Federal Signal Corp (FSS) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Federal Signal Corporation fourth quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Felix Boeschen, Vice President, Corporate Strategy and IR. Please go ahead.

各位朋友，歡迎參加聯邦訊號公司第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我很高興地向大家介紹公司策略與投資人關係副總裁 Felix Boeschen。請繼續。

Good morning, and welcome to Federal Signal's fourth quarter 2025 conference call. I'm Felix Boeschen, the company's Vice President of Corporate Strategy and Investor Relations. Also with me on the call today is Jennifer Sherman, our President and Chief Executive Officer; and Ian Hudson, our Chief Financial Officer.

早安，歡迎參加 Federal Signal 2025 年第四季電話會議。我是 Felix Boeschen，公司企業策略與投資人關係副總裁。今天和我一起參加電話會議的還有我們的總裁兼執行長珍妮佛謝爾曼，以及我們的財務長伊恩哈德森。

We will refer to some presentation slides today as well as to the earnings release, which we issued this morning. The slides can be followed online by going to our website, federalsignal.com, clicking on the Investor Call icon and signing into the webcast. We have also posted the slide presentation and the earnings release under the Investor tab on our website.

今天我們將參考一些簡報以及我們今天早上發布的盈利報告。您可以造訪我們的網站 federalsignal.com，點擊「投資者電話會議」圖標，登入網路直播，線上觀看投影片。我們也將幻燈片簡報和收益報告發佈在了我們網站的「投資者」標籤下。

Before I turn the call over to Ian, I'd like to remind you that some of our comments made today may contain forward-looking statements that are subject to the safe harbor language found in today's news release and in Federal Signal's filings with the Securities and Exchange Commission. These documents are available on our website.

在將電話交給伊恩之前，我想提醒各位，我們今天發表的一些評論可能包含前瞻性陳述，這些陳述受今天新聞稿和聯邦信號公司向美國證券交易委員會提交的文件中所包含的安全港條款的約束。這些文件可在我們的網站上查閱。

Our presentation also contains some measures that are not in accordance with US generally accepted accounting nil. In our earnings release and filings, we reconcile these non-GAAP measures to GAAP measures. In addition, we will file our Form 10-K later today.

我們的簡報中也包含一些不符合美國公認會計準則的措施。在我們的獲利報告和文件中，我們會將這些非GAAP指標與GAAP指標進行核對。此外，我們今天稍後將提交 10-K 表格。

Ian will start today with more detail on our fourth quarter and full year financial results. Jennifer will then provide her perspective on our performance, current market conditions, our multiyear growth initiatives and go over our outlook for 2026 before we open the line for any questions.

Ian今天將首先詳細介紹我們第四季和全年的財務表現。接下來，Jennifer 將就我們的業績、當前市場狀況、多年增長計劃發表她的看法，並展望 2026 年的前景，之後我們將開放提問環節。

With that, I would now like to turn the call over to Ian.

接下來，我想把電話交給伊恩。

Thank you, Felix. Our financial results for the fourth quarter and full year of 2025 are provided in today's earnings release. Before I talk about the fourth quarter, let me highlight some of our full-year consolidated results for 2025.

謝謝你，菲利克斯。我們在今天的財報中公佈了 2025 年第四季和全年的財務表現。在談到第四季之前，讓我先重點介紹一下我們 2025 年全年綜合業績。

Net sales for the year were $2.18 billion, a record high for the company and an increase of $319 million or 17% compared to last year. Organic net sales growth for the year was $205 million or 11%. Operating income for the year was $340.9 million, an increase of $59.5 million or 21% from last year. Net income for the year was $246.6 million, an increase of $30.3 million or 14% from last year.

該公司本年度淨銷售額為 21.8 億美元，創歷史新高，比上年增加了 3.19 億美元，增幅達 17%。本年度有機淨銷售額成長2.05億美元，增幅達11%。本年度營業收入為 3.409 億美元，較上年增加 5,950 萬美元，增幅達 21%。本年度淨收入為 2.466 億美元，較上年增加 3,030 萬美元，增幅達 14%。

Adjusted EBITDA for the year was $438.9 million, up $88.3 million or 25% compared to last year. That translates to a margin of 20.1% this year, up [130] basis points from last year. GAAP diluted EPS for the year equated to $4.01 per share of $0.51 per share or 15% from last year. On an adjusted basis, we reported record full year earnings of $4.23 per share of $0.89 per share or 27% from last year.

本年度調整後 EBITDA 為 4.389 億美元，比上年增長 8,830 萬美元，增幅達 25%。這意味著今年的利潤率為 20.1%，比去年提高了 130 個基點。本年度GAAP稀釋後每股收益為4.01美元，較上年每股收益0.51美元，成長15%。經過調整後，我們公佈了創紀錄的全年每股收益 4.23 美元，比去年每股收益 0.89 美元，成長 27%。

Orders for the year were $2.22 billion, an increase of $374 million or 20% from last year. Backlog at the end of the year was $1.04 billion, an increase of $45 million or 5% from last year.

本年度訂單金額為 22.2 億美元，較上年增加 3.74 億美元，增幅達 20%。截至年底，積壓訂單為 10.4 億美元，比上年增加了 4,500 萬美元，增幅為 5%。

For the rest of my comments, I will focus mostly on comparisons of the fourth quarter of 2025 to the fourth quarter of 2024.

接下來，我將主要關注 2025 年第四季與 2024 年第四季的比較。

Consolidated net sales for the quarter were $597 million, an increase of (technical difficulty) or 27% compared to last year. Organic net sales growth for the quarter was $85 million or 18%. Consolidated operating income in Q4 this year was $83.5 million, up $13.4 million or 19% compared to last year. Net income for the quarter was $60.8 million, an increase of $10.8 million or 22% from last year.

本季合併淨銷售額為 5.97 億美元，比去年同期成長 27%（技術性錯誤）。本季有機淨銷售額成長8,500萬美元，增幅達18%。今年第四季綜合營業收入為 8,350 萬美元，比去年同期成長 1,340 萬美元，增幅達 19%。本季淨收入為 6,080 萬美元，比去年同期增加 1,080 萬美元，增幅達 22%。

Consolidated adjusted EBITDA for the quarter was $119.4 million, up $30.1 million or 34% compared to last year. That translates to a margin of 20%, an increase of 110 basis points from last year. GAAP diluted EPS for the quarter was $0.99 per share, up $0.18 per share or 22% from last year. On an adjusted basis, EPS for Q4 this year was [$1] per share an increase of $0.29 per share or 33% compared to last year. Orders for the quarter were $647 million, up $201 million or 45% from last year.

本季綜合調整後 EBITDA 為 1.194 億美元，比去年同期成長 3,010 萬美元，增幅達 34%。這意味著利潤率為 20%，比去年增長了 110 個基點。本季GAAP稀釋後每股收益為0.99美元，較去年同期成長0.18美元，增幅達22%。經調整後，今年第四季每股收益為 1 美元，比去年同期成長 0.29 美元，增幅達 33%。本季訂單金額為 6.47 億美元，比去年同期成長 2.01 億美元，增幅達 45%。

Orders in Q4 this year included $132 million of acquired backlog.

今年第四季的訂單包括價值 1.32 億美元的收購積壓訂單。

In terms of our fourth quarter group results, ESG's net sales were $504 million, an increase of $108 million or 27% compared to last year. ESG's adjusted EBITDA for the quarter was $109 million, up $26.1 million or 31% compared to last year. That translates to an adjusted EBITDA margin of 21.6% in Q4 this year, up 70 basis points from Q4 last year. ESG reported total orders of $566 million in Q4 this year, an increase of [$301] million or 55% from last year.

