SPX Technologies Inc (SPXC) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to SPX Technologies second-quarter 2024 earnings conference call. (Operator Instructions) I would now like to hand the call over to Paul Clegg, VP, Investor Relations and Communications. Please go ahead.

感謝您的耐心等待，歡迎參加 SPX Technologies 2024 年第二季財報電話會議。（操作員指示）我現在想將電話轉交給投資者關係和通訊副總裁 Paul Clegg。請繼續。

Thank you, operator, and good afternoon, everyone. Thanks for joining us. With me on the call today are Gene Lowe, our President and Chief Executive Officer; and Mark Carano, our Chief Financial Officer. A press release containing our second-quarter results was issued today after market close. You can find the release and our earnings slide presentation as well as a link to a live webcast of this call in the investor relations section of our website at spx.com.

謝謝接線員，大家下午好。感謝您加入我們。今天與我一起參加電話會議的是我們的總裁兼執行長 Gene Lowe；和我們的財務長馬克卡拉諾。今天收盤後發布了包含我們第二季業績的新聞稿。您可以在我們網站 spx.com 的投資者關係部分找到新聞稿和我們的收益幻燈片演示以及本次電話會議現場網絡直播的連結。

I encourage you to review our disclosure and discussion of GAAP results in the press release and to follow along with the slide presentation during our prepared remarks. A replay of the webcast will be available on our website until August 8.

我鼓勵您查看我們在新聞稿中對 GAAP 結果的披露和討論，並在我們準備好的發言中關注幻燈片演示。8 月 8 日之前，我們的網站將提供網路廣播的重播。

As a reminder, portions of our presentation and comments are forward-looking and subject to safe harbor provisions. Please also note the risk factors in our most recent SEC filings. Our comments today will largely focus on adjusted financial results and comparisons will be to the results of continuing operations only.

提醒一下，我們的部分演示和評論具有前瞻性，並受安全港條款的約束。另請注意我們最近向 SEC 提交的文件中的風險因素。我們今天的評論將主要集中在調整後的財務表現上，並且僅與持續經營的業績進行比較。

You can find detailed reconciliations of historical adjusted figures from their respective GAAP measures in the appendix to today's presentation. Our adjusted earnings per share exclude acquisition-related costs, nonservice pension items, mark-to-market changes, amortization expense, and other items.

您可以在今天簡報的附錄中找到各自 GAAP 指標中歷史調整資料的詳細調整表。我們調整後的每股盈餘不包括收購相關成本、非服務退休金項目、按市值計算的變化、攤提費用和其他項目。

Finally, we will be meeting with investors at various events during the third quarter, including the Seaport virtual investor conference on August 21 and the Jefferies Industrial Conference on September 5 in New York. And with that, I will turn the call over to Gene.

最後，我們將在第三季的各種活動中與投資者會面，包括 8 月 21 日舉行的 Seaport 虛擬投資者會議和 9 月 5 日在紐約舉行的 Jefferies 工業會議。然後，我會將電話轉給吉恩。

Thanks, Paul. Good afternoon, everyone, and thank you for joining us. On the call today, we'll provide you with an update on our consolidated and segment results for the second quarter of 2024. We're also once again increasing our guidance for the full year.

謝謝，保羅。大家下午好，感謝您加入我們。在今天的電話會議上，我們將向您提供 2024 年第二季合併和分部業績的最新資訊。我們還再次提高了全年指導。

We had strong results for the quarter. In Q2, our company continued to execute well and drove substantial growth in all of our key profit measures, with significant year-on-year increases in margin. We continue to experience robust demand across key markets and gain momentum in our continuous improvement initiatives. Today, we are raising our full year 2024 guidance. Our new midpoint reflects year-on-year growth of 35% in adjusted EBITDA and 28% in adjusted EPS.

我們本季取得了強勁的業績。第二季度，我們公司持續表現良好，推動所有關鍵利潤指標大幅成長，利潤率較去年同期大幅成長。我們繼續在主要市場中體驗到強勁的需求，並在我們的持續改進計劃中獲得動力。今天，我們上調了 2024 年全年指引。我們的新中點反映出調整後 EBITDA 年成長 35%，調整後每股盈餘較去年同期成長 28%。

Turning to our high-level results. For the second quarter, we grew revenue by 18.4% and adjusted EBITDA by 45% year on year with 400 basis points of margin expansion. We achieved several firsts in this quarter, including the first quarter since the spin with revenue in excess of $500 million and with adjusted operating income of more than $100 million. We also achieved our highest post-spin EBITDA and EBITDA margin, which reached $109 million and 21.7%, respectively.

轉向我們的高水準結果。第二季度，我們的營收成長了 18.4%，調整後的 EBITDA 年成長了 45%，利潤率擴大了 400 個基點。我們在本季實現了多項第一，包括分拆以來第一季的收入超過 5 億美元，調整後的營業收入超過 1 億美元。我們也實現了最高的分拆後 EBITDA 和 EBITDA 利潤率，分別達到 1.09 億美元和 21.7%。

As always, I'd like to update you on our value creation efforts during the quarter. In Q2, we had a number of successes with new products. In our cooling business, we received multiple orders and quotes for our newly introduced OlympusV adiabatic unit, which optimizes the balance between power usage and water usage for a number of different cooling applications.

像往常一樣，我想向您介紹本季我們的價值創造工作的最新情況。在第二季度，我們的新產品取得了許多成功。在我們的冷卻業務中，我們收到了新推出的 OlympusV 絕熱裝置的多份訂單和報價，該裝置優化了許多不同冷卻應用的用電量和用水量之間的平衡。

In our detection & measurement segment, our location & inspection platform continued to gain traction, converting customers to our new precision locators with instant mapping capabilities. This upgraded product simplifies and speeds up the process of mapping underground utilities. We also gained further acceptance among utility customers on our cross-border inspection equipment, which facilitates the location of risk areas between gas and water lines.

在我們的偵測和測量領域，我們的定位和偵測平台繼續受到關注，使客戶轉向我們具有即時測繪功能的新型精密定位器。此升級產品簡化並加快了地下公用設施測繪過程。我們的跨境檢查設備也得到了公用事業客戶的進一步認可，這有助於定位天然氣和供水管之間的風險區域。

On the operational front, we are executing well on cross-selling opportunities, allowing our recent acquisitions to leverage our well-established sales channels to expand their market reach. We are further broadening our exposure to robust growth markets such as data centers and health care.

在營運方面，我們在交叉銷售機會方面執行得很好，使我們最近的收購能夠利用我們完善的銷售管道來擴大其市場範圍。我們正在進一步擴大對資料中心和醫療保健等強勁成長市場的投資。

We also continue to see momentum in our continuous improvement initiatives, including further gains in throughput in our HVAC facilities. And now I'll turn the call over to Mark to review our financial results.

我們也繼續看到我們持續改善計畫的勢頭，包括進一步提高我們的暖通空調設施的吞吐量。現在我將把電話轉給馬克來審查我們的財務表現。

Thanks, Gene. Q2 was another very strong quarter for SPX Technologies. Year on year, our adjusted EPS grew 34% to $1.42. In addition to our typical adjustments, adjusted earnings this quarter exclude a charge for the resolution of a legal dispute. The after-tax impact to adjusted EPS was $0.13 per share.

