JBT Marel Corp (JBTM) 2024 Q2 法說會逐字稿

Good morning, and welcome to JBT Corporation's second-quarter 2024 earnings conference call. My name is Krista, and I will be your conference operator today. (Operator Instructions)

早安，歡迎參加 JBT Corporation 2024 年第二季財報電話會議。我叫克里斯塔，今天我將擔任你們的會議操作員。（操作員說明）

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

我現在將電話轉給 JBT 企業發展和投資者關係副總裁 Kedrick Meredith，開始今天的會議。

Thank you, Krista. Good morning, everyone, and welcome to our second-quarter 2024 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.

謝謝你，克里斯塔。大家早安，歡迎參加我們的 2024 年第二季電話會議。與我一起參加電話會議的是我們的執行長 Brian Deck；和財務長馬特·梅斯特。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 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。這些文件可在我們網站的投資者關係部分找到。

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.

此外，我們今天的討論也提到了某些非公認會計原則措施。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 指標的調整表。

Now I'll turn the call over to Brian.

現在我將把電話轉給布萊恩。

Thanks, Kedric, and good morning, everyone. Let me start with the good news. As we said on last quarter's call, we were optimistic that improving poultry industry economics and strong quote activity would begin to translate to higher orders. This played out in the second quarter as JBT's strong orders included an initial recovery in equipment demand from North American poultry producers. Additionally, AGV, our automated material handling business rebounded nicely in the second quarter as expected.

謝謝，凱德里克，大家早安。讓我從好消息開始。正如我們在上個季度的電話會議上所說，我們樂觀地認為，家禽業經濟的改善和強勁的報價活動將開始轉化為更高的訂單。這在第二季度得到了體現，因為 JBT 的強勁訂單包括北美家禽生產商的設備需求初步復甦。此外，我們的自動化物料搬運業務AGV如預期在第二季出現良好反彈。

Overall, this translated to the second best quarter in terms of orders for our food technology, in our food technology history and a 13% sequential improvement. With that said, JBT's second quarter financial performance fell short of our expectations, essentially due to our revenue shortfall. With much of that expected to be recovered in the back half of the year, we have refined our guidance to reflect 3% to 5% top line growth for the full year.

總體而言，這意味著我們的食品科技訂單量在我們的食品科技史上排名第二，較上季提高了 13%。儘管如此，JBT 第二季度的財務表現未達到我們的預期，主要是因為我們的收入不足。由於大部分預計將在今年下半年恢復，因此我們調整了指導，以反映全年 3% 至 5% 的收入成長。

Let me turn the call over to Matt, who will provide more detail on our second quarter performance and expectations for the full year. Then I'll speak about market and geographic order trends, our latest ESG report and provide updates on the combination with Marel. Matt?

讓我將電話轉給馬特，他將提供有關我們第二季度業績和全年預期的更多詳細資訊。然後我將談論市場和地理訂單趨勢、我們最新的 ESG 報告，並提供有關與 Marel 合併的最新資訊。馬特？

Thanks, Brian, and good morning. The second quarter of 2024 revenue of $402 million, which included a $4 million negative impact from foreign exchange translation declined 6% year-over-year. That fell short of our expectations, primarily from the performance of book and ship orders, customer delivery scheduling and a now resolved system upgrade issue that temporarily delayed revenue recognized from that impacted site.

謝謝，布萊恩，早安。2024 年第二季營收為 4.02 億美元，其中包括外匯換算帶來的 400 萬美元負面影響，年減 6%。這並未達到我們的預期，主要是由於預訂和發貨訂單的表現、客戶交付計劃以及現已解決的系統升級問題，該問題暫時推遲了從受影響站點確認的收入。

We believe approximately $15 million of revenue shifted from the second quarter to the third quarter. On margin side, we continue to realize benefits from our restructuring actions and delivered better than expected cost savings from our supply chain initiatives. As a result, our second quarter gross profit margins of 35.6% improved 120 basis points year-over-year. Adjusted EBITDA of $64 million declined 11% year-over- year, as the benefits from restructuring and supply chain initiatives were more than offset by the impact of lower volume.

