Hillenbrand Inc (HI) 2025 Q1 法說會逐字稿

Greetings and welcome to the Hillenbrand first quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Sam Mynsberge Vice President, Investor Relations. Thank you. You may begin.

問候並歡迎參加 Hillenbrand 2025 年第一季和全年收益電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。如果有人需要接線生的幫助，請按電話鍵盤上的星號零。提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁 Sam Mynsberge。謝謝。你可以開始了。

Thank you, operator and good morning, everyone. Welcome to Hillenbrand's conference call where we will be discussing our fiscal first quarter performance as well as the sale of a majority stake in our Milacron injection molding and extrusion business within the molding technology solutions or MTF segment that we announced in an eight K and our earnings release yesterday afternoon.

謝謝接線員，大家早安。歡迎參加 Hillenbrand 的電話會議，我們將在會上討論我們第一財季的業績以及我們在昨天下午的 8 K 和收益報告中宣布的出售成型技術解決方案或 MTF 部門內的米拉克龍注塑和擠出業務的多數股權。

I'm joined by our President and CEO Kim Ryan and our Senior Vice President and CFO Bob VanHimbergen.

與我一起出席的還有我們的總裁兼執行長 Kim Ryan 和資深副總裁兼財務長 Bob VanHimbergen。

I'd like to direct your attention to the supplemental slides posted on our IR website that will be referenced on today's call.

我想提請大家注意我們 IR 網站上發布的補充幻燈片，這些幻燈片將在今天的電話會議上參考。

Turning to slide 3. Please note that our comments may contain certain forward-looking statements that are subject to the safe harbor provisions of the securities laws. These statements are not guarantees of future performance and our actual results could differ materially.

翻到幻燈片 3。請注意，我們的評論可能包含某些前瞻性陳述，這些陳述受證券法安全港條款的約束。這些聲明並不能保證未來的表現，我們的實際結果可能會有重大差異。

Also during the course of this call, our discussion of results will exclude any prior or impact from the discontinued operations of Batesville as well as certain non-GAAP operating performance measures.

此外，在本次電話會議過程中，我們對業績的討論將排除貝茨維爾先前的營運活動或已停止的經營活動的影響以及某些非 GAAP 經營績效指標。

The Q1 results we'll be discussing today include Milacron on both a consolidated basis and within our MTs segment, Bob will discuss the impact of the transaction our future reported results later in the call, I encourage you to review the appendix and slide 3 of the presentation as well as our 10-Q which can be found on our website for a deeper discussion of non-GAAP information for looking statements and the risk factors that could impact our actual results with that. I'll turn the call over to Kim.

我們今天要討論的第一季度業績包括米拉克龍的合併業績和 MT 部門業績，Bob 將在電話會議稍後討論交易對我們未來報告業績的影響，我鼓勵您查看演示文稿的附錄和第 3 張幻燈片以及我們的 10-Q，您可以在我們的網站上找到，以更深入地討論非 GAAP 資訊，以便您了解非我會把電話轉給金。

Thank you, SAM and Good morning, everyone. Thank you for joining us on today's call. Before we jump into the quarterly results. I'd like to provide an update on the portfolio announcement we made yesterday after market close.

謝謝，SAM，大家早安。感謝您參加今天的電話會議。在我們了解季度業績之前。我想就我們昨天收盤後發布的投資組合公告提供最新資訊。

Following an in-depth portfolio review, we've reached an agreement to sell approximately 51% of our Milacron injection molding and extrusion business to an affiliate of Bain Capital for $287 million, while we retain approximately 49% ownership.

經過深入的投資組合審查，我們達成協議，以 2.87 億美元的價格將米拉克龍注塑和擠出業務約 51% 的股份出售給貝恩資本的一家附屬公司，同時我們保留約 49% 的所有權。

This transaction reflects the continuation of Hillenbrand's transformation as we significantly reshaped our portfolio towards being a higher margin, higher growth, less cyclical portfolio of industrial leaders in highly engineered processing equipment and systems.

此次交易體現了 Hillenbrand 轉型的持續進行，我們大幅重塑了我們的投資組合，使其成為利潤率更高、增長更快、週期性更小、專注於高度工程化的加工設備和系統的行業領先企業。

As you know, we began this transformation journey a little over three years ago. And over that time, we divested our secularly declining death care segment and completed several strategic acquisitions that increased our scale in the attractive food health and nutrition and markets. Now, we're representing just shy of 30% of our total revenue mix on a pro forma basis.

正如你們所知，我們三年多前就開始了這趟轉型之旅。在此期間，我們剝離了長期下滑的殯葬業務部門，並完成了幾項策略性收購，擴大了我們在具有吸引力的食品健康和營養市場的規模。現在，以預期收入計算，我們的收入佔總收入的比例略低於 30%。

We are confident this transaction will deliver value to Hillenbrand and its shareholders as well as the Milacron team bank capital has a proven track record of successful corporate partnerships and will provide greater focus and resources to help Milacron drive future growth and success for its associates and customers.

我們堅信此交易將為 Hillenbrand 及其股東以及米拉克龍團隊帶來價值，因為米拉克龍擁有成功的企業合作夥伴關係的良好記錄，並將提供更多的關注和資源，以幫助米拉克龍為其員工和客戶推動未來的成長和成功。

The transaction will enable Hillenbrand to maximize shareholder value by concentrating our resources on growing our core business accelerating our commitment to deleverage, enhancing our margin profile and reducing our cyclicality.

此交易將使 Hillenbrand 能夠集中資源發展核心業務，加快去槓桿的承諾，提高利潤率，降低週期性，從而實現股東價值最大化。

Additionally, by retaining an ownership stake, we maintain a potential for future returns from the Milacron business which we believe has many opportunities under this new structure, Bob will provide additional details regarding the transaction a bit later in the call.

此外，透過保留所有權，我們保持了從米拉克龍業務中獲得未來回報的潛力，我們相信，在這種新結構下，米拉克龍業務有很多機會，鮑勃將在稍後的電話會議中提供有關交易的更多細節。

Now touching on our Q1 performance as expected, this quarter was characterized by continuing uncertainty around inflation, interest rates and government policy. Despite these persistent pressures, our performance reflects the hard work and dedication of our associates.

現在談談我們第一季的業績，正如預期的那樣，本季的特點是通膨、利率和政府政策持續存在不確定性。儘管面臨這些持續的壓力，我們的業績仍然反映了員工的辛勤工作和奉獻精神。

I'm proud of their determination and focus as they delivered revenue and adjusted earnings per share in line with our expectations as anticipated overall order volumes were relatively soft, largely driven by lower capital equipment demand related to plastics projects partially offset by strong order performance within our food health and nutrition portfolio.

