ESAB Corp (ESAB) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to the ESAB fourth-quarter 2024 conference call.

感謝您的支持，歡迎參加 ESAB 2024 年第四季電話會議。

(Operator Instructions) Thank you.

（操作員指示）謝謝。

I'd now like to turn the call over to Mark Barbalato, Vice President of Investor Relations.

現在，我想將電話轉給投資者關係副總裁 Mark Ba​​rbalato。

You may begin.

你可以開始了。

Thanks, operator.

謝謝，接線生。

Welcome to ESAB's fourth-quarter 2024 earnings call.

歡迎參加 ESAB 2024 年第四季財報電話會議。

This morning, I'm joined by our President and CEO, Shyam Kambeyanda; and CFO, Kevin Johnson.

今天早上，我們總裁兼執行長 Shyam Kambeyanda 和我一起出席了會議；和財務長凱文約翰遜（Kevin Johnson）。

Please keep in mind that some of the statements we are making are forward-looking and are subject to risks, including those set forth in our SEC filings and today's earnings release.

請記住，我們所做的一些聲明是前瞻性的並且受風險影響，包括我們向美國證券交易委員會提交的文件和今天的收益報告中所述的風險。

Actual results may differ, and we do not assume any obligation or intend to update these forward-looking statements except as required by law.

實際結果可能有所不同，除非法律要求，否則我們不承擔任何義務或打算更新這些前瞻性聲明。

With respect to any non-GAAP financial measures mentioned during the call today, the accompanying reconciliation information related to those measures can be found in our earnings press release and today's slide presentation.

對於今天電話會議中提到的任何非 GAAP 財務指標，與這些指標相關的隨附對帳資訊可在我們的收益新聞稿和今天的幻燈片簡報中找到。

With that, I'd like to turn the call over to our President and CEO, Shyam Kambeyanda.

說到這裡，我想把電話轉給我們的總裁兼執行長 Shyam Kambeyanda。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早安。

Thank you, all, for joining us today.

感謝大家今天的參與。

Let me begin by recognizing the tremendous effort of all of our associates.

首先，我要對我們全體同事所做的巨大努力表示讚賞。

Their commitment to our purpose and values, and their unyielding dedication to serving our customers enabled us to excel in a challenging environment.

他們對我們的目標和價值觀的承諾，以及他們為客戶服務的不懈奉獻精神使我們能夠在充滿挑戰的環境中脫穎而出。

Our teams globally continued to raise the bar with EBX, driving continuous improvement Kaizen at our manufacturing sites, enhancing sales processes to simplify doing business, and accelerating the pace of innovation to gain market share.

我們全球的團隊繼續透過 EBX 提高標準，推動製造基地的持續改進，增強銷售流程以簡化業務開展，並加快創新步伐以獲得市場份額。

The fourth quarter capped off another strong year, delivering record fourth-quarter profits, reducing the cyclicality of our business, and delivering over 100% in free cashflow conversion.

第四季又迎來了強勁的一年，實現了創紀錄的第四季度利潤，降低了業務的周期性，並實現了超過 100％ 的自由現金流轉換。

These achievements bring us closer to our 2028 goals.

這些成就使我們更接近2028年的目標。

2025 is off to a solid start, and we are determined to build on our momentum from 2024.

2025 年開局良好，我們決心延續 2024 年的好動能。

We will stay focused on innovation, shifting our mix, adding bolt-on acquisitions. and raising the bar on EBX to deliver differentiated financial results.

我們將繼續專注於創新、轉變業務組合、增加附加收購。並提高 EBX 標準以實現差異化的財務表現。

Turning to slide 3 to discuss our financial performance for the fourth quarter.

轉到投影片 3 來討論我們第四季的財務表現。

We delivered 90 basis points of margin expansion on flat organic growth and achieved a record fourth-quarter adjusted EBITDA margin of 20.3%.

我們在有機成長平穩的基礎上實現了 90 個基點的利潤率擴張，第四季度調整後 EBITDA 利潤率達到創紀錄的 20.3%。

This underscores our unwavering commitment to EBX and continuous improvement, enabling us to navigate and execute in a challenging market.

這強調了我們對 EBX 和持續改進的堅定承諾，使我們能夠在充滿挑戰的市場中導航和執行。

Let me reiterate, ESAB has an unmatched global footprint.

讓我重申一下，伊薩擁有無與倫比的全球影響力。

This is a significant competitive advantage.

這是一個顯著的競爭優勢。

And in today's context, our high-growth markets continue to offset softness in developed markets.

在現今的環境下，我們的高成長市場持續抵消已開發市場的疲軟。

In addition, our commercial EBX playbook and the introduction of exciting new products are capturing the attention of end users and customers alike.

此外，我們的商業 EBX 劇本和令人興奮的新產品的推出正在吸引最終用戶和客戶的注意。

One of the highlights of the quarter was our welding equipment product line, which rose high single digits in the quarter.

本季度的一大亮點是我們的焊接設備產品線，該產品線在本季度實現了高個位數的成長。

We have a track record of consistent strong cash flow generation, which we are deploying to execute our compound strategy.

我們擁有持續強勁的現金流產生記錄，我們正在利用它來執行我們的複合策略。

As a result of our efforts over the last eight years, ESAB is a less-cyclical, higher-margin, and stronger-cash flow business.

透過我們過去八年的努力，伊薩已經成為一家週期性較小、利潤率較高、現金流較強的企業。

Moving to slide 4 to discuss our 2024 highlights.

前往投影片 4 來討論我們 2024 年的亮點。

The team continued to execute and deliver on our commitments.

團隊繼續執行並兌現我們的承諾。

Adjusted EBITDA came in at the top of the range, and margin set a new record at 19.7%.

調整後 EBITDA 處於最高水平，利潤率創下 19.7% 的新紀錄。

Adjusted EPS and free cash flow conversion were well above our guidance.

調整後的每股盈餘和自由現金流轉換遠高於我們的預期。

Most importantly, our teams are passionate about our purpose of shaping the world we imagine and our shared vision of reaching our 2028 goals.

最重要的是，我們的團隊對塑造我們想像的世界的目標和實現 2028 年目標的共同願景充滿熱情。

Turning to slide 5 and bringing our team's passion to life for you.

翻到第 5 張投影片，為您呈現我們團隊的熱情。

I've been sharing stories that reflect the enthusiasm of our teams and the power of our enterprise to shape the world we imagine.

我一直在分享一些故事，反映我們團隊的熱情以及我們企業塑造我們想像的世界的力量。

This time, I would like to share how our teams are investing in our local communities.

這次，我想分享我們的團隊如何投資當地社區。

Our team in Europe has expanded our network of technical universities to further the education of young students who are passionate about the field of fabrication technology.

我們在歐洲的團隊已經擴大了我們的技術大學網絡，以進一步教育那些對製造技術領域充滿熱情的年輕學生。

We are organizing seminars and donating ESAB equipment as our associates volunteer their time to teach students welding techniques and the best safety practices.

我們正在組織研討會並捐贈 ESAB 設備，我們的員工自願抽出時間向學生傳授焊接技術和最佳安全實踐。

We kicked off The Ultimate Euro Tour and our Blue Collar Tour, traveling to different cities to highlight our products and solutions to customers, distributors, and future end users.

