AdvanSix Inc (ASIX) 2025 Q1 法說會逐字稿

Good day, and welcome to the AdvanSix first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 AdvanSix 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Adam Kressel, VP, Investor Relations and Treasurer. Please go ahead.

現在，我想將會議交給投資者關係副總裁兼財務主管 Adam Kressel。請繼續。

Thank you, Megan. Good morning, and welcome to AdvanSix's first-quarter 2025 earnings conference call. With me here today are President and CEO, Erin Kane; and Senior Vice President and CFO, Sidd Manjeshwar. This call and webcast, including any non-GAAP reconciliations, are available on our website at investors.advansix.com.

謝謝你，梅根。早安，歡迎參加 AdvanSix 2025 年第一季財報電話會議。今天和我一起在場的還有總裁兼執行長 Erin Kane；資深副總裁兼財務長 Sidd Manjeshwar。本次電話會議和網路廣播（包括任何非 GAAP 對帳內容）可在我們的網站 investors.advansix.com 上查閱。

Note that elements of this presentation contain forward-looking statements that are based on our best view of the world and of our business as we see it today. Those elements can change. And the actual results could differ materially from those projected, and we ask that you consider them in that light. We refer you to the forward-looking statements included in our press release and earnings presentation.

請注意，本簡報中的元素包含前瞻性陳述，這些陳述是基於我們目前對世界和業務的最佳看法。這些元素是可以改變的。實際結果可能與預測結果有重大差異，我們希望您從這個角度考慮。我們請您參閱我們的新聞稿和收益報告中的前瞻性陳述。

In addition, we identify the principal risks and uncertainties that affect our performance in our SEC filings, including our annual report on Form 10-K as further updated in subsequent filings with the SEC. This morning, we will review our financial results for the first-quarter 2025 and share our outlook for our key product lines and end markets. Finally, we'll leave time for your questions at the end.

此外，我們在提交給美國證券交易委員會的文件中確定了影響我們業績的主要風險和不確定性，包括我們提交給美國證券交易委員會的 10-K 表格年度報告，並在隨後提交給美國證券交易委員會的文件中進行了進一步更新。今天上午，我們將回顧 2025 年第一季的財務業績，並分享我們對主要產品線和終端市場的展望。最後，我們會在最後留出時間回答大家的提問。

So with that, I'll turn the call over to AdvanSix's President and CEO, Erin Kane.

因此，我將把電話轉給 AdvanSix 總裁兼執行長 Erin Kane。

Thanks, Adam, and good morning, everyone. We appreciate you joining us here today for our quarterly call. As you saw in our press release, AdvanSix delivered significantly improved year over year performance. The first-quarter results reflect improved operational performance, continued strength in plant nutrients, and the previously announced insurance settlement proceeds.

謝謝，亞當，大家早安。感謝您今天參加我們的季度電話會議。正如您在我們的新聞稿中看到的，AdvanSix 的表現較去年同期顯著提高。第一季的業績反映了營運業績的改善、植物營養素的持續強勁以及先前宣布的保險賠償收益。

First, we know that operational excellence is a key enabler to our overall performance. Our planned plant turnarounds as well as prioritized maintenance capital investments are critical to supporting high utilization rates and capturing the operational leverage of our competitive cost advantage.

首先，我們知道卓越的營運是我們整體績效的關鍵推動因素。我們計劃的工廠週轉以及優先的維護資本投資對於支持高利用率和獲取我們競爭成本優勢的營運槓桿至關重要。

2024 highlighted the meaningful annual opportunity of sustainably running at our targeted production rates. Across our integrated value chain, asset utilization was up nearly 20% to meet customer demand. And I'm pleased to report that our first-half turnaround work at Frankford and Hopewell is successfully behind us.

2024 年是我們實現目標生產力永續運作的重要年度機會。在我們的綜合價值鏈中，資產利用率提高了近 20%，以滿足客戶需求。我很高興地報告，我們在弗蘭克福德和霍普韋爾上半年的扭虧為盈工作已成功完成。

Secondly, despite a slow start to the year, our competitive position enabled our team to drive higher volume to meet our customers' needs and achieve a 4% increase in market pricing. This was led by strength in plant nutrients with continued robust ammonium sulfate premiums over urea, while we navigated margin impact driven by higher raw material prices, namely natural gas and sulfur. We remain well positioned to serve our customers across our diversified portfolio, including fertilizer as the domestic planting season progresses, in acetone amid a balanced global supply and demand environment, and across the modestly recovering nylon industry.

