Thermon Group Holdings Inc (THR) 2025 Q4 法說會逐字稿

Greetings and welcome to the Thermon Group Holdings. fourth quarter fiscal year 2025 earnings presentation. (Operator Instructions) Please note that this conference is being recorded. I will now turn the conference over to our host, Ivonne Salem, Vice President, FP&A and Investor Relations. Thank you. You may begin.

您好，歡迎來到賽盟集團控股公司。 2025 財年第四季財報。（操作員指示）請注意，本次會議正在錄音。現在，我將會議交給我們的主持人、FP&A 和投資者關係副總裁 Ivonne Salem。謝謝。你可以開始了。

Thank you. Good morning and thank you for joining Thermon's Group fourth quarter and full year fiscal 2025 results conference call. Leading the call today are CEO Bruce Thames and Chief Financial Officer Jan Schott.

謝謝。早安，感謝您參加賽盟集團 2025 財年第四季和全年業績電話會議。今天主持電話會議的是執行長布魯斯泰晤士 (Bruce Thames) 和財務長簡肖特 (Jan Schott)。

Earlier this morning we issued an earnings press release which has been filed with the SEC on Form 8-K and it's also available on the investor relations section of our website. Additionally, the slides for this conference call can be found in our IR website on their news and events IR calendar, earnings conference call Q4, 2025.

今天早些時候，我們發布了一份收益新聞稿，該新聞稿已以 8-K 表格形式提交給美國證券交易委員會 (SEC)，也可在我們網站的投資者關係部分查閱。此外，您可以在我們的 IR 網站上的新聞和活動 IR 日曆、2025 年第四季財報電話會議中找到本次電話會議的投影片。

During the call, we will discuss some items that do not conform to generally accepted accounting principles. We have reconciled those items to the most comparable GAAP measures in the tables at the end of the earnings press release. These non-GAAP measures should be considered in addition to and not as a substitute for measures of financial performance reported in accordance with GAAP.

在通話過程中，我們將討論一些不符合公認會計原則的項目。我們已將這些項目與收益新聞稿末尾表格中最具可比性的 GAAP 指標進行核對。這些非 GAAP 指標應被視為依照 GAAP 報告的財務績效指標的補充，而不是替代。

I would like to remind you that during this call we might make certain forward-looking statements regarding our company. Please refer to our annual report and most recently quarterly report filed with the SEC for more information regarding our forward-looking statements, including the risks and uncertainties that could impact our future results.

我想提醒您，在本次電話會議中，我們可能會對我們公司做出某些前瞻性陳述。有關我們的前瞻性陳述的更多信息，包括可能影響我們未來業績的風險和不確定性，請參閱我們向美國證券交易委員會提交的年度報告和最新季度報告。

Our actual results might differ materially from those contemplated by these forward-looking statements and are, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as might be required by law.

我們的實際結果可能與這些前瞻性陳述所預期的結果有重大差異，我們不承擔公開更新任何前瞻性陳述的義務，無論是由於新資訊、未來發展或其他原因，除非法律可能要求。

Today's call will begin with remarks from our CEO Bruce Thames, who will provide a review of our recent business performance, including an update on the progress we have made on our strategic initiatives, followed by a financial update and review from our CFO Jen Schott.

今天的電話會議將以我們執行長 Bruce Thames 的演講開始，他將回顧我們最近的業務表現，包括我們在策略舉措方面取得的進展的最新情況，隨後是我們的財務長 Jen Schott 的財務更新和回顧。

Bruce will then wrap up our prepared remarks with an update on our business outlook. At the end, at the conclusion of these prepared remarks, we will open the line for questions. With that, I'll turn the call over to Bruce.

布魯斯隨後將總結我們準備好的演講並介紹我們的業務前景。最後，在這些準備好的演講結束後，我們將開放提問環節。說完這些，我將把電話轉給布魯斯。

Thank you, Ivonne, and good morning to everyone joining us on the call today. I'll begin my commentary with the fourth quarter highlights, which we detail on slide 3 of our presentation. The fourth quarter was another period of solid execution by our team, which resulted in further strength in our OpEx recurring revenues, continued bookings momentum, and strong margin expansion.

謝謝你，伊馮娜，今天參加我們電話會議的各位早安。我將從第四季度的亮點開始我的評論，我們在簡報的第 3 張投影片中對此進行了詳細介紹。第四季是我們團隊又一次穩健執行的時期，這使得我們的營運支出經常性收入進一步增強，預訂勢頭持續，利潤率強勁擴張。

Over the past couple of quarters, we detailed how our team has remained focused on our key strategic priorities, despite the difficult market conditions. While CapEx revenue trends in recent quarters were weaker than we would have liked, we remain confident that the positive order momentum in our business would translate to an improved growth trajectory.

在過去的幾個季度中，我們詳細介紹了我們的團隊如何在市場條件艱難的情況下仍然專注於我們的關鍵策略重點。儘管最近幾季的資本支出收入趨勢弱於我們的預期，但我們仍然相信，我們業務中的積極訂單動能將轉化為改善的成長軌跡。

During the fourth quarter, our hard work and dedication paid off as we generated 3% organic growth during the quarter, the first in over a year. These order trends have improved across a range of articles, most notably the LNG market.

在第四季度，我們的辛勤工作和奉獻精神得到了回報，我們在本季度實現了 3% 的有機增長，這是一年多以來的首次增長。這些訂單趨勢在一系列文章中都有所改善，最明顯的是液化天然氣市場。

After the moratorium on LNG exports from the US was lifted earlier this year, activity has resumed, and we're seeing increased bidding and project awards. The activity around natural gas is broad-based with numerous projects underway in the Gulf Coast and the Middle East.

今年早些時候，美國解除了液化天然氣出口禁令，此後活動已經恢復，我們看到投標和項目授予增加。圍繞天然氣的活動範圍很廣，墨西哥灣沿岸和中東地區正在進行許多項目。

We built a strong portfolio of products targeting the LNG market, have secured five major awards, and are well positioned to capitalize on numerous other opportunities in our pipeline. This booking's momentum resulted in the fourth consecutive quarter with a positive book to build. As a result, our backlog as of March 31, increased 29% from last year with the organic backlog up 20%, driven by momentum and diversified verticals, coupled with a rebound in certain oil and gas markets.

我們針對液化天然氣市場建立了強大的產品組合，已獲得五項重大獎項，並已準備好利用我們管道中的許多其他機會。這一預訂勢頭使得該公司連續第四個季度實現了積極的預訂成長。因此，受強勁成長動能和多元化垂直產業的推動，以及某些石油和天然氣市場的反彈，截至 3 月 31 日，我們的積壓訂單較去年同期增加了 29%，其中有機積壓訂單增加了 20%。

We also made further progress on our operational excellence initiatives, which combined with our more favorable revenue mix, translated to an EBITDA margin of 22.7% during the fourth quarter, a 423 basis point improvement relative to Q4 of last year.

我們在卓越營運計畫方面也取得了進一步進展，加上我們更有利的營收組合，第四季的 EBITDA 利潤率達到 22.7%，比去年第四季提高了 423 個基點。

These results underscore the strength of the Thermon business system and resilience of our business operating model. And finally, our strict financial discipline and improved operating profitability enabled us to finish fiscal 2025 in a strong financial position with net leverage of just under one times.

這些結果凸顯了賽盟業務系統的實力和業務營運模式的彈性。最後，我們嚴格的財務紀律和不斷提高的營運獲利能力使我們能夠以強勁的財務狀況完成 2025 財年，淨槓桿率略低於一倍。

Importantly, we're able to accomplish this while continuing to invest in our growth initiatives while also making nearly $14.5 million in optional debt repayments and returning over $14 million in capital shareholders through our share repurchase program all in the fourth quarter.

