Hillenbrand Inc (HI) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Hillenbrand fiscal third quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I'd now like to turn the call over to your host, Trent Schwartz, Executive Director, Investor Relations for Hillenbrand. Thank you. You may begin.

大家好，歡迎參加 Hillenbrand 2025 財年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我想將電話轉給主持人、希倫布蘭德投資者關係執行董事特倫特·施瓦茨 (Trent Schwartz)。謝謝。你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to Hillenbrand's fiscal third quarter conference call. With me today is our President and CEO, Kim Ryan; and our Interim CFO, Megan Walke. I'd like to direct your attention to the supplemental presentation posted on our IR website that will be referenced on today's call. Please note that our comments may contain certain forward-looking statements that are subject to the safe harbor provisions of the securities laws.

謝謝接線員，大家早安。歡迎參加希倫布蘭德第三財季電話會議。今天與我一起的有我們的總裁兼執行長 Kim Ryan 和我們的臨時財務長 Megan Walke。我想提請您注意我們 IR 網站上發布的補充演示文稿，該演示文稿將在今天的電話會議上引用。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。

These statements are not guarantees of future performance, and our actual results could differ materially. Also, during the course of this call, we will be discussing certain non-GAAP operating performance measures. I encourage you to review the presentation as well as our 10-Q, which can be found on our website for a deeper discussion of non-GAAP information, forward-looking statements and the risk factors that could impact our actual results.

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。此外，在本次電話會議期間，我們將討論某些非 GAAP 營運績效指標。我鼓勵您查看該簡報以及我們的 10-Q，您可以在我們的網站上找到它們，以更深入地討論非 GAAP 資訊、前瞻性陳述以及可能影響我們實際結果的風險因素。

Finally, the results we will be discussing today for the fiscal third quarter exclude the divested Milacron Injection Molding & Extrusion, or MIME, business in both our consolidated results and in the Molding Technology Solutions, MTS, segment results.

最後，我們今天要討論的第三財季業績不包括剝離的米拉克龍注塑和擠出業務（MIME），無論是在我們的合併業績中還是在成型技術解決方案（MTS）部門業績中。

With that, I'll now turn the call over to Kim.

說完這些，我現在將電話轉給金。

Thanks, Trent, and good morning, everyone. Thank you for joining today's call. Today, I'll discuss our execution against our strategic initiatives and share a high-level overview of our fiscal third quarter performance. Megan will then provide details on our financial results and outlook. We'll then be happy to take your questions.

謝謝，特倫特，大家早安。感謝您參加今天的電話會議。今天，我將討論我們策略性舉措的執行情況，並分享我們第三財季業績的概述。梅根隨後將提供有關我們的財務業績和前景的詳細資訊。我們將很樂意回答您的問題。

With more than three quarters of our fiscal year complete, I wanted to provide an update on the work undertaken this past year, which positions Hillenbrand well as the market recovers. Entering the 2025 fiscal year, our focus was on further simplifying our portfolio, reducing debt and advancing the integration and commercial synergy potential of our Food, Health and Nutrition businesses.

我們的財政年度已經過去了四分之三以上，我想提供過去一年所開展工作的最新情況，這些工作為希倫布蘭德在市場復甦時做好了準備。進入2025財年，我們的重點是進一步簡化產品組合、減少債務並推動食品、健康和營養業務的整合和商業協同潛力。

Relative to portfolio and debt reduction, we've made significant progress against these objectives as we completed our MIME divestiture, simplifying our portfolio and generating approximately $265 million in net proceeds. In addition, we closed on the sale of our minority interest in the TerraSource business with net proceeds of approximately $115 million. Proceeds from these two transactions were used to reduce debt by over $300 million during the fiscal year, strengthening our balance sheet.

相對於投資組合和債務削減，我們在實現這些目標方面取得了重大進展，因為我們完成了 MIME 資產剝離，簡化了我們的投資組合，並產生了約 2.65 億美元的淨收益。此外，我們也完成了 TerraSource 業務少數股權的出售，淨收益約為 1.15 億美元。這兩筆交易的收益用於在本財年減少超過 3 億美元的債務，從而增強了我們的資產負債表。

With these calculated moves behind us, our focus is on our remaining higher-margin, higher growth and higher ROIC businesses serving the Performance Materials and Food, Health and Nutrition end markets. Within our Food, Health and Nutrition business, we've now achieved the targeted $30 million in run rate cost synergies from the Linxis and FPM acquisitions, 20 months post close versus our original three- to five-year estimate.

經過這些深思熟慮的舉措後，我們的重點將放在剩餘的高利潤、高成長和高投資回報率業務上，這些業務服務於高性能材料和食品、健康和營養終端市場。在我們的食品、健康和營養業務中，我們現在已經實現了 Linxis 和 FPM 收購的目標 3000 萬美元的運行成本協同效應，這在收購完成後的 20 個月內就實現了，而我們最初的估計是三到五年。

Our teams continue to come together as we further integrate these businesses. Additionally, we are in the early innings of realizing the commercial synergies as we ramp up cross-selling efforts and as we leverage our legacy Coperion's extensive geographic footprint. Additionally, we have a far greater opportunity to offer more fulsome system solutions, creating a greater value for our customers as we leverage the historical Coperion strength of systems capabilities into the Food, Health and Nutrition markets.

隨著我們進一步整合這些業務，我們的團隊繼續團結在一起。此外，隨著我們加強交叉銷售並利用我們原有的科倍隆廣泛的地理覆蓋範圍，我們正處於實現商業協同效應的早期階段。此外，隨著我們利用科倍隆在系統能力方面的歷史優勢進入食品、健康和營養市場，我們有更大的機會提供更全面的系統解決方案，為我們的客戶創造更大的價值。

Our momentum and excitement in this area continues to build, and I'm very pleased with the team's progress. In May, we launched the unified approach of our market-leading FHN brands and technologies at the May iba, bakery and confectionery trade show in Düsseldorf, Germany.

我們在這領域的勢頭和熱情不斷增強，我對團隊的進步感到非常高興。五月，我們在德國杜塞爾多夫舉辦的 5 月 iba 烘焙和糖果貿易展上推出了我們市場領先的 FHN 品牌和技術的統一方法。

This growing and less cyclical end market now represents more than 25% of our global revenue. I'd like to give a brief overview of our fiscal third quarter and then provide an update on the current macro environment as well as the actions we are taking to further strengthen the enterprise. During our fiscal third quarter, we continued to experience cautious order behavior from customers amid continued global macroeconomic uncertainty and tariff announcements.

