Middleby Corp (MIDD) 2024 Q3 法說會逐字稿

Good day, and welcome to the third-quarter 2024 Middleby Corporation earnings conference call.

美好的一天，歡迎參加米德爾比公司 2024 年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Tim Fitzgerald, CEO. Please go ahead.

我現在想將會議交給執行長 Tim Fitzgerald。請繼續。

Good morning. Thank you for joining us today on our third-quarter earnings call as we begin. Please note there are slides to accompany the call on the investor relations page of our website. Third-quarter proved to be more challenging than expected, particularly for our commercial food service segment is lower restaurant traffic and are acceleration of already high food costs in recent months, further pressured restaurant operators resulting in delayed investment in greater restaurant closures.

早安.感謝您今天參加我們第三季財報電話會議。請注意，我們網站的投資者關係頁面上有伴隨電話會議的幻燈片。事實證明，第三季比預期更具挑戰性，特別是對於我們的商業食品服務部門來說，餐廳客流量較低，近幾個月來本已很高的食品成本加速上升，進一步給餐廳經營者帶來壓力，導致更多餐廳關閉的投資被推遲。

Although we face macroeconomic headwinds across our food service businesses, the picture remains strong as more favorable conditions return with pent up demand and expected multi-year recoveries for the industries in which we participate.

儘管我們的食品服務業務面臨宏觀經濟逆風，但隨著更有利的條件回歸，需求被壓抑，以及我們參與的行業的預期多年復甦，情況依然強勁。

While we face revenue declines in the quarter, our profitability initiatives continued to take hold as we posted strong margins across our businesses and we reported margin expansion in comparison to the second-quarter.

儘管我們在本季度面臨收入下降，但我們的盈利計劃繼續發揮作用，因為我們的業務利潤率強勁，並且與第二季度相比，我們的利潤率有所擴大。

We're also pleased to have reported another very solid quarter in operating cash flow with year-to-date cash flow of $447 million, roughly 20% ahead of a record 2023.

我們也很高興地報告了營運現金流又一個非常強勁的季度，年初至今的現金流為 4.47 億美元，比創紀錄的 2023 年增長了約 20%。

Given the strong cash flows generated by our business, we have rapidly reduced our leverage which has declined from 2.7 times a year ago to just over two times at the end of the third quarter.

鑑於我們業務產生的強勁現金流，我們迅速降低了槓桿率，槓桿率已從一年前的2.7倍降至第三季末的兩倍多。

Our balance sheet is strong allowing us to capitalize on market opportunities as they arise and we continue to make critical investments in strategic and operational initiatives. Positioning us for the future at a commercial food service business, gradual improvement in ordering levels we saw throughout the first-half dropped off as we progressed through the third-quarter, restaurant traffic which was anticipated to improve at many of our customers. In Q3 declined by a reported 3.5% across the restaurant sector for the quarter.

我們的資產負債表強勁，使我們能夠抓住出現的市場機會，並繼續對策略和營運計劃進行關鍵投資。將我們未來定位於商業食品服務業務，我們在整個上半年看到的訂購水平逐步改善，但隨著第三季度的進展，我們的許多客戶的餐廳客流量預計會有所改善。據報道，第三季整個餐飲業下降了 3.5%。

At the same time, food costs which have been improving throughout 2023, saw re acceleration of cost increases in recent months.

與此同時，2023 年全年食品成本一直在改善，但近幾個月成本上漲再次加速。

These factors slowed execution against our customers business plans and ordering of equipment for upgrades and new store openings.

這些因素減緩了我們客戶業務計劃的執行以及用於升級和新店開業的設備訂購。

Overall, the economic headwinds for the industry have resulted in an estimated 1,500 restaurant closures for 2024, as compared to originally expected unit growth of 6,000 from when we started the year.

總體而言，該行業的經濟逆風預計將導致 2024 年有 1,500 家餐廳關閉，而我們最初預計從年初開始將增加 6,000 家餐廳。

Although conditions are challenging our chain customers business plans while delayed, largely have not changed. And for the longer term, the industry is still down over 100,000 food service locations. But with forecasted net unit editions expected to return in 2025, and with continued growth over the next five years, as highlighted on many of our calls, we have launched a record number of industry leading new solutions across all product categories with a building pipeline of opportunities tied to customers yet to be realized, as conditions improve, we expect this pipeline to be realized.

儘管情況對我們的連鎖客戶業務計劃提出了挑戰而推遲，但基本上沒有改變。從長遠來看，該行業仍有超過 10 萬個餐飲服務點減少。但正如我們在許多電話會議中所強調的那樣，預計淨單位版本將於2025 年回歸，並且隨著未來五年的持續增長，我們已經在所有產品類別中推出了創紀錄數量的行業領先的新解決方案，並正在建造管道與客戶相關的機會尚未實現，隨著條件的改善，我們預計該管道將會實現。

We are well positioned to support industry trends with innovations to address the need to drive restaurant efficiencies, save on food costs, reduce labor and enhance speed of service.

我們有能力透過創新來支持行業趨勢，以滿足提高餐廳效率、節省食品成本、減少勞動力和提高服務速度的需求。

Additionally, we have made significant investments through acquisition and new product development. expanding into large under penetrated categories for Middleby.

此外，我們也透過收購和新產品開發進行了大量投資。擴展到米德爾比尚未滲透的大類別。

In particular, we're realizing momentum in our targeted entry into the multi-billion dollar ice and beverage category and are just in the early chapters as we further grow our offerings and penetrate into this segment. At our residential business, the housing market remains challenged with low levels of existing home sales, new home starts and remodels existing home sales that we originally anticipated to improve during the year continue to further decline in Q3 against multi decade lows.

特別是，我們正在實現目標進入價值數十億美元的冰和飲料類別的勢頭，隨著我們進一步發展我們的產品並滲透到這一領域，我們還處於早期階段。在我們的住宅業務中，房地產市場仍然面臨低水平的現有房屋銷售、新房開工和改造現有房屋銷售的挑戰，我們最初預計今年將有所改善，但在第三季度繼續進一步下降，而創下了數十年的低點。

This is continuing to have a significant impact on our business today, both on the top line and our profitability unit volumes across our residential brands are down 30% to 40%. In comparison to historic normalized pre COVID levels.

這繼續對我們今天的業務產生重大影響，我們住宅品牌的營收和盈利單位銷量均下降了 30% 至 40%。與新冠疫情前的歷史正常水準相比。

The expected recovery back to pre-COVID volume levels will result in a significant profitability expansion back to our historic norms. While operationally, we're actively making investments in our manufacturing capabilities that are benefiting our efficiencies and quality supporting our efforts to achieve our long term profitability targets.

預期銷售將恢復到新冠疫情前的水平，這將導致獲利能力顯著擴大，恢復到我們的歷史水平。在營運過程中，我們積極投資於我們的製造能力，這有利於我們提高效率和質量，並支持我們實現長期獲利目標的努力。

While we navigate these current market conditions, we've seen initial signs of recovery with growth in certain areas such as our outdoor business, which is driven in large part by replacement demand.

在我們應對當前市場狀況的同時，我們已經看到了某些領域出現復甦和成長的初步跡象，例如我們的戶外業務，這在很大程度上是由替換需求推動的。

Our premium indoor business which has a greater exposure to longer term recovery areas of new home build and remodels we expect to follow, as the lowering of interest rates begins to take hold leading into a multiyear recovery.

我們的優質室內業務對新房建設和改造的長期復甦領域有更大的敞口，我們預計將跟隨，因為利率的降低開始紮根，導致多年的復甦。

We are better positioned than ever to benefit as this recovery occurs with our leading brand portfolio. Many new product launches and wide array of unique offerings and designs.

隨著我們領先品牌組合的復甦，我們比以往任何時候都更有能力受益。許多新產品發布以及各種獨特的產品和設計。

The traffic at our residential showrooms continues to grow as we engage more than ever with kitchen designers and dealer partners. We are reaching a new and expanded audience and this will provide benefit for the years to come at our food processing business.

隨著我們與廚房設計師和經銷商合作夥伴的接觸比以往任何時候都多，我們住宅展廳的客流量持續成長。我們正在接觸新的、擴大的受眾，這將為我們的食品加工業務未來幾年帶來好處。

The conversion of opportunities into orders remains inconsistent as customers have proceeded cautiously in recent quarters while they monitor food costs while also measuring the impact of higher interest rates on larger projects.

機會轉化為訂單的情況仍然不一致，因為近幾個季度客戶在監控食品成本的同時也謹慎行事，同時也衡量利率上升對大型項目的影響。

However, the pipeline of active projects continues to remain strong and has grown throughout the year. There is a continued demand for our solutions to increase throughput, reduce labor and minimize food waste.

然而，活躍項目的儲備繼續保持強勁，並且全年都在成長。人們持續需要我們的解決方案來提高吞吐量、減少勞動力並最大限度地減少食物浪費。

As a result, we see a constructive backdrop for 2025, with expected greater conversion of orders and in the pipeline occurring as interest rates decline and market conditions for food processors are becoming more certain.

因此，我們看到了 2025 年的建設性背景，隨著利率下降和食品加工商的市場狀況變得更加確定，預計訂單和正在醞釀的訂單轉換將出現更大的變化。

We continue to execute upon our strategy to become the leading provider of best in class full line and integrated solutions for protein and bakery processors. The strategy is resonating and we are positioned to partner with our customers as they evolve their businesses and address the need for automation in their operations, as we continue to grow our best in class solutions, we are also continuing to expand into new applications such as poultry and snack foods, expanding our addressable market and providing for continued future growth opportunities.