謝謝，吉恩。第二季是 SPX Technologies 另一個非常強勁的季度。調整後每股收益年增 34%，達到 1.42 美元。除了我們的典型調整之外，本季調整後的收益不包括解決法律糾紛的費用。調整後每股盈餘的稅後影響為每股 0.13 美元。

The settlement resolved all litigation related to an earn-out payment to the former owner of ULC.

該和解解決了與向 ULC 前所有者支付報酬相關的所有訴訟。

For the quarter, total company revenue increased 18.4% year on year. Organically, revenue grew 9%, driven by HVAC, while acquisitions drove a 9.5% increase and FX was a slight headwind. Consolidated segment income grew by $33.2 million or 39.3% to $117.6 million, while segment margin increased 360 basis points.

該季度公司總營收年增18.4%。從有機角度來看，在 HVAC 的推動下，營收成長了 9%，而收購推動了 9.5% 的成長，而外匯則是一個輕微的阻力。綜合部門營收成長 3,320 萬美元，成長 39.3%，達到 1.176 億美元，部門利潤率成長 360 個基點。

For the quarter in our HVAC segment, revenues grew 32.5% year on year. On an organic basis, revenues increased 17.7%, driven by higher cooling sales, including approximately $20 million from the delivery of a large cooling service project that has no equivalent in the remaining quarters in 2024 or in the prior year period. Acquisitions contributed growth of 15% and included Ingénia in our cooling platform and ASPEQ in our heating platform. The FX impact was nominal. Segment income grew by $28.5 million or 51.6%, while segment margin increased 300 basis points.

本季 HVAC 部門的營收年增 32.5%。在有機基礎上，由於冷卻銷售額增加，收入增長了 17.7%，其中包括交付大型冷卻服務項目帶來的約 2000 萬美元收入，該項目在 2024 年剩餘季度或上一年期間沒有同等收入。收購貢獻了 15% 的成長，其中包括我們的冷卻平台中的 Ingénia 和我們的加熱平台中的 ASPEQ。外匯影響微乎其微。部門營收成長 2,850 萬美元，或 51.6%，部門利潤率成長 300 個基點。

The increases in segment income and margin were due to acquisitions and operating leverage on higher organic cooling sales, including the benefit of continuous improvement initiatives. Segment backlog at quarter end was $434 million, roughly flat organically from the prior year period.

部門收入和利潤的成長歸因於有機冷卻銷售增加的收購和營運槓桿，包括持續改善措施的好處。截至季末，該部門的積壓訂單為 4.34 億美元，與去年同期基本持平。

For the quarter in detection & measurement, revenues decreased 6.2% year on year. FX was negligible. The decrease in revenue was driven largely by lower CommTech sales associated with a large pass-through project delivered during 2023 and into Q1 of this year. Year-on-year segment income grew $4.7 million and margin increased 450 basis points. We had favorable sales mix in Q2, driven by lower than typical margins on the pass-through project delivered in the prior year as well as a shift in project delivery schedules, which brought forward some higher-margin projects into the quarter.

本季檢測與測量業務收入年減 6.2%。外匯可以忽略不計。收入下降的主要原因是與 2023 年和今年第一季交付的大型直通項目相關的 CommTech 銷售額下降。部門營收年增 470 萬美元，利潤率成長 450 個基點。我們在第二季度的銷售組合良好，這是由於上一年交付的直通項目的利潤率低於典型水平，以及項目交付時間表的變化，這將一些利潤率較高的項目提前到了本季度。

Segment income and margin also benefited from efforts to enhance the efficiency of our segment structure, which we expect to continue in the second half. Segment backlog at quarter end was $205 million, down 12% organically from the prior year due to deliveries of the pass-through project. Absent this project, backlog was up mid-single digits.

部門收入和利潤率也受益於提高部門結構效率的努力，我們預計下半年將繼續這樣做。由於傳遞項目的交付，截至季度末的部門積壓訂單為 2.05 億美元，比上年有機下降 12%。如果沒有這個項目，積壓訂單將增加到個位數左右。

Turning now to our financial position at the end of the quarter. We ended Q2 with cash of $133 million and total debt of $790 million. Our leverage ratio as calculated under our bank credit agreement was 1.6 times. We anticipate our leverage ratio declining below the lower end of our target range of 1.5 to 2.5 times by year-end, assuming no additional capital deployment. Adjusted free cash flow for the quarter was approximately $58 million.

現在談談我們季度末的財務狀況。第二季末，我們的現金為 1.33 億美元，債務總額為 7.90 億美元。根據我們的銀行信貸協議計算，我們的槓桿率為1.6倍。假設沒有額外的資本部署，我們預計到年底我們的槓桿率將降至 1.5 至 2.5 倍目標範圍的下限以下。該季度調整後的自由現金流約為 5800 萬美元。

Moving on to our guidance. We are increasing our guidance for adjusted EPS to a range of $5.45 to $5.60, compared with a prior range of $5.15 to $5.40. The new midpoint reflects year-on-year growth of approximately 28%. This guidance update reflects our strong 2Q performance and second-half outlook, particularly on margins. In HVAC, we are increasing revenue guidance by $5 million to reflect stronger cooling volumes and raising margin guidance by 75 basis points that reflect more efficient production and more favorable sales mix.

繼續我們的指導。我們將調整後每股收益指引提高至 5.45 美元至 5.60 美元，之前的範圍為 5.15 美元至 5.40 美元。新的中點反映出約28%的年成長。本指引更新反映了我們強勁的第二季業績和下半年前景，尤其是利潤率。在暖通空調領域，我們將收入指導提高了 500 萬美元，以反映更強勁的製冷量，並將利潤率指導提高了 75 個基點，以反映更高效的生產和更有利的銷售組合。

In detection & measurement, we are raising our outlook for segment income and increasing margin guidance by 75 basis points as we continue our initiative to drive segment margins to historical levels. At a total company level, we anticipate adjusted EBITDA in a range of $410 million to $430 million. At the midpoint, this reflects a year-on-year growth of 35% and a margin of approximately 21%.

在檢測和衡量方面，我們將部門收入的預期上調，並將利潤率指導提高了 75 個基點，同時我們繼續採取舉措，將部門利潤率推至歷史水平。在整個公司層面，我們預計調整後的 EBITDA 在 4.1 億至 4.3 億美元之間。中間值反映了 35% 的同比增長和約 21% 的利潤率。

With respect to second-half [gating], in HVAC, as is typical, we expect Q4 to be our highest revenue and margin quarter while Q3 revenue is anticipated to be modestly down sequentially due to large cooling service project we called out in Q2. In D&M, we expect higher margin project revenue to be more weighted to Q3 than Q4. As always, you will find modeling considerations in the appendix to our presentation.

