AstroNova Inc (ALOT) 2026 Q3 法說會逐字稿

Greetings. Welcome to AstroNova's third quarter fiscal year 2026 financial results. (Operator Instructions) Please note, this conference is being recorded. At this time, I'll turn the conference over to Deborah Pawlowski, Investor Relations for AstroNova. Thank you, Deborah, you may now begin.

問候。歡迎閱讀 AstroNova 2026 財政年度第三季財務業績報告。（操作員說明）請注意，本次會議正在錄音。現在，我將把會議交給 AstroNova 的投資者關係負責人 Deborah Pawlowski。謝謝你，黛博拉，你可以開始了。

Thank you, and good morning, everyone. We certainly appreciate your interest in AstroNova, and thank you for sharing your time with us today. Joining me on our call are Jorik Ittmann, our President and Chief Executive Officer; and Tom DeByle, our Chief Financial Officer. You should have the earnings release that crossed the wires earlier this morning as well as the slides that will accompany our conversation day. If not, you can find these documents on the Investor Relations section of our website, astronovainc.com.

謝謝大家，大家早安。我們非常感謝您對 AstroNova 的關注，也感謝您今天抽出時間與我們交流。與我一同參加這次電話會議的還有我們的總裁兼執行長 Jorik Ittmann，以及我們的財務長 Tom DeByle。你應該已經收到了今天早上早些時候發布的財報，以及我們將在討論會上使用的幻燈片。如果找不到，您可以在我們網站 astronovainc.com 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 uncertainties and other factors are provided in the earnings release as well as in other documents filed by the company with the Securities and Exchange Commission. These documents can be found on our website or at sec.gov.

請翻到第二張投影片查看注意事項。您可能已經意識到，在正式演講和問答環節中，管理階層可能會對我們目前的計畫、信念和預期做出一些前瞻性聲明。這些聲明適用於未來事件，但未來事件存在風險、不確定性及其他因素，可能導致實際結果與今天在此所述內容有重大差異。這些風險、不確定性及其他因素均在盈利報告中以及公司向美國證券交易委員會提交的其他文件中有所說明。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. So now if you will turn to slide 3, I'll turn the call over to Jorik to begin.

此外，如投影片中所述，管理階層將參考一些非GAAP財務指標。我們相信這些資訊將有助於評估我們的業績。但是，您不應孤立地看待這些附加資訊的呈現，也不應將其視為按照公認會計原則編制的結果的替代品。您可以在今天發布的新聞稿和幻燈片附帶的表格中找到非GAAP指標與可比較GAAP指標的調節表。現在請翻到第 3 張投影片，我將把發言權交給 Jorik，讓他開始。

Jorik?

約里克？

Thank you, Debbie. Good morning, everyone, and thank you for joining us today. Our third quarter results are an early demonstration of our execution on the plan to transform AstroNova. Our priorities remain focused on improving customer engagement, strengthening operational performance, and building a culture accountability and urgency. While we're early in our transformation efforts, there were clear signs of progress across both segments in the quarter, including meaningful improvements in margins and cash generation.

謝謝你，黛比。各位早安，感謝大家今天收看我們的節目。我們第三季的業績初步證明了我們執行 AstroNova 轉型計畫的成效。我們的工作重點仍然是提高客戶參與度、加強營運績效以及建立責任感和緊迫感的企業文化。雖然我們的轉型工作還處於早期階段，但本季兩個業務部門都出現了明顯的進展跡象，包括利潤率和現金流的顯著改善。

I am encouraged by the momentum we're building inside the organization. If you turn to slide 4, I will talk through sales by segment. Product ID delivered year-over-year revenue growth in Q3, supported by improved execution across the business.

我對我們在組織內正在形成的勢頭感到鼓舞。如果您翻到第 4 張投影片，我將以細分市場來講解銷售情況。在業務整體執行力提升的支持下，產品 ID 在第三季度實現了同比增長的收入成長。

Our Mill and Sheet Flat Pack Printer business or Astra Machine performed well, with sales up 14% as productivity improvements enable increased shipment (inaudible). We also had higher shipments sequentially of direct to package overprint printers, including the redesigned AJ800.

