Powell Industries Inc (POWL) 2025 Q2 法說會逐字稿

Welcome to the Powell Industries earnings conference call. (Operator Instructions) I would now like to turn the conference over to Ryan Coleman, Investor relations. Thank you. You may begin.

歡迎參加鮑威爾工業收益電話會議。（操作員指示）現在，我想將會議交給投資者關係部門的 Ryan Coleman。謝謝。你可以開始了。

Thank you, operator, and good morning everyone.

謝謝接線員，大家早安。

Thank you for joining us for Powell Industries conference call today to review fiscal year 2025 Second quarter results. With me on the call are Brett Cope, Powell's Chairman and CEO, and Mike Metcalf, Powell's CFO.

感謝您今天參加鮑威爾工業電話會議，回顧 2025 財年第二季的業績。與我一起參加電話會議的還有鮑威爾董事長兼執行長布雷特·科普 (Brett Cope) 和鮑威爾首席財務官邁克·梅特卡夫 (Mike Metcalf)。

There will be a replay of today's call, and it will be available via webcast by going to the company's website Powellin.com, or a telephonic replay will be available until May 14. The information on how to access the replay was provided in yesterday's earnings release.

今天的電話會議將會重播，您可以透過造訪公司網站 Powellin.com 進行網路直播，或在 5 月 14 日之前透過電話重播。昨天的收益報告中提供了有關如何存取重播的資訊。

Please note that information reported on this call speaks only as of today, May 7, 2025, and therefore you were advised that any time sensitive information may no longer be accurate at the time of replay listening or transcript reading.

請注意，本次通話中報告的資訊僅截至今天（2025 年 5 月 7 日），因此請注意，任何時間敏感資訊在重播或閱讀記錄時可能不再準確。

This conference call includes certain statements, including statements related to the company's expectations of its future operating results that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

本次電話會議包含某些聲明，包括與本公司對其未來營運績效預期相關的聲明，這些聲明可被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明。

Investors are cautioned that such forward-looking statements involve risks and uncertainties, and that actual future results may differ materially from those projected in these forward-looking statements.

敬請投資人注意，此類前瞻性陳述涉及風險和不確定性，未來的實際結果可能與這些前瞻性陳述中預測的結果有重大差異。

These risks and uncertainties include, but are not limited to, competition and competitive pressures, sensitivity to general economic and industry conditions, international, political, and economic risks, availability and price of raw materials, and execution of business strategies. For more information, please refer to the company's filings for the Securities and Exchange Commission. With that, I'll now turn the call over to Brett.

這些風險和不確定性包括但不限於競爭和競爭壓力、對一般經濟和產業狀況的敏感度、國際、政治和經濟風險、原材料的可用性和價格以及商業策略的執行。欲了解更多信息，請參閱該公司向美國證券交易委員會提交的文件。說完這些，我現在將電話轉給布雷特。

Thank you, Ryan, and good morning everyone.

謝謝你，瑞安，大家早安。

Thank you for joining us today to review Powell's fiscal 2025 second quarter results. I will make a few comments and then turn the call over to Mike for more financial commentary before we take your questions.

感謝您今天加入我們，共同回顧鮑威爾 2025 財年第二季的業績。我將發表一些評論，然後在回答您的問題之前將電話轉給邁克以獲得更多財務評論。

Our second quarter marked another solid performance. The team across Powell delivered gross profit dollar growth of 33% on revenue growth of 9%, which translated into record earnings per diluted share of $3.81 in the quarter.

我們第二季再次表現出色。鮑威爾團隊的毛利成長了 33%，營收成長了 9%，這意味著本季每股攤薄收益達到創紀錄的 3.81 美元。

The electric utility and commercial and industrial sectors remain growing bright spots for Powell as compared to the prior year, they grew by 48% and 16% respectively. These two sectors have and will continue to become more meaningful contributors to our total results.

電力和商業及工業部門仍然是鮑威爾的成長亮點，與前一年相比，分別成長了 48% 和 16%。這兩個部門已經並將繼續為我們的整體業績做出更有意義的貢獻。

New orders in the quarter totaled $249 million an increase of 6% compared to the prior year. New project activity was driven by our commercial and other industrial markets as well as the oil and gas sector.

本季新訂單總額為 2.49 億美元，較上年增加 6%。新項目活動由我們的商業和其他工業市場以及石油和天然氣行業推動。

We booked two large projects in the quarter, one for a new greenfield LNG facility to be located along the US Gulf Coast. As we have shared on previous updates, the fundamentals and market outlook for this sector remain very encouraging.

我們在本季預訂了兩個大型項目，其中一個是位於美國墨西哥灣沿岸的全新綠地液化天然氣設施。正如我們在先前的更新中分享的那樣，該行業的基本面和市場前景仍然非常令人鼓舞。

The other significant award this past quarter is for a large mining project in Canada for the production of potash. This award underscores how our people and facilities are demonstrating the strength of Powell. Our investment in Canada has always been focused on building a diverse portfolio of customers across the sectors that we serve.

上個季度獲得的另一個重要獎項是加拿大的大型鉀肥生產採礦計畫。該獎項凸顯了我們的員工和設施如何展現鮑威爾的實力。我們在加拿大的投資始終致力於在我們服務的各行業中建立多元化的客戶組合。

Each of these projects were approximately $50 million. Our gross margin in the quarter was 29.9%, which reflects discipline project execution, the benefit of closeouts, as well as continued operating efficiency across the business.

每個項目的價值約為 5000 萬美元。本季我們的毛利率為 29.9%，反映了專案執行的紀律、結算的好處以及整個業務持續的營運效率。

Mike will discuss our margin outlook for the second half of the year, but more broadly, we remain encouraged by our second quarter margin results.

麥克將討論我們今年下半年的利潤前景，但更廣泛地說，我們仍然對第二季的利潤結果感到鼓舞。

On the bottom line, we recorded net income of $46 million in the second quarter, or $3.81 per diluted share, which was 38% higher than the prior year and a record quarterly earnings per diluted share for Powell. Our backlog remains strong at $1.3 billion. The overall composition, margin profile, and project schedules of our backlog remain very encouraging.

