Standex International Corp (SXI) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Standex International fiscal fourth-quarter 2025 financial results conference call. (Operator Instructions) This call is being recorded on Friday, August 1, 2025.

女士們、先生們，早安，歡迎參加 Standex International 2025 財年第四季財務業績電話會議。（操作員指示）此通話於 2025 年 8 月 1 日星期五錄製。

I would now like to turn the conference over to Christopher Howe, Director of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係總監 Christopher Howe。請繼續。

Thank you, operator, and good morning. Please note that the presentation accompanying management's remarks can be found on the Investor Relations portion of the company's website at www.standex.com. Please refer to Standex's safe harbor statement on slide 2.

謝謝接線員，早安。請注意，管理層發言的簡報可在公司網站 www.standex.com 的投資者關係部分找到。請參閱投影片 2 上的 Standex 安全港聲明。

Matters that Standex management will discuss on today's conference call include predictions, estimates, expectations, and other forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially. You should refer to Standex's most recent annual report on Form 10-K as well as other SEC filings and public announcements for a detailed list of risk factors.

Standex 管理階層將在今天的電話會議上討論的事項包括預測、估計、期望和其他前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果大不相同。您應該參考 Standex 最新的 10-K 表格年度報告以及其他 SEC 文件和公開公告，以獲取詳細的風險因素清單。

In addition, I'd like to remind you that today's discussion will include references to the non-GAAP measures of EBIT, which is earnings before interest and taxes, adjusted EBIT, EBITDA, which is earnings before interest, taxes, depreciation and amortization, adjusted EBITDA, EBITDA margin, and adjusted EBITDA margin.

此外，我想提醒大家，今天的討論將涉及非公認會計準則衡量指標 EBIT（息稅前利潤）、調整後 EBIT、EBITDA（息稅折舊攤銷前利潤）、調整後 EBITDA、EBITDA 利潤率和調整後 EBITDA 利潤率。

We will also refer to other non-GAAP measures, including adjusted net income, adjusted operating income, adjusted net income from continuing operations, adjusted earnings per share, adjusted operating margin, free operating cash flow, and pro forma net debt to EBITDA.

我們也將參考其他非公認會計準則指標，包括調整後的淨收入、調整後的營業收入、調整後的持續經營淨收入、調整後的每股收益、調整後的營業利潤率、自由經營現金流以及備考淨債務與 EBITDA 之比。

Adjusted measures exclude the impact of restructuring, purchase accounting, amortization from acquired intangible assets, acquisition-related expenses and onetime items. These non-GAAP financial measures are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States.

調整後的指標不包括重組、購買會計、收購無形資產攤提、收購相關費用及一次性項目的影響。這些非公認會計準則財務指標旨在作為根據美國公認會計準則提供的結果的補充。

Standex believes that such information provides an additional measurement and consistent historical comparison of the company's financial performance. On the call today is Standex's Chairman, President, and Chief Executive Officer, David Dunbar; and Chief Financial Officer and Treasurer, Ademir Sarcevic.

Standex 認為，此類資訊為公司的財務表現提供了額外的衡量標準和一致的歷史比較。參加今天電話會議的有 Standex 董事長、總裁兼執行長 David Dunbar 和財務長兼財務主管 Ademir Sarcevic。

Thank you, Chris. Good morning, and welcome to our fiscal fourth-quarter 2025 conference call. Fiscal year 2025 was a turning point for Standex. We are a different company than we were even a year ago. We've been laying the groundwork for years, and our growth drivers have now crossed the threshold.

謝謝你，克里斯。早上好，歡迎參加我們的 2025 財年第四季電話會議。2025財年是Standex的一個轉捩點。我們公司與一年前相比已經發生了變化。我們多年來一直在打基礎，現在我們的成長動力已經跨越了門檻。

They are scaling. They have reached an inflection point and are beginning to move the needle in a meaningful way. I'm very excited to share with you what we are seeing and how it is shaping our outlook. I would like to thank our business and corporate teams for navigating this past year and achieving a record profit generation in fiscal 2025.

它們正在擴大規模。他們已經到達了一個轉折點，並開始以有意義的方式推動事態發展。我很高興與大家分享我們所看到的一切以及它如何影響我們的觀點。我要感謝我們的業務和企業團隊在過去的一年裡取得了創紀錄的利潤。

Now let's look at the results beginning on slide 3, key messages. In the fourth quarter, sales increased 23.2% with contributions from acquisitions, partially offset by a slight organic decline. Electronics grew slightly on an organic basis with a book-to-bill ratio above 1 and organic orders up 16% year on year. This represents the first quarter of organic growth since 2023 and signals strong momentum into 2026.

現在讓我們來看看從幻燈片 3 開始的結果，關鍵資訊。第四季度，銷售額成長 23.2%，主要得益於收購，但被輕微的有機下滑部分抵銷。電子產品有機成長略有改善，訂單出貨比超過 1，有機訂單年增 16%。這是自 2023 年以來首次實現有機成長，並預示著 2026 年將保持強勁成長勢頭。

Our fiscal fourth-quarter sales into fast growth markets increased to 28% of total company sales. New product sales added approximately 2.8% to sales, ahead of our goal of 2%. Our Grid Technologies business continues to perform ahead of our expectations. To support strong global demand for electrical equipment, we are expanding Amran/Narayan capacity with lean projects and additional [shifts] in the core facility. I am also excited to announce that in the quarter, we established a site in Croatia to serve European customers. We expect to be shipping product from Croatia within four months.

我們第四財季在快速成長市場的銷售額成長至公司總銷售額的 28%。新產品銷售額貢獻約2.8%的銷售額，高於我們2%的目標。我們的電網技術業務表現持續超出預期。為了滿足全球對電氣設備的強勁需求，我們正在透過精益專案和核心工廠的額外[輪班]來擴大阿姆蘭/納拉揚的產能。我還很高興地宣布，本季我們在克羅埃西亞建立了一個生產基地，為歐洲客戶提供服務。我們預計將在四個月內從克羅埃西亞發貨。

Operating performance was very strong in the quarter. We achieved record adjusted operating margin of 20.6%, up 120 basis points sequentially and up 350 basis points year on year. This operating performance, along with our cash generation and cash repatriation, enabled us to lower our net leverage ratio to 2.6 (technical difficulty).

本季營運業績表現強勁。我們實現了創紀錄的20.6%的調整後營業利潤率，較上季成長120個基點，較去年同期成長350個基點。這項經營業績，加上我們的現金產生和現金匯回，使我們能夠將淨槓桿率降低至 2.6（技術難度）。

Following record profitability in fiscal 2024, we again achieved record milestones in adjusted gross margin, adjusted operating income, and adjusted earnings per share.

繼 2024 財年實現創紀錄的獲利之後，我們在調整後毛利率、調整後營業收入和調整後每股盈餘方面再次創下歷史新高。

In fiscal year 2026, barring any unforeseen economic global trade or tariff-related disruptions, we expect revenue to grow by over $100 million with continued adjusted operating margin expansion. This will primarily be driven by mid- to high single-digit organic growth in Electronics, double-digit organic growth in Engineering Technologies, and the contribution from recent acquisitions.

在 2026 財年，除非出現任何不可預見的全球經濟貿易或關稅相關中斷，我們預期營收將成長 1 億美元以上，調整後的營業利潤率將持續擴大。這主要得益於電子領域的中高個位數有機成長、工程技術領域的兩位數有機成長以及近期收購的貢獻。

In fiscal year 2026, we expect new product sales to contribute approximately 300 basis points of incremental sales growth, and we anticipate releasing more than 15 new products. Sales from fast growth markets are expected to grow approximately 45% year on year and exceed $265 million.

