Transcat Inc (TRNS) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Transcat, Inc. second-quarter fiscal year 2026 financial results call. As a reminder, this conference is being recorded.

大家好，歡迎參加 Transcat, Inc. 2026 財年第二季財務業績電話會議。再次提醒，本次會議正在錄影。

It is now my pleasure to introduce your host, John Howe, Senior Director of Financial Planning and Analysis. Thank you, John. You may begin.

現在，我很高興向大家介紹主持人約翰·豪，他是財務規劃與分析高級總監。謝謝你，約翰。你可以開始了。

Thank you, operator, and good afternoon, everyone. We appreciate your time and your interest in Transcat. With me here on the call today is our President and CEO, Lee Rudow; and our Chief Financial Officer, Tom Barbato. We will begin the call with some prepared remarks, and then we will open the call for questions.

謝謝接線員，大家下午好。我們感謝您抽出時間並關注Transcat。今天和我一起參加電話會議的還有我們的總裁兼執行長李·魯多，以及我們的財務長湯姆·巴巴托。我們將首先發表一些準備好的講話，然後開放提問環節。

Our earnings release crossed the wire after markets closed this afternoon. Both the earnings release and the slides that we will reference during our prepared remarks can be found on our website, transcat.com, in the Investor Relations section. If you would please refer to slide 2.

我們的獲利報告在今天下午股市收盤後發布。您可以在我們的網站 transcat.com 的「投資者關係」部分找到收益報告和我們將在發言中引用的幻燈片。請參考投影片2。

As you are aware, we may make forward-looking statements during the formal presentation and Q&A portion of this teleconference. These statements apply to future events, which are subject to risks and uncertainties as well as other factors that could cause the actual results to differ materially from where we are today. These factors are outlined in the news release as well as in the documents filed by the company with the SEC. You can find those on our website where we regularly post information about the company as well as on the SEC's website at sec.gov.

如您所知，我們可能會在本次電話會議的正式演講和問答環節發表前瞻性聲明。這些聲明適用於未來事件，但未來事件存在風險和不確定性，以及其他可能導致實際結果與我們今天的情況有重大差異的因素。這些因素在新聞稿以及本公司向美國證券交易委員會提交的文件中均有概述。您可以在我們網站上找到這些信息，我們會定期在網站上發布有關公司的信息，也可以在美國證券交易委員會的網站 sec.gov 上找到這些信息。

We undertake no obligation to publicly update or correct any of the forward-looking statements contained in this call, whether as a result of new information, future events or otherwise, except as required by law. Please review our forward-looking statements in conjunction with these precautionary factors. Additionally, during today's call, we will discuss certain non-GAAP measures, which we believe will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We've provided reconciliations of non-GAAP to compared GAAP measures in the tables accompanying the earnings release.

除法律要求外，我們不承擔因新資訊、未來事件或其他原因而公開更新或更正本次電話會議中所含任何前瞻性聲明的義務。請結合這些預防措施來審視我們的前瞻性聲明。此外，在今天的電話會議中，我們將討論一些非GAAP指標，我們認為這些指標對於評估我們的表現是有用的。您不應孤立地看待這些補充資訊的呈現，也不應將其視為按照公認會計原則編制的結果的替代品。我們在隨附獲利報告的表格中提供了非GAAP指標與比較GAAP指標的調節表。

With that, I'll turn the call over to Lee.

這樣，我就把電話交給李了。

Okay. Thank you, John. Good afternoon, everyone. Thank you for joining us on the call today. Transcat delivered strong performance again in our second quarter of fiscal 2026.

好的。謝謝你，約翰。大家下午好。感謝您今天參加我們的電話會議。Transcat 在 2026 財年第二季再次取得了強勁的業績。

The key to Transcat's ongoing success is the consistent execution of our unique strategy, which includes the diversity of our product and service portfolio. As a reminder, there are 4 key elements to our strategy: organic service growth, inherent operating leverage in our service platform, strategic acquisitions and growth in our highly profitable rental channel. The combination of all four creates a unique and proven resiliency in our business model, which can be seen clearly in the first half of our fiscal 2026 year.

Transcat持續成功的關鍵在於始終如一地執行我們獨特的策略，其中包括我們產品和服務組合的多樣性。再次提醒大家，我們的策略包含 4 個關鍵要素：有機服務成長、服務平台固有的營運槓桿、策略性收購以及高利潤租賃管道的成長。這四者的結合為我們的商業模式創造了獨特且經實踐證明的韌性，這一點在 2026 財年上半年可以明顯看出。

And in the second quarter, despite continued economic uncertainty and volatility, consolidated revenue increased 21% to $83 million. Stable calibration revenue driven by customer retention, strong performances by our two recent acquisitions, Martin Calibration and Essco Calibration and significant growth in our rental channel drove double-digit revenue growth in both our service and distribution segments.

第二季度，儘管經濟持續存在不確定性和波動性，但合併收入仍成長了 21%，達到 8,300 萬美元。客戶留存率帶來的穩定校準收入、我們最近收購的兩家公司 Martin Calibration 和 Essco Calibration 的強勁表​​現以及租賃管道的顯著增長，推動了我們的服務和分銷部門收入的兩位數增長。

In addition, in the second quarter, consolidated gross profit grew 26% and gross margins expanded 120 basis points. Our differentiated strategy also enabled adjusted EBITDA growth of 37% with 160 basis points of margin expansion. Amidst macroeconomic uncertainty and continued headwinds, the team did an excellent job finding ways to win, grow and position the company for sustainable long-term growth throughout both segments.

此外，第二季綜合毛利成長26%，毛利率成長120個基點。我們差異化的策略也讓調整後的 EBITDA 成長了 37%，利潤率提高了 160 個基點。在宏觀經濟不確定性和持續不利因素的影響下，團隊出色地找到了贏得市場、發展壯大並為公司在兩個業務領域實現可持續長期增長的方法。

Turning to the service results in the second quarter. Service revenue increased 20% and recorded its 66th straight quarter of year-over-year growth. Early results of our most recent acquisition, Essco Calibration have been very strong. As expected, Essco is a perfect fit, and as we like to say, right down the fairway for Transcat. Essco, like the Martin Calibration acquisition earlier in the fiscal year, demonstrates our ability to attract and acquire highly sought-after calibration companies that expand our capabilities, geographic footprint, leadership and most importantly, our ability to deliver long-term organic service growth.

