Allient Inc (ALNT) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Allient Inc. Second Quarter Fiscal Year 2025 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Craig Mychajluk, Investor Relations. Please go ahead.

早安，歡迎參加 Allient Inc. 2025 財年第二季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係部的克雷格·米哈伊盧克 (Craig Mychajluk) 主持。請繼續。

Yes. Thank you, and good morning, everyone. We certainly appreciate your time today as well as your interest in Allient. Joining me today are Dick Warzala, our Chairman, President and CEO; and Jim Michaud, our Chief Financial Officer. Dick and Jim will walk through our second quarter 2025 results, provide a strategic update and share our outlook. We'll then open up the call for Q&A.

是的。謝謝大家，大家早安。我們非常感謝您今天抽出時間，也感謝您對Allient的關注。今天與我一同出席的有我們的董事長、總裁兼執行長迪克·沃扎拉，以及我們的財務長吉姆·米肖。迪克和吉姆將詳細介紹我們 2025 年第二季的業績，提供策略更新並分享我們的展望。接下來我們將開放問答環節。

You should have a copy of the financial results that were released yesterday after the market closed. If not, you can find it on our website at allient.com, along with the slides that accompany today's discussion. If you're reviewing those slides, please turn to slide 2 for the safe harbor statement. As you are aware, we may make forward-looking statements on this call during the formal discussion as well as during the Q&A.

你應該已經收到昨天股市收盤後發布的財務報告副本。如果找不到，您可以在我們的網站 allient.com 上找到，以及今天討論的幻燈片。如果您正在查看這些投影片，請翻到第 2 張投影片查看安全港聲明。如您所知，我們可能會在本次電話會議的正式討論環節以及問答環節發表前瞻性聲明。

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

這些聲明適用於未來事件，但未來事件存在風險和不確定性，以及其他可能導致實際結果與今天電話會議上所述內容有重大差異的因素。這些風險、不確定性及其他因素在獲利報告中以及公司向美國證券交易委員會提交的其他文件中均有討論。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. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP.

我還想指出，在今天的電話會議中，我們將討論一些非GAAP指標，我們認為這些指標對於評估我們的績效是有用的。您不應孤立地看待這些補充資訊的呈現，也不應將其視為按照公認會計原則編制的結果的替代品。

We have provided reconciliations of non-GAAP to comparable GAAP measures in the tables accompanying the earnings release as well as the slides. So with that, please turn to slide 3, and I'll turn it over to Dick to begin. Dick?

我們在隨附獲利報告的表格和投影片中提供了非GAAP指標與可比較GAAP指標的調節表。那麼，請翻到第 3 張投影片，接下來就交給迪克開始吧。迪克？

Thank you, Craig, and welcome, everyone. We continue to build momentum in the second quarter, delivering record gross margin, strong profitability, and exceptional cash generation. This performance reflects the consistent execution of our operational priorities and the alignment we are seeing across our markets, organization, and strategic road map.

謝謝你，克雷格，也歡迎各位。第二季我們繼續保持成長勢頭，實現了創紀錄的毛利率、強勁的獲利能力和卓越的現金流。這項績效反映了我們營運重點的持續執行，以及我們在各個市場、組織和策略路線圖上所看到的協調一致。

Revenue increased 5% sequentially and 3% year over year, supported by solid demand in data center infrastructure, defense, and select high-value medical applications. While powersports within the vehicle market remained under pressure, we did see healthy sequential growth from that vertical.

受資料中心基礎設施、國防和部分高價值醫療應用領域強勁需求的支撐，營收季增 5%，較去年同期成長 3%。儘管汽車市場中的動力運動領域仍然面臨壓力，但我們確實看到了該垂直領域健康的連續成長。

It is worth noting that approximately $3 million to $4 million of revenue was pulled into the second quarter as customers accelerated shipments due to concerns around supply constraints in heavy rare earth materials.

值得注意的是，由於客戶擔心重稀土材料的供應受限，加快了出貨速度，導致約 300 萬至 400 萬美元的收入被計入第二季。

Gross margin reached a record 33.2%, up 100 basis points sequentially and 330 basis points from a year ago, driven by a favorable mix, higher volumes, and continued improvement in operating discipline. This translated into meaningful EBITDA growth and a significant increase in profitability with net income up 58% from Q1 and nearly fivefold year over year.

毛利率達到創紀錄的 33.2%，環比增長 100 個基點，同比增長 330 個基點，這得益於有利的產品組合、更高的銷量以及運營紀律的持續改善。這轉化為有意義的 EBITDA 成長和獲利能力的顯著提高，淨收入比第一季成長 58%，比去年同期成長近五倍。

We also generated $24.5 million in operating cash during the quarter, another record, which enabled us to further reduce debt and strengthen our balance sheet. Our Simplify to Accelerate NOW program remains central to our performance, driving efficiency, aligning with evolving customer needs, and enhancing responsiveness across our global operations.

本季我們也產生了 2,450 萬美元的經營現金，再次創下紀錄，這使我們能夠進一步減少債務並加強資產負債表。我們的「簡化以加速」計畫仍然是我們業績的核心，它提高了效率，滿足了不斷變化的客戶需求，並增強了我們全球營運的回應能力。

The operational foundation we have built is delivering results even in a dynamic external environment, including tariff and material supply challenges, particularly in heavy rare earths, where we are actively managing constraints.

我們所建立的營運基礎即使在動態的外部環境中也能取得成果，包括關稅和材料供應方面的挑戰，尤其是在重稀土領域，我們正在積極應對這些限制。

The initiatives we put in place are tracking well, both in terms of cost savings and operational agility. For example, our [goals in] restructuring launched as a cornerstone of the 2025 effort is on track and expected to play a meaningful role in achieving the $6 million to $7 million in targeted annualized savings this year.

我們採取的各項措施都取得了良好的效果，無論是在成本節約方面還是在營運彈性方面。例如，我們作為 2025 年計畫基石而啟動的重組目標正在按計劃進行，預計將在今年實現 600 萬至 700 萬美元的年度節約目標中發揮重要作用。

Looking ahead, we remain focused on building on this momentum, executing with discipline, scaling the benefits of our transformation initiatives, and advancing toward our long-term financial and strategic objectives.

展望未來，我們將繼續專注於維持這一勢頭，嚴謹執行，擴大轉型舉措的效益，並朝著我們的長期財務和戰略目標邁進。

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

接下來，我將把發言權交給吉姆，讓他對財務狀況進行更深入的分析。

Thank you, Dick, and good morning, everyone. Let's begin with slide 5. Revenue for the second quarter was $139.6 million, a 3% increase yearm over year and up 5% sequentially. This growth was driven by continued strength in our aerospace and defense programs; industrial markets, especially HVAC and data center infrastructure; and select medical applications. Revenue growth also benefited from a favorable foreign exchange impact of $2.4 million.

