Helios Technologies Inc (HLIO) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Helios Technologies second quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, 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 2025 年第二季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹主持人、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 seconds quarter 2025 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 the slides that will accompany our conversation today as well as our prepared remarks.

謝謝接線員，大家好。歡迎參加 Helios Technologies 2025 年第二季財務業績電話會議。我們昨天下午發布了新聞稿，宣布了我們的結果。如果您還沒有收到這份新聞稿，請造訪我們的網站 hlio.com。您還可以找到我們今天談話的幻燈片以及我們準備好的演講稿。

Here with me is Sean Bagan, President, Chief Executive Officer and Chief Financial Officer. While the search process for a new CFO is ongoing, please welcome back our Vice President, Corporate Controller, Jeremy Evans as well.

和我一起的是總裁、執行長兼財務長 Sean Bagan。在尋找新任財務長的過程中，我們也歡迎我們的副總裁兼公司財務總監傑里米·埃文斯 (Jeremy Evans) 回來。

Sean will start the call with highlights from the second quarter as well as comments on our CFP divestiture announcement then hand it over to Jeremy to review our second quarter financial results in detail and our current thinking on the latest tariff impacts on our business. Sean will then conclude our prepared remarks with our latest thoughts on our 2025 outlook, financial and operational priorities, and key focus areas. We will then open the call to your questions.

肖恩將在電話會議上首先回顧第二季度的亮點以及對我們的 CFP 剝離公告的評論，然後交給傑里米詳細回顧我們第二季度的財務業績以及我們目前對最新關稅對我們業務的影響的看法。然後，肖恩將以我們對 2025 年展望、財務和營運重點以及重點關注領域的最新想法來結束我們的準備好的演講。然後我們將開始回答您的問題。

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 those presented today.

如果您翻到投影片 2，您會看到我們的安全港聲明。您可能知道，我們將在本次演示和問答環節中做出一些前瞻性陳述。這些聲明適用於受風險和不確定性以及可能導致實際結果與今天呈現的結果大不相同的其他因素影響的未來事件。

These risks and uncertainties and other factors can be found in our annual report on Form 10-K for 2024 along with our upcoming 10-Q to be filed with the Securities and Exchange Commission. You can find these documents on our website or at sec.gov.

這些風險和不確定性以及其他因素可以在我們 2024 年 10-K 表年度報告以及即將向美國證券交易委員會提交的 10-Q 表中找到。您可以在我們的網站或 sec.gov 上找到這些文件。

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.

我還要指出的是，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，我們認為這些指標對於評估我們的績效很有用。您不應孤立地考慮呈現這些附加信息，也不應將其視為根據 GAAP 編制的結果的替代品。

We have provided reconciliations of comparable GAAP with non-GAAP measures in the tables that accompany today's slides. Please reference slides 3 and 4 now. With that, it's my pleasure to turn the call over to Sean.

我們在今天的幻燈片附帶的表格中提供了可比較 GAAP 與非 GAAP 指標的對帳。現在請參考投影片 3 和 4。說完這些，我很高興將電話轉給肖恩。

Thanks, Tania, and welcome, everyone. We appreciate you joining us today. Before we walk through our second quarter results, I'd like to take a moment to recognize a special milestone in our company's journey. This year marks the 55th anniversary of Helios Technologies, a moment of gratitude and celebration.

謝謝，塔妮亞，歡迎大家。感謝您今天加入我們。在我們介紹第二季業績之前，我想花點時間來回顧我們公司發展歷程中的一個特殊里程碑。今年是 Helios Technologies 成立 55 週年，這是一個感恩和慶祝的時刻。

I had the privilege of celebrating this meaningful milestone with the Sun Hydraulics team on Saturday evening, a perfect mid-summer outing in the local community at the Bradenton Marauders game, the minor-league affiliate of the Pittsburgh Pirates.

週六晚上，我有幸與 Sun Hydraulics 團隊一起慶祝了這一意義非凡的里程碑，這是當地社區一次完美的仲夏郊遊，我們觀看了布雷登頓掠奪者隊（匹茲堡海盜隊的附屬小聯盟球隊）的比賽。

With two outs and two runners on base in the bottom of the ninth, the Marauders were down by two runs. Then, in a thrilling finish, Tony Blanco Jr. launched a walk-off home run to seal a dramatic six to five comeback win.

第九局下半，兩人出局，兩名跑壘員在壘上，掠奪者落後兩分。隨後，在激動人心的比賽結束時，小托尼·布蘭科 (Tony Blanco Jr.) 擊出再見本壘打，以 6 比 5 的戲劇性逆轉獲勝。

The symbolism couldn't be more fitting for the Sun Hydraulics and Helios teams as we look ahead with renewed energy and determination to make a strong comeback in the second half of the year. We would not be here today without the vision, determination, and relentless spirit of those who came before us, specifically from our largest operating company, Sun Hydraulics.

對於 Sun Hydraulics 和 Helios 團隊來說，這象徵意義再合適不過了，因為我們將以新的活力和決心展望未來，在下半年強勢回歸。如果沒有前輩們，特別是我們最大的營運公司 Sun Hydraulics 的遠見、決心和不懈精神，我們今天就不會在這裡。

From our founders Bob Koski and John Allen, who laid the groundwork with bold ideas and a pioneering mindset, to the generations of employees and partners who helped build and sustain this company through decades of change and growth, this milestone belongs to all of them. To every individual who has contributed to our story over the past 55 years, thank you.

從以大膽的想法和開創性的思維奠定基礎的創始人鮑勃·科斯基 (Bob Koski) 和約翰·艾倫 (John Allen)，到幫助公司在數十年的變革和發展中建立和維持的幾代員工和合作夥伴，這一里程碑屬於他們所有人。我要向過去 55 年來為我們的故事做出貢獻的每一個人表示感謝。

Your commitment, your belief in our purpose and your dedication to excellence have shaped who we are today. As we honor that legacy, we remain firmly focused on the future, committed to innovation, to our customers, and to creating long-term value for our shareholders. Now, let's turn to the highlights of our second quarter performance.

您的承諾、對我們目標的信念以及對卓越的追求塑造了我們今天的形象。在我們尊重這項傳統的同時，我們仍然堅定地著眼於未來，致力於創新、服務客戶、為股東創造長期價值。現在，讓我們來看看第二季業績的亮點。

We are pleased to have delivered second quarter results that surpassed our internal expectations, demonstrating resilience and disciplined execution in a continued dynamic environment with challenged end markets.

我們很高興看到第二季的業績超出了我們的內部預期，在持續動態且終端市場充滿挑戰的環境中展現了韌性和嚴謹的執行力。

While sales and earnings declined in the quarter compared to the prior year, the performance reflects solid progress against our 2025 key focus areas and financial priorities, which positions us extremely well for the second half of the year. Sales in the quarter were $212 million exceeding our outlook on stronger than expected Hydraulics segment sales, also aided by foreign exchange.

雖然本季的銷售額和收益與去年同期相比有所下降，但這一業績反映出我們在 2025 年重點關注領域和財務重點方面取得了堅實進展，這為我們下半年的業績奠定了良好的基礎。本季銷售額為 2.12 億美元，超出了我們對液壓部門銷售額強於預期的預期，同時也得益於外匯的推動。

Adjusted EBITDA margin of 18.6% was also above our outlook even while somewhat dampened by unfavorable product mix and tariff impacts. In addition to stronger than expected second quarter sales, margins and earnings, we also generated near-record cash from operations of $37 million and used that to further strengthen our balance sheet.

調整後的 EBITDA 利潤率為 18.6%，儘管受到不利的產品組合和關稅影響，但仍高於我們的預期。除了第二季銷售額、利潤率和收益強於預期之外，我們還產生了接近創紀錄的 3,700 萬美元的經營現金，並利用這些現金進一步加強了我們的資產負債表。

We continued to reduce debt which is lower by $67 million from the year ago period, improving our net debt to adjusted EBITDA leverage ratio to 2.6 times. We are targeting a sub-2 times leverage ratio that will give us flexibility from a capital allocation perspective. We initiated our previously announced share repurchase authorization by repurchasing 200,000 shares of common stock at an average price of $32 per share in the quarter.

我們繼續減少債務，比去年同期減少了 6,700 萬美元，將淨債務與調整後 EBITDA 的槓桿率提高到 2.6 倍。我們的目標是實現低於 2 倍的槓桿率，這將為我們從資本配置的角度提供靈活性。我們啟動了先前宣布的股票回購授權，本季以每股 32 美元的平均價格回購了 200,000 股普通股。

We believe that to be an excellent use of our capital especially as we consider the opportunities before us to deliver organic growth and return adjusted EBITDA margins to the 20% plus range. Also recently announced, we have signed a definitive agreement to sell Custom Fluidpower, our Australian-based hydraulic fluid power and service provider business to Questas Group for AUD83 million or approximately USD54 million equivalent at current foreign exchange rates.

