Balchem Corp (BCPC) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Balchem third-quarter 2025 earnings call.

感謝您的耐心等待。我叫珍妮，今天我將擔任你們的會議接線生。在此，我謹代表 Balchem 公司歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Martin Bengtsson, CFO. Please go ahead.

（操作員指示）現在我想把電話轉交給財務長馬丁·本特松。請繼續。

Thank you. Good morning, everyone. Thank you for joining our conference call this morning to discuss the results of Balchem Corporation for the quarter ending September 30, 2025. My name is Martin Bengtsson, Chief Financial Officer, and hosting this call with me is Ted Harris, our Chairman, President and CEO.

謝謝。各位早安。感謝您今天早上參加我們的電話會議，討論 Balchem 公司截至 2025 年 9 月 30 日的季度業績。我是財務長馬丁·本特松，與我一起主持本次電話會議的是我們的董事長、總裁兼執行長泰德·哈里斯。

Following the advice of our counsel, auditors and the SEC, at this time, I would like to read our forward-looking statement. Statements made in today's call that are not historical facts are considered forward-looking statements.

根據我們的律師、審計師和美國證券交易委員會的建議，此時，我想宣讀我們的前瞻性聲明。今天電話會議中所作出的非歷史事實的陳述均屬於前瞻性陳述。

We can give no assurance that the expectations reflected in forward-looking statements will prove correct, and various factors could cause actual results to differ materially from our expectations, including risks and factors identified in Balchem's most recent Form 10-K, 10-Q and 8-K reports. The company assumes no obligation to update these forward-looking statements.

我們無法保證前瞻性聲明中反映的預期會得到證實，各種因素可能導致實際結果與我們的預期有重大差異，包括 Balchem 最新 10-K、10-Q 和 8-K 表格報告中確定的風險和因素。本公司不承擔更新這些前瞻性聲明的義務。

Today's call and commentary also include non-GAAP financial measures. Please refer to the reconciliations in our earnings release for further details.

今天的電話會議和評論還包括非GAAP財務指標。更多詳情請參閱我們的獲利報告中的對帳部分。

I will now turn the call over to Ted Harris, our Chairman, President and CEO.

現在我將把電話交給我們的董事長、總裁兼執行長泰德哈里斯。

Thanks, Martin. Good morning, and welcome to our conference call. We were extremely pleased with the financial results for the first quarter of 2025 and the strong performance of our company, fueled by the ongoing market penetration of our unique portfolio of specialty nutrients and delivery systems and the favorable better-for-you trends within the food and nutrition markets that are well aligned with our food ingredient formulation systems and capabilities.

謝謝你，馬丁。早上好，歡迎參加我們的電話會議。我們對 2025 年第一季的財務表現以及公司的強勁表現感到非常滿意，這得益於我們獨特的特種營養素和輸送系統產品組合的持續市場滲透，以及食品和營養市場中有利於健康的趨勢，這些趨勢與我們的食品配料配方系統和能力非常契合。

We delivered record quarterly consolidated sales, adjusted EBITDA, adjusted net earnings and adjusted EPS, with year-over-year sales and earnings growth in all three of our reporting segments. The third quarter of 2025 was the 25th consecutive quarter of quarterly year-over-year growth in adjusted EBITDA for Balchem.

我們實現了創紀錄的季度合併銷售額、調整後 EBITDA、調整後淨利潤和調整後每股收益，我們所有三個報告部門的銷售額和利潤均實現了同比增長。2025 年第三季是 Balchem 調整後 EBITDA 連續第 25 季實現年成長。

We are very proud of this accomplishment, particularly in light of the market environment within which we have been operating over the last 25 quarters. I would like to take this opportunity to thank the entire Balchem team for their exceptional performance and contributions toward this significant achievement. Thank you all very much.

我們對所取得的這項成就感到非常自豪，尤其是在過去 25 個季度我們所處的市場環境下。我想藉此機會感謝 Balchem 團隊全體成員的出色表現和為取得這一重大成就所做的貢獻。非常感謝大家。

Before we get into more detail on the quarter, I would like to make a few comments about the overall market environment, including the evolving global trade situation as well as some of the new science that has recently been published supporting our nutrients and the further expansion of our marketing efforts to help drive awareness and market penetration.

在更詳細地介紹本季之前，我想就整體市場環境發表一些看法，包括不斷變化的全球貿易形勢，以及最近發表的一些支持我們營養成分的新科學研究，還有我們為提高知名度和市場滲透率而進一步擴大的營銷努力。

We continue to see healthy demand across the vast majority of our end markets. Our Human Nutrition & Health segment continues to perform extremely well, driven by strong demand for both our unique portfolio of minerals, nutrients and vitamins and our food ingredients and solutions, which are benefiting from trends toward nutrient dense, high protein, high fiber and lower sugar or better-for-you foods, where our nutrient portfolio and our formulations expertise bring considerable value to our customers.

我們看到，在絕大多數終端市場，需求仍保持健康成長。我們的人類營養與健康業務板塊繼續表現出色，這得益於市場對我們獨特的礦物質、營養素和維生素產品組合以及食品配料和解決方案的強勁需求。這些產品受益於營養豐富、高蛋白、高纖維和低糖或更健康食品的趨勢，而我們的營養產品組合和配方專業知識為客戶帶來了相當大的價值。

In the Animal Nutrition & Health segment, we delivered another quarter of year-over-year growth on improved demand in both our monogastric and ruminant businesses as a result of further market penetration of our rumen-protected precision release encapsulates nutrient portfolio and mostly -- or modestly, sorry, improving market conditions in the European monogastric market and we remain encouraged by the overall performance of our Animal Nutrition & Health product portfolio.

在動物營養與健康領域，由於瘤胃保護型精準釋放包封營養產品組合的市場滲透率進一步提高，以及歐洲單胃動物市場狀況的改善（儘管程度較輕），我們的單胃動物和反芻動物業務需求均有所改善，因此我們實現了又一個季度的同比增長。我們對動物營養與健康產品組合的整體表現仍然感到鼓舞。

And within our Specialty Products segment, both our Performance Gases business and our Plant Nutrition business are performing well, driven primarily by higher demand as a result of healthier market conditions within Performance Gases and successful geographic expansion growth within Plant Nutrition. Year-to-date, on a consolidated basis, we have delivered strong growth, both on the top and bottom lines, while continuing to generate strong free cash flow, and our outlook for the remainder of the year remains positive.