謝謝你，迪克，大家早安。讓我們從第5張投影片開始。第二季營收為 1.396 億美元，年增 3%，季增 5%。這一增長得益於我們在航空航太和國防項目、工業市場（特別是暖通空調和資料中心基礎設施）以及特定醫療應用領域的持續強勁表現。收入成長也受益於240萬美元的有利外匯影響。

Sales to US customers accounted for 55% of total revenue, in line with last year. The geographic and end market diversification of our portfolio remains a key strength. Looking at our market performance, Aerospace and Defense grew 13%, reflecting program timing and strong execution. We continue to see a healthy pipeline of opportunities in the defense sector and believe this market will remain a solid contributor to growth as we move forward.

對美國客戶的銷售額佔總收入的 55%，與去年持平。我們產品組合的地理和終端市場多元化仍然是一項關鍵優勢。從市場表現來看，航空航太和國防業務成長了 13%，這反映了專案進度和強有力的執行。我們持續看到國防領域存在著大量健康的發展機遇，並相信隨著我們不斷向前發展，該市場將繼續為經濟成長做出堅實貢獻。

Medical was up 4%, led by solid demand for surgical instruments. The industrial market increased 3%, driven by continued strength for HVAC and data center market applications where our power quality solutions are needed.

醫療用品價格上漲 4%，其中外科器械需求強勁帶動了整體上漲。工業市場成長了 3%，這主要得益於 HVAC 和資料中心市場應用的持續強勁成長，而這些市場恰恰需要我們的電力品質解決方案。

We are also encouraged by early signs of recovery in industrial automation, where demand has been challenged over the past year given the inventory destocking. We are beginning to see more consistent activity and ordering trends. Vehicle revenue was down 7% due to ongoing softness in powersports, although we did see sequential sales improvement in the vehicle market.

工業自動化領域出現復甦的早期跡像也令我們感到鼓舞，過去一年來，由於庫存減少，該領域的需求一直受到挑戰。我們開始看到更穩定的交易活動和訂單趨勢。由於動力運動市場持續疲軟，車輛收入下降了 7%，儘管我們確實看到車輛市場的銷售量較上季有所改善。

Now turning to slide 6 for the composition of our revenue over the trailing 12 months, along with the key catalysts driving these changes. We have seen a meaningful shift in mix with growth in higher value industrial and aerospace defense solutions helping to offset ongoing pressure in the vehicle market.

現在請看第 6 張投影片，了解我們過去 12 個月的收入組成，以及推動這些變化的關鍵因素。我們看到，隨著高價值工業和航空航太國防解決方案的成長，產品組合發生了顯著變化，這有助於抵消汽車市場持續面臨的壓力。

This evolution reflects not only external market dynamics such as softness in recreational spend and volatility in automation, but also our deliberate effort to focus on more resilient margin-accretive applications.

這一演變不僅反映了休閒支出疲軟和自動化波動等外部市場動態，也反映了我們致力於開發更具韌性、利潤率更高的應用的刻意努力。

The industrial sector is our largest market and reflects similar impacts as the recent quarter. Aerospace and defense continues to be a growth driver. Meanwhile, our vehicle exposure has been intentionally refined. While near-term demand in powersports remains soft, our proactive repositioning away from lower-margin programs is helping to protect profitability.

工業領域是我們最大的市場，其受到的影響與最近一個季度類似。航空航太和國防領域仍然是成長的主要驅動力。同時，我們對車輛曝光進行了有意識的優化。雖然近期動力運動的需求仍然疲軟，但我們積極調整策略，逐步減少低利潤項目，有助於保護獲利能力。

Overall, our revenue mix today is more diversified, more balanced, and better aligned with where we see long-term opportunity, and that puts us in a strong position to manage near-term headwinds while driving sustained performance.

總體而言，我們目前的收入結構更加多元化、更加平衡，並且與我們看到的長期機會更加契合，這使我們能夠更好地應對近期不利因素，同時推動業績持續成長。

On slide 7, we are pleased to report a record gross margin of 33.2%, up 330 basis points from last year and 100 basis points sequentially. This improvement marks our fourth consecutive quarter of expansion. Key drivers included favorable mix, higher volumes, and ongoing implementation of lean manufacturing disciplines as well as our Simplify to Accelerate NOW program.

在第 7 張投影片中，我們很高興地報告毛利率創歷史新高，達到 33.2%，比去年增長 330 個基點，比上年增長 100 個基點。這一成長標誌著我們連續第四個季度實現成長。關鍵驅動因素包括有利的產品組合、更高的產量、精實生產原則的持續實施以及我們的「簡化以加速」計畫。

Slide 8 highlights our operating leverage. Operating income more than doubled to $11.7 million with operating margin rising 480 basis points year over year to 8.4% and improving 180 basis points sequentially. SG&A was 14.7% of sales, down 60 basis points from last year, demonstrating cost discipline despite inflationary and incentive-based pressures. Restructuring and business realignment costs were $1.1 million in the quarter, supporting future margin improvement.

第 8 張投影片重點介紹了我們的經營槓桿。營業收入翻了一番多，達到 1,170 萬美元，營業利潤率較去年同期上升 480 個基點至 8.4%，季增 180 個基點。銷售、一般及行政費用佔銷售額的 14.7%，比去年下降了 60 個基點，這表明儘管面臨通貨膨脹和激勵措施的壓力，公司仍保持了成本控制。本季重組和業務調整成本為 110 萬美元，有助於未來利潤率的提高。

Turning to slide 9. Net income increased to $5.6 million or $0.34 per diluted share. On an adjusted basis, net income was $9.5 million or $0.57 per diluted share, up from $0.46 per share in Q1 and $0.29 per share in the prior year.

翻到第9張投影片。淨利增至 560 萬美元，即每股攤薄收益 0.34 美元。經調整後，淨收入為 950 萬美元，即每股攤薄收益 0.57 美元，高於第一季的每股 0.46 美元和去年同期的每股 0.29 美元。

Our effective tax rate for Q2 was 23.1% as we continue to expect our full rate to land between 21% and 23%. As for interest expense, we did see an increase despite lower debt levels. As we discussed last quarter, this was largely due to the expiration of two favorable interest rate swaps late last year, which were replaced at higher prevailing rates. While still competitive in today's market, they are not as favorable as the prior arrangements.

第二季我們的實際稅率為 23.1%，我們繼續預期最終稅率將在 21% 至 23% 之間。儘管債務水準有所下降，但利息支出卻有所增加。正如我們上個季度討論的那樣，這主要是由於去年底兩項有利的利率互換到期，而這些互換被更高的現行利率所取代。雖然在當今市場上仍然具有競爭力，但它們不如以前的安排有利。

Additionally, our amended credit facility carries a modestly higher spread contributing to the increase. That said, our overall interest burden remains manageable, and our strong cash flow is enabling continuing deleveraging.

