JBT Marel Corp (JBTM) 2023 Q4 法說會逐字稿

Good morning, and welcome to JBT Corporation's Fourth Quarter and Full Year 2023 earnings conference call.

早上好，歡迎參加 JBT Corporation 的 2023 年第四季和全年財報電話會議。

My name is Audra and I will be your conference operator today.

我叫奧德拉，今天我將擔任你們的會議操作員。

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

At this time, all lines have been placed on mute to prevent any background noise.

此時，所有線路均已置於靜音狀態，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad.

如果您想在此期間提問，只需按星號鍵，然後按電話鍵盤上的數字 1 即可。

If you would like to withdraw your question, press star one again.

如果您想撤回問題，請再按星號一。

I will now turn the call over to JBT's Vice President of Corporate Development and Investor Relations Kendra Meredith, to begin today's conference.

現在我將把電話轉給 JBT 企業發展和投資者關係副總裁 Kendra Meredith，開始今天的會議。

Thank you, Audra, and good morning, everyone, and welcome to our year end 2023 conference call.

謝謝奧德拉，大家早安，歡迎參加我們的 2023 年底電話會議。

With me on the call is our Chief Executive Officer, Brian Dec, and Chief Financial Officer, Matt Meister.

與我一起參加電話會議的是我們的執行長 Brian Dec 和財務長 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 eight K filing.

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's periodic SEC filings also contain information regarding risk factors that may have an impact on our results.

Jbt 定期向 SEC 提交的文件還包含可能影響我們業績的風險因素的資訊。

These documents are available in the Investor Relations section of our website and also, our discussion today includes references to certain non-GAAP measures.

這些文件可在我們網站的投資者關係部分找到，而且我們今天的討論還包括對某些非公認會計原則措施的引用。

A reconciliation of these measures to the most comparable GAAP measure can be found in the Investor Relations section of our website.

您可以在我們網站的投資者關係部分找到這些指標與最具可比性的 GAAP 指標的對照表。

Now I'll turn the call over to Brian being scheduled.

現在我將把電話轉給正在安排的布萊恩。

And good morning, everyone.

大家早安。

A lot has occurred since our last call a few months ago.

自從幾個月前我們上次通話以來發生了很多事情。

So let me dive in.

那麼讓我深入了解一下。

As you know, JBT announced its intention to pursue a merger with morale.

如您所知，JBT 士氣高昂地宣布了尋求合併的意圖。

We believe this merger would be transformative for our customers and shareholders, bringing together two exceptional providers of Food & Beverage Solutions with synergistic products, great technology and globally recognized brands.

我們相信，此次合併對我們的客戶和股東來說將是一場變革，它將兩家傑出的食品和飲料解決方案提供商與具有協同產品、卓越技術和全球知名品牌的公司結合在一起。

I'll provide more color on that.

我將提供更多的顏色。

But first about our financial performance.

但首先是關於我們的財務表現。

We are very pleased with JBT's strong results in 2023 on a 5% increase in full year revenue, adjusted EBITDA increased 20%.

我們對 JBT 2023 年的強勁業績感到非常滿意，全年營收成長 5%，調整後 EBITDA 成長 20%。

We also generated a strong free cash flow with a conversion well over 100%.

我們也產生了強勁的自由現金流，轉換率遠超過 100%。

Moreover, we introduced financial guidance for 2024, which reflects further revenue growth and continued margin expansion.

此外，我們推出了 2024 年財務指引，反映了收入的進一步成長和利潤率的持續擴張。

With that, I'll turn the call over to Matt, who will walk you through our 2023 performance and our guidance for 2024.

接下來，我會將電話轉給 Matt，他將向您介紹我們 2023 年的業績和 2024 年的指導。

Matt?

馬特？

Thanks, Brian, and good morning.

謝謝，布萊恩，早安。

Our full year and fourth quarter performance reflected a significant year-over-year improvement in profitability and outperformed the guidance we provided on our last earnings call.

我們的全年和第四季度業績反映出盈利能力同比顯著改善，並且超出了我們在上次財報電話會議上提供的指導。

For the full year, revenue increased 5% and gross margins improved 190 basis points year over year, driven primarily by the benefits from restructuring savings, enhanced operating efficiency, a favorable mix of recurring revenue and our supply chain initiatives.

全年營收成長 5%，毛利率年增 190 個基點，這主要得益於重組節省、營運效率提高、經常性收入的有利組合以及我們的供應鏈計畫帶來的好處。

Adjusted EBITDA grew 20% year over year to $273 million.

