Heritage Global Inc (HGBL) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Heritage Global Inc. second-quarter 2025 Earnings Call. (Operator Instructions) Please note this call will be recorded, (Operator Instructions) It is now my pleasure to turn the conference over to John Nesbett with IMS Investor Relations. Please go ahead.

大家好，歡迎參加今天的 Heritage Global Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，本次通話將被錄音，（操作員指示）現在我很高興將會議交給 IMS 投資者關係部門的 John Nesbett。請繼續。

Thank you, and good afternoon, everyone. Before we begin, I'd like to remind everyone that this conference call contains forward-looking statements based on current expectations and projections about future events and are subject to change based on various important factors.

謝謝大家，下午好。在我們開始之前，我想提醒大家，本次電話會議包含基於當前預期和對未來事件的預測的前瞻性陳述，並且可能會根據各種重要因素而改變。

In light of these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this call. For more detailed factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.

鑑於這些風險、不確定性和假設，您不應過度依賴這些前瞻性陳述，這些陳述僅代表本次電話會議之日的觀點。有關可能影響這些預期的更多詳細因素，請參閱我們向美國證券交易委員會提交的文件。

Now I'd like to turn the call over to Heritage Global's Chief Executive Officer, Mr. Ross Dove. Ross?

現在我想把電話轉給 Heritage Global 的執行長 Ross Dove 先生。羅斯？

Thank you, John. Hello, and good afternoon, everyone. Thank you for joining. And once again, thank you for your continued interest. As always, Brian will drill down on the quarter's performance nuts and bolts across the board.

謝謝你，約翰。大家好，下午好。感謝您的加入。再次感謝您一直以來的關注。與往常一樣，布萊恩將深入探討本季的全面業績細節。

Clearly, it was a solid quarter. And actually, more importantly, it was a solid quarter with no real concentration issues, but a solid quarter country-wide. We are proud to say we blew by the $2 million NOI goal to $2.2 million, and it felt very encouraging.

顯然，這是一個穩健的季度。實際上，更重要的是，這是一個穩健的季度，沒有真正的集中問題，而是全國穩健的季度。我們很自豪地說，我們的 NOI 目標已經從 200 萬美元達到了 220 萬美元，這讓人感到非常鼓舞。

Let me start by trying to add some color beyond the numbers on how we're currently feeling, where we see ourselves headed, and with some of the reasons on the how and the why. So this last month, I was at a CEO peer group conference, a virtual conference of microcap and small-cap CEOs.

首先，我想嘗試透過數字來解釋我們目前的感受、我們的發展方向，以及如何和為什麼會發生這樣的事情。上個月，我參加了一次 CEO 同儕小組會議，這是一個微型股和小型股 CEO 的虛擬會議。

We were all asked around the horn to basically talk about how we felt in this virtual room briefly about the state of the economy, how our company was facing its challenges in the current macro economy, et cetera. I spoke last, pretty much everyone seemed to mirror each other's comments with the same safeguards I'm sure you're all hearing regularly, typical flight to safety, which makes sense in this macro geopolitical economy.

我們都被要求在這個虛擬房間裡簡要地談論我們對經濟狀況的感受，我們的公司在當前宏觀經濟中面臨的挑戰等等。我最後發言了，幾乎每個人似乎都以相同的防範措施互相呼應，我相信你們都經常聽到，典型的避險情緒，這在宏觀地緣政治經濟中是有道理的。

They were saying it's very hard to forecast with so much uncertainty. They were saying, we're unsure when to hear and how severe the impact of the tariffs will be on our supply chains. They were then again reiterating it's unclear if capital will be available near term.

他們說，由於不確定性太多，很難進行預測。他們說，我們不確定何時會聽到消息，以及關稅對我們的供應鏈的影響有多嚴重。他們再次重申，目前還不清楚短期內是否有資金可用。

Then it was my turn. I heard myself say, wow, Heritage Global feels really very, very able, very stable, and very capable right now. I just have the sense we're built to last for whatever comes opportunistically. I know that sounded arrogant, and this is an earnings call and not a sales pitch. So forgive me any overexuberance and let me just focus on where that confidence right now is coming from.

然後輪到我了。我聽到自己說，哇，Heritage Global 現在真的感覺非常非常有能力、非常穩定、非常有能力。我只是覺得，無論發生什麼機會，我們都會堅持下去。我知道這聽起來有點傲慢，這是一次財報電話會議，而不是推銷。所以請原諒我的過度興奮，讓我只關註一下現在這種信心的來源。

First off, I believe now and I've always believed very much in the concept of Sinloa, S-I-N-L-O-A, (sic - "Sinaloa"), Safety in Numbers, Law of Averages. It's paramount to my CEO dashboard. I measure everything both short-term and long-term, where I get my confidence from safety in numbers.

首先，我現在相信，而且我一直非常相信 Sinloa、S-I-N-L-O-A（原文如此 - “錫那羅亞”）的概念，即人多力量大、平均法則。這對我的 CEO 儀表板來說至關重要。我會衡量一切事物的短期和長期影響，我的信心來自於數量帶來的安全感。

Right now, our pipeline is very, very strong, and it's not just strong, it's equally spread out across all of our revenue sectors, which is most important. It's also very important that we have a really good mixture of both new clients we're attempting to add and ongoing business from repeat clients in all of our sectors spread out pretty equally.

