SPX Technologies Inc (SPXC) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the first-quarter 2026 SPX Technologies Earnings Conference Call. (Operator Instructions)

各位女士、先生，大家好，感謝您撥冗等候。歡迎參加 SPX Technologies 2026 年第一季財報電話會議。（接線員指示）

As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Mr. Mark Carano. Sir, please begin.

提醒各位，本次電話會議將被錄音。此刻，我想將會議交給 Mark Carano 先生。先生，請開始。

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. I'm also excited to be joined by our new Head of Investor Relations, Johann Rawlinson. He has joined us from the Hertz Corporation, Research as Head of Investor Relations for the last 5 years.

謝謝接線員，各位下午好。感謝大家加入我們。今天與我一同參與電話會議的是我們的總裁兼執行長 Gene Lowe。我也很高興介紹我們新任投資人關係主管 Johann Rawlinson 加入。他先前任職於 Hertz Corporation，過去 5 年擔任投資人關係主管。

A press release containing our first quarter results was issued today after market close. You can find the release and our earnings slide presentation as well as a link to a live webcast of this call in the Investor Relations section of our website at spx.com. I encourage you to review our disclosure and discussion of GAAP results in the press release and to follow along with the slide presentation during our prepared remarks. A replay of the webcast will be available on our website.

我們已於今日收盤後發布包含第一季業績的新聞稿。您可至 spx.com 網站的投資人關係（Investor Relations）專區，查閱新聞稿與財報簡報投影片，並取得本次電話會議即時網路直播的連結。我建議您閱讀新聞稿中對 GAAP 結果的揭露與討論，並在我們的預先準備發言期間搭配投影片一同觀看。網路直播的重播也將於我們網站提供。

As a reminder, portions of our presentation and comments are forward-looking and subject to safe harbor provisions. Please also note the risk factors in our most recent SEC filings. Our comments today will largely focus on adjusted financial results and comparisons will be to the results of continuing operations only. You can find detailed reconciliations of historical adjusted figures from their respective GAAP measures in the appendix to today's presentation. Our adjusted earnings per share exclude intangible amortization expense, acquisition and integration-related costs, nonservice pension items, among other items. Finally, we look forward to meeting with investors at various events during the upcoming months.

提醒各位，我們簡報與評論的部分內容屬於前瞻性陳述，並受安全港條款保護。也請留意我們最近期向 SEC 申報文件中的風險因素。我們今天的評論將主要聚焦於調整後（adjusted）的財務結果，且比較基礎僅為持續營運（continuing operations）的結果。您可在今日簡報的附錄中，找到歷史調整後數字與其各自 GAAP 指標之間的詳細調節表。我們的調整後每股盈餘排除無形資產攤銷費用、併購與整合相關成本、非服務性退休金項目等。最後，我們也期待在未來幾個月於各項活動中與投資人會面。

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

接下來，我把電話交給 Gene。

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 segment results for the first quarter of 2026 as well as an update on our full year outlook.

謝謝，Mark。各位下午好，感謝各位加入。今天的電話會議中，我們將向各位更新 2026 年第一季的合併分部（consolidated segment）業績，以及我們對全年展望的最新看法。

We had a strong start to the year with year-over-year growth in adjusted EBITDA of 23% and adjusted EPS of 22%. We continue to execute well driving significant profit growth in both segments and making meaningful progress on several key initiatives. We are raising our full year guidance range to reflect our strong performance in Q1 and outlook for the remainder of the year partially offset by the impact of the recent changes to the Section 232 tariffs. We do not expect these tariffs to impact 2027 earnings. Looking ahead, we remain well positioned to continue executing on our organic and inorganic value creation initiatives supported by our robust M&A pipeline.

我們今年開局強勁，調整後 EBITDA 年增 23%，調整後 EPS 年增 22%。我們持續良好執行，在兩個分部皆推動顯著的獲利成長，並在多項關鍵計畫上取得實質進展。我們上調全年指引區間，以反映第一季的強勁表現與今年剩餘期間的展望；其中部分將被近期第 232 條關稅（Section 232 tariffs）變更的影響所抵銷。我們預期這些關稅不會影響 2027 年的獲利。展望未來，在強勁的併購（M&A）案源支持下，我們仍具備良好條件，持續推動有機與無機的價值創造計畫。

Turning to our high-level results for the quarter. We grew revenue by 17.4%, driven by the benefit of recent acquisitions and organic growth in both segments. Adjusted EBITDA increased 23% year-over-year with 90 basis points of margin expansion.

接著看本季的整體結果。我們營收成長 17.4%，主要受惠於近期併購，以及兩個分部的有機成長。調整後 EBITDA 年增 23%，且利潤率擴張 90 個基點。

As always, I'd like to update you on our value creation initiatives. The capacity expansions across our HVAC facilities to meet the strong demand for our data center cooling and custom air handling solutions are progressing well. They remain on track with the time line and capital requirements outlined last quarter. In Q1, we began producing highly engineered aluminum dampers and AmCo's new Tennessee facility and expect production to steadily increase throughout the year.

如同以往，我想向各位更新我們的價值創造計畫。為滿足資料中心冷卻與客製化空氣處理（custom air handling）解決方案的強勁需求，我們在 HVAC 各廠區的產能擴充正順利推進，並仍符合上季所說明的時程與資本需求。第一季我們已在 AmCo 位於田納西州的新廠開始生產高工程化鋁製風門（highly engineered aluminum dampers），並預期產量將在全年穩步提升。

We also began production of the Olympus maps in our Alasa-Kanses facility in the first quarter. Additionally, the Madison Alabama facility build-out is well underway. We still expect to have assembly capabilities for Olympus Max and custom air handling products in the second half of this year and initial production capabilities in the first half of 2027.

我們也在第一季於 Alasa-Kanses 廠開始生產 Olympus maps。此外，阿拉巴馬州麥迪遜（Madison, Alabama）廠的擴建工程正如火如荼進行。我們仍預期在今年下半年具備 Olympus Max 與客製化空氣處理產品的組裝能力，並在 2027 年上半年具備初步量產能力。

Turning to Detection & Measurement. We continue to advance our new product initiatives across the segment. Our location and inspection platform, recently launched a new locate performance management software that meaningfully expands the real-time analysis of our customers' critical data and is seamlessly transferred from our radio detection precision locations and field. We believe this solution significantly enhances how our customers locate underground utilities by increasing their efficiency, safety, accuracy and overall data management capabilities.

接著談 Detection & Measurement。我們持續推進本分部的新產品計畫。我們的定位與檢測平台近期推出新的定位績效管理軟體（locate performance management software），可大幅擴展對客戶關鍵資料的即時分析能力，並可從我們的無線電探測精準定位與現場作業中無縫傳輸。我們相信此解決方案能透過提升效率、安全性、準確性與整體資料管理能力，顯著強化客戶定位地下管線（underground utilities）的方式。

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

接下來我把電話交回 Mark，請他說明我們的財務結果。

Thanks, Gene. Our first quarter results were strong. Year-over-year, adjusted EPS grew by 22% to $1.69. For the quarter, total company revenue increased 17.4% year-over-year primarily driven by the benefit of acquisitions, strong organic growth in HVAC. Consolidated segment income grew by $25 million or 22% to $135 million. Our consolidated segment margin increased 100 basis points.

謝謝，Gene。我們第一季的結果表現強勁。年增而言，調整後 EPS 成長 22% 至 1.69 美元。本季公司總營收年增 17.4%，主要受惠於併購貢獻，以及 HVAC 強勁的有機成長。合併分部利益（consolidated segment income）增加 2,500 萬美元或 22%，至 1.35 億美元。我們的合併分部利潤率提升 100 個基點。

In our HVAC segment, revenue grew by 22% year-over-year with 11.5% inorganic growth and a modest FX tailwind. On an organic basis, revenue increased 9.6%, with solid growth in both cooling and heating. Segment income grew by $15 million or 20% primarily driven by higher volume, while segment margin decreased 40 basis points, largely due to start-up costs associated with the capacity expansions. Segment backlog at quarter end was $755 million, up 38% organically year-over-year, primarily driven by data center demand.

