyst and Investor Day on the September 11, at our headquarters. There's still time to register, but the Windows closing soon. Please contact Kathy and our Investor Relations team, if you are interested in attending.

總而言之，我們對第一季的業績非常滿意，本財年有了一個好的開始。謹此提醒您，9 月 11 日在我們總部舉辦了分析師和投資者日活動。還有時間註冊，但 Windows 即將關閉。如果您有興趣參加，請聯絡 Kathy 和我們的投資者關係團隊。

With that, Neil and I will take your questions.

接下來，尼爾和我將回答你們的問題。

(Operator Instructions) Noah Kaye, Oppenheimer & Company.

（操作員說明）Noah Kaye，Oppenheimer & Company。

Good morning. Thanks for taking the questions. I guess we have to start with data center because there was a pretty phenomenal quarter for the results. Just trying to understand the trends as we move throughout the year here, you've got capacity expansions in the works they'll start to benefit in the back half, you raised the full year guidance. Just going off of the results here in 1Q, it would imply 1Q somewhat seasonally stronger versus prior years.

早安.感謝您提出問題。我想我們必須從資料中心開始，因為這個季度的業績非常出色。只是想了解我們全年的趨勢，你已經進行了產能擴張，他們將在下半年開始受益，你提高了全年指導。僅從第一季的結果來看，這意味著第一季的季節性比前幾年有所增強。

Just trying to understand whether that's anything specific to large order revenue timing or is it really just conservatism because it would seem like you've got some additional growth levers as you move into the back half?

只是想了解這是否是大訂單收入時機所特有的，還是真的只是保守主義，因為當你進入後半部分時，你似乎有一些額外的成長槓桿？

Yeah. It's Mick. Thanks for the question. It's really the latter. I would say not necessarily conservativism as much as we still have the incoming pipeline of programs and opportunities. And for the second half of the year, especially our Q4, we'll be able to firm that up by probably a late fall.

是的。是米克。謝謝你的提問。確實是後者。我想說不一定是保守主義，因為我們仍然有即將到來的計劃和機會。對於今年下半年，尤其是第四季度，我們將能夠在秋末之前確定這一點。

So the biggest issue for us is we're trying to provide guidance and forecast based on our funnel, majority of that are secured purchase orders. And then as we continue to look out for the balance of the year, again, probably part of Q3 and most of Q4, well within another quarter or so, we'll be able to firm up how many of those transition of firm purchase orders.

因此，對我們來說最大的問題是我們試圖根據我們的管道提供指導和預測，其中大部分是有保障的採購訂單。然後，當我們繼續關註今年的剩餘時間時，可能是第三季的一部分和第四季的大部分時間，在另一個季度左右的時間內，我們將能夠確定有多少確定的採購訂單轉換。

Okay, great. I'll follow up on that offline. I did want to ask about the reduction in outlook for heat transfer products. We get easier comps, obviously moving through the back half of the year. But looking at some of the resi and commercial HVAC trends broadly, especially in North America, but they've been quite positive quarter to date in the industry.

好的，太好了。我會在線下跟進。我確實想詢問傳熱產品前景的減少。我們的比賽變得更加容易，顯然是在今年下半年。但縱觀一些熱能和商業暖通空調趨勢，特別是在北美，該行業迄今為止的季度表現相當積極。

So just wondering if you can sort of parse out how much of the weakness in the quarter was really the heat pumps versus the broader market? And what would create some kind of a drag on growth relative to your prior outlook as we look through the full year?

所以只是想知道您是否可以分析出本季的疲軟到底有多少是熱泵與更廣泛的市場相比？當我們展望全年時，相對於您先前的展望，什麼會對經濟成長造成某種拖累？

Yeah, it's Mick, again. First, more than three-quarters of the revenue drop was tied to the heat pump, lower heat pump sale. So again, as you said, we'll start in the second half of the year to have easier comps specifically tied to the heat pumps. So yeah, first, vast majority of the revenue drop was tied to on the European heat pump sales side.

是的，又是米克。首先，超過四分之三的收入下降與熱泵、熱泵銷售下降有關。因此，正如您所說，我們將在今年下半年開始專門針對熱泵進行更簡單的比較。所以，是的，首先，絕大多數收入下降與歐洲熱泵銷售方面有關。

The other areas really are tied to 80/20. And as the team is continuing to test the market. We've got certain areas of business we have targeted to exit, and then there are other areas. So I think we're just the term we use internally is testing the price elasticity. And so they're still sorting out the other balance of the market.

其他領域確實與 80/20 相關。隨著團隊不斷測試市場。我們有目標退出某些業務領域，然後還有其他領域。所以我認為我們內部使用的術語是測試價格彈性。因此他們仍在整理市場的其他平衡點。

Before yielding other, can you just clarify on that point for a second, actually, because I think 80/20 certainly played a factor in some of the trends within heat transfer products last year. Our impression was a lot of the optimization would basically be done as you went into this year. So how big our revenue headwind could that be as we look to the guidance for '25? Is this a point or two of strategic exits? Is it more?

