Matthews International Corp (MATW) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Matthews International fourth quarter and year-end fiscal 2024 financial results.

您好，歡迎閱讀 Matthews International 第四季和 2024 財年年底財務業績。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

It is now my pleasure to introduce Steve Nicola, Chief Financial Officer.

現在我很高興向大家介紹財務長 Steve Nicola。史蒂夫，你可以開始了。

Steve, you may begin.

Thank you, Rob.

謝謝你，羅布。早安.我是史蒂夫‧尼古拉 (Steve Nicola)，馬修斯 (Matthews) 財務長。今天與我在一起的是我們公司的總裁兼執行長喬·巴托拉奇 (Joe Bartolacci)。

Good morning.

I'm Steve Nicola, Chief Financial Officer of Matthews.

And with me today is Joe Bartolacci, our company's President and Chief Executive Officer.

Before we start, I would like to remind you that our earnings release was posted on the company's website at www.matw.com in the Investors section last night.

在開始之前，我想提醒您，我們的收益報告已在昨晚發佈在公司網站 www.matw.com 的投資者部分。我們的電話會議簡報也可以在網站的投資者部分的簡報下存取。

The presentation for our call can also be accessed in the Investors section of the website under Presentations.

Any forward-looking statements in connection with this discussion are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

與本次討論相關的任何前瞻性陳述都是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。 SEC 提交的10-K 表格和其他公開文件。

Factors that could cause the company's results to differ from those discussed today are set forth in the company's annual report on Form 10-K and other public filings with the SEC.

In addition, we will be discussing non-GAAP financial metrics and encourage you to read our disclosures and reconciliation tables carefully as you consider these metrics.

此外，我們將討論非公認會計準則財務指標，並鼓勵您在考慮這些指標時仔細閱讀我們的揭露和調節表。關於任何前瞻性陳述和非公認會計準則財務信息，請閱讀我們網站上今天演示材料中包含的免責聲明。

In connection with any forward-looking statements and non-GAAP financial information, please read the disclaimer included in today's presentation materials located on our website.

Now I will turn the call over to Joe.

現在我將把電話轉給喬。

Thank you, Steve.

謝謝你，史蒂夫。早安.受我們無法控制的經濟狀況和法律事件的推動，2024 財年對於我們的多個業務部門來說是充滿挑戰的一年。話雖如此，我們對大型業務、Memorialization 和 SGK 的表現感到非常滿意，它們繼續展示了公司的韌性以及員工的承諾。

Good morning.

Fiscal 2024 was a challenging year for several of our business units, driven by economic conditions and legal events outside of our control.

With that said, we are quite pleased with the performance of our larger businesses, Memorialization and SGK that continued to demonstrate the company's resilience as well as our employees' commitment.

Our Industrial Technologies segment continued to experience slow shipments and installations for our energy storage products in addition to soft demand for warehouse solutions, though we do expect the market environment for warehouse solutions to improve in 2025.

儘管我們預計倉庫解決方案的市場環境將在 2025 年改善，但除了倉庫解決方案的需求疲軟之外，我們的工業技術部門的儲能產品的發貨和安裝繼續緩慢。

Consolidated sales and adjusted EBITDA came in as expected, but lower on a year-over-year basis.

合併銷售額和調整後 EBITDA 符合預期，但年比有所下降。整體而言，我們報告2024 財年第四季的合併銷售額為4.47 億美元，而2023 財年第四季的合併銷售額為4.8 億美元。符合我們的預期。

Overall, we reported $447 million in consolidated sales in the fiscal 2024 fourth quarter compared to $480 million in the fourth quarter of fiscal 2023.

Adjusted EBITDA for the fourth quarter of 2024 was $58 million and in line with our expectations.

For the full year, we reported $1.8 billion in consolidated sales and met our revised guidance target of $205 million of adjusted EBITDA.

全年，我們報告了 18 億美元的合併銷售額，並實現了 2.05 億美元調整後 EBITDA 的修訂指引目標。在更詳細地討論我們本季的業務表現之前，讓我先談談 2024 財年開始時我們的幾個關鍵策略重點。

Before providing a more detailed discussion, of our business performance in the quarter, let me touch on several of our key strategic priorities as we started fiscal 2024.

At SGK, our team has been contending with an extended period of softness in the European brand market in addition to regional regulatory changes that impacted comparability in the business.

在 SGK，我們的團隊一直在應對歐洲品牌市場長期疲軟的局面，以及影響業務可比性的區域監管變化。我很高興看到業務穩步改善，現在已經穩定下來，並在第四季度導致 SGK 連續第三個季度實現更高的連續銷售額和良好的利潤率。

I'm pleased to see the steady improvement in the business, which has now stabilized and in the fourth quarter resulted in SGK reporting a third consecutive quarter of higher sequential sales and good margins.

A steady diet of cost control, price improvements and growth in the APAC region have proven to be the cure.

事實證明，亞太地區穩定的成本控制、價格改善和成長是解決問題的良方。此外，過渡到電子商務數位行銷平台不僅使我們在市場同行中脫穎而出，而且還帶來了收入和有機商業機會的增加，使我們在 2025 年及以後處於有利地位。

Additionally, transitioning to an e-commerce digital marketing platform, not only set us apart from our market peers, but also led to an increase in revenues and organic business opportunities that position us well for 2025 and beyond.

Memorialization has been the bedrock of our company and continues to outperform despite the normalization of casketed deaths post COVID.

紀念活動一直是我們公司的基石，儘管新冠疫情後棺材死亡已正常化，但紀念活動仍繼續跑贏大盤。該業務受益於定價行動和幾項小型收購，同時提供火葬和陵墓相關產品，我們認為這體現了該細分市場的多樣性。本財年採取的成本控制措施也有助於營業利益率的提升。

The business has benefited from pricing actions and several small tuck-in acquisitions while delivering on cremation and mausoleum-related products that we believe exemplifies the diversity of this segment.

Cost control measures taken during the fiscal year also contributed to an improvement in operating margins.

For the fiscal year, the business reported $163 million in adjusted EBITDA, compared to $146 million for the fiscal year ending 2020 at the peak of the pandemic.

該公司本財年調整後 EBITDA 為 1.63 億美元，而截至 2020 年疫情高峰期的財年為 1.46 億美元。

Now, let's move on to Industrial Technologies.

現在，讓我們轉向工業技術。從繼續表現良好的產品識別業務開始，該業務在第四季度實現成長，受益於今年稍早採取的定價行動。鑑於我們目前的產品組合，在強勁的建築市場的推動下，我們在北美的銷售相當強勁，我們在這個市場上擁有極具競爭力的產品。

Beginning with the Product Identification business, which continued to perform well, this business grew in the fourth quarter, benefiting from pricing actions taken earlier in the year.