目前，我們的管道非常非常強大，而且不僅強大，而且均勻分佈在我們所有的收入部門，這是最重要的。同樣非常重要的是，我們要將試圖增加的新客戶和來自各行業回頭客的持續業務進行均衡分配。

Let me begin a bit on the Industrial side before I then shift to the financial and back to Brian to more details. What we're seeing is a very healthy spread of both large successful multinational firms we do business with, increasingly and aggressively managing their surplus even more diligently, combined with a more meaningful move to get their surplus on the market and out the doors of their factories and warehouses.

讓我先從工業方面談一下，然後再談財務方面，最後再請 Brian 詳細講解。我們看到，與我們有業務往來的大型成功跨國公司都在健康發展，它們更加勤勉、更加積極地管理其盈餘，同時採取更有意義的舉措，將盈餘推向市場，而不是工廠和倉庫。

That's combined with a venture community and a buyout sector that is now really becoming a bit more Darwinian in their approach to where companies who are not performing on fast path to profitability are under greater pressure to rightsize, and we're seeing increased surplus assets, continued plant closures, and pressure on downsizing and rightsizing.

再加上創投界和收購產業，現在它們的策略確實變得更加達爾文主義，那些沒有快速實現盈利的公司面臨著更大的調整規模的壓力，我們看到過剩資產增加、工廠繼續關閉以及縮小規模和調整規模的壓力。

At both our ALT and our industrial auctions, what's happening now in this supply chain, in this marketplace is the magic really happens when we're able to offer new and late model assets. The late model assets are really selling on the industrial side at a very large premium now with supply chain and tariff fears.

在我們的 ALT 和工業拍賣會上，當我們能夠提供新的和最新型號的資產時，這個供應鏈和市場中正在發生的事情是，奇蹟真的發生了。由於對供應鏈和關稅的擔憂，目前工業方面的最新型號資產確實以非常高的溢價出售。

So we're getting more and more late time assets, and we're getting more and more bidders at our auctions, and we've done a fantastic job, in my opinion, at the leadership at ALT of upgrading our bio inventory to where we have really modern, fresh assets, and an aggressive base of buyers that are looking to buy secondhand equipment that's really in pristine condition. So Industrial side, I feel very confident. That's the how and the why and why I said that I think we're stable and capable and able right now.

因此，我們獲得了越來越多的後期資產，我們的拍賣會上的競標者也越來越多，我認為，在 ALT 領導層的帶領下，我們做得非常出色，將我們的生物庫存升級到真正現代化、新鮮的資產，並且擁有一批積極的買家，他們希望購買狀況良好的二手設備。因此，在工業方面，我感到非常有信心。這就是我說我認為我們現在是穩定、有能力和有能力的原因。

Transfer over to the financial assets, and back to my same statement. When it comes to selling charged-off consumer loans, our team at NLEX has built the most respected and trusted brand in the industry. It's really well deserved, our success, because of the effort our team has put in. They've invested in best-in-class services for both the sellers and the buyers.

轉移到金融資產，然後回到我的同一份報表。在銷售已註銷的消費貸款方面，NLEX 團隊已經打造了業界最受尊重和信賴的品牌。我們的成功實至名歸，這歸功於我們團隊的努力。他們為賣家和買家投資了一流的服務。

With the singular best data protections in the industry and the most transparent ease of use in their trusted offerings, they have a growing cadre of repeat sellers and they're adding new sellers and new bulk sellers on a regular basis, literally week-by-week and month-by-month. So it's very, very strong approaching at NLEX.

憑藉業內最佳的資料保護和最透明的易用性，他們值得信賴的產品擁有越來越多的回頭客，並且他們定期（實際上是每週、每月）增加新的賣家和新的大量賣家。因此，NLEX 的接近度非常非常高。

As we move through the year and into next year, I feel that this will continue on a regular basis. That blowing by $2 million NOI was no fluke, it should continue and be pretty stable the next few quarters and onward past that.

隨著我們度過今年並進入明年，我覺得這種情況將會持續下去。淨利潤超過 200 萬美元並非偶然，在接下來的幾個季度及以後，這一趨勢應該會持續下去，而且相當穩定。

More important than that, being stable and able is not our goal. Our goal is to put a massive effort now into the next stage of our company, which is the giddy up and make hay stage. So we're now in a very, very serious acquisition mode, and that would be an understatement to tell you how serious we are.

更重要的是，穩定和有能力並不是我們的目標。我們的目標是現在就為公司的下一個階段付出巨大的努力，也就是振作起來、大干一場的階段。所以我們現在處於非常非常嚴肅的收購模式，毫不誇張地說，我們的嚴肅性是毋庸置疑的。

We're looking at multiple companies. We're sitting here because we've worked very hard, and we've planned very well with what I'll brag to say is a fat wallet. And we got a fat wallet and we got an empty belly ready to fill up. So we're looking hard as we speak at multiple deals.