我們繼續執行我們的策略，成為蛋白質和烘焙加工商的一流全系列和整合解決方案的領先供應商。該策略引起了共鳴，我們致力於與客戶合作，幫助他們發展業務並滿足營運中的自動化需求，隨著我們不斷發展一流的解決方案，我們還將繼續擴展到新的應用程序，例如家禽和休閒食品，擴大我們的潛在市場並提供持續的未來成長機會。

While we navigate near term market conditions, we continue to focus on the execution of our strategic business initiatives, expanding our profitability and growing our cash flow while building upon our competitive advantage at each of our three industry, leading food service businesses.

在我們應對近期市場狀況的同時，我們繼續專注於執行我們的策略業務計劃，擴大我們的盈利能力並增加我們的現金流，同時建立我們在三個行業（領先的食品服務業務）中的競爭優勢。

Now I'll pass the call over to James to highlight some of our strategic investments and service and also spotlight some of the recent exciting new product innovations, providing tangible cost savings and operational efficiencies to our customers. James.

現在，我將把電話轉給詹姆斯，重點介紹我們的一些策略性投資和服務，並重點介紹最近一些令人興奮的新產品創新，為我們的客戶帶來切實的成本節約和營運效率。詹姆斯.

Thank you, Tim. Before I get into my discussion for the quarter, I'd like to recognize Nieco, one of our commercial brands best known for producing an automated chain driven flame broiler.

謝謝你，提姆。在開始討論本季之前，我想先認識一下 Nieco，它是我們以生產自動化鏈條驅動火焰烤雞而聞名的商業品牌之一。

Two nights ago, Nieco was awarded vendor of the year by Burger King for their latest broiler innovation and their outstanding customer service. Our broiler saves a typical BK operator approximately $6000 a year on energy and reduced maintenance cost. Congratulations team Nieco, great job. As Tim mentioned, you can find slides, referencing my discussion in the earnings deck.

兩天前的晚上，Nieco 因其最新的肉雞創新和出色的客戶服務而被漢堡王評為年度供應商。我們的肉雞每年為典型的 BK 營運商節省約 6000 美元的能源和維護成本。恭喜 Nieco 團隊，幹得好。正如蒂姆所提到的，您可以找到幻燈片，參考我在收益報告中的討論。

Nieco's next generation flame broiler continues to be the benchmark for automated frame broilers as it has been for the past 50 years. The Nieco broiler features high efficiency gas burners and is 50% faster than competitive models.

Nieco 的下一代火焰烤雞繼續成為自動化框架烤雞的基準，就像過去 50 年一樣。Nieco 肉雞採用高效能瓦斯燃燒器，比競賽機型快 50%。

It also has an energy saving feature that allows the operator to shut down 50% of the broiler during non-peak times. These features qualify the broiler for meaningful energy baits across the United States. Lastly, the Nieco broiler is open kitchen IOT ready and utilizes the middle be one touch controller.

它還具有節能功能，允許操作員在非高峰時段關閉 50% 的肉雞。這些特徵使肉雞有資格在美國各地獲得有意義的能量誘餌。最後，Nieco 烤雞已準備好開放式廚房物聯網，並採用中間的單點觸控控制器。

Since Nieco set the theme around automation, I'm going to stick with it and discuss another innovation from Marco, a commercial food service beverage brand. The Marco Milk pal addresses the most significant product challenge that every coffee shop and barista faces milk. I'm sure most of you are surprised to hear this that milk impacts speed of service. For example, up to 80% of a latte service time is tied to milk frothing, otherwise known as microfilming.

由於 Nieco 以自動化為主題，我將堅持下去，並討論商業食品服務飲料品牌 Marco 的另一項創新。Marco Milk pal 解決了每個咖啡店和咖啡師面臨的牛奶最重大的產品挑戰。我相信你們大多數人聽到牛奶會影響服務速度都會感到驚訝。例如，高達 80% 的拿鐵咖啡服務時間與奶泡有關，也稱為縮微膠片。

Additionally, 20% of the coffee shops, milk is wasted through overproduction and or inconsistent product quality. Frequent handling of milk jugs also leads to carpal tunnel syndrome and finally cleaning as milk is always a major food safety concern.

此外，20% 的咖啡店因生產過剩和/或產品品質不一致而浪費牛奶。頻繁處理牛奶罐也會導致腕管綜合症，最後要進行清潔，因為牛奶始終是一個主要的食品安全問題。

The Marco milk pal addresses each one of these challenges by automating milk dispense, the milk pal is a must for every coffee shop and is well suited for seat stores, restaurants and business and industry locations.

Marco milk pal 透過自動分配牛奶來解決這些挑戰，milk pal 是每個咖啡店的必備品，非常適合座椅商店、餐廳以及商業和工業場所。

The milk pal can dispense up to 25 unique milk accompaniments such as cold foam, hot foam, cold and hot milk. For example, the system is designed to sit next to any traditional semi-automated espresso machine such as our Synesso MVP hydra or any semi-automatic espresso machine without a steam wand.

奶友可以調配多達 25 種獨特的牛奶搭配，例如冷奶、熱奶、冷奶和熱奶。例如，該系統設計為可放置在任何傳統的半自動濃縮咖啡機（例如我們的 Synesso MVP Hydra）或任何不含蒸汽棒的半自動濃縮咖啡機旁邊。

The milk pal is also a perfect accompaniment for the fast growing cold beverage market. Milk Pal dispenses each accompaniment with a single push of a button. Thus, automating the art of microphoning with near zero waste, given its precise portion control, it also produces the highest quality microphone without using any steam or barista art.

奶友也是快速成長的冷飲市場的完美搭配。只需按一下按鈕，Milk Pal 即可指派每種伴奏。因此，由於其精確的份量控制，使麥克風技術自動化，幾乎零浪費，它還可以在不使用任何蒸汽或咖啡師技術的情況下生產最高品質的麥克風。

So the consumer tastes a richer, more flavourful, creamier and more consistent microphone in their espresso beverage, whether it be hot or cold. Lastly, unlike other milk dispensing systems, the milk pal is plumbed. This allows the system to rinse itself between dispenses, thus improving drink to drink, quality and consistency. It also allows the system to utilize middle beats, clean in place. Technologies, reducing daily labor required to clean the system.

因此，消費者可以在濃縮咖啡飲料中品嚐到更豐富、更美味、更奶油味和更一致的麥克風，無論是熱的還是冷的。最後，與其他牛奶分配系統不同，牛奶夥伴是管道式的。這使得系統能夠在分配之間進行自我沖洗，從而提高飲料之間的品質和一致性。它還允許系統利用中間節拍，就地清潔。技術，減少清潔系統所需的日常勞動力。

Now, I'd like to circle back to touch on one of the reasons why Nieco won vendor of the year. Customer service, service presents one of our largest opportunities in the industry as we lost thousands of qualified technicians during the pandemic to combat this. We built a state of the art service training facility at our Middleby Innovations, kitchens AKA, the mick.

現在，我想回顧一下 Nieco 贏得年度供應商的原因之一。客戶服務是我們行業中最大的機會之一，因為我們在大流行期間失去了數千名合格的技術人員來應對這個問題。我們在 Middleby Innovations 建立了最先進的服務培訓設施，即廚房，又稱為「mick」。

Since opening in Q2 of this year, the training facility has become a major focus of our commercial brands in the short time. It has been open. We've trained and certified over 600 technician on 20 of our highest technology brand. These technicians come from our authorized service partners and our large chain operators and franchisees as they have their own service technicians servicing Middleby products today.

自今年第二季開業以來，培訓設施在短時間內成為我們商業品牌的一大焦點。它已經開放了。我們已經對 600 多名技術人員進行了 20 個最高技術品牌的培訓和認證。這些技術人員來自我們的授權服務合作夥伴以及我們的大型連鎖經營者和特許經營商，因為他們現在擁有自己的服務技術人員為 Middleby 產品提供服務。

Our focus is on creating a network of highly trained Middleby branded service technicians. These technicians will become our first line of defense in the field and ultimately one of our best sales tools as speed of service and an industry leading first time fix rate drives organic sales and replacement business.

我們的重點是創建一個由訓練有素的 Middleby 品牌服務技術人員組成的網路。這些技術人員將成為我們在該領域的第一道防線，並最終成為我們最好的銷售工具之一，因為服務速度和行業領先的首次修復率推動了有機銷售和更換業務。

I would like to end with a quick mention that these products and all other new Middleby products, highlighting digital embedded and robotic automation will be on display the North American food equipment manufacturers show, NAFEM, February 26 through the 28 in Atlanta, Georgia. Please put this on your calendar and we look forward to seeing you there. Thank you and over to you, Brian.

最後我想快速提一下，這些產品和所有其他新的Middleby 產品（重點介紹數位嵌入式和機器人自動化）將於2 月26 日至28 日在喬治亞州亞特蘭大舉行的北美食品設備製造商展NAFEM 上展出。請將其記入您的日曆，我們期待在那裡見到您。謝謝你，布萊恩。

Thanks, James, and good morning everyone. This is Bryan Mittelman, CFO here at Middleby. I'll go through our financial results and a little bit of a outlook perspective for all of you. For the third-quarter, we generated revenue of $943 million which is a 5% decrease. Sequentially from Q2, a 4% decrease versus the prior year.

