AstroNova Inc (ALOT) 2025 Q2 法說會逐字稿

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

早安，歡迎參加 AstroNova 2025 財年第二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, the company's Investor Relations firm, Sharon Merrill Advisors.

我現在想將電話會議轉給公司投資人關係公司 Sharon Merrill Advisors 的 Scott Solomon。

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。

If you have not received a copy of this morning's earnings release, please go to the Investors page of the AstroNova website, www.astronovainc.com where under the Events and Presentations' section, you will also find a slide presentation accompanying management's prepared remarks.

如果您還沒有收到今天早上的收益報告副本，請訪問AstroNova 網站www.astronovainc.com 的投資者頁面，在「活動和演示」部分下，您還可以找到附有管理層準備好的評論的幻燈片演示。

Turning to slide 2.

轉到投影片 2。

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 risks that could -- a number of assumptions that could involve risks and uncertainties and accordingly, actual results could differ materially except as required by law.

這些前瞻性陳述是基於許多可能涉及風險和不確定性的風險，因此，除法律要求外，實際結果可能存在重大差異。

Any forward-looking statements speak only as of today, September 16, 2024.

任何前瞻性陳述僅截至今天，即 2024 年 9 月 16 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 and helps investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis.

AstroNova 認為，納入這些財務指標有助於投資者對公司核心經營績效的變化有一個有意義的了解，並有助於希望在 GAAP 和非 GAAP 基礎上對 AstroNova 與其他公司進行比較的投資者。

The non-GAAP financial measures are reconciled to the most directly comparable GAAP measures in today's earnings release.

非公認會計準則財務指標與今天的財報中最直接可比較的公認會計準則財務指標進行了調整。

Turning to slide 3 hosting this morning's call are Greg Woods, AstroNova's President and Chief Executive Officer; and Tom DeByle, Vice President and Chief Financial Officer.

轉向幻燈片 3，主持今天上午的電話會議的是 AstroNova 總裁兼執行長 Greg Woods；副總裁兼財務長 Tom DeByle。

Greg will discuss the company's second quarter operating highlights, and Tom will take you through the financials at a high level.

格雷格將討論公司第二季的營運亮點，湯姆將帶您全面了解財務狀況。

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.

謝謝你，斯科特。

Good morning, everyone, and thank you for joining the call.

大家早安，感謝您加入通話。

This morning I'm speaking with you from France where later today, I'll be meeting with our regional sales team as part of a broader visit to several locations across the EMEA region.

今天早上我在法國與您交談，今天晚些時候，我將與我們的區域銷售團隊會面，作為對歐洲、中東和非洲地區多個地點進行更廣泛訪問的一部分。

Focusing on our MTEX integration plans.

重點關注我們的 MTEX​​ 整合計劃。

We see significant growth opportunities here, particularly with the addition of MTEX, the newest member of the AstroNova family.

我們在這裡看到了巨大的成長機會，特別是隨著 AstroNova 家族最新成員 MTEX​​ 的加入。

Turning to our results, we delivered solid top-line growth in the second quarter, driven primarily by our test and measurement segment.

談到我們的業績，我們在第二季度實現了穩健的營收成長，這主要是由我們的測試和測量部門推動的。

With the supply chain shortages that impacted Q1 now mostly resolved, the T&M segment bounced back in the second quarter, posting 37% revenue growth.

隨著影響第一季的供應鏈短缺問題現已基本解決，測試與測量部門在第二季度出現反彈，收入成長了 37%。

T&M segment's operating profit margin of [28.7%] was up 900 basis points from the same period last year and up 11 basis points from Q1 of this year.

T&M部門的營業利益率為[28.7%]，較去年同期上升900個基點，較今年第一季上升11個基點。

Within the aerospace product line, we're seeing robust demand for printers and supplies as well as for our maintenance, repair, and overhaul services.

在航空航太產品線中，我們看到對印表機和耗材以及維修、維修和大修服務的強勁需求。

This strong demand is fueled by the sustained post-COVID recovery of the global aviation market.

這種強勁的需求是由全球航空市場在疫情後的持續復甦所推動的。

In the quarter, we continued to gain traction in the converting of our aerospace customers to our ToughWriter branded printers.

本季度，我們繼續推動航空航太客戶轉向我們的 ToughWriter 品牌印表機。

These printers offer upgraded technology, providing customers a more streamlined parts and service experience.

這些印表機提供升級的技術，為客戶提供更簡化的零件和服務體驗。

For us, the benefit is reduced manufacturing costs, which in turn supports durable margins.

對我們來說，好處是降低了製造成本，這反過來又支持了持久的利潤。

In addition, AstroNova Aerospace has recently been awarded several new military contracts, including a follow-on agreement for a large US Air Force program.

此外，AstroNova Aerospace 最近還獲得了幾份新的軍事合同，其中包括美國空軍大型計畫的後續協議。

Negotiations are in process for other military platforms as well.

其他軍事平台的談判也在進行中。

In our Product Identification segment, the highlight of the quarter was our acquisition of MTEX in May.

在我們的產品識別部門，本季的亮點是我們在 5 月收購了 MTEX​​。

This business complements our PI portfolio with advanced printing technologies tailored to key market segments, including packaging, labeling, textiles, and industrial applications.

