JBT Marel Corp (JBTM) 2025 Q1 法說會逐字稿

Welcome to JBT Marel's earning conference call for the first quarter of 2025. My name is Bailey, and I will be your conference operator today. As a reminder, today's call is being recorded. (Operator Instructions)

歡迎參加 JBT Marel 2025 年第一季財報電話會議。我叫貝利，今天我將擔任您的會議主持人。提醒一下，今天的通話正在錄音。（操作員指示）

I'll now turn the call over to JBT Marel Senior Director of Investor Relations; Marlee Spangler, to begin today's conference.

現在，我將把電話轉給 JBT Marel 投資者關係高級總監 Marlee Spangler，開始今天的會議。

Thank you, Bailey. Welcome, everyone, and thank you for joining our conference call. With me on the call today is our Chief Executive Officer, Brian, Deck; President, Arne Sigerson; 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 today's press release and 8-K filing.

謝謝你，貝利。歡迎大家，感謝您參加我們的電話會議。今天與我一起參加電話會議的還有我們的執行長 Brian Deck、總裁 Arne Sigerson 和財務長 Matt Meister。在今天的電話會議中，我們將使用受今天的新聞稿和 8-K 文件中安全港語言約束的前瞻性陳述。

JBT Marel'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.

JBT Marel 定期向美國證券交易委員會提交的文件還包含可能對我們的結果產生影響的風險因素的資訊。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 measures can be found in the investor relations section of our website. With that, I'll turn the call over to Brian.

此外，我們今天的討論也涉及某些非公認會計準則指標。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 指標的對帳表。說完這些，我將把電話轉給布萊恩。

Thanks, Marlee. We are very pleased with JBT Morrell's performance in the first quarter. Highlighted by better than anticipated revenue, adjusted EBITDA and margins versus our guidance. We also enjoyed strong year-over-year improvement in margins and orders. Our top line benefited from strength in recurring revenue, as well as solid operational execution on the equipment side.

謝謝，瑪麗。我們對 JBT Morrell 在第一季的表現非常滿意。突顯表現為營收、調整後的 EBITDA 和利潤率均優於我們的預期。我們的利潤率和訂單量也較去年同期大幅成長。我們的營收受益於強勁的經常性收入以及設備方面的穩健營運執行。

In terms of our margin performance, we enjoyed the flow through from the higher volume and good expense control. We were equally pleased with the order flow, with another solid quarter of demand up 12% year over year following record fourth quarter levels.

就我們的利潤率表現而言，我們享受了更高交易量和良好費用控制帶來的收益。我們對訂單流同樣感到滿意，繼第四季創下紀錄後，本季的需求再創佳績，年增 12%。

We experienced increased demand from the poultry industry, continuing a recovery we enjoyed over the last few quarters as we benefit from the industry's robust fundamentals. We also benefited from our diversified and market participation with healthy orders in meat, beverage, pharma, and pet food.

我們感受到家禽行業需求的成長，受益於該行業強勁的基本面，我們延續了過去幾季的復甦勢頭。我們也受益於多元化和市場參與，在肉類、飲料、製藥和寵物食品方面獲得了健康的訂單。

In terms of geography, we saw fairly broad-based strength across global regions. While we are excited about the financial performance and the continued order strength, we are even more enthused about the company we have created as JBT Marel, highlighted by our more comprehensive product offerings, enhanced service capabilities, increased scale, and even greater value proposition in our customer partnerships.

從地理角度來看，我們看到全球各地區都展現出相當廣泛的優勢。雖然我們對財務表現和持續的訂單強勁勢頭感到興奮，但我們對我們創建的 JBT Marel 公司更加熱情，其特點是我們提供更全面的產品、增強的服務能力、擴大的規模，以及在客戶合作中提供更大的價值主張。

On the integration front, we are making excellent progress. Arni will provide some color on that in a few moments. We understand that the impact of US tariff policy and the macroeconomic uncertainty it has created is top of mind for investors. While the situation is fluid, we believe in the short term, JB Marel is at least as well positioned to manage the near-term impacts as our peers.

在整合方面，我們取得了顯著進展。稍後 Arni 將對此進行詳細說明。我們了解，美國關稅政策的影響及其造成的宏觀經濟不確定性是投資者最關心的問題。儘管情況瞬息萬變，但我們相信，在短期內，JB Marel 至少能夠像我們的同行一樣，很好地應對短期影響。

On an intermediate to longer term basis, we believe that we are in better position given our global footprint and available capacity in the US, Europe, Brazil that provides the flexibility to reposition where we assemble equipment and source and manufacture parts.

從中期和長期來看，我們相信，鑑於我們的全球影響力和在美國、歐洲、巴西的可用產能，我們處於更有利的地位，這為我們重新定位設備組裝地點以及零件採購和製造地點提供了靈活性。

However, any long term actions involve time and resources to implement and therefore, require more clarity on the trade environment. As you read in our earnings release, we have temporarily suspended our full-year financial guidance and moved to providing second quarter guidance only.

然而，任何長期行動都需要時間和資源來實施，因此需要更清晰的貿易環境。正如您在我們的收益報告中所看到的，我們已暫停全年財務指導，並僅提供第二季指導。

While our first quarter results and second quarter guidance reflect the company's strong competitive position, healthy in markets, and good execution, we have less visibility for the back half of the year due to the difficult predicting the potential impact of slower economic growth, higher prices, and uncertainty on our customers' investment decisions.

雖然我們的第一季業績和第二季指引反映了公司強大的競爭地位、健康的市場環境和良好的執行力，但由於難以預測經濟成長放緩、價格上漲和不確定性對客戶投資決策的潛在影響，我們對下半年的預測不太清晰。

While we have not seen widespread changes in customer behavior to date, we have had a handful of lost or delayed orders. We are monitoring customer behavior closely as the spectrum of tariffs becomes real and as uncertainty continues, including reciprocal tariffs and how that benefits to changes in order flow.

雖然到目前為止我們還沒有看到客戶行為有廣泛的變化，但我們已經遺失或延遲了一些訂單。隨著關稅範圍變得真實且不確定性持續存在，我們正在密切監視客戶行為，包括互惠關稅以及其如何有利於訂單流的變化。

As we get greater certainty on tariff rates, especially as they impact the European Union, we hope to reinstate full-year guidance. On the cost side, we have done a thorough analysis of the geographic origins of equipment and components calculating the impact of today's tariff rates on cost of goods sold.

隨著我們對關稅稅率越來越確定，特別是對歐盟的影響，我們希望恢復全年指引。在成本方面，我們對設備和零件的地理來源進行了徹底的分析，計算了當今關稅稅率對銷售成本的影響。

We currently estimate the annualized cost impact of approximately $50 million to $60 million or $12 million to $15 million per quarter before any mitigating actions.