謝謝詹姆斯，大家早安。我是 Bryan Mittelman，米德爾比的財務長。我將為大家介紹我們的財務表現和一些前景展望。第三季度，我們的營收為 9.43 億美元，下降 5%。從第二季度開始，與去年同期相比下降了 4%。

Our adjusted EBITA was $213 million at a margin of 22.6% which was up 80 basis points from Q2. In spite of the challenging market conditions that impacted our top line. Our focus on innovative products, operational excellence and cost control allowed us to improve our profitability. Sequentially.

調整後的 EBITA 為 2.13 億美元，利潤率為 22.6%，比第二季成長 80 個基點。儘管充滿挑戰的市場條件影響了我們的收入。我們對創新產品、卓越營運和成本控制的關注使我們能夠提高獲利能力。依次。

All the margin values I will discuss are on an organic basis. Meaning excluding any acquisitions and foreign exchange impacts, Q3 GAAP earnings per share were $2.11 and our adjusted EPS was $2.33.

我將討論的所有保證金值都是有機的。這意味著排除任何收購和外匯影響，第三季 GAAP 每股收益為 2.11 美元，調整後每股收益為 2.33 美元。

Commercial food service revenues were down 4% organically versus the prior year and the adjusted EBITDA margin was nearly 27.5% while we are facing tough comps order trends and thus revenues in revenues we considerably as we progress through the quarter. Given the top line challenge, we're generally pleased with our ability to preserve margins, in food processing revenues for the quarter were nearly $170 million up nearly 1% over the prior year.

商業食品服務收入與上年相比有機下降了 4%，調整後的 EBITDA 利潤率接近 27.5%，而我們面臨著嚴峻的競爭訂單趨勢，因此隨著本季度的進展，收入大幅增長。考慮到營收挑戰，我們對維持利潤率的能力總體感到滿意，本季食品加工收入接近 1.7 億美元，比上一年增長近 1%。

We also saw orders weaken over the quarter and some projects were pushed out our adjusted EBITDA margin remains healthy at over 24.5% which is an increase of over 50 basis points from Q2. In residential, we saw an organic revenue decline of 4.5% versus 2023. Yet we were able to expand the adjusted EBITDA margin to nearly 12%.

我們也看到本季訂單減少，一些項目被推遲，調整後的 EBITDA 利潤率保持在 24.5% 以上的健康水平，比第二季度增長了 50 個基點以上。在住宅領域，我們的有機收入較 2023 年下降了 4.5%。然而，我們能夠將調整後的 EBITDA 利潤率擴大至近 12%。

We delivered strong operating cash flows at $157 million for Q3, up nearly 5% over Q2 operating cash flows are over $700 million for the trailing four quarters.

我們第三季的營運現金流強勁，達到 1.57 億美元，比第二季成長近 5%，過去四個季度的營運現金流超過 7 億美元。

And our free cash flow over the past 12 months exceeds $650 million with a corresponding yield on revenue of nearly 17%. Also on a last 12 month basis conversion on net income. When excluding the prior year, impairment charge is over 140%.

過去 12 個月我們的自由現金流超過 6.5 億美元，相應的收入收益率接近 17%。也根據過去 12 個月的淨利潤進行換算。若剔除上一年，減損準備超過140%。

Our total leverage ratio is now down to 2.2 times, cash flow generation clearly remains a strong point for us as I look to Q4 as is typical of our results, I expect that quarter to be our strongest one of the year. The amount of free cash flow we expect to generate should exceed that of Q3. Also our full year 2024 free cash flow should exceed that from 2023.

我們的總槓桿率現已降至2.2 倍，現金流生成顯然仍然是我們的一個強項，因為我展望第四季度，就像我們的典型業績一樣，我預計該季度將是我們今年最強勁的一個季度。我們預計產生的自由現金流量應該會超過第三季。此外，我們 2024 年全年的自由現金流應該會超過 2023 年。

Continuing with some near term outlook. Thoughts given the conditions we are facing my tone will be relatively cautious. Nonetheless, we still believe we will see sequential growth in Q4 over Q3, for the total company I do expect Q4 to be our best quarter of the year and revenue could again achieve $1 billion. This would represent 6% sequential growth and be close to flat to the prior year.

繼續一些近期展望。考慮到我們面臨的情況，我的語氣會相對謹慎。儘管如此，我們仍然相信第四季將比第三季度連續成長，對於整個公司而言，我確實預計第四季度將是我們今年最好的季度，營收可能再次達到 10 億美元。這意味著環比增長 6%，與上年持平。

This outlook is not without risk but it is achievable, EBITDA dollars and margins would also step up from Q3. It would likely be similar to prior year levels, pivoting to offering some perspective on each of the segments starting with commercial for Q4.

這一前景並非沒有風險，但它是可以實現的，EBITDA 美元和利潤率也將比第三季度上升。它可能與去年的水平相似，從第四季度的商業廣告開始，轉向提供對每個細分市場的一些看法。

We anticipate revenues to be approximately flat to Q3. Given the macroeconomic conditions impacting our customers ordering activity, there is some potential for slight growth but that would require customer activity to inflect up from current rates, moving on to food processing. In spite of the weaker than expected Q3, this segment remains in a relatively strong position.

我們預計第三季的營收將大致持平。考慮到宏觀經濟狀況影響我們客戶的訂購活動，存在小幅增長的潛力，但這需要客戶活動從當前的價格上升，轉向食品加工。儘管第三季的業績弱於預期，但該細分市場仍處於相對強勢的地位。

Q4 revenues could exceed $200 million for the first time ever, which represents sequential growth high into the 10s as well as about mid-single digit growth on a year-over-year basis in residential, we anticipate revenues could be up high single digits sequentially and be around the prior year level.

第四季營收可能首次超過 2 億美元，這意味著住宅領域的連續成長高達 10 多位數，並且同比成長約為中個位數，我們預計收入可能會連續成長高個位數並接近上一年的水平。

While market conditions are creating revenue challenges, we've been ferociously managing costs to preserve or expand our margins for each segment. I expect Q4, EBITDA margins to be at least at Q3 levels. With food processing, food processing likely achieving the most sequential expansion.

儘管市場狀況為收入帶來挑戰，但我們一直在大力管理成本，以維持或擴大每個細分市場的利潤。我預計第四季的 EBITDA 利潤率至少將達到第三季的水平。對於食品加工來說，食品加工可能會實現最連續的擴張。

Our enthusiasm and expectation for longer term revenue growth and margin expansion remain in place in the face of clearly suboptimal market conditions. Our focus on operational excellence can clearly be seen as we proudly deliver strong margins and solid cash flows.

面對明顯次優的市場狀況，我們對長期收入成長和利潤率擴張的熱情和期望仍然存在。我們對卓越營運的重視顯而易見，因為我們自豪地提供了強勁的利潤率和穩定的現金流。

Our customer engagement remains strong and we expect increasing adoption of our solutions. Our multi-year outlook remains positive. Our innovations along with our strength and operational execution will power improved results. We're looking forward to returning to growth in 2025.

我們的客戶參與度仍然很高，我們預計我們的解決方案將得到越來越多的採用。我們的多年前景仍然樂觀。我們的創新以及我們的實力和營運執行力將推動業績的改善。我們期待 2025 年恢復成長。

Thank you, and we will now take your questions.

謝謝您，我們現在將回答您的問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Saree Boroditsky, Jefferies.

薩雷·博羅迪茨基，傑弗里斯。

Thanks for taking the question. Just starting with commercial obviously came in weaker than expected in the quarter, you highlighted some challenges you're seeing in the restaurant space. Could you just talk about what you need to see to have a pickup in growth in this segment and then maybe just comment on the overall visibility and order trends as you went through the quarter.

感謝您提出問題。剛開始，本季的商業收入明顯弱於預期，您強調了在餐廳領域看到的一些挑戰。您能否談談您需要看到什麼才能加快該細分市場的成長，然後也許只是評論一下本季的整體可見度和訂單趨勢。

I mean, I just got the mention the order trends. We came into the quarter and they were pretty good. That gave us kind of a kind of some thought that the engines had started and we've seen that the orders coming through, we spent a lot of time with customers, both dealers as well as chains and them kind of reiterated a lot of their growth plans for the back half of the year and their outlook. But that, that seemed to weaken as we went through as I think just projects, whether it is upgrades new stores or some of the institutional projects just did not happen.

我的意思是，我剛剛提到了訂單趨勢。我們進入這個季度，他們的表現非常好。這給了我們一種想法，引擎已經啟動，我們已經看到訂單通過，我們花了很多時間與客戶，包括經銷商和連鎖店，他們重申了很多他們的想法下半年的增長計劃及其展望。但是，當我們經歷時，這種情況似乎減弱了，因為我認為只是項目，無論是升級新商店還是一些機構項目都沒有發生。

So I think they're still out there. But you know that I think the execution has been tough and I think a lot of that is because of the backdrop of the market and some of the, you know, the pressures that the restaurant operators are facing.

所以我認為他們仍然在那裡。但你知道，我認為執行很艱難，我認為這很大程度上是因為市場背景以及餐廳經營者面臨的一些壓力。

So yeah, I think that's kind of what we saw through the quarter. We still engaged with a lot of those customers. The pipeline is out there, they still have are talking about store opening and certainly over the longer term have some pretty large targets out there for expanding and that's both the larger chains as well as fast casual chains.

是的，我認為這就是我們在本季看到的情況。我們仍然與許多這樣的客戶保持聯繫。通路已經存在，他們仍在談論開店，當然從長遠來看，他們還有一些相當大的擴張目標，包括較大的連鎖店和快速休閒連鎖店。

But I think they're kind of, I'll say clearing the underbrush with maybe some of the non-operating stores reassessing kind of the plans that they have. But we, you know, we do believe that some of that will, you know, resurface and pick up as we kind of as we go into 2025.

