Perimeter Solutions Inc (PRM) 2025 Q1 法說會逐字稿

Good day everyone and welcome to today's Perimeter Solutions Q1 2025 Earnings Call.

大家好，歡迎參加今天的 Perimeter Solutions 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

It is now my pleasure to turn today's program over to Seth Barker, head of investor relations. Please go ahead.

現在我很高興將今天的節目交給投資者關係主管 Seth Barker。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining Perimeter Solutions First Quarter 2025 Earnings Call. Speaking on today's call are Haitham Khouri, Chief Executive Officer, and Kyle Sable, Chief Financial Officer. We want to remind anyone who may be listening to a replay of this call that all statements made are as of today, May 8, 2025, and these statements have not been, nor will they be updated subsequent to today's call.

謝謝您，接線生。大家早安，感謝您參加 Perimeter Solutions 2025 年第一季財報電話會議。參加今天電話會議的有執行長 Haitham Khouri 和財務長 Kyle Sable。我們想提醒任何可能正在收聽本次電話會議重播的人，所有聲明均截至今天（2025 年 5 月 8 日），並且這些聲明在今天的電話會議之後沒有更新，也不會更新。

Also, today's call may contain forward-looking statements. These statements made today are based on management's current expectations, assumptions, and beliefs about our business and the environment in which we operate, and our actual results may materially differ from those expressed or implied on today's call.

此外，今天的電話會議可能包含前瞻性陳述。今天所做的這些聲明是基於管理層對我們的業務和經營環境的當前預期、假設和信念，我們的實際結果可能與今天電話會議上表達或暗示的結果有重大差異。

Please review our SEC filings, particularly any risk factors included in our filings, for a more complete discussion of factors that could impact our results. The company would also like to advise you that during the call we will be referring to non-GAAP financial measures including adjusted EBITDA, adjusted EPS, and free cash flow.

請查看我們的 SEC 文件，特別是文件中包含的任何風險因素，以便更全面地討論可能影響我們結果的因素。公司也想告知您，在電話會議中我們將參考非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EPS 和自由現金流。

The reconciliation of and other information regarding these items can be found in our earnings press release and presentation, both of which will be available on our website and on the SEC's website. With that, I will turn the call over to Haitham Khouri, Chief Executive Officer.

這些項目的對帳及其他資訊可在我們的收益新聞稿和簡報中找到，它們均可在我們的網站和美國證券交易委員會的網站上查閱。說完這些，我將把電話轉給執行長 Haitham Khouri。

Thank you, Seth, and good morning, everyone. We're pleased to report Perimeter's strong start to 2025. First quarter, adjusted EBITDA reached $18.1 million, reflecting solid execution of our operational value drivers, as well as fire activity in both North America and international markets.

謝謝你，塞斯，大家早安。我們很高興地報告 Perimeter 在 2025 年取得了強勁開局。第一季度，調整後的 EBITDA 達到 1,810 萬美元，反映了我們營運價值驅動因素的穩健執行，以及北美和國際市場的火災活動。

We accelerated capital deployment during the first quarter, investing $23 million across a range of priorities, including increased capital expenditures, our first product line acquisitions at IMS, and share repurchases. Before getting into the details on the quarter, I'll provide a summary of our strategy, offer context on our IMS acquisition, and give a brief operational update. After that, Kyle will walk through the quarter's financial results and capital allocation in more detail.

我們在第一季度加快了資本部署，在一系列優先事項上投資了 2,300 萬美元，包括增加資本支出、收購 IMS 的首條產品線以及股票回購。在介紹本季度的細節之前，我將概述我們的策略，提供有關 IMS 收購的背景信息，並提供簡要的營運更新。之後，凱爾將更詳細地介紹本季的財務業績和資本配置。

Starting on slide 3 with a summary of our strategy. Our goal is to fulfil our critical mission by providing our customers with high quality products and exceptional service, while delivering our investors private equity-like returns with the liquidity of the public market.

從投影片 3 開始概述我們的策略。我們的目標是透過為客戶提供高品質的產品和卓越的服務來完成我們的關鍵使命，同時為我們的投資者提供具有公開市場流動性的私募股權般的回報。

Our strategy is built on three operational pillars. First, we seek to own exceptional businesses. These are typically niche market leaders that play critical roles in solving complex customer problems, qualities that support high returns on invested capital and durable earnings growth.