我們認為大約 1500 萬美元的收入從第二季轉移到了第三季。在利潤方面，我們繼續從重組行動中獲益，並從我們的供應鏈計劃中實現了好於預期的成本節約。因此，我們第二季的毛利率為 35.6%，年比提高了 120 個基點。調整後 EBITDA 為 6,400 萬美元，年減 11%，原因是重組和供應鏈計畫帶來的收益被銷售下降的影響所抵銷。

That said, we realized sequential improvements as adjusted EBITDA increased 11% and our adjusted EBITDA margin expanded 120 basis points. Second quarter adjusted EPS was $1.05 versus $0.97 in the prior year, as result in the current year benefited from $9 million in net interest expense improvements. Year-to-date free cash flow of $14 million was lower than the prior year due to higher working capital. Our inventory increased, partially due to AGV's growth profile and overall higher work in progress associated with our backlog timing.

也就是說，我們實現了連續改善，調整後 EBITDA 成長了 11%，調整後 EBITDA 利潤率擴大了 120 個基點。第二季調整後每股收益為 1.05 美元，而去年同期為 0.97 美元，因為本年度受益於 900 萬美元的淨利息支出改善。由於營運資金增加，年初至今的自由現金流為 1,400 萬美元，低於去年。我們的庫存增加，部分原因是 AGV 的成長狀況以及與我們的積壓時間相關的整體在製品數量增加。

For the full year, we remain confident in our ability to achieve a free cash flow conversion rate in excess of 100%, as we convert our strong backlog to revenue and order demand continues to improve. Brian mentioned earlier, we updated our full year organic revenue growth guidance to 3% to 5% to reflect our year-to-date performance, which is partially offset by additional contributions from AGV in the back half. Our updated guidance suggests a steeper quarterly progression in the back half than before.

全年來看，我們對實現超過 100% 的自由現金流轉換率仍然充滿信心，因為我們將強勁的積壓訂單轉化為收入，訂單需求持續改善。Brian 先前提到，我們將全年有機收入成長指引更新為 3% 至 5%，以反映我們今年迄今的業績，但下半年 AGV 的額外貢獻部分抵消了這一增長。我們更新的指引顯示後半段的季度進展比以前更陡峭。

While our $700 million backlog is consistent with prior year, scheduled conversion to revenue in the back half is approximately $90 million higher. This is the result of several long-term projects included in last year's backlog that is shipping in 2024. Included in the forecasted backlog conversion is higher AGV revenue, which, as we've discussed previously, has been capacity constrained given the strong demand for warehouse automation.

雖然我們的 7 億美元積壓訂單與去年持平，但預計下半年轉換為收入的金額將高出約 9,000 萬美元。這是去年積壓訂單中包含的幾個長期項目的結果，這些項目將於 2024 年發貨。預測的積壓訂單轉換中包括較高的 AGV 收入，正如我們之前所討論的，鑑於倉庫自動化的強勁需求，該收入一直受到容量限制。

However, changes to our manufacturing process and product standardization have improved our efficiency and lead time. As a result, we expect AGV will now contribute 2% to JBT's total revenue growth for 2024, which is an incremental 1% from our previous guidance. All of this together provides confidence in our forecast of an approximately $90 million year-over-year increase in back half revenue, which was along with comparable book and ship volume to the back half of last year, but put us at the midpoint of our 2024 guidance.

然而，我們的製造流程和產品標準化的變化提高了我們的效率和交貨時間。因此，我們預計 AGV 現在將為 JBT 2024 年總收入成長貢獻 2%，比我們先前的指導增加 1%。所有這些都讓我們對下半年收入同比增長約 9,000 萬美元的預測充滿信心，這與去年下半年的可比預訂量和發貨量一樣，但使我們處於我們的中點2024 年指導。

Based on our updates to revenue growth, we have narrowed our full year guidance for adjusted EBITDA and adjusted EPS. We now expect adjusted EBITDA of $295 million to $305 million, which maintains margin expectations at 17% to 17.5%. Adjusted EPS has also been updated to $5.05 to $5.35. At the back half of 2024, in terms of quarterly cadence, we expect double digit year-over-year revenue growth in each quarter and margins to improve sequentially as we move through the remainder of the year.

