Allient Inc (ALNT) 2025 Q3 法說會逐字稿

Good day and welcome to the Allient Inc third quarter fiscal 2025 financial results conference call. (Operator Instructions). Now I conference over to Craig Mychajluk, Investor Relations. Please go ahead.

大家好，歡迎參加 Allient Inc 2025 財年第三季財務業績電話會議。（操作說明）現在我將電話轉接給投資人關係部門的克雷格‧米查伊盧克。請繼續。

Yeah, thank you and good morning, everyone. We certainly appreciate your time today as well as your interest in Allient. On the call today are Dick Warzala, the Chairman, President, and CEO, and Jim Michaud, our Chief Financial Officer. Dick and Jim will review our third quarter 2025 results, provide a strategic and operational update, and share our outlook.

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。今天參加電話會議的有董事長、總裁兼執行長迪克·沃扎拉，以及財務長吉姆·米肖。迪克和吉姆將回顧我們 2025 年第三季的業績，提供策略和營運方面的最新信息，並分享我們的展望。

We'll then open the line for your questions. As a reminder, our Q3 earnings release and the accompanying slide presentation are available on our website at alliant.com. If you're following along, please turn to slide two for a safe harbor statement. During today's call, we may make forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those indicated.

接下來我們將開通提問專線。再次提醒，我們的第三季財報及配套投影片已發佈在公司網站 alliant.com 上。如果您正在關注，請翻到第二張投影片查看安全港聲明。在今天的電話會議中，我們可能會發表一些涉及風險和不確定性的前瞻性聲明。實際結果可能與所示結果有重大差異。

These risks and factors are outlined in our SEC filings and in our Q3 earnings release. We also discussed certain 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.

這些風險和因素已在我們的美國證券交易委員會文件和第三季收益報告中列出。我們也討論了一些我們認為有助於評估我們績效的非GAAP指標。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 two comparable GAAP measures in the tables accompanying the earnings release as well as the slides. So with that, please turn to slide three, and I'll turn it over to Dick to begin.

我們在獲利報告附帶的表格和投影片中提供了非GAAP指標與兩個可比較GAAP指標的調節表。那麼，請翻到第三張投影片，接下來就交給迪克開始吧。

Thank you, Craig, and welcome everyone. Allient delivered another strong quarter underscored by double-digit revenue growth, a record gross margin, and continued deleveraging of our balance sheet. These results reflect the combination of healthy demand across key markets and the tangible benefits of the efficiency initiatives we have put in place through our simplify to accelerate now program.

謝謝你，克雷格，也歡迎各位。Allient 又迎來了一個強勁的季度，營收實現了兩位數成長，毛利率創歷史新高，資產負債表的去槓桿化也持續進行。這些結果反映了主要市場健康的需求，以及我們透過「簡化加速」計畫實施的效率提升措施所帶來的實際效益。

On the demand side, we saw notable strength in our industrial verticals, particularly power quality solutions for data center applications, as well as improving trends in automation. Our defense programs executed well, and the medical market delivered steady growth even as mobility solutions remained soft.

在需求方面，我們看到工業垂直領域表現強勁，特別是資料中心應用的電源品質解決方案，以及自動化領域的不斷改善趨勢。我們的國防項目執行良好，醫療市場也實現了穩定成長，儘管行動解決方案市場仍然疲軟。

In addition, our vehicle business improved, led by contributions from commercial automotive and construction. Profitability was another highlight, with gross margin reaching a new record and operating leverage driving meaningful year over year improvement.

此外，在商用汽車和建築業的貢獻帶動下，我們的汽車業務有所改善。獲利能力是另一個亮點，毛利率創下新紀錄，營運槓桿作用推動了同比顯著增長。

Importantly, these gains were not only a result of volume, but also a reflection of mixed shift toward higher value programs and ongoing cost discipline. Cash generation and balance sheet strikes remain central to our story.

重要的是，這些收益不僅是銷售成長的結果，也反映了向更高價值項目和持續成本控制的混合轉變。現金流產生和資產負債表調整仍然是我們故事的核心。

Year-to-date, we have delivered significantly higher operating cash flow and further reduced debt, which has lowered our leverage ratio and enhanced financial flexibility. Jim will walk through some temporary impacts of the quarter, and at a high level, our results so far this year demonstrate our ability to convert topline performance into stronger profitability, robust cash flow, and balance sheet progress.

今年以來，我們的經營現金流顯著提高，債務進一步減少，從而降低了槓桿率，增強了財務靈活性。吉姆將介紹本季的一些暫時性影響，總的來說，我們今年迄今為止的業績表明我們有能力將營收成長轉化為更強的獲利能力、強勁的現金流和資產負債表的改善。

Stepping back, Q3 was not just about the numbers. It was about discipline and execution. The results highlight the resilience of our diversified portfolio, the value of our operational transformation, and our ongoing alignment with long-term secular growth drivers. Together these elements reinforce the momentum we are building as we move toward year end and beyond.

退一步講，第三季不只是數字。關鍵在於紀律和執行力。結果凸顯了我們多元化投資組合的韌性、我們營運轉型的價值，以及我們與長期成長驅動因素的持續一致性。這些因素共同鞏固了我們邁向年底及未來發展階段的動能。

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. Please turn to slide five. Q3 revenue increased $13.5 million year over year, reaching $138.7 million, reflecting strong industrial market demand along with solid performance in our other core and markets. Foreign exchange contributed $2.3 million in tailwinds, with the remainder organic.

謝謝你，迪克，大家早安。請翻到第五張投影片。第三季營收年增 1,350 萬美元，達到 1.387 億美元，反映出強勁的工業市場需求以及我們其他核心市場和市場的穩健表現。外匯變動帶來了 230 萬美元的利好，其餘部分為內生成長。

Sequentially, revenue declined less than 1% as the second quarter included $3 million to $4 million of customer pull-ins related to anticipated supply constraints on components with heavy rare earth content. Sales to US customers accounted for 57% of Q3 revenue, with Europe, Canada, and Asia Pacific representing the balance.

