Bel Fuse Inc (BELFA) 2021 Q2 法說會逐字稿

Good day, and welcome to the Bel Fuse, Inc., Second Quarter 2021 Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Dan Bernstein, President and Chief Executive Officer. Please go ahead.

美好的一天，歡迎參加 Bel Fuse, Inc. 2021 年第二季業績電話會議。今天的會議正在錄製中。現在，我想將會議交給總裁兼執行長 Dan Bernstein。請繼續。

Thank you, James. Joining me on the call today is Farouq Tuweiq, our CFO; Craig Brosious, our Vice President of Finance; and Lynn Hutkin, our Director of Financial Reporting.

謝謝你，詹姆斯。今天和我一起參加電話會議的是我們的財務長 Farouq Tuweiq； Craig Brosious，我們的財務副總裁；以及我們的財務報告總監 Lynn Hutkin。

Before we begin the call, I'd like to ask Lynn to go over the safe harbor statement. Lynn?

在我們開始通話之前，我想請林恩回顧一下安全港聲明。林恩？

Thank you, Dan. Good morning, everybody. Before we start, I would like to read the following safe harbor statement.

謝謝你，丹。大家早安。在我們開始之前，我想閱讀以下安全港聲明。

Except for historical information contained on this call, the matters discussed on this call, such as statements regarding anticipated cost savings resulting from the closure of Bel's modules, design and technical support center in Maidstone, U.K.; expectations concerning pricing adjustments taking effect and their impact on offsetting labor and material cost increases; the company's plans, intentions, expectations and efforts in connection with profit improvement and maximization; operational efficiencies and the pursuit of certain opportunities in markets; expectations regarding backlog as an indicator of sales; supply constraints and the company's ability to manage them; and anticipated future trends, plans and results for the business, including for the second half of 2021 are all forward-looking statements as described under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties.

除了本次電話會議中包含的歷史資訊外，本次電話會議討論的事項，例如有關關閉 Bel 位於英國梅德斯通的模組、設計和技術支援中心所帶來的預期成本節省的聲明；對價格調整生效的預期及其對抵銷勞動力和材料成本增加的影響；公司在利潤改善和最大化方面的計劃、意圖、期望和努力；營運效率和追求市場上的某些機會；將積壓訂單作為銷售指標的預期；供應限制以及公司的管理能力；以及預期的未來業務趨勢、計畫和績效（包括 2021 年下半年）均屬於 1995 年《私人證券訴訟改革法案》所述的前瞻性陳述，涉及風險和不確定性。

Actual results could differ materially from Bel's projections. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers; the continuing viability of sectors that rely on our products; the impact of public health crises, such as the governmental, social and economic effects of COVID-19; the effects of business and economic conditions; difficulties associated with integrating recently acquired companies; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; risks associated with foreign currencies; uncertainties associated with legal proceedings; the market's acceptance of the company's new products and competitive responses to those new products; the impact of changes to U.S. trade and tariff policies; and the risk factors detailed from time to time in the company's SEC reports.

實際結果可能與貝爾的預測有重大差異。可能導致實際結果與此類聲明有重大差異的因素包括： 客戶面臨的市場擔憂；依賴我們產品的行業的持續生存能力；公共衛生危機的影響，例如 COVID-19 對政府、社會和經濟的影響；商業和經濟狀況的影響；與整合最近收購的公司相關的困難；產能和供應限製或困難；產品開發、商業化或技術困難；監管和貿易環境；與外幣相關的風險；與法律程序相關的不確定性；市場對公司新產品的接受度以及對這些新產品的競爭反應；美國貿易和關稅政策變化的影響；以及公司 SEC 報告中不時詳細說明的風險因素。

In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements. We also may discuss non-GAAP results during this call, and reconciliations of our GAAP results to non-GAAP results have been included in our release.

鑑於風險和不確定性，無法保證任何前瞻性聲明實際上被證明是正確的。我們不承擔更新或修改任何前瞻性陳述的義務。我們也可能在本次電話會議期間討論非 GAAP 業績，我們的 GAAP 業績與非 GAAP 業績的對帳已包含在我們的新聞稿中。

I would now like to turn the call back to Dan for a general business update.

我現在想將電話轉回給 Dan，了解一般業務更新。

Thank you, Lynn, and thank you for joining our call today. First, I'd like to provide an update on COVID-19.