Given our current product mix, our sales in North America were quite strong, driven by a strong construction market, a market where we have highly competitive offerings.

We came into the year fiercely determined to make inroads in bringing our new printed product, [Axiom] to market.

進入新的一年，我們堅定地決心將我們的新印刷產品 [Axiom] 推向市場。我對我們在這裡取得的進展感到滿意，我們現在正準備在 2025 財年下半年推出該產品。聯繫。

I'm pleased with the progress that we've made here, and we are now preparing to launch the product in the latter half of fiscal 2025.

Beta testing of the product has gone better than expected, and we look forward to sharing more details with you as we get closer to the product launch.

In addition to the Axiom product, we also launched a new line of lasers in the second half of the year and now have orders coming in and shipping has commenced.

除了 Axiom 產品外，我們還在今年下半年推出了新的雷射系列，現在已經收到訂單並開始出貨。正如之前電話會議中所討論的那樣，我們的倉庫自動化業務在這一年中面臨阻力，因為客戶對經濟的不確定性和利率上升導致需求下降。然而，在今年最後兩個季度，市場情緒開始轉變，報價活動的數量和規模增加。

As discussed on earlier calls, our warehouse automation business faced headwinds during the year as demand fell due to customer uncertainty about the economy and higher interest rates.

However, over the last two quarters of the year, market sentiment began to shift and quoting activity picked up in volume and in size.

Recently, there has been related news that some of the larger, well-known distribution networks were starting to invest again, supporting our thesis a return to a higher activity level for the automation market.

最近，有相關消息稱，一些較大的、知名的分銷網絡開始再次投資，支持我們的論點：自動化市場恢復到更高的活躍水平。我們還贏得了歐洲幾個新客戶的訂單，證明了我們擴大在該地區業務的決定的合理性。

We also won orders from several new accounts in Europe, justifying our decision to expand our presence in that region.

As a result, our outlook for fiscal 2025 is cautiously optimistic as we expect the demand to recover excuse me, as we expect the demand recovery to have a slow start, resulting in meaningful revenue impact sometime in the latter part of fiscal '25 and into '26.

因此，我們對2025 財年的前景持謹慎樂觀的態度，因為我們預計需求將恢復，請原諒，因為我們預計需求復甦將緩慢開始，從而在25 財年下半年和整個財年對收入產生有意義的影響'26。

Finally, let's talk about the Energy Solutions business, where we -- most of the attention has been directed over the last few quarters.

最後，讓我們談談能源解決方案業務，過去幾季我們的大部分注意力都集中在該業務上。你們中的大多數人都知道這個電話——參加這次電話會議的大多數人都知道——都知道特斯拉對馬修斯的投訴。該訴訟於今年 6 月提起，聯邦法官已下令根據雙方協議的要求，在適當的司法管轄區對索賠開始仲裁。

Most of you know this call -- most of you on this call know -- are aware of Tesla's complaint against Matthews.

Filed in June of this year, the federal judge in that proceeding has ordered at the proper jurisdiction for the claims begins in arbitration as required by the agreement between the parties.

As I've said before, Tesla's claims are meritless and have been filed in a public forum for the sole purpose of bringing pressure on us to relinquish our technology.

正如我之前所說，特斯拉的主張毫無根據，並在公共論壇上提出，其唯一目的是向我們施加壓力，迫使我們放棄我們的技術。諷刺的是，我們認為他們的主張驗證了我們儲能業務的相關性和重要性，因為他們賦予我們的解決方案價值，而市場在評估我們的綜合估值時從未認可過這一價值。現在，越來越多的產業參與者意識到我們專有的工程解決方案以及透過實施這些解決方案可以帶來的顯著成本降低效益。

Ironically, their claim in our opinion, validates the relevance and importance of our energy storage business due to the value they have ascribed to our solutions, a value that has never been recognized by the market when assessing our consolidated valuation.

More industry players are now aware of our proprietary engineered solutions and the significant cost reduction benefits that can be derived by implementing them.

Since the claim was filed, we have taken cautious steps to offset and any impact to our bottom line and as a result, are now better positioned, both financially and operationally to lead the ongoing transition to electric vehicles once this matter is resolved.

自提出索賠以來，我們已採取謹慎措施來抵消對我們利潤的任何影響，因此，一旦此事得到解決，我們現在在財務和運營上都處於更有利的位置，可以領導向電動汽車的持續過渡。

We have long been developing advanced calendaring solutions for next-gen equipment for both the lithium-ion battery space as well as the hydrogen fuel cell space.

長期以來，我們一直致力於為鋰離子電池領域和氫燃料電池領域的下一代設備開發先進的壓延解決方案。作為我們持續創新的證據，我們最近獲得了一項美國專利，該專利涉及使用我們創新的壓延技術在儲能設備的乾電池電極上製造的系統。新頒發的專利源自於 2019 年初提交的專利申請，成為我們在該領域開發的重要智慧財產權的一部分。

As evidence of our continued innovation, we recently received a US patent directed to systems for manufacturing at dry battery electrode for energy storage devices using our innovative calendaring technology.

The newly issued patent stems from a patent application that was filed in early 2019, and becomes a part of the significant intellectual property we have developed in this space.

On a year-over-year basis, Energy Business revenues were significantly down in the fourth quarter, reflecting the impact of slower-than-expected customer deliveries, which continue, but not as originally anticipated.

與去年同期相比，第四季能源業務收入大幅下降，反映出客戶交付速度低於預期的影響，這種情況持續存在，但不如最初預期。我們預計交付將在 2025 財年基本完成。

We expect deliveries to be substantially completed in fiscal 2025.

Just a quick word on our previously announced cost reduction program.

簡單介紹一下我們之前宣布的成本削減計劃。目前正在進行中，因此我們在本季度收取了一些費用，但總體而言我們對迄今為止的結果非常滿意。我們已經退出利潤較低的業務，並開始出售相關資產，預計這一過程將在今年持續進行。

It is now underway, and as a result, we took some charges in the quarter, but we are overall quite satisfied with the outcome so far.

We have exited less profitable operations and begun the process of selling the related assets, which we expect to go on throughout this year.

Moving on to the balance sheet.

繼續看資產負債表。為了在今年稍早為我們的融資提供確定性，我們將循環信貸安排續約並延長至 2029 年。

In an ongoing effort to provide certainty around our financing earlier in the year, we renewed and extended our revolving credit facility through 2029.

Recently, we also refinanced our senior notes that were due to mature in December of next year.

As part of our new senior notes, we structured in a one-year call option that provides us significant flexibility to lower our cost of capital in the event that interest rates continue to decrease and provides us flexibility to achieve our strategic goals.

