Thermon Group Holdings Inc (THR) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Thermon Group Holdings third-quarter fiscal 2026 results conference call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn the conference over to your host, Ivonne Salem, Vice President, FP&A and IR. Thank you. You may begin.

各位好，歡迎參加 Thermon Group Holdings 2026 財年第三季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我將把會議交給主持人，財務規劃與分析及投資者關係副總裁伊馮娜·塞勒姆。謝謝。你可以開始了。

Good morning, and thank you for joining Thermon Group's third-quarter fiscal 2026 results conference call. Leading the call today are CEO, Bruce Thames; Chief Financial Officer, Jan Schott; and Chief Operating Officer, Tom Sorocky. Earlier this morning, we issued an earnings press release, which has been filed with the SEC on Form 8-K and is also available on the Investor Relations section of our website. Additionally, the slides for this conference call can be found in our IR website under News and Events IR calendar Earnings Conference Call Q3 2026.

早安，感謝各位參加 Thermon 集團 2026 財年第三季業績電話會議。今天主持電話會議的是執行長 Bruce Thames、財務長 Jan Schott 和營運長 Tom Sorocky。今天早些時候，我們發布了一份盈利新聞稿，該新聞稿已以 8-K 表格的形式提交給美國證券交易委員會，也可在我們網站的投資者關係部分查閱。此外，本次電話會議的投影片可在我們的投資者關係網站「新聞與活動」>「投資者關係日曆」>「2026 年第三季財報電話會議」下找到。

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 a as substitute for measures of financial performance reported in accordance with GAAP. I would like to remind you that during this call, we might make certain forward-looking statements regarding our company.

通話期間，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獲利新聞稿末尾表格中最可比較的 GAAP 指標進行了核對。這些非GAAP指標應作為補充指標，而非取代依照GAAP報告的財務績效指標。我想提醒各位，在本次通話中，我們可能會就我們公司做出一些前瞻性陳述。

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. Our actual results might differ materially from those contemplated by these forward-looking statements, 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 may be required by law. 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 our strategic initiatives. Following Bruce, our Chief Operating Officer, Tom Cerovski, will share an update on our progress and opportunities in the data center market and medium voltage heaters which are two key components of our organic growth plans going forward.

有關我們的前瞻性聲明（包括可能影響我們未來業績的風險和不確定性）的更多信息，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。我們的實際結果可能與這些前瞻性聲明所設想的結果有重大差異，除法律可能要求的情況外，我們不承擔因新資訊、未來發展或其他原因而公開更新任何前瞻性聲明的義務。今天的電話會議將首先由我們的執行長布魯斯·泰晤士致辭，他將回顧我們最近的業務表現，包括我們策略舉措的最新進展。在 Bruce 之後，我們的營運長 Tom Cerovski 將分享我們在資料中心市場和中壓加熱器領域的進展和機會的最新情況，這兩個領域是我們未來有機成長計劃的關鍵組成部分。

After Tom, our CFO, Jan Schott, will provide a review of our third quarter financial results. Bruce will then wrap up our prepared remarks with an update on our business outlook. At the conclusion of these prepared remarks, we will open the line for questions. With that, I'll turn the call over to Bruce.

在 Tom 之後，我們的財務長 Jan Schott 將對我們第三季的財務業績進行回顧。接下來，布魯斯將總結我們事先準備好的發言，並介紹我們的業務前景。在這些準備好的發言結束後，我們將開放提問環節。接下來，我將把電話交給布魯斯。

Thank you, Ivonne, and good morning to everyone joining us on the call today. I'll begin my commentary with our third quarter highlights, which you can find on slide 4. I'm exceptionally proud to announce that we achieved record-breaking results in the third quarter, delivering the highest revenue, profitability, and bookings in our company's history. These outstanding outcomes are a testament to our unwavering commitment to executing our strategic initiatives and to the dedication and excellence demonstrated by our entire Thermon team across the globe.

謝謝伊馮娜，也祝今天參加電話會議的各位早安。我的解說將從第三節的精彩時刻開始，您可以在第 4 張投影片上找到這些精彩時刻。我非常自豪地宣布，我們在第三季取得了破紀錄的業績，實現了公司歷史上最高的收入、獲利能力和預訂量。這些卓越的成果證明了我們對執行策略計畫的堅定承諾，以及我們整個賽門全球團隊所展現出的奉獻精神和卓越能力。

Our strategic actions have positioned us well to capitalize on significant secular trends that are reshaping the industrial landscape, including the growth of data centers, increasing demand for power generation, the global shift towards decarbonization, and accelerating electrification. We believe that our recent booking strength and pipeline growth illustrate improving macro conditions, coupled with renewed capital project momentum that are reinforced by strong customer relationships, all supporting a positive outlook for the remainder of the fiscal year with momentum continuing into 2027.

我們的策略行動使我們能夠充分利用正在重塑工業格局的重大長期趨勢，包括資料中心的成長、電力需求的增加、全球向脫碳轉型以及電氣化進程的加速。我們相信，近期強勁的訂單量和專案儲備成長表明宏觀經濟環境正在改善，加上資本項目勢頭回暖，以及與客戶建立的牢固關係，所有這些都支持我們對本財年剩餘時間的積極展望，並將這種勢頭延續到 2027 年。

Now turning to our quarterly results in more detail. Our third quarter revenues were up 10% from last year which combined with our solid margin execution resulted in a 12% increase in adjusted EBITDA. Our third quarter adjusted EBITDA margin was just over 24% and which brings our trailing 12 months adjusted EBITDA margin to nearly 23%, illustrating the strong earnings potential of our business. We remain committed to our Thermon business system initiatives and our margin priorities, and we're very pleased by our recent profitability conversion.

