Allient Inc (ALNT) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Allient Inc second quarter fiscal year 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Craig Mychajluk, Investor Relations. Thank you. Please go ahead.

各位好，歡迎參加 Allient Inc 2026 會計年度第二季財務業績電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在很榮幸為各位介紹今天的主持人：投資人關係部 Craig Mychajluk。謝謝。請開始。

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, our Chairman, President and CEO; and Jim Michaud, our Chief Financial Officer. Dick and Jim will review our second quarter 2026 results, provide a strategic and operational update and share our outlook. We'll then open the line for questions. As a reminder, our earnings release and the accompanying slide presentation are available on our website at allient.com.

好的。謝謝，各位早安。我們非常感謝各位今天撥冗參與，也感謝各位對 Allient 的關注。今天與會者包括：我們的董事長、總裁暨執行長 Dick Warzala，以及我們的財務長 Jim Michaud。Dick 與 Jim 將回顧我們 2026 年第二季的業績，提供策略與營運更新，並分享我們的展望。之後我們將開放提問。提醒各位，我們的財報新聞稿與隨附的簡報投影片已公布於我們的網站 allient.com。

If following along, please turn to slide 2 for our 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. These risks and factors are outlined in our SEC filings and in the earnings release. We will also discuss certain non-GAAP measures, which we believe will be useful in evaluating our performance.

若您正在跟著簡報，請翻到第 2 頁以查看我們的安全港聲明。在今天的電話會議中，我們可能會發表涉及風險與不確定性的前瞻性陳述。實際結果可能與所示內容有重大差異。相關風險與因素已在我們向 SEC 提交的文件以及財報新聞稿中說明。我們也將討論若干非 GAAP 指標，我們相信這些指標有助於評估我們的表現。

You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of non-GAAP to comparable GAAP measures in the tables accompanying the earnings release as well as the slides.

您不應將這些額外資訊的呈現視為獨立資訊，或作為依 GAAP 編製之結果的替代。我們已在財報新聞稿隨附的表格以及投影片中，提供非 GAAP 與可比 GAAP 指標之調節表。

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

接著請翻到第 3 頁，我把時間交給 Dick 開始。

Thank you, Craig, and welcome, everyone. We delivered an excellent second quarter and more importantly, one that further demonstrates the earning power of the model when stronger demand, improved mix and disciplined execution come together. The quality of the quarter was evident across the P&L with strong top line growth, record gross margin and a significant increase in earnings.

謝謝你，Craig，也歡迎各位。我們交出了一個非常出色的第二季；更重要的是，這進一步展現當需求轉強、產品組合改善與紀律執行相互配合時，此營運模式所具備的獲利能力。本季的品質在損益表各項目上都很明顯：營收強勁成長、毛利率創新高，且獲利大幅提升。

We also saw excellent order activity with record bookings in the quarter and in the period that resulted in a 1.31 times book-to-bill ratio. That gives us improved visibility into the second half of the year and supports a constructive view as we move through 2026. What stands out is not just the magnitude of the quarterly improvement, but the quality of it. We saw broad-based demand across key targeted markets, especially industrial automation, data center and other infrastructure, Aerospace & Defense and Medical applications.

我們也看到極佳的接單動能，本季與本期間的訂單額皆創新高，使得出貨比（book-to-bill）達到 1.31 倍。這讓我們對下半年有更高的能見度，並支持我們在 2026 年推進過程中持續保持建設性的看法。值得注意的不僅是單季改善的幅度，更在於改善的品質。我們在多個關鍵目標市場看到廣泛的需求，尤其是工業自動化、資料中心與其他基礎設施、航太與國防，以及醫療應用。

At the same time, the operating work we have been doing throughout the organization is increasingly showing up in better margins, better leverage and better earnings conversion. This quarter also enforces the value of the portfolio we have been shaping. We have intentionally positioned Allient toward higher-value motion, controls and power applications where our engineering content is deeper, our customer relationships are stronger and the margin profile is more attractive over time. That strategy is helping us improve not only growth, but also the quality and durability of that growth.

同時，我們在全組織持續推動的營運工作，正愈來愈明顯地反映在更佳的利潤率、更好的槓桿效益，以及更高的獲利轉換上。本季也再次印證我們正在打造之產品組合的價值。我們刻意將 Allient 定位於更高價值的運動控制與電力應用領域，在這些領域我們的工程含量更深、客戶關係更強，且長期的利潤結構更具吸引力。這項策略不僅有助於提升成長，也能提升成長的品質與持久性。

If you look at the end market mix, the portfolio continues to align well with long-term secular drivers. Industrial remains an area of particular encouragement for us, especially where our technologies support automation, electrification, energy efficiency and digital infrastructure. Those are markets where we believe our capabilities are differentiated and where the opportunities continue to expand.

若從終端市場組合來看，我們的產品組合仍與長期的結構性趨勢驅動因素高度契合。工業領域對我們而言尤其令人鼓舞，特別是在我們的技術可支援自動化、電氣化、能源效率與數位基礎設施的部分。我們相信在這些市場中，我們的能力具差異化優勢，且機會仍在持續擴大。

Data center and other infrastructure have become an increasingly meaningful contributor within our Industrial business. As we indicated previously, we plan to provide investors with more visibility into this market given its growth profile and strategic importance to the portfolio.

資料中心與其他基礎設施已在我們的工業業務中成為愈來愈重要的貢獻來源。如同我們先前所提，我們計畫就此市場提供投資人更多能見度，因其成長特性以及對產品組合的策略重要性。

In the second quarter, sales tied to data center and infrastructure applications were $16.3 million or 10.6% of total revenue, up 60% from the prior year period. On a trailing 12 month basis, sales were $57.1 million or 9.9% of total sales, up 69% year-over-year. This opportunity is centered on the power quality layer of the data center, where our Allient Power portfolio brings deep domain expertise. Through active and passive harmonic filters, line reactors and related solutions, we help customers reduce harmonics, stabilize and clean the electrical waveform and meet stringent power quality standards, including IEEE 519 compliance.

在第二季，與資料中心及基礎設施應用相關的銷售額為 1,630 萬美元，占總營收 10.6%，較去年同期成長 60%。以過去 12 個月（TTM）計算，相關銷售額為 5,710 萬美元，占總銷售 9.9%，年增 69%。此機會主要聚焦於資料中心的電力品質層（power quality layer），我們的 Allient Power 產品組合在此具備深厚的領域專業。透過主動與被動諧波濾波器、線路電抗器及相關解決方案，我們協助客戶降低諧波、穩定並淨化電力波形，並符合嚴格的電力品質標準，包括符合 IEEE 519。

The result is more reliable and efficient power for increasingly compute-dense data center environments, stronger protection for critical equipment and a strong fit with the challenges operators face as AI and other high-power applications increase load and complexity.

其結果是在運算密度日益提高的資料中心環境中，提供更可靠且更高效率的電力，對關鍵設備提供更強的保護，並能有效因應營運商所面臨的挑戰：隨著 AI 與其他高功率應用增加，負載與複雜度同步上升。

So stepping back, the second quarter was about more than just strong reported results. It was another proof point that the actions we have taken to reposition the company, simplify the organization and drive better execution are translating into stronger financial performance and a more resilient operating model.

因此，回過頭來看，第二季不僅僅是報表數字亮眼。這也是另一個佐證，證明我們為重新定位公司、簡化組織並推動更佳執行所採取的行動，正轉化為更強的財務表現與更具韌性的營運模式。

Turning to slide 4, I want to spend a moment on Simplify to Accelerate NOW or STAN, because it is an important part of why the organization is performing better. STAN is driving better decision-making, execution, margin and responsiveness. But the key point is that it is not a single initiative or short-term program. It is a company-wide mindset that shapes how we think, make decisions, solve problems, collaborate across teams and serve customers every day. In simple terms, STAN is how we work.

接著看第 4 頁，我想花點時間談談「Simplify to Accelerate NOW」（簡化以加速現在），或稱 STAN，因為它是組織表現改善的重要原因之一。STAN 正在推動更好的決策、更佳的執行、利潤率與回應速度。但重點是，這不是單一倡議或短期方案。它是一種全公司共同的思維模式，形塑我們每天如何思考、做決策、解決問題、跨團隊協作以及服務客戶。簡單來說，STAN 就是我們的工作方式。

At its core, STAN is designed to unleash more of the organization's potential by empowering our teams to act with urgency, ownership and accountability. The now in STAN matters. It reinforces a get it done mentality, removing obstacles, we work forward and delivering results faster rather than waiting for things to happen. It is also supported by a practical tool set.

STAN 的核心目標，是透過賦能團隊以更強的急迫感、主人翁精神與問責來釋放組織更多潛能。STAN 中的「NOW（現在）」很重要。它強化「把事情做成」的心態：移除障礙、向前推進，並以更快速度交付成果，而不是等待事情自然發生。它也有一套務實的工具組合支援。

That includes our Allient Systematic Tools, or AST, which helps standardize, simplify and continuously improve how we work. It also includes digital and IT tools that reduce manual processes and redundancy as well as AI and other enabling technologies where they can improve decision-making, productivity and execution.

