Modine Manufacturing Co (MOD) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Modine's second-quarter fiscal 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to your host, Ms. Kathy Powers, Vice President, Treasurer, Investor Relations.

早安，女士們先生們，歡迎參加 Modine 2025 財年第二季財報電話會議。（操作員指示）我現在想將會議轉交給東道主凱西·鮑爾斯女士（Kathy Powers），她是投資者關係副總裁兼財務主管。

Hello and good morning. Welcome to our conference call to discuss Modine second-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 財年第二季業績。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'll be using for today's presentation are available on the investor relations section of our website at 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 with that. I'll turn the call over to Neil.

我們今天演示中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關於前瞻性陳述的通知。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。我會把電話轉給尼爾。

Thank you, Kathy and good morning, everyone. As most of you know, we held an investor day last month at our corporate headquarters. I'd like to thank everyone who attended in person, participated in the live webcast or watch the replay online.

謝謝凱西，大家早安。正如你們大多數人所知，我們上個月在公司總部舉辦了投資者日。我要感謝所有親自出席、參加網路直播或線上觀看重播的人。

This was a very important event for us. So before going over our quarterly results, I'd like to review some of the key messages. Throughout the presentation, we highlighted five strategic pillars that we believe are key value drivers that form the foundation of our strategy to drive growth and margin expansion for years to come.

這對我們來說是一個非常重要的事件。因此，在回顧我們的季度業績之前，我想回顧一下一些關鍵資訊。在整個演示過程中，我們強調了五個策略支柱，我們認為它們是關鍵的價值驅動因素，構成了我們未來幾年推動成長和利潤擴張策略的基礎。

First at our core, we create value through our deep expertise in thermal management technology, allowing us to provide highly engineered mission critical thermal solutions for our customers. In fact, we've been doing it for over 100 years.

首先，我們的核心是透過熱管理技術方面深厚的專業知識創造價值，使我們能夠為客戶提供精心設計的關鍵任務熱解決方案。事實上，我們已經這樣做了 100 多年。

Second through 80/20 we have leveraged our product portfolio to segment and re-segment the business focusing resources where we can drive the most value. 80/20 is an ongoing process. And as part of it, we announced that we will realign our six product groups in our next fiscal year to improve our product and market focus.

其次，透過 80/20，我們利用我們的產品組合來細分和重新細分業務，並專注於我們可以驅動最大價值的資源。 80/20 是一個持續的過程。作為其中的一部分，我們宣布將在下一財年重新調整我們的六個產品組，以改善我們的產品和市場重點。

The third pillar relates to mega trends and how they are fuelling our growth. For example, we're currently focused on supporting trends like high performance computing as the rapid expansion of AI and machine learning fuels demand for data centre capacity and more advanced cooling solutions.

第三個支柱涉及大趨勢以及它們如何推動我們的成長。例如，我們目前專注於支援高效能運算等趨勢，因為人工智慧和機器學習的快速擴張推動了對資料中心容量和更先進冷卻解決方案的需求。

Although these trends can change over time, we believe that the need to meet ever increasing regulations and reduce the impact of fossil fuels on our environment are currently driving multiyear growth cycles. This will provide a constant need for new and advanced thermal solutions.

儘管這些趨勢可能會隨著時間的推移而改變，但我們相信，滿足日益嚴格的法規和減少化石燃料對環境影響的需求目前正在推動多年的成長週期。這將不斷需要新的、先進的熱解決方案。

Next, we have the benefit derived from our 80/20 discipline which drives everything from our decentralized organization to our strategic resource allocation. By pushing decision making down in the organization. We create a more focused product development cycle, stronger customer relationships and an entrepreneurial spirit to fuel profitable growth.

接下來，我們從 80/20 原則中獲益，它推動了從分散組織到策略資源分配的一切。透過將決策權下放到組織中。我們創造更專注的產品開發週期、更牢固的客戶關係和企業家精神，以推動獲利成長。

We consider 80/20 to be a competitive advantage, helping us improve efficiency, drive strategy and ultimately to evolve our business portfolio, that brings us to the final pillar, evolving our portfolio to compound shareholder value.

我們認為 80/20 是一種競爭優勢，有助於我們提高效率、推動策略並最終發展我們的業務組合，這將我們帶到最後一個支柱，發展我們的投資組合以實現股東價值的複合。

This process does not have a beginning or an end but is a repeatable cycle to continually drive shareholder value and is expressed through our recently introduced vision statement, always evolving our portfolio products in pursuit of highly engineered mission critical thermal solutions.

這個過程沒有開始或結束，而是一個可重複的循環，不斷推動股東價值，並透過我們最近推出的願景聲明來表達，不斷發展我們的產品組合，以追求高度工程化的關鍵任務熱解決方案。

In addition to sharing this new vision statement, we also introduced new three-year financial targets. We expect compound annual revenue growth of 10% to 13% for the three-year period off of fiscal '24 base and expect a just to be at the margins in the range of 16% to 18% by fiscal '27.

除了分享這個新的願景聲明外，我們還介紹了新的三年財務目標。我們預計，以 24 財年為基礎的三年期間，複合年收入成長率為 10% 至 13%，並預計到 27 財年，利潤率將在 16% 至 18% 之間。

Overall, the feedback from the event has been overwhelmingly positive. We delivered on our commitment shared during our first investor day back in 2022 and we've now raised the bar even further. The team has accepted this challenge and have the plans in place to deliver once again.

整體而言，此次活動的回饋非常正面。我們兌現了 2022 年第一個投資者日所做的承諾，現在我們進一步提高了標準。團隊已經接受了這項挑戰，並制定了再次交付的計劃。

Now, shifting back to the quarter, I'd like to review the segment results. Please turn to slide 5. Our climate solutions segment had another outstanding quarter driven primarily by growth in our data center business revenues more than doubled as compared to the prior year with about half of the increase driven organically and the balance from the Scott Springfield acquisition.

現在，回到本季度，我想回顧一下部門業績。請翻到投影片 5。我們的氣候解決方案部門又迎來了一個出色的季度，這主要是由於我們的數據中心業務收入增長比上一年增加了一倍多，其中約一半的增長是有機驅動的，其餘部分來自斯科特·斯普林菲爾德的收購。

This business continues to exceed our expectations. In addition, we officially announced the launch of our one-megawatt coolant distribution unit or CDU which is a critical component for liquid and hybrid cooling systems for high density applications.