謝謝你，林恩，也謝謝你今天加入我們的電話會議。首先，我想提供有關 COVID-19 的最新情況。

All our manufacturing sites globally are operational throughout the second quarter. The Delta variant is prevalent in regions in which Bel operates, particularly in India, U.K. and now the U.S. We continue to stay vigilant and have protective measures in place to safeguard our associates. I would once again like to thank all our global manufacturing associates for their ongoing dedication to Bel under these difficult conditions.

我們在全球的所有製造基地在整個第二季度都在運作。 Delta 變種在 Bel 開展業務的地區很流行，特別是在印度、英國和現在的美國。我們將繼續保持警惕，並採取保護措施來保護我們的員工。我要再次感謝我們所有的全球製造同事在這種困難的條件下對貝爾的持續奉獻。

Turning to our results. We are pleased with our financial results for this quarter. This is our second consecutive quarter of meaningful year-over-year sales growth as increased orders, over the past 6 months, continue to translate into sales. Our bookings during the second quarter reached a new record high, and our backlog of orders amounted to $314 million at June 30, 2021, an increase of 75% from a year ago. Most importantly, these increases in sales and bookings were seen across all our major product groups, which is an indication of general market strength.

轉向我們的結果。我們對本季的財務業績感到滿意。這是我們連續第二季銷售額較去年同期大幅成長，過去 6 個月訂單的增加持續轉化​​為銷售額。我們第二季的預訂量再創新高，截至 2021 年 6 月 30 日，我們的積壓訂單達到 3.14 億美元，年增 75%。最重要的是，我們所有主要產品組的銷售和預訂量都出現了成長，這顯示了整體市場的實力。

Sales within our Power Solutions and Protection group were up 23% from the second quarter of 2020. The increase was largely driven by a 55% growth in our fuse sales, a 53% growth in our products that support growing e-mobility end markets and a 30% improvement in CUI sales compared to last year's second quarter. These increases were offset in part by lower sales of our custom modular products, as we exit these low-margin products, and in connection with this exit, our modular design center in Maidstone, U.K., will be closing during the third quarter with an estimated annual cost savings of $400,000. Our Power Solutions and Protection group finished the second quarter, robust backlog, which is up $92 million or 143% from year-end.

我們的電源解決方案和保護部門的銷售額較2020 年第二季度增長了23%。這一增長主要是由於我們的保險絲銷售額增長了55%，以及支持不斷增長的電動汽車終端市場的產品增長了53%，以及與去年第二季相比，CUI 銷售額成長了 30%。這些成長被我們客製化模組化產品的銷售下降部分抵消，因為我們退出了這些低利潤產品，並且與此退出相關的是，我們位於英國梅德斯通的模組化設計中心將在第三季度關閉，估計每年節省成本 40 萬美元。我們的電源解決方案和保護團隊在第二季完成了強勁的積壓工作，比年底增加了 9,200 萬美元，即 143%。

Sales of our Connectivity Solution products increased by 11% from last year's second quarter, with a continued rebound in the commercial aerospace end market, which improved by $2.9 million or 114% from last year's second quarter. Sales of our connectivity products through distribution channels were also strong, reflecting a $1.7 million or 12% increase from last year's second quarter. The backlog of orders for our connectivity products grew by $21 million or 45% since year-end.

我們的連接解決方案產品的銷售額比去年第二季成長了11%，商用航空終端市場持續反彈，比去年第二季增加了290萬美元，即114%。我們的連接產品透過分銷管道的銷售也很強勁，比去年第二季度增長了 170 萬美元，即 12%。自年底以來，我們的連接產品積壓訂單增加了 2,100 萬美元，即 45%。

On the Magnetic Solutions group, our sales growth of 8% over last year's second quarter led by higher shipments of our integrated connector modules that are used in next-generation switching applications. During the first half of 2021, our backlog of our magnetic products grew by $45 million or 105% since year-end.

在磁性解決方案部門，我們的銷售額比去年第二季度增長了 8%，這得益於用於下一代開關應用的整合連接器模組的出貨量增加。 2021 年上半年，我們的磁性產品積壓訂單較年底增加了 4,500 萬美元，即 105%。

Our first quarter acquisition of rms, EOS are now fully integrated into Bel's businesses, and both were immediately accretive to our results, contributing a combined $8.7 million in sales since the respective acquisition dates.

我們第一季收購的 rms、EOS 現在已完全整合到 Bel 的業務中，兩者都立即增加了我們的業績，自各自收購之日起合計貢獻了 870 萬美元的銷售額。

The recent pricing adjustments to our customers focused on margin improvement coupled with the highest backlog in Bel's history, the return of the aerospace demand and our participation in growth markets like HEV, IoT and 5G allows us to be strongly optimistic about Bel's future.

