Gates Industrial Corporation Ltd (GTES) 2026 Q1 法說會逐字稿

Good morning, and welcome, everyone, to the Gates Industrial Corporation First Quarter 2026 Earnings Call. Today's conference is being recorded. (Operator Instructions)

各位早安，歡迎參加蓋茨工業公司（Gates Industrial Corporation）2026 年第一季財報電話會議。今天的會議將進行錄音。（接線員指示）

At this time, I would like to turn the conference over to Rich Kwas, Senior Vice President, Investor Relations. Please go ahead.

此刻，我想將會議交給投資人關係資深副總裁 Rich Kwas。請開始。

Greetings, and thank you for joining us on our first quarter 2026 earnings call. I'll briefly cover our non-GAAP and forward-looking language before passing the call over to our CEO, Ivo Jurek, who will be followed by Brooks Mallard, our CFO.

各位好，感謝各位參加我們 2026 年第一季財報電話會議。在把電話交給我們的執行長 Ivo Jurek（之後將由我們的財務長 Brooks Mallard 接續）之前，我會先簡要說明非 GAAP 與前瞻性陳述相關用語。

Before the market opened today, we published our first quarter results. A copy of the release is available on our website at investors.gates.com. Our call this morning is being webcast and is accompanied by a slide presentation.

在今天開盤前，我們已發布第一季業績。新聞稿副本可於我們網站 investors.gates.com 取得。今天早上的電話會議將以網路直播方式進行，並搭配投影片簡報。

On this call, we will refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliations of historical non-GAAP financial measures are included in our earnings release and the slide presentation, each of which is available in the Investor Relations section of our website.

在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標，我們認為這些指標有助於評估我們的表現。歷史非 GAAP 財務衡量指標的調節表已收錄於我們的財報新聞稿與投影片簡報中，兩者皆可於我們網站的投資人關係專區取得。

Please refer now to Slide 2 of the presentation, which provides a reminder that our remarks will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed in or implied by such forward-looking statements.

請參閱簡報第 2 頁，提醒各位我們的發言將包含《私人證券訴訟改革法》（Private Securities Litigation Reform Act）所定義的前瞻性陳述。這些前瞻性陳述存在風險，可能導致實際結果與該等前瞻性陳述所明示或暗示者有重大差異。

These risks include, among others, matters that we have described in our most recent annual report on Form 10-K and in other filings we make with the SEC, including our annual report on Form 10-K that was filed in February 2026. We disclaim any obligation to update these forward-looking statements.

這些風險包括但不限於我們在最新的 Form 10-K 年報以及其他向美國證券交易委員會（SEC）提交的文件中所描述的事項，包括我們於 2026 年 2 月提交的 Form 10-K 年報。我們不承擔更新這些前瞻性陳述的任何義務。

We'll be attending several conferences over the coming weeks and look forward to meeting with many of you. And before we start, please note all comparisons are against the prior year period unless stated otherwise.

未來幾週我們將參加數場會議，並期待與各位中的許多人會面。在開始之前，請注意除非另有說明，所有比較皆以去年同期為基準。

Now I'll turn the call over to Ivo.

現在我把電話交給 Ivo。

Thank you, Rich, and good morning, everyone. We appreciate your participation on our call today.

謝謝你，Rich，各位早安。感謝各位今天參與我們的電話會議。

I will start on Slide 3 with a brief recap of the first quarter. Our team executed well on our business priorities during the first quarter, navigating successfully through a fair level of business transition.

我將從第 3 頁開始，簡要回顧第一季表現。第一季期間，我們的團隊在業務優先事項上執行良好，並成功因應相當程度的業務轉換。

In particular, our Europe team successfully implemented a new ERP system and achieved higher efficiency rates as the quarter progressed. Exiting the quarter, our Europe business has stabilized and was delivering revenues on par with prior pre-ERP implementation periods, although with still somewhat above normal operating costs. We anticipate our operational efficiency in Europe to stabilize further during the second quarter.

特別是，我們的歐洲團隊成功導入新的 ERP 系統，且隨著季度推進，效率水準提升。在季度結束時，我們的歐洲業務已趨於穩定，營收表現與 ERP 導入前的期間大致相當，但營運成本仍略高於正常水準。我們預期第二季歐洲的營運效率將進一步穩定。

On a global basis, our sales dollars and margin rate were broadly consistent with expectations we have outlined in February. Excluding the impact of the anticipated headwinds from the ERP transition and the two fewer working days that affected the first two months of the quarter, overall demand trends improved during the quarter. Core sales growth approximated mid-single digits year-over-year in March. We finished the quarter with a book-to-bill solidly above one.

就全球而言，我們的銷售金額與毛利率大致符合我們在 2 月所提出的預期。若排除 ERP 轉換所帶來的預期逆風，以及本季前兩個月因少了兩個工作天所造成的影響，整體需求趨勢在本季期間有所改善。3 月核心銷售年增率約為中個位數。本季結束時，我們的接單出貨比（book-to-bill）穩健地高於 1。

As we sit here today and based on our present run rates, we feel good about our core sales growth prospects for the year, absent any additional potential escalation of the conflict in the Middle East. In addition, we do not anticipate any material financial impact from the recent revisions in Section 232 tariffs. As such, we are reiterating our 2026 financial guidance.

以目前的執行速率來看，若中東衝突未進一步升級，我們對今年核心銷售成長前景感到樂觀。此外，我們預期近期對 232 條款關稅（Section 232 tariffs）的修訂不會對財務造成重大影響。因此，我們重申 2026 年財務指引。

Please turn to Slide 4. Our first quarter sales were $851 million, representing a core sales decrease of 2.9% relative to our core sales guidance provided in February, we experienced some small incremental distribution inefficiencies associated with the ERP transition, which led to a build of past due backlog as we exited the quarter.

請翻到第 4 頁。第一季銷售額為 8.51 億美元；相較於我們 2 月提供的核心銷售指引，核心銷售下降 2.9%。我們也因 ERP 轉換而出現一些額外、輕微的配銷效率不彰，導致在季度結束時逾期積壓訂單增加。

We expect to recover these sales in the second quarter, and Brooks will go into more detail later on the call. The European ERP transition and fewer working days relative to a prior year period combined represented approximately a 600 basis point headwind to our core sales.

我們預期將在第二季回補這些銷售，Brooks 稍後會在電話會議中提供更多細節。歐洲 ERP 轉換以及相較去年同期少了兩個工作天，合計約對核心銷售造成 600 個基點的不利影響。

Entering 2026, we experienced a positive inflection in industrial OEM orders, and that trend has continued. Adjusted EBITDA was $177 million, in line with expectations, resulting in an adjusted EBITDA margin of 20.8%, down 130 basis points year over-year. The decrease was primarily driven by inefficiencies related to the ERP transition and the impact of having two fewer working days compared to prior year period.

進入 2026 年後，我們看到工業 OEM 訂單出現正向拐點，而這一趨勢仍在延續。調整後 EBITDA 為 1.77 億美元，符合預期，調整後 EBITDA 利潤率為 20.8%，年減 130 個基點。下降主要由 ERP 轉換相關的效率不彰，以及相較去年同期少了兩個工作天的影響所致。

Our adjusted gross margin was 40.5%, down approximately 20 basis points. Our adjusted earnings per share was $0.35 and down slightly. The fewer working days in the quarter and ERP transition combined to represent a $0.07 headwind to adjusted EPS. Operational performance and a lower adjusted tax rate were modest benefits.

調整後毛利率為 40.5%，約下降 20 個基點。調整後每股盈餘為 0.35 美元，略為下降。本季較少的工作天與 ERP 轉換合計對調整後 EPS 造成 0.07 美元的不利影響。營運表現與較低的調整後稅率帶來些許正面效益。

On Slide 5, I will cover segment highlights. All year-over-year comparisons were substantially impacted by the ERP conversion as well as the fewer working days. Looking past these items, we saw a very solid trend across both of our segments with noted underperformance in commercial on-highway production, common to both.

在第 5 頁，我將說明各事業部門重點。所有年對年比較都受到 ERP 轉換以及較少工作天的顯著影響。排除這些因素後，我們在兩個事業部門都看到非常穩健的趨勢；其中商用公路車（commercial on-highway）產量表現偏弱，兩個部門皆有此情況。

In the Power Transmission segment, we generated revenues of $533 million in the quarter, a decrease of approximately 2.5% on a core basis, primarily driven by the fewer working days and ERP transition in Europe. The Power Transmission segment realized accelerating order trends during March. Personal Mobility expanded 6% and our growth rate was affected by project timing as well as the ERP transition in Europe, the region with the largest exposure to personal mobility. We anticipate a return to our normalized levels in personal mobility starting in Q2. Additionally, the construction end market continued to improve and the ag market is recovering.

