Helios Technologies Inc (HLIO) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Helios Technologies third quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Helios Technologies 2025 年第三季財務業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Tania Almond, Vice President of Investor Relations and Corporate Communications. Thank you. You may begin.

現在，我榮幸地向大家介紹主持人，投資者關係和企業傳播副總裁塔尼亞·阿爾蒙德。謝謝。你可以開始了。

Thank you, operator, and good day, everyone. Welcome to the Helios Technologies third 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，祝大家今天愉快。歡迎參加 Helios Technologies 2025 年第三季財務業績電話會議。我們昨天下午發布新聞稿公佈了我們的業績。如果您還沒有這份新聞稿，可以在我們的網站 hlio.com 上找到。您還可以在網站上找到我們今天討論的幻燈片以及我們準備好的演講稿。

Here with me today are Sean Bagan, President and Chief Executive Officer; Michael Connaway, our Chief Financial Officer; and Jeremy Evans, our Chief Accounting Officer. Please join us in welcoming Michael for his first earnings call with Helios. He joined the Helios' team just three weeks ago. Sean will start the call with highlights from the third quarter, then hand it over to Michael for a brief introduction. Jeremy will then review our third quarter financial results in detail.

今天和我在一起的有：總裁兼執行長肖恩·巴根；首席財務官邁克爾·康納威；以及首席會計官傑里米·埃文斯。請大家一起歡迎 Michael 參加他在 Helios 的首次財報電話會議。他三週前才加入 Helios 團隊。肖恩將首先回顧第三節的精彩瞬間，然後把電話交給麥可做簡短介紹。接下來，傑里米將詳細審查我們第三季的財務表現。

Sean will conclude our prepared remarks with expectations for the remainder of 2025. We will then 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 those presented today.

肖恩將以對 2025 年剩餘時間的展望來結束我們準備好的發言。接下來我們將開放提問環節。如果您翻到第 2 張投影片，您將看到我們的安全港聲明。您可能已經注意到，我們將在本次演講和問答環節中發表一些前瞻性聲明。這些聲明適用於未來事件，但未來事件存在風險和不確定性，以及其他可能導致實際結果與今天所呈現的結果有重大差異的因素。

These risks and uncertainties and other factors can be found in our annual report on Form 10-K for 2024, along with 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、不確定性及其他因素可在我們 2024 年的 10-K 表格年度報告以及即將提交給美國證券交易委員會的 10-Q 表格中找到。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，在今天的電話會議中，我們將討論一些非GAAP財務指標，我們認為這些指標對於評估我們的績效是有用的。您不應孤立地看待這些補充資訊的呈現，也不應將其視為按照公認會計原則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.

我們在今天投影片附帶的表格中提供了可比較GAAP指標與非GAAP指標的調節表。請參考投影片3和4。

With that, it's my pleasure to turn the call over to Sean.

那麼，我很高興把電話交給肖恩。

Thanks, Tania, and welcome, everyone. We appreciate you joining us today. Our third quarter delivered positive measurable results, analogous to the current changing autumn season. Since I joined Helios nine quarters ago, our business has persevered through various market down cycles. I am pleased to finally report that the third quarter was a harvest season for Helios as we returned to growth and delivered above 20% adjusted EBITDA margin.

謝謝塔尼亞，也歡迎各位。感謝您今天蒞臨。第三季我們取得了可衡量的正面成果，這與目前秋季的季節更迭相呼應。自從我九個季度前加入 Helios 以來，我們的業務已經挺過了各種市場低迷週期。我很高興地宣布，第三季是 Helios 的豐收季，我們恢復了成長，並實現了超過 20% 的調整後 EBITDA 利潤率。

After planting strategic initiatives and weathering challenges, we're now seeing results in the same way that farmers do after spending months planting, nurturing and waiting, often through unpredictable weather before finally harvesting in the fall. Helios Technologies is evolving through restructuring, innovating and expanding and the core remains incredibly strong.

在製定策略性舉措並克服挑戰之後，我們現在看到了成果，就像農民花費數月時間播種、培育和等待，經常經歷難以預測的天氣，最終在秋季收穫一樣。Helios Technologies 透過重組、創新和擴張不斷發展，其核心實力依然非常強大。

Growth often requires visible change, and now the progress is coming through in our financial results. We believe the third quarter marks a turning point for Helios. We delivered a 13% sales increase with growth across all three of our regions and both business segments.

成長往往需要可見的變化，而現在，我們的財務表現正在反映出這種進步。我們認為第三季是 Helios 的一個轉捩點。我們實現了 13% 的銷售額成長，三個地區和兩個業務部門均實現了成長。

This growth was driven by a strong performance from our Electronics business. In fact, it was a record quarter for Enovation Controls with strong demand returning in the recreational industry. That's not to discount the growth in hydraulics, which was achieved in what continues to be a soft marketplace.

這一成長主要得益於我們電子業務的強勁表現。事實上，由於休閒娛樂產業需求強勁回升，Enovation Controls 迎來了創紀錄的一個季度。當然，這並不意味著液壓技術的成長微不足道，儘管其成長是在持續疲軟的市場環境下實現的。

Our focus on our go-to-market strategy and accelerated pace of innovation is winning back customers and taking market share. Of note, over the last five months, our weekly average order volume has outperformed the same period in the last three years.

我們專注於市場推廣策略和加快創新步伐，正在贏回客戶並奪回市場份額。值得注意的是，在過去的五個月裡，我們的每週平均訂單量超過了過去三年同期水準。

Our customer centricity and high level of customer engagement is capturing new business wins and growing our sales funnel. Our new products across both segments have had great reception, where we have been showcasing them at major trade shows such as IBEX, Utility Expo, the Battery Show, iVT Expo, bauma ConExpo India, and the International Pool Spa Patio Expo.

我們以客戶為中心，高度重視客戶互動，從而贏得了新的業務，並擴大了我們的銷售管道。我們在兩個領域的新產品都受到了熱烈歡迎，我們已在 IBEX、Utility Expo、電池展、iVT Expo、bauma ConExpo India 和國際泳池水療庭院展等主要貿易展覽會上展示了這些產品。

In addition to our customer-focused initiatives, our teams also dedicated time to strengthening our culture and giving back to the communities in which we work. We are doing this work with purpose as we strive to be the employer of choice in the communities we live. It is getting noticed with numerous external awards and accolades.

除了以客戶為中心的措施外，我們的團隊還投入時間加強企業文化，並回饋我們工作的社區。我們進行這項工作是有目的的，因為我們努力成為我們社區的首選雇主。它憑藉眾多外部獎項和榮譽而備受關注。

Among other examples, we continued our annual sponsorship of the Clyde Nixon Business Leadership Award, named after a former Sun Hydraulics Chairman and CEO. This award is presented at the Sarasota County's Economic Development Corporation's Annual Meeting and honors the Sarasota County's business leader who exemplifies the personal integrity, business excellence and community commitment of the late Clyde Nixon.

除此之外，我們還繼續每年贊助克萊德·尼克森商業領袖獎，該獎項以太陽液壓公司前董事長兼執行長的名字命名。該獎項在薩拉索塔縣經濟發展公司年會上頒發，旨在表彰薩拉索塔縣的商業領袖，他體現了已故克萊德·尼克鬆的個人正直、卓越的商業才能和對社區的奉獻精神。

Additionally, during our recent Helios Leadership Summit, our team prepared books filled with inspirational messages for the children served by Easterseals Southwest Florida chapter. These servant leadership qualities go back to our founders, specifically Bob Koski's unique approach to his infamous horizontal management style and his philanthropic mindset. Moving to our results.

此外，在我們最近舉辦的 Helios 領導力高峰會上，我們的團隊為 Easterseals 西南佛羅裡達分會服務的孩子們準備了充滿勵志訊息的書籍。這些僕人式領導的品質可以追溯到我們的創始人，特別是鮑勃·科斯基獨特的橫向管理風格和慈善思想。接下來是我們的測試結果。

As expected, our higher sales in the third quarter contributed to margin expansion. This shows through in our operating model when you look at the sequential sales step-up from 2Q'25 to 3Q'25 of $8 million and the associated incremental margins at the gross profit line all the way through to the adjusted EBITDA and earnings per share.

