SPX Technologies Inc (SPXC) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to SPX Technologies second-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加 SPX Technologies 2026 年第二季財報電話會議。（接線員指示）

I would now like to hand the call over to Johann Rawlinson, Investor Relations. Please go ahead.

現在我想把電話交給投資人關係部的 Johann Rawlinson。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; and Mark Carano, our Chief Financial Officer.

謝謝，接線員，各位下午好。感謝各位加入我們。今天與我一同參與電話會議的有：我們的總裁兼執行長 Gene Lowe，以及我們的財務長 Mark Carano。

A press release containing our second-quarter results was issued today after market close. You can find the release and our earnings slide presentation, as well as a link to a live webcast of this call in the News 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二季業績的新聞稿。您可在 spx.com 網站的「News」專區找到該新聞稿與我們的財報簡報投影片，並可透過連結收看本次電話會議的即時網路直播。我建議您閱讀新聞稿中對 GAAP 結果的揭露與討論，並在我們的準備發言期間搭配投影片一同觀看。網路直播的重播將於我們網站提供。

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.

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」條款規範。也請留意我們最近期向 SEC 申報文件中的風險因素。

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.

我們今天的評論將主要聚焦於調整後的財務結果，且比較基準僅為持續營運的結果。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。

Our adjusted earnings per share exclude intangible amortization expense, acquisition and integrated related costs (sic - see press release, "integration-related costs"), and non-service pension items, among other items.

我們的調整後每股盈餘排除無形資產攤銷費用、併購及整合相關成本（原文誤植，請見新聞稿「integration-related costs」）、以及非服務年金項目等其他項目。

Finally, we look forward to meeting with investors at various events during the upcoming months. Also, we are hosting an investor site visit at our Olathe, Kansas facility on November 3. Please let me know if you are interested in attending.

最後，我們期待在未來幾個月於各項活動中與投資人會面。此外，我們將於 11 月 3 日在堪薩斯州 Olathe 的廠區舉辦投資人實地參訪。若您有興趣參加，請告知我。

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

接下來，我把電話交給 Gene。

Thanks, Johann. Good afternoon, everyone, and thank you for joining us. On the call today, we'll provide you with an update on our consolidated and segment results for the second quarter of 2026 as well as an update on our full-year outlook.

謝謝你，Johann。各位下午好，感謝各位加入我們。今天的電話會議中，我們將向各位更新 2026 年第二季的合併與分部業績，以及全年展望的最新情況。

We had a strong second quarter with year-over-year growth in adjusted EBITDA of 20% and adjusted EPS of 22%.

我們第二季表現強勁，調整後 EBITDA 年增 20%，調整後 EPS 年增 22%。

Looking at our value creation initiatives. Organically, we continue to advance our capacity expansion initiatives and now expect $1.1 billion of total data center capacity once at full production, up from our previous expectation of $750 million.

談到我們的價值創造計畫。在有機成長方面，我們持續推進產能擴張計畫，並預期在全面量產後，資料中心總產能可達 11 億美元，高於先前預期的 7.5 億美元。

Inorganically, we recently announced the addition of Neptronic to the HVAC segment. This strategic acquisition complements our existing product offering and expands our capabilities into new adjacencies.

在非有機成長方面，我們近期宣布將 Neptronic 納入 HVAC 分部。這項策略性收購可補強我們既有的產品組合，並將我們的能力延伸至新的相鄰領域。

Touching on our full-year guidance. We are increasing the midpoint of our range to reflect higher data center volume, stronger performance from our Detection and Measurement segment, and the Neptronic acquisition. The midpoint of our updated guidance now implies 27% adjusted EBITDA growth.

談到全年財測。我們上調區間中點，以反映更高的資料中心出貨量、Detection and Measurement 分部更強勁的表現，以及 Neptronic 收購案的貢獻。更新後財測的中點目前隱含調整後 EBITDA 成長 27%。

Turning to our high-level results for the quarter. We grew revenue by 23% and adjusted EBITDA increased 20% year over year, primarily driven by strong organic growth in both segments and the benefit of recent acquisitions.

接著看本季的整體結果。營收成長 23%，調整後 EBITDA 年增 20%，主要受兩個分部強勁的有機成長以及近期收購帶來的效益所帶動。

As always, I'd like to update you on our value-creation initiatives, starting with our organic growth activities. The capacity expansions across our HVAC facilities to meet the strong demand for our data center and custom air handling solutions are progressing well. They remain on track with the timeline and capital requirements previously outlined.

一如往常，我想先從有機成長活動開始，向各位更新我們的價值創造計畫。為滿足資料中心與客製化空氣處理解決方案的強勁需求，我們在各 HVAC 廠區的產能擴張進展順利。相關進度仍符合先前所說明的時程與資本需求。

In July, we launched assembly activities for the Olympus Max at our new Madison, Alabama facility and will add production capabilities in this facility during the first half of 2027. Production of our highly engineered aluminum dampers in TAMCO's new Tennessee facility continues to ramp as expected.

7 月，我們在阿拉巴馬州麥迪遜（Madison）的新廠啟動 Olympus Max 的組裝作業，並將於 2027 年上半年在該廠新增生產能力。我們在 TAMCO 田納西州新廠生產高工程化鋁製風門的產能爬坡也如預期持續推進。

And in Olathe and Springfield, throughput of our data center cooling solutions has exceeded our initial expectations.

此外，在 Olathe 與 Springfield，我們資料中心冷卻解決方案的產出量已超出最初預期。

Based on the meaningful progress to date, we now expect total data center capacity to reach approximately $1.1 billion once in full production, up from our prior expectation of approximately $750 million.

基於目前為止的顯著進展，我們現在預期在全面量產後，資料中心總產能可達約 11 億美元，高於先前約 7.5 億美元的預期。

Turning to Neptronic. This acquisition represents a natural extension of our HVAC strategy and another important step in strengthening our differentiated high-value portfolio. Neptronic brings complementary product platforms, including intelligent controls, electric duct heaters, humidification solutions and actuated valves that expand our product breadth, while strengthening our capabilities across the HVAC control stack.

接著談 Neptronic。這項收購是我們 HVAC 策略的自然延伸，也是強化我們差異化高價值產品組合的另一個重要步驟。Neptronic 帶來互補的產品平台，包括智慧控制、電熱風管加熱器、加濕解決方案與電動閥門，擴大我們的產品廣度，同時強化我們在 HVAC 控制堆疊各層面的能力。

Strategically, this acquisition advances SPX in three important ways. First, it deepens our controls and systems intelligence, moving us further up the solution stack from equipment-focused offerings towards integrated controls-enabled solutions.

在策略上，這項收購以三個重要面向推進 SPX 的發展。第一，它深化我們的控制與系統智慧能力，使我們從以設備為主的產品供應，進一步往上游的解決方案堆疊邁進，朝向整合式、具控制能力的解決方案。

Second, it expands our addressable market through complementary products serving commercial, healthcare, institutional, and mission-critical applications, including data centers.

第二，透過互補產品擴大我們的可服務市場，這些產品可應用於商用、醫療照護、機構型與關鍵任務應用（包括資料中心）。

And third, it gives us additional opportunities to leverage SPX's global channels, OEM relationships, and operational scale to accelerate Neptronic's growth while preserving its culture of strong innovation.

第三，這也讓我們有更多機會運用 SPX 的全球通路、OEM 關係與營運規模，加速 Neptronic 的成長，同時保留其強勁創新文化。

Ultimately, this acquisition positions SPX to deliver greater customer value through more intelligent integrated HVAC solutions that improve performance, energy efficiency, and operational intelligence while driving growth and long-term margin expansion.

最終，這項收購使 SPX 能透過更智慧的整合式 HVAC 解決方案，為客戶創造更高價值；該等解決方案可提升效能、能源效率與營運智慧，同時帶動成長與長期毛利率擴張。

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

接下來，我把電話交回 Mark，請他回顧我們的財務結果。

Thanks, Gene. Our second-quarter results were strong. Year over year, adjusted EPS grew by 22% to $2.02. For the quarter, total company revenue increased 23% year over year with 17% organic growth. Consolidated segment income grew by $31.3 million or 23% to $167.1 million, while consolidated segment margin remained at 24.6%.

