Crane NXT Co (CXT) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Crane NXT Q1 2025 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Crane NXT 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。

I would now like to hand the conference over to your first speaker today, Matt Roache, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁 Matt Roache。請繼續。

Thank you, operator, and good morning, everyone. I want to welcome you all to the first quarter 2025 earnings call for Crane NXT.

謝謝接線員，大家早安。歡迎大家參加 Crane NXT 2025 年第一季財報電話會議。

Before we begin, let me remind you that the slides we will reference during the presentation can be accessed via the Investor Relations section of our website at cranenxt.com, and a replay of today's call will also be available on our website.

在我們開始之前，請允許我提醒您，您可以透過我們網站 cranenxt.com 的投資者關係部分訪問我們在演示過程中將參考的幻燈片，並且今天的電話會議重播也將在我們的網站上提供。

Before we discuss our results, I encourage all participants to review the legal notice on Slide 2, which explains the risk of forward-looking statements and the use of non-GAAP financial measures. Additionally, we refer you to the cautionary language at the bottom of our earnings release and in our Form 10-K and subsequent filings pertaining to forward-looking statements.

在我們討論結果之前，我鼓勵所有參與者查看投影片 2 上的法律聲明，其中解釋了前瞻性陳述的風險以及非 GAAP 財務指標的使用。此外，我們請您參閱我們收益報告底部以及 10-K 表格和後續文件中有關前瞻性陳述的警示性語言。

During the call, we will also be using non-GAAP financial measures, which are reconciled to the comparable GAAP measures in the tables at the end of our press release and accompanying slide presentation, both of which are available on our website at cranenxt.com in the Investor Relations section.

在電話會議期間，我們還將使用非 GAAP 財務指標，這些指標與我們新聞稿和隨附幻燈片演示末尾的表格中的可比較 GAAP 指標相協調，這兩項指標均可在我們的網站 cranenxt.com 的投資者關係部分找到。

With me today are Aaron Saak, our President and Chief Executive Officer; and Christina Cristiano, our Senior Vice President and Chief Financial Officer. On our call this morning, we'll discuss our first quarter highlights, the completion of the De La Rue Authentication Solutions acquisition, our financial and operational performance and our updated 2025 financial guidance. After our prepared remarks, we will open the call to analysts for questions.

今天與我一起的有我們的總裁兼執行長 Aaron Saak 和我們的高級副總裁兼財務長 Christina Cristiano。在今天早上的電話會議上，我們將討論第一季度的亮點、De La Rue Authentication Solutions 收購的完成、我們的財務和營運業績以及我們更新的 2025 年財務指引。在我們準備好發言之後，我們將向分析師開放提問環節。

With that, I'll turn the call over to Aaron.

說完這些，我會把電話轉給 Aaron。

Thank you, Matt, and good morning. I appreciate everyone joining the call today to discuss our first quarter results.

謝謝你，馬特，早安。我感謝今天參加電話會議討論我們第一季業績的各位。

I'd like to start by thanking my fellow Crane NXT team members around the world for maintaining focus and being agile in the face of this dynamic trade environment. We continue to prioritize serving our customers, driving continuous improvement through the Crane Business System and diversifying our portfolio through disciplined M&A, all while living our core values. And we demonstrated all of these elements in Q1, and I'm very proud of the team's performance.

首先，我要感謝世界各地的 Crane NXT 團隊成員，感謝他們在這種動態的貿易環境中保持專注和敏捷。我們繼續優先服務我們的客戶，透過起重機業務系統推動持續改進，並透過嚴謹的併購實現產品組合多元化，同時實踐我們的核心價值。我們在第一季展示了所有這些要素，我為團隊的表現感到非常自豪。

As you can see on Slide 3, our first quarter performance was in line with our expectations, with sales growth of 5% and adjusted EPS of $0.54. Excluding OpSec, core sales declined 4%, as expected, reflecting lower volumes in our U.S. Currency business driven by the planned shutdown of key manufacturing equipment for updates to support the new U.S. bank note series.

正如您在投影片3中看到的，我們第一季的業績符合預期，銷售額成長5%，調整後每股收益為0.54美元。不包括OpSec業務，核心銷售額下降4%，符合預期，這反映了我們美國貨幣業務的銷量下降，原因是我們計劃關閉關鍵生產設備，以支持新版美國鈔票系列的更新。

I'm happy to announce that the upgrades were successfully completed in full production has resumed. A great job by our team to accomplish this very significant milestone. In Q1, we continued to build momentum in our strategic growth areas, achieving record high backlog in Crane Currency with a book-to-bill ratio of 2.4. This is exceptional performance by our currency team and reflects the differentiated value of our leading anticounterfeiting technology.

我很高興地宣布，升級工作已成功完成，生產已全面恢復。我們的團隊非常出色地完成了這個非常重要的里程碑。第一季度，我們在策略成長領域持續保持強勁勢頭，Crane Currency 的訂單量創下歷史新高，訂單出貨比達到 2.4。這是我們貨幣團隊的卓越表現，也反映了我們領先防偽技術的差異化價值。

At and CPI, we continue to invest in and grow our services business, where in Q1, we won a new multiyear contract with a major retailer to provide on-site equipment repair services in approximately 450 of its U.S. locations. Under this agreement, we'll provide service to all of the front of store retail checkout equipment, including self-checkout and attended checkout lanes. Our flexible service delivery model will further drive recurring revenue and positions us very well for future growth.

在 CPI，我們繼續投資並發展我們的服務業務，在第一季度，我們與一家大型零售商贏得了一份新的多年期合同，為其在美國約 450 個門市提供現場設備維修服務。根據本協議，我們將為所有商店零售結帳設備提供服務，包括自助結帳和有人值守結帳通道。我們靈活的服務交付模式將進一步推動經常性收入，並為我們未來的成長奠定良好的基礎。

We're also making meaningful progress in expanding our market-leading positions in anti-counterfeiting technologies for governments and brands. Last week, we announced we completed the acquisition of De La Rue Authentication Solutions. And I would again like to extend a very special well to our new team members from De La Rue. We're excited to have you join the Crane NXT family.

我們在擴大政府和品牌防偽技術領域的市場領導地位方面也取得了有意義的進展。上週，我們宣布完成對 De La Rue Authentication Solutions 的收購。我再次向來自 De La Rue 的新團隊成員致以特別的問候。我們很高興您加入 Crane NXT 大家庭。

The OpSec integration is on track. And last week, we announced that OpSec and De La Rue Authentication will be combined to form Crane Authentication. The combination of the businesses will provide a unified set of products and services to our customers and help accelerate synergies.

OpSec 整合正在按計劃進行。上週，我們宣布 OpSec 和 De La Rue Authentication 將合併成立 Crane Authentication。業務合併將為我們的客戶提供統一的產品和服務，並有助於加速綜效。

Finally, our teams are working diligently to mitigate the impact of tariffs through strategic pricing actions and supply chain initiatives. Given these actions and with our current line of sight to demand, we are reaffirming our full year adjusted EPS guidance, and Christina will speak more about tariffs later in the call.

最後，我們的團隊正在努力透過策略定價行動和供應鏈舉措來減輕關稅的影響。鑑於這些行動以及我們目前對需求的關注，我們重申全年調整後的每股收益指引，克里斯蒂娜將在稍後的電話會議中更多地談論關稅問題。

Moving to Slide 4. I'd like to provide a brief overview of De La Rue Authentication Solutions. This acquisition complements the OpSec business and further expands our security and authentication technology capabilities. De La Rue Authentication goes to market with 3 strategic platforms as shown on this slide.

