Allient Inc (ALNT) 2024 Q3 法說會逐字稿

Good day, and welcome to the Allient third quarter fiscal year 2024 financial results conference call.

您好，歡迎參加 Allient 2024 財年第三季財務業績電話會議。

(Operator Instructions) Please note that this event is being recorded.

（操作員說明）請注意，該事件正在被記錄。

I would now like to turn the conference over to Craig Mychajluk.

我現在想把會議交給 Craig Mychajluk。

Thank you.

謝謝。

Please go ahead.

請繼續。

Yes.

是的。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

We certainly appreciate your time today as well as your interest in Allient.

我們非常感謝您今天抽出時間以及您對 Allient 的興趣。

Joining me on the call are Dick Warzala, our Chairman, President and CEO; and Jim Michaud, our Chief Financial Officer.

與我一起參加電話會議的還有我們的董事長、總裁兼執行長 Dick Warzala；以及我們的財務長 Jim Michaud。

Dick and Jim are going to review our third quarter 2024 results and provide an update on the company's strategic progress and outlook, after which we'll open up the line for Q&A.

迪克和吉姆將回顧我們 2024 年第三季度的業績，並提供有關公司戰略進展和前景的最新信息，之後我們將開通問答熱線。

You should have a copy of the financial results that were released yesterday after the market closed.

您應該擁有一份昨天收盤後發布的財務業績副本。

If not, you can find it on 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。

If you're reviewing those slides, please turn to slide 2 for the safe harbor statement.

如果您正在查看這些投影片，請前往投影片 2 以取得安全港聲明。

As you are aware, we may make forward-looking statements on this call during the formal discussion as well as during the Q&A.

如您所知，我們可能會在正式討論和問答期間就本次電話會議做出前瞻性陳述。

These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated on today's call.

這些聲明適用於受風險和不確定性以及其他因素影響的未來事件，這些因素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。

These risks and uncertainties and other factors are discussed in the earnings release as well as with other documents filed by the company with the Securities and Exchange Commission.

這些風險和不確定性以及其他因素在收益報告以及公司向美國證券交易委員會提交的其他文件中進行了討論。

You can find these documents on our website or at sec.gov.

您可以在我們的網站或 sec.gov 上找到這些文件。

I want to point out as well that during today's call, we will discuss some non-GAAP measures, which we believe will be useful in evaluating our performance.

我還想指出，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。

You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP.

您不應孤立地考慮此附加資訊的呈現，也不應將其視為根據 GAAP 準備的結果的替代品。

We have provided reconciliations of non-GAAP to comparable GAAP measures in the tables accompanying the earnings release as well as the slides.

我們在收益發布隨附的表格以及幻燈片中提供了非公認會計原則與可比較公認會計原則衡量標準的調節表。

With that, please turn to slide 3, and I'll turn it over to Dick to begin.

接下來，請翻到投影片 3，我將把它交給迪克開始。

Dick?

迪克？

Thank you, Craig, and welcome, everyone.

謝謝你，克雷格，歡迎大家。

As expected, our year-over-year performance reflects a softer top line with revenue coming in for the quarter at $125 million.

正如預期的那樣，我們的年比業績反映出營收疲軟，本季營收為 1.25 億美元。

This decline has been broadly evident across most of our served markets with industrial automation and our vehicle markets being impacted the most.

這種下降在我們服務的大多數市場中都很明顯，其中工業自動化和我們的汽車市場受到最大的影響。

This ongoing inventory rebalancing and customer utilization of excess inventory in the channel is reflected in our year-over-year revenue decline.

這種持續的庫存重新平衡和客戶對通路中過剩庫存的利用反映在我們的年收入下降中。

While the market rebalancing is not something we can control, our internal focus on reducing cost is within our control, and we are unwavering in our efforts to realign our organization to be closer to our customers and to ensure we emerge in a much stronger position in the future.

雖然市場再平衡不是我們可以控制的，但我們內部對降低成本的關注是在我們的控制範圍內的，我們堅定不移地努力重組我們的組織，以更貼近我們的客戶，並確保我們在競爭中處於更有利的地位。

As reflected in our current quarter results, we have made significant strides in driving sequential margin improvements and with a strong and continued commitment, we are confident we will continue to improve the cost side of our business in the months and quarters ahead.

正如我們當前季度的業績所反映的，我們在推動利潤率環比改善方面取得了重大進展，並且憑藉堅定而持續的承諾，我們有信心在未來幾個月和幾個季度繼續改善業務的成本方面。

Our gross margin improved by 150 basis points sequentially to 31.4%.

我們的毛利率較上月提高了 150 個基點，達到 31.4%。

Operating margin rose by 170 basis points to 5.3% and adjusted EBITDA margin climbed by 130 basis points to 11.5%.

營業利益率上升 170 個基點至 5.3%，調整後 EBITDA 利潤率上升 130 個基點至 11.5%。

This sequential improvement highlights the effectiveness of our margin-focused and operational efficiency strategies.

這項連續的改進凸顯了我們以利潤為中心和營運效率策略的有效性。

We also continued to generate a solid cash flow, adding $12 million from operations during the quarter and ended the period with more than $37 million in cash.

我們也繼續產生穩定的現金流，本季營運增加了 1,200 萬美元，期末現金超過 3,700 萬美元。

Additionally, we reduced debt by $5.5 million in the third quarter and more recently, amended our credit agreement, as Jim will highlight later in the presentation.

此外，我們在第三季減少了 550 萬美元的債務，最近還修改了我們的信貸協議，吉姆將在稍後的演示中強調這一點。

Our Simplify to Accelerate NOW actions are driving measurable results, as noted on slide 4.

如投影片 4 所示，我們的「從簡化到加速」行動正在推動取得可衡量的成果。

We are advancing our goal to streamline operations and generate sustainable cost reductions.

我們正在推進簡化營運和可持續降低成本的目標。

To date, we expect this initiative to yield $10 million in annualized savings with the first $5 million implemented late in the second quarter and the remaining $5 million currently in progress.

迄今為止，我們預計該計劃將每年節省 1000 萬美元，其中第一筆 500 萬美元將在第二季末實施，其餘 500 萬美元目前正在進行中。

This has contributed to our recent margin improvements and is supporting our profitability.

這有助於我們最近的利潤率提高，並支持我們的獲利能力。

Jim will further discuss the restructuring charges related to these actions.

吉姆將進一步討論與這些行動相關的重組費用。

The program is focused on refining our organizational structure, and as I mentioned, to be closer to our customers, reducing redundancies and optimizing production processes, which has contributed to early operational efficiencies.

該計劃的重點是完善我們的組織結構，正如我所提到的，為了更貼近我們的客戶、減少裁員和優化生產流程，這有助於提高早期的營運效率。

Additionally, by simplifying our operations, we are enhancing agility.

此外，透過簡化運營，我們正在增強敏捷性。

This means faster time to mark.et, improved customer service and stronger competitive positioning across our key industries.

這意味著更快的上市時間、更好的客戶服務以及在我們關鍵產業中更強的競爭地位。

Looking forward, we were actively identified further cost rationalization opportunities to ensure continued alignment with both market conditions and customer needs as we head into 2025.

展望未來，我們積極尋找進一步的成本合理化機會，以確保在進入 2025 年時繼續符合市場條件和客戶需求。

These ongoing efforts will position Allient to [emerge] from today's macroeconomic environment with stronger earnings power, greater operational flexibility and the capacity to capitalize on future growth.

