Compass Diversified Holdings (CODI) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to Compass Diversified's Second Quarter 2023 Conference Call. Today's call is being recorded. (Operator Instructions)

下午好，歡迎參加 Compass Diversified 2023 年第二季電話會議。今天的通話正在錄音。 （操作員說明）

At this time, I would like to turn the conference over to Cody Slach of Gateway Group for introductions and the reading of the safe harbor statement. Please go ahead, sir.

此時，我想將會議交給 Gateway Group 的 Cody Slach 介紹並宣讀安全港聲明。請繼續，先生。

Thank you, and welcome to Compass Diversified's Second Quarter 2023 Conference Call. Representing the company today are Elias Sabo, CODI's CEO; Ryan Faulkingham, CODI's CFO; and Pat Maciariello, COO of Compass Group Management.

謝謝，歡迎參加 Compass Diversified 2023 年第二季電話會議。今天代表公司的是 CODI 執行長 Elias Sabo； Ryan Faulkingham，CODI 財務長；和康帕斯集團管理公司營運長 Pat Maciariello。

Before we begin, I'd like to point out that the Q2 2023 press release, including the financial tables and non-GAAP financial measure reconciliations for adjusted EBITDA, adjusted earnings and pro forma net sales, are available at the Investor Relations section on the company's website at compassdiversified.com.

在我們開始之前，我想指出，2023 年第二季新聞稿，包括財務表格和調整後EBITDA、調整後收益和預計淨銷售額的財務表格和非GAAP 財務衡量指標調節表，可在投資者關係部分取得。公司網站為 compassdiversified.com。

The company also filed its Form 10-Q with the SEC today after the market close, which includes reconciliations of certain non-GAAP financial measures discussed on this call and is also available at the Investor Relations section of the company's website.

該公司還在今天收市後向 SEC 提交了 10-Q 表格，其中包括本次電話會議中討論的某些非 GAAP 財務指標的調節表，也可在該公司網站的投資者關係部分獲取。

Please note that references to EBITDA in the following discussions refer to adjusted EBITDA as reconciled to net income or loss from continuing operations in the company's financial filings. The company does not provide a reconciliation of its full year expected 2023 adjusted earnings or adjusted EBITDA because certain significant reconciling information is not available without unreasonable efforts. Throughout this call, we will refer to Compass Diversified as CODI or the company.

請注意，以下討論中提及的 EBITDA 指的是與公司財務文件中持續經營的淨收入或虧損進行調節後的調整後 EBITDA。該公司沒有提供 2023 年全年預期調整後收益或調整後 EBITDA 的調節表，因為如果不付出不合理的努力，就無法獲得某些重要的調節資訊。在整個電話會議中，我們將 Compass Diversified 稱為 CODI 或公司。

Now allow me to read the following safe harbor statement. During this call, we may make certain forward-looking statements, including statements with regard to the future performance of CODI and its subsidiaries, the impact and expected timing of acquisitions and future operational plans such as ESG initiatives. Words such as believes, expects, anticipates, plans, projects, should, and future or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions.

現在請允許我閱讀以下安全港聲明。在本次電話會議中，我們可能會做出某些前瞻性陳述，包括有關 CODI 及其子公司的未來業績、收購的影響和預期時間以及 ESG 舉措等未來營運計劃的陳述。相信、期望、預期、計劃、項目、應該和未來或類似表達等詞語旨在識別前瞻性陳述。這些前瞻性陳述受到預測未來結果和條件的固有不確定性的影響。

Certain factors could cause actual results to differ on a material basis from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K as filed with the SEC for the year ended December 31, 2022, as well as in other SEC filings. In particular, the domestic and global economic environment, supply chain, labor disruptions, inflation and rising interest rates all may have a significant impact on CODI and our subsidiary companies.

某些因素可能導致實際結果與這些前瞻性陳述中的預測存在重大差異，其中一些因素已在向 SEC 提交的截至 12 月年度的 10-K 表格中的風險因素討論中列舉。2022 年 12 月 31日以及其他SEC 文件中。特別是國內和全球經濟環境、供應鏈、勞動力中斷、通貨膨脹和利率上升都可能對CODI和我們的子公司產生重大影響。

Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

除法律要求外，CODI 不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

At this time, I'd like to turn the call over to Elias Sabo.

此時，我想將電話轉給 Elias Sabo。

Good afternoon, everyone, and thanks for joining us today. We are pleased to report that our second quarter results exceeded our expectations as we continued to benefit from a strong and diversified set of subsidiary businesses, but during the quarter, pro forma consolidated revenue and adjusted EBITDA declined by 3.4% and 5.5%, respectively. Given the headwinds we saw 3 months ago, we are encouraged by these results.

大家下午好，感謝您今天加入我們。我們很高興地報告，我們第二季度的業績超出了我們的預期，因為我們繼續受益於強大且多元化的子公司業務，但在本季度，預計合併收入和調整後EBITDA 分別下降了3.4% 和5.5%。考慮到三個月前我們遇到的不利因素，我們對這些結果感到鼓舞。

Last quarter, we detailed our strategy of assembling a highly diversified group of companies that reach a wide set of customer demographics and end markets, each with strong underlying core growth rates, and we discussed how this strategy has driven resiliency in our performance. This quarter is no different. We faced the same macro challenges, several of which are lasting longer than we originally anticipated. Nonetheless, our results continued to hold up very well.

上個季度，我們詳細介紹了組建高度多元化的公司集團的策略，這些公司涵蓋廣泛的客戶群和終端市場，每個公司都具有強勁的基礎核心增長率，並討論了這一戰略如何推動我們業績的彈性。本季也不例外。我們面臨著同樣的宏觀挑戰，其中一些挑戰的持續時間比我們最初預期的要長。儘管如此，我們的結果仍然保持得很好。

Looking at our niche industrial businesses, unit sales remained strong, but the easing of inflationary pressures negatively impacted revenue while positively impacting margins. Our industrial businesses continued to perform above expectations, reporting high single-digit EBITDA growth for the quarter and growth of 12% year-to-date.

看看我們的利基工業業務，單位銷售仍然強勁，但通膨壓力的緩解對收入產生了負面影響，同時對利潤率產生了積極影響。我們的工業業務持續表現高於預期，本季 EBITDA 實現高個位數成長，年初至今成長 12%。

Notwithstanding the macro headwinds and slowing global economy, we expect our industrial businesses to continue to produce solid growth in adjusted EBITDA over the remainder of the year.

儘管面臨宏觀阻力和全球經濟放緩，我們預計我們的工業業務在今年剩餘時間內將繼續實現調整後 EBITDA 的穩健成長。

In our consumer businesses, inventory destocking headwinds have lasted longer than anticipated and continue to impact our brands further down the supply chain. Regardless, end-market sales continue to hold up remarkably well. And for our brands where there is not a large inventory overhang, we are experiencing strong performance. For example, Lugano's results indicate that the ultra-affluent customer continues to spend as they delivered 56% growth in revenue in the second quarter, an acceleration from 36% growth in the first quarter. Marucci has also bucked the trend, reporting 35% revenue growth in the quarter. Marucci's end markets are not suffering from an inventory hangover, and their strong product lineup has demonstrated that the consumer is still spending for on-trend products.

在我們的消費業務中，去庫存的逆風持續的時間比預期的要長，並且持續影響我們供應鏈下游的品牌。無論如何，終端市場銷售繼續保持良好勢頭。對於我們沒有大量庫存積壓的品牌來說，我們正在經歷強勁的表現。例如，盧加諾的結果表明，超級富裕客戶繼續消費，第二季營收成長了 56%，高於第一季 36% 的成長。 Marucci 也逆勢而上，本季營收成長 35%。 Marucci 的終端市場並未受到庫存困擾，其強大的產品陣容表明消費者仍在購買流行產品。

Despite the aggressive Fed tightening cycle and slowing global growth, the performance of our industrial businesses, coupled with performance from Lugano and Marucci, give us confidence that our company is well positioned. And when distortions from the pandemic are behind us, we expect to deliver solid growth.

儘管聯準會採取激進的緊縮週期且全球經濟成長放緩，但我們工業業務的表現，加上盧加諾和馬魯奇的表現，讓我們相信我們的公司處於有利地位。當疫情帶來的扭曲已經過去時，我們預計將實現穩健成長。

Our subsidiaries that are suffering the most from the destocking headwind, BOA and PrimaLoft, are also 2 of our historically fastest growing, and we believe, best-positioned businesses. Once destocking subsides, we expect these businesses to return to their historic growth rates, and we believe we could experience above-trend growth in 2024 as part of this normalization process.

我們的子公司 BOA 和 PrimaLoft 是受去庫存逆風影響最大的兩家公司，也是我們歷史上成長最快、而且我們認為定位最好的企業。一旦去庫存消退，我們預計這些業務將恢復到歷史成長率，我們相信，作為正常化進程的一部分，我們可能會在 2024 年實現高於趨勢的成長。

During the second quarter, we started to see some green shoots emerge giving us confidence that the destocking issues will come to an end in 2023. Specifically, bookings for PrimaLoft improved in the second quarter and grew marginally over prior year. This compares to double-digit declines experienced in the first quarter. And although 1 quarter does not make a trend and we expect bookings to be choppy over the course of the year, this is the first positive sign we have seen in bookings over the course of the past 12 months for PrimaLoft.

在第二季度，我們開始看到一些萌芽，這讓我們相信去庫存問題將在 2023 年結束。具體來說，PrimaLoft 的預訂量在第二季度有所改善，比去年同期略有增長。相比之下，第一季出現了兩位數的下降。儘管 1 季並未形成趨勢，而且我們預計全年預訂量將出現波動，但這是我們在過去 12 個月中在 PrimaLoft 預訂量中看到的第一個積極跡象。

Digging deeper, we know PrimaLoft began experiencing booking weakness 3 to 4 months before our other consumer businesses, including BOA. As we look for the bottom of this inventory cycle, PrimaLoft has provided the first positive signal and leaves us optimistic that some of our other consumer businesses will soon return to positive bookings growth.

