Powell Industries Inc (POWL) 2026 Q1 法說會逐字稿

Good day, and welcome to the Powell Industries Fiscal First Quarter 2026 Earnings Conference Call. (Operator Instructions) This event is being recorded.

大家好，歡迎參加鮑威爾工業公司2026財年第一季財報電話會議。（操作員說明）此事件正在記錄。

I would now like to turn the conference over to Ryan Coleman of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部門的瑞安·科爾曼。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining us for Powell Industries conference call today to review fiscal year 2026 first quarter results. With me on the call are Brett Cope, Powell's Chairman and CEO; and Mike Metcalf, Powell's CFO.

謝謝接線員，大家早安。感謝您今天參加 Powell Industries 的電話會議，共同回顧 2026 財年第一季業績。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。

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 February 11. The information on how to access the replay was provided in yesterday's earnings release.

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，或透過電話重播收聽，重播有效期至 2 月 11 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 the information reported on this call speaks only as of today, February 4, 2026, 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. 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.

請注意，本次通話中所報告的資訊僅代表截至 2026 年 2 月 4 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。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. Good morning. Thank you for joining us today to review Powell's fiscal 2026 first 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.

謝謝你，瑞恩。早安.感謝您今天與我們一起回顧鮑威爾2026財年第一季的業績。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 fiscal year is off to a strong start. As our first quarter results continue to demonstrate Powell's unique and advantaged position against a backdrop of what are secular and increasingly durable growth trends, the growing and broad investment in power generation and grid modernization to support data center and AI capacity growth, domestic manufacturing, electrification and the nationally important export of energy resources like LNG, are validating our now nearly decade-long strategic effort to transform Powell into a more diversified manufacturer of electrical distribution products and systems.

本財年開局強勁。第一季業績持續展現了鮑威爾在長期且日益持久的成長趨勢背景下的獨特優勢地位。為支持資料中心和人工智慧容量成長、國內製造業、電氣化以及對國家至關重要的液化天然氣等能源資源出口，對發電和電網現代化進行了不斷增長和廣泛的投資，這驗證了我們近十年來將鮑威爾轉型為更加多元化的配電產品和系統製造商的戰略努力。

During the first quarter, we saw revenue grow 4% compared to the prior year. And as a reminder, our first fiscal quarter typically exhibits some level of seasonal disruptions associated with fewer working days. While ongoing high levels of project execution drove improved profitability compared to the prior year. Gross profit expanded 20% to drive a gross margin of 28.4%, an improvement of 380 basis points year-over-year. We recorded $439 million of new orders, the highest quarterly total in over two years, as activity was widespread across oil and gas, specifically LNG, data centers and the electric utilities markets.

第一季度，我們的營收比去年同期成長了 4%。另外提醒大家，我們第一財季通常會受到季節性因素的影響，例如工作日減少，導致業績出現一定程度的下滑。與前一年相比，持續高水準的專案執行推動了獲利能力的提高。毛利成長 20%，毛利率達到 28.4%，較去年同期成長 380 個基點。我們錄得 4.39 億美元的新訂單，這是兩年多來最高的季度總額，因為石油和天然氣（特別是液化天然氣）、資料中心和電力公用事業市場的活動十分活躍。

Within our total bookings number, we were awarded a contract for a large LNG project that exceeds $100 million to support gas liquefaction and export along the US Gulf Coast. As the permitting process for LNG restarted a year ago, activity in support of new greenfield and brownfield trains resumed and Powell has and continues to support this strategic market. We anticipate activity within the LNG market to continue in 2026 relative to the more modest activity levels throughout 2024 and most of 2025.

在我們全部的訂單中，我們獲得了一份價值超過 1 億美元的大型液化天然氣項目合同，用於支持美國墨西哥灣沿岸的天然氣液化和出口。隨著液化天然氣許可程序在一年前重新啟動，支持新建和改建生產線的活動也恢復了，鮑威爾過去和現在都一直支持這個戰略市場。我們預計，與 2024 年和 2025 年大部分時間較為溫和的活動水準相比，2026 年液化天然氣市場活動將繼續保持活躍。

Commercial dynamics within our commercial and other industrial markets have accelerated in recent quarters as we continue to see increased demand within the data center market. During the first quarter, our commercial and other industrial market accounted for nearly 1/2 of the order total and included our first mega project order for a single data center, which totaled roughly $75 million. Our commercial and other industrial market now comprises 22% of our backlog as of quarter end, with data centers accounting for roughly 15% of our total backlog, both of which are record levels for Powell.

近幾個季度，隨著資料中心市場需求的持續成長，我們商業和其他工業市場的商業動態也隨之加速。第一季度，我們的商業和其他工業市場佔訂單總額的近 1/2，其中包括我們第一個大型專案訂單，即一個資料中心，總金額約為 7,500 萬美元。截至季末，我們的商業和其他工業市場占我們積壓訂單的 22%，而資料中心約占我們總積壓訂單的 15%，這兩個數字對 Powell 來說都是創紀錄的。

Over the past few quarters, we have continued to experience increasing levels of interest among a growing list of data center customers. The increasing power demand driving greater compute power and the desire to expedite construction timelines creates a value proposition that is well aligned to an increasing portfolio of Powell's electrical distribution products and automation solutions, including our first orders in the United States for our newest team members at Remsdaq Limited in the UK.

在過去的幾個季度裡，我們持續感受到越來越多的資料中心客戶對我們的產品和服務表現出越來越濃厚的興趣。不斷增長的電力需求推動了運算能力的提升，以及加快建設進度的願望，創造了一種價值主張，這與 Powell 不斷增長的配電產品和自動化解決方案組合非常契合，包括我們在美國為我們在英國 Remsdaq Limited 的最新團隊成員提供的首批訂單。

In response to the growing market demand, we continue to take measures to expand productive capacity, including adding additional leased facilities to support the expansion of production lines, increased inventory needs, broader collaboration with our supply base to ramp supply and improve cycle times as well as rebalancing and reallocating the manufacture of select products across our facilities in North America to further optimize capacity.

為因應不斷增長的市場需求，我們持續採取措施擴大生產能力，包括增加租賃設施以支持生產線的擴張、增加庫存需求、與供應商更廣泛地合作以提高供應量和縮短週期時間，以及重新平衡和重新分配北美各工廠特定產品的生產，以進一步優化產能。

Meanwhile, order trends in our Electric Utilities segment remained very encouraging as we experienced another solid quarter of award activity from this end market. Overall, the oil and gas and petrochemical business remains healthy. We are experiencing some degree of divergence across markets and geographies that we compete with some performing very well and others exhibiting softer activity levels in areas such as refineries and polyethylene and polypropylene facilities.

同時，我們在電力公用事業領域的訂單趨勢依然非常令人鼓舞，而該終端市場又迎來了一個穩健的季度訂單活動。整體而言，石油天然氣和石化產業仍保持健康發展。我們在各個市場和地區都經歷了一定程度的分化，有些市場和地區表現非常出色，而另一些市場和地區，例如煉油廠、聚乙烯和聚丙烯工廠，則表現出較為疲軟的活動水平。

We finished the quarter with a backlog of $1.6 billion which was sequential growth of 14% compared to the September quarter and is the highest in Powell's history. The growth in our backlog over the past year has been primarily driven by booking trends in the electric utility and commercial and other industrial markets as these two markets now account for the majority of our backlog for the first time ever. Overall, our backlog is well balanced across the markets we serve, and we continue to benefit from a healthy mix of large projects as well as small and medium-sized core projects that help maximize productivity across our manufacturing plants.