我們相信，這是對我們資本的絕佳利用，特別是當我們考慮到我們面前實現有機增長和將調整後的 EBITDA 利潤率恢復到 20% 以上範圍的機會時。我們最近也宣布，已簽署最終協議，將我們位於澳洲的液壓流體動力和服務供應商業務 Custom Fluidpower 以 8,300 萬澳元或按當前外匯匯率計算約 5,400 萬美元的價格出售給 Questas 集團。

On a standalone basis, the Custom Fluidpower business, also referred to as CFP, has been a remarkable growth company under the Helios umbrella. Since purchasing the business in 2018, CFP's sales have expanded every year, growing to AUD92 million or USD61 million equivalent for fiscal year 2024. More impressive, earnings have more than doubled over that same comparable period, including adjusted EBITDA USD equivalent growing from approximately $4 million to $8 million.

從獨立角度來看，Custom Fluidpower 業務（也稱為 CFP）是 Helios 旗下一家發展迅速的公司。自 2018 年收購該業務以來，CFP 的銷售額逐年增長，到 2024 財年增長至 9,200 萬澳元或 6,100 萬美元。更令人印象深刻的是，同一時期的收益成長了一倍多，其中調整後的 EBITDA 美元等值從約 400 萬美元增長到 800 萬美元。

As we are refocusing our go-to-market strategy and prioritizing our capital allocation to improve our ROIC, it became clear Helios and CFP would be better served as strategic partners versus related parties. Headquartered in Sydney, Questas is one of Australia's leading providers of hydraulic solutions and currently has approximately 850 employees across 37 locations.

當我們重新調整市場進入策略並優先考慮資本配置以提高投資回報率時，很明顯，Helios 和 CFP 作為策略合作夥伴比作為關聯方更合適。Questas 總部位於悉尼，是澳洲領先的液壓解決方案供應商之一，目前在 37 個地點擁有約 850 名員工。

We believe Questas is the ideal owner for CFP. Importantly, we have solidified our long-term relationship with Questas through an exclusive distribution agreement between them and Sun Hydraulics for that region. This fosters a partnership where each party's success contributes to the other's advancement.

我們相信 Questas 是 CFP 的理想所有者。重要的是，我們透過 Questas 與 Sun Hydraulics 在該地區的獨家分銷協議鞏固了與 Questas 的長期合作關係。這促進了一種夥伴關係，雙方的成功有助於彼此的進步。

Our plan is to use the cash proceeds from the transaction primarily for further debt reduction as well as investment into our core manufacturing and innovation. While the divestiture will reduce our sales and earnings run rates, it will improve margin rates within our Hydraulics segment and at a consolidated Helios level.

我們的計劃是將交易所得的現金主要用於進一步減少債務以及對我們的核心製造和創新的投資。雖然此次剝離將降低我們的銷售額和獲利運行率，但它將提高我們液壓部門和合併 Helios 水準的利潤率。

In the quarter, we also made progress aligning our business to better serve our customers by structuring our people and processes around our products and brands within our Hydraulics and Electronics segments. This structure enables our go-to-market strategy and improves accountability for performance.

在本季度，我們還透過圍繞液壓和電子部門內的產品和品牌建立人員和流程，在調整業務以更好地服務客戶方面取得了進展。這種結構使我們的市場進入策略成為可能，並提高了績效問責制。

This approach keeps the operating teams closer to our customers to better understand their needs. In addition, we have simplified the business. As mentioned last quarter, we have eliminated fixed cost and reallocated personnel resources from the Helios Center of Engineering Excellence in San Antonio, Texas.

這種方法使營運團隊更貼近客戶，從而更好地了解他們的需求。此外，我們也簡化了業務。正如上個季度所提到的，我們已經取消了固定成本，並重新分配了位於德克薩斯州聖安東尼奧的 Helios 工程卓越中心的人力資源。

This has enabled us to concentrate our talent within our brands and drive accountability with the engineering teams for the products we bring to market. We're taking decisive steps to refocus the organization in order to drive better outcomes.

這使我們能夠將人才集中在我們的品牌上，並推動工程團隊對我們推向市場的產品負責。我們正在採取果斷措施重新調整組織重點，以取得更好的成果。

We are working hard to make Helios a better business through relentless commitment to customer needs, cost discipline, refined capital allocation, and operational efficiency. From a governance perspective, this quarter, we also fortified our Board of Directors through the appointment of Ian Walsh. Ian is currently the CEO of FDH Aero.

我們正努力透過不懈地滿足客戶需求、控製成本、完善資本配置和提高營運效率，使 Helios 成為更好的企業。從治理角度來看，本季我們也透過任命伊恩‧沃爾什 (Ian Walsh) 來加強董事會。Ian 目前是 FDH Aero 的執行長。

His strong leadership experience in manufacturing, commercial aerospace, and defense industries illustrates the very relevant operational and strategic expertise he brings. This returns the Board to seven total members. I will now turn the call over to Jeremy to cover the details of our second quarter financial results and then I will come back to discuss our outlook and highlight the innovations we are advancing in our markets.

他在製造業、商業航空航太和國防工業領域的豐富領導經驗體現了他所擁有的非常相關的營運和戰略專業知識。董事會成員總數恢復為七人。現在我將把電話交給傑里米，讓他介紹我們第二季度財務業績的細節，然後我會回來討論我們的前景，並強調我們在市場上推進的創新。

Thanks, Sean, and good morning, everyone. As I review our second quarter results, please reference slides 5 through 9. As Sean mentioned, sales in the quarter were $212 million exceeding the top end of our outlook range which was $206 million.

謝謝，肖恩，大家早安。當我回顧我們的第二季業績時，請參考投影片 5 至 9。正如肖恩所提到的，本季的銷售額為 2.12 億美元，超過了我們預期的最高值 2.06 億美元。

Note, foreign exchange contributed to the over achievement, favorably impacting sales by about $3 million dollars compared with our outlook assumptions. We estimate the impact of customers pulling orders ahead because of the announced tariffs was minimal in the quarter.

請注意，外匯對超額完成業績做出了貢獻，與我們的預期假設相比，外匯對銷售額產生了約 300 萬美元的有利影響。我們估計，由於宣布的關稅，客戶提前撤回訂單對本季的影響微乎其微。

Regionally, EMEA grew 5% this quarter over last year, while sales declined in the Americas and APAC. Though, APAC sales in our Electronics segment were up 27% year over year driven by the health and wellness end market. The EMEA growth was driven by returning demand for faster products within our Hydraulics segment.

從地區來看，歐洲、中東和非洲地區本季的銷售額較去年同期成長了 5%，而美洲和亞太地區的銷售額則有所下降。不過，受健康和保健終端市場的推動，我們電子部門在亞太地區的銷售額年增了 27%。歐洲、中東和非洲地區 (EMEA) 的成長是由我們液壓部門對更快產品的需求回升所推動的。

While consolidated year-over-year sales comparables are still negative, the profitability flow through on our sequential sales step-up validates the leverage we can quickly see in our model with volume growth. For the quarter, gross margin contracted 30 basis points over last year.

儘管合併後的年比銷售額可比數據仍然為負，但我們連續銷售額成長帶來的獲利能力驗證了我們在模型中透過銷售成長可以快速看到的槓桿作用。本季毛利率較去年同期下降了30個基點。

The decline in labor and overhead costs partially offset lower volume, higher material costs, and net tariff impacts. Sequentially, gross margin expanded 120 basis points on higher volume primarily in the Hydraulics segment. We continue to prioritize operational efficiency.

勞動力和管理成本的下降部分抵消了產量下降、材料成本上升和淨關稅的影響。環比而言，毛利率擴大了 120 個基點，主要得益於液壓部門銷售的增加。我們繼續優先考慮營運效率。

We believe our focus on safety, quality, delivery, and cost fosters creating a culture of accountability and customer-centricity that aligns with our shared values. Operating income in the second quarter was down $4.1 million, reflecting the $3.1 million decrease of gross profit on lower volume, $0.6 million increase in SEA expenses primarily due to the leadership change in the Electronics segment and an additional $0.4 million increase in amortization as a result of our HCEE restructuring previously mentioned.

我們相信，我們對安全、品質、交付和成本的關注有助於創造一種符合我們共同價值觀的責任感和以客戶為中心的文化。第二季的營業收入下降了 410 萬美元，反映了由於銷量下降導致的毛利減少 310 萬美元，東南亞費用增加 60 萬美元（主要由於電子部門領導層的變動）以及由於我們之前提到的 HCEE 重組導致的攤銷額外增加 40 萬美元。

Operating margin declined 150 basis points to 10.3% and adjusted EBITDA margin declined 150 basis points compared to the prior year period. Our effective tax rate in the second quarter was 23.8%, reflecting the income mix in the various tax jurisdictions.

營業利益率下降 150 個基點至 10.3%，調整後的 EBITDA 利潤率與去年同期相比下降 150 個基點。我們第二季的有效稅率為 23.8%，反映了不同稅收管轄區的收入結構。

Diluted EPS was $0.34 in the quarter, down 17% over last year. Diluted non-GAAP EPS was $0.59 in the quarter, down 8% over last year primarily as a result of the lost leverage from the 3% decline in sales, but importantly, up 34% over the first quarter. Looking to Slide 10, I'll give more color by segment.

本季稀釋每股收益為 0.34 美元，較去年同期下降 17%。本季稀釋非公認會計準則每股收益為 0.59 美元，較去年同期下降 8%，主要原因是銷售額下降 3% 導致槓桿率下降，但重要的是，較第一季成長 34%。看看幻燈片 10，我將按部分提供更多顏色。

Hydraulics sales declined 3% over the prior year period. This decline reflected weakness in industrial and mobile end markets, while agriculture started to show signs of stabilizing for the first time in eight quarters.