現在讓我們更詳細地看一下我們的季度業績。第三季營收較去年同期成長 10%，加上我們穩健的利潤率執行，最終使調整後 EBITDA 成長了 12%。我們第三季調整後的 EBITDA 利潤率略高於 24%，使我們過去 12 個月的調整後 EBITDA 利潤率接近 23%，這表明我們業務具有強勁的盈利潛力。我們將繼續致力於 Thermon 業務系統計劃和利潤率優先事項，我們對最近的盈利能力轉變感到非常滿意。

While I'm encouraged by our third quarter operating results, I'm most excited about the strong order trends and the building momentum we're now seeing in our business. Orders in the third quarter increased by 14% year over year resulting in a book-to-bill ratio of approximately 1.1 times, with our total bid pipeline up up 8% at quarter end with nearly 80% of these opportunities coming from our diversified end markets. Large project orders in the quarter were up approximately 60% year over year driven by LNG project activity, midstream gas processing, and a large sustainable aviation fuels project in Asia. Much of this activity is tied to the value chain around natural gas for both power generation and LNG export facilities as well as continued momentum in renewables in the Eastern Hemisphere. While these orders helped grow our installed base, the execution time lines are more protracted than our flow business and will begin to convert in our fiscal '27.

雖然我對我們第三季的經營業績感到鼓舞，但我最興奮的是強勁的訂單趨勢以及我們業務目前正在形成的良好勢頭。第三季訂單年增 14%，訂單出貨比約為 1.1 倍，季末投標總額增加 8%，其中近 80% 的機會來自我們多元化的終端市場。本季大型專案訂單年增約 60%，主要得益於液化天然氣專案活動、中游天然氣加工以及亞洲的大型永續航空燃料專案。這項活動很大程度上與天然氣價值鏈有關，包括發電和液化天然氣出口設施，以及東半球再生能源的持續發展勢頭。雖然這些訂單幫助我們擴大了安裝基礎，但執行時間比我們的流動業務要長，並將於 2027 財年開始轉型。

The power sector is another area where we also believe Thermon is well positioned with offerings ranging from emissions monitoring solutions with our tubing bundle products, to temperature management with our Genesis heat tracing control systems, to auxiliary boilers for conventional and nuclear power generation. While early in what appears to be a large CapEx cycle, our pipeline of opportunities in this sector has now grown to $180 million, up 58% and year over year with over 60% of the opportunities in the US market.

電力產業是Thermon的另一個主要優勢領域，我們相信憑藉其豐富的產品線，Thermon能夠提供從管束產品排放監測解決方案、Genesis伴熱控制系統溫度管理到常規和核電輔助鍋爐等一系列解決方案。儘管目前正處於一個看似規模龐大的資本支出週期的早期階段，但我們在該領域的項目儲備已增長至1.8億美元，同比增長58%，其中超過60%的項目來自美國市場。

Another area of emerging growth in the US is in the reshoring of manufacturing where customers are restarting shuttered facilities, or expanding production in existing facilities across pharmaceuticals, chemicals, steel, and other industries.

美國另一個新興成長領域是製造業回流，客戶正在重啟關閉的工廠，或在製藥、化學、鋼鐵和其他行業的現有工廠擴大生產。

Last quarter, I highlighted that we received our first order for our new Poseidon liquid load bank solution. I'm pleased to report that we delivered these first units during the third quarter, and more importantly, we continue to see bookings and extremely strong quoting activity for our data center products. Tom Surovski, our COO, will provide a more detailed update on the data center market later on this call. Another important driver during the quarter was the continued rebound in our large project business for the second consecutive quarter. As we've discussed on recent calls, our large CapEx order rates were improving, which led us to ramp up our engineering capacity to handle the increased project workload including the launch of our new global engineering center in Mexico earlier this year.

上個季度，我重點提到我們收到了首份新型 Poseidon 液態負載箱解決方案的訂單。我很高興地報告，我們在第三季交付了首批設備，更重要的是，我們的資料中心產品訂單持續成長，報價活動也異常活躍。我們的營運長 Tom Surovski 將在本次電話會議稍後提供資料中心市場的最新詳細資訊。本季另一個重要的驅動因素是我們的大型專案業務連續第二季持續反彈。正如我們在最近的電話會議中討論的那樣，我們的大額資本支出訂單率正在提高，這促使我們提高了工程能力，以應對增加的項目工作量，包括今年早些時候在墨西哥啟動了我們新的全球工程中心。

The increase in our engineering team has enabled us to move through the design phase on several large projects which has translated to improved financial results in our large project business with a third quarter CapEx revenues up 37% versus the third quarter of last year. Based on our strong third quarter results, combined with the building momentum in new orders and backlog growth, we're once again raising our guidance for fiscal 2026, which I will detail in my closing remarks.

工程團隊的擴充使我們能夠推進多個大型專案的設計階段，這轉化為我們大型專案業務財務表現的改善，第三季資本支出收入比去年第三季成長了 37%。基於我們強勁的第三季業績，加上新訂單和積壓訂單成長勢頭強勁，我們再次上調了 2026 財年的業績預期，我將在總結發言中詳細說明。

I'd like to now turn the call over to Tom Sorocky, our Chief Operating Officer, who will provide a more detailed update on the data center market and medium voltage heaters. Tom?

現在我將把電話交給我們的營運長湯姆·索羅基，他將就資料中心市場和中壓加熱器提供更詳細的最新資訊。湯姆？

Thank you, Bruce, and good morning to everyone. Moving on to slide 6. I'd like to provide an update on our liquid load bank solutions for the data center market, which has quickly become a meaningful growth opportunity for Thermon. As we've discussed on prior calls, the recent shift to liquid cool data centers driven by investment in artificial intelligence, or AI, has created a rapidly accelerating demand for liquid load banks to validate critical cooling systems and power infrastructure. Thermon has moved aggressively to position the company to benefit from this trend in both the short term and long term.