該業務透過針對包裝、標籤、紡織品和工業應用等關鍵細分市場量身定制的先進印刷技術補充了我們的 PI 產品組合。

Prior to the acquisition, MTEX was an entrepreneurial private company that lack many of the processes necessary to be quickly integrated into the AstroNova company.

在收購之前，MTEX 是一家創業型私人公司，缺乏許多快速融入 AstroNova 公司所需的流程。

Integration projects have been consuming more resources than anticipated and MTEX got off to a slow start in the quarter, generating revenue of less than $0.8 million with an operating loss of $1.4 million.

整合專案消耗的資源超出預期，MTEX 本季開局緩慢，營收不到 80 萬美元，營運虧損 140 萬美元。

We expect it to take through the remainder of fiscal 2025 to transition MTEX's systems, processes, and business tools to those of the AstroNova operating system.

我們預計將在 2025 財年剩餘時間內將 MTEX​​ 的系統、流程和業務工具過渡到 AstroNova 作業系統的系統、流程和業務工具。

It's important to point out that we remain very excited about MTEX's core strengths including its engineering and manufacturing capabilities and especially its game-changing ink and printhead technology.

需要指出的是，我們仍然對 MTEX​​ 的核心優勢感到非常興奮，包括其工程和製造能力，尤其是其改變遊戲規則的墨水和列印頭技術。

In the coming months, we will be devoting additional resources towards integrating that technology into more of our product identification products.

在接下來的幾個月中，我們將投入更多資源將該技術整合到我們更多的產品識別產品中。

On the positive side, the integration process has revealed many strong synergies, particularly in their vertically integrated engineering and manufacturing operations, which have proven to be highly efficient.

從正面的一面來看，整合過程展現了許多強大的協同效應，特別是在垂直整合的工程和製造業務方面，事實證明這些協同效應非常有效率。

This operational efficiency reduces reliance on outside suppliers and enables greater control over the production schedules and costs.

這種營運效率減少了對外部供應商的依賴，並能夠更好地控制生產計劃和成本。

We've attended several large trade shows since the acquisition, showcasing the breadth of the MTEX product line.

自收購以來，我們參加了多個大型貿易展，展示了 MTEX​​ 產品線的廣泛性。

And as a result, we have built a strong MTEX product backlog.

因此，我們建立了強大的 MTEX​​ 產品儲備。

We expect to begin shipping that backlog in the third and fourth quarters, which will enable the business to meet our targeted revenue contribution of $8 million to $10 million for fiscal 2025.

我們預計將在第三季和第四季開始運送積壓訂單，這將使該業務能夠實現 2025 財年 800 萬至 1,000 萬美元收入貢獻的目標。

I'd like to quickly touch on guidance.

我想快速談談指引。

Based on results from the first half of fiscal 2025 and the current business environment, AstroNova today reaffirmed its full year fiscal 2025 expectations for mid-single-digit percent organic revenue growth.

根據 2025 財年上半年的業績和當前的商業環境，AstroNova 今天重申了 2025 財年全年有機收入成長中個位數的預期。

However, we are lowering our full year adjusted EBITDA margin guidance to a range of 9% to 10%, reflecting the slower startup of MTEX's acquisition.

然而，我們將全年調整後 EBITDA 利潤率指引下調至 9% 至 10%，反映出 MTEX​​ 收購啟動速度較慢。

After the full integration, we expect our consolidated adjusted EBITDA margin to be in the initial target range of 13% to 14% in FY26.

全面整合後，我們預計 2026 財年合併調整後 EBITDA 利潤率將在 13% 至 14% 的初始目標範圍內。

Moving to our product identification segment on slide 5, Q2 revenue increased by more than 5% year over year, driven by the MTEX acquisition, supplies, and a nice bounce-back in the QuickLabel and TrojanLabel hardware.

轉向幻燈片 5 上的產品識別部分，在 MTEX​​ 收購、供應以及 QuickLabel 和 TrojanLabel 硬體的良好反彈的推動下，第二季度收入同比增長超過 5%。

Excluding the MTEX acquisition, revenue was up 2.4% and non-GAAP operating profit was up 26.5%.

不計入 MTEX​​ 收購，營收成長 2.4%，非 GAAP 營業利潤成長 26.5%。

Our next-generation flat pack and mail-related printing solutions have been well received in the market and we anticipate further momentum in the second half of the year as we begin volume shipments of these new products.

我們的下一代平板包裝和郵件相關列印解決方案已受到市場的好評，隨著我們開始批量發貨這些新產品，我們預計下半年將出現進一步的成長勢頭。

Turning to our T&M segment on slide 6, as I mentioned, our aerospace product line is performing well, driven by the increasing global demand for air travel.

轉向幻燈片 6 上的測試與測量部分，正如我所提到的，在全球航空旅行需求不斷增長的推動下，我們的航空航太產品線表現良好。

In our T&M product line, order flow remains a bit lumpy as expected due to the unpredictable timing of military orders in that area.

在我們的測試與測量產品線中，由於該地區軍事訂單的時間不可預測，訂單流仍然像預期的那樣有點不穩定。

That said, we are seeing a steady demand for nonmilitary data recorders, primarily for power and transportation applications.

也就是說，我們看到對非軍事數據記錄儀的穩定需求，主要用於電力和運輸應用。

Stay tuned for some updates on exciting new generation of T&M product platforms that are in the works.

