AstroNova Inc (ALOT) 2026 Q2 法說會逐字稿

Greetings and welcome to AstroNova's second-quarter fiscal year 2026 financial results.

歡迎閱讀 AstroNova 2026 財政年度第二季財務表現。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Debbie Pawlowski. Thank you, you may begin.

現在我想將會議交給主持人黛比·帕沃斯基 (Debbie Pawlowski)。謝謝，你可以開始了。

Thank you, and good morning, everyone.

謝謝大家，早安。

We certainly appreciate your interest in AstroNova, and thank you for sharing your time with us today. I am pleased to introduce to you, Jorik Ittmann, who is appointed President and Chief Executive Officer of AstroNova effective August 15 this year. Also joining us is Tom DeByle, our Chief Financial Officer, who should be familiar to most of you.

我們非常感謝您對 AstroNova 的關注，也感謝您今天與我們分享您的時間。我很高興向大家介紹 Jorik Ittmann，他將於今年 8 月 15 日起被任命為 AstroNova 總裁兼執行長。與我們一起加入我們的還有我們的財務長湯姆·德拜爾 (Tom DeByle)，你們大多數人應該都很熟悉他。

You should have the earnings release that crossed the wires earlier this morning, as well as the slides that will accompany our conversation today. If not, you can find these documents on the Investor Relations segment of our website, AstroNova, Inc.

您應該已經收到今天早上發布的收益報告，以及我們今天談話時使用的幻燈片。如果沒有，您可以在我們網站 AstroNova, Inc. 的投資者關係部分找到這些文件。

Please turn to slide 2 to review cautionary statements. As you are likely aware, during the formal presentation as well as the Q&A session, management may make some forward-looking statements about our current plans, beliefs, and expectations. These statements apply to future events that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided in the earnings release as well as in other documents filed by the company with Securities and Commission. These documents can be found on our website or at sec.gov.

請翻到投影片 2 檢視警告聲明。您可能知道，在正式演示和問答環節中，管理階層可能會對我們目前的計劃、信念和期望做出一些前瞻性的陳述。這些聲明適用於受風險、不確定性和其他因素影響的未來事件，這些因素可能導致實際結果與今天所述的結果有重大差異。這些風險、不確定性和其他因素均在收益報告以及公司向美國證券交易委員會提交的其他文件中提供。這些文件可以在我們的網站或 sec.gov 上找到。

Also, as noted on the slide, management will refer to some non-GAAP financial measures. We believe these will be useful in evaluating our performance. However, you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. You can find reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides.

此外，如投影片中所述，管理階層將參考一些非 GAAP 財務指標。我們相信這些將有助於評估我們的表現。但是，您不應孤立地考慮呈現這些附加信息，也不應將其視為根據 GAAP 編制的結果的替代品。您可以在今天的發布和幻燈片附帶的表格中找到非 GAAP 指標與可比較 GAAP 指標的對帳。

Now, if you will turn to slide 3, and I will turn the call over to Jorik. Jorik.

現在，請翻到投影片 3，我會把電話轉給 Jorik。約里克。

Thank you, Debbie.

謝謝你，黛比。

Good morning, everyone, and thank you for joining us today. I'm excited to take on this new leadership role and confident in the future of AstroNova. We have a leading market position in Aerospace with a loyal customer base and long-term contracts as a first-tier supplier to major aircraft manufacturers.

大家早安，感謝大家今天加入我們。我很高興能擔任這個新的領導角色，並對 AstroNova 的未來充滿信心。我們在航空航太領域佔據領先市場地位，擁有忠實的客戶群，並作為主要飛機製造商的一級供應商簽訂了長期合約。

In our Product Identification segment, our new commercial print technologies have begun to ship. As these new print solutions are validated by our customers, we expect to be able to address the full funnel of interest we have been generating to drive sales. But I know we have a lot of work to do to get our growth and profitability on track.

在我們的產品識別領域，我們的新商業印刷技術已經開始出貨。隨著這些新的印刷解決方案得到客戶的認可，我們期望能夠滿足我們為推動銷售而產生的所有興趣。但我知道，為了讓我們的成長和獲利走上正軌，我們還有很多工作要做。

On slide 3, you see my priorities for AstroNova. Starting first with our Product ID segment, we began the restructuring of our sales team earlier this year to be much more customer-centric. The company has been losing customers over the last number of years, and I believe it's because of how we went to market and how our sales organization was compensated.