其中包括我們的 Allient Systematic Tools（AST），協助將工作方式標準化、簡化並持續改善。也包括可降低人工流程與重複作業的數位與 IT 工具，以及在能改善決策、提升生產力與執行力之處導入 AI 與其他賦能技術。

What matters most, though, is the result. In the second quarter, operational improvements under STAN contributed to record gross margin through better mix, execution and cost discipline. We are seeing faster decision-making, stronger accountability and better responsiveness across the company, and those improvements are helping create a more scalable and more profitable operating model.

然而，最重要的是成果。在第二季，STAN 之下的營運改善透過更佳的產品組合、執行力與成本紀律，促成毛利率創新高。我們看到全公司決策更迅速、問責更強、回應更即時，而這些改善正協助打造更具規模化能力且更高獲利的營運模式。

The annualized savings figures on the slide, $10 million in 2024 and $6 million in '25, are a reflection of this broader effort. But I want to emphasize that STAN is bigger than cost takeout. It is about building a culture that continuously improves the business and positions Allient to move faster and serve customers better over time. So when we talked about improved margin, better leverage and stronger earnings power, STAN is one of the foundational reasons that it is happening.

投影片上所示的年化節省金額——2024 年 1,000 萬美元與 2025 年 600 萬美元——反映了這項更廣泛的努力。但我想強調，STAN 不僅僅是成本削減。它是在建立一種能持續改善業務的文化，並讓 Allient 隨時間推進能更快行動、也能更好地服務客戶。因此，當我們談到利潤率改善、更佳槓桿效益與更強的獲利能力時，STAN 是促成這些成果的基礎原因之一。

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

接下來，我把時間交給 Jim，請他更深入地回顧財務表現。

Thank you, Dick, and good morning, everyone. Please turn to slide 5. Revenue increased 10% year-over-year to $153.8 million. On a constant currency basis, revenue grew 9% organically with foreign currency translation providing a favorable tailwind of approximately $1.3 million in the quarter. 54% of second quarter sales were to US customers with the balance primarily in Europe, Canada and Asia Pacific, continuing to reflect the benefit of our diversified geographic footprint.

謝謝你，Dick，各位早安。請翻到第 5 頁。營收年增 10% 至 1.538 億美元。以固定匯率計算，營收有機成長 9%，本季外幣換算帶來約 130 萬美元的有利助益。第二季銷售中有 54% 來自美國客戶，其餘主要來自歐洲、加拿大與亞太地區，持續反映我們多元化地理布局所帶來的效益。

Looking at the verticals, Industrial revenue increased 17%, driven by continued strength in industrial automation and power quality solutions supporting data center infrastructure. Aerospace & Defense increased 16%, reflecting strong defense-related demand and program activity. And notably, that growth came despite the previously announced M10 Booker program cancellation. Medical increased 9% on broad-based demand, including surgical robotics and other precision motion applications.

從各垂直領域來看，工業營收成長17%，主要受惠於工業自動化與支援資料中心基礎設施的電力品質解決方案持續強勁。航太與國防成長16%，反映國防相關需求與專案活動強勁。值得注意的是，儘管先前已宣布取消M10 Booker專案，仍達成上述成長。醫療成長9%，受惠於廣泛需求，包括手術機器人及其他精密運動控制應用。

The Vehicle market declined 7% due primarily to lower powersports demand. Overall, this slide reinforces both the breadth of demand in the quarter and the continued alignment of the portfolio with higher-value applications. Turning to slide 6. The trailing 12-month market mix continues to support a more resilient and more margin-accretive business profile. Industrial represented 49% of trailing 12-month revenue at the end of the second quarter, up from 47% a year ago, while Medical remained steady at 15%.

車輛市場下滑7%，主要因動力運動（powersports）需求較低。整體而言，本頁投影片再次印證本季需求的廣度，以及產品組合持續與更高價值應用保持一致。接著看第6頁。過去12個月的市場組合持續支撐更具韌性、且更能提升毛利率的業務輪廓。截至第二季末，工業占過去12個月營收的49%，高於一年前的47%，而醫療維持在15%不變。

Vehicle was 17%, Aerospace & Defense was 15% and Distribution was 4%. The bigger takeaway here is that the portfolio is increasingly aligned around attractive growth verticals and higher-value applications, including motion and controls tied to automation, power quality for data center infrastructure, precision medical applications and defense-related programs. That mix matters because it supports both growth and profitability. That also helps explain why we continue to see structural improvement in the business as we move forward.

車輛為17%，航太與國防為15%，通路（Distribution）為4%。更重要的重點在於，產品組合正日益聚焦於具吸引力的成長垂直領域與更高價值的應用，包括與自動化相關的運動與控制、資料中心基礎設施的電力品質、精密醫療應用以及國防相關專案。這樣的組合很重要，因為它同時支撐成長與獲利能力。這也有助於解釋為何我們在向前推進時，持續看到業務的結構性改善。

Please turn to slide 7. Gross margin expanded 170 basis points year-over-year to a record 34.9% in the quarter, with gross profit increasing to $53.6 million. The primary drivers were higher volume, favorable mix and operational gains tied to STAN, lean tools and broader productivity initiatives. We have said the margin opportunity at Allient is structural, and this quarter is a good example of that.

請翻到第7頁。本季毛利率年增170個基點，擴張至創新高的34.9%，毛利提升至5,360萬美元。主要驅動因素為出貨量增加、有利的產品組合，以及與STAN、精實工具與更廣泛的生產力計畫相關的營運改善。我們一直表示Allient的毛利率提升空間屬於結構性，本季就是很好的例證。

The simplification of work, lean disciplines, footprint actions and productivity improvements across the business are creating a more scalable margin profile, and that gives us confidence the progress is durable over time. Mix also played an important role in the quarter and mix can be lumpy. So while we are encouraged by the gross margin performance, we would expect some quarter-to-quarter variability as those structural gains continue to build.

透過工作簡化、精實紀律、據點（footprint）調整與全公司生產力提升，正打造更具可擴展性的毛利率結構，這讓我們有信心相關進展可長期維持。產品組合在本季也扮演重要角色，而組合可能會有波動。因此，儘管我們對毛利率表現感到鼓舞，但隨著結構性改善持續累積，我們預期季度之間仍會有一定的波動。

On the tariff front, the team also continued to do a very good job mitigating exposure. Across the last year, we have taken a disciplined approach that includes pricing actions where appropriate, supplier negotiations, strategic buys, sourcing adjustments and broader supply chain diversification.

在關稅方面，團隊也持續非常有效地降低曝險。過去一年，我們採取嚴謹作法，包括在適當情況下進行價格調整、與供應商談判、策略性採購、採購來源調整，以及更廣泛的供應鏈多元化。

Those actions helped keep tariff-related pressure from becoming a more significant drag on performance. With respect to the IEEPA-related tariff refunds, the company has submitted or expects to submit claims for refunds of approximately $1.3 million. Due to uncertainties regarding the timing and ultimate amount of any recovery, no receivable has been recorded as of the end of the quarter.

這些措施有助於避免關稅相關壓力對績效造成更顯著的拖累。就與IEEPA相關的關稅退稅而言，公司已提交或預計將提交約130萬美元的退稅申請。由於回收時點與最終可回收金額仍具不確定性，截至本季末尚未認列任何應收款。

Turning to Slide 8. Operating income increased to $15.6 million from $11.7 million in the prior period, and operating margin improved to 10.2% from 8.4%. While that is not an all-time record for the company, it is the highest operating margin level in roughly a decade. Operating costs were 24.7% of revenue, improving 10 basis points year-over-year despite higher commissions, incentive compensation and growth-related spending. Restructuring and business realignment costs were $600,000 in the quarter, down from the prior year, but remain elevated due to costs associated with the Dothan transition.

接著看第8頁。營業利益由前期的1,170萬美元增加至1,560萬美元，營業利益率由8.4%提升至10.2%。雖然這不是公司歷史新高，但約為近十年來最高的營業利益率水準。營業成本占營收比為24.7%，年增改善10個基點，儘管佣金、獎勵性薪酬與成長相關支出增加。本季重整與業務重新調整成本為60萬美元，低於去年同期，但因與Dothan轉移相關的成本，仍維持在較高水準。

We continue to expect restructuring and realignment costs of approximately $2 million to $3 million for the full year 2026. So the message on this slide is that we are seeing the leverage benefits of a stronger operating model while still funding the business appropriately and continuing to work through remaining transition-related costs.

我們仍預期2026全年重整與重新調整成本約為200萬至300萬美元。因此，本頁的重點訊息是：在仍適度投入資源支持業務、並持續處理剩餘轉移相關成本的同時，我們正看到更強營運模式所帶來的槓桿效益。

Please turn to slide 9. Earnings growth accelerated meaningfully in the quarter as the margin improvements flowed through the P&L and lower interest expense provided an additional tailwind. Net income increased 85% to $10.4 million or $0.61 per diluted share. Adjusted net income increased 42% to $13.5 million or $0.80 per diluted share, and adjusted EBITDA increased 18% to $23.7 million or 15.4% of revenue.

