LSI Industries Inc (LYTS) 2025 Q2 法說會逐字稿

Greetings and welcome to LSI Industries' fiscal 2025 second-quarter results conference call.

歡迎參加 LSI Industries 2025 財年第二季業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Jim Galeese. Thank you. You may begin.

現在我想將會議交給東道主吉姆·蓋利斯先生。謝謝。你可以開始了。

Welcome, everyone and thank you for joining today's call.

歡迎大家，感謝您參加今天的電話會議。

We issued a press release before the market opened this morning detailing our fiscal '25 second-quarter results. In addition to this release, we also posted a conference call presentation in the Investor Relations section of our corporate website.

我們在今天早上開盤前發布了一份新聞稿，詳細介紹了我們 25 年第二季的財務表現。除了本新聞稿之外，我們還在公司網站的投資者關係部分發布了電話會議簡報。

Information contained in this presentation will be referenced throughout today's conference call. Included are certain non-GAAP measures for improved transparency of our operating results. A complete reconciliation of GAAP and non-GAAP results is contained in our press release and 10-Q.

本簡報中包含的資訊將在今天的電話會議中引用。其中包括某些旨在提高我們經營績效透明度的非公認會計準則措施。我們的新聞稿和 10-Q 中包含 GAAP 和非 GAAP 業績的完整調整。

Please note that management's commentary and responses to questions on today's conference call may include forward-looking statements about our business outlook. Such statements involve risks and opportunities and actual results could differ materially. I refer you to our Safe Harbor statement which appears in this morning's press release for more details.

請注意，管理層在今天的電話會議上的評論和對問題的回答可能包括有關我們業務前景的前瞻性陳述。此類陳述涉及風險和機遇，實際結果可能有重大差異。我建議您參閱今天上午新聞稿中的安全港聲明以了解更多詳細資訊。

Today's call will begin with remarks summarizing our fiscal second-quarter results. At the conclusion of these prepared remarks, we will open the line for questions.

今天的電話會議首先將總結我們第二季的業績。在準備好的發言結束後，我們將開放提問專線。

With that, I'll turn the call over at LSI President and Chief Executive Officer, Jim Clark.

接下來，我將把電話轉給 LSI 總裁兼執行長 Jim Clark。

Thank you, Jim, and good morning, all. Thank you for joining us this morning. Today, we'll be discussing our second quarter in mid-year 2025 earning results.

謝謝你，吉姆，大家早安。感謝您今天早上加入我們。今天，我們將討論 2025 年中期第二季的獲利結果。

So we're halfway through our fiscal year and as you've likely seen from our press release this morning, we had a very good quarter with some strong orders across the board.

因此，我們的財政年度已過半，正如您可能從今天早上的新聞稿中看到的那樣，我們度過了一個非常好的季度，全面獲得了一些強勁的訂單。

The Grocery segment has begun to recover while the Refueling projects and QSR segment continue to move forward with projects booked throughout the remainder of our fiscal year and they extend through the calendar year.

雜貨部門已開始復甦，而加油項目和 QSR 部門則繼續推進，項目在我們財年剩餘時間裡預訂，並延續到整個日曆年。

We saw strong growth in our Display Solutions segment and additional growth in our refrigeration business, this quarter. EMI, who we acquired early last year continues to do very well. And the entire team at EMI has been an immediate asset to our company.

本季度，我們的顯示解決方案部門實現了強勁成長，冷凍業務也實現了額外成長。我們去年初收購的 EMI 仍然表現出色。EMI 的整個團隊一直是我們公司的直接資產。

Net sales for the quarter were above $147 million with adjusted EBITDA above $13 million and free cash flow of almost $9 million, leaving our TTM net debt ratio at 0.6 times leverage. Jim Galeese will provide more of the financial details in a few minutes.

該季度的淨銷售額超過 1.47 億美元，調整後的 EBITDA 超過 1300 萬美元，自由現金流接近 900 萬美元，使我們的 TTM 淨負債率為 0.6 倍槓桿。Jim Galeese 將在幾分鐘內提供更多財務細節。

I think the key word for Q2 is growth, particularly as it relates to organic growth. Whereas top-line sales were up 36% on a year-over-year basis, 14% of that growth was organic. And I think it continues to show the opportunities we have in front of us.

我認為第二季的關鍵字是成長，特別是因為它與有機成長有關。儘管總銷售額年增 36%，但其中 14% 是有機成長。我認為它繼續展示了我們面前的機會。

Lighting had some top-line crashes in Q2 but activity inquiries remain strong. The Display Solutions segments shine, though, across the board, creating a compelling story for the quarter.

照明產業第二季的營收出現了一些下滑，但活動查詢依然強勁。不過，顯示解決方案部門在各方面都表現出色，為本季創造了一個引人注目的故事。

We continue to have very strong project and quote activity levels across all vertical segments. But order timing and mix remains a bit choppy. And I think you see some of that choppiness in Q2.

我們在所有垂直領域繼續擁有非常強勁的項目和報價活動水平。但訂單時間和組合仍然有點不穩定。我認為你在第二季度看到了一些波動。

As we've been discussing for some time now, we anticipated a recovery in our Grocery segment as a proposed merger between two of the larger grocery players in the United States achieved some clarity. Unfortunately, the courts in the State of Washington, Colorado did not support the merger based on antitrust and competitive concerns. But through their findings, they did give some clarity in the market and many of the update and remodel projects that have been on hold have begun to move forward.

正如我們已經討論了一段時間的那樣，隨著美國兩家較大的雜貨公司之間的擬議合併取得了一定的進展，我們預計我們的雜貨業務將會復甦。不幸的是，科羅拉多州華盛頓州法院基於反壟斷和競爭問題不支持合併。但透過他們的調查結果，他們確實讓市場變得更加清晰，許多被擱置的更新和改造項目已經開始向前邁進。

The choppiness that I was referring to is in relation to the surge of orders that came through in the last quarter. When order mix and demand slowed last year, we made some immediate changes to our manufacturing process and overall workforce. When the surge of orders came through in the last quarter, we needed to ramp up quickly. And because of this fast ramp-up, we were a little bit less efficient than we would normally be. And I think you see some of that affecting our margin a bit.

我所說的波動是與上季訂單激增有關。去年，當訂單組合和需求放緩時，我們立即對製造流程和整體員工進行了一些改變。當上個季度訂單激增時，我們需要快速增加。由於這種快速的提升，我們的效率比平常低。我認為您會看到其中一些因素對我們的利潤率產生了一些影響。

The good news is we did not miss a beat and we didn't leave any orders on the table. In fact, we were able to capture some orders from competitors that were not able to respond in a timely fashion. We anticipate that those order opportunities remain high for some time and we'll be ready to serve our customers.

好消息是我們沒有錯過任何一個節拍，也沒有留下任何訂單。事實上，我們能夠從無法及時回應的競爭對手那裡獲得一些訂單。我們預計這些訂單機會在一段時間內仍然很高，我們將做好為客戶服務的準備。

Right now, it's hard to tell what this volume increase will look like in the long term and what part of it is a surge in pent-up demand versus what part is the customer's longer-term plans. I feel we'll develop more clarity around this order momentum as we move through the winter and early spring. But all in all, we expect order activity to remain robust for some time.

