Allient Inc (ALNT) 2024 Q1 法說會逐字稿

Greetings and welcome to Allient First Quarter Fiscal Year 2024 financial results conference call.

歡迎參加 Allient 2024 財年第一季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to your host, Craig Mychajluk, Investor Relations.

現在我想將電話轉給主持人投資者關係部門的 Craig Mychajluk。

Thank you, you may begin.

謝謝，你可以開始了。

Thank you and good morning, everyone for your time today as well as your interest in Allient Inc. (Inaudible) are Dick Warzala, President and CEO, and Jackson Trostle, our Corporate Controller are going to review our first quarter 2024 results and provide an update on the company's strategic progress and outlook, after which we'll open up for Q&A.

謝謝大家，早安，大家今天抽出寶貴的時間以及對Allient Inc. 的興趣。 (Jackson Trostle) 將審查我們2024 年第一季的業績，並提供有關公司戰略進展和前景的最新信息，之後我們將進行問答。

We have the financial results that were released yesterday after the market closed.

我們收到了昨天收盤後發布的財務業績。

If not, you can find it at our website at Allient.com, along with the slides that accompany today's discussion.

如果沒有，您可以在我們的網站 Allient.com 上找到它，以及今天討論中附帶的幻燈片。

No slides, please turn to slide 2 for the safe harbor statement where we may make forward-looking statements on this call during the formal discussion as well as during the Q&A.

沒有投影片，請參閱投影片 2 檢視安全港聲明，我們可能會在正式討論以及問答期間就本次電話會議做出前瞻性聲明。

Part of future events that are subject to uncertainties as well as other factors that could cause actual results to differ materially from what is stated on today's call.

部分未來事件受到不確定性以及其他因素的影響，可能導致實際結果與今天電話會議中所述的結果有重大差異。

Certainties and other factors are discussed in the earnings release documents filed by the Company with the Securities and Exchange Commission.

本公司向美國證券交易委員會提交的收益發布文件中討論了確定性和其他因素。

Documents on our website or at SEC.gov. As well that during today's call, we will discuss some non-GAAP measures, which we believe will be useful in evaluating our performance.

我們網站或 SEC.gov 上的文件。此外，在今天的電話會議中，我們將討論一些非公認會計準則衡量標準，我們相信這些衡量標準將有助於評估我們的績效。

For the presentation of this additional information in isolation (technical difficulty) substitute for results prepared in accordance with GAAP by the reconciliations of non-GAAP measures in the tables accompanying the earnings released and slides. (Technical difficulty) slide 3, and I'll turn it over to Dick to begin.

為了單獨呈現這些附加資訊（技術難度），可以透過公佈收益和幻燈片所附表格中的非公認會計準則措施的調節來代替根據公認會計準則準備的結果。 （技術難度）投影片 3，我將把它交給迪克開始。

Thank you, Craig, and welcome everyone.

謝謝你，克雷格，歡迎大家。

Before delving into the quarter discussion, I'd like to provide an update on our ongoing search for a new CFO.

在深入研究季度討論之前，我想先介紹一下我們正在尋找新財務長的最新情況。

The process has been productive, yielding a pool of high-caliber candidates, and we anticipate welcoming an external candidate onboard very soon.

這個過程非常富有成效，產生了一群高素質的候選人，我們預計很快就會歡迎外部候選人加入。

Given the timing, Mike graciously agreed to extend his tenure as CFO into the end of June, which will facilitate a smooth transition of his duties.

鑑於時機，Mike慷慨地同意將其財務長的任期延長至6月底，這將有利於他的職責順利過渡。

Due to prior planned commitments Mike couldn't join us on today's call, and Jackson Trostle will be filling in for him.

由於先前的計劃安排，麥克無法參加今天的電話會議，傑克遜·特羅斯特 (Jackson Trostle) 將代替他參加。

I'd like to take this moment to extend my heartfelt wishes to Mike as he embarks on his retirement.

在麥克即將退休之際，我想藉此機會向他致以衷心的祝福。

Throughout his tenure Mike has been an outstanding partner and has played a key role in establishing the framework necessary for us to support the levels of growth we've achieved over the years.

在他的整個任期內，麥克一直是一位傑出的合作夥伴，並在建立我們支持多年來所實現的成長水平所需的框架方面發揮了關鍵作用。

Under his leadership he has also cultivated a strong supporting team laying a solid foundation for our continued success in the future.

在他的領導下，他還培養了一支強大的支援團隊，為我們未來的持續成功奠定了堅實的基礎。

I would also like to express gratitude to two other individuals for their guidance and support over the years Jim Tanous, a Director, since 2014 has chosen not to stand for re-election, resulting in a reduction of our Board size to six members after yesterday's annual meeting.

我還要感謝另外兩位人士多年來的指導和支持。 。

Jim steadfast dedication insightful guidance and invaluable contributions have left an indelible mark on our company's trajectory.

吉姆堅定的奉獻精神、富有洞察力的指導和寶貴的貢獻在我們公司的發展軌跡上留下了不可磨滅的印記。

(Technical difficulty) I extend sincere appreciation to Joe (inaudible) for his over 12-years of service to Allient, including a Secretary and Corporate Counsel.

（技術困難）我衷心感謝 Joe（聽不清楚）為 Allient 提供的超過 12 年的服務，其中包括一名秘書和公司法律顧問。

Joe has been a constant for us over the years and his guidance has been instrumental in supporting our needs as we executed numerous acquisitions and realized excellent organic growth over the years.

多年來，喬一直是我們的支柱，他的指導在支持我們的需求方面發揮了重要作用，因為我們多年來執行了大量收購併實現了出色的有機增長。

On behalf of the entire Allient family, I extend our sincerest thanks to these three individuals for their unwavering commitment and contributions.

我謹代表 Allient 整個家族，向這三位人士的堅定承諾和貢獻致以最誠摯的謝意。

Now let's turn our focus to the results.

現在讓我們把注意力轉向結果。

The past quarter has been a testament to our resilience and adaptability.

過去的季度證明了我們的韌性和適應性。

More ever our commitment to operational excellence and cost management has bolstered our margins and fuel bottom line growth, along with strong cash flow generation.

我們對卓越營運和成本管理的承諾提高了我們的利潤並推動了利潤成長，同時產生了強勁的現金流。

Given improved lead times, customer order patterns are normalizing to a pre-pandemic environment and excess supply is being taken out of the channel, which has had an impact on our order rates, which I will review later in the presentation.

鑑於交貨時間的改善，客戶訂單模式正在正常化到大流行前的環境，多餘的供應正在從渠道中消除，這對我們的訂單率產生了影響，我將在稍後的演示中回顧這一點。

Demand from our end markets was mixed, reflecting the various states of supply normalization within each market with some pockets of weakness in Europe.

我們終端市場的需求好壞參半，反映出每個市場供應正常化的不同狀態，其中歐洲存在一些疲軟。

Our top line came in at nearly $147 million for the quarter.

本季我們的營收接近 1.47 億美元。

On the plus side was our vehicle markets, which continued to benefit from the ramp of automotive programs and industrial [markets], which has increased at least double digits for each of the last 12 straight quarters, largely driven by industrial automation projects and power quality solutions.

有利的一面是我們的汽車市場，該市場繼續受益於汽車計劃和工業[市場]的增長，在過去連續12 個季度中每個季度都至少增長兩位數，這主要是由工業自動化項目和電能品質推動的解決方案。

This market has also benefit from the improved supply chain and acquisitions.

該市場也受益於供應鏈的改善和收購。

We review the acquisition of SNC Manufacturing on our last earnings call as we completed the transaction in early January.

我們在上次財報電話會議上回顧了對 SNC Manufacturing 的收購，因為我們在一月初完成了交易。

SNC is a well-established company with locations in the US, Mexico and China, and they're all offerings are complementary to our current power quality capabilities.

SNC 是一家信譽卓著的公司，在美國、墨西哥和中國均設有分支機構，它們提供的所有產品都是對我們目前電能品質能力的補充。

While SNC has some medical and A&D business, the vast majority of their revenue will show up within our industrial bucket.