移至幻燈片 4。我想對 De La Rue Authentication Solutions 做一個簡單的介紹。此次收購是對 OpSec 業務的補充，進一步擴展了我們的安全和身分驗證技術能力。De La Rue Authentication 透過這張投影片所示的 3 個策略平台進入市場。

Government Revenue Solutions provides digital and physical tax stamp technologies that link unique identifiers to products, enabling the full treatability of goods through the supply chain and allowing governments to collect tax revenues. Identification Security Solutions provide solutions to secure the government-issued identity documents of individuals, including polycarbonate passport pages with embedded security features.

政府收入解決方案提供數位和實體稅票技術，將唯一識別碼與產品連結起來，實現整個供應鏈中商品的全面處理，並允許政府徵收稅收。身分安全解決方案提供保護政府頒發的個人身分證件的解決方案，包括嵌入安全功能的聚碳酸酯護照頁。

Finally, Brand Protection products provide serialized, highly secure physical labels combined with software to track and trace products through the supply chain and provide critical consumer insights to brand owners through data analytics.

最後，品牌保護產品提供序列化、高度安全的實體標籤，並結合軟體來追蹤和追溯整個供應鏈中的產品，並透過數據分析為品牌所有者提供關鍵的消費者洞察。

Like OpSec, De La Rue Authentication Solutions has an attractive financial profile comprised of a stable and growing revenue base, generating mid-single-digit revenue growth. We expect that De La Rue will contribute approximately $80 million to $90 million in revenue in 2025, with an adjusted EBITDA margin of approximately 20%.

與 OpSec 一樣，De La Rue Authentication Solutions 擁有良好的財務狀況，包括穩定且不斷增長的收入基礎，可實現中等個位數的收入成長。我們預計，De La Rue 將在 2025 年貢獻約 8,000 萬至 9,000 萬美元的收入，調整後的 EBITDA 利潤率約為 20%。

As I mentioned, last week, we announced the combination of OpSec and De La Rue to form the new Crane Authentication business. As shown on Slide 5, crane authentication has a geographically diverse global footprint with the majority of sales coming from long-standing customers. Crane Authentication also serves as diverse set of end markets, including governments, consumer products, sports and media, financial services and industrials, providing a highly resilient revenue stream to Crane NXT.

正如我上週提到的，我們宣布 OpSec 和 De La Rue 合併，組成新的 Crane Authentication 業務。如投影片 5 所示，起重機認證業務遍佈全球各地，大部分銷售來自長期客戶。Crane Authentication 也服務於多元化的終端市場，包括政府、消費品、體育和媒體、金融服務和工業，為 Crane NXT 提供高度彈性的收入來源。

And over the past few years, we've made significant progress executing on our strategy to diversify the company through disciplined M&A. With the acquisition of OpSec, TruTag, Smart Packaging and De La Rue Authentication, we now have a leading position with Crane Authentication in the security and authentication market focused on protecting products that matter most to our customers.

過去幾年來，我們透過規範的併購實現公司多元化策略的實施取得了重大進展。透過收購 OpSec、TruTag、Smart Packaging 和 De La Rue Authentication，我們現在與 Crane Authentication 在安全和認證市場佔據領先地位，專注於保護對客戶最重要的產品。

With the continued strength in Crane Currency and the addition of new Crane Authentication business, the SAT segment will have sales of approximately $735 million in 2025.

隨著 Crane Currency 的持續強勁發展以及 Crane Authentication 新業務的加入，SAT 部門的銷售額將在 2025 年達到約 7.35 億美元。

Our M&A funnel remains robust, and I fully expect we will execute additional transactions within the next year that will continue to expand our market-leading positions and add further resiliency to our portfolio.

我們的併購管道依然強勁，我完全相信我們將在明年完成更多交易，這將繼續擴大我們的市場領先地位，並進一步增強我們投資組合的彈性。

So with that, let me now hand the call over to Christina to review our first quarter performance in more detail and our updated guidance. Christina?

因此，現在讓我將電話交給克里斯蒂娜，讓她更詳細地回顧我們第一季的業績和最新指引。克里斯蒂娜？

Thank you, Aaron, and good morning, everyone. I'd like to start by expressing my appreciation to our associates around the world for their hard work and to welcome the De La Rue Authentication team to Crane NXT.

謝謝你，亞倫，大家早安。首先，我要對全球同事的辛勤工作表示感謝，並歡迎 De La Rue Authentication 團隊加入 Crane NXT。

Starting on Slide 7, we delivered first quarter results that were in line with our expectations. Sales increased approximately 5% year-over-year, driven by OpSec and continued strong performance from International Currency. Core sales declined approximately 4%, reflecting the expected lower U.S. Currency sales related to the planned shutdown of key papermaking equipment in preparation for the new banknote series, and the expected softness in CPI's gaming end market.

從第 7 張投影片開始，我們公佈的第一季業績符合我們的預期。在 OpSec 和國際貨幣持續強勁表現的推動下，銷售額年增約 5%。核心銷售額下降約 4%，反映出為準備發行新鈔票系列而計劃關閉主要造紙設備導致的美元銷售額預期下降，以及 CPI 遊戲終端市場預期疲軟。

Adjusted segment operating profit margin of approximately 19% was driven by the impact of lower volumes and unfavorable mix in U.S. Currency and dilution from OpSec, partially offset by productivity gains. Free cash flow was impacted by the planned lower volumes and the timing of collections in both CPI and International Currency, driven by shipments which were skewed toward the end of the quarter.

調整後的部門營業利潤率約為 19%，這是由於銷量下降、美國貨幣組合不利以及 OpSec 的稀釋所致，但被生產率的提高部分抵消。自由現金流受到計畫內較低銷售量以及消費者物價指數和國際貨幣收款時間的影響，而這又是由於出貨量在本季末出現偏差。

Based on our strong backlog and delivery schedule, we remain on track to achieve free cash flow conversion for the full year between 90% and 110%. Finally, we delivered adjusted EPS of $0.54.

基於我們強大的積壓訂單和交付計劃，我們仍有望實現全年 90% 至 110% 之間的自由現金流轉換。最終，我們實現了調整後的 0.54 美元每股收益。

Moving to our segments and starting with CPI on Slide 8. Core sales declined by approximately 2%, driven by the expected lower volumes in gaming and in the vending end market, where we faced a tough comparison versus the prior year. We saw growth in the financial services and retail end markets, reflecting a slight pull-forward of demand late in the quarter to get ahead of tariffs.

轉到我們的部分並從幻燈片 8 上的 CPI 開始。核心銷售額下降了約 2%，原因是遊戲和自動販賣終端市場的銷售量預計下降，與前一年相比，我們面臨嚴峻的競爭情況。我們看到金融服務和零售終端市場的成長，反映出本季末需求略有提前，以趕在關稅之前。

Adjusted operating margin decreased 190 basis points year-over-year, reflecting the lower volumes and unfavorable product mix due to gaming, partially offset by productivity gains. CPI ended the quarter with a backlog of $147 million and a book-to-bill ratio of approximately 1.

調整後的營業利潤率年減 190 個基點，反映出博彩業導致的銷售下降和產品組合不利，但被生產力的提高部分抵銷。CPI 本季末的積壓訂單量為 1.47 億美元，訂單出貨比約為 1。

Moving to Security and Authentication Technologies on Slide 9. In the first quarter, sales were up 22% compared with the prior year, including OpSec, which is performing as expected. Core sales were down approximately 8% as expected, driven by lower U.S. Currency volumes related to the planned shutdown of key papermaking equipment in support of the new bank note series.