我們的軋機和片材平板包裝印刷機業務（即Astra Machine）表現良好，銷售額成長了14%，這得益於生產效率的提高，從而增加了出貨量。（聽不清楚）我們還連續增加了直接包裝套印印表機的出貨量，其中包括重新設計的 AJ800。

Sales in trees as updated systems reach customers and continued to gain valuable feedback. The reorganization of commercial sales, which focused separate teams on cost for retention and customer acquisition has gained traction.

隨著更新後的系統到達客戶手中並不斷獲得寶貴的回饋，樹木銷售情況有所改善。商業銷售部門的重組，將團隊分別專注於降低客戶留存成本和客戶獲取成本，已經取得了成效。

Sales of our legacy desktop label printers increased nearly 5% over last year's third quarter and was up 6% over the second quarter of this fiscal year. We are improving engagement by our existing customers, reconnecting with customers we have previously lost, and developing a clear understanding of the sales cycles for our newer fair value printer platforms. We also continue to advance and validate our next-generation print solutions.

與去年第三季相比，我們傳統桌上型標籤印表機的銷量成長了近 5%，與本財年第二季相比成長了 6%。我們正在提高現有客戶的參與度，重新與先前失去的客戶建立聯繫，並深入了解我們新型公允價值印表機平台的銷售週期。我們也在不斷推進和驗證我們的下一代列印解決方案。

With upgraded (inaudible) units now in customer environments, we are gaining insight, we need to refine the product and ensure our offerings meet customer expectations. Turning to Aerospace. The business maintained its leading market position with major aircraft manufacturers.

隨著升級後的（聽不見的）設備現在已投入客戶使用，我們正在獲得一些見解，我們需要改進產品，並確保我們的產品滿足客戶的期望。轉向航空航太領域。該公司與主要飛機製造商保持了領先的市場地位。

We continue to make progress transitioning customers to our top rider product family. Customer adoption remains strong, and shipments of the top rider exceeded 80% of total flight deck printer in the quarter. We also saw healthy demand patterns this last quarter. Orders increased 24% year over year, and we benefited from improving production schedules at our major OEMs.

我們持續推進客戶向我們頂級騎行產品系列的過渡工作。客戶接受度依然強勁，本季頂級飛行員印表機的出貨量超過了飛行甲板印表機總量的 80%。上個季度我們也看到了健康的需求模式。訂單量年增 24%，這得益於我們主要 OEM 廠商生產計劃的改進。

Aerospace remains a stable and profitable business for us, and we expect industry build rates to remain a positive tailwind as we head into the fourth quarter and fiscal 2027. Across AstroNova, we continue to strengthen our culture around customer centricity, transparent communication, and disciplined operating focus.

航空航太業對我們來說仍然是一項穩定且盈利的業務，我們預計隨著第四季度和 2027 財年的到來，行業建設速度將繼續為我們帶來積極的推動作用。在 AstroNova，我們不斷加強以客戶為中心、透明溝通和嚴謹營運為核心的企業文化。

With that, I will turn it over to Tom to review the financials.

接下來，我將把財務報表交給湯姆審核。

Thank you, Jorik, and good morning, everyone. Turning to slide 5. Gross profit in the second quarter was $14.2 million, up 3.5% year over year and gross margin expanded 240 basis points on lower revenue. Sequentially, gross margin expanded 100 basis points driven by higher volume, productivity improvements, and improved mix.

謝謝你，Jorik，大家早安。翻到第5張投影片。第二季毛利為 1,420 萬美元，年增 3.5%，毛利率在收入下降的情況下成長了 240 個基點。受銷量成長、生產效率提高和產品組合改善的推動，毛利率環比增長 100 個基點。

Year-to-date fiscal '26, gross profit was $38.5 million or 34.1% of sales, a $1.5 million decline from the same period last year as a result of less favorable product mix associated with the atypical shipment of print heads in the Aerospace segment.