在給出其他內容之前，您能否先澄清一下這一點，實際上，因為我認為 80/20 確實在去年傳熱產品的一些趨勢中發揮了作用。我們的印像是，許多優化基本上會在今年進入時完成。那麼，當我們展望 25 年的指引時，我們的收入逆風會有多大？這是戰略退出的一兩個點嗎？還多嗎？

Yeah. Good question. Noah, this is Neil. We're continuing to work through 80/20 execution in this business. So as we do that, we have dozens of markets that we serve. We also have thousands of SKUs that we produce to serve these markets. So we're going to continue to go through the evaluation phase.

是的。好問題。諾亞，這是尼爾。我們將繼續在這項業務中實行 80/20 的執行力。因此，當我們這樣做時，我們服務的市場有數十個。我們也生產數千個 SKU 來服務這些市場。因此，我們將繼續進行評估階段。

I'd have to take it would be, I guess, to give you an estimate as they're in the middle of the second phase of this. But you're right, the majority of it has been done. They've had tremendous lift in the improvement of the business over the last 18 months. And they'll continue to settle some of these additional markets throughout the rest of this year.

我想，我必須給你一個估計，因為他們正處於第二階段的中間。但你是對的，大部分工作已經完成。在過去 18 個月裡，他們在業務改善方面取得了巨大的進步。他們將在今年剩餘時間內繼續開拓其中一些額外市場。

All right. Well, I'll take the rest offline. See in September, really nice quarter.

好的。好吧，我會把剩下的部分離線。九月見，真是美好的季度。

Chris Moore, CJS Securities.

克里斯摩爾，CJS 證券。

It's actually Lee Jagoda for Chris this morning. Good morning.

今天早上克里斯實際上是李·賈戈達。早安.

Good morning.

早安.

So I guess just following up on that last question, in terms of the rationalizations, I think you'd previously said you target about $100 million of revenue rationalization each year. Can you give us sort of any guidance, I guess, using that number for starters as we look to fiscal '25.

因此，我想在合理化方面繼續最後一個問題，我想您之前說過您的目標是每年約 1 億美元的收入合理化。我想，在我們展望 25 財年時，您能給我們一些指導嗎？

Yeah. We've been pretty consistent for going back, I guess, Neil said in the beginning when we had originally announced before, Neil came in the automotive divestiture. And at that point, I think we are $500 million to $600 million. And then over the last couple of years, we've done three or four divestitures, primarily in the automotive components space.

是的。「我想，我們對於回歸的態度相當一致，」尼爾在我們最初宣布尼爾參與汽車業務剝離時一開始就說道。到那時，我認為我們的規模是 5 億至 6 億美元。在過去的幾年裡，我們進行了三到四次資產剝離，主要是在汽車零件領域。

And so as we look today, $300 million type business, plus or minus, and that's primarily the area we've targeted. and we to think about it, we think on average, about $100 million a year would be the goal to continue to strategically move away from, that can be done in smaller pieces like we've done or it could be done in larger transactions. It would really just depend on the situation what the market allows us to do.

因此，正如我們今天所看到的，3 億美元類型的業務（無論上下）都是我們的主要目標領域。讓我們考慮一下，我們認為平均每年約 1 億美元將是繼續戰略性放棄的目標，可以像我們所做的那樣以較小的規模完成，也可以在較大的交易中完成。這實際上只取決於市場允許我們做什麼的情況。

Okay. And then, I guess, as it relates to guidance, it's really constructive to see you guys raised guidance so early in the year. That being said versus our Q1 model, you obviously beat the quarter and then the guidance for the year is sort of raised by a little less than the quarterly outperformance. So just given that dynamic, can you give us any color as you kind of look out to Q2, Q3, Q4 and the cadence of that beyond the Q1 numbers?

好的。然後，我想，因為這與指導有關，看到你們在今年這麼早就提出指導確實很有建設性。話雖這麼說，與我們的第一季模型相比，您顯然擊敗了季度，然後今年的指導值略低於季度表現。因此，考慮到這種動態，當您專注於第二季、第三季、第四季以及第一季數字以外的節奏時，您能給我們任何顏色嗎？

Yeah. So just a few comments on the guidance, if it helps out. Yes, stronger even than we had anticipated Q1. We're clearly rolling ahead a really strong tailwind on data centers, partially offsetting a little bit of that. We talked about additional softness, a little bit below where we thought we'd be in the ag and construction side and clearly in automotive components as well, and EV autos sales. So positive roll through on data center, a little bit of pullback in a few areas in performance technologies.