我們正在檢視多家公司。我們之所以能坐在這裡，是因為我們工作非常努力，而且我們計劃周全，我可以自豪地說，我們的錢包鼓了。我們的錢包鼓了，但我們的肚子卻空空如也，等著吃東西。因此，我們在洽談多項交易時，正在認真考慮。

I think that we're going to get some announcements done definitely within the next 6 to 12 months. Our goal is even sooner. We're talking to multiple people at once. We know that, that's the secret sauce to get the kind of growth we need to go from able and stable to, really, on a takeoff position to really build this thing into something significantly larger.

我認為我們肯定會在未來 6 到 12 個月內發布一些公告。我們的目標甚至更快。我們同時與多人交談。我們知道，這就是我們實現成長的秘訣，從有能力和穩定發展到真正起飛，從而真正將這個東西打造成更大的東西。

I feel good about where we are. I feel proud of our team, and I'll let Brian walk you through the details of this quarter. I'll quiet down now and give him his turn.

我對我們的現狀感到滿意。我為我們的團隊感到自豪，我讓布萊恩向你們介紹本季的細節。我現在要安靜下來並讓他輪流發言。

Before I do that, I thank you all. And any time you want to talk with us, we're available, we're around, and we very much appreciate you guys joining in. Brian, go ahead and get down to the nuts and bolts.

在此之前，我要先感謝大家。無論何時您想與我們交談，我們都隨時為您服務，非常感謝您的加入。布萊恩，繼續吧，開始討論具體細節。

Thank you, Ross, and good afternoon, everyone. I'll begin with a brief overview of our second-quarter operating results before walking through our Industrial and Financial segment performance. I'll then conclude with consolidated financials.

謝謝你，羅斯，大家下午好。在介紹我們的工業和金融部門的業績之前，我將首先簡要概述我們的第二季經營業績。然後我將以合併財務狀況作為結束。

Consolidated operating income was $2.2 million in the second quarter of 2025 compared to $3.5 million in the second quarter of 2024. Our Industrial Assets division reported operating income of $1.3 million in the second quarter of 2025 compared to $2.1 million in the prior year quarter.

2025 年第二季綜合營業收入為 220 萬美元，而 2024 年第二季綜合營業收入為 350 萬美元。我們的工業資產部門報告 2025 年第二季的營業收入為 130 萬美元，而去年同期為 210 萬美元。

Our Financial Assets division reported operating income of $2.2 million in the second quarter of 2025 compared to $2.7 million in the second quarter of 2024. Our Industrial Assets division had a solid quarter, benefiting from a high volume of auctions and steady asset pricing levels for both the Auction Liquidation and Refurbishment and Resale segments.

我們的金融資產部門報告 2025 年第二季的營業收入為 220 萬美元，而 2024 年第二季的營業收入為 270 萬美元。我們的工業資產部門本季表現穩健，受益於拍賣清算和翻新及轉售部門的大量拍賣和穩定的資產價格水平。

Our Appraisals business delivered a sound quarter with operating income of approximately $250,000 compared to a loss in the first quarter of the year. Our ALT business benefited from an increased number of auctions in addition to its core retail channel, achieving operating income of approximately $400,000, compared to a breakeven quarter in the prior year period.

我們的評估業務本季表現良好，營業收入約為 25 萬美元，而今年第一季則出現虧損。我們的 ALT 業務受益於核心零售通路以外的拍賣數量的增加，與去年同期的盈虧平衡季度相比，實現了約 40 萬美元的營業收入。

Taking out the $1.3 million in earnings achieved in the second quarter of 2024 from the Fenton, Missouri pharmaceutical plant, the Industrial Auctions Group, HGP, had improved day-to-day operating results this quarter compared to the prior year period. As we move through the second half of the year, we're focused on continuing to execute on the opportunities in our auction pipeline to build momentum and drive operational success.

在扣除 2024 年第二季密蘇裡州芬頓製藥廠實現的 130 萬美元收益後，工業拍賣集團 (HGP) 本季的日常經營業績與去年同期相比有所改善。隨著下半年的到來，我們將專注於繼續抓住拍賣管道中的機會，以累積動力並推動營運成功。

Our Financial Assets division delivered relatively consistent performance as compared to the second quarter of 2024 and drove strong sequential improvement in the quarter. We saw a meaningful improvement in the brokerage business, which continued to add high-quality portfolio sales, resulting in increased pricing during the quarter as compared to the first quarter. Yet pricing is still in closer alignment with a normalized market.

與 2024 年第二季度相比，我們的金融資產部門的業績相對穩定，並在本季度實現了強勁的環比增長。我們看到經紀業務取得了顯著改善，並繼續增加高品質的投資組合銷售，導致本季的價格與第一季相比有所上漲。但定價仍與正常市場更接近。

The NLEX team has been and continues to be actively onboarding new clients. This focus, coupled with a strong pipeline of opportunities, has led to an increase in client transactions, and we anticipate that this segment will continue to see strong performance throughout 2025.

