Enerpac Tool Group Corp (EPAC) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Enerpac Tool Group's second-quarter fiscal 2025 earnings conference call. As a reminder, this conference is being recorded March 25, 2025.

女士們、先生們，感謝你們的支持。歡迎參加 Enerpac Tool Group 2025 財年第二季財報電話會議。提醒一下，本次會議將於 2025 年 3 月 25 日錄製。

It is now my pleasure to turn the conference over to Travis Williams, Senior Director of Investor Relations. Please go ahead, Mr. Williams.

現在我很高興將會議交給投資者關係高級總監 Travis Williams。請繼續，威廉斯先生。

Thank you, operator. Good morning, and thank you for joining us for Enerpac Tool Group's second-quarter fiscal 2025 earnings call. On the call today to present the company's results are Paul Sternlieb, President and Chief Executive Officer; and Darren Kozik, Chief Financial Officer. The slides referenced on today's call are available on the Investor's Relations section of the company's website, which you can download and follow along. A recording of today's call will also be made available on our website.

謝謝您，接線生。早安，感謝您參加 Enerpac Tool Group 2025 財年第二季財報電話會議。今天參加電話會議介紹公司績效的有總裁兼執行長 Paul Sternlieb；以及財務長 Darren Kozik。今天電話會議上引用的幻燈片可以在公司網站的投資者關係部分找到，您可以下載並關注。今天的電話會議錄音也將在我們的網站上發布。

Today's call will reference non-GAAP measures. You can find a reconciliation of GAAP to non-GAAP measures in the press release issued yesterday. Our comments will also include forward-looking statements that are subject to business risk that could cause actual results to be materially different. Those risks include matters noted in our latest SEC filings.

今天的電話會議將參考非公認會計準則指標。您可以在昨天發布的新聞稿中找到 GAAP 與非 GAAP 指標的對帳表。我們的評論還將包括前瞻性陳述，這些陳述受商業風險影響，可能導致實際結果有重大差異。這些風險包括我們最新的美國證券交易委員會文件中指出的事項。

With that, I will turn it over to Paul.

說完這些，我會把話題交給保羅。

Thanks, Travis, and good morning. We were pleased with our performance in the quarter. Organic sales grew 5% year over year. We believe our performance continues to reflect above-market growth and strong execution in what remains a very soft industrial sector.

謝謝，崔維斯，早安。我們對本季的表現感到滿意。有機銷售額較去年同期成長5%。我們相信，在工業領域依然十分疲軟的情況下，我們的業績持續反映出高於市場的成長和強勁的執行力。

EBITDA margins came in at 23.2% for the quarter, down a bit from the prior year due to the impact of mix, but still at top tier levels. Moreover, we are maintaining our full year fiscal 2025 guidance and are confident our future will reflect Enerpac's global brand leadership, targeted growth strategy, customer-driven innovation, and continuous improvement through the execution of Powering Enerpac Performance or PEP.

本季 EBITDA 利潤率為 23.2%，由於產品組合的影響，較上年略有下降，但仍處於頂級水平。此外，我們仍維持 2025 財年全年指引，並相信我們的未來將體現 Enerpac 的全球品牌領導地位、有針對性的成長策略、客戶驅動的創新以及透過執行 Powering Enerpac Performance 或 PEP 實現的持續改進。

Let me turn the call over to Darren to provide more detail on the quarter.

讓我將電話轉給 Darren，以提供有關本季度的更多詳細資訊。

Thanks, Paul. As seen on slide 3, Enerpac's revenue increased 5.1% in the second quarter of 2025 on a reported basis. On an organic basis, adjusted for foreign exchange in our recent DTA acquisition, we grew 5%. At our IT&S business, revenue increased 4% organically year over year. Both products and services were ahead this quarter, with growth of 4% in product sales and 3% in services. The gain in products was driven by strong performance in our Heavy Lifting Technology business, the continued ramp of new products and focused effort by our commercial organization.

謝謝，保羅。如投影片 3 所示，Enerpac 的報告顯示，2025 年第二季的營收成長了 5.1%。以有機基礎計算，根據我們最近的 DTA 收購中的外匯進行了調整，我們的成長了 5%。在我們的 IT&S 業務中，營收年增了 4%。本季產品和服務均取得成長，產品銷售額成長 4%，服務銷售額成長 3%。產品收入的成長得益於重型起重技術業務的強勁表現、新產品的持續推出以及商業組織的專注努力。

Cortland Biomedical reported in our Other segment posted growth of 33%, as anticipated, given comparisons with the year-ago period that was impacted by temporary shipment delays related to commercial negotiations.

Cortland Biomedical 報告稱，我們的其他部門實現了 33% 的增長，與去年同期相比有所改善，但去年同期受到商業談判導致的暫時發貨延遲的影響，這一增長符合預期。

Turning to slide 4, which shows our performance by geography, we delivered high single-digit growth in the Americas. This is due to share gains driven by Enerpac Commercial Excellence, or ECX, the program we introduced a year ago in the region, along with continued execution of our targeted growth strategy and strong growth in our HLT business.

轉到幻燈片 4，它顯示了我們按地區劃分的表現，我們在美洲實現了高個位數成長。這是由於我們一年前在該地區推出的 Enerpac Commercial Excellence（ECX）計劃所推動的份額增長，以及我們持續執行目標增長戰略和 HLT 業務的強勁增長。

With ECX, we are improving overall commercial effectiveness by driving stronger growth in our sales funnel and improving the conversion and win rate. We have expanded the implementation of ECX with the rollout in the EMEA region earlier this year, leveraging the talent and skill sets developed in the US. In the APAC region, we continue to generate solid performance as it also enjoyed high single-digit growth in the second quarter.

