CompoSecure Inc (CMPO) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CompoSecure Q1 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Sean Mansouri, Investor Relations for CompoSecure.

您好，感謝您的支持。歡迎參加 CompoSecure 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）現在，我想將會議交給今天的發言人，CompoSecure 投資者關係部的 Sean Mansouri。

Good afternoon and thank you for joining us to review CompoSecure's first-quarter 2025 financial results. With me on the call is Dave Cote, Executive Chairman of CompoSecure; Jon Wilk, Chief Executive Officer; and Tim Fitzsimmons, Chief Financial Officer. They will begin with prepared remarks, and then we will open the call for a Q&A. During the call, we will make statements related to our business that may be considered forward-looking, including statements concerning our plans to execute on our growth strategy and our ability to maintain existing and acquire new customers, as well as other statements regarding our plans and prospects. Forward-looking statements may often be identified with words such as we expect, we anticipate or upcoming.

下午好，感謝您與我們一起回顧 CompoSecure 2025 年第一季的財務表現。與我一起參加電話會議的還有 CompoSecure 執行主席 Dave Cote；喬恩·威爾克（Jon Wilk），執行長；以及財務長 Tim Fitzsimmons。他們將首先發表準備好的講話，然後我們將開始問答環節。在電話會議中，我們將就我們的業務做出可能被視為前瞻性的聲明，包括有關我們執行成長策略的計劃以及我們維護現有客戶和獲得新客戶的能力的聲明，以及有關我們的計劃和前景的其他聲明。前瞻性陳述通常可以用「我們期望」、「我們預期」或「即將發生」等字眼來表示。

These statements reflect our views only as of today and should not be considered our views as of any subsequent date. We undertake no obligation to update or revise these forward-looking statements. Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from our expectations.

這些聲明僅反映我們截至今天的觀點，不應被視為我們此後任何日期的觀點。我們不承擔更新或修改這些前瞻性陳述的義務。前瞻性陳述並非對未來績效的承諾或保證，並且受各種風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

For a discussion of material risks and other important factors that could affect our results, please refer to the information in our annual report on Form 10-K and other reports filed with the SEC, which are available on the Investor Relations section of our website and on the SEC's website at sec.gov. Please note that effective as of February 28, 2025, the date of the spin-off of Resolute Holdings Management and as a result of the management agreement between Resolute Holdings Management and the company's wholly owned subsidiary, CompoSecure Holdings, the results of operations of CompoSecure Holdings and the operating companies, which are its subsidiaries are not consolidated in the financial statements included in this report and instead are accounted for under the equity method of accounting.

有關可能影響我們業績的重大風險和其他重要因素的討論，請參閱我們提交給美國證券交易委員會 (SEC) 的 10-K 表年度報告和其他報告中的信息，這些信息可在我們網站的投資者關係部分和美國證券交易委員會網站 sec.gov 上找到。請注意，自 2025 年 2 月 28 日 Resolute Holdings Management 分拆之日起，根據 Resolute Holdings Management 與公司全資子公司 CompoSecure Holdings 之間的管理協議，CompoSecure Holdings 及其子公司的經營公司的經營業績不合併在本報告所含財務報表中，而是按照權益法進行核算。

In the earnings release we issued earlier today and in the discussion on today's call, we also present non-GAAP results to help investors reconcile and better understand our operating performance. In addition, our discussion will include non-GAAP financial measures, including EBITDA, adjusted EBITDA, pro forma adjusted EBITDA, consolidated net sales, consolidated gross profit, consolidated gross margin, consolidated total cash, adjusted EPS and consolidated net debt. The company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends impacting the company's financial condition and results of operations. These non-GAAP financial measures should not be considered as an alternative to net income or any other performance measures derived in accordance with US GAAP and may be different from similarly titled non-GAAP measures used by other companies.

在我們今天早些時候發布的收益報告和今天的電話討論中，我們還提供了非公認會計準則結果，以幫助投資者協調並更好地理解我們的經營業績。此外，我們的討論還將包括非 GAAP 財務指標，包括 EBITDA、調整後 EBITDA、備考調整後 EBITDA、合併淨銷售額、合併毛利、合併毛利率、合併總現金、調整後每股收益和合併淨債務。該公司認為，這些非公認會計準則財務指標為管理層和投資者提供了有關影響公司財務狀況和經營業績的某些財務和業務趨勢的有用資訊。這些非公認會計準則財務指標不應被視為淨收入或根據美國公認會計準則得出的任何其他績效指標的替代品，並且可能與其他公司使用的類似名稱的非公認會計準則指標不同。

A reconciliation of GAAP to non-GAAP measures is available in our press release and earnings presentation available on the IR section of our website. Thank you. And with that, let me turn the call over to Executive Chairman, Dave Cote.

我們的新聞稿中提供了 GAAP 與非 GAAP 指標的對帳表，而我們網站的 IR 部分則提供了收益介紹。謝謝。現在，請允許我將電話轉給執行主席戴夫·科特 (Dave Cote)。

Good afternoon, everyone. Since we last spoke to you in March, we have continued to spend a considerable amount of time working with Jon and his team to strengthen CompoSecure's operating capabilities with the Compo Operating System, driving organic growth and building a high-performance culture that has the intensity and sense of urgency to deliver now and into the future. I'm pleased with the team's engagement. We're beginning to see early results from their efforts. And while implementation of COS and development of that critical institutional intensity will take time, I'm encouraged by the progress we're making.

大家下午好。自從我們三月上次與您交談以來，我們繼續花費大量時間與 Jon 和他的團隊合作，透過 Compo 作業系統加強 CompoSecure 的營運能力，推動有機成長並建立一種高績效文化，這種文化具有強度和緊迫感，可以實現現在和未來的目標。我對團隊的參與感到滿意。我們開始看到他們的努力所取得的早期成果。儘管實施 COS 和發展關鍵的機構強度需要時間，但我對我們所取得的進展感到鼓舞。

I'm also pleased with the first quarter's results and believe CompoSecure is well positioned to deliver through 2025 and beyond. As I have said since first investing in CompoSecure, we are far and away the leader in metal cards but still have less than 1% penetration of the current credit card market. Even though the financial and brand benefits our metal cards offer to an issuer are huge.

我對第一季的業績也感到滿意，並相信 CompoSecure 有能力在 2025 年及以後實現目標。正如我自首次投資 CompoSecure 以來所說的那樣，我們在金屬卡領域遙遙領先，但在當前信用卡市場的滲透率仍不到 1%。儘管我們的金屬卡為發卡機構帶來的財務和品牌利益是巨大的。

We believe the upside for us and our customers is significant. To execute against this big opportunity, we believe our focus on this Compo operating system and the related investments we're making will drive meaningful results over time, enhancing CompoSecure's ability to continue building a culture of excellence that delivers for our customers, employees and investors.