在 HVAC 分部，營收年增 22%，其中無機成長（inorganic growth）為 11.5%，且匯率帶來小幅順風。以有機基礎計算，營收成長 9.6%，冷卻與加熱業務皆有穩健成長。分部利益增加 1,500 萬美元或 20%，主要由較高出貨量帶動；分部利潤率則下滑 40 個基點，主要因產能擴充相關的啟動成本（start-up costs）。季末分部在手訂單（backlog）為 7.55 億美元，有機年增 38%，主要由資料中心需求所驅動。

In our Detection & Measurement segment, revenue grew by 8.3% year-over-year. The one month of inorganic revenue from KTS contributed 3.9% and FX was a modest tailwind. On an organic basis, revenue increased 3%, primarily driven by higher volumes in our transportation platform. Segment income grew by $10 million or 28% and segment margin increased 410 basis points. Increases in segment income and margin were primarily driven by higher volume and a favorable mix greater than typical high-margin software volume. Segment backlog at quarter end was $333 million, down modestly year-over-year.

在 Detection & Measurement 分部，營收年增 8.3%。KTS 併入後的一個月無機營收貢獻 3.9%，匯率亦為小幅順風。以有機基礎計算，營收成長 3%，主要由我們運輸平台（transportation platform）出貨量增加所帶動。分部利益增加 1,000 萬美元或 28%，分部利潤率提升 410 個基點。分部利益與利潤率的提升主要來自較高出貨量，以及優於以往的產品組合（mix），其中高毛利軟體的出貨量高於典型水準。季末分部在手訂單為 3.33 億美元，較去年同期小幅下降。

Turning now to our financial position at the end of the quarter. We ended Q1 with $158 million of cash on hand and total debt of $674 million. Our leverage ratio, as calculated under our bank credit agreement was approximately 0.9 times quarter end, below our long-term target range of 1.5 times to 2.5 times, giving us significant capacity to pursue accretive growth opportunities. Q1 adjusted free cash flow was approximately $16 million. In addition, during the quarter, we received approximately $60 million in cash proceeds following the completion of the sale offered United's industrial and transportation products business.

接著看季末的財務狀況。第一季結束時，我們手上現金為 1.58 億美元，總負債為 6.74 億美元。依據銀行授信協議（bank credit agreement）計算的槓桿比率在季末約為 0.9 倍，低於我們長期目標區間 1.5 倍至 2.5 倍，使我們具備相當充足的能力去追求具增益性（accretive）的成長機會。第一季調整後自由現金流約為 1,600 萬美元。此外，本季在完成出售 Crawford United 的工業與運輸產品事業後，我們收到約 6,000 萬美元的現金收入。

As a reminder, these businesses were reported in discontinued operations and not part of our original 2026 guidance. And net of these proceeds, the implied EBITDA multiple for the acquisitions of the Air Enterprises and Rahn Industries, formerly the Air-Handling segment of Crawford United is approximately in line with our average acquisition model.

提醒各位，這些業務先前列報於停業單位（discontinued operations），並未納入我們原先的 2026 年指引。此外，扣除上述處分收入後，收購 Air Enterprises 與 Rahn Industries（原 Crawford United 的 Air-Handling 分部）的隱含 EBITDA 倍數（implied EBITDA multiple）大致與我們平均的併購模型相符。

Moving on to our full year 2026 guidance. We are increasing our adjusted EPS guidance by $0.15 to a midpoint of $7.95 to reflect our strong Q1 results particularly in D&M and additional data center-related volume anticipated to be delivered in the second half of this year. Our updated guidance reflects a $0.05 to $0.10 impact from the recently announced changes to the Section 232 tariffs. This headwind is expected to predominantly affect HVAC in the second quarter.

接著談我們 2026 年全年指引。我們將調整後 EPS 指引上調 0.15 美元，中位數至 7.95 美元，以反映第一季的強勁結果（特別是在 D&M），以及預期將於今年下半年交付的更多資料中心相關出貨量。我們更新後的指引亦反映近期宣布的第 232 條關稅變更所帶來的 0.05 至 0.10 美元影響。此一逆風預期主要在第二季影響 HVAC。

Excluding this tariff headwind in Q2, we expect first half adjusted EPS gaining to be similar to the prior year. As always, you will find our updated 2026 guidance on this slide and modeling considerations in the appendix to our presentation.

若排除第二季的此一關稅逆風，我們預期上半年調整後 EPS 的成長將與前一年相近。如同以往，您可在本頁投影片中看到更新後的 2026 年指引，並可在簡報附錄中找到建模考量（modeling considerations）。

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

那麼，接下來我把電話交回給 Gene，請他回顧我們的終端市場並做結語。

Thanks, Mark. Current market conditions support our 2026 outlook, which implies 21% adjusted EBITDA growth. Within our HVAC segment, our core end markets remain resilient and we continue to see strong demand for our data center solutions. In Detection & Measurement, our run rate businesses continue to see solid demand supported by new product introductions. For our project-oriented businesses, the frontlog remains active.

謝謝，Mark。目前的市場狀況支持我們對 2026 年的展望，這意味著調整後 EBITDA 成長 21%。在我們的 HVAC 事業部中，我們的核心終端市場仍具韌性，且我們持續看到資料中心解決方案的強勁需求。在偵測與量測（Detection & Measurement）方面，我們的常態營運（run rate）業務在新產品導入的支撐下，需求持續穩健。至於以專案為導向的業務，前端訂單儲備（frontlog）仍然活躍。

In summary, I'm pleased with the strong start to 2026. We're executing at a high level and our key initiatives, including the capacity expansions and the integration of recent acquisitions are on track. We are confident in our increased full year guidance which implies adjusted EBITDA growth of 21% at the midpoint, and we remain well positioned to navigate the changing tariff environment.

總結來說，我對 2026 年的強勁開局感到滿意。我們以高水準執行，各項關鍵計畫（包括產能擴充與近期併購的整合）皆按計畫推進。我們對上調後的全年指引充滿信心；以中位數計算，這意味著調整後 EBITDA 成長 21%。同時，我們仍具備良好條件，以因應不斷變化的關稅環境。

Looking ahead, I'm excited about our future. is 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，我對公司的前景感到振奮。憑藉已被驗證的策略與一支能力卓越、經驗豐富的團隊，我看到 SPX 在未來多年持續成長並創造價值的重大機會。

With that, I'll turn the call to Johan.

那麼，我把電話交給 Johan。

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

謝謝，Gene。接線員，我們現在開始進入問答。

(Operator Instructions)

（接線員指示）

Andrew Obin, Bank of America.

美國銀行（Bank of America）的 Andrew Obin。

Can we just talk just on your HVAC business, very strong growth even with data centers. But if you back data centers out, what end markets really stand out to you in terms of strength?

我們能否只談談你們的 HVAC 業務？即使包含資料中心，成長也非常強勁。但如果把資料中心排除，你們認為哪些終端市場在強度上最突出？

Yes, sure. I think I'd say, Andrew, if you look at it, our -- you're right. The growth is strongest in data center. With the change in outlook this year, we moved our data center growth somewhere from the neighborhood of 50% to 70%. If you look at the rest of HVAC, where we're mid-single digits, maybe a hair above that.

可以，當然。我想我會說，Andrew，如果你看整體情況——你說得對，成長最強的是資料中心。隨著今年展望的變化，我們把資料中心的成長率從大約 50% 上調到 70%。如果看 HVAC 的其餘部分，我們大概是中個位數成長，可能略高一些。

And really, what we're seeing, I'd say, outside of data centers, health care and pharma remains very, very strong. we're seeing power be very strong. And I think some of this is somewhat linked to data center. This would be both on new power and aftermarket. We're seeing some heavy industrial that also a lot of activity there. And then the aftermarket has been very strong for us.

而且我會說，除了資料中心之外，我們看到醫療保健與製藥仍然非常、非常強勁；電力也非常強勁。我認為其中一部分與資料中心有些關聯，這同時體現在新建電力與售後市場（aftermarket）。我們也看到一些重工業領域活動很多。另外，售後市場對我們來說一直非常強勁。

So in general, -- we've seen a number of areas of strength across HVAC. I'd say the areas of softness. They really have not changed a lot quarter-to-quarter. I'd say, commercial real estate still remains at a relatively low level, same with hotels. And what I would say, if you kind of look at more institutional market, universities, government that's been very healthy over the past couple of years.

總體而言，我們在 HVAC 各領域都看到多個強勢區塊。我會說，較疲弱的領域其實季度之間變化不大：商用不動產仍處於相對低位，飯店也是如此。而如果你看更偏機構型市場，例如大學、政府，過去幾年一直非常健康。

I'd say that's relatively flattish this year from what we're seeing in the early part of the year. And then we've called out softness in battery and semiconductor which was very strong a couple of years ago. That has been lower recently.