此外，我們修訂後的信貸安排利差略有提高，這也導致了成長。儘管如此，我們的整體利息負擔仍然可控，強勁的現金流也使我們能夠繼續去槓桿化。

Adjusted EBITDA increased meaningful to $20.1 million or 14.4% of revenue, driving strong conversion on higher volumes and a more favorable mix. This represents margin expansion of 420 basis points year over year and 120 basis points sequentially.

經過調整的 EBITDA 顯著成長至 2,010 萬美元，佔營收的 14.4%，這得益於銷售增加和產品組合更加有利，從而推動了強勁的轉換率。這意味著利潤率較去年同期上升 420 個基點，較上季上升 120 個基點。

Turning to slide 10. We delivered record operating cash flow of $24.5 million in the quarter, up 76% sequentially and nearly 3 times the level generated in the same period last year. On a year-to-date basis, operating cash flow now stands at $38.4 million, more than double what we achieved in the first half of 2024. This strong performance reflects both profit growth and disciplined working capital execution.

翻到第10張投影片。本季我們實現了創紀錄的經營現金流 2,450 萬美元，環比成長 76%，幾乎是去年同期水準的 3 倍。截至目前，公司經營現金流為 3,840 萬美元，是 2024 年上半年實現的兩倍多。這一強勁的業績反映了利潤成長和嚴格的營運資金管理。

Our inventory turns improved to 3.1 times, up from 2.7 times at the end of the year. This was driven by tighter demand alignment, better planning, and continued progress under our Simplify to Accelerate NOW initiative.

我們的庫存週轉率提高到 3.1 次，高於年底的 2.7 次。這得益於更緊密的需求協調、更好的規劃，以及我們在「簡化以加速」計畫下的持續進展。

At the same time, our days sales outstanding improved, signaling stronger collections, and more efficient conversion of sales into cash. We used a portion of our cash to reduce debt by $20 million in the quarter, bringing us to the balance sheet discussion on slide 11.

同時，我們的應收帳款週轉天數有所改善，顯示收款情況更加強勁，銷售轉化為現金的效率更高。本季我們動用了部分現金來減少 2000 萬美元的債務，這就引出了第 11 頁幻燈片上的資產負債表討論。

We ended Q2 with nearly $50 million in cash and lowered our net debt by $35.8 million year-to-date, bringing our leverage ratio down to 2.3 times compared with 3 times at the end of last year. Our bank-defined leverage ratio, which excludes certain items like foreign cash, was 2.9 times, well within covenant levels.

第二季末，我們擁有近 5,000 萬美元現金，今年迄今淨債務減少了 3,580 萬美元，槓桿率從去年年底的 3 倍降至 2.3 倍。我們銀行定義的槓桿率（不包括某些項目，如外國現金）為 2.9 倍，遠低於契約水準。

Capital expenditures were $3.2 million through the first half of the year. We have refined our full year 2025 capital expenditures outlook to a range of $8 million to $10 million compared with the prior estimate of $10 million to $12 million.

上半年資本支出為 320 萬美元。我們已將 2025 年全年資本支出預期調整為 800 萬美元至 1,000 萬美元，而先前的估計為 1,000 萬美元至 1,200 萬美元。

Overall, we are executing well across all three of our financial priorities for 2025: improving inventory turns and working capital, maintaining cost discipline, and reducing debt. These efforts position us well to continue expanding profitability and create financial flexibility for strategic execution.

總體而言，我們在 2025 年的三個財務重點方面都執行得很好：提高庫存週轉率和營運資本、維持成本控制和減少債務。這些努力使我們能夠繼續擴大獲利能力，並為策略執行創造財務靈活性。

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

這樣，如果您翻到第 12 張投影片，我現在就把電話轉回給迪克。

Thank you, Jim. While our book-to-bill ratio was modestly below 1 at 0.97, demand trends remain steady in key sectors like industrial, where our power quality solutions continue to perform well and in aerospace and defense, where we are seeing continued traction with both legacy and new programs.

謝謝你，吉姆。雖然我們的訂單出貨比略低於 1，為 0.97，但在工業等關鍵領域，需求趨勢依然穩定，我們的電力品質解決方案在這些領域繼續表現良好；在航空航太和國防領域，無論是傳統項目還是新項目，我們都看到了持續的成長勢頭。

Backlog ended the quarter at $236.6 million, down slightly from Q1 and prior year levels as customers continue to manage through inventory normalization. The majority of our backlog is still expected to convert within three to nine months, which is consistent with historical patterns. Importantly, we are seeing signs that the destocking cycle is largely behind us, especially in the industrial automation end markets.

本季末積壓訂單為 2.366 億美元，略低於第一季和去年同期水平，因為客戶仍在逐步恢復庫存正常。我們積壓的大部分訂單預計仍將在三到九個月內轉化，這與歷史模式一致。重要的是，我們看到一些跡象表明，去庫存週期已基本結束，尤其是在工業自動化終端市場。

Order activity is becoming more consistent and quoting volumes are improving in several key verticals, which gives us confidence heading into the second half. That said, we do expect third quarter sales to be sequentially lower due to the $3 million to $4 million in revenue that was pulled into Q2. While Europe is showing signs of stabilization, the region has not fully recovered and Q3 is typically a seasonally weaker period in Europe.

訂單活動變得越來越穩定，幾個關鍵垂直領域的報價量也在改善，這讓我們對下半年充滿信心。也就是說，由於有 300 萬至 400 萬美元的收入計入第二季度，我們預計第三季銷售額將季減。雖然歐洲經濟呈現企穩跡象，但該地區尚未完全復甦，第三季通常是歐洲經濟的淡季。

As we look ahead, our strategy remains unchanged to drive sustainable, profitable growth while delivering lasting value to our customers, employees, and shareholders. We continue to align the business around margin-accretive technology-forward solutions that meet the evolving needs of our customers in motion, control, and power.

展望未來，我們的策略仍然不變，在為客戶、員工和股東創造持久價值的同時，推動可持續的獲利成長。我們將繼續圍繞能夠提升利潤率的先進技術解決方案調整業務，以滿足客戶在運動、控制和動力方面不斷變化的需求。

The benefits of our Simplify to Accelerate NOW program are clearly reflected in our performance through margin expansion, operating leverage, improved working capital, and stronger cash flow. We remain proactive in managing external risks, including tariffs and rare earth supply dynamics.