在動力傳動（Power Transmission）事業部門，本季營收為 5.33 億美元；以核心口徑計算約下降 2.5%，主要受歐洲較少工作天與 ERP 轉換影響。動力傳動部門在 3 月的接單趨勢加速。個人移動（Personal Mobility）成長 6%，我們的成長率受到專案時程以及歐洲 ERP 轉換影響，而歐洲正是個人移動曝險最大的地區。我們預期自第二季起，個人移動將回到常態水準。此外，建築終端市場持續改善，農業市場也正在復甦。

In the Fluid Power segment, our sales were $318 million with a decrease in core sales of approximately 3.5%. Fewer working days and the Europe ERP implementation again contributed to the decline. We realized strong double-digit growth in APAC during the quarter. Broadly, order intake was strong exiting the quarter. I would note that the commercial on-highway was relatively weak in the quarter. That said, North American orders have inflected positively to start 2026. Our data center business continues to perform in line with our expectations and revenue grew approximately 700% from a low base in the prior year period.

在流體動力（Fluid Power）事業部門，本季銷售額為 3.18 億美元，核心銷售約下降 3.5%。較少工作天與歐洲 ERP 導入同樣促成了下滑。本季我們在亞太（APAC）實現強勁的雙位數成長。整體而言，季度結束時的接單動能強勁。我也要指出，本季商用公路車（commercial on-highway）相對疲弱。儘管如此，北美訂單在 2026 年初已出現正向拐點。我們的資料中心業務持續符合預期，且營收在去年同期的低基期上約成長 700%。

I'll now pass the call over to Brooks for further comments on our results.

接下來我把電話交給 Brooks，請他進一步評論我們的業績。

Thank you, Ivo. I'll begin on Slide 6 and discuss our core sales performance by region.

謝謝你，Ivo。我將從第 6 頁開始，按地區說明我們的核心銷售表現。

In the Americas, core sales declined approximately 2.6% in the first quarter. Two fewer working days in our first quarter relative to the prior year period had an unfavorable impact on growth. North America core sales were down a little less than 2%. Excluding the working days impact, North America core sales would have increased compared to the prior year.

在美洲地區，第一季核心銷售約下降 2.6%。相較去年同期，本季少了兩個工作天，對成長造成不利影響。北美核心銷售下降略低於 2%。若排除工作天影響，北美核心銷售將較去年同期成長。

In EMEA, core sales declined approximately 8.5% year-over-year, most of which was incurred in February. While production outpaced targets, finished goods shipping lagged production output in February and through the first part of March. This led to slightly lower-than-expected revenues of around $4 million and higher past due backlog than normal as we exited Q1.

在 EMEA，核心銷售額年減約 8.5%，其中大部分發生在 2 月。雖然產量超過目標，但 2 月以及 3 月上旬，成品出貨落後於生產產出。這導致營收較預期略低，約少了 400 萬美元，且在我們結束第一季時，逾期未交付的積壓訂單高於正常水準。

Overall, we were pleased with our improvement through the quarter. We delivered positive core growth in EMEA in March, and that trend has continued through the early stages of Q2. We expect to further improve our distribution efficiencies through the second quarter and exit at normalized levels of shipping output and past due backlog.

整體而言，我們對本季期間的改善感到滿意。我們在 3 月於 EMEA 實現了正向的核心成長，而該趨勢在第二季初期也持續延續。我們預期在第二季進一步提升配送效率，並在季末回到正常化的出貨產出與逾期積壓訂單水準。

Our APAC region grew almost 4%. Industrial OEM and auto aftermarket both grew nicely and fueled the performance.

我們的亞太（APAC）地區成長了將近 4%。工業 OEM 與汽車售後市場皆有不錯的成長，帶動了整體表現。

Slide 7 shows the components of our year-over-year change to adjusted earnings per share. On a combined basis, the temporary headwinds of the ERP transition and fewer working days represented a $0.07 headwind to adjusted earnings per share. Underlying operating performance contributed $0.02 per share. Other items, including a lower tax rate and share count represented a $0.02 benefit.

投影片 7 顯示我們調整後每股盈餘（adjusted EPS）年對年變動的構成要素。合併來看，ERP 轉換的短期逆風以及工作天數較少，對調整後每股盈餘造成 0.07 美元的不利影響。基礎營運表現貢獻每股 0.02 美元。其他項目（包括較低的稅率與股數）帶來每股 0.02 美元的正面效益。

Slide 8 provides an overview of our free cash flow and balance sheet position. Over the last 12 months, we delivered free cash flow conversion of approximately 101%. Stronger operating cash flow drove positive free cash flow for the quarter. We continue to strengthen the balance sheet, exiting the quarter with net leverage at 1.9 times, representing an improvement of approximately 0.4 times compared to the first quarter of 2025.

投影片 8 提供我們自由現金流與資產負債表狀況的概覽。過去 12 個月，我們的自由現金流轉換率約為 101%。更強勁的營運現金流帶動本季自由現金流為正。我們持續強化資產負債表，本季末淨槓桿為 1.9 倍，較 2025 年第一季改善約 0.4 倍。

Our capital allocation approach remains balanced, and we repurchased additional shares in the first quarter. In late February, we received a credit rating upgrade from Moody's to Ba2 from Ba3. Our return on invested capital remains strong while incurring margin headwinds associated with the ERP transition and continuing to make investments in our key process and growth initiatives.

我們的資本配置策略仍維持均衡，並於第一季額外回購股份。2 月下旬，穆迪（Moody's）將我們的信用評等由 Ba3 上調至 Ba2。在承受與 ERP 轉換相關的利潤率逆風、並持續投資於關鍵流程與成長計畫之際，我們的投入資本報酬率（ROIC）仍維持強勁。

Turning to Slide 9. We have reiterated our full year 2026 financial guidance. We anticipate core growth to improve over the course of the year. For the second quarter, we are guiding revenues to a range of $905 million to $945 million. At the midpoint, core growth is estimated to be approximately 3.5% year-over-year. We project adjusted EBITDA margin to decline 30 basis points compared to the prior year period, influenced by temporary impacts from the ERP transition and our footprint optimization projects, which we expect to benefit adjusted EBITDA margin performance in the second half of this year.

接著看投影片 9。我們重申 2026 全年財務指引。我們預期核心成長將在全年逐步改善。針對第二季，我們指引營收區間為 9.05 億至 9.45 億美元。以中位數計算，核心成長估計年增約 3.5%。我們預估調整後 EBITDA 利潤率將較去年同期下滑 30 個基點，主要受 ERP 轉換與據點優化專案的短期影響；我們預期這些專案將在今年下半年有助於調整後 EBITDA 利潤率表現。

I'll now turn it back to Ivo for closing thoughts.

接下來我把時間交回給 Ivo 做結語。

Thanks, Brooks. On Slide 10, let me summarize our key messages.

謝謝，Brooks。在投影片 10，我來總結我們的重點訊息。

First, our team executed well and showed a great degree of resiliency during a period of significant business transition. We delivered slightly better adjusted EBITDA margin than expected and solid free cash flow on a seasonal basis. Our European business has operated as expected post the ERP transition, and our team is highly focused on driving incremental efficiencies with the new system in place. We have shifted our operational focus to optimizing customer service fill rates to pre-ERP implementation levels, which were at world-class.

第一，我們的團隊執行到位，在重大業務轉型期間展現了高度韌性。我們交出略優於預期的調整後 EBITDA 利潤率，並在季節性因素下實現穩健的自由現金流。我們的歐洲業務在 ERP 轉換後如預期運作，團隊也高度專注於在新系統上推動額外效率提升。我們已將營運重點轉向把客戶服務的供貨滿足率（fill rate）優化回 ERP 上線前的水準，當時已達世界級。

Second, we continue to see improving demand trends across most of our end markets. Industrial OEM orders are gaining momentum, and we experienced good demand trends in April. In EMEA, our revenue is trending nicely above expectations to start the quarter. As such, we have good confidence in achieving our core revenue growth guidance with where we sit today.

第二，我們持續看到多數終端市場的需求趨勢改善。工業 OEM 訂單動能正在增強，我們在 4 月也看到良好的需求趨勢。在 EMEA，本季初我們的營收走勢明顯高於預期。因此，以目前的狀況來看，我們對達成核心營收成長指引很有信心。

Third, we believe our business is in a strong position. We are executing on our footprint optimization projects and anticipate achieving an adjusted EBITDA margin approaching 23.5% in the second half of the year. In addition, our balance sheet is in a strong shape. We announced a small acquisition today, acquiring Timken's industrial belt business, which we expect to close in the third quarter.

