SPX Technologies Inc (SPXC) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2025 SPX Technologies earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 2025 年第二季 SPX Technologies 財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mark Carano, Chief Financial Officer. Please go ahead

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、財務長馬克卡拉諾 (Mark Carano)。請繼續

Thank you, operator, and good afternoon, everyone. Thanks for joining us. With me on the call today is Gene Lowe, our President and Chief Executive 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, spx.com.

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是我們的總裁兼執行長 Gene Lowe。今天收盤後，我們發布了包含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該新聞稿和我們的收益幻燈片演示以及本次電話會議的現場網絡直播連結。

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.

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。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.

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。

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 amortization expense, acquisition-related costs, nonservice pension items, mark-to-market changes and other items.

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。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。

Finally, we will be meeting with investors at various events over the quarter, including the Seaport Virtual Investor Conference in August, in the Jefferies Industrial Conference in September.

最後，我們將在本季的各種活動中與投資者會面，包括 8 月的海港虛擬投資者會議和 9 月的 Jefferies 工業會議。

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, Mark. 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 2025 as well as an update on our full year outlook. Our Q2 performance was strong. We grew second quarter adjusted EPS by 16%.

謝謝，馬克。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 年第二季合併和分部業績的最新情況以及全年展望的最新情況。我們第二季的表現強勁。我們第二季調整後的每股盈餘成長了 16%。

SPX continued to execute well, driving significant profit growth in both segments and making meaningful progress on several key initiatives. Once again, we are raising our full year guidance range to reflect our strong results and outlook for the remainder of the year.

SPX 繼續表現良好，推動兩個部門的利潤大幅成長，並在幾項關鍵措施上取得了有意義的進展。我們再次上調了全年預期範圍，以反映我們強勁的業績和對今年剩餘時間的展望。

We now anticipate growth in adjusted EBITDA of 18% at the midpoint of our updated range. Looking ahead, we remain well positioned to continue executing on our organic and inorganic value creation initiatives, supported by a robust M&A pipeline.

我們現在預計調整後的 EBITDA 將成長 18%，處於我們更新後的範圍的中點。展望未來，在強大的併購管道的支持下，我們仍處於有利地位，可以繼續執行我們的有機和無機價值創造計劃。

Turning to high-level results. For the second quarter, we grew revenue by 10%, largely driven by the benefit of recent acquisitions and project sales in our Detection & Measurement segment. Adjusted EBITDA increased by approximately 16% year over year with 120 basis points of margin expansion.

轉向高層次成果。第二季度，我們的營收成長了 10%，這主要得益於我們偵測與測量部門最近的收購和專案銷售帶來的好處。調整後的 EBITDA 年成長約 16%，利潤率擴大 120 個基點。

As always, I'd like to update you on our value creation initiatives. Over the past quarter, we've continued to gain traction on our growth and new product initiatives. We are making meaningful progress on expansion plans for our engineered air movement businesses where we see significant demand in excess of our current production capacity.

像往常一樣，我想向您介紹我們的價值創造舉措。在過去的一個季度，我們的成長和新產品計劃繼續取得進展。我們在工程空氣輸送業務的擴張計劃上取得了有意義的進展，我們發現該業務的需求大大超過了我們目前的生產能力。

We expect to announce site locations for the US production expansion of our TAMCO actuated dampers and Ingénia customer handling units before year-end with incremental production capacity anticipated to come online in the first half of 2026.

我們預計在年底前宣布美國 TAMCO 驅動阻尼器和 Ingénia 客戶處理裝置的生產擴張地點，增量生產能力預計將於 2026 年上半年上線。

On the new product front, we are receiving positive feedback and engagement from customers on the launch of our OlympusV Max product, a new cooling solution focused on the large scale needs of data center customers. Introduced earlier this year, the OlympusV Max runs either dry using no water or an antibiotic mode, allowing the user to optimize their preferences between water and power usage.

在新產品方面，我們推出的 OlympusV Max 產品得到了客戶的正面回饋和參與，這是一款專注於滿足資料中心客戶大規模需求的新型冷卻解決方案。OlympusV Max 於今年稍早推出，可不使用水進行乾運行，也可以使用抗生素模式運行，讓使用者在用水量和用電量之間進行最佳化。

We expect this product to strengthen our position and significantly increase our addressable market in data center cooling solutions. Our target is to book OlympusV Max orders this year for revenue in 2026, and we believe we are on track to achieve this target.

我們希望該產品能夠鞏固我們的地位並顯著擴大我們在資料中心冷卻解決方案中的潛在市場。我們的目標是今年獲得 OlympusV Max 訂單，並在 2026 年獲得收入，我們相信我們有望實現這一目標。

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

現在我將把電話轉回給馬克來審查我們的財務結果。

Thanks, Deane. Our second quarter results were strong. Year-over-year adjusted EPS grew 16% to $1.65. For the quarter, total company revenues increased 10% year over year, primarily driven by the acquisition of KTS and Sigma Omega as well as higher project sales in Detection & Measurement.

謝謝，迪恩。我們第二季的業績表現強勁。調整後每股盈餘較去年同期成長16%，至1.65美元。本季度，公司總營收年增10%，主要得益於收購KTS和Sigma Omega，以及檢測與測量業務項目銷售額的成長。

Consolidated segment income grew by $18 million or 15.5% to $136 million, while segment margin increased 110 basis points. For the quarter in our HVAC segment, revenues grew 5.7% year over year with 4.9% in organic growth.

合併分部收入成長 1,800 萬美元（15.5%），達到 1.36 億美元，而分部利潤率增加了 110 個基點。本季度，我們的 HVAC 部門營收年增 5.7%，有機成長 4.9%。

On an organic basis, revenues increased 0.7% with the modest increase reflecting a large cooling service project in the prior year. Excluding this project, the organic increase was approximately 7% with solid growth from both cooling and heating.

從有機基礎來看，收入成長了 0.7%，這一小幅成長反映了去年的大型冷卻服務項目。不包括該項目，有機成長率約為 7%，冷氣和供暖均達到穩健成長。

Segment income grew by $12 million or 14.5%, while segment margin increased 190 basis points. The increases in segment income and margin were largely due to higher volumes with a more accretive mix and favorable project execution in our cooling business that generated higher than typical margins.

分部營收成長 1,200 萬美元，成長 14.5%，分部利潤率增加 190 個基點。分部收入和利潤率的成長主要是由於冷凍業務的銷售增加、增值組合更加豐富以及專案執行情況良好，從而產生了高於平均水準的利潤率。

The latter accounted for nearly half of the segment's year-over-year margin improvement. Segment backlog at quarter end was $540 million, up 19.5% from Q1, including approximately 7% organically. For the quarter, in our Detection & Measurement segment, revenues increased 21% year over year.

後者佔該部門年比利潤率成長的近一半。季度末分部積壓訂單為 5.4 億美元，較第一季成長 19.5%，其中有機成長約 7%。本季度，我們的檢測與測量部門的營收年增了 21%。

On an organic basis, revenue increased 5.5%, the KTS acquisition accounted for an increase of 14.9% and FX was a modest tailwind. The increase in organic revenue was largely due to higher transportation and Comtech project deliveries.

從有機成長來看，營收成長了 5.5%，其中 KTS 收購貢獻了 14.9% 的成長，而 FX 則起到了適度的推動作用。有機收入的成長主要歸功於運輸量和 Comtech 專案交付量的增加。

Year-over-year segment income grew $6 million or 18%, primarily driven by the KTS acquisition, while segment margin declined 60 basis points, reflecting a slightly more favorable sales mix in the prior year. Segment backlog at quarter end was $365 million, up 6% sequentially from Q1, all organic.

與去年同期相比，該部門收入成長了 600 萬美元，增幅為 18%，這主要得益於 KTS 的收購，而該部門利潤率則下降了 60 個基點，這反映出去年的銷售組合略有改善。本季末分部積壓訂單為 3.65 億美元，較第一季季增 6%，全部為有機成長。

Turning now to our financial position at the end of the quarter. We ended Q2 with cash of $137 million and total debt of approximately $1 billion. Our leverage ratio, as calculated under our bank credit agreement was approximately 1.7 times, including the effect of the Sigma and Omega acquisition, which closed in mid-April. 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. Q2 adjusted free cash flow was approximately $37 million.

