Matthews International Corp (MATW) 2026 Q2 法說會逐字稿

Please stand by. Your meeting is about to begin. Hello and welcome everyone joining today's Matthews International second quarter fiscal 2026 financial results. (Operator Instructions) Please note this call is being recorded.

請稍候。您的會議即將開始。各位早安，歡迎參加今天的 Matthews International 2026 會計年度第二季財務業績說明會。(接線員指示) 請注意，本次電話會議將被錄音。

We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Daniel Stobart, Chief Financial Officer and Treasurer. Please go ahead.

如您需要任何協助，我們將隨時待命。現在我很榮幸將會議交給財務長兼財務主管 Daniel Stobart。請開始。

Good morning. I'm Dan Stobart, Chief Financial Officer of Matthews. And with me today is Joe Bartolacci, our company's President and Chief Executive Officer.

各位早安。我是 Dan Stobart，Matthews 的財務長。今天與我一同出席的還有本公司總裁兼執行長 Joe Bartolacci。

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

在開始之前，我想提醒各位，我們的財報新聞稿已於昨晚發布在公司網站 www.matw.com 的「投資人」專區。本次電話會議的簡報也可在網站「投資人」專區的「簡報」項下取得。

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.

本次討論中所作之任何前瞻性陳述，均係依據「安全港」條款作出。該條款載於 1995 年《私人證券訴訟改革法》。可能導致公司實際結果與今日討論內容不同的因素，已載明於公司 Form 10-K 年報及向美國證券交易委員會（SEC）提交的其他公開文件中。

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.

此外，我們將討論非 GAAP 財務衡量指標，並建議您在考量這些指標時，仔細閱讀我們的揭露與調節表。就任何前瞻性陳述與非 GAAP 財務資訊而言，請閱讀今日簡報資料中所載之免責聲明（位於我們網站）。

Now, I will turn the call over to Joe.

現在，我把電話會議交給 Joe。

Good morning, and thank you for joining us to discuss Matthews fiscal 2026 second quarter results. On our last earnings call, we said that we were focused on execution, and we did just that in the second quarter. The redemption of our high-cost notes is complete. Our balance sheet is significantly improved. Interest expense is down materially.

各位早安，感謝各位加入我們，一同討論 Matthews 2026 會計年度第二季業績。在上次財報電話會議中，我們表示將專注於執行，而我們在第二季確實做到了。我們高成本票據的贖回已完成。我們的資產負債表已顯著改善。利息費用也大幅下降。

And for the first time in several years, we are entering the second half of our fiscal year with greater clarity and flexibility in our outlook. Our Memorialization business continues to set the pace, delivering its fourth consecutive quarter of year-over-year EBITDA growth. And while our Industrial Technologies segment remains challenged, we are actively working to convert a substantial order pipeline that has grown since last quarter.

而且，這是數年來第一次，我們在進入會計年度下半年時，對展望有更高的清晰度與彈性。我們的紀念化（Memorialization）業務持續領先，連續第四季實現 EBITDA 年增。儘管我們的工業技術（Industrial Technologies）事業部仍面臨挑戰，我們正積極推動轉化自上季以來持續成長的可觀訂單管線。

Let's start with our balance sheet. In January, we completed the early redemption of our $300 million of senior secured notes. This was not simply a refinancing exercise. This was a significant structural repair of a balance sheet that now looks fundamentally different than it did just 18 months ago. Our total long-term debt is now $579 million, down from $822 million 1 year ago, a reduction of over $240 million.

先從資產負債表談起。1 月，我們完成了 3 億美元優先擔保票據的提前贖回。這不僅僅是一次再融資操作。這是對資產負債表結構的一次重大修復；如今的資產負債表與 18 個月前相比已根本不同。我們的長期負債總額目前為 5.79 億美元，較一年前的 8.22 億美元下降，減少超過 2.4 億美元。

Net debt stands at approximately $543 million today. And the interest expense savings from retiring those high-cost notes are now flowing through, reducing annual interest expense by approximately $10 million and materially improving our cash profile dollar for dollar.

目前淨負債約為 5.43 億美元。而因償還這些高成本票據所節省的利息費用，現已開始反映在財務結果中，使年度利息費用約減少 1,000 萬美元，並以一比一的方式實質改善我們的現金狀況。

The debt extinguishment charge of $16.3 million recorded in Q2 included noncash items of $3.4 million and is a onetime cost and should be read for exactly what it is, the price of materially improving our cost of capital and a trade that we are very comfortable with. Turning to Propelis.

第二季認列的 1,630 萬美元債務清償損失包含 340 萬美元的非現金項目，屬一次性成本，應如其所是地解讀：這是我們大幅改善資本成本的代價，而這筆取捨我們非常能接受。接著談 Propelis。

Our 40% equity interest continues to represent what we believe is one of the most compelling unrecognized value drivers in our portfolio. The Propelis team is making great progress on their SAP migration, the single most important operational milestone that will unlock the next layer of significant synergies. As we shared last quarter, this migration is expected to unlock over $25 million of the more than $60 million in total identified synergies.

我們持有的 40% 股權投資，持續代表我們認為投資組合中最具吸引力、但尚未被市場充分認知的價值驅動因素之一。Propelis 團隊在 SAP 遷移方面取得重大進展；這是最重要的單一營運里程碑，將解鎖下一層顯著的協同效益。如同我們上季分享的，這次遷移預期將解鎖已辨識之總協同效益逾 6,000 萬美元中的超過 2,500 萬美元。

The Propelis team has successfully stood up their own instance of SAP during the quarter, and we will begin the migration of SGS locations onto SAP over the next 6- to 9-months. We expect to begin to see the results of these actions in our fourth quarter. Also, as further evidence of the performance of Propelis, we expect to receive a partial redemption of our preferred interest in the coming quarter.

Propelis 團隊已在本季成功建立其自有的 SAP 系統實例，我們將在未來 6 至 9 個月內開始把 SGS 各據點遷移至 SAP。我們預期將在第四季開始看到這些行動的成果。此外，作為 Propelis 表現的進一步佐證，我們預期在下一季將收到我們優先權益的一部分贖回款。

Propelis is continuing to perform well above the $100 million EBITDA run rate that was assumed when we structured the transaction. As they move through 2026 and execute on their synergies, their EBITDA run rate is expected to be around $130 million going into 2027.

Propelis 的表現持續顯著優於我們在設計該交易架構時所假設的 1 億美元 EBITDA 年化水準。隨著其在 2026 年持續推進並落實協同效益，其 EBITDA 年化水準預期在進入 2027 年時約為 1.3 億美元。

We continue to expect an exit from this investment within the next 12- to 18-months. Every quarter that Propelis continues to grow EBITDA and capture synergies, increases the value we expect to realize upon exit. With regard to our second quarter results, total revenues were $259 million compared to $428 million a year ago.