我們的「簡化加速」計畫的益處已透過利潤率擴張、營運槓桿、改善營運資本和增強現金流等方式，在我們的業績中得到了充分體現。我們將繼續積極主動管理外部風險，包括關稅和稀土供應動態。

Our mitigation strategies are proving effective, and we are confident in our ability to protect both supply continuity and profitability. More broadly, we are encouraged by constructive signs across our served markets, supported by long-term trends in electrification, automation, energy efficiency, and precision control. This includes seeing early signs of recovery in industrial automation and steady momentum in A&D.

我們的緩解策略已被證明是有效的，我們有信心能夠保障供應的連續性和獲利能力。更廣泛地說，我們受到所服務市場中出現的積極跡象的鼓舞，這些跡象得到了電氣化、自動化、能源效率和精確控制等長期趨勢的支持。這包括工業自動化領域出現復甦的早期跡象，以及航空航太和國防領域保持穩定成長勢頭。

The operational foundation we have built, the strength of our balance sheet, and the momentum behind our core initiatives positions us well to execute through the second half and to drive long-term value well beyond.

我們已經建立的營運基礎、強大的資產負債表以及核心舉措的良好勢頭，使我們能夠很好地執行下半年的計劃，並在未來很長一段時間內創造長期價值。

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

好了，接線員，我們現在開始接受提問。

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

（操作說明）Greg Palm，Craig-Hallum Capital Group。

Congrats on the results. So I just want to maybe understand, again, kind of what you're seeing out there. So it sounds like you're feeling good that the destocking is in the rearview mirror. You're starting to maybe see some green shoots in industrial, A&D remains strong. Anything else you want to maybe call out or highlight?

恭喜取得好成績。所以我想再次了解一下，你們目前看到的情況。聽起來你對清倉甩賣的結束感到很滿意。工業領域可能開始出現一些復甦跡象，航空航太與國防領域仍然強勁。還有什麼需要特別指出或強調的嗎？

No, I think you've hit the highlights.

不，我覺得你已經說到重點了。

And in A&D specifically, what -- maybe remind us, number one, kind of what your major exposure areas are? And just in terms of kind of visibility to the remainder of the year and even next, where are we at? How strong is the demand?

具體到航空航太與國防領域，能否請您提醒我們一下，首先，您主要的風險敞口領域是什麼？那麼，就今年剩餘時間甚至明年的前景而言，我們現在的情況如何？需求有多強勁？

Sure. Well, A&D, certainly in some of the applications that we work on, we do get some good visibility, long-term visibility, and we work on longer-term contracts. And we continue to do that. So we are seeing some very positive results.

當然。嗯，A&D，當然在我們從事的一些應用中，我們確實獲得了一些良好的可見性，長期可見性，而且我們簽訂的是長期合約。我們一直在做這件事。所以我們看到了一些非常正面的結果。

We've made some significant improvements in our operating capabilities, some of the restructuring we've talked about here that's underway that solidifies operations and gives us and provides a greater strength within certain facilities.

我們在營運能力方面取得了一些重大進步，我們在這裡談到的一些重組正在進行中，這鞏固了運營，並使我們在某些​​設施中擁有了更大的實力。

I think that's playing out well. We're meeting with key customers on a regular basis. And I think from a legacy business standpoint, and some of the applications we're on, we do see that there is some opportunity to increase volumes and to hopefully expand margins as we've consolidated the operations. Some of the new applications with government programs or military programs, there's usually risk, and there's no guarantee that those programs come to fruition.

我覺得進展順利。我們定期與重要客戶會面。我認為從傳統業務的角度來看，以及在我們正在進行的一些應用方面，我們確實看到了一些增加銷售並有望擴大利潤率的機會，因為我們已經整合了營運。有些涉及政府計畫或軍事計畫的新申請通常存在風險，而且不能保證這些計畫能夠成功。

We have seen a few cancellations. We've seen a few programs move to the right. We're seeing other programs moving to the left, meaning accelerating. So it's a mixed bag right now. We feel there's a transition going on in terms of the way warfare is going to be fought and the types of vehicles or devices that are going to be needed for that. And I do believe that our team is well positioned to capitalize on it as we move forward.

我們看到一些訂單被取消了。我們看到一些物品向右傾斜。我們看到其他項目也在向左發展，這意味著它們正在加速發展。所以目前情況喜憂參半。我們認為，戰爭的進行方式以及所需的車輛或設備類型正在轉變。而且我相信，隨著我們不斷前進，我們的團隊已經做好了充分的準備，能夠抓住這個機會。

So there will be some minor bumps along the way, but we feel we're on track, and we're in a good position to capitalize on those as they move forward.

因此，前進的道路上可能會遇到一些小坎坷，但我們感覺我們正走在正確的軌道上，我們處於有利地位，能夠利用這些機會繼續前進。

Okay. Great. And then maybe lastly, on the rare earth magnets, which I know we talked about a lot last quarter. I mean, on a relative basis, given what's happened in the last month, are you feeling better, worse, the same? What's the risk profile there?

好的。偉大的。最後，也許可以談談稀土磁鐵，我知道我們上個季度討論了很多關於它的內容。我的意思是，相對而言，考慮到過去一個月發生的事情，你感覺是好轉了、惡化了還是和以前一樣？那裡的風險狀況如何？

Yes. Our team has worked extremely hard to stay on top of it and engage all of our operations. And I think we have a pretty good outlook what we feel is going to happen. We've seen some improvements, although I just -- we have to be very cautious here and say that this is -- most of the materials that we're talking about are coming out of China, and there's always a risk that things can change in the short-term. But we're starting to see some things loosen up some of the licenses being approved.

是的。我們的團隊付出了巨大的努力，始終掌控著局勢，並調動了我們所有的營運部門。我認為我們對未來走勢的預測相當準確。我們看到了一些改進，不過我必須非常謹慎地指出，我們談論的大部分材料都來自中國，短期內情況總是有變化的風險。但我們開始看到一些方面放寬了部分許可證的核准限制。

We still have some exposure. We talked before about the exposure we see potentially for the remainder of the year, there's somewhere between [1 million and 3 million] in shipments that could be impacted by it. But I would also say to you with -- because of that, I mentioned that we had an accelerated -- some accelerated shipments or pull-ins into Q2. We believe that, that was a reflection of the concern on the heavy rare earth and that our customers wanted to get some supply on hand to make sure that they were protected. So those were pull aheads.

我們仍有一些風險敞口。我們之前討論過今年剩餘時間可能面臨的風險，預計會有 100 萬到 300 萬美元的貨物運輸量受到影響。但我還想告訴你們——正因如此，我提到我們加快了——一些貨物的發貨或提貨進入了第二季度。我們認為，這反映了人們對重稀土的擔憂，我們的客戶希望儲備一些重稀土以確保自身利益得到保障。所以那些都是提前結束的比賽。

And as it was mentioned that, that could have an impact on our third quarter shipments I also would state that there's no -- we don't have enough visibility. We don't really know what all of our customers' plans are. So while we're saying there could be an impact, we're also knowing -- we're also realizing that they could also pull ahead again. And as long as we had materials to supply that.