作為我們新的高級票據的一部分，我們建立了一年期看漲期權，該期權為我們提供了巨大的靈活性，可以在利率持續下降的情況下降低資本成本，並為我們提供實現戰略目標的靈活性。

Also, as part of our ongoing focus on debt reduction and despite the elevated levels of working capital related to our Energy Solutions business, we reduced our debt by over $50 million during the fourth quarter.

此外，作為我們持續關注債務削減的一部分，儘管與能源解決方案業務相關的營運資金水準有所提高，但我們在第四季度減少了超過 5,000 萬美元的債務。進入新財年，我們的重點是繼續尋找在所有業務部門創造價值的方法，包括增值性收購和非核心剝離，我們相信這將推動更強勁的財務業績和現金生成。

We entered the new fiscal year focused on continuing to identify ways to create value throughout all of our business segments, including accretive tuck-in acquisitions and non-core divestitures that we believe will drive stronger financial performance and cash generation.

We expect another solid year of results in 2025 from our Memorialization business and continued growth by the SGK segment.

我們預計我們的紀念業務將在 2025 年再次取得穩健的業績，並且 SGK 業務將持續成長。我們也預計我們的產品識別業務將受益於 Axiom 的推出以及今年稍早推出的新雷射產品的全年業績。

We also expect our product identification business benefit from the Axiom launch as well as the full year results from the new laser product that was launched earlier this year.

And as I mentioned earlier, we expect a strong recovery in our warehouse automation solutions business as the market picks up.

正如我之前提到的，隨著市場回暖，我們預計倉庫自動化解決方案業務將強勁復甦。因此，我們預計 2025 財年調整後 EBITDA 將在 2.05 億美元至 2.15 億美元之間。

Consequently, we are projecting adjusted EBITDA for fiscal 2025 to be in the range of $205 million to $215 million.

Finally, in light of the long-term opportunities available to us in the Industrial Technologies segment, we recently engaged JPMorgan to support us on a review of potential strategic alternatives.

最後，鑑於我們在工業技術領域擁有的長期機會，我們最近聘請摩根大通來支持我們審查潛在的策略替代方案。

I will now turn the call over to Steve for more insight on our financial results.

我現在將把電話轉給史蒂夫，以獲取有關我們財務業績的更多見解。

Thank you, Joe. For the financial review, let's begin with Slide 7.

謝謝你，喬。對於財務回顧，讓我們從幻燈片7 開始。美元。

For the fiscal 2024 fourth quarter, the company reported a net loss of $68.2 million or $2.21 per share compared to net income of $17.7 million or $0.56 per share a year ago.

The loss for the current quarter resulted from charges in connection with the company's previously announced cost reduction program, a goodwill impairment charge and other asset write-downs primarily related to our European businesses.

本季的虧損是由於與公司先前宣布的成本削減計劃有關的費用、商譽減損費用以及主要與我們的歐洲業務相關的其他資產減記所致。

On a non-GAAP adjusted basis, which excludes the impact of these charges, net income attributable to the company for the current quarter was $16.6 million or $0.55 per share compared to $30.3 million or $0.96 per share last year.

根據非公認會計準則調整後（不包括這些費用的影響），本季公司應佔淨利潤為 1,660 萬美元，即每股 0.55 美元，而去年為 3,030 萬美元，即每股 0.96 美元。下降主要反映了本季綜合調整後 EBITDA 較低和利息支出較高的影響。

The decline primarily reflected the impacts of lower consolidated adjusted EBITDA and higher interest expense for the current quarter.

Consolidated sales for the fiscal 2024 fourth quarter were $446.7 million, compared to $480.2 million a year ago.

2024 財年第四季的合併銷售額為 4.467 億美元，去年同期為 4.802 億美元。下降主要反映了工業技術部門銷售額的下降，其中主要反映了工程銷售額的下降。

The decline primarily reflected lower sales for the Industrial Technologies segment, mainly reflecting lower engineering sales.

Additionally, sales for the Memorialization segment declined modestly for the current quarter compared to a year ago, primarily due to lower unit volumes, principally related to a decrease in US casketed debt.

此外，與去年同期相比，本季紀念業務的銷售額略有下降，這主要是由於單位銷售下降，而這主要與美國封存債務的減少有關。這些下降被 SGK 品牌解決方案部門銷售額的成長部分抵消，該部門繼續受益於更穩定的市場狀況。

These declines were partially offset by higher sales for the SGK Brand Solutions segment, which is continuing to benefit from more stable market conditions.

Consolidated adjusted EBITDA for the fiscal 2024 fourth quarter was $58.1 million compared to $61.9 million a year ago.

2024 財年第四季合併調整後 EBITDA 為 5,810 萬美元，去年同期為 6,190 萬美元。這一下降主要反映了工業技術領域的下降。紀念部門的調整後 EBITDA 高於一年前，而 SGK 品牌解決方案部門則相對不變。

The decrease primarily reflected the decline in the Industrial Technologies segment.

Adjusted EBITDA for the Memorialization segment was higher than a year ago, and the SGK Brand Solutions segment was relatively unchanged.

In addition, corporate and other nonoperating costs were lower than a year ago, primarily reflecting the company's cost reduction efforts as we continue to leverage the benefits of our global business services platform.

此外，企業和其他非營運成本低於一年前，主要反映了公司在繼續利用全球商業服務平台優勢的過程中為降低成本所做的努力。請參閱我們的收益報告中提供的調整後 EBITDA 和非 GAAP 調整後每股收益的調整表。

Please see the reconciliations of adjusted EBITDA and non-GAAP adjusted earnings per share provided in our earnings release.

Please move to Slide 8 to review our segment results.

請前往投影片 8 查看我們的細分結果。 2024 財年第四季紀念業務銷售額為 1.968 億美元，去年同期為 2.049 億美元。由於美國棺材死亡人數下降，本季墓地、紀念館、棺材和火化設備的銷售量低於去年同期。這些下降被價格實現提高和陵墓銷售增加的有利影響部分抵消。最近的收購也為本季的部門銷售做出了貢獻。

Sales for the Memorialization segment for the fiscal 2024 fourth quarter were $196.8 million, compared to $204.9 million for the same quarter a year ago.

Sales volumes for cemetery, memorials, caskets and cremation equipment were lower for the quarter compared to last year as US casketed deaths declined.

These declines were partially offset by the favorable impacts of improved price realization and higher mausoleum sales.

Recent acquisitions also contributed to the segment sales for the current quarter.

Memorialization segment adjusted EBITDA for the current quarter was $40.5 million, compared to $36.9 million for the same quarter last year.

