SPX Technologies Inc (SPXC) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2025 SPX Technologies Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 SPX Technologies 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker for today. (technical difficulty)

現在我謹將會議交給今天的演講嘉賓。（技術難題）

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.

謝謝接線員，大家下午好。謝謝您的參與。今天和我一起參加電話會議的是我們的總裁兼執行長吉恩·洛。

A press release containing our third 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.

今天股市收盤後，我們發布了包含第三季業績的新聞稿。您可以在我們網站 spx.com 的「投資者關係」版塊找到新聞稿、我們的獲利簡報以及本次電話會議的即時網路直播連結。我建議您仔細閱讀新聞稿中關於 GAAP 財務報表揭露和討論的內容，並在我們的發言過程中參考簡報。網路直播的回放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.

再次提醒，我們的演講和評論部分內容具有前瞻性，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列明的風險因素。

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. Our adjusted earnings per share exclude amortization expense, acquisition-related costs, nonservice pension items, mark-to-market changes and other items.

我們今天的評論將主要集中在調整後的財務表現上，並且只會與持續經營的業績進行比較。您可以在今天簡報的附錄中找到歷史調整資料與其各自 GAAP 指標的詳細調整表。我們調整後的每股盈餘不包括攤銷費用、收購相關成本、非服務性退休金項目、以市值計價變動等項目。

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

接下來，我將把電話交給吉恩。

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 third quarter of 2025 as well as an update on our outlook for the remainder of the year.

謝謝你，馬克。各位下午好，感謝各位的參與。在今天的電話會議上，我們將向您提供 2025 年第三季度合併及各業務部門業績的最新信息，以及對今年剩餘時間的展望。

Our Q3 performance was strong. We grew third quarter adjusted EPS by 32% and drove significant profit and margin growth in both segments. To reflect our strong performance in Q3 with the outlook for the fourth quarter, we are raising our full year guidance range. We now anticipate adjusted EBITDA to exceed $500 million at the midpoint of our updated range, implying approximately 20% growth year-over-year.

我們第三季的業績表現強勁。第三季調整後每股收益成長了 32%，兩個業務部門的利潤和利潤率均實現了顯著增長。鑑於我們第三季強勁的業績表現以及對第四季度的良好展望，我們上調了全年業績預期範圍。我們現在預計，調整後的 EBITDA 將超過 5 億美元，達到我們更新後的預期範圍的中點，這意味著同比增長約 20%。

During Q3, we raised additional capital through an equity offering and increased the capacity of our revolving credit facility. These actions provide us with more than $1 billion of additional liquidity to support our organic and inorganic value creation initiatives and do not have a dilutive effect on our 2025 EPS.

第三季度，我們透過股權發行籌集了額外資金，並提高了循環信貸額度。這些舉措為我們提供了超過 10 億美元的額外流動性，以支持我們的有機和非有機價值創造計劃，並且不會對我們 2025 年的每股收益產生稀釋作用。

We also continue to progress on several key organic initiatives, including the expansion plans for our engineered air movement businesses and launch of the Olympus Max product, a new large-scale cooling solution. Inorganically, our M&A pipeline remains robust with several attractive opportunities.

我們也在幾項重要的有機成長計劃上繼續取得進展，包括擴大我們工程空氣流動業務的計劃，以及推出新的大型冷卻解決方案 Olympus Max 產品。從非有機成長角度來看，我們的併購管道依然強勁，擁有多個極具吸引力的機會。

Turning to our high-level results. In the third quarter, we grew revenue by 23%, driven by strong organic growth in both segments and the benefit of recent acquisitions. Adjusted EBITDA increased by approximately 31% year-over-year, with 150 basis points of margin expansion.

接下來來看看我們的整體結果。第三季度，在兩個業務部門強勁的內生成長以及近期收購帶來的收益推動下，我們的營收成長了 23%。經調整的 EBITDA 年成長約 31%，利潤率提升 150 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're 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，我想向大家報告我們的價值創造舉措。過去一個季度，我們在成長和新產品計劃方面持續取得進展。我們在工程空氣流動業務的擴張計劃方面取得了實質進展，我們看到該業務的需求遠遠超過了我們目前的生產能力。

We closed on a lease facility in Tennessee for U.S. production of our TAMCO actuated dampers. We expect production in this facility to begin in the latter half of next quarter. We're also progressing on our expansion plans to produce Ingénia custom air handling units in the U.S. We are currently targeting a location in the Southeast and we'll provide more detail next quarter.

我們在田納西州租下了一家工廠，用於在美國生產我們的 TAMCO 電動阻尼器。我們預計工廠將於下個季度下半年開始投產。我們在美國生產 Ingénia 客製化空氣處理機組的擴張計畫也在穩步推進。我們目前的目標是東南部地區，下個季度我們將提供更多細節。

On new product front, our Olympus Max product, a dry and adiabatic cooling solution focused on the large-scale needs of data center customers, continues to receive excellent feedback and engagement from customers. We are on track to achieve our objective of booking $50 million of Olympus Max orders in 2025 for revenue in 2026.

在新產品方面，我們的 Olympus Max 產品是一款乾式絕熱冷卻解決方案，專注於滿足資料中心客戶的大規模需求，並持續獲得客戶的良好回饋和積極參與。我們正按計畫推進，力爭在 2025 年實現奧林巴斯 Max 訂單金額達到 5,000 萬美元的目標，並在 2026 年獲得收入。

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，讓他來回顧我們的財務表現。

Thanks, Gene. Our third quarter results were strong. Year-over-year, adjusted EPS grew by 32% to $1.84. For the quarter, total company revenue increased 23% year-over-year, primarily driven by higher project sales in Detection & Measurement as well as inorganic growth from the acquisitions of KTS and Sigma & Omega. Consolidated segment income grew by $32 million or 28% to $146 million, while consolidated segment margin increased 110 basis points.

謝謝你，吉恩。我們第三季的業績表現強勁。經調整後的每股盈餘年增 32% 至 1.84 美元。本季度，公司總營收年增 23%，主要得益於檢測與測量業務項目銷售額的成長，以及收購 KTS 和 Sigma & Omega 帶來的非內生性成長。合併分部營收成長 3,200 萬美元，增幅 28%，達到 1.46 億美元，而合併分部利潤率提高了 110 個基點。

In our HVAC segment, revenue grew by 15.5% year-over-year, with 6.7% inorganic growth and a nominal FX impact. On an organic basis, revenue increased 9%, with solid growth from both cooling and heating. Segment income grew by $14 million or 18%, while segment margin increased 50 basis points. The increases in segment income and margin were largely driven by higher volume and associated operating leverage. Segment backlog at quarter-end was $579 million, up 7% sequentially from Q2, all organic.

在我們的暖通空調業務板塊，營收年增 15.5%，其中無機成長 6.7%，匯率影響不大。以有機成長計算，收入成長了 9%，冷氣和暖氣業務均實現了穩健成長。該部門收入成長了 1,400 萬美元，增幅達 18%，而該部門利潤率提高了 50 個基點。分部收入和利潤率的成長主要得益於銷售增加和相關的經營槓桿作用。截至季末，該部門積壓訂單為 5.79 億美元，較第二季環比成長 7%，全部為內生成長。

In our Detection & Measurement segment, revenue increased 38.4% year-over-year, with strong organic growth of 26.5%. The KTS acquisition accounted for an increase of 11.6% and FX was a modest tailwind. The increase in organic revenue was predominantly driven by higher CommTech project volumes. Segment income grew by $18 million or 53% and margin increased by 240 basis points. The increases in segment income and margin were primarily driven by operating leverage on higher organic sales and the KTS acquisition. Segment backlog at quarter-end was $366 million, flat sequentially.

在我們的檢測與測量業務板塊，營收年增 38.4%，其中有機成長強勁，達到 26.5%。KTS 的收購帶來了 11.6% 的成長，外匯匯率也起到了一定的推動作用。有機收入的成長主要得益於通訊技術專案數量的增加。分部營收成長1800萬美元，成長53%，利潤率提高了240個基點。分部營收和利潤率的成長主要得益於有機銷售額成長帶來的經營槓桿效應以及對 KTS 的收購。截至季末，該部門的積壓訂單為 3.66 億美元，與上一季持平。

Turning now to our financial position at the end of the quarter. During the third quarter, we accessed the capital markets to further strengthen our balance sheet and support our growth strategy. We completed a $575 million offering of our common stock. A portion of the net proceeds from this offering was used to repay the outstanding amounts under our revolving credit facility. As a result, there is no dilutive impact to 2025 EPS.

現在來看我們本季末的財務狀況。第三季度，我們進入資本市場，進一步加強了資產負債表，並支持了我們的成長策略。我們完成了5.75億美元的普通股發行。本次發行所得淨收益的一部分用於償還我們循環信貸額度下的未償款項。因此，對 2025 年每股盈餘沒有稀釋影響。

We also amended our credit agreement to increase the capacity of our revolving credit facility by $500 million to $1.5 billion and extended the maturity of our credit facilities to 2030. Following these actions, our liquidity increased by more than $1 billion and our available capacity now exceeds $1.6 billion.