雖然 SNC 擁有一些醫療和 A&D 業務，但其絕大多數收入將出現在我們的工業領域。

As a reminder, this was our first tuck and acquisition in support of our power technology pillar.

提醒一下，這是我們為支持我們的電力技術支柱而進行的第一次收購和收購。

We are excited about the synergies that are developing as a result.

我們對由此產生的協同效應感到興奮。

We saw margin expansion across the board with gross margin up 80 basis points, operating margin up 40 basis points and adjusted EBITDA margin up 60 basis points.

我們看到利潤率全面擴張，毛利率上升 80 個基點，營業利潤率上升 40 個基點，調整後 EBITDA 利潤率上升 60 個基點。

Overall, net income per diluted share increased 8% to $0.42 a share.

整體而言，稀釋後每股淨利成長 8%，達到每股 0.42 美元。

And at an adjusted basis, net income per share was $0.58, up 5% for the quarter.

調整後每股淨利潤為 0.58 美元，本季成長 5%。

Stronger earnings combined with improved working capital led to cash generation of $9.2 million, a record level for the first quarter.

強勁的獲利加上營運資本的改善，導致現金產生 920 萬美元，創第一季創紀錄水準。

With that, let me turn it over to Jackson for a more in-depth review of the financials deck.

接下來，讓我把它交給傑克遜，讓他對財務數據進行更深入的審查。

Thank you, Dick.

謝謝你，迪克。

Starting on Slide 4, we highlight our top line.

從幻燈片 4 開始，我們突出顯示我們的頂線。

First quarter revenue increased 1% or $1.2 million to $146.7 million.

第一季營收成長 1%，即 120 萬美元，達到 1.467 億美元。

The impact of foreign currency exchange rate fluctuations was favorable $0.2 million.

外幣匯率波動的影響有利20萬美元。

Sales in our vehicle markets increased 12% during the quarter, driven by the anticipated escalation of certain automotive programs.

由於某些汽車計劃的預期升級，本季度我們汽車市場的銷量增長了 12%。

Partially offsetting this growth was the continued decline in demand for agricultural vehicles, given the softness in Europe stemming from geopolitical tensions notably the Ukrainian conflict.

鑑於地緣政治緊張局勢（尤其是烏克蘭衝突）導致歐洲經濟疲軟，農業車輛需求持續下降部分抵消了這一增長。

Industrial markets were up 10% lifted by recent acquisitions and heightened end market demand within industrial automation, electronics and power quality solutions.

由於最近的收購以及工業自動化、電子和電能品質解決方案的終端市場需求的增加，工業市場成長了 10%。

Particularly those for the (inaudible) markets.

特別是那些針對（聽不清楚）市場的產品。

A&D sales saw a decline of 22%, primarily attributed to the timing of certain space industry initiatives.

A&D 銷售額下降 22%，主要歸因於某些航太工業措施的時機。

We did see an uptick in defense demand throughout the quarter, which helped to offset somewhat mitigate the impact of this timing.

我們確實看到整個季度的國防需求上升，這有助於在一定程度上抵消這一時機的影響。

Medical markets also saw a decline primarily due to the persistent softness in medical mobility products and solutions, a trend that has persisted over the past few years.

醫療市場也出現下滑，主要是由於醫療行動產品和解決方案持續疲軟，這一趨勢在過去幾年持續存在。

Slide 5 shows the shift in our revenue mix across markets over the trailing 12 months and the catalyst for each change.

幻燈片 5 顯示了過去 12 個月我們跨市場收入組合的變化以及每次變化的催化劑。

Industrial maintained its position as our largest market and was 45% of TTM sales, a noteworthy expansion of 500 basis points.

工業市場維持了我們最大市場的地位，佔 TTM 銷售額的 45%，顯著擴大了 500 個基點。

The robust 25% growth in the industrial vertical mimics the trends from the recent quarter and reflected the improvements in the supply chain environment, which facilitated the delivery of long-lead projects.

工業垂直領域 25% 的強勁成長模仿了最近一個季度的趨勢，反映了供應鏈環境的改善，這促進了長期專案的交付。

Vehicle market revenue was up 7% on a TTM basis and reflected the same demand drivers as the recent quarter and also included higher demand for power sports.

汽車市場收入按 TTM 計算增長了 7%，反映了與最近一個季度相同的需求驅動因素，還包括對動力運動的更高需求。

Similarly, aerospace and defense as well as medical sales demand also had similar drivers as the first quarter.

同樣，航空航太和國防以及醫療銷售需求也有與第一季類似的驅動因素。

Lastly, sales through the distribution channel, which are a small component of total sales were up 4% for the TTM period.

最後，分銷通路的銷售額（佔總銷售額的一小部分）在 TTM 期間成長了 4%。

As highlighted on slide 6, gross margin expanded 80 basis points to 32.3% for the quarter on higher volume, favorable mix and pricing, along with the continued emphasis and usage of our lean toolkit throughout the organization.

正如幻燈片 6 所強調的那樣，由於銷量增加、有利的產品組合和定價，以及整個組織對精益工具包的持續重視和使用，本季度毛利率增長了 80 個基點，達到 32.3%。

These impacts are more than offset by elevated raw material costs and remaining supply chain disruptions.

這些影響被原材料成本上漲和剩餘的供應鏈中斷所抵消。

Moving to slide 7 for our operating performance, you will notice we had an increase in engineering and business development costs for the quarter which largely reflected recent M&A activity.

前往投影片 7 來了解我們的營運業績，您會注意到我們本季的工程和業務開發成本有所增加，這在很大程度上反映了最近的併購活動。

Helping partially offset this was lower general and administrative costs, which were 40 basis points lower as a percentage of sales year-over-year.

一般和管理成本的降低部分抵消了這一影響，該成本佔銷售額的百分比同比下降了 40 個基點。

Overall, operating income increased 6% to $12.1 million or 8.2% of revenue, a 40 basis point improvement.

整體而言，營業收入成長了 6%，達到 1,210 萬美元，佔營收的 8.2%，提高了 40 個基點。

On Slide 8, we present GAAP net income and adjusted net income, which we believe provides a better understanding of our earnings power, inclusive of adjusting for the non-cash amortization of intangible assets, which reflects the Company's strategy to grow through acquisitions as well as organically.

在幻燈片8 中，我們展示了GAAP 淨利潤和調整後淨利潤，我們認為這可以更好地了解我們的盈利能力，包括對無形資產的非現金攤銷的調整，這也反映了公司透過收購實現成長的策略有機地。

First quarter net income increased 9% to $6.9 million or $0.42 per diluted share and on an adjusted basis was up 7% to $9.5 million or $0.58 per diluted share.

第一季淨利成長 9%，達到 690 萬美元，即稀釋後每股收益 0.42 美元，調整後淨利成長 7%，達到 950 萬美元，即稀釋後每股收益 0.58 美元。

The effective tax rate was 21.8% in the first quarter of 2024.

2024年第一季的有效稅率為21.8%。

We expect our income tax rate for the full year 2024 to be approximately 21%, 23%.

我們預計2024年全年的所得稅稅率約為21%、23%。

We use adjusted EBITDA as an internal metric and believe it is useful in determining our progress and operating performance.

我們使用調整後的 EBITDA 作為內部指標，並相信它有助於確定我們的進度和經營績效。

Adjusted EBITDA increased 5% to $20.0 million or 13.7% of revenue, up 60 basis points.

調整後 EBITDA 成長 5%，達到 2,000 萬美元，佔營收的 13.7%，成長 60 個基點。

Slides 9 and 10 offer a snapshot of our cash flow and balance sheet.

幻燈片 9 和 10 提供了我們的現金流量和資產負債表的快照。

Notably, we experienced a robust cash generating quarter amounting to $9.2 million of operating cash flows marking a significant increase from the $3.6 million in the prior year's first quarter.

