Barrick Mining Corp (B) 2023 Q4 法說會逐字稿

Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the bore Barnes Fourth Quarter and Full Year Earnings Call and Webcast. (Operator Instructions) I would now like to turn the conference over to Bill Pitts, Vice President of Investor Relations. Bill, you may begin your conference.

早安.我叫克里斯塔，今天我將擔任你們的會議接線生。此時此刻，我歡迎大家參加 Barnes 第四季和全年財報電話會議和網路廣播。（操作員指示）我現在想將會議轉交給投資者關係副總裁比爾·皮茨 (Bill Pitts)。比爾，你可以開始你的會議了。

Thank you, Krista, but good morning, and thank you for joining us for our fourth quarter and full year 2023 earnings call. With me are Barnes President and Chief Executive Officer, Thomas Hook; Senior Vice President, Finance and Chief Financial Officer, Julie Streich; and Ian Reason, President of Barnes Aerospace. You can access all earnings related materials on the Investor Relations section of our corporate website and one Barnes.com that's O-N-E-B-A-R-N-E-S.com

謝謝克里斯塔，早安，感謝您參加我們的 2023 年第四季和全年財報電話會議。和我在一起的有 Barnes 總裁兼執行長 Thomas Hook；資深財務副總裁兼財務長 Julie Streich；以及 Barnes Aerospace 總裁 Ian Reason。您可以在我們公司網站的投資者關係部分和 Barnes.com（O-N-E-B-A-R-N-E-S.com）上存取所有與獲利相關的資料

During our call, we will be referring to the earnings supplement presentation. Our discussion today includes certain non-GAAP financial measures which provide additional information we believe is helpful to investors. These measures have been reconciled to the related GAAP measures in accordance with SEC regulations. You will find a reconciliation table on our website as part of our press release and in the Form eight K submitted to the Securities and Exchange Commission.

在我們的電話會議中，我們將提及收益補充說明。我們今天的討論包括某些非公認會計準則財務指標，這些指標提供了我們認為對投資者有幫助的額外資訊。這些措施已根據 SEC 法規與相關 GAAP 措施進行了調整。您可以在我們的網站上找到調節表，作為我們新聞稿的一部分，以及提交給證券交易委員會的 8 K 表中。

Of note, as we announced in today's earnings press release, following the acquisition of MB aerospace. The Company is introducing adjusted EBITDA metrics to its reporting and outlook, which Julie will discuss in greater detail, be advised that certain statements we make on today's call, both during the opening remarks and during the question and answer session may be forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

值得注意的是，正如我們在今天的財報新聞稿中所宣布的那樣，收購了 MB 航空航太公司。公司正在其報告和展望中引入調整後的EBITDA 指標，朱莉將更詳細地討論這些指標，請注意，我們在今天的電話會議上在開場白和問答環節中所做的某些陳述可能是前瞻性陳述定義見 1995 年《私人證券訴訟改革法案》。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Please consider the risks and uncertainties that are mentioned in today's call and are described in our periodic filings with the SEC, which are available on the Investor Relations section on one Barnes.com. I'll now turn the call over to Tom for his opening remarks, then Ian will comment on our aerospace business and progress on the MB. aerospace acquisition. After that, Julie will provide a review of our financial performance and details of our initial 2024 outlook. Then we'll open up the call for questions. Tom?

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與預測有重大差異。請考慮今天電話會議中提到的風險和不確定性，以及我們向 SEC 提交的定期文件中描述的風險和不確定性，這些文件可在 Barnes.com 的投資者關係部分找到。現在我將把電話轉給 Tom 進行開場白，然後 Ian 將評論我們的航空航天業務和 MB 的進展。航空航太收購。之後，朱莉將回顧我們的財務表現和 2024 年初步展望的詳細資訊。然後我們將開放提問。湯姆？

Thank you, Bill. Of the Barnes Aerospace business, as we transform our portfolio toward a majority contribution from the attractive aerospace market and in an effort to continually provide transparency into our business, it's important to hear directly from our operational leaders. Periodically, Ian will provide an update on the integration of MB aerospace, expected synergies and the operational and commercial benefits we are already experiencing.

謝謝你，比爾。在巴恩斯航空航太業務中，當我們將我們的投資組合轉向有吸引力的航空航太市場的大部分貢獻並努力不斷提高我們的業務透明度時，直接聽取我們營運領導者的意見非常重要。Ian 將定期提供有關 MB 航空航天整合、預期協同效應以及我們已經體驗到的營運和商業效益的最新資訊。

First, let me provide an overview of 2023 to highlight our considerable achievements as a team.

首先，讓我概述 2023 年，以強調我們作為一個團隊所取得的巨大成就。

Please turn to Slide 5. I'm pleased with the noteworthy progress made in the execution of Bard's business transformation strategy, encompassing our three pillars core business execution, scale, aerospace and integrate, consolidate, and rationalize industrial across the company.

請翻到投影片 5。我對巴德業務轉型策略的執行取得的顯著進展感到高興，該策略涵蓋我們的三大支柱核心業務執行、規模、航空航太以及整個公司工業的整合、鞏固和合理化。

We are committed to unlocking Barnes full potential and increasing value. For the full year, we turned in a solid performance revenue of $1.45 billion grew 15% reported and 5% organic. Adjusted EBITDA margin improved to nearly 19%, reflecting benefits from our cost savings efforts will also improve cash flow significantly due to disciplined cost management and a focus on working capital while still investing in our business for long-term growth.

我們致力於釋放 Barnes 的全部潛力並增加價值。全年，我們實現了 14.5 億美元的穩健業績收入，報告收入成長 15%，有機收入成長 5%。調整後的EBITDA 利潤率提高至近19%，反映出我們節省成本的努力所帶來的效益也將因嚴格的成本管理和對營運資本的關注而顯著改善現金流，同時仍投資於我們的業務以實現長期成長。

Our restructuring program continues to progress. We delivered $25 million in savings in '23 above our previously communicated $22 million target. These savings are partially mitigating higher material and labor costs and isolated productivity challenges. Importantly, we are seeing costs abate somewhat and supply chain health improve despite more work ahead. And I'm proud of our team accomplishments in the short period of time. We've been at it we delivered meaningfully on our key strategic priorities during the year and are gaining momentum.

我們的重組計劃繼續取得進展。我們在 23 年實現了 2500 萬美元的節省，高於先前傳達的 2200 萬美元的目標。這些節省部分緩解了更高的材料和勞動力成本以及孤立的生產力挑戰。重要的是，儘管未來還有更多工作要做，但我們看到成本下降，供應鏈健康狀況有所改善。我為我們團隊在短時間內所取得的成就感到自豪。我們一直在努力，在這一年中有意義地實現了我們的關鍵策略優先事項，並且勢頭正在增強。

Please turn to slide 6 and our first strategic pillar. Core business execution. As I've said before, we are focused on top line, bottom line, and pipeline growth across the Company. We continue to identify opportunities to strengthen our direct connection with customers for top line growth and leverage these opportunities through commercial excellence, combined with operational productivity to improve bottom-line profitability. These actions in turn fund future pipeline investments and increase our sales funnel.

請參閱投影片 6 和我們的第一個策略支柱。核心業務執行。正如我之前所說，我們專注於整個公司的營收、利潤和通路成長。我們繼續尋找機會加強與客戶的直接聯繫，以實現收入成長，並透過卓越的商業表現和營運生產力來利用這些機會，以提高底線獲利能力。這些行動反過來又為未來的管道投資提供資金並擴大我們的銷售管道。

During 2023, we extended to long-term aerospace agreements with Saffron in Molding Solutions, we deployed an integrated channel management approach and a global go-to-market alignment to drive commercial excellence. Operationally, we are applying heightened cost management and working capital discipline across the organization.

2023 年，我們與 Saffron 在成型解決方案領域達成了長期航空航太協議，部署了整合通路管理方法和全球市場整合，以推動商業卓越。在營運方面，我們正在整個組織內加強成本管理和營運資本紀律。

Please turn to Slide 7 and our second strategic pillar scale aerospace. In 2023, we made a massive leap with the strategic acquisition of MB aerospace, which closed in August. Barnes Aerospace is now a truly global business with an expanded geographic reach, diverse capabilities, and offerings to serve markets and customers around the world the addition of MB aerospace to our portfolio positions us as a more attractive partner than enables deeper customer relationships and the ability to win additional contracts. To that end, we have already closed on two large contract renewals and expect to close on several other large contract wins and extensions with customers. And we'll discuss this in more detail in a moment.

請轉向幻燈片 7 和我們的第二個戰略支柱規模航空航天。2023 年，我們透過對 MB 航空航太公司的策略性收購實現了巨大飛躍，該收購已於 8 月完成。Barnes Aerospace 現在是一家真正的全球性企業，擁有更廣泛的地理覆蓋範圍、多樣化的能力以及為世界各地的市場和客戶提供服務的產品，將MB 航空航天添加到我們的產品組合中，使我們成為一個更具吸引力的合作夥伴，而不是加深客戶關係和能力贏得更多合約。為此，我們已經完成了兩份大型合約續約，並預計將完成其他幾項大型合約的贏得和與客戶的延期。我們稍後將更詳細地討論這個問題。

We continue to further scale this business through integration and synergies, which will drive growth, operational excellence, and margin expansion.