我們也修改了信貸協議，將循環信貸額度增加 5 億美元至 15 億美元，並將信貸期限延長至 2030 年。採取這些措施後，我們的流動資金增加了10多億美元，可用資金現在超過16億美元。

We ended Q3 with cash of approximately $232 million and total debt of $502 million. Our leverage ratio as calculated under our bank credit agreement was approximately 0.5 times at quarter-end. Q3 adjusted free cash flow was approximately $91 million. As is typical, we anticipate Q4 to be our highest cash flow generating quarter of the year.

第三季末，我們持有現金約 2.32 億美元，總負債為 5.02 億美元。根據我們與銀行的信貸協議計算，截至季末，我們的槓桿率約為 0.5 倍。第三季調整後自由現金流約9,100萬美元。與往年一樣，我們預計第四季將是全年現金流最高的季度。

Moving on to our full year 2025 guidance. We are updating adjusted EPS to a range of $6.65 to $6.80, reflecting our strong Q3 results and Q4 forecast. This represents an increase from our previous range of $6.35 to $6.65 and reflects year-over-year growth of approximately 21% at the midpoint.

接下來是我們的2025年全年業績指引。我們將調整後的每股盈餘預期更新為 6.65 美元至 6.80 美元，以反映我們強勁的第三季業績和第四季預測。這比我們之前 6.35 美元至 6.65 美元的範圍有所增加，反映出中點同比增長約 21%。

For our HVAC segment, we are maintaining revenue and margin guidance and remain confident in the fourth quarter forecast. In Detection & Measurement, we are increasing full year margin guidance to a range of 23.25% to 23.75%, raising the midpoint to 23.5%. This represents year-over-year growth of 140 basis points. We expect Q4 revenue for the D&M segment to be modestly lower sequentially due to the timing of project deliveries between Q3 and Q4. As always, you will find modeling considerations in the appendix to our presentation.

對於我們的暖通空調業務，我們維持收入和利潤率預期，並對第四季度預測充滿信心。在檢測與測量業務方面，我們將全年利潤率預期提高至 23.25% 至 23.75%，並將中點提高至 23.5%。這相當於年增140個基點。由於第三季和第四季之間專案交付時間的差異，我們預計第四季度D&M部門的營收將較上季略有下降。像往常一樣，您可以在我們簡報的附錄中找到建模方面的考慮因素。

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

那麼，我就把電話轉回給吉恩了。

Thanks, Mark. Market conditions support our increased full year outlook for 2025. Within our HVAC segment, we continue to see solid demand in key end markets. Our strong backlog of highly engineered solutions and efforts to increase production capacity further reinforce our confidence in HVAC's growth opportunities.

謝謝你，馬克。市場狀況支持我們提高對 2025 年全年業績的預期。在我們的暖通空調業務領域，我們持續看到主要終端市場需求強勁。我們擁有大量高精尖解決方案，並努力提高產能，這些解決了我們對暖通空調產業成長機會的信心。

In our Detection & Measurement segment, we are seeing steady run rate demand. For our project-oriented businesses, we have a strong backlog and feel confident in our forecast for the fourth quarter. Looking to next year, front-log activity remains steady. However, as we highlighted last quarter, approximately $20 million of project sales shifted from early 2026 into 2025, creating a modest headwind for next year.

在我們的檢測與測量領域，我們看到了穩定的運作需求。對於我們以專案為導向的業務，我們擁有充足的訂單儲備，對第四季的預測充滿信心。展望明年，前期訂單活動將維持穩定。然而，正如我們上個季度所強調的那樣，約有 2000 萬美元的專案銷售額從 2026 年初轉移到 2025 年，這給明年帶來了一定的不利影響。

In summary, I'm pleased with our strong Q3 performance, including significant profit growth in both segments, an equity offering, an expansion of our revolving credit facility, which together provides more than $1 billion of additional liquidity with no dilution to 2025 EPS, and the continued progress on our U.S. capacity expansion and new product initiatives. We are well positioned to achieve our increased full year guidance, which implies 20% growth in adjusted EBITDA and adjusted EPS at the midpoint. We also see multiple opportunities to continue growing our businesses both organically and through our robust M&A pipeline.

總而言之，我對我們第三季強勁的業績感到滿意，包括兩個業務部門的顯著利潤增長、股權發行、循環信貸額度的擴大，這些加起來提供了超過 10 億美元的額外流動性，且不會稀釋 2025 年的每股收益，以及我們在美國產能擴張和新產品計劃方面取得的持續進展。我們完全有能力實現我們提高後的全年業績預期，這意味著調整後 EBITDA 和調整後每股收益的中位數將成長 20%。我們也看到了許多機會，可以透過自身業務的有機成長以及我們強大的併購管道繼續發展壯大。

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.

展望未來，我對我們的未來依然充滿信心。憑藉著行之有效的策略和一支能力強、經驗豐富的團隊，我認為 SPX 在未來幾年內有很大的發展機會，能夠繼續成長並創造價值。

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

這樣，我就把電話轉回馬克了。

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

謝謝你，吉恩。操作員，現在進入問答環節。

(Operator Instructions)

（操作說明）

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Thank you. Afternoon. Another very solid quarter. Given you're almost in November and you have supportive backlog in both segments, maybe speak to your team's visibility into 2026 and which platforms or across which end markets you're most confident in sustained growth? And to balance that, where there may be some watch items as you look to the new year?

謝謝。下午。又一個表現非常穩健的季度。鑑於現在已經接近 11 月，而且兩個領域都有充足的訂單儲備，或許可以談談您的團隊對 2026 年的展望，以及您對哪些平台或哪些終端市場最有信心實現持續增長？為了平衡這一點，在新的一年裡，您可能會考慮購買一些手錶之類的商品嗎？

Is your line on mute?

你的線路是否處於靜音狀態？

Okay. Can you guys -- like I'll assume you can hear us now?

好的。你們聽得到我們說話嗎？

We can hear you now, yes.

是的，我們現在可以聽到你的聲音了。

Okay. Thanks for your question, Bryan. So yes, I think if you step back and you look ahead to 2026, overall, we feel very good. If you look across our HVAC businesses, we do have a diversity of product lines. And frankly, we're feeling pretty positive across all of our business areas.

好的。謝謝你的提問，布萊恩。所以，是的，我認為，如果你回顧過去，展望2026年，總體而言，我們感覺非常好。縱觀我們的暖通空調業務，我們確實擁有多種產品線。坦白說，我們對所有業務領域的前景都相當樂觀。

If you look at the markets that we see the most strength, those really haven't changed from what we've talked about in the past couple of quarters. We're seeing really a sustained strength in data centers. We feel like we have some nice momentum there. Same in health care, institutional, we're also seeing a lot of activity.

如果你觀察我們認為表現最強勁的市場，你會發現這些市場與我們過去幾季討論的情況並沒有真正改變。我們看到資料中心領域確實保持著持續強勁的成長勢頭。我們覺得目前勢頭不錯。醫療保健和機構領域也是如此，我們也看到了很多活動。

I'd say in the industrial markets, we're seeing a little bit -- those have been kind of flattish. We're seeing some modest growth there, which I think is a positive. And we're seeing more power activity in terms of some bidding and so forth, which could yield some opportunities. Some of the markets that have been relatively lower are also some of the more commercial buildings, more hotels, things like that. But net-net, we feel very good about the markets.

我認為在工業市場方面，我們看到的情況有點——這些市場一直比較平穩。我們看到這方面出現了一些溫和的成長，我認為這是一個正面的訊號。我們看到一些競標等電力活動更加活躍，這可能會帶來一些機會。一些市場行情相對較低的地區，也包括一些商業建築、旅館等等。但總的來說，我們對市場感覺非常好。

And then when I look at the markets, I feel good. But then I think about our initiatives on top of that. Probably the biggest one we've talked about is the Olympus Max. That's our new data center cooling solution that's either dry or adiabatic. Very good product, feel very good about that. That's a whole new market for us that we have not served. So we see the opportunity, as we've said, targeting $50 million of bookings this year, which is really revenue next year. We believe we're on track for that.

然後當我觀察市場時，我感覺很好。但隨後我又想到了我們在此基礎上推出的各項舉措。我們討論過的最大型的相機可能是奧林巴斯 Max。這是我們全新的資料中心冷卻解決方案，它既可以是乾式冷卻，也可以是絕熱式冷卻。產品非常好，我很滿意。那對我們來說是一個全新的市場，我們之前從未涉足過。所以我們看到了機會，正如我們所說，目標是今年實現 5000 萬美元的預訂金額，這實際上是明年的收入。我們相信我們正朝著這個目標穩步前進。

We also have some capacity expansions for some businesses that there's just a lot more demand for our products, notably TAMCO, Ingénia and Marley. So when I look at HVAC, I feel very good about the end markets and then our initiatives to drive further growth. I think if you look at some of the third-party people who track markets, they would predict for the non-resi market probably mid-single digit. We would believe that we would target to be higher than that with our initiative-driven growth that I just highlighted.