值得注意的是，我們經歷了一個強勁的現金產生季度，營運現金流達到 920 萬美元，比去年第一季的 360 萬美元大幅增加。

This achievement is particularly noteworthy considering that the first quarter is traditionally a higher operating cash consumption period.

考慮到第一季傳統上是營運現金消耗較高的時期，這項成就尤其值得注意。

The year-over-year increase was attributed to elevated net income and enhanced management of working capital.

同比成長歸因於淨利潤增加和營運資金管理加強。

Our projections indicate a sustained momentum in driving strong cash flows, aligning with our historical trends.

我們的預測顯示強勁現金流的持續成長勢頭，與我們的歷史趨勢一致。

Capital expenditures for the quarter were $3.0 million and largely focused on new customer projects.

本季的資本支出為 300 萬美元，主要集中在新客戶項目。

We expect 2024 capital expenditures to be in the range of $13 million to $17 million.

我們預計 2024 年的資本支出將在 1,300 萬美元至 1,700 萬美元之間。

Increase in cash utilized for investing activities during the quarter -- first quarter of 2024 was primarily attributed to the acquisition of SNC.

本季（2024 年第一季）用於投資活動的現金增加主要歸因於收購 SNC。

Additionally, the investing activities for both the first quarters of 2024 and 2023 included a deferred payment of $6.25 million related to a prior acquisition.

此外，2024 年和 2023 年第一季的投資活動包括與先前收購相關的 625 萬美元延期付款。

Inventory turns were 3.0 times, and our DSO was at 55 days for the quarter.

庫存週轉率為 3.0 倍，該季度的 DSO 為 55 天。

Total debt was approximately $240 million, up from year end 2023 due to the SNC acquisition.

由於收購 SNC，債務總額較 2023 年底增加約 2.4 億美元。

Debt net of cash was about $209 million or 43.9% of net debt to capitalization.

扣除現金的債務約 2.09 億美元，佔淨債務資本總額的 43.9%。

Our bank leverage ratio was 2.89 times.

我們的銀行槓桿率為2.89倍。

Reducing debt remains at the top of our priorities regarding the use of capital.

減少債務仍然是我們在資本使用上的首要任務。

Lastly, we recently extended the maturity of our existing $280 million revolving credit facility for five years to 2029.

最後，我們最近將現有 2.8 億美元循環信貸額度的期限延長了五年至 2029 年。

Borrowings for the revolving facility bear interest on a sliding scale rate based on leverage of 1.25% to 2.5% over SOFR.

循環貸款的借款以滑動利率計息，槓桿率高於 SOFR 1.25% 至 2.5%。

In addition, for added flexibility and to lock in favorable rates, we entered into a $150 million fixed-rate private shelf facility, under which $50 million of borrowings occurred on March 21, 2024.

此外，為了增加靈活性並鎖定優惠利率，我們簽訂了 1.5 億美元的固定利率私人貨架貸款，其中 5,000 萬美元的借款於 2024 年 3 月 21 日發生。

The fixed-rate $50 million debt bears interest at 5.96% and will mature in March 2031.

這筆 5,000 萬美元的固定利率債務的利率為 5.96%，將於 2031 年 3 月到期。

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

這樣，我現在將把電話轉回給迪克。

(inaudible) Jackson.

（聽不清楚）傑克森。

Slide 11 shows our orders and backlog levels.

投影片 11 顯示了我們的訂單和積壓訂單水準。

As discussed on previous calls, the shift in our backlog reflects ongoing enhancements with our supply chain environment.

如同先前電話會議所討論的，我們積壓訂單的變化反映了我們供應鏈環境的持續改進。

These improvements have facilitated the shipment of several long lead industrial projects as demand returns to a more normalized pre-pandemic level with customer ordering patterns adjusting accordingly as reflected in our book-to-bill.

隨著需求恢復到大流行前更加正常的水平，這些改進促進了幾個長週期工業項目的發貨，客戶訂購模式也相應調整，如我們的訂單到賬單所反映的那樣。

Year ahead will undoubtedly pose challenges as we continue to adapt to these evolving dynamics.

隨著我們繼續適應這些不斷變化的動態，未來的一年無疑會帶來挑戰。

However, this presents an opportunity to optimize our working capital and bolster cash flow.

然而，這提供了優化我們營運資金和增強現金流的機會。

It is also important to stress that there are exciting initiatives on the horizon as we progress through 2024.

同樣重要的是要強調，隨著 2024 年的進展，我們即將推出令人興奮的舉措。

And we are strategically positioning our organization to capitalize on significant opportunities across our targeted verticals.

我們正在對我們的組織進行策略性定位，以利用我們目標垂直領域的重大機會。

And that leads to the highlighted actions on slide 12.

這就引出了投影片 12 中所反白的操作。

Our strong commitment to our strategy guides all of our key decisions with the unveiling of our new strategic model simplify to accelerate now we embarked on a journey aimed at refining our organizational structure, eliminating redundancies and optimizing our operations in pursuit of sustained earnings growth and increased cash generation our teams have identified key strategic actions for this year and into 2025.

我們對策略的堅定承諾指導著我們所有的關鍵決策，隨著新戰略模式的推出，簡化以加速現在，我們踏上了旨在完善組織結構、消除裁員和優化運營的旅程，以追求持續的盈利成長和增加現金產生 我們的團隊已經確定了今年和 2025 年的關鍵策略行動。

Realigning and rationalizing our footprint represents the largest opportunity, but also the most complex.

重新調整和合理化我們的足跡代表著最大的機會，但也是最複雜的機會。

This includes the consolidation of our brands under the Allient banner to include our Motion, Controls and Power technologies.

這包括將我們的品牌整合到 Allient 旗下，以納入我們的運動、控制和動力技術。

By doing so, we ensure a more cohesive approach to foster improved market and customer alignment and enhance market clarity and focused teams that can better serve our diverse global customers.

透過這樣做，我們確保採用更具凝聚力的方法來促進改善市場和客戶的一致性，並提高市場清晰度和專注的團隊，從而更好地為我們多元化的全球客戶提供服務。

Our commitment to simplicity extends to customer interactions with dedicated selling units and solution centers, offering specialized expertise and comprehensive system level solutions.

我們對簡單性的承諾延伸到客戶與專門銷售部門和解決方案中心的互動，提供專業知識和全面的系統級解決方案。

We must eliminate complexity and processing orders and transactions and focus on speed of play to win new business.

我們必須消除訂單和交易處理的複雜性，並專注於贏得新業務的速度。

As a result, we aim to centralize customer entry points and leverage costs and cutting-edge systems to automate processes to reduce transactional costs wherever possible.

因此，我們的目標是集中客戶入口點，並利用成本和尖端系統來實現流程自動化，以盡可能降低交易成本。

Internally, we want to foster a common business line, facilitated by AST, our lean tool kit, ensuring seamless collaboration across all levels.

在內部，我們希望在精實工具包 AST 的推動下建立一條共同的業務線，確保各個層面的無縫協作。

By defining and supporting the needs of the business as a whole for driving out redundant costs and strengthening our foundation for future growth.

透過定義和支援整個業務的需求，消除冗餘成本並鞏固我們未來成長的基礎。

And lastly, elevating our pace and reducing our product development time to market as expected to deliver tangible value and stands as a top priority.

最後，按照預期加快我們的步伐並縮短產品開發上市時間，以提供有形的價值，這是我們的首要任務。

This means reducing the complexity of the designs by taking smaller incremental steps and adapting as we move forward.

這意味著透過採取較小的增量步驟並隨著我們的前進進行調整來降低設計的複雜性。

By doing so, we enhance agility, responsiveness and ultimately customer satisfaction.

透過這樣做，我們提高了敏捷性、回應能力並最終提高了客戶滿意度。

These initiatives are being implemented in phases and some are still being fully vetted.

這些措施正在分階段實施，有些仍在接受全面審查。

While we expect benefits in 2024 ongoing improvements will be realized over the next two-plus years and will be offset by certain one-time cost to implement.