我們的策略建立在三大營運支柱之上。首先，我們尋求擁有卓越的企業。這些通常是利基市場領導者，在解決複雜的客戶問題方面發揮關鍵作用，這些品質支持著高投資回報率和持久的獲利成長。

Second, we rigorously apply our three operational value drivers to the businesses we own. We drive profitable new business, achieve continual productivity improvements, and provide increasing the value to customers which we share in through value-based pricing.

其次，我們嚴格將三大營運價值驅動因素應用於我們擁有的業務。我們推動獲利的新業務，不斷提高生產力，並透過基於價值的定價為客戶提供我們共享的價值。

And third, we operate our businesses in a highly decentralized manner. Decentralization is a principle we discussed extensively within Perimeter, and which we're happy to discuss with investors today as the third pillar of our operating strategy.

第三，我們的業務運作高度分散。去中心化是我們在 Perimeter 內部廣泛討論的原則，今天我們很高興與投資者討論它，這是我們營運策略的第三大支柱。

We believe our operational pillars will optimize our durable free cash flow. We then seek to maximize long-term per share equity value through a clear focus on the allocation of our capital, as well as the management of our capital structure.

我們相信，我們的營運支柱將優化我們持久的自由現金流。然後，我們透過明確關注資本配置以及資本結構管理來尋求最大化長期每股股權價值。

I'll now spend a moment on the importance of decentralization to our operating model. Perimeter currently consists of multiple business units, and we expect that number to grow through future acquisitions. Each of our business units operates independently, with minimal integration at the corporate level.

現在我想花點時間談談權力下放對我們的營運模式的重要性。Perimeter 目前由多個業務部門組成，我們預計透過未來的收購，這一數字將會成長。我們的各個業務部門都獨立運營，在公司層面的整合程度極低。

Our general managers have full autonomy to run their businesses and drive long-term performance. In turn, they're held accountable to deliver results across each of our three operational value drivers, and finally, they are incentivized to do so as we closely align compensation to outcomes.

我們的總經理擁有充分的自主權來經營業務並推動長期業績。反過來，他們有責任在我們的三個營運價值驅動因素中交付成果，最後，由於我們將薪酬與成果緊密結合起來，他們受到激勵去這樣做。

This decentralized approach accelerates and improves operational decision making by placing it in the hands of those closest to the customer. We believe that there is no substitute for empowered and incentivized managers focused on driving value creation via the rigorous implementation of our three operational value drivers.

這種分散的方法將營運決策權交給最接近客戶的人員，從而加速並改善了營運決策。我們相信，沒有什麼可以取代授權和激勵管理者專注於透過嚴格執行我們的三個營運價值驅動因素來推動價值創造。

Our highly decentralized operating philosophy also supports our acquisition strategy. If a business meets our exceptional quality criteria, we believe we can drive value creation through our proven operational playbook and without relying on unproven synergies.

我們高度分散的營運理念也支持我們的收購策略。如果一家企業滿足我們卓越的品質標準，我們相信我們可以透過我們成熟的營運方案來推動價值創造，而無需依賴未經證實的協同效應。

Our recently acquired IMS business described in detail on slide 4 demonstrates this point well. IMS is a high-quality platform where we see meaningful opportunities to apply our operational value drivers and deploy capital into targeted product line acquisitions to generate returns above our threshold.

我們最近收購的 IMS 業務（幻燈片 4 中詳細描述）很好地證明了這一點。IMS 是一個高品質的平台，我們看到了有意義的機會來應用我們的營運價值驅動因素並將資本部署到有針對性的產品線收購中，以產生超出我們門檻的回報。

IMS produces printed circuit board centred components used in mission critical applications. These components are typically used in the repair and replacement aftermarket for larger, higher value systems, small in cost, but essential in function, and are well suited to our strategy of building durable, high margin, high return businesses.

IMS 生產用於關鍵任務應用的印刷電路板中心元件。這些組件通常用於更大、更高價值系統的維修和更換售後市場，成本較小，但功能必不可少，非常適合我們建立持久、高利潤、高回報業務的策略。

IMS's strategy has two critical components that differentiate it from a typical PCD manufacturer. First, IMS increasingly owns the intellectual property of the components it manufactures, both through developing production IP and owning the underlying designs, certifications, and specifications necessary to develop these components.

IMS 的策略有兩個關鍵要素，使其有別於典型的 PCD 製造商。首先，IMS 越來越多地擁有其製造的組件的智慧財產權，既透過開發生產 IP，也透過擁有開發這些組件所需的底層設計、認證和規範。

Second, IMS is focused on highly flexible short run production. This enables IMS to own niche aftermarket components with smaller volumes, which larger manufacturers often struggle to service. The result of these two differentiating characteristics is that IMS is often the sole source provider of critical components into niche aftermarket applications.