請翻到第9頁。本季獲利成長明顯加速，因為毛利率改善反映在損益表上，且利息費用下降帶來額外助力。淨利增加85%至1,040萬美元，或稀釋後每股0.61美元。調整後淨利增加42%至1,350萬美元，或稀釋後每股0.80美元；調整後EBITDA增加18%至2,370萬美元，約占營收的15.4%。

Interest expense declined by approximately $1 million year-over-year to $2.5 million due to the lower average debt balance. The effective tax rate was 20.2% for the quarter. We continue to expect a full year tax rate in the range of 21% to 23%. The bottom line takeaway is straightforward. Stronger mix, higher gross margin, improved operating leverage and lower interest expense combined to produce substantially stronger earnings.

由於平均負債餘額較低，利息費用年減約100萬美元至250萬美元。本季有效稅率為20.2%。我們仍預期全年稅率落在21%至23%區間。最終重點很明確。更佳的產品組合、更高的毛利率、更好的營運槓桿，以及較低的利息費用，共同帶來大幅更強的獲利表現。

Moving to slide 10. Net cash provided by operating activities was $14 million in the quarter and $20 million for the first six months of the year. The year-over-year change in operating cash flow primarily reflects accounts receivable timing and investments in inventory to support our rapid growth and strategic buys of critical materials.

接著看第10頁。本季營業活動提供的淨現金為1,400萬美元，上半年累計為2,000萬美元。營業現金流的年對年變動，主要反映應收帳款時點差異，以及為支援快速成長與關鍵材料的策略性採購而增加的存貨投資。

Inventory turnover was 3.1 times compared to 3.2 times for the full year 2025. We continue to focus on inventory discipline, strengthening working capital management and taking out cost while also making disciplined investments to support growth and protect the supply chain where appropriate. The broader point is that the working capital profile reflects both growth and intentional actions.

存貨週轉率為3.1次，相較2025全年為3.2次。我們持續聚焦存貨紀律、強化營運資金管理並降低成本，同時也以審慎方式投入資源以支援成長，並在適當情況下保護供應鏈。更廣泛的重點是：營運資金結構同時反映成長與有意識的管理作為。

We have been willing to make selective inventory investments where that supports customer service and helps mitigate supply and tariff-related uncertainty while still keeping a sharp focus on cash conversion over time. Capital expenditures were $7.1 million for the first six months of 2026. We are investing in capacity and productivity, notably in areas tied to data center-related power quality, automation and other growth initiatives.

在能支援客戶服務、並有助於降低供應與關稅相關不確定性的情況下，我們願意進行選擇性的存貨投資，同時仍持續高度關注長期的現金轉換。2026年前六個月資本支出為710萬美元。我們正投資於產能與生產力，特別是在與資料中心相關的電力品質、自動化及其他成長計畫相關的領域。

For full year 2026, we expect our capital expenses of approximately $12 million to $15 million. Please turn to slide 11. Continued deleveraging remains an important part of the financial story. Total debt ended the quarter at $173.3 million, down $7.1 million since year-end 2025. Net debt was $131.2 million. Leverage improved to 1.63 times and the bank leverage ratio improved to 2.07 times, which is defined under our credit agreement and excludes foreign cash and certain other adjustments.

對於2026全年，我們預期資本支出約為1,200萬至1,500萬美元。請翻到第11頁。持續去槓桿化仍是財務故事的重要一環。本季末總負債為1億7,330萬美元，較2025年年底減少710萬美元。淨負債為1億3,120萬美元。槓桿倍數改善至1.63倍，銀行槓桿比率改善至2.07倍；該比率依我們的信貸協議定義，並排除海外現金及其他特定調整項目。

We also ended the quarter with approximately $42 million of cash and $162 million of unused revolver capacity. This continues to strengthen our financial flexibility. A stronger balance sheet lowers interest expense, supports disciplined investment in the business and provides capacity to pursue value-creating opportunities while remaining well within our covenant requirements.

本季末我們亦持有約4,200萬美元現金，以及1億6,200萬美元未動用的循環信用額度。這持續強化我們的財務彈性。更強健的資產負債表可降低利息費用、支持對業務的審慎投資，並在仍充分符合契約條款要求的前提下，提供追求創造價值機會的能力。

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

接下來，如果各位翻到第12頁，我現在把電話會議交回給Dick。

Thank you, Jim. Orders increased 49% year-over-year and 27% sequentially to a record $201.3 million, resulting in a book-to-bill ratio of 1.31 times. Backlog ended the quarter at $298 million, and most of that backlog is expected to convert to revenue within three to nine months, which is consistent with our historical conversion patterns. That order strength was led by Industrial, Aerospace & Defense, and it gives us improved visibility into the second half of 2026.

謝謝你，Jim。訂單年增49%、季增27%，達到創紀錄的2億0,130萬美元，使接單出貨比（book-to-bill）為1.31倍。本季末在手訂單（backlog）為2億9,800萬美元，其中大部分預期將在三到九個月內轉為營收，與我們歷史上的轉換模式一致。這股訂單強勁主要由工業與航太暨國防帶動，並讓我們對2026年下半年的能見度提升。

So when we put together the strong second quarter results, the continued margin progress and the strength in orders and backlog, we believe the company is entering the back half of the year with solid momentum. As we look ahead, the message is that Allient is executing with discipline while continuing to position the business for growth.

因此，綜合強勁的第二季業績、持續的毛利率改善，以及訂單與在手訂單（backlog）的強勢表現，我們相信公司正以穩健動能進入下半年。展望未來，我們要傳達的訊息是：Allient 正以紀律執行，同時持續為業務成長進行布局。

First, our portfolio remains aligned with attractive growth verticals, including industrial automation, data center and other infrastructure, Aerospace & Defense programs and Medical applications. These are areas where customer demand remains healthy and where our technologies and engineering capabilities can create differentiated value.

首先，我們的產品組合仍與具吸引力的成長垂直領域保持一致，包括工業自動化、資料中心及其他基礎設施、航太與國防計畫，以及醫療應用。這些領域的客戶需求仍然健康，而我們的技術與工程能力能創造差異化價值。

We also continue to make encouraging progress in the drone and unmanned systems market. While this is not a major revenue driver for us today, we do see a meaningful opportunity to expand our presence over time, and we are making strong strides in building a viable off-the-shelf offering for commercial and defense-oriented applications.

我們在無人機與無人系統市場也持續取得令人鼓舞的進展。雖然目前這並非我們主要的營收驅動因素，但我們確實看到隨時間擴大市場存在感的重大機會，並且在打造可行的商用與國防導向應用之現成（off-the-shelf）產品方面取得顯著進展。

We expect that portfolio to continue taking shape during the second half of this year. This builds on capabilities we have already discussed publicly, including COTS propulsion motors and the broader expansion of our motion control and power solutions for unmanned applications.

我們預期該產品組合將在今年下半年持續成形。這是建立在我們先前已公開討論的能力之上，包括 COTS 商規現成的推進馬達，以及我們針對無人應用之運動控制與電力解決方案的更廣泛擴展。

Second, the company is operating with more discipline and better responsiveness. STAN and our broader optimization actions continue to support margin expansion, and we remain focused on cash generation, disciplined capital spending and continued deleveraging. Those are not temporary initiatives. They are central to how we are running the business and improving the quality of our financial performance.

第二，公司正以更高的紀律運作，並具備更佳的應變速度。STAN 以及我們更廣泛的最佳化行動持續支持毛利率擴張，我們也仍聚焦於現金創造、嚴謹的資本支出，以及持續去槓桿。這些並非短期措施。它們是我們經營業務與提升財務表現品質的核心。

Third, we believe the company is positioned for continued growth. Stronger demand, record orders and increased backlog support improved visibility, and we are building momentum with improving earnings power. While the macro and trade environment remains dynamic, our diversified end markets, global operations and proactive mitigation actions help support resilience.

第三，我們相信公司已具備持續成長的有利位置。更強勁的需求、創紀錄的訂單與增加的在手訂單（backlog）提升了能見度，我們也正隨著獲利能力改善而累積動能。儘管總體與貿易環境仍具變動性，我們多元化的終端市場、全球營運布局與主動的因應措施，有助於支撐韌性。

What gives us confidence is what we control. We have built a stronger operating model. We have a healthier balance sheet, and we have continued to align the portfolio around long-term secular drivers, which we believe Allient is well positioned to benefit from over time.

讓我們有信心的是我們能掌控的部分。我們已建立更強健的營運模式。我們的資產負債表更健康，並持續將產品組合對準長期的結構性驅動因素；我們相信 Allient 將能隨時間從中受益。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Max Michaelis, Lake Street Capital.

Max Michaelis，Lake Street Capital。

Hey, guys. Thanks for taking my questions, and congrats on really the solid quarter. I kind of want to jump into the orders here, really strong order growth, especially in Industrial as well. I mean you shared the data center revenue number, I think it was up 60% in the quarter. Is that sort of in line with the order growth you're seeing as well? Or is that ahead or below? Or anything you could share there would help.