我們目前估計，在採取任何緩解措施之前，年度成本影響約為 5,000 萬至 6,000 萬美元或每季 1,200 萬至 1,500 萬美元。

This includes costs associated with buying parts as well as the higher cost of importing equipment manufacturing at JBT Marel , non-US sites to serve our US customers. Of course, we are taking actions to mitigate the impact of tariffs as we look to secure concessions from suppliers and implement select pricing actions.

這包括購買零件的相關成本，以及在 JBT Marel 非美國工廠進口設備製造以服務美國客戶的更高成本。當然，我們正在採取行動減輕關稅的影響，因為我們希望獲得供應商的讓步並實施選擇性定價行動。

Given the timing of tariff enactment, our inventory on hand, and our mitigating actions for the remainder of 2025, we believe that negative cost impact of 12 to 15 per quarter could be reduced by more than half. While we look for greater clarity in the macroeconomic environment, the fact that roughly half of JBT Marel's top line comes from resilient recurring revenue is a particular asset to our business in uncertain times.

考慮到關稅頒布的時間、我們現有的庫存以及我們在 2025 年剩餘時間內採取的緩解措施，我們認為每季 12 到 15 的負面成本影響可以減少一半以上。雖然我們尋求宏觀經濟環境更加明朗，但 JBT Marel 大約一半的營收來自有彈性的經常性收入，這一事實對我們的業務在不確定時期來說是一筆特殊的資產。

Looking past tariffs, we are more confident than ever in the benefits of the JBT Marel combination and our ability to better collaborate with our customers on the commercial side, capture cost synergies, and bring even greater value to our customers as we transform the future of food. Now, let me turn the call to Arni to discuss our integration progress.

回顧過去的關稅，我們比以往任何時候都更加相信 JBT Marel 合併的優勢，以及我們在商業方面與客戶更好地合作、實現成本協同效應以及在改變食品未來的過程中為客戶帶來更大價值的能力。現在，讓我把電話轉給 Arni，討論一下我們的整合進度。

Thanks, Brian. As Brian said, we are excited about the progress we are making uniting our two organizations. First and foremost, our team has delivered continuity for customers as demonstrated by our first quarter results.

謝謝，布萊恩。正如布萊恩所說，我們對兩個組織合併所取得的進展感到非常興奮。首先，我們的團隊為客戶提供了連續性，正如我們第一季的業績所證明的那樣。

As of early April, we've reached a major milestone in the implementation of JB Marel's new organization. The new organizational structure includes a go-to market strategy that adopts an end market focus. We believe this customer centric approach enables our commercial organization to bring deeper process and industry-specific knowledge to our customers and enhances JBT Marel's ability to sell the full breadth of our product offerings.

截至 4 月初，我們在 JB Marel 新組織實施過程中已經取得了重要里程碑。新的組織結構包括採用終端市場重點的市場進入策略。我們相信，這種以客戶為中心的方法使我們的商業組織能夠為我們的客戶帶來更深入的流程和行業特定知識，並增強 JBT Marel 銷售我們全部產品的能力。

To that end, we have continued to secure orders that combine our complementary capabilities serving the poultry industry as well as other end markets.

為此，我們繼續爭取訂單，以結合我們為家禽業和其他終端市場提供的互補能力。

Speaking of the poultry industry, one of JBT Marel's largest and most attractive and markets. Not only are we benefiting from the current ongoing recovery in the poultry industry, but we believe it is the protein with the strongest long-term growth outlook.

說到家禽業，它是 JBT Marel 最大、最具吸引力的市場之一。我們不僅受益於當前家禽業的持續復甦，而且我們相信它是具有最強勁長期成長前景的蛋白質。

As for JBT Marel, we are excited about the advantages created by the combination as we now bring the most comprehensive portfolio of solutions, services, and software covering primary, secondary, and further processing, uniquely positioning us to support customers across the entire production value chain. Beyond our ability to cross sell our existing products, we are integrating full-line solutions that address critical customer needs.

對於 JBT Marel 而言，我們對合併所創造的優勢感到非常興奮，因為我們現在擁有最全面的解決方案、服務和軟體組合，涵蓋初級、二次和深度加工，使我們能夠為整個生產價值鏈的客戶提供支援。除了交叉銷售現有產品的能力之外，我們還整合了滿足關鍵客戶需求的全系列解決方案。

For example, We can enable seamless traceability across the poultry value chain from primary and secondary processing steps such as evisceration, chilling, cut up and deboning, bone detection, and intelligent portioning, continuing to subsequent value-added further processing.

例如，我們可以實現整個家禽價值鏈的無縫可追溯性，從去內臟、冷卻、切割和去骨、骨頭檢測和智慧分割等初級和次級加工步驟，一直到後續的增值深加工。

All of this is supported by real-time analytics and actionable software insights that enhance food safety and production efficiency.

所有這些都由即時分析和可操作的軟體洞察支持，從而提高食品安全和生產效率。

This is an example of what makes JBT Marel the leading partner in solutions for a sustainable food industry. As I said, our combined organization is working together, leveraging our combined strengths to deliver value for customers.

這是 JBT Marel 成為永續食品產業解決方案領先合作夥伴的一個例子。正如我所說，我們合併後的組織正在共同努力，利用我們的綜合優勢為客戶創造價值。

That can be seen in the continued strength of our first-quarter orders with combined orders of $960 million reflecting healthy year over year growth for the JBT segment and record orders for the model segment.

從我們第一季訂單的持續強勁表現可以看出，總訂單額達 9.6 億美元，反映出 JBT 部門同比增長穩健，模型部門的訂單也創下了紀錄。

While it's been just four months since completing our business combination, we are very pleased with the progress we've made already.As Matt will elaborate on, we are on track to achieve our stated cost synergies and the commercial benefits of the merger.

雖然距離完成業務合併才過去四個月，但我們對已經取得的進展感到非常滿意。正如馬特所闡述的，我們正朝著實現既定的成本協同效應和合併的商業利益的方向前進。

With that, let me turn the call over to Matt.

說完這些，讓我把電話轉給馬特。

Thanks, Arni. I will begin with a quick recap of our first quarterly report for the combined company. Consolidated JBT Marel revenue exceeded the midpoint of our guidance by $19 million, which was primarily driven by better than expected equipment shipments and strong recurring revenue. Additionally, the negative effect from foreign exchange translation was about $6 million less than our expectation. Our consolidated adjusted EBITDA margin of 13.1% outperformed the midpoint of our guidance by 60 basis points driven by volume flow through, favorable mix, and good expense control.

謝謝，阿尼。首先，我將簡要回顧合併後公司的第一份季度報告。合併後的 JBT Marel 收入超出我們預期的中點 1900 萬美元，這主要得益於好於預期的設備出貨量和強勁的經常性收入。此外，外匯折算的負面影響比我們的預期低約 600 萬美元。我們的合併調整後 EBITDA 利潤率為 13.1%，比我們的預期中位數高出 60 個基點，這得益於銷售量、良好的產品組合和良好的費用控制。

Since we accounted for Marel as an acquisition, prior year period reflects only the JBT legacy results. We provided supplemental disclosures in the press release and earnings presentation to show comparisons for the combined company as well as the individual segments.

