Matthews International Corp (MATW) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Matthews International third-quarter fiscal 2025 financial results. (Operator Instructions) Please note, this call may be recorded. (Operator Instructions)

大家好，歡迎收看今日的馬修斯國際 2025 財年第三季財務業績。（操作員指示）請注意，此通話可能會被錄音。（操作員指示）

It is now my pleasure to turn the conference over to CFO, Steve Nicola. Please go ahead.

現在我很高興將會議交給財務長史蒂夫·尼古拉。請繼續。

All right. Thank you, Stephanie, and 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; and Dan Stopar, our Senior Vice President, Operations Controller and Head of Global Business Services.

好的。謝謝你，史蒂芬妮，早安。我是史蒂夫‧尼古拉 (Steve Nicola)，馬修斯 (Matthews) 財務長。今天與我一起出席的還有我們公司的總裁兼執行長喬·巴托拉奇 (Joe Bartolacci) 和我們的高級副總裁、營運總監兼全球商業服務主管丹·斯托帕 (Dan Stopar)。

Before we start, I would like to remind you that our earnings release was posted on the company's website, www.matw.com, in the Investors section. The presentation for our call can also be accessed in the Investors section of the website under Presentations.

在我們開始之前，我想提醒您，我們的收益報告已發佈在公司網站 www.matw.com 的「投資者」部分。您也可以在網站的「投資者」部分的「簡報」下查看我們電話會議的簡報。

Any forward-looking information -- 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. 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.

任何前瞻性資訊－與本次討論相關的任何前瞻性陳述均依據 1995 年《私人證券訴訟改革法案》的安全港條款作出。可能導致公司業績與今天討論的業績不同的因素已在公司 10-K 表年度報告和向美國證券交易委員會提交的其他公開文件中列出。

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

此外，我們將討論非 GAAP 財務資訊指標，並鼓勵您在考慮這些指標時仔細閱讀我們的揭露和對帳表。對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的演示材料中包含的免責聲明。

Now I will turn the call over to Joe.

現在我將把電話轉給喬。

Thank you, Steve. Good morning, everyone, and thanks for joining us to discuss the financial results for the fiscal 2025 third quarter. We're pleased with our results this quarter, which saw initial benefits from our value creation plan that was implemented late last year, including a gain from the divestiture of SGK, now known as Propelis Group, of which we own 40%, consolidated savings from a cost reduction program initiated last year, lower corporate and nonoperating costs and improved EBITDA performance year-over-year by our Memorialization and our Industrial Technologies business segment.

謝謝你，史蒂夫。大家早安，感謝您加入我們討論 2025 財年第三季的財務表現。我們對本季的業績感到滿意，我們去年年底實施的價值創造計劃帶來了初步效益，包括剝離 SGK（現稱為 Propelis Group，我們擁有 40% 的股份）帶來的收益、去年啟動的成本削減計劃帶來的合併節餘、降低的企業和非運營成本，以及紀念和工業技術業務部門的 EBITDA 業績同比增長。

Consolidated sales were $349 million in the third quarter of fiscal 2025 compared to $428 million in the third quarter of fiscal '24. The lower revenue result was primarily attributable to the divestiture of SGK in May of this year. Thus, current results only include one full month of SGK, excluding adjusted EBITDA of the divested SGK business from both the current and prior year quarter results and a year-over-year increase of 37%.

2025 財年第三季的綜合銷售額為 3.49 億美元，而 2024 財年第三季的綜合銷售額為 4.28 億美元。收入下降主要歸因於今年 5 月 SGK 的剝離。因此，目前業績僅包括SGK一個完整月的業績，不包括當前和去年同期業績中剝離的SGK業務的調整後EBITDA，且同比增長37%。

Steve will provide greater detail on Propelis, but let me say that the merger of SGS and SGK is moving along smoothly and as expected. As we detailed in our last earnings call, Propelis has come out of the gate projecting initial annual adjusted EBITDA of about $100 million and has just initiated the process of synergy capture.

史蒂夫將提供有關 Propelis 的更多細節，但我要說的是，SGS 和 SGK 的合併正在順利進行，正如預期的那樣。正如我們在上次收益電話會議上詳細說明的那樣，Propelis 預計初始年度調整後 EBITDA 約為 1 億美元，並且剛剛啟動了協同效應捕獲流程。

In fact, the management team expects to be at a run rate of synergies of $10 million by year-end and a $40 million run rate of synergies by the end of calendar '26. Moreover, the team has identified $60 million of total targeted synergies higher than originally expected.

事實上，管理團隊預計到今年年底協同效應的運行率將達到 1,000 萬美元，到 26 年底協同效應的運行率將達到 4,000 萬美元。此外，該團隊還確定了總計 6000 萬美元的目標協同效應，高於最初的預期。

All in all, we expect this transaction to create significant value as we exit in the future. Early market feedback on the deal has been positive and confirmed by the addition of new business that neither of the 2 predecessor companies had before the merger. We'll continue to share progress on Propelis' performance with you each quarter.

總而言之，我們預計這筆交易將在我們未來退出時創造巨大的價值。市場對此次交易的早期反饋是積極的，並且通過增加兩家前身公司在合併前均未曾有過的新業務得到了證實。我們將繼續每季與您分享 Propelis 的業績進展。

As I mentioned earlier, since the third quarter of last year and as demonstrated by the divestiture of SGK, in addition to an ongoing strategic alternatives review, we have implemented a value creation plan geared towards simplifying the company's corporate structure, reducing costs and expanding our work in higher growth and higher-margin businesses.

正如我之前提到的，自去年第三季度以來，正如 SGK 的剝離所表明的那樣，除了正在進行的戰略替代方案審查之外，我們還實施了一項價值創造計劃，旨在簡化公司的企業結構，降低成本並擴大我們在高增長、高利潤業務中的工作。

Although we are seeing the early results of those efforts in our reduced corporate costs, there is more to come as our transition services agreement with Propelis is expected to occur by the end -- excuse me, although -- let me start that from the beginning. Although we are seeing the early results of these efforts in our reduced corporate costs, there is more to come as our transition service agreement with Propelis is expected to come to an end in the fiscal '26 calendar year.

雖然我們在降低公司成本方面看到了這些努力的初步成果，但未來還會有更多努力，因為我們與 Propelis 的過渡服務協議預計將於年底完成——抱歉，不過——讓我從頭開始。雖然我們在降低公司成本方面看到了這些努力的初步成果，但未來還會有更多成果，因為我們與 Propelis 的過渡服務協議預計將於 26 財年結束。

In addition, we expect to close on the sale of the remaining SGK German assets, which will further simplify our structure. These actions will further reduce our overall debt levels and help drive the continued growth of our Industrial Technologies business segment, anchored by the financial strength and consistency of our Memorialization segment.

此外，我們預計將完成SGK德國剩餘資產的出售，這將進一步簡化我們的結構。這些舉措將進一步降低我們的整體債務水平，並有助於推動我們的工業技術業務部門的持續成長，而這得益於我們紀念部門的財務實力和一致性。

With respect to the strategic alternatives review, we're pleased with its progress, and I can say that several opportunities have been identified and presented to the Board for consideration. We expect to complete the process and announce our conclusions about the time earnings are released in November. We will provide updates as we proceed. Memorialization is the bedrock of our portfolio and maintains leading positions across all of its markets. This segment's financial stability enables continued and consistent investment in innovation across the portfolio.