前往投影片 9 上的安全性和身分驗證技術。第一季度，銷售額較上年同期成長了 22%，其中 OpSec 的表現符合預期。核心銷售額按預期下降約 8%，原因是計劃關閉主要造紙設備以支援新鈔票系列，導緻美元交易量下降。

As Aaron noted earlier, the equipment upgrades were completed successfully, and we resumed normal production in April. Adjusted operating margin of approximately 7% reflects the impact of lower U.S. volumes, which led to the under absorption of manufacturing overhead. We also had dilution from OpSec of approximately 300 basis points in the quarter.

正如Aaron之前提到的，設備升級已成功完成，我們已於4月恢復正常生產。調整後的營業利潤率約為 7%，反映了美國產量下降的影響，導致製造費用吸收不足。本季度，OpSec 的稀釋也達到了約 300 個基點。

Our International Currency business continues to have strong performance with a record high backlog of approximately $370 million and 5 new micro-optic wins in the quarter, putting us well on track for our full year target of 10 to 15 new denominations and giving us high confidence in achieving our sales target for this year.

我們的國際貨幣業務持續表現強勁，本季積壓訂單量達到創紀錄的約 3.7 億美元，並贏得了 5 個新的微光學訂單，使我們有望實現全年 10 至 15 種新面額的目標，並讓我們對實現今年的銷售目標充滿信心。

In the first quarter, we had several highlights in our SAT segment. At OpSec, we renewed our contract with the National Football League to provide physical product authentication on merchandise for the next 5 years. OpSec also provides antipiracy and online brand protection services to the NFL, and we are excited to continue our long-standing partnership with the league.

第一季度，我們的 SAT 領域有幾個亮點。在 OpSec，我們與國家橄欖球聯盟續簽了合同，在未來 5 年內為商品提供實體產品認證。OpSec 也為 NFL 提供反盜版和線上品牌保護服務，我們很高興能繼續與該聯盟保持長期的合作關係。

We also completed our second sale of micro-optics technology, known as ProFound, to a consumer goods company in the OpSec channel. This 2-year contract includes physical authentication and a digital track and trace solution, which increases our recurring revenue. Moving to our balance sheet on Slide 10. We ended the first quarter with net leverage of 1.7x and we estimate net leverage will be approximately 2.3x at the end of the second quarter, reflecting a new term loan to fund the De La Rue Authentication transaction. Our low leverage and strong liquidity provides us with ample capacity to deploy capital for M&A.

我們也完成了第二次微光學技術（稱為 ProFound）的銷售，銷售對像是 OpSec 通路的消費品公司。這份為期兩年的合約包括實體認證和數位追蹤和追蹤解決方案，這增加了我們的經常性收入。前往投影片 10 上的資產負債表。我們在第一季末的淨槓桿率為 1.7 倍，我們估計在第二季末淨槓桿率將達到約 2.3 倍，這反映了一筆用於資助 De La Rue Authentication 交易的新定期貸款。我們的低槓桿率和強大的流動性為我們提供了充足的能力來部署併購資本。

Turning to Slide 11. I would like to provide an overview of the tariff impact and our mitigation strategy. Based on the tariffs announced to date, we've sized the full year unmitigated impact to operating profit at approximately $25 million or approximately 4% of our cost of goods, which we expect to fully mitigate with pricing and other cost reduction and productivity measures. Given our global manufacturing footprint, we have an in-region, for-region supply chain strategy, which significantly minimizes the impact of tariffs and provides future resiliency.

翻到幻燈片 11。我想概述一下關稅的影響和我們的緩解策略。根據迄今為止宣布的關稅，我們估計全年對營業利潤的未緩解影響約為 2500 萬美元，或約占我們商品成本的 4%，我們預計可以透過定價和其他成本削減和生產力措施完全緩解這一影響。鑑於我們的全球製造足跡，我們擁有區域內、針對區域的供應鏈策略，這大大減少了關稅的影響並提供了未來的彈性。

Taking a closer look at the impact by region, the largest impact is from the tariffs on China estimated at approximately $20 million. This primarily relates to CPI components which we source from China. Our remaining exposure is approximately $5 million coming from the tariffs related to Europe and the rest of the world.

仔細觀察各地區的影響，最大的影響來自對中國的關稅，估計約 2000 萬美元。這主要涉及我們從中國採購的 CPI 組件。我們剩餘的風險敞口約為 500 萬美元，來自與歐洲和世界其他地區相關的關稅。

To mitigate the direct impact of tariffs, we have implemented price increases and are optimizing our supply chain strategy. Additionally, we continue to execute productivity programs across the company, utilizing the Crane Business System. Our teams have shown tremendous agility and I'm proud of the work we're doing to navigate this environment.

為了減輕關稅的直接影響，我們實施了提價，並正在優化我們的供應鏈策略。此外，我們利用起重機業務系統繼續在整個公司範圍內實施生產力計劃。我們的團隊展現了極大的敏捷性，我為我們在這種環境中所做的工作感到自豪。

Given these actions, we do not expect the direct impact of current tariffs to have a material effect on our 2025 results. That said, we expect some pushout of buying decisions to impact CPI in the second quarter and potentially longer if the China tariffs remain in place at the current levels. For SAT, the downside demand risk is more moderate, given our diverse set of government customers and strong backlog.

鑑於這些行動，我們預計當前關稅的直接影響不會對我們 2025 年的業績產生重大影響。儘管如此，我們預計，如果中國關稅維持在當前水平，一些購買決策的延遲將影響第二季的消費者物價指數，甚至可能持續更長時間。對於 SAT 而言，鑑於我們擁有多樣化的政府客戶和強大的積壓訂單，下行需求風險更為溫和。

Moving now to Slide 12. We are updating our guidance to reflect the increased sales growth outlook in SAT based on our record high currency backlog and the addition of De La Rue Authentication. We now expect SAT sales growth to be between 19% and 21%. This reflects 5% to 7% growth in SAT, excluding De La Rue, versus our initial guidance of 3% to 5% growth, and it includes approximately $80 million to $90 million of De La Rue Authentication sales in 2025.

現在轉到投影片 12。我們正在更新我們的指導方針，以反映基於創紀錄的高貨幣積壓和 De La Rue Authentication 的增加而導致的 SAT 銷售成長前景的提高。我們現在預計 SAT 銷售額成長率將在 19% 至 21% 之間。這反映了 SAT（不包括 De La Rue）的 5% 至 7% 的成長，而我們最初預測的成長率為 3% 至 5%，其中包括 2025 年 De La Rue Authentication 約 8,000 萬至 9,000 萬美元的銷售額。

In CPI, given the macroeconomic uncertainty, we are revising our full year sales guidance from a range of 0% to 2% and to a range of negative 2% to flat, reflecting a pushout of demand for equipment, which we expect to read through in the second quarter, resulting in CPI sales of approximately flat on a sequential basis from Q1 to Q2.

在消費者物價指數方面，鑑於宏觀經濟的不確定性，我們將全年銷售預期從 0% 至 2% 的範圍修改為 -2% 至持平的範圍，這反映了對設備需求的推擠，我們預計第二季度將讀完這一情況，導致 CPI 銷售額從第一季到第二季度環比持平。

We now expect our full year adjusted segment operating margin to be in the range of 25.5% and 26.5%, reflecting dilution from De La Rue and our continued strong focus on price execution and productivity, which will mitigate the impact of tariffs and lower volumes in CPI. Nonoperating expenses are now expected to be approximately $54 million as we will incur approximately $10 million of additional interest expense related to borrowings for the De La Rue acquisition. Considering these factors in total, we are maintaining our full year EPS guidance range of $4 to $4.30.