我們啟動了終極歐洲之旅和藍領之旅，前往不同的城市向客戶、經銷商和未來的最終用戶展示我們的產品和解決方案。

The Blue Collar Tour is particularly inspiring, making 30 stops in over 60 days visiting trade schools and high schools.

藍領之旅尤其鼓舞人心，在 60 多天的時間裡停留 30 站，參觀職業學校和高中。

Adding to our sustainability initiative, our GCE team collaborated with a key customer to build a fuel cell system used for backup emergency power.

除了我們的永續發展計畫之外，我們的 GCE 團隊還與一位重要客戶合作建立了一個用於備用緊急電源的燃料電池系統。

We believe in inclusivity at ESAB.

我們相信 ESAB 的包容性。

And I want to especially recognize our UK team who are engaging with Project Ore, which is an initiative that aims to bring new talent and diversity into our industry as it nurtures young talent regardless of background.

我要特別感謝參與 Project Ore 計畫的英國團隊，該計畫旨在為我們的行業帶來新的人才和多樣性，培養無論背景如何的年輕人才。

As always, I'm humbled and proud of the time our associates have volunteered to share their passion for our industry.

像往常一樣，我很榮幸能夠看到我們的同事自願分享他們對我們行業的熱情。

And I know it positively shapes the education and lives of future generations.

我知道它將對子孫後代的教育和生活產生積極的影響。

Moving to slide 6, over the next two slides, I would like to share what differentiates ESAB.

現在轉到第 6 張投影片，在接下來的兩張投影片中，我想分享 ESAB 的與眾不同之處。

We believe in the power of and.

我們相信和的力量。

We expect to find ways to take costs out of our business and invest a portion of these savings in innovation and growth.

我們希望找到方法來降低業務成本，並將部分節省的成本投資於創新和成長。

This slide provides you with an idea of what we're focused on over the next three years to improve margins, deliver stronger free cashflow, and achieve better-than-market growth.

這張投影片讓您了解我們未來三年的重點，以提高利潤率、提供更強勁的自由現金流並實現優於市場的成長。

I've mentioned before, we're in the middle innings of our EBX journey.

我之前提到過，我們正處於 EBX 之旅的中期。

At our leadership conference next week, we will be sharing our goals to accelerate our Kaizen activities and strengthen our continuous improvement process.

在下週的領導力會議上，我們將分享我們的目標，以加速我們的改善活動並加強我們的持續改進過程。

We're also training our leadership team with new tools for productivity, like AI, to drive back-office savings.

我們也正在培訓我們的領導團隊使用人工智慧等新的生產力工具來推動後台辦公室的節約。

We expect to generate $60 million in savings by 2028 through these activities.

我們預計到 2028 年透過這些活動將節省 6000 萬美元。

Moving to slide 7, we've invested over a $100 million in growth initiatives.

第 7 頁是我們看到的情況，我們已經在成長計畫上投資了 1 億多美元。

These initiatives include driving commercial excellence to expand our light automation and equipment portfolio, leveraging AI to enhance customer experience, supporting our sales force with targeted marketing programs to improve brand recognition, and funding university research to drive technological breakthroughs for future innovative products.

這些舉措包括推動商業卓越以擴大我們的輕型自動化和設備產品組合、利用人工智慧來增強客戶體驗、透過有針對性的行銷計劃支持我們的銷售團隊以提高品牌知名度，以及資助大學研究以推動未來創新產品的技術突破。

The results are exciting, with our new products improving our equipment mix and profitability.

結果令人興奮，我們的新產品改善了我們的設備組合和獲利能力。

The flywheel is turning, and we're just getting started.

飛輪正在轉動，我們才剛開始。

Moving to slide 8 to discuss the continuation of our compounder journey.

轉到幻燈片 8，討論我們複合旅程的延續。

During 2024, we added three fantastic acquisitions.

2024 年，我們進行了三次出色的收購。

And let me announce that we signed our first deal of 2025, Bavaria on Tuesday.

讓我宣布一下，我們在週二簽署了 2025 年的第一份協議，巴伐利亞州。

Bavaria expands our global consumer portfolio, and we will share more with all of you at a later date.

巴伐利亞擴大了我們的全球消費者組合，我們將稍後與大家分享更多資訊。

It is important to note that these deals were proprietary, allowing us to pay a competitive multiple.

值得注意的是，這些交易是專有的，使我們能夠支付具有競爭力的倍數。

And these acquisitions are EPS-accretive in year one.

這些收購在第一年就實現了每股收益增值。

In Q4, I had the opportunity to visit Sumig in Caxias do Sul in Brazil, a gem of a business nestled in the mountains of Rio Grande do Sul state.

第四季度，我有幸參觀了位於巴西南卡希亞斯的 Sumig 公司，這是一家坐落在南里奧格蘭德州山區的瑰寶。

This $35 million revenue asset extends our product line into higher-growth light automation and shifts our mix to higher-margin equipment in the Americas.

這項價值 3,500 萬美元的收益資產將我們的產品線擴展至成長更快的輕型自動化領域，並將我們的產品組合轉向美洲利潤率更高的設備。

We've spoken before about Linde Bangladesh and Sager.

我們之前談論過林德孟加拉公司和Sager。

Both businesses are integrating ahead of plan.

兩家公司正在提前進行業務整合。

These acquisitions demonstrate our ability to find accretive acquisitions around the world.

這些收購證明了我們在全球尋找增值收購的能力。

Coming back to the point I've made, we have top-tier talent in Colombia, the Indian subcontinent, and Brazil, allowing us to identify, pursue, acquire, and integrate these great businesses.

回到我剛才提到的觀點，我們在哥倫比亞、印度次大陸和巴西擁有頂尖人才，這使我們能夠發現、追求、收購和整合這些優秀的企業。

And lastly, the slide highlights our commitment to our discipline to ensure acquisitions meet both our strategic and financial goals.

最後，投影片強調了我們對紀律的承諾，以確保收購符合我們的策略和財務目標。

Turning to slide 9 and talking specifically about our financial metrics for the quarter.

翻到第 9 張投影片，具體討論一下本季的財務指標。

Total sales reflected flat organic growth, 200 basis points of growth from M&A, and a 500 basis points of FX headwind due to a strong US dollar.

總銷售額體現了平穩的有機成長、200 個基點的併購成長以及因美元走強而導致的 500 個基點的外匯逆風。

We were pleased with our standard automation and welding equipment performance during the fourth quarter.

我們對第四季度的標準自動化和焊接設備的表現感到滿意。

This reflects the channel's acceptance of our updated product portfolio and the commercial excellence initiative which continues to gain momentum.

這反映了通路對我們更新的產品組合和持續獲得發展動力的商業卓越計劃的接受。

Adjusted EBITDA improved by 90 basis points year over year, reaching a fourth-quarter record of 20.3%, driven by the successful implementation of EBX initiatives.

調整後 EBITDA 年成長 90 個基點，達到第四季創紀錄的 20.3%，這得益於 EBX 計畫的成功實施。

Turning to slide 10, focusing on our performance in the Americas.