關於策略替代方案審查，我們對其進展感到滿意，我可以說，我們已經確定了幾個機會並提交給董事會審議。我們預計將完成此過程並在 11 月發布收益時宣布我們的結論。我們將在後續工作中提供更新資訊。紀念是我們投資組合的基石，並在所有市場中保持領先地位。該部門的財務穩定性使其能夠持續、一致地對整個投資組合的創新進行投資。

Memorialization reported a modest revenue increase and strong margin results in the third quarter of fiscal '25, driven by the Dodge acquisition, which closed in early May and the divestiture of our European cremation business last year. Inflationary pricing benefited the third quarter, offsetting a modest decline in volumes. Note that the volume declines primarily relating to our granite business continued to be largely due to the release of buildup in COVID-related backlog in fiscal 2024, leading to a negative comparison of about $3 million on a year-over-year basis. We are expecting the segment to return to a normal cadence in revenue and pricing for the remainder of the year.

紀念公司報告稱，25 財年第三季度，公司收入小幅增長，利潤率強勁，這得益於 5 月初完成的道奇收購以及去年歐洲火葬業務的剝離。通貨膨脹定價使第三季度受益，抵消了銷售量的小幅下降。請注意，主要與我們的花崗岩業務相關的銷售下降仍然主要是由於 2024 財年 COVID 相關積壓訂單的釋放，導致同比下降約 300 萬美元。我們預計該部門的收入和定價將在今年剩餘時間內恢復正常。

Regarding tariffs, we believe Memorialization may be the most susceptible. Although the team has done a great job of finding sourcing alternatives for impacted products, the tariffs are also impacting the cost of materials which are produced domestically as suppliers are price adjusting to reflect the higher competitive pricing resulting from tariffs. We have generally been able to pass along these higher costs and do not expect significant impact to our results for the remainder of the year.

關於關稅，我們認為紀念活動可能是最容易受到影響的。儘管團隊在為受影響產品尋找採購替代品方面做得很好，但關稅也影響了國內生產的材料成本，因為供應商正在調整價格以反映關稅帶來的更高的競爭價格。我們通常能夠轉嫁這些較高的成本，並且預計不會對今年剩餘時間的業績產生重大影響。

With respect to the Dodge acquisition, the deal closed in May, and we're excited about its long-term prospects and fit within our portfolio of Memorialization products. The addition of the number one supplier of fluids and other products used by funeral directors was a logical extension of our portfolio, which comes along once in a generation and offers both cost synergies and revenue synergies as we extend the combined product offering to more clients.

關於道奇的收購，該交易於五月完成，我們對其長期前景感到興奮，並適合我們的紀念產品組合。引入殯葬服務主管所用液體和其他產品的頭號供應商是我們產品組合的合理延伸，這種擴展是一代人中難得一見的，隨著我們將合併後的產品供應範圍擴大到更多客戶，我們既能獲得成本協同效應，又能獲得收入協同效應。

The transition has been smooth so far with synergy being quickly captured and our expectations for EBITDA improvement are high. It is already accretive, and we expect to eventually add around $12 million of annual EBITDA from this transaction as we integrate the business into our system. When you consider that we paid $57 million for the business, you can understand how accretive it will be.

到目前為止，過渡進展順利，綜效迅速顯現，我們對 EBITDA 改善的期望很高。它已經具有增值性，隨著我們將業務整合到我們的系統中，我們預計最終將透過這筆交易增加約 1200 萬美元的年度 EBITDA。當你考慮到我們為這項業務支付了 5700 萬美元時，你就能理解它的增值潛力有多大。

Our Industrial Technologies segment reported lower revenues in the third quarter, primarily due to engineering and the impact of our dispute with Tesla, which I'll discuss shortly. However, other business units in this segment were up year-over-year. We are quite pleased with the performance of our warehouse automation business as we saw a continuation of positive order trends for warehouse automation solutions driven by an improvement in market dynamics.

我們的工業技術部門第三季收入下降，主要原因是工程以及與特斯拉的糾紛的影響，我很快就會討論這個問題。不過，該部門的其他業務部門較去年同期成長。我們對倉庫自動化業務的表現非常滿意，因為我們看到受市場動態改善的推動，倉庫自動化解決方案的訂單趨勢繼續呈現積極態勢。

Order rates and order size are picking up, including continuing orders from Lands' End and other leading retailers resulting in a significant increase in backlog. Order activity is typically high at this time of year as companies prepare for peak season in the October to December holiday period. However, we believe that we will enter fiscal '26 with very strong backlogs. Late last year, we spoke of signs of a recovery in the warehouse business. After a period of softness highlighted by supply chain recalibrations and lower capital investment, the recovery is being driven by renewed interest in AI-driven automation, predictive analytics and autonomous robots.

訂單率和訂單規模正在回升，包括來自 Lands' End 和其他主要零售商的持續訂單，導致積壓訂單大幅增加。由於公司正在為十月至十二月假期的旺季做準備，因此每年這個時候的訂單活動通常都很活躍。然而，我們相信，進入26財年，我們將擁有非常強勁的積壓訂單。去年年底，我們談到了倉儲業務復甦的跡象。在經歷了以供應鏈重新調整和資本投資減少為特徵的一段疲軟期之後，人們對人工智慧驅動的自動化、預測分析和自主機器人的重新興趣正在推動經濟復甦。

Big box retailers are reinvesting in their warehouse infrastructure, and this is reflected in positive growth forecast for global e-commerce growth. Interactive Analytics projects US e-commerce to grow by 10% in 2025 from $1.4 trillion in 2024 and further continue to grow to $2.5 trillion by 2030. Continued mobile adoption, supply chain innovations and AI-driven user experience are seen as the core growth levers. Moreover, recent changes in tax law allowing for accelerated depreciation of capital investments will further drive automation investments across the value chain.

大型零售商正在對其倉庫基礎設施進行重新投資，這反映在全球電子商務成長的正面成長預測中。Interactive Analytics 預測，到 2025 年，美國電子商務規模將從 2024 年的 1.4 兆美元成長 10%，到 2030 年將進一步成長至 2.5 兆美元。持續的行動應用、供應鏈創新和人工智慧驅動的使用者體驗被視為核心成長槓桿。此外，稅法最近允許加速資本投資折舊的變化將進一步推動整個價值鏈的自動化投資。

We are well positioned to take advantage of these opportunities. Investing in innovation has been an essential part of our value creation plan, and we're pleased to see the progress being made at our product identification business, the company's oldest business. We expect our new printhead chip product, [Axian], to launch this fall, focusing on the US and EMEA markets.

我們已做好準備，充分利用這些機會。投資創新一直是我們價值創造計畫的重要組成部分，我們很高興看到公司歷史最悠久的業務——產品識別業務取得了進展。我們預計我們的新印字頭晶片產品 [Axian] 將於今年秋季推出，重點關注美國和 EMEA 市場。

Axian incorporates a patented silicon-based print engine using disposable printhead technology and offers an approximately 30% lower total cost of ownership for the customer as well as other environmental benefits. We have identified a total addressable market of approximately $2 billion built on fast-moving consumer goods in which Axian is ideally suited to participate. Axian is perfectly placed to benefit from global implementation of the Sunrise 2027 initiative, a measure aimed at transitioning traditional 1D barcodes to more advanced 2D barcodes by the end of 2027.