本季末，我們的積壓訂單金額為 16 億美元，比 9 月的季度增長了 14%，是鮑威爾歷史上最高的。過去一年，我們的積壓訂單成長主要得益於電力公用事業、商業和其他工業市場的預訂趨勢，因為這兩個市場現在首次占到我們積壓訂單的大部分。總體而言，我們在各個服務市場中的積壓訂單分佈均衡，我們繼續受益於大型專案以及中小型核心專案的健康組合，這有助於最大限度地提高我們製造工廠的生產力。

We also benefit from project visibility that now extends into our fiscal 2028. The expansion of our Jacintoport facility is progressing on schedule and remains on track to be completed during the second half of our fiscal 2026. This incremental capacity will be critical to ensuring our ability to support all of our end markets, but specifically, our oil and gas customers as we anticipate the wave of LNG project development work that is projected to come to market over the next three to five years, 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.

我們也受益於專案可見性，現在已延續到我們的 2028 財年。我們位於雅辛託港的設施擴建工程正在按計劃進行，預計將於 2026 財年下半年完成。新增產能對於確保我們能夠支援所有終端市場至關重要，尤其是對於我們的石油和天然氣客戶而言，因為我們預計未來三到五年內將迎來一波液化天然氣專案開發浪潮，而這項投資將確保我們繼續鞏固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。

We continue to actively review and evaluate our total manufacturing capacity to ensure the delivery and execution of our project backlog. This includes the potential for future investments in plant and equipment, along with actions noted earlier in my comments, where we are now adding lease properties to support near and midterm growth in our medium voltage distribution products.

我們將繼續積極審查和評估我們的整體生產能力，以確保我們積壓專案的交付和執行。這包括未來對廠房和設備的潛在投資，以及我之前在評論中提到的舉措，即我們正在增加租賃物業，以支持我們中壓配電產品的近期和中期增長。

As we look ahead through the remainder of 2026, the commercial environment for each of our major end markets remains positive. We continue to have robust activity in support of the North American gas market. The fundamentals of the US natural gas market continue to support investments in LNG and the funnel of projects that we are tracking compares favorably to past cycles in terms of the total number of projects moving forward.

展望 2026 年剩餘時間，我們各個主要終端市場的商業環境仍保持積極態勢。我們持續進行強而有力的活動，為北美天然氣市場提供支援。美國天然氣市場的基本面繼續支撐著對液化天然氣的投資，我們追蹤的項目儲備與過去的周期相比，在推進的項目總數方面表現良好。

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.

我們電力公用事業市場的前景仍然強勁，在我們所服務的客戶和地區範圍內保持平衡。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，且影響深遠，我們預計 2026 年將是另一個強勁的年份。

Lastly, we are increasingly encouraged by order trends and demand levels within our commercial and other industrial markets. The acceleration of order activity driven by data centers leaves us confident in our ability to continue to grow our presence in this dynamic market. Overall, we are very pleased with our first quarter performance and our outlook for fiscal 2026. Demand trends remain robust, and we are well positioned to execute our backlog and grow within our targeted markets.

最後，我們對商業和其他工業市場的訂單趨勢和需求水準越來越感到鼓舞。資料中心帶來的訂單活動加速成長，讓我們有信心繼續擴大我們在這個充滿活力的市場中的份額。總體而言，我們對第一季的業績以及對 2026 財年的展望都非常滿意。需求趨勢依然強勁，我們已做好充分準備，能夠完成積壓訂單並在目標市場成長。

With that, I'd like to turn the call over to Mike to walk us through our financial results in greater 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. In the first quarter of fiscal 2026, we reported net revenue of $251 million compared to $241 million or 4% higher versus the same period in fiscal 2025.

謝謝你，布雷特，大家早安。2026 財年第一季度，我們報告淨收入為 2.51 億美元，而 2025 財年同期為 2.41 億美元，成長 4%。

New orders booked in the first fiscal quarter of 2026 were $439 million, which was 63% higher than the same period one year ago and included two mega orders. The first mega order's for a large domestic liquefied natural gas project valued at greater than $100 million, which is being constructed on the Gulf Coast. In addition to this LNG mega order, the business also secured a number of orders during the quarter, supporting the electrical infrastructure for various data center projects.

2026 財年第一季新增訂單金額為 4.39 億美元，較上年同期成長 63%，其中包括兩筆巨額訂單。第一份巨額訂單是價值超過 1 億美元的大型國內液化天然氣項目，該項目正在墨西哥灣沿岸建設。除了這筆液化天然氣巨額訂單外，該公司在本季度還獲得了多項訂單，為各種數據中心項目的電力基礎設施提供支援。

Collectively, these data center orders totaled more than $100 million in the first quarter of fiscal 2026. These data center orders booked in our commercial and other industrial sector included a notable mega order for electrical distribution equipment and was valued at approximately $75 million that will be deployed at a single data center.

2026 財年第一季度，這些資料中心訂單總額超過 1 億美元。我們在商業和其他工業領域預訂的這些資料中心訂單中，包括一筆價值約 7,500 萬美元的電力分配設備巨額訂單，該設備將部署在一個資料中心。

Notwithstanding these significant wins, the orders cadence across most of our reported market sectors continues to be active, particularly across our domestic end markets. As a result of this commercial activity, the book-to-bill ratio in the period was 1.7 times. Reported backlog at the end of the first quarter of fiscal 2026 was $1.6 billion, $219 million higher than one year ago and $191 million higher sequentially and continued strength across the oil and gas, utility and commercial and other industrial sectors.

儘管取得了這些重大勝利，但我們報告的大多數市場領域的訂單節奏仍然活躍，尤其是在我們的國內終端市場。由於這項商業活動，該期間的訂單出貨比為 1.7 倍。截至 2026 財年第一季末，報告的積壓訂單為 16 億美元，比一年前增加了 2.19 億美元，比上一季增加了 1.91 億美元，石油和天然氣、公用事業、商業和其他工業部門繼續保持強勁勢頭。

As we exited the first fiscal quarter, backlog across our oil and gas and utility sectors, each represent roughly 30% of the total backlog while the commercial and other industrial sector has grown to 22% of the backlog, increasing substantially on both a sequential and year-over-year basis. Compared to the first quarter of fiscal 2025, domestic revenues were slightly lower by 1% or $3 million to $195 million while international revenues were up 29% or $13 million to $44 million in the current fiscal quarter. The increase in our international revenues during the quarter was driven in large part through the projects that we're currently executing in the Middle East and Africa, Asia Pacific and Europe regions.

截至第一財季末，石油天然氣和公用事業部門的積壓訂單分別約佔總積壓訂單的 30%，而商業和其他工業部門的積壓訂單已增長至 22%，無論環比還是同比均大幅增長。與 2025 財年第一季相比，本財季國內營收略微下降 1%（即 300 萬美元）至 1.95 億美元，而國際營收成長 29%（即 1,300 萬美元）至 4,400 萬美元。本季國際營收的成長主要得益於我們目前正在中東和非洲、亞太地區和歐洲地區執行的專案。

From a market sector perspective, revenues across our utility sector marked the most substantial increase during the quarter, higher by 35% compared to the same period one year ago, while revenues from the oil and gas sector increased by 2%, offset to some degree by the petrochemical sector, lower by 31% versus the first quarter of fiscal 2025.

