JBT Marel Corp (JBTM) 2022 Q3 法說會逐字稿

Welcome to the JBT Corporation's Third Quarter 2022 Earnings Conference Call. My name is Colby, and I will be your conference operator today. As a reminder, today's call is being recorded. (Operator Instructions) I will now turn the call over to JBT's Vice President of Corporate Development and Investor Relations, Kedric Meredith, to begin today's conference.

歡迎來到 JBT Corporation 的 2022 年第三季度收益電話會議。我叫 Colby，今天我將擔任你們的會議接線員。提醒一下，今天的通話正在錄音中。 （操作員說明）我現在將電話轉給 JBT 公司發展和投資者關係副總裁 Kedric Meredith，開始今天的會議。

Thank you, Colby. Good morning, everyone, and welcome to our third quarter 2022 conference call. With me on the call is our Chief Executive Officer, Brian Deck, and Chief Financial Officer, Matt Meister. In today's call, we will use forward-looking statements that are subject to the safe harbor language in yesterday's press release and 8-K filing. JBT's periodic SEC filings also contain information regarding risk factors that may have an impact on our results. These documents are available in the Investor Relations section of our website. Also, our discussion today includes references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measure can be found in the Investor Relations section of our website. Now I'll turn the call over to Brian.

謝謝你，科爾比。大家早上好，歡迎來到我們 2022 年第三季度的電話會議。和我一起通話的是我們的首席執行官 Brian Deck 和首席財務官 Matt Meister。在今天的電話會議中，我們將使用受昨天新聞稿和 8-K 文件中安全港語言約束的前瞻性陳述。 JBT 定期向美國證券交易委員會提交的文件還包含有關可能影響我們業績的風險因素的信息。這些文件可在我們網站的投資者關係部分獲得。此外，我們今天的討論包括對某些非 GAAP 措施的提及。在我們網站的“投資者關係”部分可以找到這些措施與最具可比性的 GAAP 措施的對賬。現在我會把電話轉給布賴恩。

Thanks, Kedric, and good morning, everyone. In the third quarter of 2022, JBT achieved its guidance for bottom line growth and had a few high points, including posting record adjusted EBITDA at FoodTech, even without the impact of this year's acquisitions and despite FX with considerable progress in price/cost realization. We completed 2 attractive acquisitions that enhanced FoodTech's competitive position. AeroTech is well on its path to recovery. However, we continue to operate in a dynamic and challenging environment, which is being further pressed by macroeconomic forces.

謝謝，Kedric，大家早上好。在 2022 年第三季度，JBT 實現了其底線增長指導並取得了一些高點，包括在 FoodTech 發布了創紀錄的調整後 EBITDA，即使沒有今年收購的影響，儘管 FX 在價格/成本實現方面取得了長足進步。我們完成了 2 項有吸引力的收購，增強了 FoodTech 的競爭地位。 AeroTech 正走在復甦之路上。然而，我們繼續在一個充滿活力和充滿挑戰的環境中運營，而宏觀經濟力量正在進一步施壓。

Regarding FoodTech demand in Europe, our customers continue to grapple with high energy and input costs impacting the profitability and delaying investment decisions. And in the third quarter, we experienced some of that same pressure in North America. That said, our customer engagement and pipeline opportunities remain quite strong as our core technology and solutions provide critical support for customers' ongoing focus on improving yield and uptime as well as advancing the automation and sustainability objectives. Moreover, our solutions help to enhance customers' margins at a time when it's most crucial as they tackle rapidly rising input costs and labor constraints. Although, we remain cautious in the face of macro-driven uncertainty, we're optimistic about our current position at FoodTech.

關於歐洲的 FoodTech 需求，我們的客戶繼續努力應對影響盈利能力和延遲投資決策的高能源和投入成本。在第三季度，我們在北美經歷了一些同樣的壓力。也就是說，我們的客戶參與和管道機會仍然非常強大，因為我們的核心技術和解決方案為客戶持續關注提高產量和正常運行時間以及推進自動化和可持續性目標提供了關鍵支持。此外，我們的解決方案有助於在客戶解決快速上升的投入成本和勞動力限制的最關鍵時刻提高他們的利潤率。儘管面對宏觀驅動的不確定性，我們仍然持謹慎態度，但我們對我們目前在 FoodTech 的地位持樂觀態度。

Given the more stable market associated with food and beverage demand, along with our proven resilient recurring revenue model, I believe we are well situated to whether broader economic downturn should that materialize. Meanwhile, we are actively managing our cost structure. In the third quarter, we took a modest restructuring charge to reduce overhead in Europe, we are tightening our discretionary spend globally. Additionally, we are identifying further actions, including more structural considerations as necessary. Separately, at AeroTech, we remain on path toward a full demand recovery. With that, I'll turn the call over to Matt to provide details of the third quarter and walk you through changes to our full year guidance, which now includes the acquired Bevcorp business.