重要的是，我們能夠在實現這一目標的同時繼續投資於我們的成長計劃，同時在第四季度透過我們的股票回購計劃償還近 1450 萬美元的可選債務，並向資本股東返還超過 1400 萬美元。

As a testament to our solid financial position, the Board has approved refreshing our share repurchase authorization back to the initial $50 million, underscoring our optimism for the future. Turning now to reflect on fiscal 2025, I'm extremely pleased with our team's performance, delivering another record year of revenue and adjusted EBITDA, despite what was a very challenging operating environment.

為了證明我們穩健的財務狀況，董事會已批准將我們的股票回購授權更新至最初的 5,000 萬美元，這強調了我們對未來的樂觀態度。現在回顧 2025 財年，我對我們團隊的表現感到非常滿意，儘管經營環境非常具有挑戰性，但我們仍然創造了另一個創紀錄的年度收入和調整後 EBITDA。

On slide 4, we provide a snapshot of our 2025 highlights. Our $498 million in revenue was up just 1% over prior year, despite a 37% decline in large capital projects. Our diverse revenue base, making up over 72% of our in-market mix, along with growth and recurring revenues and strategic M&A, were instrumental in delivering this year's results.

在第 4 張投影片上，我們提供了 2025 年亮點的快照。儘管大型資本項目下降了 37%，但我們的 4.98 億美元收入僅比上年增長 1%。我們多元化的收入基礎（占我們市場組合的 72% 以上）加上成長和經常性收入以及策略併購，對今年的業績發揮了重要作用。

We generated an adjusted EBITDA margin of 22% during fiscal 2025, which was up 86 basis points from last year, reflecting our more favorable revenue mix and productivity gains through the implementation of the Thermon business system. Our earnings growth and solid gross margin expansion of 196 basis points delivered $53 million in free cash flow during the year.

我們在 2025 財年實現了 22% 的調整後 EBITDA 利潤率，比去年增長了 86 個基點，這反映了我們透過實施 Thermon 業務系統實現了更有利的收入結構和生產力提高。我們的獲利成長和 196 個基點的穩健毛利率擴張在年內帶來了 5,300 萬美元的自由現金流。

More importantly, we generated $536 million in bookings during the year with a book to bill of 1.08 times, demonstrating the favorable trends in our in markets, our strong competitive position, and the hard work and dedication of our team.

更重要的是，我們在這一年中創造了 5.36 億美元的訂單量，訂單出貨比為 1.08 倍，這證明了我們在市場中的良好趨勢、我們強大的競爭地位以及我們團隊的辛勤工作和奉獻精神。

Our 3D initiatives, which we'll discuss in more detail later on the call, contributed $93 million in revenue during the year. The R&D team also announced 28 new product and software releases during fiscal '25, advancing our solution set from digitization to diversification and decarbonization as well as in the core business.

我們的 3D 計劃（我們將在稍後的電話會議上詳細討論）在當年貢獻了 9,300 萬美元的收入。研發團隊也在 25 財年宣布發布 28 款新產品和軟體，推動我們的解決方案從數位化朝向多樣化和脫碳化以及核心業務邁進。

The advancement of our strategy positions us well as we enter our fiscal year with solid momentum, which we illustrate on slide 5. The addition of vapor power has expanded our addressable market, increasing our sales pipeline by 25%, even though the business represents just 11% of total revenue today.

我們策略的進步使我們在進入財政年度時處於有利地位，並保持強勁勢頭，如幻燈片 5 所示。蒸汽動力業務的加入擴大了我們的潛在市場，使我們的銷售管道增加了 25%，儘管這項業務目前僅佔總收入的 11%。

The favorable book to build underpinned by strong order trends in recent quarters has resulted in backlog growth on a year over year basis. While there is broader macro uncertainty, we remain encouraged by the favorable trends in our key in markets, which is reflected in our strong bid pipeline, which is up 25% from the end of last year.

受最近幾季強勁訂單趨勢的支撐，有利的訂單量導致積壓訂單年增。儘管存在更廣泛的宏觀不確定性，但我們仍然對主要市場中的有利趨勢感到鼓舞，這反映在我們強大的投標管道中，該管道比去年年底增長了 25％。

As we anticipate the opportunities ahead in fiscal 2026, I would like to take a moment to reflect on the strides we made in advancing our strategic initiatives during fiscal 2025. Now turning to slide 6, where we highlight our key strategic pillars. First, growing our installed base. Second, decarbonization, digitization, and diversification, and third, discipline capital allocation.

在我們展望 2026 財年未來的機會時，我想花點時間回顧我們在 2025 財年推進策略措施的進展。現在翻到第 6 張投影片，我們將重點放在我們的關鍵策略支柱。首先，擴大我們的安裝基礎。第二，脫碳、數位化和多樣化；第三，規範資本配置。

These pillars underpinned by our dedication to operational excellence, form the basis of our long-term value creation framework. I will begin on slide 7 with growing the installed base. Over the past 70 years, we've cultivated a loyal customer base that is the foundation of this business and continues to drive meaningful results, even in challenging market conditions.

這些支柱以我們對卓越營運的奉獻精神為基礎，構成了我們長期價值創造框架的基礎。我將從第 7 張投影片開始討論擴大安裝基礎的問題。在過去的 70 年裡，我們培養了忠實的客戶群，這是我們業務的基礎，即使在充滿挑戰的市場條件下，我們也能繼續推動有意義的成果。

During fiscal 2025, our organic revenues declined only 8% despite a decline in large [prev] project revenues of nearly 40%. On a trailing 12-month basis, our OpEx revenues represented 85% of our total revenues up from the low 70% range just two years ago, providing a more stable and predictable base of revenues.

在 2025 財年，儘管大型專案收入下降了近 40%，但我們的有機收入僅下降了 8%。在過去 12 個月中，我們的營運支出收入佔總收入的 85%，高於兩年前的 70% 以下，從而提供了更穩定和可預測的收入基礎。

As importantly, these OpEx revenues carry significantly higher gross margins, typically in the 40% to 65% range, well above the levels in our large project business. On slide 8, we underscore the critical components of our second strategic pillar pursuing diversification, decarbonization, and digitization, otherwise known as our 3D initiatives to achieve growth above and beyond GDP.

同樣重要的是，這些營運支出收入的毛利率明顯更高，通常在 40% 至 65% 之間，遠高於我們的大型專案業務的水平。在第 8 張投影片上，我們強調了我們的第二個策略支柱的關鍵組成部分，即追求多樣化、脫碳和數位化，也稱為我們的 3D 計劃，以實現超越 GDP 的成長。

By capitalizing on these transformative opportunities and expanding our presence in higher growth, diversified markets, we are positioning the company for sustained profitability and long-term competitive advantage. Diversification shown here on slide 9 has been an area where we've exceeded our expectations.

透過利用這些變革機會並擴大我們在高成長、多元化市場的影響力，我們正在使公司實現持續獲利和長期競爭優勢。第 9 張投影片上顯示的多樣化是我們超出預期的領域。

The goal of 70% of revenue from diverse in markets was achieved at the beginning of fiscal '25, almost two years early. One of the most significant insights from fiscal 2017 is the remarkable 220% revenue growth driven by diversification across multiple in markets, even as oil and gas revenues contracted.

25 財年伊始，70% 的營收來自多元化市場的目標就已實現，比原計畫提早了近兩年。2017 財年最重要的見解之一是，儘管石油和天然氣收入萎縮，但由於市場多元化，收入仍增加了 220%。

As we look forward, we remain committed to further diversifying our revenue base through new product introductions, and expanding into new emerging markets such as data centers and nuclear power. That said, our long-standing oil and gas customers remain an important part of the Thermon business at roughly 30% of our total revenues.

展望未來，我們將繼續致力於透過推出新產品進一步實現收入來源多元化，並擴展到資料中心和核電等新興市場。儘管如此，我們的長期石油和天然氣客戶仍然是賽盟業務的重要組成部分，約占我們總收入的 30%。

We've been encouraged by the recent LNG project activity, which we view as a bridge fuel for years to come. These pockets of strength we're seeing contributed to our Q4 bookings with oil and gas up over 50% from last year. Based on the priorities of the new administration, we're optimistic this momentum can continue.