其次，IMS 專注於高度靈活的短期生產。這使得 IMS 能夠擁有數量較少的利基售後市場零件，而大型製造商通常難以為這些零件提供服務。這兩個差異化特徵的結果是，IMS 通常是利基售後市場應用關鍵零件的唯一來源供應商。

Our goal is to expand IMS's portfolio of proprietary components by acquisition. IMS completed its first add-on product line acquisitions in the first quarter for a total purchase price of $10 million. We anticipate deploying significant capital annually into add-on acquisitions at IMS or at expected IRRs which exceed our return threshold based on our ability to apply our operational value driver playbook to these acquired product lines.

我們的目標是透過收購來擴大 IMS 的專有組件組合。IMS 在第一季完成了首次附加產品線收購，總收購價為 1,000 萬美元。我們預計每年將投入大量資金用於 IMS 的附加收購，或以超過我們回報門檻的預期 IRR 來部署，這取決於我們將營運價值驅動因素劇本應用於這些收購的產品線的能力。

Turning to recent operational developments on Flyfi. Wildfire activity in the early part of the North America fire season was elevated, including devastating wildfires in Southern California and activity across Texas, Oklahoma, Florida, and the Carolinas. This early season activity reinforces the critical importance of resource readiness.

談談 Flyfi 最近的營運發展。北美火災季節初期的野火活動增加，包括南加州的毀滅性野火以及德克薩斯州、俄克拉荷馬州、佛羅裡達州和卡羅來納州的野火活動。此次早期活動強調了資源準備的重要性。

Finally, availability of firefighting assets not only improves response effectiveness, but also delivers a meaningful return on investment for governments and communities, reducing long-term costs, protecting property and the environment, and most importantly, helping safeguard lives in the threatened communities.

最後，消防資產的可用性不僅可以提高回應效率，還可以為政府和社區帶來可觀的投資回報，降低長期成本，保護財產和環境，最重要的是，幫助保護受威脅社區的生命。

International markets also contributed positively to the quarter, with a return to more typical fire activity levels in Australia and increased use of retardant across several international markets. Our suppressant product line faced a more difficult comparison in Q1, as it lacked a stronger prior year period due to the launch of our fluorine-free nospe products in late 2023.

國際市場也對本季做出了積極貢獻，澳洲的火災活動水準恢復到較為典型的水平，並且多個國際市場的阻燃劑使用量有所增加。我們的抑制劑產品線在第一季面臨更困難的比較，因為我們在 2023 年底推出了無氟 nospe 產品，因此它缺乏去年同期更強勁的表現。

In our specialty products business, we experienced operational challenges at our US P2S5 manufacturing facility, which is operated by a third party via tolling arrangement. The extended Q1 plant outage, excuse me, waited on EBITDA for the segment. We are actively addressing the downtime issues with our tolling partner.

在我們的特種產品業務中，我們的美國 P2S5 製造工廠遇到了營運挑戰，該工廠由第三方透過代加工安排運作。抱歉，第一季工廠停工時間延長，等待了該部門的 EBITDA。我們正在與收費合作夥伴積極解決停機問題。

With that, I'll turn the call over to Kyle for a more detailed review of our financials and capital allocations in the First Quarter.

有了這些，我將把電話轉給凱爾，讓他更詳細地審查我們第一季的財務狀況和資本配置。

Thanks, Haitham.

謝謝，海瑟姆。

I'll begin on slide 6, where growth figures shown are versus the prior year comparable period.

我將從第 6 張投影片開始，其中顯示的成長數據是與去年同期相比的。

Starting with fire safety, revenue is $37.2 million up 48% from last year, and adjusted EBITDA was $10.1 million compared to a small loss in the same period last year. The increase in fire safety's 21 revenue and adjusted EBITDA is attributable to our retarded products and associated services, which overcame a decline in our suppressant business. The increase in fire return sales was driven by above average fire activity in multiple states, most notably in California during Q1.

從消防安全開始，收入為 3,720 萬美元，比去年增長 48%，調整後的 EBITDA 為 1,010 萬美元，而去年同期則出現小幅虧損。消防安全 21 收入和調整後 EBITDA 的成長歸功於我們的緩凝劑產品和相關服務，克服了抑制劑業務的下滑。火災回購銷售額的成長是由於多個州的火災活動高於平均水平，尤其是第一季加州的火災活動。

First quarter, 2024 benefited from a major suppressants product launch in late 2023, which boosted results in Q1 2024 and led to lower sales and suppressants in Q1 of 2025. While wildfire activity in Q1 was elevated, wildfire risk conditions across our entire footprint are still within a range we would consider normal, and we continue to prepare for the full range of potential outcomes.

