Matthews International Corp (MATW) 2025 Q4 法說會逐字稿

Hello, and welcome, everyone, joining today's Matthews International fourth-quarter and year-end fiscal 2025 financial results. (Operator Instructions) Please note, this call is being recorded. (Operator Instructions) It is now my pleasure to turn the meeting over to Chief Financial Officer, Steve Nicola. Please go ahead.

大家好，歡迎大家參加今天馬修斯國際公司2025財年第四季及全年財務表現發表會。（操作員指示）請注意，本次通話正在錄音。（操作說明）現在我很高興將會議交給財務長史蒂夫·尼古拉。請繼續。

Thank you, Nikki, 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 incoming Chief Financial Officer, beginning December 1. 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 last night. The presentation for our call can also be accessed in the Investors section of the website under Presentations.

謝謝你，妮基，早安。我是史蒂夫‧尼古拉，馬修斯公司的財務長。今天和我在一起的還有我們公司的總裁兼執行長喬·巴托拉奇，以及即將於 12 月 1 日上任的財務長丹·斯托帕。在開始之前，我想提醒各位，我們的收益報告已在昨晚發佈在公司網站 www.matw.com 的投資者關係欄位中。您也可以在網站「投資人關係」部分的「簡報」欄位下查看本次電話會議的簡報。

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.

與本次討論相關的任何前瞻性陳述均符合 1995 年《私人證券訴訟改革法案》的安全港條款。可能導致公司業績與今天討論的業績不同的因素，已在公司提交的 10-K 表格年度報告和其他向美國證券交易委員會提交的公開文件中列出。

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. 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.

此外，我們將討論非GAAP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。有關任何前瞻性陳述和非GAAP財務信息，請閱讀我們網站上今天發布的演示材料中包含的免責聲明。現在我把電話交給喬。

Thank you, Steve. Good morning. Thanks for joining us today to discuss the financial results for Matthews fiscal 2025 fourth-quarter and 2025 year-end. Before sharing our solid results for the fourth-quarter, I want to take a step back on our strategic progress. Earlier this year, we laid out several objectives: simplify our corporate structure, expand our work with -- in higher growth and higher-margin businesses and reduce our costs.

謝謝你，史蒂夫。早安.感謝您今天與我們一起討論 Matthews 2025 財年第四季和 2025 年全年的財務表現。在分享我們第四季穩健的業績之前，我想先回顧一下我們的策略進展。今年早些時候，我們制定了幾個目標：簡化公司架構，擴大與高成長、高利潤企業的合作，並降低成本。

I am proud to say that we have taken decisive actions throughout the year to deliver against each of those goals. I would like to spend a few minutes elaborating on our progress across each of these buckets.

我很自豪地說，在過去一年中，我們採取了果斷行動，實現了每一個目標。我想花幾分鐘時間詳細介紹我們在每個領域的進展。

The divestiture of SGK and Warehouse Automation at compelling valuations have clearly simplified our story. In selling SGK, we retained a 40% stake in the new company, Propelis, that is outperforming expectations. Thus, we expect to reap a significant benefit when we exit this business, which is likely over the next 18 to 24 months. From a commercial perspective, the market response to Propelis has been very favorable.

以極具吸引力的估值剝離 SGK 和 Warehouse Automation，顯然簡化了我們的敘述。出售 SGK 後，我們保留了新公司 Propelis 40% 的股份，該公司業績超出預期。因此，我們預計退出這項業務時將獲得重大收益，這可能會在未來 18 到 24 個月內發生。從商業角度來看，市場對Propelis的反應非常正面。

Propelis is now operating at an EBITDA run rate significantly higher than the $100 million that was assumed at the time the deal was closed. After a period of consolidation post COVID, CPGs are realizing the need to innovate in order to strengthen their brands.

Propelis 目前的 EBITDA 運行率遠高於交易完成時預期的 1 億美元。經過新冠疫情後的整合期，消費品公司逐漸意識到需要創新來強化品牌實力。

Thus, the Propelis core packaging business is having a strong performance. Plus, given our new scale, we are seeing opportunities on the marketing side of the business that neither business had the scale to deliver on before the transaction. Note that over $50 million of synergies are yet to be executed with a significant portion of those synergies to be delivered next year. We expect this to be a highly favorable transaction.

因此，Propelis核心包裝業務表現強勁。此外，鑑於我們新的規模，我們看到了業務行銷的機會，而這些機會在交易之前是兩家公司都沒有足夠的規模來實現的。請注意，超過 5000 萬美元的協同效應尚未實現，其中很大一部分協同效應將在明年實現。我們預計這將是一筆非常有利的交易。

Once we exit, we will have a significantly delivered our business, putting us in a position to further increase shareholder value. Building on this, last week, we announced an agreement to sell our Warehouse Automation unit to Duravant LLC, a global leader in engineered equipment and automation solutions.

一旦我們退出，我們將大幅提升業務規模，從而能夠進一步提高股東價值。在此基礎上，上週我們宣布達成協議，將我們的倉庫自動化部門出售給 Duravant LLC，該公司是工程設備和自動化解決方案的全球領導者。

Under the deal terms, Matthews will receive $230 million comprised of $223 million in cash consideration plus the assumption of certain liabilities. After taxes, fees, and payments of other liabilities, we expect that $160 million will be applied to debt reduction, significantly reducing our total debt. We believe this to be a highly attractive transaction as well that enables us to further reduce our debt position and strengthen our balance sheet as we work towards our long-term target of 2.5 times while enhancing our ability to pursue additional strategic initiatives.

根據交易條款，馬修斯將獲得 2.3 億美元，其中包括 2.23 億美元的現金對價以及承擔某些債務。扣除稅金、費用和其他負債後，我們預計將有 1.6 億美元用於減少債務，從而大幅降低我們的總債務。我們認為這是一筆極具吸引力的交易，它使我們能夠進一步降低債務水平，增強資產負債表，朝著2.5倍的長期目標邁進，同時增強我們推行其他戰略舉措的能力。

The value of our Warehouse Automation business was highly underappreciated by the market, but this transaction reflects its true value. At over 3 times revenue and 15 times adjusted EBITDA, this transaction was very accretive.

我們的倉儲自動化業務的價值被市場嚴重低估了，但這筆交易反映了它的真實價值。此交易的收益倍數超過營收的 3 倍，調整後 EBITDA 的 15 倍，因此收益非常可觀。

Assuming that HSR approval is secured within the customary 30-day period, we expect the transaction to close before the end of December. To further simplify our operating structure, we also expect to complete a few smaller transactions, including the sale of our Saueressig packaging and (technical difficulty) GmbH in the next -- in the near term. We continue to actively evaluate other strategic portfolio opportunities assisted by JPMorgan, and we will update you accordingly.