目前，很難判斷銷售量的成長從長遠來看會是什麼樣子，以及其中哪一部分是被壓抑的需求激增，哪一部分是顧客的長期計畫。我覺得隨著冬天和早春的到來，我們會更清楚地了解這項訂單動能。但總而言之，我們預計訂單活動將在一段時間內保持強勁。

On the refrigeration side of the business, we've worked hard over the last few months to wind down our inventory of our R448 products and fully transition to R290. A change in the EPA rulings around synthetic refrigerants makes this a smart move for LSI and we're looking for this solution to continue to be a product of choice and a competitive advantage for LSI -- for us and for our customers into the future.

在冷凍業務方面，我們在過去幾個月裡努力減少 R448 產品的庫存，並完全過渡到 R290。EPA 對合成冷媒的裁決發生了變化，這對LSI 來說是明智之舉，我們希望該解決方案能夠繼續成為LSI 的首選產品和競爭優勢- 對於我們和我們的客戶來說都是未來的選擇。

Our Lighting segment small project activity continues to move along nicely with strong quote activity and project opportunities. But in a comparative view, our large project activity has experienced some headwinds over the last few months and activity is a bit slower.

我們的照明部門小型專案活動繼續良好地進行，報價活動和專案機會強勁。但相較之下，我們的大型專案活動在過去幾個月遇到了一些阻力，活動速度有點慢。

We remain vertically focused in our efforts but I did want to mention, much like the EV battery plant we had last year, we are actively engaged in a number of larger projects this year, including a half a dozen data centers and chip manufacturing facilities, but they're all moving slower and the mix of products used in these projects is a bit different. I feel like we have good momentum but timing is just proving to be a bit tricky right now.

我們仍然垂直專注於我們的工作，但我確實想提一下，就像我們去年的電動車電池廠一樣，我們今年積極參與了許多大型項目，包括六個數據中心和晶片製造設施，但它們的發展速度都比較慢，而且這些項目中使用的產品組合也有點不同。我覺得我們勢頭良好，但現在時機證明有點棘手。

Staying within Lighting, I'm happy to say that interest in our next generation of our outdoor lighting product called V-LOCITY has been very strong. I mentioned V-LOCITY in our last call and it offers a total update to our core outdoor lighting offering, from its performance to its aesthetics to its modular construction and build options. We anticipate that it will be complementary to our current flagship outdoor product offering called Mirada and it will create some openings for new project opportunities that Mirada just didn't offer.

在照明領域，我很高興地說，人們對我們的下一代戶外照明產品 V-LOCITY 非常感興趣。我在上次通話中提到了 V-LOCITY，它對我們的核心戶外照明產品進行了全面更新，從性能到美觀，再到模組化結構和建造選項。我們預計它將是我們目前名為 Mirada 的旗艦戶外產品的補充，並將為 Mirada 未提供的新項目機會創造一些機會。

As I mentioned before, in the design of this new fixture, we built on top of our prior investments in adaptability, customization, and our REDiMount technology, providing a product that offers next generation performance along with reduced installation time and weight reduction. This is a significant investment for LSI and it continues to underline and illustrate our commitment to new product development and our product vitality.

正如我之前提到的，在這款新夾具的設計中，我們建立在先前對適應性、客製化和REDiMount 技術的投資之上，提供了一種具有下一代性能、同時減少安裝時間和減輕重量的產品。這是 LSI 的一項重大投資，它繼續強調和說明我們對新產品開發的承諾和我們的產品活力。

Next week, we'll be hosting our National Sales Meeting in Cincinnati. This is an opportunity for our internal LSI sales folks to get together from around the country and learn a little bit more about the company, the efforts of each other, our successes and our challenges. I know that most of our folks are hoping for some warmer weather but I know they're going to be generally excited to listen, learn, and network with each other. We always learn so much about our company, our customers, and our competitors from these meetings. And I'm genuinely excited for everyone to get together for this great event.

下週，我們將在辛辛那提舉辦全國銷售會議。這是我們來自全國各地的 LSI 內部銷售人員齊聚一堂的機會，可以更多地了解公司、彼此的努力、我們的成功和挑戰。我知道我們大多數人都希望天氣變暖，但我知道他們通常會很高興傾聽、學習和相互交流。我們總是從這些會議中了解很多關於我們的公司、我們的客戶和我們的競爭對手的資訊。我真的很高興大家齊聚一堂參加這場盛會。

Our thesis around vertical market orientation remains very attractive to us. And our model continues to gain strength as we work to offer more and more goods and services to the markets and customers we focus on.

我們關於垂直市場導向的論文對我們仍然非常有吸引力。隨著我們努力向我們關注的市場和客戶提供越來越多的商品和服務，我們的模式不斷增強。

We accomplished a lot this quarter. We continue to build a stronger, more capable business with a strong platform equipped to deliver profitable growth consistent with our growth objectives outlined in our Fast Forward plan.

本季我們取得了很多成就。我們繼續建立一個更強大、更有能力的業務，並配備強大的平台，以實現與我們快速前進計劃中概述的成長目標一致的獲利成長。

We are using the experiences of our management team to effectively integrate EMI and optimize other parts of our operations on an ongoing basis. We believe that we have significant growth opportunities in front of us and we remain committed to growing our business while balancing the needs of our customers, our shareholders, and our employees alike.

我們正在利用管理團隊的經驗來有效地整合 EMI 並持續優化我們營運的其他部分。我們相信，我們面前有巨大的成長機會，我們將繼續致力於發展我們的業務，同時平衡客戶、股東和員工的需求。

With that, I'll turn the call back over to Jim Galeese for a closer look at our financials. Jim?

接下來，我會將電話轉回吉姆·蓋利斯 (Jim Galeese)，以便更仔細地了解我們的財務狀況。吉姆？

Thank you, Jim.

謝謝你，吉姆。

Our fiscal second-quarter results reflect improved year-over-year performance in all major financial metrics. Growth was realized in both total and comparable sales. Adjusted EPS and EBITDA both increased. And cash generation was, again, strong.

我們的第二財季業績反映了所有主要財務指標的年比表現有所改善。總銷售額和可比銷售額均實現成長。調整後每股收益和 EBITDA 均有所成長。現金產生能力再次強勁。

Total sales for the quarter was 36% and comparable organic sales increased 14%. Growth was driven by the Display Solutions segment where total sales doubled and organic growth of 50% was realized. Multiple verticals were responsible for the increase including the demand resurgence in Grocery and continued site implementations in our Refueling vertical, covering multiple customer programs.

該季度總銷售額為 36%，可比有機銷售額成長 14%。成長是由顯示解決方案部門推動的，該部門的總銷售額翻了一番，並實現了 50% 的有機成長。多個垂直領域推動了這一增長，包括雜貨店需求的復甦以及加油垂直領域的持續現場實施，涵蓋多個客戶計劃。

Second-quarter adjusted earnings per share were $0.26 versus $0.24 last year. And adjusted EBITDA was $13.3 million or 20% above the prior year quarter. Free cash flow was $8.8 million and $20 million for the second quarter and first half, respectively, 21% above the first half of last year.

第二季調整後每股收益為 0.26 美元，去年同期為 0.24 美元。調整後的 EBITDA 為 1,330 萬美元，比去年同期成長 20%。第二季和上半年的自由現金流分別為 880 萬美元和 2,000 萬美元，比去年上半年成長 21%。

Solid cash generation has reduced net debt to $33 million at the end of the fiscal second quarter. Consequently, we have reduced our leverage ratio by more than half, from 1.3 times to 0.6 times since the acquisition of EMI, nine months ago in April 2024.