在投影片 3 上，您可以看到我對 AstroNova 的優先事項。首先從我們的產品 ID 部門開始，我們在今年稍早開始重組我們的銷售團隊，使其更加以客戶為中心。過去幾年來，公司一直在失去客戶，我認為這是因為我們進入市場的方式以及我們的銷售組織的薪酬方式。

I have reorganized sales into two teams: customer acquisition and customer retention. This reorients our focus on taking care of our current customers and winning back those we have lost while gaining new customers. We're also working to change the skills of our sales team to align with our new product offerings.

我已將銷售重組為兩個團隊：客戶獲取和客戶保留。這使我們重新將重點放在照顧現有客戶、贏回失去的客戶以及獲得新客戶。我們也致力於改變銷售團隊的技能，以適應我們的新產品。

Our new print solutions, especially the significantly larger and higher-value print solutions we're now offering our capital projects for our customers. This is a very different sales process from how we have solved our legacy tabletop printers.

我們的新列印解決方案，特別是我們現在為客戶提供的資本項目的更大、更高價值的列印解決方案。這是一個與我們解決傳統桌上型印表機問題的銷售流程截然不同的流程。

The sales cycle is longer and customers' needs are more specific. We've been making progress with our new go-to-market strategy and believe results will begin to demonstrate it over the next several quarters. Our success is also dependent upon a couple of other hurdles we are currently addressing.

銷售週期較長，客戶需求較具體。我們的新行銷策略一直在取得進展，並相信未來幾季的結果將開始證明這一點。我們的成功也取決於我們目前正在解決的其他幾個障礙。

First, we have to validate with customers that the upgrades we have made to the MTEX product line meets their needs, including print quality, speed, reliability, durability, and lower operating costs. We have shipped several of the models with another to be on the way this week. If results come out as we expect, we can drive more sales; if not, we will have to rethink that portfolio.

首先，我們必須與客戶確認我們對 MTEX​​ 產品線所做的升級是否滿足他們的需求，包括列印品質、速度、可靠性、耐用性和更低的營運成本。我們已經發送了幾個型號，還有另一個型號將於本週發貨。如果結果如我們預期的那樣，我們就可以推動更多的銷售；如果不是，我們將不得不重新考慮該投資組合。

Second, and this might be news to you, we have a different kind of problem with our product line for our partners who serve the Mail & Sheet printer line. We have had a hard time keeping up with demand.

其次，這對您來說可能是個新聞，對於為郵件和表格印表機系列提供服務的合作夥伴，我們的產品線遇到了不同類型的問題。我們很難滿足需求。

We have redesigned products for that market and we have excellent partners serving customers. Our partners and their customers like the products. We just haven't been able to make enough of these products. Our PI leadership team is actively engaged now in order to capitalize on this opportunity.

我們針對該市場重新設計了產品，並且擁有優秀的合作夥伴為客戶服務。我們的合作夥伴和他們的客戶都喜歡這些產品。我們只是還沒有能夠生產足夠的這些產品。我們的 PI 領導團隊目前正在積極參與，以利用這個機會。

Turning to Aerospace now, even though revenue declined compared with last year's second quarter, we believe that business is performing on key metrics such as transitioning to our ToughWriter, flight deck printers from legacy equipment.

現在轉向航空航天，儘管收入與去年第二季度相比有所下降，但我們相信業務在關鍵指標上表現良好，例如從傳統設備過渡到我們的 ToughWriter、飛行甲板印表機。

During the quarter, we began shipping the ToughWriter 640 to a major aircraft OEM. As a result, the ToughWriter represented 50% of second-quarter shipments and we remain on track to reach our target of over 80% by fiscal year-end.

在本季度，我們開始向一家大型飛機 OEM 廠商運送 ToughWriter 640。因此，ToughWriter 佔了第二季出貨量的 50%，我們預計在財年末實現 80% 以上的目標。

Aerospace can be a lumpy business from quarter to quarter. Nearly 45% of the segment's revenue is for aftermarket sales and service, and roughly 10% of hardware sales are dependent upon spare replacement machines. However, for new build aircraft, we like the long-term tailwind provided by growth in commercial aircraft build rates.

