Sensient Technologies Corp (SXT) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Sensient Technologies Corporation 2025 second quarter earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Sensient Technologies Corporation 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Tobin Tornehl. Please go ahead, sir.

現在我想將會議交給托賓·托內爾先生。先生，請繼續。

Good morning. Welcome to Sensient's earnings call for the second quarter of 2025. I'm Tobin Tornehl, Vice President and Chief Financial Officer of Sensient Technologies Corporation. I'm joined today by Paul Manning, Sensient's Chairman, President, and Chief Executive Officer.

早安.歡迎參加 Sensient 2025 年第二季財報電話會議。我是 Sensient Technologies Corporation 副總裁兼財務長 Tobin Tornehl。今天與我一起出席的還有 Sensient 董事長、總裁兼執行長 Paul Manning。

Earlier today, we released our 2025 second quarter results. A copy of the earnings release and the slides we'll be using during today's call are available on the Investor Relations section of our website at sensient.com.

今天早些時候，我們發布了 2025 年第二季業績。您可以在我們網站 sensient.com 的投資者關係部分找到收益報告副本和我們將在今天的電話會議上使用的幻燈片。

During our call today, we will reference certain non-GAAP financial measures, which removed the impact of currency movements, cost of the company's portfolio optimization plan and other items as noted in the company's filings. We believe the removal of these items provides investors with additional information to evaluate the company's performance and improve the comparability of results between reporting periods. This also reflects how management reviews and evaluates the company's operations and performance.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標，這些指標消除了貨幣變動、公司投資組合優化計畫成本以及公司文件中提到的其他項目的影響。我們相信，刪除這些項目可以為投資者提供更多信息，以評估公司的業績並提高報告期之間結果的可比性。這也反映了管理層如何審查和評估公司的營運和表現。

Non-GAAP financial results should not be considered in isolation from or a substitute for financial information calculated in accordance with GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is available in our press release and slides. We encourage investors to review these reconciliations in connection with the comments we make today.

非 GAAP 財務結果不應與依照 GAAP 計算的財務資訊分開考慮或替代。我們的新聞稿和幻燈片中提供了非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳。我們鼓勵投資者結合我們今天的評論來審查這些對帳。

I'd also like to remind everyone that comments made during this call, including responses to your questions, may include forward-looking statements. Our actual results may differ materially from those that may be expressed or implied due to a wide range of factors, including those set forth in our SEC filings. We urge you to read Sensient's previous SEC filings, including our 10-K and our forthcoming 10-Q for a description of additional factors that could potentially impact our financial results. Please keep these factors in mind when you analyze our comments today.

我還想提醒大家，本次電話會議中發表的評論，包括對您的問題的回答，可能包含前瞻性陳述。由於多種因素（包括我們向美國證券交易委員會提交的文件中列出的因素），我們的實際結果可能與明示或暗示的結果有重大差異。我們建議您閱讀 Sensient 先前向美國證券交易委員會提交的文件，包括我們的 10-K 報告和即將發布的 10-Q 報告，以了解可能影響我們財務表現的其他因素。在分析我們今天的評論時請記住這些因素。

We'll start on slide 5. Now, we'll hear from Paul.

我們將從幻燈片 5 開始。現在我們來聽聽保羅的發言。

Thanks, Tobin. Good morning and good afternoon. Earlier today, we reported our second quarter results. I'm pleased that we continue to build on our strong first quarter results and delivered 14% local currency adjusted EBITDA growth and 21% local currency adjusted EPS growth. Local currency revenue grew low single digits during the quarter. We had particularly strong revenue performance from the Color Group, delivering 6.6% local currency growth.

謝謝，托賓。早安，下午好。今天早些時候，我們報告了第二季的業績。我很高興看到我們在第一季強勁業績的基礎上繼續取得進展，實現了 14% 的當地貨幣調整後 EBITDA 增長和 21% 的當地貨幣調整後 EPS 增長。本季度，當地貨幣收入成長了個位數。我們的彩色集團營收表現尤為強勁，實現了 6.6% 的當地貨幣成長。

The Asia Pacific Group delivered 7.6% local currency revenue growth, and the flavors, extracts, and flavor ingredient product lines within our Flavors & Exacts Group delivered 4.6% local currency revenue growth. These results align with our expectations and position us to deliver on our full year local currency adjusted revenue guidance for revenue, EBITDA and EPS.

亞太集團實現了 7.6% 的當地貨幣收入成長，而我們香精和香料集團內的香精、萃取物和香精成分產品線實現了 4.6% 的當地貨幣收入成長。這些結果符合我們的預期，並使我們能夠實現全年當地貨幣調整後的收入、EBITDA 和 EPS 收入預期。

Our emphasis on sales execution, customer service, and commercialization of new technologies continue to drive our performance. We're seeing significant activity at customers as they prepare for the conversion of synthetic colors to natural colors in the United States. As I've said before, the US conversion to natural colors is the single largest revenue opportunity in Sensient's history.

我們對銷售執行、客戶服務和新技術商業化的重視持續推動我們的業績。我們看到，美國客戶正在積極準備將合成色素轉換為天然色素。正如我之前所說，美國轉向天然色素的轉變是 Sensient 史上最大的收入機會。

We made a strategic shift in natural colors more than 15 years ago, investing internally and through acquisitions in technologies, production capabilities, and supply chain. We believe that the conversion to natural colors was inevitable given the broader market conversion to more natural food products.

15 多年前，我們在天然色素領域進行了策略轉變，透過內部投資和收購對技術、生產能力和供應鏈進行投資。我們相信，隨著市場逐漸轉向更天然的食品，轉向天然色素是不可避免的。

We have invested heavily in capital for natural colors, building and expanding production facilities around the world, and we will continue to invest in our facilities in the immediate future and for years to come. We have invested considerably in research and development for natural colors, and we will continue to emphasize this for the foreseeable future to ensure we continue to optimize our portfolio.

我們為天然色素投入了大量資金，在世界各地建造和擴大生產設施，我們將在近期和未來幾年繼續對我們的設施進行投資。我們在天然色素的研究和開發方面投入了大量資金，我們將在可預見的未來繼續強調這一點，以確保我們繼續優化我們的產品組合。

We have also worked to build a resilient supply chain to provide the botanicals necessary to produce natural colors. Currently, our commercial, technical, engineering, and supply chain teams are busier than ever, preparing and supporting our customers for these conversions.

我們也致力於建立有彈性的供應鏈，以提供生產天然色素所需的植物藥。目前，我們的商業、技術、工程和供應鏈團隊比以往任何時候都更加忙碌，為我們的客戶做好這些轉換的準備並提供支援。

During the second quarter, we continued to generate strong new sales wins across each of our groups and our sales pipelines remain robust in each of our regions. These sales wins are a result of our innovative product portfolio across our food, personal care, and pharmaceutical product lines. Each of our groups remain focused on collaborating with our customers to support their development requirements. And our customer service levels remain strong. In short, we're well positioned to capitalize on the market trends we see across our portfolio.

在第二季度，我們各集團持續取得強勁的新銷售勝利，且我們各地區的銷售管道依然強勁。這些銷售成功得益於我們在食品、個人護理和藥品產品線上的創新產品組合。我們每個團隊都致力於與客戶合作以支援他們的開發需求。我們的客戶服務水準依然強勁。簡而言之，我們已做好準備，充分利用投資組合中看到的市場趨勢。

As I mentioned on our last call, the current trade and tariff landscape has introduced additional complexity and uncertainty to our businesses. This situation continues to fluctuate and based on current information, we expect the annual impact of tariffs to be slightly less than the $10 million we communicated previously. We've already taken price to offset the impact of the initial wave of tariffs. We will continue to position our supply chain organization to minimize any disruptions to our customers and to optimize the flow of goods. Also, as we turn to the second half of the year, our portfolio optimization plan continues to remain on track for an end of the year completion.

正如我在上次電話會議中提到的，當前的貿易和關稅狀況為我們的業務帶來了額外的複雜性和不確定性。這種情況持續波動，根據目前的訊息，我們預計關稅的年度影響將略低於我們先前傳達的 1000 萬美元。我們已經採取價格措施來抵銷第一波關稅的影響。我們將繼續調整我們的供應鏈組織，以盡量減少對客戶的干擾並優化貨物流動。此外，隨著我們進入下半年，我們的投資組合優化計劃將繼續按計劃在年底完成。

Turning to slide 6 and our group results. Color Group had excellent second quarter results, delivering 6.6% local currency revenue growth and 22.1% local currency operating profit growth. The group's second quarter adjusted EBITDA margin improved to 25.1% from 22.2%, an increase of 290 basis points versus the prior year. In the second quarter, the group saw strong new sales wins, particularly in natural colors.

翻到幻燈片 6 和我們的小組結果。彩色集團第二季業績出色，當地貨幣收入成長 6.6%，當地貨幣營業利潤成長 22.1%。該集團第二季調整後的 EBITDA 利潤率從 22.2% 提高至 25.1%，較上年同期增加 290 個基點。在第二季度，該集團的銷售業績表現強勁，尤其是天然色素的銷售。

I should note these wins are not yet the result of any significant natural color conversions. I will touch on our estimated timing of these conversions later in our discussion. Color Group is progressing nicely, and I'm very excited about the future ahead of us.