其次，儘管今年開局緩慢，但我們的競爭地位使我們的團隊能夠提高銷售量以滿足客戶的需求，並實現市場價格上漲 4%。這主要得益於植物營養成分的強勁成長，硫酸銨的溢價持續高於尿素，同時我們也應對了原物料價格上漲（即天然氣和硫磺）對利潤率的影響。我們仍能透過多元化的產品組合為客戶提供良好的服務，包括隨著國內種植季節推進而提供的肥料、在全球供需平衡的環境下提供的丙酮以及適度復甦的尼龍產業。

Lastly, as we previously announced, we drove the successful conclusion of our multiyear efforts to recover losses associated with the 2019 PES cumene supplier shutdown. This included a final omnibus settlement in the first quarter of 2025 of approximately $26 million. In total, we received approximately $39 million of aggregated insurance proceeds since the 2019 event.

最後，正如我們之前宣布的那樣，我們推動了多年來為挽回與 2019 年 PES 異丙苯供應商關閉相關的損失而做出的努力，並取得了圓滿成功。其中包括 2025 年第一季約 2,600 萬美元的最終綜合結算。自 2019 年事件以來，我們總共收到了約 3,900 萬美元的保險收益。

We have supplemented our commercial success with continued investment in growth and enterprise initiatives in support of sustainably improving through-cycle profitability. We continue to focus on making the necessary investments at the right time to support our long-term performance.

我們透過持續投資於成長和企業計劃來支持持續提高整個週期的盈利能力，從而補充了我們的商業成功。我們將繼續致力於在適當的時間進行必要的投資，以支持我們的長期表現。

As we move through the remainder of 2025 and navigate a dynamic environment, we are well positioned to support our strategic growth priorities as a US-based manufacturer aligned to domestic supply chains and energy markets, as well as a diverse set of end market applications.

隨著我們進入 2025 年剩餘時間並應對動態環境，作為一家與國內供應鏈和能源市場以及多樣化終端市場應用保持一致的美國製造商，我們已做好準備，支持我們的戰略成長重點。

Now let me turn the call over to Sidd to walk through the financials.

現在，讓我將電話轉給 Sidd，讓他介紹一下財務狀況。

Thanks, Erin, and good morning. I'm now on slide 4, where I'll highlight key items of the first-quarter 2025 financials. Sales of $378 million in the quarter increased approximately 12% versus the prior year. Sales volume increased approximately 7%, primarily driven by improved operational performance and higher granular ammonium sulfate sales, supported by our flagship SUSTAIN growth program.

謝謝，艾琳，早安。我現在看到第 4 張投影片，在這裡我將重點介紹 2025 年第一季財務狀況的關鍵項目。本季銷售額為 3.78 億美元，較上年成長約 12%。銷售量成長了約 7%，主要得益於營運績效的提高和顆粒硫酸銨銷售的增加，以及我們旗艦 SUSTAIN 成長計畫的支持。

Market-based pricing was up 4%, driven by continued strength in plant nutrients, reflecting favorable North American ammonium sulfate supply and demand conditions. Raw material pass-through pricing was up 1%. Adjusted EBITDA was $52 million, and adjusted EBITDA margin was 13.7%.

受植物營養持續走強的推動，市場定價上漲 4%，反映出北美硫酸銨供需狀況良好。原料轉嫁價格上漲了1%。調整後的 EBITDA 為 5,200 萬美元，調整後的 EBITDA 利潤率為 13.7%。

I'll walk through the year-over-year variances on the next slide. Adjusted earnings per share of $0.93 increased by $1.49 versus the prior year. The effective tax rate was 19.3% compared to 25.7% in the first quarter of 2024, primarily driven by an additional $1.8 million in 45Q tax credits claimed for the 2019 period.

我將在下一張投影片中介紹同比變化情況。調整後每股收益為 0.93 美元，較前一年增加 1.49 美元。有效稅率為 19.3%，而 2024 年第一季為 25.7%，主要原因是 2019 年期間申請的 45Q 稅收抵免增加了 180 萬美元。

Free cash flow was negative $23 million in the quarter, up $49 million versus the prior year. Cash flow from operations of $11 million increased $48 million versus the prior year, primarily due to higher net income. Capital expenditures of $34 million in the quarter decreased $1 million. I'd like to thank our dedicated and talented employees for supporting our operational excellence, while driving commercial success across our diversified product portfolio and a job well done on the turnarounds.

