Worthington Enterprises, Inc. (WOR) 2026 Q3 法說會逐字稿

Good morning, and welcome to the Worthington Enterprises third quarter fiscal 2026 earnings conference call. (Operator Instructions). This conference is being recorded at the request of Worthington Enterprises. If anyone objects, you may disconnect at this time. I'd now like to introduce Marcus Rogier, Treasurer and Investor Relations Officer. Mr. Rogier, you may begin.

早安，歡迎參加 Worthington Enterprises 2026 會計年度第三季財報電話會議。(接線員指示)。本次會議依 Worthington Enterprises 要求進行錄音。如有任何人反對，您可於此時中斷連線。現在我想介紹財務主管兼投資人關係長 Marcus Rogier。Rogier 先生，您可以開始了。

Thank you, Regina. Good morning, everyone, and thank you for joining us for Worthington Enterprises third quarter fiscal 2026 earnings call. On the call today are Joe Hayek, our President and Chief Executive Officer; and Colin Souza, our Chief Financial Officer.

謝謝你，Regina。各位早安，感謝各位參加 Worthington Enterprises 2026 會計年度第三季財報電話會議。今天與會者包括我們的總裁暨執行長 Joe Hayek，以及我們的財務長 Colin Souza。

Before we begin, I'd like to remind everyone that certain statements made during today's call are forward-looking in nature and subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

在開始之前，我想提醒各位，今天電話會議中所做的某些陳述屬於前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與明示或暗示的內容有重大差異。

For more information on these risks and uncertainties, please refer to our earnings release issued yesterday after the market closed, which is available on the Investor Relations section of our website. Additionally, our remarks today will include references to non-GAAP financial measures.

關於這些風險與不確定性的更多資訊，請參閱我們於昨日收盤後發布的財報新聞稿，可在我們網站的投資人關係專區取得。此外，我們今天的發言將包含對非 GAAP 財務衡量指標的引用。

Reconciliations of these financial measures to the most directly comparable GAAP measures can also be found in the earnings release. Today's call is being recorded, and a replay will be available later on our website at worthingtonenterprises.com. With that, I'll turn the call over to Joe for opening remarks.

這些財務衡量指標與最直接可比的 GAAP 指標之調節表，也可在財報新聞稿中找到。今天的電話會議將進行錄音，稍後可於 worthingtonenterprises.com 網站收聽重播。接下來我把時間交給 Joe 進行開場致詞。

Thank you, Marcus. Good morning, everybody. Welcome to Worthington Enterprises fiscal 2026 third quarter earnings call. We performed very well in Q3 and generated strong earnings growth which is a reflection of the tremendous effort that our team exhibits every day.

謝謝你，Marcus。各位早安。歡迎參加 Worthington Enterprises 2026 會計年度第三季財報電話會議。我們在第三季表現非常出色，並實現強勁的獲利成長，這反映了我們團隊每天展現的巨大努力。

Our colleagues all over the world continue putting our customers first in our solutions and approach are resonate, helping us to grow.

我們遍布全球的同仁持續以客戶為先，我們的解決方案與做法引起共鳴，協助我們成長。

In Q3, in market conditions that continue to be mixed, we delivered strong year-over-year growth in revenue, adjusted EBITDA and earnings per share. Revenue in Q3 was up over 24% from last year while our SG&A expenditures declined by 70 basis points as a percentage of sales. Our adjusted EBITDA grew by 15% year-over-year.

在第三季、於市場環境仍然好壞參半的情況下，我們在營收、調整後 EBITDA 與每股盈餘方面，均繳出強勁的年增表現。第三季營收較去年成長超過 24%，同時我們的 SG&A 支出占銷售額比重下降 70 個基點。我們的調整後 EBITDA 年增 15%。

And in the last 12 months, our adjusted EBITDA is now $297 million, up $54 million from a year ago, and adjusted EBITDA margin was 22.4%. This growth is driven by our teams as they optimize and grow our business by developing and launching new products, expanding production capacity in key value streams, driving excellent customer service and for strategic acquisitions.

而在過去 12 個月，我們的調整後 EBITDA 現為 2.97 億美元，較一年前增加 5,400 萬美元，調整後 EBITDA 利潤率為 22.4%。這項成長由我們的團隊所驅動，他們透過開發與推出新產品、在關鍵價值流擴充產能、提供卓越客戶服務以及進行策略性併購，來優化並擴大我們的業務。

We believe we are very well positioned to capitalize on our strengths and continue to grow our market share as the markets improve. Q3 is a great example of how we leverage the Worthington Business System and how it shows up in our financial performance.

我們相信，隨著市場改善，我們已處於非常有利的位置，能夠發揮自身優勢並持續提升市占率。第三季是我們如何運用 Worthington Business System，以及其如何反映在我們財務表現上的絕佳例子。

As we grow our top line and profitability, we're leveraging the WPS and its three growth drivers, innovation, transformation and M&A to maximize both our near and long-term success. Innovation is a big part of our growth strategy.

在提升營收與獲利能力的同時，我們正運用 WPS 及其三大成長驅動力——創新、轉型與併購（M&A）——以最大化我們的短期與長期成功。創新是我們成長策略的重要一環。

Our ASME water tanks used politic cooling and data centers are a great example, and our pipeline is rapidly growing as data centers increasingly utilize liquid cooling solutions.

我們用於政治冷卻與資料中心的 ASME 水箱就是很好的例子；隨著資料中心日益採用液冷解決方案，我們的產品管線正在快速成長。

In addition, innovation and new products have led to new store placements for Balloon Time, driving growth in our consumer business. Transformation has been a cornerstone of our operating strategy for some time. As new technologies emerge and we conceptualize and implement new tools that help transform our business, we're always focused not on how we did things yesterday, but on how we can do them better or more efficiently tomorrow.

此外，創新與新產品也為 Balloon Time 帶來新的門市上架據點，推動我們消費者業務的成長。轉型長期以來一直是我們營運策略的基石。隨著新技術出現，以及我們構思並導入能協助轉型業務的新工具時，我們始終關注的不是昨天怎麼做，而是明天如何做得更好或更有效率。

Our 80/20 initiative is a good example of that thinking, and we're very happy with our progress to date and excited about how we can continue to leverage that discipline. AI is now embedded across many of our applications, and our focus to shift from experimentation to operational impact, deploying AI in specific workloads where it can drive measurable efficiencies, not just individual productivity gains We also continue investing in automation, as we gain efficiencies and create elevated opportunities for our comments.

我們的 80/20 計畫就是這種思維的良好例證；我們對目前的進展非常滿意，也期待能持續運用這項紀律。AI 現已嵌入我們許多應用之中，我們的重點正從實驗轉向營運影響，在特定工作負載中部署 AI，以帶來可衡量的效率提升，而不僅僅是個人生產力的增益。我們也持續投資自動化，在提升效率的同時，為我們的同仁創造更高層次的機會。

We're focused on acquiring companies in niche markets with sustainable competitive advantages. And in January, we completed our acquisition of LSI is a leading US manufacturer of standing seam metal roofing clips, components and retrofit systems that enhances our position in engineered building systems.

我們專注於收購在利基市場中具備可持續競爭優勢的公司。今年 1 月，我們完成對 LSI 的收購；LSI 是美國領先的立縫金屬屋頂夾具、零組件與翻新改造系統製造商，強化了我們在工程化建築系統領域的地位。

LSI's products are engineered into OEM certified route systems creating meaningful requalification requirements and high switching costs.

LSI 的產品被納入 OEM 認證的屋頂系統設計中，形成具意義的重新認證要求與高轉換成本。

We're very happy the LSI team is now part of Worthington. Our integration efforts are off to a good start, and we're excited about the growth prospects that we have together. At the core of the WPS and at the core of Worthington is our culture and our philosophy.

