AstroNova Inc (ALOT) 2025 Q1 法說會逐字稿

Good morning, and welcome to the AstroNova fiscal first quarter 2025 financial results conference call.

早安，歡迎參加 AstroNova 2025 財年第一季財務業績電話會議。

Today's call is being recorded.

今天的通話正在錄音。

I would now like to turn the conference call over to Scott Solomon of the company's Investor Relations firm, Sharon Merrill advisors.

我現在想把電話會議轉給公司投資人關係公司的史考特‧所羅門（Sharon Merrill Advisors）。

Please go ahead, sir.

請繼續，先生。

Thank you, Candice, and good morning, everyone.

謝謝你，坎迪斯，大家早安。

By now you should have received a copy of the earnings release issued this morning.

到目前為止，您應該已經收到了今天早上發布的收益報告的副本。

If you have not received a copy, please go to the investor's page of the AstroNova website, www.astronovainc.com. You can also access the deck that follows along with our prepared remarks on the Investors section of our website under Events and Presentations.

如果您尚未收到副本，請造訪 AstroNova 網站的投資者頁面 www.astronovainc.com。您也可以造訪我們網站「投資者」部分「活動和簡報」下準備好的評論以及隨後的簡報。

Turning to slide 2, in that deck.

前往該投影片中的第 2 張投影片。

Statements made on today's call that are not statements of historical fact are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在今天的電話會議中所作的非歷史事實陳述被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These forward-looking statements are based on a number of assumptions that could involve risks and uncertainties.

這些前瞻性陳述是基於一些可能涉及風險和不確定性的假設。

Accordingly, actual results could differ materially except as required by law.

因此，除非法律要求，實際結果可能存在重大差異。

Any forward-looking statements speak only as of today, June 6, 2024.

任何前瞻性陳述僅截至今天，即 2024 年 6 月 6 日。

AstroNova undertakes no obligation to update these forward-looking statements.

AstroNova 不承擔更新這些前瞻性陳述的義務。

For other information regarding the forward-looking statements and the factors that may cause differences, please see the risk factors in AstroNova's annual report on Form 10-K and other filings that the company makes with the Securities and Exchange Commission.

有關前瞻性陳述和可能導致差異的因素的其他信息，請參閱 AstroNova 表格 10-K 年度報告以及該公司向美國證券交易委員會提交的其他文件中的風險因素。

On today's call, management will refer to non-GAAP financial measures.

在今天的電話會議上，管理階層將參考非公認會計準則財務指標。

AstroNova believes that the inclusion of these financial measures helps investors gain a meaningful understanding of the changes in the company's core operating results.

AstroNova認為，納入這些財務指標有助於投資人對公司核心經營績效的變化有有意義的了解。

It also helps investors who wish to make comparisons between AstroNova and other companies on both a GAAP and non-GAAP basis.

它還可以幫助那些希望在 GAAP 和非 GAAP 基礎上對 AstroNova 和其他公司進行比較的投資者。

A reconciliation of the non-GAAP financial measures to their most directly comparable GAAP measures is available in today's earnings release.

在今天的收益報告中提供了非公認會計準則財務指標與其最直接可比較的公認會計準則財務指標的調整表。

Turning to slide 3.

轉到投影片 3。

Joining us on the call this morning are Greg Woods, AstroNova's President and Chief Executive Officer; and David Smith, Vice President and Chief Financial Officer.

今天早上加入我們電話會議的還有 AstroNova 總裁兼執行長 Greg Woods；副總裁兼財務長大衛史密斯。

Greg will discuss the company's first quarter operating highlights and David will take you through the financial results at a high level.

格雷格將討論公司第一季的營運亮點，大衛將帶您全面了解財務表現。

Greg will make some concluding comments and then management will be happy to take your questions.

格雷格將提出一些結論性意見，然後管理層將很樂意回答您的問題。

Now please turn to slide 4, as I turn the call over to Greg.

現在請翻到幻燈片 4，我會把電話轉給格雷格。

Thank you, Scott, and good morning, everyone.

謝謝你，斯科特，大家早安。

Q1 was a profitable yet challenging quarter for us, primarily because we had to navigate a couple of temporary component shortages that delayed the shipment of certain legacy printers in our aerospace product line.

