Powell Industries Inc (POWL) 2026 Q2 法說會逐字稿

Welcome to the Powell Industries earnings conference call (Operator Instructions)Please note this event is being recorded. I'd like to turn the conference now over to Mr. Ryan Coleman, Investor Relations. Thank you, and over to you.

歡迎參加 Powell Industries 財報電話會議（接線員指示）。請注意，本活動將被錄音。現在我想把會議交給投資人關係部的 Ryan Coleman 先生。謝謝，交給您。

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

謝謝，各位早安。感謝各位參加 Powell Industries 今日的電話會議，一同回顧 2026 會計年度第二季業績。與我一同出席的有 Powell 董事長兼執行長 Brett Cope，以及 Powell 財務長 Mike Metcalf。

There will be a replay of today's call, and it will be available via webcast by going to the company's website, powellind.com, or a telephonic replay will be available until May 12. The information on how to access the replay was provided in yesterday's earnings release. Please note that the information reported on this call speaks only as of today, May 5, 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.

今日會議將提供重播，可透過造訪公司網站 powellind.com 以網路直播方式收聽；或電話重播將提供至 5 月 12 日。如何收聽重播的資訊已於昨日的財報新聞稿中提供。請注意，本次電話會議所揭露之資訊僅截至今日（2026 年 5 月 5 日）為準，因此建議您留意，任何具時效性的資訊在收聽重播或閱讀逐字稿時可能已不再準確。

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

本次電話會議包含若干陳述，包括與公司對未來營運結果之預期相關的陳述，可能構成 1995 年《私人證券訴訟改革法》所定義之「前瞻性陳述」。投資人應注意，此類前瞻性陳述涉及風險與不確定性，實際結果可能與這些前瞻性陳述所預測者有重大差異。

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.

上述風險與不確定性包括但不限於：競爭與競爭壓力、對整體經濟與產業狀況的敏感度、國際政治與經濟風險、原物料供應與價格，以及商業策略的執行。更多資訊請參閱公司向美國證券交易委員會（SEC）提交之文件。

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

接下來，我把電話交給 Brett。

Thank you, Ryan, and good morning, everyone. Thank you for joining us today to review Powell's fiscal 2026 second quarter results. I will make a few comments and then turn the call over to Mike for more financial commentary before we take your questions.

謝謝你，Ryan，各位早安。感謝各位今天加入我們，一同回顧 Powell 2026 會計年度第二季業績。我先做幾點說明，接著把電話交給 Mike 進一步補充財務評論，之後我們將回答各位的提問。

The Powell team delivered another solid quarter of operational efficiency and order growth as the momentum we experienced at the start of our fiscal year continued through the second quarter. Activity levels across each of our core end markets remained healthy with notable strength in the quarter from liquefied natural gas projects, a mix of electric utility distribution and generation projects and also data center projects within our commercial and other industrial market sector.

Powell 團隊在本季再次交出營運效率與接單成長的穩健表現，延續我們在本會計年度初所見的動能並貫穿第二季。我們各核心終端市場的活動水準維持健康；本季尤以液化天然氣（LNG）專案、電力公用事業的配電與發電專案組合，以及商業與其他工業市場中的資料中心專案表現突出。

Revenue in the quarter grew a steady 6% compared to the prior year and continued solid project execution across the company delivered a gross margin of 29.6%. We recorded $490 million of new orders in the quarter, bringing our midyear total to nearly $1 billion in new awards. I would also note that our order book in the quarter continued to be very well balanced across the markets in which we compete.

本季營收較去年同期穩健成長 6%，公司持續良好的專案執行帶動毛利率達 29.6%。本季我們新增訂單 4.90 億美元，使上半年新增得標總額接近 10 億美元。我也要指出，本季我們的訂單結構在所競爭的各市場之間仍維持非常均衡。

During the quarter, we were awarded two mega projects, one for a data center and a second for an electric utility generation project. Each of these projects are in excess of $75 million in value. The balance of the order book in the quarter was comprised of a higher number of small- and medium-sized projects. Our backlog now sits at $1.8 billion, 12% higher than the prior quarter and 33% higher than 1 year ago. The growth in our backlog now provides visibility well into our fiscal 2028.

本季我們取得兩個超大型專案（mega projects），其一為資料中心，其二為電力公用事業發電專案。這兩個專案的價值各自均超過 7,500 萬美元。本季其餘訂單則由較多的小型與中型專案所構成。我們目前在手訂單（backlog）為 18 億美元，較前一季增加 12%，較一年前增加 33%。在手訂單的成長使我們對營運能見度可延伸至 2028 會計年度。

The composition remains healthy with a mix of projects of varying sizes that will help maximize productivity across our manufacturing plants. As of quarter end, the electric utility market represented 30% of our total backlog, while the oil and gas market, excluding petrochemical and the commercial and other industrial markets each accounted for 29%.

訂單組合仍然健康，涵蓋不同規模的專案，有助於在各製造廠區最大化生產力。截至季末，電力公用事業市場占我們總在手訂單的 30%；而油氣市場（不含石化）以及商業與其他工業市場各占 29%。

The diversification of the business in the electric utility market and more recent expansion of our commercial and other industrial market anchored by a demand driver from data centers are contributing to reduced cyclicality in the business, allowing us to plan beyond the current cycle and invest more broadly alongside our customers with greater visibility.

電力公用事業市場的業務多元化，以及近期在商業與其他工業市場的擴張（由資料中心需求驅動）正有助於降低業務的循環性，使我們能在當前景氣循環之外進行規劃，並在更高能見度下與客戶更廣泛地共同投資。

At the same time, our outlook for our core oil and gas market remains strong. We are in the initial phase of a multiyear build-out of LNG export capacity. We believe the structural cost and competitive advantages possessed by US based exporters has been elevated by the risk of multiyear long capacity impairments across the international markets and the need for importers to diversify and replace those volumes.

同時，我們對核心油氣市場的展望仍然強勁。我們正處於 LNG 出口產能多年期擴建的初期階段。我們認為，美國本土出口商所具備的結構性成本與競爭優勢，因國際市場存在多年期長期產能受損風險，以及進口方需要分散並替代那些供給量，而進一步被凸顯。

We are also cautiously optimistic that the petrochemical market is in the early stages of a cyclical inflection after several years of lower activity levels. We are seeing some activity in the gas to chemicals market and are further encouraged by recent upward price revisions within the global polyethylene market.

我們也對石化市場在經歷數年較低活動水準後，正處於景氣循環轉折的早期階段抱持審慎樂觀。我們在「天然氣轉化學品」（gas-to-chemicals）市場看到一些活動，同時也因全球聚乙烯市場近期上修價格而更受鼓舞。

I'd like to take a moment to mention a commercial development that took place subsequent to quarter end. I am very pleased to share that Powell was awarded a mega project for the first phase of a new greenfield data center. The scope of this award is in support of a behind-the-meter design for the first phase of a planned multiphase campus. This project award is in excess of $400 million. This project now marks the largest project award in Powell's history.

我想花點時間提及一項在季末之後發生的商務進展。我非常高興分享，Powell 獲得一項超大型專案，為一座全新綠地（greenfield）資料中心的第一期工程。此得標範圍係支援一個規劃為多期園區之第一期「表後」（behind-the-meter）設計。此專案得標金額超過 4 億美元。這也成為 Powell 歷史上最大的一筆專案得標。

This award is a testament to our employees, our culture and the entire Powell team across the company as we assembled a multi-division, multi-country execution plan to meet the demanding time line on this project. To that end, recent order trends, our market outlook and our continued organic product development continue to support prudent additions in manufacturing capacity.