我們非常高興 LSI 團隊如今已成為 Worthington 的一員。我們的整合工作開局良好，並對雙方共同擁有的成長前景感到振奮。WPS 的核心、也是 Worthington 的核心，是我們的文化與理念。

Our company was founded and grew up in breaking the notion that people are our most important asset. Today, as visible as ever, our people power our success.

我們公司創立並成長於打破「人才是我們最重要資產」這一觀念的框架。如今比以往任何時候都更明顯的是，我們的人才驅動了我們的成功。

Part of our opportunity and our obligation as the US manufacturer is to invest in and develop the workforce in the future. This year, we launched our largest career accelerator program to date. For high school seniors spend 10 weeks developing career readiness on the shop floor and in the classroom.

作為美國製造商，我們的機會與責任之一，是投資並培育未來的勞動力。今年，我們推出迄今規模最大的職涯加速計畫。高中應屆畢業生將花 10 週時間，在產線現場與教室中培養職涯就緒能力。

And these young men and women completed the program, so have we certified manufacturing associate credential and a full-time job offer from us.

而這些年輕男女在完成該計畫後，將取得「認證製造助理」證照，並獲得我們提供的全職工作邀約。

Our teams do not seek recognition for its own sake, but it is gratifying when we are recognized by others. For instance, Newsweek recently named us one of America's greatest workplaces for culture, belonging and community for 2026.

我們的團隊並非為了獲得表揚而追求表揚，但當我們獲得外界肯定時，仍令人欣慰。例如，《Newsweek》近期將我們評選為 2026 年「美國最佳職場」之一，表彰我們在文化、歸屬感與社群方面的表現。

We're also named one of the world's most productive companies by LNS Research. While these awards do not independently drive our success, they reflect a group of talented individuals and teams doing things well in the right way. Teams like that are the time you build around and that makes you proud to come to work every day.

我們也被 LNS Research 評選為全球生產力最高的公司之一。雖然這些獎項本身並不會單獨驅動我們的成功，但它們反映了一群才華洋溢的個人與團隊，以正確的方式把事情做好。這樣的團隊值得你圍繞其建立組織，也讓你每天都為來上班而感到自豪。

Global events seem to be unfolding daily, and consequently, economic growth forecast for cloud. And we believe our value propositions continue to improve and to resonate with our customers. The demand in our end markets is steady and will grow as market conditions improve.

全球事件似乎每天都在發展，因此經濟成長預測變得不明朗。我們相信，我們的價值主張持續改善，並持續與客戶產生共鳴。我們終端市場的需求保持穩健，並將隨著市場狀況改善而成長。

Our strategies are solid, and we're executing well. As we approach the end of our fiscal year, we believe we're very well positioned to continue growing Worthington Enterprises and creating meaningful value for all of our stakeholders. I will now turn it over to Colin, who will take you through some details related to our financial performance in the quarter.

我們的策略穩健，且執行到位。隨著我們接近本會計年度尾聲，我們相信自己已處於非常有利的位置，能持續推動 Worthington Enterprises 成長，並為所有利害關係人創造具意義的價值。接下來我把時間交給 Colin，他將帶各位了解本季財務表現的部分細節。

Thank you, Joe, and good morning, everyone. We delivered strong financial results in Q3, recording GAAP earnings of $0.92 per share compared to $0.79 per share in the prior year period. The current quarter included $0.06 per share of restructuring and other nonrecurring items, primarily related to acquisition costs and the noncash amortization of a portion of the inventory step-up associated with our recent acquisition of LSI.

謝謝你，Joe，各位早安。我們在第三季交出強勁的財務成果，GAAP 每股盈餘為 0.92 美元，較去年同期的 0.79 美元成長。本季包含每股 0.06 美元的重整及其他非經常性項目，主要與併購成本，以及與近期收購 LSI 相關的部分存貨公允價值調增（inventory step-up）之非現金攤銷有關。

The prior year quarter included $0.12 per share of restructuring and other expenses. Excluding these items in both periods, adjusted earnings were $0.98 per share, up from $0.91 in the prior year quarter and marking our sixth consecutive quarter of year-over-year growth in adjusted EPS and adjusted EBITDA.

去年同期季度包含每股0.12美元的重組及其他費用。在兩個期間均排除這些項目後，調整後每股盈餘為0.98美元，高於去年同期季度的0.91美元，並標誌著我們調整後EPS與調整後EBITDA已連續第六個季度實現年對年成長。

Consolidated net sales for the quarter were $379 million, up 24% compared to $305 million in the prior year quarter. The increase was driven by higher overall volumes in both building and consumer products, combined with the impact of recent acquisitions, which contributed $32 million in net sales for Q3.

本季度合併淨銷售額為3.79億美元，較去年同期季度的3.05億美元成長24%。成長主要由建築與消費產品兩大業務的整體銷量提升所帶動，並疊加近期收購的影響；收購在第三季貢獻了3,200萬美元的淨銷售額。

Excluding the impact of acquisitions, net sales increased $42 million or 14% over the prior year quarter. Gross profit increased to $109 million from $89 million in the prior year quarter. Gross margin was 28.9% compared to 29.3% a year ago, with a modest contraction, primarily reflecting the purchase accounting impact of the inventory step-up at LSI.

若排除收購影響，淨銷售額較去年同期季度增加4,200萬美元或14%。毛利由去年同期季度的8,900萬美元增加至1.09億美元。毛利率為28.9%，較一年前的29.3%略為收縮，主要反映LSI存貨增值（inventory step-up）的購買會計影響。

Adjusted EBITDA increased to $85 million from $74 million in the prior year quarter, with an adjusted EBITDA margin of 22.3%. On a trailing 12-month basis, adjusted EBITDA increased $54 million or 22% to $297 million compared to $243 million in the prior year TTM period.

調整後EBITDA由去年同期季度的7,400萬美元增加至8,500萬美元，調整後EBITDA利潤率為22.3%。以過去12個月（TTM）計，調整後EBITDA較去年同期TTM期間增加5,400萬美元或22%，達2.97億美元（去年為2.43億美元）。

This performance reflects the strength of our differentiated portfolio and the positive impact of the Worthington Business System supporting improved operating discipline and sustainable earnings growth, both organically and through acquisitions.

此表現反映我們差異化產品組合的實力，以及Worthington Business System所帶來的正面影響，支持更佳的營運紀律與可持續的獲利成長，無論是有機成長或透過收購。

Turning to our cash flow and capital allocation. Our focus remains funding growth through acquisitions and reinvesting in our business while returning excess cash to shareholders via dividends and share repurchases.

接著談現金流與資本配置。我們的重點仍是透過收購為成長提供資金、再投資於業務，同時透過股利與庫藏股回購將多餘現金回饋股東。

Capital expenditures totaled $14 million in the quarter, including $4 million related to our facility modernization project in consumer products. We returned capital to shareholders through $9 million in dividends and the repurchase of 100,000 shares of our common stock.

本季度資本支出合計1,400萬美元，其中400萬美元與我們消費產品的廠房現代化專案相關。我們透過900萬美元股利以及回購10萬股普通股向股東返還資本。

Our joint ventures continue to deliver strong cash generation, providing $35 million in dividends during the quarter, representing 113% of equity income. Operating cash flow was $62 million in the quarter, and free cash flow was $48 million. On a trailing 12-month basis, free cash flow is now $164 million, representing a 95% free cash flow conversion rate relative to adjusted net earnings.