液壓產品銷售額較上年同期下降了 3%。這一下降反映了工業和行動終端市場的疲軟，而農業則開始出現八個季度以來的首次穩定跡象。

Foreign exchange had a favorable $1.5 million impact on the segment compared with the prior year period. Hydraulics' gross profit and gross margin grew year over year, 4% and 220 basis points respectively, primarily due to lower material and direct labor costs partially offset by lost leverage on lower volume and net tariff impacts. Operating income was up $1.1 million or 5% compared with the prior year period reflecting the growth in gross profit, partially offset by a modest operating expense increase.

與去年同期相比，外匯對該部門產生了 150 萬美元的有利影響。液壓部門的毛利和毛利率分別年增 4% 和 220 個基點，主要原因是材料和直接人工成本降低，但銷量下降和淨關稅影響造成的槓桿損失部分抵消了這一增長。營業收入與去年同期相比增加了 110 萬美元，即 5%，這反映了毛利的增長，但部分被適度的營業費用增長所抵消。

SEA expenses were up 2% mainly due to higher labor and benefit costs and increased R&D investment. Please turn to slide 11 and we'll discuss the Electronics segment. Year-over-year, Electronics sales were down 4%. Sales across most end markets declined, most significantly from the recreational market this quarter. We see end markets with shorter lead times still under pressure, such as the more consumer-facing markets.

東南亞費用上漲 2%，主要原因是勞動力和福利成本上升以及研發投資增加。請翻到第 11 張投影片，我們將討論電子產品部分。與去年同期相比，電子產品銷售額下降了 4%。本季大多數終端市場的銷售額均出現下降，其中以休閒市場的下降最為明顯。我們發現，交貨時間較短的終端市場仍面臨壓力，例如面向消費者的市場。

Though, OEMs are focusing on platform development which could lead to potential growth going into next year. The 18% decline in Electronics' gross profit and 530 basis point decline in gross margin was primarily the result of higher freight and duties costs, including a $2.4 million expense related to a product import classification change, higher material costs and a heaver mix of Balboa sales which has lower average margins.

不過，OEM 廠商正專注於平台開發，這可能會帶來明年的潛在成長。電子部門毛利下降 18%，毛利率下降 530 個基點，主要原因是運費和關稅成本上升，其中包括與產品進口分類變化相關的 240 萬美元費用、材料成本上升以及 Balboa 銷售佔比較大（平均利潤率較低）所致。

SEA expenses were down 2% year over year, primarily due to realized cost savings from the HCEE restructuring previously mentioned. Operating income declined by $4.4 million despite the cost savings reflecting the decline in gross profit. Operating margin for the segment was 8.2%, or 11.6% less the classification true up.

SEA 費用年減 2%，主要由於前面提到的 HCEE 重組實現了成本節約。儘管成本節省反映了毛利的下降，但營業收入仍下降了 440 萬美元。該部門的營業利潤率為 8.2%，比實際分類低 11.6%。

Slide 12 shows our focus on cash management continues to pay off with a trailing 12-month free cash flow conversion rate of 291%. As Sean mentioned, we generated cash from operations of $37 million in the quarter, a 10% improvement over the second quarter last year even on lower sales, as a result of good management of working capital with our cash conversion cycle the lowest it has been since the first half of 2022.

投影片 12 顯示，我們對現金管理的關注持續帶來回報，過去 12 個月的自由現金流轉換率為 291%。正如肖恩所提到的，本季我們的營運現金流為 3,700 萬美元，即使在銷售額較低的情況下，也比去年第二季成長了 10%，這得益於良好的營運資金管理，我們的現金轉換週期處於 2022 年上半年以來的最低水準。

Inventory increased 4% from the prior year period reflecting preparation for sequential sales growth. Capital expenditures in the quarter were $5.4 million or 2.5% of sales. As we have noted previously, our capital expenditure plans for 2025 will be prioritized with a focus on maintenance and productivity enhancements that demonstrate evident returns on investment.

庫存較去年同期增加了 4%，反映出為連續銷售成長所做的準備。本季資本支出為 540 萬美元，佔銷售額的 2.5%。正如我們之前所指出的，我們 2025 年的資本支出計畫將優先關注維護和生產力提升，以實現明顯的投資回報。

Turning to slide 13. At the end of the second quarter, cash and cash equivalents were $53 million and we had $359 million available on our revolving lines of credit. We paid down debt for the eighth consecutive quarter. We have reduced debt by 13% or $66.5 million over the last 12 months. Our net debt to adjusted EBITDA leverage ratio is down to 2.6 times from 3 times a year ago.

翻到第 13 張投影片。截至第二季末，現金和現金等價物為 5,300 萬美元，我們的循環信貸額度為 3.59 億美元。我們連續第八個季度償還債務。在過去的 12 個月中，我們的債務減少了 13%，即 6,650 萬美元。我們的淨債務與調整後 EBITDA 槓桿率從一年前的 3 倍下降至 2.6 倍。

Our capital priorities remain focused on further reducing debt, generating organic growth, opportunistically repurchasing shares, and paying our long-standing dividend, as we have consistently done for over 28 years.

我們的資本重點仍集中在進一步減少債務、實現有機成長、適時回購股票以及支付長期股息，正如我們 28 年來一貫所做的那樣。

Turning to slide 14, let me provide an update on the tariff situation and the current expected impact to Helios. As a result of changes in the tariff levels since our last earnings call, the total estimated impact of direct tariff cost to the second half of 2025 has been reduced to about $8 million. We continue to expect that we can ultimately offset a large portion of these impacts through our mitigation efforts and use the competitive positioning here in the US to our advantage.

翻到第 14 張投影片，讓我介紹一下關稅狀況的最新情況以及目前對 Helios 的預期影響。由於自上次財報電話會議以來關稅水準的變化，直接關稅成本對 2025 年下半年的總估計影響已降至約 800 萬美元。我們繼續期望，我們最終能夠透過我們的緩解措施抵消大部分影響，並利用在美國的競爭地位為我們帶來優勢。

As we have discussed before, we believe our in the region, for the region strategy continues to work in our favor.

正如我們之前所討論的，我們相信我們在該地區的策略將繼續對我們有利。

Slide 15 provides the mitigation efforts we have been working on. Some updates on our progress from the last quarter include: finding alternative non-China based suppliers for LCDs and certain metals used in our Electronics products; reducing the number of our products manufactured in our Tijuana, Mexico facility that are not USMCA compliant; transferring a significant portion of our previously exported sales to China from the US to be fulfilled through our APAC facilities; and implementing very targeted surcharges on the products most impacted by tariffs. With that, I will now turn the call back over to Sean.

投影片 15 展示了我們一直在努力的緩解措施。我們在上一季取得的一些進展包括：為我們的電子產品中使用的 LCD 和某些金屬尋找替代的非中國供應商；減少我們在墨西哥蒂華納工廠生產的不符合 USMCA 的產品數量；將我們之前出口到中國的很大一部分銷售從美國轉移到通過我們的亞太地區工廠完成；並對受關稅影響最大的產品實施非常有針對性的附加費。說完這些，我現在將電話轉回給肖恩。

Thanks, Jeremy. Turning to slides 16 and 17, we have delivered a better than expected first half of 2025. This was capped off with the month of June delivering positive sales growth over the prior year period for the first time in 2025. We expect year-over-year growth every month for the balance of the year and are off to a good start in July.

謝謝，傑里米。轉到投影片 16 和 17，我們 2025 年上半年的業績好於預期。2025 年 6 月的銷售額首次較上年同期實現正成長。我們預計今年餘下時間每個月的業績都將同比增長，並且七月份的業績開局良好。

This is encouraging after 12 consecutive quarters of sales declines. Our consolidated Helios order backlog has grown every month so far this year. We have not seen this trend since the beginning of 2021. We originally established a full year 2025 outlook when we reported year-end results for 2024 on February 24. Last quarter, with all of the tariff uncertainty we said we were not withdrawing our full year outlook, but we were shifting our guidance to focus on just the next forward quarter.

在銷售額連續 12 個季度下滑之後，這一成績令人鼓舞。今年到目前為止，我們合併的 Helios 訂單積壓量每個月都在增加。自2021年初以來，我們還沒有看到過這種趨勢。我們在 2 月 24 日報告 2024 年年終業績時最初制定了 2025 年全年展望。上個季度，由於關稅存在不確定性，我們表示不會撤回全年展望，但我們正在調整預期，並將重點放在下一個季度。

This is where we have the highest visibility and have established a track record with meeting our commitments over the last seven quarters. We have more confidence now based on our first half performance that we will grow 2025 annual sales above 2024 levels.

這是我們最受關注的領域，並且在過去七個季度中建立了履行承諾的良好記錄。根據上半年的業績，我們現在更有信心，2025 年的年銷售額將超過 2024 年的水準。

Depending on the exact timing of closing the CFP transaction, we see a possible outcome of delivering full year sales above the high-end of our initial estimate of $825 million. We will further refine this on our third quarter earnings call. Looking forward, we are encouraged by the relative stabilization we have seen occurring over the past few months in our agriculture, mobile, European construction, and health and wellness markets.