總體而言，我們第二季的淨收入為 4,600 萬美元，即每股攤薄收益 3.81 美元，比上年同期高出 38%，創下了鮑威爾季度每股攤薄收益的新高。我們的積壓訂單仍然強勁，達到 13 億美元。我們的積壓訂單的整體組成、利潤狀況和專案進度仍然非常令人鼓舞。

We have revenue visibility well into fiscal 2027, and our order book is well balanced across the sectors we serve. In addition to our strong financial results in the quarter, we continue to make important strategic progress to expand and diversify our product portfolio.

我們的收入可預見性將持續到 2027 財年，而且我們服務的各行業的訂單量非常均衡。除了本季強勁的財務業績外，我們還繼續取得重要的策略進展，以擴大和多樣化我們的產品組合。

During the quarter, we commercially launched several new and innovative products. The first is a grounding switch. Widely used in international IEC switch gear designs, our new product will be the first to meet a new developing standard for the North American NC market.

本季度，我們推出了幾款新穎的創新產品。第一個是接地開關。我們的新產品廣泛應用於國際 IEC 開關設備設計，將率先滿足北美 NC 市場的新發展標準。

This product is mainly focused on industrial markets such as oil and gas but is an enhancement that we will ultimately seek to commercialize into all three of our major sectors. We've also received orders for a new compact substation that our team have engineered and recently introduced to the market.

該產品主要針對石油和天然氣等工業市場，但我們最終將尋求將其商業化到我們所有三個主要領域。我們也收到了我們團隊設計並最近推向市場的新型緊湊型變電站的訂單。

The Powell Control aisle substation provides optimized workspace along with environmental protection for utility and unit substations. This configured to order medium voltage substation reduces the installed cost of the substation while providing our customers with a safe environmentally protected aisle to service the switch gear.

Powell Control 通道變電站為公用事業和單元變電站提供最佳化的工作空間以及環境保護。這種按訂單配置的中壓變電站降低了變電站的安裝成本，同時為我們的客戶提供了安全、環保的通道來維修開關設備。

Our initial awards for this are in support of battery energy storage projects being developed and installed to support the utility grid. We also showcased our first design of a low voltage switchgear product specifically designed for the data center and associated commercial market.

我們最初的獎項是為了支持正在開發和安裝的電池儲能項目，以支援公用電網。我們也展示了專為資料中心和相關商業市場設計的首款低壓開關設備產品。

This product increases our ability to compete within the four walls of the data center where there are significant incremental content opportunities. We are also working towards adding the commercial infrastructure and the required sales channels necessary to better compete in this important vertical for all.

該產品增強了我們在資料中心內部的競爭能力，因為資料中心擁有大量的增量內容機會。我們也致力於增加必要的商業基礎設施和銷售管道，以便在這個重要的垂直領域中更好地競爭。

The launch of these latest products serves as continued validation of the increased R&D spend that we have undertaken over the past several quarters, and it monetizes intellectual property that has been on our balance sheet for nearly two years.

這些最新產品的推出繼續驗證了我們在過去幾季中增加的研發支出，並將我們資產負債表上近兩年的智慧財產權貨幣化。

Most importantly, it furthers our aim of advancing our product centric strategy to improve the overall future mix of product versus project-based revenues. We have just completed and received our occupancy permits on the capacity expansion at our electrical products facility here in Houston.

最重要的是，它進一步促進了我們以產品為中心的策略目標，以改善未來產品與基於專案的收入的整體組合。我們剛完成並獲得了位於休士頓的電氣產品工廠產能擴建的入住許可證。

I am pleased to share that this investment is on time and was finished on budget.

我很高興地告訴大家，這項投資按時並在預算內完成。

This incremental capacity will play a critical role in advancing our key strategic priority to commercialize new products through organic investment in our R&D function, positioning us to better compete and capture greater share in all three of our key market sectors.

這種增量產能將在推進我們的關鍵策略重點方面發揮關鍵作用，即透過對研發功能的有機投資將新產品商業化，使我們能夠更好地競爭並在所有三個關鍵市場領域中佔據更大的份額。

Manufacturing of both the station breaker that we launched last summer, and our new power control aisle substation will start in the third fiscal quarter. We will begin to recognize revenue through the balance of this year with more modest accretive additions in fiscal 2026.

我們去年夏天推出的電站斷路器和新的電力控制通道變電站的製造將於第三財季開始。我們將從今年的餘額開始確認收入，並在 2026 財年實現更適度的增值。

Looking ahead, the outlook for each of our end markets remains positive. The fundamentals for our oil, gas, and petrochemical markets support our expectation for continued strength in these sectors. Specific to the fundamentals of the US natural gas market, price spreads across global markets remain favorable and conducive to US export activity.

展望未來，我們每個終端市場的前景依然樂觀。我們的石油、天然氣和石化市場的基本面支持了我們對這些產業持續走強的預期。具體到美國天然氣市場的基本面，全球市場的價差仍然有利，有利於美國的出口活動。

The funnel of LNG projects that we are tracking continues to support our expectation for a strong cycle of greenfield and brownfield activity with generally a higher volume of projects that are either in process or currently being evaluated compared to the prior cycle.

我們正在追蹤的液化天然氣專案漏斗繼續支持我們對綠地和棕地活動強勁週期的預期，與上一週期相比，正在進行或正在評估的專案數量普遍更高。

Activity within our commercial and other industrial market also remains healthy and includes activity within the data center market.

我們的商業和其他工業市場內的活動也保持健康，包括資料中心市場內的活動。

Over the past few months, we have not seen any change or slowdown in activity within the data center market and our efforts to further penetrate the data center market and expand the total content opportunity for Powell within this market sector are progressing well.

在過去的幾個月裡，我們沒有看到資料中心市場活動有任何變化或放緩，我們進一步滲透資料中心市場和擴大鮑威爾在這個市場領域的整體內容機會的努力進展順利。

Lastly, the outlook for our electric utility market remains positive. We continue our sustained and decade-long effort to drive success for Powell in each of our three home geographies, the US, Canada, and the United Kingdom.

最後，我們的電力公用事業市場前景仍然樂觀。我們將繼續持續十年的努力，推動鮑威爾在美國、加拿大和英國三個本土地區取得成功。

Overall, we are very pleased with our financial results in the first half of this fiscal year and confident in how we position Powell to grow in each of our three major sectors. Our volume expectation in each of these sectors remain a tailwind, and we expect continued strong performance for the remainder of fiscal 2025.