鑑於與食品和飲料需求相關的市場更加穩定，以及我們久經考驗的彈性經常性收入模式，我相信我們完全有能力應對更廣泛的經濟衰退是否會成為現實。同時，我們正在積極管理我們的成本結構。在第三季度，我們進行了適度的重組費用以減少歐洲的管理費用，我們正在全球範圍內收緊可自由支配的支出。此外，我們正在確定進一步的行動，包括必要時更多的結構性考慮。另外，在 AeroTech，我們仍在朝著全面需求復甦的方向前進。有了這個，我將把電話轉給馬特，提供第三季度的詳細信息，並向您介紹我們全年指導的變化，其中現在包括收購的 Bevcorp 業務。

Thanks, Brian. JBT posted double-digit year-over-year revenue growth of 16% in the third quarter of 2022. At FoodTech, revenue increased 11% year-over-year, comprised of 11% organic growth and 7% from acquisitions, offset by a negative foreign exchange impact of 7%. Organic growth fell slightly below guidance, primarily due to a pullback in shorter-cycle products in Europe. At the same time, FoodTech delivered adjusted EBITDA margins of 19.3%. We are encouraged by the progress we've made in margins as demonstrated by the improvement of 60 basis point year-over-year and 210 basis points sequentially, primarily due to better price realization. FoodTech orders of $349 million decreased 9% year-over-year, which included a negative $21 million impact from foreign exchange.

謝謝，布萊恩。 JBT 公佈了 2022 年第三季度 16% 的兩位數收入同比增長。在 FoodTech，收入同比增長 11%，包括 11% 的有機增長和 7% 的收購，抵消了7% 的負面外匯影響。有機增長略低於指引，主要是由於歐洲較短週期產品的回落。與此同時，FoodTech 的調整後 EBITDA 利潤率為 19.3%。我們對我們在利潤率方面取得的進步感到鼓舞，這主要是由於更好的價格實現，同比提高 60 個基點和環比提高 210 個基點。 FoodTech 訂單為 3.49 億美元，同比下降 9%，其中包括外匯帶來的 2100 萬美元負面影響。

As Brian mentioned, we saw continued softness in European demand as customers dealt with high input costs. And beginning in the third quarter, slower conversion rates in North America materialized as our customers delayed investment decisions for equipment. At AeroTech, revenue increased 32%, which exceeded our guidance, primarily due to the timing of mobile equipment shipments. Adjusted EBITDA margins of 8.2% improved 60 basis points sequentially. However, margins fell short of our guidance due to ongoing input cost inflation as well as supply chain and labor constraints. We do expect margin progression to continue for AeroTech in the fourth quarter. AeroTech orders were $113 million, and as expected, declined year-over-year due to the timing of some large projects.

正如布賴恩所提到的，由於客戶應對高投入成本，我們看到歐洲需求持續疲軟。從第三季度開始，由於我們的客戶推遲了設備投資決策，北美的轉化率開始放緩。 AeroTech 的收入增長了 32%，超出了我們的指導，這主要是由於移動設備的出貨時間。調整後的 EBITDA 利潤率為 8.2%，環比提高 60 個基點。然而，由於持續的投入成本通脹以及供應鍊和勞動力限制，利潤率低於我們的指引。我們確實預計第四季度 AeroTech 的利潤率將繼續增長。 AeroTech 訂單為 1.13 億美元，正如預期的那樣，由於一些大型項目的時間安排，訂單同比下降。

However, the pipeline for other infrastructure projects and demand for mobile equipment remains strong, and we expect solid orders in the fourth quarter. Corporate costs, excluding LIFO and M&A were as expected, including a year-over-year increase of about $4 million in costs associated with our digital strategy. LIFO expense was higher than expected due to persistent inflation on material. Interest expense for the quarter increased primarily due to the higher debt balance associated with the acquisition of Bevcorp. With that, we posted GAAP earnings per share of $1.07 compared with $0.91 in the prior year, and adjusted EPS was $1.27 versus $1.02. A discrete tax benefit added $0.02 per share, while FX negatively impacted EPS by $0.10 per share. Year-to-date, operating cash flow was $75 million, while free cash flow was $13 million, which includes a $30 million CapEx investment in our digital strategy.