我們仍預期在未來 12 至 18 個月內退出這項投資。Propelis 每一季持續成長 EBITDA 並擷取協同效益，都會提高我們在退出時預期可實現的價值。就第二季業績而言，總營收為 2.59 億美元，去年同期為 4.28 億美元。

As we have consistently communicated, year-over-year revenue comparisons will continue to reflect the deliberate portfolio reshaping we executed in fiscal 2025 and early fiscal '26. The divestitures of SGK, warehouse automation and sourcing account for the majority of the reduction.

如我們一貫所溝通的，年對年營收比較將持續反映我們在 2025 會計年度及 2026 會計年度初期所執行的策略性投資組合重塑。出售 SGK、倉儲自動化與採購（sourcing）業務，占降幅的大部分。

Adjusted EBITDA for the fiscal 2026 second quarter was $45 million compared to $51 million in the prior year second quarter. A solid result when you consider that the prior year second quarter included a full quarter of SGK results, while this quarter contains only our 40% interest in Propelis.

2026 會計年度第二季調整後 EBITDA 為 4,500 萬美元，去年同期為 5,100 萬美元。考量去年第二季包含 SGK 的完整一季業績，而本季僅包含我們在 Propelis 的 40% 權益，這仍是穩健的結果。

Stripping out the businesses we have deliberately exited, the continuing portfolio is performing as we projected, Memorialization delivering, the balance sheet improving and Industrial Technologies remaining the variable we are actively working to improve. That is what we laid out at the start of this fiscal year.

若剔除我們已策略性退出的業務，持續經營的投資組合表現符合我們的預期：紀念化業務持續交出成果、資產負債表持續改善，而工業技術仍是我們正積極努力改善的變動因素。這正是我們在本會計年度開始時所擘劃的方向。

Dan will walk you through our cash flow in detail, but I want to briefly note that our first half operating cash outflow reflects a cluster of discrete items, a legacy settlement payment, transaction-related fees from our recent divestitures and annual recurring payments concentrated in our first quarter that do not represent the underlying cash generation capacity of our continuing businesses.

Dan 將為各位詳細說明現金流，但我想先簡要指出，上半年營運現金流出反映了幾項集中發生的離散項目：一筆歷史遺留的和解付款、近期資產出售相關的交易費用，以及集中在第一季支付的年度例行款項；這些都不代表我們持續經營業務的基礎現金創造能力。

We expect both Q3 and Q4 to generate positive operating cash flow. Turning to our businesses. The Memorialization business continues to be the engine that drives this company. Our Cornerstone segment reported sales of $215 million for the second quarter, an almost 5% increase over the prior year and adjusted EBITDA of $49 million, up 8% year-over-year. For the first half of fiscal 2026, sales grew to $419 million and adjusted EBITDA grew to $88 million.

我們預期第三季與第四季的營運現金流皆為正。接著談各項業務。紀念化業務仍是驅動本公司的引擎。我們的 Cornerstone 事業部第二季銷售額為 2.15 億美元，較去年同期增加近 5%，調整後 EBITDA 為 4,900 萬美元，年增 8%。2026 會計年度上半年，銷售額成長至 4.19 億美元，調整後 EBITDA 成長至 8,800 萬美元。

This segment continues to perform well. The Dodge acquisition continues to contribute meaningfully, adding approximately $10 million in sales per quarter and is ahead of our EBITDA targets. Our team has done an excellent job integrating Dodge, and we are now realizing the cost and commercial synergies we expected when the deal was first identified.

此業務區塊持續表現強勁。Dodge 併購案持續做出顯著貢獻，每季約增加 1,000 萬美元銷售額，且優於我們的 EBITDA 目標。我們的團隊在整合 Dodge 方面表現出色，我們也正開始實現在最初辨識該交易時所預期的成本與商業協同效益。

After accounting for asset monetization and working capital actions, we expect the adjusted purchase price of Dodge to be under $50 million with EBITDA contributions exceeding $12 million. This will stand as another highly accretive acquisition for our shareholders.

在計入資產變現與營運資金措施後，我們預期 Dodge 的調整後收購價格將低於 5,000 萬美元，且 EBITDA 貢獻將超過 1,200 萬美元。這將成為另一項對股東高度增益的併購案。

We are also seeing continued strength in mausoleum construction orders through our Gibraltar Mausoleum business, which not only generates good margins directly, but pulls through demand for bronze lettering, bases and other memorialization products. Pricing realization remains solid in the business, and we continue to benefit from productivity improvements across the segment.

我們也透過 Gibraltar Mausoleum 業務看到陵墓建造訂單持續強勁；該業務不僅直接帶來良好毛利，亦帶動青銅字體、底座及其他紀念化產品的需求。該業務的價格實現仍然穩健，我們也持續受惠於整個區塊的生產力提升。

We believe there are more M&A opportunities in the memorialization space that look like Dodge, highly accretive, strategic, defensible market positions. Our relationships in this industry are deep and long-standing, and we are positioned well to move when the time is right. With regard to the tariff environment and its impact on our businesses, the situation remains fluid, as you are aware, and we will continue to manage this proactively as we have over the past several years.

我們相信在紀念化（memorialization）領域仍有更多類似 Dodge 的併購機會，具高度增益、策略性且具防禦性的市場地位。我們在此產業的關係深厚且長期建立，並已做好在時機成熟時採取行動的準備。至於關稅環境及其對我們業務的影響，如各位所知，情勢仍在變動中；我們將如過去數年一樣，持續以主動方式加以管理。

Moving on to Industrial Technologies. Revenue were $43 million for the quarter compared to $81 million a year ago. The year-over-year decline reflects the divestitures of the warehouse automation and tooling businesses completed in 2025.

接著談工業技術（Industrial Technologies）。本季營收為 4,300 萬美元，去年同期為 8,100 萬美元。年對年下滑反映我們於 2025 年完成倉儲自動化與工具（tooling）業務的出售。

What remains is a focused technology driven portfolio of high-value product identification and engineered solutions, and we continue to see significant opportunities in both businesses. Let me start with the product Identification.

目前留下的是一個聚焦、以科技驅動的產品組合，涵蓋高價值的產品識別與工程化解決方案，而我們在兩項業務上仍看到顯著機會。我先從產品識別（product identification）談起。

We can report that we shipped our first production units to paying customers, several of whom were beta customers that saw the tremendous value of the technology. As noted last quarter, we had stopped deliveries as we corrected certain minor issues noted during beta testing, but now those issues have been resolved.

我們可以報告，我們已向付費客戶出貨首批量產機，其中數位先前為 Beta 客戶，並已看到該技術的巨大價值。如上季所述，我們曾在修正 Beta 測試期間發現的若干輕微問題時暫停交付，但目前這些問題已解決。

The commercial response to Acxiom remains strong. The value propositions that we hope to deliver are proving true. Higher quality marks using significantly less solvent while reducing the cost of maintenance are driving strong interest in our new product.

市場對 Acxiom 的商業反應依然強勁。我們希望提供的價值主張正被證實。以顯著更少的溶劑達成更高品質的標記，同時降低維護成本，正驅動市場對我們新產品的高度興趣。

As we noted last quarter, we have expanded our total addressable market estimate to about $3 billion as we have validated interest from customers currently using high-quality but more expensive solutions. We continue to actively pursue and engage in strategic partnership discussions, including white label opportunities with leading industry participants to accelerate adoption and market reach.