是的。因此，如果有幫助的話，只需對指南進行一些評論。是的，甚至比我們預期的第一季還要強勁。顯然，我們正在為資料中心帶來真正強大的推動力，部分抵消了其中的一點點。我們討論了額外的疲軟，略低於我們認為的農業和建築領域的疲軟程度，顯然也包括汽車零件和電動車銷售。因此，資料中心的積極進展，效能技術的一些領域略有回落。

And then when we look at the balance of the year, climate solutions from a revenue standpoint, probably relatively consistent at this time. As I did mention a minute ago, with our fourth quarter ending March calendar 1, in '25, it's out there a bit. We'll continue to evaluate our data center funnel and firm up the full year this fall. But for now, we're kind of looking at a relatively steady revenue run rate from climate solutions, which is good.

然後，當我們審視今年的餘額時，從收入的角度來看，氣候解決方案目前可能相對一致。正如我一分鐘前提到的，我們的第四季在 25 年的 3 月 1 日結束，它已經存在了一點。我們將繼續評估我們的資料中心漏斗，並在今年秋季鞏固全年。但就目前而言，我們看到氣候解決方案的收入運作率相對穩定，這很好。

Performance technologies with some pullback in off-highway, we're expecting a little bit of a dip in Q2, seasonally our Q3 of the December quarter is always the lightest that's tied to holiday shutdowns with ROEs. So pulling that altogether for Modine, we see that from an EBITDA perspective that Q2 may be sequentially down a little bit from Q1, typically as same as last year our Q3 is generally the lowest quarter of the year with then us step back up in our Q4.

性能技術在非公路領域有所回落，我們預計第二季度會出現一些下滑，季節性地，我們 12 月季度的第三季度始終是與假期停工和 ROE 相關的最輕的季度。因此，對於Modine 來說，我們看到從EBITDA 的角度來看，第二季度可能會比第一季度略有下降，通常與去年相同，我們的第三季度通常是一年中最低的季度，然後我們的季度收入將有所回升。

And all that said, and I said that, last year as we've gone forward all of our quarters, we continue to expect year-over-year growth in earnings and margin improvement despite whatever seasonal trends or sequential trends we see right now. So hope that helps.

綜上所述，我說過，去年，隨著我們所有季度的進展，我們仍然預期收益和利潤率將同比增長，儘管我們現在看到的季節性趨勢或連續趨勢如何。希望有幫助。

Matt Summerville, D.A. Davidson

馬特·薩默維爾，D.A.戴維森

A couple of questions. First, on the DC side of the business, the up 80% to 90% can you break out how much of that is organically driven versus the contribution from SSM? And with respect to the latter, I'm under the impression that SSM had a $60 million data center business last year, it looks like you probably did close to $30 million alone in SSM DC in Q1. So I'd really like you to spend a minute talking about some of the successes you've had very early on with that acquisition and then I have a follow-up.

有幾個問題。首先，在業務的 DC 方面，成長 80% 到 90%，您能否詳細說明其中有多少是有機驅動的，以及 SSM 的貢獻？對於後者，我的印像是 SSM 去年的資料中心業務為 6,000 萬美元，看起來您在第一季的 SSM DC 業務可能就接近 3,000 萬美元。因此，我真的希望您能花一點時間談談您在收購初期所取得的一些成功，然後我會進行後續跟進。

Yeah, hey, Matt. Mick, I'll go for and Neil can add some more color specifically around SSM. On a full year basis, we're expecting about 40% to 50% organic growth out of that full year guidance. And you're right on Scott Springfield, we were really excited about the customer that are for us and we talked about cross-selling opportunities both in terms of customers and products.

是的，嘿，馬特。米克（Mick），我會去的，尼爾（Neil）可以在 SSM 周圍添加更多顏色。就全年而言，我們預計有機成長將超出全年指引的 40% 至 50%。你說得對，斯科特斯普林菲爾德，我們對我們的客戶感到非常興奮，我們討論了客戶和產品方面的交叉銷售機會。

But the other thing that we felt really good about what the opportunity set for Scott's Greenfield order book and what they really needed was loading support in terms of scale, investment manufacturing capabilities in order to have those customer and a major customer release additional orders and increase that share of the order book. So what you're seeing in Q1 we're really excited about is going, it's running well ahead of our plans.

但我們對斯科特的格林菲爾德訂單簿所設置的機會以及他們真正需要的東西感到非常滿意的另一件事是在規模和投資製造能力方面提供支持，以便讓這些客戶和主要客戶釋放額外的訂單並增加訂單簿的份額。因此，您在第一季看到的情況讓我們感到非常興奮，它的運作遠遠超出了我們的計劃。

And maybe just with that, I would add Neil add a little bit more color about Scott Springfield.

也許就這樣，我想補充尼爾為史考特·斯普林菲爾德添加更多的色彩。

Yeah, that covers it. And that's a good summary, Mick. There's a few things we've been really good in terms of scaling up our data center capability across the globe. And when we brought some of that skill set to Scott Springfield in addition to what they do well, that marriage has put together the rhythm that we have with growth. So a couple of things, capital deployment in the right areas, particularly with Scott Springfield to help them with capacity and expansion.