但我認為他們正在清理灌木叢，也許一些非經營性商店正在重新評估他們的計劃。但我們確實相信，隨著我們進入 2025 年，其中一些問題將會重新出現並增加。

Appreciate that.

很欣賞這一點。

Yeah, I mean, I would also add, you know, even though we're seeing this push of primarily new store openings from obviously the third-quarter and probably some from the fourth-quarter, you know, the vast majority of our chain customers have really reiterated the total number of new stores still sticking to the plan. So, you know, new stores for '25 playing catch up for the stores they didn't open in '24. So there's very few that have actually reduced the number of stores in their pipeline. It's more just been the push out to the right that Tim referenced.

是的，我的意思是，我還要補充一點，你知道，儘管我們看到新店開業的推動主要是從第三季度開始，可能還有一些從第四季度開始，你知道，我們連鎖店的絕大多數顧客確實重申了新店總數仍堅持該計劃。所以，你知道，25 年新開的商店正在追趕 24 年沒有開的商店。因此，很少有公司真正減少了管道中的商店數量。蒂姆提到的更多的是向右推。

Thanks. Then maybe switching to residential, the margins came in better than expectations, I believe despite the lower sales. So how do you think about margin improvement there as you go through 2025? And what we see from an incremental margin perspective?

謝謝。然後也許轉向住宅，我相信儘管銷量較低，但利潤率卻比預期好。那麼，您如何看待 2025 年利潤率的改善呢？從增量利潤的角度來看，我們看到了什麼？

I think the -- you know, the big step up frankly just gets to back to where we were pre COVID. You know, as I mentioned in the opening comments, we are at significantly for our, you know, for our legacy business if you want, you know, think about it that way, the indoor, you know, it's operating at much lower levels today.

我認為——你知道，坦白說，這一重大進步只是回到了新冠疫情爆發之前的狀態。你知道，正如我在開場白中提到的，我們對於我們的傳統業務來說意義重大，如果你想，你知道，這樣想的話，室內，你知道，它的運營水平要低得多今天。

Fundamentally, those businesses are stronger than they were pre COVID in terms, of you know, structurally new products, quality, et cetera. And we continue to invest on that. So just getting back to where we were pre COVID, which, you know, we foresee will happen, that is a meaningful step up in the margins that gets us something to closer to the 20%.

從根本上講，這些企業在結構性新產品、品質等方面比新冠疫情爆發前更強大。我們將繼續對此進行投資。因此，只要回到新冠疫情爆發前的水平，我們就預見到新冠疫情將會發生，這是利潤率的一個有意義的進步，讓我們更接近 20%。

So, you know, timing of when that's going to happen is obviously the big question, but, you know, it is a very difficult housing market right now as everybody knows, it's not going to hold forever interest rates starting to come down.

所以，你知道，何時發生這種情況顯然是一個大問題，但是，你知道，眾所周知，現在的房地產市場非常困難，利率不會永遠持續下降。

Certainly, you know, boats well, so, I mean, I think at, at some point, we're going to have that as a, as a tailwind, but just kind of getting back to normalized margins or normalized volumes is kind of the big driver. But on top of that, I would say, you know, we've had significant investments in the platform and new products that lay on top of that, which will get us to what we, we've kind of laid out as longer term market.

當然，你知道，船很好，所以，我的意思是，我認為在某個時候，我們將把它作為順風，但只是回到正常化的利潤或正常化的數量是一種大司機。但最重要的是，我想說，你知道，我們對平台和在此基礎上的新產品進行了大量投資，這將使我們實現我們所製定的長期目標市場。

Appreciate the color, thank you.

欣賞一下顏色，謝謝。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Yes, good morning everyone. I want to start with commercial food as well. I mean, your, your implied outlook here in the fourth-quarter or for flat revenues, that diverges a bit from normal seasonality, right? I mean, typically you do see several percentage point increases into year end.

是的，大家早安。我也想從商業食品開始。我的意思是，您對第四季度的隱含前景或收入持平，這與正常的季節性有點不同，對嗎？我的意思是，通常情況下，到年底你確實會看到幾個百分點的成長。

And you're clear about the fact that there's been some push outs on new store additions. But I'm wondering, what, what you're seeing as far as your distributors, the normal kind of year end demand or stocking that these guys do.

而且您很清楚，新商店的增加已經被取消了。但我想知道，就您的經銷商而言，您所看到的是什麼，這些人所做的正常的年終需求或庫存。

And what that implies for where the channel inventory lies and really kind of how that might progress into '25.

這對渠道庫存所在意味著什麼，以及它可能如何發展到 25 年。

Yeah, good morning, Mig, it's Steve, a very, very good question. So I think historically, you're correct the fourth quarter, you would normally see actually both in chain development. Historically, fourth-quarter would be the busiest quarter of the year. And then as you're referencing more on our dealer and distributor, part of our business the fourth quarter. Historically, you do see that bump.

是的，早上好，米格，我是史蒂夫，這是一個非常非常好的問題。所以我認為從歷史上看，你在第四季度是正確的，你通常會看到實際上兩者都在連鎖發展中。從歷史上看，第四季將是一年中最繁忙的季度。然後，當您更多地提到我們的經銷商和分銷商時，這是我們第四季度業務的一部分。從歷史上看，你確實看到了這種顛簸。

I think this is, over the last several years, you've seen obviously a change in ordering patterns. I, I think you will not see that historical bump from distributors for a couple of different reasons. They're carrying less inventory than they have for a long time.

我認為，在過去的幾年裡，您已經看到訂購模式發生了明顯的變化。我，我認為由於幾個不同的原因，你不會看到分銷商的歷史性突破。他們的庫存比長期以來要少。

I think we are well past the excess inventory in the channel, but they're also less willing to bring in inventory, as they would say in historical years, primarily driven by higher interest rates. The carrying cost of inventory is certainly higher than it has been for a long time. Our lead times are also in a much better place so they can order in certainly much more real time.

我認為我們已經擺脫了渠道中的過剩庫存，但他們也不太願意引入庫存，正如他們在歷史上所說的那樣，主要是由於利率上升。庫存的持有成本肯定比長期以來要高。我們的交貨時間也更好，因此他們可以更即時地訂購。

So they're trying to close that GAAP between order period and the time that the end user customer actually needs the product. I also say it's a little bit of a nuance as well. You know, historically, you know, January 1, would be a common time to have price increases. We've been going with price increases in a more frequent cadence over the last several years during different parts of the year.

因此，他們試圖在訂購期間和最終用戶客戶實際需要產品的時間之間關閉 GAAP。我還說這也有一點細微差別。你知道，從歷史上看，1 月 1 日是價格上漲的常見時間。在過去的幾年裡，我們在一年中的不同時期都以更頻繁的節奏進行價格上漲。

We don't have one planned this time for January 1. So I think there's just some different nuances this time where I don't expect the traditional or historical bump from distributors bringing in inventory at the year end. If that makes sense.

這次 1 月 1 日我們沒有計劃。因此，我認為這次只是存在一些不同的細微差別，我預計分銷商在年底引入庫存不會出現傳統或歷史性的增長。如果這是有道理的話。

Does, does the stocking sort of extend or the headwinds that you kind of talked about? Does that extend into 2025?

是庫存延長還是你所說的逆風？這會延續到 2025 年嗎？

I think the stocking Mig, is for the most part behind us. I think the nuance is as hopefully interest rates come down. I do expect that you could see dealers start to, you know, be more open to bringing inventory back to, I would say more pre COVID levels.

我認為放養的米格大部分已經在我們身後了。我認為細微差別在於希望利率下降。我確實希望你會看到經銷商開始更願意將庫存恢復到新冠疫情前的水平。

So I think these stockings behind us so that I think is a tailwind, I think it's going to be a little bit of wait and see as interest rates unfold next year. Again, the carrying cost of inventory as to, you know, how dealers will think about, you know, stock levels for next year. So I think it's probably into the middle part of next year until you start to see probably dealers starting to ramp back up from an inventory standpoint.

因此，我認為這些股票在我們身後，所以我認為這是一種順風，我認為隨著明年利率的變化，我們將需要等待一段時間。再說一遍，庫存的持有成本涉及經銷商將如何考慮明年的庫存水準。因此，我認為可能要等到明年中期，直到你開始看到經銷商可能開始從庫存角度回升。

Okay. You mentioned that there's not going to be a price increase for '25. How do you think about the, the costs that are embedded in this segment? There's obviously materials but a whole host of other items as well, freight wages that where I presume you do have some inflation.

好的。您提到 25 年不會漲價。您如何看待該細分市場中包含的成本？顯然有材料，但還有一大堆其他物品，運費工資，我認為確實有一些通貨膨脹。

And given the fact that we are in the environment that we're in today, I guess one of the things that I find a little bit surprising is that we haven't seen some kind of a formal either restructuring or cost savings initiative that investors can sort of consider as they think about next year.

考慮到我們今天所處的環境，我想我覺得有點令人驚訝的一件事是，我們還沒有看到投資者採取的某種正式的重組或成本節約舉措。一種。

So in referencing, hey, we're not having a January 1 pricing increase that I should have clarified, that does not mean we will not take pricing where appropriate in '25. I think we over the last several years, I've mentioned on several calls. I think pricing thoughtfulness around mix has been one of the most strategic initiatives in the company.

