Actuant Corporation (ATU) 首席执行官 Randal Baker 在 2019年 第三季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月27日 · 45 次阅读

Actuant Corporation (NYSE:ATU) Q3 2019 Earnings Conference Call June 26, 2019 11:00 AM ET

Actuant Corporation(纽约证券交易所代码:[ATU])2019年第3季度收益电话会议2019年6月26日美国东部时间上午11:00

公司参与者

Barb Bolens - VP of Corporate Strategy and IR
Randal W. Baker - President and CEO
Rick Dillon - EVP and Chief Financial Officer
Fabrizio Rasetti - EVP, General Counsel and Secretary
Bryan Johnson - Corporate Controller and Principal Accounting Officer

  • Barb Bolens - 企业战略和IR的副总裁
  • Randal W. Baker - 总裁兼首席执行官
  • Rick Dillon - 执行副总裁兼首席财务官
  • Fabrizio Rasetti - 执行副总裁,总法律顾问兼秘书
  • Bryan Johnson - 公司财务总监兼首席会计官

电话会议参与者

Joe Grabowski - Robert W. Baird
Unidentified Analyst - KeyBanc Capital Markets
Ann Duignan - JP Morgan
Justin Bergner - Gabelli & Company
Unidentified Analyst - RBC Capital Markets
Brian Brophy - Stifel Nicolaus

  • Joe Grabowski - Robert W. Baird
  • 身份不明的分析师 - KeyBanc Capital Markets
  • Ann Duignan - 摩根大通
  • Justin Bergner - Gabelli&Company
  • 身份不明的分析师 - 加拿大皇家银行资本市场
  • Brian Brophy - Stifel Nicolaus

会议主持员

Ladies and gentlemen, thank you for standing by. Welcome to the Actuant Corporation's Third Quarter's Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, this conference is being recorded, Wednesday, June 26, 2019.
It is now my pleasure to turn the conference over to Barb Bolens, Vice President, Corporate Strategy, Investor Relations, and Communications. Please go ahead, Ms. Bolens.

女士们,先生们,谢谢你们的支持。 欢迎来到Actuant公司第三季度的收益电话会议。 在演示期间,所有参与者将处于只听模式。 之后,我们将进行问答环节。 [操作员说明]。 提醒一下,本次会议将于2019年6月26日星期三举行。

现在我很高兴将会议转交给Barb Bolens,副总裁,企业战略,投资者关系和沟通。 请继续,Bolens女士。

Barb Bolens

Thank you very much operator. Good morning everyone and thank you for joining us for Actuant's third quarter 2019 conference call. On the call today to present the Company's results are Randy Baker, Actuant's President and Chief Executive Officer; and Rick Dillon, Actuant's Chief Financial Officer. Also with us are Fab Rasetti, General Counsel and Bryan Johnson, Chief Accounting Officer. Our earnings release and slide presentation for today's call are available on our website at actuant.com in the Investors section. We are also recording this call and we will archive it on our website.
Please go to Slide 2. During today's call, we will reference non-GAAP measures such as adjusted margins and adjusted earnings. You can find a reconciliation of non-GAAP measures to GAAP in the schedules to this morning's press release. We would also like to remind you that we will be making statements in today's call and presentation that are not historical facts and are considered forward-looking statements. We are making those statements pursuant to Safe Harbor provisions of Federal Securities Law. Please see our SEC filings for the risks and other factors that may cause actual results to differ materially from forecast, anticipated results, or other forward-looking statements.
Consistent with how we have conducted prior calls, we ask that we follow our one question one follow-up practice in order to keep today's call to an hour and also allow us to address questions from as many participants as possible. Thank you for, in advance for your cooperation. As a reminder during the call and as in previous quarters we may refer to our Industrial Tools & Service segment as IT&S Tools or Enerpac, and our Engineered Components & Systems segment as EC&S or components.
Now I will turn the call over to Randy.

非常感谢运营商。大家早上好,感谢您参加Actuant 2019年第三季度电话会议。在今天的电话会议上,公司的业绩是Randuant Baker,Actuant的总裁兼首席执行官;和Actuant的首席财务官Rick Dillon。我们还有总法律顾问Fab Rasetti和首席会计官Bryan Johnson。有关今天电话会议的盈利发布和幻灯片演示,请访问我们的网站:actuant.com,在投资者部分。我们也正在录制此电话,我们会将其存档在我们的网站上。

请转到幻灯片2.在今天的电话会议中,我们将参考非GAAP指标,例如调整后的利润和调整后的收益。您可以在今天上午的新闻稿的时间表中找到非GAAP指标与GAAP的对账。我们还想提醒您,我们将在今天的电话会议和演示文稿中作出陈述,这些陈述不是历史事实,而是被视为前瞻性陈述。我们根据联邦证券法的安全港条款作出这些陈述。请参阅我们的SEC文件,了解可能导致实际结果与预测,预期结果或其他前瞻性陈述产生重大差异的风险和其他因素。

与我们如何进行事先呼叫一致,我们要求我们按照一个问题进行一次后续练习,以便将今天的电话保持为一小时,并且还允许我们尽可能多地向参与者提出问题。感谢您的提前合作。作为电话会议期间的提醒,与前几季一样,我们可以将我们的工业工具和服务部门称为IT&S工具或Enerpac,将我们的工程部件和系统部分称为EC&S或组件。

现在我将把电话转给兰迪。

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Thanks Barb and good morning everybody. Today we are going to start on slide 3. Our third quarter was one of the best results in many years and I am very pleased with the performance of the businesses. But before I review the results I would like to provide an update on our strategy progress. Our initiatives to improve organic growth are paying off. The industrial tools and services segment grew by 8% in the quarter, this was a direct result of the efforts to improve our sales effectiveness and bring new products to the market. Our service sales grew at an impressive rate in the quarter which was benefiting from extended projects in the Mid-East and North Sea.
As you recall we announced the restructuring program in our second quarter earnings call to improve efficiency, reduce our cost base, and prepare for the next phase of our strategy. The combination of Enerpac and Hydratight and the corporate structure are the area of focus which are well underway. We expect to see the benefits of our efforts as we enter our new fiscal year.
From a capital deployment perspective we are maintaining strict discipline relative to our strategy. Our top priority remains investing in organic growth efforts while maintaining a clear perspective on strategic acquisitions. We have built a good pipeline of prospective tool companies which will extend our existing product lines and provide new technology to Enerpac. From a portfolio perspective the Enerpac, I am sorry, the sale of the engineered components and systems segment is continuing and we will provide more updates as they become available. Secondly we have made decisions to retain the Cortland industrial rope and medical component business. We believe we can further improve and grow the company to maximize shareholder value. The industrial rope segment has the potential to serve a wider variety of customers through the utilization of the Enerpac channel and the medical component business is growing fast with a very attractive profit margin.
Now turning over to slide 4. As I mentioned earlier we had a -- we are very pleased with the results in the third quarter. Core sales grew by 3% comprised of an outstanding results from Enerpac of 8% while moderate decline from EC&S segment of 2%. Adjusted operating profit grew by 18% driven by 280 basis points of margin expansion. As I have stated in the past our target industrial tools and services operating leverage is between 35% and 45% which was exceeded in the quarter. While EC&S sales declined in the quarter the team was able to expand margins through cost reduction and price realization. As a result EPS grew by 15% in the quarter to $0.45 a share which was the top of our guidance range and the best earnings since 2015. From a financial leverage standpoint we improved to 1.8 which is a substantial progress over prior year and places Actuant in a very healthy position. Overall the third quarter was a great result and I'm proud of our global team for the effort to deliver on the commitments and improve the company.