由於我們將 Marel 作為一項收購來核算，因此去年同期僅反映 JBT 的遺留結果。我們在新聞稿和收益報告中提供了補充揭露，以顯示合併後的公司以及各部門的比較。

JBT segment revenue increased 4% year over year or 5.6% growth on a constant currency basis.

JBT 部門營收年增 4%，以固定匯率計算成長 5.6%。

JBT segment adjusted EBITDA of $61 million increased 6%, and segment adjusted EBITDA margin improved 30 basis points to 14.9%. Marel segment revenue was flat versus prior year, but on a constant currency basis grew 2%.

JBT 分部調整後 EBITDA 為 6,100 萬美元，成長 6%，分部調整後 EBITDA 利潤率提高 30 個基點，達到 14.9%。Marel 部門營收與去年持平，但以固定匯率計算成長了 2%。

Segment adjusted EBITDA of $51 million increased 19% year over year. Segment margin improved 190 basis points to 11.5%, benefiting from payable mix with higher aftermarket and pet food revenue along with savings from the restructuring actions the company implemented in 2024 and initial benefits from synergy actions.

分部調整後息稅折舊攤提前利潤 (EBITDA) 為 5,100 萬美元，較去年同期成長 19%。分部利潤率提高了 190 個基點，達到 11.5%，這得益於售後市場和寵物食品收入增加帶來的應付款項組合，以及公司 2024 年實施的重組行動帶來的節省和協同行動帶來的初步收益。

Our first quarter free cash flow was $18 million which included approximately $42 million in one-time M&A related payments.

我們第一季的自由現金流為 1,800 萬美元，其中包括約 4,200 萬美元的一次性併購相關付款。

In the quarter, we incurred $11 million in restructuring costs and anticipate full-year restructuring costs of about $25 million to $30 million.

本季度，我們發生了 1,100 萬美元的重組成本，預計全年重組成本約為 2,500 萬至 3,000 萬美元。

We expect our restructuring actions to generate savings of approximately $20 million to $25 million in the year and annual run rate savings of $50 million to $60 million as we exit the year.

我們預計，我們的重組措施將在今年節省約 2,000 萬至 2,500 萬美元，並在年底實現年度運行率節省 5,000 萬至 6,000 萬美元。

Regarding our other synergies from cost of goods sold, we expect to realize meaningful savings during the year from categories such as [buyer] rationalization, logistics, efficiencies, and make versus buy decisions. This is expected to deliver approximately $15 million in-year savings and run-rate savings of approximately$ 30 million exiting 2025, all prior to any tariff impact.

關於我們從銷售成本中獲得的其他協同效應，我們預計今年將從[買方]合理化、物流、效率以及自主生產與購買決策等方面實現顯著的節約。預計這將在年度內節省約 1500 萬美元，到 2025 年底節省約 3000 萬美元，所有這些都是在關稅影響之前實現的。

Altogether that puts us on track to achieve total in-year cost synergies of $35 million to $40 million in 2025 and annual run rate savings of $80 million to $90 million as we exit the year.

總而言之，這使我們預計在 2025 年實現年度總成本協同效應 3500 萬至 4000 萬美元，並在年底實現年度運行率節省 8000 萬至 9000 萬美元。

With this, we remain confident in our ability to achieve our targeted run rate synergy savings of $150 million as we exit 2027.

有了這個，我們仍然有信心在 2027 年結束時實現 1.5 億美元的運行率協同效應節約目標。

In terms of debt leverage, we are extremely pleased with the progress we have made in a short period of time. As of the end of the first quarter, leverage was 3.8 times, which is an improvement from just below 4 times at the close of the transaction in January.

在債務槓桿方面，我們對在短時間內取得的進展感到非常高興。截至第一季末，槓桿率為3.8倍，較1月交易結束時略低於4倍有所改善。

And as measured under our banking agreement, which includes the benefit of certain run rate synergy savings, we ended the first quarter at 3.2 times.

根據我們的銀行協議（其中包括某些運行率綜效節省的好處）衡量，我們第一季的獲利能力為 3.2 倍。

Approximately $1.3 billion in liquidity, we have significant financial flexibility to continue to fund our operations and provide stability. And we remain confident that we can reduce our bank leverage to less than 3 times by year end 2025, even with the increased macroeconomic uncertainty.

大約 13 億美元的流動資金，我們擁有相當大的財務靈活性，可以繼續為我們的營運提供資金並提供穩定性。即使宏觀經濟不確定性增加，我們仍有信心在 2025 年底將銀行槓桿率降低至 3 倍以下。

Finally, as Brian mentioned, we have suspended full-year guidance for 2025 due to the uncertainty from the impact of tariff decisions, especially in the second half of the year. That said, with better near term visibility, we are providing guidance for the second quarter of the year. For the quarter, we expect to generate revenue of $885 million to $915 million, which includes a favorable FX impact of $10 million to $15 million.

最後，正如布萊恩所提到的，由於關稅決定的影響（尤其是在下半年）的不確定性，我們已暫停 2025 年全年的預測。也就是說，由於近期可見度更高，我們將為今年第二季提供指導。我們預計本季的營收為 8.85 億美元至 9.15 億美元，其中包括 1,000 萬美元至 1,500 萬美元的有利外匯影響。

Adjusted EBITDA margin of 14.5% to 15.25% and adjusted the EPS of $1.20 to $1.40.

調整後的 EBITDA 利潤率從 14.5% 調整為 15.25%，調整後的 EPS 從 1.20 美元調整為 1.40 美元。

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

說完這些，讓我把電話轉回給布萊恩。

Thanks, Matt. Given our high level recurring revenue along with the global footprint and diversified supply chain enjoyed by JBT Marel, we believe we are well positioned to withstand the pressures of the current economic environment.

謝謝，馬特。鑑於我們的高水準經常性收入以及 JBT Marel 享有的全球影響力和多樣化的供應鏈，我們相信我們完全有能力承受當前經濟環境的壓力。

Beyond the short-term impacts of tariffs, we believe we are in an enviable position of serving attractive markets with the most comprehensive and compelling portfolio of solutions. Let me close by extending my sincere thanks to the entire JBT Marel team for their commitment and customer focus as we work to deliver the benefits of our business combination.

除了關稅的短期影響之外，我們相信，我們處於令人羨慕的地位，能夠以最全面、最引人注目的解決方案組合服務於有吸引力的市場。最後，我要向整個 JBT Marel 團隊表達誠摯的感謝，感謝他們的奉獻和對客戶的關注，讓我們共同努力實現業務合併帶來的優勢。

I'm proud of what we've accomplished so far and even more excited about what's to come. Now, let's open the call to questions. Operator?