我們也為一些業務進行了產能擴張，因為對我們的產品需求量很大，特別是 TAMCO、Ingénia 和 Marley。所以，當我審視暖通空調產業時，我對終端市場以及我們為推動進一步成長所採取的舉措都感到非常樂觀。我認為，如果你看看一些追蹤市場的第三方機構，他們會預測非住宅市場可能會達到個位數中段的成長率。我們相信，憑藉我剛才提到的積極進取的成長策略，我們的目標會高於這個水準。

On D&M, I would say overall run rate is steady. We're seeing some modest growth there. And it is a little bit of very different geographically where the U.S. remains stronger, and we are anticipating that into '26. See some good pockets and some areas that are really going nicely there. And then I'd say more flattish ex U.S., talking about Continental Europe. We are seeing an uptick in U.K. in some areas. But overall, I would say, steady, modest growth in our run rate.

關於D&M，我認為整體運行速度穩定。我們看到那裡出現了一些小幅增長。從地理角度來看，美國仍然強大的地區與其他國家略有不同，我們預計這種情況將持續到 2026 年。那裡有一些不錯的地段，有些地方發展得非常好。然後，我會說，除美國以外，歐洲大陸的地形更平坦一些。我們看到英國某些地區的病例增加。但總體而言，我認為我們的運行率實現了穩定、適度的成長。

And then our projects, we have very good activity. We did, and Mark can tie this out, we did some of that, which we had in '26, it actually accelerated into '25. And then we have a very high backlog. Now some of that backlog is more -- it's not only '26, but we actually are having a lot more multiyear projects, which is really good, but we have to make sure we understand what falls into the forward year of '26.

而且我們的專案進展非常順利。我們確實做了，馬克可以把這件事聯繫起來，我們做了一些，我們在 2026 年就做了，實際上在 2025 年加速了。而且我們還有非常高的積壓工作。現在，一些積壓的工作更多了——不僅僅是 2026 年，我們實際上還有更多多年期的項目，這非常好，但我們必須確保我們了解哪些工作屬於 2026 年的後續工作。

But overall, I would expect growth in D&M as well. So I think the backdrop for what we see is positive. Mark, what color would you like to add overall on D&M?

但整體而言，我預期D&M也會成長。所以我認為我們所看到的背景是正面的。馬克，你希望D&M整體上添加什麼顏色？

Yes. I think I might just add across really both segments, right, we're in very strong backlog positions there kind of -- for both segments really, both at or near all-time highs. So really good position from that perspective.

是的。我想我還要補充一點，實際上在這兩個領域，我們的積壓訂單都非常充足——實際上，這兩個領域的積壓訂單都處於或接近歷史最高水平。從這個角度來看，這確實是一個非常有利的位置。

As I look into '26 and I think about how much of that backlog is scheduled to deliver in 2026, it's about 40%, and that's similar across both segments. So we're in a nice position as we sit today looking out into next year. Gene did mention this one handful of projects that were originally in our '26 backlog, they actually delivered in Q3 in our D&M segment. I think we referenced that in our Q2 call. But they ultimately were delivered and the revenue was recognized in Q3.

當我展望 2026 年，思考有多少積壓訂單計畫在 2026 年交付時，大約是 40%，兩個細分市場的情況都差不多。所以，展望明年，我們現在處境不錯。Gene 確實提到我們 2026 年積壓的幾個項目，它們實際上在第三季就交付給了我們的 D&M 部門。我認為我們在第二季財報電話會議上提到過這一點。但最終貨物還是交付了，收入也在第三季確認。

Understood. I appreciate the walk-through. Encouraging trends overall.

明白了。感謝您的講解。整體趨勢令人鼓舞。

Maybe offer a quick update on KTS and Sigma & Omega integration. How are those assets performing relative to deal model? And then given your now quite significant balance sheet capacity, that would be great to hear more about your M&A pipeline by platform. Where do you see the most attractive opportunities? And of the -- I believe you mentioned several attractive targets, any that are potentially actionable over the near term? Thank you.

或許可以簡單介紹一下KTS與Sigma & Omega的整合情況。這些資產相對於交易模式的表現如何？鑑於貴公司目前相當雄厚的資產負債表實力，我們非常希望了解貴公司按平台劃分的併購計畫細節。您認為最有吸引力的機會在哪裡？在您提到的幾個有吸引力的目標中，有沒有哪些目標有可能在短期內採取行動？謝謝。

Yes. I would say we feel very good about both KTS and Sigma & Omega. Sigma & Omega is a little bit newer, so we haven't -- it's at an earlier stage. KTS is already -- it's really kind of built in and operating, to me, operating as one with our CommTech business.

是的。我想說，我們對KTS和Sigma & Omega都非常滿意。Sigma & Omega 成立時間較短，所以我們還沒有——它還處於早期階段。KTS 已經——在我看來，它實際上已經融入我們的通訊技術業務中，並且像一個整體一樣運作了。

A couple of points there. We're actually seeing some nice wins. They have gotten a few new things, proclamations from the government where they are becoming the basis of design and the standard. They've expanded into some different areas. So KTS, we feel very positive about. We love their technology. I believe we mentioned in our last call, we're launching a joint product with KTS and then the legacy TCI business in Q4, in this quarter. I think there's a lot of excitement around that. So KTS, I would say, we're feeling very positive about.

有幾點要說明。我們確實取得了一些不錯的勝利。他們獲得了一些新的東西，政府頒布的法令，這些法令正在成為設計和標準的基礎。他們已經拓展到了一些不同的領域。所以，我們對KTS抱持非常正面的看法。我們很喜歡他們的技術。我相信我們在上次電話會議中提到過，我們將在第四季度，也就是本季度，與 KTS 和原 TCI 業務推出聯合產品。我覺得大家對此都非常興奮。所以，我對KTS的看法非常樂觀。

And then Sigma & Omega similarly, really good team, really nice win rate. The way that we think about that market is really multilevel applications, hospitals, or could be hotels or it could be condos, things like that, and there's typically a boiler and there's typically a cooling tower. And so a key part of our thesis there was we -- they're very strong in Canada. We think we can help them grow more in the States where we have an established channel, particularly our Marley channel is very strong and then our Patterson-Kelley channel, that's our commercial boiler line.

還有 Sigma & Omega，也是一支非常優秀的隊伍，勝率非常高。我們認為這個市場其實是多層次的應用，例如醫院、飯店、公寓等等，通常會有一個鍋爐和一個冷卻水塔。因此，我們論點的關鍵部分是——他們在加拿大非常強大。我們認為我們可以幫助他們在美國的市場取得更大的發展，因為我們在美國擁有成熟的管道，特別是我們的 Marley 管道非常強大，還有我們的 Patterson-Kelley 管道，那是我們的商用鍋爐產品線。

So we have already signed up, I don't have the latest numbers in front of me, but I know of three or four that have already picked up and are very excited about Sigma & Omega. And not only are we expanding geographically, but they've launched some new products with coil and then within their self-contained units. So they have some good innovation going on. So yes, I think that that fits very nicely within our hydronics business. The teams are working well.

所以我們已經報名了，我手邊沒有最新的數字，但我知道有三、四個人已經報名了，他們對 Sigma & Omega 非常興奮。我們不僅在地域上擴張，而且他們還推出了一些帶有線圈的新產品，以及一些獨立的單元產品。所以他們正在進行一些不錯的創新。所以，是的，我認為這非常適合我們的水力系統業務。各隊配合良好。

And I will say with both of those, really good leaders and really good teams and really good cultural fit. So it's still early, but off to a very positive start.

而且我認為，這兩家公司都擁有非常優秀的領導者、非常優秀的團隊以及非常契合的文化。現在還為時過早，但開局非常順利。

The second question you had, on M&A, I would say, and I know we've said this, it is very -- we have a very high level of activity. We have a number of processes underway. And I would say as we look into 2026, we feel very good about strategic capital deployment. We're going to remain disciplined, but there is a very attractive set of opportunities.

關於你提出的第二個問題，即併購，我想說，我知道我們已經說過，我們的併購活動非常活躍。我們正在推進多項流程。展望 2026 年，我們對策略資本部署感到非常樂觀。我們將繼續保持自律，但同時也面臨一系列非常誘人的機會。

On the HVAC side, I would say we've talked about engineered air movement as well as electric heat. In each of these areas, we see several opportunities that are very attractive opportunities. And then also on Detection & Measurement, we see some very interesting opportunities. I'd say a smaller number. We still see -- have, I'd say, right now, a more active pipeline on the HVAC side. But some very good opportunities.

在暖通空調方面，我想說我們已經討論過工程空氣流動以及電加熱。在這些領域中，我們看到了許多極具吸引力的機會。此外，在檢測與測量領域，我們也看到了一些非常有趣的機會。我認為數字會更小一些。我們仍然看到──或者說，目前來看，暖通空調的業務管道更加活躍。但其中也蘊藏著一些非常好的機會。

So we feel very good as we think about moving into '26. And as Mark alluded to on the call, I mean, we really -- we got basically $1 billion almost for free. There's no EPS dilution. So it's kind of a really unique circumstance where you can expand your balance sheet so much and have the same level of earnings. And so that gives us the opportunity to invest in growth opportunities. And we're also going to be investing in some organic opportunities as well. So yes, overall, I would say, feeling very good about the pipeline and the opportunity set we have in front of us.