謝謝你，Gene。我們第二季的結果表現強勁。年增方面，調整後 EPS 成長 22% 至 2.02 美元。本季公司總營收年增 23%，其中有機成長 17%。合併分部利益增加 3,130 萬美元（年增 23%）至 1.671 億美元，而合併分部利潤率維持在 24.6%。

In our HVAC segment, revenue grew by 27.6% year over year with 8.5% inorganic growth and a negligible FX tailwind. On an organic basis, revenue increased 18.9% with double-digit growth in both cooling and heating.

在 HVAC 分部，營收年增 27.6%，其中非有機成長 8.5%，匯率帶來的順風影響可忽略不計。以有機基礎計算，營收成長 18.9%，冷卻與加熱業務皆呈現雙位數成長。

Segment income grew by $14 million or 15%, primarily driven by higher volume. The 260-basis-point decline in segment margin primarily resulted from capacity expansion-related start-up costs and the net impact of tariffs, both of which were consistent with our expectations. Segment backlog at quarter end was $919 million, up 59% organically year over year, primarily driven by strong data center demand.

分部利益增加 1,400 萬美元（年增 15%），主要由更高的出貨量所帶動。分部利潤率下滑 260 個基點，主要源自產能擴張相關的啟動成本，以及關稅的淨影響；兩者皆符合我們的預期。季末分部在手訂單為 9.19 億美元，有機年增 59%，主要由強勁的資料中心需求所驅動。

In our Detection and Measurement segment year over year, revenue grew by 13%. Segment income grew by 43%, and segment margin increased by 610 basis points. These increases were largely driven by high-margin project volumes, including a project that executed earlier than previously forecasted. We also continue to see the benefit of segment synergy initiatives. Segment backlog at quarter end was $312 million, down year over year, primarily driven by higher project volumes in the quarter.

在 Detection and Measurement 分部，營收年增 13%。分部利益成長 43%，分部利潤率提高 610 個基點。這些提升主要由高毛利專案量所帶動，其中包括一個執行時點早於先前預估的專案。我們也持續看到分部協同效益計畫帶來的成果。季末分部在手訂單為 3.12 億美元，較去年同期下降，主要因本季專案量較高所致。

Turning now to our financial position at the end of the quarter. We ended Q2 with $168 million of cash on hand and total debt of $615 million. Our leverage ratio as calculated under our bank credit agreement was approximately 0.7 times at quarter end. Including the effect of the Neptronic acquisition, our leverage ratio was 1.4 times. Q2 adjusted free cash flow was approximately $72 million.

現在轉到我們在本季末的財務狀況。我們在第二季結束時手上現金為1.68億美元，總負債為6.15億美元。依據我們的銀行信貸協議計算，季末槓桿比率約為0.7倍。若納入Neptronic收購的影響，我們的槓桿比率為1.4倍。第二季調整後自由現金流約為7,200萬美元。

Moving on to our full-year 2026 guidance. We are increasing our adjusted EPS guidance by $0.45 to a midpoint of $8.40. The increase reflects additional data center volume, our revised outlook for the D&M segment, incorporating higher volumes and margins and modest accretion from the Neptronic acquisition.

接著談我們2026全年指引。我們將調整後每股盈餘（EPS）指引上調0.45美元至中位數8.40美元。此上調反映資料中心出貨量增加、我們對D&M事業部的修正展望（納入更高的出貨量與毛利率），以及Neptronic收購帶來的溫和增益。

As always, you'll find our updated 2026 guidance on this slide and modeling considerations in the appendix to our presentation.

一如既往，您可在本投影片中看到我們更新後的2026指引，並在簡報附錄中找到建模考量。

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

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 continue to support our 2026 outlook, which implies 27% adjusted EBITDA growth. In HVAC, core end markets remain healthy, including robust demand for our data center solutions.

謝謝你，Mark。目前的市場狀況持續支持我們對2026年的展望，該展望意味著調整後EBITDA成長27%。在HVAC方面，核心終端市場仍然健康，包括對我們資料中心解決方案的強勁需求。

Within Detection and Measurement, our run rate demand remains healthy, while project-oriented businesses continue to see an active frontlog.

在檢測與量測（Detection and Measurement）方面，我們的常態化需求仍然健康，而以專案為導向的業務持續看到活躍的前端訂單儲備（frontlog）。

In summary, I'm very pleased with our strong second-quarter results and the momentum we've built through the first half of 2026.

總結來說，我對我們強勁的第二季成果，以及我們在2026年上半年建立的動能感到非常滿意。

As we look to the rest of 2026, we expect to continue to drive additional shareholder value through both our organic and inorganic initiatives, including our ongoing efforts to expand capacity and deliver on increased data center demand, the integration of Neptronic, and our other recent acquisitions, which further scale our HVAC platforms and strengthen our positions in key end markets and an active pipeline of attractive acquisition opportunities.

展望2026年剩餘期間，我們預期將透過有機與無機的各項措施持續創造更多股東價值，包括我們持續擴充產能並滿足增加的資料中心需求、整合Neptronic，以及我們其他近期收購案；這些收購進一步擴大我們的HVAC平台規模、強化我們在關鍵終端市場的地位，並且我們也有一條活躍的、具吸引力的收購機會管線。

The strength of our execution and end markets give us confidence in our increased full year guidance, which implies 27% adjusted EBITDA growth at the midpoint. Looking ahead, I'm excited about the opportunities in front of us. With differentiated businesses, attractive end markets, and an experienced team, we believe we're well-positioned to deliver sustainable long-term shareholder value.

我們執行力與終端市場的強勁表現，使我們對上調後的全年指引更有信心；以中位數計算，意味著調整後EBITDA成長27%。展望未來，我對眼前的機會感到振奮。憑藉差異化的業務、具吸引力的終端市場以及經驗豐富的團隊，我們相信自己已做好準備，能夠為股東帶來可持續的長期價值。

Before I close, I'd like to touch on a few organizational updates. John Swann, who has led our Detection and Measurement segment, will be retiring at the end of the year. John has had an outstanding career and consistently delivered results across organic and inorganic initiatives.

在我結束之前，我想談幾項組織更新。領導我們檢測與量測事業部的John Swann將於年底退休。John的職涯非常傑出，並且在有機與無機的各項措施上都持續交出成果。

As part of a thoughtful succession process, John has worked closely with his successor, Eric Kaled, to ensure a smooth and well-planned transition. Since joining SPX, Eric has demonstrated strong operational leadership and has delivered meaningful results across the business. Having led the transportation and comm tech platform since 2019, he's well-positioned to guide Detection and Measurement through its next phase of growth.

作為審慎的接班流程之一，John已與其接任者Eric Kaled密切合作，以確保順暢且周全的交接。自加入SPX以來，Eric展現了強勁的營運領導力，並在整個業務中交出具意義的成果。自2019年起領導運輸與通訊科技平台的他，已具備良好條件，帶領檢測與量測進入下一階段的成長。

Finally, we're pleased to welcome Brian Deck to our Board of Directors as an independent member. Brian brings significant industrial and operational expertise as the CEO of JBT Marel, and we look forward to benefiting from his perspective and experience.

最後，我們很高興歡迎Brian Deck以獨立董事身分加入我們董事會。Brian身為JBT Marel的執行長，帶來深厚的工業與營運專業，我們期待受益於他的觀點與經驗。

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

接下來，我把電話交回給Johann。

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

謝謝你，Gene。接線員，我們現在開始提問。

(Operator Instructions) Andrew Obin, Bank of America.

（接線員指示）Andrew Obin，美國銀行。

Thank you so much. Just a question on D&M. It was a very strong performance. How much of the strength was project timing pull forward versus sort of a durable step up in underlying demand and also cadence of D&M into the back half?