我們對最近的液化天然氣計畫活動感到鼓舞，我們將其視為未來幾年的過渡燃料。我們看到的這些優勢促使我們第四季的石油和天然氣訂單量比去年增加了 50% 以上。根據新政府的優先事項，我們樂觀地認為這種勢頭能夠持續下去。

Turning now to slide 10, the decarbonization opportunity remains a critical aspect of our strategy as we look to leverage existing solutions and new product development to meet our customers' decarbonization and electrification needs. The electrification of industrial heating is still in its early stages, and we built both the technical competencies and breadth of solutions to enable this transition.

現在翻到第 10 張投影片，脫碳機會仍然是我們策略的關鍵方面，因為我們希望利用現有的解決方案和新產品開發來滿足客戶的脫碳和電氣化需求。工業加熱電氣化仍處於早期階段，我們建立了技術能力和廣泛的解決方案來實現這一轉變。

The acquisition of vapor power in fiscal year '24 expanded our product portfolio while increasing our total addressable market for decarbonization and electrification opportunities with the pipeline growing 70% and revenues increasing 85% over fiscal year '24.

24 財年對蒸汽動力的收購擴大了我們的產品組合，同時增加了我們在脫碳和電氣化機會方面的整體可尋址市場，其中管道增長了 70%，收入比 24 財年增長了 85%。

During fiscal 2025, we took another important step to further ex advance our decarbonization strategy with the acquisition of FATI. This acquisition brought us a very well-respected brand of heating solutions that is highly complementary to our legacy portfolio while expanding our global manufacturing footprint.

在 2025 財年，我們透過收購 FATI 邁出了進一步推動脫碳策略的重要一步。此次收購為我們帶來了一個非常受人尊敬的暖氣解決方案品牌，它與我們傳統的產品組合高度互補，同時擴大了我們的全球製造足跡。

Since acquiring the business, the FATI backlog has essentially doubled due to strong demand from Thermon Legacy customers. In addition to our inorganic growth, we have built advanced software analytic tools to validate designs and launch several new products that reduce the total cost of ownership for our customers.

自收購該業務以來，由於 Thermon Legacy 客戶的強勁需求，FATI 積壓訂單基本上翻了一番。除了無機成長之外，我們還建立了先進的軟體分析工具來驗證設計並推出多種新產品，以降低客戶的整體擁有成本。

While the policy shift in the US has led to a slowdown in decarbonization conversion rates, Europe continues to invest in the energy transition. As outlined on slide 11, we remain highly encouraged by the significant strides we've made in advancing our digitization strategy.

儘管美國政策轉變導致脫碳轉換率放緩，但歐洲仍持續投資能源轉型。正如投影片 11 所述，我們在推動數位化策略方面取得的重大進展令我們感到非常鼓舞。

The continued investment in our Genesis control offerings reflects our unwavering commitment to delivering leading controls and monitoring solutions that empower our customers with real-time operational insights, enhancing safety, reliability and efficiency. These solutions now constitute 12% of our total heat tracing revenue, a clear testament to its growing impact.

我們對 Genesis 控制產品的持續投資反映了我們堅定不移地致力於提供領先的控制和監控解決方案，使我們的客戶能夠即時了解營運情況，提高安全性、可靠性和效率。這些解決方案目前占我們熱追蹤總收入的 12%，清楚地證明了其影響力日益增強。

Furthermore, fiscal 2025 saw remarkable growth in our Genesis network installed base where circuit counts surged by nearly 90% and we're projecting an additional 50% growth in fiscal 2026. This robust adoption underscores the differentiated value we bring to the market.

此外，2025 財年我們的 Genesis 網路安裝基數顯著成長，其中電路數量激增近 90%，我們預計 2026 財年將再成長 50%。這種強勁的採用凸顯了我們為市場帶來的差異化價值。

By enabling our customers to digitize and optimize their maintenance operations, we're not only strengthening our competitive advantage but also driving success in new capital projects while capturing recurring MRO revenues. This strategic focus positions us well for sustained growth and leadership in the market.

透過幫助我們的客戶數位化和優化他們的維護操作，我們不僅增強了我們的競爭優勢，而且還推動了新資本項目的成功，同時獲得了經常性的 MRO 收入。這一戰略重點使我們在市場上保持持續成長和領先地位。

Turning now to slide 12. I'm pleased to highlight the transformative impact of the Thermon business system. By streamlining our operations through initiatives such as rooftop consolidation and efficiency improvements, as well as the seamless integration of vapor power and FATI, we strengthen our operational foundation.

現在翻到第 12 張投影片。我很高興強調賽盟業務系統的變革影響。透過屋頂整合和效率改進等舉措以及蒸汽動力和 FATI 的無縫整合來簡化我們的運營，我們加強了營運基礎。

This system not only accelerates our progress towards achieving our profitability targets but also enhances our agility and positions us to deliver a sustained competitive advantage in the marketplace. And finally, as it relates to our discipline capital allocation strategy, we successfully executed our balanced approach during fiscal 2025.

該系統不僅加速了我們實現獲利目標的進程，而且增強了我們的靈活性，使我們在市場上保持持續的競爭優勢。最後，就我們的紀律資本配置策略而言，我們在 2025 財政年度成功執行了平衡方法。

As we continue to make important investments to advance our organic growth strategy, we deployed capital for strategic M&A through the acquisition of FATI, recurring capital to shareholders through our share repurchase program and made optional debt repayments throughout the year.

隨著我們繼續進行重要投資以推進我們的有機成長策略，我們透過收購 FATI 為策略併購部署了資本，透過我們的股票回購計劃向股東返還了經常性資本，並在全年進行了可選的債務償還。

As we move forward, our strategic focus remains on identifying and executing high-value acquisitions that align with our mission to expand and diversify our portfolio of industry-leading industrial heating solutions. With that, I'll turn it over to Jan, who'll provide a more detailed review of our fourth quarter results before I wrap up with some remarks on our financial outlook. Jan?

隨著我們不斷前進，我們的策略重點仍然是確定和執行符合我們使命的高價值收購，即擴大和多樣化我們行業領先的工業加熱解決方案組合。接下來，我將把發言權交給 Jan，他將對我們第四季度的業績進行更詳細的回顧，然後我會對我們的財務前景發表一些評論。簡？

Thank you, Bruce, and good morning, everyone. I will review the financial results for the quarter, give an update on working capital and free cash flow, and conclude with comments on the balance sheet and liquidity. Moving to slide 14, I will start with our fourth quarter highlights.

謝謝你，布魯斯，大家早安。我將回顧本季的財務結果，更新營運資本和自由現金流，最後對資產負債表和流動性進行評論。轉到第 14 張投影片，我將開始介紹我們第四季的亮點。

Revenue in the fourth quarter was $134.1 million, a year over year increase of 5%, driven by continued momentum and OpEx revenues, including solid growth at Vapor Power and contribution from FATI. Please note that Vapor Power is now included in organic results.

第四季營收為 1.341 億美元，年成長 5%，這得益於持續的成長勢頭和營運支出收入，包括 Vapor Power 的穩健成長和 FATI 的貢獻。請注意，Vapor Power 現已包含在有機結果中。

Our strategic focus of diversifying our revenue base and increasing our exposure to short cycle projects and MRO related recurring revenue continues to benefit our business. This was partially offset by softness and large project revenue. As Bruce mentioned earlier, we are beginning to see improved booking momentum in our large project business.

我們的策略重點是實現收入來源多元化，並增加對短週期專案和 MRO 相關經常性收入的投入，這將繼續使我們的業務受益。這被疲軟和大額項目收入部分抵消。正如布魯斯之前提到的，我們開始看到大型專案業務的預訂動能有所改善。

Large project revenue was $22.3 million during the fourth quarter, down 5% from last year. Compared to the previous quarter, however, we saw revenue increase 20%, another indicator of improved momentum in CapEx spending.

