Powell Industries Inc (POWL) 2025 Q4 法說會逐字稿

Welcome to the Powell Industries earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Ryan Coleman, Alpha Investor Relations. Please go ahead.

歡迎參加鮑威爾工業公司財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給 Alpha Investor Relations 的 Ryan Coleman。請繼續。

Thank you, and good morning, everyone. Thank you for joining us for Powell Industries conference call today to review fiscal year 2025 fourth quarter and full year 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 November 26. The information on how to access the replay was provided in yesterday's earnings release.

謝謝大家，大家早安。感謝您今天參加 Powell Industries 的電話會議，共同回顧 2025 財年第四季和全年業績。與我一起參加電話會議的還有鮑威爾公司董事長兼執行長布雷特·科普，以及鮑威爾公司財務長麥克·梅特卡夫。今天的電話會議將進行重播，可透過造訪公司網站 powellind.com 進行網路直播，或透過電話重播，重播有效期至 11 月 26 日。昨天發布的財報中提供了有關如何觀看回放的信息。

Please note that information reported on this call speaks only as of today, November 19, 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. 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.

請注意，本次通話中所報告的資訊僅代表截至 2025 年 11 月 19 日的情況，因此，任何有時效性的資訊在重聽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，包括與公司對其未來經營業績的預期相關的聲明，這些聲明可能被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性聲明。投資人應注意，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 with the Securities and Exchange Commission.

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商業策略的執行。更多資訊請參閱該公司向美國證券交易委員會提交的文件。

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

接下來，我將把電話交給布雷特。

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

謝謝你，瑞恩，大家早安。感謝您今天與我們一起回顧鮑威爾公司 2025 財年第四季和全年業績。我先簡單說幾句，然後把電話交給麥克，讓他再做些財經評論，之後我們再回答大家的問題。

Our fourth quarter marked a solid finish to another record year for Powell. Compared to the fourth quarter of last year, we achieved gross profit dollar growth of 16%, revenue growth of 8% and the generation of $61 million in operating cash flow. Our teams delivered a record quarterly gross profit of 31.4%, which was 215 basis points better than the prior year and a record quarterly earnings per share of $4.22 per diluted share. Our fourth quarter performance is a testament to the ongoing high level of project execution across all of our operations, combined with the steady progress against our strategic goals. The revenue profile of fiscal 2025 was driven by the strong growth in our nonindustrial markets, including both the Electric Utility and our Commercial and Other Industrial sectors.

第四季為鮑威爾又一個創紀錄的賽季畫上了圓滿的句號。與去年第四季相比，我們實現了毛利成長16%，營收成長8%，並產生了6,100萬美元的營運現金流。我們的團隊實現了創紀錄的季度毛利 31.4%，比去年同期成長了 215 個基點，每股攤薄收益也創下 4.22 美元的季度紀錄。我們第四季的業績證明了我們所有業務部門持續高水準的專案執行，以及我們在實現策略目標方面取得的穩定進展。2025 財年的營收成長主要得益於非工業市場的強勁成長，包括電力公用事業以及商業和其他工業領域。

These two markets accounted for 41% of our revenue in fiscal 2025 and currently comprise 48% of our total backlog. Five years ago, these two market sectors accounted for just under 20% of our backlog as our focused effort to diversify the business and grow in these strategic markets has produced important results for the future of Powell.

這兩個市場在 2025 財年占我們營收的 41%，目前占我們總積壓訂單的 48%。五年前，這兩個市場領域占我們積壓訂單的不到 20%，因為我們專注於業務多元化和在這些策略市場發展的努力已經為 Powell 的未來帶來了重要的成果。

The Light Rail Traction market also had notable contributions during the year, with revenue nearly doubling compared to the prior year as we experienced increased levels of commercial activity in this end market throughout fiscal 2025 versus the prior year. We booked $271 million of new orders in the quarter, which was roughly 1% higher than the prior year. There were no mega projects in the quarter as our order book was comprised of a higher volume of small- and medium-sized projects.

輕軌牽引市場在這一年也做出了顯著貢獻，收入與前一年相比幾乎翻了一番，因為與前一年相比，我們在 2025 財年期間經歷了該終端市場商業活動水平的提高。本季我們獲得了 2.71 億美元的新訂單，比去年同期成長了約 1%。本季沒有大型項目，因為我們的訂單中中小型項目數量較多。

For the full year, we booked $1.2 billion of new orders, 9% higher than fiscal 2024. We finished the year with a backlog of $1.4 billion and registered a book-to-bill of 1.0 times for the full year. Today, our backlog and project schedules are well balanced across the markets and geographies we serve. We also benefit from a healthy mix of large projects as well as core smaller and medium-sized projects that help maximize productivity across our manufacturing plants. With that said, we have begun to see some divergence emerge as we close out 2025 across our key end markets.

全年來看，我們獲得了價值 12 億美元的新訂單，比 2024 財年成長了 9%。我們年底的積壓訂單金額為 14 億美元，全年訂單出貨比為 1.0 倍。目前，我們在各個市場和地區內的積壓訂單和專案進度安排都比較均衡。我們也受益於大型專案以及核心的中小型專案的健康組合，這有助於最大限度地提高我們各個製造工廠的生產力。儘管如此，隨著 2025 年接近尾聲，我們在主要終端市場中開始看到一些分歧出現。

We believe this is reflective of a global economic environment that is operating at very different speeds, driven by country, region and sector imbalances. Overall, the quality and visibility into future order activity continues to be very good, with strength driven by Electric Utility, data center and natural gas market opportunities, including large-scale LNG and related natural gas projects, which is offsetting some softness in portions of our traditional oil and gas and petrochemical markets, such as refineries and polyethylene and polypropylene facilities.

我們認為這反映了全球經濟環境的運行速度差異很大，這是由國家、地區和產業的不平衡所造成的。總體而言，未來訂單活動的品質和可見性仍然非常好，電力公用事業、資料中心和天然氣市場機會（包括大型液化天然氣和相關天然氣項目）推動了強勁增長，這抵消了我們傳統石油天然氣和石化市場部分領域（如煉油廠、聚乙烯和聚丙烯設施）的疲軟。

We continue to actively review and evaluate our available manufacturing capacity. In August, we announced the next phase of our $12.4 million investment that will add an incremental 335,000 square feet of productive capacity at our Jacintoport facility in Houston. While the Jacintoport yard can be utilized to support any of our customers and market sectors, this investment is primarily focused on supporting our Oil and Gas customers, particularly the incoming wave of anticipated LNG project development work that we expect to come to market over the next three to five years.