由於第二季客戶因預期重稀土含量零件供應受限而下調了 300 萬至 400 萬美元的訂單，因此環比收入下降不到 1%。第三季度，美國客戶的銷售額佔總營收的 57%，歐洲、加拿大和亞太地區佔剩餘部分。

Breaking down performance by market. Industrial market revenue advanced 20%. Led by strong demand for power quality solutions in data centers as well as improving industrial automation trends which more than offset softness in oil and gas. Medical grew 6% with surgical instruments offsetting weaker mobility solutions.

按市場細分業績。工業市場收入成長20%。受資料中心對電力品質解決方案的強勁需求以及工業自動化趨勢的推動，足以抵消石油和天然氣行業的疲軟。醫療產品增加了 6%，手術器械的增幅抵消了行動解決方案的疲軟。

Vehicle sales were up 6%, supported by commercial, automotive, and construction. Aerospace and defense revenue was up 2% as scheduled defense and space program deliveries continued. We did experience some short-term shipment delays linked to customer validations during our Dothan facility transition, but overall demand remains intact and positions us well as validation is complete.

受商用車、汽車和建築業的推動，汽車銷量成長了 6%。由於國防和航太專案按計劃交付，航空航太和國防收入增長了 2%。我們在多森工廠過渡期間，由於客戶驗證，確實遇到了一些短期發貨延遲，但總體需求仍然保持穩定，隨著驗證的完成，我們處於有利地位。

Distribution channel sales were down 6%, though they represent a smaller share of our overall mix. Turning to slide six, here we show the composition of our revenue over the trailing 12 months along with the year over year change in each market and the key drivers of that change.

儘管分銷通路銷售額在我們整體產品組合中所佔比例較小，但其銷售額仍下降了 6%。接下來是第六張投影片，這裡我們展示了過去 12 個月的收入組成，以及每個市場的同比變化和造成這種變化的關鍵因素。

As you can see, our industrial market is our largest vertical at 48% of total revenue supported by continued strength in data center applications. While industrial automation is still working through the tail end of destocking, we are seeing healthier order flow, which has helped offset soccer demand in oil and gas applications.

如您所見，工業市場是我們最大的垂直市場，佔總收入的 48%，這得益於資料中心應用領域的持續強勁成長。雖然工業自動化仍在努力完成去庫存的最後階段，但我們看到訂單流更加健康，這有助於抵消石油和天然氣應用領域對足球的需求。

Aerospace and defense increased to 15% of revenue, reflecting both timing of defense and space program deliveries as well as strong execution on our growth initiatives in this sector. Demand remains solid and our pipeline and defense continues to provide visibility into sustained growth.

航空航太和國防業務佔收入的 15%，這不僅反映了國防和航太專案交付的時機，也反映了我們在該領域成長計畫的強勁執行。需求依然強勁，我們的產品線和國防業務持續為持續成長提供了保障。

Medical accounted for 15% of revenue led by higher demand for surgical instruments. This growth was partially offset by softness in certain pump-related products and mobility solutions, but overall the medical sector continues to represent a steady contributor.

醫療業務佔總收入的 15%，主要原因是外科器械需求增加。某些泵浦相關產品和行動解決方案的疲軟部分抵消了這一成長，但總體而言，醫療產業仍然是穩定的貢獻者。

Vehicle represented 17% of revenue compared with 22% in the prior year. The year over year decline primarily reflects reduced demand in power sports and select truck applications. That said, within the quarter, we did see strength from commercial automotive helping to partially balance the softness in recreational markets.

車輛業務佔總收入的 17%，而前一年這一比例為 22%。年比下降主要反映了動力運動和部分卡車應用領域的需求減少。儘管如此，本季商業汽車市場的強勁表現確實在一定程度上抵消了休閒市場的疲軟。

Overall, this slide reinforces that our revenue base is better aligned with higher value margin accretive opportunities. We are deliberately positioning the company towards markets with strong secular growth drivers while also managing through areas experiencing softness.

總的來說，這張投影片進一步表明，我們的收入基礎與更高價值、利潤率更高的機會更加契合。我們有意將公司定位在具有強勁長期成長動力的市場，同時也努力應對成長疲軟的地區。

Turning to slide seven, gross profit reached $46.2 million with gross margin expanding to a record 33.3%, up 190 basis points year over year and 10 basis points sequentially. This marks our fifth consecutive quarter of margin expansion. Drivers included mixed improvement, higher volumes, discipline, lean, and discipline lean manufacturing execution.

翻到第七張投影片，毛利達到 4,620 萬美元，毛利率擴大到創紀錄的 33.3%，年增 190 個基點，較上季成長 10 個基點。這標誌著我們連續第五個季度實現利潤率成長。驅動因素包括混合改進、產量增加、紀律、精實生產以及紀律精實生產執行。

On slide eight, operating income increased sharply to $12.2 million, or 8.8% of revenue, reflecting the continued scalability of our business model. This represents an improvement of 350 basis points year over year and 40 basis points sequentially.

在第八張投影片中，營業收入大幅成長至 1,220 萬美元，佔營收的 8.8%，這反映了我們商業模式的持續可擴展性。這比去年同期提高了 350 個基點，比上一年提高了 40 個基點。

Operating leverage was a key driver as operating expenses declined to 24.5% of revenue, a 160 basis point improvement versus last year, even as we continue to invest in strategic initiatives. This demonstrates the effectiveness of our cost discipline and the structural benefits we are capturing.

經營槓桿是關鍵驅動因素，因為經營費用下降至收入的 24.5%，比去年改善了 160 個基點，即便我們繼續投資於策略性措施。這證明了我們成本控制的有效性以及我們所獲得的結構性效益。

Our simplified to accelerate now program continues to play a central role in driving these results. We delivered $10 million in annualized savings in 2024, and we remain on track to achieve an additional $6 million to $7 million in 2025.

我們簡化的「加速發展」計畫在推動這些成果方面繼續發揮核心作用。我們在 2024 年實現了 1000 萬美元的年度節約，並且我們仍然預計在 2025 年再實現 600 萬至 700 萬美元的節約。

These savings are being realized through footprint optimization, accelerated product development, and lean manufacturing disciplines. Importantly, we are already beginning to see margin tailwinds from the Dothan Fabrications Center of Excellence with the full benefit expected to phase in during the latter part of 2025.