感谢Barb,大家早上好。今天我们将从幻灯片3开始。我们的第三季度是多年来最好的成果之一,我对这些业务的表现非常满意。但在我审核结果之前,我想提供一份有关我们战略进展的最新信息。我们改善有机增长的举措正在取得成效。本季度工业工具和服务部门增长了8%,这是努力提高销售效率并将新产品推向市场的直接结果。本季度我们的服务销售额以令人印象深刻的速度增长,受益于中东和北海的扩建项目。

如您所知,我们在第二季度财报中宣布了重组计划,旨在提高效率,降低成本基础,并为下一阶段战略做好准备。 Enerpac和海卓泰特的结合以及公司结构是重点关注的领域。在我们进入新的财政年度时,我们期望看到我们努力的好处。

从资本部署的角度来看,我们相对于我们的战略保持严格的纪律。我们的首要任务仍然是投资于有机增长,同时保持对战略收购的清晰视角。我们已经建立了一个良好的潜在工具公司管道,将扩展我们现有的产品线,并为Enerpac提供新技术。从投资组合的角度来看,Enerpac,对不起,工程组件和系统部分的销售仍在继续,我们将在可用时提供更多更新。其次,我们已决定保留Cortland工业绳和医疗部件业务。我们相信,我们可以进一步改善和发展公司,以最大化股东价值。通过利用Enerpac渠道,工业绳索部门有可能为更广泛的客户提供服务,医疗部件业务正在快速增长,具有极具吸引力的利润率。

现在转向幻灯片4.正如我之前提到的,我们有一个 - 我们对第三季度的结果非常满意。核心销售额增长3%,其中包括Enerpac 8%的优异业绩,而EC&S部门的业绩则为2%。调整后的营业利润增长了18%,这得益于280个基点的利润率扩张。正如我过去所说,我们的目标工业工具和服务运营杠杆率在35%至45%之间,超过了本季度的水平。虽然EC&S的销售额在本季度有所下降,但该团队能够通过降低成本和实现价格来扩大利润率。因此,每股盈利在本季度增长了15%,达到每股0.45美元,这是我们的指导范围的顶部和自2015年以来的最佳盈利。从财务杠杆的角度来看,我们已经提升至1.8,这是去年的实质性进展和地位。处于一个非常健康的位置。总的来说,第三季度是一个伟大的成果,我为我们的全球团队努力履行承诺和改善公司感到自豪。

Now turning over to slide 5, the third quarter was very active for new product launches and new platform wins. Enerpac tool launched nine new product families in the quarter and is now making great progress towards the 10% product development sales goal. The new E-Pulse Hydraulic Pump is a revolutionary design for all applications from lifting to bolting with a completely new drive system. The new E-Pulse pump provides a true competitive advantage and sets a new standard in the marketplace.
Secondly our lifting group has released a highly creative cube Jack system capable of 50 tons in a very compact design. This new system provides greater flexibility in a highly transportable package. On the engineered components and systems side our team won 10 new product platforms in the quarter and has reached a new level of product vitality of greater than 15%. The new platform includes display systems, hydraulic tools, and a new drive line applications. Our push to have a higher degree of product vitality has lessened the impact of market cyclicality. Overall we're very pleased with the progress of becoming a truly innovative company.
So moving on to slide 6 our capital allocation priorities have not changed. We believe investment in ourselves to maximize organic growth is the highest priority. Secondly as you noted from our improved financial leverage we will continue to maintain a strong balance sheet and reduce debt. As I mentioned strategic acquisitions which support our tool company strategy are our priority. However our ability to acquire and operate to improve the value of the company must be maintained. We have built an active list of potential acquisitions which must meet our financial and operational hurdles including comparison with share repurchase. Additionally all acquisitions must support the extension of our tool product line and provide technology which gives Enerpac a competitive advantage.
I'm going to turn the call over Rick now to go through the details on the quarter then I'll come back with a market update and guidance.

现在转向幻灯片5,第三季度对于新产品发布和新平台获胜非常活跃。 Enerpac工具在本季度推出了9个新产品系列,目前正朝着10%的产品开发销售目标迈进。新型E-Pulse液压泵是一种革命性的设计,适用于从全新驱动系统提升到螺栓连接的所有应用。新型E-Pulse泵提供真正的竞争优势,并为市场树立了新标准。

其次,我们的提升集团已经发布了一个高度创造的立方体杰克系统,能够在一个非常紧凑的设这种新系统在高度便携的包装中提供了更大的灵活性。在工程组件和系统方面,我们的团队在本季度赢得了10个新产品平台,并达到了超过15%的新产品活力水平。新平台包括显示系统,液压工具和新的驱动线应用。我们追求更高程度的产品活力,减少了市场周期性的影响。总体而言,我们对成为真正创新公司的进展感到非常满意。

因此,继续下滑,我们的资本配置优先事项没有改变。我们认为,为实现有机增长最大化而对自己进行投资是最优先考其次,正如您从我们改善的财务杠杆中注意到的,我们将继续保持强劲的资产负债表并减少债务。正如我所提到的,支持我们工具公司战略的战略收购是我们的首要任务。但是,我们必须保持获得和运营以提高公司价值的能力。我们已经建立了一个积极的潜在收购清单,这些收购必须符合我们的财务和运营障碍,包括与股票回购的比较。此外,所有收购都必须支持我们的工具产品线的扩展,并提供使Enerpac具有竞争优势的技术。

我现在要打电话给Rick来查看本季度的详细信息,然后我会回来进行市场更新和指导。

里克狄龙

Thanks Randy and good morning everyone. So before we get into our third quarter report let's quickly look at the onetime items on slide 7. We recorded a net $9 million benefit from the impairment divestiture and other charges. $11 million of the benefit is related to the decision to retain the Cortland U.S. business including an accounting adjustment for certain translation losses and depreciation and amortization. This benefit is partially offset by divestiture costs related to the EC&S process. Tax reform and other charges relates to the acceleration of debt issuance costs and $3 million of additional tax expense related to the reevaluation of certain tax credits as a result of smart changes given tax reform.
So let's get into our third quarter results, we turn to slide 8, core sales increased 3%, this was offset by the 6% impact of divestitures in the quarter and a 4% headwind from the stronger dollar. Adjusted operating profit showed continued year-over-year improvement of 280 basis points with incremental profitability in both IT&S and EC&S. Our adjusted effective income tax rate was approximately 15% for the quarter in line with our expectations. Our full year effective tax rate is still expected to be approximately 20% and our fourth quarter rate is expected to be in the mid to upper 20s similar to our second quarter. Adjusted EPS for the second quarter was $0.45 compared to $0.39 last year and at the top end of our guidance range.
If we turn to slide 9, total core sales at 3% was in line with our guidance in the mid single-digits range as continued strong growth of IT&S was partially offset by a sales decline of EC&S. IT&S segment sales continue to be strong with core sales up 8%, product sales continued to be solid and service growth in the Middle East and North Sea was much stronger than our expectations. In EC&S the modest decline in core sales resulted from reduced demand and off highway truck, North America and China while European truck is stable. I'll provide more color on core sales in a minute when we discuss the individual segment results.
Turning to slide 10 for a summary of our top line performance, our 3% consolidated core sales growth was driven by a $9 million improvement from volume and price, IT&S volume grew by 9 million and it was partially offset by reduced EC&S volume. Currency headwinds reduced sales by approximately 11 million or 4% as did the net impact of acquisition and divestitures which was 20 million or 6%.
Now let's look at both the adjusted operating profit and adjusted EBITDA on slide 11. Our trend of improving year-over-year operating profit margin has continued this quarter. Improvement from pricing actions and IT&S core volume increases provided the greatest positive impact in the quarter. An unfavorable product mix and under absorption in both segments was partially offset by the benefit of the elimination of the losses from the heavy lift products in the prior year.
As was the case last quarter tariffs in the quarter were approximately 2 million and in line with our expectations. We continue to believe that our pricing actions were sufficient to cover commodity and other inflationary increases including tariffs but we are watching closely how the current trade and tariff discussions advance, any further tariff impacts would likely need to be covered in the form of surcharges. Our objective remains to prevent margin erosion due to inflationary cost pressures. And as expected SAE expenses also improved year-over-year primarily driven by reduced incentive compensation expense.

感谢兰迪,大家早上好。因此,在我们进入第三季度报告之前,让我们快速查看幻灯片7中的一次性项目。我们从减值剥离和其他费用中记录了900万美元的净收益。 1,100万美元的收益与保留Cortland美国业务的决定有关,包括对某些转换损失和折旧和摊销的会计调整。这一收益部分被与EC&S流程相关的剥离成本抵消。税收改革和其他收费涉及加速债务发行成本和300万美元的额外税收费用,这些费用与税收改革的明智变化导致的某些税收抵免的重新评估有关。

因此,让我们进入第三季度业绩,我们转向第8位,核心销售额增长3%,这被本季度剥离的6%影响和美元走强带来4%的逆风所抵消。调整后的营业利润同比持续增长280个基点,IT&S和EC&S的盈利能力均有所提升。根据我们的预期,本季度调整后的有效所得税税率约为15%。我们的全年有效税率预计仍约为20%,而我们的第四季度预计将与第二季度相比处于中上20位。第二季度的调整后每股收益为0.45美元,而去年为0.39美元,处于我们指导范围的最高端。

如果我们转向幻灯片9,总核心销售额为3%符合我们在中位数单位数范围内的指引,因为IT&S的持续强劲增长部分被EC&S的销售下滑所抵消。 IT&S部门销售继续强劲,核心销售额增长8%,产品销售继续保持稳健,中东和北海的服务增长远强于我们的预期。在EC&S中,核心销售的适度下降是由于需求减少和非公路卡车,北美和中国,而欧洲卡车稳定。当我们讨论各个细分市场的结果时,我会在一分钟内为核心销售提供更多颜色。