第三，我們認為公司處於強勢位置。我們正推進據點優化專案，並預期在今年下半年達成接近 23.5% 的調整後 EBITDA 利潤率。此外，我們的資產負債表也相當穩健。我們今天宣布一項小型併購，收購 Timken 的工業皮帶業務，預期將於第三季完成交割。

The acquisition augments our Power Transmission position in North America and should supplement growth moving forward. We intend to remain opportunistic deploying capital to enhance shareholder returns.

此項收購將強化我們在北美的動力傳動（Power Transmission）布局，並可望在未來補充成長動能。我們將把握機會靈活運用資本，以提升股東報酬。

Before taking your questions, I want to thank all of our Global Gates associates for their diligence and effort supporting our customers' needs and executing on our strategic goals.

在開始回答各位問題之前，我想感謝所有 Global Gates 的同仁，大家勤勉努力，支持客戶需求並落實我們的策略目標。

With that, I will now turn the call back to the operator for Q&A.

接下來，我把電話會議交回給接線員進行問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Michael Halloran, Baird.

Michael Halloran，Baird。

Hey, good morning, everyone. So maybe we just start where you were leaving off there a little bit, Ivo. So it sounds like growth -- core growth would have been positive in the quarter, excluding the ERP and some of the days issues. It feels like the trajectory is what you're wanting to see exiting 1Q into 2Q holistically.

各位早安。Ivo，我們或許就從你剛才提到的地方開始。聽起來如果排除 ERP 以及工作天數的一些影響，本季的成長——核心成長——本來會是正的。整體感覺從第一季走到第二季的趨勢，正是你們希望看到的走向。

Maybe just confidence in the sustainability as we sit here today. Any areas of concern? What are your customers saying? Just kind of generically help us understand how you think this tracks through the year?

想請教一下，以我們今天所處的位置來看，對於這個趨勢的可持續性有多大信心？有任何需要擔心的領域嗎？客戶怎麼說？請大致協助我們理解，你們認為今年接下來會如何發展？

Yes, Mike, thank you for the question. Look, we actually had a terrific quarter.

是的，Mike，謝謝你的提問。你看，我們其實交出了一個非常出色的季度。

Taking into account the quantified issues that we have highlighted on our Q3 earnings call last year, outlining that we have a major ERP upgrade that we are going to do on basically 24% of the global company's revenues in a big bang type event, and we have executed in an amazing way. I'm super proud of our Europe team. They have done a fantastic job, and the business performed as we have anticipated.

考量到我們在去年第三季財報電話會議中已量化並強調的問題——我們將對約占公司全球營收 24% 的業務進行一次性（big bang）的大型 ERP 升級——而我們的執行表現非常出色。我為我們的歐洲團隊感到非常自豪。他們做得非常棒，業務表現也如我們所預期。

The business continues to behave in a very strong fashion, net of the two less selling days and the ERP, we would have been basically up 300 basis points on core, which is right in line with what we have expected for the year and is basically trending towards the midpoint of our annual guidance.

業務持續展現非常強勁的態勢；若扣除少了兩個銷售日以及 ERP 的影響，我們的核心成長基本上會增加約 300 個基點，這與我們對全年預期完全一致，也大致朝向我們年度指引的中位數靠攏。

April, we have exited in a very strong position as well. The order flow is very solid. We have highlighted on last couple of calls that we have seen a very nice inflection in the industrial OEM order flow that remained throughout Q1 and into April.

4 月我們也在非常強勢的狀態下結束。訂單流入非常穩健。我們在最近幾次電話會議中已提到，我們看到工業 OEM 訂單流入出現非常好的拐點，並且在第一季一路延續到 4 月。

So as far as I see it today, I feel quite confidently that we are in a very good position to be able to achieve our annual guidance. And we've actually put the business in a position to be able to do really well as the revenue generation capabilities and the end market stabilize. So we're in a very good shape.

因此，就我今天所看到的情況，我相當有信心我們處於非常好的位置，能夠達成我們的全年指引。而且，隨著營收生成能力與終端市場趨於穩定，我們也已讓公司處於能夠表現得非常好的狀態。所以我們的狀況非常好。

Yes. That makes a lot of sense. And maybe just the Timken belts purchase, why does it make sense now? What capabilities does it add that you lack before? And then any sense of size, revenue, profitability, any of that?

是的。這很合理。另外關於收購 Timken 的皮帶業務，為什麼現在做這件事是合理的？它補上了你們過去缺乏的哪些能力？以及規模方面，有沒有營收、獲利能力等任何概念可以分享？

Yes. Look, it was very opportunistic. We were approached some time ago about the opportunity to acquire an asset that, frankly, when you talk about around the edges of what you do, this is right front and center of what we do, right?

是的。你看，這是非常機會主義式的。我們在一段時間前就有人來找我們，談到收購一項資產的機會；坦白說，當你談到我們業務邊緣所涵蓋的範圍時，這其實正是我們業務的核心重點，對吧？

This is highly complementary in nature for us. The business has evolved. I think that there have been some highlights about what that business was about 10 years ago. I think the business has gone through some transitions.

這對我們而言在本質上高度互補。這項業務已經演進。我認為，關於這項業務在大約10年前的樣貌，有一些值得一提的亮點。我也認為這項業務經歷了一些轉型。

We are buying assets in a facility in Mexico that is going to be highly complementary for us. The size, we think that, that business can kind of add maybe $5 million a month in annualized revenue.

我們正在收購位於墨西哥一座廠房中的資產，這將對我們高度互補。就規模而言，我們認為該業務按年化計算，可能每月可增加約500萬美元的營收。

And so it's highly complementary, and I believe that it will be very accretive to us as we embed it into our operations, and it has the opportunity to continue to accelerate our growth rate.

因此它高度互補，而且我相信，當我們把它納入我們的營運之後，將會對我們非常具增益（accretive），並且有機會持續加速我們的成長率。

Makes a lot of sense. Appreciate it. Thank you.

很有道理。感謝說明。謝謝。

Thanks, Mike.

謝謝你，Mike。

Jeff Hammond, KeyBanc.

Jeff Hammond，KeyBanc。

Hey, good morning. David Tarantino on for Jeff.

嗨，早安。我是代替Jeff的David Tarantino。

Hey, David.

嗨，David。

Maybe could you give us a little color on kind of the margin trends if you kind of back out the ERP transition? And maybe give us some color on price cost relative to the increased inputs, particularly around any kind of oil derivative impacts or any tariff impacts you expect moving forward? It looks like the year is kind of playing out in line with expectations overall?

你們是否可以在把ERP轉換的影響剔除後，提供一些關於毛利率趨勢的補充說明？另外也請談談在投入成本上升之下，價格與成本之間的相對關係，特別是任何油品衍生品影響或你們預期未來可能出現的關稅影響？看起來今年整體的走勢大致符合預期？

Okay. All right, David. That's a lot to unpack, so get ready.

好的。好，David。這要拆解的內容很多，準備好了。

So first, let's start with the headwinds, the margin headwinds. As I look at Q1, conservatively, I would say we had at least 200 basis points of EBITDA margin headwinds. At least half of that was associated with the ERP transition in Europe. And so that's a combination of lower sales, as we talked about, and then the impact of higher temporary SG&A costs as we move through the hypercare phase of that go-live.

首先，先從逆風、也就是毛利率逆風談起。就我看第一季（Q1），保守估計，我會說我們至少有200個基點的EBITDA利潤率逆風。其中至少一半與歐洲的ERP轉換有關。因此這是我們提到的銷售較低，加上在上線後的密集支援（hypercare）階段，臨時性的SG&A成本較高所造成的綜合影響。

Those costs are temporary. They'll come out as we exit Q2. And then the other half is a combination of the footprint optimization kind of cost out that we talked about in the first half of the year as well as the impact of less days, right, just kind of the leverage part of the less days.

這些成本是暫時性的。在我們走出第二季（Q2）時就會消退。另外一半則是我們在上半年談到的據點（footprint）優化相關的成本支出，以及天數較少的影響，對吧，就是天數較少所帶來的槓桿效應。

And so you kind of take that into account we're kind of pushing up toward 23% EBITDA from a one-off perspective. And then I look at Q2, the midpoint, we're at 22.2%, I think, 22.3% -- 22.2%. And I see we still have about 100 basis points of headwind. Again, about half of that coming from ERP, almost entirely coming from Hypercare and increased SG&A. And then the rest really coming around the footprint and cost actions that should be complete by the end of Q2.