紀念部門本季調整後的 EBITDA 為 4,050 萬美元，去年同期為 3,690 萬美元。這一增長主要是由於定價的改善以及成本節約措施帶來的好處。這些成長被銷售下降以及勞動力和材料成本增加的影響部分抵消。

The increase primarily resulted from improved pricing and benefits from cost savings initiatives.

These increases were partially offset by the impact of lower sales volumes and increased labor and material costs.

Please move to Slide 9.

請到投影片 9。這一成長主要反映了商品銷售和自有品牌業務銷售額的增加、該部門亞太市場的成長以及為緩解通膨成本增加而提高的價格實現。

Sales for the SGK Brand Solutions segment were $135.9 million for the quarter ended September 30, 2024, and compared to $134.7 million a year ago, representing an increase of $1.2 million.

The increase primarily reflected higher sales for the merchandising and private label businesses, growth in the segment's Asia Pacific market and improved price realization to mitigate inflationary cost increases.

Adjusted EBITDA for the SGK Brand Solutions segment was $17.3 million for the current quarter, which was relatively consistent with the segment's adjusted EBITDA of $17.5 million a year ago.

本季 SGK Brand Solutions 部門調整後 EBITDA 為 1,730 萬美元，與一年前該部門調整後 EBITDA 1,750 萬美元相對一致。較高的銷售額和該部門的成本削減行動所帶來的好處被較高的勞動力相關成本和基於績效的薪酬所抵消。 2024 財年，該部門年初至今的調整後 EBITDA 增至 6,160 萬美元，而去年為 5,710 萬美元，主要反映了成本削減行動帶來的利潤同比改善的好處。

The benefits of higher sales and the segment's cost reduction actions were offset by higher labor-related costs and performance-based compensation.

The segment's year-to-date adjusted EBITDA increased to $61.6 million for fiscal 2024, compared to $57.1 million last year, primarily reflecting the benefits of the cost reduction actions resulting in year-over-year margin improvement.

Please move to Slide 10.

請前往投影片 10。2024 財年第四季工業技術部門的銷售額為 1.139 億美元，而去年同期為 1.406 億美元。這一下降主要是由於該部門工程業務的銷售額下降，與今年前幾季度一致，受到客戶發貨和安裝延誤的嚴重影響。這些延遲本質上是時間安排，因為我們預計發貨和安裝將在 2025 財年進行。

Sales for the Industrial Technologies segment for the fiscal 2024 fourth quarter were $113.9 million, compared to $140.6 million a year ago.

The decrease primarily resulted from lower sales for the segment's engineering business, which consistent with prior quarters this year has been significantly impacted by customer delays in shipments and installations.

These delays are timing in nature as we expect the shipments and installations to occur in fiscal 2025.

Additionally, operating results for our Warehouse Automation business has been unfavorably impacted by the continued slow conditions in the US warehouse industry.

此外，我們的倉庫自動化業務的經營業績受到美國倉庫產業持續低迷狀況的不利影響。然而，正如上季報告的那樣，根據最近的報價和訂單率，我們繼續看到改善的跡象，預計這將支持明年該業務的復甦。

However, as reported last quarter, we continue to see signs of improvement based on recent quoting and order rates, which is expected to support recovery in this business next year.

Recent divestitures also contributed to the reported sales decrease for the quarter for this segment.

最近的資產剝離也導致了該部門本季銷售額的下降。本季工業技術部門調整後 EBITDA 為 1,590 萬美元，去年同期為 2,350 萬美元。

Adjusted EBITDA for the Industrial Technologies segment for the current quarter was $15.9 million, compared to $23.5 million a year ago.

The decrease primarily reflected the impacts of the sales declines in the Engineering and Warehouse Automation businesses.

這一下降主要反映了工程和倉庫自動化業務銷售下降的影響。這種下降被基於績效的薪資下降和營運節約措施的好處所部分抵消。

The declines were partially offset by lower performance-based compensation and the benefits of operational savings initiatives.

Please move to Slide 11.

請前往投影片 11。較上年同期的成長主要反映了營運資本減少所帶來的現金流效益。

Cash flow from operating activities for the quarter ended September 30, 2024, was $35.9 million, compared to $2.6 million a year ago.

The increase from a year ago primarily reflected the cash flow benefit of working capital reductions.

For the year ended September 30, 2024, cash flow from operations was $79.3 million, which was relatively consistent with operating cash flow of $79.5 million last year.

截至2024年9月30日的年度，營運現金流為7,930萬美元，與去年7,950萬美元的營運現金流相對一致。截至 2024 年 9 月 30 日，未償債務為 7.76 億美元，而上季末為 8.3 億美元，意味著 2024 財年第四季減少了 5,380 萬美元。

Outstanding debt was $776 million at September 30, 2024, compared to $830 million at the end of last quarter representing a reduction of $53.8 million during the fiscal 2024 fourth quarter.

The company's net debt, which represents outstanding debt less cash, was $736 million at September 30, 2024, compared to $787 million at June 30, 2024, representing a reduction of $51.8 million during the fiscal 2024 fourth quarter.

截至2024年9月30日，該公司的淨債務（即未償債務減去現金）為7.36億美元，而2024年6月30日為7.87億美元，意味著2024財年第四季減少了5180萬美元。

Since the beginning of calendar 2024, the company has reduced its outstanding debt and net debt balances by $86 million and $89 million, respectively.

自 2024 年初以來，該公司的未償債務和淨債務餘額分別減少了 8,600 萬美元和 8,900 萬美元。在2024財年第四季度，該公司將淨債務槓桿率從2024年6月30日的3.8%降低至2024年9月30日的3.6%。的EBITDA。

During the fiscal 2024 fourth quarter, the company reduced its net debt leverage ratio from 3.8% at June 30, 2024, to 3.6% at September 30, 2024.

This leverage ratio is based on net debt and trailing 12 months adjusted EBITDA.

In addition, in September 2024, we completed the refinancing of the outstanding senior notes, which were due December 1, 2025.

此外，我們於 2024 年 9 月完成了已於 2025 年 12 月 1 日到期的未償還優先票據的再融資。年到期，並有能力在一年內贖回。

Due to current interest rates and the ongoing strategic review of our business portfolio, we opted for a shorter-term bond three-year maturity with an ability to call in one year.

For the fiscal 2024 fourth quarter, the company purchased only approximately 2,000 shares under the stock repurchase program, which were solely in connection with withholding tax obligations on equity compensation vesting.

2024財年第四季度，該公司僅根據股票回購計畫購買了約2,000股股票，這些股票僅與股權補償歸屬的預扣稅義務有關。正如本季我們的債務削減所證明的那樣，我們仍然主要關注債務削減。截至 2024 年 9 月 30 日，已發行股票約 3,060 萬股。

As evidenced by our debt reduction during this quarter, we remain primarily focused on debt reduction.