請繼續關注正在開發的令人興奮的新一代測試與測量產品平台的一些更新。

Moving to slide 7.

轉到投影片 7。

Supplies accounted for 55.1% of revenue in the second quarter versus 55.5% in Q2 of last year.

第二季供應佔營收的 55.1%，而去年第二季為 55.5%。

Hardware accounted for 30.5% of revenue compared with 31.7% last year.

硬體佔收入的30.5%，而去年為31.7%。

And the service and other category made up 14.4% of revenue in the quarter compared with 12.8% last year.

服務和其他類別佔本季收入的 14.4%，而去年為 12.8%。

Geographically, sales to the United States accounted for 65.4% of total revenue in Q2 FY25 compared with 63.1% in FY24.

從地理來看，2025 財年第二季對美國的銷售額佔總營收的 65.4%，而 2024 財年為 63.1%。

Sales to Europe were at 25.2% compared with 28% last year.

歐洲銷售額佔 25.2%，去年為 28%。

And rest of world accounted for 9.4% compared with 8.9% in Q2 of FY24.

世界其他地區的佔比為 9.4%，而 2024 財年第二季的佔比為 8.9%。

Turning to slide 8.

轉到投影片 8。

Last week, we exhibited at two of the year's big trade shows Labelexpo in Chicago and PRINTING United Expo in Las Vegas.

上週，我們參加了今年的兩場大型貿易展：芝加哥 Labelexpo 和拉斯維加斯 PRINTING United Expo。

At Labelexpo, we demonstrated the latest version of our T2-PRO for high-speed labeling applications as well as the MTEX ATOM 3, our wide format A3 width, high-speed label printer.

在 Labelexpo 上，我們展示了適用於高速標籤應用的最新版本 T2-PRO 以及我們的寬幅 A3 寬度高速標籤印表機 MTEX​​ ATOM 3。

At last week's PRINTING United Expo, we showcased several groundbreaking MTEX products, including the MULTI 800, a versatile direct-to-package printing system, capable of printing on a wide array of materials and two of the state-of-the-art direct-to-film printers, including a UV ink model and the first-of-its-kind game changing powderless model that got a lot of attention at the show.

在上週的PRINTING United Expo 上，我們展示了幾款突破性的MTEX 產品，包括MULTI 800，這是一款多功能直接包裝印刷系統，能夠在多種材料上進行印刷，以及兩種最先進的直接包裝印刷系統。

In addition to MTEX's impressive lineup, AstroNova also highlighted its latest innovations, including the QuickLabel QL-1200S for professional quality inkjet sheet labels and the TrojanLabel T3-OPX, which addresses the growing demand for short run and sustainable packaging solutions.

除了MTEX 令人印象深刻的產品陣容外，AstroNova 還重點介紹了其最新創新成果，包括用於專業品質噴墨標籤的QuickLabel QL-1200S 和可滿足對短期和可持續包裝解決方案日益增長的需求的TrojanLabel T3-OPX。

Now it's my pleasure to introduce our new Chief Financial Officer, Tom DeByle, who joined AstroNova as Vice President, Treasurer, and CFO in June.

現在，我很高興向您介紹我們新任財務長 Tom DeByle，他於 6 月加入 AstroNova，擔任副總裁、財務主管兼財務長。

Tom brings more than 25 years of experience in financial leadership roles, including his time as CFO for several industrial manufacturing companies, whose deep expertise in financial strategy and operations and his service on the boards of prominent organizations make him an invaluable addition to our leadership team.

Tom 擁有超過 25 年的財務領導經驗，包括擔任多家工業製造公司的首席財務官，他在財務戰略和運營方面的深厚專業知識以及他在知名組織董事會的服務使他成為我們領導團隊的寶貴補充。

We're excited to have Tom on board, and I'm confident that his insights and leadership will help guide AstroNova to continued financial success.

我們很高興 Tom 加入，我相信他的見解和領導將幫助引導 AstroNova 取得持續的財務成功。

Tom?

湯姆？

Thanks, Greg, and good morning, everyone.

謝謝格雷格，大家早安。

I am excited to be part of the AstroNova team and look forward to contributing to the company's growth and success.

我很高興成為 AstroNova 團隊的一員，並期待為公司的發展和成功做出貢獻。

In the coming months, I'm eager to work closely with the team to ensure we continue to execute our financial and operational strategies while delivering long-term value to our shareholders.

在接下來的幾個月中，我渴望與團隊密切合作，以確保我們繼續執行我們的財務和營運策略，同時為股東提供長期價值。

This morning, I'll present results on a GAAP and on a non-GAAP basis, however, we'll talking mostly to the non-GAAP results as there were adjustments in both periods.

今天早上，我將介紹 GAAP 和非 GAAP 的結果，但是，我們將主要討論非 GAAP 的結果，因為這兩個時期都有調整。

We show a reconciliation of GAAP to non-GAAP measures in our press release, which is available in the Investor Relations section of our website at astronova.com (sic - astronovainc.com).

我們在新聞稿中展示了 GAAP 與非 GAAP 衡量標準的對帳情況，您可以在我們網站 astronova.com（原文如此 - astronovainc.com）的投資者關係部分查看該新聞稿。

With that, I'll take you through the financial performance for the second quarter.

接下來，我將帶您了解第二季的財務表現。

Starting with slide 9, revenue for the quarter was $40.5 million, up 14.1% from the prior year period.