就下半年[門控]而言，在暖通空調領域，我們預計第四季度將是我們收入和利潤率最高的季度，而由於我們在第二季度啟動的大型冷卻服務項目，預計第三季度收入將略有下降。在 D&M 方面，我們預計第三季的利潤率較高的專案收入將比第四季的比重更大。像往常一樣，您將在我們簡報的附錄中找到建模注意事項。

I'll now turn the call back over to Gene for a review of our end markets and his closing comments.

我現在將把電話轉回吉恩，以回顧我們的終端市場和他的總結評論。

Thanks, Mark. Current market conditions support our updated 2024 outlook. Within HVAC, we continue to see strong demand for our cooling products across a broad set of end market applications, including data centers, health care facilities, semiconductor plants, and industrial facilities. In heating, overall demand remained stable, and we're seeing initial traction on climate-conscious solution introductions. In detection & measurement, we continue to experience flattish global demand in our short-cycle business with regional variation while project orders remain healthy.

謝謝，馬克。目前的市場狀況支持我們更新的 2024 年展望。在暖通空調領域，我們繼續看到廣泛的終端市場應用對我們的冷卻產品的強勁需求，包括資料中心、醫療保健設施、半導體工廠和工業設施。在供暖方面，整體需求保持穩定，我們看到氣候意識解決方案的引入最初受到關注。在檢測和測量方面，我們的短週期業務的全球需求繼續持平，但存在地區差異，而專案訂單保持健康。

In summary, I'm very pleased with our Q2 performance. With robust demand and significant operational momentum, we're well positioned to achieve our updated full-year guidance, which implies 35% growth in adjusted EBITDA. We see multiple opportunities to continue growing our businesses, both organically and through our attractive acquisition pipeline.

總之，我對我們第二季的表現非常滿意。憑藉著強勁的需求和顯著的營運動力，我們完全有能力實現更新後的全年指引，這意味著調整後 EBITDA 將成長 35%。我們看到了繼續發展我們業務的多種機會，無論是有機發展還是透過我們有吸引力的收購管道。

Looking ahead, I remain very excited about our future. With the right strategy and a highly capable, experienced team, I see significant opportunity to continue driving value for years to come.

展望未來，我對我們的未來仍然感到非常興奮。憑藉正確的策略和一支能力強、經驗豐富的團隊，我看到了在未來幾年繼續推動價值的重大機會。

With that, I'll turn the call back to Paul.

這樣，我會把電話轉回給保羅。

Thanks, Gene. Operator, we will now go to questions.

謝謝，吉恩。接線員，我們現在開始提問。

(Operator Instructions) Ross Sparenblek, William Blair.

（操作說明）Ross Sparenblek、William Blair。

Congrats on the quarter, another solid [beating race] here. Maybe just considering the Dodge index, I know you went through some of the end markets within cooling. It sounds like segments are still strong. But how should we think about commentary coming out of this quarter thus far around weaker utility spend and also it sounds like maybe EVs are sliding to the right. I know that's been a decent mix within HVAC cooling tower previously. Is there any changes imminent in there?

恭喜本季度，又一場紮實的[擊敗比賽]。也許僅考慮道奇指數，我就知道您經歷了一些正在降溫的終端市場。聽起來細分市場仍然很強勁。但我們應該如何看待本季迄今為止有關公用事業支出疲軟的評論，而且聽起來電動車可能正在向右滑動。我知道以前在暖通空調冷卻水塔中這是一個不錯的組合。那裡有即將發生的變化嗎？

Yeah, Ross, I think if you look at it, we're actually feeling very good about what we're seeing in our end market strength. As you know, we're very diverse. We serve a lot of different end markets, but the number of larger markets that are very strong did provide a lot of tailwinds for us, specifically data center remains very strong, and we're seeing some nice wins, nice new customers and some very nice trends there. Health care, pharma has been very strong, we see continued tailwinds there.

是的，羅斯，我想如果你看一下，我們實際上對我們在終端市場的實力所看到的感到非常滿意。如您所知，我們非常多元化。我們為許多不同的終端市場提供服務，但是強大的較大市場的數量確實為我們提供了很多順風，特別是數據中心仍然非常強大，我們看到了一些不錯的勝利，不錯的新客戶和一些非常好的客戶。醫療保健、製藥一直非常強勁，我們看到那裡持續的順風車。

Institutional is now a very significant portion of our business. You're talking about government, schools, things like that. We've seen a nice traction there.

機構現在是我們業務的一個非常重要的部分。你說的是政府、學校之類的東西。我們在那裡看到了很好的牽引力。

And then the last two would be industrial and industrial tech. Industrial tech would be, as you referred to, things like chip plants, battery plants, EVs. And yes, there will be inconsistent timing on those, but there's still some large orders out there. I think if you look at it across HVAC, we still feel very good about the demand environment that we see in front of us, both for this year, but then also looking ahead to next year as well.

最後兩個是工業和工業技術。正如您所提到的，工業技術包括晶片工廠、電池工廠、電動車等。是的，這些訂單的時間會不一致，但仍然有一些大訂單。我認為，如果你從整個暖通空調領域來看，我們仍然對眼前的需求環境感到非常好，無論是今年，還是展望明年。

All right. That's very helpful. On detection & measurement, this is probably the first time I've heard you guys speak to continuous improvement, just knowing that it is more of your disparate platforms. Can you help us get a sense of what that impact was relative to mix? And maybe just gross margin expectations, I know you gave some color on the second half, but any color there would be great.

好的。這非常有幫助。在檢測和測量方面，這可能是我第一次聽到你們談論持續改進，只是知道這更多的是你們不同的平台。您能幫助我們了解這種影響與組合的相關性嗎？也許只是毛利率預期，我知道你在下半年給了一些顏色，但任何顏色都會很棒。

I'll start out. I think there's been a lot of focus on margins in detection & measurement. I'd say John Swann and his team have really done a nice job. I think that the segment strategy is working. We are seeing some leverage in how we develop software, how we do things in a smarter way that is -- it really makes us more productive in that you're really seeing that starting to flow through in the numbers.

我就開始吧。我認為人們非常關注檢測和測量中的裕度。我想說約翰·斯旺和他的團隊做得非常好。我認為細分市場策略正在發揮作用。我們在如何開發軟體、如何以更聰明的方式做事方面看到了一些槓桿作用——它確實使我們更有生產力，因為你確實看到這些槓桿作用開始在數位中流動。

So I would say that if you look at it in virtually all of our platforms, in detection & measurement, we're seeing very nice progress. It's very good. As you know, there's not as much manufacturing in detection & measurement, there's more software and light assembly. Most of the Lean initiatives tend to be, I would say, outside of the facility, more focused on things like value engineering, pushing more throughput or bidding processes, optimizing our front end, our engineering and NPI processes. So it's a little bit different than -- because there's less engineering there, but we are seeing some really nice improvement in our supply chain and in our optimization there.

所以我想說，如果你在我們幾乎所有的平台、檢測和測量方面觀察它，我們會看到非常好的進展。這很好。如您所知，檢測和測量方面的製造並不多，而是有更多的軟體和輕型組裝。我想說，大多數精益計劃往往是在設施之外，更關注價值工程、推動更多吞吐量或投標流程、優化我們的前端、工程和 NPI 流程等事情。所以這有點不同——因為那裡的工程較少，但我們看到我們的供應鏈和優化有了一些非常好的改進。

You add a little more, Mark, from your point of view. I know you spent a lot of time on that.