這些節省是透過優化佔地面積、加快產品開發和精益生產方式來實現的。重要的是，我們已經開始看到多森製造卓越中心帶來的利潤成長，預計到 2025 年下半年將逐步實現全面效益。

We did record 800,000 in realignment costs during the third quarter to support this transformation, but these actions are positioning us for sustained efficiency and margin improvement moving forward.

為了支持這項轉型，我們在第三季記錄了 80 萬英鎊的重組成本，但這些措施將使我們在未來持續提高效率和利潤率。

Slide nine shows our bottom-line performance. Net income more than tripled year over year to $6.5 million or $0.39 per diluted share. Adjusted net income was $9.9 million or $0.59 per share. Our effective income tax rate was 22.2% for the third quarter of 2025, and we continue to expect our full year rate to land between 21% and 23%.

第九張幻燈片展示了我們的最終業績。淨利潤年增超過三倍，達到 650 萬美元，即每股攤薄收益 0.39 美元。調整後淨收入為 990 萬美元，即每股 0.59 美元。2025 年第三季度，我們的實際所得稅率為 22.2%，我們繼續預計全年稅率將在 21% 至 23% 之間。

Adjusted EBITDA increased to $20.3 million, or 14.6% of revenue, driven by strong conversion on higher volumes and a more favorable mix. This represents margin expansion of 310 basis points year over year and 20 basis points sequentially.

經調整的 EBITDA 增至 2,030 萬美元，佔營收的 14.6%，得益於銷售成長帶來的強勁轉換率和更有利的產品組合。這意味著利潤率較去年同期上升 310 個基點，較上季上升 20 個基點。

Turning to slide 10, year-to-date operating cash flow was$43.1 million, up 46% from last year. This reflects both stronger profit generation and disciplined working capital execution. Our free cash flow, the, this past quarter was impacted by approximately $5 million of temporary inventory billed largely tied to rare earth magnets and to ensure continuity during the Dothan transition.

翻到第 10 張投影片，今年迄今的營運現金流為 4,310 萬美元，比去年成長了 46%。這不僅反映了更強勁的獲利能力，也體現了更嚴格的營運資金管理。上個季度，我們的自由現金流受到約 500 萬美元臨時庫存的影響，這些庫存主要與稀土磁鐵有關，旨在確保 Dothan 過渡期間的業務連續性。

In addition, we experienced a modest increase in daily sales outstanding, which rose to 61 days, reflecting sales mix, and we also had the timing impact of certain insurance premium payments. Despite these temporary factors, our underlying cash generation remains very strong.

此外，我們的每日應收帳款略有增加，達到 61 天，這反映了銷售組合的變化，同時我們也受到了某些保險費支付的時間影響。儘管有這些暫時性因素，但我們的基本現金流依然非常強勁。

Year-to-date, capital expenditures of $5.1 million reflected continued investment in key customer-driven projects. Given project timing and fourth quarter expectations, we have narrowed our full year cap forecast to $6.5 million to $8.5 million from the prior $8 million to $10 million range. Importantly, we are executing well against our three financial priorities for 2025.

今年迄今為止，資本支出為 510 萬美元，反映了對以客戶為導向的關鍵項目的持續投資。鑑於專案進度和第四季預期，我們將全年資本預測範圍從先前的 800 萬至 1,000 萬美元縮小至 650 萬至 850 萬美元。重要的是，我們在實現 2025 年三大財務優先事項方面進展順利。

Reducing inventory and strengthening working capital management, we've already improved inventory turns to three in Q3, up from 2.7 at year end, despite the temporary build this quarter. Cost discipline, evident in our SG&A leverage and ongoing benefits would simplify to accelerate now, reducing debt supported by the strong cash flow we've generated.

透過減少庫存和加強營運資金管理，儘管本季庫存暫時增加，但第三季的庫存週轉率已從年底的 2.7 提高到 3。成本控制，從我們的銷售、一般及行政費用槓桿率和持續收益中可見一斑，現在加速發展將更加容易，減少債務，而我們已產生的強勁現金流將為此提供支持。

With that, let's turn to slide 11 to review the impact on our balance sheet. Debt declined by $12 million sequentially in Q3, bringing total year-to-date debt reduction to nearly $34 million. Net debt now stands at $150.8 million, and our leverage ratio has improved to 2.1 times compared with [three] at the end of 2024.

接下來，讓我們翻到第 11 張投影片，看看這對我們的資產負債表有何影響。第三季債務季減 1,200 萬美元，使今年迄今的債務減少總額接近 3,400 萬美元。目前淨債務為 1.508 億美元，槓桿率已從 2024 年底的 3 倍改善至 2.1 倍。

This consistent deleveraging combined with strong liquidity provides us with substantial flexibility to continue investing in strategic priorities while also strengthening our financial foundation. With that, if you advance to slide 12, I will now turn the call back over to Dick.

持續的去槓桿化加上強勁的流動性，使我們有相當大的彈性繼續投資於策略重點，同時加強我們的財務基礎。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. Orders in Q3 totaled $133.1 million, down slightly from Q2, but up significantly from last year. Our book to bill ratio of 0.96x reflects the normal seasonal cadence we typically see, and importantly, it also underscores solid underlying demand, particularly in our industrial and A&D markets, despite the cancellation of the M10 Booker tank program by the US Army, which did have a direct impact on Allient.

謝謝你，吉姆。第三季訂單總額為 1.331 億美元，比第二季略有下降，但比去年同期大幅成長。我們的訂單出貨比為 0.96 倍，反映了我們通常看到的正常季節性節奏，更重要的是，它也突顯了強勁的潛在需求，尤其是在我們的工業和航空航天與國防市場，儘管美國陸軍取消了 M10 Booker 坦克項目，這確實對 Allient 產生了直接影響。

Our backlog ended the quarter at $231 million, with the majority expected to ship within the next three months to nine months, consistent with our historical conversion patterns. This backlog mix together with our active quoting pipeline gives us confidence in the resiliency of demand.