是的，這涵蓋了它。這是一個很好的總結，米克。在擴大全球資料中心能力方面，我們在一些方面做得非常好。當我們將斯科特·斯普林菲爾德的一些技能帶到斯科特·斯普林菲爾德（Scott Springfield）以及他們擅長的領域時，這段婚姻使我們的成長節奏融為一體。所以有幾件事，在正確的領域進行資本部署，特別是與斯科特·斯普林菲爾德一起幫助他們提高產能和擴張。

And then the cross-selling of our order books between our customers has been pretty significant. So as you recall, we had a specific technology through our Airedale brand and Scott Springfield brings to an alternative technology, which is the majority of the market between the two. Now you have that full basket of goods and products that you can take into your customers and we're seeing the synergies from that.

然後，我們的客戶之間的訂單簿交叉銷售非常重要。正如您所記得的，我們透過 Airedale 品牌擁有一項特定技術，而 Scott Springfield 則帶來了另一種替代技術，該技術佔據了兩者之間的大部分市場。現在，您擁有了可以向客戶提供的一整套商品和產品，我們正在看到從中產生的協同效應。

Got it. And then as a follow-up, maybe can you talk a little bit about I mean, you mentioned initial CDU shipments commencing in Q4. What does the two to three year CDU/liquid opportunity look like for Modine is a subset or maybe the answer is it's in addition to that kind of three year or less $1billion target you've laid out for your data center business.

知道了。然後作為後續行動，也許您可以談談我的意思是，您提到了第四季度開始的初始 CDU 發貨。Modine 的兩到三年 CDU/流動性機會是一個子集，或者答案可能是，它是您為資料中心業務制定的三年或更少 10 億美元目標的補充。

Maybe also just talk about your confidence level in that having another quarter in the rearview mirror and perhaps even more funnel visibility. And then I also just would like to ask about on the gen set side of the business, what you expect organic growth to be there in fiscal '25? Thanks a lot.

也許也只是談談你對後視鏡中還有四分之一的信心水平，甚至可能更多的漏斗可見性。然後我還想問一下在發電機組業務方面，您預計 25 財年的有機成長是多少？多謝。

Good question. Certainly, Matt. Yes, that would be in addition, in addition to the capacity that we've been pretty public about that we're driving to over the strategic plan horizon. And it's going to depend on our customers, their customers, market adoption rate that requires high-performance computing.

好問題。當然，馬特。是的，這將是除了我們已經相當公開地在戰略計劃範圍內推動的能力之外的額外能力。這將取決於我們的客戶、他們的客戶、需要高效能運算的市場採用率。

We certainly believe that the direct chip cooling is picking up taking foot inside of the data centers and gaining traction at the same time and that's why it's so important for us to work closely with our largest and best customers to develop product for them to be able to win in their market space, particularly when it comes to high-performance computing.

我們當然相信，直接晶片冷卻正在逐漸進入資料中心並同時獲得關注，這就是為什麼我們與最大和最好的客戶密切合作來開發產品，使他們能夠贏得市場空間，特別是在高效能運算方面。

So CDU is a big play there. And it's a nice complement to the products that we already have. Like we said, it's going to be a hybrid approach. And a lot of these cases where you're going to need air cooling, you're going to need cracks and crawlers, you're going to need chillers fan walls, you're going to need evaporative cooling, you're going to need the techniques and products that we have today. And then you can complement it with direct chip and the cooling distribution is a major component of that. So is one more product in their portfolio that we can continue to help our customers solve their problems.

所以基民盟在那裡扮演重要角色。它是我們已有產品的一個很好的補充。正如我們所說，這將是一種混合方法。在許多情況下，您需要空氣冷卻，您需要裂縫和履帶，您需要冷卻器風扇牆，您需要蒸發冷卻，您需要我們今天擁有的技術和產品。然後你可以用直接晶片來補充它，冷卻分佈是其中的一個主要組成部分。他們的產品組合中又多了一種產品，我們可以繼續幫助我們的客戶解決他們的問題。

And then just lastly, Neil, the outlook for gen sets this year, I think it was $100 million business or plus or minus from Modine last year. What your thought is this year and if you've won any new customers as of late and what those prospects might look like? Thank you.

最後，尼爾，今年發電機組的前景，我認為去年 Modine 的業務或增減 1 億美元。您今年的想法是什麼？謝謝。

Yeah, Matt, just on the number side, this year, we're expecting to hit about $120 million or so in sales, which would be up 20%, and we expect that to continue to ramp. So fiscal '25 and '26, we continue to expect to grow 20%, 30% type rate. I don't know Neil, if you want to add anything around the product or the market?

是的，馬特，就數字而言，今年我們預計銷售額將達到 1.2 億美元左右，成長 20%，我們預計這一數字將繼續成長。因此，25 財年和 26 財年，我們繼續預期成長率為 20%、30%。我不知道尼爾，你是否想在產品或市場方面添加任何內容？

Yeah. So the team has done an amazing job. We through 80/20 segmentation and aligning our organization around that dedicated product group has really shown the results. I mean, a tremendous amount of credit needs to go out to the team to be able to expand at the rate that they've been able to expand.