此項得標是對我們員工、企業文化以及全體 Powell 團隊的肯定；我們整合多事業部、跨國的執行計畫，以符合此專案嚴苛的時程要求。基於此，近期接單趨勢、市場展望以及我們持續的有機產品開發，仍支持我們審慎地增加製造產能。

Last quarter, we signed a lease for incremental space located near our Ohio facility. This past quarter, we leased office space in the Houston Metro area, which will serve as a second satellite engineering center. This center complements our initial satellite engineering office that we announced and opened last year. The second center is geographically located to further enhance our ability to add critical members to our world-class electrical and mechanical engineering and design teams.

上一季，我們簽訂了位於俄亥俄廠區附近的額外空間租約。本季，我們在休士頓都會區租用了辦公空間，將作為第二個衛星工程中心。此中心與我們去年宣布並啟用的第一個衛星工程辦公室相互補強。第二個中心在地理位置上可進一步強化我們招募關鍵人才的能力，以擴充我們世界級的電機與機械工程及設計團隊。

In response to the growth of our backlog, we are evaluating a smaller lease facility of approximately 50,000 square feet near our Mosley campus. This space would help support a new $8 million investment in fabrication equipment for short-term rapid expansion of our metal fabrication capacity.

為因應在手訂單的成長，我們正在評估於 Mosley 園區附近租用一處約 50,000 平方英尺的小型廠房。該空間將有助於支援一項 800 萬美元的新投資，用於添購製造設備，以在短期內快速擴充我們的金屬加工產能。

We have previously shared our efforts to evaluate a larger investment in a facility that would require $70 million to $100 million of capital and provide upwards of an additional 250,000 to 300,000 square feet of factory capacity. While we continue this assessment, we are currently evaluating complementary options for bridging between short-term requirements via a leased facility versus a somewhat longer-term option of a greenfield facility build-out. We are being very thoughtful throughout this process and expect a decision within the next few quarters.

我們先前已分享，正評估一項更大型的設施投資，需投入 7,000 萬至 1 億美元資本，並可額外提供約 250,000 至 300,000 平方英尺的工廠產能。在持續評估的同時，我們目前也在評估互補方案，以在短期需求上透過租賃設施銜接，並與較長期的綠地新建廠房擴建方案相比較。我們在整個過程中非常審慎，並預期在未來幾季內做出決定。

Meanwhile, the expansion of our Jacintoport facility is progressing on schedule. This incremental 335,000 square foot of capacity will be critical to ensuring our ability to support all of our end markets, but specifically by providing our oil and gas customers with a premier domestic facility to produce engineered-to-order power distribution solutions for both on and nearshore projects as well as continued support for offshore applications.

同時，我們 Jacintoport 廠區的擴建正按計畫進行。新增的 335,000 平方英尺產能將是確保我們支援所有終端市場能力的關鍵；尤其是為油氣客戶提供一座頂級的美國本土設施，用以生產依訂單工程設計（engineered-to-order）的配電解決方案，支援近海與岸上（on and nearshore）專案，並持續支援離岸（offshore）應用。

Operationally, our teams across our facilities are rising to meet the challenge of accelerating growth. We remain disciplined on the commitments we have made to our customers while staying focused on continuous improvement and driving incremental efficiencies throughout every step of our operations.

在營運面上，我們遍布各據點的團隊正挺身而出，迎接加速成長的挑戰。我們在堅守對客戶所做承諾的同時，持續聚焦於持續改善，並在營運的每一個環節推動逐步提升的效率。

As noted earlier in my comments around the recent large data center award, Powell has a market-leading strength that is inherent in our people and internal collaboration. When our teams across our North American facilities come together, we are able to leverage our substantial footprint to tackle large challenges, either for a single project or a broad step-up in market demand as we are currently experiencing.

如我先前在談到近期大型資料中心得標案時所提到的，Powell 具備市場領先的優勢，這份優勢根植於我們的人才與內部協作。當我們北美各據點的團隊凝聚在一起時，我們便能運用龐大的據點規模來應對大型挑戰，無論是單一專案，或如我們目前所經歷的市場需求大幅提升。

Critically important to our growth and future needs, I would also like to call out the increased efforts of our strategic sourcing and supply chain teams. It is essential that our team engages our partners to both broaden and deepen those relationships and optimize our supply chain in support of our future growth.

對我們的成長與未來需求至關重要的是，我也想特別指出我們策略採購與供應鏈團隊所投入的加大力道。我們的團隊必須與合作夥伴互動，既要拓展也要深化這些關係，並優化供應鏈，以支援我們未來的成長。

On the M&A front, we continue to evaluate a growing pipeline of inorganic opportunities that complement our organic initiatives and better position us within key markets. Candidates include complementary products and/or capabilities to our current portfolio or oriented toward building out our services franchise. Along these lines, our recent acquisition of Remsdaq continues to progress well and has quickly proven synergistic and accretive across the company.

在併購（M&A）方面，我們持續評估日益增加的非有機成長機會管線，這些機會可補強我們的有機成長計畫，並讓我們在關鍵市場中取得更佳定位。候選標的包括可與我們現有產品組合互補的產品及／或能力，或是著眼於擴大我們的服務事業版圖。在此脈絡下，我們近期收購 Remsdaq 的整合持續進展順利，並已迅速證明在全公司層面具備協同效益且具增益性（accretive）。

Lastly, pursuant to our ongoing efforts to build a stronger, more diversified business, we have recently begun investing in resources to build a wider funnel of government-related work, including US military and defense applications. These are markets with secular long-term growth drivers that typically carry recurring revenue profiles, which would be conducive to growing our services franchise.

最後，依循我們持續打造更強健、更多元化業務的努力方向，我們近期已開始投入資源，以建立更廣的政府相關業務漏斗，包括美國軍方與國防應用。這些市場具備結構性長期成長驅動因素，且通常具有經常性收入特性，有利於擴大我們的服務事業。

We are in the early days of this effort, but believe our US centric supply chain, operations and workforce leave us well positioned to play a critical role within the markets that support our national security and defense. On a related note, we'd like to briefly commend the White House's recent presidential determination under Section 303 of the Defense Production Act, which formally designated both substations and switchgear among other electrical products and their upstream supply chains as essential to national defense.

我們仍處於這項投入的早期階段，但我們相信，以美國為核心的供應鏈、營運與人力，使我們具備良好條件，能在支援國家安全與國防的市場中扮演關鍵角色。此外，我們也想簡要肯定白宮近期依《國防生產法》（Defense Production Act）第 303 條所做出的總統認定（presidential determination），該認定正式將變電站與開關設備（switchgear）等電氣產品及其上游供應鏈指定為國防所必需。

Ensuring the domestic production of critical electrical gear is essential to America's ability to deploy large-scale grid infrastructure and the presidential memorandum authorizes the Department of Energy to expedite procedural requirements and immediately deploy federal capital to expand domestic grid manufacturing capacity. In summary, we remain very pleased with our financial performance for the first half of the year and are encouraged by the commercial dynamics that we continue to see across the markets we serve.

確保關鍵電氣設備的國內生產，對美國部署大規模電網基礎設施的能力至關重要；而該總統備忘錄授權能源部加速程序性要求，並立即投入聯邦資本以擴大國內電網製造產能。總結而言，我們對今年上半年的財務表現仍感到非常滿意，並對我們在所服務市場中持續看到的商業動能感到鼓舞。

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，我想把電話會議交給 Mike，請他帶領我們更詳細地檢視財務結果。

Thank you, Brett, and good morning, everyone. In the second quarter of fiscal 2026, we reported total revenue of $297 million compared to $279 million or 6% higher versus the same period in fiscal 2025. New orders booked in the second fiscal quarter of 2026 were $490 million, which was nearly double the orders booked in the same period one year ago and included two mega orders, each with an order value exceeding $75 million.