我為他們的決心和專注感到自豪，因為他們實現的收入和調整後每股收益符合我們的預期，因為預期的整體訂單量相對較弱，這主要是由於與塑料項目相關的資本設備需求較低所致，但我們食品健康和營養產品組合中訂單表現強勁，部分抵消了這一影響。

In our advanced process solutions or APS segment, our customer quote pipelines remain robust across the enterprise test lab utilization continued to be high and aftermarket orders in APS reached a new record level.

在我們的先進製程解決方案或 APS 部門，我們的客戶報價管道在整個企業範圍內保持強勁，測試實驗室的利用率持續保持高位，APS 的售後訂單達到了新的創紀錄水平。

Consolidated revenue in the quarter was $707 million. Down 9% year-over-year and adjusted earnings per share of $0.56 was down 19%. But as mentioned, this was in line with our expectations due to the lower starting backlog coming into the quarter. I'll now provide a little more color on the dynamics we are seeing across our segments starting with polymers and performance materials.

本季綜合營收為 7.07 億美元。年減 9%，調整後每股收益 0.56 美元，下降 19%。但正如前面所提到的，由於本季的起始積壓訂單較少，這符合我們的預期。現在，我將從聚合物和性能材料開始，詳細介紹我們在各個細分市場中看到的動態。

In APS we remain a market leader for high quality high output feeding extrusion and material handling solutions used in the production of base resins, engineering, plastics, recycled materials and other specialty chemicals. We strongly believe in the underlying secular trends that support long term demand in these markets.

在 APS，我們始終處於市場領先地位，提供用於生產基礎樹脂、工程塑膠、再生材料和其他特殊化學品的高品質高產量進料擠出和材料處理解決方案。我們堅信支撐這些市場長期需求的潛在長期趨勢。

A growing global middle class, increasing focus on efficient and sustainable solutions and the evolving global supply chain as investment in China returns to more normalized levels. After significant wave which benefited us in recent years, future capital investment opportunities remain strong in India and the Middle East.

隨著對華投資恢復到更正常的水平，全球中產階級不斷壯大，對高效、永續的解決方案的關注度不斷提高，全球供應鏈也不斷發展。在經歷了近年來令我們受益的重大浪潮之後，印度和中東未來的資本投資機會仍然強勁。

These regions continue to be attractive for growth and our strong geographic footprint with local presence already in place positions us well to capitalize on these opportunities, customer quote pipelines especially in these regions remain healthy.

這些地區繼續具有成長吸引力，我們強大的地理足跡和本地業務使我們能夠充分利用這些機會，尤其是在這些地區的客戶報價管道仍然健康。

Despite persistent global macro uncertainty, we are closely monitoring the demand environment and have taken prudent cost actions in response to near term volume levels while also ensuring we remain well positioned given our long-term growth outlook.

儘管全球宏觀不確定性持續存在，但我們仍在密切監控需求環境，並根據近期的銷售水準採取審慎的成本行動，同時確保我們根據長期成長前景保持有利地位。

These actions include several facility consolidations which create centers of excellence adding to our flexibility and creating more efficient capacity utilization for the long term in our food health and nutrition or FHN and markets. Within APS we are encouraged by signs of increased demand across all key application areas including baked goods, pet foods, snacks, and cereals, and pharmaceuticals. This growth is supported by broad based geographic strength led by North America.

這些舉措包括幾項設施整合，從而創建卓越中心，增強我們的靈活性，並為我們的食品健康和營養或 FHN 和市場的長期發展創造更高效的產能利用率。在 APS 內部，所有關鍵應用領域的需求都有所增長，這讓我們感到鼓舞，包括烘焙食品、寵物食品、零食、穀物和藥品。這一增長得益於北美地區等廣泛的地理優勢。

This improving demand environment was exemplified by record orders for our FHN and market in the quarter. I'm tremendously pleased with how our teams have accelerated our integration initiatives as we delivered high teens margins again, this quarter remaining on track to achieve our $30 million run rate cost synergy target by the end of the fiscal year, which is significantly ahead of our initial timeline.

本季我們 FHN 和市場的創紀錄訂單就是這種不斷改善的需求環境的例證。我對我們的團隊如何加快我們的整合計劃感到非常高興，因為我們再次實現了高十幾率的利潤率，本季度仍有望在財年結束前實現 3000 萬美元的運行率成本協同目標，這大大提前了我們最初的時間表。

Additionally, we are making great strides in cross selling opportunities which we expect to accelerate as market conditions continue to improve and as customers respond positively to the breadth of our highly engineered process technologies, systems engineering capabilities and geographic reach.

此外，我們在交叉銷售機會方面取得了長足進步，隨著市場條件的不斷改善以及客戶對我們高度工程化的工藝技術、系統工程能力和地理覆蓋範圍的廣度的積極響應，我們預計這些機會將會加速。

Finally turning to aftermarket and APS as I mentioned, orders were a record in the quarter, largely driven by the value-added services we provide through our life cycle of our equipment such as large modernization projects. Our FHN Business also continued to build momentum by driving a more proactive approach to aftermarket.

最後談到我提到的售後市場和 APS，本季的訂單創下了歷史新高，這主要得益於我們在設備生命週期內提供的增值服務，例如大型現代化項目。我們的 FHN 業務也透過採取更積極主動的方式進軍售後市場而持續保持強勁發展勢頭。

As part of our integration efforts, aftermarket revenue in the quarter was negatively impacted by timing due to the large number of modernization projects and the naturally longer duration of these projects which are recognized using percentage of completion accounting. These attractive upgrade projects are an important part of supporting our long-term customer partnerships.

作為我們整合工作的一部分，本季的售後市場收入受到了時間的負面影響，因為現代化項目數量眾多，而且這些項目的持續時間自然較長，並且採用完工百分比會計來確認。這些有吸引力的升級項目是支持我們長期客戶合作夥伴關係的重要組成部分。

Now turning to the MTS segment, I'd highlight that Q1 demand was in line with our expectations reflecting typical seasonality and ongoing market slowness. We continue to see softness in North America particularly in automotive as tariff uncertainty has significantly slowed new investments in that sector.