第四季大型專案營收為2,230萬美元，較去年同期下降5%。然而，與上一季相比，我們的收入成長了 20%，這表明資本支出動能有所改善。

Our OpEx revenues were $111.8 million during the fourth quarter, an increase of 7% compared to last year, highlighting the benefit of our strong and loyal installed base of customers and the stability of maintenance and repair spending. Excluding the contributions from FATI, OpEx's revenues increased 4% from the same period last year.

我們的第四季營運支出收入為 1.118 億美元，比去年同期成長 7%，這突顯了我們強大而忠誠的客戶群以及維護和維修支出的穩定性的優勢。不包括 FATI 的貢獻，OpEx 的營收比去年同期成長了 4%。

OpEx revenues represented 83% of total revenues for the quarter. Orders increased 19% on a reported basis and were up nearly 14% organically, with balanced strength across our diversified end markets, including strength in chemical, petrochemical, and rail and transit markets.

營運支出收入佔本季總收入的 83%。訂單量以報告基礎計算成長了 19%，有機成長了近 14%，我們多元化的終端市場表現均衡，包括化學、石化、鐵路和運輸市場的強勁表現。

We also saw a rebounded oil and gas, particularly LNG as Bruce mentioned earlier. As a result, our fourth quarter book to bill was 1.04 times, up from 1.03 times in the prior quarter. Looking at our results by geography, US lamb sales increased 6% due to continued strength in OpEx revenue and improved large project trends.

我們也看到石油和天然氣價格反彈，特別是布魯斯之前提到的液化天然氣。因此，我們第四季的訂單出貨比為 1.04 倍，高於上一季的 1.03 倍。從地理來看，由於營運支出收入持續強勁以及大型項目趨勢改善，美國羊肉銷量成長了 6%。

Revenue in EBITDA was up 51% on a reported basis to 1$5 million and up 18%, excluding the contribution from FATI. Canada sales of $40 million were down 6% from last year due to the general macroeconomic conditions in the country. Revenues in APAC were $9.2 million. Adjusted EBITDA was $30.5 million during the fourth quarter, up from $23.6 million last year, an increase of 29%.

EBITDA 營收以報告基礎計算成長 51%，達到 150 萬美元，若不計 FATI 的貢獻，則成長 18%。由於加拿大整體宏觀經濟狀況不佳，其銷售額為 4,000 萬美元，較去年下降 6%。亞太地區收入為 920 萬美元。第四季調整後 EBITDA 為 3,050 萬美元，高於去年的 2,360 萬美元，增幅為 29%。

Solid revenue growth and strong operating performance were partially offset by continued investments in growth initiatives. Adjusted EBITDA margin was 22.7% during the fourth quarter, up from 18.5% last year due to a more favorable revenue mix, discipline cost management, and productivity gains.

穩健的收入成長和強勁的經營業績被對成長計畫的持續投資部分抵消。第四季調整後的 EBITDA 利潤率為 22.7%，高於去年的 18.5%，這得益於更有利的收入組合、更嚴格的成本管理和生產力的提高。

Moving to slide 16 for an update on our balance sheet and liquidity. Working capital increased by 3% to $167.6 million at the end of the quarter due to timing of collections. CapEx was $3.1 million during the quarter, flat compared to last year. Free cash flow during fiscal 2025 was$ 52.9 million, down from $55 million last year.

前往投影片 16，了解我們的資產負債表和流動性的最新情況。由於收款時間安排，本季末營運資金增加了 3%，達到 1.676 億美元。本季資本支出為 310 萬美元，與去年同期持平。2025財年的自由現金流為5,290萬美元，低於去年的5,500萬美元。

While we remained focused on working capital management and strong free cash flow conversion, the modest decline in free cash flow was driven by technology investments tied to our ERP implementation. We repurchased $14 million in shares during the fourth quarter, bringing our total share repurchases for 2025 to over $20 million.

雖然我們仍然專注於營運資本管理和強勁的自由現金流轉換，但自由現金流的適度下降是由與我們的 ERP 實施相關的技術投資所致。我們在第四季度回購了價值 1,400 萬美元的股票，使我們 2025 年的股票回購總額超過 2,000 萬美元。

As Bruce mentioned earlier; after purchasing $24 million to date under our original share repurchase program, our board approved a refresh of the program back to $50 million. We paid down $14.5 million of net debt during the quarter, bringing our net debt balance to $99 million, and are reporting net leverage at the end of the year of 0.9 times.

正如布魯斯之前提到的；在我們根據原始股票回購計劃迄今為止購買了 2400 萬美元之後，董事會批准將該計劃更新至 5000 萬美元。我們在本季度償還了 1,450 萬美元的淨債務，使我們的淨債務餘額達到 9,900 萬美元，並且報告稱年底的淨槓桿率為 0.9 倍。

We are currently working with our bank group to extend the maturity of our existing credit facility, which becomes current in September 2025. In summary, the fourth quarter wrapped up a year of strong financial discipline for Thermon.

我們目前正與銀行集團合作，延長現有信貸額度的期限，該期限將於 2025 年 9 月生效。總而言之，第四季為賽盟公司嚴守財務紀律的一年畫上了圓滿的句點。

We successfully executed our capital allocation priorities, including continued investments in organic growth, capital deployed for acquisition, and opportunistic return of capital through our share repurchase program. And we did all of this while still maintaining a strong balance sheet.

我們成功執行了資本配置重點，包括繼續投資於有機成長、用於收購的資本部署以及透過股票回購計畫實現資本機會回報。我們在做到這一切的同時，仍然保持著強勁的資產負債表。

Based on our total cash and available liquidity of $137 million, we remain well capitalized and have ample flexibility to support our capital allocation needs, and will continue to balance investments in growth, debt paydown, and opportunistic share repurchases. With that, I will turn the call back over to Bruce.

基於我們 1.37 億美元的現金總額和可用流動資金，我們仍然資本充足，並擁有足夠的靈活性來支持我們的資本配置需求，並將繼續平衡對成長、債務償還和機會性股票回購的投資。說完這些，我將把電話轉回給布魯斯。

Thanks, Jan. Moving now to slide 17. As we enter fiscal year 2026, we remain focused on navigating a dynamic global trade environment with discipline and agility. Tariffs continue to present both direct and indirect challenges to our cost structure, particularly in the form of elevated input costs and near-term margin pressure.

謝謝，Jan。現在轉到第 17 張投影片。進入 2026 財年，我們將繼續致力於以紀律性和敏捷性應對充滿活力的全球貿易環境。關稅持續對我們的成本結構帶來直接和間接的挑戰，特別是投入成本上升和近期利潤壓力。

Our current assumptions include 25% tariffs on steel and aluminum, 30% on goods from China, 25% reciprocal tariffs from Canada and Mexico, and 10% for the rest of the world. Based upon these assumptions, we're expecting an annualized impact of roughly $16 million to $20 million on a gross basis prior to mitigating actions, which are already underway.

我們目前的假設包括對鋼鐵和鋁徵收 25% 的關稅，對來自中國的商品徵收 30% 的關稅，對加拿大和墨西哥徵收 25% 的關稅，對世界其他地區徵收 10% 的關稅。根據這些假設，我們預計在採取緩解措施之前，每年的整體影響約為 1,600 萬至 2,000 萬美元，而緩解措施目前已在進行中。

While our direct market exposure to China remains low, representing just 2% of total revenue, we're mindful of second and third order effects through our supplier and distributor networks. These ripple effects are being closely monitored and addressed through proactive supply chain management. To mitigate these impacts, we're executing a multi-pronged strategy.