然而，其他基礎設施項目的儲備和對移動設備的需求依然強勁，我們預計第四季度的訂單將保持穩定。公司成本（不包括後進先出法和併購）符合預期，包括與我們的數字戰略相關的成本同比增長約 400 萬美元。由於材料的持續通貨膨脹，LIFO 費用高於預期。本季度的利息支出增加主要是由於與收購 Bevcorp 相關的債務餘額增加。因此，我們公佈的 GAAP 每股收益為 1.07 美元，而上一年為 0.91 美元，調整後的每股收益為 1.27 美元，而上一年為 1.02 美元。一項離散的稅收優惠使每股收益增加了 0.02 美元，而外匯對每股收益產生了 0.10 美元的負面影響。年初至今，運營現金流為 7500 萬美元，自由現金流為 1300 萬美元，其中包括對我們數字戰略的 3000 萬美元資本支出投資。

Cash flow was below our expectation due to a lower customer deposits and elevated inventory levels as a result of ongoing parts availability issues with our vendors. As the supply chain normalizes, we expect to reduce inventory levels, over supporting our customers and delivering on backlog remains our priority. For the full year, we now anticipate free cash flow conversion of about 70%. As of the third quarter, our net leverage ratio was 3.4x, which is currently above our target range due to the acquisitions of Bevcorp and Alco. We anticipate that our net leverage ratio will be approximately 3x by the end of the year due to a combination of improved profitability and lower debt.

由於我們的供應商持續存在的零件可用性問題導致客戶存款減少和庫存水平升高，現金流低於我們的預期。隨著供應鏈的正常化，我們希望降低庫存水平，而不是支持我們的客戶，交付積壓訂單仍然是我們的首要任務。對於全年，我們現在預計自由現金流轉換率約為 70%。截至第三季度，我們的淨槓桿率為 3.4 倍，由於收購了 Bevcorp 和 Alco，目前高於我們的目標範圍。由於盈利能力提高和債務減少，我們預計到今年年底我們的淨槓桿率將約為 3 倍。

As I mentioned earlier, the higher-than-expected negative FX impact from the strong U.S. dollar weighed heavily on our third quarter results, and we expect that to continue through the end of the year. The full year, this equates to a negative impact of approximately $85 million on revenue, $15 million on EBITDA and $0.27 on EPS. Now with regard to guidance, for the fourth quarter, which includes Bevcorp, we expect FoodTech year-over-year revenue growth of 18% to 19.75%. That breaks down to 17% to 18% organic growth, 9% to 10% from acquisitions, offset by an 8% foreign exchange impact. AeroTech, we expect revenue growth of 23.5% to 25.5%.

正如我之前提到的，強勢美元帶來的高於預期的負面外匯影響嚴重影響了我們第三季度的業績，我們預計這種情況將持續到今年年底。全年，這相當於對收入產生約 8500 萬美元的負面影響，對 EBITDA 產生 1500 萬美元，對每股收益產生 0.27 美元。現在關於指導，對於包括 Bevcorp 在內的第四季度，我們預計 FoodTech 的收入同比增長 18% 至 19.75%。這分解為 17% 至 18% 的有機增長，9% 至 10% 來自收購，被 8% 的外匯影響所抵消。 AeroTech，我們預計收入增長 23.5% 至 25.5%。

For margins, we expect FoodTech operating margin of 13.75% to 14.5%, adjusted EBITDA margins of 19%-19.75%. For AeroTech, we anticipate operating profit margin of 11% to 12% and adjusted EBITDA margin of 11.75% to 12.75%. Our fourth quarter GAAP EPS guidance is $1.15 to $1.30 and adjusted EPS of $1.35 to $1.50. Considering our third quarter results and fourth quarter estimates, we have revised and narrowed our full year guidance ranges, which were provided in yesterday's press release and earnings presentation. We now estimate full year GAAP EPS of $4.05 to $4.20 and adjusted EPS of $4.65 to $4.80. Now let me turn the call back to Brian.

對於利潤率，我們預計 FoodTech 的營業利潤率為 13.75% 至 14.5%，調整後的 EBITDA 利潤率為 19%-19.75%。對於 AeroTech，我們預計營業利潤率為 11% 至 12%，調整後的 EBITDA 利潤率為 11.75% 至 12.75%。我們第四季度的 GAAP 每股收益指引為 1.15 美元至 1.30 美元，調整後每股收益為 1.35 美元至 1.50 美元。考慮到我們第三季度的業績和第四季度的估計，我們已經修改並縮小了我們在昨天的新聞稿和收益報告中提供的全年指導範圍。我們現在估計全年 GAAP 每股收益為 4.05 美元至 4.20 美元，調整後每股收益為 4.65 美元至 4.80 美元。現在讓我把電話轉回給布賴恩。

Thanks, Matt. We are particularly pleased with FoodTech's margin progression in the quarter as we approach pre-pandemic levels, although we have more work to do in this regard. On the supply chain side, while lead times and deliveries for critical components are still long, overall constraints are starting to ease, and our pricing efforts continue to close the price cost gap with better dynamics, along with good revenue growth, drove FoodTech margin gains in the third quarter. That said, FoodTech orders softened in the third quarter.