因此把這些因素納入考量，從一次性因素的角度來看，我們其實正往23%的EBITDA靠近。再看第二季的中位數，我們在22.2%，我想是22.3%——22.2%。我認為我們仍然大約有100個基點的逆風。同樣地，其中約一半來自ERP，幾乎完全是來自hypercare與增加的SG&A。其餘則主要來自據點與成本行動，這些應該會在第二季末完成。

And so again, before we get -- start to get any of the savings or anything, we're approaching 23%. And so as I look at those kind of 2 data points and I look at the 23.5% that Ivo talked about in the back half of the year, I mean, we feel pretty good.

所以同樣地，在我們開始取得任何節省或其他效益之前，我們正接近23%。因此當我看這兩個數據點，再看Ivo提到的下半年23.5%，我們的感覺相當不錯。

We feel pretty good getting through the ERP transition, exiting the way we did, eking out a little core growth, in EMEA and then kind of looking at the rest of the business and starting to get a little bit of growth there, we feel pretty good about things.

我們對於度過ERP轉換、並以目前的方式收尾感覺相當不錯；在EMEA勉強擠出一些核心成長，然後再看業務的其他部分，也開始看到一些成長，我們對整體狀況感覺相當不錯。

From a tariff perspective, we don't really expect any impact from the 232 stuff. Most of ours was classified as automotive. And so that really doesn't impact us at all.

就關稅而言，我們其實不預期232條款相關事項會帶來任何影響。我們大多數產品被歸類為汽車類。因此那對我們完全沒有影響。

We have a little bit of headwinds, maybe 20 bps of kind of dilution as we price for tariffs. We're not even counting that though in any of our numbers. We're going to get to where we need to get irrespective of that.

我們可能會有一點點逆風，大概20個基點左右的稀釋，因為我們在定價時會反映關稅。不過我們甚至沒有把這個納入任何數字之中。不管有沒有這個因素，我們都會達到我們需要達到的水準。

When you think about what's going on in the Middle East and the cost of oil and how that kind of impacts through the enterprise, obviously, that's going to impact things like resins and polymers and compounds. It's going to impact things that have high energy use like aluminum and steel, you're seeing those go up. And then there's ripple effects through the rest of the P&L.

當你想到中東正在發生的事情、油價，以及它如何在整個企業中傳導影響時，顯然這會影響到像樹脂、聚合物與複合材料等。也會影響到高耗能的項目，例如鋁與鋼，你會看到它們在上漲。然後在損益表（P&L）的其他部分也會出現連鎖效應。

When it comes to pricing for inflation, we're very confident on that, right? We've always been able to price for inflation. We're getting out ahead of that. And we learned some lessons as we think back post-COVID and the Russia-Ukraine conflict, and we're really focused on surety of supply for our customer.

談到因應通膨的定價，我們非常有信心，對吧？我們一直都能把通膨反映到價格上。我們也正在提前布局。而且回想COVID之後以及俄烏衝突期間，我們學到了一些教訓；我們現在非常聚焦於為客戶確保供應的確定性。

In addition, we've done a lot of work around our supply base. So supplier development, alternative materials, different things like that. And we feel like we're in a very solid position in terms of making sure we can take care of our customers, get surety of supply, not have any kind of interruptions in the business.

此外，我們也在供應基礎方面做了大量工作。例如供應商開發、替代材料，以及諸如此類的不同作法。我們覺得自己處於非常穩健的位置，能確保照顧好客戶、取得供應確定性，並且不會讓業務出現任何中斷。

And then also, as I said, we know we can price for inflation, and we will make sure we take care of that. In addition, we're sticking by our guidance in the second half, and we feel pretty good about it, okay?

另外，如我所說，我們知道我們能因應通膨進行定價，我們也會確保把這件事處理好。此外，我們維持下半年的指引不變，而且我們對此感覺相當不錯，好嗎？

Great. Yes, that's really helpful. And then maybe following up on the demand trends. Could you just give us a little bit more color on the underlying demand trends relative to the strong order take you highlighted? How do the current customer conversations track with that initial end market framework you guys provided last quarter?

很好。是的，這非常有幫助。接著也許追問一下需求趨勢。你能否就你剛才強調的強勁接單表現，提供更多一些關於底層需求趨勢的補充說明？目前與客戶的對話，與你們上季提供的初步終端市場框架相比，進展如何？

Yes. Look, I mean, I don't think that anything really has fundamentally changed. I mean if there was a change, I would say, maybe the -- particularly North America On-Highway order flow has gotten better than where it was kind of exiting 2025.

是的。你看，我不認為有任何事情在根本上發生了改變。如果說有變化，我會說，可能是——特別是北美公路用車（On-Highway）的訂單流動，比起2025年末退出時的狀況有所改善。

Outside of that, we see pretty solid demand trends across the portfolio. We see good behavior in automotive aftermarket. We feel well about industrial Off-Highway. I mean, obviously, commercial construction has been quite strong. Ag has been recovering very, very nicely. Energy & Resources have stabilized. So that's kind of more still neutral around the edges, but we anticipate that there may be an inflection taking into account what's happening in the Middle East.

除此之外，我們看到整個產品組合的需求趨勢相當穩健。我們看到汽車售後市場表現良好。我們對工業非公路（Off-Highway）也很有信心。我的意思是，商用建築一直相當強勁。農業也正在非常、非常良好地復甦。能源與資源已趨於穩定。因此在邊際上仍較偏中性，但考量中東正在發生的事情，我們預期可能會出現轉折點。

Diversified industrial is in a good place. Auto is soft. Auto OE is soft, but it's such a small part of our business, and it is right where we anticipated.

多元化工業處於良好狀態。汽車偏弱。汽車原廠配套（Auto OE）偏弱，但它在我們業務中占比很小，而且正如我們所預期的那樣。

So when I take a look at where we sit, we feel very confidently that the midpoint of our guide for the year is super achievable.

所以當我看看我們目前所處的位置時，我們非常有信心，今年指引的中位數是非常可達成的。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Thanks, good morning. And by the way, congratulations on the deal. I think this is your first deal as a public company, right, Ivo?

謝謝，早安。順帶一提，恭喜這筆交易。我想這是你們成為上市公司後的第一筆交易，對吧，Ivo？

It is. Thank you, Nigel. And it's kind of -- it's a really nice tuck-in transaction that it's not even middle of the fairway. I mean in the middle of your household.

是的。謝謝你，Nigel。而且這有點——這是一筆非常漂亮的補強型交易，甚至不只是球道中間。我是說，就在你家裡的正中央。

Yes, it does seem like hand in glove.

是的，確實看起來非常契合。

Maybe just a bit more details on what you're seeing sort of through April. Number one, given the short cycle nature of your product, I'm just trying to understand why the push from the ERP transition. So I just want to understand how you're recovering those sales because I think we tend to think of short cycle sort of like one and done, it's lost, doesn't recover.

也許可以再多談一些你們在4月一路看到的情況。第一，考量到你們產品的短週期特性，我只是想了解為什麼會受到ERP轉換的推動/影響。所以我想了解你們如何把那些銷售補回來，因為我們通常會把短週期視為一次性成交，錯過就錯過了，不會回補。

So just want to understand that. And then it sounds like you're seeing recovery in industrial OEM. You mentioned on-highway as an area of recovery as well. So I'm just wondering if some of the strength you're seeing is really being driven by some of this heavy industry recovery.

所以想了解這點。另外聽起來你們看到工業OEM在復甦。你也提到公路用（on-highway）是另一個復甦領域。所以我想知道，你們看到的一些強勁表現是否真的是由這些重工業的復甦所帶動。

Yes. Thank you. A lot to unpack.

是的。謝謝。這裡面有很多要拆解。

So look, why do we feel that we're going to recover the sales in Europe? Because we really -- the way to think about it, Nigel, is that we went live basically in the first week of February. And you have to backflush the system.

所以你看，我們為什麼覺得歐洲的銷售會回補？因為我們真的——Nigel，你可以這樣想：我們基本上在2月第一週上線。而你必須對系統做回沖（backflush）。

So no matter what you do, you kind of lose one week of activity and then you fire back your assets and you restart them. And so everything was going the way that we've anticipated. We just -- it just took us -- think about it as one more day to ungum our distribution centers.

所以不管你怎麼做，你大概都會損失一週的作業活動，然後你把資產重新啟動、再重新開始。因此一切都按照我們預期的方式進行。只是——對我們來說，就像多花了一天把配送中心的塞車狀況疏通。

And we've just simply run out of calendar in March. Europe revenue in March was on par with prior year pre-ERP implementation, so they were fully recovered. And frankly, in the month of April, at the beginning of April, they recovered the revenue from Q1.