這個不斷成長且週期性較小的終端市場目前占我們全球收入的 25% 以上。我想簡要概述我們第三財季的情況，然後介紹一下當前的宏觀環境以及我們為進一步加強企業而採取的行動。在第三財季，由於全球宏觀經濟持續存在不確定性以及關稅公告，我們繼續感受到客戶的謹慎訂單行為。

It's important to emphasize that we do not believe these pushouts represent project cancellations, but rather delays on project decisions until trade policy becomes clear. Of note, we continue to see strong quoting and test facility activity, which is encouraging. We delivered revenue ahead of and adjusted earnings per share in line with our expectations coming into the quarter. Given the dynamic operating environment, our teams across the globe continue to work closely with customers to be ready to act when order decisions are made, while we continue to closely monitor strategic initiatives across the enterprise to optimize our cost structure. I'll now dive a little deeper into each segment.

需要強調的是，我們並不認為這些延後代表專案取消，而是專案決策的延後，直到貿易政策變得明朗為止。值得注意的是，我們繼續看到強勁的報價和測試設施活動，這是令人鼓舞的。我們實現了超出預期的收入，並且調整後的每股收益符合我們對本季的預期。鑑於動態的營運環境，我們遍佈全球的團隊繼續與客戶密切合作，以便在做出訂單決策時做好準備，同時我們繼續密切監控整個企業的策略舉措，以優化我們的成本結構。現在我將更深入地探討每個部分。

Starting with our Advanced Process Solutions, or APS segment, we saw a year over year decline in capital orders as tariff uncertainty resulted in customers continuing to delay investment decisions. This was not unexpected coming into the fiscal year with our lower starting backlog position. While conversion of quotes to orders remains delayed, interactions with customers, quote pipelines and test facility utilization continue to be strong across key end markets and geographies.

從我們的先進製程解決方案（APS）部門開始，由於關稅不確定性導致客戶繼續推遲投資決策，我們看到資本訂單較去年同期下降。由於本財年的起始積壓訂單量較低，因此這並不令人意外。雖然報價到訂單的轉換仍然延遲，但與客戶的互動、報價管道和測試設施利用率在主要終端市場和地區仍然保持強勁。

We believe as the macroeconomic environment stabilizes, customer comfort levels will return and order patterns will normalize. In fact, since the end of the third quarter, we've seen an uptick in market activity and have won several key orders, which is very encouraging.

我們相信，隨著宏觀經濟環境的穩定，客戶舒適度將會恢復，訂單模式也將正常化。事實上，自第三季末以來，我們看到市場活動有所回升，並贏得了幾個關鍵訂單，這非常令人鼓舞。

We remain confident in the underlying markets, and the APS segment serves and in our share position. Although we have achieved the targeted cost synergies of FHN, we continue to focus on driving further integration opportunities, particularly around commercial initiatives, including full solution capabilities and our service offerings.

我們對基礎市場、APS 部門的服務和我們的份額地位仍然充滿信心。儘管我們已經實現了 FHN 的目標成本協同效應，但我們仍將繼續專注於推動進一步的整合機會，特別是圍繞商業計劃，包括完整的解決方案能力和我們的服務產品。

On the cost side, we continue to drive synergies by executing optimization projects in response to the dynamic environment. Moving to MTS. Orders again remained stable in the quarter with hot runner quoting activity for electronics and packaging across China and India growing and areas like the Americas beginning to see pockets of momentum.

在成本方面，我們透過執行最佳化專案來應對動態環境，從而繼續推動協同效應。移至 MTS。本季訂單再次保持穩定，中國和印度的電子和包裝熱流道報價活動不斷增長，美洲等地區也開始出現成長勢頭。

While we see increased quoting activity from existing customers, we are also seeing incremental quote requests from new customers as well as orders for our controller products accelerating, typically indicating forthcoming demand for hot runners. External market indices again hovered near expansion as mold-making activities show signs of modest growth. With that, let me now provide an update on the evolving tariff landscape and the actions we've taken to mitigate the impact. Significant progress has been made on the near-term actions, and I'm very thankful to our teams for their relentless work in this area. We have implemented surcharge pricing where necessary across the portfolio and have adjusted contract terms to address potential additional tariffs should they go into effect.

雖然我們看到現有客戶的報價活動增加，但我們也看到新客戶的報價請求增加，而且我們的控制器產品訂單也在加速成長，這通常表明對熱流道的需求即將到來。由於模具製造活動顯示出溫和成長的跡象，外部市場指數再次徘徊在擴張附近。現在，讓我介紹一下不斷變化的關稅狀況​​以及我們為減輕影響而採取的行動。近期行動已取得重大進展，我非常感謝我們的團隊在這方面不懈的努力。我們已在整個投資組合中根據需要實施了附加費定價，並調整了合約條款以應對可能生效的附加關稅。

We also continue to progress on localizing supply chain while also strategically shifting inventories and manufacturing capabilities to complete our in-region, for-region initiatives where warranted. While the trade environment has affected order decision timing, the work we executed post-COVID to strengthen our manufacturing and supply chain footprint to primarily serve in-region, for-region demand has greatly reduced our direct exposure to tariffs. Before I wrap up, I wanted to share that we are progressing with our CFO search and are actively engaged with our search partner and many candidates for the role. In the meantime, I'm very pleased to have Megan Walke join us on today's call. Megan was appointed Interim CFO at the end of June and brings a wealth of knowledge as our Chief Accounting Officer and Corporate Controller.

我們也將繼續推進供應鏈本地化，同時策略性地轉移庫存和製造能力，以在必要時完成我們在區域內、針對區域的計劃。雖然貿易環境影響了訂單決策時間，但我們在疫情之後開展的工作旨在加強我們的製造和供應鏈覆蓋範圍，主要滿足區域內和區域內的需求，這大大減少了我們直接受到的關稅影響。在結束之前，我想分享一下，我們的財務長搜尋工作正在進行中，並且正在積極與我們的搜尋合作夥伴和許多候選人接觸。同時，我很高興梅根沃克 (Megan Walke) 能參加今天的電話會議。梅根於六月底被任命為臨時財務官，作為我們的首席會計官和公司控制員，她帶來了豐富的知識。

We are very fortunate to have some with Megan's skills to lead our finance organization while we continue to search for a permanent CFO replacement. With that, I'll hand the call over to Megan to discuss our financial performance and outlook.

