SPX Technologies Inc (SPXC) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the first-quarter 2025 SPX Technologies earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季 SPX Technologies 財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Paul Clegg, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁保羅·克萊格 (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.

謝謝接線員，大家下午好。感謝您的加入。今天與我一起參加電話會議的還有我們的總裁兼執行長 Gene Lowe 和我們的財務長 Mark Carano。

A press release containing our first-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. 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.

今天收盤後，我們發布了一份包含第一季業績的新聞稿。您可以在我們網站 spx.com 的「投資者關係」版塊找到此新聞稿、我們的收益幻燈片以及本次電話會議的現場網路直播連結。建議您在新聞稿中閱讀我們對 GAAP 業績的披露和討論，並在我們準備好的發言環節觀看幻燈片演示。網路直播的重播將在我們的網站上提供。

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. You can find detailed reconciliations of historical adjusted figures from their respective GAAP measures in the appendix to today's presentation.

提醒一下，我們的演示和評論的部分內容是前瞻性的，並受安全港條款的約束。另請注意我們最近向美國證券交易委員會提交的文件中的風險因素。我們今天的評論將主要集中於調整後的財務結果，並且僅與持續經營的結果進行比較。您可以在今天簡報的附錄中找到各自 GAAP 指標的歷史調整資料的詳細對帳。

Our adjusted earnings per share exclude amortization expense, acquisition-related costs, non-service pension items, mark-to-market changes, and other items. Finally, we will be meeting with investors and various events over the quarter, including the Oppenheimer Industrial Growth Conference on May 8, the BofA Securities Industrial, Transportation & Airlines Key Leaders Conference on May 14, the Wolfe Research Small and Mid-Cap Conference on June 3, and the William Blair Growth Stock Conference on June 4.

我們的調整後每股盈餘不包括攤銷費用、收購相關成本、非服務退休金項目、以市價計價的變動等項目。最後，我們將在本季與投資者會面並參加各種活動，包括 5 月 8 日的 Oppenheimer 工業成長會議、5 月 14 日的美國銀行證券工業、運輸和航空公司主要領導人會議、6 月 3 日的 Wolfe Research 中小型股會議以及 6 月 4 日的 William Blair 成長股會議。

And with that, I'll turn the call over to Gene.

說完這些，我會把電話轉給吉恩。

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 first quarter of 2025, as well as an update on our full-year outlook.

謝謝，保羅。大家下午好，感謝大家的參與。在今天的電話會議上，我們將向您提供 2025 年第一季合併和分部業績的最新情況，以及全年展望的最新情況。

We had a strong start to the year. We grew first-quarter adjusted EBITDA by 12% and adjusted EPS by 10%. Our company continued to execute well, driving strong margin performance across both segments and making progress on several key initiatives. Recently, we made another attractive addition to our HVAC segment with the acquisition of Sigma & Omega, which enhances the value we provide to customers in our HVAC segment while positioning us for further growth.

今年我們有一個好的開始。第一季調整後的 EBITDA 成長了 12%，調整後的 EPS 成長了 10%。我們公司繼續表現良好，兩個部門的利潤率表現強勁，並在幾項關鍵舉措上取得了進展。最近，我們收購了 Sigma & Omega，為我們的 HVAC 部門增添了另一項有吸引力的補充，這提升了我們為 HVAC 部門客戶提供的價值，同時也為我們進一步成長做好了準備。

Today, we're raising our full-year adjusted EPS guidance range to reflect our strong Q1 and the acquisition of Sigma & Omega, partially offset by the impact of the current tariff environment. We now anticipate growth in adjusted EBITDA of 15% at the midpoint of our range.

今天，我們提高了全年調整後每股收益預期範圍，以反映我們強勁的第一季業績和對 Sigma & Omega 的收購，但部分抵消了當前關稅環境的影響。我們現在預計調整後的 EBITDA 將成長 15%，處於我們預期範圍的中點。

Looking ahead, we remain well-positioned to manage through a range of economic conditions. We have a high level of replacement sales and diverse demand drivers across our end markets. Our critical solutions are often government mandated or required, and we have a strong playbook that has proven effective in adapting throughout the change.

展望未來，我們仍能很好地應對各種經濟狀況。我們在終端市場擁有高水準的替代銷售和多樣化的需求驅動因素。我們的關鍵解決方案通常是政府強制要求的，我們擁有強大的劇本，事實證明它可以在整個變革過程中有效適應。

Turning to our high-level results. For the first quarter, we grew revenue by 3.7%, driven by a solid performance in our HVAC segment and the benefit of recent acquisitions. Adjusted EBITDA increased by approximately 12% year on year with 150 basis points of margin expansion.

轉向我們的高水準成果。第一季度，我們的營收成長了 3.7%，這得益於 HVAC 部門的穩健表現以及近期收購帶來的好處。調整後 EBITDA 年成長約 12%，利潤率擴大 150 個基點。

As always, I'd like to update you on our value creation initiatives. We continue to leverage our business system to manage a dynamic tariff environment, remaining nimble and redeploying resources as needed. We are also closely managing price and our sourcing relationships to mitigate the impact of tariffs.

像往常一樣，我想向您介紹我們的價值創造舉措。我們繼續利用我們的業務系統來管理動態關稅環境，保持靈活性並根據需要重新部署資源。我們也密切管理價格和採購關係，以減輕關稅的影響。

During the quarter, we also continued to gain traction on our continuous improvement and value engineering initiatives. In our HVAC segment, we identified additional opportunities to standardize control components in our electric key products, allowing more streamlined manufacturing, shorter lead times, and lower costs.

在本季度，我們也繼續推進持續改進和價值工程計劃。在我們的 HVAC 部門，我們發現了更多機會來標準化電動鑰匙產品中的控制組件，從而實現更精簡的製造、更短的交貨時間和更低的成本。

In our Detection & Management segment, we continue to advance our new product initiatives. Our transportation platform introduced a new ticket vending machine called the Vendstar 5, there's a much smaller footprint, a larger screen, and several advanced features that provide an enhanced user experience. We're receiving great customer feedback on the product and already seeing significant sales.