我們現在預計全年調整後的分部營業利潤率將在 25.5% 至 26.5% 之間，這反映了 De La Rue 的稀釋以及我們對價格執行和生產力的持續高度關注，這將減輕關稅和 CPI 銷量下降的影響。目前預計非營業支出約為 5,400 萬美元，因為我們將承擔與收購 De La Rue 相關的借款約 1,000 萬美元的額外利息支出。綜合考慮這些因素，我們維持全年每股收益預測範圍為 4 美元至 4.30 美元。

Now I'll turn it back to Aaron for his closing remarks.

現在我把話題交還給亞倫，請他作最後發言。

Thanks, Christina. Moving to our final slide. We remain agile and resilient through the current economic environment, maintaining our full year EPS guidance range. We are proactively addressing the direct impact of tariffs through diligent management of our sourcing and manufacturing footprint, pricing actions and utilizing CBS to drive productivity.

謝謝，克里斯蒂娜。轉到我們的最後一張投影片。在當前的經濟環境下，我們保持敏捷和彈性，維持全年每股收益指引範圍。我們正在透過認真管理我們的採購和製造足跡、定價行動以及利用 CBS 來提高生產力，積極應對關稅的直接影響。

We're also building momentum in key strategic growth areas. We achieved a record high backlog in our International Currency business, which gives us confidence in our full year sales outlook and positions us very well for 2026.

我們也在關鍵策略成長領域中累積力量。我們的國際貨幣業務積壓訂單創下了歷史新高，這使我們對全年銷售前景充滿信心，並為 2026 年做好了充分準備。

Additionally, we completed the final upgrade in our U.S. papermaking facility that will support the new series of bank notes, with the new $10 bill on track to launch in 2026. Also, our CPI service business continues to build momentum, securing new contracts that drive growth in our recurring revenue base.

此外，我們完成了美國造紙廠的最終升級，該升級將支援新系列鈔票，新版 10 美元鈔票預計將於 2026 年推出。此外，我們的 CPI 服務業務繼續保持強勁勢頭，獲得新合同，推動經常性收入基礎的成長。

Finally, we continue to take a disciplined approach to capital allocation. We closed the De La Rue transaction, and we're excited about the launch of Crane Authentication. We hit the ground running with integration activities and are very confident in the outlook for this market-leading technology portfolio.

最後，我們繼續採取嚴謹的資本配置方法。我們完成了 De La Rue 交易，並且對 Crane Authentication 的推出感到非常興奮。我們立即開始了整合活動，並對這一市場領先的技術組合的前景充滿信心。

Our M&A funnel is active, and our strong balance sheet gives us ample capacity to continue building our portfolio of differentiated technology solutions, delivering long-term value creation for our shareholders.

我們的併購管道活躍，強勁的資產負債表使我們有足夠的能力繼續建立差異化技術解決方案組合，為股東創造長期價值。

Thank you again for your time this morning, and I'd like to again thank our dedicated team around the world for their commitment to our customers, to our communities and to all of our stakeholders.

再次感謝您今天早上抽出時間，我還要再次感謝我們遍布全球的敬業團隊對我們的客戶、我們的社區和所有利益相關者的承諾。

And with that, operator, we're now ready to take questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作員指示）Matt Summerville，D.A. Davidson。

Aaron, I wanted to talk about -- and Christina, CPI for a minute. Can you give a little bit more granularity in what you expect for the full year in terms of growth rates across the 4 major end markets served by CPI? And how much of the, I guess, this cascade could look like from a pushout standpoint? When we're talking it sounds like $20 million round numbers, but I'd like kind of verify that. And I'd be curious as to which verticals are most impacted by this deferral.

亞倫，我想和克里斯蒂娜談談 CPI。您能否更詳細地介紹一下您對 CPI 服務的 4 個主要終端市場的全年成長率的預期？我猜，從推出的角度來看，這種級聯會是什麼樣子？當我們談論時，這聽起來像是一個 2000 萬美元的整數，但我想驗證一下。我很好奇哪些垂直產業受這次延期的影響最大。

And then I have a follow-up.

然後我有一個後續問題。

Yes. Thanks, Matt. And just off the bat, I think you have that sized correctly at the 20% and most of that really in Q2, given what we see happening with the tariffs. But just to back up, our CPI overall performed as expected in Q1. And I would say that that's true across really all the verticals from what we said last quarter.

是的。謝謝，馬特。並且，考慮到關稅的實施情況，我認為您正確地估計了 20% 的增幅，而且其中大部分增幅確實出現在第二季度。但需要補充的是，我們的 CPI 在第一季整體表現符合預期。我想說的是，從我們上個季度所說的情況來看，所有垂直領域的情況都是如此。

Going back to kind of your broad question, gaming for us performed right as expected. We continue to see that as a very healthy market and maintaining our position. And as we indicated last quarter, we see orders continuing to come and build as we exit Q2 and return to top line growth as we get to the second half of the year. So still looking at low single-digit growth in gaming for the full year. Retail performed, again, really as expected.

回到您提出的那個廣泛的問題，我們的遊戲表現正如預期的那樣。我們繼續認為這是一個非常健康的市場，並保持我們的地位。正如我們上個季度所指出的，隨著第二季的結束，我們看到訂單繼續增加，而進入下半年，收入將恢復成長。因此，全年遊戲業仍將維持低個位數成長。零售業的表現再次符合預期。

There, we're facing this dynamic of OEM sales down. And I think that was confirmed this week with 2 major OEMs reporting sales down in double digits. We're seeing that. But we're seeing that offset with our custom self-checkout offerings, which are performing very well. So net-net, for the full year, still in line with expectations that we mentioned of high single-digit decline in retail.

我們正面臨 OEM 銷售下滑的局面。我認為本週兩家主要原始設備製造商報告銷售額下降兩位數，證實了這一點。我們看到了這一點。但我們發現，我們的客製化自助結帳服務彌補了這一缺陷，並且表現得非常好。因此，就全年而言，淨額仍符合我們所提及的零售業高個位數下滑的預期。

And when you get to financial services, mid-single-digit growth for the full year, performing as expected. And then lastly, vending, and it's really where we see this impact of tariffs. Overall, as Christina mentioned, it's really the Chinese tariffs that are impacting principally CPI, and that's the vast majority is vending.

就金融服務而言，全年實現了中等個位數成長，表現符合預期。最後，自動販賣機是我們真正看到關稅影響的地方。整體而言，正如克里斯蒂娜所提到的，中國關稅才是影響消費者物價指數的主要因素，而這其中絕大多數是自動販賣機。

And so we've taken action to mitigate those with price increases. Those are already out to our customers. And we're expecting that to really hold back some demand, particularly in Q2 as they're in a wait-and-see mode. Ultimately, at some point, you have to order your repair parts and enact pricing through the rest of the vending supply chain. And in discussions with our customers, that's what we expect to happen.

因此，我們已採取行動，透過提高價格來緩解這些影響。這些已經發給我們的客戶了。我們預計這確實會抑制一些需求，特別是在第二季度，因為他們處於觀望狀態。最終，在某個時候，您必須訂購維修零件並透過自動販賣機供應鏈的其餘部分來制定定價。在與客戶的討論中，我們也預料到會發生這種情況。

So really, that would be the change for vending where we now expect that to be a low single-digit decliner for the full year.

因此，這實際上將是自動販賣機的變化，我們現在預計全年自動販賣機的銷售額將出現低個位數的下降。

So net-net, first quarter kind of as expected. A big change in vending. The rest of the verticals, Matt, performing as expected.