深入挖掘後，我們發現 PrimaLoft 比 BOA 等其他消費業務早 3 到 4 個月就開始出現預訂疲軟的情況。當我們尋找這個庫存週期的底部時，PrimaLoft 提供了第一個積極信號，讓我們樂觀地認為我們的其他一些消費業務將很快恢復積極的預訂成長。

Given the persistence in inventory destocking and the lag between bookings growth and revenue growth, we expect third quarter adjusted EBITDA to be roughly similar on an absolute dollar basis to this year's second quarter. We continue to project adjusted EBITDA growth for the full year 2023 as compared to full year 2022. In addition, we are anticipating a strong rebound in growth in the fourth quarter.

鑑於庫存去庫存的持續存在以及預訂成長與收入成長之間的滯後，我們預計第三季調整後的 EBITDA 按絕對美元計算將與今年第二季大致相似。我們繼續預計 2023 年全年調整後 EBITDA 將較 2022 年全年成長。此外，我們預計第四季成長將強勁反彈。

Before turning the call over to Pat, I'd like to summarize our performance and outlook. We are pleased with our second quarter results as they came in above our expectations. Despite the inventory destocking headwinds, the overall strength of our subsidiaries not only gives us confidence that we will grow adjusted EBITDA this year, but leads us to believe that our growth will accelerate in 2024.

在將電話轉給帕特之前，我想總結一下我們的表現和前景。我們對第二季的業績感到滿意，因為它們超出了我們的預期。儘管存在去庫存的阻力，我們子公司的整體實力不僅讓我們有信心今年調整後的 EBITDA 將會成長，而且讓我們相信我們的成長將在 2024 年加速。

We believe we are well positioned to capitalize on the opportunities created once these headwinds dissipate and we remain committed to our strategy, which we expect will deliver another year of growth at CODI.

我們相信，一旦這些不利因素消散，我們就能夠充分利用所創造的機會，並且我們將繼續致力於我們的策略，我們預計該策略將為 CODI 帶來另一年的成長。

With that, I will now turn the call over to Pat.

這樣，我現在將把電話轉給帕特。

Thanks, Elias. Throughout this presentation, when we discuss pro forma results, it will be as if we owned PrimaLoft from January 1, 2022.

謝謝，埃利亞斯。在整個演示中，當我們討論預計結果時，就好像我們從 2022 年 1 月 1 日起擁有 PrimaLoft 一樣。

As Elias mentioned, in the quarter, we continued to face headwinds in several areas due to correcting inventory levels in the supply chain. Yet, in select spots, these headwinds appear like they're starting to ease.

正如埃利亞斯所提到的，在本季度，由於修正了供應鏈中的庫存水平，我們在多個領域繼續面臨阻力。然而，在某些地區，這些不利因素似乎開始緩解。

Our Velocity subsidiary continued to see pressure in both of its major end markets due to a combination of reduced sell-through and tight inventory controls put in place by hunting- and fishing-focused retailers. As we have discussed repeatedly, Velocity benefited greatly from demand pull forward during the pandemic as outdoor activity levels increased dramatically. As anticipated, the company is now paying the cost for this and demand has declined significantly below what we see as and what historically been trend line levels.

由於銷售量減少以及狩獵和捕魚零售商實施的嚴格庫存控制，我們的 Velocity 子公司在兩個主要終端市場繼續面臨壓力。正如我們反覆討論的那樣，隨著戶外活動水平急劇增加，疫情期間的需求拉動使 Velocity 受益匪淺。正如預期的那樣，該公司現在正在為此付出成本，並且需求已大幅下降至低於我們所看到的和歷史趨勢線的水平。

The impact of this bullwhip effect is having an outsized and we believe short-term impact on our consolidated financials. Despite this significant headwind, strengths in our other subsidiaries led to only modest declines in consolidated pro forma revenue and EBITDA. In fact, were we to exclude Velocity's performance, CODI as a whole showed growth in the quarter, both in terms of revenue and adjusted EBITDA.

這種牛鞭效應的影響非常大，我們相信會對我們的綜合財務狀況產生短期影響。儘管存在巨大的阻力，但我們其他子公司的優勢僅導致合併預計收入和 EBITDA 略有下降。事實上，如果我們排除 Velocity 的業績，CODI 整體在本季的營收和調整後 EBITDA 方面均呈現成長。

Now on to our subsidiary results. I'll begin with our niche industrial businesses. For the year-to-date period ending June 2023, revenues declined by approximately 4% and adjusted EBITDA increased by 12.3% versus the same period a year ago. Similar to the first quarter, each of our niche industrial businesses expanded margins in the second quarter and aggregate adjusted EBITDA margins expanded by over 250 basis points versus the prior year.

現在來看看我們的子公司業績。我將從我們的利基工業業務開始。截至 2023 年 6 月的年初至今，營收較去年同期下降約 4%，調整後 EBITDA 成長 12.3%。與第一季類似，我們每個利基工業業務在第二季度的利潤率均有所擴大，調整後的 EBITDA 利潤率與上年同期相比增長了 250 個基點以上。

Arnold showed solid growth in revenue and EBITDA and once again had strong bookings in the quarter. The company continues to gain traction, securing new projects across markets, many of which were driven by increased demand for electrification in the economy. Margins expanded due to positive mix as sales continue to skew towards more technologically advanced products.

Arnold 的營收和 EBITDA 穩步成長，並在本季再次獲得強勁的預訂量。該公司繼續獲得牽引力，在各個市場上獲得新項目，其中許多項目是由經濟中電氣化需求增加所推動的。由於銷售繼續偏向技術更先進的產品，積極的組合使利潤率擴大。

End-market demand remains solid across segments at Arnold, and we expect aerospace and defense to be a tailwind in the near term as spending in the commercial aerospace sector has not yet returned to pre-pandemic levels.

阿諾德各部門的終端市場需求仍然強勁，我們預計航空航太和國防將在短期內成為推動因素，因為商業航空航太領域的支出尚未恢復到疫情前的水準。

Outdoor's revenue declined slightly in the year-to-date June period as more cyclical end markets faced headwinds and the company passed on raw material savings. Although there was a slight decline in revenue, adjusted EBITDA increased by over 21% in the 6-month period as compared to the prior year due predominantly to a series of broad efficiency measures put in place by the new team. We remain encouraged by the progress made at Outdoor.

由於更多的周期性終端市場面臨逆風，並且該公司將節省的原材料轉嫁給了公司，因此今年 6 月以來，Outdoor 的收入略有下降。儘管收入略有下降，但調整後的 EBITDA 在 6 個月內比上一年增長了 21% 以上，這主要歸功於新團隊採取的一系列廣泛的效率措施。我們對戶外運動的進展仍然感到鼓舞。

At Sterno, revenue declined by approximately 7% in the year-to-date period as compared to a year ago, driven by lumpiness in the company's scented wax business. Despite this decline, the company was able to operate efficiently and benefit from greater stability in shipping costs, driving slight growth in EBITDA on a year-to-date basis.

在 Sterno，由於公司香味蠟業務的不景氣，今年迄今的營收比去年同期下降了約 7%。儘管出現下滑，該公司仍能夠高效運營，並受益於運輸成本的更大穩定性，推動 EBITDA 於年初至今略有成長。

Turning to our consumer businesses. For the year-to-date June 2023 period, revenues increased marginally and adjusted EBITDA declined by 7.5% as compared to the prior year.

轉向我們的消費業務。 2023 年 6 月至今，營收小幅成長，調整後 EBITDA 較前一年下降 7.5%。

Though BOA continued to show a decline in adjusted EBITDA versus a record first half of 2022, the company again added new partner platforms in the quarter that we expect should drive growth in 2024 and beyond. BOA's sell-in continues to be significantly below end-market demand. We believe year-over-year comparisons will improve on a percentage basis in the third quarter of this year and the 2023 adjusted EBITDA performance will track closely to full year 2021 levels.

儘管與 2022 年上半年創紀錄的業績相比，BOA 的調整後 EBITDA 繼續下降，但該公司在本季度再次增加了新的合作夥伴平台，我們預計這將推動 2024 年及以後的成長。美國銀行的銷售量持續大大低於終端市場的需求。我們認為，今年第三季的年比比較將以百分比有所改善，2023 年調整後 EBITDA 表現將接近 2021 年全年水準。

The launch of Alpine boots incorporating our technology continues to track above our expectations, and we expect them to have a meaningful presence on the slopes in this upcoming ski season.

採用我們技術的 Alpine 靴子的推出繼續超出我們的預期，我們預計它們將在即將到來的滑雪季節在滑雪場上發揮重要作用。

We are also proud of the continued widespread adoption of BOA-enabled products by cyclists. And this year's recently completed Tour de France, approximately 75% of competitors, including overall winner, Jonas Vingegaard, competed in shoes incorporating BOA fit technology.

我們也為騎乘者持續廣泛採用支援 BOA 的產品而感到自豪。今年剛結束的環法自行車賽中，大約 75% 的參賽者，包括總冠軍 Jonas Vingegaard，都穿著採用 BOA 貼合技術的鞋子參加比賽。

Marucci once again had an exceptional quarter. And for the year-to-date period, revenue and adjusted EBITDA grew by approximately 20% and over 57%, respectively, as compared to the year ago period -- the year ago prior period.

Marucci 再次迎來了一個出色的季度。今年迄今，與去年同期相比，營收和調整後 EBITDA 分別成長約 20% 和 57% 以上。

Sales growth was strong across most channels. Our latest acquisition of composite bat maker, Baum Bat, performed well in the quarter, and we are pleased with the integration to date. The company has made significant progress in several of its adjacent categories, and we are particularly excited by strides made in the large fielding glove market as well as Marucci's growth geographically, primarily in Japan.