如同先前所提到的，這可能會對我們第三季的出貨量產生影響，我也要說明，目前我們對此沒有足夠的了解。我們其實並不了解所有客戶的計畫。所以，雖然我們說可能會產生影響，但我們也知道——我們也意識到他們也可能再次領先。只要我們有足夠的材料供應就行。

And so we emphasize that Q2 was a little higher than what we would have expected based upon the pull aheads and that Q3 could be impacted because of that. But I would also say to you that we are not 100% sure how our customers are going to react and what they're going to do going forward here, if that's just going to be inventory they're going to hold on hand and just continue the supply on a normalized basis with some safety stock in their possession.

因此，我們強調，第二季業績略高於我們根據提前交付情況所預期的水平，而第三季業績可能會因此受到影響。但我還要告訴你們，我們並不完全確定我們的客戶會如何反應，以及他們接下來會怎麼做，他們是否會保留庫存，並在保持一定安全庫存的基礎上繼續正常供應。

So those are things that we're seeing, and that's caused some of that. And I think we are encouraged that there are some positive signs ahead things are loosening up and starting to get to a more normal state.

所以這些都是我們看到的情況，也是造成其中一些問題的原因。我認為令人鼓舞的是，一些積極的跡象表明情況正在好轉，並開始恢復正常狀態。

Ted Jackson, Northland Securities.

泰德傑克遜，北地證券。

Congratulations on a very nice quarter. I've got a few questions. Going back into the pull forward of revenue, just out of curiosity, within your reported segments, where was most of that pull forward coming from segments like Industrial, Medical, Vehicle, et cetera?

恭喜你本季表現出色。我有一些問題。回到營收成長的話題，我只是好奇，在你報告的各個細分市場中，大部分營收成長來自工業、醫療、汽車等細分市場嗎？

Yes. It's two areas that we saw in medical, and what I'll -- it's related around the types of materials that are typically used in the high-performance solutions. So when we talk about heavy rare earth, that usually means higher performance solutions and higher performance comes from, let's say, when we look at from a motor perspective, smaller size but higher energy magnets to produce more power.

是的。這是我們在醫療領域看到的兩個方面，而且——它與高性能解決方案中通常使用的材料類型有關。所以，當我們談到重稀土時，通常意味著更高性能的解決方案，而更高性能來自於，比如說，從電機的角度來看，更小的尺寸但更高能量的磁鐵可以產生更大的功率。

So it's either size constraints that are causing the need to use these higher performance or it's really truly high performance that the only way to get there is from the use of this type of magnetic material. So I would tell you, medical, some high-end industrial, and some defense.

所以，要嘛是尺寸限制導致需要使用這些更高性能的材料，要嘛就是確實需要高性能，而實現高性能的唯一途徑就是使用這種磁性材料。所以我會告訴你，主要涉及醫療、一些高端工業和一些國防領域。

Now also what I would like to state, and I stated this before, Tim, but just allow me to repeat this. Our company has taken an approach more than 10 years ago. As I said before, we go through these cycles. It seems like every seven to eight years where magnet prices are under pressure and they get increased 300% to 400% and you have to work with your customers to get enough material to supply their demand and pass along surcharges based upon those prices.

現在我還想說一點，提姆，我之前也說過，但請容許我再說一次。我們公司十多年前就採取了這種做法。正如我之前所說，我們會經歷這些週期。似乎每隔七、八年，磁鐵價格就會面臨壓力，上漲 300% 到 400%，你必須與客戶合作，才能獲得足夠的材料來滿足他們的需求，並根據這些價格轉嫁附加費。

In this case, we were challenged by the fact that we weren't even going to be allowed to receive the material. So that became a little bit more stressful for us. Because of this, what's occurred in the past, our company has been very proactive and designing products where possible that don't contain heavy rare earth.

在這種情況下，我們面臨的挑戰是，我們甚至不被允許接收這些材料。所以這讓我們感到有些壓力。正因如此，鑑於過去發生的情況，我們公司一直非常積極主動，盡可能設計不含重稀土的產品。

And we will continue to do so into the future to try to eliminate this risk as much as we possibly can off into the future. But we have already and have been for years taking actions to do that, and we have been successful.

我們將繼續這樣做，盡我們所能消除這種風險。但我們已經並將繼續多年來採取行動來實現這一目標，而且我們已經取得了成功。

Well, that would be great. And then the fact of the matter is as these barriers to trade come in place, it's driving the development of the domestic market, which over the longer-term would probably be quite [big]. So we'll see how it plays out over the next decade or so.

那太好了。而事實是，隨著這些貿易壁壘的形成，國內市場正在發展，從長遠來看，這可能會相當…[大的]。所以，讓我們拭目以待，看看未來十年左右事態會如何發展。

On the magnet supply, I mean, I know as all this came in place that you guys were on top of it and smart and did bring in some heavy earth high-end products into inventory to be in front of it. When you look at where you are with that, I mean, at what point would it become an issue if god forbid, the Chinese just stopped things again.

關於磁鐵供應，我的意思是，我知道隨著這一切的發生，你們掌控著局面，並且很聰明，確實引進了一些高端的重型磁鐵產品，搶佔了先機。看看你現在所處的境地，我的意思是，如果天哪，中國人再次停止生產，那會在什麼情況下成為一個問題？

I mean do you have enough supply to get you through the remainder of this year? I mean do you have supply that will take you into '26. And I'm not saying that you're going to run out of it. I'm just saying just kind of understanding like what level of safety stock you put in place.

我的意思是，你的庫存夠用到今年剩下的時間嗎？我的意思是，你們的庫存能撐到2026年嗎？我並不是說你會用完它。我只是想了解一下，例如你們需要儲備多少安全庫存。

Well, it varies, and it's -- there's multiple ways that we would be dealing with that. I'm going to let Jim talk a little bit about some of the things that we've done on the supply chain side and the actions that we've taken to ensure that we have material.

嗯，情況各不相同，而且──我們可以用多種方式來處理這個問題。接下來，我將請吉姆談談我們在供應鏈方面所做的一些工作，以及我們為確保材料供應而採取的行動。

But I say it varies because if, in fact, you have noticed that you're just not going to receive, and for example, the Chinese will not ship magnets or heavy rare earth materials to the US for defense applications. US doesn't want them, and China won't ship them.

但我說情況各不相同，因為事實上，如果你發現你根本收不到貨，例如，中國不會向美國運送磁鐵或用於國防用途的重稀土材料。美國不想要它們，中國也不會運送它們。

So that's been out there for a while, and it's opened up opportunities domestically, but what that will do is drive pricing and cost will go up. So there's -- the government has taken some actions to mitigate it in the future, and we are on board and in the loop with what's happening here.