我們將繼續透過整合和協同效應進一步擴大這項業務，這將推動成長、卓越營運和利潤率擴張。

Please turn to Slide 8 and our final strategic pillar, integrate consolidate and rationalize our industrial segments. During the year, we formed the Barons transformation office or BTO. to enable a more agile, responsive organization using standard tools, processes, and systems. We are experienced solid momentum as we execute numerous transformation initiatives in support of accelerating our growth and profitability. We advanced our manufacturing facility optimization through footprint rationalization with plant closures and Molding Solutions motion control solutions and several smaller underperforming technology and service centers in the automation business at Molding Solutions. After several months of planning, we recently announced a new organization structure to fully integrate and streamline the business to drive efficiency and expand manufacturing capacity globally.

請看幻燈片8，我們最後的策略支柱是整合、整合和合理化我們的產業部門。這一年，我們成立了男爵轉型辦公室（BTO）。使用標準工具、流程和系統打造更敏捷、反應迅速的組織。在執行眾多轉型措施以支持加速成長和獲利能力的過程中，我們經歷了強勁的勢頭。我們透過關閉工廠和 Molding Solutions 運動控制解決方案以及 Molding Solutions 自動化業務中幾個規模較小、表現不佳的技術和服務中心來實現佔地面積合理化，從而推進了我們的製造設施優化。經過幾個月的規劃，我們最近宣布了一個新的組織結構，以全面整合和簡化業務，以提高效率並擴大全球製造能力。

Last month, we took another important step forward with the announced sale of our Associated Spring and handling businesses. With this divestiture, we will exit automotive components, manufacturing and simplify the industrial segment post-close. The expected net cash proceeds of approximately $150 million will be used to reduce debt supporting our leverage target goals.

上個月，我們又向前邁出了重要一步，宣佈出售我們的 Associated Spring 和搬運業務。透過此次剝離，我們將退出汽車零件、製造，並在交易結束後簡化工業部門。預計約 1.5 億美元的淨現金收益將用於減少支持我們槓桿目標的債務。

On slide 9, you can see how these strategic actions are dramatically shifting our portfolio moving us towards higher growth and margin opportunities while increasing our exposure to more stable business as we move forward. Our Aerospace segment will account for the majority of our consolidated revenues. An even larger percentage of our earnings positioning us for long-term profitable growth.

在投影片 9 上，您可以看到這些策略行動如何大幅改變我們的投資組合，使我們獲得更高的成長和利潤機會，同時隨著我們的前進，增加我們對更穩定業務的接觸。我們的航空航天部門將占我們合併收入的大部分。我們的收入中有更大的比例使我們能夠實現長期獲利成長。

In closing, our teams drove an incredible amount of progress in 2023, where we have faced challenges. We have taken actions to improve performance. We had a clear vision for Barnes, a solid strategy that we are in the process of executing to make that vision a reality and a passionate team that has proven they know how to deliver results.

最後，我們的團隊在 2023 年取得了令人難以置信的進步，但我們也面臨挑戰。我們已採取行動來提高績效。我們為 Barnes 制定了明確的願景，我們正在執行一項堅實的策略，以使該願景成為現實，並且我們的團隊充滿激情，已經證明他們知道如何交付成果。

While we still have a lot more to do, we are committed to reshaping and positioning Barnes for success by executing our strategic priorities to maximize value for our shareholders. As such you should expect more progress in 2024. We will continue to drive multiple working capital, cash management and cost reduction activities with a focus on business fundamentals and deleveraging our balance sheet.

雖然我們還有很多工作要做，但我們致力於透過執行我們的策略重點來重塑 Barnes 並使其取得成功，從而為股東實現價值最大化。因此，您應該期待 2024 年會取得更多進展。我們將繼續推動多項營運資本、現金管理和降低成本活動，並專注於業務基本面和去槓桿化資產負債表。

Now before passing the call to Ian, I want to take a moment to thank the global Barnes team of 6,500 employees for their hard work contributions and dedication to the success of Barnes and its transformation. Their collaborative attitude and willingness to embrace change in a fast-paced environment is what will allow us to achieve our desired outcomes. And for that, I am truly grateful, and I'll now pass the call to Ian for an update on Barnes Aerospace.

現在，在打電話給 Ian 之前，我想花點時間感謝由 6,500 名員工組成的 Barnes 全球團隊，感謝他們為 Barnes 的成功及其轉型所做的辛勤工作和奉獻。他們的協作態度和在快節奏環境中擁抱變革的意願將使我們能夠實現預期的結果。為此，我真的很感激，現在我將打電話給 Ian，以了解 Barnes Aerospace 的最新情況。

Thank you, Tom, and good morning, everyone. I'm happy to participate in today's call to provide an update on Barnes Aerospace, including the MB aerospace acquisition and share my excitement about the opportunities to capitalize on the strength of the combined business please turn to Slide 10. In the five months since the acquisition closed, we have made significant progress with our key integration objectives. We approach the integration with the guiding principle of stronger together to inform our decisions and actions, and we now operate as one bonds. Aerospace, our new organization structure is in place, including the senior management team, the combined leaders from both Barnes Aerospace and the aerospace. And we are going to market as a single unified fund aerospace brand with Cooper integration activities complete.

謝謝你，湯姆，大家早安。我很高興參加今天的電話會議，介紹 Barnes Aerospace 的最新情況，包括收購 MB 航空航太公司，並分享我對利用合併後業務實力的機會的興奮之情（請參閱投影片 10）。在收購完成後的五個月裡，我們在關鍵整合目標方面取得了重大進展。我們以「團結一致」為指導原則進行整合，為我們的決策和行動提供信息，現在我們作為一個紐帶運作。航空航太方面，我們的新組織架構已經到位，包括高階管理團隊、Barnes Aerospace 和航空航太領域的共同領導者。隨著庫柏整合活動的完成，我們將作為單一統一基金航空航太品牌進行行銷。

We are now focused on optimizing and improving the combined business, there has been solid advancement in identifying and executing synergies as we exit 2023, we have secured $8.5 billion of run rate synergies and have line of sight to increase the run rate to $12 million by the end of 2024. We fully expect to realize the $18 million run rate target shared upon closing of the transaction by the end of 2025. In addition, we are enabling greater flexibility and best practice sharing to optimize our existing facilities. For example, in January in Connecticut, we created a new OEM Operations Center of Excellence. We'll see are we primarily focused on military related components resulting in management and operational efficiencies. This COE approach creates opportunities to optimize global facility capacity, which enables us to position work in the right CEO relocation from our extensive global footprint to best meet program and customer needs.

我們現在專注於優化和改進合併後的業務，到 2023 年退出時，在識別和執行協同效應方面取得了堅實的進展，我們已經獲得了 85 億美元的運行率協同效應，併計劃通過2024年底。我們完全期望在 2025 年底完成交易時實現 1800 萬美元的運行費率目標。此外，我們還提供更大的靈活性和最佳實踐共享，以優化我們現有的設施。例如，一月份我們在康乃狄克州創建了一個新的 OEM 卓越營運中心。我們將看到我們主要關注軍事相關組件，從而提高管理和運營效率。這種 COE 方法創造了優化全球設施產能的機會，使我們能夠將執行長從我們廣泛的全球足跡中調動到正確的位置，以最好地滿足計劃和客戶需求。

As Tom noted, our now larger aerospace business is seeing new commercial and defense opportunities. Given our expanded capabilities and solution set. Our increased scale also provides greater diversification of customers, markets, and platforms. Customer feedback regard regarding our combined value-added offering, it's been very positive. We have been working diligently on renewing multiple long-term agreements with all of our major engine OEM customers and have largely concluded negotiations on all the agreements. We have already signed two major LTAs and are now working toward finalizing the remainder of the agreements over the coming few weeks. These deals a combination of program extensions and incremental new work will generate significant order strength for the business over time.

正如湯姆指出的那樣，我們現在規模更大的航空航天業務正在看到新的商業和國防機會。鑑於我們擴展的能力和解決方案集。我們規模的擴大也使客戶、市場和平台更加多樣化。客戶對我們的綜合增值服務的回饋非常積極。我們一直在努力與所有主要引擎原始設備製造商客戶續簽多項長期協議，並已基本完成所有協議的談判。我們已經簽署了兩項主要的長期協議，目前正在努力在未來幾週內敲定其餘協議。這些交易結合了計劃擴展和增量新工作，隨著時間的推移將為企業帶來顯著的訂單強度。

An example of an LTA We have recently signed, which illustrates our competitive position. It's a long-term agreement with General Electric to extend the term for LEAP engine programs by 10 years, extend legacy engine programs by four years and expand our portfolio of products on military engines. This agreement has an estimated sales value of over $1 billion to 2025 with most of the value from PROGRAM extensions. In addition, we have signed an LTA extension with a legacy NB aerospace engine OEM customer, and we are close to finalizing several others building on the previously announced timeframe.

我們最近簽署的長期協議範例，說明了我們的競爭地位。這是與通用電氣達成的一項長期協議，將 LEAP 發動機項目的期限延長 10 年，將傳統發動機項目延長 4 年，並擴大我們的軍用發動機產品組合。該協議預計到 2025 年銷售額將超過 10 億美元，其中大部分價值來自 PROGRAM 擴展。此外，我們還與一家傳統的 NB 航空航天發動機 OEM 客戶簽署了長期協議延期，並且我們即將在先前宣布的時間表上敲定其他幾項協議。

Long-term agreement for the repair and overhaul components for the LEAP and CFM engine programs and the increasing demand for aftermarket repairs from other customers. We are expanding our existing MRO footprint in Singapore with the opening of a new facility in the sale to our aerospace park in 2024. Furthermore, to ensure we can offer a truly global repair solution to our customers, we have initiated planning for a new European MRO component repair facility utilizing our existing footprint in Poland.