如上季所述，隨著我們驗證目前使用高品質但更昂貴解決方案之客戶的興趣，我們已將可服務市場總量（TAM）估計擴大至約 30 億美元。我們持續積極推進並參與策略夥伴合作討論，包括與領先產業參與者的白牌（white label）機會，以加速採用並擴大市場觸及。

These opportunities will speed up adoption and give us access to markets that we would not develop for a while. We hope to have news to share on these discussions before the fiscal '26 year-end. With that said, let me reiterate that Action will not be a material contributor to the top line this year given last quarter's delays, but we expect to see a more meaningful contribution from the product line next year.

這些機會將加快採用速度，並讓我們進入一些原本短期內不會開發的市場。我們希望在 2026 財年年底前，就這些討論分享最新進展。話雖如此，我想再次強調，由於上季的延遲，Action 今年不會對營收端（top line）做出重大貢獻，但我們預期明年該產品線將帶來更具意義的貢獻。

Moving now to our Engineering and Energy Solutions business. The second quarter was again challenging as expected. However, let me walk you through our pipeline. We were recently awarded a $25 million order for converting line to be delivered to the United States. Together with $75 million of orders that we continue to confidently work on, we expect a material change in this business next year.

接著談我們的工程與能源解決方案（Engineering and Energy Solutions）業務。第二季如預期般仍具挑戰。不過，讓我帶各位看一下我們的案源（pipeline）。我們近期獲得一筆 2,500 萬美元的轉換產線訂單，將交付至美國。再加上我們仍有信心持續推進的 7,500 萬美元訂單，我們預期明年該業務將出現實質性變化。

In addition to those orders, we are working on multiple partnership agreements that utilize our highly proprietary DBE technology. We hope to announce those partnerships for the end of our fiscal year as well. Included in those partnerships are discussions with global ultracapacitor manufacturers looking to move their production to DVE technology.

除上述訂單外，我們也正推進多項合作夥伴協議，將運用我們高度專有的 DBE 技術。我們也希望在本財年年底前宣布這些合作。這些合作中包含與全球超級電容（ultracapacitor）製造商的討論，他們希望將其生產轉向 DVE 技術。

Ultracapacitors, an essential element of energy delivery to the data storage industry are yet another energy storage solution that will benefit from DBE. On the DBE front, we received an important legal development in the second quarter.

超級電容是為資料儲存產業提供能量輸送的重要要素，也是另一種將受惠於 DBE 的儲能解決方案。在 DBE 方面，我們在第二季取得一項重要的法律進展。

On February 13, an arbitrator issued an interim decision that favorably affirmed our ownership of and rights in our DBE technology and denied Tesla's request for broad injunctive relief. Tesla's attempt to prevent us from selling our own proprietary technology was rejected again.

2 月 13 日，仲裁人作出一項中間裁決，有利地確認我們對 DBE 技術的所有權與相關權利，並駁回 Tesla 對廣泛禁制令救濟的請求。Tesla 試圖阻止我們銷售自有專有技術的企圖再次遭到否決。

The very narrow injunction on certain components has had no material impact on our technology as we already have alternative components. This is a meaningful win for our IP position and for the long-term value of our Energy Solutions business. Practically speaking, the ruling removes a key overhang that we believe has caused several sophisticated counterparties to delay deepening their engagement with us.

針對特定零組件的非常狹窄禁制令，對我們的技術並無重大影響，因為我們已具備替代零組件。這是我們智慧財產（IP）地位以及能源解決方案業務長期價值的一項重要勝利。就實務而言，該裁決移除了一項關鍵不確定因素；我們認為這項不確定性曾使多個成熟的交易對手延後加深與我們的合作。

Moreover, this ruling meaningfully mitigates any material liability. Our near-term expectations from the DBE market remain measured, but the long-term thesis is intact and is actually strengthening. Many industry participants continue to affirm that DBE is a critical enabling technology for next-generation chemistries, including solid state.

此外，該裁決也大幅降低任何重大責任風險。我們對 DBE 市場的短期預期仍保持審慎，但長期投資論點依然成立，且實際上正在增強。許多產業參與者持續確認，DBE 是下一代化學體系（包括固態）的關鍵使能技術。

We expect to take additional cost reduction actions within the engineering business in the second half to protect cash while we wait for the market to absorb our pipeline. With regard to our full year outlook, we set guidance of at least $180 million in adjusted EBITDA for fiscal 2026, inclusive of our 40% interest in Propelis.

我們預期在下半年於工程業務內採取進一步的成本削減措施，以在等待市場消化我們的案源期間保護現金。關於全年展望，我們對 2026 財年設定至少 1.8 億美元的調整後 EBITDA 指引，其中包含我們在 Propelis 的 40% 權益。

Achieving the full year target requires a stronger second half, driven primarily by Memorialization continuing its current trajectory, Industrial Technologies converting its pipeline and Propelis continuous operational execution. We continue to believe this is achievable. Memorialization is operating an annualized run rate well above $175 million in adjusted EBITDA on its own.

要達成全年目標，需要下半年表現更強，主要動能來自：紀念化業務延續目前走勢、工業技術將案源轉化為訂單，以及 Propelis 持續的營運執行。我們仍相信這是可達成的。單就紀念化業務而言，其調整後 EBITDA 的年化運行率已遠高於 1.75 億美元。

Propelis contribution provides meaningful incremental EBITDA in our Brand Solutions segment and the recent win in engineering gives us confidence in our engineering forecast, but several things may impact that forecast. The pace and timing of engineering orders, the outcome of current tariff discussions at the federal level, the timing of synergies at Propelis us and the economic impact of geopolitical challenges, all can have an impact on our full year results.

Propelis 的貢獻在我們的品牌解決方案（Brand Solutions）區塊提供了有意義的增量 EBITDA，而工程業務近期的得標也讓我們對工程預測更有信心；但仍有數項因素可能影響該預測。工程訂單的速度與時點、聯邦層級目前關稅討論的結果、Propelis 協同效益實現的時點，以及地緣政治挑戰的經濟影響，皆可能影響我們的全年結果。

With that said, we are working hard on things that we can control to deliver those results. The pipeline is real. The synergies are clearly identified and tariffs can come and go. With these factors in mind, we are reaffirming our full year adjusted EBITDA guidance of $180 million. Finally, our strategic alternative review continues.

即便如此，我們正全力以赴處理我們可控的事項，以交付上述成果。案源是真實存在的。協同效益已清楚辨識，而關稅可能來來去去。基於這些因素，我們重申全年調整後 EBITDA 指引為 1.8 億美元。最後，我們對策略替代方案的評估仍在持續進行。

As I've noted above, we have multiple potential partnerships and arrangements currently in discussion. The Board is actively engaged and our focus remains on delivering on the full value of our intellectual property, particularly in Energy Solutions and AI through partnerships, licensing or other structures that do not require us to sell our businesses at a discount to their intrinsic value.