本季自由現金流為負 2,300 萬美元，較上年增加 4,900 萬美元。經營活動現金流為 1,100 萬美元，較上年增加 4,800 萬美元，主要原因是淨收入增加。本季資本支出 3,400 萬美元，減少了 100 萬美元。我要感謝我們敬業且才華橫溢的員工，他們支持我們的卓越運營，同時推動我們多元化產品組合的商業成功，並在扭轉局面方面做得非常出色。

Now let's turn to slide 5. Here, we highlight the key drivers of our first-quarter 2025 adjusted EBITDA performance compared to the prior-year period. Pricing over raw materials was unfavorable by $5 million. Tracking our key variable margin drivers, we saw a contraction in acetone margins over rising propylene costs in the first quarter. In plant nutrients, ammonium sulfate prices increased year over year, but were largely offset by significantly higher natural gas and sulfur input costs.

現在我們翻到投影片 5。在此，我們將重點放在與去年同期相比，2025 年第一季調整後 EBITDA 表現的關鍵驅動因素。原物料定價不利 500 萬美元。追蹤我們的主要可變利潤驅動因素，我們發現第一季丙酮利潤率因丙烯成本上升而收縮。在植物營養素方面，硫酸銨價格逐年上漲，但在很大程度上被天然氣和硫磺投入成本的大幅上漲所抵消。

Lastly, we saw a modest increase in our nylon and caprolactam portfolio over benzene. The absence of the prior-year disruption supported higher volume and improved operational performance. Volume represented a $10 million improvement year over year, including favorable mix of higher granular ammonium sulfate sales, supported by our investments in the SUSTAIN growth program.

最後，我們發現尼龍和己內醯胺產品組合較苯有小幅成長。由於沒有發生上一年的中斷，銷售量增加，營運績效也有所提升。銷量較上年同期增長了 1000 萬美元，其中包括顆粒硫酸銨銷售額的良好組合，這得益於我們對 SUSTAIN 增長計劃的投資。

Operational performance and other items were a $20 million tailwind, with improved plant output and a focus on cost discipline and productivity. As Erin mentioned, we received the previously announced $26 million of final PES insurance settlement proceeds in the first quarter.

營運績效和其他項目帶來了 2000 萬美元的順風，包括工廠產量的提高以及對成本控制和生產力的關注。正如艾琳所提到的，我們在第一季收到了先前宣布的 2,600 萬美元的最終 PES 保險結算收益。

Now let's turn to slide 6. Our healthy balance sheet, ample liquidity, and prudent leverage ratios have continued to support reinvestment, growth, and return of cash. Our CapEx framework is a key pillar of our balanced and value-creative capital allocation strategy.

現在我們翻到第 6 張投影片。我們健康的資產負債表、充足的流動性和審慎的槓桿率繼續支持再投資、成長和現金回報。我們的資本支出架構是我們平衡且具價值創造能力的資本配置策略的重要支柱。

We remain focused on our base maintenance and health, safety, and environmental spend, which has averaged $75 million to $90 million per year to support safe, stable, and sustainable operations, and our enterprise programs to support long-term operational excellence and risk mitigation.

我們仍然專注於基地維護和健康、安全和環境支出，平均每年投入 7500 萬至 9000 萬美元來支持安全、穩定和可持續的運營，以及我們的企業計劃來支持長期卓越運營和風險緩解。

Above and beyond that, we've invested in a pipeline of high-growth and cost savings projects with our flagship SUSTAIN growth program, representing our largest near-term organic investment supporting compelling IRRs of over 30%. We've tightened our overall CapEx forecast for the full-year 2025 to a range of $145 million to $155 million.

除此之外，我們還透過旗艦 SUSTAIN 成長計畫投資了一系列高成長和成本節約項目，這是我們最大的近期有機投資，支持超過 30% 的誘人 IRR。我們已將 2025 年全年總體資本支出預測縮減至 1.45 億美元至 1.55 億美元之間。

We recognize that in the current macro dynamics, managing cash flow is critical. We're focused on generating positive free cash flow for the year, while making smart and disciplined investments to support our through-cycle performance. Beyond 2025, we do expect base CapEx to moderate next year as the Frankford dock and boiler projects are completed, with further declines anticipated in 2027 as our Hopewell water program investment is moderated over its remaining years.