因此，第一季的整體情況與預期一致。自動販賣機的巨大變化。其餘垂直行業，馬特，表現符合預期。

Got it. And then moving over to the Crane Currency portion of SAT. Can you talk a little bit about how the U.S. performed relative to expectations in Q1? And then similarly, I mean, mathematically, you had to have some pretty phenomenal growth internationally, so touch on that.

知道了。然後轉到 SAT 的 Crane Currency 部分。您能否談談美國第一季的表現與預期相比如何？然後同樣地，我的意思是，從數學上講，你必須在國際上取得相當驚人的成長，所以談談這一點。

But maybe more importantly is how kind of the currency business plays out for the rest of the year, just knowing there can be a little bit of lumpiness and variability from quarter-to-quarter, kind of again parsing between the divergent, at least for now, side of the business between USG and international?

但也許更重要的是，今年剩餘時間內貨幣業務將如何發展，只知道每個季度之間可能會有一些波動和變化，至少目前，USG 和國際業務之間的差異再次得到分析？

Yes, Matt, I'd say overall, Currency performed just as expected. In Q1, probably a little bit better in International. And you could see that with the orders. Certainly, that was a standout for us in Q1. Execution here in currency has been fantastic, particularly with the upgrades on the U.S.

是的，馬特，我想說總體而言，貨幣的表現正如預期的那樣。在第一季度，國際情況可能會好一點。您可以從訂單中看到這一點。當然，這對我們來說是第一季的一個亮點。這裡的貨幣執行情況非常出色，特別是美國的升級。

We're back to full production. I would say BEP volumes are playing out right in line with our expectations, and we expect that for the rest of the year.

我們已恢復全面生產。我想說的是，BEP 的交易量完全符合我們的預期，我們預計今年剩餘時間的交易量也將如此。

International Currency, just based on what we put into the backlog and how we can optimize our production, is we just have very high confidence in raising that sales outlook for the balance of the year. So I would say U.S. expected to play out similar to what we guided early; and international slightly better, again, just continuing to build momentum based on micro-optic wins.

國際貨幣，僅基於我們投入的積壓資金以及我們如何優化生產，我們對提高今年剩餘時間的銷售前景非常有信心。因此我想說，美國市場的表現預計與我們早期預測的類似；國際市場則略好一些，只是繼續在微光學勝利的基礎上積聚勢頭。

Bob Labick, CJS Securities.

鮑勃·拉比克（Bob Labick），CJS 證券公司。

Congratulations. So I wanted to start with authentication, the new Crane Authentication. Obviously, congrats on closing the De La Rue. This is -- the whole segment is new to you guys, new to us. So maybe you could kind of take a step back and talk about how the authentication market acts in kind of the unique time we're in with potential inflationary environment, could be a recession, isolationism?

恭喜。所以我想從身份驗證開始，即新的 Crane 身份驗證。顯然，祝賀 De La Rue 關門大吉。這整個部分對你們來說都是新的，對我們來說也是新的。所以也許您可以退一步，談談在我們所處的特殊時期，在潛在的通膨環境下，認證市場將如何表現，可能是經濟衰退，孤立主義？

You touched on tariffs, but you may as well throw that in there, too. How is the business positioned in this kind of uncertain world? And what do you expect in terms of growth from it?

您提到了關稅，但您也可以把這一點也加進去。在這種不確定的世界中，企業該如何定位？您對於它的成長有何期待？

Well, thanks for that, Bob. Again, as you know, I couldn't be more excited by closing De La Rue and the launch of Crane Authentication as a unified business and brand. And invite everyone to go check out the website and the upgrades that we've made as we've launched the new business.

好吧，謝謝你，鮑伯。再說一次，正如你所知，我對關閉 De La Rue 和推出 Crane Authentication 作為統一的業務和品牌感到無比興奮。並邀請大家查看該網站以及我們在推出新業務時所做的升級。

I'd back up for a second, Bob, just you mentioned economic uncertainty in tariffs, and I would say we've taken very deliberate steps, it really goes back many years, with our acquisitions to build resiliency into the portfolio. And that's no more evident now than in Crane Authentication, where about 40% of that business is government contracts that are very resilient through economic conditions. And in fact, that's now with authentication, our tax stamp business and our ID business, passports and National ID.

鮑勃，我稍微回顧一下，你剛才提到了關稅的經濟不確定性，我想說我們已經採取了非常慎重的措施，這確實可以追溯到很多年前，我們透過收購來增強投資組合的彈性。現在，這一點在 Crane Authentication 身上表現得最為明顯，該公司約 40% 的業務來自政府合同，這些合同在經濟形勢下具有很強的彈性。事實上，現在我們有身分驗證、稅票業務和身分證業務、護照和國民身分證。

So that really adds a nice foundation for the entire SAT segment, particularly when you add on Currency that tends to perform very well in recessionary environments, particularly with inflation. So we think we've built in some natural insurance and shock absorbers into the portfolio for the economic conditions that we see.

因此，這確實為整個 SAT 部分奠定了良好的基礎，特別是當你添加貨幣時，貨幣在經濟衰退環境中往往表現得非常好，特別是在通貨膨脹的情況下。因此，我們認為我們已經在投資組合中建立了一些自然保險和減震器，以應對我們所看到的經濟狀況。

Now with that said, take the example in authentication around brands like the NFL, which are franchised brands. Fantastic customers that Christina mentioned. A new multiyear deal that's both physical authentication and digital authentication that are services. So that adds a lot of resiliency, too, because those are ongoing recurring services that, in this case, the lead bought for the next several years ahead.

現在說到這裡，以 NFL 等品牌（特許品牌）的認證為例。克里斯蒂娜提到的顧客非常棒。一項新的多年協議，既包括實體認證，也包括數位認證服務。因此，這也增加了許多彈性，因為這些都是持續的重複服務，在這種情況下，潛在客戶購買的是未來幾年的服務。

And there's more deals inside of authentication that look and feel like that, that are contractual, that are resilient to different economic spikes or declines in demand. So I think there's a natural resiliency built into the business just in that portfolio.

身分驗證中還有更多看起來和感覺起來類似的交易，這些交易是合約性的，可以抵禦不同的經濟高峰或需求下降。因此我認為該投資組合中的業務具有天然的彈性。

Okay. Super. That's great. And then, I guess kind of answers my follow-up already. But maybe I think in your prepared remarks, you said that, obviously, the balance sheet is still very strong.

好的。極好的。那太棒了。然後，我想這已經回答了我的後續問題。但也許我認為在您準備好的發言中，您說過，顯然資產負債表仍然非常強勁。

And the pipeline for M&A, a lot of the companies we cover in different industries, M&A has slowed down a osteonecrosis. But how does your pipeline look? What your expectations there? And what areas in authentication can you build versus buy?

我們涵蓋的許多不同產業的公司都有併購管道，而併購已經減緩了股骨頭壞死的發生。但是你的管道看起來怎麼樣？您對此有何期望？在身份驗證方面，哪些領域您可以自行建置而不是購買？

Yes. I think that's directionally true, Bob, just maybe on the velocity of transactions occurring now. But our pipeline remains very healthy. Really no change in the last few quarters. Probably more things, to be honest, getting added in.

是的。鮑勃，我認為從方向上來說這是正確的，也許只是基於現在交易發生的速度。但我們的管道仍然非常健康。過去幾季確實沒有變化。說實話，可能會添加更多的東西。

And our focus here, regardless of the environment, is that we're, I think, being very consistent that, with M&A and I would say capital allocation overall, our fundamental goal is we're going to drive long-term shareholder value creation around these 3 pillars of investing in the core, like you just saw with the U.S. government investments that have gone very well for us; paying a competitive dividend and getting some cash back to the shareholders, which we increased this year, as you know; and then executing disciplined M&A like the De La Rues, like the OpSecs.