謝謝，馬特。我們對本季度 FoodTech 的利潤率增長感到特別滿意，因為我們接近大流行前的水平，儘管我們在這方面還有更多工作要做。在供應鏈方面，雖然關鍵部件的交貨時間和交付時間仍然很長，但總體限制開始緩解，我們的定價工作繼續以更好的動態縮小價格成本差距，以及良好的收入增長，推動 FoodTech 利潤率增長在第三季度。也就是說，第三季度 FoodTech 訂單有所減少。

Under normal circumstances, we now place too much weight on any one quarter of volatility. But in the context of broader macroeconomic headwinds, it does raise the level of cautiousness regarding our 2023 outlook. We expect to provide full year 2023 guidance with our fourth quarter earnings call for our standard practice. In the meantime, here are a few thoughts on how we look at things as we turn the corner into next year. We should be entering 2023 as a backlog of almost $1 billion across FoodTech and AeroTech. A backlog that embeds better price cost dynamics. Our FoodTech equipment order pipeline remains near record levels as our customers continue to be capacity and margin constrained with a fundamental need to invest.

在正常情況下，我們現在過於看重任何一個季度的波動性。但在更廣泛的宏觀經濟逆風背景下，它確實提高了我們對 2023 年前景的謹慎程度。我們希望通過標準做法的第四季度財報電話會議提供 2023 年全年指引。與此同時，這裡有一些關於我們如何看待明年轉折點的想法。我們應該進入 2023 年，因為 FoodTech 和 AeroTech 積壓了近 10 億美元。嵌入更好的價格成本動態的積壓。我們的 FoodTech 設備訂單管道仍接近創紀錄水平，因為我們的客戶繼續受到基本投資需求的產能和利潤限制。

Recurring revenue, which represents nearly half of the total for FoodTech has historically held steady in downturns and as a reminder, in 2020, FoodTech recurring revenue was about flat year-over-year organically. At AeroTech, in 2023, we expect to deliver top line growth in the high single digits. We foresee continued health in the cargo and infrastructure markets and improving dynamics for defense equipment. At the same time, robust growth in the commercial airline industry is translating to strong recovery and demand for our mobile ground support products.

佔 FoodTech 總收入近一半的經常性收入歷來在經濟低迷時期保持穩定，提醒一下，2020 年，FoodTech 的經常性收入有機地同比持平。在 AeroTech，我們預計 2023 年將實現高個位數的收入增長。我們預計貨運和基礎設施市場將持續健康發展，並改善國防設備的動態。與此同時，商業航空業的強勁增長正在轉化為對我們的移動地面支持產品的強勁復甦和需求。

For the fourth quarter, our primary focus is debt reduction and cost management while we continue to deliver our backlog and support our customers' needs. (inaudible) some thoughts on how JBT is enhancing our customers' sustainability journey. As you may have seen in recent news release, we expanded our leadership to include a dedicated function focused on partnering with customers to support their sustainability goals and advance the development of products and solutions that help reduce their environmental footprint. Through water reuse systems, automated cleansing systems and other technologies, we help customers conserve water and reduce waste.

對於第四季度，我們的主要重點是減少債務和成本管理，同時我們繼續交付積壓訂單並支持客戶的需求。 （聽不清）關於 JBT 如何加強我們客戶的可持續發展之旅的一些想法。正如您在最近的新聞稿中看到的那樣，我們擴大了我們的領導地位，包括一個專注於與客戶合作以支持他們的可持續發展目標並推進有助於減少他們的環境足蹟的產品和解決方案開發的專門職能。通過中水回用系統、自動清洗系統和其他技術，我們幫助客戶節約用水和減少浪費。

Our environmentally friendly packaging solutions reduce the use of plastic and promote the use of recyclable or biodegradable materials. We reduced food waste by improving yield and extending food shelf life. We are committed to reducing the use of precious energy resources across our product portfolio with lower power consumer motors, energy-saving refrigeration and freezing designs, heat recovery systems and low-emission technologies. And with OmniBlu digital tools, we monitor machine health and performance in real time, enhancing our customers' ability to improve yield and manage energy and water usage.

我們的環保包裝解決方案減少了塑料的使用，並提倡使用可回收或可生物降解的材料。我們通過提高產量和延長食品保質期來減少食物浪費。我們致力於通過低功耗消費電機、節能製冷和冷凍設計、熱回收系統和低排放技術，在我們的產品組合中減少寶貴能源的使用。借助 OmniBlu 數字工具，我們可以實時監控機器的健康狀況和性能，從而增強客戶提高產量以及管理能源和水資源使用的能力。

On the M&A front, on September 1, we completed the previously announced acquisition of Bevcorp, which provides blending, filling and closing systems for our beverage customers. As discussed, more than 60% of Bevcorp's revenue is recurring and is accretive to margins, and it comes out of the gate strong. Bevcorp serves the resilient and expanding end market for soft drinks, alcohol beverages and blends, seltzers and sparkling waters, categories that have fared well in this inflationary environment. In terms of JBT's portfolio strategy regarding AeroTech, we still expect to communicate a defined path during the front half of 2023. As I said at the top of the call, the current economic environment creates uncertainties.

