Powell Industries Inc (POWL) 2025 Q3 法說會逐字稿

Welcome to the Powell Industries earnings conference call. (Operator Instructions) Please note this event is being recorded.

歡迎參加鮑威爾工業公司收益電話會議。 （操作員指示）請注意，此活動正在錄製中。

I would like to turn the conference over to Ryan Coleman, Investor Relations. Thank you. You may begin.

我想把會議交給投資者關係部的Ryan Coleman。謝謝。您可以開始了。

Thank you, and good morning, everyone. Thank you for joining us for Powell Industries conference call today to review fiscal year 2025 third quarter results. With me on the call are Brett Cope, Powell's Chairman and CEO; and Mike Metcalf, Powell's CFO. There will be a replay of today's call, and it will be available via webcast by going to the company's website, powellind.com, or a telephonic replay will be available until August 13. The information on how to access the replay was provided in yesterday's earnings release.

謝謝大家，早安！感謝大家今天參加Powell Industries的電話會議，回顧2025財年第三季業績。 Powell Industries董事長兼執行長Brett Cope和財務長Mike Metcalf與我一同出席了會議。今天的電話會議將提供重播，您可以透過造訪公司網站powellind.com進行網路直播，或透過電話收聽重播，重播將持續到8月13日。有關如何觀看重播的資訊已在昨天的財報發布會上提供。

Please note that information reported on this call speaks only as of today, August 6, 2025, and therefore, you are advised that any time-sensitive information may no longer be accurate at the time of replay listening or transcript reading. 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.

請注意，本次電話會議中報告的資訊僅截至2025年8月6日，因此，任何時間敏感資訊在重播或閱讀文字記錄時可能不再準確。本次電話會議包含某些聲明，包括與公司對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》所定義的前瞻性聲明。

Investors are cautioned that such forward-looking statements involve risks and uncertainties and that actual results may differ materially from those projected in these forward-looking statements. 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 with the Securities and Exchange Commission.

請投資人注意，此類前瞻性陳述涉及風險和不確定性，實際結果可能與這些前瞻性陳述的預測有重大差異。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、原材料的供應和價格以及業務策略的執行。更多信息，請參閱公司提交給美國證券交易委員會的文件。

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

說完這些，我現在將電話轉給布雷特。

Thank you, Ryan, and good morning, everyone. Thank you for joining us today to review Powell's fiscal 2025 third 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. Powell delivered a strong third quarter, as operationally, the team continues to execute at a high level. Our gross profit dollars grew 8% despite roughly flat revenue, leading to a gross margin of 30.7%, which was 230 basis points higher than the prior year.

謝謝瑞安，大家早安。感謝您今天加入我們，回顧鮑威爾2025財年第三季的業績。我會先發表一些評論，然後請麥克在回答大家的提問之前提供更多財務評論。鮑威爾第三季業績強勁，營運方面，團隊持續保持高水準運作。儘管營收基本上持平，但我們的毛利成長了8%，毛利率達到30.7%，比上年高出230個基點。

We continued to benefit from favorable volume leverage, effective project execution and the benefit of project closeouts. Revenue was largely unchanged compared to the prior year as lower revenue levels from the oil and gas and petrochemical markets were mostly offset by strong growth in the electric utility, commercial and other industrial international markets. This was mainly a function of project timing as our business can experience lumpiness in our project completion and delivery schedules from time to time.

我們繼續受益於良好的銷售槓桿、高效的專案執行以及專案收尾效益。收入與上年相比基本持平，因為石油天然氣和石化市場的收入下降大部分被電力、商業和其他工業國際市場的強勁成長所抵消。這主要受專案時間安排的影響，因為我們的業務有時會遇到專案完成和交付進度不穩定的情況。

On the bottom line, we recorded net income of $48 million in the quarter, or $3.96 per diluted share, which was 4% higher than the prior year and a record quarterly EPS for Powell. We saw meaningful acceleration in order activity highlighted by a book-to-bill ratio of 1.3 times and sequential backlog growth of 7% to a total of $1.4 billion. The $362 million in new orders was well balanced across the end markets we serve and included multiple substantial awards that I'll detail in a moment.

整體而言，本季我們的淨利為4,800萬美元，即每股攤薄收益3.96美元，較上年同期成長4%，創下鮑威爾季每股收益的新高。訂單活動大幅加速，訂單出貨比達到1.3倍，訂單儲備總額較上季成長7%，達到14億美元。 3.62億美元的新訂單在我們服務的終端市場中均衡增長，其中包括多項重大合同，稍後我將詳細介紹。

We remain very comfortable with the project schedules and overall composition of our order book. Our backlog is balanced across the market sectors we serve as well as across the Powell manufacturing footprint. The backlog possesses a healthy mix of both larger projects as well as what we would consider to be core smaller to medium-sized projects.

我們對專案進度和訂單的整體組成非常滿意。我們的待交付訂單在我們服務的市場領域以及Powell的整個生產基地之間保持均衡。待交付訂單既有大型項目，也有我們認為的核心中小型項目。

I'd like to briefly highlight a few of the larger awards we received during the third quarter. In the oil and gas market, we booked two large orders for custom power control room modules, which have a combined total of over $80 million. Each of these projects will be deployed to separate offshore production locations, one in the Gulf of America and the second to be located offshore from the coast of Africa.

我想簡要介紹一下我們在第三季獲得的幾個較大的合約。在石油和天然氣市場，我們獲得了兩份客製化電力控制室模組的大訂單，總價值超過8000萬美元。這兩個項目將分別部署到不同的海上生產地點，一個位於美國灣，另一個位於非洲海岸附近。

We also booked a roughly $60 million order in the electric utility market for a new power generation facility. This project is the largest in Powell's history for this market sector and is a testament to our strategic efforts to diversify our business and establish ourselves as a trusted partner to our utility customers.

我們還在電力公用事業市場獲得了約6000萬美元的訂單，用於新建發電設施。該項目是Powell公司歷史上在該市場領域最大的項目，也證明了我們為實現業務多元化、成為公用事業客戶值得信賴的合作夥伴所做的策略努力。

Our growth in this market has been more than a decade in the making and the investment of our time, effort and capital continues to contribute meaningful returns. In fact, of the $362 million in new orders this past quarter, nearly half of the new awards are within the electric utility market.