正如預期的那樣，第三季更高的銷售額促進了利潤率的提升。從我們的營運模式可以看出，2025 年第二季到第三季度，銷售額環比增長了 800 萬美元，毛利潤率也隨之增長，一直到調整後的 EBITDA 和每股收益都實現了增長。

We are continuing to invest in engineering resources to drive our future product pipeline and are upgrading production capabilities, which will have a productivity payoff in the future. We also continue to generate positive cash flow and reduce debt. After our ninth consecutive quarter of paying down debt, our net debt-to-adjusted EBITDA leverage ratio has improved to 2.4 times.

我們將繼續投資工程資源，以推動未來的產品研發，並升級生產能力，這將在未來帶來生產力提升。我們也持續創造正現金流並減少債務。經過連續第九個季度償還債務，我們的淨債務與調整後 EBITDA 槓桿率已改善至 2.4 倍。

During the quarter, we closed the sale of Custom Fluidpower and recorded a gain of $21 million. We are excited to have CFP remain in the Sun family as a continued hydraulics distributor in Australia, under an exclusive distribution agreement for the region.

本季度，我們完成了 Custom Fluidpower 的出售，並獲得了 2,100 萬美元的收益。我們很高興 CFP 將繼續留在 Sun 集團，作為我們在澳洲的液壓設備分銷商，並根據該地區的獨家分銷協議繼續開展業務。

This followed the action to close our HCEE operation and put engineering resources back into our core businesses, another example of our evaluation of the footprint realignment. This is a continuous focus as we evaluate how best we optimize our operations to serve our customers where we can command strong market positions.

先前，我們關閉了 HCEE 業務，並將工程資源重新投入到我們的核心業務中，這是我們評估業務佈局調整的另一個例子。我們將持續關注這一問題，評估如何才能最好地優化我們的運營，從而更好地服務於我們的客戶，並在我們能夠佔據強大市場地位的領域取得領先地位。

Also, as part of our ongoing portfolio evaluation, this quarter we wrote down $25.9 million of goodwill related to i3 product development, a company we acquired in May 2023. We have refocused i3PD engineers on projects aligned with Helios's core business and strategic goals, including the No Roads and Cygnus Reach software platforms, supported by a leadership change that has added more software sales expertise. We have reforecast sales for i3PD and adjusted our expectations for the rate of adoption of new software capabilities.

此外，作為我們持續進行的投資組合評估的一部分，本季我們對與 i3 產品開發相關的 2,590 萬美元商譽進行了減記，i3 是我們於 2023 年 5 月收購的公司。我們已將 i3PD 工程師重新聚焦於與 Helios 的核心業務和策略目標一致的項目，包括 No Roads 和 Cygnus Reach 軟體平台，同時領導層的更迭也增加了更多軟體銷售方面的專業知識。我們重新預測了 i3PD 的銷售額，並調整了對新軟體功能採用率的預期。

Overall, for Helios, we remain focused on profitably growing the business, driving EBITDA margins back into the 20s and improving our return on invested capital. Our capital priorities remain to invest in organic growth, reduce debt, maintain our long dividend history and opportunistically repurchase shares.

總體而言，對於 Helios 而言，我們仍然專注於實現業務的獲利成長，將 EBITDA 利潤率推回 20% 以上，並提高我們的投資資本回報率。我們的資本優先事項仍然是投資內生成長、減少債務、維持長期分紅歷史、擇機回購股票。

With continued margin expansion, we expect to lower our leverage ratio to around 2 times by year-end with the fourth quarter cash flow generated from operations combined with utilizing the cash received on October 1st from the sale of CFP. As we continue to strengthen our balance sheet, we will have more optionality to make strategic investments as we advance into 2026. Finally, I would like to take this opportunity to welcome Michael Connaway as our new CFO.

隨著利潤率的持續擴張，我們預計到年底，利用第四季度經營活動產生的現金流以及10月1日出售CFP所得的現金，我們的槓桿率將降至2倍左右。隨著我們不斷增強資產負債表，到 2026 年，我們將有更多選擇進行策略性投資。最後，我想藉此機會歡迎麥可康納威擔任我們的新財務長。

Our employees, partners and shareholders will find his insightfulness, strong grasp of finance and breadth of experience a nice addition for Helios. We now have our full leadership team in place to harness our collective energy and create the momentum to drive us forward.

我們的員工、合作夥伴和股東都會發現，他的洞察力、對金融的深刻理解和豐富的經驗對 Helios 來說都是一個很好的補充。現在，我們的領導團隊已經全部到位，能夠凝聚體的力量，創造前進的動力。

Let me turn the call over to Michael now to introduce himself.

現在我把電話交給邁克爾，讓他做個自我介紹。

Thanks, Sean. These are certainly exciting times at Helios, and I'm very excited and honored to be here. I joined Helios because I see great potential for this business. I know that we have businesses that have strong cores with well-respected histories, great market positions with global brand recognition, deep customer relationships and quality products that serve critical needs within the applications they are used.

謝謝你，肖恩。對 Helios 來說，這無疑是一個激動人心的時刻，我非常興奮和榮幸能來到這裡。我加入 Helios 是因為我看到了這家公司巨大的發展潛力。我知道我們有一些企業擁有強大的核心實力、備受尊敬的歷史、強大的市場地位、全球品牌知名度、深厚的客戶關係以及能夠滿足其應用領域關鍵需求的高品質產品。

With the progress under Sean's leadership, it is evident there is tremendous value that we can create going forward. I believe that my experience can be well applied here and look forward to contributing to company growth, driving cash and earnings improvements and helping the team create increasing shareholder value over time. With that, let me pass it over to Jeremy to cover the details of the solid third quarter results.

在肖恩的領導下，公司取得了顯著進展，這清楚地表明我們未來能夠創造巨大的價值。我相信我的經驗可以很好地運用到這裡，我期待為公司發展做出貢獻，推動現金流和獲利成長，並幫助團隊隨著時間的推移創造更大的股東價值。接下來，我將把麥克風交給傑里米，讓他詳細介紹第三季穩健的業績。

Thanks, Michael. It's great to have you join us, and good morning, everyone. As I review our third quarter results, please reference slides 5 through 8. Sales in the quarter were $220 million, up 13% year over year and exceeding the top end of our guidance range, which was $215 million. This reflects strong performance in the Electronics segment, which grew 21%, while Hydraulics increased 9%.

謝謝你，麥可。很高興你能加入我們，大家早安。在回顧我們第三季業績時，請參考第 5 至 8 頁投影片。本季銷售額為 2.2 億美元，年成長 13%，超過了我們先前預測的 2.15 億美元的上限。這反映出電子產品部門的強勁表現，成長了 21%，而液壓部門則成長了 9%。

Encouragingly, we saw the mobile, recreational and agriculture markets turn green this quarter relative to year-over-year comparables. There were some orders from the fourth quarter that customers pulled forward, a contribution to the outperformance.

令人鼓舞的是，與去年同期相比，本季行動、休閒和農業市場均實現了成長。客戶提前交付了第四季度的一些訂單，這對業績超預期起到了一定作用。

Sequentially, sales were up 4% or $8 million as demand continued to improve across multiple end markets. Regionally, year-over-year sales increased double-digits across all three geographies. Sequentially, we had 10% growth in APAC and 6% growth in the Americas, offsetting the typical seasonal decline in EMEA, which was down 6%.

環比來看，銷售額成長了 4%，即 800 萬美元，原因是多個終端市場的需求持續改善。從區域來看，所有三個地區的銷售額均實現了兩位數的年增長。從環比來看，亞太地區成長了 10%，美洲地區成長了 6%，抵消了歐洲、中東和非洲地區 6% 的典型季節性下滑。

Note, foreign exchange favorably impacted sales by $1.8 million compared with the year ago period. Gross profit increased 21% year over year to $73 million, with gross margin expanding 200 basis points to 33.1%, driven primarily by better capacity utilization from higher volumes, favorable mix and operational efficiency improvements, which more than offset tariff headwinds.

請注意，與去年同期相比，外匯匯率對銷售額產生了180萬美元的有利影響。毛利年增 21% 至 7,300 萬美元，毛利率成長 200 個基點至 33.1%，主要得益於銷售成長帶來的產能利用率提高、產品組合優化以及營運效率提升，這些因素足以抵銷關稅帶來的不利影響。

Sequentially, gross margin improved 130 basis points, reflecting incremental leverage from higher volume, primarily in the Electronics segment. We continue to look for ways to improve gross margin through efficiency and capacity utilization while focusing on our core business.