我會說，從我們年初看到的情況來看，今年那部分相對持平。另外，我們也提到電池與半導體的疲弱——這在幾年前非常強勁，但最近有所下降。

Having said that, we actually see some nice new opportunities coming, some bidding. So that could be something that is coming back on the upswing. But overall, we're feeling very good about our markets, both within data center and outside of data center.

話雖如此，我們其實看到一些不錯的新機會正在出現，也有一些投標活動。因此這可能會回到上升軌道。但整體而言，無論是在資料中心內或資料中心之外，我們對市場狀況都感覺非常好。

And on Detection & Measurement, you highlighted strength in transportation. I think military was an area of strength that was some pull forward. How should we think about that? Any benefit from what's happening? I know you have a very different business, but any benefit from what's happening in Iran on your business? And just generally, how did the government business do?

在偵測與量測（Detection & Measurement）方面，你們提到運輸領域的強勁。我認為軍事是一個強勢領域，且有一些需求提前拉貨。我們應該如何看待這點？從目前的情勢中有任何受益嗎？我知道你們的業務性質很不同，但伊朗的情勢對你們業務有任何好處嗎？另外，整體來說，政府相關業務表現如何？

Yes. So I think we touched the government in a lot of ways. Transportation tends to be more on the US municipal markets. I'd say the area of exposure that the Iran impact could effectively be more on the CommTech business.

是的。我想我們在很多方面都談到了政府。運輸通常更偏向美國的市政市場。我會說，伊朗事件可能帶來影響的曝險領域，實際上可能更多在 CommTech 業務。

What I would say is we've had very strong demand there over the past couple of years, and we expect that to continue, that -- CommTech as a reminder, would be our legacy TCI ECS business, does a lot of drone detection and so forth. With the addition of KT -- so we see continued growth there, but I wouldn't say we see any really step change in growth there because there's been a lot of activity over the past couple of years there.

我會說，過去幾年那裡的需求一直非常強勁，我們預期會持續。提醒一下，CommTech 是我們傳統的 TCI ECS 業務，做很多無人機偵測等。隨著 KT 的加入——所以我們看到那裡持續成長，但我不會說我們看到成長出現任何真正的躍升，因為過去幾年那裡一直就有很多活動。

So I'd say it's very active. We like our value proposition. But I don't think it's something that, at least at this point in time, materially changes our mid-single-digit anticipated growth rate for DNM .

所以我會說那裡非常活躍。我們喜歡我們的價值主張。但我不認為這會在目前這個時間點，對我們對 DNM 預期的中個位數成長率造成實質改變。

Joe O'Dea, Wells Fargo.

富國銀行（Wells Fargo）的 Joe O'Dea。

Just talk about the step-up in the HVAC orders in the quarter? And just the timing of shipments around that as well as when you talk about the front log as we see that backlog number step up to where it is and just trying to think about moving forward, and expectation setting and the degree to which there was a sort of concentrated amount of activity? Or as you look forward, you see that strength persisting?

請談談本季 HVAC 訂單的躍升？以及相關出貨時點。另外，當你們談到 front log、並看到積壓訂單（backlog）數字上升到目前水準時，我想了解往前看該如何思考、如何設定預期，以及這是否有某種活動在特定期間集中發生？或是你們往前看，認為這種強勢會持續？

Yes. Joe, I'll start off. I mean I think with respect to the backlog, I think we -- in our prepared remarks, we talked about data centers and there's real strength there in those markets, and we're seeing those orders come through. We also raised our guide for the year on the HVAC side, I think as you saw again in the slides on the prepared remarks, largely driven by the data center market.

是的。Joe，我先說。我想就積壓訂單而言，我們在事先準備的講稿中談到資料中心，那些市場確實非常強勁，我們也看到訂單持續進來。我們也上調了今年 HVAC 端的指引；我想你在簡報與事先準備的講稿投影片中也看到，主要是由資料中心市場帶動。

So we're seeing opportunities, orders bookings going into backlog for 2026. And then as we look out into 2027, we're seeing opportunities there that will be executed next year. So that market, I would say, is obviously very healthy. The momentum is strong there. So it sets us up well, I think, for '26 and we'll see as we look into '27.

因此我們看到機會、訂單預訂（order bookings）進入積壓訂單，對應 2026 年。然後當我們看到 2027 年，我們也看到一些機會會在明年執行。所以我會說，那個市場顯然非常健康，動能很強。因此我認為這讓我們在 2026 年有很好的布局，至於 2027 年則要再持續觀察。

Yes. So I think if you kind of look at the data center market overall, we're just very pleased with what we're seeing. -- the demand strength is very strong. We would say accelerating. We're seeing this across our different product lines -- we're seeing some of our key customers really looking to accelerate, and we're able to expand capacity in this year. That's how we've taken our growth rate from 50% to 70% in data centers this year.

是的。所以如果你看整體資料中心市場，我們對目前看到的情況非常滿意——需求強度非常強，我們會說正在加速。我們在不同產品線都看到這點——我們看到一些關鍵客戶確實希望加速，而我們也能在今年擴充產能。這就是我們今年把資料中心成長率從 50% 提升到 70% 的原因。

But beyond kind of to your question, what does this look like? We actually see some attractive runway looking ahead in '27 and '28. We think we have a really good customer mix here. We have a number of hyperscalers and colos. We have a good global presence here. We're very balanced, and we have a very good line of communication and good visibility with what the expectations of demand are from our data center customers.

但回到你的問題，這看起來會如何發展？我們其實看到 2027、2028 年仍有相當吸引人的成長跑道。我們認為我們的客戶組合非常好：有多家超大規模業者（hyperscalers）與共置（colo）客戶；我們在全球也有良好布局。我們非常均衡，並且與資料中心客戶就需求預期保持非常良好的溝通管道與能見度。

So overall, we're very pleased with what we're seeing in data center, and we think we're really getting some nice traction in that market, and we would expect that to continue.

所以整體而言，我們對資料中心目前看到的情況非常滿意，也認為我們在該市場取得了不錯的進展，我們預期這種態勢會持續。

I appreciate the color there. And then on the tariff and sort of cost inflation front, just in terms of your response to that. And how much of that is a pricing response? How much of that is a cost mitigation response? And then in particular, where you're manufacturing outside of the US, what you see as a time line to bring more of that into the US to help on the mitigation side?

謝謝你提供的細節。接著談關稅與成本通膨方面，就你們的因應作法而言：其中有多少是透過調價反映？有多少是透過成本緩解（cost mitigation）？另外，特別是你們在美國以外製造的部分，你們認為把更多產能移回美國、以協助緩解的時間表會是如何？

Yes. A couple of comments there, Joe. With respect to sort of sizing that. And we talked about $10 million of kind of gross costs. But that will -- we can offset, we believe, 50% of that, primarily through price, but we've got other levers to pull with respect to that.

是的，Joe，這裡我補充幾點。就規模估算而言，我們談到大約 1,000 萬美元的毛成本（gross costs）。但我們相信可以抵銷其中的 50%，主要透過價格調整，不過在這方面我們也還有其他槓桿可以運用。

So that kind of gets you to a net impact, probably 75%, 80% of that is going to fall within the second quarter of this year. Why is that? Well, it really relates to a couple of our businesses in Canada, the Ingenia business and the Sigma and Omega business that have backlog today that's already priced. But as we go through the back half of the year, we think the impact will be de minimis. And in 2027 I think as we highlighted in our prepared remarks, we don't expect to see any impact from tariffs. We've got the levers in place to offset that.

因此，這大致會讓你看到一個淨影響，可能其中 75%、80% 會落在今年第二季。為什麼會這樣？嗯，這主要與我們在加拿大的幾項業務有關，也就是 Ingenia 業務以及 Sigma 和 Omega 業務，這些業務目前有已經定價的在手訂單（backlog）。但隨著我們進入今年下半年，我們認為影響將微乎其微。而在 2027 年，我想正如我們在事先準備的發言中所強調的，我們預期不會看到關稅帶來任何影響。我們已經具備可用來抵銷該影響的槓桿。

With respect to your kind of second part of your question, we're largely in country for country, really. So we manufacture in the region that we're selling in. So when you think about those Canadian businesses, for example, the TAMCO expansion that we've highlighted in Tennessee and then the Madison facility, a part of that is going to be for the Ingenia product, the custom air handling we were doing that, A, because there's a lot of demand, obviously, in the US market for those products. But also, it allows us to move that manufacturing into the US and kind of create that in country for country model.