假設 HSR 法案的批准在慣例的 30 天期限內獲得批准，我們預計交易將在 12 月底之前完成。為了進一步簡化我們的營運結構，我們也預計在近期完成一些較小的交易，包括出售我們的 Saueressig 包裝和（技術困難）GmbH。我們將繼續積極評估摩根大通協助下的其他策略性投資組合機會，並將根據評估結果向您報告最新情況。

As I'll discuss in more detail shortly, across our business segments, we have made important growth investments to better position the company for long-term success. The Dodge acquisition is delivering even better-than-expected results in memorialization.

我稍後將更詳細地討論，在我們各個業務部門，我們都進行了重要的成長投資，以更好地為公司的長期成功做好準備。收購道奇汽車在紀念活動方面取得了比預期更好的成果。

And in October, we acquired substantially all the assets of Keystone Memorials, a wholesale manufacturer of granite materials in Georgia. This highly strategic investment drives equipment, 22 acres of property and 30,000 square foot production facility in Elberton, Georgia that will enable us to produce personal mausoleums, a growing segment of the market.

10 月份，我們收購了 Keystone Memorials 的幾乎所有資產，該公司是喬治亞州一家花崗岩材料批發製造商。這項極具戰略意義的投資將用於購買設備、在喬治亞州埃爾伯頓建造佔地 22 英畝的土地和 30,000 平方英尺的生產設施，這將使我們能夠生產個人陵墓，這是一個不斷增長的市場領域。

In the Industrial Technologies segment, we launched our new printhead, Axian in October, and I'm pleased to report that the initial response from the market has been overwhelmingly positive. In addition, we have continued advancing efficiency actions, resulting in a reduction of full year corporate costs on a year-over-year basis of $8.5 million. In addition, we reduced our debt by $66 million. Finally, from a governance perspective, we have put in place meaningful adjustments to enhance accountability. We declassified our Board and removed supermajority voting requirements.

在工業技術領域，我們在 10 月推出了新型列印頭 Axian，我很高興地報告，市場最初的反應非常積極。此外，我們持續推動提高效率的措施，使得全年公司成本年減了 850 萬美元。此外，我們也減少了6,600萬美元的債務。最後，從治理角度來看，我們已經做出了一些有意義的調整，以加強問責制。我們取消了董事會的機密化，並廢除了絕對多數投票要求。

And on Wednesday, we announced the appointment of Michael Nauman as Matthew's Chairman of the Board, Michael succeeds Alvaro Garcia-Tunon, who retired -- who will retire as Chairman and from the Board and -- as Chairman and from the Board when his term expires at our annual meeting.

週三，我們宣布任命麥可諾曼為馬修的董事會主席。麥可接替了退休的阿爾瓦羅·加西亞-圖農，後者將在我們的年度股東大會上任期屆滿後卸任董事會主席一職。

Michael's extensive technical expertise, M&A experience and leadership come at a transformative time for Matthews as we focus on long-term value creation for our shareholders. We look forward to the contributions that Michael will bring to the Board as Chairman.

邁可豐富的技術專長、併購經驗與領導才能，對馬修斯公司而言正值轉型時期，我們專注於為股東創造長期價值。我們期待邁克爾作為董事會主席為董事會做出貢獻。

Turning to our fourth-quarter performance. We're very pleased with the company's results. We had a strong finish to the year in a challenging economic environment, driven by improved year-over-year performance in our Memorialization and warehouse automation business units. Additionally, we saw the benefits of our focus on reducing corporate and other nonoperating costs, which added to our strong operating results.

接下來談談我們第四季的業績。我們對公司的業績非常滿意。在充滿挑戰的經濟環境下，我們以強勁的業績結束了這一年，這主要得益於我們的紀念品業務和倉儲自動化業務部門同比業績的改善。此外，我們也看到了降低公司及其他非經營成本所帶來的好處，這進一步提升了我們的經營績效。

From an EBITDA and adjusted earnings per share perspective, our results were higher for the quarter than prior year when you exclude the impact of the SGK divestiture, a strong performance. Let's move on to the specific business units, beginning with Memorialization, which reported higher revenues and adjusted EBITDA on a year-over-year basis.

從 EBITDA 和調整後每股盈餘的角度來看，如果排除 SGK 資產剝離的影響，我們本季的業績高於去年同期，這是一個強勁的業績。接下來我們來看具體的業務部門，首先是紀念事業部，該事業部的收入和調整後的 EBITDA 均較去年同期成長。

As we reported in May, the Dodge acquisition contributed significantly to our performance in the fourth-quarter. We're very pleased with the progress they are making on the integration process as synergies are being captured ahead of plan. Additionally, we are preparing to initiate cross-selling activities and expect this acquisition to be a strong contributor to revenues and EBITDA in fiscal 2026.

正如我們在 5 月報導的那樣，收購道奇對我們第四季的業績做出了重大貢獻。我們對他們在整合過程中取得的進展非常滿意，因為協同效應已經提前實現。此外，我們正準備啟動交叉銷售活動，預計此次收購將在 2026 財年為營收和 EBITDA 做出重大貢獻。

As for Industrial Technologies, revenues were lower year-over-year, reflective of our ongoing challenges in the engineering business. In Warehouse Automation, we capitalized on the market recovery underway and strong order rates to drive strong revenues and adjusted EBITDA in Q4. This strong performance is reflected in the robust market interest and valuation we received for this business.

至於工業技術方面，營收年減，反映出我們在工程業務方面持續面臨的挑戰。在倉儲自動化領域，我們利用正在進行的市場復甦和強勁的訂單率，在第四季度實現了強勁的收入和調整後 EBITDA。這一強勁的業績體現在市場對這項業務的濃厚興趣和估值。

With respect to our product identification business, building on my earlier comments about the launch of Axian, we also received GS1 certification as the only jetting unit able to meet 2D code quality standards, which can be read at speeds we believe that no other competitor has achieved. This is yet another key differentiator for this novel technology.

關於我們的產品識別業務，繼我之前關於 Axian 推出的評論之後，我們還獲得了 GS1 認證，成為唯一能夠滿足 2D 條碼品質標準的噴射裝置，我們相信其讀取速度是其他競爭對手都無法達到的。這是這項創新技術的另一個關鍵差異。

GS1 certification is the global standard for adoption of the 2D codes, which are beginning to be required across the world. In the current environment, tariffs have impacted all of our businesses and for the most part, we have been successful in mitigating these costs by passing along higher prices. This remains a volatile topic, as you all are aware, but the team has so far done excellent work in managing in this difficult environment.

