DMC Global Inc (BOOM) 2024 Q2 法說會逐字稿

Greetings, and welcome to the DMC Global second-quarter earnings call.

您好，歡迎參加 DMC Global 第二季財報電話會議。

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

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Geoff High, VP of IR.

現在我很高興向您介紹主持人、IR 副總裁 Geoff High。

Thank you.

謝謝。

You may begin.

你可以開始了。

Hello, and welcome to DMC's second-quarter conference call.

您好，歡迎參加 DMC 第二季電話會議。

Presenting today are DMC CEO, Michael Kuta; and Chief Financial Officer, Eric Walter.

今天出席會議的有 DMC 執行長 Michael Kuta；和首席財務官埃里克·沃爾特。

I'd like to remind everyone that matters discussed during this call may include forward-looking statements that are based on our estimates, projections and assumptions as of today's date and are subject to risks and uncertainties that are disclosed in our filings with the SEC.

我想提醒大家，本次電話會議中討論的事項可能包括基於我們截至今天的估計、預測和假設的前瞻性陳述，並受到我們向 SEC 提交的文件中披露的風險和不確定性的影響。

Our business is subject to certain risks that could cause actual results to differ materially from those anticipated in our forward-looking statements.

我們的業務面臨某些風險，可能導致實際結果與我們前瞻性陳述中的預期有重大差異。

DMC assumes no obligation to update forward-looking statements that become untrue because of subsequent events.

DMC 不承擔更新因後續事件而變得不真實的前瞻性聲明的義務。

Today's earnings release and a related presentation on our second quarter performance are available on the Investors page of our website located at dmcglobal.com. A webcast replay of today's presentation will be available at our website shortly after the conclusion of this call.

今天的收益發布和第二季度業績的相關演示可在我們網站的投資者頁面上查看，網址為 dmcglobal.com。本次電話會議結束後不久，我們的網站將提供今天簡報的網路廣播重播。

And with that, I'll turn the call over to Michael Kuta.

接下來，我會將電話轉給麥可·庫塔。

Michael?

麥可？

Hello, and thank you for joining us today.

您好，感謝您今天加入我們。

DMC reported second quarter sales of $171.2 million and adjusted EBITDA attributable to DMC of $19.4 million.

DMC 報告第二季銷售額為 1.712 億美元，調整後歸屬於 DMC 的 EBITDA 為 1,940 萬美元。

Our results represent a sequential rebound versus the first quarter and were achieved despite continued weakness in our primary construction and energy products markets.

儘管我們的主要建築和能源產品市場持續疲軟，但我們的業績較第一季連續反彈。

The results also were above the high end of our guidance range.

結果也高於我們指導範圍的上限。

Arcadia, our Building Products business was a key driver in our improved financial performance, reporting second quarter sales of $69.7 million and gross margin of 33.2%.

我們的建築產品業務 Arcadia 是我們改善財務表現的關鍵驅動力，第二季銷售額為 6,970 萬美元，毛利率為 33.2%。

Gross margin was up 600 basis points from the first quarter.

毛利率較第一季成長 600 個基點。

In the comparable quarter last year, Arcadia's gross profit was 34.7%, which was their best margin performance since we acquired the business in December 2021.

去年同期，Arcadia 的毛利為 34.7%，這是自我們 2021 年 12 月收購該業務以來他們最好的利潤率表現。

Arcadia's second quarter adjusted EBITDA margin was 17.8% versus 9.5% in the first quarter and 20.8% in the year ago second quarter.

阿卡迪亞第二季調整後 EBITDA 利潤率為 17.8%，而第一季為 9.5%，去年第二季為 20.8%。

The results reflect management's focus on improving operational efficiencies and streamlining Arcadia's cost structure.

結果反映了管理層對提高營運效率和精簡阿卡迪亞成本結構的關注。

A successful effort to debottleneck finishing operations has improved Arcadia's capacity, and the business is working to further strengthen its customer service and lead times.