這項技術已經存在一段時間了，它為國內市場帶來了機會，但這也會導致價格上漲，成本上升。所以，政府已經採取了一些措施來減輕未來可能出現的情況，我們也參與其中，並了解這裡正在發生的事情。

So it's just -- it's hard to give you a specific time frame because it will vary based upon products, the amount of safety stock we have for each, what the supply chain is looking like, our resourcing and also identifying some redesign opportunities that worse comes to worse, if you can't get product, then what are the alternatives from a design perspective that we can accelerate through and get approval from customers.

所以很難給出一個具體的時間表，因為這取決於產品、我們每種產品的安全庫存量、供應鏈狀況、我們的資源配置，以及在最糟糕的情況下（如果無法獲得產品），我們還需要確定一些重新設計的機會。從設計的角度來看，有哪些替代方案可以加快推進並獲得客戶的批准？

Typically, once our products get designed into these types of applications, the redesign and approval process is a very long period of time. Just like we saw during COVID, though, some of those roadblocks are removed because you had no choice but to remove and to accelerate the process itself.

通常情況下，一旦我們的產品被設計用於這些類型的應用，重新設計和審批過程就會持續很長時間。但就像我們在新冠疫情期間看到的那樣，有些障礙被消除了，因為你別無選擇，只能消除這些障礙並加快這一進程本身。

So if that occurs, then we may be into that and our engineering team rather than focusing on new opportunities and developing opportunities may be redeployed to work on sustaining and corrective actions.

所以如果這種情況發生，那麼我們可能就會陷入其中，我們的工程團隊可能不再專注於尋找新的機會和開發新的機會，而是被重新部署到維持和糾正措施的工作中。

But like as I said, we're in the loop on everything that's occurring. There are some good developments, they're going to take time to come online. And maybe, Jim, you want to talk about some of those a bit.

但正如我所說，我們對正在發生的一切瞭如指掌。有些進展不錯，但還需要時間才能真正落實。吉姆，或許你想稍微談談其中的一些事。

Yes. I mean I think you saw an example of that in yesterday's news where Apple announced that they're making an investment in manufacturing here in the US and part of it had to do with the fact that the government is investing in putting in infrastructure related to our own exploration in rare earth materials and so forth.

是的。我的意思是，我認為你在昨天的新聞中看到了一個例子，蘋果宣布他們將在美國投資製造業，部分原因是政府正在投資建設與我們自身稀土材料勘探等相關的基礎設施。

So I think we're very encouraged by that. We've been in discussions with a lot of suppliers and as many are, understanding who's going to be a player, who's going to be able to produce and when. So I think we're well in tune with that. And I'm actually very encouraged that some of those opportunities are going to come online sooner than I think any of us expected. And hopefully, we'll participate in that.

所以我覺得我們對此非常鼓舞。我們一直在與許多供應商進行討論，和許多其他供應商一樣，我們都在了解誰會參與其中，誰能夠生產以及何時生產。所以我覺得我們在這方面很有共識。令我非常鼓舞的是，其中一些機會的到來速度可能比我們任何人預期的都要快。希望我們也能參與其中。

You may want to mention you went to Washington and talk to the government officials.

你可以提一下你去過華盛頓，並與政府官員進行了交談。

Yes. I did have an opportunity to go to the Department of Commerce and met with several of the individuals involved in trade talks and so forth and very, very informative. And as I mentioned, they are obviously helping many companies, not dissimilar to ours in identifying opportunities to look at alternate sources and where those are and the like.

是的。我有機會去商務部拜訪了幾位參與貿易談判的人員，等等，這次會面非常有收穫。正如我之前提到的，他們顯然正在幫助許多與我們公司類似的公司，尋找替代資源的機會以及這些資源在哪裡等等。

So there's a great collaboration, I would tell you, between companies and the Department of Commerce to ensure that companies like ours are being supported, and we understand what the alternatives are.

因此，我可以告訴你，各公司與商務部之間有著良好的合作，以確保像我們這樣的公司得到支持，並且我們了解有哪些替代方案。

Great. I have two more questions. A quick one, hopefully, in terms of an answer. But with all the scuttlebutt and momentum around kind of unmanned vehicles and drones and stuff, just kind of curious what kind of exposure you have, if any, to the market and how much of that is based on commercial versus industrial? Just maybe there's nothing even there, but it's just -- it's a hot topic right now. I'm just kind of curious, and then I have one more after that.

偉大的。我還有兩個問題。希望這個問題能盡快得到解答。但是，鑑於目前關於無人駕駛車輛和無人機等的各種傳聞和發展勢頭，我很好奇你們對這個市場有多少了解（如果有的話），以及其中有多少是基於商業領域，又有多少是基於工業領域？或許根本沒有什麼，但這確實是──現在的熱門話題。我只是有點好奇，然後我還有一個問題。

I'll answer it very quickly. It's a hot topic for us as well.

我會盡快回答。這對我們來說也是一個熱門話題。

So you guys are --

所以你們--

You said short. You wanted a quick answer, I gave you a quick answer. Yes, we see it as you do. There's definitely some opportunities, and we're well positioned to capitalize on some of this. And without getting into a lot of detail on it for competitive reasons, I mean, it is something that's on our radar.

你說短。你想要一個快速的答案，我就給了你一個快速的答案。是的，我們和你們的看法一樣。確實存在一些機會，而我們已做好充分準備，能夠抓住其中的一些機會。出於競爭原因，我不想過多贅述細節，但這件事確實在我們關注的範圍內。

Okay. I'll leave it there. And then my last question is, as you -- all your efficiency stuff is coming to roost, you're really doing a good job of driving margins, putting that in the -- making the business stand up and deliver cash and deliver return to shareholders. You're deleveraging the business. You've gotten your business down to for lack of a better term, let's call it, targeted leverage ratios.

好的。我就說到這兒吧。最後一個問題是，隨著您所有提高效率的措施開始見效，您在提高利潤率方面做得非常出色，讓企業能夠獲利並為股東帶來回報。你正在降低企業的槓桿率。你已經將你的業務槓桿率降低到，姑且稱之為，目標槓桿率。

Historically, you've always been acquisitive in terms of just building growth through acquisition. As you're kind of exiting some of these strategic efforts in terms of realignment of the business, restructuring the business, making the business more efficient, getting debt paid down. What's going on, on the M&A strategy for you all? How active are you in the pipeline? Are you going to turn it back on?

從歷史上看，你們一直熱衷於透過收購來實現成長。隨著你逐步退出一些策略性舉措，例如業務重組、業務結構調整、提高業務效率、償還債務等。你們的併購策略進展如何？您在產品開發上有多活躍？你打算重新打開它嗎？

That's my last question.