而我們在3月只是單純日曆天數不夠了。3月歐洲營收與ERP導入前的去年同期相當，所以已完全恢復。坦白說，在4月、4月初，他們就把第一季的營收缺口補回來了。

So actually, our Europe business was up almost double digits in the month of April. So they've had full recovery. They are performing well. We are doing a really good job. The team is just executing in a world-class level.

所以其實我們歐洲業務在4月幾乎是接近雙位數成長。所以他們已完全恢復。表現很好。我們做得非常好。團隊的執行水準就是世界級。

So I feel quite well that we have recovered completely and not really lost any revenue. So again, one day, that was nicely recovered.

所以我相當確信我們已經完全恢復，並沒有真正流失任何營收。所以再說一次，就一天的影響，而且已經很順利地補回來了。

When it comes to these demand trends, I believe that what you see on the heavier industry is more in line with that underlying economy around the large projects that are coming out of ground around the data centers and power gen and power infrastructure and you need lots of construction equipment, earthmoving equipment and so on and so forth.

至於這些需求趨勢，我認為你在較重工業看到的情況，更符合整體經濟的底層動能：大型專案正在落地，例如資料中心、發電與電力基礎設施，你需要大量的工程建設設備、土方設備等等。

And we've anticipated that those businesses were quite weak for an extended period of time. And I think that you and I discussed that on our Q3 earnings that the outlook has been stabilizing, and we are now starting to actually see the outlook turn nicely positive.

而我們原本就預期這些業務會在一段較長時間內相當疲弱。我想你我在第三季財報時也討論過，展望已經在趨於穩定，而我們現在開始看到展望漂亮地轉為正向。

And so PMI is about 50%, and that's good for kind of the overall underlying trend. And look, I'm not prepared to declare victory in here, but I feel pretty positively about the demand trends.

因此PMI大約在50%，這對整體的底層趨勢來說是好的。而且你看，我還不準備在這裡宣告勝利，但我對需求趨勢感到相當正面。

ISM 52.6% I think, this morning. So fourth month above 50%. So it's a bit of a trend now.

我想今天早上ISM是52.6%。所以已經連續第四個月高於50%。所以現在算是有點趨勢了。

And then just going back to the previous question about the inflation recovery. Is there more price coming into 2Q versus 1Q? And then, Brooks, the selling day headwind in 1Q, does that come back in 4Q? Do we have some tailwind in the back half of the year?

然後回到前一個關於通膨回補的問題。第二季相較第一季，是否會有更多價格（price）貢獻？另外，Brooks，第一季的銷售天數逆風，第四季會回來嗎？我們在下半年是否會有一些順風？

We have an extra day in Q4. So that's -- as we kind of move through the year, you'll -- whenever we actually talk about Q4, you'll see it a little bit higher and it will be because of that extra day.

第四季會多一天。所以——隨著我們走完整年，你會——每當我們實際談到第四季時，你會看到數字稍微高一點，而那就是因為多了那一天。

From a pricing perspective, you might see a little leak into to the end of Q2, but that's mostly going to be a second half event. So that will evolve over Q2. And we'll give more guidance as we see how things evolve and we start to roll out our Q3 guidance after this quarter.

從定價角度來看，你可能會在第二季末看到一點點滲入，但主要會是下半年的事件。所以這會在第二季逐步發展。我們會在看到情況如何演變、並在本季之後開始提供第三季指引時，給出更多說明。

That's great.

太好了。

Thanks, guys.

謝謝各位。

Julian Mitchell, Barclays.

Julian Mitchell，Barclays。

Hi, good morning. Just trying to understand the sort of ERP catch-up. So I think you had 3% sort of underlying growth ex ERP in the first quarter, and then you're guiding for around that rate for Q2 and I think for the second half as well.

嗨，早安。我想了解一下ERP的追趕（catch-up）。所以我想你們第一季在排除ERP影響後的底層成長大約是3%，而你們對第二季的指引大概也是那個水準，我想下半年也是。

But just wondered if you might have some ERP catch-up that would push up that underlying growth in the balance of the year from the 3% you did in Q1, particularly as your order trends seem pretty good and you had a good book-to-bill. So I'm just trying to square those things.

但我只是想知道，是否會有一些ERP追趕效應，讓今年剩餘期間的底層成長率高於第一季的3%，特別是你們的訂單趨勢看起來相當不錯，而且出貨/接單比（book-to-bill）也很好。所以我只是想把這些事情對起來。

So I guess let's say, if you're running at 3% every quarter underlying, but then you should get a catch-up from ERP and the orders seem better, why is it 3% every quarter through the year?

所以我想說，假設你們每一季底層都跑3%，但接著你們應該會有ERP的追趕，而且訂單看起來更好，那為什麼全年每一季還是3%？

Yes. Look, Julian, good question, right?

是的。你看，Julian，這是個好問題，對吧？

So the ERP catch-up, where I was talking about the ERP catch-up, you basically were about a day worse than what we've anticipated. We've lost seven working days and so the order trends are very, very solid.

關於ERP追趕，我提到的ERP追趕是指：實際上我們比原先預期大概多差了一天。我們損失了七個工作天，但訂單趨勢非常、非常穩健。

We are early in the year. I don't think that it is prudent to be making any adjustments to guidance this early in the year. Of course, when you take a look at the order trends, you would -- and I think that you probably hear it from our responses, we feel a lot more positively around where we sit for the year, but it's quite early in the year.

我們現在還在年初。我認為在一年這麼早的時點就調整指引並不審慎。當然，當你看訂單趨勢時，你會——而且我想你也從我們的回覆聽得出來，我們對今年所處的位置感覺更正面，但現在確實還很早。

And we will execute on what's within our control and manage our revenue generation to deliver on the guidance that we have put forward in that.

我們會把可控的事情做好，並管理我們的營收產出，以交付我們所提出的指引。

And then just my follow-up around price versus volumes in the revenue line. Maybe I missed it, but did you mention what price was in first quarter? And then I think for the year as a whole, you'd guided 1 to 1.5 points of price. Is that still the case or there's a bit extra now because of the higher cost inflation?

然後我追問一下營收項目中價格與出貨量（volumes）的關係。也許我漏聽了，但你們有提到第一季的價格貢獻是多少嗎？另外我想你們對全年指引是價格貢獻1到1.5個百分點。現在仍是如此嗎？還是因為成本通膨更高，所以會多一點？

Yes. As I said before, Julian, we're kind of seeing how things evolve. We've begun to roll out some price increases, and then we're looking at the impact of some other things.

是的。如我先前所說，Julian，我們正在觀察事情如何演變。我們已開始推出一些漲價措施，然後也在評估其他一些因素的影響。

And so there will definitely be an evolution of price versus volume as we work our way through the second quarter. But this is all relatively kind of late breaking, and we're still kind of working through some of the numbers.

因此，當我們一路走過第二季時，價格相對於銷量的變化肯定會有所演進。但這些都算是相對近期才出現的情況，我們仍在整理並推算一些數字。

And so I would say stay tuned for the second half of the year. We reiterated our guide. We feel comfortable with our numbers, both from a top line and a profitability perspective. And we'll update you on the components of it as we work through how all this oil increase in cost impacts our numbers, okay?

所以我會說，下半年請持續關注。我們重申了我們的指引。無論從營收端或獲利能力的角度，我們對我們的數字都感到有信心。而且，當我們釐清這一波油價成本上升如何影響我們的數字時，我們也會向各位更新其組成項目，好嗎？

Got it. But in the first quarter, sort of reported price was, what, 1.5 points or something?

了解。不過在第一季，所謂的報告價格大概是 1.5 個百分點之類的？

A little bit higher.

稍微高一點。

Yes, a little bit higher. I mean we have a little bit more tariff pricing in the first half of this year because we kicked that off in the third quarter of last year. That's a little bit more in the original numbers, a little bit more price heavy in the first half related to tariffs.

是的，稍微高一點。我的意思是，今年上半年我們有多一些關稅相關的定價，因為我們在去年第三季就開始推動了。所以在原本的數字裡，上半年因關稅因素而使價格占比稍微更高一些。

Great. Thank you.

很好。謝謝。

Andy Kaplowitz, Citigroup.

花旗集團（Citigroup）的 Andy Kaplowitz。

Good morning, everyone.

各位早安。

So I think you said personal mobility up 6% in Q1, I know affected by ERP. I know you've talked about personal mobility growing sort of that high 20s to 30% over the next few years. I think you said Q2 returned to more normalized growth run rates in personal mobility.