借助 ECX，我們可以推動銷售通路更強勁的成長並提高轉換率和贏率，從而提高整體商業效率。今年早些時候，我們利用在美國培養的人才和技能，擴大了 ECX 的實施範圍，並在歐洲、中東和非洲地區推出。在亞太地區，我們繼續保持穩健的業績，第二季也實現了高個位數成長。

Among the highlights, we are seeing industrial construction growth in several countries, notably India and Singapore. While we experienced continued weakness in Australia with cost pressure in the mining sector and the impact of steel aluminum tariffs on metal producers, we are seeing benefits from continued orders for our second brand, Larzep, as we onboard new distributors in Australia.

其中的亮點是，我們看到幾個國家的工業建設正在成長，特別是印度和新加坡。雖然由於採礦業的成本壓力以及鋼鐵鋁關稅對金屬生產商的影響，我們在澳洲的業務持續疲軟，但隨著我們在澳洲引入新的經銷商，我們的第二個品牌 Larzep 的訂單持續增加，我們看到了好處。

While we posted a low single-digit decline in sales for the EMEA region, breaking in a two-year pattern of consistent growth, we believe that we continue to outperform in a region beset by significant macro pressures, especially in our largest markets of France and Germany. From a commercial standpoint, the region continues to make progress in the rollout of ECX.

儘管我們在歐洲、中東和非洲地區的銷售額出現了個位數低幅下滑，打破了連續兩年持續增長的格局，但我們相信，我們在這個受到巨大宏觀壓力的地區仍然表現優異，尤其是在法國和德國最大的市場。從商業角度來看，該地區在 ECX 的推出方面繼續取得進展。

Turning to slide 5. Gross profit margins of 50.5% declined 110 basis points year over year. On the product side, we had significantly higher growth in our HLT business, which carries slightly lower gross margins than our standard industrial tools. Additionally, margins were impacted by the mix of service projects in the quarter.

翻到幻燈片 5。毛利率50.5%，年減110個基點。在產品方面，我們的HLT業務成長明顯更快，但毛利率略低於我們的標準工業工具。此外，利潤率也受到本季服務項目組合的影響。

As we have previously discussed, our service business is complementary to our product business as we perform work at customer sites and gain strong insights for new product development. Given recent margin trends in the service business, we have specific initiatives underway to improve the margin profile as we focus on higher quality projects, more differentiated service line offerings, and invest in additional field service technicians and equipment to support growth.

正如我們之前所討論的，我們的服務業務與我們的產品業務是互補的，因為我們在客戶現場開展工作並為新產品開發獲得了深刻的見解。鑑於服務業務近期的利潤趨勢，我們正在採取具體措施來改善利潤率，因為我們專注於更高品質的專案、更具差異化的服務產品，並投資於更多的現場服務技術人員和設備來支持成長。

Adjusted SG&A improved slightly as a percent of revenue to 28.3% versus 28.4% in the year-ago period. We continue to carefully manage costs and are considering additional actions as appropriate to align our cost structure in 2025 and beyond for long-term success. Altogether, adjusted EBITDA margins declined 160 basis points in the second quarter due to the aforementioned impact of mix on gross margins and the inclusion of DTA, the acquisition we completed in early September.

調整後的銷售、一般及行政開支佔收入的百分比略有改善，從去年同期的 28.4% 上升至 28.3%。我們將繼續謹慎管理成本，並正在考慮採取適當的其他行動，以調整我們在 2025 年及以後的成本結構，從而取得長期成功。總體而言，由於前文提到的產品組合對毛利率的影響，以及納入我們於 9 月初完成的收購 DTA，第二季調整後的 EBITDA 利潤率下降了 160 個基點。

The effective tax rate returned to a more normalized 24.3% compared to 27.3% in the year-ago period. Adjusted earnings per share were $0.39 for the quarter compared with $0.36 in the year-ago period, an 8% increase.

有效稅率由去年同期的 27.3% 回升至更為正常的 24.3%。本季調整後每股收益為 0.39 美元，去年同期為 0.36 美元，成長 8%。

Turning to the balance sheet shown on slide 6, Enerpac's position remained extremely strong. Net debt was $73 million at quarter end, resulting in net debt to adjusted EBITDA ratio of 0.5. Total liquidity, including availability under our revolver, was $518 million. Due to the first half of fiscal 2025, cash flow from operations was $16 million compared with $7 million in the year-ago period. Free cash flow of $5 million, up slightly year over year, was impacted by onetime CapEx associated with the headquarters move. For the full year, we are maintaining our cash flow guidance at $85 million to $95 million as cash generation increases with higher revenue in the second half of the year.

從第 6 頁所示的資產負債表來看，Enerpac 的地位依然十分強勁。季度末淨負債為 7,300 萬美元，導致淨負債與調整後 EBITDA 比率為 0.5。總流動資金（包括我們的循環信貸下的可用資金）為 5.18 億美元。由於2025財年上半年，經營活動現金流為1,600萬美元，去年同期為700萬美元。自由現金流為 500 萬美元，較去年同期略有增加，但受到總部遷移相關的一次性資本支出的影響。就全年而言，我們將現金流預期維持在 8,500 萬至 9,500 萬美元之間，因為下半年現金產生量將隨著收入的增加而增加。

In the second quarter, the company repurchased approximately 220,000 shares of common stock, totaling $10.2 million. As we continue to generate cash, coupled with our current leverage, we have ample capacity to deploy our capital for a disciplined M&A strategy as well as internal investments and continued opportunistic share repurchases.