我應該指出，這些勝利還不是任何重大的自然色彩轉換的結果。我將在稍後的討論中談到我們對這些轉換的估計時間。Color Group 進展順利，我對我們的未來感到非常興奮。

Turning to slide 7. The Flavors & Extracts Group saw local currency revenue declined in the second quarter by 3.2%, but increased local currency operating profit by 8.6%. The group's adjusted EBITDA margin was 17.8%, up 160 basis points versus the prior year's comparable quarter. Flavors, extracts, and flavor ingredient product lines reported 4.6% local currency revenue growth and significant local currency operating profit growth. The growth in these product lines is a result of our innovative flavor technologies and our focus on new and defensible flavor wins across North America, Europe, Latin America, and Asia Pacific.

翻到幻燈片 7。香精和萃取物集團第二季當地貨幣收入下降 3.2%，但當地貨幣營業利潤成長 8.6%。該集團調整後的 EBITDA 利潤率為 17.8%，較去年同期上升 160 個基點。香精、萃取物和香精成分產品線報告稱，其當地貨幣收入增長了 4.6%，當地貨幣營業利潤也顯著增長。這些產品線的成長得益於我們創新的風味技術以及我們對北美、歐洲、拉丁美洲和亞太地區新的、可防禦的風味勝利的關注。

As discussed during our last quarterly call, our natural ingredients business, which consists of dehydrate and onion, garlic, capsicums, and other vegetables, continues to be impacted by lower sales volumes and higher costs, which we anticipate to persist until the end of this year. On a positive note, currently, we anticipate the crop that is being harvested this year and that will be sold mainly next year, will be at an improved cost position compared to the current year. Despite these dynamics in the Natural Ingredients business, I still expect the Flavors & Extracts Group to deliver solid results for the year.

正如我們在上次季度電話會議上所討論的那樣，我們的天然成分業務（包括脫水洋蔥、大蒜、辣椒和其他蔬菜）繼續受到銷售量下降和成本上升的影響，我們預計這種情況將持續到今年年底。從積極的方面來看，目前，我們預計今年收穫的、主要在明年出售的農作物的成本將比今年有所改善。儘管天然成分業務存在這些動態，我仍然預期香精和萃取物集團今年將取得穩健的表現。

Now, turning to slide 8. The Asia Pacific Group had a solid second quarter, delivering 7.6% local currency revenue growth and 8% local currency operating profit growth. The group's adjusted EBITDA margin was 22.3%, up 30 basis points versus the prior year's second quarter. The group continues to achieve growth in almost all regions primarily driven by new sales wins in flavors and natural colors. The Asia Pacific Group continues on its multiyear success and we expect more of the same in the future.

現在翻到第 8 張投影片。亞太集團第二季表現穩健，實現當地貨幣收入成長 7.6%，當地貨幣營業利潤成長 8%。該集團調整後的 EBITDA 利潤率為 22.3%，較去年同期第二季上升 30 個基點。該集團在幾乎所有地區都繼續實現成長，這主要得益於香料和天然色素的新銷售成長。亞太集團延續了多年的成功，我們期待未來能取得更多成功。

Turning to slide 9. We remain committed to our guidance for the year. As we previously communicated, we expect consolidated annual local currency revenue to grow at a mid-single-digit rate. We originally communicated a mid- to high single-digit local currency adjusted EBITDA growth expectation, but we are now raising our guidance to high single-digit local currency adjusted EBITDA growth. This should result in high single-digit to double-digit local currency adjusted EPS growth for the year.

翻到第 9 張投影片。我們仍然堅持今年的指導方針。正如我們之前所傳達的，我們預計合併年度當地貨幣收入將以中等個位數的速度成長。我們最初傳達了中高個位數當地貨幣調整後 EBITDA 成長預期，但現在我們將指導提高到高個位數當地貨幣調整後 EBITDA 成長。這將導致今年以當地貨幣調整後的每股收益實現個位數至兩位數的高成長。

On the capital allocation front, while we increased our capital expenditure guidance last quarter to be between $80 million and $90 million, we now feel as a result of the accelerated natural color conversion activity, in preparation for expanding our production capacity, we can expand further and achieve around $100 million or slightly more for the year. This is a very positive development that will help us to more readily win new natural color projects and to help accelerate our customers' conversions. The increased investments we are making in natural colors is a great use of our cash, and we anticipate our capital expenditures will remain above $100 million next year as we continue to invest in our natural color capabilities as well as across our Flavors & Extracts Group and Asia Pacific Group. Beyond capital expenditures, we will continue to evaluate sensible acquisition opportunities, but we do not anticipate any share buybacks at this time.

在資本配置方面，雖然我們在上個季度將資本支出預期提高到 8,000 萬美元至 9,000 萬美元之間，但我們現在認為，由於天然色素轉換活動的加速，為了準備擴大我們的生產能力，我們可以進一步擴大規模，全年實現約 1 億美元或略高的支出。這是一個非常積極的發展，它將幫助我們更容易贏得新的天然色素項目，並有助於加速我們客戶的轉換。我們對天然色素的投資增加是對現金的極大利用，我們預計明年我們的資本支出將保持在 1 億美元以上，因為我們將繼續投資於我們的天然色素能力以及我們的香精和提取物集團和亞太集團。除了資本支出之外，我們將繼續評估合理的收購機會，但我們目前預計不會進行任何股票回購。

Now, before I turn the call over to Tobin, I'd like to provide more information on the current state of the synthetic color regulation and natural color conversion activity. Turning to slide 10. The regulatory environment continues to evolve almost weekly. More than half the states in the United States have some form of legislative activity for synthetic colors and food products. West Virginia became the first and thus far, the only state to pass legislation that prohibits the sale of food products that contain synthetic colors.

現在，在我將電話轉給托賓之前，我想提供更多有關合成色素監管和天然色素轉換活動現狀的資訊。翻到第 10 張投影片。監管環境幾乎每週都在不斷變化。美國超過一半的州都針對合成色素和食品採取了某種形式的立法活動。西維吉尼亞州成為第一個也是迄今為止唯一一個通過立法禁止銷售含有合成色素的食品的州。

That law goes into effect in January 2028. Additionally, Texas has passed legislation requiring food manufacturers to place warning labels on packaged food products that contain certain ingredients, including synthetic colors and titanium dioxide with an effectiveness in 2027. The main effect of these state actions is the conversion to natural colors at the national level.

該法將於 2028 年 1 月生效。此外，德州還通過了一項立法，要求食品製造商在含有某些成分的包裝食品上貼上警告標籤，這些成分包括合成色素和二氧化鈦，有效期為 2027 年。這些國家行動的主要效果是在國家層面上轉向自然色彩的轉變。

Turning to slide 11. So far this year, we've seen a total of 112 color-related bills introduced across US state legislatures. A significant number of leading branded food companies have recently announced plans to transition from synthetic to natural colors with many publicly targeting the end of 2027 as a deadline. While we continue to believe in the safety of all synthetic food colors, Sensient is engaged with a substantial number of brands to support their transition to natural colors. It's clear to us that the majority of consumers want natural colors in their foods and beverages.

翻到第 11 張投影片。今年到目前為止，美國各州立法機構共提出了 112 項與顏色相關的法案。大量領先的品牌食品公司最近宣布了從合成色素過渡到天然色素的計劃，其中許多公司公開將 2027 年底定為最後期限。雖然我們仍然相信所有合成食用色素的安全性，但 Sensient 正在與大量品牌合作，以支持他們向天然色素的過渡。我們很清楚，大多數消費者都希望他們的食品和飲料含有天然色素。

Turning to slide 12. I would like -- I would now like to take a moment to highlight two key technologies that are enabling our customers to successfully move from synthetic to natural colors without sacrificing the vibrancy and stability that the customers expect. As we have discussed and as experience in the market has shown, contributing -- converting to vibrant natural colors is critical for brands conducting the transition of their products.

翻到第 12 張投影片。我想——現在我想花點時間強調兩項關鍵技術，這兩項技術使我們的客戶能夠成功地從合成色素轉向天然色素，同時又不犧牲客戶期望的鮮豔度和穩定性。正如我們所討論的以及市場經驗所顯示的，對於進行產品轉型的品牌來說，轉換為鮮豔的自然色彩至關重要。

Choosing less vibrant colors or eliminating color altogether has repeatedly led to poor outcomes in the market. More often than not, consumers' flavor perception changes as a result of modifying a product synthetic vibrancy. Whether it's an iconic soft drink or a breakfast cereal, using inferior natural colors has caused such launches to fall flat in the market. It is our goal to help our customers succeed and build their brands through this transition.

選擇不太鮮豔的顏色或完全消除顏色屢屢導致市場結果不佳。通常情況下，消費者的口味感知會隨著產品合成活力的改變而改變。無論是標誌性的軟性飲料還是早餐麥片，使用劣質天然色素都導致此類產品在市場上遭遇失敗。我們的目標是幫助我們的客戶透過這項轉變取得成功並打造他們的品牌。

The first technology I want to highlight is our Microfine range, which is arguably the single most successful natural color technology we have ever launched. Microfines are natural colors used extensively in salty snacks to impart write reds, yellows and other colors. Salty snacks are a very large category and the popularity of spicy varieties has increased demand for our microfine substantially over the last few years. Now, with the full transition to naturals, we are uniquely positioned to help our customers maintain the color performance essential to their products. Microfines are also used extensively in bakery and confectionery applications. They have a significant performance advantage over most standard natural color options in the market.