接下來來看看第二季的服務業績。服務收入成長了 20%，連續第 66 個季度實現同比增長。我們最近收購的 Essco Calibration 公司早期業績非常強勁。正如預期的那樣，Essco 非常適合 Transcat，正如我們常說的，它完全符合 Transcat 的期望。與本財年早些時候收購 Martin Calibration 一樣，Essco 也證明了我們有能力吸引和收購備受追捧的校準公司，從而擴大我們的能力、地域覆蓋範圍、領導地位，最重要的是，擴大我們實現長期有機服務增長的能力。

Transcat's reputation as a strategic acquirer of choice in the calibration industry continues to be an important differentiator. We firmly believe our methodology and culture around integration and synergy capture is second to none. The acquisitions of both Essco and Martin have made Transcat a very difficult company to compete with.

Transcat 作為校準行業首選策略性收購方的聲譽仍然是其重要的差異化優勢。我們堅信，我們在整合和協同效應獲取方面的方法和文化是首屈一指的。收購 Essco 和 Martin 兩家公司後，Transcat 成為一家非常難以競爭的公司。

Turning to distribution. In the second quarter, distribution revenue grew 24% from high demand, especially in our rental channel. Gross margin expanded 530 basis points versus prior year, driven primarily by an increase in the mix of higher-margin rental revenue within the Distribution segment. The strength of our balance sheet continues to support Transcat's proven growth strategy. Our new syndicated credit facility nearly doubles Transcat's resources to execute on proven acquisition and growth strategies, automation and many new AI programs in the works.

轉向分銷。第二季度，由於需求旺盛，尤其是租賃管道的需求旺盛，分銷收入成長了 24%。毛利率較上年增長 530 個基點，主要得益於分銷部門中高利潤率租賃收入佔比的增加。我們穩健的資產負債表持續為Transcat行之有效的成長策略提供支援。我們新的銀團信貸安排使 Transcat 的資源幾乎翻了一番，從而能夠執行已驗證的收購和成長策略、自動化以及正在籌備的許多新的人工智慧專案。

We expect AI to generate new data streams and associated insights that will benefit both sales and operations from productivity to capacity planning, from marketing to customer retention. We are engaged in a new level of data management and delivery.

我們期望人工智慧能夠產生新的數據流和相關見解，使銷售和營運在生產力、產能規劃、行銷和客戶維係等方面都受益。我們正在邁向資料管理和交付的新階段。

Overall, we're pleased with our second quarter performance, which like the first quarter, remains strong despite continued economic headwinds. With that, I'll turn things over to Tom for a more detailed look at the second quarter financial results.

整體而言，我們對第二季的業績感到滿意，與第一季一樣，儘管經濟持續面臨不利因素，但業績依然強勁。接下來，我將把麥克風交給湯姆，讓他更詳細分析第二季的財務表現。

Thanks, Lee. I'll start on slide 5 of the earnings deck, which provides detail regarding our revenue on a consolidated basis and by segment for the second quarter of fiscal 2026. Second quarter consolidated revenue of $82.3 million was up 21% versus prior year as both segments grew double digits. Looking at it by segment, service revenue grew 20% despite continued economic volatility. Distribution revenue of $29.4 million grew 24%, primarily due to strong performance from the higher-margin rental business.

謝謝你，李。我將從收益報告的第 5 頁開始，其中詳細介紹了我們 2026 財年第二季的合併收入和各業務部門的收入情況。第二季綜合營收為 8,230 萬美元，比上年同期成長 21%，兩個業務部門均實現了兩位數成長。以業務部門來看，儘管經濟持續波動，服務收入仍成長了 20%。分銷收入為 2,940 萬美元，成長了 24%，主要得益於利潤率較高的租賃業務的強勁表現。

Turning to slide 6. Our consolidated gross profit for the second quarter of $26.8 million was up 26% from the prior year. Service gross profit increased 17% versus prior year. We continue to leverage higher levels of technician productivity and our differentiated value proposition. That said, service margins continue to be pressured by lower than historic levels of organic growth as well as lower year-over-year Transcat Solutions revenue.

翻到第6張投影片。第二季綜合毛利為 2,680 萬美元，比上年同期成長 26%。服務業毛利較上年成長17%。我們將繼續利用更高的技術人員生產力和我們差異化的價值主張。儘管如此，由於有機成長低於歷史水準以及 Transcat Solutions 營收年減，服務利潤率仍持續面臨壓力。

Distribution segment gross profit of $9.8 million was up 48% with 530 basis points of gross margin expansion, driven primarily from the performance in our rental channel.

分銷部門毛利為 980 萬美元，成長 48%，毛利率成長 530 個基點，主要得益於租賃通路的表現。

Turning to slide 7. Q2 net income of $1.3 million decreased $2 million versus the prior year, driven by higher interest expense and increased tax rate within the quarter. Q2 net income was negatively impacted by both onetime expenses related to the company's CEO succession plan and a higher effective income tax rate. The income tax rate was impacted by higher-than-anticipated excluded compensation expenses also tied to the CEO succession plan. Diluted earnings per share came in at $0.14.

翻到第7張投影片。第二季淨收入為 130 萬美元，比去年同期減少了 200 萬美元，主要原因是本季利息支出增加和稅率上升。第二季淨收入受到公司執行長繼任計畫相關的一次性支出以及較高的實際所得稅率的負面影響。所得稅率受到高於預期的免稅薪資支出的影響，這些支出也與執行長繼任計畫有關。稀釋後每股收益為 0.14 美元。

We expect additional onetime CEO succession costs and a similar resulting impact on the company's effective tax rate in the second half of fiscal 2026. We report adjusted diluted earnings per share as well to normalize for the impact of upfront and ongoing acquisition-related costs. Q2 adjusted diluted earnings per share was $0.44. A reconciliation of diluted earnings per share to adjusted diluted earnings per share can be found in the supplemental schedules attached to this presentation.

我們預計，在 2026 財年下半年，CEO 繼任將產生額外的一次性成本，並對公司的實際稅率產生類似的影響。我們也報告了調整後的稀釋每股盈餘，以消除前期和持續收購相關成本的影響。第二季調整後稀釋每股收益為 0.44 美元。稀釋每股盈餘與調整後稀釋每股盈餘的調節表可在本簡報所附的補充附表中找到。

Flipping to slide 8, where we show our consolidated adjusted EBITDA and adjusted EBITDA margin. We use adjusted EBITDA, which is non-GAAP, to gauge the performance of our business because we believe it is the best measure of our operating performance and ability to generate cash.

翻到第 8 張投影片，其中顯示了我們的合併調整 EBITDA 和調整 EBITDA 利潤率。我們使用調整後的 EBITDA（非 GAAP 指標）來衡量我們業務的業績，因為我們認為它是衡量我們經營業績和創造現金能力的最佳指標。

As we continue to execute on our acquisition strategy, this metric becomes even more important to highlight as it does adjust for onetime deal-related transaction costs as well as increased levels of noncash expenses that will hit our income statement from acquisition purchase accounting. Second quarter consolidated adjusted EBITDA of $12.1 million increased 37% from the same quarter in the prior year with 160 basis points of margin expansion.