就我們第四季集團業績而言，ESG 的淨銷售額為 5.04 億美元，比去年同期成長 1.08 億美元，增幅達 27%。ESG 本季調整後的 EBITDA 為 1.09 億美元，比去年同期成長 2,610 萬美元，增幅達 31%。這意味著今年第四季的調整後 EBITDA 利潤率為 21.6%，比去年第四季成長了 70 個基點。ESG 報告稱，今年第四季總訂單額為 5.66 億美元，比去年同期增加了 3.01 億美元，增幅達 55%。

SSG's fourth quarter sales were $93 million, up $17 million or 23% compared to last year. SSG's adjusted EBITDA for the quarter was $23.4 million, up $7 million or 43% from last year. SSG's adjusted EBITDA margin for the quarter was 25.2%, up 360 basis points from last year. SSG's orders for the quarter were generally in line with last year at approximately $82 million.

SSG第四季銷售額為9,300萬美元，較去年同期成長1,700萬美元，增幅達23%。SSG 本季調整後的 EBITDA 為 2,340 萬美元，比去年同期成長 700 萬美元，增幅達 43%。SSG本季的調整後EBITDA利潤率為25.2%，比去年同期成長了360個基點。SSG本季的訂單金額與去年同期基本持平，約8,200萬美元。

Corporate operating expenses in Q4 this year were $26.5 million compared to $10.5 million last year, with the increase primarily due to a $13 million increase in acquisition- and integration-related expenses.

今年第四季公司營運費用為 2,650 萬美元，而去年同期為 1,050 萬美元，成長的主要原因是收購和整合相關費用增加了 1,300 萬美元。

Turning now to the consolidated statement of operations, where the increase in net (technical difficulty) were $36.7 million improvement in gross profit. Consolidated gross margin for the quarter was 28.4%, up 30 basis points compared to last year. As a percentage of net sales, our selling, engineering, general and administrative expenses for the quarter were down 110 basis points from Q4 last year.

現在來看合併經營報表，淨利（技術難度）增加 3,670 萬美元，毛利提高 3,670 萬美元。本季綜合毛利率為 28.4%，較去年同期成長 30 個基點。本季銷售、工程、一般及行政費用佔淨銷售額的百分比比去年第四季下降了 110 個基點。

During the fourth quarter of this year, we recognized $13.3 million of acquisition-related expenses, up from $300,000 in Q4 last year. The increase included an aggregate expense of $6.8 million to increase the fair value of contingent consideration associated with the acquisitions of HOG and Standard as well as expenses incurred in connection with the acquisition of New Way.

今年第四季度，我們確認了 1,330 萬美元的收購相關費用，高於去年第四季的 30 萬美元。此次成長包括 680 萬美元的總支出，用於增加與收購 HOG 和 Standard 相關的或有對價的公允價值，以及與收購 New Way 相關的費用。

Other items affecting the quarterly results included a $1.3 million increase in amortization expense, a (technical difficulty) interest expense, a $200,000 reduction in other expense and the nonrecurrence of a $3.8 million pretax noncash pension settlement charge recognized in the prior year quarter.

其他影響季度業績的項目包括攤銷費用增加 130 萬美元、（技術困難）利息支出、其他費用減少 20 萬美元，以及去年同期確認的 380 萬美元稅前非現金退休金結算費用不再發生。

Income tax expense for the quarter was at $17.8 million, an increase of $4.9 million from last year, with the year-over-year change largely due to higher pretax income levels and the recognition of fewer discrete tax benefits in the current year quarter compared to the prior year. Our GAAP effective tax rate for full year 2025 was 24%, including discrete tax benefits. For 2026, we currently expect a tax rate of approximately 25%, excluding any discrete tax benefits.

本季所得稅費用為 1,780 萬美元，比去年同期增加 490 萬美元，年比變動主要歸因於稅前收入水準較高，以及與去年同期相比，本季確認的一次性稅收優惠較少。我們 2025 年全年的 GAAP 有效稅率為 24%，其中包括一次性稅收優惠。我們目前預計 2026 年的稅率約為 25%，不包括任何特殊稅收優惠。

On an overall GAAP basis, we therefore earned $0.99 per diluted share in Q4 this year compared with $0.81 per share in Q4 last year. To facilitate earnings (technical difficulty) GAAP earnings per share for unusual items recorded in the current or prior-year periods. In the current year quarter, we made adjustments to GAAP earnings per share to exclude acquisition and integration-related expenses, debt settlement charges and purchase accounting expense effects.

因此，以 GAAP 整體標準計算，我們今年第四季每股攤薄收益為 0.99 美元，而去年第四季每股攤薄收益為 0.81 美元。為了便於計算收益（技術難度），GAAP每股收益中已記錄了本年度或上年度期間的非經常性項目。在本季度，我們對 GAAP 每股盈餘進行了調整，以排除收購和整合相關費用、債務結算費用和購買會計費用的影響。

In the prior year quarter, we also excluded the pension settlement charge that I just noted. On this basis, our adjusted earnings in Q4 this year were $1.16 per share compared with $0.87 per share in Q4 last year.

上一季度，我們也排除了我剛才提到的退休金結算費用。根據此計算，我們今年第四季的調整後每股收益為 1.16 美元，而去年第四季的每股收益為 0.87 美元。

Looking now at cash flow, where we generated $97 million of cash from operations during the quarter, an increase of $7 million or 7% from Q4 last year. That brings our full year operating cash generation to $255 million, an increase of $23 million or 10% compared to last year. Early in the fourth quarter, we executed a new five-year (technical difficulty) credit facility, replacing the $800 million credit facility that was previously in place.

現在來看現金流，本季我們從經營活動中產生了 9,700 萬美元的現金，比去年第四季增加了 700 萬美元，增幅為 7%。這使得我們全年的營運現金流達到 2.55 億美元，比去年增加了 2,300 萬美元，增幅達 10%。第四季初，我們執行了一項新的五年期（技術困難）信貸安排，取代了先前實施的 8 億美元信貸安排。

During the fourth quarter, we completed the acquisition of New Way for an initial payment of approximately $413 million. And in early January, we completed the acquisition of Mega for an initial payment of approximately $45 million.

第四季度，我們完成了對 New Way 的收購，首付約為 4.13 億美元。1月初，我們完成了對Mega的收購，首付款約為4500萬美元。

Our current net debt leverage ratio remains at a comfortable level even after factoring in recent acquisitions. We ended the quarter with $501 million of net debt and availability under our credit facility of $925 million.

即使考慮到最近的收購，我們目前的淨債務槓桿率仍處於合理水平。本季末，我們的淨債務為 5.01 億美元，信貸額度下可用資金為 9.25 億美元。

With the increased borrowing capacity under our new credit facility, and our improved cash generation, we have significant flexibility to invest in organic growth initiatives, pursue additional strategic acquisitions like Mega, pay down debt and return cash to stockholders through dividends and opportunistic share repurchases. On that note, we paid (technical difficulty) a $5 million during the quarter, reflecting a dividend of $0.14 per share.

憑藉新的信貸安排帶來的更高借款能力和更充裕的現金流，我們有了更大的靈活性，可以投資於內生增長計劃，進行像Mega這樣的戰略收購，償還債務，並通過分紅和擇機回購股票向股東返還現金。有鑑於此，我們本季支付了（技術故障）500萬美元，相當於每股0.14美元的股息。

That concludes my comments. And I would now like to turn the call over to Jennifer.

我的發言到此結束。現在我想把電話交給珍妮佛。

Thank you, Ian. We are proud of our record-setting fourth quarter performance, which included new quarterly records across net sales, adjusted EPS and adjusted EBITDA, thanks to the outstanding results from both of our operating groups.

謝謝你，伊恩。我們為第四季度創紀錄的業績感到自豪，淨銷售額、調整後每股收益和調整後 EBITDA 均創下新的季度紀錄，這要歸功於我們兩個營運集團的出色表現。

Within our Environmental Solutions Group, we delivered 27% year-over-year net sales growth, a 31% increase in adjusted EBITDA and a 70 basis point improvement in adjusted EBITDA margin. Contributions from acquisitions, higher production levels and continued price realization were all meaningful year-over-year contributors.