這些持續的努力將使 Allient 從當今的宏觀經濟環境中脫穎而出，並擁有更強的獲利能力、更大的營運靈活性以及利用未來成長的能力。

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

接下來，讓我把它交給吉姆，讓他對財務狀況進行更深入的審查。

Thank you, Dick, and good morning, everyone.

謝謝迪克，大家早安。

Starting on slide 5.

從投影片 5 開始。

Second quarter revenue of $125 million was down year-over-year by 14%.

第二季營收為 1.25 億美元，年減 14%。

The impact of foreign currency exchange rate fluctuations was nominally favorable by $600,000.

外幣匯率波動的影響名目上有利60萬美元。

In the vehicle markets, we saw a 38% decline largely due to a sharper-than-expected downturn in powersports demand and our efforts to refine our focus on margin-enhancing applications.

在汽車市場，我們看到了 38% 的下降，這主要是由於動力運動需求的下滑幅度超出預期，以及我們努力加強對提高利潤的應用的關注。

Most other vehicle subverticals held relatively steady year-over-year.

大多數其他汽車垂直行業同比保持相對穩定。

Industrial markets decreased by 9% despite notable gains in power quality sales to the HVAC and data center sectors, along with additional contributions from our recent acquisition.

儘管暖通空調和資料中心領域的電能品質銷售額顯著成長，而且我們最近的收購也做出了額外貢獻，但工業市場仍下降了 9%。

These gains were offset by softer demand in industrial automation, where our largest customer undertook significant inventory destocking.

這些收益被工業自動化需求疲軟所抵消，我們最大的客戶在工業自動化領域進行了大量庫存去化。

Our medical markets also softened.

我們的醫療市場也疲軟。

Outside of surgical instrument sales, which were a bright spot, we experienced persistent weakness in medical mobility products, a trend that has continued over the past few years and was further impacted by the bankruptcy of a major customer in this space.

除了手術器材銷售這一亮點之外，我們在醫療行動產品方面經歷了持續疲軟，這一趨勢在過去幾年中持續存在，並受到該領域主要客戶破產的進一步影響。

Lastly, in Aerospace and Defense, sales declined due to program timing.

最後，在航空航太和國防領域，由於計畫時間安排，銷售額有所下降。

On a positive note, we are actively pursuing several promising opportunities on the defense side, which we anticipate will contribute to growth in the near future.

從積極的角度來看，我們正在防守方面積極尋求一些有希望的機會，我們預計這將有助於在不久的將來實現成長。

Slide 6 illustrates the shift in our revenue mix across markets over the trailing 12 months, with key catalysts driving each change.

投影片 6 說明了過去 12 個月內我們跨市場的收入組合的變化，以及推動每次變化的關鍵催化劑。

The industrial sector remained our largest market, contributing 47% of the trailing 12-month sales, marking a 400 basis point expansion.

工業部門仍然是我們最大的市場，佔過去 12 個月銷售額的 47%，擴張了 400 個基點。

Over the past year, industrial automation initially benefited from supply chain improvements, but has recently slowed as inventory levels reset across the industry.

在過去的一年裡，工業自動化最初受益於供應鏈的改善，但最近隨著整個產業庫存水準的重置而放緩。

In the vehicle market, trailing 12-month revenue declined as higher demand in commercial automotive was offset by lower demand in powersports and construction.

在汽車市場，過去 12 個月的收入下降，因為商用汽車的需求增加被動力運動和建築需求的下降所抵消。

Both Medical and Aerospace and Defense also saw decreases largely due to the same factors impacting our quarterly performance.

醫療、航空航天和國防也出現了下降，主要原因是影響我們季度業績的相同因素。

Finally, our distribution channel, a smaller component, represented 4% of total sales over the trailing 12-month period.

最後，我們的分銷管道（一個較小的組成部分）佔過去 12 個月內總銷售額的 4%。

As shown on slide 7, gross profit was $39.3 million with a gross margin of 31.4%.

如投影片 7 所示，毛利為 3,930 萬美元，毛利率為 31.4%。

Our year-over-year margin change reflects both top line softness and an unfavorable mix, including the replacement of higher-margin industrial automation sales with lower margin contributions from our recent acquisition.

我們的同比利潤變化反映了營收疲軟和不利的組合，包括用我們最近收購的較低利潤貢獻取代了利潤較高的工業自動化銷售。

Looking ahead, we expect our simplification process, along with the integration of our recent acquisition of SNC and its added capacity, to drive margin improvement over time.

展望未來，我們預期流程的簡化，以及最近收購的 SNC 及其新增產能的整合，將隨著時間的推移推動利潤率的提高。

The 150 basis point sequential increase in margin was largely due to a favorable mix despite lower overall sales.

儘管總體銷售額較低，但利潤率環比增長 150 個基點主要是由於有利的組合。

On slide 8, we reported operating income of $6.6 million with an operating margin of 5.3%.

在投影片 8 上，我們報告營業收入為 660 萬美元，營業利潤率為 5.3%。

In the third quarter, we incurred approximately $0.5 million in restructuring charges, bringing the year-to-date total to $1.9 million.

第三季度，我們產生了約 50 萬美元的重組費用，使年初至今的重組費用總額達到 190 萬美元。

These charges are primarily cash-based and are largely tied to severance expenses.

這些費用主要以現金形式支付，並且很大程度上與遣散費有關。

We expect the total cost of reduction efforts to date to range between $1.9 million and $2.4 million.

我們預計迄今為止減排工作的總成本將在 190 萬美元到 240 萬美元之間。

These actions underscore our commitment to building a stronger, more efficient foundation for sustainable growth.

這些行動強調了我們致力於為永續成長建立更強大、更有效率的基礎的承諾。

Operating costs and expenses accounted for 26.1% of revenue, an increase of 160 basis points, with 40 basis points directly attributable to the restructuring.

營運成本和費用佔收入的26.1%，增加160個基點，其中40個基點直接歸因於重組。

Despite current market challenges, we remain focused on improving profitability.

儘管當前市場面臨挑戰，我們仍專注於提高獲利能力。

Sequentially, operating costs and expenses as a percentage of revenue improved by 20 basis points following our cost reduction measures at the end of the second quarter, though partially offset by the recent restructuring expenses.

隨後，在第二季末採取成本削減措施後，營運成本和費用佔收入的百分比提高了 20 個基點，但部分被最近的重組費用所抵消。

Slide 9 shows the bottom line results.

幻燈片 9 顯示了底線結果。

In the quarter, net income reached $2.1 million, translating to earnings per diluted share of $0.13. Adjusted net income was $5.1 million or $0.31 per diluted share, which excludes noncash amortization of intangible assets as well as business development, restructuring and realignment costs.

本季淨利達 210 萬美元，攤薄後每股收益為 0.13 美元。調整後淨利潤為 510 萬美元，即稀釋後每股收益 0.31 美元，其中不包括無形資產的非現金攤銷以及業務開發、重組和調整成本。

Our effective tax rate for the quarter was 22.6%, and we continue to expect our full 2024 tax rate to range from 21% to 23%.

我們本季的有效稅率為 22.6%，我們繼續預期 2024 年的完整稅率將在 21% 至 23% 之間。

Internally we use adjusted EBITDA to measure our progress and operational performance.