本季末，我們的積壓訂單為 2.31 億美元，其中大部分預計將在未來三到九個月內交付，這與我們以往的轉換模式一致。這種積壓訂單組合，加上我們活躍的報價管道，使我們對需求的韌性充滿信心。

As we look ahead, we recognize that the global industrial environment is gradually improving but remains uneven. Policy and tariff risk, supply normalization, and cost volatility continued to influence capital deployment across many verticals.

展望未來，我們意識到全球產業環境正在逐步改善，但發展仍不平衡。政策和關稅風險、供應正常化以及成本波動繼續影響許多垂直領域的資本部署。

We continue to proactively address tariff-related challenges. Although mitigation efforts are underway, tariffs resulted in a net quarterly impact of approximately $385,000 that we were unable to recover through pricing or other measures. The majority of this impact occurred within our power quality business, and mitigation efforts are already underway.

我們將繼續積極應對與關稅相關的挑戰。儘管緩解措施正在進行中，但關稅導致季度淨損失約 385,000 美元，我們無法透過定價或其他措施彌補這些損失。大部分影響發生在我們的電力品質業務領域，緩解措施已經在進行中。

On rare earth supply, even though it appears that we will gain some breathing room given the agreement that was reached with China, our multi-pronged strategy, which includes broadening suppliers, qualifying alternative materials, and managing inventory dynamically in close collaboration with customers, will continue to be central to our strategic supply chain security initiatives.

在稀土供應方面，儘管鑑於與中國達成的協議，我們似乎會獲得一些喘息之機，但我們多管齊下的戰略（包括擴大供應商範圍、對替代材料進行認證以及與客戶密切合作動態管理庫存）仍將是我們戰略供應鏈安全舉措的核心。

At the same time, our focus is primarily on advancing strategic initiatives that enhance long-term value. Driving further margin expansion. Maintaining working capital discipline. And investing in technology forward higher value solutions. The operational and financial momentum we generated in Q3 provides a strong foundation to carry forward into the balance of the year.

同時，我們的重點主要放在推動能夠提升長期價值的策略舉措。進一步擴大利潤率。維持營運資金紀律。並投資於技術領先的高價值解決方案。我們在第三季的營運和財務進展為今年剩餘時間的發展奠定了堅實的基礎。

Finally, it's important to remember that secular growth drivers such as electrification, automation, energy efficiency, digital infrastructure, and precision control continue to underpin our strategy. These themes align directly with Allient's capabilities and positions us to deliver sustainable, profitable growth through varying market conditions.

最後，需要記住的是，電氣化、自動化、能源效率、數位基礎設施和精確控制等長期成長驅動因素仍然是我們策略的基礎。這些主題與 Allient 的能力直接契合，使我們能夠在不斷變化的市場條件下實現可持續的獲利成長。

With that operator, please open the line for questions. Yes, thank you.

請與該接線員聯繫，開通提問通道。是的，謝謝。

(Operator Instructions). Tomohiko Sano with JPMorgan.

（操作說明）Tomohiko Sano，摩根大通員工。

Hello Dick and James.

迪克和詹姆斯，你們好。

Good morning. How are you?

早安.你好嗎？

Good, thank you. I'd like to ask about the orders and backlog for the first and the book to bill ratio remain healthy at 0.96x as you mentioned, and how would you view the quality and the visibilities of the current backlog and are there any areas of concerns?

好的，謝謝。我想詢問第一本書的訂單和積壓情況，正如您所提到的，出貨率仍然保持在健康的 0.96 倍，您如何看待當前積壓訂單的品質和可見性，以及是否存在任何需要關注的方面？

I would say to you that overall, we're, and we wanted to clarify one thing we would have been above 1, but we did take a cancellation, in our backlog for the M10 Booker, program cancellation, so that, that's in there, and without that we would have been above one.

我想告訴你們的是，總的來說，我們……我們想澄清一點，我們本來會超過 1，但是我們積壓的 M10 Booker 項目取消了，所以，這其中有影響，如果沒有這個取消，我們本來會超過 1。

So that's just a little more clarity on that as far as the quality goes, I think, we're very pleased with what we're seeing. It's. The power quality area data centers is coming strong. We're seeing good activity in the defense area.

所以，就品質而言，我認為情況更加明朗了，我們對目前所看到的非常滿意。它是。資料中心的電力品質問題正在迅速解決。我們看到國防領域的活動十分活躍。

We're seeing, industrial picking up, and we also see Europe has picked up, started to pick up. Let's put it that way. It's not back to where it was, but it started to pick up in the industrial areas. So across the board. I think we're fairly encouraged with the quality and, the margin potential generation from the new orders, the backlog we have.

我們看到工業正在復甦，也看到歐洲的經濟已經開始復甦。這麼說吧。雖然還沒有恢復到以前的水平，但工業區的情況已經開始好轉。所以各方面都是如此。我認為我們對產品品質、新訂單帶來的利潤潛力以及我們目前的積壓訂單都相當滿意。

Thank you and follow-up on the margin side and especially like simplified to [accelete] now initiatives, could you elaborate on the progress and the future potential of the initiatives for 2026? Are there further cost savings or margin opportunities ahead?

謝謝。關於利潤率方面，特別是像「簡化到加速」這樣的舉措，您能否詳細說明一下這些舉措的進展情況以及到 2026 年的未來潛力？未來是否還有進一步降低成本或提高利潤的機會？

Yes, absolutely. So this year, I mean, I would say to you that some of the actions that were taken in last year and this year, we'll call them some of them were pretty low hanging fruit, and we have validated that the actions that we're taking did result in real cost savings.

是的，絕對的。所以今年，我的意思是，我想告訴大家，去年和今年採取的一些措施，我們姑且稱之為“唾手可得的成果”，我們已經證實，我們採取的這些措施確實帶來了實際的成本節約。

The major action we we've taken this year is to, in our Dothan facility which had final assembly integration test operations, also some machining and so forth, it was co-mingled between many different markets and different types of products.

今年我們採取的主要行動是，在我們位於多森的工廠（該工廠負責最終組裝整合測試操作，以及一些機械加工等），它涉及許多不同的市場和不同類型的產品。

The major effort that we undertook this year was to transfer the production. From Dothan into two, other facilities, one in Reynosa, Mexico, and in Tulsa, Oklahoma, which better aligned with the markets and the products that the, that, are being produced.