Axian 採用了專利的矽基列印引擎，使用一次性印字頭技術，為客戶降低了約 30% 的總擁有成本，並帶來了其他環境效益。我們已經確定了一個以快速消費品為基礎、總價值約為 20 億美元的可尋址市場，Axian 非常適合參與其中。Axian 完全可以從「日出 2027」計畫的全球實施中受益，該計畫旨在到 2027 年底將傳統的一維條碼過渡到更先進的二維條碼。

This shift is driven by the need to support supply chains that are becoming increasingly more complex and demanding and will enable higher levels of traceability, data capacity and improved customer engagement. The standard barcode has about 20 characters of information, whereas the 2D barcodes can hold thousands of characters, allowing manufacturers to include detailed product data such as expiration dates, batch numbers and other crucial and essential information used for traceability and compliance.

這種轉變是由支援日益複雜和苛刻的供應鏈的需求所驅動，並將實現更高水準的可追溯性、資料容量和更好的客戶參與度。標準條碼包含大約 20 個字符的信息，而二維條碼可以容納數千個字符，允許製造商包含詳細的產品數據，例如有效期、批號以及用於可追溯性和合規性的其他重要信息。

Axian's competitive advantage is its ability to print regular barcodes and 2D barcodes at production speeds. An even greater advantage is that the existing open flow systems that are used today tend to result in ink drying and nozzles clogging, thereby requiring lines to be shut down for repair and maintenance. But with Axian its printhead is disposable. Rather than shutting down lines, all that needs to be done is replacing the printhead in minutes.

Axian 的競爭優勢在於其能夠以生產速度列印常規條碼和二維條碼。更大的優勢在於，目前使用的現有明流系統容易導致墨水乾燥和噴嘴堵塞，從而需要關閉生產線進行維修和保養。但 Axian 的印字頭是一次性的。無需關閉生產線，只需在幾分鐘內更換列印頭即可。

Additionally, the product has embedded technology that requires the use of Matthews ink, which offers an attractive margin opportunity for us. Both of these features of Axian create high-margin recurring revenue streams as more product is rolled out. We'll continue to share updates on our progress as we approach the launch date.

此外，該產品嵌入了需要使用 Matthews 墨水的技術，這為我們提供了頗具吸引力的利潤機會。隨著更多產品的推出，Axian 的這兩項功能都會創造高利潤的經常性收入流。隨著發布日期的臨近，我們將繼續分享最新進展。

Let's now move on to engineering, the final piece of our Industrial Technologies business. Over the last 1.5 years, our expertise in leveraging our market-leading calendering process to produce dry battery electrodes or DBE, has been challenged by Tesla. As we have discussed before, we have built an extensive and highly valuable portfolio of intellectual property and know-how related to the DBE offering.

現在讓我們來談談工程，這是我們工業技術業務的最後一部分。在過去的一年半里，我們利用市場領先的壓延製程生產乾電池電極或DBE的專業知識受到了特斯拉的挑戰。正如我們之前所討論的，我們已經建立了與 DBE 產品相關的廣泛且極具價值的智慧財產權和專有技術組合。

In February, we received a positive ruling from an arbitrator that reaffirmed our proven history in the space and provided absolute clarity regarding our right to sell DBE solutions. We have established our right that is no longer subject to dispute. Tesla recently filed a motion in the US District Court for the Northern District of California seeking to vacate the favorable ruling obtained by Matthews in the confidential arbitration.

今年 2 月，我們收到了仲裁員的積極裁決，該裁決再次肯定了我們在該領域的卓越成就，並明確了我們銷售 DBE 解決方案的權利。我們已經確立了我們的權利，不再受到爭議。特斯拉最近向美國加州北區地方法院提交動議，尋求撤銷馬修斯在保密仲裁中獲得的有利裁決。

Here's what you should know. The recent filing is further evidence of the value of the technology and strength of the order that we received in February. The likelihood of a judge overturning the order of an arbitrator in a proceeding mandated by Tesla's own contract is highly unlikely. Why is Tesla looking to overturn the order? Because it clearly states that the core proprietary intellectual property is owned by Matthews and is rooted in its advanced rotary processing and calendaring technology.

以下是您應該了解的內容。最近的申請進一步證明了該技術的價值以及我們二月收到的訂單的力度。在特斯拉自身合約規定的程序中，法官推翻仲裁員命令的可能性極小。特斯拉為何要推翻該命令？因為它明確指出，核心自主智慧財產權歸馬修斯所有，並植根於其先進的旋轉加工和壓延技術。

Matthews has been developing a next-generation rotary processing and calendaring equipment for over 2 decades. The company is widely recognized as a leader in calendaring technology. As early as 2007, Matthews made strategic investments in this technology to support its packaging business. Recognizing the unique capabilities of its calendaring systems, Matthews later continued to innovate and diversify its applications to explore alternative uses, including DBE.

二十多年來，馬修斯一直致力於開發下一代旋轉加工和壓延設備。該公司被廣泛認為是壓延技術領域的領導者。早在2007年，Matthews就對該技術進行了戰略投資，以支持其包裝業務。在認識到日曆系統的獨特功能後，Matthews 後來繼續創新和多樣化其應用，探索包括 DBE 在內的其他用途。

Our well-established reputation in advanced rotary processing and calendaring has attracted interest from global battery manufacturers, EV manufacturers, emerging solid-state battery players and technology leaders seeking innovative solutions for DBE. The continued stream of baseless lawsuits filed by Tesla only serves to underscore the strength and the value of Matthews' proprietary technology.

我們在先進的旋轉加工和壓延技術方面的良好聲譽吸引了全球電池製造商、電動車製造商、新興固態電池廠商以及尋求 DBE 創新解決方案的技術領導者的興趣。特斯拉持續發起的毫無根據的訴訟只能凸顯馬修斯專有技術的優點和價值。

Market interest in our solutions continue to grow as we have an increasing number of opportunities, highlighted by several in the United States -- US -- in the US driven by the localization of supply chains and the production of battery components.

隨著我們擁有越來越多的機會，市場對我們解決方案的興趣也不斷增長，其中最突出的是在美國——美國——​​受到供應鏈本地化和電池組件生產的推動。

Our pipeline now consists of over $150 million in quotes with one recently converted to our first production line order for a leading player in solid-state battery production. We are also -- we also are working on a significant order for a US customer for a battery separator coating line, a significant part of our overall energy business. The coating line operates at up to 2 times the speed of competitive lines, further increasing productivity in the highly competitive battery space.

我們的管道目前包括超過 1.5 億美元的報價，其中一個最近轉換為我們為固態電池生產領先企業提供的第一條生產線訂單。我們也正在為一位美國客戶簽訂一份重要的電池隔膜塗層生產線訂單，這是我們整體能源業務的重要組成部分。該塗層生產線的運行速度是競爭生產線的兩倍，進一步提高了競爭激烈的電池領域的生產率。

We recognize the fact that others are trying to enter the DBE calendering market, but Matthews possesses both the leading technology and the fastest lines, and we own patents on some of the most important parts of the technology that facilitates productivity. We will continue to focus on innovation and maintaining our competitive advantage in this important market.