我們預計 2024 年將在未來兩年多的時間內實現持續改進，並將被某些一次性實施成本所抵消。

Ultimately, we expect our executed actions to result in a more cost-effective leveraging of our resources and to provide us with a $10 million-plus million-dollar effective improvement in EBITDA over this time frame as actions are implemented and gain traction.

最終，我們期望我們所執行的行動能夠以更具成本效益的方式利用我們的資源，並隨著行動的實施和獲得牽引力，在這段時間內為我們的EBITDA 帶來1000 萬美元以上的有效改善。

We believe our efforts and actions are consistent with and will support our goal of achieving 100 total basis point improvement of annual margin, which will come from a combination of both gross margin expansion and operating expense reduction.

我們相信，我們的努力和行動符合併將支持我們實現年利潤率總體提高 100 個基點的目標，這將來自毛利率擴張和營運費用削減的結合。

Early 2023 is important to note that we enjoyed elevated shipments in certain markets as the supply chain normalized and our customers accepted shipments for orders placed during the height of when lead times are being extended.

值得注意的是，2023 年初，隨著供應鏈正常化，我們在某些​​市場的發貨量有所增加，並且我們的客戶接受了在交貨時間延長的高峰期下的訂單的發貨。

In 2024, we expect this normalization to have a $30 million to $40 million headwind on our top line, which will be mostly offset by the SNC acquisition.

到 2024 年，我們預計這種正常化將為我們的營收帶來 3,000 萬至 4,000 萬美元的阻力，這將大部分被 SNC 收購所抵消。

While the SNC acquisition will help offset the top line, it will not fully offset the pull through incremental margin result enjoyed as a result.

雖然收購 SNC 將有助於抵消營收，但它不會完全抵消由此帶來的增量利潤結果。

Ultimately, the impact of our cost reduction and profit enhancing activities will help offset the bottom-line pressures that are expected to persist for the near term.

最終，我們降低成本和提高利潤活動的影響將有助於抵消預計短期內持續存在的底線壓力。

In support of our strategic goals as a company, we will aggressively and proactively adjust the organization as required to ensure we establish a sound and strong foundation for the future.

為了支持我們作為公司的策略目標，我們將根據需要積極主動地調整組織，以確保我們為未來奠定堅實而堅實的基礎。

In closing, I want to reiterate our unwavering enthusiasm and confidence in the trajectory of our company.

最後，我想重申我們對公司發展軌跡堅定不移的熱情和信心。

As we look ahead, we are energized by the myriad of opportunities that lie before us.

展望未來，擺在我們面前的無數機會讓我們充滿活力。

With a firm commitment to innovation, new product development and operational excellence we are primed to capitalize on these projects and further elevate our performance over the long term.

憑藉對創新、新產品開發和卓越營運的堅定承諾，我們已準備好利用這些項目並進一步提升我們的長期績效。

As we embark on the journey ahead, rest assured that our vision, strategy and determination will continue to drive our success in the coming year and beyond.

當我們踏上未來的旅程時，請放心，我們的願景、策略和決心將繼續推動我們在來年及以後取得成功。

With that, operator, let's open the line for questions.

那麼，接線員，讓我們打開提問線路。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Greg Palm, Craig-Hallum Capital Group.

帕爾姆（Greg Palm），克雷格-哈勒姆資本集團。

Thanks, good morning, everyone.

謝謝大家早安。

Congrats on a lot of progress here in the quarter.

恭喜本季取得的巨大進展。

So, job well done.

所以，工作做得很好。

Thank you, Greg.

謝謝你，格雷格。

I guess starting off with a little bit more kind of color on, you know, what you're seeing out there in various end markets, geography?

我想從更多的顏色開始，你知道，你在不同的終端市場、地理位置上看到了什麼？

Is it stable relative so where we were at a couple of months ago.

幾個月前我們所處的位置相對穩定嗎？

Any notable changes you want to highlight or call out.

您想要突出顯示或指出的任何顯著變化。

What I would say to you that there's more clarity on what we expect to see here in the coming months ahead.

我想對你們說的是，未來幾個月我們期望在這裡看到的情況會更加清晰。

And I think certainly we pay very close attention to the performance of our customers.

我認為我們當然非常關注客戶的表現。

And as we've seen and are hearing from them, they're expecting that organic growth rates will be down, which certainly would reflect on our organic growth.

正如我們所看到和聽到的那樣，他們預計有機成長率將會下降，這肯定會影響我們的有機成長。

I mean that the impact would be relatively pretty similar to what we see there.

我的意思是，其影響與我們在那裡看到的非常相似。

So, I would say to you that there are certain markets that are having some challenges.

因此，我想對您說，某些市場面臨一些挑戰。

I do think it's still a part of the normalization of demand as commitments to for orders that have been placed months ago are being fulfilled and inventories are full

我確實認為這仍然是需求正常化的一部分，因為幾個月前下的訂單承諾正在履行並且庫存已滿

(inaudible).

（聽不清楚）。

And now we'll have to see when that will start to return to a full normalization, meaning that the consumption is increasing or at least leveling out to the point of where those inventory reserves are being consumed and then replenished.

現在我們必須看看何時開始恢復完全正常化，這意味著消耗正在增加或至少趨於平穩，達到消耗庫存儲備然後得到補充的程度。

I'll say that's primarily in the industrial markets Greg.

我想說這主要是在工業市場，格雷格。

Okay.

好的。

You have a question, go ahead.

有問題就問吧。

Well, I was just going to ask -- you mentioned inventory levels.

嗯，我只是想問——你提到了庫存水準。

Do you have a sense on where kind of inventory levels are?

您知道庫存水準是多少嗎？

I mean, I know it varies across customer bases, but just in general and should we just assume that your book-to-bill is going to run below one in the near term as a result of what you're saying.

我的意思是，我知道不同的客戶群情況有所不同，但總的來說，我們是否應該假設您的訂單出貨量會因為您所說的而短期內低於 1。

It may be below one in the near term, but I think we are going to see that that that gap is closing.

短期內可能會低於 1，但我認為我們將看到這一差距正在縮小。

We are starting to see some encouraging signs that there is business that is now orders are being released that hadn't been released for a while, which was resulting in the negative book-to-bill.

我們開始看到一些令人鼓舞的跡象，表明現在正在釋放一些已經有一段時間沒有釋放的訂單，這導致了負的訂單出貨比。

I would say to you that there's definitely improvement in that area.

我想說的是，這方面一定有進步。

So, there's some encouraging signs coming in the near term.

因此，短期內會出現一些令人鼓舞的跡象。

Yes, makes sense.

是的，有道理。

And then I guess just lastly, thinking about some of the operational improvements that you're making specifically around the simplified to accelerate now strategy?

然後我想最後，考慮一下您專門圍繞「簡化以加速」策略所做的一些營運改進？

Do you feel like you've got some of that benefit in Q1 or is that still to come?

您覺得您在第一季已經獲得了一些好處還是仍然會帶來這種好處？

And can you give us any more color around the timing.

你能給我們更多有關時間安排的資訊嗎？

I know you mentioned $10 million when it's all said and done, but you know, when should we see that sort of full run rate of cost improvements.

我知道您提到了 1000 萬美元，但您知道，我們什麼時候應該看到這種成本改進的全面運行率。

For your first question, have we seen any impact of that in the first quarter, the answer would be no.

對於你的第一個問題，我們在第一季是否看到了這方面的影響，答案是否定的。

When will we start to see it.

我們什麼時候開始看到它。

So there has been a very comprehensive review of all our operations, looking at all areas of cost and so forth on expenses.

因此，我們對所有營運進行了非常全面的審查，查看了所有領域的成本等費用。

And we are working through the details, and we've identified certainly some major opportunities for us that will begin very shortly.

我們正在研究細節，我們肯定已經確定了一些很快就會開始的重大機會。

So, I would say to you without providing any more details, it's a complete rationalization of where we are. moving forward on actions that I would have said to you that without COVID, we would have seen some optimization already and the supply chain crisis, so we are beginning to move forward.