第二季度，該公司回購了約22萬股普通股，總額為1,020萬美元。隨著我們繼續產生現金，加上我們目前的槓桿率，我們有足夠的能力部署我們的資本，用於嚴謹的併購策略以及內部投資和持續的機會性股票回購。

With that, let me turn it back to Paul.

說完這些，讓我把話題轉回給保羅。

Thanks, Darren. Let me start with some color on key end markets. On the power generation front, we've seen a pickup in nuclear business in the US, including orders related to maintenance as well as decommissioning.

謝謝，達倫。首先讓我介紹一下主要終端市場。在發電方面，我們看到美國核電業務的回暖，包括與維護和退役相關的訂單。

For the refinery and petrochemical industry, our customers and distributors indicate a positive sentiment. Specifically, some refineries are actually just catching up with the shutdowns that were delayed during COVID. We are also seeing a steady level of new investments and assets coming online. Additionally, we see continued oil and gas investments in the Middle East.

對於煉油和石化行業，我們的客戶和分銷商表現出積極的情緒。具體來說，一些煉油廠實際上只是在追趕在 COVID 期間被推遲的停產。我們也看到新的投資和資產不斷穩定增加。此外，我們看到中東地區石油和天然氣投資持續成長。

In the Americas, we are seeing strong growth in demand from the aerospace industry, and we've expanded our focus globally to target opportunities in the EMEA and APAC regions. On the defense side, we're optimistic about the outlook as European governments look to increase their defense budgets.

在美洲，我們看到航空航太業的需求強勁成長，我們將全球重點擴展到歐洲、中東和非洲地區以及亞太地區。在國防方面，由於歐洲各國政府希望增加國防預算，我們對前景感到樂觀。

For the rail market, we've seen some short-term tightening of budgets in the Americas, although we expect that a couple of upcoming rail-focused trade shows will generate special projects and orders. In the EMEA region, rail has remained solid, mainly due to activity in Italy and Spain, and we are encouraged by our rail-focused new products, some of which have already been approved by network rail in the UK and others in the process of approval.

對於鐵路市場，我們看到美洲地區短期內預算有所緊縮，但我們預計即將舉行的幾個以鐵路為重點的貿易展會將產生特殊的項目和訂單。在歐洲、中東和非洲地區，鐵路業務保持穩健，主要得益於義大利和西班牙的活動，我們對以鐵路為重點的新產品感到鼓舞，其中一些產品已經獲得英國鐵路網的批准，其他產品正在批准中。

General and industrial manufacturing, particularly in the US, remains soft. And mining, specifically in Australia, remains under pressure, as we shared the past few quarters. Regarding the wind market, while there has been some negative sentiment towards the sector in recent months, Enerpac's domestic business has been strong, a trend we expect to continue. As we said, our product line serves the full life cycle of wind turbines for manufacturing and installation to operations and maintenance and eventual decommissioning, which has proven to be a real asset.

一般製造業和工業製造業（尤其是美國製造業）依然疲軟。正如我們過去幾季所分享的，採礦業，特別是澳洲的採礦業仍然面臨壓力。至於風電市場，儘管近幾個月來對該行業存在一些負面情緒，但 Enerpac 的國內業務一直表現強勁，我們預計這一趨勢將會持續下去。正如我們所說，我們的產品線服務於風力渦輪機的整個生命週期，從製造和安裝到運營和維護以及最終退役，這已被證明是一筆真正的資產。

At the same time, we continue to pursue growth opportunities outside of the US and we remain bullish about the wind sector in Europe and parts of Asia. For the infrastructure vertical, while the benefits of the domestic infrastructure bill are only just starting to materialize, we are seeing very good signs of project activity, including scoping, bidding and permitting. We are also experiencing good activity in infrastructure outside of the US, particularly in Europe and the Middle East.

同時，我們繼續尋求美國以外的成長機會，並繼續看好歐洲和亞洲部分地區的風電產業。對於基礎設施垂直領域，雖然國內基礎設施法案的好處才剛開始顯現，但我們看到專案活動的良好跡象，包括範圍界定、招標和許可。我們在美國以外的基礎設施領域也經歷了良好的發展，特別是在歐洲和中東。

Additionally, we are encouraged by the German government's recently announced spending package that will include additional infrastructure investments of some EUR500 billion. We expect that will present a favorable tailwind in the coming years.

此外，德國政府最近宣布的支出計畫令我們感到鼓舞，該計畫將包括約5,000億歐元的額外基礎設施投資。我們預計這將在未來幾年帶來有利的順風。

And speaking of infrastructure investments, as you can see on slide 7, Enerpac's SyncHoist, synchronous hoist system, is being used to position concrete bridge beams for a new railway bridge over the Biobio River in Central Chile. Enerpac's SyncHoist technology was selected for this delicate job as it enables the bridge contractor to install asymmetric-shaped beams over nearby commuter highway and rail track using only a single crane. This is yet another example of how we help our customers make complex, often hazardous jobs possible, safely and efficiently.

說到基礎設施投資，如您在幻燈片 7 上看到的，Enerpac 的 SyncHoist 同步提升系統正在用於定位智利中部比奧比奧河上一座新鐵路橋的混凝土橋樑梁。Enerpac 的 SyncHoist 技術被選中用於這項精細的工作，因為它使橋樑承包商能夠僅使用一台起重機在附近的通勤公路和鐵路軌道上安裝不對稱形狀的梁。這是我們幫助客戶安全且有效率地完成複雜且往往危險的工作的又一例證。

Let me comment on a couple of other ongoing initiatives. Last year, we announced a number of new products, the result of our revamped innovation program. We are pleased to see them ramping well with very positive reception from our customers across the globe. Our team is also looking forward to settling into our expanded innovation lab at Enerpac's new Downtown Milwaukee headquarters, and we expect to announce a number of product line extensions and upgrades in 2025, with even more to come in 2026.