從市場部門的角度來看，本季公用事業部門的收入增幅最大，比去年同期增長了 35%，而石油和天然氣部門的收入增長了 2%，但石化部門的收入在一定程度上抵消了這一增長，與 2025 財年第一季相比下降了 31%。

Lower revenue in the petrochemical sector was mainly driven by the completion of a large project booked in fiscal 2023, coupled with softer commercial activity in this market. In addition, the commercial and other industrial sector was 8% lower on project timing, while the light rail traction power sector was 5% higher on a relatively small revenue base. Gross profit in the current period increased by $12 million to $71 million in the first fiscal quarter versus the same period one year ago. Gross profit as a percentage of revenue was higher by 380 basis points versus the same period one year ago at 28.4% of revenues primarily driven by strong project execution, generating a higher level of project closeouts versus the prior year.

石化產業收入下降主要是由於 2023 財年預定的一個大型專案竣工，以及該市場商業活動疲軟所致。此外，商業和其他工業部門的專案進度比預期慢了 8%，而輕軌牽引動力部門在相對較小的收入基礎上卻快了 5%。本期毛利較上年同期成長 1,200 萬美元，達到 7,100 萬美元。毛利佔營收的百分比比去年同期成長了 380 個基點，達到營收的 28.4%，這主要得益於強勁的專案執行，使得專案收尾率比前一年更高。

Sequentially, gross profit was lower by 300 basis points on the predicted seasonal softness. As we noted in our fourth quarter release, we anticipated a challenging sequential comparison considering that our first fiscal quarter is historically the softest quarter across our fiscal year due to the holiday period.

受預期季節性疲軟的影響，毛利季減了 300 個基點。正如我們在第四季財報中所指出的，考慮到假日期間，我們第一財季歷來是全年業績最淡的季度，因此我們預計環比業績將面臨挑戰。

Selling, general and administrative expenses were $25.2 million in the current period and were higher by $3.7 million on increased compensation expenses across the business versus the same period a year ago. SG&A as a percentage of revenue increased 110 basis points to 10% in the current fiscal quarter.

本期銷售、一般及行政費用為 2,520 萬美元，比去年同期增加了 370 萬美元，原因是公司整體薪資支出增加。本財季銷售、一般及行政費用佔收入的百分比上升了 110 個基點，達到 10%。

In the first quarter of fiscal 2026, we reported net income of $41.4 million, generating $3.40 per diluted share which is a 19% increase compared to a net income of $34.8 million or $2.86 per diluted share in the same period of fiscal 2025. During the first quarter of fiscal 2026, we generated $43.6 million of operating cash flow on favorable income generation through the period.

2026 財年第一季度，我們報告淨收入為 4,140 萬美元，每股攤薄收益為 3.40 美元，比 2025 財年同期淨收入 3,480 萬美元或每股攤薄收益 2.86 美元增長了 19%。在 2026 財年第一季度，我們憑藉著該期間良好的營收成長，產生了 4,360 萬美元的營運現金流。

Investments in property, plant and equipment totaled $2 million in the quarter, with the capital deployed primarily to address capacity and productivity initiatives. At December 31, 2025, we had cash and short-term investments of $501 million compared to $476 million at September 30, 2025, and the company does not hold any debt.

本季在房地產、廠房和設備方面的投資總額為 200 萬美元，這些資金主要用於解決產能和生產力提升計畫。截至 2025 年 12 月 31 日，我們的現金和短期投資為 5.01 億美元，而截至 2025 年 9 月 30 日為 4.76 億美元，公司沒有任何債務。

As we look ahead to the remainder of fiscal 2026, we remain encouraged by the commercial tailwinds across all of our end markets. Given the current market conditions, coupled with a stable pricing environment, we are optimistic that we can sustain the quantity and the quality of our backlog throughout fiscal 2026. Combined with our ongoing focus on optimizing margin levels, increasing product throughput and the overall strength of our balance sheet, Powell is well positioned to deliver strong revenue and earnings throughout the rest of fiscal 2026.

展望 2026 財年剩餘時間，我們仍對所有終端市場的商業順風感到鼓舞。鑑於目前的市場狀況，加上穩定的定價環境，我們樂觀地認為，我們可以在 2026 財年保持訂單的數量和品質。結合我們持續專注於優化利潤率、提高產品產量以及我們整體強勁的資產負債表，Powell 已做好充分準備，在 2026 財年剩餘時間內實現強勁的收入和盈利。

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) John Franzreb, Sidoti & Company.

（操作說明）John Franzreb，Sidoti & Company。

Congratulations on another great quarter. I'd like to start with the comments on the gross margin that you can -- that based on what your current backlog looks like that you can sustain the 2025 gross margin profile. I wonder, does that consider potential change orders or short-cycle business? Or is that just based on the backlog configuration?

恭喜你們又一個季度取得了優異成績。我想先談談毛利率的問題——根據你們目前的訂單積壓情況，你們能否維持 2025 年的毛利率水準。我想知道，這是否考慮了潛在的變更訂單或短期業務？或者這只是基於待辦事項配置？

John, this is Mike. I'll address that question. So we had a very strong quarter with respect to project closeouts as I noted in my prepared comments, 380 basis points overall on reported margin versus prior year. Of that $300 million was attributable to project closeouts, which was favorable to last year and that was really driven by strong execution and risk management and our ability to recover costs via change orders, et cetera, in the project environment. The remainder of that upside was just playing productivity and operating leverage across the business.

約翰，我是麥克。我會回答這個問題。正如我在準備好的評論中提到的，我們在專案收尾方面取得了非常強勁的季度成績，報告利潤率與去年同期相比總體提高了 380 個基點。其中 3 億美元歸因於專案收尾，比去年有所改善，這主要得益於強有力的執行和風險管理，以及我們在專案環境中透過變更單等方式收回成本的能力。剩餘的收益都來自於提高整個企業的生產力和營運槓桿。

As a barometer of level of margin levels over time, I would point to the trailing 12-month performance. If you took a look at the trailing 12 months in the business, our reported margins are running about 30% and of this, there's approximately 175 basis points of project closeout gains, again, which includes change orders and the like changes in estimates. So maintaining a base level margin in the upper 20s while continuing to drive for 150 to 200 basis point upside resulting from favorable closeouts is a reasonable assumption. And that reflects what we see that base assumption is what we see in our backlog.

要衡量一段時間內的利潤率水平，我會參考過去 12 個月的表現。如果看一下過去 12 個月的業務狀況，我們報告的利潤率約為 30%，其中約有 175 個基點來自專案收尾收益，這其中也包括變更訂單和類似的估算變更。因此，在維持 20% 以上的基本利潤率的同時，繼續爭取透過有利的平倉帶來 150 至 200 個基點的上漲空間，這是一個合理的假設。而這反映了我們從積壓工作中看到的基本假設。

Got it. Got it. That's very helpful, Mike. And I'm actually kind of curious about the record backlog, it's great to have. It's wonderful to see. But I'm wondering if there's any concerns that customers are just buying to get in line and that the backlog might not be firm in use past given maybe the new customer shift. And just any thoughts about that?