非常感謝。我有一個關於D&M的問題。表現非常強勁。這份強勁表現有多少是專案時點提前所致，相較於基本面需求的持續性上升？另外，D&M在下半年節奏會如何？

Yeah, Andrew. Good evening. That's a great question. Listen, we're very pleased with the performance we saw in the quarter at D&M.

是的，Andrew。晚上好。這是個很好的問題。我們對本季在D&M看到的表現非常滿意。

I kind of break it down this way. If I think about the 600 -- plus 610-basis-point increase, really about half of that was driven by favorable project mix in the quarter relative to the project mix that we had last year. That was something that was known we were expecting coming into the quarter.

我大致這樣拆解。如果我看那增加的600——超過610個基點，約有一半是由於本季的專案組合相較去年更有利所驅動。這是我們在進入本季前就已知、也預期會發生的。

The balance of it and the majority of that balance really was project timing. We referenced a project that shifted forward into Q2. That actually moved from Q3 into Q2. And it was about $15 million in size at a high margin.

其餘部分，而且其中大多數，主要是專案時點所致。我們提到有一個專案提前到第二季。它實際上是從第三季移到第二季。規模約1,500萬美元，且毛利率很高。

So that move and that impact -- along with what continues to be initiatives around driving synergies across the whole D&M platform. That's really what drove the balance of that 610-basis-point beat.

因此，這個移動及其影響——再加上我們持續推動整個D&M平台協同效益的各項措施——這些就是帶動那610個基點超預期的其餘原因。

I think we've talked about this before, particularly with these projects at these revenue levels when a high-margin project kind of moves into a quarter like that, it leverages our fixed cost base very nicely. So you see a lot of accretion in the margins with respect to that.

我想我們之前談過，特別是在這些專案、這樣的營收水準下，當一個高毛利專案移入某一季時，會非常有效地槓桿我們的固定成本基礎。因此你會看到毛利率在這方面有很大的增益。

I think with your -- and your second question was?

我想你的——你的第二個問題是？

Just cadence for the rest of the year.

就是今年剩餘期間的節奏。

Yeah, I think that as -- I think about the back half of the year, Q4 is probably going to be larger than our Q3 numbers. I would expect the margins across both quarters to be very similar.

是的，我認為——當我看下半年時，第四季可能會比我們第三季的數字更大。我預期兩季的毛利率會非常接近。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, congrats on a nice quarter. I guess just two questions. Gene, can you just elaborate on the -- obviously, the data center capacity is coming out quicker. I think you said it's up to $1.1 billion versus $750 million. Just color on how you got there, how much incremental is in 2026 versus 2027? And how you think that contributes to the -- accelerates potentially top-line growth, I guess, over the next 12 to 18 months?

嗨，恭喜本季表現不錯。我想問兩個問題。Gene，你能否再多談一下——顯然資料中心產能釋出得更快。我想你說已提升到11億美元，相較於7.5億美元。能否說明你們如何達到這個數字、2026年相較2027年各自增加多少？以及你認為這將如何在未來12到18個月對營收成長做出貢獻、或可能加速營收成長？

And then second, Mark, just on the -- I know we had capacity additions and tariffs that weighed on margins in the second quarter. Can you just call that out? And then it also looks like you raised your margins a little in the back half for HVAC. So any color on that? Thank you.

第二個問題，Mark，關於——我知道第二季有產能擴增與關稅對毛利率造成壓力。你能否把這部分點出來？另外看起來你們也把HVAC下半年的毛利率稍微上調了。能否補充一些說明？謝謝。

I'll get started, Jamie. We're very pleased with the capacity. A couple of things I'll point out here. Really, the capacity is coming from two broad areas. And just as a reminder to level set kind of where we are in data center volumes.

Jamie，我先開始回答。我們對產能非常滿意。我在這裡指出幾點。基本上，產能來自兩大領域。另外提醒一下，先把我們在資料中心出貨量的現況基準說清楚。

We're approximately $150 million two years ago, $200 million last year and really came out with a plan of $300 million this year. We've seen some very strong demand for our solutions. We raised that to $350 million last quarter, and we've subsequently raised it again to $430 million for the full year as of now. So that's basically growth of about 115%.

大約在兩年前是1.5億美元、去年是2億美元，而今年我們確實提出了3億美元的計畫。我們看到市場對我們解決方案的需求非常強勁。我們在上一季把這個數字提高到3.5億美元，之後又再次上調，截至目前全年已提高到4.3億美元。所以基本上成長約115%。

But really, underpinning some of these expansions in revenue is getting more efficiencies through. And the two broad areas are, the first is the Olympus Max. This is a very big, complicated product with very complicated controls. We've done a lot of work on this product over the past several years, but in the production process over the past six months, we've done a number of Lean projects. We've done some productivity work, and we've also done some flow optimization. Again, the punchline is we're getting more throughput than we had anticipated. And this will really be seen to benefit us both.

但實際上，支撐其中一些營收擴張的關鍵，是我們在效率上的提升。兩個主要領域，第一個是Olympus Max。這是一個非常大型、複雜的產品，控制系統也非常複雜。過去幾年我們在這個產品上做了很多工作，但在過去六個月的生產流程中，我們做了多個精實（Lean）專案。我們做了一些生產力提升工作，也做了一些流程（flow）最佳化。同樣地，重點是我們取得的產出吞吐量高於原先預期。而這將確實讓我們在兩方面都受益。

As a reminder, we make the Olympus Max in both our Olathe, our core main cooling facility as well as the new Madison facility where we've just started assembling there. So one is we can get more Olympus Max throughput.

提醒一下，我們在Olathe（我們核心的主要冷卻設備廠）以及新的Madison廠都生產Olympus Max，而Madison廠我們才剛開始在那裡進行組裝。因此其中一點是，我們可以提高Olympus Max的產出吞吐量。

And then the second area would be really our core cooling business. And this is really most commonly our Everest product. We have seen very high demand for that product as well. And we've done a lot of work on blocking and tackling, I'd say, more space, better flow and a number of lean projects that have helped as well as augmented staffing and different ways to -- basically to get more product out the door.

第二個領域則是我們的核心冷卻業務。這最常見的就是我們的Everest產品。我們也看到該產品需求非常高。我們在一些基本功上做了很多工作，我會說包括更大的空間、更好的流程，以及多個精實專案的協助；同時也增加人力配置，並採取不同方式——基本上就是讓更多產品能夠出貨。

So it's really the combination of those two broad categories that have allowed us to really raise the $750 million to $1.1 billion, and we have very good conviction about that. But then also, that has been a contributing factor for why we have been able to get our $300 million up to $430 million this year. The teams have done some really nice work, and we feel good about that.

因此，正是這兩大類的組合，讓我們能把（相關規模）從7.5億美元提高到11億美元，而且我們對此非常有把握。同時，這也促成了為什麼我們今年能把3億美元提高到4.3億美元。團隊做得非常出色，我們對此感到很有信心。

Just as a -- not as a plug, but we are doing an Investor Relations or IR meeting in November, I believe. November 3, I believe. So if you guys want to come out and see some real world Olympus Max is at Marley Everest Towers, we'd be glad to show you. But that's a big thing.

順帶一提——不是打廣告——我們在11月會舉辦一場投資人關係（IR）會議，我記得是。我想是11月3日。所以如果各位想來現場看看真實世界中的Olympus Max（在Marley Everest Towers），我們很樂意帶各位參觀。但這是一件大事。

And then the second question.

接著是第二個問題。

On margins. Yeah, I think, Jamie, one -- maybe the easiest way to think about it is the 260-basis-point decline year-over-year in the Q2 margins. Really, I mean, that was primarily driven by kind of three known items that we sort of contemplated as we forecasted the year. One was the net tariff impact. That actually hasn't changed. It was where we had expected it to be. The start-up costs similarly.