在2026財年，我們預計新產品銷售將貢獻約300個基點的增量銷售成長，並且我們預計將發布超過15種新產品。預計快速成長市場的銷售額將年增約 45%，超過 2.65 億美元。

On a year-on-year basis, in fiscal first-quarter 2026, we expect significantly higher revenue, comprised of contributions from recent acquisitions and organic growth and significant operating margin expansion. On a sequential basis, we expect slightly lower revenue as the impact of recent acquisitions, higher sales in fast growth end markets, and realization of pricing initiatives are more than offset by project timing in Engineering Technologies and the impact of seasonality in Europe within Electronics and Engraving. We expect slightly lower adjusted operating margin due to lower sales and less favorable product mix.

與去年同期相比，我們預計 2026 財年第一季的營收將大幅增加，這得益於近期收購和有機成長的貢獻以及顯著的營業利潤率擴張。從環比來看，我們預計收入將略有下降，因為最近的收購、快速增長的終端市場銷售額增加以及定價舉措的實現，被工程技術的項目時間安排以及歐洲電子和雕刻領域季節性的影響所抵消。由於銷售額下降和產品組合不太理想，我們預計調整後的營業利潤率將略有下降。

Please turn to slide 4. Our growth drivers have reached an inflection point. There are four sources of growth that will help deliver above-market increases in 2026. In fact, they will deliver growth even without a general market pick up.

請翻到幻燈片 4。我們的成長動力已經到達轉折點。有四個成長來源將有助於實現 2026 年高於市場的成長。事實上，即使沒有整體市場回暖，它們也能實現成長。

First is new product sales. As you know, we began ramping our R&D spending in 2020. New products began to be released in 2023, accelerating to 16 product releases in 2025. Sales of new products increased from $38 million to $55 million in FY 2025, exceeding our internal expectations.

首先是新產品銷售。如您所知，我們從 2020 年開始增加研發支出。2023年開始推出新產品，2025年加速至16款產品發表。2025財年，新產品銷售額從3,800萬美元成長至5,500萬美元，超出了我們的內部預期。

We expect their sales to continue to ramp and to be joined by more than 15 new products to be released in 2026, giving us confidence that incremental new product sales will add about 3% to our sales in 2026. New products, once released, take time to reach full commercial impact.

我們預計他們的銷量將繼續成長，並將在 2026 年推出 15 款以上的新產品，這使我們有信心，2026 年新產品的增量銷售將使我們的銷量增加約 3%。新產品一旦發布，需要一段時間才能產生全面的商業影響。

In our customer intimacy business model, success depends not only on product innovation, but in deep collaboration with our customers. Our products are often designed into our customers' own systems, which require internal approvals, engineering validation, and their own development time line. This results in a natural delay between product release and peak revenue.

在我們的客戶親密度業務模式中，成功不僅取決於產品創新，還取決於與客戶的深度合作。我們的產品通常設計到客戶自己的系統中，這需要內部批准、工程驗證和自己的開發時間表。這導致產品發布和收入高峰之間的自然延遲。

But once adoption begins, momentum builds and endures. Products introduced in prior years continue to ramp even as we launch additional new offerings. This layered effect creates a compounding engine of organic growth that is both durable and scalable. It has taken a while to get this momentum, but we are building a long-term new product capability in this company. And as I used to be engineer, I think it is beautiful to watch.

但一旦開始採用，勢頭就會增強並持續下去。即使我們推出更多新產品，前幾年推出的產品銷售仍在持續成長。這種層層疊加的效應創造了一個兼具持久性和可擴展性的有機成長複合引擎。雖然我們花了一段時間才獲得這種勢頭，但我們正在為公司打造一項長期的新產品能力。因為我曾經是一名工程師，所以我認為它看起來很美。

The second source of above-market growth is our presence in end markets with long-term secular tailwinds and above-average growth. This has been a focus for some time, and our two acquisitions in FY25 increased our presence in electrical grid, space, and defense market, ramping our total fast growth market sales to $184 million. All of these businesses are expanding capacity to serve our customers, and we expect sales to grow to greater than $265 million in fiscal 2026. This is also beautiful to watch.

高於市場成長的第二個來源是我們在終端市場的存在，具有長期的順風和高於平均的成長。這一直是我們關注的重點。 2025財年的兩項收購增強了我們在電網、航太和國防市場的影響力，使我們在快速成長市場的總銷售額達到1.84億美元。所有這些業務都在擴大產能，更好地服務客戶，我們預計2026財年的銷售額將成長至2.65億美元以上。這看起來也很美。

A third source of momentum is the support we are giving to recent acquisitions to maintain their growth rate. We are now bringing up a new site in Croatia for Amran/Narayan and are positioned with McStarlite to win new applications that the combined Standex McStarlite capability is better positioned to win.

第三個動力來源是我們對最近的收購提供的支持，以保持其成長率。我們目前正在克羅埃西亞為 Amran/Narayan 建立一個新站點，並與 McStarlite 合作贏得新的應用，而 Standex McStarlite 的綜合能力更有能力贏得這些應用。

Last but not least is success at the blocking and tackling of winning new awards in our business through commercial excellence. Two noteworthy areas stand out. Engineering Technologies has been awarded applications on next-generation missile programs, which are moving to production.

最後但同樣重要的是，我們透過卓越的商業表現成功阻止並贏得了我們業務中的新獎項。有兩個領域值得關注。工程技術公司已獲得下一代導彈計劃的申請，該計劃正在進入生產階段。

Engraving has successfully expanded into niche production of parts requiring our proprietary know-how. Based on the above, you can see that the incremental contribution from new products, sales into fast growth markets, successful acquisition integration, and new program wins lead us to our fiscal year 2020 outlook of over $100 million in incremental sales.

雕刻業務已成功擴展到需要我們專有技術的零件的利基生產。基於上述內容，您可以看到，新產品、快速成長市場的銷售、成功的收購整合以及新專案的勝利所帶來的增量貢獻，使我們對 2020 財年的增量銷售額預期超過 1 億美元。

I will now turn the call over to Ademir to discuss our financial performance in greater detail.

現在我將把電話轉給 Ademir，以更詳細地討論我們的財務表現。

Thank you, David, and good morning, everyone. Let's turn to slide 5, fourth-quarter 2025 summary. On a consolidated basis, total revenue increased approximately 23.2% year on year to $222 million. This reflects a 23.4% benefit from recent acquisitions and 1.2% benefit from foreign currency, partially offset by organic revenue decline of 1.4%.

謝謝你，大衛，大家早安。讓我們翻到第 5 張投影片，2025 年第四季摘要。綜合來看，總營收年增約23.2%，達2.22億美元。這反映了近期收購帶來的 23.4% 的收益和外幣帶來的 1.2% 的收益，但被 1.4% 的有機收入下降部分抵消。

Fourth-quarter 2025 adjusted operating margin increased 350 basis points year on year to a record 20.6%. In the fiscal fourth quarter, adjusted operating income increased 48.8% on 23.2% consolidated revenue increase year on year.

2025年第四季調整後營業利益率年增350個基點，達到創紀錄的20.6%。第四財季，調整後營業收入較去年同期成長 48.8%，綜合營收年增 23.2%。

Adjusted earnings per share increased 20.6% year on year to a record $2.28. Net cash provided by operating activities was $33.4 million in the fourth quarter of 2025 compared to $28.7 million a year ago. Capital expenditures were $8.6 million compared to $6.5 million a year ago. As a result, we generated fiscal fourth-quarter free cash flow of $24.9 million compared to $22.2 million a year ago.

調整後每股盈餘較去年同期成長20.6%，達到創紀錄的2.28美元。 2025年第四季，經營活動產生的淨現金為3,340萬美元，去年同期為2,870萬美元。資本支出為 860 萬美元，而去年同期為 650 萬美元。因此，我們第四財季的自由現金流為 2,490 萬美元，而去年同期為 2,220 萬美元。

Now please turn to slide 6, and I will begin to discuss our segment performance and outlook, beginning with Electronics. Segment revenue of $115.2 million increased 43.2% year on year, driven by 41% benefit from acquisitions, organic growth of 0.3%, and 1.9% benefit from foreign currency.