最近對客戶的定價調整側重於利潤率的提高，加上Bel 歷史上最高的積壓量、航空航天需求的回歸以及我們對HEV、物聯網和5G 等增長市場的參與，使我們對Bel 的未來感到非常樂觀。

Craig, can you go forward?

克雷格，你能繼續前進嗎？

Sure. Thanks, Dan. Moving into the financial update. Sales by product segment for the second quarter of 2021 were as follows. Power Solutions and Protection sales were $55.4 million, up 22.9% from last year's second quarter. Connectivity Solutions sales were $43 million, an increase of 10.6%. And Magnetic Solutions sales were $40.3 million, up 8.3% from last year's second quarter.

當然。謝謝，丹。進入財務更新。 2021年第二季依產品部門劃分的銷售額如下。電源解決方案和保護銷售額為 5,540 萬美元，比去年第二季成長 22.9%。連接解決方案銷售額為 4,300 萬美元，成長 10.6%。 Magnetic Solutions 銷售額為 4,030 萬美元，比去年第二季成長 8.3%。

Preliminary gross margin by product segment for the second quarter of 2021 was as follows. Power Solutions and Protection had a gross margin of 25.9% in the second quarter of 2021, up from 23.5% in last year's second quarter. Connectivity Solutions gross margin was 30.3%, up from 29.6% in the 2020 quarter. And Magnetic Solutions gross margin was 23.2%, down from 25.4% in last year's second quarter.

2021年第二季依產品分部劃分的初步毛利率如下。電源解決方案和保護業務2021年第二季的毛利率為25.9%，高於去年第二季的23.5%。連接解決方案毛利率為 30.3%，高於 2020 年季度的 29.6%。 Magnetic Solutions 毛利率為 23.2%，低於去年第二季的 25.4%。

On a consolidated basis, gross profit margin decreased to 24.7% in the second quarter of 2021 as compared with 25.8% in the second quarter of 2020. Bel implemented price increases earlier in 2021 to offset rising input costs with a portion of these price increases taking effect in the second quarter. In addition to industry-wide increases on raw material pricing, labor costs are higher due to wage rate increases and unfavorable foreign exchange fluctuations in the second quarter of 2021 as compared to the same quarter of 2020.

綜合來看，2021 年第二季的毛利率下降至24.7%，而2020 年第二季為25.8%。貝爾於2021 年初實施了提價，以抵消不斷上漲的投入成本，其中部分提價是由於第二季效果。除了全行業原物料價格上漲外，2021年第二季由於薪資上漲和不利的外匯波動，勞動成本較2020年同季更高。

The margin comparisons were also affected by $1 million in COVID-related subsidies received in last year's quarter that did not repeat. Excluding the subsidy, gross margin in the second quarter of 2021 would have been more comparable with last year's second quarter.

利潤率比較也受到去年季度收到的 100 萬美元新冠相關補貼的影響，該補貼並未重複。如果剔除補貼，2021年第二季的毛利率將與去年第二季更具可比性。

Research and development costs were $5.5 million during the second quarter of 2021, a decline of $650,000 from the second quarter of 2020, primarily due to the closure of our Switzerland R&D facility in mid-2020. Our selling, general and administrative expenses were $21.8 million or 15.7% of sales, up $2.7 million from a dollar perspective from the second quarter of last year, but same as a percentage of sales.

2021 年第二季的研發成本為 550 萬美元，比 2020 年第二季減少了 65 萬美元，這主要是由於我們的瑞士研發設施於 2020 年中期關閉。我們的銷售、一般和管理費用為 2,180 萬美元，佔銷售額的 15.7%，從美元角度來看，比去年第二季增加了 270 萬美元，但佔銷售額的百分比相同。

G&A, salaries and fringe benefits were $1.3 million higher as compared to the second quarter of 2020. Legal and professional fees were up by $467,000 and we incurred $317,000 in acquisition-related costs. These factors resulted in income from operations of $6.6 million in the second quarter of 2021 as compared to $6.1 million in the second quarter of 2020.