我們非常幸運能夠擁有像梅根這樣有技能的人來領導我們的財務部門，同時我們將繼續尋找永久的財務長替代者。說完這些，我將把電話交給梅根，討論我們的財務表現和前景。

Thanks, Kim, and good morning, everyone. I'm happy to be here today. As a reminder, the Q3 results I'm discussing exclude the divested MIME business. Turning to our consolidated performance on slide 8. Revenue of $599 million was down 24% or 10% on a pro forma basis compared to the prior year, driven by the divestiture of MIME and lower capital equipment volume in APS.

謝謝，金，大家早安。我很高興今天來到這裡。提醒一下，我正在討論的第三季業績不包括剝離的 MIME 業務。轉向幻燈片 8 上的綜合表現。收入為 5.99 億美元，與前一年相比下降了 24%（以備考基礎計算下降了 10%），原因是 MIME 的剝離和 APS 的資本設備數量減少。

Pro forma adjusted EBITDA of $84 million decreased 28% as productivity and favorable pricing were offset by lower volumes, unfavorable product mix and inflation. Pro forma adjusted EBITDA margin of 14.1% decreased 360 basis points, largely due to the impact of lower volume on operating leverage. We reported GAAP net income of $2 million, up from a loss of $249 million in the prior year due to the noncash impairment charge recorded in our hot runner product line in our MTS segment in fiscal year 2024. Adjusted earnings per share of $0.51 decreased 40% versus prior year, in line with our expectations, primarily due to the divestiture of the MIME business and lower APS volumes. Our adjusted effective tax rate in the quarter was 29.4%, which was 80 basis points higher than the prior year, primarily due to our geographic mix of income.

調整後息稅折舊攤銷前利潤 (EBITDA) 為 8,400 萬美元，下降了 28%，原因是生產力和優惠定價被產量下降、產品組合不利和通貨膨脹所抵消。調整後的 EBITDA 利潤率為 14.1%，下降了 360 個基點，這主要是由於銷售下降對經營槓桿的影響。我們報告的 GAAP 淨收入為 200 萬美元，高於上一年的 2.49 億美元虧損，原因是 2024 財年我們 MTS 部門的熱流道產品線記錄了非現金減損費用。調整後每股收益為 0.51 美元，較上年下降 40%，符合我們的預期，主要原因是 MIME 業務的剝離和 APS 交易量的下降。本季我們的調整後有效稅率為 29.4%，比前一年高出 80 個基點，主要歸因於我們的收入地理分佈。

We still expect our full year rate to be approximately 29%. Our cash flow from operations represented a use of approximately $2 million in the quarter, primarily due to lower customer advances from decreased order volume. Capital expenditures were $10 million in the quarter, and we paid approximately $16 million to shareholders through our quarterly dividend. Now moving to segment performance, starting with APS on slide 9. Revenue of $507 million decreased 11% as expected compared to the prior year, driven by lower volume, partially offset by favorable pricing.

我們仍然預計全年利率約為 29%。本季我們的營運活動現金流約 200 萬美元，主要原因是訂單量減少導致客戶預付款減少。本季資本支出為 1000 萬美元，我們透過季度股息向股東支付了約 1600 萬美元。現在轉到細分市場表現，從幻燈片 9 上的 APS 開始。營收為 5.07 億美元，與上年相比下降 11%，符合預期，原因是銷量下降，但優惠的定價部分抵消了這一影響。

As Kim mentioned earlier on the call, we are beginning to see signs of market activity with several key orders placed and down payments received from customers since the close of the third quarter, giving us confidence in our Q4 and full year outlook. Adjusted EBITDA of $80 million decreased 27% year over year, primarily due to lower volume, unfavorable product mix and inflation, partially offset by productivity and favorable pricing. Adjusted EBITDA margin in the quarter was 15.8%, which was down 340 basis points from the prior year, again, as a result of lower volumes, resulting in fixed cost absorption headwinds. Backlog of $1.57 billion decreased 10% compared to the prior year as expected. As Kim mentioned, we continue to see decision delays in larger capital orders amid the tariff uncertainty.

正如 Kim 早些時候在電話會議上提到的那樣，我們開始看到市場活動的跡象，自第三季末以來，我們已經下了幾個關鍵訂單，並收到了客戶的預付款，這讓我們對第四季度和全年前景充滿信心。調整後的 EBITDA 為 8,000 萬美元，年減 27%，主要原因是銷售下降、產品組合不利和通貨膨脹，但生產力和優惠的定價部分抵消了這一影響。本季調整後的 EBITDA 利潤率為 15.8%，較上年下降 340 個基點，同樣是由於銷售下降導致固定成本吸收阻力。積壓訂單金額為 15.7 億美元，與前一年相比下降了 10%，符合預期。正如金所提到的，在關稅不確定性的影響下，我們繼續看到大額資本訂單的決策被推遲。

However, we have seen several large orders placed since the end of the third quarter and remain ready to execute as customers return with order decisions. We remain confident that recent backlog deceleration is macro-driven and not permanent and that long-term demand continues to be robust and our competitive positioning remains strong. Turning to MTS on slide 10. Pro forma revenue of $92 million decreased 2% year over year as growth in our hot runner business was offset by a decrease in mold-based sales from the 2024 exit of a low-margin product line. Pro forma adjusted EBITDA of $18 million decreased 9% as expected.

然而，自第三季末以來，我們已經看到有幾份大訂單，隨著客戶帶著訂單決定回來，我們仍然準備好執行。我們仍然相信，近期積壓訂單減速是由宏觀因素驅動的，而非永久性的，長期需求持續強勁，我們的競爭地位依然強勁。轉到投影片 10 上的 MTS。預計收入為 9,200 萬美元，年減 2%，原因是我們的熱流道業務的成長被 2024 年退出低利潤產品線導致的模具銷售額下降所抵消。調整後息稅折舊攤提前利潤為 1,800 萬美元，如預期下降 9%。

Pro forma adjusted EBITDA margin of 19.9% was down 170 basis points year over year due to tariffs, partially offset by pricing and productivity. Pricing remains challenging, but we saw some improvement in the quarter, which was in line with expectations. Pro forma backlog of $55 million increased 7% year over year as a result of increased hot runner and mold-based components demand and was flat sequentially. External indices, which track the current state of the mold making market entered expansion mode in our fiscal second quarter for the first time since early 2022. Despite turning into contraction again in early April following tariff announcements, the index is again near expansion in June with demonstrated increases in market activity.