根據我們對營收成長的更新，我們縮小了調整後 EBITDA 和調整後每股盈餘的全年指引範圍。我們目前預期調整後 EBITDA 為 2.95 億至 3.05 億美元，利潤率預期維持在 17% 至 17.5%。調整後每股盈餘也更新為 5.05 美元至 5.35 美元。就季度節奏而言，到 2024 年下半年，我們預計每季的營收將年增至兩位數成長，隨著今年剩餘時間的推移，利潤率將連續改善。

Lastly, we updated our full year GAAP guidance to reflect our current expectation of $40 million in pre-closing M&A costs for the combination with Marel.

最後，我們更新了全年 GAAP 指引，以反映我們目前對與 Marel 合併的交割前併購成本為 4000 萬美元的預期。

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. Let me start with order trends. As I said at the top of the call, second quarter orders of $437 million represented our Food Technology's second best quarterly performance ever. We were pleased that the anticipated recovery in orders from North American poultry producers has started to materialize. Moreover, it is still early and we're not yet back to baseline demand levels. As such, we expect North American poultry industry orders to improve further in Q3.

謝謝，馬特。讓我從訂單趨勢開始。正如我在電話會議開頭所說，第二季度訂單額為 4.37 億美元，是我們食品科技公司有史以來第二好的季度業績。我們很高興北美家禽生產商的訂單恢復預期已經開始實現。此外，現在還為時過早，我們尚未回到基線需求水準。因此，我們預計第三季北美家禽業訂單將進一步改善。

As for other areas of strength, we continued to enjoy robust demand at AGV, while fruit and vegetable demand was also quite strong in the quarter. On the other hand, the beverage industry did not meet our expectations as manufacturers adjust to current consumer buying patterns. And in general, the high cost of capital remains a headwind, particularly among our smaller customers. Geographically, Europe was stable and demand in the Middle East remains strong.

至於其他優勢領域，我們繼續享受 AGV 的強勁需求，而本季水果和蔬菜的需求也相當強勁。另一方面，隨著製造商適應當前消費者購買模式，飲料業並未達到我們的預期。總的來說，高資本成本仍然是一個阻力，特別是對我們的小客戶來說。從地域上看，歐洲穩定，中東需求依然強勁。

The Asia Pacific region was disappointing as we continued to experience elongated order conversion cycles, while South America has a strong pipeline that appears promising for the foreseeable future. Putting it all together, the significant strength in the second quarter reflected JBT's diversified end market exposure as well as initial recovery in North American poultry demand. As such, we anticipate another strong quarter of total inbound order rates in the third quarter.

亞太地區令人失望，因為我們繼續經歷漫長的訂單轉換週期，而南美洲擁有強大的管道，在可預見的未來似乎前景光明。總而言之，第二季的強勁表現反映了 JBT 多元化的終端市場曝險以及北美家禽需求的初步復甦。因此，我們預計第三季總入庫訂單率將再次強勁。

Switching gears. As you may have seen, we recently published JBT's, fourth annual environmental, social and governance report focused on how we are fortifying the future of food to enable a more resilient, sustainable and equitable food supply chain. Sustainability is becoming an ever larger factor in our customers' purchasing decisions and JBT's innovative portfolio solutions can improve our customers' environmental footprint and operational performance.

切換齒輪。正如您可能已經看到的，我們最近發布了 JBT 第四份年度環境、社會和治理報告，重點介紹了我們如何鞏固食品的未來，以實現更具彈性、可持續和公平的食品供應鏈。永續發展正在成為客戶購買決策中越來越重要的因素，JBT 的創新產品組合解決方案可以改善客戶的環境足跡和營運績效。

Our products make better use of precious resources such as energy and water, while also helping to reduce food and packaging waste with improved processes for yield and food safety. As such, JBT's innovation creates a competitive advantage as we help customers meet their sustainability objectives. We're also taking action to improve the environmental performance of JBT's internal operations. We are calculating our Scope three emissions according to the greenhouse gas protocol to identify opportunities for reducing our carbon footprint and improving our supply chain sustainability.