穩健的現金產生已將第二財季末的淨債務減少至 3,300 萬美元。因此，自九個月前（即 2024 年 4 月）收購 EMI 以來，我們已將槓桿率降低了一半以上，從 1.3 倍降至 0.6 倍。

Looking forward to Q3 in the second half of the year, we exit fiscal Q2 with a total comparable backlog, excluding EMI, 14% above prior year. While performance varies across verticals and product segments, total comparable orders increased 4% versus last year, contributing to the increased backlog.

展望今年下半年的第三季度，我們在第二財季結束時，可比積壓訂單總額（不包括 EMI）比去年同期高出 14%。雖然不同垂直產業和產品領域的表現有所不同，但可比訂單總額比去年增加了 4%，導致積壓訂單增加。

Now, a few comments on the segment performance. Display Solutions had a robust quarter as project activity continues in the Refueling/C-Store vertical, including strong contributions from specific customer programs in Mexico and Central America.

現在，對分部業績進行一些評論。隨著加油/便利商店垂直領域的專案活動繼續進行，顯示解決方案在本季度表現強勁，其中包括墨西哥和中美洲特定客戶計劃的強勁貢獻。

To accentuate our scope of capabilities, LSI provided product and/or services for approximately 1,000 Refueling/C-Store sites in Q2, meeting the demanding requirements for multiple large customers with sites located throughout North and Central America. This represents our highest quarter in many years.

為了強調我們的能力範圍，LSI 在第二季度為大約 1,000 個加油/便利商店站點提供了產品和/或服務，滿足了多個大型客戶的苛刻要求，這些客戶的站點遍布北美和中美洲。這是我們多年來最高的季度。

Our service business continued to realize significant growth in the quarter, as customers continue to see the value of our end-to-end product integration capabilities. Service revenue increased over 100% in Q2, with average service per revenue site continuing to grow while the share of LSI project containing both products and services continues to expand. We expect steady growth in service revenue for the Refueling/C-Store vertical, moving forward.

隨著客戶不斷看到我們端到端產品整合能力的價值，我們的服務業務在本季持續實現顯著成長。第二季服務收入成長超過100%，每個收入站點的平均服務持續成長，同時包含產品和服務的LSI項目份額持續擴大。我們預計加油/便利商店垂直領域的服務收入將穩定成長。

Jim referenced a resurgence in the Grocery vertical demand. Sales increased over 60% in this vertical with two levers impacting demand: customers-releasing programs previously put on hold and shipments of refrigerated display cases utilizing our R448 technology which can no longer be produced after December 31, 2024. Our manufacturing team did a great job meeting the accelerated demand requirements and managing the overall phase-in/phase-out process of the DOE-mandated technology change.

吉姆提到雜貨垂直需求的復甦。該垂直領域的銷售額增長了60% 以上，有兩個因素影響著需求：先前擱置的客戶釋放計劃以及使用我們的R448 技術的冷藏展示櫃的發貨，該技術在2024 年12 月31 日之後將不再生產。我們的製造團隊出色地滿足了加速的需求要求，並管理了美國能源部授權的技術變革的整體逐步引入/逐步淘汰過程。

Display Solutions operating income doubled in Q2 compared to the previous year, driven by organic growth along with the addition of EMI. Operating margin improved 100 basis points, reflecting volume leverage while absorbing incremental one-time costs required to ramp up production to successfully support the volume increase.

在有機成長和 EMI 的推動下，顯示解決方案第二季的營業收入比去年同期翻了一番。營業利潤率提高了 100 個基點，反映了產量槓桿，同時吸收了提高產量以成功支持產量成長所需的增量一次性成本。

For the Lighting segment, sales for the quarter were below prior year as we continue to experience wide fluctuations in demand across verticals and project size. Demand strain continues in small project activity while larger project activity remains choppy, particularly in indoor applications. Overall project quote trends continue to increase with the total value unfavorably impacted by the project size mix. Large project orders in Q2 did improve, sequentially, over Q1, contributing to the Q2 backlog increasing 6% over the previous year.

對於照明領域，本季的銷售額低於去年同期，因為我們繼續經歷垂直行業和專案規模的需求大幅波動。小型專案活動的需求仍然緊張，而大型專案活動仍然不穩定，特別是在室內應用中。整體專案報價趨勢持續增加，總價值受到專案規模組合的不利影響。第二季的大型專案訂單確實比第一季有所改善，導致第二季的積壓訂單比去年同期增加了 6%。

Working closely with all our independent agency partners, contractors, and key-end customers, all indicate larger project design and proposal work is improving. And expect that activity to translate into a measurable pick-up in orders as we progress through calendar year 2025.

與我們所有獨立代理商合作夥伴、承包商和關鍵終端客戶的密切合作，都表明大型專案設計和提案工作正在改進。隨著 2025 年的進展，預計這項活動將轉化為訂單量的顯著回升。

In summary, Q2 was a successful quarter for LSI, with increased financial performance, solid organic growth in many of our key verticals, noteworthy operations execution, growing customer recognition of our integral solution capabilities, and the ongoing successful integration and performance of EMI.

總而言之，第二季度對於LSI 來說是一個成功的季度，財務業績有所提高，我們許多關鍵垂直行業的穩健有機增長，值得注意的運營執行，客戶對我們整體解決方案能力的認可不斷提高，以及EMI 持續成功的整合和效能。

EMI enhances LSI's position with many key customers and the reverse is true as well. Teams have identified key cross-selling opportunities, with progress made on numerous opportunities. All contribute to the increasing momentum as we enter the second half of the fiscal year.

EMI 增強了 LSI 在許多重要客戶中的地位，反之亦然。團隊已經確定了關鍵的交叉銷售機會，並在許多機會上取得了進展。隨著我們進入本財年下半年，所有這些都為成長動能做出了貢獻。

I'll now turn the call back to the moderator for the question-and-answer session.

我現在會把電話轉回問答環節的主持人。

(Operator instructions)

（操作員說明）

Aaron Spychalla, Craig-Hallum Capital Group.

亞倫‧斯皮查拉 (Aaron Spychalla)，克雷格‧哈勒姆資本集團 (Craig-Hallum Capital Group)。

Good morning, Jim and Jim. Thanks for taking the questions.

早上好，吉姆和吉姆。感謝您提出問題。

First for me, can you just talk a little bit -- it sounds like you expect the strength to continue here in the second half, combination of backlog and orders and, maybe, a pick-up of activity.

首先，您能簡單談談嗎？

So just want to unpack that a little bit. And then, maybe, just talk a little bit about seasonality here, potentially in the third quarter, off of a strong second quarter. Just curious, your thoughts there.

所以只是想稍微解開一下。然後，也許，只是在這裡談談季節性，可能是在第三季度，在強勁的第二季度之後。只是好奇，你的想法就在那裡。

Well, good morning. Thanks for calling, Aaron. Good to hear you on the call.

嗯，早安。感謝您致電，亞倫。很高興聽到你打電話。

Listen, we've been talking, we've been under this cloud that's been impacting Grocery for two years. As we said a number of times, our preference would have been that the project moved forward but certainty -- at least some type of certainty -- was going to be a good result no matter what.

聽著，我們一直在談論，兩年來我們一直處於影響雜貨店的陰雲之下。正如我們多次說過的，我們的偏好是專案繼續推進，但無論如何，確定性——至少某種類型的確定性——都將是一個好的結果。

As you know, the courts in Colorado and Washington voted against the merger -- the two big players in the grocery sector, that merger -- and so when that went in the direction it did, it gave some clarity and I think it opened up the gates for projects and programs that were being held back.