在內部，我們使用調整後的 EBITDA 來衡量我們的進度和營運績效。

Adjusted EBITDA was $14.4 million or 11.5% of revenue, and we are targeting further EBITDA margin improvement through ongoing simplification efforts.

調整後 EBITDA 為 1,440 萬美元，佔營收的 11.5%，我們的目標是透過持續的簡化工作進一步提高 EBITDA 利潤率。

Sequentially, adjusted EBITDA increased 4% or $0.5 million and rose 130 basis points as a percentage of revenue.

隨後，調整後的 EBITDA 成長了 4%，即 50 萬美元，佔營收的百分比上升了 130 個基點。

Let's now focus on cash generation and our balance sheet with slides 10 and 11.

現在讓我們透過投影片 10 和 11 來關注現金產生和資產負債表。

Year-to-date, cash from operations reached $29.5 million, a 9% improvement over the prior year, driving working capital efficiencies and noncash adjustments that helped offset lower net income.

年初至今，營運現金達到 2,950 萬美元，比上年增長 9%，提高了營運資本效率和非現金調整，幫助抵消了淨利潤的下降。

Capital expenditures for the 9 months totaled $6.9 million.

這 9 個月的資本支出總計 690 萬美元。

While we continue to invest in growth opportunities, we have refined our capital allocation priorities to focus on high potential, high-value projects.

在我們繼續投資成長機會的同時，我們優化了資本配置優先事項，並專注於高潛力、高價值的項目。

Accordingly, our 2024 capital [expenditure] forecast has been revised down to range -- to a range of $8 million to $11 million from the previous $11 million to $13 million.

因此，我們對 2024 年資本[支出]的預測已從先前的 1,100 萬美元至 1,300 萬美元下調至 800 萬美元至 1,100 萬美元。

Inventory turns declined to 2.7 since year-end and days sales outstanding increased to 61 days.

自年底以來，庫存週轉率下降至 2.7，應收帳款天數增加至 61 天。

Managing inventory remains a top priority, though we continue to navigate the effects of extended lead times from orders placed up to 1 year ago.

儘管我們繼續應對一年前下的訂單導致交貨時間延長的影響，但管理庫存仍然是重中之重。

Due to prior long lead times, we are still receiving inventory for products ordered before the recent softening in sales, which has led to elevated stock levels.

由於之前的交貨時間較長，我們仍在接收近期銷售疲軟之前訂購的產品的庫存，這導致庫存水準升高。

We are actively working through this inventory to align with current demand conditions.

我們正在積極處理這些庫存，以適應當前的需求狀況。

Total debt at approximately $231 million was up from year-end 2023 due to the SNC acquisition, though we paid down $5.5 million in the quarter.

儘管我們在本季償還了 550 萬美元，但由於收購 SNC，總債務仍較 2023 年底增加約 2.31 億美元。

Net debt at about $194 million represents a net debt to capitalization ratio of 41.6%.

淨負債約 1.94 億美元，淨負債與資本比率為 41.6%。

As Dick mentioned, we amended our 2024 credit facilities, adding flexibility in our financial planning through the fiscal 2025.

正如迪克所提到的，我們修改了 2024 年信貸安排，增加了 2025 財年財務規劃的彈性。

The amendments included less restrictive covenants and expanded EBITDA add-backs.

這些修正案包括限制性較小的契約和擴大的 EBITDA 返還。

With these updates, our leverage ratio stood at 3.32.

經過這些更新，我們的槓桿率為 3.32。

Additionally, we entered into a new interest rate swap, hedging $50 million of debt over a 3-year term, helping protect against potential interest rate volatility.

此外，我們還簽訂了一項新的利率互換協議，在 3 年期限內對沖 5,000 萬美元的債務，有助於防範潛在的利率波動。

These adjustments, combined with the new interest rate swap, reinforce our ability to execute our Simplify to Accelerate NOW strategy with financial discipline and effective interest rate management.

這些調整與新的利率互換相結合，增強了我們透過財務紀律和有效的利率管理來執行「簡化以加速」策略的能力。

Our primary financial goals remain focused on strengthening cash conversion and reducing debt.

我們的主要財務目標仍然集中在加強現金轉換和減少債務。

With that, if you advance to slide 12, I will now turn the call back over to Dick.

這樣，如果您前進到幻燈片 12，我現在會將電話轉回給迪克。

Thank you, Jim.

謝謝你，吉姆。

Our third quarter order rates reflected some anticipated challenges with orders down sequentially as customers adjust inventory levels and shift the time lines of certain active projects.

我們第三季的訂單率反映了一些預期的挑戰，隨著客戶調整庫存水準並改變某些活躍項目的時間線，訂單將持續下降。

We believe the shift was influenced by ongoing higher interest rates, political uncertainties and the election cycle, which are impacting customer purchasing decisions.

我們認為，這種轉變受到持續走高的利率、政治不確定性和選舉週期的影響，這些因素正在影響顧客的購買決策。

Additionally, the $31 million defense order received in Q3 last year will cover approximately 18 months of demand and is reflected in the year-over-year comparison.

此外，去年第三季收到的 3,100 萬美元的國防訂單將滿足約 18 個月的需求，並反映在同比比較中。

Despite these factors, our diversified portfolio remains resilient with solutions aligned with key macro trends like artificial intelligence and data center growth, electrification, energy conservation and automation importantly, while some orders have been delayed, cancellations have been minimal and are being managed appropriately.

儘管有這些因素，我們的多元化投資組合仍然具有彈性，解決方案符合人工智慧和資料中心成長、電氣化、節能和自動化等關鍵宏觀趨勢，重要的是，雖然一些訂單被推遲，但取消量很少，並且得到了適當的管理。

We do expect a moderated pace of orders to persist in most markets into 2025, with some exceptions reflecting the very positive impacts in the growth-oriented macro trends, most notably data center expansion, as we previously had mentioned.

我們確實預計大多數市場的訂單增速將持續到2025 年，但也有一些例外，這反映了以增長為導向的宏觀趨勢的非常積極的影響，最顯著的是數據中心擴張，正如我們之前提到的。

Our backlog has declined as a result of the recent order softness and improved supply chain conditions, which over the last year has enabled the reduction in lead times for many of our supplied products.

由於最近的訂單疲軟和供應鏈條件的改善，我們的積壓訂單有所減少，這使得我們許多供應產品的交貨時間在去年有所縮短。

In the meantime, we are actively implementing cost savings initiatives and remain confident in our strategy and long-term potential.

同時，我們正在積極實施成本節約舉措，並對我們的策略和長期潛力保持信心。

Our outlook is outlined on slide 13.

幻燈片 13 概述了我們的前景。

Looking ahead, we are continuing to drive cost savings through our Simplify to Accelerate NOW program, with $10 million of annualized savings in process to date, and we are identifying further opportunities as we move into 2025.

展望未來，我們將繼續透過 Simplify to Accelerate NOW 計畫推動成本節約，迄今為止每年可節省 1000 萬美元，並且在進入 2025 年時我們正在尋找更多機會。

For the fourth quarter, we anticipate a revenue run rate slightly below our Q3 level given the impact from typical year-end seasonality and continued inventory rebalancing at some customers.