在我們的環境解決方案集團，我們實現了27%的淨銷售額年增，調整後EBITDA成長了31%，調整後EBITDA利潤率提高了70個基點。收購帶來的收益、更高的產量水準以及持續的價格實現，都是年比業績成長的重要因素。

Given continued strong order levels and an extensive pipeline of internal market share expansion initiatives, we remain focused on building more (technical difficulty) our family of specialty vehicle businesses and reducing lead times for sewer cleaners and four-wheel sweepers.

鑑於訂單量持續強勁，以及內部市場份額擴張計劃的廣泛推進，我們將繼續專注於建造更多（技術難度較高）的特種車輛業務，並縮短下水道清潔車和四輪清掃車的交付週期。

These efforts to increase throughput across our manufacturing sites contributed to double-digit percent increases in net sales across several ESG product verticals, including sewer cleaners, safe digging trucks, street sweepers, metal extraction support equipment at road marking and line removal trucks.

我們為提高各製造基地的產能所做的努力，促成了多個 ESG 產品垂直領域淨銷售額兩位數百分比的增長，包括下水道清潔車、安全挖掘車、街道清掃車、道路標線金屬提取支援設備和劃線清除車。

From a capacity perspective, the combination of large-scale capacity expansions that we completed between 2019 and 2022, good access to labor and continued investments in several productivity-enhancing projects position us well to profitably absorb more volume into our existing footprint.

從產能角度來看，我們在 2019 年至 2022 年間完成了大規模產能擴張，良好的勞動力供應，以及對多個提高生產力項目的持續投資，使我們能夠以盈利的方式將更多的業務量納入我們現有的生產規模。

As in recent years, we expect approximately half of our annual CapEx expenditures in 2026 to be used on various growth initiatives, with the other half focused on maintenance investments.

與近年來一樣，我們預計 2026 年年度資本支出中約有一半將用於各種成長計劃，另一半將用於維護投資。

Shifting to aftermarkets where demand remains strong, aided by contributions from acquisitions; for the quarter, aftermarket revenue increased 20% year over year, primarily driven by higher demand for aftermarket parts, increased service activity and rental income growth.

轉向售後市場，需求依然強勁，這得益於收購帶來的貢獻；本季度，售後市場收入同比增長 20%，主要得益於售後市場零部件需求增加、服務活動增加和租賃收入增長。

We are identifying new attractive aftermarket parts growth opportunities across the enterprise and are highly energized by the long-term prospects of our internal Build More Parts initiative, whereby we are vertically integrating certain parts production. Over a multiyear time line, this initiative will allow our teams to drive increased recurring parts revenue streams like expanding margins.

我們正在全公司範圍內尋找新的、有吸引力的售後市場零件成長機會，並且對我們內部「生產更多零件」計劃的長期前景感到非常振奮，該計劃旨在垂直整合某些零件的生產。從長遠來看，這項計劃將使我們的團隊能夠推動增加經常性零件收入來源，例如擴大利潤率。

Additionally, our aftermarket teams are working diligently to integrate our most recent acquisitions (technical difficulty).

此外，我們的售後市場團隊正在努力整合我們最近收購的公司。（技術難題）

Shifting to our Safety and Security Systems Group, the team delivered another excellent quarter with 23% top line growth, a 43% increase in adjusted EBITDA and a 360 basis point improvement in adjusted EBITDA margin. This improvement was primarily driven by a combination of volume, increases for public safety equipment in the US and in Europe, proactive price cost management and realization of certain cost savings.

再來看我們的安全系統集團，團隊又取得了一個出色的季度業績，營收成長了 23%，調整後 EBITDA 成長了 43%，調整後 EBITDA 利潤率提高了 360 個基點。這項改進主要得益於美國和歐洲公共安全設備需求量的成長、積極的價格成本管理以及某些成本節約措施的實施。

Our SSG teams are laser-focused on new product development initiatives, while surgically targeting underpenetrated customer cohorts and regions, a strategy that is yielding share gains. Additionally, we expect the recent addition of a fourth printed circuit board manufacturing line at our University Park facility to drive additional efficiency improvements in 2026.

我們的 SSG 團隊專注於新產品開發計劃，同時精準瞄準滲透率較低的客戶群和地區，這項策略正在帶來市場份額的成長。此外，我們預計，最近在大學園區工廠新增的第四條印刷電路板生產線將在 2026 年進一步提高效率。

Lastly, we had another strong year of cash (technical difficulty) $55 million of cash generated from operations. For the full year, our cash conversion was 103%, slightly ahead of our annual target of 100%.

最後，我們又迎來了強勁的現金流年（技術性困難），營運活動產生的現金流為 5,500 萬美元。全年現金轉換率為 103%，略高於我們 100% 的年度目標。

Before I shift to current market conditions, I would like to spend a moment to update you on our Refuse truck distribution strategy in Canada now that we have completed the acquisition of New Way.

在介紹當前市場狀況之前，我想花一點時間向大家介紹我們在加拿大的垃圾車分銷策略，因為我們已經完成了對 New Way 的收購。

As many of you know, we have extensive internal experience in the rough use market as we have been distributing third-party Labrie refuse trucks through our Joe Johnson Equipment sales channel for more than 20 years, primarily in Canada. This existing internal refuse service infrastructure and sales expertise was an important synergy consideration as part of the New Way transaction.

正如你們許多人所知，我們在重型設備市場擁有豐富的內部經驗，因為 20 多年來，我們一直透過 Joe Johnson Equipment 銷售通路分銷第三方 Labrie 垃圾車，主要在加拿大。現有的內部垃圾處理服務基礎設施和銷售專業知識是新路交易中一項重要的協同效應考量。

Prior to the acquisition, Neway had not penetrated the Canadian market at scale, creating unique market share growth opportunities for us starting in [2026]. As such, beginning in the fourth quarter of 2025, we stopped taking orders for third-party Labrie refuse trucks and instead begin selling new way through our Joe Johnson network in Canada.

在收購之前，Neway尚未大規模滲透加拿大市場，這為我們創造了獨特的市佔率成長機會。[2026]因此，從 2025 年第四季開始，我們停止接受第三方 Labrie 垃圾車的訂單，而是開始透過我們在加拿大的 Joe Johnson 網路以新的方式進行銷售。

Given these dynamics, we have provided additional disclosures in this morning's earnings presentation outlining our historical third-party Labrie wrap use orders and sales levels to facilitate more appropriate comparisons. We will continue to provide this reconciliation as we move through 2026.

鑑於這些動態，我們在今天早上的收益報告中提供了額外的披露信息，概述了我們以往的第三方 Labrie 包皮使用訂單和銷售水平，以便進行更恰當的比較。我們將繼續在2026年期間提供此和解方案。

From a financial perspective, we expect to deliver the remaining $80 million of third-party Labrie backlog over the next four quarters and eventually wind that backlog down to zero. As we wind down the sale of these lower-margin third-party rep use trucks and increased new waste sales in Canada, we expect to realize margin tailwinds in 2027 and 2028.

從財務角度來看，我們預計將在未來四個季度內交付剩餘的 8,000 萬美元第三方 Labrie 積壓訂單，並最終將該積壓訂單降至零。隨著我們逐步減少這些利潤較低的第三方代理使用卡車的銷售，以及加拿大新增垃圾處理業務的成長，我們預計在 2027 年和 2028 年將實現利潤成長。

Shifting to current market conditions. On an underlying basis, excluding the impact of acquired backlog and third-party refuse orders Q4 orders increased $64 million or 14% year over year with improved demand across both our publicly funded and industrial product lines. Within product lines, we experienced particular strength in sewer cleaners, safe digging and vacuum trucks, fueled by continued demand for infrastructure and water projects in North America and rising safe digging adoption within the US.