無論環境如何，我們的重點都是始終如一的，透過併購和整體資本配置，我們的基本目標是圍繞三大支柱推動長期股東價值創造：投資核心，就像您剛才看到的美國政府投資一樣，這些投資對我們來說非常有利；支付有競爭力的股息並向股東返還一些現金，正如您所知，我們今年增加了 OpSeces；然後執行有紀律的併購股息，例如 De LaSecs。

And our funnel is composed of companies that fit that profile in that $100 million to $500 million range, things that matter for us. A few technology bolt-ons or in the funnel, like you saw with TruTag. But to your point, we have to make sure in any deal we announced and transact, that we're generating returns on capital well above 10% over the next 5 years. That's unchanged.

我們的漏斗由符合該條件、價值在 1 億至 5 億美元範圍內的公司組成，這些公司對我們來說很重要。一些技術附加裝置或漏斗，就像您在 TruTag 中看到的那樣。但正如您所說，我們必須確保我們宣布和達成的任何交易在未來 5 年內產生的資本回報率遠高於 10%。這一點沒有改變。

So that makes it -- with where the market's at right now, we have to be extra diligent and disciplined. But quite frankly, the funnel is healthy. It's in adjacencies that expand off our technology leadership. Some of that's geographic. Some of that's in new markets.

因此，鑑於目前的市場狀況，我們必須格外勤奮和自律。但坦白說，這個管道是健康的。正是在鄰近領域，我們得以擴大自己的技術領先地位。其中一些是地理因素。其中一些是在新市場。

Some of that's with process capabilities. But these are all vectors that are inside the M&A funnel. And I'm confident, Bob, we're going to see additional deal flow over the next year.

其中一些與流程能力有關。但這些都是併購漏斗內的載體。鮑勃，我相信，明年我們將會看到更多的交易流。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Congratulations on closing the De La Rue deal. I know that's a big step for you guys.

恭喜您完成 De La Rue 交易。我知道這對你們來說是一大步。

It sure is. Thanks.

確實如此。謝謝。

Yes. So maybe you can just talk a little bit more about that and what you think are the key priorities as you kind of focus on integrating the business and kind of planning for the future of Authentication?

是的。那麼，也許您可以再多談一下這個問題，以及您認為在整合業務和規劃身份驗證的未來時，主要優先事項是什麼？

Well, I've separated into the market, Damian, and then what I would call as us doing what we do with CBS when we put these type of businesses in the portfolio, and in this case, uniquely put 2 businesses together, and that really gets to the synergies. We like this neighborhood, so to speak, we're playing in authentication. It's growing, and we've just created the leading market position in the space of securing and protecting products.

好吧，達米安，我已經把業務分拆到市場中了，然後我稱之為我們對 CBS 所做的事情，當我們把這些類型的業務納入投資組合時，在這種情況下，以獨特的方式將兩家企業整合在一起，這真正產生了協同效應。我們喜歡這個社區，可以這麼說，我們正在進行身份驗證。它正在不斷發展，我們剛剛在產品安全和保護領域創造了領先的市場地位。

And I think that's a very enviable position with differentiated technology, including our micro-optics that's now in the portfolio. So it's about ensuring we're winning customers, renewing customers, like the NFL, and gaining share of wallet with new services that we're adding on that only we can do now with the technology portfolio we have. So that's the commercial folks. Then when you put these 2 businesses together, there's, as you can see, quite a bit of synergy across commercial SG&A opportunities in operations. And that's really where the CBS discipline comes in, 80/20 lean program and deployment in our factories.

我認為，憑藉差異化技術，包括我們目前產品組合中的微光學技術，這是一個非常令人羨慕的地位。因此，我們要確保贏得客戶、續簽客戶（例如 NFL），並透過我們添加的新服務來獲得錢包份額，而這些只有我們現在才能利用現有的技術組合來做到這一點。這就是商業人士。然後，當你將這兩項業務放在一起時，你會看到，在營運中的商業銷售、一般及行政費用 (SG&A) 機會中存在相當大的協同效應。這就是 CBS 原則的真正用武之地，即在我們的工廠中實施 80/20 精益計劃和部署。

And that's where the synergies now will get accelerated by finally closing the transaction and moving forward.

透過最終完成交易並向前推進，協同效應將會加速。

So I think it's, call it, 2 steps, 2 different vectors here. One commercial, one around executing the synergies. We feel very good. We've got a good team on the ground. They're meeting this week as we just closed last week, and we're off to the races on the integration.

所以我認為，這可以稱之為 2 個步驟，2 個不同的向量。一個是商業廣告，另一個是圍繞執行協同效應。我們感覺非常好。我們在實地擁有一支優秀的團隊。他們本週舉行會議，因為我們上週剛結束會議，我們即將開始整合的競賽。

That's great. And then I wanted to ask you a follow-up on CPI and how you're thinking about, I guess, kind of moving past the second quarter, how that business progresses through the year. Because correct me if I'm wrong, I think you said kind of like roughly $200 million or so in sales again in the second quarter. So I think the guidance kind of implies you would ramp up to more like a $230-ish million to $240-ish million sort of level per quarter in the back half.

那太棒了。然後我想問您關於 CPI 的後續問題，以及您如何看待第二季度之後該業務全年的進展。如果我錯了請糾正我，我認為您說的是第二季的銷售額大約為 2 億美元左右。因此，我認為該指引暗示下半年每季的銷售額將增加到 2.3 億美元至 2.4 億美元左右。

So could you just talk about like how you're thinking about it as you get past the second quarter here and your confidence in the guide?

那麼，您能否談談您對第二季的看法以及對指南的信心？

Yes. Why don't I -- I'll start and maybe Christina will jump in here. I would say, again, broadly, Damian, with this exception of vending and the tariff implication, which is driven by China, and tariff at a scale, I don't think anyone would have anticipated even 3 months ago, the rest of the portfolio, quite frankly, is performing as expected. And that's all of the verticals and some great wins in our services business. It's a strategic priority for us.

是的。為什麼我不——我先開始，也許克里斯蒂娜會加入進來。我想再次說，達米安，總的來說，除了自動販賣機和關稅影響（這是由中國推動的）以及大規模關稅之外，我認為即使在三個月前也沒有人會預料到，坦率地說，其餘投資組合的表現都符合預期。這就是我們服務業務的所有垂直領域和一些重大勝利。這是我們的策略重點。

In terms of the actual numbers, we said it will be approximately flat sequentially in Q2. So that's just slightly north of $200 million. And then I think it's a little less than what you said, probably numbers more in the high $220 million to $230 million range in the back half of the year.

就實際數字而言，我們表示第二季的數字將與上一季基本持平。所以這個數字略高於 2 億美元。然後我認為它比你說的要少一點，今年下半年的數字可能在 2.2 億美元到 2.3 億美元之間。

Mike Halloran, Baird.

麥克·哈洛倫，貝爾德。

Can you just talk a little bit about the backlog acceleration that you saw here. Obviously, some of it is tied to international wins on the currency side, probably the NFL piece. But any detail beyond that? And then secondarily, maybe just talk about how you expect that backlog to cadence through this year, probably some into next year, and just help us essentially with the rollout and how to think about that?

您能否簡單談談您在這裡看到的積壓加速情況。顯然，其中一些與貨幣方面的國際勝利有關，可能是 NFL 的部分。但除此之外還有什麼細節嗎？其次，也許只是談論一下您預計這些積壓工作在今年會如何進行，可能還會持續到明年，以及如何幫助我們推出這些工作以及如何考慮這些工作？

Yes. I'll take that one, Mike. And first, it's just another opportunity to congratulate our Currency team for excellent performance and driving this record high backlog. We're really proud of the work that's been done there. this gives us high confidence in our full year sales guide for SAT.

