Enerpac Tool Group Corp (EPAC) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Enerpac Tool Group's third-quarter fiscal 2025 earnings conference call. As a reminder, this conference is being recorded June 27, 2025. It is now my pleasure to turn the conference over to Travis Williams, Senior Director of Investor Relations. Please go ahead, Mr. Williams.

女士們、先生們，感謝你們的支持。歡迎參加 Enerpac Tool Group 2025 財年第三季財報電話會議。提醒一下，本次會議將於 2025 年 6 月 27 日錄製。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 third 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.

謝謝您，接線生。早安，感謝您參加 Enerpac Tool Group 2025 財年第三季財報電話會議。今天參加電話會議介紹公司業績的有總裁兼執行長 Paul Sternlieb 和財務長 Darren Kozik。

The slides referenced on today's call are available on the Investor Relations section of the company's website which you can download or follow along. A recording of today's call will also be made available on our website. Today's call will reference non-GAAP measures.

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，您可以下載或追蹤。今天的電話會議錄音也將在我們的網站上發布。今天的電話會議將參考非公認會計準則衡量指標。

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 risks that could cause actual results to be materially different.

您可以在昨天發布的新聞稿中找到 GAAP 與非 GAAP 指標的對帳。我們的評論還將包括前瞻性陳述，這些陳述受商業風險的影響，可能導致實際結果出現重大差異。

Those risks include matters noted in our latest SEC filings. Now I'll turn it over to Paul.

這些風險包括我們最新的美國證券交易委員會文件中提到的事項。現在我將把話題交給保羅。

Thanks, Travis. Good morning, and welcome from our new headquarters at the Enerpac Center in Downtown Milwaukee. We were pleased with our performance in the quarter. Two of our three geographic regions, along with the Cortland Biomedical business posted strong growth, including the acquired DTA business, total year-over-year revenue growth was 6%.

謝謝，崔維斯。早安，歡迎您來到位於密爾瓦基市中心 Enerpac 中心的新總部。我們對本季的表現感到滿意。我們的三個地理區域中的兩個以及 Cortland Biomedical 業務（包括收購的 DTA 業務）均實現了強勁增長，總收入同比增長 6%。

While this represented record third quarter revenue since the relaunch of Enerpac Tool Group in 2019, we are taking a cautious posture entering the fourth quarter given the increasing level of economic and geopolitical uncertainty.

雖然這是自 2019 年 Enerpac 工具集團重新成立以來第三季創下的收入記錄，但鑑於經濟和地緣政治不確定性日益增加，我們在進入第四季度時採取了謹慎的態度。

Nonetheless, we believe Enerpac can continue to outperform its industrial peers in what remains a very soft sector. In a moment, I will talk more about the actions we are taking to advance our innovation strategy and provide an update on DTA. But first, Darren will provide more detail on the quarter, our fiscal 2025 guidance and the impact in our response to tariffs.

儘管如此，我們相信，在這個仍然非常疲軟的行業中，Enerpac 能夠繼續超越其工業同行。稍後，我將詳細介紹我們為推進創新策略而採取的行動，並提供有關 DTA 的最新資訊。但首先，達倫將提供有關本季、我們的 2025 財年指引以及我們對關稅的回應的影響的更多細節。

Thanks, Paul. As seen on slide 3, Enerpac's revenue increased 6% on a reported basis to $159 million in the third quarter of 2025. On an organic basis, adjusting for foreign exchange and the acquisition of DTA, we grew 2%. At our IT&S business, revenue increased 1.5% organically year-over-year. Both our product and service business grew this quarter with 1% growth in product sales and 3% growth in services.

謝謝，保羅。如投影片 3 所示，Enerpac 的營收在 2025 年第三季報告基礎上成長了 6%，達到 1.59 億美元。從有機基礎來看，經外匯和收購 DTA 調整後，我們的成長率為 2%。我們的 IT&S 業務收入年增 1.5%。本季我們的產品和服務業務均實現成長，產品銷售額成長 1%，服務銷售額成長 3%。

We continue to implement Enerpac Commercial Excellence, or ECX, across our portfolio. We believe this will add rigor and discipline to our sales process and funnel management, which we believe will contribute to our above-market growth.

我們將繼續在我們的產品組合中實施 Enerpac Commercial Excellence（ECX）。我們相信這將增強我們的銷售流程和通路管理的嚴謹性和紀律性，我們相信這將有助於我們實現高於市場的成長。

Cortland Biomedical reported in our other segment posted growth of 19% with good performance of existing products and market reception to new product launches, in particular, we enjoyed strength in sales to customers in diagnostics, bioprocessing and robotic surgery.

Cortland Biomedical 報告稱，我們其他部門的成長率為 19%，這得益於現有產品表現良好以及新產品上市的市場反響，特別是我們在診斷、生物加工和機器人手術領域的客戶銷售表現強勁。

Cortland continues to partner with customers to develop innovative solutions with several quotes and prototype orders in the works from existing and new customers. Turning to slide 4, which shows our growth by geography. We delivered another strong quarter in the Americas with high single-digit organic growth. The growth was driven by demand for our standard products and services.

Cortland 繼續與客戶合作開發創新解決方案，並為現有和新客戶提供了多個報價和原型訂單。翻到投影片 4，它展示了我們按地域劃分的成長。我們在美洲又取得了強勁的季度業績，實現了高個位數的有機成長。這一增長是由對我們的標準產品和服務的需求所推動的。

While there has been a bit of softness in the rail and general industrial manufacturing sectors, we've seen particular strength in aerospace, infrastructure and service for the nuclear industry. We believe these industries align with Enerpac's product portfolio and service offerings. In the APAC region, we continue to generate solid performance as it enjoyed mid-single-digit growth in the third quarter.