我們相信，這對我們和我們的客戶來說都是巨大的優勢。為了抓住這一重大機遇，我們相信，我們對 Compo 作業系統的關注以及我們正在進行的相關投資將隨著時間的推移帶來有意義的成果，增強 CompoSecure 繼續為我們的客戶、員工和投資者打造卓越文化的能力。

As we've proven before, it really does work. Before turning the call over to Jon, I want to take a moment to address the accounting change we've had to make this quarter. Tim will discuss this in more detail later in the call, but we are now required to report CompoSecure's results using the equity method of accounting following the spin-off of Resolute Holdings, and Resolute Holdings is required to consolidate the financial results of CompoSecure's wholly owned operating subsidiary in accordance with US GAAP. This consolidation accounting is quite technical in nature and does not reflect the underlying economics of CompoSecure or Resolute Holdings.

正如我們之前所證明的，它確實有效。在將電話轉給喬恩之前，我想花點時間談談我們本季必須做出的會計變更。蒂姆將在稍後的電話會議中更詳細地討論這一點，但在 Resolute Holdings 分拆後，我們現在需要使用權益法會計報告 CompoSecure 的業績，而 Resolute Holdings 需要根據美國 GAAP 合併 CompoSecure 的全資營運子公司的財務業績。這種合併會計本質上非常技術性，並不反映 CompoSecure 或 Resolute Holdings 的基本經濟狀況。

To help investors better understand each business' financial performance, we have provided non-GAAP financials that do reflect the economics of each business and allow for direct comparisons to past periods at CompoSecure. We have also included a summary chart on Page 4 of the earnings presentation to simply summarize how I think about the financials of both CompoSecure and Resolute Holdings.

為了幫助投資者更了解每個業務的財務業績，我們提供了非 GAAP 財務數據，這些數據確實反映了每個業務的經濟狀況，並且可以直接與 CompoSecure 的過去時期進行比較。我們還在收益報告的第 4 頁添加了一個摘要圖表，以簡單總結我對 CompoSecure 和 Resolute Holdings 財務狀況的看法。

The non-GAAP CompoSecure financials are the same as they have been historically, with the only change being a deduction of the management fee that is paid to Resolute Holdings. For Resolute Holdings, the non-GAAP financials show management fee revenue from CompoSecure, less salaries and ongoing operating expenses. Both are that simple and are how we look at both businesses.

非 GAAP CompoSecure 的財務狀況與歷史相同，唯一的變化是扣除了支付給 Resolute Holdings 的管理費。對於 Resolute Holdings 而言，非 GAAP 財務數據顯示，其來自 CompoSecure 的管理費收入減去薪資和持續營運費用。兩者都很簡單，也是我們看待這兩項業務的方式。

So you may find yourself saying, gee, Dave, if it does not make sense for how investors should look at the results economically for both companies, why are you doing the accounting this way? The best answer, I think, comes from paraphrasing Warren Buffett, who once said about Berkshire Hathaway accounting that the GAAP earnings are 100% misleading, and they serve to misinform investors. So to restate how best for investors to understand the economics of both companies: one, look at Compo historical reporting and deduct the management fee; and two, look at RHLD as management fee revenue minus costs of the investment team. So with that, I'll turn the call over to Jon.

因此，你可能會問自己，天哪，戴夫，如果投資者從經濟角度看待這兩家公司的表現沒有意義，那你為什麼要這樣來做會計呢？我認為，最好的答案是引用巴菲特的話，他曾經說過，波克夏海瑟威的會計準則是 GAAP 收益 100% 具有誤導性，會誤導投資者。因此，重申投資者如何最好地了解兩家公司的經濟狀況：一、查看 Compo 的歷史報告並扣除管理費；第二，將 RHLD 視為管理費收入減去投資團隊成本。因此，我將把電話轉給喬恩。

Thank you, Dave. Good afternoon, everyone, and thank you for joining us for our first quarter conference call. We started the year in line with our expectations across our payment card and Arculus business, with consolidated net sales essentially flat compared to prior year. Pro forma adjusted EBITDA, which incorporates a full quarter of Resolute management fees on a pro forma basis for both the current and year ago period, decreased slightly due to higher G&A expenses tied to growth investments and the implementation of the CompoSecure Operating System or COS. We also had strong program activity during the quarter with several high-profile customers, while Arculus delivered a net positive contribution and record results for the quarter with new vertical industry wins.

謝謝你，戴夫。大家下午好，感謝大家參加我們的第一季電話會議。今年伊始，我們的支付卡和 Arculus 業務表現符合預期，綜合淨銷售額與去年同期基本持平。預計調整後的 EBITDA（以預期方式納入當前和去年同期整個季度的 Resolute 管理費）略有下降，原因是與成長投資和實施 CompoSecure 作業系統或 COS 相關的 G&A 費用增加。本季度，我們還與幾家知名客戶開展了強勁的專案活動，而 Arculus 憑藉新的垂直行業勝利，為本季度帶來了淨正貢獻和創紀錄的業績。

Our focus on operational excellence through the CompoSecure Operating System remains a critical enabler, positioning us to drive more efficiencies and long-term value creation. Importantly, we are already beginning to see the benefits from implementing COS, particularly at the factory and production level, which we believe will deliver positive net impact in 2025. As expected and highlighted in our March conference call, we are seeing momentum building in the second quarter for both payment cards and Arculus, and we anticipate this sustained growth trajectory will carry through the remainder of the year. As mentioned in our press release earlier today, we are reaffirming our full year 2025 guidance with expectations for mid-single-digit growth in both consolidated net sales and pro forma adjusted EBITDA. As Dave mentioned a moment ago, we have provided Slide 4 to help you understand how we think about the financials of both CompoSecure and Resolute Holdings.

我們透過 CompoSecure 作業系統專注於卓越運營，這仍然是一個關鍵推動因素，使我們能夠提高效率並創造長期價值。重要的是，我們已經開始看到實施 COS 的好處，特別是在工廠和生產層面，我們相信這將在 2025 年產生正面的淨影響。正如我們在 3 月電話會議中所預期和強調的那樣，我們看到支付卡和 Arculus 在第二季度都呈現出成長勢頭，我們預計這種持續的成長軌跡將持續到今年剩餘時間。正如我們今天早些時候的新聞稿中提到的那樣，我們重申 2025 年全年指引，預計合併淨銷售額和調整後 EBITDA 都將實現中等個位數成長。正如戴夫剛才提到的，我們提供了幻燈片 4 來幫助您了解我們如何看待 CompoSecure 和 Resolute Holdings 的財務狀況。

Our non-GAAP CompoSecure financials remain consistent with our historical practice with the only change being the deduction of the Resolute management fee. For Resolute Holdings, the non-GAAP financials show the management fee revenue from CompoSecure, less salaries and ongoing operating expenses. Tim will go into some additional detail around this later on. Now turning to Slide 5. We had a strong quarter of program activity with several high-profile metal payment cards across the globe.

我們的非公認會計準則 CompoSecure 財務狀況與我們的歷史做法保持一致，唯一的變化是扣除了 Resolute 管理費。對於 Resolute Holdings 而言，非 GAAP 財務報表顯示來自 CompoSecure 的管理費收入減去工資和持續營運費用。蒂姆稍後會對此進行更詳細的介紹。現在翻到投影片 5。本季度，我們的專案活動表現強勁，在全球推出了多張備受矚目的金屬支付卡。

These included Citibank, Robinhood, Carta, Coho, WealthSimple and Scotiabank, spanning both the traditional issuers and fintechs. Several new vertical industry wins for Arculus include MetaMask and MoneyGram, showcasing our ability to diversify across industries. Moving on to Slide 6. We continue to see a strong metal payment card market, both in terms of issuer adoption and end user preference. As Dave mentioned, the financial and brand benefits our metal cards offer to an issuer are huge, and we see this clearly reflected in our pipeline as demand has continued to strengthen in the second quarter.