整體而言，我們對本財年上半年的財務表現感到非常滿意，並且對鮑威爾在三大主要領域的發展定位充滿信心。我們對上述每個領域的銷售預期仍將保持順風態勢，我們預計 2025 財年剩餘時間將持續保持強勁表現。

With that, I'd like to turn the call over to Mike to walk us through our financial results in greater detail.

說到這裡，我想把電話轉給麥克，讓他更詳細地向我們介紹我們的財務表現。

Thank you, Brett, and good morning, everyone.

謝謝你，布雷特，大家早安。

In the second quarter of fiscal 2025, we reported total revenue of $279 million compared to $255 million or 9% higher versus the same period in fiscal 2024. New orders booked in the second fiscal quarter of 2025 were $249 million which was 6% higher than the same period one year ago.

2025 財年第二季度，我們的總營收為 2.79 億美元，而 2024 財年同期為 2.55 億美元，成長 9%。2025財年第二季的新訂單金額為2.49億美元，比去年同期成長6%。

As we continue to focus on diversifying the business across sectors outside of our core industrial, oil and gas, and petrochemical sectors, we continue to experience positive momentum across the utility and commercial and other industrial sectors, with backlog in these sectors at 29% and 13% respectively of the total business backlog.

隨著我們繼續專注於在核心工業、石油和天然氣以及石化行業以外的領域實現業務多元化，我們在公用事業、商業和其他工業領域繼續看到積極的勢頭，這些領域的積壓訂單分別佔總業務積壓訂單的29％和13％。

With these end markets continuing to contribute to the solid order activity in addition to the sustained commercial activity across most of our other core end markets, this combined to result in a 0.9 times book to bill ratio in the current quarter.

這些終端市場繼續為穩固的訂單活動做出貢獻，加上我們大多數其他核心終端市場的持續商業活動，共同導致本季的訂單出貨比達到 0.9 倍。

As a result, we reported $1.3 billion of backlog at the end of the second fiscal quarter, $42 million higher versus one year ago and $29 million lower sequentially.

因此，我們報告稱，第二財季末的積壓訂單金額為 13 億美元，比去年同期高出 4,200 萬美元，比上一季減少 2,900 萬美元。

Compared to the second quarter of fiscal 2024, domestic revenues improved by 5% to $228 million while international revenues were 33% higher, driven by increased project volume across our Canadian operations, as well as an increase in activity in the Middle East and Africa. In total, international revenues were up by $13 million to $51 million in the second fiscal quarter.

與 2024 財年第二季相比，國內收入成長 5%，達到 2.28 億美元，而國際收入成長 33%，這得益於我們加拿大業務的項目量增加以及中東和非洲活動的增加。總體而言，第二財季國際收入增加了 1,300 萬美元，達到 5,100 萬美元。

From a market sector perspective versus the second quarter of fiscal 2024, revenues increased 48% and 16% in the electric utility sector and the commercial and other industrial sector, respectively, reflecting our ongoing strategic focus to expand our presence across these two end markets.

從市場部門的角度來看，與 2024 財年第二季度相比，電力公用事業部門和商業及其他工業部門的收入分別增長了 48% 和 16%，這反映了我們持續的戰略重點，即擴大我們在這兩個終端市場的影響力。

Additionally, the light rail traction power sector experienced a substantial increase versus the second fiscal quarter of 2024, growing by 122%, or $5 million albeit on a small revenue base as we continue to be very selective in this market sector.

此外，輕軌牽引電力部門與 2024 財年第二季相比大幅成長，成長了 122%，即 500 萬美元，儘管營收基數較小，因為我們對這個市場領域仍然非常挑剔。

Across our core industrial and markets, the petrochemical sector and the oil and gas sector were lower by 13% and 3% respectively versus the same period one year ago as we grow closer to completion of the large petrochemical and LNG mega projects that were booked in fiscal 2023.

在我們的核心工業和市場中，隨著我們越來越接近完成 2023 財年預訂的大型石化和液化天然氣大型項目，石化行業和石油和天然氣行業的增長率分別比去年同期下降了 13% 和 3%。

Gross profit increased by $21 million to $83 million in the second fiscal quarter versus the same period one year ago. Gross profit as a percentage of revenue increased by 530 basis points to 29.9% of revenues versus the same period a year ago and with 520 basis points higher sequentially.

與去年同期相比，第二財季毛利增加了 2,100 萬美元，達到 8,300 萬美元。毛利佔收入的百分比比去年同期增加了 530 個基點，達到 29.9%，比上一季增加了 520 個基點。

The margin rates exiting the backlog continue to benefit from the large projects nearing completion which have continued to generate strong project closeouts during the quarter, contributing roughly 275 basis points to gross profit as a percentage of revenue during the second fiscal quarter and approximately 125 basis points on a fiscal year-to-date basis.

退出積壓項目的利潤率繼續受益於即將完工的大型項目，這些項目在本季度繼續產生強勁的項目收尾，為第二財季的毛利佔收入的百分比貢獻了約 275 個基點，為本財年迄今的毛利貢獻了約 125 個基點。

Additionally, margins have also benefited from the strong volume leverage and exceptional operational execution across all of the manufacturing divisions globally.

此外，利潤率也受益於全球所有製造部門的強大產量槓桿和卓越的營運執行。

Given these solid fundamentals and based upon margin levels in the order book, we anticipate that margin rates through the remainder of fiscal 2025 should align with the reported margin levels through the first six months of fiscal 2025, excluding the impact of the aforementioned project closeouts.

鑑於這些堅實的基本面，並根據訂單簿中的保證金水平，我們預計 2025 財年剩餘時間的保證金率應與 2025 財年前六個月的報告保證金水平保持一致，不包括上述項目收尾的影響。

Selling general and administrative expenses were $22 million in the current period, higher by $1 million on a higher level of compensation expenses across the business versus the same period a year ago. SGNA as a percentage of revenue decreased 40 basis points to 7.8% in the current fiscal quarter on the higher revenue base and overhead management.

本期銷售一般及行政開支為 2,200 萬美元，由於全公司薪酬開支水準較高，較去年同期增加 100 萬美元。由於收入基數較高和管理費用增加，本財政季度 SGNA 佔收入的百分比下降了 40 個基點，至 7.8%。

In the second quarter of fiscal 2025, we reported net income of $46.3 million generating $3.81 per diluted share compared to a net income of $33.5 million or $2.75 per diluted share in the second quarter of fiscal 2024.