我們將繼續積極審查和評估我們現有的生產能力。今年 8 月，我們宣布了 1240 萬美元投資的下一階段計劃，該計劃將在我們位於休士頓的 Jacintoport 工廠增加 335,000 平方英尺的生產能力。雖然 Jacintoport 船廠可以用於支持我們的任何客戶和市場領域，但這項投資主要集中在支持我們的石油和天然氣客戶，特別是我們預計在未來三到五年內將湧入市場的液化天然氣項目開發工作。

The production and export of US LNG is clearly going to play a critical role in the global energy landscape, and this investment ensures that we continue to advance our industry-leading role in the fabrication of engineered-to-order power distribution solutions for critical applications. This announcement brings our cumulative investment at the Jacintoport fabrication yard to approximately $20 million over the past eight years and nearly $40 million across our three Houston manufacturing facilities to support our organic growth plans. We expect this phase of the Jacintoport expansion to be completed by the second half of fiscal 2026. We continue to evaluate our entire manufacturing footprint for opportunities supporting growth and expansion, along with options that may further improve productivity.

美國液化天然氣的生產和出口顯然將在全球能源格局中發揮關鍵作用，這項投資確保我們繼續鞏固我們在為關鍵應用製造客製化配電解決方案方面的行業領先地位。這項公告使我們在過去八年中在 Jacintoport 製造廠的累計投資達到約 2000 萬美元，並在我們位於休士頓的三家製造工廠累計投資近 4000 萬美元，以支持我們的有機增長計劃。我們預計雅辛託港擴建工程的這一階段將於 2026 財年下半年完成。我們將繼續評估我們所有的生產佈局，尋找支持成長和擴張的機會，以及可能進一步提高生產效率的方案。

We believe that investments like these are the best use of our capital as the project time lines and execution, return on capital and payback periods are highly compelling for our shareholders. On the inorganic side, we closed the acquisition of Remsdaq during the fiscal fourth quarter. We continue to be incredibly excited around the future of our electrical automation strategy as we now work to complete the integration of the Remsdaq team into the larger Powell family.

我們認為，像這樣的投資是對我們資本的最佳利用，因為專案的時間安排和執行、資本回報率和投資回收期對我們的股東來說都極具吸引力。在非有機成長方面，我們在第四財季完成了對 Remsdaq 的收購。我們對電氣自動化策略的未來充滿無比興奮，目前我們正在努力完成將 Remsdaq 團隊整合到更大的 Powell 大家庭中的工作。

We are already experiencing commercial interest around Remsdaq's products across the multiple markets that we serve, including Electric Utility as well as data center applications within our Commercial and Other Industrial market sector. Our teams began quoting Remsdaq's products and technology in North America during the fourth quarter, introducing these products to customers on this side of the Atlantic as well as integrating their existing commercial efforts in the UK with Powell's customer base there.

我們已經感受到 Remsdaq 的產品在我們所服務的多個市場中引起了商業興趣，包括電力公用事業以及我們商業和其他工業市場領域的資料中心應用。在第四季度，我們的團隊開始在北美地區對 Remsdaq 的產品和技術進行報價，向大西洋彼岸的客戶介紹這些產品，並將他們在英國現有的商業努力與 Powell 在英國的客戶群整合起來。

We are confident in our ability to scale our total Powell automation offering at margin-accretive economics in the coming years. As we enter our fiscal 2026, the Commercial environment for each of our end markets remains positive as we are optimistic that the momentum we built throughout our fiscal 2025 will continue into the new year.

我們有信心在未來幾年內以利潤成長的經濟效益擴大我們的 Powell 全面自動化產品規模。進入 2026 財年，我們各個終端市場的商業環境依然樂觀，我們樂觀地認為，我們在 2025 財年建立起來的發展勢頭將在新的一年繼續保持下去。

The fundamentals in 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 orders. Activity within our commercial and other industrial market also remains healthy, and our progress to further penetrate this market is progressing well.

石油和天然氣市場的基本面支撐了我們對訂單持續強勁成長的預期。就美國天然氣市場的基本面而言，我們追蹤的液化天然氣項目儲備繼續支持我們對新建和改建項目訂單持續增長的預期。我們的商業和其他工業市場活動依然健康，我們進一步滲透該市場的進展也十分順利。

Recent data points and industry commentary by data center operators continue to identify power availability and reliability as key constraints to capacity growth and AI data center expansion. As a critical supplier of power distribution and control equipment, we continue to see elevated levels of activity as operators execute their capacity growth plans.

資料中心營運商的最新數據和產業評論繼續指出，電力可用性和可靠性是限制容量成長和人工智慧資料中心擴張的關鍵因素。作為電力分配和控制設備的重要供應商，隨著營運商執行其產能成長計劃，我們持續看到業務活動水平居高不下。

Opportunities are growing in both size and volume as well as product applications as we expand our presence in this strategic market. The outlook for our Electric Utility market remains robust and balanced across the customers and geographies that we serve. The growing wave of investment in electrical infrastructure to meet growing demand levels is broad and durable, and we expect another strong year of activity in 2026.

隨著我們在這個策略市場中不斷擴大業務，無論在規模、銷售量或產品應用方面，機會都在成長。我們所服務的客戶和地區，其電力公用事業市場的前景仍然強勁且均衡。為滿足不斷增長的需求，對電力基礎設施的投資浪潮日益高漲，且勢頭持久，我們預計 2026 年將迎來另一個強勁的年份。

I want to thank the entire Powell team for another record year for their commitment to Powell and our customers and suppliers alike by helping to further our unique position as a supplier of critical electrical distribution components to a growing array of applications.

我要感謝整個 Powell 團隊，感謝他們為 Powell、我們的客戶和供應商所做的貢獻，又一年創下了業績新高，也感謝他們幫助我們鞏固了作為關鍵配電元件供應商的獨特地位，為越來越多的應用領域做出了貢獻。

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

接下來，我想把電話交給麥克，讓他更詳細地為我們介紹我們的財務表現。

Thank you, Brett, and good morning, everyone. I will begin first with the fiscal fourth quarter business results and then move to the total fiscal year 2025 results. Revenues for the fourth fiscal quarter of 2025 increased by 8% to $298 million compared to the same quarter in fiscal 2024 of $275 million, and was also higher sequentially by $12 million, driven predominantly on the strength across our electric utility sector. Net orders for the fourth fiscal quarter were $271 million, $4 million higher than the same period one year ago, driven by strong year-over-year activity in our commercial and other industrial, Light Rail, Traction power and Electric Utility sectors, which was offset by lower commercial activity across our petrochemical and oil and gas sectors. Overall, we remain encouraged by the level of commercial activity across all the end markets that we participate in.