雖然鐵路和一般工業製造業略顯疲軟，但我們看到航空航太、基礎設施和核工業服務等領域表現特別強勁。我們相信這些產業與 Enerpac 的產品組合和服務產品一致。在亞太地區，我們繼續保持穩健的業績，第三季實現了中等個位數的成長。

A particular strength in the quarter was our heavy lifting technology for HLC business. From a vertical market perspective, we are benefiting from major rail projects and maintenance needs in Thailand, Japan and the Philippines. We also see growth opportunities in solar farms in Vietnam and wind projects in Japan. At the same time, there are some more challenged end markets, including the steel industry in South Korea and refining and petrochemicals in China.

本季的一大優勢是我們針對 HLC 業務的重型起重技術。從垂直市場角度來看，我們受益於泰國、日本和菲律賓的大型鐵路項目和維護需求。我們也看到了越南太陽能發電場和日本風能計畫的成長機會。同時，一些終端市場也面臨更大的挑戰，包括韓國的鋼鐵業以及中國的煉油和石化產業。

In the EMEA region, we posted a high single-digit decline organically, driven by a decline in our HLT business, which had a strong performance in the year ago period. And as we said, it tends to be lumpy. From a vertical market perspective, we are seeing strength from the infrastructure market and are benefiting from higher defense budgets, spending in the oil and gas sector and ongoing wind projects. However, we are seeing some softness in our service revenue in Europe and the effect of an overall economic slowdown in Western Europe.

在歐洲、中東和非洲地區，我們的有機收入出現了較高的個位數下滑，這主要是由於 HLT 業務的下滑，而該業務在去年同期表現強勁。正如我們所說，它往往是塊狀的。從垂直市場角度來看，我們看到基礎設施市場的強勁表現，並受益於更高的國防預算、石油和天然氣行業的支出以及正在進行的風電項目。然而，我們發現我們在歐洲的服務收入有所疲軟，並且受到西歐整體經濟放緩的影響。

Turning to slide 5. Gross profit margin declined 140 basis points year-over-year to 50.4%. This decline was attributable to our service project mix and the inclusion of DTA, partially offset by higher margins at Cortland Biomedical. While we've continued to experience pressure on service margins from the project mix on a year-over-year basis, we did enjoy sequential improvement based on actions taken earlier this year to focus on migrating to a more differentiated and value-added service opportunities.

翻到幻燈片 5。毛利率年減140個基點至50.4%。這一下降歸因於我們的服務項目組合和 DTA 的納入，但被 Cortland Biomedical 的更高利潤率部分抵消。雖然我們繼續感受到來自專案組合的服務利潤率逐年下降的壓力，但基於今年早些時候採取的行動，我們確實享受到了連續的改善，重點是轉向更加差異化和增值的服務機會。

We've also taken specific actions, including investing in equipment to support high-margin service lines, we're refining our fixed cost base to ensure each site is generating appropriate returns and changing our business model in certain countries, all designed to improve service business margins. On the selling, general and administrative line, adjusting for the restructuring charge and M&A expense, adjusted SG&A improved 160 basis points year-over-year to 25.5% of sales.

我們也採取了具體行動，包括投資設備以支援高利潤服務線，我們正在改善固定成本基礎以確保每個站點都能產生適當的回報，並改變某些國家的業務模式，所有這些都是為了提高服務業務利潤率。在銷售、一般及行政管理方面，調整重組費用及併購費用後，調整後的銷售、一般及行政管理費用年增 160 個基點，達到銷售額的 25.5%。

In light of the current soft market conditions, we recorded a restructuring charge of $5.9 million in the quarter, of which approximately [3/4] is people-related severance to further rightsize our cost structure. Additionally, these restructuring actions are another step towards increasing the efficiency of our SG&A spend as we continue to standardize and automate processes.

鑑於目前疲軟的市場狀況，我們在本季度記錄了 590 萬美元的重組費用，其中約 [3/4] 是與人員相關的遣散費，以進一步調整我們的成本結構。此外，隨著我們繼續實現流程標準化和自動化，這些重組措施是提高銷售、一般和行政費用 (SG&A) 支出效率的又一步。

The remainder of the restructuring charge is a noncash lease impairment associated with our headquarters relocation. We will continue to watch SG&A spending closely in the current environment. As a result, adjusted EBITDA increased 3.4% for the third quarter. The margin declined 50 basis points year-over-year to 25.9% due to the mix of service projects and the inclusion of DTA.

重組費用的剩餘部分是與我們總部搬遷相關的非現金租賃減損。在當前環境下，我們將繼續密切關注銷售、一般及行政費用 (SG&A) 支出。因此，第三季調整後的 EBITDA 成長了 3.4%。由於服務項目組合和 DTA 的納入，利潤率年減 50 個基點至 25.9%。

Our core IT&S product portfolio margin remains strong in the current environment pointing to the resiliency of our brand. Adjusted earnings per share increased 9% to $0.51, driven by higher earnings, a lower effective tax rate and reduced share count.

