Kadant Inc (KAI) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Kadant's third-quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加 Kadant 2025 年第三季財報電話會議。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄音。

I will now hand the conference over to your speaker host, Sir Michael McKenney, Executive Vice President and Chief Financial Officer. Please go ahead.

現在我將把會議交給各位演講嘉賓，執行副總裁兼財務長麥可‧麥肯尼爵士。請繼續。

Thank you, Olivia. Good morning, everyone, and welcome to Kadant's third-quarter 2025 earnings call. With me on the call today is Jeff Powell, our President and Chief Executive Officer.

謝謝你，奧莉維亞。各位早安，歡迎參加 Kadant 2025 年第三季財報電話會議。今天和我一起參加電話會議的還有我們的總裁兼執行長傑夫鮑威爾。

Before we begin, let me read our Safe Harbor statement. Various remarks that we may make today about Kadant's future plans and expectations, financial, and operating results and prospects are forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

在我們開始之前，請允許我宣讀我們的安全港聲明。我們今天可能對 Kadant 的未來計畫和預期、財務和營運表現及前景發表的各種評論，均屬於 1995 年《私人證券訴訟改革法案》安全港條款下的前瞻性陳述。

These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those outlined at the beginning of our slide presentation and those discussed under the heading Risk Factors in our annual report on Form 10-K for the fiscal year ended December 28, 2024, and subsequent filings with the Securities and Exchange Commission.

這些前瞻性陳述受到已知和未知風險及不確定性的影響，這些風險和不確定性可能導致我們的實際結果與這些前瞻性陳述存在重大差異，原因包括我們在幻燈片演示開頭概述的風險和我們在截至 2024 年 12 月 28 日的財政年度的 10-K 表格年度報告以及隨後向美國證券交易委員會提交的文件中“風險因素”下討論的風險因素。

In addition, any forward-looking statements we make during this webcast represent our views and estimates only as of today. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views or estimates change.

此外，我們在本次網路直播中所做的任何前瞻性陳述僅代表我們截至今日的觀點和估計。雖然我們將來可能會選擇更新前瞻性聲明，但我們明確聲明，即使我們的觀點或估計發生變化，我們也沒有義務這樣做。

During this webcast, we will refer to some non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is contained in our third-quarter earnings press release and the slides presented on the webcast and discussed in the conference call, which are available in the Investors section of our website at kadant.com.

在本次網路直播中，我們將提及一些非GAAP財務指標。這些非GAAP指標並非依照公認會計原則編製。非GAAP財務指標與最直接可比較的GAAP指標的調節表包含在我們的第三季度收益新聞稿和網絡直播中展示的幻燈片以及電話會議中討論的幻燈片中，這些資料可在我們網站kadant.com的投資者關係部分找到。

Finally, I wanted to note that when we refer to GAAP earnings per share or EPS and adjusted EPS on this call, we are referring to each of these measures as calculated on a diluted basis.

最後，我想指出，在本次電話會議中，當我們提到 GAAP 每股盈餘 (EPS) 和調整後 EPS 時，我們指的是按稀釋後每股盈餘計算的這些指標。

With that, I'll turn the call over to Jeff Powell, who will give you an update on Kadant's business and future prospects. Following Jeff's remarks, I'll give an overview of our financial results for the quarter, and we'll then have a Q&A session. Jeff?

接下來，我將把電話交給傑夫鮑威爾，他將為大家介紹 Kadant 的業務和未來前景。在傑夫發言之後，我將概述我們本季的財務業績，然後我們將進行問答環節。傑夫？

Thanks, Mike. Hello, everyone. Thank you for joining us this morning to review our third-quarter results and discuss our outlook for the remainder of the year. I'll begin with our third-quarter highlights. We had solid earnings performance in the third quarter and benefited from record aftermarket parts revenue. As you know, our aftermarket parts business is one of our core strategic development areas, and it is encouraging to see this part of our new business continue to thrive. This is especially true in volatile times like now where economic headwinds are strong and global trade tensions remain high.

謝謝你，麥克。大家好。感謝各位今天上午與我們一起回顧第三季業績，並探討我們對今年剩餘時間的展望。我先從第三季的精彩回顧開始。第三季我們的獲利表現穩健，並受益於創紀錄的售後零件收入。如您所知，我們的售後零件業務是我們的核心策略發展領域之一，令人鼓舞的是，我們新業務的這一部分正在持續蓬勃發展。在當前經濟逆風強勁、全球貿易緊張局勢持續高漲的動盪時期，這種情況尤其如此。

Overall, market demand for capital equipment continued to be sluggish, though we are seeing increasing activity early in the fourth quarter. As has been the case throughout 2025, our operations teams around the world delivered exceptional value for our customers. I want to thank them for their outstanding effort and the results they generated during these challenging times.

整體而言，資本設備的市場需求仍然疲軟，不過我們在第四季初看到了市場活動的增加。與 2025 年全年的情況一樣，我們世界各地的營運團隊為我們的客戶創造了卓越的價值。我要感謝他們在這些充滿挑戰的時期所付出的傑出努力和所取得的成果。

Turning next to slide 6. I'd like to review our Q3 financial performance. Q3 revenue and earnings performance continued to improve sequentially from Q1 to Q2 despite softness in our capital business. Revenue was flat compared to the prior year period at $272 million and benefited from record aftermarket parts business, which was up 6% compared to the third quarter of last year. Solid execution contributed to an adjusted EBITDA of $58 million and adjusted EBITDA margin of 21.4%.

接下來是第6張投影片。我想回顧一下我們第三季的財務表現。儘管資本業務疲軟，但第三季營收和獲利表現仍較第一季和第二季環比持續改善。與去年同期相比，營收持平，為 2.72 億美元，這得益於創紀錄的售後市場零件業務，該業務比去年第三季度增長了 6%。穩健的執行力促成了調整後 EBITDA 為 5,800 萬美元，調整後 EBITDA 利潤率為 21.4%。

Cash flow from operations and free cash flow in the third quarter was $47 million and $44 million, respectively, demonstrating the continued strength of our business model. Bookings were relatively flat compared to the same period last year due entirely to a sustained weakness in capital project orders, which has been in a loss since 2023.

第三季經營活動產生的現金流和自由現金流分別為 4,700 萬美元和 4,400 萬美元，這表明我們的商業模式持續保持強勁勢頭。由於資本項目訂單持續疲軟（自 2023 年以來一直處於虧損狀態），與去年同期相比，預訂量相對持平。

While capital project activity and quoting remains high, the timing of these capital projects continues to get pushed out. That said, we do see greater optimism in our sales teams with respect to capital orders moving forward in the near term.

雖然資本項目活動和報價仍然很高，但這些資本項目的進度卻不斷被推遲。儘管如此，我們的銷售團隊對近期資本訂單的推進確實抱持著更大的樂觀態度。

Next, I'd like to review the performance of our operating segments, beginning with our Flow Control segment. Good performance in aftermarket parts revenue could not offset reduced capital shipments in the third quarter, leading to a 3% decline in Q3 revenue compared to last year. Encouragingly, new order activity was up 5% with aftermarket and capital demand both contributing to this increase to $94 million.