大多數通路的銷售成長強勁。我們最新收購的複合材料球棒製造商 Baum Bat 在本季表現良好，我們對迄今為止的整合感到滿意。該公司在幾個相鄰類別中取得了重大進展，我們對大型野戰手套市場的進步以及 Marucci 在地域（主要是日本）的成長感到特別興奮。

Lugano once again had a strong quarter. And for the year-to-date June period, revenues and adjusted EBITDA grew by 45% and 41.5%, respectively, as compared to the prior year. The company saw strong growth in multiple salons, including Newport, Aspen and Houston and experienced strong sales in the second quarter in its newly opened Washington, D.C. salon.

盧加諾再次表現強勁。今年迄今的 6 月期間，營收和調整後 EBITDA 與前一年相比分別成長了 45% 和 41.5%。該公司在包括紐波特、阿斯彭和休士頓在內的多家沙龍實現了強勁增長，並在第二季度在華盛頓特區新開業的沙龍中實現了強勁的銷售。

Looking ahead, our Greenwich, Connecticut salon is scheduled to open by the end of August, and we've made progress in the quarter on construction of our second flagship salon in Palm Beach. In addition, we are pleased to announce that we recently executed a lease for a salon in London, which, when opened in mid to late 2024, will mark Lugano's first international salon.

展望未來，我們康乃狄克州格林威治的沙龍計劃於 8 月底開業，本季我們在棕櫚灘建造第二家旗艦沙龍的工作也取得了進展。此外，我們很高興地宣布，我們最近在倫敦租賃了一家沙龍，該沙龍將於 2024 年中後期開業，這將標誌著盧加諾的第一家國際沙龍。

We believe Lugano's bespoke approach to ultra-high-end jewelry will have success internationally, just as it has domestically.

我們相信盧加諾的超高端珠寶定制方法將在國際上取得成功，就像在國內一樣。

PrimaLoft continued to show modest declines in both revenue and adjusted EBITDA in the year-to-date period as customers continue to hold on target inventory levels. As Elias mentioned, we believe we are seeing somewhat of a bottoming in our end customers' inventory cycles and bookings have shown improvement since the end of the first quarter.

由於客戶繼續保持目標庫存水平，PrimaLoft 今年迄今的收入和調整後 EBITDA 繼續小幅下降。正如埃利亞斯所提到的，我們相信我們的最終客戶的庫存週期有所觸底，並且自第一季末以來預訂量有所改善。

We continued to have project wins at PrimaLoft in the second quarter and continue to believe 2024 will be a strong year for the company.

我們在第二季度繼續在 PrimaLoft 贏得項目，並繼續相信 2024 年將是該公司強勁的一年。

5.11 had a solid second quarter. And for the year-to-date June '23 period, revenue and adjusted EBITDA grew by close to 12% and 7.1%, respectively, as revenue increased in all segments of the business. Despite continued revenue growth in the second quarter, adjusted EBITDA fell slightly as gross profit margins dipped marginally as the company looked to reduce seasonal inventory in the quarter.

5.11第二季表現強勁。截至 2023 年 6 月，隨著所有業務部門的營收成長，營收和調整後 EBITDA 分別成長了近 12% 和 7.1%。儘管第二季營收持續成長，但由於公司希望減少本季的季節性庫存，毛利率略有下降，調整後的 EBITDA 略有下降。

Velocity continued to struggle in the second quarter. While point-of-sale activity remains sluggish in the company's air gun segment, we are seeing slightly more positive signs with regards to end customers in the archery segment. The retailers have been slow to add to depleted levels of inventory.

Velocity 在第二季度繼續陷入困境。儘管該公司氣槍領域的銷售點活動仍然低迷，但我們看到射箭領域的最終客戶出現了稍微積極的跡象。零售商在增加庫存水準方面進展緩慢。

While we believe the company will have meaningfully positive adjusted EBITDA in the second half of 2023, we continue to focus both on cost controls and demand stimulation as we continue to navigate this difficult period.

雖然我們相信該公司將在 2023 年下半年實現有意義的正向調整 EBITDA，但在我們繼續度過這段困難時期時，我們將繼續專注於成本控制和需求刺激。

As a whole, given the headwinds, we are pleased with our performance in the second quarter as it comes in above our expectations. Though we believe that some of the broader headwinds facing our companies are starting to improve, our management teams remain vigilant in the controlling costs. We believe we will grow in 2023 and anticipate a strong 2024.

總的來說，考慮到不利因素，我們對第二季的表現感到滿意，因為它超出了我們的預期。儘管我們相信我們公司面臨的一些更廣泛的不利因素正在開始改善，但我們的管理團隊在控製成本方面仍然保持警惕。我們相信我們將在 2023 年實現成長，並預計 2024 年將表現強勁。

I will now turn the call over to Ryan for his comments on our financial results.

我現在將把電話轉給瑞安，請他對我們的財務表現發表評論。

Thank you, Pat. Moving to our consolidated financial results for the quarter ended June 30, 2023, I will limit my comments largely to the overall results for CODI since the individual subsidiary results are detailed in our Form 10-Q that was filed with the SEC earlier today.

謝謝你，帕特。轉向我們截至 2023 年 6 月 30 日的季度的綜合財務業績，我的評論主要限於 CODI 的整體業績，因為各個子公司的業績已在今天早些時候向 SEC 提交的 10-Q 表格中詳細說明。

On a consolidated basis, revenue for the quarter ended June 30, 2023, was $524.2 million, up 2% compared to $515.6 million for the prior year period. This year-over-year increase primarily reflects our acquisition of PrimaLoft during the third quarter of last year.

合併後，截至 2023 年 6 月 30 日的季度營收為 5.242 億美元，比上年同期的 5.156 億美元成長 2%。這一同比增長主要反映了我們在去年第三季收購 PrimaLoft。

Consolidated net income for the second quarter was $17.1 million compared to net income of $31 million in the prior year. The decrease was primarily due to an increase in interest expense as a result of financing the PrimaLoft acquisition and rising interest rates.

第二季合併淨利為 1,710 萬美元，而上年同期淨利為 3,100 萬美元。減少的主要原因是收購 PrimaLoft 的融資和利率上升導致利息支出增加。

Adjusted EBITDA in the second quarter was $90.1 million, up 3% compared to $87.4 million in the second quarter of 2022. The increase was due to the benefit of the PrimaLoft acquisition.

第二季調整後 EBITDA 為 9,010 萬美元，比 2022 年第二季的 8,740 萬美元成長 3%。這一成長得益於 PrimaLoft 收購的收益。

Adjusted earnings for the second quarter was above our expectations at $35.6 million, down from $39.3 million in the prior year quarter. The decline was primarily a result of higher interest expense.

第二季調整後收益為 3,560 萬美元，高於我們的預期，低於去年同期的 3,930 萬美元。下降主要是由於利息支出增加。

Now on to our financial outlook. For the full year 2023, we continue to expect consolidated subsidiary adjusted EBITDA to range between $430 million and $460 million. For the full year 2023, we continue to expect adjusted earnings to range between $110 million and $135 million. This is the same guidance we had provided last conference call.

現在談談我們的財務前景。對於 2023 年全年，我們繼續預計合併子公司調整後 EBITDA 將在 4.3 億美元至 4.6 億美元之間。對於 2023 年全年，我們繼續預計調整後收益將在 1.1 億美元至 1.35 億美元之間。這與我們上次電話會議提供的指導相同。

Turning to our balance sheet. As of June 30, 2023, we had approximately $67.4 million in cash, approximately $506 million available on our revolver and our leverage was 4.08x, just under 4.1.

轉向我們的資產負債表。截至 2023 年 6 月 30 日，我們擁有約 6,740 萬美元現金，左輪手槍可用資金約 5.06 億美元，我們的槓桿率為 4.08 倍，略低於 4.1。

We have substantial liquidity and as previously communicated, we have the ability to upsize our revolver capacity by an additional $250 million. With our liquidity and capital, we stand ready and able to provide our subsidiaries with the financial support they need, invest in subsidiary growth opportunities and act on compelling acquisition opportunities as they present themselves.

我們擁有大量流動資金，正如之前所傳達的，我們有能力將左輪手槍產能額外增加 2.5 億美元。憑藉我們的流動性和資本，我們隨時準備好並能夠為我們的子公司提供所需的財務支持，投資於子公司的成長機會，並在它們出現時抓住引人注目的收購機會。

Turning now to cash flow provided by operations. During the second quarter of 2023, we received $21.7 million of cash flow from operations, primarily a result of strong operating performance. This is up $23.5 million from the prior year's comparable period.

現在轉向營運提供的現金流。 2023 年第二季度，我們獲得了 2,170 萬美元的營運現金流，這主要歸功於強勁的營運業績。這比去年同期增加了 2,350 萬美元。

We used $33.7 million in working capital during the second quarter of 2023, a substantial decrease from $63.5 million used in the prior year when we needed to support many of our businesses' inventory levels as a result of supply chain disruptions.

2023 年第二季度，我們使用了 3,370 萬美元的營運資金，比前一年使用的 6,350 萬美元大幅減少，當時我們因供應鏈中斷而需要支持許多企業的庫存水準。

For the year-to-date period, cash flow provided by operations increased $72.6 million as compared to the prior year. We expect to continue to monetize working capital across the business with the exception of Lugano as we continue to fund its growth objectives.

今年迄今，營運提供的現金流比前一年增加了 7,260 萬美元。隨著我們繼續為其成長目標提供資金，我們預計將繼續將除盧加諾之外的整個業務的營運資金貨幣化。

Also of note during the quarter, the manager waived 50% of the management fee owed by the company in respect of PrimaLoft, and we used approximately $20 million to fund Marucci's add-on acquisition of Baum Bats.