在當前環境下，我們的核心 IT&S 產品組合利潤率依然強勁，顯示我們的品牌具有彈性。調整後每股收益成長 9% 至 0.51 美元，這得益於收益增加、有效稅率降低和股份數量減少。

For the full year fiscal 2025, our earnings guidance remains the same with net sales of $610 million to $625 million, representing total revenue growth of 3% to 6% and organic growth of zero percentage to 2%. Adjusted EBITDA is expected to be in the $150 million to $160 million range. However, based on year-to-date results and current macroeconomic and geopolitical conditions, we anticipate delivering towards the lower half of the range.

對於 2025 財年全年，我們的獲利預期保持不變，淨銷售額為 6.1 億美元至 6.25 億美元，代表總營收成長 3% 至 6%，有機成長率為 0% 至 2%。調整後的 EBITDA 預計在 1.5 億美元至 1.6 億美元之間。然而，根據今年迄今為止的業績以及當前的宏觀經濟和地緣政治條件，我們預計業績將處於該範圍的下半部分。

Turning to the balance sheet, shown on slide 7, Enerpac's position remains extremely strong. Net debt was $50 million at quarter end, resulting in a net debt to adjusted EBITDA ratio of 0.4. Total liquidity, including availability under revolver and cash on hand was $539 million.

翻閱投影片 7 所示的資產負債表，Enerpac 的地位依然非常強勁。季末淨負債為5,000萬美元，導致淨負債與調整後EBITDA之比為0.4。總流動資金（包括可用循環信貸額度和庫存現金）為5.39億美元。

Through the first three quarters of fiscal 2025, cash flow from operations was $56 million compared with $37 million in the year ago period. Free cash flow of $40 million increased 24% despite $11 million in incremental capital spending, primarily associated with the headquarters relocation. In addition to our headquarters, we continue to invest in automated manufacturing capabilities to improve the efficiency and drive additional productivity.

2025 財年前三個季度，經營現金流為 5,600 萬美元，去年同期為 3,700 萬美元。儘管主要與總部搬遷有關的增量資本支出為 1,100 萬美元，但 4,000 萬美元的自由現金流仍增加了 24%。除了我們的總部，我們也持續投資自動化製造能力，以提高效率並提高生產力。

For the full year, we are maintaining our free cash flow guidance at $85 million to $95 million. In the third quarter, the company repurchased approximately 330,000 shares of common stock totaling $14 million. As we continue to generate cash, coupled with our current leverage, we have ample capacity to deploy capital for our disciplined M&A strategy as well as internal investments and continued opportunistic share repurchases.

對於全年而言，我們將自由現金流預期維持在 8,500 萬美元至 9,500 萬美元之間。第三季度，該公司回購了約33萬股普通股，總額達1,400萬美元。隨著我們繼續產生現金，加上我們目前的槓桿率，我們有充足的能力為我們嚴謹的併購策略以及內部投資和持續的機會性股票回購部署資本。

Turning to slide 8. We understand that the impact of the US tariff policy and associated uncertainty it has created is top of mind for investors. While the situation is fluid, we believe that Enerpac is well positioned to manage the impact given our global footprint and diverse supply base. The majority of our imported finished goods and components come from four countries, Netherlands, where we manufacture our HLT products, China, the UK and Spain.

翻到第 8 張投影片。我們了解，美國關稅政策的影響及其造成的不確定性是投資者最關心的問題。儘管情況瞬息萬變，但我們相信，憑藉我們遍布全球的業務和多樣化的供應基礎，Enerpac 完全有能力應對影響。我們進口的大部分成品和零件來自四個國家：荷蘭（我們在那裡生產 HLT 產品）、中國、英國和西班牙。

The Netherlands and China make up the bulk of our US imports that are subject to duties. We import a total of approximately $50 million in finished good and components into the US that are subject to tariffs. Under the current tariff framework, we estimate an annualized tariff impact of $18 million, which represents an incremental $12 million relative to the total tariffs paid in fiscal 2024.

我們從美國進口的需要繳納關稅的商品大部分來自荷蘭和中國。我們總共向美國進口了價值約 5000 萬美元的需繳納關稅的成品和零件。在現行關稅框架下，我們估計年關稅影響為 1,800 萬美元，相對於 2024 財年支付的總關稅，增加 1,200 萬美元。

In addition to these quantifiable direct impacts, we anticipate additional cost pressure on our US based suppliers who are importing components and raw materials. We believe we'll be able to mitigate the majority of the impact. As noted on the second quarter earnings call, we implemented a low to mid-single-digit price increase at the end of March.

除了這些可量化的直接影響之外，我們還預計進口零件和原材料的美國供應商將面臨額外的成本壓力。我們相信我們能夠減輕大部分影響。正如第二季財報電話會議上所指出的，我們在三月底實施了低至中等個位數的價格上漲。

And in May, we implemented a low single-digit surcharge in the US to offset the announced tariffs. These pricing actions have been understood and accepted by our customers. Additionally, given the global nature of our business, we have the flexibility to secure alternative suppliers. We expect these actions to support our goal of remaining at least price cost neutral.

今年5月，我們在美國實施了低個位數附加費，以抵銷已宣布的關稅。這些定價措施已被我們的客戶理解和接受。此外，鑑於我們業務的全球性，我們可以靈活地尋找替代供應商。我們希望這些行動能支持我們至少維持價格成本中立的目標。

What we cannot calculate at this juncture is any impact of economic uncertainty and potentially slower growth on the revenue line. That said, we will continue to pursue our strategy focused on driving profitable growth and outperforming the industrial market. We will also continue to carefully manage expenses as appropriate to align our cost structure with market conditions in support of long-term success. With that, let me turn it back to Paul.