根據 CFP 交易完成的具體時間，我們預計全年銷售額可能會超過我們最初估計的 8.25 億美元的上限。我們將在第三季財報電話會議上進一步完善這一點。展望未來，過去幾個月來，農業、移動、歐洲建築以及健康和保健市場呈現相對穩定，這令我們感到鼓舞。

Our EMEA regional sales are strengthening for the first time in approximately two years. We also have the advantage of softer comparables as we enter the second half of the year.

我們的 EMEA 地區銷售額約兩年來首次成長。進入下半年，我們還擁有可比價格更疲軟的優勢。

Although we have experienced continued persistent weakness in the broader industrial and recreational markets, we are calling for a stabilization of industrial and an acceleration of recreational markets based on our orders from our customers in those markets. PMI readings have been choppy, but have shown some pockets of strength relevant to the regions we serve.

儘管我們在更廣泛的工業和休閒市場中經歷了持續的疲軟，但根據我們在這些市場的客戶訂單，我們呼籲工業市場穩定下來並加速休閒市場的發展。PMI 數據波動較大，但顯示出與我們服務的地區相關的一些強勁勢頭。

Last week's better than expected US GDP reading has economists reducing their expectations regarding a potential recession in the near term. Overall, our distributor inventories have declined to a level that would suggest we could be near a restocking threshold.

上週美國 GDP 數據好於預期，使得經濟學家降低了對短期內可能出現經濟衰退的預期。整體而言，我們的經銷商庫存已下降至接近補貨門檻的水平。

We are cautiously optimistic, but acknowledge there is still a good deal of external noise, including changing tariff headlines and stagnant interest rates, equating to a dynamic and often unpredictable macro environment.

我們持謹慎樂觀的態度，但也承認仍然存在大量外部噪音，包括不斷變化的關稅政策和停滯的利率，這相當於一個動態且往往難以預測的宏觀環境。

We are excited about the longer-term growth prospects with the strength of our team and changes recently made intended to spark our momentum. We anticipate third quarter sales to be in the range of $208 million to $215 million, up about 9% over the prior year period at the midpoint of the range.

憑藉我們團隊的實力以及最近為激發我們的發展勢頭而做出的改變，我們對長期成長前景感到興奮。我們預計第三季銷售額將在 2.08 億美元至 2.15 億美元之間，比去年同期的中位數成長約 9%。

This includes the contribution from CFP as we expect to close that transaction in about 60 to 90 days. We anticipate fourth quarter sales growth rate to accelerate further beyond third quarter growth rates, again anchored back to our strengthening order book, anticipated end market performance and year ago comparables.

這包括來自 CFP 的貢獻，因為我們預計將在大約 60 到 90 天內完成該交易。我們預計第四季度的銷售成長率將進一步超過第三季的成長率，這再次取決於我們不斷增強的訂單、預期的終端市場表現和去年同期的可比較數據。

We are projecting adjusted EBITDA margin to be in the range of 19.5% to 20.5% in the third quarter, remaining a bit depressed compared with last year due to segment mix and tariffs, but likely continuing to show sequential improvement.

我們預計第三季調整後的 EBITDA 利潤率將在 19.5% 至 20.5% 之間，由於分部結構和關稅的影響，與去年相比略有下降，但可能會繼續呈現環比改善。

As a reminder, in the third quarter last year there was a favorable stock-based compensation adjustment of $5.5 million as a result of the prior CEO's termination. Diluted non-GAAP earnings per share are expected to be in the range of $0.60 to $0.68 cents, reflecting continued advancement of the bottom line.

提醒一下，由於前任執行長的解僱，去年第三季的股票薪酬調整幅度為 550 萬美元。預計每股攤薄非公認會計準則收益將在 0.60 美元至 0.68 美元之間，反映出利潤的持續提升。

Turning to slides 18 to 21. The key to our success will be grounded in our organic growth driven by innovation across the organization. New products are being launched at a faster pace, as seen here by the numerous value-add solutions that we have brought to market in 2025.

翻到投影片 18 至 21。我們成功的關鍵在於整個組織創新所推動的有機成長。新產品的推出速度正在加快，正如我們在 2025 年向市場推出的眾多增值解決方案所見。

I am very proud of how the team has kept their foot on the gas and accelerated our cycle times to market for new products, many in white spaces providing incremental sales opportunities while not cannibalizing existing sales. This is a great example of how we are controlling what we can control in this dynamic operating environment.

我為團隊持續努力並加快新產品上市週期感到非常自豪，許多新產品在空白領域提供了增量銷售機會，同時又不會蠶食現有銷售。這是一個很好的例子，說明我們如何在這種動態的操作環境中控制我們能夠控制的事情。

A central pillar of our go-to-market strategy is to drive growth by deepening relationships with existing customers and expanding into new markets where we have a strong right to win.

我們的行銷策略的核心支柱是透過深化與現有客戶的關係並擴展到我們有能力取勝的新市場來推動成長。

Let me conclude by saying how encouraged I am about the progress we have made as an organization in a relatively short time. Customer engagement has improved, the team's excitement about our future is elevated and the change in our operating structure has allowed for greater innovation and accountability.

最後，我想說，我們組織在相對較短的時間內所取得的進步讓我感到非常鼓舞。客戶參與度得到了提高，團隊對未來的興奮感也隨之高漲，而營運結構的變化也帶來了更大的創新和責任感。

We continue to build the business and are creating a platform that can leverage our strengths and return the company to a premium margin profile. The sale of CFP is a demonstration of our willingness to improve our margin profile, even if it means temporarily shrinking our sales.

我們將繼續發展業務，並創建一個可以利用我們的優勢並使公司恢復優質利潤狀況的平台。出售 CFP 表示我們願意改善我們的利潤狀況，即使這意味著我們的銷售額暫時萎縮。

This move will afford us greater flexibility to make more aggressive capital deployment decisions to fuel our future growth. We remain focused on improving our margins across the board and will continue to evaluate all opportunities within our product portfolio to drive efficiency and generate higher profits. I remain confident in our ability to continue executing on our commitments.

此舉將使我們更靈活地做出更積極的資本部署決策，以推動我們未來的成長。我們將繼續致力於全面提高利潤率，並將繼續評估我們產品組合中的所有機會，以提高效率並創造更高的利潤。我對我們繼續履行承諾的能力仍然充滿信心。

I would like to thank each one of the Helios employees across the globe for all their daily efforts as they are building the pathway to a very bright future for our collective company. As we celebrate our 55th anniversary, we stand on the shoulders of the remarkable CEOs who paved the way for Sun Hydraulics in its earlier days, including Bob Koski, Al Carlson and Clyde Nixon.

我要感謝全球每一位 Helios 員工，感謝他們每天的努力，為我們共同的公司鋪設了通往光明未來的道路。在我們慶祝 55 週年之際，我們站在早期為 Sun Hydraulics 鋪平道路的傑出首席執行官的肩膀上，其中包括 Bob Koski、Al Carlson 和 Clyde Nixon。

We honor their vision, leadership and dedication. We also recognize the legacy of the companies that have become part of the Helios family. Their decades of innovation and expertise now enrich the vibrant, unified organization we are building together. Thank you for being part of today's call and for your ongoing engagement with and support of Helios Technologies. With that, let's open the lines for Q&A, please.

我們敬佩他們的遠見、領導力和奉獻精神。我們也認識到已成為 Helios 家族一部分的公司所擁有的遺產。他們數十年的創新和專業知識豐富了我們共同建造的充滿活力、團結的組織。感謝您參加今天的電話會議以及您對 Helios Technologies 的持續參與和支持。現在，讓我們開始問答環節。

(Operator Instructions)

（操作員指示）

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

So maybe to start, give us a sense, Sean, where you really think markets are inflecting more favorably and where you think maybe it's still mixed, but you're winning because of better customer engagement, the go-to-market approach or some of these new products?

那麼，肖恩，首先請您告訴我們，您認為哪些市場正在變得更加有利，哪些市場可能仍然混雜，但你們的成功是因為更好的客戶參與度、市場進入方式或一些新產品？

Yeah, Jeff, I would answer that kind of by our business. And where we've seen over the kind of the first half of this year growth was still in the health and wellness, and that's frankly a market recovery. It's still not at a healthy spot from an overall market perspective. So there's still more room to grow, but that's just on the easier comp. So for the first half of the year, that business was up.

是的，傑夫，我會根據我們的業務來回答這個問題。我們看到，今年上半年的成長仍然集中在健康和保健領域，坦白說，這是市場復甦。從整體市場角度來看，它仍未處於健康狀態。因此，還有更大的成長空間，但這只是在更容易的競爭中。因此，今年上半年，該業務有所成長。

What evolved in the second quarter was with our Faster business in Europe. Our European region grew and that was heavily ag driven, starting to see some clear signs of ag recovery after four years of prolonged downturn, at least in the US market from a registration perspective. And I think that's just an indication of healthier dealer inventory levels in those channels and the OEMs get more confident. You see it in their results and stock prices and valuations and all that as well.

第二季我們在歐洲的 Faster 業務取得了進展。我們的歐洲地區實現了成長，這在很大程度上是由農業推動的，在經歷了四年的長期低迷之後，開始看到一些明顯的農業復甦跡象，至少從註冊的角度來看，美國市場是如此。我認為這只是表明這些通路的經銷商庫存水準更加健康，原始設備製造商也更有信心。您也可以從他們的業績、股票價格、估值等諸多方面看到這一點。

So those were the emerging ones. But as we now kind of look ahead into the back half of the year, we actually believe all of our main businesses will grow. Sun Hydraulics, Faster, Enovation Controls and Balboa. There's a clear recovery coming in our Enovation Controls business in the recreational markets.