考慮到典型的年末季節性和一些客戶持續的庫存再平衡的影響，我們預計第四季度的收入運行率將略低於第三季的水平。

While we expect softer demand to persist through the first half of 2025 in most markets, our focus on operational efficiency and cost management positions us to navigate these headwinds effectively.

雖然我們預計大多數市場的需求疲軟將持續到 2025 年上半年，但我們對營運效率和成本管理的關注使我們能夠有效應對這些不利因素。

We are also prioritizing cash generation and debt reduction, aiming to reinforce our financial flexibility.

我們也優先考慮現金產生和減少債務，旨在增強我們的財務靈活性。

As we approach mid-2025, we expect uncertainties to decrease, supported by normalized inventories, potential of stabilization in interest rates and a more consistent order flow.

隨著 2025 年中期的臨近，我們預計在庫存正常化、利率穩定的潛力和更一致的訂單流的支持下，不確定性將會減少。

These improvements should allow us to return to stronger revenue levels and improved operating margins as we look to capitalize on the future growth opportunities available to our company.

當我們希望利用公司未來的成長機會時，這些改進將使我們能夠恢復到更強勁的收入水平並提高營業利潤率。

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

那麼，接線員，讓我們打開提問線路。

(Operator Instructions) Greg Palm from Craig-Hallum Capital Group.

（操作員說明）來自 Craig-Hallum Capital Group 的 Greg Palm。

I guess, Dick, just thinking back three months ago when we talked last, curious if you look back on the comments then and where we are now, anything that surprised you one way or the other or is everything kind of playing out as expected?

我想，迪克，只是回想起三個月前我們上次談話時，好奇你是否回顧當時的評論以及我們現在的情況，有什麼讓你感到驚訝的事情，或者一切都按預期進行嗎？

Yes.

是的。

I think it's playing out as expected, Greg.

我認為事情正在按預期進行，格雷格。

And I think it's the numbers, and internally, the operational improvements that we've identified and the actions taken by our team, I think they're accelerating, and they're beginning to generate some excitement internally.

我認為這是數字，在內部，我們已經確定的營運改進以及我們團隊採取的行動，我認為它們正在加速，並且開始在內部產生一些興奮。

So I think they're playing out as we expected.

所以我認為他們的表現正如我們所預期的。

And are you able to maybe quantify the amount of sort of the impact from inventory reductions?

您是否能夠量化庫存減少所帶來的影響程度？

And what I'm getting at is, all else equal, no change in sort of the macro backdrop.

我的意思是，在其他條件相同的情況下，宏觀背景沒有任何變化。

What sort of -- what's a normalized level of revenue look like when you're through the destocking?

當你完成去庫存後，正常化的收入水準是什麼樣的？

Yes.

是的。

Well, that's a good -- all right.

嗯，這很好——好吧。

Well, I think what we do is if we look at it from a -- just take one of our major customers, okay.

嗯，我認為我們所做的是，如果我們從一個角度來看——就拿我們的一個主要客戶來說，好吧。

I think Jim mentioned our largest customer and maybe -- which has had the greatest impact on us because of inventory restocking, channel rationalization and so forth.

我認為吉姆提到了我們最大的客戶，也許——由於庫存補充、管道合理化等，這對我們產生了最大的影響。

But I would tell you that from our run rates that we're seeing right now in third quarter and what we expect here through maybe fourth quarter and early into next year, there's a opportunity for us to see a couple million dollar a month improvement in run rates.

但我想告訴你，從我們現在在第三季看到的運行率以及我們對第四季和明年初的預期來看，我們有機會看到每月幾百萬美元的改善運行率。

That's what we're seeing, and I'm comparing that to Q3 and expected Q4 and early Q1 of next year, that gives you a feel for what we're down.

這就是我們所看到的，我將其與第三季度和預期的第四季度以及明年第一季初進行比較，這讓您感受到我們的處境。

And that's one specific customer?

那是一位特定客戶嗎？

That's one specific customer.

這是一位特定客戶。

Wow.

哇。

And then I think -- yes, it's been more than that on an annualized basis -- on an annual basis, but I do think that we're going to start to see some improvement and blending some optimism into that.

然後我認為 - 是的，這不僅僅是按年計算 - 按年計算，但我確實認為我們將開始看到一些改進並將一些樂觀融入其中。

Although we do feel that there is some definite decrease in -- for the next -- will continue for the next couple of quarters.

儘管我們確實認為未來幾季將繼續出現一定程度的下降。

Okay.

好的。

Yes.

是的。

Understood.

明白了。

And then add to that -- And add to that, we do see some momentum coming, and I don't want to -- I want to make sure that we get it out there in front of everybody because we are quite excited about it, but the artificial intelligence and data center expansion, I mean, we play a role in that.

然後補充一點——補充一點，我們確實看到了一些勢頭，但我不想——我想確保我們把它展示在每個人面前，因為我們對此感到非常興奮，但我的意思是，人工智慧和數據中心擴張，我們在其中發揮了作用。

And we do see some -- some pretty significant opportunities rolling forward.

我們確實看到了一些——一些非常重要的機會正在出現。

And so it's been pretty solid for us.

所以這對我們來說非常可靠。

The -- that happens -- that's in our power quality side of our business here, and we see some increased demands coming into the future.

這種情況發生在我們業務的電能品質方面，我們看到未來的需求會增加。

And so that's one of the real bright spots we have going forward.

所以這是我們前進的真正亮點之一。

So artificial intelligence and the data center construction is certainly a big upside for us.

所以人工智慧和資料中心建設對我們來說肯定是一個很大的優勢。

Since you brought it up, what are your sales into that end market specifically?

既然您提出了這個問題，那麼您在該終端市場的具體銷售額是多少？

And can you just talk about kind of what your growth rates have been or what your growth rates may be and what kind of visibility levels?

您能否談談您的成長率是多少，或者您的成長率可能是多少，以及可見度等級是多少？

Obviously, there's a lot of excitement in that area.

顯然，該領域有很多令人興奮的事情。

Yes.

是的。

Well, I -- we don't -- we haven't broken that out in the past.

嗯，我——我們沒有——我們過去沒有解決這個問題。

So I guess I would hesitate to do that right now, Greg, to talk about it.

所以我想我現在會猶豫是否要這樣做，格雷格，是否要談論它。

But I can just tell you that it has an impact on us, but it's exponential growth that we're talking about here.

但我可以告訴你，它對我們有影響，但我們在這裡談論的是指數增長。

And it's in the millions, in the high single-digits or low double-digits.

其數量為數百萬，高個位數或低兩位數。

Got it.

知道了。

Okay.

好的。

If I could just shift gears a little bit and talk about the cost-cutting program or just the Simplify to Accelerate NOW in terms of what kind of benefits you're seeing not to the P&L, but internally with the excitement.

如果我能稍微換個話題，談談成本削減計劃，或者只是現在就簡化加速，看看你看到的不是損益表上的好處，而是內部的興奮。

And then in terms of the P&L impact specifically, so there's another $5 million that flows through Q4.

然後具體就損益影響而言，第四季還有另外 500 萬美元的資金流過。

It sounds like maybe there's even more still yet to come.

聽起來也許還會有更多的事情發生。

Is that the right way to think about it?

這是正確的思考方式嗎？

Yes.

是的。

And so -- I love the question because we tend to always look at it from a cost standpoint and the impact and the cost realization or the reduction in cost realization that we'll see in our numbers.