GS1 認證是全球採用二維條碼的標準，而二維條碼正開始在全球範圍內被強制要求。在當前環境下，關稅對我們所有業務都產生了影響，但在大多數情況下，我們透過提高價格成功地減輕了這些成本。正如大家所知，這仍然是一個敏感話題，但到目前為止，團隊在這種困難的環境下管理得非常出色。

Finally, moving on to the Engineering business segment. Let me first provide an update regarding our proprietary dry battery electrode technology. For almost two years, we have been in a prolonged dispute with Tesla addressing their false ownership claims arising from our proprietary advanced rotary processing and calendaring offerings, frequently referred to as the all-in-one solution for the dry battery electrode. We have already successfully prevailed in numerous rulings against Tesla in recent years.

最後，我們來看看工程業務板塊。首先，讓我介紹一下我們專有的乾電池電極技術的最新情況。近兩年來，我們一直與特斯拉就其對我們專有的先進旋轉加工和壓延產品提出的虛假所有權主張進行長期爭論，這些產品通常被稱為乾電池電極的一體化解決方案。近年來，我們已經在多起針對特斯拉的訴訟中勝訴。

Notably, however, I am at a slight disadvantage speaking in any form about the details of our dispute as I cannot further explain components of the litigation given certain matters have been or are being addressed through confidential arbitration. That said, Tesla's vigorous efforts to claim ownership rights in our solutions, solutions that we have been working on and refining with our German engineering team for over two decades, further confirm our position that our proprietary technology is highly valuable and sought after.

但值得注意的是，由於某些事項已經或正在透過保密仲裁解決，我無法進一步解釋訴訟的組成部分，因此在談論我們爭議的細節時，我處於略微不利的地位。儘管如此，特斯拉仍不遺餘力地聲稱擁有我們解決方案的所有權，而這些解決方案是我們與德國工程團隊二十多年來一直在研發和改進的，這進一步證實了我們的立場，即我們的專有技術具有很高的價值，並且備受追捧。

Specifically, many parties continue to show keen interest in our DBE offerings. Consistent with prior rulings, I remain confident we will maintain our ownership rights in our proprietary DBE technology. Indeed, certain rulings have already reinforced Matthew's long-standing leadership in the design, development and manufacturing of continuous process machinery for battery electrode production, including our proprietary dry battery electrode solution.

具體而言，許多方面仍然對我們的 DBE 產品表現出濃厚的興趣。與先前的裁決一致，我仍然相信我們將保持對我們專有的DBE技術的所有權。事實上，某些裁決已經鞏固了馬修在電池電極生產連續製程機械的設計、開發和製造方面的長期領先地位，包括我們專有的乾電池電極解決方案。

With respect to business activity for the engineering business, during the quarter, we received an order for a production scale machine for a US-based solid-state battery manufacturer, which we will hope will be one of many delivered as this novel technology comes to market. DBE is considered the best solution for solid-state batteries given the lack of solvents in the production process.

就工程業務的業務活動而言，本季度我們收到了一份來自美國固態電池製造商的生產規模機器訂單，我們希望隨著這項新技術推向市場，這只是眾多交付訂單中的一個。鑑於生產過程中無需使用溶劑，DBE 被認為是固態電池的最佳解決方案。

We expect as more companies come to market with solid-state solutions, interest in our proprietary technology will continue to grow. Also in December, we will engage with a domestic energy solutions provider to prove our equipment's efficacy for a $50 million US-based opportunity for a battery separator line, another product in our energy storage portfolio. We expect this opportunity will convert to an order in early fiscal 2026 as the customer works towards securing supply agreements.

我們預計，隨著越來越多的公司將固態解決方案推向市場，人們對我們專有技術的興趣將會持續成長。同樣在 12 月，我們將與國內能源解決方案提供商合作，以證明我們的設備能夠有效應對一項價值 5000 萬美元的美國電池隔膜生產線項目，這是我們儲能產品組合中的另一款產品。我們預計，隨著客戶努力達成供應協議，這一機會將在 2026 財年初轉化為訂單。

Our pipeline of opportunities remain steady with quotes in excess of $150 million, and we expect to announce more orders in 2026. Looking ahead, with regards to the energy business, we are exploring multiple partnerships with several industry participants.

我們的潛在項目儲備依然穩定，報價超過 1.5 億美元，我們預計將在 2026 年宣布更多訂單。展望未來，在能源業務方面，我們正在探索與多家產業參與者建立多種合作關係。

Our intent is to partner with others who can help us expand adoption of this technology around the globe. We are open to partnering directly on projects as well as looking for direct investments into the business. This will not be an immediate event, but has been one of the focuses of our strategic alternative efforts.

我們的目標是與其他能夠幫助我們在全球範圍內推廣這項技術的夥伴合作。我們願意直接合作進行項目，同時也尋求對業務的直接投資。這不會立即發生，但一直是我們策略替代方案工作的重點之一。

Finally, concluding with a few comments looking forward to 2026. We believe a full year contribution from the Dodge acquisition will enable Memorialization to grow in fiscal 2026. Additional cost reduction actions at the engineering business are planned for next year to mitigate any further declines in the business as we work towards converting several opportunities into orders.

最後，展望2026年，我謹作幾點感想。我們相信，從道奇收購中獲得的全年收益將使 Memorialization 在 2026 財年實現成長。明年，工程業務部門計劃採取進一步的成本削減措施，以緩解業務進一步下滑的風險，同時努力將多個機會轉化為訂單。

Based on these factors and inclusive of our 40% interest in Propelis, we expect our adjusted EBITDA guidance to be at least $180 million for fiscal 2026. Recognize that we will have multiple transition services agreements in place from various divestitures, which will limit our ability to take more significant action to reduce our overhead, but we are working on and expect corporate costs to be materially lower after the expiration of those agreements. Finally, our evaluation of strategic alternatives is continuing.

基於這些因素，並包括我們在 Propelis 的 40% 權益，我們預計 2026 財年調整後的 EBITDA 指引至少為 1.8 億美元。請認識到，我們將與多家公司簽訂過渡服務協議，這些協議來自不同的資產剝離項目，這將限制我們採取更重大措施來降低管理費用的能力，但我們正在努力，並預計在這些協議到期後，公司成本將大幅降低。最後，我們對各種策略方案的評估仍在進行中。

However, we will be prudent in making decisions focused on achieving appropriate value for our shareholders. Like we have demonstrated by the sale of our Warehouse Automation business and the merger of SGK, we know what the true values of our businesses are, and we'll be patient in our process.