謝謝你，布雷特，大家早安。我將先介紹第四財季的業務業績，然後再介紹 2025 財年全年的業績。2025 財年第四季營收成長 8%，達到 2.98 億美元，而 2024 財年同期為 2.75 億美元，季增 1,200 萬美元，主要得益於電力公用事業部門的強勁表現。第四財季淨訂單額為 2.71 億美元，比去年同期成長 400 萬美元，主要得益於商業和其他工業、輕軌、牽引動力和電力公用事業部門的強勁同比增長，但被石化和油氣部門商業活動的減少所抵消。總體而言，我們對所參與的所有終端市場的商業活動水平感到鼓舞。

Considering this level of new order bookings, coupled with the sustained strength of our top line performance, the book-to-bill ratio was 0.9 times for the fiscal fourth quarter and 1.0 times for the full year fiscal 2025. Reported backlog at the end of fiscal 2025 increased to $1.4 billion, $41 million higher than the end of fiscal 2024 on an increasing proportion of Electric Utility, commercial and other industrial and Light Rail Traction power backlog, partially offset by lower petrochemical backlog levels versus the prior year.

考慮到這項新訂單量，加上我們營收的持續強勁成長，本財年第四季訂單出貨比為 0.9 倍，2025 財年全年訂單出貨比為 1.0 倍。截至 2025 財年末，報告的積壓訂單增加至 14 億美元，比 2024 財年末增加了 4,100 萬美元，原因是電力公用事業、商業和其他工業以及輕軌牽引動力積壓訂單的比例不斷增加，但部分被石化積壓訂單水準較上年有所下降所抵消。

As we exit fiscal 2025, our Electric Utility and Oil and Gas sectors each now make up one-third of our total backlog. Overall, we are very pleased with both the execution across the business, driving record revenue levels for the year as well as our orders performance continuing to grow and diversify our backlog position as we enter fiscal 2026.

截至 2025 財政年度結束，我們的電力公用事業和石油天然氣產業目前各占我們總積壓訂單的三分之一。總體而言，我們對公司整體的執行情況非常滿意，實現了年度創紀錄的收入水平，同時訂單表現也持續增長，並在進入 2026 財年之際使我們的積壓訂單情況更加多元化。

Compared to the fourth quarter of fiscal 2024, domestic revenues of $239 million increased by $4 million or 2%, while international revenues increased by 38% to $68 million on higher volume across most of our international manufacturing and service locations. From a market sector perspective, revenues from our Petrochemical and Oil and Gas sectors were lower by 25% and 10%, respectively, on challenging comparisons resulting from the large industrial project orders that were booked in fiscal 2023 and executed predominantly in fiscal 2024.

與 2024 財年第四季相比，國內收入為 2.39 億美元，增加了 400 萬美元，增幅為 2%；國際收入為 6800 萬美元，增幅為 38%，這主要得益於我們大多數國際製造和服務場所的銷量增長。從市場部門的角度來看，由於 2023 財年已確認的大型工業項目訂單主要在 2024 財年執行，導致同比基數較高，我們的石化和油氣部門的收入分別下降了 25% 和 10%。

In the fourth quarter of fiscal 2025, the Electric Utility sector doubled versus the same period one year ago, while our Light Rail Traction sector increased by 85%, albeit on a smaller revenue base, and the Commercial and Other Industrial sector was lower by 9% on project timing. We reported $94 million of gross profit in the fiscal fourth quarter of 2025, which was $13 million or 16% higher than the same period of fiscal 2024. Gross profit as a percentage of revenues increased by 215 basis points to 31.4% of revenues in the current fiscal quarter.

2025 財年第四季度，電力公用事業部門比上年同期增長了一倍，而輕軌牽引部門增長了 85%，儘管收入基數較小，商業和其他工業部門由於項目進度的原因下降了 9%。我們在 2025 財年第四季實現了 9,400 萬美元的毛利，比 2024 財年同期成長了 1,300 萬美元，增幅達 16%。本財季毛利佔營收的百分比成長了 215 個基點，達到營收的 31.4%。

The higher quarterly margin rate is primarily attributable to continued strong project execution across the business, delivering favorable project closeouts, resulting in an incremental 100 basis points to the fourth fiscal quarter margin rate. Additionally, we have maintained pricing levels and combined with strong throughput across the business, which is driving incremental volume leverage and productivity, these variables have created a tailwind to margins across most of our operating divisions.

季度利潤率的提高主要歸功於公司各業務部門持續強勁的專案執行，實現了良好的專案收尾，從而使第四財季利潤率提高了 100 個基點。此外，我們保持了價格水平，再加上業務整體強勁的吞吐量，從而推動了銷售成長和生產力提高，這些因素為我們大多數營運部門的利潤率帶來了利好。

Selling, general and administrative expenses increased by $5.5 million or 25% on higher levels of compensation expenses as well as the Remsdaq acquisition costs. SG&A expenses were $27 million in the fiscal fourth quarter or 9.1% of revenue compared to 7.8% of revenues a year ago.

由於薪資支出增加以及收購 Remsdaq 的成本，銷售、一般及行政費用增加了 550 萬美元，增幅達 25%。第四財季的銷售、一般及行政費用為 2,700 萬美元，佔營收的 9.1%，去年同期佔營收的 7.8%。

In the fourth quarter of fiscal 2025, we reported net income of $51.4 million, generating $4.22 per diluted share compared to net income of $46 million or $3.77 per diluted share in the fourth quarter of fiscal 2024. We generated $61 million of operating cash flow in the fiscal fourth quarter, driven mainly on higher earnings during the period.

2025 財年第四季，我們報告淨收入為 5,140 萬美元，每股攤薄收益為 4.22 美元，而 2024 財年第四季淨收入為 4,600 萬美元，每股攤薄收益為 3.77 美元。我們在第四財季實現了 6,100 萬美元的經營現金流，主要得益於該期間更高的盈利。

In August, we completed our recently announced business acquisition of Remsdaq Limited for a total consideration of $18.4 million, which includes cash acquired of $4.6 million. This transaction had a net cash impact of $11.5 million in the fiscal fourth quarter with contingent payments of roughly $2 million to occur in future periods.

8 月，我們完成了近期宣布的 Remsdaq Limited 的業務收購，總對價為 1,840 萬美元，其中包括收購的 460 萬美元現金。該交易在第四財季產生了 1,150 萬美元的淨現金影響，未來期間還將支付約 200 萬美元的或有款項。

In addition, investments in property, plant and equipment totaled $1.8 million during the fiscal fourth quarter as we invest in capacity and productivity projects across the business. As we recently announced, we've embarked on a critical project that will expand our capacity at our offshore yard in Houston, further strengthening Powell's position in supporting the production and export of US LNG. This roughly $12 million investment falling predominantly during fiscal 2026 will help to ensure that we can confidently fulfill delivery commitments to our customers. Now recapping our total year fiscal 2025.