我們今年的主要工作是轉移生產。從多森轉移到另外兩個工廠，一個在墨西哥雷諾薩，一個在俄克拉荷馬州塔爾薩，這兩個工廠更好地與市場和正在生產的產品相匹配。

And Dothan, what we will retain, is we have a strong capability in the machining areas and so this is where you hear us talk about the transition of Dothan into a fabrication center of excellence, that'll be underway and I will say to you that that will be, started in the beginning of the year after the transfer and the transfers are fully expected to be complete by the end of this year and moving out through throughout next year.

而多森，我們將保留我們在機械加工領域的強大能力，因此，你們會聽到我們談論將多森轉型為卓越製造中心，這項工作正在進行中，我要告訴你們，這項工作將在轉移後的年初開始，預計轉移工作將在今年年底前全面完成，並持續到明年。

There's plenty of opportunities for us for cost optimization when we look at the components that we have been buying or purchasing and, actually evaluating some of the business we have and, looking at better strategic sourcing. I think so again I would look at that opportunity as we really begin to move that, fabrication center.

當我們審視我們一直在購買或採購的零件，並實際評估我們的一些業務，以及尋求更好的策略採購時，我們有很多機會可以優化成本。我認為，當我們真正開始推進製造中心的建設時，我會再次考慮這個機會。

Forward, that's where we will see some fairly significant cost savings and potential for us to grow our business in other areas as well. We have some good opportunities that we're working with, and they were contingent upon us, continue to expand for high precision motion applications and Dothan will give us an opportunity to do that.

展望未來，我們將看到相當可觀的成本節約，並且我們還有可能在其他領域拓展業務。我們正在努力爭取一些不錯的機會，但這些機會取決於我們能否繼續拓展高精度運動應用領域，而多森將為我們提供這樣的機會。

I also want to stress that, while we say fabrication because we're talking about additive manufacturing as well as just machining and not just machining operations, so that's why in the past you would have heard us say machining center of excellence because that's what they do, but we do believe that there's definite value to be added from fabrication.

我還要強調一點，我們之所以說“製造”，是因為我們談論的是增材製造以及機械加工，而不僅僅是機械加工操作，所以過去你們可能會聽到我們說“卓越機械加工中心”，因為他們就是做這個的，但我們確實相信製造能夠帶來切實的價值。

In addition to that, we're, setting guidelines and working hard with all of our operations, and so we had to untangle some of our businesses which, when I say that, the focus on what were the investments necessary, what's the design cycle time, what's the lead late in cycle time for design wins and types of products being produced. And that caused some inefficiencies in the process, so we're doing that.

除此之外，我們還制定了指導方針，並努力改善所有營運環節，因此我們不得不理順一些業務，我所說的理順業務，指的是重點放在必要的投資、設計週期時間、設計中標的後期週期時間以及正在生產的產品類型上。這導致流程效率低下，所以我們正在這樣做。

We're much better aligned, and we're close to completing these efforts, much better aligned on the vertical markets that we're servicing, as well as the production processes that they're much more consistent within each, which then allows us to go back and really address areas of, that we feel that we have some significant improvement opportunities. So that's another area so that that'll be unfolding in the next year.

我們現在更加協調一致，並且即將完成這些工作。我們在所服務的垂直市場方面協調一致，而且每個市場的生產流程也更加一致，這使我們能夠回過頭來真正解決我們認為有一些重大改進機會的領域。所以這是另一個需要在未來一年逐步展開的領域。

So definitely some cost savings, although I don't think we've quantified that exactly yet. In addition to that, I say the more importantly is the front end, looking at business opportunities that provide us better margin capabilities or potential and, not getting seduced into some other activities that look, the value looks high, but the true bottom line value is not as great, so and cost.

所以肯定能節省一些成本，雖然我覺得我們還沒有具體量化這一點。除此之外，我認為更重要的是前期工作，尋找能夠為我們提供更高利潤能力或潛力的商業機會，而不是被一些看起來價值很高，但實際利潤卻不高，成本也高的活動中所誘惑。

A lot from a capital investment standpoint, so we're very focused on the front end making sure that we're working, we're focused on the right markets that can, meet our margin goals and not get diverted based on some what looked like great opportunities, but underlying it is long-term efforts, a lot of capital investment, and sometimes not as good a return. So plenty going on.

從資本投資的角度來看，我們投入了大量精力，因此我們非常注重前期工作，確保我們專注於正確的市場，以實現我們的利潤目標，而不是被一些看似很好的機會所分散注意力。這些機會背後是長期的努力和大量的資本投資，但有時回報卻不盡人意。所以事情很多。

Thank you, Dick. Congrats on the quarter.

謝謝你，迪克。恭喜你本季取得佳績。

Thank you.

謝謝。

Greg Palm, Craig-Hallum Capital Group.

格雷格·帕爾姆，克雷格-哈勒姆資本集團。

Yeah, thanks, good morning, congrats, as well for me. I think from a segment level industrial certainly stood out and I know you called out a stronger data center activity so maybe you can just remind us exactly you know what you're selling into that market and is there something going on, that's causing the step up in demand there?

是啊，謝謝，早安，恭喜你，也替我祝賀你。我認為從細分市場來看，工業領域無疑表現突出，我知道您提到了數據中心業務的強勁增長，所以您能否具體提醒我們一下，您知道您在該市場銷售的是什麼產品，以及是什麼因素導致了該市場需求的增長？

I think last quarter you mentioned you're doing a facility expansion so just wanted to get a little bit more color on that market specifically.

我想您上個季度提到您正在進行設施擴建，所以我想具體了解這個市場的情況。

Sure, so you're exactly, right, Greg, there. What's going on in that area is really, the big uptick that we've seen or some of the uptick that we've seen is in the data center solutions and the data center solutions around our power quality equipment. So we are, and we are expanding our facilities.