現在來看看本季末的財務狀況。我們第二季結束時的現金為 1.37 億美元，總債務約 10 億美元。根據我們的銀行信貸協議計算，我們的槓桿率約為 1.7 倍，其中包括 4 月中旬完成的 Sigma 和 Omega 收購的影響。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。第二季調整後的自由現金流約為 3,700 萬美元。

Moving on to our full year 2025 guidance. We are updating adjusted EPS to a range of $6.35 to $6.65 and reflecting a year-over-year growth of 16.5% at the midpoint. This represents an increase from our previous range of $6.10 to $6.40. The increase reflects our strong Q2 results and second half outlook.

繼續我們的 2025 年全年指導。我們將調整後的每股盈餘更新至 6.35 美元至 6.65 美元的範圍，中間值反映出年增 16.5%。這比我們之前的6.10美元至6.40美元區間有所上調。這一上調反映了我們強勁的第二季業績和下半年的展望。

In HVAC, we are narrowing our revenue guidance range, resulting in a midpoint of approximately $1.52 billion, while our margin guidance is increasing by 75 basis points at the midpoint, largely to reflect our performance in Q2. In D&M, we are increasing revenue and margin guidance to reflect additional project deliveries in 2025.

在暖通空調領域，我們正在縮小收入預期範圍，中間值約為 15.2 億美元，而利潤率預期中間值則增加了 75 個基點，這主要是為了反映我們第二季度的業績。在 D&M 領域，我們提高了收入和利潤率預期，以反映 2025 年更多項目的交付。

With respect to cadence, we expect Q3 adjusted EPS will be approximately flat sequentially, and the second half as a percentage of the full year will be similar to the prior year. As always, you'll find modeling considerations in the appendix to our presentation.

就節奏而言，我們預計第三季調整後的每股盈餘將與上一季基本持平，下半年佔全年的百分比將與去年相似。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. Market conditions support our increased full year outlook for 2025. In our HVAC segment, we have a healthy backlog for our highly engineered solutions and our core markets remain solid. We continue to feel positive about data center opportunities in 2025, 2026, and our related new product introduction initiatives are progressing well.

謝謝，馬克。市場狀況支持我們提高 2025 年全年預期。在我們的暖通空調領域，我們高度工程化的解決方案擁有充足的積壓訂單，我們的核心市場仍然穩固。我們持續對 2025 年、2026 年的資料中心機會持樂觀態度，我們相關的新產品推出計畫進展順利。

In our Detection & Measurement segment, run rate market demand remains flattish with regional variation, while our project businesses are seeing healthy frontlog activity with many new bookings slated for delivery in 2026 and beyond.

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良好，許多新訂單計劃在 2026 年及以後交付。

In summary, I'm pleased with our strong Q2 performance, and I'm confident in our updated guidance, which implies adjusted EBITDA growth of approximately 18%. We continue to see solid momentum in our end markets and key initiatives including our progress on capacity expansions and new product introductions.

總而言之，我對我們第二季度的強勁表現感到滿意，我對我們更新後的指引充滿信心，這意味著調整後的 EBITDA 成長約為 18%。我們持續看到終端市場和關鍵舉措的強勁發展勢頭，包括產能擴張和新產品推出方面的進展。

We also have a robust M&A pipeline with several attractive opportunities. Looking ahead, I remain excited about our future. With a proven strategy and a highly capable, experienced team, I see significant opportunities for SPX to continue growing and driving value for years to come.

我們也擁有強大的併購管道，其中包含多個極具吸引力的機會。展望未來，我對我們的未來依然充滿期待。憑藉著行之有效的策略和一支能力強、經驗豐富的團隊，我看到了 SPX 在未來幾年繼續成長和創造價值的巨大機會。

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

說完這些，我就把電話轉回給馬克。

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) Bryan Blair, Oppenheimer.

（操作員指示）布萊恩·布萊爾，奧本海默。

It's a very solid quarter. You called out data center technology investments, and obviously, there's a lot of enthusiasm or new enthusiasm on data center build-out and growth runway. What growth is your team seeing in the space? What are expectations for 2025? And are you willing to size orders to date in dry and adiabatic technologies and how supported that rollout may or should be to 2026 growth?

這是一個非常穩健的季度。您呼籲對資料中心技術進行投資，顯然，人們對資料中心的建設和成長跑道表現出很大的熱情或新的熱情。您的團隊在該領域看到了哪些成長？對 2025 年有何期望？您是否願意確定迄今為止乾式和絕熱技術的訂單規模，以及該技術的推出對 2026 年的增長可能或應該提供多大的支持？

Yeah. Why don't I start there, Brian. I think as we've talked about in the past, data center has become more material to us using broad brush numbers, and this has grown from, let's say, around $150 million to $200 million in 2025. This would be around high single digits for the company overall, and 9%. This will grow further going into 2026.

是的。我為什麼不從那裡開始呢，布萊恩。我認為，正如我們過去所討論的那樣，使用粗略的數字來衡量，資料中心對我們來說已經變得更加重要，而且到 2025 年，這一數字已經從大約 1.5 億美元增長到 2 億美元。對於整個公司來說，這個數字大約是高個位數，即 9%。到 2026 年，這一數字還將進一步增長。

We feel like we're very well positioned with our product portfolio, in particular, on cooling towers, also our actuated dampers.

我們覺得我們的產品組合處於非常有利的地位，特別是冷卻水塔，還有我們的驅動風門。

But as we've talked about in the past, we have significantly increased our TAM, our addressable market with the introduction of the OlympusV Max. This is a dry and/or adiabatic solution that is large in scale for the data center market. And I would say we feel very good about where we are. What we've said is we want to get a material amount of bookings. We're talking the tens of millions of dollars for this year that we would anticipate revenue in next year.

但正如我們過去所談到的，隨著 OlympusV Max 的推出，我們顯著增加了我們的 TAM，即我們的潛在市場。對於資料中心市場來說，這是一個規模很大的乾式和/或絕熱解決方案。我想說，我們對目前的狀況感到非常滿意。我們說過，我們希望獲得大量的預訂。我們預計今年的收入將達到數千萬美元，明年的收入也將達到數千萬美元。

And I think we are right on track and feeling very good about this product. We actually feel like we have a number of advantages on this product and it's being seen and received in the market.

我認為我們正朝著正確的方向前進，並且對這款產品感到非常滿意。我們確實覺得這款產品有很多優勢，而且它在市場上已經受到認可和歡迎。

So as we step back and look at where we play in data center, I think this year is a good year for us. And I think next year is going to be even better. So overall, we like what we're seeing. This what does this mean at the company level, we're not going to offer guidance at this point, but it will be higher than 9% of our company revenue would probably say low double digits as we look ahead to 2026.

因此，當我們回顧並看看我們在資料中心所扮演的角色時，我認為今年對我們來說是好的一年。我認為明年會更好。總的來說，我們喜歡我們所看到的一切。這在公司層面意味著什麼，我們目前不會提供指導，但展望 2026 年，它將高於我們公司收入的 9%，可能會達到兩位數的低點。

That's very exciting. And you noted US manufacturing capacity for TAMCO and Ingénia being online during the first half of next year. If we were to take the capacity add in the US for those businesses combined with what's ongoing in Quebec for Ingénia.

這非常令人興奮。您也指出，TAMCO 和 Ingénia 的美國製造產能將於明年上半年上線。如果我們將美國這些企業的產能增加與 Ingénia 在魁北克的正在進行的產能結合。

What would the run rate revenue capacity lift be if we were to fast forward to the middle of next year or the end of next year?

如果我們快轉到明年年中或明年年底，運行率收入能力提升會是多少？

Yeah. What we've said, if you look at Canada, Mirabel where I know a number of people have just visited just fabulous facility team and product area. We basically said we wanted to get to a $100 million run rate by the end of last year. We see very close to that. I'd say we're a little short but very close to that.

是的。我們說過，如果你看看加拿大的米拉貝爾，我知道很多人剛剛參觀過那裡非常棒的設施團隊和產品區。我們基本上說過，我們希望在去年年底實現 1 億美元的營業額。我們看到的情況與此非常接近。我想說我們還有一點差距，但已經非常接近了。

And then really, we'd want to be at $140 million run rate out of that facility at the end of Q4. That doesn't mean we'd get to that revenue number this year, but we'd be running at that rate.

然後，我們實際上希望在第四季末該工廠的運作率達到 1.4 億美元。這並不代表我們今年就能達到這個收入數字，但我們會以這個速度運作。

And the capacity expansions there are going well. I think that we are growing. And I think that we're from what we see, it's not easy to grow and add capacity of a highly robotic automated solution, but we are making very nice progress.