在 2025 財年第二季度，我們報告的淨收入為 4,630 萬美元，每股攤薄收益 3.81 美元，而 2024 財年第二季的淨收入為 3,350 萬美元，每股攤薄收益 2.75 美元。

During the second quarter of fiscal 2025, we generated $22 million of operating cash flow driven by higher earnings generated in the second quarter, partially offset by negative working capital impact as we allocate capital to fund projects in the order book.

在 2025 財年第二季度，我們產生了 2,200 萬美元的營運現金流，這得益於第二季度產生的更高收益，但由於我們分配資本來資助訂單中的項目，因此部分抵消了營運資本的負面影響。

Investments in property, plant, and equipment in the fiscal second quarter totaled $4.1 million driven in large part by the facility expansion at our electrical products facility in Houston. At, March 30, 2025, we had cash and short-term investments of $389 million compared to $358 million at September 30, 2024, and $373 million at December 31, 2024.

第二財季對財產、廠房和設備的投資總額為 410 萬美元，這主要得益於我們位於休士頓的電氣產品工廠的擴建。截至 2025 年 3 月 30 日，我們的現金和短期投資為 3.89 億美元，而 2024 年 9 月 30 日為 3.58 億美元，2024 年 12 月 31 日為 3.73 億美元。

The company does not hold any debt. As we move into the second half of fiscal 2025, we anticipate continued strength operationally based upon current factory utilization levels, project execution, and backlog quality.

該公司不持有任何債務。隨著我們進入 2025 財年下半年，根據當前的工廠利用率水準、項目執行情況和積壓訂單質量，我們預計營運將繼續保持強勁。

Notwithstanding the typical challenges of project timing and mix coupled with the current macroeconomic uncertainties, Powell is well positioned to continue delivering strong results both financially and operationally for our customers and shareholders alike.

儘管面臨專案時間和組合的典型挑戰以及當前宏觀經濟的不確定性，鮑威爾仍處於有利地位，能夠繼續為我們的客戶和股東在財務和營運方面取得強勁的業績。

At this point we'll be happy to answer your questions.

現在我們很樂意回答您的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from John Bratz from Kansas City Capital. Please go ahead.

謝謝。我們現在開始問答環節。（操作員指示）我們的第一個問題來自堪薩斯城首都的約翰·布拉茨。請繼續。

Morning, Bratt and Mike. A couple of questions on the LNG outlook. First of all, the LNG award in this quarter, did that have anything to do with Trump unpausing the pause, so to speak?

早上好，布拉特和麥克。關於液化天然氣前景的幾個問題。首先，本季的液化天然氣合約授予，是否與川普恢復暫停有關？

I honestly don't know for certain, but I would say overall, if you look year over year, John, it absolutely is impacting the industry. It is the activity is up.

說實話，我也不太清楚，但我想說，總的來說，約翰，如果你逐年觀察，它絕對會對這個行業產生影響。活動開始了。

Okay, and, well, continuing on that theme and I'm not all that close to the LNG industry, but some of the things that I read, they talk about. Maybe some lower energy prices, tariffs adding to cost, and so on, and that, before it was sort of a regulatory risk with the Biden administration, now there seems to be some commercial risk on the on the returns or on the economics of LNG projects.

好的，好吧，繼續這個話題，我對液化天然氣行業並不是那麼了解，但我讀到的一些內容，他們有所談論。也許是因為能源價格較低、關稅增加成本等等，之前這對拜登政府來說是一種監管風險，現在液化天然氣計畫的回報或經濟效益似乎存在一些商業風險。

Is that really an issue at this point or do you see any commercial pause as the industry reacts to the tariffs and additional costs that may be faced, may be facing the industry.

這真的是目前的問題嗎？或者您認為，隨著行業對可能面臨的關稅和額外成本做出反應，商業活動會暫停？

Yeah, that's a really good question, and like you, I read and I'm consuming as much information on the world trading economics, right?

是的，這是一個非常好的問題，就像您一樣，我也閱讀並吸收了大量有關世界貿易經濟的信息，對嗎？

There was one in the press here not too long ago about China and what they're doing on on cargoes, but they really, you can look historically haven't bought a lot of cargos, but When we meet with our clients about jobs that last quarter or even the future work where where are they at in their FID status and selling out.

不久前，媒體上出現了一篇關於中國及其貨物交易的報道，但實際上，從歷史上看，他們並沒有購買很多貨物，但是當我們與客戶會面討論上個季度的工作或甚至未來的工作時，他們的 FID 狀態如何，銷售情況如何。

A future capacity to hit their ID dates, I would say generally.

我通常會說，未來有能力達到他們的身分證日期。

It's a very robust drive forward sort of discussions. So, whatever really is happening behind the scenes and their interaction with their customers would give me certainly an element of confidence that Mike and I and the management team are wanting to understand as much as you are in your question, and I would say today generally is very positive as we look forward.

這是一種非常有力的推動討論的方式。因此，無論幕後到底發生了什麼，以及他們與客戶的互動，都會給我一定的信心，邁克和我以及管理團隊都希望了解您在問題中所想了解的內容，我想說，今天總體上是非常積極的，我們期待著這一天。

Okay, any reason, given all the insight that you're getting with your clients and so on that some of the projects, let's say they still make sense, but they're going to be pushed a little bit to the right in terms of FID.

好的，無論出於什麼原因，考慮到您從客戶那裡獲得的所有見解等等，有些項目，我們可以說它們仍然有意義，但就 FID 而言，它們會被推向右邊一點。

Not sitting here today. It is a risk that's in the back of my mind because the tariffs and you think about, okay, what's going to happen on steel when I think about the things we don't build that they need to build on these large facilities that is part of the chat we have with the board and management team, but Really, I'm sure I'll get a question today on capital.

今天不坐在這裡。這是我心中一直存在的風險，因為關稅，你會想，好吧，當我想到我們不建造而他們需要在這些大型設施上建造的東西時，鋼鐵會發生什麼，這是我們與董事會和管理團隊討論的一部分，但真的，我確信今天我會被問到關於資本的問題。

We're actually thinking about another phase of investment at offshore to prepare, frankly.

坦白說，我們實際上正在考慮為海外的另一個階段投資做準備。

Okay, all right, thank you very much.

好的，好的，非常感謝。

Yeah.

是的。

Thank you. Your next question comes from John Friends rep from Sidoti and Company. Please go ahead.