第一季對我們來說是一個有利可圖但充滿挑戰的季度，主要是因為我們必須解決一些暫時的組件短缺問題，這些短缺導致我們的航空航太產品線中某些傳統印表機的延遲。

The suppliers were unable to deliver the necessary components on time that delay, which we expect to be fully remediated this fiscal year, we were unable to ship more than $3 million of aerospace printers in the quarter.

供應商無法按時交付必要的組件，我們預計這一延遲將在本財年得到完全糾正，我們無法在本季度運送超過 300 萬美元的航空印表機。

As we noted in this morning's earnings release, longer-term, we are well underway on our transition program to upgrade most AstroNova Aerospace customers from legacy products to our newer, more advanced ToughWriter branded printers.

正如我們在今天早上的財報中指出的那樣，從長遠來看，我們的過渡計劃正在順利進行，旨在將大多數 AstroNova Aerospace 客戶從傳統產品升級到我們更新、更先進的 ToughWriter 品牌印表機。

Today, ToughWriter printers account for approximately 36% of our total aerospace printer shipments.

如今，ToughWriter 印表機約占我們航空航太印表機總出貨量的 36%。

Completing this transition will result in a more efficient supply chain, lower manufacturing costs and a streamlined parts and services experience for our OEM and airline customers.

完成這項轉變將為我們的 OEM 和航空公司客戶帶來更有效率的供應鏈、更低的製造成本以及簡化的零件和服務體驗。

In our Product Identification segment, last September, we unveiled next generation flat pack and mail related printing solutions from our Astro Machine subsidiary at the PRINTING United Expo.

去年 9 月，在我們的產品識別部分，我們在 PRINTING United Expo 上推出了 Astro Machine 子公司的下一代平板包裝和郵件相關列印解決方案。

In this year's first quarter, we needed to push out shipment of a very large order we had received for that equipment just in order to make sure that we were able to do some customer requested enhancements that were required by that customer.

在今年的第一季度，我們需要推遲我們收到的該設備的大訂單的發貨，只是為了確保我們能夠完成客戶要求的一些增強功能。

We now expect the majority of that order to be shipped in the fiscal second and third quarter of this year.

我們現在預計大部分訂單將在今年第二和第三財季出貨。

Despite the challenges caused by component deliveries and order delays, we remain on track to achieve our fiscal full year 2025 expectation for organic revenue growth in the mid-single digits and adjusted EBITDA margin in the range of 13% to 14%.

儘管面臨組件交付和訂單延遲帶來的挑戰，我們仍有望實現 2025 財年全年有機收入中個位數增長的預期，以及調整後 EBITDA 利潤率在 13% 至 14% 的範圍內。

Turning to slide 5.

轉到投影片 5。

In May, we significantly strengthened our position in the color digital label and packaging printing verticals with the acquisition of Portugal based MTEX NS.

5 月，我們收購了葡萄牙的 MTEX​​ NS，顯著加強了我們在彩色數位標籤和包裝印刷垂直領域的地位。

MTEX provides us with complementary market adjacencies that expand our addressable markets and broaden our global footprint, opening up significant top and bottom-line growth opportunities.

MTEX 為我們提供了互補的市場鄰接，擴大了我們的潛在市場並擴大了我們的全球足跡，從而開闢了重要的收入和利潤成長機會。

We continue to expect the MTEX acquisition to generate $8 million to $10 million of revenue in this fiscal year.

我們仍預期 MTEX​​ 收購將在本財年產生 800 萬至 1,000 萬美元的收入。

MTEX is not only an innovator but a technology disruptor with new digital industrial printing solutions that have been exceptionally well received in the market.

MTEX 不僅是創新者，也是技術顛覆者，其新型數位工業印刷解決方案在市場上廣受好評。

MTEX operates a sophisticated engineering and manufacturing center at its headquarters near Porto Portugal.

MTEX 在葡萄牙波爾圖附近的總部設有先進的工程和製造中心。

High level of vertical integration at this facility has made it a model of cost efficiency, reducing MTEX's dependence on outside suppliers.

該工廠的高水準垂直整合使其成為成本效率的典範，減少了 MTEX​​ 對外部供應商的依賴。

Less than a month into the acquisitions.

收購完成還不到一個月。

We're more excited than ever about the complementary nature of MTEX NS product offerings.