所以——我喜歡這個問題，因為我們傾向於總是從成本的角度來看待它，以及我們將在數據中看到的影響和成本實現或成本實現的減少。

I would say to you that even more exciting is the restructuring that we're doing, is aligning us much more closely with our customers.

我想說的是，更令人興奮的是我們正在進行的重組，使我們與客戶更加緊密地結合在一起。

Internally, we're making organization changes and with a greater focus on vertical markets that we feel have significant opportunities for growth.

在內部，我們正在進行組織變革，並更加關注我們認為具有重大成長機會的垂直市場。

So, yes, the cost reductions are in place.

所以，是的，成本削減已經到位。

There's more to come, and we're continuously working on those, and we do have a great excitement about those.

還有更多的事情即將發生，我們正在不斷努力，我們對此感到非常興奮。

But even more so, the potential to get us realigned and refocused and hold people accountable, respond to our customers faster, more closely aligned to our markets and customers is the real opportunity here.

但更重要的是，真正的機會是讓我們重新調整和重新調整重點，讓人們承擔責任，更快地回應客戶，更緊密地貼近我們的市場和客戶。

And that's top line growth that will generate -- it's very focused top line growth on, I'll call them, better margin opportunities that will generate some significant growth in the future.

這就是將產生的收入成長——我稱之為更好的利潤機會，這將在未來產生一些顯著的成長。

That's the real excitement to come.

這才是真正令人興奮的事。

Are you seeing any tangible signs of that yet or is it mostly something that's still yet to come in terms of the top line?

您是否看到了任何明顯的跡象，或者就營收而言，這主要是尚未出現的情況嗎？

I'll tell you that tangible opportunities is what we can measure right now, to say that are we getting the opportunity to engage in some high-value activities that could drive the growth?

我會告訴你，我們現在可以衡量的是有形的機會，也就是我們是否有機會從事一些可以推動成長的高價值活動？

And the answer is yes.

答案是肯定的。

So, some can be converted on a short-term basis, but the majority are still longer term and in our focus markets.

因此，有些可以在短期內轉換，但大多數仍然是長期的，並且在我們的重點市場中。

So yes, I think we'll see some uptick and we have some opportunities, but mostly as we get designed in on new programs -- and we're leveraging the full technology base and product base of the company.

所以，是的，我認為我們會看到一些上升，我們有一些機會，但主要是當我們設計新項目時——而且我們正在利用公司的完整技術基礎和產品基礎。

So for example, I think we've used in the past is defense.

例如，我認為我們過去使用的是防禦。

And if you go back to one year ago when we launched Allient and we talked about the pillars of technology for motion, controls and power.

如果你回到一年前，當我們推出 Allient 時，我們討論了運動、控制和動力的技術支柱。

And we said, look at the tip of the house, and that's our vertical market access.

我們說，看看房子的尖端，這就是我們的垂直市場准入。

So just recently at AUSA, we came out and we were marketing our company, presenting our company as Allient Defense.

所以就在最近的 AUSA 上，我們出來行銷我們的公司，將我們的公司介紹為 Allient Defense。

And it really struck a chord with our customers as they -- we had several meetings, many meetings outside of our booth and inside our booth, that clearly showed what value we can bring, and there were some AHAs in that, because we have a pretty unique position in offering integrated compact lightweight solutions to the marketplace.

這確實引起了我們客戶的共鳴，因為他們- 我們舉行了幾次會議，許多會議在我們的展位外和我們的展位內，這清楚地表明了我們可以帶來什麼價值，其中有一些AHA，因為我們有在向市場提供整合緊湊型輕量化解決方案方面具有相當獨特的地位。

So electrification, integration of solutions as well as the lightweighting technologies drew some considerable attention and I think opened up some doors there that, while some will convert into a lower level of revenues now, the big -- the longer-term opportunity was pretty -- was very significant.

因此，電氣化、解決方案整合以及輕量化技術引起了相當大的關注，我認為這打開了一些大門，雖然現在有些收入將轉化為較低水平，但長期的機會是相當大的。

That's just an example of what I'm talking about.

這只是我所說的一個例子。

But this is now occurring in each operation to truly get us closer to our customers, closer to our markets.

但現在每項業務都在發生這種情況，以真正讓我們更貼近我們的客戶、更貼近我們的市場。

And I'll tell you that we're a hell of a lot more selective now than we were in the past about which opportunities we're going to chase.

我會告訴你，我們現在比過去更挑剔我們要追逐的機會。

We've learned a lot and we make sure that going in, we're picking the right markets and the right customers.

我們學到了很多東西，並確保我們選擇正確的市場和正確的客戶。

So some of that rationalization that's going on right now, I think, will be healthy and good for us in the future as well.

因此，我認為，目前正在進行的一些合理化，對於我們的未來也將是健康且有益的。

So that's where the excitement comes in, and that's an example of it.

這就是令人興奮的地方，這就是一個例子。

Congrats on the improved results here and best of luck going forward.

恭喜你取得了進步，祝你未來好運。

(Operator Instructions) Ted Jackson from Northland Securities.

（操作員指令）來自 Northland Securities 的 Ted Jackson。

So I got a few questions.

所以我有幾個問題。

I'm going to start on the industrial side, Dick.

我將從工業方面開始，迪克。

And I don't know if anyone else did, but I mean, if you listen to the -- like we just talked about Rockwell.

我不知道其他人是否也這樣做過，但我的意思是，如果你聽過——就像我們剛才談到的羅克威爾一樣。

Rockwell reported this morning.

羅克韋爾今天早上報道。

And basically, with regards to like the industrial automation and kind of the things that are, I would say, relevant to Allient, they don't look for a very good quarter in the next quarter, but then they're expecting that business to grow sequentially through the remainder of their fiscal '25.

基本上，對於工業自動化以及我想說的與 Allient 相關的事物，他們預計下一季的季度業績不會很好，但他們預計該業務將在 25 財年的剩餘時間內繼續增長。

And so, taking that as a backdrop, when you look at your business and you're getting through this normalization of you would in terms of inventory within that channel, I'm not saying Rockwell, but just the industrial channel.

因此，以此為背景，當您審視您的業務並且您正在經歷該渠道內庫存方面的正常化時，我不是說羅克韋爾，而只是說工業渠道。

Is Rockwell a good kind of [bogey] to think about with the backdrop of that portion of your industrial business that perhaps the next quarter will again be lackluster, but then from there, we'll start to see a build off of that?

考慮到您的工業業務部分可能在下個季度將再次表現平淡，但從那時起，我們將開始看到其基礎上的發展，羅克韋爾是一個很好的[柏忌]嗎？

Yes.

是的。

So I think it's very clear to everyone that they're our largest customer.

所以我認為每個人都非常清楚他們是我們最大的客戶。

So in the conversation

所以在談話中

--

--

Trying to be polite.

努力表現得有禮貌。

Yes.

是的。

I know you are, and I appreciate it.

我知道你是，我很感激。

But I think I do appreciate again bringing it up because, certainly -- And I think certainly, when you see the impacts after Rockwell has their conference calls and talks about their projections for the future, that has a direct impact on us.

但我想我確實很感激再次提出這個問題，因為，當然 - 我想當然，當你看到羅克韋爾召開電話會議並談論他們對未來的預測後的影響時，這對我們有直接影響。

And it's not just one of our operations.