谈到幻灯片10以获得我们的顶线业绩摘要,我们3%的合并核心销售增长是由数量和价格提高了900万美元,IT&S量增长了900万,部分被EC&S量减少所抵消。货币逆风使销售额减少约1,100万或4%,收购和剥离的净影响为2000万或6%。

现在让我们看一下调整后的营业利润和调整后的EBITDA。本季度我们的经营利润率逐年提高。定价行动和IT&S核心数量增加的改善为本季度带来了最大的积极影响。两个部门的不利产品组合和吸收不足部分抵消了去年重型产品减少损失的好处。

与上季度的情况一样,本季度的关税约为200万,符合我们的预期。我们仍然认为,我们的定价行动足以涵盖商品和其他通货膨胀增加,包括关税,但我们正在密切关注当前的贸易和关税讨论如何推进,任何进一步的关税影响都可能需要以附加费的形式予以涵盖。我们的目标仍然是防止因通胀成本压力导致的利润率下降。正如预期的那样,SAE费用同比也有所改善,主要原因是激励薪酬支出减少。

Now move on to the segment details starting with the IT&S segment on slide 12. Core IT&S sales increased by 8% year-over-year which is the fifth consecutive quarter of consolidated core growth and the seventh consecutive quarter of core product sales growth in the segment. Core product sales were up mid single digits with substantially all regions experiencing growth then led by North America. This reflects the continued benefits of our investments in NPD and commercial effectiveness. The biggest driver of our growth in the quarter was the 23% core sales improvement in our service business specifically in the Middle East and North Sea.
Third quarter is our seasonally strongest service quarter due to plant maintenance shutdowns. However the upside we experienced in the quarter was attributable to scope additions to a number of large plant shutdowns, emergency repairs, and higher work levels than normal during Ramadan. Incremental profit flowed through on the solid product growth in North America and the significant service growth drove the 24% EBITDA margin and is a testament to the strength of our IT&S business and our opportunities to drive growth and profitability as we execute our strategy of becoming a pure play Premier Industrial Tool company.
If you look at slide 13, before we move on to EC&S I want to spend a few minutes on the IT&S restructuring program as well as the drivers of the IT&S fourth quarter projections which Randy will cover shortly. As we mentioned earlier IT&S has begun to implement the restructuring program we announced earlier this quarter. The key areas of focus include repositioning our North American service business to align with our future growth strategy, specifically our service structure and resources will be focused on high value and added services -- high value added services such as joint integrity, specialty machining, and high margin bolting.
We had built the service organization that not only focused on specialty service but also commodity type service which compressed historical profit margins. While we expect to see reduced service sales in North America in the near-term, we expect to see an immediate improvement in profitability. Our new operating structure will also allow us to put more focus on growing our product and rental products to both our service and distribution networks. As we invest in and grow our rental and specialty service business we will see incremental core sales and even greater profitability in the region.
In addition as we finalize the integration of Enerpac and Hydratight our general IT&S structure will be a focus and may include the emphasis of certain product offerings that while small have negative impacts to our overall profitability. We continue to expect to achieve 12 million to 15 million of annual savings with onetime restructuring costs of 15 million to 20 million. We already discussed the 1 million of costs that came through in Q3 and the rest of the costs coming in Q4 in early 2020.

现在转到细分市场细节,从幻灯片12的IT&S细分市场开始。核心IT&S销售额同比增长8%,这是整合核心增长连续第五个季度以及核心产品销售额连续第七个季度增长分割。核心产品销售增长中位数,几乎所有地区都经历了北美带动的增长。这反映了我们在NPD和商业效益方面投资的持续效益。本季度增长的最大动力是我们的服务业务核心销售额增长23%,特别是在中东和北海。

由于工厂维护停工,第三季度是我们季节性最强的服务季度。然而,我们在本季度经历的好处是由于在斋月期间增加了大量工厂停工,紧急维修以及比平时更高的工作水平。北美固体产品增长带来的增量利润和显着的服务增长推动了24%的EBITDA利润率,这证明了我们的IT&S业务的实力以及我们在实施成为战略的战略中推动增长和盈利的机会纯玩高级工业工具公司。

如果你看看幻灯片13,那么在我们进入EC&S之前,我想花几分钟时间进行IT&S重组计划,以及兰迪将很快介绍的IT&S第四季度预测的驱动因素。正如我们之前提到的,IT&S已经开始实施我们在本季度早些时候宣布的重组计划。重点关注领域包括重新定位我们的北美服务业务以符合我们未来的增长战略,特别是我们的服务结构和资源将专注于高价值和附加服务 - 高附加值服务,如联合完整性,专业加工和高边缘螺栓连接。

我们建立的服务组织不仅专注于专业服务,还专注于压缩历史利润率的商品类服务。虽然我们预计近期北美服务销售将减少,但我们预计盈利能力将立即有所改善。我们的新运营结构还将使我们能够更加专注于向我们的服务和分销网络发展我们的产品和租赁产品。随着我们投资和发展我们的租赁和专业服务业务,我们将看到该地区增加的核心销售额和更高的盈利能力。

此外,在我们最终确定Enerpac和海卓泰特的整合时,我们的一般IT&S结构将成为焦点,可能包括某些产品的重点,尽管这些产品对我们的整体盈利能力产生负面影响。我们继续预计每年将节省1200万至1500万美元,一次性重组成本为1500万至2000万。我们已经讨论了第三季度产生的100万成本以及2020年初第四季度的其他成本。

With that as we look ahead to expectations for IT&S as we finish the year I thought it would be helpful to frame the impact on the quarter from normal seasonality as well as restructuring. In the fourth quarter from a product perspective our core true sales growth is expected to continue to be steady in the mid single digits supported by new product introductions. That will offset -- will be offset by roughly $3 million of heavy lift product sales that came through in Q4 of 2018 which will not repeat this year due to our focus on standard product offerings. Additionally as just discussed our restructuring activities focus on deemphasizing lower profit and unprofitable service product line -- service and product lines will result in some incremental near-term top line reductions.
Q4 is our seasonally slowest service period due to our customers maintenance schedules. This combined with the completion of the large projects we saw scope expansions on earlier in the year will result in a decline in sales from the quarterly sequential trend this year. What this means for IT&S in the fourth quarter is the top line growth projection of 1% to 4%. Again while down from our run rate this year our expectations for quality growth in our core products and service business have not changed. However we will see some puts and takes as we execute our strategy on service and products going forward.
Turning now to EC&S on slide 14. Core sales declined by 2% in the quarter. The divestiture of Cortland Fibron and Precision-Hayes reduced year-over-year sales by 21 million or 14% and the stronger dollar reduced sales by 3% resulting in an overall reduction of 19%. The core sales decline of 2% was the result of the challenges in the Ag market due to exceptionally cool and wet spring and its impact on the planting season as well as reductions in North America frac and China truck and as stated earlier European truck is stabilizing.
Cortland U.S. sales were flat to prior year as ropes and cable sales were down year-over-year but that was offset by very solid growth in our medical business. Profit margins in the segment increased year-over-year primarily as a result of pricing, spin control, and a reduction incentive compensation expense. Given the expected market softness we'll be taking actions in Q4 within the EC&S business to reduce costs and drive efficiencies. We expect these restructuring actions to generate approximately 3 million in annual savings with a cost of approximately 2 million.
If we turn now to liquidity on slide 15 we generated 44 million of cash during the quarter in line with our seasonal patterns and our projected growth in cash in the third quarter. Working capital was positive year-over-year as the accounts receivable built at the end of Q2 was collected as expected and reduced inventory as well. In Q3 of 2018 we received a large tax refund of 17 million that did not repeat this year and resulted in a one of the larger year-over-year impacts to cash flow. We now have in effect full year cash flow to be in the range of 62 million to 70 million down from the previous guidance of 80 million to 85 million. The decrease is attributable to the anticipated cash restructuring costs in the fourth quarter, an effort to normalize inventories in our EC&S segment ahead of new platform launches, aggravated by the anticipated decline in sales in the fourth quarter. And the delay of one platform launch until fiscal 2020. We're also seeing incremental CAPEX including the acceleration of certain EC&S projects in anticipation of a divestiture.