這項業務持續超出我們的預期。此外，我們也正式宣布推出一兆瓦冷卻劑分配單元或 CDU，它是高密度應用的液體和混合冷卻系統的關鍵組件。

Demonstrating the benefits of 80/20 product development decision making. Our CDU was developed with voice of customer at the forefront and is designed to seamlessly integrate with modding systems and controls to improve energy efficiency in the data centers.

展現 80/20 產品開發決策的好處。我們的 CDU 是根據客戶的意見而開發的，旨在與改裝系統和控制無縫集成，以提高資料中心的能源效率。

Interest in this product has escalated with inquiries. Now coming from both co location and hyperscaler customers, we still anticipate our first shipments of this product in the fourth fiscal quarter of the year. As mentioned during our investor day presentation growth with hyperscaler customers continue to accelerate.

隨著詢問的增多，人們對該產品的興趣不斷增加。現在，我們仍然預計該產品來自託管客戶和超大規模客戶，預計將在今年第四財季首次出貨。正如我們在投資者日演講中提到的，超大規模客戶的成長持續加速。

In addition to our two current hyperscaler customers, we're now building a relationship with a third and expect to get our first order this quarter. We are also observing the evolving needs of these customers. Currently, we design and manufacture custom air handlers for our hyperscaler customers and this will continue to be a significant component of our business.

除了我們目前的兩位超大規模客戶之外，我們現在正在與第三個客戶建立關係，並預計本季將獲得第一筆訂單。我們也在觀察這些客戶不斷變化的需求。目前，我們為超大規模客戶設計和製造客製化空氣處理器，這將繼續成為我們業務的重要組成部分。

However, these customers have been increasingly interested in our high performance chillers especially now that we have production in both the US and the UK. In fact, we have received our first purchase order for chillers from a hyperscaler customer this past quarter with expected shipment in our fourth fiscal quarter.

然而，這些客戶對我們的高性能冷水機越來越感興趣，特別是現在我們在美國和英國都有生產。事實上，我們在上個季度收到了來自超大規模客戶的第一份冰水機採購訂單，預計在第四財季出貨。

This is an exciting expansion of our product offering to strategic hyperscaler customers and another exciting growth prospect for our data center business. Last quarter. I mentioned that we are expanding capacity for our data center products, and I'm pleased to report that our UK expansion has been completed. It has a schedule with the first units off the production line last week.

這是我們向策略性超大規模客戶提供的產品的一次令人興奮的擴展，也是我們資料中心業務的另一個令人興奮的成長前景。上個季度。我提到我們正在擴大資料中心產品的容量，我很高興地報告我們的英國擴張已經完成。該公司已計劃於上週第一批設備下線。

We're also up and running at our expansion in Calgary, supporting the growth of data center products from SSM. I'm also excited to announce our next capacity expansion for data center products will be in India at a new facility in Chennai to support our customers in Asia and the Middle East.

我們也在卡加利進行擴建，以支援 SSM 資料中心產品的成長。我還很高興地宣布，我們的下一次資料中心產品產能擴張將在印度金奈的新工廠進行，以支援我們在亞洲和中東的客戶。

This new facility is near our existing manufacturing location and can be leveraged in the future for growth in both segments. This will bring the number of data center manufacturing locations to 10 and provide us with the capacity for continued growth around the globe. I'm very excited about this opportunity as we continue to organically invest in the data center market, please turn to slide 6.

該新工廠靠近我們現有的生產基地，未來可用於促進這兩個領域的成長。這將使資料中心製造地點的數量達到 10 個，並為我們提供在全球範圍內持續增長的能力。我對這個機會感到非常興奮，因為我們將繼續對資料中心市場進行有機投資，請參閱投影片 6。

The performance technology segment also had a strong quarter with earnings and margin growth despite a drop in top line revenue driven by the decline in our particular markets. However, we're still seeing solid growth in the Genset module business. This is being bolstered by our global footprint, high quality and on time delivery. In fact, our capacity expansion in India for data centers will also allow for future growth and Genset production in that region.

儘管我們特定市場的下滑導致營收下降，但性能技術領域的季度業績也表現強勁，獲利和利潤成長。然而，我們仍然看到發電機組模組業務的穩健成長。我們的全球足跡、高品質和準時交貨為這一點提供了支持。事實上，我們在印度資料中心的產能擴張也將促進該地區的未來成長和發電機組生產。

Sales in our advanced solution group also posted positive sales growth in the quarter. Last week, we announced our partnership with Gilead, a leading manufacturer of transit buses, specializing in low and zero emission solutions for public transportation.

我們的高階解決方案部門的銷售在本季度也實現了積極的銷售成長。上週，我們宣布與吉利德（Gilead）建立合作夥伴關係，吉利德是一家領先的公車巴士製造商，專門為公共交通提供低排放和零排放解決方案。

This long standing supply relationship includes collaboration on their hybrid vehicles which use our advantage, battery thermal management system and inverter cooling modules.

這種長期的供應關係包括利用我們的優勢、電池熱管理系統和逆變器冷卻模組在混合動力汽車上合作。

We also introduced our smart electric component portfolio which is receiving positive feedback from the market. Our funnel of customer engagements and our advanced solutions group continues to be strong including a number of opportunities in Europe.

我們還推出了智慧電氣組件產品組合，該產品組合得到了市場的正面回饋。我們的客戶參與通路和先進解決方案團隊持續保持強勁，包括在歐洲的許多機會。

All in all, we are experiencing some short-term volume challenges in certain markets and are implementing countermeasures to reduce costs. But we are also seeing long term opportunities with positive implications for our product mix in this segment overall, a good quarter and our 80/20 culture and approach continues to help us mitigate legacy business wind downs and some economic sensitivity and a few product categories.

總而言之，我們在某些​​市場遇到了一些短期的銷售挑戰，並正在採取對策來降低成本。但我們也看到了對我們在該細分市場的產品組合產生積極影響的長期機會，一個良好的季度和我們的80/20 文化和方法繼續幫助我們減輕傳統業務的衰退和一些經濟敏感性以及一些產品類別。

I'll turn the call over to Mick, who will provide some further updates on what we expect for the balance of the year.