隨著我們繼續執行收購策略，這項指標變得更加重要，因為它調整了與交易相關的一次性交易成本，以及收購購買會計處理將對我們的損益表產生的非現金支出增加。第二季綜合調整後 EBITDA 為 1,210 萬美元，較上年同期成長 37%，利潤率擴大 160 個基點。

Please note that segment non-GAAP results are now labeled adjusted operating income, but the calculation did not change. As always, a reconciliation of adjusted EBITDA to operating income and net income can be found in the supplemental section of this presentation.

請注意，分部非GAAP業績現在被標記為調整後營業收入，但計算方法並未改變。與往常一樣，調整後的 EBITDA 與營業收入和淨收入的調節表可在本簡報的補充部分中找到。

Moving to slide 9. Operating cash flow was up 5% versus the prior year, and CapEx is in line with expectations and continues to be centered around service segment capabilities, rental pool assets, technology and future growth projects.

切換到第9張投影片。營運現金流比上年增長 5%，資本支出符合預期，並持續集中在服務部門能力、租賃資產池、技術和未來成長項目。

Slide 10 highlights our strong balance sheet. At quarter end, we had total debt of $111.9 million, $38.1 million available for borrowings under our secured revolving credit facility and a leverage ratio of 2.25x. We were pleased to close the Essco Calibration deal in the second quarter. Essco was a coveted calibration company that is highly synergistic and fulfills all of our strategic acquisition drivers. Our expanding adjusted EBITDA margin will drive a lower leverage ratio in subsequent quarters.

第 10 張投影片重點介紹了我們強勁的資產負債表。截至季末，我們的總債務為1.119億美元，根據我們的擔保循環信貸額度，可藉款金額為3,810萬美元，槓桿率為2.25倍。我們很高興在第二季完成了對Essco Calibration的收購。Essco 是一家備受青睞的校準公司，與我們高度契合，滿足了我們所有的策略性收購需求。我們不斷擴大的調整後 EBITDA 利潤率將推動未來幾季槓桿率下降。

Lastly, our Form 10-Q will be filed November 5, after the market closes.

最後，我們的 10-Q 表格將於 11 月 5 日股市收盤後提交。

With that, I'll turn it back to you, Lee.

那麼，我就把麥克風交還給你了，李。

All right. Thank you, Tom. As I mentioned earlier, our diversified portfolio of products and services, along with a strong financial profile has generated consistent results over an extended period of time and through various economic cycles. This should not be understated as our business model continues to demonstrate its resiliency. In addition, we will continue to leverage technology as a competitive advantage by investing in state-of-the-art capabilities, systems, processes and AI, all of which drive sustainable growth and efficiencies into our business model.

好的。謝謝你，湯姆。正如我之前提到的，我們多元化的產品和服務組合，以及穩健的財務狀況，在較長一段時間內，經歷了各種經濟週期，都取得了持續的業績。這點不容小覷，因為我們的商業模式持續展現出其韌性。此外，我們將繼續利用技術作為競爭優勢，投資最先進的能力、系統、流程和人工智慧，所有這些都將為我們的商業模式帶來可持續的成長和效率。

This is the Transcat way. As previously discussed, we expect to return to high single-digit organic service growth in the second half of fiscal 2026. In addition, we would expect margin expansion as we return to historical rates of organic growth. We have a strong acquisition pipeline to support an increase in our geographic footprint, capabilities and overall market share. And where it makes sense, we will continue to expand our addressable markets through acquisition.

這就是Transcat的方式。如同先前討論過的，我們預計在 2026 財年下半年，有機服務業務將恢復到高個位數成長。此外，隨著我們恢復到歷史有機成長速度，我們預計利潤率將會擴大。我們擁有強大的收購計劃，以支持我們擴大地域覆蓋範圍、提升能力和擴大整體市場份額。在條件允許的情況下，我們將繼續透過收購來擴大我們的目標市場。

Our leadership team across multiple levels of the organization continues to get stronger and is a major contributor to our ability to continue to deliver sustainable long-term value for our shareholders. And with that, operator, we can open the call up for questions.

我們公司各層級的領導團隊不斷壯大，這大大增強了我們為股東持續創造永續長期價值的能力。操作員，這樣我們就可以開始接受提問了。

(Operator Instructions) Greg Palm, Craig-Hallum.

（操作說明）Greg Palm，Craig-Hallum。

I wanted to start with just in terms of the quarter, distribution was, I think, the highlight again. So maybe a 2-parter. But number one, what's driving the rentals acceleration? I don't know if it's -- how much is market-related versus company-specific that you're doing to drive incremental sales? And are you able to give us kind of the mix of what was rentals in the quarter as a percent of distribution?

我想先從本季的情況說起，我認為分銷再次成為亮點。所以或許會分成​​兩部分。但首先，是什麼因素推動了租賃業的加速發展？我不知道－為了推動銷售成長，你所做的工作有多少是與市場相關的，又有多少是與公司相關的？您能否提供本季租賃收入佔總收入的百分比組成？

Yeah, Greg, it's Tom. So, I think when we talk about rentals, I think there's two things driving the growth there. I think one is -- and we've talked about this before, right? I mean, we acquired Axiom Test Equipment about two years ago, and we made a conscious effort to focus last year on really accelerating the integration of that business. And I think part of what we're seeing is that, that integrated team is performing at a very high level.

是的，格雷格，我是湯姆。所以，我認為當我們談到租賃市場時，有兩個因素在推動其成長。我認為其中一個是——我們之前也討論過這個問題，對吧？我的意思是，我們大約兩年前收購了 Axiom Test Equipment，去年我們有意識地專注於加快了該業務的整合。我認為我們看到的部分情況是，這個整合團隊的表現非常出色。

I'll just say, winning more opportunities that are presented to them and really helping to drive some of the growth we're seeing. I think there is some rent versus buy impact to the results as well, given some of the macroeconomic challenges that exist. But I think this one is heavily weighted towards execution on our part and the benefits of the integration work we did last year. And I think year over year, the Becnel rental business is also performing very well on a year-over-year basis, and we're seeing consistent demand there as well.

我只想說，贏得更多擺在他們面前的機會，真正幫助推動了我們所看到的成長。我認為，考慮到目前存在的一些宏觀經濟挑戰，租房與買房的差異也會對結果產生一定影響。但我認為這很大程度上取決於我們的執行力以及我們去年所做的整合工作所帶來的益處。而且我認為，貝克內爾的租賃業務也逐年表現良好，我們看到這方面的需求也一直很穩定。

What kind of visibility levels do you have for the second half in that business? Because obviously, the revenue growth in the first half is -- from a number standpoint, is pretty incredible.