成功消除精加工業務瓶頸提高了 Arcadia 的產能，該公司正在努力進一步加強客戶服務並縮短交貨時間。

DynaEnergetics, our Energy Products business reported second quarter sales of $76.2 million, down 2% sequentially and down 10% versus last year's second quarter.

我們的能源產品業務 DynaEnergetics 報告第二季銷售額為 7,620 萬美元，比上一季下降 2%，與去年第二季相比下降 10%。

Adjusted EBITDA margin was 11.5%, down from 13.5% in the first quarter and 23% in the year ago second quarter.

調整後 EBITDA 利潤率為 11.5%，低於第一季的 13.5% 和去年第二季的 23%。

This year's second quarter results reflect lower sales volumes and softer pricing in North America as well as a $500,000 bad debt expense.

今年第二季的業績反映出北美地區銷售下降、定價疲軟以及 50 萬美元的壞帳費用。

Well completions in Dyna's core US onshore market declined in five of the first six months of the year, and the number FRAC spreads is off roughly 13% from the 2024 peak.

Dyna 核心美國陸上市場的完井量在今年前 6 個月中有 5 個月出現下降，FRAC 數量差值較 2024 年的高峰下降了約 13%。

We expect North American completion activity will remain soft during the second half of the year.

我們預計下半年北美竣工活動將保持疲軟。

Dyna has taken steps to align its cost structure with anticipated demand.

Dyna 已採取措施使其成本結構與預期需求保持一致。

Recent cost reductions, coupled with previously discussed automation and product enhancement initiatives are expected to improve Dyna's EBITDA margins during the back half of the year.

最近的成本削減，加上先前討論的自動化和產品增強計劃，預計將在今年下半年提高 Dyna 的 EBITDA 利潤率。

In the fourth quarter, sales and margins should benefit from an expected increase in international product sales.

第四季度，銷售額和利潤率應受益於國際產品銷售的預期成長。

Sales at NobelClad, our composite metals business, were $25.2 million, which is up 2% versus the year ago quarter and down 6% sequentially.

我們的複合金屬業務 NobelClad 的銷售額為 2,520 萬美元，比去年同期成長 2%，比上一季下降 6%。

Adjusted EBITDA margin was a strong 22.7% and benefited from favorable delivery timing and project mix.

調整後的 EBITDA 利潤率高達 22.7%，受益於有利的交付時間和專案組合。

NobelClad's second quarter order backlog of $64 million was up over 20% sequentially and reflects the impact of the record petrochemical order we discussed during our last call.

NobelClad 第二季度積壓訂單為 6,400 萬美元，環比增長超過 20%，這反映了我們在上次電話會議中討論的創紀錄石化訂單的影響。

EMC's Board of Directors continues to evaluate a range of strategic options to unlock shareholder value, we will issue an update when appropriate.

EMC 董事會繼續評估一系列策略選擇，以釋放股東價值，我們將在適當的時候發布更新。

I'm encouraged by the progress made by DMC's businesses during the second quarter.

我對第二季 DMC 業務的進展感到鼓舞。

We want to thank our employees for their commitment and outstanding efforts.

我們要感謝我們的員工的承諾和傑出的努力。

Now I'll turn the call over to Eric for a closer look at our second quarter financial performance and a review of our third quarter guidance.

現在，我將把電話轉給艾瑞克，讓他更仔細地了解我們第二季的財務業績，並審查我們第三季的指導。

Eric?

艾瑞克？

Thanks, Michael.

謝謝，麥可。

Consolidated second quarter sales were $171 million, up 3% sequentially and down 9% from last year's second quarter, which was one of DMC's strongest historical quarters.

第二季綜合銷售額為 1.71 億美元，比上一季成長 3%，但比去年第二季下降 9%，去年第二季是 DMC 史上最強勁的季度之一。

Consolidated gross margin was 27.1%, up sequentially from the 25.4% and down from 32.8% in last year's second quarter.