適應當前市場狀況。從根本上講，不計收購積壓訂單和第三方拒收訂單的影響，第四季度訂單同比增長 6,400 萬美元，增幅達 14%，這得益於我們公共資助產品線和工業產品線的需求均有所改善。在產品線方面，由於北美對基礎設施和水利工程的持續需求以及美國安全挖掘技術的日益普及，我們在下水道清潔器、安全挖掘設備和真空吸污車方面表現尤為強勁。

Similarly, we are seeing especially constructive demand environments for our metal extraction support equipment and road marking and line removal products.

同樣，我們看到市場對我們的金屬提取輔助設備和道路標線清除產品的需求環境也特別積極。

Lastly, I wanted to provide some context around our backlog, which stood at $1.04 billion at the end of fourth quarter, up approximately 5% year over year. When I first became CEO, we put in a multiyear growth strategy aimed at building a best-in-class specialty vehicle and industrial equipment growth company while decreasing the cyclicality of earning streams. As we've executed this strategy both organically and through M&A, the composition of our product portfolio has changed over time.

最後，我想就我們的積壓訂單情況提供一些背景信息，截至第四季度末，積壓訂單金額為 10.4 億美元，同比增長約 5%。當我剛擔任執行長時，我們制定了一項多年成長策略，旨在打造一流的特種車輛和工業設備成長型公司，同時降低獲利流的周期性波動。隨著我們透過自身發展和併購來執行這項策略，我們的產品組合組成也隨之改變了。

Consequently, our business has become less backlog intensive compared to historical periods. In fact, many of our least cyclical and fastest-growing product lines such as aftermarket parts are not really backlog relevant at all. To illustrate this impact in 2025, net sales of our backlog intensive products, which include vacuum trucks, street sweepers, metal extraction support equipment refuse trucks, road marking and line removal trucks; comprised approximately 45% of our sales compared to more than 50% in 2015.

因此，與歷史時期相比，我們的業務積壓情況有所減少。事實上，我們許多週期性最小、成長最快的產品線，例如售後零件，與積壓訂單根本無關。為了說明這項影響，到 2025 年，我們積壓訂單密集產品的淨銷售額（包括真空吸污車、街道清掃車、金屬提取輔助設備、垃圾車、道路標線和劃線清除車）約占我們銷售額的 45%，而 2015 年這一比例超過 50%。

While we internally continue to view backlog as an important metric and our current backlog provides excellent visibility for certain product lines throughout the next 6 to 12 months, the overall importance of backlog relative to enterprise-wide forward sales has decreased over time as we have decreased the cyclicality of the business.

雖然我們內部仍然將積壓訂單視為一項重要指標，並且我們目前的積壓訂單為未來 6 到 12 個月內某些產品線提供了極佳的可見性，但隨著我們降低了業務的周期性，積壓訂單相對於企業整體未來銷售額的重要性已經逐漸降低。

As a reminder, consistent with our long-term growth strategy through cycles, we target annual low double-digit top line growth split roughly evenly between inorganic and organic growth.

再次提醒大家，根據我們長期成長策略，我們的目標是每年實現兩位數的低成長，其中無機成長和有機成長大致平均分配。

Looking ahead to 2026, we are laser-focused on driving three critical multiyear growth initiatives forward that will benefit the company for years to come. First, the successful integration of our recently acquired businesses; second, new product development; and third, continuing to strengthen the (technical difficulty) power of our platform.

展望 2026 年，我們將全力推動三項關鍵的多年成長計劃，這將使公司在未來幾年受益。首先，成功整合我們近期收購的業務；其次，開發新產品；第三，持續增強我們平台的（技術難度）能力。

Let me share a couple of highlights. First, our teams are moving full steam ahead with the integration of Neway. As a reminder, we remain committed to achieving our targeted $15 million to $20 million in annual synergies by the end of 2028, with approximately half of those synergies tied to cost savings and the other half tied to various sales synergies, including the increased penetration of the Canadian market, dealer development, aftermarket parts optimization sales channel alignment and new product development.

讓我分享幾個亮點。首先，我們的團隊正在全力推動 Neway 的整合工作。再次提醒大家，我們仍致力於在 2028 年底前實現每年 1500 萬至 2000 萬美元的協同效應目標，其中大約一半的協同效應與成本節約有關，另一半與各種銷售協同效應有關，包括提高加拿大市場的滲透率、經銷商發展、售後市場零件優化、銷售渠道調整和新產品開發。

Consistent with the outlook we provided our September acquisition announcement call, we are expecting the acquisition of New Way to be approximately adjusted EPS neutral in 2026, inclusive of a preliminary estimate of intangible asset amortization expense.

與我們在 9 月收購公告電話會議上提供的展望一致，我們預計收購 New Way 將在 2026 年實現調整後每股收益中性，其中包括對無形資產攤銷費用的初步估計。

kSecond, we were pleased to close the acquisition of Mega Equipment last month. Mega is a manufacturer (technical difficulty) parts and equipment for the metal extraction support equipment sector. We have been following them for a number of years, having identified the company as a highly complementary asset to our ground force and Toho businesses. We believe Mega can accelerate several of our strategic growth initiatives within this space. As an example, Mega will substantially increase our reach into certain underpenetrated geographic regions such as South America.

kSecond，我們很高興上個月完成了對 Mega Equipment 的收購。Mega是一家為金屬提取輔助設備產業生產零件和設備的製造商（技術難度較高）。多年來，我們一直在關注他們，因為我們認為該公司與我們的地面部隊和東寶業務高度互補。我們相信 Mega 可以加速我們在該領域的幾項策略成長計劃。例如，Mega 將大幅提升我們在南美洲等一些滲透率較低的地區的業務覆蓋範圍。

As we optimize our combined sales channel between ground force, Toho and Mega, we see important cross-selling opportunities similar to the playbook we have been deploying since 2022.

隨著我們不斷優化地面部隊、東寶株式會社和美高株式會社之間的聯合銷售管道，我們看到了重要的交叉銷售機會，這與我們自 2022 年以來一直在實施的策略類似。

We also see incremental opportunities to accelerate Mega's aftermarket parts business, which has historically represented about 25% of Mega's net sales. And we have identified several operational benefits, including production savings and freight cost (technical difficulty). From a financial perspective, Mega generated approximately $40 million in net sales over the last 12 months, and we expect the acquisition to be modestly accretive to cash flow and EPS in 2026.

我們還看到了加速 Mega 售後零件業務發展的額外機會，該業務歷來佔 Mega 淨銷售額的 25% 左右。我們也發現了一些營運方面的優勢，包括生產成本節約和運輸成本降低。（技術難題）從財務角度來看，Mega 在過去 12 個月中創造了約 4,000 萬美元的淨銷售額，我們預計此次收購將在 2026 年略微增加現金流和每股盈餘。

Third, we continue to invest in our internal centers of excellence to widen our competitive advantage within the niche markets that we operate. In 2026, we see specific opportunities to drive several sales, new product development and dealer optimization initiatives bored across our vacuum truck street sweepers, multipurpose maintenance vehicle, refuse collection, road marking and safety and security systems verticals.

第三，我們將繼續投資內部卓越中心，以擴大我們在所經營的細分市場中的競爭優勢。2026 年，我們看到了一些具體的機會，可以推動多項銷售、新產品開發和經銷商優化計劃，這些計劃涵蓋我們的真空卡車街道清掃車、多用途維護車輛、垃圾收集、道路標線以及安全和安保系統垂直領域。

As part of this strategy, we acquired certain assets and territory rights in Texas in the fourth quarter, which we think will allow us to increase market share for several key product lines.