雖然我們對中國的直接市場曝險仍然很低，僅佔總收入的 2%，但我們注意到透過我們的供應商和經銷商網路產生的二階和三階效應。這些連鎖反應正在密切監控，並透過主動的供應鏈管理加以解決。為了減輕這些影響，我們正在實施多管齊下的策略。

First, pricing actions. We've implemented targeting price increases to offset rising input costs while maintaining competitiveness and customer value. Second, USMCA compliance. We're committed to preserving our USMCA qualifications which continue to provide a strategic advantage in North America.

第一，定價行動。我們實施了有針對性的價格上漲，以抵消不斷上升的投入成本，同時保持競爭力和客戶價值。第二，遵守USMCA。我們致力於保留我們的 USMCA 資格，這將繼續為北美提供戰略優勢。

Third, global footprint optimization. With manufacturing operations in the US, Canada, India, and Europe, we are leveraging our global footprint to shift production and sourcing in ways that reduce tariff exposure. Fourth, supply chain reconfiguration. We are actively evaluating and reconfiguring our supply chain to minimize tariff-related disruptions and enhance resilience.

第三，全球足跡優化。我們在美國、加拿大、印度和歐洲設有製造業務，並利用我們的全球影響力來轉移生產和採購，以降低關稅風險。第四，供應鏈重構。我們正在積極評估和重新配置我們的供應鏈，以盡量減少與關稅相關的中斷並增強彈性。

Despite these headwinds, we're entering fiscal year '26 with strong order momentum and a healthy backlog, which reinforces our confidence in the underlying demand for our products and the strength of our customer relationships. We remain calm, focused, and confident in our ability to manage through these challenges while continuing to deliver long-term value for our shareholders.

儘管面臨這些不利因素，我們仍以強勁的訂單動能和健康的積壓訂單進入26財年，這增強了我們對產品潛在需求和客戶關係實力的信心。我們保持冷靜、專注，並相信我們有能力克服這些挑戰，同時繼續為股東創造長期價值。

And now, if you'll turn to slide 18, I will discuss our outlook for fiscal 2026. Looking forward, the uncertainty created by the volatile and rapidly changing trade environment makes it very challenging to ascertain the second and third order impacts from tariffs, particularly as it relates to customer behaviors and the demand environment.

現在，請翻到第 18 張投影片，我將討論我們對 2026 財年的展望。展望未來，動盪且快速變化的貿易環境所帶來的不確定性使得確定關稅的二階和三階影響變得非常具有挑戰性，特別是與客戶行為和需求環境相關的影響。

Our guidance assumes the current tariff levels remain in place, resulting in margin headwinds in the first half of the year, offset by price increases in the back half of the year as mitigating actions take full effect. Given the uncertainty with tariffs in the overall global economy, the current guidance contemplates slowing growth in the second half of the fiscal year.

我們的指導假設當前的關稅水準保持不變，導致上半年利潤率面臨阻力，但隨著緩解措施的全面生效，下半年的價格上漲將抵消這一阻力。鑑於全球整體經濟中關稅的不確定性，目前的指導方針預計本財年下半年的成長將放緩。

Based upon these factors, we're providing fiscal 2026 financial guidance that calls for revenue in a range of $495 million to $535 million representing 3.5% growth at the midpoint of the range. Adjusted EBITDA is in a range of $104 million to $114 million, essentially flat at the midpoint of the range.

基於這些因素，我們提供了 2026 財年的財務指導，要求收入在 4.95 億美元至 5.35 億美元之間，相當於該範圍中點的 3.5% 的增長。調整後的 EBITDA 在 1.04 億美元至 1.14 億美元之間，基本上與範圍的中點持平。

Our guidance assumes a modest decline in adjusted EBITDA margin, largely as a result of the expected lag before our tariff mitigation efforts in the first half will flow through to possibly impact results in the second half. Given that dynamic nature of tariffs, global trade and policy changes we'll provide updates on the business and our mitigating actions throughout the year.

我們的指引假設調整後的 EBITDA 利潤率將小幅下降，這主要是因為我們上半年的關稅減免措施預計會滯後，從而可能影響下半年的業績。鑑於關稅、全球貿易和政策變化的動態性質，我們將全年提供有關業務和緩解措施的最新資訊。

Finally, as we conclude on slide 19, I want to express my deep appreciation for the efforts of the Thermon team throughout fiscal 2025. Their dedication and innovation have positioned us as a leader in industrial process heating with a resilient business model and efficient operational framework.

最後，當我們在第 19 張幻燈片結束時，我想對賽盟團隊在整個 2025 財年的努力表示深深的感謝。他們的奉獻和創新使我們成為工業過程加熱的領導者，擁有靈活的商業模式和高效的營運框架。

While the ongoing tariff dynamics present challenges, we remain acutely focused on the things within our control with a strong financial foundation and clear strategic priorities, we are confident in our ability to capitalize on opportunities, mitigate risks, and delivered sustained value for our shareholders. That completes our prepared remarks. We are now ready for the question-and-answer portion of our call.

儘管持續的關稅動態帶來了挑戰，但我們仍然高度關注我們能夠控制的事情，憑藉強大的財務基礎和明確的策略重點，我們有信心抓住機遇，降低風險，為股東創造持續的價值。我們的準備好的演講到此結束。我們現在準備好進行電話會議的問答環節。

(Operator Instructions)

（操作員指示）

Chip Moore, ROTH Capital Partners

羅仕證券資本合夥公司 (ROTH Capital Partners) 的 Chip Moore

Hey, morning. Thanks for taking the question. Hey, Bruce, I wonder if you could elaborate on, you talked about LNG seeing a bit of a resurgence. Can you elaborate a bit on that, what you're seeing, how that might translate?

嘿，早安。感謝您回答這個問題。嘿，布魯斯，我想知道你是否可以詳細說明一下，你談到了液化天然氣 (LNG) 的復甦。您能否詳細說明您所看到的以及可以如何解釋？

Yeah, Chip. We've, since the lift to the moratorium, in the January time frame, there was always, really a number of projects that were in the queue in our pipeline, and we've seen those move forward pretty quickly.

是的，奇普。自從一月份解除禁令以來，我們的管道中一直有很多項目在排隊，而且我們看到這些項目進展得相當快。

And as I noted in the prepared remarks, the areas of strength we've seen have been along the US Gulf Coast as well, as in the Middle East, and some of those are field developments as well as export facilities.

正如我在準備好的演講中指出的那樣，我們看到的優勢地區包括美國墨西哥灣沿岸以及中東地區，其中一些是油田開發和出口設施。

As we look at our pipeline ahead, there's a number of opportunities that are still out there. We're tracking around $80 million in LNG opportunities, that, for our content. So we see some really some nice, tailwinds there in that sector.

當我們展望未來時，我們會發現仍有許多機會。我們正在追蹤價值約 8000 萬美元的液化天然氣 (LNG) 機會，這些就是我們的內容。因此，我們看到該領域確實存在一些良好的順風。

Great, appreciate that, and maybe just on FY26 you talked about, I think some margin headwinds maybe here in the first half, before the pricing kicks in just, and then maybe growth, being a little more challenging in the backup, maybe just any more detail there on what you're thinking and, directionally and cadence thanks.

太好了，非常感謝，也許就您談到的 26 財年而言，我認為在上半年，在定價開始之前，可能會出現一些利潤逆風，然後可能是增長，在備份方面會更具挑戰性，也許您能更詳細地說明一下您的想法、方向和節奏，謝謝。

Yeah, great question. So, we've put together a task force. We're looking very closely at the inflationary impact of tariffs to our input costs and while it's a moving target, we see there, there'll be a near-term impact to gross margins. In the first half of the year, we've already moved on pricing in a number of areas to be able to offset that.

是的，很好的問題。因此，我們組成了一個工作小組。我們正在密切關注關稅對投入成本的通膨影響，雖然這是一個不斷變化的目標，但我們認為，這將對毛利率產生短期影響。今年上半年，我們已經在多個領域調整了定價，以抵消這種影響。

As usual, our pricing, we have about a 60-day window or lag, before that is effective through our channel partners and with customers. So there's a lag effect there. There's also work that's in backlog, particularly around project activity. Some of which we don't have the opportunity to go and renegotiate. So, we anticipate that will be a margin, those will create some margin headwinds in the first half.