接下來，我想回顧我們各個營運部門的業績，首先從我們的流量控制部門開始。第三季售後市場零件收入的良好表現未能抵銷資本出貨量的減少，導致第三季營收比去年同期下降了 3%。令人鼓舞的是，新訂單活動成長了 5%，售後市場和資本需求都促成了這一增長，達到 9,400 萬美元。

Adjusted EBITDA of $26 million was down 10% compared to the record EBITDA performance in the third quarter of last year. Factory automation and general industrial end markets continue to show strength, particularly in the Americas, while capital project activity in Europe and Asia reflects the persistent economic headwinds in those regions. In our Industrial Processing segment, revenue decreased 4% to $106 million. The revenue decline was entirely due to reduced capital shipments as aftermarket parts revenue was a record $81 million and represents 76% of total Q3 revenue.

經過調整後的 EBITDA 為 2,600 萬美元，比去年第三季創紀錄的 EBITDA 業績下降了 10%。工廠自動化和一般工業終端市場持續保持強勁勢頭，尤其是在美洲，而歐洲和亞洲的資本項目活動則反映出這些地區持續存在的經濟逆風。在我們的工業加工業務部門，營收下降了 4%，至 1.06 億美元。收入下降完全是由於資本貨物出貨量減少所致，因為售後市場零件收入創下 8,100 萬美元的歷史新高，佔第三季總收入的 76%。

Solid demand for aftermarket parts was not enough to offset the decline in capital bookings, leading to a 5% decrease in bookings compared to the same period last year. The outlook for capital bookings in the near term remains positive, and we are well positioned to win those new orders when they are released.

對售後市場零件的強勁需求不足以抵消資本預訂量的下降，導致預訂量比去年同期下降了 5%。近期資本訂單前景依然樂觀，我們已做好充分準備，在新訂單發佈時贏得這些訂單。

Adjusted EBITDA margin in the third quarter was 25.4%, down 330 basis points compared to the record margin set in Q3 of last year. I should note that our third-quarter results do not include any contribution from our recently announced acquisition of Clyde Industries as that acquisition was completed after the third quarter closed. The acquisition will be included in our fourth-quarter results, and we look forward to reporting on the integration in the next call.

第三季調整後 EBITDA 利潤率為 25.4%，比去年第三季創下的利潤率紀錄下降了 330 個基點。需要指出的是，我們的第三季業績不包括我們最近宣布收購 Clyde Industries 的任何貢獻，因為該收購是在第三季結束後才完成的。此次收購將計入我們第四季業績，我們期待在下次電話會議上報告整合情況。

In our Material Handling segment, we benefited from excellent commercial and operational execution in the third quarter. Revenue was up 11% to a record $70 million, with solid increases from both product lines. This record revenue performance was led by capital shipments, up 18% compared to the same period last year. Bookings declined 4% compared to the third quarter of last year due largely to softer demand for aftermarket parts for our Bulk material handling equipment during the quarter.

在物料搬運業務方面，我們第三季受益於出色的商業和營運執行。營收成長 11%，達到創紀錄的 7,000 萬美元，兩條產品線均實現了穩健成長。此次創紀錄的營收表現主要得益於資本貨物的出貨量，與去年同期相比成長了 18%。與去年第三季相比，訂單量下降了 4%，這主要是由於本季散裝物料處理設備的售後零件需求疲軟所致。

Adjusted EBITDA margin increased 290 basis points to a record 23.3% compared to Q3 of last year. While we expect demand to stabilize in the near term, we continue to see good level of activity in the aggregate sector, particularly in North America.

經調整的 EBITDA 利潤率較去年第三季成長 290 個基點，達到創紀錄的 23.3%。雖然我們預計短期內需求將趨於穩定，但我們仍然看到整體產業，特別是北美地區的整體產業，並保持良好的活躍度。

As we look ahead to the remainder of 2025, we expect aftermarket demand to remain healthy and business activity to improve. We are seeing a lot of activity around capital projects, and this is expected to be a meaningful contributor to our Q4 new order activity. Though the timing of these projects can be uncertain and could shift due to macroeconomic uncertainty or other factors.

展望 2025 年剩餘時間，我們預期售後市場需求將保持健康，業務活動將有所改善。我們看到資本項目方面有很多活動，預計這將對我們第四季的新訂單活動做出重要貢獻。儘管這些項目的實施時間可能存在不確定性，並可能因宏觀經濟的不確定性或其他因素而改變。

I will now pass the call over to Mike for his review of our Q3 financial performance. Mike?

現在我將把電話轉交給麥克，讓他來回顧我們第三季的財務表現。麥克風？

Thank you, Jeff. I'll start with some key financial metrics from our third quarter. Our third-quarter revenue of $271.6 million included record aftermarket parts revenue of $188.4 million. Gross margin was 45.2% in the third-quarter '25, up 50 basis points compared to 44.7% in the third-quarter '24. Our parts and consumables revenue increased to 69% of revenue in the third quarter of '25 compared to 65% in the prior year. Gross margin included amortization expense associated with acquired profit and inventory of $0.5 million and $1.2 million in the third quarter of '25 and '24, respectively.

謝謝你，傑夫。我先從我們第三季的一些關鍵財務指標開始。我們第三季營收為 2.716 億美元，其中包括創紀錄的售後市場零件收入 1.884 億美元。2025 年第三季毛利率為 45.2%，比 2024 年第三季的 44.7% 提高了 50 個基點。2025 年第三季度，我們的零件和耗材收入佔總收入的比例從去年的 65% 成長至 69%。毛利包括與收購利潤和存貨相關的攤銷費用，2025 年第三季為 50 萬美元，2024 年第三季為 120 萬美元。

Excluding this negative impact in both periods, gross margin was up 10 basis points over the third quarter of '24. For the first nine months of '25, gross margin increased 120 basis points over the corresponding prior year period and 70 basis points after excluding the impact of acquired profit and inventory in both periods. This demonstrates our ability to maintain our gross margin profile despite various cost pressures, including the recent tariff challenges.

如果排除這兩個時期的負面影響，毛利率比 2024 年第三季提高了 10 個基點。2025 年前九個月，毛利率比上年同期增長 120 個基點；若不計入收購利潤和存貨的影響，則毛利率增長 70 個基點。這證明，儘管面臨各種成本壓力，包括最近的關稅挑戰，我們仍能維持毛利率水準。

SG&A expenses as a percentage of revenue increased to 27.9% in the third quarter of '25 compared to 25.4% in the prior year period. SG&A expenses were $75.8 million in the third quarter of '25, increasing $6.8 million compared to $69 million in the third quarter of '24. This includes $1.2 million from unfavorable foreign currency translation, $1.3 million in acquisition-related costs and $0.8 million from our recent acquisition. The remaining increase is primarily associated with incremental compensation-related costs.

2025 年第三季度，銷售、一般及行政費用佔收入的百分比增至 27.9%，而上年同期為 25.4%。2025 年第三季銷售、一般及行政費用為 7,580 萬美元，比 2024 年第三季的 6,900 萬美元增加了 680 萬美元。這其中包括 120 萬美元的不利外幣折算損失、130 萬美元的收購相關成本以及 80 萬美元的近期收購收入。剩餘的成長主要與新增的補償相關成本有關。

Our GAAP EPS decreased 12% to $2.35 in the third quarter, and our adjusted EPS decreased 9% to $2.59 in the third quarter of '25 compared to a record $2.84 in the third quarter of '24. The third quarter '25 adjusted EPS exceeded the high end of our guidance range by $0.36 due to higher-than-expected aftermarket parts revenue at our Industrial Processing segment. In addition, all of our segments had higher-than-expected gross margins due to the mix of aftermarket parts in the period.