随着我们展望IT&S的预期,在我们结束这一年的过程中,我认为从正常的季节性和重组中确定对季度的影响是有帮助的。从产品角度来看,第四季度我们的核心真实销售增长预计将继续稳定在新产品推出支持的中位数。这将抵消 - 将被2018年第四季度大约300万美元的重型产品销售所抵消,由于我们专注于标准产品,因此今年不会重复。此外,正如刚才讨论的那样,我们的重组活动侧重于削弱利润较低和无利可图的服务产品线 - 服务和产品线将导致一些增量的近期顶线减少。

由于我们的客户维护计划,第四季度是我们季节性最慢的服务期。结合大型项目的完成,我们看到今年早些时候的范围扩大将导致销售量从今年的季度变化趋势中下降。这对IT&S在第四季度的意义是1%至4%的收入增长预测。同样,虽然今年我们的运营率有所下降,但我们对核心产品和服务业务质量增长的预期并没有改变。但是,随着我们执行服务和产品战略,我们将看到一些看跌期权。

现在转到第14页的EC&S。核心销售额在本季度下降了2%。 Cortland Fibron和Precision-Hayes的剥离使去年同期销售额减少了2100万或14%,美元走强使销售额减少了3%,导致整体减少了19%。核心销售下降2%是由于特别凉爽和潮湿的春季及其对种植季节的影响以及北美压裂和中国卡车的减少导致的Ag市场的挑战,并且如前所述欧洲卡车正在稳定。

由于绳索和电缆销售同比下降,Cortland美国的销售额与去年持平,但这被我们医疗业务的稳健增长所抵消。该分部的利润率同比增长主要是由于定价,自旋控制和减少激励补偿费用。鉴于预期的市场疲软,我们将在第四季度在EC&S业务中采取行动,以降低成本并提高效率。我们预计这些重组行动每年可节省约300万美元,成本约为200万美元。

如果我们现在转向幻灯片15的流动性,我们在本季度产生了4400万现金,符合我们的季节性模式以及我们预计的第三季度现金增长。由于第二季度末建立的应收账款按预期收取并且库存减少,因此营运资金同比为正。在2018年第三季度,我们收到了1700万美元的大额退税,这些退税在今年没有重复,并导致了对现金流量的较大的同比影响之一。我们现在实际全年现金流量在6200万到7000万之间,从之前的8000万到8500万的预期下降。减少的原因是第四季度预期的现金重组成本,在新平台推出之前,我们的EC&S部门的库存正常化,第四季度的销售预期下降加剧了这一趋势。推迟到2020财年推出一个平台。我们也看到增量资本支出,包括某些EC&S项目加速预期剥离。

We ended the quarter with 200 million of cash on hand. During the quarter we've renegotiated our term loan and revolving credit facilities to provide greater flexibility in anticipation of an EC&S transaction and to support the execution of our strategic plan going forward. As we close the credit facility, our term loan balance was 200 million and we have since paid down an incremental 10 million with excess cash. Leverage measured by net debt to pro forma EBITDA took another step down and now sits at 1.8 times versus 2.6 times in Q3 of 2018. The combination of the reduction in leverage and the new credit facilities provides us with significant flexibility to execute on our strategic plan. With that I will turn the call back over to you Randy.

我们在本季度结束时手头有2亿现金。 在本季度,我们重新协商了我们的定期贷款和循环信贷额度,以便为预期EC&S交易提供更大的灵活性,并支持我们未来执行战略计划。 随着我们关闭信贷额度,我们的定期贷款余额为2亿美元,此后我们已经用超额现金支付了1000万美元。 净债务与备考EBITDA衡量的杠杆率再次下降,目前为201倍,而2018年第三季度为2.6倍。杠杆率下降和新信贷额度的结合为我们的战略计划提供了极大的灵活性。 有了这个,我会把电话转回给你兰迪。

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Thanks Rick. Let's move over to slide 16. General economic drivers remain largely unchanged from our second quarter. U.S. economic growth is flattening while euro area has experienced sequential decline. Our recent dealer visits have revealed a consistent message of continued growth in Industrial Tools segment driven by good retail activity. Our Enerpac dealers are reporting stable inventory conditions but are feeling the impact of pricing resulting from the ongoing tariff. Almost all of our 14 vertical markets are experiencing moderate growth which is projected to continue through the fourth quarter.
Service activity continues to be strong in the Mideast and other energy markets. In the Off-Highway Mobile and Equipment market both Ag and construction equipment producers are balancing their wholesale to retail activity. As a result the new equipment production orders will decline through the fourth quarter but is expected to rebound quickly. Our highway sales in China have declined while the European truck market is more stable.
Now turning over to slide 17, our core sales growth expectations for the full year have changed. We are increasing our outlook for industrial tools and service segment. The fourth quarter sales is projected to be in the 1% to 4% range and the full year projection is to be in the 6% to 7% range. This is a direct result of the stronger than expected service and the continued growth in the tools. Engineered components and systems is projected to decline in the fourth quarter by 7% to 11% and the full year is we'll see a decline of between 2% and 3%. The combination of increasing tools and service sales with the declining engineered component and system result in a full year core sales outlook of between 2% and 3%.
Now moving on to slide 18 in the guidance. Full year guidance will be adjusted to 1,125 billion to 1,135 billion which reflects divestitures, currency impact in the lower EC&S sales. Conversely we are increasing our full year EPS range of between $1.15 and a $1.21 with an effective tax rate of approximately 20%. Free cash flow will decrease to 62 million to 70 million and for the fourth quarter we expect a range of 265 million to 275 million with an EPS of $0.25 to $0.31 per share.
And before I turn it over to the operator I just want to reiterate that we are in the cusp of building one of the finest tool companies in the world. The company has proven a -- sales coverage, it can increase its product development and the results is creating a truly innovative and growing company and we are very, very proud to be part of that. So with that operator I am going to turn it over to you for questions.

谢谢里克。让我们转向第16季度。一般经济驱动因素与第二季度相比基本保持不变。美国经济增长趋于平缓,而欧元区经历连续下滑。我们最近的经销商访问揭示了良好零售活动推动的工业工具部门持续增长的一致信息。我们的Enerpac经销商报告稳定的库存状况,但感受到持续关税导致的定价影响。几乎所有14个垂直市场都在经历温和增长,预计将持续到第四季度。

中东和其他能源市场的服务活动继续保持强劲势头。在非公路移动和设备市场,农业和建筑设备生产商正在平衡其批发和零售活动。因此,新设备生产订单将在第四季度下降,但预计将迅速反弹。我们在中国的公路销量下降,而欧洲卡车市场更稳定。

现在转向第17页,我们对全年的核心销售增长预期发生了变化。我们正在增加对工业工具和服务部门的展望。预计第四季度销售额将在1%至4%的范围内,全年预测将在6%至7%的范围内。这是服务强于预期和工具持续增长的直接结果。预计第四季度工程部件和系统将下降7%至11%,全年我们将看到下降2%至3%。不断增加的工具和服务销售与不断下降的工程组件和系统相结合,使全年核心销售前景在2%至3%之间。

现在继续在指南中滑动18。全年指引将调整为11.25亿至1,135亿美元,这反映了资产剥离,以及较低的EC&S销售对货币的影响。相反,我们将全年每股盈利预测上调至1.15美元至1.21美元之间,有效税率约为20%。自由现金流将减少至6200万至7000万,而第四季度我们预计的净利润为2.65亿至2.75亿,每股盈利0.25美元至0.31美元。

在我将其交给运营商之前,我只想重申,我们正处于建设世界上最好的工具公司之一的风口浪尖。该公司已经证明 - 销售覆盖率,它可以增加其产品开发,结果是创建一个真正的创新和成长的公司,我们非常,非常自豪地参与其中。因此,对于那个操作员,我将把它转交给你提问。

问答环节

[Operator Instructions]. Our first question comes from the line Mig Dobre with R.W. Baird. Please proceed.

[操作员说明]。 我们的第一个问题来自于Mig Dobre和R.W.Bird。 请继续

Joe Grabowski

Good morning guys, it is Joe Grabowski on for Mig this morning.

早上好,今天早上是Joe Grabowski为Mig工作。

里克狄龙

Good morning.

早上好。

Joe Grabowski

Good morning. Could you maybe expand a little bit more on the decision to retain the remaining Cortland businesses and kind of what changed from maybe last quarter when those businesses were part of the businesses to be divested?

早上好。 您是否可以进一步扩大关于保留剩余Cortland业务的决定,以及从上个季度可能发生的变化,那些业务是被剥离业务的一部分?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

So as you know we have been preparing for the divestment process for a long time where we've created a component business comprised of the EC&S company and separated from that we sold PHI and the Cortland Fibron which was the offshore oil and gas division which was focused heavily on upstream which we know has been stressed and that was placed last year. So the question is what about Cortland which is comprised of an industrial rope manufacturer and a very, very high quality medical component manufacturer. As we look through that and its ability to grow margins to an accretion level greater than or equal to Enerpac we found that that value and that creation possibility was there. So what we wanted to do is to really bring that business back into the fold and then really proactively market the lifting and assembling equipment back through Enerpac which we have already branded a significant number of our ropes and assemblies as Enerpac product. And many of our distributors specialize in heavy lifting apparatus whether it's cranes, spreading equipment, or shackles or other components so it fits quite well with that. So we believe we can create more shareholder value by growing that and then secondly by focusing on our med business which has an extraordinary margin profile. With the combination of those two things we think we can build a very, very nice business.

