Powell Industries Inc (POWL) 2026 Q3 法說會逐字稿

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

歡迎參加 Powell Industries（鮑威爾工業）財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to Mr. Robert Winters, Investor Relations. Thank you. Please go ahead.

現在我想把會議交給投資人關係部的 Robert Winters 先生。謝謝。請開始。

Thank you, operator, and good morning, everyone. Thank you for joining us for Powell Industries conference call today to review fiscal year 2026 third 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，各位早安。感謝各位參加今天 Powell Industries 的電話會議，一同回顧 2026 會計年度第三季業績。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 August 11. The information on how to access the replay was provided in yesterday's earnings release.

今天的電話會議將提供重播，可透過網路直播回放，請至公司網站 powellind.com；或電話重播將提供至 8 月 11 日。如何收聽重播的資訊已於昨日的財報新聞稿中提供。

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

請注意，本次電話會議所揭露之資訊僅截至今日（2026 年 8 月 4 日）為準，因此提醒各位，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.

這些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）提交的文件。

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

接下來，我把電話交給 Brett。

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

謝謝你，Bobby，各位早安。感謝各位今天參與，一同回顧 Powell 2026 會計年度第三季業績。我會先做幾點說明，接著在我們進入問答前，把電話交給 Mike 進一步說明財務面。

Powell delivered a very strong third quarter, highlighted by a record for new orders in a single quarter, which in turn has elevated our backlog to over $2 billion for the first time in our 79-year history. Revenue grew 9% compared to the prior year and our continued focus on productivity delivered a gross margin of 30.6%.

Powell 第三季表現非常強勁，亮點包括單季新訂單創下紀錄，並因此使我們的在手訂單（backlog）在公司 79 年歷史上首次提升至 20 億美元以上。營收較去年同期成長 9%，而我們持續聚焦生產力，使毛利率達到 30.6%。

Revenue growth in the quarter was once again driven by our commercial and other industrial and electric utility markets with continued strong results in the oil and gas sector. Each of our core end markets are exhibiting high levels of activity and the nature and scope of these projects are central to Powell's core competencies.

本季營收成長再次主要由商業與其他工業，以及電力公用事業市場帶動；同時，油氣產業也持續繳出強勁成果。我們各核心終端市場皆呈現高度活躍，而這些專案的性質與規模正是 Powell 核心能力的重點所在。

The electric utility market remains very active, underwritten by structurally undersupplied power demand, while data center order activity for Powell has clearly inflected higher relative to just one year ago. Meanwhile, in our industrial end markets, the growing importance of US LNG exports in the global energy landscape remains supportive of demand for the electrical infrastructure required across the natural gas supply chain.

電力公用事業市場仍非常活躍，其背後支撐因素是結構性供不應求的用電需求；同時，相較於一年前，Powell 的資料中心訂單活動明顯轉強。另一方面，在我們的工業終端市場中，美國 LNG 出口在全球能源版圖中的重要性日益提升，持續支撐天然氣供應鏈各環節所需電力基礎設施的需求。

Overall, Powell's awarded a record $934 million of new orders in the third quarter which is nearly 3 times higher than the prior year and nearly double the order total from last quarter. Included in this order total is the previously announced mega data center order which is in excess of $400 million for phase one of a multiphase behind-the-meter design of on-site generation assets.

整體而言，Powell 在第三季獲得創紀錄的 9.34 億美元新訂單，幾乎是去年同期的 3 倍，亦接近上季訂單總額的 2 倍。此訂單總額包含先前已公告的超大型資料中心訂單，第一期金額超過 4 億美元，屬於多期、表後（behind-the-meter）的現場發電資產設計。

In addition, Powell was awarded $75 million for the electrical distribution equipment, supporting a new petrochemical facility for the production of fertilizer, and we received an award of approximately $60 million for a new LNG liquefaction facility. Both of these projects are located along the US Gulf Coast.

此外，Powell 獲得 7,500 萬美元的配電設備訂單，用以支援一座用於生產肥料的新石化設施；我們也獲得約 6,000 萬美元的新 LNG 液化設施訂單。這兩個專案皆位於美國墨西哥灣沿岸。

Outside of these three mega awards, our order book in the quarter was comprised of more than $350 million of new awards balanced across the market verticals in which we compete and a testament to the volume and diversity of our order intake.

除上述三項超大型得標案之外，本季其餘訂單由超過 3.5 億美元的新得標案構成，並在我們競爭的各市場垂直領域間保持均衡，展現我們接單量的規模與多元性。

Our backlog is now nearly $2.4 billion, again, the highest in Powell's history and it is notable that we have booked over $1.8 billion of new awards over the past three quarters. The visibility provided by our backlog continues to extend as we are booking awards that we'll be executing deep into our fiscal 2028.

我們的在手訂單目前接近 24 億美元，再次創下 Powell 歷史新高；值得注意的是，過去三個季度我們已累計取得超過 18 億美元的新得標案。在手訂單所提供的能見度持續延伸，因為我們正在承接將一路執行至 2028 會計年度的專案。

The order book also remains balanced across the Powell footprint, which, combined with actions we are taking to create incremental capacity will improve opportunities to further drive productivity across our facilities. Those actions include a lease that we entered into late last year, providing an incremental 30,000 square feet of manufacturing capacity near our Ohio facility.

訂單結構在 Powell 的各營運據點間也維持均衡；再加上我們正採取的擴增產能措施，將提升進一步推動各廠區生產力的機會。這些措施包括我們於去年底簽訂的一項租賃案，在俄亥俄廠附近新增 30,000 平方英尺的製造產能。

Part of that agreement included the option to expand that lease, which we expect to execute in response to accelerating order activity. And in April, we entered into a lease agreement for a facility near our Houston facilities that is providing another 50,000 square feet of manufacturing capacity. We are now operating two satellite engineering offices around the Houston metro area to add critical engineering talent to our world-class electrical and mechanical engineering and design teams. These facilities are strategically located in the energy corridor and North Houston to expand our coverage of the metro area.

該協議的一部分包含擴租選擇權，我們預期將因應加速的接單活動而予以執行。此外，我們於 4 月簽訂一項位於休士頓廠區附近的租賃協議，新增另外 50,000 平方英尺的製造產能。我們目前在休士頓都會區周邊營運兩個衛星工程辦公室，以為我們世界級的電機與機械工程及設計團隊增補關鍵工程人才。這些據點策略性地設於能源走廊與北休士頓，以擴大我們對都會區的覆蓋。

Lastly, the expansion of our Jacintoport facility that we announced one year ago is nearing completion. This investment will add 335,000 square feet of capacity to initially meet the accelerating demand for custom power control rooms for the LNG market. However, over the long term, this capacity is fungible and can be utilized to serve our customers across any of our markets. We expect the work at Jacintoport to be completed in the next month or two and for utilization to ramp fairly quickly.