謝謝。您的下一個問題來自 Sidoti and Company 的代表 John Friends。請繼續。

Good morning guys, and thanks for taking the questions. I want to go back to Mike's statement about the gross margins benefiting from about 275 basis points of closeouts. I'm curious about two things. One, given the demand environment, why can't you be more aggressive in pricing for gross margins?

大家早安，感謝你們回答問題。我想回到麥克關於毛利率因約 275 個基點的清倉而受益的聲明。我對兩件事很好奇。第一，考慮到需求環境，為什麼不能更積極地定價來提高毛利率？

And two, what should we be thinking about as a normal? Close out contribution on a quarterly basis or annual basis for that matter, if you want to push it back further, just so that we can know, get a better feel for it.

第二，我們該把什麼視為正常？如果您想進一步推遲，請按季度或年度結清捐款，這樣我們就可以了解並更好地了解它。

Morning, John. It's Brett. Let me try to address the first one and I'll turn over to Mike on the close out one. So, on the market demand side and pricing, we talk about this together. We certainly look for opportunities, but the market has, as we've kind of shared last couple of quarters, kind of hit a point where it's.

早安，約翰。是布雷特。讓我嘗試解決第一個問題，然後我會將最後的問題交給麥克。所以，在市場需求和定價方面，我們一起討論這個問題。我們當然會尋找機會，但正如我們在過去幾季中分享的那樣，市場已經達到了某種程度。

It's not getting any worse. It's not going backwards. It's kind of hit this area 1.5 years, 2 years ago, and sort of maintaining, and that seems to be still the case today.

情況沒有變得更糟。它不會倒退。大約一年半、兩年前，這種現象就襲擊了這個地區，並且一直持續至今，似乎仍然如此。

Some of the capacities of our competitors have improved from where they were at the worst point, if you will, through the pandemic, and they sort of leveled out last couple of quarters. It has the, I think the potential to go back the other way. It could become more constrained.

如果你願意的話，我們的一些競爭對手的能力已經從疫情最糟糕的時候有所提高，並且在過去的幾個季度中趨於平穩。我認為它有可能回到原來的狀態。它可能會變得更加受限。

A lot of uncertainty in the macro environment for some of the markets that are smaller for power, maybe bigger for them. If they start to go, I could see a scenario where that would go the other way, and we're watching that for opportunity, but right now it is more or less holding quarter over quarter.

對於一些電力規模較小或較大的市場來說，宏觀環境存在許多不確定性。如果他們開始行動，我可以看到情況會朝著相反的方向發展，我們正在觀察這個機會，但目前情況基本上保持穩定。

Yeah, and John, I'll add in there, as we've experienced over the last year or so, one was a seasonal low, as and we didn't see much in the way of project closeouts in one cuue, but the second half of fiscal '24 and this last quarter quarter that we reported. A very strong project closeouts that benefited the margin rate.

是的，約翰，我要補充一點，正如我們在過去一年左右所經歷的那樣，一個是季節性低谷，我們在一個時期內沒有看到太多的項目收尾，但 24 財年下半年和我們報告的最後一個季度。非常強勁的專案收尾有利於提高利潤率。

This is also coupled with strong project execution and operational leverage that I mentioned in my prepared comments. So, as we look forward for the remainder of fiscal '25, we anticipate a similar exit rate from a margin perspective from backlog, but X the X the elevated level of project closeout gains.

這也與我在準備好的評論中提到的強大的專案執行力和營運槓桿相結合。因此，當我們展望 25 財年的剩餘時間時，我們預期從積壓訂單的利潤率角度來看退出率會相似，但專案結算收益的水平會有所提高。

So, in the absence of any anomalies as we look forward to the remainder of the year, I think a reasonable barometer for the margin rates exiting backlog would approximate a normalized rate and the rate of 26% to 27% on a year-to-date basis.

因此，在展望今年剩餘時間時，如果沒有任何異常，我認為退出積壓訂單的保證金率的合理晴雨表將接近正常化率，年初至今的保證金率應為 26% 至 27%。

Yeah, I guess, Mike, that's what I'm kind of getting at that project, should we ignore project closeout benefits is what I'm getting at because it seems to come up often enough that we shouldn't, we should kind of be thinking about at least in the aggregate.

是的，我想，麥克，這就是我對該專案的看法，我們是否應該忽略專案收尾收益，因為它似乎經常出現，我們不應該，我們應該至少從總體上考慮。

Yeah, I guess, just to calibrate on that, we are in a projects business. There are inherent risks in these long lead projects, and the project team has done just a phenomenal job retiring the risks on the risk register.

是的，我想，只是為了校準這一點，我們從事的是專案業務。這些長期專案存在固有風險，專案團隊在消除風險登記冊上的風險方面做得非常出色。

So, we have reaped the rewards of their hard work over the last year. If something goes the other way, and it is a projects business, it could, but we haven't seen that over the last year.

因此，我們收穫了他們過去一年辛勤工作的回報。如果情況相反，而且這是一項專案業務，那麼就有可能，但在過去的一年裡我們還沒有看到這種情況。

Okay, just a little bit on the capacity expansion, can you update us on, how much of incremental revenue you would expect in 2025 and maybe an annualized basis as you think about 2026, but.

好的，關於產能擴張，您能否向我們介紹一下，您預計 2025 年的收入增量是多少，以及 2026 年的年化收入增量是多少。

Yes, so super excited and pleased with the with the team's performance on getting that expansion done on time. We have orders hitting the floor here this quarter. It'll be pretty small through the balance of the year, John, if you think about percentage of completion, accounting, it's sort of double, low double-digit type of business, total orders hitting the floor, but from a percentage of completion it will ramp up engine, some engineering and early.

是的，我對團隊按時完成擴展的表現感到非常興奮和高興。本季我們這裡的訂單已經到達最低水準。約翰，如果你考慮完成百分比、會計，那麼今年的餘額將會非常小，這是雙位數、低兩位數的業務，總訂單量達到最低水平，但從完成百分比來看，它將加速引擎、一些工程和早期的發展。

Build on the projects and then longer term, we think, I think I've shared this with the market before we anticipate next year sort of $20 million to $40 million dollar range creative as we launch projects and are successful in the market.

在專案的基礎上再進行長期建設，我認為，我已經與市場分享了這一點，我們預計明年隨著我們啟動專案並在市場上取得成功，創意規模將達到 2000 萬至 4000 萬美元。

And then as I noted with John Broth in the earlier question. We know the cycle of improvement with the land that we hold in.