謝謝你，布魯斯，大家早安。接下來是第6張投影片。我想向大家介紹我們面向資料中心市場的液態負載箱解決方案，該方案已迅速成為 Thermon 的一個重要成長機會。正如我們在先前的電話會議中討論的那樣，受人工智慧 (AI) 投資的推動，資料中心近期向液冷式資料中心的轉變，導致對液冷負載箱的需求迅速增長，以驗證關鍵冷卻系統和電力基礎設施。Thermon 已採取積極措施，使公司能夠在短期和長期內從這一趨勢中受益。

As Bruce highlighted, we shipped the first 20 units of our newest designed liquid load bank solutions and also began installation and commissioning during the quarter, and the momentum for this product continues to grow. It is important to note that we moved from initial development to shipping units in just six months, highlighting the ingenuity, responsiveness, and agility of our team. Loading activity remains robust as our quote log has doubled sequentially to $60 million. We continue to expect a significant ramp in orders for our liquid load bank solutions, and we are currently expanding production to support what we believe will be a multiyear growth opportunity.

正如 Bruce 所強調的那樣，我們在本季度交付了最新設計的液體負載箱解決方案的首批 20 台設備，並開始進行安裝和調試，該產品的勢頭持續增長。值得注意的是，我們僅花了六個月時間就從最初的研發階段過渡到產品出貨階段，這凸顯了我們團隊的創造力、反應能力和敏捷性。載貨活動依然強勁，我們的報價單金額較上季翻了一番，達到 6,000 萬美元。我們預計液體負載庫解決方案的訂單量將大幅成長，目前我們正在擴大生產規模，以支持我們認為將持續多年的成長機會。

Another exciting opportunity for Thermon is our participation in the medium voltage heaters market. Medium voltage heaters are heaters that look like and function like traditional process heaters but operate at significantly higher voltages. This creates a large and growing market for these high-performance leaders that operate at higher efficiencies, higher power densities, a smaller footprint, and lower installation costs, and less auxiliary equipment. Thermon's medium-voltage heater pipeline has expanded to over $150 million benefiting from our global electrification trends and the superior nature of a product. Our sales and marketing activities for these heaters are also an extension of the efforts of our current commercial teams in existing industries with existing skill sets and with existing customers, allowing us to move quickly to capture market share. These heaters also benefit from the secular tailwinds and the macroeconomic trends regarding decarbonization and electrification in industrial heating.

Thermon 的另一個令人興奮的機會是參與中壓加熱器市場。中壓加熱器的外觀和功能與傳統製程加熱器類似，但工作電壓要高得多。這為這些高性能領導者創造了一個龐大且不斷增長的市場，這些領導者以更高的效率、更高的功率密度、更小的佔地面積、更低的安裝成本和更少的輔助設備運作。由於全球電氣化趨勢和產品的卓越特性，Thermon 的中壓加熱器產品線已擴展至超過 1.5 億美元。我們針對這些加熱器的銷售和市場推廣活動，也是我們現有商業團隊在現有行業、現有技能和現有客戶方面努力的延伸，使我們能夠迅速搶佔市場份額。這些加熱器也受益於工業供暖領域脫碳和電氣化的長期利好因素和宏觀經濟趨勢。

Aside from the previously mentioned features and benefits, these electric heaters can perform at the highest levels of efficiency and have no emissions, where a combustion-based heater would operate at lower efficiencies and is not emissions free.

除了前面提到的特點和優點之外，這些電加熱器可以以最高的效率運行，並且沒有排放，而燃燒式加熱器的效率較低，並且並非零排放。

It is also worth noting that from a competitive perspective, there are significant barriers to entry into the medium-voltage heater market. Although this is well within Thermon's strike zone of expertise in heat transfer and thermodynamics, this is a capability we have developed over a number of years with our deep and extensive engineering talent. These heaters come with international certifications and approvals that require exhaustive and compliance reviews. Quite frankly, these medium voltage heaters are difficult to engineer and even harder to manufacture.

值得注意的是，從競爭的角度來看，進入中壓加熱器市場存在著很大的障礙。雖然這完全在 Thermon 的傳熱和熱力學專業領域之內，但這是我們憑藉著深厚的工程技術實力，經過多年發展而來的能力。這些加熱器均通過了國際認證和批准，需要經過詳盡的合規性審查。坦白說，這些中壓加熱器設計起來很困難，製造起來就更難了。

Thermon is a leader in this space, and we are on our front foot ahead of a very, very short list of competitors that have even attempted to participate in this space. We've secured our third medium-voltage heater order, which increases our backlog for this product to over $11 million. We are currently quoting opportunities and selling manufacturing slots for these heaters into our FY27 and FY28 fiscal years.

Thermon 是該領域的領導者，我們領先於極少數嘗試進入該領域的競爭對手。我們已獲得第三筆中壓加熱器訂單，使該產品的積壓訂單總額超過1,100萬美元。目前，我們正在為2027財年和2028財年的訂單提供報價並出售生產名額。

Last, we are also scaling our manufacturing processes and leveraging our global manufacturing footprint to increase capacity for these heaters. This technology is well within our strengths and capabilities, and we are utilizing our global engineering and operations team to meet the growing customer demand for these products.

最後，我們還在擴大生產規模，並利用我們的全球生產佈局來提高這些加熱器的產能。這項技術完全在我們的實力和能力範圍之內，我們正在利用我們的全球工程和營運團隊來滿足客戶對這些產品日益增長的需求。

With that update on the exciting products of liquid load banks and medium-voltage heaters, I will now turn it over to Jan for a detailed review of our third quarter results. Jan?

在介紹了令人興奮的液體負載箱和中壓加熱器產品之後，現在我將把時間交給 Jan，讓他詳細回顧一下我們第三季的表現。一月？

Thank you, Tom, and good morning, everyone. I'll walk through our third quarter financial performance, followed by updates on working capital, cash flow, and our balance sheet and liquidity.

謝謝你，湯姆，大家早安。我將介紹我們第三季的財務業績，然後更新營運資金、現金流量、資產負債表和流動性方面的情況。

Moving to slide 7. In Revenue for the quarter was $147.3 million, a year over year increase of 10%. The growth this quarter reflects more favorable spending patterns including continued improvements in large project spending by customers, ongoing momentum in electrification and decarbonization in Europe, and benefits from pricing.