在我們的特種產品部門中，高性能氣體業務和植物營養業務均表現良好，這主要得益於高性能氣體市場狀況的改善和植物營養業務地域擴張的成功，從而推動了更高的需求。今年迄今為止，從合併層面來看，我們在營收和利潤方面都實現了強勁增長，同時繼續產生強勁的自由現金流，我們對今年剩餘時間的展望依然樂觀。

As discussed on the last few earnings calls, we believe we are relatively well positioned to effectively manage through the current global trade environment. To date, we have managed to fully offset the impact of tariffs associated with the US administration's evolving trade policy, either through alternate supply chain options or subsequent pricing actions. And based on what we know today, we expect to similarly be able to offset any impact of future tariffs as the trade situation further evolves.

正如我們在最近幾次財報電話會議上所討論的那樣，我們相信我們有能力有效地應對當前的全球貿易環境。迄今為止，我們已經透過替代供應鏈方案或後續定價措施，完全抵消了與美國政府不斷變化的貿易政策相關的關稅的影響。根據我們目前所掌握的信息，隨著貿易狀況的進一步發展，我們預期同樣能夠抵消未來關稅帶來的任何影響。

Additionally, I would like to share some progress we have made in our scientific and clinical research pipeline, which continues to bolster our Human Nutrition & Health segment. We continue to actively invest in the science behind our brands such as VitaCholine, K2VITAL, OptiMSM and Albion Minerals. These studies are integral to our strategy for entering new markets, expanding our ingredient categories and building consumer awareness.

此外，我還想分享我們在科學和臨床研究方面取得的一些進展，這些進展將繼續加強我們的人類營養與健康領域。我們持續積極投資於旗下品牌（如 VitaCholine、K2VITAL、OptiMSM 和 Albion Minerals）背後的科學研究。這些研究是我們進入新市場、拓展原料類別和提高消費者意識策略的重要組成部分。

I would like to highlight one of the studies published recently that is of particular importance. Late in 2017, we informed you that Balchem funded a pilot study. Dr. Steven Zeisel, the former Director for the University of North Carolina's Nutrition Research Institute, received a $2.6 million grant from a unit of The National Institutes of Health or NIH, to develop a blood-based test or a biomarker to help measure choline status in humans.

我想重點介紹最近發表的一項特別重要的研究。2017 年末，我們曾告知您 Balchem 資助了一項試驗研究。北卡羅來納大學營養研究所前所長史蒂文·澤塞爾博士從美國國立衛生研究院 (NIH) 的一個部門獲得了 260 萬美元的撥款，用於開發一種基於血液的測試或生物標誌物，以幫助測量人體內的膽鹼水平。

The NIH-funded choline biomarker study was known to be a lengthy study, only further delayed by the COVID-19 pandemic that has now been completed, and the results have been published as a preprint. This was an important study from our perspective since it promised to help more easily identify choline deficiency in humans by identifying a choline biomarker in order to ultimately help address deficiencies through supplementation, while also facilitating research on the benefits of choline supplementation in humans.

這項由美國國立衛生研究院資助的膽鹼生物標記研究是一項耗時較長的研究，只是由於 COVID-19 疫情而進一步延誤，但現在已經完成，研究結果已作為預印本發表。從我們的角度來看，這是一項重要的研究，因為它有望透過識別膽鹼生物標記來幫助更容易識別人類的膽鹼缺乏症，從而最終透過補充膽鹼來幫助解決膽鹼缺乏症，同時還能促進對補充膽鹼對人類益處的研究。

The study was a double-blind, randomized crossover-controlled feeding study, in which all 101 subjects received 100%, 50% and 25% of the choline recommended daily intake in two-week segments separated by two-week washouts. The results of the study show that plasma choline and betaine when measured together are highly predictive of actual dietary choline intake.

該研究是一項雙盲、隨機交叉對照餵食研究，其中所有 101 名受試者分別接受了每日建議膽鹼攝取量的 100%、50% 和 25%，分為兩週的階段，每個階段之間有兩週的洗脫期。研究結果表明，同時測量血漿膽鹼和甜菜鹼可以高度預測實際飲食膽鹼攝取量。

These findings offer a new opportunity to assess choline dietary adequacy and will likely be included in future clinical and population studies and ultimately be used as a common measurement in health screenings of choline intake versus daily recommended intake levels.

這些發現為評估膽鹼飲食充足性提供了一個新的機會，並可能被納入未來的臨床和人群研究中，最終將作為健康篩檢中膽鹼攝取量與每日建議攝取量水平的常用測量方法。

On the marketing front, within our Animal Nutrition & Health segment, we continue to expand our reach and impact through marketing. We have strengthened our marketing capabilities, and Balchem's Real Science Exchange platform now celebrating five years since its launch has grown into a leading industry information and technology resource with webinars, podcasts and symposiums that is attracting a strong following across the industry with high-quality content across leading streaming platforms, such as YouTube, Spotify and Apple Podcast.

在行銷方面，在我們的動物營養與健康領域，我們不斷透過行銷擴大我們的覆蓋範圍和影響力。我們加強了行銷能力，Balchem 的 Real Science Exchange 平台自推出以來已走過五年歷程，如今已發展成為領先的行業資訊和技術資源，透過網路研討會、播客和研討會等形式，在 YouTube、Spotify 和 Apple Podcast 等領先的串流平台上提供高品質的內容，吸引了眾多業內人士的關注。

This channel to the industry gives Balchem a unique opportunity to reach and interact with an expanded target audience. We will continue to invest in our marketing capabilities, and we recently partnered with Progressive Dairy magazine to introduce the real producer exchange for practical insights for dairy farmers.

透過這個行業管道，Balchem 獲得了接觸和與更廣泛的目標受眾互動的獨特機會。我們將繼續投資於我們的行銷能力，並且我們最近與 Progressive Dairy 雜誌合作，推出了真正的生產者交流平台，為酪農提供實用見解。

And later this month, we are excited to expand into the companion animal sector with new webinars and podcasts, reinforcing our commitment to advancing animal science and industry collaboration. So some exciting progress being made on our strategic growth initiatives, while at the same time, delivering strong financial results.