在我們的檢測與管理領域，我們繼續推進我們的新產品計劃。我們的交通平台推出了一款名為 Vendstar 5 的新型售票機，它佔地面積更小，螢幕更大，並具有多種先進功能，可提供增強的用戶體驗。我們收到了客戶對該產品的正面回饋，並且已經看到了可觀的銷售量。

In April, we continued to advance our inorganic growth initiative with the acquisition of Sigma & Omega, which enhances the value we offer our customers in our HVAC segment. Sigma & Omega's product portfolio includes vertical stack heat pumps and fan coils, institutional heating products, and self-contained units. These solutions are highly complementary with our existing HVAC businesses and expand our addressable market.

四月份，我們透過收購 Sigma & Omega 繼續推進我們的無機成長計劃，這提升了我們在 HVAC 領域為客戶提供的價值。Sigma & Omega 的產品組合包括垂直堆疊熱泵和風機盤管、機構暖氣產品和獨立裝置。這些解決方案與我們現有的 HVAC 業務高度互補，並擴大了我們的潛在市場。

They are often paired with cooling towers and boilers typically receiving approximately 2 times the order value of the cooling tower and boiler combined for this type of solution. The transaction is an excellent fit that creates significant opportunities for leveraging our combined channels to drive growth in attractive end markets, in particular, for multistorey buildings such as hotels, schools hospitals, and commercial and residential properties across North America.

它們通常與冷卻水塔和鍋爐配對使用，此類解決方案的訂單價值通常約為冷卻水塔和鍋爐總訂單價值的 2 倍。這項交易非常契合，為我們利用合併後的管道推動有吸引力的終端市場成長創造了重大機遇，特別是北美各地的酒店、學校醫院以及商業和住宅物業等多層建築。

Today, more than two-thirds of Sigma & Omega's revenue comes from domestic sales to their Canadian customers. As a part of our value creation strategy, we plan to substantially increase sales to US customers, supported by the expansion of production at our existing US facilities with minimal additional capital investment. We're very pleased with this transaction and are excited about Sigma & Omega joining the SPX team.

如今，Sigma & Omega 超過三分之二的收入來自於其加拿大客戶的國內銷售。作為我們價值創造策略的一部分，我們計劃大幅增加對美國客戶的銷售額，並透過在現有美國工廠擴大生產來支持這項計劃，同時盡量減少額外的資本投資。我們對這筆交易感到非常滿意，並對 Sigma & Omega 加入 SPX 團隊感到興奮。

Now I'll turn the call over to Mark to review our financial results.

現在我將把電話轉給馬克來審查我們的財務結果。

Thanks, Gene. Our first-quarter results were strong. Year-on-year adjusted EPS grew 10% to $1.38. For the quarter, total company revenues increased 3.7% year on year primarily driven by the acquisition of KTS in late January, and an extra month of Ingénia, which closed in early February of 2024. Consolidated segment income grew by $10.7 million, or 10.7%, to $110.5 million, while segment margin increased 140 basis points.

謝謝，吉恩。我們第一季的業績表現強勁。調整後每股盈餘較去年同期成長10%，至1.38美元。本季度，公司總營收年增3.7%，主要得益於1月底收購KTS，以及2024年2月初完成收購Ingénia，額外延長一個月。合併分部營收成長 1,070 萬美元，成長 10.7%，達到 1.105 億美元，分部利潤率增加 140 個基點。

Report on our HVAC segment. Revenues grew 6.8% year on year. On an organic basis, revenues increased 4.4%, driven primarily by growth in our heating platform and, to a lesser extent, in our cooling platform. The extra month of Ingénia accounted for growth of 2.9%, while FX was a modest headwind. Segment income grew by $5.5 million, or 8%, while segment margin increased 30 basis points. Increases in segment income and margin were due to higher sales, including the additional month of Ingénia. Segment backlog at quarter end was $451 million were up approximately 3% from Q4.

報告我們的 HVAC 部分。營收年增6.8%。從有機基礎來看，收入成長了 4.4%，這主要得益於我們的暖氣平台的成長，以及（較小程度上）我們的冷凍平台的成長。Ingénia 的額外月份貢獻了 2.9% 的成長，而外匯則帶來了溫和的阻力。分部營收成長 550 萬美元，或 8%，分部利潤率增加 30 個基點。部門收入和利潤率的增加是由於銷售額的增加，包括 Ingénia 的額外月份。本季末分部積壓訂單為 4.51 億美元，較第四季成長約 3%。

For the quarter in our Detection & Measurement segment, revenues declined 2% year on year. On an organic basis, revenue declined 6.9%, partially offset by an increase of 5.2% from the acquisition of KTS. FX was a modest headwind. The decrease in organic revenue was driven largely by the timing of project deliveries in the prior year.

本季度，我們檢測與測量部門的營收年減了 2%。從有機角度來看，收入下降了 6.9%，但收購 KTS 帶來的 5.2% 的成長部分抵消了這一下降。外匯是一個溫和的逆風。有機收入的下降主要是由於上一年專案交付時間所致。

Year-on-year segment income grew by $5.2 million, or 16.6%, while segment margin increased 360 basis points. The increases in segment income and margin were driven by more favorable sales mix, strong project execution in our CommTech platform, as well as the addition of KTS. Segment backlog at quarter end was $346 million, up 56% sequentially from Q4, including organic growth of 34%.

與去年同期相比，該部門營收成長了 520 萬美元，即 16.6%，而該部門利潤率增加了 360 個基點。部門收入和利潤率的成長得益於更有利的銷售組合、我們 CommTech 平台的強大專案執行以及 KTS 的加入。本季末分部積壓訂單為 3.46 億美元，季增 56%，其中有機成長 34%。

Turning now to our financial position at the end of the quarter. We ended Q1 with cash of $182 million and total debt of $960 million. Our leverage ratio, as calculated under our bank credit agreement was approximately 1.6 times, excluding the effect of the KTS acquisition, which closed in January. Including the pro forma impact of the Sigma & Omega acquisition, which closed in April, our leverage ratio was 1.9 times, well within our target range of 1.5 to 2.5 times. We anticipate our leverage ratio declining below the low end of our target range by year-end, assuming no further capital deployment beyond our guidance. Q1 adjusted free cash flow was approximately $36 million.