航空航太業每季的業績都可能不穩定。該部門近 45% 的收入來自售後銷售和服務，約 10% 的硬體銷售依賴備用替換機器。然而，對於新建飛機而言，我們看好商用飛機建造率的成長所帶來的長期順風。

We're also making changes in the culture of AstroNova. We have great talent within the organization that needs to be unleashed yet held accountable. I am working to create a more collaborative culture that puts the customer first. I'm excited on how the team has embraced change and believe we can develop into an organization that delivers.

我們也在改變 AstroNova 的文化。我們組織內有大量人才，需要充分發揮他們的才能，同時也要讓他們承擔責任。我正在努力創造一種更有協作、以客戶為先的文化。我很高興看到團隊能夠接受改變，並相信我們能夠發展成為一個有成效的組織。

We have to execute a plan to regain trust with our key stakeholders, including customers, employees, and not least, investors. I believe that if we can demonstrate AstroNova can make progress in our markets with our customers, strengthening earnings power, and be straightforward and transparent while delivering on our promises, we will build credibility with you.

我們必須執行一項計劃來重新贏得主要利害關係人（包括客戶、員工，尤其是投資者）的信任。我相信，如果我們能夠證明 AstroNova 能夠與客戶一起在市場上取得進步，增強盈利能力，並且在兌現承諾時做到坦率和透明，我們就能贏得您的信任。

Tom, I will turn it to you now to review the financials.

湯姆，我現在將把財務狀況交給你來審查。

Thank you, Jorik, and good morning, everyone.

謝謝你，喬里克，大家早安。

On slide 4, you can see the second-quarter revenue of $36.1 million declined 10.9% year over year and sequentially 4.2%. 70% of the quarter's revenue was reoccurring. By segment, Product ID and Aerospace decreased 8.9% and 15.1%, respectively.

在投影片 4 中，您可以看到第二季的收入為 3,610 萬美元，年減 10.9%，環比下降 4.2%。本季 70% 的營收為經常性收入。按部門劃分，產品ID和航空航天分別下降8.9％和15.1％。

Lower sale in Product Identification in the quarter were primarily driven by $2.6 million decline in recurring supplies, parts, and service from customer attrition. This was partially offset by higher demand for the Mail & Sheet/Flat Pack products.

本季產品識別銷售額下降主要是因為客戶流失導致經常性供應、零件和服務減少 260 萬美元。這被郵件和單張/平板包裝產品需求的增加部分抵消。

In July, we began shipping our professional label printers, the QL-425 and 435 models. And in August, we shipped the AJ-800, a new direct-to-package printer line that was upgraded from the former MTEX model.

7 月份，我們開始發售專業標籤印表機 QL-425 和 435 型號。8 月份，我們推出了 AJ-800，這是一條新的直接包裝印表機生產線，是從以前的 MTEX​​ 型號升級而來的。

For Aerospace, the year-over-year decline was a result of a tough comparison against last year's second quarter, which benefited from a $1.3 million in unusually large spare printer shipments to both the airline and the defense customer, as well as non-recurring engineering revenue from an OEM project. For the first half of fiscal 2026 revenue of $73.8 million increased marginally year over year due to higher hardware sales, offsetting the decline in recurring supplies, parts and service revenue.

對於航空航天而言，同比下降是與去年第二季度進行嚴格比較的結果，去年第二季度受益於向航空公司和國防客戶運送了價值 130 萬美元的異常大容量備用印表機，以及來自 OEM 項目的非經常性工程收入。2026 財年上半年，由於硬體銷售額增加，營收為 7,380 萬美元，較去年同期略有成長，抵消了經常性供應、零件和服務收入的下降。

Turning to slide 5, gross profit in the second quarter was $11.6 million, down $2.7 million year over year, reflecting lower sales and unfavorable mix, primarily related to the decline in aerospace volume. For the first half of fiscal 2026, gross profit was $24.3 million or 32.9% of sales, a $2 million decline from the same period as a result of less favorable product mix, primarily in the Aerospace segment.

轉到投影片 5，第二季毛利為 1,160 萬美元，年減 270 萬美元，反映出銷售額下降和產品組合不利，主要與航空航天產量下降有關。2026 財年上半年，毛利為 2,430 萬美元，佔銷售額的 32.9%，較同期下降 200 萬美元，原因是產品組合不太理想，主要是在航空航太領域。

For the second half of the year, we expect Aerospace gross margin to improve on similar volume since we began shipping the ToughWriter to a major OEM in June. Higher volume and improved mix in the Product ID should drive margins as well.

