Helios Technologies Inc (HLIO) 2022 Q4 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Helios Technologies Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) It is now my pleasure to introduce you to Tania Almond, Vice President of Investor Relations and Corporate Communications.

女士們、先生們，大家好，歡迎參加 Helios Technologies 2022 年第四季財報電話會議。 （操作員說明） 現在我很高興向您介紹投資者關係和企業傳播副總裁 Tania Almond。

Thank you, operator, and good day, everyone. Welcome to the Helios Technologies Fourth Quarter and Full Year 2022 Financial Results Conference Call. We issued a press release announcing our results yesterday afternoon. If you do not have that release, it is available on our website at hlio.com. You will also find slides there that will accompany our conversation today. On the line with me are Josef Matosevic, our President and Chief Executive Officer; and Tricia Fulton, our Executive Vice President and Chief Financial Officer. They will spend the next several minutes reviewing our fourth quarter results, discussing our progress with our augmented strategy, providing our outlook for 2023, and then we will open the call to your questions. If you turn to Slide 2, you will find our safe harbor statement. As you may be aware, we will make some forward-looking statements during this presentation and the Q&A session. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from where we are today. These risks and uncertainties and other factors will be provided in our upcoming 10-K to be filed with the Securities and Exchange Commission. You can find these documents on our website or at sec.gov. I'll also point out that during today's call, we will discuss some non-GAAP financial measures, which we believe are useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of comparable GAAP with non-GAAP measures in the tables that accompany today's slides. Please reference Slide 3 now. With that, it's my pleasure to turn the call over to Josef.

謝謝您，接線員，大家好。歡迎參加 Helios Technologies 2022 年第四季和全年財務業績電話會議。我們昨天下午發布了一份新聞稿，宣布了我們的結果。如果您沒有該版本，可以在我們的網站 hlio.com 上取得。您還可以在那裡找到伴隨我們今天談話的幻燈片。和我一起在線的是我們的總裁兼首席執行官約瑟夫·馬托舍維奇 (Josef Matosevic)；以及我們的執行副總裁兼財務長 Tricia Fulton。他們將在接下來的幾分鐘內回顧我們第四季度的業績，討論我們的增強戰略的進展，提供我們對 2023 年的展望，然後我們將開始回答您的問題。如果您翻到投影片 2，您會找到我們的安全港聲明。如您所知，我們將在本次演示和問答環節中做出一些前瞻性陳述。這些陳述適用於受風險和不確定性以及其他因素影響的未來事件，這些因素可能導致實際結果與我們今天的情況有重大差異。這些風險和不確定性以及其他因素將在我們即將向美國證券交易委員會提交的 10-K 中提供。您可以在我們的網站或 sec.gov 上找到這些文件。我還要指出，在今天的電話會議中，我們將討論一些非公認會計準則財務指標，我們認為這些指標有助於評估我們的績效。您不應孤立地考慮此附加資訊的呈現，也不應將其視為根據 GAAP 準備的結果的替代品。我們在今天的投影片隨附的表格中提供了可比較 GAAP 與非 GAAP 指標的調整表。現在請參考投影片 3。至此，我很高興將電話轉給約瑟夫。

Tania, thank you, and good day, everyone. Last quarter, I stated our top priority is protecting the business, our margins and cash flow. Even in this challenging environment, the Helios team delivered again. I would like to briefly recap our strategy. As an organization, we are tirelessly dedicated to our customers in critically focused on innovation leadership. We utilize our (inaudible) business system to guide our strategies and tactics. This enables us to capitalize on our unique position as a pure-play hydraulics and electronics provider. We made great strides this year on our transformation from a holding company to an integrated operating company with a long runway ahead of us. I am very grateful for how hard our global teams work this year, navigating non-stop challenges. It is a true testament to the amazing people we have in the Helios family and the core values we share. This has been an important year for Helios as we integrated and closed on flywheel acquisitions, advanced our technologies and announced the plans for new centers of excellence to best service our customers through leveraging a world-class manufacturing and operating approach. Our team executed on our augmented strategy and protected our business. We thought and acted globally while diversifying our markets and revenue base. Most importantly, we continue to build and develop the talent that makes up our global workforce. We delivered top-tier margin with solid earnings for the full year of 2022 while navigating supply chain challenges, FX impact and the ongoing softness in our health and wellness business in the fourth quarter. We continue to build on our financial strength with our Q4 free cash flow up 20% versus prior year. Our balance sheet remains very flexible so we can be opportunistic on additional flywheel acquisition. In 2023, we expect to build upon the progress we have made this year. We will stay focused on what we can control and keep innovating, maintaining our top (inaudible) times and execute our manufacturing and operating strategy. To that end, we announced we are creating 2 operational centers of excellence in North America for Hydraulics. We also just announced the opening of our automated warehouse in Italy at Faster. With this move, we expect to drive greater operational efficiencies, quality control and enabled technology enhancements that create advanced hydraulic solutions for our customers. We recently closed another great Flywheel acquisition, Schultes precision manufacturing that brings additional customers and capabilities. Combined with our organic growth entertainment acquisition, we expect to reach our $1 billion revenue milestone with top-tier margins on a run rate basis ending 2023, not including any additional acquisitions this year. Through our organic and acquired innovations, we are creating a pure-play hydraulics and electronics business that will be incredibly tough for our competition to follow. Now turning to Slide 4. As I mentioned, the shortest acquisitions further diversifies our end markets in the Hydraulics, Aerospace, communication, food service, medical device and dental industries. Schultes is a highly trusted specialist in CNC machining, prototyping and engineering assembly. It matches well with our Flywheel acquisition strategy and brings a newly expanded 110,000 square foot facility. The companies in Buffalo Grove, Illinois in close proximity to Damon products, our future hydraulic manifold solutions center of excellence. Schultes has a long history and strong reputation for producing high-quality precision machining components for demanding customers. They have an exceptional value-added manufacturing process with approximately $30 million in full year revenue in 2022 and a healthy margin profile, the acquisition is immediately accretive -- now turning to Slide 5. This past year, we as a global company were recognized by several third-party organizations. We were named one of the America's best midsized companies by Forbes in 2022. Faster wanted systems and components trophy engineers choice for its innovative Faster APC electronic hydraulic hose coupling. Sun was named a 2022 Florida manufacturing employer of choice. Innovation controls for the third year in a row was named one of the best workplaces in manufacturing and production in 2022, ranking #2 on the list this time. We are extremely proud of these notable recognitions, and there are just a few highlights of the many great things our people and companies are accomplishing every single day. Having a highly engaged and productive workforce is critical to driving success for any organization. We believe our strength here will enable us to compete for top talent, minimize risk and ultimately keep winning in the marketplace. Now let me turn the call over to Tricia to review the financial results and discuss our outlook. She will then hand it back to me for a few final comments. Tricia, please?