謝謝你，Brett，各位早安。在 2026 會計年度第二季，我們的總營收為 2.97 億美元，相較 2025 會計年度同期的 2.79 億美元增加 6%。2026 會計年度第二季的新接訂單為 4.90 億美元，幾乎是去年同期接單的兩倍，且包含兩筆超大型訂單（mega orders），每筆訂單金額均超過 7,500 萬美元。

The first mega order reflects the largest utility order that the business has ever recorded and is for a large generation facility in the Eastern United States. The second mega order in the quarter for medium voltage electrical distribution equipment is destined for a data center in the Central United States. As a result of the strong commercial activity across our key end markets, the book-to-bill ratio for both the second quarter as well as the first half of fiscal 2026 is 1.7 times.

第一筆超大型訂單是本公司有史以來所記錄的最大公用事業訂單，係供應美國東部一座大型發電設施。本季第二筆超大型訂單為中壓配電設備，將交付至美國中部的一座資料中心。由於我們關鍵終端市場的商業活動強勁，2026 會計年度第二季以及上半年之接單／出貨比（book-to-bill ratio）皆為 1.7 倍。

The continued momentum across all end markets, particularly domestically and the resulting orders volume in the second fiscal quarter elevated our backlog to $1.8 billion, a 33% increase or $438 million higher versus the same period one year ago and $189 million higher sequentially. The composition of our backlog continues to diversify with our core industrial end markets across petrochemical and oil and gas representing 33% of the total backlog while the electric utility and commercial and other industrial markets represent 30% and 29% of the $1.8 billion of backlog, respectively.

各終端市場的動能持續，特別是在國內市場；第二季的訂單量使我們的在手訂單（backlog）提升至 18 億美元，較去年同期增加 33%，亦即增加 4.38 億美元，且較前一季增加 1.89 億美元。我們的在手訂單結構持續多元化：以石化與油氣為主的核心工業終端市場占在手訂單總額的 33%；而電力公用事業以及商業與其他工業市場，分別占 18 億美元在手訂單的 30% 與 29%。

As Brett mentioned, in early April, after the close of our second fiscal quarter, the business secured a mega order in the data center end market with a value in excess of $400 million. This order value is not reflected in either the orders or backlog numbers for the second fiscal quarter of 2026 and will be included in our fiscal third quarter reported numbers.

如 Brett 所提到的，4 月初（在我們 2026 會計年度第二季結束後），公司在資料中心終端市場取得一筆超大型訂單，金額超過 4 億美元。此訂單金額未反映在 2026 會計年度第二季的接單或在手訂單數字中，將納入我們 2026 會計年度第三季的公告數字。

Turning to revenue. Compared to the second quarter of fiscal 2025, domestic revenues were higher by $4 million or 2%, while international revenues were up by $14 million to $64 million, primarily driven by the offshore projects that are being executed in the Far East and Africa as well as an uptick in project volume across our UK operation.

接著談營收。相較 2025 會計年度第二季，國內營收增加 400 萬美元（增幅 2%）；國際營收則增加 1,400 萬美元至 6,400 萬美元，主要受遠東與非洲正在執行的離岸專案帶動，以及英國營運據點的專案量增加。

From a market sector perspective, revenues increased 35% in the commercial and other industrial market versus the second quarter of fiscal 2025, while the electric utility and the oil and gas markets increased 14% and 11%, respectively. Offsetting these increases, the petrochemical market declined by 37% versus the same period one year ago on the softness across this end market over the past several quarters, while the light rail traction power market was lower by 10% on relatively light volume as a percentage of the total business revenue.

從市場別來看，相較 2025 會計年度第二季，商業與其他工業市場營收成長 35%；電力公用事業與油氣市場則分別成長 14% 與 11%。抵銷上述成長的是：石化市場因過去數季該終端市場疲弱，較去年同期下滑 37%；而輕軌牽引供電市場因占整體營收比重較小且量能相對偏低，較去年同期下滑 10%。

Gross profit increased by $5 million to $88 million in the second fiscal quarter of 2026 versus the same period one year ago. Gross profit as a percentage of revenue was slightly lower by 30 basis points to 29.6% of revenue versus the same period a year ago and was 120 basis points higher sequentially. Margin rates exiting backlog continued to benefit from strong execution and volume leverage across all of the Powell divisions with favorable project closeouts contributing roughly 90 basis points of margin tailwind in the second fiscal quarter of 2026.

2026 會計年度第二季毛利較去年同期增加 500 萬美元至 8,800 萬美元。毛利率較去年同期小幅下降 30 個基點至 29.6%，但較前一季提高 120 個基點。在手訂單轉出之毛利率持續受惠於 Powell 各事業部強勁的執行力與規模效益；其中，有利的專案結案（project closeouts）在 2026 會計年度第二季約帶來 90 個基點的毛利率順風。

Selling, general and administrative expenses were $26 million in the current period, an increase of $4 million compared to the same period a year ago, primarily driven by higher compensation expenses across the business. SG&A as a percentage of revenue increased by 90 basis points year-over-year to 8.7% in the current fiscal quarter, but declined sequentially by 130 basis points, reflecting a higher revenue base in the second quarter of fiscal 2026.

本期銷售、一般及行政費用（SG&A）為 2,600 萬美元，較去年同期增加 400 萬美元，主要由於全公司薪酬費用上升所致。本會計年度第二季 SG&A 占營收比重年增 90 個基點至 8.7%，但較前一季下降 130 個基點，反映 2026 會計年度第二季營收基礎較高。

In the second quarter of fiscal 2026, we reported net income of $45.9 million, generating $1.25 per diluted share compared to net income of $46.3 million or $1.27 per diluted share in the second quarter of fiscal 2025. On April 2, 2026, the company effected a three for one forward split of its common stock and proportionately increased the number of shares of authorized common stock from 30 million to 90 million shares. Each shareholder received two additional shares for every one share held on the March 20, 2026, record date. The shares of common stock retain a par value of $0.01 per share. Trading began on a split-adjusted basis at market open on April 6, 2026.

2026 會計年度第二季，我們的淨利為 4,590 萬美元，稀釋後每股盈餘為 1.25 美元；相較之下，2025 會計年度第二季淨利為 4,630 萬美元，稀釋後每股盈餘為 1.27 美元。公司於 2026 年 4 月 2 日實施普通股 3 拆 1 的股票分割（forward split），並按比例將核准發行的普通股股數由 3,000 萬股增加至 9,000 萬股。以 2026 年 3 月 20 日為股權登記日（record date），每位股東每持有 1 股可獲配 2 股新增股份。普通股每股面額維持為 0.01 美元。自 2026 年 4 月 6 日開盤起，股票以分割調整後基準開始交易。

Share and per share amounts disclosed have been retroactively adjusted to reflect the stock split.

所揭露之股份及每股金額已追溯調整，以反映股票分割。

During the second quarter of fiscal 2026, we generated $51 million of operating cash flow, principally driven by higher earnings generated in the second fiscal quarter. Investments in property, plant and equipment in the fiscal second quarter totaled $1.8 million, reflecting modest capital spending on equipment maintenance and production assets as well as capital expenditures related to the Jacintoport expansion project. The majority of the $12 million to $13 million planned investment to upgrade the Jacintoport fabrication yard is expected to be incurred during the second half of fiscal 2026.