那裡的產能擴張進展順利。我認為我們正在成長。我認為，從我們所看到的情況來看，發展和增加高度機器人自動化解決方案的容量並不容易，但我們正在取得非常好的進展。

So I think we're going to hit that for this year. And then what we've said is that when we add the new facility, we would target by the end of '27 to be in the range of having a capacity of $300 million-ish run rate.

所以我認為我們今年會實現這個目標。然後我們所說的是，當我們增加新設施時，我們的目標是到 27 年底將產能達到 3 億美元左右的運作率。

And so if you look at that, that's a very significant growth to where we were last year and very significant growth where we are this year. Again, we've talked about Ingénia a lot. They have a truly a great product, not only a great physical product, but the software solution, our System 1 solution, which we think now one in the industry can match in terms of how quickly they can configure a unique solution for customers.

所以如果你看一下，你會發現與去年相比，這是一個非常顯著的成長，與今年相比，這是一個非常顯著的成長。再一次，我們已經多次談論 Ingénia。他們的產品確實很棒，不僅有很棒的實體產品，還有軟體解決方案，也就是我們的 System 1 解決方案，我們認為，就他們為客戶配置獨特解決方案的速度而言，現在業內沒有哪個解決方案可以與之匹敵。

We feel good about that. So yes, we would expect to see some nice, meaningful growth on Ingénia really driven as a part of our expansion in Mirabel outside of Montreal. But then also our US expansion, which we think will get up and rolling in the first half '26.

我們對此感到很高興。所以是的，我們期望看到 Ingénia 實現一些良好、有意義的成長，這實際上是我們在蒙特利爾以外的米拉貝爾擴張的一部分。但同時，我們認為我們的美國擴張也將在 2026 年上半年啟動並順利進行。

I appreciate that detail. And if we move to the D&M side of the portfolio, and there's better project momentum than we expected at this point. You've spoken to the 2026 prospects, and it sounds like that visibility is getting better and better. But for the back half of this year for D&M, what's your team contemplating in terms of project contribution versus run rate activity?

我很欣賞這個細節。如果我們轉向投資組合的 D&M 方面，那麼目前的專案動能會比我們預期的要好。您已經談到了 2026 年的前景，聽起來前景越來越光明。但對於今年下半年的 D&M，您的團隊在專案貢獻與運行率活動方面有何考慮？

Yeah, Brian, we're -- I think as we said, we remain excited about what we're seeing on the project front in D&M for the back half of the year and into 2026. I think as you probably can tell, book-to-bill was around 1.1 for the quarter. Backlog has grown nicely, and we expect it to be even higher by the end of the year. I would guess as I look at the project business, we're expecting that to grow in the high teens organically during the second half of the year.

是的，布萊恩，我想正如我們所說的那樣，我們仍然對今年下半年和 2026 年 D&M 項目方面的情況感到興奮。我想您可能已經看出來了，本季的訂單出貨比約為 1.1。積壓訂單成長良好，我們預計到今年年底會更高。我猜，當我審視專案業務時，我們預計今年下半年它將實現百分之十幾的有機成長。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Just a follow-up clarification on that comment you just made. So you did raise the sales guidance for D&M by like mid-single digits. And so you've got this double-digit growth baked into the back half. I'm just trying to understand, so is some of the stuff that you thought was going to happen in 2026 actually happening sooner, getting pulled forward? Or did you actually see new project activity pop up in the last couple of months that really wasn't there when we last talked.

這只是對您剛才所作的評論的後續澄清。所以你確實將 D&M 的銷售預期提高了個位數左右。因此，下半年就實現了兩位數的成長。我只是想了解一下，那麼你認為將在 2026 年發生的一些事情是否實際上會更早發生，被提前了？或者您是否確實看到過去幾個月出現了新的專案活動，而我們上次談話時這些活動實際上並不存在。

No, Damien, that was -- so the raise or the increase in the guide was really projects that were in the very early part of 2026 that have moved into 2025. So it's really just a timing dynamic. You know we say this all the time, but we do our best to get these in the year, but within shorter periods of time, they can move across quarters fairly easily.

不，達米安，那是——所以指南的提高或增加實際上是 2026 年初進入 2025 年的項目。所以這其實只是一個時間動態。你知道我們總是這麼說，但我們會盡力在一年內實現這些目標，但在較短的時間內，它們可以相當容易地跨季度移動。

So that's really what drove it. But we continue to see a lot of activity on the project side. I mean I just mentioned that and reiterate it. Despite those moving from '26 to '25, and we're continuing to see a lot of activity both on the Genfare side of the business as well as Comtech.

這才是真正的驅動因素。但我們繼續看到專案方面有很多活動。我的意思是我剛才提到這一點並重申。儘管這些活動從 26 年轉移到 25 年，但我們仍然看到 Genfare 業務方面以及 Comtech 方面都有許多活動。

Understood. I wanted to ask you about the HVAC margin, obviously, quite strong there in the second quarter. Could you just talk a little bit about what drove the strength and the guide looks like it suggests you'll see a little bit of a step down. I know you raised the full year statement margin, but you're expecting the back half to not be at the same level in the second quarter. So could you just talk through your expectations there?

明白了。我想問您有關 HVAC 利潤率的問題，顯然，第二季的利潤率相當高。您能否簡單談談推動這種力量的因素，指南似乎表明您會看到一點下降。我知道您提高了全年報表利潤率，但您預計下半年的利潤率不會達到第二季的水平。那麼您能談談您的期望嗎？

Yeah, sure. So in the quarter, the margins were 25.4%. That was -- year over year, it's about 190 basis points over where we were in Q2 of last year. Really, a couple of things that I would call out, one of which was, obviously, in our prepared remarks, about 50% of this related to some favorable project execution we had within the HVAC business. So that represented about half of that increase.

是的，當然。因此本季的利潤率為 25.4%。與去年同期相比，這比去年第二季高出約 190 個基點。確實，我想指出幾件事，其中之一顯然是在我們的準備好的發言中提到的，其中大約 50% 與我們在 HVAC 業務中執行的一些有利的項目有關。這大約佔了增幅的一半。

The remaining 50% was really split between higher volume that we had in the quarter. And then we had a more accretive mix for lack of a better description, a higher-margin book of business within the quarter.

剩下的 50% 實際上被我們本季的較高銷量所瓜分。然後，由於缺乏更好的描述，我們獲得了更具增值性的組合，即本季內利潤率更高的業務帳簿。

So that's really how it broke out between the two. When you step back and think about the full year for HVAC when I look at where our guide was at 23%, I think the midpoint was 23.75 margin. We've moved that up to -- at a midpoint of 24.5%. So it's up 80 basis points for the full year. And when you look at the half year, it's actually -- it will actually also be up in the range of -- check in my numbers here, about 40 basis points.

原來兩人之間的矛盾就這樣爆發了。當您回顧並思考 HVAC 的全年情況時，我看到我們的指導值為 23%，我認為中點是 23.75 的利潤率。我們已將其提高至中間值 24.5%。因此全年上漲了 80 個基點。當你看半年的時候，它實際上 - 它實際上也會在 - 查看我的數字，大約 40 個基點的範圍內。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Just a clarifying point on the OlympusV Max. You said dry an hybrid. This is a dual unit or we should still expect a dry launch later this year?

這只是關於 OlympusV Max 的一個澄清點。你說的是乾燥混合物。這是一個雙單元還是我們仍然應該期待今年稍後的乾式發射？

They're both launched, Ross. So the beauty of this product is it's modular, which we actually think gives us a competitive advantage. What that means is you can buy this as a dry product without the adiabatic. The adiabatic is a part of the system which delivers the water on the outside that gives you higher efficiencies and reduces your energy. So they are both in the market.

它們都已經發射了，羅斯。所以這個產品的優點在於它的模組化，我們實際上認為這給了我們競爭優勢。這意味著你可以購買乾性產品，無需絕熱的。絕熱系統是系統的一部分，它將水輸送到外部，從而提高效率並減少能耗。所以他們都在市場上。

We are quoting both. We are getting -- we're making nice progress on both, but they're both out there today.

我們引用了兩者。我們正在取得進展——我們在這兩方面都取得了良好的進展，但它們今天都已經存在了。

Okay. And can you maybe just help us get a better sense of what the mix profile will be for these two products?