所以我想你提到個人移動（personal mobility）在第一季成長 6%，我知道受到 ERP 的影響。我也知道你們談過，未來幾年個人移動大概會以 20% 高段到 30% 的幅度成長。我想你也說第二季個人移動回到較正常化的成長速度。

So maybe just update us, is that the case? Can you get back to those rates? And do you still expect '26 to grow at that sort of normalized high growth rate in personal mobility?

所以也許請你更新一下，情況是這樣嗎？你們能回到那些成長率嗎？你們仍預期到 2026 年個人移動會以那種正常化的高成長率成長嗎？

Yes. Thank you, Andy. Absolutely. We've had some delays with a couple of projects that were supposed to ramp up in Q1. They are ramping up in Q2, and the ERP was an outsized impact because a very significant amount of our revenue base is euro-based.

是的。謝謝你，Andy。當然。我們有幾個原本應該在第一季放量的專案出現一些延遲。它們會在第二季放量，而 ERP 的影響之所以特別大，是因為我們相當大一部分的營收基礎是以歐元計價。

And so that drove a pretty meaningful impact to the Q1 growth rate. But as I indicated in the prepared remarks, we certainly believe that, that business is going to grow and deliver that mid 20s growth rate as we have committed in our original guidance.

因此這對第一季的成長率造成了相當顯著的影響。但如同我在事先準備的發言中所提到的，我們確實相信該業務將會成長，並如我們在原始指引中所承諾的，交付約 20% 中段的成長率。

Okay. And I think I have to ask you about that other big growth driver, data centers. I mean, I think you said up 700% off a low base. I don't know, that probably puts you at what, like $10 million for the quarter, maybe a little bit more you tell me.

好的。我想我得問另一個主要成長動能：資料中心。我的意思是，我想你說在低基期下成長了 700%。我不確定，這大概代表本季約 1,000 萬美元的規模，或許再多一點，你可以告訴我。

But is there a way to more directly refine what '26 could look like? And then obviously, we're all wondering how you fare versus that $100 million to $200 million rate by '28. Like so how is the progress versus that?

但有沒有辦法更直接地細化 2026 年可能會是什麼樣子？然後當然，我們都在想你們距離 2028 年達到 1 億到 2 億美元的水準進展如何。也就是說，相對於那個目標，目前進度如何？

Yes. Look, we feel very good about where we sit today. I mean our order intake and billings are strong in data centers, indicating a really nice acceleration of penetration.

是的。你看，我們對目前的位置感到非常樂觀。我的意思是，我們在資料中心的接單與開立帳單（billings）都很強，顯示滲透率正在非常漂亮地加速。

I mean, obviously, it is from a small base last year, but we started to accelerate our revenue gen and order intake in Q4. We continue to develop a much more wholesome understanding of the infrastructure partners and semiconductor partners, cooling technology and their needs.

當然，這是相對於去年較小的基期，但我們在第四季就開始加速營收產出與接單。我們也持續更全面地理解基礎設施合作夥伴與半導體合作夥伴、散熱技術及其需求。

And look, we continue to drive and tailor our technology for those needs. We are launching new products. Those products, we believe, put us at the forefront of the incremental improvements that are needed to facilitate much better liquid cooling flow rates to improve the efficiency from the existing infrastructure and be kind of a leading -edge supplier kind of on the next generation of the chips that are now being developed.

而且你看，我們持續推動並依據這些需求來調整我們的技術。我們正在推出新產品。我們相信這些產品讓我們站在所需增量改善的最前沿，以促成更好的液冷流量，提升既有基礎設施的效率，並在目前正在開發的下一代晶片上，成為某種領先的前沿供應商。

So we are kind of building and kind of the traditional approach that I have probably demonstrated over the last 10 years. We go after an application that is exciting and emerging. We develop a highly specialized knowledge, and we tailor our products that will offer differentiated performance, and we build a sustainable, durable revenue stream on a forward going basis.

所以我們正在建立——也就是我過去 10 年可能已經展現的傳統做法。我們鎖定一個令人興奮且正在興起的應用。我們建立高度專業化的知識，並調整我們的產品以提供差異化的性能，並在未來持續建立一條可持續、具韌性的營收來源。

And I think that our data continues to demonstrate that we are on that trajectory. And I've committed to you all and to our shareholders kind of $100 million to $200 million of revenue by '28. And I believe that we are on the trajectory.

我認為我們的數據持續顯示我們正走在那條軌跡上。而我也向各位以及我們的股東承諾，到 2028 年達到 1 億到 2 億美元的營收。我相信我們正沿著這個軌跡前進。

So bottom line on track toward that goal in Q1 is how you characterize it?

所以總結來說，你會把第一季形容為正朝那個目標按計畫推進？

Correct. Okay.

正確。好的。

Thank you.

謝謝。

Deane Dray, RBC Capital Markets.

RBC 資本市場（RBC Capital Markets）的 Deane Dray。

Thank you. Good morning, everyone.

謝謝。各位早安。

Morning, Deane. Morning, Deane.

早安，Deane。早安，Deane。

Love to circle back on the Timken deal, and congrats. Ivo, can you just give us some color strategically what this brings to Gates? Is this a product line expansion? Because if I look at the SKUs, they're awfully similar, maybe some on the sports equipment side. And does it bring any new distribution partners maybe to the table? I like seeing the manufacturing facility coming in, but maybe we could start there. Thanks.

我想回到 Timken 這筆交易，並恭喜你們。Ivo，你能否從策略面給我們一些說明，這對 Gates 帶來了什麼？這是產品線擴張嗎？因為如果我看 SKU，兩邊非常相似，可能在運動器材那一側有一些。它是否也帶來任何新的通路合作夥伴？我很高興看到把製造工廠也納入，但也許我們可以先從這裡談起。謝謝。

Deane, Yes, those are all really good questions. I mean I would think about it more as kind of industry consolidation more than anything else.

Deane，是的，這些都是非常好的問題。我的意思是，我會把它更多視為產業整併，而不是其他什麼。

I mean, as you know, Gates is the global leading supplier of all types of belts in all sorts of different applications. And this was just another competitor for us that was small. And I think that Timken felt that it was not at the front and center of what they wanted to focus on, on a forward-going basis.

我的意思是，如你所知，Gates 是各類皮帶、各種不同應用的全球領先供應商。而這只是我們另一個規模較小的競爭對手。我認為 Timken 覺得這並不是他們未來想要聚焦的核心。

And it is something that is additive to us more across the customer base. I think that the technologies and the type of applications that they participated in and that business participates in is very -- it's complementary and it's not something that is super new.

而對我們而言，它更多是在客戶基礎上帶來加成。我認為他們所參與的技術與應用類型——以及該業務所參與的——是非常互補的，並不是什麼非常新的東西。

We will be switching a whole bunch of the portfolio into Gates Construction and the factory is nice to have. So I think that you should just think about it more as a kind of industry consolidation than anything else.

我們會把相當多的產品組合切換到 Gates Construction，而那座工廠也很不錯、值得擁有。所以我認為你應該把它更多視為一種產業整併，而不是其他什麼。

And they have some good folks there that's always nice to bring into our family, and we welcome the employees to Gates organization with open arms. And we just think that it's a good transaction. It's right at the core of what we do. And we feel that we are the right owner and a good steward of that business on a forward-going basis.

而且他們那邊也有一些很棒的人才，能納入我們的大家庭總是好事；我們也張開雙臂歡迎員工加入 Gates 組織。我們就是認為這是一筆好交易。它正好位於我們業務的核心。我們也相信，未來我們會是這項業務合適的擁有者與良好的管理者。

Yes, that's really good to hear. And I know we don't have the terms. But based upon the seller's previous comments about margins, it looks like this is coming in well below the power transmission margins for Gates. So that would suggest there's some nice accretion opportunity. Can you give any color or context there?

是的，這聽起來非常好。我知道我們還沒有交易條款。但根據賣方先前對利潤率的評論，看起來這項業務的利潤率遠低於 Gates 的動力傳動（power transmission）利潤率。所以這意味著有不錯的增厚（accretion）機會。你能否提供一些說明或背景？

Yes. Look, I mean, I think that the business is certainly coming in kind of below what our North America Power Transmission fleet average is. A lot of that business is, frankly, OEM business. So in just a natural way that's got a little bit lower margins.

是的。你看，我的意思是，我認為這項業務的表現確實低於我們北美電力傳輸產品組合的平均水準。坦白說，其中很大一部分是 OEM 業務。所以很自然地，它的毛利率會稍微低一些。

But for us, again, this is kind of core of what we do. So we believe that we have a significant opportunity to drive margins to be at a company fleet average, and that would just indicated that there's a very nice opportunity to improve profitability on that asset, and it should be a very good transaction for us once we have the opportunity to integrate it in and start running it under the Gates operating system and frankly, drive the margins to where they should be.