從投影片 9 開始，該季度的營收為 4,050 萬美元，比去年同期成長 14.1%。

Excluding the (technical difficulty) tax, revenue was up 12%, both segments in AstroNova had sales increases year over year, led by the test and measurement segments, strong growth in both aerospace and test and measurement product lines.

在剔除（技術難度）稅後，收入增長了 12%，AstroNova 的兩個部門的銷售額均同比增長，其中測試和測量部門帶動了航空航天和測試和測量產品線的強勁增長。

Non-GAAP gross profit margins for the quarter were 35.6%, which is consistent with Q2 of fiscal '24.

本季非 GAAP 毛利率為 35.6%，與 2024 財年第二季一致。

Non-GAAP gross profit margins were positively impacted in Q2 fiscal '25 by volume and non-reoccurring items in the aerospace product line offset by lower margins in MTEX.

25 財年第二季度，航空航太產品線的銷售量和非經常性項目對非公認會計準則毛利率產生了正面影響，但被 MTEX​​ 利潤率下降所抵銷。

As you can see in the tables, both in the appendix of this presentation and in the earnings release, MTEX's non-GAAP gross profit margin was 6.8%.

正如您在本簡報附錄和收益發布中的表格中所看到的，MTEX 的非 GAAP 毛利率均為 6.8%。

Operating expenses on a non-GAAP basis for the quarter were $12.2 million, an increase of $10.4 million in the prior year.

以非公認會計準則計算，本季營運費用為 1,220 萬美元，比上年增加 1,040 萬美元。

The increase was largely due to operating costs at MTEX of $1.3 million.

這一增長主要是由於 MTEX​​ 的營運成本為 130 萬美元。

AstroNova legacy business, excluding MTEX, had higher costs in recruiting healthcare professionals' fees during the quarter versus the prior year.

與前一年相比，本季 AstroNova 傳統業務（不包括 MTEX​​）在招募醫療保健專業人員方面的費用較高。

Non-GAAP operating income came in at $2.2 million for the quarter versus $2.3 million a year ago, primarily due to loss MTEX of $1.3 million on a non-GAAP basis.

本季非 GAAP 營業收入為 220 萬美元，而去年同期為 230 萬美元，主要是由於非 GAAP 基礎上 MTEX​​ 虧損 130 萬美元。

Sales volume at MTEX and cost to further align the MTEX products, services, and control environment with those of AstroNova impacted our overall non-GAAP results.

MTEX 的銷售量以及進一步使 MTEX​​ 產品、服務和控制環境與 AstroNova 保持一致的成本影響了我們的整體非 GAAP 業績。

Adjusted EBITDA for the second quarter of fiscal '25 was $3.9 million, up 5.3% from the prior year.

2025 財年第二季調整後 EBITDA 為 390 萬美元，較上年成長 5.3%。

Non-GAAP diluted earnings per share was (technical difficulty) compared with 15% -- $0.15 in the second quarter a year ago.

與一年前第二季的 15%（技術難度）相比，非 GAAP 攤薄每股收益為 0.15 美元。

Non-GAAP EPS was impacted by untaxed and higher interest expense.

非公認會計原則每股收益受到未繳稅和利息支出增加的影響。

Bookings in Q2 were $35.8 million compared with $30.1 million in the second quarter a year ago.

第二季的預訂量為 3,580 萬美元，而去年同期的預訂量為 3,010 萬美元。

Bookings were primarily higher due to the strong performance in the test and measurement segments.

預訂量的增加主要是由於測試和測量領域的強勁表現。

Backlog at the end of the second quarter was $29.9 million, down from the first quarter of 2025.

第二季末的積壓訂單為 2,990 萬美元，低於 2025 年第一季。

This was due to delayed shipments from Q1 2025 to shipments in Q2 2025.

這是由於 2025 年第一季到 2025 年第二季的出貨延遲所致。

Moving to our balance sheet and debt position on slide 10.

前往投影片 10 上的資產負債表和債務狀況。

Cash and cash equivalents as of August 3, 2024, were $4.8 million, up $800,000 from the first quarter of this year.

截至 2024 年 8 月 3 日，現金及現金等價物為 480 萬美元，比今年第一季增加 80 萬美元。

Funded debt increased due to the untaxed acquisition (technical difficulty) we amended our credit agreement and assumed local debt in Portugal of approximately EUR6 million or USD6.6 million.

由於免稅收購（技術困難），融資債務增加，我們修改了信貸協議並承擔了葡萄牙約 600 萬歐元或 660 萬美元的當地債務。

Our liquidity is over $20 million and remained strong at the end of the second quarter.

我們的流動性超過 2000 萬美元，並在第二季末保持強勁。

During the coming months, our focus on the balance sheet will be on reducing working capital, which we define as accounts receivable plus inventory, less accounts payable, and paying down debt.

在接下來的幾個月裡，我們對資產負債表的關注重點將是減少營運資本，我們將其定義為應收帳款加庫存，減去應付帳款，以及償還債務。

Turning to slide 11, we generated cash from operations of $7.1 million for the first six months of fiscal '25 compared with $4.7 million for the same period the previous year.

轉向投影片 11，我們在 25 財年的前六個月從營運中產生了 710 萬美元的現金，而去年同期為 470 萬美元。

Our year-to-date free cash flow for the first six months of fiscal '25 was $6.2 million compared with (technical difficulty) $4.2 million in the previous period.