關於毛利率。是的，我想，Jamie，有一個——也許最容易理解的方式，是看第二季毛利率年對年下滑260個基點。坦白說，那主要是由三個我們已知的因素所驅動，這些在我們做全年預測時就已納入考量。第一個是關稅的淨影響。這其實沒有改變。它就在我們預期的水準。啟動成本也是類似。

And then we had a prior year comp that was a tough one in Q2. But all of those equal to about 80 basis points of a decline individually, give or take.

另外，我們在第二季面臨一個相當嚴峻的去年同期比較基期。但這些因素各自大約都造成約80個基點的下滑，或多或少。

And then we did see some modest inflationary headwinds. I'd probably size that around 50 basis points or so that impacted the quarter.

此外，我們也看到一些溫和的通膨逆風。我大概會估計約50個基點左右，對本季造成影響。

With respect to the full year, really the raise in HVAC was driven by Neptronic. That was the 25 basis points increase. The balance of the forecast within HVAC is unchanged.

就全年而言，HVAC的上調主要是由Neptronic所帶動。那是增加25個基點。HVAC內其他部分的預測則維持不變。

Bryan Blair, Oppenheimer.

Bryan Blair，Oppenheimer。

Thank you. Good afternoon. Congrats on the quarter.

謝謝。下午好。恭喜本季表現。

Thanks, Bryan.

謝謝你，Bryan。

Another impressive step-up in data center revenue expectations for this year. Given the backlog and project visibility that you have along with accelerating throughput with the Olympus Max and Everest, how should we think about your visibility into 2027, realistic growth ranges perhaps?

今年資料中心營收預期再次大幅上調，令人印象深刻。考量你們目前的在手訂單與專案能見度，以及Olympus Max與Everest產出吞吐量加速提升，我們應該如何看待你們對2027年的能見度——例如較為務實的成長區間可能是多少？

And then the increase to $1.1 billion in capacity, what's now a realistic timeline for you to ramp to that level of revenue?

另外，產能提高到11億美元後，你們要爬升到那個營收水準的較為務實時間表是什麼？

Brian, why don't I start on the first, and then I'll hand it off to Mark on kind of how to think about the future.

Bryan，第一個我先回答，然後我再交給Mark談談如何看待未來。

I think the punchline is we feel very good about our competitive position in data centers and the demand profile in data centers. We're both seeing existing or very significantly increasing demand with our existing hyperscalers. We're seeing a lot of activity with a variety of customers. And the punchline is I really think the market is shifting towards our solutions.

我想重點是，我們對自己在資料中心領域的競爭地位，以及資料中心的需求態勢，都感到非常有信心。我們一方面看到既有的超大規模客戶（hyperscalers）需求持續存在，甚至大幅增加。我們也看到與各式各樣客戶之間有很多活動。重點是，我確實認為市場正在轉向採用我們的解決方案。

So basically, a bigger and bigger portion of the market is coming -- becoming addressable by our solutions. And I think we have very good solutions here. We are seeing a lot more liquid cooling under the roof.

所以基本上，市場中可由我們解決方案服務的比重正變得越來越大。而我認為我們在這裡有非常好的解決方案。我們看到在同一個機房內採用液冷的情況明顯增加。

And then for our products, I'd say probably dry seems to be the most favored solution, but we are also seeing adiabatic, and we're also seeing nice demand for our cooling towers. We have very good relationships with the hyperscalers. We have a lot of -- we had some nice wins with colos and neoclouds as well.

至於我們的產品，我會說乾式（dry）可能是最受青睞的方案，但我們也看到絕熱（adiabatic）方案，同時也看到我們冷卻塔有不錯的需求。我們與超大規模客戶的關係非常好。我們在共置機房（colos）與新雲（neoclouds）客戶方面也拿下了一些不錯的案子。

But as we look ahead to '27, I feel very good about '27. Typically, our hyperscalers give us very good visibility for the forward several years. And the reason is they're nervous that they need our product to turn the data center on. So they're very -- they want to make sure that we can deliver the volumes that they want.

但展望到2027年，我對2027年的看法非常正面。通常，我們的超大規模客戶會讓我們對未來幾年有非常好的能見度。原因是他們擔心需要我們的產品才能讓資料中心上線運轉。所以他們非常——他們希望確保我們能交付他們所需要的量。

There's a lot of direct feedback back and forth. You'll find these companies in our facilities. You see in there for two weeks at a time with 10 people. So we have very good direct voice of customer. So the point is I feel very good about '27 and then going forward, we see a very nice ramp in the forward years.

雙方之間有大量直接的回饋往來。你會在我們的廠房看到這些公司的人。你會看到他們一次在裡面待兩週、帶著10個人。因此我們有非常好的、直接的客戶之聲（VOC）。所以重點是，我對2027年以及之後都很有信心，我們看到未來幾年會有非常不錯的爬升。

But be careful about '27 guidance, Mark, how do you want to talk about how we're going to scale the capacity.

不過要小心談2027年的指引；Mark，你想怎麼談我們將如何擴大產能？

Yes. I think the way to think about it, Bryan, is -- and maybe let's kind of break it down when you think about where the data center work is emanating from. Olathe and Springfield have actually performed, I think, better than we initially expected. Clearly, we've been able to deliver more data center revenue this year as a result of that.

是的。Bryan，我認為可以這樣理解——也許我們先拆解一下，當你思考資料中心業務的來源時。我認為Olathe和Springfield的表現其實比我們最初預期的更好。很明顯地，正因如此，我們今年才能交付更多的資料中心營收。

And Gene, I think, kind of referenced, I mean, as we've built the Olympus Max in that facility, there's been a lot of learnings there. We've gotten much more efficient at how we've executed on that.

而且 Gene，我想你也算是有提到，隨著我們在那座廠房建置 Olympus Max，我們從中累積了很多經驗教訓。我們在執行方式上也變得更有效率了。

The TAMCO business in Nashville, that's on track. We talked about that being at full capacity -- production capacity in sometime in 2027.

納許維爾的 TAMCO 業務進度如期。我們先前談到，預計在 2027 年某個時間點達到滿載——也就是滿產能。

And then I think as we bring Madison online, and we're manufacturing our first product there now, I feel actually good about the learnings that we've developed in Olathe and the Springfield facilities that, that will ramp smoothly and kind of on track.

接著我想，隨著 Madison 上線，而且我們現在已在那裡生產第一個產品，我其實對我們在 Olathe 與 Springfield 廠區累積的學習成果感到很有信心，這將使那邊的爬坡能夠順利、並且大致按計畫進行。

Now what we've said to date, I think, as you know, we expect that to be at full production capacity, call it, in the second half of 2028.

截至目前我們所說的是，我想你也知道，我們預期在 2028 年下半年達到所謂的滿產能。

So largely, I would say our view hasn't changed with respect to the ramp. That said, I would say there is a bias that it could be earlier if things continue to go well.

所以整體而言，我會說我們對於產能爬坡的看法並沒有改變。不過話說回來，如果事情持續進展順利，我們確實傾向認為可能會更早達成。

But I think from where I sit today, it's probably a little too early to make that call.

但以我今天所掌握的情況來看，現在要下這個結論可能還稍微早了一點。

Okay, that's fair. I appreciate all the color.

好的，這很合理。感謝你提供這麼多細節。

With regard to Neptronic, we know modest accretion for this year. How should we think about growth rates going forward, importantly, the sustainability of very healthy margins?

關於 Neptronic，我們知道今年會有小幅增益。往後我們應該如何看待成長率，尤其是非常健康的利潤率是否具備可持續性？

And then given the complementary applications and some of the new technology that you're bringing into the fold, how does Neptronic affect HVAC's TAM?

另外，考量到互補的應用以及你們納入的新技術，Neptronic 會如何影響 HVAC 的 TAM（可服務總市場）？

Yeah, Bryan, why don't I start with kind of some data about kind of the strategic logic, and then Mark can kind of dive into how he thinks is going to affect us financially and the growth rates and so forth.