綜合毛利率為 27.1%，高於上一季的 25.4%，也低於去年第二季的 32.8%。

As Michael noted, the sequential improvement reflects a strong margin recovery at Arcadia versus the first quarter.

正如邁克爾指出的那樣，環比的改善反映出阿卡迪亞的利潤率較第一季強勁復甦。

The decline versus last year's second quarter reflects lower sales in margin at DynaEnergetics.

與去年第二季相比的下降反映了 DynaEnergetics 銷售利潤率的下降。

Second quarter SG&A was approximately $27 million or 15.8% of net sales versus $29 million or 15.5% of sales in the second quarter last year.

第二季銷售及管理費用約為 2,700 萬美元，佔淨銷售額的 15.8%，而去年第二季為 2,900 萬美元，佔銷售額的 15.5%。

Lower outside service expenses across all DMC businesses drove the reduction.

所有 DMC 業務的外部服務費用下降推動了這項減少。

Inclusive of the Arcadia noncontrolling interest, consolidated second quarter adjusted EBITDA margin was 14.3% of sales, up from 11.4% in the first quarter and down from 20.3% in the year ago second quarter.

包括阿卡迪亞非控股權益在內，第二季調整後綜合 EBITDA 利潤率的 14.3%，高於第一季的 11.4%，低於去年同期第二季的 20.3%。

Second quarter adjusted net income attributable to DMC was $5.7 million, while adjusted EPS attributable to DMC was $0.29.

第二季調整後歸屬於 DMC 的淨利為 570 萬美元，調整後歸屬於 DMC 的每股收益為 0.29 美元。

With respect to liquidity, we ended the second quarter with cash and cash equivalents of $15 million.

在流動性方面，第二季末我們的現金和現金等價物為 1500 萬美元。

Total debt inclusive of debt issuance cost of $84 million and net debt of $70 million.

債務總額包括 8,400 萬美元的債務發行成本和 7,000 萬美元的淨債務。

Our debt to adjusted EBITDA leverage ratio of 1.1 at the end of the second quarter remained well below our covenant threshold of 3.0. On a pro forma net debt basis after subtracting cash, our leverage ratio was 0.92 at the end of the second quarter.

第二季末，我們的債務與調整後 EBITDA 槓桿率為 1.1，仍遠低於我們 3.0 的契約門檻。在扣除現金後的預期淨債務基礎上，第二季末我們的槓桿率為 0.92。

Now turning to guidance for the third quarter of 2024.

現在轉向 2024 年第三季的指引。

Consolidated sales are expected in a range of $158 million to $168 million.

綜合銷售額預計在 1.58 億美元至 1.68 億美元之間。

We expect activity in Arcadia's primary markets to remain weak in the third quarter, while activity in China's primary North American markets is expected to soften versus the second quarter.

我們預計阿卡迪亞主要市場的活動在第三季仍將疲軟，而中國主要北美市場的活動預計將較第二季疲軟。

NobelClad's sales are expected to be comparable to the second quarter.

NobelClad 的銷售額預計將與第二季相當。

Third quarter adjusted EBITDA attributable to DMC is expected in the range of $15 million to $18 million.

第三季調整後歸屬於 DMC 的 EBITDA 預計在 1,500 萬美元至 1,800 萬美元之間。

Arcadia's adjusted EBITDA margin is expected to moderate versus the second quarter due to less absorption of overhead expenses on lower sales.

由於銷售額下降，管理費用的吸收減少，預計阿卡迪亞調整後的 EBITDA 利潤率將較第二季度放緩。

While we expect Dyna will improve modestly due to cost reductions and operational initiatives.

雖然我們預計 Dyna 將因成本降低和營運措施而略有改善。

Adjusted EBITDA margin at NobelClad is expected to decline sequentially due to a less favorable project mix.

由於專案組合不太有利，NobelClad 調整後的 EBITDA 利潤率預計將持續下降。

With that, we're ready to take any questions from our analysts.