您對該業務下半年的前景有何預期？很顯然，從數字上看，上半年的收入成長相當驚人。

Yes. I think we started seeing in the second half of last year, we started seeing some of the benefits of better performance, better execution post integration. So, I think it's not a reasonable expectation to think that we're going to continue to see the growth rates we saw in the first half of the year.

是的。我認為從去年下半年開始，我們開始看到整合後表現和執行力提升帶來的一些好處。所以，我認為期望我們能夠繼續維持上半年那樣的成長率是不合理的。

But I'm still expecting reasonable margin expansion, not to the tune -- on a year-to-date basis, we're seeing north of 500 basis points of margin expansion year over year. I think we'll continue to see margin expansion, probably something more in the 250 to 300 basis points. But you should expect to continue to see good performance.

但我仍然預期利潤率會有合理的成長，雖然不會達到預期的幅度——今年迄今為止，我們看到利潤率比去年同期成長超過 500 個基點。我認為我們將繼續看到利潤率擴張，可能會達到 250 到 300 個基點。但你應該會期待它繼續保持良好的表現。

And then on the service side, I think by my math, still kind of low single-digit organic decline. What gives you the confidence to sit here today and still say, yes, we're going to return to high single-digit organic in the back half of the year because it strikes me going from a low single-digit decline to a high single-digit, that's a pretty big move, pretty big uptick.

至於服務方面，我認為以我的計算，自然成長率仍然會維持個位數的低幅下降。是什麼讓你今天仍然有信心坐在這裡說，是的，我們將在今年下半年恢復到接近兩位數的有機增長率？因為在我看來，從接近兩位數的下降到接近兩位數的下降，這是一個相當大的轉變，一個相當大的回升。

So, I'll take this one. Greg, this is Lee. So, if you factor out solutions, we like to look at it both ways. The growth was probably in the 1%, 2% range. And we're going to call that pretty stable given this environment.

那我就選這個吧。格雷格，我是李。所以，如果排除解決方案，我們喜歡從兩個角度來看這個問題。成長率可能在 1% 到 2% 之間。鑑於目前的環境，我們認為這相當穩定。

We have no real issues on the retention. The customers that we have today continue to do business with us as they have in the past. Where we've struggled a little bit in this fiscal year has been on closing new business and starting new business. I think the economy is such that the longer time to close has become more normal. The incremental cost for our customers to change vendors at this particular time with some of the uncertainty has been a challenge.

我們在用戶留存方面沒有遇到任何實際問題。我們目前的客戶和以往一樣，繼續與我們保持業務往來。本財年我們遇到的一些困難在於拓展新業務和啟動新業務方面。我認為目前的經濟狀況使得延長停業時間已經成為一種常態。在當前充滿不確定性的情況下，客戶更換供應商會增加成本，這對他們來說是一個挑戰。

But the reason why we're still quoting in the high single-digit range is because a number of accounts have been won recently and will come to fruition, and we expect revenue as we drive through the third quarter into the fourth. And so, I think there's enough there that we have a fairly good sight line into more growth than we've experienced in the first half, which, by the way, is what we've been guiding to softly for the last several quarters is what we thought would happen, and it's not too far off from original expectations.

但我們仍然給出個位數高位的預測，原因是最近贏得了一些客戶，這些客戶將會陸續到位，我們預計隨著第三季度進入第四季度，收入將會增加。因此，我認為目前的情況足以讓我們對未來成長前景有相當清晰的預期，比上半年的成長幅度更大。順便說一句，這正是我們過去幾季以來一直謹慎預測的結果，而且與最初的預期相去不遠。

Max Michaelis, Lake Street Capital Markets.

Max Michaelis，Lake Street Capital Markets。

Congrats on the quarter. Maybe just a question towards Essco, maybe looking back 90 days since you guys acquired them on August 5. Maybe are there some things with that acquisition that have become more of a positive than you originally thought? And then maybe on the other hand, some negatives that you -- or maybe some obstacles you've run in with the Essco acquisition as well?

恭喜你本季取得佳績。也許可以問一下 Essco 一個問題，回顧一下你們自 8 月 5 日收購以來的 90 天情況。或許那次收購帶來的某些面向比你原先預想的更有利？另一方面，您在收購 Essco 的過程中是否也遇到了一些負面因素或障礙？

Yes. This is Lee, Max. Very, very few obstacles. I mean we -- in addition to acquiring the company, we acquired a really good management team. They understand their business.

是的。這是李，麥克斯。幾乎沒有任何障礙。我的意思是，除了收購這家公司之外，我們還收購了一支非常優秀的管理團隊。他們了解自己的業務。

And that business has done really well. We don't really count in our organic growth numbers when our acquisitions grow in the first year, but we've had really impressive growth from Essco. Actually, we have from Martin as well. So, both those companies are in the double-digit range for growth since we acquired them, and I expect that to continue. And as far as negatives, I really can't think of any.

那家公司發展得非常好。我們通常不會將收購後第一年的成長計入有機成長數據，但 Essco 的成長確實令人印象深刻。實際上，我們也有來自馬丁的資料。所以，自從我們收購這兩家公司以來，它們的成長率都達到了兩位數，我預計這種情況還會持續下去。至於缺點，我真的想不出有什麼。

I mean, there's always some challenges just trying to get to know people. But most of the planning sessions have gone well. Our sales are integrated almost day 1 without any real issues whatsoever that have been -- at least come to my attention. I think it's been as smooth as we've experienced. And I think you're going to get that with the better-quality companies, and we saw it with Martin, and we're seeing it again.

我的意思是，在試圖了解他人的過程中總是會遇到一些挑戰。但大部分規劃會議都進行得很順利。我們的銷售系統幾乎從第一天起就實現了整合，沒有出現任何真正的問題——至少我沒有註意到。我認為這是我們經歷過的最順利的一次。我認為，更高品質的公司會做到這一點，我們從馬丁身上就看到了這一點，現在我們又看到了這一點。

That's almost commonplace. It's part of you get what you pay for, and we've been pleased, really pleased.

這幾乎是司空見慣的事了。這就是一分錢一分貨的道理，我們非常滿意，真的很滿意。

Yes. And I guess kind of go back to sort of the question Greg had just with the back half of the second -- second half of the year with service returning to organic growth. And you talked about some economic uncertainty, barring any economic uncertainty further obstacles. I mean, like what is that. Like how would you define that like this economic uncertainty stalling you guys from growing in the second half of the year?

是的。我想這有點像是回到了 Greg 提出的問題，關於下半年的服務恢復自然增長的情況。您也談到了一些經濟上的不確定性，但前提是不能排除經濟不確定性所帶來的進一步障礙。我的意思是，那到底是什麼？例如，您如何定義這種經濟不確定性導致您們下半年成長受阻的情況？

I mean, just kind of getting a gauge on like what is kind of what we should be looking for, I guess, to kind of model out the second half of the year for service growth.