Approximately 30.6 million shares were outstanding at September 30, 2024.

As I noted in the beginning of my remarks, we have initiated debt reduction programs this quarter that expand several of our business units -- as noted in the beginning of my remarks, we have initiated cost reduction programs this quarter that spans several of our business units and corporate functions.

正如我在演講開頭所指出的，我們本季度啟動了債務削減計劃，擴大了我們的幾個業務部門——正如我在發言開頭所指出的，我們本季度啟動了涵蓋我們多個業務的成本削減計劃單位和公司職能。

These programs are expected to result in annual cost savings up to $50 million with the most significant portions from our engineering and tooling operations in Europe and also targeting our general and administrative costs.

這些計劃預計每年可節省高達 5000 萬美元的成本，其中大部分來自我們在歐洲的工程和模具業務，同時也針對我們的一般和管理成本。

Finally, the Board this week declared a quarterly dividend of $0.25 per share on the company's common stock.

最後，董事會本周宣布派發公司普通股每股 0.25 美元的季度股息。這是自上市公司以來連續第 31 次增加年度股利。該股將於2024年12月16日支付給2024年12月2日登記在冊的股東。

This represents the 31st consecutive annual dividend increase since becoming a publicly traded company.

The dividend is payable December 16, 2024, to stockholders of record December 2, 2024.

This concludes the financial review, and we will now open the call for any questions.

財務審查到此結束，我們現在將開始徵求任何問題。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示）Daniel Moore，CJS 證券。

Starting with Energy Storage.

從儲能開始。也許只是回顧一下進入 25 財年的積壓程度。也許只是與您的大客戶和一些新興客戶討論未來幾個季度機會的節奏。假設大部分積壓訂單出貨，我們什麼時候需要開始將更多訂單放入積壓訂單以恢復成長，比如說，也許是 26 財年及以後？

Maybe just refresh on what level of backlog entering fiscal '25.

And maybe just talk to the cadence of the opportunity set over the next several quarters, both with your large customer and some of the emerging customers.

Assuming most of that backlog ships when do we need to start to put more orders into backlog to return to growth, say, maybe fiscal '26 and beyond?

Yeah, Dan, our backlog is about $100 million, a little less than that, that will mostly be delivered over the course of the next 12 months.

是的，丹，我們的積壓訂單約為 1 億美元，比這個少一點，大部分將在未來 12 個月內交付。正如您可能期望的那樣，由於它與其他機會相關，因此我們目前對其中的一些機會持謹慎態度。我可以向你保證，人們不會缺乏興趣。但考慮到您對爭議的立場，我們正在評估目前我們能做什麼和不能做什麼。

As it relates to other opportunities, as you might expect, we are being cautious with some of that at this point in time.

There is no lack of interest, I can assure you of that.

But given where you stand with the dispute, we are in the midst of evaluating what we can and cannot do at this time.

Makes perfect sense.

很有道理。然後就更廣泛的指南而言，也許只是談論工業技術中嵌入的內容。我想，你剛才描述的能量儲存很好。就倉庫自動化而言，您預期訂單會改善嗎？

And then just to the guide more generally, maybe just talk about what's embedded for Industrial Technology.

Where -- you just described, I think, the Energy Storage well.

In terms of Warehouse Automation, do you expect orders to improve and in terms of Axiom, what's implied there in terms of revenue for maybe the back half of fiscal '25?

Sure.

當然。讓我們盡可能說清楚。眾所周知，當我們談論倉庫自動化業務時，這是一項在我們最初的第一季普遍較低的業務。我的意思是，在那段時間我們的倉庫已經缺貨了。現在是聖誕節。因此，我們預計 2025 年第一季會放緩。

Let's be as clear as we can.

As you all know, when we talk about the Warehouse Automation business, it is a business that in our initial first quarter is generally low.

I mean, we are out of warehouses during that time period.

It's the Christmas season.

So we are expecting a slower first quarter of 2025.

However, quoting activity that we're seeing right now bodes for a stronger year in 2025 and beyond given the size and the volume activity that we're seeing.

We saw growth in our Product Identification business this year.

今年我們的產品識別業務有所成長。明年我們將繼續看到成長。正如我在關於推出 Axiom 產品的評論中所說的那樣。不要指望它的推出會一飛沖天，但客戶的接受將是對我們認為產品的未來的最大認可。我們的 Beta 測試進展非常順利。我們看到我們所期望的所有價值主張都得到了證實。我認為這將成為我們未來發展的重要貢獻者。

We will continue to see growth next year.

As I said on the -- in my comments with regard to the launch of our Axiom product.

Do not expect it to be a skyrocketing launch, but customer acceptance is going to be the greatest acknowledgment of what we think the future of that product will be.

Our beta testing has gone exceedingly well.

And we're seeing a confirmation of all the value propositions we expect out of that.

I think it's going to be a significant contributor to us going forward.

More importantly, I would say, Dan, the opportunities that are available to us because of that technology beyond what we do today, whether it be in the form of licensing or whether it be in the form of advancements we want to carry forward are significant.

更重要的是，丹，我想說的是，由於這項技術超越了我們今天所做的，我們所獲得的機會，無論是以許可的形式，還是以我們想要發揚的進步的形式，都是重要的。因此，當我們談到工業技術領域的機會時，我們對倉庫（包括能源業務）的產品識別是我們對業務未來的看法的關鍵。

So when we speak of opportunities in our Industrial Technologies segment, our product identification of Warehouse, including our Energy business are keys to what we see the future of the business to be.

Excellent.

出色的。然後我確信你有點有限，但新聞稿中更有趣的評論之一是探索有關投資組合的策略。您能詳細說明一下您正在考慮哪些選項嗎？從策略高層角度來看，哪些內容可能會被討論或排除？

And then I'm sure you're a little bit limited, but one of the more interesting comments in the press release, exploring strategies with respect to the portfolio.

Can you elaborate on what options you're contemplating?

What is sort of might be on or off the table from a strategic high-level perspective?

Sure, Dan.

當然，丹。正如您所期望的，在結束之前我們不會過多談論該過程。不過，我們已經很清楚了。當我們開始看到一些小型企業獲得更大的成長機會。

As you might expect, we're not going to talk too much about that process until it's concluded.

However, we have been pretty clear.

As we start to see some of our smaller businesses have access to greater opportunities for growth.

And I'm speaking of the three businesses in our Industrial Technologies segment, we would evaluate our portfolio.