但是，我們將謹慎行事，做出以實現股東適當價值為中心的決策。正如我們透過出售倉庫自動化業務和合併 SGK 所證明的那樣，我們知道我們業務的真正價值是什麼，我們將在這個過程中保持耐心。

Now I'll turn it over to Steve for a discussion.

現在我把話題交給史蒂夫來討論。

Thank you, Joe. Before starting the financial review, I want to give a reminder on the financial reporting with respect to SGK. As you are 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.

謝謝你，喬。在開始財務審查之前，我想提醒一下關於SGK的財務報告事宜。如您所知，SGK 的剝離已於 2025 年 5 月 1 日完成，因此，我們的合併財務資訊反映了截至交割日 SGK 業務的財務表現。

As part of the 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 Group 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% 的所有權權益。請注意，由於 Propelis 集團的整合過程以及向其獨立報告系統的過渡，我們佔 Propelis 財務業績 40% 的部分將滯後一個季度進行報告。

As a result, except as otherwise noted, the consolidated financial information discussed today only includes our 40% interest in the financial results of Propelis for the months of May and June 2025. Similarly, our financial statements to be included in the annual report on Form 10-K will only reflect our portion of the results of Propelis for May and June 2025. However, in Joe's remarks in the press release yesterday, we provided our adjusted EBITDA results for fiscal 2025, inclusive of estimated Propelis results for July through September 2025 for your reference.

因此，除另有說明外，今天討論的合併財務資訊僅包括我們在 Propelis 2025 年 5 月和 6 月的財務表現中所佔的 40% 權益。同樣，我們將在 10-K 表格年度報告中揭露的財務報表將僅反映我們 2025 年 5 月和 6 月 Propelis 的業績部分。不過，在喬昨天的新聞稿中，我們提供了 2025 財年調整後的 EBITDA 結果，其中包括 2025 年 7 月至 9 月 Propelis 的預計業績，供您參考。

Now let's begin the financial review with slide 7. For the fiscal 2025 fourth-quarter, the company reported a net loss of $27.5 million or $0.88 per share compared to $68.2 million or $2.21 per share a year ago. The change primarily reflected significant restructuring charges a year ago, including a goodwill write-down compared to litigation costs and other restructuring costs and asset write-downs for the current quarter.

現在讓我們從第 7 張投影片開始財務回顧。該公司公佈 2025 財年第四季淨虧損 2,750 萬美元，即每股虧損 0.88 美元，而去年同期淨虧損為 6,820 萬美元，即每股虧損 2.21 美元。這項變更主要反映了一年前的重大重組費用，包括商譽減損，而本季則包括訴訟費用和其他重組費用以及資產減損。

Consolidated sales for the fiscal 2025 fourth-quarter were $319 million compared to $447 million a year ago. The decrease primarily reflected the divestiture of the SGK business on May 1, 2025. The consolidated sales impact of the SGK divestiture was approximately $120 million for the current quarter.

2025 財年第四季合併銷售額為 3.19 億美元，去年同期為 4.47 億美元。此下降主要反映了 2025 年 5 月 1 日 SGK 業務的剝離。SGK剝離對本季合併銷售額的影響約為1.2億美元。

Sales for the Industrial Technologies segment were lower for the quarter, offset partially by higher sales for the Memorialization segment. Consolidated adjusted EBITDA for the fiscal 2025 fourth-quarter was $51.5 million compared to $58.1 million a year ago. The decline primarily reflected the SGK divestiture.

本季工業技術部門的銷售額有所下降，但紀念品部門的銷售額上升部分抵消了這一影響。2025 財年第四季綜合調整後 EBITDA 為 5,150 萬美元，去年同期為 5,810 萬美元。股價下跌主要反映了SGK的剝離。

The Memorialization segment reported higher adjusted EBITDA and corporate and other nonoperating costs were lower for the quarter, which were partially offset by a decline in adjusted EBITDA for the Engineering business. On a non-GAAP adjusted basis, net income attributable to the company for the current quarter was $15 million or $0.50 per share compared to $16.6 million or $0.55 per share last year. The decline primarily reflected the impact of the SGK divestiture.

紀念業務部門報告稱，本季調整後 EBITDA 較高，公司及其他非經營性成本較低，但工程業務調整後 EBITDA 的下降部分抵消了這些成長。依非GAAP調整後，本季歸屬於公司的淨利為1,500萬美元，即每股0.50美元，而去年同期為1,660萬美元，即每股0.55美元。此次下跌主要反映了SGK資產剝離的影響。

With respect to Propelis, based on preliminary financial projections that were provided to us, their current estimate of adjusted EBITDA for July through September 2025 was $32.2 million. Please note that these projections are unaudited and subject to review and as a result, may change.

關於 Propelis，根據他們向我們提供的初步財務預測，他們目前對 2025 年 7 月至 9 月的調整後 EBITDA 的估計為 3,220 萬美元。請注意，這些預測未經審計，可能會進行審核，因此可能會發生變更。

Our 40% portion of this amount would be $12.9 million. Accordingly, adjusting for the impact of the three-month lag, the company's consolidated adjusted EBITDA for the fiscal 2025 fourth-quarter would have approximated $57 million compared to the $58.1 million generated a year ago.

我們應得的40%份額是1290萬美元。因此，考慮到三個月的滯後影響，該公司 2025 財年第四季的合併調整 EBITDA 約為 5,700 萬美元，而去年同期為 5,810 萬美元。

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. Sales for the Memorialization segment for the fiscal 2025 fourth-quarter were $209.7 million compared to $196.8 million for the same quarter a year ago.

請參閱我們獲利報告中提供的調整後 EBITDA 和非 GAAP 調整後每股盈餘的調整表。請移至第 8 張投影片查看我們的細分市場結果。2025 財年第四季紀念品業務銷售額為 2.097 億美元，去年同期為 1.968 億美元。

Acquisitions, primarily Dodge, contributed sales of approximately $11 million to the current quarter, which were offset partially by the disposition of the European cremation equipment business. Higher sales volumes for Bronze Memorials and inflationary price increases also contributed to the improvement of the segment sales.

收購（主要是對道奇的收購）為本季貢獻了約 1,100 萬美元的銷售額，但部分被出售歐洲火化設備業務所抵消。青銅紀念碑銷售增加和通貨膨脹導致的價格上漲也促進了該細分市場銷售的成長。

Granite Memorials and casket sales volumes declined, primarily resulting from lower US casketed deaths. Additionally, Granite Memorial sales a year ago were favorably impacted by the working down of backlogs that had accumulated during the pandemic. Cremation equipment and related sales were also lower than a year ago. Memorialization segment adjusted EBITDA for the current quarter was $45.1 million compared to $40.5 million for the same quarter last year.