是的，Bryan，不如我先從策略邏輯的一些資料談起，然後 Mark 再深入說明他認為在財務面、成長率等方面會如何影響我們。

But first line is we're very excited that Neptronic is a part of SPX. The way that I would think about this is pretty simply, about half the business is very close to our core business, almost very similar products. They do electric duct heating. As everyone knows, we invented duct heating with INDEECO. That's a very important part of our electric heat business.

但先講結論：我們非常興奮 Neptronic 成為 SPX 的一部分。我對這件事的看法其實很簡單：他們大約一半的業務非常接近我們的核心業務，產品幾乎非常相似。他們做電熱風管加熱（electric duct heating）。大家都知道，我們透過 INDEECO 發明了風管加熱。那是我們電加熱業務非常重要的一部分。

They're in humidification. They actually have some very strong technology in humidification. I mean humidification is a very important part of a number of our businesses, particularly the custom air handling.

他們也做加濕（humidification）。他們在加濕方面其實有一些非常強的技術。我的意思是，加濕在我們多項業務中都非常重要，尤其是在客製化空氣處理（custom air handling）方面。

If you look at Air Enterprises and Ingénia, that's a very important part. So half their business is very -- is either our existing business or very close core. I'd say the newest piece would be the controls.

如果你看 Air Enterprises 和 Ingénia，那都是非常重要的一環。所以他們一半的業務要嘛就是我們既有業務的一部分，要嘛就是非常接近核心。我會說比較新的部分是控制（controls）。

And while we do a lot of controls, we do controls for our hydronics business. We have controls for our cooling business, we have controls for electric heat. They have a more advanced set of controls, particularly in the configured controls, they have really, really good capability.

而雖然我們也做很多控制系統，我們在水力系統（hydronics）業務有控制，在冷卻業務有控制，在電加熱也有控制。我們有冷卻業務的控制系統，我們有電加熱的控制系統。但他們有一套更先進的控制系統，特別是在配置型控制（configured controls）方面，他們的能力真的非常、非常強。

And they win very nicely on the outside market. Our controls really that we have to date and all of our capabilities really for our own equipment. They have a very nice controls business where they work with third-party fan walls and other OEM HVAC equipment, and they can even operate at a higher level there.

而且他們在外部市場的表現非常好。我們目前的控制系統以及所有能力，主要是用在我們自有設備上。他們則有一個很不錯的控制業務，能與第三方風牆（fan walls）以及其他 OEM HVAC 設備合作，甚至能在那個層級上提供更高階的運作。

So we think this is a really part -- important part of strengthening our competencies and building our controls capabilities. I can tell you, a lot of our businesses are very excited that they're joining and what they can do and how we can innovate together there.

所以我們認為，這是強化我們核心能力、並建立控制能力的一個非常重要的部分。我可以告訴你，我們很多事業部都非常期待他們加入，以及他們能做什麼、以及我們如何在那方面一起創新。

And the other thing I would say here is with both their heating, humidification and controls, we actually think we can accelerate their growth. The reason being we have a great channel. We have very good OEM relationships. We have very good data center relationships. So we can open a lot of doors and allow them to get more at bats, which we think would yield more growth.

另外我還想說的是，無論是他們的加熱、加濕還是控制，我們其實認為我們可以加速他們的成長。原因是我們有很好的通路。我們有非常好的 OEM 關係。我們有非常好的資料中心客戶關係。因此我們可以打開很多門，讓他們獲得更多出手機會（at bats），我們認為這會帶來更高的成長。

So very much like with TAMCO, with Ingénia, with a number of actually Canadian businesses that we have acquired, we think 1 plus 1 can equal 3.

所以這非常像 TAMCO、像 Ingénia、以及我們收購的多家加拿大企業一樣，我們認為 1 加 1 可以等於 3。

And Mark, do you want to talk about how we should think about this going forward?

Mark，你要不要談談我們接下來應該如何看待這件事？

Yeah. Bryan, I think from a growth rate perspective, when you think about everything Gene said and across all the capabilities they have. I think this business is going to grow above our medium-term growth targets that we put out there. I would probably put it at kind of high-single-digit growth rate. It will be different depending on the components that they sell, the business they sell.

好的。Bryan，我想從成長率的角度來看，綜合 Gene 所說的以及他們具備的各項能力。我認為這項業務的成長會高於我們對外提出的中期成長目標。我大概會把它放在高個位數的成長率。當然，會因為他們銷售的零組件、以及他們銷售的業務組合而有所不同。

And obviously, I think most people have gathered from the information that we provided that it does have a nice high sustainable margin profile that is higher than the segment average kind of in -- on a segment income basis, I would say it's kind of in the low-40s EBITDA basis, kind of mid-40s.

而且很明顯，我想大多數人從我們提供的資訊已經看得出來，它確實有一個不錯、且可持續的高利潤率結構，從分部收益的角度來看，高於該分部的平均水準；我會說以 EBITDA 口徑大概在低 40% 左右、約中 40% 的水準。

Amit Mehrotra, UBS.

Amit Mehrotra，瑞銀（UBS）。

Thank you. Good afternoon, everybody. I wanted to ask if you can just talk about contribution margins as the data center revenue sort of increasingly scales and the contribution margin profile of that revenue relative to broader HVAC portfolio, just given obviously the capacity investment and incremental engineering costs?

謝謝。各位下午好。我想請教，你們能否談談隨著資料中心營收逐步擴大時的貢獻毛利（contribution margins），以及相較於更廣泛的 HVAC 產品組合，這部分營收的貢獻毛利結構如何？尤其考量到產能投資以及額外的工程成本。

And then just related to that, how much of Neptronic's current revenue is exposed to data centers? And is there an opportunity to kind of expand that penetration through sort of your existing customer relationships? Thank you.

另外也相關地，Neptronic 目前有多少營收與資料中心相關？是否有機會透過你們既有的客戶關係來提高滲透率、擴大這部分占比？謝謝。

Yeah. Amit, thanks. With respect to the data center business, what we've said, we don't really talk about it from a contribution margin perspective. We really talk about it from a segment margin incrementals perspective. We would expect those incrementals to be similar or consistent with the balance of the HVAC business. So we typically identify those as sort of high-20s to low-30s incrementals.

好的。Amit，謝謝。關於資料中心業務，我們先前說過，我們不太會用貢獻毛利的角度來談。我們主要是從分部利潤的增量（incrementals）角度來談。我們預期這些增量會與 HVAC 其餘業務相近或一致。所以我們通常把它界定為大約高 20% 到低 30% 的增量水準。

Gene, do you want to talk about the Neptronic?

Gene，你要不要談談 Neptronic？

And then -- yeah, sorry, go ahead.

然後——對，不好意思，你先說。

Yes. On the Neptronic, they do have some nice data center presence. I would say they're very similar to our HVAC data center percentage, if you look at this year, and I'd say actually maybe a tad higher there, but similar, they've had some good success, and we actually see some very nice opportunities for growth there going forward.

好的。就 Neptronic 而言，他們在資料中心確實有一些不錯的布局。我會說，如果看今年的話，他們的占比跟我們 HVAC 的資料中心占比非常相近，而且我想可能還略高一點；他們已經取得一些不錯的成果，而我們也看到未來在那方面有非常好的成長機會。

Okay. And then after Neptronic, I mean, you still have a nice amount of capacity and net leverage is sort of under 1 times. And you guys have a very good track record of kind of identifying and paying the right multiple for these types of quality assets. Does the pipeline look good? Just be curious in terms of how you think about the go-forward opportunities after what you just did.

好的。然後在 Neptronic 之後，我是說，你們仍然有相當不錯的資金運用空間，而且淨槓桿大概低於 1 倍。你們在辨識這類優質資產並以合理倍數收購方面，一直有很好的紀錄。目前的併購管線看起來如何？只是想了解一下，在你們剛完成這筆交易之後，你們如何看待接下來的機會。

Yeah, sure. I think -- well, first thing, I think we were -- I believe it was 0.7 at quarter end, but pro forma with Neptronic, I believe we're 1.4 -- yes, you're right. That's still below our target of 1.5 to 2.5, and we generate so much cash that, that will be very low by the year-end. So you're right, we have a lot of capacity here.