嗨，各位。謝謝讓我提問，也恭喜本季表現確實相當穩健。我想先從訂單談起，訂單成長非常強勁，尤其是工業領域也是如此。你們分享了資料中心的營收數字，我記得本季成長約 60%。這大致也與你們看到的訂單成長一致嗎？還是說高於或低於？任何可以分享的資訊都會有幫助。

I'd say it's in line.

我會說大致一致。

Okay. And that's -- and you'd say that has continued kind of into Q3?

了解。那——你會說這樣的趨勢也延續到第三季了嗎？

Did we say that? Or you're asking a question, Max?

我們有這麼說嗎？還是你在提問，Max？

No, it is a question.

不，我是在提問。

I'm just teasing. Yes, to answer your question, we do see we're one month into Q3, but we do see it continuing. Order intake is strong and shipments remained strong as well.

我只是開個玩笑。是的，回答你的問題，我們現在進入第三季約一個月，但確實看到趨勢持續。接單很強，出貨也同樣維持強勁。

Okay. Great. And then you touched a little bit on drones. I mean, is there any sort of extra information you can kind of give us around orders? I know it's not a huge part of revenue in the A&D sector yet, but have they started to see a little bit of pickup in growth in the order side of things related to drones and autonomous systems?

好的。很棒。另外你們稍微提到無人機。關於訂單方面，有沒有任何額外資訊可以分享？我知道這在航太與國防（A&D）領域的營收占比目前還不大，但在與無人機與自主系統相關的訂單端，是否已開始看到一些成長回升？

Sure. So as we've relayed in the past, I mean, we do see this as a significant opportunity for us. We're well positioned and well suited to handle applications that are in the drone and unmanned vehicle markets. So what I would tell you is that we've invested heavily internally here in the last six to nine months, and you'll start seeing product announcements rolling out. The team has done an amazing job, the internal team.

當然。如同我們過去所傳達的，我們確實將其視為對我們而言的重要機會。我們在無人機與無人載具市場的應用上具備良好定位，也非常適配。我想告訴你的是，過去六到九個月我們在內部投入了大量資源，你將開始看到一系列產品公告陸續推出。團隊做得非常出色，是內部團隊。

They're launching a complete product line of COTS, off-the-shelf propulsion motors as well as where our strength has always been in the drone and unmanned vehicle markets is really what we call custom critical solutions. So while there's a number of companies out there supplying these off-the-shelf products, a few of them can do what we can do when it comes to very specific applications that require design expertise that we can bring to the party.

他們正在推出完整的 COTS 現成推進馬達產品線；此外，我們在無人機與無人載具市場一向的強項，其實是我們所稱的客製化關鍵解決方案（custom critical solutions）。因此，雖然市面上有不少公司供應這些現成產品，但在需要我們能提供的設計專業、以滿足非常特定應用的能力方面，能做到的公司並不多。

So a little preview. We will be announcing and we'll be releasing some products to the marketplace. There is a ground-based vehicle show in Detroit, more of an engineering show next week outside of Detroit, Novi, Michigan. We'll be displaying some products there that we have never displayed before, and we'll be giving a preview of what's to come, leading up to AUSA in October, where you'll see a full launch of not only the motor products, but also electronic products and bringing our composites into the mix as well.

先給各位一點預告。我們將對市場發布並推出一些產品。下週在底特律附近、密西根州 Novi 有一個地面載具展，偏工程性質的展會。我們會在那裡展示一些以前從未展示過的產品，並預告接下來的規劃；一路到 10 月的 AUSA，你將看到不僅是馬達產品的完整上市，也包括電子產品，並把我們的複合材料也納入其中。

So we've been while the results are good and they're improving, I just have to emphasize, we've continued to invest. We're making significant investments in leveraging our engineering talent for both the electromagnetics and electronics as well as lightweighting that goes into the defense markets and certainly drones and unmanned vehicles is one of those.

因此，雖然成果不錯且持續改善，但我必須強調，我們仍在持續投資。我們正進行重大投資，運用我們的工程人才，涵蓋電磁與電子領域，以及國防市場所需的輕量化；而無人機與無人載具當然就是其中之一。

Awesome. Thanks, guys. That's it for me and congrats again.

太棒了。謝謝各位。我這邊就到這裡，再次恭喜。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

Yeah, thanks. Congrats on the results. I frankly don't know where to start because there's just a lot of things that stood out. But maybe we can go back to the orders commentary because I think I heard you say there wasn't anything like unusual in terms of timing that's still going to translate into revenue over the next three to six months or three to nine months, but were there certain large projects, orders that were within that?

是的，謝謝。恭喜這次的成果。老實說我不知道該從哪裡開始，因為有太多亮點。不過也許我們回到訂單的評論，因為我想我聽到你說，在時間點上沒有什麼不尋常的情況，這些仍會在未來三到六個月或三到九個月轉化為營收；但其中是否包含某些大型專案或大額訂單？

And I mean, just to be clear, based on your backlog activity right now and that likelihood that these flow to revenue at a similar time line as the past, I mean, I think it implies a pretty significant step-up over the revenue level you just reported.

另外，我想確認一下，依你們目前在手訂單（backlog）的變化，以及這些以與過去相近的時間軸轉為營收的可能性來看，我的意思是，這似乎暗示營收相較你們剛報告的水準會有相當顯著的躍升。

I'm just asking in light of kind of what normal seasonality trends would be.

我是在考量一般季節性趨勢的背景下提出這個問題。

Sure. Great question, Greg. Thank you, too. Yes, we announced in the last quarter that we had made a change into the way that we actually record orders or bookings and that for larger, more significant blanket type orders, we were not booking it into our backlog unless it was within one year and within a scheduled lead time and literally moved into production. So one thing I would say to you is this, there are orders that are sitting out there that haven't been converted into bookings yet that we do have visibility toward.

當然。好問題，Greg。也謝謝你。是的，我們在上一季宣布，我們已調整實際記錄訂單或接單（bookings）的方式；對於較大、較重要的框架式（blanket）訂單，除非在一年內、且在排定的交期（lead time）內並且實際移入生產，否則我們不會將其記入在手訂單（backlog）。所以我想跟你說的是：目前外面仍有一些訂單尚未轉成接單（bookings），但我們對其仍具備能見度。

And as they continue to progress and they get released into production, they'll show up on our backlog. So a little more smoothing rather than the big lumpiness that we had for some of these large orders in the past. So that's a positive because those aren't reflected in there. The second thing I would say to you, what's driving orders a little bit right now is lead time.

隨著它們持續推進並被釋出進入生產，它們就會出現在我們的在手訂單（backlog）中。因此，相較於過去某些大型訂單造成的大幅波動，現在會更平滑一些。這是正面的，因為那些目前尚未反映在其中。第二點我想說的是，目前推動訂單的一個因素是交期（lead time）。

Lead times have expanded. And we've certainly been encouraging our customers to make sure they get their orders into us, don't wait for the last minute because lead times for our supply chain and our supply chain have gone out. So there is -- we are seeing some orders coming in quicker than we might have seen in the past.

交期已經拉長。而且我們確實一直在鼓勵客戶務必把訂單提早下給我們，不要等到最後一刻，因為我們的供應鏈交期、以及供應鏈整體的交期都已經延長了。所以我們確實看到有些訂單比過去更早進來。

Not to a great extent, but I would tell you that there's some acceleration, and let's just say if we look at it three months in advance versus where we would see it before based upon lead time expansion. And last question, is there anything in there that's really significant? Yes, there's $200 million in bookings, which we think is significant. And but there's nothing no one area that really jumps out and says it's not with it's outside that lead time we've talked about.

幅度不算很大，但我會告訴你確實有一些加速；可以這麼說，若以提前三個月來看，相較於過去在交期擴張之前我們會看到的情況，確實有所提前。最後一個問題，裡面有沒有什麼真的很顯著的？有的，有2億美元的訂單（bookings），我們認為這很顯著。但除此之外，沒有任何單一領域特別跳出來，說它超出了我們談到的交期因素。

So it's continued increase in demand in the areas that we focused on, and the demand is now flowing through, okay? So you are correct in your assessment. We do see, as Max asked the question earlier about how is the -- we're a month into the third quarter, what's it looking like? How is it shaping up? And it's continuing at a pretty strong pace here.

所以在我們聚焦的領域，需求持續增加，而這些需求現在正在逐步反映出來，好嗎？所以你的判斷是正確的。我們確實看到，正如Max先前問的問題：我們現在進入第三季一個月了，情況如何？走勢如何？目前仍以相當強勁的速度持續推進。

Okay. Makes sense. And then gross margin was the other. And I'm not sure how much of that strength is just a byproduct of more positive mix or maybe some of it is just a reflection of you're getting to a revenue level here where you're a lot better able to absorb some of those fixed costs. So I don't know, just curious if there was anything that maybe drove that a little bit higher than what normal? Or is this kind of a better normalized rate if we assume that the revenue profile continues to scale?