調整後 EBITDA 年成長 20%，達到 2.73 億美元。

Adjusted EBITDA margin increased 210 basis points to 16.4%.

調整後 EBITDA 利潤率成長 210 個基點，達到 16.4%。

From an EPS perspective, we delivered diluted earnings per share from continuing operations of $4.02 compared with $3.23 in 2020 and adjusted EPS of $4.10 versus $3.67.

從每股收益的角度來看，我們的持續營運每股攤薄收益為 4.02 美元，而 2020 年為 3.23 美元，調整後每股收益為 4.10 美元，而 2020 年為 3.67 美元。

We were also very pleased with our 2020 free cash flow performance for the full year, excluding any impact from AeroTech, free cash flow was $167 million, representing a conversion rate of 129%.

我們對 2020 年全年自由現金流表現也非常滿意，排除 AeroTech 的影響，自由現金流為 1.67 億美元，轉換率為 129%。

Our year-over-year increase in free cash flow was driven by strong operating results and better inventory management and the supply chain constraints experienced 2022 improved.

強勁的經營業績和更好的庫存管理以及 2022 年供應鏈限制的改善推動了我們自由現金流的同比增長。

As of year end, our net debt to adjusted EBITDA ratio was 0.6 times, a slight increase from the end of the third quarter due to the tax payment associated with the sale of Maritech fourth quarter of 2023.

截至年底，我們的淨負債與調整後 EBITDA 比率為 0.6 倍，較第三季末略有增加，原因是與 2023 年第四季出售 Maritech 相關的稅款。

Strong execution resulted in an adjusted EBITDA margin of 18.2%, a 260 basis point improvement year over year.

強勁的執行力使調整後的 EBITDA 利潤率達到 18.2%，較去年同期提高 260 個基點。

Adjusted EPS, which excludes the $0.33 discrete tax benefit from the sale of a subsidiary, increased 24%.

調整後每股收益（不包括出售子公司帶來的 0.33 美元離散稅收優惠）增加了 24%。

Regarding our guidance for 2024, we are projecting solid top line growth of 5% to 7% or 4% to 6% organic, which excludes the benefit from FX of 1%.

關於我們對 2024 年的指導，我們預計營收將實現 5% 至 7% 或 4% 至 6% 的有機成長，其中不包括 1% 的外匯收益。

Our organic revenue guidance includes approximately 1% from price as we work to stay price cost neutral.

我們的有機收入指引包括大約 1% 的價格，因為我們努力保持價格成本中立。

And about 1% to 2% impact from equipment market growth.

而大約1%到2%的影響來自於設備市場的成長。

As we expect North American poultry demand to show some recovery in the back half of the year.

我們預計北美家禽需求將在今年下半年出現一定程度的復甦。

Additionally, we expect to see growth from our AGV business as we deliver a strong backlog that has been built from demand for warehouse automation.

此外，我們預計 AGV 業務將會成長，因為我們交付了因倉庫自動化需求而累積的大量積壓訂單。

Finally, we are forecasting continued growth in our recurring aftermarket revenue as we invest in resources to support improved customer equipment uptime as well as benefit from continued ramp in omni blu adoption 2024, we are forecasting adjusted EBITDA of $295 million to $310 million, representing year-over-year growth of 11% at the midpoint.

最後，我們預測我們的經常性售後市場收入將持續成長，因為我們投資資源以支援改善客戶設備的正常運作時間，並受益於2024 年omni blu 採用率的持續成長，我們預測調整後的EBITDA 為2.95億美元至3.1 億美元，相當於2024 年- 中點年增 11%。

Our margin guidance of 17% to 17.5% reflects a year-over-year improvement of approximately 85 basis points at the midpoint.

我們的利潤率指引為 17% 至 17.5%，中位數較去年同期改善約 85 個基點。

This increase is the result of continued benefits from our ongoing supply chain initiatives and operating leverage, along with restructuring savings of $7 million to $9 million.

這一增長得益於我們持續的供應鏈計劃和營運槓桿的持續收益，以及 700 萬至 900 萬美元的重組節省。

We expect full year net interest income of $4 million and a tax rate of 22% to 23%, resulting in adjusted earnings per share guidance of $5.05 to $5.45. At the midpoint, our adjusted EPS guidance represents a year-over-year increase of 28%.

我們預計全年淨利息收入為 400 萬美元，稅率為 22% 至 23%，調整後每股盈餘指引為 5.05 美元至 5.45 美元。在中點，我們調整後的每股盈餘指引年增 28%。

And finally, we anticipate free cash flow conversion of more than 100%, which includes CapEx of about $50 million to $60 million.