好的。您能否幫助我們更了解這兩種產品的混合情況？

It depends. I think that we've had some customers that we are working with flip back and forth in general. I think you get a lot more value out of adiabatic because water just gives you higher efficiencies, less power usage, less carbon emissions.

這取決於。我認為，我們合作的一些客戶總體上是反覆無常的。我認為絕熱能帶來更多價值，因為水能帶來更高的效率、更少的電力消耗和更少的碳排放。

So if power to look at it, just to set the table, as a reminder for data centers, this segment of the market is bigger than cooling towers. So you think of everything we've done with the Everest, which has been a great product for us and growing very rapidly, this new market we've entered is larger than that market.

因此，如果從電力角度來看，只是為了設定表格，提醒資料中心，這個市場部分比冷卻水塔更大。所以你想想我們為 Everest 所做的一切，它對我們來說是一款很棒的產品，而且成長非常迅速，我們進入的這個新市場比那個市場還要大。

So I would say we've seen interest in both, but probably rough ballpark, maybe two-thirds, 80-betic, one-third dry is what I would say.

所以我想說，我們已經看到了對這兩種酒的興趣，但大概的大概是，我想說大概是三分之二，80% 的酒是甜的，三分之一是乾的。

Okay. And then just -- I mean, based on what you can say, any thoughts on competitive position in the market and maybe potential exclusivity with hyperscalers?

好的。然後只是——我的意思是，基於您所說的，您對市場競爭地位以及與超大規模企業的潛在排他性有何看法？

Yeah. I think our competitive positioning is very strong. I think we have a number of advantages here that are being seen by the end customers we start with our heritage of cooling towers where we are, I would argue, the number one cooling power provider in the world. We invented the cooling tower you look at natural draft towers, large towers, we just have some unique competencies on air flow, heat exchange, back pressure analysis, et cetera, et cetera. We're very good at the big stuff.

是的。我認為我們的競爭地位非常強。我認為我們在這方面擁有許多優勢，這些優勢被最終客戶所看到，首先是我們在冷卻水塔領域的傳統，我認為我們是世界上排名第一的冷卻電力供應商。我們發明了冷卻塔，您可以看到自然通風塔、大型塔，我們在氣流、熱交換、背壓分析等方面擁有一些獨特的能力。我們非常擅長處理大事。

And so what has happened is we are very -- we believe we have a very strong position in cooling towers for data centers. A lot of the technology, a lot of the capability translates over. So if you think about it, A couple of things that I would call out that I think we believe we have some unique advantages there.

所以發生的事情是，我們非常——我們相信我們在資料中心冷卻水塔領域擁有非常強勢的地位。許多技術和能力都轉化過來了。所以如果你仔細想想，我想指出幾件事，我認為我們相信我們在那裡有一些獨特的優勢。

First, we have a modular design, which means the same product can be upgraded and get more tonnage our competitors. We don't see that being prevalent in the market.

首先，我們採用模組化設計，這意味著同一產品可以升級並獲得比競爭對手更多的噸位。我們認為這種現像在市場上並不普遍。

So we think that gives us an advantage. I would say our mechanical equipment. We make our own unique fan designs, our own motor designs or on gear reducer designs, that have been battle tested over the past 50 years in the field for cooling towers, this is just really a cooling tower with the different heat exchange. It's really a coil oil products.

所以我們認為這給了我們優勢。我想說的是我們的機械設備。我們擁有自己獨特的風扇設計、馬達設計或齒輪減速器設計，這些設計在過去 50 年中已經在冷卻水塔領域經過了實戰檢驗，這實際上只是一座具有不同熱交換功能的冷卻塔。這確實是一種線圈油產品。

So that translates very nicely that we believe we have an advantage on our mechanical equipment. And this is particularly important for data centers who really care about uptime. We have, I believe, the best uptime equipment in the market. And the third thing I would say is we're doing CTI testing. We believe we're going to be one of two products that will be CTI validated.

這很好地表明了我們相信我們的機械設備具有優勢。這對於真正關心正常運作時間的資料中心來說尤其重要。我相信，我們擁有市場上最好的正常運作時間設備。我想說的第三件事是我們正在進行 CTI 測試。我們相信我們將成為兩種經過 CTI 驗證的產品之一。

That means cooling tower Institute validated which basically shows that it guarantees the performance of your product. So when customers buy our products, they are darn sure they're going to get the performance that they want and they need. So yes, so we feel good about this market. And I would expect we're going to be shipping product here in 2026.

這意味著冷卻水塔研究所已經驗證，這基本上表明它保證了您的產品的性能。因此，當客戶購買我們的產品時，他們非常確信他們將獲得他們想要和需要的性能。是的，我們對這個市場感覺良好。我預計我們將於 2026 年在這裡運送產品。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

Wanted to check a little bit more, if we could, on I guess, get a better understanding if we could, on the applications for the VMAX and data centers. I guess if customers are deciding between going with the VMAX and going with another solution, what are the main considerations that would make them decide to go with the MAX. Is it how much of that might be speed, cost, performance, et cetera.

如果可以的話，我們想進行更多檢查，以便更好地了解 VMAX 和資料中心的應用程式。我想，如果客戶正在決定選擇 VMAX 還是其他解決方案，那麼主要考慮因素是什麼會讓他們決定選擇 MAX。其中有多少可能是速度、成本、效能等等。

Yeah. I mean I think if I look at it -- what I would say in this market, I think if you go to -- if you look at cooling tower market in the US, the water cooling tower market it's a very consolidated market. There's three large players that accounts for the majority of the market, for example, in North America. In the air cooled, you see more fragmentation. There's more players.

是的。我的意思是，我認為如果我看一下 - 我想在這個市場上說什麼，如果你去 - 如果你看看美國的冷卻塔市場，水冷卻塔市場是一個非常整合的市場。例如，在北美，有三家大型公司佔據了大部分市場。在空氣冷卻下，你會看到更多的碎片。還有更多玩家。

There's a number of players. Having said that, when you get to the very large applications, it's a much smaller set of competitors. And the reason being is there's very high engineering requirements. If you look at these products, these products are longest, 40 feet long. It could be up to 20 feet high.

有很多球員。話雖如此，但當你面對非常大的應用程式時，競爭對手的數量就會少得多。原因是工程要求非常高。如果你看一下這些產品，這些產品是最長的，長達 40 英尺。其高度可達 20 英尺。

You're talking tons of product, and you need to be very capable of handling in like large industrial scale and understanding all of the associated ramifications of that. So that really narrows down the number of people who can be a qualified provider in that market. And I would say we shine in that regard.

你談論的是大量的產品，你需要非常有能力處理大規模的工業產品，並了解所有相關的後果。因此，這實際上縮小了可以成為該市場合格供應商的人數。我想說我們在這方面表現出色。

The second thing I would say is they typically look at all of the things that customers look at, they want certain efficiency levels, what's the power usage. They want to be able to do something that is flexible. It can run with the water on, with the water off, they have sound requirements, low sound is important as some of these data centers are going in neighborhoods. They don't want to have a lot of decibels out there. So when you look at these markets, there's usually a number of different features and benefits.

我想說的第二件事是，他們通常會考慮客戶所關注的所有事物，他們想要一定的效率水平，電力使用情況是多少。他們希望能夠做一些靈活的事情。它可以在有水的情況下運行，也可以在無水的情況下運行，它們有聲音要求，低聲音很重要，因為其中一些資料中心位於居民區。他們不想讓噪音太大。因此，當你觀察這些市場時，通常會發現許多不同的特徵和優勢。

But typically, they're going to want to partner with a large-scale partner who they can count on to meet their very large needs. They want to have engineering capabilities to be able to solve any issues that may arise during the engineering or the delivery process, and they want the functional specifications that they're desiring. So of course, if you've got better efficiencies, you've got better airflow, you've got lower horsepower motors, you'll do better.

但通常情況下，他們會希望與一個可以信賴的大型合作夥伴合作，以滿足他們的龐大需求。他們希望擁有工程能力，能夠解決工程或交付過程中可能出現的任何問題，並且他們希望獲得他們想要的功能規格。所以當然，如果你有更好的效率，你有更好的氣流，你有更低馬力的馬達，你會做得更好。

And I think we match up very well on our product. I think we match up very well on being a very qualified supplier in that market. I think the Marley brand holds a lot of weight in the cooling tower market. And I think that's a benefit for us. So those would be some of the things to think about.