最後，我們於一年前宣布的 Jacintoport 廠區擴建案已接近完工。此項投資將新增 335,000 平方英尺的產能，初期用以滿足 LNG 市場對客製化電力控制室日益加速的需求。然而，從長期來看，該產能具可替代性（fungible），可用於服務我們任何市場的客戶。我們預期 Jacintoport 的工程將在未來一到兩個月內完成，且產能利用率將相當快速地爬升。

When fully utilized, we would expect the expanded yard to support well in excess of $100 million of incremental annualized revenue. Each of the incremental initiatives that we have taken across the company over the last 12 to 18 months will result in an expansion of our total footprint of manufacturing, office and warehouse facilities of over 20% by the end of fiscal 2026 as compared to the end of our fiscal 2025. Further, during our third quarter, the Board has authorized the acquisition of the lease facility that will support approximately 300,000 square feet of manufacturing space.

在完全滿載的情況下，我們預期擴建後的場地可支援遠超過 1 億美元的年度化新增營收。過去 12 至 18 個月間，我們在全公司推動的各項增量措施，將使我們的製造、辦公與倉儲設施總面積在 2026 會計年度末相較於 2025 會計年度末擴增逾 20%。此外，在第三季期間，董事會已核准收購該租賃設施，該設施將支援約 300,000 平方英尺的製造空間。

Over the last several quarters, our manufacturing and service leadership teams have progressed several options in proximity to our existing facilities. We are planning to have this future facility available for manufacturing activity late in our second or early third quarter of our fiscal 2027. The facility will be supported by increased fabrication throughput and as part of a previously announced $8 million investment in new equipment and upgrades at our Mosely facility.

在過去幾個季度，我們的製造與服務領導團隊已在鄰近現有廠區的範圍內推進多個選項。我們規劃讓這座未來設施於 2027 會計年度第二季末或第三季初可投入製造活動。該設施將由更高的製造加工（fabrication）產出量所支援，並作為先前已公告、在 Mosely 廠區投入 800 萬美元新設備與升級計畫的一部分。

We continue to evaluate the prospect of a greenfield Powell owned facility that would require $70 million to $100 million of capital, provide upwards of an owned 250,000 to 300,000 square foot factory which would also support increased fabrication. This planning process continues to progress, and we expect to make a decision in the near future.

我們持續評估興建一座由 Powell 擁有的綠地（greenfield）新廠之可行性，該案將需要 7,000 萬至 1 億美元的資本投入，並可提供一座由公司自有、面積約 25 萬至 30 萬平方英尺的工廠，同時也將支援提升製造加工能力。此規劃流程持續推進中，我們預期將在不久的將來做出決定。

Our M&A pipeline also remains healthy and growing, and we are evaluating a number of opportunities to better position us within key growth markets. These include complementary products and/or capabilities to our current portfolio, or oriented toward building out our growing services franchise. Our efforts here are tempered in part by what we regard as rich valuations across the space, though we continue to engage where we see value and a strategic fit.

我們的併購（M&A）案源管線也維持健康並持續成長，我們正在評估多項機會，以便在關鍵成長市場中更好地定位公司。這些機會包括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持續成長的服務業務版圖。我們在此方面的推進，部分受到我們認為該領域估值偏高的影響而較為審慎；不過，只要我們看到價值與策略契合度，仍會持續參與與洽談。

In closing, we are very pleased with our third quarter results. Commercial activity in our core end markets remain strong, underpinned by durable and secular demand drivers that should continue our momentum as we close fiscal 2026 and prepare for our fiscal 2027.

最後，我們對 2026 會計年度第三季的業績表現感到非常滿意。我們核心終端市場的商業活動仍然強勁，並由具韌性且長期結構性的需求驅動因素所支撐；在我們結束 2026 會計年度並為 2027 會計年度做準備之際，這些因素應可延續我們的動能。

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

接下來，我把電話交給 Mike，請他帶我們更詳細地回顧財務結果。

Thank you, Brett, and good morning, everyone. In the third quarter of fiscal 2026, we reported total revenue of $312 million compared to $286 million or 9% higher versus the same period in fiscal 2025. New orders booked in the third fiscal quarter of 2026 reached a record high of $934 million, which was anchored by the $400 million plus data center order that was awarded in April and discussed in our prior quarter release as well as two additional core industrial mega orders booked during the third fiscal quarter, one for an LNG project for roughly $60 million and the second for a petrochemical project totaling about $75 million.

謝謝你，Brett，各位早安。在 2026 會計年度第三季，我們的總營收為 3.12 億美元，相較 2025 會計年度同期的 2.86 億美元，年增 9%。2026 會計年度第三季的新接訂單金額創下 9.34 億美元的歷史新高，其中包括 4 月獲得、且我們在上一季財報中已提及的 4 億美元以上資料中心訂單；此外，第三季還新增兩筆核心工業大型訂單，一筆為約 6,000 萬美元的 LNG 專案，另一筆為約 7,500 萬美元的石化專案。

With these wins, orders in the third fiscal quarter were higher by $572 million versus the same period in the prior year, and higher sequentially by $445 million. The resulting book-to-bill ratio for the third fiscal quarter is 3.0 times while this ratio on a fiscal year-to-date basis is 2.2 times, with reported backlog reaching a new high of $2.4 billion at the end of the third fiscal quarter, $967 million higher versus one year ago and $619 million higher sequentially.

在這些勝利帶動下，2026 會計年度第三季的接單金額較去年同期增加 5.72 億美元，較前一季增加 4.45 億美元。因此，第三季的接單出貨比（book-to-bill）為 3.0 倍；以本會計年度截至目前（year-to-date）計算則為 2.2 倍。第三季季末的在手訂單（backlog）達到 24 億美元的新高，較一年前增加 9.67 億美元，較前一季增加 6.19 億美元。

At the close of our third fiscal quarter, our core industrial end markets across petrochemical and oil and gas represent 30% of the total backlog while the electric utility and commercial and other industrial markets each represent 24% and 40% of the $2.4 billion of backlog, respectively.

截至第三季季末，我們核心工業終端市場（涵蓋石化與油氣）占總在手訂單的 30%；而電力公用事業市場與商業及其他工業市場，分別占 24 億美元在手訂單的 24% 與 40%。

Now turning to revenue. Compared to the third quarter of fiscal 2025, domestic revenues were higher by $26 million or 12% while international revenues were slightly lower by $1 million to $61 million on the softer Canadian market.

接著談營收。相較 2025 會計年度第三季，國內營收增加 2,600 萬美元（年增 12%）；國際營收則因加拿大市場較疲弱而小幅減少 100 萬美元，至 6,100 萬美元。

From a market sector perspective, revenues were higher by $27 million or 54% in the commercial and other industrial market versus the third quarter of fiscal 2025, while the electric utility market increased by $14 million or 18% versus the prior year. Across our core industrial end markets, the oil and gas sector was relatively flat versus the prior year while the petrochemical market was lower by 49%. The light rail traction power sector was 7% lower versus the same period one year ago on light volume levels relative to the total business.