如你所知，科羅拉多州和華盛頓州的法院投票反對合併——雜貨業的兩大參與者，合併——所以當事情朝著它所採取的方向發展時，它給出了一些清晰的信息，我認為它打開了被阻止的項目和計劃的大門。

We got a big surge in Q2 as you see from the numbers. There was a lot of inefficiency in that, as I mentioned in the comments here and we mentioned a little bit in the press release, because we had to ramp back up quickly. We didn't want to leave any orders on the table and that type of thing.

正如您從數字中看到的那樣，我們在第二季度實現了大幅成長。正如我在此處的評論中提到的以及我們在新聞稿中提到的，這其中存在著許多低效率，因為我們必須快速恢復。我們不想留下任何訂單之類的事情。

What's hard for us to see right now, as we sit here, on January 23 is sorting out what was surged? What is the remainder of the pent-up demand look like? And what is the normal run rate look like, going forward?

1 月 23 日，當我們坐在這裡時，我們很難看到什麼是正在整理激增的內容？被壓抑的剩餘需求是什麼樣的？未來的正常運轉率是怎樣的？

So we're going to need another quarter to give you a lot of clarity on that. But the short answer is we do anticipate that we'll remain at an elevated rate on the Display Solutions side, particularly as it relates to Grocery and the work we're doing in the convenience store, Refueling side.

因此，我們將需要另一個季度的時間來讓您更清楚地了解這一點。但簡短的答案是，我們確實預期在顯示解決方案方面我們將保持較高的成長率，特別是因為它與雜貨店以及我們在便利商店、加油方面所做的工作有關。

We anticipate those to remain at an elevated rate through Q3 and Q4. Maybe not quite at the same rate as Q2 but still at an elevated rate.

我們預計這一數字在第三季和第四季將保持較高的速度。也許與第二季的速度不太一樣，但仍處於較高水準。

All right, thanks for that.

好的，謝謝。

And then on growth margins. I know you've been navigating some issues there for a long time. Can you just, maybe, talk about the trajectory of growth and EBITDA margins as we move into the back half? You touched on some of those inefficiencies in the quarters, do we see improvements there as we move forward?

然後是成長率。我知道您長期以來一直在解決一些問題。您能否談談我們進入下半年時的成長軌跡和 EBITDA 利潤率？您提到了這些季度中的一些低效率問題，隨著我們的前進，我們是否看到了這些方面的改進？

I think the whole story that LSI -- if I were to tell the five-year story of LSI, it is about that continual focus on operational efficiency utilization effectiveness and that equals margin. Anytime we step out of that and we become less efficient, the byproduct is an impact on margin.

我認為 LSI 的整個故事——如果我要講述 LSI 的五年故事，那就是持續關注營運效率、利用率和利潤。每當我們走出這個困境，效率就會降低，副產品就是對利潤率的影響。

So when you look at what happened in Q2, we didn't know what the timing would look like. We knew that there was going to be pent-up demand, there was going to be demand related to it. We had a choice -- a fork in the road, so to speak -- absorb the cost and let the clock tick until that opportunity presented itself or have a plan and be ready to execute when those orders came in.

因此，當您查看第二季度發生的情況時，我們不知道時機會是什麼樣子。我們知道將會有被壓抑的需求，將會有與之相關的需求。我們有一個選擇——可以說是一個岔路口——吸收成本並讓時鐘滴答作響，直到機會出現，或者製定計劃並準備好在訂單到來時執行。

We took the latter. We had a plan; we executed it but there was inherent efficiencies in it. You're bringing back a lot of people all at once, we talked about scaling up the workforce. We have a new product design that we're not pumping out on a daily basis. So there's some inefficiency in learning how to manufacture that best. There's some challenges around materials to make sure we get the materials in. So those are the inefficiencies that we experienced and those will carry into Q3 a bit too.

我們採取了後者。我們有一個計劃；我們執行了它，但它具有固有的效率。你一下子帶回了很多人，我們談到了擴大勞動力規模。我們有一個新產品設計，但我們不會每天推出。因此，學習如何最好地製造產品的效率較低。在材料方面存在一些挑戰，以確保我們獲得材料。這些都是我們經歷過的低效率問題，這些也將延續到第三季。

I don't anticipate that the margins will be any lower -- not that they were low by the way -- but that they'll probably match Q2, maybe a little bit of incremental improvement. But as we move through this, the consecutive quarters in front of that, we'll get that efficiency back and we'll start performing back up to that level that we like.

我預計利潤率不會更低——順便說一句，並不是說利潤率很低——而是可能會與第二季度持平，也許會有一點漸進式的改善。但當我們經歷這個過程時，在前面的連續幾個季度，我們將恢復效率，我們將開始恢復到我們喜歡的水平。

There was also a couple of things in there. I know I've mentioned it but I want to remind everybody, when we brought EMI on board, their performance is lower than LSI's performance. And we knew that and EMI knows that and they've done a phenomenal job of moving that needle already. We've done a phenomenal job, collectively, of moving it. But they're still a little less efficient and they're still a little less profitable from a margin standpoint. And that's a program that will take us 12 to 18 months to move that needle.

裡面還有一些東西。我知道我已經提到過，但我想提醒大家，當我們引入 EMI 時，它們的性能低於 LSI 的性能。我們知道這一點，EMI 也知道這一點，而且他們已經在推動這一目標方面做了出色的工作。我們集體完成了一項非凡的工作，將其轉移。但從利潤的角度來看，他們的效率仍然較低，而且利潤仍然較低。這個計劃需要我們 12 到 18 個月的時間才能取得進展。

And then the last thing, I just want to bring it up because I haven't talked about it out loud but with the port strikes occurring in -- the potential for port strike, ports went on strike the East Coast, that gummed up some materials for us.

最後一件事，我只是想提出來，因為我還沒有大聲談論過它，但是隨著港口罷工的發生——港口罷工的可能性，東海岸的港口發生了罷工，這讓一些人陷入了困境。

And then there was the potential of another issue, here, in January. That got settled but we made the management decision some four or five months back that we were going to hedge our bet and reroute a lot of materials through the West Coast at an additional cost.

然後在一月份這裡可能會出現另一個問題。事情已經解決了，但我們在大約四到五個月前做出了管理決定，我們將對沖我們的賭注，並以額外的成本將大量材料重新運送到西海岸。

If the port strike had happened, we would have had the materials and we would have executed against that. If it didn't, then we would have burdened ourselves with some extra cost. But it was worth the risk. So we did do that and we're going to be burning off those additional costs over last quarter and into the third quarter here.

如果港口罷工發生，我們就會有材料，我們就會對此採取行動。如果沒有，那麼我們就會承擔一些額外的費用。但冒這個險是值得的。所以我們確實這樣做了，我們將在上個季度和第三季燒掉這些額外成本。

But it was still a bet. We would have made it all over again based on the information we had. But those are things that have impacted our margins a little bit.

但這仍然是一個賭注。根據我們所掌握的信息，我們可能會重來一遍。但這些因素對我們的利潤率產生了一些影響。

Understood. Thanks for the color.

明白了。謝謝你的顏色。

And then just, maybe, last for me. Curious, your thoughts on some of the proposed tariffs and what that might mean for your business and, maybe, competitive position in the market as well.