我們的產品更能利用能源和水等寶貴資源，同時透過改進流程提高產量和食品安全，幫助減少食品和包裝浪費。因此，JBT 的創新創造了競爭優勢，幫助客戶實現其永續發展目標。我們也採取行動改善 JBT 內部營運的環境績效。我們正在根據溫室氣體協議計算我們的範圍三排放量，以確定減少碳足跡和提高供應鏈永續性的機會。

Finally, let me provide updates on the proposed merger with Marel. On June 24, JBT launched the voluntary takeover offer to acquire all outstanding shares of Marel. Since then, we have held meetings with Marel shareholders in Iceland and London and delivered proxy materials for a JBT shareholder vote to be held on August 8.

最後，讓我提供有關與 Marel 擬議合併的最新資訊。6月24日，JBT發起自願收購要約，收購Marel的所有流通股。此後，我們在冰島和倫敦與 Marel 股東舉行了會議，並為 8 月 8 日舉行的 JBT 股東投票交付了代理材料。

As we discussed in detail on the special JBT investor call on June 20, we are increasingly confident in the industrial logic of the combination and the value creation opportunities for customers, shareholders and other stakeholders.

正如我們在 6 月 20 日的特別 JBT 投資者電話會議上詳細討論的那樣，我們對合併的產業邏輯以及為客戶、股東和其他利益相關者創造價值的機會越來越有信心。

By the end of the third year, post close, we believe we can capture revenue synergies of more than $75 million and cost synergies of more than $125 million, as we leverage our complementary products and services to enhance our value proposition with customers and benefit from our combined scale. Since the June investor call, we have received an indication from our regulatory counsel that the UK is not considering a formal antitrust investigation, and we are actively engaged with the remaining jurisdictions, including the EU.

到第三年年底（交割後），我們相信我們可以實現超過7500 萬美元的收入協同效應和超過1.25 億美元的成本協同效應，因為我們利用我們的互補產品和服務來增強我們與客戶的價值主張，並從我們的綜合規模。自 6 月投資者電話會議以來，我們收到監管顧問的指示，即英國不考慮進行正式的反壟斷調查，我們正在積極與包括歐盟在內的其餘司法管轄區進行接觸。

Regarding the secondary listing on the Icelandic exchange, we expect to file imminently. And we continue to plan for year-end 2024 closing. Moving to transaction execution, our activity has now pivoted from a focus on legal and regulatory matters to planning for operational integration. We are working with our advisers and Marel to ensure day one readiness and have named an integration team with members from both companies to guide an integration planning process, with workstreams already underway.

關於在冰島交易所二次上市，我們預計將立即提交申請。我們繼續計劃在 2024 年底結束。轉向交易執行，我們的活動現已從關注法律和監管事務轉向規劃營運整合。我們正在與顧問和 Marel 合作，確保第一天做好準備，並任命了一個由兩家公司成員組成的整合團隊來指導整合規劃流程，工作流程已經在進行中。

This includes planning teams for operations, finance, IT, digital and procurement to name a few and an overarching team to support overall org design and talent selection and importantly, a team to support our cultural connectivity, purpose and communications.

這包括營運、財務、IT、數位和採購等方面的規劃團隊，以及支援整體組織設計和人才選拔的整體團隊，更重要的是，還包括支持我們的文化連結性、目標和溝通的團隊。

Before we take your questions, let me extend my appreciation to JBT teams around the world, who are at the core of our success. And to the Marel team, thank you for your collaboration as we envision an even stronger combined entity with greater global resources and comprehensive solutions for our food and beverage customers.

在回答您的問題之前，請允許我向世界各地的 JBT 團隊表示感謝，他們是我們成功的核心。感謝 Marel 團隊的合作，我們希望建立一個更強大的合併實體，為我們的食品和飲料客戶提供更多的全球資源和全面的解決方案。

Now let's open up the call. Operator?

現在讓我們開始通話。操作員？

Thank you. We will now begin the question and answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Mig Dobre, RW Baird.

米格·多布雷，RW·貝爾德。

Thank you for taking the questions. Good morning, everyone. My first question is really surrounding the system issues that you had in Q2. If I heard you correctly, you mentioned it was about $15 million of revenue in terms of the impact. That still doesn't get us to where you initially guided Q2.

感謝您提出問題。大家早安。我的第一個問題實際上是圍繞第二季度遇到的系統問題。如果我沒聽錯的話，您提到就影響而言，收入約為 1500 萬美元。這仍然沒有讓我們達到您最初指導第二季的目標。

Can you comment a little bit on the delta relative to your expectations? And what exactly is the base of these revenues being recovered in the back half? Is this all a Q3 event? Or does that stretch into Q4 as well?