我們對 MTEX​​ NS 產品的互補性感到前所未有的興奮。

MTEX moves us further up the value chain with products that generally carry higher ASPs with large recurring revenue streams and strong customer loyalty.

MTEX 的產品通常具有較高的平均售價、大量的經常性收入流和強大的客戶忠誠度，使我們進一步提升價值鏈。

And the initial response and MTEX NS newest products bears that out.

最初的反應和 MTEX​​ NS 最新產品證明了這一點。

Turn to slide 6, I just returned from the Drupa 2024 trade show in Dusseldorf, Germany.

轉到幻燈片 6，我剛從德國杜塞爾多夫的 Drupa 2024 貿易展回來。

Drupa, which began on May 28, and runs through tomorrow that the world's leading trade fair for printing technologies for large combined AstroNova-MTEX booth at Drupa, was the perfect venue to showcase the broad range of groundbreaking products and solutions.

德魯巴展會於 5 月 28 日開幕，一直持續到明天，這是世界領先的印刷技術貿易展，德魯巴大型 AstroNova-MTEX 聯合展位是展示各種突破性產品和解決方案的完美場所。

Congratulations to our marketing teams for pulling out all the stops and courting the design and implementation of this integrated boot and record time.

恭喜我們的行銷團隊竭盡全力設計和實施這項整合啟動和記錄時間。

They pulled it off in just a few weeks from when we closed this acquisition.

從我們完成這項收購起，他們在短短幾週內就完成了這項任務。

Together with a full array of our QuickLabel TrojanLabel and Astro Machine products, MTEX is exhibiting several of their latest color printing products for labeling, over printing on rigid products and industrial, flexible packaging solutions for both paper and film materials.

除了全系列的 QuickLabel、TrojanLabel 和 Astro Machine 產品之外，MTEX 還展示了幾款最新的彩色印刷產品，用於標籤、剛性產品套印以及紙張和薄膜材料的工業柔性包裝解決方案。

The MTEX products at the show featured their unique high quality printhead and ink systems that significantly lower the costs, he total cost of ownership for our customers printers cover a wide range of printing with from the Atom that eight inches wide for the new AQUAFLEX at 42 inches wide.

展會上的MTEX 產品以其獨特的高品質列印頭和墨水系統為特色，可顯著降低成本，我們客戶印表機的總擁有成本涵蓋了Atom 的各種列印範圍，新型AQUAFLEX 的列印寬度為8英寸，寬度為42英寸寬。

The AQUAFLEX was by far the largest printer in our booth.

AQUAFLEX 是我們展位上迄今為止最大的印表機。

This is a high-volume commercial printing solution developed for industrial, flexible packaging that can print in both untreated and treated papers.

這是專為工業軟包裝開發的大批量商業印刷解決方案，可以在未經處理和經過處理的紙張上進行印刷。

AQUAFLEX represents the next generation of industrial flexible packaging printing for high volume customers.

AQUAFLEX 代表了下一代工業軟包裝印刷的大批量客戶。

The system uses multiple five liter ink tanks of either pigment or database things to produce full color Wide Format output used in paper bags and production and other high-volume packaging applications.

該系統使用多個 5 公升的顏料或資料庫墨水罐來產生全彩寬幅輸出，用於紙袋和生產以及其他大批量包裝應用。

Since the Drupa show opened on May 28, attendees have been flocking to the booth to see the AQUAFLEX in action along with the other new products from MTEX and AstroNova.

自 5 月 28 日德魯巴展會開幕以來，與會者紛紛湧向展位，觀看 AQUAFLEX 以及 MTEX​​ 和 AstroNova 的其他新產品的實際應用。

We collected hundreds of high-quality leads as well as several orders at the show.

我們在展會上收集了數百條優質線索以及多個訂單。

We even closed deals to sell some of the printers right off the floor in our booth, including the two you see in slide 6.

我們甚至達成了銷售展位上一些印表機的交易，包括您在幻燈片 6 中看到的兩台印表機。

Trojan T2-Pro that we previously announced for high performance label printing and the AQUAFLEX printing system.

我們先前宣布的 Trojan T2-Pro 用於高效能標籤列印和 AQUAFLEX 列印系統。

For more information on the AQUAFLEX and the other MTEX and AstroNova products visited our Drupa booth, including pictures and videos, checkout, the Drupa press release on our website, astronovainc.com.