LEAP 和 CFM 引擎專案的維修和大修零件的長期協議以及其他客戶對售後維修日益增長的需求。我們正在擴大我們在新加坡現有的 MRO 業務範圍，並於 2024 年向我們的航空航天園區開設新設施。此外，為了確保我們能夠為客戶提供真正的全球維修解決方案，我們已開始利用我們在波蘭的現有足跡規劃建立一個新的歐洲 MRO 零件維修設施。

In closing, we have made significant advancements on many fronts in becoming a near $1 billion aerospace business as we position ourselves for further organic and inorganic growth. Our team is excited about the progress, and I look forward to sharing more highlights with you in the future.

最後，我們在許多方面取得了重大進展，成為一家價值近 10 億美元的航空航太企業，我們為進一步的有機和無機成長做好了準備。我們的團隊對這項進展感到興奮，我期待著將來與您分享更多亮點。

With that, I'll now pass the call to Julie to cover our financial performance and outlook.

現在，我將把電話轉給朱莉，介紹我們的財務表現和前景。

Thank you, Ian, and good morning, everyone. Before I walk through our results, I want to first share that we are introducing adjusted EBITDA metrics to our reporting and outlook. We believe this addition better reflects our core operating and cash generating capability and provides increased transparency into our performance.

謝謝你，伊恩，大家早安。在介紹我們的結果之前，我想先分享一下，我們正在將調整後的 EBITDA 指標引入我們的報告和展望中。我們相信，這項措施更能反映了我們的核心營運和現金產生能力，並提高了我們業績的透明度。

Also as Tom discussed, we recently announced the divestiture of Associated Spring and Henke. Combined, these businesses generated approximately $200 million in revenue in 2023. The combination of our MB aerospace acquisition, coupled with this divestiture shifts our portfolio to a more focused and higher value business. It is truly an exciting time as we position Barnes for sustainable, profitable growth and further value creation.

另外，正如 Tom 所討論的，我們最近宣布剝離 Associated Spring 和 Henke。這些業務在 2023 年合計產生約 2 億美元的收入。我們對 MB 航空航太的收購加上此次資產剝離，使我們的投資組合轉向更專注和更高價值的業務。這確實是一個激動人心的時刻，因為我們將 Barnes 定位為可持續、獲利成長和進一步創造價值。

My comments today will focus on our fourth quarter results and 2024 outlook. We have provided full year results for the total company and by segment within our earnings presentation, which is posted on our Investor Relations website for your reference. Also comparisons are year-over-year unless otherwise noted.

我今天的評論將重點放在我們第四季的業績和 2024 年的展望。我們在獲利報告中提供了整個公司和分部門的全年業績，該業績報告發佈在我們的投資者關係網站上，供您參考。除非另有說明，否則比較也是逐年進行的。

Please turn to slide 12. For the fourth quarter, sales were $416 million, up 33% reported and up 2% organic. Foreign exchange was a benefit of 2%. Adjusted operating income was $48 million up 36% and adjusted operating margin of 11.5% was up 30 basis points, largely attributable to our restructuring program. Adjusted EBITDA was $78 million, up 36% and adjusted EBITDA margin was 18.8%, up 50 basis points.

請翻到投影片 12。第四季銷售額為 4.16 億美元，報告成長 33%，有機成長 2%。外匯收益為2%。調整後營業收入為 4,800 萬美元，成長 36%，調整後營業利潤率為 11.5%，成長 30 個基點，這主要歸功於我們的重組計劃。調整後 EBITDA 為 7,800 萬美元，成長 36%，調整後 EBITDA 利潤率為 18.8%，成長 50 個基點。

Interest expense was $24 million versus $4 million due to higher borrowings given the acquisition of MB aerospace and a higher average interest rate associated with our debt recapitalization. The fourth quarter adjusted tax rate was 12%. During the quarter, we completed an inter-company transaction between related entities in several tax jurisdiction, which based on the tax law in those jurisdictions provided a favorable tax benefit.

利息支出為 2,400 萬美元，而 400 萬美元是由於收購 MB 航空航太後借款增加以及與我們的債務資本重組相關的平均利率較高。第四季調整後稅率為12%。本季度，我們完成了多個稅務管轄區關聯實體之間的公司間交易，該交易根據這些司法管轄區的稅法提供了有利的稅收優惠。

On an adjusted basis, net income per share was $0.41 compared to $0.52, reflecting revenue growth and margin improvement offset by higher interest and tax expense.

調整後每股淨利潤為 0.41 美元，去年同期為 0.52 美元，反映出收入成長和利潤率改善被較高的利息和稅收費用所抵消。

I will now turn to our fourth quarter segment performance. Starting with Aerospace.

我現在將談談我們第四季的部門業績。從航空航天開始。

On Slide 13, we have made significant strides in integrating our aerospace business and are better positioned to participate in the strong industry growth opportunity. For the fourth quarter, total sales were $213 million, up 96% reported and up 15% organic. Excluding the impact of MB aerospace, organic OEM sales increased 17%. MRO sales grew 15% and RSP sales were up 7%. These results demonstrate the strength of our underlying aerospace business.

在幻燈片 13 中，我們在整合航空航天業務方面取得了重大進展，並且處於更好的位置來參與強勁的行業成長機會。第四季總銷售額為 2.13 億美元，報告成長 96%，有機成長 15%。排除 MB 航空航天的影響，有機 OEM 銷售額增長 17%。MRO 銷售額成長 15%，RSP 銷售額成長 7%。這些結果證明了我們基礎航空航太業務的實力。

Adjusted operating profit of $27 million was up 53%, while adjusted operating margin declined 360 basis points to 12.8%, reflecting the impacts of MB's portfolio mix and the amortization of long-term acquired intangibles aerospace adjusted EBITDA was $46 million, up 69%, benefiting from higher organic sales and the contribution of MB aerospace.

調整後營業利潤為2,700 萬美元，成長53%，而調整後營業利潤率下降360 個基點至12.8%，反映了MB 投資組合組合和長期收購航空無形資產攤銷的影響調整後EBITDA 為4,600 萬美元，成長69%，受益於更高的有機銷售額和 MB 航空航太的貢獻。

Adjusted EBITDA margin was 21.5% versus 24.9% a year ago, impacted by portfolio mix and productivity. As Ian mentioned, we are working diligently on several new long-term agreements with customers. Our backlog remains healthy with the combined Barnes and MBE aerospace business, our OEM backlog now stands at $1.23 billion, and we expect to convert approximately 50% to revenue over the next 12-months.

受投資組合組合和生產力的影響，調整後 EBITDA 利潤率為 21.5%，而去年同期為 24.9%。正如伊恩所提到的，我們正在努力與客戶達成幾項新的長期協議。合併後的 Barnes 和 MBE 航空航太業務使我們的積壓訂單保持健康，我們的 OEM 積壓訂單目前為 12.3 億美元，我們預計在未來 12 個月內將約 50% 轉化為收入。

Moving to industrial results on slide 14, we have made significant progress to integrate, consolidate and rationalize our industrial segment. This includes our restructuring program aimed at reducing our cost structure, the closing of numerous locations over the last year and a half and more recently the announced agreement to sell the Associated Spring and Handy fourth quarter sales were $203 million, down 1% reported and down 4% organic Molding Solutions organic sales increased 1% while Motion Control Solutions, organic sales were down 10%, and automation was down 7%.

轉到幻燈片 14 上的工業結果，我們在工業部門的整合、鞏固和合理化方面取得了重大進展。這包括我們旨在降低成本結構的重組計劃、在過去一年半中關閉了許多地點以及最近宣布的出售Associated Spring 和Handy 的協議。第四季度銷售額為2.03 億美元，報告下降1%，並下降4% 有機 成型解決方案的有機銷售額增長了 1%，而運動控制解決方案的有機銷售額下降了 10%，自動化下降了 7%。

Adjusted operating profit was $20 million, up 19% and adjusted operating margin was 10.1%, up 170 basis points. Adjusted EBITDA was $33 million, up 4% and adjusted EBITDA margin was 16%, up 80 basis points, benefiting from positive pricing and favorable productivity due in part to transformation related activities, partially offset by lower sales volumes and mix.

調整後營業利潤為 2,000 萬美元，成長 19%，調整後營業利益率為 10.1%，成長 170 個基點。調整後的EBITDA 為3,300 萬美元，成長4%，調整後的EBITDA 利潤率為16%，成長80 個基點，受益於積極的定價和有利的生產力，部分原因是轉型相關活動，部分被銷售和產品組合的下降所抵消。

Turning to the balance sheet and cash flow on Slide 15, cash provided by operating activities for the full year was $112 million versus $76 million a year ago. The significant improvement was driven by a lower investment in working capital. Free cash flow was $57 million versus $40 million and capital expenditures were $56 million, up $21 million from the prior year as we continue to reinvest in our businesses, about 60% of the CapEx is related to growth and transformation.

轉向幻燈片 15 上的資產負債表和現金流，全年經營活動提供的現金為 1.12 億美元，而一年前為 7,600 萬美元。這一顯著改善是由於營運資本投資減少所致。自由現金流為5700 萬美元，比上年的4000 萬美元增加，資本支出為5600 萬美元，比上年增加2100 萬美元，因為我們繼續對業務進行再投資，約60% 的資本支出與增長和轉型有關。

Our net debt to EBITDA ratio was 3.6 times at year end, which improved from 3.8 times at the end of the third quarter due to both higher EBITDA and lower debt. Liquidity as of December 31, was $447 million, comprising approximately $90 million in cash on hand and $357 million availability under our revolving credit facility with the debt recapitalization of our MB aerospace acquisition, there are no major debt maturities until 2028.