馬克，你從你的角度再補充一點。我知道你為此花了很多時間。

Yeah, Ross, I think we just -- as Gene enunciated there, I mean, we just had really good traction with respect to those efforts. I mean it's been a key initiative for us as we think about driving margin levels back to a 22% to 24% level. So a lot of good work on that front.

是的，羅斯，我認為我們只是——正如吉恩在那裡闡明的那樣，我的意思是，我們在這些努力方面擁有非常好的吸引力。我的意思是，當我們考慮將利潤率水準拉回 22% 至 24% 的水平時，這對我們來說是一項關鍵舉措。所以在這方面做了很多好的工作。

And it's really when you look at the guidance, which you haven't asked that question, but I'm sure someone will go there. If you think about the implied margin in our guide for the back half of the year, a lot of that benefit and the reason for that is driven by these initiatives and the expectation that one can drive more value at the margin line for the businesses in D&M.

事實上，當你查看指南時，你並沒有問過這個問題，但我相信有人會去那裡。如果您考慮我們下半年指南中的隱含利潤率，那麼許多好處及其原因是由這些舉措以及可以為企業的利潤線帶來更多價值的期望所驅動的。

Got it. So there's nothing really to call out that would imply that incrementals should divert from the healthy levels we saw in the second quarter here?

知道了。那麼，沒有什麼真正值得指出的，這意味著增量應該偏離我們在第二季度看到的健康水平？

Well, there's a little bit -- sorry, Ross, this is Paul. Maybe there are a few moving parts this quarter that may make sense to just take a step back and unpack some of that. A lot of the benefits that you saw in the 2Q margin in D&M was really timing within the year. And so what we're talking about there, we had some projects push into the quarter with higher margin and then others move out of the quarter that had, let's call it, average margin. And we also had some delayed spending that we do think we'll catch up on in the second half of the year, I'll add a couple of million dollars there.

嗯，有一點——抱歉，羅斯，這是保羅。也許本季有一些變化的部分，退後一步並解開其中的一些可能是有意義的。您在 D&M 第二季度利潤率中看到的許多好處確實是在這一年之內實現的。因此，我們在那裡討論的是，我們有一些項目以較高的利潤率進入本季度，然後其他項目則退出了具有（我們稱之為平均利潤率）的季度。我們也有一些延遲的支出，我們確實認為我們會在今年下半年趕上，我會在那裡增加幾百萬美元。

But we -- as said, we've made really good progress here on the initiatives. And if you look at the update on our guidance for the full year, you get an implied increase in segment income of about $3 million to $4 million, $3.5 million, let's call it. And that's really the margin initiatives, and that's spread through Q2 and the second half.

但正如我們所說，我們在這些措施上取得了非常好的進展。如果您查看我們全年指導的更新，您會發現分部收入隱含增長約 300 萬美元至 400 萬美元，我們稱之為 350 萬美元。這其實是利潤率舉措，貫穿第二季和下半年。

Perfect. Thanks, guys.

完美的。多謝你們。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Another fantastic quarter for HVAC, specifically in your cooling platform. To level set, if you're willing to share the details on profit improvement year on year, how much of the 300-basis point expansion would be attributable to volume, price/cost, productivity and mix accretive deal contribution?

暖通空調領域又一個精彩的季度，特別是在冷卻平台方面。就水平而言，如果您願意分享同比利潤改善的詳細信息，那麼 300 個基點的擴張有多少將歸因於數量、價格/成本、生產率和混合增值交易的貢獻？

Yeah, Bryan, this is Paul. We had kind of three notable drivers of the year-over-year increase of about 300 basis points. The first was really operating leverage on the organic increase. Organically, we were up 17%, about 18%. And so that was almost half of the 300 basis points.

是的，布萊恩，這是保羅。年比增長約 300 個基點的三個顯著驅動因素。第一個是有機成長的實際營運槓桿。有機增長了 17% 到 18% 左右。這幾乎是 300 個基點的一半。

The acquisitions were the next largest driver, maybe about a third, and then the rest of it is really outperformance on that service project that we mentioned.

收購是第二大驅動因素，也許大約三分之一，然後其餘部分確實優於我們提到的服務項目。

In terms of price/cost, it is a benefit. It's not -- the benefits we're seeing are not as large as we saw a year or so ago. But it was a favorable tailwind that would get caught up in the operating leverage there.

就價格/成本而言，這是一個優勢。事實並非如此——我們看到的好處並不像大約一年前看到的那麼大。但這是一個有利的順風，將受到那裡的營運槓桿的影響。

Okay, understood. I appreciate the detail. And perhaps offer a little more color on how run rate D&M orders trended for the quarter and into early Q3. I'm particularly interested in radio trends given the somewhat canary nature of that business.

好的，明白了。我很欣賞細節。也許還可以提供更多關於本季和第三季初 D&M 訂單運行率趨勢的資訊。鑑於廣播業的金絲雀性質，我對廣播趨勢特別感興趣。

Yeah, I think overall, Bryan, what I'd say is D&M is steady. It's been flattish on the run rate businesses. And then on the project businesses, I would say it's very healthy. We expect to finish the year at a very strong backlog for D&M, significantly higher, which we think is going to set us up well for '25 and '26.

是的，我認為總體而言，布萊恩，我想說的是 D&M 是穩定的。企業的運作率一直持平。然後在專案業務方面，我想說它非常健康。我們預計今年年底 D&M 的積壓量將非常強勁，顯著更高，我們認為這將為我們 25 和 26 年做好準備。

But you're right, radio and our L&I platforms, radio is typically a canary in a coal mine, but radio is holding steady. And actually, we're seeing a few things that are kind of positive there. So we feel good about where radio is and -- as a matter of fact, I was just talking to the GM this morning, we're seeing some loosening and some positive signs on Continental Europe, which is pretty small for us, but we're seeing some positive inclinations there.

但你是對的，廣播和我們的 L&I 平台，廣播通常是煤礦裡的金絲雀，但廣播保持穩定。事實上，我們看到了一些正面的事情。因此，我們對廣播的狀況感覺良好，事實上，今天早上我剛剛與總經理交談，我們看到歐洲大陸出現了一些鬆動和一些積極的跡象，這對我們來說很小，但我們看到了一些正向的傾向。

Second thing would be UK, I believe, just cut slightly, I believe, 0.25 point. And you're seeing more activity there. UK is a meaningful market for radio detection. So I'd say flattish with potentially some positive early signals there.

第二件事是英國，我相信，只是小幅下調，我相信，0.25 個百分點。你會看到那裡有更多的活動。英國是一個有意義的無線電檢測市場。因此，我想說的是持平，可能存在一些積極的早期信號。

Okay. That's encouraging. I will get back in queue. Thank you.

好的。這令人鼓舞。我會回到隊列中。謝謝。

Damian Karas, UBS.