切換到第7張投影片。本季營收為 1.473 億美元，年增 10%。本季的成長反映了更有利的支出模式，包括客戶大型專案支出的持續改善、歐洲電氣化和脫碳的持續勢頭以及價格上漲的好處。

With the F.A.T.I. acquisition, reaching its one-year anniversary this past October, all of the growth this quarter is now considered organic. Our OpEx revenues were $122 million during the third quarter, an increase of 5% compared to last year, driven by increased spending from our installed base and pricing. OpEx revenues represented 83% of total revenues for the quarter. Large project revenue was $25.4 million for the third quarter, up 37% from last year. As Bruce mentioned earlier, momentum in our major project markets is now flowing through to our results, with several projects progressing from engineering into execution this quarter. Our engineering teams remain fully utilized and the active bid pipeline gives us confidence that the strength will continue into the new calendar year.

隨著 F.A.T.I. 的收購在去年十月迎來一周年紀念日，本季度的所有增長現在都被認為是內生增長。第三季度，我們的營運支出收入為 1.22 億美元，比去年同期成長 5%，這主要得益於我們現有客戶群的支出增加和價格上漲。營運支出收入佔該季度總收入的 83%。第三季大型專案營收為2,540萬美元，較去年同期成長37%。正如布魯斯之前提到的，我們主要專案市場的強勁勢頭正逐步轉化為實際業績，本季已有多個專案從工程設計階段進入執行階段。我們的工程團隊依然滿載運轉，活躍的投標項目也讓我們有信心，這一強勁勢頭將延續到新的一年。

Our gross profit was $68.7 million during the third quarter, an increase of 11% compared to last year. The increase in gross profit was the result of operating leverage from increased volumes, price, tariff mitigation, and productivity gains enabled by our Thermon business systems. As a result, gross margins were 46.6% for the third quarter, up from 46.2% last year. We were pleased to see our gross margin performance continue this quarter given the higher mix of large project revenue. We also saw this trend last quarter, which is encouraging.

第三季度，我們的毛利為 6,870 萬美元，比去年同期成長了 11%。毛利的成長得益於銷售增加、價格上漲、關稅減免以及 Thermon 業務系統帶來的生產力提升，從而實現了營運槓桿效應。因此，第三季毛利率為 46.6%，高於去年同期的 46.2%。鑑於大型專案收入佔比提高，我們很高興看到本季毛利率表現持續良好。上個季度我們也看到了同樣的趨勢，令人鼓舞。

Adjusted EBITDA was $35.6 million for the quarter, up from $31.8 million last year, an increase of 12%. The increase was driven by our solid revenue growth, sustained gross margin improvement, and disciplined cost management, partially offset by continued investments in growth initiatives and higher performance-based compensation. Adjusted EBITDA margin was 24.2% during the third quarter, up 50 basis points from last year. GAAP earnings per share for the quarter was $0.55, up modestly from $0.54 in the prior year. Adjusted earnings per share was $0.66, up 18% from $0.56 last year.

本季調整後 EBITDA 為 3,560 萬美元，高於去年同期的 3,180 萬美元，成長了 12%。成長主要得益於我們穩健的收入成長、持續的毛利率改善和嚴格的成本管理，但部分被對成長計畫的持續投資和更高的績效薪酬所抵消。第三季調整後 EBITDA 利潤率為 24.2%，比去年同期成長 50 個基點。本季GAAP每股收益為0.55美元，較上年同期的0.54美元略有成長。調整後每股收益為0.66美元，較上年同期的0.56美元成長18%。

Third quarter orders grew 14% to $158.2 million compared to last year. As Bruce noted earlier, this included strong activity across LNG, midstream gas processing, and a major SAP project in Asia. Our book-to-bill ratio for the quarter was 1.1 times and up from 1.0 times a year ago. Backlog increased 10%, driven by a positive book-to-bill for the quarter and favorable project timing even as we delivered record revenue this quarter.

第三季訂單金額年增14%，達1.582億美元。正如布魯斯之前提到的，這包括液化天然氣、中游天然氣加工以及亞洲的一個大型SAP項目等方面的強勁活動。本季我們的訂單出貨比為 1.1 倍，高於去年同期的 1.0 倍。積壓訂單增加了 10%，這得益於本季訂單出貨比為正以及專案進度良好，同時我們本季也實現了創紀錄的收入。

Turning to performance by geography. USLAM delivered a solid 10% year-over-year increase driven by sustained demand across large capital projects and continued pricing discipline. Canada posted a 1% revenue increase supported by heightened project activity. In EMEA, activity remained robust with revenue increasing 37%. This growth reflects strong execution across our legacy business as well as rising demand tied to electrification and decarbonization trends in Europe. Meanwhile, APAC delivered 9% revenue growth, supported by continued momentum in project activity.

按地理位置分析表現。受大型資本項目持續需求和持續定價策略的推動，USLAM實現了10%的年成長。加拿大在專案活動增加的推動下，營收成長了1%。在歐洲、中東和非洲地區，業務活動依然強勁，營收成長了 37%。這一成長反映了我們傳統業務的強勁執行力，以及與歐洲電氣化和脫碳趨勢相關的不斷增長的需求。同時，亞太地區在專案活動持續成長的推動下，實現了 9% 的營收成長。

Turning to slide 8 for an update on our balance sheet and liquidity. Working capital was $190 million at quarter end. Capital expenditures were $4.9 million for the quarter compared to $1.4 million last year, reflecting our investments to support growth initiatives, including our liquid load bank and medium-voltage heater product lines. We generated $13.1 million of free cash flow in the third quarter, up from $8.4 million last year, reflecting healthy operating performance and moderated by growth-focused investments. Year-to-date free cash flows was $25.7 million, up from $23.9 million in the prior year period, highlighting continued discipline even as we invest to support growth.