另外值得注意的是，在本季度，經理免除了公司所欠 PrimaLoft 50% 的管理費，並且我們使用了約 2000 萬美元來資助 Marucci 對 Baum Bats 的額外收購。

Finally, turning to capital expenditures. During the second quarter of 2023, we incurred $15.5 million of capital expenditures at our existing subsidiaries compared to $14 million in the prior year period. The increase was primarily a result of the timing of retail build-outs at Lugano and 5.11 to support their continued growth.

最後，轉向資本支出。 2023 年第二季度，我們現有子公司的資本支出為 1,550 萬美元，而去年同期為 1,400 萬美元。這一增長主要是由於盧加諾和 5.11 零售店擴建的時機，以支持其持續增長。

For the full year of 2023, we continue to anticipate total capital expenditures of between $60 million and $70 million. We continue to see strong returns on invested capital at several of our growth subsidiaries and believe they will have short payback periods.

我們預計 2023 年全年的資本支出總額將在 6,000 萬至 7,000 萬美元之間。我們繼續看到我們的幾家成長型子公司的投資資本回報強勁，並相信它們的投資回收期很短。

Capital expenditures in 2023 will primarily be at Lugano for new retail salons and at 5.11 as we continue to increase its retail store count from its 121 stores as of June 30.

2023 年的資本支出將主要用於盧加諾的新零售沙龍，隨著我們繼續增加截至 6 月 30 日的 121 家商店的零售店數量，資本支出將達到 5.11。

With that, I will now turn the call back over to Elias.

現在，我將把電話轉回埃利亞斯。

Thank you, Ryan. I would like to close by briefly providing an update on the M&A market and our strategic initiatives.

謝謝你，瑞安。最後，我想簡要介紹一下併購市場和我們的策略舉措的最新情況。

In terms of M&A, deal activity has remained suppressed below historic levels for some time now. However, we started to see some increased activity in the second quarter that we expect to gain momentum over the balance of the year.

在併購方面，交易活動一段時間以來一直被抑制在歷史水準以下。然而，我們開始看到第二季的活動增加，我們預計這一勢頭將在今年剩餘時間內獲得成長。

On the ESG front, we continue to advance our key initiatives and execute our strategy. Our approach to ESG is directly tied to our business model, and ESG is becoming increasingly important to potential employees seeking new opportunities.

在 ESG 方面，我們繼續推進我們的關鍵舉措並執行我們的策略。我們的 ESG 方法與我們的業務模式直接相關，而 ESG 對於尋求新機會的潛在員工來說變得越來越重要。

For these reasons, it is critical that we consistently and clearly communicate our ESG philosophy and practices both internally and externally.

基於這些原因，我們在內部和外部一致、清晰地傳達我們的 ESG 理念和實踐至關重要。

To reflect the work in progress that has occurred across the organization over the past 12 months, we have updated the sustainability page on our website. We have spent significant time working with our subsidiaries to understand how our overarching ESG framework will be implemented in our companies to facilitate value creation and our webpage as a source to tell this story.

為了反映過去 12 個月整個組織正在進行的工作，我們更新了網站上的永續發展頁面。我們花了大量時間與子公司合作，以了解如何在我們的公司中實施我們的整體 ESG 框架，以促進價值創造，並以我們的網頁作為講述這個故事的來源。

We aim to generate measurable benefits that align with our values and create strong financial returns for our stakeholders. We believe that the environmental, social and governance factors that we use to build our framework over time will allow us to deploy capital in a different way than many in the marketplace reflecting risk more appropriately.

我們的目標是產生符合我們價值觀的可衡量的效益，並為我們的利害關係人創造豐厚的財務回報。我們相信，隨著時間的推移，我們用於建立框架的環境、社會和治理因素將使我們能夠以與市場上許多不同的方式部署資本，更適當地反映風險。

The volatility that we face today only underlines the importance of businesses like ours stepping up with purpose. We are committed to driving positive change and leading the industry to become the model of choice.

我們今天面臨的波動凸顯了像我們這樣的企業有目標地挺身而出的重要性。我們致力於推動正向變革，引領產業成為首選典範。

An example worth discussing comes from one of our niche industrial subsidiaries, The Sterno Group. In June of 2023, Sterno's Texarkana manufacturing facility approved -- achieved the TRUE silver certification for zero waste. TRUE, which stands for Total Resource Use and Efficiency, is administered by the Green Business Certification, which is a leadership standard for facilities to measure zero waste performance.

一個值得討論的例子來自我們的利基工業子公司之一，The Sterno Group。 2023 年 6 月，Sterno 的特克薩卡納製造工廠獲得批准，獲得零廢棄物 TRUE 銀牌認證。 TRUE 代表總資源利用和效率，由綠色企業認證管理，該認證是衡量零廢棄物績效的設施的領先標準。

Currently, Sterno's Texarkana facility is the only manufacturer that is TRUE-certified in the state of Texas, and we are proud of Sterno's recognition and their pursuit of zero waste.

目前，Sterno 的特克薩卡納工廠是德州唯一一家獲得 TRUE 認證的製造商，我們為 Sterno 的認可及其對零浪費的追求感到自豪。

In conclusion, we're proud of our second quarter results, which highlight the true benefits of our diversification strategy. While several of our consumer businesses continued to be impacted by persistent inventory destocking headwinds, our niche industrial businesses continued to perform well. The overall strength of our subsidiaries gives us confidence in our belief that we're well positioned to not only grow this year but have a snapback year in 2024 once these headwinds fully dissipate.

總之，我們對第二季的業績感到自豪，凸顯了我們多元化策略的真正好處。儘管我們的一些消費業務繼續受到持續的去庫存逆風的影響，但我們的利基工業業務繼續表現良好。我們子公司的整體實力讓我們相信，我們不僅能夠在今年實現成長，而且一旦這些不利因素完全消散，我們就能在 2024 年實現快速反彈。

Before we open the phones for Q&A, it's with heavy hearts that we acknowledge the passing of our friend, former Board chair and mentor to so many of us at Compass, Sean Day. Over the last 25 years, Sean played an integral role in the formation of our strategy. His business acumen, professionalism, integrity and kindness will be greatly missed throughout our company. So on behalf of the entire CODI team and our Board of Directors, we express our deepest condolences to the entire Day family.

在我們打開電話進行問答之前，我們懷著沉重的心情承認我們的朋友肖恩·戴 (Sean Day) 的去世，他是我們的朋友、前董事會主席，也是 Compass 公司許多人的導師。在過去 25 年裡，Sean 在我們策略的製定過程中發揮了不可或缺的作用。他的商業頭腦、專業精神、正直和善良將被我們公司深深懷念。因此，我們代表整個 CODI 團隊和董事會，向整個 Day 家族表示最深切的哀悼。

With that, operator, please open the lines for Q&A.

那麼，接線員，請打開問答線。

(Operator Instructions) Your first question comes from the line of Larry Solow from CJS Securities.

（操作員指示）您的第一個問題來自 CJS 證券的 Larry Solow。

I guess just a couple of general questions and then I'll come to the specific one. Just I guess on the -- the quarter, which seems like it was certainly a little bit better than expected, I think it was basically flat or close to it sequentially on EBITDA, and I think you had called out kind of a mid- to high single-digit drop expected, I guess, last quarter. Just as I parse through kind of (inaudible), is the reason why you're kind of not increased your guidance basically just operations are running better, but inventory draws are a little bit heavier or are going to persist a little longer really into Q3? Is that kind of a good way to sum it?

我想只是幾個一般性問題，然後我將討論具體問題。我想，就本季度而言，似乎確實比預期好一點，我認為 EBITDA 基本持平或接近連續水平，而且我認為您已經提出了某種中等到預期的結果。我猜上個季度預計會出現高個位數的下降。正如我分析的那樣（聽不清楚），這就是為什麼您沒有增加指導的原因，基本上只是運營運行得更好，但庫存消耗有點重，或者會在第三季度持續更長時間？這是一個很好的總結方式嗎？

Yes, Larry, I think you're spot on. We did better in the second quarter than we had forecasted on our first quarter earnings call. But we didn't raise our guidance. And the reason behind that is, as you've identified, the inventory headwinds are a little more persistent than we thought, and they're going to bleed forward, a little bit longer.

是的，拉里，我認為你說得對。我們第二季的表現比我們在第一季財報電話會議的預測要好。但我們沒有提高指導意見。正如您所指出的，背後的原因是，庫存逆風比我們想像的更持久，而且它們會持續更長的時間。

As I said, we're starting to see some green shoots by stabilization of new orders at PrimaLoft. We haven't seen that in some of our other consumer-facing businesses. So I think as a result of that, we're just being a little bit more prudent, although there's some positive signs in the portfolio as well.

正如我所說，隨著 PrimaLoft 新訂單的穩定，我們開始看到一些萌芽。我們在其他一些面向消費者的業務中還沒有看到這種情況。因此，我認為，儘管投資組合中也出現了一些積極的跡象，但我們只是變得更加謹慎了。

So I would really caution or position this more as us being incredibly conservative right now because the business is performing better than we have anticipated.

因此，我真的會警告或定位這一點，因為我們現在非常保守，因為業務表現比我們預期的要好。

No, that's a fair explanation and good color there. A question for you guys on Sterno, I guess. What -- was there any -- was the impetus for the management change, was that brought on by anything?

不，這是一個公平的解釋和良好的色彩。我猜想在斯特諾上有一個問題想問你們。管理階層變動的動力是什麼？是因為什麼原因造成的嗎？

And then I guess a second and just greater question, just on Sterno itself was I think EBITDA is running sort of in the $40 million, $45 million range. But if I remember correctly, the canned-heat business itself a few year -- pre-COVID used to do close to that. I mean I know you acquired Rimports and that's probably not nearly -- not doing quite as well as it was doing probably in its heyday during COVID. And I know with Walmart, a large big-box customer, maybe you're losing some shelf space there.