毛利率環比提高了 130 個基點，主要得益於銷售成長帶來的槓桿效應，尤其是在電子產品領域。我們將繼續尋找提高效率和產能利用率來改善毛利率的方法，同時專注於我們的核心業務。

Our initiatives to restructure HCEE, leverage our low-cost Tijuana facility, divest CFP and refocus i3PD resources, are examples of decisions taken in the past year. Operating income was down in the quarter compared to the prior year, primarily due to goodwill impairment related to i3PD. The CFP divestiture gained mostly offset the goodwill charge.

在過去一年中，我們採取的措施包括重組 HCEE、利用我們在蒂華納的低成本工廠、剝離 CFP 以及重新調整 i3PD 資源，這些都是我們做出的決定的例子。與去年同期相比，本季營業收入有所下降，主要原因是與 i3PD 相關的商譽減損。CFP剝離所得收益基本上抵消了商譽損失。

On an adjusted basis, operating margin came in at 16.6%, the third quarter in a row of expansion, while adjusted EBITDA margin declined 40 basis points year over year. Last year's operating profit had a $5.5 million benefit due to stock compensation reversal from the CEO termination.

經調整後，營業利潤率為 16.6%，連續第三個季度實現成長，而經調整後的 EBITDA 利潤率較去年同期下降 40 個基點。由於執行長離職，股票補償金被撤銷，去年的營業利潤增加了 550 萬美元。

Our effective tax rate in the third quarter was 19.8% compared with 14.2% in the year ago period, reflecting the mix of business and applicable statutory tax rates and the impact of both the goodwill impairment charge and the gain on the sale of CFP. The 2024 period included an overall increase in discrete tax benefits driven by the CEO termination in July of 2024. Diluted EPS was $0.31 in the quarter, down 9% over last year.

第三季我們的實際稅率為 19.8%，而去年同期為 14.2%，這反映了業務稅率和適用法定稅率的組合，以及商譽減損費用和出售 CFP 所得收益的影響。2024 年期間，由於執行長於 2024 年 7 月離職，導致離散稅收優惠整體增加。本季稀釋後每股收益為 0.31 美元，比去年同期下降 9%。

Diluted non-GAAP EPS was $0.72 in the quarter, up 22% over last year, primarily from the sales growth and business improvements we have discussed. The sequential increase demonstrates the strong operating leverage of the business. Turning to slide 9.

本季稀釋後的非GAAP每股收益為0.72美元，比去年同期成長22%，主要得益於我們討論過的銷售成長和業務改善。環比成長顯示該業務具有強大的經營槓桿作用。翻到第9張投影片。

Hydraulics delivered 9% higher sales year over year, supported by improving demand from our customers in the mobile end market and early signs of improvement in agriculture. Foreign exchange had a favorable $1.8 million impact on the segment compared with the prior year period.

液壓業務銷售額年增 9%，這得益於行動終端市場客戶需求的改善以及農業領域早期出現的改善跡象。與去年同期相比，外匯匯率對該業務板塊產生了 180 萬美元的有利影響。

Hydraulics gross profit and gross margin grew year over year 12% and 90 basis points, respectively, supported by operational efficiencies from improving lead times and continued volume strength at Faster. SEA expenses were up $5 million or 30% over the prior year period, mainly due to the $3.7 million reversal of unvested stock compensation in connection with the CEO termination in July 2024, in addition to higher wages and benefits reflecting investments made in our core operations.

液壓業務的毛利和毛利率分別較去年同期成長 12% 和 90 個基點，這得益於交貨時間的縮短和 Faster 業務持續強勁的銷售成長所帶來的營運效率提升。SEA 支出比上年同期增加了 500 萬美元，增幅達 30%，主要原因是由於 2024 年 7 月首席執行官離職，導致 370 萬美元的未歸屬股票補償被沖回，此外，由於對核心業務的投資，工資和福利也有所增加。

Moving to slide 10. Electronics sales grew 21% year over year, driven by record performance in innovation. We saw growth from our customers in the recreational, mobile and industrial end markets, while our demand in the health and wellness market was relatively flat.

切換到第10張投影片。受創新領域創紀錄表現的推動，電子產品銷售額年增 21%。我們在休閒、行動和工業終端市場的客戶需求有所增長，而我們在健康和保健市場的需求則相對穩定。

Gross profit and gross margin expanded 38% and 420 basis points, respectively, from the prior year, primarily due to higher volumes and more favorable mix.

毛利和毛利率分別比上年增長了38%和420個基點，主要原因是銷量增加和產品組合更有利。

Operating income of negative $13.7 million reflects the i3PD goodwill impairment. Prior to the goodwill impairment charge, operating income as a percentage of sales increased to 15.3%, up 490 basis points compared to the prior year period due to the higher gross margin and lower SEA expenses as a percentage of sales.

營業收入為負 1,370 萬美元，反映了 i3PD 商譽減損。在提列商譽減損費用之前，營業收入佔銷售額的百分比增至 15.3%，比上年同期增長 490 個基點，這主要得益於毛利率的提高和 SEA 費用佔銷售額百分比的降低。

The prior year period included a $1.8 million reversal of unvested stock compensation in connection with the CEO termination. slide 11 shows the trailing 12-month free cash flow conversion rate of 223%. We generated $18.5 million in free cash flow during the quarter, down from $28.8 million in the prior year.

上年同期包含因執行長離職而衝回的180萬美元未歸屬股票薪酬。第11頁幻燈片顯示，過去12個月的自由現金流轉換率為223%。本季我們產生了 1,850 萬美元的自由現金流，低於去年同期的 2,880 萬美元。

This quarter's cash from operations was impacted by an increased accounts receivable balance as a result of the higher sales. CapEx of $6.7 million or 3% of sales was consistent with our focus on maintenance and productivity enhancements that deliver clear and measurable returns on investment.

由於銷售額成長，應收帳款餘額增加，對本季經營活動產生的現金流量造成了影響。資本支出 670 萬美元，佔銷售額的 3%，這與我們專注於維護和提高生產力以實現明確和可衡量的投資回報的概念相符。

Turning to slide 12. At the end of the third quarter, cash and equivalents were $55 million, which did not include all of the proceeds from the sale of CFP, and we had $360 million available on our revolving lines of credit. Our balance sheet is strong and provides us with great flexibility.

翻到第12張投影片。第三季末，現金及現金等價物為 5,500 萬美元，這還不包括出售 CFP 所得的全部收益，而我們的循環信貸額度為 3.6 億美元。我們的資產負債表穩健，為我們提供了極大的彈性。

With that, I will now turn the call back over to Sean.

接下來，我將把通話轉回給肖恩。

Thanks, Jeremy. Turning to slides 13 and 14. We have met our commitments over the last eight consecutive quarters as we have instilled a stronger financial discipline and processes for accountability and predictability.

謝謝你，傑瑞米。請翻到第13和14頁幻燈片。在過去的八個季度裡，我們履行了我們的承諾，因為我們建立了更嚴格的財務紀律和問責制及可預測性流程。

We have also outperformed our expectations for the first nine months of this fiscal year while navigating the tariff landscape and expect to end 2025 well-positioned for further growth carrying into 2026. As we mentioned last quarter, we expected an acceleration from recreational customers based on our order book and other market factors such as improved channel inventories.

本財年前九個月，我們在應對關稅環境的同時，業績也超出了預期，預計到 2025 年底，我們將為 2026 年的進一步增長奠定良好基礎。正如我們上個季度所提到的，根據我們的訂單量和其他市場因素（例如通路庫存的改善），我們預期休閒娛樂客戶的需求將加速成長。

With mobile also starting to show positive indicators, the broader macro and customer sentiment is turning upward. Key industrial indicators are stabilizing and early cycle demand patterns are improving, signals that support the beginning of an up cycle across some of our end markets. At the same time, Helios's own self-help initiatives are taking hold.

隨著行動端也開始出現正面跡象，整體宏觀經濟和消費者情緒正在好轉。關鍵產業指標趨於穩定，早期週期需求模式正在改善，這些訊號表明我們的一些終端市場即將迎來上升週期。同時，赫利俄斯自身的自助倡議也逐漸落實。

We've strengthened our operating discipline, streamlined our portfolio and invested in capabilities that expand our addressable markets. Building on two years of disciplined strategic planning and execution, we are well-positioned to capture the next phase of growth with greater agility and profitability with our streamlined operations.

我們加強了營運紀律，精簡了產品組合，並投資於能夠擴大目標市場的能力。經過兩年的嚴格策略規劃和執行，我們憑藉精簡的運營，已做好充分準備，以更大的靈活性和盈利能力迎接下一階段的增長。

We expect fourth quarter sales to be in the range of $192 million to $202 million, up 10% over the prior year period at the midpoint of the range. This would be a 20% growth rate at the midpoint, adjusting for $15.6 million in CFP sales in the prior year comparable period.