調整後息稅折舊攤銷前利潤率為 19.9%，因關稅原因較去年同期下降 170 個基點，但被定價和生產力部分抵銷。定價仍然具有挑戰性，但我們在本季度看到了一些改善，這符合預期。由於熱流道和模具組件需求增加，預計積壓訂單為 5,500 萬美元，年增 7%，與上一季持平。追蹤模具製造市場現狀的外部指數自 2022 年初以來首次在第二財季進入擴張模式。儘管在 4 月初關稅公告發布後該指數再次陷入收縮，但隨著市場活動的增加，該指數在 6 月再次接近擴張。

The short-cycle nature of this business means we can see our recovery quickly and at a high flow-through to the bottom line when volumes return. Turning to slide 11. Net debt at the end of the third quarter was $1.51 billion, and the net debt to pro forma adjusted EBITDA ratio was 3.9 times. Immediately following the quarter end, on July 1, we completed the divestiture of a minority stake in TerraSource, which resulted in net proceeds of approximately $115 million, ahead of our expectations of approximately $100 million, which created a favorable impact to our net leverage of roughly 0.2 times, implying 3.7 times net leverage. We continue to prioritize debt paydown.

該業務的短週期性質意味著，當業務量恢復時，我們可以快速看到復甦，並且對底線產生很大的影響。翻到第 11 張投影片。第三季末淨負債為15.1億美元，淨負債與調整後EBITDA比率為3.9倍。在本季結束後，即 7 月 1 日，我們完成了對 TerraSource 少數股權的剝離，產生的淨收益約為 1.15 億美元，高於我們預期的約 1 億美元，這對我們的淨槓桿率產生了約 0.2 倍的有利影響，意味著淨槓桿率為 3.7 倍。我們繼續優先考慮償還債務。

Additionally, in early July, we completed an amendment to our credit facility and redeemed our notes due September 2026. This successful refinancing provides greater operational and financial flexibility for our business and pushes out our next maturity to 2029. Now turning to slide 12. I'll cover our guidance for the remainder of fiscal year 2025. While we continue to expect customers to postpone certain larger investment decisions until there is greater clarity around tariffs, we are beginning to see stabilization within parts of our businesses, as mentioned by the orders we witnessed within APS subsequent to the quarter end.

此外，7月初，我們完成了信貸安排的修訂，並贖回了2026年9月到期的票據。此次成功的再融資為我們的業務提供了更大的營運和財務靈活性，並將我們的下一個到期日推遲到 2029 年。現在翻到第 12 張投影片。我將介紹我們對 2025 財年剩餘時間的指導。雖然我們仍然預期客戶會推遲某些較大的投資決策，直到關稅更加明朗，但我們開始看到部分業務趨於穩定，正如我們在季度末之後看到的 APS 訂單所提到的那樣。

Coming into the final quarter of fiscal year 2025, we are updating our core outlook. Specifically, we are raising the top and bottom of our revenue guidance range from $2.56 billion to $2.62 billion previously to current guidance of $2.59 billion to $2.63 billion, narrowing the range for adjusted EPS from $2.10 to $2.45 previously to current guidance of $2.20 to $2.35 and maintaining the midpoint of our previous guidance. Our updated full year operating cash flow is expected to be approximately $60 million, with $40 million of expected CapEx as we prioritize certain projects related to in region, for region. The recent key order wins in late July provide us greater line of sight to achieve our full year expectations. Please review slide 12 for additional guidance assumptions.

進入 2025 財年的最後一個季度，我們正在更新我們的核心展望。具體來說，我們將收入預期範圍的上限和下限從之前的 25.6 億美元至 26.2 億美元提高到當前的 25.9 億美元至 26.3 億美元，將調整後每股收益的範圍從之前的 2.10 美元至 2.45 美元縮小到當前的 2.20 美元至 2.350 美元，並維持之前的預期中點。我們更新後的全年營運現金流預計約為 6,000 萬美元，預計資本支出為 4,000 萬美元，因為我們優先考慮與本地區相關的某些項目。七月下旬贏得的關鍵訂單為我們實現全年預期提供了更大的希望。請查看投影片 12 以了解更多指導假設。

With that, I'll turn the call back over to Kim.

說完這些，我就把電話轉回給金。

Thanks, Megan. Before we open the line for Q&A, I'll end our prepared remarks with a few closing comments. We continue to make strides in advancing Hillenbrand through proactive execution of strategic initiatives. The breadth and market position of our product offerings coupled with our exceptional systems integration capabilities and leading technical competencies enable us to offer a compelling value proposition to our customers across many end markets.

謝謝，梅根。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。我們透過積極主動執行策略舉措，持續大力推動 Hillenbrand 的發展。我們產品的廣度和市場地位，加上我們卓越的系統整合能力和領先的技術能力，使我們能夠為許多終端市場的客戶提供引人注目的價值主張。

We deliver the highest quality and highest output equipment and systems available anywhere in the world and then leverage our global network of aftermarket and service professionals to maintain, upgrade and modernize this equipment to maximize its value for our customers throughout its life cycle.

我們提供全球範圍內最高品質、產量最高的設備和系統，然後利用我們的全球售後市場和服務專業人員網路來維護、升級和現代化這些設備，以在整個生命週期內為我們的客戶實現價值最大化。

We continue to drive initiatives across the enterprise to mitigate the impact of decision delays in light of the dynamic macro environment by also capturing opportunities as a result of our portfolio transformation. Although we've now achieved the $30 million run rate cost synergies from the Linxis and FPM acquisitions, we continue to identify additional cost opportunities while turning more attention to commercial synergy initiatives already underway.

我們將繼續推動整個企業的舉措，透過抓住投資組合轉型帶來的機遇，減輕動態宏觀環境下決策延遲的影響。儘管我們現在已經透過收購 Linxis 和 FPM 實現了 3000 萬美元的運行成本協同效應，但我們仍在繼續尋找額外的成本機會，同時將更多注意力轉向已經在進行的商業協同效應計劃。

Our current transformation, including actions we've undertaken around our in-region, for-region approach provide us with the capability to successfully manage the changing dynamics with speed and coordination across the enterprise. I remain confident in our business, our technology and, most importantly, our people as well as the long-term growth trends of the markets we serve.

我們目前的轉型，包括我們在區域內、針對區域的方法所採取的行動，使我們能夠在整個企業內以速度和協調的方式成功管理不斷變化的動態。我對我們的業務、我們的技術、最重要的是我們的員工以及我們所服務市場的長期成長趨勢充滿信心。

The opportunity we see in front of our organization is large and will continue to allow our businesses and our teams to deliver long-term success for Hillenbrand and our shareholders.

我們看到，我們組織面前的機會是巨大的，這將繼續使我們的企業和團隊為希倫布蘭德和股東帶來長期的成功。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示）Daniel Moore，CJS 證券。

Yes, good morning, Kim. Good morning, Megan. I appreciate the time and taking questions. So to start with APS, just talk a little bit more about the uptick in orders that you're seeing post quarter. Is it primarily larger plastics polyolefin or is it FHN orders, both? And just how do we kind of think about backlogs and the direction of backlogs going forward? Maybe it's a little early in the quarter to look out that far, but a little bit more detail on where you're seeing the strength would be really helpful.