這樣，我們就準備好回答分析師的任何問題了。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Gerry Sweeney, Roth Capital Partners.

格里·斯威​​尼，羅斯資本合夥人。

Revenue at Arcadia was ahead of forecast and obviously gross margins, you executed extremely well on that front.

阿卡迪亞的收入超出了預期，毛利率也明顯超出了預期，你們在這方面的表現非常好。

Can you give us a little bit more detail on maybe some of the operational efficiencies and cost-out reductions that you implemented in the segment to drive those margins?

您能否為我們提供更多細節，說明您在該細分市場中為提高利潤而實施的一些營運效率和成本削減措施？

And are they sustainable?

它們可持續嗎？

So what we've been doing is doing some cost-outs, really streamlining the organization, getting more efficient, in particular, in our finishing operations.

因此，我們一直在做的是進行一些成本削減，真正精簡組織，提高效率，特別是在我們的精加工作業中。

So our finishing operations are the heartbeat of our organization.

因此，我們的精加工操作是我們組織的核心。

So that's what enables our customer service model.

這就是我們的客戶服務模式得以實現的原因。

Everything goes through finishing, whether it's paint anodizing, all material run through there.

一切都經過精加工，無論是油漆陽極氧化，所有材料都經過那裡。

So the organization has really worked hard to debottleneck those ops increase finishing capacity throughput.

因此，該組織確實努力消除這些操作的瓶頸，並提高整理能力吞吐量。

And so that's real driving real productivity improvements in the business and enabling the front end of the business.

因此，這真正推動了業務生產力的真正提高，並實現了業務的前端。

Cash flow was, I think, flat essentially in the quarter.

我認為本季現金流基本持平。

Maybe what's driving free cash flow in the quarter and then projections for the remainder of the year?

也許是什麼推動了本季的自由現金流以及今年剩餘時間的預測？

Obviously, the cash flow there's puts and takes on that front, but just interested on that.

顯然，那裡的現金流在這方面有看跌期權和承擔，但只是對此感興趣。

Yes, for the second quarter, the free cash flow performance was really a function of timing and some onetime items.

是的，第二季的自由現金流表現其實是時間和一些一次性項目的函數。

We had a prepaid purchase of explosives to secure our supply within Dyna.

我們預付了炸藥的購買費，以確保 Dyna 內的供應。

There was the timing of some customer advances in the NobelClad business moving from Q2 into Q3.

NobelClad 業務的一些客戶進展正處於從第二季進入第三季的時機。

And then we had some higher cash taxes in the quarter.

然後我們在本季度的現金稅有所增加。

And when you add all of those up, that had a negative impact to cash flow of about $10 million in Q2.

當你把所有這些加起來時，這對第二季的現金流產生了約 1000 萬美元的負面影響。

So going forward, to answer to the second part of your question, we think that there is an opportunity to take out the -- some net working capital out of the Dyna business given where we think activity levels will materialize in the second half of the year and also the opportunity to sharpen our pencil also at Arcadia.

因此，展望未來，為了回答你問題的第二部分，我們認為有機會從 Dyna 業務中取出一些淨營運資本，因為我們認為活動水平將在下半年實現今年還有在阿卡迪亞削鉛筆的機會。

So we're looking to be finishing the year with a debt position of, call it, $65 million to $70 million and using the cash flow we generate in the second half of the year to continue to pay down and delever that debt.

因此，我們希望今年結束時的債務狀況為 6,500 萬至 7,000 萬美元，並利用下半年產生的現金流繼續償還債務並去槓桿化。

So we feel good about where we're going to be going, but had some headwinds, unfortunately, in the second quarter that were onetime in nature.

因此，我們對未來的發展方向感到滿意，但不幸的是，在第二季度遇到了一些阻力，而這些阻力曾經是自然而然的。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Two things for me.