知道了。知道了。這很有幫助，麥克。我其實挺好奇唱片積壓狀況的，有唱片積壓當然很好。真是太好了。但我擔心顧客只是為了排隊而購買，考慮到新顧客群的變化，積壓的訂單可能無法有效利用。對此大家有什麼想法嗎？

John, it's Brett. It's a good question. We've talked about that in the past, and we -- are we open to cancellations, what would that potentially do? I don't think -- yes, I think the 1.6% is very durable. Some of the new market growth in the commercial and other is, if you look at the timing and our understanding of the project, I feel very good about it.

約翰，我是布雷特。這是個好問題。我們之前討論過這個問題，我們——我們是否接受取消預訂，這可能會造成什麼影響？我不認為——是的，我認為 1.6% 的收益率非常持久。有些新的市場成長來自商業領域，而有些則來自其他領域。考慮到時機和我們對專案的理解，我對此感覺非常好。

I think as we look out what's going on in that space, are people talking to us and others about reservations and locking capacity, yes, those conversations are happening. And Mike and I and the management team are discussing what that might look like in the next couple of quarters, the next couple of fiscal years as the demand looks like it continues how to best handle that risk potential. So that -- I think that's a future concern that's on our radar, and we're taking it quarter by quarter, but not currently in the backlog. I feel pretty good with what we've got here today.

我認為，當我們觀察這個領域正在發生的事情時，人們是否在和我們以及其他人談論預訂和鎖定容量，是的，這些對話正在進行中。我和麥克以及管理團隊正在討論，隨著需求持續成長，未來幾季、未來幾個財政年度可能會出現什麼情況，以及如何最好地應對這種潛在風險。所以——我認為這是我們未來需要關注的問題，我們正在按季度處理，但目前還沒有列入待辦事項清單。我對今天我們所擁有的一切感到非常滿意。

Chip Moore, ROTH MKM.

Chip Moore，ROTH MKM。

I wanted to ask drilling on data center, maybe a little bit more. I think you're talking about larger and more numerous opportunities and obviously, that megaproject great to see. Maybe just -- can you expand, Brett, maybe on cadence of deliveries in data center? And then I believe many of these facilities are being built in phases, just potential for follow-on orders at some of these sites. And capacity questions. You mentioned adding some leased facilities, just how quickly you can ramp and get the switchgear supply going up.

我想問一些關於資料中心鑽探的問題，可能還要多問一些。我認為你指的是更大、更多的機遇，顯然，看到那個大型專案真是太好了。或許——布雷特，你能詳細說說資料中心的交付節奏嗎？而且我相信這些設施很多都是分階段建造的，其中一些地點有可能迎來後續訂單。以及產能問題。您提到要增加一些租賃設施，以及您可以多快提高開關設備供應量。

Yes, I could have probably done a whole script on the data centers when you look at us in the broader market out there that's involved in the space because we are admittedly learning a lot as it's growing quickly in Powell. First of all, on the cadence of the activity that's ongoing. There is an interesting dynamic. It is project work, but still, a lot of our backlog that we just shared in the prepared comments is still outside the data center, even this large mega project. It is a large amount of work for a project to handle a lot of the outside of the work.

是的，考慮到我們在更廣泛的市場中參與這一領域的現狀，我或許可以就資料中心寫一整篇劇本，因為不可否認，隨著鮑威爾地區資料中心的快速發展，我們也學到了很多東西。首先，關於正在進行的活動的節奏。這裡存在著一種有趣的動態。雖然這是專案工作，但即便如此，我們剛才在準備好的評論中分享的大量積壓工作仍然在資料中心之外，即使是這個大型超級專案也是如此。處理專案外部的大量工作是一項艱鉅的任務。

And it's a lot of design one, build many. So it is supporting more of a product strategy. It's a project as we look at it as Powell. And so -- but it's going to create a lot of -- a lot more flow down production lines. We think there is a lot of opportunity there that we're working through over the -- and we will be working through in the next couple of quarters about efficiency, productivity and delivery.

而且設計工作量很大，一個方案要設計，多個方案要建造。所以它更著重於產品策略。在我們看來，鮑威爾，這是一個項目。所以——但這將導致生產線上出現更多的物料流動。我們認為這裡面有很多機會，我們正在努力解決——在接下來的幾個季度裡，我們將致力於提高效率、生產力和交付能力。

So we spent a lot of time last quarter, quarter before, working on supply chain, doing the blocking and tackling on the production line. The prepared comment, we added a 50,000 lease -- square foot lease facility, which we're just taking ownership now. During the quarter to support this product line flow to store the inventory that needs to ramp to match. But it's going to be a lot of that repetitive product build down the line, and we anticipate more of that in the next quarter or 2. We're evaluating -- we're under evaluation right now, some additional facilities.

因此，上個季度和上個季度，我們花了很多時間在供應鏈上，處理生產線上的各種基礎性問題。在準備好的評論中，我們增加了 50,000 平方英尺的租賃設施，我們現在正在接管該設施的所有權。本季度內，為了支援該產品線的正常運轉，需要補充庫存以滿足不斷增長的需求。但未來一段時間內，我們將面臨許多重複性的產品開發工作，我們預期未來一兩季這種情況會更加嚴重。我們正在評估——我們目前正在評估一些額外的設施。

We're challenging whether or not we should go larger and along with even investment in our model. We like to own our PPE. But right now, the lease makes sense. As we better understand and become more confident, we'll build out more permanent investments, I think, to match, not just this, but of course, the things we've been doing organically to drive growth in all of our three verticals.

我們正在考慮是否應該擴大規模，並增加對我們模式的投資。我們喜歡擁有自己的個人防護裝備。但就目前而言，租約是合理的。隨著我們對業務的了解加深，信心增強，我認為我們將進行更多永久性投資，不僅是為了配合這項投資，當然也是為了配合我們一直在做的、旨在推動三大垂直領域增長的有機舉措。

Very helpful. I appreciate the color there, Brett. And if I could ask one more. Supply-demand environment, I guess, more broadly to the point on margins, a lot of announcements around capacity expansion from a number of equipment suppliers floating out there? Just maybe it sounds like things are quite stable right now, but just how you think about the future several years out, what might take place?

很有幫助。布雷特，我很喜歡那裡的色彩。如果可以的話，我還能再問一個問題嗎？我想，就供需環境而言，更廣泛地說，就利潤率而言，許多設備供應商都發布了產能擴張的公告？或許現在看來一切都很穩定，但你想想幾年後的未來，可能會發生什麼事？

Every quarter, I'm getting more confident. The -- notwithstanding John Franzreb's question about the concern on this massive demand environment. I mean the number of customers were having more thoughtful strategic discussions with is increasing, and they're engaging Powell in a way that fits us well. And so I talked early on, maybe a year ago about finding alignment with clients that meet well with what we do culturally and how we do it, we'll learn from that and we'll grow. So we're not going to stay static as to who we were.

每個季度，我的自信心都在增強。儘管約翰·弗蘭茲雷布提出了關於這種巨大需求環境的擔憂。我的意思是，越來越多的客戶開始與我們進行更深入的策略討論，他們與鮑威爾的互動方式非常適合我們。因此，我早在一年多前就談到，要找到與我們文化和做事方式相契合的客戶，我們將從中學習並成長。所以，我們不會固步自封，改變自己。

We want to build a part of the company that is quicker on the cycle, can meet the need. There is a lot of demand. We understand the urgency and the return on their capital. But at the same time, we want to make sure we're hitting the dates for all three verticals that we're serving. So the number of customers is increasing.