現在來看看本季末的財務狀況。我們第一季結束時的現金為 1.82 億美元，總負債為 9.6 億美元。根據我們的銀行信貸協議計算，我們的槓桿率約為 1.6 倍，不包括 1 月完成的 KTS 收購的影響。包括 4 月完成的 Sigma & Omega 收購的預測影響在內，我們的槓桿率為 1.9 倍，遠低於我們 1.5 至 2.5 倍的目標範圍。我們預計，假設沒有超出我們指導範圍的進一步資本部署，我們的槓桿率將在年底前降至目標範圍的低端以下。第一季調整後的自由現金流約為 3,600 萬美元。

Moving on to our full-year 2025 guidance. We are updating our range of adjusted EPS to $6.10 to $6.40, reflecting year-on-year growth of 12% at the midpoint. This represents an increase from a range of $6 to $6.25 previously. The increase reflects our strong Q1 results some favorable timing, as well as accretion from the acquisition of Sigma & Omega, which is anticipated to be modest due to higher interest costs from borrowings to fund the transaction. These are partially offset by the net impact of current tariff rates and our mitigation efforts, including price increases and surcharges. The net impact of tariffs to our updated guidance is approximately $0.08 to $0.12 of adjusted EPS.

繼續我們的 2025 年全年指導。我們將調整後的每股盈餘範圍更新為 6.10 美元至 6.40 美元，中間值反映出年增 12%。這意味著價格範圍從之前的 6 美元上漲至 6.25 美元。這一成長反映了我們第一季業績的強勁成長和有利的時機，以及收購 Sigma & Omega 帶來的收益，但由於為該交易提供資金而藉入的利息成本較高，預計收益將不大。這些影響被當前關稅稅率的淨影響和我們的緩解措施（包括價格上漲和附加費）部分抵消。關稅對我們更新後的指引的淨影響約為調整後每股收益 0.08 美元至 0.12 美元。

For Q2, we anticipate adjusted EPS to be modestly higher than in the prior year period, with higher interest costs, corporate expense, and share count, partially offsetting the benefit of higher segment income. As a reminder, in Q2 2024, our HVAC segment results benefited from the delivery of a $20 million cooling service project. In our Detection & Measurement segment, we expect strong year-on-year growth in Q2, both organically and from the acquisition of KTS. As always, you will find modeling considerations in the appendix to our presentation.

對於第二季度，我們預計調整後的每股盈餘將略高於去年同期，因為利息成本、公司費用和股票數量的增加，部分抵消了部門收入增加的好處。提醒一下，2024 年第二季度，我們的 HVAC 部門業績受益於一項價值 2000 萬美元的冷凍服務項目的交付。在我們的檢測與測量部門，我們預計第二季將實現強勁的年成長，包括有機成長和收購 KTS 帶來的成長。像往常一樣，您會在我們簡報的附錄中找到建模注意事項。

And with that, I'll turn the call back over to Gene.

說完這些，我會把電話轉回給吉恩。

Thanks, Mark. We continue to believe that SPX is less cyclical than most industrial tech companies. We have a diverse set of end-market drivers, a high level of replacement revenue, and we offer a broad set of critical solutions that are often government-mandated or essential. The business system provides effective mitigation tools and, historically, that managed to limit the impact of economic downturns on our financial performance.

謝謝，馬克。我們仍然相信 SPX 的周期性比大多數工業科技公司要小。我們擁有多樣化的終端市場驅動力、高水準的替代收入，我們提供通常是政府強制要求或必不可少的一系列關鍵解決方案。該業務系統提供了有效的緩解工具，從歷史上看，它成功地限制了經濟衰退對我們財務表現的影響。

For example, during the COVID pandemic in 2020, our revenue and earnings are approximately flat, while many other industrial tech companies experienced significant declines. In the HVAC segment, we have a healthy backlog for our highly engineered solutions and our core markets are holding up well. We are feeling incrementally more positive about data-center opportunities in 2025 and 2026, and our related new product initiatives are progressing well.

例如，在2020年新冠疫情期間，我們的收入和收益基本上持平，而許多其他工業科技公司則經歷了大幅下滑。在暖通空調領域，我們高度工程化的解決方案積壓訂單充足，我們的核心市場表現良好。我們對 2025 年和 2026 年資料中心機會的感覺越來越樂觀，我們相關的新產品計劃也進展順利。

In our Detection & Measurement segment, run rate market demand remains flattish with regional variation, while our project businesses are seeing healthy front log activity with many new bookings slates for delivery in 2026 and beyond. Overall, current market conditions support our updated 2025 guidance range.

在我們的檢測與測量領域，運行率市場需求保持平穩，且存在地區差異，而我們的專案業務前期訂單活動表現良好，許多新的訂單將於 2026 年及以後交付。總體而言，當前市場狀況支持我們更新的 2025 年指導範圍。

In summary, I'm pleased with the strong start to 2025. Our acquisition of Sigma & Omega further enhances the value we provide to our HVAC customers and positions us for future growth. Despite tariff headwinds, we are confident in our increased full-year guidance, which implies adjusted EBITDA growth of 15% at the midpoint. We also remain well-positioned to manage macro uncertainty and navigate a rapidly changing environment.

總而言之，我對 2025 年的強勁開局感到滿意。我們對 Sigma & Omega 的收購進一步提升了我們為 HVAC 客戶提供的價值，並為我們未來的成長奠定了基礎。儘管面臨關稅阻力，我們仍對上調全年指引充滿信心，這意味著調整後的 EBITDA 中位數成長率將達到 15%。我們也將繼續保持良好的地位來應對宏觀不確定性和快速變化的環境。

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

展望未來，我對我們的未來充滿期待。憑藉正確的策略和一支能力強、經驗豐富的團隊，我認為 SPX 有巨大的機會繼續發展，並在未來幾年創造價值。

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

說完這些，我就把電話轉回給保羅。

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

謝謝，吉恩。接線員，我們現在開始提問。

Thank you. At this time, we'll conduct a question-and-answer session. (Operator Instructions)

謝謝。這次，我們將進行問答環節。（操作員指示）

Brad Hewitt, Wolfe Research.

布拉德休伊特（Brad Hewitt），沃爾夫研究公司。

Hey, good afternoon, guys. Thanks for taking my questions. So can you walk through what you're assuming in terms of the gross and net tariff impact for the year? It looks like you implicitly cut the organic EBITDA guidance for the rest of the year by about $5 million. Is that the right way to think about the tariff impact?