我的意思是，只是想大致了解我們應該關注什麼，以便為下半年的服務成長建立模型。

Well, I think what we're alluding to, Max, is maybe kind of more of what we've seen in the first half of the year. A lot of uncertainty around tariff levels and where things are going from an interest rate environment standpoint. I think it's got some of our customers reacting a little slower than what we normally see. And I think with recent news, I think we're expecting that to improve some, but it just seems like in this environment we're operating in, things are subject to change at any point in time.

嗯，我想我們指的是，Max，這可能更像是我們在今年上半年看到的情況。關稅水準以及利率環境的走向都存在著許多不確定性。我認為這導致我們的一些客戶反應比平常慢一些。我認為根據最近的消息，我們預計情況會有所改善，但似乎在我們所處的這種環境下，任何事情都可能隨時發生變化。

I mean have you seen customer sales cycles shrink since maybe three, four months ago up until now?

我的意思是，你有沒有註意到從三、四個月前到現在，客戶的銷售週期已經縮短？

I don't think the sales cycle has shrunk. I think we've -- for the last half a year to three quarters of a year, we've had consistent delays for customers who originally expressed, yes, we're going to go with Transcat. We like the value proposition.

我不認為銷售週期縮短了。我認為在過去的半年到三個月裡，我們一直遇到客戶延誤的情況，而這些客戶最初表示，是的，我們將選擇 Transcat。我們喜歡這種價值主張。

Here's when we're going to make the change, and then it seems to get delayed and delayed again. And so, I've seen this before. It's not uncommon. It's why we try not to focus quarter-to-quarter, try to look at the bigger picture of who we are, where we're headed, where we've been in terms of a service company.

我們原本計劃在這個時間點進行改變，但結果卻一拖再拖。所以，我以前見過這種情況。這並不罕見。這就是為什麼我們盡量不去關注季度業績，而是著眼於我們作為一家服務公司的整體發展方向、未來發展方向和過往歷程。

We love the position we're in. But you're going to have economic cycles like this that are just going to be a little bit softer than you like. But our revenue and retention -- our revenue relative to retention has been solid. We've made two terrific acquisitions in the space, 20% growth in services.

我們很喜歡我們現在所處的位置。但總是會有一些經濟週期，其波動幅度會比你預期的小。但是我們的收入和客戶留存率——相對於客戶留存率而言——一直都很穩健。我們在該領域完成了兩項非常成功的收購，服務業務成長了 20%。

This is what you want. And to do it in an economic environment like this, I think, says a lot about our company, which I tried to allude to in the script. So, we're right on target. And I consider it's really good performance given some of the headwinds we have. So, we'll see how it all plays out. We are seeing sight lines. We are seeing signs of customers actually giving us the go on new orders, and that's where the confidence is coming from in the back half.

這就是你想要的。在這樣的經濟環境下做到這一點，我認為，充分體現了我們公司的實力，這一點我在劇本中也試圖暗示。所以，我們完全符合目標。考慮到我們面臨的一些不利因素，我認為這是一個非常不錯的成績。所以，我們拭目以待吧。我們能看到視線。我們看到客戶開始允許我們下新訂單的跡象，這就是我們下半年信心的來源。

Ted Jackson, Northland Securities.

泰德傑克遜，北地證券。

I want to -- just -- it's not really a question, but it is a question. But just with regards to rental, the rental business has been going really well. You keep it buried in distribution. What's going to get you to break that out? And why I ask is, I mean, it's becoming a pretty important piece of business, and it's an important piece of your CapEx.

我想——只是——這其實不是一個問題，但它確實是一個問題。但就租賃業務而言，租賃業務一直發展得非常順利。你把它埋沒在發行管道中。什麼會讓你把它拿出來？我之所以這麼問，是因為這正在成為一項非常重要的業務，也是你們資本支出中的重要部分。

I don't -- I mean if I'm not mistaken, I don't think you even -- you break your rental CapEx out, but the CapEx is substantially larger than it was before. You're clearly investing in your rental assets. I mean, at what point do we get to where you're going to start showing a little more about that so you can get a better handle on the return you're getting on that investment rather than deciding it just be a growth driver on the top line? So that's my first question.

我不——我的意思是，如果我沒記錯的話，我認為你甚至——你沒有單獨列出你的租賃資本支出，但資本支出比以前大得多。你顯然是在投資你的出租資產。我的意思是，什麼時候你才會開始更多地展示這方面的信息，以便更好地掌握這項投資的回報，而不是僅僅把它當作營收成長的驅動力？這是我的第一個問題。

Yeah. Ted, it's Tom. So, one of the beauties of the rental business, right, and part of the way that we got this business started, right, is that to a large extent, we're renting equipment that we would otherwise sell through the distribution channel, right? So, there was a low cost of entry, right? We could take something off the distribution shelf and put it on the rental shelf.

是的。泰德，我是湯姆。所以，租賃業務的優勢之一，也是我們開展這項業務的部分原因，就是我們在很大程度上出租了原本會透過分銷管道出售的設備。所以，進入門檻很低，對吧？我們可以將某些商品從分銷貨架上移到租賃貨架上。

And if there was a customer that was willing to pay to rent it, we would be able to do that in a kind of seamless way. And what that -- the kind of the beauty in having that flexibility and be able to execute that and grow that business from nothing to something is also -- internally, there's a lot of, I'll just say, blurred lines in terms of we have the same people supporting like in our warehouse, right? It's the same people supporting distribution and supporting rental. We're working with the same vendors. There's a lot of overlap between those businesses.

如果有客戶願意付費租賃，我們可以以一種無縫的方式實現這一點。而這種靈活性的美妙之處在於，它能夠執行並從無到有地發展業務。在內部，有很多界線模糊不清的地方，例如我們的倉庫裡有同一批人在提供支持，對吧？支持分銷和支持租賃的是同一批人。我們與相同的供應商合作。這些業務之間有許多重疊之處。

And so, it's not easy to necessarily kind of break it apart. And I think at some point in time, we may be there. But currently, it's kind of operated as one business internally from a resource standpoint, so on and so forth.

因此，要把它拆解開來並不容易。我認為在某個時候，我們或許會達到那個目標。但目前，從資源角度來看，它在內部運作就像一個整體，等等。

I think when we talk about CapEx, I would just think in the context of about one-third of our CapEx budget is allocated towards rentals. And when we talk about rentals, you got to think about CapEx from a net standpoint, right? Because any time you have an effective rental business, you also have to have a way to identify slow-moving equipment and have a used program to churn that equipment out, generate cash and reinvest it in assets that do have demand, right? So, I would just say on a net basis, it's about 1/3 of our CapEx.