這是我的最後一個問題。

Yes. We really -- from an investigation, from a grooming standpoint, from identifying opportunities for us in the marketplace, we never shut it down entirely. But what we did do is say it is a time period when we will be establishing communications with certain key opportunities for us in the future that we saw it was a really good strategic fit. So we've been doing that.

是的。從調查、從培養、從尋找市場機會的角度來看，我們從未真正徹底關閉它。但我們確實表示，在此期間，我們將與一些未來對我們至關重要的機會建立聯繫，我們認為這在策略上非常契合。所以我們就一直在做這件事。

And I would say to you that we are not going to stop. We've got some great momentum going in terms of identifying efficiencies and changing the way we do business. And that streamlining will continue. I think we just believe it's a heck of a lot more efficient and it's better and it's -- we can do things faster that's stand, Simplify to Accelerate NOW. It's worked its way into the deep bowels and roots of the company. It's not going to change. We're going to keep doing that.

我想告訴你們，我們不會停止。我們在提高效率和改變業務方式方面取得了很大的進展。這種精簡流程還會持續下去。我認為我們只是相信它效率更高、更好，而且——我們可以更快地完成事情，這就是事實，簡化以加速現在。它已經滲透到公司的深層組織和根基之中。情況不會改變。我們將繼續這樣做。

It really is healthy, and it aligns very well with our AST initiatives. So our lean toolkit and training and so forth. So I would say to you that, yes, we are getting well positioned that we could execute an acquisition. And we will certainly be very cautious and careful to make sure everything is lining up properly that it's a great strategic fit and provide some continued increased value for what we're doing.

這確實有益健康，而且與我們的AST計劃非常契合。所以，我們的精實工具包、訓練等等。所以我想說的是，是的，我們已經做好了充分的準備，可以完成收購。我們一定會非常謹慎小心，確保一切都安排妥當，使其具有良好的策略契合度，並為我們所做的工作帶來持續的成長價值。

And that the value of our recent acquisitions have been in -- as we mentioned, has been in certain technologies and market penetration that we were looking for as well as accretive to our average gross margin.

正如我們之前提到的，我們最近收購的價值在於我們一直在尋找的某些技術和市場滲透，同時也提高了我們的平均毛利率。

So anything we do would need to meet those criteria. But I would say to you that, yes, we're looking. We're paying attention to what's going on, and we've identified some opportunities that when the time is right, we'll be looking to bring them on.

因此，我們所做的任何事情都需要符合這些標準。但我可以告訴你，是的，我們正在尋找。我們正在密切關注事態發展，並且已經發現了一些機會，時機成熟時，我們會考慮引進他們。

(Operator Instructions) [Craig Cosgrove], private investor.

（操作說明）[Craig Cosgrove]，私人投資者。

Mr. Cosgrove used to be a controller for us in one of our operations. I'm guessing maybe by mistake. He's followed us very closely and has been a strong supporter since he's left. So maybe he hit the button by mistake.

科斯格羅夫先生曾是我們公司某項業務的財務主管。我猜可能是誤操作。他一直密切關注著我們，自從離開後也一直是我們的堅定支持者。所以他可能是誤按了按鈕。

Orin Hirschman, AIGH Investment Partners.

Orin Hirschman，AIGH 投資夥伴公司。

Congratulations on the results. Just a couple of random questions. In terms of the data center business, just one question. Is the power conditioning more to protect the servers? Does it protect the cooling equipment? Is it for both?

恭喜你取得好成績。隨便問幾個問題。關於資料中心業務，我只有一個問題。電源調節主要是為了保護伺服器嗎？它能保護冷卻設備嗎？兩者都適用嗎？

And then a follow-up on that on the data center side. I don't remember exactly the number I don't have it in front of me, but maybe you almost doubled year over year. Please correct me if I'm wrong. Could the business be up that much this year again?

然後，我們再跟進一下資料中心方面的情況。我記不清確切的數字了，我手邊沒有數據，但也許你們的表現比前一年翻了一番。如果我錯了，請指正。今年業務量還能再次大幅成長嗎？

Do you have enough capacity even if there was enough to meet that type of demand? And I have one follow-up on that.

即使有足夠的產能來滿足這種需求，你們的產能也夠嗎？我還有一個後續問題。

Okay. So the first question, you're asking about what the addition of -- I think if I understand it correctly, the addition of our equipment, what it does, how it impacts the data center itself. So you talked about cooling. Yes, cooling is one of the things that we're on applications for cooling.

好的。所以第一個問題，你問的是增加——我想如果我理解正確的話，就是增加我們的設備，它的作用是什麼，它對資料中心本身有何影響。所以你們談到了散熱問題。是的，冷卻是我們正在研究的冷卻應用領域之一。

But I'd say more importantly, it is about the quality of the power and the efficiency that it brings. So as these -- we've talked about this in the past, where we have a very high performance and high-power solution that we can bring to the marketplace and we do bring to the marketplace.

但我認為更重要的是，這關乎電力的品質及其帶來的效率。所以，正如我們過去討論過的，我們擁有高性能、高功率的解決方案，我們可以將其推向市場，而且我們確實將其推向了市場。

And any improvements in power quality that you can make are very substantial in terms of a return. So -- two things there. Yes, cooling --

任何能改善電力品質的措施，從回報的角度來看都是非常可觀的。所以——這裡有兩件事。是的，冷卻--

Does the customer get that? Like is that the customers are sophisticated enough to understand that if there's a 1% improvement in that quality of power, how much that means to them?

客戶能理解這一點嗎？也就是說，客戶是否足夠精明，能夠理解如果電力品質提高 1%，這對他們來說意味著什麼？

Well, I can't speak for the customers, but I can directly for all the customers, but I think they certainly do understanding that with the demands for power and the infrastructure that has to go into place and someone that has a more efficient and more operation absolutely would probably have an edge.

我不能代表客戶發言，但我可以代表所有客戶直接發言，我認為他們肯定明白，考慮到電力需求和必須到位的基礎設施，一個營運效率更高、更有效率的公司絕對可能具有優勢。

And just part B and C on that question, if I may.

如果可以的話，請容許我回答這個問題的B部分和C部分。

So you're talking about the demand and do we have capacity? Yes, we're definitely increasing. And as you know, we don't break that out as a specific (inaudible). We do talk about HVAC and HVAC is definitely growing for us, and it's in the industrial -- under the industrial sector.

所以您是在討論需求以及我們是否有能力滿足需求？是的，我們的成長速度肯定在加快。正如您所知，我們不會將其單獨列出。（聽不清楚）我們確實會談到暖通空調，暖通空調對我們來說肯定是一個成長點，它屬於工業領域——在工業部門之下。

The capacity, it's a -- demand is continuing to go up, and we see it continuing out of the future based upon the forecasted growth of data centers and the needs for our type of equipment.