達米安卡拉斯，瑞銀。

Congrats on the quarter. I wanted to ask you a follow-up on your margins just because the performance has been impressive. You're raising the guidance a few straight quarters, and that's after 300 basis points or so of expansion last year. So I was wondering if maybe you could just kind of hone in a little bit on the execution and where it's been better than expected. Any of those initiatives that are really driving kind of the outsized margin performance? And how much juice do you think you've got left in the tank, Gene?

恭喜本季。我想請您對您的利潤進行後續跟進，只是因為您的表現令人印象深刻。你們連續幾個季度提高了指引，這是在去年擴張 300 個基點左右之後。所以我想知道你是否可以在執行上稍微磨練一下，看看哪裡比預期更好。有哪些措施真正推動了超額利潤表現？吉恩，你認為你的罐子裡還剩下多少果汁？

Damian, I'll start. I mean, we have talked about this over the last few quarters. As you know, we've been investing a tremendous amount of capital relative to where we've been historically. This year, I think we've targeted $40 million-plus, and that's close to 2% of revenue. So a good kind of 0.5% above where we've been.

達米安，我要開始了。我的意思是，我們在過去幾個季度已經討論過這個問題。如您所知，相對於我們的歷史記錄，我們已經投入了大量資金。今年，我認為我們的目標是超過 4000 萬美元，接近收入的 2%。所以比我們之前的水平高出了 0.5%。

And those have been just very strategic investments across the cooling platform in areas where we can drive both incremental throughput, drive efficiencies, as well as reduce labor content.

這些都是整個冷卻平台上非常具有戰略意義的投資，在這些領域我們可以提高吞吐量、提高效率並減少勞動力含量。

So we're kind of seeing it really across the footprint. That has been ongoing really for 12-plus months. We're not through with it. There is more activities and upgrades, if you like, to those facilities that will kind of continue throughout the year. So that's kind of in a broad stroke, what's really driving it.

所以我們確實在整個足跡中看到了它。這種情況實際上已經持續了 12 個多月。我們還沒結束。如果您願意的話，這些設施將全年持續進行更多活動和升級。從廣義上講，這就是真正的推動力。

I wouldn't suggest that there's one particular change that we made. It's really the combination of all of that. And then you overlay kind of a CI mentality to it as we're thinking about the activities within these plants.

我不建議我們做出任何一項特定的改變。這確實是所有這些的結合。然後，當我們思考這些工廠內的活動時，您可以將 CI 心態疊加到它上面。

And one small thing I would add is, as a reminder, detection & management, really our target has always been 22% to 24%. We believe that, that business should operate there. And it's nice to see it get back there and really good work there.

我要補充的一件小事是，作為一個提醒，檢測和管理，我們的目標實際上一直是 22% 到 24%。我們相信，該業務應該在那裡開展。很高興看到它回到那裡並且在那裡做得很好。

The segment that's really changed has been HVAC, which remember, the jumping off point of the number you're talking about is probably a little bit suppressed due to some of the COVID supply chain, some of the labor challenges and a lot of the good work that we were doing was hidden at that time or it was impacted by those other areas. But I think that's where you think we had historically had around a 16% business, and that has structurally changed. As Mark has alluded to, a lot of the investments in productivity, a lot of the growth in demand and the operational leverage, but also don't forget about M&A. M&A has added, we think, in the neighborhood over the past two years, you're talking in the neighborhood of 150 to 200 basis points to that line.

真正改變的細分市場是暖通空調，請記住，由於一些新冠疫情供應鏈、一些勞動力挑戰和許多好的方面，您所談論的數字的起點可能會受到一點抑制。工作是隱藏的，或受到其他領域的影響。但我認為這就是你認為我們歷史上大約有 16% 業務的地方，而且這種情況已經發生了結構性變化。正如馬克所提到的，對生產力的大量投資、需求的大量成長和營運槓桿，但也不要忘記併購。我們認為，在過去兩年中，併購已經增加了該線附近 150 到 200 個基點的附近。

And so structurally, we do believe HVAC's a much stronger business unit. Sean and the team have done a phenomenal job over the past couple of years, and we feel good about the future there.

因此，從結構上看，我們確實相信暖通空調是一個更強大的業務部門。肖恩和他的團隊在過去幾年中做得非常出色，我們對那裡的未來感到樂觀。

That's great. And that's actually a good segue, Gene. I wanted to ask you about the acquisitions, kind of three notable ones over the past year. Combined, that's a pretty sizable chunk of your HVAC segment now. So how have these acquisitions performing relative to your initial expectations? I guess kind of early thoughts on Ingénia, but ASPEQ and TAMCO you're kind of about a year in. So appreciate any color on that.

那太棒了。這實際上是一個很好的延續，吉恩。我想向您詢問有關收購的情況，其中包括過去一年中三項值得注意的收購。綜合起來，這在暖通空調領域佔據了相當大的份額。那麼，這些收購的表現與您最初的預期相比如何？我想這是對 Ingénia 的早期想法，但 ASPEQ 和 TAMCO 你大概已經了解了一年了。所以欣賞它的任何顏色。

Yeah. Just -- we are very pleased with these three acquisitions. So there's Ingénia, which we think all three of these businesses are very good businesses, have great value propositions, great competitive positions. And then two of them are also very linked to data centers. And we have seen just some very nice growth.

是的。只是——我們對這三項收購感到非常滿意。Ingénia 是我們認為這三家企業都是非常好的企業，擁有偉大的價值主張和巨大的競爭地位。其中兩個也與資料中心密切相關。我們看到了一些非常好的成長。

So I think Ingénia, ASPEQ and TAMCO. As a reminder, Ingénia is air handling. That is very linked to health care, pharma. We're in a situation there where we have so much demand for our product, our focus is on making sure we can expand our capacity fast enough. We are truly capacity-constrained there.

所以我認為 Ingénia、ASPEQ 和 TAMCO。提醒一下，Ingénia 負責空氣處理。這與醫療保健、製藥密切相關。我們面臨的情況是，我們的產品需求如此之大，我們的重點是確保我們能夠足夠快地擴大我們的產能。我們的能力確實受到限制。

And a lot of our time and our effort is building and enhancing that because we do believe we have a better solution in the market. We really have a very good product. ASPEQ and TAMCO also are performing at a very solid level. I think if you look at these three put together, I would say revenue is in the neighborhood of our plans, but we are exceeding in our profit levels.

我們投入了大量的時間和精力來建立和增強這一點，因為我們確實相信市場上有更好的解決方案。我們確實有一個非常好的產品。ASPEQ 和 TAMCO 的表現也非常穩定。我認為，如果你把這三者放在一起，我會說收入在我們的計劃附近，但我們的利潤水平超出了我們的水平。

And the other thing I would say is not only is there good performance of these individually, but we actually think there's some really nice synergies that we're seeing, and we're starting to capture. For example, Ingénia, when you get into the specification of an air handling unit, they can often times influence the downstream specification.