我會將電話轉給米克，他將提供我們對今年剩餘時間的預期的進一步更新。

Thanks Neil and good morning, everyone. Please turn to slide 7 to review the segment results. Climate Solutions continues to deliver outstanding results, posting a 47% improvement in adjusted EBITDA and a margin above 21%.

謝謝尼爾，大家早安。請翻至投影片 7 查看分段結果。Climate Solutions 繼續交付出色的業績，調整後 EBITDA 提高了 47%，利潤率超過 21%。

Data center sales grew 102% or $80 million driven by strong demand from North American hyper scale and co-location customers along with the sales from the acquired Scott Springfield business. Modine's data center business continues to exceed our projections and we're once again raising the revenue forecast for this product group.

由於北美超大規模和託管客戶的強勁需求以及收購的 Scott Springfield 業務的銷售額，數據中心銷售額增長了 102%，即 8000 萬美元。Modine 的資料中心業務持續超越我們的預測，我們再次提高了該產品組的收入預測。

HVAC sales increased 14% or $13 million including revenue from Scott Springfield along with higher sales of refrigeration coolers. Heat transfer product sales were down 13% or $16 million with lower sales to European heat pump and commercial and residential HVAC customers.

HVAC 銷售額成長 14%，即 1,300 萬美元，其中包括 Scott Springfield 的收入以及冷凍冷卻器銷售額的增加。傳熱產品銷售額下降 13%，即 1,600 萬美元，其中歐洲熱泵以及商業和住宅 HVAC 客戶的銷售額下降。

However, we were able to finalize some commercial settlements this quarter to help offset the lower volumes versus what was originally agreed to with certain customers. The team has been working towards the settlements and we originally expected to see most of the benefit beginning in our Q3.

然而，我們在本季度最終達成了一些商業和解，以幫助抵消與某些客戶最初達成的協議相比銷量下降的影響。團隊一直在努力實現和解，我們最初預計在第三季開始看到大部分收益。

Overall we're pleased with the climate solution. Strong earnings conversion which resulted in a 300 basis point adjusted EBITDA margin improvement to 21.5% as discussed at the investor day, our 80/20 discipline continues to be at the heart of the segment's quarterly margin improvements.

總的來說，我們對氣候解決方案感到滿意。正如投資者日所討論的那樣，強勁的盈利轉換導致調整後的 EBITDA 利潤率提高了 300 個基點，達到 21.5%，我們的 80/20 原則仍然是該部門季度利潤率提高的核心。

And the team will continue to focus on accelerating organic growth with organic sales improving 7% this quarter. After adjusting for $53 million of revenue from the Scott Springfield acquisition. As we look at the last half of the year, we expect the positive momentum for revenue and earnings to continue for climate solutions.

該團隊將繼續專注於加速有機成長，本季有機銷售額將成長 7%。對 Scott Springfield 收購帶來的 5,300 萬美元收入進行調整後。展望今年下半年，我們預計氣候解決方案的收入和收益將繼續保持積極勢頭。

Please turn to slide 8. Performance technologies continues to evolve the portfolio and improve profitability including a 5% increase in adjusted EBITDA and a 230 basis point improvement in the margin, the earnings growth and strong margin improvement were due to a lot of hard 80/20 work, including labour material and overhead improvements.

請翻到幻燈片 8。性能技術不斷發展產品組合併提高盈利能力，包括調整後 EBITDA 增長 5% 和利潤率提高 230 個基點，盈利增長和利潤率的強勁增長歸功於大量艱苦的 80/20 工作，包括勞動力材料和開銷改進。

In addition to the operational improvements, we were able to secure sales tax credits in Brazil, which had a positive impact on revenue and adjusted EBITDA in the quarter. As anticipated performance technologies revenue was down in the quarter. This was driven by the prior year automotive divestitures along with lower sales to automotive commercial vehicle and off highway customers.

除了營運改善之外，我們還能夠在巴西獲得銷售稅抵免，這對本季的收入和調整後的 EBITDA 產生了積極影響。正如預期的那樣，性能技術收入在本季有所下降。這是由於去年的汽車資產剝離以及汽車商用車和非公路客戶的銷售下降所致。

Excluding the negative $22 million impact of divestitures. Organic sales decreased 5%. Advanced solution sales were higher by 18% or $6 million driven by increased sales of EV systems to specialty vehicle and bus customers. Liquid cooled application sales decreased 22% or $27 million due to the prior year divestiture along with lower end market demand across auto commercial vehicle and off highway markets.

不包括資產剝離帶來的 2200 萬美元的負面影響。有機銷售額下降 5%。由於針對特種車輛和公車客戶的電動車系統銷量增加，先進解決方案銷售額增加了 18%，即 600 萬美元。由於上一年的資產剝離以及商用車和非公路市場的低端市場需求，液冷應用銷售額下降了 22%，即 2,700 萬美元。

Lastly, air cooled application sales were lower by 10% or $18 million, also driven by the divestitures and lower market demand from agriculture and construction equipment and commercial vehicle customers. However, as we've highlighted as a strategic focus sales to Genset customers increased in the quarter by 29%.

最後，風冷應用銷售額下降了 10%，即 1,800 萬美元，這也是由於農業、建築設備和商用車客戶的資產剝離以及市場需求下降所致。然而，正如我們所強調的策略重點，本季發電機組客戶的銷售額成長了 29%。

In addition to the planned portfolio rationalization, this segment is quickly addressing the broader market softness which is well publicized across the agriculture construction and commercial vehicle markets. Despite temporary volume headwinds. We're pleased with the level of earnings conversion further validating the benefit of our 80/20 discipline. After a historically and seasonally soft fiscal Q3, we anticipate a step up in Q4.

除了計劃的投資組合合理化之外，該細分市場正在迅速解決更廣泛的市場疲軟問題，這一點在農業建築和商用車輛市場上廣為人知。儘管存在暫時的成交量逆風。我們對收益轉換水準感到滿意，這進一步驗證了我們 80/20 原則的好處。在經歷了歷史性和季節性的第三季疲軟之後，我們預計第四季會出現成長。

Now let's review total company results. Please turn to slide 9. Second quarter sales increased 6% driven by the Scott Springfield acquisition and organic growth and Climate solutions. Climate solutions growth was partially offset by $22 million of divestitures and market related volume declines in performance technologies.