對我來說有兩件事。

The first, can you talk about the Dyna Energetics business a bit more?

首先，您能多談談 Dyna Energetics 業務嗎？

And just kind of, a, the competitive landscape and what you're seeing kind of from a potential growth of that business relative to kind of completion activity, whether it's market share or completion intensity?

競爭格局以及您從該業務相對於完成活動的潛在成長中看到的情況，無論是市場佔有率還是完成強度？

How should we be thinking about that as we look at the next couple of quarters?

當我們展望未來幾季時，我們該如何思考這一點？

I think generally, we'll move with the market.

我認為一般來說，我們會隨著市場的變化而改變。

When you think about sequentially Q2 versus Q1, when you look at -- completions, rig count or FRAC spreads, those were generally down in the 4% range, which tracked Dyna name performance.

當您連續考慮第二季與第一季度的情況時，當您查看完井數量、鑽機數量或FRAC 價差時，您會發現這些值通常下降在4% 的範圍內，該範圍跟踪了Dyna 名稱的表現。

So I think that's probably the way to look at it.

所以我認為這可能是看待它的方式。

And our guidance reflects that softness in Q3 and Dyna.

我們的指引反映了第三季和 Dyna 的疲軟狀態。

I think, so the, I mean, the competitive dynamics are fairly steady, I would say, and pricing continues to be a challenge.

我認為，所以，我的意思是，競爭動態相當穩定，定價仍然是一個挑戰。

But we've got quite a bit of quite a few initiatives in place to offset these impacts and also reflected in our guidance.

但我們已經採取了相當多的措施來抵銷這些影響，這些措施也反映在我們的指引中。

So the OpEx excellence initiatives we're working on cost take out.

因此，我們正在致力於成本削減的營運支出卓越計劃。

That's going to continue into the second half of the year.

這種情況將持續到今年下半年。

And some of that on the product design side is going to take hold in 2025.

產品設計方面的一些變化將在 2025 年紮根。

So whatever the market is doing, we feel pretty good about controlling what we can control from a cost standpoint as well as from a competitive standpoint in our differentiation and that remains.

因此，無論市場在做什麼，從成本的角度以及從差異化競爭的角度來看，我們對控制我們所能控制的東西感到非常滿意，這仍然存在。

So, but I think that's the way to think about Dyna as we move forward.

所以，但我認為這就是我們前進時思考 Dyna 的方式。

Maybe the last thing I'd say is that we're seeing healthy international activity, and we see a pickup, a bump in Q4.

也許我要說的最後一件事是，我們看到了健康的國際活動，我們看到了第四季的回升和成長。

So we should exit the year pretty strong on the international front in Q4, which will offset some of the softness in North America.

因此，我們應該在第四季度的國際方面表現強勁，這將抵消北美的一些疲軟。

And then I think the other question I had was just kind of around the Arcadia the put call option in Arcadia.

然後我認為我遇到的另一個問題是關於阿卡迪亞的看跌期權。

And I think there's a little confusion out there, like people like talk to whether it's at a snapshot in time, like in December or whether this thing kind of rolls forward?

我認為那裡有一些混亂，就像人們喜歡談論它是否是及時的，例如 12 月，或者這件事是否會向前邁進？

And what's the timing on the way the decision on either party's part has to be made on the foot call option on Arcadia?

任何一方必須在什麼時間就阿卡迪亞的徒步選擇做出決定？

And how does that mechanically work?

它是如何機械地工作的？

Yes.

是的。

So the put call first becomes exercisable at the end of December of this year.

因此，看跌期權將於今年 12 月底首次行使。

But that does not mean that anyone is compelled to exercise us being exercising the call or a minority partner exercising the put.

但這並不意味著任何人都被迫讓我們行使看漲期權或少數股東行使看跌期權。

So there's nothing that's compelling anybody to do that.

所以沒有什麼可以強迫任何人這樣做。

But is it a onetime event?

但這是一次性事件嗎？

Or is it, does it roll?