正如我在之前的問題中與約翰·布羅斯提到的那樣。我們知道我們所擁有的土地的改善週期。

And reserve here in the Houston area we've got three different facilities with (acreage) and we are looking hard at Having chats with the board the next few months on deploying some capital there to make some further improvements.

我們在休士頓地區擁有三個不同的設施（佔地面積），我們正在認真考慮在未來幾個月與董事會討論在那裡部署一些資金以進行進一步的改進。

Yeah, very interesting, I think you said offshore that's surprising and good news.

是的，非常有趣，我認為您說的離岸是令人驚訝的好消息。

Yeah, out there couple of improvements and this next one could be sizeable so.

是的，已經有一些改進，而下一個改進可能會非常大。

Well, which I guess we'll just walk into the question, and I asked you last quarter, and maybe the quarter before that, I don't recall, but, you can't deny that the cash continues to swell, $325 million and even if half of it, is deployed, it still leaves you with a sizable number of relative to historic standards. What are the updated thoughts?

好吧，我想我們直接進入正題，我上個季度問過你，也許是上上個季度，我不記得了，但是，你不能否認現金繼續膨脹，3.25億美元，即使其中一半被部署，相對於歷史標準，它仍然給你留下了相當大的數字。有什麼更新的想法？

Well, go back to your earlier question. As we launch the new products, if a couple of these, I mean, hopefully we do did really well in our design basis and understanding the market and start to catch fire. We would be out looking at the footprint opportunities because we'll outgrow the space we just built and so we understand what's out in the market, done a little work out there for existing buildings and crane usage.

好吧，回到你之前的問題。當我們推出新產品時，如果其中有幾款，我的意思是，希望我們在設計基礎和市場理解方面做得很好，並開始引起轟動。我們會尋找佔地面積的機會，因為我們的成長速度會超出我們剛剛建造的空間，因此我們了解市場上的情況，並針對現有建築和起重機的使用做了一些工作。

These are the product crane capacities are lower than some of the heavier things that we've built traditionally here over the decades, but notwithstanding, we continue to look at the existing footprint and should we need to build, longer cycle to do that, heavier capital requirements, and so we hope the former will be the opportunity, but in the meantime for the things we do build on the substation side, especially, we all, we have the land here.

這些產品起重機的起重能力低於我們幾十年來在這裡傳統建造的一些較重的東西，但儘管如此，我們仍會繼續關注現有的佔地面積，如果需要建造，我們需要更長的周期來建造，更大的資本需求，所以我們希望前者會是一個機會，但與此同時，對於我們在變電站方面建造的東西，特別是我們所有人，我們在這裡有土地。

We've had it for, we picked up the additional 10 acres over at the products factory when we when we bought all that land, it's pretty clean and that's an option. But then the offshore yard we picked up also that 10 acres sitting out there. We did a small improvement a couple of years ago there, 150,000 square foot of lay down, but there's a lot more to go out there and that's the land that we're we're kind of circling our heads around right now for for fiscal Q3 to look at.

我們已經擁有了它，當我們購買所有土地時，我們在產品工廠獲得了額外的 10 英畝土地，它非常乾淨，這是一個選擇。但後來，我們也獲得了位於該處的 10 英畝的海上船廠土地。幾年前，我們在那裡做了一些小的改進，鋪設了 150,000 平方英尺的土地，但還有很多地方需要改進，這就是我們現在正在考慮的土地，用於第三財季的規劃。

Got it. And just one question, other question. Now, has the board considered a stock split at all? I'm just curious of what the discussions are on that.

知道了。只有一個問題，另一個問題。那麼，董事會是否考慮過股票分割？我只是好奇關於這個的討論是什麼。

I think it's come up. I think we talked more about, should we launch a buyback or, on the funnel side, is there an opportunity to use the equity side of the of the strength of the stock to do some things in the market for things that are in the funnel.

我認為它已經出現了。我認為我們更多地討論的是，我們是否應該啟動回購，或者在漏斗方面，是否有機會利用股票實力的股權方面在市場上為漏斗中的事物做一些事情。

So, having more shares out there, I understand, what that means and the conversations that are going on, especially with some of the shareholders, but we want to thoughtfully do it right to get to get the right return long term, so.

因此，我理解擁有更多股份意味著什麼，也理解正在進行的對話，特別是與一些股東的對話，但我們希望深思熟慮地做好這件事，以獲得長期正確的回報。

Okay, thanks for taking my question, right, I'll get back in the queue.

好的，感謝您回答我的問題，好的，我會回到隊列中。

All right John, take care.

好的，約翰，保重。

Thank you. The next question comes from Chip Moore from Roth Capital. Please go ahead.

謝謝。下一個問題來自 Roth Capital 的 Chip Moore。請繼續。

Morning, hey, thanks for taking the question. Maybe I go back to another one on cash, guys, the, I guess. Position you're in, I get a lot of questions around, why not consider a buyback just given where the stock is, where it's at is you signaling, some of those organic things you see that you just talked about are just so compelling and then any updates on M&A potential as well.

早上好，嘿，感謝您回答這個問題。也許我會回到另一個現金，夥計們，我想。就您的處境而言，我收到了很多問題，為什麼不考慮回購，只是考慮到股票的現狀，您所發出的信號，您剛才談到的一些有機事物非常引人注目，然後還有關於併購潛力的任何更新。

Yeah, hey, Chip, good morning, it's Brett. I'll start. Mike wants to jump in here. That is more or less the signal. I mean it's a healthy conversation with the board every quarter.

是的，嘿，奇普，早安，我是布雷特。我先開始。麥克想跳進這裡。這或多或少是一個訊號。我的意思是每季都會與董事會進行健康的對話。

I certainly understand the map of the potential buyback, but the flow is pretty low. But when you compare that for me against the work, we've been hard at doing the last two years to three years out in the market on the, I'll note the inorganic, but of course we're ramping up the organic side and just the time it takes to bring these things to market.

我當然了解潛在回購的圖景，但流量相當低。但是當你將它與我所做的工作進行比較時，你會發現，過去兩三年來，我們一直在努力在市場上開拓業務，我會注意到無機方面，但當然，我們正在加強有機方面，以及將這些東西推向市場所需的時間。

Again, for the conversation and comment that (Franzre) just asked, if these products go, we've got a range of expectation for return in the market, we're going to need some capital to go to work and we know we've done some base work, to go pick up, say a light.