現在讓我們回顧一下公司的整體表現。請翻到投影片 9。在收購 Scott Springfield 以及有機成長和氣候解決方案的推動下，第二季銷售額成長了 6%。氣候解決方案的成長被 2,200 萬美元的資產剝離和性能技術市場相關銷售下降所部分抵消。

Our gross margin improved 340 basis points to 25.2% driven by primarily by an improved business mix including the benefit of the Scott Springfield acquisition and numerous 80/20 initiatives. As noted during my comments in the segments, the quarter also benefited from a few items including the commercial settlements and climate solutions and a sales tax credit recovery in Brazil.

我們的毛利率提高了 340 個基點，達到 25.2%，這主要是由於業務組合的改善，包括收購 Scott Springfield 和眾多 80/20 計劃的好處。正如我在各部分評論中所指出的，該季度還受益於一些項目，包括商業結算和氣候解決方案以及巴西的銷售稅抵免恢復。

We estimate that the net impact of these items along with a few others was approximately $5 million. These items were previously included in our full year outlook, but we anticipated that they would land in the second half of the fiscal year, that said we are pleased to secure the benefits earlier than expected.

我們估計這些項目以及其他一些項目的淨影響約為 500 萬美元。這些項目之前已包含在我們的全年展望中，但我們預計它們將在本財年下半年落地，這表明我們很高興比預期更早獲得收益。

As noted last quarter year over year SG&A includes -- SG&A of the acquired Scott Springfield business and incremental amortization expense related to the acquired intangible assets. In addition, we recorded higher salary and incentive compensation expenses in line with our improved performance adjusted EBITDA was strong again this quarter with an increase of 23% or $19 million.

如同上季所指出的，SG&A 包括收購的 Scott Springfield 業務的 SG&A 以及與收購的無形資產相關的增量攤銷費用。此外，隨著業績的改善，我們的薪資和激勵補償費用也有所增加，調整後的 EBITDA 本季再次強勁，成長了 23% 或 1,900 萬美元。

The adjusted EBITDA margin was 15.2% representing a 210-basis point improvement from the prior year. Each quarter, I provide a margin trend update and this now represents the 11th consecutive quarter of year over year margin improvement. Adjusted earnings per share was $0.97, and 9% higher than the prior year.

調整後的 EBITDA 利潤率為 15.2%，較前一年提高 210 個基點。每個季度，我都會提供利潤率趨勢更新，這代表利潤率連續第 11 個季度同比改善。調整後每股收益為 0.97 美元，比上年增長 9%。

We're very pleased with another exceptional quarter resulting in great adjusted EBITDA growth as momentum in some key end markets allowed us to overcome challenges in others. The management team continues to implement 80/20 and remains laser focused on the things we can control.

我們對另一個出色的季度感到非常高興，調整後的 EBITDA 實現了大幅增長，因為一些關鍵終端市場的勢頭使我們能夠克服其他市場的挑戰。管理團隊繼續實施 80/20，並始終專注於我們可以控制的事情。

Now, moving to the cash flow metrics, please turn to slide 10. We generated $44 million of free cash flow in the second quarter which was an improvement from the first quarter. Please note that the quarterly cash flow included nearly $6 million of cash restructuring payments.

現在，轉向現金流量指標，請翻到投影片 10。第二季我們產生了 4,400 萬美元的自由現金流，比第一季有所改善。請注意，季度現金流包括近 600 萬美元的現金重組付款。

This puts our year-to-date free cash flow at $58 million, which is on track with our full year outlook, net debt of $327 million was $45 million lower than the prior fiscal year and $36 million lower than last quarter. This resulted in a leverage ratio of 0.9. Consistent with the previous quarter, the balance sheet remains strong, and we anticipate another year of good free cash flow.

這使得我們今年迄今的自由現金流達到 5,800 萬美元，符合我們的全年展望，淨債務為 3.27 億美元，比上一財年減少 4,500 萬美元，比上季減少 3,600 萬美元。這導致槓桿率為0.9。與上一季一致，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。

Now let's turn to slide 11 for our fiscal '25 outlook. With half the year behind us. We announced in the press release that we're holding our fiscal '25 outlook while the Q2 earnings were somewhat higher than we anticipated. The quarter included an estimated $5 million in net benefits, as I reviewed in the quarterly results.

現在讓我們轉向幻燈片 11 來了解我們的 25 財年展望。半年過去了。我們在新聞稿中宣布，我們維持 25 財年的展望，而第二季的收益略高於我們的預期。正如我在季度業績中所回顧的那樣，該季度包括估計 500 萬美元的淨收益。

We had previously anticipated these benefits would settle in the second half of the year with the majority of the benefit coming in our Q3 from a revenue standpoint, we'll continue to update each quarter the revenue outlook promoting product groups.

我們先前預計這些收益將在下半年解決，從收入的角度來看，大部分收益將在第三季實現，我們將繼續每季更新推廣產品組的收入前景。

The net impact of product group revenue adjustments is relatively neutral for the total company this quarter. In the climate solutions segment, we're making a large increase to the data center outlook along with an increase to HVAC&R while lowering our outlook for heat transfer products.

本季產品組營收調整對整個公司的淨影響相對中性。在氣候解決方案領域，我們大幅提高了資料中心的前景，同時提高了 HVAC&R 的前景，同時降低了傳熱產品的前景。

We now expect data center sales to grow 100% to 110%. A significant increase driven by their strong performance in the first half of the year and a growing order book for performance technologies. We've adjusted for customer trends and ongoing weakness in the global commercial vehicle off highway and auto markets.

我們現在預計資料中心銷售額將成長 100% 至 110%。由於上半年的強勁表現以及性能技術訂單不斷增長，推動了這一顯著增長。我們根據客戶趨勢以及全球商用車非公路和汽車市場的持續疲軟進行了調整。

With regards to earnings, we expect fiscal '25 adjusted EBITDA to be in the range of $375 million to $395 million. Consistent with our previous guidance, we expect Q3 will be sequentially lower than Q2 based on normal seasonal trends along with some ongoing weakness in our vehicular market.