如我在上文所述，我們目前正就多項潛在的合作夥伴關係與安排進行討論。董事會正積極參與，我們的重點仍是透過合作、授權或其他不需要我們以低於其內在價值的折價出售業務之架構，充分實現我們智慧財產的全部價值，特別是在能源解決方案與 AI 方面。

Now I'll turn it over to Dan for a deeper dive on our financial performance.

現在我把時間交給 Dan，請他更深入說明我們的財務表現。

Thank you, Joe. Before starting the financial review, I want to give a reminder on the financial reporting with respect to the SGK business. As you are aware, the divestiture of this business closed on May 1, 2025. The fiscal 2025 consolidated financial information presented in this release reflects the financial results of the SGK business through the closing date.

謝謝你，Joe。在開始財務回顧之前，我想提醒一下有關 SGK 業務的財務報導事項。如各位所知，該業務的剝離已於 2025 年 5 月 1 日完成交割。本新聞稿所呈列的 2025 會計年度合併財務資訊，反映 SGK 業務截至交割日止的財務結果。

As a result of the integration process of Propelis and transition to its stand-alone reporting systems, our 40% portion of the financial results of Propelis is reported on a 1-quarter lag. Consequently, for the 3 months ended March 31, 2026, the company's portion of earnings or losses for its equity method investment in Propelis includes the months from October 2025 through December 2025.

由於 Propelis 的整合作業流程以及轉換至其獨立報導系統，我們持有的 40% Propelis 財務結果以落後 1 個季度的方式入帳。因此，截至 2026 年 3 月 31 日止 3 個月，本公司按權益法認列之 Propelis 投資損益，包含 2025 年 10 月至 2025 年 12 月的月份。

And similarly, for the 6 months ended March 31, 2026, the company's portion of the earnings or losses for its equity method investment in Propelis includes the months from July 2025 through December 2025. Now let's begin the financial review with Slide 7. For the fiscal 2026 second quarter, the company reported a net loss of $21.8 million or $0.69 per share compared to a net loss of $8.9 million or $0.29 per share a year ago.

同樣地，截至 2026 年 3 月 31 日止 6 個月，本公司按權益法認列之 Propelis 投資損益，包含 2025 年 7 月至 2025 年 12 月的月份。現在讓我們從投影片 7 開始財務回顧。在 2026 會計年度第二季，本公司淨損為 2,180 萬美元（每股淨損 0.69 美元），相較於去年同期淨損 890 萬美元（每股淨損 0.29 美元）。

The change primarily reflected a loss recorded this year on the redemption of $300 million of senior secured notes, higher strategic initiative costs and lower operating performance in the Industrial Technologies segment, which was partially offset by lower acquisition and divestiture costs, reduced net interest and other deductions and higher income tax benefits.

此變動主要反映本年度因贖回 3 億美元優先擔保票據而認列的損失、較高的策略性倡議成本，以及工業技術（Industrial Technologies）部門營運表現較弱；上述影響部分被較低的併購與剝離成本、淨利息及其他扣除項目減少，以及所得稅利益增加所抵銷。

Consolidated sales for fiscal 2026 second quarter were $259 million compared to $428 million a year ago. The decrease primarily reflected the divestitures of the SGK business on May 1, 2025, the European packaging and tooling businesses on December 1, 2025, and the warehouse automation business on December 31, 2025.

2026 會計年度第二季合併銷售額為 2.59 億美元，去年同期為 4.28 億美元。下降主要反映於 2025 年 5 月 1 日剝離 SGK 業務、於 2025 年 12 月 1 日剝離歐洲包裝與模具（tooling）業務，以及於 2025 年 12 月 31 日剝離倉儲自動化業務。

The consolidated sales impact of these divestitures was approximately $166 million for the current quarter and was partially offset by an $11 million contribution from the acquisition of the Dodge Company. Sales for the Industrial Technologies and Brand Solutions segments were lower for the quarter, offset partially by higher sales for the Memorialization segment. Consolidated adjusted EBITDA for the fiscal 2026 second quarter was $44.7 million compared to $51.4 million a year ago.

這些剝離對本季合併銷售額的影響約為 1.66 億美元，並部分被收購 Dodge 公司帶來的 1,100 萬美元貢獻所抵銷。本季工業技術與品牌解決方案（Brand Solutions）部門銷售額較低，部分被紀念化（Memorialization）部門較高的銷售額所抵銷。2026 會計年度第二季合併調整後 EBITDA 為 4,470 萬美元，去年同期為 5,140 萬美元。

The decline reflected lower operating performance by the Engineering business within the Industrial Technologies segment. In addition, our 40% share of Propelis adjusted EBITDA included in our results for the quarter was lower than the amount of adjusted EBITDA that we reported for SGK Brand Solutions segment last year.

下降反映工業技術部門內工程（Engineering）業務的營運表現較弱。此外，本季納入我們業績的 Propelis 40% 持分之調整後 EBITDA，低於我們去年在 SGK 品牌解決方案部門所報告的調整後 EBITDA 金額。

The Memorialization segment reported higher adjusted EBITDA for the quarter, while corporate and other non-operating costs were lower in the current year. On a non-GAAP adjusted basis, net income attributable to the company for the current quarter was $11.6 million or $0.37 per share compared to $10.5 million or $0.34 per share last year.

紀念化部門本季調整後 EBITDA 較高，而公司層級及其他非營運成本在本年度較低。以非 GAAP 調整後基礎計算，本季歸屬於本公司的淨利為 1,160 萬美元（每股 0.37 美元），去年同期為 1,050 萬美元（每股 0.34 美元）。

The increase primarily reflected the impact of lower interest expense and higher other nonoperating income, which more than offset lower operating profits. 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.

增加主要反映較低的利息費用與較高的其他非營運收入之影響，且其增益超過營運利潤下降的影響。請參閱我們盈餘新聞稿中所提供的調整後 EBITDA 與非 GAAP 調整後每股盈餘之調節表。請移至投影片 8 以檢視各部門業績。

Sales for the Memorialization segment for the second quarter of fiscal 2026 were $215.3 million compared to $205.6 million for the same quarter a year ago. The Dodge acquisition contributed sales of approximately $11 million to the quarter. Sales volumes for caskets and cemetery memorials declined in the quarter due to lower estimated US casketed death rates.

2026 會計年度第二季紀念化部門銷售額為 2.153 億美元，去年同期為 2.056 億美元。Dodge 收購案本季貢獻約 1,100 萬美元的銷售額。由於估計的美國採用棺木安葬死亡率較低，本季棺木與墓園紀念品的銷售量下滑。

Sales of cremation equipment and mausoleums were also lower in the current quarter. These volume declines were partially offset by the impact of inflationary price increases. Memorialization segment adjusted EBITDA for the current quarter was $48.8 million compared to $45 million for the same quarter last year. The increase was primarily contributed by the Dodge acquisition.