截至 2026 財年，毛利為 3,850 萬美元，佔銷售額的 34.1%，比去年同期下降了 150 萬美元，原因是航空航天部門印表機頭的非典型出貨導致產品組合不太有利。

Looking at slide 6. Product ID operating income was $1.9 million, consistent with the prior year period. Higher volume and a more favorable mix helped offset the $0.7 million inventory provision related to a warehouse closure and segment true-up as well as a $0.3 million goodwill impairment charge.

請看第6張投影片。產品 ID 的營業收入為 190 萬美元，與去年同期持平。更高的銷售量和更有利的產品組合有助於抵消與倉庫關閉和業務部門調整相關的 70 萬美元庫存準備金以及 30 萬美元商譽減損費用。

On an adjusted basis, operating income increased by 50% to $2.9 million or 10.6% of sales. Moving to slide 7. Aerospace operating income for the quarter was $4.5 million, up 39% from last year. This was driven by cost reductions and a $0.3 million benefit from the previously mentioned inventory true-up between segments.

經調整後，營業收入成長 50% 至 290 萬美元，佔銷售額的 10.6%。切換到第7張投影片。本季航空航太業務營業收入為 450 萬美元，比去年同期成長 39%。這主要得益於成本降低，以及先前提到的各部門之間庫存調整帶來的 30 萬美元收益。

Sequentially, we saw the benefit of a shift towards the tough writer systems, which contributed to improved mix and expected to remain a margin tailwind. Year-to-date, the impact of royalty payments on cost of goods sold was $1.8 million and are expected to be $2.3 million for the full year. This is down about $0.5 million from fiscal 2025.

從順序上看，我們觀察到轉向使用更高級的書寫系統的好處，這有助於改善產品組合，並有望繼續為利潤率帶來利好。今年迄今為止，特許權使用費對銷售成本的影響為 180 萬美元，預計全年將達到 230 萬美元。這比 2025 財年減少了約 50 萬美元。

Going into fiscal 2027, a major royalty agreement expires in September 2026, providing above $2.2 million annualized margin tailwind to be fully realized beginning in the fourth quarter.

進入 2027 財年，一項重要的特許權使用費協議將於 2026 年 9 月到期，該協議將帶來超過 220 萬美元的年度利潤增長，並將從第四季度開始全面實現。

Turning to slide 8. Our net income was $0.4 million or $0.05 per share, reflecting improved financial performance this quarter. Adjusted EBITDA was $4.2 million, up 29% from the prior year. Adjusted EBITDA margin for the third quarter was 10.7%.

翻到第8張幻燈片。本季淨收入為 40 萬美元，即每股 0.05 美元，反映出財務表現的改善。調整後 EBITDA 為 420 萬美元，比上年增長 29%。第三季調整後 EBITDA 利潤率為 10.7%。

Moving to slide 9. We had a strong quarter of cash generation, which was very encouraging. Cash provided from operations in the third quarter of fiscal 2026 was $3.4 million, up from the prior year due to strong cash earnings and reduced working capital requirements, primarily due to lower inventory mostly in the Aerospace segment.

切換到第9張投影片。本季現金流表現強勁，非常令人鼓舞。2026 財年第三季經營活動產生的現金為 340 萬美元，較上年同期成長，這主要得益於強勁的現金收益和營運資金需求的減少，而營運資金需求的減少主要歸功於航空航太領域的庫存減少。

AstroNova is a very capital-light business. CapEx year-to-date was $0.2 million, and we are expecting CapEx for the full year to be less than $0.5 million. We refinanced our credit facility during the quarter, extending the maturity out to 2028 and beyond, consolidating our foreign debt into the US and providing temporary expansion of our revolver.

AstroNova是一家資本投入非常少的公司。今年迄今的資本支出為 20 萬美元，我們預計全年的資本支出將低於 50 萬美元。本季我們對信貸安排進行了再融資，將到期日延長至 2028 年及以後，將我們的外債合併到美國，並暫時擴大了我們的循環信貸額度。

To refinance lowered our principal payments and converted term euro debt to US dollar debt, our new credit agreement provides us greater flexibility as we continue to strengthen the business. This quarter, we paid down $3.2 million in debt and have reduced the debt by $6.4 million year-to-date.