塔尼亞，謝謝你，大家好。上個季度，我表示我們的首要任務是保護業務、利潤和現金流。即使在這種充滿挑戰的環境中，Helios 團隊仍然再次交付。我想簡要回顧一下我們的策略。作為一個組織，我們不懈地致力於為客戶服務，並高度關注創新領導力。我們利用我們的（聽不清楚）業務系統來指導我們的策略和戰術。這使我們能夠利用我們作為純液壓和電子供應商的獨特地位。今年，我們從控股公司向綜合營運公司的轉型取得了長足的進步，前面的路還很長。我非常感謝我們的全球團隊今年的努力工作，並應對不間斷的挑戰。這是對 Helios 家族中優秀員工以及我們共同核心價值的真實證明。對於Helios 來說，今年是重要的一年，因為我們整合並完成了對飛輪的收購，推進了我們的技術，並宣布了建立新的卓越中心的計劃，以便通過利用世界一流的製造和運營方法為我們的客戶提供最佳服務。我們的團隊執行了我們的增強策略並保護了我們的業務。我們在全球範圍內思考和行動，同時實現市場和收入基礎的多元化。最重要的是，我們持續培養和發展構成我們全球員工隊伍的人才。我們在 2022 年全年實現了頂級的利潤率和穩健的盈利，同時應對了供應鏈挑戰、匯率影響以及第四季度健康和保健業務持續疲軟的情況。我們持續增強財務實力，第四季自由現金流較上年成長 20%。我們的資產負債表仍然非常靈活，因此我們可以趁機收購額外的飛輪。 2023 年，我們預計將在今年取得的進展的基礎上再接再厲。我們將繼續專注於我們可以控制的事情並不斷創新，保持我們的最佳（聽不清楚）時間並執行我們的製造和營運策略。為此，我們宣布將在北美創建 2 個液壓卓越營運中心。我們也剛宣佈在義大利開設自動化倉庫 Faster。透過這項舉措，我們希望提高營運效率、品質控制和技術改進，為客戶創造先進的液壓解決方案。我們最近完成了另一項偉大的飛輪收購，即舒爾特精密製造公司，這帶來了更多的客戶和能力。結合我們的有機成長娛樂收購，我們預計到 2023 年年底，我們將達到 10 億美元的收入里程碑，並以運行率計算達到頂級利潤率（不包括今年的任何額外收購）。透過我們的有機創新和後天獲得的創新，我們正在創造一個純粹的液壓和電子業務，這對我們的競爭對手來說將是極其艱難的。現在轉向幻燈片 4。正如我所提到的，最短的收購進一步使我們在液壓、航空航太、通訊、食品服務、醫療器材和牙科行業的終端市場更加多元化。 Schultes 是CNC加工、原型設計和工程組裝領域備受信賴的專家。它與我們的 Flywheel 收購策略非常匹配，並帶來了新擴建的 110,000 平方英尺的設施。位於伊利諾州布法羅格羅夫的公司靠近達蒙產品，我們未來的液壓歧管解決方案卓越中心。舒爾特斯在為要求嚴格的客戶生產高品質精密加工零件方面擁有悠久的歷史和良好的聲譽。他們擁有卓越的增值製造工藝，2022 年全年收入約為 3000 萬美元，利潤狀況良好，此次收購立即增值——現在轉向幻燈片 5。去年，我們作為一家全球性公司獲得了幾個第三方組織。我們被《富比士》評為 2022 年美國最佳中型公司之一。Faster 通緝系統和組件獎盃工程師選擇其創新的 Faster APC 電子液壓軟管接頭。 Sun 被評為 2022 年佛羅裡達州製造業首選雇主。創新控制連續第三年被評為 2022 年製造和生產最佳工作場所之一，此次排名第二。我們對這些顯著的認可感到非常自豪，這裡只是我們的員工和公司每天所完成的許多偉大事情的一些亮點。擁有一支高度敬業且高效的員工隊伍對於推動任何組織的成功至關重要。我們相信，我們的優勢將使我們能夠爭奪頂尖人才，最大限度地降低風險，並最終在市場上保持勝利。現在讓我把電話轉給特里西婭，回顧財務業績並討論我們的前景。然後她會將其交還給我以徵求一些最終意見。特里西婭，請嗎？