在2026會計年度第二季，我們產生了5,100萬美元的營運現金流，主要由第二會計季度較高的獲利所帶動。本會計年度第二季對不動產、廠房及設備的投資合計180萬美元，反映對設備維護與生產資產的溫和資本支出，以及與Jacintoport擴建專案相關的資本支出。為升級Jacintoport製造場區所規劃的1,200萬至1,300萬美元投資，多數預期將於2026會計年度下半年發生。

At March 31, 2026, we had cash and short-term investments of $545 million compared to $476 million at the September 30, 2025, and $501 million at December 31, 2025. The company does not hold any debt. Looking forward, as we move into the second half of fiscal 2026, we remain encouraged by sustained commercial activity across our core end markets.

截至2026年3月31日，我們的現金及短期投資為5.45億美元，相較於2025年9月30日的4.76億美元，以及2025年12月31日的5.01億美元。公司未持有任何債務。展望未來，隨著我們進入2026會計年度下半年，我們仍對核心終端市場持續的商業活動感到鼓舞。

Coupled with our continued focus on execution, our ability to leverage volume across our global manufacturing footprint and the size and quality of our backlog, Powell is well positioned to deliver strong cash flows and earnings performance for the remainder of fiscal 2026. At this point, we'll be happy to answer your questions.

結合我們持續聚焦於執行力、在全球製造據點上運用產量規模的能力，以及我們在手訂單的規模與品質，Powell具備良好條件，可在2026會計年度剩餘期間交出強勁的現金流與獲利表現。接下來，我們很樂意回答各位的問題。

(Operator Instructions)

(接線員指示)

Tomo Sano, JPMorgan.

JPMorgan 的 Tomo Sano。

Congrats on the quarter. Given the strong $490 million in orders booked in Q2 and there was addition of the $400 million-plus data center orders, how should we think about your order outlook for Q3 and beyond?

恭喜本季表現。鑑於第二季新增訂單達4.90億美元且新增了超過4.00億美元的資料中心訂單，我們應如何看待你們第三季及之後的接單展望？

Also in light of this growth and how do you plan to manage the associated increases in SG&A and R&D expenses, please?

另外，考量到這樣的成長，你們計畫如何管理隨之增加的SG&A與研發費用？謝謝。

Tomo, it's Brett. I'll take the first part of that and have Mike jump in on the SG&A side. The outlook is strong. Activity entering Q3 here, there's no let up just as the prepared comments, we started at the beginning of the year, Q1 going into Q2. We feel good about all three of our core drivers in the commercial and other industrial, which is really blossoming over the last two years.

Tomo，我是Brett。我先回答前半段，然後請Mike補充SG&A的部分。展望很強勁。進入第三季的活動沒有放緩，正如我們在準備好的講稿中所說，從年初開始，第一季進入第二季都是如此。我們對三個核心驅動因素都很有信心：商業與其他工業領域在過去兩年確實蓬勃發展。

Oil and gas, which we're built for, a very solid outlook. I love the utility space, and so we are hunting hard in that space with this -- it's always in the distribution side, but now with the uptick in generation, that's business that we won as well.

油氣領域是我們擅長的，展望非常穩健。我很喜歡公用事業領域，因此我們在該領域積極爭取——過去一直在配電端，但現在隨著發電端回升，我們也贏得了相關業務。

The capacity adds that we're doing, the incremental so far, the larger one that's under evaluation. The data center order in the prepared comments was a team effort. It has roughly a two year burn. It will run through the end of fiscal '28. As we typically share on the calls, we're very thoughtful about our schedules, and we feel good about how it lays in across all of our facilities and meeting the commitments we made on that job.

我們正在進行的產能增加、目前的增量，以及正在評估中的較大型擴充。準備好的講稿中提到的資料中心訂單是團隊共同努力的成果。它大約有兩年的消化期。將一路執行到2028會計年度末。如同我們通常在電話會議中分享的，我們對排程非常審慎，並且對其在各廠區的配置以及履行該案承諾的能力感到有信心。

We feel pretty good as we sit here on the cost side, we are making some investments in the business. We've largely invested in some of the strategic pillars that you find on the investor slides, especially around service and automation.

就成本面而言，我們目前的狀況相當不錯，同時也正在對業務進行一些投資。我們主要投資於投資人簡報中提到的一些策略支柱，特別是服務與自動化相關。

On the heels of the acquisition of Remsdaq, we've added resources in the states to start expanding that business, along with some of the synergistic adds we found in the data center market in the short term, but we're still progressing our medium- and long-term plans that align with the reason we bought the business to begin with, which was to expand in the utility market.

在收購Remsdaq之後，我們在美國增加了資源以開始擴展該業務，同時也在短期內加入了一些我們在資料中心市場發現的協同增補；但我們仍在推進中長期計畫，這些計畫與我們當初收購該業務的原因一致，也就是擴展公用事業市場。

Tomo, this is Mike. With respect to SG&A costs, they continue to trend in the upper single digits as a percentage of revenues as we invest in some of these new programs that Brett alluded to. The increase on a year-over-year basis really is driven by higher base and to a lesser extent, variable incentive compensation expenses in the first half in addition to the Remsdaq acquisition. Remember, for the first half of last year, we didn't have Remsdaq in the numbers. This year, we do.

Tomo，我是Mike。就SG&A成本而言，隨著我們投資於Brett提到的一些新計畫，SG&A占營收比重持續維持在高個位數百分比的趨勢。年對年增加主要是由較高的固定成本所驅動，另外在上半年也有一部分來自變動激勵薪酬費用，以及Remsdaq收購案。請記得，去年上半年我們的數字中沒有Remsdaq。今年則有。

As we focus on growing the business organically and standing up some of these new capacity adds to address the market demand, in addition to that, investing in new initiatives such as the government initiative that Brett talked about in his prepared comments, these are both investments that we're making in SG&A from a people and infrastructure perspective that we feel will generate a positive return as we look forward.

當我們聚焦於有機成長並建立一些新增產能以因應市場需求時，此外也投資於新倡議，例如Brett在準備好的講稿中提到的政府倡議；這兩者都是我們在SG&A端從人力與基礎設施角度所做的投資，我們認為展望未來將帶來正向回報。

You asked about R&D as well. R&D is trending higher. We view that as a favorable attribute. We finished the quarter about 1.4% of revenues. You can expect this to probably hold in that range between 1% and 1.5% as the team ramps up the organic initiatives to develop and commercialize new products.

你也問到研發。研發支出呈上升趨勢。我們將其視為一項正面的特徵。本季結束時約占營收的1.4%。隨著團隊加速推動有機倡議以開發並商業化新產品，你可以預期該比重可能會維持在1%到1.5%的區間。

Just one follow-up, if I may. Your strong core engineering capabilities and along with the execution strength such as the ETO and key systems, we think have clearly earned the customer trust. How do you view the evolving competitive landscape given increasing demand and expanding supply? What steps are you taking to maintain your competitive edge?

如果可以的話，我再追問一題。你們強大的核心工程能力，加上ETO與關鍵系統等執行優勢，我們認為已明顯贏得客戶信任。在需求增加且供給擴張的情況下，你們如何看待競爭格局的演變？你們採取了哪些措施來維持競爭優勢？

It is become much more competitive in the last couple of years, a lot of new entrants, some new private equity money coming in and trying to build up some new models, slightly different than what we do, but everybody is playing in the same general area. We take pride in the fact that we have a long tenured group, a very family approach in the way we compete.