嘿，大家下午好。感謝您回答我的問題。那麼，您能否詳細說明您對今年的總關稅和淨關稅影響的假設？看起來您暗中將今年剩餘時間的有機 EBITDA 預期削減了約 500 萬美元。這是思考關稅影響的正確方式嗎？

Yes. Let me just -- Brad, let me give you a little bit of color, right. We said on the call, it was $0.08 to $0.12 of tariff impact, right? So if you take the midpoint of that, I think, have you back up to about a $6 million net cost at the midpoint there. The gross amount of cost is, let's call it, $20 million, low-20s of impact being offset by price of about $14 million. That's a combination of price and surcharges is the way to think about it from a mathematical standpoint.

是的。讓我——布拉德，讓我告訴你一點故事，對吧。我們在電話會議上說，關稅影響是 0.08 美元到 0.12 美元，對嗎？因此，如果取其中間值，我認為，中間值的淨成本將回到約 600 萬美元。總成本約為 2,000 萬美元，其中 20% 出頭的影響被約 1,400 萬美元的價格所抵消。從數學角度來看，這是價格和附加費的組合。

Okay. That's helpful. And then congrats on getting the Sigma & Omega deal closed. Just curious how you think about that business in terms of the through-cycle growth rates, both pre and post synergies? And then from an EBITDA margin perspective, is it fair to think of that business as currently being in the mid-teens range?

好的。這很有幫助。然後恭喜您完成 Sigma & Omega 交易。我只是好奇您如何看待該業務的整個週期成長率（包括協同效應前後的成長率）？那麼從 EBITDA 利潤率的角度來看，認為該業務目前處於十幾歲的水平是否合理？

Why don't I start the business, Brad. I think, first of all, this is a really good business. We really like this business. They -- very complementary product to what we already sell today. So typically, when you see multistorey applications, hospitals, schools, hotels, you'll see us selling the cooling tower and then the boilers and then the heat pumps that go in the rooms, is an engineered product that we have not participated in today.

我為什麼不開始做生意呢，布萊德。我認為，首先，這是一筆非常好的生意。我們真的很喜歡這個生意。它們與我們今天銷售的產品非常互補。因此，通常當您看到多層應用、醫院、學校、飯店時，您會看到我們銷售冷卻水塔、鍋爐和房間裡的熱泵，這是我們今天尚未參與的工程產品。

If you look at Sigma & Omega, they have a very good product, a very strong position in Canada. And we actually see a very nice synergy opportunity to really expand their growth predominantly in the States where we are very strong in cooling towers and boilers, obviously. So we really like this business. They are a very good technology, good product, very complementary to our channels, and we actually see some nice synergies for (inaudible).

如果你看一下 Sigma & Omega，你會發現他們的產品非常好，在加拿大的地位非常穩固。我們實際上看到了一個非常好的協同機會，可以真正擴大他們的成長，主要是在美國，我們在美國非常擅長冷卻水塔和鍋爐。所以我們真的很喜歡這個生意。它們是一項非常好的技術，非常好的產品，與我們的管道非常互補，我們實際上看到了一些很好的協同效應（聽不清楚）。

Yes, I think with respect to the sizing of the business, I think you saw in the press release from a couple of weeks ago, it's about $65 million in revenue. Obviously, we're going to own it for about 8.5 months of the year. So you can do the math on that, but that gets you into the $40 million to $45 million range. And then from a segment income perspective, I would say it's just slightly lower than the segment income average of the HVAC business overall today.

是的，我認為就業務規模而言，我想您在幾週前的新聞稿中看到了，它的收入約為 6500 萬美元。顯然，我們一年中將擁有它大約 8.5 個月。所以你可以算一下，但結果是 4000 萬美元到 4500 萬美元的範圍。然後從分部收入的角度來看，我認為它只是略低於當今 HVAC 業務整體分部收入的平均值。

Great. Thanks, guys.

偉大的。謝謝大家。

Thanks, Brad.

謝謝，布拉德。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Thank you. Good afternoon, guys. Good start to the year. It sounds like you're very confident in the outlook -- the raised guide that you've offered. We've talked for years now about the asynchronous demand profile that your company has in aggregate. There are many proof points that we have already.

謝謝。大家下午好。今年的開始很好。聽起來您對前景非常有信心——您所提供的提高的指導。多年來，我們一直在談論貴公司整體上的非同步需求概況。我們已經擁有許多證據。

Just curious what you're seeing now with the tariff-related uncertainty, just the overall volatility of the backdrop platform by platform. How order rates have progressed through Q1 into Q2. Is there any notable changes that you would attribute to the uncertainty at hand? Or is it kind of steady as it gets?

我只是好奇您現在看到的與關稅相關的不確定性，以及各個平台背景的整體波動性。訂單率從第一季到第二季的進度如何。您是否認為任何顯著的變化都是由於當前的不確定性造成的？或者說它已經變得很穩定了？

Bryan, I'd say -- cut the punchline, we haven't seen a lot of change. If anything, I feel like we're in a stronger position than when we started the year. I can kind of run you through segments and some of the platforms. If you look at HVAC, last year, we had a very strong growth in cooling, more flattish in heating. Really cooling carried the day last year organically in the 14% range, more flattish.

布萊恩，我想說——別說笑了，我們並沒有看到太多變化。如果有什麼不同的話，我覺得我們比年初時更強大了。我可以向您介紹各個部分和一些平台。如果你看一下暖通空調，你會發現去年我們在冷氣方面取得了非常強勁的成長，而在暖氣方面則較為平穩。去年，降溫確實佔據了主導地位，有機降溫幅度在 14% 左右，較為穩定。

If you look at heating and cooling this year, very balanced across both. We actually -- we're seeing good, solid demand. We have talked pretty consistently around healthcare, institutional. I would say one of the ones that we're seeing a reasonably substantial amount of increasing activity would be the power which is actually oftentimes paired with data centers. And so this is an area that we are particularly well suited.

如果你觀察今年的暖氣和冷氣情況，你會發現兩者非常平衡。事實上，我們看到了良好、穩定的需求。我們一直在談論醫療保健和機構問題。我想說的是，我們看到的活動數量大幅增加的其中之一就是電力，它實際上經常與資料中心配對。因此，這是我們特別適合的領域。

So I'd say, overall, in the HVAC segment, we're very balanced and we haven't seen any impacts. One impact, I would say, the one change I would say is we're feeling relatively stronger on data centers. And so why is that? We're seeing a good amount of activity. I think we're winning. We have very good products. And then I would say we've also launched some new products in the data center area that are getting nice traction.