現在請翻到投影片 6，我將開始討論我們的分部績效和前景，首先是電子部門。分部營收 1.152 億美元，年增 43.2%，其中收購收益成長 41%，有機成長 0.3%，外幣收益成長 1.9%。

Adjusted operating margin of 28.5% in fiscal fourth-quarter 2025 increased 640 basis points year on year due to contribution from recent Amran/Narayan Group acquisition, pricing and productivity initiatives, and product mix.

2025 財年第四季調整後營業利潤率為 28.5%，年增 640 個基點，這得益於近期對 Amran/Narayan Group 的收購、定價和生產力舉措以及產品組合的貢獻。

Our book-to-bill in fiscal fourth quarter was 1.03, with orders of approximately $118 million or an increase of $10 million sequentially. Orders in Electronics core business were up sequentially with a continued increase in demand in defense, [power magnetic] applications, and the electrical grid end market. Since our products are custom in nature, our bookings take longer to convert into revenue, but with stronger margins.

我們第四財季的訂單出貨比為 1.03，訂單金額約為 1.18 億美元，比上一季增加 1,000 萬美元。電子核心業務的訂單環比增長，國防、[電力磁]應用和電網終端市場的需求持續成長。由於我們的產品屬於客製化產品，訂單轉化為收入需要更長時間，但利潤率更高。

Our expansion plans for Amran/Narayan in Houston and India are well underway to support additional demand. We increased capacity by adding second shifts across facilities. In addition, we began commissioning greenfield site in Croatia to serve our customers in Europe and support growing power requirements for data centers and grid expansion and upgrades in the region. We expect first shipments of our Croatia site in the next three to four months.

我們在休士頓和印度的 Amran/Narayan 的擴張計劃正在順利進行，以滿足額外的需求。我們透過增加各設施的第二班次來提升產能。此外，我們已開始調試位於克羅埃西亞的綠地工廠，以服務歐洲客戶，並滿足該地區資料中心以及電網擴建和升級日益增長的電力需求。我們預計克羅埃西亞工廠的首批貨物將在未來三到四個月內出貨。

Excluding recent Amran/Narayan Group acquisition, our new business opportunity funnel increased approximately 27% year on year to $125 million. Sequentially, in fiscal first quarter 2026, we expect slightly lower revenue, reflecting contribution from Amran/Narayan Group acquisition, higher sales into fast growth end markets, and price realization more than offset by the impact of seasonality in Europe.

不包括最近對 Amran/Narayan Group 的收購，我們的新業務機會管道年增約 27%，達到 1.25 億美元。隨後，我們預計 2026 財年第一季的營收將略有下降，這反映了 Amran/Narayan Group 收購的貢獻、快速成長的終端市場的銷售額增加以及價格實現被歐洲季節性影響所抵消。

Although we anticipate slightly lower revenue sequentially, we are expecting significant revenue growth and adjusted operating margin expansion along with organic growth on a year-on-year basis. We expect slightly lower adjusted operating margin sequentially, driven by product mix and continued strategic growth investments.

儘管我們預計收入將環比略有下降，但我們預計收入將大幅增長，調整後的營業利潤率將擴大，同時有機收入將同比實現增長。我們預計，受產品組合和持續的策略成長投資的推動，調整後的營業利潤率將比去年同期略有下降。

Please turn to slide 7 for a discussion of the Engineering Technologies and Scientific segment. Engineering Technologies revenue increased 26.8% to $32 million, driven by 25% benefit from recent McStarlite acquisition, organic growth of 0.9%, and 0.9% benefit from foreign currency.

請翻到投影片 7 查看有關工程技術和科學部分的討論。工程技術收入成長 26.8%，達到 3,200 萬美元，這得益於最近收購 McStarlite 帶來的 25% 收益、0.9% 的有機成長以及 0.9% 的外匯收益。

Organic growth was due to growth in sales from new products. Adjusted operating margin of 18.4% decreased 250 basis points year on year due to product mix. Sequentially, we expect slightly lower revenue and adjusted operating margin due to project timing.

有機成長是由於新產品的銷售額成長。調整後的營業利益率為 18.4%，因產品組合原因較去年同期下降 250 個基點。由於專案時間安排的原因，我們預計收入和調整後的營業利潤率將略有下降。

Scientific revenue increased 2.3% to $17.9 million due to 16.1% benefit from recent acquisitions, partially offset by an organic decline of 13.9%, primarily due to lower demand from academic and research institutions that were impacted by NIH funding cuts.

科學收入成長 2.3% 至 1,790 萬美元，這得益於近期收購帶來的 16.1% 收益，但被 13.9% 的有機下降部分抵消，這主要是由於受 NIH 資金削減影響，學術和研究機構的需求下降。

Adjusted operating margin of 24.3% decreased 530 basis points year on year due to organic decline and a favorable product mix as a result of the acquisition. Sequentially, we expect slightly higher revenue and similar adjusted operating margin.

調整後的營業利潤率為 24.3%，年減 530 個基點，原因是有機下滑以及收購帶來的有利產品組合。隨後，我們預計收入將略有增加，調整後的營業利潤率也將基本相同。

Now turn to slide 8 for a discussion of the Engraving and Specialty Solutions segment. Engraving revenue increased 0.6% to $33 million, driven by a 1.2% benefit from foreign currency, partially offset by organic decline of 0.6%. Adjusted operating margin of 15.2% in fiscal fourth quarter 2025 increased 190 basis points year on year due to realization of previously announced productivity initiatives and restructuring actions.

現在翻到幻燈片 8，討論雕刻和專業解決方案部分。雕刻收入增長 0.6% 至 3,300 萬美元，其中外匯收益為 1.2%，但有機收入下降 0.6% 部分抵消了這一增長。由於先前宣布的生產力計劃和重組行動的實現，2025財年第四季度調整後的營業利潤率為15.2%，年增190個基點。

In our next fiscal quarter, on a sequential basis, we expect similar revenue and slightly higher adjusted operating margin due to seasonality effect in Europe, offset by slightly improved demand in North America and Asia and realization of previously announced restructuring actions.

在下一財季，我們預計營收將與上一季持平，但調整後的營業利潤率將略有上升，這是由於歐洲的季節性影響，但北美和亞洲的需求略有改善，以及先前宣布的重組行動的實現。

In addition, in the fiscal first quarter, our Engraving business secured the source award from a major OEM in North America to supply soft trim parts for a calendar year 2026 program. Specialty Solutions segment revenue of $23.9 million decreased 1.2% year on year, primarily due to general market softness. Operating margin of 18.6% decreased 360 basis points year on year. Sequentially, we expect similar revenue and slightly higher operating margin.

此外，在第一財季，我們的雕刻業務獲得了北美一家大型 OEM 的採購合同，為 2026 日曆年計劃供應軟裝飾部件。專業解決方案部門營收為 2,390 萬美元，年減 1.2%，主要原因是整體市場疲軟。營業利益率為18.6%，較去年同期下降360個基點。我們預計其收入將保持相似，但營業利潤率將略有上升。

Next, please turn to slide 9 for a summary of Standex's liquidity statistics and capitalization structure. Our current available liquidity is approximately $280 million. At the end of the fourth quarter, Standex had net debt of $448 million compared to net cash of $5.3 million at the end of fiscal quarter 2024.

接下來，請翻到投影片 9，了解 Standex 的流動性統計數據和資本結構摘要。我們目前可用的流動資金約為 2.8 億美元。截至第四季末，Standex 的淨債務為 4.48 億美元，而 2024 財年季度末的淨現金為 530 萬美元。

Our net leverage ratio currently stands at 2.6x. We paid down our debt by approximately $27 million during the fiscal fourth-quarter 2025. In the fiscal first quarter of 2026, we expect interest expense to be approximately $9 million.