過去幾年競爭確實變得更激烈，出現了許多新進者，也有一些新的私募股權資金進來，試圖建立一些新模式，雖然與我們做法略有不同，但大家都在同一個大致領域競爭。我們以擁有一支任職資歷深厚的團隊為傲，並以非常「家族式」的方式來競爭。

In the prepared comments, we are adding a second center here in Houston to attract additional talent to the team. We think that will prove fruitful here in the next couple of quarters. We're also reengaging some of our offshore centers, expanding their capability, doing some training and investing there to ensure that we have options that are offshore as well.

在準備好的講稿中提到，我們正在休士頓新增第二個中心，以吸引更多人才加入團隊。我們認為這在接下來幾個季度會帶來成果。我們也重新啟動部分海外中心，擴充其能力，進行訓練並投入資源，以確保我們同時具備海外選項。

Then sort of buried within the whole model, Tomo, is in the data center and discrete commercial markets, we talked in the last couple of calls about what will the engineering load of this mean to Powell, this cycle that is going to be a lot more product-centric. We're still early innings, but we're starting to see that with -- around the company.

另外，Tomo，在整個模式中較不顯眼的一點是：在資料中心與離散型商業市場，我們在最近幾次電話會議中談到，這一輪週期對Powell而言工程負荷意味著什麼——它將更偏向以產品為中心。我們仍在非常早期的階段，但我們開始在公司各處看到這種趨勢。

Mike and I just finished up our spring operational tours where we go around all the plants. I can share that, again, very early innings, but it looks to be that we are seeing some nice engineering efficiency on these large jobs in the data center market, which will reduce the burden and allow us to make some adjustments in how we allocate our resources going forward on these different segments. That's an encouraging sign that we suspected and are starting to see some early returns to that thesis.

Mike和我剛完成春季營運巡訪，走訪了所有工廠。我可以分享的是：同樣地，仍在非常早期，但看起來我們在資料中心市場這些大型專案上正看到不錯的工程效率提升，這將降低負擔，並讓我們未來能在不同事業區隔之間調整資源配置方式。這是一個令人鼓舞的訊號，符合我們原先的推測，也開始看到一些早期回報。

Chip Moore, ROTH Capital.

Chip Moore，ROTH Capital。

Maybe a follow-up on that $400 million-plus order you got in April, fantastic. I guess, is that all outside? Or is this some inside the four walls as well? Then you mentioned first phase, you talk about potential for additional phases. Maybe start there.

也許針對你們在4月拿到那筆超過4億美元的訂單追問一下，真的很棒。我想問，那全部都是在外部（outside）嗎？還是也有一些是在資料中心「四面牆內」的部分？另外你提到第一階段，也談到可能還有後續階段。也許先從這裡開始。

Chip, it's Brett. Yes, fantastic opportunity. The other comment I'd share is it's an opportunity like as you've got to know our model, when you get in earlier and given our strong engineering capability and our ability to work with our clients and really affect a great solution regardless of the market, that's exactly what this was. We were brought in early on a behind the meter. It's not a simple job where they're generating on site.

Chip，我是Brett。是的，這是個非常棒的機會。我還想補充的是，正如你逐漸了解我們的模式：當我們能更早介入，憑藉我們強大的工程能力，以及與客戶協作、真正打造出優秀解決方案的能力——不論市場如何——這次正是如此。我們很早就被納入一個「表後」（behind the meter）的專案。這不是那種在現場發電的簡單案子。

There's some complexity around that. Again, that fits us very well. It is all outside the data center, the initial award. It's sizable. It's a couple of gigawatts initial phase, and then there are multiple plan phases that will -- we're anxious to see if that progresses over time. Certainly hopeful that it will. It is in the NeoCloud space.

這裡面有一些複雜性。同樣地，這非常符合我們的強項。初始得標的部分全部都在資料中心外部。規模相當可觀。初始階段是數個GW（吉瓦）的量，之後還有多個規劃階段——我們很期待看看它是否會隨時間推進。當然希望會。這是在NeoCloud領域。

I'd share that as well. I think we'll get a shot at the internal side of the data center on this one. No guarantee sitting here today, but we're certainly going to do everything we can to put our best foot forward as this evolves now that we're on the early phases of this. We're certainly following that commercially and see if we can get that over the line.

我也想分享這點。我認為在這個案子上，我們會有機會拿到資料中心內部端的部分。今天坐在這裡無法保證，但隨著這個案子演進、而我們已在早期階段參與，我們一定會盡全力拿出最佳表現。我們也會在商務面持續跟進，看看能否把它推到成交。

Brett, maybe two more on that one. Just margin implications, given it's such a large order and then the time line being pretty quick. Just how are you thinking about any execution risks there and how are you going to manage that?

Brett，關於這個案子我再問兩個問題。第一是毛利率的影響，考量到這是非常大的訂單、而且時程相當快。你怎麼看執行風險？又打算如何管理？

Yes. I think the margin potential fits with the comments made a little bit today in earlier calls. I definitely believe there's opportunity in here as we unlock our product-centric models as they develop across the company. There's a lot of -- once you do the initial design, it's a multiproduct it's actually quite wide reaching to the different products that we offer at Powell, a mix of voltages, quite a bit of 15 kV, a lot of 38, both primary switchgear as well as secondary switches that we produce here along with the cable bus product out Chicago. It actually touches just about every division in the company in the North American footprint.

是的。我認為毛利率的潛力，與我們今天稍早在先前問答中提到的看法一致。我確實相信，隨著我們在公司內推進並解鎖以產品為中心（product-centric）的模式，這裡面有機會。一旦完成初始設計，這是一個多產品（multiproduct）的案子，實際上涵蓋我們在Powell提供的多種產品：不同電壓等級，包含相當多的15 kV、很多38 kV，既有一次開關設備（primary switchgear），也有我們在這裡生產的二次開關（secondary switches），以及我們在芝加哥的電纜母線（cable bus）產品。它幾乎觸及我們北美版圖中的公司每一個事業部。

That's on the prepared comments, the comment we put together. I think for each one of the divisions will unlock some potential as we ramp up the volumes. Then on a time frame, it is. It's not like it's $400 million over the next five years. It's a 2, 2.5-year build-out, because we were able to use this incredible footprint that we have in the company, it was really a team effort. We came together and kind of broke the order apart.

這也就是我們在事先準備的講稿裡整理的內容。我認為，隨著我們把產量拉升，每個事業部都會解鎖一些潛力。至於時程，是的。這不是未來五年分攤的4億美元。這是一個2到2.5年的建置期；因為我們能運用公司這個驚人的製造版圖，這真的是團隊合作的成果。我們聚在一起，並把訂單拆分開來。

We've done that in the past on other jobs. I go all the way back to Hurricane Harvey, where we had a -- we talked on the call back then about a job that came in and the client needed it really quick. That's a super exciting competitive advantage that Powell has, I believe, unlike others, where our footprint is so similar from factory to factory with metal fab and our processes that we can lever that in times of need or market demand like we're seeing now. That is absolutely what we've done here and super excited to have been -- have earned the award and anxious to really make it a success. As you noted, see the additional phases in the future years.