Thank you, Joseph, and hello, everyone. On Slide 6 through 10, I will review our fourth quarter 2022 consolidated results. As Joseph noted, our team executed well on our augmented strategy and protected our business. We believe we had success navigating the fourth quarter and this past year despite the difficult macro environment. Throughout 2022, we experienced significant uncertainty, rapid inflation, rapidly rising interest rates, a challenge in constrained supply chain, restrictions in China and lower consumer demand, mostly in our health and wellness market. End market sales this past quarter saw very strong double-digit percentage growth in recreational markets, including off-road vehicles and marine. Industrial markets grew in machinery, power generation, oil and gas and mining. Mobile markets, including construction, material handling, specialty vehicles and forestry equipment also strengthened. Our health and wellness markets remained contracted. Geographically, our 2022 sales in the Americas and EMEA regions increased comparably to 2021. both benefiting from pricing and acquisition-related sales, while sales to the APAC region declined from demand and FX impacts. Revenues declined in all regions in the fourth quarter compared to last year, reflecting lower demand primarily in the health and wellness market. Overall, we had an unfavorable FX impact on revenue of $7.1 million in the quarter and $28 million for the full year. We estimate that supply chain constraints delayed $12.3 million in sales this quarter. As you would expect, the softness in sales and related economic conditions in the quarter impacted our gross profit and margin. Profitability declined on lower volumes, FX rates and continued challenges with supply chain and logistics, but benefited from prior pricing initiatives and realized benefits from our manufacturing and operating strategy. SEA expenses were constant versus the prior year, reflecting cost management initiatives while we integrate acquisitions, implement our manufacturing and operating strategy and adapt to the macro environment. Adjusted EBITDA in the quarter was $39.2 million, and adjusted EBITDA margin was 20%. For the full year, adjusted EBITDA margin was 23.2%. We continue to demonstrate we can provide top-tier margins even through a very challenging environment. Our effective tax rate in the fourth quarter was a -2.3% and +19.2% for the year. The full year rate is down 1.1% versus the prior year's effective tax rate of 20.3%, primarily driven by a decrease in the foreign tax income taxed at different rates and state and local tax benefits. Additionally, as a result of recent acquisitions, our full year U.S. state effective tax rate decreased. Diluted non-GAAP cash EPS of $0.78 in the quarter includes a $0.02 impact for FX. Slides 9 and 10 provide visual trends demonstrating overall growth in our hydraulics revenue for the past several quarters. Most of the FX impact affects the Hydraulics segment. Supply chain constraints delayed an estimated $7.1 million in sales for Hydraulics this quarter, almost half of which was due to a coil shortage. The decline in electronics over the past few quarters were heavily impacted by the softness we experienced in the health and wellness market. This is one of the areas that we have taken a conservative approach to within our 2023 guidance. We believe the health and wellness market will bottom out and start to recover in 2023. The exact timing of when that recovery will begin is not yet certain. Though many market participants believe it could start in the spring. We will wait to build in that recovery in a stronger way once we start to see signs of it materializing. Supply chain constraints also delayed an estimated $5.2 million in sales for electronics this quarter. According to the Federal Reserve's Industrial Production Index, production of semiconductors and other electronic components in the U.S. declined during the fourth quarter of 2022. This is the lowest level since the second quarter of 2021, while output peaked in the fourth quarter of 2021. We believe that as the general economic uncertainty lifts over time and we see end market demand return to more normalized levels, our gross margin, operating margin and net income will commensurately improve. We are proud of the team for protecting the business well and managing costs this past year. On Slide 11, you will find highlights for our fourth quarter Hydraulics segment results. Sales grew 12% on a constant currency basis and the unfavorable impact to sales related to FX was $6.8 million. Acquisitions added $8.2 million and organic revenue grew a healthy 6% on a constant currency basis. Hydraulics segment gross profit was impacted by unfavorable FX of $1.7 million, along with inflation. Cost discipline resulted in a decline in FDA expenses in dollars and as a percentage of revenue over the prior year despite the growth in the top line. Please turn to Slide 12 for a review of our Electronics segment results. Our Electronics segment is more concentrated in the U.S, so foreign currency has less of an impact on revenue. FX had a minor impact on revenue of $300,000. We Electronics segment gross profit of $14.6 million and gross margin of 26.2% is a direct reflection of the slowdown in the health and wellness market. FDA expenses were managed as we adjusted the business to the current market environment, though they did increase by $1.8 million, driven by a competitive labor market, wages, IT and marketing expenses. Please turn to Slide 13 for a review of our cash flow. We had strong cash flow generation. In Q4, we generated $35.7 million in cash from operations, up 15% over the prior year period. Our cash and equivalents were up 53% over the year ago level. CapEx came in at 5% of sales for the quarter and 4% for the full year, in line with our expectations. And we recently paid our 104th sequential quarterly cash dividend, returning cash to shareholders. Free cash flow was $25.7 million in the quarter with a conversion rate of 147%, up sequentially from 105%. We generated $78 million in free cash during 2022. Our manufacturing and operating strategy is driving productivity, margin enhancement and efficiencies. It also leverages in the region for the region operations to help protect earnings and cash flow. You can see on Slide 14 that we have a strong balance sheet and significant financial flexibility to execute our strategy for growth. Total liquidity at the end of the quarter was $183 million. Our net debt to adjusted EBITDA leverage ratio was 1.9x. While we have been executing on our Flywheel acquisition strategy, we have been able to stay at or below our target leverage ratio for the last several quarters. Turning to our 2023 outlook. Please go to Slide 15. We originally expect the long-term target at our last Investor Day in June 2021 to reach $1 billion in revenue by year-end 2023, a couple of years earlier than originally anticipated. Of course, at that time, many major world events had not yet unfolded. Since then, the pandemic has stretched on for years, China has remained largely locked down, and the Russia-Ukraine war has persisted for over a year now. Global supply chains have been more complex than any time in recent world history. And over the last year, we have had rapid inflation and are dealing with a global recessionary environment. When we look at our performance since 2020 through such a chaotic time in the world, we are very proud of the growth we have been able to achieve. Even with the contraction in our health and wellness market that we have seen since the boom cycle through 2021, combined with our other businesses and recent flywheel acquisitions, we believe we can grow revenues to $910 million to $940 million this year. That would imply 3% to 6% annual growth over 2022 and over 20% growth compounded over the last 3 years since 2020. We would expect to exit 2023 on a run rate basis of approximately $1 billion in annualized revenue. These targets do not include any additional flywheel acquisitions we might complete during the balance of the year, which would be incremental upside. We anticipate Q1 '23 revenues to grow sequentially over Q4 '22 by mid-single digits and ramp through the year, exiting the fourth quarter north of $250 million on the top line. We expect the revenue split of first half to second half to roughly approximate 45% to 55%, respectively. We have been able to protect the business through this challenging time by holding our adjusted EBITDA margins at top-tier levels. For 2023, we think we will end the year in the range of 23.5% to 24%, which would be up 55 basis points over the trailing 3-year period as well as over 2022 actuals. We believe exiting 2023, we will approach approximately 25% adjusted EBITDA margins on a run rate basis. Importantly, we still see a path to deliver our original target at our last Investor Day to achieve a 3-year CAGR of approximately 22% growth in non-GAAP cash EPS at the midpoint of our expected range for 2023 of $3.95 to $4.10 per share. Please now reference Slides 16 and 17. I would like to hand it back over to Josef for some closing comments before we take your questions.