作為該策略的一部分，我們在第四季度收購了德州的某些資產和地域權，我們認為這將使我們能夠提高幾個關鍵產品線的市場份額。

Turning now to our outlook. With the ongoing execution against our strategic initiatives, current demand backdrop, we are confident that we will have another record year in 2026. For the full year, we are anticipating net sales of between $2.55 billion and $2.65 billion and adjusted EPS between $4.50 and $4.80 per share notwithstanding an aggregate $0.16 per share headwind from higher acquisition-related intangible asset amortization expense and the normalization of our tax rate.

現在來談談我們的展望。隨著我們策略舉措的持續推進和當前市場需求的穩定，我們有信心在 2026 年再創佳績。儘管與收購相關的無形資產攤銷費用增加以及稅率正常化將帶來每股 0.16 美元的不利影響，但我們預計全年淨銷售額將在 25.5 億美元至 26.5 億美元之間，調整後每股收益將在 4.50 美元至 4.80 美元之間。

At the midpoint, this outlook would represent another year of double-digit growth and the highest adjusted EPS level in the company's history. In line with our typical seasonal patterns, we expect Q1 net sales and earnings to be lower than subsequent quarters due to less aftermarket revenue capture.

從中位數來看，這一預期意味著公司將連續第二年實現兩位數成長，並創下公司歷史上最高的調整後每股盈餘水準。根據我們典型的季節性規律，由於售後市場收入減少，我們預計第一季淨銷售額和收益將低於後續季度。

Lastly, we expect CapEx to be between $45 million and $55 million for the year, which includes (technical difficulty) enhancing projects. In closing, I want to express my profound thanks to all of our employees, suppliers, dealer partners, customers and stakeholders for a tremendous 2025.

最後，我們預計今年的資本支出將在 4,500 萬美元至 5,500 萬美元之間，其中包括（技術難度）改善項目。最後，我要向我們所有的員工、供應商、經銷商合作夥伴、客戶和利害關係人致以最誠摯的謝意，感謝他們共同成就了輝煌的2025年。

With that, we are ready to open the lines for questions. Operator?

接下來，我們將開放提問環節。操作員？

(Operator Instructions) Tim Thein, Raymond.

（操作說明）蒂姆·泰恩，雷蒙德。

Can you hear me okay? First question, just on the call the midpoint of $26 billion -- $2.6 billion in revenues. Apologies if I missed this. Is there a way to parse out? I'm not sure if you updated what you're expecting in terms of New Way and Mega and other acquisition impacts.

你聽得清楚我說話嗎？第一個問題，電話會議上提到的中間值是 260 億美元——營收為 26 億美元。如果我錯過了這則訊息，請見諒。有什麼方法可以解析出來嗎？我不確定您是否更新了您對 New Way、Mega 和其他收購影響的預期。

Just trying to parse out organic versus relative to that number?.

我只是想弄清楚有機產品和相對於這個數字的產品之間的差異。

Yes, sure, Tim. I'll take this. So if you think of the guide -- the revenue guide, obviously, on the -- in the aggregate, 17% to 20% -- sorry, 17% to 22% year-over-year growth, that's about 5% to 9% is organic and the rest would be contributions from New Way and Mega. So that's how it breaks down.

當然可以，提姆。我要這個。所以，如果你看看這份指南——顯然是指收入指南——總體而言，同比增長 17% 到 20%——抱歉，是 17% 到 22%，其中大約 5% 到 9% 是內生增長，其餘部分則來自 New Way 和 Mega。這就是它的構成方式。

And then the midpoint, that's squarely in line with what we've delivered really since 2015, our organic growth has been a CAGR of about 7%. So that's squarely in line with the guide.

而中點則與我們自 2015 年以來實際取得的成績完全一致，我們的有機成長年複合成長率約為 7%。這完全符合指南的要求。

Yes. Okay. Excellent. And then just on the order trends, and I'm sure you have a perfect visibility as to every order placed and what the motivation is behind it. But I'm just curious maybe what feedback, if any, you hear from dealers in terms of -- or maybe how you're seeing that order board fill out, meaning are there any signs of maybe customer one we get ahead of a prebuy, meaning more of those orders may be coming later in the year?

是的。好的。出色的。然後，就訂單趨勢而言，我相信您對每一筆訂單及其背後的動機都瞭如指掌。但我只是好奇，您是否從經銷商那裡聽到任何反饋，或者您是否看到訂單板的填充情況，也就是說，是否有任何跡象表明我們在預購之前就能收到客戶訂單，這意味著今年晚些時候可能會有更多此類訂單？

Or -- just curious as to what, if any, impact do you think that is having in terms of order activity.

或者——只是好奇您認為這會對訂單活動產生什麼影響（如果有的話）。

Yes, I'll start with the prebuy discussion. We see -- there's been a lot of discussion around this. We have not baked any meaningful pre-buy into our guidance. We're going to continue to monitor it, and we will be prepared to respond to it.

是的，我先從購買前的討論開始。我們看到——圍繞這個問題已經有很多討論了。我們的指導方針中並未包含任何有意義的提前買入建議。我們將繼續密切關注事態發展，並做好應對準備。

So -- the other thing I would pretty -- I would add there is publicly funded customers don't materially engage in prebuying. So with respect to that part of the business, we don't think it would be a significant driver. Where we would see traction would be on those nonpublicly revenue customers.

所以——我還想補充一點——公共資金資助的客戶不會實質參與預購。因此，就這部分業務而言，我們認為它不會成為一個重要的驅動因素。我們預計在那些非上市公司客戶中看到成效。

Steve Barger, KeyBanc Capital.

史蒂夫·巴格爾，KeyBanc Capital。

For the 5% to 9% organic for the consolidated guide, -- is that similar for both ESG and safety? Or is 1 expected to outgrow organically versus the other?.

對於綜合指南中 5% 至 9% 的有機產品而言，ESG 和安全性方面的情況是否類似？或者說，預計其中一個會比另一個自然增長得更快？

Yes, Steve, ESG to grow a little faster rate than SSG SSG is probably more of a kind of a GDP+ type rate, but you would expect ESG to be kind of a larger contributor to organic growth.

是的，史蒂夫，ESG的成長速度會比SSG略快。 SSG的成長速度可能更像是GDP+類型的成長速度，但你會預期ESG對內生成長的貢獻更大。

Got it. And thanks for the reminder on how the mix of backlog-dependent business is changing. So maybe a two-parter First, is it safe to say that you expect book-to-bill above 1 for the business units that still depend on backlog for forward visibility?

知道了。感謝您提醒我積壓訂單依賴型業務的組合正在改變。所以也許可以分成兩個部分。首先，對於仍依賴積壓訂單來預測未來績效的業務部門來說，是否可以說您預計訂單出貨比高於 1？

So a couple of comments there. As we previously talked about, our lead times are still extended for sewer cleaners and four-wheel street sweepers. So we have been focused on build more trucks I'm pleased to report that we made some really good progress during Q4.

有幾點要說明。正如我們之前討論過的，下水道清潔車和四輪街道清潔車的交貨週期仍然延長。因此，我們一直專注於生產更多卡車。我很高興地報告說，我們在第四季度取得了非常好的進展。

If you look at unit production combined to both Elgin and Vector, it was (technical difficulty) versus Q4 of 2024 and up 13% for the full year. So we were pleased with that progress. So for those particular businesses, it would have a -- we would expect -- we're very focused on getting those lead times in that six- to eight-month range.

如果將 Elgin 和 Vector 兩家公司的單位產量加起來看，與 2024 年第四季相比，由於技術困難，全年產量增加了 13%。所以我們對這項進展感到滿意。因此，對於這些特定企業而言，我們預計——我們非常注重將交貨週期控制在六到八個月的範圍內。

We provided some additional information in the slides today regarding the impact of the $80 million third-party Labrie refuse trucks. We will not be taking orders for lebri refuse trucks in 2026, and we'll be delivering those throughout the year. So we tried to separate that out for everybody so they understand the impact that will have. We will be taking orders for new way, but it will take us some time to build up to those particular rates over a multiyear period.