最後，我們預計自由現金流轉換將超過 100%，其中包括約 5,000 萬至 6,000 萬美元的資本支出。

Included in our full-year guidance is approximately $15 million in M&A costs for the first half of the year related to the intended merger offer for morale.

我們的全年指引中包括上半年約 1500 萬美元的併購成本，這些成本與旨在鼓舞士氣的合併要約相關。

As a reminder, these M&A costs are excluded from adjusted EBITDA and adjusted EPS.

提醒一下，這些併購成本不包括在調整後的 EBITDA 和調整後的每股盈餘中。

On a reported GAAP basis, we have updated our guidance ranges versus our preliminary outlook from January 19 to reflect the revised M&A cost assumptions.

根據報告的 GAAP 基礎，我們更新了我們的指導範圍與 1 月 19 日起的初步展望，以反映修訂後的併購成本假設。

We will continue to provide updates on estimated costs from this potential merger as we move throughout the year.

隨著全年的進展，我們將繼續提供此潛在合併的估計成本的最新資訊。

First quarter is traditionally our seasonally slowest in terms of revenue and profitability, a trend that we expect will continue in 2024, given the timing of the anticipated recovery in North American poultry markets, we expect the 2024 second half revenue to be approximately 53% of the total versus 51% in 2023.

就收入和獲利能力而言，第一季傳統上是我們季節性最慢的，我們預計這一趨勢將在2024 年持續，考慮到北美家禽市場預期復甦的時機，我們預計2024 年下半年收入約為53%到 2023 年，這一比例將達到 51%。

We are forecasting margin improvement in each sequential quarter of 2024 as market conditions are expected to improve and supply chain actions flow through to the results.

我們預計 2024 年每個連續季度的利潤率都會有所改善，因為預計市場狀況將有所改善，並且供應鏈行動將影響結果。

With that, let me turn the call back to Brian.

接下來，讓我把電話轉回布萊恩。

Thanks, Matt, we are entering 2024 with the good order momentum and backlog.

謝謝，馬特，我們正以良好的訂單勢頭和積壓進入 2024 年。

Fourth quarter orders were solid $418 million and full year orders increased 5% year over year in the fourth quarter, similar to the third, we enjoyed strengthening order trends in Europe and Asia, including from the poultry industry.

第四季訂單穩定達 4.18 億美元，第四季全年訂單年增 5%，與第三季類似，我們在歐洲和亞洲（包括家禽業）的訂單趨勢有所加強。

While we have yet to see improved orders from North American poultry customers.

雖然我們尚未看到北美家禽客戶的訂單有所改善。

The industry's price cost dynamics are improving.

該行業的價格成本動態正在改善。

We recently returned from the annual IPPE., otherwise known as the poultry show where attendance was among the best ever, the mood was more upbeat and the conversations are constructive.

我們最近剛從一年一度的 IPPE（也稱為家禽展）回來，那裡的出席人數是有史以來最好的，氣氛更加樂觀，對話也富有建設性。

Overall, our interactions support our belief that we are entering a period of recovery in equipment demand from that market.

總體而言，我們的互動支持了我們的信念，即我們正在進入該市場設備需求的復甦時期。

Switching gears, as we have talked about for the last few years, JBT's greatest opportunity for margin improvement rests in our supply chain initiatives.

換個角度，正如我們過去幾年所討論的那樣，JBT 提高利潤率的最大機會在於我們的供應鏈計劃。

Given post pandemic supply chain pressures during 2021 and 2022, we were hyper-focused on continuity of supply in 2023.

考慮到 2021 年和 2022 年大流行後供應鏈的壓力，我們高度關注 2023 年的供應連續性。

Supply chain conditions improved, allowing us to shift our focus and resources to optimizing costs and inventory management.

供應鏈狀況得到改善，使我們能夠將重點和資源轉移到最佳化成本和庫存管理。

With the sale of AeroTech, we can focus our supply chain efforts on a more homogeneous supply base.

透過出售 AeroTech，我們可以將供應鏈工作集中在更同質化的供應基礎上。

We are engaged in our strategic sourcing initiative, consolidating JBT's spend, concentrate purchasing where we where we can improve the economic delivery and quality of our supply base for also engaged in our process of value engineering as we work to standardize components and reduce complexity of product design without compromising our quality or performance promise to our customers.