我們的淨槓桿率目前為2.6倍。我們在2025財年第四季償還了約2700萬美元的債務。在 2026 財年第一季度，我們預計利息支出約為 900 萬美元。

Standex's long-term debt at the end of fiscal fourth quarter of 2025 was $552.5 million. Cash and cash equivalents totaled $104.5 million. We declared our 244th quarterly consecutive cash dividend of $0.32 per share, an approximately 6.7% increase year on year. In fiscal 2026, we expect capital expenditures to be between $33 million and $38 million. Relative to our debt leverage, we will continue to focus on paying down debt and anticipate that our leverage ratio will further decline through fiscal year 2026.

截至 2025 財年第四季末，Standex 的長期債務為 5.525 億美元。現金及現金等價物總額為1.045億美元。我們宣布連續第244個季度派發現金股息，每股0.32美元，較去年同期成長約6.7%。 2026財年，我們預計資本支出將在3,300萬美元至3,800萬美元之間。相對於我們的債務槓桿，我們將繼續專注於償還債務，並預計到 2026 財年我們的槓桿率將進一步下降。

I will now turn the call over to David for concluding remarks.

現在我將把電話交給戴維，請他做總結發言。

Thank you, Ademir. Please turn to slide 10. I want to describe the emotions in the company. There is an energy here, and you can feel the shift. After years of building, refining and preparing, the results are starting to show.

謝謝你，阿德米爾。請翻到第 10 張投影片。我想描述一下公司裡的情緒。這裡有一種能量，你可以感受到這種轉變。經過多年的建造、完善和準備，成果開始顯現。

There's pride in seeing our efforts take hold and excitement in knowing this is just the beginning. The engine we've built is ready, and now we're starting to see what it can really do. I'm very proud of our team for their continued operational execution and for the success of our recent acquisitions, both of which helped us achieve record adjusted operating margin for a third consecutive quarter.

看到我們的努力取得成效，我們感到很自豪，同時也很高興知道這只是一個開始。我們製造的引擎已經準備就緒，現在我們開始看看它到底能做什麼。我為我們團隊持續的營運執行和最近收購的成功感到非常自豪，這兩項收購都幫助我們連續第三個季度實現創紀錄的調整後營業利潤率。

We achieved record profit generation again in fiscal year 2025, driven by contribution from recent acquisitions, higher sales into fast growth end markets, and strong operational execution. Both adjusted gross margin and adjusted operating margin expanded by more than 200 basis points, while adjusted earnings per share increased approximately 6% to a record $7.98.

在近期收購的貢獻、快速成長的終端市場的銷售額成長以及強大的營運執行力的推動下，我們在 2025 財年再次實現了創紀錄的利潤。調整後的毛利率和調整後的營業利潤率均擴大了 200 多個基點，而調整後的每股收益增長了約 6%，達到創紀錄的 7.98 美元。

Through debt paydown and profit generation, our net leverage ratio was reduced to 2.6x at the end of the fiscal year. In fiscal year 2025, sales into fast growth end markets were approximately $184 million, exceeding our fiscal year 2025 expectation of approximately $170 million.

透過償還債務和創造利潤，我們的淨槓桿率在財年末降至 2.6 倍。2025 財年，快速成長終端市場的銷售額約為 1.84 億美元，超過了我們 2025 財年預期的約 1.7 億美元。

This was primarily driven by growth in data center demand and grid modernization and expansion. Outside of the electrical grid, we are seeing growth in commercialization of space and defense applications. In fiscal year 2026, we expect sales into fast growth markets to grow by approximately 45% and exceed $265 million.

這主要是由於資料中心需求的成長以及電網現代化和擴張的推動。在電網之外，我們看到太空和國防應用的商業化正在成長。在 2026 財年，我們預計快速成長市場的銷售額將成長約 45%，超過 2.65 億美元。

To support our future growth, we continue to invest in new product development and new applications across markets with growth potential. We launched 16 new products in fiscal year 2025 and plan to launch more than 15 in fiscal year 2026, which are expected to contribute over 300 basis points of incremental growth.

為了支持我們未來的成長，我們將繼續在具有成長潛力的市場中投資新產品開發和新應用。我們在2025財年推出了16款新產品，並計劃在2026財年推出15款以上新產品，預計將貢獻超過300個基點的增量成長。

In fiscal year 2026, we expect to grow revenue by over $100 million with continued adjusted operating margin expansion. Growth will be primarily driven by mid- to high single-digit organic growth in Electronics, double-digit organic growth in Engineering Technologies, and the contribution from recent acquisitions. We are well positioned in this fluid economic environment due to regional presence, strong customer relationships, and disciplined approach to pricing and productivity actions.

在 2026 財年，我們預計營收將成長 1 億美元以上，調整後的營業利潤率將持續擴大。成長將主要得益於電子領域的中高個位數有機成長、工程技術領域的兩位數有機成長以及近期收購的貢獻。由於區域影響力、強大的客戶關係以及嚴謹的定價和生產力行動方法，我們在這個動盪的經濟環境中佔據了有利地位。

We remain on track to achieve our fiscal 2028 long-term targets of sales of greater than $1.15 billion and adjusted operating margin of greater than 23%. We are targeting ROIC of 12.5%, which has been adjusted for recent acquisitions.

我們仍有望實現 2028 財年的長期目標，即銷售額超過 11.5 億美元，調整後營業利潤率超過 23%。我們的目標是將投資報酬率 (ROIC) 定為 12.5%，該目標已根據最近的收購進行了調整。

We will now open the line for questions.

我們現在開放提問熱線。

(Operator Instructions) Michael Shlisky, D.A. Davidson.

（操作員指示）Michael Shlisky，D.A. Davidson。

So I wanted to maybe first talk about the $100 million or more revenue increase in fiscal '26. As I try to break down some of the numbers here, looking at Amran and McStarlite, that could bring in $60 million plus of just annualizing those businesses.

因此，我想先談談 26 財年 1 億美元或更多的營收成長。當我嘗試分解這裡的一些數字時，看看 Amran 和 McStarlite，這些業務每年可以帶來超過 6000 萬美元的收入。

And they are growing organically, so it could be even higher than that. You've got the new products, which as you said, 3 points, probably $20 million, $30 million -- you have the other fast growth products as well. So I'm just kind of curious, that $100 million of incremental revenues here, I don't want to say it's in the bag, but maybe could there be any source of upside? Or is that number a very conservative estimate just based on those areas.

而且它們正在有機增長，因此其增長幅度可能會更高。你們有新產品，正如你所說，3個點，大概是2000萬美元、3000萬美元——你們還有其他快速增長的產品。所以我有點好奇，這1億美元的增量收入，我不敢說已經穩操勝券，但或許會有什麼上升空間？或者說，這個數字只是基於這些領域的非常保守的估計。

And then there's also the organic growth on top of that in the other businesses. Just some thoughts as to -- is there any room for upside to that $100 million? And any concerns you might have on areas that might be more of a challenge in 2026 as well?

此外，其他業務也實現了有機成長。只是一些想法——這 1 億美元還有上漲空間嗎？您對 2026 年可能面臨更大挑戰的領域有何擔憂？

Yes, Mike, your math is good there. The way we look at it is the full-year impact of those acquisitions will bring something over $60 million. The new products just over $20 million. The underlying growth in the fast growth markets. And remember, the fast growth is largely driven by defense, commercialization of space, grid technologies, electrical equipment OEMs.

是的，麥克，你的數學很好。我們認為這些收購的全年影響將超過 6,000 萬美元。新產品價值略高於2000萬美元。快速成長市場中的潛在成長。請記住，快速成長主要受到國防、太空商業化、電網技術和電氣設備原始設備製造商的推動。

These are customer commitments that will drive this year. There's about another $38 million there. And if you just stop right there, we've made no assumptions about an overall market growth that would affect the core business and the other businesses. So we've said over $100 million. And if you just add those things up, you could comfortably say $100 million to $130 million or even more for 2026.