就獲利而言，我們預計 25 財年調整後 EBITDA 將在 3.75 億美元至 3.95 億美元之間。與我們先前的指導一致，基於正常的季節性趨勢以及我們的汽車市場的持續疲軟，我們預計第三季將連續低於第二季。

We then expect a sequential ramp in Q4 consistent with previous years and driven by specific markets and product launches. In addition, our view of cash flow remains consistent as we anticipate another year of good cash flow. Based on the current outlook, we anticipate that free cash flow this year will be in line or above the prior fiscal year.

然後，我們預計第四季度將出現與前幾年一致的連續成長，並受到特定市場和產品發布的推動。此外，我們對現金流的看法保持一致，因為我們預計又一年將出現良好的現金流。根據目前的前景，我們預計今年的自由現金流將與上一財年持平或高於上一財年。

Last, we expect adjusted EPS to remain in the range of $3.65 to $3.95. Our income tax expense is trending a bit higher, and we expect the effective tax rate to be in the range of 26 % to 28%. Other assumptions for interest expense, taxes and amortization depreciation expense are summarized in the appendix attached to this presentation.

最後，我們預計調整後每股收益將保持在 3.65 美元至 3.95 美元的範圍內。我們的所得稅支出呈現略高趨勢，預計有效稅率在 26% 至 28% 之間。利息費用、稅金和攤銷折舊費用的其他假設總結於本簡報所附的附錄中。

To wrap up, we're pleased with the results from the second quarter in the first half of the year. Thanks again to those who attended or viewed the webcast of our investor day event. I encourage anyone who may have missed it to view the replay available on our Investor Relations website.

總而言之，我們對今年上半年第二季的業績感到滿意。再次感謝那些參加或觀看我們投資者日活動網路廣播的人們。我鼓勵任何可能錯過的人觀看我們投資者關係網站上的重播。

With that, Neil and I'll take your questions. Thank You.

接下來，尼爾和我將回答你的問題。謝謝。

(Operator Instructions)

（操作員說明）

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

Neil in your prepared remarks. You'd mentioned that in your hyperscale data center business, you now are seeing opportunities to sell your high performance chiller product into what sounds like potentially all three of your current hyper scale customers.

尼爾在你準備好的演講中。您提到，在您的超大規模資料中心業務中，您現在看到了將高性能冷水機產品銷售給聽起來可能是您當前的所有三個超大規模客戶的機會。

On a per megawatt basis. How much can that potentially increase your content? And I'm trying to understand ultimately, Neil, what the wallet opportunity here looks like if you add on these chillers in addition to the air handlers, you currently manufacture and then I have a follow up.

以每兆瓦為基礎。這可能會增加您的內容多少？尼爾，我最終試圖了解，如果除了您目前製造的空氣處理器之外，再添加這些冷水機，那麼這裡的錢包機會會是什麼樣子，然後我會進行跟進。

Yeah, Matt, great question. The market pricing for a chiller, the capacity of about 1.5 megawatt is right around USD0.5 million.

是的，馬特，好問題。容量約1.5兆瓦的冷水機組的市場定價約為50萬美元。

Got it. And then this capital project you're looking at in India, can you talk a little bit about the CapEx associated the timing the product specifically you're looking to manufacture there outside of in addition to what you're doing in data centers, I think you mentioned something about Gensets.

知道了。然後，您正在印度考慮的這個資本項目，您能談談與產品的時間相關的資本支出嗎？你提到了一些關於發電機組的事情。

So a little bit more colour on that. But importantly was this part of your longer-term view that you expressed a quarter two ago when you talked about growing a $500 million data center business to a billion dollars in three years or less or was this already in that thought process? Thank you.

所以再多一點顏色。但重要的是，這是否是您在第二季度前表達的長期觀點的一部分，當時您談到在三年或更短的時間內將價值5 億美元的資料中心業務發展到10 億美元，或者這是否已經在您的思考過程中？謝謝。

Good question, Matt. It was not, this is incremental. We're following our customers for their suggestions. So you know, we're looking at doing cracks, fan walls CDUs out of this location in India. And we feel good about it.

好問題，馬特。事實並非如此，這是增量的。我們正在關注客戶的建議。所以你知道，我們正在考慮在印度的這個位置製作裂縫、扇形牆 CDU。我們對此感覺良好。

I mean, we've already got presence there through our vehicular market. We've got opportunity there with gensets as well. So this just makes a lot of sense to move this up in our strategic plan and accelerate it, and it will add incremental capacity on our previous statements.

我的意思是，我們已經透過我們的汽車市場進入了那裡。我們在發電機組方面也有機會。因此，在我們的策略計劃中提升並加速它是非常有意義的，並且它將在我們先前的聲明中增加增量能力。

Got it. I'll get back in queue. Thanks.

知道了。我會回到隊列中。謝謝。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Yeah, thanks. Can we start with Scott Springfield? Another step up in contribution revenue this quarter. Obviously set up for expanded production up in Canada, just talk a little bit about what you've been seeing from the business to drive stronger contribution. And how you think about that trending through the balance of the year versus maybe when you acquired it.

是的，謝謝。我們可以從斯科特·斯普林菲爾德開始嗎？本季貢獻營收再次增加。顯然是為了擴大在加拿大的生產而設立的，只需談談您從業務中看到的推動更大貢獻的內容。以及你如何看待這一年的剩餘時間與你購買它時的趨勢。

So we're really pleased with that acquisition. That team has been very successful. And, and welcome to the to the overall moding team, they're doing an amazing job. We knew that if we could add additional capacity, that we would get more volume because of the quality and in the premium product we produce, we knew we would get more share within some of our customers if we could get delivery out at a faster rate, hence the investment in CapEx in the second facility.

所以我們對這次收購非常滿意。該團隊非常成功。並且，歡迎加入整個改裝團隊，他們做得非常好。我們知道，如果我們能夠增加額外的產能，我們將獲得更多的產量，因為我們生產的品質和優質產品，我們知道，如果我們能夠以更快的速度交貨，我們將在一些客戶中獲得更多的份額，因此對第二個設施的資本支出進行了投資。

And we're seeing that flow through now. We're also seeing the opportunity for cross selling as we bring in the Ardell brand then bringing the Scott Springfield brand over to the air, the traditional Airedale customers. So the cross-selling opportunities are starting to build up in our pipeline and our funnel and then just the pure volume because of the product, the quality of that product. We're seeing that pick up with our customers uptake, so it's exceeded our expectations to this point.