我為我們迄今為止所取得的成就感到自豪，並對未來感到更加興奮。現在，讓我們開始提問。操作員？

(Operator Instructions) [Meg Dobre], RW Bayard.

(操作員指示)[Meg Dobre]，RW Bayard。

Thank you for taking the questions. Good morning, everyone. Brian, good morning. Brian, maybe we can start with just some updated thoughts around how you thought about the guidance. You've obviously pulled it for the full year, but I'm curious if this is just a function of sort of being conservative relative to what clearly is an uncertain environment or if you've actually seen customer behaviors change through the month of April, maybe you can comment on that specifically. And I'm also curious as to what you're seeing globally, right? US customers versus folks in Europe or other parts of the world.

感謝您回答這些問題。大家早安。布萊恩，早安。布萊恩，也許我們可以先從一些關於你對該指導的看法的最新想法開始。您顯然已經將其作為全年業績預測，但我很好奇，這是否只是一種相對不確定的環境的保守做法，或者您是否真的看到客戶行為在 4 月份發生了變化，也許您可以對此進行具體評論。我也很好奇您在全球範圍內看到了什麼，對嗎？美國客戶與歐洲或世界其他地區的客戶。

Sure, thanks for the question. So it's more the former. We felt -- feel with the lack of clarity. We'd like to see how this environment shakes out a little bit. Obviously, there's more shoes to drop with the Trump administration, and we just don't know precisely how that's going to unfold.

當然，謝謝你的提問。所以比較傾向前者。我們感到——感覺缺乏清晰度。我們想看看這個環境會如何改變。顯然，川普政府還有更多事情要做，我們只是不知道事情究竟會如何發展。

And frankly, we debated whether to pull guidance or not, we've seen what other companies have done and that you see a mix where people don't change guidance, but they say it doesn't include tariffs. You've seen people put very wide ranges, which is not particularly helpful either. So to me it's kind of half dozen here, six of the others. So at the end of the day, that's the choice we made.

坦白說，我們討論過是否要撤回指導，我們已經看到其他公司的做法，你會看到有人不改變指導，但他們說其中不包括關稅。您可能已經看到人們設定了非常寬的範圍，但這也沒有什麼幫助。所以對我來說，這裡有六個，其他六個。所以最終，這就是我們所做的選擇。

We have not seen any meaningful change in customer behavior. We have seen a handful of lost orders, or deferred orders, or delayed orders. I can count them on one hand, frankly. And frankly, the poultry industry in particular I would describe as robust.

我們尚未看到客戶行為有任何有意義的變化。我們看到了一些遺失的訂單、延期的訂單或延遲的訂單。坦白說，我一隻手就能數過來。坦白說，我認為家禽業尤其蓬勃發展。

And with that said, we're just -- we wanted to be a little bit conservative, making sure we understand how things play out from here. But in the meantime, we're very proud of the performance in the first quarter. We're pleased with how the second quarter is looking as well, and we'll see how it plays out from here.

話雖如此，我們只是——我們想稍微保守一點，確保我們了解事情接下來會如何發展。但同時，我們對第一季的表現感到非常自豪。我們對第二季的情況也感到滿意，我們將拭​​目以待。

I see. And is there any color on behavior, say US customers versus international, anything to sort of parse out there?

我懂了。那麼，美國客戶與國際客戶的行為是否有差異，有什麼可以分析的嗎？

There's a little bit, so you've got kind of two situations. You have obviously, globally, you do have some concerns as to the price of the equipment, right? And what either the US tariffs or any reciprocal tariffs have on that. So I just think there's a general more conversations on cost, et cetera.

有一點，所以你遇到了兩種情況。顯然，從全球來看，您確實對設備的價格有些擔憂，對嗎？以及美國關稅或任何互惠關稅對此有何影響。所以我認為應該多討論成本等問題。

There's obviously, given the US tariffs, there's more conversations there. But there's also on the non-US customers -- some of our non-US customers import food into the US. So then the question is, should they build that equipment? Should they build that factory or add that equipment in the US, or should they add it, let's say Mexico, right?

顯然，考慮到美國的關稅，那裡的對話會更多。但也有非美國客戶——我們的一些非美國客戶將食品進口到美國。那麼問題是，他們應該建造這種設備嗎？他們應該在美國建造工廠或增加設備嗎？還是應該在墨西哥建造，對嗎？

If there's going to be food tariffs, are they better off just building it in the US? So there's just a lot of back and forth on those conversations, I think. The good news generally is all these conversations are continuing. The demand profile is there. We just don't know exactly how this will all play, and is it defer some decisions for a month or two as the smoke clears a little bit.

如果要徵收食品關稅，那麼在美國建立它是否更好？所以我認為這些對話有很多來回。總體來說，好消息是所有這些對話仍在繼續。需求概況就在那裡。我們只是不知道這一切究竟會如何發展，是否會將一些決定推遲一兩個月，等煙霧散去一些。

We really just need some clarity on tariffs both on the -- particularly on the US side, but also any reciprocal tariffs.

我們確實需要明確關稅問題——特別是美國方面的關稅，以及任何互惠關稅。

Understood on your recurring revenue, I mean, it's pretty clear that the CapEx component of your business or new equipment is where you would see some kind of an impact if there would be one. But I'm curious, when you look at the recurring component of your business, is there a potential headwind there as well from these tariffs? How do you think about that?

了解您的經常性收入，我的意思是，很明顯，如果有的話，您會看到業務的資本支出部分或新設備的某種影響。但我很好奇，當您審視業務的經常性組成部分時，這些關稅是否也會帶來潛在的阻力？您對此有何看法？

I think that's less likely. I think first of all, we enjoyed very good strength in orders on parts in the first quarter, and that was before there was any visibility and in tariffs which came out in early April. So there's really -- we didn't see any pull through and no meaningful change in February versus March. So that was good. It's just a good strong quarter.

我認為這種可能性較小。我認為首先，我們在第一季的零件訂單方面表現非常強勁，而這還是在 4 月初關稅公佈之前。因此，我們確實沒有看到 2 月與 3 月相比有任何好轉，也沒有任何有意義的變化。這很好。這是一個強勁的季度。

We would expect that to continue here. Obviously, there will be some conversations about parts pricing and how we think about that in terms of selectively trying to capture any of our increased costs for any of the parts that we import, which is about third to half of the parts.

我們期望這種情況能夠持續下去。顯然，我們會就零件定價進行一些討論，以及我們如何考慮這個問題，有選擇地嘗試控制我們進口的任何零件的任何增加的成本，這些零件約佔零件總量的三分之一到二分之一。

So most of our parts are more than 50% are manufactured in the US and US suppliers, but we do have some stuff that's outside the US, so there are some cost impacts that we're considering. But those are moderate in the grand scheme of things and given the high level of food production that we're seeing right now, we still feel good about that entire environment on our parts.