在併購方面，9 月 1 日，我們完成了之前宣布的對 Bevcorp 的收購，該公司為我們的飲料客戶提供混合、灌裝和封口系統。正如所討論的那樣，Bevcorp 超過 60% 的收入是經常性的，並且會增加利潤率，而且它一開始就很強勁。 Bevcorp 服務於軟飲料、酒精飲料和混合飲料、蘇打水和蘇打水的彈性和不斷擴大的終端市場，這些類別在這種通脹環境中表現良好。就 JBT 關於 AeroTech 的投資組合戰略而言，我們仍然希望在 2023 年上半年傳達明確的路徑。正如我在電話會議的開頭所說，當前的經濟環境帶來了不確定性。

However, we believe JBT's position as a global leader in sales for the less economically sensitive food and beverage industries, combined with the high level of recurring revenue makes us a resilient organization. As always, I'd like to thank our global teams whose dedication and commitment to serving our customers is the foundation of JBT's growth and success. With that, let's open the call to questions.

然而，我們相信 JBT 作為經濟敏感性較低的食品和飲料行業的全球銷售領導者的地位，加上高水平的經常性收入，使我們成為一個有彈性的組織。一如既往，我要感謝我們的全球團隊，他們為客戶服務的奉獻精神和承諾是 JBT 成長和成功的基礎。有了這個，讓我們打開問題的電話。

(Operator Instructions) Your first question comes from the line of Mircea Dobre from Baird.

（操作員說明）您的第一個問題來自 Baird 的 Mircea Dobre 系列。

Okay. Can you hear me okay? I want to start with a free cash flow question. You obviously had to deal with a lot of supply chain issues this year. It sounds like things are getting better. How do we think about this converting working capital to cash in 2023. Is it fair for folks to expect conversion north of 100% of net income next year?

好的。你能聽到我說話嗎？我想從一個自由現金流量問題開始。今年你顯然不得不處理很多供應鏈問題。聽起來情況正在好轉。我們如何看待這種在 2023 年將營運資金轉換為現金的情況。人們期望明年淨收入的轉換率超過 100% 是否公平？

Yes. I think that is a fair assumption for 2023. I mean, quite honestly, even in 2022, some of our cash flow conversion percentage is down just because of our increased investment from a CapEx perspective on our digital strategy. So I think we're pretty confident that in 2023, we'll be able to convert back to our normal 100% plus net income going forward.

是的。我認為這是對 2023 年的一個合理假設。我的意思是，老實說，即使在 2022 年，我們的一些現金流轉換百分比也會下降，這僅僅是因為我們從資本支出的角度來看增加了對數字戰略的投資。所以我認為我們非常有信心，到 2023 年，我們將能夠轉換回正常的 100% 加上未來的淨收入。

As far as deleveraging goes, I mean, the macro is clearly more complicated. Interest rates are going up and they're starting to pressure your EPS as well. Can you talk a little bit about how you kind of view the next call at 12 to 18 months? Should we expect M&A to sort of take a back seat here and see more robust debt reduction in the near term?

就去槓桿化而言，我的意思是，宏觀顯然更加複雜。利率正在上升，它們也開始對您的每股收益構成壓力。你能談談你如何看待 12 到 18 個月後的下一次通話嗎？我們是否應該期望併購在這裡退居二線，並在短期內看到更強勁的債務削減？

Yes. May I start, and I'm sure Brian will have some comments as well. In the short term, I think we're focused on getting our leverage ratio back to the 2 or 3x, which is our target range. And I feel pretty confident that in a pretty short order will be at that 3x or below here just through cash flow and improved profitability. And just as a reminder, I mean, the majority of our current outstanding debt is at a relatively fixed rate. So we're in a pretty good spot from a debt perspective.

是的。我可以開始了嗎，我相信 Brian 也會有一些評論。短期內，我認為我們的重點是讓我們的槓桿率回到我們的目標範圍 2 或 3 倍。而且我非常有信心，僅通過現金流和提高盈利能力，在很短的時間內就會達到 3 倍或以下。提醒一下，我的意思是，我們目前的大部分未償債務利率相對固定。所以從債務的角度來看，我們處於一個非常好的位置。

And then more broadly speaking, certainly, we're very pleased that we completed the Bevcorp and Alco acquisitions. We're going to take our time to absorb that both financially and operationally. However, as you know, M&A is still core to our strategy from a growth perspective. As we get our leverage back where it needs to be, we'll be active. We continue to be active in the marketplace because it's an always-on process. As you know, it sometimes takes a year or longer for these opportunities to gestate. So we'll keep active on that. But certainly, we're going to be very cognizant of the broader macroeconomic environment, our leverage and where we think growth is going for any target opportunity. So here in the short term, I think you're going to see us focused on that debt reduction.