由於 EBITDA 較高且債務較低，我們的淨債務與 EBITDA 比率截至年底為 3.6 倍，較第三季末的 3.8 倍有所改善。截至 12 月 31 日，流動性為 4.47 億美元，包括手頭現金約 9,000 萬美元，循環信貸安排下可用的 3.57 億美元以及 MB 航空航天收購的債務資本重組，到 2028 年為止沒有重大債務到期。

Turning to Slide 16. We continue to maintain a disciplined approach to capital allocation. Our priorities are the health of our balance sheet, organic investments that will drive sustainable profitable growth and remaining committed to shareholder returns.

轉到投影片 16。我們繼續保持嚴格的資本配置方法。我們的首要任務是資產負債表的健康、有機投資，這將推動可持續的獲利成長，並繼續致力於股東回報。

Net cash proceeds from the divestiture of approximately $150 million will be used to reduce debt. We continue to target net leverage to be three times or lower by the end of 2024 and 2.5 times by the end of 2025. We also continue to invest in the business for long-term growth, with most of the increase in CapEx directed towards business transformation activities and MB. aerospace. In addition, we will continue to return capital to our shareholders through a dividend, which we have been paying for 90 consecutive years.

剝離所得約 1.5 億美元的淨現金收益將用於減少債務。我們繼續目標是到 2024 年底將淨槓桿率降至 3 倍或更低，到 2025 年底降至 2.5 倍。我們也繼續投資該業務以實現長期成長，大部分資本支出的成長都用於業務轉型活動和 MB。航天。此外，我們將繼續透過股利向股東返還資本，這已是我們連續 90 年支付的股利。

Turning to our outlook on Slide 17. Our 2024 guidance reflects the strategic actions we have taken to shift our portfolio towards aerospace, which offers higher growth and higher margin opportunities. This guidance assumes one quarter contribution from Associated Spring in Haiti as we expect the transaction to close in early 2024.

轉向我們對幻燈片 17 的展望。我們的 2024 年指引反映了我們為將投資組合轉向航空航太而採取的策略行動，航空航太領域提供了更高的成長和更高的利潤機會。本指引假設海地 Associated Spring 貢獻四分之一，因為我們預計交易將於 2024 年初完成。

We expect the impact to 2024 to be a negative, a negative 11% to revenue and negative 10% to adjusted EBITDA for the year, we expect total sales to be up 12% to 16%, with organic sales up 4% to 8%. Given the shift in our portfolio and streamlining of our businesses starting this quarter and going forward, we are providing our outlook at a segment level only looking at our segments, we expect our aerospace sales growth to be over 55% inclusive of a full year contribution of MBE Aerospace, we expect organic sales growth in the low double digits. For industrial. We expect sales down in the mid teen range with organic sales growth up low single digits when taking the announced divestiture into account.

我們預計對 2024 年的影響將為負面，全年營收下降 11%，調整後 EBITDA 下降 10%，我們預計總銷售額將成長 12% 至 16%，有機銷售額成長 4% 至 8% 。鑑於我們的投資組合的轉變以及從本季度開始和未來業務的精簡，我們僅針對我們的細分市場提供細分市場的展望，我們預計我們的航空航太銷售成長將超過55%（包括全年貢獻） MBE 航空航太公司的有機銷售額成長預計為低兩位數。用於工業。考慮到宣布的資產剝離，我們預計銷售額將下降到十幾歲左右，而有機銷售額增長將達到低個位數。

Regarding our restructuring program, as Tom mentioned, we achieved $25 million of savings, $3 million ahead of our previously communicated commitment. For 2024, we expect to achieve $38 million in run rate savings, and the program remains on track to deliver against our 2025 run rate target.

關於我們的重組計劃，正如 Tom 所提到的，我們節省了 2500 萬美元，比我們之前傳達的承諾提前了 300 萬美元。到 2024 年，我們預計運行率將節省 3800 萬美元，並且該計劃仍有望實現我們的 2025 年運行率目標。

Expected run rates are impacted by the pending divestiture, and a reconciliation table is included on slide 18 of our investor presentation. Adjusted operating margin is expected to be in the range of 12% to 14%. This reflects aerospace adjusted operating margin in the range of 14.5% to 16% and industrial in the range of 8.5% to 10%.

預期運行率受到即將進行的資產剝離的影響，我們投資者簡報的第 18 幻燈片中包含了一個調節表。調整後的營業利潤率預計在 12% 至 14% 之間。這反映了航空航太業調整後的營業利潤率在 14.5% 至 16% 範圍內，工業調整後營業利潤率在 8.5% 至 10% 範圍內。

Depreciation and amortization expense in 2024 are expected to be between $130 million and $140 million. Adjusted EBITDA margin is expected to be in the range of 20% to 22%. This reflects aerospace adjusted EBITDA margin of 23.5% to 25% and industrial of 15% to 16.5%.

2024 年的折舊和攤提費用預計在 1.3 億美元至 1.4 億美元之間。調整後的 EBITDA 利潤率預計在 20% 至 22% 之間。這反映了航空航太業調整後的 EBITDA 利潤率為 23.5% 至 25%，工業調整後 EBITDA 利潤率為 15% 至 16.5%。

We expect adjusted EPS to be between $1.55 on the low end and $1.80 on the high end. This guidance reflects the impact of MB aerospace and our announced divestiture, which combined are dilutive to adjusted EPS by approximately $0.47 per share, top line growth and margin expansion from ongoing cost savings offset this dilution.

我們預計調整後每股收益將在低端 1.55 美元和高端 1.80 美元之間。該指引反映了MB 航空航太和我們宣布的資產剝離的影響，這兩項因素合計稀釋了調整後每股收益約0.47 美元，持續成本節約帶來的營收成長和利潤率擴張抵消了這種稀釋。

On slide 18 of our investor presentation, we have included additional 2024 guidance information for modeling purposes.

在我們的投資者簡報的第 18 張幻燈片中，我們包含了用於建模目的的額外 2024 年指導資訊。

Please turn to slide 19, given the moving pieces and to assist with modeling our business in the near term, we wanted to provide some additional transparency into our first quarter performance expectations. We expect revenue growth of 25% to 27%, adjusted operating margin of 11% to 12%, adjusted EBITDA margin between 19% and 20% and adjusted EPS between $0.32 and $0.37 operator, we will now open the call for questions.

請參閱投影片 19，考慮到不斷變化的情況並協助我們在短期內對業務進行建模，我們希望為第一季的業績預期提供一些額外的透明度。我們預期營收成長 25% 至 27%，調整後營業利潤率 11% 至 12%，調整後 EBITDA 利潤率在 19% 至 20% 之間，調整後每股收益在 0.32 美元至 0.37 美元之間。

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作員說明）Matt Summerville，D.A.戴維森。

Thanks, morning, Tom. Turning us to maybe just start morning. Maybe just starting with the Molding Solutions SBU. Can you talk a little bit about the organic performance across the mold and hot runner businesses in '23 and what your expectation is in '24, specifically delve into to the extent you can a little more detail on some of the headwinds maybe facing the Chinese hot runner market and then a follow-up.

謝謝，早上好，湯姆。讓我們也許從早上開始。也許只是從成型解決方案 SBU 開始。您能否談談 23 年模具和熱流道業務的有機表現以及您對 24 年的期望，特別是深入研究中國可能面臨的一些阻力熱流道市場再有後續。

It should mean that. So in 23, obviously, we had a lot of activities and success on the multi cavity molds, in particular, our lead times due to the amount of work that we've won and have in operations that we're actively trying to keep pace with has increased. Our lead times is really almost doubled our lead times from about 26 weeks up to more complex molds for 50 to 52 weeks.

應該是這個意思。因此，顯然，在 23 年中，我們在多腔模具上進行了很多活動並取得了成功，特別是我們的交貨時間，因為我們贏得了大量工作，並在運營中積極努力跟上步伐隨著增加。我們的交貨時間實際上幾乎翻了一番，從大約 26 週延長到更複雜的模具 50 至 52 週。

And that has met a very intensive period for the operations team to output. And we've been obviously struggling with long lead times to continue to book business with customers, and we can clear that backlog so on we still are well, you know, leading from a mold standpoint globally very effectively on multi cavity mold, hot runners, asymmetric story.

而這就迎來了營運團隊輸出非常密集的時期。顯然，我們一直在與較長的交貨時間作鬥爭，以繼續與客戶預訂業務，並且我們可以清除積壓的訂單，因此，從模具的角度來看，我們仍然在多腔模具、熱流道方面非常有效地在全球處於領先地位，不對稱的故事。

We do see market weakness in markets on China. We have seen a little bit of wavering in the European markets, but that has kind of stabilized. We sell across the hot runner product lines from the mid-range all the way to the high end, we feel that we have struggled competitively in certain markets against other competition in the hot runner markets that have hurt our market share. But the organization we put in that streamline Molding Solutions, it has also allowed us to invest more in the go to market focus and commercial market excellence will stabilize and has stabilized. The hot runner sales funnel that we're feeding. We still are concerned about China market weakness.

我們確實看到中國市場疲軟。我們看到歐洲市場出現了一些波動，但已經趨於穩定。我們銷售從中端一直到高端的熱流道產品線，我們認為我們在某些​​市場上與熱流道市場中的其他競爭者競爭，這些競爭損害了我們的市場份額。但我們在簡化成型解決方案方面的組織，也使我們能夠在進入市場的重點上進行更多投資，商業市場的卓越性將穩定下來並且已經穩定下來。我們正在提供的熱流道銷售漏斗。我們仍然對中國市場疲軟感到擔憂。

We have seen a still good market in the Americas. It's not a for us. It's more of the harbors on the automotive side than it is broadly across Molding Solutions. We're making more investments in North America to have a more significant presence across the Molding Solutions product lines. So we feel that while the market in North America is not as favorable as it was last year. We feel the investments we're making both in molds and hot runners look continued to allow us to capitalize on market growth in North America. But primarily right now, I'd say in China, we're expecting kind of a weaker conditions. I think all competitors are seeing that we're expecting stable conditions in Europe. And I think for the overall year, we expect a level of growth. It's kind of mid-single digits across those product lines.