有關 AQUAFLEX 以及其他 MTEX​​ 和 AstroNova 產品的更多信息，請訪問我們的德魯巴展位，包括圖片和視頻、結帳、我們網站 astronovainc.com 上的德魯巴新聞稿。

Beyond the time, the tradeshow integration for Drupa, our overall integration of MPEX is proceeding well.

除了時間之外，Drupa 的貿易展覽整合以及 MPEX 的整體整合進展順利。

Another recent step was the formation of an integrated engineering steering committee that is already in place and working on plans to ensure that we are leveraging the fantastic engineering strengths of both organizations to further extend our leadership position in the industry.

最近的另一個步驟是成立了一個綜合工程指導委員會，該委員會已經就位並製定計劃，以確保我們利用兩個組織出色的工程優勢，進一步擴大我們在行業中的領導地位。

On slide 7, let me briefly touch on the developments in our T&M segment.

在投影片 7 中，讓我簡單介紹一下測試與測量領域的發展。

As I mentioned, we are gradually upgrading OEM and direct airline customers through our more advanced ToughWriter branded printers from the other three brands in our portfolio.

正如我所提到的，我們正在透過我們產品組合中其他三個品牌的更先進的 ToughWriter 品牌印表機逐步升級 OEM 和直接航空公司客戶。

The ToughWriter upgrades are taking place in both the commercial and defense verticals within our Aerospace product-line.

ToughWriter 升級正在我們的航空航太產品線的商業和國防垂直領域進行。

Reducing the number of brands that we offer will allow us to significantly lower our overall manufacturing costs, including royalty payments, thereby driving higher margins.

減少我們提供的品牌數量將使我們能夠大幅降低整體製造成本，包括特許權使用費，從而提高利潤率。

By the end of fiscal 2027, we estimate that about nine of every 10 printers we ship will be a ToughWriter compared with a little less than four in and 10 today.

到 2027 財年末，我們估計我們發貨的每 10 台印表機中大約有 9 台將是 ToughWriter，而目前這一比例略低於 4 和 10 台。

In addition to our momentum in the aerospace market, our Test & Measurement segment continues to win contracts with Air Force bases that are upgrading their missile programs with legacy from legacy systems to our latest technologies.

除了我們在航空航天市場的發展勢頭之外，我們的測試與測量部門還繼續贏得與空軍基地的合同，這些基地正在將其導彈計劃從遺留系統升級到我們的最新技術。

And now with that, I'll turn the call over to David for the financial review.

現在，我將把電話轉給大衛進行財務審查。

Thanks, Greg and good morning, everybody.

謝謝格雷格，大家早安。

Let me begin by reviewing our first quarter financial results taking a look at slide 8.

讓我先回顧一下我們第一季的財務業績，看看投影片 8。

Revenues for the quarter was $33 million and it was down 7% from the prior year period due to the lower sales in both P&I and the T&M segments.

該季度營收為 3,300 萬美元，比去年同期下降 7%，原因是 P&I 和 T&M 部門的銷售額下降。

Greg touched on some of that.

格雷格談到了其中的一些內容。

Despite the decrease, gross margin increased to 36.3%, up 130 basis points from the same period last year, with higher margins in both segments, reflecting favorable mix and cost trends.

儘管有所下降，但毛利率仍增至 36.3%，較去年同期成長 130 個基點，兩個細分市場的利潤率均較高，反映出有利的組合和成本趨勢。

A quick comment on operating expenses, which are under control and in good shape.

對營運支出的快速評論，營運支出受到控制且狀況良好。

We have done some minor and I think immaterial reallocations of expenses in our income statement segment reporting in response to the new and more rigorous accounting rules on segment reporting.

為了回應關於分部報告的新的、更嚴格的會計規則，我們在損益表分部報告中對費用進行了一些小規模的、我認為無關緊要的重新分配。

So in the first quarter, operating expenses were down about $300,000 but or approximately 3% year-over-year to $10.6 million.

因此，第一季營運費用減少了約 30 萬美元，但年減了約 3%，達到 1,060 萬美元。

But under the recasting we did for this new compliance requirement, about [$250,000] of that was reallocated manufacturing expenses.

但根據我們針對這項新的合規要求所做的重新調整，其中約 [25 萬美元] 被重新分配了製造費用。

So the total expenses were only down slightly.