請翻到第8張投影片，了解我們的資產負債表和流動性狀況。截至季末，營運資金為1.9億美元。本季資本支出為 490 萬美元，而去年同期為 140 萬美元，這反映了我們為支持成長計畫而進行的投資，包括我們的液體負載庫和中壓加熱器產品線。第三季度，我們實現了1,310萬美元的自由現金流，高於去年同期的840萬美元，這反映了我們穩健的營運業績，同時也得益於以成長為導向的投資。年初至今，我們的自由現金流為2,570萬美元，高於去年同期的2,390萬美元，體現了我們在投資支持成長的同時，依然保持穩健的財務管理。

We did not repurchase shares in the third quarter. Cumulative repurchases since the beginning of fiscal 2025 stood at $36 million, 4% of our shares outstanding. We still have $38.5 million remaining under our existing authorization. We ended the quarter with net debt of $96.3 million and a net leverage ratio of 0.8 times.

第三季我們沒有回購股票。自2025財年開始以來，累計回購金額為3,600萬美元，占我們已發行股份的4%。我們現有授權範圍內還有 3,850 萬美元剩餘。本季末，我們的淨債務為 9,630 萬美元，淨槓桿率為 0.8 倍。

In summary, we continued our financial discipline during the third quarter and remain focused on maintaining a strong balance sheet. We have $141 million in total cash and available liquidity as of quarter end, providing us ample financial flexibility to execute on our balanced capital allocation strategy, which remains focused on driving growth, both organically and through strategic acquisitions, while balancing opportunistic share repurchases and debt reduction.

總而言之，我們在第三季繼續保持財務紀律，並將繼續專注於維持強勁的資產負債表。截至季度末，我們擁有 1.41 億美元的現金和可用流動資金，這為我們提供了充足的財務靈活性，以執行我們平衡的資本配置戰略，該戰略仍然專注於推動增長，包括內生增長和戰略收購，同時平衡機會性股票回購和債務削減。

With that, I will turn the call back over to Bruce.

這樣，我就把電話轉回布魯斯了。

Thanks, Jan. As we shared on this call, we were very pleased with our third quarter results and are encouraged by the continued momentum we're seeing across many of our end markets. This team has spent considerable time and energy over the past several years, repositioning the business for growth. So it's very rewarding to see this hard work beginning to pay off. Based upon our strong results through the first three quarters of the year and the continued momentum in our business, we're raising our full year 2026 financial guidance for revenue and adjusted EBITDA.

謝謝 Jan。正如我們在電話會議上分享的那樣，我們對第三季的業績非常滿意，並且對我們在許多終端市場看到的持續成長勢頭感到鼓舞。過去幾年，團隊投入了大量時間和精力，重新定位業務以實現成長。看到自己的努力開始得到回報，真的很有成就感。鑑於我們今年前三個季度的強勁業績以及業務的持續成長勢頭，我們將提高 2026 年全年營收和調整後 EBITDA 的財務預期。

As we detail on slide 9, our fiscal 2026 financial guidance calls for revenue in a range of $516 million to $526 million, representing 5% growth over prior year at the midpoint. We're raising adjusted EBITDA guidance to a range of $114 million to $120 million, representing 7% growth over prior year at the midpoint. Our guidance continues to assume that the current tariff structures remain in place and any future announcements do not have a notable positive or negative impact on input costs or customer sentiment and the improved business trends we've seen are sustained.

正如我們在第 9 張投影片中詳細介紹的那樣，我們 2026 財年的財務預期收入將在 5.16 億美元至 5.26 億美元之間，中點值比上一年增長 5%。我們將調整後的 EBITDA 預期上調至 1.14 億美元至 1.2 億美元，中位數較上年增長 7%。我們的指導意見仍然假設當前的關稅結構保持不變，任何未來的公告都不會對投入成本或客戶情緒產生明顯的正面或負面影響，並且我們所看到的業務改善趨勢能夠持續下去。

Turning now to slide 10. We believe we're strategically positioned to benefit from several powerful macroeconomic drivers including reshoring, electrification, decarbonization, power, and data centers. We're in an extremely strong financial position with more than sufficient financial flexibility to continue pursuing our strategic priorities, including the disciplined allocation of capital, all with an ongoing focus on generating long-term value for our shareholders.

現在翻到第10張投影片。我們相信，我們已佔據戰略優勢，能夠從幾個強大的宏觀經濟驅動因素中受益，包括製造業回流、電氣化、脫碳、電力和資料中心。我們擁有極其穩健的財務狀況和充足的財務靈活性，可以繼續推進我們的策略重點，包括有紀律地配置資本，所有這些都將持續專注於為股東創造長期價值。

That completes our prepared remarks. We're now ready for the question-and-answer portion of our call.

我們的發言稿到此結束。現在我們準備好進入電話會議的問答環節。

(Operator Instructions) Brian Drab, William Blair.

（操作說明）布萊恩·德拉布，威廉·布萊爾。

Congratulations on the great results. been covering the company for a long time, and I know a lot of people have been expecting Thermon to put up results like this. And I usually don't take time to do this congratulating on the calls, but it's worth, I think it's deserving for sure. I was wondering, can you talk about the 46% plus gross margin that quarters in a row the sustainability of that, what has structurally changed if it has and you're doing that in the face of improving large project activity where you typically see somewhat lower gross margin?

祝賀你們取得如此優異的成績。我關注這家公司很久了，我知道很多人都期待Thermon能達到這樣的成績。我通常不會特意花時間去祝賀這些電話，但我覺得這很值得，絕對值得。我想問一下，您能否談談連續幾個季度超過 46% 的毛利率的可持續性？如果存在結構性變化，又是如何實現這目標的？另外，您是在大型專案活動不斷增加的情況下，通常情況下大型專案的毛利率會略低一些，您又是如何做到的？

Yes. That's a great point, Brian. The mix is shifting towards more large projects. There's a number of things that are really driving the improved gross margins the Thermon business system, we've been able to systematically drive productivity and efficiency gains that are translating into bottom line results. I think that's something that's in place and will continue to drive going forward.

是的。布萊恩，你說得很有道理。專案組合正朝著更大型專案的方向發展。Thermon 業務系統毛利率的提高主要得益於以下幾個方面：我們能夠有系統地提高生產力和效率，從而轉化為實際的利潤成長。我認為這一點已經到位，並將繼續推動未來發展。

Price has been another area where we've certainly gained some incremental in the marketplace. We also are seeing the benefit of operating leverage.