2025 財年前六個月的年初至今自由現金流為 620 萬美元，而上一期間（技術難度）為 420 萬美元。

Free cash flow increased primarily due to the higher net income and increased accounts payable in the current year.

自由現金流增加主要是由於本年度淨利潤增加和應付帳款增加。

Now I'll turn the call back over to Greg for some closing comments.

現在我將把電話轉回格雷格以徵求一些結束語。

Greg.

格雷格.

Thank you, Tom.

謝謝你，湯姆。

Turning to slide 12.

轉到投影片 12。

As we look ahead, AstroNova remains committed to delivering value to our shareholders by staying focused on our core strategic initiatives.

展望未來，AstroNova 仍然致力於透過專注於我們的核心策略舉措來為股東創造價值。

We reaffirm our expectations of mid-single-digit percent organic growth for the full fiscal year 2025.

我們重申對 2025 財年有機成長中個位數的預期。

Additionally, we anticipate achieving an adjusted EBITDA margin of 9% to 10% for FY25 as we work through the full integration process with MTEX.

此外，隨著我們與 MTEX​​ 的全面整合過程的開展，我們預計 25 財年調整後的 EBITDA 利潤率將達到 9% 至 10%。

In FY26, we are targeting adjusted EBITDA margin to be in the range of 13% to 14%.

2026 財年，我們的目標是調整後 EBITDA 利潤率在 13% 至 14% 之間。

Looking beyond FY26, we remain confident in our ability to drive continued margin improvement, targeting a 100-basis-point increase in adjusted EBITDA margins over each of the following two fiscal years.

展望 2026 財年之後，我們對推動利潤率持續改善的能力仍然充滿信心，目標是在接下來的兩個財年每年將調整後 EBITDA 利潤率提高 100 個基點。

These goals reflect our strong operational foundation, commitment to innovation, and ability to adapt to evolving market conditions.

這些目標反映了我們強大的營運基礎、對創新的承諾以及適應不斷變化的市場條件的能力。

We are well positioned to unlock further growth opportunities and create long-term value for our [shareholders] (technical difficulty) and stakeholders.

我們處於有利地位，可以釋放進一步的成長機會，並為我們的[股東]（技術難度）和利害關係人創造長期價值。

Turning to now slide 13 for a wrap up.

現在轉到投影片 13 進行總結。

We're seeing strong demand across our key markets, especially in aerospace and test and measurement.

我們看到主要市場的強勁需求，特別是在航空航太以及測試和測量領域。

Global recovery and growth in these sectors are providing us with solid opportunities.

這些行業的全球復甦和成長為我們提供了堅實的機會。

Our product identification segment continues to roll out innovative solutions that meet the evolving needs of our customers and the addition of MTEX's further accelerates this process.

我們的產品識別部門不斷推出創新解決方案，以滿足客戶不斷變化的需求，而 MTEX​​ 的加入進一步加速了這一進程。

Innovation is central to our growth, and we're just getting started.

創新是我們發展的核心，而我們才剛開始。

Our test and measurement segment is experiencing tremendous momentum with significant revenue growth that demonstrates our ability to meet customer demands and tap into new markets.

我們的測試和測量部門正在經歷巨大的發展勢頭，收入顯著增長，這表明我們有能力滿足客戶需求並開拓新市場。

The integration of MTEX, while slower than originally anticipated, is already revealing synergies that have strong potential to drive efficiencies and expand our technology portfolio, particularly in new adjacent market areas.

MTEX 的整合雖然比最初預期的要慢，但已經顯現出協同效應，這些協同效應具有提高效率和擴展我們的技術組合的強大潛力，特別是在新的相鄰市場領域。

We have a solid balance sheet, giving us the ability to support ongoing operations all while continuing to deliver value to our shareholders.

我們擁有穩健的資產負債表，使我們有能力支持持續運營，同時繼續為股東創造價值。

Finally, none of this would be possible without our dedicated global team, their commitment and talent are what drive our innovation success.

最後，如果沒有我們敬業的全球團隊，這一切都不可能實現，他們的承諾和才能是我們創新成功的動力。

I want to thank all our employees for their hard work and commitment to continuous improvement.

我要感謝我們所有員工的辛勤工作和對持續改進的承諾。

With these factors in play, we're confident about the road ahead and excited to continue building on this momentum.

考慮到這些因素的作用，我們對未來的道路充滿信心，並很高興繼續鞏固這一勢頭。

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

接下來，湯姆和我將回答你們的問題。

Operator, please open the line for Q&A.

接線員，請開通問答線。

(Operator Instructions)

（操作員說明）

Robert Van Voorhis, Vanatoc Capital.

羅伯特‧範‧沃里斯 (Robert Van Voorhis)，Vanatoc Capital。

(multiple speakers) to meet you on the first call.

（多位發言者）在第一次通話時與您見面。

So I just wanted to ask a couple of quick -- Yeah, I just wanted to ask a couple of quick questions, and I suspect the first one's more so for Greg.

所以我只是想問幾個簡單的問題——是的，我只是想問幾個簡單的問題，我懷疑第一個問題對格雷格來說更是如此。

But Greg, on the M&A call for MTEX, I think you or David mentioned that MTEX had pretty handsome EBITDA margins.