NLEX 團隊一直並將繼續積極接納新客戶。這種專注加上強大的機會管道，導致客戶交易量增加，我們預計該領域在 2025 年將繼續保持強勁表現。

Additional consolidated financial results include the following: adjusted EBITDA was $2.6 million compared to $4 million in the prior year period. The difference quarter-over-quarter was primarily due to earnings recorded from our pharmaceutical plant transaction in the second quarter of 2024 mentioned earlier. Net income was $1.6 million or $0.05 per diluted share compared to net income of $2.5 million or $0.07 per diluted share in the second quarter of 2024.

其他合併財務結果包括：調整後的 EBITDA 為 260 萬美元，而去年同期為 400 萬美元。與上一季相比的差異主要是由於我們之前提到的 2024 年第二季製藥廠交易記錄的收益。淨收入為 160 萬美元，即每股攤薄收益 0.05 美元，而 2024 年第二季的淨收入為 250 萬美元，即每股攤薄收益 0.07 美元。

Our balance sheet is strong with stockholders' equity of $65.7 million as of June 30, 2025, compared to $65.2 million at December 31, 2024, with net working capital of $16.4 million. Our cash balance reflects a total of $19.8 million as of June 30, 2025, and after removing amounts due to our clients, payables to sellers on our balance sheet, our net available cash balance was $11.7 million.

我們的資產負債表表現強勁，截至 2025 年 6 月 30 日，股東權益為 6,570 萬美元，而 2024 年 12 月 31 日為 6,520 萬美元，淨營運資本為 1,640 萬美元。截至 2025 年 6 月 30 日，我們的現金餘額總計為 1,980 萬美元，在扣除資產負債表上應付給客戶的款項和應付給賣方的款項後，我們的淨可用現金餘額為 1,170 萬美元。

We also repurchased approximately 750,000 shares in the open market during the second quarter for a total of $1.6 million or an average cost of $2.13 per share. And as of July 31, the company has formally extended the repurchase program for an additional three years with an allowable spend of $7.5 million.

我們也在第二季在公開市場上回購了約 75 萬股，總計 160 萬美元，平均每股成本為 2.13 美元。截至 7 月 31 日，該公司已正式將回購計畫延長三年，允許支出為 750 萬美元。

On the M&A front, acquisitions remain a capital allocation focus as the company continues to evaluate several strategic opportunities in both the Industrial and Financial Asset segments of the business. We look forward to reporting on any developments as they occur.

在併購方面，收購仍然是資本配置的重點，因為公司繼續評估工業和金融資產業務領域的若干策略機會。我們期待報道任何進展。

And with that, back over to you, Ross.

現在，回到你這裡，羅斯。

Thank you, Brian. So I've been doing this a very long time. And the only thing I can give you is my feelings. It just feels like Heritage Global is in the right place at the right time with the right Board of Directors fully supporting us, the right, young, strong management team other than old Ross, really ready to step forward.

謝謝你，布萊恩。我已經做這個很久了。而我唯一能給你的就是我的感情。感覺 Heritage Global 在正確的時間出現在了正確的地點，擁有正確的董事會全力支持我們，除了老羅斯之外，還有正確的、年輕而強大的管理團隊，他們真的準備好向前邁進。

I couldn't pick a better time or a better opportunity for us to seize the day, to seize the month, to seize the year, and to produce everything that we should produce. So we're at the point in time right now, the assets are there, the marketplace is there, and we're at a no excuses place that it's our turn to shine.

我無法選擇一個更好的時間和更好的機會讓我們抓住今天、抓住本月、抓住今年，並生產我們應該生產的一切。所以我們現在正處於這樣的時刻，資產就在那裡，市場就在那裡，我們處於一個沒有藉口的境地，輪到我們大放異彩了。

Thank you all for paying attention, and thank you for your continued interest, and we're always around, and we're grateful that you're here with us. Brian and I are ready to take any questions that anybody has, and we're anxious to hear from you. Thanks again, and your lines are open.

感謝大家的關注，感謝大家一直以來的關注，我們一直在我們身邊，我們很感激你們和我們在一起。布萊恩和我已準備好回答任何人的任何問題，我們渴望聽到您的聲音。再次感謝，您的線路已暢通。

(Operator Instructions) Mark Argento, Lake Street.

（操作員指示）馬克‧阿根托 (Mark Argento)，湖街 (Lake Street)。

Just a couple of questions here. First off, when we're thinking about just 10,000 feet in terms of the model, you've thrown out that $2 million in operating income. Is that a good baseline for you guys the way the business is today, on a quarter in and quarter out basis?

這裡只有幾個問題。首先，當我們從模型的角度考慮 10,000 英尺時，您就已經損失了 200 萬美元的營業收入。對你們來說，以目前的業務狀況（按季度計算）來說，這是否是一個很好的基準？

And if that's the case, how should we think about the opportunity to start nudging that higher? I think historically, you guys -- there's a decent amount of variability in terms of quarter in, quarter out operating income. But maybe just philosophically talk about how you're thinking about the business and how that could expand over time?