這不僅僅是我們的一項業務。

It's multiple products and multiple operations.

這是多種產品和多種操作。

And so the impact -- as they go and grow and expand and their business volume goes up, we go along with it.

因此，隨著他們的發展、壯大和業務量的增加，我們也會隨之而來。

(technical difficulty) Over the longer term, you would go along with it.

（技術難度）從長遠來看，你會同意它。

But -- so like -- and we're going to just talk hypothetically.

但是——就像——我們只是假設性地討論。

So we get through the next quarter and then Rockwell starts showing growth within most -- many of the verticals that play to you.

因此，我們度過了下一個季度，然後羅克韋爾開始在大多數領域（許多對您有利的垂直領域）顯示出成長。

Would there be -- is there some sort of -- would you go hand-in-hand with that?

你會--有某種--你會與之攜手並進嗎？

Would there be -- are you a leading indicator for their growth?

您是他們成長的領先指標嗎？

Would you trail it?

你會跟踪它嗎？

Do you understand what I'm saying, kind of how would I think about it in terms of the timing for them relative to Allient?

你明白我在說什麼嗎？

Yes.

是的。

Well, there's 2 things.

嗯，有兩件事。

So they're -- obviously, Rockwell's business is on automation, and they're doing major automation projects.

所以他們——顯然，羅克韋爾的業務是自動化，他們正在做重大的自動化專案。

So they pull products from many different suppliers as well as their own product base.

因此，他們從許多不同的供應商以及自己的產品庫中獲取產品。

And it really -- as they're recognizing revenue, okay.

確實如此——因為他們正在確認收入，好吧。

As long as they're recognizing revenue, they're doing installations and there -- then we would be pulled along with that.

只要他們確認收入，他們就在那裡進行安裝——那麼我們就會被拉動。

So you have to be careful.

所以你必須小心。

There's three sections of their business or segments that they report in their business.

他們在業務中報告了三個業務部門或部門。

And the one that will -- if it's going up and it's the hardware side of it, to the hardware software.

如果它正在上升，並且是它的硬體方面，那麼它會上升到硬體軟體方面。

It's the equipment side of it, as that starts increasing, we will increase along with that.

這是設備方面，隨著設備的增加，我們也會跟著增加。

So it's the installation of new automation projects that are occurring.

因此，正在安裝新的自動化項目。

As that occurs, that's when you will see us tagging along.

當這種情況發生時，你會看到我們尾隨其後。

But of course, the timing of that is they get an order and they have to plan for the installation and they have to go out and acquire or build the products that are needed for the install for the project.

但當然，時間是他們收到訂單，他們必須規劃安裝，他們必須出去獲取或建造項目安裝所需的產品。

We'll be needed in the installation prior to them recognizing revenue, is what I would say to you.

我想對您說的是，在他們確認收入之前，我們需要進行安裝。

Okay.

好的。

I would also caution you, though, that we don't want to get overexcited here because the inventory adjustments that we've seen there in the channel, having inventory in the channel, it's been significant.

不過，我也要提醒您，我們不想在這裡過度興奮，因為我們在通路中看到的庫存調整非常重要。

So hopefully, that's beginning to settle down, and we're starting to see a return to normalcy, and that will have a -- get us on a, we'll call it a steady-state demand versus the hockey stick demand and then the sharp drop-offs that we've seen.

因此，希望這種情況開始穩定下來，我們開始看到恢復正常，這將讓我們陷入困境，我們將其稱為穩態需求與曲棍球棒需求，然後我們所看到的急劇下降。

So it's been a pretty steep increase and a pretty steep decrease, and we're looking for that steady state, ongoing steady demand that we can plan for and work towards, and the numbers that I gave in the prior question from Greg are reflective in that, returning to a steady normal state, not the hockey stick demand that we saw last year.

因此，這是一個相當陡峭的增長和一個相當陡峭的下降，我們正在尋找穩定的狀態，持續穩定的需求，我們可以計劃和努力，我在格雷格之前的問題中給出的數字反映了回到穩定的正常狀態，而不是我們去年看到的曲棍球棒需求。

Well, it sounds like from their call that they're expecting that to start in the second, third quarter of next year, just on calendar year, just so you know.

嗯，從他們的電話中聽來，他們預計這將在明年第二、第三季開始，就在日曆年，所以你知道。

My next question goes in

我的下一個問題是

--

--

Let me -- can I clarify this, though?

讓我—我可以澄清一下嗎？

Second, third quarter of their fiscal year because they -- yes, okay, because their fiscal year has ended.

他們的財政年度的第二、第三季度，因為他們——是的，好的，因為他們的財政年度已經結束了。

Yes.

是的。

No, I'm saying calendar -- calendar '25.

不，我說的是日曆——日曆 '25。

Yes.

是的。

So my next question -- but I want to move over to the vehicle market.

我的下一個問題是——但我想轉向汽車市場。

So the other major customer that you have, is it within that market and it's in powersports.

因此，您擁有的另一個主要客戶是在該市場內的動力運動領域。

And I mean, I'm not going to get into the names.

我的意思是，我不會透露這些名字。

You can talk to it if you want.

如果你願意的話，你可以和它交談。

But there is -- clearly that business is -- that market in aggregate.

但從整體來看，這個市場顯然是存在的。

I mean, anyone who participates in that market.

我的意思是，任何參與該市場的人。

No one is expecting to see any kind of really -- I mean, they're hoping to see it stabilize by the time they exit '25.

沒有人期望看到任何形式的真正 - 我的意思是，他們希望在 25 年退出時看到它穩定下來。

When I look into the vehicle market, and you highlighted your 3 -- kind of 3 areas, which were commercial vehicles, powersports and construction.

當我研究汽車市場時，您強調了 3 個領域，即商用車、動力運動和建築。

I guess the question I have is because -- let me step back and reframe this question is, those are kind of the 3 areas that you brought up.

我想我的問題是因為──讓我退一步重新思考這個問題，這就是你提出的三個領域。

The outlook for commercial vehicles looks like -- if you look at the data that's being kind of put out there, it looks like it will be down maybe as much as kind of 10% in '25 before it turns around and starts growing as we move into the next cycle, if you would, of environmental regulations.

商用車的前景看起來是這樣的——如果你看一下那裡發布的數據，看起來它在 25 年可能會下降 10%，然後才會扭轉並開始隨著我們的增長而增長。 ，進入下一個環境法規週期。

The powersports market looks like it's kind of going nowhere.

動力運動市場看起來似乎毫無進展。

The construction market, I mean, I think most people see it as a near-term softness and then seeing it kind of come back around, if you would, in the second half of the year.

我的意思是，我認為大多數人都將建築市場視為近期的疲軟，然後看到它在下半年有所回升（如果你願意的話）。

So my question is, do you agree with all of those types of kind of macro views?

所以我的問題是，您是否同意所有這些類型的宏觀觀點？

What is the mix in your vehicle market between the two, even if you just rank them between like the largest to the -- like this is the biggest segment, the second and the third?

即使您只是將它們排列在最大的細分市場到第二大的細分市場、第二和第三的細分市場之間，這兩者在您的汽車市場中的組合是什麼？

And, I mean -- I'll just leave it at that.

而且，我的意思是──我就這樣吧。

That would be kind of one -- just to get a better handle in terms of where your exposures are in there to help me kind of think about when that market is going to turn around for you?