好的。合理。然後另一個是毛利率。我不確定這個強勁表現有多少只是更有利的產品組合所帶來的副產品，或其中一部分只是反映你們現在的營收水準更能吸收一些固定成本。所以我只是好奇，有沒有什麼因素讓它比正常水準高一些？或者如果假設營收規模持續擴大，這就是一個更正常化的水準？

Yeah. So both are true, both of what you said. So clearly, the absorption as we continue to add volume and with our fixed cost base that we have here and not have to add cost to support it. I mean that's clearly driving through margin improvement and the mix is improving over time. This has been a long-term effort of ours to transition the company into certain market opportunities that we felt gave us better opportunity to grow the margin profile based upon the solutions we offered and the integration of the products and the higher margin opportunities.

是的。你說的兩點都對。很明顯地，隨著我們持續增加出貨量，在既有固定成本基礎下又不需要為了支撐而增加成本，吸收效益就會出現。這確實在推動毛利率改善，而產品組合也隨時間在改善。這一直是我們長期的努力：把公司轉型到我們認為能帶來更好機會的市場機會上，基於我們提供的解決方案、產品整合，以及更高毛利的機會，來提升毛利結構。

So that is what's happening as well. So it is a combination of both of what you said. It's mix and it's better absorption. I would also tell you that we're not stopping. We talked about our cost improvements in terms of the cost takeouts and STAN and so forth. They're continuing.

所以這也正在發生。因此就是你提到的兩者結合。一是組合，二是更好的固定成本吸收。我也會告訴你，我們不會停下來。我們談到的成本改善，包括成本削減（cost takeouts）、STAN等等，都還在持續進行。

Last quarter, we incurred some costs that we said the transition of a product line, our production wasn't going up to snuff and plan as we had expected, and we incurred some extra costs. We put a full-court press on it. We're still not there, but it is absolutely improving.

上一季我們承擔了一些成本；我們當時說過，某條產品線在轉換過程中，我們的生產狀況沒有如預期達標、也沒有按計畫推進，因此產生了額外成本。我們對此採取了全力以赴的措施。我們還沒完全到位，但確實正在改善。

And we see additional opportunities to streamline the organization, leverage what we have and to continue to do as we gain more, we learn more and we see more opportunities for those cost reductions as well. So I think it's a combination of things coming together nicely as we've been working on for the last several years.

而且我們也看到更多機會可以精簡組織、善用既有資源；隨著我們獲得更多經驗、學到更多、看到更多機會，也能持續推進這些降本。所以我認為這是多項因素在過去幾年我們持續努力之下，現在正很順利地匯聚在一起。

Yeah, okay. And then lastly, appreciate some of the updated metrics information on data center. I'm just curious, as we sit here today, what is your kind of total capacity level at? And as you kind of think about whether it's some of the changes that are being proposed, whether it's new architecture, whether it's smaller footprints, how does your solution play into some of these proposed changes that might impact that market over the coming years?

好的。最後，也感謝你們更新一些資料中心的指標資訊。我想請教，就目前而言，你們的總產能大概在什麼水準？以及當你們思考一些正在被提出的變化——不論是新架構、或是更小的占地——你們的解決方案如何融入這些可能在未來幾年影響該市場的變化？

Yeah. Well, I would say to you, first, we've been expanding our capacity, and we're ready to go online here late this quarter or early next quarter. Our goal is to have the expansion in place, and it's well underway. I was I viewed it a couple of weeks ago. And so we're well positioned, very well positioned to handle the increased demand.

是的。我會先說，我們一直在擴充產能，預計在本季末或下季初就會上線。我們的目標是把擴產到位，而目前進度推進得很順利。我在幾週前去看過。因此我們的布局非常到位、非常有利於因應需求增加。

So our -- we talked about our -- the acquisition we made a few years back that the synergies that we realized in our Wisconsin operations and leveraging the Mexican operations as well, that has paid off big dividends and has helped us quite a bit in terms of expanding our capacity and for -- and relocating some of the high labor content products and then concentrating on the more sophisticated assembly and technician type work that we do for the final assembly.

我們——我們談過幾年前的那項收購，以及我們在威斯康辛營運中實現的協同效益，並同時善用墨西哥的營運；這帶來了很大的成果，對我們擴充產能幫助很大。

With regard to the equipment that we offer, I've mentioned this in the past. And from our active filter standpoint, we have the highest power active filter in the marketplace today. So that does help in terms of footprint, and it helps in terms of not having to daisy chain multiple units together to achieve the same power that we can put out in one particular unit. So we need to stay ahead of the curve. We recognize the market is going to continue moving.

至於我們提供的設備，我過去也提過。就主動濾波器（active filter）而言，我們目前在市場上提供的是功率最高的主動濾波器。因此這在占地（footprint）方面有幫助，也能避免為了達到同樣功率而必須把多台設備串接（daisy chain）在一起；我們一台就能輸出同等功率。所以我們必須保持領先。我們也認知市場會持續演進。

There's a higher demand coming. And that's our responsibility to be -- to make sure that we do stay ahead of the curve. As far as the opportunity in the future, based upon everything you hear in the news and so forth, yes, there's some regulatory, but I do think that there if everyone just takes a deep breath, some wise decisions have been made to ensure that while these data centers, the large data centers are coming online that they can supply their own power, they can have clean water and do all of this. And I think that those actions, they are happening, and it's a positive.

更高的需求正在到來。而我們的責任就是——確保我們確實能保持領先。至於未來的機會，根據你在新聞等各處聽到的資訊，沒錯，確實有一些監管因素；但我認為如果大家先冷靜一下，就會看到已經做出一些明智的決策，以確保在這些大型資料中心上線時，它們能自給供電、能有乾淨的用水，並完成所有這些要求。我認為這些行動正在發生，而且是正面的。

You did not ask the question, but I will answer this because it's going to come. And people have asked us what's the opportunity for us and wanted to simplify it in terms of our value of shipments per megawatt hour, if we could come up with a measure to give people a feel for what that is. And it's not just a cut and dry black and white answer because it depends on the design and the amount of equipment that we're supplying into it, whether it's just a line reactors or it's active filters or passive filters or a combination of all.

你沒有問這個問題，但我會回答，因為這個問題一定會出現。大家問我們機會在哪裡，並希望用一個簡化的方式來表達，例如以「每兆瓦（或每兆瓦時）對應的出貨價值」來衡量，讓大家對其有個概念。但這不是一個非黑即白的答案，因為它取決於設計，以及我們供應的設備範圍：是只有線路電抗器（line reactors），或是主動濾波器、被動濾波器（passive filters），或是上述的組合。

But I would say to you that on the low end, if it's just simply a line reactor, we might be talking about a couple of thousand dollars per megawatt. When it gets into a more complete solution, which we offer, including communications gateways, filters and reactors and so forth and even getting into some equipment that we supply that does fiber alignment to we supply products to that market that does fiber alignment that that's even in the equation.

但我可以告訴你，在低端情境下，如果只是單純的線路電抗器，我們可能談的是每兆瓦幾千美元。當進入我們所提供的更完整解決方案時——包含通訊閘道器（communications gateways）、濾波器與電抗器等等——甚至還包括我們供應的一些設備，例如用於光纖對準（fiber alignment）的設備；我們也有產品供應到那個市場、能做光纖對準，這些也都會納入計算。

Now we're over $40,000 per megawatt. So I'm not going to give you what I believe the forecast is. If anyone could go to one of their AI tools and look at what the forecast is for data center per megawatt or gigawatt that they're looking at and do the math. So it's -- but I hope that gives you some color. We've been asked that a lot.

那麼就會超過每兆瓦4萬美元。所以我不會告訴你我認為的預測數字。任何人都可以用他們的AI工具去查資料中心每兆瓦或每吉瓦的預測，然後自己做數學計算。所以——但我希望這能讓你更有概念。我們被問到這個問題很多次。

We've been asked about our growth in data centers. We do believe we're going to continue to grow faster than our average growth within our company in those markets as well.

大家也問我們在資料中心的成長。我們確實相信，在那些市場中，我們將會持續以高於公司平均成長率的速度成長。

Yes. Makes sense. I'm sure I can speak on behalf of everybody on this call. I appreciate all the increased disclosures. Really helpful. Thanks.

是的。有道理。我相信我可以代表這通電話上的所有人發言。我很感謝你們增加的所有揭露。真的很有幫助。謝謝。

You're welcome.

不客氣。

Ted Jackson, Northland Securities.

Ted Jackson，Northland Securities。

Thanks very much. I have a clarification question and then a couple of follow-ups. One is when you gave the data center numbers, you threw out a trailing 12-month of $57.1 million and then you put a year-over-year growth rate number for that. I missed the year-over-year growth rate number. Could you say that again, please?

非常感謝。我有一個釐清問題，然後還有幾個追問。第一個是你在提供資料中心的數字時，你提到過去12個月（TTM）為5,710萬美元，然後你也給了一個該數字的年增率。我錯過了那個年增率。可以請你再說一次嗎？

Ted, I think I've lost you. I don't know if it's me or you. Yes, we lost --

Ted，我想我聽不到你了。我不知道是我這邊還是你那邊的問題。是的，我們斷線了--

You can hear me now?