我認為我們的產品非常匹配。我認為我們非常符合成為該市場合格供應商的條件。我認為 Marley 品牌在冷卻水塔市場佔有很大的份額。我認為這對我們來說是有益的。這些都是需要考慮的事情。

One thing I would say in this market most data center -- we're talking about the hyperscalers, they prefer to have -- they don't -- they prefer not to sole source. So they prefer to have a large provider and then they prefer to have an option of a smaller supplier. So we'll typically try to avoid being sole source to one company here.

我想說的是，在這個市場上，大多數資料中心——我們談論的是超大規模資料中心——他們更喜歡擁有——他們不喜歡單一來源。因此，他們傾向於選擇大型供應商，然後他們也傾向於選擇小型供應商。因此，我們通常會盡量避免成為一家公司的唯一來源。

Makes sense. And then if we shift to the D&M business for a moment, maybe you can delve a little bit more into the main drivers you're seeing for that business and the growth you're expecting going forward? And maybe touch on the drone detection and jamming part of that business. Just curious I guess, where you're seeing demand there? Are you seeing anything in civilian -- is it more defense?

有道理。然後，如果我們暫時轉向 D&M 業務，也許您可以更深入地探討一下您所看到的該業務的主要驅動力以及您預期的未來成長？或許還會涉及該業務的無人機偵測和乾擾部分。我只是好奇，你在哪裡看到需求？您在平民身上看到了什麼—更多的是防禦嗎？

What -- how is that shaping up?

什麼——情況怎麼樣？

Yeah, sure. I'll start, and then Mark can jump in here. I think that if you look at this as a level set, if you look at the Detection & Measurement business, approximately two-thirds of that business is run rate. It's been flattish modest growth we've seen over the past two years, actually some nicer growth this year. But projects are about one-third of that business, and we've seen really nice progress here.

是的，當然。我先開始，然後馬克可以加入。我認為，如果你將其視為一個水平集，如果你看一下檢測和測量業務，大約三分之二的業務是運行率。過去兩年，我們看到的是平穩溫和的成長，實際上今年的成長有所改善。但專案約佔業務的三分之一，我們在這裡看到了非常好的進展。

What I would say is the way I think about it is transportation, really on Genfare, is this that would be installing large projects for our customers there. What drives that, the transportation bill that's been out there for a couple of years has provided support. But the punchlines are seeing good activity there. We've had some really nice competitive wins at some multiyear wins.

我想說的是，我對此的看法是，在 Genfare 上，運輸實際上是為我們的客戶安裝大型專案。推動這一進程的是已經實施了幾年的交通法案，它提供了支持。但妙語在那裡很活躍。我們在多年的競爭中取得了一些非常好的勝利。

So if I look at that business, it's the normal course. We have expanded our addressable opportunity. We've actually launched a new ticket vending solution, the hardware and software that really opens up some opportunities for us who already on our large first large -- our first two large customers there, one large one metal size and with a number of other it's ongoing. So that's probably what's driving the transportation.

所以如果我看一下那項業務，這是正常的進程。我們擴大了可尋址機會。我們實際上已經推出了一種新的售票解決方案，其硬體和軟體確實為我們開闢了一些機會，我們已經在那裡擁有了第一大客戶——我們的前兩個大客戶，一個是金屬尺寸的大客戶，還有一些其他客戶正在進行中。這可能就是推動交通運輸發展的因素。

On the Comtech, there is a good chunk of Comtech, which is military, but there's also nonmilitary components in there. A lot of our PCI branded product is used for spectrum monitoring. That same product is also used in military applications. And to your point, we are seeing drones being a primary application usage there. So our products can really help you identify where the enemies are but also where the drones are.

在 Comtech 中，Comtech 有很大一部分是軍事部分，但其中也有非軍事部分。我們的許多 PCI 品牌產品用於頻譜監測。該產品也用於軍事用途。正如您所說，我們看到無人機在那裡成為主要的應用用途。因此，我們的產品可以真正幫助您識別敵人的位置以及無人機的位置。

And it works very well. So that's been the driver of our projects there. The newest acquisition, which is also a part of that is called KPS. That's a little bit different of a space, but there was also some nice -- we think, some nice benefits from drones there where they provide digital interoperability where they are the centralized point of communication for customers.

而且效果非常好。這就是我們在那裡開展專案的驅動力。最新收購的公司 KPS 也是其中的一部分。這是一個略有不同的領域，但也有一些不錯的——我們認為，無人機可以帶來一些不錯的好處，它們可以提供數位互通性，成為客戶的集中溝通點。

They bring all these different disparate communication technologies into one solution, and we're seeing a lot of drone activity there and and being used in our products being used in those applications there. So yes, that is a driver for us.

他們將所有這些不同的通訊技術整合到一個解決方案中，我們看到那裡有許多無人機活動，這些技術也被用於我們的產品中。是的，這對我們來說是一個驅動力。

Okay. Great. And if I could just squeeze one more in. On the M&A front, just wondering any shifts in focus there, where you might be most focused? And then how are targets aligning for completion?

好的。偉大的。如果我能再擠進一個就好了。在併購方面，我只是想知道那裡的重點是否有任何轉變，您最關注的是什麼？那麼目標如何協調才能完成呢？

Yeah. What I would say on M&A is I'm feeling very, very positive start with as a reminder, M&A is a critical component of our value creation strategy. As if you've been following our company, we really invest for growth. 98% of our cash flow has gone into growth, predominantly M&A and CapEx, but that was 92% in terms of acquisitions. $2 billion of capital, 16 acquisitions average price has been 10 times to 12 times.

是的。關於併購，我想說的是，我對此感到非常非常積極，首先要提醒的是，併購是我們價值創造策略的關鍵組成部分。如果您一直關注我們公司，您會發現我們確實是為了成長而投資。我們 98% 的現金流都用於成長，主要是併購和資本支出，但其中 92% 用於收購。 20 億美元的資本，16 次收購的平均價格為 10 倍到 12 倍。

These are really good businesses, really hard synergies but have really strengthened our company and have been accretive on aggregate, both in margins and in growth rate.

這些都是非常好的業務，具有很強的協同效應，不僅增強了我們公司的實力，而且總體上實現了成長，無論是利潤率還是成長率。

So as I step back and look about where we are today, I'd say our pipeline is very robust and it's robust, not only now for what we see and what we're actively working on, but also for what we see coming out over the next 12 months. The areas within our business that we see the most activity. Probably the largest one would be engineered air movement.

因此，當我回顧我們今天的狀況時，我想說我們的管道非常強大，不僅對於我們現在看到的和正在積極開展的工作而言是如此，而且對於我們在未來 12 個月內將會推出的產品而言也是如此。我們的業務中最活躍的領域。可能最大的一個就是工程空氣流動。

We really like this is really a great business for us. You talk about Ingénia, you talk about TAMCO, you talk about Strobic and Cincinnati Fan and we see a lot of runway here, and we see very attractive opportunities to continue to build, strengthen that business.

我們真的很喜歡，這對我們來說真的是一門很棒的生意。您談到了 Ingénia、TAMCO、Strobic 和 Cincinnati Fan，我們看到了這裡的巨大潛力，也看到了繼續建立和加強該業務的非常有吸引力的機會。

And then I would say we're seeing some nice opportunities and the Detection & Measurement side, probably most specifically Comtech and transportation, where we think there's some very nice synergistic opportunities there as well.

然後我想說，我們看到了一些很好的機會，在檢測和測量方面，可能最具體的是通訊技術和運輸，我們認為那裡也有一些非常好的協同機會。

Steve Ferazani, Sidoti.

史蒂夫費拉扎尼、西多蒂。

Well, it sounds like you're doing pretty well as well. I wanted to ask about, as we've gone through earnings season, we're hearing certainly from plenty of companies that there were at least some hiccups post liberation Day, whether it was expected orders being delayed, whether it was issues with distributors exercising more caution.

嗯，聽起來你也做得很好。我想問一下，我們已經度過了財報季，我們確實從很多公司那裡聽說，解放日之後至少出現了一些小問題，無論是預計的訂單延遲，還是分銷商更加謹慎的問題。

It sounds like you were completely exempt from all of it. Maybe that's because of Precision Engineered Products. Can you touch on that at all? Did you see any sense of caution in the market at least in those first couple of months as there was just general economic uncertainty?

聽起來你好像完全不受這一切影響。也許這是因為精密工程產品。您能談談這個嗎？由於普遍的經濟不確定性，您是否看到市場至少在最初幾個月內出現謹慎情緒？

I'll start and I'll turn it over to Mark. I'd say you look at our overall, I think it's been managed pretty well. We can't really point to anything. One thing I would say you got to be a little careless companies don't typically start large capital programs, and there's lots of uncertainty.