這些都是今年將推動的客戶承諾。那裡還有大約 3800 萬美元。如果你就此打住，我們並沒有對會影響核心業務和其他業務的整體市場成長做出任何假設。所以我們說超過 1 億美元。如果你把這些加起來，你可以輕鬆地得出 2026 年 1 億到 1.3 億美元甚至更多的數字。

Got it. I also wanted to turn to Electronics and your EV business as well. EV business has kind of been in the headlines, EV broadly has been just some OEMs showing sales declines in recent quarters. You've got US policies pointing towards a tougher environment for the EV market as well. Can you comment on how your EV business is doing, whether that's going to still, you think, be a positive for Electronics in fiscal '26?

知道了。我也想轉向電子產品和您的電動車業務。電動車業務一直是頭條新聞，總體而言，電動車只是一些原始設備製造商在最近幾季的銷量下滑。美國的政策也顯示電動車市場環境更加嚴峻。您能否評價一下您的電動車業務表現如何？您認為這是否會對2026財年的電子業務產生正面影響？

Yes. We still count EVs in our fast growth markets because we think over time, the prospects are good, a, because there will be a shift to electrical vehicles and our content per vehicle is higher. Although with the growth in defense and grid, it's a smaller piece of our fast growth markets.

是的。我們仍然將電動車視為快速成長的市場，因為我們認為隨著時間的推移，前景是好的，因為將會轉向電動車，而且我們每輛車的含量更高。儘管國防和電網業務有所成長，但它在我們快速成長的市場中所佔的份額較小。

In '25, our EV sales did dip a little bit from '25 -- from '24 -- I guess, yes, just slightly dip from '24. As you recall, our position in EVs is largely with the European brands with their higher-end models. And with new model introductions, we anticipate a nice growth in EVs in '26.

25 年，我們的電動車銷量確實比 25 年略有下降——比 24 年略有下降——我想，是的，比 24 年略有下降。大家還記得，我們​​在電動車領域的地位主要在於歐洲品牌及其高階車型。隨著新車型的推出，我們預計 26 年電動車銷量將出現良好成長。

Got it. Maybe one last one for me, turning to the Amran business in Croatia. You said it will be open in the next four months. I just want to get a sense as to the ramp-up run rate there and how fully booked that facility already is and whether that will be kind of in the same sense, in four quarters from now, you'll have some great growth in fiscal '27 as that also ramps up. Just kind of curious as to how the cadence might turn out.

知道了。對我來說這也許是最後一個了，談談克羅埃西亞的 Amran 業務。您說它將在未來四個月內開放。我只是想了解那裡的運行率上升情況，以及該設施的預訂情況，以及從現在起的四個季度內，隨著運行率的上升，2027 財年是否會有顯著增長。只是有點好奇節奏會如何發展。

Yes. So we're starting -- we have customer commitments through this year, and we'll ship, I don't know, single-digit millions probably in fiscal '26. But as we look over three years, we think that will grow -- that can grow to $30 million plus. There's vast opportunity in Europe.

是的。因此，我們開始——我們已經獲得了今年的客戶承諾，我們可能會在 26 財年出貨數百萬台。但展望三年，我們認為這個數字還會成長——可以成長到 3,000 萬美元以上。歐洲有著巨大的機會。

So we want to get in the market, get the customers there to visit. They've got to go through their certification and approval process. Once they do that, we anticipate there's some more upside. We may need another site. I don't know. But at the starting point, this will get us $10 million, $20 million, $30 million in three years.

因此，我們希望進入市場，吸引顧客前來參觀。他們必須經過認證和批准程序。一旦他們這樣做，我們預計還會有更多好處。我們可能需要另一個站點。我不知道。但從起點來看，這將使我們在三年內獲得 1000 萬美元、2000 萬美元、3000 萬美元。

Ross Sparenblek, William Blair.

羅斯·斯帕倫布萊克、威廉·布萊爾。

Just starting off with Electronics, just to get a sense of where the kind of run rate demand is. It looks like there was some good core organic order growth in the quarter. Maybe just speak to what's driving that and kind of assumptions going into FY26 here.

剛從電子產品開始，只是為了了解運行率需求在哪裡。看起來本季核心有機訂單有一些良好的成長。也許只是談談推動這一趨勢的因素以及對 FY26 的假設。

Yes. Just a couple of things. We mentioned in the script that the orders year on year are up 16% in the core business, that's about $12 million. Of that $12 million, about $10 million is from OEMs. So this is OEMs as they've designed our products into their next-generation products.

是的。僅舉幾例。我們在腳本中提到，核心業務的訂單年增了 16%，約 1,200 萬美元。在這 1200 萬美元中，約有 1000 萬美元來自 OEM。這是 OEM，因為他們將我們的產品設計到他們的下一代產品中。

So that will convert over the next three, six, nine months. The other $2 million goes through distribution. That's a quicker conversion. A lot of that comes from Asia. We're seeing some pick up in North America. Europe is still relatively stable, I would say, but across your general industry in terms of end market outlook.

因此，這將在未來三、六、九個月內實現轉變。其餘 200 萬美元將以分配的方式發放。這是一個更快的轉換。其中很多來自亞洲。我們看到北美的情況有所改善。我想說，歐洲仍然相對穩定，但就終端市場前景而言，整個產業都是如此。

Okay. Is the expectation this is kind of a new run rate for that segment? I mean it's been a couple of down years. So like there should be some restocking at anything --

好的。這是否是該細分市場的一種新運行率預期？我的意思是這幾年一直不太景氣。所以應該會有一些補貨--

Yes, we think this is -- yes. We do absolutely. And Ademir mentioned that our new application funnel is growing. It's at a record high. In large part, that's because our -- the management team now in this last year has put in place more disciplined commercial excellence processes to track opportunities to fill the funnel. So we do think this is sustainable and this momentum will build.

是的，我們認為這是——是的。我們絕對會這麼做。Ademir 提到我們的新應用管道正在不斷擴大。這是歷史最高紀錄。很大程度上，這是因為我們的管理團隊在去年已經建立了更嚴謹的商業卓越流程來追蹤填補管道的機會。所以我們確實認為這是可持續的，而且這種勢頭將會增強。

Okay. And then could we put a finer point on the Amran with the capacity unlock? I mean, strong growth, but there should be maybe a sequential step-up at some point as Europe comes online. Any loose targets you could throw out there as kind of a base case or full case on how that can play out?

好的。那麼我們能否透過容量解鎖來對 Amran 進行更精細的闡述呢？我的意思是，強勁的成長，但隨著歐洲的上線，在某個時候應該會出現連續的成長。您能否提出一些寬鬆的目標，作為基本情況或完整情況，來說明如何實現這一目標？

Well, in some ways, it's embedded in the fast-growing number. But if you -- to think about capacity. So we've said the Croatia site, I think just answering to Mike said in three years, we think it could be $30 million. A couple of years after that, maybe $60 million plus. In India and Texas, as you know, we've added second shifts. With lean, we're also freeing up some capacity. So that continues to support their 20%-plus growth that they were experiencing before we acquired them, and they continue.

嗯，從某種程度上來說，它已經融入到快速增長的數字中。但是如果你——考慮一下容量。所以我們說過克羅埃西亞站點，我認為只需回答麥克說的三年內，我們認為它的價值可能會達到 3000 萬美元。幾年後，可能達到 6000 萬美元以上。大家知道，我們在印度和德州增加了第二班次。精實生產也釋放了一些產能。因此，這繼續支持了他們在我們收購之前所經歷的 20% 以上的成長，而這種成長仍在繼續。

Now in North America, we are also looking at an aggressive expansion in our presence in Houston. And depending on where trade and tariffs go to, we'll also look at a Mexico site potentially depending on where trade and tariffs come in at the request of our North American electrical OEMs, and that would be a step-up in capacity as well.

目前，在北美，我們也正在考慮積極擴張我們在休士頓的業務。此外，根據貿易和關稅政策，我們還將考慮在墨西哥設立工廠，以滿足北美電氣原始設備製造商的要求，這也將提升我們的產能。

So I can't put numbers on it. But if you continue to expect a 15%, 20% growth in Amran/Narayan, I think that's reasonable, and we will add the capacity to support that.