所以你知道我们已经为剥离过程做了很长时间的准备工作,我们已经创建了一个由EC&S公司组成的组件业务,并且与我们分开销售PHI和Cortland Fibron,后者是海上石油和天然气部门。重点关注上游,我们知道这些上游已被强调并且去年就定位于上游。所以问题是Cortland是由工业绳索制造商和非常非常高质量的医疗部件制造商组成的。当我们仔细研究它并将其利润增加到大于或等于Enerpac的吸积水平时,我们发现那个价值和创造的可能性就在那里。所以我们想做的就是真正把这个业务带回到市场,然后通过Enerpac积极推销起重和组装设备,我们已经将大量的绳索和组件作为Enerpac产品。我们的许多经销商专注于重型起重设备,无论是起重机,撒播设备,还是镣铐或其他部件,因此它非常适合。所以我们相信我们可以通过增长来创造更多的股东价值,然后通过专注于具有非凡利润率的医药业务来创造更多的股东价值。结合这两件事,我们认为我们可以建立一个非常非常好的业务。

Joe Grabowski

Got it, okay, makes sense, thanks for the color. My follow up I guess, the EC&S core sales guidance down 7% to 11% in the fourth quarter, can you maybe break it down, give a little more thought on which end markets are driving that and maybe specifically within that wondering if you're seeing any strength in Ag related businesses or maybe improvement in Ag businesses with the elevated corn prices we've seen recently? Thank you.

得到它,好吧,有道理,谢谢你的颜色。 我的跟进我猜,EC&S的核心销售指导在第四季度下降了7%到11%,你可以打破它,更多地考虑哪个终端市场正在推动这个,也许特别是在那个想知道你是否' 随着我们最近看到的玉米价格上涨,我看到Ag相关业务有何优势或可能改善Ag业务? 谢谢。

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Okay, so covering the components of the EC&S in fourth quarter one of the primary drivers is one of our new platform wins which is a truck manufacturing in Europe as a one quarter delay on the launch of a sizable piece of business. So it is not a structural change to the business, it's the delay of the start of a major project which has a multi-year impact to the company. So that's painful but it's part of being a component manufacturer, you could see differences in when the production changeovers for either model years or new product will launch and that's a big chunk of that. Secondly, we've seen softness in China and so as we push harder to get more customers in China to offset that we're going to see it in the short-term.
On the Ag industry, as you know I spent a lot of time in the Ag industry and have a fairly good understanding of the dynamics. When you see major manufacturers constraining their wholesale plants and taking down their dealer stock it creates a very, very nice environment in a very short period of time because the availability of product won't be there as we enter into the new fiscal year. So on the corn price if you look at the stock to use ratio and then you also think about what the lower planted acres and the lower yields due to the late start its going to drive the corn price up. So certain farmers in certain parts of the United States are going to see a very high windfall on their corn price which should create some nice sales activity. So that's why we believe in the off-highway Ag market. The reset should be short lived because I can see great discipline from the three primary producers on constraining their inventory.

好的,因此,第四季度EC&S的组件覆盖了主要驱动因素之一是我们的新平台获胜之一,这是欧洲的卡车制造,因为推出了相当大的业务,延迟了四分之一。因此,这不是对业务的结构性变化,而是一个对公司产生多年影响的重大项目的启动延迟。所以这很痛苦,但它是组件制造商的一部分,你可以看到当模型年或新产品的生产转换何时推出时的差异,这是其中很大一部分。其次,我们看到中国的疲软,因此我们更加努力地让更多的中国客户抵消我们将在短期内看到它的情况。

关于Ag行业,正如您所知,我在Ag行业花了很多时间并对动态有了相当好的理解。当你看到主要制造商限制他们的批发工厂并取消他们的经销商库存时,它会在很短的时间内创造一个非常非常好的环境,因为我们进入新的财政年度时产品的可用性将不会存在。因此,如果你看一下玉米价格,那么你还要考虑较低的种植面积和较低的产量,因为起步较晚,它会推高玉米价格。因此,美国某些地区的某些农民将看到他们的玉米价格非常高的意外收获,这将创造一些不错的销售活动。所以这就是为什么我们相信非公路的Ag市场。重置应该是短暂的,因为我可以看到三个主要生产商在限制库存方面的严格纪律。

Joe Grabowski

Got it, okay, thanks for taking my questions.

知道了,好的,谢谢你回答我的问题。

会议主持员

Thank you. Our next question comes from the line of Jeff Hammond with KeyBanc. Please proceed.

谢谢。 我们的下一个问题来自Jeff Hammond与KeyBanc的合作。 请继续

身份不明的分析师

Hey, this is Trish on for Jeff. So looking at your fourth quarter guidance for IT&S up against tough tools comp and with the early completion of service projects last quarter can you talk more about where you're seeing strength and kind of what's driving the upgraded outlook to the segment?

嘿,这对杰夫来说很奇怪。 那么看看你的IT&S第四季度指导与强硬工具组合以及上个季度服务项目的早期完成,你能不能更多地谈谈你在哪些方面看到实力和推动升级后的展望?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

For tools specifically?

特别是对于工具?

身份不明的分析师

Yeah, for IT&S.

对,IT&S。

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Yeah, so Rick mentioned he walked through that in a lot of detail on one of the slides but where the real strength continues is in our tool platforms. New product launches, very healthy 14 vertical markets that are still seeing nice growth dynamics. So in the standard tool products we still see really good things going forward. As you know a year ago we made a conscious decision to stop doing highly specialized and in many cases highly risky and low margin construction projects, many of them were large and many of them from a margin standpoint either lost money or had very low margin. We have consciously stopped that. So in our fourth quarter we anniversaried some of those projects and so as Rick said that's about $3 million take out on a year-over-year basis which mutes the overall product component of our IT&S outlook. But you still see nice growth rates from the composite number.
And then on the service side as Rick also mentioned our service it has lumpy aspects to it. As we do larger projects the customer may time to time ask us to extend those projects and keep people on job sites. And that creates a nice windfall for us which we saw in Q3 and Q2 and which bumped that growth rate up significantly. So what was guiding for our fourth quarter we think is a very, very stable number. It reflects the benefit of a great tool company and as we raised the full year guidance for the tool business it reflects the full run rates from the full year. So we are extraordinarily pleased with the 6% to 7% to 8% growth rate for the business. It far exceeded our expectations and when you see the EBITDA margin in the quarter of more than 24% there are very few companies in the world that have that kind of a type of margin profile which again is why we are so thankful to have this quality of the business and why we're focusing on that for the future.

是的,所以Rick提到他在其中一张幻灯片中详细介绍了这一点,但真正的优势在于我们的工具平台。新产品推出,非常健康的14个垂直市场仍然看到了良好的增长动力。因此,在标准工具产品中,我们仍然看到了未来的好东西。正如您在一年前所知,我们有意识地决定停止高度专业化,并且在许多情况下高风险和低利润率的建设项目,其中许多是大型的,其中许多从边际角度来看要么亏本,要么利润率很低。我们有意识地阻止了这一点。因此,在我们的第四季度,我们宣布了其中一些项目,因此Rick表示,大约300万美元的年度同比取消,这使我们的IT&S展望的整体产品组成部分无法实现。但你仍然可以从综合数字看到不错的增长率。

然后在服务方面,Rick也提到了我们的服务,它有一些不完整的方面。当我们做大型项目时,客户可能会不时地要求我们扩展这些项目并让人们留在工作现场。这为我们创造了一个不错的意外收获,我们在第三季度和第二季度看到了这一点,并且显着提高了增长率。因此,我们认为第四季度的指导是一个非常非常稳定的数字。它反映了一家伟大的工具公司的利益,并且当我们提高工具业务的全年指导时,它反映了全年的全部运行率。因此,我们对该业务的6%至7%至8%的增长率感到非常满意。它远远超出了我们的预期,当你看到本季度的EBITDA利润率超过24%时,世界上很少有公司拥有这种类型的利润率,这也是我们非常感谢拥有这种品质的原因。业务以及为什么我们将重点放在未来。

身份不明的分析师

Okay, great and then just on EC&S given what you're seeing out of your end markets has that changed the way you're thinking about the sale process at all?

好的,非常好,然后就EC&S而言,鉴于你从终端市场看到的东西改变了你对销售过程的看法?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Could you repeat the question, I'm not sure -- I don't want to answer the wrong thing for you.