謝謝你，約瑟夫，大家好。在投影片 6 至 10 中，我將回顧我們 2022 年第四季的合併業績。正如約瑟夫所指出的那樣，我們的團隊很好地執行了我們的增強策略並保護了我們的業務。我們相信，儘管宏觀環境困難，我們在第四季和去年仍取得了成功。在整個 2022 年，我們經歷了巨大的不確定性、快速通膨、快速上升的利率、供應鏈受限的挑戰、中國的限制以及消費者需求下降（主要是在我們的健康和保健市場）。上個季度的終端市場銷售在休閒市場（包括越野車和船舶）中出現了非常強勁的兩位數百分比成長。機械、發電、石油和天然氣以及採礦業的工業市場有所成長。包括建築、物料搬運、特殊車輛和林業設備在內的移動市場也有所增強。我們的健康和保健市場仍然萎縮。從地理上看，我們在美洲和歐洲、中東和非洲地區的2022 年銷售額與2021 年相比有所增長。兩者都受益於定價和收購相關的銷售，而亞太地區的銷售額則因需求和匯率影響而下降。與去年相比，第四季度所有地區的收入均有所下降，反映出主要是健康和保健市場的需求下降。整體而言，匯率對本季營收和全年營收的不利影響分別為 710 萬美元和 2,800 萬美元。我們估計，供應鏈限制導致本季 1,230 萬美元的銷售延遲。正如您所預料的那樣，本季銷售和相關經濟狀況的疲軟影響了我們的毛利和利潤率。由於銷售下降、匯率下降以及供應鏈和物流的持續挑戰，獲利能力有所下降，但受益於先前的定價舉措，並從我們的製造和營運策略中實現了效益。 SEA 費用與前一年相比保持不變，反映了我們在整合收購、實施製造和營運策略以及適應宏觀環境時的成本管理措施。本季調整後 EBITDA 為 3,920 萬美元，調整後 EBITDA 利潤率為 20%。全年調整後 EBITDA 利潤率為 23.2%。我們繼續證明，即使在充滿挑戰的環境中，我們也可以提供頂級利潤。我們第四季的有效稅率為-2.3%，全年的有效稅率為+19.2%。全年稅率比上年 20.3% 的有效稅率下降 1.1%，主要是由於以不同稅率徵稅的外國稅收收入以及州和地方稅收優惠減少。此外，由於最近的收購，我們全年美國州有效稅率有所下降。本季稀釋後非 GAAP 現金每股收益為 0.78 美元，其中包括 0.02 美元的外匯影響。投影片 9 和 10 提供了直觀的趨勢，展示了過去幾季我們液壓收入的整體成長。大部分外匯影響影響液壓領域。供應鏈限制推遲了Hydraulics本季估計710萬美元的銷售額，其中近一半是由於線圈短缺造成的。過去幾季電子產品的下滑受到健康和保健市場疲軟的嚴重影響。這是我們在 2023 年指導中採取保守方法的領域之一。我們相信健康和保健市場將在 2023 年觸底並開始復甦。復甦開始的確切時間尚不確定。儘管許多市場參與者認為它可能會在春季開始。一旦我們開始看到復甦的跡象，我們將等待以更強有力的方式推動復甦。供應鏈限制也導致本季電子產品銷售額推遲了約 520 萬美元。根據聯準會工業生產指數，2022年第四季美國半導體和其他電子元件產量下降。這是2021年第二季以來的最低水平，而產量在2021年第四季達到峰值。我們相信，隨著總體經濟不確定性隨著時間的推移而消除，我們看到終端市場需求恢復到更正常的水平，我們的毛利率、營業利潤率和淨利潤將相應提高。我們為團隊在過去一年中出色地保護業務並管理成本感到自豪。在投影片 11 上，您將看到我們第四季液壓部門業績的亮點。以固定匯率計算，銷售額成長了 12%，與外匯相關的銷售額受到的不利影響為 680 萬美元。收購增加了 820 萬美元，以固定匯率計算，有機收入健康成長了 6%。液壓部門的毛利受到 170 萬美元不利匯率以及通貨膨脹的影響。儘管營收有所成長，但成本紀律導致 FDA 的美元支出以及佔收入的百分比較前一年有所下降。請參閱投影片 12 查看我們的電子部門業績。我們的電子產品部門較集中在美國，因此外幣對收入的影響較小。外匯對收入的影響較小，為 300,000 美元。 We Electronics 部門的毛利為 1,460 萬美元，毛利率為 26.2%，直接反映了健康和保健市場的放緩。 FDA 費用是在我們根據當前市場環境調整業務時進行管理的，儘管在競爭激烈的勞動力市場、工資、IT 和行銷費用的推動下，FDA 費用確實增加了 180 萬美元。請參閱投影片 13 來回顧我們的現金流。我們產生了強勁的現金流。第四季度，我們從營運中產生了 3,570 萬美元的現金，比去年同期成長 15%。我們的現金和等價物比去年同期成長了 53%。本季資本支出佔銷售額的 5%，全年資本支出佔銷售額的 4%，符合我們的預期。我們最近支付了第 104 筆連續季度現金股息，向股東返還現金。本季自由現金流為 2,570 萬美元，轉換率為 147%，高於上一季的 105%。 2022 年，我們產生了 7,800 萬美元的自由現金。我們的製造和營運策略正在提高生產力、利潤率和效率。它還利用該地區的業務來幫助保護收益和現金流。您可以在投影片 14 中看到，我們擁有強大的資產負債表和顯著的財務彈性來執行我們的成長策略。本季末的流動資金總額為 1.83 億美元。我們的淨債務與調整後 EBITDA 槓桿率為 1.9 倍。雖然我們一直在執行飛輪收購策略，但過去幾季我們一直能夠維持或低於我們的目標槓桿率。轉向我們的 2023 年展望。請參閱投影片 15。我們最初預計 2021 年 6 月最後一次投資者日的長期目標是到 2023 年底實現收入 10 億美元，比最初預期提前了幾年。當然，當時世界上許多重大事件還沒有展開。此後，疫情持續了多年，中國基本上仍處於封鎖狀態，俄羅斯和烏克蘭的戰爭也持續了一年多。全球供應鏈比近代世界歷史上的任何時期都更加複雜。去年，我們經歷了快速的通貨膨脹，並正在應對全球經濟衰退的環境。在世界如此混亂的時期，當我們回顧 2020 年以來的表現時，我們對我們所能實現的成長感到非常自豪。儘管自 2021 年繁榮週期以來我們的健康和保健市場出現萎縮，但結合我們的其他業務和最近的飛輪收購，我們相信今年的收入可以增長到 9.1 億至 9.4 億美元。這意味著 2022 年的年增長率為 3% 至 6%，自 2020 年以來的過去 3 年複合成長率超過 20%。我們預計 2023 年的年化收入約為 10 億美元。這些目標不包括我們可能在今年餘下時間完成的任何額外的飛輪收購，這將是增量上漲空間。我們預計 23 年第 1 季的營收將比 22 年第 4 季連續成長中個位數，並在全年持續成長，第四季的營收將超過 2.5 億美元。我們預計上半年和下半年的營收將佔比分別約為 45% 至 55%。透過將調整後的 EBITDA 利潤率保持在頂級水平，我們能夠在這個充滿挑戰的時期保護業務。對於 2023 年，我們認為年底成長率將在 23.5% 至 24% 之間，這將比過去 3 年期間以及 2022 年的實際情況增加 55 個基點。我們相信，到 2023 年，按運行率計算，我們的調整後 EBITDA 利潤率將接近 25% 左右。重要的是，我們仍然看到了實現上次投資者日最初目標的途徑，即在2023 年每股3.95 美元至4.10 美元的預期範圍中點實現非GAAP 現金每股收益的3 年複合年增長率約22% 。現在請參考投影片 16 和 17。在我們回答您的問題之前，我想將其交還給 Josef，以徵求一些結束語。

Thank you much, Tricia. All the pieces of the puzzle are fitting together nicely as we build Helios into over 1 billion integrated pure-play hydraulics and electronics company. As Tricia described, much has changed in the world over the last couple of years. When I look at Slide 16 and think about our augmented strategy and how it has helped us perform against our Vision 2025 expectations. I'm so proud of our global teams for executing so well. We have accomplished much through a period that has taken many businesses way off track. We have been able to acquire high-quality portfolio of flywheel acquisitions, advance our technologies through tireless innovation of industry-leading products and solutions, make significant progress implementing our manufacturing and operating strategy as we diversify revenues and markets while protecting our business and margins, all which has accelerated our growth. So as we enter 2023, our visioning goals remain unchanged, we believe we can protect the business, cash flow and earnings and that the Helios business system will continue to provide the structure and discipline to execute our long-term plans. With that, let's open up the lines for Q&A, please.