2025 年第三季度，我們的 GAAP 每股收益下降 12% 至 2.35 美元；而 2024 年第三季度，我們的調整後每股收益下降 9% 至 2.59 美元，而 2024 年第三季度則創下 2.84 美元的紀錄。由於工業加工部門的售後零件收入高於預期，2025 年第三季調整後每股收益比我們預期範圍的上限高出 0.36 美元。此外，由於該期間售後市場零件的組合，我們所有業務部門的毛利率均高於預期。

Our effective tax rate of 29.5% in the third quarter was higher than the anticipated rate, primarily due to the shift in geographic distribution of earnings expected for the year and an increase in nondeductible acquisition costs. Our adjusted EBITDA has increased each quarter in '25 with strong performance in the third quarter from our Material Handling segment. However, overall, our third quarter '25 adjusted EBITDA and adjusted EBITDA margin were comparatively lower than the record performance we achieved in the third quarter of '24.

第三季我們的實際稅率為 29.5%，高於預期稅率，這主要是由於預計本年度收益的地域分佈發生變化以及不可抵扣的收購成本增加所致。2025 年，我們調整後的 EBITDA 每季都有所成長，其中第三季物料搬運業務表現強勁。然而，總體而言，我們 2025 年第三季的調整後 EBITDA 和調整後 EBITDA 利潤率與我們在 2024 年第三季取得的創紀錄業績相比要低得多。

Turning to our cash flows. We had strong operating and free cash flow in the third quarter of '25 at $47.3 million and $44.1 million, respectively. On a year-to-date basis, both metrics are ahead of last year with free cash flow up 13% over last year. Nonoperating uses of cash in the third quarter of '25 included $16.5 million for the acquisition of the Babbini net of cash acquired, $3.2 million for capital expenditures, $4 million for a dividend on our common stock and $2.4 million for debt issuance costs.

接下來我們來看看現金流。2025 年第三季度，我們的營運現金流和自由現金流分別達到 4,730 萬美元和 4,410 萬美元。今年迄今為止，這兩項指標均優於去年同期，自由現金流比去年同期成長了 13%。2025 年第三季非經營性現金支出包括：收購 Babbini 的淨現金支出 1,650 萬美元，資本支出 320 萬美元，普通股股利 400 萬美元，以及債務發行成本 240 萬美元。

Let me turn next to our EPS results for the quarter. Our adjusted EPS decreased $0.25 from $2.84 in the third quarter of '24 to $2.59 in the third-quarter '25. This included decreases of $0.32 due to higher operating expenses, $0.17 due to lower revenue, $0.05 due to a higher tax rate and $0.01 due to higher noncontrolling interest. These decreases were partially offset by $0.15 in lower interest expense, $0.10 due to a higher gross margin percentage and $0.05 from the operating results of our recent acquisition, excluding associated borrowing costs.

接下來，我將介紹本季的每股盈餘（EPS）結果。2024 年第三季調整後的每股盈餘為 2.84 美元，2025 年第三季調整後的每股盈餘為 2.59 美元，減少了 0.25 美元。這其中包括因營運費用增加而減少 0.32 美元，因收入減少而減少 0.17 美元，因稅率增加而減少 0.05 美元，以及因少數股東權益增加而減少 0.01 美元。這些減少部分被以下因素抵銷：利息支出減少 0.15 美元，毛利率提高 0.10 美元，以及近期收購帶來的營運績效增加 0.05 美元（不包括相關借款成本）。

Collectively, included in all the categories I just mentioned was a favorable foreign currency translation effect of $0.03 in the third quarter of '25 compared to the third quarter last year due to the weakening of the US dollar against certain currencies.

綜上所述，我剛才提到的所有類別中都包括 2025 年第三季與去年第三季相比，由於美元對某些貨幣走弱而產生的有利外匯折算效應 0.03 美元。

Now I'll review our liquidity metrics on slide 15. We renewed our revolving credit facility at the end of the third quarter, increasing our borrowing capacity from $400 million to $750 million and extending the maturity date to September 2030. This will help support the acquisition strategy we outlined in our most recent five-year plan.

現在我將在第15頁投影片上回顧我們的流動性指標。我們在第三季末續簽了循環信貸額度，將借款能力從 4 億美元增加到 7.5 億美元，並將到期日延長至 2030 年 9 月。這將有助於支持我們在最新五年計畫中概述的收購策略。

Our net debt, that is debt less cash, decreased $20.6 million or 14% sequentially to $131.1 million. Our cash balance grew to $126.9 million due to an increase in cash held in anticipation of our fourth-quarter acquisition of Clyde Industries. Our leverage ratio calculated in accordance with our credit agreement increased to 0.94 compared to 0.86 at the end of the second quarter of '25.

我們的淨債務（即債務減去現金）季減了 2,060 萬美元，降幅達 14%，至 1.311 億美元。由於預期第四季度收購 Clyde Industries，我們增加了現金儲備，因此我們的現金餘額成長至 1.269 億美元。根據我們的信貸協議計算，我們的槓桿率從 2025 年第二季末的 0.86 上升至 0.94。

At the end of the third-quarter '25, we had $502 million of committed borrowing capacity, which was lowered to $332 million following our acquisition of Clyde at the beginning of the fourth quarter. Our cash conversion days, which we calculate by taking days in receivables plus days in inventory and subtracting days in accounts payable, increased to 131 at the end of the third-quarter '25 compared to 129 in the prior year quarter. Working capital as a percentage of revenue increased to 18% in the third-quarter '25 compared to 17.7% in the second quarter of '25.

2025 年第三季末，我們有 5.02 億美元的已承諾借款能力，但在第四季初收購 Clyde 後，該能力下降至 3.32 億美元。我們的現金週轉天數（我們透過應收帳款週轉天數加上存貨週轉天數，再減去應付帳款週轉天數來計算）在 2025 年第三季末增加到 131 天，而去年同期為 129 天。2025 年第三季營運資本佔營收的百分比增至 18%，而 2025 年第二季為 17.7%。

Now turning to our guidance for the fourth quarter and full-year '25. In early July, we completed the acquisition of Babbini for $16.5 million, net of cash acquired. And after the end of the third quarter, we acquired Clyde Industries for approximately $175 million, subject to customary closing adjustments. Both of these acquisitions were funded primarily through borrowings under our revolving credit facility. We have revised our guidance to include the operating results and associated borrowing costs from these two acquisitions.

現在讓我們來看看我們對 2025 年第四季和全年的業績預期。7月初，我們完成了對Babbini的收購，淨價為1650萬美元（扣除收購的現金）。第三季結束後，我們以約 1.75 億美元的價格收購了 Clyde Industries，具體金額需根據慣例進行交割調整。這兩項收購主要都是透過我們循環的信貸額度下的借款進行融資。我們已修訂業績指引，將這兩項收購的經營績效及相關借貸成本納入其中。

We are continuing to monitor the impact of tariff changes and pursue opportunities to reduce the impact of these costs by finding alternative suppliers through cost sharing and in some cases, making investments to change our manufacturing capabilities and manufacture components at different Kadant facilities.