所以我無法給出具體數字。但如果你繼續預期阿姆蘭/納拉揚將實現 15% 或 20% 的成長，我認為這是合理的，我們將增加產能來支持這一目標。

Yes. I guess my point is almost two-thirds of that business is North America, and you guys have done a lot of work there. I mean 15% seems like that would be a very low bar. Are you getting good pull-through and traction on the capacity that has been added in North America thus far?

是的。我想我的觀點是，幾乎三分之二的業務是在北美，你們在那裡做了很多工作。我的意思是 15% 似乎是一個非常低的標準。到目前為止，您是否對北美新增的產能獲得了良好的拉動動作用和牽引力？

Yes. Yes, absolutely. Every capacity we have, we're selling. And we have long-term customer commitments to drive future capacity adds. I'm not sure if I'm answering your question.

是的。是的，絕對是。我們擁有的每一種產能，我們都在銷售。我們與客戶有著長期的承諾，以推動未來的產能增加。我不確定我是否回答了你的問題。

Chris Moore, CJS Securities.

克里斯摩爾 (Chris Moore)，CJS 證券。

Congrats on a nice quarter and encouraging organic growth discussion. So maybe start with Engraving. Is the restructuring done there?

恭喜本季取得良好業績並鼓勵有機成長討論。因此也許可以從雕刻開始。那裡的重組完成了嗎？

The Engraving business, we work on tools. And we need to be close to tool shops because tools are expensive and they're not shipped a lot. The evolution of the tool makers around the world is kind of shifting. They're in different places now than they were before.

在雕刻業務中，我們致力於工具業務。我們需要靠近工具店，因為工具價格昂貴，而且運輸量不大。世界各地的工具製造商的演變正在發生某種轉變。他們現在所處的位置與以前不同了。

And with -- what's the number, 30-some sites now around the world, it's likely that there will be this ongoing process to make sure our footprint matches tool makers. So I think in the coming years, there probably will be some continued restructuring, more to align with where the end market is.

目前，全球有 30 多個站點，我們很可能會持續進行此流程，以確保我們的足跡與工具製造商相符。因此我認為在未來幾年，可能會有一些持續的重組，以適應終端市場。

With Engraving in general, the way we think about it is this last year, we think demand kind of bottomed out. It was a very tough year for the auto OEMs and their new platform releases. Many of them were delayed kind of waiting for clarity of industrial policy, especially in America.

總體而言，我們認為雕刻業去年的需求已經觸底。對於汽車原始設備製造商及其新平台的發布來說，這是非常艱難的一年。他們中的許多人都在等待產業政策的明確性，尤其是在美國。

We think that -- our outlook now shows some growth from that. But more importantly, the business too also scramble to find some new opportunities. And Ademir mentioned these kind of differentiated parts that we're making based on our kind of proprietary processes with soft trim. So we think there's a growth opportunity in Engraving. So the markets start to stabilize, come up, and we've got some growth on top of that.

我們認為——我們的前景現在顯示出一些增長。但更重要的是，企業也在努力尋找一些新的機會。Ademir 提到了我們基於專有製程和軟裝飾技術生產的差異化零件。因此，我們認為雕刻業務存在成長機會。因此，市場開始穩定、回升，我們也因此獲得了一些成長。

Yes. And Chris, if I can just add, there was a lot of heavy lifting in Engraving with respect to eliminating some of the unprofitable sites, so to speak. And most of the heavy lifting is done. So to David's point, there's a little bit of work left to do, but majority of the restructuring actions for Engraving have been completed.

是的。克里斯，如果我可以補充一點的話，在雕刻方面，在消除一些無利可圖的網站方面，我們做了很多繁重的工作。大部分繁重的工作已經完成。因此，正如大衛所說，還有一些工作要做，但雕刻業務的大部分重組行動已經完成。

Terrific. Have the competitive dynamics changed much in that business over the last few years?

了不起。過去幾年中，該產業的競爭態勢發生了很大變化嗎？

No. It's been more the demand -- in fact, there are fewer competitors now than there were five years ago. Because our competitors, they're mostly smaller regional competitors. And so depending on what region they're in, it's been tougher sailing for them.

不。更多的是需求——事實上，現在的競爭對手比五年前還要少。因為我們的競爭對手大多是規模較小的地區性競爭對手。因此，根據他們所在的地區，他們的航行會變得更加艱難。

Got it. You mentioned, and we talked about in the past, the NIH funding on the Scientific side. Just any thoughts there, how significant that is?

知道了。您提到過，我們過去也討論過 NIH 在科學方面的資助。只是有任何想法，有多重要？

Yes, Chris, about a third of our sales in Scientific go through a channel that it's either -- it's affected by NIH funding. And obviously, that has impacted our order rates over the last couple of quarters. But in the outlook that we are giving, we are not assuming any pickup or any significant changes in the demand from those -- that type of end market or that type of a channel. So we are more focused around new product, exploring some additional selling opportunities. And if the NIH funding comes back, there will be an upside to the guide that we gave for '26.

是的，克里斯，我們在科學領域的銷售額約有三分之一是透過受 NIH 資助的管道獲得的。顯然，這影響了我們過去幾季的訂單率。但在我們所給予的展望中，我們並不認為這類終端市場或這類管道的需求會出現任何回升或重大變化。因此，我們更加關注新產品，並探索一些額外的銷售機會。如果 NIH 的資金恢復，我們為 26 年提供的指導就會有所改善。

Great. Maybe just my last one, bigger picture. I mean if rates come down 50 to 100 basis points, does that have much of an impact anywhere?

偉大的。也許只是我的最後一張，更大的照片。我的意思是，如果利率下降 50 到 100 個基點，這會對任何地方產生很大影響嗎？

Yes, of course. And our debt repayment, yes, it does. So we're obviously watching that closely. But look, our objective is to continue paying down our debt. Our net leverage is now at about 2.6x, and we think with the operating cash flow that we generate in this company that we can get that leverage down to about 2x, assuming current portfolio of businesses by the end of this fiscal year. So even with this type of interest rates.

是的當然。是的，我們需要償還債務。所以我們顯然正在密切關注這一點。但是，我們的目標是繼續償還債務。我們的淨槓桿率目前約為 2.6 倍，我們認為，假設到本財年末目前的業務組合保持不變，憑藉我們在這家公司產生的經營現金流，我們可以將槓桿率降至 2 倍左右。因此，即使有這種類型的利率。

Got it. I was thinking more from a product standpoint, but perfect.

知道了。我更多是從產品的角度來考慮的，但它是完美的。

Matt Koranda, ROTH Capital.

馬特·科蘭達（Matt Koranda），羅仕資本（ROTH Capital）。

Just on ETG, I was curious with McStarlite. Is that accretive to operating margins in the segment? And then are you guys factoring in revenue synergies in the organic growth commentary for this year for ETG?

就在 ETG 上，我對 ​​McStarlite 感到好奇。這是否會增加該部門的營業利益率？那麼，你們是否將收入綜效納入今年 ETG 的有機成長評論中？

It is similar margins as our core business within ETG as far as McStarlite is concerned. And yes, there are some revenue synergies, which --

就 McStarlite 而言，它的利潤率與我們在 ETG 內的核心業務相似。是的，有一些收入協同效應，--

No. We've actually discovered some pretty exciting synergy opportunities that our capabilities plus their capabilities allow us to design new parts with an efficiency that neither of us could do in the past that positions us well for future opportunities. Now those take a while to convert. But longer-term, we think that opens up a little higher growth rate for both businesses.