因此，我們的大部分零件有 50% 以上是在美國和美國供應商處製造的，但我們確實有一些零件在美國以外，因此我們正在考慮一些成本影響。但從總體來看，這些都是適度的，考慮到我們目前的糧食產量很高，我們仍然對整個環境感到滿意。

Okay, lastly for me and I'll let somebody else ask the cost mitigation question. I want to ask you on your comments about repricing backlog. Maybe talk us through the mechanism of that -- of how that would work and of the existing backlog, the $1.3 billion of backlog, how much of that is related to US orders or US customers? I'll leave it there. Thank you.

好的，最後我會讓其他人問有關成本緩解的問題。我想問一下您對重新定價積壓的意見。也許您可以向我們介紹一下這個機制——它將如何運作，以及現有的積壓訂單，13 億美元的積壓訂單，有多少與美國訂單或美國客戶有關？我就把它留在那裡。謝謝。

Right, so for JBT Marel, about 40% of our revenue is US based. And obviously, quite a bit of that is manufactured in the US, and then about 15% or so of our backlog would be in parts and refurbishments, which would be less applicable.

是的，對於 JBT Marel 來說，我們大約 40% 的收入來自美國。顯然，其中相當一部分是在美國製造的，而我們積壓訂單中約有 15% 是零件和翻新產品，這不太適用。

So it is a portion of a portion, so to speak. And then specific to how you go about repricing backlog, that's a customer-by-customer, and frankly, a contract-by-contract negotiation depending on what the how the contract was originally negotiated, whether or not we have the ability to pass through or not. So it is a mix. We're going through that as we speak, so we will have some ability but not on every order.

可以這麼說，它是部分的一部分。然後具體到如何重新定價積壓訂單，這是一個針對每個客戶，坦白說，逐個合約進行的談判，取決於合約最初的談判方式，以及我們是否有能力通過。所以它是混合的。我們正在經歷這一切，所以我們會有一定的能力，但不是針對每一個訂單。

More importantly, we have the ability on existing quotes on our pipeline to certainly reaffect what those prices look like for orders that go out from here. Thank you.

更重要的是，我們有能力根據我們管道中現有的報價重新影響從這裡發出的訂單的價格。謝謝。

Okay, thanks.

好的，謝謝。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Hey, good morning, gentlemen.

嘿，先生們，早安。

Good morning.

早安.

Hey, maybe just starting with the backlog. I know you guys called out some order delays. But was there a definitional change to that? Because based off our estimates, I think we're around $1.45 billion for the backlog, which is a little bit higher than well, you guys reported. I know FX was a bit of a headwind moving to a tailwind. It's anything else to think through there on why there could be $140 million kind of differential.

嘿，也許只是從積壓工作開始。我知道你們報告了一些訂單延遲的情況。但這有定義上的改變嗎？因為根據我們的估計，我認為我們的積壓訂單金額約為 14.5 億美元，這比你們報告的要高一點。我知道 FX 有點像是從逆風轉為順風。還需要思考為什麼會出現 1.4 億美元的差額。

Not really, Ross. I think there was certainly some FXs in there. I think also just as we try to align the two businesses together, there may be some adjustments that are made to the closing backlog and opening backlog for the acquisition. So I think it's probably just a little bit of noise in how we characterize some of the backlog as we try to align the policies of the two companies.

不是的，羅斯。我認為其中肯定有一些 FX。我認為，就在我們嘗試將兩項業務整合在一起時，可能會對收購的結束積壓和開始積壓做出一些調整。因此，我認為，當我們試圖協調兩家公司的政策時，這可能只是我們在描述部分積壓問題時產生的一點噪音。

Okay, that's reassuring. So no cancellations, don't really get the sense based off customer conversations. That's even an option.

好的，這讓人放心。因此沒有取消，根據客戶對話確實無法理解。這甚至是一種選擇。

No.

不。

Perfect. And then just maybe take it through kind of some of the strength there. Can you give us a sense of like the lead times in the first quarter knowing that Marel is a little bit longer cycle last quarter seem to be more of kind of midstream implying delivery in 2025 or anything that's large lumpy to call out?

完美的。然後也許就可以透過某種方式發揮它的力量。您能否讓我們了解第一季度的交貨時間，因為 Marel 上個季度的周期稍長一些，似乎更像是中游，意味著 2025 年交貨，或者任何值得關注的大問題？

Sure, so yeah. So -- you're right, it is all over the board and it is product-by-product line and just to give you a feel for, it's anywhere as short as 45 days and as long as 12, 15 months. It is quite a broad range.

當然，是的。所以 - 您說得對，它涵蓋了整個產品線，只是讓您感覺一下，短則 45 天，長則 12 或 15 個月。範圍相當廣泛。

You are correct in that the morale on their large projects, particularly in poultry and meat, those do tend to be in that ballpark, in that longer ballpark of the 12- to 15-month range. We did see some nice order strength in the first quarter. So I'd say, slight elongation, and we are clearly already quoting into 2026. That said, still the vast majority of our backlog will be shipped in the current year as we sit here.

您說得對，他們的大型項目，特別是家禽和肉類項目的士氣確實往往處於這個範圍內，處於 12 到 15 個月範圍內的較長範圍內。我們確實看到第一季的訂單量有所成長。所以我想說，略微延長，我們顯然已經引用了 2026 年的數據。儘管如此，我們積壓的大部分貨物仍將在今年發貨。

So I can't give you like a great answer because it's just all over the board, but that said, our lead times are not extending at this point. We still have the capacity to meet the demand that's out there as poultry gets stronger and stronger, we have to make sure we work on that closely, but all in all, from operations -- manufacturing operations perspective, we're well situated.

所以我無法給你一個很好的答案，因為一切都很複雜，但話雖如此，我們的交貨時間目前不會延長。隨著家禽養殖業的不斷發展壯大，我們仍然有能力滿足市場需求，我們必須確保密切合作，但總而言之，從營運——製造業營運的角度來看，我們處於有利地位。

Yeah, perfect. Thank you, Brian. And just one last one if I could, Marel's margins pretty strong in the quarter. I do believe the first quarter is a seasonal low for aftermarket mix. So just trying to understand some of the strength there, and maybe if you could help us quantify some of the benefits from early synergy capture, if there were some.

是的，完美。謝謝你，布萊恩。如果可以的話，我最後再問一點，Marel 本季的利潤率相當高。我確實認為第一季是售後市場組合的季節性低潮。所以只是想了解那裡的一些優勢，也許你能幫助我們量化早期綜效帶來的一些好處（如果有的話）。

Yeah, Ross, I mean, this is Arni here. I mean, some of the strength that we saw was clearly due to some of the actions that we have been taking on the business, which explains it. And I think it's also helpful that you're seeing that kind of like for like on a GAAP basis now because we've been taking actions on lowering capitalization of innovation and stuff like that that is now fully on a like-for like-basis.