所以，我想在不提供任何更多細節的情況下對你們說，這是對我們現狀的完全合理化。繼續推進我想對你們說的行動，如果沒有新冠疫情，我們就會看到一些優化和供應鏈危機，所以我們開始前進。

Part of the process is not just to look at reducing cost, but how can we align much better to service our customers, I think that's key.

這個過程的一部分不僅僅是著眼於降低成本，而且我們如何更好地為客戶提供服務，我認為這是關鍵。

It's critical because we've built the bases of business in different markets, and we think we can better service those markets and gain additional market share.

這很重要，因為我們已經在不同的市場建立了業務基礎，我們認為我們可以更好地服務這些市場並獲得更多的市場份額。

So, there's opportunities to increase the EBITDA generation profit generation from improved business levels by leveraging the synergies we have in place.

因此，我們有機會利用我們現有的協同效應，透過提高業務水準來增加 EBITDA 利潤。

And there's also opportunities by restructuring and realigning to be more focused on markets that we serve and create an expertise that better services our customers.

此外，還有機會透過重組和重新調整，更專注於我們所服務的市場，並創造更好地為客戶服務的專業知識。

Those will start in Q2 and will continue throughout the year, that's what I would say to you.

這些將從第二季開始並將持續全年，這就是我要對你們說的話。

Again, with some of the actions there will be some one-time costs will be very clear on what those are and as we identify, and we relay it to the marketplace.

同樣，對於某些行動，將會產生一些一次性成本，這些成本將非常明確，正如我們所確定的那樣，我們會將其傳遞給市場。

But I think that's about as much as I can cover right now without giving you more specifics, which we're still working on.

但我認為這就是我現在所能涵蓋的內容，而無需向您提供更多具體信息，我們仍在努力解決這一問題。

Yes, understood.

是的，明白了。

No -- that's helpful as it is.

不——這確實很有幫助。

I will leave it there.

我會把它留在那裡。

Thanks.

謝謝。

Thank you, Greg.

謝謝你，格雷格。

Gerry Sweeney, Roth Capital Markets.

格里·斯威​​尼，羅斯資本市場。

Dick, how are you doing?

迪克，你好嗎？

Thanks for taking my call.

感謝您接聽我的電話。

Good Gerry, how are you?

好格里，你好嗎？

Good.

好的。

Not quite a repeat of Greg's question, but curious as to demand, how much of it is -- I think order normalization versus maybe fiscal tightening in the US and in such -- certain other countries?

不太重複格雷格的問題，但對需求感到好奇，其中有多少——我認為訂單正常化與美國等某些其他國家的財政緊縮相對應？

I'm not sure the economy slowing down.

我不確定經濟是否會放緩。

I'm just curious if you would have any delineating between the two.

我只是好奇你是否願意對兩者進行界定。

Yes, I would say to you that as we've watched the book-to-bill ratio we've watched our backlog and look at the markets.

是的，我想對你說，當我們觀察訂單出貨比時，我們也觀察了我們的積壓訂單並觀察了市場。

Both geographic and vertical markets it wasn't unexpected.

無論是地理市場還是垂直市場，這並不令人意外。

I think we've talked about it for several quarters that it really was going to happen.

我想我們已經討論了好幾個季度了，這確實會發生。

And I think -- typically, as I look at our business and we pay attention to what's happened with our customers, okay?

我認為——通常，當我審視我們的業務時，我們會專注於我們的客戶所發生的事情，好嗎？

we typically lag that.

我們通常會滯後於此。

And where we've seen some reduction in demand for our end customers, we held up and as we're looking at what their forecasts and projections for the near term, we were modeling we're going to follow that.

當我們看到最終客戶的需求減少時，我們會堅持下去，當我們研究他們對近期的預測和預測時，我們正在建模我們將遵循這一點。

But as I said, I wanted to make the point that gap of the negative book-to-bill ratio is closing.

但正如我所說，我想指出的是，負訂單出貨比的差距正在縮小。

And we've seen some encouraging signs where certain projects and certain works where we've expected to begin resuming deliveries on certain projects, it is happening.

我們已經看到了一些令人鼓舞的跡象，我們預計將開始恢復某些專案交付的某些專案和某些工程正在發生。

Europe is still a question mark especially Germany where they're talking about major reductions in demand and so forth throughout the economy.

歐洲仍然是一個問號，尤其是德國，他們正在談論整個經濟中需求的大幅減少等。

That's the one area that we're still watching closely.

這是我們仍在密切關注的領域。

Although, I will have to say other parts of Europe again starting to see that same trend where the order patterns or a delivery -- I'll say shipments patterns are improving.

儘管如此，我不得不說，歐洲其他地區再次開始看到訂單模式或交付的相同趨勢——我想說的是，發貨模式正在改善。

So, it's going to be pretty telling here the next couple of quarters are we have we bottomed out and we normalized inventories.

因此，接下來的幾個季度我們已經觸底並且庫存正常化，這將非常有說服力。

And we're now starting to supply to real demand, not filling channels and so forth.

我們現在開始滿足實際需求，而不是填補管道等等。

Got it.

知道了。

And I do know that you had spoken about order normalization for some for some quarters and it sounds as though tracking as expected, but there are some pockets that it's still a little bit of wait-and-see.

我確實知道您在某些季度談到了一些訂單的正常化，聽起來似乎按預期進行，但有些地方仍然需要觀望。

Is that a fair summation?

這是一個公平的總結嗎？

It is.

這是。

And again, as I mentioned in the conference call here, that headwind that we faced, I mean it's a real interesting one because we received orders and multiple year orders where supply chain could not supply key components.

再次，正如我在電話會議中提到的，我們面臨的逆風，我的意思是，這是一個真正有趣的逆風，因為我們收到了供應鏈無法供應關鍵組件的訂單和多年訂單。

And our customers honored the deliveries when the supply chain opened up, we were able to get components.

當供應鏈開放時，我們的客戶兌現了交貨，我們能夠獲得組件。

It's certainly elevated the shipments from last year, which were depressed from the prior year and will have an impact into this year, as I mentioned.

正如我所提到的，這肯定會提高去年的出貨量，而去年的出貨量則較上年低迷，並將對今年產生影響。

So, and we think about that demand and as the questions, I can anticipate maybe coming here, is -- that we have this headwind of top line, and that was incremental top line based upon existing base of business.

因此，我們考慮了這種需求，問題是，我可以預見到，我們可能會面臨營收的逆風，這是基於現有業務基礎的增量營收。

And offset by the acquisition of SNC, which of course, comes in as a full company with fully loaded expenses and operating costs and so forth.

並被收購 SNC 所抵消，當然，SNC 是一家完整的公司，擁有滿載的費用和營運成本等。

So, it's not the same profit generation from an incremental standpoint, right?

那麼，從增量的角度來看，這並不是相同的利潤產生，對吧？

We've got to four business that we're bringing that same level of business through, but the profits are -- can't be expected to be the same because of an incremental demand.

我們有四項業務正在實現相同水準的業務，但由於需求增量，利潤不能預期相同。

Sure.

當然。

Understood.

明白了。

Just one more for me, then I'll jump in line.

再給我一張，然後我就插隊了。

Inventories, turnover, DSOs -- what is the target or what would be more of a normalized level?

庫存、營業額、DSO——目標是什麼或更接近正常化的水平是什麼？

I know it's -- you had in the slide deck, it was 22, 23, and I think 24.

我知道——你在投影片中看到的是 22、23，我想是 24。

But we had COVID, and you also have bunch of acquisitions since that time frame.

但我們遇到了新冠疫情，自那段時間以來，你們也進行了大量收購。

I'm just curious if you sort of have a target where you want to take that -- where sort of working capital.

我只是好奇你是否有一個想要獲得的目標——營運資金。

I will let Jackson answer that.

我會讓傑克森回答這個問題。

I would say wouldn't be accurate to say we'll revert back to exactly where we were pre-COVID because a portion of the business has changed along with our acquisitions since then.