價格是我們另一個在市場上有一定進展的領域。我們也看到了經營槓桿帶來的好處。

And I would also note that when you look at the project mix we have today, it is largely design and supply with much less what we call turnkey or additional content around field labor around installation or third-party materials that we would have, conduit wire, switches, breakers, relays and the like. So that all helps improve the margin profile of these projects.

我還想指出，從我們今天的專案組合來看，它主要以設計和供應為主，而我們所說的交鑰匙工程或圍繞現場安裝的人工或第三方材料（例如導管、電線、開關、斷路器、繼電器等）的額外內容則少得多。這樣一來，所有這些都有助於提高這些項目的利潤率。

As we look at our backlog going forward, we still have a very significant backlog building around large projects that are heavily weighted towards design and supply so those margins, I think, would be sustained. I would go on to say that typically, our Q3 is always the highest gross margin just due to the mix around heating season and just operating leverage on the incremental volume. So having said that, when you look at our business on a seasonality basis, I think we can continue to drive similar margins going forward.

展望未來，我們積壓的訂單仍然非常可觀，主要集中在大型項目上，這些項目大多涉及設計和供應，因此我認為這些利潤率能夠保持穩定。另外，通常情況下，由於暖氣季節的到來以及新增訂單量帶來的營運槓桿效應，我們的第三季毛利率總是最高的。綜上所述，從季節角度來看，我認為我們未來可以繼續保持類似的利潤率。

The key here is understanding that Q3 is typically the peak and it will fall off somewhat in Q4 and Q1 and then begin to rebuild in Q2 and Q3 of next year. So that's just the normal cadence of the margin profile of our business.

關鍵在於要明白，第三季通常是高峰期，第四季和第一季會下降，然後在明年第二季和第三季開始恢復。這就是我們業務利潤率的正常波動法則。

Okay. And this shift to more design and supply versus projects with the significant labor content. Is that something that was by design, like by your design? Or is that more a function of trends in the overall market?

好的。這種轉變使得設計和供應環節比勞力密集專案更集中。這是有意為之嗎？例如是你設計的？或者說，這更多是整體市場趨勢的結果？

It's a little of both. We focus there, particularly, but then there's also been a shift with some of the general contractors and also the EPCs to be able to bring more of that fueled labor and installation in-house. So it's been a bit of a mix of both.

兩者兼而有之。我們特別關注這一點，但一些總承包商和EPC公司也發生了轉變，以便將更多的勞動力和安裝工作納入公司內部。所以，這兩種情況都有一些混合體。

Okay. And then on the data center side, just really good momentum there clearly. Can you talk about how your conversations with the potential customers in the industry have evolved? Are you talking to the data center construction contractors, the HVAC contractors, the hyperscalers themselves, all of the above?

好的。而在資料中心方面，發展動能顯然非常強勁。您能否談談您與業內潛在客戶的對話是如何演變的？您是在與資料中心建置承包商、暖通空調承包商、超大規模資料中心營運商洽談，還是與以上所有方都洽談？

Brian, this is Tom. Thank you for your congratulations. Look, the answer to your question is all of the above. We've formed some relationships through our discovery process and design thinking of developing these projects. We did a lot of customer research and feedback before we launched the project and launched the products.

布萊恩，這是湯姆。謝謝你的祝賀。你看，你問題的答案是以上所有選項。我們在探索過程和專案開發的設計思維中建立了一些關係。在專案啟動和產品發布之前，我們做了大量的客戶研究和回饋工作。

But we are forming relationships with, let's say, a rental companies out there that specifically rent equipment into this market, there's also a burdening group of companies that do nothing but commissioning of data centers and meet the testing around insurance and regulatory compliance.

但是，我們正在與一些專門向這個市場出租設備的租賃公司建立合作關係，此外，還有一大批公司專門負責資料中心的調試，並滿足保險和監管合規方面的測試要求。

And then as you said, we've also worked directly with end users. In some cases, they're installing these units and load banks permanently and it will become a fixture of their overall asset. So look, the answer is we worked with all types of customers and informed relationships through many different end of channels.

正如您所說，我們也直接與最終用戶合作。在某些情況下，他們會永久安裝這些設備和負載箱，使其成為他們整體資產的一部分。所以你看，答案是我們與各種類型的客戶合作，並透過許多不同的終端管道建立了良好的關係。

Justin Ages, CJS Securities.

賈斯汀·阿格斯，CJS證券。

Another question on the liquid load banks. In the past, you've mentioned the market size around $80 million, $90 million. Just wondering if your assumptions have changed there? And I know you gave some detail on the competitive landscape for the medium voltage heaters. But any detail you can give us on the landscape for these liquid load banks would be helpful as well, please.

關於液態負載庫的另一個問題。過去，您曾提到市場規模約 8,000 萬美元至 9,000 萬美元。想知道你那邊的假設是否有改變？我知道您詳細介紹了中壓加熱器的競爭格局。但如果您能提供一些關於這些液態負荷庫的詳細情況，也將對我們很有幫助。

Great question. We have not updated our management estimates of what we believe the market to be, I think will stay consistent for now with what we put in previous communications and what we've mentioned earlier. I will say the market is robust, but the most important thing is our quote log is actually doubled, I believe, sequentially quarter over quarter. We're now at about $60 million. So we believe this will be a -- both a short-term material impact on our potential FY27 results and then also a longer-term multiyear opportunity.

問得好。我們尚未更新市場前景的管理層預測，我認為目前仍將與我們先前溝通的內容以及我們之前提到的內容保持一致。我想說市場表現強勁，但最重要的是，我相信，我們的報價記錄實際上比去年同期翻了一番。我們現在大約有 6000 萬美元。因此，我們認為這將對我們 2027 財年的潛在業績產生短期實質影響，同時也將帶來一個長期的多年機會。

I think data centers is something that many different companies out there that are selling electrical and other types of products. We're still trying to get our arms around how big this growth cycle is and how long it will last, but it's clearly very large, and it's clearly multiyear.