是的。我要這個，麥克。首先，這只是另一個機會來祝賀我們的貨幣團隊的出色表現並推動這項創紀錄的高積壓。我們對在那裡所做的工作感到非常自豪。這使我們對 SAT 全年銷售指南充滿信心。

So in Q1, as you said, we had incredible backlog. It's primarily related to the International Currency business. And it was expected, and really driven by the timing of of projects. If you remember, last quarter, we were a little bit lower in Q4, and that's because of a few significant deals that we closed in the first quarter. And we also had 5 micro-optic wins.

因此，正如您所說，在第一季度，我們有大量積壓訂單。它主要與國際貨幣業務有關。這是意料之中的，並且確實受專案時間安排的影響。如果你還記得的話，上個季度，我們的第四季業績略有下降，這是因為我們在第一季完成了幾筆重要交易。我們還獲得了 5 項微光學勝利。

So really just a lot of great milestones in the quarter that we're celebrating.

因此，我們在本季慶祝了許多偉大的里程碑。

We raised our sales guidance for SAT to 5% to 7% -- for Currency, excuse me, and we expect about 65% of that backlog to deliver in 2025 with the remainder through in '26. So this is another proof point, in summary, that we're winning in the market with our technology leadership and really excited for the rest of the year.

我們將 SAT 的銷售預期上調至 5% 至 7%——對於 Currency，不好意思，我們預計其中約 65% 的訂單將在 2025 年交付，其餘的將在 2026 年交付。總而言之，這是另一個證明點，證明我們憑藉技術領先地位在市場上獲勝，並對今年剩餘的時間充滿期待。

And then maybe back to the De La Rue addition and then the Authentication segment creation, can you just talk about what the go-to-market strategy looks like and what the consolidation looks between the 2? Meaning these have been different -- somewhat different channels, somewhat overlapping channels, how does that go-to-market approach change? What does the consolidation points happen internally? And then any of the kind of operational side, on what shifts on that go-to-market?

然後也許回到 De La Rue 的增加以及身份驗證部分的創建，您能否談談市場進入策略是什麼樣的，以及兩者之間的整合是什麼樣的？這意味著這些是不同的──有些不同的管道，有些重疊的管道，這種進入市場的方式是如何改變的？整合點在內部發生什麼事？那麼在營運方面，進入市場方面會發生什麼變化？

Yes. Yes, I would say, Mike, the natural synergies between these 2, I think is probably very obvious to you and many others on the phone. And you can really think of it as 4 different business segments broadly. One is around government tax stamp revenue. That's where the De La Rue business is the biggest part of that business.

是的。是的，我想說，麥克，這兩者之間的自然協同作用，我想對你和電話裡的許多人來說可能非常明顯。你可以把它大致想像成 4 個不同的業務部門。一是圍繞政府稅票收入。德拉魯業務是這項業務中最重要的部分。

And so any of that revenue -- or a product line that was coming from OpSec will get integrated into the core of the De La Rue business.

因此，任何收入——或來自 OpSec 的產品線都將被整合到 De La Rue 業務的核心中。

We have the ID business now passport to national IDs, that's brand new. There is no analogy to that in the OpSec business. So that will stand on its own, a direct sale to governments and think of government ID agencies around the world. And then you have brand protection. And I would divide that into 2 areas.

我們現在有身分證業務，從護照到國家身分證，這是全新的。在 OpSec 業務中沒有類似情況。因此，這將是獨立的，直接向政府銷售，並考慮世界各地的政府身分證機構。然後你就有了品牌保護。我會將其分為兩個領域。

One is the physical brand protection. That's where OpSec was really strong. It was a smaller part of the De La Rue business. Those 2 will come together, and really the OpSec Group has the lead in that front.

一是實體品牌保護。這就是 OpSec 真正強大的地方。它是 De La Rue 業務的一小部分。這兩者將會結合在一起，而 OpSec Group 確實在這方面處於領先地位。

And then finally, online brand protection, which was uniquely part of OpSec. So that stands on its own. So those are the really 4 main buckets of products and then some natural synergies in sales, SG&A across those those 4 groups. So hopefully, that helps.

最後，線上品牌保護是 OpSec 獨有的一部分。這是獨立的。因此，這些實際上是 4 個主要產品類別，而這 4 個類別在銷售、銷售、一般及行政費用方面存在一些自然的協同效應。希望這能有所幫助。

(Operator Instructions) Bobby Brooks, Northland Capital Markets.

（操作員指示）Bobby Brooks，Northland Capital Markets。

So kind of piggybacking on the last question, but a little bit different just on the go-to-market strategy. Obviously, Authentication business is now a pretty sizable scale and it even has its own branding now. So I was just curious if you could discuss the go-to-market strategy on winning more business. I think broadly, brands want to protect themselves, so I feel like it's not about pitching them on your value. So then what really are these discussions centered on with potential new customers?

因此，這有點像是上一個問題的延續，但在市場進入策略上略有不同。顯然，認證業務現在已經規模相當大，甚至有了自己的品牌。所以我只是好奇您是否可以討論一下贏得更多業務的市場進入策略。我認為，從廣義上講，品牌想要保護自己，所以我覺得這不是向他們推銷你的價值。那麼與潛在新客戶進行的這些討論的真正重點是什麼？

Well, I think you're right on it, Bobby. We've got the leading position now by far. And the most important prestigious brands in the world, like the NFL, using us. So typically, the conversation is around -- just like our Currency business, it starts with technology leadership and the kind of products and services we're offering. And if you take a contract like the NFL, it's about share of wallet expansion, as they want more of their articles protected with our physical authentication and then adding on the digital services as well.

嗯，我認為你是對的，鮑比。目前我們已經處於領先地位。世界上最重要的知名品牌，如 NFL，都在與我們合作。因此，通常討論的重點是——就像我們的貨幣業務一樣，它始於技術領導力以及我們提供的產品和服務類型。如果你簽訂了像 NFL 這樣的合同，那麼這是為了擴大錢包份額，因為他們希望通過我們的物理認證來保護更多的物品，然後再添加數位服務。

That's kind of a common reframe, right, across every brand, particularly when they have a physical product they're trying to protect. And our sales process is direct to those brands. So we go direct, now is Crane Authentication, with our account leads to those brands. Obviously, we use our reference customer base is probably one of the strongest calling parts you can have, given we're servicing all of the major, particularly, sports brands worldwide as well as some consumer brands. Some of those, obviously, we can disclose, some we can't.

對每個品牌來說，這都是常見的重新構建，特別是當他們擁有想要保護的實體產品時。我們的銷售流程直接針對這些品牌。因此我們直接採用 Crane Authentication，並透過我們的帳戶引導這些品牌。顯然，我們使用的參考客戶群可能是您可以擁有的最強大的呼叫部分之一，因為我們為全球所有主要品牌（特別是運動品牌）以及一些消費品牌提供服務。顯然，有些資訊我們可以揭露，有些則不能。

But that really sets a really good foundation to show what these other brands are doing, a second brands and other people start to adopt more authentication. So that's the cycle. It takes 12 or so months to get someone in, as we've talked about. But once you get them in, it's typically a land-and-expand strategy around new offerings.