沒錯，格雷格，你說的完全正確。該領域目前的情況是，我們看到的顯著成長，或部分成長，體現在資料中心解決方案以及圍繞我們電力品質設備的資料中心解決方案方面。沒錯，我們正在擴大我們的設施。

That's our primary facility for producing that product, and we expect that to come online in early, let's say second quarter of next year. But we still continue to see or have seen a significant demand uptick, and we don't see it, slowing down anytime soon, so that is a big one of the big drivers and that also, fortunately for us, is a margin accretive product line for us.

那是我們生產該產品的主要設施，我們預計它將在明年第二季初投入營運。但我們仍然看到或已經看到需求大幅增長，而且我們認為這種增長勢頭不會很快放緩，因此這是主要驅動因素之一，而且幸運的是，對我們來說，這也是一條利潤增長的產品線。

In industrial, the automation side, we talked in the past about that, we had a couple of years ago we had a banner year, but it was based on supply chain issues with supply chain and when demand freed up. We deliver at a very high rate.

在工業自動化方面，我們過去也討論過這個問題，幾年前我們取得了輝煌的成績，但這主要得益於供應鏈問題以及需求的釋放。我們的交貨速度非常快。

In fact, we said we had a $46 million headwind going into last year, okay? And then if we could average the three years out and we would see the demand coming back to a normalized level and we've actually seen that again this year.

事實上，我們說過去年我們面臨 4,600 萬美元的逆風，好嗎？如果我們把這三年的數據平均一下，就會發現需求正在恢復到正常水平，而今年我們實際上又一次看到了這種情況。

So each quarter we've seen a nice step up. In our run rates and you know we're getting close, and I say close, we're not quite there yet, but we're getting close to where we think the normalized run rate should be and again fortunately it's in the it's in the higher end controls area where our margins are accretive as well. The other industrial markets that we're seeing some improvement, as I mentioned, Europe has been down and down quite significantly.

所以每季我們都看到了不錯的進步。我們的運行率正在提高，你知道，我們正在接近目標，我說接近，是因為我們還沒有完全達到目標，但我們正在接近我們認為標準化運行率應該達到的水平，而且幸運的是，它處於較高的控制區域，我們的利潤率也在不斷提高。正如我之前提到的，其他一些工業市場正在好轉，而歐洲市場則持續大幅下滑。

And the impact on us, was from some of a couple of our businesses is about 25% reduction, and we're not back, but we're starting to see we're chipping back a little bit here and we've got some a runway to go there to get back to where we were and hopefully beyond so but they're starting to see some positive signs, although I do think that'll be a slower ramp up, into next year.

對我們而言，部分業務受到的影響是減少了約 25%，我們還沒有完全恢復，但我們開始看到業務正在逐步恢復，我們有時間恢復到之前的水平，甚至可能超過之前的水平。他們開始看到一些正面的跡象，儘管我認為明年業務復甦的速度會比較慢。

Defense side, good opportunities, and we're working on many new opportunities certainly in the drone space. Applications where you know we have a significant manufacturing capability that we've had for years that we're unleashing to make sure that we support the opportunities that are coming our way, and we're well positioned whether it's the lower cost disposable drone or up to the highest end, highest performing drones of the requirements in the market.

國防方面，有很多好機會，我們正在努力開拓許多新的機遇，尤其是在無人機領域。我們擁有強大的製造能力，並且已經累積了多年，現在我們正在釋放這種能力，以確保我們能夠抓住即將到來的機會。無論是低成本的一次性無人機，還是市場上性能最高的高端無人機，我們都做好了充分的準備。

So there's a lot of activity going on in that space and we're addressing it as fast as we can and we're pretty encouraged that we're well positioned to take advantage of that. Add on top of that munitions.

所以，這個領域有很多活動正在進行，我們正在盡快應對，我們非常有信心，我們已經做好充分準備，能夠從中受益。再加上彈藥。

I mean, we know some orders for munitions have been released and you know it's our turn to see those orders come through, but there's definitely some encouraging signs that the volume will increase there as well. So overall and medical was good too. I would have to say to you the medical instrumentation surgical side of it was, has been positive as well.

我的意思是，我們知道一些軍火訂單已經下達，現在輪到我們接收這些訂單了，但肯定有一些令人鼓舞的跡象表明，軍火訂單的數量也會增加。整體來說，醫療方面也很好。我必須說，醫療器械手術方面的情況也一直很樂觀。

So good, signs are good. We talked about in conversation with Tomo a lot of the activities we're doing to improve our cost structure, improve efficiencies, and now as I think your question, you're talking about where the growth opportunities are and some of the activities that we're addressing and facing today.

一切都很好，預示著好兆頭。我們和 Tomo 談了很多關於我們正在進行的改善成本結構、提高效率的活動，現在，我認為你的問題是關於成長機會在哪裡，以及我們目前正在處理和麵臨的一些活動。

When might we see more of like an uptick or a step up in the in the drone, space specifically and then maybe you can just confirm since you mentioned defense overall as a segment, what was the booking's impact on that, M10 program?

我們什麼時候才能看到無人機領域，特別是太空領域，出現更大的成長或提升？另外，既然您提到了國防領域，能否確認一下，M10 專案對國防領域的影響是什麼？

The bookings impact for this year was about $5 million that we had to take a hit on and the longer-term impact for us was, a backlog of shipments, averaging around $7 million a year for a number of years forward. So, a lot of work was done on that. There are, we're reviewing cost right now and there's certainly cancellations coming. We don't know if there will be another outlet for.

今年的預訂量損失約為 500 萬美元，我們不得不承擔這部分損失；而從長遠來看，對我們的影響是，未來幾年將出現大量貨物積壓，平均每年損失約 700 萬美元。所以，這方面做了很多工作。是的，我們正在重新評估成本，而且肯定會有一些訂單被取消。我們不知道是否會有其他管道。

That the the M10 Booker tank, but, right now the way it seems is that it is going to wind down. They're just completing whatever was on order and canceling the rest, and I say on order already in production and canceling the rest, but $5 million in this quarter. So as I mentioned, it would have been a positive book to bill ratio.