我想強調的第一項技術是我們的 Microfine 系列，它可以說是我們推出的最成功的自然色彩技術。微粉是鹹味小吃中廣泛使用的天然色素，可呈現紅色、黃色和其他顏色。鹹味小吃是一個非常大的類別，而辣味小吃的流行在過去幾年中大大增加了對我們微細小吃的需求。現在，隨著全面過渡到自然色，我們擁有獨特的優勢，可以幫助客戶保持其產品至關重要的色彩表現。微粉也廣泛用於烘焙和糖果應用。與市場上大多數標準自然色彩選項相比，它們具有顯著的性能優勢。

Second, I want to highlight Sensient's Butterfly Pea Flower Extract, which was first approved by the FDA in 2021 in beverages and many other product categories. More recently, FDA approval was extended to include cereals, crackers and snack categories. This expansion allows our customers to achieve vibrant blue and green colors in a wide array of products. Butterfly Pea Flower Extract also provides bold but brilliant purple shades for many beverages. Sensient not only discovers the novel color source, but stabilize the color in application and created a reliable supply chain that makes it an appealing option for customers today.

其次，我想重點介紹 Sensient 的蝶豆花萃取物，該萃取物於 2021 年首次獲得 FDA 批准，可用於飲料和許多其他產品類別。最近，FDA 的批准範圍擴大到包括穀物、餅乾和零食類別。此次擴展使我們的客戶能夠在各種產品中獲得鮮豔的藍色和綠色。蝶豆花萃取物也為許多飲料提供了大膽而鮮豔的紫色色調。Sensient 不僅發現了新穎的色素來源，還在應用中穩定了色素，並創建了可靠的供應鏈，使其成為當今客戶的一種有吸引力的選擇。

As I said, the key to a successful natural color transition for food and beverage brands is to maintain the color vibrancy and variety that consumers are used to seeing in synthetic colors. Our R&D efforts are dedicated to removing any gaps that exist between synthetic and natural color performance. Like more information on Natural Color Technologies, please visit our website.

正如我所說，食品和飲料品牌成功實現自然色彩過渡的關鍵是保持消費者習慣於看到的合成色素的色彩鮮豔度和多樣性。我們的研發工作致力於消除合成色彩和天然色彩性能之間的任何差距。欲了解有關天然色彩技術的更多信息，請訪問我們的網站。

Overall, I'm pleased with our financial performance in the second quarter. We're on track to deliver on our full year guidance. I'm excited about the growth opportunities within each of our groups. Given the synthetic and natural color regulatory timeline I just outlined, we anticipate Sensient's natural color revenue to increase more significantly beginning in 2027 to ensure our customers' synthetic color products are off store shelves starting January 2028. The growth we're experiencing is a direct result of the execution of our strategy and seizing the opportunities in our markets. I remain optimistic about 2025 and the future of our business.

整體而言，我對第二季的財務表現感到滿意。我們正在按計劃實現全年目標。我對我們每個團隊的成長機會感到興奮。鑑於我剛才概述的合成色素和天然色素監管時間表，我們預計 Sensient 的天然色素收入將從 2027 年開始大幅增加，以確保我們客戶的合成色素產品從 2028 年 1 月開始下架。我們所經歷的成長直接源自於我們執行策略和抓住市場機會。我對 2025 年和我們業務的未來仍然持樂觀態度。

Tobin will now provide you with additional details on the second quarter results.

托賓現在將向您提供有關第二季度業績的更多詳細資訊。

Thank you, Paul. In my comments this morning, I'll be explaining the difference between our GAAP results and our non-GAAP or adjusted results. The adjusted results for 2025 and 2024 removed the cost of the portfolio optimization plan. We believe the removal of these costs produce a clearer picture of the company's performance for investors. This also reflects how management reviews the company's operations and performance.

謝謝你，保羅。在今天早上的評論中，我將解釋我們的 GAAP 結果與非 GAAP 或調整後結果之間的差異。2025年和2024年的調整結果剔除了投資組合最佳化計畫的成本。我們相信，消除這些成本可以讓投資人更清楚地了解公司的表現。這也反映了管理階層如何評價公司的營運和績效。

Turning to slide 14. Sensient's revenue was $414.2 million in the second quarter of 2025 compared to $403.5 million in last year's second quarter. Operating income was $57.7 million in the second quarter of 2025 compared to $49.7 million of income in the comparable period last year. Operating income in the second quarter of 2025 includes $3.3 million, approximately $0.06 per share of portfolio optimization plan costs. Operating income in the second quarter of 2024 included $1.8 million, approximately $0.04 per share of portfolio optimization plan costs.

翻到第 14 張投影片。Sensient 2025 年第二季的營收為 4.142 億美元，而去年第二季的營收為 4.035 億美元。2025 年第二季營業收入為 5,770 萬美元，而去年同期營業收入為 4,970 萬美元。2025 年第二季的營業收入包括 330 萬美元，約合每股 0.06 美元的投資組合最佳化計畫成本。2024 年第二季的營業收入包括 180 萬美元，約合每股 0.04 美元的投資組合最佳化計畫成本。

Excluding these costs of the portfolio optimization plan, adjusted operating income was $61 million in the second quarter of 2025 compared to $51.4 million in the prior year period, an increase of 16.9% in local currency.

不包括這些投資組合優化計劃的成本，2025 年第二季的調整後營業收入為 6,100 萬美元，而去年同期為 5,140 萬美元，以當地貨幣計算增長 16.9%。

Interest expense was $7.4 million in the second quarter of 2025, down from $7.7 million in the second quarter of 2024. The company's consolidated adjusted tax rate was 25.2% in the second quarter of 2025 compared to 25.8% in the comparable period of 2024. Local currency adjusted EBITDA was up 14% in the second quarter of 2025. Foreign currency translation had minimal impact in the second quarter of 2025.

2025 年第二季的利息支出為 740 萬美元，低於 2024 年第二季的 770 萬美元。該公司 2025 年第二季的綜合調整稅率為 25.2%，而 2024 年同期為 25.8%。2025 年第二季度，當地貨幣調整後的 EBITDA 成長了 14%。2025 年第二季度，外幣折算的影響微乎其微。

Turning to slide 15. Cash flow from operations was $48 million in the second quarter of 2025, up 10.2% compared to last year's comparable period. This improvement is primarily due to improved earnings and working capital management. Capital expenditures were $21 million in the second quarter of 2025. And as Paul indicated, we now anticipate our capital expenditures to be around $100 million for the full year.

翻到第 15 張投影片。2025年第二季經營現金流為4,800萬美元，較去年同期成長10.2%。這項改善主要歸功於收益和營運資本管理的改善。2025 年第二季的資本支出為 2,100 萬美元。正如保羅所說，我們現在預計全年資本支出約為 1 億美元。

Our net debt to credit adjusted EBITDA is 2.4 times as of June 30, 2025. Overall, our balance sheet remains well positioned to support our capital expenditures, sensible acquisition opportunities and our long-standing dividend. As Paul indicated, we'll continue to invest in our natural color capabilities. These investments will increase in the next few years, which we expect to drive favorable volume and profit growth in years to come, and we believe will be beneficial to our return on invested capital.

截至 2025 年 6 月 30 日，我們的淨債務與調整後 EBITDA 比率為 2.4 倍。總體而言，我們的資產負債表仍然能夠很好地支持我們的資本支出、合理的收購機會和長期股息。正如保羅所說，我們將繼續投資於我們的自然色彩能力。這些投資將在未來幾年內增加，我們預計這將推動未來幾年銷售和利潤的良好成長，並且我們相信這將有利於我們的投資資本回報。

Turning to slide 16. Revisiting our 2025 guidance. We continue to expect our consolidated 2025 local currency revenue to be up mid-single digits. We have now raised our local currency adjusted EBITDA to high single digits. Previously, our range was mid- to high single digits.

翻到第 16 張投影片。重新審視我們的 2025 年指導。我們繼續預計，2025 年合併後的當地貨幣收入將成長中等個位數。我們目前已將當地貨幣調整後的 EBITDA 提高至高個位數。以前，我們的範圍是中高個位數。

We expect our local currency adjusted EPS to be up high to double digits in '25. We still expect our interest expense to be slightly higher than the $28.8 million of interest expense recorded in 2024, and we expect our adjusted tax rate to be approximately 25%. Both our interest expense and tax rate will fluctuate quarter-to-quarter. And as a result, we continue to believe our local currency adjusted EBITDA growth is an important measure of our performance. For the third quarter, we expect our interest expense to be approximately $7.7 million and a third quarter tax rate to be around 24%.

我們預計，25 年調整後的當地貨幣每股盈餘將達到兩位數。我們仍然預計我們的利息支出將略高於 2024 年記錄的 2880 萬美元利息支出，並且我們預計調整後的稅率約為 25%。我們的利息支出和稅率都會逐季度波動。因此，我們仍然相信，以當地貨幣調整後的 EBITDA 成長是我們業績的重要衡量標準。對於第三季度，我們預計利息支出約為 770 萬美元，第三季稅率約為 24%。

Based on current exchange rates, we now expect the impact of currency on the EPS to be a slight tailwind for the year. As a reminder, we guided both GAAP and local currency for EPS. This is important to understand as our reported GAAP results include the translational impact of foreign exchange rates, which has generally been unfavorable as a result of the strong US dollar in recent years.

根據目前匯率，我們預期貨幣對今年每股盈餘的影響將略有順風。提醒一下，我們指導每股收益時採用了 GAAP 和當地貨幣。理解這一點很重要，因為我們報告的 GAAP 結果包括外匯匯率的轉換影響，而由於近年來美元走強，這種影響總體上是不利的。

Considering our GAAP earnings per share in 2025, we expect approximately $0.20 of portfolio optimization plan costs. We expect our GAAP EPS in 2025 to be between $3.13 and $3.23 per share compared to our 2024 GAAP EPS of $2.94. As you have all seen daily. The tariff situation remains dynamic. As Paul mentioned, we are mitigating the impacts of tariffs with price. When and if any tariff changes come into effect, we'll report on that effect after the fact.