以市場別來看，商業及其他工業市場的營收較 2025 會計年度第三季增加 2,700 萬美元（年增 54%）；電力公用事業市場較去年增加 1,400 萬美元（年增 18%）。在核心工業終端市場方面，油氣部門與去年大致持平，而石化市場則下滑 49%。輕軌牽引供電（traction power）部門因相對於整體業務的量體較小且出貨量偏低，較一年前同期下降 7%。

Gross profit increased by $7 million to $95 million in the third fiscal quarter of 2026 versus the same period one year ago. Gross profit as a percentage of revenue was roughly flat versus the same period one year ago at 30.6% of revenue and was 90 basis points higher sequentially versus the same period one year ago, the mix of projects and the associated margin rates exiting backlog remain very consistent and are continuing to benefit from strong execution and volume leverage across Powell's global footprint.

2026 會計年度第三季的毛利增加 700 萬美元至 9,500 萬美元，較一年前同期成長。毛利率約為營收的 30.6%，與一年前同期大致持平；且較前一季提高 90 個基點。整體而言，從在手訂單中逐步出貨的專案組合及其對應的毛利率水準仍相當一致，並持續受惠於強勁的執行力，以及 Powell 全球據點的規模／產能槓桿效益。

Selling, general and administrative expenses were $27 million in the current period an increase of $1.6 million compared with the same period a year ago, primarily driven by the higher compensation expenses across the business, which is inclusive of the current year impact of the Remsdaq acquisition.

本期銷售、一般及行政費用（SG&A）為 2,700 萬美元，較一年前同期增加 160 萬美元，主要是因全公司薪酬費用提高，其中也包含本年度 Remsdaq 併購案帶來的影響。

SG&A as a percentage of revenue was lower by 20 basis points year over year to 8.6% in the current fiscal quarter and lower sequentially by 10 basis points. In the third quarter of fiscal 2026, we reported net income of $52.2 million, generating $1.42 per diluted share compared to net income of $48.2 million or $1.32 per diluted share in the third quarter of fiscal 2025.

SG&A 占營收比重在本會計年度第三季為 8.6%，較去年同期下降 20 個基點，較前一季下降 10 個基點。2026 會計年度第三季，我們的淨利為 5,220 萬美元，稀釋後每股盈餘（EPS）為 1.42 美元；相較之下，2025 會計年度第三季淨利為 4,820 萬美元，稀釋後每股盈餘為 1.32 美元。

During the third quarter of fiscal 2026, we generated $100 million of operating cash flow, principally driven by higher earnings generated in the third fiscal quarter while also benefiting from favorable working capital resulting from the strong booking activity.

2026 會計年度第三季，我們創造了 1 億美元的營運現金流，主要來自第三季較高的獲利，同時也受惠於強勁接單活動所帶來的有利營運資金變動。

Investments in property, plant and equipment in the fiscal third quarter totaled $6.5 million reflecting an uptick in capital deployed for the offshore fabrication yard expansion project, but also strategic spending for CapEx to accommodate the increased throughput resulting from commercial activity. At June 30, 2026, we had cash, cash equivalents and short-term investments of $634 million compared to $476 million at September 30, 2025, and $545 million at March 31, 2026. The company does not hold any debt.

本會計年度第三季在不動產、廠房及設備（PP&E）的投資合計 650 萬美元，反映我們在離岸製造場（offshore fabrication yard）擴建專案上的資本投入增加，同時也進行策略性的資本支出（CapEx），以因應商業活動帶動的產能／吞吐量提升需求。截至 2026 年 6 月 30 日，我們的現金、約當現金及短期投資為 6.34 億美元，相較 2025 年 9 月 30 日的 4.76 億美元，以及 2026 年 3 月 31 日的 5.45 億美元均有所增加。公司目前沒有任何負債。

Looking forward, we remain encouraged by the sustained commercial activity across our core end markets, as highlighted by record bookings in the third quarter and a record backlog at quarter end. The continued momentum we are seeing in the electric utility and data center markets, coupled with early signs of a recovery in the petrochemical market reinforces our confidence in the quality and the durability of future demand.

展望未來，我們對核心終端市場持續的商業活動仍感到鼓舞，這點可由第三季創紀錄的接單，以及季末創新高的在手訂單所印證。我們在電力公用事業與資料中心市場看到的持續動能，加上石化市場出現初步復甦跡象，進一步強化我們對未來需求品質與持久性的信心。

These achievements reflect both the strength of customer investment and our ability to secure and execute large strategic projects, providing meaningful momentum as we enter fiscal 2027. Considering this backdrop, together with a stable pricing environment, disciplined project execution and a strong liquidity position, we believe that Powell is well positioned to deliver another year of strong financial performance in fiscal 2027.

這些成果反映了客戶投資力道的強勁，以及我們取得並執行大型策略性專案的能力，讓我們在邁入 2027 會計年度時具備顯著動能。在此背景下，結合穩定的定價環境、嚴謹的專案執行與強勁的流動性部位，我們相信 Powell 已具備良好條件，在 2027 會計年度再交出一年強勁的財務表現。

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

接下來，我們很樂意回答各位的問題。

(Operator Instructions) John Franzreb, Sidoti & Company.

(接線員指示) John Franzreb，Sidoti & Company。

I'd really like to start with the gross margin profile. It continues to be elevated and impressive. I'm curious can you talk a little bit about what the competitors landscape is like and what kind of ability you have maybe to be more aggressive on pricing given this incredible demand that you have?

我想先從毛利率走勢談起。毛利率持續維持在高檔，表現令人印象深刻。我想請教你們能否談談競爭者的市場態勢，以及在你們擁有如此驚人需求的情況下，你們是否有能力在定價上採取更積極的策略？

John, it's Brett. Let me take the second part first, and I'll have Mike jump in on some of the color on the margin. We are seeing some opportunity for price in the market. On the commercial side, I think you'll find a theme that deliveries speed is still driving the overall value prop to the market. But that's not -- I wouldn't say that's across all the sectors we're in Powell.

John，我是 Brett。我先回答第二個部分，然後我會請 Mike 補充一些關於毛利率的說明。我們確實在市場上看到一些提價的機會。在商業端，我想你會看到一個主軸：交付速度仍在驅動市場整體的價值主張。但那並不是——我不會說這適用於 Powell 所在的所有產業領域。

So the industrial market probably a little more price sensitive overall. Margins are good and equivalent, but more opportunity on the commercial market, I'd say, of the three verticals that we chase. And I'd say the competition follows the same sort of theme. So a little bit more sensitive in the industrial market, and less so not competitive in the commercial market, but it is about speed and capacity and what you can do to serve that market as quickly as you can.

因此，整體而言工業市場可能對價格更為敏感一些。毛利表現良好且大致相當，但在我們追逐的三個垂直領域中，我會說商業市場的機會更多。而我會說競爭態勢也遵循同樣的主題。所以工業市場更敏感一些；商業市場則相對沒那麼敏感——並不是說沒有競爭，而是重點在於速度與產能，以及你能以多快的速度提供服務來滿足該市場。

John, I'll jump in to add some commentary there on the margins. But overall, we're really pleased about the margin performance in the quarter. But some of the core pillars driving margins in the quarter, the product mix across the business, continued operating leverage across our footprint. And as Brett said, the pricing stability in the markets continue to meet our expectations. And combined, we were just over 30% GP for the quarter on a year-to-date basis just shy of that 29.6.