但對我們而言，再次強調，這算是我們業務的核心。因此我們相信，我們有很大的機會把毛利率推升到公司產品組合的平均水準；這也意味著，這項資產在提升獲利能力方面有非常好的機會。一旦我們有機會把它整合進來，並在 Gates 的營運系統下運作，坦白說，把毛利率推到它應該達到的水準，這對我們來說應該會是一筆非常好的交易。

All good to hear. Thank you.

聽起來都很好。謝謝。

Chris Snyder, Morgan Stanley.

Chris Snyder，摩根士丹利。

Thank you. I wanted to follow up on some of the commentary on the ERP disruption and potential catch-up. I guess if we assume the ERP was a 3-point headwind in the quarter, I guess, would imply about $25 million, $30 million impact.

謝謝。我想追問一下你們對 ERP 擾動以及可能的追趕（catch-up）的評論。我想如果我們假設 ERP 在本季造成 3 個百分點的逆風，那我想大概意味著約 2,500 萬到 3,000 萬美元的影響。

But then I think, Ivo, you said that Europe has fully caught up on the lost revenue in April. So I just want to make sure I'm understanding that right. Like was Europe a subsegment of that $25 million to $30 million? Just trying to understand how much catch-up there really was there in April. Thank you.

但接著我想，Ivo，你說歐洲在 4 月已經把流失的營收完全追趕回來了。所以我只是想確認我理解得是否正確。例如，歐洲是否是那 2,500 萬到 3,000 萬美元中的一個子分項？只是想了解 4 月實際追趕回來的金額到底有多少。謝謝。

Yes, Chris, thanks for the question. Let me just clarify. We came about $5 million light to the midpoint that we have guided on Q1.

是的，Chris，謝謝你的問題。我先澄清一下。我們第一季的結果比我們對 Q1 指引的中點少了大約 500 萬美元。

So my comment has been more around the $5 million that we've came a little bit light on in Q1 that we have fully recovered, not the incremental $25 million that you are stipulating that is something that we anticipate we will recover as the year progresses.

所以我的評論主要是針對我們在 Q1 少了約 500 萬美元的那部分，我們已經完全追回來了；而不是你所假設的額外 2,500 萬美元，那部分是我們預期會在今年進行的過程中逐步追回的。

And that was built into our original guidance, right? And so it was bridging the gap on Q1 versus the balance of the year.

而那部分其實已經納入我們原先的指引了，對吧？所以它是在銜接 Q1 與今年剩餘期間之間的差異。

Got it. Yes. So I felt like the $25 million to $30 million was a lot. So I appreciate that clarification.

了解。是的。所以我覺得 2,500 萬到 3,000 萬美元確實有點大。所以我很感謝這個澄清。

And then if I could just follow up on data center. It's very nascent for you guys now. And I guess my question is, is this just a nascent market since it's tied to liquid cooling, which is still in the very early stages? Or is there already an established player that's out there in the market that you guys have to go and take share from? Because I think it's understandable why you guys have a right to win there. But then also just the question is, if this market is already developing, why aren't you guys meaningful share already? But correct me if you already are meaningful share. Thank you.

然後如果我可以再追問一下資料中心。你們目前在這方面還非常初期。我想問的是：這只是因為它與液冷相關，而液冷本身仍處於非常早期階段，所以這個市場才剛萌芽？還是市場上其實已經有成熟的玩家，你們必須去搶市占？因為我覺得可以理解為什麼你們在那裡有「勝出的權利」。但同時也想問，如果這個市場已經在發展，為什麼你們目前還沒有很有意義的市占？當然，如果其實你們已經有相當的市占，也請糾正我。謝謝。

Yes. Look, I think it is a nascent market, right? I mean I think that we all started to talk about liquid cooling much more profound in about 12 months ago.

是的。你看，我認為這確實是一個剛萌芽的市場，對吧？我的意思是，我想我們大概是在 12 個月前才開始更深入、更頻繁地談論液冷。

We have started to quantify our growth rates in that market pretty meaningfully in the second half of the year. I think that our order intake does indicate that we are taking a fair share of the revenue. There are well-established players, just like Gates is an established player that will be competing for the available infrastructure build-out.

我們在今年下半年開始相當明確地量化我們在該市場的成長率。我認為我們的接單量確實顯示，我們正在取得相當比例的營收份額。市場上也有成熟的玩家，就像 Gates 本身也是成熟的玩家，會一起競爭可用的基礎設施建置機會。

But there's so many projects that in our view, there will be room for more players to come in and for everybody to have plenty of opportunity to build strong solid revenue stream as this business becomes mainstream. And my sense is we didn't just kind of come up with '28 as some random date. I mean we feel that by '28, this should become -- this should transition from emerging applications to mainstream where all data centers will be liquid cool.

但專案數量非常多，以我們的看法，會有空間讓更多玩家進入，而且每個人都有很多機會在這項業務走向主流時，建立強勁且穩健的營收來源。而且我的感覺是，我們並不是隨便把 2028 年當作一個隨機的時間點。我的意思是，我們認為到 2028 年，這應該會——應該會從新興應用轉變為主流，也就是所有資料中心都會採用液冷。

Thank you, Ivo. I appreciate that.

謝謝你，Ivo。我很感謝。

Thanks, Chris.

謝謝，Chris。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Hi, thank you for the time. With the second half of the year implying organics around 4.5%. I'm curious, the order strength that you mentioned multiple times for March and April, can you give us a sense of what the order growth is trending right now year-over-year?

嗨，謝謝你們撥冗。下半年意味著有機成長約 4.5%。我很好奇，你們多次提到 3 月和 4 月的訂單強勁，能否讓我們了解一下，目前訂單年增率的趨勢大概是多少？

Yes. So look, we've -- I would say order growth is outpacing core growth, certainly in Q1 as we saw backlog build kind of across the business. And I think it's an indication of the industrial OEM strength that Ivo talked about.

是的。你看，我們——我會說訂單成長確實跑贏核心成長，至少在 Q1 是如此，因為我們看到整體業務的積壓訂單（backlog）有所增加。我認為這也反映了 Ivo 提到的工業 OEM 的強勁。

And so when -- that's really as we've been going through a little bit of a trough that we've seen on the industrial side, the strength in the industrial OEM business has given us pretty good confidence. And so we had backlog build in Q1.

因此，當——在我們經歷工業端相對低谷的同時，工業 OEM 業務的強勁讓我們相當有信心。所以我們在 Q1 的確有積壓訂單增加。

We continue to -- we saw strength in April, which is why we highlighted that. And so orders are on pace to support our core growth number right now.

我們持續——我們在 4 月也看到強勁表現，這也是我們特別提到的原因。因此，目前訂單的節奏足以支撐我們的核心成長數字。

And I'd say also, remember that the second half of the year, there is that extra day that we have in the second half of the year that kind of offsets the two days in the first quarter. And so that gives you a little bit higher growth rate in the second half.

另外我也想說，請記得下半年有多一天，這在某種程度上抵消了第一季少了兩天的影響。因此下半年的成長率會稍微高一些。

And then also, there's some catch-up throughout the year on the EMEA side. And so when we look at it kind of from an overall perspective, we feel like it's pretty evenly paced throughout the year from a core growth perspective.

此外，EMEA 端在全年也會有一些追趕（catch-up）。所以當我們從整體角度來看，我們覺得就核心成長而言，全年節奏其實相當平均。

David, I'm sorry. What I would remind also everybody is that prior year comparisons are a little more difficult, too, right, because we had that big step-up in AR business of the channel win that we had in the first half. So actually, the underlying performance in Q1 was quite good.

David，不好意思。我也想提醒大家，去年同期比較也稍微更困難一些，對吧，因為我們在上半年因為通路勝出（channel win），AR 業務有一個很大的跳升。所以其實 Q1 的基本面表現相當不錯。

Well, that's what I was just wondering, are we already seeing orders running above that second half organic growth rate? (inaudible) just trying to set that up.

嗯，這正是我想問的：我們現在是否已經看到訂單的運行水準高於下半年那個有機成長率？(聽不清) 我只是想把這個問題鋪陳清楚。

Yes. I think when you look at the one-offs that I talked about in terms of the extra day, you look at the order rate right now and you look at the trend and kind of -- and what we've guided to for Q2, again, we feel pretty confident in our guide, and we feel good about where we stand from an orders perspective and a sales perspective.

是的。我想當你把我提到的一次性因素（one-offs）納入考量，例如多出的一天，再看目前的訂單速度與趨勢，以及——還有我們對 Q2 的指引，再次強調，我們對指引相當有信心；而且從訂單與銷售的角度來看，我們對目前的位置感到滿意。

It's early in the year as well, right, David. It's very early in the year.