其中包括花旗銀行、Robinhood、Carta、Coho、WealthSimple 和豐業銀行，涵蓋傳統發行商和金融科技公司。Arculus 在多個垂直產業的新勝利包括 MetaMask 和 MoneyGram，展現了我們跨產業多元化的能力。轉到投影片 6。我們繼續看到金屬支付卡市場強勁，無論是在發行商採用方面還是在最終用戶偏好方面。正如戴夫所提到的，我們的金屬卡為發卡機構帶來的財務和品牌效益是巨大的，而且我們在第二季度的需求持續增強的情況下，這一點在我們的銷售管道中得到了清晰的體現。

We anticipate this sustained growth trajectory will carry through the remainder of the year. Turning to Slide 7 in Arculus. As I mentioned earlier, we delivered record results, generating another net positive contribution in the quarter. I highlighted some recent examples of vertical success earlier with MoneyGram and MetaMask. In addition, we are encouraged to see metal card customers beginning to future-proof their offerings by bundling Arculus Authenticate with payment capabilities.

我們預計這種持續的成長軌跡將持續到今年剩餘時間。前往 Arculus 中的第 7 張投影片。正如我之前提到的，我們取得了創紀錄的業績，在本季再次產生了淨正貢獻。我之前重點介紹了 MoneyGram 和 MetaMask 等垂直領域近期取得的一些成功案例。此外，我們很高興看到金屬卡客戶開始透過將 Arculus Authenticate 與支付功能捆綁在一起來確保其產品的未來發展。

We believe Arculus remains a powerful differentiator that sets CompoSecure apart in the evolving Web3 and digital security landscape. I'll now hand it over to Tim to review our financials before returning for closing remarks.

我們相信，Arculus 仍然是 CompoSecure 在不斷發展的 Web3 和數位安全領域中脫穎而出的強大差異化因素。現在我將把會議交給提姆來審查我們的財務狀況，然後再回來做最後的總結演講。

Thank you, Jon, and good afternoon, everyone. I will provide a detailed overview of our Q1 2025 financial performance. Unless stated otherwise, all comparisons and variance commentary are on a year-over-year basis. In Q1, consolidated net sales were essentially flat at $103.9 million compared to our prior year. Consolidated gross margin for the quarter was 52.5% of net sales compared to 53.1% for the same quarter of the prior year.

謝謝你，喬恩，大家下午好。我將詳細概述我們 2025 年第一季的財務表現。除非另有說明，所有比較和差異評論均以同比為基礎。第一季度，綜合淨銷售額與去年同期基本持平，為 1.039 億美元。本季綜合毛利率為淨銷售額的 52.5%，去年同期為 53.1%。

Pro forma adjusted EBITDA in Q1 decreased by 2% to $33.7 million, with the decline driven by higher general and administrative expenses. The pro forma adjusted EBITDA comparison includes approximately $3.2 million in expense in both the first quarter in 2025 and the first quarter in 2024. We include the full quarter of management fees in 2024 and 2025 to allow for comparability across periods. The actual payment to Resolute Holdings in the first quarter of 2025 was $1.1 million because the contract became effective February 28. Nothing was paid in the first quarter of 2024 as Resolute Holdings did not exist.

第一季調整後息稅折舊攤提前利潤 (EBITDA) 下降 2% 至 3,370 萬美元，下降原因是一般及行政費用增加。預計調整後的 EBITDA 比較包括 2025 年第一季和 2024 年第一季約 320 萬美元的費用。我們納入了 2024 年和 2025 年整個季度的管理費，以便跨期間進行比較。由於合約於 2 月 28 日生效，因此 2025 年第一季實際支付給 Resolute Holdings 的金額為 110 萬美元。由於 Resolute Holdings 不存在，因此 2024 年第一季沒有支付任何款項。

Pro forma adjusted EBITDA margin was 32.4%, compared to 33.2% in the prior year. On Slide 10, you can see that the domestic net sales were down $3.3 million or 4% from the prior year, while international net sales were up $3.1 million or 28% from the prior year. Adjusted net income increased 21% to $28.4 million. Adjusted diluted EPS was $0.25 compared to $0.24 per diluted share in the prior year, with a slight increase driven by higher net income, offset by a higher share count. I want to add some additional commentary related to the required accounting change.

調整後息稅折舊攤提前利潤率為 32.4%，而去年同期為 33.2%。在第 10 張投影片上，您可以看到國內淨銷售額比上年下降 330 萬美元，即 4%，而國際淨銷售額比上年增長 310 萬美元，即 28%。調整後淨收入成長 21% 至 2,840 萬美元。調整後每股攤薄收益為 0.25 美元，而去年每股攤薄收益為 0.24 美元，調整後每股攤薄收益略有增加，但因股份數量增加而有所抵消。我想添加一些與所需會計變更相關的額外評論。

As of February 28, following the spin of Resolute Holdings and the execution of a new management agreement, CompoSecure is required to use the equity method of accounting and Resolute is required to consolidate the financials of CompoSecure's wholly owned operating subsidiary in accordance with US GAAP. As a result of this change, the results of our operating businesses are no longer consolidated in our GAAP financials. Instead, our share of earnings from CompoSecure Holdings is presented as a single line item in our income statement and the carrying value in the assets of holdings is now reflected on our balance sheet. To reiterate what Dave and John said, our non-GAAP CompoSecure financials are the same as they have been historically, with the only change being the deduction of the management fee paid to Resolute Holdings.

截至 2 月 28 日，在 Resolute Holdings 分拆並執行新的管理協議後，CompoSecure 需要使用權益法會計，而 Resolute 則需要根據美國 GAAP 合併 CompoSecure 的全資營運子公司的財務狀況。由於這項變化，我們的經營業務結果不再合併在我們的 GAAP 財務報表中。相反，我們從 CompoSecure Holdings 獲得的收益份額在我們的損益表中作為單獨的項目列出，而持股資產的帳面價值現在反映在我們的資產負債表中。重申戴夫和約翰所說的話，我們的非 GAAP CompoSecure 財務狀況與歷史相同，唯一的變化是扣除支付給 Resolute Holdings 的管理費。

For Resolute Holdings, the non-GAAP financials show management fee revenue from CompoSecure less salaries and ongoing operating expenses. To help you better understand, let's turn to Slide 13. Slide 13 provides further clarity and shows our reconciliation from GAAP results to the consolidated non-GAAP following the February 28 spin-off of Resolute Holdings and the adoption of the equity method of accounting. Let me walk you through this. Column A provides GAAP results, which include two months of consolidated holdings financials and one month under the equity method of accounting.