然後我想第二個也是更大的問題，就斯特諾本身而言，我認為 EBITDA 的運行範圍在 4000 萬至 4500 萬美元之間。但如果我沒記錯的話，在新冠疫情之前的幾年裡，罐裝熱食業務本身的表現就接近這個水準。我的意思是，我知道你們收購了 Rimports，但它的表現可能遠不如新冠疫情期間的鼎盛時期那麼好。我知道對於沃爾瑪這個大型客戶來說，也許你會失去一些貨架空間。

But can you just give us -- I guess, two questions. The reason for the management change or the impetus there and what -- sort of what is Rimports? Can you kind of give us an idea of what Rimports is doing today versus the canned-heat business?

但你能給我們——我想，兩個問題。管理階層變動的原因或動力是什麼－Rimports 是什麼？能為我們介紹一下 Rimports 與罐裝熱飲業務相比目前的情況嗎？

Do you want me to take that?

你想讓我接受嗎？

Yes, please.

是的，請。

Okay. Larry, I mean I would just say, as is typical, people retire. Craig Carnes, who is a long-term colleague of ours at the firm decided to retire, and we believe we found a great replacement for him in Jeff, and we're excited by that.

好的。拉里，我的意思是，我只想說，正如典型的那樣，人們退休了。克雷格·卡恩斯（Craig Carnes）是我們在公司的長期同事，他決定退休，我們相信我們在傑夫（Jeff）身上找到了一個很好的替代者，我們對此感到興奮。

As it relates to kind of the breakout, we don't say the breakout. I would tell you your numbers are kind of a little bit off in that you're right conceptually but you're a little bit off. The canned-heat business on its own or the chafing fuel business never got north of 30. It was always below 30 even at its peak -- even at the peak years. So I will let you kind of read into that what you will --

由於它與突破的類型有關，因此我們不說突破。我會告訴你，你的數字有點偏離，因為你在概念上是正確的，但你有點偏離。罐裝熱氣業務本身或火鍋燃料業務從未超過 30。即使在高峰期，即使在高峰年份，它也始終低於 30。所以我會讓你讀你會讀到的內容——

I thought it was that and the --

我以為是那個，還有──

But you're also right that the -- sorry, go ahead.

但你也是對的——抱歉，請繼續。

No, I was saying -- I started saying the canned heat and someone like Sterno Home, those combined before you bought Rimports, I would say. Ex Rimports probably.

不，我是說——我開始說的是罐裝熱氣和像斯特諾之家這樣的人，我想說的是，在你購買 Rimports 之前，這些都結合在一起了。可能是前進口的。

We faced some pressures, but it was never quite as high as you said.

我們面臨一些壓力，但從來沒有像你說的那麼大。

Yes. Gotcha. Fair enough.

是的。明白了。很公平。

And I would say, the wax business is a -- it's a lumpy business. And it's a business that has some great quarters and some weaker periods. We bought it at a very attractive price for the company, and we continue to see it performing -- or for the shareholders, and we continue to see it performing.

我想說，蠟業是一個不穩定的行業。這個行業有一些出色的季度，也有一些疲軟的時期。我們以對公司來說非常有吸引力的價格購買了它，我們繼續看到它的表現 - 或者對於股東來說，我們繼續看到它的表現。

Yes. And Larry, just one point. I'd just make one other point. As you've identified with kind of a large customer of that business, if you think about where inflation has really impacted consumer spending, it's been on the kind of consumer that has the least disposable income. And these products are generally going through a channel where it's targeting that customer.

是的。拉里，只有一點。我只想提出另一個重點。正如您已經確定的那樣，該企業的大客戶，如果您考慮通貨膨脹對消費者支出的真正影響，您會發現它是針對可支配收入最少的消費者。這些產品通常會透過針對該客戶的管道。

And so as inflation eases and kind of real wages start to grow, we would expect the scented kind of wax part of our business to start performing a little bit better and no longer be a drag on earnings at that company. But inflation kind of at that customer was a really significant headwind that the company was suffering from.

因此，隨著通貨膨脹的緩解和實際工資的開始增長，我們預計我們業務中的香味蠟部分將開始表現得更好一些，並且不再拖累該公司的盈利。但該客戶的通膨確實是該公司面臨的一個重大阻力。

Fair enough. And then just to end on a more positive note, then, just on -- we're getting lots of questions, Elias, is on Lugano over the last few months, especially. Some question sounds around sort of it's a business led by its founder, Moti Ferder and how much can the business grow being -- how much have you built the infrastructure around him to support him? So just kind of questions there. The growth has been -- was so rapid last year and now you're up another 45% year-to-date this year. So I know you don't have a crystal ball, but I guess the questions are, what makes this business so different, special from other high-end jewelers? And where could this business be in 5 years?

很公平。然後以更積極的方式結束，然後，我們收到了很多問題，埃利亞斯，特別是在過去幾個月裡關於盧加諾的問題。一些問題聽起來像是這是一家由其創始人 Moti Ferder 領導的企業，以及該企業能成長多少——你圍繞他建立了多少基礎設施來支持他？所以只是有一些問題。去年成長非常快，今年迄今又成長了 45%。所以我知道您沒有水晶球，但我想問題是，是什麼讓這個業務如此與眾不同，與其他高端珠寶商不同？ 5年後這個業務會發展到什麼程度？

Yes. So Larry, I think it's a good question. Obviously, when you see a company that has this kind of rapid growth, the natural question is how long can it sustain this kind of growth? And is it experienced something that is making it more temporary, right? Like the pandemic had obviously positive impacts on a company like Velocity that now is getting paid back. I think that's a natural question to wonder if that's happening to Lugano.

是的。拉里，我認為這是一個很好的問題。顯然，當你看到一家公司實現如此快速的成長時，自然會問它能維持這種成長多久？經歷過的事情是否會使其變得更加暫時，對吧？就像這種流行病對像 Velocity 這樣的公司產生了明顯的正面影響，現在這些公司正在得到回報。我認為這是一個很自然的問題，想知道盧加諾是否正在發生這種情況。

Actually, quite to the contrary, I think the market that Lugano was going after and the approach that they have created, which is very unique and distinct in the industry, is one that is generally underserved. And I know that may sound a little bit strange, but this kind of customer subset is one that hasn't been targeted at the same level by a lot of the major players in the industry. It is much more of a one-off unique kind of jewelry piece that has created versus a lot of the competitors that want something that can be much more mass and have the same piece sold throughout multiple of their outlets.

事實上，恰恰相反，我認為盧加諾所追求的市場以及他們所創造的方法在行業中非常獨特和獨特，但普遍服務不足。我知道這可能聽起來有點奇怪，但這種客戶子集並未被行業內許多主要參與者以同一級別為目標。它更像是一種一次性的獨特珠寶首飾，與許多競爭對手相比，這些競爭對手想要更大規模的產品，並且在多個商店銷售同一款珠寶。

So the model is completely different. And it's something that, given the community-type aspect that our founder has built the business around with his customers, has significantly greater room to run, in our opinion. A lot of the limitations on the growth of this business was really predicated on investment, how much capital was available to put new salons in place? How much capital was available for inventory to create these pieces?

所以模型是完全不同的。我們認為，考慮到我們的創辦人與客戶建立業務的社群型方面，它具有更大的運作空間。該業務成長的許多限制實際上取決於投資，有多少資金可用於開設新沙龍？有多少資金可用於庫存來製造這些作品？

And so when we partnered with Moti to kind of drive this business forward, we were able to solve a lot of those capital issues. And what you've seen is an acceleration in the company's growth because of that. We don't view this as temporary, and we don't view the kind of growth opportunity as being limited right now. And in fact, we're seeing some of the programs that we're putting in place and some of the additional tie-ins that we have around our customer segment, it's only accelerating and strengthening kind of the community effect and the purchase of kind of product ultimately and profitability of this business.

因此，當我們與 Moti 合作推動這項業務向前發展時，我們能夠解決許多資本問題。您所看到的是公司因此而加速發展。我們不認為這是暫時的，也不認為目前這種成長機會是有限的。事實上，我們看到我們正在實施的一些計劃以及我們圍繞客戶群進行的一些額外搭配，它只會加速和加強社區效應和購買。最終的產品和該業務的盈利能力。

So Moti, who is the founder that we partnered here, he's one of the most visionary CEOs that I've ever had the pleasure of working with, and he's created a unique business model that has a lot of runway for growth and its limitation will be how much capital do we want to put in to facilitate that growth.

Moti，我們在這裡合作的創始人，他是我有幸合作過的最有遠見的首席執行官之一，他創建了一種獨特的商業模式，有很大的增長空間，但它的局限性將是我們想要投入多少資本來促進這種成長。

And our view has been with return on invested capital rates as high as they are here, we'll continue to fund all of this and these opportunities until we see some sort of slowdown in growth. And we're just not experiencing that.

我們的觀點是，隨著投資資本回報率如此之高，我們將繼續為所有這些和這些機會提供資金，直到我們看到成長出現某種程度的放緩。而我們只是沒有經歷過這種情況。

So I think that's a long-winded answer, I know, to a short question, but we think there's legs to this and that it can grow to multiple size of what it is today because it's such a unique mousetrap and so differentiated from everybody else in the industry.

所以我認為這是一個冗長的答案，我知道，這是一個簡短的問題，但我們認為這是有道理的，它可以增長到今天的多倍大小，因為它是一個如此獨特的捕鼠器，與其他捕鼠器有很大不同在行業中。

The next question is from Matt Koranda from ROTH MKM.