我們在這個市場的成長已經持續了十多年，我們投入的時間、精力和資本持續帶來豐厚的回報。事實上，在上個季度3.62億美元的新訂單中，近一半來自電力公用事業市場。

Lastly, we also booked a large traction order that totaled roughly $30 million. As we have shared over the last few years, we are committed to the traction market to take a highly selective approach in this market to ensure the alignment of the value we provide to our customers is well matched to our execution model.

最後，我們還獲得了一筆總額約3000萬美元的大型牽引車訂單。正如我們過去幾年所分享的那樣，我們致力於在牽引車市場採取高度選擇性的策略，以確保我們為客戶提供的價值與我們的執行模式完美匹配。

This particular project, which will be executed out of our Ohio facility is with a customer with whom we are building a long-term, mutually beneficial relationship. We also continue to execute against our strategy as we pursue Powell's profitable growth and long-term success. A few weeks ago, we announced an agreement to acquire Remsdaq Limited, a UK-based manufacturer of SCADA remote terminal units for electrical substation control and automation and generation, transmission and distribution.

該項目將在我們位於俄亥俄州的工廠進行，我們與一位客戶正在建立長期互惠互利的合作關係。在追求Powell獲利成長和長期成功的同時，我們也將繼續執行我們的策略。幾週前，我們宣布了一項收購Remsdaq Limited的協議，這是一家總部位於英國的SCADA遠端終端設備製造商，其產品用於變電站控制和自動化以及發電、輸電和配電。

For decades at Powell, we have delivered electrical distribution solutions to the market with nearly all of our projects requiring some level of electrical automation. We typically purchase a large amount of automation hardware today as part of the overall solution that we deliver to our customers. Remsdaq Limited is an established name for electrical automation in the regulated utility market across the UK.

數十年來，Powell 一直致力於為市場提供配電解決方案，幾乎所有專案都需要一定程度的電氣自動化。如今，我們通常會採購大量自動化硬件，作為交付給客戶的整體解決方案的一部分。 Remsdaq Limited 是英國受監管公用事業市場中電氣自動化的知名品牌。

The acquisition of Remsdaq's people and technology immediately strengthens our electrical automation platform, enhancing our ability to meet an underserved demand with a solution that's accretive to Powell. In addition to the existing utility market that Remsdaq currently serves, the technology road map that the Remsdaq team has been working towards to support the next generation of SCADA remote terminal units for their existing markets, provides a clear opportunity to leverage this next-generation platform into our North American utility market.

收購 Remsdaq 的人才和技術將立即增強我們的電氣自動化平台，提升我們透過一項對 Powell 有利的解決方案來滿足服務不足的需求的能力。除了 Remsdaq 目前服務的現有公用事業市場之外，Remsdaq 團隊一直致力於為其現有市場提供下一代 SCADA 遠端終端單元的技術路線圖，也為我們提供了將這一下一代平台應用於北美公用事業市場的明確機會。

Today, at Powell, we are able to influence the hardware side of our electrical automation solutions roughly 30% of the time. With the addition of Remsdaq, we will now be able to offer a 100% Powell-built solution to the utility market. And as the next generation of Remsdaq solution is released to the market, we'll look to qualify, offer and implement Powell solutions to all of the markets served by Powell.

如今，在Powell，我們大約30%的時間能夠影響電氣自動化解決方案的硬體方面。隨著Remsdaq的加入，我們現在能夠為公用事業市場提供100%由Powell打造的解決方案。隨著下一代Remsdaq解決方案的上市，我們將致力於為所有Powell服務市場提供、認證和實施Powell解決方案。

In addition to the electrical automation pillar, our latest product initiatives and development activity are helping to build commercial momentum as we pursue further diversification and expansion of our product portfolio. As we discussed last quarter, we launched a few new and innovative products, including a grounding switch for our oil and gas market, and a power control aisle, a compact substation that we are currently building in our recently expanded products factory in Houston as well as our first design of a low-voltage switchgear product targeted for inside the data center and associated commercial market.

除了電氣自動化支柱產品之外，我們最新的產品規劃和開發活動也有助於增強商業發展勢頭，協助我們進一步實現產品組合的多元化和擴展。正如我們上季度所討論的，我們推出了幾款創新產品，包括面向石油和天然氣市場的接地開關、電力控制通道、目前正在休士頓新擴建的產品工廠建造的緊湊型變電站，以及我們首款針對資料中心內部及相關商業市場的低壓開關設備產品設計。

We believe that these new products will span multiple markets and serve as an important validation of our elevated R&D spend in recent years and the IP that we have developed. Most importantly, it furthers our aim of advancing our product-centric strategy to improve the overall future mix of product versus project-based revenues.

我們相信，這些新產品將涵蓋多個市場，並將成為我們近年來加大研發投入以及所開發智慧財產權的重要證明。最重要的是，它進一步推進了我們以產品為中心的策略目標，從而改善未來產品收入與專案收入的整體結構。

Looking ahead, the outlook for each of our end markets remains positive. The fundamentals for the oil and gas market support our expectation for continued order strength, specific to the fundamentals of the US natural gas market. The pipeline of LNG projects that we are tracking continues to support our expectation for continued momentum for both greenfield and brownfield activities as we continue to experience increased LNG activity as the moratorium on permitting activity was lifted earlier this year.

展望未來，我們各終端市場的前景依然樂觀。油氣市場的基本面支撐了我們對訂單持續強勁的預期，尤其體現在美國天然氣市場的基本面。我們追蹤的液化天然氣計畫儲備繼續支撐我們對綠地和棕地計畫持續成長的預期，因為隨著今年稍早許可活動的禁令解除，液化天然氣活動持續增加。

Activity within our Commercial and Other Industrial market also remains healthy and includes broad and increased activity within the data center market. Multiple data points over the last few months confirm the ongoing momentum in data center capacity growth, and we continue to see growing opportunities for Powell as we seek to further penetrate this market with new products.

我們商業及其他工業市場的業務活動也保持健康，其中資料中心市場的業務活動廣泛且成長。過去幾個月的多個數據點證實了數據中心容量持續增長的勢頭，隨著我們尋求透過新產品進一步滲透該市場，我們繼續看到Powell不斷增長的機會。

Lastly, the outlook for our electric utility market remains very strong and balanced across the customers and geographies we serve in this market. Overall, we remain very encouraged by the strong demand across the markets we serve and confident in our ability to deliver value for our customers and stakeholders alike.