對於 Resolute Holdings 而言，非 GAAP 財務數據顯示 CompoSecure 的管理費收入減去工資和持續營運費用。為了幫助您更好地理解，我們翻到投影片 13。幻燈片 13 提供了進一步的清晰度，並展示了我們在 2 月 28 日剝離 Resolute Holdings 並採用權益法會計之後將 GAAP 結果與合併非 GAAP 進行對帳。讓我來向您講解一下。A 欄提供 GAAP 結果，其中包括兩個月的合併持股財務狀況和一個月的權益法會計結果。

Column B shows the elimination of the equity method investment, which represents the removal of the net income that we recorded from the equity method in Holdings. Column C has the addition of Holdings 1-month results as that they would have historically been presented. Column D shows the statement of operations as the company had reported historically. ROE provides adjustments for one-time spin costs and ROF shows pro forma adjustment to show CompoSecure results on a go-forward basis, assuming full management fees in both periods. We are providing this view to help bridge the gap between our new equity method presentation and the full underlying performance of our operating companies.

B列顯示的是權益法投資的消除，這代表我們從控股公司的權益法中記錄的淨收入的消除。C 列新增了控股公司 1 個月的業績，因為它們會按照歷史方式呈現。D 欄顯示的是公司歷史報告的經營報表。ROE 提供一次性分拆成本的調整，ROF 顯示形式調整，以顯示 CompoSecure 的未來結果，假設兩個期間都有全額管理費。我們提供這種觀點是為了幫助彌合我們的新權益法表述與我們營運公司的整體基本績效之間的差距。

Turning to the balance sheet. As of March 31, 2025, on a non-GAAP basis, we had $71.7 million of cash and cash equivalent and total debt of $195 million. This compares to cash and cash equivalents of $55.1 million and total debt of $335.6 million at March 31, 2024. Our bank senior secured debt leverage ratio was 1.05x at March 31, 2025, with a trailing 12-month adjusted bank EBITDA of $156 million. This compares to 1.34x at March 31, 2024.

轉向資產負債表。截至 2025 年 3 月 31 日，以非 GAAP 計算，我們擁有 7,170 萬美元的現金和現金等價物，總債務為 1.95 億美元。相較之下，截至 2024 年 3 月 31 日，現金和現金等價物為 5,510 萬美元，總債務為 3.356 億美元。截至 2025 年 3 月 31 日，我們的銀行優先擔保債務槓桿率為 1.05 倍，過去 12 個月調整後的銀行 EBITDA 為 1.56 億美元。相比之下，2024 年 3 月 31 日這一數字為 1.34 倍。

Turning to our cash flow statement on Slide 15. You could see that the net cash provided by operating activities for the quarter was $18.2 million compared to $33.7 million in the prior year period. I'll now turn it back to Jon to discuss our guidance and closing remarks.

前往投影片 15 上的現金流量表。您可以看到，本季經營活動提供的淨現金為 1,820 萬美元，而去年同期為 3,370 萬美元。現在我將把話題轉回給喬恩，討論我們的指導和結束語。

Thanks, Tim. As mentioned earlier, we are reiterating our previously issued full year 2025 guidance, which calls for mid-single-digit growth in both consolidated net sales and pro forma adjusted EBITDA with sales momentum building through the year. This guidance includes payment of the Resolute Holdings management fee in 2025 and 2024 on a pro forma basis. We continue to operate from a position of strength with a solid balance sheet, strong customer relationships and growing demand across both Metal cards and Arculus. We are planting the seeds to drive organic and inorganic growth, supported by the CompoSecure Operating System to further improve efficiencies and execution.

謝謝，蒂姆。如前所述，我們重申先前發布的 2025 年全年指引，即合併淨銷售額和調整後息稅折舊攤銷前利潤 (EBITDA) 均實現中等個位數增長，並且全年銷售勢頭強勁。該指引包括以形式支付 2025 年和 2024 年 Resolute Holdings 管理費。我們繼續保持優勢地位，擁有穩健的資產負債表、牢固的客戶關係以及對金屬卡和 Arculus 不斷增長的需求。我們正在播下推動有機和無機成長的種子，並由 CompoSecure 作業系統支持，以進一步提高效率和執行力。

We are already beginning to see the benefits from implementing COS, particularly at the factory and production level, which we believe will deliver positive net impact in 2025. At the same time, we remain mindful of macro headwinds, including rising labor costs and broader economic uncertainty. We believe our focused strategy and disciplined execution position us well to navigate these challenges and continue building long-term value. Finally, on Slide 18, I want to conclude by highlighting a few points we covered today. First, we are focused on accelerating organic growth, supported by strategic investments, as well as new and growing customer relationships.

我們已經開始看到實施 COS 的好處，特別是在工廠和生產層面，我們相信這將在 2025 年產生積極的淨影響。同時，我們仍然關注宏觀逆風，包括勞動成本上升和更廣泛的經濟不確定性。我們相信，我們專注的策略和嚴謹的執行使我們能夠很好地應對這些挑戰並繼續創造長期價值。最後，在第 18 張投影片上，我想強調我們今天討論的幾個要點。首先，我們專注於加速有機成長，並透過策略投資以及新的和不斷增長的客戶關係來支持。

Second, the CompoSecure Operating System is driving results and remains core to how we scale execution and unlock efficiency. Third, we are building on our momentum with Arculus, delivering a net positive contribution this quarter and gaining traction across multiple verticals. And finally, we remain committed to delivering accretive M&A as we evaluate opportunities that enhance our growth profile and create long-term value. With that, I'd like to open up the call for Q&A.

其次，CompoSecure 作業系統正在推動成果，並且仍然是我們擴展執行和釋放效率的核心。第三，我們正在藉助 Arculus 鞏固發展勢頭，本季實現了淨正貢獻，並在多個垂直領域中獲得發展動力。最後，我們將持續致力於提供增值型併購，評估能夠提升我們成長前景和創造長期價值的機會。現在，我想開始問答環節。

(Operator Instructions) Moshe Orenbuch, TD Cowen.

（操作員指示） Moshe Orenbuch，TD Cowen。

Congratulations on the progress and these results. Jon, you talked about kind of the momentum kind of accelerating through the quarter. And obviously, we've seen strong results from the premium card issuers. Is the fact that you maintain the guidance kind of conservatism because of the macro environment? Or how many more months of that kind of strengthening do you need to see until you can kind of be more confident in a higher level or an ongoing level of revenues?

祝賀所取得的進展和成果。喬恩，您談到了本季的成長勢頭正在加速。顯然，我們看到了優質信用卡發行商的強勁業績。您維持這項指引是否因為宏觀環境而顯得保守？或者您還需要看到多少個月的這種加強，才能對更高水準或持續的收入水準更有信心？

Moshe, thanks for the question. So just tying back to our last call and when we described what we expected this year with a mid-single-digit growth, Q1 being in line with expectations, roughly flat to last year and that sales momentum building into Q2, Q3 and into Q4.

Moshe，謝謝你的提問。因此，回到我們上次的電話會議，當時我們描述了我們對今年的預期，即中等個位數增長，第一季符合預期，與去年基本持平，銷售勢頭將持續到第二季​​度、第三季度和第四季度。

And the message today is we are seeing the activity levels, the orders, the backlog to help support that full year forecast. We feel good about where we are in that cycle and what we're delivering there. So the momentum is clearly building. It was building at the end of Q1 into Q2, and that's what we're feeling now.