是的，早上好，金。早安，梅根。我感謝您抽空回答問題。因此，首先從 APS 開始，請稍微談談您在季度後看到的訂單成長情況。它主要是較大的塑膠聚烯烴還是 FHN 訂單，還是兩者兼而有之？那麼，我們該如何看待積壓問題以及積壓問題未來的發展方向呢？也許現在就展望這個季度還為時過早，但如果能更詳細地了解您認為的優勢所在，將會非常有幫助。

Okay. Thanks for your question, Dan. So on the APS side, we've actually experienced it in several different geographies as well as several different end markets. So it's really been primarily on the plastics side, the orders that we've seen come in, the larger orders that we've been tracking for some time. It's really been primarily on the plastic side, both in the polyolefin area as well as in the engineering plastics area.

好的。謝謝你的提問，丹。因此，在 APS 方面，我們實際上已經在幾個不同的地區以及幾個不同的終端市場體驗過它。因此，實際上主要集中在塑膠方面，我們看到的訂單是已經追蹤了一段時間的較大訂單。它實際上主要集中在塑膠方面，包括聚烯烴領域以及工程塑膠領域。

And from a geographic standpoint, that's been US, it's been a couple of different locations in Asia that we've seen these orders come in from. So we're really pleased. As -- whenever we're working a project with our customers, the intimacy with which we constantly communicate with them, the constant updates on what's going on in the world around them, where should we manufacture and engineer the products and systems that they want to bring in, that has really, I think, been a real separator between us and others in the market because we've stayed very close to these customers so that when -- as soon as the opportunity presents itself to make the decision, we can then hit the ground running.

從地理角度來看，我們看到這些訂單來自美國和亞洲的幾個不同地方。所以我們真的很高興。每當我們與客戶合作一個專案時，我們都會與他們保持密切的溝通，不斷了解他們周圍世界的最新動態，我們應該在哪裡製造和設計他們想要的產品和系統，我認為這確實是我們與市場上其他公司之間的一個真正區別，因為我們與這些客戶保持著非常密切的聯繫，這樣，一旦有機會做出決定，我們就可以立即開始行動。

And -- that we do things like place large orders with our subsuppliers at the time we take the purchase order, so that we can lock in pricing. We lock in those engineering resources where we think they can best serve the customer at the right price and right capabilities.

而且—我們會在接到採購訂單時向我們的分包商下大訂單，以便我們能夠鎖定價格。我們鎖定那些我們認為能夠以合適的價格和合適的能力為客戶提供最佳服務的工程資源。

So all of that, I think, has really served us well in being ready and being on our toes when these customers place the orders. And obviously, that has been -- while some of those have been pushed out, I think that close relationship with customers has put us in the position to run as soon as they are ready to run. And that's been really important. In terms of the backlog, we are a little bit early in the quarter to see that. We've continued to see really good momentum in the businesses in terms of, again, test facilities, constant quoting with our customers.

所以，我認為，所有這些都確實幫助我們做好準備，並在這些客戶下訂單時保持警惕。顯然，儘管其中一些已被推遲，但我認為與客戶的密切關係使我們能夠在他們準備好運行時立即運行。這確實非常重要。就積壓訂單而言，我們在本季還處於早期階段。我們在測試設施、與客戶的持續報價方面繼續看到業務的良好發展勢頭。

In some areas, we've continued to see upticks in the quoting models. And for instance, on the MTS side, we've seen upticks in quoting levels and not just with existing customers, but also with new customers, both of which are really exciting for us. So generally speaking, while I wouldn't say it's a trend line yet, I would certainly say, it's -- these are a few dots that give us a lot of confidence certainly in the Q4 guide and also give us some good feelings about how customers are moving ahead because these products are needed. These systems are needed. The capacity is needed because we're planning for periods 12 to 24 months in advance as we're working with them on these types of systems, whether you're talking about larger food systems or the plastic systems for APS.

在某些領域，我們繼續看到報價模型的上升。例如，在 MTS 方面，我們看到報價水準上升，不僅是現有客戶，還有新客戶，這對我們來說都非常令人興奮。所以總的來說，雖然我不會說這是一條趨勢線，但我肯定會說，這些點讓我們對第四季度的指南充滿信心，也讓我們對客戶如何前進感到滿意，因為這些產品是必需的。這些系統是必需的。需要這種容量是因為我們正在與他們合作開發這些類型的系統，提前 12 到 24 個月進行規劃，無論您談論的是大型食品系統還是 APS 的塑膠系統。

Very helpful. Maybe switching gears to MTS. Encouraging to see the backlog up 7%. Where are you seeing improved demand and opportunity there? And just talk a little bit more about quoting activity, conversion times. Obviously, it's faster -- the faster turn businesses are you seeing things start to improve. I think you said that your indicators were positive for the first time in maybe three years. So any color there is great.

非常有幫助。也許會轉向 MTS。令人鼓舞的是，積壓量增加了 7%。您認為哪些地方的需求和機會有所改善？再多談談引用活動和轉換時間。顯然，它更快——業務轉變越快，你會發現情況開始好轉。我想您說過，您的各項指標可能是三年來第一次呈現正成長。所以任何顏色都很棒。

Yes. It's been since Q2 '22 to be exact, so exactly three years since we've seen kind of the uptick in being in the investment mode again. What I would say is that we're still seeing kind of tentative volume in the EU and in Japan and Korea and some of the markets we play in there. But what has been very exciting is that we've been able to launch some new products into the India market as we've had a footprint there for decades. And as we continue to see evolution of the supply base, moving into India, we've seen both an uptick in terms of the quotes and the orders on hot runners and controllers.

是的。確切地說，這是從 2022 年第二季開始的，也就是整整三年前，我們才再次看到投資模式的上升。我想說的是，我們在歐盟、日本、韓國以及我們參與的一些市場仍然看到某種試探性交易量。但令人興奮的是，我們已經能夠在印度市場推出一些新產品，因為我們已經在印度市場紮根了幾十年。隨著我們繼續看到供應基地的演變，進入印度，我們看到熱流道和控制器的報價和訂單都有所上升。

And controllers are typically the precursor for hot runner purchases. So being on the ready in India has been really good for us. We're also continuing to invest in our capabilities there in India. And then China has really been focused. That's been a really competitive market.