與 2020 年第二季相比，一般管理費用、薪資和附加福利增加了 130 萬美元。法律和專業費用增加了 467,000 美元，我們產生了 317,000 美元的收購相關成本。這些因素導致 2021 年第二季的營運收入為 660 萬美元，而 2020 年第二季為 610 萬美元。

Other income and expense net was income of $130,000 for the second quarter of 2021 as compared to income of $1.2 million during the second quarter of 2020. The income in the second quarter of 2020 largely related to a $1.5 million gain on the company's SERP investments, which are included in this line item.

2021 年第二季的其他收入和支出淨額為 13 萬美元，而 2020 年第二季的收入為 120 萬美元。2020 年第二季的收入主要與公司 SERP 投資的 150 萬美元收益有關，包含在此行項目中。

Interest expense was $721,000 in the second quarter of 2021, down from $1.3 million in the same quarter last year as a result of decreases in both LIBOR, the company's spread on its credit facility driven by EBITDA improvements, and the overall reduction in our outstanding debt balance.

2021 年第二季的利息支出為721,000 美元，低於去年同期的130 萬美元，原因是倫敦銀行同業拆借利率(LIBOR) 下降、公司因EBITDA 改善而導致的信貸便利利差下降，以及我們未償債務的整體減少平衡。

We had a benefit from income taxes of $1.9 million in the second quarter of 2021 compared to a provision of $423,000 during last year's second quarter. The benefit in the second quarter of 2021 primarily resulted from the expiration of statutes of limitations on certain tax reserves.

2021 年第二季度，我們從所得稅中獲得了 190 萬美元的收益，而去年第二季度的撥備額為 423,000 美元。 2021年第二季的收益主要是由於某些稅收儲備的時效到期所致。

Earnings per share for the Class A common shares was earnings of $0.61 per share in the second quarter of 2021 as compared with earnings of $0.43 per share in the second quarter of 2020. Earnings per share for the Class B common shares was earnings of $0.64 per share in the second quarter of 2021 as compared with earnings of $0.46 per share in the second quarter of 2020.

2021 年第二季 A 類普通股的每股盈餘為 0.61 美元，而 2020 年第二季的每股盈餘為 0.43 美元。B 類普通股的每股盈餘為 0.64 美元。2021 年第二季每股收益為0.46 美元，而2020 年第二季每股收益為0.46 美元。

On a non-GAAP basis, which excludes certain unusual and other nonrecurring items, EPS for Class A shares was $0.64 per share in the second quarter of 2021 as compared with earnings of $0.43 per share in the second quarter of 2020. On a non-GAAP basis, EPS for Class B shares was earnings of $0.68 per share in the second quarter of 2021 as compared with earnings of $0.46 per share in the second quarter of 2020.

依照非公認會計準則（不包括某些異常項目和其他非經常性項目）計算，2021 年第二季 A 類股每股收益為 0.64 美元，而 2020 年第二季每股收益為 0.43 美元。根據GAAP 基準，2021 年第二季B 類股每股收益為0.68 美元，而2020 年第二季為每股0.46 美元。

And now I'd like to turn the call over to Farouq to go through some balance sheet and cash flow items. Farouq?

現在我想把電話轉給法魯克，讓他檢查一些資產負債表和現金流項目。法魯克？

Yes, thank you, Craig. Beginning with some balance sheet items. Our cash and cash equivalents balance as of June 30, 2021, was $66.4 million, a decrease of $18.5 million from December 31, 2020. During the first half of 2021, we made net payments of $14.8 million in connection with the acquisitions of rms and EOS; $3.0 million towards our outstanding debt balance and used cash for capital additions of $2.5 million; dividend payments of $1.6 million and interest payments of $627,000. These items were partially offset by $6.7 million in proceeds received from the sale of property.

是的，謝謝你，克雷格。從一些資產負債表項目開始。截至2021 年6 月30 日，我們的現金及現金等價物餘額為6,640 萬美元，比2020 年12 月31 日減少1,850 萬美元。2021 年上半年，我們因收購公司和公司而支付的淨付款為1,480萬美元。EOS； 300 萬美元用於償還我們的未償債務餘額，並使用現金增加 250 萬美元的資本；股息支付 160 萬美元，利息支付 627,000 美元。這些項目被出售財產所得的 670 萬美元收益部分抵銷。

Accounts receivable were $86.9 million at June 30, 2021, as compared with $71.4 million at December 31, 2020. The primary driver of the increase related to the higher sales volume in the second quarter of 2021 as compared to the fourth quarter of 2020. The 2021 acquisitions of rms and EOS also contributed to the increase in AR from year-end, accounting for $4.7 million to our receivables balance at June 30. Days sales outstanding was 56 days at June 30, 2021, comparable with the DSO at December 31, 2020.