就你問題的第二部分而言，我們基本上是「就地生產、就地銷售」（country for country）。也就是說，我們在銷售所在的區域進行製造。因此，當你想到例如那些加拿大業務時，我們先前提到在田納西州的 TAMCO 擴產，以及 Madison 廠，其中一部分將用於 Ingenia 產品，也就是我們正在做的客製化空氣處理設備。我們這麼做，一方面（A）是因為美國市場對這些產品顯然有很大的需求；但同時也讓我們能把製造移到美國，並建立這種「就地生產、就地銷售」的模式。

Brad Hewitt, Wolfe Research.

Brad Hewitt，Wolfe Research。

So you mentioned there were some start-up costs and related inefficiencies with HVAC capacity expansions curious if you'd be able to quantify how much of that HVAC margin miss versus your expectations was due to the capacity ramp? And have you seen anything so far that kind of changes your thinking about the near-term timing of the ramp or the margin impact?

你提到 HVAC 產能擴張有一些啟動成本以及相關的效率不彰。我想請教你是否能量化一下：相較於你們原先的預期，HVAC 毛利率（margin）未達標的部分，有多少是因產能爬坡（capacity ramp）所致？另外，到目前為止你們是否看到任何情況，會改變你們對短期爬坡時點或對毛利率影響的看法？

Yes. I would -- Brad, I'll start. I think if you're referring to Q1, a couple of comments to make, we had, I think, in our last call, highlighted the start-up costs. I think if you did the math around what we said, it would kind of get you to $8 million to $9 million of start-up costs, predominantly landing in the first half of the year, right? 2/3 of it will impact kind of Q1 and Q2. So you'd see that impact, and I can come back to what those costs were, if that's helpful.

是的。我會——Brad，我先開始。我想如果你指的是第一季（Q1），有幾點可以說明。我們在上一次電話會議中，我想已經提到啟動成本。我認為如果你把我們說的內容做一下計算，大概會得到 800 萬到 900 萬美元的啟動成本，主要落在上半年，對吧？其中約 2/3 會影響 Q1 和 Q2。所以你會看到那個影響；如果有幫助的話，我也可以再回來說明那些成本是什麼。

But what I would say is, first of all, I mean those start-up costs were expected. I think as we thought about the margin performance in Q1, it was on track with where we expected it to be from our perspective. And if you peel out those start-up costs and just look at the operating leverage and the accretion from the acquisitions, you'd see there's sort of sort of roughly 4 basis points of margin lift absent the start-up costs.

但我想說的是，首先，這些啟動成本是預期之內的。我認為就我們的角度來看，Q1 的毛利率表現符合我們的預期。而如果你把這些啟動成本剔除，只看營運槓桿以及併購帶來的增益（accretion），你會看到在不含啟動成本的情況下，毛利率大約有 4 個基點的提升。

Okay. Great. And then maybe switching over to the D&M side of things. Curious if we could kind of unpack some of the moving pieces there with the revenue outlook unchanged, but margins bumped up by 75 bps for the year. It sounds like there may have been some pull forward on transportation, but just any color on how that project timing shifted and kind of the resulting impact on the segment guide for the year would be helpful.

好的，很好。那接著可能切換到 D&M 這邊。我想更拆解一下那邊的一些變動因素：在營收展望不變的情況下，全年毛利率上調了 75 個基點。聽起來可能有一些運輸（transportation）專案被提前認列，但想請你多提供一些背景：專案時程是如何變動的，以及對今年該事業部指引（segment guide）的影響。

Yes. Sure. Just back on your last question, just to be clear, I was talking about year-over-year when I made that last kind of comment around the bridge. So when you think about where Q1 actual was for '26 versus Q1 2025.

是的，當然。先回到你上一個問題，澄清一下：我剛才在談到那個關於橋接（bridge）的最後評論時，指的是年對年（year-over-year）。也就是你把 2026 年 Q1 的實際結果，和 2025 年 Q1 來比較。

With respect to the D&M, so it wasn't a project pull forward. what this was, was expanded scope on an existing project we have that we're currently executing. It is in the transportation segment. It's one of our larger multiyear projects -- and many of these projects, as you know, have a software scope to them. This one did, and the customer decided to expand the scope of that portion of the project.

至於 D&M，這不是專案提前（pull forward）。實際上是我們目前正在執行的一個既有專案，其範疇（scope）擴大了。它是在運輸（transportation）領域，是我們較大型的多年期專案之一——而且如你所知，這類專案很多都包含軟體範疇。這個專案原本就有，而客戶決定擴大該部分的範疇。

So it wasn't something that was in our forecast or in our backlog. It's sort of effectively by expanding the scope in a way it sort of dropped in, for lack of a better word. So those projects, I think, as you know, the software components, they have high margins. We don't typically disclose what those are just for competitive reasons. But when you think about the software revenue that we have, it has a very high variable margin associated with it. So when you expand that scope, it really leverages through.

所以這不是原本在我們預測或在手訂單（backlog）中的內容。可以說，透過擴大範疇，它就「直接加進來」了（姑且這麼說）。而這些專案的軟體組成部分，如你所知，毛利率很高。基於競爭因素，我們通常不會揭露具體數字。但當你想到我們的軟體營收，它伴隨非常高的變動毛利（variable margin）。因此當範疇擴大時，效益就會很明顯地反映在利潤上。

And that's really what -- when you think about the full year guide and raising it by 75 basis points, it's really driven in large part by the benefit from this expanded scope and project.

這也就是——當你看全年指引並將其上調 75 個基點時，主要在很大程度上是由這個範疇擴大的專案所帶來的效益所驅動。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Just understanding like some of the margin impact in the quarter that you spoke to for the year related to just tariffs and capacity additions. I guess, Mark, what's your comfort level in the ability to put up normalized incremental margins as we exit 2026 just concerned capacity could continue to weigh on margins. So I guess it's my first question.

我想更理解一下你提到的本季毛利率影響，以及全年與關稅和產能新增相關的部分。我想問，Mark，當我們在 2026 年結束時，你對於能否達成正常化的增量毛利率（normalized incremental margins）有多大把握？我擔心產能可能會持續壓抑毛利率。這是我的第一個問題。

And then the second question, was there anything unusual as you think about the cadence of orders or sales throughout the quarter and as we were into, I guess, April, just given some of the macro uncertainty that's out there.

第二個問題是：當你回顧本季訂單或銷售的節奏（cadence），以及我們進入四月之後的情況，考量到外部存在一些總體不確定性，是否有任何不尋常之處？

Yes, I'll start on margins. Listen, I'm very confident in our ability to kind of deliver our traditional kind of incremental margins that we see in the HVAC business, particularly through the back half of the year and as we get into next year.

是的，我先談毛利率。聽著，我對我們能夠交出 HVAC 業務一貫的、傳統的增量毛利率表現非常有信心，特別是在今年下半年，以及進入明年之後。

When you sort of look at where we ended the year in 2025 and you look at our guide, right? And if you strip out the impact of these expansion costs that I was chatting about just on an earlier call and a very modest impact from tariffs that we're going to see in Q2. If you pull that out, you're going to see -- if you isolated the revenue, you'd see operating leverage of, let's call it 60 tp 70 basis points. And then on top of that, you have the inorganic piece, which I think we've sized is 10 to 20 basis points.

當你看我們在 2025 年年底的狀況，再看我們的指引，對吧？如果你把我剛才在前面提到的這些擴產成本的影響，以及我們在 Q2 會看到的非常小幅的關稅影響剔除掉。如果把它拿掉，你會看到——如果你把營收單獨拿出來看，你會看到營運槓桿大約是 60 到 70 個基點。然後在此之上，還有外生成長（inorganic）的部分，我想我們估計大約是 10 到 20 個基點。

So we're seeing it right now when you strip out those costs, I know it's harder for you guys to see all those components. But I've got confidence in what we're doing now, and I'm not worried about it as we go into next year.

所以當你把那些成本剔除後，我們現在就已經看得到這個趨勢。我知道對你們來說，要看到所有這些組成部分比較困難。但我對我們目前正在做的事情很有信心，而且對進入明年並不擔心。

And on the end markets question, Jamie, I think we're actually feeling very good. We do have a small amount of sales into the Middle East. I think it's under less than 1%. And we are seeing some impact there, which is to be expected, but not really material. And I would say if you look outside the Middle East, in general, across all of our businesses, we actually track our bookings very close in each business by end market.