控制器通常是購買熱流道的先決條件。因此，在印度做好準備對我們來說真的很有好處。我們也將繼續在印度投資增強我們的能力。然後中國就真正開始關注了。這是一個競爭非常激烈的市場。

However, we've really focused our efforts there on local for local and have seen really good stability in that market. And I think it's worth noting that we had some really good interest in some new products that we've launched into that China for China market on some high-end -- some mid-tier -- high-end, mid-tier products that are really -- they're really best suited for some of the applications that we are seeing moving into that China local market.

然而，我們確實將精力集中在本地服務本地，並且已經看到該市場確實非常穩定。我認為值得注意的是，我們對在中國市場推出的一些新產品非常感興趣，這些產品是一些高端產品，一些中端產品，它們確實最適合我們看到的正在進入中國本土市場的一些應用。

Very helpful. Maybe one more and I'll jump back in queue. Obviously, cash flow, obviously, this year has been a challenge with fewer upfront orders. Just maybe talk about how do we think about cash flow from here when we might be able to get back to more normalized levels of conversion rates post the sale, pro forma net leverage 3.7 times. Do we think about that starting to tick lower from here?

非常有幫助。也許再來一次，我就會重新排隊。顯然，由於預付訂單減少，今年的現金流顯然是一個挑戰。也許只是談論一下，當我們可能能夠在銷售後恢復到更正常的轉換率水平時，我們如何考慮現在的現金流，形式上的淨槓桿率為 3.7 倍。我們是否認為從現在開始價格會開始走低？

And kind of how quickly do we think we can get back down to maybe 3 times? I know there's a lot there, but just trying to get the cadence as you're thinking about things over the next two, four-plus quarters.

那我們認為多快才能回到 3 倍左右呢？我知道那裡有很多東西，但你只是在思考接下來兩個、四個多季度的事情時嘗試掌握節奏。

Thanks, Dan. Yes, we -- obviously, paying down debt is our number one priority. So you'll continue to see that from us over the coming quarters and months. That's number one. And cash flow, as you pointed out, was challenging in the quarter.

謝謝，丹。是的，顯然，償還債務是我們的首要任務。因此，在接下來的幾個季度和幾個月裡，您將繼續看到我們這樣做。這是第一點。正如您所指出的，本季的現金流面臨挑戰。

We -- as we see these orders coming in, especially the ones we saw in July, that's encouraging for our cash flow position as we collect advances on those orders and start to see momentum that's really going to depend on how quickly we see cash come in on those advances and then we then can accelerate the debt pay down further. In the near term, I think leverage will stay about where we've seen it. So no major changes. But again, that really is dependent on as the orders come in and how quickly they come in.

我們 — — 看到這些訂單湧入，特別是 7 月份的訂單，這對我們的現金流狀況來說是令人鼓舞的，因為我們收取了這些訂單的預付款，並開始看到增長勢頭，這實際上取決於我們看到這些預付款的現金流入的速度，然後我們就可以進一步加快債務償還速度。短期內，我認為槓桿率將維持在我們所見的水平。因此沒有重大變化。但同樣，這實際上取決於訂單何時到達以及到達的速度。

And Dan, you're very well aware of how we recognize revenue on these projects over time. And so most of these projects, they don't have a down payment and then it's two years out. There are progress payments that we structure into these contracts to maintain a cash-positive position as we're purchasing goods for them, as we conduct certain key pieces of engineering and certain key pieces of construction, and then finally, as we deliver it.

丹，你非常清楚我們如何隨著時間的推移確認這些項目的收入。因此，大多數此類項目都不需要首付，而且需要兩年。我們在這些合約中安排了進度付款，以便在我們為他們購買貨物、進行某些關鍵工程和某些關鍵施工以及最終交付貨物時保持現金盈餘。

So there will be progress payments along the way on these projects. Again, it's very important that we continue to negotiate the terms of those contracts as we have improved that pretty dramatically over the last three or four years in terms of really analyzing and understanding those cash flows.

因此，這些項目在進行過程中都會有進度付款。再次強調，繼續協商這些合約的條款非常重要，因為在過去的三、四年裡，我們在真正分析和理解這些現金流方面取得了相當大的進展。

So as the orders come back, we have a lot of confidence that the cash position returns to more normal flows and the contracts that we're inking and the process we have in place to make sure of that, make sure that we are able to do that and take down our leverage. And the biggest driver of leverage -- yes, the biggest driver of leverage is some of the pressure we've seen on EBITDA. And as that EBITDA begins to return, it's that -- it's not just the cash, it's the EBITDA and the balance sheet that will dramatically -- that can dramatically improve the leverage ratio.

因此，隨著訂單的恢復，我們非常有信心，現金狀況將恢復到更正常的流動，我們正在簽署的合約和我們為確保這一點而製定的流程，確保我們能夠做到這一點並降低我們的槓桿率。槓桿的最大驅動因素——是的，槓桿的最大驅動因素是我們在 EBITDA 上看到的一些壓力。隨著 EBITDA 開始回升，不僅僅是現金，EBITDA 和資產負債表也將大幅改善槓桿率。

Sure, absolutely, okay, thank you.

當然，完全可以，好的，謝謝。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

Good morning Matt.

早安，馬特。

Thanks, a couple of questions. Good morning. Just within APS during the quarter, I realize things maybe seems a little bit in July, but I just want to understand, when you look at total orders in fiscal Q3, help me understand what the book-to-bill looked like in the plastics side of the business and in FHN? Specifically, I'm looking for a little bit of color on order activity in both of those buckets during the quarter and what that meant for kind of book-to-bill. And then I have a follow-up.

謝謝，有幾個問題。早安.就在本季的 APS 內部，我意識到 7 月的情況可能看起來有點不一樣，但我只是想了解，當您查看第三財季的總訂單時，能否幫助我了解塑膠業務和 FHN 的訂單出貨比情況？具體來說，我正在尋找本季度這兩個類別的訂單活動的一些細節，以及這對訂單出貨比意味著什麼。然後我有一個後續問題。

So on the MTS side of the house, we were very stable on book-to-bill. We did see a small dip in APS book-to-bill. We don't -- as you know, we don't break out book-to-bill publicly for the plastics business versus the FHN business. I would say we did see a little tick down, which we expect will tick back up here in Q4 for the APS side of the house. But again, MTS has been very stable and APS has been stable all year, a little tick down, but that will self-regulate in Q4, we expect. If that -- does that help answer your question?