最後，我們電力公用事業市場的前景依然強勁，且在我們服務的客戶和地區範圍內保持平衡。整體而言，我們對所服務市場的強勁需求感到非常鼓舞，並對我們為客戶和利害關係人創造價值的能力充滿信心。

I'll now turn the call over to Mike to walk through our third quarter financials in more detail.

現在我將把電話轉給麥克，讓他更詳細地介紹我們第三季的財務狀況。

Thank you, Brett, and good morning, everyone. In the third quarter of fiscal 2025, we reported total revenue of $286 million compared to $288 million or roughly flat versus the same period in fiscal 2024. New orders booked in the third fiscal quarter of 2025 were $362 million, which was 2% higher than the same period one year ago.

謝謝布雷特，大家早安。 2025財年第三季度，我們的總營收為2.86億美元，而2024財年同期為2.88億美元，與2024財年同期基本持平。 2025財年第三季的新訂單金額為3.62億美元，比去年同期成長了2%。

During the current quarter, we secured two mega projects with a combined value exceeding $100 million. One of these represents the largest electric utility project in Powell's history while the other marks our first major offshore oil and gas substation award in several years. As a result of this significant utility project win, our Electric Utility backlog now accounts for 32% of the company's total backlog.

本季度，我們獲得了兩個總價值超過1億美元的大型專案。其中一個是Powell史上最大的電力公用事業項目，另一個是我們多年來首次獲得大型海上油氣變電站合約。由於贏得了這個重要的公用事業項目，我們的電力公用事業待完成訂單目前占公司總待完成訂單的32%。

In addition, we also booked a couple of other notable projects in the quarter, one being a large domestic traction order. This is the first substantial traction project we've added to the order book in several quarters, reflecting our disciplined and selective approach to this end market as we've previously communicated.

此外，本季我們還簽訂了其他幾個重要項目，其中一個是大型國內牽引訂單。這是我們幾個季度以來首次在訂單簿上新增的大型牽引項目，正如我們之前所傳達的，這體現了我們在該終端市場嚴謹而有選擇性的策略。

Finally, another notable win came from our international markets where we secured a substantial offshore oil and gas project to be executed by our United Kingdom division, further reinforcing the strength of our global capabilities. Overall, these project wins are a testament to the activity level and dynamic nature across all the end markets that we participate in.

最後，我們在國際市場取得了另一項顯著的勝利，我們贏得了一個由英國分部負責執行的大型海上油氣項目，進一步增強了我們全球業務的實力。總體而言，這些項目的勝利充分證明了我們在所有終端市場的活躍程度和活力。

This strong order activity during the quarter, combined with sustained commercial momentum across most of our other end markets resulted in a book-to-bill ratio of 1.3 times and a reported backlog of $1.4 billion at the end of the third fiscal quarter, $68 million higher versus one year ago and $90 million higher sequentially.

本季訂單活動強勁，加上我們大多數其他終端市場持續的商業勢頭，導致訂單出貨比達到 1.3 倍，第三財季末的積壓訂單額為 14 億美元，比去年同期高出 6800 萬美元，比上一季高出 9000 萬美元。

Compared to the third quarter of fiscal 2024, domestic revenues decreased by 8% to $225 million on project timing across the US divisions, while international revenues were 39% higher driven by increased project volume across our Canadian operations as well as an increase in activity in the Middle East and Africa.

與 2024 財年第三季相比，由於美國各部門的專案時間安排，國內收入下降 8% 至 2.25 億美元，而國際收入增長 39%，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。

In total, international revenues were up by $17 million to $62 million in the third fiscal quarter. From a market sector perspective versus the third quarter of fiscal 2024, revenues from our Electric Utility market increased by 31%, while revenues from the Commercial and Other Industrial market and the traction market increased by 18% and 61%, respectively, albeit the traction market starting from a small revenue base.

整體而言，第三財季國際營收成長1,700萬美元，達到6,200萬美元。從市場領域來看，與2024財年第三季相比，電力公用事業市場的收入成長了31%，而商業及其他工業市場和牽引市場的收入分別成長了18%和61%，儘管牽引市場的收入基數較小。

Across our core industrial end markets, the petrochemical and the oil and gas markets were lower by 36% and 8%, respectively, versus the same period one year ago on a challenging prior year comparisons as we near completion on the large petrochemical and LNG mega projects that were booked in fiscal 2023. Gross profit increased by $6 million to $88 million in the third fiscal quarter versus the same period one year ago.

在我們的核心工業終端市場中，石化市場和石油天然氣市場分別比去年同期下降了 36% 和 8%，與去年同期相比具有挑戰性，因為我們已接近完成 2023 財年預訂的大型石化和液化天然氣大型專案。第三財季毛利與去年同期相比增加了 600 萬美元，達到 8,800 萬美元。

Gross profit as a percentage of revenue increased by 230 basis points to 30.7% of revenues versus the same period a year ago and was 80 basis points higher sequentially. This performance was driven in large part by the strong margin rates exiting the backlog and the sustained volume leverage across the business in addition to the continued benefit of strong project execution and the resulting favorable project closeouts.

毛利佔營收的比重較去年同期上升230個基點，達到30.7%，較上季上升80個基點。這項業績主要得益於待完成訂單帶來的高利潤率、業務範圍內持續的銷售槓桿，以及持續強勁的專案執行和由此帶來的良好專案收尾。

During the quarter, we had a small number of project cancellations resulting from customer scheduling changes and other miscellaneous unusual items that contributed roughly 85 basis points to the fiscal third quarter margin rate. Overall, we're very pleased with the company's continued operational performance during the third fiscal quarter.

本季度，由於客戶計劃變更及其他各種異常情況，我們取消了少量項目，這導致第三財季利潤率下降約85個基點。整體而言，我們對公司在第三財季的持續營運表現非常滿意。

Margins have remained resilient and are benefiting from more short-cycle product mix in addition to the market dynamics that had generated strong volume leverage and have supported modest pricing accretion, effectively offsetting any inflationary impacts across the business. Considering these variables, in addition to the quality of the backlog, we anticipate that as we close fiscal 2025 and establish our framework for fiscal 2026, margin levels should approximate the current year-to-date margin rate, excluding any unusual items and project closeout gains which together comprise roughly 150 basis points on a year-to-date basis.