我先開始，然後把麥克風交給馬克。我想說，看看我們的整體情況，我認為管理得相當好。我們確實無法指出任何事情。我想說的是，你必須有點粗心，公司通常不會啟動大型資本計劃，而且存在著許多不確定性。

And so we're going to keep our eye on the Dodge report, for example, and if you were to build a new hospital or a new manufacturing facility, the demand that would hit us the cooling towers or the customer handling or the any of our range of products is typically downstream.

因此，我們將密切關注道奇報告，例如，如果你要建造新醫院或新的製造工廠，那麼對我們冷卻水塔或客戶處理或任何產品系列的需求通常都在下游。

And so we're going to keep our eyes on that. But I would say that overall, if I look at our end market demands going into '26, actually, actually this had a full strategic review last week. And I would say end markets look on track for '26. We're actually feeling good. Mark, what you said, so we did get clipped a little bit with tariffs.

因此我們將持續關注此事。但我想說，總的來說，如果我看一下我們進入 26 年的終端市場需求，實際上，上週我們已經進行了全面的策略審查。我想說，26 年終端市場看起來將會步入正軌。我們確實感覺很好。馬克，正如你所說，我們確實受到了關稅的一點限制。

Yeah, a little bit. We can come back to that. But I think from a supply chain perspective, we're largely in country for country, with a lot of our manufacturing and I wouldn't say we really had any issues with respect to sourcing equipment and anything of that nature.

是的，有一點。我們可以回過頭來討論這個問題。但我認為從供應鏈的角度來看，我們的許多製造業務基本上都是在各個國家之間進行的，而且我認為我們在採購設備和任何類似性質的商品方面並沒有遇到任何問題。

We've done a lot to manage that through the COVID period and deploying our business system and our supply chain capabilities to make sure we are well positioned to support the business additively, over the last quarter or so.

在 COVID 期間，我們做了很多工作來管理這一點，並部署了我們的業務系統和供應鏈能力，以確保我們能夠很好地支援過去一個季度左右的業務。

Okay. That's helpful. And you said there was some -- you wanted to touch on follow-up on the tariff issue.

好的。這很有幫助。您說有一些—您想談談關稅問題的後續情況。

Yeah. I mean, big picture, Steve, I think last quarter, we talked about tariffs being at a midpoint a $0.10 headwind for the year, which is frankly not really that material a number you think of total EPS. Yeah. And over the last quarter is, I mean, the tariff environment has been changing, right, almost weekly or daily. It feels like it's hit at least a new floor for now.

是的。我的意思是，從總體來看，史蒂夫，我想上個季度，我們討論的關稅是今年中點的 0.10 美元逆風，坦率地說，這對總每股收益來說並不是那麼重要。是的。在過去的一個季度，關稅環境幾乎每週或每天都在變化。目前感覺它至少已經達到了一個新的水平。

But nevertheless, managing through that, looking at our -- I come back to our business system and our supply chain teams really focusing on that. We've actually recalibrated our exposure, and we actually think it's only about $0.05 for the total company.

但儘管如此，透過管理，看看我們的——我回到我們的業務系統和我們的供應鏈團隊真正關注的是這一點。我們實際上已經重新調整了我們的風險敞口，我們實際上認為對於整個公司來說這僅為 0.05 美元左右。

Well, that's great. I want to turn for a second to free cash flow, you are trailing where you were last year to the first half looks like there was a more sizable working capital build. I know you had the two acquisitions. I'm sure there was some cash costs involved in that. But you guided for it being back towards the lower end of your net leverage target ratio.

嗯，那太好了。我想稍微談談自由現金流，你們的自由現金流落後去年上半年的水平，看起來營運資本的累積更為可觀。我知道你們進行了兩次收購。我確信這其中涉及一些現金成本。但您指導它回到淨槓桿目標率的下限。

So it would seem to indicate much stronger free cash flow than the typical seasonal working capital reversal. Can you touch on free cash flow trends you're expecting in second half?

因此，它似乎表明自由現金流比典型的季節性營運資本逆轉強勁得多。您能談談對下半年自由現金流趨勢的預期嗎？

Yeah, sure. Listen, I'm still confident about us meeting our free cash flow commitments for the year. no change there. This quarter, you're absolutely right. It stuck out from a working capital perspective.

是的，當然。聽著，我仍然有信心我們能夠實現今年的自由現金流承諾。沒有變化。本季，你完全正確。從營運資金角度來看，它很突出。

There's really timing around ARR and some of the big project work that we've had in the the first half of the year, particularly in Q2.

ARR 和我們在今年上半年（尤其是第二季）進行的一些大型專案工作確實有時間安排。

And then if you looked at inventory, you're probably looking at the cash flow statement. Much like other companies, right, we -- in order to mitigate despite it being the tariff impact not being a material issue for us, we certainly were looking at ways to mitigate it and buying ahead and putting inventory on the balance sheet. So we're well positioned to meet our commitments.

然後，如果您查看庫存，您可能正在查看現金流量表。就像其他公司一樣，為了減輕關稅的影響，儘管關稅對我們來說不是一個重大問題，但我們當然在尋找減輕影響的方法，提前購買並將庫存納入資產負債表。因此，我們已做好準備，履行我們的承諾。

Excellent. And if I can get one more in. In terms of M&A strategy moving forward, you've gotten a lot larger through [16] acquisitions. Does this -- and I've been asked this question, I'm sure you're getting asked this question. Does this mean your targets have to get larger so that they can move the needle?

出色的。如果我能再得到一個。就未來的併購策略而言，你們已經透過 [16] 項收購擴張了規模。這是不是──有人問過我這個問題，我相信你也被問過這個問題。這是否意味著你的目標必須變得更大，以便能夠推動進步？

Does this change your M&A strategy at all, given your size now?

考慮到您現在的規模，這會改變您的併購策略嗎？

Steve, I don't think so. I mean, if you think about around which deal size has been $130 million over the past 16 deals. What I would say is as we've grown, our surface area has gotten larger, right? So for example, EAM is not a business that we were in years ago, right? Now it is a very important part of our business, and there is a different range of opportunities there.

史蒂夫，我不這麼認為。我的意思是，如果你想想過去 16 筆交易中哪些交易的規模是 1.3 億美元。我想說的是，隨著我們的成長，我們的表面積也變得更大了，對嗎？舉例來說，EAM 不是我們幾年前從事的業務，對嗎？現在它是我們業務中非常重要的一部分，並且它蘊藏著一系列不同的機會。

So I would expect our core bread and butter if you look at our strategy, we think we're in the early innings of our strategy, and we don't see a change. I think you're right, we have done some deals that were at a higher value, $300 million, $400 million. And we're very comfortable doing that as long as it is a very good strategic fit. But if I look at the range of what we have in our pipeline, the opportunity sets looking forward, our strategy is the same.

因此，如果您看一下我們的策略，我預期我們的核心收入來源是我們認為我們正處於策略的早期階段，而且我們沒有看到任何變化。我認為你是對的，我們已經完成了一些價值更高的交易，3億美元、4億美元。只要策略上契合，我們很樂意這麼做。但如果我看一下我們現有的產品線和未來的機會，我們的策略是一樣的。

Walter Liptak, Seaport Research.

沃爾特·利普塔克（Walter Liptak），海港研究。

I wanted to ask a follow-on on the price cost. Gross margins in HVAC, you went over those already. As we're looking into the back half and looking at the backlogs -- how is that shaping up for the back half? You talked about some headwinds, but are we at a high point in the year for gross margins and they come down? How should we think about that?

我想問有關價格成本的後續問題。暖通空調的毛利率，您已經討論過了。當我們研究後半部分並查看積壓情況時——後半部分的情況如何？您談到了一些不利因素，但是我們今年的毛利率是否處於高點，然後又下降了？我們該如何看待這個問題？

No, I don't think so. Well, when I think about price volume, and you think about that balance there, which I know is not directly your question, but prices on the HVAC side, when I look at the growth, it's probably maybe about one-third of it, approaching about one-third of it with the two-thirds being volume. And it is is less price on the D&M side, more volume.

不，我不這麼認為。好吧，當我考慮價格數量時，你會考慮那裡的平衡，我知道這不是你的直接問題，而是暖通空調方面的價格，當我看增長時，它可能大約是它的三分之一，接近它的三分之一，其中三分之二是數量。D&M 方面的價格較低，產量較大。

Okay. Great. And that's --

好的。偉大的。這就是--

Yeah, go ahead.