John，我補充一下關於毛利的評論。但整體而言，我們對本季的毛利表現非常滿意。本季推動毛利的幾個核心支柱包括：全公司產品組合、我們營運據點持續的營運槓桿效益。此外，如Brett所說，市場的定價穩定性持續符合我們的預期。綜合之下，本季毛利率略高於30%；以年初至今來看則略低於30%，為29.6%。

We are watching inflation closely. We are seeing moderate inflation on core commodities, copper, aluminum, steel, things of that nature, engineered components. But we're -- we've got some actions in place, whether it's a commodity hedging, strong commercial discipline practices that are helping offset some of this, but we are seeing a little bit of inflation perspective. And then finally, project closeouts. With respect to project closeouts on a year-to-date basis, project closeouts have contributed roughly 100 basis points through the first nine months.

我們正密切關注通膨。我們看到核心大宗商品（銅、鋁、鋼等）以及工程零組件出現溫和通膨。但我們——已採取一些措施，不論是大宗商品避險，或是嚴謹的商務紀律作法，來協助抵銷其中一部分；不過我們確實看到一些通膨壓力。最後是專案結案。就年初至今而言，專案結案在前九個月約貢獻了100個基點。

That compares to about 130 bps a year ago on a year-to-date basis. So we are still seeing strong project execution through the system and across the footprint.

相較之下，去年年初至今約為130個基點。因此，我們仍看到整個系統與各據點的專案執行表現強勁。

Got it. And just -- it's great to see you leaning into capacity expansion. I'm actually curious, maybe you can provide a little color if you decide to do a new greenfield facility, what's going into that thought process? And maybe talk a little bit about what you're seeing on available labor as you expand the capacity.

了解。另外——很高興看到你們積極推動產能擴張。我其實很好奇，如果你們決定新建一座全新（greenfield）廠房，這個思考過程會包含哪些因素？也請談談在擴產時，你們看到可用勞動力的情況如何。

Yes. We talked last quarter about the capacity piece. During the last quarter, we had a really thorough discussion with the Board, so pleased to be working towards. The lease facility, with the growth of the backlog, certainly accelerating over last two, three quarters, more efficient to do the lease facility. We are going to do some capital doing some cranes and things that will leave there over the term of the lease.

是的。我們上季談過產能這一塊。在上一季期間，我們與董事會進行了非常深入的討論，因此很高興能朝這個方向推進。隨著在手訂單（backlog）成長，且過去兩到三季明顯加速，採用租賃廠房（lease facility）會更有效率。我們會投入一些資本支出，例如購置起重機等設備，並在租期內留在該場地使用。

And we feel pretty good that we can support that with throughput of our existing fabrication. And so that was one of the discussions that we're having sort of in the prepared comments the efficient use of capital in the lease.

而且我們相當有信心，既有的製造產能吞吐量足以支援這些需求。因此，這也是我們在事先準備的評論中提到的討論之一：在租賃方案下更有效率地運用資本。

But as we bring products still out of the R&D pipeline supporting our organic strategy, depending on what we do M&A-wise, we do see a future need for increased Powell fabrication, and that will drive the owned facility. So near term, we're going to pivot to the lease to handle the backlog growth and grow the company that way, and then we'll time the owned facility to handle the methodic growth of the expanded pipeline for all of our verticals.

但隨著我們持續把產品從研發管線推出、以支援我們的有機成長策略，再加上視我們在併購（M&A）方面的作為而定，我們確實看到未來需要提升Powell的製造能力，而這將推動我們建置自有廠房。因此短期內，我們會轉向以租賃方式來因應在手訂單成長，並以此方式擴大公司規模；之後我們會把自有廠房的時點，與我們所有垂直領域擴大後的產品管線之循序成長相匹配。

On the labor side, again, again, consistent with my comments in prior quarters, John, I wouldn't tell you we're -- there's not a day goes by, there's not something we're all looking at. It is interesting to watch our peers in the industry. There's a lot of construction labor being put to work right now. We've seen this cycle before. It's a little bit wider.

在勞動力方面，同樣地、也一如我在前幾季的評論，John，我不會跟你說——我們沒有一天不在關注這件事。觀察同業的情況也很有意思。目前有大量建築施工人力正在投入工作。我們以前也見過這個循環。只是這次的範圍更廣一些。

We used to -- we're really comfortable with what happens in the Gulf from Louisiana around the South Texas down the Mexican border when you get a lot of construction, what happens and how that pulls from -- across the contiguous states and even into Canada when it gets really busy.

我們過去——對於墨西哥灣沿岸從路易斯安那一路到德州南部、靠近墨西哥邊境一帶在建設活動旺盛時會發生什麼、以及它如何從——美國本土各州甚至在非常忙碌時延伸到加拿大吸走人力，我們都很熟悉。

And now we're seeing other parts pull labor, North Texas up to the Midwest and even up to the Northwest parts of the states. And so a little different dynamic on craft labor. It hasn't impacted us yet. I do think eventually it will be something we're going to have to deal with creatively. We don't see it in the next couple of quarters.

而現在我們看到其他地區也在吸引勞動力，從德州北部一路到中西部，甚至到美國西北部地區。因此在技術工種（craft labor）方面出現了一些不同的動態。目前尚未影響到我們。但我確實認為，最終這會成為我們必須以更具創意方式來因應的議題。我們不認為在接下來幾季會看到影響。

So nothing immediate, but our radar is up, and I do believe it will be a challenge in the '27, '28.

所以短期沒有立即性問題，但我們已提高警覺；而我也相信在2027、2028年這會是一項挑戰。

Tomo Sano, JPMorgan.

JPMorgan 的 Tomo Sano。

Tom. If you could talk about the modest revenue shorter fall versus Street expectations. Could you help us understand the drivers? Was it primarily segment mix coming from Canadian market, you talk about petrochemical softness versus timing and backlog conversions. Any color on which factors moderates most would be helpful.

Tom。如果可以談談營收相較市場（Street）預期小幅落後的情況。能否協助我們理解背後的驅動因素？主要是來自加拿大市場的部門組合影響——你們提到石化需求偏弱——還是與時點及在手訂單轉換有關？若能說明哪些因素影響最大，會很有幫助。

Tom, this is Mike. I'll address that question. First of all, being a project-based business, there's some variability with the ins and outs in the quarter and the timing of some of the big components that are going into our projects. So nothing specific to call out at all on the revenue cadence. It was a 9% V versus the prior year, which we felt pretty comfortable with.

Tom，我是Mike。我來回答這個問題。首先，因為我們是以專案為主的業務，單季在進出與一些大型組件導入專案的時點上，會有一定的波動性。因此在營收節奏上沒有任何特定事項需要特別指出。相較去年同期成長9%，我們對此感到相當安心。

As we build the backlog, that's probably a good barometer to kind of pinpoint it's, we're not going to see double-digit Vs probably given the backlog conversion rate that we've seen over the last, call it, trailing 12 months or year-to-date anyway. So nothing specific to call out. It's going to be lumpy as we go forward. And this quarter was really no exception. It was -- as I said, we were very happy with the 9% V overall for the quarter.