我們認識到其他人正在試圖進入 DBE 壓延市場，但 Matthews 擁有領先的技術和最快的生產線，並且我們擁有一些有助於提高生產力的最重要技術的專利。我們將繼續專注於創新並保持我們在這個重要市場的競爭優勢。

As for our balance sheet, our debt position decreased during the quarter as we applied proceeds from the SGK transaction to our revolver. We expect our debt position to decrease further by 2025. As we look to our full year results, when we consider our 40% interest in Propelis, we expect our adjusted EBITDA guidance to remain unchanged and to be at least $190 million. Again, note that we will have lost 60% of the remaining 5 months of SGK earnings.

至於我們的資產負債表，由於我們將 SGK 交易的收益用於我們的循環信貸，我們的債務狀況在本季有所下降。我們預計到 2025 年我們的債務狀況將進一步下降。當我們展望全年業績時，考慮到我們在 Propelis 的 40% 權益，我們預計調整後的 EBITDA 指引將保持不變，至少為 1.9 億美元。再次注意，我們將損失剩餘 5 個月 SGK 收益的 60%。

Now I'll turn it over to Steve for a discussion on the quarter's financial results.

現在我將把話題交給史蒂夫來討論本季的財務表現。

Thank you, Joe. Before starting the financial review, let's discuss the financial reporting with respect to SGK. As you're aware, the divestiture of SGK closed on May 1, 2025, and as such, our consolidated financial information reflects the financial results of the SGK business through the closing date.

謝謝喬。在開始財務審查之前，我們先討論一下SGK的財務報告。如您所知，SGK 的剝離於 2025 年 5 月 1 日完成，因此，我們的合併財務資訊反映了截至剝離日期的 SGK 業務的財務表現。

As part of this transaction, the company received a 40% ownership interest in the newly formed entity, Propelis Group. Please note that as a result of the integration process of Propelis and transition to its own stand-alone reporting systems, our 40% portion of the financial results of Propelis will be reported on a one quarter lag.

作為交易的一部分，該公司獲得了新成立的實體 Propelis Group 40% 的所有權。請注意，由於 Propelis 的整合過程以及向其獨立報告系統的過渡，我們 40% 的 Propelis 財務結果份額將滯後一個季度報告。

As a result, except as otherwise noted, the consolidated financial information presented in the earnings release yesterday and discussed today does not include our 40% interest in the financial results of Propelis for the 2 months ended June 30, 2025. Similarly, our quarterly report on Form 10-Q will not reflect the results of Propelis.

因此，除非另有說明，昨天收益報告中提供並今天討論的合併財務資訊不包括我們在截至 2025 年 6 月 30 日的兩個月內對 Propelis 財務業績的 40% 的權益。同樣，我們的 10-Q 表格季度報告也不會反映 Propelis 的結果。

Now let's begin the financial review with Slide 7. For the fiscal 2025 third quarter, the company reported net income of $15.4 million or $0.49 per share compared to net income of $1.8 million or $0.06 per share a year ago. The increase primarily reflected a gain on the divestiture of the SGK business, which was partially offset by higher income taxes and interest expense. The increase in income tax expense primarily reflected the impact of favorable tax benefits discrete to last year that did not repeat in the current year.

現在讓我們從投影片 7 開始財務回顧。2025 財年第三季度，該公司報告淨收入為 1,540 萬美元，即每股 0.49 美元，而去年同期淨收入為 180 萬美元，即每股 0.06 美元。這一增長主要反映了SGK業務剝離的收益，但被更高的所得稅和利息支出部分抵消。所得稅費用的增加主要反映了去年特有的優惠稅優惠的影響，而本年並未重複這些優惠。

Consolidated sales for the fiscal 2025 third quarter were $349 million compared to $428 million a year ago. The decrease primarily reflected the divestiture of SGK on May 1, 2025. The consolidated sales impact of the SGK divestiture was $80.2 million for the current quarter. Sales for the Industrial Technologies segment were lower for the quarter, offset partially by higher sales for the Memorialization segment. SGK also reported sales growth for the current quarter prior to its divestiture.

2025 財年第三季的綜合銷售額為 3.49 億美元，去年同期為 4.28 億美元。下降主要反映了 2025 年 5 月 1 日 SGK 的剝離。SGK 資產剝離對本季綜合銷售額的影響為 8,020 萬美元。本季工業技術部門的銷售額較低，但紀念部門的銷售額上升部分抵消了這一影響。SGK 還報告稱，在剝離業務之前，本季的銷售額實現了成長。

Consolidated adjusted EBITDA for the fiscal 2025 third quarter was $44.6 million compared to $44.7 million a year ago. Despite the divestiture of SGK, consolidated adjusted EBITDA remained relatively steady year-over-year as a result of increases in the Industrial Technologies and Memorialization segment and lower corporate and other nonoperating costs.

2025 財年第三季的綜合調整後 EBITDA 為 4,460 萬美元，而去年同期為 4,470 萬美元。儘管剝離了 SGK，但由於工業技術和紀念部門的成長以及公司和其他非營運成本的降低，合併調整後的 EBITDA 比去年同期保持相對穩定。

On a non-GAAP adjusted basis, net income attributable to the company for the current quarter was $9.2 million or $0.28 per share compared to $17.3 million or $0.56 per share last year. The decline primarily reflected the impact of higher interest expense and income taxes for the current quarter as adjusted EBITDA was relatively consistent.

以非 GAAP 調整後計算，本季公司淨利為 920 萬美元，即每股 0.28 美元，去年同期為 1,730 萬美元，即每股 0.56 美元。由於調整後的 EBITDA 相對穩定，這一下降主要反映了本季利息支出和所得稅增加的影響。

With respect to Propelis, based on preliminary financial projections that they provided to us, their current estimate of adjusted EBITDA for May and June 2025 was $16.8 million. Please note that these projections are unaudited and subject to review and, as a result, may change. Our 40% portion of this amount would be $6.7 million.

至於 Propelis，根據他們向我們提供的初步財務預測，他們目前對 2025 年 5 月和 6 月調整後 EBITDA 的估計為 1,680 萬美元。請注意，這些預測未經審計且需接受審查，因此可能會發生變化。我們應佔該金額的 40%，即 670 萬美元。

Accordingly, with the addition of our 40% interest in Propelis, the company's pro forma consolidated adjusted EBITDA for the fiscal 2025 third quarter would be $51.3 million compared to $44.7 million a year ago, representing an increase of 14.8%. Please see the reconciliations of adjusted EBITDA and non-GAAP adjusted earnings per share provided in our earnings release.

因此，加上我們在 Propelis 的 40% 權益，該公司 2025 財年第三季的預測合併調整後 EBITDA 將為 5,130 萬美元，而去年同期為 4,470 萬美元，增幅為 14.8%。請參閱我們的收益報告中提供的調整後 EBITDA 和非 GAAP 調整後每股收益的對帳。

Please move to Slide 8 to review our segment results. Sales for the Memorialization segment for the fiscal 2025 third quarter were $203.7 million compared to $202.7 million for the same quarter a year ago. Acquisitions, primarily The Dodge Company, contributed sales of approximately $6 million to the current quarter, which were offset partially by the disposition of the European cremation equipment business.

請移至投影片 8 查看我們的細分結果。2025 財年第三季紀念部門的銷售額為 2.037 億美元，而去年同期為 2.027 億美元。收購（主要是道奇公司）為本季度貢獻了約 600 萬美元的銷售額，但被歐洲火葬設備業務的處置部分抵消。

Sales volumes for cemetery memorials and caskets declined for the quarter compared to last year, primarily resulting from lower US casketed deaths, offset partially by inflationary price realization and higher mausoleum sales. Additionally, granite memorial sales a year ago had the favorable impact from working down backlog that accumulated during the pandemic. Cremation equipment sales also declined from a year ago.