現在轉向 MTS 部門，我想強調的是，第一季的需求符合我們的預期，反映了典型的季節性和持續的市場低迷。我們繼續看到北美市場特別是汽車產業的疲軟，因為關稅的不確定性已大大減緩了該領域的新投資。

Europe also remains relatively sluggish across most areas but we are observing a trend of improving stability in Asia with solid momentum in India, especially for packaging and consumer goods projects. Looking ahead, we expect the North America and European markets to remain fairly tepid in the near term. As customers wait for more clarity regarding tariffs and inflation.

歐洲大部分地區仍然相對低迷，但我們觀察到亞洲地區呈現穩定改善的趨勢，印度發展勢頭強勁，尤其是包裝和消費品項目。展望未來，我們預期北美和歐洲市場短期內仍將維持相當低迷。客戶正在等待有關關稅和通貨膨脹的更多明朗資訊。

As a reminder, our fiscal Q2 for hot runner product line usually remains relatively consistent with Q1 due to the impact of the Chinese New Year. This is reflected in the Q2 guidance, Bob will cover in a moment.

提醒一下，由於農曆新年的影響，我們第二財季的熱流道產品線通常與第一財季保持相對一致。這反映在第二季的指引中，鮑伯稍後會講到。

I'll now spend a few moments discussing our perspective on the recent tariff developments. Generally, our production is used to serve demand for the region in which we are producing.

現在我將花一點時間討論我們對最近關稅發展的看法。一般來說，我們的生產用於滿足生產所在地區的需求。

In response to COVID. We accelerated our efforts around localization, especially as it relates to China. We have largely mitigated the China tariff impact and continue to identify strategic sourcing opportunities to reduce the direct impact even further while monitoring the dynamic trade policy discussions that remain ongoing for other regions.

為了應對 COVID。我們加快了在地化力度，特別是與中國相關的力度。我們已在很大程度上減輕了中國關稅的影響，並繼續尋找戰略採購機會，以進一步減少直接影響，同時監測其他地區仍在進行的動態貿易政策討論。

In summary, our first quarter was in line with our expectations despite ongoing global macroeconomic uncertainty that said I remain extremely confident in our strategy and the long-term catalyst for our business. I'll now turn the call over to Bob to discuss the financials, the transaction, and our outlook in more detail.

總而言之，儘管全球宏觀經濟不確定性持續存在，但我們的第一季業績符合預期，這表明我對我們的策略和業務的長期催化劑仍然非常有信心。現在我將把電話轉給鮑勃，更詳細地討論財務狀況、交易和我們的前景。

Thanks Kim and good morning, everyone. As a reminder, the Q1 results I am discussing today still includes the full performance of Milacron.

謝謝 Kim，大家早安。提醒一下，我今天討論的第一季業績仍然包括米拉克龍的全部業績。

According to our consolidated performance on slide, five, we delivered revenue of $707 million down 9% compared to the prior year. But in line with expectations, favourable pricing and synergies were more than offset by lower volume and the lower starting backlog entering the year just at EBITDA of $97 million decreased 15% as favourable pricing synergies and the impact of cost actions including the MTS restructuring we completed in fiscal '24 were more than offset by lower volume and cost inflation.

根據第五張投影片中的綜合業績，我們的營收為 7.07 億美元，較前一年下降 9%。但與預期一致，優惠的定價和協同效應被較低的銷售所抵消，年初的起始積壓訂單較低，EBITDA 僅為 9,700 萬美元，下降了 15%，因為有利的定價協同效應和包括我們在 24 財年完成的 MTS 重組在內的成本行動的影響被較低的銷售和成本通膨所抵消。

We delivered consolidated adjusted EBITDA margin of 13.7%. A decrease of 110 basis points compared to the prior year. Largely due to lower volume. We report a GAAP net income of $6 million or $0.09 per share down from income of $17 million or $0.24 per share in the prior year.

我們實現的合併調整後 EBITDA 利潤率為 13.7%。較上年同期下降110個基點。主要是由於音量較低。我們報告的 GAAP 淨收入為 600 萬美元或每股 0.09 美元，低於去年的 1,700 萬美元或每股 0.24 美元。

Largely due to an increase in business development and integration costs adjusted earnings per share of $0.56 decreased $0.13 or 19% year-over-year and was in line with our expectations. Our adjusted effective tax rate in the quarter was 29.2%.

主要是由於業務發展和整合成本的增加，調整後每股收益為 0.56 美元，年減 0.13 美元或 19%，符合我們的預期。本季的調整後有效稅率為 29.2%。

Our cash flow from operations represented a use of $11 million in the quarter which was favourable by $13 million compared to the prior year, primarily due to improved working capital efficiency. As a reminder, Q1 is seasonally a lower relative cash flow quarter for Hillenbrand capital expenditures were $10 million in the quarter and we returned approximately $60 million to shareholders through our quarterly dividend.

本季我們的營運現金流為 1,100 萬美元，比上年增加 1,300 萬美元，主要歸功於營運資金效率的提升。提醒一下，第一季是 Hillenbrand 季節性現金流相對較低的一個季度，本季資本支出為 1,000 萬美元，我們透過季度股息向股東返還了約 6,000 萬美元。

I'm moving to segment performance starting with APS on slide, six revenue of $511 million decreased 10% compared to the prior year driven by lower volumes. Primarily due to lower starting backlog coming into the quarter.

我首先從下滑的 APS 開始介紹分部業績，由於銷量下降，6 月份收入為 5.11 億美元，與前一年相比下降了 10％。主要是由於本季的起始積壓訂單較少。

Just an EBITDA of $83 million decreased 14% year-over-year. Although lower volume and cost inflation were headwinds in the quarter, we were able to limit the detrimental impact to approximately 22% versus our standard flow through of roughly 30 to 35% to the benefits of favourable pricing, synergies and productivity.

光是 EBITDA 就達到 8,300 萬美元，年減 14%。儘管本季銷售下降和成本上漲是不利因素，但我們能夠將不利影響限制在 22% 左右，而我們的標準流量約為 30% 至 35%，從而帶來優惠的定價、協同效應和生產力。

We delivered adjusted even a margin the quarter of 16.2% which was down 70 basis points over the prior year. But in line with expectations, as Kim mentioned, we've recently executed several footprint optimization initiatives. We will continue to evaluate cost actions to help mitigate the near-term market. Uncertainty backlog of $1.6 billion decreased 17% compared to the prior year.