考慮到我們 2025 年的 GAAP 每股收益，我們預計投資組合優化計畫成本約為 0.20 美元。我們預計2025年GAAP每股收益將在3.13美元至3.23美元之間，而2024年GAAP每股收益為2.94美元。正如大家每天所見。關稅情勢依然動態。正如保羅所提到的，我們正在透過價格來減輕關稅的影響。如果任何關稅變更生效，我們將在事後報告其影響。

Thank you for participating in the call today. We'll now open the call for questions.

感謝您今天參加電話會議。我們現在開始提問。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員指示） Larry Solow，CJS Securities。

First question would be just Paul, lots of moving parts and positive things on the color side. And as you mentioned, we've seen a lot of positive headlines. The larger CPGs committed to switching within the next couple of years. Just curious in the background, what's going on, it's only been a few months, obviously, but supply chain, things like that, advancement, planning, just logistics and stuff like that because obviously, it's going to be somewhat of an effort to make that transition. So any color or just lay the land you can give us on that side of the equation.

第一個問題是保羅，顏色方面有很多活動部件和積極的東西。正如您所說，我們看到了很多積極的消息。較大的 CPG 承諾在未來幾年內實現轉換。只是好奇背景中發生了什麼，顯然才過了幾個月，但供應鏈之類的事情，進步，規劃，物流之類的事情，因為顯然，實現這種轉變需要付出一些努力。因此，您可以在等式的那一邊給我們任何顏色或只是土地。

Well, supply chain is perhaps, well, arguably the single biggest factor here in this conversion. You've heard me say this publicly many times, and I'll say it again, if the United States wanted to convert tomorrow, they couldn't because there's simply not enough raw material available to fulfill the type of demand and need we're talking about here. So like any agricultural product, there's a lead time associated with that. And of course, naturally, a lot of planning goes into that process. And so that's point number one.

嗯，供應鏈或許可以說是這項轉變中最大的因素。你們已經聽過我公開說過很多次了，我再說一遍，如果美國明天想轉變，他們就做不到，因為根本沒有足夠的原材料來滿足我們在這裡談論的需求。因此，與任何農產品一樣，這也需要一個交貨時間。當然，這個過程自然需要大量的規劃。這就是第一點。

I mean, point number two, I think one of the first things that we -- as we embarked on this natural color strategy 15, 16 years ago was, it's about the supply chain stupid because if you don't have enough sources and a variety of those sources and you're not cultivating new ones and novel ones that's going to be the real limitation.

我的意思是，第二點，我認為我們在 15、16 年前開始實施這項天然色素策略時首先要考慮的事情之一就是供應鏈問題，因為如果你沒有足夠的來源和多種來源，而你又不培育新的來源和新穎的來源，那將是真正的限制。

You could have great technology and great capacity and wonderful salespeople and a terrific website. But if you don't have botanicals, the train stops. And so I think very early on, we identified that is perhaps a single most critical factor in this whole conversion activity. And so, for us, this is kind of year 16, 17 or more working in earnest on the supply chain and how we can have enough, mitigate as much of the risk as possible through diversification and the identification of new sources, selected vertical integration. You've seen us buy a couple of businesses over the years, focused in this area.

您可以擁有先進的技術、強大的產能、優秀的銷售人員和出色的網站。但如果沒有植物藥，火車就會停下來。因此，我認為我們很早就發現這可能是整個轉換活動中最重要的因素。因此，對我們來說，這相當於花了 16 年、17 年甚至更長時間認真研究供應鏈，研究如何透過多樣化、尋找新來源、選擇垂直整合來盡可能地降低風險。你已經看到我們多年來收購了幾家專注於這一領域的企業。

But no, I think you're hitting on a profoundly important point and that is the supply chain. Yes, there's a lot of other factors, too. But yes, this is one that we have worked and continue to work very, very diligently to ensure that we have it when the time comes.

但不，我認為你觸及了一個非常重要的點，那就是供應鏈。是的，還有很多其他因素。但是的，我們已經為此努力過，並將繼續非常努力地努力，以確保在時機成熟時我們能夠實現它。

Got you. So -- and the outlook for them for 2027, it doesn't sound like you'll get some incremental in '26, but it sounds like '27 will be the year where we should kind of see maybe not an inflection point, but a lot greater increase on the natural color side?

明白了。那麼 - 對於 2027 年的前景，聽起來你不會在 26 年獲得一些增量，但聽起來 27 年可能是我們應該看到的一年，也許不是一個拐點，而是自然色彩方面更大的增長？

Yes, I think that's a fair assumption with January 1, 2028. Now, the regulation for West Virginia states that you will not have items on the shelves on January 1, 2028, that contain synthetic colors. So that one could rather easily assume then that natural colors need to start coming out in earnest at some point in 2027. So if for no other reason, the West Virginia law provides a bit of the guide rail there. Yes, I think you're about right on the 2027.

是的，我認為對於 2028 年 1 月 1 日來說這是一個合理的假設。現在，西維吉尼亞州的規定是，從 2028 年 1 月 1 日起，貨架上不得出現含有合成色素的商品。因此，人們可以很容易地假設自然色彩需要在 2027 年的某個時候開始真正出現。因此，即使沒有其他原因，西維吉尼亞州的法律也提供了一些指導。是的，我認為你對 2027 年的預測是正確的。

And what's noteworthy about the colors continued success, as we mentioned in the comments there, those results, that great revenue growth, that great profit growth, there is no like major conversion or even minor conversion that I could speak to associated with those numbers. So it's -- that makes that result all the more impressive. And it also gives you a little sense of what is the real opportunity available here as these conversions begin in earnest. And when that may be, I don't want to say it's anybody's guess because there is a deadline here. But yes, I think 2027 in short, that's probably the -- that's going to be the single biggest year, I think we could all agree in this timeframe.

值得注意的是，正如我們在評論中提到的那樣，顏色持續取得成功，這些結果，巨大的收入增長，巨大的利潤增長，與這些數字相關的，我沒有提到重大的轉化，甚至是微小的轉化。所以——這使得這個結果更加令人印象深刻。而且，它還能讓您稍微了解一下，當這些轉變真正開始時，這裡真正的機會是什麼。至於具體時間，我不想說這是任何人的猜測，因為這裡有一個最後期限。但是的，我認為簡而言之，2027 年可能是最重要的一年，我想我們都同意這個時間範圍內的觀點。

Got it. And if I could just squeeze one more for Tobin. Just the quarter, nice earnings growth on somewhat -- a little more modest sales growth, obviously, a nice margin improvement. And it looks like it was mostly gross margin or it is mostly all gross margin driven. Is that pricing? Is that mix? What's kind of driving that nice improvement in gross margin?

知道了。如果我可以再為托賓擠出一點時間的話。僅本季度，獲利成長就不錯——銷售額成長略有放緩，利潤率顯然也有了不錯的提高。看起來這主要是由毛利率或全部由毛利率驅動。這就是定價嗎？那是混合物嗎？是什麼推動了毛利率的大幅提升？

Yes. No, margins are up across the board, especially our EBITDA margins across all three groups. So we did see good movement there. Pricing is really immaterial for us, so low single digits. So volume growth, mix which is a result of a lot of the new wins that we're experiencing across all three of our groups.

是的。不，利潤率全面上升，尤其是我們三個集團的 EBITDA 利潤率。所以我們確實看到了那裡的良好動向。定價對我們來說確實不重要，所以價格很低，只有個位數。因此，銷售成長和產品組合是我們三個集團取得的大量新勝利的結果。

So that's really what's driving it as well as we've got our eye on our costs, making sure that we're maintaining our SG&A base and being able to leverage that. And I think you're seeing that in our margin performance.

所以這確實是推動它發展的因素，同時我們也關注成本，確保我們維持銷售、一般和行政費用基礎並能夠利用這一點。我認為您從我們的利潤表現中就可以看出這一點。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Congrats on the progress. So I guess, first off, on the $110 million of synthetic colors that you currently have exposure towards, how would you have us think about the activity at this point in terms of converting to towards natural. I mean, obviously, it's a process with reformulations, qualifications, et cetera. And if you could break that out in terms of which specific categories within food and beverage are sort of seeing the highest initial momentum. That would be helpful as well.

恭喜你取得進展。所以我想，首先，對於您目前接觸的價值 1.1 億美元的合成色素，您希望我們如何看待目前在轉化為天然色素方面的活動。我的意思是，顯然這是一個涉及重新制定、資格審查等的過程。如果您能根據食品和飲料中哪些特定類別的初始勢頭最強來細分的話。這也會有幫助。

Yes. So I think the opportunity, as we see it, so that's the number, the $110 million that's not only the US, but there's a component of that associated with Latin America. And so while this conversion is a US conversion, there are certainly manufacturers outside the US who would export to the US who will also be subject to these requirements. And so therefore, it provides opportunities outside of the US too, for our business. So I think that's really an important piece. In terms of which products and which customers, big or small, I would tell you that there's no real obvious and predictable set of behaviors.