我們致力於我們的策略採購計劃，整合 JBT 的支出，集中採購我們可以提高供應基地的經濟交付和品質的地方，同時我們也致力於我們的價值工程流程，努力標準化組件並降低產品的複雜性設計時不損害我們對客戶的品質或性能承諾。

This will lower costs, improve manufacturing efficiency, and facilitate inventory management.

這將降低成本、提高製造效率並促進庫存管理。

We plan to build on the supply chain success we captured in 2023 and generate some 25 to 50 basis points of incremental margin expansion in 2024.

我們計劃在 2023 年供應鏈成功的基礎上再接再厲，並在 2024 年實現約 25 至 50 個基點的增量利潤擴張。

As you can see from our strong performance in 2023 and our 2024 guidance.

從我們 2023 年的強勁表現和 2024 年的指導中可以看出。

Jbt's prospects remain bright, reflecting our business, our strong resilient business model and diverse product and market mix and our value added acquisitions beyond what we've already achieved.

Jbt 的前景仍然光明，這反映了我們的業務、強大的彈性業務模式、多樣化的產品和市場組合以及超越我們已經實現的增值收購。

The proposed merger with Merin represents a unique opportunity to create broad stakeholder value.

與 Merin 的擬議合併代表了創造廣泛利益相關者價值的獨特機會。

We have not let we have not yet launched the tender offer for morale, which we now believe will have like most likely occur in the second quarter.

我們還沒有推出要約收購以鼓舞士氣，我們現在認為這很可能會在第二季發生。

And of course, the proposed merger is subject to respective shareholder approval and regulatory clearance.

當然，擬議的合併也需獲得各自股東的批准和監管機構的批准。

We will show share more about the transaction on the conference call.

我們將在電話會議上分享有關交易的更多資訊。

We plan to hold post launch.

我們計劃在發布後舉行。

And in the meantime, here's what we can share we believe the combination will accelerate growth by capturing cross-sell opportunities across our complementary portfolios and through an expanded global commercial footprint and customer care resources.

同時，我們可以分享的是，我們相信此次合併將透過抓住互補產品組合的交叉銷售機會以及擴大的全球商業足跡和客戶服務資源來加速成長。

The combined company will offer an even fuller line solutions in protein, fast food and plant-based protein processing, scalable R & D would expand our ability to develop innovative solutions to address customer priorities, including the growing demand for automation and sustainable solutions.

合併後的公司將在蛋白質、快餐和植物性蛋白質加工領域提供更全面的一系列解決方案，可擴展的研發將擴大我們開發創新解決方案的能力，以滿足客戶的優先事項，包括對自動化和永續解決方案不斷增長的需求。

It has reached a customer care organization with improved service levels, make it easier to do business with the combined company.

它已成為一家服務水準提升的客戶服務組織，使與合併後的公司開展業務變得更加容易。

Furthermore, by leveraging our complementary and comprehensive digital solutions, JBT's Omni blue and Morales.

此外，透過利用我們互補且全面的數位解決方案，JBT 的 Omni blue 和 Morales。

Inova will optimize equipment uptime and efficiency for customers and further the digital engagement ecosystem, even before considering revenue synergies, which could be meaningful we have identified cost synergies of more than $125 million that we expect to capture within three years of completing the transaction.

Inova 將為客戶優化設備正常運行時間和效率，並進一步發展數位參與生態系統，甚至在考慮收入協同效應之前，這可能是有意義的，我們已經確定了超過1.25 億美元的成本協同效應，我們預計在交易完成後三年內實現。

We believe our ongoing supply chain initiatives would improve the collective cost base.

我們相信我們正在進行的供應鏈計劃將改善集體成本基礎。

Additionally, we expect benefits from leveraging our collective G&A spend and optimizing manufacturing efficiency.

此外，我們預計可以從利用我們的集體管理費用和優化製造效率中獲益。

Importantly, we will advance the business in a way that respects and supports Meralco's heritage.

重要的是，我們將以尊重和支持 Meralco 傳統的方式推進業務。

We anticipated that the company that the combined company will be named JBT morale, morale.

我們預計合併後的公司將被命名為JBTmorale、士氣。

Shareholders are expected to have representation on the combined Board of Directors proportional to their pro forma ownership.

股東在合併董事會中的代表比例應與其備考所有權成比例。

And we are committed to building a best in class talent organization plan is to add a European headquarters in Iceland and the Company shares will have a secondary listing and Nasdaq Iceland.

而我們致力於打造一流的人才組織，計劃是在冰島增設歐洲總部，並且公司股票將在冰島納斯達克進行二次上市。

Assuming the transaction closes at year end 2020 for the combined company is expected to have a net leverage ratio of less than 3.5 times, which is prior to any cost synergies.