我們本季的調整後利潤率為 16.2%，比前一年下降了 70 個基點。但正如 Kim 所提到的，按照預期，我們最近執行了幾項足跡優化計劃。我們將繼續評估成本行動，以幫助緩解近期市場壓力。16 億美元的不確定性積壓較上年同期減少了 17%。

Orders were as anticipated in the quarter as customers continued to delay order decisions, uncertainty around interest rates, government policy and inflation remain key factors in driving customer decisions over the near term.

由於客戶繼續推遲訂單決定，本季的訂單符合預期，利率、政府政策和通膨的不確定性仍然是影響客戶短期決策的關鍵因素。

We remain confident in our competitive positioning and our ability to drive strong performance. Once order decision timing normalizes, I'll turn you to MTS on slide seven. Revenue of $196 million decreased 5% year- over-year, an adjusted EBITDA of $27 million decreased 15% and adjusted EBITDA margin of 14% decreased 170 basis points due to lower volume cost inflation and ongoing pricing pressure partially offset by the benefit of the restructuring completed last year and other discretionary cost actions.

我們對我們的競爭地位和推動強勁業績的能力仍然充滿信心。一旦訂單決策時間正常化，我會在第七張投影片上將您轉到 MTS。營收為 1.96 億美元，較上年同期下降 5%，調整後 EBITDA 為 2,700 萬美元，下降 15%，調整後 EBITDA 利潤率為 14%，下降 170 個基點，原因是批量成本通膨較低和持續的定價壓力，但被去年完成的重組成本和其他可自由的部分抵消成本的部分抵消成本。

Backlog of $233 million increased 1% compared to the prior year. Orders were aligned with expectations in the quarter, but we do not yet see a broad-based recovery in the near term.

積壓訂單為 2.33 億美元，比前一年增加 1%。本季的訂單與預期一致，但我們尚未看到短期內出現全面復甦。

However, positive movement in Gardner's mold making index stability in Asia and strength in India do give us cautious optimism. As we look ahead over the medium term as a point of reference, approximately 78% of the Q1 ending backlog is related to the Milacron injection molding and extrusion business.

然而，加德納模具製造指數在亞洲的穩定和印度的強勢確實讓我們感到謹慎樂觀。以中期來看，我們可以看到第一季末積壓訂單中約有 78% 與米拉克龍注塑和擠出業務有關。

Now turning to slide 8 net debt at the end of the quarter was $1.7 billion and the net debt to adjust the EBITDA ratio was 3.4 times which was in line with our expectations. Debt reduction continues to be our top priority for capital employment and all net proceeds from Milacron sale will be used for this purpose.

現在轉到第 8 張投影片，本季末的淨負債為 17 億美元，調整 EBITDA 比率的淨負債為 3.4 倍，符合我們的預期。減少債務仍然是我們資本使用的首要任務，米拉克龍出售的所有淨收益都將用於此目的。

Based on the estimated close timing, we anticipate leverage will increase modestly in Q2 before dropping into the low threes by the end of the fiscal year before turning to our outlook for Q2 and the remainder of the year, I'll touch on some additional transaction details from last night's announcement.

根據預計的結束時間，我們預計槓桿率將在第二季度小幅上升，然後到財年末降至3%的低位，在談到我們對第二季度和今年剩餘時間的展望之前，我將談及昨晚公告中的一些其他交易細節。

We have entered into a definitive agreement to sell approximately 51% of the Milacron injection molding and extrusion business with an MTS to an affiliate of bank capital for $287 million. Subject to customary closing adjustments.

我們已達成最終協議，以 2.87 億美元的價格將米拉克龍注塑和擠出業務（包括 MTS）約 51% 的股份出售給一家銀行資本附屬公司。須遵守慣例成交調整。

We expect net proceeds after tax to be approximately $250 million to be used for debt pay down reference in fiscal 2024. Milacron crime generated $526 million in revenue and $64 million in adjusted EBITDA.

我們預計稅後淨收益約為 2.5 億美元，用於 2024 財年的債務償還。米拉克龍犯罪部門創造了 5.26 億美元的收入，調整後 EBITDA 為 6,400 萬美元。

We anticipate this transaction will be completed at the end of our fiscal second quarter or early in our fiscal third quarter. Following the close, our results will include approximately 49% of Milacron's net income which we will report as equity income at corporate.

我們預計此交易將在第二財季末或第三財季初完成。收盤後，我們的業績將包括米拉克龍約 49% 的淨收入，我們將其作為公司股權收入報告。

The impact of these changes is reflected in our updated 2025 guidance which I'll now cover on slide 10 based on the expected close timing, our fiscal year guidance now reflects approximately six months of Milacron performance and we have removed their expected performance from the second half of the fiscal year.

這些變化的影響反映在我們更新的 2025 年指引中，我現在將根據預期的結束時間在第 10 張幻燈片上進行介紹，我們的財政年度指引現在反映了米拉克龍大約六個月的業績，並且我們已從財政年度下半年刪除了他們的預期業績。

Which translates to an adjustment of approximately $300 million in revenue and $41 million in adjusted EBITDA which is not of a proportionate share of their net income. We expect to recognize filing the transactions close on the adjusted EPS line. This impact is partially offset by the expected reduction in interest expense.

這意味著收入將調整約 3 億美元，調整後 EBITDA 將調整 4,100 萬美元，與其淨收入的比例並不相稱。我們預期在調整後的每股盈餘線上確認交易結束。預期的利息支出減少將部分抵消此影響。

You can see the reconciliation of these impacts on slide 10. Now turning to slide 11, I'll cover updated guidance in more detail.

您可以在第 10 張投影片上看到這些影響的協調。現在轉到第 11 張投影片，我將更詳細地介紹更新後的指南。

After adjusting for the Milacron transaction, our full year outlook for hill and brand assumes revenue of approximately $2.63 to $2.8 billion adjusted EBITDA of $411 to $447 million and adjusted earnings per share of $2.45 to $2.80. Our updated full year operating cash flow is expected to be approximately $150 million with approximately $45 million of expected CapEx.

在米拉克龍交易進行調整後，我們對 Hill and Brand 全年業績的預期為：營收約為 26.3 億美元至 28 億美元，調整後 EBITDA 為 4.11 億美元至 4.47 億美元，調整後每股收益為 2.45 美元至 2.80 美元。我們更新後的全年營運現金流預計約為 1.5 億美元，預計資本支出約為 4,500 萬美元。

We do not anticipate a material change in our effective tax rate as a result of the transaction.

我們預計此交易不會對我們的有效稅率造成重大變化。

In summary, outside of the impact of the Milacron transaction, we are maintaining our previous outlook for the remaining businesses.