我想說的是，說我們將回到新冠疫情之前的狀態是不準確的，因為自那時以來，部分業務隨著我們的收購而改變了。

In the DSO range, I'd say based on our cross-customer mix, there should be improvement, but I wouldn't expect it to be below 50 in the near term.

在 DSO 範圍內，我認為根據我們的跨客戶組合，應該會有改進，但我預計短期內不會低於 50。

And inventory turns we're driving towards in the 3.5 range at the end of this year into the first quarter of next year, would be our expectation and certainly driving to and find opportunities even exceed that internally where we can.

從今年年底到明年第一季度，我們的庫存週轉率將達到 3.5 左右，這將是我們的預期，並且肯定會努力尋找甚至超過我們內部所能達到的機會。

Got it, I appreciate it.

明白了，我很感激。

Thank you very much.

非常感謝。

Pleasure meeting you Jackson.

很高興認識你傑克遜。

Thank you, Gerry.

謝謝你，格里。

Ted Jackson, Northland Securities.

特德傑克遜，北國證券。

Thanks, good morning,

謝謝，早安，

Morning Ted.

早安，泰德。

Dick, I want to order into kind of the efforts you're making with regards to kind of a restructuring operations in business, I have a few questions around that.

迪克，我想了解您在業務重組方面所做的努力，我有幾個問題。

And I want to start with the brand consolidation.

我想從品牌整合開始。

So, if I understood you correct, you are going to -- are you eliminating all the different brands from the various acquisitions and everything's going to Allient?

所以，如果我理解正確的話，您會——您是否會從各種收購中消除所有不同的品牌，然後一切都歸 Allient 所有？

And then am I understanding that you're going to centralize a lot of operations for that across those businesses.

然後我了解到您將集中這些業務的大量營運。

And so the reason I ask that is what -- is going back into your M&A you know, in the past, it seem to me that the strategy for Allient was to buy great, smaller companies that kind of fit within your world, given the resources to grow their businesses, usually kind of keep the management team in place and really kind of let them run it.

所以我問這個問題的原因是——回到你的併購，你知道，在過去，在我看來，Allient 的策略是購買適合你的世界的偉大的、較小的公司，考慮到發展業務的資源，通常是讓管理團隊保持原位，並真正讓他們來運作。

And when I listen to what you're doing, and I'm not criticizing it because honestly, I actually approve it, but is it a change in kind of the strategy?

當我聽你正在做的事情時，我並不是批評它，因為老實說，我實際上贊成它，但這是否是策略的一種改變？

And how do you see that impacting your ability to bring in acquisitions because I would think that for many of your targets, if they can have you own them, and they still get a run at that -- that's kind of an attractive proposition for them.

你如何看待這對你引入收購的能力的影響，因為我認為對於你的許多目標來說，如果他們能讓你擁有它們，並且他們仍然可以參與其中- 這對他們來說是一個有吸引力的提議。

So that's my first question.

這是我的第一個問題。

I have a couple more behind it.

我後面還有幾個。

There's a lot of questions in that first question, Ted.

第一個問題有很多問題，泰德。

So let me go ahead and start back

所以讓我繼續前進並重新開始

(inaudible).

（聽不清楚）。

Yes.

是的。

So first off, the parent company name, Allient.

首先是母公司名稱 Allient。

Ted, you've joined in as an analyst for us within the last two to three years.

特德，您在過去兩到三年內加入我們，擔任分析師。

If you go back in time when we began the roll-up in the motion side of the business and how we handled brands under Allied Motion, you will see that we took on a logical and approach to changing the names over time.

如果你回顧我們開始整合運動業務的時候，以及我們如何處理 Allied Motion 旗下的品牌，你會發現我們採取了一種邏輯和方法來隨著時間的推移更改名稱。

And so there are some that have been fully changed and where companies with separate names, but smaller, not necessarily they had some brand recognition, but it was a limited customer base.

因此，有些公司已經完全改變，公司擁有單獨的名稱，但規模較小，不一定有一定的品牌知名度，但客戶群有限。

So, they were rolled into Allied Motion and basically Allied Motion and a location.

因此，他們被歸入 Allied Motion，基本上是 Allied Motion 和一個地點。

For example, Tulsa, Stockholm, (inaudible), et cetera.

例如，塔爾薩、斯德哥爾摩（聽不清楚）等。

As we moved forward, there were certain reasons as we acquired other companies to maintain the individual brands a little longer.

隨著我們的前進，出於某些原因，我們收購了其他公司，以將各個品牌維持得更久一些。

We do realize as a company that we want to compete as a company, and that's our strength.

我們確實意識到，作為一家公司，我們希望作為一家公司參與競爭，這就是我們的優勢。

And by coming out with a new brand, a new name Allient, say Connecting what matter leveraging all of our pillars we've been working hard to identify within the vertical markets, and that gets into some of the realignment that I'm talking about will discuss further.

透過推出一個新品牌，一個新名稱 Allient，利用我們一直在努力在垂直市場中識別的所有支柱來連接事物，這涉及到我正在談論的一些重新調整將進一步討論。

The opportunity to bring multiple technologies from the different pillars into the vertical markets as a solution as one company.

有機會將不同支柱的多種技術作為一個公司的解決方案引入垂直市場。

There's many reasons for doing that.

這樣做的原因有很多。

But if you don't do that then what happens is each entity gets treated as an individual company.

但如果你不這麼做，那麼每個實體都會被視為獨立的公司。

And if you want to get qualified with larger customers and opened up the door for multiple products.

如果您想獲得更大客戶的認可並為多種產品打開大門。

It becomes very difficult and very restrictive.

它變得非常困難並且受到很大限制。

So, having a company not just a name, but a company that has a quality management system that has an outlook on all of the corporate initiatives.

因此，擁有一家公司不僅僅是一個名字，而是一家擁有對所有企業舉措具有前瞻性的品質管理系統的公司。

That's consistent with what we're portraying it as a corporation, which creates an image for a more powerful, more capable company.

這與我們對公司的描述是一致的，我們塑造了一個更強大、更有能力的公司的形象。

That is going to focus on the verticals that can truly drive growth and provide better support, that's the reason.

這將專注於能夠真正推動成長並提供更好支援的垂直行業，這就是原因。

And it will still be a logical approach is not an overnight change.

這仍然是一種合乎邏輯的方法，而不是一夜之間的改變。

But as you'll see we're introducing the pair at trade shows, were changing literature, were changing websites, we're doing all of that work behind the scenes, but it's a slower -- It's a slow migration to ultimately get it to Allient.

但正如你所看到的，我們在貿易展覽會上介紹這對產品，正在改變文獻，正在改變網站，我們正在幕後完成所有這些工作，但速度較慢 - 最終獲得它是一個緩慢的遷移到阿聯。

With regard to the individuals within the companies, you're absolutely correct.

對於公司內部的個人來說，你是完全正確的。

One of the first questions I receive at every single acquisition -- post-acquisition meeting is what's going to happen to our name.

在每次收購——收購後會議上，我收到的第一個問題就是我們的名字將會發生什麼事。

And we basically say that we will keep a brand, but for us in order to be more cost-effective and how -- from the operating expense standpoint, we need to merge some of this together in terms of -- and having all these individual entities, having tax returns, having all -- the reporting that's necessary, the audits that are necessary if you keep these independent.

我們基本上說我們將保留一個品牌，但對我們來說，為了更具成本效益，以及如何 - 從營運費用的角度來看，我們需要將其中一些合併在一起 - 並擁有所有這些單獨的品牌實體，有納稅申報表，有所有必要的報告，如果保持這些獨立性，則有必要的審計。

We're bringing it together and we're doing that now.

我們正在將其整合在一起，現在就這樣做。

So, we're putting a logical groups -- of companies together.

因此，我們將邏輯上的公司組放在一起。

We're retaining management, we're or retaining key individuals.

我們正在保留管理層，我們正在保留關鍵人物。

What we're doing though is saying, hey, listen, there's a better way to operate as a combined entity to get the power and the strength of the corporation out there.