您能否對相對於您的預期的增量進行一些評論？而下半年這些收入恢復的基礎到底是什麼？這都是第三季的事件嗎？或者這也會延伸到第四季？

Sure. So if you look at the overall guidance, going from 4% to 6% down to 3% to 5%, there is about a $15 million reduction at the midpoint. And really that does represent, I would say, some weakness in specific end markets that we're seeing.

當然。因此，如果你看一下整體指導，從 4% 到 6% 下降到 3% 到 5%，中間大約減少了 1500 萬美元。我想說，這確實代表了我們所看到的特定終端市場的一些弱點。

And while we missed the quarter by about $30 million, as you suggest, we're going to regain about $15 million, most, if not all of that, in the third quarter, and I'll have Matt talk a little about that in the cadence for the rest of the quarter in a minute.

雖然我們錯過了本季度約 3000 萬美元，正如您所建議的，但我們將在第三季度重新獲得約 1500 萬美元，即使不是全部，也是大部分，我將讓馬特在一分鐘內該季度剩餘時間的節奏。

But we are seeing, despite some say, select end market weakness, we are actually seeing some nice pockets of strength as well. I mentioned food and [bev] AGV is very strong, and we actually increased our guidance as it relates to that, which partially offset some of the other impacts that we're seeing generally. But then in terms of the cadence, I'll let Matt kind of address that and why we're confident on the strength of the cadence from here.

但我們看到，儘管有人說，部分終端市場疲軟，但我們實際上也看到了一些不錯的優勢。我提到食物和 [bev] AGV 非常強大，我們實際上增加了與此相關的指導，這部分抵消了我們普遍看到的一些其他影響。但就節奏而言，我會讓馬特解決這個問題，以及為什麼我們對這裡的節奏強度充滿信心。

Yes. Thanks, Brian. I think as we mentioned in the prepared remarks, the $15 million that's shifting from Q2 to Q3, that was made up of a couple of things. About half of that was the systems upgrade issue that you referenced, Mig and the other half is some specific customer related delays and timing of shorter cycle book and ship orders. That is what we expect to shift into Q3.

是的。謝謝，布萊恩。我認為正如我們在準備好的發言中提到的，從第二季轉移到第三季的 1500 萬美元由幾個部分組成。其中大約一半是您提到的系統升級問題，Mig，另一半是一些特定客戶相關的延遲以及較短週期預訂和發貨訂單的時間表。這就是我們預計第三季會發生的情況。

Beyond that, again, as we've talked about, and we provided information in the prepared remarks, this forecast is really based off of a bottoms up business unit by business unit detail. And we looked at a lot of the backlog timing, and that backlog timing is about $90 million, should deliver $90 million more in revenue than what we expect than what we had last year at this time.

除此之外，正如我們所討論的，並且我們在準備好的評論中提供了信息，該預測實際上是基於自下而上的業務部門詳細信息。我們研究了很多積壓時間，積壓時間約 9,000 萬美元，應該比我們去年此時的預期多帶來 9,000 萬美元的收入。

Again, in order for us to hit the numbers for the back half, it assumes a similar book and ship demand that we saw in the back half of last year. But that wasn't necessarily overly high back book and ship demand. So we're pretty confident that, that can continue, especially with the recovery in the poultry markets in North America and the strength that we've seen in other markets.

同樣，為了讓我們達到下半年的數字，它假設了我們在去年下半年看到的類似的書籍和運輸需求。但這不一定是過高的預訂和出貨需求。因此，我們非常有信心，這種情況可以持續下去，特別是隨著北美家禽市場的復甦以及我們在其他市場看到的強勁勢頭。

So it certainly is a big ramp and by no means, a slam dunk, but it's the best forecast we have based on the information provided to us and the additional analysis we did on backlog and the book and ship assumptions of the business unit.

因此，這當然是一個巨大的增長，但絕不是一個灌籃，但這是我們根據提供給我們的信息以及我們對積壓訂單以及業務部門的賬面和發貨假設所做的額外分析得出的最佳預測。

Okay. You mentioned that orders are progressing pretty well in Q3 and you expected a strong quarter in that regard. Can you give us a little more color or context around this? And look, if you're going to convert $90 million more backlog than you did last year, how should investors think about your backlog progression through the year?