但這確實為展示其他品牌的做法奠定了良好的基礎，第二個品牌和其他人開始採用更多的身份驗證。這就是循環。正如我們所討論的，招募人員需要 12 個月左右的時間。但一旦你吸引了他們，你通常會採取圍繞新產品的登陸和擴張策略。

Got it. That's super helpful. And then just kind of piggybacking on that as well. As we think -- as you think about the Authentication business over the next 18 months or so, is there -- do you guys see the potential of the Authentication growth rate accelerating as it gains more momentum? Or maybe or maybe it's more so you land a kind of a really large deal with a major high-volume brand?

知道了。這非常有幫助。然後就這樣搭便車了。正如我們所想—當您考慮未來 18 個月左右的身份驗證業務時，您是否看到身份驗證成長率隨著其發展勢頭的增強而加速的潛力？或者也許更確切地說，您與一個大型高銷售品牌達成了一項非常大的交易？

Just trying to get a sense of how you think what you think the growth potential is here? Because I think it's really big, but trying to get a sense of what your thought is.

只是想了解一下您認為這裡的成長潛力如何？因為我認為它真的很大，但試著了解你的想法是什麼。

Yes, I'll start with that one and then maybe turn it over to Aaron for some other remarks. We're expecting mid-single-digit growth in the market. And now we're headed out as Crane Authentication under our new platform and we've got a lot to do, but we feel very confident that we can achieve that growth level. I think there's not anything further than that that we call right now.

是的，我將從這個開始，然後再將其交給 Aaron 進行其他評論。我們預計市場將實現中等個位數成長。現在，我們將以 Crane Authentication 的名義在新平台下開展工作，我們有很多工作要做，但我們非常有信心能夠實現這一增長水平。我認為我們現在沒有比這更進一步的說法了。

Yes, I would just add to what Christina said, I think we're very excited about it. We think expectations are set appropriately at mid-single-digit growth. And also, I would say, Bobby, just on the sales process, you typically work on the account for -- to secure it, and then you get just a natural step-up as the brand brings products online. It's not quite a just a dramatic step-up. So they add more products in, it grows.

是的，我只想補充一下克里斯蒂娜所說的話，我認為我們對此感到非常興奮。我們認為，預期成長率在中等個位數是合理的。而且，我想說，Bobby，僅在銷售過程中，你通常會處理帳戶問題 - 以確保其安全，然後當品牌將產品帶到網上時，你就會自然而然地獲得提升。這不僅僅是一次戲劇性的進步。因此他們添加了更多產品，產品規模就擴大了。

It's a nice incremental increase in revenue and volume.

收入和銷售都有了顯著的成長。

It's also why it's very resilient because as that grows, you typically never go backwards. So it's just a nice, steady reoccurring type of offering. So I would say steady, consistent, stable expansion of the products.

這也是為什麼它非常有彈性，因為隨著它的成長，你通常不會倒退。所以這只是一種良好、穩定且重複的服務類型。所以我想說產品的擴張是穩定、一致、穩定的。

Damian Karas, UBS.

瑞銀的 Damian Karas。

Just a few follow-up questions here. First one, I just wanted to see if you could give us an update on OpSec in terms of the synergies. I think you were expecting over time to kind of get like high single-digit millions or so of synergies. Where do you stand? Like how much of that benefit might not be reflected yet in your P&L today?

這裡僅有幾個後續問題。首先，我只是想看看您是否可以從協同效應的角度向我們介紹 OpSec 的最新情況。我認為隨著時間的推移，您期望獲得高達數百萬左右的協同效應。你站在哪裡？例如，有多少收益可能尚未反映在您今天的損益表中？

Yes. Thanks for that, Damian. Yes, OpSec's performing as expected. We continue to kind of execute our both commercial and internal synergy programs. What I would add now that we've closed De La Rue, that actually helps us accelerate some of those activities.

是的。謝謝你，達米安。是的，OpSec 的表現符合預期。我們將繼續執行我們的商業和內部協同計劃。我想補充的是，現在我們已經關閉了 De La Rue，這實際上幫助我們加速了其中的一些活動。

So I would fully expect as we now go through into the back half of this year, that we'll start to see an acceleration of those synergies now that we're able to combine the 2 together. It helps us get at some of the opportunities, as you can imagine, a little bit simpler.

因此，我完全有信心，隨著我們進入今年下半年，我們將開始看到這些協同效應的加速，因為我們現在已經能夠將兩者結合在一起。正如您所想的，它可以幫助我們更簡單地獲得一些機會。

Okay. So it sounds like the lion's share of that is still kind of out there.

好的。因此聽起來其中的大部分仍在那裡。

Yes. But very clear line of sight to that, Damian. And now it's -- we can unlock it with the combination of the 2.

是的。但是達米安，這一點非常清晰。現在——我們可以用這 2 個的組合來解鎖它。

Yes. It makes sense. And then you mentioned kind of like mid-single-digit or better long-term target for Authentication. Both OpSec and De La Rue obviously are inorganic contributors to current financials. But could you just maybe parse that out a little bit for those 2 pieces of the business what you're expecting this year for kind of the underlying growth?

是的。這是有道理的。然後您提到了身份驗證的中等個位數或更好的長期目標。OpSec 和 De La Rue 顯然都是當前財務狀況的無機貢獻者。但是，您能否稍微分析一下這兩個業務部分，您對今年的潛在成長有何預期？

Yes. I'm sorry for -- I just want to make sure I hear it correctly, it's for OpSec and De La Rue, Damian, is your question there? Or...

是的。很抱歉——我只是想確保我聽得正確，這是針對 OpSec 和 De La Rue 的，Damian，你的問題在這裡嗎？或者...

Yes, just kind of like -- I think if I recall correctly, I think you were expecting OpSec to kind of maybe grow mid-single digits this year, but just an update on those 2 pieces, like how much underlying growth looks like.

是的，有點像是——如果我沒記錯的話，我認為您預計 OpSec 今年可能會增長中等個位數，但只是對這兩個部分進行更新，例如潛在增長幅度是多少。

Yes. Thanks for the clarification. You're correct. We expect OpSec to grow at mid-single digits. We -- again, performing as expected and that's what our outlook would be full year.

是的。感謝您的澄清。你是對的。我們預計 OpSec 將以中等個位數成長。我們 — — 再次表現符合預期，這就是我們對全年的展望。

And then combined, we just -- with our leading position, we're going to grow, hopefully, a little bit better with our technology than market. But that's where we would say this is a consistent mid-single-digit grower now under the umbrella of Crane Authentication.

然後結合起來，憑藉我們的領先地位，我們希望我們的技術能夠比市場表現更好。但這就是我們要說的，在 Crane Authentication 的保護下，這是一個持續的中等個位數成長的公司。

I'm showing no further questions at this time. I would now like to turn it back to Aaron Saak for closing remarks.

我目前沒有其他問題。現在我想請 Aaron Saak 作最後發言。

Thank you very much. And thank you all for joining us and for your time this morning and your questions.

非常感謝。感謝大家今天上午參加我們的活動並提出問題。

As I mentioned earlier, I sincerely appreciate all the efforts from our Crane NXT team over the course of Q1. It's been fantastic for me, personally, to be part of this team navigating the economic environment, while also driving forward our key growth and strategic priorities, and that includes the close of the De La Rue transaction.

正如我之前提到的，我真誠地感謝我們的 Crane NXT 團隊在第一季所做的一切努力。對我個人而言，能夠成為這個團隊的一員，帶領我們應對經濟環境，同時推動我們的關鍵成長和策略重點，包括完成 De La Rue 交易，對我來說是非常棒的。

So we're just doing what we said we were going to do, and I look forward to continuing this conversation in a few months with our Q2 results. So with that, thank you again, and have a great day.

所以我們只是在做我們說過要做的事情，我期待著幾個月後透過我們的第二季業績繼續這場對話。所以，再次感謝您，祝您有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。