那是M10 Booker坦克，但就目前的情況來看，它似乎即將退出歷史舞台。他們只是完成已經下單的訂單，並取消其餘的訂單。我說的是已經下訂單並正在生產的訂單，並取消其餘的訂單，但本季損失了 500 萬美元。正如我之前提到的，這將是一個非常高的出貨率。

As far as the drone, when you see it, I think, it's like anything else, you have to go through the design in cycle time, get approved. We already have been in drone applications and we're just seeing more so, but I would tell you that they'll be, stepping up throughout the year next year.

至於無人機，我覺得它和其他東西一樣，都需要經過設計週期，獲得批准。我們已經開始涉足無人機應用領域，我們看到這種應用越來越廣泛，但我可以告訴你，明年這一年，無人機應用將會進一步發展。

Yes, okay, perfect. And then just switching over to kind of profitability, I mean, I think it's pretty encouraging you're generating, mid-teens EBITDA margins. I mean, back-to-back really good quarters. I'm guessing you're not going to tell us where that can eventually land.

好的，沒問題。然後，我們再來看看獲利能力，我的意思是，你們實現了 15% 左右的 EBITDA 利潤率，這非常令人鼓舞。我的意思是，連續兩季都打得非常好。我猜你不會告訴我們它最終會落在哪裡。

But you know it seems like there's still a pretty big chunk of your business that's operating well below, normalized revenue levels or at least revenue levels from a few years ago so volumes continue to come back I'm guessing you start or you continue to see additional operating leverage. I mean, is that a fair statement?

但你知道，似乎你業務中仍有相當大一部分的營運收入遠低於正常水平，或者至少低於幾年前的收入水平，因此，隨著銷量的持續回升，我猜你會開始或繼續看到額外的營運槓桿。我的意思是，這種說法公平嗎？

And definitely a fair statement and I got a real focus on looking at each individual look at the foundation we have built what we call technology units and how we regroup the companies into business units and getting very specific and setting targets all have to contribute and all have to improve and that's the key and I think.

這絕對是一個公平的說法，我真正關注的是審視每一個個體，審視我們已經建立的基礎，我們稱之為技術部門，以及我們如何將公司重組為業務部門，並非常具體地設定目標，所有人都必須做出貢獻，所有人都必須改進，這才是關鍵，我認為。

So, the bulk of the work in order to have clarity and line of sight and what could be accomplished there is coming in into place there now, so I think I feel comfortable that that's going to drive improvements and continued improvements in all areas and that's our goal anyways. So definitely some opportunities there.

因此，為了明確方向和目標，以及能夠取得的成就，大部分工作現在都已到位，所以我相信這將推動各領域的改進和持續改進，而這正是我們的目標。所以那裡肯定存在一些機會。

Yes, okay, alright, well, keep it up, thanks and I'll hop back in the queue.

好的，好的，那就繼續，謝謝，我這就重新排隊。

Thank you.

謝謝。

Ted Jackson with Northland Securities.

泰德傑克遜，來自諾斯蘭證券公司。

Thanks very much. Good morning.

非常感謝。早安.

Good morning.

早安.

So I got a few questions for you. Just a few cleanup items and then some bigger ones, but, with the whole thing with the tank and, the, which is a disappointment, will you, will there be anything that you have to write down in future periods because of that?

我有一些問題想問你。只是一些清理工作，然後還有一些比較大的工作，但是，關於水箱的整個情況，這令人失望，你以後是否需要為此記錄些什麼呢？

No, there's going to, there's full recovery of cost and transaction we're working through that right now. But no, we will not have to write anything down.

不，不會的，成本和交易的全額回收正在進行中，我們現在正在處理這件事。但是，我們不需要寫下任何東西。

Okay then, going over to, the positive FX impact, within your, revenue verticals, where was that?

好的，接下來我們來談談外匯交易對你們各收入垂直領域的正面影響，具體情況如何？

I was in the European, the euro denominated transactions.

我當時在歐洲，進行的是歐元交易。

But I mean, but was it in any, it was it across any verticals? Was it concentrated into anything in particular, I mean industrial for instance.

但我的意思是，它是否在任何領域，是否跨越任何垂直領域？它是否集中應用於某個特定領域，例如工業領域？

No.

不。

No, geographic.

不，是地理上的。

Okay. And then can you remind us, I don't know if you had discussed this with the prior call, but the orders that got pulled forward from 3Q into 2Q, what verticals were those in?

好的。那麼，您能否提醒我們一下，我不知道您是否在之前的電話會議中討論過這個問題，但是從第三季度提前到第二季度的訂單，都屬於哪些垂直行業？

Power quality, primarily.

主要是電力品質。

Then, in the vehicle market, I mean. I know you've worked very hard at lowering your exposure within the power sports world, and it's, but I'm kind of curious, with regards to that segment, if you could maybe cover, kind of the mix of where that revenue comes from these days, you highlighted strength in, commercial vehicle and construction, and then, so I'm kind of curious, like, how much of that business now is exposed within power sports?

我指的是汽車市場。我知道您一直在努力降低在動力運動領域的投資敞口，而且確實如此，但我有點好奇，關於這個領域，您能否談談目前收入的來源構成？您強調了商用車和建築領域的優勢，所以我很好奇，現在有多少業務涉及動力運動領域？

What's the mix for that the construction, how much is commercial vehicle and then maybe, what, some color with regards to like construction and commercial vehicles to sort of what are you, where are you providing your solutions and what.

建築業的組成是什麼？商用車佔多少比例？然後，關於建築業和商用車，您提供哪些解決方案？您在哪裡提供這些解決方案？

Okay, so I would say to you first that, we don't, and we haven't in the past, and. Given you the real specifics on the percentages of each in the market, but I will give you some guidance on it. I mean we've, said to you that commercial automotive, would always be something that we would, stress to be below 10% of our annual revenues and it is below 10% of our annual revenues, okay.

好的，首先我要說的是，我們現在沒有，過去也沒有，而且。我會提供市場上每種產品的具體百分比，但也會給你一些指導。我的意思是，我們已經告訴過你們，商用汽車業務始終是我們強調要控制在年收入 10% 以下的業務，而且它確實低於我們年收入的 10%，好嗎？

And why do we want to do that when we do like the core unit volume that gives us the strategic purchasing power it gives us the ability to apply what we have in the automotive markets into other related you know vehicle markets, so getting a cost advantage there, but I would tell you that our vehicle, our commercial automotive market is performing well. It has definitely.