好的。您提到第三季的訂單進展順利，您預計這方面的季度會表現強勁。您能為我們提供更多關於此問題的資訊或背景嗎？看看，如果您打算比去年多轉換 9000 萬美元的積壓訂單，那麼投資者應該如何考慮您今年的積壓訂單進度？

Is it fair to say that we're bringing backlog down? So put differently, does that backlog burn become a headwind to 2025? Or do you think there is enough momentum that can build through the market for that not to be an issue?

可以說我們正在減少積壓嗎？換句話說，積壓的燃燒是否會成為 2025 年的阻力？或者您認為市場有足夠的動力可以讓這不再是一個問題嗎？

Yes, that's a very good question, and we've looked at this quite a bit. So when we start thinking about going outside of 2024 into 2025, well certainly you're going to see, I will say, little bit more compared to last year at least more depletion of your backlog just but given the high revenue. That said, we still expect some good orders here in the back half. So we'll see how that turns out.

是的，這是一個非常好的問題，我們已經對此進行了許多研究。因此，當我們開始考慮從2024 年進入2025 年時，我會說，你肯定會看到，與去年相比，積壓訂單會更多一點，但考慮到收入很高，至少積壓訂單會更多消耗。也就是說，我們仍然預計下半年會出現一些好訂單。所以我們會看看結果如何。

But I think more importantly, we think about 2025 and what's happening couple of things. So just looking at some of the particular end markets obviously, we do believe we're going to, we are very early in the recovery in the North American poultry market. We're nowhere near where they were back in a post COVID levels or even 2019 pre-COVID level. So there's still quite a bit of room to run there.

但我認為更重要的是，我們會考慮 2025 年以及正在發生的一些事情。因此，只要看看一些特定的終端市場，我們確實相信我們會，我們正處於北美家禽市場復甦的早期階段。我們遠未達到新冠疫情後的水平，甚至遠未達到 2019 年新冠疫情前的水平。所以那裡還有相當大的運行空間。

We're also looking at a couple end markets are still showing signs of strength. Pharma looks pretty good in the back half of the year. Fruit and veg looks very strong. There are some other areas of weakness like CPG, and beverage kind of goes into that. But overall, if I look at our pipeline, which we measure, we look at kind of like best view and kind of warm orders, if you will, like we have more likelihood of converting to orders. That is, it's actually the highest it's been in over a year. So we actually feel good about kind of where we sit as we kind of prepare ourselves or take orders for 2025.

我們也關註一些仍顯示出強勁跡象的終端市場。下半年，製藥業看起來相當不錯。水果和蔬菜看起來很濃。還有一些其他領域的弱點，像是消費品，飲料也屬於其中。但總的來說，如果我看看我們衡量的管道，我們會看到一種最佳視圖和一種熱訂單，如果你願意的話，就像我們更有可能轉化為訂單一樣。也就是說，它實際上是一年多來的最高水準。因此，當我們為 2025 年做好準備或接受訂單時，我們實際上對我們所處的位置感覺良好。

So can I follow up on that comment of where the poultry market currently is? Can you put a finer point on where you are volume wise or dollar wise relative to pre-COVID levels or whatever you would define as a normalized level for the industry?

那麼我可以跟進有關家禽市場目前狀況的評論嗎？您能否更詳細地說明一下，相對於新冠疫情之前的水平或您定義的行業正常水平，您的銷售或美元水平如何？

Yes, we're certainly within North America, specifically, we're still off 15%, 20% versus kind of where we otherwise would be. And as you know, that's one of our, that is our largest end market as a whole. So now we saw, again, good decent progression, but quite a bit a ways to go.

是的，我們當然在北美，具體來說，與其他情況相比，我們仍然落後 15%、20%。如您所知，這是我們最大的終端市場之一。所以現在我們再次看到了良好的進展，但還有很長的路要走。

Got it. And my final question is on margin. You talked about improvements sequentially that will make sense. Is it fair for us to expect margins to improve year-over-year as well in both quarters? And I'll leave it at that? Thank you.