所以這些都是新興的。但當我們展望下半年時，我們實際上相信我們所有的主要業務都會成長。Sun Hydraulics、Faster、Enovation Controls 和 Balboa。我們的 Enovation Controls 業務在休閒市場正在出現明顯的復甦。

And again, I would point that to a little bit like the ag cycle where it's been depressed and we're benefiting from the softer comps that we had last year, but we're seeing those channels starting to get refilled and that as us being a supplier into that, we feel that earlier and see that earlier. So those are some of the moving pieces we see, but we're really confident in the back half with the growth we're seeing.

再次，我想指出，這有點像農業週期，農業一直處於低迷狀態，我們受益於去年較弱的可比價格，但我們看到這些管道開始重新填充，而作為其中的供應商，我們更早地感受到了這一點，也更早地看到了這一點。這些是我們看到的一些動態因素，但鑑於我們看到的增長，我們對後半部分充滿信心。

Okay, great. And then I think I understand that the Custom Fluidpower divestiture, just wondering if there's anything else you're considering from a non-core standpoint. And then I know you've gotten a lot of questions around all the capacity adds and how you're thinking about maintaining capacity or perhaps cutting it back. And just want an update there.

好的，太好了。然後我想我了解 Custom Fluidpower 的剝離，只是想知道您是否從非核心角度考慮了其他事情。然後我知道您已經收到了很多關於所有容量增加的問題，以及您如何考慮維持容量或削減容量。只是想了解最新情況。

Yeah, I'd just start on the CFP divestiture and highlighting what a remarkable business it has been and an asset it has been. It just doesn't fit strategically. And what I'd point to there is roughly 10% of CFP sales are actually Sun Hydraulics cartridge valves. The other 90% really doesn't have anything to do with our business.

是的，我剛開始談論 CFP 資產剝離，並強調它是多麼卓越的業務和資產。從戰略上來說，這並不合適。我想指出的是，CFP 銷售額中大約 10% 實際上是 Sun Hydraulics 插裝閥。其餘 90% 實際上與我們的業務無關。

It's engineering services. It's selling other competitive products through their distribution channel. So we're remarkably excited by partnering with Questas Group for a long-term exclusive distribution for Sun Hydraulics. With their scale and reach, we expect that to be a top-performing market and significant new growth opportunities for us with that business. And by the way, for our shareholders, it has been a good investment.

這是工程服務。它透過其分銷管道銷售其他競爭產品。因此，我們非常高興能夠與 Questas Group 合作，獲得 Sun Hydraulics 的長期獨家經銷權。憑藉其規模和影響力，我們預計該市場將成為一個表現最佳的市場，並為我們的業務帶來重大的新成長機會。順便說一句，對於我們的股東來說，這是一項很好的投資。

We've continued to grow the business, as we indicated in our prepared remarks, every year. We've owned that business. However, over the last three years, last 12 quarters, our Helios revenue has shrunk. And so, from a mix perspective, with their EBITDA profile where it's at relative to the company, it's been fairly dilutive. And so we're excited about what the financial profile will look like going forward.

正如我們在準備好的演講中指出的那樣，我們每年都在持續發展業務。我們已經擁有該項業務。然而，在過去三年、過去的 12 個季度中，我們的 Helios 收入有所縮水。因此，從組合角度來看，相對於公司而言，他們的 EBITDA 狀況相當稀釋。因此，我們對未來的財務狀況感到興奮。

As it relates to our other businesses, I would say, it's an ongoing assessment that we're always looking at our portfolio. Nothing imminent, nothing further planned at this point. But I'd point to the CFP decision coming out of our strategic planning process we did as an organization last year -- last summer at this time. And just a little more deal color in that. The recommendation to the Board was made in December to sell that CFP business.

至於與我們的其他業務相關的，我想說，這是一個持續的評估，我們一直在關注我們的投資組合。目前還沒有任何緊急事項，也沒有任何進一步的計畫。但我想指出的是，CFP 決策來自於我們作為一個組織去年（去年夏天此時）進行的策略規劃過程。並且其中還有更多交易色彩。12 月，董事會建議出售 CFP 業務。

And it took a little bit of time, obviously. You got to find a willing buyer. And with Questas, we likely could have got the business sold earlier, but their private equity sponsor went through a transition midway through the process. And by the way, selling a business in Australia with the time differences isn't the easiest geography to do that with. So it took a little bit longer than we would have liked.

顯然，這需要一點時間。你必須找到一個願意買的買家。有了 Questas，我們可能早就可以出售該業務了，但他們的私募股權發起人在這過程中經歷了一次轉型。順便說一句，由於時差的原因，在澳洲出售企業並不是最容易的地理位置。所以它花的時間比我們希望的要長一點。

That said, we're going through that same strategic planning process currently and we'll continue to look for opportunities to refine or improve the portfolio. But with this particular divestiture, it's going to provide us with a lot more flexibility moving forward as our debt gets to a much more manageable level as well.

也就是說，我們目前正在經歷同樣的策略規劃過程，我們將繼續尋找機會來完善或改善投資組合。但透過這次資產剝離，我們的債務將達到更易於管理的水平，這將為我們提供更多的靈活性。

And then your last part on the capacity side, absolutely continue to look at that and our desire to run all of our plants efficiently is standard work and continuing to look at utilization and such. And given our back half plan, I've said this already on previous calls, we want to grow into that capacity. We want to show we can do that and get the leverage.

然後，關於產能的最後一部分，絕對要繼續關注這一點，我們希望高效地運行所有工廠，這是標準工作，並繼續關注利用率等。考慮到我們的後半部分計劃，我在之前的電話會議中已經說過，我們希望發展到這種能力。我們想證明我們能夠做到這一點並獲得優勢。

And I think -- I mean, just looking at our Hydraulics performance over the last quarter from the first quarter to the second quarter, you see those incremental come through strongly, almost $15 million more of revenue and significant expansion on the gross profit line.

我認為——我的意思是，只要看一下我們液壓部門上一季（從第一季到第二季）的表現，您就會發現這些增量表現強勁，收入增加了近 1500 萬美元，毛利也大幅增加。

And implied in our guide, you'll see more of that in the back half of the year and why that gives us confidence to continue to grow into that capacity. And then the last thing on it is each one of those businesses -- it's the beauty of Helios from a diversification perspective and such, but each of those businesses comes with their own manufacturing plants.

我們的指南暗示，您將在今年下半年看到更多這樣的情況，以及為什麼這讓我們有信心繼續發展這項能力。最後要說的是，從多元化角度來看，每項業務都是 Helios 的魅力所在，但每項業務都有自己的製造工廠。

We don't have combined manufacturing between Enovation and Faster and Sun and Balboa and all the other acquisition companies we've acquired. And so it's not as easy as just selling off a big facility or selling off a portion of the facility. So we know that we're continuing to look at it. Plan A is to grow into it. But if we do not get that growth, we will be more aggressive from a capacity perspective.

我們沒有將 Enovation、Faster、Sun、Balboa 以及我們收購的所有其他公司合併在一起進行製造。因此，這並不像出售大型設施或出售部分設施那麼簡單。所以我們知道我們會繼續關注它。計劃 A 是成長為它。但如果我們沒有實現這種成長，我們將從產能角度採取更積極的態度。

Mig Dobre, R.W. Baird.

米格·多布雷、R.W.貝爾德。

This is Peter Kalemkerian on for Mig this morning. I guess, I'll start on margin. Is there any color you can provide for the second half by segment here? I'm trying to parse out what you expect for Hydraulics margin in the second half and what the moving pieces might be there?

今天早上，我是 Peter Kalemkerian，為 Mig 主持節目。我想，我會從保證金開始。您能為這裡的後半部提供按部分顯示的顏色嗎？我正在嘗試分析您對下半年液壓利潤率的預期以及可能出現的變化因素是什麼？

Peter, nice to hear from you. Thanks for calling in. So with respect to the segment margins, we don't provide that level of guidance, but I will talk to it high level. And I think looking at past performance is a good indicator of future. And so when you look at our guidance that we put forward both for the full year and then more specifically to the segments for the third quarter, on our Hydraulics side, we plan to be up between 3% to 8% over the third quarter last year.

彼得，很高興收到你的來信。感謝您的來電。因此，就分部利潤率而言，我們不會提供該級別的指導，但我將在高層次上進行討論。我認為回顧過去的表現是預測未來的一個很好的指標。因此，當您查看我們針對全年以及更具體地針對第三季度各部門提出的指導意見時，在液壓方面，我們計劃比去年第三季度增長 3% 至 8%。

And at those levels, that's going to indicate a nice, continued revenue step-up for the Hydraulics segment potentially at the higher end. And so with that, you can see the Q1 to Q2 step-up in the margins. If we're able to continue to grow that, we expect that would grow.

從這些水平來看，這將預示著液壓部門的收入將持續良好成長，並可能達到更高的水平。因此，您可以看到 Q1 到 Q2 的利潤率上升。如果我們能夠繼續成長，我們預計它還會成長。

On the Electronics side, we will expect to see much higher growth rates year-over-year from a revenue perspective. And from a mix perspective, as I kind of indicated to Jeff's response on which of the markets are growing, we really see a lot of that growth coming out of Enovation.