我們預計第四季度銷售額將在 1.92 億美元至 2.02 億美元之間，以該區間的中位數計算，比上年同期增長 10%。如果將上年同期 CFP 銷售額 1,560 萬美元進行調整，則中點成長率將達到 20%。

For the full year, sales at the midpoint of the guidance, adjusting for CFP, would be 4% growth over fiscal 2024. We expect fourth quarter adjusted EBITDA margin to be in the range of 20% to 21%, keeping us at the 20% plus level. For the full year, we expect adjusted EBITDA margin to be in the range of 19.1% to 19.4%, with the midpoint about 25 basis points above the midpoint of our original guidance range from February this year.

全年銷售額以預期中位數計算，經 CFP 調整後，將比 2024 財年成長 4%。我們預計第四季度調整後 EBITDA 利潤率將在 20% 至 21% 之間，使我們保持在 20% 以上的水平。我們預計全年調整後 EBITDA 利潤率將在 19.1% 至 19.4% 之間，其中點值比我們今年 2 月給出的原始指導範圍的中點值高出約 25 個基點。

We expect fourth quarter diluted non-GAAP earnings per share to be in the range of $0.67 to $0.74, which more than doubles over last year at the midpoint. For the full year, we expect diluted non-GAAP EPS of $2.43 to $2.50, with the midpoint 12% above the high end of our original guidance from February. We entered the year with a clear plan and stronger discipline.

我們預計第四季度稀釋後的非GAAP每股收益將在0.67美元至0.74美元之間，其中數值比去年同期增加一倍多。我們預計全年稀釋後的非GAAP每股收益為2.43美元至2.50美元，其中數值比我們2月份給出的最初指引的上限高出12%。今年年初，我們制定了清晰的計劃，並加強了紀律。

And today we're operating with greater precision, accountability and focus, defining a new standard for Helios, one we intend to keep refining and elevating with every step forward. I am incredibly proud of the progress made this year by the Helios team, and we are committed to capitalizing on our momentum as we continue to stack up wins.

如今，我們以更高的精準度、責任感和專注度開展工作，為 Helios 制定了新的標準，我們將在每一步前進中不斷完善和提升這一標準。我為 Helios 團隊今年的進步感到無比自豪，我們將繼續保持這股勢頭，爭取更多勝利。

Turning to slide 15 to 17. We remain focused on organic growth driven by innovation. The team has done a great job launching new products this year that provide incremental sales streams and allow us to attack adjacent markets. Our focus on investing in R&D and innovation through the down cycle has positioned us well for when the cycle starts to turn.

翻到第15至17頁。我們將繼續專注於以創新驅動的內生成長。今年，團隊在推出新產品方面做得非常出色，這些新產品帶來了增量銷售管道，並使我們能夠進入鄰近市場。我們在經濟下行週期中專注於研發和創新投資，這使我們能夠在經濟週期開始好轉時佔據有利地位。

As you look at both our financial priorities as well as our key focus areas we established for the year, I am pleased with how we are performing. We returned to growth this quarter and expect to end the year with sales above 2024 levels with improved margins, a lower cash conversion cycle and reduced debt, laying a strong foundation for 2026.

從我們今年的財務重點和重點領域來看，我對我們的表現感到滿意。本季我們恢復了成長，預計年底銷售額將超過 2024 年的水平，利潤率將有所提高，現金週轉週期將縮短，債務將減少，為 2026 年奠定堅實的基礎。

We are targeting to host our next Investor Day on the morning of March 20, 2026, in Sarasota, Florida. There will be more information provided as we get closer to the event. As I conclude our prepared remarks, I want to revisit what I shared on last quarter's call, our renewed energy and determination to deliver a strong comeback in the second half of the year.

我們計劃於 2026 年 3 月 20 日上午在佛羅裡達州薩拉索塔舉辦下一場投資者日活動。隨著活動臨近，我們將提供更多資訊。在我結束事先準備好的發言之際，我想重申一下我在上個季度電話會議上分享的內容，即我們重振旗鼓、決心在下半年強勢反彈。

Today, I'm proud to say we are doing just that. Our execution and progress reflect the unwavering dedication of every Helios employee around the world. We are fortunate to have an extraordinary group of companies within the Helios family, many celebrating their own remarkable milestones alongside our founding company, Sun Hydraulics, as it marks its 55th anniversary in 2025.

今天，我很自豪地說，我們正在這樣做。我們的執行力和進展體現了 Helios 全球每一位員工堅定不移的奉獻精神。我們很幸運，Helios 集團旗下擁有許多傑出的公司，其中許多公司與我們的創始公司 Sun Hydraulics 一起慶祝各自非凡的里程碑，Sun Hydraulics 將於 2025 年迎來其成立 55 週年。

As we honor that legacy, our focus remains squarely on the future, driving innovation, serving our customers with excellence and creating lasting value for our shareholders. The actions we're taking today are designed to strengthen our foundation and amplify our momentum.

在秉承這項傳統的同時，我們始終將目光投向未來，致力於推動創新，為客戶提供卓越的服務，並為股東創造持久價值。我們今天採取的行動旨在鞏固我們的基礎，並增強我們的發展勢頭。

I'm more confident than ever in my belief that the future is very bright for Helios. 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 line for Q&A, please.

我比以往任何時候都更加確信，Helios 的未來一片光明。感謝您參加今天的電話會議，也感謝您一直以來對 Helios Technologies 的支持與參與。那麼，現在讓我們進入問答環節。

(Operator Instructions) Chris Moore, CJS Securities.

（操作員說明）克里斯·摩爾，CJS證券。

Congrats on a nice quarter and the momentum. Maybe just talk about -- provide a little color on some of your recent commercial wins, how much visibility that gives you into '26?

恭喜本季業績出色，勢頭良好。或許可以談談——簡單介紹一下你最近取得的一些商業成功，以及這些成功能讓你在 2026 年獲得多大的知名度？

Chris, thanks. I appreciate the kind words. And, yes, as you know, when we entered this year, we prioritized our go-to-market as our top initiative. We were coming off -- well, we are now coming off 12 quarters of sales decline. So it feels really good to put up a green number of positive growth and certainly would attribute that to our refocus on go-to-market.

克里斯，謝謝。感謝您的鼓勵。是的，如您所知，今年年初，我們將市場推廣作為首要任務。我們剛剛結束了——好吧，我們現在已經結束了連續12個季度的銷售下滑。因此，能夠取得正成長的綠色數據，感覺真的很好，這當然要歸功於我們重新專注於市場推廣。

We really started with standing up new sales processes, reporting and most importantly, with the team across all of our businesses. And I certainly can give a few recent examples as we're seeing that. But ultimately, the success is going to be judged by our sales and order levels, which we have some really solid metrics that we'll share throughout the Q&A session here. So, across all four businesses, we like to talk about them. A perfect example, recent win is with our Faster team.

我們首先著手建立新的銷售流程、報告機制，最重要的是，與公司所有業務部門的團隊合作。我當然可以舉幾個最近的例子，因為我們現在就看到了這種情況。但最終，成功與否將取決於我們的銷售額和訂單水平，我們有一些非常可靠的指標，我們將在問答環節中分享這些指標。所以，在所有這四個業務領域，我們都喜歡談論它們。最近我們 Faster 團隊的勝利就是一個完美的例子。

As you know, we're proud to celebrate our 55th anniversary here at Sun Hydraulics, but Faster actually will be celebrating their 75th anniversary next year and speaks to the deep, long customer relationships they have. And deep into the AG industry, AGCO is a long-term customer of ours.

如你所知，我們很自豪地慶祝 Sun Hydraulics 成立 55 週年，但 Faster 明年將慶祝成立 75 週年，這體現了他們與客戶之間深厚而長久的合作關係。在農業領域，AGCO 是我們的長期客戶。

And a recent nice win for the Faster team that will start to stack in 2026, where our customer across their three European brands, Fendt, Valtra and Massey Ferguson, decided to really commonize the back end of the hydraulic attachments. And so they chose us for our performance quality and price, frankly, of our coupling. So that's just an example, but there's many of that within the Faster team.