非常感謝你，特里西亞。當我們將 Helios 打造成規模超過 10 億人的綜合性純液壓和電子公司時，所有難題都完美地結合在一起。正如特里西亞所描述的，過去幾年世界已經發生了很大變化。當我查看投影片 16 並思考我們的增強策略以及它如何幫助我們實現 2025 年願景期望時。我為我們的全球團隊執行得如此出色而感到自豪。在一段讓許多企業偏離軌道的時期，我們取得了巨大的成就。我們已經能夠獲得高品質的飛輪收購組合，透過業界領先的產品和解決方案的不懈創新來推進我們的技術，在實現我們的製造和營運策略方面取得重大進展，同時保護我們的業務和利潤，實現收入和市場多元化，所有這些都加速了我們的成長。因此，當我們進入 2023 年時，我們的願景目標保持不變，我們相信我們可以保護業務、現金流量和收益，而 Helios 業務系統將繼續提供執行我們長期計劃的結構和紀律。現在，讓我們開始問答環節。

Thank you. Ladies and gentlemen, at this time, we will be conducting a question-and-answer session. (Operator Instructions) our first question comes from the line of Mig Dobre from RW Baird.

謝謝。女士們、先生們，此時我們將進行問答環節。 （操作員說明）我們的第一個問題來自 RW Baird 的 Mig Dobre。

It's Joe Grabowski on for Mig this morning. Thanks for all the color on the guidance. Very helpful. I was just wondering if maybe I could get a little bit more color and see if you had anything to say on sales expectations by segment for the year...

今天早上由喬·格拉博夫斯基替補米格。感謝指導上的所有顏色。很有幫助。我只是想知道我是否可以得到更多的顏色，看看你對今年各細分市場的銷售預期有什麼要說的...

Yes. Joe, this is Tricia. Thanks for joining today. I think that we are looking at 2023 from an organic growth perspective, probably if we exclude Balboa right this minute from that discussion as a growth year from an organic perspective for the Hydraulics segment and the parts of the Electronics segment outside of Balboa. That is one of the areas that we said we've built a lot of conservatism into the forecast for, but we're looking at mid-single-digit growth on the organic side, which we believe is at least 2x what the market is growing in the areas where we are. So I think that we're pleased with where we are and where our businesses are able to grow relative to the market and continue that growth to outpace the market.

是的。喬，這是特里西亞。感謝您今天加入。我認為，我們正在從有機成長的角度來看待2023 年，如果我們現在將巴爾博亞排除在討論之外，那麼從有機成長的角度來看，巴爾博亞以外的液壓部門和電子部門的部分可能會如此。這是我們在預測中加入了許多保守主義因素的領域之一，但我們正在考慮有機方面的中個位數成長，我們認為這至少是市場成長的兩倍在我們所在的地區成長。因此，我認為我們對我們的現狀以及我們的業務能夠相對於市場成長並繼續成長以超越市場感到滿意。

And maybe just drilling into the health and wellness then. I know last quarter, it was kind of stabilizing at $150 million to $160 million at that time, probably 4-plus months ago or close to 4 months ago. So what are kind of the assumptions? Is there a range you can give similar to that for the assumptions for Balboa in 2023?

也許只是深入研究健康和保健。我知道上個季度，當時大概是 4 個多月前或接近 4 個月前，穩定在 1.5 億至 1.6 億美元。那麼什麼樣的假設呢？您是否可以給出類似於 2023 年巴爾博亞假設的範圍？

I think, Joe, where we are in the cycle now, we are -- we feel that the business is stabilized we see a path and some visibility into a recovery with improved order pattern. Is it (inaudible)? No. But the order pattern is clearly going in the right direction. In terms of geographic locations and the recovery, we see that starting in North America and have gone really, including me personally spend a lot of time with the customers and really understanding the inventory levels, when will it back up in what areas. So we feel that we will start to see a recovery in North America, and that's kind of supported by the improved order pattern following by recovery in Europe and then the Rest of the world -- in terms of your question specifically, I think we need a few more data points to be able to answer this with higher level of structure and discipline here. But we clearly have stabilized. The orders are improving. Recovery will start in North America, following by Europe and Rest of the World. We have also joined the 2 or 3 largest health and wellness shows very recently, one in France, one in North America. And -- and there seems to be a very good sentiment that we are clearly going to get out of this and the recovery will start in 2023. And this kind of will be our Joe.

我認為，喬，我們現在所處的周期，我們感覺到業務已經穩定，我們看到了一條路徑，並且在訂單模式改善的情況下看到了復甦的一些可見性。是嗎（聽不清楚）？不，但訂單模式顯然正在朝著正確的方向發展。在地理位置和復甦方面，我們看到從北美開始，真的已經過去了，包括我個人花了很多時間與客戶在一起，真正了解庫存水平，以及什麼時候會在哪些地區恢復。因此，我們認為我們將開始看到北美的復甦，這在某種程度上得到了訂單模式改善的支持，隨後是歐洲和世界其他地區的復甦——具體而言，就你的問題而言，我認為我們需要更多的數據點能夠以更高程度的結構和紀律來回答這個問題。但我們顯然已經穩定下來。訂單狀況正在改善。復甦將從北美開始，隨後是歐洲和世界其他地區。最近我們也參加了兩三個最大的健康和保健展會，一個在法國，一個在北美。而且——似乎有一種非常好的情緒，我們顯然將擺脫困境，復甦將於 2023 年開始。這就是我們的喬。

And then I guess my last question, and I'll kind of stick along the same line here of questions. If I take the 45-55 sales split literally, I guess, mathematically, that would say that sales in the second half of the year are more than 20% above sales in the first half of the year. So maybe just kind of -- and I know there's a lot of moving pieces here, but maybe just kind of walk us through the step up in sales from first half to second half.