是的。所以團隊做得非常出色。我們透過 80/20 細分並圍繞該專用產品組調整我們的組織，確實取得了成果。我的意思是，團隊需要大量的信貸才能以他們能夠擴張的速度擴張。

And that's what they've done. They've added capacity. And as fast as they add added capacity, we're taking orders and shipping because the market is growing at that rate. And, yes, we've added a second customer. So we're going to continue to dial in and stay focused on the big four and we've captured two.

這就是他們所做的。他們增加了容量。只要他們增加產能，我們就會接受訂單和出貨，因為市場正在以這種速度成長。是的，我們新增了第二個客戶。因此，我們將繼續投入並專注於四大，我們已經抓住了兩個。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

Good morning, everyone. Let me add my congratulations on terrific progress. You mentioned the new manufacturing capacity you're adding for data centers. Just wondering, can you tell us a little bit what the ramp up of that capacity looks like? And is that capacity needed for some of the new projects you're undertaking?

大家早安。讓我對取得的巨大進展表示祝賀。您提到了為資料中心增加的新製造能力。只是想知道，您能否告訴我們該產能的成長情況如何？您正在進行的一些新專案是否需要這種能力？

So the capacity that we're putting in place is in line for the market CAGR that we put out there that we've suggested over the next three years. So it tracks and it's in line with that. And we can use existing capacity for some of the new product, particularly the CDU, we'll manufacture that here in the United States with an existing Modine facility.

因此，我們正在投入的產能符合我們在未來三年內提出的市場複合年增長率。所以它會跟踪並且與此一致。我們可以利用現有產能生產一些新產品，特別是 CDU，我們將在美國利用現有的 Modine 工廠進行生產。

Yeah. I would just ask that it's been a continued reassessment and going back, I think where we were beginning of last year and our expectation for revenue, we raised it multiple times. I think we finished the year almost double, and then you add the acquisitions. And then this year, we started the year what we thought was a really high growth rate, doubled, tripled the market and we raised it again.

是的。我只想問，這是一個持續的重新評估並回顧，我認為我們去年年初的情況以及我們對收入的預期，我們多次提高了它。我認為我們今年的業績幾乎翻了一番，然後再加上收購。然後今年，我們開始了我們認為非常高的成長率的一年，市場成長了一倍、三倍，我們再次提高了成長率。

So just from the CFO side, when we get together, Neil in the group president are always looking at our current capacity run rate. And then with the market sales were in, we continue to expand. So we're trying to stay a step ahead.

因此，僅從財務長來看，當我們聚集在一起時，集團總裁尼爾總是關注我們目前的產能運作率。然後隨著市場銷售的增加，我們繼續擴張。因此，我們正在努力保持領先一步。

Okay, great. And then I wanted to maybe just get a little bit granular here on the quarterly progression. I know you did go through some comments around that, but just wondering kind of business mix impact on gross margin over the next couple of quarters? Any thoughts there?

好的，太好了。然後我想稍微了解一下季度進度。我知道您確實對此發表了一些評論，但只是想知道未來幾季業務組合對毛利率的影響？有什麼想法嗎？

From a gross margin standpoint, not a lot of movement, maybe a little bit, just a small amount in Q3 and Q4, lower from a gross margin standpoint in Q1. One of the things in Q1 I want to mention for performance technologies is we had about $3 million to $4 million of pricing and commercial cancellation settlements. So that was side work we had planned on the year, but we thought that would hit more later in the year. That was a good kind of a one-time benefit in Q1.

從毛利率的角度來看，第三季和第四季的變動不大，可能有一點，只是少量，比第一季的毛利率更低。關於性能技術，我想在第一季提到的一件事是我們有大約 300 萬至 400 萬美元的定價和商業取消和解。這是我們今年計劃的副業，但我們認為今年晚些時候會發生更多事情。這是第一季的一次性好處。

But your point about mix, we could talk a long time under under the water level on this relatively stable gross margin that with 80/20 and everything else happening at the company, certain areas that we are divesting or moving away from a product simplification to growth and a mix shift change at the kind of the short of the answer is relatively stable. Gross margins might have a little bit of a dip tied to some volume.

但是你關於混合的觀點，我們可以在這個相對穩定的毛利率下討論很長時間，80/20 和公司發生的其他一切，我們正在剝離或從產品簡化轉向某些領域。短期內的答案是相對穩定的。毛利率可能會因銷量而略有下降。

But other than that, under there, hopefully what is coming through is the areas we're growing our margin accretive to where we want to be in the areas that we are reducing our at or below the market and the margins we want to be at. So that's certainly helping profit up.