至於終端市場的問題，Jamie，我認為我們其實感覺非常好。我們確實有少量銷售到中東，我想不到 1%。我們在那裡確實看到一些影響，這也在預期之內，但並不重大。我會說，如果你把中東以外的部分拿來看，整體而言，在我們所有業務中，我們都會依終端市場在各業務非常密切地追蹤接單（bookings）。

And I would say, we're feeling good about what we're seeing. And I would say we're a little bit ahead about where we thought we would be in bookings. So overall, we're feeling comfortable with what we're seeing on the end market demand side.

我會說，我們對目前看到的狀況感覺良好。而且我會說，我們的接單表現略微領先於我們原先的預期。所以整體而言，對終端市場需求面我們看到的情況感到安心。

Bryan Blair, Oppenheimer.

Bryan Blair，Oppenheimer。

I was curious, how did radio detection perform in Q1? How is your team thinking about Q2 and full year revenue performance? And to what extent is the outlook influenced by the new technology and product rollout that you said?

我想請教，無線電偵測（radio detection）在 Q1 的表現如何？你們團隊如何看待 Q2 以及全年營收表現？另外，你們提到的新技術與產品推出，在多大程度上影響了這個展望？

Well, I’ll do the full year, and then you guys can get into Q. We're feeling very good about what we're seeing in rate of detection. As you know, they're the global leader in underground location equipment, very strong presence, Asia, Europe, US. If you look at the revenue, it's been modestly flattish over the past couple of years, but we are seeing -- so part of that is a result of some real slowness on the continent of Europe, UK some of the Asian countries. But we actually see some very nice momentum there, both in just the end market demand, but also the innovation that we're bringing to market.

嗯，我先談全年，然後你們可以再深入到 Q2。我們對於在 Radio Detection 看到的狀況感覺非常好。如你所知，他們是地下定位設備的全球領導者，在亞洲、歐洲、美國都有非常強的布局。如果你看營收，過去幾年大致是小幅持平，但我們正在看到——其中一部分是因為歐洲大陸、英國以及一些亞洲國家確實比較疲弱所致。但我們其實看到相當不錯的動能，不論是在終端市場需求上，或是我們帶到市場上的創新。

We did talk about -- I did mention in the prepared remarks about locate performance management. This is an area we believe we have a very nice advantage to anyone in the market. This is an area that's really getting traction. We've also been a leader in bringing in mapping solutions as well as integration with utility ERP.

我們確實談到了——我在事先準備的發言中也提到定位（locate）績效管理。這是我們相信相較於市場上任何人都具備非常不錯優勢的一個領域。這個領域確實正在獲得動能。我們也一直是導入測繪（mapping）解決方案以及與公用事業 ERP 整合方面的領導者。

So we're doing a lot, and it's actually working. So radio -- and you might be asking this question because we've always said this is the canary in the coal mine, but radio is actually performing very well to date. One of the things, Brian, we talked about -- I talked to every GM on the day of these calls, and we like what we're seeing right now.

所以我們做了很多，而且實際上正在奏效。所以無線電——你可能會問這個問題，因為我們一直說這是煤礦裡的金絲雀，但到目前為止無線電的表現其實非常好。Brian，我們談到的一件事——我在這些電話會議當天跟每位 GM 都聊過，我們喜歡目前看到的狀況。

Yes. And I think, Brian, I mean Gene touched on it, right? The order rates are healthy. And particularly in the US, that market has performed well. I would say, when I think about that business overall, it's kind of this year we're forecasting, and I feel confident about kind of mid-single-digit growth, and we're seeing that in the first quarter kind of low to mid-single-digit growth in that business.

是的。而且我想，Brian，我是說 Gene 也提到了，對吧？訂單率很健康。尤其是在美國，那個市場表現良好。我會說，當我思考整體這項業務時，今年我們的預測是，我對大約中個位數成長感到有信心，而我們在第一季也看到該業務約低到中個位數的成長。

And it's obviously very early days, but maybe offer a quick update on the integration of Air Enterprises, Rahn and Thermolec. And has there have been any surprises positive or negative to date. Then as always, it would be great to hear a little more color on your M&A pipeline and the prospects for capital deployments over the next few quarters.

而且這顯然還在非常早期的階段，但也許可以快速更新一下 Air Enterprises、Rahn 和 Thermolec 的整合情況。到目前為止是否有任何正面或負面的意外。然後一如既往，也很希望能多聽一些你們的併購（M&A）管線以及未來幾季資本部署前景的細節。

Yes. Sure, Brian. I think -- I mean, the prime signers were very pleased with. The Air Enterprises Rahn was a little more complicated. That was where we acquired Crawford United, the pink sheet public company. And as we had announced, we successfully sold off the noncore piece within the quarter. So very quick. And I really like Air Enterprises Rahn, I think he's really strengthened us. Air Enterprise is a really good customer handling solution, very unique, very good leakage rates. So very pleased with that.

是的。當然，Brian。我想——我是說，主要簽約方我們非常滿意。Air Enterprises Rahn 稍微複雜一些。那是我們收購 Crawford United（粉單市場的上市公司）的案子。而且如同我們先前宣布的，我們在該季度內成功出售了非核心部分。所以非常迅速。我也真的很喜歡 Air Enterprises Rahn，我認為他確實強化了我們。Air Enterprise 是一個非常好的客戶搬運（customer handling）解決方案，非常獨特，洩漏率（leakage rates）表現非常好。所以我們對此非常滿意。

And then Thermolec also, there is such a good team. They have such a good market position. As a reminder, the logic for Thermolec is we believe we're a leader, the leader in electric duct heating in the Americas, but we're always tiny in Canada. We believe Thermolec is the leader in Canada. And we see some really nice synergies where we can help leverage our channels to grow some of their products and technologies. And similarly, we actually think Thermolec has a very nice channel. So we see some real nice synergy there.

然後 Thermolec 也是，他們是一個非常優秀的團隊，市場地位也非常好。提醒一下，收購 Thermolec 的邏輯是：我們相信我們在美洲是電熱風管加熱（electric duct heating）的領導者、甚至是領導者，但我們在加拿大一直很小。我們相信 Thermolec 是加拿大的領導者。我們看到一些非常好的綜效，我們可以協助運用我們的通路來成長他們的一些產品與技術。同樣地，我們也認為 Thermolec 也有非常不錯的通路。因此我們看到那裡有很實質的綜效。

As a reminder, after the sale, both of these are, I would say, at very attractive valuations, both these are right around our normal acquisition before synergy, which is 10.5 times to 11 times. And so we feel like we've gotten two really good businesses, and we're off to a very nice start there.

提醒一下，在出售之後，這兩筆交易我會說估值都非常具吸引力，兩者都大約落在我們一般的收購倍數（未計綜效）範圍，也就是 10.5 倍到 11 倍左右。因此我們覺得我們拿到了兩個非常好的事業，而且目前的起步非常不錯。

Look at the pipeline, even after doing these two acquisitions, as Mark alluded to, we're about 0.9 times leverage below our target leverage. We think it would be down about where we were at the end of last year. So we have a lot of capacity.

看看管線，即使做完這兩筆收購，如 Mark 所提到的，我們的槓桿率大約比目標槓桿率低 0.9 倍。我們認為它會下降到大約去年年底的水準。所以我們有很大的容量。

The areas where we see the most opportunity haven't really changed in HVAC, I would say it still remains near our movement and electric heat. The one change I would say is we are seeing more detection and measurement opportunities, some intriguing opportunities, both in transportation, CommTech and AtoN at the moment. So what I would say is the pipeline is very robust. We feel like we have a very good opportunity in front of us and the flywheel is working.

我們看到機會最多的領域其實沒有太大改變。在 HVAC 方面，我會說仍然主要集中在近端移動（near our movement）以及電熱（electric heat）。我會說唯一的變化是，我們目前看到更多偵測與量測（Detection & Measurement）的機會，一些很有意思的機會，涵蓋運輸、CommTech 和 AtoN。總之我會說，管線非常強勁。我們覺得眼前有非常好的機會，而且飛輪正在運轉。

So there's a lot of activity going on, and we feel good about both the recent acquisitions and then what we have in the pipeline right now. The other point that I would bring up is, as a reminder, we also did Sigma and Omega and KTS last year, and we're also very pleased with these two. So they fit really nice. KTS is really given more scale and some really nice technology to our CommTech business, and Sigma and Omega just fits in so well with our hydraulics business. So it's very complementary.