或者是，它會滾動嗎？

Like how long do you have to exercise the option?

例如你必須行使該選擇權多久？

How long -- is it a day or a week, a year?

有多長——是一天、一週還是一年？

Or how does that work?

或者說這是如何運作的？

It quite frankly continues on into perpetuity to the extent that neither party exercises the put for the call.

坦白說，只要雙方都不行使看漲期權的看跌期權，這種情況就會永久持續下去。

Ken Newman, KeyBanc Capital Markets.

肯紐曼，KeyBanc 資本市場。

I guess, I'll start with Arcadia.

我想，我會從阿卡迪亞開始。

Obviously, the market is still pretty weak.

顯然，市場仍然相當疲軟。

It looks like you're expecting revenue down sequentially here from second quarter.

看起來您預計收入將從第二季開始連續下降。

I know you're not ready to give fourth quarter guidance or anything, but I'm curious about what the customers are kind of saying in terms of longer-term visibility?

我知道您還沒有準備好提供第四季度的指導或其他任何內容，但我很好奇客戶對長期可見性有何看法？

And how they're kind of thinking about stabilization or timing of stabilization within that market specifically?

他們如何具體考慮該市場的穩定或穩定的時機？

I think that we've got a couple of -- I mean, just looking at the indicators out there and that we all look at, whether it's ABI in the West at 43 spot run or the Dodge Momentum Index, which points towards some favorable end markets, but once again driven by very kind of specific markets like data centers

我認為我們有一些——我的意思是，只要看看我們都在關注的指標，無論是西方的 ABI 43 現貨運行還是道奇動量指數，它指向一些有利的方向終端市場，但再次受到數據中心等特定市場的推動

--.

--.

So I mean, you see all the same data that we do.

所以我的意思是，您看到的數據與我們看到的數據相同。

From a customer perspective, I think we're seeing -- it's going to be soft markets for a couple of quarters here as we go out into the year.

從客戶的角度來看，我認為我們看到——進入今年，市場將在幾個季度內保持疲軟。

I think the good, and in particular, when you look at our Q2, we were pretty resilient.

我認為好的方面，特別是當你看看我們的第二季時，我們非常有彈性。

We're seeing, obviously, our exposure to diverse end markets.

顯然，我們看到了我們對不同終端市場的曝險。

Our bookings are relatively consistent and quoting activity has been good.

我們的預訂相對穩定，報價活動也很好。

But there's folks citing interest rates that are pushing projects out.

但有人指出利率正在推遲該項目。

So look, I think we've got a couple more quarters of softness.

所以看，我認為我們還有幾個季度的疲軟。

But I do think our guidance -- we guided in Q2 64% to 68%, Q3 is another 64% to 68% because that's sort of what the market is serving up.

但我確實認為我們的指導方針——我們在第二季度的指導為 64% 至 68%，第三季的指導為 64% 至 68%，因為這就是市場所提供的。

What we're doing though is the things that we can control, and we're talking about improving our operational effectiveness is really driving the profitability and the EBITDA at the bottom line and driving cash flow.

不過，我們正在做的是我們可以控制的事情，我們正在談論提高我們的營運效率，這確實可以提高盈利能力和 EBITDA 的底線，並推動現金流。

And I feel confident that we're going to do that the remainder of this year for whatever the market serves up.

我相信，無論市場提供什麼服務，我們都將在今年剩餘的時間裡做到這一點。

I guess as a follow-on to that, I mean, with the cost outs inflator Arcadia, I mean, is there a way that we should think about normalized operating leverage as the volumes stabilize?

我想作為這一點的後續，我的意思是，隨著成本支出充氣器阿卡迪亞，我的意思是，隨著交易量穩定，我們是否應該考慮正常化的營運槓桿？

Obviously, I know it's going to be very dependent on what the volumes do.

顯然，我知道這將很大程度上取決於卷的作用。

But how do we think about incremental or decremental margins with this new cost kind of platform that you're on?