自從我們六月開始向一家大型 OEM 廠商發貨 ToughWriter 以來，我們預計下半年航空航太業的毛利率將在同等銷量的基礎上有所提高。產品 ID 的更高銷售量和更優組合也應該會提高利潤率。

Look at slide 6. Product ID operating income for the quarter declined $0.4 million or 18%. It was partially offset by a $0.5 million reduction in operating costs. In the first 6 months of fiscal '26, GAAP operating income also declined. We expect improvements in sales and with the impact of our cost reductions. We should see improving margins for the segment.

看投影片 6。本季產品 ID 營業收入下降 40 萬美元，即 18%。但這被 50 萬美元的營運成本減少部分抵銷。26財年前6個月，GAAP營業收入也出現下降。我們預期銷售額將會提高，成本降低也會帶來影響。我們應該會看到該部門的利潤率有所提高。

Looking at slide 7, Aerospace operating income for the quarter was down $1.4 million or 37% due to sales volume and unfavorable mix. This was partially offset by $0.3 million in cost reductions. For the first half of fiscal 2026, GAAP and adjusted operating income declined due to weak second-quarter results.

從第 7 張投影片可以看出，由於銷售量和產品組合不利，本季航空航太營業收入下降了 140 萬美元，即 37%。這部分被 30 萬美元的成本削減所抵銷。2026 財年上半年，由於第二季業績疲軟，GAAP 和調整後營業收入均下降。

Turning to slide 8, our net loss was $1.2 million or $0.16 per share, reflecting lower volume, partially offset by a $0.5 million tax benefit. Adjusted EBITDA was $2.1 million, down $1.8 million compared with the prior year period. Adjusted EBITDA margin for the second quarter was 5.7%.

轉到投影片 8，我們的淨虧損為 120 萬美元或每股 0.16 美元，反映了銷量下降，但部分被 50 萬美元的稅收優惠所抵消。調整後的 EBITDA 為 210 萬美元，較去年同期下降 180 萬美元。第二季調整後的 EBITDA 利潤率為 5.7%。

Moving to slide 9, cash provided from operations in the first half of fiscal '26 was $4.6 million and down from the prior year based on everything we have covered here. As Jorik mentioned, we are rethinking how we operate the business and are driving a stronger focus on cash generation through improved operational performance.

前往投影片 9，根據我們在此介紹的所有內容，26 財年上半年營運提供的現金為 460 萬美元，比前一年有所下降。正如 Jorik 所提到的，我們正在重新思考如何經營業務，並透過提高營運績效來更注重現金創造。

We are carefully managing our capital. And as a result, our CapEx was almost $0.1 million in the first 6 months of the year. We have been constraining our capital investments and expect CapEx for the fiscal year to be less than $0.5 million.

我們正在謹慎管理我們的資本。因此，今年前 6 個月我們的資本支出接近 10 萬美元。我們一直在限制我們的資本投資，預計本財年的資本支出將低於 50 萬美元。

We paid down $5.1 million in debt through the first half of fiscal '26 and as of July 31, 2025, we have $10.4 million in total liquidity including $3.9 million in cash, $5.9 million available on our revolver, and an untapped $0.6 million line of credit in Portugal. Our leverage ratio of funded debt to adjusted EBITDA was 3.5 times.

我們在 26 財年上半年償還了 510 萬美元的債務，截至 2025 年 7 月 31 日，我們的總流動資金為 1040 萬美元，其中包括 390 萬美元的現金、590 萬美元的循環信貸額度以及葡萄牙尚未使用的 60 萬美元信用額度。我們的融資債務與調整後 EBITDA 的槓桿率為 3.5 倍。

The bank waived our fixed charge coverage ratio for the second quarter, and we are in discussions regarding restructuring of our debt, which we expect to have completed in the next 60 days. Our objective with the turnaround of Product ID, and continued advancement of the Aerospace segment is on a consolidated basis to grow sales, drive product profitability, generate cash and pay down debt.