讓我就其他一些正在進行的舉措發表評論。去年，我們發布了多款新產品，這是我們改進創新計畫的成果。我們很高興看到它們的發展順利，並受到了全球客戶的正面評價。我們的團隊也期待著入駐位於 Enerpac 位於密爾瓦基市中心的新總部的擴建創新實驗室，我們預計將在 2025 年宣布一系列產品線的擴展和升級，並在 2026 年宣布更多產品線的擴展和升級。

Regarding DTA, which we acquired in September 2024, we're progressing well on its integration into our Heavy Lifting Technology or HLT business. We are actively cross-selling DTA's technology through the Enerpac commercial team, as evidenced by a recent sizable order from a legacy Enerpac customer. We're also leveraging our global sales capabilities to expand DTA's reach beyond its traditional stronghold in Europe.

關於我們於 2024 年 9 月收購的 DTA，我們將其整合到我們的重型起重技術或 HLT 業務中進展順利。我們正在透過 Enerpac 商業團隊積極交叉銷售 DTA 的技術，最近來自傳統 Enerpac 客戶的一筆大訂單就證明了這一點。我們也利用我們的全球銷售能力將 DTA 的影響力拓展到其在歐洲的傳統據點之外。

In fact, just last week, DTA exhibited at ProMat, one of the leading trade shows for material handling, logistics and supply chain solutions held in Chicago. At the show, DTA showcased its innovative mobile robotics solutions, strengthening relationships with industry professionals and generating a high level of potential new business opportunities. We believe Enerpac is well positioned to help DTA as we implement more efficient manufacturing processes and tools to increase throughput.

事實上，就在上週，DTA 參加了在芝加哥舉行的物料搬運、物流和供應鏈解決方案領域領先的貿易展會之一 ProMat。在展會上，DTA展示了其創新的移動機器人解決方案，加強了與行業專業人士的關係，並創造了高水準的潛在新商機。我們相信，隨著我們實施更有效率的製造流程和工具來提高產量，Enerpac 完全有能力幫助 DTA。

Finally, Enerpac will be exhibiting at the Bauma Trade Show next month. Held in Munich, Germany, every three years, Bauma is the world's leading fair for construction machinery and equipment. While we will focus on HLT and feature DTA at our booth, we will also exhibit a range of standard industrial tools. And in the past, Enerpac has benefited from orders placed at the show and the opportunity to build relationships with both distributors and end users.

最後，Enerpac 將於下個月參加 Bauma 貿易展。Bauma展每三年在德國慕尼黑舉辦一次，是全球領先的建築機械設備博覽會。雖然我們的展位將重點關注 HLT 並展示 DTA，但我們還將展出一系列標準工業工具。過去，Enerpac 受益於展會上的訂單以及與分銷商和最終用戶建立關係的機會。

As I said at the top of the call, we have maintained our guidance for fiscal 2025, but we remain cautious in light of the high level of macro uncertainty and the prospect that tariffs could bring higher inflation and lower growth.

正如我在電話會議開始時所說，我們維持了對 2025 財年的指導，但鑑於宏觀不確定性水平高以及關稅可能帶來更高的通膨和更低的增長的前景，我們仍保持謹慎。

What we are certain of is that Enerpac will be relocating to our new Downtown Milwaukee headquarters in a space designed for our specific needs and a building proudly featuring the Enerpac logo, as seen on slide 8. So next quarter, we will be speaking to you from our new location at the Enerpac Center.

我們可以肯定的是，Enerpac 將遷至位於密爾瓦基市中心的新總部，該總部將根據我們的特定需求而設計，建築上將自豪地展示 Enerpac 的標誌，如幻燈片 8 所示。因此下個季度，我們將在 Enerpac 中心的新地點與您交談。

With that, we'd be happy to take questions.

因此，我們很樂意回答您的問題。

(Operator instructions) Will Gildea, CJS Securities.

(操作員指示) Will Gildea，CJS 證券。

Can you provide some more color regarding the mix shift toward HLT? And where are you seeing strength from a geographic and end market perspective? And what are your expectations for the back half of the year from a mix and gross margin perspective? Thank you.

您能否提供一些有關向 HLT 混合轉變的詳細資訊？從地理和終端市場角度來看，您認為我們的優勢在哪裡？從產品組合和毛利率的角度來看，您對今年下半年有何預期？謝謝。

Yes, sure. Maybe I'll just start, and Darren can add a few comments, especially about the back half. But yes, I mean, we saw good growth, as you can see this quarter, organically. HLT in particular, had a lot of strength. I would say, particularly in the US, but also we saw some nice activity in HLT in Europe in the quarter. And HLT is good margin business.

是的，當然。也許我剛開始，Darren 可以補充一些評論，特別是關於後半部分。但是是的，我的意思是，正如您在本季度所看到的，我們看到了良好的增長，是自然的。尤其是 HLT，實力非常強大。我想說，特別是在美國，但我們也看到本季歐洲的 HLT 有一些不錯的活動。HLT 是一家利潤豐厚的公司。

It's just not as strong gross margins as our standard products. And so with that mix shift, along with some of the mix shift in service in the quarter, that was really what impacted gross margins. And consequently, the margins in the quarter. But Darren can talk about the second half in particular.