是的，羅斯，我是說，這是阿尼。我的意思是，我們看到的一些優勢顯然是由於我們在業務上採取的一些行動，這解釋了這一點。我認為現在按照 GAAP 基礎看到這種同類情況也很有幫助，因為我們一直在採取行動降低創新資本化等，現在這些都完全按照同類基礎進行。

But we also saw some kind of good strength in some of the business such as food where we saw both growth and margin enhancement. So I think overall, very pleased with the progress and also just considering that we're seeing continued strength on the order side. And kind of the driver in Q1 was kind of poultry. We saw a lot of strength on the other and markets in Q4, but they were still kind of at a healthy level in Q1.

但我們也看到食品等一些業務表現出良好的優勢，這些業務既實現了成長，又提高了利潤率。因此我認為總體而言，我們對進展非常滿意，而且我們也看到訂單方面持續強勁。第一季的驅動因素是家禽。我們看到第四季度其他市場表現強勁，但第一季其他市場仍處於健康水平。

Ross, just to add to that, I think volume strength and the strength that we saw in the legacy morale business. But we are definitely seeing flow through and benefits from the restructuring actions that the business took at the end of last year in anticipation of the consolidation as well as some early benefits on the synergy actions that we took primarily on the Marel side as well.

羅斯，補充一點，我認為銷售實力和我們在傳統士氣業務中看到的實力。但我們確實看到了該業務在去年年底為預期合併而採取的重組行動所帶來的效益和好處，以及我們主要在 Marel 方面採取的協同行動的一些早期效益。

Yeah, Arni, just on the question around the -- or the comment on the lower capitalization R&D, is that purely translational or does that imply that you guys are kind of optimizing the R&D spend already?

是的，Arni，關於這個問題 - 或者關於較低資本化研發的評論，這純粹是翻譯還是意味著你們已經在優化研發支出？

Yeah. So we have been taking action, so kind of prior to the transaction. I was -- we were looking at that even kind of in the second half of '23. So you kind of saw that in '24, but we are kind of -- as the two companies are coming together, what we're doing is really kind of combining the full-innovation portfolio, aligning how we can measure it.

是的。因此，我們在交易之前就一直在採取行動。我當時——我們甚至在 23 年下半年就關注過這個問題。所以你在 24 年就看到了這一點，但是我們——隨著兩家公司的合併，我們所做的實際上是將全創新產品組合結合起來，並調整我們衡量它的方式。

And in the past model, it's been more kind of talking about a specific percentage that we invest in innovation. But I think we're moving more towards measuring the output and figuring out kind of that way what is the right level. So we also have some overlap between the two businesses that we're looking at. So yes, we have been taking actions, but we're still kind of working through finding the optimal investment in the right places because now we also have a bigger company with a bigger portfolio and we need to evaluate where do we get the best return on investment.

在過去的模型中，我們更多地談論的是投資於創新的具體百分比。但我認為我們正更多地轉向衡量產出並以此方式找出正確的水平。因此，我們正在關注的兩家企業之間也存在一些重疊。所以是的，我們一直在採取行動，但我們仍在努力在正確的地方尋找最佳投資，因為現在我們的公司規模更大，投資組合也更大，我們需要評估在哪裡可以獲得最佳投資回報。

Awesome, very helpful guys. Congrats on the quarter. Thank you.

太棒了，非常有幫助的人。恭喜本季取得佳績。謝謝。

Thank you.

謝謝。

Justin Ages, CJS Securities.

賈斯汀·艾吉斯（Justin Ages），CJS 證券公司。

Hi, morning all.

大家早安。

Morning.

早晨。

You gave some good color on poultry demand continuing recovery. We're just hoping you could give us an update on something from last quarter, which is the weakness seen in the fish and whitefish in particular. So just any thoughts around that and mark would be helpful.

您對家禽需求的持續復甦給出了正面的評價。我們只是希望您能向我們提供上個季度的最新情況，特別是魚類和白魚的疲軟情況。因此，任何圍繞這一點的想法和標記都會有所幫助。

Yeah. So on the fish side, I mean, whitefish continues to be a challenged market. So just to give you a data point, the quota in the Barents Sea is being reduced by 25% in 2025. So we are kind of seeing a challenge there.

是的。因此，就魚類方面而言，白魚市場仍然是一個充滿挑戰的市場。僅舉一個數據點，巴倫支海的配額將在 2025 年減少 25%。因此，我們在那裡看到了挑戰。

But what is exciting though is due to that there is more investment going into farming on the whitefish sides, for example, on COD, for example, in Norway. Which is a more kind of a very attractive business for players such as a JBT model, but I think the real bright spot is the salmon industry that has been improving over the last few quarters.

但令人興奮的是，越來越多的投資投入白魚養殖中，例如挪威的鱈魚養殖。對於 JBT 模式等參與者來說，這是一項非常有吸引力的業務，但我認為真正的亮點是過去幾季一直在改善的鮭魚產業。

You see that the challenges on the biological side has been improving. So there's been basically challenges in salmon farming, which has lowered the quality of the fish, and it creates certain restrictions on whether you can export. But that has been improving so -- actually salmon prices have been coming down, which helps with demand. And that is feeding into production growth that we expected in the in the low- to mid-single digits for 2025, and even slightly higher in 2026.

您會發現，生物學方面的挑戰一直在不斷改善。因此，鮭魚養殖面臨一些挑戰，降低了魚的質量，並對出口造成了一定的限制。但這種情況一直在改善——實際上鮭魚價格一直在下降，這有助於滿足需求。這將推動產量成長，我們預計 2025 年產量將成長低至個位數，2026 年甚至會略高。

So I think that is kind of promising and we see a bit more activity as we look at kind of at the pipeline. But we're not out of the woods and we want to kind of see a little bit more strength coming into the numbers, but I would say overall, the salmon industry is moving in the right direction.

所以我認為這是有希望的，而且我們在看管道時看到了更多的活動。但我們還沒有脫離險境，我們希望看到數據上出現更多強勁增長，但我想說，總體而言，鮭魚產業正在朝著正確的方向發展。

All right, that's helpful. Thanks. And then just on the recurring versus non-recurring split, I know some strength there. We're just wondering how much of recurring kind of ticking past that 50% mark is related to, the new digital offerings that were kind of touted at the combined entity versus just shifting of equipment orders.

好的，這很有幫助。謝謝。然後，就經常性和非經常性拆分而言，我知道其中存在一些優勢。我們只是想知道，超過 50% 的經常性增長有多少與合併後實體所吹捧的新數位產品有關，而不是僅僅與設備訂單的轉移有關。

The primary reason why we're above 50% of the quarter is just because of the seasonality on the equipment revenue recognition. So from a dollar perspective, when you look at our 10-Q, which is coming out today, you can kind of see the difference between equipment and parts that will moderate over the course of the years as equipment shipments increase.