再次，對於 (Franzre) 剛才提出的對話和評論，如果這些產品上市，我們對市場回報有一系列預期，我們將需要一些資金來開展工作，我們知道我們已經做了一些基礎工作，去接，比如說一盞燈。

Light commercial space that would support rapid expansion over and rapid for us would be a couple of years but wouldn't be a three-year build on a new factory. We'll need to put the powder to work. So that was sort of the basis all along with some other things that are going on the M&A front and so to that point.

對我們來說，支援快速擴張的輕型商業空間需要幾年的時間，但不會是三年內建成的新工廠。我們需要讓粉末發揮作用。所以這一直是併購方面正在發生的一些其他事情的基礎。

As I've noted last two quarters, we sort of took the longer term off the board on at the December report out, it came up last quarter and I would just tell you that the activity there continues to be very active. Mike and I and the and the team within the company are pretty heavily engaged now on a routine basis and I feel like it's moving along methodically very well.

正如我在過去兩個季度所指出的那樣，我們在 12 月的報告中將長期業務從董事會中剔除，它是在上個季度出現的，我只想告訴你，那裡的活動仍然非常活躍。麥克和我以及公司內部的團隊現在每天都在密切關注，我覺得一切都很順利。

Great, no, that makes perfect sense. If I could ask, just one or two more, I guess one, electric utility growth really stood out so maybe any more color on what you're seeing there, moving forward and then the, you talked about data center and showcasing that low voltage product, any more insight you can give us on. Potential there to get inside the four walls and have a think about time frames there. Thanks.

太好了，不，這完全說得通。如果我可以再問一兩個問題，我想首先，電力公用事業的成長確實非常突出，所以也許您能更詳細地介紹一下您在那裡看到的情況，然後，您談到了數據中心並展示了低壓產品，您能給我們更多見解嗎？有可能進入四面牆內並思考那裡的時間框架。謝謝。

So, on the utility side, I love this business. I love talking to our investors about it. I love pointing out the fact that today it is, 25% to 30% of our revenue and that we intentionally set out the strategy to get credit for our team at al that have been working hard at this, especially, in our home countries here, as I noted in my prepared comments and so we are out grabbing this.

因此，從實用性方面來說，我喜歡這項業務。我喜歡和我們的投資者談論此事。我喜歡指出這樣一個事實，即今天這部分收入占我們總收入的 25% 到 30%，而且我們特意制定了這一戰略，以表彰我們所有為此而努力工作的團隊，特別是在我們的祖國，正如我在準備好的評論中所指出的那樣，所以我們正在努力爭取這部分收入。

We have a part of our organic development path on product development is targeted at increasing the share of wallet in that 0 to 38 k space, and we are amping up our efforts to build out our team members in in select geographies.

我們的產品開發有機發展路徑的一部分旨在增加 0 至 38 k 空間的錢包份額，並且我們正在加強在特定地區建立我們的團隊成員。

And when you look at how the utilities, they just take the US market between the IOUs and the large, com con eds and what we're doing there and how do we go to market. And so the conversations even with the clients are much more strategic today than I think.

當你觀察公用事業公司如何佔領美國市場時，你會發現它們只是在 IOU 和大型公司之間徘徊，而我們在那裡做什麼，我們如何進入市場。因此，今天與客戶的對話也比我想像的更具策略性。

Fair to say ever in Paul's history, and that's been a refreshing change for both sides and given us a line of sight into backing this desire to be a better supplier to them and develop solutions that are very specific to their needs in the future. So that has been a very positive momentum in the US and Canada and and also the UK on the data center market.

公平地說，在保羅的歷史上，這對雙方來說都是一個令人耳目一新的變化，並讓我們能夠支持這一願望，成為他們更好的供應商，並開發出非常適合他們未來需求的解決方案。因此，這對美國、加拿大和英國的資料中心市場來說是一個非常積極的勢頭。

Again, I mean, we're still, it's a smaller part of our growth part, but it's it's been high growth in terms of its, percentage when you do the math calculation. Last quarter we had some really nice wins for good traditional pile gear.

再說一次，我的意思是，這仍然是我們成長中較小的一部分，但從數學計算的百分比來看，它是高成長的。上個季度，我們在傳統樁基設備方面取得了一些非常好的成績。

With some nice name brand companies so the engagement for us is exciting and this fixed pattern breaker design that that we don't have that we now have been through all the testing last quarter we released it at a show quietly, if you will, just to get as you start the process of introducing the product to the market. It's exciting for us as an enabler to inside the four walls, but it doesn't, I don't want to take away from the efforts of things that are still going on.

與一些知名品牌公司合作讓我們感到興奮，這種固定模式破壞者的設計是我們以前沒有的，我們上個季度已經完成了所有的測試，我們在一次展會上悄悄地發布了它，如果你願意的話，只是為了讓你開始將產品推向市場。作為四面牆內的推動者，這對我們來說是令人興奮的，但這並不意味著我不想從仍在進行的事情的努力中分心。

We are building and winning in the market with what we already had to go to war within this market. And so, I think as we add. People capability and keep rounding out the products. I think you know our anticipation is to make this sticky, and I think we're going to succeed.

我們正在利用我們現有的資源在這個市場上競爭，並且取得勝利。所以，我認為我們補充道。人們的能力並不斷完善產品。我想你知道我們的期望是讓這件事變得棘手，而且我認為我們會成功。

Great, that's very helpful, Brad, and maybe if I could sneak one last one in, just on tariffs, maybe a finer point, I guess one, any risk to margins just on passing on some things and then your sort of domestic positioning overall is that is that a strategic advantage.

太好了，這非常有幫助，布拉德，如果我可以偷偷地問最後一個問題，關於關稅，也許是一個更細微的問題，我想，首先，任何利潤風險都源於某些東西的傳遞，那麼你的國內定位總體上是一種戰略優勢。

I think it is, when you look at Powell, when you and compared to our competition, at least. Based on my experience in the industry and knowing how we supply Powell from a first line supplier perspective, we should be de minimis compared to our competitors.