是的。所以我認為，正如我們所看到的，這是一個機會，1.1 億美元不僅來自美國，而且其中一部分來自拉丁美洲。因此，雖然這次轉換是美國的轉換，但肯定有美國以外的製造商會向美國出口產品，他們也將受到這些要求的約束。因此，它也為我們的業務提供了美國以外的機會。所以我認為這確實是一件非常重要的事情。就哪些產品和哪些客戶（無論大小）而言，我會告訴你，沒有真正明顯且可預測的行為。

I think we've seen very, very small companies exceedingly eager want to go, want to go first, want perfect matches. We've seen very large companies, customers who say, hey, we want to go, we want to go first. We want to have great matches. And then you see, of course, everything in the middle. But as we look at this, there has always been work in natural colors.

我認為我們已經看到非常非常小的公司非常渴望前進，想要先行，想要完美匹配。我們看過非常大的公司，客戶說，嘿，我們想走，我們想先走。我們想要進行精彩的比賽。然後你當然會看到中間的一切。但當我們審視這一點時，就會發現自然色彩一直存在。

Natural colors is by no means new to the US or certainly any other part of the world. Our activity would suggest in the US market prior to these announcements that 80% of new product launches that had a color, that color was a natural color. So it's something that our customers are familiar with now.

天然色素對美國乃至世界其他地區來說都絕不是什麼新鮮事。在這些公告發布之前，我們的活動表明，在美國市場上推出的 80% 帶有顏色的新產品都是自然色。所以這是我們客戶現在熟悉的事情。

It's a little bit less familiar in certain applications than others. So for example, natural color use became pretty widely used in beverages, not all beverages, but many beverages, which is an exceedingly difficult formulation environment oftentimes to add a natural color versus a synthetic color. Can you get the same vibrancy, can you avoid taste changes associated with a higher concentration of color in that formulation? And so beverage has always been a strong user, but it's also been very challenging to put natural colors in many of those products.

與其他應用程式相比，它在某些應用程式中不太為人所知。例如，天然色素在飲料中的應用非常廣泛，不是所有飲料，而是很多飲料，這是一個極其困難的配方環境，通常要添加天然色素而不是合成色素。您能否獲得相同的活力，能否避免因配方中顏色濃度較高而導致的味道變化？因此，飲料一直是主要用戶，但在許多此類產品中添加天然色素也非常具有挑戰性。

As you go through the other types of product segments, there are those that are far more challenging than others, processes that involve a lot of heat, like extrusion or baking. You can imagine that chair in your family room at home, right? If it's sitting in the sunlight for too long, the brown is no longer brown, it's like tan. And then like if it just keeps going, like the color entirely goes out of that. And so, you see a very similar phenomenon when you have even higher temperatures and exposure to light and colors.

當你瀏覽其他類型的產品細分市場時，你會發現有些細分市場比其他細分市場更具挑戰性，這些細分市場涉及大量熱量，例如擠壓或烘焙。您可以想像那把椅子放在您家裡的家庭房間裡，對嗎？如果在陽光下曬太久，棕色就不再是棕色，而是棕褐色。然後如果它繼續下去，顏色就會完全消失。因此，當溫度更高、暴露在光線和顏色下時，你會看到非常相似的現象。

And so there's very, very challenging manufacturing environments that our customers produce their products in. And so, these are a lot of the things that we've been working on with our customers. But most of our customers, too, had some level of contingency over the years, maybe 10 years ago, like, hey, I might have to convert this one day. So I'd kind of like to have the answers to what that would be.

因此，我們的客戶生產產品的製造環境非常具有挑戰性。所以，這些都是我們一直在與客戶合作的事情。但我們的大多數客戶多年來也都有過一定程度的應急準備，也許 10 年前，他們就會想，嘿，有一天我可能不得不改變這種狀況。所以我很想知道答案。

And so there's been some of that work. But because our technologies have enhanced and improved substantially over that time period. In many cases, we're redoing a lot of that reformulation work. But I think the advice we give to our customers and all the data that we have observed around the world would suggest that if you're a customer using synthetic colors and you want natural colors, your goal should be to match that synthetic color. You might not get it exactly the synthetic color match, but you have to have a very vibrant, attractive color.

因此，我們已經完成了一些這樣的工作。但因為我們的技術在那段時間內得到了很大的增強和改進。在很多情況下，我們都要重新進行大量的重新制定工作。但我認為，我們給顧客的建議以及我們在世界各地觀察到的所有數據都表明，如果你是使用合成色素的顧客，並且你想要天然色素，那麼你的目標應該是匹配合成色素。您可能無法獲得與合成顏色完全匹配的顏色，但您必須獲得非常鮮豔、有吸引力的顏色。

Nature is vibrant and attractive. And so when folks get cute and they decide, well, it's natural, so it should look ugly and faded and pitted and no, wrong answer. And I think that, that is probably the most important guiding principle and the one that we share with the majority of our customers. They want to get that match, they want their products to look attractive. They want natural colors to be a source of opportunity in their category.

大自然生機勃勃，魅力無窮。所以當人們變得可愛時，他們會決定，嗯，這是自然的，所以它應該看起來醜陋、褪色、凹陷，不，這是錯誤的答案。我認為這可能是最重要的指導原則，也是我們與大多數客戶分享的原則。他們想要獲得這種匹配，他們希望他們的產品看起來有吸引力。他們希望天然色素能夠成為其產品類別中的機會之源。

Many customers want to go first so that they can be the leader of their category and see natural colors as a mechanism to potentially grow their share in that category. And they believe that doing that with the right matches is going to be the most critical factor or certainly among the most critical factors. And so yes, the momentum is very, very strong. I think our customers are very, very engaged in this. In fact, we even see somewhat of a reduction in launches at customers because of the focus and attention that they are providing to natural colors.

許多客戶都想搶佔先機，這樣他們就可以成為其類別的領導者，並將天然色素視為潛在增加其在該類別中的份額的機制。他們相信，正確的配對將是最關鍵的因素，或肯定是最重要的因素之一。是的，勢頭非常非常強勁。我認為我們的客戶對此非常投入。事實上，由於客戶更加重視天然色素，我們甚至看到新產品的推出減少。

They're taking folks from around their labs and having them work on this natural color reformulation has, in some cases, actually slowed launch activity in other parts of the market for them. So big effort but very, very exciting and we feel really, really good that we've got a lot of great technology to share with the customers here.

他們從實驗室中招募人員，並讓他們致力於這種天然色素的重新配方，在某些情況下，這實際上減緩了他們在其他市場領域的產品發布活動。雖然付出了巨大的努力，但我們感到非常非常興奮，我們感到非常高興，因為我們有許多優秀的技術可以與這裡的客戶分享。

Okay. And then for the Color segment specific to 2Q and the incrementals were north of 60%. It was 40% in the first quarter. I know there's variability just depending on timing and so on and so forth. But was there anything unique that drove that sort of improvement in 2Q going back to the earlier question on margin expansion.

好的。然後對於特定於第二季的彩色部分，增量超過了 60%。第一季這一比例為40%。我知道存在著變化，這取決於時間等等。但是，回到之前關於利潤率擴張的問題，有什麼獨特的因素推動了第二季的這種改善嗎？

Yes. No. I mean, Ghansham, just Color Group reported really nice EBITDA margins north of 25%. So there was nothing real specific. I mean really, the new wins that Paul has alluded to, and we've been talking about for the last several years has really been driving that growth.

是的。不。我的意思是，Ghansham，Color Group 報告的 EBITDA 利潤率確實達到了 25% 以上。所以沒有什麼真正具體的東西。我的意思是，保羅提到的新勝利，以及我們過去幾年一直在談論的勝利，確實推動了這種成長。

And then our focus on costs over the years and making sure that our cost basis especially in SG&A that we're able to leverage that. It's been a focus not only in the Color Group, but flavor in Asia and corporate as well. So I think you're starting to see that not only in the Color Group, but flavor in Asia as well.

多年來，我們一直專注於成本，並確保我們的成本基礎，特別是銷售、一般和行政費用，我們能夠利用這一點。這不僅是色彩集團的焦點，也是亞洲和企業關注的焦點。所以我認為你不僅開始在色彩組中看到這一點，而且在亞洲的風味中也看到這一點。

Okay. And then just last question, maybe a two-parter. So first off, on natural ingredients, what do you think is the realistic timeline for volumes to inflect higher? Obviously, 2Q was -- it looks below our forecast. And then second, in terms of CapEx, I mean, it's rare for a company of your size to raise CapEx so quickly during the course of the year, two quarters in a row and so on.

好的。然後是最後一個問題，也許是兩個部分。那麼首先，就天然成分而言，您認為產量提高的實際時間表是什麼時候？顯然，第二季的表現低於我們的預測。其次，就資本支出而言，我的意思是，像您這樣規模的公司很少能在一年內、連續兩個季度等時間內如此迅速地增加資本支出。

Where exactly -- what exactly are you spending on in terms of capacity? And then how should we think about CapEx needs for 2026? I realize a lots going on and so on, but the opportunity set is big. So I'm just trying to get a sense as to how much of an uptick we should keep in the back of our minds for next year?

就容量而言，您具體在哪裡花了多少錢？那我們該如何考慮 2026 年的資本支出需求呢？我意識到有很多事情正在發生，但機會很大。所以我只是想了解一下，明年我們應該在心裡保持多少的成長？

Okay. So the timeline on SNI, this is essentially -- I think you'll see the inflection point late Q4. And the inflection point will be not only on revenue, but perhaps more importantly, on the cost profile of that product line. Right now, we're dealing with a very heavy cost crop stemming from a number of factors, not least of which was a downy mildew, I guess, you'd call it a polite last year in a number of our growing regions. And so I think you'll see a nice turnaround in SNI for 2026.