2024 年第一季受益於 2023 年底推出的一款主要抑制劑產品，該產品推動了 2024 年第一季的業績，並導致 2025 年第一季的銷售額和抑制劑下降。雖然第一季的野火活動有所增加，但我們整個足跡範圍內的野火風險狀況仍在我們認為的正常範圍內，我們將繼續為各種可能的結果做好準備。

In our specialty product segment, Q1 net sales increased $7.5 million due to our IMS acquisition, set a $6.5 million dollar decrease in the base business due to unplanned plant downtime at our outsourced manufacturing provider for a net increase of $1 million.

在我們的專業產品部門，由於我們收購了 IMS，第一季淨銷售額增加了 750 萬美元，而由於我們的外包製造供應商的工廠意外停機，基礎業務減少了 650 萬美元，淨增加了 100 萬美元。

Specialty products Q1 adjusted event decreased to $8 million as compared to $12.4 million in the prior year quarter.

特種產品第一季調整後事件從去年同期的 1,240 萬美元下降至 800 萬美元。

While demand for our base C2S5 business was strong in Q1, extensive downtime at our manufacturing provider cost specialty products to miss out on the sales in Q1.

雖然我們的基礎 C2S5 業務在第一季的需求強勁，但我們的製造供應商的大規模停工導致特殊產品在第一季錯失了銷售機會。

While our team is focused on resolving the underlying issues to ensure more stable operations going forward, these missed sales will not be fully recovered in the balance of 2025. It will reduce this year's adjusted EBITDA.

雖然我們的團隊正致力於解決根本問題，以確保未來營運更加穩定，但這些損失的銷售將無法在 2025 年底前完全恢復。這將減少今年的調整後EBITDA。

We anticipate that the earnings power of the business will rebound to normalized levels in 2026.

我們預計該業務的獲利能力將在2026年反彈至正常水準。

Combined, the fire safety outperformance. Offset specialty products third party plan issues with consolidated first quarter sales up 22% to $72 million and adjusted EBITDA rising 49% to $18.1 million as compared to $12.1 million a year ago.

綜合來看，消防安全表現優異。抵銷了專業產品第三方計畫問題的影響，第一季綜合銷售額成長 22% 至 7,200 萬美元，調整後 EBITDA 成長 49% 至 1,810 萬美元，而去年同期為 1,210 萬美元。

Let me take a moment to discuss the impact of trade policy on our operations. We expect a modest direct impact, as virtually all of our US sales are produced domestically. We prioritize domestic suppliers when available, and we have plans in place to mitigate even this limited exposure.

請容許我花點時間討論貿易政策對我們營運的影響。我們預計直接影響不大，因為我們在美國的銷售幾乎全部是在國內生產的。如果有國內供應商，我們會優先考慮，並且我們已經制定了計劃來減輕這種有限的風險。

Our direct exposure equates 2% to 3% of annual EBITDA, which we are working to mitigate. Moving below adjusted EBITDA for Q1 2025, our GAAP EPS is $0.36 as compared to a $0.57 loss in the prior year quarter. Q1 2025 adjusted EPS was $0.03 as compared to a $0.01 loss in the prior year quarter.

我們的直接風險敞口相當於年度 EBITDA 的 2% 至 3%，我們正在努力降低此風險。低於 2025 年第一季的調整後 EBITDA，我們的 GAAP EPS 為 0.36 美元，而去年同期的虧損為 0.57 美元。2025 年第一季調整後每股收益為 0.03 美元，而去年同期虧損 0.01 美元。

Turning to our long-term assumptions as shown on slide 7.

轉向投影片 7 所示的我們的長期假設。

Assumptions are unchanged, and with normal quarterly variation, Q1 is consistent with those expectations. You want interest expense was $9.6 million taxable depreciation, amortization, and other tax deductions totalled $5.3 million.

假設保持不變，且季度變化正常，第一季與這些預期一致。您希望利息費用為 960 萬美元，應稅折舊、攤提和其他稅收減免總計 530 萬美元。

Cash paid for income tax was half a million dollars in Q1 2025 as compared to $800,000 in the prior year quarter. Here I will note that variation in taxes is typically timing related in any given quarter, and our full year tax expectation is unchanged.