容量方面，需求持續成長，而且根據資料中心的預測成長以及對我們這類設備的需求，我們預期未來這種成長動能仍會持續下去。

And we will be doing another expansion in our main facility that produces this type of product. We also have been able to leverage the acquisition we made last year in January with its electromagnetic capabilities in Mexico as well as in -- also in Wisconsin.

我們將對生產此類產品的主要工廠進行另一次擴建。我們也能夠利用去年 1 月收購的墨西哥和威斯康辛州的電磁技術能力。

So I think we were -- the synergies that we realized they were very important and positioned us well to be able to satisfy the demand. But we are and have already invested, and we will continue to invest to increase capacity.

所以我覺得我們當時意識到，這些綜效非常重要，讓我們能夠很好地滿足市場需求。但我們已經並將繼續投資以提高產能。

Okay. Two other questions, if I may, just jumping around. Just in terms of the automation side, there was some clear signs of a bounce back. I think it's your largest or one of your largest customers had a positive book-to-bill. Just give us some qualitative talk through on what that means for you on the automation side.

好的。恕我冒昧，我還有兩個問題。僅就自動化方面而言，已經出現了一些明顯的復甦跡象。我認為這是你們最大的客戶之一，或者說是你們最大的客戶之一，其訂單出貨比為正。請您就自動化方面，具體談談這對您意味著什麼，做一些定性的闡述。

Sure. We -- in the past, we gave quite a bit of detail on a specific operating unit and what the impact on our performance was as we went through supply chain crisis and then as it opened up and how it improved our demand and how has it dropped out again as there was an overstocking situation.

當然。過去，我們曾詳細介紹過某個具體的營運部門，以及在經歷供應鏈危機、供應鏈恢復正常、需求改善以及庫存過剩導致需求再次下降的過程中，該部門對我們業績的影響。

We do expect that we have turned the corner there, and we're getting to a position of normalization, and that will have a very nice positive effect or impact as we move forward. So it is definitely improving, and we're expecting to see the results as we move throughout the year. And all signs are in that direction.

我們預計情況已經好轉，正在逐步恢復正常，這將對我們未來的發展產生非常積極的影響。所以情況肯定在好轉，我們期待在今年稍後看到成效。種種跡像都顯示情況正朝著那個方向發展。

Did you see some of that already in this past quarter?

上個季度你是否已經看到了一些這樣的情況？

We saw an improvement. So we've seen gradual improvement sequentially in Q1 over Q2. So we did see improvement, but we're continuing to see more improvement as we move ahead to get us to the point of normalization. So yes, a little bit, but we expect more coming forward.

我們看到情況有所改善。因此，我們看到第一季比第二季逐步改善。所以我們看到了進步，而且隨著我們不斷推進，朝著正常化的目標邁進，我們也將繼續看到更大的進步。是的，目前有一點，但我們預計未來會有更多進展。

Okay. My last question, which I think someone else alluded to, just on the munition side, there have been a number of companies that have indicated that they're capacity constrained. I've even heard of one of the majors like Northrop Grumman or Rockwell, that type of major offering to pay for capacity expansion for a vendor.

好的。我的最後一個問題，我想其他人也提到過，是關於軍火方面的，已經有很多公司表示他們的產能有限。我甚至聽說過像諾斯羅普·格魯曼公司或羅克韋爾公司這樣的大型企業願意為供應商的產能擴張買單。

And I've seen two cases like that recently. I guess my question is, is that business -- I'm assuming that business is continuing to ramp for you. Are you capacity constrained there as well?

最近我就看過兩例這樣的情況。我想問的是，你們的生意──我假設你們的生意正在持續成長。你們那邊也面臨產能限制嗎？

No. We mentioned the restructuring that we did to consolidate some operations several years ago, I'd say, three, four years ago, we -- the main operation for munitions -- well, there's two main operations for us for munitions applications, and those are being consolidated together. But we decided to increase our size of our facility and to allow us to grow into it. And that has put us in a really good position to -- to answer your question, we are not capacity constrained.

不。我們提到過幾年前，也就是三、四年前，我們為了整合一些業務而進行的重組。我們——主要的彈藥業務——嗯，我們有兩個主要的彈藥應用業務，現在正在將它們合併在一起。但我們決定擴大廠房規模，以便我們能夠成長壯大。因此，我們處於非常有利的地位——回答你的問題，我們不存在產能限制。

Okay. Are you seeing the same as other vendors in terms of the desire from your --

好的。您在客戶需求方面是否與其他供應商的情況相同？--

What we've seen -- yes. So what we've seen, there's -- certainly in the supply chain side of it, there can be some concern, but we haven't -- we've been working on sourcing for a while here when you go back to when the conflicts broke out and then the initial inquiries on what the projected demand might be.

我們所看到的——是的。所以我們看到的是，當然，在供應鏈方面可能會有一些擔憂，但是我們還沒有——我們已經在採購方面努力了一段時間，這可以追溯到衝突爆發之時，以及最初對預計需求的詢問。

And over time, I don't -- Orin, I'm not sure that you had invested in us yet, but we had talked about that, that the inquiry level was quite high, but we hadn't seen any POs from that to increase the capacity. We not have seen that. We have seen the orders come to fruition, and we now are beginning to ship at higher levels.

隨著時間的推移，我——奧林，我不確定你是否已經投資了我們，但我們討論過這個問題，當時詢價水平很高，但我們還沒有看到任何採購訂單來增加產能。我們還沒有看到這種情況。我們已經看到訂單陸續交付，現在出貨量也開始大幅提升。

And so we were prepared. We went out and we did quite a bit of work in advance of this because we were getting quotation requests for some significantly higher volumes. So we were preparing our supply base as well as preparing ourselves, and that is coming to fruition.

所以，我們做好了準備。我們事先做了很多準備工作，因為我們收到了一些數量大得多的報價請求。所以，我們一直在為供應鏈做好準備，也為自身做好準備，而現在這些努力正在取得成果。

This concludes our question-and-answer session. I would now like to turn the call back to management for closing remarks.

我們的問答環節到此結束。現在我想把電話轉回給管理階層，請他們作總結發言。

Thank you, everyone, for joining us on today's call and for your interest in Allient. As always, please feel free to reach out to us at any time, and we look forward to talking to you all again after our third quarter 2025 results. Have a great day.

感謝各位參加今天的電話會議，也感謝各位對Allient的關注。和以往一樣，歡迎隨時與我們聯繫，我們期待在 2025 年第三季業績公佈後再次與大家交流。祝你有美好的一天。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。現在您可以斷開線路了。