在電子產品方面，我們預期從收入角度來看，成長率將大幅提高。從混合角度來看，正如我在 Jeff 關於哪些市場正在成長的答案中所指出的那樣，我們確實看到很多成長來自 Enovation。

And when you look at what has happened with our mix over the -- even in the first half of this year, going back into the late half of last year, we -- although our overall Hydraulics-Electronics mix has stayed pretty consistent, two-thirds Hydraulics, a third Electronics, within both of the segments, we've had unfavorable mix profiles. We've talked about the ag weakness that's been -- hampered the Faster business that has generally a higher return profile than the Sun business.

當你觀察我們的產品組合在過去發生的變化時——即使是在今年上半年，追溯到去年下半年，我們——儘管我們的整體液壓電子組合保持相當穩定，三分之二是液壓，三分之一是電子，但在這兩個領域，我們的組合情況並不理想。我們已經討論過農業方面的弱點，這阻礙了 Faster 業務的發展，而 Faster 業務的回報率通常高於 Sun 業務。

And then from an Electronics perspective, clearly, Enovation commands a higher gross margin profile than our health and wellness business at Balboa, and that's what had been growing. And so now we're going to see a little bit of that invert here in the back half of the year. And so we should get some nice margin uplift from that as well.

然後從電子產業的角度來看，顯然，Enovation 的毛利率比我們在 Balboa 的健康和保健業務更高，而且這也是一直在成長的原因。因此，我們將在今年下半年看到一些逆轉的現象。因此，我們也應該從中獲得一些不錯的利潤提升。

Awesome. Really helpful. Second part of my question here, sticking in Hydraulics, but thinking longer term, there's still excess capacity. And apologies if I missed this earlier on the call, but is there a way to quantify the excess capacity that you still have in the Hydraulics segment? And then zooming out, what would be your best guess on a timeline to get this business back to, call it, a 22%, 23% margin profile?

驚人的。真的很有幫助。我的問題的第二部分是堅持液壓，但從長遠來看，仍然存在產能過剩。如果我之前在電話中沒有提到這一點，請見諒，但是有沒有辦法量化液壓部門仍然存在的過剩產能？然後從更大角度來看，您認為在什麼時間範圍內可以讓該業務的利潤率恢復到 22% 或 23% 的水平？

Yeah. So I don't have a specific stat on the capacity utilization, but the way I'd answer it is we will not require any sort of capacity expansions for multiple years. So we're going to continue to grow into that and we see that growth profile not only just purely from having some of these markets recover, but also you've seen some of the new products we've launched and these are incremental revenue streams for us and some broader opportunities that we haven't announced yet that we're looking to bring to market as well. So that's how I'd answer that one.

是的。因此，我沒有關於產能利用率的具體統計數據，但我的回答是，我們在未來幾年內不需要任何形式的產能擴張。因此，我們將繼續朝這一方向發展，我們看到的成長前景不僅是因為一些市場復甦，而且您還看到了我們推出的一些新產品，這些對我們來說是增量收入來源，也是一些我們尚未宣布的更廣泛的機會，我們也希望將其推向市場。這就是我的回答。

Yeah, in terms of the next question on when do we get to EBITDA plus 20% margins? As Sean said, we get a lot of leverage with the volume growth and sales have been down over the last several quarters. So we expect to see that growth in the second half. If that continues, we would expect to see continued margin improvement.

是的，關於下一個問題，我們什麼時候才能達到 EBITDA 加上 20% 的利潤率？正如肖恩所說，銷售成長為我們帶來了很大的槓桿作用，但過去幾季的銷售額一直在下降。因此我們預計下半年將出現成長。如果這種情況持續下去，我們預期利潤率將持續提高。

The CFP divestiture will contribute some to that. That's about plus or minus 50 basis point uptick we would expect to see flow through to EBITDA. And then as we make other changes, I would highlight also the HCEE that we communicated a couple of quarters ago that we completed here in the second quarter. We did see some savings. We shut down the operation that was there in Texas that came through an acquisition.

CFP 資產剝離將對此做出一定貢獻。我們預計將看到該數字流入 EBITDA，約為正負 50 個基點的上漲。然後，當我們做出其他改變時，我還要強調我們幾個季度前傳達的、我們在第二季完成的 HCEE。我們確實看到了一些節省。我們關閉了透過收購獲得的位於德克薩斯州的業務。

So we're looking at -- in addition to the overall portfolio optimization, looking at smaller changes we can make to drive the profitability.

因此，除了整體投資組合優化之外，我們還在考慮可以做出的較小改變，以提高獲利能力。

Awesome. If I can just sneak in one more question here, more of a granular one, but is there any update on the commercial foodservice end market? I noticed that this is listed as a positive catalyst for you guys in the slide deck. I know it's a bit of a new market for Helios. So any color there? Is there a way to quantify how big this end market currently is for you guys?

驚人的。如果我可以在這裡再偷偷問一個更具體的問題，但是商業食品服務終端市場有什麼最新消息嗎？我注意到幻燈片中將此列為對你們來說積極的催化劑。我知道這對 Helios 來說是一個新市場。那麼那裡有顏色嗎？有沒有辦法量化目前這個終端市場對你們來說有多大？

Yeah, Peter, this is a very exciting growth opportunity for us purely from the perspective that it's brand new. It's all incremental. We've had our first win with Cleveland. They're part of the Welbilt Ali Group and it's on one product. It's their steamer product.

是的，彼得，從全新的角度來看，這對我們來說是一個非常令人興奮的成長機會。一切都是漸進的。我們與克利夫蘭一起取得了首場勝利。他們是 Welbilt Ali 集團的一部分，並且只生產一種產品。這是他們的蒸籠產品。

So engaging with them more deeply and looking for opportunities to take that technology, and it's an Enovation Controls electronics win, new business win from a display perspective and other things in the guts of the steamer, if you will, that not only provides value proposition for the OEMs to potentially take out cost and quantity and weight when you think about replacing dials and switches and lights and things with a nice modern display, but also provides training opportunities for operators.

因此，與他們進行更深入的接觸並尋找採用該技術的機會，這是 Enovation Controls 電子產品的勝利，從顯示角度和蒸汽機內部的其他方面來說，這是一個新業務的勝利，如果你願意的話，這不僅為 OEM 提供了價值主張，當你考慮用漂亮的現代顯示器替換錶盤、開關、燈和東西時，可能會降低成本、成本和操作員。

And then further beyond that, we're really excited about the Alto-Shaam relationship on the software side. We have rolled out the Cygnus Reach platform. That was a product we came to the Helios portfolio via the i3 PD acquisition. And what Cygnus Reach is it's effectively a remote diagnostic tool that clearly helps Alto-Shaam monitor equipment, helps remind their operators when things need to be serviced, kind of preventive type maintenance, early indicators of potential failures.

除此之外，我們對 Alto 和 Shaam 在軟體方面的合作關係感到非常興奮。我們已經推出了 Cygnus Reach 平台。這是我們透過收購 i3 PD 而加入 Helios 產品組合的產品。Cygnus Reach 實際上是一種遠端診斷工具，可以幫助 Alto-Shaam 監控設備，提醒操作員何時需要維修，進行預防性維護，並提前發現潛在故障。

And we see this, and it's a great example of one end market that we are early into that has lots of opportunities. But then you just -- as I described, say, the Cygnus Reach platform, where we could take that into, whether it's all of our existing markets or many others. So we're very excited about our software development and opportunities we have even beyond the Cygnus Reach platform.

我們看到了這一點，這是我們早期進入的一個終端市場的絕佳例子，該市場擁有很多機會。但是，正如我所描述的，我們可以將其帶入 Cygnus Reach 平台，無論是我們現有的所有市場還是其他許多市場。因此，我們對我們的軟體開發以及超越 Cygnus Reach 平台的機會感到非常興奮。

Nathan Jones, Stifel.

內森瓊斯（Nathan Jones），Stifel。

I'll start with a question on competitive positioning in the US being an advantage, which was a comment you guys made during the call. Obviously, having manufacturing footprint in the US is going to give you a cost advantage versus folks that are importing stuff from overseas. Can you talk about where in the business do you think you have that competitive advantage?

我首先要問一個問題，即在美國競爭定位是否具有優勢，這是你們在電話會議中提出的評論。顯然，與從海外進口產品的人相比，在美國擁有製造基地將為您帶來成本優勢。您能談談您認為您在業務中哪些方面具有競爭優勢嗎？

How do you plan to use it? Does it give you the opportunity to price to market to expand margins or price where you -- to cost where you can compete for additional share? How you plan to leverage that advantage?

您打算如何使用它？它是否為您提供了根據市場價格來擴大利潤或根據您可以競爭額外份額的價格來定價的機會？您計劃如何利用這項優勢？

Nathan, I know we talked about this last quarter where we actually had a conquest an early win on the Hydraulics side. It was a coupler product line that we -- came to us because we had lost the business, and we proactively went after it and won that back.