然後，也許，對我來說會持續下去。很好奇，您對一些擬議關稅的想法以及這對您的業務可能意味著什麼，也許還有市場競爭地位。

Well, remember -- again, I'll go back to -- if I could retell the whole five-year story in thirty seconds, but, way back, even before COVID, we made the decision to onshore and we're very proud to carry a flag that says American-made.

好吧，請記住- 再次，我會回到- 如果我能在三十秒內重述整個五年的故事，但是，早先，甚至在新冠疫情之前，我們就做出了上岸的決定，我們非常自豪攜帶一面寫著「美國製造」的旗幟。

It's not popular to be a US manufacturer of some products that could be considered commodity like lighting or things like that. But we made that decision back in 2019. We were, at that time, 20% domestic-, 80% foreign-sourced. Today, we are 70% domestic-, 30% foreign-sourced.

美國製造商生產某些可被視為日用品（例如照明或類似產品）的產品並不受歡迎。但我們早在 2019 年就做出了這個決定。當時，我們 20% 是國內採購，80% 是國外採購。如今，我們 70% 的產品來自國內，30% 的產品來自國外。

I don't have a crystal ball in terms of what the tariffs will look like and how they'll impact us on any level or anybody else in the mix here. But I will say because of our domestic focus, the impact should be marginal and it should be less significant than anybody else would be exposed to.

對於關稅會是什麼樣子以及它們將如何影響我們或任何其他人，我沒有水晶球。但我要說的是，由於我們的重點是國內，影響應該是微乎其微的，而且應該比其他任何人所受到的影響要小。

So we don't manufacture in Mexico, we export from the US to Mexico. We do have some final assembly in Mexico but I think those tariffs would be a reverse situation, incoming from Mexico, and we don't do that.

所以我們不在墨西哥生產，我們從美國出口到墨西哥。我們確實在墨西哥進行了一些最終組裝，但我認為這些關稅將是相反的情況，來自墨西哥，我們不會這樣做。

We have a Canadian operation. We do move things across the border from Canada to the US and from the US to Canada. So we'll have an eye on that. But the way our Canadian operation works, it can be 100% standalone, within the country, to support Canadian operations and Canadian customers. And we have enough business there and we have supply relationships already that are stable. If we needed to, we could have minimal trading or minimal inventory moving across the border for our Canadian versus US operations.

我們在加拿大設有分公司。我們確實將物品從加拿大跨境運送到美國，以及從美國運送到加拿大。所以我們會關注這一點。但我們加拿大業務的運作方式是，它可以在國內 100% 獨立，以支援加拿大業務和加拿大客戶。我們在那裡有足夠的業務，並且我們已經擁有穩定的供應關係。如果需要的話，我們可以在加拿大和美國的業務中進行最少的貿易或最少的庫存跨境運輸。

And then rest of world, most of our activities in the Caribbean and other places that could -- I don't see anything on the board that would impact any of those. But a majority of those or almost all of them are us exporting there. So I don't anticipate any impact.

然後是世界其他地區，我們在加勒比海和其他地方的大部分活動可能會——我認為董事會上沒有任何內容會影響其中任何一個。但其中大部分或幾乎全部都是我們向那裡出口的。所以我預計不會有任何影響。

With all that said, depending on how the cards land and what those tariffs look like, I think we'll be least affected in our sectors and best prepared to manage through whatever those look like.

話雖如此，根據卡片的落地方式和關稅的情況，我認為我們在我們的行業中受到的影響最小，並且最好做好應對這些情況的準備。

Aaron, Jim G. here.

亞倫，吉姆G.在這裡。

Just to build on what Jim said, first of all, our exposure is limited from the previous actions we've taken, as Jim noted. But in addition to that, we do have a complete, contingency plan, both for our tier-one suppliers as well as tier two, meaning our direct suppliers. But then, also, our direct suppliers, they source foreign material from foreign sources as well. So we've got both tiers covered.

正如吉姆所說，首先，我們的曝光度僅限於我們先前採取的行動。但除此之外，我們確實為我們的一級供應商和二級供應商（即我們的直接供應商）制定了完整的應急計劃。但是，我們的直接供應商也從國外採購外國材料。所以我們已經涵蓋了這兩層。

In fact, so what we do source from China -- that's probably the most visible top-of-mind of everybody -- these days, what we do source today, what's remaining, we've already moved about 20% of what's remaining out of there. So as Jim said, we feel very comfortable where we're at and we are proactive in developing plans to address this situation.

事實上，所以我們從中國採購的東西——這可能是每個人最明顯的首要考慮的——這些天，我們今天採購的東西，剩下的東西，我們已經轉移了大約 20% 的剩餘東西在那裡的。正如吉姆所說，我們對目前的處境感到非常滿意，並且我們正在積極制定計劃來解決這種情況。

By the way, that doesn't mean that it wouldn't be a kick in the knees. It just means we'd get back up again.

順便說一句，這並不意味著它不會受到膝蓋的打擊。這只是意味著我們會再次站起來。

Right. No, understood. Thanks for taking the questions and congrats on the quarter. I'll turn it over. Thank you.

正確的。不，明白了。感謝您提出問題並祝賀本季。我會把它翻過來。謝謝。

Sameer Joshi, H. C. Wainwright.

薩米爾喬希，H.C.溫賴特。

Hey. Good morning, Jim and Jim and congrats on the quarter.

嘿。早安，吉姆和吉姆，恭喜本季。

I think, just stepping back, would you give us a refresher on how you launch new products? I think you're planning 40 new products this year and in terms of your product road map and visibility and agility or quickness, how does that work? Just give us a quick refresher.

我想，退一步，您能給我們回顧一下您是如何推出新產品的嗎？我認為您今年計劃推出 40 種新產品，就您的產品路線圖、可見性以及敏捷性或速度而言，這是如何運作的？請讓我們快速回顧一下。

So what you would see if you go back and listen to all my calls or you look at anything that we release, I always reference that we have 20-plus new products each year. Last year, my Head of Marketing sat down and said: you're underselling us because there really hasn't been a year in the last five years we haven't launched less than 30 new products and close to 40. So I continue to say 20-plus new products but they're always, I've been told always, has been in excess of 30.

因此，如果您回去聽我所有的電話或查看我們發布的任何產品，您會看到什麼，我總是提到我們每年都有 20 多種新產品。去年，我的行銷主管坐下來說：你們低估了我們，因為在過去的五年裡，我們確實沒有一年推出的新產品少於 30 種，甚至接近 40 種。所以我繼續說有 20 多種新產品，但人們總是告訴我，它們總是超過 30 種。

Our new product launches fall into three buckets. There is an existing product which is refreshed or reengineered, maybe new components, maybe we're able to find more efficiency in it or lower cost components or whatever it is. So that's one version of a new product.

我們的新產品發布分為三個部分。有一種現有的產品經過更新或重新設計，也許是新的組件，也許我們能夠在其中找到更高的效率或更低的成本組件或其他任何東西。這就是新產品的一個版本。

The second is a category change or what I would say is we're expanding within that category, maybe we have a small, medium, and large wall sconce and we're adding some type of feature pendant mount for it or we're adding an extra-large wall sconce or something like that. So that might be something within our family. And this extends across refrigeration and lighting there -- I'm just using this as a kind of an example, I'm using lighting but it extends to all products.