但 Greg，在 MTEX​​ 的併購電話中，我想你或 David 提到 MTEX​​ 的 EBITDA 利潤率非常可觀。

Obviously from the release this morning, it looks like they don't, but judging from the results as well as just to update some longer-term guidance.

顯然，從今天早上發布的消息來看，他們似乎沒有這樣做，但從結果來看，也只是更新了一些長期指導。

Can you explain the difference a little bit?

你能解釋一下其中的差異嗎？

Yeah, I think it had to do with additional cost that Tom to go into more detail if you'd like, but the cost of going through these processes and getting their systems up to speed diverted them away from their daily work prior to the acquisition.

是的，我認為這與額外的成本有關，如果您願意，湯姆可以詳細說明，但是完成這些流程並讓他們的系統加快速度的成本使他們在收購之​​前無法專注於日常工作。

So the machines and the supplies have very good margins within line or in some cases, especially the supplies better than our typical margins.

因此，機器和供應品在生產線內或在某些情況下具有非常好的利潤，特別是供應品比我們的典型利潤更好。

Okay.

好的。

And so are those costs -- are they backed out as part of the non-GAAP adjustment, is that like the integration costs or what is that?

這些成本也是如此——它們是否作為非公認會計原則調整的一部分被取消，是像整合成本還是什麼？

Some of those are integration costs and some of it is -- they are unable to ship as much product as they would have because we had them working on other integration-type things versus product manufacturing.

其中一些是整合成本，還有一些是——他們無法交付盡可能多的產品，因為我們讓他們從事其他整合類型的事情而不是產品製造。

As I mentioned, they have a decent actually very good backlog building out when -- in the show leads and things that.

正如我所提到的，他們在節目線索和其他方面有相當多的積壓工作。

So you'll see that tick up in Q3 and Q4, but you can't absorb those costs on such a low revenue.

因此，您會看到第三季和第四季的成長，但您無法以如此低的收入吸收這些成本。

Right.

正確的。

Okay.

好的。

So I guess longer term, what are the milestones that we should be looking for as outside shareholders regarding MTEX?

所以我想從長遠來看，作為 MTEX​​ 的外部股東，我們應該尋找哪些里程碑？

Like when do we expect them to get to profitability?

例如我們預計他們什麼時候能夠獲利？

How -- what are the levers that we can pull that we should be on the lookout for just because I mean, longer term for FY26, I think we took down EBITDA margin guidance, even though T&M the highest margin businesses should do quite well.

我們應該關注哪些可以拉動的槓桿，因為我的意思是，從 2026 財年的長期來看，我認為我們降低了 EBITDA 利潤率指導，儘管 T&M 利潤率最高的業務應該表現得相當好。

So I'm just trying to figure out what they'll hold us accountable to -- regarding MTEX?

所以我只是想弄清楚他們會讓我們對什麼負責——關於 MTEX​​？

Yeah.

是的。

So like I mentioned in my comments, we're working through this -- obviously in Q2 -- we've had great results, obviously from a profitability point of view and revenue point of view.

正如我在評論中提到的，我們正在解決這個問題——顯然是在第二季度——我們取得了很好的成果，顯然從盈利能力和收入的角度來看。

So as I mentioned, what they have in the backlog right now and that we reaffirmed it, they'll contribute in that $8 million to $10 million range as far as the time period in which we owned them.

正如我所提到的，他們現在積壓的訂單以及我們重申的，在我們擁有它們的時間段內，他們將貢獻 800 萬至 1000 萬美元的資金。

So as that volume goes up, the other products, as I had mentioned in the past, are good margin products and they have a healthy stream of orders already in-house so just getting those shipped out this year.

因此，隨著銷量的增加，正如我過去提到的那樣，其他產品都是利潤豐厚的產品，並且他們內部已經有大量訂單，因此今年只需將這些產品發貨即可。

We're not giving exact guidance on when that's going to flip over to profitability, but we're looking for it to be continuously improving as we go through the year here and be in very good shape for next year.

我們並沒有就何時轉變為盈利提供準確的指導，但我們希望在今年的過程中不斷改進，並在明年保持良好的狀態。

When we finished those -- and we finished a little bit earlier but right now, we're saying it's going to take the better part of the second half of this year to get them through everything on the integration side.

當我們完成這些工作時——我們提前完成了一些工作，但現在，我們說將花費今年下半年的大部分時間來讓他們完成整合方面的所有工作。

Right.

正確的。

Okay.

好的。

And I guess just as my last question, so at recent conferences and I know Tom, we've been a part of them as well.

我想就像我的最後一個問題一樣，在最近的會議上，我認識湯姆，我們也是其中的一部分。

But you guys have emphasized more M&A as a key strategy.

但你們強調更多的併購是一項關鍵策略。

Can you just I guess, expand upon why that is the plan moving forward?

我猜你能詳細說明為什麼要推進這個計劃嗎？

I mean, why not just distribute cash in some form of buybacks, which are generally preferred or just as dividends as opposed to forcing yourself to look for something new.

我的意思是，為什麼不以某種形式的回購來分配現金，這通常是首選或只是作為股息，而不是強迫自己尋找新的東西。

I know Astro Machine was great but I mean how many business are out there like that to acquire?