Faster 團隊最近取得了一場不錯的勝利，這項勝利將於 2026 年開始生效。我們的客戶，旗下三個歐洲品牌 Fendt、Valtra 和 Massey Ferguson，決定真正實現液壓配件後端的通用化。坦白說，他們選擇我們是因為我們聯軸器的性能品質和價格。這只是一個例子，但 Faster 團隊中有很多這樣的例子。

The Sun team is really all about distribution and partnering with our long-term distributors and just stacking up wins, as I like to say, within the organization, whether recent wins in the wind power, alternative energy, AWP earthmoving, a leading OEM there through one of our distributors, the light compact construction equipment leader, specialized AG harvesting equipment.

Sun 團隊真正關注的是分銷，以及與我們的長期分銷商合作，正如我常說的，在公司內部不斷取得勝利，無論是最近在風能、替代能源、高空作業平台土方工程（透過我們的分銷商之一，一家領先的原始設備製造商）、輕型緊湊型建築設備領導者，還是專業的農業收割設備方面取得的成功。

These are all small wins that are stacking and adding up. And then you go over to the Electronics segment and just at the International Pool Patio Spa Show in Vegas last week and a great win-back example, one of the higher premium hot tub spa brands, Bullfrog is a customer win back, and they had one of our displays on display at the show that we're very excited to win some of that business back.

這些都是小小的勝利，但它們日積月累，最終會帶來巨大的成就。然後，我們來看看電子產品領域。就在上週拉斯維加斯舉行的國際泳池庭院水療展上，我們看到了一個很好的客戶挽回案例：高端熱水浴缸水療品牌 Bullfrog 成功挽回了部分客戶，他們在展會上展示了我們的產品，我們非常高興能夠重新贏得他們的一些業務。

And then as I highlighted in our prepared remarks, Enovation had a record quarter. They are on the gas and driving innovation and growth for us across all of Helios.

正如我在事先準備好的發言稿中所強調的那樣，Enovation 創下了季度業績紀錄。他們正全力以赴，推動 Helios 各領域的創新和成長。

I would like to speak to one win that we've had recently that we haven't been able to announce yet, but it's in a new space, and it shows our ability to really target through our go-to-market approach, these adjacent opportunities. So this is in the neighborhood electric vehicle space.

我想談談我們最近的勝利，雖然我們目前還不能宣布，但它是在一個新領域取得的，這表明我們有能力透過我們的市場推廣策略，真正抓住這些相鄰的機會。所以這是在社區電動車領域。

That will take some time to ramp and grow as we displace their competitor, but it shows, again, our focus on go-to-market, very targeted on where we're searching. And I couldn't be more prouder of what the Enovation team has done. I would put off our engineers against any of our competitors, whether that's software, mechanical application, that's allowing us to go get these win backs and is key to supporting our product strategy.

這需要一些時間才能逐步擴大規模，取代他們的競爭對手，但這再次表明了我們對市場進入的重視，以及我們對目標市場的精準定位。我為Enovation團隊所做的一切感到無比自豪。我會讓我們的工程師在軟體、機械應用等方面都超越我們的任何競爭對手，這使我們能夠贏回這些客戶，也是支持我們產品策略的關鍵。

Wow, good stuff. I appreciate that. Maybe just my follow-up. Obviously, margin progression is happening here. Fiscal '21 was an unusual year driven by Balboa. Adjusted EBITDA was 24.6%. What would it take over the next two or three years to get back to that level?

哇，好東西。我很感激。或許只是我的後續跟進。顯然，這裡正在發生利潤成長。2021財年是一個不同尋常的年份，這主要歸因於巴爾博亞。調整後 EBITDA 為 24.6%。未來兩三年內需要做些什麼才能恢復到那個水準？

Yes. I'm glad you highlighted Balboa because I've highlighted that before that, that was about double what it currently is in terms of its revenue size during that year. And given that low-cost manufacturing, that was very accretive from an overall Helios mix perspective.

是的。我很高興你提到了巴爾博亞，因為我之前也提到過，那一年它的收入規模大約是現在的兩倍。鑑於其低成本製造，從 Helios 整體組合的角度來看，這非常有利。

But in addition, we were coming off also highs with innovation in the recreational products when everyone was buying outdoor equipment at that time. So I think what we're showing now is the demonstration of the operating leverage we have embedded within our business.

此外，當時每個人都在購買戶外裝備，我們也正處於休閒產品創新的高峰期。所以我認為我們現在所展現的，是我們業務中蘊含的營運槓桿的體現。

And whether you look at sequential step-ups or year over year, we showed a 200 basis points improvement in our gross profit margins here in the third quarter. But even sequentially, you look every quarter this year up.

無論從環比增長還是同比來看，我們第三季的毛利率都提高了 200 個基點。但即使按季度來看，你也會發現今年每季都是如此。

So it's going to come down to volume, and we highlight that, and I will tie that back to why it's so important that we go create growth in this go-to-market. It's no secret the markets we're operating in are not healthy. They're still recovering.

所以最終還是要看銷量，我們會重點強調這一點，我還要解釋為什麼我們在市場推廣上創造成長如此重要。我們所處的市場環境並不健康，這已是公開的秘密。他們仍在康復中。

Now we're seeing signs of growth, but really in order to get that EBITDA margin back into those mid-20s, we need more volume. The other piece that I would highlight there is we've been very focused on the rest of the value drivers within the company.

現在我們看到了成長的跡象，但要真正將 EBITDA 利潤率恢復到 20% 以上，我們需要更多的銷售量。我想強調的另一點是，我們一直非常關注公司內部的其他價值驅動因素。

And certainly, the operating expense of the company has been very well managed. We did want to continue to call out that last year and the compare has about a $5.5 million pickup that was due to the prior CEO's termination.

當然，公司的營運費用控制得非常好。我們確實想繼續指出，去年由於前任執行長被解僱，公司業績增加了約 550 萬美元。

But absent that, we've managed our costs below 2024 levels, and we're growing our sales. So on a year-to-date basis, we're up. So you can see the operating expense leverage we're also getting out of the business.

但即便沒有這種情況，我們也能將成本控制在 2024 年的水平以下，而且我們的銷售額也在成長。所以從今年迄今的數據來看，我們實現了成長。所以你可以看到，我們也從這項業務中獲得了營運費用槓桿效應。

Very helpful, Sean. I'll jump back in line.

肖恩，你幫了我很大的忙。我重新排隊。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

Maybe just start on recreational vehicle. That seems like a market, maybe you touched on it, truck markets are still choppy.

或許可以先從房車入手。那似乎是一個市場，也許你已經有所涉及，卡車市場仍然動盪不安。

But is that -- what you're seeing, destocking ending? Is there a program win share gains? Or is there a real demand recovery there? And maybe same for mobile, which again, seems pretty choppy, but you're pointing the green arrow?

但你看到的，就是去庫存的結束嗎？是否有贏取市場份額和收益的計劃？或者說，那裡真的有需求復甦嗎？手機端可能也一樣，畫面似乎很卡頓，但你指的就是綠色箭頭嗎？

Yes. So starting with the recreational. We have -- what we've seen is the market has -- from a retail perspective has not rebounded. But what has changed is that the dealer channel inventory levels are in a much healthier spot. Our largest customer has been on the gas from an innovation perspective and has taken a lot of share, and we've benefited from that.

是的。那就從休閒娛樂開始吧。我們看到的是，從零售角度來看，市場還沒有反彈。但變化在於，經銷商通路的庫存水準已經處於更健康的狀況。我們最大的客戶在創新方面一直處於高速發展狀態，並佔據了巨大的市場份額，我們也從中受益匪淺。

And honestly, the other piece here is with interest rates, and I've talked about this on prior calls, that this is an industry where a lot of that product is financed. And with the lowering of interest rate environment, that certainly could help.

說實話，另一個需要考慮的因素是利率，我在之前的電話會議上也談到過這一點，這是一個很多產品都是透過融資購買的行業。在利率環境走低的情況下，這肯定會有所幫助。

When we look at it just in North America, I mean, even Canada is outperforming the US from that perspective because their benchmark rates about 2.25% that they just reduced too in October. While our US Fed is still in that 3.75% to 4% targeted range, but came down. And so I expect that to likely help.

如果我們只看北美的情況，我的意思是，從這個角度來看，即使是加拿大也比美國表現得更好，因為他們的基準利率約為 2.25%，而且他們在 10 月也剛剛下調了利率。雖然聯準會仍將利率維持在 3.75% 至 4% 的目標區間內，但已經下調了利率。所以我認為這應該會有幫助。

But when you look at those channel inventory levels, they're absolutely in a much healthier space. The non-currents are finally clearing through with the OEMs running their factory authorized clearance and types of things to pull that through.