你能否重复这个问题,我不确定 - 我不想为你回答错误的事情。

身份不明的分析师

Yes, so just looking at EC&S given some of the softening end markets is that impacting how you're thinking about the sale at all?

是的,所以只考虑一下软化终端市场的EC&S是否会影响您对销售的看法?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Well no, we always have looked at this as a strategic move for the company. And as we said we haven't given a lot of information about the process and that's by design. But we're very, very committed to it. We know it's the right thing for our long-term improvement in the value of the company. From the EC&S standpoint the key elements of that business is we've done a great job of developing a new platform win rate that is far exceeding the past. And I think that's a tremendous element of the business because when you've got a product vitality north of 15% you're bringing in brand new customers every single order. It will lessen the impact of cyclicality and that's an important piece if you're going to be in the commodity industry. So we're still very committed to the process and we think it's the best long-term decision for the company.

不,我们一直认为这是公司的战略举措。 正如我们所说,我们没有提供有关该过程的大量信息,而且这些信息都是按设计进行的。 但我们非常非常致力于此。 我们知道这对我们公司价值的长期改善是正确的。 从EC&S的角度来看,该业务的关键要素是我们在开发远远超过过去的新平台赢率方面做得非常出色。 我认为这是业务的一个重要因素,因为当你拥有15%以上的产品活力时,你就会为每一个订单带来全新的客户。 它将减少周期性的影响,如果您将进入商品行业,这将是一个重要的部分。 所以我们仍然非常致力于这个过程,我们认为这是该公司最好的长期决策。

身份不明的分析师

Okay, great. Thanks guys.

好,太棒了。 多谢你们。

会议主持员

Thank you. Our next question comes from the line of Ann Duignan with J.P. Morgan. Please proceed.

谢谢。 我们的下一个问题来自Ann Duignan与J.P. Morgan的合作。 请继续

Ann Duignan

Hi, good morning, it is Ann Duignan here. A lot of my questions have been answered but maybe you talk a little bit but I think you mentioned that mix was a negative in both the segments, could you just expand on that?

嗨,早上好,这是Ann Duignan。 我的很多问题都得到了回答,但也许你会谈一点,但我认为你提到混合在这两个细分中都是负面的,你能扩展一下吗?

里克狄龙

I think from a IT&S perspective it is just the over weight of service in the quarter and really for the year versus our original guidance. From the EC&S perspective it's just specific products including some of the new products until we get to the appropriate run rate. So both of them experience a little bit of a mix drag versus the original guy.

我认为从IT&S的角度来看,这只是本季度服务的重量级,而且与我们原来的指导相比,真的是今年。 从EC&S的角度来看,它只是特定的产品,包括一些新产品,直到我们达到适当的运行速度。 因此,与原来的家伙相比,他们两人都经历了一些混合阻力。

Ann Duignan

Okay and then you talked about how services had surprised due to the upside, is there any risk that we've now just created more of a deep hole going into fiscal 2020 that based services some of the work was pull forward and that you have proper comps and no visibility, if you could just like talk about the outlet for service in 2019?

好的,然后你谈到服务如何因为好处而感到惊讶,是否有任何风险我们现在只是在2020财年创造了更多的深洞,基于服务的一些工作是前进的,你有适当的 如果您可以在2019年谈论服务的出口,那么comps并没有可见性?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Yeah, I think that you're always going to have a lot of these spots within any fiscal year and service particularly when you have a large project build that you're on. They always do sort of reoccur. I mean in 2016 we saw some very big ones that were in the $20 million plus. Those are tough to reoccur but the ones that are of the medium size they can create a nice one following quarter but it's something that our teams are constantly pushing as part of once you get on a jobsite you want to try to sell your services going forward because the mobilization fees the customer has paid are already been paid. So there is a benefit to any side or transport terminal wherever we're doing the work. So I don't see it as a big problem going into next year. You may have some tough comps from quarter to quarter but we still see the focus on high quality and high margin service is the primary objective. And as you know our element of service in the tool group, in the Enerpac tool company is actually a relatively small piece of the overall picture. If you think about our product sales that is a very, very high percentage which also includes the rental business that we have. That's more than 80% of all the sales we do and that's why the margins are so spectacular when you have that type of a business. So I don't see it as a major problem for us Ann.

是的,我认为你在任何财政年度和服务中总会有很多这样的点,特别是当你有一个大型的项目构建时。他们总是会再次发生。我的意思是在2016年,我们看到了一些非常大的,在2000万美元以上。那些很难重新出现但是中等规模的那些可以在下一季度创造一个不错的但是这是我们的团队不断推动的一部分,一旦你到达工地,你想要尝试出售你的服务继续因为已经支付了客户支付的动员费。因此,无论我们在哪里工作,任何一方或运输终端都有好处。所以我认为这不是明年的一个大问题。您可能会在季度与季度之间进行一些艰难的比较,但我们仍然认为关注高质量和高利润率的服务是主要目标。如您所知,我们在工具组中的服务元素,在Enerpac工具公司实际上是整体情况中相对较小的一部分。如果您认为我们的产品销售额是非常非常高的百分比,其中还包括我们的租赁业务。这超过我们所有销售额的80%,这就是为什么当你拥有这种类型的业务时,利润率如此惊人。所以我不认为这对我们来说是一个主要问题。

里克狄龙

So you will see as we talked about -- as we start to deemphasize some of this commodity type service center the restructuring is around North America but the deemphasis is global. You will see some top line pressure but to Randy's point these weren't the kind of projects we saw in 2016, these were larger, longer tenured products that gave us some opportunities for upside. Then we will have projects like that and we normally do have projects like that just on planned maintenance and we expect that going forward. But our product and rental product growth will certainly outpace service and result in higher profitability going forward.

所以你会在我们谈到的时候看到 - 当我们开始强调这个商品类型的服务中心时,重组是围绕北美的,但重点是全球化。 你会看到一些顶线压力,但对于Randy而言,这些并不是我们在2016年看到的那些项目,这些是更大,更长的终身产品,为我们提供了一些上升机会。 然后我们将有这样的项目,我们通常只有计划维护的项目,我们期望未来。 但我们的产品和租赁产品增长肯定会超过服务,并导致未来更高的盈利能力。

Ann Duignan

And just as a point of clarification could you just -- services at some point do you expect them to be margin neutral to the segments, can you ever get service margins to the same as product and I will leave it there? Thank you.

正如您可以澄清一点 - 服务在某些时候您认为它们对细分市场保持中立,您是否可以获得与产品相同的服务利润,我会留在那里? 谢谢。

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Yeah, service margins are always going to be a lower component of the things we do. But one of the elements of having a great service team in the field is they're your eyes and ears on the job sites that help you market your tools. These are rental or new equipment and so when we go to a job site we go with Enerpac tool and that is a great way to market the products that we intend to sell. Now for certain types of service and especially in joint integrity it is highly technical and it's a differentiator as a business. So we like that sort of thing, it will have higher margins because we provide more than just labor. But when it's pure labor for higher, you will never be able to get to the product sales.

是的,服务利润总是成为我们所做事情的一个较低的组成部分。 但是,在该领域拥有一支优秀的服务团队的一个要素是,他们是您工作场所的眼睛和耳朵,可以帮助您推销您的工具。 这些是租赁或新设备,因此当我们去工作现场时,我们使用Enerpac工具,这是推销我们打算销售的产品的好方法。 现在,对于某些类型的服务,特别是在联合完整性方面,它是高度技术性的,并且作为企业的差异化。 所以我们喜欢这样的事情,它会有更高的利润,因为我们提供的不仅仅是劳动力。 但是当它纯粹的劳动力更高时,你将永远无法进入产品销售。

Ann Duignan

Okay, perfect, thank you. I appreciate the color.

好的,完美的,谢谢。 我很欣赏这种颜色。

会议主持员

Thank you. Our next question comes from the line of Justin Bergner with G Research. Please proceed.

谢谢。 我们的下一个问题来自Justin Bergner与G Research的合作。 请继续

贾斯汀伯格纳

Good morning Randy, good morning Rick. My first question relates to free cash flow. Would you be able to bridge the old free cash flow guidance to the new free cash flow guidance across some of the major buckets you highlighted earlier in the call?

兰迪,早上好,早上好。 我的第一个问题涉及自由现金流。 您是否能够将旧的自由现金流指导与您之前在电话会议中突出显示的一些主要存储桶中的新自由现金流指导相结合?

里克狄龙

Wouldn’t be able to quantify those major buckets because we generally don’t but in terms of what's driving it as I said its restructuring costs which we've actually given what we anticipate in the fourth quarter by way of cash restructuring. There is a little bit of overall guidance, there's a little bit of CAPEX that is in anticipation of a divestiture maybe that weren't planned to be complete entirely in 2020. And then we had the inventory levels and so the EC&S inventory levels particularly are up and with the delay in the project and the CAPEX is primarily there.