今天的訊息是，我們看到活動水平、訂單和積壓訂單有助於支持全年預測。我們對自己所處的周期以及所取得的成果感到滿意。顯然，這種勢頭正在增強。這種趨勢在第一季末進入第二季度，我們現在就是這麼感覺的。

Got you. Maybe as a follow-up, is there any way that either Jon or Dave can just -- you can talk a little bit about the areas that are the biggest focus near term for acquisition? Are there any that kind of stand out in terms of things that are the most interesting and where there are actual kind of opportunities at this stage?

明白了。也許作為後續問題，Jon 或 Dave 是否可以稍微談談近期收購最關注的領域？就目前階段而言，有哪些最有趣的事情和實際機會值得關注？

Thanks, Moshe. I'll jump in here and then if Dave wants to follow, he's welcome to. But Moshe, the answer I'll give you is the same as I would have given you prior, which is, we will look at things in and around the space that Compo plays in today. We will look at things up and down the value chain that Compo plays in. And we will look at things that align well to things that Dave has done exceptionally well in over time.

謝謝，摩西。我會先加入，然後如果 Dave 想跟進的話，歡迎他加入。但是 Moshe，我給你的答案和我之前給你的一樣，那就是，我們將研究 Compo 今天所處的空間及其周圍的東西。我們將從上至下地審視 Compo 所處的價值鏈。我們將研究與戴夫長期以來做得非常出色的事情相一致的事情。

We recognize that is a very broad remiss, but it leads to, I think, a great portfolio of opportunities that the Resolute team and we are currently evaluating. At the same time, we will be incredibly disciplined about what we do to ensure that we deliver accretive results for our customers. Long way of saying, Moshe, we're not going to narrow that for you at this time. It's just not in our interest to do so.

我們認識到這是一個非常廣泛的疏忽，但我認為，它帶來了大量的機會，Resolute 團隊和我們正在評估這些機會。同時，我們將嚴格遵守我們的工作，以確保為客戶帶來增值成果。說來話長，Moshe，我們現在不會為你縮小這個範圍。這樣做並不符合我們的利益。

Cassie Chan, Bank of America.

美國銀行的 Cassie Chan。

I just wanted to ask, I guess, how you guys are thinking about the remainder of the year in terms of the cadence of revenue growth versus adjusted EBITDA, as well as what you're assuming for the macro environment into the back half of the year? And just tacking on to that as well, are you assuming any increased supply chain challenges or anything that we should be thinking about from the macro volatility that we've seen?

我只是想問一下，你們對今年剩餘時間的收入成長節奏與調整後 EBITDA 有何看法，以及你們對今年下半年宏觀環境有何假設？另外，您是否認為供應鏈挑戰會增加，或者我們應該從所看到的宏觀波動中考慮什麼？

Thanks, Cassie. So just for us to deliver that kind of mid-single-digit growth, right, we need to see that growth certainly tick up into Q2 and building through three and four for us. That is what we expected coming in, and it is what we expect today. We are seeing it play out, I think, exactly as we felt it would coming into the year. And we feel that on both the revenue and the EBITDA side.

謝謝，卡西。因此，為了實現這種中等個位數的成長，我們需要看到這種成長在第二季肯定有所回升，並在第三季和第四季繼續保持成長。這正是我們預期的，也是我們今天所預期的。我認為，我們看到的這一切正如我們所預想的那樣，在今年即將到來。我們認為，無論是收入還是 EBITDA 方面都是如此。

Regarding the macros, right, yes, there is a lot of noise out there around tariffs and recession risk and other things that are out there. We continue to be extremely proactive in how we think about or manage our supply chain. But Cassie, it's been that way for us since before COVID. We put routines in place around supply chain to ensure that we didn't have challenges in those kinds of environment. Those routines continue to serve us well today.

關於宏觀，是的，關於關稅、經濟衰退風險和其他事情有很多噪音。我們繼續非常積極地思考或管理我們的供應鏈。但是卡西，自從新冠疫情爆發之前我們就一直這樣了。我們圍繞供應鏈制定了例行程序，以確保我們在此類環境中不會遇到挑戰。這些慣例至今仍對我們大有裨益。

So we issue our guidance today, understanding the tariff environment and the uncertainty and how quickly that can move up and down. And on the broader sort of question of consumer behavior, what's happening there, we're just not seeing signs of the impact where our activity level of client activity, design sessions, orders just aren't reflecting concerns there at this point. It's a watch item. We'll continue to watch it closely, but feel good about where we are and our ability to deliver what we've talked about today.

因此，我們今天發布了指導意見，以了解關稅環境和不確定性以及其上下波動的速度。至於消費者行為這個更廣泛的問題，我們還沒有看到影響的跡象，我們的客戶活動、設計會議、訂單等活動水平還沒有反映出目前的擔憂。這是一件手錶。我們將繼續密切關注，但對我們目前的狀況以及我們實現今天所談論內容的能力感到滿意。

Got it. That's helpful. And if I could just ask a follow-up about Arculus. Obviously, it was nice to see some of the wins that you highlighted. I guess what specifically do you see as resonating?

知道了。這很有幫助。我是否可以問一個關於 Arculus 的後續問題？顯然，看到您強調的一些勝利我很高興。我猜您認為什麼具體能引起共鳴？

Are those live now? And when do those typically ramp into revenue? And just a quick housekeeping question is just, I think I missed how much revenue and adjusted EBITDA did that build in 1Q? And is that supposed to increase every quarter for the remainder of the year?

這些現在還在直播嗎？這些通常在什麼時候轉化為收入？只是一個簡單的問題，我想我錯過了第一季創造了多少收入和調整後的 EBITDA？那麼，今年剩餘時間內，這個數字是否應該每季都增加？

So on the Arculus side, Cassie, we are seeing the Arculus authentication value proposition, I think, really start to resonate in the market. I talked about this in the past, but we are trying to change behavior inside of financial institutions. But the move to passkeys generally, I think, has been incredibly helpful. You're seeing Microsoft, Apple, Google and others talk about passkeys. We are essentially turning a credit or debit card into a pass key or an authentication token.

因此，在 Arculus 方面，Cassie，我們看到了 Arculus 身份驗證價值主張，我認為，它確實開始在市場上引起共鳴。我過去談過這個問題，但我們正在努力改變金融機構內部的行為。但我認為，總體而言，轉向密碼是非常有幫助的。您會看到微軟、蘋果、谷歌和其他公司談論密碼。我們本質上是將信用卡或金融卡變成密碼或身份驗證令牌。

And so as the world moves that way, I think we certainly benefit from that. And we're seeing more and more customers that understand that value proposition to help them grow revenue and/or reduce fraud costs. We also continue to see a tick up on the crypto and digital asset side of things with what's happening in the market. So really pleased across multiple fronts there. We did not break out specific numbers for Arculus in terms of revenue or contribution as we have made the accounting shift to the equity method.