因此，在 MTS 方面，我們的訂單出貨比非常穩定。我們確實看到 APS 訂單出貨比略有下降。如您所知，我們不會公開公佈塑膠業務與 FHN 業務的訂單出貨比。我想說我們確實看到了一點下降，我們預計 APS 方面在第四季度會回升。但是，MTS 一直非常穩定，APS 全年也一直很穩定，略有下降，但我們預計這將在第四季度自我調節。如果這樣——這有助於回答你的問題嗎？

Yes. I guess just with respect to FHN, I'm trying to understand if you're seeing positive inbound order activity in that piece of the business?

是的。我想就 FHN 而言，我想了解您是否看到該業務領域的入站訂單活動呈現積極態勢？

Yes. I would say we're seeing stability on the FHN side of the house, and that's in the base business that we're doing. What I would point to is those guys have a couple of levers for growth. In addition to the markets that they operate in, they are also moving into two other large levers. Those levers being -- first of all, they can take advantage of the legacy Coperion's footprint globally, and they can more quickly move in and leverage kind of the legal entities that we've got set up in other viable markets for them.

是的。我想說，我們看到了 FHN 方面的穩定性，這就是我們正在做的基礎業務。我想指出的是，這些人擁有一些促進成長的槓桿。除了他們經營的市場之外，他們還正在進軍另外兩個大型市場。這些槓桿是——首先，他們可以利用科倍隆在全球的足跡，並且可以更快地進入並利用我們在其他可行市場為他們設立的法律實體。

And then the second piece is they've now got the full breadth of the portfolio. And since the beginning of bringing these companies together, we've been bringing the sales forces together so that, that sales force now can avail themselves of not a single product line for DIOSNA or for Shick Esteve or for VMI, they can avail themselves of the entire portfolio and sell that entire portfolio.

第二點是他們現在已經擁有了完整的投資組合。自從開始將這些公司合併以來，我們就一直在將銷售人員整合在一起，以便銷售人員現在可以利用 DIOSNA、Shick Esteve 或 VMI 的單一產品線，他們可以利用整個產品組合併銷售整個產品組合。

And so while we have seen good cross-selling initially, our focus -- a lot of our focus was on making sure that we got all the cost elements captured that we had laid out for ourselves. Now having achieved that, I would say, all of the attention goes to how to make sure that we're escalating that cross-selling initiative and the systems selling initiative on FHN, which we absolutely know will bring us tremendous value. We sold about $40 million to date in cross-selling.

因此，雖然我們最初看到了良好的交叉銷售，但我們的重點——我們的重點主要是確保我們獲得了為自己制定的所有成本要素。現在已經實現了這一目標，我想說，所有的注意力都集中在如何確保我們升級交叉銷售計劃和 FHN 系統銷售計劃，我們絕對知道這將為我們帶來巨大的價值。到目前為止，我們透過交叉銷售實現了約 4000 萬美元的銷售額。

So we're excited by that and expect to see that continue to grow because a lot of these customers were not even available the full breadth of the portfolio. They were not even aware of all the things we do. And that has been, I think, really has changed the way our representatives can go in to support customers for the jobs and projects they are running.

因此，我們對此感到興奮，並期望看到這一數字繼續成長，因為許多客戶甚至無法獲得完整的產品組合。他們甚至不知道我們所做的一切。我認為，這確實改變了我們的代表為客戶提供工作和專案支援的方式。

That's helpful. And then just one last one, Kim. Maybe a different question on free cash flow. This time last year, I think you had a dividend discussion. Your leverage is 3.5 times net.

這很有幫助。然後還有最後一個問題，Kim。或許關於自由現金流有一個不同的問題。我認為去年這個時候你們討論過股息問題。您的槓桿是淨槓桿的3.5倍。

You were generating enough cash to cover the dividend. This year, your leverage is a little bit higher, and I realized there's a numerator and denominator, as you pointed out in that equation. Are you thinking any differently about the dividend? Is that back up for discussion as you sit here today?

您產生的現金足以支付股息。今年，你的槓桿率稍微高了一點，我意識到有一個分子和分母，正如你在那個等式中指出的那樣。您對股息有什麼不同的看法嗎？今天您坐在這裡還會再討論這個問題嗎？

Yes. What I would say, Matt, is that we regularly review this with our Board of Directors, all elements of the capital allocation coming up for the year. We've -- we're just moving through our strategic planning process, our annual planning process now and we will reevaluate that on an ongoing basis to make sure that we are delivering best long-term value for shareholders.

是的。馬特，我想說的是，我們會定期與董事會一起審查今年資本配置的所有要素。我們—我們正在進行策略規劃流程、年度規劃流程，我們將持續重新評估，以確保為股東提供最佳的長期價值。

At this time, I don't have anything specific to announce regarding the dividend. But please rest assured that, that is always a topic that the Board of Directors takes into consideration as well as how we evaluate all of the things in the portfolio and making sure that we're delivering the greatest value for shareholders at all times.

目前，我還沒有關於股息的具體消息可以宣布。但請放心，這始終是董事會考慮的一個話題，同時也是我們如何評估投資組合中的所有事物並確保我們始終為股東提供最大價值的一個話題。

Appreciate the call thanks again.

感謝您的來電，再次感謝。

All right, thanks now.

好的，現在謝謝了。

(Operator Instructions) Mitchell Moore, KeyBanc Capital Markets.

（操作員指示）Mitchell Moore，KeyBanc Capital Markets。

Hey everyone, good morning.

大家好，早安。

Good morning.

早安.

Hi. So just within your commentary for APS and the orders, what do you think has changed between the end of the third quarter and early fourth quarter with customers starting to pull the trigger on some of these larger projects?

你好。那麼，僅從您對 APS 和訂單的評論來看，您認為在第三季末和第四季初之間發生了哪些變化，客戶開始對其中一些較大的項目採取行動？

Well, I think it's a couple of things. I think folks are really settling into figuring out how they're going to navigate some of the global trade topics. I don't think anybody is waiting necessarily that tariffs are going to go away. I don't think that's what people are waiting for. I think people are -- have been waiting for understanding how they can navigate them.

嗯，我認為有幾件事。我認為人們正在真正思考如何應對一些全球貿易話題。我認為沒有人會等待關稅取消。我不認為這是人們所等待的。我認為人們一直在等待了解如何駕馭它們。

One of the things that I think is a real differentiator for Hillenbrand is the fact that we've got these in-region, for-region footprint that allow us to offer alternatives in how we can fulfill these projects that give them flexibility in terms of how we can -- we don't have to fill everything from the US and be subject to tariffs on everything we bring into the market.