此外，由於我們對整個業務的產能和生產力項目進行了投資，因此在第四財季，我們在房地產、廠房和設備方面的投資總額為 180 萬美元。正如我們最近宣布的那樣，我們已經啟動了一個關鍵項目，該項目將擴大我們在休士頓海上船廠的產能，進一步加強鮑威爾在支持美國液化天然氣生產和出口方面的地位。這項約 1,200 萬美元的投資主要在 2026 財年投入，這將有助於確保我們能夠自信地履行對客戶的交付承諾。現在來回顧一下我們2025財年的整體情況。

Revenues of $1.1 billion increased by $92 million or 9% compared to fiscal 2024. Notably, our Electric Utility and the Commercial and Other Industrial sectors were higher versus fiscal 2024 by 50% and 19%, respectively, while the Petrochemical sector was lower versus the prior year by 19%.

營收為 11 億美元，比 2024 財年增加了 9,200 萬美元，增幅為 9%。值得注意的是，我們的電力公用事業和商業及其他工業部門分別比 2024 財年增長了 50% 和 19%，而石化部門比前一年下降了 19%。

Orders were $1.2 billion, 9% or $94 million higher versus fiscal 2024. Overall, we've been very pleased with the activity across all the end markets that we serve and the resulting orders mix through fiscal 2025. Gross profit as a percentage of revenues grew 240 basis points year-over-year to 29.4% or $51 million higher than fiscal 2024.

訂單金額為 12 億美元，比 2024 財年成長 9%，即 9,400 萬美元。總體而言，我們對所服務的所有終端市場的活躍度以及到 2025 財年為止的訂單組合都非常滿意。毛利佔營收的百分比年增 240 個基點，達到 29.4%，比 2024 財年高出 5,100 萬美元。

The margin rate continues to benefit from a stable pricing environment, exceptional project execution, coupled with incremental volume leverage and successful operational and commercial strategies that continue to address the macro inflationary challenges across the supply chain.

穩定的定價環境、卓越的專案執行、不斷增長的銷售槓桿作用以及成功的營運和商業策略，持續應對整個供應鏈的宏觀通膨挑戰，從而持續提升了利潤率。

Selling, general and administrative expenses were higher by $11 million versus the prior year. Overall, net SG&A expenses as a percentage of revenues were higher versus the prior year by 20 basis points at 8.6% of revenues in fiscal 2025 versus 8.4% in the prior year.

銷售、一般及行政費用比前一年增加了 1,100 萬美元。整體而言，2025 財年淨銷售、一般及行政費用佔收入的百分比比上年高出 20 個基點，達到收入的 8.6%，而上年為 8.4%。

In fiscal 2025, research and development spending increased $2 million or 17% versus the prior fiscal year as we continue to make progress on new product design and development. Total R&D spend in fiscal 2025 was $11 million or 1% of revenues. We reported net income of $180.7 million or $14.86 per diluted share in fiscal 2025 compared to $149.8 million or $12.29 per diluted share in the prior year.

2025 財年，研發支出比上一財年增加了 200 萬美元，增幅達 17%，因為我們在新產品設計和開發方面繼續取得進展。2025 財年研發總支出為 1,100 萬美元，佔營收的 1%。我們公佈 2025 財年淨收入為 1.807 億美元，即每股攤薄收益 14.86 美元，而上一財年淨收入為 1.498 億美元，即每股攤薄收益 12.29 美元。

Operating cash flow generated in fiscal 2025 was $168 million versus $109 million in the prior year, driven by higher income generated versus the prior year. In addition to the acquisition of Remsdaq, which was a net cash, cash usage of $11.5 million in fiscal 2025, total capital spending on property, plant and equipment was $13 million in fiscal 2025, $1 million higher than the prior year as we completed the expansion of our breaker manufacturing facility in Houston, which spanned across both fiscal 2024 and fiscal 2025.

2025 財年產生的經營現金流為 1.68 億美元，而前一年為 1.09 億美元，主要得益於上一年產生的收入增加。除了收購 Remsdaq 之外，2025 財年淨現金支出為 1,150 萬美元，2025 財年用於物業、廠房和設備的總資本支出為 1,300 萬美元，比前一年增加了 100 萬美元，因為我們完成了在休士頓的斷路器製造企業的擴建，該年度增加了 2024 2025 2020202 2020202 202020年 2020202 202022 202022 2022222 20年的財年。

At the end of fiscal 2025, we held cash, cash equivalents and short-term investments of $476 million, $118 million higher than our fiscal 2024 year-end position, reflecting the sustained level of commercial activity across our end markets, coupled with the strong execution across the business. The company holds 0 debt. Looking forward, we are confident that the strong commercial momentum we experienced across our key end markets in fiscal 2025 will carry into fiscal 2026.

截至 2025 財年末，我們持有現金、現金等價物和短期投資 4.76 億美元，比 2024 財年末增加了 1.18 億美元，這反映了我們在終端市場持續的商業活動水平，以及整個業務的強勁執行力。該公司無負債。展望未來，我們有信心，我們在 2025 財年在主要終端市場取得的強勁商業動能將延續到 2026 財年。

We believe that the composition and the quality of the current backlog, combined with the sustained business profitability supported by a stable pricing environment, volume leverage and disciplined project execution will provide meaningful tailwinds for continued performance. In addition, the company's strong liquidity position and solid balance sheet support significant financial flexibility, positioning Powell for another successful year in 2026.

我們相信，目前積壓訂單的組成和質量，加上穩定的定價環境、規模槓桿作用和嚴謹的項目執行所帶來的持續業務盈利能力，將為持續的業績增長提供重要的助力。此外，公司強勁的流動性和穩健的資產負債表為公司提供了相當大的財務靈活性，使鮑威爾在 2026 年能夠再創佳績。

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

現在，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

John Franzreb, Sidoti & Company.

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

Congratulations on another impressive quarter. Gentlemen, I'd like to start with the current operating environment. Can you talk a little bit about if there's been any meaningful change in the competitive landscape or maybe the pricing environment today versus, say, a year ago?

恭喜你們又一個季度取得了令人矚目的成績。各位，我想先談談目前的運作環境。您能否談談與一年前相比，如今的競爭格局或定價環境是否發生了任何實質變化？

John, thanks again. It's Brett. So if you -- try to answer each of our three main sectors. As I noted in the prepared comments, Oil and Gas is still a very good healthy market for Powell. We are seeing some parts of that subsector of that market like in Canada, the North Sea of the UK with policy in the UK, a little softer, not as much as we might see day-to-day, but then other parts of the market, the gas, as we talked a lot about in the last couple of years. But more recently, utility taking another step up. That's a market we strategically have been pursuing for years. And now with the increased demand part and then the C&I part with data center.