假設交易於 2020 年底完成，合併後公司的淨槓桿率預計將低於 3.5 倍，這是在任何成本協同效應之前的。

And given the strong cash flow profile and improving EBITDA of the combined business, we would expect leverage to be well below three times by the end of 2025, with all the activity surrounding the intention to merge with morale remains business as usual, for JBT, our priority, as always, is to provide superior solutions and service to customers, and it's JBT's employees around the globe that make that happen every day.

鑑於合併後業務強勁的現金流狀況和不斷改善的 EBITDA，我們預計到 2025 年底槓桿率將遠低於三倍，對於 JBT 來說，圍繞合併意向的所有活動與士氣仍然照常進行，一如既往，我們的首要任務是為客戶提供卓越的解決方案和服務，而JBT 遍布全球的員工每天都在努力實現這一目標。

With that, let's take your questions.

那麼，讓我們來回答你的問題。

Operator?

操作員？

(Operator Instructions) Lawrence De Maria, William Blair.

（操作員說明）勞倫斯·德·瑪麗亞、威廉·布萊爾。

Thank you and good morning, everybody.

謝謝大家，早安。

I just wanted to check in on this tender.

我只是想看看這次招標。

So I think, you know, you say most likely in two QIPPE., I think the messaging was diligence or four to six more weeks and then the tender.

所以我認為，你知道，你說最有可能在兩個 QIPPE 中。我認為訊息傳遞是勤奮或四到六週，然後是招標。

So I guess a question, first of all, is the time frame slipping a little bit, and I would think it would have been sooner.

所以我想首先一個問題是時間框架有點推遲，我認為會更快。

And secondly, have you started a regulatory approval process yet?

其次，你們已經開始監管審批流程了嗎？

Right.

正確的。

So as it relates to the timing, specifically as we've uncovered and covered all the regulatory requirements as part of both Iceland and the U.S. on the SEC's on the SEC side, the work streams associated with that, we just found that we need a little bit more time to get through all of that prior to launch.

因此，由於它與時間相關，特別是當我們已經發現並涵蓋了 SEC 方面冰島和美國的所有監管要求以及與之相關的工作流程時，我們發現我們需要一個在發布之前需要多一點時間來完成所有這些工作。

So nothing particularly problematic with that.

所以這沒什麼特別的問題。

It's just a matter of getting through the work streams.

這只是完成工作流程的問題。

And as part of that, we are and on the antitrust side, while we haven't formally filed yet, we do continue that process in terms of the data collection, understanding which which jurisdictions we're going to file.

作為其中的一部分，我們在反壟斷方面，雖然我們還沒有正式提交申請，但我們確實在資料收集方面繼續這一過程，以了解我們將向哪些司法管轄區提交申請。

And so there's a tremendous amount of work associated with that.

因此，與之相關的工作量龐大。

And that's and frankly, antitrust is the longer pole in the tent, and that's going to drive that the overall timing of the transaction.

坦白說，反壟斷是帳篷中較長的桿子，這將推動交易的整體時機。

So we're still focused on completing everything by the end of 2024.

因此，我們仍然致力於在 2024 年底前完成所有工作。

Okay.

好的。

Thank you.

謝謝。

And then I'm certainly as we're going to you're going through this the process and learning.

然後我確信你們正在經歷這個過程並學習。

Two questions.

兩個問題。

First, is it kind of confirm what your thinking around the overlap is more complementary versus additive?

首先，這是否證實了您對重疊的看法是互補的，而不是相加的？

And secondly, have you started to talk to Morel shareholders sort of dialing for for approval from them?

其次，你是否已經開始與莫雷爾股東交談並尋求他們的批准？

And if so, what's the feedback been so far and I'll pass it on.

如果是這樣，到目前為止的回饋是什麼，我會轉達。

Thank you.

謝謝。

Right.

正確的。

So the on the first question, indeed, the portfolio is complementary and mostly complementary as we have expected.

因此，關於第一個問題，事實上，正如我們所預期的那樣，投資組合是互補的，而且大部分是互補的。

So we don't see it from an antitrust perspective at a particular issue.

因此，我們不會從反壟斷的角度來看某個特定問題。

However, from a customer perspective, we think it's quite value-creating.

然而，從客戶的角度來看，我們認為這是相當創造價值的。

So it is confirming some of our suspicions and hypotheses around what the combined company could look like and the value accretion and offerings that we could provide in a combined basis in terms of engaging with morale.