所以目前有很多活動在進行，我們對近期的收購以及目前管線中的項目都感到樂觀。我還要補充一點，提醒一下，我們去年也做了 Sigma and Omega 以及 KTS，我們對這兩筆也非常滿意。它們的契合度很好。KTS 確實為我們的 CommTech 業務帶來更大的規模以及一些非常好的技術，而 Sigma and Omega 則與我們的液壓業務非常契合。因此非常互補。

And so -- yes, I think on our inorganic strategy, I feel very good about what we're seeing in front of us, but also the companies that we brought into the family.

所以——是的，我想就我們的非有機策略而言，我對眼前看到的機會感到非常好，同時也對我們納入集團的公司感到很滿意。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Just follow-up on the cap deployment side, what's the sense of like can a disciplined acquirer be successful in the market like this right now? I mean, anything assets touching things that are really attractive right now are kind of like spiraling in terms of spiraling higher in terms of the valuations paid and there seems to be people willing to pay it. So how do you think about your discipline in a market that is seemingly lacking a lot of that?

就資本部署這一塊再追問一下，你的感覺是：在像現在這樣的市場中，一個有紀律的收購方還能成功嗎？我的意思是，任何與實體資產相關、目前真的很有吸引力的標的，在支付的估值上似乎都在一路飆升，而且看起來也有人願意付那個價格。所以在一個看起來缺乏紀律的市場裡，你們如何看待自身的紀律？

That’s a great question. I think, we have been -- If you think about it, if you step back at 30,000 feet and talk about our M&A strategies, we’ve always said it always starts with strategy. Everything starts with how we get the full potential out of our businesses organically. New products, new channels, new geographies, lean, digital AI. Then out of that process is really how we define our M&A strategy.

這是個很好的問題。我想，我們一直以來——如果你從 30,000 英尺的高度退一步來看並談我們的併購策略，我們一直說一切都從策略開始。所有事情都從我們如何在有機面把我們業務的全部潛力發揮出來開始：新產品、新通路、新地理區域、精實、數位、AI。然後從這個過程中，才真正定義出我們的併購策略。

As a consequence, as you know, approximately half of our M&A targets have been proprietary deals. These are deals where there’s no banker involved, there’s no one else involved, and we like that. For those that do have a banker involved and are competitive processes, what I would say is you just have to be disciplined.

因此，如你所知，我們大約一半的併購標的是專屬（proprietary）交易。這些交易沒有投行參與，也沒有其他人參與，而我們喜歡這樣。至於那些有投行參與、屬於競標流程的案子，我會說你就是必須保持紀律。

I think there’s some segments that are at valuations that we just will never play. As we have talked about, our average valuation over our 18 acquisitions before synergies is in the neighborhood of 10.5 times to 11 times. If you actually take the synergies that we capture, you’re probably talking another 1.5 times to 2 times. We’re bringing these really strong businesses into our company, and we’re getting them for effectively 9 times EBITDA.

我想有些細分領域的估值，我們就是永遠不會參與。正如我們談過的，我們 18 筆收購在未計綜效前的平均估值大約在 10.5 倍到 11 倍左右。如果把我們取得的綜效也算進去，你大概還可以再加 1.5 倍到 2 倍。我們把這些非常強的企業納入公司，而我們實際上是以大約 9 倍 EBITDA 的有效倍數買進來。

I think when you do see some craziness, and I would say there is some -- or some areas that you will not be likely to see us playing is, there’s some areas of Detection & Measurement, larger businesses you could see going in the high teens or 20 times EBITDA. We’re not gonna play there. We’re seeing some data center companies getting acquired for 20, 25, 30 times EBITDA. We will never be there. That’s just not our cup of tea.

我想當你看到一些瘋狂的情況——我會說確實有一些——或者一些你不太可能看到我們參與的領域是：在偵測與量測（Detection & Measurement）的一些領域，較大的企業可能會以十幾倍後段或 20 倍 EBITDA 的倍數成交。我們不會參與。我們也看到一些資料中心公司以 20、25、30 倍 EBITDA 被收購。我們永遠不會去那裡。那不是我們的菜。

At the end of the day, I think you focus on strategy, you stay very disciplined. What I would say is, with what we have in front of us, we have a tremendous amount of opportunities with what we know and what we’re working on. I think, you know, we’ve been able to stay disciplined and still affect capital deployment and growth. Yeah, I think but today, I tell you, I would agree with you. There are some things you see out there and some of the valuations on there, they’re rich.

歸根結底，我想你要聚焦策略，並保持非常嚴格的紀律。我會說，以我們眼前的情況來看，對於我們所知道的、以及我們正在推進的事情，我們有大量的機會。我想，你知道，我們一直能夠保持紀律，同時仍然推動資本部署與成長。是的，不過今天我告訴你，我同意你的看法。外面有些東西、以及其中一些估值，確實偏貴。

Yeah, I agree. Anything noteworthy that you’re seeing in terms of inflation? We’re seeing some of the readings tick higher here. Just curious how you’re planning around that.

是的，我同意。你們在通膨方面有看到什麼值得注意的情況嗎？我們看到一些讀數在這裡略有走高。只是好奇你們如何據此做規劃。

Yes. I think, Joe, you're probably referring to some of these costs, input costs like steel, aluminum and things of that nature. Those costs have moved up a little bit over time. I guess the bias is probably upwards. But I think from our perspective, the reality is that as a total cost of goods sold, they represent kind of let's call it, mid-single digits of exposure.

是的。我想，Joe，你可能指的是其中一些成本，也就是投入成本，例如鋼材、鋁材以及諸如此類的東西。這些成本隨著時間推移確實小幅上升。我想偏向可能仍是往上的。但從我們的角度來看，現實是：若以銷貨成本總額來看，它們大概屬於我們曝險的中個位數百分比。

But reality is, just given the nature of our business, a lot of what we do is engineered to order or configured to order. So our ability to pass those incremental costs on price real time, effectively, that really puts us in a good spot and has allowed us to mitigate any of these inflationary pressures so far. So I feel good about where we sit today. It's not something I'm clearly watching, but I'm not overly concerned about.

但現實是，考量到我們業務的性質，我們做的很多是按工程訂製（engineered to order）或按配置訂製（configured to order）。因此，我們能夠把這些增量成本即時反映到價格上；有效地說，這讓我們處於很好的位置，也讓我們迄今得以緩解這些通膨壓力。所以我對我們目前的狀況感覺良好。這不是我不在看，但我也不會過度擔心。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀（UBS）。

Mark, maybe just give us a sense of how you're thinking about the second quarter, just so we can calibrate our expectations. I mean -- there's some tariffs, there's new capacity, there's good growth in data centers. Any color on organic growth and margin by segment in the second quarter would just be helpful to calibrate our expectations.

Mark，也許請你談談你對第二季的看法，讓我們可以校準一下預期。我的意思是——有一些關稅、有新增產能、資料中心也有不錯的成長。能否就第二季各事業部的有機成長與利潤率提供一些說明，幫助我們校準預期？

Yes, it's a good question. I mean, I think just broadly, I would say those markets that we participate in, I mean, all of them kind of remain healthy, right? We're not seeing any challenges or I wouldn't say we're at the tipping point of anything that would change with respect to that. And when I think about the second quarter, we kind of spoke to that a little bit in the prepared remarks. We kind of suggested the first half gating would be similar to the prior year.

是的，這是個好問題。我想大致來說，我會說我們參與的那些市場，基本上都仍然健康，對吧？我們沒有看到任何挑戰，或者我不會說我們正處在任何可能改變現況的臨界點。當我想到第二季時，我們在事先準備的發言中也稍微提到：我們大致暗示上半年節奏（gating）會與前一年類似。

So when you look at that absent the tariff impact you really need to pull that out to really kind of get a sense for what those numbers are. But I think broadly defined, we're -- we feel good about as we look into the second quarter.

所以當你看這些數字時，如果不把關稅影響剔除，你其實需要把它拉出來，才能真正掌握那些數字的樣貌。但我想廣義而言，展望第二季，我們——我們感覺良好。

I think the other thing I would add to that, I mean, listen, when you think about HVAC revenue, I would expect that to be up sequentially. With respect to D&M, I think, obviously, that business can be impacted by the timing of project revenue and that clearly, as we often talk about, we're pretty good about getting that in the year. But where it ultimately lands quarter-to-quarter can create some variability for us. But we feel good about where we sit from that perspective.