我們認識到，在當前的宏觀動態下，管理現金流至關重要。我們專注於今年產生正的自由現金流，同時進行明智且有紀律的投資以支持我們的整個週期表現。2025 年以後，隨著弗蘭克福德碼頭和鍋爐項目的完工，我們預計明年基本資本支出將會放緩，而隨著我們的霍普韋爾水務項目投資在剩餘年份內放緩，預計 2027 年資本支出將進一步下降。

Our growth pipeline is evaluated and replenished on an ongoing basis, and we expect to see the heaviest of our spend for the SUSTAIN program in 2025 and 2026. Overall, we continue to seek the best risk-adjusted return opportunities.

我們會持續評估和補充成長管道，預計 2025 年和 2026 年 SUSTAIN 計畫的支出將達到最大。總體而言，我們繼續尋求最佳的風險調整回報機會。

Now let me turn the call back to Erin.

現在讓我把電話轉回艾琳。

Thanks, Sidd. I'm now on slide 7 to discuss each of our product lines, starting with our plant nutrients business. In the lead up to the North American spring, we saw nitrogen fertilizer pricing increase in the quarter amid higher energy costs and tighter supply and demand.

謝謝，Sidd。我現在在第 7 張投影片上討論我們的每個產品線，從我們的植物營養業務開始。在北美春季來臨之前，由於能源成本上升和供需緊張，我們看到本季氮肥價格上漲。

Industry corn belt ammonium sulfate prices were up 34% year over year and 25% sequentially from the fourth quarter, outpacing broader nitrogen and supporting continued healthy realized sulfur premiums. We are continuing to monitor higher raw material prices on a year over year basis, particularly natural gas and sulfur, which are expected to impact fertilizer margins overall.

工業玉米帶硫酸銨價格年增 34%，季減 25%，漲幅超過更廣泛的氮肥價格，並支持硫磺溢價持續健康成長。我們將繼續監測原材料價格同比上漲的情況，特別是天然氣和硫磺，預計這將對化肥的整體利潤率產生影響。

We remain confident that the underlying industry fundamentals will continue to support nutrient demand. Expectations for 95 million acres of corn in the US represents one of the largest plantings, while stock-to-use ratios remain below 10%, supporting crop prices.

我們仍然相信，潛在的產業基本面將繼續支持營養需求。美國玉米種植面積預計為 9,500 萬英畝，為全球最大種植面積之一，而庫存使用比仍低於 10%，支撐了農作物價格。

Given the positive weather outlook, we're anticipating having an earlier season than we've recently seen, which could modestly impact the back half of June in-season sales. As always, we're working closely to serve our plant nutrients customers as the season progresses.

鑑於積極的天氣前景，我們預計今年的銷售季將比最近更早，這可能會對 6 月下半年的銷售產生輕微影響。像往常一樣，隨著季節的推移，我們將密切合作，為我們的植物營養客戶提供服務。

Our volume growth has been strong this fertilizer year compared to last and supplemented with favorable mix, supported by the progression of our SUSTAIN growth program. We continue to anticipate production capability by the end of 2025 to reach a milestone of 72% granular conversion, up from roughly 70% at the end of 2024.

與去年相比，今年我們的肥料產量成長強勁，並且得到了有利的產品組合補充，這得益於我們持續成長計畫的進展。我們繼續預計，到 2025 年底，生產能力將達到 72% 的顆粒轉化率，高於 2024 年底的約 70%。

Overall, we remain excited about the growth prospects for this business and leveraging our expertise as a leader in this space. We continue to see strong demand for ammonium sulfate as growers understand the value and seek ways to maximize crop yields. Let's turn to slide 8.

總體而言，我們仍然對該業務的成長前景感到興奮，並利用我們作為該領域領導者的專業知識。隨著種植者認識到硫酸銨的價值並尋求最大限度提高作物產量的方法，我們繼續看到對硫酸銨的強勁需求。讓我們翻到第 8 張投影片。

For nylon, it was a slow start to the year. But we saw orders and pricing pick up through the quarter amid lower benzene costs, supporting a modest [price rise expansion] in the US. Domestic nylon demand remained stable amid highly dynamic macro factors. Customer indicators downstream have pointed to a modest uptick in commercial construction applications, supported by return to office and hospitality sectors.