2025 年第一季支付的所得稅現金為 50 萬美元，而去年同期為 80 萬美元。這裡我要指出的是，稅收的變化通常與任何特定季度的時間有關，而我們全年的稅收預期保持不變。

Our capital expenditures are consistent with expectations at $4.8 million. Our working capital needs fluctuate seasonally, and Q1's working capital levels reflected our team's effort to manage this cash flow, with a declining in accounts receivable, more than offsetting a slight seasonal inventory increase.

我們的資本支出與預期一致，為 480 萬美元。我們的營運資金需求隨季節波動，第一季的營運資金水準反映了我們團隊管理現金流的努力，應收帳款的下降足以抵銷季節性庫存的輕微增加。

We define free cash flow as cash flow from operations less capital expenditures. In total, we generated free cash flow of $18.9 million in Q1 2025.

我們將自由現金流定義為經營活動產生的現金流量減去資本支出。總體而言，我們在 2025 年第一季產生了 1,890 萬美元的自由現金流。

We allocated nearly $23 million of capital in the quarter. The returns on which we expect will exceed our targeted equity returns of 15% or higher. We can continue to invest in our business organically with $4.8 million dollar allocated to capital expenditures, the majority of which supported our growth and productivity initiatives.

我們在本季分配了近 2300 萬美元的資金。我們預期的回報將超過我們15%或更高的目標股權回報。我們可以繼續有機地投資於我們的業務，其中 480 萬美元用於資本支出，其中大部分用於支持我們的成長和生產力計劃。

Pipeline of outstanding projects continues to build and is an important element supporting our long-term organic EBITDA growth trajectory. Moving to M&A, we invested $10 million in Q1, kicking off the inorganic expansion of IMS as a key part of the original investment thesis.

未完成專案的管道不斷建設，這是支持我們長期有機 EBITDA 成長軌蹟的重要因素。在併購方面，我們在第一季投資了 1000 萬美元，啟動了 IMS 的無機擴張，這是原始投資理論的關鍵部分。

The acquired product lines are being integrated into our manufacturing footprint, and our team is working on implementing our operational value driver strategy.

收購的產品線正在整合到我們的製造足跡中，我們的團隊正在致力於實施我們的營運價值驅動策略。

Finally, we repurchased 900,000 shares for approximately $8 million in Q1.

最後，我們在第一季以約 800 萬美元的價格回購了 90 萬股。

While many companies have systematic share repurchase programs, our view is to repurchase shares when we believe our equity trades meaningfully below intrinsic value and when repurchases would not preclude higher potential IRR investments, notably in M&A. Both conditions were true in Q1.

雖然許多公司都有系統化的股票回購計劃，但我們的觀點是，當我們認為我們的股票交易價格遠低於內在價值，回購不會妨礙更高潛在 IRR 投資（尤其是在併購方面）時，我們就會回購股票。這兩個條件在第一季都成立。

Turning to slide 9.

翻到第 9 張投影片。

I'd like to highlight our favourable debt structure, just a single series of fixed rate notes at 5%, maturing in the fourth quarter of 2029 with no financial maintenance covenants.

我想強調我們有利的債務結構，僅一系列 5% 的固定利率票據，將於 2029 年第四季到期，沒有財務維護契約。

As a Q1, we were levered 1.7 times net debt to LTM adjusted EBITDA. We also have substantial liquidity, with around $200 million in cash and an undrawn $100 million dollar revolver as a quarter end. We ended the quarter with about 148.8 million basic shares outstanding.

作為第一季度，我們的淨債務與 LTM 調整後 EBITDA 的槓桿率為 1.7 倍。我們也擁有大量流動資金，截至季末擁有約 2 億美元現金和 1 億美元未提取的循環信貸額度。本季結束時，我們流通的基本股約為 1.488 億股。

To conclude, perimeter's first quarter reflected good execution and some early tailwinds. Despite the strong start, we remain disciplined in our approach to the full year, continuing our work to implement our operational value drivers across the business.

總而言之，Perimeter 第一季的執行情況良好，並且有一些早期的順風。儘管開局強勁，但我們在全年的經營策略上仍將嚴謹，並繼續致力於在整個業務中實施營運價值驅動因素。

With that, I'll hand a call back to the operator for Q&A.

說完這些，我會回撥電話給接線生進行問答。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

We'll take our first question from [Josh Skeer with UPS]. Your line is open.