截至2021 年6 月30 日，應收帳款為8,690 萬美元，而截至2020 年12 月31 日，應收帳款為7,140 萬美元。成長的主要驅動力與2021 年第二季的銷售量高於2020 年第四季有關。2021 年對rms 和EOS 的收購也促進了AR 從年底開始的成長，截至6 月30 日，我們的應收帳款餘額為470 萬美元。截至2021 年6 月30 日，應收帳款 天數為56 天，與12 月31 日的 DSO 相當。2020.

Inventories were $116.2 million at June 30, 2021, up $16 million from December 31, 2020. The increase was seen in raw materials and work in progress and was largely due to increased raw material purposes to accommodate our higher backlog of orders as well as the inclusion of $3 million from 2021 acquired companies.

截至 2021 年 6 月 30 日，庫存為 1.162 億美元，較 2020 年 12 月 31 日增加 1,600 萬美元。庫存增加來自原材料和在製品，主要是由於原材料用途增加，以適應我們更多的積壓訂單以及其中包括2021 年收購公司的300 萬美元。

Accounts payable were $53 million at June 30, 2021, up $13.2 million from its level at December 31, 2020. The increase in AP was in line with the heightened purchasing volume of raw materials during the first half of the year. In addition, the 2021 acquired companies accounted for $3.2 million of this increase from the year-end level. Bel's total outstanding debt balance was $112.9 million as of June 30, 2021, net of deferred financing costs, a decrease of $2.7 million since the 2020 year-end balance.

截至 2021 年 6 月 30 日，應付帳款為 5,300 萬美元，較 2020 年 12 月 31 日的水平增加 1,320 萬美元。應付帳款的增加與上半年原材料採購量的增加相符。此外，2021 年被收購的公司在這一增量中較年末水準貢獻了 320 萬美元。截至2021年6月30日，貝爾的未償債務餘額總額為1.129億美元，扣除遞延融資成本，較2020年末餘額減少270萬美元。

And with that, I'll turn the call back over to Dan. Dan?

然後，我會將電話轉回給丹。擔？

Thank you, Farouq. Before I open the call for questions, I'd like to take a moment to thank Craig for his nearly 18 years of service to Bel Fuse. Craig came to the Bel family through our acquisition of Stewart Connector in 2003. Since then, he assumed a number of positions within the financial department before ultimately rising to lead the group in 2017. He is instrumental in helping guide Bel through some of its most transforming years. I would also like to acknowledge his generous efforts in ensuring the transition for Farouq was smooth and uneventful. Craig will be retiring from the company at the end of September. He will be missed, but we wish him the best in his retirement. Thank you, Craig.

謝謝你，法魯克。在開始提問之前，我想花點時間感謝 Craig 近 18 年為 Bel Fuse 提供的服務。 Craig 於 2003 年透過收購 Stewart Connector 加入 Bel 家族。此後，他在財務部門擔任過多個職位，最終於 2017 年升任集團領導。他在幫助指導 Bel 度過一些最艱難的時期發揮了重要作用。轉變的歲月。我還要感謝他為確保法魯克順利過渡而做出的慷慨努力。克雷格將於九月底從公司退休。我們會想念他，但我們祝他退休後一切順利。謝謝你，克雷格。

James, can we open the call for questions now?

詹姆斯，我們現在可以開始提問了嗎？

(Operator Instructions) And we'll take our first question today from Jim Ricchiuti with Needham & Company.

（操作員說明）今天我們將回答 Needham & Company 的 Jim Ricchiuti 提出的第一個問題。

Congratulations on the quarter. It sounds that the demand is clearly strong across the board. I'm just wondering if you could comment a little bit about lead times and how concerned are you, just a general that some of the -- what we're hearing about component availability and the potential for that to be disruptive at all to the business later on as you look out over the balance of the year?

恭喜本季。聽起來整體需求顯然很強勁。我只是想知道您是否可以對交貨時間發表一些評論，以及您有多擔心，只是一般性地說，我們所聽到的有關組件可用性的一些信息以及這對整個行業造成破壞的可能性當您展望今年剩下的時間時，您會如何處理業務？

As we stated, I think we managed the situation very well over this quarter. I think if you look at our materials, I think we have a ballpark figure about $2.5 million we could have maybe had in greater sales if we received all the materials in. It's -- lead times are stretched out. You're looking at some semiconductor companies that are going out to 18 months to 2 years.