我們看到美洲市場仍然很好。這不適合我們。它更多的是汽車方面的港口，而不是整個成型解決方案的廣泛領域。我們正在北美進行更多投資，以便在成型解決方案產品線中佔據更重要的地位。所以我們覺得雖然北美市場不如去年那麼有利。我們認為，我們在模具和熱流道方面的投資看起來繼續使我們能夠利用北美市場的成長。但我想說的是，目前在中國，我們預期情況會有所疲軟。我認為所有競爭對手都看到我們預期歐洲局勢穩定。我認為對於全年而言，我們預計會出現一定程度的成長。這些產品線的銷售量處於中等個位數。

If we get more output of multi cavity molds, we could have an upside opportunity to that. But I think a hot runners for the most part in the perhaps part of the product lines globally will be up kind of a recovery year from some of the market share loss in 23?

如果我們獲得更多多腔模具的產量，我們可能會有一個上升的機會。但我認為，全球部分產品線的大部分熱流道將在 23 年的部分市佔率損失中實現復甦？

Hopefully, Matt, that answers that question.

希望馬特能夠回答這個問題。

Yes, I appreciate the detail. I flip it over to aerospace. I think you guided high 10s organic for the full year, you came in mid 10s. Maybe talk about what sort of shortfall that you may have experienced there. And I think last quarter you commented that the business was having some productivity challenges. If you could maybe elaborate on the state of the union, if you will, in that regard?

是的，我很欣賞細節。我把它轉向航空航天。我認為你全年的有機率都在 10 左右，你的排名是 10 左右。也許可以談談你在那裡可能經歷過什麼樣的短缺。我認為上個季度您曾評論說該業務面臨一些生產力挑戰。如果您願意的話，可以詳細說明國情狀況嗎？

Yes.

是的。

And thanks, Matt. And I'll take that. And yes, we certainly had some productivity challenges primarily at two of our OEM locations in Q4, but we feel good progress. All our other 15 locations, including one underperforming businesses turn around that performance in Q4 back to expectations where we did have the challenges, we understand the issues and are working to fix them with robust plans in place. As an example, we've taken actions to drive higher attrition levels down at one site to ensure we have a more stable workforce.

謝謝，馬特。我會接受的。是的，我們在第四季度確實遇到了一些生產力挑戰，主要是在我們的兩個 OEM 工廠，但我們感覺進展得很好。我們所有其他 15 個地點，包括一家表現不佳的企業，在第四季度將業績恢復到我們確實遇到挑戰的預期，我們了解這些問題，並正在努力透過制定強有力的計劃來解決這些問題。舉例來說，我們已採取行動降低一個地點的人員流動率，以確保我們擁有一支更穩定的員工隊伍。

And we've now invested heavily in the right training and employee engagement should we both retain our employees, but also accelerate that development to enable higher productivity and efficiency levels. We've also made some key leadership changes at those two impacted sites on top of that we do have some persistent supply chain issues that haven't helped, but we're working with our customers and suppliers to mitigate these.

現在，我們在正確的培訓和員工敬業度方面投入了大量資金，既可以留住員工，又可以加速發展，以實現更高的生產力和效率水平。我們還在這兩個受影響的地點進行了一些關鍵的領導層變動，除此之外，我們確實存在一些持續存在的供應鏈問題，但這些問題並沒有幫助，但我們正在與客戶和供應商合作，以緩解這些問題。

And we're making solid progress and we see a good start to Q1, although it's going to take time to fully mitigate productivity challenges at a small number of our sites, I'm confident we're seeing the improvements and we have the right action plans in place.

我們正在取得紮實的進展，我們看到第一季有一個良好的開端，儘管需要時間來完全緩解我們少數站點的生產力挑戰，但我相信我們正在看到改進，並且我們有正確的方法行動計劃到位。

Got it. Thanks, guys. I'll get back in queue.

知道了。多謝你們。我會回到隊列中。

(Operator Instructions) Christopher Glynn, Oppenheimer.

（操作員說明）克里斯托弗·格林，奧本海默。

Thanks. Good morning, guys, and congrats on the spectrum move. Gail bold moves in the past year. I had a question about the $0.38 of divestiture impact from a bunch of that pertains to, you know, core earnings in 2Q to 4Q versus, you know, ancillary impacts wrapping our stranded cost store, kind of transaction related adjacent that maybe you don't adjust out?

謝謝。早安，夥計們，恭喜頻譜移動。蓋爾在過去的一年裡動作大膽。我有一個關於0.38 美元的剝離影響的問題，其中一系列影響涉及，你知道，第二季度到第四季度的核心收益，而你知道，圍繞我們擱淺的成本商店的輔助影響，一種與你可能不知道的相鄰交易相關的影響不適應嗎？

So the $0.47 we referred to on the call was related to all of the adjusted impact that we will see throughout the course of the year.

因此，我們在電話會議中提到的 0.47 美元與我們在全年中看到的所有調整後的影響有關。

And it's a combined number. As Tom mentioned in his remarks, both the acquisition of MB aerospace and these divestitures are clearly aligned with our two strategic pillars to scale, Barnes Aerospace, aerospace and integrate consolidate and rationalize industrial and combine. There's no doubt they create a step change towards achieving our objectives next year.

這是一個綜合數字。正如湯姆在演講中提到的，收購 MB 航空航太和這些資產剝離顯然都符合我們的兩大戰略支柱：巴恩斯航空航太、航空航太和工業整合、整合和合理化。毫無疑問，他們為實現我們明年的目標做出了重大改變。

So giving a little more color around what's driving the $0.47 pickup.

因此，我們對這款 0.47 美元皮卡的驅動因素進行了更多的闡述。

Julie, I think I saw $0.38 dilution from divestiture impacts in the bridge from adjusted earnings to GAAP earnings guidance. I'm not identifying, but the $0.47, but the question predicated the $0.38 from the press release.

朱莉，我想我看到了從調整後收益到 GAAP 收益指導之間的剝離影響，稀釋了 0.38 美元。我沒有透露 0.47 美元，但問題是根據新聞稿預測的 0.38 美元。

All right, I can pivot to a $0.38. Those are the you're talking about the Reg G items, you're talking about the Reg G items notwithstanding in. So the Reg G items you're now.

好吧，我可以轉向 0.38 美元。這些是您正在談論的 Reg G 項目，儘管您正在談論 Reg G 項目。所以你現在就是Reg G 物品。

I apologize. I apologize for that, Chris. I was I was answering a different question on those include, yes, transaction costs, loss on gain of sale, the impact of the gain on sale and some pension related items, Paul.

我道歉。我為此道歉，克里斯。我當時正在回答一個不同的問題，包括交易成本、銷售收益損失、銷售收益的影響以及一些退休金相關項目，保羅。

Okay.

好的。

So the core earnings losses and I'm wondering what the kind of.

所以我想知道核心獲利損失是什麼樣的。

Yes, rational for going into the operational earnings?

是的，考慮營業收入的合理性嗎？

Correct. So that is what I was describing the core operational impact of coming out of Alpha that's where I was going. The core operational impact coming out of Alpha is approximately $0.28. But remember, the proceeds of the divestiture will be used to pay down debt which is generating interest expense and tax benefit and in the end.

正確的。這就是我所描述的從 Alpha 出來的核心營運影響，這就是我要去的地方。Alpha 的核心營運影響約為 0.28 美元。但請記住，剝離的收益最終將用於償還產生利息費用和稅收優惠的債務。

But now going back to the total $0.47 of EPS dilution we talked about in the year and B will be approximately $0.19. And it's really important to point out that that is all non-cash. There's about $24 million of intangible amortization that flows through the P&L and the $0.19 dilution is all noncash, and we expect to exit the year approximately neutral to accretive on the deal.

但現在回到我們今年討論的 EPS 稀釋總額 0.47 美元，B 約為 0.19 美元。需要指出的是，這一切都不是現金，這一點非常重要。大約有 2,400 萬美元的無形攤銷流經損益表，而 0.19 美元的攤薄全部是非現金，我們預計今年結束時該交易將保持中性至增值。

Okay and then lastly, the automation, how do you guys view that, you know, it's got some nice, nice technology, but small-scale and the technology is kind of isolated in the context of automation markets generally.

好吧，最後，自動化，你們如何看待它，它有一些很好的技術，但規模較小，而且該技術在自動化市場的背景下通常是孤立的。

So curious if you could update the strategic fit for automation/

很好奇您是否可以更新自動化的戰略/

Certainly well is the automation business for us. We've done a refresh of the management team we laid out in the second half of last year in parallel with Molding Solutions, kind of a streamlined automation strategy as well. We've added a very important product line, and we've been traditionally mechatronic scripting. We've added a vacuum product line, and we're launching that globally for quite excited about the growth potential for automation and manually.

自動化業務對我們來說當然很好。我們對去年下半年組成的管理團隊進行了更新，同時推出了成型解決方案，這也是一個簡化的自動化策略。我們增加了一條非常重要的產品線，我們一直是傳統的機電一體化腳本。我們增加了真空產品線，我們正在全球範圍內推出該產品線，因為我們對自動化和手動的成長潛力感到非常興奮。

Orlando is the new President of automation is off to a very good start. I'll remind you, Emmanuel highly Orlando was the architect and the executor of a very successful multi cavity molding strategy and Molding Solutions, which earned him the opportunity to move to that business.