這將是一種——只是為了更好地掌握你的風險敞口，幫助我思考市場何時會為你扭轉局面？

Sure.

當然。

Fair question.

公平的問題。

So I think at this point in time, we can look at the 2 markets that you talked about from a vehicle standpoint which we reported, vehicles, automotive and powersports as being quite similar now in their profiles.

因此，我認為在這個時候，我們可以從我們報告的車輛角度來看待您談到的兩個市場，即車輛、汽車和動力運動，現在它們的概況非常相似。

I would tell you that the maturation that we've seen in the powersports market -- now the channels to market, that we now see that those are going through very competitive -- prices have come down and so forth.

我想告訴你，我們在動力運動市場上看到的成熟——現在的市場管道，我們現在看到這些市場正在經歷非常激烈的競爭——價格已經下降等等。

And of course, we feel the same as we're supplying to that.

當然，我們對此也有同樣的感受。

But I will tell you in aggregate or in whole, our -- while our powersports business has gone down, our internal automotive business is offsetting some of that.

但我會整體或整體地告訴你，雖然我們的動力運動業務有所下降，但我們的內部汽車業務正在抵消其中的一些影響。

So the major projects we won in the past that we've talked about, have kicked in, and we are shipping to those.

因此，我們過去談論過的、贏得的主要項目已經開始實施，我們正在交付這些項目。

So we've got a balance there between those two.

所以我們在這兩者之間取得了平衡。

But the margin profiles, although -- when you look at them, they're getting closer and closer to each other, although yes, it's still -- the powersports is still higher, but they are getting closer and closer.

但是利潤率概況，儘管——當你看它們時，它們彼此越來越接近，儘管是的，仍然是——動力運動仍然更高，但它們越來越接近。

The rest of them -- what you said is very reflective of what we see as well.

其餘的——你所說的也非常反映了我們所看到的。

And we do expect some turnarounds.

我們確實預計會出現一些轉變。

And you said construction.

你說的是建築。

We've seen that downturn, okay.

我們已經看到了經濟低迷，好吧。

And some of the agricultural equipment, we've seen the downturn.

而一些農業設備，我們已經看到了低迷。

But we do expect those to return to improved conditions as we move out into the future.

但我們確實預計，隨著我們走向未來，這些狀況將恢復到改善的狀態。

But I think what you're saying was very accurate, just saying that the sum of our business in automotive and powersports is kind of one is up and one is down and offsetting each other, but the margin profiles are a little bit different, which still impacts our bottom line.

但我認為你說的非常準確，只是說我們在汽車和動力運動方面的業務總和是一種上升，一種下降，相互抵消，但利潤率情況有點不同，這仍然影響我們的底線。

Okay.

好的。

And then my last questions are really just more on the accounting side.

我的最後一個問題其實更多的是關於會計方面的。

So shifting back over to inventory, and some of the comments that you made there, how should we think about inventory in the fourth quarter given the commentary that you put in the presentation?

那麼，回到庫存，以及您在那裡發表的一些評論，鑑於您在簡報中提出的評論，我們應該如何考慮第四季度的庫存？

And then, how would we think about how it trends through for '25?

然後，我們如何看待 25 年的趨勢？

Yes.

是的。

I think what you're going to see is a continued reduction.

我認為你將看到的是持續的減少。

And the reason why I say that is we have an internal initiative, obviously, to continue to manage the balancing act that -- of the long lead time items.

我之所以這麼說，是因為我們有一項內部舉措，顯然是為了繼續管理長交貨期專案的平衡行為。

I think that's going to start to correct itself towards the end of Q4 and into early 2025.

我認為這種情況將在第四季末和 2025 年初開始自我修正。

But listen, our inventory decreased on an organic basis, if you exclude our recent acquisition by $7 million since year-end.

但聽著，如果你排除我們最近的收購自年底以來減少了 700 萬美元的話，我們的庫存會自然減少。

So I think you -- we're going to continue to see some real declines in our inventory, and it's a main focus of ours.

所以我認為我們的庫存將繼續出現一些實際下降，這是我們的主要關注點。

Okay.

好的。

I thought that was kind of in the expectations, but the commentary just gave me pause.

我認為這在預料之中，但評論讓我停了下來。

And then my last question, and I will get out of line is, on the $50 million debt swap, what's the rate that you got on that swap?

然後我要問的最後一個問題是，關於 5000 萬美元的債務互換，你們獲得的互換利率是多少？

[3.32].

[3.32]。

Great job in terms of working through a really difficult macroenvironment.

在應對非常困難的宏觀環境方面做得很好。

It was a nice quarter.

這是一個美好的季度。

Michael McCroskey, Principal Securities.

麥克羅斯基 (Michael McCroskey)，信安證券。

You all picked up quite a bit of new coverage.

你們都獲得了相當多的新報道。

And so, usually questions get picked up.

因此，通常問題都會被採納。

I'm usually on your quarterlies, but appreciate everything you all are doing before I ask my question.

我通常會出現在你們的季刊上，但在我提出問題之前，我要感謝你們所做的一切。

Your all's transparency through this challenge has been consistent with how you all handled things in the past, and it's very much appreciated (technical difficulty) I know you don't like giving -- when we start getting into future projections, that's always problematic.

你們在這次挑戰中的透明度與你們過去處理事情的方式是一致的，非常感謝（技術難度）我知道你們不喜歡給予——當我們開始進行未來的預測時，這總是有問題的。

But in light of the covenant changes, can you give a little more flesh out to what the thought process was, those landing numbers?

但鑑於聖約的變化，你能更具體地說明思考過程，也就是那些著陸數字嗎？

Can you help a little bit with where those numbers came from and how you see that progressing through this coming 12 months where that covenants changed?

您能否幫忙說明一下這些數字的來源以及您如何看待未來 12 個月契約發生變化的進展？

Yes, sure.

是的，當然。

I think as you can imagine, with the uncertainty just coming off the election cycle, the continued uncertainty surrounding when the Feds may or may not cut and how much they cut and the timing of when they do that, when we see the return to normalization of our customers' ordering pattern from us, we attempted to try to forecast all that out, and I think that's reflective in the agreement that we undertook here in the third quarter.

我認為正如你可以想像的那樣，隨著選舉週期的不確定性剛剛結束，圍繞聯準會何時可能或可能不降息、降息多少以及降息的時間、何時我們看到經濟回歸正常化仍存在持續的不確定性根據客戶對我們的訂購模式，我們試圖預測所有這些，我認為這反映在我們在第三季達成的協議中。

So I think it was to ensure that we had flexibility as we're investing in our reorganization activities and the like and trying to make sure that we have no challenges as we look forward and we continue to manage the headwinds.

因此，我認為這是為了確保我們在投資重組活動等方面具有靈活性，並努力確保我們在展望未來並繼續應對逆風時不會遇到挑戰。

I think that's reflective in the new covenants.

我認為這反映在新約中。

I assume that you've been working on that.

我猜想你一直在努力做這件事。

What sort of time frame did that covenant change starting, if I can ask?

如果我可以問的話，這個契約是從什麼時間開始改變的？

It started in Q4 and then goes to the

它從第四季度開始，然後進入

--

--

No, I'm looking back as far as when you started it to negotiate that change.

不，我正在回顧你開始談判這項變化的時間。

I'm just trying to get an idea.