下一個問題來自 ROTH MKM 的 Matt Koranda。

It's Mike Zabran on for Matt. Maybe just on the industrial segment. Really encouraging to see the sizable margin expansion in the industrial businesses. Last quarter, we mentioned an expectation for bookings to continue to slow and it looks like it might have. So maybe just an update on how bookings in the industrial segment have trended since last call. And then specifically on Altor, just how sustainable are these margins? Should we be pulling forward a north of 20% EBITDA margin going forward? Or should margins come in a bit as the booking environment slows?

邁克·扎布蘭 (Mike Zabran) 替補馬特 (Matt)。也許只是在工業領域。工業企業利潤率的大幅成長確實令人鼓舞。上個季度，我們提到預計預訂量將繼續放緩，而且看起來確實可能如此。因此，也許只是自上次電話會議以來工業領域的預訂趨勢的最新情況。然後，特別是在 Altor 上，這些利潤率的可持續性如何？我們是否應該將 EBITDA 利潤率提高到 20% 以上？或者，隨著預訂環境放緩，利潤率是否應該有所下降？

Pat, I'll let you handle that.

帕特，我會讓你處理的。

Sure. Okay. So first one is on bookings. I'd say, in general, the business in our industrial, as I think through industrial, those longer-lead businesses that we have, that actually bookings have a large sort of spans of time between bookings and shippings, we actually saw an increase in -- or excuse me, bookings were higher than revenue. So there was a book-to-bill rate of over 1, so solid there.

當然。好的。第一個是預訂。我想說，總的來說，我們工業中的業務，正如我認為的那樣，透過工業，我們擁有的那些週期較長的業務，實際上預訂在預訂和發貨之間有很大的時間跨度，我們實際上看到了成長對不起，預訂量高於收入。因此，訂單出貨率超過 1，非常穩定。

I think your second question was on Altor and if we should see expanding margins. We think we'll continue to see efficiency gains there. We believe we will look to add on acquisitions that we can then also add more efficiency gains to. This management team is very good. Terry and his team have done it before, and we've been impressed by them. So we think -- I mean, we think at a minimum, this sort of margin level is sustainable, absent sort of price increases.

我認為你的第二個問題是關於 Altor 的，以及我們是否應該看到利潤率的擴大。我們認為我們將繼續看到那裡的效率提高。我們相信，我們將尋求增加收購，然後我們也可以增加更多的效率效益。這個管理團隊非常好。特里和他的團隊以前就這樣做過，他們給我們留下了深刻的印象。所以我們認為——我的意思是，我們認為至少，在沒有價格上漲的情況下，這種利潤水平是可持續的。

Remember, we pass on sort of the raw material price increases to our customers with a lag, right? So even though we'll be making the same sort of dollar contribution on a per pound basis, the margins may go down if EPS and other raw material prices increase, if that makes sense.

請記住，我們將一定程度的原材料價格上漲延遲傳遞給我們的客戶，對嗎？因此，即使我們將在每磅的基礎上做出同樣的美元貢獻，但如果每股收益和其他原材料價格上漲，如果這有意義的話，利潤率可能會下降。

Got it. Makes a lot of sense. I guess moving to Marucci is one of the stronger businesses in the quarter, both top and bottom line relative to our expectations. So maybe just a little bit more color on what drove the outperformance? Are we still seeing strong CAT X sell-through? And then further, what type of margins are baked into the guide for the back half of the year? Should we expect something similar -- margins similar to last year in the mid-20% range?

知道了。很有道理。我想搬到 Marucci 是本季最強勁的業務之一，無論是營收還是利潤都高於我們的預期。那麼，也許只是對推動表現出色的因素進行更多的闡述？我們仍然看到 CAT X 的強勁銷售嗎？再進一步，今年下半年的指南中包含了哪些類型的利潤率？我們是否應該期待類似的情況——利潤率與去年相似，在 20% 左右？

I would expect margins similar to the first half of this year. And as it relates to what drove the revenue growth, we continue to have strong sell-through on CAT X. We also continue to expand into new categories. We mentioned fielding gloves, which is a big category that we're getting a lot of traction in.

我預期利潤率與今年上半年相似。由於這與推動營收成長的因素有關，我們在 CAT X 上的銷售量持續強勁。我們也繼續擴展到新的類別。我們提到了守備手套，這是我們非常關注的大類別。

I mean if you -- and then we just have strength kind of really across segments. We had growth in Japan. We've growth in softball. If you looked at many of the hitters in the Home Run Derby were using Victus bats or Marucci bats. So there's just sort of -- it's a great brand that continues to gain traction.

我的意思是，如果你——然後我們就在各個領域擁有真正的實力。我們在日本取得了成長。我們在壘球方面取得了進步。如果您觀察過全壘打德比中的許多擊球手都使用 Victus 球棒或 Marucci 球棒。所以，這是一個繼續獲得吸引力的偉大品牌。

Got it. Makes sense. Last one for me. Along similar lines on Marucci, maybe just touch on the Baum acquisition, quarterly performance, any trends you're seeing in DTC and just overall commentary on the integration process and plans for the future for Baum.

知道了。說得通。最後一張給我。沿著 Marucci 的類似路線，也許只需觸及 Baum 收購、季度業績、您在 DTC 中看到的任何趨勢，以及對 Baum 的整合過程和未來計劃的總體評論。

Sure. We think we can grow Baum. They were capacity constrained. We're not -- I'm not going to touch on sort of specific financial performance. Ryan has said we borrowed, I think -- or lent Marucci to what $20 million as far as their use of proceeds for that. And I think it was purchased -- so you can get your head around sort of the -- about the purchase price.

當然。我們認為我們可以讓鮑姆成長。他們的能力有限。我們不會——我不會觸及某種具體的財務表現。瑞安說過，我認為我們借了——或者藉給馬魯奇 2000 萬美元，就他們的收益用途而言。我認為它是被購買的——所以你可以了解一下購買價格。

But we're -- we will be adding capacity for Baum in 2024 likely. I don't know if that will be the biggest driver of growth for the company, but it will be another driver of growth. And our DTC, both at Marucci and at Baum remain strong.

但我們可能會在 2024 年增加 Baum 的產能。我不知道這是否會成為公司成長的最大動力，但它將是另一個成長動力。我們在 Marucci 和 Baum 的 DTC 依然強勁。

Your next question is from Marc Feldman from William Blair.

您的下一個問題來自威廉布萊爾的馬克費爾德曼。

This is Marc on for Cris Kennedy. Just wanted to ask on Velocity. I know you had mentioned it, but could you talk about any of the initiatives that are in place to turn that business back to growth on the revenue line and then also improve margins there?

我是克里斯甘迺迪的馬克。只是想問Velocity。我知道您已經提到過這一點，但您能否談談為使該業務恢復收入增長並提高利潤率而採取的任何舉措？

Sure.

當然。

Yes, Marc, I think with Velocity, you just have to -- and we should all expect and I think we've been pretty clear about this over the last couple of years. This was a company that experienced a dramatic growth in participation and revenue and earnings through the pandemic. And if you just think about it, people were staying home. This was an activity that people could go out and do. Hunting really exploded as a category.

是的，Marc，我認為對於 Velocity，你必須這樣做——我們都應該期待，而且我認為我們在過去幾年裡對此已經非常清楚了。這家公司在疫情期間的參與度、收入和收益都出現了大幅成長。如果你仔細想想，人們都待在家裡。這是人們可以出去做的活動。狩獵作為一個類別確實呈現爆炸性成長。

And if it's on the archery side, these are really big CapEx or big kind of durable items that are being purchased. Some cases, it's $2,500, $3,000 per item. And for an individual to do that, they're just not -- it's not a consumable that you're going to go out and buy year in and year out.

如果是在射箭方面，這些確實是龐大的資本支出或正在購買的大型耐用物品。在某些情況下，每件商品的價格為 2,500 美元、3,000 美元。對個人來說，他們不是——這不是你年復一年出去買的消費品。

And so with this business, is we experienced a dramatic uptick in the pandemic. And then, of course, there was not enough supply available. So we were rushing to get as much product as possible to our retail partners. It carried over into 2021 as having a banner year, but I think we had been very careful to say. We don't expect this to be a normalized level of earnings for this company. And this is benefiting disproportionately from anything else in our portfolio from the pandemic.

因此，在這項業務中，我們經歷了疫情的急劇上升。然後，當然，沒有足夠的供應。因此，我們急於向我們的零售合作夥伴提供盡可能多的產品。 2021 年是輝煌的一年，但我認為我們說得非常謹慎。我們預計這不會成為該公司的正常獲利水準。我們的投資組合中的其他任何項目都因疫情而受益匪淺。

Now it was fun to experience that, and it's nice when you're getting an earnings tailwind like that. But inevitably, there's going to be a payback and we're suffering through that payback right now. So it's hard to say what can we do to stimulate demand. We're doing everything that we can do to stimulate demand.

現在體驗這一點很有趣，當你獲得這樣的盈利順風時，這真是太好了。但不可避免的是，會有回報，而我們現在正遭受這種回報。所以很難說我們能做些什麼來刺激需求。我們正在盡一切努力刺激需求。

The reality is out in the field, there's more inventory on shelves than what's needed and foot traffic coming into our retail partners is really low for this company right now. And unlike the other 9 businesses, this is the company where the end market is not growing for the products that we sell.

現實情況是，貨架上的庫存比需要的多，而且目前該公司進入我們零售合作夥伴的人流確實很低。與其他 9 家企業不同，我們銷售的產品的終端市場並未成長。

And so it's a payback for the really strong performance that we saw in 2021. Now do I think that it's going to get worse from here? I would say no chance. And this business will, just by virtue of some of the inventory depletion that's going on right now, have some level of better performance and revenue growth next year.