總之，除了米拉克龍交易的影響之外，我們對其餘業務的展望保持不變。

This is based on our original assumption for foreign currency exchange rates which assumed rates would be in line with the fiscal 2024 exit. However, the recent strengthening of the US dollar against other world currencies could become a more significant translation headwind to our as reported results if this persists.

這是基於我們對外匯匯率的最初假設，即假設匯率將與 2024 財年的退出保持一致。然而，近期美元兌其他世界貨幣的走強如果持續下去，可能會成為我們報告結果更為顯著的折算阻力。

Additionally, we are monitoring the potential impact of tariff policy. But given the fluid nature of the current environment, we have not included a material impact or outlook related to the potential tariffs in Canada or Mexico.

此外，我們正在監測關稅政策的潛在影響。但鑑於當前環境的流動性，我們沒有考慮與加拿大或墨西哥潛在關稅相關的重大影響或前景。

Given these factors along with the potential effect of geopolitical uncertainty on customer order timing, we will continue to be focused on managing our discretionary costs and identifying additional mitigating actions as needed.

考慮到這些因素以及地緣政治不確定性對客戶訂單時間的潛在影響，我們將繼續專注於管理我們的可自由支配成本並根據需要確定額外的緩解措施。

Finally, for Q2, we expect consistent performance with Q1 targeting revenue of $685 million to $705 million and adjusted earnings per share in the range of $0.53 to $0.58 on a sequential basis. This reflects modestly improved operational performance, mostly offset by unfavourable effects.

最後，對於第二季度，我們預計業績與第一季保持一致，目標營收為 6.85 億美元至 7.05 億美元，調整後每股收益在 0.53 美元至 0.58 美元之間。這反映出營運績效略有改善，但大部分被不利影響所抵銷。

Please review slide 11 for additional guidance assumptions with that. I'll turn the call back over to Kim.

請查看投影片 11 以了解更多指導假設。我會把電話轉回給金。

Thanks Bob. Before we open the line for Q&A, I'll end our prepared remarks with a few closing comments. Our strategy remains intact, and the competitive strength of our leading brands combined with the enhanced focus on our core business will enable us to return to a solid growth trajectory.

謝謝鮑勃。在我們開始問答環節之前，我將以幾句結束語來結束我們準備好的演講。我們的策略保持不變，我們領先品牌的競爭實力和對核心業務的加強關注將使我們重回穩健的成長軌道。

Once current macro pressures are resolved, we remain confident in the team's ability to execute on our strategic initiatives, diligently manage costs and navigate the current market conditions to position Hillenbrand for long term success with that operator. Please open the line for questions.

一旦當前的宏觀壓力得到解決，我們仍然對團隊執行策略性舉措、認真管理成本和駕馭當前市場狀況的能力充滿信心，從而使 Hillenbrand 能夠與該運營商取得長期成功。請開通熱線以接受提問。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Our first question is from Daniel Moore with CJS securities. Please proceed.

我們的第一個問題來自 CJS 證券的 Daniel Moore。請繼續。

Tim Bob. Good morning. Thanks for taking questions. Start with fundamentals and then and then get into the, I'm sure it would be more questions on the transaction. But starting with APS you know, the large Polyol and projects and business. It, you think you said, customer quote lines remain healthy. What are you hearing from customers in terms of what they need to see in order to move from quoting to, to placing orders, the interest rate, clarity, administrative, geopolitical, we get them off the sideline and placing orders again.

提姆·鮑伯。早安.感謝您的提問。從基本面開始，然後進入，我相信會有更多關於交易的問題。但您知道，從 APS 開始，就有大型多元醇和專案和業務。您認為您說過，客戶報價線仍然保持健康。您從客戶那裡聽到了什麼，他們需要看到什麼才能從報價轉向下訂單，利率、清晰度、行政、地緣政治，我們讓他們從場外再次下訂單。

Yeah, I think, II think the geopolitical stuff has got, certainly got everyone's attention right now as we had indicated in our last quarterly call, Dan. I think people want to make sure that they understand before they're making major investments in certain areas, exactly what the financial implications of that are going to be.

是的，我認為地緣政治問題已經引起了所有人的關注，正如我們在上次季度電話會議上指出的那樣，丹。我認為人們希望確保在對某些領域進行重大投資之前，他們能夠清楚地了解這項投資將會產生哪些財務影響。

So the pipelines remain strong, especially in areas like and Saudi Arabia, in fact, those have continued to stay strong and improve and, and we've continued our conversations there. But I do think people are waiting for a little bit of this turmoil to level out. And so those are, those are a few of the things that we're hearing.

因此，管道依然強勁，特別是在沙烏地阿拉伯等地區，事實上，這些管道一直保持強勁並不斷改善，我們也一直在那裡繼續我們的對話。但我確實認為人們正在等待這種動盪逐漸平息。這就是我們所聽到的一些事情。

I think relatives in the Polyolefin project, the larger the project kind of the less specifically it's tied to interest rates, the more mid-size the project. That's, what's really more tied to interest rates. And then, and obviously, inflation is a concern and how tariffs may impact the cost of these projects and the payback period. Those are the things that people are kind of watching.

我認為，就聚烯烴專案而言，專案越大，與利率的連結就越不明確，專案規模就越中型。這實際上與利率更相關。然後，顯然，通貨膨脹是一個令人擔憂的問題，以及關稅如何影響這些項目的成本和回報期間。這些都是人們正在關注的事物。

Understood, really helpful aftermarket, encouraging. You know, as expected kind of countercyclical reached a new record. What was it as a percentage of revenue and what's the outlook for the next few quarters?

明白了，對售後真的很有幫助，令人鼓舞。你知道，正如預期的那樣，逆週期調節達到了新的紀錄。其占收入的百分比是多少？

I'm sorry, then that was an after-market question.

抱歉，這是一個售後問題。

Yeah, after market, I believe you said reached a new record just trying to get, percentage of revenue and then, and then what the outlook?

是的，我相信您說過，上市後只是試圖獲得收入百分比，創下新紀錄，那麼前景如何？

Yeah, great. Yeah, so orders so orders were strong as we mentioned, they were close to like almost 40% of, of total. I'd say orders for the quarter revenue for the for the year. So high 30s is the way I would think about that right now, Dan, I would mention that we did have a mix toward those modernization projects that, that Kim highlighted.