約翰，再次感謝你。是布雷特。所以，如果你——請嘗試回答我們三個主要部分中的每一個問題。正如我在準備好的評論中所提到的，石油和天然氣對鮑威爾來說仍然是一個非常好的健康市場。我們看到該市場子行業的某些部分，例如加拿大、英國北海（英國的政策也略有放鬆），雖然不像我們每天看到的那樣，但市場的其他部分，例如天然氣，正如我們在過去幾年裡經常談到的那樣。但最近，公用事業又向前邁進了一步。這是我們多年來一直策略性開拓的市場。現在，隨著需求的成長，以及工商業資料中心的發展，需求也隨之成長。

I would say that market is more demand-driven speed, maybe a little less price sensitive, whereas the other part of the market that -- the aforementioned subsectors of oil and gas, because it's a little softer, a little bit more price sensitive. So it's a tale of different scenarios regionally by different sectors right now. And so it's a little different, not just kind of one ubiquitous market across the board.

我認為，該市場更受需求驅動，速度可能不太敏感，而市場的另一部分——前面提到的石油和天然氣子行業——則相對溫和，對價格更敏感。所以，目前不同地區、不同產業的情況各不相同。所以情況有點不同，它不是一個普遍存在的統一市場。

That makes sense. That makes sense. I'm kind of also curious about your thoughts about seasonality, especially considering the backlog profile. I know in years past, it's been de minimis to volatile. How would you kind of characterize how should we expect the upcoming first quarter to kind of lay out given the current job outlook?

這很有道理。這很有道理。我也很好奇你對季節性問題的看法，特別是考慮到積壓的工作量情況。我知道過去幾年，它一直處於極低水平到波動不定的狀態。鑑於目前的就業前景，您認為我們應該如何預期即將到來的第一季會是什麼樣的局面？

Yes. John, this is Mike. I'll address that one. As we always see in every fiscal year, our first quarter of fiscal is the October, November, December with the holidays and such. We do anticipate that sequentially, as we exit fourth quarter and report our first quarter, it seasonally is softer due to what I just mentioned. That said, as we look forward on a total year basis, we still are very optimistic about next year.

是的。約翰，我是麥克。我會處理這個問題。正如我們每個財政年度都會看到的那樣，我們財政年度的第一季是十月、十一月和十二月，因為其中包含了假日等因素。我們預計，隨著第四季度結束並公佈第一季業績，由於我剛才提到的原因，季節性因素會導致業績下滑。也就是說，從全年來看，我們仍然對明年充滿信心。

Okay. All right. And just one more question, I'll get back into queue. Regarding the SG&A, you mentioned there is maybe some onetime M&A expenses in the quarter. How big were those expenses, just so I can maybe rightsize SG&A on a go-forward basis?

好的。好的。最後一個問題，我這就重新排隊。關於銷售、一般及行政費用，您提到本季可能會有一些一次性併購費用。這些費用到底有多大？這樣我才能在未來合理調整銷售、管理及行政費用。

Yes, sure. So on a discrete 4Q basis, John, we were up about $5 million year-over-year. Roughly $3 million of that was due to compensation -- variable compensation items and $2 million -- a little less than $2 million was acquisition-related, legal, valuation services.

當然可以。約翰，所以單就第四季而言，我們年增了約 500 萬美元。其中約 300 萬美元用於支付薪酬——可變薪酬項目，200 萬美元——略低於 200 萬美元用於與收購相關的法律和估值服務。

Chip Moore, ROTH Capital.

Chip Moore，ROTH Capital。

Maybe just first for me, C&I, it sounds like you feel very good about the trends there. I think you called out opportunities growing and maybe some urgency on price. Just with the modest decline in the quarter, was that largely timing or anything to call out there? And then on the go forward, how are you viewing the opportunity in some of the newer products you're offering there?

也許對我來說，C&I 才是第一，聽起來你對那裡的發展趨勢感覺非常好。我認為你指出了成長的機遇，以及價格方面可能存在的迫切性。本季的小幅下滑，主要是時機問題還是有什麼值得注意的地方？那麼展望未來，您如何看待目前推出的一些新產品所帶來的機會？

Yes. I think on the quarter, just timing. If you look at that sector -- Chip, Brett, by the way, the opportunities are clearly growing, both for things that we have noted on the earlier calls that we're aspiring to bring to market to get inside the four walls of the data center. But also on the outside, we continue -- that's an area we are always able to play. But on both fronts, we're making good progress and the size and breadth of the opportunity for Powell is clearly growing.

是的。我覺得就季度而言，只是時機把握得好。如果你看看那個領域——順便說一句，Chip 和 Brett，機會顯然在不斷增長，無論是我們之前電話會議中提到的，我們渴望推向市場的產品，還是進入數據中心內部的產品。但除此之外，我們也繼續在外線作戰——這是我們始終能夠發揮作用的領域。但在上述兩方面，我們都取得了良好的進展，鮑威爾的機會規模和範圍顯然正在擴大。

I just look at the last quarter's activity, it's -- there's a lot of people, a lot of conversations going on, a lot of what ifs. And so -- and we're quoting some pretty big things today, and it's grown really nicely over the last two years for us.

我只要看看上個季度的活動，就會發現──人很多，討論很多，也有很多假設。所以——我們今天引用了一些非常重要的內容，而且在過去的兩年裡，它對我們來說發展得非常好。

Got it. And Brett, I guess, the corollary on utility, that phenomenal growth this quarter. You've been working on that for a long time. But I guess, sustainability of growth there, the trends you're seeing, obviously, it looks like in backlog, demand is quite healthy, but any more color there?

知道了。布雷特，我想，公用事業方面的推論是，本季出現了驚人的成長。你為此已經努力很久了。但我想，就成長的可持續性而言，從你看到的趨勢來看，顯然，積壓訂單的需求相當健康，但還有其他細節嗎？

Really. This is -- this particular strategy around utility that we're working hard at for well over a decade, I'm super pleased with, and I appreciate the question. Mike and I were just talking before the call today, if you look at oil and gas in the backlog profile to utility, they're equal weighted. So we want both.

真的。這是我們十多年來一直努力推進的關於公用事業的這項特殊策略，我對此非常滿意，也很感謝您的提問。今天通話前，我和麥克還在討論，如果你看一下石油和天然氣在公用事業積壓訂單中的佔比，你會發現它們的權重是相等的。所以我們兩個都想要。

We absolutely love our oil and gas customer. We have decades of relationships we're going to own, and we're going to build that same profile with the North American and UK-based utility customers. So -- we think the demand profile looks good. That includes both where we have been fighting our way into the distribution side of the substation. And now with this kind of increase in demand, we're going to do everything we can to grab as much of that as we can as well. This is a great growth sector for Powell on the distribution side with the electrical automation strategy and the service strategy. So all three of our strategies play here.