所以，想到即將邁入2026年，我們感覺非常好。正如馬克在電話會議上提到的那樣，我的意思是，我們真的——我們基本上幾乎免費獲得了 10 億美元。不存在每股收益稀釋。所以這是一個非常獨特的情況，你可以大幅擴大資產負債表，同時保持相同的收益水準。因此，這給了我們投資成長機會。我們還將投資一些有機成長機會。所以總的來說，我對目前的銷售管道和我們面前的機會感到非常滿意。

Very helpful color.

非常實用的顏色。

Damian Karas, UBS.

Damian Karas，瑞銀集團。

Hey, good evening, everyone.

大家晚上好。

Hey Damian.

嘿，達米安。

I wanted to ask you first about the capacity expansion plans. Gene, you talked a little bit earlier about the TAMCO production going to be coming online later this year in Tennessee and you're looking for a spot in the Southeast for Ingénia. Could you just maybe give us a sense for initial production capacity, how to think about that, how much you're planning to bring online? And then just in terms of the equity raise that you guys just did, like how much kind of investment outlay for these expansion plans are you expecting?

我想先問一下產能擴張計畫的情況。吉恩，你之前稍微提到過，TAMCO 的生產將於今年晚些時候在田納西州上線，而你正在東南部為 Ingénia 尋找一個地方。能否請您大致介紹初始產能，如何考慮產能問題，以及您打算投產多少產能？那麼，就你們剛完成的股權融資而言，你們預計這些擴張計畫將投入多少資金呢？

Yes, I'll give a little bit of color, and then I think some of it we're not prepared to talk to. I think the TAMCO one is basically done. We've signed the lease. We're actually very excited about this. That is a 150,000 square foot facility, very similar to our existing facility. We actually think we can ramp this up over time. So we're very excited about that.

是的，我會稍微補充一些細節，但我覺得有些事情我們還沒準備好要談。我覺得TAMCO那個專案基本上完成了。我們已經簽了租約。我們對此感到非常興奮。那是一個佔地 15 萬平方英尺的設施，與我們現有的設施非常相似。我們認為隨著時間的推移，我們可以逐步擴大規模。我們對此感到非常興奮。

And as we said, we're targeting to get some of the equipment commissioned and to start. It takes a while to ramp up. But by the end of Q1, we should get going there. But very good opportunity. That's in Tennessee. And we actually think that that will really give us the opportunity to grow quite a bit. That's very capital light. I actually think most of the capital is -- has already been deployed there.

正如我們所說，我們的目標是盡快完成部分設備的調試並開始運行。需要一段時間才能步入正軌。但到第一季末，我們應該就能開始著手解決這個問題了。但這是一個非常好的機會。那是在田納西州。我們真心認為這將為我們帶來很大的發展機會。這非常輕資本化。我其實認為大部分資金已經──或者說已經投入到那裡了。

Some of it will be this year and then some into next year.

一部分會在今年完成，另一部分則會延至明年。

A little bit next year. The bigger one will be the expansion of Ingénia. That's going to be a much larger site, probably in the neighborhood of -- it could be 3 times as high. But again, we're making great progress there, but we're not at the point at which we can really say anything. What we are anticipating is by the end of -- by our next earnings report, we should be able to kind of lay out very specifically what the investments as well as the revenue expansion capacity is for all of those.

明年稍微多一點。更大的項目將是 Ingénia 的擴張。那將是一個更大的場地，可能在——高度可能是現在的3倍。但是，我們在這方面取得了巨大進展，但我們還沒有到可以真正發表任何評論的地步。我們預計，到下一份收益報告發佈時，我們應該能夠非常具體地列出所有這些投資以及收入擴張能力。

And Mark, would you like more color there?

馬克，你想要更多色彩嗎？

Yes. I think we're just working through the finer details of the site. And when that ultimately -- we actually acquire that facility, yes, it's going to drive a little bit of the timing and the timing of the capital spend. So as Gene mentioned, we're going to be prepared to provide more color to you in -- at our Q4 call, and we'll really walk people through kind of the step function of what our plan is there.

是的。我認為我們只是在處理網站的一些細節問題。而當最終——我們真正收購了該設施時，是的，這將在一定程度上影響資本支出的時間表。正如吉恩所提到的，我們將在第四季度電話會議上為大家提供更多細節，並向大家詳細介紹我們計劃的逐步實施過程。

Obviously, it's a much larger facility. So the capital --

顯然，這是一個規模大得多的設施。所以資本--

Therefore, it's more capital in there, for those of you who've --

因此，那裡的資本更多，對於那些已經…的人來說。--

Know Ingenia.

了解 Ingenia。

Yes, who went to Ingénia. Think of an Ingenia now, and you'll see the lasers, the punches, the night train, the robotics. So it would be a similar level of capital equipment.

是的，誰去了英格尼亞。現在想想英傑尼亞，你會想到雷射、拳擊、夜間列車和機器人。因此，所需的資本設備規模也大致相同。

Okay. Got you. That makes sense. We look forward to getting that update in another few months. And then I wanted to ask you about the opportunity in nuclear. I think I asked you guys about that maybe a little over a year ago, but we've had a lot of developments in the market since then. So I was curious if you maybe started seeing some of those opportunities come the way of your HVAC business. What do you think your entitlement is in that specific market? Really appreciate any thoughts on just nuclear.

好的。抓到你了。這很有道理。我們期待在幾個月後收到更新資訊。然後我想問你關於核能領域的機會。我記得大概一年多前問過你們這個問題，但從那時起市場發生了許多變化。所以我很好奇，您是否開始看到一些這樣的機會出現在您的暖通空調業務中。你認為你在那個特定市場中享有的權利是什麼？非常感謝大家對核能的看法。

So nuclear, if you kind of take the existing nuclear market, rough order of magnitude, there's about 100 nukes in the U.S. About half of them have cooling towers, the other half would have what's called once-through cooling. That's where you use a lake or an ocean or something to provide your cooling.

所以，就核能而言，如果你大致了解現有的核能市場，粗略估計一下，美國大約有 100 座核電廠。其中大約一半有冷卻塔，另一半則採用所謂的直流冷卻。那就是利用湖泊、海洋或其他水體來降溫。

Of those that have cooling towers, we have a very high percentage of those units. You could see natural draft towers. Those are the big towers people think of when you think of nuclear power plants. They could be mechanical draft. There's a variety of technologies, but we have a very strong position there.

在那些擁有冷卻水塔的機組中，我們擁有非常高比例的機組。你可以看到天然的通風塔。人們一想到核電廠，腦海中浮現的就是這些高聳的塔樓。它們可能是機械起動。技術種類繁多，但我們在該領域擁有非常強大的地位。

So how does that affect us? As people want to keep power, is it's a scarce resource right now and there's a lot of demands on power. So upgrading your cooling towers, oftentimes, you can get an extra 50 or 80 megawatts out of your power plant very quickly. And so that could provide some opportunities for us in the existing infrastructure. Could be nuclear, it could be gas, could be coal. We're seeing some of those types of opportunities.

那麼這會對我們產生什麼影響呢？人們都想保住電力，因為電力現在是一種稀缺資源，對電力的需求也很大。因此，升級冷卻水塔通常可以很快地使發電廠額外獲得 50 或 80 兆瓦的發電量。因此，這可能會為我們利用現有基礎設施提供一些機會。可能是核能，可能是天然氣，也可能是煤炭。我們看到了一些這樣的機會。

As it pertains to new nuclear, I would say that we haven't seen -- we see a lot of combined-cycle power plants. There's a very active -- there's a lot of combined cycles going all across the U.S. That seems to be the go-to -- really if you want baseload power within the next few years, it looks like that's really your only option. So you're seeing a lot of activity there, sometimes paired with data centers.

至於新建核電廠，我想說我們還沒看到──我們看到的更多的是聯合循環發電廠。目前美國各地都在進行非常活躍的複合循環發電。這似乎是首選方案——如果你想在未來幾年內獲得基礎負荷電力，這似乎是你唯一的選擇。所以你會看到那裡有很多活動，有時會與資料中心一起出現。

And we do have an opportunity to go after the cooling towers there. Combined cycles tend to be a little smaller. But yes, we see it as an opportunity. But the brand-new nuclear, I don't think we see anything in our planning horizon, I would say, over the next two or three years.

我們確實有機會對付那裡的冷卻水塔。聯合循環的周期往往略小一些。但是，是的，我們認為這是一個機會。但是，就全新的核能而言，我認為在未來兩三年內，我們的規劃範圍內不會有任何相關項目。

Okay, that's helpful. Thanks a lot. I'll pass it along.

好的，這很有幫助。多謝。我會轉達的。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Hi guys, good afternoon.