本季墓地紀念品和棺材的銷售量與去年同期相比有所下降，主要原因是美國棺材死亡人數減少，但通貨膨脹的價格實現和陵墓銷售額增加部分抵消了這一影響。此外，由於疫情期間積壓的訂單減少，一年前花崗岩紀念品的銷售也受到了正面影響。火葬設備的銷售量也比一年前下降。

Memorialization segment adjusted EBITDA for the current quarter was $42.8 million compared to $38.7 million for the same quarter last year. The increase primarily resulted from the benefits of cost savings initiatives and price realization, offset partially by the impact of lower sales volumes and higher material costs. Acquisitions and the disposition of the unprofitable European cremation equipment business also contributed to the increase in segment's adjusted EBITDA.

紀念部門本季調整後的 EBITDA 為 4,280 萬美元，去年同期為 3,870 萬美元。成長主要源自於成本節約措施和價格實現帶來的好處，但部分抵銷了銷售量下降和材料成本上升的影響。收購和處置無利可圖的歐洲火葬設備業務也促進了該部門調整後 EBITDA 的成長。

Please move to Slide 9. Sales for the Industrial Technologies segment for the fiscal 2025 third quarter were $87.9 million compared to $91.7 million a year ago. The decline mainly resulted from lower sales for the segment's engineering business, offset partially by higher sales for the warehouse automation business. Lower engineering sales reflected declines for both the energy and coating and converting businesses.

請移至投影片 9。2025 財年第三季工業技術部門的銷售額為 8,790 萬美元，去年同期為 9,170 萬美元。下降的主要原因是該部門工程業務的銷售額下降，但被倉庫自動化業務的銷售成長部分抵銷。工程銷售額下降反映了能源和塗料及加工業務的下滑。

Order rates for warehouse automation improved during the quarter, reflecting continued recovery in this market. Sales for the Product Identification business were relatively unchanged compared to the same quarter a year ago. In addition, the shutdown of the R+S Automotive business, which was part of the OLBRICH acquisition in 2022, contributed to the segment's year-over-year sales decline.

本季倉庫自動化的訂單率有所提高，反映出該市場的持續復甦。與去年同期相比，產品識別業務的銷售額基本上沒有變化。此外，2022 年 OLBRICH 收購案中 R+S 汽車業務的關閉也導致該部門銷售額年減。

Changes in foreign currency rates had a favorable impact of $2.9 million on the segment's current quarter sales compared to a year ago. Adjusted EBITDA for the Industrial Technologies segment for the current quarter was $9 million compared to $4.2 million for the same quarter a year ago. The increase primarily reflected the benefits from the segment's cost reduction actions, which were initiated in our fiscal 2024 fourth quarter. Additionally, the segment's adjusted EBITDA benefited from higher warehouse automation sales.

與去年同期相比，外匯匯率的變化對該部門本季的銷售額產生了 290 萬美元的有利影響。本季工業技術部門的調整後 EBITDA 為 900 萬美元，去年同期為 420 萬美元。這一成長主要反映了該部門於 2024 財年第四季啟動的成本削減行動帶來的好處。此外，該部門的調整後 EBITDA 受益於倉庫自動化銷售額的增加。

Please move to Slide 10. Sales for the Brand Solutions segment were $57.7 million for the quarter ended June 30, 2025, compared to $133.4 million a year ago. The decrease resulted from the divestiture of the SGK business, which excluded the European packaging business on May 1, 2025. The consolidated sales impact of the SGK divestiture was $80.2 million for the current quarter.

請移至投影片 10。截至 2025 年 6 月 30 日的季度，品牌解決方案部門的銷售額為 5,770 萬美元，而去年同期為 1.334 億美元。下降是由於SGK業務的剝離，該業務於2025年5月1日不包括歐洲包裝業務。SGK 資產剝離對本季綜合銷售額的影響為 8,020 萬美元。

Prior to the divestiture, sales were higher than a year ago, principally reflecting a combination of organic growth and favorable currency impacts. Adjusted EBITDA for the SGK Brand Solutions segment was $5 million for the current quarter compared to $16.1 million a year ago. Excluding the impact of the divestiture, adjusted EBITDA was relatively consistent with last year.

在剝離之前，銷售額高於一年前，主要反映了有機成長和有利的貨幣影響。SGK 品牌解決方案部門本季調整後 EBITDA 為 500 萬美元，去年同期為 1,610 萬美元。排除資產剝離的影響，調整後的 EBITDA 與去年基本一致。

Please move to Slide 11. Cash flow used in operating activities for the fiscal 2025 third quarter was $15.2 million compared to cash provided by operating activities of $13.5 million a year ago. Costs in connection with the SGK transaction and our restructuring actions were significant factors in the change from a year ago. Additionally, legal costs and working capital impacts from the ongoing dispute with Tesla unfavorably impacted operating cash flow.

請移至投影片 11。2025 財年第三季經營活動所用現金流為 1,520 萬美元，而去年同期經營活動提供的現金為 1,350 萬美元。與 SGK 交易相關的成本以及我們的重組行動是導致一年前發生這項變化的重要因素。此外，與特斯拉持續的糾紛產生的法律成本和營運資金影響對營運現金流產生了不利影響。

Year-to-date, cash used in operating activities was $33.9 million for the current year compared with cash provided by operating activities of $43.3 million last year. Outstanding debt was $702 million at June 30, 2025, representing a reduction of $120 million during the current quarter. The reduction reflected net proceeds from the SGK divestiture, offset partially by the acquisition of The Dodge Company, settlement of currency hedges in connection with SGK-related assets and transaction-related costs.

年初至今，本年度經營活動所用現金為 3,390 萬美元，而去年經營活動提供的現金為 4,330 萬美元。截至 2025 年 6 月 30 日，未償還債務為 7.02 億美元，本季減少 1.2 億美元。這一減少反映了SGK資產剝離的淨收益，但被收購道奇公司、與SGK相關資產相關的貨幣對沖結算以及交易相關成本部分抵銷。

Based on our current operating cash flow projections and the potential sale of our European packaging business, we expect further debt reduction in the fiscal 2025 fourth quarter. For the fiscal 2025 third quarter, the company purchased approximately 386,000 shares under its stock repurchase program at an average cost of $19.96 per share. Year-to-date repurchases totaled approximately 562,000 shares.

根據我們目前的營運現金流預測和歐洲包裝業務的潛在出售，我們預計 2025 財年第四季債務將進一步減少。2025 財年第三季度，該公司根據股票回購計畫回購了約 386,000 股，平均成本為每股 19.96 美元。年初至今回購總量約 562,000 股。

As I referenced earlier, we initiated cost reduction programs in the fourth quarter last year that spanned several of our business units and corporate functions. We initially projected annual consolidated savings from these programs to be up to $50 million. We are currently on track to exceed this projection.