第二個是類別變化，或者我想說的是，我們正在該類別內擴展，也許我們有小型、中型和大型壁燈，我們正在為其添加某種類型的功能吊墜安裝，或者我們正在添加超大壁燈或類似的東西。所以這可能是我們家內部的事情。這延伸到了製冷和照明——我只是用這個作為一個例子，我使用的是照明，但它延伸到了所有產品。

And then the third is a launch of a totally new product. And the V-LOCITY, as an example, is a brand-new category. We try to minimize our cannibalization of existing product; we try to make it complementary; we try to make it serve a new set of targets within the market, new capabilities, that type of thing. It may overlap with some of the capabilities of an existing product like, in this case, I just mentioned V-LOCITY, it overlaps with Mirada. Mirada has been one of our most successful products we've ever had. But it doesn't overlap in a way where it completely cannibalizes it.

第三個是推出全新產品。以V-LOCITY為例，它是一個全新的品類。我們盡量減少對現有產品的蠶食；我們努力使其互補；我們試圖讓它服務於市場內的一系列新目標、新功能等。它可能與現有產品的某些功能重疊，例如，在本例中，我剛剛提到了 V-LOCITY，它與 Mirada 重疊。Mirada 是我們擁有過的最成功的產品之一。但它並沒有以完全蠶食它的方式重疊。

Maybe let's say a third. So a third of it, a third of our customers are going to stay in the Mirada family and they're going to be completely -- it's going to serve them for years to come. A third of our customers will be debating: "Hey, do I want to move? Do I want to stay with Mirada? Or do I move to V-LOCITY?" And then, a third of our customers will say: "you know what, Mirada wasn't able to handle this but V-LOCITY is so I'm definitely going to V-LOCITY."

也許我們可以說第三個。因此，我們的三分之一、三分之一的客戶將留在 Mirada 家族，他們將完全——它將在未來幾年為他們提供服務。我們有三分之一的客戶會爭論：「嘿，我想搬家嗎？我想和米拉達待在一起嗎？還是我搬到V-LOCITY 去？然後，我們三分之一的客戶會說：“你知道嗎，Mirada 無法處理這個問題，但 V-LOCITY 可以，所以我肯定會去 V-LOCITY。”

In terms of how we launch it, it is very comprehensive, right? It starts before the product's available. It's education to our own team, which will be doing some of our upcoming sales meeting next weekend. It is education and preparation to our specifiers, the engineers that work with our products, our agents, our technical resources (meaning, our tech support teams), our engineering teams, our manufacturing teams getting ready to manufacture and use that product.

從我們的推出方式來看，它非常全面，對嗎？它在產品可用之前開始。這是對我們自己團隊的教育，他們將在下週末召開一些銷售會議。這是對我們的規範制定者、使用我們產品的工程師、我們的代理商、我們的技術資源（即我們的技術支援團隊）、我們的工程團隊、我們的製造團隊的教育和準備，準備製造和使用該產品。

And then, the last is when the product becomes available. It's that external launch which we use social media, LinkedIn. We're not Facebook Ad people or anything but we use all the social media to introduce it plus advertising, plus all of those.

最後是產品上市的時間。這就是我們使用社群媒體 LinkedIn 進行的外部發布。我們不是 Facebook 廣告人或任何其他人，但我們使用所有社交媒體來介紹它，加上廣告，加上所有這些。

And then there's all the technical background that is going on during that time: sourcing the products, running through manufacturing, looking for the manufacturing efficiencies. And that'll keep going on as we gain more and more experience with that product.

然後是這段時間內發生的所有技術背景：採購產品、運作製造、尋找製造效率。隨著我們對該產品獲得越來越多的經驗，這種情況將持續下去。

Great. Thanks for that refresher. I think it is going to be helpful for us to understand the future.

偉大的。謝謝你的複習。我認為這對我們了解未來很有幫助。

Just digging a little bit deeper into the EMI growth, it has shown really good growth. Just wanted to understand what the reason for that is. Is it any kind of cross-selling? Is it any kind of synergies that you're realizing from that? Like, working together?

只要更深入地研究 EMI 的成長，就會發現它的成長非常好。只是想了解這是什麼原因。這是某種交叉銷售嗎？您從中意識到了某種協同效應嗎？比如一起工作？

I do understand that you are working on the efficiencies and cost side but the top line seems to be really doing well.

我確實了解您正在努力提高效率和成本，但營收似乎確實做得很好。

I know that we've talked about this before on these calls, but when we look at M&A, right? We look at: "Does it fit in our sector? Does it fit in that Fast Forward plan? Is it part of our strategic plan?"

我知道我們之前在這些電話會議上討論過這個問題，但是當我們討論併購時，對嗎？我們會考慮：「它適合我們的行業嗎？它符合 Fast Forward 計劃嗎？這是我們戰略計劃的一部分嗎？

The second thing we look at, obviously, is we look at the financials and the performance of the company and all of that.

顯然，我們關注的第二件事是我們關注公司的財務狀況和業績等等。

But just as important as those two -- the kind of third leg of the stool -- we look for the culture of the company and how we're going to integrate. We don't want to take somebody that is a die-hard Yankee fan and try to get them to be a Red Sox fan. It's just we don't want to do that. We want to find groups that are closer to our work ethic, our culture, they have similar goals and aspirations. And we look to unlock those efficiencies that lend a hand. As you know, we work very hard to try to retain the talent that's there. And in all cases, we have. And so, I look at JSI and we were very happy with the velocity and the momentum we were able to create with JSI.

但與這兩條腿（凳子的第三條腿）同樣重要的是，我們尋找公司的文化以及我們將如何整合。我們不想讓一個頑固的洋基球迷試圖讓他們成為紅襪球迷。只是我們不想這樣做。我們希望找到更接近我們的職業道德、文化的團體，他們有相似的目標和願望。我們希望提高效率，提供協助。如您所知，我們非常努力地留住現有的人才。在所有情況下，我們都有。因此，我關注 JSI，我們對 JSI 所創造的速度和勢頭感到非常滿意。

We learned from each of these experiences, coming into EMI. We looked at that culture and we looked at what we can do, mechanically, meaning efficiency and margin improvement and all of that. But we look at that culture and we recognize -- there was preplanning -- we got a closer alignment, culturally. And then we look at our customer base, those customer relationships and how we position, how they communicate, and it was a really good fit.

我們從這些經驗中吸取了教訓，進入了 EMI。我們審視了這種文化，審視了我們能做什麼，機械地，意味著效率和利潤的提高等等。但我們審視了這種文化，我們認識到——這是有預先計劃的——我們在文化上有了更緊密的一致性。然後我們看看我們的客戶群、這些客戶關係以及我們的定位、他們的溝通方式，這真的很合適。

And by the way, I would be remiss in saying it's a really good team, too, across the board. EMI, from the senior leadership through the highly-valued administrative pieces of that company right down through the workforce and the manufacturing team, they're good people, they're a good company. And I think the combination was really one of those one plus one equals three. And we were really able to create a lot of momentum.

順便說一句，如果我說這也是一支非常優秀的團隊，那我就失職了。EMI，從公司的高階領導層到高度重視的行政人員，再到員工和製造團隊，他們都是好人，他們是一家好公司。我認為這個組合確實是一加一等於三的組合之一。我們確實能夠創造很大的動力。

That efficiency is definitely carried over to cross-selling opportunities. And I want to underline that the type of project work we're in, we can spend 12 to 18 months before we get a purchase order and it can be another 12 to 18 to 36 months that we deploy that. So what you're seeing -- remember, EMII has been with us for just over nine months now -- you're seeing a lot of early wins but I think the real story is the future wins. But they could still be 12 months down the road, 18 months down the road.