因此，嘿，我們沒有在 1 月 1 日提高價格，我應該澄清這一點，這並不意味著我們不會在 25 年適當的時候採取定價。我想我們在過去幾年裡，我在幾次電話會議中都提到過。我認為圍繞產品組合的定價深思熟慮一直是該公司最具策略意義的舉措之一。

I'll hit the supply chain signs a second. But from a pricing standpoint, I mean, I think we've been very good over the last several years.

我會再點擊一下供應鏈標誌。但從定價的角度來看，我認為我們在過去幾年表現得非常好。

Going back to when inflation really was spiking of taking pretty substantial price increases to play catch up. We did catch up. But now you still do see pockets of inflation, whether it's in specific components, whether it is in labor, whether you know transportation when there were, you know, the port issues going on the coasts, container costs continue to, you know, ebb and flow.

回到通貨膨脹真正飆升的時候，價格大幅上漲才能趕上。我們確實趕上了。但現在你仍然確實看到了通貨膨脹，無論是在特定組成部分，還是在勞動力方面，無論你是否了解交通運輸，你知道，沿海港口出現問題，集裝箱成本繼續下降，你知道，和流動。

I think we remain very thoughtful about that and there are specific products that have taken pricing even as late as the last several months just to make sure we're staying on top of it. I think from a supply chain standpoint again, I said before, one of the best things that has happened as a byproduct of COVID is I think our supply chain really acts and thinks more as Middleby across all three of our platforms.

我認為我們對此仍然非常深思熟慮，並且有一些特定產品甚至在過去幾個月才進行定價，只是為了確保我們能夠掌握最新情況。我認為再次從供應鏈的角度來看，我之前說過，作為新冠疫情的副產品，發生的最好的事情之一是我認為我們的供應鏈在我們所有三個平台上的行為和思考都更像米德爾比。

And so I do think you see savings behind the scenes, whether it's on steel, whether it's on materials, whether it actually is on logistics, thinking more is it'll be. And I think that continues in the next year.

所以我確實認為你會看到幕後的節省，無論是在鋼材上，無論是在材料上，還是實際上在物流上，更多地思考它會是這樣。我認為這種情況將在明年繼續下去。

So I guess I would say we're trying to hit it from both sides continue to be thoughtful about pricing. We're not afraid to take pricing next year if we feel like it's warranted, being mindful of certainly a competitive backdrop. While also I think continue to leverage the Middleby supply chain for savings from our suppliers and logistics partners.

所以我想我會說我們正在努力從雙方的角度繼續考慮定價。如果我們認為有必要的話，我們並不害怕明年定價，同時考慮到競爭背景。同時我也認為繼續利用米德爾比供應鏈從我們的供應商和物流合作夥伴節省成本。

This is Bryan, you know, let me address the restructuring side of things. We have actually been consistently taking restructuring, you know, actions throughout the year and I'll say it's, you know, it's over the course of the year in terms of, you know, which of the segments maybe have had more, you know, impact you know, from that.

我是布萊恩，你知道，讓我談談重組方面的事情。事實上，我們全年一直在持續採取重組行動，你知道，在這一年中，哪個細分市場可能擁有更多，你知道。

But, you know, we, we have reduced head count by, you know, hundreds of people. We've put in a lot of actions regarding what, you know, we would call the more manageable or discretionary types of you know, expenses and, you know, you are seeing the results of that, you know, in our, you know, in our margins, right, we've been able to, you know, I'll have strong maintain some expansion in margins, you know, even given the, the top line challenges.

但是，你知道，我們已經減少了數百人。我們已經採取了很多行動，涉及我們稱之為更易於管理或可自由支配的支出類型，並且，您知道，您正在我們的、您知道的中看到其結果。對，我們已經能夠，你知道，我將強有力地維持利潤率的一些擴張，你知道，即使考慮到營收挑戰。

So the restructuring has been, you know, active and unfortunately, but again, we're being, you know, reactive to market conditions, you know, assistant over the course of really, you know, the past, you know, two years, let's say, again, residential is probably more leading on that, you know, earlier in the phase and it's expanded, you know, more into a commercial and, you know, food processing has not been exempt from actions either.

因此，重組一直是積極而不幸的，但我們再次對市場狀況做出反應，在過去的兩年裡，我們一直在做出反應。領先地位，並且它已擴展到商業領域，食品加工也未能倖免。

Maybe those were on order of about $50 million. So that's something that we, you know, we didn't announce, but we started to put in place in the second-quarter. But a lot of that, some of it certainly, you know, was tightening the belt, which we will always, you know, do kind of managing the current environment. But a lot of that is also accelerating, you know, some of the long term structural initiatives that we have to get to higher profit margins.

也許這些訂單的價值約為 5000 萬美元。所以，我們沒有宣布這一點，但我們在第二季開始實施。但其中很多，你知道，其中肯定有一些是勒緊褲腰帶，你知道，我們將始終這樣做，以管理當前的環境。但其中許多也在加速，你知道，我們必須獲得更高利潤率的一些長期結構性舉措。

So some of that is what's allowing us to deliver, you know, the strong, the strong margins which when buying returns will, will turn into expanding the margins. And you know, that, that includes investments in new factories where we're consolidating manufacturing. You know, and some of the investments that, that you've seen in capital equipment as well as we're driving efficiencies in the factory.

因此，其中一些因素使我們能夠提供強勁的利潤，當購買回報時，這些利潤將轉化為擴大利潤。你知道，這包括對新工廠的投資，我們正在那裡整合製造業。您知道，您在資本設備方面看到的一些投資以及我們正在提高工廠的效率。

So I think that's kind of all embedded in a lot of things that's allowing us to, to maintain margins and on a longer term basis, expand them.

所以我認為這一切都嵌入在很多事情中，使我們能夠保持利潤並從長遠來看擴大利潤。

If I may one final question. It pertains to the SG&A line item. A more notable decline, almost 9% this quarter. Can you comment at all as to how you see that in the fourth-quarter? And as we think about next year is there room to continue to work on this line item particularly if volumes remain relatively weak. Thank you.

我可以問最後一個問題嗎？它與 SG&A 行項目有關。下降更為顯著，本季下降了近 9%。您能否評論一下您對第四季的看法？當我們考慮明年是否有繼續在該項目上開展工作的空間時，特別是如果銷量仍然相對疲弱的話。謝謝。

Yeah. You know, so, I'd expect, you know, Q4 to again be relatively consistent with Q3 as we, you know, talked about how results will likely shake out. You know, certainly I just mentioned, you know, that we've been taking, you know, head count and cost control actions.

是的。你知道，所以，我預計，你知道，第四季度將再次與第三季度相對一致，因為我們，你知道，討論了結果可能會如何變化。你知道，當然我剛才提到，你知道，我們一直在採取人員統計和成本控制行動。

There is certainly, you know, lower, you know, compensation incentive compensation relating costs this year. And, you know, professional fees have been down, I mean, to a certain extent as the business recovers again, especially as it relates to you know, incentive compensation that, you know, across our entire organization, you know, that could have an uptick.

今年一定會有較低的補償激勵補償相關成本。而且，你知道，我的意思是，隨著業務再次復蘇，專業費用在一定程度上下降了，特別是因為它與你知道的激勵性薪酬有關，你知道，在我們整個組織中，你知道，這可能會上升。

But again, you know, we're in general, you know, don't expect dramatic shifts in our overall SG&A we know, we tend to be you know, pretty frugal to start with. And again, I think we've laid out that we've been addressing the cost pretty, you know, actively over the past, you know, couple of years.

但再說一次，你知道，我們總體上，你知道，不要指望我們的整體SG&A發生巨大的變化，我們知道，我們往往是你知道的，一開始就非常節儉。再說一次，我認為我們已經表明，過去幾年我們一直在積極地解決成本問題。

Thank you.

謝謝。

Brian McNamara, Canaccord Genuity.

麥克納馬拉 (Brian McNamara)，Canaccord Genuity。

Good morning guys. Thanks for taking the questions. Hate to beat a dead horse on commercial here, but I'm curious if you could drill down on what restaurant concepts are driving this dynamic on closures. Is it contained to independence I believe they're like low double digit percent of segment sales. And what gives you confidence the market will return to unit growth next year out of some openings, being pushed out. Is that just change strength?

早安，夥計們。感謝您提出問題。我不想在這裡的廣告上打敗一匹馬，但我很好奇你是否能深入了解哪些餐廳概念推動了這種關門的動態。它是否包含獨立性，我相信它們只佔細分市場銷售額的兩位數百分比。是什麼讓你有信心明年市場將在一些被淘汰的空缺中恢復單位成長。難道只是改變強度嗎？

Yeah, I think there's probably two things that we look to. I mean, certainly it's the conversations that we're having with our chain customers and what their restaurant expansion plans are both in the near term as well as a lot of their longer term goals that they, they've set out which many of them are public. You know, the other is industry forecast.

是的，我認為我們可能會關注兩件事。我的意思是，當然這是我們與連鎖客戶進行的對話，以及他們的餐廳近期擴張計劃以及他們的許多長期目標，他們已經制定了其中許多目標是公開的。要知道，另一個是產業預測。

So there are forecasts out there for the industry. Certainly a lot of the closures, as you mentioned, have more on the independent side, but certainly that has also happened with some of the chains, casual dining chains have been hit a bit harder than, than some of the quick serve chains.

因此，對該行業有一些預測。當然，正如您所提到的，許多關閉的情況更多是在獨立方面，但當然，一些連鎖店也發生了這種情況，休閒餐飲連鎖店比一些快餐連鎖店受到的打擊更嚴重。

So, we think, you know, a lot of what's happening, you know, there is, you've got some of the, the less healthy concepts that either, you know, they those locations are, are getting closed and perhaps reopen in other spots. And that kind of, you know, resets the table for the better chains to expand from, you know, from a stronger base.