所以我想說，總體而言，在 HVAC 領域，我們非常平衡，並且沒有看到任何影響。我想說的一個影響、一個改變就是，我們對資料中心的感覺相對較強。那麼這是為什麼呢？我們看到了大量的活動。我認為我們會勝利。我們有非常好的產品。然後我想說，我們也在資料中心領域推出了一些新產品，並獲得了良好的發展動能。

If you look at TAMCO, we have a new set of solutions there that are particularly well suited for what's called the building envelope area. We've seen a lot of growth there. In cooling, our core pooling tower, we actually have a new Everest solution that is already starting to get some nice orders there.

如果您看一下 TAMCO，您會發現我們有一套新的解決方案，特別適合所謂的建築圍護結構區域。我們在那裡看到了很大的成長。在冷卻方面，我們的核心池塔，我們實際上有一個新的 Everest 解決方案，並且已經開始在那裡獲得一些不錯的訂單。

A different way of cooling that is preferred by some customers that we're very excited about. And then when we've talked about [antibiotic and dry], we've launched that product and I would say there is very strong interest in that. We really think we have a winner here. We have a product that I think just has a tremendous value proposition. There's a number of patents pending on that product. But as we've talked about in the past, we would -- are to get some material bookings in '25 and get some real revenue in '26. And I think that's tracking pretty well.

有些客戶喜歡不同的冷卻方式，我們對此感到非常興奮。然後，當我們談到[抗生素和乾燥]時，我們已經推出了該產品，我想說人們對此非常感興趣。我們確實認為我們已經有一個贏家了。我認為我們的產品具有巨大的價值主張。該產品有多項專利正在申請中。但正如我們過去所討論過的，我們將在 25 年獲得一些實質的預訂，並在 26 年獲得一些實際收入。我認為這個跟踪效果很好。

If you look at D&M, I would say we always talked about run rate and projects. Run rate is steady. I would say our businesses are probably a little bit more positive on the US today, and perhaps a little bit more cautious on Europe and Asia. Europe and Asia are pretty flat for us. That's obviously a smaller portion of our business.

如果你看一下 D&M，我會說我們總是談論運行率和專案。運行率穩定。我想說，我們的企業今天對美國的態度可能更加積極一些，對歐洲和亞洲的態度可能更加謹慎。對我們來說，歐洲和亞洲相當平穩。這顯然只是我們業務的一小部分。

But overall, I think the run rate business is steady. And the projects, the activity is very high. You can see that in our backlog numbers, our booking and we keep winning orders there. So we feel very good about the project. So yes. If I look at '25, the only place I can think of, one of the things I do is I talk to every general manager, all of our segues we go through the front line, maybe a little bit of impact would be run rate Europe and run rate Asia, which is already set up to be pretty flattish. But overall, I would say, we obviously wouldn't have raised our guide if we didn't feel good about what we're seeing in front of us.

但總體而言，我認為運行率業務是穩定的。而且這些項目的活躍度非常高。您可以在我們的積壓訂單數量、預訂量以及我們不斷贏得的訂單中看到這一點。所以我們對這個項目感覺非常好。是的。如果我看一下 25 年，我能想到的唯一地方，我要做的事情之一就是與每一位總經理交談，我們所有的過渡都經過前線，也許歐洲的運行率和亞洲的運行率會有一點影響，而這兩個數字已經相當平穩了。但總的來說，我想說，如果我們對眼前所見的景色感覺不好，我們顯然不會提高我們的導遊價格。

And Mark, anything you'd like to add?

馬克，您還有什麼要補充的嗎？

I think you largely covered it. I mean, we feel like in our guide is pretty balanced, right? It is a dynamic environment, of course, that we're in today with tariffs and that impact, and we've tried to reflect that obviously in our guide. But we feel like we're in a good spot in light of kind of the macro environment.

我認為您基本上已經涵蓋了這一點。我的意思是，我們覺得我們的指南相當平衡，對嗎？當然，我們今天所處的環境是動態的，有關稅及其影響，我們試圖在我們的指南中明顯地反映這一點。但從宏觀環境來看，我們感覺自己處於有利地位。

Understood. That's very helpful color. I'd like to dive in a bit on Ingénia. We recently saw the facility and feedback has been adversely positive on that event. For what it's worth, how your team presented very well. It's obviously a rather unique asset. So I appreciate you guys putting that together.

明白了。這是非常有用的顏色。我想深入了解 Ingénia。我們最近參觀了該設施，並且對該活動的反饋是負面積極的。不管怎樣，您的團隊表現得非常出色。這顯然是一項相當獨特的資產。我很感謝你們將這些整合在一起。

It looks like with limited inorganic contribution time, in this quarter, that growth continues to accelerate. Just curious if you're willing to share what your team is projecting in terms of Ingénia revenue for this year and then speak to the visibility that you have for multiyear growth with that asset?

看起來，在本季度，由於無機貢獻時間有限，成長將繼續加速。我只是好奇您是否願意分享您的團隊對今年 Ingénia 收入的預測，然後談談您對該資產多年增長的預測？

Maybe one of the things -- Bryan, this is Paul. Maybe one of the things I can do to just kind of constrain that for you. We anticipate being at $100 million kind of the run rate at the end of last year. It didn't quite get there, but due to some equipment delays you talked about. Those were subsequently installed. And we really are hitting that pace now.

也許其中一件事──布萊恩，這就是保羅。也許我能做的一件事就是幫你限制這一點。我們預計去年年底的營業額將達到 1 億美元。它並沒有完全實現，但由於您談到的一些設備延遲。這些隨後被安裝。我們現在確實正在達到這個速度。

So between now and the end of the year, the capacity -- the revenue capacity at Ingénia, we think we'll get to $140 million. So it's somewhere between those two to kind of constrain it there. Obviously, we would be certainly less than $140 million for the full year, given that's the capacity that you're going to hit at the end of the year.

因此，從現在到今年年底，我們認為 Ingénia 的產能（收入產能）將達到 1.4 億美元。因此，它處於兩者之間的某個位置，以便對其進行限制。顯然，考慮到年底將達到的產能，全年的收入肯定會少於 1.4 億美元。

Bryan, on the demand side, as we've talked about, we're going to be expanding into the US. The demand is very high for that product. As you saw, we really have a unique value proposition there. And I can tell you that there is a lot of our reps that are dying to get their hands on Ingénia for their line card because, frankly, they have a -- I believe they have a better solution. And so we actually see the constraint for us is not going out and finding sales.