然後我猜我的最後一個問題，我會在這裡堅持同樣的問題。如果我按照字面意思理解 45-55 的銷售額分配，我想，從數學角度來看，這意味著下半年的銷售額比上半年的銷售額高出 20% 以上。所以也許只是 - 我知道這裡有很多令人感動的事情，但也許只是引導我們完成從上半年到下半年的銷售增長。

Yes. So we -- I can start from a strategy standpoint and then Tricia can add a little bit more color on the numbers. going into this, Joe, just by the virtue of what we experienced in the latter half of 2022, in particular, Q4 was probably been the toughest quarter in our part on supply chain. We have really taken a very conservative approach and derisk the portfolio to a point that we are comfortable where we are on delivering the first half at 45% what Tricia mentioned. And then we have additional visibility in our Sun business, our QRC business, our innovation business, coupled by the heavy investments we have done over the last 3 years in new products and the product rollouts and the timing of the product rollout is now clearly confirmed with our customers. We have enough inventory data in place now that we can comfortably say there's no destocking that we can see in our business. So we just wanted to be very conservative and continue to deliver based on the current information we have based on the backlogs and the order pattern, and we see improved improved path in the second half with all the elements I just mentioned. And then, obviously, we have a little bit of potential upside if a Board just turns a little bit more or if the health and wellness market turns just a little bit more, that clearly will be an upside. But we feel we protected the downside scenario we have we have put ourselves in a position that with our capital allocation and our flexible balance sheet and our investments in new products, that if the health and wellness continues to improve as we currently see and if we had a couple more acquisitions, there should be a pretty good second half.

是的。所以我們——我可以從策略的角度出發，然後特里西亞可以在數字上添加更多的色彩。喬，就這一點而言，根據我們在 2022 年下半年的經歷，特別是第四季度可能是我們供應鏈最艱難的季度。我們確實採取了非常保守的方法，降低了投資組合的風險，達到了我們對上半年交付率達到 Tricia 提到的 45% 感到滿意的程度。然後，我們在 Sun 業務、QRC 業務、創新業務方面獲得了更多的知名度，再加上過去 3 年我們在新產品和產品推出方面所做的大量投資，並且產品推出的時間現已明確確定與我們的客戶。我們現在擁有足夠的庫存數據，可以放心地說，我們的業務中沒有出現庫存減少的情況。因此，我們只是想非常保守，並根據我們基於積壓和訂單模式掌握的當前信息繼續交付，並且我們在下半年看到了我剛才提到的所有元素的改進路徑。然後，顯然，如果董事會稍微改變一點，或者健康和保健市場稍微改變一點，我們就有一點潛在的上行空間，這顯然將是一個上行空間。但我們認為，我們保護了我們所面臨的下行局面，透過我們的資本配置、靈活的資產負債表以及對新產品的投資，如果健康和福祉繼續像我們目前所看到的那樣改善，並且如果我們如果再進行幾筆收購，下半年應該會很不錯。

Yes. Just to add on to that a little bit, just to hit most of the number items. We're looking also at improved supply chain as we roll through the year. I mean we still had a lot of supply chain issues, as we noted in the prepared remarks. -- that we think are going to kind of flush out throughout the year. We have good visibility on the order book for the OEM businesses, specifically at faster and innovation and can see how the orders are rolling out through the year. We have info from customer discussions that would indicate that they have opportunities that are kind of later in the year and can help us continue to take market share. On the manufacturing and operating strategy, most of those moves for the center of excellence will be completed by September-ish time frame. So we believe that we're going to be able to ramp things up relative to that as well.

是的。只是添加一點，只是為了擊中大多數數字項目。今年我們還在考慮改善供應鏈。我的意思是，正如我們在準備好的評論中指出的那樣，我們仍然存在許多供應鏈問題。 ——我們認為這數字將在全年中逐漸消失。我們對 OEM 業務的訂單簿有很好的了解，特別是在速度和創新方面，並且可以看到全年訂單的投放情況。我們從客戶討論中獲得的資訊表明，他們在今年稍後有機會，可以幫助我們繼續佔據市場份額。在製造和營運策略方面，卓越中心的大部分措施將在 9 月左右的時間內完成。因此，我們相信我們也能夠提高相關水準。

Our next question comes from the line of Nathan Jones from Stifel.

我們的下一個問題來自 Stifel 的 Nathan Jones。

I'm going to go back to try and get some help bridging from the fourth quarter '22 number to the $250 million exiting 4Q '23. So if you said $12.7 million of delayed revenue in the fourth quarter and you have a $7.5 million-ish from the Schultes acquisition. So if I kind of prorate 4Q '22, that would give you about $216 million. You talked about mid-single-digit growth outside of Balboa, which probably leaves you needing about a $25 million improvement out of Balboa from the fourth quarter of '22 to the fourth quarter of '23. Is that what you guys are building in to get to the exit rate of 250?

我將回去嘗試尋求一些幫助，以將 22 年第四季的數字與 23 年第四季的 2.5 億美元聯繫起來。因此，如果您說第四季度的延遲收入為 1270 萬美元，那麼舒爾茨收購帶來的收入約為 750 萬美元。因此，如果我按比例分配 22 年第 4 季的收入，這將為您帶來約 2.16 億美元。您談到了巴爾博亞以外的中個位數成長，這可能使您需要從 22 年第四季到 23 年第四季在巴爾博亞增加約 2500 萬美元。這就是你們為了達到 250 的退出率而建立的嗎？

That seems very reasonable, but that's why we built in such a big range at the top end to be able to accommodate some of that. But yes, I think that your numbers are in the ballpark, if you look at the $30 million range that we have.

這看起來非常合理，但這就是為什麼我們在高端建立瞭如此大的範圍，以便能夠容納其中的一些。但是，是的，如果你看看我們擁有的 3000 萬美元的範圍，我認為你的數字是在大概範圍內的。

Tricia, you just said -- made a comment that you have visibility to the back half of the year on -- with OEM orders and things like that. How firm are those orders out that far? And how easily cancelable are they by then.

Tricia，您剛才說過，您對下半年的情況有一定的了解，包括 OEM 訂單和類似的事情。到目前為止，這些訂單的確定程度如何？到那時它們是多麼容易被取消。

We have seen historically that they're pretty frank. They can make changes to them within certain time frames. But because we're always in constant communication, especially with the large OEMs, we have a pretty good confidence level in at least a pretty tight range of where those orders will stay within the year.