所以，我們認為，你知道，正在發生很多事情，你知道，有一些不太健康的概念，你知道，這些地點正在關閉，也許會在其他景點。你知道，這會重置更好的連鎖店的桌子，以便從更強大的基礎上進行擴張。

So, really, it's the industry forecasts and the, and the comments that we're getting from our chain customers, we're engaged with their plans.

所以，實際上，這是行業預測以及我們從連鎖客戶那裡得到的評論，我們正在參與他們的計劃。

Brian, if I could just add, I know we spend a lot of time focusing on obviously new, new store openings and that, that is a big part of our growth primarily with, you know, the QSRs and the past casual, you know, segments I think to put the new store openings aside for just a moment which we are still positive on for next year. I keep saying all the challenges that all the restaurants face still remain and they're looking to us more and more as they think about, you know, the unit economics of opening up restaurants continue to bring on franchisees, expand into international markets. Again, that can be labor can be utility costs via service consistency.

布萊恩，如果我可以補充一下，我知道我們花了很多時間專注於明顯新的新店開業，這是我們增長的重要組成部分，主要是 QSR 和過去的休閒食品，你知道我認為暫時把新店開業放在一邊，我們對明年仍然持樂觀態度。我一直說所有餐廳面臨的所有挑戰仍然存在，他們越來越多地向我們尋求幫助，因為他們認為，開設餐廳的單位經濟效益繼續帶來特許經營商，擴展到國際市場。同樣，透過服務一致性，這可以是勞動力成本，也可以是公用事業成本。

You know, take your pick. I think James, highlighting the Nieco Broiler is a great example of that. Here's a piece of equipment, actually, it's more expensive, but it pays for itself in such a short period of time when you look at the utility costs, when you look at the maintenance costs. And so I think we're focusing on this call a lot on new store openings.

你知道的，你自己選擇吧。我認為詹姆斯強調的 Nieco Broiler 就是一個很好的例子。這是一個設備，實際上它更貴，但是當你考慮公用事業成本和維護成本時，它會在如此短的時間內收回成本。因此，我認為我們在新店開業方面非常關注這次電話會議。

But the fundamentals of what our customers are facing every day, there really is not a part of the restaurant that I think can impact so positively those challenges that they're facing. So I think that's another reason why we continue to be so positive about, you know, the next couple of years, no matter what happens from a new store opening kind of ebb and flow, they still have to solve those challenges and we're well positioned to help them do so.

但從我們的顧客每天面臨的基本面來看，我認為餐廳確實沒有任何一個部分可以對他們面臨的挑戰產生如此積極的影響。所以我認為這是我們繼續對未來幾年如此積極的另一個原因，無論新店開業的潮起潮落會發生什麼，他們仍然必須解決這些挑戰，我們正在能夠很好地幫助他們做到這一點。

Great, and then just secondly, on the lack of a [Jan] one price increase in commercial, I don't think you break out pricing versus volumes in that segment. But is it safe to assume volumes have been materially down the last couple of years? We've heard, we've heard for some franchisees in the market opine that some of the bigger players have taken too much pricing and we're wondering if that's factoring into some of the weakness you're experiencing. Thanks.

太好了，其次，由於[一月]商業廣告沒有一次提價，我認為您不會細分該細分市場的定價與銷售。但可以肯定的是，過去幾年銷量大幅下降嗎？我們聽說，我們聽說市場上的一些特許經營商認為一些較大的參與者採取了過高的定價，我們想知道這是否是您遇到的一些弱點的因素。謝謝。

Yeah. You know, especially around -- this is Bryan Mittelman here, especially as we look over, you know, I'll say the past year where, you know, pricing actions have been more muted, right? I, I think it's fair to assume that, you know, volume is largely aligning with, you know, what you're seeing in the, in the revenue line overall.

是的。你知道，尤其是- 這是布萊恩·米特爾曼（Bryan Mittelman）在這裡，特別是當我們回顧時，你知道，我會說過去的一年，你知道，定價行為更加平靜，對吧？我認為，可以公平地假設，你知道，銷售在很大程度上與你在整體收入線中看到的情況一致。

I would also Brian, this is Steve again, I would just a reminder that over the last several years, we have been very mindful and thoughtful about our mix. And as part of that, we did exit a number of low margin, you know, tough to build skews in that process.

我也想布萊恩，這又是史蒂夫，我只是想提醒一下，在過去的幾年裡，我們對我們的組合一直非常謹慎和深思熟慮。作為其中的一部分，我們確實退出了一些低利潤率，你知道，在這個過程中很難產生偏差。

So, yes, I do think there are volume challenges that you're referencing, but we also used the time to be very thoughtful about, you know, getting out of, you know, low margin products that we're not obviously positively contributing to the overall, you know, margins for the company. So I don't want to lose sight of that. There still is a dynamic that you're referencing, but there also is this element of products that we did exit over the last two or three years.

所以，是的，我確實認為存在你提到的數量挑戰，但我們也利用這段時間非常深思熟慮，你知道，擺脫我們沒有明顯積極貢獻的低利潤產品你知道，公司的整體利潤率。所以我不想忽視這一點。您所提到的動態仍然存在，但我們在過去兩三年中確實退出了這個產品元素。

Very helpful. Thanks.

非常有幫助。謝謝。

Jeff Hammond, Keybanc Capital Markets.

Jeff Hammond，Keybanc 資本市場。

Hey, good morning guys. Hey, just back on the store opening, you know, kind of deferral delay. Yeah, I'm just trying to get a better sense of, you know, how much of this is kind of permitting delays versus just, you know, uncertainty freeze and, and what gives you the confidence, you know, they just don't keep pushing to the right versus kind of this catch up, you know, thesis in 2025.

嘿，早上好，夥計們。嘿，剛回到商店開業，你知道，有點延遲。是的，我只是想更好地了解，你知道，這在多大程度上是允許延誤，而不是只是，你知道，不確定性凍結，以及什麼給了你信心，你知道，他們只是不這樣做。

I think it's hard to have the crystal ball to be honest with you. I think they've been pushing to the right for a while. So I think that's one thing and so at some point, they just really need to pull the trigger and replace and upgrade some and I think that's, that is one dynamic Steve just touching on it, right? Like the, the they've been looking at a lot of these solutions for a long time.

老實說，我認為很難擁有水晶球。我認為他們向右推已經有一段時間了。所以我認為這是一回事，所以在某些時候，他們真的需要扣動扳機並更換和升級一些，我認為這是一個充滿活力的史蒂夫剛剛談到的，對吧？就像，他們長期以來一直在研究許多此類解決方案。

Some of our customers talk about it regularly on, on calls, you know, things that they're looking at to do that transform their operations as you, you kind of go through dynamic periods like this with uncertain air traffic, food costs moving into different place, interest rates where they land and difficulty in terms of getting, you know, terms of getting permits which do take a lot longer. Things have just have, have extended but I mean, I think the fundamental issues that they're dealing with and also the comments that we're getting, you know, lead to, hey, they're going to move forward on some of the stuff.

我們的一些客戶經常在打電話時談論這個問題，你知道，他們正在考慮做一些事情來改變他們的運營，因為你經歷了像這樣的動態時期，空中交通不確定，食品成本進入不同的地方，他們落地的利率以及獲得許可證的難度，你知道，獲得許可證的條件確實需要更長的時間。事情已經延長了，但我的意思是，我認為他們正在處理的基本問題以及我們收到的評論，你知道，導致，嘿，他們將在一些方面取得進展的東西。

A lot of our customers come to us and their concerns are we're going to be able to produce enough to keep up with their demand. We actually had, you know, a lot of pressure on that coming into the third quarter. So I think, you know, ultimately they are going to, you know, they really need to pull the trigger on some of these things to kind of move forward in their business. So, you know, we think that is going to start showing up, you know, as we move into next year.

我們的許多客戶來到我們這裡，他們擔心我們是否能夠生產足夠的產品來滿足他們的需求。你知道，進入第三季度我們實際上面臨著很大的壓力。所以我認為，你知道，最終他們真的需要觸發其中一些事情，以推動他們的業務向前發展。所以，你知道，我們認為隨著明年的到來，這種情況將會開始出現。

Okay. And then couple you know, cash flow balance sheet items, just your working capital, turn that kind of extended free cash flow seems to be a little bit better, but just maybe talk about what you're doing to kind of bring working capital turns, you know, back into check and, and maybe what the opportunity is for, you know, working capital is a source of cash and then just talk about your plans for the convert that come due next year.

好的。然後，你知道，現金流資產負債表項目，只是你的營運資金，那種擴展的自由現金流似乎更好一點，但也許只是談談你正在做什麼來帶來營運資金周轉，你知道，回到檢查，也許機會是什麼，你知道，營運資金是現金來源，然後談談你明年到期的轉換計劃。

Hi, Jeff, this is Bryan. You know, as we think about working capital, inventory remains the key focus is I think about, you know, across AR, AP and inventory and, you know, we have been continuing to bring down inventory levels this year. Certainly, you know, the somewhat muted top line has impacted our ability to achieve all the inventory reductions we would like. And, you know, we have changed our, our management philosophy, you know, around that or I should say evolved it, you know, we have incentive plans specifically address that in place.