好的。因此，SNI 的時間表基本上是 - 我認為您會在第四季度末看到拐點。拐點不僅在於收入，更重要的在於該產品線的成本狀況。目前，我們正面臨著由多種因素導致的作物損失，其中最主要的是霜霉病，我想，在我們許多種植區，你可以稱其為去年的禮貌之舉。因此我認為你會看到 2026 年 SNI 出現良好的轉折。

But also, as you can see, we more than overcame whatever reductions in SNI we had to face from a headwind standpoint. And Flavors really delivered nice mid-single-digit top line growth and remarkably good leverage. And again, going back to Tobin's point, on the heels of really, really good product mix, really, really tight cost control. And let's not forget, we used to have a hell of a lot more plants in Flavors and now we don't. So we've got continued and substantially better optimization and utilization of our plants, which really, really feeds nicely into that leverage.

但同時，正如您所看到的，從逆風角度來看，我們完全克服了 SNI 所面臨的任何減少。而 Flavors 確實實現了中等個位數的營收成長和非常好的槓桿率。再次回到托賓的觀點，緊隨其後的是真正良好的產品組合和真正嚴格的成本控制。別忘了，我們以前在口味方面擁有大量的植物，但現在卻沒有了。因此，我們對工廠進行了持續且大幅的優化和利用，這確實很好地發揮了槓桿作用。

On the CapEx front, yes, that's right. We raised CapEx last quarter, and we're doing it again. And I would do it more if I could. But my constraint right now is how quickly I can get equipment and how quickly I can get little green lights to turn on in facilities around the world. So the faster we have CapEx in place this equipment.

在資本支出方面，是的，沒錯。我們上個季度提高了資本支出，並且我們將再次這樣做。如果可以的話我會做得更多。但我現在的限制是如何快速獲得設備以及如何快速讓世界各地的設施亮起綠燈。因此，我們越快將資本支出投入到該設備中。

And again, this is all -- that $10 million raise essentially 100% of it, with respect to natural colors. We want to win, and we want to win substantially, and we're going to put our money towards our strategy as we have for the last 15-plus years. And so I only wish I could have added more to the guidance in 2025, quite frankly. So we're feeling good with where we are. We've got a lot of capacity, but we're going to want to have a lot more capacity as this conversion heats up. And we want to enable customers to go faster if they want with this conversion.

再說一遍，這就是全部——這 1000 萬美元基本上是 100% 用於天然色素。我們想要勝利，我們想要取得實質勝利，我們將像過去 15 多年一樣，將資金投入到我們的策略中。因此，坦白說，我只希望能夠在 2025 年的指導中添加更多內容。所以我們對目前的狀況感到滿意。我們擁有很大的產能，但隨著這種轉變的升溫，我們希望擁有更多的產能。我們希望透過這種轉換讓客戶能夠更快完成任務。

And having that supply chain squared away and having the capacity available are big in that discussion. And so we gave a little bit of a hint about 2026. It would be, I'll tell you right now, it's going to be north of $100 million. Depending on the timing and other factors, we'll refine that as we move forward. But I think we're going to be very, very happy that we did this, and it's going to enable us to really win a good share of these conversion opportunities.

而供應鏈的完善和產能的可用是這次討論的重點。因此我們對 2026 年給了一些暗示。我現在就告訴你，這個數字將會超過 1 億美元。根據時間和其他因素，我們會在前進的過程中不斷改進這一點。但我認為我們會非常非常高興我們這樣做了，這將使我們真正贏得很大一部分轉換機會。

Nicola Tang, BNP Paribas.

法國巴黎銀行的 Nicola Tang。

First, I guess, a follow-up on the CapEx point. You mentioned that you already have a lot of capacity that you want to enable customers to grow faster. Based on your current capacity, do you feel comfortable in terms of the conversion of the $110 million of existing synthetics revenues that we're referring to earlier or does the CapEx investment that we're talking about also help to, I suppose, fund or support the capacity for the conversion of existing customers as well. Just trying to understand how much sort of incremental growth opportunity there is on top of just the conversion of existing customers.

首先，我想，要跟進一下資本支出點。您提到您已經擁有很大的產能，希望能夠幫助客戶更快成長。根據您目前的產能，您是否對我們之前提到的 1.1 億美元現有合成收入的轉換感到滿意，或者我們正在談論的資本支出投資是否也有助於資助或支持現有客戶的轉換能力。只是想了解除了現有客戶的轉換之外還有多少增量成長機會。

So yes, so today's manufacturing footprint would be insufficient to convert that $110 million. Now, could it get us halfway there? I don't know. I haven't necessarily thought about that question, but it could certainly get us a fraction of the way there. And so this incremental spend is really essential to the longer-term opportunity.

是的，今天的製造足跡不足以轉換這 1.1 億美元。現在，它能幫助我們達成一半目標嗎？我不知道。我並沒有認真考慮過這個問題，但它肯定能幫助我們實現目標。因此，這筆增量支出對於長期機會來說確實至關重要。

Do you also see an opportunity to take more share to be on just converting the $110 million? Or that's really what you're thinking about in terms of this CapEx step up for the next few years?

您是否也看到了透過轉換 1.1 億美元獲得更多份額的機會？或者這就是您對未來幾年資本支出增加真正考慮的事情？

Well, I always think about growing the business. And if I have something that somebody else doesn't have good for us. And so yes, I think that this puts us in a very, very good position to capture our existing share of synthetic but you don't necessarily -- you don't win every single opportunity. So we want to ensure the odds of that grow and grow and capital is one of those levers we have to ensure we capture our share and we're always going for more. But remember, too, there's slices of the natural color market that we're not particularly interested in.

嗯，我總是想著發展業務。如果我擁有別人沒有的東西，對我們就沒有好處。所以是的，我認為這使我們處於非常非常有利的位置來奪取我們現有的合成份額，但你不一定——你不會贏得每一個機會。因此，我們希望確保這種可能性不斷增長，而資本是我們確保獲得份額的槓桿之一，並且我們始終追求更多。但也請記住，天然色素市場中有些部分我們並不是特別感興趣。

They're not as defensible, much more basic applications stability, formulation, applications expertise are not really considerable factors in winning those types of products. So selling buckets of something or other, to somebody who's going to buy it this year and give it to somebody else next year. We largely tend to stay away from that sort of transaction. And there's definitely an element of that in natural colors as there is with every market, I think.

它們的防禦能力較弱，更基本的應用穩定性、配方、應用專業知識並不是贏得此類產品真正重要的因素。因此，將一桶桶的東西賣給某人，某人今年會購買它，明年再送給別人。我們基本上傾向於遠離此類交易。我認為，就像每個市場一樣，自然色彩中肯定也存在這樣的元素。

Okay. And the second question was more around pricing or the relative pricing of naturals and synthetics and how this could develop over time. I think today, you talk about to exactly color match, you talked a lot about the importance of this, kind of average 1 to 10 conversion synthetics to naturals. I was wondering given what you said about the challenges around supply chain, around like physical availability of products, but also the increase in technology or more complex technology that we're seeing, whether actually the price, the relative cost or the relative price point of naturals could actually be higher than the 10 to 1 going forward? Or do you think it will come down?

好的。第二個問題更涉及定價或天然物和合成物的相對定價以及其如何隨時間發展。我認為今天，您談到了精確的顏色匹配，您多次談到了這一點的重要性，即平均 1 比 10 的合成物與天然物的轉化率。我想知道，鑑於您所說的供應鏈方面的挑戰，例如產品的物理可用性，以及我們所看到的技術或更複雜技術的進步，天然產品的價格、相對成本或相對價格點是否實際上可能高於 10 比 1？或者您認為它會下降嗎？

Well, the sort of the 10 to 1 or 8 to 10 depending on who you talk to, that's an average case. So if you just think of a normal distribution of data, that's probably kind of right down the middle. There are some applications that it might be 15 times or 20 times and then there are other applications of maybe 3 times or 4 times. So there's a lot of possibilities within that. So as this begins in earnest this conversion, you can imagine that there will be a lot of folks who want to enter from a supply standpoint, the growing of these botanicals, the processing of these botanicals.

嗯，根據你與誰交談，比例大概是 10 比 1 或 8 比 10，這是一個平均情況。因此，如果您只考慮資料的常態分佈，那可能就在中間。有些應用程式可能需要 15 倍或 20 倍，而其他應用程式可能需要 3 倍或 4 倍。因此這其中存在著很多可能性。因此，當這個轉變真正開始時，你可以想像會有很多人從供應的角度參與這些植物的種植和加工。

And so I think that would be fundamentally a good long-term program. When you think about the FAC, fully absorbed cost of a natural color to be produced. The vast majority of that cost is raw materials, maybe even 60%, 70% in some cases. So every lever one could have to reduce that raw material cost, you really want to pull it. I mean it's certainly our expectation.

所以我認為這從根本上來說是一個很好的長期計劃。當您考慮 FAC 時，它會完全吸收生產天然色素的成本。其中絕大部分成本是原料，在某些情況下甚至可能達到 60% 甚至 70%。因此，我們確實需要利用一切可能的手段來降低原料成本。我的意思是這當然是我們的期望。

We want to optimize the economics for our customers as much as possible. We want them to be successful. We want them to be eager to do this. And so yes, finding those additional supplies and just having more supply available as we proceed. I think that's going to be a real positive for us and for the industry so that we can continue to bring that 10 times down to 8 times and 7 times and whatever that may be.