我們現在看到了這種情況的發生。我們也看到了交叉銷售的機會，因為我們引入了 Ardell 品牌，然後將 Scott Springfield 品牌帶到了空中，傳統的 Airedale 客戶。因此，交叉銷售機會開始在我們的管道和漏斗中建立，然後只是由於產品和產品品質而產生的純粹數量。我們看到客戶的使用量增加，因此到目前為止超出了我們的預期。

Okay. And then just on the outlook, appreciate you going through some of the moving pieces. And some of the pull forward that you mentioned, Mick around the benefits from 3Q to 2Q. But just at a high level, how do we think about margin trajectory over the balance of the year? And how is that informed by mix?

好的。然後就展望而言，感謝您經歷了一些令人感動的事情。您提到的一些拉動，米克圍繞著第三季到第二季的好處。但從較高的層面來看，我們如何看待今年剩餘時間的利潤率軌跡？混合是如何告知這一點的？

It does seem like for getting more growth in data center climate solutions. And maybe a little bit more weakness on PT side that, that might be mixed positive for the overall business, which would love your thoughts on that.

資料中心氣候解決方案似乎確實獲得了更多成長。也許 PT 方面的弱點多一點，這可能對整體業務有利，這會喜歡你對此的想法。

Yeah. Yeah. No, you hit on the major points there as we look at the second half of the year, we do see with the Q3 a little bit lower margin there in Q3. And then talking total company with a rebound again in Q4 with volume and other things with Q4 being more in line with the first half of the year.

是的。是的。不，當我們回顧今年下半年時，您談到了主要觀點，我們確實看到第三季的利潤率略低。然後談論整個公司在第四季度的銷售和其他方面再次反彈，第四季度與上半年更加一致。

Then under the the water line there, we're expecting Q3 to be another solid quarter for a climate solution. The order book on the data center is strong, we expect Q3 to be another good data center quarter for climate solution, heating season is always a see how this time of the year goes.

然後，在水位線以下，我們預計第三季將是氣候解決方案的另一個堅實的季度。資料中心的訂單量很強勁，我們預計第三季度將成為氣候解決方案的另一個良好的資料中心季度，供暖季節始終是一年中這個時候的情況。

But all of that said we're feeling good about our Q3 on the climate side. The PT then is really where we've got the temporary challenges and the depth one is the seasonal pattern with holidays and production days is always lower as you guys know.

但所有這些都表明我們對第三季的氣候方面感覺良好。那麼，PT 確實是我們面臨暫時挑戰的地方，而深度挑戰是假期和生產天數總是較低的季節性模式，正如你們所知。

And then this year on top of it is that softness across [AG] construction, CV and auto and we're just seeing customers add extend production shut down. So we'll see the bigger impact on the margin will be on the PT side.

今年最重要的是 [AG] 建築、商用車和汽車領域的疲軟，我們只是看到客戶增加了生產停工時間。因此，我們將看到對利潤率的更大影響將出現在 PT 方面。

So but yes, solid on the climate side. So that's how we see it in a flowing through into Q3 and Q4.

所以，是的，在氣候方面是可靠的。這就是我們在進入第三季和第四季時的看法。

Yeah, and just one follow up before I turn it over. I mean, at this point how much visibility into the back half for PT with some of those macro drivers, do you feel you really have is are we at the point where, you you're sort of production planning for the back half is pretty baked. Do you think you can move around a little bit in the next couple of months?

是的，在我把它翻過來之前只需跟進一次。我的意思是，在這一點上，對於 PT 的後半部分，其中一些宏觀驅動因素的可見性有多少，你覺得你真的有這樣的能力嗎？您認為您可以在接下來的幾個月內四處走動嗎？

Yeah. For the most part, the Q4 will start to firm up here based on customer EDIs order rates and we've tried to get under them in a few cases where there's always situations where they're not pulling at the same volume they are sending to our plans from an order rate.

是的。在大多數情況下，第四季度將根據客戶 EDI 訂單率開始穩定，我們已嘗試在少數情況下降低其發送量，但總是會出現他們拉取的數量與發送到的數量不同的情況。的計劃來自訂單率。

But that said we also have a number of opportunities and improvements in Q4 that are more tied to product launches and volumes, especially around the Genset side and with our EV system. So we've got some launches and volume improvements we see there. And then, we've tried to get under the market run rate here with this latest quarter.

但這就是說，我們在第四季度也有許多機會和改進，這些機會和改進與產品發布和銷量更加相關，特別是在發電機組方面和我們的電動車系統。因此，我們在那裡看到了一些發布和數量改進。然後，我們試圖在最近一個季度降低市場運行率。

Very helpful. Thank you.

非常有幫助。謝謝。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Good morning. Thanks for taking my questions. I just wanted to first ask you to elaborate on the Advanced Solutions business. There's a somewhat of a downward revision for the balance of the year and you could just talk about some of those dynamics. That'd be great.

早安.感謝您回答我的問題。我只想先請您詳細介紹一下高級解決方案業務。今年剩餘時間有一定程度的向下修正，你可以談談其中的一些動態。那太好了。

Yeah, great. Hey, it's Mick, I'll take a first swing and if Neil won't say anything he can. So we did lower the revenue. I look a little bit for ATS and advanced solutions that as a reminder last year, about $125 million in revenue and that mix is continuing to involve as we're launching our battery thermal management or EV system.

是的，太棒了。嘿，我是米克，我會先行動，如果尼爾不說的話他可以。所以我們確實降低了收入。我關注了一些 ATS 和先進的解決方案，作為提醒，去年的收入約為 1.25 億美元，隨著我們推出電池熱管理或電動車系統，這種組合將繼續涉及。

So about three quarters of that portfolio as of last fiscal year was still a heavy auto EV component and some legacy specialty vehicle, commercial vehicle, hybrid type. We really the most of what we took down mostly was on the auto EV side, on the component side.

因此，截至上一財年，該產品組合中約四分之三仍然是重型汽車電動車零件和一些傳統特種車輛、商用車、混合動力車型。事實上，我們拆除的大部分內容都是在汽車電動車方面，在零件方面。

And we're still expecting our battery thermal management and the EV systems to grow quite rapidly this year in excess of 30%. So really what got pulled down was the component area and that isn't the strategic focus for the company. So does that answer your question?