如果事實確實如此，我們應該如何看待推動這一目標進一步提高的機會？我認為從歷史上看，你們——季度內和季度外的營業收入有相當大的變化。但也許只是從哲學角度談談您對業務的看法以及業務如何隨著時間的推移而擴展？

So in Q1, we were lower than the $2 million number. So it wouldn't be fair to say that, by any stretch of the means, it's an automatic. We got to work really hard and everybody's got to perform and show up and things have to work to make over $2 million.

因此，在第一季度，我們的銷售額低於 200 萬美元。因此，無論從何種角度來說，說它是自動的都是不公平的。我們必須非常努力地工作，每個人都必須表現出色，一切都必須順利才能賺到 200 多萬美元。

We're 100 people, and we got to row hard. But it's a reasonable expectation. And our hope is to get it to where that is pretty much a baseline that we can build the platform and grow from.

我們有 100 個人，我們必須努力划船。但這是一個合理的預期。我們希望將其提升到可以建立平台並實現發展的基準水平。

So looking at Q3 and looking at Q4, our goal is to get past the $2 million each quarter without M&A and without any special onetime significant big hit. And have that be pretty much a really solid, proud operating company with growth platforms of both DNA organic growth, some spiked earnings, and getting some M&A done.

因此，縱觀第三季度和第四季度，我們的目標是在不進行併購且不發生任何一次性重大打擊的情況下，每季實現超過 200 萬美元的收入。並且使其成為一家真正穩健、自豪的營運公司，擁有 DNA 有機成長、一些飆升的收益以及一些併購完成的成長平台。

So it's fair to say we're very pleased with that quarter. We're not pleased with thinking that's going to be the quarter that we perform for the rest of our careers. So I'll take it for today. It's not the answer for tomorrow. The answer for tomorrow is to beat it up and go way past it.

因此可以說我們對該季度的表現非常滿意。我們並不樂意認為這將是我們職涯餘下時間表現最好的季度。所以今天我就接受它了。這不是明天的答案。明天的答案是戰勝它並超越它。

Got it. And you mentioned, I think a year ago, $3.5 million, but $1.3 million of that was real estate. So you guys are on par with run rate with where you were last year.

知道了。您提到，我想一年前是 350 萬美元，但其中 130 萬美元是房地產。所以你們的運行率與去年持平。

We're always going to be close to getting one or have one because we're focusing on it on a regular basis. They're not an anomaly. So we've never seen the last one. They're just not the kind of transactions that you can pin a date on or forecast exactly when you close it or exactly when once you close it, you monetize it.

我們總是會接近得到一個或已經得到一個，因為我們定期關注它。它們並不是什麼異常現象。所以我們從來沒有見過最後一個。它們不是那種你可以確定日期或預測何時完成的交易，也不是那種一旦完成就可以賺錢的交易。

I mean, we have one in the works now that we're already in control of. And we have multiple ones that we're chasing. They're not in the $2 million number. And when we get them, that's where we leave past it, Mark.

我的意思是，我們現在正在進行一項工作，並且我們已經掌控了它。我們正在追逐多個目標。他們的價值並不在 200 萬美元這個數字之內。當我們得到它們時，我們就把它拋在腦後，馬克。

Right. No, understood. That makes sense. In terms of the asset flows and pricing. You touched a little bit on -- it looks like on the Financial Assets pricing continue to normalize. Are you guys seeing more portfolios coming to market? Any anecdotal stories you have that you can share with us in terms of how you see that?

正確的。不，明白。這很有道理。就資產流動和定價而言。您稍微提到了一點——看起來金融資產定價繼續正常化。你們是否看到更多投資組合進入市場？您有什麼軼事可以與我們分享，以表明您對此的看法嗎？

What the NLEX guys are telling me is that they're seeing now more meetings and more signing of people that haven't traditionally been using an outside broker or people that hadn't been selling over the last year or two. So they're seeing some new entries to the market, coupled with the existing entries.

NLEX 的人告訴我，他們現在看到越來越多的人參加會議，越來越多的人簽約，這些人傳統上沒有使用外部經紀人，或者在過去一兩年裡沒有銷售過產品。因此，他們看到市場上除了已有產品外，還出現了一些新產品。

The volume on the existing entries isn't really growing. Our good quarters are because we're continuing to maintain all of our clients, and we've been adding new clients to our portfolio or suite of existing clients. So our growth there is obviously that we think that we're gaining market share with new sellers, Mark.

現有條目的數量實際上並沒有增長。我們季度業績表現良好是因為我們繼續維護所有客戶，並且一直在為我們的投資組合或現有客戶套件添加新客戶。因此，我們在那裡的增長顯然是我們認為我們正在透過新賣家獲得市場份額，馬克。

Right. And shifting gears to tariffs. Obviously, you guys aren't directly impacted because you're typically reselling used equipment. But have you seen that play out in terms of more demand for used equipment, especially if somebody is looking to buy equipment that might have a tariff attached to it?

正確的。並轉向關稅。顯然，你們不會受到直接影響，因為你們通常會轉售二手設備。但是，您是否看到二手設備需求增加的情況，尤其是當有人想購買可能附帶關稅的設備時？

I think that really the reaction now is preliminary that we're seeing really good crowds when we have really modern equipment that it's a little bit harder to sell some of the older, more dated equipment.