花崗岩紀念碑和棺材的銷售量下降，主要原因是美國棺材死亡人數減少。此外，一年前花崗岩紀念碑的銷售額也因疫情期間積壓訂單的減少而受到有利影響。火葬設備及相關產品的銷售也低於去年同期。本季紀念品業務調整後 EBITDA 為 4,510 萬美元，去年同期為 4,050 萬美元。

The increase primarily resulted from the benefit of inflationary price realization and cost savings initiatives, offset partially by the impact of higher material costs.

此次成長主要得益於通貨膨脹價格上漲和成本節約措施，但部分被材料成本上漲的影響所抵銷。

Acquisitions and the disposition of the unprofitable European cremation equipment business also contributed to the increase in the segment's adjusted EBITDA. Please move to slide 9. Sales for the Industrial Technologies segment for the fiscal 2025 fourth-quarter were $93 million compared to $113.9 million a year ago. The decline mainly resulted from lower sales for the segment's engineering business. The decline was offset partially by higher sales for the Warehouse Automation business.

收購和處置不盈利的歐洲火葬設備業務也促進了該部門調整後 EBITDA 的成長。請翻到第9張投影片。2025 財年第四季工業技術部門的銷售額為 9,300 萬美元，去年同期為 1.139 億美元。下滑的主要原因是該部門工程業務的銷售額下降。倉儲自動化業務銷售額的成長部分抵銷了整體下滑。

In addition, the shutdown of the unprofitable automotive business contributed to the segment's year-over-year sales decline. Changes in foreign currency rates had a favorable impact of $3.4 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 $11 million compared to $15.9 million for the same quarter a year ago.

此外，不盈利的汽車業務的關閉也導致該部門的銷售額同比下降。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 340 萬美元的有利影響。本季工業技術部門的調整後 EBITDA 為 1,100 萬美元，去年同期為 1,590 萬美元。

The decrease primarily resulted from the impact of lower engineering sales, offset partially by the segment's cost reduction actions in its engineering business and the impact of higher Warehouse Automation sales.

下降的主要原因是工程銷售下降，部分被該部門在工程業務中採取的成本削減措施以及倉儲自動化銷售額上升所抵消。

Please move to slide 10. Sales for the Brand Solutions segment were $16.2 million for the quarter ended September 30, 2025, compared to $135.9 million a year ago. Sales for the current quarter consisted of the segment's European packaging operations. The decrease resulted from the divestiture of the SGK business on May 1, 2025, which had an impact of approximately $120 million for the quarter.

請移至第10張投影片。截至 2025 年 9 月 30 日的季度，品牌解決方案部門的銷售額為 1,620 萬美元，去年同期為 1.359 億美元。本季銷售額包括該業務部門在歐洲的包裝業務。該減少是由於 2025 年 5 月 1 日剝離 SGK 業務造成的，這給該季度帶來了約 1.2 億美元的影響。

Adjusted EBITDA for the Brand Solutions segment was $7.4 million for the current quarter compared to $17.3 million a year ago. The current quarter mainly reflects the company's 40% interest in Propelis as our European packaging business reported relatively breakeven results, which was generally consistent with the same quarter a year ago. The decrease in the segment's adjusted EBITDA resulted from the divestiture of the SGK business.

本季品牌解決方案部門的調整後 EBITDA 為 740 萬美元，去年同期為 1,730 萬美元。本季主要反映了該公司在 Propelis 的 40% 權益，因為我們的歐洲包裝業務報告了相對盈虧平衡的業績，這與去年同期基本一致。此業務板塊調整後 EBITDA 的下降是由於剝離 SGK 業務所致。

Please move to slide 11. Cash flow provided by operating activities for the fiscal 2025 fourth-quarter was $10.3 million compared to $35.9 million a year ago. For the fiscal year ended September 30, 2025, cash flow used in operating activities was $23.6 million compared to cash provided by operating activities of $79.3 million last year.

請翻到第11張投影片。2025 財年第四季經營活動產生的現金流量為 1,030 萬美元，而去年同期為 3,590 萬美元。截至 2025 年 9 月 30 日的財政年度，經營活動使用的現金流量為 2,360 萬美元，而上一年經營活動產生的現金流量為 7,930 萬美元。

Cash costs in connection with acquisitions and divestitures, litigation and restructuring of the German operations and the unfavorable working capital impact related to the Tesla project were the significant factors in the operating cash flow decline for the current year. Outstanding debt at September 30, 2025, was $711 million and net debt, which represents debt less cash, was $678 million.

與收購和剝離相關的現金成本、訴訟和德國業務重組以及特斯拉專案帶來的不利營運資本影響，是今年營運現金流下降的重要因素。截至 2025 年 9 月 30 日，未償債務為 7.11 億美元，淨債務（債務減去現金）為 6.78 億美元。

Net debt declined modestly for the fiscal 2025 fourth-quarter. The company's net leverage ratio at September 30, 2025, based on trailing 12 months adjusted EBITDA was $3.6 million. With the pending sales of our Warehouse Automation business and our European packaging and tooling business, both of which are expected to close in the early part of fiscal 2026, we expect significant reduction in our debt levels.

2025財年第四季淨債務略有下降。截至 2025 年 9 月 30 日，該公司的淨槓桿率（以過去 12 個月的調整後 EBITDA 計算）為 360 萬美元。隨著我們倉庫自動化業務和歐洲包裝及工具業務的出售即將完成（預計這兩項交易都將在 2026 財年初期完成），我們預計債務水準將大幅降低。

Net cash proceeds from the Warehouse Automation sale, net of income taxes and other costs are projected to be $160 million. This business has a relatively low tax basis and is predominantly a US-based business. Net proceeds from the sale of the European packaging and tooling business are projected to approximate $30 million. The buyer is assuming pension and certain other obligations with the transaction.

倉庫自動化業務出售所得淨現金收益（扣除所得稅和其他成本）預計為 1.6 億美元。這家企業的稅基相對較低，而且主要是美國企業。出售歐洲包裝和模具業務的淨收益預計約為 3,000 萬美元。買方將透過此交易承擔養老金及其他一些義務。

For the fiscal 2025 fourth-quarter, the company purchased 5,262 shares under its stock repurchase program at an average cost of $20.33 per share. These repurchases were solely related to withholding tax obligations for vested equity compensation.

2025 財年第四季度，該公司根據股票回購計畫購買了 5,262 股股票，平均每股成本為 20.33 美元。這些回購完全與已歸屬股權補償的預扣稅義務有關。

For the year ended September 30, 2025, the company repurchased approximately 568,000 shares at an average cost of $21.54 per share. Finally, the Board declared this week an increase in the quarterly dividend to $0.255 per share on the company's common stock. This represents the 32 consecutive annual dividend increase since becoming a publicly traded company. The dividend is payable December 15, 2025, to stockholders of record December 1, 2025. This concludes the financial review, and we will now open the call for any questions.