我們仍然預計今年我們的電池熱管理和電動車系統將成長超過 30%。因此，真正被取消的是組件領域，而這並不是公司的策略重點。那麼這回答了你的問題嗎？

Yeah, that's helpful. And you're saying the battery thermal management side, that's the commercial side.

是的，這很有幫助。你說的是電池熱管理方面，也就是商業方面。

Yeah, that's the part we're growing, and it will continue to grow, and it'll continue to become a bigger shift of the overall portfolio.

是的，這就是我們正在成長的部分，它將繼續成長，並將繼續成為整體投資組合的更大轉變。

Okay. Thank you. And then in the heat pump market, is there anything that's giving you any better visibility into when that recover’s?

好的。謝謝。那麼在熱泵市場中，是否有什麼能讓您更了解熱泵市場何時恢復？

It's a good question, Brian, thanks for that. This is Neil, it's really driven by regulations, right? And that's basically what we monitor, and we pulse, at the amount of permits that are applied for relative incentives that is driven by regulation. And we still see that as several quarters out from now as they push that compliance date.

這是一個很好的問題，布萊恩，謝謝你。這就是尼爾，這確實是由法規驅動的，對吧？這基本上就是我們監控和脈動的，用於監管驅動的相對激勵措施的許可證數量。我們仍然認為，從現在起幾個季度後，他們就會推遲合規日期。

Okay, great. Yeah, I'm trying to follow those regulations, but I assume you have better info than having more detailed conversations than I can have. So thank you for that. I'll follow up more later.

好的，太好了。是的，我正在努力遵守這些規定，但我認為你比我能得到的更詳細的對話擁有更好的資訊。所以謝謝你。稍後我會進一步跟進。

No problem.

沒問題。

Jeff Van Sinderen, B Riley securities.

Jeff Van Sinderen，B Riley 證券公司。

Hi, good morning, everyone. So just wanted to follow up a little bit more on the hyperscalers. Given the new production facilities you're targeting for those it seems like dedicated for hyperscale of work or more geared toward hyperscale of work.

嗨，大家早安。所以只是想對超大規模企業進行更多跟進。考慮到您的目標新生產設施似乎專門用於超大規模工作或更適合超大規模工作。

Are you at this point? Capacity constrained on any particular products in the data center area. And then since you are considering bringing on a new hyper skier, it sounds like maybe you could just touch on how production capacity will build and with the new facilities.

你現在正處於這個階段嗎？資料中心區域中任何特定產品的容量都受到限制。然後，既然您正在考慮引進新的超級滑雪運動員，聽起來也許您可以談談如何建立生產能力以及新設施。

And then when might the first order ship with the new hyperscaler, you expect to get an order from in Q3 and then I guess what is the potential to bring on incremental Hyper Scalers after that? Sorry, a lot in that question.

然後，第一個訂單何時會與新的超大規模擴展器一起發貨，您預計會在第三季度收到訂單，然後我猜想此後帶來增量超大規模擴展器的潛力是什麼？抱歉，這個問題很多。

Yeah. No, that's okay. Jeff, quick question. We're comfortable with where we've expanded and we can certainly by adding additional lines within the brick and mortar that we've invested in, we can meet the demand that's been given. And yes, you're right. We are now -- we've officially signed a master sales agreement as of last night with the third.

是的。不，沒關係。傑夫，快速提問。我們對我們的擴張感到滿意，我們當然可以透過在我們投資的實體中增加額外的生產線，我們可以滿足所給予的需求。是的，你是對的。我們現在——截至昨晚，我們已經與第三家正式簽署了一份主銷售協議。

And we expect to see some orders here in the coming quarters and we have the capacity to do it. So that was that part of the process, the vetting process that we have with that third are now our new third hyper scalar and we are to your point in conversations with the others. So there were others that we continue to have conversations with and we're going through the same vetting processes with the previous three.

我們預計未來幾季會在這裡收到一些訂單，而且我們有能力做到這一點。這就是流程的一部分，我們與第三者的審查流程現在是我們新的第三個超標量，我們在與其他人的對話中表達了你的觀點。因此，我們繼續與其他人進行對話，並且我們正在經歷與前三個人相同的審查流程。

Okay, great. And then just as we circle back to the PT business for a moment, latest thoughts on further rationalization there or maybe divestiture initiative either or on those two.

好的，太好了。然後，就在我們暫時回到 PT 業務時，關於進一步合理化的最新想法，或者可能是針對這兩者的剝離舉措。

I think the best way to answer that, Jeff, is as we laid out at the IR day right now, the team is heavily focused on that we laid out about a $300 million, area of our business that we are going to deemphasize over the next few years. And we had targeted about a $100 million a year, not knowing exactly when each event might take place and bigger pieces are little. But right now, that's the sole focus on that piece. That's the non-strategic.

傑夫，我認為回答這個問題的最好方法是，正如我們現在在 IR 日所闡述的那樣，團隊重點關注的是我們佈局了約 3 億美元的業務領域，我們將不再強調該領域未來幾年。我們的目標是每年 1 億美元左右，但不知道每項活動的確切時間，而且大的部分也很小。但現在，這是作品的唯一焦點。這就是非戰略性的。

Well, then is we've talked about many times doubling down to capture the share of growth in power generation and EV systems.

那麼，我們已經多次討論過要加倍努力，以獲取發電和電動車系統的成長份額。

Okay. Fair enough. Thanks for taking my questions. I'll take the rest offline.

好的。很公平。感謝您回答我的問題。我會把剩下的部分離線。

(Operator Instructions)

（操作員說明）

Chris Moore, CJS securities.

克里斯摩爾 (Chris Moore)，CJS 證券公司。

Hi, this is [Will] on for Chris when you've talked about data center and Modine's positioning and expected growth, one of the consistent themes has always been your focus on providing a relatively small subset of the market, exceptional products and service.

大家好，這是Chris 的[Will]，當您談到資料中心和Modine 的定位和預期成長時，一致的主題之一始終是您專注於提供相對較小的市場子集、卓越的產品和服務。

So when you think about the $1 billion revenue target and data center, how do you think about the expansion of your customer base? Can you get there just from the existing customer base? Do you need to double it? Any thoughts you have on attracting new customers would be helpful? Thank you.