嗨，傑夫，我是布萊恩。你知道，當我們考慮營運資金時，庫存仍然是我認為的關鍵焦點，你知道，在 AR、AP 和庫存方面，你知道，我們今年一直在繼續降低庫存水準。當然，您知道，收入有些低迷影響了我們實現我們想要的所有庫存削減的能力。而且，你知道，我們已經改變了我們的管理理念，你知道，圍繞這一點，或者我應該說它已經發展起來，你知道，我們有專門針對這一問題的激勵計劃。

So it really is, you know, a key focus, I wouldn't say, you know, ARs we look at the quality of the aging or the day sales outstanding has really degraded. But certainly we keep, you know, a watchful eye on that, especially given what's happening in the market. You know, the good news a little bit here is that, you know, where there are some customer risks that actually tends to reside a little bit more, you know with the dealers that are in between us and the end user then, you know, directly with us.

所以，這確實是一個關鍵焦點，我不會說，我們關注老化的品質或銷售量確實下降的情況。但我們當然會密切關注這一點，特別是考慮到市場上正在發生的事情。您知道，這裡的好消息是，您知道，在某些客戶風險實際上往往存在更多的地方，您知道我們和最終用戶之間的經銷商，您知道，直接與我們聯繫。

But again, we're not completely insulated from that So inventory will, you know, remain, you know, a focus and, and I think there's, you know, well over, you know, $100 million of, you know, opportunity over the next year or two, at least to continue to bring that down. Or also, I'll say, you know, as revenues improve to maybe inventory levels don't come down.

但同樣，我們並沒有完全免受這種影響，因此，庫存將仍然是一個焦點，而且我認為，您知道，遠遠超過，您知道，機會超過 1 億美元未來一兩年，至少會繼續降低這種情況。或者，我會說，你知道，隨著收入的提高，庫存水準可能不會下降。

But anyway, the overall, you know, net metric really, there is the day's inventory on hand. So there, you know, there still is a good amount of improvement we expect to drive in that over the next year or two.

但無論如何，總的來說，你知道，淨指標確實存在，手邊有當天的庫存。因此，您知道，我們預計在未來一兩年內仍將取得很大的改善。

And then, you know, pivoting to your question on the you know, converts. You know, we, we have a variety of options, you know, available you know, to us, certainly we have, you know, capacity under our you know, credit facility to I'll say, you know, refinance that you know, we have a healthy amount of cash on our, on our balance sheet, which we you know, can use to address that as well.

然後，你知道，轉向你的問題，你知道，轉換。你知道，我們，我們有多種選擇，你知道，可用的，你知道，對我們來說，我們當然有，你知道，我們的信貸便利的能力，我會說，你知道，再融資，你知道，我們的資產負債表上有大量現金，你知道，這也可以用來解決這個問題。

We also expect to be continuing to do M&A and then there are obviously, you know, other debt markets available to us, whether it's, you know, converts high yields, you know, term B. So, you know, we will you know, we do regularly look at that, you know, given where the convert, what the convert is currently costing us, which is you know, a 1% interest rate.

我們也期望繼續進行併購，然後顯然，你知道，我們可以使用其他債務市場，無論是，你知道，轉換高收益，你知道，術語B。關注這一點，你知道，考慮到轉換者在哪裡，轉換者目前給我們帶來的成本，也就是你知道的，1% 的利率。

We have not been in a hurry to take that off our books, but we'll again continue to evaluate what are our cash level and what are the, you know, the best debt options as that gets closer to maturity.

我們並不急於將其從帳簿中刪除，但我們將再次繼續評估我們的現金水平，以及隨著債務到期日的臨近，最好的債務選擇是什麼。

Okay, thank you.

好的，謝謝。

Tami Zakaria, JP Morgan.

塔米·扎卡里亞，摩根大通。

Hi, good morning. Thanks so much for taking my questions. My first question is on the services side of the commercial food segment. What are you seeing there? And do you have any plans to shore up capacity for services? We've heard some of your comp compare or peers talk about increasing the technician fleet. So curious how you're thinking about that going into next year?

嗨，早安。非常感謝您回答我的問題。我的第一個問題是關於商業食品領域的服務面。你在那裡看到什麼？您是否有計劃增強服務能力？我們聽說你們的一些比較或同行談論增加技術人員隊伍。很好奇你對明年的情況有何看法？

Well, service has been a challenge for many industries. Certainly we've really seen it across all, all three of ours is a lot of service technicians went out of the industry during COVID. So we've been very focused on that. Hiring back technicians into our network and then training those technicians because once you get them on, you really got to get them up and running. It's one of the reasons.

嗯，服務對許多行業來說都是一個挑戰。當然，我們確實看到了這一點，我們三個人的許多服務技術人員在新冠疫情期間離開了這個行業。所以我們一直非常關注這一點。重新僱用技術人員進入我們的網絡，然後培訓這些技術人員，因為一旦你讓他們上崗，你就真的必須讓他們啟動並運行。這是原因之一。

And James called that out in his slide, that we've got significant strategies around that of how we provide. I'll say game changing service in the future. But I think in the, in the near term as a pillar of that is making sure that we've got a very strong service organization, the number of service agents that, that we have today has grown significantly from where we were about a year or 18 months ago.

詹姆斯在他的幻燈片中指出，我們圍繞我們的提供方式製定了重要的策略。我會說未來改變遊戲規則的服務。但我認為，短期內的一個支柱是確保我們擁有一個非常強大的服務組織，我們今天擁有的服務代理數量比一年左右有了顯著增長或 18 個月前。

And that's been in large part with the efforts that we've had to support the partners in the area. And now we're very focused on having industry leading training for those agents, both physically and digitally. So we've been kind of well on our way to kind of address which was an industry wide challenge to become kind of the leader in service, not only making sure that we have enough trained technicians but really some unique programs that we could offer across our brands in the future.

這在很大程度上歸功於我們為支持該領域的合作夥伴所做的努力。現在，我們非常專注於為這些代理商提供業界領先的培訓，包括實體培訓和數位培訓。因此，我們在解決這個問題上取得了很好的進展，這是一個行業範圍內的挑戰，成為服務領域的領導者，不僅確保我們擁有足夠的訓練有素的技術人員，而且確實我們可以提供一些獨特的計劃我們的品牌在未來。

Got it. Thank you. That was my question.

知道了。謝謝。這就是我的問題。

Walt Liptak, Seaport.

沃爾特·利普塔克，海港。

Hi, thanks. It could work on the margin and it sounds like you've got things in place to continue to improve the margins.

你好，謝謝。它可以在利潤上發揮作用，而且聽起來你已經做好了繼續提高利潤的準備。

You know, in the past, you talked about getting to a 30% commercial margin over the next couple of years. Is that still -- you know, the target?

您知道，您過去曾談到在未來幾年內實現 30% 的商業利潤。那仍然是——你知道的，目標嗎？

Yeah, it is still the target. Yeah, I mean, I think right now we're holding, you know what we think are very strong, respectable, you know, margins. I think we're there're, you know, by industry standards, we're, we're one of the leaders and we're doing that in a tough period. While we tightened the belt, as Bryan said, you know, a lot of the initiatives that we have you know, are strategic in nature as well.

是的，它仍然是目標。是的，我的意思是，我認為現在我們擁有，你知道，我們認為非常強大、值得尊敬的利潤率。我認為我們在那裡，你知道，按照行業標準，我們是領導者之一，我們是在一個艱難的時期做到這一點的。正如布萊恩所說，雖然我們勒緊褲腰帶，但我們的許多舉措本質上也是策略性的。

And I just got the remind everybody that, you know, while we're tighten the belt in this period, we're kind of doubling down on a lot of the strategic investments that we think will help us drive growth for the future. And part of that is also enhancing our mix of products.

我剛剛提醒大家，你知道，雖然我們在此期間勒緊褲腰帶，但我們正在加倍進行許多策略性投資，我們認為這些投資將有助於我們推動未來的成長。其中一部分還在於增強我們的產品組合。

As Steve touched on, we exited a lot of low margin products, but we're really focused on growing our greatest innovations and I think we haven't really seen a lot of the benefits of that yet because a lot of that is what is in a pipeline.

正如史蒂夫談到的那樣，我們退出了許多低利潤產品，但我們真正專注於發展我們最偉大的創新，我認為我們還沒有真正看到其中的許多好處，因為其中許多是在管道中。

Those are the solutions that have a high ROI to the customer. Again, the Nieco brother is a great example that we're working with the, with the customers and you know, as that pipeline comes through the, you know, which is an investment today that comes through with growth and higher margins. So that is part of the bridge to get to the, the 30%. And as we kind of roll through the next several years.

這些都是為客戶帶來高投資報酬率的解決方案。再一次，Nieco 兄弟是一個很好的例子，我們正在與客戶合作，你知道，因為這條管道來自，你知道，這是今天的一項投資，帶來了成長和更高的利潤。這是達到 30% 的橋樑的一部分。當我們經歷接下來的幾年。

Okay. Makes sense. Thanks. And just a couple more one. Most of the discussion sounds like it's sort of global. I wonder if there's any, you know, delineation you can make between like, you know, North America US sales versus international.

好的。有道理。謝謝。還有幾個。大多數討論聽起來像是全球性的。我想知道您是否可以在北美美國銷售與國際銷售之間進行任何劃分。

Yeah, North America has been tougher as of late Europe. I mean, Europe, I think you'd see us as well as other companies have fared better in that market. The other thing probably to call out is Asia. Asia has been a softer spot for most, most companies there. We've got a have a lot of new products coming out in that market and there is chain expansion that is planned there.