无法量化那些主要的存储桶,因为我们通常不会,因为我所说的重组成本,我们实际上通过现金重组实现了我们在第四季度的预期。 有一点总体指导,有一点资本支出,预计剥离可能没有计划在2020年完全完成。然后我们有库存水平,因此EC&S库存水平特别是 并且随着项目的延迟而且CAPEX主要在那里。

贾斯汀伯格纳

Thank you, that's helpful. My second question relates to the restructuring detail you provided today. I'm just trying to clarify is that restructuring associated with the restructuring with IT&S becoming its own sort of independent business after the sale of EC&S or what you referred to on the last call was that actually not so much corporate restructuring but IT&S specific restructuring operations with a further plan to follow on removing overhead if and when you sell EC&S?

谢谢,这很有帮助。 我的第二个问题涉及您今天提供的重组细节。 我只是想澄清一下,重组与重组有关IT&S在出售EC&S之后成为自己的独立业务,或者你在上次电话会议上提到的实际上并非如此多的公司重组,而是IT&S特定的重组业务 如果您出售EC&S,还有进一步计划如何消除管理费用?

里克狄龙

So, as we said in the last call it's a combination. First of all IT&S as a standalone company you got to see the line between what's corporate and what IT&S businesses were. And so we talked about earlier some of the North America service things that we're doing including infrastructure which would be in that corporate vein. And then we talked about some of the Enerpac Hydratight merger structural changes that we are doing. And again those in a standalone would fall in that corporate cost bucket. In addition to that like we talked about last quarter we're going -- we're in the process of continuing to evaluate our corporate organization in order to make sure we are efficient post transactions and that we have an overall cost that will allow us to sustain a 20% EBITDA margin for consolidated business. Of course that will require some of those costs will transform or reduce naturally with a transaction others will require action and as we get closer to a transaction and better clarity we will be announcing potentially future actions to achieve that goal.

所以,正如我们在上次调用中所说的,它是一个组合。首先,IT&S作为一家独立的公司,您必须看到公司与IT&S业务之间的界限。因此,我们早些时候谈到了我们正在做的一些北美服务项目,包括基础设施,这些服务将属于公司范畴。然后我们谈到了我们正在做的一些Enerpac Hydratight合并结构变化。而那些独立的人也会陷入企业成本之中。除了我们上一季度讨论的情况之外,我们正在进行 - 我们正在继续评估我们的公司组织,以确保我们是高效的交易后交易,并且我们的总体成本将允许我们为综合业务维持20%的EBITDA利润率。当然,这将要求其中一些成本会随着交易自然地转变或减少,其他人将需要采取行动,当我们接近交易并更清晰时,我们将宣布可能的未来行动以实现该目标。

贾斯汀伯格纳

Thank you Rick, I will hop back in the queue.

谢谢里克,我会跳回队列。

会议主持员

Thank you. Our next question comes from the line of Deane Dray with RBC Capital Markets. Please proceed.

谢谢。 我们的下一个问题来自于RBC Capital Markets的Deane Dray。 请继续

身份不明的分析师

Good morning, this is the Jeff on for Deane. My question is given the recent volatility in oil prices could you comment on the toll segment sensitivity to oil and additionally could you just remind us the breakdown of upstream versus midstream and downstream exposure of the tool segments specifically?

早上好,这是迪恩的杰夫。 我的问题是,最近油价的波动可以评论收费部门对石油的敏感性,另外你能否提醒我们具体的工具部分的上游与中下游暴露的分解?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Sure, the main thing with oil is that it is seeing multiple years of structural change and so for the North American onshore you can tell by the rig count have come down. And so the North American sales into onshore has definitely tempered a bit. and you can see that in our torque tension sales in North America. And I think a lot of our distributors would speak to that fact that they are seeing a slower sales activity or slowing sales activity. I think quite good that it's just not as booming as it was a year and a half ago. Offshore is primarily focused on maintenance of existing assets either in the Gulf or in the North Sea and has continued to be strong because they have to maintain those assets.
Now if you're doing offshore drilling that's a totally different thing and we don't participate a lot in offshore drilling anymore by design. And then as I mentioned in Mid East it has been quite active. We've seen double-digit growth in service as well as some of our product sales categories in the Mid East have done quite well. So the volatility in the pricing does create some short-term change in how people think about investment in CAPEX but the beauty of where we play is mid to down and so we stay away from upstream particularly as I mentioned a couple of years ago we have consciously exited the upstream oil gas which includes well development and exploration. Because that's where that volatility in pricing becomes very dramatic to a company.
So today we feel that the price where it's been sitting is conducive to good maintenance activity and it's good to investment in new tools. Many of those tool activities come as a general maintenance matters or purchase decisions. So it doesn't go in front of a CAPEX committee. So things have been quite good and I think it is going to stay that way for a while.

当然,石油的主要原因是它看到了多年的结构变化,因此对于北美陆上,你可以看出钻井数量已经下降。因此北美在岸上的销售肯定有点缓和。你可以看到我们在北美的扭矩张力销售。而且我认为很多经销商会说他们看到销售活动放缓或销售活动放缓。我觉得很好,它不像一年半前那样蓬勃发展。离岸主要集中在维护海湾或北海的现有资产,并且因为必须维持这些资产而继续保持强势。

现在,如果您正在进行海上钻井,这是一个完全不同的事情,我们不再通过设计参与海上钻井。然后就像我在中东提到的那样,它非常活跃。我们看到服务业实现了两位数的增长,而且我们在中东地区的一些产品销售类别也做得很好。因此,定价的波动确实会对人们如何看待资本支出投资产生一些短期的变化,但我们在哪里发挥的优势是从中到下,所以我们远离上游,特别是几年前我提到的有意识地退出上游油气,包括油井开发和勘探。因为这就是定价的波动对公司来说非常引人注目的地方。

因此,今天我们觉得它所处的价格有利于良好的维护活动,并且对新工具的投资是有益的。其中许多工具活动都是一般维护事项或购买决策。所以它不会出现在CAPEX委员会面前。事情已经相当不错了,我认为它会保持这种状态一段时间。

身份不明的分析师

Okay, great, that's very helpful and then just to follow-up, is there any intention to kind of focus your M&A activities outside of energy or is it kind of just a mix in the group kind of at the same percentage as your end markets?

好的,很好,这非常有帮助,然后只是为了跟进,是否有意将您的并购活动集中在能源之外,或者它是否只是与您的终端市场相同百分比的组合?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Yeah, so just to clarify we won't focus any attention in the energy area for M&A. 100% of our activity for M&A is directed towards tool companies. As I mentioned before to a lot of our investors we look at several distinct categories of tools and ones that bring either a technology that we need for Enerpac or opens up a brand new market or a region that helps us grow as a tool company. So you can rest assured that our capital investment relative to M&A will be focused on developing a world class tool company and we will not deviate out of that. And as I mentioned in my commentary it will follow very strict guidelines on the quality of the company, the returns, how well can we own and operate it, and we will always compare it with the value of a share buyback rather than an investment in M&A. All those hurdles meeting the criteria then we proceed.

是的,所以只是为了澄清我们不会把注意力集中在能源领域以进行并购。 我们100%的并购活动是针对工具公司的。 正如我之前向很多投资者提到的那样,我们会看到几种不同类别的工具,它们既可以为Enerpac提供我们需要的技术,也可以开辟一个全新的市场,或者是一个帮助我们成长为工具公司的地区。 因此,您可以放心,我们相对于并购的资本投资将专注于开发世界级的工具公司,我们不会偏离这一点。 正如我在评论中提到的那样,它将遵循非常严格的关于公司质量,回报,我们如何拥有和运营它的指导方针,我们将始终将其与股票回购的价值进行比较,而不是投资于 嘛。 所有这些障碍符合标准然后我们继续。

身份不明的分析师

Fantastic, thank you.

太棒了,谢谢。

会议主持员

Thank you. [Operator Instructions]. Our next question comes from the line of Stanley Elliott with Stifel. please proceed.

谢谢。 [操作员说明]。 我们的下一个问题来自Stanley Elliott与Stifel的合作。 请继续

Brian Brophy

Hi, good morning. This is Brian Brophy on for Stanley. Had a question on IT&S, can you give us some more color on what's driving the strength in the Middle East?