我要說的另一件事是，不僅這些單獨的表現良好，而且我們實際上認為我們正在看到一些非常好的協同效應，並且我們正在開始捕捉。例如，Ingénia，當您了解空氣處理機組的規格時，它們通常會影響下游規格。

For example, they can influence TAMCO as a base design. They can also influence our air products, our Strobic product line, which oftentimes will actually get built into the air handling unit. We also get leads for our other product categories because we'll know a hospital is going up here or a pharmaceutical is going up there.

例如，他們可以影響 TAMCO 作為基礎設計。它們還會影響我們的空氣產品、我們的 Strobic 產品線，這些產品通常會實際內建到空氣處理裝置中。我們也獲得了其他產品類別的線索，因為我們知道這裡有一家醫院或那裡有一家製藥公司。

And some of our businesses like Marley Cooling, we have very good coverage. So there's not a lot that we don't see, but being able to get in early and meet the [engineer's] influence is meaningful.

我們的一些業務（例如 Marley Cooling）擁有非常好的覆蓋範圍。因此，我們沒有看到很多東西，但能夠儘早介入並感受到[工程師]的影響是有意義的。

So I'd say that we see some real synergies across the businesses there. They are very synergistic. And I'd say we're still in the early days of capturing that. But I would say we're very pleased with all three of these. And interestingly, we had our biggest year last year where we deployed north of $800 million of capital, very big for a company our size.

所以我想說，我們看到了那裡的業務之間的一些真正的協同效應。它們非常具有協同作用。我想說，我們仍處於捕捉這一點的早期階段。但我想說我們對這三者都非常滿意。有趣的是，去年是我們規模最大的一年，我們部署了超過 8 億美元的資本，對於我們這樣規模的公司來說，這是非常大的。

And we're going to be materially below our 1.5 times by year-end. And so I think it's a testament to our model where we just generate a lot of cash, and it allows us to invest that cash in growth. And I think last year to this year is a good example of that as well as, I think, the prior four years, we kind of had it rolling. But we feel good about stepping back a little bit.

到年底，我們的成長率將大幅低於 1.5 倍。所以我認為這證明了我們的模式，我們只是產生大量現金，並且它使我們能夠將這些現金投資於成長。我認為去年到今年就是一個很好的例子，我認為，在過去的四年裡，我們的發展一直在順利進行。但我們對退一步感到高興。

One of the common questions is, what are you seeing on the M&A front? And I'd say our activity pipeline is healthy. We actually see some very interesting opportunities for growth on our detection & measurement side, last three were all on our HVAC side. But it's a good, healthy market and we believe in our strategy, and we're going to continue executing on it.

常見問題之一是，您對併購方面有何看法？我想說我們的活動管道是健康的。實際上，我們在檢測和測量方面看到了一些非常有趣的成長機會，最後三個都在我們的 HVAC 方面。但這是一個良好、健康的市場，我們相信我們的策略，我們將繼續執行它。

Great color. Thanks. I'll pass it along.

顏色很棒。謝謝。我會把它傳遞下去。

Steve Ferazani, Sidoti.

史蒂夫·費拉扎尼，西多蒂。

I appreciate all the detail tonight. I want to follow up your last comments, Gene. You pointed out that net leverage probably -- I mean, you're well on your way to getting back below the target range. It looks like there was a little bit of debt reduction in the quarter. How are you thinking until the next deal comes along on uses of cash? Working capital was up a little bit. There was a little bit of a build, but you still generated a significant amount of cash flow this quarter.

我很欣賞今晚的所有細節。我想跟進你最後的評論，吉恩。您指出淨槓桿率可能 - 我的意思是，您正在順利回到目標範圍以下。看起來本季債務有所減少。在下一筆現金使用交易達成之前，您有何想法？營運資金略有增加。儘管有一些建設，但本季您仍然產生了大量現金流。

Yes, Steve, I mean, our priorities, right, for use of capital are obviously growth, right, whether that's organic or inorganic. And I think when I think about the pipeline of opportunities out there and what we're seeing in the M&A space, we feel good about where we are and the opportunity to deploy capital going forward in that.

是的，史蒂夫，我的意思是，我們使用資本的優先事項顯然是成長，對吧，無論是有機的還是無機的。我認為，當我想到那裡的機會管道以及我們在併購領域看到的情況時，我們對我們所處的位置以及未來部署資本的機會感到滿意。

So our cash flow has been and continues to be more back-end loaded than it is in the first half of the year. So to Gene's point, you will see that deleveraging coming in as we roll into the third and fourth quarter of the year.

因此，與今年上半年相比，我們的現金流已經並將繼續承受更多的後端負擔。因此，就吉恩的觀點而言，當我們進入今年第三和第四季時，你會看到去槓桿化的到來。

But we do have a fairly substantial CapEx plan this year that I referenced earlier, and we're about halfway through that. When you think about what we signaled to the Street as our overall spend year-to-date or through the first six months, we're at about $20 million. So you'll see capital continue to be deployed to that. And then to the extent there aren't any kind of other opportunities, we'll just continue to pay down debt in the near term.

但我們今年確實有一個相當大的資本支出計劃，我之前提到過，而且我們已經完成了大約一半。當你想想我們向華爾街發出的信號，即我們今年迄今或前六個月的總體支出時，我們的支出約為 2000 萬美元。所以你會看到資本繼續投入其中。如果沒有任何其他機會，我們將在短期內繼續償還債務。

Yes. And I would say, if you look at it historically, our focus has been growth. We believe it's part of our flywheel and our model. And really, all of our investments have been and I would say it's unlikely to look at a dividend over the next couple of years.

是的。我想說，如果你回顧歷史，我們的重點是成長。我們相信它是我們飛輪和模型的一部分。事實上，我們所有的投資都已經完成，我想說未來幾年不太可能派發股息。

And as you know, we did do a smallish buyback a couple of years ago, I made three or four years ago. But I would say the 95%-plus of our capital over the past time frame has really been deployed on growth. I wouldn't anticipate that to change over the next couple of years, Steve.

如你所知，幾年前我們確實進行了一次小額回購，我在三、四年前進行了回購。但我想說的是，在過去的時間裡，我們 95% 以上的資本確實被用於成長。我預計這種情況在未來幾年內不會改變，史蒂夫。

Yeah, I think our views are consistent with what we've shared at the Investor Day on that front.

是的，我認為我們的觀點與我們在投資者日所分享的觀點是一致的。

Right. Absolutely. How are you thinking about CapEx? I think, Gene, you mentioned earlier in response to one of your questions, some capacity constraints on one of the acquisitions. Do you need to add capacity for some of these faster-growth HVAC acquisitions? And should we expect that?

正確的。絕對地。您如何看待資本支出？我想，吉恩，您之前在回答您的一個問題時提到，其中一項收購存在一些產能限制。您是否需要為這些成長較快的 HVAC 收購增加產能？我們應該期待這一點嗎？

Yes, I think we will need to add capacity, but I wouldn't anticipate this to be anything that's really noticeable. I think for us, we think of our CapEx as normally at around 1.5 times. We did a lot of capital investments in our primary cooling business, a significant amount of lasers and punches, which drove a really significant amount of revenue, which really has allowed us to grow.