我們正在持續關注關稅變化的影響，並尋求機會透過成本分攤尋找替代供應商，以降低這些成本的影響；在某些情況下，我們還會投資改變我們的製造能力，並在不同的 Kadant 工廠生產零件。

Capital bookings were below our expectations for the third quarter. Weak market conditions in the pulp and paper industry resulted in lower demand for our capital equipment products in our Industrial Processing and Flow Control segments. The larger impact by far was in our Industrial Processing segment, where certain market conditions have resulted in a lengthening in quote-to-order times with the majority of these pending orders moving into the fourth quarter or early 2026. This has negatively impacted our 2025 guidance as we will not receive the associated revenue and earnings related to these orders until '26.

第三季資本預訂量低於我們的預期。紙漿和造紙業的疲軟市場狀況導致我們在工業加工和流體控制領域的資本設備產品需求下降。受影響最大的莫過於我​​們的工業加工部門，某些市場狀況導致報價到訂單的時間延長，大部分待處理訂單將推遲到第四季度或 2026 年初。由於我們直到 2026 年才能收到與這些訂單相關的收入和利潤，因此這對我們 2025 年的業績指引產生了負面影響。

We are increasing our full-year revenue guidance range to $1.036 billion to $1.046 billion from [$1.20 billion to $1.40 billion]. The revenue guidance increase includes the net effect of incremental revenue from our recent acquisitions and lower forecasted organic revenue in our Flow Control and Industrial Processing segments as a result of lower-than-anticipated capital bookings in the third quarter.

我們將全年營收預期範圍從10.36億美元上調至10.46億美元。[12億至14億美元]。營收預期上調包括近期收購帶來的增量收入的淨影響，以及由於第三季資本預訂低於預期，導致流體控制和工業加工部門的預期有機收入下降。

We are maintaining our adjusted EPS guidance of $9.05 to $9.25 for 2025. Adjusted EPS guidance excludes $0.51 of acquisition-related costs and $0.02 of other costs. Our '25 guidance includes a $0.03 negative effect from foreign currency translation compared to our prior guidance. Future actions by the central banks may impact the US dollar and other currencies, which could have an impact on our guidance. Both GAAP and adjusted EPS guidance are calculated using our initial estimates of purchase accounting adjustments, which are subject to change as we review and finalize the valuation work for our 2025 acquisitions.

我們維持對 2025 年調整後每股收益 9.05 美元至 9.25 美元的預期。調整後的每股盈餘預期不包括 0.51 美元的收購相關成本和 0.02 美元的其他成本。與我們之前的預期相比，我們2025年的預期包含了因外幣折算而產生的0.03美元的負面影響。各國央行未來的行動可能會影響美元和其他貨幣，這可能會對我們的指導意見產生影響。GAAP 和調整後的 EPS 指引均使用我們對購買會計調整的初步估計進行計算，隨著我們審查和最終確定 2025 年收購的估值工作，這些估計可能會發生變化。

Our revenue guidance for the fourth quarter of '25 is $270 million to $280 million, and our adjusted EPS guidance is $2.05 to $2.25, which excludes $0.14 of acquisition-related costs. We anticipate gross margins for '25 will be 45.1% to 45.4%. This includes a 20-basis point negative impact from $2.1 million of amortization expense associated with acquired profit and inventory.

我們對 2025 年第四季的營收預期為 2.7 億美元至 2.8 億美元，調整後的每股盈餘預期為 2.05 美元至 2.25 美元，其中不包括 0.14 美元的收購相關成本。我們預計 2025 年的毛利率將達到 45.1% 至 45.4%。這其中包括因收購利潤和存貨而產生的 210 萬美元攤銷費用帶來的 20 個基點的負面影響。

We anticipate fourth-quarter gross margin will be approximately 44% to 44.5%. We expect SG&A for '25 will be approximately 28.7% to 29% of revenue. This includes onetime acquisition-related costs of $4.8 million. We now anticipate net interest expense of approximately $14.4 million for '25. We expect our tax rate for the fourth quarter will be approximately 27% to 27.5%.

我們預計第四季毛利率約為 44% 至 44.5%。我們預計 2025 年的銷售、一般及行政費用將佔營收的 28.7% 至 29%。其中包括一次性收購相關成本 480 萬美元。我們現在預計 2025 年的淨利息支出約為 1,440 萬美元。我們預計第四季的稅率約為 27% 至 27.5%。

I hope these guidance comments are helpful, and I'll now turn the call back over to our operator for our Q&A session. Olivia?

希望這些指導意見對您有所幫助，現在我將把電話轉回給我們的接線生進行問答環節。奧莉薇亞？

(Operator Instructions) Gary Prestopino, Barrington Research.

（操作說明）Gary Prestopino，Barrington Research。

Just as I usually ask here, Mike, do you have, on the segment basis, the percentage of aftermarket parts revenue for this quarter versus last quarter or last year at this time?

正如我通常在這裡問的那樣，Mike，你有沒有按業務板塊劃分的本季度售後市場零件收入與上季度或去年同期相比的百分比數據？

Yeah, I can walk through that, Gary. For Flow Control, current quarter, 74%; prior year quarter, 70%; for Industrial Processing, 76%; this quarter, comparing quarter, 67%; and for Material Handling, this quarter, 52%; comparing quarter, 55%. And then as we stated on an overall basis, 69% for this quarter compared to 65% last year.

是的，我可以克服這個困難，蓋瑞。流體控制方面，本季為 74%；上年同期為 70%；工業加工方面為 76%；本季與去年同期相比為 67%；物料搬運方面，本季為 52%；與去年同期相比為 55%。正如我們之前所說，總體而言，本季為 69%，而去年同期為 65%。

Okay. That's very helpful. And then just a little bit -- I'm a little bit fuzzy on what you're talking about or you're talking about that orders are being pushed back into 2026 for capital bookings, particularly in the Industrial Processing but then you expect stronger capital equipment demand in the fourth quarter. So maybe could you square what's going on there? And then I'd have another follow-up after that.

好的。那很有幫助。然後還有一點——我對你所說的有點模糊，或者你是說資本訂單被推遲到 2026 年，尤其是在工業加工領域，但你預計第四季度資本設備需求會更強勁。所以，您能解釋一下那裡到底發生了什麼事嗎？然後我也會再進行一次後續跟進。

Gary, so we have several projects that are in the late stages that we expect to book. And so the question becomes we've got essentially whatever the rest of this quarter to get these things booked. And in some cases, it requires down payments.

Gary，我們有幾個專案已經進入後期階段，預計都能拿到合約。因此，問題變成了我們基本上只有本季剩餘的時間來完成這些預訂。有些情況下，還需要支付頭期款。

In some cases, it requires letters of credit to be established. So there's some administrative things that go on after we receive the official contractor order. And so the question is, will we be able to get all of those administrative things taken care of this year and get those actually booked. We have fairly stringent booking requirements concerning down payments and letters of credit and bank credits and things like that. And some of those are out of our control.