我只是想了解一下。

Q2 -- at the end of Q2.

第二季－第二季末。

Okay.

好的。

Between now and then, especially with that [4.5] number, can you comment as to any change you've seen between now and then as to how wide that number is for you or what you're seeing?

從現在到那時，特別是對於那個 [4.5] 數字，您能否評論一下從現在到那時您所看到的任何變化，以及這個數字對您來說有多寬或您所看到的？

Is that changing?

這種情況正在改變嗎？

Looks like a pretty wide berth.

看起來是個相當寬的泊位。

It is.

這是。

But I think, as I said, given the uncertainty that I just mentioned, I think it gives us comfort to be able to do what we need to do, again, to manage the headwinds.

但我認為，正如我所說，考慮到我剛才提到的不確定性，我認為能夠再次做我們需要做的事情來應對逆風，這讓我們感到安慰。

So I don't think there's anything that's changed relative to that.

所以我認為相對於此沒有任何改變。

Yes.

是的。

I think something else important in there that -- Michael, and it's in the press release, is that we also -- in the previous agreement that we made, we had rationalization efforts internally, and we had onetime costs.

我認為其中還有其他重要的事情 - 邁克爾，在新聞稿中，我們也 - 在我們之前達成的協議中，我們在內部進行了合理化努力，並且我們有一次性成本。

We weren't given any credit for those, and we do have up to $4 million on a trailing month basis now that we do get credit for.

我們沒有獲得任何信用，但現在我們確實獲得了信用，過去一個月我們確實有高達 400 萬美元的信用。

So that's another important aspect of the change because we knew we were going into some significant cost reductions, but it was going to cost us upfront to go forward with those.

這是變革的另一個重要方面，因為我們知道我們將大幅削減成本，但推進這些工作將需要我們付出前期成本。

And that's just as important to get those in because they would not have been recognized and those costs would be held against us in the current agreement.

讓這些人加入同樣重要，因為他們不會得到承認，而且根據當前協議，這些費用將由我們承擔。

But I think to answer, you're looking for more -- maybe more clarity and granularity on the multiples and if we're going to be hitting at the top of those, maybe Jim, that's what he's looking for as far.

但我想回答一下，你正在尋找更多——也許倍數更加清晰和細緻，如果我們要達到這些目標的頂峰，也許吉姆，這就是他目前所尋找的。

Yes.

是的。

I mean I think that we have -- I think we have some, I'm going to call it cushion to ensure that as we, again, manage what I've talked about.

我的意思是，我認為我們有——我想我們有一些，我將稱之為緩衝，以確保我們再次管理我所談論的內容。

I'm not seeing that we're going to test those significantly.

我認為我們不會對這些進行重大測試。

I think we have the -- I'm going to just call it flexibility to manage costs that we're going to -- any continued costs that we incur with our reorganization efforts and the like.

我認為我們擁有——我將稱之為管理成本的靈活性——我們因重組工作等而產生的任何持續成本。

It's like anything the -- ensuring that the timing of our $10 million in savings, and we feel very good about that.

就像任何事情一樣——確保我們節省 1000 萬美元的時機，我們對此感覺非常好。

And so, again, I think the amendment really reflects where I think the dial is going to land.

因此，我再次認為修正案確實反映了我認為錶盤將落入何處。

And I think the -- I think there's some flexibility in that.

我認為——我認為這有一定的彈性。

Robert Van Voorhis, Vanatoc Capital Management.

羅伯特‧範‧沃里斯 (Robert Van Voorhis)，Vanatoc 資本管理公司。

So I just have a pretty probably uninteresting question, and it's pretty quick.

所以我只是有一個可能很無聊的問題，而且速度很快。

But can you just comment on the -- I guess, you could say the sustainability of mix this quarter versus last quarter?

但您能否評論一下——我想您可以說本季與上季相比的混合可持續性？

Because I know you called it out in the press release, it was a pretty big impact in terms of gross margin.

因為我知道您在新聞稿中指出了這一點，這對毛利率產生了相當大的影響。

So I guess, moving forward, how do we think about what normalized mix is?

所以我想，展望未來，我們如何思考標準化混合是什麼？

Is it more representative of this quarter or is it closer to last quarter?

是更能代表本季還是更接近上季？

Just any commentary on that would be helpful.

對此的任何評論都會有所幫助。

I would say that, as Dick mentioned, we're pretty excited about what's happening in the data center space.

我想說，正如迪克所提到的，我們對資料中心領域正在發生的事情感到非常興奮。

We're expecting continued growth in that area, and that's a positive for us.

我們預計該領域將持續成長，這對我們來說是積極的。

Obviously, as we continue to, as Dick mentioned, look at those opportunities that we look at, we're being more selective.

顯然，正如迪克所提到的那樣，當我們繼續關注我們所關注的機會時，我們會更加挑剔。

So I would tell you that we're excited about what we're seeing into the future.

所以我想告訴你，我們對未來所看到的一切感到興奮。

And as we've mentioned on several quarters, it's a main focus of ours to continue to enhance our margin, and that's really by being selective in what projects we take on and the type of projects we take on.

正如我們在幾個季度中提到的那樣，我們的主要關注點是繼續提高我們的利潤率，這實際上是透過選擇性地選擇我們承接的專案以及我們承接的專案類型。

Got it.

知道了。

And then my second question, and I joined the call a little late, so I apologize if I'm repeating any information.

然後是我的第二個問題，我參加電話會議的時間有點晚，所以如果我重複任何訊息，我深表歉意。

But in terms of the second $5 million of cuts from the Simplify program, can you comment as to were they implemented sort of later in Q3 or the beginning of Q3 or just any commentary on that would be helpful.

但就簡化計劃的第二個 500 萬美元削減而言，您能否評論一下它們是否在第三季度晚些時候或第三季度初實施，或者對此的任何評論都會有所幫助。

So the first $5 million, as we mentioned, happened towards the end of Q2.

因此，正如我們所提到的，第一筆 500 萬美元是在第二季末發生的。

We're well underway with our incremental $5 million to achieve our $10 million.

我們正在順利地增加 500 萬美元，以達到 1000 萬美元的目標。

Again, I would say that those were towards the end of Q3.

我再說一遍，那是在第三季末。

So I think that's the way to think about it.

所以我認為這就是思考這個問題的方式。

And remember too, though, Robert, that there are some offsetting onetime costs that will impact.

不過，羅伯特，也要記住，一些抵銷性一次性成本會產生影響。

We're not going to realize though, we're going to have the onetime cost.

但我們不會意識到，我們將承擔一次性成本。

But of course, in the adjusted EBITDA, we'll pull those out.

但當然，在調整後的 EBITDA 中，我們會將這些剔除。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back over to the management for closing comments.

我現在想將會議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 two upcoming conferences, the Baird Global Industrial Conference on November 13 in Chicago and then the Raymond James Small Cap Summit on November 18 in California.

我們將參加兩場即將舉行的會議：11 月 13 日在芝加哥舉行的貝爾德全球工業會議，以及 11 月 18 日在加利福尼亞州舉行的雷蒙德詹姆斯小型股峰會。

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

與往常一樣，請隨時與我們聯繫，我們期待在 2024 年第四季業績公佈後再次與您交談。

Thank you for your participation, and have a great day.

感謝您的參與，祝您有美好的一天。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。