為了進行再融資，我們降低了本金支付額，並將歐元定期債務轉換為美元債務。新的信貸協議為我們提供了更大的靈活性，使我們能夠繼續加強業務。本季度，我們償還了 320 萬美元的債務，今年迄今已減少了 640 萬美元的債務。

Our net debt leverage ratio at the end of the quarter was at 3.38 comfortably below the maximum 4.75 coverage ratio in our lending agreement. Our fixed charge coverage ratio was 1.27 at the end of the quarter versus the minimum requirement of 1.05.

本季末，我們的淨債務槓桿率為 3.38，遠低於貸款協議中規定的最高 4.75 的覆蓋率。本季末，我們的固定費用覆蓋率為 1.27，而最低要求為 1.05。

As of October 31, 2025, we had $13.5 million in total liquidity, including $3.6 million in cash and $9.9 million available on the revolver. We remain focused on improving cash generation, being disciplined in our capital allocation, and reducing leverage over time.

截至 2025 年 10 月 31 日，我們共有 1,350 萬美元流動資金，其中包括 360 萬美元現金和 990 萬美元循環信貸額度。我們將繼續專注於改善現金流、嚴格控制資本配置，並逐步降低槓桿率。

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，我把電話交還給 Jorik。

Thanks, Tom. We had orders of $35.9 million in the third quarter of fiscal 2026, which were down $1.7 million from the prior year period and relatively unchanged sequentially as improvements in aerospace offset a slightly weaker order quarter for Product ID.

謝謝你，湯姆。我們在 2026 財年第三季獲得了 3,590 萬美元的訂單，比去年同期減少了 170 萬美元，與上一季相比基本保持不變，因為航空航天領域的改善抵消了產品 ID 訂單略微疲軟的一個季度。

In Product ID, orders were impacted by delays in renewing blanket orders with shorting customers, which we expect to see return in the fourth quarter. The team now continues to engage more directly with current, past, and prospective customers to rebuild our consistency and strengthen the pipeline.

在產品 ID 方面，由於缺貨客戶續簽總訂單的延遲，訂單受到了影響，我們預計這種情況將在第四季度得到改善。目前，團隊正繼續與現有客戶、過去客戶和潛在客戶進行更直接的互動，以重建我們的一致性並加強銷售管道。

In Aerospace, we had strong order activity from major OEMs. As their inventories came down, we expect our shipments going forward to be more in line with the OEMs improving build rates. While quarterly order patterns can vary, the underlying production environment remains constructive, and the ongoing transition to our top rider product line continues to support a better mix.

在航空航太領域，我們獲得了來自主要原始設備製造商的強勁訂單。隨著庫存下降，我們預計未來的出貨量將與 OEM 廠商提高生產力的情況更加吻合。儘管季度訂單模式可能會有所不同，但潛在的生產環境仍然良好，並且持續向我們的頂級騎手產品線過渡，從而繼續支持更好的產品組合。

Lower backlog at quarter end was driven by a decline in Product ID, which was not fully offset by growth in Aerospace backlog. The decline in product ID backlog was due to higher shipments of mill and sheet flat pack printers and the timing associated with blanket orders.

季度末積壓訂單減少是由於產品 ID 訂單減少，而航空航天訂單增加並未完全抵消此影響。產品 ID 積壓訂單的減少是由於軋機和片材平板包裝印表機的出貨量增加以及批量訂單的時間安排所致。

If you will turn to slide 11, I will summarize that we're currently underway with AstroNova on track to deliver stronger profitability and improved sales. Many of the initiatives we introduced last quarter are now well in motion, and we are beginning to see benefits across the organization.

如果您翻到第 11 張投影片，我將總結說，我們目前正在推進 AstroNova 項目，該項目有望實現更高的獲利能力和更好的銷售額。我們上個季度推出的許多舉措現在都進展順利，我們開始看到這些措施為整個組織帶來好處。

We continue to strengthen our culture around customer centricity, transparency, and disciplined execution. Teams are collaborating more effectively, decision making is faster, and we are aligning the organization around clear priorities.