是的，我認為我們需要增加容量，但我預計這不會是真正引人注目的事情。我認為對我們來說，我們認為我們的資本支出通常在 1.5 倍左右。我們在主冷卻業務上進行了大量的資本投資，大量的雷射和沖床，這帶來了大量的收入，這確實使我們能夠成長。

I would expect to see that continue in certain areas that start to get capacity-constrained. But I think in large measure, we could have elevated CapEx in the 2% range. If we maintain -- we've had a lot of growth. If you look at HVAC for the past two years, the organic growth alone was -- the plan of this year and last year's 23% organic growth. That's a significant amount of growth, but I don't see any large out of the ordinary.

我預計這種情況會在某些容量開始受到限制的領域繼續下去。但我認為在很大程度上，我們可以將資本支出提高到 2% 的範圍內。如果我們保持——我們已經取得了很大的成長。如果你看看過去兩年的暖通空調產業，你會發現光是有機成長就是今年的計畫和去年 23% 的有機成長。這是一個顯著的增長，但我沒有看到任何大的異常。

And Mark, any color you'd like to add there? And as we look ahead for '25 and 6, anything else, any other color you'd like to add?

馬克，你想添加什麼顏色嗎？當我們展望 25 和 6 時，您還想添加什麼其他顏色嗎？

Yeah, I mean, I think you kind of largely covered it, Gene. I mean, we'll just -- we're going to continue to deploy capital where we can generate the highest return. And there will be some opportunities, I think, on the organic front to continue to invest. So you could see it slightly elevated relative to where we've been historically.

是的，我的意思是，我認為你基本上已經涵蓋了它，吉恩。我的意思是，我們將繼續在能夠產生最高回報的地方部署資本。我認為，在有機方面將會有一些繼續投資的機會。所以你可以看到它相對於我們歷史上的水平略有上升。

But ultimately, it's a growth focus and my expectation is M&A will be at the forefront and will continue to be.

但歸根結底，這是一個成長焦點，我的期望是併購將處於最前沿，並將繼續處於前沿。

I will say the capital we have deployed, I believe, has had a tremendous return. And not only was it the capital, but it was the Lean projects that we had. And I think that has been, as you pointed out, not only the ability to drive more throughput, but at a structurally higher margin and improved quality, less labor.

我想說的是，我相信我們所部署的資本已經獲得了巨大的回報。這不僅是資本，也是我們擁有的精實專案。我認為，正如您所指出的，這不僅是提高吞吐量的能力，而且是結構上更高的利潤和更高的質量，更少的勞動力。

It's been -- the programs that we have undertaken have had a very nice return profile. And I do think that is a meaningful portion of our structural change in our margins, particularly on the HVAC side.

我們所進行的專案取得了非常好的回報。我確實認為這是我們利潤結構變化的一個有意義的部分，特別是在暖通空調方面。

When I think about some of these acquisitions like Ingénia, which may be on your platform, you have a much, much wider market reach. Have you been able to take that out to your full reach at this point? Or are you limited by capacity and their ability to get projects out?

當我想到像 Ingénia 這樣的一些收購可能會出現在你們的平台上時，你們就會擁有更廣泛的市場覆蓋範圍。現在你能充分發揮它的作用嗎？或者您受到能力和他們推出專案的能力的限制？

Right now, we're limited by capacity. They had a multiyear plan. They have a humongous facility. There's a lot of equipment in there that we're actually operationalizing. So this is a very good plan. But right now, the demand is very strong there.

目前，我們的能力有限。他們有一個多年計劃。他們有一個巨大的設施。那裡有很多我們正在實際運行的設備。所以這是一個非常好的計劃。但目前，那裡的需求非常強勁。

You're exactly right. They could -- if you think about it, they service -- they're very strong in Canada. They serve a number of states, a smaller number of US states but where our strength lies is in our Marley brand where we are everywhere, and we tend to have a very strong network. We tend to have good presence, not only with the engineers, but with the mechanical contractors as well as the service professionals in each of those regions.

你說得完全正確。他們可以——如果你想一想，他們會提供服務——他們在加拿大非常強大。他們為許多州提供服務，美國的州數量較少，但我們的優勢在於我們無處不在的馬利品牌，我們往往擁有非常強大的網絡。我們往往不僅與工程師、機械承包商以及每個地區的服務專業人員保持良好的關係。

So as we expand capacity, we actually think we're going to -- you're really talking about synergies, commercial synergies. We do believe those are there, and we are starting to capture that where we have capacity. But right now, in that particular business, we want to make sure that we can meet the demand levels, which are very high.

因此，當我們擴大產能時，我們實際上認為我們將會——你真正談論的是協同效應，商業協同效應。我們確實相信這些就在那裡，我們正在開始在我們有能力的地方捕捉到這些。但目前，在該特定業務中，我們希望確保能夠滿足非常高的需求水準。

That's great. Thanks so much, Gene, Mark.

那太棒了。非常感謝，吉恩，馬克。

Walter Liptak, Seaport Research.

沃爾特·利普塔克，海港研究中心。

Great quarter. I wanted to ask -- you guys touched on this with the growth. But I wonder if you could talk about sort of your growth versus the market? Do you think you're gaining market share? And I guess, why is it from the market expansion or is it new products? If you could provide some color.

很棒的季度。我想問——你們談到了成長的問題。但我想知道您是否可以談談您與市場的成長？您認為您正在獲得市場份額嗎？我猜，為什麼是市場拓展或是新產品？如果你能提供一些顏色。

Yeah. So I think -- are you talking one segment or are you talking about the company overall, Walt?

是的。所以我想——沃爾特，你是在談論一個細分市場還是在談論整個公司？

Yeah, sorry, I'd stay focused on HVAC and the cooling business.

是的，抱歉，我會繼續專注於暖通空調和冷卻業務。

On the cooling business, yeah, I do believe we're taking share there. Specifically, I would say, our strength in the cooling segment has always been the large projects. because we have done the large, constructed projects in the past. We just have great technical competence in solving difficult engineering. So I would say that we have seen a lot of growth in larger projects, and that could be data centers, that could be chip manufacturers, that could be EV.

在冷卻業務方面，是的，我確實相信我們正在那裡佔據份額。具體來說，我想說的是，我們在冷卻領域的優勢一直是大型專案。因為我們過去做過大型的建設工程。我們只是擁有解決困難工程的強大技術能力。所以我想說，我們看到了大型專案的大量成長，這可能是資料中心，可能是晶片製造商，也可能是電動車。

And we are -- that's really in our core. So I would say there's been an enhanced level of demand in our particular area of strength.

這確實是我們的核心。所以我想說，我們特定的優勢領域的需求水準有所提高。

Second thing I would say is we had invented the Everest product line, and that's something we've talked about over the past several years. That has essentially gone from approximately zero to pushing $100 million of revenue, and that is taking share from constructed products in the market. So that is incremental growth to us that goes in our pocket that would not have been in our pocket. And that is truly a great innovation where even before we invented the Everest, we had the largest tonnage cooling tower in the world.