我說的是我們工業技術部門的三個業務，我們將評估我們的投資組合。鑑於我們在能源業務中看到的機會，我們現在看到了這個機會，我們的工業 - 我們的倉庫自動化業務以及我們可以透過在該領域的收購來實現的附加功能。隨著 Axiom 和我們在雷射領域的新產品的推出，我們看到人們現在開始看到我們一直希望的機會。

We are now at that point where we see that opportunity, given what we're seeing in our Energy business, which has significant opportunities, our industrial -- our Warehouse Automation business with add-ons that we can make through acquisitions in that space.

And the launch of Axiom and our new product in the laser space, we see those now beginning to see the opportunity that we had always hoped for.

So we're evaluating the whole portfolio looking for where is the best way to maximize shareholder value.

因此，我們正在評估整個投資組合，尋找最大化股東價值的最佳方法。我不會談論其中的任何部分，但這與我們一段時間公開表示的一致。

I'm not going to speak about any part of it, but it's consistent with what we've said publicly for a while.

Liam Burke, B. Riley Securities.

利亞姆伯克 (Liam Burke)，B. 萊利證券 (Riley Securities)。

Joe, could you give us a little more detail on the Memorialization side, both on the Memorialization products, understanding traditional burials are down, so caskets naturally should be down.

喬，你能給我們更多關於紀念方面的細節嗎，包括紀念產品，了解傳統的墓葬已經下降，所以棺材自然應該下降。但我們的紀念產品，無論是青銅還是花崗岩，都可以從火葬數量的增加中獲得提升嗎？本季該業務的情況如何？

But our memorialization products, both bronze and granite getting any lift from increased cremations?

And what did that business look like this quarter?

I would tell you, Liam, that -- what I said in my comments with respect to the diversity of the portfolio, I think it is probably the most misunderstood part of that business.

利亞姆，我想告訴你，我在評論中所說的關於投資組合多樣性的內容，我認為這可能是該業務中最容易被誤解的部分。這不僅僅是一個棺材和紀念市場。當我們出售時，無論是與火葬相關的產品（目前已超過 1.2 億美元），還是——實際上，史蒂夫剛剛糾正了我，這是 1.4 億美元——以及是否是陵墓建築，目前對我們來說進展相當強勁且進展順利，投資組合的多樣性為我們提供了機會。

It's not just a casket and memorial market.

When we sell, whether it be cremation-related products, which are now over $120 million at this point in time or whether -- actually, Steve just corrected me, it's $140 million, -- and whether or not it would be mausoleum constructions that are going quite strong and quite well for us right now, the diversity of the portfolio is what's giving the opportunity.

Secondly, we continue to see opportunities for tuck-ins in that business to continue to grow it at very favorable return on investment kind of investments that we can make.

其次，我們繼續看到該業務的投資機會，以我們可以進行的非常有利的投資回報率繼續成長。所以我想告訴你，我們所看到的是，我們火葬業務的成長與所有紀念領域相關，無論是青銅，無論是石頭，無論是我們在陵墓業務中的設施還是其他相關產品。我們並不認為這是一項正在大幅下滑的業務。

So I would tell you that what we're seeing is the growth of our cremation business is related to all the Memorialization segment, whether it be bronze, whether it be stone, whether it be our installations in our Mausoleum business or whether it be other related products.

We don't view this as a business that is materially declining in any sort.

Okay.

好的。我的意思是，你在那裡產生了不錯的 EBITDA 利潤。我的意思是十幾歲的孩子，本季你已經超過 20 多歲了。這種交叉是否會在某個時刻讓您在收購之外展現出一些有機成長？

I mean, you're generating nice EBITDA margins there.

I mean high teens, you took over the 20s this quarter.

Is there a point where this crossover would actually allow you to show some organic growth outside of acquisitions?

Yeah, I would say so, Liam.

是的，我會這麼說，利亞姆。我想告訴你，這主要是由價格驅動的，但絕對是這樣。我的意思是我們在火葬中看到了這一點。此時此刻，我們看到火葬業的有機成長。隨著大眾開始認識到紀念火化遺體的必要性，我們認為 140 具遺體將繼續增長。 - 並且可以看到如何 - 最終向我們展示適度的收入成長，以及我們整個價格的上漲。所以我們認為這是一項偉大的事業。

I want to tell you mostly that's going to be driven by price, but absolutely.

I mean we're seeing that in our cremation.

We're seeing organic growth in our cremation at this point in time.

As the public starts to acknowledge the need for memorialization of cremated remains, we think that 140 continues to grow. -- and could see how -- ultimately show us modest top line growth, coupled with our price increases throughout.

So we think this is a great business.

I think the other thing you didn't touch on, I would tell you is the cash flow generated from this business.

我想你沒有提到的另一件事，我想告訴你的是這項業務產生的現金流。今年這項業務產生了出色的現金流，因為我們專注於應收帳款催收和轉變我們的庫存管理。因此，當我們觀察一家產生超過 1.6 億美元 EBITDA 且資本支出約 2,000 萬美元的企業時，這家企業會產生異常現金流。

This business this year generated wonderful cash flow as we focused on receivable collection and just converting our inventory management.

So when we look at a business that's generating $160-plus million of EBITDA with a CapEx that is about $20 million, this is a business that generates exceptional cash flow.

Justin Bergner, Gabelli Funds.

賈斯汀·伯格納，Gabelli 基金。

A couple of questions here.

這裡有幾個問題。那麼，在策略審查方面，是否有一個觸發因素促使您現在開始進行這項工作？這更側重於工業技術業務還是一些傳統業務？

So on the strategic review, was there a trigger for why you're getting this underway now?

And is this more focused on the Industrial Technology businesses or on some of the legacy businesses?

Justin, we're not going to comment about what businesses it may be.

賈斯汀，我們不會評論它可能是什麼業務。坦白說，現在觸發它的原因是我們面前的特殊機會正在工業技術領域實現。無論是能源業務，透過我們現在的爭議得到了很好的證實。世界各地的客戶此時正在聯繫我們以獲得這個機會。

What triggered it now, frankly, is the exceptional opportunities in front of us are now coming to fruition in industrial tech.

Whether it be the energy business, which received great confirmation through the dispute that we are having right now.

Customers around the world are contacting us at this point to kind of get access to that opportunity.

As I said, we're cautious with respect to what we do today until this is -- this dispute is resolved, but significant opportunities there.

正如我所說，我們對今天所做的事情持謹慎態度，直到爭端得到解決，但那裡存在著重大機會。當我們最終以明確的途徑推出 Axiom 產品時，我們認為這是一個以比以往更快的速度繼續發展業務的機會。

When we look at finally getting to the launch of our Axiom product with a clear pathway to getting there, we see that as an opportunity to continue to grow the business in a more fast way than we have been historically.

And Warehouse, we see a significant opportunity to add tuck-ins to expand our portfolio.