不過，我們正在做的是說，嘿，聽著，有一種更好的方式作為一個聯合實體進行運營，以發揮公司的力量和實力。

To leverage that and to bring everything we have -- if possible, to bring a more complete solution into the verticals and satisfy our customers.

利用這一點並利用我們擁有的一切——如果可能的話，將更完整的解決方案引入垂直領域並滿足我們的客戶。

Do it with a higher level of expertise and focus.

以更高水準的專業知識和專注力來做到這一點。

So, I see no issue with us acquiring companies and looking at our brand strategy over time.

因此，我認為隨著時間的推移，我們收購公司並審視我們的品牌策略沒有任何問題。

Will have brands as products but we'll have a company, one company that will support and service multiple brands, okay?

將擁有作為產品的品牌，但我們將擁有一家公司，一家將支持和服務多個品牌的公司，好嗎？

Product brands, product lines, not companies.

產品品牌、產品線，而不是公司。

So, we can simplify that whole side of our business.

因此，我們可以簡化整個業務。

I think I've answered all your first question.

我想我已經回答了你所有的第一個問題。

Yes, yes.

是的是的。

I mean, you get where I was going with it.

我的意思是，你明白我的意思了。

It just sounds like there is a shift in here.

聽起來這裡好像發生了轉變。

You're going to -- you basically centralized a lot of -- kind of behind-the-scenes stuff with regards to -- like you said, basically a lot of the stuff in the G&A.

你基本上會集中很多幕後的東西，就像你說的，基本上是 G&A 中的很多東西。

I am curious with it and how does it play?

我很好奇它是如何玩的？

A lot of the different sort of entities within Allient had independent standalone sales efforts.

Allient 內的許多不同類型的實體都有獨立的獨立銷售工作。

What are you doing on that front?

你在這方面做什麼？

Or is it too early to ask that question?

或者現在問這個問題還太早嗎？

No, that's certainly a fair question, and that's one of the things that we leverage very, very quickly.

不，這當然是一個公平的問題，也是我們非常非常迅速地利用的事情之一。

There isn't one Allient sales force, there will not be one Allient sales force.

沒有一支 Allient 銷售隊伍，也不會有一支 Allient 銷售隊伍。

So -- make that very clear that while we can leverage many of the products in a solution to certain markets and certain customers.

因此，非常清楚地表明，雖然我們可以利用許多產品來為某些市場和某些客戶提供解決方案。

We are still going to have that demand that comes from discrete products to certain customers and certain markets by pillars.

我們仍會有來自離散產品的需求，以滿足某些客戶和某些支柱市場的需求。

So, we have -- that structure is already in place.

所以，我們的結構已經就位。

What we're doing is enhancing that, what I say enhancing is I mean for example, if we take the defense vehicles, okay, we sit there and we go through our strategy session and we determine, okay, what are we selling into this market?

我們正在做的是增強這一點，我所說的增強是指，例如，如果我們採用防禦車輛，好吧，我們坐在那裡，我們進行戰略會議，然後我們確定，好吧，我們要賣什麼市場？

Okay.

好的。

What applications and how many different applications are resurfacing within, let's just call it, defense vehicle.

哪些應用程式以及有多少不同的應用程式正在重新出現在（我們稱之為防禦車輛）中。

And we find that it's very significant and things that maybe team wasn't aware of.

我們發現這是非常重要的，而且團隊可能沒有意識到這一點。

But now we can now we're better prepared to have a customer facing team that's totally knowledgeable of everything we can bring to bear the support, engineering support, application engineering support and they can reach into the company, take an order from a customer for at least everything we're going to supply and one-time.

但現在我們可以更好地準備擁有一支面向客戶的團隊，該團隊完全了解我們可以提供的所有支持、工程支持、應用工程支持，他們可以深入公司，接受客戶的訂單至少我們一次性提供的所有東西。

That's where the opportunity really lies.

這才是真正的機會。

And then if you think about if we maintain the way we did it in the past as customers are placing individual orders at different locations, they all have to be entered, they all have to be invoiced, they all have to be tracked and so forth and becomes complicated to do business with us.

然後，如果您考慮我們是否保持過去的做法，因為客戶在不同的地點下單獨的訂單，它們都必須輸入，它們都必須開具發票，它們都必須被跟踪等等與我們做生意變得很複雜。

It is like dealing with not one company but multiple companies.

這就像不是與一家公司打交道，而是與多家公司打交道。

And that's the one complaint that we would hear, yes, you're calling yourself one name, but you're not acting as one name and that's part of the change.

這就是我們會聽到的一個抱怨，是的，你用一個名字稱呼自己，但你並沒有以一個名字的方式行事，這就是改變的一部分。

So, from a transactional standpoint, the changes that we're looking at is say okay, internally getting the IT systems in place that can support a structure.

因此，從事務的角度來看，我們正在考慮的改變是可以的，在內部建立可以支援結構的 IT 系統。

An order comes in place for an end user part number, let's call it.

最終用戶零件號碼的訂單已到位，我們稱之為。

X and X. has many different components and sub-assemblies coming from multiple locations within Allient.

X 和 X. 有許多不同的元件和子元件，來自 Allient 內的多個位置。

We take that order we drive demand one-time throughout the company.

我們接受這項訂單，一次推動整個公司的需求。

We satisfy, we ship ultimately ship the product, we invoice once, and we have one receivable, and we drive the revenue recognition, and the profit recognition back into this specific to use.

我們滿意，我們最終發貨產品，我們開立一次發票，我們有一筆應收帳款，我們將收入確認和利潤確認重新納入此特定用途。

So, it sounds like it is a tremendous simplification of the duplicative process we had to deal with one customer shipping many products with different customer service facing units facing to the customer and all the transactional processing we have to go through.

因此，這聽起來像是我們必須處理的重複流程的巨大簡化，我們必須處理一個客戶透過不同的面向客戶的服務單元向客戶運送許多產品，以及我們必須經歷的所有事務處理。

So that's -- some of that simplification we're talking about, but it's also a true alignment of the expertise and digging deeper into those applications and supporting it with everything we have available Okay.

這就是我們正在談論的一些簡化，但這也是專業知識的真正結合，深入挖掘這些應用程式並用我們可用的一切來支援它。

So, there's work there -- we talked about systems on order to be able to do this.

所以，那裡有工作——我們討論了能夠做到這一點的系統。

Connecting those systems, not everybody is on the same computer system, but that process continues to move forward.

連接這些系統時，並不是每個人都在同一個電腦系統上，但這個過程會繼續向前推進。

And when that occurs, it really simplifies and it's a transaction that occurs electronically not manually each time as some of it is today.

當這種情況發生時，它確實變得簡單，而且這是一項以電子方式進行的交易，而不是像今天的一些交易那樣每次都手動進行。

Well [Matt] I think you answered one of my next questions, which was -- sounds like with this reorganization, if you would a process that, that you'll be going through a consolidation of kind of back-office systems and such.

嗯，[馬特]我想你回答了我的下一個問題，那就是——聽起來像是這次重組，如果你願意這樣一個流程，你將經歷某種後台系統等的整合。

And does that assume this involves like possibly new ERP like a standardized ERP and CRM systems and things along those lines?

是否假設這可能涉及新的 ERP（例如標準化 ERP 和 CRM 系統）以及類似的東西？

And are you in the process of kind of mapping that out.

您是否正在製定計劃？

And having gone through that in my operational days is clearly a multi-year project to kind of map that out and get it in place, get it into your solutions?

在我的營運期間經歷過這顯然是一個多年的項目，需要將其繪製出來並落實到位，並將其納入您的解決方案中？

You've got to be really careful with it.

你必須非常小心。

I mean, is that what I'm hearing from you?

我的意思是，這就是我從你那裡聽到的嗎？

Well, let's -- we need to be clear, we've been doing that, okay.

好吧，我們需要澄清，我們一直在這樣做，好吧。

That's been ongoing for multiple years now.

這種情況已經持續了好幾年。

And we have converted the vast majority of the acquisitions onto a common system, the vast majority.