奧蘭多是自動化領域的新任總裁，這是一個非常好的開始。我要提醒您的是，Emmanuel 高度評價 Orlando 是非常成功的多腔成型策略和成型解決方案的架構師和執行者，這為他贏得了轉向該業務的機會。

So we're strategically it is a small business.

所以我們從策略上來說這是一家小型企業。

We see it as a nice strategic fit into the tooling side or toolmakers a lot on the industrial portfolio between molding automation tool and die industry so that's the fit from the automation business strategically sell through a combination of dealers and direct selling through automation centers that have been highly successful. So we see that as a very nice business with good growth trajectories, as we know, due to labor demand, labor, productivity, automation and robotics in the genetic business, we run there as an end of ARM tooling specialist application solutions for customers has been very successful.

我們認為，在成型自動化工具和模具行業之間的工業組合中，這是對模具方面或工具製造商的一個很好的策略契合，因此自動化業務透過經銷商和透過自動化中心進行直銷的組合進行策略性銷售。非常成功。因此，我們認為這是一個非常好的業務，具有良好的成長軌跡，正如我們所知，由於遺傳業務中的勞動力需求、勞動力、生產力、自動化和機器人技術，我們在那裡作為客戶的ARM 工具專業應用解決方案的末端運行非常成功。

So we are we very carefully have been investing in that to grow it and expand that new product line globally and are opening up some new market opportunities, primarily through the automation center channels that we've been developing. So the strategic fit really is that as we've exited for exiting Associated Spring and Handy we're kind of focusing industrial onto tooling and die Molding Solutions, which is tool and die, and then automation, which is obviously tooling.

因此，我們一直非常謹慎地對此進行投資，以在全球範圍內發展和擴展新產品線，並主要透過我們一直在開發的自動化中心管道開闢一些新的市場機會。因此，策略契合實際上是，當我們退出 Associated Spring 和 Handy 時，我們將工業重點放在模具和模具成型解決方案上，即工具和模具，然後是自動化，這顯然是模具。

So we think the connections of those product lines are quite nice when you think we made the required adjustments and leadership and focus of the business will go to market that will be successful as we get into 24 us. We're always looking at the overall strategy of the Company and in combination, and we think that's a nice fit with what we've made that is pending dispositions. I'm exiting Associated Spring and hand to bring those into focus and alignment.

因此，當你認為我們做出了必要的調整時，我們認為這些產品線的連結非常好，當我們進入 24 小時時，領導力和業務重點將進入市場，這將取得成功。我們一直在關注公司的整體策略並結合起來，我們認為這與我們所做的待決處置非常契合。我將退出 Associated Spring 並著手將這些內容集中起來並進行調整。

Okay. See you don't see it as being handicapped in the channel, not being part of a broader automation portfolio?

好的。您是否認為它在通路中受到阻礙，而不是更廣泛的自動化產品組合的一部分？

Right now, I think we're focused Chris on getting the businesses to perform top line, bottom line pipeline. So on and in industrial, we've been focused on rather than trying to scale the portfolio like we are in aerospace, we're focused on getting the business performing on the basics, fundamental of generating organic growth and profitability by pricing correctly productivity once we have and of course, 24 is a pivotal year for the industrial businesses to do this.

克里斯，我認為現在我們的重點是讓企業實現頂線、底線管道。因此，在工業領域，我們一直專注於而不是像在航空航天領域那樣試圖擴大投資組合，我們專注於透過正確定價生產力來讓業務在基礎上實現有機增長和盈利能力。當然，24 年是工業企業做到這一點的關鍵一年。

Once we have that level of integration, which we're aligning at right now, once we have that level of performance top line, bottom line pipeline that we'll talk about investing into the business for future growth. But until we get to that point, I will continue to hold on industrial M&A activities because we're not prepare to add to the portfolio in that manner.

一旦我們達到了我們現在正在調整的整合水平，一旦我們達到了頂線、底線績效水平，我們就會談論投資業務以實現未來的成長。但在我們達到這一點之前，我將繼續持有工業併購活動，因為我們不准備以這種方式增加投資組合。

Okay, great.

好的，太好了。

And last one for me. You have the 30% to 32% tax rate guide. I'd like a clarification on, you know, how that should translate to the adjusted tax rate and that level of taxation is certainly an outlier. So curious how that what your expectations are for them, general tax rate paradigm, understanding that there are a lot of know influences on deductibility and non-deductibility in the current year.

最後一張給我。您有 30% 至 32% 的稅率指南。我想澄清一下，你知道，這應該如何轉化為調整後的稅率，而這種稅收水準肯定是一個異常值。很好奇您對他們的期望是什麼，一般稅率範式，了解今年的可扣除性和不可扣除性有很多已知的影響。

So going forward, the 30% tax rate would be ours are standard tax rate. And in terms of I want to make sure I'm answering your question correctly, but that would be our standard tax rate going forward in light of where we sit with our interest expense and the geographic composition of our of our business.

所以展望未來，30%的稅率將是我們的標準稅率。就我想確保我正確回答你的問題而言，但這將是我們未來的標準稅率，根據我們的利息支出和我們業務的地理組成。

Okay I will tell that back more online, take bus line.

好的，我會在網路上告訴更多，搭乘公車路線。

Thank you.

謝謝。

Okay, thanks.

好的謝謝。

(Operator Instructions) Myles Walton, Wolfe Research.

（操作員說明）Myles Walton，Wolfe Research。

Great, thanks so much. Is that a couple of quick questions could the first one is around orders within the aerospace business and then you went through some sort of LTAs on the on the horizon. Just wanted to make sure that I'm thinking about this right to see order declines both in the quarter that were pretty big and order declines for the year that were still there. I'm trying to reconcile that with sort of the market expansion and if you're just saying that it's timing related and you'll see a lot of these LTAs actually pop into backlog in the near term.

太好了，非常感謝。這是幾個簡單的問題，第一個問題是關於航空航太業務內的訂單，然後您經歷了即將到來的某種長期協議。只是想確保我正在考慮這項權利，即看到該季度的訂單下降幅度相當大，並且該年的訂單下降仍然存在。我正在嘗試將其與市場擴張相協調，如果您只是說這與時間相關，那麼您會看到許多長期協議實際上在短期內出現了積壓。

No, thanks, Myles, you're absolutely right. I was told it's a lumpy just the nature of the business, but absolutely solid. The LTAs we have in play at the moment, we are including the one we've announced and had just over $2.5 billion of order value across about seven LTAs. And so we're seeing very strong orders. It's just a timing, a timing issue will be announced in a number of new LTA signatures as we go forward. But absolutely no issues with that with orders, very strong backlog. And as we all know, with everything and growing demand on both the OEM newbuild and the aftermarket. So we're seeing strength on both sides of the business.

不，謝謝，邁爾斯，你說得完全正確。有人告訴我，這只是業務的本質，雖然很不穩定，但絕對是堅實的。我們目前正在實施的長期協議包括我們已經宣布的、大約七個長期協議中訂單價值剛剛超過 25 億美元的長期協議。因此，我們看到了非常強勁的訂單。這只是一個時間問題，隨著我們的推進，時間問題將在許多新的長期協議簽名中宣布。但訂單絕對沒有問題，積壓非常多。眾所周知，隨著 OEM 新建和售後市場的需求不斷增長。因此，我們看到了業務雙方的實力。

Okay. And I think that the margins were expected to be a bit stronger in aero than that a bit later. Is that simply RST. mix? Is that not coming through or something else?

好的。我認為空氣動力領域的利潤率預計會比稍後更高一些。這就是簡單的RST嗎？混合？是沒通過還是別的？

And then by within aero, the low double digit organic growth you have for 24. Is aftermarket expected to grow at a faster pace than that average or any color there?

然後在航空領域，24 的有機成長較低，達到兩位數。售後市場的成長速度是否預期會高於平均或任何顏色？

It's on the certainly on the on the mix of RSP is a big part of the driver there. And of course, we're bringing and B in with 20 ethanol risky program that's going to drive our margin down. But of course, yes, it's a good it's a good story is just the RSP. is a bit of a heavy weight that in terms of its profit contribution.

毫無疑問，RSP 是驅動因素的重要組成部分。當然，我們正在引入 20 個乙醇風險計劃，這將降低我們的利潤率。但當然，是的，這是一個很好的故事，只是 RSP。就獲利貢獻而言，這個分量有點重。

But looking forward, we expect to see margin accretion, some of the productivity challenges that I talked about earlier on the OEM side of the business, as we work through those and we get the work through the factors that affect those sales fall to the bottom line in a very predictable way. So from now, we expect to see incremental margin expansion.

但展望未來，我們預計會看到利潤增加，以及我之前在 OEM 業務方面談到的一些生產力挑戰，因為我們正在努力解決這些問題，並解決影響銷售下降的因素以非常可預測的方式排列。因此，從現在開始，我們預期利潤率將會逐步擴大。

And on the aftermarket side, yes, we expect to see higher growth levels than the average level, and it's very difficult to predict. The aftermarket business is something that is very cyclical, but we are seeing a very big upcycle and demand certainly in Q1 and across our SPI. repair shops that have been phenomenally high them.

在售後市場方面，是的，我們預期成長水平將高於平均水平，但很難預測。售後市場業務具有很強的周期性，但我們在第一季和整個 SPI 中肯定看到了非常大的上升週期和需求。維修店的價格非常高。

So we're seeing that come strong. It will be that much, but that continued strong throughout the year that we see cycles, we don't know, but we're expecting to see solid growth year on year in the aftermarket side and then growth on the OEM side as production rates start to ramp up, particularly on the narrowbodies.