我認為現在的反應只是初步的，當我們擁有真正現代化的設備時，我們看到了非常好的觀眾，而銷售一些較舊、較過時的設備則有點困難。

And there's really a lot of people that are very aggressive when their six-month old, one-year-old, two-year-old equipment for an early fear that they could have some troubles down the road in the supply chain, not always just with the cost, but with the timing, Mark, that when you're a biotech company and you need the assets or any kind of manufacturing company, it's not always as price sensitive. Sometimes it's time sensitive.

確實有很多人在早期擔心他們六個月、一年或兩年的設備時非常積極，擔心他們可能會在供應鏈中遇到一些麻煩，不僅僅是成本問題，還有時機問題，馬克，當你是一家生物技術公司並且需要資產或任何類型的製造公司時，它並不總是對價格那麼敏感。有時它對時間很敏感。

And when it's time sensitive, they will pay a premium to get the equipment today, and that's when used equipment really can move the needle for us if we have it and it's six months to get it new. So it hasn't really got to a point where there's real fear in the market, but I'd say there's real concern in the market now.

當時間緊迫時，他們會支付額外費用來獲得今天的設備，如果我們擁有二手設備並且需要六個月才能獲得新設備，那麼二手設備確實可以為我們帶來幫助。因此，市場還沒有真正陷入恐慌，但我認為現在市場確實存在擔憂。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員指示）喬治·薩頓，克雷格·哈勒姆。

This is Logan on for George this afternoon. Congrats on quarter. Ross, as you talk about new sellers coming into the NLEX market, I wonder if you can just give us a little more color on that? Like is it concentrated at all? Is it pretty broad-based? What types of companies are you seeing coming to the market?

今天下午，洛根將代替喬治上場。恭喜本季。羅斯，當您談到新賣家進入 NLEX 市場時，我想知道您是否可以給我們更多詳細資訊？它是否完全集中？它的基礎是否相當廣泛？您看到哪些類型的公司進入市場？

So it is somewhat broad-based. I wouldn't really say that it's a lot of what you call the money center banks, the really -- the major big national banks. It will be a combination of regional banks, some of which have not been aggressive sellers, but in this new economy where you're having the FDIC and people really want banks to really increase the comfort level by the regulators.

因此它具有一定的廣泛性。我不會說這就是所謂的貨幣中心銀行，真正的大型國家銀行。它將是多家地區性銀行的合併，其中一些銀行並不是積極的賣家，但在這個擁有聯邦存款保險公司 (FDIC) 的新經濟中，人們真的希望銀行能真正提高監管機構的舒適度。

You're seeing some more regional banks enter the market. You're seeing some of the, what I'll call, alternative lending companies that have now basically built up a larger amount of NPL assets than they had.

您將看到越來越多的地區性銀行進入市場。您會看到，我所說的一些替代貸款公司現在基本上已經累積了比原來更多的不良貸款資產。

Some of these companies obviously are only two, three, four, five years old, and it took them a while to get to the point where they had to develop a program for selling nonperforming loans because they're not 50-year-old or 100-year-old financial institutions. So we're seeing some of the newer alternative lenders now growing to the point where they need the service.

其中一些公司顯然只有兩、三、四、五年的歷史，它們花了一段時間才發展到必須制定出售不良貸款計劃的地步，因為它們不是擁有 50 年或 100 年歷史的金融機構。因此，我們看到一些較新的替代貸款機構現在已經發展到需要這項服務的地步。

So it's across the board. It's half fintech and half smaller banks. There's been an increase in the residential real estate portfolios we've been selling to. So overall, it's just a healthy, steady growth, not some massive exponential growth, but a little bit more each quarter.

所以這是全面的。其中一半是金融科技公司，一半是小型銀行。我們銷售的住宅房地產投資組合增加。因此總體而言，這只是一個健康、穩定的成長，不是大規模的指數成長，而是每季略有成長。

Got it. That's helpful. And then if we can turn to the acquisition front. I think you've previously indicated that there might be some opportunities for you in Europe. I'm just curious if that's still the case? And is the back and forth with tariffs having any impact on those potential conversations?

知道了。這很有幫助。然後我們可以轉向收購方面。我想您之前曾表示過歐洲可能會為您帶來一些機會。我只是好奇情況是否仍然如此？關稅問題的反覆會對這些潛在的對話產生影響嗎？

We're definitely in the marketplace to expand internationally. The first place to expand internationally would be obviously, in Europe. We're looking obviously at multiple opportunities.

我們肯定會在國際市場上擴張。顯然，國際擴張的首要地點是歐洲。我們顯然正在尋找多種機會。

We're actively engaged with -- that is one of our strategies, and it's one of the strategies we've been talking about that is ongoing. So nothing material to announce other than there's no shift in that strategy. And we're further down the road than when we were not as far down the road.