正如我之前提到的，我們在去年第四季度啟動了涉及我們多個業務部門和公司職能部門的成本削減計劃。我們最初預計這些項目每年可節省高達 5,000 萬美元。目前我們有望超越這項預測。

The most significant portions of the savings are targeted from our engineering and tooling operations in Europe and our general and administrative costs. As I noted earlier, we have begun to realize these savings as indicated through the improved adjusted EBITDA margins for our Industrial Technologies segment and lower corporate and other nonoperating costs. Current quarter adjusted EBITDA margin for the Industrial Technologies segment was 10.3% compared to 4.6% a year ago, and our corporate and other nonoperating costs declined 13.6%.

節省的最大部分來自我們在歐洲的工程和工具業務以及我們的一般和行政成本。正如我之前提到的，我們已經開始實現這些節省，這體現在我們工業技術部門調整後 EBITDA 利潤率的提高以及公司和其他非營運成本的降低。本季工業技術部門調整後的 EBITDA 利潤率為 10.3%，而去年同期為 4.6%，我們的公司和其他非營業成本下降了 13.6%。

Lastly, based on our results through June 30, 2025, and our fourth quarter projections, we are maintaining our previous earnings guidance of adjusted EBITDA of at least $190 million for fiscal 2025, which includes our estimated 40% share of Propelis adjusted EBITDA from May 1, 2025, through September 30, 2025.

最後，根據截至 2025 年 6 月 30 日的業績以及我們第四季度的預測，我們維持先前的獲利預測，即 2025 財年的調整後 EBITDA 至少為 1.9 億美元，其中包括我們估計的 2025 年 5 月 1 日至 2025 年 9 月 30 日 9 月 30 日 13% 的 436 月 9 月 30 日。

Please note that this projection maintains our original guidance as provided in November 2024, adjusted only for the SGK divestiture and 40% interest in Propelis. Finally, the Board declared last week a quarterly dividend of $0.25 per share on the company's common stock. The dividend is payable August 25, 2025 to stockholders of record August 11, 2025.

請注意，該預測維持了我們在 2024 年 11 月提供的原始指導，僅針對 SGK 資產剝離和 Propelis 40% 的權益進行了調整。最後，董事會上週宣佈公司普通股季度股息為每股 0.25 美元。股利將於 2025 年 8 月 25 日支付給 2025 年 8 月 11 日登記在冊的股東。

This concludes the financial review, and we will now open the call to any questions. Stephanie?

財務審查到此結束，我們現在將開始回答任何問題。史蒂芬妮？

(Operator Instructions)

（操作員指示）

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Hi, good morning. It's Peter Lucas for Dan. Starting with the Dodge Company, I think you had said sales of $6 million and a goal of $12 million EBITDA. What was the EBITDA contribution this quarter? And what are you looking for in terms of sales and EBITDA in Q4?

嗨，早安。丹是彼得·盧卡斯 (Peter Lucas)。從道奇公司開始，我想您說過銷售額為 600 萬美元，EBITDA 目標是 1200 萬美元。本季的 EBITDA 貢獻是多少？您對第四季的銷售額和 EBITDA 有何期待？

Okay, Peter. So with respect to the Dodge Company acquisition, so for this quarter, the EBITDA contribution was approximately $1 million on the $6 million sales number. If you recall, when we announced the acquisition, we had talked about the current run rate for the Dodge Company being in the $6 million range. So it was pretty much consistent with that estimate. And right now, similar run rate into the fourth quarter.

好的，彼得。就道奇公司的收購而言，本季度，EBITDA 貢獻約為 100 萬美元，銷售額為 600 萬美元。如果你還記得的話，當我們宣布收購時，我們曾談到道奇公司的當前運行率在 600 萬美元左右。因此，這與該估計基本一致。現在，第四季的運行率也類似。

Helpful. Thanks. And then on the industrial side, performed well. Revenue is still down a bit, but closer to flat year-over-year. What was energy storage-related revenue for the quarter? And what was it in fiscal Q3 last year? Same question for warehouse automation. Really just trying to see where did you see declines? And what are the key areas where you can offset those declines with growth?

很有幫助。謝謝。然後在工業方面，表現良好。收入仍然略有下降，但與去年同期相比基本持平。本季能源儲存相關收入是多少？去年第三財季的情況如何？對於倉庫自動化，同樣的問題。真的只是想看看你在哪裡看到了下降？那麼，哪些關鍵領域可以透過成長來抵銷下滑呢？

So Peter, yes, so without providing the numbers, our sales in the energy business and the total engineering business were down from a year ago. And as I mentioned earlier, it's related to the ongoing issues that we've had that Joe discussed before as well as what we talked about in the press release. So -- but those reductions were mitigated by nice improvement in our -- partially mitigated, I should say, by nice improvements in our warehouse automation business.

彼得，是的，即使不提供數字，我們的能源業務和整個工程業務的銷售額也比一年前有所下降。正如我之前提到的，這與喬之前討論過的我們正在經歷的問題以及我們在新聞稿中談到的內容有關。所以 — — 但這些減少被我們的良好改進所抵消 — — 我應該說，部分被我們的倉庫自動化業務的良好改進所抵消。

Helpful, thanks. I'll jump back in the queue.

有幫助，謝謝。我會重新回到隊列中。

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

The new printhead business and the warehouse automation business. It seems like both are really focused on velocity of goods through warehouses and production facilities. I just want to understand how much synergy you guys see over the next, call it, three to five years.

新的列印頭業務和倉庫自動化業務。似乎兩者都非常注重貨物通過倉庫和生產設施的速度。我只是想了解你們在未來三到五年內看到了多少協同效應。

Colin, hold on just a second. We just -- I don't think we caught the early part of that call -- early part of that question.

科林，等一下。我們只是——我不認為我們抓住了那個電話的早期部分——那個問題的早期部分。

Yes. Can we -- just want to hear what sort of synergies you guys are seeing between the new printhead business and the warehouse automation business. It seems like both are focused on improved velocity and accuracy through both warehouses and manufacturing. I just want to understand how much you guys see those two supporting each other over the next three to five years or so.

是的。我們能否—只是想聽聽你們在新的印表機頭業務和倉庫自動化業務之間看到了什麼樣的協同效應。似乎兩者都專注於透過倉庫和製造來提高速度和準確性。我只是想了解你們認為未來三到五年內這兩個人將在多大程度上相互支持。

Okay. Joe, are you connected?

好的。喬，你連線了嗎？

There I am. I thought I understood the question. And so let me kind of phrase it this way. At the end of the day, when you walk into an automated warehouse, aside from the fact that robotics will become more and more a part of an autonomous warehouse, product has still moved and will continue to be moved through conveyors for a long period of time.

我就在那兒。我以為我理解了這個問題。讓我這樣表述一下。最終，當您走進自動化倉庫時，除了機器人將越來越多地成為自主倉庫的一部分之外，產品仍然在移動，並將在很長一段時間內繼續透過傳送帶移動。

Those conveyors read barcodes as they move that along the process. So we think the connection between the warehouse -- automated warehouses and our new printhead where we currently don't operate in warehouses today is significant. So it's a great question, and we look forward to talking more about that as we start to roll it out.

這些傳送帶在移動過程中會讀取條碼。因此，我們認為倉庫——自動化倉庫和我們目前不在倉庫中操作的新列印頭之間的聯繫非常重要。這是一個很好的問題，我們期待在開始推出時對此進行更多討論。

And then the second question is really around potential incremental acquisitions. Obviously, you guys have a long history of tuck-ins that are pretty effective. But given kind of the early days of automation and the push towards faster delivery times and e-commerce still being relatively nascent despite the concept being around for a fair amount of time, there is a lot of technology that's been developed in kind of early stage.