因此總開支僅略有下降。

If you looked at the prior expense allocation of selling and marketing would have been down about $200,000, R&D up about $200,000 due to product development, G&A of about flat, and gross profit would have been about [$250 million] higher.

如果你看看之前的銷售和行銷費用分配會減少約 20 萬美元，研發因產品開發而增加約 20 萬美元，一般行政費用基本上持平，而毛利會增加約 [2.5 億美元]。

We're not going to report on these before-and-after comparisons and changes after this quarter because these already small differences between methods are expected to decline substantially in future quarter comparisons and the new method, frankly, is more representative of the underlying economics.

我們不會在本季度之後報告這些前後比較和變化，因為這些方法之間已經很小的差異預計在未來季度的比較中將大幅下降，而且坦率地說，新方法更能代表基本經濟狀況。

Overall though total company spending, operating and manufacturing is over $1 million lower than the first quarter last year, which is a result primarily of our prior restructuring and an overall focus on spending.

總體而言，公司總支出、營運和製造比去年第一季減少了 100 萬美元以上，這主要是我們先前進行重組和整體關注支出的結果。

When we announced the restructuring last August, we projected an anticipated annual cost savings of about $2.4 million.

當我們去年 8 月宣布重組時，我們預計每年可節省約 240 萬美元的成本。

As our business has developed since then it's becoming a little bit harder to track those cost savings down to reportable detail for you.

從那時起，隨著我們業務的發展，將這些成本節省追蹤到可報告的詳細資訊變得有點困難。

But we're clearly going in the right direction and we'll meet or exceed those targets.

但我們顯然正朝著正確的方向前進，我們將達到或超越這些目標。

And that's a major reason we're able to maintain the 4.1% margin despite the $2.5 million decline on revenue on a year-over-year basis, which, as Greg explained, was depressed due to what we think are temporary issues.

這是我們能夠維持 4.1% 利潤率的主要原因，儘管收入比去年同期下降了 250 萬美元，正如格雷格解釋的那樣，由於我們認為是暫時的問題，收入下降了。

Adjusted EBITDA of $2.5 million was 7.5% of revenue in the quarter was down just under $600,000 or 19% from last year when EBITDA margin was 8.6%, again primarily due to what we think are the temporary revenue issues.

調整後的 EBITDA 為 250 萬美元，佔本季營收的 7.5%，比去年的 EBITDA 利潤率 8.6% 下降了近 60 萬美元，即 19%，這同樣主要是由於我們認為暫時的收入問題。

Despite the lower revenue we get began the year with a profitable first quarter reporting diluted EPS of $0.15 compared to $0.11 in the first quarter last year.

儘管收入較低，但我們今年伊始就實現了盈利，報告稀釋後每股收益為 0.15 美元，而去年第一季為 0.11 美元。

Bookings in the quarter were $33.1 million compared to $38.4 million last year.

本季的預訂量為 3,310 萬美元，而去年為 3,840 萬美元。

But I've cautioned repeatedly about relying too heavily on this metric as an indicator of short-term performance because of the lumpy nature of the order intake in our T&M segment, which is what explains most of the difference in the quarterly comparisons, though we did see lower backlog in our PI segment relating to supplies for inkjet printers in turn related to the previously discussed retrofit program involving some printers affected by one supplier's quality and reliability issues.

但我一再警告不要過度依賴這項指標作為短期績效指標，因為我們的 T&M 部門的訂單量具有波動性，這也是季度比較中大部分差異的原因，儘管我們確實看到我們的PI 部門中與噴墨印表機耗材相關的積壓訂單減少，而這又與先前討論的涉及某些受供應商品質和可靠性問題影響的印表機的改造計畫有關。

Turning to slide 9.

轉到投影片 9。

PI segment revenue was $23.2 million in the first quarter compared with $25.1 million in the fiscal '24, first quarter, primarily due to the delayed shipments of the significant PI order resulting from the customer specification change that Greg talked about in his remarks.

PI 部門第一季的收入為 2320 萬美元，而 24 財年第一季的收入為 2510 萬美元，這主要是由於格雷格在演講中談到的客戶規格變更導致重大 PI 訂單的發貨延遲。

But those shipments will flow to flow through soon.