知道了。我的最後一個問題是關於邊際的。您依次談到了有意義的改進。我們預期兩季的利潤率都比去年同期改善是否公平？我就這樣吧？謝謝。

Yes, Mig, I think that is absolutely what we should expect. It is a big increase certainly in margins. And a lot of that is driven by the incremental flow through on the higher volume. We typically estimate in the range of high 20s, low 30%. And I think with the volume increase, we should sort of be on the high end of that range. And then beyond that, there's some benefits from a mix perspective with the recovery in poultry markets that tends to be some of our more profitable products as well as the higher volume in AGV.

是的，米格，我認為這絕對是我們應該期待的。這無疑是利潤率的大幅成長。其中很大一部分是由更高交易量的增量流量所推動的。我們通常估計在高 20%、低 30% 的範圍內。我認為隨著交易量的增加，我們應該處於該範圍的高端。除此之外，從混合角度來看，隨著家禽市場的復甦，我們的一些利潤更高的產品以及 AGV 的銷售增加也帶來了一些好處。

They've done a really nice job in addressing their manufacturing efficiency and their margins. So those together, along with the improvements that we're expecting in aftermarket, especially on projects that gives us a nice tailwind from a mix perspective.

他們在解決製造效率和利潤方面做得非常好。因此，這些加在一起，以及我們期望在售後市場取得的改進，特別是從混合角度來看為我們帶來良好推動力的項目。

And then we've honestly been very happy and seen a lot of success from the supply chain team and the effect they've had on costs, input costs, especially raw materials. So we expect that to continue in the back half of the year. All of that would support the higher margin rates we're expecting in the back half of the year, and that will improve sequentially. So Q3 will be better and then Q4 will be better than Q3.

老實說，我們非常高興，看到供應鏈團隊取得了許多成功，以及他們對成本、投入成本，尤其是原料的影響。因此，我們預計這種情況將在今年下半年持續下去。所有這些都將支持我們預計今年下半年更高的保證金率，並且這種情況將依次改善。所以 Q3 會更好，然後 Q4 會比 Q3 更好。

Got it. Thanks for the call.

知道了。感謝您的來電。

Thank you.

謝謝。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克，威廉·布萊爾。

Hey, good morning. This is Sam Karlov on for Ross, thanks for taking my questions.

嘿，早安。我是羅斯的山姆·卡洛夫，感謝您回答我的問題。

Sure. Thank you.

當然。謝謝。

So I guess I'll start in the press release, you guys noted that you've submitted regulatory filing related to Marel within all relevant jurisdictions? Just to be clear, are these formal submissions or still just informal?

所以我想我將從新聞稿開始，你們注意到你們已經在所有相關司法管轄區提交了與 Marel 相關的監管文件？需要澄清的是，這些提交是正式的還是非正式的？

It depends on the jurisdiction because there are different processes in different jurisdictions. For example, the EU is, there's a lot of, I'll say, advocacy and back and forth before you actually formally submit. So versus the US, where you just where you just submit it, and then the Q&A comes afterwards, this is a little bit the opposite. So that's underway. But in most other jurisdictions, those are formal.

這取決於司法管轄區，因為不同的司法管轄區有不同的流程。例如，歐盟，在你真正正式提交之前，有很多，我會說，宣傳和來回。因此，與美國相比，你只需提交它，然後進行問答，這有點相反。所以這一切正在進行中。但在大多數其他司法管轄區，這些都是正式的。

Got it. That's helpful. And then can you give us an update on your investor outreach efforts with Morel investors specifically related to that 10% retail investor base?

知道了。這很有幫助。那麼您能否向我們介紹一下您與 Morel 投資者的投資者外展工作的最新情況，特別是與 10% 散戶投資者群體相關的情況？

Yeah. Good question. So we had a really great week back in, I guess this would have been late June, both in Iceland and in London. And it had a, we had a broadcast & webcast call, which was in part strongly geared towards retail investors. So that was, and that was very well received and viewed within that market. So that really up. There's also a very specific, I'll say, print campaign that happens in Iceland as well as part of that process. So it goes like newspaper ads, et cetera.