大家好，下午好。

Hey Andrew.

嗨，安德魯。

Hey, how are you? So first question, I guess, some of your -- well, I don't know if they're competitors per se, but some of the HVAC players have been talking about pushout of large projects related to data centers. I would imagine it was because the industry is sort of out of capacity across the value chain. Any comments if you see any pushouts on large projects that you guys observe? Thank you.

嘿，你怎麼樣？所以我想問的第一個問題是，你們的一些問題——嗯，我不知道他們是否算是競爭對手，但一些暖通空調設備廠商一直在談論將與資料中心相關的大型專案推遲到其他地區。我猜想這是因為整個價值鏈上的產業產能都有些不足。如果你們觀察到任何大型專案延期的情況，有什麼看法？謝謝。

Andrew, not that we have seen -- and we have a number of large accounts in U.S. and Asia and Europe. I think when you get into some of the large projects, they tend to be imperfect in terms of planning. So you could take a large power project or a large automotive project or a large semiconductor. And I would put data centers in that same capacity. So there's always a little bit of uncertainty on timing, but I haven't seen anything out of the ordinary.

安德魯，據我們所知沒有——而且我們在美國、亞洲和歐洲有很多大客戶。我認為，在進行一些大型專案時，它們的規劃往往不夠完善。所以你可以選擇一個大型電力專案、大型汽車專案或大型半導體專案。我也會把資料中心放在同樣的位置。所以時間上總是會有些許不確定性，但我還沒看到任何異常。

What I would say is there's a very high demand from our key customers. They're very open with us about the demand profile and they're very much pushing us to make sure that we can meet their time lines. So to answer your question specifically, there's always a little bit of pushouts here and there, but I would say nothing out of the ordinary.

我想說的是，我們的主要客戶對這款產品的需求非常高。他們非常坦誠地向我們說明了需求情況，並且一直在督促我們確保能夠滿足他們的時間要求。所以具體回答你的問題，偶爾會出現一些小規模的變動，但我認為這並沒有什麼不尋常的。

Got you. And then just I know you have residential exposure, and what we've seen is some pressure on consumer this summer. Are you observing any headwinds related to consumer and HVAC? And yes, I'll just leave it at that. Thank you.

抓到你了。而且我知道你們有住宅方面的業務，我們也看到今年夏天消費者面臨一些壓力。您是否觀察到與消費者和暖通空調相關的任何不利因素？是的，我就說到這裡吧。謝謝。

Andrew, if you look at where we play in residential, it's a pretty small part of our HVAC segment, and it's really the Weil-McLain boilers. And that is a very high percentage of replacement demand. If anything, we're actually seeing nice growth there. That's predominantly replacement demand. We think any given year, it could be 80% to 90% replacement for the residential portion. I would say the commercial portion has a higher percentage of new.

Andrew，如果你看看我們在住宅領域的業務，它在我們暖通空調業務中所佔的份額非常小，而且主要還是 Weil-McLain 鍋爐。而且，這佔替換需求的比例非常高。如果有什麼變化的話，那就是我們實際上看到了良好的成長。這主要是替換需求。我們認為，在任何一年，住宅部分的更換率都可能達到 80% 到 90%。我認為商業部分的新內容比例更高。

But yes, we have not seen any slowdown or impact from the customer. I think it's early in the heat season. But even -- I spoke to our hydronics leader this morning, I believe we're a little bit ahead of bookings plan. So we're actually feeling on target. Anything else, Mark, you'd like to add?

但是，我們確實沒有看到客戶數量減少或受到任何影響。我認為現在還處於炎熱季節的初期。但是，我今天早上和我們的水力系統負責人談過了，我相信我們的預訂進度比計劃略微超前了一些。所以我們感覺一切都在按計劃進行。馬克，你還有什麼要補充的嗎？

No, I mean, it's really that business, I think, as many of you know, is largely driven, because it's largely replacement, by the weather cycle, for good or bad. And last year was a tough year for that business. But this year is different; it started off in a much better place.

不，我的意思是，我認為，正如你們許多人所知，這個行業很大程度上是由天氣週期驅動的，因為無論好壞，它都是一種替換。去年對這家企業來說是艱難的一年。但今年情況不同了；今年的開局要好得多。

Yes, I think we have a little bit of an easy comp versus last year, that's fair to say.

是的，我覺得和去年相比，我們今年的比賽難度稍微小一些，這麼說沒錯。

Exactly.

確切地。

Well, we're super excited to be onboard, and thank you so much.

我們非常高興能加入，非常感謝。

Alright, welcome. Thanks.

好的，歡迎你。謝謝。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Hey, good evening, gentlemen. Maybe just give a little more color on kind of your adoption expectations within the new Olympus product. What are you hearing from customers? You're targeting $50 million this year, but what's kind of the run rate maybe base case for 2026?

嘿，晚上好，先生們。或許可以更詳細地說明您對新款奧林巴斯產品的期望。你從客戶那裡聽到了什麼回饋？你們今年的目標是 5,000 萬美元，那麼 2026 年的基本預期收入是多少呢？

Yes. I think we would target to get $50 million into next year for the product. I would say the -- when I think about this, I actually have conviction on our value prop and our product. I think we have a very unique product in the dry and the adiabatic. I think it leverages a lot of our kind of core Marley strengths where we tend to be known for our engineering, our industrial-grade products. I think it transfers very well.

是的。我認為我們明年的目標是為該產品籌集 5000 萬美元。仔細想想，我確實對我們的價值主張和產品充滿信心。我認為我們在乾燥和絕熱方面擁有非常獨特的產品。我認為它充分利用了我們馬利的許多核心優勢，我們以工程技術和工業級產品而聞名。我覺得它的轉印效果非常好。

Having said that, what I would say is there's four kind of big kahunas for the hyperscalers. They all have different philosophies on how they design their data centers. Do they want wet or dry? There's many different variations. So it does take some time to break in there. But what I would say is we're on track and we feel very good about this brand-new product hitting $50 million. And I would expect it to kind of grow from there. And if we're successful, it could grow very rapidly into '27 and '28.

話雖如此，我想說的是，超大規模資料中心有四大關鍵因素。他們在資料中心的設計理念上各不相同。他們想要濕的還是乾的？有很多不同的版本。所以確實需要一些時間來適應那裡。但我想說的是，我們一切都很順利，我們對這款全新產品達到 5,000 萬美元的銷售額感到非常樂觀。我預計它會以此為基礎發展壯大。如果我們成功了，它在 2027 年和 2028 年可能會迅速發展。

But we're off to a nice start. There's a lot of bidding activity and there's a lot of discussions going on. There is in some of these markets, as we discussed in an earlier question, some of there's a lot of also budget bidding where people are trying to get a site and trying to get funding. So you get a lot of what you'll typically see on these larger projects, some of the lumpiness and the timing changing.

但我們開局不錯。競標活動非常活躍，討論也很多。正如我們在先前的問題中所討論的那樣，在某些市場中，也存在著許多預算競標，人們試圖獲得場地並試圖獲得資金。因此，你會看到很多通常在這些大型專案中會出現的情況，例如進度不穩和時間安排變化。

But what I would say is there's a very good set of opportunities in front of us, and I think we have the right product set. So yes, we're very encouraged and excited to go into next year with our Olympus Max.

但我想說的是，我們面前有很多很好的機會，而且我認為我們有合適的產品組合。所以，是的，我們非常鼓舞人心，也很興奮地期待明年推出我們的Olympus Max。

That's really helpful. So it sounds like it's kind of some big game hunting with the hyperscalers. Do you guys feel that you have a good seat at the table in that design phase?

這真的很有幫助。聽起來像是超大規模資料中心營運商正在進行一場大型狩獵活動。你們覺得在設計階段自己有發言權嗎？

Yes. And as you know, the hyperscalers typically have confidentiality. So we can't get into some of those. But what I would say is, yes, I do think we have a number of data center customers that we've been very proven with. As you know, there's some customers, they say, "We only want cooling towers." And then you try to do that. Some only want dry coolers.

是的。如您所知，超大規模資料中心通常會保密。所以有些事情我們無法深入探討。但我想說的是，是的，我認為我們有很多資料中心客戶，我們已經用實際行動證明了我們的實力。如你所知，有些客戶說：“我們只需要冷卻水塔。”然後你就試著去做。有些人只想要乾式冷卻器。

And I think what is going on at a macro level is you're seeing a movement towards higher heat loads, which tends to mean the easiest and the simplest is air-cooled chillers. If there's an air-cooled chiller, that doesn't really provide an opportunity for us, because it's an all-integrated unit. As it goes to water-cooled chillers, we could either do the dry, the adiabatic or the cooling tower on that. And everything we're hearing and seeing sees a trend moving towards that water-cooled chiller solution because you really can reject more heat, frankly.