本季火化設備與陵墓（mausoleums）銷售亦較低。上述銷量下滑部分被通膨性調價的影響所抵銷。本季紀念化部門調整後 EBITDA 為 4,880 萬美元，去年同期為 4,500 萬美元。增加主要來自 Dodge 收購案的貢獻。

Benefits from inflationary price realization and cost savings initiatives were partially offset by the impact of lower sales volume, combined with higher labor and material costs. Please move to Slide 9. Sales for the Industrial Technologies segment for the second quarter of fiscal 2026 were $43.4 million compared to $80.8 million a year ago.

通膨性價格實現與成本節約措施帶來的效益，部分被較低的銷售量影響，以及較高的人工與材料成本所抵銷。請移至投影片 9。2026 會計年度第二季工業技術部門銷售額為 4,340 萬美元，去年同期為 8,080 萬美元。

The decrease primarily reflected the divestiture of the segment's tooling business on December 1, 2025, and warehouse automation business on December 31, 2025. The segment's engineering business also reported a decline in sales compared to last year, which was offset partially by higher sales for the Product Identification business.

下降主要反映於 2025 年 12 月 1 日剝離該部門的模具（tooling）業務，以及於 2025 年 12 月 31 日剝離倉儲自動化業務。該部門工程業務的銷售額亦較去年下降，部分被產品識別（Product Identification）業務較高的銷售額所抵銷。

Changes in foreign currency rates had a favorable impact of $3.1 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 a loss of $3.3 million compared to a profit of $6 million for the same quarter a year ago.

外匯匯率變動相較去年同期對該部門本季銷售額帶來 310 萬美元的有利影響。本季工業技術部門調整後 EBITDA 為虧損 330 萬美元，去年同期為獲利 600 萬美元。

The decrease primarily resulted from the impact of the warehouse automation divestiture and lower engineering sales, offset partially by the segment's cost reduction actions in its engineering business and impact of lower compensation expense. Please move to Slide 10.

下降主要源自倉儲自動化業務剝離的影響與工程業務銷售較低；部分被該部門在工程業務採取的成本削減行動，以及較低的薪酬費用影響所抵銷。請移至投影片 10。

With the divestiture of the European packaging operations on December 1, 2025, combined with the divestiture of the SGK business on May 1, 2025, the Brand Solutions segment did not have reportable revenue for the quarter ended March 31, 2026.

由於 2025 年 12 月 1 日剝離歐洲包裝營運，加上 2025 年 5 月 1 日剝離 SGK 業務，品牌解決方案部門在截至 2026 年 3 月 31 日止季度並無可報導的營收。

And a year ago, the divested entities reported sales of $141.2 million. Adjusted EBITDA for the Brand Solutions segment was $9.6 million for the current quarter compared to $15.6 million a year ago. The current quarter mainly reflects the company's 40% interest in Propelis. To reiterate our earlier comments about Propelis, our 40% portion of the financial results of Propelis is reported on a 1-quarter lag.

而在去年同期，已剝離之實體的銷售額為 1.412 億美元。品牌解決方案部門本季調整後 EBITDA 為 960 萬美元，去年同期為 1,560 萬美元。本季主要反映本公司對 Propelis 的 40% 權益。重申我們先前對 Propelis 的說明，我們持有的 Propelis 40% 財務結果以落後 1 個季度的方式入帳。

As a result, the consolidated financial information for the quarter ended March 31, 2026, includes our 40% interest in the financial results of Propelis for the months of October through December of 2025.

因此，截至2026年3月31日止季度的合併財務資訊，包含我們對Propelis於2025年10月至12月期間財務結果的40%權益。

Please move to Slide 11. Cash flow used in operating activities for the 6 months ended March 31, 2026, was $67.4 million compared to $18.7 million a year ago. During the period, the company made significant disbursements in connection with divestitures, including income taxes, transaction fees and repayments of securitized receivables. Expenditures for litigation and proxy defense also consumed significant cash in the period.

請翻到第11頁投影片。截至2026年3月31日止6個月，營運活動所使用的現金流為6,740萬美元，較去年同期的1,870萬美元增加。期間內，公司就資產剝離相關事項進行了重大支出，包括所得稅、交易費用以及證券化應收款的償還。訴訟支出與委託書攻防相關支出亦在本期間消耗了大量現金。

Additionally, our first half of the fiscal year is typically slower than the second half, generally reflecting a net operating cash outflow due primarily to seasonally lower earnings and the payment of year-end bonus accruals and other annual payment items.

此外，我們會計年度上半年通常較下半年疲弱，通常反映為營運現金淨流出，主要由於季節性較低的獲利，以及支付年終獎金應計數與其他年度付款項目所致。

Outstanding debt at March 31, 2026, was $579 million and net debt, which represents debt less cash, was $543 million. The net debt decreased by $135 million since the end of fiscal 2025, driven by the receipt of $243 million of cash proceeds from the divestitures of the warehouse automation business and the European packaging and tooling businesses during the first quarter.

截至2026年3月31日，未償還債務為5.79億美元；淨負債（即債務扣除現金）為5.43億美元。自2025會計年度末以來，淨負債減少1.35億美元，主要受第一季出售倉儲自動化業務以及歐洲包裝與模具業務所取得2.43億美元現金收入所帶動。

These cash inflows were partially offset by cash used in operations and the payment of fees to redeem the $300 million senior secured notes. During the second quarter of fiscal 2026, the company purchased 22,953 shares under its stock repurchase program at an average cost of $26.33 per share. These repurchases were solely related to the withholding tax obligations for vested equity compensation.

上述現金流入部分被營運用現金以及支付贖回3億美元優先擔保票據的費用所抵銷。在2026會計年度第二季，公司依其庫藏股計畫買回22,953股，平均成本為每股26.33美元。這些買回僅與已歸屬股權薪酬的預扣稅義務相關。

And finally, the Board declared this week a quarterly dividend of [$0.255] per share on the company's common stock. The dividend is payable on May 25, 2026, to stockholders of record at May 11, 2026.

最後，董事會於本週宣告公司普通股每股[0.255]美元的季度股利。該股利將於2026年5月25日支付給截至2026年5月11日登記在冊的股東。

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

以上為財務回顧，接下來我們將開放電話會議進行提問。

Thank you.

謝謝。

(Operator Instructions) Danielle Moore, CJS Securities.

(接線員指示) Danielle Moore，CJS Securities。

Thank you. Good morning, Joe. Good morning, Dan. Thanks for taking the questions.

謝謝。早安，Joe。早安，Dan。感謝接受提問。

Good morning, Dan.

早安，Dan。

Good morning, Dan.

早安，Dan。

Let's start with memorialization. Outlook, modest sales growth through the remainder of the year. I think Dodge has maybe half a quarter left. Just kind of looking at your expectations for organic growth looking out beyond the next quarter or so with the revised mix, including Dodge, and then from an inorganic perspective, are you seeing more inbound inquiries from competitors or other players in that arena since the acquisition?