是的，當然。我想——嗯，首先，我想我們——我記得季末是 0.7，但把 Neptronic 併入後的備考數，我相信是 1.4——是的，你說得對。這仍低於我們 1.5 到 2.5 的目標區間，而且我們產生的現金非常多，所以到年底這個數字會降得很低。所以你說得沒錯，我們確實還有很大的資金運用空間。

We actually see a lot of very attractive opportunities. I'd say the areas that we see a lot of activity right now would be in Detection and Measurement on location and inspection. We think there's some very nice opportunities there as well as comm tech and transportation.

我們其實看到很多非常有吸引力的機會。我會說，目前我們看到活動最熱絡的領域是在偵測與量測（D&M）中的現場檢測與檢驗。我們認為那裡也有一些非常不錯的機會，另外還有通訊科技以及運輸。

I would say electric heat, we've obviously just added Thermolec and Neptronic to electric heat. So that's actually been very nice additions that really strengthens that business and provides some very complementary products.

我會說電熱方面，我們顯然剛把 Thermolec 和 Neptronic 納入電熱業務。所以這其實是非常好的補強，確實強化了該業務，並帶來一些非常互補的產品。

I would say, if you look across HVAC, where do we see the opportunities? The biggest number of active opportunities would be in engineered air movement, a number of very attractive opportunities. And I would say we're talking to or we have on the board. And so the punch line to your question is we've done a lot in the first six months. If you look at the amount of capital we've deployed, there's still a very attractive strategic set of opportunities even over the next six months. So we would expect to continue growing here.

我會說，如果你放眼整個 HVAC，我們在哪裡看到機會？目前活躍機會數量最多的會是在工程化氣流輸送（engineered air movement），有多個非常有吸引力的機會。而且我會說，我們正在洽談的，或是已經列入董事會討論的也有一些。所以回到你問題的重點：我們在前六個月做了很多。如果你看我們已投入的資本金額，接下來六個月仍然有一組非常有吸引力、符合策略的機會。因此我們預期會持續在這裡成長。

Brad Hewitt, Wolfe Research.

Brad Hewitt，Wolfe Research。

Hey, good afternoon, guys. So as we think about D&M margins into next year, I know they can be a little bit lumpy based on the project mix and the software attach. But is the base case expectation that D&M margins should be up year over year next year?

嗨，大家下午好。所以當我們思考 D&M 明年的毛利率/利潤率走勢時，我知道它們可能會因專案組合與軟體附加率而有些波動。但基本情境的預期是，D&M 的利潤率明年應該會年增嗎？

Yeah. Brad, let me talk to you a little bit about that. I think when you think about where we're forecasting for the year, I think our guide is generally for '26 is 26.5%. There's a couple of kind of discrete elements that set us at that point.

是的。Brad，我跟你稍微談一下。我想當你思考我們對今年的預測時，我們的指引一般是 2026 年為 26.5%。有幾個相對獨立的因素讓我們落在那個水準。

If you back out that scope expansion we talked about in the first quarter in that software project and you kind of normalize for what has been sort of a favorable mix for the year back to kind of what we call a more normal mix. You're kind of left with, I think, a structural improvement in margins based on a lot of the work that we've done to drive synergies across the D&M platform kind of around 25%.

如果把我們在第一季提到的那個軟體專案範疇擴張（scope expansion）扣除，並且把今年相對有利的組合調整回我們所稱的較正常的組合。你大概會得到一個結構性的利潤率改善，這是基於我們在 D&M 平台上推動協同效益所做的大量工作，大約在 25% 左右。

Now, that -- those margins can obviously be impacted by the mix of project volume that we have in a certain year and the types of projects.

當然，那些利潤率會受到某一年我們的專案量組合以及專案類型的影響。

So I want to be careful. I don't really provide guidance for '27, not prepared to do that, but I think that's a framework to think about it.

所以我想要謹慎一點。我不會提供 2027 年的指引，目前也還沒準備這麼做，但我想這是一個思考的框架。

Okay. That's helpful. And then maybe switching back to the HVAC side of things. So you mentioned that you expect to be at the $1.1 billion of data center capacity probably by second half of '28. I guess curious, as we stand today, like how much visibility do you have to that $1.1 billion from a demand perspective?

了解。這很有幫助。然後也許切回 HVAC 這邊。你提到你們預期到 2028 年下半年左右，資料中心產能大概會到 11 億美元。我想問的是，以今天的狀況來看，從需求角度，你們對這 11 億美元有多少能見度？

We see a lot of visibility. There's -- we feel very good about the demand profile and feel good about our value prop. So I would say we feel very good about sustained continued growth there.

我們有很高的能見度。我們對需求輪廓感覺非常好，也對我們的價值主張很有信心。所以我會說，我們對那裡能夠持續、延續性的成長感到非常有把握。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Hey, thanks, guys. Good afternoon. Just what do you have for book-to-bill in the quarter?

嗨，謝謝各位。下午好。這一季的接單出貨比（book-to-bill）是多少？

For -- are you talking about for which business?

你是指——你問的是哪一個業務？

I think both.

我想兩個都要。

Yes. I think if you kind of did -- if you did the math around both segments, which you guys can do, I think you'd find that book-to-bill in HVAC was about 1.4 and D&M was maybe just a hair below 1.

好的。我想如果你把兩個部門都算進去——你們其實也可以自己算——我想你會發現 HVAC 的接單出貨比大約是 1.4，而 D&M 可能略低於 1。

Okay. With Neptronic, one, like how much are you adding into the guidance just from that specifically on the revenue and EBITDA side?

了解。關於 Neptronic，第一個問題是：就營收與 EBITDA 來看，你們在指引中因為這筆交易具體增加了多少？

And then with the EBITDA margins in that mid-40s, obviously, extremely attractive, but how do you like stress test that in your own diligence, right? Because it's like double what you guys are doing as a company. So how much of that margin do you feel like was price over the last couple of years kind of getting crazy and scarcity for some of the stuff and like versus like how sustainable is that until like the tenure of your ownership here?

然後 Neptronic 的 EBITDA 利潤率在 40% 中段，顯然非常吸引人，但你們在盡職調查時是如何做壓力測試的？因為這看起來像是你們公司整體水準的兩倍。所以你們認為這個利潤率有多少是過去幾年因為定價變得很激進、某些產品供給稀缺所帶來的價格因素？以及相較之下，這樣的利潤率在你們持有期間到底有多可持續？

One comment I'll make, Joe, I'll turn it over to Mark. Right now, if you look at segment income for HVAC by 25%, right? And this is probably low-40s, 41. So it's not double.

Joe，我先補充一點，然後交給 Mark。目前如果你看 HVAC 的部門利益率是 25%，對吧？而這個大概是 40% 出頭，41%。所以並不是兩倍。

And you actually -- we know the electric heat business and the humidification business quite well. And margins, I guess what I would say is we spend a lot of time on that question. I feel very good. I don't think these are anomalous. I think these are real and frankly, sustainable as we going forward. I do think -- I also think there's a lot of growth here that we can help support.

而且我們其實——我們對電熱業務與加濕業務相當熟悉。至於利潤率，我想我會說我們在這個問題上花了很多時間。我感覺非常好。我不認為這些是異常值。我認為這些是真實的，而且坦白說，往前看是可持續的。我也認為這裡有很多成長，我們可以協助支持。

Yeah. And I think maybe just to dovetail off what Gene said, and then I can kind of walk you through a little bit of the contribution math for the year, if that's helpful.

是的。我想也許延續 Gene 的說法，然後如果有幫助的話，我可以帶你走一下今年的貢獻拆解（contribution math）。

But I think when you think about some of these products like controls, I mean, they're a high-value, high consequence piece of equipment within these systems and very -- to how they function.