所以我們看到這種勢頭越來越強。就這麼多，但全年持續強勁，我們看到週期，我們不知道，但我們預計售後市場方面將逐年穩步增長，然後隨著生產率的提高，原始設備製造商方面也會出現增長開始加速，特別是在窄體飛機上。

Okay. And last one, Julie, on cash flow, the conversion I see on the slide is the high 40% of gas, but obviously you've got a very large, adjusted number in there that it sounded to the answer to Chris's question was largely non-cash. And you know, I'm curious from a working capital perspective, I'm backing into something like a $40 million consumption. Is that is that correct?

好的。最後一個，朱莉，關於現金流，我在幻燈片上看到的轉換是高40% 的天然氣，但顯然你有一個非常大的、調整後的數字，聽起來克里斯的問題的答案很大程度上是非現金。你知道，從營運資金的角度來看，我很好奇，我正在投入 4,000 萬美元的消費。這是正確的嗎？

A $40 million consumption from what one area?

4000萬美元的消費來自哪個領域？

In 2024 to get to $75 million to $90 million of free cash flow of what is the working capital outlook that you after 24.

到 2024 年，您 24 歲以後的營運資金前景將達到 7,500 萬至 9,000 萬美元的自由現金流。

The working capital outlook, let me let me get to that one. So let me get back to you on that one early on the follow-up call, I do have it. It's just not right in front of me.

關於營運資金的前景，讓我來談談這一點。因此，讓我在後續電話會議中儘早回覆您，我確實收到了。它只是不在我面前。

Okay. No worries. Thanks again.

好的。不用擔心。再次感謝。

(Operator Instructions) Michael Ciarmoli, Truist Securities.

（操作員指示）Michael Ciarmoli，Truist 證券公司。

Yes, morning, guys. Thanks for taking the questions.

是的，早上好，夥計們。感謝您提出問題。

But just a couple of follow-up for clarity.

但為了清楚起見，只需進行一些後續行動。

First, Julie, did you say MB is now expected to be neutral to accretive, I guess, by the end of this year. And then I think I heard the up of additional impact from the divestitures of $0.28, and I think you called out maybe 50 bps of margin impact from the divestiture. So I guess you're In addition, $200 million at maybe a 4% margin is about $0.28 found. That sounded high to me was that I have that right?

首先，朱莉，你是否說過MB現在預計將在今年年底前從中性變為增值。然後我想我聽說剝離帶來的額外影響增加了 0.28 美元，我想你提到剝離對利潤率的影響可能是 50 個基點。所以我猜你另外，2 億美元的利潤率可能是 4%，大約是 0.28 美元。這對我來說聽起來很高，我有這個權利嗎？

Yes, you have that you have that approximately right.

是的，你的說法大致正確。

From what's falling, what's falling out of the portfolio? And you did hear correctly that we anticipate MB will be exiting the year neutral to on the two accretive.

從什麼下降來看，什麼從投資組合中下降？您確實沒聽錯，我們預計 MB 將在今年結束時保持中立，並在兩年內實現成長。

Okay. What's the $0.28 operational impact?

好的。0.28 美元對營運有何影響？

It doesn't is to reconcile with the 50 bps in margin.

它並不是為了與 50 個基點的保證金相協調。

So from a from a dollar perspective, it's about a $20 million outflow of operating income.

因此，從美元角度來看，大約有 2000 萬美元的營業收入流出。

remember, I remember the reason the reason it might not be reconciling for you is that we have a quarter of the business. We have one quarter performance in the outlook for the year. So that reflects three quarters of the year.

記住，我記得它可能不適合你的原因是我們擁有四分之一的業務。我們對今年第一季的業績進行了展望。這反映了一年中的四個季度。

Hopefully that helps triangulate your math,

希望這有助於你的數學三角測量，

you're using $20 million of operating income on that. That seems to be fairly high margin. What what's actually in all of that operating income? And that's just I thought this was more of a margin dilutive business that you were selling?

你為此花了 2000 萬美元的營業收入。這似乎是相當高的利潤。所有這些營業收入實際​​上是什麼？我只是認為您出售的這更多的是稀釋利潤的業務？

Yes. So in 2020, in the range of our margins, it was absolutely on the low end of our margin portfolio in 2023, we experienced some benefits in the business, which we temporarily inflated that margin as we were closing the Bristol facility. We had the Ford final buys. And we had some other final type sales which supported the profitability of the business in 2023.

是的。因此，在2020 年，在我們的利潤率範圍內，它絕對處於2023 年我們利潤率投資組合的低端，我們在業務中經歷了一些好處，當我們關閉布里斯托爾設施時，我們暫時提高了利潤率。我們最終買了福特。我們還有一些其他最終類型的銷售，支援了 2023 年業務的盈利能力。

That would not be recurring if the business remained in our portfolio and that that's probably what's skewing what you're thinking about.

如果該業務留在我們的投資組合中，這種情況就不會再出現，而這可能會扭曲您的想法。

Basically, Michael, just the end-of-life for the end-of-life programs for the transfers that what the Bristol associates from Bristol shutdown.

基本上，邁克爾，只是布里斯托爾關閉期間布里斯托爾關聯的轉會生命週期結束計劃的生命週期結束。

Okay.

好的。

And that ran out and said that they're one-time benefit. Onetime revenues are 23 that are going to repeat under any circumstances prospectively.

那就跑出去並說他們是一次性福利。一次性收入為 23，在任何情況下都會重複。

Okay, got it. And I guess just shifting to industrial, the outlook for the year on low single digit organic. What gives you the I know you gave a lot of color originally to Matt's question, but I think the organic order flow was down 11%. And what gives you the confidence in that in that industrial organic outlook?

好，知道了。我想只是轉向工業，今年的有機前景為低個位數。我知道您最初對 Matt 的問題給出了很多解釋，但我認為自然訂單流量下降了 11%。是什麼讓您對工業有機前景充滿信心？

And Mike, like going out and industrial, as you know, and I'll focus my comments away from, you know, a quarter of Associated Spring and hanging here. I'm going to focus on Molding Solutions, motion control solutions and automation of each of those pieces.

麥克，就像你知道的那樣，喜歡走出去和工業化，我將集中我的評論，你知道，聯合春天的四分之一並掛在這裡。我將重點放在成型解決方案、運動控制解決方案以及各個部分的自動化。

We have we know we kind of done some streamlining in the group, what we call this integrate consolidate, rationalize industrial because we've made a lot of investments there to streamline our approach to the businesses focused management teams on commercialization initiatives and with the reduction in G&A, we've been able to put more feet on the street and focus on sales funnels.

我們知道我們在集團中做了一些精簡，我們稱之為整合、整合、工業合理化，因為我們在那裡進行了大量投資，以簡化我們對業務的方法，重點關注管理團隊的商業化計劃和減少在G&A，我們能夠更多地涉足市場並專注於銷售管道。

We have seen multiple places where that's been very successful, certainly in multi cavity molds. And we've been highly successful last year seeing that initiative, and we've been rolling that out more broadly into the industrial go-to-market teams. More resources in the additional one for Molding Solutions is selling the entire portfolio globally.

我們已經看到許多地方都非常成功，尤其是在多型腔模具中。去年我們看到這項措施非常成功，並且我們已經將其更廣泛地推廣到工業行銷團隊。Molding Solutions 的另一個資源是在全球範圍內銷售整個產品組合。

We don't typically sell comprehensively in North America for molding pickup opportunity for us. We've appropriately looked at upsides and downsides to be balanced in providing our guidance. We know we also have more full year effects of some of the commercial investments in 23 coming through in 24, which would be pricing on for a full year effect.

我們通常不會在北美全面銷售，為我們提供成型取貨機會。我們適當地考慮了優點和缺點，以便在提供指導時保持平衡。我們知道 23 年的一些商業投資也會對 24 年產生更多的全年影響，這將根據全年影響進行定價。

So we're starting to see in a more full year benefits and also see some of the returns in those prospective views from the investments we've made in the second half of last year when I was running the Molding Solutions business and we've got good stable leadership in place. And we're kind of beyond those integrate consolidate initiatives is that have already been completed. So we're going to end up seeing the benefits of those come through.

因此，我們開始看到更全年的收益，也看到了去年下半年我負責成型解決方案業務時進行的投資的一些前瞻性觀點的回報，我們已經領導班子良好穩定。我們已經超越了那些已經完成的整合整合計劃。因此，我們最終將看到這些帶來的好處。

We understand and have and are recognizing the markets may not be as favorable in 24 as they were in 23 in some of these markets. So we've tempered our expectations accordingly. Based on the information we have from competitive and market information. So I think we've end up with a very balanced view, but also a growth perspective that kind of supports the investments we've already made to improve those businesses and make sure we get the performance and returns that we are expecting.

我們理解、已經並且正在認識到，在其中一些市場中，24 年的市場可能不如 23 年那麼有利。因此，我們相應地調整了我們的期望。基於我們從競爭和市場資訊中獲得的資訊。因此，我認為我們最終得到了一個非常平衡的觀點，但也有一個成長觀點，支持我們已經為改善這些業務而進行的投資，並確保我們獲得預期的績效和回報。

Okay, got it. And then just last one on the NIM aerospace LTAX., I mean, I know historically you guys made some upfront investments in the RSP.s and CSP.s. Is there any nuance to the new LTAs or extensions where you have to make any upfront investments? Or are these should we think of these as more traditional kind of industry orders that you know, without any upfront investment?