隨著我們累積在手訂單，這大概是一個不錯的指標，用來判斷——考量到過去約12個月或年初至今我們看到的在手訂單轉換率，我們可能不會看到雙位數的成長。所以沒有特別需要點出的因素。未來會呈現較不均勻（lumpy）的走勢。而本季也不例外。如我所說，我們對本季整體9%的成長非常滿意。

I appreciate it. And a follow-up on orders and demand trends. Could you share more color like what are you seeing on the demand side by three verticals going forward?

了解，謝謝。另外追問訂單與需求趨勢。你們能否分享更多細節，例如未來按三個垂直領域來看，你們在需求端看到什麼情況？

Yes. I'll take that one, Tomo, it's Brett. All three verticals heading in today, very active. We watch it very close every week. I dig into the color of our database to see what the activity is going forward and looking for any signs of a major concern, but in terms of commercial and other, which includes the data center market, next couple of quarters, there's plenty of activity.

可以。我來回答，Tomo，我是Brett。目前三個垂直領域都非常活躍。我們每週都非常密切地觀察。我會深入檢視我們資料庫中的細節，了解未來的活動情況並尋找任何重大疑慮的跡象；但就商業及其他（包含資料中心市場）而言，接下來幾季活動量相當充足。

The LNG market remains very robust for us. I feel very good about the investment we're making in offshore. Again, very -- feel good about the timing of that yard coming online here in the next month or so. We'll get some revenue laid down there on a POC basis, pretty quick and utility market, again, very robust, especially in the United States, little less so in Canada, a little softer there generally.

對我們而言，LNG 市場仍然非常強勁。我對我們在離岸領域所做的投資感到非常有信心。同樣地——我也很看好那座船廠在接下來一個月左右投產上線的時點。我們很快就能以 POC（完工百分比）基礎確認一些收入；公用事業市場同樣非常強勁，尤其是在美國；加拿大則相對沒那麼強，整體來說稍微疲軟一些。

And as compared to the state, but we're able to use some of that capacity to help support some of the ongoing work here in the states and bring it across the border. So feel pretty good heading through the back half of the calendar year and into calendar '27, where we sit today.

而且相較於各州的情況，我們也能利用部分產能來支援美國境內正在進行的一些工作，並把它跨境帶過來。所以就我們目前所處的位置來看，對於今年下半年一路到 2027 年，我們感覺相當不錯。

Mani Somaiya, Cantor.

Mani Somaiya，Cantor。

Good morning, Mike and Brett. A couple of questions. One, maybe for both of you, have margins peaked.

早安，Mike 和 Brett。我有幾個問題。第一個，可能想請教你們兩位，毛利率是否已經見頂？

Following up on John's comment, I don't say they peaked. The opportunity to grow would be continued opportunity in the commercial and data center and speed and as long as we continue to serve that. Now that blends into the existing backlog, Manish. So Powell convertibility takes one to three years. So you got to kind of tie that in on the model.

延續 John 的評論，我不會說已經見頂。成長的機會在於商用與資料中心等領域的持續機會，以及只要我們持續服務這些需求。不過這會與既有在手訂單（backlog）混合在一起，Manish。因此 Powell 的可轉換性（convertibility）需要一到三年。所以你在模型上必須把這點連結進去。

The other opportunity that is the other parts of the strategy, which we continue to work pretty hard with the automation and traction we make in the service strategy. So those are all -- both of those strategic pillars are accretive to our current gross margin levels.

另一個機會來自策略的其他部分，我們也持續非常努力推進自動化，以及我們在服務策略上取得的進展與動能。因此這些——這兩個策略支柱都能對我們目前的毛利率水準帶來增益（accretive）。

And there's a lot of activity as well in those strategies across the markets we serve. And so that will continue to blend in higher and help us raise margins. But as Mike noted earlier, we are a chunky business when it comes to reporting out. So it could be a little chunky quarter to quarter. But overall, I think there's still positivity over the long term in our margin profile.

而且在我們所服務的各個市場中，這些策略也都有很多活動在進行。因此它們會持續以更高的比重混入，並幫助我們提升毛利率。但如同 Mike 先前提到的，我們在對外揭露時是一個「大起大落」（chunky）的業務。所以季度之間可能會有些波動。但整體而言，我認為從長期來看，我們的毛利率輪廓仍然是正向的。

Secondly, there's been a lot of discussions about capacity coming online in the industry. Obviously, doesn't pertain to each and every part of the business you might be participating in. But just more broadly, Brett, how do you think about the capacity that's coming online pertaining to your specific business.

第二，市場上一直有很多關於產能上線的討論。顯然，這不一定適用於你們所參與的每一個業務環節。但更廣泛地說，Brett，你如何看待這些即將上線的產能，對你們特定業務的影響？

At this juncture, clearly, it seems that demand is outstripping supply, but at some point, it may catch up. And I guess there's been a lot of debate recently about how that might potentially impact margins for all the companies, including yourselves. So maybe if you can help us understand from a big picture standpoint and how it might be potentially different for you?

就目前而言，很明顯需求似乎超過供給，但在某個時間點可能會追上。我想最近也有很多辯論，這可能會如何影響包括你們在內所有公司的毛利率。所以也許你可以從宏觀角度幫助我們理解一下，以及對你們而言可能有哪些不同？

I love the question. This is a good chat that we have at the Board and what we're -- how we're driving our strategy forward. And so I think it's safe to say, Mike and I are building a strategy that is 10, 15, 20 years out in time. And so I think there are parts of what we're doing today that are opportunistic, maybe slightly moving into the strategy side of things with the commercial and other. But the rate of this market at some point will attenuate and what we're doing with even on the lease facility.

我很喜歡這個問題。這也是我們在董事會上會討論的重點，以及我們如何推動策略向前。因此我想可以很有把握地說，Mike 和我是在打造一個放眼 10、15、20 年後的策略。所以我認為，我們今天所做的一些事情帶有機會性，可能也稍微往策略面移動，例如商用等領域。但這個市場的成長速度在某個時間點會趨緩，而我們所做的事情——即便是在租賃設施上——也是如此。

We want to pivot that to the commercially-owned facility, but it's supportive of good organic and M&A adds to the business for portfolio feeling how we're going to attack the utility market long term, taking the long-term look at those markets on distribution, transmission, things like urbanization so yes, there's the short-term things that are going on in the market. We're certainly aware of that and watching that, and we understand the risks.

我們希望把它轉向商用自有（commercially-owned）的設施，但它也能支撐良好的有機成長以及透過併購（M&A）為業務增加的項目，並讓我們的產品組合更完整；同時也關係到我們長期要如何切入公用事業市場，從配電、輸電、都市化等面向，以長期視角看待這些市場。是的，市場上確實有一些短期因素正在發生。我們當然注意到並持續觀察，也理解其中的風險。

But we're really driving the business long term. And so we make the investment in the fixed asset to add a factory, whether it be here in the Houston area or other states that we're looking at, it will be supported by a long-term strategy against primarily utility and in the industrial market. And I'm not discounting our long-term play in the commercial and other, but we're allocating a small amount of capital to that. It's increased a little bit over the last couple of years on the strategy side around products and services. But the bulk of our investments are still built around industrial and utility.