它的毛利率不如我們的標準產品高。因此，這種組合轉變以及本季服務組合的一些轉變才真正影響了毛利率。從而影響本季的利潤率。但達倫可以特別談談下半場。

Yes. Typically, when you look at our business in the second half, we do north of 50% of our revenue typically in the 52% range. With that additional revenue, obviously, we get some volume leverage that comes out of that. So we expect to see higher profitability in the back half of the year. But it's not only volume. We do have our productivity initiatives. We have PEP ongoing, so we'll continue to drive that and should improve profitability in the second half of the year, which is why we're confident about our guidance for the year.

是的。通常，當你看我們下半年的業務時，我們的收入超過50%通常在52%左右。有了這些額外收入，顯然我們可以獲得一些銷售槓桿。因此我們預計今年下半年獲利能力將會更高。但這不僅僅是數量的問題。我們確實有提高生產力的舉措。我們的 PEP 正在進行中，因此我們將繼續推動這一點，並應在今年下半年提高盈利能力，這就是我們對今年的指導充滿信心的原因。

Thank you, Super helpful. And then just one more. How is the DTA integration going relative to your expectations? Any surprises so far, either positively or anything more challenging than expected? Thank you.

謝謝，非常有幫助。然後再來一個。相對於您的預期，DTA 整合進展如何？到目前為止有沒有什麼驚喜，無論是積極的還是比預期更具挑戰性的？謝謝。

Sure. Yes, no, I'd say the DTA integration is going well. We continue to be very excited about the strategic fit with Enerpac, particularly with our HLT business. We've been pleased with the progress we're making, pleased with the customer response we've seen and the order activity. And we're -- I would say we remain bullish about the overall fit with the business as well.

當然。是或不是，我想說 DTA 整合進展順利。我們對於與 Enerpac 的策略契合，特別是與我們的 HLT 業務的契合感到非常興奮。我們對所取得的進展感到滿意，並對所看到的客戶反應和訂單活動感到滿意。而且我們—我想說，我們仍然對整體業務的契合度持樂觀態度。

So everything remains on track from that perspective. And as I mentioned on our prepared remarks, we're extremely excited to have DTA represented at our booth at the upcoming Bauma exhibit next month in Munich, Germany.

從這個角度來看，一切都仍在正常進行中。正如我在準備好的演講中提到的那樣，我們非常高興 DTA 能夠在下個月於德國慕尼黑舉行的 Bauma 展覽會上在我們的展位上亮相。

Tom Hayes, C.L. King.

湯姆·海耶斯，C.L.國王。

I appreciate all the color. Maybe just, Paul, on the geographic breakdown. In Q1, the Americas was down mid-single digits. Now it was up high single digits in the second quarter. I think Darren called out the commercial excellence program.

我欣賞這一切的色彩。保羅，也許只是關於地理分佈。第一季度，美洲地區的銷售額下降了中等個位數。現在第二季的漲幅已達到個位數。我認為達倫呼籲商業卓越計劃。

I was just wondering maybe you can provide a little bit more detail on that in addition to kind of some of your internal initiatives. Was there any maybe end markets that kind of stood out in the second quarter that kind of helped push the Americas forward?

我只是想知道，除了一些內部舉措之外，您是否還可以提供更多細節。在第二季度，是否有一些終端市場表現突出，推動了美洲市場的發展？

Right. Yes. Thanks, Tom. Yes, I mean, we were certainly particularly pleased with the growth in the Americas as well as in Asia Pac. And even in Europe, I think as Darren remarked. I mean, it's -- we had really strong number of quarters of solid growth in Europe. So I mean, despite the fact we saw a slight decline in the quarter, I think we're still pretty confident that we're outperforming the market and some of the challenges they're seeing in Europe.

正確的。是的。謝謝，湯姆。是的，我的意思是，我們對美洲和亞太地區的成長感到特別高興。我認為，即使在歐洲也是如此，正如達倫所說的那樣。我的意思是，我們在歐洲經歷了數個季度的強勁成長。所以我的意思是，儘管本季我們看到了小幅下滑，但我認為我們仍然非常有信心，我們的表現優於市場，並且能夠應對歐洲面臨的一些挑戰。

But I think, in particular, the strength in Americas we saw was pretty broad based in terms of end markets and verticals and customers. So that was good news for us. And then I think, as I mentioned earlier, HLT as well was particularly strong for us in Americas in the quarter. And finally, to the point that Darren referenced earlier, we do see ECX, or Enerpac Commercial Excellence, really, I think, starting to take hold, and we are seeing the benefits of that.

但我認為，我們看到的美洲地區的實力在終端市場、垂直市場和客戶方面都相當廣泛。這對我們來說是個好消息。然後我認為，正如我之前提到的，本季 HLT 在美洲地區的表現也特別強勁。最後，正如 Darren 之前提到的那樣，我認為，我們確實看到 ECX（即 Enerpac 商業卓越計劃）開始真正發揮作用，我們也看到了它帶來的好處。

And ECX for us is really around kind of systematizing the process for sales and for managing much more actively our sales funnel. So we have much better visibility into leading indicators as opposed to just orders, also managing salespeople's activity and time and focus on where they're calling on customers, just kind of basic hygiene, I'll say, around pre-call plans and post-call visit notes and things like this that become extremely useful tools, if put in place rigorously. And that's really what we've done is adopted that process and put it in place and really mandated it.