我知道 Astro Machine 很棒，但我的意思是有多少這樣的業務需要收購？

Well, to answer the last question first, there are quite a few, but right now our focus for this year is getting the MTEX's acquisition performing as we know it can.

好吧，首先回答最後一個問題，有很多問題，但目前我們今年的重點是讓 MTEX​​ 的收購發揮我們所知道的作用。

And obviously, we've got organic uses as well in terms of capital deployment.

顯然，我們在資本部署方面也有有機用途。

And if we don't have an M&A opportunity when we've got those things running, that is an opportunity for us to look at alternatives there.

如果我們在這些事情運行後沒有併購機會，那麼我們就有機會尋找替代方案。

But so far, the M&A strategy, combined with our organic product development and other investments have worked well for us.

但到目前為止，併購策略與我們的有機產品開發和其他投資相結合，對我們來說效果良好。

And the type of markets that we're in lend themselves well to that type of innovation.

我們所處的市場類型非常適合這種類型的創新。

We did three in aerospace and three in PI.

我們在航空航太領域做了三個，在 PI 領域做了三個。

For example, if another aerospace application or an acquisition opportunity came to about, you'd be looking at quite a good return on that type of investments.

例如，如果出現另一個航空航天應用或收購機會，您會看到此類投資的相當不錯的回報。

I wouldn't do it, of course.

我當然不會這麼做。

But the nice thing about it and I've talked about this in previous calls is we have pretty much all the approvals we need from all the major OEMs and even the smaller OEMs as well as [opportunity] airlines.

但它的好處是，我在之前的電話中談到過這一點，那就是我們幾乎獲得了所有主要原始設備製造商、甚至較小的原始設備製造商以及[機會]航空公司所需的所有批准。

So we can drop those in very easily and create quite a bit of investments and opportunities for us.

因此，我們可以輕鬆地投入這些資金，並為我們創造大量投資和機會。

(Operator Instructions)

（操作員說明）

Brandon Daniel, Atai Capital.

布蘭登·丹尼爾，Atai Capital。

I just wanted to follow up on Robbie's questions around margins.

我只是想跟進羅比關於利潤的問題。

So if I just look at what you've guided to previously, call it, the base business, legacy AstroNova.

因此，如果我只看一下您之前所指導的內容，請將其稱為基礎業務、傳統 AstroNova。

For 2026, you had essentially guided to around, call it 15% EBITDA margins.

對於 2026 年，您基本上指導其 EBITDA 利潤率為 15% 左右。

And if we just assume that business grows at mid-single digits, which you've talked about in the past, that implies that MTEX is margins in 2026 are flat to down or maybe flat- to low-single digits.

如果我們假設業務以中個位數成長（您過去曾談到過），這意味著 2026 年 MTEX​​ 的利潤率將持平到下降，或者可能是持平到低個位數。

Is that accurate is what you're guiding to that?

您所指導的內容準確嗎？

No, I'm not following that one exactly there Brandon.

不，我沒有完全關注布蘭登那裡的那個人。

You're driving -- you're talking about gross margin and then you're also talking about adjusted EBITDA, so it's two different things--

你在開車——你在談論毛利率，然後你也在談論調整後的 EBITDA，所以這是兩件不同的事情——

I'm talking -- no, I'm only strictly talking about adjusted EBITDA.

我說的是——不，我只是嚴格談論調整後的 EBITDA。

So the math again is assuming the legacy business grows at your prior guidance.

因此，數學再次假設傳統業務按照您先前的指導成長。

So you hit 15% EBITDA margins in '26 and just some mid-single-digit growth.

因此，26 年 EBITDA 利潤率達到了 15%，並且只有中等個位數的成長。

If I run with that, that implies MTEX is at flat- to low-single-digit margins, assuming double-digit growth.

如果我這麼認為，這意味著 MTEX​​ 的利潤率持平至低個位數（假設兩位數成長）。

And it really implies that they're actually still unprofitable in '26.

這確實意味著他們在 26 年實際上仍然沒有盈利。

So I'm trying to understand where that delta is coming from, basically.

所以我試著去了解這個增量基本上是從哪裡來的。

Yeah, so we originally -- we had said prior to the MTEX integration -- it's taking longer and costing more than we expected that we would be doing 13% to 14% this year.

是的，所以我們最初 - 我們在 MTEX​​ 整合之前說過 - 它花費的時間和成本比我們預期的要高，今年我們會做 13% 到 14%。

And then that's what you're talking about is then adding 100 basis points to that in '26.

然後你所說的就是在 26 年的基礎上增加 100 個基點。

Is that how you're getting the 15%?

這就是你得到15%的方式嗎？

Yes, correct.

是的，正確。

Yes.

是的。

For the legacy business.

對於遺留業務。

Call it, yes.

稱呼它，是的。

Yeah, so we're just behind on that curve.

是的，所以我們只是落後於這條曲線。

So we're still looking at that same ramp, but we have to get them up to where we expect they would kind of start from.

因此，我們仍在考慮相同的坡道，但我們必須讓它們到達我們期望的起始位置。

So it basically pushes it out into FY26.

所以它基本上將其推遲到 2026 財年。

And as we learn more and have that integration behind us and get the products out in the field from MTEX and see how they're doing on the supplies update, because there's a lot of new products that don't really have history yet on that, so we're estimating where they would be.