隨著世界朝著這個方向發展，我認為我們肯定會從中受益。我們看到越來越多的客戶了解這項價值主張，以幫助他們增加收入和/或降低詐欺成本。隨著市場的發展，我們也看到加密貨幣和數位資產方面的情況持續好轉。所以真的對那裡的多個方面感到高興。由於我們已經將會計計算轉向權益法，因此我們沒有公佈 Arculus 在收入或貢獻方面的具體數字。

We have sort of new requirements for how and what we must report and break out. We are meeting those requirements, and we haven't broken out into additional detail. I've tried to add the color, Cassie, to let you know, it was our best quarter and strong net positive contribution there.

對於如何以及必須報告和揭露什麼，我們有一些新的要求。我們正在滿足這些要求，但我們還沒有透露更多細節。卡西，我試著添加顏色，讓你知道，這是我們最好的季度，並且有強勁的淨正貢獻。

Hal Goetsch, B. Riley Securities.

Hal Goetsch，B. Riley 證券。

Jon, you mentioned the combination of authentication and payment in Arculus. Can you give us a hint of what that does for you guys that's pretty cool insight.

Jon，您提到了 Arculus 中的身份驗證和付款的組合。您能否向我們提示這對你們有什麼作用？這是一個很酷的見解。

Hal, if you could repeat that one more time. I'm getting some background noise. I couldn't hear it.

哈爾，你能再說一次嗎？我聽到了一些背景噪音。我聽不見。

Yes. You mentioned a combination of Arculus and payment and it shows like what does that do for your unit economics? And just share with us any thoughts you could share on how that's driving adoption, maybe pricing?

是的。您提到了 Arculus 和支付的結合，這表明這對您的單位經濟有何影響？能否與我們分享您對如何推動採用以及定價的想法？

Sure. When we think about that, there's sort of two things for the hardware, it'd be higher aid sort of adding additional value or service to the product that we are delivering for small to medium-size clients, some bigger, we would look to earn software revenue from providing authentication service as well over time that will -- please hear me over time, we would like to see that build. So improved economics, better contribution margin and over time, software revenue that would go along with that.

當然。當我們考慮這一點時，對於硬體來說有兩件事，那就是為我們為中小型客戶（有些是更大的客戶）提供的產品增加額外的價值或服務，這將是一種更高的援助，我們希望通過提供身份驗證服務來賺取軟體收入，隨著時間的推移，這將 - 請聽我說，隨著時間的推移，我們希望看到這種構建。因此，隨著時間的推移，經濟狀況會改善，貢獻利潤率會提高，軟體收入也會隨之提高。

If I could ask one follow-up on metal cards. Just can you give us some thoughts? I know you had some new program wins. How is the market, in your opinion, from a high level kind of broadening out from Italy to the more mass affluent from your perspective today? We know it has been happening, but I wanted to get your thoughts on the current status of it.

我可以問一個關於金屬卡的後續問題嗎？您能給我們一些想法嗎？我知道您贏得了一些新的項目。從您目前的角度來看，您認為市場如何從義大利的高水準擴展到更富裕的大眾？我們知道這件事一直在發生，但我想聽聽你對它目前的狀態的看法。

Hal, thank you for the question. I'd say we continue to see the market broaden, right? So while it started with private bank, high net worth, it expanded to the mass affluent space. It expanded in my view, to the upper end of the mass market space as well and has continued to do so. And I think one of the interesting things that we see how in the research is that it is some of those up-and-coming customers, the younger demographic, 25 to 35 that love metal cards almost more than anyone.

哈爾，謝謝你的提問。我想說我們會繼續看到市場擴大，對嗎？因此，雖然它最初是面向私人銀行和高淨值人群，但後來擴展到大眾富裕階層。在我看來，它也擴展到了大眾市場的高端，而且還在繼續這樣做。我認為我們在研究中發現的一個有趣的現像是，一些新興客戶，即 25 至 35 歲的年輕群體，幾乎比任何人都更喜歡金屬卡。

They want to show it as a status symbol of I'm going somewhere. And it's really important to them. And that's counter to what I get told all the time that young people, they're interested in their phone, and it's just not true. So we do see it continuing to broaden out both domestically and internationally. So very pleased in that regard.

他們想將其作為“我要去某個地方”的身份象徵。這對他們來說確實很重要。這與我一直聽說的年輕人對手機感興趣的說法相反，但事實並非如此。因此，我們確實看到它在國內和國際上繼續擴張。在這方面我非常高興。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Congrats on the -- some of those logo wins for Arculus. First question pertains to this. I very much got the sense that stablecoins were going to be kind of a big part of this piece, but we've certainly seen a lot of interesting things recently around traditional payment rails with those. Would love to get your view on that. Is that where you ultimately see Arculus going as kind of almost a tool for stablecoin payments?

恭喜 Arculus 贏得了一些標誌。第一個問題與此有關。我非常有感覺，穩定幣將成為這部分的重要組成部分，但最近我們確實看到了很多圍繞傳統支付管道的有趣的事情。很想聽聽您對此的看法。您最終是否認為 Arculus 會成為穩定幣支付的工具？

Or do you envision it still kind of more as like a multi-asset crypto cold storage solution?

或者您認為它更像是一種多資產加密冷藏解決方案？

John, thanks for the question. Look, it clearly has the capability, right, of the sort of multi-asset wallet. And we think that capability is literally the best in the world. And from an ease of use and security standpoint, we just think it's extremely strong. That said, I carry a card in my wallet today, John, where I am -- I can tap anywhere.

約翰，謝謝你的提問。看，它顯然具有多資產錢包的功能。我們認為這種能力確實是世界上最好的。從易用性和安全性的角度來看，我們認為它非常強大。話雖如此，約翰，今天我的錢包裡帶著一張卡，無論我身在何處，我都可以刷卡。

These are Mastercards accepted, and I'm spending stablecoin from cold storage. And so yes, we absolutely believe that, that is an important component of the payment landscape and the ecosystem for how digital assets and traditional payment rails come together. And Adam Lowe and the Arculus team have built exceptional capabilities to do it down traditional rails and/or to do sort of wallet to wallet. So we are very excited about that opportunity, and we'll continue to push on that quite hard.

這些都是接受萬事達卡的，我正在從冷庫中使用穩定幣。是的，我們絕對相信，這是支付領域和數位資產與傳統支付方式結合在一起的生態系統的重要組成部分。Adam Lowe 和 Arculus 團隊已經建立了卓越的能力，可以按照傳統方式實現這一目標，也可以實現錢包到錢包的轉帳。因此，我們對這個機會感到非常興奮，並且我們將繼續努力爭取。

Great. And then just one more, if I could. It kind of is similar to, I think the first question was asked almost around conservatism to the guide. But when we look at like a company like Robinhood, for instance, we keep hearing very positive things about that card offering. I think it's only around 200,000 customers, but it could grow quite substantially.

偉大的。如果可以的話，我再說一次。這有點類似，我認為第一個問題幾乎是圍繞著指南的保守主義提出的。但是，當我們看看像 Robinhood 這樣的公司時，我們不斷聽到有關該卡發行的非常積極的評價。我認為客戶數量只有 20 萬左右，但可能會大幅成長。

When you guys put together guidance, is a lot of that growth factored in? Or could we almost expect that to be upside if that product and some of the others see a lot of growth here?