像往常一樣，我們的定價有大約 60 天的窗口期或滯後，在此之前透過我們的通路合作夥伴和客戶生效。因此存在滯後效應。還有一些工作積壓，特別是專案活動相關工作。對於其中的一些問題，我們沒有機會重新談判。因此，我們預計這將是一個利潤率，這些將在上半年造成一些利潤率阻力。

However, we have pricing power, we've been able to pass price increases in the past. I look back at COVID and the inflationary impact there, we're able to pass those on. My expectations we move fairly quickly here and so we should be see, begin to see that flow through late in the second quarter and see that fully offset any inflationary input cost we see in the first half.

然而，我們有定價權，過去我們已經能夠透過漲價來解決這個問題。我回顧了 COVID 及其通膨影響，我們能夠將其轉嫁出去。我的預期是，我們在這裡進展相當快，因此我們應該看到，在第二季末開始看到這種流動，並看到它完全抵消了我們在上半年看到的任何通膨投入成本。

The, looking more at the demand environment, certainly when you look at the leading indicators as we come into this fiscal year, there's nothing that would indicate that there's a big slowdown in the back half, but it's just a more cautious approach given the uncertainty.

進一步看需求環境，當然，當你觀察我們進入本財年的領先指標時，沒有任何跡象表明下半年會出現大幅放緩，但考慮到不確定性，這只是一種更為謹慎的方法。

It's difficult, I think, for customers to parse through the data, particularly as it relates to deploying capital and so it's our general belief that this could create a headwind in the back half of the year, although the leading indicators we track have not indicated that to be true yet.

我認為，客戶很難分析這些數據，特別是當它涉及資本部署時，所以我們普遍認為這可能會在今年下半年造成不利影響，儘管我們追蹤的領先指標尚未表明情況確實如此。

Fantastic. I appreciate it. I'll hop back into you. Thanks.

極好的。我很感激。我會跳回你身邊。謝謝。

Brian Drab, William Blair

布萊恩德拉布、威廉布萊爾

Good morning. Thanks for taking the questions. I just wanted to maybe first build on that last question and first, how are you thinking about the overtime category in your forecast for fiscal '26? Is it, obviously, is it down a lot in fiscal '25, are you forecasting that to be, about the same, I guess given the overall guidance?

早安.感謝您回答這些問題。我只是想先回答最後一個問題，首先，您如何看待 26 財年預測中的加班類別？顯然，25 財年會下降很多嗎？根據整體指導，您是否預測會大致相同？

Yes, roughly, what our, the way we're thinking about this right now is that we actually saw a really nice backlog build in overtime projects. In fact, our engineering workload is really at an all-time high, and that's related to these the return of capital projects that we've seen really building.

是的，大致上，我們現在對此的看法是，我們實際上看到加班項目中積壓了大量訂單。事實上，我們的工程工作量確實達到了歷史最高水平，這與我們所看到的正在建造的資本項目的回報有關。

We anticipated that coming into this year, and it really began to manifest, particularly in the fourth quarter, but we've had four consecutive quarters of positive book to build. So this has been building. Our assumption at this point is that the order in the incoming order rates for these larger capital projects will be muted until we get more clarity on the trade policy going forward and we'll begin to burn through those through the second half of the year.

我們預計今年會出現這種情況，而且這種情況確實開始顯現，特別是在第四季度，但我們已經連續四個季度實現了積極的業績。所以這一直在建設中。我們目前的假設是，這些大型資本項目的訂單率將會保持低迷，直到我們對未來的貿易政策有了更清晰的了解，並且我們將在今年下半年開始消耗這些訂單。

So that's essentially the assumptions we have at the midpoint of our guide. If we look at our guide overall, the upper end of the range would be really what we would have maybe anticipated had we not had some of the trade disruptions and given the momentum we had, we have seen in the market leading into our fiscal '26. The lower end of the range would assume an erosion in the overall trade negotiations and escalation in the trade conflicts.

這基本上就是我們指南中點的假設。如果我們從整體上看我們的指南，那麼如果沒有遇到一些貿易中斷，該範圍的上限實際上可能正是我們預期的，並且考慮到我們在 26 財年之前看到的市場勢頭。此範圍的下限假設整體貿易談判受到侵蝕，貿易衝突升級。

Okay, thanks, and, can I ask you to comment on, how you're thinking about at the midpoint of the range are you thinking about the OpEx spending of the point in time, segment.

好的，謝謝，我可以請您評論一下嗎，您是如何考慮這個範圍的中點的，您是否考慮過該時間點、細分市場的營運支出。

The mix should be fairly consistent to what we saw in '25. It should be fairly consistent. Look at our guide at the midpoint.

這種混合應該與我們在 25 年看到的情況相當一致。它應該是相當一致的。請查看我們中間點的指南。

Okay, can you talk at all about other categories or other end markets where you're seeing, some of the improvement in the CapX spending you talked about the LNG, being a stand out, but are there other areas and, can you update us at all on if you're seeing any incremental demand from the data center opportunity that you mentioned last quarter?

好的，您能否談談您所看到的其他類別或其他終端市場，您談到的資本支出有所改善，液化天然氣是其中的佼佼者，但還有其他領域嗎？您能否向我們介紹一下您是否看到上個季度提到的資料中心機會所帶來的任何增量需求？

Yes, so I'll start with just the overall demand environment. General industrial remains strong. It's one of our largest booking segments in the fourth quarter. It represented almost 32% of the bookings in the quarter. Chemical, petrochemical, we saw it, almost 17.5% in the quarter. So we've seen some strong demand there, as I noted earlier, oil and gas, which has been weak for quite some time.

是的，所以我將從整體需求環境開始。一般工業依然保持強勁。這是我們第四季最大的預訂業務之一。它佔本季預訂量的近 32%。我們看到，化工、石化產業本季成長了近 17.5%。因此，正如我之前提到的，我們看到了那裡的一些強勁需求，而石油和天然氣的需求已經疲軟了相當長一段時間。

We've seen an uptick there, particularly as it relates to LNG. And when we look overall, renewables, we still see opportunities and that was actually up, although it's a fairly small percent of revenue, but that was up fairly sharply in the fourth quarter as well.

我們看到了那裡的上漲，特別是與液化天然氣相關的部分。當我們從整體上看可再生能源時，我們仍然看到機會，而且它實際上是上升的，儘管它只佔收入的一小部分，但在第四季度也出現了相當大的增長。

Rail and transit, we've seen some really strong bookings. Our backlog there has grown to about $36 million, of which we anticipate executing about $17 million of that in the coming year. The one thing to note here around, data centers, we've done more work there and there, that is a real opportunity around load banks and we're, we've got some work underway.

鐵路和交通方面，我們看到了一些非常強勁的預訂量。我們在那裡的積壓訂單已增加至約 3,600 萬美元，其中我們預計明年將執行約 1,700 萬美元。這裡要注意的一點是，我們在資料中心方面做了更多的工作，這對負載庫來說是一個真正的機會，而且我們正在進行一些工作。

We'll provide some more updates on that in upcoming calls, but that is a real opportunity in the market and we're working, we're very active in trying to develop and execute on that opportunity we see.

我們將在即將舉行的電話會議上提供更多有關此問題的更新，但這是市場上的真正機會，我們正在努力，我們非常積極地嘗試開發和執行我們看到的機會。

Okay, I'm going to save my questions for later, but I just want to make sure I have one thing, high level idea correct here. It seems like what I'm hearing from you today is that backlogs up 20% organically. You've got some momentum in some different end markets. The CapEx environment at the moment looks like it's improved materially.