翻到第 10 張投影片，重點介紹我們在美洲的表現。

Organic sales declined by 200 basis points, offset by strong price performance during the quarter of 400 basis points.

有機銷售額下降了 200 個基點，但本季價格表現強勁，抵消了 400 個基點的下降。

Acquisitions added 300 basis points, helping offset FX headwinds.

收購增加了 300 個基點，有助於抵消外匯不利因素。

During the quarter, we closed on Sumig, and the business is off to a great start with ESAB.

在本季度，我們完成了對 Sumig 的收購，並且與 ESAB 的業務合作有了良好的開端。

Adjusted EBITDA improved 210 basis points year over year, reaching a fourth-quarter record of 21.6%.

調整後 EBITDA 年比上漲 210 個基點，達到第四季創紀錄的 21.6%。

Moving to slide 11, another strong performance from our teams in Europe, Middle East, and Asia.

轉到第 11 張投影片，我們的歐洲、中東和亞洲團隊再次表現出色。

Total sales increased 300 basis points, and EBITDA margins were at 19.3%.

總銷售額成長了 300 個基點，EBITDA 利潤率為 19.3%。

During the quarter, volume increased by 400 basis points as we experienced strength in high-growth markets, and our teams continued to drive share gains in equipment and improve our mix.

本季度，由於我們在高成長市場中表現強勁，銷量增加了 400 個基點，並且我們的團隊繼續推動設備市場份額的成長並改善我們的產品組合。

The Linde Bangladesh acquisition performed well and added 200 basis points of growth.

林德孟加拉的收購表現良好，增加了200個基點的成長。

On that positive note, let me hand it over to Kevin for slide 12.

關於這一積極方面，請允許我將第 12 張投影片交給凱文 (Kevin)。

Thanks, Shyam.

謝謝，Shyam。

Good morning.

早安.

This year, we achieved another record free cash flow of $321 million.

今年，我們的自由現金流再創紀錄，達到3.21億美元。

We also attained a free cash flow conversion, exceeding 100%, supported by our continued deployment of our EBX business system and the advantages gained from the AI projects initiated in 2023.

由於我們持續部署 EBX 業務系統以及 2023 年啟動的 AI 專案所獲得的優勢，我們的自由現金流量轉換率也超過了 100%。

Our great cash performance meant we could pay down debt better than expected, ending the year with net leverage under 1.6 turns.

我們出色的現金表現意味著我們能夠比預期更好地償還債務，年底的淨槓桿率低於1.6倍。

This included spending $154 million and three terrific bolt-on acquisitions that Shyam discussed earlier.

其中包括花費 1.54 億美元以及 Shyam 之前討論過的三次出色的附加收購。

With our strong balance sheet and cash flow, we are positioned well to execute on our compounder journey.

憑藉我們強大的資產負債表和現金流，我們已做好準備，順利完成我們的複合成長之旅。

Moving now to slide number 13, we provide our 2025 guidance.

現在轉到第 13 張投影片，我們提供了 2025 年的指導。

We anticipate organic growth of 0% to 2% with both positive price and volume.

我們預期有機成長率為 0% 至 2%，價格和銷量均為正。

We expect a benefit of approximately 1.5 points from M&A, which will be offset by around 3.5 points of FX headwind due to a stronger US dollar, particularly in the first half of the year.

我們預計併購將帶來約 1.5 個百分點的收益，但由於美元走強（尤其是在今年上半年），外匯逆風將帶來約 3.5 個百分點的收益。

The guidance does not reflect the Bavaria acquisition, which will be updated upon its close.

該指引並未反映巴伐利亞的收購情況，該指引將在收購完成後進行更新。

Regarding seasonality, the quarterly breakdown is detailed on the slide.

至於季節性，幻燈片上詳細說明了季度細目。

We anticipate that organic growth will be flat in the first half of the year, with an improvement expected in the second half.

我們預計上半年有機成長將持平，下半年將有所改善。

This includes positive pricing throughout the year in both our segments.

這包括我們兩個部門全年的積極定價。

We foresee volumes in the Americas improving sequentially as we progress through the year due to more favorable year-over-year comparisons and some market improvement.

由於同比情況更為有利且市場有所改善，我們預計美洲地區的銷售量將隨著時間的推移而逐年提高。

Additionally, we expect continued strength in high-growth markets, particularly in the Middle East, India, and rest of Asia, resulting in low to mid-single-digit positive volume growth in our EMEA and APAC segments throughout the year.

此外，我們預計高成長市場將繼續保持強勁勢頭，特別是中東、印度和亞洲其他地區，導致全年歐洲、中東和非洲地區 (EMEA) 和亞太地區 (APAC) 板塊的銷量將實現低至中等個位數的正成長。

We project adjusted EBITDA of between $515 million and $530 million, reflecting a margin increase of about 70 basis points at the midpoint.

我們預計調整後的 EBITDA 在 5.15 億美元至 5.3 億美元之間，中間值反映出利潤率增加約 70 個基點。

We aim to generate approximately $25 million in savings during the year from EBX initiatives focused on productivity, back office, cost reduction, and restructuring, offset by $15 million investment growth initiatives, mainly for new welding equipment, gas control products, and AI.

我們的目標是，透過專注於生產力、後台辦公、降低成本和重組的 EBX 計劃，在年內節省約 2500 萬美元，並透過 1500 萬美元的投資增長計劃予以抵消，主要用於新的焊接設備、氣體控制產品和人工智慧。

Interest expense is expected to be within the range of $62 million to $65 million.

利息支出預計在 6,200 萬美元至 6,500 萬美元之間。

Additionally, we forecast an improvement in our adjusted tax rate at the midpoint of around 50 basis points.

此外，我們預測調整後的稅率中間值將提高約 50 個基點。

Finally, our cash flow conversion guidance is approximately 100%, as we continue to focus on maintaining a strong cash flow performance and an increasingly robust balance sheet to support our compounding strategy.

最後，我們的現金流量轉換指引約為 100%，因為我們將繼續專注於維持強勁的現金流量表現和日益穩健的資產負債表以支持我們的複合策略。

Let me hand back to Shyam now on slide 14 to wrap up.

現在讓我把投影片 14 交還給 Shyam 來總結。

Thank you, Kevin.

謝謝你，凱文。

To summarize, 2024 was another strong year of execution.

總而言之，2024 年又是執行力強勁的一年。

We launched over 100 new products and closed on three fantastic bolt-on acquisitions.

我們推出了 100 多種新產品，並完成了三次出色的附加收購。

We leveraged the power of EBX to achieve record EBITDA margins and generated better-than-100% free cash flow conversion.

我們利用 EBX 的力量實現了創紀錄的 EBITDA 利潤率，並產生了超過 100% 的自由現金流轉換。

We're off to a solid start to 2025.

我們已經為 2025 年做好了充分準備。

And as we continue to focus on improving our mix, we intend to take EBX up another notch to drive higher margins and strong cash flow.

隨著我們繼續致力於改善我們的產品組合，我們打算將 EBX 提升到一個新的水平，以提高利潤率和強勁的現金流。

Our acquisition funnel is full of high-quality assets that will help propel us towards our 2028 goals.