對我們來說，ECX 實際上是圍繞系統化銷售流程和更積極地管理我們的銷售管道。因此，與訂單相比，我們對領先指標有了更好的了解，同時管理銷售人員的活動和時間，並專注於他們拜訪客戶的地方，我想說的只是基本的衛生習慣，圍繞拜訪前計劃和拜訪後訪問記錄等，如果嚴格實施，它們將成為非常有用的工具。我們實際上所做的就是採用該流程、將其付諸實施並真正強制執行它。

And I think it's now starting to become the culture of the business, and we're rolling that out, as we referenced in the prepared remarks in the EMEA region as well. So pleased with the progress we're making. And I think that's part of why we're seeing the organic growth performance that we saw in the quarter.

我認為它現在已經開始成為企業文化，我們正在推行它，正如我們在歐洲、中東和非洲地區的準備好的演講中所提到的那樣。我們對所取得的進展感到非常高興。我認為這就是我們本季看到有機成長表現的原因之一。

Okay. Appreciate it. That's great. Maybe just lastly, you touched on a little bit in your prepared remarks, and I know it tends to change by the hour, by the day or the tweet. Just wondering if you could provide any thoughts on the talk of the tariffs, whether they're coming from Mexico, Canada, and kind of how you're positioned, whether from either selling into those regions or buying products from those regions?

好的。非常感謝。那太棒了。也許就在最後，您在準備好的演講中提到了一點，我知道它會隨著時間、日子或推文而改變。只是想知道您是否可以就關稅問題提供任何看法，無論關稅是來自墨西哥還是加拿大，以及您的立場是什麼，無論是向這些地區銷售產品還是從這些地區購買產品？

Yes. I think as we referenced on last quarter's call, we do think -- I'd say we're in a relatively favorable position as it comes to potential impact of new tariffs. And obviously, as you mentioned, I mean, it is a bit of a dynamic environment for sure. So we're trying to react and be as responsive as we can to new news, of course. But on a direct basis, we mentioned last quarter, we estimate that both finished products and components imported into the US from China specifically is less than $20 million. Imports into the US from Canada and Mexico for us are basically negligible. So the direct impact, I think, is pretty clear to be able to calculate depending on the changing tariff environment.

是的。我認為，正如我們在上個季度的電話會議上提到的那樣，我們確實認為——就新關稅的潛在影響而言，我們處於相對有利的地位。顯然，正如您所說，這肯定是一個動態的環境。因此，我們當然會盡力對新消息做出反應。但從直接角度來看，我們在上個季度提到，我們估計從中國進口到美國的成品和零件總額不到 2,000 萬美元。對我們來說，從加拿大和墨西哥進口到美國的商品基本上可以忽略不計。因此，我認為，根據不斷變化的關稅環境，直接影響是能夠清楚計算出來的。

I think what's more important, perhaps, though, is the indirect impact from our suppliers, which is admittedly a bit harder to measure. That includes really two aspects. One, our domestic US suppliers who may themselves source material or components from China or from Canada or Mexico, but also domestic suppliers who maybe have it increase their capacity, but they're facing higher demand from customers. And in both of those situations, we have seen some price inflation from those aspects of kind of indirect impact.

但我認為，也許更重要的還是來自我們供應商的間接影響，誠然，這有點難以衡量。這實際上包括兩個方面。一方面，我們的美國國內供應商可能會自行從中國、加拿大或墨西哥採購材料或零件，但國內供應​​商也可能增加產能，但他們面臨來自客戶的更高需求。在這兩種情況下，我們都看到了間接影響而導致的價格上漲。

And the good news is that I think we have a fair amount of experience across our team in terms of adapting to a pretty changing tariff policy. And I think also given the global nature of our business, we have quite a bit of flexibility to secure alternative supply and to be able to ship from different facilities around the world. And finally, in addition, I mean we certainly will and have taken pricing actions as necessary to offset inflation that we can't otherwise mitigate.

好消息是，我認為我們團隊在適應不斷變化的關稅政策方面擁有豐富的經驗。而且我認為，鑑於我們業務的全球性，我們有相當大的靈活性來確保替代供應，並能夠從世界各地的不同工廠發貨。最後，此外，我的意思是，我們肯定會並且已經採取了必要的定價措施來抵消我們無法緩解的通貨膨脹。

I appreciate that. Maybe just lastly, I think it was you and Darren both mentioned the expectations for some new product rollouts this year. Is that pace different from the last couple of years? I know you were pretty robust in rolling out products last year. Just wondering any more color you can provide on, I don't want to steal your thunder, on the new product rollouts, but just kind of the pace of the rollouts there?

我很感激。也許最後，我想您和 Darren 都提到了今年推出的一些新產品的期望。這個步伐與前幾年有什麼不同嗎？我知道你們去年推出的產品相當強大。我只是想知道您能否提供更多關於新產品推出的詳細信息，我不想搶您的風頭，但只是在那裡推出的速度？

Yes. No, I wouldn't say different. I mean, it's a bit episodic on the timing and the kind of complexity of the development efforts. But I mean, we have a pretty robust innovation program. We continue to invest, we believe, appropriately in it. I'd say the first half of this fiscal year has been more focused on commercializing the new products that we did launch in fiscal '24.

是的。不，我不會說不同。我的意思是，從時間和開發工作的複雜程度來看，它有點偶發性。但我的意思是，我們有一個非常強大的創新計劃。我們相信，我們會繼續對其進行適當的投資。我想說，本財年上半年我們將更專注於將我們在 24 財年推出的新產品商業化。

And we have seen good customer reception and good commercial ramp from those. And then I think you can expect to see more innovation launches in the second half, and obviously, more into as well the first half of fiscal '26. But we certainly remain committed to bringing innovative products and technology to the market for our customers, and we're pretty excited about the pipeline that we've developed.