我們本季收入超過 50% 的主要原因僅僅是因為設備收入確認的季節性。因此，從美元角度來看，當您查看我們今天發布的 10-Q 時，您可以看到隨著設備出貨量的增加，設備和零件之間的差異將在未來幾年內逐漸緩和。

That said on the software side. So obviously, both sides of the business, their revenues in both of our businesses, so it didn't have a material change from one quarter to the next. But that said, I will say our software and digital folks are pretty excited about bringing the two products together.

這就是軟體方面的情況。因此顯然，我們兩個業務雙方的收入從一個季度到下一個季度並沒有發生重大變化。但話雖如此，我想說我們的軟體和數位人員對於將這兩款產品結合在一起感到非常興奮。

Marel has a mix of what we call line-software solutions which really brings the pieces together across multiple products to get overall equipment efficiency of the line. And then JBT has been quite strongly focused on the optimization of the individual piece of equipment itself with visibility from Our Omni Blue software and Marel has made some good strides on the same as well. So we're bringing that optimization -- equipment optimization software together. So it's still early days. There's a lot of obviously programming and whatnot that comes in. So we haven't seen much of an impact so far on revenue synergies there, but more to come with that.

Marel 擁有我們所謂的生產線軟體解決方案，該解決方案真正將多種產品的各個部分整合在一起，以提高生產線的整體設備效率。然後，JBT 非常注重利用我們的 Omni Blue 軟體的可視性來優化單一裝置本身，而 Marel 在這方面也取得了一些進展。因此我們將優化——設備優化軟體整合在一起。所以現在還為時過早。顯然，其中涉及大量編程和其他內容。因此，到目前為止，我們還沒有看到對收入綜效產生太大影響，但未來將會產生更大的影響。

Alright. That's helpful. Thanks for taking the questions.

好吧。這很有幫助。感謝您回答這些問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Meg Dobre, RW Baird.

梅格·多布雷、RW 貝爾德。

Alright, I got back in queue since we didn't talk about cost mitigation. I guess I'm going to have to bring that up.

好吧，由於我們還沒有討論降低成本，所以我又回到了隊列中。我想我得提起這件事。

Yeah, no problem.

是的，沒問題。

Yeah, thanks for taking a follow up. So, slide 7, very helpful, appreciate all the detail there.

是的，感謝您的跟進。因此，第 7 張幻燈片非常有用，感謝那裡的所有細節。

So I guess two questions. It sounds to me like you're saying Q2 is really not going to experience a lot of these negative cost drags because you know you have inventory and so on, and the guidance certainly looks that way.

所以我猜有兩個問題。在我看來，您說的是第二季度實際上不會經歷很多負面成本拖累，因為您知道您有庫存等等，而且指導意見肯定是這樣的。

How do we think about the second half here, because it sounds like you're saying you think you have tools to be able to offset maybe half of these costs, but I don't know if that's immediate, if that happens as soon as Q3, if it's if it takes a little bit longer, maybe talk us through that.

我們如何看待下半年，因為聽起來您好像在說您認為您有工具可以抵消大約一半的成本，但我不知道這是否會立即發生，是否會在第三季度就發生，如果需要更長時間，也許可以和我們談談。

Sure. So we will get impacted by -- in the second quarter it's included in the guidance. It's about $3 million or so is our estimate because we're writing checks for tariffs.

當然。因此，我們將受到影響——在第二季度，它被納入了指導範圍。我們估計大約是 300 萬美元左右，因為我們正在開關稅支票。

Alright, so it is happening. That said, some of it gets capitalized into inventory then as you sell it gets it gets recorded. But it will accelerate in the back half as you work through your inventory, and whatnot.

好吧，事情就是這樣發生的。也就是說，其中一部分會被資本化為庫存，然後當你出售它時它就會被記錄下來。但是當你處理庫存等等時，它會在後半部分加速。

So you see the numbers on slide 7 in terms of that $12 million to $15 million per quarter.

因此，您可以在第 7 張投影片上看到每季 1200 萬至 1500 萬美元的數字。

I think one of the concerns, obviously, is where the tariff rates go, which is why we provide the detail on where we're doing the purchasing. So you could do a little bit of your own math if European tariffs come down or come up, that will affect the number.

我認為，顯然人們關心的問題之一是關稅稅率的走向，這就是我們提供採購地點詳細資訊的原因。因此，你可以自己做一些計算，看看歐洲關稅是下降還是上升，都會影響這個數字。

But overall, we do feel we have a good path to mitigating the costs, which is why we suggest that we can cut that impact by more than half in – particularly, in the back half as some of these efforts get going. And specifically, a bunch of things in our tool chest here. Obviously, we're just simply push back on price increases, and then keep in mind, we are rarely single sourced on a part -- on parts purchases, so we can either reallocate that demand to a domestic supplier and just take the better cost there.

但總體而言，我們確實認為我們有一條降低成本的好途徑，這就是為什麼我們建議我們可以將這種影響減少一半以上——特別是在後半段，隨著一些努力的展開。具體來說，我們的工具箱裡有一堆東西。顯然，我們只是簡單地抑制價格上漲，然後請記住，我們很少從單一來源採購零件，因此我們可以將需求重新分配給國內供應商，並從那裡獲得更優惠的成本。

We can certainly find new US suppliers and reallocate that wallet share there. And then we also are working on kind of the make versus buy decision ourselves. We do have parts capacity in the US at a couple of our facilities as well as Brazil and perhaps even India. So we're looking to resource some of those parts. That takes a little bit more time obviously than just shifting vendors around or shifting the wallet around, but we do have that in our tool chest and we're thinking about those.

我們當然可以找到新的美國供應商並在那裡重新分配錢包份額。然後我們也在自己研究是自製還是購買的決定。我們的一些工廠在美國、巴西甚至印度都擁有零件生產能力。因此，我們正在尋找其中一些部件的資源。顯然，這比僅僅更換供應商或轉移錢包要花費更多的時間，但我們的工具箱裡確實有這些，我們正在考慮這些。

And then on the equipment side, again, that takes a little bit longer. We do ship a fair amount of equipment, particularly from the Netherlands. And -- but again, we do have production capacity in the US and a few facilities, again, and as well as Brazil that we're thinking about moving this stuff around.

然後在設備方面，這又需要更長的時間。我們確實運送了相當數量的設備，特別是來自荷蘭的設備。而且 — — 但同樣，我們在美國和巴西確實擁有生產能力，我們也在考慮將這些東西轉移到這些地方。

So there's lots of moving pieces. Obviously, you've got just All the uncertainty of the tariffs, what's the dollar amount, but we're well underway in trying to mitigate this. But I do feel confident that we can mitigate it by at least half, especially when you consider combining the cost actions with the pricing actions.