我們的收購管道充滿了優質資產，這將有助於我們實現 2028 年的目標。

We're laser focused on what we control.

我們全神貫注於我們所能控制的事物。

We have demonstrated agility and the ability to execute no matter what the business environment.

無論商業環境如何，我們都展現了敏捷性和執行能力。

The team is focused on creating long-term shareholder value.

該團隊致力於創造長期股東價值。

Thank you, all, for joining us this morning.

感謝大家今天早上參加我們的活動。

With that, operator, let's open the line for questions.

接線員，現在讓我們開始回答問題。

(Operator Instructions) Bryan Blair, Oppenheimer.

（操作員指示）布萊恩·布萊爾，奧本海默。

Thank you.

謝謝。

Good morning, guys.

大家早安。

Good morning.

早安.

It'd be great to hear a little more color on order patterns in early 2025.

如果能聽到更多關於 2025 年初訂單模式的細節那就太好了。

Obviously, emerging markets outgrowth has been notable through 2024, and that's expected through the cycle.

顯然，到 2024 年，新興市場的成長將非常顯著，這也是整個週期的預期。

And in terms of developed market activity that -- offsetting that sluggishness certainly a positive as well.

就已開發市場活動而言，抵銷這種低迷無疑也是件好事。

Just curious if there's been any shift. or you would call it any divergence and underlying trends to start the new year?

只是好奇是否發生了任何轉變。或者你會稱之為新年伊始的任何分歧和潛在趨勢？

Yeah, I think first, obviously, very proud of our team and our performance in 2024.

是的，我認為首先，我顯然對我們的團隊和我們在 2024 年的表現感到非常自豪。

I think our progress towards becoming a premier industrial compounder continues.

我認為我們將繼續朝著成為頂級工業複合材料製造商的目標邁進。

And as I mentioned in my script, we're off to a good start in 2025.

正如我在劇本中提到的那樣，我們在 2025 年將會有一個好的開始。

We sort of have gotten past January and the month was, in our view, a solid start.

我們已經度過了一月，在我們看來，這個月是一個好的開始。

Orders continue to be stable to slightly improving.

訂單繼續穩定並略有改善。

And that's actually both in the Americas and the rest of the world.

事實上，美洲和世界其他地區都是如此。

So that's been a good indication.

所以這是一個很好的跡象。

But it's early, Bryan.

但是現在還早，布萊恩。

I think it's important to sort of watch where things end up.

我認為觀察事情的最終結果很重要。

But I must say that we're happy with the start to 2025.

但我必須說，我們對 2025 年的開始感到高興。

I appreciate the color.

我很欣賞這個顏色。

And sort of a level setting question, the 2024 deals that were executed, what kind of accretion does your team expect in '25 from those assets?

這是一個設定水準的問題，對於 2024 年執行的交易，您的團隊預計這些資產在 25 年將實現什麼樣的增值？

And then any additional color you can offer on the deal environment would be great.

然後，如果您能在交易環境上提供任何額外的顏色，那就太好了。

Yeah.

是的。

I'll let Shyam answer the question around the deal environment.

我將讓 Shyam 回答有關交易環境的問題。

But, Bryan, I think as we've pointed out before in the three deals that have closed, our expectation is that they're at fleet or above fleet average in terms of EBITDA percentage.

但是，布萊恩，我認為，正如我們之前在已經完成的三筆交易中指出的那樣，我們預計它們的 EBITDA 百分比將達到或超過船隊平均水平。

And as Shyam mentioned during his part of the script, they're integrating very well.

正如 Shyam 在劇本部分提到的那樣，他們融合得非常好。

In fact, we're seeing them a little bit ahead of where we'd expected when we had prepared their white papers.

事實上，我們看到他們的表​​現比我們準備白皮書時預期的要好一些。

And in terms of what we have, I think I mentioned as I ended that the robust -- we have a robust funnel.

就我們所擁有的而言，我想我在結束時提到過，我們有一個強大的漏斗。

The fact that we signed our first deal on Tuesday was very encouraging, sets up well for the full year.

我們週二簽署了第一筆協議，這非常令人鼓舞，為全年的發展打下了良好的基礎。

We did three deals last year.

去年我們做了三筆交易。

I think our goal would be to sort of continue that kind of pace.

我認為我們的目標是繼續保持這種步伐。

But as you all know, it takes two to tango.

但眾所周知，單打獨鬥不行。

But we are optimistic about the funnel that we have and our ability to execute against it.

但我們對我們現有的管道和執行能力感到樂觀。

Understood.

明白了。

That's encouraging.

這令人鼓舞。

Thanks, guys.

謝謝大家。

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑弗里斯 (Jefferies)。

Hi, good morning.

嗨，早安。

So your guidance includes a ramp in America's volume.

因此，您的指導包括增加美國的產量。

You mentioned easy comps, but also improving market conditions.

您提到了容易的比較，但同時也提到了不斷改善的市場條件。

Can you talk about the drivers of this improving optimism as we go through the year?

能談談今年以來這種樂觀情緒不斷增強的驅動因素嗎？

Yeah, good morning, Saree.

是的，早上好，莎莉。

So a couple of things for us, and I spoke about it in prior calls as well.

對我們來說有幾件事，我在之前的電話會議中也談到了這一點。

Our equipment line is being accepted quite well, both in the distributor channel and with end users.

我們的設備系列在經銷商通路和最終用戶中都獲得了良好的認可。

So we see our commercial excellence program that's focused on shifting our mix -- of our business towards equipment continue to gain traction.

因此，我們看到，我們的商業卓越計劃專注於轉變我們的業務組合——向設備轉變，並繼續獲得發展動力。

We see our gas control business -- as some of you are now aware that we have a gem of a gas control business within ESAB.

我們看到我們的氣體控制業務——正如你們中的一些人現在意識到的那樣，我們在 ESAB 內部擁有一項寶貴的氣體控制業務。

That business continues to perform well in the Americas and has green shoots for growth.

該業務在美洲繼續表現良好，並顯示出成長的跡象。

And then we see a stabilization off of Q4 within our fabtech business to slightly improving conditions as the year goes on in the Americas.

然後，我們看到，隨著美洲地區業務的不斷發展，我們的晶圓技術業務在第四季度趨於穩定，狀況略有改善。

And so those three factors is what we've sort of put into our guidance for 2025.

我們已經將這三個因素納入了 2025 年的指導方針中。

I appreciate that color.

我很欣賞那個顏色。

And maybe sticking with the guidance, maybe you're looking for limited top-line growth this year.

也許堅持該指導方針，你可能會期待今年的營收成長有限。

But you're looking for 70 basis points of margin expansion as well.

但您也希望利潤率擴大 70 個基點。

So maybe just talk about the different drivers of the margin expansion expected for the year.

因此，也許只是談論預計今年利潤率擴大的不同驅動因素。

Yeah.

是的。

We've talked about margin expansion in the spirit of continuous improvement and what's in our DNA and in our culture at ESAB.

我們以持續改善的精神討論了利潤擴大，以及 ESAB 的 DNA 和文化。

I think the important piece that I'd like to state there that we look at cost-out opportunities and we look at opportunities to take some of that cost out and reinvest in our business.