利潤率維持韌性，得益於更多短週期產品組合，以及市場動態帶來的強勁銷售槓桿作用和溫和的價格上漲，有效抵消了通膨對整個業務的影響。考慮到這些變數以及待交付訂單的質量，我們預計，在結束2025財年並製定2026財年框架時，利潤率水準應接近年初至今的當前利潤率，扣除任何異常項目和專案竣工收益後，年初至今的利潤率約為150個基點。

Selling, general and administrative expenses were $25 million in the current period, higher by $3 million, driven by an increased level of compensation expenses across the business as well as acquisition-related expenses in the period. SG&A as a percentage of revenue increased 120 basis points to 8.8% in the current fiscal quarter. In the third quarter of fiscal 2025, we reported net income of $48.2 million, generating $3.96 per diluted share compared to a net income of $46.2 million or $3.79 per diluted share in the third quarter of fiscal 2024.

本季銷售、一般及行政費用為2,500萬美元，較上一季增加300萬美元，主要由於本季全公司薪資支出及收購相關費用的增加。本季銷售、一般及行政費用佔收入的百分比上升了120個基點，達到8.8%。 2025財年第三季度，我們報告淨利潤為4820萬美元，攤薄後每股收益為3.96美元，而2024財年第三季度的淨利潤為4620萬美元，攤薄後每股收益為3.79美元。

During the third quarter of fiscal 2025, we generated $47 million of operating cash flow on higher earnings generated in the quarter. Investments in property, plant and equipment in the fiscal third quarter totaled $5.1 million, driven by capital spending related to the completion of the facility expansion at our electrical products facility in Houston as well as new production equipment across our manufacturing footprint.

2025財年第三季度，我們創造了4,700萬美元的營運現金流，這得益於本季獲利的成長。第三季的物業、廠房及設備投資總額為510萬美元，這主要得益於我們位於休士頓的電氣產品工廠擴建工程竣工以及我們整個製造工廠新增生產設備相關的資本支出。

At June 30, 2025, we had cash and short-term investments of $433 million compared to $358 million at September 30, 2024, and $389 million at March 31, 2025. The company does not hold any debt. In closing, we are very pleased with our operational and financial performance through the first nine months of fiscal 2025. As we approach fiscal year-end, we remain confident in the company's strategic positioning and the momentum behind our growth initiatives.

截至2025年6月30日，我們的現金及短期投資為4.33億美元，而2024年9月30日為3.58億美元，2025年3月31日為3.89億美元。公司不持有任何債務。最後，我們對2025財年前九個月的營運和財務表現感到非常滿意。隨著財年接近尾聲，我們對公司的策略定位和成長計畫的勢頭仍然充滿信心。

Looking ahead, the strength and consistency of commercial activity across all of our end markets reinforces the broadening of our business strategies and provide a solid foundation as we plan for fiscal 2026. Operationally, we are executing effectively and are well positioned to sustain our year-to-date financial performance through the fourth quarter of fiscal 2025 and into the next fiscal year.

展望未來，我們所有終端市場的商業活動的強勁和一致性將加強我們業務策略的拓展，並為我們規劃 2026 財年奠定堅實的基礎。在營運方面，我們執行有效，並已做好準備，將年初至今的財務表現維持到 2025 財年第四季及下一個財年。

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

此時，我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

John Franzreb, Sidoti & Company.

約翰‧弗蘭茲雷布 (John Franzreb)，西多蒂公司 (Sidoti & Company)。

Good morning, guys, and congratulations on another great quarter. Brett, I'd like to start with really the stellar bookings profile in the quarter. Some really large projects you were able to bring across the finish line. I'm curious what the opportunity pipeline look like now? How many large projects that you're bidding on? Maybe give us some context of what we're seeing out there?

大家早安，恭喜您又一個出色的季度。 Brett，我想先從本季出色的訂單情況說起。您成功完成了一些大型專案。我很好奇現在的機會管道是什麼樣的？您目前在競標多少個大型專案？能否介紹一下目前的情況？

Well, good morning again, John, I appreciate the question. Really good quarter. We highlighted in the prepared comments the utility market specifically. As you know, this has been a methodic strategic strategy for us to go build our home markets in the US and Canada.

好的，早安，約翰，我很感謝你的提問。這個季度表現非常好。我們在準備好的評論中特別強調了公用事業市場。如你所知，這對我們來說是一個系統性的策略，旨在拓展我們在美國和加拿大的本土市場。

So the big power generation award certainly is -- was an exciting win. It was very competitive. And -- but the broad-based participation from the other -- the broader market, also very solid in the quarter. As we look forward, again, in the oil and gas segment, certainly, the fundamentals of gas, as I've noted last couple of quarters continues to be very active.

因此，贏得大型發電項目獎項無疑是令人興奮的。競爭非常激烈。此外，其他市場的廣泛參與也在本季表現非常穩健。展望未來，在石油和天然氣領域，正如我過去幾個季度所指出的，天然氣的基本面仍然非常活躍。

Timing is little bit more of a challenge this time around, but the amount of activity is very broad and significant that's out there. And so that's something we track, working very hard across the teams. I think the utility market continues to be very solid for us looking forward, given all the various drivers of electrification today in US, Canada and the UK. And commercial and other markets continues to be robust for us.

這次時機的挑戰更大一些，但活動範圍非常廣泛，意義重大。因此，我們一直在密切關注，各個團隊都在努力工作。考慮到目前美國、加拿大和英國電氣化的各種驅動因素​​，我認為公用事業市場未來對我們來說仍然非常穩定。商業和其他市場對我們來說也將繼續保持強勁。

It's from an absolute dollars number smaller, but percentage-wise growing, still opportunistic. I would say that we're still a little bit more reacting than driving our future there. But it is very broad-based, and it is not showing any signs of relenting at least in terms of where we're involved.

雖然絕對金額較小，但百分比正在成長，仍然充滿機會。我想說，我們在這方面仍然只是被動地應對，而不是主動推動未來發展。但其基礎非常廣泛，而且至少就我們參與的領域而言，沒有任何減弱的跡象。

That's great. I'm curious, what your visibility in the revenue profile look like? How far does it extend compared to, I don't know, a year or two ago?