我們非常喜歡我們的石油和天然氣客戶。我們擁有數十年來建立的良好關係，我們將與北美和英國的公用事業客戶建立同樣的良好關係。所以——我們認為需求前景良好。這包括我們一直在努力打入變電站配電側的兩個面向。現在隨著需求的增長，我們將盡一切努力盡可能地抓住這個機會。對 Powell 而言，在配電領域，電氣自動化策略和服務策略將帶來巨大的成長潛力。所以我們的三種策略在這裡都發揮了作用。

Great. And sorry, maybe one more on C&I data center and maybe kind of technical, but Brett, I'd be curious to get your thoughts if you have any -- a lot of buzz around 800-volt DC architectures down the road. Just do you guys play there? Or what would be a potential role? And how do you see that evolution?

偉大的。抱歉，可能還有一個關於 C&I 資料中心的問題，而且可能有點技術性，但 Brett，我很想聽聽你的想法——目前有很多關於未來 800 伏特直流架構的討論。你們在那裡比賽嗎？或者，您可能扮演什麼角色？您如何看待這種演變？

Yes. We -- a couple of the folks that we're meeting -- we've got the DC switchgear that we provide to traction. So we have a DC breaker today that fits. We have a design on a rectifier. We would have to do some R&D around that to apply it to a DC structure for the data centers that the power levels are talking about.

是的。我們——我們正在會見的幾個人——我們有為牽引系統提供的直流開關設備。所以我們今天有一個合適的直流斷路器。我們有一個整流器的設計方案。我們需要圍繞這一點進行一些研發，才能將其應用於資料中心的 DC 結構，正如這裡所討論的功率水平一樣。

So if you look at how the future DC might develop, you still have the AC tie. So at the power levels today, we'd have the 38 kV primary switchgear, which would still be the same tomorrow at the DC. But then as you get inside the DC distribution of the data center potential on the architecture, the Powell technology would play.

所以，如果你展望未來直流電的發展方向，你會發現它仍然與交流電息息相關。所以，以目前的功率等級來看，我們會使用38千伏特的主開關設備，直流部分明天也依然如此。但是，隨著資料中心直流配電架構的深入，Powell技術將發揮作用。

We'd have to do a little investment around the rectifier as a solution. There are other solutions to -- as there are frequently when you're doing the distribution scheme into any facility. But -- we've had a few folks up that are in the space, seeing what we do and how we do it and chats about what we'd have to do to finish off a few things to get it where they want it to be for tomorrow. So we're in that conversation.

我們需要對整流器進行一些投資才能解決這個問題。還有其他解決方案——就像在任何設施中進行分配方案時經常會出現的情況一樣。但是——我們已經邀請了一些人來參觀，看看我們是如何工作的，並與他們討論我們需要做些什麼才能完成一些事情，以便明天能達到他們想要的狀態。所以我們現在正在討論這個問題。

Great. Appreciate that. And maybe, Mike, for you, just back to the margins and pricing. I think you called out you feel good on backlog and sustainability. Just remind us, I think you called out 100 basis points this quarter, but how should we think about '25 sort of normalized? Is sort of 28% the right ballpark? Or how are you viewing that?

偉大的。謝謝。或許，麥克，對你來說，關鍵還是回到利潤率和定價上來。我認為你之前已經說過你對積壓工作和永續發展方面感覺良好。提醒一下，我記得你提到本季會下降 100 個基點，但我們該如何看待 2025 年的正常化情況呢？28%這個數字差不多合適嗎？或者，您對此有何看法？

Yes. I mean, look, it was another really outstanding quarter operationally. We generated roughly 100 basis points of margin due to project closeouts. And from a year-to-date perspective, exiting the year at 29.4% on a year-to-date basis, this had about 125 basis points of project closeouts. So when we think about the sustainability and considering the margins that we see in backlog, we do anticipate a continuation of solid project execution through next year. And considering this margins in the upper 20s for the total year of fiscal 2026 are realistic.

是的。我的意思是，你看，這又是一個非常出色的營運季度。由於專案收尾，我們獲得了大約 100 個基點的利潤。從年初至今來看，年初至今的完成率為 29.4%，這意味著專案收尾率約為 125 個基點。因此，當我們考慮永續性並考慮到積壓訂單的利潤率時，我們預計明年將繼續保持穩健的專案執行。考慮到這一點，2026 財年全年利潤率達到 20% 以上是現實的。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Brett, a question on the LNG market. It's been about 9 months, 10 months since the pause has ended. And I suppose some would have thought some LNG projects would have reached FID by now. And as you look at those projects, is there -- are you surprised they haven't reached -- some haven't reached FID yet? Or is there a little bit of a hang up for some reason?

Brett，關於液化天然氣市場有個問題。暫停結束至今已經大約9個月、10個月了。我想有些人可能會認為一些液化天然氣計畫現在應該已經做出最終投資決定了。當你審視這些項目時，你是否感到驚訝，有些項目至今尚未達到最終投資決定（FID）？或者，是不是因為某些原因遇到了一些阻礙？

How to answer this question. It's a very -- as I've said in other calls, it's extremely active. It has taken a little more time, to your point, Jon, to spin back up. I think given -- again, just sitting as Brett, looking at the macro picture with each model and how they're going to market, where their cargoes are going to go, who they're signing up in their production agreements. I kind of get a feel for where -- why some of the delay, but I'm not overly worried about it. I still feel really good about the fundamentals on many of the projects.

如何回答這個問題？正如我在其他電話會議中所說，它非常活躍。正如你所說，Jon，它確實需要一些時間才能恢復正常運作。我認為，鑑於——再說一遍，像布雷特一樣，從宏觀角度看待每款車型，以及它們的行銷方式、貨物運輸路線、生產協議的簽署對像等等。我大概能猜到一些延誤的原因，但我並不太擔心。我對很多項目的基本面仍然感覺很好。

And it is -- I didn't have much in my comments on the prepared side on the space other than the general comment that we feel still really good about the sector of gas. And I just reiterate that with you on the question here, it's very strong activity, and I feel good the investment we're making in offshore is going to be very well timed for what's going on, on this next wave.

確實如此——在我對這個領域的準備工作方面，我並沒有發表太多評論，只是籠統地表示我們仍然對天然氣行業感到非常樂觀。關於這個問題，我再次重申一下，目前的市場活動非常強勁，我覺得我們對離岸領域的投資將非常契合當前的情況，抓住下一波浪潮。

Okay. Okay. A couple of questions on the end markets. In the C&I segment, beyond data centers, what might be active in that area? And then also in the Traction area, orders were up significantly. What are you seeing there that's driving the business in Traction?