隨著我們了解更多並在我們身後進行集成，並將產品從 MTEX​​ 帶到現場，看看它們在供應更新方面的表現如何，因為有很多新產品在這方面還沒有真正的歷史記錄，所以我們正在估計它們會在哪裡。

Assuming that's tracking higher, then we'll update our guidance there as well.

假設該數字繼續走高，那麼我們也會更新我們的指導。

Got it.

知道了。

So just on the topic of maybe uses of capital going forward, I'd mentioned there -- I know there has been some mention of M&A at the roadshows.

因此，就未來可能使用資本的話題而言，我曾提到過——我知道路演中提到了一些併購。

I know Robbie had touched on that, but I guess a question, as an investor, Greg, I've been around for a while and then several of my peers have been around for longer.

我知道羅比已經談到了這一點，但我想有一個問題，作為投資者，格雷格，我已經存在了一段時間，然後我的幾個同行已經存在了更長時間。

When I'm looking at your share price on the legacy business, call it, $17 at the time for when you required MTEX.

當我查看你們遺留業務的股價時，稱其為 17 美元，當時你們需要 MTEX​​。

I'm struggling to see how MTEX was $24 million or MTEX was a better use of capital than doing some tender offer or buyback.

我很難理解 MTEX​​ 為何能達到 2400 萬美元，或者 MTEX​​ 是如何比進行一些要約收購或回購更好地利用資本的。

So assuming your share price relishes here for a while longer is that -- does that come into consideration?

因此，假設你的股價在一段時間內會受到歡迎——這會被考慮嗎？

Does the share buybacks come into consideration there?

那裡有考慮股票回購嗎？

Because yeah, just maybe some clarity on how we expect to get paid basically from the acquisition of MTEX and then what's your focus of capital -- use of capital going forward.

因為是的，也許只是澄清我們期望如何從收購 MTEX​​ 中獲得報酬，然後你的資本重點是什麼——未來的資本使用。

Yeah, so again on the MTEX thing, I mentioned the technology.

是的，關於 MTEX​​ 的事情，我再次提到了這項技術。

You'll have to wait and see what comes out with new products that we bring out next year.

您必須等待，看看我們明年推出的新產品會帶來什麼。

But some of -- their ink and printhead technology in particular has significantly higher margins than what we have on our products.

但他們的一些墨水和印字頭技術的利潤率明顯高於我們產品的利潤率。

And there's applications to integrate that type of technology into some of our existing or products that we have in the drawing board.

還有一些應用程式可以將此類技術整合到我們現有的或正在設計的一些產品中。

So that's really what we're looking at internally.

這確實是我們內部關注的問題。

And for competitive reasons, we don't really talk about exactly how all that works.

出於競爭的原因，我們並沒有真正談論這一切是如何運作的。

So that's why -- that's one of the key drivers of why you made the investment.

這就是為什麼——這是您進行投資的關鍵驅動因素之一。

And some of these things, you won't see it until we actually get those new products launched in the field and consuming the supplies.

其中一些事情，直到我們真正在現場推出這些新產品並消耗供應品後，您才會看到它。

So we don't just look at it as a static business and here's what it does and it's going to keep doing that at some small growth rate.

因此，我們不只是將其視為靜態業務，這就是它的作用，並且它將繼續以較小的成長率這樣做。

We think there'll be a significant growth from that business.

我們認為該業務將會顯著成長。

As far as acquisitions or use of capital beyond that, our focus right now is pay down debt.

就收購或資本使用而言，我們現在的重點是償還債務。

Get the integration of MTEX taken care of and pay down debt.

完成 MTEX​​ 的整合並償還債務。

And then obviously, for organic uses, like last year we bought a new press because we couldn't keep up with the label demand.

顯然，對於有機用途，就像去年我們購買了一台新印刷機，因為我們無法滿足標籤需求。

So those type of applications and then certainly if we don't have better uses for it -- either for acquisitions or organic, we would consider those other opportunities as well.

因此，這些類型的應用程序，如果我們沒有更好的用途——無論是收購還是有機的，我們也會考慮其他機會。

Got it.

知道了。

Thank you

謝謝

(multiple speakers)--

（多位發言者）——

--(multiple speakers) share buyback or dividend or whatever, that's something that gets reviewed by the Board every quarter.

--（多位發言者）股票回購或股利或其他什麼，這是董事會每季都會審查的事情。

Got it.

知道了。

I appreciate.

我很欣賞。

Thanks.

謝謝。

Thank you.

謝謝。

As there are no additional questions waiting at this time, I'd like to hand the conference call back over to Mr. Woods for closing remarks.

由於目前沒有其他問題，我想將電話會議交回給伍茲先生做總結發言。

Okay.

好的。

Well, thank you, everyone, for joining us here this morning, and we look forward to keeping you updated on our progress.

好的，謝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。

And I look forward to meeting with some of you.

我期待與你們中的一些人會面。

We know we've got some people want to visit our facilities.

我們知道有些人想參觀我們的設施。

We're always open to that, so we'll look forward to that and have a good week, everyone.

我們對此始終持開放態度，因此我們將對此充滿期待，並祝福大家有個愉快的一周。

Ladies and gentlemen, thank you for joining today's call.

女士們、先生們，感謝你們參加今天的電話會議。

Have a great rest of your day.

祝您有個愉快的一天。

You may now disconnect your lines.

現在您可以斷開線路。