因此，它證實了我們對合併後公司的一些懷疑和假設，以及我們在合併後可以提供的價值增值和產品，以提高士氣。

Shareholders know, we have not started that yet.

股東們知道，我們還沒有開始這麼做。

That would not start until after we launched the tender offer.

這要等到我們發起要約收購後才開始。

Obviously, we'd like to have something formal in front of them in order to speak to.

顯然，我們希望在他們面前進行一些正式的交談，以便與他們交談。

So that won't occur until until the launch itself.

因此，直到發射本身之前，這種情況才會發生。

Walter Liptak, Seaport Research.

沃爾特·利普塔克，海港研究中心。

I was wondering, first some maybe a fundamental question about 2024 outlook.

我想知道，首先是一些關於 2024 年前景的基本問題。

And it sounds like I'm a pretty big part of the EPS growth is coming from margin improvement.

聽起來我認為每股盈餘成長的很大一部分來自於利潤率的提高。

As I wonder if you could just walk us through maybe some of the buckets of where that's going to come from?

我想知道你是否可以帶我們了解它的來源？

Is it some of the restructurings already done?

是否有一些重組已經完成？

Are there more restructuring that have cap and supply chain, et cetera?

是否有更多涉及上限和供應鏈等的重組？

It's Matt, I'd say at some peer growth in EBITDA dollars, I'd say it's probably 50-50 between the volume benefit that we're getting from the sales growth and then the margin improvements that we expect that those margin improvements are going to come from the restructuring savings from the actions that we've already taken.

馬特，我想說的是，在 EBITDA 美元的同業成長中，我們從銷售成長中獲得的銷售收益與我們預期的利潤率改善之間可能是 50-50。將來自我們已經採取的行動所帶來的重組節省。

So those actions are, for the most part already done.

因此，這些行動大部分已經完成。

There is a little bit that's going to happen here in the first quarter, but it's very small and that those savings for 2024 are expected to be between $7 million and $9 million, and we should be able to hit full run rate by the end of the second half.

第一季將會發生一些情況，但規模非常小，預計 2024 年節省的資金將在 700 萬至 900 萬美元之間，我們應該能夠在 2020 年底達到滿載運轉。下半場。

So that's a big portion of the benefit come.

所以這是收益的很大一部分。

And then and then the other piece of it is the supply chain benefits that we saw in 2023 are benefiting the bottom line now continuing into 2024 with additional actions being taken by the supply chain team to drive cost out through both value engineering as well as some sourcing and resourcing activities.

另一方面，我們在 2023 年看到的供應鏈效益正在使利潤受益，現在將持續到 2024 年，供應鏈團隊採取額外行動，透過價值工程和一些其他措施來降低成本。採購和資源活動。

And certainly the margins are going to continue to get better as we grow because of getting leverage on the fixed costs, which will somewhat be offset by some investments we need to make to support the organic growth that we wanted.

當然，隨著我們的發展，由於固定成本的槓桿作用，利潤率將繼續提高，這將在一定程度上被我們需要進行的一些投資所抵消，以支持我們想要的有機成長。

We wanted some volatility.

我們想要一些波動性。

On the volume part of the margin answer and how much of the volume do you think is coming from the aftermarket parts sales are we seeing benefits from Omni blue?

關於利潤率答案的銷售部分以及您認為有多少銷售來自售後零件銷售，我們是否看到了 Omni blue 的好處？

Or is it orders that are just flowing through from out from equipment?

還是只是從設備流出來的訂單？

Yeah, I would say in terms of mix for 2024, we're still expecting that 50-50-ish type mix.

是的，我想說，就 2024 年的混合而言，我們仍然期望 50-50 左右的混合。

And we are seeing as part of that, where we're certainly seeing an improvement and additional contribution from the Omni blue side, we are starting to see some nice momentum in new customers adopting it, but also convert converting our old iAPPS platform as those contracts lapse.

我們看到，作為其中的一部分，我們確實看到了 Omni blue 方面的改進和額外貢獻，我們開始看到新客戶採用它的一些良好勢頭，但也將我們舊的 iAPPS 平台轉換為那些合約失效。

So good, good momentum there.

太好了，勢頭很好。

So we're excited about about that, but no major mix changes in 2024.

所以我們對此感到興奮，但 2024 年不會有重大的組合變化。

Like I said, we we do have some little bit higher on the equipment growth side, big, particularly because of the AGV that we mentioned along with some recovery in the back half of the year on the protein side.

就像我說的，我們在設備成長方面確實有一些更高的成長，特別是因為我們提到的 AGV 以及今年下半年蛋白質的一些復甦。

Mircea Dobre, RW Baird.