我認為從宏觀層面來看，目前的發展趨勢是熱負荷越來越高，這意味著最簡單易行的方案就是採用風冷式冰水機。如果是風冷式冷水機，那對我們來說就沒什麼機會了，因為它是一體化機組。至於水冷式冷水機，我們可以採用乾式、絕熱式或冷卻水塔式。我們所聽到和看到的一切都表明，水冷式冷水機解決方案正在成為一種趨勢，因為坦白說，它確實可以散發更多的熱量。

So yes. I think that's a trend that I think is favorable. It doesn't happen overnight, but it should be shifting over the next couple of years, which I think what it basically means for us is it can open up more addressable opportunity.

是的。我認為這是一個可喜的趨勢。這不會在一夜之間發生，但在未來幾年內應該會有所轉變，我認為這對我們來說基本上意味著可以開啟更多可利用的機會。

That's great color. One last question here, just to put a finer point on the KTS acquisition. I thought the expectations there previously was more second half weighted, but it looks like it might have been down sequentially in the quarter. Is there anything to call out from a modeling perspective?

顏色真好看。最後一個問題，是為了更清楚說明KTS收購案的情況。我之前認為這方面的預期更多地集中在下半年，但現在看來，本季環比可能有所下降。從建模的角度來看，有什麼需要特別指出的嗎？

Yes. I don't think so, Ross. No. It is second half weighted, no doubt. And I think the fourth quarter will be its largest quarter. But we can chat about that offline just to sync up what you're [seeing].

是的。我不這麼認為，羅斯。不。毫無疑問，下半年的權重更大。我認為第四季將是其業績最好的一個季度。但我們可以私下聊聊，確認一下你的狀況。[看到]。

Thanks, guys.

謝謝各位。

Joe O'Dea, Wells Fargo

喬‧奧迪亞，富國銀行

Hi guys, thanks for taking my questions.

大家好，感謝你們回答我的問題。

Hey, how you doing?

嘿，你好嗎？

Can you just touch a little bit more on Detection & Measurement in the quarter? I think you're heading into the quarter anticipating that margin could have been down. Clearly, strong revenue, strong margin. I think this is an environment where we hear a little bit more about the potential for pushouts. It sounds like things came in. So just to elaborate a little bit more on what you saw over the course of the quarter, maybe why you saw it come forward a little faster than anticipated.

能否再詳細談談本季的檢測與測量工作？我認為你進入本季時已經預料到利潤率可能會下降。顯然，營收強勁，利潤率也很高。我認為在這種環境下，我們會聽到更多關於可能出現裁員的情況。聽起來好像有東西進來了。所以，為了更詳細地說明你在本季看到的情況，也許可以解釋為什麼你看到它比預期進展得更快一些。

Yes, Joe, let me touch on that. And first of all, I think we're really pleased with the initiatives and the success and progress we've had on driving margins in our across our D&M platform. But really, I would sort of break it down into three buckets. When you look at year-over-year, sort of 240 basis points of margin improvement at the segment income line.

是的，喬，讓我來談談這個問題。首先，我認為我們對在D&M平台上推動利潤率所採取的措施、取得的成功和進展感到非常滿意。但實際上，我會把它分成三類。從年比來看，該業務部門的收入利潤率提高了約 240 個基點。

A part of that, probably 40, 50 basis points of it really related to KTS. That business is performing at a higher margin level than we had originally forecasted. So that business is performing nicely. We saw very nice operating leverage in the quarter on the revenue. And this is sort of net of a less favorable mix that we had signaled in the back half of this year, particularly relative to last year.

其中一部分，大概有 40 到 50 個基點，與 KTS 真正相關。該業務的利潤率高於我們最初的預期。所以這家公司經營狀況良好。本季我們看到營收方面實現了非常不錯的營運槓桿效應。而且，這在某種程度上抵消了我們在今年下半年發出的不利組合訊號，特別是與去年相比。

Now remember, we had $20 million of this project move up from 2026, that sort of added to the volume story here, that wasn't originally in there. So that really drove very nice operating leverage. Those contracts actually executed at a higher level than we thought.

請記住，該項目有 2000 萬美元的資金從 2026 年提前到 2026 年，這在一定程度上增加了項目的規模，而這原本並不包含在內。所以這確實帶來了非常好的經營槓桿效應。這些合約的實際執行水準比我們預想的要高。

And then lastly, we did have some initiatives within D&M related to some NPI and a couple of other initiatives that have actually shifted out of the year. They're kind of shifting into 2026. And that's really largely, I think, just prioritization of where the management team is spending their time and resources right now. I think we probably had more slated than we could really accomplish during the year.

最後，我們在D&M內部確實有一些與新產品導入相關的舉措，以及其他一些舉措，但這些舉措實際上已經從今年取消了。他們正在逐步將計劃推遲到 2026 年。我認為這很大程度上只是管理團隊目前將時間和資源投入哪些方面的優先順序而已。我認為我們一年內可能安排了太多任務，以至於我們無法真正完成。

So those are still projects that are going to continue. Those costs will be there, but they're going to slip out into 2026, that cost. So the latter two, I didn't give you that, it's about, of the balance, call it, 200 basis points, it splits about 50-50.

所以這些項目仍將繼續進行。這些成本確實存在，但這些成本將會延後到 2026 年才會產生。所以後兩個，我沒有告訴你，大概是，在平衡點上，比如說，200 個基點，大約是 50-50 平分。

That's helpful color. And then I wanted to ask on the HVAC backlog up 7% sequentially. It seems like seasonally from year-to-year, maybe it tends to be flat or could even move down. And so not sure if you would observe that as a little bit better than normal seasonal trend there. And anything that you would point to that's contributing to that?

這是個很有幫助的顏色。然後我想問一下暖通空調積壓訂單環比增長 7% 的情況。似乎從季節上看，每年可能都會保持平穩，甚至可能下降。所以，我不確定您是否會認為這比正常的季節性趨勢略好。您認為有哪些因素導致了這種情況？

Yes. I think -- I mean, on the backlog, a couple of things. One, when you look at it kind of year-over-year, right, it's up 32%. Organically, represents about two-third of that. So nice year-over-year.

是的。我認為——我的意思是，在待辦事項清單上，有幾件事。第一，從年比來看，成長了 32%。有機部分約佔其中的三分之二。一年比一年好。

Sequentially, you have a couple of things going on there. You obviously -- we typically see backlog reduction at this time of the year related to our hydronics business. So as we work through what we call kind of the preseason buy that takes place, that will -- that happens at this time of the year. And then you'll see it again in Q4 as we relieve inventory related to that.

按順序來說，這裡有兩件事正在發生。顯然，我們通常會在每年的這個時候看到與水力業務相關的積壓訂單減少。所以，當我們進行所謂的季前採購時，也就是每年的這個時候，就會發生這種情況。然後，隨著我們清理與此相關的庫存，您將在第四季度再次看到這種情況。

So that's a little bit what's driving it. As I look to the end of the year, what I would tell you is I think backlog overall from where we are today will likely be higher.

這就是部分原因所在。展望年底，我認為積壓訂單總量可能會比現在更高。

I appreciate it. Thank you.

謝謝。謝謝。

Brad Hewitt, Wolfe Research.

Brad Hewitt，Wolfe Research。

Hey, good afternoon. Thanks for the questions. So I guess on the M&A side, curious whether the $1 billion of additional balance sheet capacity that you've secured in recent months would indicate that perhaps M&A funnel is more actionable than it had been in recent months? And would it be fair to say your appetite for a larger deal has perhaps increased?

嘿，下午好。謝謝大家的提問。所以，在併購方面，我很好奇，您最近幾個月獲得的10億美元額外資產負債表容量是否表明，併購管道比最近幾個月更具可行性？是否可以說，您對更大交易的渴望可能會增加？

Brad, I'd say this is probably the number 1 question we got in the equity raise and I think from some investors. It's a good question. But the truth is nothing has really changed. Our strategy is the same. I would say, to your point, we do have a very robust pipeline of opportunities.

布拉德，我想說這可能是我們在股權融資過程中收到的最多的問題，而且我認為一些投資者也提出了這個問題。這是個好問題。但事實是，一切都沒有真正改變。我們的策略是一樣的。我同意你的觀點，我們的確有很多非常強烈的發展機會。

I think that really what predicated the raise was our EBITDA, we've kind of outgrown our revolver. We've gotten so -- we've grown our EBITDA so much that we actually saw some opportunities that would have been challenging for us to be able to execute on. We didn't want to get caught in that situation. So we actually feel like we're in a very strong situation now.

我認為此次增資的真正原因是我們的 EBITDA，我們的循環信貸額度已經不夠用了。我們的 EBITDA 成長如此之快，以至於我們看到了一些原本很難實現的機會。我們不想陷入那種境地。所以我們現在覺得自己處境非常有利。

But yes, very good activity and -- but no, no change in strategy. As you know, we -- for us, we've typically said a smaller deal might be in the range of a $50 million enterprise value, a larger deal might be in the neighborhood of $500 million. And that's really where the bulk of our opportunities lie. I would say 90% plus fall in that range. And there are a couple of smaller, there are a couple of larger. But yes, that's where we sit today.