先從memorialization（紀念相關業務）談起。展望方面，全年剩餘期間銷售額溫和成長。我想Dodge可能只剩下半個季度左右。想請教在修正後的組合（包含Dodge）之下，往後超過下一季左右的時間點，你們對有機成長的預期如何？另外從非有機的角度，自從這次收購後，你們是否看到來自競爭對手或該領域其他參與者更多的主動接洽？

So let me kind of parse that question out then. You have a couple of questions in there. First off, with regard to our forecast, looking for the balance of the year, I would call our volume to be stabled modestly down.

我先把這個問題拆開來回答。你裡面其實問了幾個問題。首先，關於我們對今年剩餘期間的預測，我會形容我們的出貨量大致持平、略為下滑。

If you listen to some of our customers earnings calls, you'll recognize that Cascade has had a pretty low period this past quarter. We've performed better than that because of some things that we've done internally, both the addition of Dodge, some pricing, and frankly, some better execution in other markets that we serve.

如果你有聽一些客戶的財報電話會議，你會注意到Cascade在上一季處於相當低迷的期間。我們表現比他們好，原因是我們內部做了一些事情，包括納入Dodge、部分定價調整，以及坦白說，在我們服務的其他市場執行得更好。

As we move forward through the balance of the year, we are in the midst of doing some cross-selling activities, trying to get. Both Dodge customers to become our customers on the casket and bronze side and our customers become Dodge customers as well.

隨著我們往今年剩餘期間推進，我們正在進行一些交叉銷售活動，嘗試讓Dodge的客戶也成為我們在棺木與青銅產品端的客戶，同時也讓我們的客戶成為Dodge的客戶。

Those efforts are baked into our forecast looking forward. Hopefully, they will be successful, but that's part of the synergy expectation we're going to get.

這些努力已納入我們對未來的預測之中。希望能夠成功，但這也是我們預期可取得的協同效益的一部分。

Very helpful. And on the M&A front, just wondering if you're seeing more inbounds. I know Dodge is sort of a new platform.

非常有幫助。另外在併購（M&A）方面，想請教你們是否看到更多主動上門的案源。我知道Dodge算是一個新的平台。

And that's what I didn't understand of your question. Okay. I apologize. All right. Yeah. I mean, obviously, we are always in the market and there's always a few things that are floating around. I wouldn't say there's a lot of inbounds, but there are opportunities out there.

這就是我剛剛沒理解你問題的地方。好的。抱歉。好。是的。我的意思是，很明顯我們一直都在市場上，也總是有一些案子在流動。我不會說有很多主動上門，但市場上確實有一些機會。

We'll pick timing based on when it's right for us as well as when, others are ready to sell. There still are small opportunities like that, as I said in my portion of the call. I mean, these are highly accretive over a wonderful base that we have, so we expect to be able to pull those off. I just can't pick the timing of them all the time.

我們會依照對我們而言合適的時點，以及對方準備出售的時點來選擇時機。仍然有一些像我在電話會議中所提到的那種小型機會。我的意思是，這些在我們既有的優質基礎之上具有很高的增益性（accretive），因此我們預期能夠完成這些交易。只是我無法每次都精準掌握它們的時點。

Understood. Propelis, it sounds like just maybe a little bit more under the hood. Are we at the front end of the IT and SAP implementation? Is that sort of, just talk about progress and, when we'll have a better sense for execution?

了解。關於Propelis，聽起來可能需要再深入一點。我們現在是在IT與SAP導入的前期嗎？能否談談進度，以及我們何時能更清楚掌握執行狀況？

No problem. I would tell you that, I mean, we are at the middle and the biggest part of that middle was standing up their own instance of SAP. So as all of the SGK team has separated from our, we're still supporting, but they've separated onto their own instance of SAP. That is a massive lift and that is the key to.

沒問題。我會告訴你，我們其實是在中段；而中段中最重要的一部分，是為他們建立（stand up）自己的SAP獨立實例。因此，隨著SGK團隊已從我們這邊分離出去——我們仍在支援——但他們已分離到自己的SAP實例上。這是一項非常龐大的工程，也是關鍵所在。

Bringing on the other system, the other parts of the company, in particular, SGS. One thing I would stress, and this is, I know some of the team may be on the call, so I don't want to kind of make it sound too simple. The big lift was getting them off on their own. We've already implemented all of these.

這是為了導入其他系統、以及公司其他部分，尤其是SGS。我想強調一點——我知道團隊中可能有人也在線上，所以我不想把它說得太簡單。最大的工程是讓他們能夠獨立運作。我們已經把所有這些都導入完成。

Changes that are necessary to make SAP adaptable to a brand-related business like SGK when we bought SGK. So it's not a novel ERP implementation. Yes, there are some flows that are going to be different. Yes, there are some keystrokes that are going to be different. But at the end of the day, SGS is moving on to a platform that is already fully baked and ready to go for a brand-related system.

也就是那些為了讓SAP能適用於像SGK這種品牌相關業務、在我們收購SGK時所必須進行的變更。因此這不是一個全新的ERP導入。是的，會有一些流程不同。是的，會有一些操作步驟（keystrokes）不同。但歸根結底，SGS要移轉到的平台已經完全成熟（fully baked），並且已準備好用於品牌相關的系統。

So we're very confident on their ability to execute going forward. So at this point. Time, they will start that migration in about 90 days, and they will go location by location like we did in 2014 successfully. I would hope that would go even easier than it did for us early on because we will populate -- the SGK team will populate the SGS team with people that know how the systems already work for their business.

因此，我們對他們未來的執行能力非常有信心。所以在這個時間點。他們大約在 90 天後會開始那項遷移，並且會像我們在 2014 年成功做過的一樣，按地點逐一推進。我希望這次會比我們早期做的更順利，因為我們會派人——SGK 團隊會用熟悉其業務系統運作方式的人員來充實 SGS 團隊。

No, that's a really helpful color. One more and I'll jump back in queue. Just in terms of the announcement in February regarding the arbitration with Tesla. Just what are the next steps, Tesla's next moves, obviously, that's a conjecture, but just and and more importantly, are there examples or details regarding engagement with new potential customers since that ruling in February?

不，這些補充說明很有幫助。我再問一個就回到隊列。就 2 月關於與特斯拉仲裁的公告而言。接下來的步驟是什麼？特斯拉下一步可能會怎麼做？當然這是推測，但更重要的是，自 2 月該裁決之後，與新的潛在客戶互動方面是否有任何例子或細節？

So I mean, look, I'm not in the minds of our friends in California and nor do I want to be, but I can tell you it's given a lot of clarity, both to us and to the customers that we've been trying to work with for a while, those efforts will continue and I will tell you they have opened more doors in the last 60 days or so.

我的意思是，聽著，我不在我們加州朋友的腦袋裡，也不想在，但我可以告訴你，這帶來了很多清晰度，對我們以及我們嘗試合作了一段時間的客戶都是如此；這些努力會持續下去，而且我可以告訴你，過去大約 60 天左右，它已經打開了更多大門。

We have expanded our geographies to include Japan. We've gone deeper with our European potential customers and partners over there, and we've had some US-based companies reach out to us that had not been very specific in the past. This clarity that comes out of this ruling has been the hindrance to us for a long time. I can't tell you what's next. I can tell you that we are emboldened by it.