我們過去在其他案子也做過這件事。我可以追溯到哈維颶風（Hurricane Harvey）那時，我們在電話會議上談到一個案子進來、客戶需要非常快交付。我認為這是Powell一個非常令人振奮的競爭優勢，與其他公司不同：我們的製造版圖在各工廠之間非常相似，包含金屬加工（metal fab）與流程，因此在需要或像現在看到的市場需求時，我們可以加以運用。這次我們就是這麼做的；非常興奮能夠——也很榮幸——拿下這個案子，並且迫不及待要把它做成功。如你所說，也期待未來年度的追加階段。

If I could sneak one last one in, just around capacity. You did a good job sort of outlining where you're going and the potential to grow capacity. Just given strength across all your markets really and data center, in particular, if you were to see similarly sized opportunities, what's your ability to meet those as they come along?

如果我可以再偷問最後一題，關於產能。你已經很清楚地說明你們的方向以及擴充產能的潛力。但考量你們各個市場都很強、尤其是資料中心；如果你們看到類似規模的機會，你們有多大能力在機會出現時承接？

Yes, we're definitely reacting. That's the comments in the prepared remarks. Along any job when we evaluate schedule, we always -- we look at everything all the way down to supply chain. Again, I also noted that in the prepared remarks, so we are clearly adding short-term capacity here in Houston, especially around that, which we can control the metal fab side. We noted in the comments also about while the organic build continues, we are clearly looking at a pivot in the near term to maybe add a larger lease space.

是的，我們確實正在因應。這也就是我們在事先準備的講稿裡提到的內容。對任何案子，在評估排程時，我們一向——會把所有事情一路看到供應鏈層面。同樣地，我在準備講稿裡也提到：我們很明確正在休士頓這邊增加短期產能，特別是在我們能掌控的金屬加工端。我們也在講稿中提到，當有機擴建持續進行的同時，短期內我們也明確在考慮轉向、也許增加更大的租賃空間。

It's a little bit more efficient. There's a lot of builds in different locales, including here in Houston and some other commercial centers in North America, where things are already there and with minimal modification, we can get them more productive quicker.

那會更有效率一些。在不同地點有很多建物可用，包括休士頓以及北美其他一些商業中心；那些地方的設施已經在那裡了，只要做最小幅度的改造，我們就能更快提升產出。

I think that if and when the next one comes, we could follow the same model and the constraints would be people and supply chain, which neither of those is easily to unlock, but we would attack it with the same vigor that we attack this one.

我認為如果、以及當下一個機會出現時，我們可以沿用同樣的模式；限制因素會是人力與供應鏈，而這兩者都不容易快速解鎖，但我們會以同樣的幹勁去攻克，就像我們這次做的一樣。

Mike and I are very involved in the supply chain side and the whole team. The last couple of quarters have gone out to really understand it much better, to ensure that as we make our schedules on our proposals and we make our firm commitments that we're back on supply chain, so we don't have a miss there. Then as long as we can unlock that, it will come back to just attracting talent and getting them trained into the Powell model to execute. That would be the number one concern moving forward.

Mike和我在供應鏈端投入非常深，整個團隊也是。過去幾個季度，我們真的走出去、把它了解得更透徹，以確保當我們在提案中制定時程、並做出確定承諾時，我們是以供應鏈為後盾，避免在那裡失誤。接著，只要我們能把那部分打通，接下來就回到吸引人才、並把他們訓練到Powell的模式中來執行。這將是未來往前看最大的顧慮。

Manish Somaiya, Cantor.

Manish Somaiya，Cantor。

My first question is on pricing power. Brett and Mike, you talked quite a bit about strong markets, but in your commentary, you mentioned pricing is stable, broadly keeping in line with inflation. Why aren't we getting more pricing if the markets are strong as they are?

我的第一個問題是關於定價能力。Brett和Mike，你們談了很多市場強勁，但在你們的評論中提到，價格整體穩定，大致與通膨一致。如果市場像現在這麼強，為什麼我們沒有看到更高的定價？

We are getting some price, Manish, for sure. In certain product areas that have become constrained in the demand supply curve, we are absolutely moving up price incrementally in those markets across all three verticals, when you look at how we're competing in the oil and gas industrial market, utility market, we're very sensitive to where you can push price and where you need to sort of hold your ground. We are pushing price.

Manish，我們確實有拿到一些漲價，毫無疑問。在某些產品領域，因為供需曲線變得吃緊，我們絕對在那些市場逐步上調價格，涵蓋三個垂直領域；不論你看我們在油氣工業市場、公用事業市場的競爭方式，我們都非常敏感地判斷哪些地方可以推升價格、哪些地方需要守住底線。我們正在推動漲價。

I think we'll start between that and the efficiency gain as we start to build our plans for '27, and beyond, we'll get a good feel in Q4. I don't think it will come out so much in the numbers in Q4, just kind of thinking forward, but internally, we'll start to see it. I kind of go back to the earlier question on our reviews, where I was giving the answer going around and looking at the efficiency that we're building into there.

我想，結合這點以及效率提升，當我們開始制定2027年及之後的計畫時，我們會在第四季有更清楚的感受。我不認為它會在第四季的數字上很明顯地反映出來，這比較是往前看的思考；但在內部，我們會開始看得到。我有點回到先前那個關於我們檢討（reviews）問題的回答——我當時提到我們正在建立的效率，並逐一檢視。

I think that will come out as price. We'll be able to better report on it as we hit the end of this fiscal and then prepare into '27. Kind of noted that a little bit over the last couple of calls, and I think we'll be able to quantify it a little bit better as we get through the next quarter or two in the company and give you a better report as to what that is.

我認為那會反映在價格上。當我們接近本財年末並開始為 '27 年做準備時，我們將能更好地就此進行說明與揭露。過去幾次電話會議我們已稍微提到過，我想在接下來一到兩個季度推進後，我們將能更精確地量化，並向各位更清楚地回報那會是什麼。

My other question pertains to you guys taking on larger, more complex projects. How should we think about the cadence for margins going forward? Then more specifically on the $400 million-plus award for the data centers, was that a solo award? How does that change your perspective on the TAM for Powell when it comes to data center market? What percentage of market share is reasonable that you can achieve in that?

我另一個問題是關於你們承接更大型、更複雜的專案。我們應該如何看待未來毛利率的節奏／走勢？另外更具體地，就資料中心那筆超過 4 億美元的得標，那是單獨得標嗎？這如何改變你們對 Powell 在資料中心市場 TAM（總可服務市場）的看法？你們合理可達到的市占率大概會是多少？

Well, those questions, in my mind, go together because on this particular job, one of the things we talk about is we really do well on the complex power -- sorry problem. This one is -- it has a degree of complexity that we haven't seen in some of the other data center jobs that we've been building our market segment on.

嗯，這些問題在我看來是連在一起的，因為在這個特定案子上，我們常說我們在複雜電力——抱歉，是複雜電力問題上做得很好。這個案子——它的複雜度是我們在其他一些資料中心案子中、用來建立我們市場區隔時，所未曾見過的程度。

When we got involved early on this one, there is a really unique complexity on the behind-the-meter design that's akin to a power island that we might see on an industrial facility or even an offshore platform where you're generating and distributing load locally. That these behind-the-meter ones clearly have that.

當我們很早就參與這個案子時，它在表後（behind-the-meter）的設計上有非常獨特的複雜性，類似於我們在工業設施、甚至離岸平台上可能看到的「電力島」（power island），也就是在本地端發電並分配負載。這些表後的案子顯然就具備那樣的特性。

They have a higher degree of complexity around the gear. They have a higher degree of complexity around the automation, and it fits us very well. I'd say the TAM on a behind-the-meter is going up for Powell, say, beyond a straight utility connect. We're interested in both. It's not that we won't pursue both models, but the behind-the-meter opportunity for Powell clearly going up with this complexity equation.