我要說的第二件事是我們發明了珠穆朗瑪峰產品線，這是我們過去幾年一直在談論的事情。這基本上已經從大約零增加到 1 億美元的收入，並且正在從市場上的建築產品中奪取份額。因此，這對我們來說是增量增長，它本來不會落入我們的口袋。這確實是一項偉大的創新，甚至在我們發明珠穆朗瑪峰之前，我們就擁有世界上最大噸位的冷卻塔。

With the Everest, we were able to first increase it by 50%. And then with our current version and our new versions, I think we've even doubled where we were before. So you're talking about going from 1,400, 1,500 tons to pushing 2,800-plus tons. And a truly -- it's just a really good solution for the market that has been particularly favored by chip manufacturers and data centers.

對於珠穆朗瑪峰，我們首先能夠將其增加 50%。然後，透過我們目前的版本和新版本，我認為我們甚至比之前翻了一番。所以你說的是從 1,400、1,500 噸增加到 2,800 噸以上。這確實是一個非常好的市場解決方案，受到晶片製造商和資料中心的特別青睞。

So I would say that I do think we've taken share, and I do think it's a function of our innovation and our product management. But I also think it's a function of the market has moved in areas where we have some real strength. And when you put those two together, I'd say that's why we've taken share.

所以我想說，我確實認為我們已經佔據了份額，而且我確實認為這是我們創新和產品管理的功能。但我也認為這是市場的一個功能已經轉移到我們擁有一些真正實力的領域。當你把這兩者放在一起時，我想說這就是我們分享份額的原因。

Okay. That's great. And I wonder if you could just give us an update on sort of those growth businesses, chip makers, data center, EV, what percentage of HVAC is that now? And what do you think the growth rate is on it?

好的。那太棒了。我想知道您能否向我們介紹這些成長型企業、晶片製造商、資料中心、電動車、暖通空調的最新情況？您認為其成長率是多少？

So -- and I don't have -- I'll give some -- and Paul, you can call out what we have specifically. But if you look across cooling, where a lot of this activity is, I would say, the biggest areas would be: one, data centers; two, health care, pharma; and three, institutional. So those are the very big areas.

所以——我沒有——我會給一些——保羅，你可以說出我們具體有什麼。但如果你看看冷卻領域，我想說，最大的領域是：一是資料中心；二是資料中心。二、醫療保健、製藥；三是製度。這些都是非常大的領域。

Data center, we see a very attractive growth rate. Healthcare, the growth rate has maintained some very positive strength there. Institutional has been healthy.

數據中心，我們看到了非常有吸引力的成長率。醫療保健領域的成長率保持了一些非常積極的勢頭。制度一直健康。

On the -- what you would call industrial tech, that's a smaller portion, I'd say that's still growing. You are seeing some projects get delayed. We have seen an EV plant, or a battery plant move out in timeline here or there. But as it pertains to our overall demand profile, I don't think it's been something that we have seen as being material to us.

在你所謂的工業技術方面，這是一個較小的部分，我想說它仍在成長。您會看到一些項目被推遲。我們已經看到電動車工廠或電池工廠在各地按時搬遷。但由於它涉及我們的整體需求狀況，我認為這對我們來說並不重要。

So overall -- and Paul, you want to get into a little more color here, you have the chart on each.

總的來說，保羅，你想在這裡了解更多的色彩，每個方面都有圖表。

Yes. So, Walt, we did call out data center as being around -- and there's a slide, I should say, that I'm currently looking at in our Investor Day deck that has some breakdowns for the entire company. But data center is about 10% of the cooling business, and that makes it around 7%.

是的。所以，沃爾特，我們確實提到了數據中心的存在——我應該說，我目前正在我們的投資者日甲板上查看一張幻燈片，其中對整個公司進行了一些細分。但資料中心約佔冷卻業務的 10%，即 7% 左右。

Of HVAC.

暖通空調。

Of HVAC, yes, which makes it around 7% of the total company. And lab and health care is about 9% of the total company. Institutional, again, doing quite well also around 9%. So you've got quite a few -- we've got a broad industrial category in there, that's 20%, and that's where you're going to see some of this industrial tech that Gene was talking about.

暖通空調 (HVAC) 領域，是的，占公司總數的 7% 左右。實驗室和醫療保健部門約占公司總數的 9%。機構再次表現良好，也達到 9% 左右。所以你有很多——我們在那裡有一個廣泛的工業類別，即 20%，這就是你將看到 Gene 談論的一些工業技術的地方。

Okay. Great. And just switching gears to that service project that you had. It sounds like that came in, in the quarter and you completed it. Is that right?

好的。偉大的。只需切換到您擁有的服務項目即可。聽起來好像是本季就完成了。是對的嗎？

And I guess, maybe you could provide some detail of what was that regarding. And is there a business like that, that you can go get in the future?

我想，也許你可以提供一些相關細節。未來有這樣的生意嗎？

Sure. Yes, Walt, I'll start and then, Paul, feel free to kind of add in. This was a project that was -- I don't know if I'd call it one-off, but it was not something that we normally have in our -- given the size of it. It was a cooling service project that we completed up in the Northeast of the United States. And it was an attractive one for us just because it had a margin profile that we don't normally see with these types of projects.

當然。是的，沃爾特，我先開始，然後保羅，請隨意補充。這是一個項目——我不知道是否可以稱之為一次性項目，但考慮到它的規模，它不是我們通常擁有的項目。這是我們在美國東北部完成的冷凍服務計畫。它對我們來說是一個有吸引力的項目，因為它具有我們通常在此類項目中看不到的利潤狀況。

So we're well positioned to go win it and it drove a high degree of profitability. There's no comparable project like that for the balance of the year. There was nothing in the last year that looked like it.

因此，我們完全有能力贏得勝利，並且它帶來了很高的獲利能力。今年剩餘時間沒有類似的項目。去年沒有任何事情看起來像這樣。

Walt, let's say we just called it out really because as Mark said, it didn't have any comparable in the other quarters of the year or in the prior year. So we just wanted people to be aware of it in terms of comparisons going forward as well. I believe it was in our backlog in the prior quarter, obviously, came out of the backlog this quarter.

沃爾特，假設我們只是把它叫出來，實際上是因為正如馬克所說，它在今年其他季度或上一年沒有任何可比性。所以我們只是希望人們在未來的比較方面也能意識到這一點。我相信這是我們上一季的積壓訂單，顯然是本季的積壓訂單。

So when you think about it, Walt, on a sequential basis year over year, we thought it was beneficial that people understood what that project is and that it was in there.

因此，沃爾特，當你逐年思考時，我們認為人們了解該項目是什麼以及它在那裡是有益的。

Okay, great. Makes sense. Okay, thanks much.

好的，太好了。說得通。好的，非常感謝。

(Operator Instructions) As there appear to be no further questions in queue, I would now like to turn the conference back to Paul Clegg for closing remarks. Sir?

（操作員指示）由於隊列中似乎沒有其他問題，我現在想將會議轉回保羅·克萊格進行閉幕發言。先生？

Thank you all for joining us on the call today and we look forward to catching up with you at upcoming conferences and investor engagement. Thanks.

感謝大家今天參加我們的電話會議，我們期待在即將舉行的會議和投資者參與中與您會面。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。