我認為我想說的重要一點是，我們正在研究降低成本的機會，我們正在研究將部分成本削減並將其再投資於我們業務的機會。

And so when you look at the margin expansion levers that we have, the first one, obviously, is price.

因此，當您查看我們的利潤擴張槓桿時，第一個顯然是價格。

In this year, we're looking at value-based pricing, new product introductions to help us move our margins forward.

今年，我們正在考慮基於價值的定價和新產品的推出，以幫助我們提高利潤率。

The second aspect of it is EBX, continuous improvement and productivity gains that we expect to drive within our shop floor.

第二個面向是 EBX，也就是我們希望在車間內推動的持續改善和生產力提升。

And the third piece is back office and OpEx reduction using sort of the new technologies that are out there like AI, like data analytics, to drive margins forward.

第三部分是利用現有的新技術，如人工智慧、數據分析等，來降低後台辦公室和營運成本，進而提高利潤率。

And so the expansion story for us, as we talk about the midpoint of 70, has all those three factors in it.

因此，當我們談論 70 這個中點時，我們的擴張故事就包含了這三個因素。

Appreciate the color.

感謝色彩。

Thank you.

謝謝。

Mig Dobre, Baird.

米格·多布雷、貝爾德。

Thank you, and good morning, everyone.

謝謝大家，早安。

Maybe going back to your organic growth outlook, I'm curious if you can sort of break down what your assumptions are for the gas business specifically, and then maybe give us a little bit of context to how you think about equipment versus consumables.

也許回到您的有機成長前景，我很好奇您是否可以具體分解您對天然氣業務的假設，然後給我們一些關於您對設備和消耗品的看法。

The way I got to understood your comment, the gas business continues to grow pretty well.

根據我的理解，您的評論表明天然氣業務持續保持良好的成長勢頭。

Equipment seems to be gaining share.

設備的份額似乎正在增加。

So help us understand the moving pieces here in terms of how we get to the 1% midpoint.

因此，請幫助我們理解這裡的變動因素，即如何達到 1% 的中點。

Yeah.

是的。

The way to think about it is consumables flattish to maybe slight growth.

思考的方式是消耗品持平或可能略有成長。

And then you'd look at automation and gas control equipment being up slightly higher on the low single-digit piece.

然後你會看到自動化和氣體控制設備的低個位數略有上漲。

And then we see equipment be somewhere in the mid-single-digit range make for the year.

然後我們看到設備產量在今年的某個時候處於個位數的中等範圍內。

Okay, if I sort of put together those moving pieces, I guess, I end up with something that's a little bit higher than where you've guided.

好的，如果我將這些移動的碎片放在一起，我想，我最終會得到比你引導的位置稍微高一點的東西。

And that's kind of the thing that really stood out to me as I was looking at your outlook.

當我看到你的觀點時，這正是讓我印象深刻的。

It seems like 2024 was a tough year from a macro standpoint, from an end market standpoint.

從宏觀、從終端市場角度來看，2024 年似乎是艱難的一年。

I mean, that's what we kind of talked about throughout the past three to four calls.

我的意思是，這就是我們在過去三到四次通話中談論的內容。

And I'm wondering from your perspective, are things actually getting better?

我想知道從您的角度來看，情況是否真的變得更好了？

Do you have hope for things getting better in 2025?

您是否希望 2025 年的情況會變得更好？

Or is, essentially, the outlook just baking in the same sort of choppy and difficult environment that you had in 2024?

或者，從本質上講，前景是否仍像 2024 年一樣充滿動盪和困難？

Thank you.

謝謝。

Yeah, Mig, I think it's -- I mentioned this earlier.

是的，米格，我想是——我之前提到過這一點。

We're off to a good start to 2025, but the environment is still choppy.

2025 年我們已經有了良好的開端，但環境仍然不穩定。

We think it sort of stabilizes as the year goes on.

我們認為隨著時間的推移，情況會逐漸穩定下來。

And the second half has sort of a lot more traction than the first half.

而後半部比前半部更受關注。

But that being said, I think I mentioned earlier, we don't see things moving downward from where we finished Q4.

但話雖如此，我想我之前提到過，我們並不認為情況會從第四季末開始走下坡。

We've seen orders kind of stay positive to slightly better than how we ended the fourth quarter.

我們看到訂單狀況保持良好，略好於第四季末的情況。

And so all in all, we feel confident about our guide, but there's a lot of uncertainty out there.

總的來說，我們對我們的指南充滿信心，但還存在著許多不確定性。

And I think the way I ended the call was probably the best way that I could put it to you.

我認為我結束通話的方式可能是我能向您表達的最佳方式。

We surely can't control the environment that will come at us.

我們確實無法控制我們所面臨的環境。

And if it's positive, you can rest assured that this team will be driving ahead of that positivity.

如果結果是正面的，那麼你可以放心，這支球隊將會繼續保持這種積極性。

But if there is some uncertainty, we are also very confident in executing our plan to continue to grow margin, drive cash flow, and gain share.

但如果存在一些不確定性，我們也非常有信心執行我們的計劃，繼續增加利潤，推動現金流並增加份額。

Appreciate the color.

感謝色彩。

Thank you.

謝謝。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），斯蒂費爾（Stifel）。

Good morning, everyone.

大家早安。

Hi, Nathan.

你好，內森。

I guess, I'll start off with some more detail on the guidance.

我想，我將首先詳細介紹該指南。

Maybe you can split it up a little bit more by region.

也許你可以按照地區進一步細分一下。

Obviously, I think there's probably a fair difference in some of the regions in EMEA and APAC and maybe North and South America as well.

顯然，我認為歐洲、中東和非洲 (EMEA)、亞太地區 (APAC) 甚至北美和南美的一些地區可能也有相當大的差異。

So any color you can provide on your expectations in '25 for growth in various regions that make up the segment.

那麼，您可以提供任何關於 25 年該領域各個地區的成長預期嗎？

Yeah.

是的。

I think maybe the best way to look at it, Nathan, is the split between developed in high-growth markets.

內森，我認為也許最好的看待這個問題的方式是將其分為已開發市場和高成長市場。

As I say during my script, we are still seeing very strong markets in India, the Middle East.

正如我在腳本中所說，我們仍然看到印度、中東的市場非常強勁。

And we are seeing particularly in Southeast Asia quite a number of pockets of good growth expected this year.

我們看到，尤其是東南亞，今年預計會有不少地區出現良好的成長動能。

But the developed markets, Europe and North America, we're not seeing any deterioration in those markets.

但在已開發市場，歐洲和北美，我們並未看到任何惡化的情況。

But based on what we can see at the moment, our expectation is things stay fairly consistent with how we ended last year and then start to improve in the second half of the year, particularly in the Americas.

但根據我們目前所看到的情況，我們預計情況將與去年年底的情況保持一致，並在下半年開始改善，特別是在美洲。

Fair enough.

很公平。

I guess, I did have one question on the fourth-quarter results on the Americas price being at 4%.

我想，我確實對第四季美洲價格上漲 4% 的業績有一個疑問。

It wouldn't seem like inflation would have warranted that kind of price increase.