我們的合資企業持續帶來強勁的現金創造能力，本季度提供3,500萬美元股利，相當於權益法收益的113%。本季度營運現金流為6,200萬美元，自由現金流為4,800萬美元。以過去12個月計，自由現金流目前為1.64億美元，相對於調整後淨利的自由現金流轉換率為95%。

Our free cash flow reflects elevated capital expenditures associated with our facility modernization projects, which totaled roughly $27 million over the TTM period. We have roughly $25 million of modernization spend remaining.

我們的自由現金流反映了與廠房現代化專案相關的較高資本支出，TTM期間合計約2,700萬美元。我們尚有約2,500萬美元的現代化支出待投入。

The modernization project is on track and on budget, and we expect to complete it by mid-fiscal year 2027. After this investment is complete, capital expenditures should return to more normalized levels, supporting continued healthy free cash flow conversion over time. Turning to our balance sheet and liquidity.

現代化專案進度如期且符合預算，我們預期將於2027財年年中完成。完成此項投資後，資本支出應可回到較正常水準，並隨時間推進支持持續健康的自由現金流轉換。接著談資產負債表與流動性。

We closed the quarter with net debt of $306 million, resulting in a net debt to trailing adjusted EBITDA ratio of approximately 1 times. Our leverage remains conservative, and we maintain ample liquidity with $495 million of availability under our revolving credit facility at quarter end, providing significant financial flexibility.

本季度末我們的淨負債為3.06億美元，使淨負債對過去12個月調整後EBITDA比率約為1倍。我們的槓桿水準仍偏保守；季度末循環信用額度下可用額度為4.95億美元，流動性充裕，提供顯著的財務彈性。

Yesterday, our Board of Directors declared a quarterly dividend of $0.19 per share payable in June 2026. Let me now turn to our segment performance. Building Products delivered another solid quarter, reflecting the quality of our business and the efforts of our teams.

昨日，我們董事會宣告每股0.19美元的季度股利，將於2026年6月支付。接下來我談各事業部表現。建築產品本季再度交出穩健成績，反映我們業務的品質以及團隊的努力。

We are pleased to close the LSI acquisition in mid-January, expanding our offering in the building envelope and are excited to welcome LSI's team to Worthington. Q3 net sales grew 36% year-over-year to $224 million, up from $165 million in the prior year quarter. Growth was driven by higher overall volumes and contributions from acquisitions, which contributed $32 million in net sales.

我們很高興於1月中旬完成LSI收購，擴大我們在建築外殼（building envelope）的產品供給，也很期待歡迎LSI團隊加入Worthington。第三季淨銷售額年對年成長36%至2.24億美元，高於去年同期季度的1.65億美元。成長由整體銷量提升及收購貢獻所帶動，收購貢獻了3,200萬美元的淨銷售額。

Excluding acquisitions, net sales increased 16% year-over-year reflecting strong organic growth across multiple value streams, in particular, our water and cooling construction businesses. Adjusted EBITDA for the quarter was $59 million compared to $53 million in the prior year quarter, with an adjusted EBITDA margin of 26.3%.

若排除收購，淨銷售額年對年成長16%，反映多個價值流的強勁有機成長，尤其是我們的水務與冷卻建築業務。本季度調整後EBITDA為5,900萬美元，去年同期季度為5,300萬美元，調整後EBITDA利潤率為26.3%。

The $6 million increase was driven by improved performance in our wholly owned businesses, including approximately $5 million from recent acquisitions, partially offset by lower combined equity earnings from our joint ventures.

增加的600萬美元主要來自我們全資業務表現改善，其中約500萬美元來自近期收購；部分被合資企業合計權益法收益下降所抵銷。

Wave continues to perform well, delivering year-over-year growth and contributing $27 million in equity earnings, while Part D trick results were lower year-over-year in a challenging nonresidential construction environment. ClarkDietrich contributed $6 million compared to $9 million last year and improved modestly sequentially from Q2.

Wave持續表現良好，實現年對年成長並貢獻2,700萬美元的權益法收益；而在具挑戰性的非住宅建築環境下，Part D trick的結果年對年較低。ClarkDietrich貢獻600萬美元，低於去年的900萬美元，且較第二季略有改善。

Our integration plans for Elgen and LSI are on track, and the Building Products team remains well positioned to continue to deliver value as we move forward. Consumer Products achieved strong sales and earnings growth in the quarter, driven by the strength of our brands, disciplined execution and continued demand across key categories.

我們對Elgen與LSI的整合計畫進展順利，建築產品團隊仍具備良好定位，能在未來持續創造價值。消費產品本季度在品牌實力、紀律執行以及主要品類需求持續的帶動下，實現強勁的銷售與獲利成長。

Net sales in Q3 were $155 million, up 11% over the prior year quarter, driven by improved volumes and higher average selling prices. The (inaudible) continues to perform well, showing its agility with expanded retail placement paired with innovations like the Balloon

第三季淨銷售額為1.55億美元，較去年同期季度成長11%，主要由銷量改善與平均售價提高所帶動。(聽不清)持續表現良好，透過擴大零售通路鋪貨並搭配如Balloon等創新，展現其靈活性

Time Mini. Adjusted EBITDA margin increased -- sorry, adjusted EBITDA increased to $35 million from $29 million in Q3 a year ago, with margins expanding to 22.9% from 20.5%. The consumer team is poised to continue delivering value-added solutions that strengthen our customer relationships and position the business for sustainable growth moving forward. We delivered strong financial results in Q3.

Time Mini。調整後EBITDA利潤率增加——抱歉，調整後EBITDA由去年第三季的2,900萬美元提升至3,500萬美元，利潤率由20.5%擴大至22.9%。消費產品團隊已蓄勢待發，將持續提供具附加價值的解決方案，以強化客戶關係並使業務在未來具備可持續成長的定位。我們在第三季交出強勁的財務成果。

Our differentiated product solutions and disciplined execution, leveraging the Worthington Business System are driving stronger operations, solid cash flow and returns and resilient earnings growth, both organically and through acquisitions. At this point, we're happy to take any questions.

我們差異化的產品解決方案與紀律執行，並運用Worthington Business System，正推動更強的營運表現、穩健的現金流與報酬，以及具韌性的獲利成長，無論是有機成長或透過收購。接下來我們很樂意回答任何問題。

(Operator Instructions)

(接線員指示)

Dan Moore, CJS Securities.

Dan Moore，CJS Securities。

Good morning. This is Will on for Dan. 14% more than -- 14% organic revenue growth in the quarter, very strong. Can you talk about volume versus price? Was price much of a factor for either building products or consumer products?

早安。我是Will，代Dan提問。本季度有機營收成長14%，非常強勁。能否談談銷量與價格的貢獻？對建築產品或消費產品而言，價格是否是重要因素？

Yeah, good question, Will. So we're very pleased on the organic growth rate overall, 14% organic, which you mentioned, Building Products was up 16%. And organically, that's the second quarter in a row, Building Products up 16% organically. Consumer was up 11%.

是的，Will，問得好。我們對整體14%的有機成長率非常滿意，如你所提，建築產品有機成長16%。而且就有機而言，這已是連續第二個季度建築產品有機成長16%。消費產品成長11%。

It was a mix of different factors there across the different value streams. Volume played a key role. Pricing played as well there. But overall, we continue to think about where we're heading organically in terms of the margins. We're trying to get to 30%, and we've been in the high 20s over the past couple of quarters.

在不同價值流之間，驅動因素是多元組合。銷量扮演了關鍵角色。定價也有所貢獻。但整體而言，我們持續思考有機成長下的利潤率走向。我們目標是達到30%，而過去幾個季度我們一直在接近30%的高20%區間。

We continue to try to make progress toward that 30% gross margin range. And then just as important is making sure we control our SG&A and getting that below 20% as a percent of sales.