我們希望打造公司中一個週期更快、能滿足需求的部門。需求量很大。我們理解他們的緊迫性和對資本回報的追求。但同時，我們希望確保我們能夠按時完成我們所服務的三個垂直領域的任務。因此，顧客數量正在增加。

It is going out further in time and the programmatic approach about your comment about phasing, yes, we see the initial on the initial design and the potential train -- I'll call it, train expansion, but the size of the data center potential that could be added on to it is definitely part of the conversation. So that fits our model, right? If we execute and deliver for our client. We absolutely want these relationships to be sticky, just like there are other verticals, and we're very open with them in that approach. And so we use that as a an early-on engagement sort of screening discussion of, hey, we'd like to help all of you, but we want to align with those that really match us well.

隨著時間的推移，它的發展方向會更加明確，關於您提到的分階段實施，是的，我們看到了最初的設計方案和潛在的列車——我稱之為列車擴展——但可以添加到其中的數據中心規模絕對是討論的一部分。所以這符合我們的模型，對吧？如果我們能為客戶執行並交付成果。我們非常希望這些合作關係能夠長久維繫，就像其他垂直領域一樣，而我們在這方面也與他們保持著非常開放的態度。因此，我們將其用作早期接觸的一種篩選討論方式，意思是，嘿，我們想幫助你們所有人，但我們希望與那些真正與我們契合的人保持一致。

Manish Somaiya, Cantor.

Manish Somaiya，坎托爾。

Michael and Brett, it's Manish Somaiya. Just a couple of questions. One is on pricing. Perhaps if you can just give us some comment on what you're seeing as far as pricing in your end markets, the intensity of competition pertaining to that? And then related, how should we think about raw material prices and how they get passed along and what you absorbed? Perhaps if you can just give us a sense as to how you protect yourself in this ad of rising commodity prices.

Michael 和 Brett，我是 Manish Somaiya。幾個問題。一是價格問題。您能否就您終端市場的定價狀況以及相關的競爭激烈程度發表一些看法？那麼，我們該如何看待原物料價格，以及它們是如何傳遞下去的，還有我們吸收了多少成本呢？或許您可以簡單介紹一下，在商品價格上漲的背景下，您是如何保護自己的。

Manish, thank you for joining today. I'll take the first part of that. Mike can add some color and jump into the input cost side. On the pricing environment, we've been asked that last couple of quarters. No real change. I think everything is holding pretty steady in all our verticals in terms of the competitive status of the market, if you will.

馬尼什，感謝你今天參與。我來回答第一部分。Mike 可以補充一些細節，並深入探討投入成本的問題。關於定價環境，過去幾季我們一直被問到這個問題。沒有實質改變。我認為就市場競爭狀況而言，我們所有垂直領域的市場都保持著相當穩定的狀態。

The one dynamic that I would point to that we are learning, and I touched on this with Chip in the last call -- last question a little bit, is that on these data center jobs, they are with how we price in the market. I would say, that said, the way we're going to build these lines, I anticipate we have some potential upside because in the long cycle project -- when we build a project and they're large full of products and integrated scope in their year, two years, three years, these have a much quicker cycle on average compared to some of those on their demand curve to meet the need.

我想指出我們正在學習的一個動態，我在上次通話中也和 Chip 稍微談到了這一點，那就是這些數據中心工作，它們與我們在市場上的定價方式有關。也就是說，我認為，按照我們建造這些生產線的方式，我們預計會有一些潛在的成長空間，因為在長週期項目中——當我們建造一個項目，而這些項目規模龐大，產品眾多，且涵蓋範圍廣泛，週期為一年、兩年、三年，與那些處於需求曲線上以滿足需求的項目相比，這些項目的平均週期要快得多。

And so when we get up to speed and build these products over and over and over, I think that the efficiency factor, something that we don't largely do as Powell today, and we're building out that product side of the company. I think there's -- I think we'll see some potential upside in there. I don't know how much yet. But I do think that we see the potential for it. So that in a sense would be price. If you back calculate it in the next couple of quarters, I think that will become more apparent to our to our understanding.

因此，當我們跟上進度並一次又一次地打造這些產品時，我認為效率因素——這是我們目前作為 Powell 公司尚未充分做到的——我們正在建立公司的產品方面。我認為——我認為我們會看到其中存在一些潛在的上漲空間。我還不清楚具體金額。但我認為我們看到了它的潛力。從某種意義上說，這就是價格。如果在接下來的幾個季度進行回溯計算，我認為這一點會更加清晰地展現在我們面前。

And following on that, Manish, this is Mike. Regarding the input costs, clearly, we watch this very closely. We kind of bifurcate it into two buckets. The raw materials, as you noted, copper, steel, very volatile. The metals market is very, very volatile today. We do hedge our copper to some extent and any drastic increases that we see, we roll those into our pricing models internally.

接下來，Manish，這位是Mike。關於投入成本，我們顯然會密切關注。我們把它大致分為兩類。正如你所指出的，原料銅、鋼，都是非常易燃易爆的。如今金屬市場波動非常劇烈。我們對銅價進行一定程度的對沖，任何價格的大幅上漲，我們都會將其納入內部定價模型中。

The second bucket, I would note, are we buy a lot of engineered components, things that we don't make, HVAC, fire systems, things of that nature. And as you know, our projects could range from one year to three years. So we lock those not those commodities, those engineered components, in when we signed the contract. So we're locked into the engineered components and we watch the commodities very closely and roll those into the pricing model. So that's how we manage those businesses -- those elements of the business to mitigate the risk.

第二類產品，我想指出的是，我們購買了許多工程零件，也就是我們自己不生產的東西，像是暖通空調系統、消防系統等等。如您所知，我們的專案週期可能為一年到三年。所以，我們在簽訂合約時鎖定的不是那些商品，而是那些工程零件。因此，我們專注於工程零件，密切注意大宗商品價格，並將這些價格因素納入定價模型。所以，這就是我們管理這些業務的方式——透過管理業務中的這些要素來降低風險。

And then just as a follow-up, how should we think about the lead times on specific components like switchgear, for example, obviously, you have a significant backlog at this moment. What are sort of the potential constraints on the component side that could impact revenues?

然後，作為後續問題，我們應該如何考慮特定組件（例如開關設備）的交貨週期？顯然，你們目前有大量的積壓訂單。零件方面可能存在哪些潛在限制因素會影響收入？

That's a discussion we have every day and along with per couple of comments on the capacity additions that we're working through. I think we're in a good spot. If you look at the mix of products that we make and if you just kind of go back to data centers, Manish, the power levels have increased coming off utility or if they're doing GTG, self-generation on site or any kind of multifuel, there's a lot going into the 38 kV line, and that is ramping quickly. That's a product that we're rarely adept at. It actually fits Powell really well.

這是我們每天都會討論的問題，以及我們正在研究的關於擴容方案的一些意見。我認為我們處境不錯。如果你看看我們生產的產品組合，再看看資料中心，Manish，你會發現，無論是從公用設施供電，還是進行現場自發電或任何類型的多燃料發電，38 kV 線路的電力需求都在迅速增長。我們很少擅長生產這類產品。這件衣服其實很適合鮑威爾。

But when you look at the 5 and 15 different product levels, they're not as robust. We actually have capacity. And so some designs of data centers out there, if you look at how they're doing their data halls, not all of them are just massive 1 gigawatt or 3x 300 gigawatts. There's new designs coming out that are 90 or 100 or 150-megawatt data halls that we still have really good capacity running 35 to 40 weeks on gear, which is very competitive in the market for 15 kb.