但我們真正是在以長期方式推動這門生意。因此，當我們投資固定資產來新增一座工廠——不論是在休士頓地區，或是我們正在評估的其他州——它都會由一個以公用事業為主、並涵蓋工業市場的長期策略來支撐。我並不是否定我們在商用及其他領域的長期布局，但我們分配到那裡的資本占比相對較小。過去幾年在策略面、圍繞產品與服務的投資確實增加了一些。但我們投資的大宗仍然是圍繞工業與公用事業。

And that's really where we're gaining the confidence to make that -- will gain the confidence to make that fixed asset investment on behalf of our investors.

而這也正是我們建立信心、代表投資人做出那項固定資產投資的地方——也會讓我們更有信心去做。

And just on the backlog, Brett, obviously, a very impressive backlog. Perhaps if you can just talk about how we should think about the backlog burn over the next 12, 18 months? And Mike, just on that, it would be helpful to have the next 12 months backlog number, if you might have it.

另外關於在手訂單，Brett，顯然你們的 backlog 非常亮眼。也許你可以談談，我們應該如何看待未來 12 到 18 個月的 backlog 消化（burn）？還有 Mike，就這點而言，如果你手上有未來 12 個月的 backlog 數字，也會很有幫助。

Yes. There is a slight -- I mean given the numbers, it's kind of math now, Manish. We had a really strong quarter. Activity looks robust going out. So Mike will jump in here on the convertibility, it has attenuated a little bit.

好的。確實有一點——我是說，以這些數字來看，現在其實就是數學題了，Manish。我們這一季表現非常強勁。往後看，活動量仍然很強。所以 Mike 會在這裡補充可轉換性（convertibility）的部分，它確實稍微趨緩了一點。

The overall market is still, as I noted, one to three years, but if you just look at the slug that just came in, I think as a team sport across Powell, really, really pleased with how well our teams operationally are working together to continue to maximize and find opportunity to drive productivity to find increased capacity to help serve and break up projects at different facilities and work with our clients to meet the need on the delivery. So that's been a real positive.

整體市場如我所說仍是 1 到 3 年，但如果只看剛進來的那一大筆，我認為以 Powell 全公司團隊合作的角度來看，我們真的非常滿意各團隊在營運上如何協同，持續把握並找出機會、推動生產力提升、找出增加產能的方法，以便更好地服務；也會把專案拆分到不同廠區執行，並與客戶合作以滿足交付需求。所以這是一個非常正面的進展。

But on the math side, Mike, let's --

不過在數學（計算）這一塊，Mike，我們--

Yes. So of the other $2.4 billion of backlog, roughly $1.3 billion -- just under $1.3 billion will be convertible over the next 12 months so roughly 54%. So as we spoke last quarter, that was in the low 60s with this big slug of orders, the $900 million-plus order bookings that we recognized this quarter that went down to about 54%.

好的。在其餘約 24 億美元的在手訂單中，約 13 億美元——略低於 13 億美元——會在未來 12 個月內可轉換（convertible），約占 54%。因此如同我們上季所談的，當時比例在 60% 出頭；但由於這次有一大筆訂單湧入——本季我們認列了 9 億美元以上的接單（order bookings）——所以比例降到約 54%。

And on the book and burn cadence, that's still a very healthy burn we're seeing about -- on average, it's going to vary from quarter to quarter. But on average, it's about $75 million a quarter of book and bill.

至於接單與消化（book-and-burn）的節奏，我們看到的消化仍然非常健康——當然每季會有所不同。但平均而言，每季大約是 7,500 萬美元的接單與開立帳單（book and bill）。

Alex Rygiel, Texas Capital.

Alex Rygiel，Texas Capital。

Very nice quarter. Could you more specifically talk to the $400 million data center project what that revenue recognition cadence looks like over the next few quarters? And what the future phases of work could look like on this project?

這一季表現非常好。您能否更具體談談這個 4 億美元資料中心專案，未來幾季的收入認列節奏大概會是什麼樣子？以及這個專案未來的工作階段可能會是什麼樣貌？

Alex, it's Brett. Thanks for joining in today. The project came in pretty quick from its initial arrival to closing the award. The burn rate from inception isn't really too dissimilar from any of our other large projects, the other jobs we take around $100 million, $120 million, $150 million. It's roughly a 2, 2.5-year burn.

Alex，我是 Brett。謝謝你今天加入。這個專案從最初進來到我們結案拿到授標，進展相當快。從啟動至今的消耗速度（burn rate）其實跟我們其他大型專案差不多，也就是我們承接的那些約 1 億、1.2 億、1.5 億美元的案子。大約是 2 年到 2.5 年的消耗期。

It is a job that we broke up into multiple factories. It's touching at least five facilities here in North America, worked with the client on the approach. So they're fully transparent on how we're addressing the job. It is going to have some interesting dynamics that we're anxious to put through the system relative to not a lot of design work. And so we're anxious to see how it goes through the system on a product side from a flow standpoint.

這個案子我們拆分成多個工廠來執行。它至少會涉及北美這邊的五個設施，我們也和客戶一起討論了執行方式。因此他們對我們如何處理這個案子是完全透明的。相較於設計工作不多，這個案子會有一些有趣的動態，我們也很期待把它導入系統來跑。因此從產品端的流程角度，我們也很期待看看它在系統裡的流轉情況。

It is a behind-the-meter generation asset, and there are there are multiple phases in the future. And so we're excited. And we believe the future phases will be copy to the job that we just took, assuming we're successful.

這是一個表後（behind-the-meter）的發電資產，未來還有多個階段。所以我們很興奮。我們相信，若我們執行成功，未來階段會複製我們剛接下來的這個案子的模式。

And to follow up on that, with this customer or other similar customers? Are you looking at other projects that are maybe in your big pipeline of this size for this exact same type of product?

再追問一下，針對這個客戶或其他類似客戶：你們是否也在看其他專案，也就是在你們的大型管線中，是否有同樣產品類型、同樣規模的案子？

This is a pretty big one. I mean, if you look at the $100 million to $200 million or maybe just sub-100 kind of area on the commercial side, there are clearly more of those that have amped up what we qualify as a mega project and a lot of that is being driven by -- or a fair amount of that one that was being driven by the commercial.

這個案子確實很大。我的意思是，如果你看商用端大約 1 億到 2 億美元，或是可能略低於 1 億美元的區間，顯然那類案子更多，而且有更多案子已經提升到我們所稱的超大型專案（mega project）；其中很大一部分——或相當一部分——是由商用市場所帶動的。

There's still a fair amount of LNG work out there that we're very comfortable with as well. But yes, the commercial markets are bringing what we call mega jobs over $100 million in a little bit more frequent. Upwards of $400 million, there's not a lot in the pipeline that's that large other than the future phases of this. There is potential for that, but nothing in the near term.