我們會持續努力朝著30%毛利率區間取得進展。同樣重要的是，確保我們能控制SG&A（銷售、一般及行政費用），並將其占銷售額的比例降到20%以下。

So a number of value streams were up from a volume and then some were up from a pricing standpoint. I talked about in Consumer Products, just volume and higher average selling prices. So the pricing factor was there more than others.

因此，有若干價值流在出貨量方面有所成長，另外一些則是在定價方面有所提升。我在消費性產品部分提到，主要是出貨量增加以及平均售價提高。所以定價因素在那裡的影響比其他部分更明顯。

Yeah, and Will, it's Joe. The only thing I would add is that volumes are definitely increasing at the same and as Colin mentioned, there are some pricing guidance in there as well. What sometimes gets lost is the benefits from the new products and NPD that we're seeing in the organic growth side. We talked about Balloon Time.

是的，Will，我是Joe。我唯一想補充的是，出貨量確實在增加；同時如Colin所提到的，裡面也包含一些定價指引。有時候容易被忽略的是，我們在有機成長面向看到的新產品與NPD（新產品開發）所帶來的效益。我們談到了Balloon Time。

Their store count is up 64% from a year ago. They're in 55,000 stores. That's driving a lot of growth. And then we talked about the SME in data centers. That's just not us raising price.

他們的門市數量較一年前增加了64%。他們進入了55,000家門市。這正在帶動大量成長。然後我們也談到資料中心的SME。那不只是我們調漲價格而已。

We're having more volume of the same thing. That's having new products that are available to either defend our existing businesses to increase the moat around our businesses or candidly to appeal to new customers and we're having success with all three, which makes us pretty happy and pretty optimistic about the future.

我們同樣產品的出貨量正在增加。這也包括推出新產品：一方面可用來捍衛既有業務、加深我們業務的護城河；坦白說，也能吸引新客戶。我們在這三方面都取得成功，這讓我們非常開心，並對未來相當樂觀。

Thank you. That's super helpful. And looking forward, can you add some color on the type of organic growth you're expecting to generate in Q4 and over the next few quarters and if you could break it out by building products and consumer products in the JVs? Thank you.

謝謝。這非常有幫助。展望未來，能否請你補充一些細節，談談你們預期在第四季以及接下來幾個季度可帶來的有機成長類型？如果可以的話，也請按合資企業（JVs）中的建築產品與消費性產品分開說明。謝謝。

Yeah, that sounds suspiciously like giving guidance, so we're not going to be able to do that. But we do believe that a lot of the sort of trends that we have been seeing will continue. We're always mindful in our businesses that there are pockets of strength One of the things that really makes us feel good about our business is that we do have businesses and end markets that are influenced by different things.

是的，這聽起來很像是在提供財測指引，所以我們沒辦法這麼做。但我們確實相信，我們一直看到的許多趨勢將會延續。我們在各項業務中一向保持警覺，因為市場存在一些強勢區塊。我們對業務感到很有信心的一點是，我們確實擁有受不同因素影響的業務與終端市場。

We're not over-indexed to a certain vertical or a certain industry. And so yes, we'll continue to drive organic growth as we optimize and grow the business, and we're certainly always looking for opportunities to grow through acquisitions as well.

我們並沒有過度集中在某一個垂直領域或某一個產業。因此，是的，當我們優化並擴張業務時，會持續推動有機成長；同時我們也一直在尋找透過併購來成長的機會。

Brian Biros, Thompson Research Group.

Brian Biros，Thompson Research Group。

Hi, good morning. This is Steven Ramsey on for Brian. The comment on the tank business into data center, certainly an interesting topic and one that our channel checks point to stunningly bright picture for this segment over the next year or two at least. I'm curious on two fronts there.

嗨，早安。我是Steven Ramsey，代替Brian發言。關於儲槽業務切入資料中心的評論，確實是個有趣的主題；而我們的通路調查顯示，至少在未來一到兩年，這個細分市場的前景非常亮眼。我有兩個面向想請教。

Number one, how the pipeline is forming and your visibility into that demand for new data centers? And then secondly, is there much opportunity now or that's coming in the retrofit side of existing data centers?

第一，需求管線是如何形成的？你們對新資料中心需求的能見度如何？第二，現有資料中心的改造（retrofit）端，現在或未來是否也有很大的機會？

Steven, it's Joe. Great question. For a lot of our value streams, data centers are an important and growing end market, Wade, Cartatric, Elgin, Heli and Amtrol, which is our water business, to name a few. Specifically on the water side, on the SME side of the business, the cooling tanks that we provide are gaining significant traction as data centers increasingly embrace liquid cooling and there are lots of things from chipsets and things like that, that are driving that dynamic.

Steven，我是Joe。問得很好。對我們許多價值流而言，資料中心是重要且正在成長的終端市場，例如Wade、Cartatric、Elgin、Heli，以及我們的水務業務Amtrol等。特別是在水務端、SME業務方面，我們提供的冷卻水箱正獲得顯著的市場動能，因為資料中心愈來愈採用液冷；而晶片組等多項因素正在推動這個趨勢。

For us, our business this year will probably triple importantly, next year, we see additional incremental growth. And we honestly don't think it's a year or two, we think in several years. We also don't think it's all coming at once because when you look at the announced data centers and the announced changes, there is a lag between those announcements and then when things get built.

對我們而言，今年這項業務的規模很可能會成長到三倍；更重要的是，明年我們仍看到額外的增量成長。而且我們坦白說不認為這只是一到兩年的趨勢，我們認為會持續好幾年。我們也不認為會一次性全部到位，因為從已宣布的資料中心與相關變更來看，從宣布到實際建置之間存在時間落差。

And certainly, when our solutions become part of the overall construction project. And so visibility-wise, we continue investing in people and process and engineering capability.

當然，也包括我們的解決方案被納入整體建設專案的時點。因此在能見度方面，我們持續投資於人才、流程與工程能力。

And so we feel really good about that business for the foreseeable future. It's not just in the tax side of the business. I mentioned we have lots of other businesses that are benefiting from exposure and solutions to do in the data center.

所以我們對這項業務在可預見的未來感到非常有信心。而且不僅僅是儲槽（tank）這一端的業務。我提到過，我們還有許多其他業務也因為在資料中心領域的曝險與解決方案而受益。

We also don't want to overindex today centers either, it's not like this is half of our revenue, but it is growing, and we feel really good about it, and we feel good about the investments that we have made that have led to our success thus far and that we're continuing to make.

我們也不希望在資料中心上過度集中；這並不是說它占我們營收的一半，但它確實在成長，我們對此非常有信心。

That's great color. It all makes sense. And maybe a follow-on question on the same topic. How do you feel about your capacity producing all the various products that go into data centers? And how do you think about managing that capacity given the outlook for multiple years is so bright?

這些說明很有幫助。一切都很合理。我想就同一主題再追問一題。你們對於生產各種用於資料中心產品的產能狀況感覺如何？在未來多年的展望如此亮眼的情況下，你們如何思考與管理這些產能？

Yeah, that's a great question. And certainly, we're not the only company that needs to sort that out as the entire supply chain and ecosystem around data centers continues to be pretty dynamic. From our perspective, we continue to feel like we have capacity and we can grow and we have the ability to continue to think about the best ways to make sure that we are engineering these products and getting them into the hands of our customers on an efficient basis.

是的，這是個很好的問題。而且我們當然不是唯一需要釐清這件事的公司，因為資料中心周邊的整體供應鏈與生態系仍相當動態。就我們而言，我們仍認為目前有產能、也能擴充，並且有能力持續思考最佳方式，確保我們能有效率地完成這些產品的工程設計，並把產品交到客戶手上。

Okay. That's helpful. And then last quick one for me. One of the topics from the recent war issues is helium shortages, I'm curious if this is any impact for you guys?