但除此之外，希望接下來的事情是我們正在將利潤增加到我們想要達到的水平，在我們正在減少等於或低於市場的水平以及我們想要達到的利潤的領域。所以這肯定有助於利潤的成長。

Okay, great. And then one last one, if I could squeeze it. And since your head and prior EBITDA margin targets, you're getting close or kind of gyrating around those targets. Do you have a new target that you're contemplating? Or is that something we should wait for the Analyst Day for?

好的，太好了。然後是最後一顆，如果我能擠壓它的話。由於您的頭腦和之前的 EBITDA 利潤率目標，您正在接近或有點圍繞這些目標。您有正在考慮的新目標嗎？或者這是我們應該等待分析師日的事情嗎？

Yeah, it's a good, thank you for the lead, but I won't give you the answer today that we have realized, right. But yeah, and at our Investor Day, we'll share new two year targets. So obviously, with us achieving the first over driving on the first phase we're planning to raise the bar and set a new set of financial goals for a two year time period ending and fit our fiscal '27.

是的，這很好，謝謝你的引導，但我今天不會給你我們已經意識到的答案，對吧。但是，是的，在我們的投資者日，我們將分享新的兩年目標。顯然，隨著我們在第一階段實現第一個超額目標，我們計劃提高標準，並為結束的兩年設定一套新的財務目標，以適應我們的 27 財年。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi, thanks for taking my questions. As I expected after initiating yesterday, a lot of the questions that I'm getting are around, what is the underlying growth rate for this business? I just wanted to -- this might be helpful for some that are listening. I would certainly be helpful for me to hear you comment on this.

您好，感謝您回答我的問題。正如我昨天啟動後所預期的那樣，我收到的許多問題都是這樣的：這項業務的潛在成長率是多少？我只是想——這可能對一些正在傾聽的人有幫助。聽到你對此的評論肯定會對我有幫助。

So the increase in guidance in terms of dollars about $200 million. And then I was wondering if you could just talk about the components and I know you did this to some extent, even on a just on the last conference call, but the components of that $200 million because I know there's acquisitions, divested revenue, 80/20 cuts.

因此，指導金額增加了約 2 億美元。然後我想知道你是否可以只談論組成部分，我知道你在某種程度上做到了這一點，即使只是在最後一次電話會議上，但這2 億美元的組成部分因為我知道有收購，剝離收入，80 /20 削減。

And I think the acquisition revenue you're going to have like a full year of Scott in there, and that was $100 million, although that business seems to be growing rapidly. And then you've got the three odd divestitures that you've got about $40 million to $45 million, I think this year, given the timing of when you made those divestitures and then there's 80/20 cuts that I don't know. I think it's inferred that it's around $50 million of a headwind for this fiscal year.

我認為你將獲得相當於斯科特一整年的收購收入，即 1 億美元，儘管該業務似乎正在迅速成長。然後你會進行三項奇怪的資產剝離，我認為今年你會獲得大約 4000 萬至 4500 萬美元的資產，考慮到你進行這些資產剝離的時間，然後還有 80/20 的削減，我不知道。我認為據推斷，本財年的逆風約為 5000 萬美元。

And so that kind of gets you to a $100 million in headwind. And then you've got Scott is a $100 million tailwind. And so I think it all kind of nets out to zero and the midpoint of your guidance like revenue growth like 8% to 9% is really how we should think about organic revenue growth. I mean, is that in the ballpark? And curious on any comments on that?

因此，這會為你帶來 1 億美元的逆風。然後你會發現史考特是一輛價值 1 億美元的順風車。因此，我認為所有這些都歸零，您的指導中點（例如 8% 到 9% 等收入成長）實際上是我們應該如何考慮有機收入成長。我的意思是，那是在球場裡嗎？對此有何評論感到好奇？

Yeah, that's a good question. And you're hitting the heart of Modine's transformation, right? And there is some level of complexity with the 80/20 and our transformation I would say this a lot of it. I think you hit right on the head and Neil can add any other comments to this.

是的，這是一個好問題。您正觸及摩丁轉型的核心，對嗎？80/20 和我們的轉型有一定程度的複雜性，我想說的是很多。我認為你擊中了要害，尼爾可以對此添加任何其他評論。

But where we separate right now where we're at in our maturity, we talked a lot about 80/20 maturity. We launched 80/20 first in climate solutions. In fact, data centers was the tip of the spear funding that growing that. So climate solutions is mostly in a growth phase right now. We talked a little bit about some headwinds in HTP. But organic growth we've said for a while can be double digits, 10% to 15% this quarter, organic was 10% for Climate Solutions.

但我們現在在成熟度方面分開，我們談論了很多關於 80/20 成熟度的問題。我們首先在氣候解決方案中推出了 80/20。事實上，資料中心是推動這一成長的資金的尖端。因此，氣候解決方案目前主要處於成長階段。我們討論了 HTP 的一些不利因素。但我們已經說過一段時間的有機成長可能是兩位數，本季為 10% 到 15%，氣候解決方案的有機成長為 10%。

Obviously, with some M&A, that 25% type growth and indoor air quality, commercial ventilation heating will be a little bit more mature market, but growing. And then obviously data center, we've kind of put in a hyper growth. To balance that out we launched performance technologies almost a full year after just managing corporate, how much change happening.