但當你查看這些管道的庫存水準時，你會發現它們絕對處於一個健康得多的環境中。非現行產品最終通過了 OEM 廠商的工廠授權審批等一系列程序得以通過。

And dealer sentiment then gets a little bit better there. I don't expect dealers are going to go restock back up to prior levels, and that's not a bad thing. Leaner inventories and healthier turns are good for that industry.

經銷商的情緒隨後略有改善。我不認為經銷商會把庫存恢復到之前的水平，這也不是一件壞事。庫存減少和周轉率提高對該行業有利。

And finally, I would say, our largest customer is -- has very steady optimism that I frankly see it grounded in realism and the worst of the channel cleanups are behind us. And so, that gives us confidence. And then secondly, yes, we are on the gas from a go-to-market perspective. Looking for new wins. I highlighted the NEB, one.

最後，我想說，我們最大的客戶————一直保持著非常穩定的樂觀態度，坦白說，我認為這是基於現實的，而且通路清理工作最糟糕的時期已經過去了。因此，這給了我們信心。其次，是的，從市場推廣的角度來看，我們正在加速前進。尋求新的勝利。我重點標註了NEB，一。

And I would tell you, we're looking at others within that space, whether that's both with just the off-road type vehicles or marine, which is really excited about our No Roads application that we have now launched the No Roads Marine, and we expect that to help us get some new wins there in that segment as well.

我可以告訴你們，我們正在關注該領域的其他方面，無論是越野車還是船舶，我們都對我們的 No Roads 應用程式感到非常興奮，我們現在推出了 No Roads Marine，我們希望它也能幫助我們在該領域取得一些新的勝利。

Okay. Great. So appreciate -- the CFP looks like a good divestiture and done i3 moves, I think we understand. Any more portfolio reshaping you think needs to happen from here? Or is this where we're set?

好的。偉大的。所以，謝謝——CFP 看起來是一筆不錯的資產剝離，而且已經完成了 i3 操作，我想我們都明白。您認為接下來還需要對投資組合進行其他調整嗎？難道這就是我們的最終結局嗎？

And then you mentioned as you get leverage down, you want to -- it should allow you to lean in on strategic investments. And I'm just wondering maybe how you're thinking the same or differently than the prior management team about M&A?

然後你提到，隨著槓桿率的降低，你應該可以──這應該能讓你加大戰略投資力道。我只是想知道，您在併購方面的想法與之前的管理團隊有何相同或不同之處？

Yes, Jeff. So I would say from a portfolio perspective, nothing else imminent. I would say, for me, this is just standard work that we're always evaluating the portfolio and the performances of the different businesses. But at this point, we're strongly committed to all of our businesses. It's no secret that our Balboa business has deteriorated from those COVID highs that certainly weren't sustainable.

是的，傑夫。所以從投資組合的角度來看，近期沒有其他計畫。對我來說，這只是標準工作，我們一直在評估投資組合和不同業務的表現。但目前，我們對所有業務都保持著堅定的承諾。巴爾博亞的業務自新冠疫情期間的高峰以來就一直下滑，這已不是什麼秘密，而且這種高峰顯然是不可持續的。

But we feel really good about the trajectory of that business and have a multipronged approach plan to improve their profitability as that volume returns. Coming off of that recent show that I referenced in Vegas, we demonstrated in a a side room.

但我們對該業務的發展軌跡感到非常樂觀，並製定了多管齊下的計劃，隨著銷量的恢復，提高其盈利能力。在拉斯維加斯那場我之前提到的演出之後，我們在一個側廳進行了演示。

So we had our typical booth, but we had a side room where we brought in all our key OEM customers to really show them our vision for our product pipeline. And I will tell you that we have more product coming in the next 18 months than we have launched in the last 10 years, and we've started some of that. Purezone is one example.

所以我們建造了一個典型的展位，但我們還有一個側廳，在那裡我們邀請了所有重要的 OEM 客戶，向他們真正展示了我們對產品線的願景。我可以告訴大家，未來 18 個月內我們將推出的產品比過去 10 年推出的產品還要多，而且我們已經開始著手進行其中一些產品的研發。Purezone就是一個例子。

So, we're excited and believe that the existing portfolio is strong, but we're always going to evaluate that.

所以，我們感到很興奮，並且相信現有的投資組合很強勁，但我們會一直對其進行評估。

Yes. And this is Jeremy. I'll touch on the M&A question. As we've said in prior calls, our focus has been on paying down debt. Our leverage ratio is down to 2.4 times at the end of Q3.

是的。這位是傑里米。我將簡要地談談併購問題。正如我們之前在電話會議中所說，我們的重點一直是償還債務。第三季末，我們的槓桿率降至 2.4 倍。

We think we could get that around two by the end of the year. And when you look at our cash flow -- free cash flow last 12 months, very high, near record high cash flow. So we do expect as we get into 2026 that we will have maybe a different priority around capital allocation.

我們認為到今年年底我們可以把這個數字控制在兩左右。當你查看我們的現金流——過去 12 個月的自由現金流非常高，接近歷史最高水平。因此，我們預計到 2026 年，我們在資本配置方面的優先事項可能會有所不同。

But as we said on prior call, M&A is not going to be driven at the corporate level. It needs to make sense with what we have down in our operating segments, and it needs to get the right return. So we will obviously be aware, be looking. If there's an opportunistic opportunity, for sure, we'll look at it. But it's got to make sense. It's got to fit the portfolio, and it's got to have the right return.

但正如我們在先前的電話會議中所說，併購活動不會由企業層級驅動。它需要與我們現有業務部門的運作相符，並且需要獲得合適的回報。所以，我們當然會留意，密切注意。如果存在機會，我們一定會考慮。但這必須合乎邏輯。它必須符合投資組合的組成，並且必須有適當的回報。

Mircea Dobre, Baird.

米爾恰·多布雷，貝爾德。

This is Joe Grabowski on for Mircea this morning. Welcome aboard, Michael.

這裡是喬·格拉博夫斯基，今天早上為您報道米爾恰。歡迎登船，麥可。

Thank you.

謝謝。

Okay. So I guess I'd start in Electronics, and I know we've talked about it already, but the sales there were the strongest in the last three years, as you mentioned, Enovation Controls had a record quarter. Maybe just talk about any unusual items in the quarter, any perhaps pull forwards into the quarter? And then I know there's seasonality, but how do you think about the sequential sales progression in Electronics from Q3 into Q4?

好的。所以我想我會從電子產品開始，我知道我們已經討論過這個領域了，但正如你提到的，過去三年裡，電子產品的銷售額是最強勁的，Enovation Controls 的季度業績創下了紀錄。或許可以聊聊本季有哪些不尋常的項目，或者是否有提前到本季的項目？我知道存在季節性因素，但您如何看待電子產品從第三季到第四季的連續銷售成長？

Yes. So Joe, on the Electronics performance in the third quarter, we had in our prepared remarks, there was a little bit of pull-through from the fourth quarter, and that really was concentrated to that -- to the Electronics segment, and it was more in that recreational marine space.

是的。所以喬，關於第三季電子產品業務的表現，我們在準備好的發言稿中提到，第四季的業績有所延續，而且這種延續主要集中在電子產品部門，尤其是在休閒船舶領域。

I think absent that $3 million, we were just above the top end of our guide by about a point once you take that $3 million out. And when you look at the Hydraulics segment, although I understand your question is electronics related, it was a very similar trend. We're about a point above our top end of our guide with some things hitting a little bit more favorably across both segments.

我認為，如果去掉那 300 萬美元，我們的價格就比指導價的上限高出約 1 個百分點。當你觀察液壓領域時，雖然我知道你的問題與電子產品有關，但它的趨勢非常相似。我們目前的狀況比指南的最高預期高出約一個點，而且在兩個細分市場中，某些方面的表現都略好一些。

Just the numerics quick on that one, on the sequential. So you alluded to some of the sales pull-ins. But off of that $79 million number in Q3, call it, $3 million or $4 million on sales pull-ins driven by customer ordering patterns.

只需快速計算一下那個順序中的數字即可。所以你提到了一些促銷吸引措施。但從第三季的 7,900 萬美元數字來看，由於客戶訂購模式的推動，銷售額增加了 300 萬或 400 萬美元。

And then if you look at Q4 at the mid on Electronics, which is [$73 million], you would add that back and you get a flat sequential on electronics. But embedded within that flat sequential is two quarters in a row of 20% plus year-over-year view.