我們的第一個問題來自[UPS 的 Josh Skeer]。您的線路已開通。

Yeah, hey, good morning, guys. I just wanted to follow up on the comments on tariffs. So, the 2% to 3% EBITDA exposure risk, is that primarily cost that you're talking about? And can you talk about your ability to offset that? Do you have full ability to do that, or do you think some of that is going to remain a headwind?

是的，嘿，大家早安。我只是想跟進有關關稅的評論。那麼，2% 到 3% 的 EBITDA 風險敞口，就是您所說的主要成本嗎？您能談談您抵消這項影響的能力嗎？您是否完全有能力做到這一點，或者您是否認為其中一些仍將是一個阻力？

Josh's Kyle, thanks for the question.

喬許·凱爾，謝謝你的提問。

Yeah, that is, it is almost entirely a cost-based metric for us. One of the attributes of our businesses we're less levered to the impact that this tariff might have on demand side on the cost side, the 2% to 3% of adjusted EBITDA for the year. Is really a reflection of our imports and we really believe that we're going to have some levers to pull to be able to do that. Will we be able to get the entire amount back? We're still uncertain and we're still working through the alternatives there, but we do suspect we'll be able to mitigate a reasonable proportion of that.

是的，對我們來說，這幾乎完全是基於成本的指標。我們業務的一個特點是，我們不太受該關稅對需求方成本的影響，即當年調整後的 EBITDA 的 2% 至 3%。這確實反映了我們的進口情況，我們確實相信我們將採取一些措施來做到這一點。我們能拿回全部金額嗎？我們仍然不確定，我們仍在研究替代方案，但我們確實相信我們能夠減輕其中的合理比例。

And just on the customer side, I mean I know most of your sales are within the region, but your customer's customer may be sending some oil additive blends from the US to China or some other areas. Have you assessed that piece from a sales exposure perspective? Is there any comments you can make there?

就客戶方面而言，我知道你們的大部分銷售都在該地區，但你們客戶的客戶可能會將一些石油添加劑混合物從美國運往中國或其他地區。您是否從銷售曝光度的角度評估過該作品？您有什麼評論嗎？

Actually, we have less visibility down the supply chain than that. However, when we look back and think about the likelihood that the end market demand for that product changes mean, we don't see that as material. It would be a very minor variation in demand due to that.

實際上，我們對供應鏈的了解還不夠。然而，當我們回顧並思考該產品終端市場需求改變的可能性時，我們並不認為這很重要。由此導致的需求變化非常小。

Okay, thanks. And just on suppressants, so the sales down year over year on the tough comp. I think it's the toughest year over year growth comp, but the sales and suppressants are higher in 2Q and 3Q.

好的，謝謝。僅就抑制劑而言，銷售額較去年同期有所下降。我認為這是最艱難的同比增長，但第二季和第三季的銷售額和抑制因素更高。

I guess what I'm trying to ask here is, do you expect that 2Q and 3Q are tough comps that you expect to be down, or would you expect to grow 2Q and 3Q based on what your order books look like today?

我想我在這裡想問的是，您是否預計第二季和第三季的業績會比較艱難，預計會下降，或者根據您今天的訂單情況，您是否預計第二季和第三季的業績會成長？

Yeah, Josh, Q1 of last year was an unusually tough comp for us in the scheme of the cadence of the year overall, so I expect that we will have a, as the year builds through, we should get we should get a little bit better on that front.

是的，喬希，去年第一季對我們來說是一場異常艱難的比賽，因為考慮到全年的整體節奏，所以我預計，隨著時間的推移，我們在這方面會取得更好的成績。

Okay, and if I could squeeze in one more just on fire retardants during the quarter, one of your potential competitors basically exited the market. So, I'm just curious if you have any comments there around competitive dynamics within the industry today and as we think longer term, do you think that the USDA, US Fir Service still have a goal to qualify and bring in alternative materials or has that goal changed at all?

好的，如果我可以在本季再擠進一個有關阻燃劑的問題，那麼你們的一個潛在競爭對手基本上已經退出了市場。所以，我只是好奇，您對當今產業內的競爭動態有何評論？從長遠來看，您是否認為美國農業部和美國消防局仍然有引進替代材料的目標？或者這個目標發生了改變？

Thank you.

謝謝。

Yeah, hey, Josh, it's Haitham, so I think one or two things have changed.

是的，嘿，喬希，這是海瑟姆，所以我認為有一兩件事已經改變了。

In the competitive environment to market backdrop and then a lot of things haven't changed. What has changed is it's just less likely that an alternate non-ammonium phosphate chemistry is attempted or qualified. Anytime soon.