你現在聽得到我嗎？

I can.

聽得到。

Can you -- it's like an old cell line. My question was, you gave some commentary on the data center. And on the trailing 12-month, you said that you put out $57.1 million in revenue and you gave a year-over-year growth number for that. And I did not catch that. I was curious what that growth number was. And then I have a couple of actual fundamental questions.

你能不能——這就像老式的手機線路一樣。我的問題是，你對資料中心做了一些評論。關於過去12個月，你說營收是5,710萬美元，並且給了該數字的年增率。但我沒有聽清楚。我想知道那個成長率是多少。然後我還有幾個真正偏基本面的問題。

Okay. Sorry. Let me pull it back up to give you that, make sure it's accurate, and not got off the top of my head here. Jim, do you have that handy? I'll find it here real quick here.

好的。抱歉。我把資料再調出來給你，確保數字正確，而不是我在這裡憑印象回答。Jim，你手邊有那個數字嗎？我這邊也很快找一下。

Yes. 69% year-over-year, trailing 12-month was. Go ahead.

有的。過去12個月的年增率是69%。你繼續。

Yeah, no, I got it. I appreciate it. Let's move over to like more interesting questions. I mean we spent a lot of time talking about data centers and Industrial. Let's go to a couple of the other verticals. And let's start with like the Vehicle mix. I mean in the past, a big component of that had been powersports. And clearly, you've been deemphasizing it rightly so and the market has been doing terrible. But the business itself has actually performed pretty well.

好，了解了。謝謝你。我們來談一些更有意思的問題。我們花了很多時間談資料中心和工業。我們來看其他幾個垂直領域。先從車輛組合談起。過去其中一個很大的組成是動力運動（powersports）。而且很明顯你們已經正確地降低其比重，市場表現也很糟。但這項業務本身其實表現得相當不錯。

And so I thought it might be interesting to have you lay out sort of the different end markets that are there within the Vehicle market. I mean you've seen a turnaround with regards to the commercial vehicle market. I know you have exposure to there, but just kind of sort of the kind of the mix of business that you have in there and what you're seeing with regards to that mix? That's my first point.

所以我覺得可能會很有意思，請你們說明一下車輛市場內部不同的終端市場。例如商用車市場已經出現復甦。我知道你們有相關曝險，但想請你們大致談談你們在其中的業務組合，以及你們對這個組合的觀察？這是我的第一點。

Sure. So the mix -- when we talk about vehicle, as we've mentioned in the past, our goal is to keep, and it has been for a while as we reposition the company for automotive too. While it's important to us from the standpoint of the volume and the automation capabilities and the zero defect mentality that it brings to the rest of the organization. We wanted to keep it managed in less than 10% of our overall revenues, and we continue to do that.

當然。所以這個組合——當我們談到車輛時，如同我們過去提到的，隨著我們將公司重新定位以服務汽車領域，我們的目標是把它控制住，而且這個目標已經維持一段時間了。從產量、製程自動化能力，以及它為整個組織帶來的零缺陷思維來看，這對我們很重要。但我們希望把它管理在總營收的10%以下，我們也持續這麼做。

So the other areas when we call -- when we say Vehicle, includes automotive, buses, construction vehicles, marine vehicles, the ATV market, rail and truck. So those are all combined. And year-over-year, they've remained pretty steady, and the one growth area that we've seen there has been the automotive.

所以當我們說「車輛」時，包含乘用車、巴士、工程車、船舶車輛、ATV市場、鐵路以及卡車。這些都合併在一起。年對年來看，它們整體相當穩定，而我們看到的成長領域是乘用車（automotive）。

And when you say automotive, that's just basically passenger cars for kind of GM kind of stuff. It's not -- that's where you -- when you say truck, I assume you're meaning more like Class eight, Class five through eight kind of stuff. Is that --

你說的automotive，基本上就是乘用車，例如GM那類的車。不是——你說的卡車，我猜是指更像是8級、5到8級那種卡車。是這樣嗎--

Correct. Passenger vehicles, when we say automotive, it's more passenger vehicles. And remember, our expertise is around steering applications. That's our primary expertise. There's others as well. But steering is the primary application. It's agnostic to whether it's petrol or it's EVs.

沒錯。我們說automotive時，主要是指乘用車。而且請記得，我們的專長是在轉向（steering）應用。這是我們最核心的專長。當然也有其他領域。但轉向是主要應用。不論是燃油車還是電動車（EV），都適用。

And then historically, in the past, powersports was a pretty big component of vehicles. I mean -- and it's been deemphasized. It's been shrinking. Where does that stand in terms of its contribution to the Vehicle market relative to where it was three years ago or so?

另外，過去動力運動在車輛裡占比很大。而且——它已被降低比重。也一直在縮小。相較於大約三年前，它目前對車輛市場的貢獻度大概處於什麼位置？

Yeah, that's, we're getting into granularity that we have not provided in the past. So but I would just say this to you, it's steady. And we have to remember, when we talk about powersports, there's a couple. You're talking about the ATV versus the UTV market.

是的，這就進入到我們過去沒有提供的更細分層級了。不過我只能跟你說，它是穩定的。而且要記得，談到動力運動時，有幾個面向。你談的是ATV相對於UTV市場。

We've made that clear in the past. One is a utility vehicle used in commercial and in industrial applications, one is passengers or individuals. So we continue to focus on more on the industrial, commercial type applications. And we're not -- by no means is this a market that we want out of. I mean we think that it does leverage, again, our expertise, a strong expertise in steering applications, and we are able to apply that technology into some of the other vehicle markets as well as automated material handling and things of that nature as well.

我們過去已經說得很清楚。一種是用於商業與工業應用的多功能/工作車（utility vehicle），另一種是面向乘客或個人的。因此我們持續更聚焦在工業、商業類型的應用。而且——我們絕對不是想退出這個市場。我們認為它確實能再次發揮我們在轉向應用上的強項專業，我們也能把這些技術應用到其他車輛市場，以及自動化物料搬運等類似領域。

So I prefer not to break it out because we're starting to get too granular in terms of just leave it Vehicle as a whole as we've been reporting. But suffice it to say that there has been a transition, and we would expect to, I'll say, maintain a certain level of business, but it no longer drives our business as it did 10, 12 years ago.

所以我比較不想把它拆得更細，因為那樣就太過細分了；就像我們一直以來的揭露方式，維持以「車輛」整體來報告即可。但可以這麼說，確實發生了轉型；我們預期會——我會說——維持一定水準的業務，但它已不再像10到12年前那樣驅動我們的業務。

Fair enough. Shifting over to Aerospace & Defense. I mean my model only goes back to 2019. But in the history of what I've got in my model, you had a record quarter. And I'm kind of curious what's driving that? Are there any particular programs in place that are making that happen? And then, maybe is there -- what do you maybe talk a bit about what pushed the quarter to be so strong, what the outlook is and kind of the drivers behind that business, so then we'll move on.

了解。接著轉到航太與國防。我的模型只回溯到2019年。但就我模型裡的歷史來看，你們這一季創下紀錄。我有點好奇是什麼在推動？是否有任何特定專案在帶動這件事？另外，也許你可以談談是什麼讓這一季如此強勁、未來展望如何，以及這項業務背後的驅動因素，然後我們再往下。

The first off, I would say it's going to accelerate. We've talked for many months, many quarters about the increased number of inquiries and quoting that we were doing based on higher volumes and so forth, and they've come to reality. We see that, that's not -- in defense-related applications, that's not stopping. That's continuing.

首先，我會說它將會加速。我們已經談了好幾個月、好幾季，提到因為更高的量等因素，我們收到的詢問與報價需求數量增加，而現在已經反映到實際結果。我們看得到這點；而且——在國防相關應用上，這並沒有要停下來。它還在持續。

And in addition to that, as I made some commentary earlier about the -- what we're doing in the drone area and what we're releasing and coming to market, you'll start to see that unfold. I would emphasize as well the counter drone market. We see that as, as important as the drones themselves. And the product line, I'll just restate it that we are launching is state-of-the-art, and we put a significant amount of our resources on it and utilize the principles of STAN to -- for the decision-making first and how can we accelerate it, how we're going to compete.

此外，正如我先前對於——我們在無人機領域正在做什麼、我們正在釋出什麼以及即將推向市場的內容——做過一些評論，你們將開始看到這些逐步展開。我也要強調反無人機市場。我們認為那一塊與無人機本身同等重要。而我們即將推出的產品線，我再重申一次，是最先進的；我們在上面投入了大量資源，並運用 STAN 的原則來——首先用於決策，以及我們如何加速、我們將如何競爭。

And I think it's pretty exciting because we're able now to -- we're able to go to the market and we're able to talk to customers who have come to us about volume applications where we weren't positioned to do it where we are positioned. We're not that we're opening up the floodgates. We're selective in what we're picking. There are some things that we're not going to chase. But the applications that we're working on, some of the higher-end applications that we've been in all along, now looking at the cost applications that we're able to support, which then leads us to more and more custom critical, and our team has done a great job.