看起來通貨膨脹並不值得引起這種價格上漲。

Was that something that's value-based pricing, or was that more related to the strength in the US dollar that drove that price?

這是基於價值的定價嗎，還是更與推動價格的美元走強有關？

No, a lot of it was value-based pricing, as we sort of introduced new products into the regions and then some inflation-based pricing that was out there, Nathan.

不，很多都是基於價值的定價，因為我們將新產品引入到各個地區，然後根據當時存在的一些通貨膨脹來定價，內森。

But I think both our teams in North and South America did a really nice job with holding price, moving margins to a good spot.

但我認為我們北美和南美的團隊在保持價格、將利潤率調到一個良好水平方面做得非常好。

So very proud of that team.

我為那支球隊感到非常自豪。

We believe that that 210 basis points year-over-year improvement was solid.

我們認為，年成長 210 個基點是穩固的。

The team did a really nice job both on the operating side and on the price side.

無論在營運方面或價格方面，團隊都做得非常出色。

I guess, just to follow up then, it sounds -- I mean, you said positive volume, positive price in all the regions.

我想，只是為了跟進一下，聽起來 - 我的意思是，您說所有地區的銷售和價格都是正的。

And if you're at 1%, that probably means very low pricing that you're getting in 2024.

如果你的比例是 1%，這可能意味著你在 2024 年獲得的價格會非常低。

Is there the potential with new product introductions that drove some of that good pricing in the fourth quarter to carry over in '25, and maybe we see a little bit better pricing in the Americas than that kind of very low single digit you're looking at?

新產品的推出是否有可能將第四季度的良好定價延續到25年，也許我們會看到美洲的定價比您所看到的非常低的個位數更好一點？

I think -- and Nathan, I mean, we're pointed at the moment, a little bit higher on price in the Americas.

我認為——內森，我的意思是，我們目前所指出的美洲的價格略高一些。

But you're right, we're around about a point or so of price in that business.

但您說得對，我們在該業務中的價格大約在一個點左右。

I think as we launch new products, certainly, the value pricing is something we've been using EBX for.

我認為，當我們推出新產品時，我們肯定會使用 EBX 來進行價值定價。

We're learning more.

我們正在學習更多。

Of course, there's opportunities we go through at 2025 as we bring out these new products to actually price them a bit better and maybe do better than that number.

當然，2025 年我們還有機會推出這些新產品，讓它們的價格實際上更優惠一些，甚至可能比這個數字做得更好。

But at the moment, we feel confident with where we have positioned the guidance.

但目前，我們對所定位的指導充滿信心。

Awesome.

驚人的。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

(Operator Instructions) David Raso, Evercore ISI.

（操作員指示）David Raso，Evercore ISI。

Hi, thank you for the time.

你好，謝謝您抽出時間。

The Americas, can just be clear on the guidance?

美洲能明確一下指導意見嗎？

Do we see volumes turning positive during the year on a year-over-year basis in Americas?

我們是否看到今年美洲地區的銷售量較去年同期出現正成長？

In the fourth quarter, David, we see the margins turning positive.

大衛，在第四季度，我們看到利潤率轉為正值。

Volumes, yeah.

是的，數量。

Or volumes, sorry.

或卷，抱歉。

.

。

(inaudible) volumes.

（聽不清楚）音量。

Okay, terrific.

好的，太棒了。

And for Europe organically for '25, I'm just curious if you can give us some context around how you're looking at that business organically in '25.

對於 25 年歐洲的有機成長，我只是好奇您是否可以提供一些關於您如何看待 25 年歐洲業務的有機成長的背景資訊。

Yeah, our expectation organically is low to mid-single digits.

是的，我們的自然預期是低至中等個位數。

We expect fairly steady growth as we progress through the year.

我們預計，今年我們將實現相當穩定的成長。

And the low single digit, that was a decline?

那麼低個位數，那是下降嗎？

I think you're talking to -- all of rest of America or just Europe?

我想您是在和整個美國交談，還是只是在和歐洲交談？

Was your question just on Europe or

你的問題只是關於歐洲嗎？

--?

--？

Yeah, just Europe.

是的，僅限歐洲。

Sorry.

對不起。

I was answering -- yeah.

我回答說——是的。

I think Kevin was sort of that talking the whole world.

我認為凱文正在向全世界講話。

So I think slightly muted volumes for Europe.

因此我認為歐洲的交易量會稍微低一些。

I think the way to position that, David, is we have a really strong European business.

戴維，我認為定位這一點的方式是，我們擁有非常強大的歐洲業務。

Our team continues to gain share, and our performance in Europe, in my view, has been very strong.

我們的團隊繼續獲得份額，在我看來，我們在歐洲的表現非常強勁。

Volumes are muted, but what I would submit is that it's better than the Americas performance.

音量很低，但我想說的是，它的表現比美國的表現要好。

So think of it as muted in the first half, moving to slight growth in the second half, but better performance than the Americas volume number that you saw in Q4.

因此，可以認為上半年表現平淡，下半年將略有成長，但表現優於第四季的美洲銷售。

Great.

偉大的。

And one thing, too, on the currency translation for the international businesses.

另外還有一件事，關於國際業務的貨幣轉換。

I appreciate Americas is getting hurt -- the Brazilian reais, for example.

我知道美洲正在遭受損失——例如巴西雷亞爾。

But that there's no currency drag in the international of EMEA and APAC.

但歐洲、中東和非洲 (EMEA) 和亞太地區的國際市場並未受到貨幣拖累。

Can you explain that?

你能解釋一下嗎？

I'm just maybe not modeling it correctly, just given the dollar, euro.

我可能沒有正確地建模，只是給了美元和歐元。

And just trying to figure out which currencies are that helpful to keep it flat.

只是想弄清楚哪些貨幣有助於維持匯率平穩。

In terms of currency, the euro is a negative headwind, David, for us.

就貨幣而言，大衛，歐元對我們來說是一個負面逆風。

So we do expect some FX headwinds within the EMEA and APAC business.

因此，我們確實預期歐洲、中東和非洲地區以及亞太地區業務將面臨一些外匯阻力。

In fact, the euro is our biggest drag out of all of the currencies that we have.

事實上，在我們所有的貨幣中，歐元是我們最大的拖累。

Yeah.

是的。

I was just thinking the last quarter to the international -- it's international -- EMEA, APAC has been showing us currency neutral.

我只是在想上個季度的國際情況——國際情況——歐洲、中東和非洲地區、亞太地區一直向我們展示貨幣中性。

I'm just making sure if we're going forward.

我只是想確定我們能否繼續前進。

Just trying to figure out how it's been neutral the last couple quarters.

只是想弄清楚過去幾個季度它是如何保持中性的。

Maybe I was missing something on the rupee or something.

也許我忽略了盧比或其他東西。

I just was trying to figure out why (multiple speakers) yeah.

我只是想知道為什麼（多位發言者）是的。

In that division, really the currency that drives things the most is the euro.

在這個劃分中，真正發揮最大推動作用的貨幣是歐元。

And it'll be a consequence of the movements year over year in the euro.

這將是歐元逐年變動的結果。

Yeah, okay.