在競爭激烈的市場環境下，很多事情並沒有改變。變化的是，嘗試或認可替代性非磷酸銨化學品的可能性較小。很快。

What hasn't changed, which is where our focus has always been, and it continues to be. Is perimeter is the gold standard of retardant programs I've said this before, but there's a reason that literally every meaningful retardant program in the world partners with us. We, it's an attractive market. We understand that there will always be competitors looking for ways to improve on our offering. And enter the market and the way we combat that is remaining highly vigilant and obsessively trying to raise the bar on ourselves. We invest very heavily in R&D to remain at the absolute cutting edge of the industry. We invest heavily in our equipment and Our people to be sure we have the best of the best in the field at all times and we continue to very intently listen to our customers understand their needs, understand their pain points, and move expeditiously to address those and therefore provide increasing value and as long as we do that it will just be harder and harder for folks to unseat us over time.

不變的是，我們的焦點始終在那裡，並將繼續在那裡。週長是阻燃計畫的黃金標準，我之前說過，但世界上每個有意義的阻燃計畫都與我們合作是有原因的。我們，這是一個有吸引力的市場。我們明白，總會有競爭對手在尋找改進我們產品的方法。進入市場後，我們應對這項挑戰的方式是保持高度警惕，並不斷努力提高自己的標準。我們在研發方面投入了大量資金，以保持行業的絕對領先地位。我們對設備和人員投入了大量資金，以確保我們始終擁有該領域最優秀的人才，我們繼續非常認真地傾聽客戶的意見，了解他們的需求，了解他們的痛點，並迅速採取行動解決這些問題，從而提供越來越高的價值，只要我們這樣做，隨著時間的推移，其他人將越來越難以取代我們。

Okay, thank you.

好的，謝謝。

Thank you. We'll take our next question from Daniel Kutz with Morgan Stanley. Your line is now open.

謝謝。我們將回答摩根士丹利的丹尼爾庫茨提出的下一個問題。您的線路現已開通。

Hey, thanks, good morning.

嘿，謝謝，早安。

Hey, so I wanted to ask, I guess as folks are thinking about different economic scenarios, I guess maybe at a higher level. Could you kind of walk us through your business lines and talk through which business lines do have some level of economic exposure correlation with broader market trends and then I guess more importantly and what you know is one of the. I think key components of value proposition and perimeters is that you know a lot of the big parts of your business have very, little if any economic correlation. So yeah, just wondering if you could talk through kind of the sensitivities of your business lines to broader market trends.

嘿，所以我想問一下，我想當人們考慮不同的經濟情景時，我想也許是在更高的層次上。您能否向我們介紹一下您的業務線，並談談哪些業務線與更廣泛的市場趨勢具有一定程度的經濟風險相關性，然後我想更重要的是，您所知道的是其中之一。我認為價值主張和範圍的關鍵要素是，你知道你的業務的許多重要部分都具有非常小的經濟相關性。是的，我只是想知道您是否可以談談您的業務線對更廣泛的市場趨勢的敏感度。

Thank you.

謝謝。

Yeah, you bet, then just take them again.

是的，當然可以，然後再服用一次。

So, a retardant business has close to no economic sensitivity as you can imagine.

因此，正如您所想像的，阻燃劑業務幾乎沒有經濟敏感性。

Based on the use case, what's happening in the broader economic environment has close to zero if not in fact zero impact.

根據用例，更廣泛的經濟環境中發生的事情的影響接近零，甚至實際上為零。

Our suppressant business is largely an aftermarket replenishment, replacement, and emergency response business. So, when there's a fire in a facility with flammable liquids such as an airport, we're going to respond. Again, very little, if not no economic sensitivity to that part of the business. There is a portion of our suppressants business that is new installed, so if a new chemical plant is built, for example, or a new airport is built, we'll go in there and kit it out and put in a stocking order. You may see that portion of the business slow a little bit if the economy slows, but we expect any impact there to be pretty modest. And then our phosphorus meta sulphide business is very closely tied to miles driven by internal combustion engine vehicles in the OECD. It really is just that simple and that metrical move.

我們的抑制劑業務主要是售後補給、更換和緊急應變業務。因此，當機場等含有易燃液體的設施發生火災時，我們會做出反應。再說一遍，對該部分業務的經濟敏感度非常小，甚至沒有。我們的抑制劑業務中有一部分是新安裝的，因此，例如，如果建造了一個新的化工廠或一個新的機場，我們就會去那裡配備設備並下達庫存訂單。如果經濟放緩，你可能會看到這部分業務有所放緩，但我們預計其影響將相當小。我們的磷硫化物業務與經合組織內燃機汽車的行駛里程密切相關。它確實只是那麼簡單又有韻律的動作。

In very small 1% to 2% increments in periods of economic fluctuation, you just don't see huge changes in models driven and therefore we expect to see a modest impact there as well.