好，知道了。然後是 NIM 航空航天 LTAX 的最後一項。我的意思是，我知道你們在歷史上對 RSP.s 和 CSP.s 進行了一些前期投資。新的長期協議或延期協議是否有任何細微差別，您必須進行任何前期投資？或者我們應該將這些視為您所知道的更傳統的行業訂單，無需任何前期投資？

No, thanks for the question, Michael. The no, there's no significant investments required for any of the LTAC. and most of them are a follow on with some new work for cutting down some volume expansions, but now these are just normal orders and not requiring any significant investments at all.

不，謝謝你的提問，麥可。不，任何 LTAC 都不需要重大投資。其中大多數都是後續的一些新工作，以減少一些數量擴張，但現在這些只是正常訂單，根本不需要任何重大投資。

Okay, perfect. I'll jump back in the queue. Thanks.

好的，完美。我會跳回到隊列中。謝謝。

Hey, this is Julie. I just wanted to hop in and follow up on Myles' question on working capital. We actually have working capital expectations to be approximately flat year over year as we continue to work through backlog reserves, we excuse me, inventory reserves. We have that we're still working down and as we continue to drive additional productivity.

嘿，這是朱莉。我只是想介入並跟進邁爾斯關於營運資金的問題。實際上，隨著我們繼續處理積壓儲備（對不起，庫存儲備），我們的營運資本預期與去年同期大致相當。我們仍在努力，並持續提高生產力。

So we despite sales growth and growth in some of our AR areas are looking and working with the business very closely on driving down working capital overall. So it's a net neutral in the year.

因此，儘管我們的一些 AR 領域的銷售額和成長都在成長，但我們仍在與業務部門密切合作，以降低整體營運資本。所以今年它是淨且中性的。

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作員說明）Matt Summerville，D.A.戴維森。

Thanks. I just want to clarify one item. I'm kind of getting back to Mike's question and maybe a question prior, how much in operating income dollars are you forgoing only in 2024 for the nine month period, you will not own this spring in Helsinki. And if you need to normalize that, it was over earning in 23. Can you please make that normalization? I just wanted to be crystal clear how much OP dollars.

謝謝。我只想澄清一件事情。我有點回到麥克的問題，也許是之前的一個問題，僅在 2024 年的九個月期間，您將放棄多少營業收入，今年春天您將不會在赫爾辛基擁有。如果你需要將其標準化，那麼 23 月的收入就已經超額了。您能進行標準化嗎？我只是想弄清楚 OP 的金額是多少。

You're forgoing. Thank you.

你放棄了。謝謝。

So in the back three quarters of 2024, we'll forego approximately $155 million in sales and approximately $20 million in operating margin. Normalizing that I don't want to throw out a number that is directionally incorrect for you. So when we have our follow-up call, we can dissect that a bit I'm because I know you're trying to use this for modeling purposes, and I just don't want to give you incorrect information, but there was there was a meaningful increase in our sales this year as those end-of-life programs came in and happy to get to the figures when we have our follow-up.

因此，在 2024 年後三個季度，我們將放棄約 1.55 億美元的銷售額和約 2,000 萬美元的營業利潤。正常化的是，我不想丟掉一個對你來說方向不正確的數字。因此，當我們進行後續電話會議時，我們可以對此進行一些剖析，因為我知道您正在嘗試將其用於建模目的，我只是不想給您提供不正確的信息，但確實存在隨著這些報廢專案的加入，我們今年的銷售額出現了有意義的成長，我們很高興在後續行動中得到這些數字。

Perfect. And then just final one on price. A ton. Can you maybe talk about how much price you were able to realize in industrial in 23 and how much incremental price capture we should be thinking about for 24?

完美的。然後是最後一個價格。一噸。您能否談談您在 23 年能夠在工業領域實現多少價格以及我們應該考慮在 24 年實現多少增量價格捕獲？

Thank you.

謝謝。

Yes. I'll give a qualitative answer and then I'll let Julie give the analytical answer. The short answer is not enough to my satisfaction. We've been hit with a lot of inflation, energy, freight, labor materials, supply chain disruption, longer lead times, so are offsetting all that has required a comprehensive across all of industrial and even the Associated Spring and Handy businesses we will reach out to customers to pass on those inflationary pressures and to either reprice the book of business we have or to price business prospectively for future orders. And that has been a battle, as you can imagine, across the portfolio.

是的。我將給出定性答案，然後讓朱莉給出分析答案。簡短的回答不足以讓我滿意。我們受到了通貨膨脹、能源、貨運、勞動力材料、供應鏈中斷、交貨時間延長等方面的嚴重打擊，因此我們正在抵消所有需要全面覆蓋所有工業甚至我們將達到的相關彈簧和便利業務的影響轉嫁到客戶身上，將這些通膨壓力轉嫁給我們，或對我們現有的業務重新定價，或對未來訂單的業務進行前瞻性定價。正如你可以想像的那樣，這對整個投資組合來說是一場戰鬥。

That's been our primary that over the last since my 18 months in this company has been one of the primary on customer interface negotiation points. I'll let Julie give the analytics behind it. We were late in getting started. We only partially mitigated this in 22 and 23.

自從我在這家公司工作了 18 個月以來，這是我們的首要任務，也是客戶介面談判的首要任務之一。我會讓朱莉給出背後的分析。我們起步晚了。我們僅在 22 和 23 中部分緩解了這個問題。

I would say today, we passed the even keel point in our we're really in a position of recovering price and making up for inflation that we've already experienced. But we were late in responding and only partially and mitigating. And so I would say that we've done an incomplete job there, but prospectively better balanced and certainly the curing supply chains in the lower inflationary environment make that normalization and equilibrium better. But I'll let Julie give the analytics behind and that those qualitative statements to help out.

我今天要說的是，我們已經過了穩定點，我們確實處於恢復價格並彌補我們已經經歷過的通貨膨脹的位置。但我們反應遲緩，而且只是部分緩解。所以我想說，我們在那裡完成了一項不完整的工作，但預期會更好地平衡，當然，在較低通膨環境下固化的供應鏈會使正常化和平衡更好。但我會讓朱莉提供背後的分析以及那些定性陳述來提供幫助。

Yes. Thanks. Thanks, Matt. For pricing, we realized approximately and this is a gross number, approximately $30 million of price in the year that was used, as Tom said, to largely offset what we saw in terms of inflation and mix impacts and other productivity challenges that we face. And that's across the whole portfolio, not just in the U.S., that's not just industrial, that's across the whole portfolio of which about $19 million was industrial.

是的。謝謝。謝謝，馬特。對於定價，我們意識到，這是一個總數字，正如湯姆所說，當年使用的價格約為3000 萬美元，在很大程度上抵消了我們所看到的通貨膨脹和混合影響以及我們面臨的其他生產力挑戰。這涵蓋了整個投資組合，不僅是在美國，這不僅僅是工業領域，而是整個投資組合，其中約 1,900 萬美元是工業領域。

And then how much incremental price cuts here should we be thinking about it in '24 across total barge and then industrial as a subset?

那麼我們應該考慮在 24 年整個駁船和工業作為一個子集的降價幅度是多少？

Yes. So for total Barnes, we're looking at a number that's around the $20 million range at this point. And that would be skewed towards aerospace with industrial in, I'll call it 7 to 10.

是的。因此，對於巴恩斯的總價值，我們目前關注的數字約為 2000 萬美元。這將偏向工業領域的航空航天，我將其稱為 7 到 10。

Perfect. Thank you for that color.

完美的。謝謝你的那個顏色。

Yes, no worries.

是的，不用擔心。

(Operator Instructions) Michael Ciarmoli, Truist Securities.

（操作員指示）Michael Ciarmoli，Truist 證券公司。

Hey, I'm sorry, guys. Just what back to Matt's question to make this clear, Julie, $155 million revenue goes away from the divestiture. And Matt was asking the op income dollar loss for the nine months forgetting about year on year, is it fair to say the $155 million, which is generating 4% to 5% margin, so maybe it's a $6 million op income law for the remaining months this year?

嘿，對不起，夥計們。朱莉，回到馬特的問題來澄清這一點，剝離後將減少 1.55 億美元的收入。馬特問的是這九個月的營運收入美元損失，忘記了同比情況，公平地說，1.55 億美元產生了 4% 到 5% 的利潤，所以也許剩下的運營收入法是 600 萬美元今年幾個月？

No, I don't think that's I don't think that's the right way to be looking at it. We would be in the $20 million, which would be closer to about like a 12% or a 13% margin is what we would expect to see going out going out the door as a result of the divestiture and what and that's all the time we have for questions today.

不，我不認為這是正確的看待問題的方式。我們將達到 2000 萬美元，這將接近 12% 或 13% 的利潤率，這是我們期望看到的剝離結果，這就是我們一直以來的結果。今天有問題。

I will now turn the conference over to Tom Hook, Chief Executive Officer for closing remarks.

我現在將把會議交給執行長湯姆·胡克 (Tom Hook) 致閉幕詞。

Thank you for joining our call today is an exciting time as we reshape the Company and position Barnes for sustainable profitable growth. We remain laser focused on executing our strategic business transformation and delivering solid results in 2023. Matt is building, and we have a clear path to drive growth, margin expansion and cash flow in 2024, which will support our commitment to reduce debt. There are multiple workstreams underway across the Company for improved predictable financial performance and to maximize value.

感謝您參加我們的電話會議，今天是一個激動人心的時刻，我們重塑了公司並使 Barnes 實現可持續的盈利增長。我們仍然專注於執行策略業務轉型並在 2023 年取得紮實成果。馬特正在建設，我們有明確的道路來推動 2024 年的成長、利潤擴張和現金流，這將支持我們減少債務的承諾。公司正在進行多個工作流程，以提高可預測的財務表現並實現價值最大化。

Thank you for your continued interest in Barnes.

感謝您對巴恩斯的持續關注。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。