好的。這很有幫助。最後再快速問一題。近期戰爭相關議題之一是氦氣短缺；我想了解這是否會對你們造成任何影響？

Yeah, and it's a great question. In the near term, as a domestic sort of supplier of what we do, our sources of helium are also domestic. And so never say never, but right now, I think we're in good shape.

是的，這也是個好問題。短期來看，作為我們所做產品的國內供應商，我們的氦氣來源也同樣在國內。所以凡事都不能說絕對，但就目前而言，我認為我們狀況良好。

Okay, that's great.

好的，很好。

Walt Liptak, Seaport Research Partners.

Walt Liptak，Seaport Research Partners。

Hi, thanks. Good morning. Great quarter, guys. I wanted to do some follow-ons to the data center question that was just asked. You ran through a couple of businesses Wave, LSI, Amtrol. And I think there might have been another one that have exposure to data center.

嗨，謝謝。早安。本季表現很棒，各位。我想針對剛才被問到的資料中心問題再延伸追問幾點。你們提到了幾個業務：Wave、LSI、Amtrol。我想可能還有另一個也有資料中心曝險的業務。

I wonder if you could maybe talk about them collectively, how much revenue is there today? How much, what's the growth rate on all of those? And what do you think your best opportunity is from those multiple spots where you can go after data center projects.

我想請你們或許可以把它們合在一起談：目前這些業務合計的營收規模是多少？它們的成長率大概是多少？以及在這些多個切入點中，你們認為追逐資料中心專案的最佳機會在哪裡？

Well, so, as Joe mentioned, we play in a number of different verticals, different businesses to support the growth there. With Wave, it's more of the structural grid and then containment and they have really solid teams in place and capabilities to capture the demand that they're seeing there, which is fast and growing and feel really good about that.

嗯，正如Joe提到的，我們在多個不同的垂直領域、不同的業務中布局，以支援那裡的成長。以Wave而言，主要是結構格柵（structural grid）以及圍護（containment）；他們已建立非常扎實的團隊與能力，能夠掌握他們所看到的需求，而那個需求快速且正在成長，我們對此感到非常有信心。

ClarkDietrich, more on the structural side, the products that they provide. They're seeing increased volume there and they're able to capture that and feel really good there. On Elgen, we've talked about it with HVAC components and then struck products.

ClarkDietrich，在結構端方面，他們所提供的產品。他們那邊的出貨量正在增加，而且他們能夠掌握住這些需求，並且對那邊的表現感到非常樂觀。至於 Elgen，我們談過它與 HVAC（暖通空調）零組件以及沖壓產品相關。

They've seen big increases in their demand over the past couple of years related to data centers and then on LSI, the metal roofing clips. So they're all growing quickly within each of these businesses. I mentioned last quarter, it's less than 10% of each of these businesses individually, but in all cases, it's the fastest-growing area of these businesses.

過去幾年，他們的需求因資料中心而大幅增加；另外在 LSI（金屬屋頂固定夾）方面也是如此。因此，這些業務各自都在快速成長。我在上季提到過，單看每一個業務，這部分占比都不到 10%，但在所有情況下，這都是各業務中成長最快的領域。

So I would expect that to continue moving forward based on what we can see. Each of these businesses in different ways. They're either making small investments in just resources to help capture the demand and in some cases, small investments in equipment to make sure we can capitalize on the solutions that the data centers need.

所以，根據我們目前所看到的情況，我預期這個趨勢未來會持續。這些業務各自以不同方式推進。他們要嘛是在資源上做小幅投資以協助承接需求；在某些情況下，也會小幅投資設備，以確保我們能把握資料中心所需要的解決方案。

So Joe talked about our water business with Amtrol, and we're excited about that opportunity. And our teams are just setting up their strategy to make sure we can capitalize on this moving forward. So we feel really good about that and touches a number of businesses, and the teams are focused there for sure.

所以 Joe 談到了我們與 Amtrol 相關的水務業務，我們對這個機會感到很興奮。我們的團隊也正在制定策略，確保未來能夠把握這個機會。因此我們對此非常有信心，這也會觸及多個業務，而團隊確實正聚焦在這裡。

Okay. Great. Okay. I'll change gears here and go into maybe just one, the during the quarter, we had the situation in the Middle East change with US Iran, it didn't seem like it had much of an impact that was negative because the results were really good, especially the organic growth. But did you see any customer behaviors change in February, March? And how are things trending towards the end of March?

好的。很好。好的。我換個話題，談一個問題：本季期間，中東局勢因美國與伊朗而出現變化；看起來似乎沒有造成太多負面影響，因為結果非常好，尤其是有機成長。但你們在 2 月、3 月有看到任何客戶行為的改變嗎？而在 3 月底附近，趨勢如何？

Sure, so yeah, the Middle East specifically, well, things are pretty fluid at the end of last week, things look a certain way. And this week, they look a bit more optimistic from the standpoint of getting the Strait of Hormuz open and getting goods and oil flowing to the world. It's a little difficult to forecast any tangible impacts that a prolonged closure would have beyond the obvious, which is the interruptions of global shipping are inflationary, and that just is what it is.

當然。是的，就中東而言，情勢相當多變；上週末的情況看起來是某個樣子。而這週從荷姆茲海峽能否重新開放、讓貨物與原油輸往全球的角度來看，似乎又更樂觀一些。要預測若長期封鎖會帶來哪些具體影響有點困難；除了顯而易見的一點：全球航運中斷會推升通膨，這就是現實。

So specifically, energy costs are up, including oil, diesel, natural gas and other derivatives, that's true globally this will have an impact on everybody, whether it's trucking, ocean freight or anything else. There are other inputs that come out of the Middle East. So those will be impacted.

因此，能源成本確實上升了，包括原油、柴油、天然氣及其他衍生品；這在全球都成立，會影響所有人，不論是卡車運輸、海運運費或其他任何環節。中東也供應其他投入品。因此那些也會受到影響。

And then specifically to us, our European LPG business had some customers in the Middle East. And right now, we're unable to ship to those customers. So we're certainly hopeful that the situation gets resolved sometime in the near future.

再具體到我們，我們在歐洲的 LPG（液化石油氣）業務有一些客戶在中東。目前我們無法向那些客戶出貨。因此我們當然希望情勢能在不久的將來獲得解決。

But I would say, first of all, we're not at all over-indexed to the Gulf or oil prices generally, since we're predominantly a US manufacturer, but we will take steps to mitigate potential headwinds or price increases with fuel or as they present themselves to us.

但我想先說，我們並沒有對海灣地區或一般油價有過度曝險，因為我們主要是美國製造商；不過，當燃料成本上升或其他逆風出現時，我們會採取措施來降低其影響。

Okay. Great. And then kind of along those same lines in the Consumer Products segment, the it looks like a really nice quarter. I wonder if you could talk about inventories, market share. You talked already about the selling price increases, but it seems did they take their inventories down too low, and they're just coming -- bringing them back up to a normal level and you mentioned Balloon Time market share gains? Are there other market share gains as a US manufacturer that's helping the organic revenue?

好的。很好。接著在消費品事業部這邊，看起來本季表現非常不錯。我想請你談談庫存與市占。你已經提到售價調漲，但看起來他們是否把庫存降得太低，現在只是把庫存補回正常水位？你也提到 Balloon Time 的市占提升。作為美國製造商，是否還有其他市占提升在推動有機營收？

Yeah, well, so as you said, consumer had a fantastic quarter. They were up 11% growth organically and a number of factors there, the Celebrations business, our Balloon Time business, volume was up there as we've continued to gain share, gain new placements and layer on innovation.