是的，繼續吧。

Okay. Yeah, I was just going to switch over to D&M margins, too. That backlog is up nicely as well. And considering the tariffs, again, and mix of business, how does margins look for the second half of the year?

好的。是的，我也正要轉到 D&M 利潤。積壓的工作也進展順利。再考慮關稅和業務組合，下半年的利潤率如何？

Yeah. I think the implied second half there, if you look at the guide, it would imply that they're down for the second half of the year. And that's really driven by the tariff dynamic we just talked about. The $0.05 tariff exposure as we recalibrated that and looked at the impact, it's really going to be back half weighted. So it will be in Q3 and Q4 and predominantly in the D&M business.

是的。我認為，如果你看一下指南，你會發現下半年的情況是下降的。這實際上是由我們剛才談到的關稅動態所驅動的。當我們重新調整 0.05 美元的關稅風險並查看其影響時，它實際上將恢復一半的權重。因此它將出現在第三季度和第四季度，並且主要在 D&M 業務中。

So they're seeing the impact of that more so than in the HVAC business. And then we are making -- it's low single-digit dollars, but we are making some investments around some of these new products particularly our ticket vending machine and some of these other Comtech projects -- products, we're investing in those as we position the company for '26 and beyond. So it's really those two elements that are impacting it.

因此，他們比 HVAC 業務更能感受到這種影響。然後，我們正在賺錢——雖然只是個位數的低額美元，但我們正在對一些新產品進行一些投資，特別是我們的售票機和一些其他的 Comtech 項目——我們正在投資這些產品，為公司 26 年及以後的發展做好準備。所以，真正影響它的是這兩個因素。

Okay. All right. Great. And then maybe just a last one on M&A for me. I wonder if you could refresh us on just your capacity, and I think you talked about this already, if you're going to stick to the same deal size as before. But how much dry powder do you have for M&A?

好的。好的。偉大的。對我來說，這也許只是關於併購的最後一個問題。我想知道您是否可以向我們介紹一下您的產能，我想您已經討論過這個問題了，您是否會堅持與以前相同的交易規模。但是，你還有多少資金可用於併購呢？

Yeah. Obviously, our current borrowings are about $500 million on our revolving credit facility. We'll continue to pay that down through the balance of the year. So we've got a $1 billion credit facility as we sit today. So we've got plenty of firepower when you think about the size of transactions that we normally do from an average size perspective.

是的。顯然，我們目前的循環信貸額度借款約為 5 億美元。我們將在今年餘下的時間裡繼續償還這筆款項。因此，我們今天已經獲得了 10 億美元的信貸額度。因此，從平均規模角度考慮我們通常進行的交易規模時，我們擁有充足的火力。

So I feel good about where we sit today. We obviously have the ability to access capital if we needed it. But right now, we're in a good spot.

所以我對我們今天的處境感到很滿意。如果需要的話，我們顯然有能力獲得資金。但目前，我們的處境很好。

Brad Hewitt, Wolfe Research.

布拉德休伊特（Brad Hewitt），沃爾夫研究公司。

As it relates to the moving pieces on the Q3 guidance, how should we think about organic growth and margins both by segment and at the consolidated level?

由於它與第三季指引中的變動部分相關，我們應該如何看待各部門和合併層面的有機成長和利潤率？

Yeah, Brad, maybe I'll think about it from a -- I'll start with the second half perspective because I think that's helpful. When I look at -- when I look at the implied second half for HVAC, we're looking -- that implies growth of about mid-teens, and about two-thirds of that would be organic, with margins being up 40 basis points year over year from 24.7 -- 24.7 from 24.3%.

是的，布拉德，也許我會從——我會從下半場的角度開始考慮這個問題，因為我認為這很有幫助。當我觀察 HVAC 的隱含下半年時，我們看到，這意味著大約十五六倍的成長，其中三分之二將是有機的，利潤率同比增長 40 個基點，從 24.7% 上升到 24.7%，從 24.3% 上升到 24.7%。

On the D&M front, much higher growth on that side, just given the inorganic and organic contributions there. But organic is similar, I would say, in total to about what HVAC is so circa around 10%.

在 D&M 方面，由於無機和有機貢獻，該方面的成長要高得多。但我想說，有機物總體上與 HVAC 類似，大約是 10% 左右。

With margins stepping down a bit from 2024, about 90 basis points based on largely the things that we mentioned earlier, tariffs as well as the impact of some of the investments that we have during the back half.

從 2024 年開始，利潤率將略有下降，約為 90 個基點，這主要基於我們之前提到的因素、關稅以及我們下半年的一些投資的影響。

Okay. That's helpful. And then maybe switching gears a little bit here. A lot of the data points seem to suggest that the outlook for data center is stronger than it was a couple of months ago. I guess curious what you would need to see in order to accelerate your investments in data center even further, whether it be organically or inorganically?

好的。這很有幫助。然後也許在這裡稍微轉換一下話題。許多數據點似乎顯示資料中心的前景比幾個月前更加強勁。我很好奇您需要看到什麼才能進一步加速對資料中心的投資，無論是有機的還是無機的？

Yeah. What I would say, Brad, is I would say that we are sitting here three months after our last earnings call, and we are feeling even more bullish about the opportunity set. I would say in all I look at our three main product categories, cooling towers, the actuated dampers, air movement and then the -- our new product, we feel very good. So we're spending a lot of work on being able to support that growth. But no, we're not throttling back at all.

是的。布拉德，我想說的是，距離我們上次的收益電話會議已經過了三個月，我們對未來的機會更加樂觀了。我想說，總的來說，我看了我們的三個主要產品類別，即冷卻水塔、驅動阻尼器、空氣流動以及我們的新產品，我們感覺非常好。因此，我們投入了大量精力來支持這種成長。但不，我們根本沒有限制。

We are supporting the growth because we think this is a good market. We think we have a great right to play, a great right to win here. And we do see a lot of runway ahead.

我們支持這一成長，因為我們認為這是一個很好的市場。我們認為我們有很大的權利在這裡比賽，有很大的權利在這裡獲勝。我們確實看到前方還有很長的路要走。

Damian Karas, UBS.

瑞銀的 Damian Karas。

I just have a few follow-up questions. Mark, you were talking about the tariff exposure. Just curious, did you end up taking pricing actions in the second quarter? And if so, to what extent?

我只有幾個後續問題。馬克，你剛才談到了關稅風險。只是好奇，您最終在第二季採取了定價行動嗎？如果是的話，程度如何？

We did. We took pricing actions obviously across both businesses where we could -- obviously, it's driven by the competitive dynamics in both of those segments. So yes, that was -- it was both a combination of price increases and surcharges depending on the business unit and where they felt they could drive achieve that increase.

我們做到了。我們顯然在兩個業務領域都採取了定價行動——顯然，這是由這兩個領域的競爭動態所驅動的。是的，這是價格上漲和附加費的結合，取決於業務部門以及他們認為可以實現這種成長的地方。

Okay. Got it. So you'll see a little bit of a step down on some of those surcharges during the rest of the year?

好的。知道了。那麼，在今年剩餘時間內，您會看到部分附加費下降嗎？

We will. I think particularly as it related to certain areas like China, right, where shortly I guess it was in May, I've lost track of all the changes, quite frankly. But the China tariff stepped down pretty dramatically. So in some cases, where we were using surcharges as a way to offset that cost. Those are harder to stick clearly.

我們將。我認為特別是因為它與某些地區有關，例如中國，對吧，我猜是五月不久，坦白說，我已經忘記了所有的變化。但中國的關稅大幅下降。因此在某些情況下，我們會使用附加費來抵銷成本。這些都很難清楚地堅持下去。

That makes sense. And then I wanted to ask you about your early experience so far with the two new acquisitions. So it's been, I guess, about half a year with Kranze and maybe a quarter or so with Sigma Omega. So Gene, like how the integration been going with SPX, any unexpected surprises, whether good or bad?

這很有道理。然後我想問一下您迄今為止對這兩項新收購的早期經歷。所以，我猜，我和 Kranze 合作了大約半年，和 Sigma Omega 合作了大約四分之一。那麼 Gene，與 SPX 的整合進度如何，有沒有什麼意外的驚喜，無論是好的還是不好的？

Yeah. I would say very, very positive. So Kranze or KTS -- we call them our deal thesis there was twofold. One, they're intrinsic product and position. We see a lot of growth just in the current market and current positioning right, the real areas of synergy where we can create some nice additional values on two sides.