該銀行免除了我們第二季的固定費用覆蓋率，我們正在討論債務重組，預計將在未來 60 天內完成。我們的目標是扭轉產品 ID 的頹勢，並繼續推進航空航天部門的發展，從而在綜合基礎上增加銷售額、提高產品盈利能力、產生現金並償還債務。

Now please turn to slide 10, and I'll hand the call back to Jorik.

現在請翻到第 10 張投影片，我會把電話交還給 Jorik。

Thanks, Tom.

謝謝，湯姆。

We had orders of $30.9 million in the second quarter of fiscal 2026, which were relatively unchanged from the prior year period but up $1 million sequentially as the sold improvements in Aerospace more than offset a very weak order quarter for Product ID. As we discussed earlier, we have changed the team's structure and are actively meeting with current and past and prospective customers.

我們在 2026 財年第二季的訂單金額為 3,090 萬美元，與去年同期相比基本上沒有變化，但比上一季增加了 100 萬美元，因為航空航天部門的銷售成長足以抵消產品 ID 訂單非常疲軟的一個季度。正如我們之前討論的，我們已經改變了團隊的結構，並正在積極與現有、過去和潛在客戶會面。

Aerospace orders were up $3.8 million for the trailing first quarter. I'm seeing how much variation this business can have from quarter to quarter. We do expect that as Boeing increases its build rates and inventories level out, we should see steady growth in hardware sales related to new builds. Backlog for the quarter was down $4.6 million year over year to $25.3 million and represent about 30% of expected shipments for the second half of the year at the midpoint of our guidance range.

第一季航空航天訂單增加了 380 萬美元。我正在觀察這個業務每季會有多大的變化。我們確實預計，隨著波音公司提高其建造率和庫存趨於平穩，我們應該會看到與新建相關的硬體銷售穩步增長。本季積壓訂單年減 460 萬美元至 2,530 萬美元，約占我們指引範圍中位數下半年預期出貨量的 30%。

If you will turn to slide 11, and I will summarize the work we have to do to put AstroNova on track to deliver stronger profitability and improve sales, there unfortunately is not any single lever to pull to make this work. We have to reengage with our customers and simplify our processes to improve our responsiveness. We need to measurably improve our customer retention rate. We have to evolve our sales approach for our new higher-value printers.

如果您翻到第 11 張投影片，我將總結我們必須進行的工作，以使 AstroNova 走上正軌，實現更強的盈利能力並提高銷售額，但遺憾的是，沒有任何單一的槓桿可以實現這一目標。我們必須重新與客戶接觸並簡化流程以提高我們的回應能力。我們需要大幅提高客戶保留率。我們必須改進針對新型高價值印表機的銷售方式。

We also are addressing production challenges in the Mail & Sheet/Flat Pack printer operation. We need to streamline processes to take out costs and reduce our lead times. We're simplifying operations in Portugal and better prioritizing and allocating our resources.

我們也正在解決郵件和單張/平板包裝印表機操作中的生產挑戰。我們需要簡化流程以降低成本並縮短交貨時間。我們正在簡化葡萄牙的業務，並更好地確定優先順序並分配我們的資源。

I remain encouraged as we move forward. We expect to see a full benefit of the $3 million in annualized cost reductions in the second half of the fiscal year. We will have a much better understanding of the potential of our new printers over the next few months. And our Aerospace business provides a stable base with a couple of tailwinds, including increasing aircraft build rates and a benefit to profit margin we will realize in fiscal 2028 as Honeywell royalty rolls off. I'm looking forward to the challenge of improving the business and driving change toward AstroNova.

當我們繼續前進時，我仍然受到鼓舞。我們預計，在本財政年度下半年，我們將看到 300 萬美元年度成本削減的全部效益。在接下來的幾個月裡，我們將對新印表機的潛力有更好的了解。我們的航空航太業務提供了一個穩定的基礎，並有幾個順風因素，包括不斷提高的飛機建造率和良好率的提高，隨著霍尼韋爾特許權使用費的減少，我們將在 2028 財年實現這些好處。我期待著改善業務並推動 AstroNova 變革的挑戰。

Operator, let's open the line for questions.

接線員，讓我們打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

This is -- this concludes the question-and-answer session and this concludes our conference for today.

問答環節到此結束，我們今天的會議也到此結束。

You may disconnect your lines at this time and we thank you for your participation.

您現在可以斷開線路，我們感謝您的參與。