今天我們在幻燈片中提供了一些關於價值 8000 萬美元的第三方 Labrie 垃圾車的影響的補充資訊。2026 年我們將不再接受 lebri 垃圾車的訂單，並且我們將全年持續交付這些車輛。所以我們努力把這一點單獨說明給每個人聽，讓他們明白這將會產生什麼影響。我們將接受新方式的訂單，但我們需要幾年時間才能達到這些特定的費率。

So outside of those particular things, we would expect over a 12-month period, the backlog would be around 1.0, a little bit better. but we wanted to call out those two particular issues as people -- as we move forward.

所以，除了這些特殊情況之外，我們預期在12個月內，積壓工作量會維持在1.0左右，略好一點。但我們想特別指出這兩個問題，因為我們需要繼續推進這項工作。

Yes, that's great detail. And then the second part, just a clarification, do book and ship orders within any given quarter get reported in -- or book and ship business, I should say, in a given quarter get reported in orders? And how do we think about rental and used equipment and how that flows through? Just for clarification.

是的，細節很到位。第二部分，需要澄清一下，在任何給定季度內預訂和發貨的訂單是否會計入——或者應該說，在給定季度內預訂和發貨的業務是否會計入訂單？那麼，我們如何看待租賃和二手設備，以及這些設備是如何流通的呢？澄清一下。

Yes. The short answer, Steve, is yes. They do get reported in both orders and sales within the quarter. And we typically don't have much backlog for rentals, if any, because that typically you'll receive the request around the equivalent. So that's probably an in and out within the quarter.

是的。史蒂夫，簡而言之，答案是肯定的。它們會在當季的訂單和銷售額中都有所體現。而且我們通常不會積壓太多租賃訂單，甚至可能沒有，因為您通常會在差不多相同的時間內收到請求。所以這很可能是一筆季度內的買賣。

So not a whole lot of backlog in the rental business.

所以租賃業務並沒有太多積壓訂單。

Yes. But rental would still show in orders? Or is that just kind of a...

是的。但租賃資訊仍會顯示在訂單中嗎？或者那隻是一種…

Correct.

正確的。

Ross Fehrenbach, William Blair.

羅斯·費倫巴赫，威廉·布萊爾。

Nice quarter here. Maybe maybe just start with a housekeeping item. Can you help parse out the 132 inorganic contribution to orders in the quarter? I understand some backlog, some is going to be incremental orders that were secured once you own the asset?

這片街區不錯。或許可以先從一件家事瑣事開始。您能幫忙分析本季非有機成長對訂單的貢獻嗎？我知道會有一些積壓訂單，其中一些是收購資產後才落實的增量訂單？

Yes, Ross, that's just the backlog that we acquired on the date of the acquisition.

是的，羅斯，那隻是我們在收購當天獲得的積壓訂單。

Can you give us a sense of what the inorganic order flow look like to try to parse out the organic orders for ASG?

能否讓我們了解一下無機訂單流的情況，以便我們能夠從中解析出 ASG 的有機訂單？

Yes. I mean, the difference wasn't really material. -- from what we've reported. If you strip out the acquired backlog, then the delta wasn't material.

是的。我的意思是，根據我們報道的情況來看，差異其實並不大。如果剔除收購的積壓訂單，那麼差額就微不足道了。

Okay. I mean, how should I think about that though is you guys did start stocking inventory in Canada for New Way and presumably the rest of the United States?

好的。我的意思是，如果你們確實開始在加拿大為 New Way 以及可能還有美國其他地區儲備庫存，那我該怎麼想呢？

We didn't do anything meaningful in the one month that we owned them.

在我們擁有它們的一個月裡，我們沒有做任何有意義的事情。

Okay. Well, I mean, just kind of based on early discussions, you get the sense that you're going to have a strong adoption rate with existing dealers that might be selling other third-party refuse trucks.

好的。嗯，我的意思是，根據早期的討論來看，你會感覺到現有經銷商（他們可能正在銷售其他第三方垃圾車）會很快接受這款產品。

Right now, New Way has a number of strong dealers and we're working with them. And we're in the JJE. Sales arm is we've hired a number of people. We're leveraging the existing infrastructure that's in place. We're training them on the new way equipment.

目前，New Way 擁有許多實力雄厚的經銷商，我們正在與他們合作。我們現在在JJE。銷售部門我們已經聘請了不少人。我們正在充分利用現有的基礎設施。我們正在培訓他們使用新設備。

So they're still in early stages. We're excited about some of the opportunities that are out there.

所以他們還處於早期階段。我們對目前存在的一些機會感到興奮。

And then in certain areas, we plan on strengthening that dealer network through either the JJE team or other additions to the network.

然後在某些地區，我們計劃透過 JJE 團隊或其他方式加強經銷商網路。

Okay. So I mean, probably first quarter though, like, I mean, kind of time line on when we should start seeing more meaningful contribution? It just seems a little odd that you would what the brief phase out? I guess you do have a backlog there, you should wait until the end -- or shouldn't expect until the end of the year for the overlap of replacing Labrie with New Way inventory, correct?

好的。所以我的意思是，大概要等到第一季，也就是我們大概什麼時候才能看到更有意義的貢獻？你會希望短暫退出，這似乎有點奇怪？我猜你們那邊確實積壓了一些工作，你們應該等到年底——或者說，由於拉布里（Labrie）的庫存被新路（New Way）的庫存取代，所以你們不應該指望在年底之前完成，對嗎？

Yes. We're taking orders since closing. And New Way has a number of strong dealers in place. There's a number of opportunities, and we're continuing to take orders. And we -- our view on New Way's contribution to the 2026 earnings has not changed, including the amortization, we expect it to be neutral.

是的。我們從關門後就開始接受訂單了。New Way 擁有多家實力雄厚的經銷商。有很多機會，我們仍在繼續接受訂單。我們對 New Way 對 2026 年收益的貢獻的看法沒有改變，包括攤銷在內，我們預計其貢獻將是中性的。

Walt Liptak, Seaport.

沃爾特·利普塔克，海港。

So I wanted to ask, I didn't catch it. Jennifer, in your remarks, you talked about the first quarter. I wonder if you could talk a little bit about what you're expecting seasonally and from production schedules so we can get our modeling, right?

所以我想問，但我沒聽清楚。珍妮弗，你在發言中談到了第一季的情況。我想請您談談您對當季產品和生產計劃的預期，以便我們進行建模，好嗎？

Sure. We expect in terms of earnings, the cadence to be similar to the past in terms of 19% to 20%. With respect to orders, there could be this year (inaudible) in the New Way and part of first quarter Hog and Mega will be new. So there could be some change to the seasonality of orders. But in general, we -- what I said in my prepared remarks is we would expect the cadence of earnings to be similar to the past.

當然。我們預計，就獲利而言，成長速度將與過去類似，介於 19% 到 20% 之間。關於訂單方面，今年可能會有（聽不清楚）在新方式中，第一季 Hog 和 Mega 的一部分將是新的。因此，訂單的季節性可能會有所變動。但總的來說，正如我在準備好的演講稿中所說，我們預計獲利節奏將與過去類似。

Okay. Great. And I wanted to ask too about New Way and just the cost synergies now that you've had a chance to do a full financial review and look at the operations. are you going to be able to do more with the cost synergies? And I wonder about 80-20, if that's something that you're going to give them time to integrate first and then start 80-20?

好的。偉大的。我還想問一下關於新路公司以及成本協同效應的問題，既然您已經有機會進行全面的財務審查並考察了運營情況，您是否能夠利用成本協同效應做更多的事情？我想知道80/20比例分配方案，是不是要先給他們時間去適應，然後再開始實施80/20比例分配方案？

Or do you start doing that right away with the New Way business strategies?