是的。我想說非常非常正面。因此，我們稱之為 Kranze 或 KTS，我們的交易論點有雙重性。一，它們是內在的產品和地位。我們看到，當前市場和當前定位都有很大成長，這是真正的協同領域，我們可以在雙方創造一些不錯的附加價值。

One is we actually think their technology could help our TCI and ECS products, and we've already integrated some of this. We're actually launching this combined product, I believe, in September. So we've actually strengthened our technology position on our core compact business.

一是我們確實認為他們的技術可以幫助我們的 TCI 和 ECS 產品，而且我們已經整合了其中的一些技術。我相信，我們實際上將在九月推出這款組合產品。因此，我們實際上加強了我們在核心緊湊型業務上的技術地位。

And then on the second side, the second main element of the thesis is KPS is very successful in the US, but they're very small globally, whereas our Comtech business is a very global business.

其次，論文的第二個主要內容是 KPS 在美國非常成功，但在全球範圍內規模很小，而我們的 Comtech 業務是一項非常全球化的業務。

It has installed base is all over the world, probably more than 100 countries. And we can help them accelerate. We've already have active discussions, and I don't know it's public or not. So I'll just say there's already two countries that I'm aware of where we're having very active discussions of leveraging their digital interoperability platform in that in those countries, friendly countries, obviously.

它的安裝基礎遍布世界各地，大約超過 100 個國家。我們可以幫助他們加速發展。我們已經進行了積極的討論，但我不知道它是否公開。所以我只想說，據我所知，我們已經在兩個國家積極討論如何利用他們的數位互通平台，顯然這兩個國家都是友好國家。

But yes, so KPS, actually both of these businesses were just here for our strat plan, first time of them being with all of the teams, part of the greater hole.

但是的，所以 KPS，實際上這兩家公司都只是為了我們的策略計畫而來，這是他們第一次與所有團隊合作，成為更大漏洞的一部分。

So as I say, went very well, really like the leadership of KPS, very driven, very hard work. And so the KPS is very good. And then Sigma Omega also, we feel very good about. That is very much really a part of our Hydronics business now. So think of that going with a McClean and Patterson Kelly.

正如我所說，一切進展順利，真的很喜歡 KPS 的領導層，他們非常有幹勁，非常努力。所以 KPS 非常好。我們對 Sigma Omega 也感覺很好。這實際上是我們水力學業務現在的一部分。因此，想像一下與麥克林和帕特森凱利一起去。

All three of those have a great degree of overlap. And the thesis there is that Sigma Mega has a great heat pump technology, very very strong position in the multilevel.

這三者有很大程度的重疊。論文指出，Sigma Mega 擁有出色的熱泵技術，在多層次領域中佔據非常強勢的地位。

You're looking at hospitals or residential or hotels, things like that, very good position, but are the smaller number of markets, very strong in Canada, but less channel in the US. So really, we're helping them build their channel.

您正在關注醫院、住宅或酒店等，它們的位置非常好，但市場數量較少，在加拿大非常強大，但在美國渠道較少。所以實際上，我們正在幫助他們建立自己的管道。

And as you know, Damian, we have a very strong channel in the US. You look at our Marley channel, you look at some of our other brands. So we've already signed up a number of new channel partners for Sigma and Omega, and we actually see some good opportunities to continue that.

如你所知，達米安，我們在美國擁有非常強大的管道。您可以看看我們的 Marley 頻道，也可以看看我們的其他一些品牌。因此，我們已經為 Sigma 和 Omega 簽約了許多新的通路合作夥伴，並且我們確實看到了一些繼續這樣做的好機會。

So we think we're going to help them accelerate their revenue. So where we sit today, we feel very good about those.

因此我們認為我們將幫助他們增加收入。因此，就我們今天所處的位置而言，我們對此感到非常滿意。

Sigma Omega has a great team, too. I really like the team. They're very -- they truly are industry experts. They spend many, many decades at some of the big OEMs, the trains, the Yorks and they bring to bear just a ton of expertise. So yes, we feel good about that.

Sigma Omega 也擁有一支優秀的團隊。我真的很喜歡這個團隊。他們確實是行業專家。他們在一些大型原始設備製造商、火車製造商和約克郡公司工作了數十年，並累積了大量的專業知識。是的，我們對此感覺很好。

And then if you go to the acquisition prior to that, Ingénia, just the growth we've seen there and the success we've seen there has been very attractive. So yes. I think the -- we feel good about our M&A strategy. We're very disciplined.

如果你回顧之前對 Ingénia 的收購，你會發現，該公司的成長和成功都非常有吸引力。是的。我認為—我們對我們的併購策略感到滿意。我們非常自律。

And I think that, as you know, there's a lot of data that says if you have a lot of experience and it's a part of your ongoing business system, you're going to be more successful I believe we have a very strong front-end due diligence process, strategy process, and you obviously have to deliver the goods.

而且我認為，正如你所知，有很多數據表明，如果你擁有豐富的經驗，並且它是你正在進行的業務系統的一部分，你將會更加成功，我相信我們有一個非常強大的前端盡職調查流程、戰略流程，你顯然必須交付貨物。

So the integration is very, very important. And we have a very good team here that helps make that happen. So to cut to the chase, we feel very good about both of those, Damian.

所以整合非常非常重要。我們擁有一支非常優秀的團隊來幫助實現這一目標。長話短說，我們對這兩者都感覺很好，達米安。

Great to hear. And one last question here, if I could squeeze it in. Obviously, I'm nitpicking a bit because the HVAC business has been growing by leaps and bounds. But you actually lowered the high end of the range. This is the first time we've seen the HVAC sales guidance come down, not go up since like the fourth quarter of 2021.

很高興聽到這個消息。最後一個問題，如果我可以擠出時間問的話。顯然，我有點吹毛求疵，因為 HVAC 業務一直在突飛猛進。但實際上你降低了範圍的高端。這是自 2021 年第四季以來我們首次看到 HVAC 銷售預期下降而不是上升。

So I just want to get your thoughts like data centers, obviously, are doing quite well. Are there by chance, any end markets within HVAC that are maybe dragging a bit?

所以我只是想聽聽您的想法，例如資料中心顯然做得很好。HVAC 領域內是否存在一些終端市場可能出現拖延的情況？

Damian, I'll start with that. And I actually wanted to come back to your margin question from earlier. But we did -- we just tweaked the top end of the range on HVAC. In part because of surcharges, that was really what was driving it, where we had been using surcharges or we had forecast that we reduced surcharges to offset some of the tariff dynamic. And obviously, it wasn't nearly as material as we thought it would be. So many of those are no longer in effect. That's really what was driving it, nothing more than that.

達米安，我就從這個開始。我實際上想回到你之前關於保證金的問題。但我們確實這麼做了——我們只是對 HVAC 範圍的頂端進行了調整。部分原因是附加費，這才是真正的推動因素，我們一直在使用附加費，或者我們預測我們會降低附加費以抵消部分關稅動態。顯然，它並不像我們想像的那麼重要。其中許多已經不再有效。這才是真正的驅動力，僅此而已。

Okay. Thanks for clarifying.

好的。謝謝澄清。

Yeah. And back to your margin question, I know you were looking at second half. I wanted to give you another way to think about it. When you look at the first half, margins in HVAC and you back out that favorable project experience we had in Q2, first-half margin is about 23.89% right around there, just under 24%. And then the implied second half is 24.7%. So you can see the lift in margins in the business in the back half of the year.

是的。回到你的利潤問題，我知道你正在關注下半場。我想給你另一種思考方式。當您查看上半年 HVAC 的利潤率並回顧我們在第二季度獲得的良好專案經驗時，上半年的利潤率約為 23.89%，略低於 24%。隱含的下半年是 24.7%。因此，您可以看到下半年業務利潤率的提升。

On a year-over-year basis. Yeah, yeah. Understood. All right, well, thanks a lot.

與去年同期相比。是啊是啊。明白了。好的，非常感謝。

That's sequential. Sorry (multiple speakers)

這是連續的。對不起（多位發言者）

Okay. And I would now like to turn the conference back to Mark for closing remarks.

好的。現在我想請馬克致閉幕詞。

Thank you, all, for joining us for today's call. We look forward to updating you next quarter.

感謝大家參加今天的電話會議。我們期待下個季度向您更新最新情況。

And 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。