另外，外面仍然有相當多的 LNG（液化天然氣）工作，我們也非常有把握。但沒錯，商用市場讓我們所稱的超大型案子（超過 1 億美元）出現得更頻繁一些。至於高達 4 億美元的規模，管線裡沒有太多這麼大的案子，除了這個案子的未來階段之外。確實有那種可能性，但短期內沒有。

Very helpful. And then could you talk on the Remsdaq acquisition, how that's performing?

非常有幫助。另外你能談談 Remsdaq 這項收購案的表現如何嗎？

Yes. The Remsdaq, I go back to what I said when we actually talked about this job and some of the data center jobs. We always plan to bring the Remsdaq product portfolio into in the US utility market and the Canadian utility market for that matter.

可以。關於 Remsdaq，我回到我們當初談這筆交易以及一些資料中心案子時說過的：我們一直計畫把 Remsdaq 的產品組合導入美國公用事業市場，當然也包括加拿大的公用事業市場。

And having Remsdaq on board we are very fortunate on timing that when the data center market started looking for some of the products that we have that required some automation to do some creative power switching, if you will, in the design of the facility. We would have typically gone back out to the market and bought those boxes, those automation boxes from some other companies.

而在 Remsdaq 加入之後，時機上我們非常幸運：當資料中心市場開始尋找我們所擁有的一些產品、而這些產品需要自動化來做一些（可以這麼說）創意性的電力切換，以配合設施設計時，以往我們通常會回到市場上，向其他公司採購那些箱體、那些自動化箱體。

And so we're able to use our own box now. And we have been doing that really since the end of last calendar year so beginning of our first fiscal quarter of '26, we've been bringing their product into the states into the commercial market largely. And so really well timed there. And then just the core operation of Remsdaq very pleased with the progression. One of the things that attracted us to the Remsdaq was, a, the box, but b, their road map for technology.

所以我們現在可以用自家的箱體了。而且我們從上一個曆年年底就開始這麼做了，也就是在 26 財年第一季初期起，我們就把他們的產品帶進美國，主要導入商用市場。因此在時機上非常剛好。另外，Remsdaq 的核心營運方面，我們對其進展也非常滿意。當初吸引我們收購 Remsdaq 的原因之一是：a，是那個箱體；但 b，是他們的技術路線圖（road map）。

And we've now done a good job of integrating their team and our team together, understood really all the particulars on the road map and we anticipate that the next generation of the controller that attracted us will be out in the market here in the next couple of quarters. So we're pretty excited.

而我們現在已經把他們的團隊與我們的團隊整合得很好，也真正理解了路線圖的所有細節；我們預期，當初吸引我們的下一代控制器，會在接下來幾季內推出到市場。所以我們相當期待。

Chip Moore, ROTH MKM.

Chip Moore，ROTH MKM。

Brett and Mike, I guess for me, I think in data center today, there were some news around optical equipment and some communications equipment getting sort of clamp down from China. Not that, that extends to switchgear, but just curious your thoughts on some of the domestic opportunities for Powell, whether it's defense-centric or public power what are you seeing there? And how do you like that opportunity?

Brett 和 Mike，就我這邊的問題：我想在今天的資料中心領域，有一些新聞提到光學設備和部分通訊設備受到中國某種程度的管制收緊。雖然那不一定延伸到開關設備（switchgear），但我想請教你們對 Powell 在國內機會的看法，無論是國防導向或公用電力，你們看到什麼？你們如何看待這個機會？

Yes, I look at that update. As I think you know, Chip pretty well, we don't really have a tie to the Asian supply side of things, not because the company has ever been anti that part of supply. It's just not something we've done. So we do sit in a unique position in that our content as we manufacture has really little tied to that. So there is an element we've talked on a couple of calls in the past around defense spending, we are pursuing that.

是的，我有看到那則更新。我想你很清楚，Chip，我們其實沒有太多與亞洲供應端的連結，並不是公司過去反對那一端的供應，只是我們一直沒有那樣做。因此我們處在一個相對獨特的位置：就我們的製造內容而言，與那一端的連動非常少。所以我們在過去幾次電話會議也談過國防支出這塊，我們正在積極追求。

We have a very good story to tell. I'd say that our opportunity funnel there is also growing. I can't report our results yet, but I do anticipate we'll get over the hump on that here in the next couple of quarters, and we'll have a really solid story to add into the color on future results.

我們有一個很好的故事可以講。我會說，我們在那邊的機會漏斗也在成長。我現在還不能報告成果，但我確實預期接下來幾季我們會跨過那個門檻，並且會有一個非常扎實的故事，能為未來的業績表現增添更多說明與色彩。

And so as that permeates and serves other secular markets such as utility or even the commercial side from a supply chain side and risk I feel really strong that Powell is in a great position to serve that market with how we're set up on supply chain and manufacturing.

因此，隨著這些趨勢滲透並服務其他長期結構性市場（secular markets），例如公用事業，甚至商用端；從供應鏈與風險角度來看，我對 Powell 能以我們目前的供應鏈與製造配置來服務該市場，感到非常有信心。

Great. And maybe for my follow-up, just an update around new products and maybe tie that into some of the potential capacity expansions that you might make? Any color there?

很好。那我追問一下，能否更新一下新產品的進展，並且把它和你們可能進行的一些產能擴張連結起來談？這方面有什麼可以分享的嗎？

Yes. We've had -- definitely R&D is trending up. Some of these newer projects, when you look at the portfolio of electrical kit that we provide to the market require certain testing and certificates. And you've got to go to third-party labs, all of us do. Anybody in the electric business has to do this in the switch gear.

可以。我們的——研發（R&D）確實呈上升趨勢。有些較新的專案，當你看我們提供給市場的電氣設備（electrical kit）產品組合時，會需要特定的測試與認證。而你必須去第三方實驗室，我們大家都一樣。任何做電力業務的人在開關設備（switch gear）領域都必須做這些。

And so we've had some increased R&D and a little, I don't want to call it -- it's all for good because it's supporting these large orders, but we've had to take some of our resources and divert it to short-term need on the R&D side, where you have to go build samples to get a rating to either handle the heat or the short circuit around the switch gear.

因此我們的研發投入有所增加；另外也有一點——我不想稱之為——但這一切都是好事，因為它在支援這些大型訂單；只是我們必須把部分資源挪到研發端的短期需求上，也就是你得去製作樣品以取得額定值（rating），讓開關設備能夠承受熱負載或短路等要求。

And so as we've grown business, we've grown in these market verticals we've had to pivot a little bit in the short term and divert spend some more R&D and divert some R&D resources to address those needs in our portfolio, we took the job that we would meet the rating, but you've got to go and get the rating.

因此，隨著我們業務成長、在這些市場垂直領域擴張，我們在短期內必須稍微調整方向，將部分支出轉向更多研發，並調度一些研發資源來滿足我們產品組合中的這些需求。我們承接了要達到該等級評級的任務，但你必須去取得那個評級。

And so that's a little bit of the R&D build that you've seen on the organic R&D side, it pulls some of the resources away in the short term. But yes, I do feel good that everything we're progressing will support that eventual new facility that we're going to own, and that will be critical. Those two are very closely linked.