然後更廣泛地說，當然，我們很高興我們完成了對 Bevcorp 和 Alco 的收購。我們將花時間在財務和運營上吸收這一點。然而，如您所知，從增長的角度來看，併購仍然是我們戰略的核心。當我們將影響力恢復到需要的位置時，我們將保持活躍。我們繼續活躍在市場上，因為它是一個永遠在線的過程。如您所知，這些機會的孕育有時需要一年或更長時間。因此，我們將繼續積極參與。但可以肯定的是，我們將非常了解更廣泛的宏觀經濟環境、我們的槓桿作用以及我們認為任何目標機會的增長方向。所以在短期內，我認為你會看到我們專注於減少債務。

Okay. Then I guess one final question for me is on FoodTech orders. Candidly speaking, I think your commentary as far as the broader macro impacting demand maybe a little bit different than what I've been hearing on earnings calls from other companies, you're more cautious and I'm kind of curious to get your perspective, outside of Europe, your North American customers. What are you seeing from them? And is this a sort of a near-term hesitancy? Or do you think that this is something that lingers into 2023 and could actually impact the investment cycle. Again, I'm talking about your North American customers, not about Europe specifically.

好的。那麼我想我的最後一個問題是 FoodTech 訂單。坦率地說，我認為你對更廣泛的宏觀影響需求的評論可能與我在其他公司的財報電話會議上聽到的有點不同，你更加謹慎，我很想知道你的觀點, 在歐洲之外，您的北美客戶。你從他們身上看到了什麼？這是一種近期的猶豫嗎？或者您是否認為這會持續到 2023 年並且實際上可能會影響投資週期。同樣，我說的是您的北美客戶，而不是專門針對歐洲的客戶。

Sure. Not surprisingly, we've seen this in the past when there's been big, I'll call it, economic shocks or impacts, we do often see our customers take a pause for a quarter or maybe even 2 and we certainly saw that just literally decision-making delays as they try to get final signatures on orders and whatnot. But I will say this, as I mentioned, our pipeline of opportunities is very strong. The conversations with our customers are telling us that they want to invest, they need to invest. And we have the products and services that support that growth and opportunities for them.

當然。毫不奇怪，我們在過去看到過這種情況，當時發生了很大的經濟衝擊或影響，我們確實經常看到我們的客戶暫停一個季度甚至兩個季度，我們當然看到了字面意思決策延遲，因為他們試圖獲得訂單的最終簽名等等。但我要說的是，正如我提到的，我們的機會管道非常強大。與客戶的對話告訴我們他們想要投資，他們需要投資。我們擁有支持這種增長和機會的產品和服務。

In fact, I was at the PACK Expo show here in Chicago just this week, and it was a very busy show. Our booth was busy, all the booths around were busy. I had conversations with customers reiterating what I just said. That said, we're trying to not be (inaudible) to border economic concerns. In that light, we're going to continue to be positioning our expenses just in case if things getting worse from here. But thinking about macroeconomically, cyclically secularly for us, we're extraordinarily well positioned. And I can tell you, Mig, while it's too early to give a specific guidance on 2023, we'll have some feel for that in the next couple of months. We are not capitulating on growth for 2023.

事實上，就在本週，我還在芝加哥參加了 PACK Expo 展會，那是一場非常繁忙的展會。我們的攤位很忙，周圍所有的攤位都很忙。我與客戶進行了交談，重申了我剛才所說的話。也就是說，我們正在努力避免（聽不清）邊界經濟問題。有鑑於此，我們將繼續安排開支，以防萬一情況變得更糟。但是從宏觀經濟、週期性的長期角度考慮，我們處於非常有利的位置。我可以告訴你，米格，雖然現在就 2023 年給出具體指導還為時過早，但我們將在接下來的幾個月內對此有所了解。我們不會屈服於 2023 年的增長。

(Operator Instructions) Your next question comes from the line of Lawrence De Maria from William Blair.

（操作員說明）您的下一個問題來自 William Blair 的 Lawrence De Maria。

A couple of questions. First off on the digital strategy and sales, I guess, that is investments, most of them have been made. How is the engagement going so far and is leading to any commercial opportunities yet?

幾個問題。首先是數字戰略和銷售，我想，那就是投資，其中大部分已經完成。到目前為止，合作進展如何，是否帶來了任何商業機會？

Yes. Thanks for asking. We're super excited about OmniBlu. The engagement with customers has been very good. They are recognizing the value proposition, both from uptime perspective. We do have great solutions that are recognizing increased uptime as well as margin enhancement capabilities. So engagement has been great. We have signed several contracts at this point, and it will lead to revenue for next year. It's a little bit tougher environment with the economic concerns. But that said, the value proposition is there. They're very engaged. We're extraordinarily busy pitching that product at this point.