或者，你會立即開始運用新模式的商業策略嗎？

Yes. So we identified the $15 million to $20 million by 2028. It's about half cost and half revenue synergies. We have various teams that have been in place since we announced the acquisition in September that are working on those cost synergies and revenue synergies.80-20 and operational optimization is absolutely a critical synergy, and we have transferred one of our best 80-20 people. our Oates facility, the General Manager in that facility is now working directly with the new team on 80-20 opportunities.

是的。因此，我們確定了到 2028 年需要投入 1500 萬至 2000 萬美元。大約一半是成本綜效，一半是所得綜效。自9月宣布收購以來，我們已組成多個團隊，致力於實現成本和收入綜效。 80/20 模式和營運最佳化絕對是至關重要的協同效應，我們已將我們最優秀的 80/20 專家之一調至 Oates 工廠，該工廠的總經理現在正直接與新團隊合作，推進 80/20 模式的實施。

Okay. Great. And just the last one for me. I was curious about the University Park, the fourth PCB line that went in. You guys have been really successful with vertically integrating.

好的。偉大的。這是我最後一個了。我對大學園區（University Park）很感興趣，它是第四條投入使用的PCB生產線。你們在垂直整合方面真的非常成功。

And I wonder if this one is for demand that you already have? Or is this kind of room to grow? Why did you have to have a fourth PCB line?.

我想知道這是否是為了滿足你們已有的需求？或者說，這是發展的空間嗎？為什麼需要第四條PCB生產線？

There are a couple of drivers. First of all, the team did a super job and we installed that line. We're actually a little bit ahead of schedule in Q4. So we look at -- it drives a couple of things: continued growth. It really accelerates new product development.

有兩個司機。首先，團隊做得非常出色，我們成功安裝了那條線路。實際上，我們第四季的進度比原計劃略微超前一些。所以我們來看——它驅動著兩件事：持續成長。它確實能加速新產品的開發。

It allows us to drive customer needs, particularly within both our police and our signaling businesses.

它使我們能夠滿足客戶需求，尤其是在我們的警務和信號業務方面。

So the short answer is accelerating new product development, the team a star in that particular area. And number two, it facilitates additional growth opportunities.

簡而言之，就是加速新產品開發，而這支團隊正是該領域的佼佼者。第二，它也能帶來更多發展機會。

Mike Shlisky, DA Davidson.

麥克‧施利斯基，戴維森地方檢察官。

Wanted to start off asking about Mega and about New Way. Can you share for us how 2025 fared within their own four walls as far as organic growth in those businesses. Are those in 2025, were those both growth businesses? And do you expect them organically to be for themselves, growth businesses in 2026?

想先問一下關於Mega和New Way的問題。能否請您分享一下，2025 年這些企業在自身業務的自然成長表現如何？2025年的時候，那兩家公司都是成長型企業嗎？你認為它們到 2026 年能夠自然發展成為成長型企業嗎？

Yes. I think with respect to Mega, we're obviously very excited about the combination of Mega with the ground force and Toho businesses. I think in Jennifer's remarks, she commented on how Mega brings some things to the table that we didn't necessarily have before in terms of geographic expansion.

是的。我認為就Mega而言，我們顯然對Mega與陸軍和東寶業務的結合感到非常興奮。我認為珍妮佛在發言中提到，Mega 在地域擴張方面帶來了一些我們以前不具備的東西。

So Mega's been on -- they've had a some nice organic growth in 2025. We're expecting that to continue as we go into 2026. They had revenues of about $40 million in -- as we go into '26, we're expecting that to grow a little bit.

所以 Mega 一直發展得很好——他們在 2025 年取得了不錯的自然增長。我們預計這種情況將持續到 2026 年。他們2026年的收入約為4000萬美元——我們預計到2026年，這個數字會略有成長。

As it relates to Neway, obviously, they were in the middle of a process, a sale process. So there was -- we didn't necessarily have audited financials, but the last audited financials that we had, they did $36 million of EBITDA and about $250 million of sales in 2024. As we talked about in September, we are expecting them to be slightly lower in 2026 just because there's some kind of normalization of the trends within that industry. So that's what we've implied in our guide for 2026.

就紐威公司而言，顯然，他們當時正處於一個出售過程中。所以當時的情況是——我們不一定有經過審計的財務報表，但我們最近一次拿到的經過審計的財務報表顯示，2024 年的 EBITDA 為 3,600 萬美元，銷售額約為 2.5 億美元。正如我們在 9 月討論的那樣，我們預計到 2026 年，這些數字會略有下降，因為該行業的趨勢會逐漸趨於正常化。所以，這就是我們在2026年指南中所暗示的內容。

Got it. And then your comment earlier about expanding a little bit into South America was also very interesting. Was that just a comment about ground force and Toho or are there other amounts of business that you think could actually work as well in South America? Just any comments on on kind of local sourcing, whether you have to have engine changeover to kind of make that happen because there's often some rules around local to-store content when you try to get into South America.

知道了。還有，你之前提到的稍微拓展到南美洲的想法也很有趣。你剛才那句話只是在評論地面部隊和東寶公司嗎？還是說你認為在南美洲還有其他規模的商業模式也能同樣奏效？關於本地採購方面，有什麼看法嗎？是否需要更換引擎才能實現這一點？因為當你試圖進入南美洲市場時，通常會有一些關於本地到商店內容的規定。

Yes. So my comments were focused on Mega and Toho and ground force. -- we have partners that we work with in South America. Mega has a very strong brand in the -- with respect to the chassis. So it's similar to how we export other ground force and Toho products.

是的。所以我的發言主要集中在Mega、東寶和地面部隊。 ——我們在南美洲也有合作夥伴。Mega 在機殼領域擁有非常強大的品牌影響力。所以這和我們出口其他陸上部隊和東寶產品的方式類似。

But the -- given the strong brand recognition of Mega, the teams are excited about the synergies for both those other products.

但是，鑑於 Mega 品牌知名度很高，團隊對這兩款產品帶來的協同效應感到興奮。

Great. Just one last one for me. You had a busy 2025 for M&A. Just a sense as to the pipeline you think for 2026? And what areas are you looking to grow through inorganic means ahead here?

偉大的。最後一個給我。2025年是併購交易非常活躍的一年。你覺得2026年的發展前景如何？接下來，你們計劃透過哪些非有機成長方式拓展哪些領域？

Yes. Our pipeline continues to be full, We're very focused on identifying companies purchasing integrating, delever and then repeat. With that being said, different teams work on different opportunities.

是的。我們的業務管道仍然充足，我們非常專注於尋找收購、整合、釋放槓桿的公司，然後重複這個過程。也就是說，不同的團隊會專注於不同的機會。

We've mentioned previously that our SSG team is looking at a number of opportunities right now. We would expect that to continue. There are some other opportunities we're looking at with respect to specialty vehicles that involve different teams than the Rouse team or the mineral extraction team.

我們之前提到過，我們的 SSG 團隊目前正在關註一些機會。我們預計這種情況還會持續。我們也正在尋找一些其他的機會，涉及特種車輛，這些機會涉及的團隊與 Rouse 團隊或礦物開採團隊不同。

So M&A over the long run, will continue to play a critical part in our growth, but we will meter according to bandwidth.

因此，從長遠來看，併購將繼續在我們的成長中發揮關鍵作用，但我們會根據實際情況進行計量。

Chris Moore, CJS.

克里斯摩爾，CJS。

Great quarter, as always. You guys were obviously ahead of the curve early in COVID expanding capacity and certainly recognizing it depends on mix. But just trying to get a sense of roughly how much annual revenue Federal Signal can currently handle with the existing infrastructure?