目前我們無法計算經濟不確定性和潛在成長放緩對收入的影響。儘管如此，我們將繼續推行專注於推動獲利成長和超越工業市場的策略。我們也將繼續謹慎地管理費用，使我們的成本結構與市場條件保持一致，以支持長期成功。說完這些，讓我把話題轉回保羅身上。

Thanks, Darren. Over the past couple of years, we have talked about a series of Enerpac's differentiated new products and the strong reception in the marketplace. We are proud of our revamped innovation process, one based on listening to and working hand-in-hand with customers to build solutions that address their challenges, help solve their problems and fulfill their unmet needs.

謝謝，達倫。在過去的幾年裡，我們談論了 Enerpac 的一系列差異化新產品以及在市場上的強烈反響。我們為改進後的創新流程感到自豪，該流程以傾聽客戶意見和與客戶攜手合作為基礎，建立解決方案來應對他們的挑戰、幫助他們解決問題並滿足他們未滿足的需求。

With the company's relocation to the Enerpac Center, we have invested in our new innovation lab, dedicating a significant portion of the new facility to take our innovation and R&D capabilities to the next level.

隨著公司遷至 Enerpac 中心，我們投資了新的創新實驗室，並將新設施的很大一部分用於將我們的創新和研發能力提升到新的水平。

And as shown on slide 9, we have added a variety of new equipment and technologies, including 3D printers, CNC mills, CNC lays and cutting and machining capabilities. enabling our team to innovate even faster than before with far less reliance on outside vendors.

如投影片 9 所示，我們增加了各種新設備和技術，包括 3D 列印機、CNC 銑床、CNC 層以及切割和加工功能，使我們的團隊能夠比以前更快地進行創新，並且對外部供應商的依賴程度大大降低。

In fact, what used to take a month or more can now be accomplished in as quickly as one week or even one day. We believe this provides a further competitive advantage for Enerpac. Let me also mention the heavy lifting technology we gained with the acquisition of DTA in September of 2024.

事實上，過去需要一個月或更長時間才能完成的工作，現在最快只需一周甚至一天就能完成。我們相信這將為 Enerpac 帶來進一步的競爭優勢。我還要提一下我們在 2024 年 9 月收購 DTA 時所獲得的重型技術。

As we have said, DTA adds a highly complementary horizontal movement capability to our existing vertical heavy lifting technology. Deliveries from DTA have been slower to ramp than expected as we continue to help DTA improve their operational capabilities to work through an expanded order book. We remain confident that this is where Enerpac's efficient manufacturing and supply chain expertise will add value.

正如我們所說，DTA 為我們現有的垂直重型起重技術增加了高度互補的水平移動能力。由於我們繼續幫助 DTA 提高其營運能力以處理擴大的訂單，DTA 的交付速度比預期要慢。我們堅信，Enerpac 高效的製造和供應鏈專業知識將在此增值。

And on a commercial basis, we are excited by DTA's performance to date. Orders are robust and backlog is expanding as we successfully implement our strategy to cross-sell DTA solutions across the existing Enerpac base and expand sales beyond its traditional stronghold in Europe.

從商業角度來看，我們對 DTA 迄今為止的表現感到非常興奮。隨著我們成功實施在現有 Enerpac 基地交叉銷售 DTA 解決方案並將銷售擴展到其在歐洲傳統據點之外的策略，訂單強勁，積壓訂單不斷擴大。

As I said at the top of the call, we have moved and are settling into our new downtown Milwaukee headquarters. It is clear already that the move is achieving our goal of creating a more vibrant environment and collaborative culture one that inspires our teams to advance customer-driven innovation, achieve continuous improvement and execute our growth strategy. With that, we'd be happy to take questions.

正如我在電話會議開始時所說的那樣，我們已經搬遷到位於密爾瓦基市中心的新總部。顯然，此舉正在實現我們的目標，創造一個更具活力的環境和協作文化，激勵我們的團隊推進客戶驅動的創新，實現持續改進並執行我們的成長策略。因此，我們很樂意回答問題。

(Operator Instructions)

（操作員指示）

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Paul, Darren, this is Will on for Dan. Could you add some more color to what you're hearing from your customers in real time? And how are they managing or reacting to tariffs and macro uncertainty? Are they putting projects on hold? Have you seen an uptick in order cancellations?

保羅、達倫，這是威爾，代替丹。您能否為您即時聽到的客戶訊息添加更多細節？他們如何管理或應對關稅和宏觀不確定性？他們是否暫停了專案？您是否發現訂單取消數量增加？

Well, yes, I'd say -- I mean, obviously, it's a very dynamic environment. I think it definitely varies depending on the customer and the end market. We've not seen any meaningful movement in terms of project cancellations from our perspective.

嗯，是的，我想說——我的意思是，顯然這是一個非常有活力的環境。我認為這肯定取決於客戶和最終市場。從我們的角度來看，我們還沒有看到專案取消方面有任何有意義的動向。

I think we do have customers certainly that are being cautious or evaluating if and when they're going to make large capital investment decisions just in light of the uncertain environment that we're in. But I think the positive side there is that companies do need to invest for capacity and growth. I think, again, some may be waiting just to see how things shake out in the current environment and the tariff situation but the underlying needs are there.