本月晚些時候，我們將透過新的網路研討會和播客拓展到伴侶動物領域，這令人興奮不已，也進一步鞏固了我們對推動動物科學和產業合作的承諾。因此，我們在策略性成長計畫方面取得了一些令人振奮的進展，同時也取得了強勁的財務表現。

Now regarding the third quarter of 2025's financial performance. This morning, we reported record quarterly consolidated revenue of $268 million, which was 11.5% higher than the prior year quarter. We delivered record quarterly GAAP earnings from operations of $55 million, an increase of 13.7% versus the prior year. Consolidated net income closed the quarter at $40 million, an increase of 19.1%. This quarterly net income translated to diluted net earnings per share of $1.24 on a GAAP basis, up $0.21 or 20.4% compared to the prior year.

現在來談談2025年第三季的財務表現。今天上午，我們公佈了創紀錄的季度合併收入，達到 2.68 億美元，比去年同期成長 11.5%。我們實現了創紀錄的季度GAAP營業收入5,500萬美元，比上年成長13.7%。本季綜合淨利為 4,000 萬美元，成長 19.1%。以美國通用會計準則計算，本季淨收入折合每股攤薄淨收益為 1.24 美元，較上年同期成長 0.21 美元，增幅達 20.4%。

On an adjusted basis, we delivered record quarterly adjusted EBITDA of $71 million, an increase of 11% compared to the prior year. Our record quarterly adjusted net earnings were $44 million, an increase of 19.1% from the prior year which translated to $1.35 per diluted share, up $0.22 or 19.5% compared to the prior year. Overall, another excellent quarter for Balchem as we continue to deliver strong financial results, while making good progress on our strategic growth initiatives.

經過調整後，我們實現了創紀錄的季度調整後 EBITDA 7,100 萬美元，比去年同期成長 11%。我們創紀錄的季度調整後淨收益為 4,400 萬美元，比上年增長 19.1%，相當於每股攤薄收益 1.35 美元，比上年增長 0.22 美元或 19.5%。總體而言，對於 Balchem 來說，這又是一個出色的季度，我們繼續取得強勁的財務業績，同時在策略成長計畫方面也取得了良好進展。

And with that, I'm now going to turn the call back over to Martin to go through the third-quarter consolidated financial results for the company in more detail and the results for each of our business segments.

接下來，我將把電話轉回給馬丁，讓他更詳細地介紹公司第三季的綜合財務表現以及我們各個業務部門的表現。

Thank you, Ted. As Ted highlighted, the third quarter was a great quarter for Balchem with record sales, earnings from operations, adjusted EBITDA, adjusted net earnings and adjusted earnings per share. Our third-quarter net sales of $268 million were 11.5% higher than prior year, driven by strong performance in all three segments: Human Nutrition & Health, Animal Nutrition & Health and Specialty Products.

謝謝你，泰德。正如 Ted 所強調的那樣，第三季度對於 Balchem 來說是一個非常棒的季度，銷售額、營業收入、調整後 EBITDA、調整後淨收入和調整後每股收益均創歷史新高。第三季淨銷售額為 2.68 億美元，比上年同期成長 11.5%，這主要得益於人類營養與健康、動物營養與健康以及特種產品三大業務部門的強勁表現。

Our third-quarter gross margin dollars were $95 million, up 11.8% compared to the prior year, and our gross margin percent was 35.7% of sales, up 10 basis points compared to the prior year. Consolidated operating expenses for the third quarter were $41 million as compared to $37 million in the prior year. The increase was primarily due to an increase in professional services and higher compensation-related costs. GAAP earnings from operations for the third quarter were a record $55 million, an increase of 13.7% compared to the prior year.

第三季毛利為 9,500 萬美元，較上年同期成長 11.8%；毛利率為銷售額的 35.7%，較上年同期成長 10 個基點。第三季綜合營運費用為 4,100 萬美元，而上年同期為 3,700 萬美元。成長的主要原因是專業服務成本增加和薪酬相關成本上升。第三季GAAP營業收入創下5,500萬美元的歷史新高，較上年同期成長13.7%。

On an adjusted basis, as detailed in our earnings release this morning, record non-GAAP earnings from operations of $60 million were up 12.1% compared to the prior year. Adjusted EBITDA was a record $71 million, an increase of 11% compared to the prior year with an adjusted EBITDA margin rate of 26.7%. Net interest expense for the third quarter was $3 million, a decrease of $1 million compared to the prior year, driven primarily by lower outstanding borrowings.

根據我們今天早上發布的獲利報告，經過調整後，非GAAP營業收入創下6000萬美元的紀錄，比上年增長12.1%。調整後 EBITDA 達到創紀錄的 7,100 萬美元，比上年增長 11%，調整後 EBITDA 利潤率為 26.7%。第三季淨利息支出為 300 萬美元，較上年同期減少 100 萬美元，主要原因是未償借款減少。

Our net debt decreased to $89 million with an overall leverage ratio on a net debt basis of $0.3 million. The effective tax rates for the third quarters of 2025 and 2024, were 22.6% and 22.9%, respectively. The decrease in the effective tax rate from the prior year was primarily due to certain lower state taxes. Consolidated net income closed the quarter at $40 million, up 19.1% from the prior year. This quarterly net income translated into diluted net earnings per share of $1.24, an increase of $0.21 compared to the prior year.

我們的淨債務減少至 8,900 萬美元，淨債務槓桿率為 30 萬美元。2025 年第三季和 2024 年第三季的實際稅率分別為 22.6% 和 22.9%。實際稅率較前一年下降，主要是某些州的稅收降低。本季綜合淨利為 4,000 萬美元，較上年同期成長 19.1%。本季淨收入折合每股攤薄淨收益為 1.24 美元，較上年同期成長 0.21 美元。

On an adjusted basis, our third-quarter adjusted net earnings were a record $44 million, an increase of 19.1% from the prior year, which translated to $1.35 per diluted share. Cash flows from operations were $66 million, with free cash flow of $51 million and we closed out the quarter with $65 million of cash on the balance sheet.

經調整後，我們第三季的調整後淨利創下 4,400 萬美元的歷史新高，比上年同期成長 19.1%，相當於每股攤薄收益 1.35 美元。經營活動產生的現金流量為 6,600 萬美元，自由現金流量為 5,100 萬美元，本季末資產負債表上的現金餘額為 6,500 萬美元。

As we look at the third quarter from a segment perspective, our Human Nutrition & Health segment generated record sales of $174 million, an increase of 14.3% from the prior year, driven by higher sales within both the Nutrient's business and the Food Ingredients and Solutions businesses. Our Human Nutrition & Health segment also delivered record quarterly earnings from operations of $41 million, an increase of 14.8% compared to the prior year.