是的。謝謝你的提問。我們對 OmniBlu 感到非常興奮。與客戶的互動非常好。他們從正常運行時間的角度認識到價值主張。我們確實有很棒的解決方案，這些解決方案可以增加正常運行時間並提高利潤率。所以參與度很高。目前我們已經簽署了幾份合同，這將為明年帶來收入。由於經濟問題，這是一個有點艱難的環境。但話雖如此，價值主張就在那裡。他們非常投入。此時我們正忙於推銷該產品。

The Aerotech strategic actions, I know it's early and it's a next year event, if it happens, presumably does. Is there a multiple range that you were thinking about? I know the multiples are moving around and a little bit down now, but is there a range that we're thinking about now that is acceptable at this point?

Aerotech 的戰略行動，我知道現在還早，而且是明年的活動，如果發生的話，大概會發生。您是否考慮過多個範圍？我知道倍數在四處移動，現在有點下降，但我們現在正在考慮的範圍是否在這一點上是可以接受的？

Yes, it's honestly too early to tell that, Larry. But what I will tell you is that AeroTech is going to be in high demand. It is in high demand, we're getting calls obviously. It's a platform business in early stage recovery. So it's going to be highly soft after asset in our opinion, so we're excited about that. But we're going to let the markets do what the markets do, and let's that play out here as we get to sometime in early 2023 as we make some defined path decisions.

是的，老實說，拉里，現在說這個還為時過早。但我要告訴你的是，AeroTech 的需求量很大。它的需求量很大，我們顯然接到了電話。這是一個處於早期恢復階段的平台業務。因此，在我們看來，它在資產之後會非常軟，所以我們對此感到興奮。但是我們會讓市場做市場做的事情，讓我們在 2023 年初的某個時候在這裡發揮作用，因為我們會做出一些明確的路徑決策。

I'll ask one more since I think I was the last person. As it relates to North American Food and the incremental weakness delayed kind of order closure, et cetera, I also was at PACK EXPO this week, and it was very strong, and we heard about a lot of orders being closed. So to be concerned if this is partially portfolio-driven. Is it the lack of deboning, which is a problem? Or is it the production problems, long lead times, et cetera, that's forcing customers to maybe look elsewhere for products. So kind of I'm wondering how much of this is market driven and how much of this is, let's say, more JBT driven supply chain driven, et cetera?

我會再問一個，因為我認為我是最後一個人。由於它與北美食品和增量疲軟延遲訂單關閉等有關，我本周也參加了 PACK EXPO，它非常強勁，我們聽說有很多訂單被關閉。因此，如果這部分是投資組合驅動的，請關注。是不是沒有去骨，這是一個問題？或者是生產問題、交貨期長等等，迫使客戶可能到別處尋找產品。所以我想知道其中有多少是由市場驅動的，有多少是 JBT 驅動的供應鏈驅動等等？

Sure. Well, as you know, Larry, our portfolio is extraordinarily broad, publicly broadest in the industry. No one product represents any meaningful part, perhaps with the exception of freezers, which is our biggest product line. But honestly, it's really what I talked about, like we had seen in the past when there's been economic concerns are shocked, people tend to put orders on delay for a period of time until they kind of sort things out in their own heads. Frankly, as I mentioned, we're quoting, we have very, very active pipeline. I don't know if you visited our booth or not, but our booth was very busy. So again, the pipeline is strong and just like to be recognizing that we're just going to be smart about it as we go from here.

當然。嗯，正如你所知，拉里，我們的產品組合非常廣泛，在業內公開範圍最廣。沒有任何一種產品代表任何有意義的部分，也許除了冷凍機，這是我們最大的產品線。但老實說，這確實是我所說的，就像我們過去看到的那樣，當人們對經濟感到震驚時，人們往往會推遲一段時間下訂單，直到他們自己解決問題為止。坦率地說，正如我提到的，我們正在引用，我們有非常非常活躍的管道。不知道你有沒有參觀過我們的展位，我們的展位非常熱鬧。因此，再次，管道很強大，就像認識到我們在從這裡開始時會聰明地對待它。

Your next question comes from the line of Mircea Dobre from Baird.

您的下一個問題來自 Baird 的 Mircea Dobre。

I guess what I wanted to kind of ask about our lead times in your FoodTech business. And obviously, you have a protein business, there's a liquid business, there's a packaging business. I understand that you have various components to it, but I'm curious as to how those lead times have changed over the past, call it, 3 to 6 months and where are you relative to competitors in that regard?