和往常一樣，本季表現出色。你們顯然在新冠疫情初期就走在了前列，擴大了產能，也清楚地認識到這取決於產品組合。我只是想大致了解一下，在現有基礎設施的支援下，Federal Signal 目前每年大約可以處理多少收入？

Yes. So we're currently running at about 70%. I would highlight that we added some additional capacity with A and Mega, particularly UA. And we're excited about that capacity (technical difficulty) some organic growth initiatives that we're incubating right now. that we expect will have multiyear benefits into '27 and '28.

是的。所以我們目前的運行率大約是 70%。我想強調的是，我們透過 A 和 Mega 增加了一些額外的運力，特別是 UA。我們對目前的產能（技術難題）以及我們正在孵化的一些有機成長計畫感到興奮，我們預計這些計畫將在2027年和2028年帶來多年效益。

So I'll say what I say all the time, we are continuously tweaking our capacity at various facilities where we might do something that is less than $5 million type expansion. The teams have done a super job in terms of 80-20, which one of the many benefits of 80-20 is freeing up additional capacity. We've been able to add some additional capacity. We're leveraging some of the -- as I mentioned, some of the opportunities in new way. I can give a great example in our dump truck body business.

所以我要再次強調，我們一直在不斷調整各個工廠的產能，可能會進行一些投資額低於 500 萬美元的擴建工程。各團隊在 80/20 比例方面做得非常出色，80/20 比例的眾多好處之一就是釋放了額外的產能。我們已經增加了一些額外的產能。正如我剛才提到的，我們正在以新的方式利用一些機會。我可以舉一個我們自卸車車廂業務的很好的例子。

We had excess capacity in Pennsylvania. You've now are producing dump trucks in a particular facility there. So I think we're in pretty good shape right now as we sit here to support our growth initiatives going forward.

我們在賓州有過剩產能。你現在正在那裡的某個工廠生產自卸卡車。所以我認為，就我們目前的情況來看，我們有能力支持未來的成長計畫。

Got it. Helpful. Maybe just one on New Way. So you've talked about the new acquisition being neutral to EPS in '26, potentially adding 40% to 45% in 2018. I'm assuming based on prior conversations and prior comments, that would be pretty pretty back-end loaded for 2028.

知道了。很有幫助。或許新路上就只有一家。所以您說過，這項新收購對 2026 年的每股盈餘影響不大，但可能在 2018 年增加 40% 到 45%。根據先前的對話和評論，我推測 2028 年的後端負擔會相當重。

Is that the way we should be looking at that and also the kind of the margin progression from EBITDA margins from 14% to 15% to the 20% range?

我們是否應該這樣看待這個問題，以及 EBITDA 利潤率從 14% 到 15% 再到 20% 的成長趨勢？

Yes. I think we talked about -- I think (technical difficulty)is with the $15 million to $20 million of synergies that we identified by 2028, kind of evenly split between cost and revenue synergies. We'd expect those cost synergies to kind of be more evenly split as we move through that three-year period with the revenue synergies to be more back-end loaded, they take some time.. If you think about for a good example is we're very focused on new product development for that particular team.

是的。我認為我們討論過——我認為（技術難題）在於我們確定到 2028 年可實現的 1500 萬至 2000 萬美元的協同效應，成本協同效應和收入協同效應大致平均分配。我們預計，隨著三年期的推進，成本協同效應將更加均勻地分配，而收入協同效應則會更集中在後期，這需要一些時間。舉個例子來說，我們非常專注於該團隊的新產品開發。

We have a number of products in the work and it will take some time to get traction, for example, on those particular initiatives.

我們正在研發多款產品，例如，這些特定項目需要一些時間才能獲得市場認可。

Got it. It makes sense. And just any thoughts on the current tariff discussions?

知道了。這很有道理。對目前的關稅談判，您有什麼看法？

Yes. I think that we are fortunate because as we talked about (technical difficulty) quite last year, we're in country for countries. So they had a nominal impact. USMCA is important to us, particularly given the importance of our Canadian businesses. But we're not taking any meaningful impact into the guidance that we provided earlier today.

是的。我認為我們很幸運，因為正如我們去年討論過的（技術困難），我們身處一個國家，而其他國家卻面臨著同樣的問題。所以它們的影響微乎其微。美墨加協定對我們非常重要，尤其考慮到我們在加拿大的業務的重要性。但我們今天早些時候提供的指導意見不會產生任何實質影響。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

The adjusted pro forma order number of $64 million, how much of that is organic? And what is the contribution from acquisitions in that adjusted number?.

調整後的預計訂單金額為 6,400 萬美元，其中有多少是自然成長？在調整後的數據中，收購貢獻了多少？

Yes. I mean I think what we've done, Greg, is we've stripped out the (technical difficulty) at the time of the acquisition. So that's the year-over-year growth from Q4. The vast majority of that is organic.

是的。我的意思是，格雷格，我認為我們已經在收購時排除了（技術難題）。這是第四季同比成長率。絕大多數都是有機產品。

Almost all.

幾乎所有。

Okay. Okay. Perfect. And then the -- in your municipal publicly funded markets, I know there was a lot of federal money coming post pandemic into that market? I assume a lot of that's been allocated and and spent.

好的。好的。完美的。然後──在你們市政公共資金資助的市場中，我知道疫情後有很多聯邦資金流入了該市場？我估計其中許多資金已經被分配和使用了。

So is there any concern that we might see kind of a slowdown in those end markets?

那麼，我們是否擔心這些終端市場可能會出現某種程度的成長放緩？

Yes. I'll start with, as we've talked about before, we didn't see any meaningful contributions in '23 -- I'm sorry, in 2024 or '25 from those pandemic (technical difficulty) infrastructure projects are still ongoing. We expect those to be ongoing for several years.

是的。首先，正如我們之前討論過的，我們在 2023 年沒有看到任何有意義的貢獻——抱歉，2024 年或 2025 年，由於疫情（技術困難）導致的基礎設施項目仍在進行中。我們預計這種情況將持續數年。

Again, within that public funded revenue bucket, water taxes is an important part of that. That's our largest single product line, which supports purchases of sewer cleaners and other types of municipal vacuum trucks, and we find that to be a growing revenue stream. Our general municipal exposure would really be around street sweepers, some of our multipurpose tractors, a small portion of our public CT systems and then a portion of refuse.

同樣，在公共資金收入中，水費是重要的一部分。這是我們最大的單一產品線，它支援下水道清潔車和其他類型的市政真空車的採購，我們發現這是一個不斷增長的收入來源。我們一般的市政業務主要涉及街道清掃車、我們的一些多用途拖拉機、我們一小部分的公共 CT 系統以及一部分垃圾。

So again, as we talked about in the prepared remarks, we saw strong orders in Q4 for sewer cleaners, street sweepers. So again, we feel we've baked this into our outlook. And it is really, frankly, the diversification within that public funded revenue stream that is important to look at with respect to the order trends.

正如我們在準備好的演講稿中提到的，第四季度下水道清潔車和街道清掃車的訂單量很大。所以，我們再次認為，我們已經將這一點融入我們的觀點中。坦白說，真正重要的是要關注公共資金來源的多元化，這才是訂單趨勢的關鍵所在。

Thank you. There are no further questions at this time. I would like to turn the floor back over to Jennifer Sherman for any closing remarks.

謝謝。目前沒有其他問題了。我謹將發言權交還給珍妮佛‧謝爾曼，請她作總結發言。

Thank you. Again, we would like to express our thanks to our shareholders customers, employees, distributors and dealers for their continued support. Thank you for joining us today, and we'll talk to you next quarter.

謝謝。再次感謝各位股東、顧客、員工、經銷商和經銷商的持續支持。感謝您今天參加我們的節目，我們下季再見。

This concludes today's conference. We thank you for your participation. You may disconnect your lines.

今天的會議到此結束。感謝您的參與。您可以斷開線路。