我認為，當我們談到資本支出時，我指的是我們資本支出預算中大約三分之一用於租賃。當我們談到租賃時，你必須從淨收益的角度考慮資本支出，對吧？因為任何時候，只要你的租賃業務運作良好，你就必須有辦法識別滯銷設備，並製定二手設備回收計劃，將這些設備處理掉，產生現金，然後將其再投資於有需求的資產，對吧？所以，我只能說，淨額下來，這大約是我們資本支出的三分之一。

And what is it in terms of a piece of your PP&E? I mean it would not be in your inventory; it would be in your --

那它佔你固定資產的多少比例呢？我的意思是，它不會在你的庫存裡；它會在你的…--

I don't have that number off the top of my head, but I could follow up with you.

我一時想不起那個號碼，但我可以跟你聯絡。

I mean you get where I'm going with it. I mean, it's turning into like it's important -- turning into an important business driver, and I just think there needs to be some more metrics around it. That's all. The next question is on the solutions business, I mean, it's been -- I mean, now we have all these new headwinds, but prior to the election and everything that's taken place, it's been a drag for the business for quite a bit of time. And you've signaled in the past that it's come to a point where it's stabilized.

我的意思是，你應該明白我的意思了。我的意思是，它正在變得非常重要——正在成為一個重要的業務驅動因素，我認為需要圍繞它建立更多的衡量指標。就這樣。下一個問題是關於解決方案業務的，我的意思是，它一直——我的意思是，現在我們面臨著所有這些新的不利因素，但在選舉和所有發生的事情之前，它已經拖累這個業務相當長一段時間了。你過去曾表示，情況已經穩定下來了。

I mean can you give a little more color? I mean when you look at that solutions business for the third quarter, what was it relative to the second quarter? How did it come in? What was it relative to the prior year period? And kind of how is it performing vis-a-vis your expectations when you went into the quarter?

我的意思是，能不能再增加一些色彩？我的意思是，當你查看第三季的解決方案業務時，它與第二季相比如何？它是怎麼進來的？與上年同期相比如何？那麼，就本季初的預期而言，它的實際表現如何呢？

Yes. This is Lee, Ted. I think it's in line. I'll say it's within a pretty close range of our expectations. We wanted the business to be stable, meaning it had gotten to a certain point.

是的。這是李，泰德。我認為符合規定。可以說，它與我們的預期非常接近。我們希望公司業務穩定發展，這意味著它已經達到了一定的規模。

There was a significant drop-off. And now we're not seeing drop-offs anywhere near what we saw back a year ago. That's what we're shooting for. From a sequential standpoint, if you look from Q1 to Q2, you did see stability, which is what we expected, what we guided towards.

出現了大幅下降。現在我們看到的下滑幅度遠沒有一年前那麼大了。這就是我們的目標。從順序來看，如果你從第一季到第二季度，你會發現業績保持穩定，這正是我們所期望的，也是我們努力的方向。

If you look year over year, you still see declines, but I'm going to say, and characterize them within the range of what we thought were the possible expectations. So that business, it's an important business because in time and over time, it will help us drive organic service growth, and we like it for that reason.

如果逐年來看，你仍然會看到下降，但我認為，這些下降都在我們預期的範圍內。所以這項業務很重要，因為隨著時間的推移，它將幫助我們推動有機服務成長，我們也正是因為這個原因喜歡它。

But we would expect, once we get to the place where we think the business can go, its growth rate should be similar than our normal -- than what our typical overall growth rates are for calibration services. We'll see. But right now, it's close, and I would say it's in range of the expectations that we set a year ago.

但我們預計，一旦業務發展到我們認為可以達到的水平，其成長率應該與我們正常的成長率相似——也就是與我們校準服務的整體成長率相似。我們拭目以待。但就目前而言，已經很接近了，我認為它在我們一年前設定的預期範圍內。

So, if we -- let's just say it was flat sequentially and it just trends flat. I mean I'm not saying that that's your expectation or anything. But if it did that, at what point would it stop being a drag with regards to growth metrics on the top line?

所以，如果我們——假設它環比持平，並且趨勢也保持平穩。我的意思是，我並不是說那是你的期望什麼的。但即便如此，它何時才能不再拖累營收成長指標？

Yes. I mean if it was a flat business, then it's a business that if we're going to maintain a flat business, it's going to be for one reason only, and that is that it's a means to an end and it drives calibration business for us. And therefore, it's a channel that we see value in. We don't see it today as a flat business in the long-term. I think once we get it stabilized and get everything lined up the way we think we're capable of doing, that should be a growth business.

是的。我的意思是，如果這是一個平穩的業務，那麼如果我們要維持一個平穩的業務，那隻有一個原因，那就是它是一種達到目的的手段，它能推動我們的校準業務發展。因此，我們認為這是一個有價值的管道。我們認為，從長遠來看，它並非一個停滯不前的行業。我認為一旦我們穩定下來，並按照我們認為我們能夠做到的方式把一切都安排妥當，那應該會是一個增長型企業。

No, no. I preface my questions with that. I'm just kind of where I'm driving to is do the analysis at what point does it stop being a drag with regards to top line growth. That's really stabilize.

不，不。我提問前都會先加上這句話。我開車前往的目的是分析，在什麼情況下它才不會對營收成長構成阻礙。那確實很穩定。

Yes, very soon. I mean as we get through this fiscal year and the back half of the year, that's exactly what we would expect. So, we shouldn't be talking about the solutions business like we've talked about it for last year as we get through third and fourth quarter. This is the time when we saw the declines. This is when we thought we get stabilized, we're close. So, I think, yes, that conversation is going to be over the next quarter or two.

是的，很快。我的意思是，隨著本財年和下半年的到來，這正是我們所預期的。所以，在進入第三季和第四季時，我們不應該像去年那樣談論解決方案業務了。正是在這段時間裡，我們看到了下滑趨勢。這時我們以為情況穩定下來了，我們快要穩定下來了。所以，我認為，是的，這場討論將會持續到接下來的一兩個季度。

And then the last thing, with regards to your transitions and stuff, and the kind of added expenses and tax and tax stuff, that's not in your pro forma calc for earnings at all still going through the bottom line in your pro forma calc? Or is that being removed?

最後一點，關於你的過渡期等等，以及那些額外的支出、稅收等等，這些都沒有包含在你的預估收益中，但仍然會影響到預估收益的最終結果嗎？或者說，它要被移除？

It's adjusted out of the -- it's adjusted out for the adjusted EBITDA number, and it's adjusted out for the adjusted EPS number for the reconciliation.