但是，我們如何考慮您所在的這種新成本類型平台的利潤增量或遞減呢？

Yes. incremental and decremental our material margin is probably in the, call it 45%-ish range.

是的。增量和減量我們的材料利潤可能在 45% 左右的範圍內。

And then when you think about, it's not a high fixed cost business. there's a larger labor component.

然後當你想一想，這並不是一個固定成本很高的業務。勞動成分更大。

So I think incremental or decremental margins are probably between, call it, 35% and 40%.

所以我認為增量或減量利潤可能在 35% 到 40% 之間。

Eric, would you concur with that.

艾瑞克，你同意嗎？

Yes. -- The incremental and decremental just aren't -- they're not significantly higher than our gross margin percent in that, call it, 33% range.

是的。 ——增量和減量並不是——它們並沒有顯著高於我們的毛利率，即 33% 的範圍。

You talked about some project mix headwinds, I think, on NobelClad.

我想，您在 NobelClad 上談到了一些項目組合的逆風。

I know it's a smaller part of your business, but just can you just talk about how persistent that mix headwind could be beyond this quarter as you think about the backlog of activity there?

我知道這只是您業務的一小部分，但是當您考慮到那裡的活動積壓時，您能否談談本季度之後這種混合逆風可能會持續多久？

So we see a dip in Q3, but a very strong Q4.

因此，我們看到第三季度有所下降，但第四季非常強勁。

And quite frankly, not obviously providing guidance on 2025, but pretty bullish on 2025.

坦白說，並沒有明顯提供 2025 年的指導，但對 2025 年相當樂觀。

And I think there's things shaping up that 25% be a really good year.

我認為 25% 的年份將是非常好的一年。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Just a quick follow-up.

只是快速跟進。

And honestly, Michael, I'm not sure you can comment on this, but I'll ask it.

老實說，邁克爾，我不確定你能對此發表評論，但我會問一下。

When you think about the structure of the company and what you're looking at doing with the Dyna side, is there any thought to pulling back on that either permanently or temporarily, given kind of what the market is like on the buyer side?

當您考慮公司的結構以及您打算與 Dyna 方面做什麼時，考慮到買方市場的情況，是否有考慮永久或暫時取消該結構？

I would just say that we're in the throes of strategic alternatives, and there's a lot of things on the table, okay.

我只想說，我們正處於戰略選擇的陣痛之中，而且有很多事情擺在桌面上，好吧。

So a lot of different things that we're evaluating.

我們正在評估很多不同的事情。

So broad scope.

範圍這麼廣。

Is there any way to think about how you balance the maybe creating more of a pure-play business versus valuation of pieces you might want to sell?

有沒有什麼方法可以考慮如何平衡可能創造更多的純粹業務與對您可能想要出售的產品的估值？

Can you rephrase or clarify the question?

你能重新表達或澄清這個問題嗎？

I guess the easier, I guess the more direct way to say is, would you take a lower price on something just to get rid of it?

我想更簡單、更直接的說法是，你會以更低的價格購買某樣東西，只是為了擺脫它嗎？

To make a cleaner less, a cleaner business that is left to run?

為了減少清潔工的數量，讓清潔工繼續運作？

Yes.

是的。

The viewpoint is, again, we're looking at a wide range of options to maximize shareholder value.

我們的觀點是，我們正在尋找多種選擇來最大化股東價值。

And so that's maximizing shareholder value is the key.

因此，股東價值最大化是關鍵。

There are no further questions at this time.

目前沒有其他問題。

I would like to turn the floor back over to Michael Kuta, CEO, for closing comments.

我想請執行長 Michael Kuta 發表結束評論。

Thanks again for joining us today.

再次感謝您今天加入我們。

We appreciate your interest in DMC and look forward to our next update.

感謝您對 DMC 的興趣，並期待我們的下一次更新。

Take care.

小心。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。