我們希望盡可能為客戶優化經濟效益。我們希望他們能夠成功。我們希望他們渴望這樣做。是的，我們會找到這些額外的供應品，並在我們前進的過程中提供更多的供應品。我認為這對我們和整個行業來說都是一件非常積極的事情，這樣我們就可以繼續將這個數字從 10 倍降低到 8 倍、7 倍等等。

And our continued efforts around R&D development of better solutions. You go back 15 years, it wasn't 10 times, it was probably like 35 times. And so over time, through technology, the development work we've done in this space and perhaps even others, I think, has really gone a long way to reducing it to where we are today. So I still think there's opportunities in the future to do that. But again, it's all in the interest of helping our customers to really be successful with their product categories in these spaces.

我們將繼續致力於研發更好的解決方案。回顧 15 年前，這不是 10 倍，而是可能有 35 倍。因此，隨著時間的推移，透過技術，我們在這個領域甚至其他領域所做的開發工作，我認為，已經在很大程度上將其縮小到今天的水平。所以我仍然認為未來還有機會做到這一點。但同樣，這一切都是為了幫助我們的客戶在這些領域的產品類別中真正取得成功。

Okay. Great. And then a final question, just on the Flavors & Extracts division. I mean, packaged food volumes from an industry perspective have been pretty lackluster for quite a long time. I was wondering if you could talk a little bit about your outlook, both in terms of the industry but also what you're seeing in terms of new win activity and what's your outlook for growth here?

好的。偉大的。最後一個問題是關於香料和萃取物部門的。我的意思是，從行業角度來看，包裝食品的銷售量長期以來一直相當低迷。我想知道您是否可以談談您的前景，包括行業前景、新勝利活動以及您對這裡的成長前景如何？

So the market data I look at for Q2 would suggest that the volume of goods sold in the United States, food packaged goods, not the revenue, but the volume was actually down in Q2. Europe was up modestly. And again, those are averages. So there were some categories that did quite well, energy drinks. I contribute substantially to that market.

因此，我查看的第二季度市場數據表明，美國銷售的商品數量（食品包裝商品，而不是收入，而是數量）在第二季度實際上有所下降。歐洲股市小漲。再次強調，這些都是平均值。有些類別表現相當不錯，例如能量飲料。我為該市場做出了巨大貢獻。

But there are others that are sort of less interesting to folks. And so net-net, the volume was down in the US, up slightly in Europe. There are nice patches in Asia as much as folks talk about China and oh, they're still up 4%, 5% in that -- in most of the markets that we're serving there. With respect to launch activities, to me, it's a little bit more of the same, pretty flat, not a lot of movement from Q1. Yes, line extensions, yes, repackaging.

但還有一些對人們來說不那麼有趣。因此，總體而言，美國的交易量下降，歐洲的交易量略有上升。就像人們談論中國一樣，亞洲也有一些不錯的市場，哦，在我們服務的大多數市場中，中國市場仍然成長了 4% 到 5%。對於發布活動，對我來說，情況大致相同，相當平穩，與第一季相比沒有太大變化。是的，產品線延伸，是的，重新包裝。

And so I think continued sort of fewer to the world product new-to-the-world products. And I think that's on the heels of a lot of uncertainty with respect to interest rates, tariffs, and perhaps an unwillingness for certain brands to really take big bets on products that may not do so well in the marketplace. So we see kind of the continued maybe slow launch activity. But hey, listen, I mean natural colors is an enormous launch activity. So whereas, yes, maybe there's products over here that aren't generating a lot of launch activity and at the macro level, it's not.

因此我認為，世界上新產品的數量將繼續減少。我認為這是由於利率、關稅等方面的許多不確定性造成的，或許還有某些品牌不願意在市場上表現不佳的產品上投入巨資。因此，我們看到發布活動可能會持續緩慢。但是，嘿，聽著，我的意思是自然色彩是一項巨大的發布活動。所以，是的，也許這裡的產品並沒有產生很多的發布活動，從宏觀層面來看，事實並非如此。

Natural colors will certainly provide the enormous uptick that we would hope is going to help drive our business longer-term.

天然色素無疑將帶來巨大的成長，我們希望這將有助於推動我們的業務長期發展。

So I think the fact that we picked natural colors that we've been very focused on natural colors, I think we're going to be rewarded for that in the market launches and the growth opportunities that are there. So yes, the macro level is one thing, but the markets and the segments that we've really been emphasizing is another, and this is why you go back to 2019, our year-over-year average revenue growth rate is north of 6% in local currency. So I think we picked the right segments, and I think we're going to continue to execute pretty well on these.

因此，我認為，我們選擇天然色素，我們一直非常注重天然色素，我認為我們將在市場推出和成長機會中獲得回報。所以，是的，宏觀層面是一回事，但我們真正強調的市場和細分市場是另一回事，這就是為什麼回顧 2019 年，我們的年平均收入成長率以當地貨幣計算超過 6%。所以我認為我們選擇了正確的細分市場，並且我認為我們會繼續在這些細分市場中表現得很好。

David Green, Boldhaven.

大衛‧格林，博爾德黑文。

Yes, first quick question. You've raised the local currency adjusted EBITDA guide from mid- to high single to high single but you haven't changed the local currency adjusted from the high single digit to double digit. I just wondered what the moving parts were there.

是的，第一個快速問題。您已將當地貨幣調整後的 EBITDA 指南從中高個位數提高到高個位數，但尚未將當地貨幣調整後的 EBITDA 從高個位數更改為兩位數。我只是想知道那裡有哪些活動部件。

Well, you're right. We raised EBITDA and we maintained revenue. EPS is still high to double digit. And so I think you're probably doing the math and you're saying, well, if they got mid-single-digit revenue and high EBITDA, how the heck do they not get double-digit EPS. Well, we can.

嗯，你說得對。我們提高了 EBITDA 並保持了收入。每股收益仍高達兩位數。所以我想你可能正在做數學題，你會說，如果他們獲得了中等個位數的收入和高 EBITDA，那麼他們怎麼可能沒有獲得兩位數的 EPS。嗯，我們可以。

And I think that's certainly within the range. But EPS is oftentimes rather than a perfect metric. Most notably, since as you know, it doesn't account for local currency, and it doesn't take into account foreign exchange, which is why if you look back over the last 10 years, people will say Sensient's EPS is flat because it doesn't take into account local currency results. So it was an interesting metric in a time where folks only sold domestically. But in an international world, it's a little bit less relevant at times.

我認為這肯定在範圍內。但每股盈餘通常不是一個完美的指標。最值得注意的是，如你所知，它沒有考慮當地貨幣，也沒有考慮外匯，這就是為什麼如果你回顧過去 10 年，人們會說 Sensient 的每股收益是持平的，因為它沒有考慮當地貨幣的結果。因此，在人們只在國內銷售的時代，這是一個有趣的指標。但在國際世界中，它有時就沒那麼重要了。

But I think on the basis of local currency, as we like to think about EPS, yes, high-digit single digit to double digit. Double digit is very much potentially in play, but I think we like to leave wiggle room in as much as tax could change, interest could change, the Fed can do things that we can't predict and nobody can. And so there are moving parts kind of below the EBITDA line that could impact that. But I think we just want to make sure, David, that we just never disappoint you.

但我認為，以當地貨幣為基礎，正如我們喜歡考慮的每股收益，是的，從高位數個位數到兩位數。兩位數很有可能發揮作用，但我認為我們希望留下迴旋餘地，因為稅收可能會改變，利率可能會改變，聯準會可以做一些我們無法預測、也沒有人能做到的事情。因此，EBITDA 線以下的變動部分可能會對此產生影響。但我認為我們只是想確保，大衛，我們永遠不會讓你失望。

Yes. And just maybe to F&E and to the cost headwinds in SNI, is there any way you can kind of give us a feel for what kind of headwind to top line, those costs -- those elevated costs from crop are having?

是的。也許對於 F&E 和 SNI 的成本阻力來說，您能否讓我們了解一下這些成本——那些因農作物而增加的成本——對營收造成了什麼樣的阻力？

Well, the top line is really a function of a number of things. So number one, we had a really good last year and maybe a little bit too good and maybe we won some business that now we don't have, so you can almost call that there was a little bit of culling there. But I think first -- first of all, we had a really good Q2. So comparable -- comparing that was rather challenging. And then there's a bit of culling.

嗯，頂線實際上是由許多因素決定的。首先，我們去年的業績確實很好，甚至可能好得有點過頭了，我們可能贏得了一些現在沒有的業務，所以你幾乎可以說我們當時進行了一點淘汰。但我認為首先——我們的第二季表現非常好。因此，比較起來相當具有挑戰性。然後進行一些剔除。

There's a lot of tariff distortion. Where we've seen the most distortion in our results stemming from tariffs is SNI. The market in the United States, while we grow domestically, there's a lot of imported products coming from Asia and many of the agents and customers and others stocked up on these products in the first half of the year. And so -- and as much as we have a strong share in a lot of these accounts and we expect to see a little bit of an improvement sequentially in the back half of the year. But these tariffs and the very long shelf life of these products kind of contributed to some of the headwinds that we're seeing right now.