我認為資料中心是許多銷售電子產品和其他類型產品的公司所涉及的領域。我們仍在努力了解這個成長週期有多大、持續多久，但很明顯，它非常龐大，而且顯然會持續多年。

That's helpful. And then on the CapEx guidance, you said 2.5% to 3% this year. This quarter it was 3.3% ahead of sales. Just wondering if these investments in these two new growth platforms as we look peak into '27 and '28, if it's going to be a bit higher as you guys are ramping for growth there?

那很有幫助。關於資本支出預期，您說今年是 2.5% 到 3%。本季比銷售額高出 3.3%。我想知道，隨著你們在 2027 年和 2028 年實現成長，這兩個新成長平台的投資是否會達到頂峰，以及投資額是否會更高，因為你們正在加大成長力度？

Yes. That's a great question. We are making more -- when you think about just in our over the last five years or more, our CapEx has probably averaged around 2.5%. We've got these two opportunities, which are significant organic growth opportunities, and we are making investments to scale manufacturing. And so we're in the process of finalizing our plans for next year, but we would expect CapEx to be in probably closer to that 3% range next year and just investing for growth in these two different platforms.

是的。這是一個很好的問題。我們正在創造更多收益——想想過去五年或更長時間以來，我們的資本支出平均可能在 2.5% 左右。我們擁有這兩個重要的有機成長機會，我們正在進行投資以擴大生產規模。因此，我們正在敲定明年的計劃，但我們預計明年的資本支出可能會接近 3% 的水平，並將投資於這兩個不同平台的成長。

And really, that's to build capacity both in the Western Hemisphere as well as in the Eastern Hemisphere to grow and scale these products.

實際上，這是為了在西半球和東半球都建立能力，以發展和擴大這些產品。

Aaron Spychalla, Craig Hallum Capital Group.

Aaron Spychalla，Craig Hallum Capital Group。

Maybe first for me on the medium voltage opportunity. You talked about the pipeline and the backlog and scaling the manufacturing. Can you just kind of talk about how you see that progressing over the next couple of years given that pipeline? And kind of how growth can look as you kind of scale manufacturing?

這可能是我第一次有機會參與中壓項目。你談到了生產線、積壓訂單和擴大生產規模的問題。您能否談談鑑於目前的研發管線，您認為未來幾年該領域將如何發展？那麼，隨著生產規模的擴大，成長模式會是怎麼樣的呢？

Yes. No, thanks, Aaron. Great question. This is a very, very early stage of engagement with customers on the medium voltage. As I've said, we've taken three orders we have worked down some of the backlog, but the existing backlog right now at the end of Q3 was $11 million. Again, just to repeat, quote pipeline on that is over $150 million.

是的。不用了，謝謝你，亞倫。問得好。這是與客戶就中壓技術接觸的非常非常早期的階段。正如我之前所說，我們已經接到了三筆訂單，也減少了一些積壓訂單，但截至第三季末，現有積壓訂單價值1100萬美元。再次重申，相關報價管道價值超過1.5億美元。

This is another opportunity for us that we believe is both large and multiyear. We have begun the process of investment there both on the CapEx and OpEx side to increase capacity, again, both in the Eastern Hemisphere and the future in the West -- I'm sorry, in the Western Hemisphere and then future investment in the Eastern Hemisphere to be able to build these heaters and meet customer demand. This has been a tailwind for us.

我們認為這是另一個規模龐大且意義深遠的機會。我們已經開始在資本支出和營運支出方面進行投資，以提高產能，這不僅包括東半球，也包括未來的西半球——抱歉，是西​​半球，然後未來將投資東半球，以便能夠建造這些加熱器並滿足客戶需求。這對我們來說一直是個順風。

Again, there's -- the other thing to keep in mind, this has a very large competitive moat around it in terms of the capabilities to build seaters. But it will certainly be something that is multiyear and have impact on not just FY27, but a material impact on years in the future.

還有一點要記住，就製造座椅的能力而言，它周圍存在著非常大的競爭護城河。但這肯定會是一個持續多年的過程，不僅會對 2027 財年產生影響，而且會對未來幾年產生實質影響。

All right. Appreciate that. And then you kind of called out LNG in midstream as nice growth drivers. Can you just talk a little bit more about how your offering fits in that market where that business is today and how you see that ramping moving forward?

好的。謝謝。然後你指出液化天然氣中游業務是很好的成長動力。您能否再詳細談談您的產品如何契合該企業目前的市場狀況，以及您如何看待其未來的發展壯大？

Yes. So yes, LNG midstream kind of thinking through those. What we're seeing is certainly the LNG export facilities, particularly, we do quite a bit in LNG liquefaction. And so we -- in the first quarter of this year, we had secured about five projects for LNG and those begin to execute in our Q2 of this year and continued into our Q3.

是的。所以，是的，這是液化天然氣中游的思考。我們現在看到的當然是液化天然氣出口設施，特別是，我們在液化天然氣液化方面做了很多工作。因此，在今年第一季度，我們獲得了大約五個液化天然氣項目，這些項目從今年第二季度開始執行，並持續到第三季度。

We also booked some additional LNG projects. When you think about our products, there is a number of different applications. We have even the medium voltage heaters are used for natural gas regeneration, which -- and then our heat tracing products are used extensively just due to the colder temperatures and the -- to freeze protect on a lot of different valves in piping. We also have immersion heater opportunities in various applications there, and then our tubing bundles are sold in there. So it's really a broad swath of our products for LNG. And then we think about moving upstream to increase production in natural gas. One of the areas where we do a lot of work is in midstream gas processing particularly in fractionators. And so we've secured some orders in that -- those areas as well with some nice projects emerging here, particularly in the US around increased natural gas production and processing.