顯然，隨著一些併購，25% 的成長和室內空氣質量，商業通風暖氣市場將更加成熟，但仍在成長。顯然，在資料中心方面，我們已經實現了高速成長。為了平衡這一點，我們在管理公司近一整年後推出了效能技術，並發生了多大的變化。

And you can see that while this business is continuing to divest and shrink the top line in certain areas, the margin and the earnings growth is really pretty phenomenal. So we at the beginning of the journey, we've said performance technologies over a long period, three, five years could be flat. And under that we would see things like that auto divestitures and the other areas you referenced are declining. And then while our bets on electrification, e-mobility, power-generation, higher margin system with business driving the earnings.

你可以看到，雖然該業務在某些領域繼續剝離和縮減收入，但利潤和獲利成長確實相當驚人。因此，我們在旅程的開始時就說過，在很長一段時間內，三、五年內，性能技術可能會持平。在此之下，我們會看到汽車資產剝離和您提到的其他領域正在下降。然後，我們押注於電氣化、電動車、發電、更高利潤率的系統以及業務驅動的利潤。

So let me pause, but I think that performance technologies not a focus of a top line story right now. Climate solutions, top line, if you blend them. Yeah, I think we said again, we can be high single digits organic type top line growth, which is kind of in the midpoint of our guidance.

讓我暫停一下，但我認為性能技術目前並不是頭條新聞的焦點。氣候解決方案是最重要的，如果你把它們混合起來的話。是的，我想我們再次說過，我們可以實現高個位數的有機類型頂線增長，這在我們指導的中點。

Okay. Yeah, no, thank you very much for going through all that and continuing to help me get up to speed and understand that. Just one last question for now, I guess. In the heat pump business, which has been soft. Can you talk about what you're seeing in terms of potentially any signs of stability there? I don't think you talk about a book to bill, but any anything in terms of order rates or that you're seeing in maybe even in July to give us some confidence that maybe that stabilizing, if it is?

好的。是的，不，非常感謝您經歷了這一切，並繼續幫助我加快速度並理解這一點。我想現在只有最後一個問題。在熱泵業務方面，一直表現疲軟。您能談談您所看到的潛在穩定跡象嗎？我不認為你談論的是一本書的賬單，但任何關於訂單率的事情，或者你甚至在七月份看到的任何事情，都會給我們一些信心，也許這種穩定，如果是的話？

Yeah, good question on the heat. I want to go back though, to your original question because I think it's a good question. There's a high level of complexity as we work through 80/20 in a diversified industrial, and we go back and you look at performance technologies in general versus climate solutions in general, we would say we aligned behind what Mick just described there, and we're not expecting a growth in performance technologies and then climate solutions, that's the area where we're focused growth.

是的，關於熱度的好問題。不過，我想回到你原來的問題，因為我認為這是一個很好的問題。當我們在多元化的工業中完成80/20 的工作時，存在著很高的複雜性，我們回頭看看一般的性能技術與一般的氣候解決方案，我們會說我們與米克剛才描述的一致，我們我們並不期待性能技術和氣候解決方案的成長，這才是我們關注成長的領域。

But if you go into a level deeper, what we tried to do with our six market-facing verticals is to give you those revenues. So you can see that we're growing in the areas that are the right areas for us to grow to expand margin and to evolve the company from components to systems. So that's why you see the breakdown of data center and HVAC, liquid air ATS. So when we say in general performance technologies will be flat revenue over time or slightly growing.

但如果你更深入地了解，我們試圖透過六個面向市場的垂直領域所做的是為你提供這些收入。所以你可以看到，我們正在那些適合我們成長以擴大利潤並將公司從組件發展到系統的領域中發展。這就是為什麼您會看到資料中心和 HVAC、液態空氣 ATS 崩潰的原因。因此，當我們說一般性能技術的收入隨著時間的推移將持平或略有增長時。

Underneath it, you see a decline in the areas where we're deliberately taking actions through 80/20 and then you see growth in the areas of gen sets or in our Evantage product group, which is an ATS. And you see growth beyond the market rate. And that growth is why we call out the percentages there. So you can see the revenue mix shift happening underneath at more of a micro level versus the general theme of the two segments. I think that's important for people to understand.

在它的下面，你會看到我們透過 80/20 有意採取行動的領域有所下降，然後你會看到發電機組或我們的 Evantage 產品組（ATS）領域的成長。你會看到超出市場速度的成長。這種增長就是我們列出百分比的原因。因此，您可以看到收入組合的變化在更微觀的層面上發生，而不是這兩個細分市場的整體主題。我認為這對人們理解很重要。

Relative to heat pump, I don't expect, we don't expect to see rebound until we get later throughout the year, maybe even into next year relative to this, the regulatory climate and the environment. I mean, it clearly the heat pump demand was driven by incentives as it's as the incentives have dried up, it's essentially slowed the market as we get closer to the compliant state, which is further out, I would expect those applications for incentives to increase and then typically what we saw last time was the order book increased, so we have a further delay on.