我們看到了良好的客戶反應和良好的商業成長。然後我認為你可以期待在下半年看到更多創新產品的推出，而且顯然在26財年上半年也會有更多創新產品的推出。但我們當然仍然致力於為我們的客戶將創新產品和技術推向市場，我們對已經開發的產品線感到非常興奮。

I appreciate it. Looking forward to seeing your new offices this year. So best of luck. I appreciate the time.

我很感激。期待今年看到您的新辦公室。祝你好運。我很感激您抽出時間。

So are we. Yes. We'll be there in a week or less. Thanks, Tom.

我們也是。是的。我們將在一周或更短的時間內到達那裡。謝謝，湯姆。

(Operator instructions) Steve Silver, Argus Research.

(操作員指示)史蒂夫·西爾弗 (Steve Silver)，阿格斯研究公司 (Argus Research)。

Thanks, operator, and good morning and congratulations in advance on the new headquarter opening next week. You guys talked -- in the prepared remarks, you touched on ECX and the positive impact that it's having in the Americas. I'm curious as to whether there's any color you could provide on the implementation progress in Europe and maybe where you are in the process as compared to the Americas.

謝謝，接線員，早上好，並提前祝賀新總部下週開業。你們在準備好的發言中談到了 ECX 及其對美洲的正面影響。我很好奇，您能否介紹一下歐洲的實施進度，以及與美洲相比，您所在的進程如何。

Sure. So we actually started the rollout and implementation of ECX in Europe, I guess, about one or two quarters ago now. And so I'd say we're pretty pleased with the progress we're making there. We've actually leveraged one of our senior leaders who was deeply involved in the rollout of ECX in the Americas region. And that person has now been charged with leading and directing that program as we roll it out in EMEA as well.

當然。因此，我們實際上大約在一兩個季度前就開始在歐洲推出和實施 ECX。所以我想說，我們對那裡的進展非常滿意。實際上，我們利用了一位深度參與美洲地區 ECX 推廣的高階領導。現在，該負責人也負責領導和指導我們在歐洲、中東和非洲地區推行的這個計畫。

So I think because of that, we've seen really faster uptake. And obviously, we've taken the lessons learned from the rollout in the Americas as we apply it into EMEA. So overall, I think we're pleased with the progress we're making, and we expect that it will, ultimately, over time, drive similar levels of impact in the European region.

所以我認為正因為如此，我們看到了更快的吸收速度。顯然，我們吸取了美洲地區推廣的經驗教訓，並將其應用於歐洲、中東和非洲地區。總的來說，我認為我們對所取得的進展感到滿意，我們預計，隨著時間的推移，它最終將在歐洲地區產生類似程度的影響。

Just maybe to recount what it's about, again, I mean, it's really about aligning our growth focus with our strategic direction. It's around this consistent commercial approach that's driven by very focused sales activity, I would say, particularly end user-focused calls from our sales team as opposed to kind of managing the channel, if you will. We have seen it drive what I would classify as really a winning positive culture that's driven, in the case of ECX really, by data, by disciplined collaboration.

也許只是為了重述它的意義，我的意思是，它實際上是為了將我們的成長重點與我們的策略方向結合。我想說，這是圍繞著這種一致的商業方法，由非常集中的銷售活動驅動，特別是我們的銷售團隊以最終用戶為中心的電話，而不是管理管道。我們已經看到它推動了我所認為的真正積極的成功文化，就 ECX 而言，這種文化實際上是透過數據和規範的協作來驅動的。

And frankly, it's allowing us in the business to deliver more predictable performance because we can now track from actions to results. And so there's a lot more detail behind what ECX is and the program and how we've implemented it. But I think those are some of the key benefits that we're seeing come to the fore.

坦白說，它使我們能夠在業務中提供更可預測的績效，因為我們現在可以追蹤從行動到結果。因此，關於 ECX 是什麼、這個程式以及我們如何實現它，有更詳細的資訊。但我認為這些是我們看到的一些關鍵優勢。

That's helpful. Thanks. And one more, if I may. On previous calls, you discussed the digital transformation of the business and progress in your e-commerce initiatives. Curious as to whether there's any update that you could give on the direct business.

這很有幫助。謝謝。如果可以的話，我還要再說一句。在先前的通話中，您討論了業務的數位轉型以及電子商務計劃的進展。好奇您是否能提供有關直接業務的最新消息。

Yes, we're actually absolutely quite pleased with the progress. So if you recall, I mean, we essentially rolled out our e-commerce program direct to end users just about three years ago now. And that has grown, I would say, substantially over that period of time, admittedly off of a small base. And we remain, I would say, quite bullish about our e-commerce business.

是的，我們確實對進展非常滿意。所以如果你還記得的話，我的意思是，大約三年前我們基本上將我們的電子商務計劃直接推出給最終用戶。我想說，在這段時間內，這一數字已經大幅增長，儘管基數很小。我想說，我們仍然對我們的電子商務業務非常樂觀。

In fact, in Q2 of this fiscal year, our e-commerce business was up 43% year over year. And through the first half of fiscal '25, e-commerce revenue was up 36%. More recently, we've done a lot of work to roll out e-commerce in other parts of the world, so last year in multiple markets, in Europe and more recently in Australia.

事實上，在本財年第二季度，我們的電子商務業務年增了 43%。截至 25 財年上半年，電子商務營收成長了 36%。最近，我們做了很多工作在世界其他地區推廣電子商務，去年我們在歐洲等多個市場開展業務，最近又在澳洲開展業務。

And then just in the last quarter, we actually invested behind and turned on digital advertising in both of those markets, UK and Australia, which we saw drive very significant growth in website traffic, which is a pretty good, for us, a leading indicator of what we expect to see in terms of order inflow in the months to follow. So overall, I think, quite positive, and we're pleased with the progress we're making there.