嗯，好的。

(multiple speakers)

（多位發言者）

But as we look through the full-year guidance, we are seeing quite a large headwind year over year on the euro.

但當我們回顧全年指引時，我們發現歐元年比遭遇了相當大的阻力。

And also do see the Indian rupee pop up as one of the currencies that is causing a little bit of headwind in terms of the full-year guidance.

而印度盧比也確實成為對全年指引造成一點阻力的貨幣之一。

And lastly, back to the question on pricing in Americas, at least it feels a bit conservative.

最後，回到美洲的定價問題，至少覺得有點保守。

What's in your order book?

您的訂單簿裡有什麼？

Is it already having the muted year-over-year price gains versus what you're posting?

與您發布的信息相比，其價格年漲幅是否已經減弱？

Or you're just assuming some anniversary where there's no further price?

或者您只是假設某個週年紀念日沒有進一步的價格上漲？

I'm just trying to understand why the price -- you've been doing a very good job on getting the price in Americas.

我只是想知道為什麼價格如此之高——你們在美洲的價格方面做得非常好。

And I'm just making sure I understand why it's guided now sort of largely going away, very little price for '25.

我只是想確保我理解為什麼現在它的指導價格基本上會消失，25 年的價格很低。

Is that already in the backlog or -- just trying to understand why pricing can't stay a little more positive.

這是已經積壓的事情了嗎，還是——只是想了解為什麼定價不能保持更積極一些。

Yeah.

是的。

I think the way to think about that there's moving pieces in there, depending on what steel does, David.

我認為思考其中的移動部件的方式取決於鋼鐵的作用，大衛。

So I think our assumptions right now is that at least we have not seen steel pricing jump.

因此我認為我們目前的假設是至少我們還沒有看到鋼鐵價格上漲。

And so it's a bit more muted on that particular side, on the consumable side.

因此，從消耗品方面來看，這一方面比較溫和。

On the equipment side, obviously, we feel very confident about the pricing.

在設備方面，顯然我們對定價非常有信心。

And so to answer your question, I think the assumption that we're taking in is that steel kind of stays where it's at, just slightly down as we go through the year.

所以要回答你的問題，我認為我們的假設是，鋼鐵價格將保持現狀，今年略有下降。

If things were to move the other way, as you know, we'd be sort of out there with some additional price.

如果事情朝另一個方向發展，那麼如你所知，我們將會收取一些額外的費用。

So like a tariff impact, I assume the contracts have an ability to pass it on pretty quickly if steel moved.

因此，就像關稅的影響一樣，我認為如果鋼鐵流動，合約很快就會將其轉嫁出去。

That's right.

這是正確的。

Thank you so much.

太感謝了。

I appreciate it.

我很感激。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

Hey, good morning.

嘿，早安。

Thank you so much.

太感謝了。

My first question is on FX.

我的第一個問題是關於外匯的。

Seems like you're modeling or expecting $90 million of FX headwind this year, year over year.

似乎你正在模擬或預計今年的外匯逆風將比去年同期增加 9,000 萬美元。

How much of EBITDA headwind would that be?

這會對 EBITDA 造成多大的不利影響？

I'm trying to understand if you have a rule of thumb for incremental or decremental margin related to FX?

我想知道您是否有與外匯相關的增量或減量保證金的經驗法則？

Yeah, as you know, we have a lot of our costs in the regions where we operate.

是的，如你所知，我們的許多成本都來自於我們經營所在的地區。

So we do have some element of natural hedge.

因此我們確實有一些自然對沖的因素。

So typically, for us, it's around about a 20% decremental we would expect on FX movements, positive or negative.

因此，對我們來說，通常會預期外匯走勢（無論是正向還是負向）會下降約 20%。

Got it.

知道了。

Okay, that's helpful.

好的，這很有幫助。

And then my other question is more geopolitical.

我的另一個問題則更與地緣政治有關。

Should Russia and Ukraine, the conflict resolve, do you see any opportunity in the near term is rebuilding in that region [begin to], or is that not a region where you have much exposure left?

如果俄羅斯和烏克蘭的衝突得到解決，您是否認為短期內該地區有重建的機會（開始），或者該地區是否不是您能涉足的領域？

Yeah.

是的。

I think first we are rooting for peace and sustained peace in the region.

我認為首先我們支持該地區的和平與持續和平。

If things were to get better and there was a reconstruction plan, we would expect ESAB to benefit from it.

如果情況好轉，並且有重建計劃，我們預計 ESAB 將從中受益。

But that is not in our numbers or in our forecasts.

但這並不在我們的數字或預測之內。

Got it.

知道了。

Okay.

好的。

Thank you.

謝謝。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop Capital Markets。

Hey, morning.

嘿，早安。

Thanks for taking the questions, guys.

謝謝大家回答這些問題。

I guess, first off, maybe a point of clarification, just to kick things off here.

我想，首先，也許需要澄清一點，只是為了開始這件事。

On the margin walk, you didn't highlight mix's benefit.

在保證金削減方面，你沒有凸顯組合的益處。

It seems like equipment still outgrowing -- gas control still outgrowing consumables.

看起來設備仍然在不斷增長——氣體控制仍然在不斷增長，消耗品仍然在增長。

I would assume there's kind of a continued mix tailwind there.

我認為那裡會存在著一種持續的混合順風。

So is that included in the margin walk?

那麼這包括在保證金調整中嗎？

Is that just part of the pricing?

這只是定價的一部分嗎？

Maybe kind of -- if you could put a little finer point on mix, that'd be helpful.

也許有點——如果你能對混合進行更精細的調整，那將會很有幫助。

Are you're talking about the 2025 guide, Chris, or are you talking about how we finished Q4 2025?

克里斯，你談論的是 2025 年指南，還是談論我們如何完成 2025 年第四季？

No, on the guide.

不，在指南上。

Sorry.

對不起。

Yeah.

是的。

So obviously, as equipment becomes a larger part of our business, that mix is beneficial to the margin, certainly one of the areas that we've been focused on as well as value pricing, as well as some additional restructuring efforts, as well as some of the efficiency improvements we're making in the back office, Chris.

因此顯然，隨著設備成為我們業務的更大組成部分，這種組合有利於利潤率，這當然是我們一直關注的領域之一，還有價值定價，一些額外的重組努力，以及我們在後台進行的一些效率改進，克里斯。

So it's definitely in the mix.

因此它肯定是其中之一。

I think the key thing that Shyam talked today about on the call is the fact that we're also creating an envelope, a window that's allowing us to continue to invest back in the business as well.

我認為 Shyam 今天在電話會議上談到的關鍵是我們也在創建一個信封，一個窗口，讓我們能夠繼續對業務進行投資。

So all of the savings that we're generating from all of those activities, they're not all flowing straight through to the bottom line because we're continuing to invest in the business for the future.

因此，我們從所有這些活動中產生的所有節省，並沒有全部直接流入利潤，因為我們將繼續對未來的業務進行投資。

And I think that's important, Chris, to understand.

克里斯，我認為理解這一點很重要。

And that really differentiates ESAB, the fact that we are taking costs out, creating some headroom, but more importantly, investing in the future.