正如我們所說，我認為我們在本季度很好地處理了這種情況。我想如果你看看我們的材料，我想我們有一個大約250 萬美元的數字，如果我們收到所有材料，我們可能會獲得更大的銷售額。這是——交貨時間被拉長了。你會看到一些半導體公司的期限是 18 個月到 2 年。

So it's very difficult to put a finger on it. But so far, I think we've done a good job, and I think we can manage it just as we've done in the past. There might be a couple of shortfalls. Again, all of a sudden, you're looking at component shortage and then you have a situation in Malaysia where because of COVID, the factories are shut down for 2 weeks.

所以很難用手指去指指它。但到目前為止，我認為我們做得很好，而且我認為我們可以像過去那樣管理它。可能存在一些不足之處。再一次，突然之間，你會看到零件短缺，然後馬來西亞出現了由於新冠肺炎而導致工廠關閉兩週的情況。

So you are going to have these hiccups and it is a concern. But so far, we've been able to manage that concern pretty well so far.

所以你會遇到這些問題，這是一個令人擔憂的問題。但到目前為止，我們已經能夠很好地解決這個問題。

Got it. In terms of the impact of COVID, it sounds like you've managed that fairly well. Is there any meaningful cost associated with COVID as you had to secure all of your facilities that may be contributing to some additional costs that we don't see necessarily?

知道了。就新冠疫情的影響而言，聽起來你們處理得相當好。是否存在任何與新冠疫情相關的有意義的成本，因為您必須確保所有設施的安全，這可能會導致一些我們不一定認為的額外成本？

I don't think a substantial number. If you look at masks, thermostat, temperature measuring devices, making the place safe by putting plastic walls between spacing, no cafeteria. All those costs, I think, were taken out. So I think going forward, we do have -- I can't see anything more than minimum cost going forward.

我認為數量不多。如果你看看口罩、恆溫器、溫度測量裝置，透過在間距之間放置塑膠牆來確保這個地方的安全，沒有自助餐廳。我認為所有這些費用都被扣除了。所以我認為，展望未來，我們確實有——我看不到除了最低成本之外的任何東西。

Okay. Your SG&A is running a little higher than we were anticipating. I assume that's just a function also of your volumes. But I don't know if there's any additional color you could provide on that. And then I have 1 other question, and I'll jump back in the queue.

好的。你們的銷售管理費用（SG&A）略高於我們的預期。我認為這也只是你的捲的函數。但我不知道你是否可以提供任何額外的顏色。然後我還有另一個問題，我會跳回隊列。

All right. I'll let Craig -- Craig, do you want to take the SG&A or you want Farouq to do it?

好的。我會讓克雷格——克雷格，你想承擔 SG&A 還是你想讓法魯克承擔？

Yes, I think I can take that one, Dan. I think we are seeing some incremental SG&A related to volume, as you said, Jim. There's also -- we have some additional expenses as we noted in our remarks here. But I think it's still in line with what our expectations were, maybe a little -- maybe on the high end, but I think we're -- it's nothing unusual in there.

是的，我想我可以接受，丹。正如您所說，吉姆，我認為我們看到了一些與銷售相關的銷售、一般費用增量。正如我們在此處的評論中指出的那樣，我們還有一些額外費用。但我認為它仍然符合我們的預期，也許有點——也許是高端，但我認為我們——這沒什麼不尋常的。

Got it. And just with respect to some of the pricing actions that you've taken, have you realized the benefits of that more fully? Or are some of those expected to flow in over the next quarter or so? I don't know if you can give us any kind of sense as to how those pricing actions will be.

知道了。就您所採取的一些定價行動而言，您是否更充分地意識到了其好處？或者其中一些預計會在下個季度左右流入？我不知道您能否告訴我們這些定價行為將如何進行。

I think if you -- and this is just ballpark to give you a rough idea. I think in this quarter, we probably maybe picked up 15% of the price increases we put out there. And then the balance would be, I think, divided pretty evenly between the third and fourth quarter. But I would think they would all be flushed out by the middle of the fourth quarter.

我想如果你——這只是給你一個粗略的想法。我認為在本季度，我們可能會獲得 15% 的漲價。我認為，第三季和第四季的餘額將相當均勻地分配。但我認為他們會在第四節中期全部被淘汰。

Got it. Okay. I'll jump back in the queue. And Craig, I just want to wish you the best.