好的，我將把我的問題留到以後再問，但我只想確保有一件事，這裡的高層次想法是正確的。我今天聽到您說積壓訂單自然增加了 20%。您在一些不同的終端市場中獲得了一些發展勢頭。目前的資本支出環境看起來已有實質改善。

But just, instead of like a lot of companies are doing polling guidance you're just saying. We're going to give a broad, kind of a broad range. There's a lot of the consensus view is that there's going to be a slowdown later this year, overall macro.

但是，您只是說，與許多公司所做的民意調查指導不同。我們將給出一個廣泛的範圍。許多人一致認為，今年稍後整體宏觀經濟將放緩。

So you're taking all of this into account and just saying let's be cautious, but It seems like the high end of the range, it could be in play here, you. Is this a fair way to interpret everything that I'm hearing today?

所以你把所有這些都考慮進去了，只是說我們要謹慎，但這似乎是範圍的高端，它可能在這裡發揮作用，你。這是對我今天所聽到的一切進行公平解釋的方式嗎？

Yeah, I think that's a really good way of summarizing it, Brian. I think the high end of the range, as I said, if we see some real progress on some of these trade agreements, we get more clarity on the tariff environment going forward. I think customers can become more comfortable with deploying capital, which we've seen that momentum building, quite frankly, for at least the last three quarters.

是的，我認為這是一個很好的總結方式，布萊恩。我認為，正如我所說，如果我們看到其中一些貿易協定取得一些真正的進展，我們將對未來的關稅環境更加清晰。我認為客戶可以更放心地部署資本，坦白說，至少在過去三個季度裡，我們已經看到這種勢頭正在增強。

And we began to see it manifest in our Q4, with expectations that would come through in fiscal '26. So, we're being more cautious and really, the demand side of the equation just given the uncertainty that we see and our customers are seeing in the trade environment.

我們開始在第四季度看到它的表現，並預計它將在 26 財年實現。因此，我們變得更加謹慎，實際上，考慮到我們和我們的客戶在貿易環境中看到的不確定性，等式的需求方也變得更加謹慎。

Got it. Okay, thanks for all the detail. We'll talk to you later. Yes.

知道了。好的，謝謝你提供的詳細資訊。我們稍後再和你聊。是的。

Justin Ages, CJS Securities.

賈斯汀·艾吉斯（Justin Ages），CJS 證券公司。

Hi thanks for taking the questions. They just with the debt pay down and the share buyback and then refresh, can you just give us a little more detail on your capital allocation priorities?

您好，感謝您回答這些問題。他們只是償還債務、回購股票然後刷新，您能否向我們詳細介紹您的資本配置重點？

Yes, hi, Justin. I'll take that one. I guess first and foremost, we have our capital investments for growth and that's in the same range that we’ve done in prior years with 2% to 3%, CapEx, 2%-3% of sales, and then probably with all of the technology investments that we have going in, that's about 1% for next year. So that's first and foremost. Second, I would say, we do obviously, with the refresh of the share repurchase program, we'll look for opportunistic, opportunities to buy shares.

是的，你好，賈斯汀。我要那個。我想首先，我們為成長進行了資本投資，這與前幾年的水平相同，即 2% 到 3%（資本支出，佔銷售額的 2%-3%），然後可能加上我們所有的技術投資，明年的佔比約為 1%。這是首要的。其次，我想說，我們顯然會隨著股票回購計畫的更新而尋找機會購買股票。

We bought $14 million shares on this last quarter, really, taking advantage of some dips due to other macro, economic, things that were happening, but we think that that's really a path forward and we'll continue on that plan.

我們在上個季度購買了價值 1400 萬美元的股票，實際上，利用了由於其他宏觀、經濟等因素導致的一些下跌，但我們認為這是一條真正的前進的道路，我們將繼續執行該計劃。

And then the other aspect is also that we do have an active M&A pipeline, and in this environment, really, just looking for buying opportunities, to be honest, but I think, that's something that we're very focused on and with $137 million of liquidity, we have a lot of, tailwinds that are back really and looking, hoping to execute something in the near term and on M&A.

另一方面，我們確實擁有活躍的併購管道，在這種環境下，說實話，我們真的只是在尋找購買機會，但我認為，這是我們非常關注的事情，憑藉 1.37 億美元的流動資金，我們擁有很多真正的順風，希望在短期內能夠在併購方面執行一些操作。

Okay, I appreciate that. And then my, you just mentioned that guidance includes this $5 million one time tech investment. Can you just give us a little more color on what that entails?

好的，我很感激。然後，您剛才提到指導意見包括這筆 500 萬美元的一次性技術投資。您能否向我們詳細介紹一下這代表什麼？

That's mostly associated with our ERP implementation that we have ongoing, we'll be implementing kind of in stages across the globe really over the next year and a half or so, and so, we're actually looking forward to having more color on that I guess in future calls but that's underway right now.

這主要與我們正在進行的 ERP 實施有關，我們將在未來一年半左右的時間內分階段在全球範圍內實施，因此，我們實際上期待在未來的電話會議中對此有更多了解，但目前這項工作正在進行中。

Okay, thank you. And then last question on the long term initiatives and particularly on the EBITDA margin target, just wanted to know, what steps are you taking to get there? Do they include some of these mitigation efforts that are now part of offsetting some of the tariff impact, just any color on that?

好的，謝謝。最後一個問題是關於長期計劃，特別是 EBITDA 利潤率目標，我只是想知道，您採取了哪些措施來實現這些目標？它們是否包括一些目前用於抵消部分關稅影響的緩解措施，對此有何評論？

Yeah, so, certainly the higher input cost creates some headwinds in the near term, but I still feel confident that the same levers that we have to pull in the business exist on a go forward basis to continue to drive EBITDA margin expansion. We saw some very nice gross margin expansion in the year, about half of that was related to mix and, we had about 196 basis points, and so half of that was mixed.

是的，當然，更高的投入成本會在短期內帶來一些阻力，但我仍然相信，我們必須在業務中運用的相同槓桿在未來仍將存在，以繼續推動 EBITDA 利潤率的擴大。我們今年的毛利率成長非常可觀，其中約有一半與混合有關，約為 196 個基點，因此其中有一半是混合的。

The other half was the Thermon business system and the rooftop consolidation we did earlier in the year with consolidating operations into San Marcos as well as the continuous improvement efforts that we've made going forward. So we continue to see that as a lever, to be able to drive gross margin expansion.

另一半是賽盟業務系統和我們今年稍早進行的屋頂整合，將業務整合到聖馬科斯，以及我們今後所做的持續改進努力。因此，我們繼續將其視為推動毛利率擴張的槓桿。

And then certainly, as we look forward, price is always an opportunity and we tend to be able to get price in the marketplace, new product introductions, create opportunities, as we work and implement the Thermon business system and our new acquisitions, those were a headwind to our gross margin profile this year.

當然，正如我們展望未來時那樣，價格始終是一個機會，我們往往能夠在市場上獲得價格，推出新產品，創造機會，隨著我們工作和實施 Thermon 業務系統和我們的新收購，這些都是我們今年毛利率狀況的阻力。

But we're confident there's a path to get those more in line with the averages of the overall enterprise and so those are opportunities for margin expansion. And then last but not least, as we drive growth and volume, we get operating leverage on the fixed cost basis.

但我們相信，有一種方法可以讓這些數字與整個企業的平均水平更加一致，因此這些都是擴大利潤的機會。最後但同樣重要的一點是，隨著我們推動成長和產量，我們在固定成本基礎上獲得了營運槓桿。

So those are the really the levers that we see pulling on a go-forward basis. We’re able to improve 86 basis points this past year. I believe we can continue to drive those changes, although I do see just a setback this year given the impact of tariffs on input cost and a lag of being able to push that through to the market.

所以，這些才是我們看到的真正推動我們前進的槓桿。去年我們提高了 86 個基點。我相信我們可以繼續推動這些變化，儘管考慮到關稅對投入成本的影響以及將其推向市場的滯後，我確實看到今年會遭遇挫折。

Sure. I appreciate the answers. Thank you.