當你們制定指導意見時，是否將許多成長因素納入考量？或者，如果該產品和其他一些產品在這裡大幅成長，我們是否可以幾乎預期這會帶來好處？

Look, we -- I'm not going to comment program by program for you. But on Robinhood, they have commented publicly that they are taking a measured approach to kind of how they go after that market, making sure they learn their way into it and manage that business well. We're excited about the partnership, the potential of what we think it can bring into the future. So yes, generally, we are conservative in how we think about things. That is our DNA.

你看，我們——我不會為你逐一程序發表評論。但在 Robinhood 上，他們公開表示，他們正在採取一種審慎的方式來進入該市場，確保他們學會如何進入該市場並管理好該業務。我們對此次合作感到非常興奮，我們相信它能為未來帶來巨大的潛力。所以是的，一般來說，我們對事物的看法是保守的。那是我們的 DNA。

It aligns well to Dave's DNA as well. And we're going to execute on exactly what we said, and we're going to deliver the things that we've talked about today. So we are also excited about those logo wins. We are also excited about the potential that some of those programs could be quite big and meaningful.

它也與戴夫的 DNA 非常吻合。我們將嚴格按照我們所說的話去做，我們將實現我們今天談論的事情。因此，我們對這些標誌的勝利也感到非常興奮。我們也對其中一些項目可能規模較大、意義重大的潛力感到興奮。

Jacob Stephan, Lake Street Capital Markets.

Jacob Stephan，Lake Street Capital Markets。

Some nice wins with Arculus and the legacy issuers as well. But I want to ask on Arculus. Maybe could you help us understand what kind of traction are you seeing with legacy issuers? And anything from a private company standpoint or even just broader kind of tech companies with regards to PassKey?

Arculus 和傳統發行商也取得了一些不錯的勝利。但我想在 Arculus 上詢問。也許您可以幫助我們了解傳統發行商具有什麼樣的吸引力？從私人公司的角度，或從更廣泛的科技公司的角度，對 PassKey 有什麼看法？

Yes. So look, as we think about the authentication technology, I'd say we're seeing the impact in three places: one, traditional banks; two, fintechs; and three, we're starting to see opportunities in spaces like gaming that we are quite excited about as well. So Jacob, those would be kind of the three areas where I think we are seeing impact today for that product.

是的。所以，當我們思考身分驗證技術時，我會說我們在三個地方看到它的影響：一是傳統銀行；二、金融科技；第三，我們開始看到遊戲等領域的機遇，對此我們也感到非常興奮。所以雅各布，我認為這些就是我們今天看到該產品受到影響的三個領域。

Beyond that, I need to give some thought to -- my comments about broader tech is, this idea that we want the world to move away from things like SMS authentication to PassKey technology to FIDO technology underlying that. And we continue to see that happening. And yes, I do think it opens up avenues in sort of broader opportunities that could include corporate, government and other verticals.

除此之外，我需要思考一下——我對更廣泛的技術的評論是，我們希望世界從簡訊身份驗證轉向 PassKey 技術，再轉向 FIDO 技術。我們繼續看到這種情況發生。是的，我確實認為它開闢了更廣泛的機會之路，包括企業、政府和其他垂直產業。

Got it. And maybe just touching on the M&A pipeline a little bit more. With all the recent tariffs and all the noise surrounding them, has your M&A pool opened up a little bit? Or what are you seeing from kind of a deal flow perspective?

知道了。或許只是稍微談談併購通路。鑑於最近所有的關稅以及圍繞關稅的各種噪音，您的併購範圍是否有所開放？或者您從交易流程角度看到了什麼？

I'd say the pipeline remains very healthy. And one of the reasons it remains healthy, I think, is -- and I'll speak for him on this point, but the Dave Cote factor, Jacob, that we think about, if you look at what he was able to accomplish at Honeywell, if you look at what he was able to accomplish at Vertiv, if you look at what we've been able to do with Compo and the stock so far, recognizing we've got to deliver what's in front of us here, we think we're an attractive acquirer out there in the market. And that's one of the reasons we will show the patience and discipline to ensure that we get a great deal for our investors. And yes, I'd say people are knocking on the door, recognizing some of those key facts.

我想說管道仍然非常健康。我認為，公司保持健康的原因之一是——在這一點上，我會為他發言，但我們認為，雅各布·科特 (Jacob) 的戴夫·科特 (Dave Cote) 因素，如果你看看他在霍尼韋爾 (Honeywell) 取得的成就，如果你看看他在 Vertiv 取得的成就，如果你認為我們迄今為止對 Compo 和股票所做的事情，我們認為我們的目標必須實現我們對 Compo 和股票所做的事情。這就是我們要保持耐心和紀律以確保為投資者帶來最大利益的原因之一。是的，我想說人們正在敲門，認識到一些關鍵事實。

Joe Flynn, Compass Point Research & Trading.

喬‧弗林 (Joe Flynn)，Compass Point Research & Trading。

Most of my questions were asked on the Arculus front. But I guess I was just wondering if there's any areas or design wins in particular that you think helps get you over the edge to positive contribution? Or would you say it's more just broad-based and continued execution on past success?

我的大部分問題都是在 Arculus 前端提出的。但我想我只是想知道，您認為是否有任何領域或設計上的勝利可以幫助您做出積極的貢獻？或者您認為這僅僅是基於過去的成功的廣泛且持續的執行？

And then one on just capital allocation as well. I mean just given the uncertain macro environment and maybe just unpredictable markets here, would -- do you maintain like optionality or flexibility in regard to potential buybacks or special dividends as we've seen in prior years? How should we think about that relative to the M&A pipeline and other growth avenues you've talked about?

然後還有一個關於資本配置的問題。我的意思是，考慮到不確定的宏觀環境和可能只是不可預測的市場，您是否會像前幾年看到的那樣，在潛在回購或特別股息方面保持選擇性或靈活性？相對於您所談到的併購管道和其他成長途徑，我們該如何看待這一點？

So on the first, Joe, it really is kind of the three things I talked about, and I'm trying and just restate it. It is Arculus Authenticate and its ability to penetrate traditional banks, fintechs, additional sectors like gaming, government, other corporate. Two, right, the hardware wallet itself, which we think is an exceptional competitor out there in that space. And third, the intersection of digital assets and payments. So the question John had asked about kind of stablecoins and that impact.

因此，首先，喬，這實際上是我談到的三件事，我正在嘗試重申它。它是 Arculus Authenticate，能夠滲透到傳統銀行、金融科技、遊戲、政府和其他企業等其他領域。二，對的，就是硬體錢包本身，我們認為它是該領域的一個傑出的競爭對手。第三，數位資產與支付的交集。約翰問的問題是關於穩定幣的種類及其影響。

And so the first two are where we have been focused and help lead us to the positive contribution we are seeing. We think those two continue, and we begin to see some of the upside from the additional capabilities that we've built out around that third leg of the stool. With respect to capital allocation, I think we announced, I think it was last quarter, the increase in the buyback, which relative to the market cap of where our original buyback was, it was $40 million at a time when our market cap was $600 million or $700 million, and we increased that to $100 million. Our market cap today is roughly $1.2 billion. So we kept that in line.