是的，很棒。是的，正如我們所提到的，訂單量非常強勁，接近總訂單量的 40%。我想說的是本季的訂單量相當於本年度的收入。所以現在我會考慮 30 多歲，丹，我想說的是，我們確實對那些現代化項目進行了混合，正如金所強調的那樣。

And so those are projects that are like mid-term, mid-size refurbishment projects that will be generated, the revenue will be generated over, 7 months to 10 months. So, revenue come over that period on a on a prorated basis, but those could be lucky as well. And timing of those orders revenue again coming forward in the next 7 months to 10 months on that, I'd say for the full year.

所以這些項目就像是中期、中型的翻新項目，將在 7 個月到 10 個月內產生收入。因此，該期間的收入是按比例分配的，但這也可能是幸運的。這些訂單收入的到來時間將在未來 7 個月到 10 個月內，我認為全年都會如此。

And you know, I think we're probably, we're, we always targeted that 30%. We've been a little bit north of that here in the quarter and probably the rest of the year, just as we see, improvement in the aftermarket profile, but also as those capital projects. And obviously, we're down a little bit this year with the lower starting backlog.

你知道，我想我們可能，我們一直的目標是 30%。正如我們所見，本季度以及今年剩餘時間我們的表現略高於這一水平，售後市場狀況有所改善，而且那些資本項目也有所改善。顯然，今年我們的訂單積壓量有所下降，因為起始訂單較少。

And so that's a positive on the APS kind of the legacy C side. We also continue to see you know, good activity in terms of aftermarket. You remember that was a key part of our value proposition when we acquired the all the assets that roll up under FHN that, that moniker today. You know, a lot of the opportunity that we saw was around aftermarket.

這對於 APS 類型的傳統 C 方面來說是一個積極因素。我們也繼續看到售後市場的良好活動。您記得，當我們收購 FHN 旗下的所有資產（也就是今天的名稱）時，這是我們價值主張的關鍵部分。你知道，我們看到的許多機會都出現在售後市場。

So they have, they've got their organization together, they've begun more proactive sewing in that arena and are, are really putting in some of the standard kind of operating model practices. Those have really begun to bear some fruit in the FHN part of the business as well.

所以他們已經將組織整合在一起，開始在該領域更加積極主動地開展工作，並且正在真正實施一些標準的營運模式實踐。這些確實也開始在 FHN 業務部分取得一些成果。

And even our Mold Masters business has really been much more proactive about making sure that any service on their assets out in the field is going to be performed by us as the OEM. And so, you know, a lot of good things going on in the aftermarket arena, in all of us, in all of the businesses, I would say.

甚至我們的 Mold Masters 業務也確實更加積極主動地確保其在現場的任何資產服務都由我們作為 OEM 進行。所以，我想說，在售後市場，在我們所有人、所有企業中，都發生了很多好事。

I assume that's part of your ability to manage the decremental as you know, the higher mix of higher margin your term?

我認為這是您管理減量的能力的一部分，正如您所知，您的任期內利潤率越高，組合就越高？

Okay. And, and one more and then I'll jump back in queue, and we'll circle back to the, to the transaction. But that FHM business, obviously, long term tailwinds are pretty clear. Sounds like the kind of current pause or is it starting to, to thaw and you're starting to see more opportunity there maybe just kind of give more color what you're hearing by geography or end market.

好的。再說一遍，然後我會重新回到隊列，然後我們再回到交易。但《FHM》業務的長期順風顯然是相當明顯的。聽起來像是目前的暫停，還是開始解凍，你開始看到更多的機會，也許只是為你在地理或終端市場所聽到的內容增添更多的色彩。

Yeah, we are encouraged at the things that we're seeing in our food and Pharma areas. Specifically North America was very strong this quarter and we saw it in several of the markets, food in the snacking, confectionary, baked goods, pet food. So, we saw a lot of strength in those markets in the quarter and we expect that we will continue to see that for the year.

是的，我們對食品和製藥領域所看到的事情感到鼓舞。具體來說，本季北美市場表現非常強勁，我們在多個市場都看到了這種表現，包括零食、糖果、烘焙食品、寵物食品等。因此，我們在本季看到這些市場表現出色，我們預計今年將繼續看到這種勢頭。

So we are very encouraged by that. I think that the exciting part about that is that we are also starting to do more cross selling across those product portfolios. You know, they operated pretty independently in the in the environment that they came from, especially the Lexus assets.

因此我們對此感到非常鼓舞。我認為令人興奮的是我們也開始在這些產品組合中進行更多的交叉銷售。您知道，他們在自己的環境中相當獨立地運營，尤其是雷克薩斯資產。

And as they come together with that kind of coherent mindset around happy to sell individual pieces of equipment, but also more than happy to be a consultant, adviser on subsystem and full systems so that we can offer the full breadth of our capabilities to our customers. And that has been, I think that is being well received in the market.

他們以這種一致的思維方式走到一起，不僅樂意銷售單一設備，而且非常樂意擔任子系統和整個系統的顧問和顧問，以便我們能夠向客戶提供我們全方位的服務。我認為，這已經受到了市場的一致好評。

So led by North America at this point, which is not surprising because that's where our largest footprint is. But, but at any rate, we're quite encouraged and see a lot of good things coming from those that team who really in earnest started there, really brought together their entire organization under their new management structure and all of that was completed October 1 and so very, very excited about the opportunities that they're going to have in front of them.

因此目前由北美領先，這並不奇怪，因為那裡是我們最大的足跡所在。但是，無論如何，我們感到非常鼓舞，看到那些真正認真開始的團隊取得了很多好成績，他們真正將整個組織整合到新的管理結構下，所有這一切都在 10 月 1 日完成，他們對面前的機遇感到非常興奮。

Great. I'll jump back with it if you follow up. Thank you.

偉大的。如果你跟進的話，我會繼續關注。謝謝。

Great. Thanks Dan.

偉大的。謝謝丹。

(Operator Instructions). Our next question is from Mitchell Moore with Key Bank Capital Markets, please proceed.

（操作員指令）。我們的下一個問題來自 Key Bank Capital Markets 的 Mitchell Moore，請繼續。

Hey guys, good morning.

嘿，大家早安。

That's I was just wondering if you could maybe talk about what drove the decision to sell a majority stake in Milacron rather than a full divestiture and what that process looked like internally and then just how you view the strategic fit for the remaining MTS assets.