是的，如你所說，消費品本季表現非常出色。有機成長達 11%，背後有多項因素：Celebrations 業務、我們的 Balloon Time 業務，隨著我們持續提升市占、取得新的上架/陳列位置並疊加創新，該業務的銷量有所增加。

So a lot of initiatives working well there and compounding on each other for good results on the Celebrations category. Our outdoor business, volumes were up, and we were able to capitalize on demand there. The tools businesses continue to perform okay, not up significantly, not down significantly. And we talked about some of the demand drivers within kind of repair and remodel activity that are key factors there.

因此，許多措施在那裡運作良好，彼此相互加乘，讓 Celebrations 品類取得良好成果。我們的戶外業務銷量也上升，並且能夠把握那邊的需求。工具業務持續表現尚可，沒有顯著上升，也沒有顯著下滑。我們也談到了一些需求驅動因素，主要來自維修與翻新活動，這些是關鍵因素。

But margins for consumer, they were up 240 basis points year-over-year versus the prior year quarter. That was factors I mentioned, higher volumes, improved pricing, favorable mix and really good Q3 overall. Q3 and Q4 are seasonally strongest quarters in consumer products, but we don't see any sign of overstocking from an inventory perspective at our retailers, so feel good about just the demand dynamics there and things to come Q3 being our strongest quarter typically.

但就消費品的毛利率而言，較去年同期提升了 240 個基點。原因就是我提到的那些因素：更高的銷量、更好的定價、有利的產品組合，以及整體非常強勁的第三季表現。第三季與第四季在消費品業務上具有季節性、通常是最強的季度；但從零售商的庫存角度來看，我們沒有看到任何過度備貨的跡象，因此對需求動能以及接下來的表現感到樂觀——第三季通常是我們最強的一季。

Okay, great. Okay, thanks so much.

好的，很好。好的，非常感謝。

Susan Maklari, Goldman Sachs.

Susan Maklari，高盛。

Good morning everyone.

各位早安。

Hey, good morning, Susan.

嗨，早安，Susan。

Can you hear me okay?

你們聽得到我嗎？

Yeah,

聽得到。

Okay. Perfect. I wanted to talk a bit about the state of the consumer, where going to have happened and going on in the world are you seeing any change as you think about the spring and just how you're seeing inventories and positioning, especially around the new products and all that momentum that you're seeing?

好的。太好了。我想談談消費者狀況。考量到世界上已經發生與正在發生的事情，當你們展望春季時，是否看到任何變化？以及你們如何看待庫存與佈局，特別是圍繞新產品以及你們所看到的所有動能？

Sure. So to say the consumer generally for us, consumer -- for our Consumer business, again, we're not broadly correlated with overall consumer trends that a lot of people focused on many of our consumer products are actually geared towards contractors or for professionals.

當然。先說整體消費者：就我們而言、就我們的消費品業務而言，我們與許多人關注的整體消費趨勢並非高度相關，因為我們許多消費品其實是面向承包商或專業人士。

And in those value streams and demand is actually more akin to what you might see in building products, which is stable steady conditions with a little bit of growth in more traditional consumer focused value streams, our products are a lot of times used to elevate the experiences that people are having as they replace more expensive experiences. And so our demand tends to be a bit more resilient than in other categories that you might see in consumer. From an inventory perspective, we're relatively steady.

在那些價值鏈中，需求其實更接近你在建材產品中看到的情況：穩定、平穩的環境並帶有些許成長；而在較傳統、以一般消費者為主的價值鏈中，我們的產品很多時候是用來提升人們的體驗，尤其是在他們以較便宜的體驗替代更昂貴體驗時。因此，我們的需求往往比你在其他消費品類別中看到的更具韌性。就庫存而言，我們相對穩定。

We approached the winter season with tape and gas and in a pretty good spot, and we partnered really well with our retail customers, and they exited Q3 in a pretty good spot, and we don't believe that there kind of over-indexed or that the channel is overly full.

我們以膠帶與瓦斯產品迎接冬季旺季時，狀態相當不錯；我們也與零售客戶合作得非常好，他們在第三季結束時的庫存水位也相當健康；我們不認為他們有過度偏重備貨，或通路庫存過滿。

But the other dynamic, Susan, I'd point out is that we do continue to benefit from the innovation. We've opened new doors in gaining share. We talked about the things that are happening with Balloon time. It's also true in the tools business.

但另外一個動態，Susan，我想指出的是，我們確實持續受惠於創新。我們透過提升市占打開了新的通路與客戶。我們談到 Balloon Time 的進展。在工具業務上也是如此。

And overall, we've got a lot of things that probably won't launch in the next quarter, but over the next year, we've got a number of new products that are also coming to market that we feel pretty good about.

整體而言，我們有很多項目可能不會在下一季推出，但在未來一年內，我們有多款新產品也將上市，對此我們感覺相當不錯。

Yeah, okay, that's great color. Can you also talk a bit about the JVs. It seems like obviously, with the macro coming through, you're still seeing some of those pressures in ClarkDietrich but can you give us an update on how the things are moving there and also within way how you're seeing the dynamics and part of the business? And any other relates to feel versus pricing that you put for earlier this year?

是的，好，這些補充說明很有幫助。你也可以再談一下合資企業（JV）嗎？看起來很明顯，隨著總體環境的影響傳導，你們在 ClarkDietrich 仍然看到一些壓力；但你能否更新一下那邊的進展情況，以及在 Wave 方面你們如何看待其業務動態與組成？另外，還有任何與今年稍早你提到的「出貨量相對於定價」相關的補充嗎？

Sure. So Susan, I think I understood your question. You're echoing quite a bit. But I think what your question is around the JVs and a lot of the dynamics there and so I'll give it a shot, but if I miss anything that you're asking about, make sure you remind me.

當然。Susan，我想我理解你的問題。你這邊回音有點大。但我認為你的問題是關於合資企業以及其中許多動態，所以我會試著回答；如果我漏掉你問的任何部分，請務必提醒我。

But take our first, it's a great business. They are a market leader, but they're operating in a pretty tough environment. That environment will improve over time as market conditions allow. They improved sequentially in Q3. We do expect them to be relatively flattish to that number in Q4.

先談我們的第一個（合資）業務，它是一個很棒的事業。他們是市場領導者，但目前所處的環境相當艱難。隨著市場條件允許，這個環境會隨時間改善。他們在第三季（Q3）較前一季有所改善。我們預期第四季（Q4）相對於第三季的水準大致持平。

But as we kind of look out and we think about interest rates and uncertainties and the headwinds, this is the period where the team at ClarkDietrich is operating exceptionally well and they have leaned out their processes. They have learned an awful lot about sort of how to deal with different challenging environments that their customers are having there.

但當我們往前看，並思考利率、不確定性與逆風時，這正是 ClarkDietrich 團隊表現得特別出色的時期；他們已精實化流程。他們也學到了很多，了解如何因應客戶所面臨的各種具挑戰性的環境。

I think their customers are feeling better about them than they have in quite a while, and they've really prioritized do business with ClarkDietrich. And so we've got one more, I think, challenging comp for ClarkDietrich, but thereafter, we expect them to continue to do all the things that they're doing, and they'll increasingly contribute to EBITDA growth over the course of time and certainly getting into fiscal '27.

我認為他們的客戶對他們的感受，比相當長一段時間以來都更好，而且他們確實把「與 ClarkDietrich 做生意」列為優先。因此，我們認為 ClarkDietrich 還會有一次較具挑戰性的比較基期；但之後，我們預期他們會持續把目前正在做的事情做好，並且隨著時間推進，對 EBITDA 成長的貢獻會愈來愈大，尤其是進入 2027 財年。

And Wave, as you know, it continues to be a great business with the commercial market being having less opportunities to grow, although we are starting to see some green shoots there. We continue to see strength there in data centers, in health care and education, the verticals and people talk a lot about data centers and their data centers generally are representing a lot of the growth that's available in consumer -- I'm sorry, in commercial. But that will ultimately change.