在經濟波動時期，在 1% 到 2% 的小幅增量中，你不會看到驅動模型發生巨大變化，因此我們預計也會看到適度的影響。

Great, that's all really helpful, maybe just one more specific one along that, similar line of questioning, and it very well may be too early to tell, but in your conversation with customers around the flooring free switching tailwind for the suppressant business, have you seen any indications of customers potentially.

太好了，這些都非常有幫助，也許只是沿著這個方向再問一個具體的問題，類似的問題，現在下結論可能還為時過早，但是在您與客戶就抑製劑業務的地板免費轉換順風進行的交談中，您是否看到過任何客戶潛在的跡象。

Flowing that program or potentially waiting to make the decision to switch to pulling free products against kind of looming macroeconomic uncertainty or is this, I kind of an overarching trend of let's get a cleaner, greener, safer products, it installed and therefore that you know that. That trend may also be relatively less sensitive to the to the broader macro backdrop thank you.

推進該計劃或可能等待做出決定轉向撤回免費產品以應對迫在眉睫的宏觀經濟不確定性，或者這是我認為的總體趨勢，讓我們獲得更清潔、更環保、更安全的產品，安裝它，因此你知道這一點。這種趨勢可能對更廣泛的宏觀背景也不太敏感，謝謝。

.

。

We have not seen any change in customer enthusiasm or the pace of customer conversions to flooring free foams that is an area where the economy slows materially, you may see people defer these conversions because there is meaningful CapEx backs and stocking and stocking order spend working capital associated with them, but we so far have seen and heard no signs of any slowdown in that in that switch.

我們沒有看到客戶熱情或客戶向無地板泡沫轉換的速度有任何變化，這是經濟大幅放緩的領域，您可能會看到人們推遲這些轉換，因為有有意義的資本支出支持和庫存和庫存訂單花費與之相關的營運資金，但到目前為止，我們還沒有看到或聽到這種轉換有任何放緩的跡象。

Great, thank you, and maybe Kyle if I can sneak in one more for you. I think you've kind of addressed most of this in the pair of remarks, but as I'm looking at your long term.

太好了，謝謝你，凱爾，如果我能再偷偷跟你講一個的話，也許我可以。我認為您已經在這兩句評論中談到了大部分問題，但我正在考慮您的長期問題。

Assumptions, is there anything that you would nudge us towards the low or high end of for 2025 specifically or is it kind of right down the middle across the board for those assumptions? Thanks.

假設，您是否會特別推動我們走向 2025 年的低端或高端，或者對於這些假設來說，它是否處於中間位置？謝謝。

Yeah, Daniel, thanks for the thanks for the question.

是的，丹尼爾，謝謝你提出這個問題。

I don't think there's anything I would change overall for the year period at this point in time. When you look at Q1, you'll see that networking capital was a little bit better. We did a really good job on chasing down AR this quarter. That's the one thing where we got a little bit of a benefit in Q1, but honestly, it's a small enough impact the total year that that that's going to end up being noise, I think, and so I probably wouldn't change anything about the full year review.

我認為就目前而言，我不會對今年的情況做出任何整體改變。當你查看第一季時，你會發現網路資本稍微好一些。本季我們在追趕 AR 方面做得非常出色。這是我們在第一季獲得一點好處的一件事，但老實說，它對全年的影響很小，我認為最終只會成為噪音，所以我可能不會對全年回顧做出任何改變。

Great, all really helpful, thanks a lot. I'll turn it back.

太棒了，真的很有幫助，非常感謝。我會把它轉回去。

Thanks.

謝謝。

(Operator Instructions)

（操作員指示）

It appears we have no further questions in the key. I'll turn the program back over to our presenters for any additional or closing remarks.

看來我們對此沒有其他疑問了。我將把節目交還給主持人，以便他們發表任何補充或結束語。

Thank you.

謝謝。

Operator, and once again thank you everybody for your time and we'll be here again in 90 days or so.

接線員，再次感謝大家的時間，我們將在大約 90 天後再次來到這裡。

This does conclude today's program.

今天的節目到此結束。

Thank you for your participation. You may disconnect at any time and have a wonderful day.

感謝您的參與。您可以隨時斷開連接並享受美好的一天。