在某些情況下，需要開立信用證。所以，在我們收到正式的承包商訂單後，還有一些行政方面的事情要處理。所以問題是，我們今年能否處理好所有這些行政事務，並真正完成預訂。我們對預訂有相當嚴格的要求，包括預付款、信用狀、銀行信貸等等。其中一些是我們無法控制的。

When you're talking about foreign orders in, say, Northern Africa or somewhere, going to take quite a while to get some of that administrative work from the banks signed off on. So there's some several large orders out there and just a question of whether we will book them this quarter or those strip into the beginning of next year. But we're encouraged by the activity level we're seeing and the opportunities that we're seeing now on the capital side, particularly on the Industrial Processing business.

如果是來自北非或其他地方的外國訂單，要讓銀行簽署確認一些行政手續，可能需要相當長的時間。所以現在有好幾筆大訂單，問題在於我們會在本季完成這些訂單，還是會等到明年年初再完成。但我們對目前在資本方面的活躍程度和機會感到鼓舞，尤其是在工業加工業務方面。

Okay. And then just in terms of the challenges the sales force has been having in terms of just the worldwide -- the tariffs issues and things like that. Is that more or less in the rearview mirror in your opinion and the future capital equipment needs across all three segments? Have the clients come to realize that this is going to be the case for a while, and we need to order new capital equipment because we're running our old hard.

好的。此外，就全球銷售團隊面臨的挑戰而言，還有關稅問題等等。您認為這是否基本上已經成為過去，以及這三個領域未來的資本設備需求？讓客戶意識到這種情況還會持續一段時間，我們需要訂購新的資本設備，因為我們老舊的設備運作得很吃力。

Well, I think it's certainly better than it was earlier in the year but it's not settled. I mean, just this week, Trump got upset with Canada over a commercial they ran and said he's going to put another 10% tariff on them. He's meeting with China, I think, today to try to hammer out a deal there and maybe reduce some of the tariffs. So I would say there's still a level of uncertainty and volatility that's going on. I would say it's less chaotic than it was six months ago, but it's still not settled.

嗯，我覺得情況肯定比年初好，但還沒定論。我的意思是，就在本週，川普因為加拿大播放的一則廣告而生氣，並表示他將對加拿大再加徵 10% 的關稅。我認為他今天會見中國方面，試圖達成協議，或許可以降低一些關稅。所以我認為目前仍存在一定程度的不確定性和波動性。我認為情況比六個月前要好一些，但仍然沒有定論。

And I think, as you said, some people are starting to realize, okay, this is the new environment we're living in, and we've got to move forward with our business. And that's why we think we're seeing some activity level. But it's not where it needs to be. We really need to get this sorted out and kind of everybody agree on what it's going to be, so we can all work accordingly. So it's improving, but it's not where it needs to be yet.

正如你所說，我認為有些人開始意識到，好吧，這就是我們所處的新環境，我們必須繼續推進我們的業務。這就是我們認為目前市場活動有所活躍的原因。但它還沒有達到應有的水準。我們真的需要把這件事理順，讓大家都同意最終的方案，這樣我們才能按此方案開展工作。情況正在改善，但還沒有達到應有的水準。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Maybe just sticking on the order disruption. Can you maybe help us think through kind of sizing the range of outcomes for the fourth quarter? And maybe also thinking through like this, to Gary's point, brownfield, greenfield, what's the near-term driver?

或許就堅持認為是訂單中斷造成的。您能否幫助我們大致估算一下第四季可能出現的結果範圍？或許也可以這樣思考，就像 Gary 指出的那樣，無論是棕地開發還是綠地開發，近期的驅動因素是什麼？

I'll answer the latter part first. So some of the opportunities are brownfields, their existing plants with upgrades. And then in the developing world, as is often the case, there will be greenfields. There'll be kind of new opportunities in the developing world. So it's both.

我先回答後半部。因此，一些機會在於對現有工廠進行升級改造，也就是改造棕地。然後，在發展中國家，通常情況下，會有未開發的處女地。發展中國家將會出現一些新的機會。所以兩者都是。

As far as the range, we really don't kind of give bookings range. So I don't know what you want to say there, Mike.

至於預訂範圍，我們通常不會給出特定的預訂範圍。所以我不知道你想說什麼，麥克。

All right. I think we kind of lost you there for a second. But it looks like one of your peers called out maybe some disruption for several quarters, presumably because of tariffs. I mean, those are larger greenfield orders. So you're not really seeing that level of impact or potential impact going into 2026.

好的。我想我們剛才好像沒聽清楚你的思緒。但你的同業似乎指出，未來幾季可能會出現一些混亂，大概是因為關稅的原因。我的意思是，這些都是規模較大的新建項目訂單。所以，到 2026 年，你實際上並沒有看到那種程度的影響或潛在影響。

I think the impact we see from tariffs is just the uncertainty that it creates. And so our customers are more cautious and move more slowly as they try to better understand what the environment looks like going forward. So I would say it has impacted the timing on a lot of our projects.

我認為關稅帶來的影響只是它造成的不確定性。因此，我們的客戶更加謹慎，行動也更加緩慢，因​​為他們試圖更好地了解未來的環境會是什麼樣子。所以我覺得這影響了我們很多專案的進度。

But the projects that we're tracking I don't think we've seen any of them that we think are going to go away or be extended for years. I mean, I think the ones we're tracking that we have kind of building our business strategy around we think will occur over the next short period of time.

但是，在我們追蹤的項目中，我認為還沒有哪個項目會被取消或延長數年。我的意思是，我認為我們正在追蹤的、我們圍繞其建立業務策略的那些事件，我們認為會在接下來的短期內發生。

Okay. That's really helpful. One more question, I'll hop back in queue. Can you just give us a sense of factory utilization rates globally and how we should think about the parts and consumable mix here as we look at the year?

好的。這真的很有幫助。還有一個問題，我得重新排隊了。能否簡單介紹一下全球工廠的利用率，以及在展望今年時，我們該如何考慮零件和消耗品的組合？

Yeah. Well, so as we've said all year long, we had another record parts quarter. Our parts are overperforming relative to the operating rates, and that's because the equipment is getting quite old and it's just taking a lot more parts to keep it running.

是的。正如我們今年一直強調的那樣，我們的零件銷售又創下了歷史新高。相對於運作速率而言，我們的零件性能過剩，這是因為設備已經相當老舊，需要更多的零件才能維持其運作。

So the operating rates, it depends on the business you're looking at, whether you're talking about the wood processing side or the paper side. But in the US, operating rates are higher than the rest of the world. I would say they're higher here, maybe kind of in the wood side, maybe in the low 80s -- or I'm sorry, on the paper side in the low 80s. The wood side, it's a little less clear. Those they can kind of curtail very quickly. And so it's a little harder to keep track of those.

所以，營運率取決於你所關注的業務，無論是木材加工方面還是造紙方面。但美國的開工率高於世界其他地區。我覺得這裡的紙張品質更高，可能偏向木質紙張，大概在 80 華氏度左右——或者抱歉，應該說是紙質紙張，大概在 80 華氏度左右。木質那一面就不太清楚了。這些他們可以很快加以遏制。因此，要追蹤這些資訊就有點困難了。

But they're certainly running at a reduced operating rate and taking downtime. China, I would say, still in the 60s percent operating rates and Europe is in the kind of the 70s. So it really hasn't changed much throughout the year.