因此，這是對我們在 2021 年看到的真正強勁表現的回報。現在我認為情況會變得更糟嗎？我會說沒有機會。僅僅憑藉目前正在發生的一些庫存消耗，這項業務明年就會有一定程度的更好的業績和收入成長。

But this year, there's really not much that can be done. We have great new products that are coming out and being introduced into the marketplace. And we're trying to stimulate demand from customers. But if a customer purchased an item that they don't want to purchase another item for 3 or 4 or 5 years, you just can't stimulate that demand again. And because the rush all happened coincidentally with buyers coming in and acquiring during the pandemic, there's going to be a payback period here.

但今年，確實能做的不多了。我們有很棒的新產品即將問世並被引入市場。我們正在努力刺激客戶的需求。但是，如果客戶購買了一件商品，而他們在 3、4 或 5 年內都不想購買其他商品，那麼您就無法再次刺激該需求。而且由於這一切的熱潮都與大流行期間買家的湧入和收購同時發生，因此這裡將會有一個投資回收期。

So '23 is a year where we should all have very muted expectations. It is very difficult for us to be able to generate revenue growth. But our management team is doing an extraordinary job of cutting costs and creating operating efficiencies as much as they can.

因此，23 年是我們所有人都應該抱持非常低調的期望的一年。我們很難實現收入成長。但我們的管理團隊在盡可能削減成本和提高營運效率方面做得非常出色。

The truth is, though, in all of these businesses, there's a certain amount of operating leverage that exists. And when revenue is down and you can't stimulate it because of market background and conditions, you're just going to have negative operating leverage that's going to impact your financial results.

但事實是，在所有這些業務中，都存在一定程度的營運槓桿。當收入下降並且由於市場背景和條件而無法刺激收入時，您的營運槓桿將會為負，從而影響您的財務表現。

So I would expect Velocity to have a poor 2023 overall with a snapback coming in 2024 to some better performance. But we were pretty clear when the company was doing north of $50 million of EBITDA a couple of years ago that, that wasn't a sustainable level of earnings that it had.

因此，我預計 Velocity 2023 年的整體表現會很差，但 2024 年會出現回升，表現會更好。但幾年前，當該公司的 EBITDA 超過 5000 萬美元時，我們非常清楚，這並不是其可持續的盈利水平。

But I can tell you right now, where the company has produced $2 million, $3 million of first half EBITDA, that's not sustainable either on the low side and it likely is somewhere in between that is a normalized level of demand, revenue generation, earnings potential. I do think the significance of the revenue decline has caused us to take more cost action than we otherwise would have.

但我現在可以告訴你，該公司上半年的EBITDA 為200 萬美元、300 萬美元，這在較低水平上是不可持續的，而且很可能介於兩者之間，即需求、創收、盈利的正常水平。潛在的。我確實認為收入下降的嚴重性導致我們採取了比其他情況更多的成本行動。

And by leaning this business out, it likely is going to have a better margin profile going forward because these are the types of times where management teams really sharpen their pencils and kind of cut deeper and trim off all of the nonnecessary kind of aspects of the business because you're more in a survival mode. But that generally leads to kind of outsized earnings growth when revenue comes back.

透過傾斜這項業務，它可能會在未來獲得更好的利潤率，因為在這種時候，管理團隊會真正削尖鉛筆，更深層次地削減並削減所有不必要的方面。生意，因為你更多地處於生存模式。但這通常會在收入恢復時導致收入大幅增長。

So look, we all wish that the market was different and that we could give you some idea and kind of this bouncing back, now that hunting season's coming. The back half of the year will categorically be better than the first half. There's no doubt about that. This is when these products are sold, when retailers are bringing them onto their shelves. So we will not replicate the first half in the second half, it will be far better, but we should have muted expectations for this year.

所以看，我們都希望市場有所不同，我們可以給您一些想法和反彈，現在狩獵季節即將到來。下半年一定會好於上半年。毫無疑問。這是這些產品被出售的時候，零售商將它們放到貨架上的時候。所以下半年我們不會複製上半年的情況，情況會好得多，但我們對今年的預期應該會較低。

And it could be next year, I'm sure there will be some bounce back and it will be stronger than it is this year. But I doubt we're back on kind of trend line. There's probably a couple of years of normalization and payback for the pandemic boom that we experienced in this company. And then it will revert back to, in my sense, a more stable and normalized business.

可能是明年，我確信會有一些反彈，而且會比今年更強。但我懷疑我們是否又回到了趨勢線。我們在這家公司經歷的流行病繁榮可能需要幾年的時間才能正常化和回報。然後，在我看來，它將恢復到更穩定和正常化的狀態。

This industry has typically been a pretty stable -- albeit very slow growth industry, it's typically been very stable. This was one where the pandemic effects were just exaggerated well beyond kind of what anyone could have anticipated.

這個行業通常是一個相當穩定的行業——儘管成長非常緩慢，但它通常非常穩定。這次大流行的影響被誇大了，遠遠超出了任何人的預期。

Great. Extremely helpful there. And then I guess on PrimaLoft, I know when you guys acquired it, and since then, you've talked about some of the additional markets and additional revenue opportunities there like ThermoPlume or the licensing opportunity of increasing the consumer-facing image of PrimaLoft. Can you talk about any of those initiatives there beyond just synthetic down?

偉大的。那裡非常有幫助。然後我想在 PrimaLoft 上，我知道你們什麼時候收購了它，從那時起，你們就談到了一些額外的市場和額外的收入機會，例如 ThermoPlume 或增加 PrimaLoft 面向消費者的形象的許可機會。能談談除了合成羽絨之外的其他舉措嗎？

Yes. No. I mean one of the large initiatives we're pushing it is our new P.U.R.E initiative, which is -- I forget exactly what the acronym stands for, but it's produced using reduced emissions, I believe. And we are working very hard to kind of work through the supply chain to give our end customer a product that they can trust using as few emissions as possible to create that product and that is having -- that has significant interest from many of our end customers right now just as an example.

是的。不，我的意思是我們正在推動的一項大型舉措是我們新的 P.U.R.E 舉措，我忘記了縮寫詞到底代表什麼，但我相信它是透過減少排放來實現的。我們正在非常努力地透過供應鏈開展工作，為我們的最終客戶提供他們可以信賴的產品，使用盡可能少的排放來生產該產品，這引起了我們許多最終客戶的極大興趣現在的客戶只是舉個例子。

(Operator Instructions) The next one is from Derek Sommers from Jefferies.

（操作員說明）下一篇來自 Jefferies 的 Derek Sommers。

I was just wondering if you could share any commentary on how international performance has been at the portfolio of companies. We started to see a little bit of volatility coming out of macroeconomic data and some policy decisions there and just wanted to hear your input.

我只是想知道您是否可以分享有關公司投資組合的國際業績的評論。我們開始看到宏觀經濟數據和一些政策決定出現了一些波動，只是想聽聽您的意見。

Pat?

拍？

Yes, sure. I can't say there's been any huge trends. I mean, obviously, China is coming back slower than anticipated, and everybody is looking for stimulus there, right? And so we have seen that. We have seen that in our distributor customers. We have seen that in places where we have sales to China. And we have seen that when we've had people visiting retail in Asia. We have seen that sort of at stores there.

是的，當然。我不能說有任何巨大的趨勢。我的意思是，很明顯，中國的復甦速度比預期要慢，每個人都在尋求刺激措施，對吧？我們已經看到了這一點。我們在經銷商客戶身上看到了這一點。我們在向中國銷售的地方已經看到了這一點。當人們參觀亞洲零售業時，我們已經看到了這一點。我們在那裡的商店裡看到過這種情況。

I'd say Europe is muted and North America is pretty strong in general, by the end consumer, right? So it's kind of -- those are the 3 -- but no sort of big sea changes right now or at least in this last quarter.

我想說，就最終消費者而言，歐洲表現平平，而北美整體而言相當強勁，對嗎？所以這就是——這就是這三個——但目前或至少在最後一個季度沒有重大變化。

Your last question is from Matthew Howlett from B. Riley.

您的最後一個問題來自 B. Riley 的 Matthew Howlett。

Just on the guidance, did I hear you right that 3Q adjusted EBITDA would be dollar amount equal to the second quarter?

就指導而言，我沒聽錯吧，第三季調整後的 EBITDA 將等於第二季的美元金額？

Yes, roughly in line with the dollar amount we just posted.

是的，與我們剛剛發布的美元金額大致一致。

So I look at it basically with the midpoint of your $430 million to $460 million, excluding the corporate G&A, you're talking about $111 million third quarter, then something like $115 million, $116 million fourth quarter. Is that how we sort of should think about the gross EBITDA?

因此，我基本上以 4.3 億美元至 4.6 億美元的中點來看待，不包括公司一般管理費用，第三季約為 1.11 億美元，然後是第四季 1.15 億美元、1.16 億美元。我們應該這樣看待總 EBITDA 嗎？

Pat?

拍？

I think that's a good way to think about it.

我認為這是一個很好的思考方式。

Yes.

是的。

Okay. Great. And then last thing, I was intrigued by that you had the comments in there about '24. I know you don't provide guidance for '24, so I'm not trying to ask you, but you sort of touched on how it could be really snapped back. I think historically, you said 10% growth for your portfolio of companies, I mean could we possibly be thinking about something much better than that in '24 in a snapback scenario?

好的。偉大的。最後一件事，我對你在其中關於“24”的評論感到好奇。我知道你沒有為 '24 提供指導，所以我並不是想問你，但你有點談到如何才能真正恢復它。我認為從歷史上看，您說您的公司投資組合成長了 10%，我的意思是，在快速恢復的情況下，我們是否可能會考慮比 24 年更好的事情？

Yes. I think what we're trying to highlight is the kind of -- if you just think about what's happening right now, and Pat alluded to this, and we keep talking about inventory destocking. But end-market sales for virtually all of our companies that are in the consumer space and are going through the wholesale channel are being muted or the end-market sales are stronger than what are selling. And so our revenues are being muted.