我認為這相當令人振奮，因為我們現在能夠——我們能夠走向市場，並且能夠與那些就大量應用來找我們的客戶對話；過去我們沒有相應的佈局，但現在我們具備了。我們並不是說要全面放開。我們在選擇上是有取捨的。有些事情我們不會去追逐。但我們正在推進的應用，包括一些我們一直以來就參與的高階應用，現在也在看我們能支援的成本型應用，這進一步帶來更多客製化的關鍵需求，而我們的團隊做得非常出色。

Electronics are being we've got customers now, some beta customers or alpha customers, I'll call them for some of our electronics releasing, state-of-the-art, leading-edge state-of-the-art. It's positioning us well, and it's helping us because it's not just we're that technology that we've been designing, we've been investing in, and we've been feeling the impact on our P&L as an investment. It's we're leveraging the technologies, not just in -- for the drone applications, but in defense markets as well as industrial and commercial markets, too.

在電子產品方面，我們現在已有客戶——一些測試版客戶或先導客戶，我就這麼稱呼——正在使用我們即將釋出的部分電子產品；這些都是最先進、領先業界的最先進技術。這讓我們的定位更有利，也在幫助我們，因為不只是我們一直在設計、一直在投資、並且作為投資已在損益表上感受到影響的那項技術。而是我們正在槓桿運用這些技術，不僅用於——無人機應用，也用於國防市場，以及工業與商業市場。

So I think we've got a pretty impressive platform of products that are going to be starting to be released and those will come out as well. And it's all just coming together. I think some reality of the quoting we did in the past, converting into orders today, seeing some acceleration, opening up some new opportunities in the market. So I think we're getting better recognition in the market.

所以我認為我們擁有一個相當令人印象深刻的產品平台，這些產品將開始陸續釋出，並且也會推出。而這一切正在匯聚成形。我認為，過去我們所做的一些報價，如今正在轉化為訂單；我們看到一些加速，也在市場上打開一些新的機會。因此我認為我們在市場上的能見度正在提升。

I think we've done a great job marketing it, and we're going to do even a better job. The team has stepped up a big time. So you're going to see more information out there about Allient and how Allient plays and so forth. So I think, yes, it's positive. It's definitely positive.

我認為我們在行銷推廣上做得很好，而且我們還會做得更好。團隊大幅挺身而出。所以你們會看到更多關於 Allient 的資訊，以及 Allient 如何參與其中等等。所以我認為，是的，這是正面的。絕對是正面的。

Okay. And then my last question, just kind of more curious, with bookings and backlog and the strength you have, I'm just kind of curious, I mean, as you roll into any quarter, how much of a typical quarter gets driven by any kind of near-term business that's book and ship in the quarter and kind of a rule of thumb, how much of it comes out of backlog?

好的。那我最後一個問題，算是比較好奇：在接單、在手訂單以及你們目前的強勁態勢之下，我只是想了解，一般來說，當你們進入任何一個季度時，一個典型季度有多少是由任何形式的短期業務所驅動——也就是當季接單當季出貨（book-and-ship）——以及作為經驗法則，有多少是來自在手訂單（backlog）？

It really depends on what we're shipping in the mix. And I've said this before and just so for sake of making sure it's consistent here is that as we for some of the larger contracts that we have out there, we get blanket orders from our customers and then we get releases against those. So we have -- and again, I won't get into the individual companies, but we have companies that are basically able to react to -- there's a forecasted demand. There's a mix that we don't necessarily know.

這真的取決於我們出貨組合裡面是什麼。我以前也說過，為了確保這裡的說法一致：對於我們手上某些較大型的合約，我們會從客戶那裡拿到總括訂單（blanket orders），然後客戶再依據那些總括訂單下達分批提貨/交付指令（releases）。所以我們有——同樣地，我不會談個別公司——但我們有一些公司基本上能夠因應——有一個預測需求。其中有一個組合是我們不一定知道的。

But if an order gets placed that we have to deliver within 72 hours. So obviously, this is part of where you have some inventory and you have a design of a product line that allows you that flexibility. But as far as a rule of thumb here, what would we consider book-to-bill business versus on any in -- any quarter versus a backlog-based business, I would tell you that we're 20%, 25% book-to-bill.

但如果下了一張訂單，我們必須在 72 小時內交付。所以很明顯，這也是你需要一定庫存、以及產品線設計能提供那種彈性的原因之一。但就這裡的經驗法則而言，我們會把每季的即接即出（book-to-bill）業務相對於以在手訂單為基礎的業務怎麼看？我會告訴你，我們有 20% 到 25% 是 book-to-bill。

Okay. Thanks for all the clarity. It's always a pleasure to listen to you talk about the business. You know it and you're passionate about. Congrats on the quarter.

好的。謝謝你把情況說得很清楚。聽你談業務總是很愉快。你很了解它，也對它充滿熱情。恭喜這一季的表現。

Thank you, Ted. Appreciate it.

謝謝你，Ted。感謝。

(Operator Instructions)

（接線員指示）

Tomo Sano, JPMorgan.

摩根大通的 Tomo Sano。

Hi, good morning, everyone.

嗨，各位早安。

Good morning, Tomo.

早安，Tomo。

Thank you for taking my questions. Could you talk about STAN's annualized savings? You had a $10 million in 2024 and $6 million in 2025. What is your expectation for this year? And what are the next levers for incremental savings?

謝謝讓我提問。可以談談 STAN 的年化節省金額嗎？你們在 2024 年是 1,000 萬美元、2025 年是 600 萬美元。你們對今年的預期是什麼？以及接下來還有哪些槓桿可以帶來額外的節省？

Sure. So I would tell you that for 2026, we targeted an amount similar to what we saw in 2025, $5 million to $7 million. I mean we're still working on that, and I do believe it's achievable. So and then going forward, as I said, every time we finish something, we seem to uncover that there's more opportunity that I would tell you that we've got a list of opportunities internally here, given our size and given the resources that we have available to it that I would say we're -- we've got a runway of two to three more years where we can continue to see this $5 million to $7 million cost takeouts and optimization of the units.

當然。我會告訴你，對於 2026 年，我們的目標金額與 2025 年看到的水準相近，約 500 萬到 700 萬美元。我們仍在推進當中，我也相信這是可達成的。然後往後看，正如我所說，每次我們完成一件事，似乎就會發現還有更多機會；我會告訴你，考量到我們的規模以及可投入的資源，我們內部有一份機會清單，我認為我們——還有兩到三年的跑道，可以持續看到每年 500 萬到 700 萬美元的成本削減（cost takeouts）以及各單位的最佳化。

And if you could talk about Dothan transitions? Could you update us on ramp quality, delivery and incremental costs? And when you expect normalization here?

另外，如果可以談談 Dothan 的轉換（transition）？能否更新一下爬坡品質、交付以及增量成本？以及你們預期何時能恢復正常化？

The significant improvement was made in the second quarter. And some of that was realized by as we mentioned in the first quarter call, we could have shipped more if the transition had gone smoother and so forth. The team is doing a really nice job of attacking the root causes of the problems and getting the efficiency and productivity up as well as starting to cut into some of the past dues that are cutting into that. And there, every move -- Dothan has been around a long time.

第二季已經有顯著改善。其中一部分如同我們在第一季電話會議提到的，如果轉換更順利，我們本來可以出更多貨等等。團隊在針對問題根因下手方面做得非常好，提升效率與生產力，同時也開始處理一些逾期項目，而那些逾期項目正在侵蝕表現。而且，每一次調整——Dothan 已經存在很長時間了。

And unfortunately, there's it's a high mix business and sometimes low volume. And that adds a little complexity to it. And so making -- getting everything up to snuff, fixed and identifying the supply chain and ensuring that all of that's being addressed in an appropriate manner. I will tell you that it will continue to improve throughout the year. We're going to continue to invest and improve throughout the year. We're making some investments to accelerate it.

不幸的是，那是一個高組合（high mix）的業務，有時候量又偏低。這會增加一些複雜度。因此要把——讓所有事情都達到應有水準、修正到位，並找出供應鏈問題、確保所有這些都以適當方式被處理。我會告訴你，這會在全年持續改善。我們會在全年持續投資並改善。我們也正在做一些投資來加速改善。

And we have and this is my opinion that we have significant opportunity to improve not only in Dothan, but also in our Reynosa facility as well. And that will continue through the year. You'll start -- you'll see some continued restructuring costs there as we make the investments necessary to ensure that we achieve the results that we're looking for.

而且我認為，我們不僅在 Dothan，在我們的 Reynosa 廠也有很大的改善空間。這也會在全年持續推進。當我們進行必要投資以確保達成我們想要的成果時，你們會開始——看到那裡持續出現一些重整成本（restructuring costs）。

Thank you, Dave. If I may squeeze just one more thing. High level, Dick, could you talk about the current environment about the factory automation broadly? We were on the Automate Show and then visited your booth and then felt like a sense of urgency about the factory automation given from like some physical AI concept as well. But could you talk about like how you see the environment from your perspective broadly? Thank you.