我們從歷史上看到他們是相當坦率的。他們可以在特定的時間範圍內對其進行更改。但由於我們始終保持不斷的溝通，尤其是與大型原始設備製造商的溝通，我們對這些訂單在一年內的保持情況至少有相當大的信心。

In the fixed-term contracts.

在定期合約中。

And then I just wanted to ask one question on Balboa in the fourth quarter of '22. I mean you guys -- the revenue number came in right on the bottom end of where the guidance range was pretty much all Balboa was the difference there. Is there inventory destocking in the channel, lower sell-through. Can you just give us a bit more color on what the driver of the fourth quarter '22 result was relative to maybe the midpoint of your expectations was.

然後我只想在 22 年第四季問一個關於巴爾博亞的問題。我的意思是你們 - 收入數字正好位於指導範圍的底部，幾乎所有巴爾博亞都是那裡的差異。通路內是否有庫存去庫存、銷售量下降的情況。您能給我們更多關於 22 年第四季的驅動程式結果相對於您期望的中點的情況嗎？

Yes. I think there was at least in Balboa, a little bit of destocking because we know there's inventory in the channel. One of the things that we've gotten out of discussions with customers is that the dealers are starting -- and distributors are starting to wear through that inventory more quickly now than the manufacturers seem to be. So we expect that orders are going to start to come back in Balboa from that channel first as we flow through the year. But I think that we're pretty happy with some of the verbiage that we're getting, that this is going to start to roll out during in the spring.

是的。我認為至少在巴爾博亞，有一點去庫存，因為我們知道渠道中有庫存。我們從與客戶的討論中得到的一件事是，經銷商正在開始——而且經銷商現在開始比製造商更快地消耗庫存。因此，我們預計今年的訂單將首先開始從該管道返回巴爾博亞。但我認為我們對收到的一些措辭感到非常滿意，這將在春季開始推出。

And the other data point is how you remember with our good, better best strategy, our of engineering excellence has worked with innovation folks and more folks on developing new products, which we have announced. And at the show, we have received not just good feedback, but also a certain level of commitments, switching over to that product line. So all combined, I mentioned earlier, there is a confidence level that not just current products but traditional Balboa products, but also new products in diversified markets, leveraging a product offering. And that's the other reason why the back half is so it in first and second half. And so we feel pretty good about it.

另一個數據點是你如何記住我們良好的、更好的最佳策略，我們的卓越工程與創新人員和更多的人合作開發新產品，我們已經宣布了這一點。在展會上，我們不僅收到了良好的回饋，還收到了一定程度的承諾，轉向該產品線。因此，我之前提到過，綜合起來，我們對現有產品、傳統巴爾博亞產品以及多元化市場中利用產品供應的新產品都有信心。這就是後半場在上半場和下半場如此的另一個原因。所以我們對此感覺很好。

Our next question comes from the line of Jon Braatz from Kansas City Capital.

我們的下一個問題來自堪薩斯城首都的喬恩‧布拉茨 (Jon Braatz)。

Tricia, a couple of questions, again, surrounding your your revenue guidance. What are your thoughts on the contribution from acquisitions? And how are you thinking about foreign currency impact this year? Last year, it was a $28 million drag, something like that. What are you sort of assuming here and here for this year?

特里西婭，再提幾個關於您的收入指導的問題。您對收購的貢獻有何看法？您如何看待今年的外匯影響？去年，拖累了 2800 萬美元，差不多就是這樣。您對今年的情況有何假設？

So from acquisition revenue, we're rolling out at pretty small, low single to mid-single digit over what we've already announced. Both of those are somewhere around $30 million for Schultes for Damon. Schultes is only 11 months of the year because we closed at the end of January, but we will have a full year of Damon in there. From an FX perspective, we made some assumptions based on where the current FX rates are. We don't try to forecast FX. So we're using kind of current rates going forward in our guidance. And I don't anticipate that if we see a steadying , especially euro, which has the biggest impact, if we see a steadying euro to USD number, I don't think we're going to see as much impact from FX as we saw last year.

因此，從收購收入來看，我們推出的收入比我們已經宣布的收入小得多，低個位數到中個位數。舒爾茨和達蒙的這兩筆費用約為 3000 萬美元。 Schultes 一年只有 11 個月，因為我們在一月底關閉，但我們將在那裡擁有一整年的 Damon。從外匯角度來看，我們根據目前匯率做了一些假設。我們不會嘗試預測外匯。因此，我們在指導中使用的是當前的利率。我預計，如果我們看到穩定，特別是歐元，它的影響最大，如果我們看到歐元兌美元匯率穩定，我認為我們不會看到像我們這樣大的外匯影響去年看過。

And then as you talk about mid-single-digit growth for the business ex Balboa, how would that break down between price and volume? How do you see that?

然後，當您談論除巴爾博亞外的業務實現中個位數成長時，價格和銷售量之間的關係如何？你怎麼看？

We put through most of the pricing last year because we are seeing such large increases in component prices. So it's pretty much all driven by volume increases.

我們去年完成了大部分定價，因為我們看到零件價格大幅上漲。所以這幾乎都是由銷售增加所驅動的。

(Operator Instructions) Our next question comes from the line of Jeff Hammond from KeyBanc.

（操作員說明）我們的下一個問題來自 KeyBanc 的 Jeff Hammond。

So the year kind of looks back end loaded. I think one thing I wanted to hit on was Hydraulics, just historically is typically stronger in the first half and seasonally weaker in the second half. And I want to see kind of how the hydraulic side plays out, particularly as we look at peer companies, it seems like most are kind of saying front half, better growth in the second half and people are building in kind of some deceleration. So maybe just speak to seasonality of the Hydraulics business.

所以今年看起來有點落後了。我想我想提到的一件事是液壓，從歷史上看，通常在上半年較強，而在下半年季節性較弱。我想看看液壓方面的表現如何，特別是當我們觀察同行公司時，似乎大多數人都在說前半部分，下半年增長更好，人們正在以某種減速的方式進行建設。所以也許只是談談液壓業務的季節性。

Yes. Jeff, what you see here is, again, the biggest drivers why we structured it wait is we announced that we have now -- we are starting up 2 new centers of excellence, and this is methodically structured in terms of process and inventory levels and order patterns. So that's one main reason because it is quite heavy lifting, but we're going to do it in the right way and that processes began. Obviously, the other one is just by the virtue of our lead times -- that's the second piece. But when I look at our current backlog in (inaudible) Hydraulics segment, so to say, there's no drop off or no -- really nothing standing out that would suggest any otherwise, just by a virtue of how many pieces we have going on to continue to improve to get closer to the customer, get the products launched, get Damon and Schultes leverage, stand up fast in North America with existing assets at some factories. So just a very methodical approach of executing in the right way. That's it.