但它們的運行速度確實降低了，而且出現了停機時間。我認為，中國的開工率仍在 60% 左右，而歐洲則在 70% 左右。所以這一年其實變化不大。

Kurt Yinger, DA Davidson.

Kurt Yinger，DA Davidson。

Just wanted to stick on the capital equipment side and understanding we're not going to guide to a Q4 bookings number. If we were to look at the Q3 performance, kind of low $60 million in capital equipment bookings, the last two years have been in the low 70s.

我只是想專注於資本設備方面，並且明白我們不會給出第四季度訂單量的指引。如果我們看一下第三季的業績，資本設備訂單金額只有 6,000 萬美元左右，而過去兩年都在 7,000 萬美元左右。

I guess my question is, when we think about these larger fiber processing orders that you seem to have visibility to, but maybe still pushed out, like are those sufficient to really pick things up relative to maybe what we've seen versus the last two years? Or is it just helping get back to that baseline relative to the weak Q3? How would you kind of frame that for us?

我想問的是，當我們考慮那些您似乎已經了解但可能仍然推遲交付的大型光纖加工訂單時，這些訂單是否足以真正改善我們過去兩年所看到的情況？或者，這只是為了幫助球隊恢復到相對於疲軟的第三季的正常水平？你會如何向我們解釋這件事呢？

I think it would be a step change for us. It would be very, very helpful. These are projects that will be processed over a number of quarters, and we'll be able to recognize revenue on a percent complete basis. So as they get processed over, say, three or four quarters. I did -- on the -- and we usually kind of stay away from trying to forecast bookings but I can give you a little color on what we're looking at by the segments.

我認為這對我們來說將是一個變革性的轉變。那將非常非常有幫助。這些項目將分幾個季度進行，我們將能夠以完成百分比確認收入。所以，它們會在大約三到四個季度內被處理。我確實做了——在——我們通常會避免嘗試預測預訂量，但我可以按細分市場向你介紹我們正在關注的情況。

If I look at capital activity in Flow Control compared to what -- to the prior year period, so fourth quarter of '24, we're looking for capital activity to be up 3% or 4%. So somewhat modestly in Flow Control. And in Material Handling, I'd say kind of same boat, up about 3% to 5%. And interestingly there, I want to clarify that isn't on the capital side. That's in parts and consumables, whereas flow control is on the capital side.

如果我看一下流量控制的資本活動與去年同期（即 2024 年第四季）相比，我們預期資本活動將成長 3% 或 4%。所以，在流量控制方面，它算是比較溫和的。物料搬運業的情況也差不多，成長了大約 3% 到 5%。有趣的是，我想澄清一下，這不是資本方面的問題。這指的是零件和耗材，而流程控制則屬於資本方面。

But going to the -- I think the big wildcard is really in industrial processing. On the capital side there, wood is looking to be up, say, 3% or 4%. But the big difference maker is, as we've been discussing, in fiber processing. So it could be up significantly compared to, frankly, many periods. There are a number of really nice projects that we're hoping will come in, I'd say, over the next quarter to three quarters. So first half of '26 to the fourth quarter of '25. But that's really the big wildcard for us. There's a number of good projects there. They haven't gone away. We feel we're well positioned, and we're just waiting for the order to be finally booked.

但要說——我認為最大的變數其實在於工業加工。從資本方面來看，木材價格可能會上漲 3% 或 4%。但正如我們一直在討論的那樣，真正起到決定性作用的是纖維加工。所以，坦白說，與許多時期相比，這個數字可能會大幅上升。我們希望在接下來的一個季度到三個季度裡能有不少非常好的項目落地。所以是 2026 年上半年到 2025 年第四季。但這確實是我們面臨的最大變數。那裡有很多不錯的項目。他們並沒有離開。我們感覺我們已經做好了充分的準備，現在就等著訂單最終下單了。

Got it. Okay. That's super helpful. And maybe bigger picture, the multiyear targets of 3% to 5% kind of organic top-line growth, do we need a more broad-based recovery expanding past just some of those fiber processing orders? Or would those be kind of sufficient to help you get back into that range from what you can see?

知道了。好的。這太有幫助了。或許從更宏觀的角度來看，對於多年內實現 3% 至 5% 的有機營收成長目標，我們是否需要更廣泛的復甦，而不僅限於部分纖維加工訂單？或者說，從你目前所見來看，這些是否足以幫助你回到那個範圍？

I would say we do need a more broad-based to really get back to that.

我認為我們需要更廣泛的支持才能真正回到那個狀態。

In particular, housing. We need to see the housing environment improve because, as you know, that drives a lot of the economy and it drives a lot of our businesses. So a pickup in housing, I think, is quite important, not only to us but to the general economy.

特別是住房問題。我們需要看到住房環境得到改善，因為如你所知，住房環境對經濟發展和許多企業都起著至關重要的作用。所以我認為，房地產市場的復甦非常重要，不僅對我們而言如此，對整體經濟也是如此。

Right. Okay. That makes sense. And then switching over to parts and consumables. That's obviously been a nice consistent performer here. How should we think about price versus volume kind of contribution so far this year? And then as we just look across the backdrop, a lot of closures in the pulp and paper space, probably more to come on the wood processing side. Does that give you any concerns about potential deceleration there even? Or is that older age of installed base still supporting pretty healthy demand?

正確的。好的。這很有道理。然後切換到零件和耗材部分。顯然，它在這裡一直表現穩定出色。今年迄今為止，我們應該如何看待價格與銷售量之間的這種關係？然後，當我們放眼整個產業，會發現紙漿和造紙領域有許多企業倒閉，木材加工領域可能也會有更多企業倒閉。這是否讓你擔心那裡可能會出現減速現象？或者說，老舊的使用者群體仍然支撐著相當健康的需求？

Yeah, I would say that on the -- a lot of those closures, of course, you've got to kind of look at the details of those. They may not be -- if it's a pulp plant, of course, as you know, we -- until the recent acquisition of Clyde, which mainly focuses on the new mega plants, we've not had a lot of business on that. So when they announced closures of some of these mills that are virgin mills, that has less of an impact. It's not zero but it has less of an impact on us.

是的，我想說的是——很多這樣的關閉，當然，你必須仔細查看其中的細節。如果是紙漿廠的話，當然就不是了，正如你所知，我們——直到最近收購了主要專注於新建大型工廠的克萊德公司之前，我們在這方面的業務並不多。所以，當他們宣布關閉一些新工廠時，影響就小得多。雖然影響並非為零，但對我們的影響較小。

But I think we tend to look at the global market. In the global production, global demand is continuing to grow somewhere between 1.5% and 2.5%, depending on where you're at around the world right now. And so because we operate pretty much in every mill in the world, what you're seeing is you're seeing a shifting of the production to meet that demand growth. And we work very hard to make sure we're there so that we -- if it's something shuts down in Georgia and something opens up in Turkey or Algeria, we're there to capture that.