它們在開關設備（gear）方面的複雜度更高。在自動化方面的複雜度也更高，而這非常符合我們的強項。我會說，對 Powell 而言，表後（behind-the-meter）的 TAM 正在上升，超越了單純的公用事業併網（utility connect）。我們兩種都感興趣。並不是說我們不會同時追求兩種模式，但在這個複雜度的因素下，Powell 的表後機會顯然正在增加。

Depending on how they're generating, whether it's a mix of resources or renewable, there's a whole bunch of ideas out there that we're seeing come across the commercial front. I'd say our excitement for that potential is growing.

取決於他們如何發電，是多元資源的組合或是再生能源，商業端有很多想法正陸續出現。我會說，我們對這個潛力的興奮感正在提升。

Brett, just on that, the $400 million award that you got post the quarter end, was that a solo contract? Or was that split?

Brett，針對這點，你們在季後拿到的那筆 4 億美元得標，是單獨合約嗎？還是有拆分？

No, one purchase order.

沒有，是一張採購訂單（purchase order）。

Alex Rygiel, Texas Capital.

Alex Rygiel，Texas Capital。

Just a maintenance item here first. Backlog as a percentage of total by market, can you provide that once again?

先問一個維護性問題。依市場別來看，未完成訂單（backlog）占總額的百分比，你能再提供一次嗎？

Yes, sure, Alex. This is Mike. As we deconstruct the backlog segmentation for Q2, roughly 5% was petrochem, 29% was oil and gas, 30% is utility, 6% is traction and 29% is commercial and other industrial, which includes the data center, which is in the low 20s of that 29% and then the rest is other.

可以，當然可以，Alex。我是 Mike。我們拆解第二季（Q2）的未完成訂單結構，大約 5% 是石化，29% 是油氣，30% 是公用事業，6% 是軌道牽引（traction），29% 是商業與其他工業（其中包含資料中心；資料中心約占該 29% 的 20% 出頭），其餘則是其他。

Then as you look at the data center market more broadly, how many customers are you working for right now? How many customers are you talking to right now? You can obviously generalize there but trying to get a sense of how broad your sales effort is into that segment.

再更廣泛地看資料中心市場，你們目前正在服務多少家客戶？你們目前正在洽談多少家客戶？你可以概括回答，但我想了解你們在該區隔的銷售投入有多廣。

Alex, it's Brett. It's becoming every quarter, more and more broad. If you go back a couple of years ago when we were 7% of the backlog and 15%, 22% and now jumping the next couple of quarters, it started through different channels and what I'll call indirect channels through distribution or through partners, where we were getting a piece of the scope, not really getting a look at the whole opportunity, whether that's on the outside the data center or yet inside the data center. It started in that manner.

Alex，我是 Brett。每一季都變得更廣、更廣。如果你回頭看兩年前，當時資料中心占未完成訂單 7%，後來到 15%、22%，而現在接下來幾季又再跳升；一開始是透過不同通路、我稱之為間接通路，透過經銷或合作夥伴，我們只拿到部分工作範圍，並沒有真正看到整個機會，不論是在資料中心外部或資料中心內部。一開始就是以那種方式進入的。

Over the last couple of years, we've been adding resources, front-end has cost folks from the industry to help us better understand how to attack that market more thoughtfully, and that is clearly having a return to the company. Today, fast forward, we still have that indirect OEM and partner model, which has grown, but clearly driving our own direct destiny where we're getting in earlier and having direct conversations with the contractor or even the ultimate end client or a combination of the two. That is starting to grow. We like both channels to market, and we'll continue to thoughtfully invest where it makes sense in all those channels to support the broader build-out of the market.

過去幾年，我們一直在增加資源，在前端投入成本，延攬業界人士來協助我們更了解如何更有策略地切入該市場，而這顯然已為公司帶來回報。快轉到今天，我們仍有那個間接的 OEM 與合作夥伴模式，而且也在成長，但更明顯的是我們正在掌握自己的直接命運：更早介入，並與承包商、甚至最終客戶，或兩者的組合進行直接對話。這部分正在開始成長。我們喜歡兩種上市通路（go-to-market），並會在所有這些通路上於合理之處持續審慎投資，以支持市場更廣泛的建置擴張。

John Franzreb, Sidoti & Company.

John Franzreb，Sidoti & Company。

I'm actually curious about how you're handling the spike in metal prices in 2026? How does that impact the gross margin profile on a go-forward basis?

我其實很好奇，你們如何因應 2026 年金屬價格的飆升？這對未來的毛利率結構會造成什麼影響？

John, this is Mike. I'll take that question. We are very proactive with our metals, specifically copper. As you know, we use a lot of copper, and we do have a hedging program for copper to -- it essentially acts as an insurance policy to protect the margins that we have in backlog. That's the biggest piece. We stay on top of steel, aluminum as well, but we are pretty proactive with the supply chain for those core commodities.

John，我是 Mike。我來回答這題。我們在金屬方面非常積極主動，特別是銅。如你所知，我們使用大量銅，而且我們有銅的避險計畫——本質上就像保險單，用來保護我們在未完成訂單中的毛利率。這是最大的一塊。我們也會密切關注鋼、鋁，但對這些核心大宗商品，我們在供應鏈端也相當積極主動。

I think in the prepared comments, you said something about small to midsized projects were a net benefit in the quarter. Can you just maybe drill down a little bit of what's going on there?

我記得在事先準備的講稿裡，你提到小型到中型專案在本季帶來淨正面效益。你能否再深入說明一下那部分發生了什麼？

John, it's Brett. Yes, we had two sizable jobs that we noted in the comment, one from the data center -- the other data center job that we logged in the quarter pre-close of March. Then the utility job, which I don't want to lose sight of. I love the utility business. When you look at the balance, and you know our model well, when we get that nice mix of having those anchor jobs in the backlog, but then being able to put different size jobs, the small $0 to $10 million job and then the next step up sort of the $10 million to $50 million is the way I think about it.

John，我是 Brett。是的，我們在評論中提到兩個相當大的案子，一個是資料中心——另一個資料中心案子是在 3 月結帳前、我們在本季入帳的。另外還有公用事業案子，我不想忽略它。我很喜歡公用事業業務。當你看整體組合——你也很了解我們的模式——當我們在未完成訂單中有那些「錨定型」（anchor）的大案子，同時又能搭配不同規模的案子，也就是 0 到 1,000 萬美元的小案子，再往上一階的約 1,000 萬到 5,000 萬美元案子，我是這樣來思考的。

Having those given the cycle of a project build really is advantageous for the Powell model and that we bring the project in, we schedule it, and we know that they're going to be stop and hold points throughout its cycle, given the different size of the job, it gives us leverage to move the crews in and around it.

在專案建置週期的角度，擁有這些案子對 Powell 的模式確實有利：我們把專案接進來、排程，並且知道在其週期中會有停工與暫停（stop and hold）的節點；由於案子大小不同，這讓我們能更有彈性地調度團隊在各案之間移動。

When we lose that mix, it creates another pressure in the business to manage through the P&L of each of our factory locations, but that really healthy bulk of small and mediums that just came in Q2 and again, is continuing in commercial activity as we look forward is very healthy, very encouraging for how we think about planning the business. We wanted to call that out.

當我們失去這種組合時，對公司而言就會在管理各工廠據點的損益表（P&L）上產生另一層壓力；但第二季進來的那一大批健康的小型與中型案子，以及我們展望未來在商業活動上仍持續看到的動能，都非常健康、非常令人鼓舞，有助於我們思考如何規劃業務。我們想特別點出這一點。

Is it running above that $50 million threshold, Brett, or no?