米爾恰‧多布雷 (Mircea Dobre)，RW 貝爾德 (RW Baird)。

Can we put a finer point on Q1?

我們可以對 Q1 提出更詳細的觀點嗎？

Maybe you talked about the seasonality here.

也許你在這裡談到了季節性。

Maybe frame how you how you sort of see revenue either year-over-year or sequentially and what's the starting point for margins?

也許可以框架一下您如何看待逐年或連續的收入以及利潤率的起點是什麼？

Yes.

是的。

And I think our revenue in the quarter is going to be certainly better than we saw last year in Q1.

我認為我們本季的營收肯定會比去年第一季的營收好。

We do see growth not to the same level of growth that we're seeing for the full year, but certainly good because of the back half nature of the recovery in North American poultry, but there is some modest growth in the first quarter.

我們確實看到成長速度與全年的成長水準不同，但由於北美家禽復甦的後半段性質，肯定是好的，但第一季有一些溫和的成長。

And then on a margin perspective, like we said, I mean, with year over year, there will be improvements in margins, I'd say, the 75 to 100 basis point improvement that we're seeing for the full year, we would expect to see that every quarter as an improvement year over year.

然後從利潤率的角度來看，就像我們所說的，我的意思是，隨著時間的推移，利潤率將會有所改善，我想說，我們全年看到的75 到100 個基點的改善，我們會預期每季都會比去年同期有所改善。

And looking through your slide deck, you on slide 5, you kind of call out the and the strong performance that you had in recurring revenue and if my math is right, that $95 million growth that you've had in recurring revenue?

瀏覽你的幻燈片，在幻燈片 5 上，你會提到你在經常性收入方面的強勁表現，如果我的數學正確的話，你的經常性收入增長了 9500 萬美元？

Yes, it would be double digit growth, if I'm not mistaken, in 23.

是的，如果我沒記錯的話，23 年將會是兩位數的成長。

So I guess I'm curious as to what's been driving that growth in recurring and as you look into 24 on your implied guidance, so cost for growth in recurring revenue, but obviously, much money lower than what you had in 23.

因此，我想我很好奇是什麼推動了經常性收入的增長，當您根據隱含指導來研究 24 時，經常性收入增長的成本，但顯然，比 23 時的資金要低得多。

So I guess I'm just kind of curious as to what might be changing here or is

所以我想我只是好奇這裡可能會發生什麼變化或正在發生什麼變化

--?

——？

Right.

正確的。

Yes, there's a couple of things.

是的，有幾件事。

I would say the primary thing that we saw was and particularly again in North America, as there was some deferral of CapEx investment, more spending on refurbishment projects and keeping things, I'll say, more stable and keeping that output strong without having to make new equipment purchases.

我想說的是，我們看到的主要事情是，特別是在北美，因為資本支出投資有所推遲，翻新項目的支出增加，並且保持事物更加穩定，並保持強勁的產出，而無需購買新裝置.

So obviously, as they switch a little bit from new from that to new equipment in 2024, you'll see a little bit of moderation back to the mean so that what I would say is the primary driver.

很明顯，當他們在 2024 年從新設備稍微切換到新設備時，您會看到一點適度回到平均值，所以我想說的是主要驅動力。

Were there's some sort of I don't know like pricing benefits or something of the sort that might have been fortunately benefiting recurring revenue in 23?

是否有某種我不知道的東西，例如定價優勢或可能幸運地使 23 的經常性收入受益的東西？

I would say generally, yes, I would say a little bit.

我通常會說，是的，我會說一點。

We obviously we see we captured price increase on of both equipment and on and on aftermarket, I wouldn't say they're materially different.

顯然，我們看到設備和售後市場的價格上漲，我不會說它們有本質上的不同。

One thing I should mention, however, Mig, is that we bought Tabcorp at the what I think August of 2022, and that has a 60% plus recurring revenue business.

不過，Mig，我應該要提到的一件事是，我們在我認為的 2022 年 8 月收購了 Tabcorp，該公司的經常性收入業務超過 60%。

So you do get a full year benefit of that as well.

所以你也能從中獲得一整年的利益。

So some of that would be inorganic in that high growth rate.

因此，在如此高的成長率下，其中一些可能是無機的。

It's interesting until you recall, they've got about -- if you recall, they've got about $90 million or so of revenue and about 60%, 65% recurring revenue.