我只是想知道您是否可以談談是什麼促使您決定出售米拉克龍的多數股權而不是完全剝離，以及該過程在內部是怎樣的，然後您如何看待剩餘 MTS 資產的戰略契合度。

Yes. So we discussed several times how we do a very regular review of all of the assets and in our portfolio to determine, kind of on three vectors value to us, value to others and ability in the market to and attractiveness of the market to, look at these assets and bring the greatest return for shareholders.

是的。因此，我們多次討論瞭如何定期審查我們投資組合中的所有資產，以確定從三個方面考慮的因素：對我們的價值、對他人的價值、市場能力和市場吸引力，審視這些資產並為股東帶來最大的回報。

And so we determined it was it was an appropriate time to evaluate what types of opportunities there were for that. In the end, we determined that this was the best, all the best way for us to create return and future opportunity for our shareholders and the best opportunity for Milacron to have some differential investments and growth for their future.

因此，我們認定現在是評估存在哪些類型的機會的適當時機。最後，我們認定這是最好的方式，為我們股東創造回報和未來機遇，也是米拉克龍進行差異化投資和實現未來成長的最佳機會。

So we believe this structure and this partnership is, a great match for Milacron company for Hillenbrand and for the and for bank capital. So this is you know, something that we're excited about and I think our associates are excited about and it gives us the opportunity then to focus all of our energy on continuing to, to focus on these, core businesses that we remain, continue to focus on debt pay down. And, that we believe is, going to create the greatest return for shareholders.

因此，我們相信，這種結構和合作關係對於米拉克龍公司、希倫布蘭德公司以及銀行資本而言都是非常匹配的。所以，這是我們感到興奮的事情，我想我們的同事也對此感到興奮，這讓我們有機會集中所有精力繼續專注於這些核心業務，我們將繼續專注於償還債務。而且我們相信，這將為股東創造最大的回報。

We still see opportunities, we like the Milacron business. It was certainly one of the more cyclical businesses in the portfolio. And so that is that was one of the more strategic reasons that we, investigated the alternative.

我們仍然看到機會，我們看好米拉克龍業務。它無疑是投資組合中周期性較強的業務之一。這是我們研究替代方案的更具策略性的原因之一。

We believe that there is, we like the businesses we have in the portfolio, we believe there is a lot of opportunity in them to continue to go forward and, and we, but obviously, we continue to evaluate all the businesses all the time to make sure that we are the, best donors in creating the best outcome for our shareholders.

我們相信，我們喜歡我們投資組合中的業務，我們相信它們有很多繼續發展的機會，而且，顯然，我們會一直評估所有業務，以確保我們是最好的捐贈者，為股東創造最好的結果。

Great. That's super helpful. And then just maybe in a normal operating environment, could you flush out what MTS looks like now from a growth margin perspective? And maybe with the proceeds of the sale, could you provide an update as to when you expect to be back within leverage guardrails?

偉大的。這非常有幫助。那麼也許只是在正常的營運環境中，您能否從成長利潤率的角度闡明 MTS 現在的情況？也許有了銷售收益，您能否提供最新消息，說明您預計何時會重新回到槓桿護欄範圍內？

Yeah, sure. So I'll take the first one and then I'll cover the second one. Mitch. Yeah. So, the proceeds of the sale, we expect this transaction to close, I'd say at the end of March or early April and, and that'll help us deliver by approximately 0.2 turns.

是的，當然。因此我將先討論第一個，然後再討論第二個。米奇。是的。因此，我們預計銷售收益交易將在 3 月底或 4 月初完成，這將有助於我們實現約 0.2 個週轉。

And so what that gets us to at the end of the year is in the, in the low freeze. So we won't be within our guard rails of 17 to 27, this fiscal year, but I'd highlight that debt pay down still is our number one priority for capital allocation.

所以到了年底，我們就會陷入低溫冰凍。因此，本財年我們不會處於 17 至 27 的護欄內，但我要強調的是，償還債務仍然是我們資本配置的首要任務。

And then on the, on your first question related to the MTS segment. So, keep in mind that, this business has been depressed with volumes and pricing pressure, the last, you know, almost two years now. And, and so we see once this gets back to, I'd say normalcy, that the margin of this business should be in the mid-20s, and maybe a little bit north of that as far as margins.

然後關於您第一個與 MTS 部分相關的問題。所以，請記住，過去近兩年來，該業務一直因銷量和價格壓力而低迷。因此，一旦一切恢復正常，我們就會看到，這項業務的利潤率應該在 25% 左右，甚至可能略高於這個數字。

And, that generally speaking, this business is a short cycle business. And historically, it does when it recovers, it recovers back pretty quickly. But I would think of this business over the medium to long term as a low single digit growth business and margins and that again, that mid to mid to high 20s.

而且，一般來說，這個業務就是短週期業務。從歷史上看，當經濟復甦時，它會恢復得相當快。但我認為，從中長期來看，這項業務將是低個位數成長業務，利潤率也將在 20% 左右。

Okay, great. I'll hop back in Keep it. Thanks.

好的，太好了。我會跳回來保留它。謝謝。

Thank you.

謝謝。

Our next question is a follow up from Daniel Moore with CJS Securities. Please proceed.

我們的下一個問題是來自 CJS Securities 的 Daniel Moore 的後續問題。請繼續。

Yes. Thank you very much. Following up on the transaction. Just getting into the weeds a little bit. How do we think about, maybe that the transaction multiple and you know, with the capital structure of the new entity just to get a, get a sense there. And you know, what's the end game, do you expect to sell the remaining 49% at some stage or, and I think you answered, if there's remaining assets that you consider noncore, a lot of questions there, but I guess focus on the Milacron transaction first.

是的。非常感謝。跟進交易。只是有點陷入困境。我們如何看待交易的倍數，以及你知道的，新實體的資本結構只是為了獲得一種感覺。你知道，最終結果是什麼，你是否計劃在某個階段出售剩餘的 49%，或者，我想你已經回答過了，如果還有你認為是非核心的剩餘資產，那麼這裡有很多問題，但我想首先關注米拉克龍交易。

Yeah, maybe I'll start with, I'll start with a little bit of math.

是的，也許我會從一點數學開始。

Yeah. So, the multiple then, when you look at the face of what it would look like you're going to get like something like a nine multiple, but the capital structure of the deal isn't quite as clear. And so I would assume it's like in the 6 to 7 range of the multiple that we on that.