但我想當你想到像控制器這類產品時，我是說，它們在這些系統中屬於高價值、關鍵性很高的設備，而且對系統如何運作非常——非常重要。

So we obviously disclosed the revenue kind of $75 million full year. We're going to own this for about five months in 2026. So that kind of gets you into the low-30s contribution for revenue. And then segment income is in the low-40s. I will tell you, we paid about 12.5 times for the business, which should help you back into where the EBITDA ultimately is.

所以我們已經揭露全年營收大約 7,500 萬美元。我們在 2026 年大概會持有這家公司五個月。所以換算下來，營收貢獻大概會落在 3,000 萬美元出頭。然後部門收益（segment income）在 40% 出頭。我也可以告訴你，我們大約以 12.5 倍收購這個業務，這應該能幫助你回推最終的 EBITDA 大概是多少。

And sort of netting all the way down, really it's probably about $0.05 to $0.06 of addition or accretion to the 2026 numbers. That's obviously built into the guide raise.

把所有因素一路相互抵銷後，實際上對 2026 年的數字大概會增加（或形成增值）約 0.05 到 0.06 美元。這顯然已經反映在上調的指引之中。

Walter Liptak, Seaport Research.

Walter Liptak，Seaport Research。

Hey, thanks. Great quarter, guys. So I wanted to ask -- and thanks for the detail about Neptronic that you just gave. I wanted to ask about the CapEx and the guidance for this year, $135 million to $165 million. What does it take to get to the high end of that?

嗨，謝謝。各位這一季表現很棒。我想問一下——也謝謝你們剛才提供關於 Neptronic 的細節。我想問今年的資本支出（CapEx）與指引，為 1.35 億到 1.65 億美元。要達到區間上緣需要哪些條件？

And what are you thinking about for CapEx to get to that $1.1 billion? How much of it do you have to get in place in 2027?

另外，為了達到 11 億美元的 CapEx，你們是怎麼思考的？其中有多少必須在 2027 年就到位？

Yeah. Walt, with respect to the kind of the back half of your second part of your question, that CapEx related to all these plant expansions was contemplated some of it fell in 2025 and then the balance of it will fall into 2026. It could be that some of it slips into 2027. But right now, we're forecasting it to be in 2026, just given what we're seeing today.

是的。Walt，針對你問題第二部分的後半段，與這些工廠擴建相關的 CapEx 原本規劃一部分落在 2025 年，其餘則會落在 2026 年。也有可能其中一部分延後到 2027 年。但就目前而言，基於我們今天看到的情況，我們預測會在 2026 年發生。

So I think when I think about the CapEx for this year and the guide range we had, at the midpoint, that contemplates the CapEx required to support the expansions within the year.

所以我在看今年的 CapEx 與我們給出的指引區間時，以中位數來看，已經包含了在今年內支援擴產所需的 CapEx。

It is going to be back half weighted. So if you're looking at kind of the first half of the year and feeling like it's maybe a little bit behind on that guide, we always expected it to be back-half weighted.

它會偏向下半年發生。所以如果你看上半年覺得相較指引好像有點落後，我們本來就預期會是下半年權重較高。

And then the balance of it is really our regular way CapEx, which we've always said is sort of in the 1.5% to 2% range, and I expect we'll be right there.

其餘部分基本上就是我們一貫的例行性 CapEx，我們一直說大概在 1.5% 到 2% 的區間，我預期我們會落在那個水準。

Okay. Great. And as we're thinking about you ramping for the hyperscalers, the data center customers, it sounds like the capacity can be put in place that you're going to be there mostly by the end of the year. What becomes the heavy lift to make sure that you can deliver everything into 2027, 2028?

好的。很棒。另外，當你們為超大規模業者（hyperscalers）、資料中心客戶做產能爬坡時，聽起來你們會在年底前大致把產能建置到位。那要確保你們能在 2027、2028 年交付所有需求，最大的挑戰會是什麼？

Yeah, it's a great question. I think as we think about ramping up those plants, I feel really good about the team that we've got in place. I mean, they've been kind of overseeing all these site expansions, plant expansions that we've got underway. They clearly have done a really nice job so far as we've kind of met or, in some cases, exceeded our expectations.

是的，這是個很好的問題。我認為在我們思考這些工廠的爬坡時，我對目前的團隊很有信心。他們一直在監督我們正在進行的各項場址擴建、工廠擴建。到目前為止，他們確實做得非常好，我們大致達成、甚至在某些情況下超出我們的預期。

So as I look out into 2027, I think a lot of it is going to be a function of making sure we get the right employees in place and the right team kind of up to speed and begin to ramp up into what our expectations are for 2027. But that's just one example. I mean, bringing a plant online is always complicated. And there's a lot of things that need to fall into place. But I feel good about we've got a plan and that we'll deliver on the expectations we've laid out.

所以當我展望 2027 年時，我認為很大一部分將取決於確保我們配置到合適的員工，讓合適的團隊迅速上手，並開始爬坡以符合我們對 2027 年的預期。但那只是其中一個例子。我的意思是，讓一座工廠正式投產一向很複雜。有很多事情需要到位。但我對我們已有的計畫很有信心，也相信我們會達成我們所提出的各項預期。

Piyush Khaitan, JPMorgan.

Piyush Khaitan，摩根大通（JPMorgan）。

Hey, thanks for taking the question. Good afternoon, guys. Just on HVAC maybe, can you help me with like the cadence of the growth in the back half of the year?

嗨，謝謝讓我提問。各位下午好。就 HVAC 來說，你能否幫我說明一下今年下半年成長的節奏？

And correct me if I'm wrong, if we take out the data center growth that you're embedding, the rest of the segment is like tracking right in that 5% to 6% range?

如果我理解沒錯，若把你們內含的資料中心成長拿掉，該事業部其餘部分的表現大概就是落在 5% 到 6% 的區間？

Yeah, I think to your second point that you're absolutely right. With respect to thinking about gating in the back half of the year, the way I would think about it is Q3 and Q4 will have kind of similar revenue growth rates. And I would expect margins will be higher in Q4 than in Q3.

是的，我認為你第二點完全正確。至於下半年成長的節奏，我會這樣看：第三季與第四季的營收成長率會大致相近。而我預期第四季的毛利率會高於第三季。

Yes. On that margins, is there any particular reasons because the incrementals like go way above, I think, 40% more than up. So if you can provide some color on that one.

了解。關於毛利率，有沒有什麼特別原因？因為增量利潤率看起來會大幅高於——我想——40% 以上。所以如果你能就這點提供一些說明。

Are you talking about in sort of the back half of the year?

你指的是下半年那段期間嗎？

Yes.

是的。

Yes. I think you've got a handful of things going on there, depending on how you've modeled it, right? It's -- you got the operating volume and the leverage off of that. You also have the contribution from Neptronic and the M&A contribution there.

是的。我想那裡有幾個因素在作用，取決於你怎麼建模，對吧？包括營運量提升以及由此帶來的營運槓桿。另外也有 Neptronic 的貢獻，以及併購（M&A）帶來的貢獻。

And then remember, the start-up costs and the tariffs that were kind of a headwind in the first half, those will moderate. So I think if you kind of think through all those elements, that really helps explain that sort of first-half, second-half ramp.

再者，別忘了，上半年那些開辦成本以及關稅所造成的逆風會趨於緩和。所以我認為把這些因素都考慮進去，就能很好地解釋上半年到下半年的那種爬坡。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley Securities。

Hi, everyone. I wanted to ask you a little bit more about the really strong demand you're seeing in data center cooling solutions. I'm just wondering, how you're thinking about potential for long-term agreements there. Maybe it's too early, but any thoughts around long-term agreements?

大家好。我想再多問一些你們在資料中心散熱解決方案上看到的非常強勁需求。我想知道你們如何看待那邊簽訂長期協議的可能性。也許現在還太早，但對長期協議有什麼想法嗎？

Yeah. I mean, Jeff, we actually have long-term agreements with several customers in place. It's just not something we typically talk about.