我們將繼續加強以客戶為中心、透明公開和嚴謹執行的企業文化。團隊協作更有效率，決策速度更快，我們正在圍繞明確的優先事項調整組織方向。

The reason we have focused our executive leadership on the higher value long sales cycle products, given our experience there and the significant difference in the type of seal versus our shorter-cycle desktop printer. By doing so, we can also better leverage the sales team experience on shorter cycle wins.

鑑於我們在該領域的經驗，以及密封件類型與我們週期較短的桌上型印表機之間存在的顯著差異，我們之所以將高階主管領導層的工作重點放在高價值、長銷售週期的產品上。透過這樣做，我們還可以更好地利用銷售團隊的經驗，在週期較短的銷售週期內贏得訂單。

Across the company, we're containing costs, improving processes, simplifying our operation. The $3 million in annualized cost reductions we have discussed previously are now fully implemented, and we saw a full impact of the savings in the third quarter.

公司上下都在努力控製成本、改善流程、簡化營運。我們之前討論過的每年 300 萬美元的成本削減計劃現在已經全面實施，我們在第三季度看到了節省成本的全面效果。

We're investing in growth as well. We had -- we have added some new sales talent and to build a pipeline of qualified opportunities. Our employing active digital marketing outreach campaigns, which are complemented by exhibits at high-impact industry events.

我們也在投資成長。我們已經－我們補充了一些新的銷售人才，並建立了一個合格的銷售機會管道。我們積極進行數位行銷推廣活動，並輔以在具有高影響力的行業活動中參展。

We're also employing a very disciplined qualification process to prioritize the user -- the use of resources, improve forecast, and quality and maintain pipeline integrity. Our ongoing transition to autonomous ink printed platform will enable greater supply chain flexibility. In Aerospace, the upcoming royalty roll-off in fiscal 2027 and remains a meaningful long-term margin opportunity.

我們還採用了一套非常嚴格的資格認證流程，以優先考慮使用者——資源利用、改進預測和品質以及維護管道完整性。我們正在向自主噴墨列印平台轉型，這將使供應鏈更具靈活性。在航空航太領域，即將到來的 2027 財年特許權使用費削減仍具有重要的長期利潤機會。

We are reiterating our guidance for the full year of fiscal 2026. We expect to deliver full year revenue of $149 million to $154 million, which implies fourth quarter revenue of $36 million to $41 million, and we expect adjusted EBITDA margin to be in the 7.5% to 8.5% range.

我們重申對 2026 財年全年的業績預期。我們預計全年營收為 1.49 億美元至 1.54 億美元，這意味著第四季營收為 3,600 萬美元至 4,100 萬美元，我們預計調整後 EBITDA 利潤率將在 7.5% 至 8.5% 之間。

We're creating stability across the business. The team is aligned and committed and we're executing with a greater sense of urgency. While there is still work ahead, we are confident of our ability to improve performance and deliver a stronger, more resilient AstroNova.

我們正在為整個業務創造穩定局面。團隊目標一致，全力以赴，我們正在以更大的緊迫感執行任務。雖然前方還有許多工作要做，但我們有信心提升效能，打造更強大、更具韌性的 AstroNova。

Operator, let's open the line for questions.

接線員，我們來接聽提問電話。

(Operator Instructions) We did have no questions at this time. I'll turn the floor back to management for closing remarks.

（操作說明）當時我們沒有任何問題。我將把發言權交還給管理階層，請他們作總結發言。

Thank you. Thank you, everyone, for participating in this call. We appreciate it. There are no questions today. Thank you for your time.

謝謝。感謝各位參加本次電話會議。我們非常感謝。今天沒有問題。感謝您抽出時間。

Thank you, gentlemen. This will conclude today's conference. You may now disconnect your lines at this time. We thank you for your participation. Have a wonderful day.

謝謝各位先生。今天的會議到此結束。現在您可以斷開線路了。感謝您的參與。祝您有美好的一天。