然後，如果你看一下第四季度電子產品部分的中期數據，即 [7300 萬美元]，你把它加回去，你會發現電子產品部分的環比增長持平。但在這平穩的季度環比成長中，卻包含了連續兩季年增 20% 以上的成長。

So the Electronics segment, in particular, Enovation is continuing to show really good sales progression.

因此，電子產品領域，尤其是 Enovation，持續展現出非常好的銷售成長動能。

Great. Okay. Great. That's very helpful. And then maybe my follow-up, switching to Hydraulics.

偉大的。好的。偉大的。那很有幫助。然後，我可能會轉而學習液壓技術。

I thought it was interesting that you highlighted that AG was up for the first time in six quarters. Maybe talk about where the growth is coming from there and maybe any geographical strength in AG for Hydraulics?

我覺得你強調AG六個季度以來首次成長這一點很有意思。或許可以談談成長的來源，以及液壓技術在農業領域的地域優勢？

Yes. The AG strength comes from our Faster business, which is predominantly direct to OEM and AG is their -- largest market they serve. I'll acknowledge that the OEMs are not putting up really strong numbers for our large customers, whether that's Deere and AGCO or CNH, but even as you get into some of the European and Chinese OEMs or some of the in between construction and AG and you think Kubota's and getting into hardcore construction with Caterpillar.

是的。AG 的優勢來自我們的 Faster 業務，主要直接面向 OEM，而 AG 是他們服務的最大市場。我承認，無論是約翰迪爾、愛科或凱斯紐荷蘭，OEM廠商為我們的大客戶提供的業績數據都不太理想。但即使你看看一些歐洲和中國的OEM廠商，或是一些介於兩者之間的工程機械和農業機械廠商，比如久保田，以及像卡特彼勒這樣專注於重型工程機械的廠商，情況就截然不同了。

Now they had a more upbeat recent earnings release. But the rest of the AG is challenged, but that dynamic I shared on recreational products is exactly what is we've seen playing out in AG as well, where retail demand actually in the US finally put up a positive number here last month in terms of registrations.

他們最近發布的財報業績更加樂觀。但其他農業產品面臨挑戰，但我之前在休閒產品領域分享的那種動態，也正是我們在農業領域看到的，上個月美國的零售需求註冊量終於出現了正增長。

But that's coming off four years of declines in registrations. And so the comps are easier. But what has changed is the dealer inventory and channel levels are at much healthier spots. And so we look at where indications are signaling for 2026, all of the OEMs are suggesting things may begin to recover.

但在此之前，車輛登記數量已經連續四年下降。因此，比賽就更容易了。但變化的是，經銷商庫存和通路水準都處於更健康的水準。因此，讓我們來看看 2026 年的種種跡象，所有汽車製造商都表示情況可能會開始復甦。

But what we clearly see is in our incoming orders and indicative orders from them year over year, that's a positive increase as we're going to feel that earlier as a supplier into them. So we're optimistic that's two quarters in a row for our Faster team that has grown year over year and continue to expect that to trend favorably in the fourth quarter and as we enter 2026.

但我們清楚地看到，從我們收到的訂單和來自他們的指示性訂單數量來看，與去年相比，這是一個積極的增長，因為作為供應商，我們會更早感受到這一點。因此，我們樂觀地認為，我們的 Faster 團隊已經連續兩個季度實現了同比增長，並繼續預計第四季度以及進入 2026 年後，這一趨勢將保持良好。

(Operator Instructions) Nathan Jones, Stifel.

（操作說明）Nathan Jones，Stifel。

I'll follow up on some of these destocking questions because I think it's -- I mean, it's probably an important distinction to make because we get questions about this from investors on Helios.

我會跟進一些關於去庫存的問題，因為我認為——我的意思是，這可能是一個重要的區別，因為我們在 Helios 上收到了投資者關於這方面的問題。

You guys don't actually need to see the John Deeres and the Caterpillars of the world selling more wheel loaders and tractors in order to see revenue growth for Helios in 2026. What you need is the first signal of the bottom of the cycle, which is then stopping destocking inventory and actually producing more machines even if they're not actually selling more machines, correct?

你們其實不需要看到約翰迪爾和卡特彼勒等世界知名公司銷售更多的輪式裝載機和拖拉機，就能看到 Helios 在 2026 年的收入成長。你需要的是週期底部的第一個訊號，那就是停止去庫存，並且即使機器實際銷量沒有增加，也要生產更多的機器，對嗎？

That's fair. Yes.

這很合理。是的。

And so -- and that's what you're seeing in the market. You've talked about -- I think I just want to make it clear for people in recreation and mobile and in AG, that's the market dynamics that you're seeing, which is indicative of a bottoming cycle for you guys to begin with, yes?

所以——這就是你在市場上看到的。您剛才談到了——我想向休閒娛樂、行動通訊和農業領域的人們澄清一下，這就是你們正在看到的市場動態，這首先表明你們的市場週期已經觸底，對嗎？

Yes, I would agree. The only caveat I'm going to put, because we talked deeply already about recreational and AG, when you go over to more of the end markets that Sun is exposed to area work platforms, type of -- there's big macro signs, obviously, with PMI that's been mixed. But geographically, it had been stronger in China and Asia, and we've seen that in our sales as well.

是的，我同意。我唯一要補充的是，因為我們已經深入討論了休閒和農業領域，當你把目光轉向 Sun 所涉足的更多終端市場，比如區域作業平台之類的——顯然，PMI 指數喜憂參半，這其中存在著很大的宏觀跡象。但從地理來看，它在中國和亞洲市場表現更強勁，我們的銷售業績也印證了這一點。

But beyond that, it's the piece of us and our partnering from a go-to-market with our distributors to do that targeted account planning. And you look at industrial production and the Big, Beautiful Bill and what that will create in terms of infrastructure, we feel well-positioned despite that our NFPA data telling us these markets have been down. And so with us now growing, we think we're taking share, but you're absolutely right on the AG and rec.

但除此之外，這也涉及我們與經銷商合作，透過市場推廣進行有針對性的客戶規劃。看看工業生產和《宏偉法案》以及它將在基礎設施方面創造的東西，儘管我們的 NFPA 數據顯示這些市場有所下滑，但我們仍然感到處於有利地位。所以隨著我們的發展壯大，我們認為我們正在搶佔市場份額，但您在農業和娛樂方面的說法完全正確。

So I think then -- I mean, you talked about being well-positioned for growth in 2026 and without needing to forecast what Caterpillar sales are going to be or what Deere sales are going to be, you should have some decent visibility to growth just against the destocking comps that you had in '25. So I'm wondering if you're prepared to offer any color on what you're thinking about 2026 at this point?

所以我覺得——我的意思是，你談到了為 2026 年的增長做好了充分準備，而且無需預測卡特彼勒的銷售額或約翰迪爾的銷售額，僅憑 2025 年的去庫存比較數據，你就應該對增長有相當不錯的預見性。所以我想知道，您目前是否願意透露一些關於2026年的想法？

Yes. So not in terms of full guidance and such, but I feel with conviction that we will enter the year in 2026 with growth. Now I will also highlight that we will have easier comps in the first half of the year than the second half as we enter 2026. But why I have conviction is what we're seeing in our demand trends. We haven't seen the level of order increases for multiple years.

是的。所以，雖然不能給出完整的指導意見，但我確信，我們將在 2026 年實現成長。現在我還要強調一點，進入 2026 年後，今年上半年的比賽會比下半年輕鬆。但我之所以如此確信，是因為我們從需求趨勢中看到了這一點。我們已經多年沒有看到訂單量如此增長了。

And even October came in, in double-digits just as the prior five months had done from a year-over-year perspective. The other thing I want to make sure is clear is that CFP revenues coming out, that was a roughly $60 million a year business.

甚至10月份的增幅也達到了兩位數，與前五個月同比增幅一樣。我還要澄清一點，CFP的收入狀況是，這項業務的年收入約為6000萬美元。

Last year in the fourth quarter, it was $15.6 million. So we just got to keep that in mind that we're not anchoring on 2025 guidance at the midpoint of $825 million and growth off of that. Our really jumping off point is closer to $780 million.

去年第四季度，這一數字為 1560 萬美元。所以我們必須記住，我們不會以 2025 年 8.25 億美元的中點作為成長目標。我們真正的出發點接近7.8億美元。

Yes, I think we're organic. You should get a little bit of a tailwind from -- to gross margins from the CFP divestiture, yes?