布萊恩，在需求方面，正如我們所討論的，我們將向美國擴張。該產品的需求量非常高。如您所見，我們確實有一個獨特的價值主張。我可以告訴你們，我們的許多代表都渴望獲得 Ingénia 作為他們的產品線卡，因為坦白說，我相信他們有更好的解決方案。因此，我們實際上看到，我們面臨的限制是無法出去尋找銷售。

I mean, you still have to do that, but it's really building the capacity -- and it's hard to scale capacity, and they've grown tremendously from just two years ago, and they're still growing. But a very good business, a very good leadership team there, and we're excited about it. So we have a lot of attention on continuing to scale that both in Mirabel up in Canada but also expanding capability in the states.

我的意思是，你仍然必須這樣做，但這實際上是在建立產能——擴大產能很難，而且從兩年前開始，它們就已經有了巨大的成長，而且還在繼續成長。但那裡的業務非常好，領導團隊也非常好，我們對此感到非常興奮。因此，我們非常重視繼續擴大加拿大米拉貝爾的規模，同時也擴大美國的業務能力。

That's great to hear. And then one last one, if I may. Sigma & Omega, again, seems like a great fit for your strategy, and there's an intriguing staff on the value of the combined new technology. For HVAC overall, to what degree does Sigma & Omega increase TAM going forward?

聽到這個消息真是太好了。如果可以的話，我還有最後一個問題。再次，Sigma & Omega 似乎非常適合您的策略，並且有一個對合併後的新技術的價值感興趣的員工。對於 HVAC 整體而言，Sigma & Omega 將在多大程度上增加未來的 TAM？

Yeah. The TAM is a lot smaller than the cooling towers, to be frank, because cooling towers and everything, every application has cooling towers. Whereas this is more of a particular, I would say, a niche of buildings. Really multi-stories really where this shines. So typically, it will always have a cooling tower and a boiler attached to it most commonly.

是的。坦白說，TAM 比冷卻水塔小得多，因為冷卻水塔和所有東西，每個應用都有冷卻塔。而我想說，這更像是一種特殊的建築。真正多故事才是這部作品的閃光點。因此通常情況下，它總是會配備一個冷卻塔和一個鍋爐。

But that is a smaller -- so it does expand the TAM and meaningfully, but it is a smaller TAM than, for us, let's say, like the cooling tower market. But it's a very attractive addition. That slide might have been a little bit confusing. The way we talked about that is for the order of the hospital or the order of the building what have you on that particular order, yes, there's a lot more dollars there. So definitely, we're already in there selling to the engineers and the contractors, having the full solution there is a very attractive part of what we can provide.

但這是一個較小的市場——因此它確實擴大了 TAM，而且意義重大，但對我們來說，它的 TAM 比冷卻水塔市場要小。但這是一個非常有吸引力的補充。這張投影片可能有點讓人困惑。我們討論的方式是針對醫院的訂單或建築物的訂單，對於那個特定的訂單，是的，那裡有更多的美元。因此，毫無疑問，我們已經在向工程師和承包商銷售產品，擁有完整的解決方案是我們所能提供的非常有吸引力的部分。

Understood. Thanks, guys.

明白了。謝謝大家。

Thanks, Bryan.

謝謝，布萊恩。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Hey, good evening, guys. Mark, really quick. On the D&M order growth, was that all organic? Or what was the contribution there from the recent acquisition KTS?

嘿，大家晚上好。馬克，真的很快。關於 D&M 訂單成長，都是有機成長嗎？或是最近收購 KTS 的貢獻是什麼？

Yes, it was -- the order growth, specifically are you talking about the revenue side, Ross?

是的，訂單增長，具體來說，您是在談論收入方面嗎，羅斯？

Well the backlog, I guess. The kind of organic backlog, yeah.

嗯，我猜是積壓的。是的，這是一種有機積壓。

Got you, backlog. I'm with you. So backlog overall, just repeat the numbers for everyone. $346 million with the ending backlog and that was up quarter to quarter from the fourth quarter by 56%. About 22% of that was KTS and the rest of it was organic.

明白了，積壓。我和你在一起。因此，總體積壓訂單量，只需為每個人重複這些數字即可。期末積壓訂單量為 3.46 億美元，與第四季相比季增了 56%。其中約 22% 為 KTS，其餘為有機。

Okay. So still, I mean, pretty solid growth. Gene, when you kind of look over the last couple of quarters here, I mean, it's been accelerating. You get the sense that there's been a capital release from the IIJ funds and we're kind of hearing some early rumblings of this and this business is immediately picking up here.

好的。所以，我的意思是，成長仍然相當穩健。吉恩，當你回顧過去幾個季度時，你會發現它一直在加速發展。您會感覺到 IIJ 基金已經釋放了資本，我們也聽到了一些關於這方面的早期動靜，而且這項業務正在迅速回升。

Essentially, we still look. We can't point to a lot of cases. I know some things that you guys are bidding on I think that could be in the background of our transportation business, which is really our smallest platform. We are seeing a lot of activity out there. Outside of that -- and Mark, I don't know and you studied -- I haven't seen a lot of business.

本質上，我們仍然在觀察。我們無法指出很多案例。我知道你們正在競標的一些東西，我認為這些可能是我們運輸業務的幕後推手，而運輸業務實際上是我們最小的平台。我們看到那裡有很多活動。除此之外──馬克，我不知道，你研究過──我沒有看過很多生意。

Yes. I would say you're right, Gene. That's the only area where we can kind of put our finger on it. So it's maybe directly being funded by it, so.

是的。我想說你是對的，吉恩。這是我們唯一可以指出問題的領域。所以它可能直接由它資助，所以。

Probably more on the comp.

可能更多與計算機有關。

Yes. But it was nice growth, as Paul mentioned, really, both in [Genfare] and CommTech.

是的。但正如保羅所提到的，Genfare 和 CommTech 都實現了良好的成長。

Okay. Can you maybe just remind us of kind of the undercurrent as driving contact. It has been several strong years here. Presumably, we have tough comps at a certain point, but it just continues to grow?