我想我還會補充一點：你看，談到 HVAC 營收，我預期會季增。至於 D&M，我想很明顯，那個業務會受到專案營收認列時點的影響；而且如我們常說的，我們通常很擅長在年度內把它拿到。但最終它在各季之間落點如何，可能會為我們帶來一些波動。不過就這點而言，我們對目前狀況感覺良好。

And just on the -- when you say sequentially up, are you talking about year-on-year growth is up from the $9.6 million or just absolute revenue up sequentially...

那就你說的——當你說季增時，你是指年增是從 960 萬美元再往上，還是指絕對營收季對季增加……？

Well, year-on-year, but also --

嗯，年對年，但也——

Okay. And then just maybe a more -- less tactical question, forgive me for that question. But maybe a more important question for the long term. you're obviously adding a lot of capacity. You raised the data center growth of 50% to 70%. One, can you just update us now on where you think data centers are going to be a percentage of your revenue probably low teens. I would imagine.

好的。那再問一個可能更——不那麼戰術性的問題，請原諒我剛才那個問題。但也許對長期更重要的問題：你們顯然正在增加很多產能。你提到資料中心成長從 50% 提高到 70%。第一，能否更新一下你現在認為資料中心會占你們營收的比重？我猜大概是低十幾個百分點。

And then when you ramp up this capacity, Tennessee, Mirabel, Adison, et cetera, how much more revenue you think you can lock -- because the question is, it feels like you're more capacity constrained than customers seem like they might want to -- they'll take anything you can give them. And so I'm just curious about when this capacity comes online, how much more revenue you need to unlock for that market?

另外，當你把這些產能拉升起來——田納西、Mirabel、Adison 等等——你覺得能夠「解鎖」多少更多營收？因為問題在於，感覺你們更像是受產能限制，而客戶看起來是——他們可能想要——你們能給多少他們就拿多少。所以我很好奇，當這些產能上線後，你們還需要為這個市場解鎖多少更多營收？

Yes. I mean we talked a little bit about this in our last call. Maybe a couple of comments. First of all, when I think about the incremental data center growth that we're going to see this year and then we've added into our guidance. Our Olathe facility which is really the primary driver of that for 2026.

是的。我們在上一次電話會議中稍微談過這點。我先講幾點。首先，當我想到今年我們將看到的資料中心增量成長，並且我們已把它納入指引之中。我們的 Olathe 廠區其實是 2026 年的主要驅動因素。

That's just come online earlier than anticipated. So we're seeing really nice performance on that and it is allowing us to meet more of the demand that's out there. But as we look out over the next couple of years in support of all this capacity expansion, I would say, as we sit today, our view hasn't really changed from that perspective.

那座廠比預期更早上線。所以我們看到非常好的表現，也讓我們能滿足更多外部需求。但展望未來幾年、為了支援所有這些產能擴張，我會說，以我們今天的觀點來看，我們的看法從這個角度並沒有真正改變。

We highlighted that these capacity expansions would give us the ability to serve circa $550 million of revenue in the data center market. These sites though, whether it's Olathe or the new facility in Huntsville, right, they are they're constructed in a way that gives us flexibility to ultimately drive the product line that's most available to us at that time. So I'd say our view hasn't changed on that. That capacity is really going to ramp I think should be at full capacity as we get into mid-2027. The Tennessee facility, which is the TAMCO business. We expect that to be at full capacity in 2027.

我們強調過，這些產能擴張將讓我們有能力在資料中心市場服務約 5.5 億美元的營收。不過這些據點，不論是 Olathe 或 Huntsville 的新廠，它們的建造方式都讓我們具備彈性，能在當時推動對我們最可得的產品線。因此我會說，我們對此的看法沒有改變。那個產能的爬坡，我認為在 2027 年年中左右應該會達到滿載。田納西廠，也就是 TAMCO 業務，我們預期在 2027 年達到滿載。

And then the ramp on the Madison facility is not going to be as linear as those two because we're going to be doing assembly only in the back half of the year, we'll have full production capacity until the first half of '27, and then it will ramp from there. And our stated view and from last quarter and still holds at that would be at full capacity -- running at full capacity in middle of 2028.

至於 Madison 廠的爬坡，不會像前兩者那麼線性，因為我們今年下半年只會做組裝（assembly only）；要到 2027 年上半年才會具備完整的生產產能，之後才會從那裡開始爬坡。我們上季所表達的觀點、目前仍然成立：它會在 2028 年年中達到——以滿載狀態運轉。

Yes. And one comment, Mark, just to clarify for people on the call, that $550 million was incremental off of a $200 million base. So if you kind of say at -- what is the data center capacity after we get these up and roll and really our expansions in our existing facilities are largely in production right now. So those have gone very well. Our TAMCO expansion is they've already got three lines up.

是的。Mark，我補充一點，幫電話會議上的大家釐清：那 5.5 億美元是以 2 億美元基礎之上的增量。所以如果你問——當這些都建好並運轉後，資料中心的產能是多少？其實我們在既有廠房的擴產多半現在已經在量產中，所以進展非常順利。我們的 TAMCO 擴產，他們已經有三條產線上線。

I believe they're adding the fourth line. They're already shipping. That's done very well. And then the Madison Alabama facility is the longest lead time, but we will be producing product there in the back half of the year. And we actually will see a nice ramp up there next year.

我相信他們正在增加第四條產線。他們已經在出貨了，表現非常好。而 Madison（阿拉巴馬州）廠的前置期最長，但我們會在今年下半年在那裡生產產品。實際上，我們明年會看到那裡有不錯的爬坡。

So point being, if you kind of say we're at $200 million last year, I say we're in the $350 million neighborhood for data centers this year. you can say that we have about $400 million more capacity. And we actually think there could be some more levers we could pull to potentially push more that facility. But that's kind of where we sit today.

所以重點是，如果你說我們去年是 2 億美元，我會說今年資料中心大概在 3.5 億美元附近。你可以說我們大約還有 4 億美元的額外產能。而且我們確實認為，可能還有一些槓桿可以拉動，潛在把那個廠推得更高。但這就是我們目前的位置。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley Securities。

A little bit more on the data center area. Are you guys seeing any supply chain delays or any other color on supply chain around data center for you?

再多問一點資料中心領域。你們在資料中心相關的供應鏈上，有看到任何延遲嗎？或是就你們而言，供應鏈方面還有什麼其他觀察可以分享？

Not for us, I think that there's several critical components that we have and before we can take on more purchase orders. We go through a very rigorous process to ensure that we do have this supply chain, but we've been very fortunate. I think with the rapid growth, we have had to expand. As a reminder, we are truly an engineered product. So we really -- everything is pretty unique to us.

就我們而言沒有。我想我們有幾個關鍵零組件，在我們承接更多採購訂單之前，我們會經過非常嚴謹的流程，以確保我們確實具備這條供應鏈；而我們一直很幸運。我想隨著快速成長，我們確實必須擴充。提醒一下，我們是真正的工程型產品。所以我們真的——幾乎每樣東西對我們而言都相當獨特。

So if you take our cooling towers, for example, we design and engineer our own fans. We have proprietary fans, proprietary gearboxes, proprietary motors, proprietary heat exchange. And so it's ensuring that we have a supply chain that we can make it or the raw material inputs, we can manufacture that.

例如以我們的冷卻塔來說，我們自行設計與工程化我們自己的風扇。我們有專有風扇、專有齒輪箱、專有馬達、專有熱交換器。因此重點在於確保我們有一條供應鏈能夠做出來，或是在原物料投入方面，我們能夠製造。

So yes, it has put a little pressure on us. We've had to expand some new suppliers, but we feel very good about where we are now, and we're actively working to ensure that we feel very comfortable as we look ahead to '27 and '28, where we would expect continued growth.

所以是的，這確實對我們造成了一點壓力。我們必須擴增一些新供應商，但我們對目前的位置感到非常放心，而且我們也正積極努力，確保展望到 2027 年與 2028 年時，我們能非常有把握，因為我們預期仍會持續成長。

Okay. Great. And then I think you mentioned semiconductors and just wondering what kind of work you're seeing to bid on there.

好的。很好。然後我想你提到了半導體，我只是想了解你們在那邊看到有哪些類型的工作正在投標。

Yes. So I think -- I know there's a couple of -- there's some bidding going on now. I think there's one we believe we're very well positioned to be awarded on. Some of these are under confidentialities. I don't think we can speak to the names at this point in time. What I would say is we are very strong, typically in semiconductor with a lot of the largest OEMs.