但我認為我們傾向於關注全球市場。在全球生產方面，全球需求正持續成長，成長速度在 1.5% 到 2.5% 之間，具體成長率取決於你目前身處世界哪個地區。因此，由於我們的業務幾乎遍布全球所有工廠，所以你現在看到的是生產轉移以滿足需求成長。我們非常努力地確保我們能夠及時到位，這樣——如果格魯吉亞的某個地方關閉了，而土耳其或阿爾及利亞的某個地方開放了，我們就能抓住這個機會。

And so we think that for the most part, as long as global demand continues to grow, our parts business, which is a function of operating rates and total production demand, will be okay.

因此我們認為，只要全球需求持續成長，我們的零件業務（取決於營運率和總生產需求）在很大程度上就會沒問題。

Okay. Okay. That makes sense. And Mike, as we think about the Q4 revenue guide, can you just put a finer point, I guess, around how much contribution you expect from Clyde and Babbini and then the overall kind of organic growth assumption in there?

好的。好的。這很有道理。麥克，在考慮第四季營收預期時，你能否更具體地說明一下，你預期 Clyde 和 Babbini 將貢獻多少，以及其中整體的有機成長假設？

Yeah. It's a good question, Kurt. For Clyde and Babbini, I'd say we're anticipating revenue in the $23 million to $25 million for those combined. I actually in mine -- I'm the lower side of that to the $23 million. But a couple of comments I want to make on that. You'll be able to see, you heard in our comments, what you saw in our press release, Babbini had a very good third quarter. They shipped $5.9 million.

是的。問得好，庫爾特。對於 Clyde 和 Babbini 來說，我們預計兩家公司合計的收入將在 2,300 萬美元至 2,500 萬美元之間。實際上，我的收入——我低於2300萬美元。但我對此有幾點想補充說明。正如你從我們的評論中聽到的，正如你從我們的新聞稿中看到的那樣，巴比尼在第三季度表現非常出色。他們交付了價值 590 萬美元的貨物。

You saw on the graphic, the chart we put up, that's $0.05 without interest cost. But a note of clarification there. Their third-quarter tends to be their strongest third quarter. And of course, we've just brought them into the fold and haven't been able to -- we are working on, but it will take us a little time to get them reoriented towards a parts and consumable business and capturing that flow.

您在圖表上看到的，就是我們發布的圖表，那是 0.05 美元，沒有利息成本。但這裡需要澄清一點。他們的第三季往往是表現最好的一個季度。當然，我們剛剛將他們納入麾下，但還沒有能——我們正在努力，但這需要一些時間才能讓他們重新調整方向，轉向零部件和耗材業務，並抓住這一商機。

I think the management team there is very excited about doing that and changing their business model, not being as focused on capital equipment. But for capital equipment in the fourth quarter, it's quite weak. Frankly, it's quite a weak quarter for them.

我認為那裡的管理團隊對此感到非常興奮，他們希望改變商業模式，不再那麼專注於資本設備。但第四季資本設備方面表現相當疲軟。坦白說，對他們來說，這是一個相當疲軟的季度。

On the Clyde front, we had said their revenues were about $92 million. So if you divided that by four, you'd say $23 million, and they actually would have been pretty close to that. But they pulled a capital order into their third quarter. So they're going to be a little under that $23 million because they shipped an order a little bit earlier. It was scheduled for the fourth quarter. I think they would have come in pretty spot on, on the '23, but they're a little lighter than they would normally be. So that's some color on the top line.

關於 Clyde 公司，我們之前說過他們的收入約為 9,200 萬美元。所以，如果把這個數字除以四，你會得到 2300 萬美元，而他們實際的數字也確實非常接近這個數字。但他們將一筆資本訂單延後到了第三季。所以他們的實際金額會略低於 2300 萬美元，因為他們提前發貨了一部分訂單。原定於第四季進行。我認為它們在 23 年的表現應該相當不錯，但它們比通常要輕一些。以上就是頂部的顏色。

And what was your -- what else? So I'll stick to -- you can see -- you saw for the third quarter, the $0.05. If we allocate the interest to that, that would be $0.04 for Babbini. And interestingly enough, with their weaker top-line fourth quarter with interest allocated, they'll be dilutive $0.04 in the fourth quarter. So they'll be, for the year, breakeven; but in the fourth quarter, dilutive $0.04 on our adjusted EPS.

還有什麼？所以我會堅持——你可以看到——你看到了第三季的0.05美元。如果我們把利息分配給這部分，那麼巴比尼的收益就是0.04美元。有趣的是，由於第四季營收疲軟（計入利息支出），第四季每股收益將稀釋 0.04 美元。因此，他們今年將實現盈虧平衡；但在第四季度，調整後的每股收益將減少 0.04 美元，造成稀釋。

For Clyde, we have them right now at being dilutive of $0.02 with the interest charge in there. Excluding the interest charge, they'd be accretive [$0.13]. So if I took then both of those, Babbini, Clyde, with interest allocated to them, they're actually a dilutive $0.06 in the fourth quarter for us.

對於 Clyde 來說，目前由於利息費用，每股稀釋 0.02 美元。不計利息支出，它們將帶來收益。[0.13 美元]所以，如果我把 Babbini 和 Clyde 這兩家公司都算進去，加上分配給它們的利息，實際上在第四季度會稀釋我們的每股收益 0.06 美元。

Got it. Okay. Perfect. And then just last from me on kind of run rate SG&A, if we were to back out some of the onetime acquisition costs and whatnot, is a good kind of go-forward quarterly number in the $80 million range or even a little bit above that?

知道了。好的。完美的。最後，關於銷售、一般及行政費用（SG&A）的運作率，如果我們剔除一些一次性收購成本等等，那麼一個比較合理的未來季度數字在 8000 萬美元左右，甚至略高於這個數字，是否合理？

Well, I want to be -- we're working through the valuation. So we just have markers in currently. I think we'll run a little bit lower than that but you're not far off the mark there. But I think it will run just modestly lower than that. So maybe it's in the somewhere between the $78 million to $80 million.

嗯，我希望——我們正在進行估值工作。所以我們目前只有標記。我認為我們的實際花費會比這個略低一些，但你的估計也八九不離十了。但我認為實際價格會比這略低一些。所以，可能在 7,800 萬美元到 8,000 萬美元之間。

(Operator Instructions) Edward Odre, Boston Partners.

（操作說明）愛德華‧奧德雷，波士頓合夥人。

I just had one here. When you talk about delayed bookings, what's the quantum of official orders that you've received and that are just waiting for administrative [parts] to include relative to just conversations that are being had that are still up in the air? Could you provide any color around that?

我這裡剛剛有一個。說到延遲預訂，你們已經收到多少正式訂單，只待行政手續完成？相較之下，目前仍在討論中、尚未最終確定的訂單又有多少？您能提供一些周圍的顏色嗎？

Yeah. I mean, we really -- because we don't kind of give bookings and they haven't officially been booked, I can't give you a number. I can just tell you that we're in discussions, the final discussions on some of these larger projects. And I said in some cases, we might have some of the paperwork but we're waiting for down payments where we can officially book it or we're waiting for a letter of credit.

是的。我的意思是，我們真的——因為我們不提供預訂信息，而且這些房間還沒有正式預訂，所以我無法給你一個具體的數字。我只能告訴你，我們正在就其中一些較大的項目進行最終討論。我說過，在某些情況下，我們可能已經有一些文件，但我們還在等待首付才能正式預訂，或者我們還在等待信用證。

So I mean, in some cases, they're very far along. So we feel quite confident about them, but they just haven't met our bookings requirements so that we can actually book it and disclose it. As I said, we stay pretty disciplined on that and make sure that we check all the boxes before we actually call the bookings.