但當你查看 5 個和 15 個不同的產品等級時，你會發現它們不那麼強大。我們其實有能力做到。所以，如果你看看一些資料中心的設計，你會發現它們的資料中心機房並不是全部都是1吉瓦或3x300吉瓦的大型機房。現在出現了新的設計，容量為 90、100 或 150 兆瓦的數據大廳，我們仍然擁有非常好的產能，設備可以連續運行 35 到 40 週，這在 15 kb 的市場上非常有競爭力。

So when you get into the mix of how they're doing their power design, we are driving future capacity for those higher levels that are really under demand, but then there are other designs that we still have opportunity to fill out that will benefit the back half of this year and into the early part of '27. So those are the really thoughtful conversations we're having with those clients that engage us that way. We can fate, we can build, we can invest meet their needs and then we can phase our deliveries to really make a win for both parties.

因此，當我們深入了解他們的電力設計方式時，我們會發現我們正在為那些真正缺乏需求的更高水平的電力需求推動未來的產能，但我們仍然有機會完善其他一些設計，這些設計將使今年下半年和 2027 年初受益。所以，這些是我們與那些以這種方式與我們互動的客戶之間進行的真正深入的對話。我們可以掌控命運，我們可以建設，我們可以投資滿足他們的需求，然後我們可以分階段交付，真正實現雙方共贏。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Brett, you've spoken a lot about doing things to increase capacity and product flow and so on and so forth. And I guess, two questions. Number one, how much might you have to ramp up your CapEx spending to achieve that? And then secondly, when you think about your capacity now and what you want to bring on board in the future, if your top line, if you could do, let's say, if your top line growth was x percent, what might that new capacity be able to drive revenue growth in the future? Are we talking about mid-teens then? Or what kind of new growth -- new top line expectations might there be with this new capacity?

Brett，你之前多次提到要採取措施來提高產能和產品流通等等。我想問兩個問題。首先，為了實現這一目標，您可能需要增加多少資本支出？其次，當你考慮你現在的產能以及你未來想要引進的產能時，假設你的營收成長了 x%，那麼新的產能未來可能會如何推動營收成長呢？那我們說的是十幾歲中期嗎？或者說，新增產能會帶來怎樣的新成長－新的營收預期？

Well, that's a really good question, John. First, on the CapEx side, yes, we've been evaluating for the better part of the year a new facility owned by Powell. A lot of that started off in support of our organic investment in R&D and some of the products we aspire to bring to market to pursue more share of wallet and utility spend. I really like the utility vertical for Powell long term, and we've done really well in there. And I really think the team is -- what we've done is really driving value for our client in the utility space and vice versa.

約翰，你問得真好。首先，在資本支出方面，是的，我們今年大部分時間都在評估鮑威爾擁有的一個新設施。這一切最初是為了支持我們對研發的有機投資，以及我們渴望推向市場的一些產品，以爭取更大的市場份額和更高的實用性支出。我非常看好鮑威爾的公用事業垂直領域，而且我們在這個領域也做得非常出色。我真的認為，我們團隊所做的一切，確實為​​公用事業領域的客戶創造了價值，反之亦然。

And so we don't want to lose focus on that. So add to that what's going on in the market in this newer dynamic, we're considering right now something on the order of another $100 million type facility. We've not pulled the trigger on that. Really active discussions with the Board. Meanwhile, we saw an opportunity on the lease side.

所以我們不能忽視這一點。因此，再加上市場上的這種新動態，我們目前正在考慮建造另一個價值約 1 億美元的設施。我們還沒有採取那項行動。與董事會進行了非常積極的討論。同時，我們看到了租賃方面的機會。

When you look at both in terms of how they could potentially drive revenue, yes, I think double digits is possible. We got to get a few more products organically out like I noted earlier, if we -- and maybe a little bit more -- I'd hedge a little to say when, given how many data center companies are engaging us get inside the data center, -- it will be a pretty chunky add.

如果從它們可能帶來的收入成長角度來看，是的，我認為實現兩位數成長是有可能的。就像我之前提到的那樣，我們需要自然而然地推出更多產品。如果我們——或許還能更多——考慮到有多少資料中心公司正在與我們合作，讓我們進入資料中心，我得稍微謹慎地說——這將是一個相當大的成長。

The low-voltage content, even on the AC designs that are going on now and the momentum that's built because there's a lot of talk on the future DC designs, which we're also involved with but it will be a step change. And some of that with that -- with the investment we did last year at the breaker plant here in Houston, the 50,000 square foot, we're already prepped for some of that. Well, we could quickly need some additional facilities beyond that just to hold the inventory. So we can see out there some potential nice steps to add to the growth of the company.

即使是目前正在進行的交流設計，其電壓含量也很低，而且由於對未來直流設計的討論很多，也形成了一種勢頭，我們也參與其中，但這將是一次變革。而其中一些——包括我們去年在休士頓的斷路器廠進行的投資，佔地 50,000 平方英尺，我們已經為此做好了準備。嗯，我們可能很快就需要一些額外的設施來存放庫存。因此我們可以看到，有一些潛在的、不錯的措施可以促進公司的發展。

Okay. And Brett, on the LNG market, obviously, it's a little bit different today than it was three years ago when sort of the initial construction rollout began. Is the competitive environment a little bit different today than four or five years ago?

好的。布雷特，就液化天然氣市場而言，顯然，如今的情況與三年前最初的建設推廣階段有所不同。現今的競爭環境與四、五年前相比是否略有不同？

It's different, but it's no less intense. And my color comment on that would be, if you go back four or five years ago and you look at the players that were in the market from the international people that we compete with, along with some of the local building makers and integrated partners at the -- our competition would use, there was a set of competitors that was x.

雖然有所不同，但強度絲毫不減。我對此的評論是，如果你回顧四、五年前，看看市場上與我們競爭的國際企業，以及一些本地建築製造商和整合合作夥伴——我們的競爭對手會使用，當時有一組競爭對手是 x。

If you look at today, five years on and you look at like in our investor deck, we present who we think about every day when we get up to compete on the electrical side. What's changed is their strategy, I think. Our core strategy around industrial oil and gas utility, which we've been working at for the better part of a dozen years.

如果你看看五年後的今天，看看我們在投資者簡報中展示的內容，你會發現，當我們每天起床準備在電力領域展開競爭時，我們腦海中浮現的都是我們的想法。我認為改變的是他們的策略。我們的核心策略是圍繞著工業石油和天然氣公用事業展開的，我們已經為此努力了近十二年。

And now this latest piece, we're not going to forget who we are in these first two verticals. And we really enjoy that complex industrial hard to do job. And so there's still competition, it's still intense, but there are some new players because of changes on the other side that happened from five years ago, maybe the focus is different, I don't know. You have to listen to their calls. But for us, we're still focused on that.

現在，在最新的這篇文章中，我們不會忘記我們在前兩個垂直領域中的定位。我們真的很喜歡做那種複雜又困難的工業工作。所以競爭依然存在，依然很激烈，但由於五年前另一邊發生的變化，出現了一些新的參與者，也許關注點有所不同，我不知道。你必須接聽他們的電話。但對我們來說，我們仍然專注於此。

And we really like that business, and we're very engaged on it. And the investment we've made in offshore is built for that, and we're out trying to earn all that business that's potentially coming through FID in the next couple of quarters.