好的。好的。關於終端市場，我有幾個問題。在工商業領域，除了資料中心之外，還有哪些領域可能比較活躍？此外，Traction 領域的訂單量也大幅成長。您認為推動 Traction 業務發展的因素是什麼？

Yes. So on C&I, yes, clearly, the main driver of that is data centers. And it's -- as I noted earlier with John Franzreb, it's a very active area, and we are seeing some nice opportunities grow. The balance of that would be other industries that we've always had presence, but never really, I'd say, overly hunted. Mining has been one of note.

是的。所以就工商業而言，是的，很顯然，其主要驅動力是資料中心。正如我之前和約翰·弗蘭茲雷布提到的那樣，這是一個非常活躍的領域，我們看到一些不錯的機會正在湧現。其餘部分則包括我們一直涉足的其他行業，但可以說，我們從未真正過度開發這些行業。採礦業一直是值得關注的行業之一。

We occasionally see a cycle on pulp and paper integrated facilities. They have a lot of power usage and moving a lot of fluids and pulp slurries and so that uses a lot of medium voltage. And so that kind of rises and fall.

我們偶爾會看到紙漿和造紙一體化設施出現週期性波動。它們耗電量大，需要輸送大量的液體和紙漿，因此需要消耗大量的中壓電。於是，這種漲跌就發生了。

And then occasionally, we'll see some other commercial activities sneak in through an E&C or a distributor because some of that market to distribution that we're getting exposed to, we're seeing -- occasionally, we'll see some broader industries that we might not have seen as directly in our Powell sales channel.

然後偶爾，我們會看到一些其他的商業活動透過工程建設公司或分銷商偷偷溜進來，因為我們接觸到的一些市場分銷管道，偶爾會看到一些更廣泛的行業，這些行業我們可能在 Powell 銷售管道中沒有直接接觸到。

So mostly data center still.

所以主要還是資料中心。

It is largely driven by data centers, and it is growing for us for sure.

這主要由資料中心驅動，而且對我們來說，它肯定正在成長。

Yes, okay.

好的。

The Traction piece, yes, it's a nice story. Look, I always said -- and we talked about it in the company. I love Traction. I think we do it very well. The DC side, we've done it now for nearly 30 years. We're good at what we do. There's a lot of people play in this market, but there's a lot of people that sort of put the fingers in this market and on the contracting side and muddy it up. And there's a reason there aren't that many people that play on the gear side because by the time it gets to a company like Powell, got all kind of crazy terms and things that just make you wonder.

關於Traction那篇文章，是的，那是一個不錯的故事。我一直都這麼說——我們在公司裡也討論過這個問題。我喜歡Traction。我認為我們做得很好。在華盛頓特區這邊，我們已經做了將近30年了。我們很擅長我們所做的事情。這個市場裡有很多參與者，但也有很多人從中作梗，從合約方入手，把市場攪得一團糟。而從事樂器設備方面的人不多是有原因的，因為到了像 Powell 這樣的公司，就會出現各種令人費解的術語和東西。

So there was a lull last couple of years. It does -- it takes a long time to get these projects to market just because of the, what I'll call the government side, if you will, of the contracting. But there is a broader set of projects that are getting to market now around the East Coast, Ramada up to New York, over Chicago and even in Canada, there's a number of projects that are sort of just timing out at the same time, and we see some other things continuing on into next year, quite frankly so.

所以過去幾年有一段平靜期。確實如此——這些項目需要很長時間才能推向市場，這主要是因為，如果你願意的話，我稱之為政府方面的合約問題。但目前東海岸、紐約、芝加哥乃至加拿大等地都有更多項目正在進入市場，其中一些項目恰好在同一時間到期，而我們看到其他一些項目將持續到明年，坦白說就是這樣。

Okay. Okay. Good. A question for you, Mike. In terms of SG&A, as we look forward, obviously, in the fourth quarter, you had some onetime items. But as you continue to see the robust revenue line and the progress that you're seeing there, do you think you can leverage SG&A costs? Or would you think that maybe we'll still see a little bit faster growth in those expenses over revenue?

好的。好的。好的。麥克，我有個問題想問你。就銷售、一般及行政費用而言，展望未來，顯然，在第四季度，你們有一些一次性項目。但是，隨著收入持續成長並取得進展，您認為可以利用銷售、管理及行政費用來降低成本嗎？或者您認為我們或許還會看到支出成長率略高於收入成長？

No, Jon. I think you'll see leverage, especially when you compare it to what we reported in our fourth fiscal quarter with those unusuals. When you look at the year-to-date numbers, we reported 8.6% of revenues in the total year '25, that compares to 8.4%, 20 basis points, as I noted in the prepared comments, 24 basis points above where we ended 2024. So relatively flat, and that also has the acquisition cost. So yes, nothing crazy that we see going forward.

不，喬恩。我認為你會看到槓桿效應，尤其是在將其與我們在第四財季報告的包含那些非正常項目的數據進行比較時。從年初至今的數據來看，我們報告的收入佔 2025 年全年總收入的 8.6%，而 2025 年全年總收入為 8.4%，比 2024 年末高出 20 個基點（正如我在準備好的評論中提到的）。所以地勢相對平坦，而且也存在購置成本。所以，是的，未來不會有什麼瘋狂的事情發生。

Okay. Any acquisition costs in 2026 from the most recent acquisition, obviously?

好的。當然，2026 年最近一次收購會產生任何收購成本嗎？

No. Those all were incurred in 2025.

不。這些費用均發生在 2025 年。

John Franzreb, Sidoti & Company.

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

Yes. I guess I'm still thinking about the closeouts. And I'm wondering how you would characterize 2025 compared to prior years. Is this kind of a normal level of activity, maybe on a percent of revenue basis or how we should think about it? I just want to get a bit of handle on that.

是的。我猜我還在想著清倉甩賣的事兒。我想知道您會如何描述 2025 年與往年相比的特徵。這種活動量是否正常？或許可以用收入百分比來衡量，或者我們該如何看待這個問題？我只是想稍微了解一下這件事。

Yes. John, this is Mike. Yes, closeouts, I would say, in 2025 were a little bit heavier than in prior periods. As you'll see in our K that will be filed this afternoon, the closeouts ran a little better than 1.5% of total revenue, 1.7% to be exact. And as I mentioned in my response to Chip, I mean, we do expect to continue this execution -- the outstanding execution into 2026. So we should expect to see some project closeouts in a favorable fashion in 2026.

是的。約翰，我是麥克。是的，我認為2025年的清倉甩賣比以往任何時期都要嚴重一些。正如您將在我們今天下午提交的 K 文件中看到的那樣，結算金額略高於總收入的 1.5%，確切地說是 1.7%。正如我在回覆 Chip 時提到的那樣，我們確實希望繼續保持這種卓越的執行力，直到 2026 年。因此，我們應該期待在 2026 年看到一些項目以令人滿意的方式收尾。

Got it. And regarding the uptick in R&D, can you talk a little bit about maybe where the spend is going? And when do you expect to see the commercialization of some of these projects?