我們已將業務版圖擴展到日本。我們也更深入地與歐洲的潛在客戶與合作夥伴接觸，並且有一些以美國為基地的公司主動聯繫我們，過去他們並不那麼明確。這項裁決所帶來的清晰度，長期以來一直是阻礙我們的因素。我無法告訴你接下來會怎樣。但我可以告訴你，我們因此更有底氣。

Thank you.

謝謝。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Thanks so much, guys. Could you talk about the breadth and depth of the supercapacitor, ultracapacitor customers on this? Obviously, the need for voltage buffering at the data center is enormous. I'm just curious about how quickly. That opportunity could come and how many folks might participate in it?

非常感謝，各位。你們能談談在這方面超級電容／超級電容器（ultracapacitor）客戶的廣度與深度嗎？顯然，資料中心對電壓緩衝的需求非常龐大。我只是好奇這個機會可能會多快到來。以及可能會有多少業者參與其中？

We have the three largest producers of ultracapacitors at our doorstep today. As you, Colin, you're the one person on the phone that actually knows this. This is how we got into DBE in 2015. We converted some activated carbon for Maxwell using our technology back in about 2015, and so we are well down the path of being able to do this.

目前，全球前三大超級電容器（ultracapacitor）製造商都已在我們門口。如你所知，Colin，你是電話上唯一真正了解這點的人。這就是我們在 2015 年切入 DBE 的方式。大約在 2015 年，我們曾用我們的技術為 Maxwell 轉化一些活性碳，因此我們在能夠做到這件事的道路上已經走得很深。

When we talk about partnerships, there are multiple forms of partnership. With the three largest producers of ultracapacitors that we're dealing with, both in terms of joint investment to produce the electrode used for an ultracapacitor as well as to provide the electrode to them. We have a piece of equipment.

當我們談到合作夥伴關係時，合作有多種形式。就我們正在合作的前三大超級電容器製造商而言，既包括共同投資以生產超級電容器所用的電極，也包括向他們供應電極。我們有一台設備。

In Germany right now that is being commissioned as we speak. You saw the beginnings of that, I believe, Colin, a few months or years ago. That piece of production level equipment is ready here shortly, and we are lining them up to be able to produce test results at production rates of speed, something we did not have the capacity to do before.

目前就在德國，正在如我們所說的那樣進行試車／投產準備（commissioning）。我相信你幾個月或幾年前就看到了那件事的開端，Colin。那套量產級設備很快就會就緒，而我們也在安排他們能以量產速度產出測試結果，這是我們以前沒有能力做到的。

So the opportunity ultracapacitor side is significant, and it's something we've already done, don't need to kind of learn too much from it.

因此，超級電容器這一端的機會很可觀，而且這是我們已經做過的事情，不需要再從頭學太多。

Excellent. And then we're seeing a lot of activity around reshoring of supply chains, particularly as we look at the drone market start to scale and some of the requirements from the US Military to have fully integrated supply chains in North America to support military demand.

很好。另外，我們看到供應鏈回流（reshoring）有很多動作，特別是當我們看到無人機市場開始擴張，以及美軍對於在北美建立完整整合供應鏈以支援軍事需求的一些要求。

Yeah, I'm just curious about how active conversations are for you guys around the potential to support some of the battery manufacturing that's going to have to happen in the US to support a lot of those applications.

是的，我只是好奇，你們在支援一些必須在美國發生的電池製造方面，為了支援許多這類應用，你們的相關對話有多活躍？

You couldn't have teed it up better for me, Colin. The fact of the matter is we're operating in several different forms with respect to that. You've heard us speak about a relatively large order for North America battery separators. That order, we expect that's one of the big orders we expect here over the course of the next three months, four months or so.

Colin，你這個鋪陳再好不過了。事實上，我們在這方面以幾種不同形式在運作。你們聽過我們談到一筆相對較大的北美電池隔膜訂單。那筆訂單，我們預期會是未來三到四個月左右我們預期會拿到的大單之一。

That is going specifically into the United States for that purpose of bringing it onshore. We're having significant discussions with solid-state manufacturers who particularly use our have already used our equipment to produce the batteries necessary for solid-state, which is a military application. But the important thing in all this is it's not limited to our battery business. It's not limited only to energy. We've talked about our and I don't want to get too far ahead of my skis here, but we've talked about.

那筆訂單就是為了把供應鏈帶回本土（onshore）而專門導入美國。我們也正與固態電池製造商進行深入討論，特別是那些已經使用過我們的設備來生產固態電池所需電池的廠商，而固態電池是一項軍事應用。但這裡最重要的是，這不僅限於我們的電池業務。也不僅限於能源。我們談過我們的——我不想說得太超前，但我們談過。

Our 3D printing capabilities in our memorialization segment, that business produces 3D-printed molds at highly rapid speeds, have great application to the military when it comes to spare parts and to other cast-related products that are used by the military today. We think we have some legs in front of us that we can run with on a couple of fronts in our industry, not just the battery side.

我們在紀念化（memorialization）部門的 3D 列印能力；該業務能以極高速度生產 3D 列印模具，對軍方在備品零件以及其他目前軍方使用的鑄造相關產品方面有很好的應用。我們認為在我們的產業中，我們在幾個面向都有可延伸的空間可以發揮，而不只是電池這一端。

Thank you. Justin Bergner, Gabelli Funds.

謝謝。Justin Bergner，Gabelli Funds。

Good morning, Joe. Good morning, Dan. Nice quarter, particularly the memorialization side.

早安，Joe。早安，Dan。這一季表現不錯，尤其是紀念化業務這一塊。

Thanks, Justin. Good morning.

謝謝你，Justin。早安。

Good morning.

早安。

I had a few questions, just some clarifying. So I think you said, Dan, that you got $11 million of revenue from Dodge, but you lost $176 million from the divestitures. Did I have those numbers correct?

我有幾個問題，主要是釐清一下。所以我想你說過，Dan，你從 Dodge 取得了 1,100 萬美元的營收，但你因為資產剝離少了 1.76 億美元。我這些數字對嗎？

$166 million from the divestitures, yeah.

資產剝離是 1.66 億美元，對。

Okay. And then the Propelis JV, you said it's already doing $100 million plus EBITDA run rate, but the 40% figures of $9.5 million and $9.9 million are slightly below that. So is that just seasonality being a little bit weaker first half versus the second half.

好的。另外，Propelis 合資企業，你說它的 EBITDA 年化運行率已經超過 1 億美元，但 40% 的數字 950 萬美元和 990 萬美元略低於那個水準。所以這只是季節性因素，因為上半年比下半年稍弱嗎？

Yeah, Justin, that's exactly right. Their slowest quarter is typically the fourth calendar quarter. And so that would be the quarter that we would have reported in this fiscal quarter for Matthews.