第二個問題其實是關於潛在的增量收購。顯然，你們長期以來一直採用非常有效的塞入法。但考慮到自動化還處於早期階段，對更快交貨時間的追求以及電子商務仍然處於相對新興階段，儘管這一概念已經存在了相當長一段時間，但仍有許多技術處於早期開發階段。

I'm just curious about how you guys are approaching some augmentation for that automation business and opportunities for you guys to accelerate some of the growth there?

我只是好奇你們如何實現自動化業務的增強以及你們如何加速那裡的成長？

Another good question. So one of the things that we're really focused on, obviously, we're laser-focused on getting our debt positions reduced. So that will be our primary focus. However, there are other ways to participate in the start-up situations. And one of the most particular ones that we're interested in is embedding our software into driving the automated warehouse and the autonomous robots that are associated with that.

另一個好問題。因此，我們真正關注的事情之一顯然是集中精力減少我們的債務狀況。所以這將是我們關注的重點。然而，還有其他方式可以參與新創企業。我們最感興趣的一個具體領域是將我們的軟體嵌入到自動化倉庫和與之相關的自主機器人的驅動中。

Last quarter, we announced a partnership with the Teradyne folks embedding our software into managing the robots. We have several other start-up kind of situations like that, where our software is being embedded into the hardware to be able to drive that. So although we may not be looking necessarily for any significant investment in acquisitions in these start-up spaces, we are playing in a different way because at the end of the day, software drives a robot.

上個季度，我們宣布與 Teradyne 公司合作，將我們的軟體嵌入到機器人管理中。我們還有其他幾種類似的新創情況，我們的軟體被嵌入到硬體中，以便能夠驅動硬體。因此，儘管我們可能不一定在這些新創領域尋求任何重大的投資收購，但我們正在以不同的方式運作，因為歸根結底，軟體驅動機器人。

Excellent. Thanks so much guys.

出色的。非常感謝大家。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley 證券。

Thank you. Good morning, Joe. Good morning, Steve.

謝謝。早安，喬。早安，史蒂夫。

Good morning Liam.

早上好，利亞姆。

Joe, obviously, Tesla is still very anxious to -- the battery -- dry battery electrode is still an important part of their overall strategy. But are you sensing any change in urgency to develop this rival DBE platform to the existing battery processing?

喬，顯然，特斯拉仍然非常急切地想要電池——乾電池電極仍然是他們整體策略的重要組成部分。但是，您是否感覺到開發這個與現有電池處理競爭的 DBE 平台的緊迫性發生了變化？

We are seeing, obviously, there are participants around the world that are trying to develop solutions and no one has yet to develop a competitive solution as of yet. So right now, I would say there is a drive by many in the industry to reduce their costs. There are improvements in the wet process that are going on as well.

我們顯然看到，世界各地的參與者都在努力開發解決方案，但迄今為止還沒有人開發出具有競爭力的解決方案。因此，我想說，目前業內許多企業都在努力降低成本。濕式製程也不斷改進。

Ultimately, we believe, and I think some of the largest players believe that dry is the next stage of further cost reductions. So I think although the market has slowed, I would say, for EV and demand, the desire to continue to lower the cost hasn't changed, Liam. So we think this is still an opportunity for years to come.

最終，我們相信，而且我認為一些最大的參與者也認為乾法是進一步降低成本的下一階段。因此，我認為，儘管市場已經放緩，但對於電動車和需求而言，繼續降低成本的願望並沒有改變，利亞姆。因此我們認為這在未來幾年仍然是一個機會。

Super. And I'm sure I heard this right, but you said you did land a production size systems order on the DBE process.

極好的。我確信我沒聽錯，但您說您確實在 DBE 流程上獲得了生產規模的系統訂單。

We landed a smaller one for a solid-state player. Yes, we have. And we also are in the midst of proving out our coating line system, which is another piece of equipment that is highly specialized into what's called battery separator coatings that goes between the anode and cathodes. Our machine operates at twice the speed of current competitors. So as we demonstrate that in the marketplace, we think more and more will come our way.

我們為固態播放器找到了一個較小的。是的，我們有。我們也正在驗證我們的塗層線系統，這是另一種高度專業化的設備，用於陽極和陰極之間的電池隔膜塗層。我們的機器運轉速度是目前競爭對手的兩倍。因此，當我們在市場上證明這一點時，我們相信我們會獲得越來越多的回報。

Okay. And then just very quickly, on the legacy product identification business, is it just a quarterly lag? Or is there anything else going on there?

好的。那麼，就傳統產品識別業務而言，這是否僅僅是一個季度的滯後？或者那裡還有其他事情發生嗎？

We had a pretty good quarter in product identification. I wouldn't say that there was anything significant there. We're ramping up as we speak with the launch of our Axian product. So we'll have some costs associated with that as we move into next quarter. But product identification continues to move forward.

我們在產品識別方面本季表現相當不錯。我不會說那裡有什麼重要的東西。隨著 Axian 產品的推出，我們正在加緊努力。因此，進入下個季度時我們將會產生一些與此相關的成本。但產品識別仍在繼續前進。

And I would say that we've had some challenges, frankly, as tariffs have forced us to source elsewhere as well as some supplier issues that have slowed us down with the launch of other solutions that we put out in the marketplace. But I think that's just a temporary little glitch that we move forward. The product identification business is well positioned to have a pretty strong year.

坦白說，我們遇到了一些挑戰，因為關稅迫使我們從其他地方採購，同時一些供應商問題也減慢了我們在市場上推出其他解決方案的速度。但我認為這只是我們前進過程中的一個暫時的小故障。產品識別業務已做好準備，今年將表現相當強勁。

Great. Thanks Joe.

偉大的。謝謝喬。

Justin Bergner, Gabelli Funds.

賈斯汀·伯格納，Gabelli 基金。

Good morning, Joe. Good morning, Steve.

早安，喬。早安，史蒂夫。

Hello there Justin.

你好，賈斯汀。

Good morning.

早安.

Nice quarter. I had a few clarification questions. To start, has the rotogravure sale closed?

不錯的季度。我有幾個需要澄清的問題。首先，輪轉凹版印刷銷售結束了嗎？

It has not, Justin. We expect that to close before September 30. We have -- that is in the works as we speak. That should generate a little over $30 million of net cash and closer to $40 million-some of consideration.

事實並非如此，賈斯汀。我們預計該交易將在 9 月 30 日之前完成。我們已經—我們正在進行這項工作。這應該會產生略高於 3,000 萬美元的淨現金，甚至接近 4,000 萬美元（部分為對價）。

Okay. And what's the delta between the net cash and the consideration?

好的。淨現金和對價之間的差額是多少？

There are some long-term liabilities that they will assume like pensions, and we're going to have to carry a bit of a note on one of the pieces of the business we're selling of about $5 million.

他們會承擔一些長期債務，例如退休金，我們必須對我們出售的其中一項業務承擔約 500 萬美元的利息。

Okay. All right. And then the European packaging sale that's contemplated, what are the metric -- can you provide any metrics around how large that business is?

好的。好的。那麼，所考慮的歐洲包裝銷售的指標是什麼——您能提供任何有關該業務規模的指標嗎？

Steve, can you give us that one?