我們已將絕大多數收購轉為通用系統，絕大多數。

It's the -- some of the smaller ones I think is where the real benefit is to be derived.

我認為，一些較小的項目才是真正能帶來好處的地方。

As we're adding capabilities that didn't even exist.

因為我們正在添加甚至不存在的功能。

So that process has been ongoing, it's continuous and we have a really good team.

所以這個過程一直持續，而且我們有一支非常優秀的團隊。

I started my career in that area, and we have a really good team.

我的職業生涯就是從這個領域開始的，我們擁有一支非常優秀的團隊。

From starting a project to executing and getting it implemented is a very short period of time.

從開始一個專案到執行並實現它的時間很短。

It has been done successfully over and over and over.

它已經一次又一次地成功完成。

So, we're not starting now, we're well along the way, and we're completing -- I'll say we're in the final phases of completing the conversion and the cut over to a common system.

所以，我們現在還沒有開始，我們一路走來，我們正在完成——我想說，我們正處於完成轉換和切換到通用系統的最後階段。

And it won't be all -- I do have to be clear we do operate very well internally here using Hyperion and our HFM to consolidate and do -- create business reports for us because there are systems that are deeply rooted in our certain companies that you just can't rip out.

這還不是全部 - 我必須明確的是，我們使用 Hyperion 和我們的 HFM 來進行整合並為我們創建業務報告，因為我們的某些公司中存在根深蒂固的系統你就是無法撕掉。

So, where we can and we've already well down that path have been doing it and it's been done successfully.

因此，只要我們能做到，而且我們已經沿著這條路走下去了，而且已經成功完成了。

And I'll call it in the later innings here of where we're at the point of getting close to getting it never done or getting close to the point of getting the identified systems up and converted and running as a company.

我將在後面的幾局中稱之為，我們即將完成它從未完成的點，或者接近將已識別的系統啟動、轉換並作為一家公司運行的點。

So, I think it's going to be an exciting journey, and I've been through some of that stuff before and I will tell you it's pretty interesting beyond your stuff you're doing to organize the business to be more effective with regards to customer facing when you get in and you start getting into cost improvements and cost-saving stuff.

所以，我認為這將是一個令人興奮的旅程，我以前經歷過其中的一些事情，我會告訴你，除了你正在做的事情之外，這非常有趣，以組織業務以更有效地對待客戶當你進入並開始進行成本改進和節省成本的事情時所面臨的問題。

It's much easier to make a dollar by saving a dollar than it is by going and selling stuff to make a dollar, if that makes sense to you.

如果你覺得這樣的話，存一美元來賺一美元比賣東西賺一美元要容易得多。

I applaud you for going at it, and I look forward to hearing about the progress in the years to come and I'll step out a lot of line.

我對你的努力表示讚賞，我期待著聽到未來幾年的進展，並且我將走出很多界限。

Sounds great.

聽起來很棒。

Thanks Ted.

謝謝特德。

Yes, just to add to that back end of that is -- the reasons for doing this is also to establish the foundation for the next level of growth in the Company.

是的，只是補充一點 - 這樣做的原因也是為了為公司的下一個增長水平奠定基礎。

And we feel that the time is right.

我們覺得現在是時候了。

We've had several and many acquisitions we did it at a fast pace.

我們已經進行了多次收購，而且速度很快。

It's time to bring those together and to establish this really strong base and foundation.

是時候將它們聚集在一起並建立這個真正強大的基礎和基礎了。

So, we can move into the next level of growth that we expect within the company.

因此，我們可以進入公司內部預期的下一個成長階段。

So, that's the other important part of this as well.

這也是其中另一個重要的部分。

But thanks for while your comments and questions.

但感謝您的評論和問題。

I appreciate it.

我很感激。

Brett Kearney, American Rebirth Opportunity Partners.

布雷特‧科爾尼，美國重生機會夥伴。

Hi good morning, Dick and Jack, and thanks for all the insights you've shared thus far on the call this morning.

嗨，迪克和傑克，早上好，感謝你們今天早上在電話會議上分享的所有見解。

Yes, good morning.

是的，早安。

I had a question on your growing power technology pillar.

我有一個關於你們不斷發展的電力技術支柱的問題。

Can you help us think about either magnitude or potential runway you're seeing for some of your solutions there, going into the fast-evolving data center market.

您能否幫助我們考慮您所看到的一些解決方案進入快速發展的資料中心市場的規模或潛在跑道。

As well as your ability to supply -- I think that's SNC manufacturing acquisition unlocks the TCI business.

除了供應能力之外，我認為收購 SNC 製造業務也解鎖了 TCI 業務。

Yes, that's a great question.

是的，這是一個很好的問題。

And you want to talk about one of the exciting opportunity areas for us and highlights, I mean, you've identified it.

您想談談對我們來說令人興奮的機會領域之一和亮點，我的意思是，您已經確定了它。

The combination of TCI and SNC and the opportunity for us with the management teams to look at the true synergies that these combined entities can bring its extensive and it's exciting.

TCI 和 SNC 的合併以及我們和管理團隊有機會了解這些合併後的實體可以帶來的真正的協同效應，這令人興奮。

And you hit it -- as far as data centers and the ongoing demand and need for that -- certainly that's not going away that will continue to explode over the years ahead.

就資料中心以及對此的持續需求和需求而言，您擊中了它，當然這不會消失，並且在未來幾年將繼續爆炸式增長。

So, the second thing, your question you asked about you mentioned was the ability to supply.

所以，你提到的第二件事是供應能力。

Certainly, anyone following the industry has seen the lead times have extended.

當然，任何關注該行業的人都發現交貨時間已經延長。

They still have supply chain issues in that market for certain materials, which have caused orders that can be placed for 12 or 24 months out still.

他們在該市場上的某些材料仍然存在供應鏈問題，這導致訂單可能需要 12 或 24 個月才能下達。

For us the expanded footprint that these operations bring together, the Mexican facility that's well-established for SNC is -- that's something that's being leveraged immediately.

對我們來說，這些業務所帶來的擴展足跡，也就是為 SNC 建立的墨西哥工廠，是可以立即利用的。

And it is resulting in our ability to service customers and supply.

這提高了我們服務客戶和供應的能力。

So, we were capacity constrained that's been unleashed and it's happening quickly.

因此，我們的產能受到限制，但這種情況已經釋放，而且發生得很快。

And I can only say I compliment the teams in Wisconsin, in Mexico and China and so forth for their efforts here to ensure that happens as quickly and efficiently as possible, and that's actually happening.

我只能說，我對威斯康辛州、墨西哥和中國等地的團隊表示讚賞，他們為確保這一切盡可能快速有效地發生而付出的努力，而這確實正在發生。

So that's a great question.

這是一個很好的問題。

One of the bright spots and bright opportunities for the future.

未來的亮點和光明機會之一。

The synergies there are extensive and literally the opportunity to create this one-company approach to the market exists with the combination of those two.

兩者之間存在著廣泛的協同效應，實際上有機會創造這種單一公司的市場方式。

Excellent.

出色的。

Thanks so much Dick.

非常感謝迪克。

Thank you, Brett.

謝謝你，布雷特。

We have reached the end of the question and answers session.

我們的問答環節已經結束。

I'd now like to turn the call back over to management for closing comment.

我現在想將電話轉回管理層以徵求結束意見。

Thank you everyone, for joining us on today's call and for your interest in Allient.

感謝大家參加今天的電話會議以及對 Allient 的興趣。

We will be participating in the Craig-Hallum Investor Conference on May 29th in Minneapolis.

我們將參加 5 月 29 日在明尼阿波利斯舉行的 Craig-Hallum 投資者會議。

Otherwise, as always, please feel free to reach out to us at any time, and we look forward to talking with all of you again after our second quarter 2024 results.

否則，一如既往，請隨時與我們聯繫，我們期待在 2024 年第二季業績公佈後再次與大家交談。

Thank you for your participation and have a great day.

感謝您的參與，祝您有美好的一天。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and we thank you for your participation.

此時您可以斷開線路，我們感謝您的參與。