我們也承接了一些額外的液化天然氣計畫。說到我們的產品，它們有著廣泛的應用。例如，我們的中壓加熱器就用於天然氣再生；此外，我們的伴熱產品也因其在低溫環境下的出色性能而被廣泛用於管道中各種閥門的防凍保護。我們在那裡也有各種應用領域的浸入式加熱器機會，我們的管束也在那裡銷售。所以，這確實涵蓋了我們面向液化天然氣的廣泛產品線。然後我們考慮向上游發展，以提高天然氣產量。我們投入大量精力的領域之一是天然氣中游加工，特別是分餾塔。因此，我們已經在這些領域獲得了一些訂單——還有一些不錯的項目正在湧現，尤其是在美國，隨著天然氣產量和加工量的增加。

And then all of that also ties to just the increased power demand and the shift towards combined cycle power generation with some of the legislative changes that are increasing demand for natural gas as well. So all of those tie in pretty well in our demand drivers for our products and services.

而這一切也與不斷增長的電力需求、向聯合循環發電的轉變以及一些立法變化有關，這些變化也增加了對天然氣的需求。因此，所有這些都與我們產品和服務的需求驅動因素密切相關。

(Operator Instructions) Jon Braatz, Kansas City Capital.

（操作員說明）Jon Braatz，堪薩斯市首府。

Bruce, going back to gross margins, they've been very strong despite the higher CapEx revenues. And you talked a little bit about the reasons. But independent of those reasons, given the strength of the market, are you just seeing better margins in that business than maybe you had seen years ago, initial margins?

Bruce，回到毛利率的問題上，儘管資本支出收入較高，但毛利率一直非常強勁。你也稍微談​​到了其中的原因。但撇開這些原因不談，考慮到市場的強勁勢頭，您是否看到該業務的利潤率比幾年前的初期利潤率要高？

Our project margins are healthy. I would say, John, as I reflect back, they are not necessarily above what we've seen at in large CapEx cycles we -- the company historically -- I mean, you go back to the '13 time frame had enjoyed exceptional gross margins and project activity when there was just a super cycle in the oil sands. So I would say we're not at those levels, but on a relative basis, our project margin profile has improved, and the mix has had a big impact on that as well. So I think it's a little of both the mix of design and supply as well as just the overall market conditions for pricing and the nature of the projects we're executing have both helped with price and gross margins.

我們的專案利潤率很健康。約翰，我想說，回想起來，它們並不一定高於我們在大型資本支出週期中看到的水平——從公司歷史來看——我的意思是，回到 2013 年左右，當時油砂行業正處於超級週期，我們享受了非凡的毛利率和項目活動。所以我覺得我們還沒有達到那些水平，但相對而言，我們的專案利潤率有所提高，產品組合也對此產生了很大的影響。所以我認為，設計和供應的組合，以及整體市場定價狀況和我們正在執行的項目的性質，都對價格和毛利率產生了一定的影響。

Okay. All right. The second question, please. The fact the acquisition last year has been very successful. How you see that going forward, what you -- what else are you doing to maybe improve the revenue outlook for that operation and the profitability? What's the half for F.A.T.I. in 2027?

好的。好的。請問第二個問題。去年的收購非常成功。您如何看待未來的發展？您還在採取哪些措施來改善該業務的收入前景和獲利能力？ F.A.T.I.到2027年的預期收益中位數是多少？

Yes. Great question. That business has performed exceptionally well. A few things to note. One is we continue our commercial efforts there in Europe and the Eastern Hemisphere, which have been quite successful. A lot of the CapEx investments that we talked about, both Jan in the prepared remarks as well as just questions I answered earlier, are related to scaling capacity there in the low -- we are building capacity for our medium voltage heaters there, and we'll begin to be completely vertically integrated and be able to produce those in Europe for Europe in the Eastern Hemisphere and that's going to be a significant growth driver.

是的。問得好。那家公司業績表現非常出色。有幾點要注意。首先，我們繼續在歐洲和東半球開展商業活動，而且這些活動都相當成功。我們討論的許多資本支出投資，無論是 Jan 在準備好的發言稿中提到的，還是我之前回答的問題，都與擴大低壓產能有關——我們正在那裡建設中壓加熱器的產能，我們將開始完全垂直整合，能夠在歐洲為歐洲和東半球生產這些產品，這將是一個重要的增長驅動力。

In less than 18 months, we've essentially doubled that business. We expect that to be -- to double that business over the next two to three years. And that would be really serving the increased demand for electrification as well as the market opportunity represented by medium voltage heaters. So that business, we would expect to continue to build and grow. And as we look at that, our product portfolio, quite frankly, is has historically had immersion heaters and the like.

不到 18 個月的時間，我們的業務量就翻了一番。我們預計未來兩到三年內，這項業務將翻倍。這將真正滿足日益增長的電氣化需求，以及中壓加熱器所代表的市場機會。因此，我們預計該業務將繼續發展壯大。坦白說，從我們的角度來看，我們的產品組合歷來都以浸入式加熱器等產品為主。

But having that manufacturing capacity there in Europe has really enabled and unlock the next level of growth. So it's really been a great success story really commercially and operationally.

但歐洲擁有這樣的製造能力，確實促進並釋放了下一階段的成長潛力。所以無論從商業角度或營運角度來看，這都是一個非常成功的案例。

(Operator Instructions) We'll pause for a couple of moments while we poll for questions. And there are no additional request for questions. So at this time, I'll hand the floor back to Bruce Thames for closing remarks. Thank you.

（操作員說明）我們將暫停片刻，徵求大家的意見。沒有其他提問要求。那麼現在，我將把發言權交還給布魯斯·泰晤士，請他作總結發言。謝謝。

Thank you, Diego, and thank you all for joining on the call today. We appreciate your interest in Thermon. And if we don't talk to you in the coming months, we look forward to providing an update on our full year financial results in the May time frame. So thank you all for joining today.

謝謝你，迭戈，也謝謝今天所有參加電話會議的朋友們。感謝您對Thermon的關注。如果在接下來的幾個月裡我們沒有與您聯繫，我們期待在五月向您提供我們全年財務業績的最新資訊。感謝各位今天的參與。

Thank you. This concludes today's conference. All parties may disconnect.

謝謝。今天的會議到此結束。所有參與者均可中斷連線。