我們正在積極參與——這是我們的策略之一，也是我們一直在討論的正在進行的策略之一。因此，除了策略沒有轉變之外，沒有什麼實質的消息可以宣布。與之前相比，我們現在走得更遠了。

Okay. Got it. And then if I can just throw out one more. On the specialty lending side with your large borrower, are you having any traction with the legal collections, which I think you were turning to? I'm just curious to get an update there.

好的。知道了。然後如果我可以再丟掉一個。在與大額借款人的特殊貸款方面，您是否在透過合法途徑追討債務方面取得了進展，我想您已經轉向了這方面？我只是好奇想了解那裡的最新消息。

I'll let Brian answer that. It's -- I mean, I would tell you it's steady as it goes, and I haven't had any earth-shattering news because it's a long haul and it's years and years before you get to an end result. So I guess I'm not as focused on it every 90 days, understanding now what a long haul it is. But Brian is focused on it. So Brian, I'll let you give the update.

我讓布萊恩來回答這個問題。這是——我的意思是，我會告訴你，它會穩步前進，而且我還沒有聽到任何驚天動地的消息，因為這是一個漫長的過程，需要很多年才能得到最終結果。所以我想我不會每 90 天都注意它，現在我明白這是一個多麼漫長的過程。但布萊恩專注於此。那麼布萊恩，我讓你提供最新消息。

Yes, sure. So we are working really hard on the underlying loans, the underlying collateral, and working with everyone, as I said in the prior quarters, our senior lenders and the borrower, to essentially make the collateral or get the collateral into the most valuable spot or best position to collect over the long term. So work there has been a lot, and it's been progressing.

是的，當然。因此，正如我在前幾個季度所說的那樣，我們正在努力處理基礎貸款、基礎抵押品，並與所有人（我們的高級貸款人和借款人）合作，從本質上製造抵押品，或將抵押品置於最有價值的位置或最佳位置，以便長期收回。因此，那裡的工作已經很多，並且正在取得進展。

I said at this point, we don't have any big news or key developments to disclose. However, we are trending in the right direction. We continue to pursue the legal initiative, and we're analyzing the data and the performance of all those accounts as we go throughout the year. And we're getting better data and better insight into how that looks. So that's all I got for today.

我說目前我們沒有任何重大新聞或關鍵進展可以披露。然而，我們正朝著正確的方向發展。我們將繼續採取法律行動，並全年分析所有這些帳戶的數據和表現。我們正在獲得更好的數據並更好地了解其情況。這就是我今天要講的全部內容。

David Marsh, Singular Research.

大衛·馬什（David Marsh），Singular Research。

Ross, you caught my attention with your comment about regional banks on the financial asset side. Are you seeing any flow at all from other institutions that may be like less likely to be participants such as credit unions and things of that nature?

羅斯，你關於金融資產方面的區域性銀行的評論引起了我的注意。您是否看到其他機構（例如信用合作社和類似機構）的資金流動，這些機構可能不太可能參與其中？

I mean across the board, there is a greater pressure for people to monetize nonperforming loans now. I mean, it started at the top with the fallout from commercial backed mortgage securities, and it's trickled down into our space, which is primarily much more on the consumer focus.

我的意思是，現在人們面臨著將不良貸款貨幣化的巨大壓力。我的意思是，它從商業抵押貸款證券的後果開始，然後逐漸蔓延到我們的領域，而我們的領域主要更加關註消費者。

So pretty much across the board, people are looking at monetizing NPL on consumer loans. As you know, we've reached pretty much all-time highs in the amount of defaults right now.

因此，人們幾乎全都考慮將消費貸款的不良貸款貨幣化。正如你們所知，我們目前的違約數量幾乎已經達到了歷史最高水準。

So there's a multiyear period of working through the existing amount of consumer defaults and they're across the board. They're everything from auto to credit card to buy now, pay later to peer-to-peer. They're pretty much not category specific. So they touch every regional bank, and they touch every alternative lending company from a BNPL to a peer-to-peer to a fintech.

因此，我們需要花多年的時間來處理現有的大量消費者違約問題，而這些問題是普遍存在的。它們包括從汽車到信用卡、先買後付到點對點的一切。它們幾乎不屬於特定類別。因此，他們接觸了每一家地區性銀行，接觸了每一家替代貸款公司，從 BNPL 到點對點貸款公司再到金融科技公司。

And what's happening now is, simultaneously, every quarter, you read about somebody raising -- not a regional bank, but a fintech, another $100 million, $500 million, $1 billion. So it's putting more capital out into the marketplace. So we feel pretty safe going forward on that end of it.

現在發生的情況是，每個季度，你會同時讀到有人籌集資金的消息——不是地區性銀行，而是一家金融科技公司，又籌集了 1 億美元、5 億美元或 10 億美元。因此，它向市場投入了更多資金。因此，我們對此感到十分安全。

On the regional bank end of it, there's going to be, I think, growth in the regional banks wanting to have a really open, transparent platform rather than just selling direct, but a competitive marketplace right now. I mean, prices are not going up. So with prices not going up, they want to make sure they're getting the right price.