從業務部門的角度來看，第三季度我們的人類營養與健康板塊實現了創紀錄的 1.74 億美元銷售額，比上年增長了 14.3%，這主要得益於營養品業務和食品配料及解決方案業務的銷售額增長。我們的人類營養與健康部門也實現了創紀錄的季度營業收入，達到 4,100 萬美元，比上年增長 14.8%。

This was primarily driven by the aforementioned higher sales and a favorable mix, partially offset by certain higher manufacturing input costs and higher operating expenses. Third-quarter adjusted earnings from operations for this segment were a record $44 million, an increase of 13.2%. We are extremely pleased with the overall performance of our Human Nutrition & Health segment.

這主要得益於上述更高的銷售額和有利的產品組合，但部分被更高的製造投入成本和更高的營運費用所抵消。該部門第三季調整後營業收入創歷史新高，達到 4,400 萬美元，成長 13.2%。我們對人類營養與健康商業板塊的整體表現感到非常滿意。

And as Ted mentioned earlier, we continue to experience strong demand for our unique portfolio of ingredients and solutions. We believe our Human Nutrition & Health businesses are well positioned to build on the momentum we are seeing across our end markets. And as consumers increasingly favor better-for-you ingredients and solutions, we see significant opportunities ahead to leverage our formulation expertise, nutrient portfolio and strong market positions to continue to deliver healthy growth in Human Nutrition & Health.

正如泰德之前提到的，我們獨特的配料和解決方案組合的需求仍然強勁。我們相信，我們的人類營養與健康業務已做好充分準備，能夠鞏固我們在終端市場所看到的良好發展勢頭。隨著消費者越來越傾向於選擇更健康的成分和解決方案，我們看到了巨大的機遇，可以利用我們的配方專業知識、營養成分組合和強大的市場地位，繼續在人類營養與健康領域實現健康成長。

Our Animal Nutrition & Health segment generated quarterly sales of $56 million, an increase of 6.6% compared to the prior year. The increase was driven by higher sales in both the ruminant and monogastric businesses. Animal Nutrition & Health delivered earnings from operations of $4 million, an increase of 5.2% from the prior year. The increase was primarily due to the aforementioned higher sales and a favorable mix, partially offset by certain higher manufacturing input costs and higher operating expenses.

我們的動物營養與健康業務部門季度銷售額為 5,600 萬美元，比上年同期成長 6.6%。反芻動物和單胃動物業務的銷售成長推動了這一成長。動物營養與健康業務的營業收入為 400 萬美元，比前一年增長 5.2%。成長主要歸功於上述更高的銷售額和有利的產品組合，但部分被更高的製造投入成本和更高的營運費用所抵消。

Third-quarter adjusted earnings from operations for this segment were $4 million, an increase of 1.2% compared to the prior year. The end markets for Animal Nutrition & Health remain relatively stable at the moment, and we were pleased to see another quarter of top- and bottom-line growth.

該業務部門第三季調整後營業收入為 400 萬美元，比上年同期成長 1.2%。目前動物營養與健康領域的終端市場仍保持相對穩定，我們很高興看到營收和利潤連續第二季成長。

We continue to see market penetration of our ruminant protected encapsulated nutrients for the dairy market, including our reassuring encapsulated choline and our more recently launched AminoShure-XL encapsulated lysine.

我們持續看到我們的反芻動物保護型包埋營養素在乳製品市場滲透，包括我們令人放心的包埋膽鹼和我們最近推出的 AminoShure-XL 包埋賴氨酸。

On the monogastric side, we see a relatively stable US end market at the moment and a modestly improved European market environment following the provisional antidumping duties on Chinese choline that were announced last quarter. As we look forward, we expect Animal Nutrition & Health to continue to deliver growth over the long term.

在單胃動物方面，我們看到美國終端市場目前相對穩定，而歐洲市場環境在上個季度宣布對中國膽鹼徵收臨時反傾銷稅後略有改善。展望未來，我們預期動物營養與健康領域將在長期內持續成長。

Our Specialty Products segment delivered quarterly sales of $36 million, an increase of 7.5% compared to the prior year, driven by higher sales in both the Performance Gases and Plant Nutrition businesses. Specialty Products delivered a record quarterly earnings from operations of $12 million, an increase of 9.7% versus the prior year, primarily driven by the aforementioned higher sales.

我們的特種產品部門季度銷售額為 3,600 萬美元，比上年增長 7.5%，這主要得益於高性能氣體和植物營養業務的銷售額增長。特種產品部門實現了創紀錄的季度營業收入 1,200 萬美元，比上年增長 9.7%，主要得益於上述更高的銷售額。

Third-quarter adjusted earnings from operations for this segment were a record $13 million, an increase of 8.8%. We continue to be really pleased with the performance of Specialty Products, delivering another strong quarter of growth, both on the top and bottom line.

該部門第三季調整後營業收入創歷史新高，達到 1,300 萬美元，成長 8.8%。我們對特種產品業務的表現非常滿意，該業務在營收和利潤方面都實現了另一個強勁的季度成長。

Within Performance Gases, our international reach is creating value for our customers and helping to drive growth rates above historical levels. And similarly, within our Plant Nutrition business, we're having good success with our geographic expansion efforts, particularly in Latin America and Asia Pacific. Specialty Products is performing well, and going forward, we expect to be able to continue to drive solid growth for the Specialty Products segment.

在高性能氣體領域，我們的國際影響力正在為客戶創造價值，並幫助推動成長率超過歷史水平。同樣，在我們的植物營養業務方面，我們的地理擴張工作也取得了良好的成功，尤其是在拉丁美洲和亞太地區。特種產品業務表現良好，展望未來，我們預期能夠持續推動特種產品業務板塊的穩健成長。

So, overall, the third quarter was another excellent quarter for Balchem, and we believe we are well positioned for continued growth as we head into the remainder of the year.

總的來說，第三季度對 Balchem 而言又是非常出色的一個季度，我們相信，隨著我們進入今年的剩餘時間，我們已經做好了繼續增長的準備。

I'm now going to turn the call back over to Ted for some closing remarks.

現在我將把電話交還給泰德，請他做總結發言。

Thanks, Martin. Once again, we are extremely pleased with the third-quarter financial results reported earlier this morning. As a company, we continue to show an ability to deliver results in a variety of market conditions given our strong market positions and our value-added portfolio of products. The company is performing very well. We have once again effectively managed through the latest macroeconomic and tariff-related trade environment with minimal impact on the company.