但這些貨物很快就會流過。

Segment operating profit in PI was $3 million or 12.9% of segment revenue compared with $2.5 million or 10% of segment revenue last year.

PI 部門營業利潤為 300 萬美元，佔部門收入的 12.9%，而去年為 250 萬美元，佔部門收入的 10%。

The increase in operating margins is more favorable mix and expense control.

營業利益率的增加有利於組合和費用控制。

In the Test and Measurement segment, first quarter revenue was $9.6 million excuse me, $9.8 million compared to $10.3 million last year.

在測試和測量領域，第一季的收入為 960 萬美元，去年為 980 萬美元，而去年為 1,030 萬美元。

While the my demand remained strong and trends positively in Q1, as Greg said, we were unable to ship over $3 million in orders from commercial aerospace customers.

正如格雷格所說，雖然我的需求在第一季仍然強勁且趨勢積極，但我們無法從商業航空航太客戶運送超過 300 萬美元的訂單。

As a result of the supplier shortages of print ads used in some quite legacy products.

由於供應商缺乏一些相當傳統的產品中使用的印刷廣告。

It hurt OEM printer shipments, but also noticeably delayed some profitable repair volume as well.

它損害了 OEM 印表機的出貨量，但也明顯推遲了一些有利可圖的維修量。

We are working closely with those suppliers and expect to have the shortage is resolved by the third quarter of this year beginning in Q2.

我們正在與這些供應商密切合作，預計短缺問題將在今年第三季從第二季開始解決。

Longer-term, as Greg noted, the way these sorts of issues get sorted out is through the transition to the of most of the AstroNova Aerospace customers to the newer more ToughWriter products.

正如 Greg 所指出的那樣，從長遠來看，解決此類問題的方法是讓大多數 AstroNova Aerospace 客戶過渡到更新的 ToughWriter 產品。

With those factors as explanations segment operating profit was $1.7 million or 17.6% of segment revenue compared to segment operating profit of $2.1 million or 20.1% of segment revenue in the first quarter last year.

考慮到這些因素，部門營業利潤為 170 萬美元，佔部門收入的 17.6%，而去年第一季部門營業利潤為 210 萬美元，佔部門收入的 20.1%。

Turning to slide 10, which I will read.

轉到幻燈片 10，我將閱讀該幻燈片。

Supplies accounted for 57% of revenue in the first quarter versus 54% in Q1 last year.

第一季供應佔營收的 57%，而去年第一季為 54%。

Hardware accounted for about 27% of revenue down 6 points from last year, stemming in large part from a supply shortage and order deferral issues.

硬體約佔營收的27%，較去年下降6個百分點，很大程度源自於供應短缺和訂單延期問題。

The Service and Other category made up just over 16% of revenue in the quarter up form 13.2% in Q1 of last year, and that primarily due to the T&M segment.

服務和其他類別佔本季營收的 16% 以上，高於去年第一季的 13.2%，這主要歸功於 T&M 部門。

I will conclude my remarks by talking about our balance sheet and cash flow highlights that are outlined on slide 11.

我將透過討論投影片 11 中概述的我們的資產負債表和現金流亮點來結束我的發言。

Cash and equivalents at the end of the first quarter were $4 million, down from about $500,000 higher at the end of the prior fiscal year.

第一季末的現金及等價物為 400 萬美元，低於上一財年末的約 50 萬美元。

And that range is about where we're likely to remain at quarter ends as long as we have debt outstanding.

只要我們還有未償債務，這個範圍就可能在季度末保持在這個範圍內。

It's close to the minimum levels we're currently comfortable having after accounting for the needs of our various operating subsidiaries globally.

在考慮了我們全球各個營運子公司的需求後，這接近我們目前可以接受的最低水準。

We generated $6.9 million cash from operations during the quarter, and we reduced the revolving debt by $5.5 million.

本季我們從營運中產生了 690 萬美元的現金，並且減少了 550 萬美元的循環債務。

Debt at the end of the quarter was $15.6 million and our bank calculated debt trailing 12-months EBITDA to debt ratio was just a here under one.

本季末的債務為 1,560 萬美元，我們銀行計算出的 12 個月 EBITDA 債務與負債比率略低於一。

That ratio will likely still be significantly below our covenant limits at the end of Q2, even after the acquisition.