知道了。關於研發投入的成長，您能否談談這些資金都花在了哪些方面？您預計這些項目何時能夠實現商業化？

John, it's Brett. I'll take this one first, and Mike can add color. I think we're going to -- you'll continue to see spending at this level for the next couple of years. I feel good about the progress we're making. When you bring -- we're bringing some wholesale products to market to fill some gaps in our 038 strategy on distribution. So we had some nice wins.

約翰，我是布雷特。我先來畫這個，麥克可以上色。我認為未來幾年，支出水準將繼續維持在這個水準。我對我們所取得的進展感到滿意。我們正在將一些批發產品推向市場，以填補我們在分銷方面的 038 策略的一些空白。我們取得了一些不錯的勝利。

We had some learning experiences in '25, but that's normal in the course of getting the engine back up and going and flying the plane at Altitude. I think in '26, I expect to see some products hit the market that we should see some tangible results to report back to the street. Not done, some. And I think there'll be some iterative effort that will continue on into '27 and '28 just because that's the process. But I do think we'll see more tangible results as we get through the fiscal year next year.

我們在 2025 年經歷了一些學習教訓，但這在讓引擎重新啟動並進行高空飛行過程中是正常的。我認為在 2026 年，我預計會有一些產品上市，我們應該會看到一些實際的成果，並向市場報告。還有一些沒做完。我認為，一些反覆的努力將會持續到 2027 年和 2028 年，因為這就是發展的過程。但我認為，隨著明年財政年度的推進，我們會看到更實際的成果。

Yes. And I would mention, John, just to get an appreciation of the lead time of some of these projects, these electrical distribution equipment projects. They do have a long lead time, but well better than a year after they've been tested and the like. So yes, the R&D has ticked up the last couple of years, and you should begin to see some of these projects exiting the pipeline, but they do take quite a while.

是的。約翰，我想提一下，為了讓大家了解這些項目，特別是這些配電設備項目的提前期。它們的交貨週期確實很長，但比測試之後等一年要好得多。所以，是的，過去幾年研發投入有所增加，你應該會看到其中一些項目陸續完成，但這確實需要相當長的時間。

Got it. And I guess in light of the capacity expansion, can you give us an updated CapEx budget for 2026?

知道了。鑑於產能擴張，您能否提供一份更新後的 2026 年資本支出預算？

Well, the $12.4 million for the Jacintoport expansion, that I expect that to hit in its entirety in fiscal 2026 on top of maintenance and productivity projects that we normally execute call it, the $5 million to $7 million range, and that's what I would expect in 2026.

嗯，Jacintoport 擴建項目需要 1240 萬美元，我預計這筆費用將在 2026 財年全部到位，此外，我們通常還會執行維護和生產力提升項目，金額在 500 萬至 700 萬美元之間，這就是我對 2026 年的預期。

Got it. And I might have missed this in the prepared remarks, and I apologize. But how much of the backlog is deliverable in the coming 12 months?

知道了。我可能在準備好的發言稿中遺漏了這一點，對此我深表歉意。但積壓的工作有多少能在未來 12 個月內完成？

About 60% is convertible in 2026.

約 60% 的股份可在 2026 年轉換。

Got it. Got it. And one last question, and again, this is just a point of clarification. Data center revenue, I mean, maybe for all of fiscal 2025 as a percentage basis? And how does that comp to like 2024?

知道了。知道了。最後一個問題，同樣，這只是一個需要澄清的地方。我是說，資料中心收入，或許可以用 2025 財年的百分比來計算？那與 2024 年相比如何？

Just trying to contextualize it.

只是想把它放在適當的脈絡中。

Yes. If you look at our backlog, our backlog for C&I is about 15%. Roughly half of that is today data centers. that's probably 100 to 200 basis points higher than it was last year.

是的。如果你看一下我們的積壓訂單，C&I 的積壓訂單大約佔 15%。其中大約一半是如今的資料中心。這可能比去年高出100到200個基點。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Mike, just a question on the incentive comp. Was that sort of a catch-up number in the fourth quarter?

麥克，關於激勵薪酬有個問題。那算是第四季的追趕資料嗎？

Yes. It is, Jon. What we typically see is we will accrue based on our expected results as we progress through the year. And given the results of our results that we had this year, we did have a catch-up in the fourth fiscal.

是的。沒錯，喬恩。通常情況下，我們會根據一年中預期的業績來累積收益。鑑於我們今年的業績，我們在第四財年確實需要迎頭趕上。

Okay. Any -- can you tell us how much it was -- how much of a catch-up?

好的。能告訴我們具體金額是多少嗎？ ——需要追趕多少？

Well, as I mentioned to John Franzreb a little earlier, the variable compensation of the $5 million year-over-year increase, variable compensation and compensation in general, which would include headcount adds and the like was about $3 million. And then the legal and valuation services related to the M&A activity was just under $2 million.

正如我之前向約翰·弗蘭茲雷布提到的那樣，500萬美元的年度增長中的可變薪酬、可變薪酬和一般薪酬（包括人員增加等）約為300萬美元。此外，與併購活動相關的法律和估值服務費用略低於 200 萬美元。

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

我們的問答環節到此結束。我謹將會議交還給執行長布雷特·科普，請他作總結發言。

Thank you, Nick. As you've heard from Mike and I this morning, we are very pleased with the financial results for our total fiscal 2025 financial performance. And we are very proud of the Powell team that delivered for our shareholders.

謝謝你，尼克。正如今天早上我和麥克向你們宣布的那樣，我們對 2025 財年的整體財務表現感到非常滿意。我們為鮑威爾團隊感到非常自豪，他們為股東們創造了佳績。

The markets we serve continue to support our belief that fiscal 2026 will be another strong year for Powell. I would like to welcome our new team members from Remsdaq Limited to Powell. I am very excited to write the next chapter on electrical automation and how Powell will help drive that future.

我們所服務的市場繼續支持我們的觀點，即2026財年將是鮑威爾的另一個強勁年份。我謹代表鮑威爾公司，歡迎來自 Remsdaq Limited 的新團隊成員加入我們的團隊。我非常興奮能夠撰寫關於電氣自動化的下一個篇章，以及鮑威爾將如何幫助推動這一未來發展。

With that, thank you for your participation on today's call. We appreciate your continued interest in Powell and look forward to speaking with you next quarter.

最後，感謝各位參加今天的電話會議。我們感謝您一直以來對鮑威爾的關注，並期待下個季度與您進一步洽談。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。