謝謝你，馬丁。我們再次對今天早上公佈的第三季財務業績感到非常滿意。作為一家公司，憑藉我們強大的市場地位和高附加價值的產品組合，我們不斷展現出在各種市場條件下取得業績的能力。公司業績非常好。我們再次有效應對了最新的宏觀經濟和關稅相關的貿易環境，將對公司的影響降到了最低。

And at the same time, our growth has strengthened as a result of the accelerating better-for-you trends within the Health & Nutrition markets, given our unique portfolio of nutrients, coupled with our food ingredients and solutions capabilities.

同時，由於健康和營養市場中「更健康」趨勢的加速發展，憑藉我們獨特的營養成分組合以及食品配料和解決方案能力，我們的成長也得到了加強。

We are extremely proud of delivering 25 consecutive quarters of quarterly year-over-year growth in adjusted EBITDA with the third-quarter results reported earlier this morning. And we remain confident in the long-term growth outlook for Balchem as a company.

我們非常自豪地宣布，隨著今天早上公佈的第三季度業績，我們已連續 25 個季度實現調整後 EBITDA 同比增長。我們依然對 Balchem 公司的長期成長前景充滿信心。

I will now hand the call back over to Martin, who will open up the call for questions.

現在我將把電話交還給馬丁，他將開始接受提問。

Thank you, Ted. This now concludes the formal portion of the conference. At this point, we will open up the conference call for questions.

謝謝你，泰德。會議正式部分到此結束。接下來，我們將開放電話會議，接受提問。

(Operator Instructions) Bob Labick, CJS Securities.

（操作員說明）Bob Labick，CJS Securities。

Good morning congratulations on another record quarter. I wanted to start with the Food Ingredients & Solutions. For the last several quarters, it's kind of really picked up after previously lagging the minerals and nutrients growth rate. You just mentioned the better-for-you trend, but could you drill down a little more and talk about the changes in Food Solutions and the drivers and the outlook for each of the subsegments in 2026?

早安，恭喜你們又創下了一個季度的業績新高。我想先從食品配料及解決方案開始。在過去幾個季度裡，它的成長速度明顯加快，此前一直落後於礦物質和營養素的成長速度。您剛才提到了更健康的趨勢，但您能否更深入地探討一下食品解決方案的變化、驅動因素以及各個細分市場在 2026 年的前景？

Absolutely, Bob. And first of all, just stepping back a little bit. We're extremely pleased with the performance of the entire segment, Human Nutrition & Health. Just to kind of peel that onion back a little bit. Sales for HNH were up 14%, and then if you talk about the Nutrient Portfolio, was up about 30%, but as you highlight, the Food Ingredient business was up nicely as well. So it was really good to see the food business up almost 7%.

當然，鮑伯。首先，讓我們稍微退後一步。我們對整個「人類營養與健康」板塊的表現非常滿意。就像剝洋蔥一樣，稍微揭開一點面紗。HNH 的銷售額成長了 14%，營養品組合的銷售額成長了約 30%，但正如你所強調的，食品配料業務也取得了不錯的成長。看到食品業成長近 7%，真是令人欣喜。

And we don't see that growth rate differential necessarily changing over time. We always see the nutrient portfolio is growing faster than the food portfolio. But as you point out, the food growth was kind of low single digits there for a while and now significantly increased. And the primary driver of that is, what we touched on in the prepared remarks.

而且我們認為這種成長率差異不一定會隨著時間推移而改變。我們一直看到營養品組合的成長速度比食品組合的成長速度更快。但正如你所指出的，那裡的糧食成長率一度只有個位數，而現在已經顯著提高。而其主要驅動因素，正如我們在準備好的發言稿中所提到的。

And that really is the benefits we're seeing from the better-for-you trends in the market, whether it's in meat sticks, which is a high protein snack to replace other snacks or whether it's a high fiber nutritional beverage that is trying to address even some of the negative implications of GLP-1 drugs, for example. We see quite a few of our customers introducing new products targeted to that audience, and we all know that's a pretty sizable consumer base, or whether it's high protein bars, for example, with our Z-Crisps and our ability to add high protein crisp to certain kind of bars in the marketplace.

這就是我們從市場上更健康的趨勢中看到的好處，無論是肉條這種高蛋白零食來替代其他零食，還是高纖維營養飲料試圖解決 GLP-1 藥物的一些負面影響，都是如此。我們看到許多客戶推出了針對該受眾的新產品，我們都知道這是一個相當大的消費群體，例如，我們的 Z-Crisps 高蛋白棒，以及我們能夠在市場上某些類型的棒中添加高蛋白脆片的能力。

So all of those trends are really helping support and strengthen our overall growth in food ingredients. And it's really a combination of our nutrient expertise from the nutrient business, our unique products, encapsulated products, our kind of emulsified fat powder systems, our flavor systems.

因此，所有這些趨勢確實有助於支持和加強我們在食品配料領域的整體成長。這實際上是我們營養業務的營養專業知識、我們獨特的產品、膠囊產品、我們的乳化脂肪粉系統和我們的調味系統的結合。

And our ability to combine all of those and solutions for our customers as they're introducing new products to kind of serve those trends. And we think those trends are likely to continue for the foreseeable future. I think the better-for-you trends have been going on for decades. And of late, we've seen some accelerants to those trends, whether it is the GLP-1 drugs that I touched on that have side effects and have sort of unique nutrient needs, if you will, for the consumers of those products. That's an opportunity for us.

我們有能力將所有這些因素結合起來，為客戶推出新產品以順應這些趨勢提供解決方案。我們認為這些趨勢在可預見的未來很可能會持續下去。我認為追求健康生活方式的趨勢已經持續了幾十年。最近，我們看到這些趨勢出現了一些加速因素，例如我剛才提到的 GLP-1 藥物，這些藥物有副作用，如果可以這麼說的話，這些產品的消費者還有一些獨特的營養需求。這對我們來說是個機會。

Certainly, the RFK Jr. focus on healthier-for-you products, less processed food products is creating an accelerant, if you will, to this long-term trends. So we're really pleased that our portfolio of products caters to those trends and is allowing for us to get new wins in the marketplace and grow our food business at a higher rate than we have historically. So we're quite excited about that.