太好了。我很好奇，你們的收入狀況如何？和一兩年前相比，成長了多少？

Hey John, this is Mike. Good morning. Yes, our backlog is very transparent, and we're booking out into late fiscal '27 at this stage and big projects would carry over probably into '28. There's a two- to three-year lead time for these large projects. So we have very good visibility. Our Q will come out later today.

嘿，約翰，我是麥克。早安.是的，我們的積壓訂單非常透明，目前訂單已經排到2027財年末，大型專案可能會延續到2028財年。這些大型專案的交付週期為兩到三年。所以我們的透明度很高。我們的Q值將於今天稍後公佈。

You'll see that roughly 65% of our backlog is slated to convert to revenue over the next 12 months. So yes, that's an area where we have a lot of visibility.

您會發現，我們大約65%的待辦事項訂單預計在未來12個月內轉化為收入。所以，是的，這是一個我們非常有預見性的領域。

Excellent, thanks, Mike. And I'm just curious about the gross margin. You outlined three things, but I guess the project closeouts is the one I want to focus on. How much did that contribute to the improvement in gross margin year-over-year?

太好了，謝謝，麥克。我只是好奇毛利率。你概括了三件事，但我想重點談談專案收尾。這對毛利率的年比提升貢獻有多大？

Yes. Let me refer to the year-to-date margins, John. Through the first nine months of fiscal 2025, we've recorded 28.6% gross profit as it relates to revenues. That's 250 basis points year-over-year favorable. So of that 250 bps, there's roughly 100 of that, that is attributable to just productivity, organic margin growth through increased throughput, volume leverage, some modest price accretion that's offsetting some of the inflationary pressures in the business.

是的。約翰，讓我來談談年初至今的利潤率。 2025財年前九個月，我們的毛利佔營收的比重為28.6%，比去年同期高出250個基點。在這250個基點中，大約有100個基點的貢獻，完全歸功於生產力的提升、透過提高吞吐量實現的有機利潤率成長、產量槓桿以及適度的價格上漲，這些因素抵消了業務中部分通膨壓力。

And the remaining 150 bps is really project closeouts. The majority is project closeouts, then you have a small element, call it, probably 30 of that is due to unusual items. So roughly 115, 120 basis points on a year-to-date basis for project closeout gains that we've seen.

剩下的150個基點其實就是專案收尾收益。其中大部分是專案收尾收益，還有一小部分，大概是30個基點，是因為不尋常項目造成的。因此，年初至今，我們看到的專案收尾收益大約是115到120個基點。

Okay. And one last question, I'll get back into queue. The SG&A took a noticeable tick up in the quarter. Was something -- anything unusual there we should be aware of?

好的。最後一個問題，我回到隊列。本季銷售、一般及行政費用（SG&A）明顯上升。有什麼異常情況需要我們注意嗎？

Nothing unusual per se. We did have higher variable compensation expenses hit the quarter, and we also had some acquisition-related expenses that hit the quarter from the Remsdaq acquisition.

本身沒什麼異常。本季我們的浮動薪資支出確實有所增加，而且由於收購Remsdaq，我們也產生了一些與收購相關的支出。

Got it. Thanks, Mike. I'll come back in the queue.

明白了。謝謝，麥克。我會再排隊的。

Chip Moore, ROTH.

奇普摩爾，羅斯。

Hey, thanks for taking the question, guys. I wanted to ask, I guess, first on Electric Utility, very impressive results there again. Just you've talked about this for a while, Brett, but how you've sort of gone after that market and become a trusted partner, just maybe expand on the visibility you're seeing there.

嘿，謝謝大家回答這個問題。我想先問問電力公司（Electric Utility），那裡的業績非常令人印象深刻。布雷特，你已經談過這個問題一段時間了，但你是如何進入這個市場並成為值得信賴的合作夥伴的，能否進一步談談你在那裡看到的知名度？

Do you think that momentum should continue? And is that a function of becoming a more trusted partner? Is it load growth? What's the real driver there?

您認為這種勢頭會持續下去嗎？這是否意味著我們成為了更值得信賴的合作夥伴？是負載成長的原因嗎？真正的驅動力是什麼？

A little bit of both. I think that if you go back to the original strategy when we started years ago, we really focused on the distribution side of T&D and going after those closed solutions in the yard, moving clients into a more reliable, long-term, better investment of their capital into what we build.

兩者都有一點。我認為，如果回顧我們幾年前成立之初的策略，我們當時真正專注於輸配電業務的配送方面，並致力於開發那些封閉式的場內解決方案，引導客戶將資金更可靠、更長期、更有效地投資於我們構建的產品。

And as this generation wave sort of crept up on everybody post pandemic, it's a combination of being there with the end client, the utility and also the engineering partners that are in this space. And so a little bit of mix of both. And so we -- I'm very curious when I meet -- when I get the chance to talk with the end client as to what is the driver? Is it just the typical sort of build-out population and industrial support and how much of that is the other big driver today, which a lot of people talk about the data centers. There's clearly that element moving into the demand piece on generation.

隨著疫情過後，這股發電浪潮席捲而來，它需要終端客戶、公用事業公司以及該領域的工程合作夥伴的共同參與。所以，兩者略有不同。因此，當我有機會與終端客戶會面時，我很好奇，驅動因素是什麼？這是否只是典型的人口擴張和產業支持？其中有多少是當今另一個重要的驅動因素，也就是很多人談論的資料中心。顯然，這個因素正在影響發電需求。

And I would say that was absolutely represented this past quarter. When we look out, it's pretty -- I sit every week with the team and listen in, and I'd say it's -- there's a lot of opportunity out there still in the utility market. We're pretty excited about this sector for the future.

我想說，上個季度的情況確實如此。放眼望去，我發現公用事業市場仍然有很多機會——我每週都會和團隊坐在一起，傾聽他們的意見。我們對這個行業的未來充滿期待。

Great. And maybe a follow-up on Remsdaq, specifically, you talked about next-gen SCADA units and potential there to leverage that into North America. Maybe just expand on that. And I believe this is nicely margin accretive potential business, how you're thinking about that? And just the acquisition itself, how it came about and -- yes.