是的。我認為我們想要強調的是——如果你想想現在正在發生的事情，帕特提到了這一點，我們一直在談論庫存去庫存。但實際上我們所有消費領域並通過批發管道的公司的終端市場銷售都在減弱，或者終端市場銷售強於實際銷售。因此我們的收入正在減少。

Probably the notable exception to that, Matt, is if you look at Marucci, obviously, where inventories didn't overhang as much and they had a better opportunity to be able to match kind of sell-in to sell-through. And so if there's a company that its sell-through is $20 million or $30 million greater than sell-in, just by no longer having inventory destocking, you could have a pretty material impact on revenue growth without even having revenue growth come from the kind of initiatives that we have in place.

馬特，也許一個值得注意的例外是，如果你看看馬魯奇，顯然，那裡的庫存沒有那麼多，而且他們有更好的機會能夠將銷售與銷售相匹配。因此，如果一家公司的銷售收入比銷售收入高2000 萬美元或3000 萬美元，只需不再進行庫存去庫存，就可以對收入增長產生相當大的影響，甚至不需要收入增長來自於這種情況。我們已經採取的措施。

And so if you think about a company like BOA, just take as an example, we know there is a huge differential between the amount of sell-through and the amount of sell-in.

因此，如果您考慮像 BOA 這樣的公司，就舉個例子，我們知道售出量和售入量之間存在巨大差異。

Now on top of that, BOA has done an extraordinary job of continued -- continuing to proliferate on the number of new platforms. And so we know that we have a ton of new platforms in the market compared to where we were in, let's say, 2021, and so -- and we know the products that we're on are the on-trend products that are growing above the industry growth rate.

現在最重要的是，BOA 做了一項非凡的工作——繼續在新平台的數量上激增。因此，我們知道，與 2021 年相比，我們在市場上擁有大量新平台，我們知道我們正在使用的產品是正在成長的流行產品高於行業增速。

So that should lead to really strong growth absent any differential between sell-in and sell-through. And so we look at it and we say, okay, that's a business that if it just no longer had inventory destocking would have a substantial amount of revenue growth. And then you couple on top of that the fact that it is continuing to take rapid market share gains through proliferating on more platforms, that should be a really accelerated growth that the company, the experience is getting back to the normalization product. And so I'd give that as an example because there's no reason to think that PrimaLoft won't experience that or Ergobaby or 5.11 in its consumer wholesale segment.

因此，如果售出和售出之間沒有任何差異，這應該會帶來真正強勁的成長。所以我們看著它，我們說，好吧，這是一項如果不再進行庫存去庫存就會有大幅收入增長的業務。除此之外，它還透過在更多平台上進行擴張，繼續快速獲得市場份額，這應該是公司真正加速的成長，體驗正在回歸標準化產品。所以我會以此為例，因為沒有理由認為 PrimaLoft 不會在其消費者批發領域體驗到這一點、Ergobaby 或 5.11。

And so when you think about that amount of inventory headwind, we think of it as a rubber band that's getting kind of pulled farther and farther back as inventories are being depleted here. And when it snaps back, I think that it would be reasonable to expect, and I'm not trying to give '24 guidance right now, we'll do that as we come into the new year, but it would be reasonable to expect that '24 could be a growth year that is higher than what our long-term core growth should be.

因此，當你考慮大量的庫存逆風時，我們將其視為一條橡皮筋，隨著這裡的庫存耗盡，橡皮筋被拉得越來越遠。當它反彈時，我認為這是合理的預期，而且我現在不想給出 24 指導，我們會在進入新的一年時這樣做，但預期是合理的'24 可能是一個高於我們長期核心增長水平的增長年。

That -- unless there's some continued inventory shrinkage, which doesn't really seem plausible from where we're sitting right now, I think that would be a good baseline expectation. And so we think we could have a really strong snapback in Q4 based on -- we obviously have a lot more information and a lot more granularity on what each of our companies are doing to take market share. And I can tell you, we've never felt better about our companies and what they are doing to increase their shelf space and their share, but yet, it's not coming through in end-market numbers because of destocking. That should provide a real acceleration into next year. And personally, if I was a betting man, I'd probably take the odds that we will grow faster than our long-term core growth rate next year as a result.

除非庫存持續減少（從我們目前的情況來看這似乎不太合理），否則我認為這將是一個很好的基準預期。因此，我們認為我們可以在第四季度實現非常強勁的反彈，因為我們顯然擁有更多信息，並且更詳細地了解我們每家公司正在採取哪些措施來佔據市場份額。我可以告訴你，我們對我們的公司以及他們為增加貨架空間和份額所做的事情感到前所未有的好，但是，由於庫存減少，它並沒有體現在終端市場數據中。這應該會為明年帶來真正的加速。就我個人而言，如果我是賭徒，我可能會認為明年我們的成長速度將超過我們的長期核心成長率。

The way you explained it makes it very clear now the headwinds that the destocking is causing that normalization is going to give you just a pop right off the bat as it goes back towards normal growth rates, so that makes a lot of sense.

你解釋的方式現在非常清楚地表明，去庫存造成的逆風使得正常化將在回歸正常增長率時立即給你帶來衝擊，所以這是有意義的。

And then I'll just ask a question, I usually get -- I don't think anyone asked on the health care. I know you gave the update on M&A. Just anything new on that front? Does Kurt continue to look at deals? Just an update there.

然後我會問一個問題，我通常會得到——我認為沒有人問過醫療保健問題。我知道您提供了有關併購的最新消息。這方面有什麼新的嗎？庫爾特會繼續考慮交易嗎？只是那裡有更新。

Kurt's active, and I think we are -- in terms of we're in a really weird market backdrop, I mean this has been one of the slowest M&A markets that I've seen in 25 years of being involved in middle-market M&A. And I'd say it kind of is matching or even probably longer duration than the pandemic and the financial crisis in terms of how long it's lasting in terms of kind of muted M&A activity.

庫爾特很活躍，我認為我們也很活躍——就我們所處的市場背景而言，我的意思是，這是我參與中間市場併購 25 年來最慢的併購市場之一。我想說，就併購活動的持續時間而言，它的持續時間與疫情和金融危機相當，甚至可能更長。

So against that backdrop, it's really hard in any industry to think there's going to be a lot of activity happening. Sellers are just hesitant for price discovery. So I think Kurt is doing an outstanding job. We look at the funnel of potential opportunities that fit within sort of the core critical outsourced services space that have kind of the right economic moat around the businesses, that have the right size, but there's no catalyst to bring those to market.

因此，在這種背景下，任何產業都很難想像會有大量活動發生。賣家只是對價格發現猶豫不決。所以我認為庫爾特做得非常好。我們著眼於適合核心關鍵外包服務領域的潛在機會漏斗，這些機會在企業周圍擁有適當的經濟護城河，具有適當的規模，但沒有催化劑將其推向市場。

All we can do is track those, know those are out there, know they will be coming and get in position to be able to execute when one or multiple of those businesses come out.

我們所能做的就是追蹤這些業務，知道它們已經存在，知道它們即將到來，並在其中一項或多項業務出現時做好執行的準備。

And I can tell you, the list is very robust. So we can only control what is within the span of our control and that is to be tracking and understanding the companies that we'd like to execute against. And as those companies and those sellers start to feel more confident, then I think we're going to have a really robust opportunity to put money to work in that space.

我可以告訴你，這個名單非常強大。因此，我們只能控制我們控制範圍內的事情，那就是追蹤和了解我們想要執行的公司。隨著這些公司和賣家開始變得更有信心，我認為我們將有一個非常強大的機會在這個領域投入資金。

If anything, I'm probably more encouraged by the breadth and number of opportunities that we currently have on our target list. And it leads me to believe that this absolutely is the right vertical. We should be in this space. And I think there are some initial green shoots there that are emerging.

如果有的話，我可能會對我們目前目標清單上的機會的廣度和數量感到更加鼓舞。這讓我相信這絕對是正確的垂直方向。我們應該在這個空間裡。我認為一些初步的萌芽正在出現。

I mean, look, we saw the IPO market open up not with respect to health care, but just in general. We saw a restaurant group that got out there in the consumer space and did really well.

我的意思是，你看，我們看到 IPO 市場的開放不是在醫療保健方面，而是在總體上。我們看到一家餐飲集團在消費領域嶄露頭角，並且做得非常好。

Some of these initial signs of, okay, the IPO markets are opening, financing is starting to come back to the market, that gives people more confidence to say, you know what, the M&A markets are coming back. I postponed and waited for a year or in this case, maybe 1.5 years, it's now time to come back into the marketplace.

其中一些初步跡象表明，IPO 市場正在開放，融資開始重返市場，這讓人們更有信心地說，你知道嗎，併購市場正在回歸。我推遲並等待了一年，或者在本例中，可能是 1.5 年，現在是時候回到市場了。

And so we're getting increasingly more bullish that in the back half of this year and into '24, there's going to be a material uptick in M&A activity. And I think we're positioned really well. And in particular, in health care, we're positioned really well to be an active buyer in the space.

因此，我們越來越看好今年下半年、進入 24 世紀，併購活動將會大幅增加。我認為我們的定位非常好。特別是在醫療保健領域，我們處於非常有利的位置，可以成為該領域的積極買家。

There are no further questions at this time. I would now like to turn the conference back to Mr. Elias, sir?

目前沒有其他問題。現在我想把會議轉回由埃利亞斯先生主持，先生？

Thank you, operator. As always, I'd like to thank everyone again for joining us on today's call and for your continued interest in CODI. Thank you for your continued support.

謝謝你，接線生。像往常一樣，我要再次感謝大家參加今天的電話會議以及對 CODI 的持續關注。感謝您一如既往的支持。

Thank you. This concludes Compact Diversified's conference call. Thank you, and have a great day.

謝謝。 Compact Diversified 的電話會議到此結束。謝謝您，祝您有美好的一天。