當然，小羅伯特甘迺迪對更健康、加工更少的食物的關注，無疑加速了這一長期趨勢。因此，我們非常高興我們的產品組合能夠迎合這些趨勢，使我們能夠在市場上取得新的勝利，並以比以往更高的速度發展我們的食品業務。所以，我們對此感到非常興奮。

That's great. And then just on the nutrient and minerals and nutrient side, the growth was phenomenal as well. Your major markets of choline, K2, MSM, magnesium, et cetera. Can you talk about -- it's been a penetration story for a while. Where are you in terms of product penetration? And what is the opportunity? And how much longer of a runway is there for penetration and awareness of your products?

那太棒了。而且，就營養物質和礦物質方面而言，生長情況也十分驚人。您的主要市場包括膽鹼、維生素K2、MSM、鎂等。你能談談嗎——這已經是一個持續了一段時間的滲透事件了。就產品滲透率而言，你們目前處於什麼階段？那麼，機會是什麼？你的產品還需要多久才能滲透市場並提高知名度？

The short answer is we're a long way from that endpoint. Again, as I've talked about in the past, to some extent, our challenge is the majority of our portfolio, whether it's choline or vitamin K2 or even MSM are not very well known. And I would even add the idea of chelated minerals, higher bioavailable minerals are not so well known and kind of recent studies show that they're, yes, a little bit better known today than they were five years ago, but still not well known.

簡而言之，我們離終點還很遠。正如我過去所說，在某種程度上，我們面臨的挑戰是，我們的大部分產品組合，無論是膽鹼、維生素 K2 還是 MSM，都不太為人所知。我甚至還要補充一點，螯合礦物質的概念，生物利用度更高的礦物質並不為人所知，最近的研究表明，是的，它們現在比五年前更為人所知一些，但仍然不為人所知。

So we think that we have a significant way to go. We think that the market opportunities are still 3, 4x multiples the size of the market today. And in the minerals, you mentioned magnesium in the mineral space, the overall mineral market is huge and the position that chelated minerals have within that market remains tiny.

所以我們認為我們還有很長的路要走。我們認為，市場機會仍是目前市場規模的 3 到 4 倍。在礦物領域，你提到了鎂，整個礦物市場非常龐大，而螯合礦物在這個市場中的地位仍然很小。

So the opportunity there is to both eat away at that bigger minerals market with these higher bioavailable more effective products, but also kind of drive market penetration to users that aren't supplementing with those minerals as well. So it's really sort of two vectors of growth. But we certainly see very strong double-digit growth in each of those portfolios, and we expect that to continue for some time.

因此，我們既可以利用這些生物利用度更高、更有效的產品蠶食更大的礦物質市場，也可以推動市場滲透到那些沒有補充這些礦物質的使用者群體中。所以其實是兩個成長方向。但我們確實看到這些投資組合都實現了非常強勁的兩位數成長，而且我們預計這種情況會持續一段時間。

Ram Selvaraju, H.C. Wainwright.

拉姆‧塞爾瓦拉朱 (Ram Selvaraju)，H.C.溫賴特。

Thanks very much for taking my questions and congratulations on a very strong quarter. I was just wondering if you could comment on international antidumping practices being enacted at the state, regional governmental level that could conceivably boost sales, particularly in the HNH segment ex US?

非常感謝您回答我的問題，並祝賀您本季業績非常出色。我想請您談談各國政府和區域政府層級正在實施的國際反傾銷措施，這些措施可能會促進銷售，尤其是在美國以外的HNH（高淨值、高營養價值、高營養價值、高營養價值）領域？

And especially if you could give us maybe just an overview of the status of the European anti-dumping campaigns as these pertain to choline specifically, where that is currently? And what impact you expect it to have over the course of the coming months and indeed into next year? Thank you.

特別是，如果您能給我們概述一下歐洲針對膽鹼的反傾銷行動目前的進展情況，那就太好了？您預計它在未來幾個月甚至明年會產生怎樣的影響？謝謝。

Yeah, thanks, Ram, for your comments and your question. There are really sort of two aspects to antidumping and maybe I'll start with the current initiative where the European Union has preliminarily put antidumping duties on China origin choline chloride and, maybe to your specific question, that's both for human choline chloride as well as animal choline chloride, and it's just a clear recognition by the European Union of unfair trade practices by China and trying to create a level playing field.

是的，謝謝Ram的評論和提問。反傾銷其實有兩面，我先從歐盟目前對中國產氯化膽鹼初步徵收反傾銷稅的措施說起。也許就你提出的具體問題而言，這既包括人類氯化膽鹼，也包括動物氯化膽鹼。這清楚地表明歐盟承認中國存在不公平貿易行為，並試圖創造一個公平的競爭環境。

Those duties are still preliminary. There's quite a process that is underway. We initially announced that the duties were, I think, it was 95% to 120%. And after further calculations that we reduced those by about 5 percentage points, so not significantly, which we were pleased to hear. And later this year, certainly by the end of the year, they should have a final vote for the enactment of those duties and then they will become approved in their final form and would be in place for five years, which also would be a very good thing.

這些職責目前仍處於初步階段。目前正在進行一項相當複雜的工作。我們最初宣布的關稅，我認為是 95% 到 120%。經過進一步計算，我們將其減少了約 5 個百分點，所以影響不大，我們很高興聽到這個結果。今年晚些時候，最遲到年底，他們應該會就這些職責的製定進行最終投票，然後這些職責將以最終形式獲得批准，並生效五年，這也將是一件非常好的事情。

And there is an opportunity for us to work with the European Union to try to address some of the typical reaction from China of moving the product through other countries, and we're working to try to do that, and that would only strengthen the impact of the duties.

我們有機會與歐盟合作，努力解決中國通常採取的將產品經由其他國家運輸的做法，我們正在努力這樣做，而這只會加強關稅的影響。

But certainly, broadly speaking, across the nutrient sector, whether it's in animal or in human, these types of pricing practices are quite prevalent from China as well as others. And I do think that there is an improved environment within which to bring these kinds of cases to the government entities and to get an appropriate response. So we are kind of actively reviewing where that makes sense, where we believe these practices are happening, and kind of using that tool.