至於 Wave，如你所知，它仍然是一個很棒的事業；商用市場的成長機會較少，雖然我們開始看到一些復甦的跡象。我們在資料中心、醫療保健與教育等垂直領域仍持續看到強勁表現；大家談資料中心談得很多，而資料中心通常代表商用市場中可取得的大部分成長——抱歉，我是說在商用領域。但這最終會改變。

And so when those markets turn and get better, the entire industry, I think, is poised to grow. They continue to do a fantastic job on their own with MPD. That's a great management team and a great leadership team and our partner at Armstrong. We're very happy with Wave and all the work that continues to go in there and a relatively flattish demand environment, they continue to do a fantastic job.

因此，當這些市場轉好、景氣改善時，我認為整個產業都已蓄勢待發、準備成長。他們在 MPD 方面也持續做得非常出色。那是一個很棒的管理團隊與領導團隊，我們在 Armstrong 的合作夥伴也同樣如此。我們對 Wave 以及持續投入的各項工作都非常滿意；在需求相對持平的環境下，他們仍然表現得非常好。

Okay. That color. I'm just going to squeeze one more which is the weather building products in the third quarter?

好的。這些補充說明很有幫助。我再擠一個問題：第三季天氣對建材產品（Building Products）的影響如何？

Again, great question. And so in Q3, whether it's actually a little bit of a mix bag for us. So the cold and the storms that the eastern half of the country experienced, those starting in December did drive demand for our gas and our other heating products.

同樣是個好問題。第三季天氣對我們而言其實有點好壞參半。美國東半部自 12 月開始經歷的低溫與風暴，確實帶動了我們瓦斯以及其他取暖產品的需求。

Those are used for emergency and supplemental heats and from cooking fuel in cases of emergency and lost power. At the same time, the cold and storms caused some delays on construction sites, which has an impact on a number of our businesses.

這些產品用於緊急與補充性取暖，也會在緊急狀況與停電時作為烹飪燃料。同時，低溫與風暴也造成工地延誤，進而影響我們多項業務。

We actually lost several production days in our Building Products facility in the Northeast and a couple in the Midwest because of those storms and in some cases, you can make up some of that production and shipping with some expenses over time.

實際上，我們在東北部的 Building Products 廠區因風暴損失了好幾個生產日；中西部也損失了幾天。

Sometimes you simply lose those days and a roughly 60-day shipping quarter, those kinds of disruptions aren't needle-moving by themselves, but they do matter and they can put some pressure on manufacturing and conversion costs. So overall, I would say that the weather as is seasonally normal, was a modest positive for us overall.

但有時候就是會直接損失那些天數；在一個大約 60 天的出貨季度裡，這類中斷本身不至於改變大局，但確實有影響，並可能對製造與加工轉換成本造成一些壓力。因此整體而言，我會說天氣如同季節性常態，對我們整體是小幅正面。

Okay, thank you.

好的，謝謝。

Good luck with the quarter.

祝你們本季順利。

(Operator Instructions).

（接線員指示）。

Dan Moore, CJS Securities.

Dan Moore，CJS Securities。

Hi, this is Will on again, just one more follow-up that I don't think was asked yet. Can you provide maybe more color and update on the LSI acquisition. How is performance and synergy realization tracking relative to expectations?

嗨，我是 Will，再追問一個我覺得還沒被問到的問題。你能否就 LSI 併購案提供更多補充與最新進展？其績效表現與協同效益的實現進度，相較於原先預期的追蹤情況如何？

Yeah, Will, thanks for the follow-up. So really excited about LSI. We closed it midway through the quarter. So there's really just about 6 weeks of results in the quarter, but meeting expectations so far. We're in early days of integration, but really, really excited about that business and the more we spend time with that team, the more is validating and our conviction increases for what we can do together. As a reminder, they're a leading player in commercial metal roofing clips.

好的，Will，謝謝你的追問。我們對 LSI 真的非常興奮。我們是在本季中段完成交割。因此本季大概只有約 6 週的業績貢獻，但目前為止符合預期。我們仍在整合的早期階段，但對這個業務非常、非常期待；而且我們與該團隊相處的時間越多，就越能驗證我們的判斷，也讓我們對雙方合作能做到的事情更有信心。提醒一下，他們是商用金屬屋頂固定夾（clips）的領先業者。

This was an attractive niche driven by the reroofing cycle and really strong margin profile and opportunities for us to really capitalize on coming together and making this business better under our ownership. So really excited about that. And lastly, the team there is such a good cultural fit with ours. So we enjoy spending time with them and look forward to the things we can do together. Thank you.

這是一個具吸引力的利基市場，受換屋頂（reroofing）週期帶動，且毛利率結構非常強；在我們整合之後，有很多機會讓我們充分發揮綜效，把這個業務在我們持有之下做得更好。所以我們對此非常期待。最後，那邊的團隊在文化上與我們非常契合。因此我們很享受與他們共事，也期待未來能一起完成的事情。謝謝。

Brian McNamara, Canaccord.

Brian McNamara，Canaccord。

Hey, good morning guys. Thanks for taking the question. I'm going to ask about tariffs and tariff advantages. So I'm curious where you guys stand in your tariff advantage product relative to peers on a market share basis or however kind of way you want to posit it.

嘿，各位早安。謝謝讓我提問。我想問關於關稅以及關稅優勢。我很好奇，你們在具關稅優勢的產品上，相對同業在市占率或任何你們想用的方式來表述，目前處於什麼位置？

I remember last quarter you guys said you needed to hire 40 more people at your plants to kind of meet increased demand for those products. And I think partly drove part of the gross margin degradation last quarter. So where are we as it relates to kind of the tariffs and kind of your perceived advantage there? Thanks.

我記得上季你們提到需要在工廠再增聘 40 人，以因應這些產品需求增加。而且我想這也部分導致上季毛利率下滑。所以就關稅以及你們所認為的優勢而言，我們目前進展到哪裡了？謝謝。

Sure. Brian, a lot has changed, but there has not been a lot of resolution around tariffs in the last couple of months. But from our perspective, we still think that we're a net beneficiary of the tariffs that are announced in place.

當然。Brian，很多事情都變了，但過去幾個月關於關稅並沒有太多明確的定案。不過從我們的角度來看，我們仍認為自己是已宣布並實施之關稅的淨受益者。

And as you know, in a lot of our value streams, we are the only domestic manufacturer of certain products. And so potential for competitors need to navigate the Section 232 tariffs, which was not an issue with the Supreme Court.

而且如你所知，在我們許多價值流程（value streams）中，我們是某些產品唯一的國內製造商。因此，競爭對手可能需要因應《232 條款》（Section 232）關稅；而最高法院對此並未構成問題。

So a level-playing field is always a good thing for us. We believe we have taken market share in multiple value streams and we did absolutely chat in December about the fact that we have added some manufacturing colleagues to meet demand in those businesses.

因此，公平競爭的環境對我們一向是好事。我們相信我們已在多個價值流程中取得市占；而且我們確實在 12 月談到過，我們已增聘一些製造端同仁，以滿足這些業務的需求。

And so we continue to feel like our solutions are resonating and that the competitive dynamic is such that we have the opportunity to compete on the merits and the value that we bring to our customers, and that makes us feel really good. We've talked about this, but we do have some tariffs impacts that are negative to us, whether it's commodity cost or certainly in the consumer business, the products that are manufactured overseas.