我們非常喜歡這項業務，並且積極參與其中。我們在海外進行的投資就是為了實現這一目標，我們正在努力爭取在接下來的幾個季度通過最終投資決定（FID）獲得的所有業務。

Okay. So Brett, if you -- when you look at the margin that you achieved a couple of years ago on the new projects, new LNG projects, do you think you can see similar margins going forward?

好的。所以布雷特，如果你回顧一下幾年前新項目，特別是新的液化天然氣項目所取得的利潤率，你認為未來還能取得類似的利潤率嗎？

I think so. I mean, there's -- all the segments, that's the one that is given the size of the capital investment in these facilities. There's still a lot of focus on the return of the facilities. And so it's good, but I -- you got to be careful to be fair and what you're really looking to do. And so if there's something that's unique or there's time elements that we can provide, that's unique to our model, for instance, using our offshore facility for large single piece that will help reduce cost at site. We just asked a rare value in return for that for the site, but not to be silly about it.

我也這麼認為。我的意思是，所有這些環節，都是因為這些設施的資本投資規模才決定的。人們仍然非常關注這些設施的恢復情況。所以這樣做是好事，但是──你必須小心謹慎，做到公平公正，並且清楚你真正想做什麼。因此，如果我們能提供一些獨特的服務或時間方面的優勢，例如利用我們的海上設施生產大型單件產品，就能幫助降低現場成本，這是我們模式獨有的。我們只是要求網站提供一定的價值作為回報，但不要太過分。

John Franzreb, Sidoti & Company.

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

Brett, I'm just curious about the opportunity pipeline. It seems phenomenal. I wanted to kind of look at it and say, listen, we're going to have an exit book-to-bill ratio of above 1 point for the next coming two years. Is that something reasonable to expect?

Brett，我只是對機會管道感到好奇。這簡直太不可思議了。我想看看情況，然後說，聽著，未來兩年我們的退出訂單出貨比將高於 1 個百分點。這是合理的預期嗎？

I think it's reasonable, John. I mean there's no guarantee of future results. You know the phrase -- the amount of conversations we're having across all three verticals. I think it's a reasonable expectation, which is why we had chats with the Board, and we had the change in some of the metrics that we're driving the company for. And so the volume potential is definitely there. And as a team, we've got to solve that. And I feel good that we've got the right team and the right environment to make that happen for all the stakeholders.

我覺得很合理，約翰。我的意思是，未來的結果無法保證。你知道這句話——我們在所有三個垂直領域進行的對話數量。我認為這是一個合理的期望，所以我們與董事會進行了溝通，並改變了一些我們推動公司發展的指標。因此，銷量潛力是毋庸置疑的。作為一個團隊，我們必須解決這個問題。我很欣慰我們擁有合適的團隊和合適的環境，能夠為所有利害關係人實現這一目標。

Got it. And I was wondering, has the Board considered a stock spread at this level? I mean, compared to historic levels, it's fairly impressive.

知道了。我想知道，董事會是否考慮過在這個價位進行股票價差交易？我的意思是，與歷史水平相比，這相當令人印象深刻。

Yes. We have -- some of the color on that really is more, if you think about our team and the growth of the employees as just critical to the success of all the stakeholders' interests using equity within our structure has become very much more of the forefront discussion with the Board and Mike and I and our CHRO. And so yes, the stock split from a math standpoint about making sure it's a tool that we use for our team to support their engagement in the process here is definitely very active.

是的。我們已經——這方面的一些細節其實更加豐富，如果你考慮到我們的團隊和員工的成長對於所有利益相關者的成功至關重要，那麼在我們的結構中使用股權就成為了董事會、邁克、我和首席人力資源官討論的重點。所以，從數學角度來看，股票分割確實是一個非常活躍的工具，確保它能幫助我們的團隊更好地參與這個過程。

Got it. And I guess kind of just one last one. How should we think about the cash on the balance sheet, over $500 million when does that number start to get drawn down a little bit as you use more working capital as these larger projects come on board?

知道了。我想，這大概就是最後一個問題了。我們該如何看待資產負債表上的現金？超過 5 億美元的現金，隨著這些大型專案的推進，當營運資金使用量增加時，這個數字何時會開始減少？

Well, let me just make a couple of comments there and let Mike jump in. As I noted, already this morning, I definitely think we're thinking about allocating some of that to some new facilities. I can't really pin down the timing yet. We've got a board here, two weeks. It will be in the discussion -- and then we're not slowing down on the M&A side, even though we did the one with Remsdaq in last summer.

好吧，我先說幾點，然後讓麥克來補充。正如我今天早上提到的，我們肯定在考慮將其中一部分資金分配給一些新的設施。我現在還無法確定具體時間。我們這裡有個董事會，兩週時間。這將是討論的一部分——而且，儘管我們去年夏天與 Remsdaq 完成了一筆併購交易，但我們在併購方面並沒有放慢腳步。

There are still some ideas out there that when we can get out in the market and do the strategic work. There's still some really nice potential out there. So there's that. And then I think the capital needs, Mike.

還有一些想法，等我們進入市場並進行策略工作後，這些想法就能實現。市場上仍然有很多非常好的潛力股。就是這樣。然後我認為還有資金需求，麥克。

Yes. As a follow-up on that, John. From a working capital perspective, roughly 40% to 50% of that balance will be deployed at some point in the future to that $1.6 billion backlog number. But that said, when you look at what's the free cash available for the capital deployment in some way, shape or form, it's probably $200 million to $225 million mentioned that we're thinking about capacity requirements across the business. So I'm sure some of it will get deployed in that fashion.

是的。約翰，關於這一點，我想補充一點。從營運資金的角度來看，該餘額的大約 40% 到 50% 將在未來某個時間點用於償還 16 億美元的積壓訂單。但即便如此，當你審視可用於資本部署的自由現金流時，你會發現，正如我們所說，我們正在考慮整個業務的產能需求，這筆資金可能在 2 億美元到 2.25 億美元之間。所以我相信其中一些會以這種方式部署。

Chip Moore, ROTH MKM.

Chip Moore，ROTH MKM。

Just one more for me on Remsdaq, I think you called out getting some traction here in the US. So just an update there now that you've had them for not too long, but a little longer -- and then service more opportunity, I guess, more specifically around data center, in particular, just talk to that.

關於 Remsdaq，我還有一點要補充，我想你之前提到過它在美國市場會獲得一些關注。所以，現在你們擁有它們的時間不算太長，但也稍微長了一點——然後我想說，服務方面會有更多機會，尤其是在資料中心方面，就談談這方面吧。

Well, thank you for the question. Yes, Remsdaq, great strategic add, great set of folks in the UK. We -- when you have these dynamic times in the market, Chip, you -- every market has an approved approach, the way they bring in technology. Remsdaq was so experienced in their market in the utility space. That was one of the things that attracted us to them initially plus their technology road map.

謝謝你的提問。是的，Remsdaq，非常棒的策略投資，英國的團隊也很出色。Chip，在如今瞬息萬變的市場環境下，每個市場都有其既定的技術引進方式。Remsdaq 在公用事業領域擁有非常豐富的市場經驗。這正是我們最初被他們吸引的原因之一，還有他們的技術路線圖。

The data center market, the commercial and other industrial has definitely opened the door to allow us to get that technology in quicker than we anticipated into the US market. So we've had some technical meetings with some of the customers that have come to us on applying this technology to the powertrain that speeds in the data center for some protective and control logic and it's opened the door. And it's created new opportunities for us even on the high-voltage side. We just took our first order for a high-voltage control protection substation the utility connect, if you will, the high voltage into the medium voltage, which would be a new space for Powell.