我認為，我們確實有一些客戶在我們所處的不確定環境下保持謹慎或評估是否以及何時做出大規模資本投資決策。但我認為積極的一面是公司確實需要投資以提高產能和實現成長。我認為，有些人可能只是在等待，看看在當前環境和關稅情況下事情會如何發展，但潛在的需求是存在的。

So again, I think it varies depending on the end market, but we've not seen any meaningful signs of any sort of project cancellations from that perspective. And then from a pricing standpoint, I think Darren referenced in the remarks earlier. I mean we have taken some pricing actions from our end at least offset the inflationary aspect we saw from some of the recent tariff moves.

所以，我認為這取決於最終市場，但從這個角度來看，我們還沒有看到任何專案取消的有意義的跡象。然後從定價的角度來看，我認為 Darren 在之前的評論中提到過。我的意思是，我們已經採取了一些定價措施，至少抵消了最近的一些關稅舉措帶來的通膨影響。

And I think, by and large, at least through the channel, we've seen some good indication that channel partners seem to be passing that along to their customers, and that's generally our understanding.

我認為，總的來說，至少透過管道，我們已經看到一些很好的跡象，表明通路合作夥伴似乎正在將這種趨勢傳遞給他們的客戶，這基本上是我們的理解。

Super helpful. And did you see any revenue being pulled forward at all in Q3 in anticipation of tariffs? And what are your thoughts on inventory in the channel today?

超有幫助。您是否認為由於預期關稅，第三季的收入會被提前？您對目前渠道庫存有何看法？

Yeah, I wouldn't say anything extremely meaningful. There probably was a little bit of buy-in. We obviously give some advanced notice, of course, to our customers on some of the pricing actions that we took in the quarter. But I wouldn't say that there was anything hugely significant from our perspective that we could see at this point in time.

是的，我不會說任何非常有意義的話。可能有些認同。當然，我們顯然會提前通知客戶我們在本季採取的一些定價措施。但我不會說從我們的角度來看，目前我們所能看到的東西有什麼重大的事情。

Thank you. And then just one more. Could you provide any more additional detail regarding the restructuring actions during the quarter? And what is the anticipated cost savings?

謝謝。然後再來一個。您能否提供有關本季重組行動的更多細節？預計節省的成本是多少？

Sure. From a restructuring perspective, we've been keeping a close eye on expense levels and to level set everyone. This is not a programmatic activity like Ascend or anything of that nature. We just looked at the global uncertainty geopolitical risk and decided it was time to take some of those cost actions.

當然。從重組的角度來看，我們一直密切關注費用水平並平衡每個人的支出。這不是像 Ascend 或類似性質的任何程序性活動。我們剛剛研究了全球不確定的地緣政治風險，並決定是時候採取一些成本行動了。

Now we do believe we've got automation and process standardization underneath, which is going to help us scale at the back end of these actions. So that was the landscape for the cost piece. Now to remind everyone, 3/4 of that was severance for people. About [1/4] of that was a noncash lease impairment charge associated with our move to Downtown Milwaukee. So we think this sets a good foundation for the future.

現在我們確實相信我們已經實現了自動化和流程標準化，這將有助於我們在這些行動的後端實現擴展。這就是成本部分的概況。現在提醒大家，其中 3/4 是人員遣散費。其中約 [1/4] 是與我們搬遷至密爾瓦基市中心相關的非現金租賃減損費用。因此我們認為這為未來奠定了良好的基礎。

Thank you.

謝謝。

Tom Hayes, ROTH Capital Partners.

湯姆·海耶斯（Tom Hayes），羅仕證券資本合夥公司（ROTH Capital Partners）。

Good morning, guys. Thanks for taking the call. Hey, Darren, maybe one more question on the pricing actions you guys took. Were those implemented in the quarter? And then do you see the positive impact or those pricing actions going into effect in the quarter?

大家早安。謝謝您接聽電話。嘿，達倫，也許我還有一個關於你們採取的定價行動的問題。這些是在本季實施的嗎？那麼，您是否看到這些定價舉措將在本季產生正面影響？

We took one in March and one in May. So some of those started to tinkle in throughout the quarter, but the real impact will be in the upcoming quarter in the fourth quarter we're in now.

我們在三月拍攝了一張，在五月拍攝了一張。因此，其中一些影響在整個季度開始顯現，但真正的影響將在即將到來的第四季顯現。

Okay. And then Paul, on the North American performance, up high single digits. I might have missed it a little bit. I think you called out aerospace and one other segment kind of helped drive that actions.

好的。然後是保羅，在北美的表現上，上升了個位數。我可能有點錯過了。我認為您提到了航空航天，而另一個領域也幫助推動了這項行動。

Yeah. I mean we did see, I think, good performance, Tom, in those sectors. Obviously, as you know, we have pretty diversified end markets that we ultimately serve either directly or through our channel. We do think that's one of the kind of competitive advantages of Enerpac is that we do have a very diverse set of customers and end markets.

是的。我的意思是，湯姆，我認為我們確實看到了這些領域的良好表現。顯然，如您所知，我們擁有相當多樣化的終端市場，我們最終直接或透過我們的管道為其提供服務。我們確實認為這是 Enerpac 的競爭優勢之一，即我們擁有非常多樣化的客戶和終端市場。

So in my view, we're not overly reliant on any single end market and one may be up, one maybe down, et cetera. But that's what we saw in the quarter. And obviously, we'll continue to monitor. Clearly, it's a very dynamic environment.