太好了。或許可以跟進Remsdaq的情況，具體來說，您談到了下一代SCADA單元，以及將其引入北美市場的潛力。或許可以進一步闡述。我相信這是一個能夠大幅提升利潤率的潛在業務，您對此有何看法？還有收購本身，以及它是如何發生的——是的。

So we've been looking for a while. We -- when we put out our strategy a couple of years ago on the investor deck side and highlighted electrical automation, this is an area we do think we can move the needle on. We see it every project, some degree, sometimes it's smaller, sometimes it's quite significant as a percentage of the overall project.

所以我們一直在尋找。幾年前，我們在投資者平台發布策略時，重點強調了電氣自動化，我們認為這是一個可以推動發展的領域。我們在每個專案中都看到了它，或多或少，有時規模較小，有時佔整個專案的很大一部分。

The RTU we identified is a key building block, and we went around the world and looked at the markets, found a great company in Remsdaq, three owners today, one of the owners is the MD. Family-like environment, strong, 30-plus year profile in the regulated utility market with an extremely reliable product from a performance standpoint, which, again, we love and fits right in the Powell.

我們認定的RTU是關鍵的基石，我們走遍全球，考察市場，最終在雷姆斯達克找到了一家很棒的公司，目前擁有三位所有者，其中一位是董事總經理。公司氛圍溫馨如家，在受監管的公用事業市場擁有超過30年的豐富經驗，產品性能極為可靠，這些都讓我們非常喜愛，也與Powell非常契合。

And as we got to know them and they know us and talked about where each group aspires to go, we learned about all their know-how going into their next-generation product, which, of course, was built to support their end markets. And we started understanding it better, how they were going about building this next generation, and we look across the broader RTU market globally, not just our markets, but globally, it has a really impressive potential.

隨著我們逐漸了解他們，他們也逐漸了解我們，並探討了雙方各自的發展目標，我們了解到他們開發下一代產品的所有專業知識，而這些產品當然是為了支持他們的終端市場而打造的。我們開始更深入地了解他們是如何打造下一代產品的。我們放眼全球更廣泛的RTU市場，不僅是我們自己的市場，而是在全球範圍內，它都擁有令人矚目的潛力。

So for us, it really became clear this was something that made a lot of sense. And so we feel very excited to bring it on to not just for the UK market, which is accretive to our utility sector there. But I feel pretty good we'll be able to port it over pretty quickly here to the utility market and then we'll work to get it in the balance of the markets through taking it through and getting into the ABL, doing your typical awareness meetings and really growing this throughout all Powell. I feel pretty positive about that.

所以對我們來說，這顯然是非常有意義的。因此，我們非常高興能夠將其推廣到不僅僅是英國市場，這對我們在那裡的公用事業部門來說也是一種增值。而且我感覺非常好，我們能夠很快地將其移植到這裡的公用事業市場，然後我們將努力使其融入市場平衡，透過將其納入ABL，舉辦典型的宣傳會議，並在整個鮑威爾地區大力推廣它。我對此非常樂觀。

Great. Very helpful. Maybe just one last one, if I could sneak it in. On gross margins, Mike, you talked about that already. I think you also called out short-cycle business maybe increasing here. Just maybe update us on what you're seeing there and how we should think about that going forward?

太好了，非常有幫助。如果我可以偷偷地問一下，我最後再問一個問題。關於毛利率，麥克，你已經談到了。我記得你也提到過短週期業務可能會增加。能否請你跟我們分享一下你在這方面看到的情況，以及我們未來該如何看待這個問題？

Yes, sure. Yes. We track our book-to-bill cadence every quarter. And if you look back you go back 18, 24 months, and we've communicated this on prior calls. It ran $30 million to $40 million a quarter.

是的，當然。是的。我們每季都會追蹤訂單出貨比節奏。如果你回顧18到24個月的情況，我們在之前的電話會議上也溝通過這一點。當時每季的訂單出貨比在3000萬到4000萬美元之間。

That's ticked up through productivity, throughput, volume and the like, and that's running today in the $50-ish million per quarter cadence. So we are seeing some good throughput uptick in that book-to-bill cadence.

生產力、吞吐量、產量等等都在不斷提升，目前每季的訂單出貨量約為5,000萬美元。因此，我們看到訂單出貨量正在穩定提升。

Appreciate it. Okay. Thanks.

非常感謝。好的。謝謝。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Morning Brett. Morning Mike.

早安，布雷特。早上好，麥克。

Good morning.

早安.

Brett, you saw a couple of new orders in the offshore oil and gas production area. And obviously, that was a large piece of your business years ago. Are you seeing something different in that market that suggests that these orders are more than just sort of one-off? Is the market changing?

布雷特，您在海上油氣生產領域看到了一些新訂單。顯然，幾年前這曾是你們業務的很大一部分。您是否發現市場有什麼不同，顯示這些訂單並非一次性的？市場正在改變嗎？

Well, I think when it comes to the offshore market, the theme over the last couple of decades has been how capital-intensive it has been. It's a very expensive area for our clients to build in. I do -- I wouldn't say there's a change, Jon, but I'd say the -- some of the work that's going on in the development side, these are good fields to at least from what I understand, I'm not an expert on the geology of these fields.

嗯，我認為就海上油氣市場而言，過去幾十年的主題一直是資本密集。對於我們的客戶來說，這是一個非常昂貴的領域。喬恩，我不認為情況會有什麼變化，但我認為——就開發方面正在進行的一些工作而言，這些油田至少就我所知而言是不錯的選擇，但我對這些油田的地質情況並非專家。

But from what I've read to understand from the client and how they're pulling the trigger on FID, the -- has read this morning about Darren Woods at Exxon, talking about the strong demand outlook on oil for a while on his crystal ball. So I do think that there's some of that globally speaking, that's underpinning these decisions. And so for Powell and our capability, it is exciting to see it come back.

但從我了解客戶的情況以及他們如何最終決定最終投資決定（FID）來看，今天早上我讀到埃克森美孚的達倫·伍茲（Darren Woods）在他的水晶球上談論了一段時間以來石油需求強勁的前景。所以，我確實認為，從全球範圍來看，這些因素在某種程度上支撐了這些決定。因此，對於鮑威爾和我們的能力而言，看到這種趨勢的回歸令人興奮。

We're -- we have a lot of know-how in the company on these offshore modules. They are very difficult, technically speaking, not just electrically speaking, but mechanically, a lot of marine codes and a lot can really get a ride if you don't do it right. So for us, super exciting to have not just one, but two hit in the quarter. And so both here in Houston and the UK. We've actually put the teams together from a project delivery standpoint to really focus and make sure we deliver for our clients in these difficult projects.