因此，我們持續感受到我們的解決方案正在引起共鳴，而競爭態勢也使我們有機會憑藉我們為客戶帶來的優勢與價值來競爭，這讓我們感覺非常好。我們談過這點，但關稅確實對我們有一些負面影響，無論是大宗商品成本，或是在消費者業務中，那些在海外製造的產品。

And so there's the three mitigants that we always leverage our asking our suppliers to partner with us and offset some of those additional costs. We could continue to try and leverage tools and take costs out of our own supply chains everywhere we can. And then if we need to we contemplate pricing actions.

因此，我們一向採取三項緩解措施：第一是要求供應商與我們合作，分擔並抵銷部分新增成本。第二是持續運用各種工具，盡可能在我們自身的供應鏈中降本增效。第三是如有需要，我們會考慮採取調價行動。

And we do feel like where we need to be in all three of those areas right now. And so if you think about aluminum and brass, there's also been talk of these various potential refunds and things like that. We actually don't think that those are going to happen anytime soon.

而我們也覺得，目前在這三個面向上都處於我們需要的位置。另外，談到鋁與黃銅，也有人提到各種可能的退稅與類似措施。我們其實不認為這些會在短期內發生。

It's just me personally, I'm not sure that the government is going to readily suggest that they want to give a couple of hundred billion dollars back and so there have been some states or some companies that have actually filed suits. But from that IEPA dynamic, we're going to wait and see how that plays out.

就我個人而言，我不太確定政府會輕易表示願意退還數千億美元，因此確實有一些州或一些公司已經提起訴訟。但就 IEPA 的態勢而言，我們會先觀望後續如何發展。

But yes, we continue to think about our business and what we can control, and our teams are doing a phenomenal job there and actually, Brian, if you think about it for a second, when we talk about our strategy in action, there are a few numbers that might help to tell the story.

不過，是的，我們仍持續思考我們的業務以及我們能掌控的事情，我們的團隊在這方面做得非常出色。其實，Brian，如果你稍微想一下，當我們談到策略落地時，有幾個數字或許能幫助說明這個故事。

The 9 months ended in Q3, we've grown our top line by $175 million in between increases in our gross margin and a decrease in our SG&A as a percentage of sales in that same nine month period. Our adjusted EBITDA margin is up 220 basis points in the wholly-owned businesses and so you've got a little bit of a decline contribution from the JVs.

截至第三季的前九個月，我們的營收增加了 1.75 億美元；同一九個月期間，我們的毛利率提升，同時 SG&A（銷售、一般及行政費用）占銷售額的比例下降。在全資業務中，我們的調整後 EBITDA 利潤率上升了 220 個基點，因此合資企業（JV）的貢獻略有下滑。

But overall, I think that's if you think about what our strategy really is, which is to optimize and grow our businesses and to keep our SG&A flat as we grow, as Colin mentioned, that's what we're seeing. And then the environment back to your tariffs question, the environment that we're in -- we believe it's steady and it's likely to continue this way, unless something unforeseen and look, there's a lot going on in the world that what we can see right now, we think steady as she goes from a demand perspective with some green shoots in some places that makes us pretty optimistic.

但整體而言，如果你思考我們的策略本質——也就是優化並成長我們的業務，並在成長的同時將 SG&A 維持持平，如 Colin 所提到的——這正是我們所看到的。再回到你關於關稅的問題，我們所處的環境——我們認為是穩定的，且很可能會維持這樣，除非出現某些不可預見的情況。你看，世界上確實有很多事情在發生，但就我們目前所能看到的，我們認為需求面大致維持穩定，且在某些地方出現一些回溫跡象，這讓我們相當樂觀。

Great. That's really helpful. I appreciate the color on the data centers, it's becoming a bigger topic for you guys and obviously, the market in general. I think when you guys split, it was a pretty small part of your business. I was hoping you guys could contextualize kind of where you are?

很好。這真的很有幫助。感謝你們補充資料中心的相關細節，這對你們來說正成為更大的議題，當然對整體市場也是如此。我想在你們拆分時，這在你們的業務中占比還很小。我希望你們能協助把目前的位置放在脈絡中說明一下？

I understand if you don't want to quantify per say. I think Colin mentioned it's less than 10% of some of your business lines. But like how big is it today on a qualitative or quantitative business? And how big do you think you can get over the next couple of years?

我理解如果你們不想具體量化。我想 Colin 提到在你們某些業務線中占比不到 10%。但就質性或量化而言，今天它有多大？以及你們認為未來幾年能成長到多大？

Yeah, Brian. So I'll start there and appreciate the question. I mean it's I think all we can say there is it's helping grow a number of our businesses and offsetting some softness in other markets. And then we're doing our best to develop strategies to support this demand. It's unique in each of these value streams.

好的，Brian。那我先從這裡開始，也謝謝你的提問。我的意思是，我想我們能說的是，它正在幫助我們多項業務成長，並抵銷其他市場的一些疲弱。同時，我們也盡最大努力制定策略來支撐這股需求。在各個價值鏈（value streams）中，情況各不相同。

And so I mentioned earlier, whether it's people or equipment or capabilities or partners, we are leveraging all of those tools to develop the best solutions to capture this demand. It is a focus of ours because we see the growth opportunity, but to Joe's point, we're not over-indexed to it by any means.

因此我先前提到，無論是人員、設備、能力或合作夥伴，我們都在運用所有這些工具來打造最佳解決方案，以掌握這股需求。這是我們的重點之一，因為我們看到了成長機會，但如 Joe 所說，我們絕非在這方面過度集中。

So we're trying to be smart about how we spend our time and resources, but it is an opportunity to capture more incremental growth for us and if things play out as we expect, the percentage share across these businesses will increase to data centers as we move forward and that's the best way we could characterize it on top of what Joe shared specifically about our Water business.

所以我們會聰明地分配時間與資源，但這確實是我們取得更多增量成長的機會；如果事情如我們預期發展，隨著我們往前推進，資料中心在這些業務中的占比將會提高。除了 Joe 先前特別分享的我們水務業務之外，這是我們能用來描述的最佳方式。

Yeah, and I mean, Colin did a really nice job of kind of trying to frame size-wise, what this is for us. I do think it will be bigger a year from now than it is right now. We have made investments. Our solutions are resonating, and we are developing.

是的，我的意思是，Colin 在嘗試從規模角度為我們界定這件事上做得非常好。我確實認為一年後它會比現在更大。我們已經進行了投資。我們的解決方案正在引起共鳴，而我們也在持續開發。

In some places, these are buildings and buildings need certain things. In other environments, these are very purpose-built buildings that need very specific things and so our solutions have been customized in a lot of cases. The other thing that people sometimes focus a lot on data centers, but data centers are, in fact, representing a lot of commercial construction.

在某些地方，這些是建築物，而建築物需要某些東西。在其他環境中，這些是高度目的性打造的建築，需要非常特定的配置，因此在很多情況下，我們的解決方案都做了客製化。另外一點是，人們有時會非常聚焦資料中心，但事實上，資料中心也代表了相當多的商業建築施工。

And so as commercial construction improves, generally speaking, right, volumes in a lot of these spaces will go up because commercial conditions normalize and you still have the data center growth that really, we expect to continue for five plus years. I think that will add a lot of specific activity around construction and retrofit.

因此，隨著商業建築景氣改善，一般而言，對吧，這些領域中的許多量能都會上升，因為商業狀況回歸常態；同時你仍有資料中心的成長，我們確實預期這將持續五年以上。我認為這會在新建與改造（retrofit）方面帶來大量特定的活動。

This concludes our question-and-answer session. I will now turn the call back over to Joe Hayek for closing comments.

問答環節到此結束。我現在把電話交回給 Joe Hayek 作結語。

Thanks everybody for joining us this morning. We appreciate your time. Have a great week. We look forward to speaking with everybody again soon.

感謝各位今天早上加入我們。我們感謝各位撥冗。祝各位本週愉快。我們期待不久後再次與各位交流。

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

今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。