我認為，當你看鮑威爾時，當你與我們的競爭對手相比時，至少是這樣的。根據我在該行業的經驗以及從一線供應商的角度了解我們如何為鮑威爾供貨，與我們的競爭對手相比，我們的價格應該處於最低水平。

So, cost opportunities, price opportunities, they should be there for Powell. Now as you dig into, when we build substations and we do major buyout, I'll point out like batteries. We don't a lot, very few people, if any, I think most batteries will come out of head east, kind of India and beyond, they're all going to come over overseas, your typical large lead acid battery (40 GBP 500), and there'll be multiple of those in the substation, they're going to be subject to some risk and so we're.

因此，成本機會、價格機會都應該等待鮑威爾。現在，當您深入了解時，當我們建造變電站並進行大規模收購時，我會指出電池。我們不多，很少有人，如果有的話，我認為大多數電池都會來自東部，例如印度和其他地方，它們都會運到海外，典型的大型鉛酸電池（40 英鎊 500 美元），變電站裡會有多個這樣的電池，它們會面臨一些風險，所以我們。

Working with our clients and and their and the end clients to ensure that you know that those costs are well understood and that really shouldn't be borne by Powell and so that's the approach we're taking and while we're trying to do everything we can to minimize the impact of the project and the ultimate.

與我們的客戶以及他們的最終客戶合作，以確保您知道這些成本是眾所周知的，而且這些成本實際上不應該由鮑威爾承擔，這就是我們採取的方法，同時我們正在盡一切努力將專案的影響和最終影響降至最低。

Viability of a project to go forward. It isn't something that at this point I think there'll be some effect, but I think we'll be.

項目繼續推進的可行性。我現在認為這不會產生什麼影響，但我認為一定會有。

Will be pretty successful at mitigating that. It could be a little bit of, as it kind of comes in the cost materials maybe or things we can't see it'll leak in inflationary, but I think over time we'll roll that out. It's the big hitters that might come in short term when we'd look to pass those through.

將會非常成功地緩解這種情況。可能會有一點，因為它可能出現在成本材料中，或者我們看不到的東西會在通貨膨脹中洩漏，但我認為隨著時間的推移我們會推出它。當我們希望將這些大人物傳遞出去時，他們可能會在短期內出現。

Got it. Okay, I appreciate the call. Thank you.

知道了。好的，感謝您的來電。謝謝。

Thank you. Our next follow-up question comes from John Franz rep from Sidoti and Company. Please go ahead.

謝謝。我們的下一個後續問題來自 Sidoti and Company 的代表 John Franz。請繼續。

Yeah, just on the data center discussion, can you just tell us what kind of annualized run rate you're at, and Brett, you said you expect to grow in a double-digit pace on a go forward basis. (Did I hear that) correctly?

是的，僅在資料中心討論中，您能否告訴我們您的年化運作率是多少？布雷特，您說您預計未來將以兩位數的速度成長。 （我聽得對嗎）？

Well, I, when I look at the growth of that of the commercial and other industrial sector, it's growing, but it, I don't we announced it years ago. Yeah. (multiple speakers)

嗯，當我看到商業和其他工業部門的成長時，它正在成長，但我不知道我們幾年前就宣布了這一點。是的。（多位發言者）

When we broke out the commercial and other industrial sector back in '23. If you looked prior to this data center wave that we're currently navigating through, it was roughly 6% of the total revenue, and that's grown now to, mid-teens, and that growth is really attributable to the data center volumes.

當我們在 23 年突破商業和其他工業部門。如果您回顧我們目前正在經歷的資料中心浪潮，它大約佔總收入的 6%，而現在已增長到十幾歲，而這種增長實際上歸功於資料中心的容量。

So, I mean there are other things in that sector, John, but just like I noted last quarter, they're not. $50 million dollar LNG jobs, but they are for gear, when we sell gear only into a job, they're nice chunky orders that are improving as we better understand the market, better (positionile), demonstrate to those clients and their engineering partners how we do things, so that process is that that effort that we have to undertake or any client in any sector as we engage, it's paying, it's starting to pay dividends, so.

所以，我的意思是，約翰，該領域還有其他東西，但就像我上個季度指出的那樣，它們不是。價值 5000 萬美元的液化天然氣工作，但它們是用於設備，當我們只將設備出售給工作時，它們是很好的大宗訂單，隨著我們對市場的更好了解，更好（定位），向那些客戶和他們的工程合作夥伴展示我們如何做事，這些訂單正在不斷改善，所以這個過程就是我們必須承擔的努力，或者我們參與的任何領域的股息

So, this, so I got this right, so data centers is mid-teens of total company revenue. And the trajectory is still expected to be at a double-digit clip, or am I overstating something?

所以，這個，所以我理解對了，資料中心占公司總收入的十五六成。並且預計軌跡仍將維持兩位數的速度，還是我誇大了什麼？

No, it's sub double digits. What I was alluding to is the increase from data centers went from six to, mid 10s 15 or so we're still, in the single digits from data centers, but to Brett's point, the market is quite large and quite robust.

不，是兩位數以下。我所指的是資料中心的成長量從 6 個增加到 10 個左右，現在仍然是個位數，但正如 Brett 所說，市場相當大，而且相當強勁。

Okay, I just wanted to get in context. Thank you, Mike. Thank you, Brett. Appreciate it.

好的，我只是想了解一下背景。謝謝你，麥克。謝謝你，布雷特。非常感謝。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back over to Brett Cope for CEO for any closing remarks.

謝謝。我們的問答環節到此結束。現在，我想將會議交還給執行長 Brett Cope 並請他致閉幕詞。

Thank you, Sager. Mike and I are fortunate to work with the most talented group of people that you'll find in the industry.

謝謝你，Sager。麥克和我非常幸運能夠與業內最有才華的團隊一起工作。

Thank you to our employees for their incredible contributions to our stellar results this past quarter. I would like to also thank our customers for their continued trust and support of Powell. We have and will continue to recognize the importance of transparent, agile execution and working to support critical project delivery milestones. Powell is committed to your success.

感謝我們的員工為我們上個季度的出色業績做出的傑出貢獻。我還要感謝我們的客戶對鮑威爾的持續信任和支持。我們已經並將繼續認識到透明、靈活的執行以及努力支持關鍵專案交付里程碑的重要性。鮑威爾致力於您的成功。

Thank you to everyone for joining us this morning. We appreciate your continued interest and support and look forward to updating everyone next quarter.

感謝大家今天上午加入我們。我們感謝您一直以來的關注與支持，並期待下個季度向大家更新最新情況。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。