即使在收購之後，到第二季末，該比率可能仍顯著低於我們的契約限制。

As is all detailed in the 10-Q, we're about to file later today post quarter end, we took on an additional $19.4 million in debt to consummate the MTEX acquisition.

正如 10-Q 中詳細介紹的那樣，我們將於今天晚些時候在季度末提交文件，我們額外承擔了 1,940 萬美元的債務，以完成對 MTEX​​ 的收購。

To do this, we increased our credit capacity by amending our credit facility with Bank of America post-acquisition we still have sufficient committed revolving credit capacity to support our operating needs.

為此，我們透過修改與美國銀行的信貸安排來提高信貸能力，收購後我們仍然有足夠的承諾循環信貸能力來支持我們的營運需求。

And together with a banking relationship, we believe also support nonorganic growth opportunities that fit our acquisition criteria, should the opportunities arise.

我們相信，如果機會出現，我們也可以與銀行關係一起支持符合我們收購標準的非有機成長機會。

That said, our primary focus in the near term is debt reduction.

也就是說，我們近期的主要重點是減少債務。

We expect I guess I should say we have the goal of repaying most of the revolving credit debt or we're repaying all of the repo revolving credit debt by the end of the year.

我們預計，我想我應該說，我們的目標是在年底前償還大部分循環信貸債務，或者我們將償還所有回購循環信貸債務。

I should note that the availability under the bank revolving credit does decline by $5 million from $30 million to $25 million at the end of this fiscal year, but we really don't expect to need it.

我應該指出，到本財年結束時，銀行循環信貸的可用金額確實減少了 500 萬美元，從 3000 萬美元降至 2500 萬美元，但我們實際上並不認為需要它。

So with that, I'll turn the call back to Greg for closing comments.

因此，我會將電話轉回格雷格以徵求結束意見。

Thanks, David.

謝謝，大衛。

Turning to slide 12.

轉到投影片 12。

Looking ahead, we're excited about the prospects for both segments of our business over the balance of fiscal 2025 and beyond.

展望未來，我們對 2025 財年及以後這兩個業務領域的前景感到興奮。

While revenues were pressured by supplier issues, the shipment delay of a major order and the transition to higher margin products across both segments, we believe the move to higher end higher margin products will yield profitability benefits both this fiscal year and over the long term.

儘管收入受到供應商問題、大訂單發貨延遲以及兩個細分市場向更高利潤率產品過渡的壓力，但我們相信，轉向更高端、更高利潤率的產品將在本財年和長期內產生獲利效益。

We remain on track to achieve our fiscal full year 2025 expectation for organic revenue growth in the mid single digits and adjusted EBITDA margin in the range of 13% to 14%.

我們仍有望實現 2025 財年全年有機收入成長中位數的預期，調整後 EBITDA 利潤率在 13% 至 14% 之間。

Summarizing on slide 13, we have well respected brands across our businesses, and we continue to launch innovative products that satisfy our customers' most challenging needs and strengthen our leading market positions.

總結投影片 13，我們在各個業務領域擁有備受推崇的品牌，並且我們不斷推出創新產品，滿足客戶最具挑戰​​性的需求並鞏固我們的領先市場地位。

This sets us up to capitalize on strong secular trends in both our Product Identification and Test and Measurement segments, including the increasing demand for a wide range of printing solutions to satisfy mass customization of packaging for consumer goods, as well as the resurgence airline industry.

這使我們能夠利用產品識別和測試與測量領域的強勁長期趨勢，包括對各種印刷解決方案日益增長的需求，以滿足消費品包裝的大規模定制，以及復興的航空業。

And with that, David and I will take your questions.

接下來，大衛和我將回答你們的問題。

Operator please open the line for Q&A.

接線生請開通問答線。

(Operator Instructions)

（操作員說明）

Candace, I don't believe we have any questions in the queue.

坎迪斯，我認為我們隊列中沒有任何問題。

So we'll be happy to turn it call back to Mr. Woods.

因此，我們很樂意將其轉回給伍茲先生。

Thank you.

謝謝。

Okay.

好的。

Well, with that, I thank you all for joining us here this morning, and we look forward to keeping you updated on our progress and have a good rest of the day.

好吧，我感謝大家今天早上加入我們，我們期待向您通報我們的最新進展，並祝您今天休息愉快。

Bye now.

再見了。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路。