是的，北美的情況比歐洲後期更艱難。我的意思是，歐洲，我想你會看到我們以及其他公司在該市場表現得更好。另一件可能值得注意的事情是亞洲。對大多數公司來說，亞洲一直是個比較弱勢的地區。我們在該市場推出了許多新產品，並計劃在那裡進行連鎖擴張。

But there are dynamics of that market too, which is kind of, you know, fed into, you know, the results for the quarter two is has been stronger, I'm sorry, weaker in the back half. But if you look at that market particularly as you expand outside of just China into other regions in Asia, as well as India, which we feel pretty strong about. We, we see some longer term growth going there, but in the near term, that's been a headwind.

但該市場也有動態，這有點影響了第二季的業績，我很抱歉，後半段表現較弱。但如果你看看這個市場，特別是當你從中國擴展到亞洲其他地區以及印度時，我們對印度的感覺非常好。我們看到那裡會出現一些長期成長，但在短期內，這是一個阻力。

I mean, I would just add in two more nuances in, in commercial specifically. I mean, I think talked about prior calls, you know, Europe has been an area of, you know, reinvestment and you know, thinking through a completely new strategy approach with the team there, I think we're really starting to see the payoff of having the innovation kitchen in Madrid we're seeing the payoff having innovation kitchen in Wigan in the UK and plans to continue to bring future innovation kitchens to both the Middle East and to other parts of Europe. I think we would also call out in Latin America specific to the quarter.

我的意思是，我只想添加兩個細微差別，特別是在商業方面。我的意思是，我認為談到了之前的電話，你知道，歐洲一直是一個再投資的地區，你知道，與那裡的團隊一起思考全新的戰略方法，我認為我們真的開始看到在馬德里擁有創新廚房的回報我們看到在英國維根擁有創新廚房的回報，並計劃繼續將未來的創新廚房帶到中東和歐洲其他地區。我認為我們也會針對本季在拉丁美洲進行呼籲。

Some of that growth is really starting to be driven by ice and beverage. And so I think it's exciting to see some adoption outside the core products in in Latin America specifically. So I would say Latin America, Europe and Middle East were certainly the positives from an international standpoint for the quarter.

其中一些增長實際上是由冰和飲料推動的。因此，我認為看到核心產品以外的一些採用特別是在拉丁美洲是令人興奮的。因此，我想說，從國際角度來看，拉丁美洲、歐洲和中東無疑是本季的正面因素。

Okay, great. Thanks for that color. And then the last one for me, Chipotle has been, you know, testing out that double sided grill and it sounds like they might be moving forward with the roll out in 2025. I wonder if you could make any comments on that.

好的，太好了。謝謝那個顏色。最後一個對我來說，Chipotle 一直在測試雙面烤架，聽起來他們可能會在 2025 年推出。你能否就此發表評論？

I think we, we will let Chipotle make their comments about their plans. I would just comment that, you know, the double sided grill is a great example of automation and a new product that we've had in the market where we've had success with a number of customers.

我想我們會讓 Chipotle 對他們的計劃發表評論。我只想評論說，雙面烤架是自動化的一個很好的例子，也是我們在市場上擁有的新產品，我們已經在許多客戶中取得了成功。

And it demonstrates really, you know, again how we're focused on innovation. It's in a pipeline and it's delivering significant potential Roy, you know, to our customers. So, I mean, it's just a one of the great products that we've introduced over the last several years.

它再次證明了我們如何專注於創新。它正在醞釀中，它正在為我們的客戶帶來巨大的羅伊潛力。所以，我的意思是，這只是我們過去幾年推出的優秀產品之一。

Okay, great. Thank you.

好的，太好了。謝謝。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Yeah, thanks. I just wanted to follow up on Jeff's balance sheet question. So, you know, your cash balance has been building north of $600 million now and obviously you've got this call it $750 million bond maturing next year. Are we to sort of infer here that you're allowing this cash balance to build, to potentially kind of pay down that, that, that bond? Is that idea? Because I suspect that just purely refinancing that generates another $0.50 of EPS drag give or take.

是的，謝謝。我只是想跟進傑夫的資產負債表問題。所以，你知道，你的現金餘額現在已經超過 6 億美元，顯然你還有明年到期的 7.5 億美元債券。我們是否可以在這裡推斷，您正在允許建立現金餘額，以潛在地償還那個、那個、那個債券？是這個想法嗎？因為我懷疑純粹的再融資會產生另外 0.50 美元的 EPS 拖累。

And then also related to this, how do you think about capital deployment going forward? Because look, I mean, your stock multiple has continued compressing. So the valuation is looking different than it looked a few years ago. And obviously, we're kind of going through a cyclically more difficult time period. Is it fair to say that at this point, share buybacks are actually a pretty decent alternative for capital deployment relative to other things that you might do? Thank you.

與此相關，您如何看待未來的資本部署？因為我的意思是，你的股票本益比持續壓縮。因此，估值看起來與幾年前有所不同。顯然，我們正在經歷一個週期性更加困難的時期。可以公平地說，在這一點上，相對於您可能會做的其他事情，股票回購實際上是資本部署的一個相當不錯的選擇嗎？謝謝。

This is Bryan, we are not accumulating cash with, you know, solely the intent of, you know, earmarking those dollars to, you know, directly pay off the convert. You know, we have no balance outstanding under our revolver. You know, right now, and if we were to pay off anything on the term loan, you don't have the ability to access that again.

這是布萊恩，我們累積現金的目的不是，你知道，只是為了，你知道，將這些美元指定用於，你知道，直接償還皈依者。你知道，我們的左輪手槍沒有餘額。您知道，現在，如果我們要償還定期貸款的任何內容，您將無法再次獲得該貸款。

And we are, I would say earning a, you know, fairly decent you know, rates on our cash balances as we look at that versus our incremental borrowing costs such that we have decided for now to let the you know, cash balance grow some, you know, we do expect M&A activity to be picking up.

我想說的是，當我們考慮與增量借貸成本相比時，我們的現金餘額利率相當不錯，因此我們現在決定讓您知道，現金餘額增長一些你知道，我們確實預計併購活動將會增加。

So there will be some deployment of cash for that that we anticipate. Also, we tend to generate more cash in the back half of the year and then there's some, you know, a little bit more utilization at times in the front half of the year.

因此，我們預計將會為此部署一些現金。此外，我們往往會在下半年產生更多的現金，然後，你知道，在上半年有時會產生更多的使用率。

So I think right now we're just in a point of, you know flexibility and you know we certainly do understand that, you know, interest rates today are higher than when we entered into that convert. Obviously, when you issue a convert, the total cost isn't just you know, the coupon rate and, you know, you overall have seen our leverage coming down.

所以我認為現在我們正處於這樣一個時刻，你知道靈活性，你知道我們當然明白，你知道，今天的利率比我們進入轉換時要高。顯然，當你發行轉換債券時，總成本不僅僅是你知道的票面利率，而且你知道，你總體上已經看到我們的槓桿率下降了。

So again, we'll be looking at how to best structure, you know, the debt side of things over the, you know, over the next year. Also, you know, appreciate your perspective on, you know, capital allocation. Obviously, we have been, you know, growing the amount of annual cash flow that we generate.

因此，我們將再次研究如何在明年最好地建構債務方面的結構。另外，你知道，欣賞你對資本配置的看法。顯然，你知道，我們每年產生的現金流量一直在增加。

And you know, we are continuing to evaluate, you know, should some of that cash be allocated, you know, in a, in a matter of maybe a little different, you know, from historically where it's been a large focus on M&A and you know, are evaluating other ways to utilize the cash including, you know, different ways of return of capital to shareholders.

你知道，我們正在繼續評估，你知道，是否應該分配一些現金，你知道，在一個可能有點不同的問題上，你知道，與歷史上主要關注併購和你知道，正在評估利用現金的其他方式，包括向股東返還資本的不同方式。

All right. Appreciate it.

好的。欣賞它。

This concludes our question-and-answer session. I would like to turn the conference back over to Tim Fitzgerald for closing remarks.

我們的問答環節到此結束。我想將會議轉回提姆·費茲傑拉致閉幕詞。

Thank you again, everybody for joining us on today's call. In closing, I would like to reiterate that while we have and hoped macroeconomic conditions would be more favorable and in flux sooner. We believe we are currently at the trough for several of our segments. We're confident the challenges we face today will turn into the tailwinds for the quarters ahead and lead into a longer term recovery.

再次感謝大家參加今天的電話會議。最後，我想重申，雖然我們已經並希望宏觀經濟條件會更有利並更快地改變。我們相信，我們的幾個細分市場目前正處於低谷。我們相信，我們今天面臨的挑戰將轉化為未來幾季的順風車，並帶來長期復甦。

We're poised to win as our position across all three of our businesses is stronger than ever. We're leading in technology and innovation. We're expanding into new targeted market adjacencies, opening up new growth opportunities and we're making investments in transformational, go to market sales and service capabilities to provide differentiated customer experiences.

我們已經做好了獲勝的準備，因為我們在所有三個業務領域的地位比以往任何時候都更加強大。我們在技術和創新方面處於領先地位。我們正在擴展到新的目標市場鄰近地區，開闢新的成長機會，我們正在對轉型、進入市場的銷售和服務能力進行投資，以提供差異化的客戶體驗。

We're confident these strategies and investments. We have made will pay dividends as the market conditions continue to improve, further, extending our leadership over the next several years. That's it for today. And thank you everybody for attending today's call. Have a great day.

我們對這些策略和投資充滿信心。隨著市場狀況的持續改善，我們將支付紅利，並在未來幾年進一步擴大我們的領先地位。今天就這樣。感謝大家參加今天的電話會議。祝你有美好的一天。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。