不。事實上，我們發現了一些非常令人興奮的協同機會，我們的能力加上他們的能力使我們能夠以過去我們雙方都無法做到的效率設計新零件，這為我們未來的機遇做好了準備。現在這些需要一段時間才能轉換。但從長遠來看，我們認為這將為兩家企業帶來更高的成長率。

That's helpful. And then maybe just -- I know it's dynamic, but just given the tariff announcements yesterday, is there any way to just help us understand if any of those actions would be impactful to the business? I'd assume maybe the India announcement might be meaningful, but -- and then with regard to copper, any exposure on some of the new announcements there?

這很有幫助。然後也許只是——我知道它是動態的，但鑑於昨天的關稅公告，有什麼方法可以幫助我們了解這些行動是否會對業務產生影響？我認為印度的聲明可能有意義，但是 - 關於銅，那裡有什麼新聲明嗎？

Yes. So let me just -- a broad statement. Ademir and I were talking about that this morning, but we have learned to love uncertainty in this company. If you go back five years, the most dramatic inflation we ever saw [was] rhodium inflation, and we put in place practices to handle those disruptions that come from those unexpected rapid increases in cost with pricing practices. We redesigned our product line.

是的。因此，請容許我做一個概括性的陳述。今天早上我和阿德米爾談論了這個問題，但我們已經學會了喜歡這家公司的不確定性。如果回顧五年前，我們所見過的最劇烈的通貨膨脹是銠價通膨，我們制定了措施來應對那些由意外的成本快速上漲和定價措施帶來的干擾。我們重新設計了我們的產品線。

And through that whole period, we only delivered higher margins. The post-COVID inflation that struck every part of our business kind of drove that same discipline through all the rest of our businesses. Now if you look back six months, the last couple of quarters, we've lived in an uncertain trade and tariff environment. And look at the margins we just posted. Our businesses have done a great job identifying how best to deal with that in the short term.

在整個期間，我們的利潤率一直都比較高。疫情過後，通貨膨脹衝擊了我們業務的各個層面，也某種程度上促使我們其他所有業務也採取了同樣的紀律。回顧過去六個月，也就是過去幾個季度，我們一直處於不確定的貿易和關稅環境。再看看我們剛剛公佈的利潤率。我們的企業在尋找短期內最佳應對方法方面做得很好。

Several of our businesses are looking at their sourcing strategies, making sure that any exposure we have is being dealt with identifying and bringing on some new lines. So from a cultural standpoint, we think a highly uncertain environment kind of favors us because I think we've demonstrated we're nimble and agile.

我們的幾家企業正在研究他們的採購策略，確保我們能夠處理任何風險，確定並引入一些新的產品線。因此，從文化角度來看，我們認為高度不確定的環境對我們有利，因為我認為我們已經證明了我們的靈活和敏捷。

The recent announcements, maybe I'll turn it over to Ademir here to look at the actual numbers and what the potential impact is.

對於最近的公告，也許我會把它交給阿德米爾來查看實際數字以及潛在的影響。

Yes. So Matt, about 4% of our COGS comes from India. It's mostly within our Electronics segment. And again, to David's point, between pricing, productivity, alternative sourcing, we feel pretty good we got it covered, so.

是的。馬特，我們的 COGS 中約有 4% 來自印度。它主要在我們的電子領域。再次回到大衛的觀點，在定價、生產力、替代採購之間，我們感覺我們已經涵蓋了相當好的內容，所以。

Super clear. Maybe just last one. The longer-term target on sales, if we use just sort of an implied CAGR off of sort of the -- maybe the low end of your guidance for fiscal '26, it still would imply sort of a low double-digit sales CAGR to get to the '28 target. Is that sort of how you think about it? And maybe just how much of that comes organically versus through acquisition in your current (multiple speakers).

超級清晰。也許只是最後一個。對於長期銷售目標，如果我們僅僅使用某種隱含的複合年增長率——也許是您對 26 財年的指導的低端，那麼它仍然意味著要達到 28 年的目標，銷售額複合年增長率要達到較低的兩位數。您是這麼想的嗎？也許你目前的（多位發言者）。

Yes, let me walk through kind of a high-level bridge. We look at this in a number of different ways. If you just anchor it on 2025, year just finished, $790 million, our new products were $55 million. This coming year, we expect them to grow about 40%. And we're just getting started with new products.

是的，讓我走過一座高架橋。我們從許多不同的角度看待這個問題。如果你以 2025 年為基準，剛剛過去的一年，我們的新產品價值為 7.9 億美元，為 5500 萬美元。我們預計明年它們的成長率將達到 40% 左右。我們剛開始推出新產品。

So we anticipate about a 30% growth annually in the new products. Fast growth market was $185 million last year, will grow to $265 million, and we're anticipating about a 20% growth there. In '28, so those numbers, that puts new products at $130 million, fast growth at $380 million. If you anticipate that the remaining core business, which is about $550 million will grow about 3% a year, that adds another $50 or so million. That puts us at just shy of the $1.15 billion.

因此我們預計新產品每年的成長率約為 30%。去年快速成長市場規模為 1.85 億美元，將成長至 2.65 億美元，我們預期成長率約 20%。依照這些數字，2028年新產品銷售額為1.3億美元，快速成長至3.8億美元。如果預計剩餘的核心業務（約5.5億美元）每年增長約3%，那麼這筆收入還會增加5,000萬美元左右。這使得我們的總額略低於 11.5 億美元。

In addition to that, we think there's opportunity for a little pick up in the scientific markets. These additional defense opportunities we mentioned provide upside and these engraving wins that we described also provide. So there's maybe a $30 million, $40 million of go-get in the next three years, but we've got the opportunities to achieve them.

除此之外，我們認為科學市場還有小幅回升的機會。我們提到的這些額外的防禦機會提供了優勢，我們描述的這些雕刻勝利也提供了優勢。因此，未來三年可能需要花費 3000 萬美元、4000 萬美元，但我們有機會實現這些目標。

Gary Prestopino, Barrington Research.

巴林頓研究公司的加里‧普雷斯托皮諾 (Gary Prestopino)。

Just want to get an idea with new product sales, I would assume the majority of those are targeted to your fast growth markets. Is that kind of a correct assumption?

只是想了解一下新產品的銷售情況，我認為其中大部分都是針對快速成長的市場。這是一個正確的假設嗎？

Yes, there is overlap in there. So Engineering Technologies is a big contributor there. They've developed new products to expand their participation in space. And those new products are all in fast growth.

是的，其中有重疊。因此工程技術在那裡做出了巨大貢獻。他們開發了新產品來擴大在太空領域的參與。這些新產品都處於快速成長狀態。

We've got fast growth in some of our other core businesses, while some of our other businesses, scientific, and federal that are just in general industry. So there is some overlap in fast growth. So I'd say about 30%, 30% of the new products go into fast growth.

我們的其他一些核心業務也實現了快速成長，而我們的其他一些業務、科學業務和聯邦業務則只是一般產業。因此，快速成長存在一些重疊。所以我認為大約 30% 的新產品會快速成長。

Okay. So 30% new products into fast growth. Okay. And then as you scale the fast growth markets and grow the sales as you expect to, can you give us some idea of relative to your adjusted operating margin that you generated this year, what kind of incremental margin increases do you get from growing net sales into these faster growth markets? I mean I assume they've got to have a higher margin profile.

好的。因此30%的新產品進入快速成長階段。好的。然後，當您擴大快速成長的市場並按預期增加銷售額時，您能否向我們介紹一下，相對於您今年產生的調整後營業利潤率，您從這些更快增長的市場的淨銷售額增長中獲得了多少增量利潤率？我的意思是，我認為他們必須有更高的利潤率。

Yes, they do. Just thinking through the businesses. It is higher than the average. So we mix up with every growth in fast growth markets. In terms of how many basis points of gross margin, it's got to be 300, 400 basis points higher.

是的，他們確實這麼做了。只是思考業務。它高於平均水平。因此，我們與快速成長的市場中的每一個成長都融合在一起。就毛利率多少個基點而言，必須高出300、400個基點。

Yes. I mean I think if you look at our projections, and we say we're going to get to over 23% adjusted operating margin by FY28. If you just assume -- and it's true that our margins when we do sales into the fast growth end markets are higher, you can do back-of-the-envelope calculation and see just on the higher volume, we're going to comfortably get there. And then obviously, we're going to have pricing and productivity actions on top of that, so.