對於 Warehouse，我們看到了一個重要的機會，可以透過添加商品來擴大我們的產品組合。我們在這個被市場誤解或低估的業務中擁有非常、非常、非常獨特的機會。因此，我們一直在關注投資組合，正如我們所討論的那樣，當我們看到這些小型企業開始實現重要成長的途徑時，我們將評估投資組合。

We have a very, very, very unique opportunity in that business that is misunderstood or undervalued by the market.

So we are looking at the portfolio consistently as we have discussed that when we saw these smaller businesses start to achieve a pathway to growth of significance, we would evaluate the portfolio.

Got it.

知道了。對於 5000 萬美元的節省，在本財年和 2026 財年實現這些節省的節奏是怎樣的？節省 5000 萬美元所需的總現金成本是多少？

On the $50 million of savings, what's the cadence for the realization of those savings over the course of the current fiscal year and into 2026 fiscal year?

And what will be the total cash costs required to generate the $50 million of savings?

Yes.

是的。因此，賈斯汀，就節省而言，我們預計將在今年年底前實現 2500 萬至 3000 萬美元的節省，以達到運行率，然後用剩餘的資金在 2017 年達到運行率。這就是節奏。

So Justin, with respect to the savings, we're expecting to realize somewhere in the $25 million to $30 million of that to get to that run rate by the end of this year, and then with the remainder to get to the run rate by the end of next fiscal year.

So that would be the cadence.

And obviously, that timing is just based on our ability to affect some of the change.

顯然，這個時機只是基於我們影響某些變化的能力。就成本而言，如果我排除商譽減損和最近的一些資產減記，實現這一目標的總成本約為 4000 萬美元，3000 萬至 4000 萬美元，約為 75其中% 為現金，25%為非現金。

And with respect to the cost of that, if I exclude the goodwill impairment and just some of the recent asset write-downs, the total cost to achieve that are somewhere in the $40 million range, $30 million to $40 million range, and about 75% of that is cash, 25% non-cash.

One thing I'd add to that, Justin, is I mean, the cost that we've accrued at this point in time do not include the anticipated inflow of cash from the sale of related assets, which will materially reduce the cost to achieve.

賈斯汀，我要補充的一件事是，我們此時應計的成本不包括出售相關資產的預期現金流入，這將大大降低實現目標的成本。

Got you.

明白你了。好的。最後，您提到了儲能方面的一項新專利。它來得有點快。您能否澄清一下這是什麼以及它為業務帶來了什麼？

All right.

And then lastly, you mentioned a new patent on the energy storage side.

It came at me a bit fast.

Could you just clarify sort of what that is and what it allows for the business?

Could you repeat that question very quickly for me.

你能快速地重複這個問題嗎？

-- Yeah, I think in your prepared remarks, you indicated a new patent in the energy storage business.

——是的，我認為在您準備好的發言中，您指出了儲能業務的一項新專利。您能否回顧一下這是什麼以及它如何擴大機會？

And just could you review what that is and how it amplifies the opportunities?

Sure.

當然。我的意思是，這就是我們一直以來所說的，賈斯汀，我們在乾電池電極領域已經研究了十多年了。這是——該專利是 2019 年初提交的干電池電極整個生產過程中的關鍵設備工藝，當時我們還沒有為任何電動車或電池製造商做任何工作。因此，它證明了我們在專業日曆方面的長期經驗，坦白說，這是我們產品組合的寶貴資產。

I mean it's what we've said all along, Justin, we have -- we've been working on this -- in the dry battery electrode space for better than a decade.

This has been -- the patent is a critical piece of equipment process in the whole production of dry battery electrode filed in early 2019 before we had done any work for any EV or battery manufacturers at that time.

So it is evidence of our long-standing experience in specialty calendaring and frankly, a great asset to the portfolio.

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Given the election results and some of the activity that we're seeing in the battery space around folks trying to derisk supply chains and move into non-China geographies, can you characterize a little bit of where you're at with the non-Tesla customers in terms of conversations, maturity, pressure to accelerate time frames on the dry electrode process into higher-cost regions where you guys can provide a great deal of value?

考慮到選舉結果以及我們在電池領域看到的一些活動，圍繞著人們試圖消除供應鏈風險並進入非中國地區的情況，您能否描述一下您與非特斯拉的情況客戶在對話、成熟度、加速乾電極製程時間框架進入更高成本領域的壓力方面有何不同，你們可以在這些領域提供巨大的價值？

Yeah.

是的。嗯，這個問題有很多內容，賈斯汀。讓我們看看我是否可以解析它。首先，我的意思是，關於本屆政府的地緣政治，我認為對這部分業務最容易誤解的部分問題是，我們可能是唯一一家能夠做我們正在做的事情的西方世界公司現在。這使我們處於獨特的地位，能夠為西方世界市場提供其他人無法提供的服務。

Well, there's a lot in that question, Justin.

Let's see if I can parse it out.

First off, I mean, with regard to the geopolitics of the current administration, I think part of the issue that is most misunderstood about that part of the business is that we are probably the only Western world company able to do what we're doing right now.

And that has put us in a unique position to be able to service the Western World markets that others may not.

The other question is as it relates to other customers.

另一個問題與其他客戶有關。正如我所說，考慮到當前的爭議，我們非常尊重與其他客戶的交談和推動任何事情，我們希望在一月初能更清楚地了解該爭議，這將使我們能夠更坦誠地進行對話和我們對此的立場。

As I said, we are being quite with respect to speaking and pushing anything with our other customers, given the current dispute, we hope to have more clarity on that dispute in early January, that will allow us to be more frank about our conversations and where we stand with that.

I'm trying to piece out the other rest of that question, I can't remember what else you said.

我正在嘗試解決這個問題的其他部分，我不記得你還說了什麼。 --

--

That gets after it.

那就追上它了。我很感激。對我來說，另一個問題實際上是圍繞產品標誌和那裡的新產品。既然您正在交付一些產品，以了解進入 2025 年時這些新產品的採用節奏，您能給我們介紹一下早期回報嗎？

I appreciate it.

Then the other question for me is just really around the product identification and the new products there.

Can you give us a sense of early returns on that now that you're shipping a few things to get a sense of the cadence of the uptake on those new products as you get into 2025?

Look, as -- I mean, when it comes to the laser product we just put into market, it is margins that are consistent with the overall portfolio, which would be margins, I would say, in the high teens, which was exactly where we expected it to be.

看，我的意思是，當談到我們剛剛投入市場的雷射產品時，它的利潤率與整體產品組合一致，我想說，這將是高十幾歲的利潤率，這正是我們期望如此。

We expect the margin in our Axiom product to continue to grow.