截至 2025 年 9 月 30 日止年度，該公司以每股 21.54 美元的平均成本回購了約 568,000 股股票。最後，董事會本周宣布將公司普通股的季度股息提高至每股 0.255 美元。這是自公司上市以來連續第32年提高年度股利。股利將於 2025 年 12 月 15 日支付給 2025 年 12 月 1 日登記在冊的股東。財務審查到此結束，現在我們將開放提問環節。

Nikki?

妮基？

(Operator Instructions)

（操作說明）

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Congratulations on the progress with the customers on the battery side. Can you talk a little bit about the opportunity set when you think about solid-state and ultracapacitors, given what we're seeing with data center power needs and power buffering. Are you seeing any incremental interest on the ultracapacitor side or changes in chemistry that may be more attuned to some of the stationary power application rather than the mobile applications?

祝賀你們在電池方面與客戶取得進展。鑑於我們目前看到的資料中心電源需求和電源緩衝需求，您能否談談固態電容器和超級電容器所蘊含的機會？您是否注意到人們對超級電容器的興趣增加，或者化學成分方面是否有任何變化，使其更適合某些固定電源應用而不是行動應用？

Certainly, Colin, thank you. Good to talk to you. You know a lot more about the energy storage business than many of our investors do, and that's important because factually, you're absolutely correct. The reality is that our dry battery electrode technology applies far more than just the energy that goes into a vehicle, whether it's ultracapacitors who we're having multiple discussions with or whether it's for storage capacity for anything from data centers to anything else. The customer I referred to that is looking at a $50 million order next year is exactly that.

當然，科林，謝謝你。很高興和你聊天。你對儲能產業的了解遠勝於我們許多投資者，這一點很重要，因為事實上，你的說法完全正確。事實上，我們的乾電池電極技術的應用範圍遠遠不止於汽車的能量輸入，無論是我們正在與之進行多次討論的超級電容器，還是從資料中心到其他任何用途的儲存容量。我提到的那位明年有望下達 5,000 萬美元訂單的客戶正是如此。

It is storage. It is not for automobiles. So we're seeing increased interest. The technology is highly valuable and focused on any type of energy storage, and we're looking to expand upon that opportunity everywhere we look.

它是儲存設備。它不是用於汽車的。所以我們看到人們的興趣日益濃厚。這項技術極具價值，適用於任何類型的儲能，我們希望在各個領域拓展這項機會。

And then with the strategic review, you've been able to divest a number of businesses. You're potentially in a more flexible cash situation. How should we think about M&A and augmenting some of the technology portfolio that you guys have a really solid foundation with here as you look at some of these bigger opportunities starting to emerge in a more concrete way?

透過策略評估，你們得以剝離多項業務。你的現金狀況可能會更有彈性。鑑於你們目前擁有非常紮實的技術組合基礎，我們應該如何看待併購以及如何增強這些技術組合，同時把握一些正在以更具體的方式湧現的更大機會？

Well, right now, Colin, we're focused on reducing our debt, and we're going to get that in line. And we have a target here of coming at 2.5 or better when we look at our debt. The exit of SGK will clearly, clearly put us well below that target, and we're very comfortable being there. As I said in my comments, that will open up the opportunities for strategic initiatives. And whether it be on the energy side, whether it be on the memorialization side or the execution of our new printheads, we will look at it diligently and try to be prudent about that decision as we go forward.

科林，目前我們的重點是減少債務，我們會把這件事處理好。我們的目標是，在審視我們的債務時，將比率控制在 2.5 或更低。SGK 的退出顯然會使我們的業績遠低於目標，而我們對目前的業績感到非常滿意。正如我在評論中所說，這將為策略性舉措創造機會。無論是能源方面，或是紀念方面，亦或是新印表機頭的製造方面，我們都會認真研究，並在未來的決策中力求謹慎。

Imminently, though, we do not have anything on the table that we'd be focused on as we try to get out the door of what we do have. There's a lot on our plate right now, folks with three transition services agreements, divestitures happening, restructuring associated with that. We have enough on our plate right now to deal with. And I would say in the near term, we're focused solely on debt.

不過，就目前而言，我們並沒有什麼具體的計畫擺在桌面上，讓我們能夠專注於把現有的工作做好。我們現在有很多事情要處理，包括三個過渡服務協議、資產剝離以及與之相關的重組。我們現在手邊的事情已經夠多了。而且我認為，在短期內，我們只專注於債務問題。

Liam Burke, B. Riley Securities.

利亞姆·伯克，B. Riley Securities。

Joe, you called out a firm order, and then you also called quantified another potential order. You also quoted pipeline opportunities. Is it -- are your customers less reticent to start working with you even though the Tesla lawsuit has not been completely resolved yet?

喬，你下了一個確定的訂單，然後你又量化了另一個潛在的訂單。您也提到了管道輸送方面的機會。是嗎？即使特斯拉訴訟案尚未完全解決，您的客戶是否也更願意與您合作？

I would say that they're less -- not less, reticent as much as they're more dependent on the market environments in which they operate. And when it comes to EV, there is overcapacity on the battery side. We are looking at a fairly significant opportunity, we believe, in the European market where one of our potential customers has had success and is looking at the building of a new factory over there.

我認為他們與其說是不那麼沉默寡言，不如說是更依賴他們所處的市場環境。就電動車而言，電池方面存在過剩產能。我們認為，在歐洲市場存在著相當大的機遇，我們的一位潛在客戶在那裡取得了成功，並正在考慮在那裡建造一座新工廠。

When we look at solid state, that's another completely different market, smaller volumes at this point in time, but higher -- let's call it, efficiency when it comes to the battery itself. As Colin mentioned earlier, included in there are some opportunities when we look at ultracapacitors, another form of energy storage.

當我們審視固態電池時，那又是另一個完全不同的市場了，目前產量較小，但就電池本身而言，效率更高——我們姑且稱之為效率。正如 Colin 之前提到的，當我們研究超級電容器（另一種儲能形式）時，會發現其中蘊藏著一些機會。

So I would tell you, Liam, they're not so much worried as much of that as they are in making sure they have market opportunities.

所以，利亞姆，我會告訴你，他們並不太擔心這些，他們更擔心的是確保自己有市場機會。

Fair enough. And on Memorialization, cremation, is that still -- how is that doing?