因此，在我看來，我們不會過度依賴任何單一的終端市場，一個市場可能會上漲，一個市場可能會下跌，等等。但這就是我們在本季看到的情況。顯然，我們會繼續監控。顯然，這是一個非常活躍的環境。

Okay. I guess one more along those same lines, and I think it's buried in the one big beautiful bill. I'm just wondering your thoughts on your wind business. It seems that the -- a lot of the renewable energy credits are maybe on the chopping block. Just any feedback you're getting from your wind customers as far as the outlook for that market?

好的。我想還有另一個類似的情況，而且我認為它隱藏在一張美麗的大鈔票裡。我只是想知道您對風能業務的看法。看來，許多再生能源信用額度可能都面臨被取消的風險。就風電市場前景而言，您從風電客戶那裡得到了什麼回饋？

Yeah, I mean we still look fairly, I would say, positively at the wind market. We did say -- or I think Darren said in the remarks in the EMEA region that we did see some benefit actually in the quarter from ongoing wind projects, particularly in the EMEA region. So we still see fairly good demand profiles there. Certainly, I would say it is and has historically been stronger in Europe than in the US.

是的，我的意思是我們仍然公平、積極地看待風電市場。我們確實說過——或者我認為達倫在歐洲、中東和非洲地區的評論中說過，我們確實看到本季正在進行的風電項目帶來了一些好處，特別是在歐洲、中東和非洲地區。因此我們仍然看到那裡的需求狀況相當良好。當然，我想說，從歷史上看，歐洲的這種趨勢比美國更強勁。

That said, I think we still see opportunities here in the US market, some of the recent changes from administration here, I think, are more favorable than we initially expected. So we continue to put focus and resource behind that as appropriate.

話雖如此，我認為我們仍然在美國市場看到機會，我認為美國政府最近的一些變化比我們最初預期的更有利。因此，我們會繼續在適當的情況下專注並投入資源。

And we haven't changed our overall strategy. But at the same time, as you know, we have a focus on several kind of core vertical markets, including infrastructure, and we continue to see that play out well in terms of the investment levels that are going into that sector as well as rail where we continue to innovate for our customers, including some of the new products that we talked about this quarter. So we continue to apply focus in those other markets as well.

我們並沒有改變我們的整體策略。但同時，如您所知，我們專注於幾種核心垂直市場，包括基礎設施，我們繼續看到，在投入該領域和鐵路方面的投資水平方面，我們發揮了良好的作用，我們繼續為客戶進行創新，包括我們本季度談到的一些新產品。因此我們也將繼續關注其他市場。

Okay. I appreciate the color. Maybe just lastly, with the current tariff environment and maybe kind of a more sluggish industrial environment, have you seen any change in the appetite for M&A? Obviously, know it takes two to get a transaction done, but just any change in the environment for that? I appreciate it.

好的。我很欣賞這個顏色。最後，在當前的關稅環境和可能較低迷的工業環境下，您是否看到併購興趣有任何變化？顯然，知道完成一筆交易需要兩個人，但是環境有什麼改變嗎？我很感激。

Yeah, I would say -- I mean, broadly speaking from our perspective, the answer is no. We remain focused and committed to M&A as part of our overall growth strategy. As we've talked about multiple times, we continue to be very active on that front in terms of managing and proactively moving forward opportunities in our M&A funnel.

是的，我想說──我的意思是，從我們的角度來看，答案是否定的。我們將繼續專注於併購，並將其作為我們整體成長策略的一部分。正如我們多次談到的那樣，我們在管理和積極推進併購管道中的機會方面將繼續非常活躍。

I think from the end market perspective, we do see interest and appetite from potential sellers to engage in discussions. And so I'd say from that standpoint, really nothing has changed. Certainly, our focus on remaining highly disciplined, however, that as well has not changed.

我認為從終端市場的角度來看，我們確實看到潛在賣家對參與討論的興趣和意願。所以我想說，從這個角度來看，其實什麼都沒有改變。當然，我們對保持高度紀律性的關注也沒有改變。

So anything that we do has to be extremely rigorous in terms of meeting both strategic and financial hurdle rates. And I would say, we're certainly not afraid to walk away from things that don't meet those criteria or where the value expectation -- valuation expectations are simply unreasonable. So -- but we can continue to remain very active on that front.

因此，我們所做的任何事情都必須在滿足策略和財務障礙率方面極其嚴格。我想說的是，我們當然不怕放棄那些不符合這些標準或價值預期——估值預期根本不合理的東西。所以——但我們可以繼續在這方面保持活躍。

Great, I appreciate the time this morning. Thank you.

太好了，我很感謝今天早上的時間。謝謝。

Thank you.

謝謝。

Ross Sparenblek, William Blair. Please go ahead.

羅斯·斯帕倫布萊克，威廉·布萊爾。請繼續。

Hey, good morning. This is Sam Karlov on for Ross. So you provided a gross annualized tariff impact of $18 million, but is there any way to frame what the net impact of tariffs is expected to be in the fourth quarter and fiscal 2026?

嘿，早安。山姆·卡洛夫代替羅斯上場。因此，您提供的年度總關稅影響為 1800 萬美元，但有沒有辦法確定預計第四季和 2026 財年關稅的淨影響是多少？

I think when we look at the tariffs, obviously, you saw we laid out where the $50 million comes. I think from our goal for Enerpac is to really remain price cost neutral. So that's kind of the premise that we've had throughout this as the tariffs go up and down even in the second wave of tariffs that did come in, we purposely launched a surcharge, so we could kind of flex and be nimble with the market. But our goal remains to be price cost central.