我們為什麼要這樣做呢？我們擁有核心單位銷售量，這賦予了我們策略採購能力，使我們能夠將我們在汽車市場擁有的優勢應用到其他相關的車輛市場，從而獲得成本優勢。但我必須說，我們的乘用車，我們的商用車市場表現良好。確實如此。

Where, when we started talking about it, four years or five years ago that there were real challenges there that, the book of business that we had, acquired and some of the challenges in the market itself, through supply chain and, price increases and so forth, we worked our way through it and it's something that's performing, I would tell you the net differential has been very positive for us.

四、五年前我們開始討論這個問題時，確實存在一些挑戰，包括我們當時擁有的業務、收購的業務以及市場本身的一些挑戰，例如供應鏈問題、價格上漲等等。我們努力克服了這些挑戰，現在看來，這項業務的表現非常出色，我可以告訴你，淨收益對我們來說非常積極。

As far as the power sports go, we did mention that we have mentioned that what, one of our major customers, had a, two source or even the day we bought the company was going to have multiple sources while we were single source for a long time. They had advised us that they were going to be having multiple sources of supply.

至於動力運動方面，我們確實提到過，我們的一位主要客戶曾經有兩個供應商，甚至在我們收購該公司那天起，他們就打算擁有多個供應商，而我們長期以來都是單一供應商。他們曾告知我們，他們將有多個供貨來源。

And therefore, we did lose a portion of that business starting a little over a year ago, so that business is down, the market's been down, and it is below 10% of our business. So before, if you were back in 2013–2014-time frame, you would have realized that that was maybe 22%, 23% of our business, and now it's below 10%. So we think that's healthy.

因此，從一年多前開始，我們失去了一部分業務，所以這部分業務下滑了，市場也下滑了，目前這部分業務占我們業務的不到 10%。所以，如果你回到 2013-2014 年，你就會意識到，這大概占我們業務的 22%、23%，而現在它已經低於 10% 了。所以我們認為這是健康的。

And I would want to make a statement. It's not that we want it to be less, it is, and you know there's certainly some things that are going to impact it going forward, the tariffs, the USMCA agreements, the content of North American content that's in vehicles and so forth.

我想發表一份聲明。並不是我們希望它減少，它確實減少了，而且你也知道，未來肯定會有一些因素對其產生影響，例如關稅、美墨加協定、汽車中北美零件的含量等等。

So you know we've got a very robust solution that's. It's the higher end of the performance range and we're applying that in other areas so you know we like the diversification we're seeing into other markets, but power sports is definitely from where it was in its heyday early on and when power steering became a part of, every vehicle we were one of the leaders in that, and we enjoyed higher margins.

所以你知道，我們有一個非常強大的解決方案。這是性能範圍的高端產品，我們正在將其應用到其他領域，所以你知道，我們喜歡看到向其他市場多元化發展，但動力運動肯定已經不如早期鼎盛時期那麼好了，當時動力轉向成為每輛車的一部分，我們在這方面是領先者之一，我們享受了更高的利潤率。

But it's definitely a challenge today and getting automotive like I'll call it, okay. So, and then the rest of it is made up of, the other vehicles when we're, we talk about, large trucks, rail, marine construction, bus, all of that, so it's a combination of all of those agricultural, and those are all solid, and we're emphasizing that we'd like to see growth in those as well. Okay, that's about the best of the color I can give you with at this point I hope that helps.

但如今這絕對是一個挑戰，要像我稱呼的那樣進入汽車行業，好吧。所以，剩下的部分包括我們所說的其他車輛，例如大型卡車、鐵路、海洋工程、巴士等等，這些都是農業領域的組合，而且這些領域都很穩健，我們也強調，我們希望看到這些領域也能成長。好的，目前我能提供的顏色資訊就這麼多了，希望對您有幫助。

Oh, it's a great color Dick. I appreciate it what I mean, because if you look at that section, that segment, excuse me, I mean, you, as you said like a little over a year ago, you kind of, had went to dual source, but you know the business is really stabilized. Let's just call it $20 million, $22 million in quarterly revenue, and now that that business is where it's at, you see what I'm saying, the headwinds are of it.

哦，迪克，這顏色真棒。我明白我的意思，因為如果你看看那部分，那段，不好意思，我的意思是，正如你一年多前所說，你當時有點轉向了雙源採購，但你知道，業務現在已經非常穩定了。我們姑且稱其季度收入為 2,000 萬至 2,200 萬美元，而現在這項業務已經發展到這個階段，你明白我的意思吧，它面臨的阻力很大。

I'm talking to power sports are giving away, so I'm kind of wanting to understand the mix of it to see, where, what growth will come now that you have what I mean, because our sports market in and of itself is clearly, flatlining at this point. Then you have these other verticals as well, so I want to understand it because I, the segment's actually poised probably to start performing better.

我正在和動力運動愛好者交流，他們正在舉辦贈送活動，所以我想了解其中的各種因素，看看在你們有了我的意思之後，增長會在哪裡出現，因為我們目前的體育市場本身顯然已經停滯不前了。另外還有其他垂直領域，所以我想了解一下，因為這個細分市場實際上可能即將開始表現得更好。

I had another question I want to ask you really quick. Give me a second. I lost my train of thought. I'll step out of line because I just completely like went out of my mind and if I think about it, I'll punch back in. Thanks.

我還有一個問題想很快問你。稍等片刻。我思路被打斷了。我會越界，因為我當時完全失去了理智，如果我仔細想想，我還會再犯錯。謝謝。

Okay. Thanks, Ted.

好的。謝謝你，泰德。

Thank you, and that does conclude the question-and-answer session. So I would like to try for a management following closing comments.

謝謝，問答環節到此結束。因此，我想嘗試在總結發言後發表一些管理方面的意見。

Well, 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 fourth 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 年第四季業績公佈後再次與大家交流。祝你有美好的一天。

Thank you. The conference has now concluded. Thank you for attending today's presentation. May now disconnect your lines.

謝謝。會議已經結束。感謝各位參加今天的報告會。現在您可以斷開線路了。