存在著許多關稅扭曲。我們發現，關稅對績效造成最大扭曲的是 SNI。在美國市場，雖然我們在國內市場有所成長，但也有很多來自亞洲的進口產品，許多代理商、客戶和其他人在上半年都囤積了這些產品。因此 — — 儘管我們在許多此類帳戶中佔有相當大的份額，但我們預計今年下半年的情況會有所改善。但這些關稅和這些產品的超長保質期在某種程度上造成了我們目前看到的一些不利因素。

So yes, I think on the cost, probably perhaps arguably the single biggest cost is the actual crop cost and the yield stemming from that and some of these matters I mentioned before with downy mildew, which contributes a lot to operational costs. So I think much of that has been resolved. Much of that is still to be resolved, but I think the crop that is coming in now it actually looks really good, and it's going to be at this point to predict that we think it's going to be really, really good for the duration of the harvest season, which would go for a few more months. So I think we'll be in a very nice position in 2026 on SNI not only on revenue, but on profit. But I think you'll see some sequential improvements as we get into Q3 and Q4 of 2025 as well.

所以是的，我認為就成本而言，可能可以說最大的單項成本是實際作物成本和由此產生的產量，以及我之前提到的一些問題，例如霜霉病，這些對營運成本貢獻很大。所以我認為大部分問題已經解決。其中許多問題仍有待解決，但我認為現在收穫的農作物實際上看起來非常好，而且從這一點來看，我們可以預測，在收穫季節（還會持續幾個月）期間，農作物的收成會非常非常好。因此我認為，到 2026 年，我們的 SNI 不僅在收入方面，而且在利潤方面都將處於非常有利的地位。但我認為，隨著我們進入 2025 年第三季和第四季度，您還會看到一些連續的改進。

But not every product line is always hitting on all thrusters at the same time, but the big picture here is Flavors was still up almost 9% in EBITDA, and we feel really, really good about that. And I think that as we get SNI fire on all thrusters, I think we have really nice 2026 to follow up a really, really nice long run here in the Flavors group.

但並非每條產品線都能同時發揮所有推動力，但總體而言，風味產品的 EBITDA 仍然上漲了近 9%，我們對此感到非常非常滿意。我認為，隨著我們在所有推進器上都獲得 SNI 火力，我認為我們將在 2026 年取得非常好的成績，以跟進 Flavors 集團的長期發展。

And just I know there's been a few questions around the really positive operating leverage in both Colors and F&E. And I think you had mentioned mix as one of the drivers. When you say mix within those respective businesses, what does that mean specifically?

我知道，人們對 Colors 和 F&E 的真正積極的經營槓桿存在一些疑問。我認為您曾提到混合是驅動因素之一。當您說在各自的業務中進行混合時，具體是什麼意思？

So mix in Flavors, for example, is selling more Flavors. In the universe of flavors, there are things flavors like you know I love great flavor, for example, so that. But there's also components of flavor systems. We call those flavor ingredients. And so I think certain products in certain applications generate command higher gross margins given the technical sophistication of those products.

例如，混合口味可以銷售更多口味。在風味的世界中，存在著像您知道的我喜歡的美味這樣的風味。但也有風味系統的成分。我們稱這些為調味料。因此，我認為，考慮到產品的技術複雜性，某些應用領域的某些產品能夠產生更高的毛利率。

And I think our ability to execute on that in particular would be what I would argue as one of the single biggest components and mix that has contributed to the really positive outcomes there you see in Flavors. In colors, similar dynamic, right? You've heard me talk about there are different parts of the natural color market. Colors that are very precise and they have to be synthetic color matches, much more technically driven products versus what you might call a belly wash natural color. There's some really not all that interesting, not all that profitable, not all that defensive.

我認為，我們執行這一目標的能力是促成香精業務取得真正積極成果的最大因素和組合之一。在顏色上，類似的動態，對嗎？您已經聽我談論過天然色素市場的不同部分。顏色非常精確，而且必須是合成顏色匹配，與所謂的洗腹天然色相比，這些產品更加重視技術。有些東西確實不那麼有趣，不那麼有利可圖，也不那麼具有防禦性。

And so when you sell more of the former and less of the latter, you have a real nice uplift stemming from mix. So those are a couple of examples that I'd speak to explain the mix and the operating leverage.

因此，當您銷售更多的前者而銷售更少的後者時，您會獲得來自混合的真正良好的提升。這些是我想用來解釋組合和經營槓桿的幾個例子。

Great. I guess one -- one more final question. It's not necessarily a huge part of the business, but when I look at Personal Care, specifically within Colors, it still looks a bit soft. Is there anything driving that? Or any expectations to when that might improve?

偉大的。我想還有一個最後一個問題。它不一定是業務的重要組成部分，但當我看個人護理，特別是色彩方面時，它看起來仍然有點疲軟。有什麼因素推動了這現象嗎？或是對於何時會有所改善有何預期？

No. Yes, it is a little bit soft. And really in Europe is the big one, soft in North America as well, quite nice growth in Asia Pacific and LatAm. So yes, it was a little bit soft, but it's softly very profitable business for us. And so I think this is one industry where there's a lot of change afoot.

不。是的，有點軟。歐洲確實是最大的市場，北美同樣疲軟，但亞太地區和拉丁美洲的成長相當不錯。所以是的，雖然有點疲軟，但對我們來說，這是一筆非常有利可圖的業務。所以我認為這個行業正在發生巨大的變化。

Whoever have thought anybody was going to buy cosmetic products on e-commerce platforms. Whoever thought there was going to be such a push to selling certain products across different generational divide. And so there's been a lot of shift in the market. There's been a lot of movement towards third-party manufacturers, manufacturing products. So the world of going to a department store and buying from a household brand name.

誰會想到有人會在電子商務平台上購買化妝品呢？誰會想到會有如此大的推動力來跨越不同世代的界線銷售某些產品。因此市場發生了很大變化。第三方製造商生產產品的趨勢已大大增強。因此，去百貨公司購買家喻戶曉的品牌商品是常有的事。

Yes, there's still a lot of that. But there's also a lot of influencers, folks who don't even know how to -- they don't have the ability to manufacture product, know how to develop the products, but they go to those who can manufacture for them and develop for them.

是的，還有很多。但也有很多有影響力的人，他們甚至不知道如何——他們沒有能力製造產品，也不知道如何開發產品，但他們會去找那些可以為他們製造和開發產品的人。

And it's the influence that we've seen through a lot of these start-up brands in Personal Care space that's really, really shaken that market substantially. And so a couple of years ago, it was all about skin. Now, it's all about fragrance. And a couple of years from now, it's not going to be about either of those or maybe it will be about both or maybe it will be about makeup. And so our game here has been to continue to diversify our platform, which historically has been color cosmetics, makeup principally body care.

我們看到，個人護理領域的許多新興品牌確實對市場產生了巨大影響。幾年前，一切都與皮膚有關。現在，一切都與香水有關。幾年後，它不再只與其中任何一個有關，或者可能與兩者有關，或者可能與化妝品有關。因此，我們的策略是繼續使我們的平台多樣化，歷史上我們的平台主要包括彩色化妝品、化妝品和身體護理產品。

And so I think the long-term prospects are going to be most promising as this segment begins to convert to natural colors. So as you look at sensing for the next 10 to 15 years, you'd say, okay, lot of natural colors in food and beverage for the next, call it, four or five years. And then it will be very interesting to see how the technology evolves there for the next wave of natural colors. And then I think alongside that, you're going to see, as technology improves, a much broader use of natural colors in personal care applications, and that will be an enormous opportunity for Sensient as well. So again, we play the long game around here, and that's another long game we're playing, and we would predict that there is -- as we did with food, there is an inevitable conversion to natural colors that you will see in personal care in the coming years.

因此，我認為，隨著這一領域開始轉向自然色彩，長期前景將是最有希望的。因此，當你展望未來 10 到 15 年的感知時，你會說，好吧，在接下來的四到五年裡，食品和飲料中將會有很多天然色素。然後看看下一波自然色彩的技術如何發展將會非常有趣。然後我認為，除此之外，隨著技術的進步，你會看到天然色素在個人護理應用中的使用範圍更加廣泛，這對 Sensient 來說也是一個巨大的機會。所以，我們再次打持久戰，這是我們正在進行的另一場持久戰，我們預測——就像我們對食品所做的那樣，未來幾年在個人護理領域不可避免地會出現向天然色素的轉變。

So hey, they might have had a little bit of a soft quarter. I'm okay with that. I guess the long game, that's going to be even more profitable and successful business than it's already been for us.

所以，嘿，他們可能經歷了一個稍微疲軟的季度。我同意。我想，從長遠來看，這將是一項比我們現有的業務更有利可圖、更成功的業務。

There are no further questions at this time. I will turn the conference back to the company, and Tobin Tornehl any closing remarks.

目前沒有其他問題。我將把會議交還給公司，並由 Tobin Tornehl 致閉幕詞。

Thank you again for your time today. Before we conclude, I'd just like to reiterate some of the comments on our estimates for Q3. Currently, we expect our interest expense to be about flat with prior year, around $7.7 million for the quarter. We expect our tax rate to be around 24% in Q3. And given the current exchange rates, we expect the overall impact in the quarter to be immaterial.

再次感謝您今天抽出時間。在結束之前，我想重申我們對第三季估計的一些評論。目前，我們預計本季的利息支出將與去年同期基本持平，約為 770 萬美元。我們預計第三季的稅率將在 24% 左右。鑑於目前的匯率，我們預期本季的整體影響並不大。

That concludes our call today. If you have any follow-up questions, please contact the company. Thank you.

今天的通話到此結束。如果您有任何後續問題，請聯絡本公司。謝謝。

The conference has concluded. You may now disconnect.

會議已經結束。您現在可以斷開連線。