我認為，當我們考慮關稅時，顯然你會看到我們已經列出了 5000 萬美元的來源。我認為我們對 Enerpac 的目標是真正保持價格成本中立。因此，這是我們一直以來秉持的前提，隨著關稅的上漲和下跌，甚至在第二波關稅出台時，我們也特意推出了附加費，這樣我們就可以靈活應對市場。但我們的目標仍然是以價格成本為中心。

Okay. That's helpful. And then just a couple on DTA. It looks like DTA sales were better than expected in the quarter, but still trending below the EUR20 million guidance. Has your expectation for the EUR20 million guidance changed?

好的。這很有幫助。然後是關於 DTA 的幾個問題。看起來 DTA 本季的銷售額好於預期，但仍低於 2,000 萬歐元的指導價。您對 2000 萬歐元指導價的預期有變化嗎？

Yeah, here's what I would say, Sam. I think the integration of DTA is continuing to go quite well. We're pleased with the progress we've made and certainly pleased -- continue to be pleased with the underlying investment thesis and the progress on the acquisition. I do think that the business will likely come in a bit shy of our original revenue guidance for the year.

是的，這就是我想說的，山姆。我認為 DTA 的整合進展得相當順利。我們對所取得的進展感到滿意，當然也對潛在的投資理論和收購進展持續感到滿意。我確實認為，今年的業務收入可能會略低於我們最初預期的水平。

But that said, revenue has increased on a sequential basis, particularly as Enerpac's operational discipline and our supply chain expertise is helping them improve their throughput in their facility in Spain. So we're continuing to see good progress there.

但話雖如此，收入還是連續增加，特別是因為 Enerpac 的營運紀律和我們的供應鏈專業知識正在幫助他們提高其西班牙工廠的產量。因此我們繼續看到那裡取得良好進展。

I'd say probably more importantly, particularly on a commercial basis. Orders at DTA are extremely strong, and we're seeing that play out in terms of the very successful cross-selling of their horizontal movement technology to our Enerpac existing distributor and customer base. And so for the year, I would say orders are tracking to more than EUR20 million.

我想說這可能更為重要，特別是從商業角度而言。DTA 的訂單非常強勁，我們看到他們的水平運動技術在我們現有的 Enerpac 分銷商和客戶群中非常成功地進行了交叉銷售。因此，我認為今年的訂單金額將超過 2000 萬歐元。

Got it. That's helpful. And then kind of a follow-up to that. how do tariffs impact -- US tariffs on Europe impact DTA's cross-selling ability into the US?

知道了。這很有幫助。然後是後續問題。關稅如何影響－美國對歐洲徵收的關稅如何影響 DTA 對美國的交叉銷售能力？

I mean, certainly, they will be subject to tariffs because currently, the equipment and the vehicles are produced in Spain. That said, we do see plenty of appetite from customers and opportunities here in the US market. By the way, our HLT products are made in Europe and the Netherlands as well. Those are subject to the US.

我的意思是，它們肯定會被徵收關稅，因為目前這些設備和車輛都是在西班牙生產的。話雖如此，我們確實看到美國市場客戶的巨大需求和大量機會。順便說一句，我們的 HLT 產品也是在歐洲和荷蘭製造的。這些都受美國管轄。

tariffs, but we've not seen, I would say, any diminishing demand profile from US customers for that equipment. So I think we continue to be -- have a fairly optimistic outlook both for -- and for DTA here in the US market. .

關稅，但我想說，我們並沒有看到美國客戶對該設備的需求有任何減少。因此我認為，我們對美國市場以及 DTA 的前景仍然持相當樂觀的態度。。

Got it. That's helpful. I'll leave it there. Thanks guys.

知道了。這很有幫助。我就把它留在那裡。謝謝大家。

Thank you.

謝謝。

Thanks.

謝謝。

Steve Silver, Argus Research.

史蒂夫·西爾弗（Steve Silver），阿格斯研究公司（Argus Research）

Thanks, operator, and thanks for taking my questions. I was hoping you guys could put some context around the pipeline size and the scalability for the new in-house innovation lab and maybe just some thoughts around previous new products, whether most of those were using outsourced vendors compared to your previous in-house capabilities and maybe the thoughts on the potential impact on overall R&D costs given the high number of SKUs in the portfolio.

謝謝接線員，謝謝您回答我的問題。我希望你們能夠介紹一下通路規模和新內部創新實驗室的可擴展性，或許還能介紹一下之前新產品的一些想法，與之前的內部能力相比，這些產品中是否大多數都使用外包供應商，以及考慮到產品組合中 SKU 數量眾多，對整體研發成本的潛在影響。

Yeah, good morning, Steve, thanks for the question. Look, I think historically, it was really a mix. Certainly, we had some in-house capabilities for prototyping previously before moving to our new headquarters in this innovation lab that we set up here, but we did utilize a lot of external vendors and services. And to some degree, that will still be required, of course, especially for specialty type services.

是的，早上好，史蒂夫，謝謝你的提問。看，我認為從歷史上看，這確實是一種混合。當然，在我們搬到這裡設立的創新實驗室的新總部之前，我們之前就已經具備了一些內部原型設計能力，但我們確實利用了許多外部供應商和服務。當然，從某種程度上來說，這仍然是必要的，特別是對於專業類型的服務。

But we're certainly pretty excited about the investment we've made in this innovation lab. And while I think there will be ultimately some cost advantages. And of course, in the slides, we highlighted a case study example of that. I think my view is that the much more significant benefit will be the time improvement that we make in terms of bringing new products to market.