我們預計 Axiom 產品的利潤將持續成長。這是一個獨特的主張，有機會在產品的生命週期內為我們的客戶降低高達 30% 的總擁有成本，我們希望獲得其中的一些好處。因此，當我們獲得市場份額並獲得認可時，我們認為這將對我們的利潤做出重大貢獻。 。

This is a unique proposition with the opportunity to reduce total cost of ownership for our customers by up to 30% during the lifetime of the product, we expect to capture some of that benefit.

So as we get market share and as it gets acceptance, we think this will be a significant contributor to our bottom line.

.

That's helpful.

這很有幫助。但我很好奇吸收的節奏，對吧？那麼（多個發言者）我正在考慮頂線（聽不清楚）？

But I'm curious about the cadence of uptake, right?

So the (multiple speakers) I'm thinking about top line

(inaudible)?

I don't expect significant dollars next year, but I think it's going to be, as I said, more about customer adoption.

我預計明年不會有大量資金，但正如我所說，我認為這將更多地與客戶採用有關。正如您所預料的那樣，一家大型蘇打水瓶裝公司不會在一夜之間轉向新技術。但當他們採用並接受它時，我將能夠更清楚地談論這一點。

As you might expect, a large soda bottling company is not going to convert to a new technology overnight.

But as they adopt and accept it, I'll be able to speak more clearly about that.

We think it will be a bigger contributor in '26 than it will be in '25.

我們認為 26 年它將比 25 年做出更大的貢獻。該產品還有其他用途，我們可以這樣稱呼它。我們開始看到一些活動，而這些活動超出了我們與他人進行許可的範圍。因此，這是一個很好的機會，當我們開始接近發佈時，我們將更多地討論這個機會。

And then there are other uses, let's call it that, for the product.

We're starting to see activity and that are things beyond what we do with licensing with others.

So there's a great opportunity there that we'll talk more about as we start to get closer to launch.

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

I think one of the interesting things that maybe get less attention, SGK turning positive is pretty significant.

我認為，SGK 的轉變正是一件可能不太受關注的有趣事情，這一點非常重要。也許只是談談您對營收成長永續性的信心？是什麼在驅動它？您的終端市場發生了什麼變化？ '25、'26 的前景如何？

Maybe just talk to your confidence in the sustainability of that top line growth?

What's driving it?

What's changed in your end markets?

And what's kind of the outlook for '25, '26?

Yeah.

是的。我的意思是這是一個很好的問題，丹。我們已經非常廣泛地討論過它。對於任何在歐洲從事消費品業務的人來說，我們仍然繼續在世界的那個地區苦苦掙扎。然而，正如我們所說，我們看到的是，我們的數位電子商務解決方案持續成長，特別是在北美和亞太地區。我們在亞太地區的獨特地位，尤其是競爭較少的地區，為我們提供了機會，使我們能夠繼續發展。

I mean that's a great question, Dan.

We've talked about it pretty extensively.

And for anybody that operates in the consumer goods business in Europe, we still continue to struggle in that part of the world.

What we're seeing, however, is as we said, our digital e-commerce solutions continue to grow, particularly in North America and the APAC region.

Our unique position in particularly the APAC region, where there are -- the competition is less present, has given us opportunities there that are going to allow us to continue to grow.

But I would tell you the most important thing that has allowed us to kind of achieve these results is the fact that as we kind of move forward, our unique opportunities and our service to our customers has allowed us to raise prices in an industry that has not been known for that for the last decade.

但我想告訴你，讓我們取得這些成果的最重要的事情是，隨著我們的前進，我們獨特的機會和我們為客戶提供的服務使我們能夠在這個行業中提高價格。裡並沒有因此而聞名。

We've been lowering prices year after year after year until we significantly pushed back to cover the cost of our inflationary impact.

我們年復一年地降低價格，直到我們大幅推遲價格以彌補通貨膨脹影響的成本。這些通貨膨脹的價格上漲至少使我們能夠維持現狀，而不必擔心當我們添加新帳戶或添加新項目時，當我們添加新市場時，這些實際上會下降到底線。

Those inflationary price increases has allowed us at least to maintain where we are and not worry about when we add a new account or when we add a new project, when we add new markets, those actually dropped to the bottom line.

So we see that finally turning the tide to where our inflationary price increases gives us stability and new wins actually come to the bottom line.

因此，我們看到，最終扭轉了通膨價格上漲的局面，為我們帶來了穩定，新的勝利實際上達到了底線。我認為這是該業務的前進之路。

I think that's a pathway forward for that business.

Really helpful.

真的很有幫助。還有更多 - 史蒂夫，您能給我們更多的量化數據嗎？

And any more -- Steve, any more quantification that you can give us just in terms of -- or even rank ordering the buckets of cost savings for that $50 million across business lines as well as what's in sort of corporate G&A?

So I would say this, Dan.

所以我會這麼說，丹。一半以上的節省預計將來自我們的歐洲業務，然後剩下的部分將結束，我想說的是，多個業務，剩餘的業務，但很大一部分來自我們的一般及行政費用線。

The predominant number of more than half of the savings are expected to come from our European operations, and then the rest of -- the balance will be over, I'd say, multiple businesses, the remaining businesses, but a good portion coming from our G&A line.

Got it.

知道了。最後一張給我。您預計明年的營運現金流將會更高。我想您說過您可以量化這一點（聽不清楚）以及任何量化，以及我們在 25 年的資本支出方面有何考慮？

And last one for me.

You're projecting higher operating cash flow next year.

I think you said can you quantify that (inaudible) and any quantification and what are we thinking about in terms of CapEx for '25?

So I'll start with the CapEx.

所以我將從資本支出開始。我們預計明年的綜合資本支出範圍將在 5,000 萬至 6,000 萬美元之間。這是我們目前的預測。由於現金流的營運資本部分，量化現金流會有點困難，這將取決於能源交付和運輸的某些時間，但仍然應該是有利的。

Our expected CapEx range next year is going to be in the $50 million to $60 million range on a consolidated basis.

That's our current projection.

And it will be a little bit difficult to quantify the cash flow just simply because of the working capital component of the cash flow, and that's going to be dependent on some of the timing of the energy deliveries and shipments, but still should be favorable.

As there are no additional questions, Steve.

因為沒有其他問題了，史蒂夫。我將請您作結束語。

I'll turn the floor back to you for closing remarks.

Thank you, Rob.

謝謝你，羅布。我們感謝大家今天早上參與電話會議。祝你有美好的一天和愉快的周末。

We appreciate everyone's participation in the call this morning.

Have a good day and a great weekend.

This will conclude today's conference.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。

You may disconnect your lines at this time, and we thank you for your participation.