是的，Justin，完全正確。他們最慢的一季通常是曆年第四季。因此，那一季會是我們在 Matthews 這個會計年度本季所認列／報告的季度。

Got you. All right. That makes sense. And then the 9.9% is the estimate for the current quarter,

了解。好。這很合理。然後 9.9% 是對本季的估計，

which I guess kind of aligns on an annualized basis, gross up to $100 million. Okay. Got you. On memorialization, did it actually perform better than you expected in the quarter or about in line? And is there any element of price cost timing from the inflation in your average cost method of inventory that might have temporarily boosted EBITDA in the March quarter at the expense of future quarters?

我想按年化基礎換算，大概相當於放大到 1 億美元。好。了解。關於殯葬用品（memorialization）業務，本季實際表現是優於你們預期，還是大致符合預期？另外，在你們採用存貨平均成本法的情況下，通膨造成的價格/成本時點差，是否可能在 3 月季度暫時推升 EBITDA、但以犧牲未來季度為代價？

I would tell you, Justin, that the quarter actually performed better at an execution level, worse at a revenue level. If you listen, one of our customers yesterday reported, they reported a 4.5% decline in casketed deaths.

Justin，我會跟你說，本季在執行層面其實表現更好，但在營收層面更差。如果你有聽到，我們的一位客戶昨天公布，他們報告顯示有棺木的死亡數下降了 4.5%。

We are well below that. Our volumes in the casket business are well below that number. So we've overperformed that level, but we were not anticipating that. Largely that had to do with an early flu season. We had strong results in our November and December quarter period that we did not carry forward. So volumes were modestly lower than we would have expected.

我們遠低於那個數字。我們棺木業務的量遠低於那個數字。所以我們在那個層級上是超出表現，但我們原本沒有預期會這樣。主要是因為流感季提早到來。我們在 11 月與 12 月那個季度期間有很強的結果，但沒有延續到後面。因此，量比我們原先預期略低。

Price is consistent with what we had expected, but execution was even better.

價格與我們預期一致，但執行甚至更好。

Okay, what is, when you say execution was better, just help me understand some of the KPIs or.

好的，你說執行更好時，能否幫我理解一下是哪些 KPI 或者……

I would tell you, yeah, I mean, it's hard to kind of get into that level of detail, be glad to take it with you, but essentially in the factories, they're running hot, let's put it that way, they're running well. Our yields, our consistencies really are performing at levels that we are admirable and that helped this quarter tremendously.

我會說，是的，我的意思是，這層級的細節有點難深入談，我很樂意私下跟你再聊；但基本上工廠端是滿載運轉，這麼說吧，運轉得很好。我們的良率、我們的一致性確實都在令人稱許的水準上表現，這對本季幫助非常大。

There are some things that are going on that are somewhat out of control, you've heard about the tariffs coming and going and things that are kind of difficult for us to kind of anticipate and deal with, those things flow through our forecast today.

也有一些事情多少不在我們控制之內，你也聽過關稅時有時無之類的狀況，這些對我們來說很難預期與因應；這些因素目前都已反映在我們的預測中。

As if they would be implemented. So we're cautious looking forward on that part of the business for the things we don't control. The things we do control, we're pretty -- we have it under our belt.

就當作它們會被實施一樣。所以在這部分業務上，對於我們無法控制的事情，我們對未來會比較審慎。至於我們能控制的事情，我們相當——我們已經掌握得很穩。

Okay, so you're actually factoring in some incremental headwind for the rest of the year on the tariff side for moralization?

好的，所以你們確實把今年剩餘期間在殯葬用品（moralization）這邊的關稅因素，納入了一些額外逆風？

Modest, yeah. Yeah. Oh, yeah.

小幅，是的。是的。喔，是的。

Is that, that's new or that's tied to the Section 232 change?

那是新的，還是跟《232 條款》（Section 232）的變動有關？

I mean, let's put it this way. I mean, we don't want to get into that specifically. We've implemented some expectation on 232, but at the end of the day, we, whether that gets worse or gets better, it's something we don't control. There's an expectation or a forecast for some impact of that.

我的意思是，這麼說吧。我們不想特別談得太具體。我們已經把對 232 的一些預期納入，但歸根結底，不管它變得更糟或更好，這都是我們無法控制的。我們對其影響有一個預期或預測。

And then expectation is a little bit more of a headwind than maybe you thought a quarter ago entering the first quarter. Okay, got you. Just to make sure I understand the cash costs that are mostly one time. So you have the debt redemption, you have the transactions, you have the legal.

而且這個預期，相較於一季前、也就是進入第一季時，你們認為的逆風可能更大一些。好的，了解。我想確認一下，主要屬於一次性的現金成本。所以你們有債務贖回、有交易相關、有法律費用。

And proxy costs. Were there any other major buckets of cash costs? And are you paying a material amount for this ongoing strategic review, or is that more conditional upon stuff that might materialize from that strategic review?

以及委託書（proxy）成本。還有其他主要的現金成本類別嗎？另外，你們為這個持續進行的策略檢討（strategic review）是否支付了可觀的費用，還是說那更多是取決於策略檢討後可能實現的事項而定？

Yeah, no, Justin, the items that hit in the quarter were payments on kind of pursuant to the closure of the warehouse sale. If you remember, we received $225 million right at the end of last quarter. We closed that deal on the 31.

是的，不，Justin，本季入帳的項目是依據倉庫出售案結案所需支付的款項。如果你記得，我們在上一季末收到 2.25 億美元。我們在 31 號完成了那筆交易的交割。

We had tax payments this quarter. We had deal fees that had to be paid. We also had to settle out on securitized receivables.

本季我們有稅款支付。我們有必須支付的交易費用。我們也必須就證券化應收帳款進行結清。

What are securitized receivables as of now? I mean, I'm sure I assume we'll be in the queue, but if you're able to share it now?

目前證券化應收帳款是多少？我的意思是，我想我們之後會在排程裡看到，但如果你現在方便分享的話？

Yeah, we're about $55 million.

是的，大約 5,500 萬美元。

Okay. And then ongoing cash costs associated with this ongoing strategic review, or are they more conditional cash costs based on?

好的。那與這個持續進行的策略檢討相關的持續性現金成本呢？還是它們更偏向於取決於……的條件性現金成本？

No, there's no ongoing costs associated with that. I mean, that's mostly done internal to the extent we need. External advice, it's going to be around legal more than anything else. I mean, where there's no -- these are things we're handling ourselves for the most part.

不，沒有與此相關的持續性成本。我的意思是，這大多是內部完成的，在我們需要的範圍內。外部建議主要會是法律方面多於其他。我的意思是，沒有——這些事情大多我們自己在處理。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

And we show no further questions in queue at this time. This will conclude our Q&A session as well as our conference call.

目前我們顯示佇列中沒有其他提問。這將結束我們的問答環節以及本次電話會議。

Thank you for your participation, and you may disconnect at any time.

感謝各位的參與，您可於任何時間掛線。