是的。我的意思是，Jeff，我們其實已經與幾位客戶簽有長期協議。只是這不是我們通常會談的事情。

So yeah, I think long-term agreement, I think -- I think it works very well. You get alignment on demand. But as you well know, that's not a purchase order per se. So we don't put things into the backlog until they are kind of formal purchase orders. And it's a good way to get alignment with our -- particularly our hyperscaler customers about demand.

所以是的，我認為長期協議——我覺得它運作得很好。你可以在需求上取得一致。但如你所知，那並不等同於採購訂單（PO）。因此在它們成為正式採購訂單之前，我們不會把它們納入在手訂單（backlog）。而這也是一個很好的方式，讓我們與——特別是我們的超大規模客戶——在需求上取得一致。

And then we always have the appropriate protections in there such that if the demand is not there, the POs are not placed within a year or an advanced period of time, that capacity frees up such that we fill that capacity with other customers. So yes, we actually have very good -- a lot of our customers have been working.

此外，我們也會在協議中加入適當的保障條款：如果需求不存在、或在一年內或某個提前期間內未下採購訂單（PO），那麼產能就會釋出，讓我們能用其他客戶來填補該產能。所以是的，我們確實有非常好的——我們很多客戶一直在合作。

We do have some new large customers. We have some old large customers. I think we have very good relationships, very open, very direct sharing of what we're seeing and what they're planning on doing.

我們確實有一些新的大型客戶。也有一些既有的大型客戶。我認為我們的關係非常好，溝通非常開放、非常直接，彼此分享我們看到的情況以及他們的規劃。

Good to hear. And then as far as supply chain, what's the latest you're seeing there? And then any steps you're taking to procure what you need without interruption?

很高興聽到。那就供應鏈而言，您目前看到的最新情況是什麼？另外，為了在不中斷的情況下採購到所需物料，您採取了哪些措施？

That's a great question. With this type of growth in volume, you've got to be very careful with supply chain. Any bill of materials item could be -- I'd say one of the good things about our strategy is really all of the components are our own. For example, we engineer our own fans. We engineer our own gear reducers.

這是個很好的問題。在這種出貨量成長的情況下，必須非常小心供應鏈。任何一個物料清單（BOM）項目都可能成為——我想我們策略的一個優點是，所有零組件基本上都是我們自有的。例如，我們自行設計風扇。我們自行設計減速機。

We engineer our own fill or heat exchangers. And so it's always our design, and we own it typically for the vast bulk of what we provide. That gives us supply chain flexibility. So we can either, in some cases, do it ourselves or have outside third parties. But it's something -- the point you bring up is very important, and we have seen some people fall down on the supply chain side.

我們自行設計填料或熱交換器。因此一直都是我們的設計，而且就我們提供的絕大多數內容而言，通常我們擁有其所有權。這讓我們在供應鏈上更有彈性。所以在某些情況下，我們可以自己做，或交由外部第三方。但這件事——你提出的重點非常重要，我們也確實看到有些人在供應鏈端出了問題。

One of the things we're very careful about and before we take on a large order, we actually have a very strong supply chain team that will scrub every bill of material item and validate that we believe we can fulfill those items. So we're not flying blind.

我們非常謹慎的一點是，在接下大型訂單之前，我們其實有一支很強的供應鏈團隊，會逐項檢視每一個物料清單項目並驗證我們相信能夠履行供應。所以我們不是在盲目作業。

We know we have the capacity and we know we can fulfill that order. We're very careful about that because at the end of the day, our experience, particularly in the data center realm, customers are very, very engineering intensive. And that aligns very well because I do believe we have the best engineering in the world for cooling. And I think we can satisfy their needs, but you got to deliver.

我們知道自己有產能，也知道能夠履行該訂單。我們對此非常謹慎，因為歸根結底，依我們的經驗，尤其是在資料中心領域，客戶非常、非常重視工程。這點非常契合，因為我確實相信我們在冷卻方面擁有世界上最好的工程能力。我想我們能滿足他們的需求，但你必須交付。

If you fall down and you're late and you have bad quality, that can be very problematic. And as we know, there's a smaller number of customers here. There's some level of customer concentration with a number of hyperscalers. You want to be sure you can deliver and meet your commitments. So we're very careful about that. But I think it's a very good question in a world where there's some tremendous scaling going on in a variety of different areas.

如果你出狀況、交期延誤、品質不佳，就會非常棘手。而且如我們所知，這裡的客戶數量較少。在一些超大規模業者（hyperscalers）之間，存在一定程度的客戶集中度。你必須確保能交付並履行承諾。所以我們對此非常謹慎。但我認為，在一個多個領域都在大幅擴張的世界裡，這確實是個很好的問題。

Zachary Schechtman, Wells Fargo.

Zachary Schechtman，富國銀行。

I was just wondering if we could shift back to D&M and just maybe talk about the mix in comm tech and aids to navigation, maybe the type of products that drove margins up so much, the reason for that pull forward from 3Q to 2Q? And then maybe anything to note that's on the horizon, military opportunities in your comm tech business, like drone detection demand, anything of that nature? Just curious.

我想請問能否把話題拉回 D&M，談談通訊技術（comm tech）與航行助航設備（aids to navigation）的組合占比，也許是哪些產品類型推動毛利率大幅上升，以及為什麼會從第三季拉貨到第二季？另外，未來在你們通訊技術業務上是否有任何值得注意的事項，例如軍方機會、像無人機偵測需求之類的？只是好奇。

Yes. Maybe I'll start with the project that moved forward. That was just driven by the customer. It moved up from the first half of Q3 into Q2.

好的。也許我先從提前的專案開始說。那完全是由客戶所驅動。它從第三季上半段提前到第二季。

We talk about this often. It's sometimes have this dynamic. We're pretty good about getting it in the year, but sometimes, these projects can move from quarter to quarter.

我們常常談到這點。有時候會出現這種動態。我們很擅長把它落在年度內，但有時這些專案會在季度之間移動。

Both comm tech is largely a project business. And depending on kind of the mix of where those projects are within the types of products that they provide, that can drive the margin profile. The AtoN business is a mix of run rate and project businesses.

通訊技術基本上是以專案為主的業務。而依這些專案在其所提供的產品類型中的組合差異，會影響毛利率結構。AtoN 業務則是常態性收入與專案型業務的混合。

And we've just seen some nice project activity, some large orders in certain markets that have been just very profitable relative to --

而我們確實看到一些不錯的專案活動，在某些市場拿到一些大型訂單，其獲利能力相對於--

Yeah. And I think we feel good about the projects. When you think projects for Detection and Measurement, you're really talking about half of comm tech, that's really the TCI side. And I'd say there's a lot of good activity going on there and there's a lot of good innovation going on there. So we feel good about that.

是的。而且我想我們對這些專案感到樂觀。當你想到偵測與量測（Detection and Measurement）的專案時，實際上你談的是通訊技術的一半，也就是 TCI 那一側。我會說那邊有很多良好的動能，也有很多不錯的創新正在發生。所以我們對此感到樂觀。

Transportation. Transportation has had nice sustained growth over the past several years. We expect that to continue.

運輸。運輸在過去幾年呈現良好且持續的成長。我們預期這會持續下去。

And then the smaller portion is in AtoN, when -- they also have some very nice innovation coming out, in particular, one at the end of next year that we think is going to drive more demand.

另外較小的一部分在 AtoN；他們也有一些很不錯的創新即將推出，特別是明年年底會有一項，我們認為將帶動更多需求。

So yes, I'd say, overall, when we look at this year, this year is relatively flattish for D&M. We would expect to return to our normal growth path going forward next year and beyond.

所以是的，我會說整體而言，當我們看今年時，今年 D&M 相對較為持平。我們預期從明年起以及之後，會回到我們正常的成長軌道。

Thank you. I would now like to turn the conference back to Johann Rawlinson for closing remarks.

謝謝。我現在想把會議交回給 Johann Rawlinson 作結語。

Great. Well, thank you all for joining today's call, and we look forward to updating you again next quarter. Thank you, operator. We can end the call.

很好。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。謝謝，接線員。我們可以結束電話會議了。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。