而這正是伊薩的與眾不同之處，我們不僅削減了成本，創造了一些空間，更重要的是，投資於未來。

And we think that pays dividends over the long term to our shareholders.

我們認為，從長遠來看，這將為我們的股東帶來紅利。

Well, that's actually a great segue to my second question here.

嗯，這實際上很好地引出了我的第二個問題。

I guess, maybe can you guys break out maybe a couple of the key buckets for investment this year in '25?

我想，你們能否列出今年 25 年投資的幾個關鍵點？

I mean, is it additional product R&D?

我的意思是，這是額外的產品研發嗎？

Is it digital?

它是數字的嗎？

Maybe just if you could give us some color there, that'd be great.

也許如果你能給我們一些顏色，那就太好了。

Yeah.

是的。

Obviously, we've been talking since 2023 about AI, and that is continuing to be a focus area for Shyam, me, and our broader team.

顯然，我們從 2023 年就開始談論人工智慧，而這將繼續成為 Shyam、我以及我們更廣泛的團隊關注的領域。

We're not going to share all of the secret sauce on the call, but I can assure you we've got several projects in flight at different stages at the moment within the business.

我們不會在電話中分享所有的秘密，但我可以向你們保證，我們目前在業務的不同階段正在進行幾個專案。

We think that's an important area.

我們認為這是一個重要領域。

It's amazing just some of the opportunities that are coming across on back-office automation as well as customer service, which has been a big focus area for us for the back end of '24 and into '25, of how we can use AI to enable us to do that.

令人驚訝的是，後台自動化和客戶服務領域出現了一些機遇，這是我們在2024年末和2025年關注的重點領域，我們可以使用人工智慧來實現這些機會。

And then there's the commercial excellence initiatives that we kicked off a year or so ago, where we're looking at making sure we maximize our share of welding equipment.

然後，我們在大約一年前啟動了商業卓越計劃，旨在確保最大限度地提高我們的焊接設備份額。

And we've got a number of activities associated with that that we'll continue to invest in this year to make sure that we drive strong growth in welding equipment again in 2025.

我們開展了多項相關活動，今年將繼續投入，以確保 2025 年再次推動焊接設備的強勁成長。

Yeah.

是的。

I think just to add to what Kevin said, in some regions, as you can imagine, customers were ESAB buyers.

我想補充凱文所說的話，在某些地區，你可以想像，客戶是 ESAB 的買家。

And on the equipment side, what we're finding is that if we have targeted commercial strategies to those customers, we're able to go back and gain share.

在設備方面，我們發現，如果我們針對這些客戶制定有針對性的商業策略，我們就能回頭並獲得市場份額。

And our European team has done a really nice job with it, so as our South American team.

我們的歐洲團隊在這方面做得非常出色，南美洲團隊也是如此。

So really happy about the commercial excellence side.

因此，我對商業卓越方面感到非常高興。

And the other aspect of AI is that we're finding that it can also play a large role in design and development.

人工智慧的另一個面向是，我們發現它也可以在設計和開發中發揮重要作用。

And so we've been investing -- the other investment that Kevin did mention was with universities, as we kind of look to break through technologies that will reshape our portfolio for the future.

因此，我們一直在投資——凱文提到的另一項投資是針對大學的，因為我們希望突破技術，重塑我們未來的投資組合。

So really three aspects on that particular front.

因此，從這個特定方面來說，實際上有三個面向。

That's helpful.

這很有幫助。

Thanks so much for the color, guys, and best of luck in '25 here.

非常感謝你們為我帶來的顏色，祝你們 25 年好運。

Thank you.

謝謝。

Thank you.

謝謝。

Mig Dobre, Baird.

米格·多布雷、貝爾德。

Yeah, thank you.

是的，謝謝。

Just a very quick follow-up.

這只是非常快速的跟進。

So on slide 6, when you talk about EBX, you have this goal outline to reduce manufacturing footprint by 15% over the next three years.

因此在第 6 張投影片上，當您談到 EBX 時，您有一個目標大綱，即在未來三年內將製造足跡減少 15%。

And I'm curious if you can comment a little bit more on this.

我很好奇您是否可以對此發表更多評論。

I'm wondering two things.

我有兩件事想知道。

First, what sort of changes are you making here?

首先，您在這裡做出什麼樣的改變？

And is it more about kind of like shifting production into certain geographies?

這是否更像是將生產轉移到某些地區？

Anything else that we should know?

還有什麼我們該知道的嗎？

And what's the net effect of reducing the manufacturing footprint in terms of efficiency or your cost structure?

那麼從效率或成本結構的角度來看，減少製造足跡的淨效應是什麼？

Yeah.

是的。

On that left side of the slide, we should talk about kind of the improvement and the benefits of what we're doing on the right, both in manufacturing footprint and some back-office optimization.

在投影片的左側，我們應該討論在右側所做的改進和帶來的好處，包括製造足跡和一些後台優化。

The best way to think about it is that we acquire bolt-on and tuck-in acquisitions.

最好的思考方式是，我們進行附加收購和補充收購。

Our premise and thesis on most of it is that you pick up a business.

我們的前提和論點大部分是，你選擇一家公司。

You've got accretive margins.

您的利潤已增加。

You're able to tuck in -- tuck them into ESAB manufacturing sites, become more efficient, and as a result, drive more to the bottom line.

您能夠將它們納入 ESAB 製造基地，提高效率，從而增加利潤。

And so the assumption on that particular piece is no different.

因此對該特定部分的假設沒有什麼不同。

We brought some other actions underway as well on some legacy facilities, but we usually don't talk about them in much detail in these calls.

我們也對一些遺留設施採取了一些其他行動，但我們通常不會在這些電話會議中詳細討論這些行動。

But rest assured, what I wanted to communicate on that particular slide is that I often get a question about how far along are you?

但請放心，我在那張投影片上想要傳達的是，我常被問到這樣一個問題：你的進度如何了？

And do you have more to do in terms of EBX and optimization and footprint?

在 EBX、優化和佔用空間方面您還有更多工作要做嗎？

And I think the short answer is, we do.

我認為簡短的回答是，我們確實如此。

We have plenty to do, actually.

事實上，我們有很多事情要做。

In fact, I would submit that we had a strong year in 2024, but we could have done more.

事實上，我認為 2024 年是我們表現強勁的一年，但我們可以做得更好。

Well, I'm sure we'll feel the same way when we're done with 2025.

好吧，我相信當 2025 年結束時我們也會有同樣的感受。

And so this sort of just gives you a view of how we think about our footprint and what we think the opportunities will be as we acquire companies, and we take some of the companies that we've acquired and continue to make them more efficient.

因此，這只是讓您了解我們如何看待我們的足跡，以及我們在收購公司時認為會有哪些機會，並且我們會收購一些公司並繼續提高它們的效率。

Appreciate it.

非常感謝。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back over to Mark Barbalato for closing remarks.

現在我將把電話轉回給馬克‧巴巴拉托 (Mark Ba​​lbalato)，請他作最後發言。

Thank you for joining us today, and we look forward to speaking to you next quarter.

感謝您今天加入我們，我們期待下個季度與您交談。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。