內森，我知道我們在上個季度討論過這個問題，我們實際上在液壓方面取得了早期的勝利。這是一個耦合器產品線，我們找到它是因為我們失去了這個業務，我們積極地去爭取並贏回了它。

Haven't seen significant amount come, but I think that's partially because of the de-escalation in the retaliatory tariffs and the tariffs. But we absolutely still see that as an opportunity and are pursuing it. And I believe some of it isn't fully coming through that when you think about our Sun Hydraulics business, we go to market through an independent distribution channel.

還沒有看到顯著的增幅，但我認為這部分是因為報復性關稅和關稅的降級。但我們仍然將其視為一個機會並正在努力追求它。我認為，當您想到我們的 Sun Hydraulics 業務時，有些事情還沒有完全實現，我們透過獨立的分銷管道進入市場。

And we're clearly seeing upticks signals for that in the back half of the year. And I believe there's likely some of that happening at that level. But also, when I go to the Electronics side, our Enovation product doesn't compete on price. We're never chasing high-volume, low-margin product. We're winning business on our differentiation.

我們清楚地看到了今年下半年的上升訊號。我相信在那個層面上可能會發生一些這樣的事情。但同時，當我談到電子產品方面時，我們的 Enovation 產品在價格上沒有競爭力。我們從不追求高產量、低利潤的產品。我們憑藉差異化贏得了業務。

And we feel very strongly that we already have that competitive positioning that's a sustainable advantage for us over a lot of our Asian competitors there. And for us, it's more so how do we continue to innovate and stay ahead so that as people are catching up with us, we're already that much further ahead.

我們強烈感覺到，我們已經擁有了這樣的競爭優勢，這對我們來說是一個可持續的優勢，可以超越許多亞洲競爭對手。對我們來說，更重要的是我們如何不斷創新並保持領先，以便當別人追趕我們時，我們已經領先了很多。

Yeah. Nate, I would just add to that outside the US, when we look at China and the health and wellness, because of some of the tariffs of products coming into the US from China, we have seen the local manufacturing there pick up. And our facility that we have there within Balboa had a strong quarter in Q2 and we see that as a competitive advantage as well.

是的。內特，我想補充一點，在美國以外，當我們看中國和健康與保健時，由於對從中國進入美國的一些產品徵收關稅，我們看到那裡的本地製造業正在回暖。我們在巴爾博亞的工廠在第二季度表現強勁，我們也認為這是一個競爭優勢。

Follow-up question is on changes to the organizational structure that you talked about. I know you've talked fairly extensively about changes to the commercial organization. So want an update on how that's going and how far towards completion you think you are on that? And then are there any other changes that you're either contemplating or implementing in the organizational structure that you think will make Helios more efficient?

後續問題是關於您談到的組織結構的變化。我知道您已經相當廣泛地談論了商業組織的變革。那麼，您想了解進度以及您認為完成情況如何嗎？那麼，您是否正在考慮或實施組織結構的其他變革，以讓 Helios 更有效率？

Thanks, Nathan. Yes. So we -- again, going back to the strategic planning process we went through that, to me, it became evident that we needed to reorganize and restructure how we do our daily work. And what that led to was, first, where do we want to go, who do we want to be, the values of the company? And then from the regional structure that was put in place, really unwinding that to go back to focusing on our brands and our products.

謝謝，內森。是的。因此，我們——再次回顧我們所經歷的策略規劃過程，對我來說，很明顯我們需要重新組織和重構我們的日常工作方式。這引出了以下問題：首先，我們想要去哪裡，我們想要成為什麼樣的人，公司的價值觀是什麼？然後從已建立的區域結構開始，真正放鬆下來，重新專注於我們的品牌和產品。

The beauty of Helios, as I said earlier, is our diversification, but it also created complexity with the regional structure when we were trying to go to market, say, with Hydraulics in Europe with the team on the ground that's Faster that is typically selling direct to an OEM and selling a coupler versus through distribution and selling a technical cartridge valve.

正如我之前所說，Helios 的優點在於我們的多元化，但當我們試圖進入市場時，它也帶來了區域結構的複雜性，例如，在歐洲的液壓領域，當地團隊的速度更快，通常直接向 OEM 銷售耦合器，而不是透過分銷和銷售技術插裝閥。

And so really going back to having one leader for each of the brands and then supporting those leaders from a human resources, finance, IT perspective and then building around the sales organization, because again, going to market for these different products is very different.

因此，實際上要為每個品牌配備一名領導者，然後從人力資源、財務、IT 角度支持這些領導者，然後圍繞銷售組織進行建設，因為再次強調，這些不同產品的行銷是非常不同的。

It's very similar on the Electronics side where a health and wellness customer with a direct OEM relationship and also distribution is very different than selling to a recreational product manufacturer. So it's really focusing how we do that. I would say, we are well along in the structure side of it and having the people in the right seats and we've injected new talent from the outside into the organization as well.

電子產品方面的情況非常相似，與保健產品製造商有直接 OEM 關係且分銷的客戶與向休閒產品製造商銷售產品的客戶有很大不同。因此，我們真正關注的是該如何做到這一點。我想說，我們在結構方面進展順利，人員安排到位，我們也從外部為組織注入了新的人才。

But we're still in the early innings of standing up the go-to-market processes and such. I just came off -- so every month now, I have a meeting with the entire sales team, and it's really focused on new business wins. That's the number one thing we're talking about. And so my indicators are how is the sales funnel looking? How many new business wins are we getting over the finish line?

但我們仍處於建立市場進入流程等的早期階段。我剛離開——所以現在每個月我都會與整個銷售團隊開會，重點是爭取新業務。這是我們正在談論的第一件事。那我的指標就是銷售漏斗看起來怎麼樣呢？我們最終贏得了多少新的業務？

And not that we can always talk about many of them, but clearly, I think I couldn't be more pleased with the early progress we're having. And we have out delivered our first quarter or first half expectations from a top line perspective and the back half, we're raising because of what we're seeing in the markets and the order books.

並不是說我們總是可以談論其中的許多問題，但顯然，我認為我對我們取得的早期進展感到非常高興。從營收角度來看，我們已超越了第一季或上半年的預期，而根據市場和訂單情況，我們正在提高下半年的業績。

And so I think those are all signs of that. But for me, what gets really exciting is to think about the product pipeline and whether that's what we've already launched this year or what we have coming. And we had a slide in our deck on the products.

所以我認為這些都是這樣的跡象。但對我來說，真正令人興奮的是考慮產品線以及這是我們今年已經推出的產品還是即將推出的產品。我們的簡報上有關於產品的幻燈片。

And I mean, you look at that slide, and you look at the products along there, not one of them on there was one that we had in the portfolio last year. They are all brand-new incremental revenue streams and they're not cannibalizing existing sales. They're augmentation of our existing offerings or improvements. And so we're pretty excited how this is all coming together. And granted, we need to bend the curve because it's not lost on me.

我的意思是，你看一下那張投影片，看看上面的產品，你會發現其中沒有一個是我們去年在產品組合中擁有的。它們都是全新的增量收入來源，不會蠶食現有的銷售額。它們增強了我們現有的產品或進行了改進。所以我們對這一切的進展感到非常興奮。當然，我們需要扭轉這種局面，因為我明白這一點。

We've had 12 consecutive quarters of sales declines. And looking ahead, we feel very confident that we can grow this business.

我們的銷售額已連續 12 個季度下滑。展望未來，我們非常有信心能夠發展這項業務。

Chris Moore, CJS Securities.

克里斯摩爾 (Chris Moore)，CJS 證券。

This is Will on for Chris. Can you provide an update on the strategic agreement with WaterGuru? Where are you in integrating the technology into some of Balboa's products? And what is a reasonable expectation in terms of generating noticeable revenue?

這是威爾為克里斯上場。您能否提供與 WaterGuru 達成的策略協議的最新情況？您在將這項技術融入 Balboa 的一些產品方面進展如何？那麼，就產生可觀的收入而言，合理的預期是什麼？

Yeah. Thanks, Chris. This is Jeremy. Yeah, great question. We entered that strategic relationship last year to both design and manufacture the hardware for the spot market as well as cassettes that will sense the water quality.

是的。謝謝，克里斯。這是傑里米。是的，很好的問題。我們去年建立了戰略合作關係，共同設計和製造現貨市場的硬體以及用於感應水質的盒式磁帶。

And all of that's tied into a mobile app that users can see. And we spent a lot of time developing that and coming up with the right manufacturing process, but also a very quality design as well as manufacturing -- I'm sorry, as well as packaging and consumer packaging. So we launched that in the second quarter and we expect that to pick up, but it's going to be a ramp. Obviously, we want to get the hardware units out. We've got a design that it can be set into the spa as a floating type.

所有這些都與用戶可以看到的行動應用程式相關聯。我們花了很多時間進行開發，並提出了正確的製造工藝，同時也提出了非常高品質的設計和製造——對不起，還有包裝和消費者包裝。因此，我們在第二季度推出了這項服務，我們預計它會有所回升，但這將是一個上升的過程。顯然，我們希望推出硬體單元。我們有一個設計，它可以作為浮動類型設置到水療中心。

We're also working with OEMs to integrate that into the overall spa design and the new spa models. And the more of those that get out into the market, the higher the recurring revenue we would expect on the cassettes that last about three to four months before they need to be replaced. So really, really excited about that. The team did a great job launching that. We've got the app up and running.