早上好。 这是斯坦利的Brian Brophy。 有关于IT&S的问题,您能否为我们提供更多关于推动中东实力的颜色?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Well there's a lot of assets in the Middle East. There are so many large refineries there that need to be maintained and the Mid East for us is broken into a couple of large markets. Obviously the traditional markets in Saudi, UAE, and areas where there's a lot of assets that are being maintained but also we're in the Caspian and North Africa and other places that typically as we characterize Middle East people don't think about. Casting has been quite good for us and as you remember we made an acquisition that extended what we do in service from not just joint integrity and pipeline services but also pipe prep and cleaning systems and services which added quite a bit of revenue to the region and also added what we do. So it's been quite good, double-digit growth. I think some of that may slow down because some of those things were project extensions from the sites we were already on but we're still projecting some pretty good activity going forward out there.

那么中东有很多资产。 那里有很多大型炼油厂需要维护,而中东地区则需要进入几个大市场。 显然,沙特阿拉伯,阿拉伯联合酋长国以及那些有很多资产得到维护的地区的传统市场,但我们也在里海和北非以及其他地方,这些地区通常是我们中东人的特征。 铸造对我们来说非常好,并且您还记得我们进行的收购扩展了我们在服务中所做的工作,不仅包括联合完整性和管道服务,还包括管道准备和清洁系统和服务,这些都为该地区增加了相当多的收入。 还添加了我们的工作。 所以这是非常好的,两位数的增长。 我认为其中一些可能会放缓,因为其中一些是我们已经在网站上的项目扩展,但我们仍然预测会有一些相当不错的活动。

Brian Brophy

Excellent thanks and then on the incremental margins and that segment still pretty strong this quarter in spite of that service mix headwind, so if you could give us a little more color on what's driving that and given that you guys see service moderating a bit in the fourth quarter should we expect some improvement in incrementals in the fourth quarter and then help us -- remind us what a long-term normalized incremental margin for that business is? Thank you.

非常感谢,然后是增量利润和本季度仍然非常强劲,尽管服务组合逆风,所以如果你能给我们更多的颜色,那么你们看到的是服务有所缓和 第四季度我们是否应该期望第四季度增量有所改善,然后帮助我们 - 提醒我们该业务的长期正常化增量利润率是多少? 谢谢。

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

I'll do the reminder on the incremental margins and I'll turn it over to Rick to give you some detail on the composition. But 35% to 45% has always been our target for incremental margins or operating leverage for our tool Company which we have been able to operate in effect. In fact this quarter we blew through that number. It had to do with mix, it had to do with performance of the business but Rick maybe you can give us more detail on comp position.

我会对增量边距做提醒,然后我会把它转交给Rick给你一些关于构图的细节。 但35%至45%一直是我们的工具公司的增量利润率或经营杠杆的目标,我们已经能够有效运作。 事实上,本季度我们吹过这个数字。 它与混合有关,它与业务的表现有关,但Rick也许你可以给我们更多关于comp位置的细节。

里克狄龙

Sure, so for the quarter it's primarily a result of even though the mix is heavy waited to service the regions for which that service occurred are definitely some of the more profitable service margins that we have overall. So that works for us, not having some of the project losses from last year also work for us, and we also have a good mix of products versus you remember last year we had strong product sales but a heavier waiting to bolting and some of our other products which were quite the same incremental margins.

当然,对于本季度来说,这主要是因为即使混合物很重,等待为服务发生的地区提供服务肯定是我们整体上更有利可图的服务利润。 这对我们有用,没有去年的一些项目损失也对我们有用,而且我们也有很好的产品组合而你还记得去年我们有强大的产品销售,但更重要的等待螺栓和我们的一些 其他产品的增量利润率相同。

Brian Brophy

Excellent, thank you. I will pass it on.

非常好,谢谢。 我会传递它。

会议主持员

Thank you. Our next question is a follow up from the line of Justin Bergner with G. Research. Please proceed.

谢谢。 我们的下一个问题是Justin Bergner与G. Research的合作。 请继续

贾斯汀伯格纳

Thank you for the follow up. Are you currently seeing multiples for tools deal that could reach fruition that are low enough in sort of an expensive market to be superior to buying back your stock or are you sort of a wait and see mode as it relates to valuations you would want to pay for the deals that you are contemplating?

感谢您的跟进。 您目前是否看到工具交易的倍数,这些交易可以达到在某种昂贵的市场中足够低的成果,优于回购您的股票,或者您是否有类似于您想要支付的估值的观望模式 对于你正在考虑的交易?

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Multiples is something we really want talk about in a public environment because it's deal by deal specific quality. Companies are going to drive a little higher multiple and it's important to remember that as we evaluate our stock based on the base intrinsic value of the company we always evaluate that as the accretion rate of that stock versus what we're paying for and high quality companies are always going to have a nice accretion rate. So I always think about if you're in the market looking at a company, try to stay away from the proverbial fixer upper that there's either some sort of crazy hockey stick of sales growth that somehow is going to improve it or that the margin profile just doesn't match what we're trying to do. So those hurdles are pretty strict for us but we will always come back to our performance versus just investing in ourselves.

Multiples是我们真正想要在公共环境中谈论的东西,因为它是按交易特定的质量来处理的。 公司将推动一个更高的倍数,重要的是要记住,当我们根据公司的基本内在价值评估我们的股票时,我们总是评估该股票的增长率与我们支付的价格和高质量 公司总是会有很好的吸积率。 因此,我一直在想,如果你在市场上寻找一家公司,试着远离众所周知的固定器鞋面,那就是某种疯狂的销售增长曲棍球棒,不知何故会改善它或者保证金 只是与我们想要做的事情不符。 所以这些障碍对我们来说非常严格,但我们总会回到我们的表现而不仅仅是投资自己。

贾斯汀伯格纳

Thank you.

谢谢。

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

You're welcome.

别客气。

会议主持员

Thank you. I am showing no further questions at this time. I will now turn the call back to yourself for any closing remarks.

谢谢。 我现在没有再问任何问题了。 我现在将把电话转回给你自己的任何结束语。

Randal W. Baker

幻灯片6.上个季度,我们强调了我们与Hallmark的合作关系,以及W Network带来的显着受众增长。本季度,我们将渠道行动重新命名为Adult Swim。作为一个对梦寐以求的男性千禧年观众具有强烈吸引力的品牌,Action广泛分布,但受众人数下降,因此是品牌重塑的完美目标。结果不言自明。今年四月的一次非常成功的发布使成人游泳成为这个演示的十大专业娱乐频道。

成人游泳提供令人兴奋的新系列,如来自DC Universe的Harley Quinn,以及一些粉丝最喜爱的动画成人节目,包括Robot Chicken,Family Guy,以及期待已久的Rick and Morty第四季。这是我们的专业渠道组合优化策略和行动的一个很好的例子。

我现在正在使用幻灯片7.我们坚定不移地致力于在我们的网络中最大限度地提高受众群体,这是我们为更好地将其货币化所做的努力的基础。我们的广告技术战略的一个关键要素是构建和提供细分受众群,以帮助广告客户定位对他们最有意义的受众群体。我们的细分受众群销售额占第三季度电视广告总收入的16%。

此外,我们正在全力推出基于自动化受众群体的连接技术Cynch,这一平台将提供并提高效率,提高交易的便利性并提供快速准确的报告。到目前为止,我们已登上超过50位买家,我们很快将推出一个新的用户界面,并从全球和我们的儿童网络中添加库存。

Corus一直并将继续倡导在加拿大作为一个行业共同合作的必要性。一个很好的例子是观众细分销售,这对电视广告的未来至关重要,不仅在加拿大,而且在全世界。使用共同细分受众群的加拿大行业解决方案将为广告商和代理商创建一个更强大,更有效的生态系统,以便更好地针对受众群体产生最大的广告影响,并加快我们销售电视的方式。

这项行业计划越来越受欢迎,我们非常高兴地宣布,广告客户将能够在今年秋季购买Corus和Rogers的常见细分市场,覆盖近一半的电视领域。

转到我们从幻灯片8开始的区域内容业务。我们的另一个关键策略是

我们的收入多元化,以便在全球范围内销售我们的内容。 Corus的优势是我们自己更多内容策略的支柱,我们最大限度地利用CRTC所需的加拿大计划支出或CPE支出,以建立不断增长的计划,推动我们在加拿大的网络评级,然后在国际上销售。 Nelvana和Corus Studios是这一战略的核心。

最近我们在2月宣布的重组管理团队已经加强了对Corus这一重要增长战略的关注。...

Okay.

好的。

Barb Bolens

Thank you everybody. We appreciate your participation today and your support of Actuant. If you have follow up calls please give us -- please reach out and we will set one up for you. Thank you very much.

谢谢大家。 感谢您今天的参与以及您对Actuant的支持。 如果您有跟进电话请给我们 - 请联系我们,我们将为您安排一个。 非常感谢你。

会议主持员

Thank you. That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line.

谢谢。 这确实结束了今天的电话会议。 我们感谢您的参与,并请您断开您的联系。

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