是的。傑夫，你在這裡看到的是，我們再次等待的最大驅動因素是我們宣布我們現在已經啟動了 2 個新的卓越中心，這是在流程和庫存水平方面有條不紊地構建的，訂單模式。這是一個主要原因，因為這是一項相當繁重的工作，但我們將以正確的方式進行，並且流程已經開始。顯然，另一件只是因為我們的交貨時間——這是第二件。但是，當我查看我們目前在（聽不清楚）液壓部門的積壓訂單時，可以說，沒有下降或沒有——實際上沒有什麼突出的地方可以表明任何其他情況，只是因為我們有多少件要做繼續改進以更貼近客戶，推出產品，獲得達蒙和舒爾特的影響力，利用一些工廠的現有資產在北美快速站穩腳跟。因此，這只是一種非常有條理的方法，以正確的方式執行。就是這樣。

Okay. And then can you just clarify the lead time dynamic? Because I know you've been talking about having better lead times, and that's helping drive your share. But I don't know if like some of the backlog is more back-end dated or just clarify that comment.

好的。然後可以澄清一下交貨時間的動態嗎？因為我知道您一直在談論擁有更好的交貨時間，這有助於提高您的份額。但我不知道是否有些積壓的工作是後端過時的，或者只是澄清該評論。

Sure

當然

Yes. I think that the lead time -- we -- most of our competitors, because they're still out with significant lead times relative to ours, like 4 and 5x what our lead times are. They still have backlog that you're probably seeing flushing through in the first half more so than ours. And we have initiatives that we believe and through information through our distributor channels, we believe that we're going to start to see a ramp up in the back half from an orders perspective.

是的。我認為我們大多數競爭對手的交貨時間，因為相對於我們的交貨時間，他們的交貨時間仍然很長，例如我們的交貨時間的 4 到 5 倍。他們仍然有積壓的訂單，你可能會在上半年看到比我們更多的積壓訂單。我們有我們相信的舉措，透過我們的經銷商管道提供的信息，我們相信從訂單的角度來看，我們將開始看到下半年的成長。

And that's tied to some of these new programs and new products?

這與其中一些新計劃和新產品有關嗎？

Yes. new programs, new products. I also think right now, as you saw in the release, China was pretty low for us in Q4. Asia in particular. And that's been -- China has been shut down for so long. We do believe that we're probably going to start to see a little bit of pickup in the back half of the year from APAC.

是的。新計劃、新產品。我還認為，正如您在新聞稿中看到的那樣，第四季度中國市場對我們來說相當低。尤其是亞洲。中國已經封鎖這麼久了。我們確實相信，今年下半年我們可能會開始看到亞太地區出現一些回升。

And then just back on electronics, -- should we think of this 4Q to 1Q is similar between the 2 segments, kind of mid-single digits? Or do you see a sharper pickup? And I'm just trying to -- the profitability drop off 3Q to 4Q was pretty stark. And I'm just wondering like does 1Q profitability for electronics look more like 4Q or more like 3Q?

然後回到電子產品，--我們是否應該認為這 4Q 到 1Q 在這兩個細分市場之間是相似的，有點中間個位數？或是你看到更尖銳的拾取嗎？我只是想——第三季到第四季的獲利能力下降非常明顯。我只是想知道電子產品第一季的獲利能力看起來更像第四季還是更像第三季？

We don't anticipate that it's going to look like 4Q because we do expect to have a little bit more revenue on the top line in Q1, which helps leverage the cost that we have there.

我們預計第四季度的情況不會如此，因為我們確實預計第一季的營收會增加，這有助於利用我們在那裡的成本。

So is all the sequential growth 4Q to 1Q in electronics?

那麼第四季到第一季的連續成長都是電子產業的嗎？

No

不

No

不

No. We anticipate growth in (inaudible)

不。我們預期（聽不清楚）的成長

No, (inaudible). Yes

不，（聽不清楚）。是的

So -- and then I guess final thing on destock. So you saw some pretty sharp destocking in 4Q. I was just on another call in the pool space and they're talking about more destocking and their distributors kind of taking levels kind of to the lower end of days on hand. And so I think they're building in a lot more destock. Are you building in destocking continuing? Or do you -- are you hearing that your products are kind of rightsized in the channel?

所以——然後我想最後一件事是去庫存。所以你在第四季看到了一些相當急劇的去庫存。我剛剛在泳池空間接到另一個電話，他們正在談論更多的去庫存，而他們的經銷商則將庫存水平降低到了現有的天數的較低水平。所以我認為他們正在大量去庫存。您是否繼續加強去庫存？或者您聽說您的產品在通路中進行了調整？

Yes, Jeff, we did see some of that the health and wellness only. We hit that very hard. A matter of fact, I was just there 2 weeks ago and had this global council meeting with the folks and we repeated our question on numerous occasions. So the feedback we have gotten is that we saw that at the second half of the year at Balboa, but that has worked out out of the system. So that incremental improvement we are currently seeing and have started to see in December and January, the trend has nothing to do with the stacking.

是的，傑夫，我們確實只看到了其中的一些健康和保健。我們對此打擊很大。事實上，兩週前我剛在那裡與大家舉行了這次全球理事會會議，我們多次重複了我們的問題。所以我們得到的回饋是，我們在下半年在巴爾博亞看到了這一點，但這已經在系統之外解決了。因此，我們目前看到的漸進式改善，以及 12 月和 1 月開始看到的情況，趨勢與堆疊無關。

So you're hearing that destocking is kind of done.

所以你聽說去庫存已經完成了。

On our end... Yes.. (inaudible) Tricia?

我們這邊……是的……（聽不清楚）特里西亞？

Yes.

是的。

Thank you, Jeff.

謝謝你，傑夫。

Ladies and gentlemen, since there are no further questions, I would like to turn the conference over to Tania Almond for closing comments.

女士們、先生們，既然沒有其他問題了，我想將會議轉交給塔妮亞·阿爾蒙德（Tania Almond）進行總結評論。

Great. Thank you, operator, and thank you, everyone, for joining us today. We appreciate your interest in Helios and look forward to updating all of you on our first quarter results in May. Please feel free to reach out to me with any follow-up questions. Have a great day.

偉大的。謝謝運營商，也謝謝大家今天加入我們。我們感謝您對 Helios 的興趣，並期待在 5 月向大家通報我們第一季的最新業績。如有任何後續問題，請隨時與我聯絡。祝你有美好的一天。

Thank you. Thank you. The conference of Helios Technologies has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。謝謝。 Helios Technologies 的會議現已結束。感謝您的參與。現在您可以斷開線路。