當然。我很感謝大家的回答。謝謝。

Thank you.

謝謝。

Jon Braatz, Kansas City Capital

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府

Good morning, Bruce, Jan. Bruce, maybe a little more clarity on the tariffs, you said the gross impact is $16 million to $18 million obviously you have some mitigation efforts, but when you think about the upcoming year, what might be the net impact for the full year, considering the mitigation efforts?

早安，布魯斯，簡。布魯斯，也許可以更清楚地說明關稅問題，您說總影響是 1600 萬到 1800 萬美元，顯然您採取了一些緩解措施，但是當您考慮即將到來的一年時，考慮到緩解措施，對全年的淨影響可能是什麼？

Yeah, so on a gross basis, we gave a range of $16 million to $20 million and we believe on a net impact it's somewhere, in the $4 million to $6 million dollar range within the current fiscal year.

是的，從總額來看，我們給出了 1600 萬美元到 2000 萬美元的範圍，我們認為，就淨影響而言，本財政年度的影響在 400 萬美元到 600 萬美元之間。

And that'll be mostly in the first half. Correct?

這主要發生在上半年。正確的？

Correct.

正確的。

Okay. Okay. All right, good. Okay. And then secondly, when you look at the competitive landscape, are any of your competitors in a better position regarding tariffs and trade policy and all this other stuff, in a better position or worse position. Any thoughts on the competitive landscape, given the new trade policies?

好的。好的。好的，很好。好的。其次，當你觀察競爭格局時，你會發現你的競爭對手在關稅、貿易政策和其他所有方面是否處於更有利或更不利的地位。鑑於新的貿易政策，您對競爭格局有何看法？

That's a difficult question, especially just given the complexity and interconnectedness of global supply chains today. But what I can say is about our position and given our operating footprint in the US, about 50% of our productions from the US, we have a significant presence in Canada as well. We do a lot of four-country, in-country, four-country, production.

這是一個很難的問題，特別是考慮到當今全球供應鏈的複雜性和相互關聯性。但我可以說的是，關於我們的地位，鑑於我們在美國的業務足跡，我們約 50% 的產品來自美國，我們在加拿大也佔有重要地位。我們做了很多在四個國家、國內和四個國家之間進行的生產活動。

The acquisition of FATI, increased our operating presence in the European continent, certainly has been, really a bright spot when we look at just the overall demand environment there for decarbonization and electrification, solutions and, that business, we acquired it with about a $15 million backlog, It's almost doubled.

收購 FATI 增加了我們在歐洲大陸的營運影響力，當我們只看那裡對脫碳和電氣化解決方案的整體需求環境時，這無疑是一個亮點，而且，我們收購該業務時積壓了約 1500 萬美元的訂單，現在幾乎翻了一番。

Since that time and our ability to serve that on the European continent is a real advantage and then we do have operations in India, that will begin to leverage to serve more of the Asian continent, and we certainly, as we look at our M&A opportunities, we're looking for potential, acquisitions that would mirror a FATI that would give us a larger operating footprint in Asia, just for these types of situations just to diversify our risk based so.

從那時起，我們在歐洲大陸提供服務的能力就是一個真正的優勢，然後我們在印度也有業務，這將開始利用這一優勢為亞洲大陸的更多地區提供服務，當然，當我們審視我們的併購機會時，我們正在尋找潛在的收購，這些收購將類似於 FATI，這將使我們在亞洲擁有更大的運營足跡，只是為了分散我們的風險。

We made a lot of progress since COVID. We've done a lot to build more resiliency in our supply chains. I think that really exposed weaknesses not only in us but with others. We've never been heavily dependent upon China.

自從新冠疫情爆發以來，我們取得了巨大進展。我們做了很多工作來增強供應鏈的彈性。我認為這不僅暴露了我們的弱點，也暴露了其他人的弱點。我們從未嚴重依賴中國。

So I think that's a real advantage, that we have over some others. The one thing I would note is that while we're not dependent, we do, we are exposed in second and third order effects with our supplier and their supply chains. Although again, people have diversified away from China and have multiple sources. So I'm we'll just have to see how a lot of this flows through. We, but we've factored all of that into our guide.

所以我認為這是我們相對於其他一些公司的真正優勢。我要指出的一點是，雖然我們並不依賴供應商及其供應鏈，但我們仍會受到其二階和三階的影響。儘管如此，人們已經遠離中國，擁有多種來源。所以，我們只需要看看這一切是如何進行的。我們，但我們已經將所有這些都考慮進了我們的指南中。

Yeah. Okay. All right, Bruce. Thank you very much.

是的。好的。好的，布魯斯。非常感謝。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

I'm back with just one clarification. On the one-time technology investment, $5 million, this is not being adjusted out of obviously is what you're indicating, it's not being adjusted out of your guidance or EPS calculation and, seems like it's a, that would be about 100 basis point headwind to operating margin and EBITDA margin. Is that the right way to think about it?

我回來僅作一個澄清。關於一次性技術投資 500 萬美元，這顯然沒有根據您所指出的進行調整，也沒有根據您的指導或 EPS 計算進行調整，而且似乎這會對營業利潤率和 EBITDA 利潤率造成約 100 個基點的阻力。這是正確的思考方式嗎？

No, this would be adjusted out of our on the adjusted EBITDA calculation and EPS.

不，這將從我們的調整後 EBITDA 計算和 EPS 中進行調整。

Okay. So you are okay, so I'm glad I clarified that. So you're okay so you're saying you're just calling it out that it is an adjustment. Okay. I just missed it. I just want to make sure. Okay, so there is a you are expecting a margin headwind, excluding this situation. Okay. All right, thank you very much.

好的。所以你沒事，所以我很高興我澄清了這一點。所以你沒事，所以你說你只是說這是一種調整。好的。我剛剛錯過了。我只是想確認一下。好的，所以除了這種情況外，您預計利潤率將面臨逆風。好的。好的，非常感謝。

It's not, it's, I think it's obviously not something that we do every year and don't plan to, so.

這不是，我認為這顯然不是我們每年都會做的事情，也不是我們計劃要做的事情，所以。

Right. And well, that was my other question is that this goes away then in that you're expecting the $5 million to be the entire investment and for that to be a fiscal '26 event and fiscal '27. It's the plan is for this not to be an expense line. Is that right?

正確的。好吧，我的另一個問題是，這個問題是否解決了，因為您預計 500 萬美元將是全部投資，並且是 26 財年和 27 財年的事件。該計劃並不是將其作為一項費用項目。是嗎？

Yes, I mean, we will have some, I think it's some very marginal investments going into '27 for just some of the acquired entities that will roll into the new ERP system, but the majority will be in fiscal '26, yes.

是的，我的意思是，我們會有一些，我認為對於一些將納入新 ERP 系統的收購實體，我們會在 27 年進行一些非常邊際的投資，但大多數投資將在 26 財年進行，是的。

Okay. Okay, perfect. Thanks very much.

好的。好的，完美。非常感謝。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that's all the questions we have for today. I'll now hand the floor back to Bruce Thames for closing remarks.

謝謝。女士們、先生們，這就是我們今天的所有問題。現在我將發言權交還給布魯斯·泰晤士，請他作最後發言。

Yeah, thank you, Diego, and I'd like to again thank our Thermon employees around the globe for their contributions to a successful 2025. And thank you all for your interest in Thermon. If we don't speak to you in the coming quarter, we look forward to you joining us on our next earnings call. Thank you and have a good day.

是的，謝謝你，迭戈，我想再次感謝我們全球的賽盟員工為 2025 年的成功所做的貢獻。感謝大家對 Thermon 的關注。如果我們在下個季度沒有與您交談，我們期待您參加我們的下一次財報電話會議。謝謝您，祝您有美好的一天。

Thank you. All parties may now disconnect.

謝謝。各方現在都可以斷開連線。