但總的來說，在整個營養領域，無論是動物營養或人類營養，這類定價做法在中國和其他國家都非常普遍。而且我認為，現在的環境有所改善，人們可以向政府機構提出這類案件，並獲得適當的回應。所以我們正在積極審查哪些地方適合這樣做，哪些地方正在發生這些做法，並利用這個工具。

Unfortunately, it is expensive and it is lengthy. And so you have to go through that. But clearly, in the US, and we think in the US there's an improved environment for us, companies like ours to bring those kind of cases to the governments and we'll do that as appropriate going forward.

可惜的是，它既昂貴又耗時。所以你必須經歷這個過程。但很顯然，在美國，我們認為像我們這樣的公司在美國有更好的環境向政府提出這類案件，我們將在適當的時候繼續這樣做。

Okay. Great. And then also just wanted to ask about the Orange County microencapsulation manufacturing facility. Can you just summarize again for us when you expect construction to be completed on that facility now that you have the state approvals in place? And also, if you can give us a sense of what the magnitude of impact is likely to be on revenues and earnings quality once that facility comes fully online? Thank you.

好的。偉大的。另外，我也想問一下關於橙縣微膠囊生產設施的情況。既然你們已經獲得了州政府的批准，能否再簡要總結一下，你們預計該設施的建設何時能夠完成？另外，您能否大致介紹一下，一旦該設施全面投產，可能會對收入和盈利品質產生多大的影響？謝謝。

Yeah, sure. We're really excited about that. We announced that in our second-quarter earnings release, and we felt like we should update our shareholders on the progress that has been made. And essentially, what we tried to say and the highlight on the press release is that we're moving forward, and we have gotten the most recent approvals to do just that move forward with the plant. And essentially, what we're doing is building a new plant that has twice the capacity of the old plant and will effectively shut down the old plant, which was one of the first sites that we ever had as a company.

當然可以。我們對此感到非常興奮。我們在第二季財報中宣布了這一點，我們覺得應該向股東們報告一下所取得的進展。基本上，我們想表達的，也是新聞稿的重點，就是我們正在向前推進，我們已經獲得了最新的批准，可以繼續推進工廠的建設。從本質上講，我們正在建造一座新工廠，其產能是舊工廠的兩倍，這將有效地關閉舊工廠，而舊工廠是我們公司最早的廠址之一。

In fact, the first site, we bought it back in the '60s. And at that point in time, it was an old creamery that we use to make food ingredients and has kind of sort of far outlived its effectiveness. And so it was time for us to upgrade and modernize, and we've done that just down the road so that we can continue to use the employee base from the old site. And so forth.

事實上，第一個地塊是我們在上世紀 60 年代買下的。當時，那是一個老舊的乳品廠，我們用它來生產食品配料，但它的效用早已遠遠超過了其使用壽命。因此，我們是時候進行升級和現代化改造了，我們已經完成了這項工作，這樣我們就可以繼續利用舊站點的員工隊伍。諸如此類。

And so we're really kind of putting in place in this new plant some new technology around our micro encapsulation and more efficient technology. The encapsulates business, for example, just in Q3, grew about 26%. So it's a fast-growing part of our portfolio and has been growing significantly really over the last few years, and we need the capacity.

因此，我們正在這座新工廠中引入一些圍繞微膠囊化的新技術和更有效率的技術。例如，僅在第三季度，封裝業務就成長了約 26%。因此，它是我們投資組合中成長迅速的一部分，並且在過去幾年中確實取得了顯著成長，我們需要產能。

Our current capacity is getting us by, but we're soon going to start to run out of capacity in the coming couple of years. And so the plant will be, from a construction perspective, completed early in 2027, and we expect to be producing new product by the middle of 2027.

我們目前的產能還能勉強維持，但在未來幾年內，我們的產能很快就會捉襟見肘。因此，從建造角度來看，該工廠將於 2027 年初竣工，我們預計到 2027 年年中將開始生產新產品。

So the way we're looking at it is it's going to allow this important product line to continue to grow at double-digit rates. And our encapsulate business is certainly on the higher end of our gross margin profile of the businesses within our company. So we're excited to invest in that product line, and we're excited to be able to allow it to continue to grow kind of beyond our current capacity levels.

因此，我們認為這將使這條重要的產品線能夠繼續以兩位數的速度成長。而且，我們的封裝業務在我們公司所有業務中，毛利率肯定處於較高水準。所以我們很高興能投資這條產品線，也很高興能讓它在現有產能的基礎上繼續成長。

Okay. And then just two quick questions for Martin, if I may. Firstly, I wanted to ask if you expect the pace of debt repayment to be the same in the next couple of quarters as what you just -- most recently reported, particularly in light of the significantly lower debt burden and the very low net leverage ratio that Balchem currently has.

好的。最後，如果可以的話，我想問馬丁​​兩個問題。首先，我想問一下，鑑於 Balchem 目前的債務負擔明顯降低且淨槓桿率非常低，您是否預計未來幾季的債務償還速度將與您最近報告的速度相同？

Just wanted to see if you're planning to take your foot off the gas on debt repayment schedule or if you're intending to keep going at the most recently reported pace on a quarterly basis? And also, if you could just give us a sense of whether you expect the most recently reported quarterly effective tax rate to be an appropriate assumption to carry forward for the remainder of 2025 thank you.

我只是想了解一下，您是否計劃放慢還債速度，還是打算繼續按照最近公佈的季度還款速度進行？另外，如果您能告知我們您是否認為最近公佈的季度實際稅率可以作為2025年剩餘時間的合理假設，那就太好了。

Yeah, I'll start with the second one as it's a quick answer for the tax rate. I think sort of -- our best estimate for the year is around 22.5% plus or minus a little bit. So that's kind of where we're at year-to-date and where we think we'll finish the year at around 22.5%, plus or minus a little bit. On the debt repayment pace, I mean, obviously, we've generated strong free cash flows. And as you know from the past, we deploy that capital and paying down our debt is part of that.

好的，我先回答第二個問題，因為它可以快速解答稅率問題。我認為差不多——我們對今年的最佳估計是 22.5% 左右，上下略有浮動。所以，這就是我們今年迄今為止的大致情況，我們認為今年最終的成長率將在 22.5% 左右，上下可能會有一點波動。關於償債速度，我的意思是，很顯然，我們已經產生了強勁的自由現金流。正如您過去所了解的，我們將運用這些資金，償還債務就是其中的一部分。

I think it will depend a little bit the pace on timing of M&A. As you know, we talk a lot about pursuing various opportunities all the time. Unfortunately, we haven't gone anything over the finish line more recently. That is not to say we're not actively participating, actively discussing, actively pursuing strategic M&A. So I think that will impact it a little bit on how we see sort of those opportunities develop here as we go forward.