知道了。好的。我會跳回到隊列中。克雷格，我只想祝你一切順利。

Thanks. Appreciate it, Jim.

謝謝。很感激，吉姆。

Next, we'll hear from Theodore O'Neill with Litchfield Hills Research.

接下來，我們將聽取利奇菲爾德山研究中心 (Litchfield Hills Research) 的西奧多·奧尼爾 (Theodore O'Neill) 的演講。

Congratulations on the good quarter. Question about seasonality. Given the strong -- sort of the strong demand here and longer lead times and your 2 recent acquisitions, do you think Q4 seasonality will continue? Or do you have any thoughts about that 1 way or the other if there's a potential change?

恭喜季度業績良好。關於季節性的問題。考慮到這裡的強勁需求和更長的交貨時間以及您最近的兩次收購，您認為第四季度的季節性會持續嗎？或者如果有潛在的變化，您對這一種方式或另一種方式有什麼想法嗎？

I think with COVID, everything is blown out the window. So again, I don't -- generally because in North America, because of the Christmas holiday and Thanksgiving, you'll lose anywhere from 5 to 10 days where people don't need parts. But I think in this situation, where the backlog is so strong and people are so desperate to get materials in, I'd be shocked that we see -- I doubt we see the downward turn we've seen in the past.

我認為，有了新冠病毒，一切都被拋到了九霄雲外。再說一次，我不會這樣做——通常是因為在北美，由於聖誕節假期和感恩節，你會失去 5 到 10 天的時間，人們不需要零件。但我認為，在這種情況下，積壓如此嚴重，人們如此迫切地想要獲得材料，我會感到震驚，我們看到 - 我懷疑我們是否會看到過去看到的下降趨勢。

Yes. And it did -- this did come up in the last quarter conference call, and I'll ask again here. Are you concerned about double bookings? And how are you managing that for -- steps for that?

是的。確實如此——這確實在上個季度的電話會議中出現過，我會在這裡再次詢問。您是否擔心重複預訂？您是如何管理的--步驟？

That's a great question. And it's -- as you know, we have -- you probably know we have Vinnie Vellucci, former President of the Americas of Arrow and that's a question we address all the time. At this point, everything we hear, we're getting the impression that there isn't double bookings out there, but you just -- you don't know. And I would think that you would probably see it more in the semiconductor area that are really stretched out long lead times than our product line, but it is a concern that people bringing in too much inventory, just as much -- I think just the concern is bringing in -- the double booking is people bringing in inventory too soon.

這是一個很好的問題。如你所知，我們有——你可能知道我們有 Arrow 美洲區前總裁 Vinnie Vellucci，這是我們一直在解決的問題。在這一點上，我們聽到的一切，我們得到的印像是，那裡不存在雙重預訂，但你只是——你不知道。我認為您可能會在半導體領域看到更多的情況，這些領域的交貨時間確實比我們的產品線更長，但令人擔憂的是人們引入了太多庫存，同樣如此 - 我認為只是令人擔憂的是引入——重複預訂是人們過早引入庫存。

So why bring in a Bel part in 20 weeks if you're not going to get the IC in 45 weeks. And that's a concern that we try to look at. And you can alleviate, do you have noncancelable orders? Do you have nonscheduled change orders? And we've looked at that, but we haven't implemented that at this time.

那麼，如果您不會在 45 週內獲得 IC，為什麼要在 20 週內引入 Bel 部件呢？這是我們試圖解決的問題。您可以緩解一下，您有不可取消的訂單嗎？您有計劃外的變更單嗎？我們已經研究過這一點，但目前尚未實施。

We'll take our next question from Hendi Susanto with Gabelli Funds.

我們將接受 Gabelli Funds 的 Hendi Susanto 提出的下一個問題。

Thank you, Craig, for all the interactions.

謝謝你，克雷格，所有的互動。

Thanks, Hendi. Enjoyed it.

謝謝，亨迪。享受吧。

Dan, I would like to ask you questions about sales trends, let's say, in the absence of like unforeseen COVID impact and given the strong bookings, will it be reasonable to expect revenue will gradually improve every quarter throughout the end of the year?

丹，我想問你有關銷售趨勢的問題，假設沒有像不可預見的新冠疫情影響，並且預訂量強勁，預期收入在年底每個季度逐漸改善是否合理？

I think, again -- I think for the next quarter should improve. And then again, historically, I think the fourth quarter would be substantially better than last year's fourth quarter. But generally, I don't know if it'd be better in the third quarter because historically the third quarter has always been a strong quarter for Bel.