Brett，它是否高於那個 5,000 萬美元的門檻在運行，還是沒有？

No. I mean we see the normal cadence of potential out there going forward in terms of those jobs that are larger than 50. What we've kind of -- I think kind of just started picking up year, 1.5 years ago, we said we shared that there'd be -- there's still a healthy mix across all of our core markets, just that the timing would be suspect. No change to those comments. There's still a healthy mix of those out there's the timing of them

沒有。我的意思是，就那些規模大於 50（百萬）的案子而言，我們看到未來外部潛在機會的正常節奏。我們算是——我想大概從一年前到一年半前開始注意到，我們也分享過——我們所有核心市場仍然有健康的組合，只是時點可能不太確定。對那些評論沒有改變。外面仍然有健康的組合，只是它們的時點

John Braatz, Kansas City Capital.

John Braatz，Kansas City Capital。

Brett, just want to touch base. Obviously, the outlook is very strong, and you're considering a potential expansion of $70 million to $100 million. I guess, given the outlook and what you're seeing, what do you need to see more before you make that -- for you to make that commitment? The business obviously seems very good. It seems like you could go ahead with it. What might -- what else might you need to make that commitment?

Brett，我想確認一下。顯然，展望非常強勁，而你們正在考慮把規模擴張到 7,000 萬到 1 億美元。我想，在這樣的展望以及你們所看到的情況下，在你做出那個——做出承諾之前，你還需要再看到什麼？業務顯然看起來非常好。看起來你們可以直接推進。你還可能——還需要什麼才會做出那個承諾？

John, not too much more. Mike and I have got a Board in a couple of weeks. We've been talking to the Board the last couple of quarters about it. As I noted, we had -- with the active quarter and with the commercial activity maintaining, clearly, we had to react on some of the short-term needs, unlock some needs, maybe not optimal, if I were completely honest, but absolutely going to get a good return and needed.

John，不需要太多了。Mike 和我在幾週後會有一場董事會。過去幾個季度我們一直在跟董事會討論這件事。如我所提到的，隨著這個活躍的季度以及商業活動維持，我們顯然必須因應一些短期需求、釋放一些需求；老實說，可能不是最理想的方式，但絕對會帶來良好回報，而且是必要的。

I think we're just about there and being able to support not only the market activity, but even don't lose sight of our intentionality on our strategic builds, which is why we called out some of the stuff on the service side. That team is maturing, just to kind of call it out. They're doing a great job building some substrategies within that growth strategy of ours, and they're getting more confident with their substrategies, and that adds into the option A, B and C for the next big chunky space.

我想我們已經差不多到位，能夠不僅支撐市場活動，也不要忽略我們在策略性建置上的刻意為之，這也是為什麼我們特別提到服務端的一些事情。那個團隊正在成熟，我只是特別點出來。他們在我們的成長策略之下建立一些子策略做得很棒，而且他們對這些子策略更有信心，這也會納入下一個大型、具規模的空間選項 A、B、C。

If we think about it in, let's say, in three or four months, you would go ahead and make that decision. What kind of time line would it be to get something like this constructed and up and going? What might be the revenue capacity or potential of such a new manufacturing space?

如果我們這樣想，假設在三到四個月內你們會做出那個決定。要把這樣的東西建好並投入運作，大概需要什麼時間表？這樣一個新的製造空間，其營收產能或潛力可能是多少？

A greenfield is probably going to run us conservatively two years. The actual build time is less, but the variable is always the permit. That's one of the reasons we -- given the rapid growth that we may bridge that with a similar sized lease facility and we have to outlay some capital for the cranes and things we would need around the different various things we might do in that facility over a three to five year lease term, while the other facility is being built. that's our thinking today.

一個綠地案（greenfield）保守估計大概會花我們兩年。實際施工時間更短，但變數永遠是許可證。這也是我們——鑑於可能的快速成長——可能會用一個規模相近的租賃廠房來銜接；我們需要為起重機等設備投入一些資本，用於在該廠房內、在三到五年的租期中我們可能進行的各種不同作業，同時另一個廠房在建造中。這是我們目前的想法。

If we go to lease route, still some permitting because no facility is purpose-built. You get the shell and you got -- you still got to do some things to it. We see revenues quicker. We've moved inventory into that space, get the cranes and you'd probably be looking at productive capacity within six months.

如果走租賃路線，仍然需要一些許可，因為沒有廠房是為我們量身打造的。你拿到的是外殼，然後你還得——你仍然得對它做一些改造。我們會更快看到營收。我們把庫存移進那個空間、把起重機到位，你大概在六個月內就能看到具生產力的產能。

Total revenue of such a facility, it's going to scale. Again, it depends on the mix of service and projects and products that we ultimately put into that, but you can run $100 million to $250 million.

這樣一個廠房的總營收會隨規模而變。同樣地，取決於我們最終放進去的服務、專案與產品的組合，但可以做到 1 億到 2.5 億美元。

Have you had to turn down any orders at this point?

你們目前有不得不拒絕任何訂單嗎？

I wouldn't say we're turning anything down. Are we able to meet the schedules of everything coming in the door? The answer to that is no. We have a really broad funnel. We've expanded our process around that funnel with the growing commercial and industrial segment and the growing resources there, the growing capacity.

我不會說我們在拒絕任何東西。我們能否滿足所有進來的案子的時程？答案是否定的。我們有非常廣的漏斗。隨著商業與工業部門的成長、資源增加、產能提升，我們也擴大了圍繞該漏斗的流程。

The team play, as we noted today, has become much more prevalent day in and week out here at the company, which has been fantastic to see the company come together and the team really work across their functional areas, across the geographies and across the facilities. So we're unlocking every little bit of opportunity, which has been fantastic to see.

如我們今天所提到的，團隊協作在公司裡日復一日、週復一週變得更為普遍，看到公司凝聚起來、團隊在各職能領域、各地理區域以及各廠區之間協同合作，真的很棒。所以我們正在釋放每一點機會，看到這點非常令人振奮。

So no, we're not able to respond positively to all the opportunities, but we're -- where we always strive to, if we can't hit exactly what they ask when they come in the door is engage them on sequencing and constructability of their site and other things that we can do to work together. Those conversations, given our model, also pretty effective at trying to reach a good solution for both the client and for Powell.

所以，不，我們無法對所有機會都給出正面回應；但——我們一向努力的是，如果無法完全達到客戶一進門提出的要求，我們就與他們討論排程順序、工地的可施工性，以及其他我們可以一起合作的事項。以我們的模式來看，這些對話在嘗試為客戶與 Powell 找到雙方都好的解決方案方面，也相當有效。

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

問答環節到此結束。我想把電話會議交回給執行長 Brett Cope，請他做結語。

Thank you, Myron. I would close with Mike and I just thanking everyone for joining us this morning. We're very encouraged by the commercial strength we're seeing across each of our core end markets and continue to expect another strong year for Powell. I'd like to thank the entire Powell team for their hard work and commitment to both Powell and of course, to our customers. Mike and I look forward to updating you all next quarter.

謝謝你，Myron。最後我想由 Mike 和我一起感謝各位今天早上參與。我們對在各個核心終端市場看到的商業動能感到非常振奮，並且仍預期 Powell 會再迎來一個強勁的年度。我也要感謝整個 Powell 團隊的辛勤付出與承諾，對 Powell，當然也對我們的客戶。Mike 和我期待在下個季度向各位更新。

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

謝謝。本次電話會議到此結束。感謝您參加今天的簡報。您現在可以中斷連線。