是的，活動非常出色，但是——不，策略沒有改變。如您所知，我們通常認為，較小的交易的企業價值可能在 5000 萬美元左右，較大的交易的企業價值可能在 5 億美元左右。而這其實蘊藏著我們大部分的機會。我認為90%以上都屬於這個範圍。其中有幾個小的，也有幾個大的。但沒錯，這就是我們目前的處境。

Okay. That's helpful. And then curious what your latest thinking is around Ingénia capacity exiting the year. I think the previous expectation was around $140 million. And then when you mentioned the planned Ingénia facility in the Southeast U.S., is that incremental to the $300 million of ultimate run rate capacity that you had previously cited?

好的。那很有幫助。我很好奇您對 Ingénia 今年底的產能有何最新看法。我認為之前的預期值約為 1.4 億美元。那麼，您之前提到的位於美國東南部的 Ingénia 工廠計劃，是否超出了您之前提到的 3 億美元最終運行產能？

Yes. No, I think that we're still on track for hitting a $140 million run rate in this quarter, in Q4. But if you look at it, our revenue is going to be materially lower than that, right? We're kind of ramping up. And that's really in our Mirabel facility. But no.

是的。不，我認為我們仍有望在本季（第四季）實現 1.4 億美元的營收目標。但仔細想想，我們的收入一定會比這低很多，對吧？我們正在逐步加大力度。那確實位於我們的米拉貝爾工廠。但並非如此。

And then previously, when it was talked about the $300 million run rate, which we're really talking about is that run rate being Q4 of 2027, that is both facilities. That is both Mirabel up in Canada, outside of Montreal, and then the new facility, which we're pretty close on and we should be able to announce here in our next earnings call. So yes, it'd be both those put together.

先前，我們談到 3 億美元的運作率，我們真正指的是 2027 年第四季的運作率，這包括這兩個設施。這包括位於加拿大蒙特婁郊外的 Mirabel，以及我們即將完工的新工廠，我們應該能夠在下次財報電話會議上宣布這一消息。所以，是的，兩者加在一起就好了。

Great. Thanks, Gene.

偉大的。謝謝你，吉恩。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Nice quarter. I guess just two questions. One is following up on Joe's question about the profitability in D&M. Obviously, it was strong in the quarter and there were some favorable items in the third quarter. But even if I look at the run rate of what's implied in the fourth quarter, like just the run rate on D&M operating income is quite a bit higher than what we've seen in the first half of the year. So just wondering if that's like a good cadence to think about like the back half times two for base for 2026 just given what you're seeing on the top line and in the margins?

不錯的街區。我想問兩個問題。其中之一是跟進 Joe 關於 D&M 盈利能力的問題。顯然，該季度表現強勁，第三季也出現了一些利多因素。但即使我看一下第四季度的運行率，例如僅D&M的營業收入運行率就比我們在今年上半年看到的要高得多。所以我想知道，考慮到你從頂部數據和邊緣數據中看到的情況，2026 年的基礎數據以下半部分乘以 2 來計算是否是一個合適的節奏？

And then I guess my second question, just any updated thoughts on your 2027, 2028 sort of EBITDA goals just given, again, where we should end up this year and given how much EBITDA has grown per year since you've put that out? It just seems like that could get pulled forward or potentially it's conservative.

那麼我的第二個問題是，鑑於我們今年的最終目標以及自您發布目標以來 EBITDA 每年增長的幅度，您對 2027 年、2028 年的 EBITDA 目標有什麼最新的想法嗎？感覺這件事可能會提前，也可能比較保守。

Yes, Jamie, I'll start on the D&M topic. So you really have to kind of look back to our increase in our guide for the year, which was largely driven by D&M, the majority of it was, and kind of understand what's driving that as you look out to kind of what's implied in Q4. And there's really three things that we -- that are similar to Q3, they're connected to it.

好的，傑米，我先從D&M這個主題開始。所以你真的需要回顧一下我們今年的業績指引成長情況，這主要是由D&M推動的，大部分都是如此，並且要了解是什麼因素推動了這一增長，才能更好地預測第四季度的情況。實際上有三件事與第三季類似，它們都與第三季有關。

One is KTS margin improvement. We saw a little bit of that in Q3; you're going to see more of it in Q4. These initiatives that I talked about, that impacts both Q3 and a little bit in Q4, less so. And then the better leverage was really a Q3 element. So you think about KTS and the margin benefit from that given that will be the largest quarter for the -- did we lose someone? Okay. For that business performing this year. Does that clear it up for you?

一是KTS利潤率的提高。我們在第三季看到了一些這樣的現象；第四季你會看到更多。我剛才提到的這些舉措，對第三季有一定影響，對第四季的影響較小。而更好的槓桿作用其實是第三季的要素。所以，考慮到KTS和由此帶來的利潤率優勢，因為這將是業績最好的一個季度——我們是否損失了什麼人？好的。針對今年業績表現良好的企業。這樣解釋清楚了嗎？

Yes, that's helpful. And then on the 2027, 2028 EBITDA targets?

是的，這很有幫助。那麼，2027年、2028年的EBITDA目標呢？

Yes. I mean I think -- why don't I start there and then you can dive in? When we had our Investor Day in early 2024, so we kind of looked at 2023, which our EBITDA was $320 million. Is that right? Yes, so --

是的。我的意思是，我想──為什麼我不從這裡開始，然後你再深入探討呢？我們在 2024 年初舉辦了投資者日活動，當時我們回顧了 2023 年的情況，當時我們的 EBITDA 為 3.2 億美元。是這樣嗎？是的，所以--

It was $310 million.

金額為3.1億美元。

310, okay. $310 million. And we said we think we can double this within the medium term, which would be four to five years.

310，好的。 3.1億美元。我們表示，我們認為可以在中期內（即四到五年內）實現這一目標翻倍。

To your point, I think we're tracking very, very favorably on that. So we went from $310 million to $421 million last year. I think we're $505 million at the midpoint this year. We're seeing nice growth dynamics, particularly on our HVAC side, as well as some good inorganic opportunities. So yes. If I were to kind of say that was four to five years, I would say I'd be disappointed if we weren't -- the five feels too long. I do think we're ahead of plan here.

你說得對，我認為我們在這方面進展得非常順利。所以去年我們的營收從3.1億美元成長到了4.21億美元。我認為我們今年年中業績為 5.05 億美元。我們看到了良好的成長勢頭，尤其是在暖通空調領域，以及一些不錯的非內生性成長機會。是的。如果我說那是四到五年，那如果沒能實現我會很失望——五年感覺太長了。我認為我們目前的進度比計劃要快。

And Mark, I don't know if you have any other comments you'd like to add to that.

馬克，我不知道你是否還有什麼要補充的。

No. I mean I feel good about where we sit. I mean particularly as I look out into -- at our end markets that are in some of the longer-term megatrends that are driving the business.

不。我的意思是，我對我們目前的處境感到滿意。我的意思是，尤其是當我放眼未來，看到我們的終端市場正處於推動業務發展的某些長期大趨勢之中時。

As we very clearly say, we want 15% growth every year. This year, we're penciling in around 20%. Last year, we were at 29%. We think our model is tracking as we expected. So yes, we'd expect, assuming we stay on plan, we would exceed that well before the five years.

正如我們明確指出的那樣，我們希望每年增長15%。今年，我們暫定目標約 20%。去年，我們的佔比是 29%。我們認為我們的模型運行情況符合預期。所以，是的，我們預計，假設我們按計劃進行，我們將在五年內遠遠超過這個目標。

Thank you and congratulations.

謝謝，也恭喜你。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

Hi everyone. Let me add my congratulations. Just as a follow-up to the last question, as you plan for 2026, what are your thoughts on building incremental P&L leverage for the enterprise as a whole? And maybe thoughts on potential for EBITDA margin expansion just for next year. Are there any anomalous things that we need to keep in mind that might skew that either way?

大家好。我也要向你表示祝賀。作為上一個問題的補充，在您規劃 2026 年時，您對如何為整個企業建立增量損益槓桿有何想法？或許還可以考慮明年 EBITDA 利潤率擴張的潛力。是否存在一些異常情況需要我們注意，這些情況可能會對結果產生影響？

Yes, I'll start, Jeff. I mean I want to be careful, we're not in a position where we're going to share 2026 guidance today. But I don't think of anything anomalous. I'm just sort of thinking through a couple of things. I mean when I think about our corporate structure that we have here in Charlotte, I mean, we're scaled, I think, appropriately today and really not a need to continue to really add to that as we scale the business.

好的，我先來，傑夫。我的意思是，我想謹慎一些，我們目前的情況還不適合發布 2026 年的業績指引。但我沒覺得有什麼不尋常的地方。我正在思考一些事情。我的意思是，當我想到我們在夏洛特的公司架構時，我認為我們目前的規模已經足夠大了，隨著業務規模的擴大，真的沒有必要繼續增加規模。

So clearly, I think next year, we are going to have some start-up costs related to HVAC. We've got a little bit of that in this year, with respect to some of the initiatives we have underway regarding the data center development of some of the new technologies there, the new plants that will be coming online. So that's -- while the first was kind of a positive, that's something that has potential to be a bit of a potential drag. But it shouldn't be a material number really when I think about the margin profile for next year.