我認為 Hillenbrand 真正的區別之一在於，我們擁有這些區域內、針對區域的足跡，這使我們能夠提供如何完成這些項目的替代方案，從而為他們提供靈活性——我們不必從美國滿足所有需求，也不必對我們進入市場的所有產品徵收關稅。

So for instance, for some of the projects that have broken, we have been working with our customers closely for some time to say, okay, are there other ways to deliver key components or other suppliers that we can leverage to help deliver components that will not be as exposed to tariff or trade control topics. And so that, I think, is a real differentiator for us and gives us a lot of ability to be responsive. Some of these projects, the capacity is definitely needed.

例如，對於一些已經失敗的項目，我們一直在與客戶密切合作，討論是否有其他方式來交付關鍵部件或我們可以利用其他供應商來幫助交付不會受到關稅或貿易管制問題影響的部件。因此，我認為這對我們來說是一個真正的差異化因素，並賦予我們很大的反應能力。其中一些項目肯定需要產能。

And so -- and they're planning for capacities that need to be online two years out or three years out from now. And so this -- when they define what is needed, we can start giving them a wider breadth of opportunities for how to execute that. And I think those -- while those options take time to work through, I think that they've seen that the capabilities exist and the supply -- the existing supply base exists to be able to fulfill their needs even if we do it a little differently than we have historically.

因此，他們正在為兩年或三年後需要上線的產能做規劃。因此，當他們確定需要什麼時，我們就可以開始為他們提供更廣泛的機會來實現這一點。我認為，儘管這些選擇需要時間來實現，但我認為他們已經看到了存在的能力和供應——現有的供應基礎能夠滿足他們的需求，即使我們的做法與歷史上略有不同。

And the capabilities of each of our manufacturing locations in India, in China, in Europe and the US have -- we have shifted some of those capabilities so that we can best serve those local-for-local markets in light of the environment that we're all operating within.

我們在印度、中國、歐洲和美國的每個製造基地的能力都已經發生了變化，以便我們能夠根據我們所處的營運環境，最好地服務於本地市場。

Does that answer your question?

這回答了你的問題嗎？

Yes. Absolutely. That was great color. And then just kind of with that order improvement, do you ultimately think the backlog finishes up this year sequentially? And maybe further out, do you think those order trends support some optimism for growth in APS next year?

是的。絕對地。顏色真棒。那麼，隨著訂單的改善，您最終認為積壓訂單今年會按順序完成嗎？也許更進一步，您是否認為這些訂單趨勢對明年 APS 的成長有一定的樂觀作用？

Yes. I do hope that they will, but I've got a dot right now. So I'm looking for a couple more to create a trend line. But what I would say is we continue to remain very active with customers, and we continue to see that our test labs are full. The collaborations with customers are full, the quote pipelines are -- we've seen good -- really good progress on the quote pipeline.

是的。我確實希望他們會，但我現在只有一個點。所以我正在尋找更多來創建趨勢線。但我想說的是，我們繼續積極地與客戶溝通，我們的測試實驗室也一直處於滿載狀態。與客戶的合作非常充分，報價管道也非常順暢－我們看到了良好的進展。

I mean orders are lumpy. So when you've got some of these larger products -- projects, orders can be lumpy and perfectly timing those decision time lines. As you saw in quarter three, we had anticipated some of those would be made in quarter three, and they came in two weeks later. But what I would say is we're continuing to monitor that, and we are keeping our teams fully engaged, and we believe that those are not canceled. They are just timing topics that will move into '26.

我的意思是訂單不穩定。因此，當您擁有一些較大的產品（項目）時，訂單可能會很龐大，並且可以完美地安排這些決策時間軸。正如您在第三季度看到的，我們預計其中一些將在第三季完成，並且它們在兩週後就完成了。但我想說的是，我們將繼續監控這一點，並讓我們的團隊全力投入，我們相信這些不會被取消。它們只是將進入 26 年的時間主題。

We haven't imagined a giant turnaround. We've imagined that these will come back on -- in a similar fashion to what we've seen when we've had recovery in these markets before.

我們還沒有想像到會有如此巨大的轉變。我們想像這些市場將會復甦──就像我們之前在這些市場復甦時所看到的。

That's helpful. And if I could just sneak one more in. Just shifting to MTS. Are tariffs and maybe some of the improved activity levels you spoke to in the hot runner space supporting a more constructive pricing environment there?

這很有幫助。如果我能再偷偷溜進去一個就好了。剛剛轉向 MTS。關稅以及您在熱流道領域提到的一些改進的活動水平是否支持那裡更具建設性的定價環境？

I think it's still a pretty competitive market given that we -- given that the volumes have been low for a while, I think there's still a pretty competitive environment. But I think the fact that we've been able to move some of our capabilities in MTS similar to what we've done in APS, move some of those capabilities so that we can be more in-region, for-region and that we can -- that we've been able to move some of these new products into launch, which are kind of fit for purpose and some of these markets gives us an ability to price a bit better. We're still a bit behind on price cost coverage on the MTS side of the house, but that has been improving pretty dramatically over the last several quarters. And so we're headed for a better situation for the year. It's -- but it's been a fairly competitive environment because of the duration of some of the volume reductions that we've seen.

我認為，鑑於我們——鑑於交易量已經低了一段時間，這仍然是一個相當有競爭力的市場，我認為競爭環境仍然相當激烈。但我認為，事實上，我們已經能夠將我們的一些功能轉移到 MTS，類似於我們在 APS 中所做的那樣，轉移其中一些功能，以便我們能夠更加針對區域、針對區域，並且我們能夠將其中一些新產品投入發布，這些產品有點適合目的，並且其中一些市場使我們能夠以更優惠的價格定價。我們在 MTS 的價格成本覆蓋率仍然有點落後，但在過去幾季中，這種情況已經有了顯著的改善。因此，我們今年的情況將會更加好轉。但由於我們看到一些產量減少持續了一段時間，因此這是一個相當有競爭力的環境。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes our question and answer session. I'll turn the floor back to Ms. Ryan for any final comments.

女士們、先生們，我們的問答環節到此結束。我將把發言權交還給瑞安女士，請她發表最後的評論。

Great. Thank you. Thanks again, everyone, for joining us on our third quarter call. We do appreciate your ownership and interest in Hillenbrand, and we look forward to talking to you again this fall when we will cover our fourth quarter and our full year results as well as our guide for 2026. Thank you very much, and have a great day.

偉大的。謝謝。再次感謝大家參加我們的第三季電話會議。我們非常感謝您對 Hillenbrand 的所有權和興趣，我們期待今年秋天再次與您交談，屆時我們將討論我們的第四季度和全年業績以及 2026 年指南。非常感謝，祝您有愉快的一天。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。