所以，這就是你在有機研發端看到的一部分研發建置，短期內會把一些資源抽離。但沒錯，我確實很有信心，我們正在推進的所有事項都將支援我們最終要自有的新廠房，而那將至關重要。這兩者是非常緊密連結的。

And we're not going to go invest in that facility, which will require an expanded fabrication support until those products are solid and ready to be released into the market, and that's the timing we're working through right now.

而且在那些產品穩固、並準備好釋出到市場之前，我們不會去投資那座廠房；那將需要擴大的製造支援，而這正是我們目前正在梳理的時程。

(Operator Instructions) John Braatz, Kansas City Capital.

(接線員指示) John Braatz，Kansas City Capital。

Brett, sort of a data center question. We've seen some growing resistance publicly from consumers about data centers and moratoriums and so on. And I think it's going to be incumbent upon data centers to improve the efficiency, improve -- reduce electrical consumption and so on. And I've been reading about 800-volt data centers and so on.

Brett，算是一個資料中心的問題。我們看到消費者對資料中心在公開場合的反對聲浪增加，包含暫停令等等。我認為資料中心勢必得提升效率、改善——降低用電量等等。我也讀到一些關於800伏特資料中心之類的內容。

And I guess my question is, what role might Powell and its products have in improving the efficiency of data centers? Could we see an incremental benefit to Powell as data centers evolve, could we see more Powell content possibly?

我想問的是，Powell及其產品在提升資料中心效率方面可能扮演什麼角色？隨著資料中心演進，Powell是否可能獲得額外的增量效益，是否可能看到更多Powell的內容占比？

Possibly. On the utility connection, whether you're connecting on a grid load, utility scale your or you're going off the meter. Let's look at those two cases. If you're connected to the utility both of those are around the 38 where steps in the 38 kt, very strong market for Powell. So when you talk about behind the meter, like this large one that we took.

有可能。在公用事業端的連接上，不論你是以電網負載方式連接、以公用事業規模連接，或是採用表後（off the meter）。我們來看這兩種情況。如果你連接到公用事業端，兩者大多都在38kV等級（步階在38kV），對Powell而言是非常強勁的市場。所以當你談到表後，例如我們拿下的那個大型案子。

That will -- kind of to Alex's question earlier, John, that actually does drive up our content because that is more like a power of island, we would call it, more like an offshore oil and gas platform where they're self-generating and they're not able to run a cable from shore several hundred miles into the sea. That actually does increase the content for Powell from a switch gears, switches, control and services, total package.

那個案子——有點呼應Alex先前的問題，John——其實會提高我們的內容占比，因為那更像我們所稱的「電力孤島」，更像離岸油氣平台：他們自發電，無法從岸上拉一條電纜、跨越數百英里到海上。這確實會提高Powell的內容占比，從開關設備、開關、控制到服務，整套方案。

It actually increases our addressable spend on the outside the data center. And to date, we really aren't in the inside of the data center. The 800-volt design, it is going to happen. I continue to like a lot of people on the call today and then the market watch the different progression of the technology. We certainly have our fingers into what's going on there.

這實際上提高了我們在資料中心外部的可觸及支出。而截至目前，我們確實還沒有切入資料中心內部。800伏特的設計會發生。我和今天電話會議上的許多人一樣，會持續關注市場上不同技術的演進。我們當然也密切掌握那邊的動態。

We are contemplating things that may pivot us into that area as much as it might say AC gear or DC gear to support either design or a mix of the designs. But at the compute level, where we don't compete, the 1-megawatt rack is definitely on its way and it is built around DC distribution technology. And so as that moves up the power curve, the outside of the data center will remain largely AC Energy. There's a mix of ideas to do DC. I mean a really wide-ranging mix of DC stuff that will get inside the data center.

我們正在思考一些可能讓我們轉向該領域的作法，不論是以交流（AC）設備或直流（DC）設備來支援任一設計或混合設計。但在運算層級——那不是我們競爭的領域——1兆瓦機櫃（1-megawatt rack）確實正在到來，而且是以直流配電技術為基礎。因此，隨著功率曲線上移，資料中心外部仍將主要是交流能源。至於要做直流，有各式各樣的想法——非常廣泛的直流方案——會進入資料中心內部。

And yes, I still see an opportunity for Powell more midterm on that on the DC side, but we definitely are looking at it.

是的，我仍然看到Powell在中期於直流端有機會，但我們確實正在研究。

Okay. All right. And Mike, as we think about the expansion plans and over the next couple of years, would you think that there would have to be some lift to your SG&A spend to meet those expansion plans?

好的。好。另外，Mike，當我們思考未來幾年的擴張計畫時，你認為為了配合這些擴張計畫，SG&A費用是否需要有所增加？

Yes. I do think there will be some pressure on SG&A as we stand up these new facilities. I mean you can't switch them on immediately. So there's a transitional period where you stand them up and get them ready for production. We're doing all that we can to offset any impact to the business from both whether it's a gross profit percentage or an SG&A percentage, the cost of the business.

是的。我確實認為，當我們建立這些新設施時，SG&A會有一些壓力。我的意思是，你不可能立刻就把它們開啟運轉。因此會有一段過渡期，需要把它們建置起來並讓其具備投產條件。我們正盡一切努力去抵銷對業務的任何影響，不論是毛利率或SG&A占比，也就是企業成本。

We're doing everything we can to mitigate any impact that we see. But I think as we go forward and some of the larger initiatives, as Brett mentioned, the large facility that we're preparing to get under lease there will be a transitional period there where we're standing it up and we're spending money and for it to actually productive.

我們正在盡一切努力把我們看到的任何影響降到最低。但我認為，隨著我們往前推進一些較大型的計畫，如Brett提到的那座我們正準備承租的大型設施，會有一段過渡期：我們在建置、在花錢，而它要到真正具備產出之前都需要時間。

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

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。請開始。

Thank you, Ashia, and thank you, everyone, for joining us on the call this morning. We are very pleased with the results of our third fiscal quarter, and we are encouraged by the commercial activity across each of our core end markets. We believe the momentum that our team has built throughout the year will continue into our fiscal 2027.

謝謝你，Ashia，也謝謝各位今天早上參加我們的電話會議。我們對第三個會計季度的業績結果非常滿意，並且對我們各核心終端市場的商業活動感到鼓舞。我們相信團隊在今年所建立的動能將延續到我們的2027會計年度。

I would like to thank our incredible employees through their talent, leadership and focus have prepared Powell well for this growth cycle in our business. Thank you to our valued customers and our supplier partners for their continued trust and support of Powell.

我要感謝我們優秀的員工；他們的才華、領導力與專注，使Powell為這一輪業務成長週期做好了充分準備。也感謝我們珍視的客戶與供應商夥伴，持續對Powell的信任與支持。

Mike and I look forward to talking with you all next quarter.

Mike和我期待在下個季度再與各位交流。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。