好的。您能否提醒我們一下推動接觸的暗流。這裡已經度過了幾年繁榮時期。大概我們在某個時候會面臨嚴峻的競爭，但它只是繼續成長？

I think they have different applications and different product categories, Data Links, their spectrum monitoring, the Battlefield. I think all three have been doing well. Battlefield has been very strong in some larger projects. As a reminder, this product does very well at tracking drones. And we are seeing different applications for that.

我認為他們有不同的應用和不同的產品類別，數據鏈路、頻譜監控、戰場。我認為這三個人都表現得很好。《戰地》在一些較大的項目中表現非常強勁。提醒一下，該產品在追蹤無人機方面表現非常出色。我們看到了許多不同的應用。

So I think some of the global unrest between countries tends to drive demand. So we have seen a number of countries, a number of orders over a number of years. So that portion has grown our KTS business. Our newest addition, digital interoperability. We feel good about that business. Very nice synergies with our existing CommTech business. We also see some very nice growth there.

因此我認為，一些國家之間的全球動盪往往會推動需求。因此，我們看到許多國家在過去幾年中下達了許多訂單。因此這部分成長了我們的 KTS 業務。我們的最新功能是數位互通性。我們對那項業務感覺良好。與我們現有的 CommTech 業務有非常好的綜效。我們也看到那裡出現了一些非常好的成長。

But overall, Mark, anything you like to add and kind of good business has had some good growth. Yes, there's a project-oriented business, so you have to refill that every year.

但總體而言，馬克，您想補充的任何東西以及好的業務都取得了良好的成長。是的，有一個面向專案的業務，所以你每年都必須補充它。

Yes, that's right. I feel like we're, generally, the team that runs that business just feels like we've got the right technology. We're well-positioned for kind of those markets, you think about KTS and, obviously, a lot of that is funded by government spending. It's DoD related. But it's in those areas where the US military in particular, is allocating dollars because it's kind of moving towards the future of where warfare is going.

是的，沒錯。我覺得，整體而言，經營這項業務的團隊感覺我們擁有正確的技術。我們在這些市場中處於有利地位，例如 KTS，顯然其中許多都是由政府支出資助的。這與國防部有關。但正是在這些領域，美國軍方正在投入大量資金，因為它正在朝著未來戰爭的方向邁進。

Yes, that makes sense. Just really quick on the margin of the D&M, a bit nitpicky. Tapping down the full-year guide after a pretty strong first quarter. It's already tough comps. The underlying business seems like it's performing pretty well. Can you just kind of walk us through the several slight tick down here in the margins for D&M for the year, presumably or HVAC related?

是的，這很有道理。只是在 D&M 的邊緣上真的很快，有點挑剔。在第一季表現相當強勁之後，全年業績指引有所下調。這已經是一場艱難的比賽了。基礎業務似乎表現良好。您能否向我們簡單介紹一下今年 D&M 利潤率中幾個細微的下降，大概是與 HVAC 相關的？

They're actually from a cost perspective; they're more D&M related. So when you think about what happened in Q1, we obviously have very strong margin performance year over year. There are a couple of comments I would make around that. One is we actually had a drop in project in there that was very high margin. It had software elements to it. It was within our CommTech business and actually wasn't in our forecast.

它們實際上是從成本角度出發的；它們與 D&M 更加相關。因此，當您考慮第一季發生的情況時，我們顯然比去年同期實現了非常強勁的利潤率表現。針對這一點，我想發表幾點評論。一是，我們實際上有一個利潤率非常高的項目。它具有軟體元素。它屬於我們的通訊技術業務，實際上並不在我們的預測之內。

Then we had some -- and that benefit will pass through the year, but it's going to be largely offset by the tariff impact that you're going to see across the overall D&M segment. And then we had some slightly lower-margin projects moving out of Q1 and shift into kind of Q2 and beyond. So that's really kind of the drivers in Q1 that kind of sets you up for the balance of the year.

然後我們得到了一些好處——這種好處將持續一整年，但它將在很大程度上被整個 D&M 領域所看到的關稅影響所抵消。然後，我們的一些利潤率略低的項目從第一季轉移至第二季及以後。所以這其實是第一季的驅動因素，為全年的平衡奠定了基礎。

All right. That's helpful. Thank you, guys.

好的。這很有幫助。謝謝你們。

Thanks, Ross.

謝謝，羅斯。

(Operator Instructions)

（操作員指示）

Steve Ferazani, Sidoti.

史蒂夫費拉扎尼、西多蒂。

Good evening, everyone. Appreciate you taking the questions. Mark, I just wanted to -- sorry, I hate to do it, but I hate to circle around back on what are pretty low cost from the tariffs. It's only $6 million. But I'm just trying to think about this from a modeling perspective. I'm guessing the price increases and surcharges as a bit of a lag and probably there's some stuff in backlog you couldn't surcharge. So I guess what I'm asking is, is most of the impact or should we be assuming it's in 2Q and then it decreases as the year goes on?

大家晚上好。感謝您回答這些問題。馬克，我只是想──抱歉，我不想這麼做，但我不想再重複關稅帶來的低成本問題。僅 600 萬美元。但我只是想從建模的角度來思考這個問題。我猜測價格上漲和附加費會有點滯後，並且可能有一些東西積壓了，你無法加價。所以我想我要問的是，大部分影響是發生於第二季度，還是我們應該假設它發生在第二季度，然後隨著時間的推移而減少？

Yes, Steve, it's a good question. So maybe just big picture. You're right. I think we tried to be very thoughtful about the impact here from tariffs and our ability to raise price. We do have in the D&M side of the business, projects and other parts that are in backlog. So our ability to capture price on those in the near term, we have less flexibility there.

是的，史蒂夫，這是個好問題。所以也許只是宏觀圖景。你說得對。我認為我們已經非常認真地考慮了關稅以及我們提高價格的能力所帶來的影響。我們的業務、專案和其他部分在 D&M 方面確實存在積壓情況。因此，我們在短期內掌握價格的能力，靈活性較低。

I will say, though, as we roll into next year, I think our expectation is -- well, I should say as we roll through the balance of this year and into next year, our expectation is we should be able to offset all of these costs through price and other levers that we'll look at with respect to the supply chain, things of that nature.