我們也與 OEM 合作，將其融入整體水療設計和新的水療模式中。進入市場的磁帶越多，我們預期的經常性收入就越高，因為磁帶大約可以使用三到四個月才需要更換。我對此真的非常非常興奮。該團隊在啟動這項專案時表現非常出色。我們已經啟動並運行該應用程式。

But again, we don't expect that to have a material impact on our sales and profits this year. But as we get into '26, we definitely expect that to ramp.

但我們再次強調，我們預計這不會對我們今年的銷售和利潤產生重大影響。但隨著我們進入 26 年，我們肯定預計這一數字會上升。

Very helpful. And then just one more. If we get a 75 to 100 basis point reduction in interest rates over the next six months, would that have a meaningful impact on how you're thinking about '26 revenue? And what areas would be the most impacted?

非常有幫助。然後再來一個。如果我們在未來六個月內將利率降低 75 至 100 個基點，這會對您對 26 年收入的看法產生重大影響嗎？哪些地區受影響最嚴重？

Hey, Will, before I answer that, I didn't get a chance to jump in before that second question. I want to just also highlight with respect to the WaterGuru relationship, we will be manufacturing and are manufacturing those products and cassettes. And we've displaced the WaterGuru supplier that was China-based.

嘿，威爾，在我回答這個問題之前，我沒有機會在第二個問題之前插話。我還想強調一下與 WaterGuru 的關係，我們將生產並且正在生產這些產品和磁帶。我們已經取代了位於中國的 WaterGuru 供應商。

And so almost parlaying back to Nathan's question, this is a bit of a conquest win and certainly will help improve our return profile on those products by having the manufacturing. With respect to interest rates, absolutely would see that as a helpful tailwind for us, particularly when you look at our consumer discretionary exposures, more indexed to our Electronics segment, I think towboats and our great customers there, Nautique, MasterCraft, the recreational product customers, also with the health and wellness space, a lot of those products are financed.

因此，幾乎回到 Nathan 的問題，這有點像是一場征服的勝利，而透過製造肯定會幫助我們改善這些產品的回報狀況。關於利率，絕對會將其視為對我們有益的順風，特別是當您查看我們的非必需消費品風險敞口時，更多地與我們的電子產品部門掛鉤，我認為拖船和我們在那裡的優質客戶，Nautique，MasterCraft，休閒產品客戶，以及健康和保健領域，其中許多產品都是融資的。

And so any sort of reduction in rates will bring more of those coupon buyers back to the market that have been sitting on the sideline. Even further within our Hydraulics segment, there's a bit of that as well. You think about some of the big equipment that's financed. And so see all of that as very helpful if we see reductions. But that said, we've been operating in this current environment, and we think we can grow without -- we haven't planned for that in the back half of the year, even though the pundits have continued to call for reductions that haven't materialized.

因此，任何形式的利率降低都會吸引更多觀望的票面購買者重返市場。甚至在我們的液壓領域中，也存在一些這樣的情況。您可以考慮一些獲得融資的大型設備。因此，如果我們看到減少，那麼所有這些都是非常有幫助的。但話雖如此，我們一直在當前環境下運營，我們認為我們可以在沒有這種環境下實現增長——儘管專家們一直呼籲削減開支但並未實現，但我們在今年下半年並沒有為此做計劃。

So we'll see if we see that, we see that as a very helpful development. And also, just with our current debt stack that we're carrying, it will help reduce our own interest expense and cash outflow as well.

因此，我們會看看是否看到了這一點，我們認為這是一個非常有益的發展。而且，僅憑我們目前承擔的債務，它也將有助於減少我們自己的利息支出和現金流出。

(Operator Instructions)

（操作員指示）

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

Yeah, I just had a couple of housekeeping items. One, can you just explain the dip in interest expense? It looks pretty low for second half. And then just for the guide, what do you have for Custom Fluidpower? Is it closing the end of third quarter or is it in there for the full year.

是的，我剛買了幾件家事用品。第一，您能解釋一下利息支出下降的原因嗎？下半場的表現看起來相當低迷。那麼僅作為指南，您對 Custom Fluidpower 有什麼看法？這是在第三季末結束還是在全年結束？

Sounds good, Jeff. Yes. So from an interest rate perspective, implied in our full year guide is a significant drop in interest expense. Obviously, we've been prioritizing our debt repayment and continue to do that. Actually, this is the 8th consecutive quarter that we've reduced that and with expectations.

聽起來不錯，傑夫。是的。因此，從利率角度來看，我們的全年指南暗示利息支出將大幅下降。顯然，我們一直優先考慮償還債務，並將繼續這樣做。實際上，這是我們連續第 8 個季度降低這一數字，並且符合預期。

Hopefully rates do come down, that could also help us. Although we haven't built that in, we have built in further debt reduction. I'll highlight second quarter, despite our revenue being depressed, was our second-best cash flow quarter from a cash flow from operations in our company's history, and so continuing to focus on that. We feel good we can continue that streak.

希望利率確實下降，這也能對我們有幫助。儘管我們還沒有將其納入其中，但我們已經進一步削減了債務。我要強調的是，儘管我們的收入下降，但第二季度是我們公司歷史上經營活動現金流第二好的季度，因此我們將繼續關注這一點。我們感覺很好，我們可以繼續保持這種勢頭。

And so obviously, that just reduces the amount that we have to pay. The other big mover, if you recall, last year, we refinanced our debt a little early. We would -- it would have matured in October of this year, and we didn't want to bring that short term onto our balance sheet. And so we've kicked that off last spring and we're successful in refinancing that in June of 2024. And with that, renegotiated some lower rates in terms of our borrowing spreads.

顯然，這只是減少了我們必須支付的金額。如果您還記得的話，另一個重大舉措是，去年我們稍早對債務進行了再融資。我們會—它將在今年 10 月到期，我們不想將這個短期債務納入我們的資產負債表。因此，我們在去年春天啟動了該項目，並於 2024 年 6 月成功完成了再融資。同時，我們重新協商了借貸利差方面的一些較低利率。

And as we continue to manage our leverage rate down, the spreads get even lower. So all of those things are very helpful. And then the biggest mover was due to the fact that when we refinanced our debt, we had two interest rate swaps outstanding that were both in the money.

隨著我們繼續降低槓桿率，利差會變得更低。所以所有這些都非常有用。而最大的推動力是由於當我們再融資債務時，我們有兩個未償還的利率互換，而且都是價內交易。

The accounting rules require you to put that on the balance sheet because we had to terminate them early because the bank didn't decide to continue to participate in our new debt facility. So we had to terminate the swaps.

會計規則要求您將其放入資產負債表，因為我們必須提前終止它們，因為銀行沒有決定繼續參與我們的新債務融資。所以我們只好終止掉期交易。

So you just hold that on your balance sheet and you recognize the gain in the period the swap would have expired or matured. And so that's in the fourth quarter this year. And so you'll see about just over a $5 million run rate reduction purely from that. And so that's what's baked in there. And then regarding the CFP, I mean, we don't know.

因此，您只需將其保留在資產負債表上，並在掉期到期或到期期間確認收益。這就是今年第四季的情況。因此，您會看到，僅憑這一點，運行率就會減少約 500 萬美元。這就是裡面烤的東西。關於 CFP，我的意思是，我們不知道。

I mean we're planning 60 to 90 days for a close just to give ourselves some room. So obviously, if we do that earlier, that will help us pay down more debt quicker because that's what we intend to do with those proceeds. Obviously, it would lower our run rates. Jeremy, you can speak to the revenue and EBITDA run rates and what we would expect there may be from a quarterly perspective.

我的意思是，我們計劃用 60 到 90 天的時間來完成，只是為了給自己一些空間。因此，顯然，如果我們早點這樣做，那將有助於我們更快地償還更多債務，因為這就是我們打算用這些收益做的事情。顯然，這會降低我們的運行率。傑里米，您可以談談收入和 EBITDA 運行率，以及從季度角度來看我們的預期。

Yeah. CFP has been about a $60 million business on an annual basis. We would expect, depending on the timing around $15 million that may come out of our Q4. As we said in our opening remarks on the EBITDA, it's probably about a $2 million EBITDA impact if it closes yet this quarter. So that's how we're looking at it in terms of the timing and potential impact to Q4.

是的。CFP 每年的營業額約為 6,000 萬美元。我們預計，根據時間安排，第四季可能會產生約 1500 萬美元的收入。正如我們在 EBITDA 的開場白中所說的那樣，如果本季完成交易，可能會對 EBITDA 產生約 200 萬美元的影響。這就是我們從時間和對第四季度的潛在影響的角度來看待它的方式。

As there are no further questions, I would now like to hand the conference over to Tania Almond for closing comments.

由於沒有其他問題，我現在想將會議交給塔尼亞·阿爾蒙德 (Tania Almond) 進行總結發言。

Great. Thank you so much for joining us today. We will be on the road in the coming weeks and months and look forward to connecting with you in person. In the meantime, we hope you enjoy the remaining bits of the summer season here in North America. Please reach out to me if you have any follow-up questions, and have a great day.

偉大的。非常感謝您今天加入我們。我們將在未來幾週和幾個月內繼續前行，並期待與您親自聯繫。同時，我們希望您能享受北美剩餘的夏季時光。如果您有任何後續問題，請聯繫我，祝您有美好的一天。

Thank you. This concludes today's teleconference. 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。