而且現在也才年初，對吧，David。真的還很早。

Yes. I appreciate it. And I think if I heard you correctly about the second quarter, while the guide for the margin is around, I think, 22.2%, you feel there's still about 100 bps in there of, I guess, ERP drag, if I heard you correctly. Is that the right way to think about it? Yes, please go ahead.

是的。我很感謝。另外我想確認一下，如果我沒聽錯你對第二季的說法，雖然毛利率指引大約是——我想是 22.2%，但你覺得其中仍大概有 100 個基點的——我猜是 ERP 拖累，如果我理解正確的話。這樣想對嗎？是的，請繼續。

Yes. It's about half ERP and half footprint optimization cost out. So it's kind of similar to what it was in Q1, but it's half. And so we -- you progress from 20.8% to 22.2%, you still have 100 bps of headwind.

是的。大約一半是 ERP，另一半是據點／足跡優化的成本剔除。所以和第一季的情況有點類似，但規模只有一半。因此我們——你從 20.8% 提升到 22.2%，仍然有 100 個基點的逆風。

So you're kind of knocking on 23% from an EBITDA perspective when you adjust for the one-off. So when -- again, we talk about the 23.5% target in the second half of the year, we feel pretty good about that.

所以從 EBITDA 的角度來看，當你把一次性項目調整掉之後，你其實已經接近 23%。所以當——再次，我們談到下半年 23.5% 的目標時，我們對此感覺相當不錯。

All right. I appreciate the time. Thank you.

好的。感謝你撥冗。謝謝。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行。

Yes, hi. Good morning, everyone. Brooks, I'm wondering if you could just talk about the difference in demand cadence you're seeing on the replacement market by end market. If you have that type of visibility, we were surprised to hear from somebody else in the supply chain that parts demand in truck applications was really soft in the first quarter.

是的，嗨。各位早安。Brooks，我想請你談談你們在替換市場（replacement market）按終端市場來看，需求節奏上看到的差異。如果你們有這類能見度的話，我們很意外聽到供應鏈的其他人說，第一季卡車應用的零件需求非常疲弱。

I'm wondering if you're seeing that or if you have that level of granularity and visibility and any other replacement demand trends that you can talk about in terms of cadence would be helpful.

我想知道你們是否也看到這種情況，或你們是否有那樣的細分程度與能見度；另外，若能分享任何其他替換需求趨勢（就節奏而言）也會很有幫助。

Yes. We don't really break out our replacement channels by end market. What I will tell you is that the aftermarket in Q1 was quite healthy, absent of the two things that we have listed.

是的。我們其實不會按終端市場拆分我們的替換通路。我可以告訴你的是，第一季的售後市場（aftermarket）相當健康，除了我們列出的那兩件事之外。

It was running at a trend line. So I wouldn't -- I would not be able to tell you that there was something out of ordinary that was not behaving well. Our aftermarket is actually quite okay.

它基本上是沿著趨勢線在跑。所以我不會——我無法告訴你有什麼異常、表現不佳的情況。我們的售後市場其實相當不錯。

And when I take a look at POS, the POS data was very healthy. So there wasn't any indication of somebody trying to pull demand forward. We didn't see that. I mean the sales out kind of outpaced our sales in slightly.

而且當我看 POS 時，POS 數據非常健康。所以沒有任何跡象顯示有人在把需求提前拉貨。我們沒有看到那種情況。我的意思是，終端銷售（sales out）確實略微超過了我們的銷售。

So everything is -- I see a normal operating conditions. I wouldn't call that as extraordinarily out of line on a positive or that it is negative at all. I think it's behaving the way that we anticipated.

所以一切——我看到的是正常的營運狀況。我不會說在正面上特別偏離常態，也完全不覺得是負面的。我認為它的表現符合我們的預期。

Super. And separately, nice to see the transaction announced this morning. Can you talk about, as you look at the M&A pipeline, are there additional opportunities that we should be thinking about over the next 12 to 18 months? What's the range of capital if you do have an active pipeline, what's the range of capital that you think you could deploy beyond the announcement today?

很好。另外，今天早上看到你們宣布這筆交易很不錯。你能談談，從併購（M&A）案源來看，未來 12 到 18 個月是否還有我們應該關注的其他機會嗎？如果你們確實有活躍的案源，那麼除了今天的公告之外，你認為可動用資本的範圍大概是多少？

Yes. Look, we have a very healthy balance sheet. We spent -- I spent years on trying to get this balance sheet to be durable. We are right in line with what we have committed in our last CMD.

是的。你看，我們的資產負債表非常健康。我花了好幾年時間讓這張資產負債表更具韌性。我們完全符合我們在上一次 CMD（資本市場日）所承諾的方向。

We feel that we have a ton of capacity. I think that we are operating the business quite well. We're driving profitability forward. And we believe that there are many opportunities presently.

我們覺得我們有很大的承載能力。我認為我們把業務經營得相當好。我們正在推動獲利能力持續提升。而且我們相信目前有很多機會。

Our pipeline is very robust. We are doing presently a ton of work on a number of assets that would be highly accretive to what we do. Again, front and center to our portfolio. We not -- we are really not looking at anything that would be an extension or a third leg.

我們的案源非常強勁。我們目前正在對多項資產做大量工作，這些資產對我們所做的事情將具有高度增益（accretive）。同樣地，會以我們的產品組合為核心。我們不——我們真的不在看那種屬於延伸或「第三條腿」的東西。

We don't believe that, that is the most meaningful way to add to our scale. And so we will talk to you as these things develop further. But I would say, yes, there's a very good likelihood of more announcements coming certainly within this calendar year. Thank you.

我們不認為那是擴大規模最有意義的方式。因此，隨著這些事情進一步發展，我們會再與各位更新。但我會說，是的，今年這個曆年內很有可能會有更多公告。謝謝。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

Morgan: Hello, everyone.

Morgan：各位好。

Hi, Tom. Good morning.

嗨，Tom。早安。

Thank you. Could you share your perspective on business opportunities for Gates and robotics, especially humanoid applications? Based on your discussion with the customers and your technology services, what is Gates potential in this space? And are there any specific technology services you see as a key differentiators?

謝謝。你能分享一下你對 Gates 在機器人領域的商機看法，特別是人形機器人（humanoid）應用嗎？根據你們與客戶的討論以及你們的技術服務，Gates 在這個領域的潛力是什麼？另外，有沒有你認為是關鍵差異化因素的特定技術服務？

Yes. Look, yes, we do see opportunities. There are some nice opportunities that we already participate on today. We have a very nice small-scale business in China, in particular, and in Japan in robotics.

是的。你看，是的，我們確實看到機會。目前我們已經參與了一些不錯的機會。我們在中國（尤其）以及日本的機器人領域，已經有一個規模不大但很不錯的業務。

I would not be in a position, frankly, to tell you today whether or not there's some humanoid opportunities very specifically, but we do have a very nice robotics power transmission business with small belts that are perhaps more cost efficient than the alternative technologies.

坦白說，我今天還無法告訴你是否有非常明確的人形機器人機會，但我們確實有一個很不錯的機器人動力傳動業務，使用小型皮帶，可能比替代技術更具成本效率。

And so we believe that it's going to be a small accretive end market as it develops on forgoing basis.

因此我們相信，隨著其持續發展，這將會是一個小而具增益的終端市場。

Thank you. And just a follow-up on the Timken acquisitions. Could you talk about expected impact on our net leverage following these acquisitions? And how should we think about the capital allocation strategies, including the balance sheet, please?

謝謝。另外追問一下關於 Timken 的收購案。你能談談這些收購完成後，對我們淨槓桿（net leverage）的預期影響嗎？以及我們應該如何看待資本配置策略，包括資產負債表方面，謝謝。

Yes, it's immaterial. I mean it was a super positive purchase price, opportunistic purchase price that we've acquired this business, not meaningful on our net leverage.

是的，影響不大。我的意思是，我們以非常正面的收購價格、帶有機會性的價格取得這項業務，對我們的淨槓桿沒有實質影響。

Thank you.

謝謝。

And that concludes our Q&A session. I will now turn the conference back over to Rich for closing remarks.

以上為我們的問答環節。我現在把電話會議交回給 Rich 作結語。

Thanks, everybody, for participating. If you have any further questions, feel free to reach out to me. Otherwise, have a great weekend. Take care.

謝謝各位參與。如果你們還有任何問題，歡迎隨時與我聯繫。不然的話，祝各位週末愉快。保重。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。