所以我的意思是，在某些情況下，他們已經取得了巨大的進展。所以我們對它們很有信心，但它們還沒有達到我們的預訂要求，因此我們無法實際預訂並公佈它們。正如我所說，我們在這方面非常嚴謹，確保在實際打電話預訂之前檢查所有事項。

No worries. And then just one thing, I might have missed it earlier. In terms of price and consumables performance, how much of this was driven by price versus volume this quarter?

不用擔心。還有一件事，我可能之前就漏掉了。就價格和耗材表現而言，本季價格與銷售量之間有多少比例的相關性？

I'd lean more towards the volume side of it.

我比較傾向於音量方面。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

A couple of questions. Can you help me pinpoint what the backlog was? I'm around like $260 million. And also on the equipment side, I know there's some moving parts.

幾個問題。你能幫我找出積壓的工作具體是什麼嗎？我大概有2.6億美元。而且在設備方面，我知道也有一些活動部件。

Yeah, Ross. We ended the third quarter with backlog at $273 million and capital in that is about 60%, so about $163 million.

是的，羅斯。第三季末，我們的積壓訂單為 2.73 億美元，其中資本金約為 60%，約 1.63 億美元。

Okay. And then is there any margin differential within that backlog versus the run rate for the year?

好的。那麼，積壓訂單的利潤率與年度正常訂單量相比是否存在差異？

No. I think it's fairly consistent.

不。我認為它相當一致。

Okay. And then now that you've had some time with Clyde, what should we expect for that backlog contribution going into the fourth quarter? I know you said it was fairly strong, $92 million of revenue. I mean, where should that be shaking out as we think about modeling orders?

好的。現在你已經和 Clyde 相處了一段時間，我們應該期待他在第四季能為積壓訂單做出怎樣的貢獻呢？我知道你說過業績相當不錯，營收達 9,200 萬美元。我的意思是，當我們考慮建立訂單模型時，最終結果應該是什麼？

I have that here somewhere, Ross. I think it's a little over $30 million. So use $30 million as a marker.

羅斯，我這兒應該有。我認為是略高於3000萬美元。所以，就以3000萬美元作為參考。

Okay. And then is it all primarily -- it was not book and ship. There's about $25 million that's equipment but sales similar to orders for Clyde on a quarterly basis? Is that the assumption?

好的。然後，這一切主要不是書和船的問題。其中約有 2,500 萬美元是設備費用，但銷售額與 Clyde 每季的訂單量類似嗎？這是假設嗎？

Sorry, Ross, what was that? What's the -- I didn't catch --

羅斯，你說什麼？什麼？ ——我沒聽懂--

When we include Clyde, are the orders going to be similar to what we should expect on the top line for revenue contribution, a one-for-one. Everything goes through the order book?

如果把 Clyde 也算進去，訂單量是否會和我們預期的收入貢獻金額相似，也就是一對一的比例？所有東西都要經過訂單簿嗎？

Yeah. Everything is going to go through the order book is a certainty. Yes. Everything will be through the order book. 75% of the business is parts and consumables. What I can't give you right now because we're acclimating ourselves, the business is exactly that turn cycle.

是的。所有訂單都必須經過訂單簿才能完成，這是肯定的。是的。所有業務都將透過訂單簿進行。 75%的業務是零件和耗材。我現在還不能告訴你，因為我們還在適應中，但這個產業的運作模式就是這樣一個循環的過程。

Okay, and then just one last one on the margins. Can you give us a sense for Clyde, where the DNA, SG&A, R&D gross margins all shook out after you finish your accounting.

好的，最後再補充一個關於邊角料的。您能否簡單介紹一下 Clyde 的情況，在您完成會計計算後，DNA、SG&A、研發的毛利率最終分別是多少？

Well, I can talk to the margin profile. And one thing I'd say is, broadly, it fits very well in the Industrial Processing segment. So what you see for metrics in Industrial Processing, this will fit really well, both on the gross margin and EBITDA margin front.

嗯，我可以談談利潤率狀況。我想說的一點是，總的來說，它非常適合工業加工領域。因此，就工業加工領域的指標而言，無論是毛利率還是 EBITDA 利潤率，這都非常符合要求。

Okay. So nothing really to do there, pretty similar to the existing [IT market].

好的。所以那裡其實沒什麼好做的，跟現有的情況差不多。[IT市場]。

Yeah, it fits very nicely in that segment.

是的，它非常適合這個細分市場。

(Operator Instructions) Edward Odre, Boston Partners.

（操作說明）愛德華‧奧德雷，波士頓合夥人。

Just one more thing from me. Just regarding the Clyde acquisition, I wasn't able to see this in the release but how much cash do you acquire with that business?

我還有一件事要補充。關於收購 Clyde 一事，我在新聞稿中沒有看到相關信息，請問透過這項業務你們獲得了多少現金？

We always do it -- we do all our things net of cash because we're just going to -- at the end of the day, the only cash that's going to be left is operating cash. I can do it off from the top of my head, but to be quite honest, it's somewhat irrelevant because we'll sweep it and just pay down debt and just have operating cash there.

我們一直都是這樣做的——我們所有的交易都是扣除現金後的淨額，因為最終剩下的現金只有營運現金。我可以脫口而出，但說實話，這其實無關緊要，因為我們會把它清掃乾淨，償還債務，然後只留下營運現金。

Thank you. And I'm showing no further questions at this time. I will now turn the call back over to Mr. Jeff Powell for any closing remarks.

謝謝。我目前不再提出其他問題。現在我將把電話轉回給傑夫鮑威爾先生，請他作總結發言。

Thanks, Olivia. Before we wrap up the call today, I just wanted to leave you with a few takeaways. The second half of 2025 is expected to show solid improvement compared to the first half across a wide range of metrics despite the turmoil in global trade policies and other societal challenges that we're currently facing.

謝謝你，奧莉維亞。在今天通話結束之前，我想先給大家留下幾點要點。儘管我們目前面臨全球貿易政策動盪和其他社會挑戰，但預計 2025 年下半年在許多指標上將比上半年有顯著改善。

As we look ahead to the fourth quarter of 2025, we expect demand for capital equipment to improve and strong aftermarket parts order activity. We made solid progress this year in our efforts to drive operational improvements, which includes our 80/20 performance enhancement program and other initiatives to maximize value despite the continuing challenging macroeconomic environment in various regions of the world.

展望 2025 年第四季度，我們預期資本設備需求將有所改善，售後零件訂單活動也將十分強勁。今年，我們在推動營運改善方面取得了實質進展，其中包括我們的 80/20 績效提升計畫和其他旨在最大限度提高價值的舉措，儘管世界各地宏觀經濟環境持續充滿挑戰。

And lastly, we look forward to updating you next quarter on the integration of Clyde Industries and our other recent acquisitions. Thanks for joining today, and we wish you the best for the rest of the day.

最後，我們期待在下個季度向您報告克萊德工業公司及我們其他近期收購項目的整合情況。感謝您今天的參與，祝福您今天剩下的時間一切順利。

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了。