是的。好問題。所以我們在冰島和倫敦度過了非常愉快的一周，我想這應該是六月下旬。我們有一個廣播和網路廣播電話，這在一定程度上是針對散戶投資者的。事實就是如此，並且在該市場中受到了廣泛的歡迎和關注。所以說確實如此。我想說的是，在冰島還有一個非常具體的印刷活動，也是這個過程的一部分。所以它就像報紙廣告等等。

So there's a very strong process underneath. Separately, aside from the conference that was attended live as well as well as broadcast, we had one-on-ones with all of that major shareholders of Marel, again, across both London and Iceland. And I think we hit something like I think, 40 investors over the course of a week or so. So, really deep penetration and a really great to see the support. They, as a group, certainly understand and appreciate the opportunity here, the industrial logic. So far so good in that regard.

所以下面有一個非常強大的過程。另外，除了現場和廣播參加的會議之外，我們再次在倫敦和冰島與 Marel 的所有主要股東進行了一對一的會談。我認為我們在一周左右的時間裡遇到了 40 名投資者。所以，真正深入的滲透和非常高興看到支持。作為一個群體，他們當然理解並欣賞這裡的機會和產業邏輯。到目前為止在這方面做得很好。

Got it. That's very helpful. And then just one last one. Can you give us a sense of how poultry orders progressed through the quarter and kind of into July? And then can you comment on kind of what you're hearing from customers that kind of gives you that level of visibility into the second half?

知道了。這非常有幫助。然後只有最後一張。您能否向我們介紹本季乃至 7 月份的家禽訂單進度？然後您能否評論一下您從客戶那裡聽到的信息，這些信息讓您對下半年有一定程度的了解？

Right. So I would say orders progressed. It actually started the second quarter a little bit slow, frankly, but then did progress throughout the quarter. And I would just generally say with that's our general expectation for the third quarter. I haven't seen the July numbers in any case. But generally speaking, we do see expect some momentum throughout the quarter.

正確的。所以我想說訂單取得了進展。坦白說，它實際上在第二季度開始時有點慢，但整個季度都取得了進展。我只是籠統地說，這是我們對第三季的整體預期。無論如何，我還沒有看到七月的數字。但總的來說，我們確實預計整個季度會出現一些勢頭。

In terms of kind of what we're hearing more generally from our customers. it's what you might expect. First of all, the fundamentals remain good. The poultry prices, the wholesale prices are remaining solid. They've kind of, they've held, they haven't further increased versus this time last quarter as a whole. However, input costs have also remained stable.

就我們從客戶那裡聽到的更普遍的情況而言。這就是你所期望的。首先，基本面依然良好。家禽價格、批發價格維持穩定。與上個季度的整體相比，他們一直持有，並沒有進一步增加。然而，投入成本也維持穩定。

So, the general, I'll say, price cost dynamics for our customers have held. We haven't seen some of the, I think some of the results that are coming out later this week or next week on some of the big guys. But as we understand it, they're doing well operationally. So we are quoting on things like for the second quarter was more, I would say, further processing kind of more end-of-line type activities or further down the line.

因此，我想說的是，我們客戶的價格成本動態整體保持不變。我們還沒有看到一些，我想一些大人物將在本週晚些時候或下周公布的結果。但據我們了解，他們的營運狀況良好。因此，我們引用的內容是，我想說，第二季度更多的是進一步處理更多的終端類型活動或更進一步的活動。

We are starting to see some quotes and activity on some of the upfront stuff. So that bodes well. It's just starting to get deeper into further into the alliance, which is good to see. So overall, just good conversations. They're investing. We're seeing more releases of CapEx that they've told us about and we continue to quote.

我們開始看到一些關於一些前期內容的報價和活動。所以這是個好兆頭。聯盟才剛開始深入，這是一件好事。總的來說，只是很好的對話。他們正在投資。我們看到他們告訴我們的更多資本支出版本，我們繼續引用。

Got it. That's helpful. I'll leave it there.

知道了。這很有幫助。我會把它留在那裡。

Thank you.

謝謝。

(Operator Instructions) And that does conclude our question-and-answer session for today. I will now turn the conference over to Mr. Brian Deck for closing remarks.

（操作員說明）今天的問答環節到此結束。我現在將會議交給 Brian Deck 先生致閉幕詞。

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

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

This concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。