我們公司在這些海上模組方面擁有豐富的專業知識。從技術角度來說，這些模組非常困難，不僅在電氣方面，而且在機械方面，需要遵守許多海洋規範。如果操作不當，許多模組都可能被擱置。因此，對我們來說，非常高興在本季度不僅有一項，而是兩項都取得了成功。休士頓和英國都有。實際上，我們已經從專案交付的角度整合了團隊，以便真正集中精力，確保在這些高難度專案中為客戶交付成果。

Okay. They are -- they were relatively small projects compared to maybe prior ones you did years ago. Am I correct in that? I mean some of them were like $100 million, weren't they?

好的。這些項目—與您幾年前所做的那些專案相比，規模相對較小。我說得對嗎？我的意思是，有些項目投資額高達1億美元，對吧？

No, no. When you look at an offshore module, I arrived Powell 2011 and 30, 40, 50 would be a big one back in '11, '12, '15. One of these is right up that alley. It's a significant project. And the other one is a little -- not quite half, but also pretty significant.

不，不。說到海上模組，我2011年就到了鮑威爾，在2011年、2012年和2015年，30、40、50個模組就已經算大模組了。其中一個模組就符合這個要求。這是一個重要的項目。另一個模組雖然不如一半，但也相當重要。

Different -- each one has a different construction methodology for how it's going to go into the offshore environment. There's lots of mechanical technology for how they develop their fields. But at the electrical distribution piece, there's a lot of commonality in terms of how we build that mechanical structure and the electrical solution inside to meet all the codes.

不同—每家公司對於如何將其投入海上環境都有不同的施工方法。他們在開發油田方面運用了大量的機械技術。但在配電部分，我們在如何建造機械結構以及內部電氣解決方案以滿足所有規範方面有很多共同點。

And these are pretty -- I'd call them both pretty significant, both very strategic for us with great long-term clients, and it was, again, both very competitive. But again, I think the strength of Powell really and our capability and depth of knowledge really help win the day on these.

這兩筆交易都相當重要，對我們這些擁有長期客戶的公司來說都具有戰略意義，而且競爭也非常激烈。但我認為，Powell 的實力以及我們的能力和知識深度確實幫助我們贏得了這些交易。

Okay. And Mike, you made some comments about gross margins for the full year and sort of into 2026. And for the first nine months, you're at 28.6%, but maybe -- could you clarify sort of what you were suggesting because the margins in the third quarter were at 30.7%. Were you trying to suggest that we're going to be in that 30% area as opposed to 27%, 28%? Can you help us out a little bit about that?

好的。麥克，你之前對全年以及2026年的毛利率做了一些評論。前九個月的毛利率是28.6%，但或許──你能解釋一下你之前所說的情況嗎？因為第三季的毛利率是30.7%。你是想說我們的毛利率會達到30%，而不是27%或28%？能不能幫我們解釋一下？

Yes. Sure. I'll try to clarify. As you know, in this long-cycle project business, it's best to look at whether it's trailing 12 months or at this point fiscal year, a year-to-date number or nine months through the year. So you correctly stated, year-to-date, our margins are 28.6%, and we had roughly 150 basis points of project closeout gains and onetime unusual items in that number. And once you strip that out, that should approximate the as-sold margins that we see in our $1.4 billion backlog.

是的，當然。我會盡量解釋清楚。您知道，在這個長週期專案產業，最好查看的是過去12個月還是當前財年的數據，是年初至今的數據還是全年前九個月的數據。所以您說得對，年初至今，我們的利潤率為28.6%，其中大約有150個基點的專案竣工收益和一次性非常專案。扣除這些之後，這應該會接近我們14億美元待交付訂單的銷售利潤率。

Okay. Okay. That's good. Okay. And then finally, you talked a little bit about pricing. You're seeing some pricing. And maybe some of that comes from the shorter cycle business where maybe the pricing is a little bit better. But on net, could you see even better pricing going forward? Obviously, your markets are strong. Are you able to take a little bit more?

好的。好的。很好。好的。最後，您談到了定價問題。您看到了一些定價。也許其中一些來自周期較短的業務，這些業務的定價可能更優惠一些。但總體而言，您認為未來定價會更好嗎？顯然，您的市場表現強勁。您能接受更多嗎？

Jon, let me jump in here first and Mike can jump in behind me. I think there's a couple of elements of pricing. Definitely, the short cycle, some of the things we're trying to do within the strategy do carry better price than the aggregate backlog margin, for sure, albeit smaller absolute dollars, that is part of the strategy. All three of those drive accretive margin. In the project side, the large revenue driver that's going to drive Powell for a while.

喬恩，我先說到這裡，麥克可以接著說。我認為定價有幾個因素。當然，週期短，我們在策略中嘗試做的一些事情，確實比總積壓訂單利潤率更有優勢，儘管絕對金額較小，但這也是策略的一部分。這三個因素都推動了利潤率的增值。在專案方面，巨大的收入驅動力將在一段時間內推動鮑威爾的發展。

I've noted the last couple of quarters, the pricing is not improving. It's good. But I'd say there are more, I wouldn't say challenges, but we're attuned and watching out really closely to all the various dynamics that every competitive pursuit and what's going on, every makeup of the job, what is in the job in terms of switchgear and solutions that Powell contribute versus the mechanical part of the solution.

我注意到過去幾個季度，定價並沒有改善。這很好。但我想說，還有更多，我不會說是挑戰，但我們一直在密切關注各種動態，包括每項競爭的追求、正在發生的事情、工作的每一個組成部分，以及鮑威爾貢獻的開關設備和解決方案與解決方案的機械部分。

So it's -- it would be difficult for me to say we could take more there. I think if anything, it's -- it could change. It depends what happens in the market in the next 24 months. But right now, I don't see that, but I think the strategies that we're chasing and bringing to market do provide the upside to Powell as we build successful outcomes on those.