史蒂夫，你能給我們那個嗎？

Yeah, Justin, that's about a $50 million, $60 million annual revenue run rate. And today, that EBITDA is relatively -- the last 12 months has been relatively breakeven operation.

是的，賈斯汀，這大約是每年 5000 萬美元到 6000 萬美元的收入運行率。如今，EBITDA 相對而言——過去 12 個月一直保持收支平衡。

Okay. That's helpful. But I assume you're still hoping to net something positive there.

好的。這很有幫助。但我想你仍然希望在那裡獲得一些積極的結果。

Well, that is the business we're selling, Justin, just so you know. I mean the European packaging business is the rotogravure business.

嗯，這就是我們要出售的業務，賈斯汀，你知道的。我的意思是歐洲的包裝業務就是輪轉凹版印刷業務。

Okay. Got you. Got you. I was just confused.

好的。明白了。明白了。我只是感到困惑。

I want to make sure I can tell by your question, you had a little confusion there.

我想確保我可以透過你的問題看出你有點困惑。

Okay. That's helpful. And then just on the debt bridge, what were the -- could you just provide any indication? I see the $228 million sale proceeds. Just what was the leakage on the transaction costs and, I guess, had derivative settlements?

好的。這很有幫助。那麼，就債務橋而言，您能提供任何跡象嗎？我看到了 2.28 億美元的銷售收益。交易成本的洩漏到底是什麼？我猜，有衍生性商品結算嗎？

Sure. So yes, let me walk through that. So the $228 million is primarily driven by cash that was embedded in subsidiaries, call it, trapped cash embedded in subsidiaries that went with the business, in addition, by the way, to some pension obligations that were assumed by the business. So that's the reason -- the primary reason for the number of $228 million versus the $250 million. The currency hedge amount is in the $35 million to $40 million range. And then the Dodge Company acquisition price was close to $60 million.

當然。是的，讓我來解釋一下。因此，這 2.28 億美元主要是由嵌入子公司的現金驅動的，也可以稱之為嵌入子公司的受困現金，這些現金隨業務而來，此外，順便提一下，還有一些由業務承擔的退休金義務。這就是原因——2.28 億美元與 2.5 億美元的主要原因。貨幣對沖金額在 3500 萬美元至 4000 萬美元之間。而當時道奇公司的收購價格接近6,000萬美元。

Okay. And then there was a small delta for transaction costs.

好的。然後交易成本出現了一個小小的差異。

Yes, there are. And then -- yes, there are. And that's ultimately what gets you to the $120 million of debt reduction -- gross debt reduction for the quarter.

是的，有。然後——是的，有。這最終將使你實現 1.2 億美元的債務削減——本季的總債務削減。

Okay. That's very helpful. Just to clarify and make sure. So when you reiterate your $190 million of adjusted EBITDA, that includes not the lagged Propelis, but your estimated number for these two months for the quarter just finished and then for the September quarter for your equity income portion?

好的。這非常有幫助。只是為了澄清和確認。因此，當您重申 1.9 億美元的調整後 EBITDA 時，其中不包括滯後的 Propelis，而是包括剛結束的這個季度這兩個月的估計數字，以及 9 月份季度的股權收益部分？

That is correct.

沒錯。

Okay. Got you. And then just bigger picture. With respect to Tesla, has there been anything new in the legal front in the last couple of months? Or what the action we were referring to was in the spring?

好的。明白了。然後就是更大的圖景。關於特斯拉，過去幾個月在法律上有什麼新進展嗎？或者我們所指的春季行動是什麼？

No, no. I mean it was this spring, they did file two additional suits, one seeking to overturn the ruling that we received, Justin, which is quite interesting since the contract that they provided to us required arbitration. They just don't like the outcome. So that is one that they filed for those of you that are following that. And secondly, they're looking to try to reverse a patent that we have. Again, a very, very, very long shot effort, but it gives further evidence of the value of what we have.

不，不。我的意思是今年春天，他們確實提起了另外兩起訴訟，其中一起試圖推翻我們收到的裁決，賈斯汀，這很有趣，因為他們提供給我們的合約需要仲裁。他們只是不喜歡這個結果。這就是他們為關注此事的各位提交的文件。其次，他們正試圖撤銷我們擁有的一項專利。再次，這是一次非常非常遙遠的努力，但它進一步證明了我們所擁有的價值。

Okay. But those initiatives were not in the last couple of weeks. Those were kind of --

好的。但這些舉措並非是最近幾週才採取的。那些有點--

No, no, no. Yeah.

不，不，不。是的。

Okay. Got you. And then just a bigger picture, the $150 million of interest in your energy storage business, what type of time frame could these convert around? And are you still delivering some backlog to Tesla for your energy storage business as we speak?

好的。明白了。然後從更大的角度來看，您的能源儲存業務中的 1.5 億美元利息可以在什麼樣的時間範圍內轉換？現在，您是否仍在向特斯拉交付一些儲能業務的積壓訂單？

We're delivering some, but not a lot. For the most part, that has slowed. Their demand is slowed and they have slowed with that. With regard to the backlog, the order that we received for the solid-state manufacturer, we would expect that to be starting to realize here in the coming weeks, months at the most.

我們正在交付一些，但不是很多。總體而言，這一成長速度已經放緩。他們的需求放緩了，他們也隨之放慢了。關於積壓訂單，也就是我們收到的固態製造商的訂單，我們預計在未來幾週、幾個月內開始實現。

We have a fairly significant order we're working on here in North America for the battery coating line. That is closer to $50 million, and that is looking to somewhere in the next 60 to 90 days at most. We're improving now at this point in time.

我們在北美有一個相當重要的電池塗層生產線訂單。這接近 5000 萬美元，預計最多在未來 60 到 90 天內到位。目前我們正在不斷進步。

Next 60 to 90 days when you'd recognize it as an order?

接下來的 60 到 90 天您何時會識別為訂單？

No, and we will have received the order. Right now, that order is -- we are still in the testing phases. The processes for these as many of these companies that we're dealing with haven't produced anything yet. So this one in particular has a fairly significant support by the US government. So they have the funding and they're proving out their processes. We are a critical part of that process. And as they test our equipment and test our solution, that's when we expect to have that order.

不，我們會收到訂單。目前，該命令是——我們仍處於測試階段。我們正在與之打交道的許多公司的流程尚未產生任何產品。因此，這一點尤其得到了美國政府的大力支持。所以他們有資金並且正在證明他們的流程。我們是這一進程中至關重要的一部分。當他們測試我們的設備和解決方案時，我們預計會收到訂單。

Okay, thank you for taking all of my questions. I very much appreciate it.

好的，感謝您回答我的所有問題。我非常感激。

No problem.

沒問題。

Thank you. This does conclude our Q&A session today. I'd like to now turn the conference over to Steve Nicola for closing remarks.

謝謝。今天的問答環節到此結束。現在我想將會議交給史蒂夫·尼古拉來做閉幕發言。

Thank you, Stephanie, and thanks to everyone on the call, and we look forward to our fourth quarter earnings release and conference call in November 2025. Thank you again and have a great day.

謝謝你，史蒂芬妮，也感謝電話會議中的每個人，我們期待 2025 年 11 月發布第四季度收益並召開電話會議。再次感謝您並祝您有愉快的一天。

Thank you, ladies and gentlemen. This does conclude today's presentation. You may now disconnect.

謝謝各位，女士們、先生們。今天的演講到此結束。您現在可以斷開連線。