很公平。關於追思會和火葬，現在情況如何？

The business itself or the trend? The business itself is doing fine. We are -- as Steve mentioned in his comments, we sold our underperforming European business, which had been a drag for us for a while. We had shut down our -- many of you may know, we have a facility in Apopka, Florida. From an efficiency standpoint, we looked at opportunities on the West Coast to be able to support that market more locally.

是企業本身還是這種趨勢？公司本身營運狀況良好。正如史蒂夫在他的評論中提到的那樣，我們出售了業績不佳的歐洲業務，該業務已經拖累我們一段時間了。我們已經關閉了我們在佛羅裡達州阿波普卡的工廠——你們中的許多人可能知道。從效率的角度來看，我們考察了西海岸的機會，以便能夠更好地在當地支持該市場。

We have shut down that facility, integrating that also into Apopka. We still have room for improvement in the business, but it continues to operate at a pretty good rate.

我們已經關閉了該工廠，並將其併入了阿波普卡。我們的業務仍有改進空間，但目前營運狀況良好。

Dan Moore, CJS Securities.

丹摩爾，CJS證券。

This is Will, on for Dan. Can you provide an update on beta testing for the new Printhead solution? What are the key steps before you can commercialize it more broadly? And how should we think about the TAM for that product over the next two to three years?

我是威爾，替丹播報。能否提供一下關於新印字頭解決方案的beta測試的最新進展？在將其更廣泛地商業化之前，關鍵步驟是什麼？那麼，我們該如何看待該產品未來兩到三年內的潛在市場規模（TAM）呢？

So I mean, key steps is, it's in market. So we will start deliveries here in December. Recognize that we had literally two trade shows where our trade -- our booth was overwhelmed, both with competitors as well as with customers. Comments like this is finally an alternative to continuous inkjet. The 2D code thing that I mentioned on my call, getting GS1 certification is big, but we're still early in the process.

所以我的意思是，關鍵步驟是，它已經上市了。所以我們將於12月開始在這裡發貨。要知道，我們參加了兩場貿易展，我們的展位人山人海，既有競爭對手也有客戶。像這樣的評論終於為連續噴墨列印提供了一種替代方案。我在電話中提到的二維條碼問題，獲得 GS1 認證意義重大，但我們仍處於過程的早期階段。

So the steps that we are going through right now is we have limited chips, so we will begin that process of selling that, but it will be a limited amount. The market TAM that we're going after is over $2 billion. I don't need to have a lot of that TAM to be successful for this part of our business. So I'm looking forward to where this goes. And we'll continue to refine the yield that we're receiving on those -- the chips as we move forward. So multiple steps to really creating the value that this opportunity is for us.

所以我們目前正在採取的步驟是，我們晶片數量有限，所以我們將開始銷售這些晶片，但數量有限。我們瞄準的市場規模超過 20 億美元。我不需要擁有很大的潛在市場規模（TAM）就能在這個業務領域取得成功。所以我很期待事情會如何發展。我們將繼續提高這些晶片的良率。因此，要真正創造這個機會對我們而言的價值，需要採取多個步驟。

And looking at the balance sheet, the $300 million five-eight bonds aren't due for another two years. What are your options to call or refinance early if you were to choose to do so?

從資產負債表來看，3億美元的5-8公債還有兩年才到期。如果您選擇提前還款或重新貸款，有哪些選擇？

Well, we're in a call period right now that started October 1. And so that will last, obviously, through the end of the term of the bonds. So as you would expect with the proceeds that we're seeing from some of the divestitures not only the SGK divestiture that's closed, but the warehouse divestiture and the packaging and tooling that are pending. Looking at that five and five eight bond is something that is definitely on our radar in terms of evaluating the alternatives for it.

我們現在正處於認購期，從10月1日開始。因此，很顯然，這種情況將持續到債券期限結束。正如你所預料的那樣，從一些資產剝離中獲得的收益，不僅是已經完成的 SGK 資產剝離，還有倉庫資產剝離以及正在等待的包裝和工具資產剝離。考慮到該債券的替代方案，我們肯定會關注5和58這種債券。

Justin Bergner, Gabelli Funds.

賈斯汀·伯格納，Gabelli 基金。

Just to start, could you elaborate the solid-state opportunities for energy storage, which end markets are those primarily feeding?

首先，您能否詳細介紹固態儲能的機遇，以及它主要針對哪些終端市場？

So I'll give you an example. We're not going to name the names of the customer that we already -- that we received the order for. That is -- they have demonstrated the capacity for motorcycles as an example. But imagine anything from small appliances to larger vehicles. I think if you spoke to people that are highly focused on the energy space, they would expect solid state to be long term, solution for all batteries, but I think we're still a while away.

我舉個例子。我們不會透露我們已經收到訂單的客戶姓名。也就是說——他們已經以摩托車為例證明了這種能力。但想像一下，從小型家電到大型車輛，任何東西都可以。我認為，如果你和那些高度關注能源領域的人交談，他們會認為固態電池將是所有電池的長期解決方案，但我認為我們距離那一天還有很長的路要走。

At the end of the day, the application of solid-state better density, lighter weight, more safety, a faster charge, all the things that have been the challenges to adoption is addressed by solid state.

歸根結底，固態電池的應用解決了所有阻礙其普及的挑戰，例如更高的密度、更輕的重量、更高的安全性、更快的充電速度等等。

Okay. When you say there's excess capacity in the battery side as it relates to the automotive opportunity for energy storage, is what you're saying effectively that even though you have a better solution with the wet, I guess, capacity already installed, you need to see incremental capacity before customers come to you independent of the legal dynamics?

好的。當您說在汽車儲能領域，電池方面存在過剩產能時，您的實際意思是，即使您已經安裝了濕式（我猜）儲能容量，並且擁有更好的解決方案，但無論法律因素如何，您都需要看到增量產能才能吸引客戶嗎？

Well, clearly, as capacity expands and more importantly, as capacity localized, meaning whether it's produced in North America, right now, China has an overcapacity of battery production capabilities. But as both governments and clients demand localized support, that will change the demand for it as well. But depending on your projections on what battery needs will be over time, we're only scratching the surface of where total capacity for batteries needs to be.

顯然，隨著產能的擴張，更重要的是，隨著產能的在地化（無論是在北美生產還是在其他地方生產），目前中國的電池生產能力已經過剩。但隨著政府和客戶都要求在地化支持，對在地化支援的需求也會隨之改變。但根據你對未來電池需求的預測，我們目前所達到的電池總容量還只是冰山一角。

I mean, adoption rates are going to determine that. But if you believe what you hear, the trend towards electrification is only just beginning. It's just where we are today relative to adoption of EVs and other energy storage solutions that is EVs and other energy users like that, that our current capacity is overcapacity. So what I'm saying in my comment is not necessarily that there's -- we have to wait for expansion. We have to wait also for localization and also have to kind of deal with the fact that the economics of our solution are better.