因此，前兩者是我們一直關注的重點，並幫助我們取得了積極的貢獻。我們認為這兩條腿會繼續走下去，而且我們開始看到圍繞凳子的第三條腿所構建的附加功能所帶來的一些好處。關於資本配置，我想我們是在上個季度宣布增加回購金額的，相對於我們最初回購的市值，當時我們的市值為 6 億或 7 億美元，當時回購金額為 4000 萬美元，而我們將其增加到 1 億美元。我們目前的市值約為 12 億美元。因此我們保持了這一一致。

But at the end of the day, it is one tool or one arrow in the quiver of things that we can use depending on how the macro environments play out. But -- so all of those things remain on the table in terms of organic growth, accretive M&A, paying down debt, looking at other uses. That's what the Board and we will decide, and we'll update the market as our priorities change there.

但歸根結底，它只是我們可以使用的一種工具或一支箭，這取決於宏觀環境如何發展。但是——從有機成長、增值併購、償還債務、尋找其他用途等方面來看，所有這些事情仍然擺在桌面上。這就是董事會和我們將要決定的，我們將隨著我們的優先事項的變化而更新市場。

Then maybe just one more since it was already asked about with regard to the Robinhood program and then also you announced like MetaMask stays. So I mean, just given the maybe increased regulatory clarity within digital assets, do you see continued opportunities to -- for design wins of hot wallets or white label programs with crypto exchanges or anything along those lines that you speak to?

然後也許再問一個，因為已經有人問過有關 Robinhood 計劃的問題了，然後您也宣布 MetaMask 仍然存在。所以我的意思是，鑑於數位資產監管的清晰度可能有所提高，您是否看到了持續的機會——熱錢包或加密貨幣交易所的白標計劃的設計勝利，或者您提到的類似的東西？

The answer is yes. We do see increased opportunity with momentum back in that sector. And that's been, I think, some of the important things that have gotten us to the performance from last quarter and the performance this quarter as well. So yes, we are excited and very pleased with that.

答案是肯定的。我們確實看到該領域恢復勢頭，機會也隨之增加。我認為，這些都是促使我們取得上個季度和本季業績的一些重要因素。是的，我們對此感到非常興奮和高興。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

I think you alluded to maybe some early gains or some early insights or improvements related to manufacturing. I was hoping maybe you could talk a little bit about that and to the extent that you could maybe quantify or just explain kind of what improvements or enhancements were made? And I have one follow-up.

我認為您可能提到了一些與製造業相關的早期收益或早期見解或改進。我希望您能稍微談論一下這個問題，並在一定程度上量化或解釋一下做了哪些改進或增強？我還有一個後續問題。

So as I've talked about the operating system on this call before, I've talked about the fact that it literally ranges from the time an order comes in the door until the time cash flows in at the end and every step in between. And so we are going after all of the steps in that process as part of the COS work. My comments on the call is, we got out of the gates with more of the production and manufacturing, some of the first things which we tackled.

因此，正如我之前在電話會議上談到的操作系統一樣，我談到了這樣一個事實：它實際上涵蓋了從訂單進入到最後現金流入的時間以及其間的每一個步驟。因此，我們將把該過程中的所有步驟作為 COS 工作的一部分。我在電話會議上的評論是，我們開始著手進行更多的生產和製造，這是我們首先要解決的一些問題。

And if you think about Honeywell, right, where we're operating two factories, Dave operated in an environment with more than 100 factories as he was trying to roll this work out. The intensity and focus that we have brought to our manufacturing operations to deliver improvements in our output, our yield and things like that, we've seen just tremendous work by the team that is starting to bear fruit, Reggie.

如果您想想霍尼韋爾，我們在那裡經營兩家工廠，而戴夫在試圖開展這項工作時，是在擁有 100 多家工廠的環境中運營的。我們在製造營運中投入的精力和精力是為了提高產量、良率等等，我們已經看到團隊付出的巨大努力開始結出碩果，雷吉。

And my comments were, we believe that it will deliver positive net impact that you'll start to see that in our results in '25 as opposed to necessarily having to wait, for example, until 2026. So I think I will speak for myself. I'm very pleased with how the team has responded to this work, how we jumped on it, how we've gone after it. And you heard that in Dave's comments as well. And in my view, don't take those comments lightly. He doesn't give compliments lightly.

我的評論是，我們相信它將帶來正面的淨影響，您將在 2025 年的結果中開始看到這一點，而不必等到例如 2026 年。所以我想我會為自己說話。我對團隊對這項工作的反應、我們如何參與其中以及如何追求它感到非常滿意。您在戴夫的評論中也聽到了這一點。在我看來，不要輕視這些評論。他不會輕易給予稱讚。

Okay. That makes sense. That's helpful. And just last question, I guess, is for Dave. To the extent that you can, would love to hear, I guess, how you think about Resolute and for something -- I imagine that the -- these are long-range type projects, but like how do you evaluate or think about and measure progress there? Hello?

好的。這很有道理。這很有幫助。我想，最後一個問題是問戴夫的。在您力所能及的範圍內，我很想聽聽您對 Resolute 的看法，我想這些都是長期項目，但您如何評估、思考和衡量那裡的進展？你好？

Dave, I'm not sure if you were able to hear Reggie's question.

戴夫，我不確定你是否聽到了雷吉的問題。

I'm sorry, John, what's that?

對不起，約翰，那是什麼？

Reggie, do you want to repeat?

雷吉，你想重複一次嗎？

Yes, yes. So Dave, I was really curious like how you -- like your approach to Resolute. And so I don't know if it's -- you guys look at the number of deals you evaluate, but like how do you think about and measure progress there for the team there? Where the KPIs are like?

是的，是的。所以戴夫，我真的很好奇你——喜歡你對 Resolute 的態度。所以我不知道——你們會查看評估的交易數量，但你們如何考慮和衡量那裡的團隊的進展？KPI 是怎樣的？

Yes, it will be very typical to what we did at Honeywell. It just starts with do you have a big enough pipeline of deals that have a great position in a good industry. You can differentiate with technology, inorganic, organic growth, margin expansion. And the best thing to do is have a lot of things in the pipeline because for every 100 you look at, there's probably three that are going to make a difference. So Tom and his team are -- have a very, let's say, full, as Jon said, and robust pipeline.

是的，這與我們在霍尼韋爾的做法非常相似。首先要考慮的是，你是否擁有足夠的交易管道，並且在良好的行業中佔據重要地位。您可以透過科技、無機、有機成長、利潤擴張來區分。最好的做法是將很多事情都列入計劃中，因為每 100 件事中，很可能會有 3 件事會產生重大影響。因此，正如喬恩所說，湯姆和他的團隊擁有非常完整和強大的管道。

And we're looking at all of this. I'm not looking at it in terms of number of deals done or anything like that for KPIs. It's more a case of how good is the pipeline and both in number and quality.

我們正在關注這一切。我並不是從完成的交易數量或諸如此類的 KPI 角度來看待它。這更多的是管道數量和品質的好壞的問題。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。