謝謝你，Dave。如果我可以再擠出一個問題。從高層次來看，Dick，你能談談目前整體工廠自動化的環境嗎？我們去了 Automate Show，之後也參觀了你們的攤位，並且感覺到在工廠自動化方面有一種急迫感，似乎也受到某些實體 AI 概念的推動。但你能否從你的角度，廣泛談談你如何看待這個環境？謝謝。

Sure. So for our business, I would kind of look at it from North America and let's say, Europe. Europe has seen some improvement, which is great. It's not going gangbusters, but it's improving. And it's a slow, steady improvement from -- we're heavily invested into our customers who are in the automation market.

當然。就我們的業務而言，我會大致從北美以及比如說歐洲來看。歐洲已經看到一些改善，這很棒。雖然還沒有爆發式成長，但確實在改善。而且這是一種緩慢、穩健的改善——我們在自動化市場的客戶身上投入很深。

So that's an encouraging sign. It's not just, like I said, big jump in demand all of a sudden. And in North America, we have definitely seen some improvements as well. So there's an acceleration of getting our products in place so that we can handle demand and these pent-up demand for certain projects out there. So there's encouraging signs. As well as we're -- our portfolio is evolving and developing there. So I wouldn't want to indicate in any way that we're a supplier to the big integrators, to the big players in the automation industry.

所以這是一個令人鼓舞的訊號。並不是像我說的那樣，需求突然一下子大幅跳升。在北美，我們也確實看到一些改善。因此，我們正在加速把產品就位，以便能夠承接需求，以及外面某些專案累積已久的需求。所以有令人鼓舞的跡象。同時，我們的產品組合也在那裡演進與發展。所以我不想以任何方式暗示我們是大型系統整合商、或自動化產業大型玩家的供應商。

And as we continue to enhance our product portfolios and design products that are directed and dedicated to that in niche areas, we are definitely seeing some traction there. And then we're going to continue to do that. That changes the margin profile as well. If you're competing with what I'll call -- they can be off-the-shelf products, but they're kind of standardized and many suppliers, it will impact your ability to drive margin improvement. So again, our focus has not been on the masses.

而隨著我們持續強化產品組合，並在利基領域設計針對性、專用的產品，我們確實看到一些進展。而且我們會持續這麼做。這也會改變毛利結構。如果你是在跟我所稱的——它們可能是現成品，但相對標準化、且供應商眾多——這類產品競爭，就會影響你推動毛利改善的能力。所以再次強調，我們的重點不在大眾市場。

It's been on ensuring that we can integrate our technologies together, use our electronics to enhance our ability to sell as well as integrated solutions, and that continues to improve. So it's encouraging. It's definitely encouraging for what we're seeing in the signs there.

我們的重點在於確保能把我們的技術整合在一起，運用我們的電子技術來提升銷售能力，並提供整合式解決方案，而這也持續在改善。所以這是令人鼓舞的。就我們在那裡看到的訊號而言，確實非常令人鼓舞。

Thank you. It's very helpful. Congrats on a quarter.

謝謝。這非常有幫助。恭喜這一季的表現。

Thank you.

謝謝。

Gerry Sweeney, ROTH Capital Partners.

Gerry Sweeney，ROTH Capital Partners。

Good morning. Thanks for taking my call and congratulations on a nice quarter.

早安。謝謝接聽我的電話，也恭喜這一季表現不錯。

Thank you, Jerry.

謝謝你，Gerry。

One more question. Actually two more questions on data center work. Wondering if there's an opportunity to expand into some adjacencies around the work that you have now or opportunity of work that you have now? And secondarily, how much of revenue do you feel comfortable with as sort of a percentage of revenue related to data centers?

再一個問題。其實是兩個關於資料中心業務的問題。想請教，是否有機會在你們目前正在做的工作周邊，擴展到一些相鄰領域，或是基於你們現有的工作機會延伸？其次，你們覺得與資料中心相關的營收，占總營收的比例到多少是你們覺得舒服的？

Great questions. Comfortable with as much as we can get. I'll just -- I'll say that. I and it's an interesting question because we have been, by some of the majors, been asked about, and they've come to our facilities and done their assessments and so forth and looked at our capacity, and they see that our team has done a nice job. This team is primarily in Wisconsin between our two facilities there and leveraging the Mexican facility.

很好的問題。我們對於能拿到多少就對多少感到舒服。我就這麼說。這是個有趣的問題，因為一些大型業者曾經詢問我們，他們也到我們的廠區做評估等等，檢視我們的產能，而他們看到我們的團隊做得很好。這個團隊主要在威斯康辛州的兩個廠區，並搭配運用墨西哥的廠。

They have been proactive, and they've been ahead of the game in making sure that we are addressing capacity needs and labor needs and so forth. So when it comes to -- I kind of give you that answer because I remember when I was sitting in a meeting and the team brought to me, well, we can either do this or we can do this. And I say you go for a big one.

他們一直很積極，也走在前面，確保我們能滿足產能需求、勞動力需求等等。所以談到——我之所以這樣回答，是因為我記得我坐在一場會議裡，團隊跟我說，我們可以做這個，或做那個。我說你們就去爭取大的那個。

Let's just we'll support it. We'll support it as required. So how big can that be in relative, as I said, I would prefer not to give you what I think it's going to be. Let you -- I gave you the numbers of what our value is per megawatt. You can go out and do the calculation yourself and see what the opportunity is.

我們就支持它。需要的話我們就支持。至於相對規模能有多大，如我所說，我比較不想告訴你我認為會是多少。我已經給了你我們每兆瓦的價值數字。你可以自己去做計算，看看機會有多大。

And I'd say our goal is to be one of the leaders, if we can move our percentage of capture in the marketplace, and I'm not uncomfortable with seeing that our capture rate in there going 20%, 25%, 30%. So that's I'll leave it at that and let you work the numbers on and everyone else work them on their own because I don't want it coming back to me, that's what I told you it's going to be. What else was it that you were interested in besides that?

我會說，我們的目標是成為領先者之一；如果我們能提高在市場上的取得比例，我並不會對看到我們在那裡的取得率提升到 20%、25%、30% 感到不舒服。所以我就先說到這裡，讓你自己算數字，也讓其他人自行計算，因為我不希望之後又回過頭來說「這就是你告訴我們會是多少」。除了這個之外，你還想了解什麼？

Adjacence.

相鄰領域。

Adjacence. Yes, absolutely is. And the same type of solutions we have. So you noticed we talk about data center and other infrastructure. Definitely. The same types of requirements that you're seeing in data centers as you get these larger applications, wastewater treatment plants and so forth, there's definitely going to be expansion there and continued demand there, and our products serve those as well.

相鄰領域。是的，絕對有。而且是同類型的解決方案。所以你會注意到我們談到資料中心以及其他基礎建設。確實如此。你在資料中心看到的同類型需求，隨著這些更大型的應用出現，例如污水處理廠等等，肯定會有擴張與持續的需求，而我們的產品也能服務這些領域。

Got it. And then finally I lied, three questions, not two. Obviously, we're in a new build market for data centers. Is there an opportunity for repair, replacement, refurbishment, upgrading of facilities over time? Or is it too early to tell?

了解。最後我說謊了，是三個問題，不是兩個。顯然，我們目前處在資料中心的新建市場。隨著時間推移，是否有維修、更換、翻新、升級設施的機會？還是現在判斷還太早？

No, I think there definitely is. I think there's companies out there focusing on that, that are saying that especially if you're going to get pushback in certain states and localities that are going to push back against data centers. They already have data centers there. The infrastructure is in place. It just needs to be upgraded and expanded. And I think there's clearly going to be some opportunities there, and we can play in either one.

不，我認為肯定有。我認為外面有些公司正專注在這方面，他們認為，特別是如果你在某些州與地方政府會遇到對資料中心的反對聲浪。那些地方已經有資料中心。基礎設施已經到位。只是需要升級與擴建。我認為那裡顯然會有一些機會，而我們兩種都能參與。

Thanks, guys. I appreciate it.

謝謝各位。我很感謝。

At this time, I'd like to turn the floor back over to management for any additional or closing comments.

此時，我想把時間交回給管理團隊，請問是否有任何補充或結語。

Well, thank you, everyone, for joining us on today's call and for your interest in Allient. We will be participating in the Lake Street BIG10 Conference in New York City on September 10. 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 2026 results. Have a great day. Thank you, operator. That will conclude it.

好的，謝謝各位今天參加我們的電話會議，也謝謝各位對 Allient 的關注。我們將於 9 月 10 日在紐約市參加 Lake Street BIG10 Conference。一如往常，歡迎各位隨時與我們聯繫，我們也期待在 2026 年第三季業績公布後再次與各位交流。祝各位有美好的一天。謝謝接線員。以上結束。

Thank you. Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

謝謝。各位女士、先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝您今天剩下的時間愉快。