從地區銀行的角度來看，我認為，地區銀行希望擁有一個真正開放、透明的平台，而不僅僅是直接銷售，而是一個競爭性的市場。我的意思是，價格沒有上漲。因此，在價格不上漲的情況下，他們希望確保自己獲得正確的價格。

And the best way to get the right price, pretty much at least is our belief, is through enough exposure and having enough different potential buyers look at the assets. So we think that the regional bank business is going to grow from people who don't want to just deal with one buyer, but want to look at the marketplace at large. So the NLEX team feels pretty comfortable that their business is in a great position for the next year or two.

而獲得合適價格的最佳方式，至少我們是這麼認為的，是透過足夠的曝光和讓足夠多的潛在買家來審視資產。因此，我們認為，區域銀行業務將會因為那些不想只與一個買家打交道，而是想放眼整個市場的人而成長。因此，NLEX 團隊非常放心，他們的業務在未來一兩年內將處於良好狀態。

Yes. It sounds like you have some pretty strong momentum there. That's pretty encouraging for you all. Not sure it's great for the overall economy, but it's great for you guys. And another one of the companies that I cover just had a -- they have a call center business for a solar operator and solar operator went bankrupt. Is that something that you guys have played in the past? (multiple speakers) --

是的。聽起來你在那裡有相當強勁的勢頭。這對你們所有人來說都是相當鼓舞人心的。不確定這對整體經濟是否有好處，但對你們來說卻很好。我報道的另一家公司剛剛破產了——他們為一家太陽能運營商提供呼叫中心業務，但這家太陽能運營商破產了。這是你們以前玩過的東西嗎？（多位發言者）——

We've done dozens of solar projects, everything from the complete manufacturing plants down to a massive amount of the actual physical inventory for literally 40 or 50 different companies over the long run.

我們已經完成了幾十個太陽能項目，從完整的製造工廠到長期為 40 或 50 家不同公司提供的大量實際實體庫存。

We were the early innovator in taking solar assets to the marketplace. when we did the Solyndra auction, which was the -- during the Obama administration, you can remember, Solyndra was the big political, really major solar difficulty that came number one. So that branded us in the solar industry.

我們是將太陽能資產推向市場的早期創新者。當我們進行 Solyndra 拍賣時，那是在歐巴馬政府時期，你可以記得，Solyndra 是一個重大的政治難題，也是太陽能領域面臨的真正重大難題。這為我們在太陽能產業樹立了品牌。

But every quarter, pretty much since then, we've done solar projects. So it would be not as big a business for us right now as our pharma business, but it's an ongoing business that we're an industry leader in.

但從那時起，幾乎每個季度我們都在進行太陽能專案。因此，對我們來說，這目前不像製藥業務那麼大，但它是一項持續的業務，我們是該行業的領導者。

Got it. That's helpful. Yes, I guess some of these new regulations took a toll on this little solar operator. I don't know, maybe you guys can shed more (multiple speakers) --

知道了。這很有幫助。是的，我想其中一些新規定對這家小型太陽能業者造成了影響。我不知道，也許你們可以多流點（多位發言者）——

A lot of it was there was a lot of impact from solar moving not just to North America, but the Asian companies became pretty dominant in the solar industry, which impacted a lot of the North American manufacturers, which eventually trickled down to some of the installers, et cetera. So -- and it's also, in any relatively new industry, even though it's 15 or 20 years old, it's still going through Darwinian transactions and M&A and there'll be ongoing activity for multiple years in the solar sector that we intend to stay with.

其中很大一部分原因是太陽能不僅轉移到北美，而且亞洲公司在太陽能產業佔據了主導地位，這影響了許多北美製造商，最終影響到一些安裝商等等。因此 — — 而且，在任何相對較新的行業中，即使它已有 15 或 20 年的歷史，它仍在經歷達爾文式的交易和併購，並且我們打算繼續在太陽能行業持續活動多年。

Congrats on the quarter and good luck for the rest of the year.

恭喜本季取得佳績，並祝福今年剩餘時間一切順利。

(Operator Instructions) And it does appear that there are no further questions at this time. I would now like to turn it back to management for any additional or closing remarks.

（操作員指示）目前看來沒有其他問題了。現在我想把發言權交還給管理階層，請他們發表任何補充或結束語。

This is Ross. I'd like to thank everybody who's paid attention, everybody who joined in and listened. We're feeling good about where we're at. Hopefully, as investors, you're feeling good about our performance and our ability, and we know that it's time to go from doing good to doing great.

這是羅斯。我要感謝每一位關注、參與和聆聽的人。我們對目前的狀況感到滿意。希望作為投資者，您對我們的業績和能力感到滿意，我們知道現在是時候從做得好走向做得更好了。

So our focus isn't on just doing good. Our focus is on stepping it up and building from here. So hopefully, you'll stick with us. And hopefully, we'll do what's needed to earn your trust and respect going forward. Thank you all, and everybody, have a -- thank you all, period. Goodbye.

所以我們的重點不只是做好事。我們的重點是進一步加強並從現在開始建造。所以希望您能繼續支持我們。希望我們能夠盡一切努力贏得您的信任和尊重。謝謝大家，各位，謝謝大家，就這樣。再見。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful afternoon.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，並度過一個美好的下午。