是的。我的意思是，如果你看一下我們的預測，我們說到 28 財年我們的調整後營業利潤率將達到 23% 以上。如果您只是假設—而且當我們向快速成長的終端市場銷售時，我們的利潤率確實更高，您可以進行粗略的計算，並且僅憑更高的銷量，我們就能輕鬆實現這一目標。然後顯然，我們將在此基礎上採取定價和生產力行動。

Okay. And then getting back to new products, what did you say you generate -- you put out 16 this year?

好的。然後回到新產品，您說您生產了什麼－今年您推出了 16 款產品？

In the quarter. So it was 55 in the year.

在本季度。所以今年是 55 歲。

55 in the year?

一年55個？

Yes. I'm sorry 16 new products were released. And the sales of products released in the last couple of years that are still new was 55.

是的。很抱歉，發布了16款新產品。而過去幾年推出的新產品的銷售量為 55。

Okay. I just want to get an idea. Was there anything that really drove the boat there as far as growth or in any of those new product categories that you put out?

好的。我只是想了解一下。有什麼因素真正推動了你們的成長，或是你們推出的新產品類別的發展嗎？

The biggest numbers in the year with Engineering Technologies sales into commercialization space. These are new products for them that expanded their share of wallet and their content on those vehicles.

工程技術在商業化領域的銷售額創下年度新高。對他們來說，這些都是新產品，擴大了他們的錢包份額和車輛上的內容。

Okay. And then just lastly, how would you -- the acquisition pipeline, I know you're always active there. Would you have the appetite to do another acquisition this year, this fiscal year if the opportunity came up?

好的。最後，您將如何—收購管道，我知道您一直在那裡活躍。如果有機會，您是否有興趣在今年或本財政年度進行另一次收購？

We're always working the pipeline and a lot of the deals we do are the result of years of relationship building. So we're out there doing that. And with the projection of our deleverage, so now at the end of this quarter, we're 2.6x. We anticipate just in normal course with operating cash flows and things by the end of this year, we'll be at 2x. So we're rapidly developing the powder to be able to do something.

我們始終致力於建立管道，我們達成的許多交易都是多年建立關係的結果。所以我們就這麼做了。根據我們去槓桿的預測，到本季末，我們的本益比是2.6倍。我們預計，如果按照正常的營運現金流和情況，到今年年底，我們的本益比將達到2倍。因此，我們正在快速開發這種粉末，以便能夠發揮作用。

(Operator Instructions) Ross Sparenblek, William Blair.

（操作說明）Ross Sparenblek、William Blair。

Just on the Scientific margins, decent sequential uptick with some tougher shipping rates. Can you just give us a sense what played out there in the quarter and kind of expectations looking forward for 2026 as we think about R&D as well?

僅在科學利潤率方面，隨著運輸費率的提高，出現了不錯的連續上漲。您能否向我們介紹本季的進展以及 2026 年研發的展望？

Yes. So from a Scientific standpoint, you're right, the shipping rates are generally okay. The acquisition we have in the Scientific space is actually at a lower margin than our core business. So that's impacting our segment margin, if you will, a little bit.

是的。所以從科學的角度來看，你是對的，運費一般來說是可以接受的。我們在科學領域的收購實際上比我們的核心業務的利潤率要低。因此，這會對我們的細分利潤率產生一點影響。

But we do expect as we get into the fiscal '26 with the combination of pricing and productivity actions, we're going to be able to offset -- and alternative sourcing, by the way, in this segment, we're going to be able to offset the tariff pressure we got coming in because Scientific is the business that sources some of its base products out of China. So we do expect Scientific margins to hold.

但我們確實預計，隨著進入2026財年，透過結合定價和生產力措施，我們將能夠抵消關稅壓力。順便說一下，在這一領域，透過替代採購，我們將能夠抵消關稅壓力，因為科學業務的部分基礎產品來自中國。因此，我們確實預期科學業務的利潤率將保持穩定。

Okay. And then just one more point on free cash. Kind of a tough year. Can you maybe just speak to your ability to maybe get some more turns out of working capital and get that conversion back above 100%?

好的。關於免費現金，我再說一點。真是艱難的一年。您能否談談您是否有能力從營運資金中獲得更多收益，並使轉換率回到 100% 以上？

Yes, Ross, great question. Yes. And if you look at our cash flow creation in the last fiscal year, we were significantly impacted too by onetime transaction-related costs. When you do three deals in a year and you have to do the payments with the bankers and the lawyers, et cetera, that adds up to be a pretty sizable number.

是的，羅斯，這個問題問得好。是的。如果你看我們上一財年的現金流量創造情況，你會發現我們也受到了一次性交易相關成本的嚴重影響。當你一年做三筆交易並且必須向銀行家和律師等付款時，這個數字加起來是相當可觀的。

And on top of that, the acquisitions that we did have credit terms with the customers that are much longer than the credit terms that we generally had in our core businesses. So our DSO has actually increased versus what we had prior to the acquisitions. So we are working -- and frankly, some of the structure around collections is in some of those businesses not as robust as we had the standard.

最重要的是，我們與客戶簽訂的收購合約的信用期限比我們核心業務的信用期限要長得多。因此，與收購之前相比，我們的 DSO 實際上有所增加。所以我們正在努力——坦白說，有些企業的收款結構並不像我們的標準那麼健全。

So we are working to putting our processes in place around receivables and collections, and we think we're going to make a very good dent and progress in collections and receivables and working capital this fiscal year. So we expect conversion of cash to be much, much better this year than last year.

因此，我們正在努力完善應收帳款和收款流程，我們認為本財年我們將在收款、應收帳款和營運資金方面取得非常好的進展。因此，我們預計今年的現金轉換率將比去年好得多。

All right. So can we hold you to a mean reversion back to 60 on the DSOs?

好的。那麼，我們可以將 DSO 的平均值回歸到 60 嗎？

You can -- that's a -- you're going to put me on the spot. Yes, you can hold us that we're going to drive back to that low 60 number. Right now, we are about 69, 70 in terms of DSO. And our goal is over this fiscal year to drive that as close to 60 as we can.

你可以——那是——你會讓我陷入困境的。是的，您可以相信我們會把這個數字拉回 60 以下。目前，我們的 DSO 約為 69、70。我們的目標是在本財政年度內將這一數字盡可能接近 60。

There are no further questions at this time. I will now turn the call over to David Dunbar, CEO, for closing remarks.

目前沒有其他問題。現在我將把電話轉給執行長戴維鄧巴 (David Dunbar) 來做結束語。

All right. Thank you. Before we wrap, I want to send a special thank you to Tom Hansen, who is retiring from our Board after 12 years. Tom has been a valuable Board member and made many contributions to the company. I also want to welcome Andy Nemeth, the CEO of Patrick Industries, who is our newest Board member. We look forward to working together.

好的。謝謝。在結束之前，我想特別感謝湯姆漢森，他在我們董事會任職 12 年後即將退休。湯姆是一位寶貴的董事會成員，為公司做出了許多貢獻。我還要歡迎 Patrick Industries 的執行長 Andy Nemeth，他是我們最新的董事會成員。我們期待著共同合作。

Finally, and as always, I want to thank everybody for joining us for the call. We enjoy reporting on our progress at Standex. Thank you also to our employees and shareholders for your continued support and contributions. I'm excited for the company's potential in fiscal year 2026 and look forward to speaking with you again in our fiscal first-quarter 2026 call.

最後，和往常一樣，我要感謝大家參加這場電話會議。我們很高興報告 Standex 的進展。也感謝我們的員工和股東的持續支持和貢獻。我對公司在 2026 財年的潛力感到興奮，並期待在 2026 財年第一季電話會議上再次與您交談。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。