在調整後的 EBITDA 資料中已進行調整，在調整後的 EPS 資料中也已進行調整。

I just want to make sure that -- yes, so that -- what is it, $0.44 of adjusted earnings that has that removed. That's what I was asking.

我只是想確認一下——是的，所以——是多少，扣除那部分後的調整後收益是 0.44 美元。我問的就是這個。

That's correct.

沒錯。

Martin Yang, Oppenheimer.

Martin Yang，奧本海默。

So, I want to make sure I understand the different growth dynamics between newly acquired Essco and Martin and then your other service business. Other services overall have organic growth rate at low single-digits. But you also mentioned Essco and Martin still on double-digit growth. So, what's created such different growth profiles? Anything you can do to bridge the two?

所以，我想確保我了解新收購的 Essco 和 Martin 與貴公司其他服務業務之間不同的成長動態。其他服務的整體自然成長率僅為個位數。但您也提到了 Essco 和 Martin，它們仍然保持著兩位數的成長。那麼，是什麼因素造就瞭如此不同的成長模式呢？有什麼辦法可以彌合這兩者之間的鴻溝嗎？

Okay. So, I guess the question is why are those businesses doing well?

好的。所以，我想問的是，為什麼這些企業經營狀況良好？

Yes, so much better than the rest of your service.

是的，比你們其他服務好太多了。

Right. So, there's probably a couple of reasons that I would point towards, Martin. First and foremost, it really depends, like, for example, Essco is in the New England area, which is their strength. And there are certain life science customers that are doing very, very well. And we do a lot of research.

正確的。所以，馬丁，我可能會指出以下幾個原因。首先，這真的要看情況，例如，Essco 公司位於新英格蘭地區，這是他們的優勢地區。某些生命科學領域的客戶做得非常好。我們做了大量的研究。

We do we churn a lot of data to figure out which customers are growing, which ones are descending, which ones have troubles, which ones are building plants, which ones are not. And we knew in due diligence that their portfolio of customers was a really strong portfolio. We expected them to grow. Some of the ones that we have are just a little bit different. We have some of the same customers, but in some cases, they're different.

我們處理大量數據，以找出哪些客戶正在成長，哪些客戶在衰退，哪些客戶遇到了困難，哪些客戶在建廠，哪些客戶沒有建廠。我們在盡職調查中了解到，他們的客戶組合非常強大。我們預料到它們會成長。我們有一些型號略有不同。我們有一些相同的客戶，但在某些情況下，他們有所不同。

And part of what made Essco is that the strength of their customer base and their trajectory of growth. So that has not come to us -- that's not surprising to us. Really the same thing with Martin, too. In the particular region that they're in, which is Minneapolis, the life science companies that are there and the med device primarily that are there are companies that are performing really well.

Essco之所以能成功，部分原因在於其強大的客戶基礎和持續成長的動能。所以我們沒有收到這樣的消息——這對我們來說並不奇怪。馬丁的情況也差不多。在他們所在的特定地區，也就是明尼阿波利斯，那裡的生命科學公司和醫療器材公司（主要是那裡的醫療器材公司）都表現得非常好。

So, as you go around the country, I mean, we have 34 commercial labs. I would say 80% of our -- don't hold me to this number, but a large percentage of our commercial labs are growing. It's just we have different pockets in different regions for different reasons where we've got some headwinds, and that's normal. So, we bought those companies for a reason, and we expected them to grow even with these headwinds, and they're doing that. So, they're meeting our expectation.

所以，當你走遍全國，你會發現，我們有 34 個商業實驗室。我想說，我們80%的——別太當真這個數字，但我們商業實驗室中很大一部分都在成長。只是由於不同的原因，我們在不同的地區會遇到一些阻力，這是正常的。所以，我們收購這些公司是有原因的，我們期望它們即使面臨這些不利因素也能發展壯大，而它們也確實做到了。所以，他們達到了我們的期望。

Another question on the next quarter. So, part of the Martin's performance will be characterized as organic growth come next quarter, correct?

關於下一季還有另一個問題。所以，馬丁公司下個季度的部分業績將被視為內生成長，對嗎？

That's correct.

沒錯。

At the end of the quarter, yes.

季度末，是的。

Are you able to quantify how much that can contribute to your organic growth target?

您能否量化這能對您的自然成長目標做出多大貢獻？

I would just say, Martin, it's $25 million on a base of -- on a full year on a base of $225 million or $230 million of service revenue, right? So, it kind of gets diluted because it's 10% of the total. But yes. I don't know how else to characterize it.

我只想說，馬丁，這是以全年 2.25 億美元或 2.3 億美元的服務收入為基礎計算的 2500 萬美元，對吧？所以，因為它只佔總數的 10%，所以它的影響被稀釋了。是的。我不知道還能怎麼形容它。

Would you expect Martin and Essco to sustain their double-digit growth?

你認為馬丁和埃斯科能夠保持兩位數的成長嗎？

I think we expect them to continue to perform well. But I'm not sure how comfortable I am saying that they're continuing to perform double-digit growth, right? I mean, because every year you do that, the base gets larger and at some point, what Lee just said about their customer base, we could see some slowdowns there. But we expect them to continue to perform well. I'm just not sure we could say that they're going to continue to perform in the double-digit range.

我認為我們預期他們會繼續保持良好的表現。但我不太確定我是否能自信地說他們仍在保持兩位數的成長，對吧？我的意思是，因為你每年都會這樣做，用戶基數就會越來越大，就像李剛才說的，他們的用戶基數在某個時候可能會出現放緩。但我們預計他們會繼續保持良好的表現。我不太確定他們能否繼續保持兩位數的成長率。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆，克雷格-哈勒姆。

Just a couple of follow-ups. On distribution, I feel like every year, it almost sort of builds throughout the year. And so, I guess my question is, I mean, from a seasonality standpoint, do you expect anything different this year? Or is there anything -- any reason why you would have maybe higher than normal first half revenues? I don't know if that's just timing or what you sort of see right now based on visibility levels, but just kind of curious how you think distribution plays out more specifically in the second half.

還有幾個後續問題。就分銷而言，我覺得每年都是如此，幾乎是全年都在逐步累積。所以，我想問的是，從季節性的角度來看，您預計今年會有什麼不同嗎？或者說，是否有任何原因導致你們上半年的收入高於往年平均？我不知道這只是時機問題，還是你現在根據可見度水平所看到的現象，但我只是有點好奇你認為下半年分銷的具體情況會如何發展。

You're right. I think we're going to see it continue to be strong. I mean, typically, third quarter is a strong quarter historically for distribution. But when we look at Pulse, so Pulse for us would be things like daily quotes and activity levels and so on and so forth. And the Pulse for distribution continues to be strong into the third quarter, which is what we expected.