因此有很多活動部件。顯然，關稅的所有不確定性，美元金額是多少，但我們正在努力緩解這種不確定性。但我確實有信心，我們可以減輕至少一半，特別是當你考慮將成本行動與定價行動結合時。

That's very helpful. And then as I think about 2026, and let's assume that the assumptions that you have on slide 7 remain in place, the tariffs remain as they are, when we get to 2026, do you think you'll be able to get to the point where the effect of these tariffs would be fully mitigated? Can you do that with pricing for your 2026 product, or should we sort of think about these drags. Call it $6 million to $7 million quarterly drag is something that gets applied to 2026 as well.

這非常有幫助。然後，當我想到 2026 年時，讓我們假設您在第 7 張投影片上的假設仍然成立，關稅保持不變，當我們到達 2026 年時，您認為您是否能夠達到這些關稅的影響將完全減輕的程度？您能否對 2026 年的產品定價做到這一點，或者我們是否應該考慮這些阻力。我們稱其為每季 600 萬到 700 萬美元的拖累也適用於 2026 年。

I think, generally speaking, our thoughts are that this just becomes a cost of doing business for us and our customers that gets embedded into the business model.

我認為，一般來說，我們認為這只是我們和客戶開展業務的成本，並融入商業模式。

Obviously, that always makes our customers make sure that they still get the ROI on their investments. So I think that's an ongoing conversation, but I do think this is going to be embedded into our respective cost structures.

顯然，這總是讓我們的客戶確保他們仍然能夠獲得投資回報。所以我認為這是一個持續的討論，但我確實認為這將嵌入到我們各自的成本結構中。

And some of the -- if we have to move manufacturing around, that could go into early 2026. But certainly by maybe the second quarter or certainly the back half of 2026, we would be realigned as presuming we have some transparency and visibility on what the actual tariff rates are.

如果我們必須轉移製造業，那麼這可能會持續到 2026 年初。但可以肯定的是，到 2026 年第二季或下半年，我們將會重新調整，假設我們對實際關稅稅率有一定的透明度和可見度。

And maybe just to add, what we've also talked about is just how do we see this as an opportunity. Because a lot of our peers in the market. Are situated kind of similarly to JBT Marel.

也許只是想補充一下，我們也討論瞭如何將此視為一個機會。因為市場上有很多我們的同行。其處境與 JBT Marel 類似。

So if you look on the legacy model side, a lot of the competitors are based in Europe when we're in Europe. But with the scale and the global reach, and just the fact that we have kind of two supply chains that we are now bringing together; we haven't brought them together fully already. So kind of as we kind of think about, I think we have more flexibility and more opportunity to adapt to the to the changing environment. So I think that's something that we're also kind of looking towards as we think further ahead.

因此，如果從傳統模式來看，當我們在歐洲時，許多競爭對手都位於歐洲。但儘管規模和全球影響力不斷擴大，我們目前正整合兩條供應鏈，但我們還沒有將它們完全整合在一起。所以正如我們所想的，我認為我們擁有更多的靈活性和更多的機會來適應不斷變化的環境。所以我認為這也是我們在考慮長遠問題時所期待的。

And just to actually further the point, and I know (inaudible) that a little bit, but on Arni's last point, we have a tremendous business in Brazil. The combined business, we have three large factories and one smaller manufacturing factory, and then we have a large distribution center for parts, as well as a customer innovation center there.

為了進一步說明這一點，我知道（聽不清楚）有一點，但關於阿尼的最後一點，我們在巴西的業務非常龐大。合併後，我們擁有三家大型工廠和一家小型製造工廠，還有一個大型零件配送中心以及一個客戶創新中心。

So we do have the ability to again, as I already said, move some global supply chains around and Brazil could be a really nice answer for us if we think Europe is just going to be too expensive and we need to alleviate if we have any constraints in the US or higher costs in the US.

因此，正如我已經說過的，我們確實有能力再次轉移一些全球供應鏈，如果我們認為歐洲的成本太高，並且我們需要緩解美國的限製或美國的成本較高，那麼巴西可能是一個非常好的答案。

Understood. Last question is really on integration. It sounds like things are going well. I'm curious if say for instance, there is an adverse effect on demand, either in the back half or maybe even stretching into 2026, what does that mean for your integration effort? Do you get to maybe pull forward some synergies? Do you have that ability or maybe it's the opposite where if you are dealing with lower volumes and you do have to make changes to your manufacturing footprint as previously discussed, then that actually makes the integration process more complicated, and maybe raises the risk to you being able to deliver on those synergies that you outlined. I'm curious your thoughts on this.

明白了。最後一個問題其實是關於整合的。聽起來事情進展順利。我很好奇，比如說，對需求產生不利影響，無論是在下半年還是甚至延伸到 2026 年，這對您的整合工作意味著什麼？您是否可以發揮一些綜效？您是否具備這種能力，或者情況可能恰恰相反，如果您處理的產量較低，並且您確實必須像前面討論的那樣改變您的製造足跡，那麼這實際上會使整合過程變得更加複雜，並且可能會增加您實現您所概述的協同效應的風險。我很好奇你對此的想法。

It is a bit mixed. So certainly on the cost side, on the SG&A, et cetera, logistics, whatnot, we can continue those. And if the demand environment changes, we have a history from our cost side of being able to -- our continuous improvement side of being able to react appropriately for the demand environment. So we feel that we have that in our tool chest, and we can manage that appropriately.

有點混雜。因此，在成本方面、銷售、一般及行政費用等方面、物流等方面，我們當然可以繼續。如果需求環境發生變化，我們從成本方面就能夠擁有歷史記錄——我們持續改進的能力能夠對需求環境做出適當的反應。因此，我們覺得我們的工具箱裡有這個，我們可以對其進行適當的管理。

I'll say the potential offset, that obviously would be not so much on the manufacturing side because I think we can get that utilization one way or another and get that efficiency, one way -- if we move stuff around.

我想說的是，潛在的抵消顯然不會在製造方面有太大作用，因為我認為我們可以通過某種方式獲得這種利用率，並通過某種方式獲得這種效率——如果我們移動東西的話。

The risk would be more so on how much materials you buy, right? So what's the just the pure volume of raw materials, parts, et cetera, and getting the synergy savings on that combined purchase. So that would be more of the risk in a lower demand environment.

風險更多取決於您購買了多少材料，對嗎？那麼，原料、零件等的純數量是多少，以及在合併採購中獲得的綜效節省是多少。因此，在需求較低的環境中，風險會更大。

All right, appreciate it. Good luck.

好的，謝謝。祝你好運。

Thank you.

謝謝。

And there are no further questions at this time, Mr. Brian Deck, I turned the call back over to you for closing remarks.

現在沒有其他問題了，布萊恩·德克先生，我將電話轉回給您，請您做最後發言。

Thank you all for joining us this morning. As always, Marley will be available if you have any additional questions.

感謝大家今天上午參加我們的活動。像往常一樣，如果您有任何其他問題，Marley 將為您提供幫助。

Thank you. This concludes today's conference. You may now disconnect.

謝謝。今天的會議到此結束。您現在可以斷開連線。