這種效率肯定會轉化為交叉銷售機會。我想強調的是，我們正在進行的專案工作類型，我們可能需要 12 到 18 個月才能收到採購訂單，並且可能還需要 12 到 18 到 36 個月的時間來部署。因此，您所看到的 - 請記住，EMII 已經與我們合作了九個多月了 - 您看到了很多早期的勝利，但我認為真正的故事是未來的勝利。但他們可能還需要 12 個月、18 個月。

But we're very happy with the EMI. It's the people there.

但我們對 EMI 非常滿意。是那裡的人。

Sounds good. Thanks for that color.

聽起來不錯。謝謝那個顏色。

And then, this last one. Based on what you just described, are there any significant acquisitions that you may be looking at? Like, the stock is doing well. I just wanted to see how management views that.

然後，最後一個。根據您剛才的描述，您可能正在考慮進行任何重大收購嗎？就像，股票表現良好。我只是想看看管理層如何看待這一點。

We have worked hard. We've talked about this before and I hope it comes up on every call because I welcome the opportunity to underline it, we work very hard to originate deals and create relationships.

我們已經很努力了。我們之前已經討論過這一點，我希望每次通話時都會提到這一點，因為我很高興有機會強調這一點，我們非常努力地發起交易並建立關係。

These are relationships that take a very long time to mature, right? And say: "Hey, listen, we want to know more about your company. Maybe there's a way to for us to work together? You know, if you ever decide that you're looking for options, we would be interested in talking?

這些關係需要很長時間才能成熟，對嗎？並說：「嘿，聽著，我們想更多地了解你們的公司。也許我們有辦法一起工作？你知道，如果你決定要找選擇，我們會有興趣談談嗎？

Those conversations take place all the time. We spend a lot of time trying to create those relationships with companies we think would fit very well with us. We have great relationships with our financial partners that do give us opportunity and exposure to projects that are out on the street, memorandums about companies that are in a process. And we look at a lot of those.

這些對話一直在發生。我們花了很多時間試圖與我們認為非常適合我們的公司建立關係。我們與金融合作夥伴有著良好的關係，這確實為我們提供了機會並接觸到正在實施的專案以及正在進行中的公司的備忘錄。我們研究了很多這樣的內容。

We are very disciplined buyers, right? If we're looking at something, it's not about value, it's not about whether we're paying the absolute best price -- we obviously would like to get the lowest price all the time -- but we'll pay the money that the company is worth and we'll paint a picture that says it's worth more or it's worth less and we don't mind writing the check. We just want to make sure it fits well.

我們是非常自律的買家，對吧？如果我們看重某樣東西，它與價值無關，與我們是否支付絕對最好的價格無關——我們顯然希望一直得到最低的價格——但我們會支付該產品所需的錢。 ，我們會描繪出一幅圖畫，顯示它的價值更高或更低，而且我們不介意寫支票。我們只是想確保它合身。

So with all of that said, I think we have a pretty good pipeline for M&A activity. It is very likely we will do something in this calendar year.

綜上所述，我認為我們有一個非常好的併購活動管道。我們很可能會在今年做一些事情。

Another one, we look at M&A in two flavors: incremental, which is a project the size of like an EMI; and transformational, which would be something that would be -- magnitude half the size of our company, something like that. And we look at a mix of them all the time. And we just are very selective about who we're going to pick and how it fits.

另一方面，我們以兩種方式看待併購：增量，這是一個像 EMI 規模的項目；以及變革性的，這將是我們公司規模的一半，類似的東西。我們一直在關注它們的混合體。我們只是非常挑剔我們要選擇的人以及它如何適合。

But I would just say that we have a slate and we will likely do something within this calendar year.

但我只想說，我們已經制定了計劃，我們可能會在今年內做一些事情。

Great, thanks. Congratulations, once again, and good luck.

太好了，謝謝。再次祝賀，祝你好運。

Thank you.

謝謝。

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

Hi. Thank you for squeezing me in.

你好。謝謝你把我擠進去。

I do have a couple of questions first about the surge in order activity. I just wanted to clarify. Is that exclusively in the grocery market or were there other verticals that you saw an increased level of activity in?

首先，我確實有幾個關於訂單活動激增的問題。我只是想澄清一下。這只是在雜貨市場嗎？

Thank you.

謝謝。

So a majority of the surge was definitely related to the grocery market. But I've been mentioning this for a couple of quarters now, we're knocking the cover off of it right now in our Petroleum C-Store space and we anticipate that that will remain with very heady for at least the calendar year, which will carry us through the rest of our fiscal year and into the first half of our fiscal year, next year. So I don't want the momentum there to get lost.

因此，大部分激增肯定與雜貨市場有關。但我已經提到這一點幾個季度了，我們現在正在我們的石油便利商店空間中揭開它的面紗，我們預計至少在整個日曆年內這將保持非常令人興奮的狀態，這它將帶領我們度過本財年的剩餘時間，並進入明年的財年上半年。所以我不希望那裡的動力消失。

And I also want to mention QSR, particularly as it relates to EMI. They've done very well and some of the larger QSR customers, they have a number of projects that have been locked up for different reasons -- leadership changes, a few other things -- and we see a lot of potential there.

我還想提一下 QSR，特別是它與 EMI 相關的部分。他們做得非常好，一些較大的 QSR 客戶，他們有許多專案因不同原因而被鎖定——領導層變動，以及其他一些事情——我們看到了那裡的巨大潛力。

But the majority of the surge that occurred in Q2 was Grocery-related. And we have spent a lot of time over the, unfortunately, last 12 to 18 months saying that we can see this delay in execution, we can see this delay in remodels, we can see the demand of building up. And what we did see here in Q2 was a release of some of that demand. We're very happy with it though. But it's Grocery, it's QSR, it's our Petroleum Refueling/C-Store space.

但第二季發生的大部分激增與雜貨有關。不幸的是，我們在過去 12 到 18 個月花了很多時間說我們可以看到執行的延遲，我們可以看到改造的延遲，我們可以看到建設的需求。我們在第二季確實看到了部分需求的釋放。不過我們對此非常滿意。但這是雜貨店、速食店、加油站/便利商店空間。

Have you had to manage customers' expectations in other verticals? You talked about having to hurry up and get orders out the door. Has there been a delay in the delivery of product to other verticals and other customers that we've had to manage expectations and, maybe, lead times have extended a little bit?

您是否必須管理其他垂直領域的客戶期望？你談到必須快點把訂單發出去。向其他垂直行業和其他客戶交付產品是否有延遲，我們必須管理期望，交貨時間可能會延長一點？

No, none. Our plan has always been to be very efficient, particularly with capacity utilization. But remember, our Fast Forward plan, we plan to grow so we've built in capacity into that growth and every time we grow, every time we get a little bit bigger, we add a little bit more capacity. So we were anticipating this.

不，沒有。我們的計劃始終是非常高效，特別是在產能利用率方面。但請記住，我們的快進計劃，我們計劃增長，因此我們已經在增長中建立了容量，每次我們增長，每次我們變得更大一點，我們都會增加一點容量。所以我們很期待這一點。

We had the capabilities to do it. It's just that there is inherent inefficiency in it because we only have two options. One is to just stay at a ready-state and absorb the costs associated with that or execute quickly and accept the inefficiencies that come along with that. But we have not pushed any business off.