資料中心市場、商業市場和其他工業市場無疑為我們打開了一扇門，使我們能夠比預期更快地將這項技術引入美國市場。因此，我們與一些前來諮詢如何將這項技術應用於資料中心高速運轉的動力系統以實現一些保護和控制邏輯的客戶進行了一些技術會議，這為我們打開了一扇門。它甚至在高壓領域也為我們創造了新的機會。我們剛剛接到第一個高壓控制保護變電站的訂單，該變電站將高壓連接到中壓，這對鮑威爾來說是一個全新的領域。

And again, that was underscored by our ability with having Remsdaq and their technology as an enabler. So super exciting time. I have high expectation for the growth of this business. It is accretive to margin significantly, and Powell has a long history of success here. Service.

再次強調，我們能夠借助 Remsdaq 及其技術來實現這一目標。真是令人興奮的時刻！我對這家企業的未來發展寄予厚望。它能顯著提高利潤率，而且鮑威爾在這方面有著長期的成功經驗。服務。

yes. Thank you, Mike. On the service piece, yes, there is clearly opportunity on the data center front, the commercial and industrial. We haven't taken anything significant yet. But over the last quarter I've been involved myself in some of the discussions where we do see an opportunity for service to come in.

是的。謝謝你，麥克。在服務方面，是的，資料中心領域，無論是商業領域還是工業領域，顯然都存在著機會。我們還沒有任何重大進展。但在過去一個季度裡，我親自參與了一些討論，在這些討論中，我們確實看到了服務進入市場的機會。

On the build side, quite frankly, initially, we've not entered on the OpEx side after. I think that will come. Still a new market for us. And as these assets get installed, I think we'll see some installation and long-term support work. But we right now are developing some ideas with clients on how our team can help the constructability, the timing, given our know-how on the skid and the integration of the mechanical side of these solutions with how they're trying to speed up the timeline. And so our service team is engaged and we're actually out providing some quotes for what we think we can do. We haven't closed anything yet, but it would be -- we do see it as a big opportunity as we go forward.

坦白說，在建設方面，我們最初並沒有涉足營運支出方面。我認為那一天終會到來。對我們來說，這仍然是一個新市場。隨著這些資產的安裝，我認為我們會看到一些安裝和長期支援工作。但目前我們正在與客戶探討一些想法，看看我們的團隊如何能夠幫助他們提高施工可行性、加快進度，這得益於我們在滑橇方面的專業知識，以及將這些解決方案的機械方面與他們試圖加快進度的方式相結合。因此，我們的服務團隊已經投入工作，我們正在為客戶提供我們認為可以提供的服務報價。我們還沒有敲定任何交易，但我們認為這將是一個巨大的機會。

Manish Somaiya, Cantor.

Manish Somaiya，坎托爾。

Mike, I'm not sure if you mentioned the next 12 months backlog. Would you mind giving that to us?

麥克，我不確定你是否提到過未來 12 個月的積壓工作。您介意把那個給我們嗎？

Manish, you'll see that in the Q that we submit later today. Of the $1.6 billion backlog, roughly 60% of that is convertible over the next 12 months , I think in the Q, you'll see $933 million. And on top of that, we refresh what the book and bill rates been on average over the last 12 months. And that's running $65 million to $70 million cadence every quarter. So those are two of the key metrics as you look forward.

Manish，你會在我們今天稍後提交的問答中看到這一點。在 16 億美元的積壓訂單中，大約 60% 可以在未來 12 個月內轉化，我認為在季度報告中，你會看到 9.33 億美元。此外，我們也會更新過去 12 個月的平均帳齡和出票率。每季的支出約為 6,500 萬至 7,000 萬美元。所以，展望未來，這是兩個關鍵指標。

Okay. Wonderful. And then, Brett, you talked about strong demand across the board, strong activity, strong backlog my big question is the shortage of skilled labor in this country. And is that going to be a constraint as far as your growth ambitions are concerned?

好的。精彩的。然後，布雷特，你談到了各方面的強勁需求、強勁的市場活動和充足的訂單積壓，我最大的問題是這個國家熟練勞動力短缺的問題。那麼這是否會成為您實現成長目標的限制因素？

Well, it's always a concern, Manish. It has been the entire 15 years I've been at Powell through any cycle. Is it a concern today? Absolutely. The management team discusses it routinely.

嗯，這始終是個問題，馬尼什。在我任職鮑威爾的這15年裡，無論哪個週期都是如此。這是現在需要關注的問題嗎？絕對地。管理團隊會定期討論此事。

On the variable side, there's always a time where there's a skill set within the company that has a need. On the variable side, we're doing fairly well. In fact, I'd say in the last couple of quarters, we've solved some problems. As I sit here today on the fixed side, we do have some needs that are challenging us with this step change in -- especially on the commercial side.

從可變的角度來看，總是會有那麼一些時候，公司內部需要某種特定技能的人才。從變數方面來看，我們做得相當不錯。事實上，我認為在過去的幾個季度裡，我們已經解決了一些問題。今天我坐在這裡，站在固定資產方面，我們確實面臨一些挑戰，尤其是在商業方面，這種改變帶來了一些難題。

The growth in this segment is challenging some growth needs today on engineering. So that's a problem that we're out working and I feel confident in the next 90 days or so, we'll figure out how to solve that one. But it's not unique or new to us. We -- because we are a long-cycle project company by historical sense, we've been here before, and I'm confident the team will find a way to solve the need. But given the growth of the backlog, yes, we've got some needs right now, and we're going to go out and solve them.

該領域的成長對當今工程技術方面的一些成長需求提出了挑戰。所以，這是我們正在努力解決的問題，我相信在接下來的90天左右，我們會找到解決方案。但這對我們來說並不獨特或新鮮。我們——因為從歷史角度來看，我們是一家長期專案型公司，我們以前也遇到過這種情況，我相信團隊會找到解決方案。但鑑於積壓訂單不斷增加，是的，我們現在確實有一些需求，我們將著手解決這些問題。

Well, thank you again, and congrats on the quarter.

再次感謝，也恭喜你本季業績優異。

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

我們的問答環節到此結束。我謹將電話轉回給執行長布雷特·科普，請他作總結發言。

Thank you, Bailey. Our first quarter delivered solid performance with improvements in our top and bottom line. Powell's employees consistently embrace the challenge while keeping our core focus on executing the most complex of industrial electrical distribution projects, our team is responding to meet new and growing market opportunities, which underscore our ability to secure future business and drive new strategies to improve productivity and profitability.

謝謝你，貝利。第一季業績表現穩健，營收和利潤均有所成長。Powell 的員工始終勇於接受挑戰，同時專注於執行最複雜的工業配電專案。我們的團隊積極響應不斷增長的市場機遇，這凸顯了我們確保未來業務並推動新策略以提高生產力和獲利能力的能力。

I would like to thank our valued customers and our supplier partners for their continued trust and support Apollo. We're very pleased with our first quarter, and we expect another strong year for Powell. Mike and I look forward to updating you all next quarter.

我要感謝我們尊貴的客戶和供應商合作夥伴一直以來對 Apollo 的信任與支持。我們對第一季的業績非常滿意，並期待鮑威爾在接下來的一年裡繼續保持強勁的業績。我和麥剋期待下個季度向大家報告最新情況。

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。