我認為這在一定程度上取決於併購的速度和時機。如你所知，我們一直在談論尋求各種機會。遺憾的是，我們最近沒有任何突破性的進展。這並不是說我們沒有積極參與、積極討論、積極尋求策略併購。所以我認為這會對我們如何看待未來這些機會的發展產生一定影響。

Also, you know from the past that we do deploy some of our cash into keeping our sort of share count relatively flat. So we do some share repurchases [for] antidilutive purposes just to keep sort of our shareholders' ownership relatively stable. So that will impact it as well in terms of at what pace we [repurchase] share just to keep our share count flat.

另外，您也從以往的經驗中了解到，我們會將部分現金用於維持我們的股份數量相對穩定。因此，我們進行一些股票回購，目的是為了防止股權稀釋，從而維持股東持股比例的相對穩定。因此，這也會影響我們回購股票的速度，以保持我們的股票數量不變。

But meanwhile, we will continue to reduce debt as there is excess cash. And then I think the big trigger that will change that is sort of when the next M&A transaction occurs because I think that is more a matter of timing than anything else. Thank you.

但同時，我們將繼續利用盈餘現金來減少債務。我認為改變這種狀況的重大觸發因素是下一次併購交易發生的時間，因為我認為這更多的是一個時機問題，而不是其他因素。謝謝。

Daniel Harriman, Sidoti.

丹尼爾·哈里曼，西多蒂。

Hey, guys. Good morning and congrats on another great quarter. Just a couple of quick ones from me today. Within Specialty Products, with that 7.5% year-over-year growth, can you give us a breakdown of how much came from Performance Gases versus Plant Nutrition? And then with the Plant Nutrition growth, could you just update us and provide a little bit more information about the success you're seeing with your geographic expansion within that business?

嘿，夥計們。早安，恭喜你們又一個季度取得了巨大成功。今天就簡單分享兩點。在特種產品領域，年增 7.5%，您能否為我們詳細分析性能氣體和植物營養品分別貢獻了多少利潤？那麼，關於植物營養業務的成長，您能否向我們介紹一下該業務在地域擴張方面的成功情況？

Yeah, sure. Just to give you some kind of growth numbers within Specialty Products. So as you said, overall, we grew about 7.5%. The Performance Gases business grew about 7% and the Plant Nutrition business grew about 13%. So that combined resulted in the 7.5% growth.

當然可以。僅供您參考特種產品領域的一些成長數據。正如你所說，總體而言，我們成長了約 7.5%。高性能氣體業務成長約 7%，植物營養業務成長約 13%。因此，兩者結合起來就實現了7.5%的成長。

So we're seeing nice growth out of both Performance Gases. Traditionally, we view it as kind of a lower growth business. But after a number of years of different impacts on growth, whether it was air emission systems upgrades or nursing shortages or COVID impacting elective surgical procedures and so forth, that market seems to have stabilized and is doing well. But we're also seeing nice growth in that business geographically, particularly in Europe. So we're seeing some differential growth there as well. So Plant Nutrition, obviously, is a smaller business for us, but historically has been more focused on the United States.

所以我們看到高性能氣體業務都取得了不錯的成長。傳統上，我們認為這是一個成長速度較慢的行業。但經過多年各種因素對成長的影響，無論是空氣排放系統升級、護理人員短缺或新冠疫情影響擇期手術等等，該市場似乎已經穩定下來，並且發展良好。但我們也看到該業務在地域上，尤其是在歐洲，實現了良好的成長。所以我們也看到這方面有些差異化成長。因此，植物營養顯然是我們規模較小的業務，但從歷史上看，我們更專注於美國市場。

And I would say, particularly California, we tend to sell into higher-end crops like grapes and so forth. And so an important strategic initiative for us has been to expand internationally for multiple reasons, for obvious growth reasons, but also to balance out some of the seasonality that we experienced in that business.

而且我認為，尤其是在加州，我們傾向於向葡萄等高端農作物銷售產品。因此，對我們來說，一項重要的策略舉措是出於多種原因進行國際擴張，顯而易見的原因是為了成長，但也是為了平衡我們在該業務中遇到的一些季節性波動。

As you know, the first half of the year is much stronger than the second half of the year because of the growing season in the US. So we've had a very deliberate effort to try to offset some of that down part of the season with growth in either the Southern Hemisphere or other geographies. And we're having some success in that and that was worth noting, particularly in Latin America, we're seeing stronger growth as well as in Asia Pacific.

如您所知，由於美國的生長季節，上半年的銷售額遠高於下半年。因此，我們一直有意識地努力透過南半球或其他地區的成長來抵消季節下坡的部分影響。我們在這方面取得了一些成功，這一點值得注意，尤其是在拉丁美洲和亞太地區，我們看到了更強勁的成長。

Some countries that kind of stand out, Brazil, India, for example, are areas where we're having some good success. And it's been quite a deliberate effort on our part, and we're pleased with that growth. While the US business has been relatively flat, I would say, the international business has been driving the predominance of the growth in plant nutrition.

有些國家比較突出，例如巴西和印度，我們在這些地區取得了一些不錯的成功。這是我們經過深思熟慮後所做的努力，我們對這樣的成長感到滿意。雖然美國市場相對平穩，但我認為，國際市場才是植物營養領域成長的主要驅動力。

Great. I really appreciate it, guys. And again, congratulations.

偉大的。非常感謝各位。再次恭喜。

There are no further questions at this time. I will now turn the call back over to Ted Harris for closing remarks.

目前沒有其他問題了。現在我將把電話交還給泰德·哈里斯，請他作總結發言。

Once again, thank you all very much for joining the call today. We really appreciate your support and your time, and we look forward to reporting our Q4 2025 results in February of next year. That sounds like a long way away, but that's when it will be.

再次感謝各位今天參加電話會議。我們非常感謝您的支持和時間，期待在明年二月公佈我們 2025 年第四季的業績。聽起來好像還很遙遠，但那正是它發生的時候。

In the meantime, we'll be participating in Baird's 2025 Global Industrial Conference in Chicago on November 12, and we certainly hope to see some of you there. So thanks again for joining.

同時，我們將參加 11 月 12 日在芝加哥舉行的 Baird 2025 全球工業大會，我們非常希望能在那裡見到你們中的一些人。再次感謝您的參與。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。