是的。那麼，當您從表面上看時，您會得到類似九倍的倍數，但交易的資本結構並不那麼清晰。因此我推測它的倍數在 6 到 7 之間。

And so the accounting for that, keep in mind we're going to get, $285 million give or take (202 102 $150 )million net of tax, you know, up on the sale and then we'll retain that 49% ownership in that business and then we'll record equity income on that, which will be our 49% of their net income moving forward. And so in our guidance, we've got about $4 million of earnings in the second half of the year associated with the, with that transaction.

因此，在對此進行會計處理時，請記住，我們將獲得 2.85 億美元的淨利潤（202 102 1.5 億美元），稅後淨額，然後我們將保留該業務 49% 的所有權，然後我們將記錄股權收益，這將是我們未來淨收入的 49%。因此，在我們的預期中，我們將在下半年透過該交易獲得約 400 萬美元的收益。

So hopefully that gives you a little bit of clarity on that.

希望這能讓你對此有一點清晰的認知。

In terms of the, yeah in terms of the long term, Dan, I would II think, really, we see a lot of opportunity for them to you know, to continue to explore investment opportunities for growth. And so I think that a lot of that end game obviously depends on, how those strategies set out, you know, paying capital. You know, I don't want to speak for them there.

是的，就長期而言，丹，我認為，我們確實看到他們有很多機會繼續探索成長的投資機會。所以我認為，最終的結果顯然很大程度取決於這些策略如何制定，你知道，支付資本。你知道，我不想在那裡代表他們講話。

They will be operating the company, and they will be determining the outcome, we will be a minority interest holder in that. So I think would be, I don't think it would be appropriate for me to speculate on what their time frames are, how they, how they plan to move forward with that.

他們將經營該公司並決定結果，我們將成為該公司的少數股權持有者。所以我認為，我不適合猜測他們的時間表是什麼，他們計劃如何推進這一進程。

But we believe that based on the opportunities and investments that we expect that they will, pursue in that business that, that it will create. We felt that that would definitely have the opportunity to create the greatest outcome for our shareholders over the long term.

但我們相信，基於我們預期他們在該業務中追求的機會和投資，它將創造這一點。我們認為，從長遠來看，這肯定有機會為我們的股東創造最大的收益。

Understood, makes sense and very consistent with, the strategy you've laid out just Bob to clarify that $4 million is the equity income. It's kind of net of equity income and any TSA payments. Is that the right way to think about it?

明白，這很有道理，而且與你剛才制定的策略非常一致，鮑伯澄清說 400 萬美元是股權收入。它是股權收益和任何 TSA 支付的淨額。這是正確的思考方式嗎？

Yeah, so that, that's right. So that equity income will be reported at corporate and then as far as TSA ban on corporate costs, so our corporate costs would be pretty consistent with what we've laid out, the original guy that we gave beginning of the year. And so we'll have obviously a period of time where we'll be supporting, that that business with corporate cost and, and obviously charging transaction services to that entity.

是啊，這樣就對了。因此，股權收入將在公司報告中報告，然後就 TSA 禁止公司成本而言，因此我們的公司成本將與我們年初給出的原始成本非常一致。因此，我們顯然會在一段時間內以公司成本來支援該業務，並且顯然會向該實體收取交易服務費用。

And so we've been focused in the last, the last probably six months, as you know, as you can see from our corporate costs, we've been really managing that knowing that this is, that was a potential. And, and so I think the way I think about it is our corporate costs be pretty consistent here with what we've got at the beginning of the year because we will be in curing those costs and then charging those out to support that Milacron business.

因此，我們一直專注於過去大約六個月的時間，正如您所知，從我們的公司成本中可以看出，我們一直在管理這一點，知道這是有潛力的。因此，我認為我的想法是，我們的企業成本與年初的水平非常一致，因為我們將解決這些成本，然後收取這些費用以支持米拉克龍業務。

Okay. And then similar to the Milacron question, pro forma, let's go 18 months market normalizes a little bit. How do you think about kind of the overall, EBITDA margin and you know, maybe free cash flow conversion capabilities of the assets that we have in place. You know, post the divestiture.

好的。然後與米拉克龍的問題類似，形式上，讓我們假設 18 個月後市場會稍微正常化。您如何看待我們現有資產的整體 EBITDA 利潤率以及自由現金流轉換能力。您知道，剝離之後。

Yeah. So if you're thinking 18 months down the road, Dan, I still think, obviously, if there's a normalcy in recovery in the hot runner business, I think again, that's going to be in the mid to high 20s margins growing at, low single digits on the top line and then, EPS we continue to improve margins there. We can see that F PM business get to historical margins. And so once again that this quarter, they perform extremely well in that high teams margin. So I think, we'll probably be called high teams, be low 20s and that EPS. And then in the MTS segment will be in that mid 20s and, maybe 18 plus months in that, that high 20s.

是的。因此，丹，如果你考慮 18 個月後的情況，我仍然認為，顯然，如果熱流道業務的復甦正常化，我再次認為，利潤率將達到 25% 左右，頂線利潤率將保持在個位數低位，然後，每股收益 (EPS) 利潤率將繼續提高。我們可以看到F PM業務達到了歷史利潤率。因此本季他們再次在高團隊利潤率中表現非常出色。所以我認為，我們可能會被稱為高端球隊，每股收益低於 20 美元。然後在 MTS 部分將處於 25% 左右，也許 18 個月以上，達到 25% 左右。

And that free cash flow conversion.

以及自由現金流轉換。

Oh, I'm sorry. Yeah. You know, our target is still 100% of, of conversion. And so you think we're 18 months out? I think we'll be a lot closer to that number considering, a lot of the integration stuff behind us. So, I kind of think about it that way then.

噢，對不起。是的。你知道，我們的目標仍然是 100％ 的轉換率。那麼，您認為我們還需要 18 個月的時間嗎？我認為，考慮到我們已完成的大量整合工作，我們會更接近這個數字。所以，我當時就是這麼想的。

Okay, that's it for me. Thank you.

好的，對我來說就這樣了。謝謝。

Thank you with no further questions in the queue. I would like to hand it back over to Kim for closing remarks.

謝謝您，現在沒有其他問題了。我想將發言權交還給金正恩，請他作最後發言。

Thanks again for joining us, everyone one. The first Quarter call we appreciate your ownership. And interest in Hillenbrand and we look forward to talking to you again late April when we will cover our second quarter results. Thank you and have a great rest of your day.

再次感謝大家加入我們。第一季電話會議我們感謝您的所有權。並對 Hillenbrand 感興趣，我們期待在四月下旬再次與您交談，屆時我們將討論第二季業績。謝謝您，祝您今天剩餘的時間過得很愉快。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。