不過，我想說，隨著我們進入明年，我認為我們的期望是——好吧，我應該說，隨著我們度過今年的剩餘時間並進入明年，我們的期望是，我們應該能夠通過價格和其他槓桿來抵消所有這些成本，我們將在供應鏈方面考慮諸如此類的事情。

Yes. I think, Steve, I think your inclination about the cadence of the impact of that $0.08 to $0.12 is about right. It would be a little bit more, let's call it, sort of at the size that maybe 40% in the second quarter and then 30% and 30% in the third and fourth quarter.

是的。史蒂夫，我認為你對 0.08 美元到 0.12 美元的影響節奏的傾向是正確的。我們可以這麼說，這個比例會稍微高一點，第二季可能為 40%，第三季和第四季分別為 30% 和 30%。

And again, we're talking about pretty small numbers here, but helpful to know. I got to ask about the demand side and how you're factoring it in. I know Gene and three years of covering you. I know you've talked about you're not that cyclical, and you've cited the COVID year. But you do have the location and inspection business.

再說一次，我們在這裡談論的數字很小，但了解這些數字是有幫助的。我要問的是需求面以及你是如何將其考慮在內的。我認識吉恩，並且已經報道你三年了。我知道您說過，經濟不是那麼有周期性，而且您也提到了新冠疫情年。但你確實有定位和檢查業務。

I know as we've gone through earnings season unless you have a certain end-market exposure, most companies are not seeing it yet. But we know the expectation is slower US growth as the year goes on. Or at least that's what all the smart economists are saying. Were you able to factor that in at all? Or do you just think regardless, it's going to be so small given your mix of businesses now?

我知道我們已經經歷了收益季，除非你有一定的終端市場曝光度，否則大多數公司還沒有看到它。但我們知道，隨著時間的推移，美國經濟成長預計會放緩。或者至少所有聰明的經濟學家都是這麼說的。您是否已經考慮到了這一點？或者您只是認為，不管怎樣，考慮到您現在的業務組合，這個數字將會很小？

Yes. I mean, I think if getting very tactically, you're right on Radiodetection. That is typically what we call our canary in the coal mine, and it's a very good leading indicator because that's a good proxy for economic activity. If anything, we actually feel better about where Radio is today for this year. We are seeing solid activity.

是的。我的意思是，我認為如果從策略上來說，你對 Radiodetection 的看法是正確的。這通常就是我們所說的“煤礦中的金絲雀”，它是一個非常好的領先指標，因為它可以很好地代表經濟活動。如果有什麼不同的話，我們實際上對今年廣播的現狀感覺更好了。我們看到了堅實的活動。

As a reminder, you look a lot of our HVAC equipment, the replacement stuff is replacement. Your cooling tower goes down in your hospital, or your commercial office building, or your data center. You're not going to go about cooling. It's really -- you have to replace a lot of -- so the replacement tends to be very strong, very real.

提醒一下，你看我們的許多 HVAC 設備，替換的東西都是替換品。您的醫院、商業辦公大樓或資料中心的冷卻水塔發生故障。你不會去冷卻。確實——你必須替換很多——所以替換往往非常強大，非常真實。

What I would say is, let's take cooling towers, for example, we've talked about how we typically trail on cooling towers, the Dodge index by about seven months. So the project gets funded, they get rolling. It shows up in the Dodge report. They don't order cooling towers immediately. There is a period of time where they typically start first at some of the bigger equipment, elevators, and so forth. And then they get in the middle, they get to our equipment.

我想說的是，讓我們以冷卻水塔為例，我們已經討論過我們通常如何落後於冷卻塔，道奇指數大約七個月。一旦專案獲得資金，他們就可以開始行動。它出現在道奇報告中。他們不會立即訂購冷卻水塔。有一段時間，他們通常會先從一些較大的設備、電梯等開始。然後他們進入中間，拿到我們的設備。

So point being, I think that what you're saying is there's a lot of uncertainty right now. And if this uncertainty slows down large CapEx, which it could and move things out, I think that there could be air pockets in the future. And I think that's something that we'd have to keep our eyes on.

所以重點是，我認為你所說的是現在存在著很多不確定性。如果這種不確定性減緩了大規模資本支出（這可能會造成一些事情發生），我認為未來可能會出現氣泡。我認為這是我們必須關注的事情。

We don't believe for '25, we're seeing that with everything we have in front of us. But I do think if there is a recession, it would clearly impact us. I think it impacts us a lot less than other industrial tech companies because of our backlog, because of our replacement, because of our mandated portions of our business by the government and others. But it is something we have to keep our eyes on.

我們不相信25年會發生這樣的事情，我們眼前所面臨的一切都顯示了這一點。但我確實認為，如果出現經濟衰退，它顯然會對我們產生影響。我認為，由於我們的訂單積壓、我們的替換、以及政府和其他部門強制要求我們完成的部分業務，它對我們的影響比其他工業科技公司小得多。但這是我們必須關注的事情。

But right now, we feel good with what we're seeing. And there's some areas we're winning as well that is driving some higher revenues than we had in our model.

但現在，我們對所看到的情況感到滿意。我們也在一些領域取得了勝利，從而帶來了比我們的模型中更高的收入。

Okay. That's helpful. I guess the flip side is if the end game here is increasing, reshoring, and onshoring, that could be a very nice tail for you?

好的。這很有幫助。我想，另一方面，如果最終結果是增加、回流和在岸，那麼這對你來說可能是一個非常好的結局？

No doubt. Almost every manufacturing plant would have an opportunity for us to sell our equipment in. And as you know, we do very well with a lot of those types of customers: semiconductors, battery plants, automotive plants. It's an area we have a nice position.

無疑。幾乎每個製造廠都會提供我們銷售設備的機會。如您所知，我們與許多類型的客戶合作非常愉快：半導體、電池廠、汽車工廠。我們在該地區佔據有利地位。

Thanks, Gene. Thanks, everyone.

謝謝，吉恩。謝謝大家。

Thanks, Steve.

謝謝，史蒂夫。

Thank you. I'm showing no further questions at this time. I'd now like to turn it back to Paul Clegg for closing remarks.

謝謝。我目前沒有其他問題。現在我想請保羅·克萊格作最後發言。

Thank you, everybody, for joining the call. We look forward to seeing many of you at conferences and on the road over the quarter and we look forward to talking to you again next quarter.

感謝大家參加此次電話會議。我們期待在本季的會議和路上見到你們，並期待下個季度再次與你們交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。