所以——我很難說我們能在這方面取得更多進展。我認為，如果有的話，情況可能會改變。這取決於未來24個月的市場走勢。但目前，我還沒有看到這種情況，但我認為，我們正在推行並推向市場的策略確實為鮑威爾帶來了好處，因為我們會在此基礎上取得成功。

And Jon, just to clarify my comment in my prepared comments. Remember, what we're seeing exit the backlog today was booked a year plus ago. So at that point in time, we were getting some accretive pricing but also offsetting some inflation with that. So yes, we are -- retrospectively, we were getting priced to Brett's point, prospectively, it's a little softer.

喬恩，我只是想澄清一下我在準備好的評論中提到的問題。記住，我們今天看到的積壓訂單是一年多前就預訂的。所以在那個時候，我們獲得了一些增值定價，同時也抵消了一些通貨膨脹的影響。所以，是的，回過頭來看，我們當時的定價與布雷特的觀點一致，從預期來看，會稍微低一些。

Okay. Okay. And one final question, Brett, on your $60 million Electric Utility award. Was that a combined cycle generating facility?

好的。好的。布雷特，最後一個問題，關於你那6000萬美元的電力設施獎。那是一個聯合循環發電廠嗎？

Jon, a lot of these have NDAs. So it is just a big power generation facility. I will tell you that it is -- it's in excess of 1 gig output and there is definitely an element of supporting the commercial markets as part of that when I got a chance to talk to the client.

喬恩，很多專案都有保密協議。所以這只是一個大型發電設施。我可以告訴你，它的發電量超過1千兆瓦，而且我有機會和客戶交談時，肯定有一部分是支持商業市場的。

Okay, all right, thank you.

好的，好的，謝謝。

Chip Moore, ROTH.

奇普摩爾，羅斯。

Yeah, hey, thanks for taking the follow up. Just a quick one on capacity expansion. You've talked about that, I guess, in a few different areas. Just an update there really around some of the newer products or what you're thinking?

是的，謝謝你的後續訪談。我簡單問一下產能擴張的問題。我想你已經在幾個不同的領域談到了這一點。能否更新一下一些新產品，或是你目前的想法？

Yes. Chip, it's Brett. I'll jump in here. I appreciate the question. Yes, the -- so the facility that was brought online in April, no real change from last quarter. We do have revenue in the factory today, there are projects laid down and the team are building out that facility methodically and incrementally. We did note last quarter, and so I'll take the opportunity with the question just to highlight, we continue to work in offshore expansion.

是的。 Chip，我是Brett。我先插播一下。感謝你的提問。是的，四月投產的工廠與上一季相比沒有實質變化。我們工廠目前確實有收入，也有一些項目正在製定中，團隊正在有條不紊地逐步建造該工廠。我們上個季度確實提到過，所以我藉此機會提問，只是想強調一下，我們將繼續致力於海外擴張。

I brought that up that, that might be a possibility based on the future outlook of the market. We continue to progress that. Our internal teams have put together a really nice a couple of options. We're not quite at the point being able to announce it, but I would say we are doing a little bit of prework out there.

我之前提到過，根據市場的未來前景，這可能是一種可能性。我們會繼續推進這項工作。我們的內部團隊已經整理了一些非常好的方案。雖然我們還沒到宣布的階段，但我想說，我們正在做一些前期工作。

We spent a little bit of money to move some dirt just in anticipation, so we don't lose anything on timing because if we do decide to spend the capital, we feel the return is warranted. And we didn't want to lose a time element of that as we look out in the next 24, 36 months on what could be coming should we be successful in the market.

我們花了一點錢來搬運一些泥土，只是為了提前做好準備，這樣我們就不會在時間上有任何損失，因為如果我們決定投入資金，我們認為回報是值得的。我們不想浪費任何時間，因為我們將在未來24到36個月裡展望如果我們在市場上取得成功，未來會發生什麼。

So that would be an area we are looking for a potential expansion. And then the other area, I wouldn't call it an expansion, but we've talked in the calls before about on the big substations side of things, how does Powell replicate our model without maybe a large investment in fixed assets, brick-and-mortar to build large substations. So we have in the past looked at models, and we are doing some of that again.

所以，這將是我們正在尋找潛在擴張的領域。至於另一個領域，我不認為是擴張，但我們之前在電話會議中討論過大型變電站方面的問題，Powell 如何復制我們的模式，而無需在固定資產和實體建築方面進行大量投資來建設大型變電站？我們過去曾研究過相關模型，現在正在再次進行一些類似的研究。

We've done one three, four years ago where we took all of our know-how and did the engineering and the fabrication and manufacturing of a majority of the project but then outsourced some of that. And so that's an area that we're looking at again today to, again, augment the core part of Powell. So each of those would be revenue accretive in the future.

三、四年前我們做過一個項目，當時我們運用了所有的技術，完成了大部分項目的工程、製造和生產，但後來將其中一部分外包出去了。所以，我們今天再次關注這個領域，再次增強Powell的核心部分。因此，這些都將在未來增加收入。

Appreciate it, thanks.

非常感謝，謝謝。

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

謝謝。我們的問答環節到此結束。我想將會議交還給執行長布雷特·科普，請他發表最後評論。

Thank you, Steve. Our third quarter delivered solid performance. Powell's operational teams are the absolute best in the industry. Our engineering, manufacturing and project delivery teams set the standard for delivering critical electrical distribution solutions to the market, meeting our customers' delivery time lines and budgets. I would like to welcome the employees, customers and supplier partners of Remsdaq Limited to Powell.

謝謝，史蒂夫。我們第三季業績穩健。 Powell 的營運團隊絕對是業界頂尖。我們的工程、製造和專案交付團隊樹立了行業標桿，為市場提供關鍵的配電解決方案，滿足客戶的交付時間和預算。我熱烈歡迎 Remsdaq Limited 的員工、客戶和供應商合作夥伴加入 Powell。

We are very excited to grow the electrical automation business across all of Powell's end markets, and Remsdaq will play an important role in meeting our aspirations. Thank you to everyone for joining us this morning. We appreciate your continued interest and support and look forward to updating everyone next quarter.

我們非常高興能夠在 Powell 的所有終端市場拓展電氣自動化業務，而 Remsdaq 將在實現我們的願景中發揮重要作用。感謝各位今天上午的參與。感謝您一直以來的關注與支持，我們期待在下個季度為大家帶來最新進展。

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

謝謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開連線了。