你說得對。我認為它將繼續保持強勁勢頭。我的意思是，通常來說，從歷史數據來看，第三季是分銷業務的強季。但當我們查看 Pulse 時，對我們來說，Pulse 指的是每日語錄、活動水平等等。第三季分銷脈搏依然強勁，這也符合我們的預期。

And I don't see anything right now on the radar, and I'll defer to Tom as well, that would lead me to believe there's a drop-off coming from the strong performance we've had.

目前我還沒有看到任何跡象表明（我也同意湯姆的看法），我們目前的強勁表現會有所下滑。

Certainly not a drop-off. But I think, as I mentioned earlier, I think when we talk about rentals and some of the benefits that we're seeing from the execution and as a result of our integration, we started to see some meaningful acceleration in growth towards the back half of last year.

當然不是下降。但我認為，正如我之前提到的，當我們談到租賃業務以及我們從執行和整合中獲得的一些好處時，我們開始看到去年下半年成長出現了一些實質的加速。

So, I think as we look ahead to the second half of this year, I don't think -- we're certainly not going to see things reverse, but I think the growth will moderate a little bit. And that's why I'm also not expecting 500-plus basis points of margin expansion. I think something, as I mentioned earlier, 250 to 300 is probably more reasonable on slightly lower growth.

所以，展望今年下半年，我認為——我們當然不會看到情況逆轉，但我認為成長速度會稍微放緩一些。正因如此，我也不預期利潤率會擴張 500 多個基點。我認為，正如我之前提到的，在成長速度稍低的情況下，250 到 300 可能更合理。

Fair enough. And then I was wondering if you could comment at all on the competitive landscape in the service segment with a couple of things going on. I don't know how that sort of relates to your expectations of accelerated organic service growth, but just kind of curious to get your thoughts there.

很公平。然後我想請您就服務業的競爭格局發表一些看法，因為目前發生了一些事情。我不知道這和您對加速有機服務成長的預期有何關係，但只是好奇想聽聽您的想法。

Well, when you look at the competitive landscape, there's a group of traditional customers that we've always competed against. You're talking the CIMCO, the Tektronix, the Trescal. And from the information that we gather from the marketplace in at least a couple of cases, those companies are struggling a bit with these particular headwinds that we have. And there's reasons for that. I mean, over the longer-term, Transcat has been so committed to the calibration market.

嗯，從競爭格局來看，我們一直以來都與一群傳統客戶競爭。你指的是 CIMCO、Tektronix 和 Trescal 這幾家公司。從我們從市場收集到的資訊來看，至少有幾家公司正努力應對我們面臨的這些不利因素。這其中是有原因的。我的意思是，從長遠來看，Transcat 一直致力於校準市場。

We've invested year in and year out, not only in our people and our training, but the assets that we put in capabilities, the types of acquisitions we make. The competitors that I just referred to have not done that. They haven't acquired companies and increased capabilities. They have not put a lot of capital into their businesses. So, when you hit -- look, this is my opinion from the information that I have.

我們年復一年地進行投資，不僅投資於我們的員工和培訓，還投資於我們投入能力建設的資產，以及我們進行的收購類型。我剛才提到的那些競爭對手並沒有這麼做。他們沒有收購公司，也沒有提升自身能力。他們並沒有在自己的企業中投入大量資金。所以，當你擊中——聽著，這是我根據我掌握的資訊得出的意見。

And so, when you come up against headwinds, we're much better suited to withstand them than that group of competitors. And I think we've done an excellent job doing that. I'm very proud actually of the organization. And yes, maybe our organic growth is in a flat or low single-digit range. But I think relative to others that are traditional. Better positioned, better diversified. I used the word diversified a couple of times in my script for that very, very reason, Greg.

因此，當遇到逆境時，我們比那群競爭對手更能抵禦逆境。我認為我們在這方面做得非常出色。實際上，我為這個組織感到非常自豪。沒錯，我們的自然成長率可能處於平穩或個位數低點。但我認為相對於其他傳統方式而言。定位更佳，多元化程度更高。格雷格，我正是因為這個原因才在我的劇本裡用了幾次「多元化」這個詞。

Now we also compete these days with -- there's a new group of competitors. There's some private equity in our business space who have sort of consolidated several, in some cases, smaller companies. But again, longer-term, if you don't integrate those companies and you can't take advantage of the synergies, particularly the growth synergies, I think we're going to end up with the same scenario.

如今我們還要與一批新的競爭對手競爭。我們這個行業裡有一些私募股權公司，他們已經將幾家公司（在某些情況下，是規模較小的公司）合併在一起。但從長遠來看，如果你不整合這些公司，就無法利用協同效應，特別是成長綜效，我認為我們最終會面臨同樣的局面。

So, if you invest the way we invest, you integrate the way we integrate, acquire the types of companies we acquire, I think we're going to continue to fare well with the old competition, which I described and the new competition, which is more PE-backed. I like the position we're in. It doesn't mean we're not going to face headwinds like everybody else. I just think we're going to fare better. And in the longer-term, we're going to be better positioned. And we've proven that over time, and I think we're proving it right now.

所以，如果你像我們一樣投資，像我們一樣整合，像我們一樣收購我們一樣收購的公司，我認為我們將繼續在與我所描述的舊競爭對手以及更多私募股權支持的新競爭對手的競爭中取得成功。我喜歡我們目前的處境。但這並不意味著我們就不會像其他人一樣面臨逆境。我只是覺得我們會做得更好。從長遠來看，我們將處於更有利的地位。我們已經用實際行動證明了這一點，我認為我們現在正在再次證明這一點。

And this will conclude our Q&A session. I will now turn the call back to John Howe.

我們的問答環節到此結束。現在我將把電話轉回給約翰·豪。

Thank you all for joining us on the call today. We have a number of upcoming conferences in the month of November. On November 11, we will be attending the Baird 2025 Global Industrial Conference in Chicago. On November 17, we will be attending the Raymond James Sonoma Small Cap Summit in Sonoma, California. And finally, on November 19, we will be attending the Stephens Annual Investor Conference in Nashville, Tennessee.

感謝各位今天參加我們的電話會議。我們11月份將舉辦多場會議。11月11日，我們將參加在芝加哥舉行的貝爾德2025全球工業大會。11月17日，我們將參加在加州索諾瑪舉行的雷蒙德詹姆斯索諾瑪小型股高峰會。最後，11 月 19 日，我們將參加在田納西州納許維爾舉行的史蒂芬斯年度投資者大會。

For those attending the conferences, we look forward to seeing you there. Otherwise, feel free to reach out to us at any time. Thanks again for your interest in Transcat.

對於即將參加會議的各位，我們期待在會上見到你們。除此之外，歡迎隨時與我們聯絡。再次感謝您對Transcat的關注。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。