但我們對於這個創新實驗室的投資確實感到非常興奮。但我認為最終還是會有一些成本優勢。當然，在幻燈片中，我們重點介紹了一個案例研究範例。我認為，更重要的益處是我們在將新產品推向市場方面所取得的時間改進。

We're able to dramatically reduce the time that it takes to prototype components and parts, literally from weeks to days or days to hours, as we talked about in this case study through the capital investments that we made in the facility here. So I do expect that, that will help increase the overall pace of our innovation and how quickly we can bring things to market.

透過對此處設施的資本投資，我們能夠大幅縮短製作零件原型所需的時間，從幾週縮短到幾天，或者從幾天縮短到幾小時，正如我們在本案例研究中所討論的那樣。所以我確實希望，這將有助於提高我們整體創新的速度以及我們將產品推向市場的速度。

I know our team is extremely excited about that, and they've already gotten to work, as you can see in utilizing these new tools and capabilities that we've added to our innovation labs. So I think from our perspective, it was a great investment. I think it will ultimately have a really strong return, both from a measurable dollars perspective, but ultimately, the impact on our innovation rate.

我知道我們的團隊對此感到非常興奮，他們已經開始工作，正如您所看到的，他們正在利用我們添加到創新實驗室的這些新工具和功能。所以我認為從我們的角度來看，這是一項偉大的投資。我認為它最終將帶來非常強勁的回報，不僅從可衡量的美元角度來看，而且最終對我們的創新率也有影響。

Great. That's helpful. And on a similar note, you guys mentioned on the last call that the first half of fiscal '25 was more focused on commercializing some of the fiscal year '24 launches but that second half of '25 would be more focused on new product innovation. Curious as to how Q3 played out compared to your expectations.

偉大的。這很有幫助。同樣地，你們在上次電話會議上提到，25 財年上半年將更專注於將 24 財年推出的一些產品商業化，而 25 財年下半年將更專注於新產品創新。好奇 Q3 的表現與您的預期相比如何。

Yeah, I think that's right. We certainly spent, I would say, more focus in the first half on continuing to commercialize some of the new products we launched in fiscal '24, and we're seeing that good progress. Many of the products we launched are continuing to ramp commercially and globally to good effect, and we're certainly excited about that. And we've added new capabilities and new launches to enhance or add complementary aspects to some of those new products, as an example, for our BTW product that we launched last fiscal.

是的，我認為是這樣。我想說，我們在上半年確實投入了更多精力繼續將我們在 24 財年推出的一些新產品商業化，而且我們看到了良好的進展。我們推出的許多產品在商業和全球範圍內持續受到歡迎，並取得了良好的效果，我們對此感到非常興奮。我們還增加了新的功能和新產品，以增強或補充某些新產品的方面，例如我們上個財年推出的 BTW 產品。

We've now launched calibration benches so that customers can get those products calibrated in region. And we were actually able to sell some of that calibration technology to some of our channel partners as well. So that is complementary to the launch of the BTW.

我們現在已經推出了校準台，以便客戶可以在該地區校準這些產品。事實上，我們也能夠將部分校準技術出售給我們的一些通路合作夥伴。這與 BTW 的推出相輔相成。

But then here in the second half and in Q3, we have brought some new products to market, for example, in the rail industry. Our team created a solution for pulling nails out of bridges, which really combines our new Enerpac pinpullers with a battery pump hoses couplers and a custom-made interface socket that connects with that pinpuller.

但在下半年和第三季度，我們向市場推出了一些新產品，例如鐵路行業。我們的團隊創造了一種從橋樑中拔出釘子的解決方案，該解決方案實際上將我們的新型 Enerpac 拔釘器與電池泵軟管接頭以及與該拔釘器連接的定制接口插座結合在一起。

So that's a new product that we launched here in Q3. That's specifically focused on the rail market, and that's just one example.

這是我們在第三季推出的新產品。這是專門針對鐵路市場的，這只是其中一個例子。

So I think we continue to have a good mix between focus on commercialization and ramp products we've launched, but also bringing new products to market. I'd say particularly focused on our key verticals that we've talked about.

因此，我認為我們將繼續在商業化和擴大已推出的產品之間取得良好的平衡，同時也將新產品推向市場。我想特別關注的是我們所討論的關鍵垂直領域。

Great, thanks for all the color and best of luck for the rest of the year navigating the challenging markets.

太好了，感謝您帶來的所有驚喜，並祝您在今年餘下的時間裡在充滿挑戰的市場中一切順利。

Okay, thank you.

好的，謝謝。

And this concludes our Q&A session. I will now turn the call back over to Paul for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給保羅，請他作最後發言。

Okay. Well, thanks again for joining us this morning. Enerpac will be participating in the CJS Annual New Ideas Summer Conference on July 10 and the Seaport Research Partners Annual Summer Conference on August 19 and 20. We hope to see you there. Thank you, and have a great weekend.

好的。好吧，再次感謝您今天早上加入我們。Enerpac 將於 7 月 10 日參加 CJS 年度新思想夏季會議，並於 8 月 19 日至 20 日參加海港研究合作夥伴年度夏季會議。我們希望在那裡見到您。謝謝，祝您週末愉快。

Thank you, everyone, for joining. This does conclude today's conference. You may now disconnect.

謝謝大家的參與。今天的會議到此結束。您現在可以斷開連線。