相對於熱泵，我預計，直到今年晚些時候，甚至可能到明年，相對於監管氣候和環境，我們才會看到反彈。我的意思是，很明顯，熱泵需求是由激勵措施驅動的，因為激勵措施已經枯竭，隨著我們越來越接近合規狀態，這基本上減緩了市場的發展，這是更遠的，我預計這些激勵措施的申請會增加通常我們上次看到的是訂單增加，所以我們有進一步的延遲。

(Operator Instructions) Brian Sponheimer, Gabelli Funds.

（操作員說明）Brian Sponheimer，Gabelli 基金。

Good morning, everyone. Congratulations again on another great quarter. Just a question, which I guess probably waits for the Analyst Day, but just curious your thoughts now. Your $6 billion equity cap company, clearly the scope of what you're looking at has grown. I'm curious about the M&A environment and your thoughts on maybe the weaponry you can use to grow outside of just cash generated by the business basically delevered at 1 times. You've got a lot of firepower here.

大家早安。再次恭喜又一個偉大的季度。只是一個問題，我想可能要等到分析師日，但現在只是好奇你的想法。您的股本上限為 60 億美元，顯然您所關注的範圍已經擴大。我很好奇併購環境，以及您對除了企業基本上以一倍去槓桿化產生的現金之外可以用來實現增長的武器的想法。你這裡有很多火力。

Yeah. Hi, Brian, it's Mick. Thanks for the question. Yes, we started the journey and you've clearly been along with it, but early days part of our our thought was we didn't really have necessarily the balance sheet, the equity valuations so forth to have M&A as a key strategic lever plus going out and executing on some really big goals to turn the company or ground. So as you said, as we pivoted, we're throwing off a lot more cash, have a relatively low level of leverage and then with the equity market cap.

是的。嗨，布萊恩，我是米克。謝謝你的提問。是的，我們開始了這段旅程，而且你顯然已經同意了，但我們早期的部分想法是，我們不一定有資產負債表、股權估值等，無法將併購作為關鍵的戰略槓桿，再加上走出去並執行一些真正偉大的目標來扭轉公司或局面。正如你所說，隨著我們的轉型，我們扔掉了更多的現金，槓桿水平相對較低，然後股票市值也相對較低。

So we feel like we've got all tools at our disposal and then also on 80/20 as we matured, we built in the core capabilities. So early days, we weren't having people out knocking on doors and digging seeing ideas, but now we have a full team and continuing to add to it globally of our people. And I think you'll get it to become an equal important part of our strategy. We're not setting financial targets requiring M&A. So that's all the positives.

因此，我們覺得我們已經擁有了所有可以使用的工具，隨著我們的成熟，我們也在 80/20 上建立了核心功能。在早期，我們並沒有讓人上門挖掘想法，但現在我們擁有了一個完整的團隊，並繼續在全球範圍內增加我們的人員。我認為它會成為我們策略中同等重要的一部分。我們沒有設定需要併購的財務目標。這就是所有的正面因素。

The only other one I would say is the positive is we're getting looks at everything we want to have looks at. In some markets, we're going to have to stay disciplined because, frankly, some of the expectations around price or multiples have really gotten on exacerbated. So from my side, we'll stay disciplined, but I would say we are still getting a pretty good look of ideas, both kind of privately and option based.

我要說的唯一的另一點是積極的一面是我們正在研究我們想要研究的一切。在某些市場，我們必須保持紀律，因為坦白說，圍繞價格或本益比的一些預期確實已經加劇。因此，從我的角度來看，我們將保持紀律，但我想說，我們仍然在尋找非常好的想法，無論是私人的還是基於選擇的。

Thank you. As there are no further questions, I would now hand the conference over to Kathy Powers for closing comments. Kathy?

謝謝。由於沒有其他問題，我現在將會議交給凱西·鮑爾斯進行總結評論。凱西？

Thank you, and thanks to everybody for joining us this morning. You'll be able to access the replay of this call through our website in about two hours. Again, please reach out to me if you would like to attend our Investor Day in September. If you have received an invitation, please follow the registration link. If you have not received an invitation, please reach out to me and we will get that sent out to you. We hope everybody has a great day.

謝謝你們，也謝謝大家今天早上加入我們。大約兩個小時後，您將可以透過我們的網站觀看本次通話的重播。再次，如果您想參加我們九月份的投資者日，請與我聯繫。如果您收到邀請，請點選註冊連結。如果您還沒有收到邀請，請與我聯繫，我們會將邀請發送給您。我們希望每個人都有美好的一天。