所以很明顯，我認為明年我們將面臨一些與暖通空調相關的啟動成本。今年我們已經在這方面做了一些努力，包括我們正在進行的一些資料中心開發項目，以及一些新技術和即將上線的新工廠。所以——雖然第一點算是正面的，但這一點也可能成為潛在的阻礙。但考慮到明年的利潤率，這應該不會是一個很重要的數字。

I mean what I would say is I feel very good about what we've done over the last few years, whether it's kind of driving the margin profile of the HVAC business up to where it is, and similarly, returning the D&M business to the margin profile that it once was a number of years ago. So as I look forward, you think about, as you continue to grow the top line, we should get operating leverage there.

我的意思是，我對我們過去幾年所做的工作感到非常滿意，無論是將暖通空調業務的利潤率提升到目前的水平，還是將設計與製造業務的利潤率恢復到幾年前的水平。展望未來，隨著營收持續成長，我們應該能夠獲得營運槓桿效應。

Okay. Great. And then you've touched on potential pushouts in the data center market. Given the nature of that data center beast, on the flip side, are you seeing any pull forwards in demand from any projects there?

好的。偉大的。然後，您也談到了資料中心市場的潛在淘汰問題。鑑於資料中心的特殊性質，另一方面，您是否看到任何專案提前啟動了對資料中心的需求？

Yes. I would say it's a it's a very fast-moving, fluid environment where, yes, there are some things that accelerate and can move, yes, can definitely move up well earlier than planned. In some cases, you have some of these colos that will get a facility and they'll set up a location and then they want to get a customer or a major tenant. And once they get it, all of a sudden, they're moving 90 miles an hour.

是的。我認為這是一個變化非常迅速、瞬息萬變的環境，是的，有些事情會加速發展，而且肯定會比計劃提前很多。在某些情況下，一些託管資料中心會獲得設施並設立位置，然後他們希望獲得客戶或主要租戶。一旦他們掌握了要領，突然之間，他們的速度就達到了每小時 90 英里。

And so yes, we do see things moving in both directions there. It is a very fast-moving market, with a lot of activity and a lot of -- it's a very dynamic market, as you might expect, with the amount of growth that's going on in that market. But yes, we have seen it move forward as well as seeing some of the normal project delays.

所以，是的，我們看到事情正朝著兩個方向發展。這是一個瞬息萬變的市場，非常活躍，正如你所預料的那樣，這是一個充滿活力的市場，因為該市場正在經歷巨大的成長。是的，我們看到專案取得了進展，同時也看到了一些正常的專案延誤。

Okay. Thanks for taking my question, and continued success.

好的。感謝您回答我的問題，祝您一切順利。

Steve Ferazani, Sidoti.

史蒂夫·費拉扎尼，西多蒂。

It's been a long call, so I'll try to ask you a couple of easy ones. Very strong free cash flow in 3Q. I know you had already tipped off the fact that all the cash -- the remaining cash costs related to the long-ago discontinued ops were taken last year. Nevertheless, much stronger cash flow this quarter.

通話時間很長，所以我盡量問你幾個簡單的問題。第三季自由現金流非常強勁。我知道你之前已經透露過，所有現金——與很久以前就已停止的業務相關的剩餘現金成本——都是去年被挪用的。然而，本季現金流狀況顯著改善。

You've got the balance sheet in great shape now. But I'm looking at my model, in 4Q, if you get the typical working capital reversal that you usually get, you're looking at significant cash flow in 4Q given that you've already cleaned up that balance sheet. You're looking at a number, and I'm sure you -- my number is not far off of yours, how are you thinking about using that 4Q cash?

你們現在的資產負債表狀況非常好。但是，根據我的模型，在第四季度，如果出現通常情況下的營運資本回流，考慮到你已經清理了資產負債表，那麼第四季度將會出現大量的現金流。你現在看到的是一個數字，我相信你——我的數字和你的數字相差不遠，你打算如何使用第四季的現金？

Yes. I think your -- well, I don't know your number, your presumption is correct.

是的。我認為你的——嗯，我不知道你的電話號碼，但你的推測是正確的。

I don't want to give it, but it's sizable.

我不想給，但這筆錢數額不小。

Yes. Listen, I mean, it comes back to the M&A pipeline that we have in front of us, right? I mean we feel really good about the opportunities ahead of us. And that's just part of the pool of capital that will be available to us to drive the value creation. And obviously, we've got the plant expansion. We haven't sized that yet, but we'll certainly -- that will be part of the overall deployment of capital.

是的。聽著，我的意思是，這最終還是要回到我們眼前的併購項目上來，對吧？我的意思是，我們對未來的機會感到非常樂觀。而這僅僅是我們可用於推動價值創造的資金池的一部分。顯然，我們還有工廠擴建工程。我們還沒有確定規模，但我們肯定會——這將是整體資本部署的一部分。

Okay. And Gene, let me follow up a question that was asked earlier because, obviously, you are getting asked about M&A opportunities and size. And I know you've talked previously and we've discussed this, that if you go larger, typical the multiples get higher. I mean so much of your success over the last few years has been paying very reasonable multiples for acquisitions. And I think investors want to hear that you're going to maintain that kind of discipline around businesses you know really well and paying that 10 to 12x.

好的。吉恩，我想就之前有人問過的一個問題進行補充說明，因為很明顯，大家都在問你關於併購機會和規模的問題。我知道你之前也談過這一點，我們也討論過，如果規模擴大，通常倍數也會更高。我的意思是，你們在近幾年取得的成功很大程度上是靠以非常合理的倍數進行收購實現的。我認為投資者希望聽到的是，你會對你非常了解的企業保持這種自律，並支付 10 到 12 倍的回報。

Given the balance sheet is so much cleaned up given your access to capital, is there an itch to go higher to find the right deals? Or do you expect to maintain that kind of discipline?

鑑於公司資產負債表已經得到了極大的改善，並且擁有充足的資金，您是否渴望進一步擴大規模，尋找合適的投資機會？還是你認為自己能夠保持這種自律性？

No, I think if you look at -- I mean, it's a great question. I think that our model has really worked. And I think our average multiple has been in the neighborhood of 11 times. We typically get 1.5 times, 2 times turns. So you kind of get it under your roof at nine times, which is a really good value, when you think of our average EBITDA that we've acquired is 20% and these have also been accretive on growth rates. Not to mention the most important point, the whole purpose of how we do M&A is to really strengthen our competitive position and to be able to expand.

不，我覺得如果你仔細想想——我的意思是，這是一個很好的問題。我認為我們的模式確實奏效了。我認為我們的平均本益比在 11 倍左右。我們通常能獲得 1.5 倍、2 倍的機會。所以，你只需要九倍的價格就能把它納入你的體系，這真的很划算，考慮到我們收購的平均 EBITDA 為 20%，而且這些收購也提高了成長率。更不用說最重要的一點了，我們進行併購的全部目的就是為了真正加強我們的競爭地位並實現擴張。

So yes, I think I don't see any deviation from our strategy. Typically, if you see a smaller deal, in the $50 million range, something like that, it will be a turn or two lower. If you see a larger deal that has more established management teams, more established IT systems, products, channels, is lower risk, you typically see is always going to be a turn or two higher. But the flip side of that is you can typically get some more leverage and some more synergy when you have a larger organization like that.

所以，是的，我認為我們的策略不會有任何偏離。通常情況下，如果你看到一筆較小的交易，例如 5000 萬美元左右的交易，那麼價格會低一兩倍。如果你看到更大的交易，擁有更成熟的管理團隊、更成熟的 IT 系統、產品和管道，風險較低，那麼你通常會發現它的成交價總是會高出一兩倍。但另一方面，當你擁有這樣一個規模更大的組織時，你通常可以獲得更大的影響力和更多的協同效應。

So yes, I think that our model has not changed. We do see deals that -- and this is probably more in the Detection & Measurement side, you can see deals going for 19x, 20x. That's just not us. That's just not -- that's not who we are. We really do focus on cash returns. And yes, I would -- our model is going to stay. We're executing the same strategy that we did a year ago, Steve.

所以，是的，我認為我們的模式沒有改變。我們確實看到一些交易——這可能更多地發生在檢測和測量領域——你可以看到交易金額達到 19 倍、20 倍。我們絕不會那樣做。那根本不是——那不是我們。我們確實非常注重現金回報。是的，我會的——我們的模式將會保留下來。史蒂夫，我們執行的策略和一年前一樣。

Great. Thanks, Gene. Thanks, Mark.

偉大的。謝謝你，吉恩。謝謝你，馬克。

That concludes today's Q&A session. I would now like to turn the call back over to management for closing remarks. Please go ahead.

今天的問答環節到此結束。現在我想把電話轉回管理階層，請他們做總結發言。請繼續。

Thanks, operator.

謝謝接線生。

That concludes today's conference call. You may all disconnect.

今天的電話會議到此結束。你們可以斷開連結了。