是的。所以我想——我知道有幾個——目前確實有一些投標在進行中。我想其中有一個我們認為自己非常有機會得標。有些案子受保密協議約束，我想我們目前還不能談到名稱。我能說的是，我們在半導體領域通常很強，與許多最大的 OEM（原始設備製造商）都有合作。

Some of these have us specified in as the choice for cooling towers. So I think we have a very strong value proposition for that market. So as that market starts to bubble off, we think we'd be very well positioned to capture more opportunity. And it is nice to see some early bidding. So I don't think we'll be back where we were a couple of years ago, but we are getting some new opportunities, which we think we'll be able to convert to revenue.

其中一些案子把我們指定為冷卻塔的首選供應商。所以我認為我們對這個市場有非常強的價值主張。當這個市場開始回溫時，我們認為自己會很有利於掌握更多機會。而且很高興看到一些早期投標。我不認為我們會回到幾年前的水準，但我們確實正在獲得一些新的機會，我們認為能把它們轉化為營收。

Okay. Great. And then just one more to clarify. It sounds like with the Middle East, I realize only -- or less than 1% of your business is there. But it sounds like you don't anticipate any impact from higher oil prices and the macro around that on your business. Is that a fair assessment?

好的。很好。然後再一個問題釐清一下。聽起來在中東方面，我知道你們在那裡的業務只有——或不到 1%。但聽起來你們不預期油價上漲以及相關的總體環境會對你們的業務造成任何影響。這樣的理解公平嗎？

I think Mark alluded to this, and I think it's very true, something that is somewhat unique to us in being an engineered product company is we don't make a product and then ship that same product for the whole year. So it's very rare. So like every cooling tower, for example, is unique. We don't build a single one of those to inventory. So when we do a proposal that we have real-time information on exactly what our costs are.

我想 Mark 提到過這點，我也認為確實如此。對我們而言，作為一家工程化產品公司，有一點相對獨特：我們不是做出一個產品，然後一整年都出貨同樣的產品。這種情況非常少見。比如說每一座冷卻塔都是獨一無二的。我們不會為了庫存去生產任何一座。所以當我們做提案時，我們能即時掌握我們的成本到底是多少。

So it's very rare, we have PPV either positively or negatively because we're very real time. So I think you do have to manage inflation. You do need to be careful about that. But I think we have pretty good systems and processes in place and the fact that the majority of our business is engineered or configured products also makes it such that you're pricing things in a much more real-time basis.

所以我們很少出現 PPV（採購價格差異）不論正向或負向，因為我們的資訊非常即時。我認為你確實需要管理通膨，也需要對此保持謹慎。但我想我們有相當好的系統與流程，而且我們大部分業務是工程化或可配置產品，這也使得你們的定價更能以即時的方式進行。

Walter Liptak, Seaport Research.

Walter Liptak，Seaport Research。

Yes, I want to stick with the data center questions. I don't mean to beat a dead horse on this, but so last quarter, the numbers are on data center where $200 million in 2025, going to $300 million. I wasn't sure I fully understood why you're taking that number now up to $350 million.

是的，我想繼續問資料中心的問題。我不是要在這件事上反覆追問，但上季你們給的資料中心數字是 2025 年 2 億美元，之後到 3 億美元。我不太確定我是否完全理解，為什麼你們現在把這個數字上調到 3.5 億美元。

Yes. Well, I'd say the punchline is the demand is there. One of the things we've seen from a lot of our large customers is pushing for accelerated deliveries and when we put our plan together, we had capacity expansion. We've pulled some different levers, some new lines, and we've found ways to expand our capacity to be able to meet demand. This is predominantly in our late facility as well as our Springfield facility.

是的。嗯，我會說結論是需求確實存在。我們從許多大型客戶那裡看到的一件事是，他們在推動加速交付；而當我們制定計畫時，我們原本就有產能擴張。我們拉動了一些不同的槓桿，新增了一些產線，也找到擴充產能的方法，以便能滿足需求。這主要發生在我們的 late 廠以及 Springfield 廠。

Okay. Great. And kind of a follow-on to that, is the data center demand during the quarter, did your teams make progress with new hyperscalers with new customers -- or is it existing customers that are looking for more capacity and quicker lead times.

好的。很好。接著延伸問一下，本季資料中心需求方面，你們的團隊在新的超大規模客戶（hyperscalers）與新客戶上有進展嗎——還是主要是既有客戶想要更多產能與更快的交期？

Yes, yes and yes. So I wouldn't say our existing large customers want more and it's interesting the increased CapEx that caused a big stir from the large hyperscalers, we are seeing that front and center. Having said that, several of these are existing customers. There's also some new customers, large hyperscalers and colos that we've talked to. So -- but what I would say was it's not just 1 or 2 customers, it's very broad-based.

是的、是的、也是。首先我不會說只有我們既有的大客戶想要更多；而且很有意思的是，大型 hyperscalers 增加資本支出（CapEx）引起很大關注，我們確實正面且直接地看到這點。不過話說回來，其中好幾個仍是既有客戶。同時也有一些新客戶，包括我們談到的一些大型 hyperscalers 和共置（colo）業者。所以——但我想說的是，這不只是 1、2 個客戶，而是非常廣泛的需求。

We're seeing a lot of activity. And it's both with -- everyone talks about the the 4 to 5 hyperscalers, but it's also the chip manufacturers. It's also a lot of the colos. And I think we're very well positioned with our product line here. I think if you look at what we bring to the table, if you look at our different product lines and cooling towers, I do believe we're the global leader in cooling towers for data centers.

我們看到很多活動。而且不只是——大家都在談那 4 到 5 家 hyperscalers，但也包括晶片製造商，也包括很多 colo 業者。我認為我們在這裡的產品線布局非常到位。如果你看我們能提供的內容、看我們不同的產品線與冷卻塔，我確實相信我們是資料中心冷卻塔的全球領導者。

I think we have a leading position with our TAMCO business, our actuated dampers and air movement technology there is a very strong position and then a lot of the growth is really coming in the dry and abiotic area. That's kind of a more of a nascent newer area.

我認為我們的 TAMCO 業務也處於領先地位，我們的致動式風門（actuated dampers）與氣流/空氣移動技術在那裡有非常強的競爭位置；而且很多成長其實來自乾式與非生物（abiotic）領域。那算是一個較新、較萌芽的領域。

So we're talking to some customers is the first time they bought this, that they're installing these. And I just think we bring a lot to bear in this market because the requirements are so large -- and that is where we really excel. We are superb at large complicated cooling. And so I think our background -- so I think we're technologies evolving for these very large-scale data centers. You're seeing some that are gigawatt, some even larger it fits well with what we are good at.

所以我們正在與一些客戶洽談，對他們而言這是第一次購買、第一次安裝這些產品。我只是覺得在這個市場我們能發揮很多優勢，因為需求規模非常大——而那正是我們真正擅長的地方。我們在大型、複雜的冷卻方案上表現卓越。所以我認為我們的背景——我想我們的技術正在為這些超大規模資料中心演進。你會看到有些是 GW（吉瓦）等級，有些甚至更大，這非常符合我們的強項。

So yes, it's pretty broad-based, and we're very encouraged and very excited about the opportunity. Some of the things customers are looking for a lot of these customers. They want custom engineering for their particular requirements. It could be size, could be thermal capacity, speed, they want modularity and of course, they want efficiency, both on the power side and the water side. So they're looking at solutions that can help their PUE or their WUE typically report at.

所以是的，需求相當廣泛，我們對這個機會非常受鼓舞、也非常興奮。客戶在尋找的一些東西——很多客戶希望針對其特定需求做客製化工程設計。可能是尺寸、可能是熱容量、速度，他們希望模組化，當然也希望效率，不論是用電端或用水端。因此他們在尋找能幫助他們改善 PUE 或 WUE（通常會對外揭露/報告）的解決方案。

And I think that's kind of -- as I said, I think it's in line with what we're typically very strong. And so yes, it's a very active and exciting market. It's moving very quickly.

我想這大致上——如我所說，這與我們一向的強項非常一致。所以是的，這是一個非常活躍且令人振奮的市場，變化與推進速度非常快。

Thank you all for joining today's call. We look forward to updating you again next quarter. Operator, with that, we can end the call. Thank you.

感謝各位參加今天的電話會議。我們期待在下個季度再次向各位更新。接線員，那麼我們可以結束會議了。謝謝。

Thank you, sir. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

謝謝您，先生。各位女士、先生，感謝各位參與今天的電話會議。以上為本次議程的全部內容。您現在可以掛線。祝各位有美好的一天。

Speakers, stand by.

各位講者，請待命。