這很有趣，直到你還記得，他們有大約 - 如果你還記得，他們有大約 9000 萬美元左右的收入和大約 60%、65% 的經常性收入。

You get the full year benefit of that as said of the four months that we had and that we enjoyed in 2022.

正如我們在 2022 年所享受的四個月所說的那樣，您將獲得全年的好處。

Yes, that makes sense.

是的，這是有道理的。

Thank you for that clarity.

謝謝你的澄清。

In terms of the OE side on the and I guess, if I'm honest, understanding things here.

就 OE 方面而言，我想，如果我誠實的話，我理解這裡的事情。

It looks like OE was down maybe in 23.

看起來 OE 可能在 23 月就下降了。

And I'm curious, was poultry, the only source of pressure that you had in OE.

我很好奇，家禽是 OE 中唯一的壓力來源。

Were there other verticals that's that decline as well as you look at 24 and in poultry specifically, is there a way to sort of frame for us what the swing would be?

是否還有其他垂直行業也在下降，特別是在 24 小時內，特別是在家禽方面，有沒有辦法為我們確定擺動的框架？

I mean, like I don't know this business is running at 75% of what you would call mid-cycle or what in what sort of recovery do you factor in into '24?

我的意思是，我不知道這項業務的運行速度是您所謂的中期週期的 75%，也不知道您將哪種復甦因素納入 24 年？

No, right.

無權利。

So in 2023 at North American poultry was clearly though Biosyn largest contributor to.

因此，2023 年北美家禽業顯然 Biosyn 是最大的貢獻者。

And you are right that the equipment side had.

你說得對，設備方面有。

And so as some slightly slightly negative growth in 2023 of the primary culprit of that was the lower order book coming into the year and throughout the year, frankly, on equipment orders.

因此，2023 年出現輕微負成長的主要原因是今年和全年的訂單量較低，坦白說，是設備訂單。

The other area that that reverted to us a more normalized levels with pet food pet food in 2022 and 2021 for that matter was tremendous.

就這一點而言，2022 年和 2021 年寵物食品恢復到更正常水平的另一個領域是巨大的。

It remains a decent market in 2023 for compared to the of the real robustness that we saw, 2021, 2022 have reverted.

與我們看到的真正穩健的市場相比，2023 年它仍然是一個不錯的市場，2021 年、2022 年已經恢復。

So those are the two main ones and then I'm sorry, what was the second part of your question?

這是兩個主要問題，抱歉，您問題的第二部分是什麼？

As you think about 2024, where do you think you've been running in terms of what you would consider to be normalized demand in the end and markets that have compressed?

當您思考 2024 年時，您認為最終需求正常化和市場壓縮的情況如何？

I guess you are clear about petfood, but I'm not clear in poultry in terms of where you are versus what's normal demand?

我想您對寵物食品很清楚，但我不清楚在家禽方面您與正常需求的關係如何？

And what do you factor in in '24 in terms of a bounce back?

就反彈而言，您認為 24 年的反彈因素是什麼？

Right.

正確的。

So we I would say, in North America, more than 20% down versus, I would say, a normal mid-cycle year on equipment freight that got somewhat bolstered by the aftermarket.

因此，我想說，在北美，與正常的中期週期相比，設備貨運量下降了 20% 以上，而售後市場在一定程度上推動了設備貨運量的成長。

But on the equipment side, north of 20% lower than what we normally would be.

但在設備方面，比我們通常的水平低 20% 以上。

We don't see that full recovery this year, right?

今年我們看不到全面復甦，對嗎？

Because we don't think we're going to that's going to start work.

因為我們認為我們不會開始工作。

We expect to start receiving orders here in the front half and converting that to revenue in the back half.

我們預計在前半段開始接收訂單，並在後半段將其轉化為收入。

So I would say kind of in that mid, I'll say halfway recovery, if you will, in the back half of the year and if things go as expected, kind of a more of a full recovery in 2025.

因此，我想說的是，如果你願意的話，在今年下半年，如果一切按預期進行，那麼在 2025 年將實現一半復甦。

As a reminder, if you would like to ask a question, please press star one on your telephone keypad.

提醒一下，如果您想提問，請按電話鍵盤上的星號一。

Will pause just a moment and there are no further questions at this time.

將暫停片刻，目前沒有進一步的問題。

I would like to turn the conference over to Mr. Brian for closing remarks.

我想請布萊恩先生致閉幕詞。

Thank you all for joining us this morning.

感謝大家今天早上加入我們。

As always, Kendrick and Marley will be available if you have any follow-up questions.

像往常一樣，如果您有任何後續問題，肯德里克和馬利將隨時為您服務。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。