那麼，當您考慮 10 億美元的收入目標和資料中心時，您如何看待客戶群的擴展？您能僅從現有客戶群中實現這一目標嗎？需要加倍嗎？您對吸引新客戶有什麼想法會有所幫助嗎？謝謝。

Yeah. Well, that's right. We're, we play in that niche space and we're moving away from low single digit market share into low double digit teams market share. So we're still in that space and with the capacity that we have in place today, that's with the existing funnel with the existing and current customers that we have incremental customers would be incremental. So what we forecast is based on what we know.

是的。嗯，沒錯。我們在這個利基市場中發揮作用，我們正在從低個位數的市場份額轉向低兩位數的團隊市場份額。因此，我們仍然處於這個領域，並且憑藉我們今天擁有的能力，即透過現有和當前客戶的現有漏斗，我們擁有的增量客戶將是增量的。所以我們的預測是基於我們所知道的。

Super helpful. Thank you. And then recognizing that the [Ice] based auto business is not a long term focus and you've sold some businesses here.

超有幫助。謝謝。然後認識到基於[冰]的汽車業務不是長期重點，並且您已經出售了這裡的一些業務。

You guys raise prices aggressively, especially in the ice-based auto business is part of the overall transformation two plus years ago.

你們積極提高價格，特別是在冰基汽車業務中，這是兩年多前整體轉型的一部分。

In many instances, auto customers were willing to pay the price increases at least temporarily. Now that the auto companies have had more time to analyse switching costs and competitors have had time to react to your price increases. How would you characterize the current state of the remaining auto ice business? Thank you.

在許多情況下，汽車客戶至少願意暫時支付漲價的費用。現在汽車公司有更多的時間來分析轉換成本，競爭對手也有時間對你的價格上漲做出反應。您如何評價剩餘汽車製冰業務的現況？謝謝。

Yeah, that's a good question. Well, I think, I can agree with your statement generally. But every supplier has unique conversations and discussions relative to the value that they add and the price that they pay. So and we've had those conversations and when we had those conversations, certainly, we don't look at that in terms of short term. If we're going to have conversations commercially. We look at that into typically two years to five year programs.

是的，這是一個好問題。嗯，我想，我總體上同意你的說法。但每個供應商對於他們增加的價值和支付的價格都有獨特的對話和討論。因此，我們已經進行了這些對話，當我們進行這些對話時，當然，我們不會從短期角度來看待這個問題。如果我們要進行商業對話。我們通常將其納入兩年到五年的計劃中。

That's great. Thank you.

那太棒了。謝謝。

Matt Summerville, D.A Davidson.

馬特·薩默維爾，D.A.戴維森。

Yeah, thanks. Just a couple follow ups. Just given my understanding of 80/20 the fact that you want to move on one way or another from $300 million in revenue, does this sort of PT downturn you're seeing enable you to accelerate that in any way. How should we be thinking about that?

是的，謝謝。只是幾個後續行動。根據我對 80/20 的理解，您希望以某種方式擺脫 3 億美元的收入，您所看到的這種 PT 低迷是否能讓您以任何方式加速這一目標。我們該如何思考這個問題？

Yeah, that's a good question, Matt. Certainly, when we see headwinds within the market, we definitely lean on our other businesses where we, we see -- we can outperform to offset that through 80/20 initiatives and growth initiatives. But at the same time, we also look real hard at the business and of their product line strategies.

是的，這是個好問題，馬特。當然，當我們看到市場中的逆風時，我們肯定會依靠我們的其他業務，我們認為我們可以透過 80/20 計劃和成長計劃來抵消這一影響。但同時，我們也認真審視業務及其產品線策略。

So when you're looking at the product line strategies, and your volumes are down you can really start to see the icebergs if you will, when the, when the water level is lower. So absolutely, remember PT was about a year behind in terms of 80/20 initiatives because we deliberately launched them a year later than climate solutions.

因此，當你考慮產品線策略時，如果你的產量下降，當水位較低時，你真的可以開始看到冰山。所以絕對要記住，PT 在 80/20 倡議方面落後了大約一年，因為我們故意晚於氣候解決方案一年推出它們。

So they're in the throes of it, and they're going to continue to look at their product line portfolio and make decisions on where they want to take it based long term based on the new watermark, which is the volume that they're seeing today. So to answer your question directly, it's a yes.

因此，他們正處於痛苦之中，他們將繼續審視自己的產品線組合，並根據新的水印（即他們的銷售）來決定長期的發展方向。所以直接回答你的問題，答案是肯定的。

Got it. And then maybe just two quick follow ups on the data center side of the business. You're obviously once the CDU, you expect to have some volume this year. What's maybe your early big picture thought on what liquid can look like in in fiscal '26? And can you remind us in the roll forward? You shared last month of your analyst data fiscal '27.

知道了。然後可能只是業務資料中心的兩次快速跟進。顯然，您曾經是基民盟，您預計今年會有一些數量。您對 26 財年液體可能會是什麼樣子的早期設想是什麼？您能在前滾過程中提醒我們嗎？您上個月分享了 27 財年的分析師數據。

Did you include much in there for liquid or much in there from this third hyper scale customer which is seemingly beginning to procure equipment from you guys perhaps sooner than you maybe would have suspected. Thank you.

你們是否在其中包含了許多液體或來自第三個超大規模客戶的許多內容，該客戶似乎開始從你們那裡採購設備，也許比你們想像的要早。謝謝。

Yeah, nothing material Matt, in terms of liquid or from a third hyperscaler.

是的，就液體或第三個超大規模而言，馬特沒有任何實質內容。

Thank you. As there are no further questions at this time, I would now like to turn the floor over to Kathy Powers for closing comments.

謝謝。由於目前沒有其他問題，我現在想請凱西·鮑爾斯 (Kathy Powers) 發表結束評論。

Thank you to everyone for joining us this morning. The replay of this call will be available on our Investor Relations website in about two hours. I hope everybody has a great day, and thank you all for your interest in Modine.

感謝大家今天早上加入我們。本次電話會議的重播將在大約兩個小時後在我們的投資者關係網站上發布。我希望大家度過愉快的一天，感謝大家對 Modine 的興趣。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與