我們有能力做到這一點。只是它本質上是低效率的，因為我們只有兩個選擇。一種是保持就緒狀態並吸收與之相關的成本，或快速執行並接受隨之而來的低效率。但我們並沒有推遲任何業務。

As I mentioned, we were able to capture some business. And our say-do ratio is very important to us, to our customers too. We don't talk in terms of their needed delivery date; we talk in terms of our ability to deliver when we receive an order. So if a customer says to us: "I need all of this on February 1" and we're talking on October 1, we say: "Great." Then the order needs to be in no later than X.

正如我所提到的，我們能夠獲得一些業務。我們的說做比率對我們和我們的客戶都非常重要。我們不會談論他們所需的交貨日期；我們會談論他們需要的交貨日期。當我們收到訂單時，我們會談論我們的交付能力。因此，如果客戶對我們說：“我在 2 月 1 日需要所有這些”，而我們在 10 月 1 日進行交談，我們會說：“太好了。”那麼訂單必須不晚於 X。

If they're still saying: "Hey, we need it February 1" and it's January 23, we're not going to turn around and say: "Okay, we'll deliver on February 1." We're going to say: "Wait a minute, if you give us the order on the 23, this is how long it will take..."

如果他們仍然說：“嘿，我們需要 2 月 1 日”，而現在已經是 1 月 23 日，我們不會轉身說：“好吧，我們會在 2 月 1 日交付。”我們會說：“等一下，如果你在 23 號給我們下訂單，這就是需要多長時間......”

And we're always willing to say to them: "If this is important, we will find a way to deliver it. But the only way we can do that will be overtime or expediting or bringing in other partners to help us do that. Do you want us to do that? And do you want to pay for that?"

我們總是願意對他們說：「如果這很重要，我們會找到一種方法來實現它。但我們能做到這一點的唯一方法是加班或加急或引入其他合作夥伴來幫助我們做到這一點。你希望我們這樣做嗎？你願意為此付出代價嗎？

And then maybe, lastly, you've mentioned in the past of certain bottlenecks around permitting, maybe other supply chain issues, has there been any change in the cadence of getting permits or maybe in getting equipment or supplies?

最後，也許您過去曾提到有關許可的某些瓶頸，也許還有其他供應鏈問題，獲得許可或獲取設備或物資的節奏是否有任何變化？

I'll break that into two pieces. On the permitting side, I think things have normalized. If we were to look at this in January of 2018, the time to go from a plan to a permit to an inspection would have definitely been shorter than it is today. The only thing that has changed is, now, we have all -- meaning us, our customers, other contractors, other subcontractors on the site -- accustomized ourselves or changed our planning cycles to say: 'All right, permitting takes longer than it did five years ago." That's number one.

我會把它分成兩個部分。在允許的方面，我認為事情已經正常化。如果我們在 2018 年 1 月看這個問題，從計劃到許可再到檢查的時間肯定會比現在更短。唯一改變的是，現在，我們所有人——意味著我們、我們的客戶、其他承包商、現場的其他分包商——都習慣了自己或改變了我們的規劃週期，說：「好吧，許可需要比它更長的時間”五年前就做過。”這是第一名。

On the supply chain side, I think LSI, as a company, has done a good job of making sure that we have our supply chain in order. Typically, when I'm talking about supply chain in regards to our company, it doesn't mean that we don't get impacted every once in a while, it's generally about: we're ready to go out and do a project but the concrete contractor hasn't been able to get on site yet because an additive is missing for this project that they had. And so everything's been pushed a couple weeks or days or whatever it is.

在供應鏈方面，我認為LSI作為一家公司在確保我們的供應鏈井然有序方面做得很好。通常，當我談論我們公司的供應鏈時，這並不意味著我們不會偶爾受到影響，它通常是指：我們準備好出去做一個項目，但是混凝土承包商尚未到達現場，因為他們的項目缺少添加劑。所以一切都被推遲了幾週或幾天或其他什麼。

That's how both of these go.

兩者都是這樣進行的。

Great. Thank you so much.

偉大的。太感謝了。

And there is one thing I want to say, just in general. Our Latin America business has really started to pick up again lately. And this is still lingering from COVID, that we didn't get on the same execution rate that we had in post-COVID or even prior to COVID. So the volume there or the momentum, the velocity in Latin America has picked up for us too. So we're happy about that.

我想說一件事，只是一般而言。我們的拉丁美洲業務最近確實開始復甦。這仍然是新冠疫情期間揮之不去的問題，我們沒有達到新冠疫情後甚至新冠疫情之前的執行率。因此，拉丁美洲的數量或勢頭、速度對我們來說也有所加快。所以我們對此感到高興。

All right. Thank you.

好的。謝謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Jim Clark for closing comments.

我們的問答環節已經結束。我現在想將電話轉回吉姆·克拉克以徵求結束意見。

Well, I think we covered a lot in that Q&A. I'm sorry there aren't more because we're excited about the quarter. I would be remiss if I did not mention this is a team effort. There are 2,000 people here at LSI that make this happen every day, every quarter, every year. I have a lot of confidence in them. I'm grateful that they're always here and willing to execute. And I'm proud of the culture that we have here.

嗯，我認為我們在那次問答中討論了很多內容。很抱歉沒有更多內容，因為我們對本季感到興奮。如果我沒有提到這是團隊的努力，那就是我的失職。LSI 有 2,000 名員工每天、每季、每年都在努力實現這一目標。我對他們很有信心。我很感激他們總是在這裡並且願意執行。我為我們這裡的文化感到自豪。

We have plans to continue to grow. You are all welcome to take a look at our Fast Forward plan. We're very committed to executing against that. And this is just another step towards that plan.

我們有繼續發展的計劃。歡迎大家查看我們的 Fast Forward 計劃。我們非常致力於反對這一點。這只是朝著該計劃邁出的又一步。

There are some inefficiencies that we're picking up, right now, between these surges in Q2 and Q3. There's work to be done on our lighting side to regain that momentum we had there. But we're very happy with the momentum we've been able to create.

目前，在第二季和第三季的激增之間，我們發現了一些效率低下的情況。我們的照明方面還有很多工作要做，才能恢復我們在那裡的勢頭。但我們對我們能夠創造的勢頭感到非常高興。

We're very happy with the partner that we're able to be to our customers. We're continually encouraged with our customers' understanding of our ability to come in and provide a solution for a lot of their challenges, not just one or two.

我們對能夠成為客戶的合作夥伴感到非常滿意。我們的客戶了解我們有能力為他們的許多挑戰（而不僅僅是一兩個挑戰）提供解決方案，這讓我們不斷受到鼓舞。

And I will say that particularly on our -- it's our larger and our smaller customers, but when we're able to come in and be a partner that executes across so many aspects of the businesses that they have and be a reliable partner, it just makes our job so much easier and it makes their job so much easier. And we're benefiting from that and we'll remain committed to that.

我要說的是，特別是對於我們的大客戶和小客戶，但是當我們能夠加入並成為一個合作夥伴，在他們擁有的業務的許多方面執行並成為一個可靠的合作夥伴時，它只會讓我們的工作變得更輕鬆，也讓他們的工作變得更輕鬆。我們正在從中受益，並且我們將繼續致力於這一點。

Thank you for taking the time for the call today. Thank you for your continued confidence in LSI and our team here. And I look forward to talking on the next quarter. Take care.

感謝您今天抽空來電。感謝您對 LSI 和我們團隊的持續信任。我期待著下個季度的討論。小心。

This includes today's conference. You may disconnect your lines at this time and we thank you for your participation.

這包括今天的會議。此時您可以斷開線路，我們感謝您的參與。