我的意思是，最終取決於採用率。但如果你相信你聽到的，那麼電氣化的趨勢才剛開始。就目前電動車和其他儲能解決方案（即電動車和其他類似的能源用戶）的普及程度而言，我們目前的產能已經過剩。所以我的評論並不是說我們必須等待擴張。我們還得等待在地化，而且還得面對我們方案在經濟效益上更勝一籌的事實。

And as they amortize existing footprints, we can make an easier discussion about replacing their current technology with new technology.

隨著現有設備的攤銷完成，我們可以更輕鬆地討論用新技術取代現有技術的問題。

And then just the certification for the new chip head -- product ID solution. What is the significance of that certification?

然後就是新晶片頭的認證——產品 ID 解決方案。該認證有何意義？

It's massive because GS1 -- if you think about -- I'll try to put it in the simplest terms. So when barcodes came out, you had multiple different readers and everybody had their own solutions. GS1 certification is the standardization so that there'll be one reader capability and one standard for adoption across. So now we all have one individual -- one standardized reader that allows many manufacturers to produce it. Our equipment today is the only equipment that can -- that allows that reader to read at speeds that allow them to remain at current levels.

它規模龐大，因為 GS1——如果你仔細想想——我盡量用最簡單的語言來解釋。所以當條碼出現的時候，出現了多種不同的讀取器，每個人都有自己的解決方案。GS1 認證是一種標準化措施，旨在實現統一的讀卡機功能和標準，以便在全球推廣應用。所以現在我們都有了一個統一的標準閱讀器，許多製造商都可以生產它。我們目前的設備是唯一能夠讓讀者以保持當前水平的速度閱讀的設備。

When you walk into a Walmart, I'll give you an example. When you walk into a Walmart, you can scan self-service yourself, and it doesn't really matter to you how long that reader takes to read that barcode. But when you have what they call professional scanners, I mean those are the people standing behind the cash register and actually taking your orders and running them through. If you notice how fast they swipe it, that is critical for efficiency at a retailer. The retailers demand that standard in order to be effective.

我舉個例子，當你走進沃爾瑪超市的時候。當你走進沃爾瑪超市時，你可以自己掃描條碼，你並不在乎掃描器需要多長時間才能讀取條碼。但是，當你擁有他們所謂的專業掃描員時，我的意思是那些站在收銀台後面，實際接收你的訂單並進行處理的人。如果你留意他們刷卡的速度，你會發現這對零售商的效率至關重要。零售商要求達到這項標準才能有效運作。

Our technology, because of our ability to print in multiple sizes, and that's the biggest, we get -- we can produce at multiple size prints with highly, highly defined marks are the only ones that can operate at the speed. So you can swipe just as fast as you do with a barcode.

由於我們的技術能夠以多種尺寸進行列印，而且尺寸最大，我們能夠以多種尺寸製作出具有高度、高度清晰標記的印刷品，而只有我們的技術才能以這樣的速度運行。所以你可以像使用條碼一樣快速地滑動螢幕。

Got you. All right. And then one last cleanup question, if I may. So you mentioned $160 million net proceeds from Warehouse Automation and $30 million of net proceeds from European packaging and tooling, both to close in the first-quarter. Just how much liability reduction should we also factor in whether it's pension or securitized receivables on top of that $160 million and $30 million?

抓到你了。好的。最後，如果可以的話，我還有一個收尾問題。您提到倉庫自動化業務將獲得 1.6 億美元的淨收益，歐洲包裝和工具業務將獲得 3,000 萬美元的淨收益，這兩筆交易都將在第一季完成。除了上述 1.6 億美元和 3000 萬美元之外，我們還應該考慮多少負債減少，無論是退休金還是證券化應收款？

Yes. With respect to the packaging and tooling business, Justin, that number is going to be close to $10 million. And with respect to the Warehouse Automation business, that's a little less than $10 million. That's the difference between the $230 million and the $223 million.

是的。賈斯汀，就包裝和模具業務而言，這個數字將接近 1000 萬美元。至於倉儲自動化業務，金額略低於 1,000 萬美元。這就是 2.3 億美元和 2.23 億美元之間的差額。

Yes. So it's already included in our calculation. The net of $160 million is what we expect to apply.

是的。所以它已經包含在我們的計算中了。我們預計淨額為 1.6 億美元。

Okay. So the $160 million would be the debt reduction, but then there would be, I guess, the $7 million or a little bit less than $10 million of liability reduction on top of that?

好的。所以，1.6億美元是債務減免額，但除此之外，我猜還有700萬美元或略低於1000萬美元的負債減免額？

That's right. So again, if I just quickly run through the math, $230 million was the total value, about $7 million of assumed liabilities. So the cash portion was $223 million. And then there's a significant tax bite out of that plus transaction fees and some other costs to take it down to $160 million.

這是正確的。所以，我再簡單算一下，總價值為 2.3 億美元，承擔的負債約 700 萬美元。因此，現金部分為 2.23 億美元。然後還要扣除一大筆稅款，加上交易費和其他一些費用，最終金額降至 1.6 億美元。

At this time, there are no further questions in queue. I will now turn the meeting back to Mr. Nicola for final comments.

目前隊列中沒有其他問題了。現在我將會議交還給尼古拉先生，請他作最後總結發言。

Okay. Thank you very much. I'm going to take this off of Steve for a second before he kind of closes out here. For those of you that have been fortunate enough to hear Mr. Nicola speak for the last 20-odd years, many of you know that Steve has announced his retirement effective here December 1.

好的。非常感謝。在史蒂夫結束演講之前，我先接過這個電話一會兒。在過去的二十多年裡，有幸聆聽過尼古拉先生演講的各位，很多人都知道史蒂夫已經宣布將於 12 月 1 日正式退休。

On behalf of Matthews International Corporation, its Board of Directors and its shareholders, I want to thank Steve for his over 25 years of service to this corporation and to the shareholders and wish him well in his retirement. So I'll turn it over to Steve to close it, but then say goodbye.

我謹代表馬修斯國際公司、其董事會和股東，感謝史蒂夫25年來為本公司和股東所做的貢獻，並祝福他退休生活一切順利。所以我把電話交給史蒂夫來關上，然後就說再見了。

All right. Thank you, Joe, and thank you, everyone, for listening and your support all these years. So have a wonderful day and a great weekend. Take care.

好的。謝謝你，喬，也謝謝大家這些年來的聆聽與支持。祝您有美好的一天和愉快的週末。小心。

Thank you. And this brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。