是的，我認為我們是有機的。從 CFP 資產剝離中，毛利率應該會得到一些提振，對吧？

Correct. Yes. particularly -- well, obviously, that's in our Hydraulics segment. So it will be more visible there. But certainly, at the Helios level, it helps as well.

正確的。是的，特別是——很顯然，這屬於我們的液壓業務領域。所以在那裡會更顯眼。但當然，在 Helios 級別，它也很有幫助。

John Braatz, Kansas City Capital.

約翰‧布拉茨 (John Braatz)，堪薩斯市首府。

Sean, you took the charge-off on i3 this quarter. What are you doing specifically to turn that operation around and get it to make a contribution to the bottom line? What changes are you making there?

Sean，你這季承接了 i3 的壞帳。為了扭轉該業務的頹勢並使其為公司盈利做出貢獻，您具體採取了哪些措施？你們在那裡做了哪些改變？

John, this is Jeremy. I'll field that one. I want to first highlight that with that acquisition, we gained access to a team of highly talented engineers.

約翰，這是傑瑞米。我會處理這個問題。首先我想強調的是，透過這次收購，我們贏得了一支才華洋溢的工程師團隊。

And as we've been integrating them into the rest of the Helios portfolio, we've actually been consulting with them and having them help with some of the new product innovations that we've been coming out with, and others that we have in the pipeline. And as we evaluated that, we believe it makes a lot more sense to have those resources focus on projects that can benefit the broader Helios portfolio.

隨著我們將它們整合到 Helios 的其他產品組合中，我們實際上一直在諮詢它們，並讓它們幫助我們進行一些新的產品創新，以及我們正在研發的其他產品。經過評估，我們認為將這些資源集中用於能夠惠及整個 Helios 投資組合的專案更有意義。

And so, just to remind everyone, they were a third-party engineering design service firm that basically work project by project. We didn't retain any of the IEP for those projects. And then we also had some software, that's where that Cygnus Reach platform came. And we just think it's not a turnaround play, but it makes much more sense to refocus those resources on customers and projects that will benefit the broader Helios portfolio. So that's the main reason.

所以，再次提醒大家，他們是一家第三方工程設計服務公司，基本上是依照專案承接業務。我們沒有為這些項目保留任何 IEP。然後我們還有一些軟體，那就是 Cygnus Reach 平台的由來。我們認為這不是扭轉局面的舉措，而是將這些資源重新集中到能夠惠及整個 Helios 產品組合的客戶和專案上，這樣更有意義。這就是主要原因。

The other piece I would say is rather than try to sell the software platforms on a stand-alone basis, which requires a lot of customization a long runway, we want to embed that software onto the products that we are launching. And we are doing that with some of the next-generation displays, both in our electronics and then also having them help out on the hydraulics side as well.

我想說的另一點是，與其嘗試單獨銷售軟體平台（這需要大量的客製化和較長的準備時間），我們更希望將該軟體嵌入到我們正在推出的產品中。我們正在使用一些下一代顯示器來實現這一點，不僅在我們的電子設備中，而且還讓它們在液壓方面發揮作用。

So it's really less of a turnaround situation and more of leveraging those resources as to best add value to the broader Helios portfolio. But as a result of that, some of that third-party revenue projections, we've dialed that back as well as we've adjusted the, call it, the adoption rate on the software where it's going to be tied now into some of those product releases.

所以這與其說是一個轉虧為盈的局面，不如說是利用這些資源，為更廣泛的 Helios 產品組合創造最大價值。但由於上述原因，我們下調了一些第三方收入預測，同時也調整了軟體的採用率，現在軟體將與一些產品版本掛鉤。

And so, a result of that math came out and we said we can't support the goodwill that we had on the balance sheet for that under the new strategy. And that's really what led to the write-off this quarter.

因此，經過計算，我們得出了結果：在新策略下，我們無法支撐資產負債表上已有的商譽。而這正是導致本季資產減記的真正原因。

And John, if I can just accentuate because Jeremy explained that really well. But at the end of the day, this is just an example of overpaying for an acquisition that was pre-revenue and didn't scale. And at the end of the day, then it's a mathematical equation based upon current business circumstances.

約翰，我只想強調一下，因為傑里米解釋得非常好。但歸根結底，這只是一個為尚未產生收入且未能實現規模化成長的公司支付過高收購款的例子。歸根究底，這其實是一個基於當前商業環境的數學方程式。

But that said, I want to reiterate how important that the i3 team is to our overall strategy. We acquired, as Jeremy said, some very talented engineers that have been cornerstones in some of the new products we've announced already and released recently, but also further stuff in the pipeline.

但即便如此，我還是要重申 i3 團隊對我們整體策略的重要性。正如傑里米所說，我們招募了一些非常有才華的工程師，他們不僅是我們近期宣布和發布的一些新產品的基石，也是我們正在研發的更多產品的基石。

And at the end of the day, I couldn't be more proud of those engineers and the way they are pumping out products and our sales teams now with our go-to-market approach are kicking down doors. Our customer excitement is very high. And in this fierce competitive world, our Helios team doesn't back down and we take on these challenges, and we love being the underdog.

最終，我為這些工程師感到無比自豪，他們源源不斷地推出產品，而我們的銷售團隊憑藉我們目前的市場推廣策略，正在大舉進軍市場。顧客反應非常熱烈。在這個競爭激烈的世界裡，我們的 Helios 團隊從不退縮，我們勇於接受這些挑戰，我們喜歡做弱者。

Okay. Sean, I'm looking forward at the new product pipeline. Obviously, in the past, there was some emphasis placed on big OEM wins that would be quite sizable. When you look at the lineup, are there any singular new products that really move the needle? Or are they one-off in isolation?

好的。肖恩，我很期待新產品線。顯然，過去人們比較重視贏得一些規模相當大的大型OEM訂單。從產品陣容來看，有沒有哪些特別出色的新產品能真正引起轟動？還是它們是孤立的個案？

Well, that's the plan is to always launch products that catch the attention of OEMs and they want to buy them. But we, at the end of the day, are truly an extension of many of those OEM customers of ours. So we are designing and developing products years in advance with them.

我們的計劃是始終推出能夠吸引原始設備製造商 (OEM) 注意力並促使他們購買的產品。但歸根結底，我們實際上是我們許多 OEM 客戶的延伸。因此，我們與他們一起提前數年設計和開發產品。

But even the most recent one we announced, the new multi-Faster from Faster. And just a reminder, I mean, that is a piece of equipment that goes on mini-AG and construction vehicles to allow the operator to quickly attach and detach hydraulic applications.

但即使是我們最近發布的 Faster 的新款多速 Faster 也存在問題。提醒一下，我的意思是，這是一種安裝在小型農業和工程車輛上的設備，可以讓操作員快速連接和拆卸液壓裝置。

And at the end of the day, I'd like to highlight that multi-Faster is a term in the industry that others have copied and tried to compete with us.

最後，我想強調的是，「多倍速」是業界的術語，其他公司也曾模仿並試圖與我們競爭。

But with our new multi-Faster, we bring out features like higher flow rates and more applications that it can go on or different deviations of that product, like earlier in the year, the multi-slide that went downstream in the market to the compact excavation equipment and such.

但是，憑藉我們全新的多速產品，我們推出了更高的流量和更多的應用，或者該產品的不同變體，例如今年早些時候推出的多滑道產品，已經向下游市場擴展到小型挖掘設備等領域。

And so, we're always trying to innovate. But at the end of the day, the multi-Faster is the multi-connection that others have copied. I would say it's like the Kleenex. It's created its own brand that others have copied.

所以，我們一直在努力創新。但歸根結底，multi-Faster 是其他人模仿的多連接技術。我覺得它就像舒潔紙巾一樣。它打造了自己的品牌，其他品牌也跟著做。

We have no further questions at this time. I'd like to turn the floor back over to management for closing comments.

目前我們沒有其他問題。我想把發言權交還給管理階層，請他們做總結陳詞。

Great. Thank you very much, everyone, for joining us today. We will be attending some different conferences between now and the end of the year, both in person and virtually. So we look forward to catching up with you in person. If you have any follow-up questions, feel free to reach out to me directly.

偉大的。非常感謝各位今天蒞臨。從現在到年底，我們將參加一些不同的會議，包括現場會議和線上會議。我們期待與您見面。如果您有任何後續問題，請隨時直接與我聯絡。

Thank you, and have a great day.

謝謝，祝您今天過得愉快。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。