就在上個季度，我們實際上在英國和澳洲這兩個市場都進行了投資並推出了數位廣告，我們看到這推動了網站流量的顯著增長，這對我們來說是一個非常好的領先指標，預示著我們預計未來幾個月的訂單流入量將有所增長。所以總的來說，我認為是相當積極的，我們對我們在那裡取得的進展感到滿意。

Will Gildea, CJS Securities.

威爾‧吉爾迪亞 (Will Gildea)，CJS 證券公司。

Just to follow up, and thank you for your time today, with two quarters left, how should we think about the cadence of revenue margins and profitability from Q3 to Q4 embedded in your FY25 guidance?

只是為了跟進，感謝您今天的時間，還剩兩個季度，我們應該如何看待您在 FY25 指導中所包含的從第三季度到第四季度的收入利潤率和盈利能力的節奏？

Yes. So if you think about our second half, that is incremental revenue, and it's heavily weighted towards the second half. So typically, we see about a 52% of revenue in the second half. So with that comes the volume leverage, and you'll see an increase in our EBITDA margins. Typically, if you look at history, when you look at our guide, we'd expect to see our strongest margins in Q4. So we will ramp as we go through the second half of the year here.

是的。因此，如果你考慮我們的下半年，那就是增量收入，而且它在很大程度上取決於下半年。因此通常情況下，我們看到下半年的收入約為52%。因此，隨著銷售槓桿的增加，您會看到我們的 EBITDA 利潤率會增加。通常，如果你回顧歷史，當你查看我們的指南時，我們預計第四季度的利潤率最高。因此，隨著今年下半年的到來，我們將加強力道。

Very helpful. And then just one more. Do you have any incremental updates on the M&A pipeline? And what parts of the portfolio are you most focused on enhancing? Thank you.

非常有幫助。然後再來一個。您對併購通路有什麼最新消息嗎？您最注重增強投資組合的哪些部分？謝謝。

Sure. Yes, I would say we continue to spend a fair amount of time on M&A activity. And we have what I would classify as a pretty good kind of quantity and quality of targets in our funnel with good active conversations. So I'd say that's fairly robust. The process that we've developed is also quite robust. So I continue to be pleased with the activity there.

當然。是的，我想說我們會繼續在併購活動上花費大量時間。而且，我認為我們的頻道中的目標數量和品質都相當不錯，對話也十分活躍。因此我認為這是相當可靠的。我們開發的流程也相當健全。因此我對那裡的活動繼續感到滿意。

Obviously, by its nature, it's episodic, so things will come and go depending on asset availability and timing and the like. I don't know that we've really seen anything in terms of material changes and valuation expectations at this point in the market. But we remain focused on the same-store targets that we talked about previously, certainly, very high-quality businesses, strong gross margins with ability to drive accretion of those gross margins over time.

顯然，就其本質而言，它具有情節性，因此事情會根據資產的可用性和時間等因素而來來去去。我不知道我們目前是否真的看到市場出現任何重大變化和估值預期。但我們仍然專注於我們之前談到的同店目標，當然，也是非常高品質的業務、強勁的毛利率以及隨著時間的推移推動毛利率成長的能力。

Obviously, core strategic fit with Enerpac, not necessarily kind of mirroring the exact things that we do today, but more complementary products and services to what we offer today where we can sell a broader basket of goods and services to our existing customer base. And I think DTA would be a real prime example of that. Very simply, complementary to HLT and that we offer now a DTA horizontal movement of heavy loads, whereas before it was only vertical lifting and we have customers where -- that need applications for both.

顯然，核心策略與 Enerpac 的契合併不一定與我們今天所做的事情完全一致，而是與我們今天提供的產品和服務更具互補性，這樣我們就可以向現有的客戶群銷售更廣泛的產品和服務。我認為 DTA 就是一個很好的例子。非常簡單，作為 HLT 的補充，我們現在提供 DTA 重載水平移動，而之前只有垂直提升，我們的客戶需要兩者的應用。

So I think the funnel remains robust. We're spending a lot of time there. And obviously, if and when we can announce things, certainly, we will. But it's a key part of our overall growth strategy, and we're excited about that. And finally, I'd say, of course, we continue to have a very healthy balance sheet that is there to be able to support anything we need to do fundamentally from a capital allocation perspective, including M&A activity.

因此我認為漏斗仍然強勁。我們在那裡花了很多時間。顯然，如果我們能夠宣布某件事，我們一定會宣布的。但這是我們整體成長策略的關鍵部分，我們對此感到非常興奮。最後，我想說，當然，我們的資產負債表仍然非常健康，從資本配置的角度來說，這能夠支持我們需要做的任何事情，包括併購活動。

And that concludes our question-and-answer session. I will now turn the call back over to CEO, Paul Sternlieb, for closing remarks.

我們的問答環節到此結束。現在，我將電話轉回給執行長保羅‧斯特恩利布 (Paul Sternlieb)，請他致最後總結。

Okay. Well, thanks again for joining us this morning. We'll be presenting at the Wolfe Research SMID Conference in New York in early June, and we hope to see you there. Thank you again and have a good day.

好的。好吧，再次感謝您今天早上加入我們。我們將於 6 月初在紐約舉行的 Wolfe Research SMID 會議上演講，希望在那裡見到您。再次感謝您並祝您有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。