我再次認為，我認為下個季度應該會有所改善。話又說回來，從歷史上看，我認為第四季會比去年第四季好得多。但總的來說，我不知道第三季是否會更好，因為從歷史上看，第三季對貝爾來說一直是強勁的季度。

I see, yes. And then would you be able to share what the revenue contribution from rms and EOS in Q2? And then whether your expected revenue contributions from those two are higher given like strong performance in Q2? (inaudible) revenue contribution for the year?

我明白了，是的。那麼您能分享一下 rms 和 EOS 在第二季的營收貢獻嗎？那麼考慮到第二季的強勁表現，您對這兩者的預期營收貢獻是否會更高？ （聽不清楚）當年的收入貢獻？

Okay, Craig?

好吧，克雷格？

Lynn, I think, is better equipped to address that.

我認為林恩更有能力解決這個問題。

Passing.

通過。

Sorry, I was on mute there. So Hendi, you're looking for the quarter or for the year?

抱歉，我當時處於靜音狀態。那麼，Hendi，您要找的是季度還是年度？

We'd like to get give quarter and do we have a forecast?

我們想要給一個季度的數據，我們有預測嗎？

Okay. So for the second quarter, rms contributed $2.7 million -- I'm sorry, we're looking at trade sales -- $2.5 million of sales and EOS contributed $3.5 million of sales.

好的。因此，在第二季度，rms 貢獻了 270 萬美元——抱歉，我們正在考慮貿易銷售——250 萬美元的銷售額，EOS 貢獻了 350 萬美元的銷售額。

And just to give you a little more color, and I would say that's -- again, they supply the aerospace people. So historically, if you looked over the -- before COVID, that's a very weak month for them. Okay.

只是為了給你更多的色彩，我想說的是——他們再次為航空航天人員服務。所以從歷史上看，如果你回顧一下新冠疫情爆發之前的情況，那對他們來說是非常疲軟的一個月。好的。

And then looking at the first half of 2021, rms contributed $4.6 million of sales and the EOS was the same $3.5 million since they were acquired on March 31.

再看看 2021 年上半年，rms 貢獻了 460 萬美元的銷售額，自 3 月 31 日被收購以來，EOS 貢獻了 350 萬美元的銷售額。

And then how about revenue forecast for 2021? Are you expecting higher?

那麼2021年的營收預測如何？你期待更高嗎？

I would say, yes, but we don't have a -- I don't think we're ready to share a figure with you though, sorry.

我想說，是的，但我們沒有——我認為我們還沒有準備好與您分享一個數字，抱歉。

Okay. Yes. No, that's fair. And then this is like bookkeeping questions. The $0.4 million cost saving from the U.K. facility consolidation, will it go towards bottom line? Or will you reinvest that somewhere else?

好的。是的。不，這很公平。這就像簿記問題。英國設施整合節省的 40 萬美元成本是否會用於獲利？或者你會把它再投資到其他地方嗎？

I think it's only $400,000 is the cost savings for shutting down the Maidstone facility.

我認為關閉梅德斯通工廠只節省了 40 萬美元的成本。

Yes. So we'd expect to see that drop to the bottom line, Hendi.

是的。所以我們預計會看到利潤下降，Hendi。

Okay. And then any insight into like price increases, not the detail and -- whether it's like a single digit, mid-single digit, high single digits?

好的。然後是對價格上漲的任何洞察，而不是細節，以及——是否是個位數、中個位數、高個位數？

No. I think on the average, the price increases are falling, some smaller ones and some higher ones. But overall, I think it's probably falling into the 5% to 12% range.

不。我認為平均而言，價格漲幅正在下降，有的漲幅較小，有的漲幅較大。但總體而言，我認為可能會落入 5% 到 12% 的範圍內。

(Operator Instructions)

（操作員說明）

James, are there any other calls?

詹姆斯，還有其他電話嗎？

There are no further questions at this time. I'll turn the conference over to you, Mr. Bernstein, for any additional or closing remarks.

目前沒有其他問題。伯恩斯坦先生，我將把會議轉交給你，請你發表補充或結束語。

And once again, I'd like to thank Craig for his tremendous job, and I wish everybody a nice weekend. And, hopefully, we can keep these numbers going. So thank you, everybody, for participating.

我要再次感謝克雷格所做的出色工作，並祝大家週末愉快。希望我們能夠保持這些數字。謝謝大家的參與。

That will conclude today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。