我想我想問的是關於我們在您的 FoodTech 業務中的交貨時間。很明顯，你有蛋白質業務，有液體業務，有包裝業務。我知道你有各種各樣的組成部分，但我很好奇這些交貨時間在過去是如何變化的，稱之為 3 到 6 個月，在這方面你與競爭對手的關係如何？

Sure. Depending on our product line is we have short cycle businesses and moreover, most of our businesses a little bit kind of, I'll call it, medium to longer cycle on the food pack side. I would say, historically, 6 to 9 months would be the average, although last year that's extended to 9 to 12 months. Everything that we hear is that we're consistent with the overall marketplace in terms of lead times.

當然。根據我們的產品線，我們有短週期業務，而且，我們的大多數業務在食品包裝方面都有一點點，我稱之為中長周期。我會說，從歷史上看，平均時間為 6 到 9 個月，儘管去年延長到 9 到 12 個月。我們聽到的一切都是我們在交貨時間方面與整個市場保持一致。

Kind of looking at demand, I'm curious what your reaction to this. If we're looking at your order intake in 2021, that was quite strong. This is where a lot of your backlog was built. Is it possible that what we've seen in 2021 was just customers reacting to elongated lead times and eventually maybe ordering a little earlier in a project, ordering ahead, maybe double ordering in some cases, and now we're just starting to see that effect sort of waning or essentially this becoming a headwind for you?

有點看需求，我很好奇你對此有何反應。如果我們查看您 2021 年的訂單量，那是相當強勁的。這是您建立大量積壓工作的地方。我們在 2021 年看到的是否有可能只是客戶對延長的交貨時間做出反應，最終可能會在項目中提前一點訂購，提前訂購，在某些情況下可能會重複訂購，現在我們才剛剛開始看到影響有點減弱或本質上這成為你的逆風？

It is certainly, not double ordering. I can tell you that people don't invest in $2 million systems (inaudible). Again, this is a highly engaged sales cycle. They are meeting their demand. It's truly the need for the capacity and the margin improvements that they have and the labor constraints that they have. Those have not abated. That's not a particular concern that the macroeconomics for them or the microeconomics for them are such that they do need to continue to need to invest. So that's crystal clear. As you know, Mig, we've enjoyed pretty consistent orders flow over the last, call it, 5-6 quarters prior to this. It's historically a pretty normal pattern for us to kind of go up and down. So I am not going to react to any one data point. If there's a trend, we'll see next quarter. But I'm honestly not overreacting to the single data point, especially considering the nature of the conversations with our customers and their express need for investment.

這當然不是雙重訂購。我可以告訴你，人們不會投資 200 萬美元的系統（聽不清）。同樣，這是一個高度參與的銷售週期。他們正在滿足他們的需求。這確實是對他們擁有的產能和利潤率改進以及他們擁有的勞動力限制的需求。這些並沒有減少。這並不是特別令人擔憂的是，他們的宏觀經濟或微觀經濟表明他們確實需要繼續投資。所以這很清楚。正如你所知，Mig，我們在過去的 5-6 個季度中享有相當穩定的訂單流。從歷史上看，我們上下波動是一種非常正常的模式。所以我不會對任何一個數據點做出反應。如果有趨勢，我們將在下個季度看到。但老實說，我並沒有對單個數據點反應過度，尤其是考慮到與客戶對話的性質以及他們對投資的明確需求。

Lastly, the investment that you're making in OmniBlu, which my memory is that a lot of it is kind of flowing through corporate expense. Can you remind us the size of it for this year and how we should be thinking about that into 2020?

最後，你對 OmniBlu 的投資，我的記憶是，其中很大一部分是通過公司支出進行的。您能否提醒我們今年的規模以及我們應該如何考慮到 2020 年？

Sure. From a CapEx perspective, Mig, this year, it's about $40 million, $45 million, which we would expect to not be anything close to that next year. It's going to be less next year, quite honestly, probably closer to 0 than closer to 40%. And then from an expense perspective, I think this year, it's close to $10 million to $15 million in expense. And next year, we would expect in the corporate area, that's going to be closer to probably in the range of 5% to 10%, probably closer to 5% with the majority of the expense flowing through the businesses to line up with the revenue.

當然。從資本支出的角度來看，米格，今年大約是 4000 萬美元，4500 萬美元，我們預計明年不會接近這個數字。明年會更少，老實說，可能更接近 0，而不是接近 40%。然後從費用的角度來看，我認為今年的費用接近 1000 萬到 1500 萬美元。明年，我們預計在企業領域，這將接近 5% 到 10%，可能接近 5%，大部分費用流經企業以與收入保持一致.

(Operator Instructions) There are no further questions at this time. I will now turn the call back over to Mr. Brian Deck for closing remarks.

（操作員說明）目前沒有其他問題。我現在將把電話轉回給 Brian Deck 先生作結束語。

Thank you all for joining us this morning. As always, Kedric Meredith will be available if you have any follow-up questions. Thank you.

感謝大家今天早上加入我們。與往常一樣，如果您有任何後續問題，Kedric Meredith 將隨時為您服務。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。