對尼龍而言，今年開局緩慢。但我們看到，由於苯成本下降，本季訂單和價格有所回升，支持了美國價格的適度上漲。在宏觀因素高度活躍的情況下，國內尼龍需求保持穩定。下游客戶指標表明，受辦公和酒店業回歸的支撐，商業建築申請將小幅上升。

The past uncertainty to a lower interest rate environment, which would favorably impact building and construction end markets and translate to improved demand in fiber and filament applications, continues to be difficult to predict. Our order book across the packaging space has been steady. And we continue to monitor potential inflationary impacts on consumer buying behavior. Tariff and trade policy uncertainty has impacted engineering plastics, most particularly into the auto value chain, which represents significant demand for that end use.

過去低利率環境的不確定性（這將對建築和施工終端市場產生有利影響，並轉化為纖維和長絲應用需求的增加）仍然難以預測。我們在包裝領域的訂單一直很穩定。我們將繼續監測通膨對消費者購買行為的潛在影響。關稅和貿易政策的不確定性對工程塑膠產生了影響，尤其是對汽車價值鏈，因為這代表著對最終用途的巨大需求。

Now outside of the US, persistent global oversupply conditions continue to pressure pricing and spreads. Operating rates in China remain robust despite soft demand in the region. As a result, trade flows out of China, primarily to Southeast Asia and Europe, have also continued to limit pricing improvement globally. Third-party reporting has cited a moderation in China operating rates in April, which is encouraging but far from a trend.

目前，除美國以外，持續的全球供應過剩狀況繼續對價格和價差造成壓力。儘管中國地區需求疲軟，但其開工率仍保持強勁。因此，中國對外貿易（主要流向東南亞和歐洲）也持續限制全球價格的改善。第三方報告指出，中國四月開工率放緩，令人鼓舞，但遠非趨勢。

While we continue to navigate a protracted downturn in the cycle, I would characterize our nylon business overall as performing a bit better than what we had seen just a few months ago. Our focus remains on supporting improved through-cycle profitability by driving productivity, optimizing our regional and product sales mix, and continuing to promote the value proposition of our differentiated nylon offerings, while benefiting from running at higher operating rates relative to our peers.

雖然我們繼續經歷週期性的長期低迷，但我認為我們的尼龍業務整體表現比幾個月前要好一些。我們的重點仍然是透過提高生產力、優化區域和產品銷售組合以及繼續推廣差異化尼龍產品的價值主張來支持提高整個週期的盈利能力，同時受益於相對於同行更高的運營率。

Let's turn to slide 9. Moving to chemical intermediates, industry realized acetone prices over refinery grade propylene costs declined sequentially and year over year in the first quarter, in part due to higher input costs. But it remains above cycle averages.

讓我們翻到第 9 張投影片。對於化學中間體，產業意識到丙酮價格相對於煉油級丙烯成本在第一季環比和年比下降，部分原因是投入成本上升。但它仍然高於週期平均。

Propylene prices settled significantly higher on the back of refinery turnarounds and lower trading volumes in the industry. From an acetone supply and demand perspective, while phenol operating rates continue to remain low, we did see a slow start to the year, particularly into the large buyer space. As a reminder, this sector primarily serves the MMA market. And as we shared previously, there were several industry turnarounds occurring in the first quarter.

由於煉油廠檢修和產業交易量下降，丙烯價格大幅上漲。從丙酮供需角度來看，雖然苯酚開工率繼續保持在低位，但我們確實看到今年開局緩慢，尤其是在大型買家領域。提醒一下，該行業主要服務於 MMA 市場。正如我們之前所分享的，第一季出現了幾項行業轉變。

Into the second quarter, acetone demand is expected to modestly improve, following the completion of those downstream turnarounds and seasonal improvements in paints and coatings. Supply and demand conditions overall, as well as stabilization of propylene costs, are expected to continue to positively support acetone spreads at or above cycle averages. However, this does represent a year-over-year headwind.

隨著下游產能恢復以及油漆和塗料的季節性改善，預計第二季丙酮需求將略有改善。整體供需狀況以及丙烯成本的穩定預計將繼續對丙酮價差形成積極支撐，使其達到或超過週期平均值。然而，這確實代表著同比的逆風。

Demand across the rest of chemical intermediates continues to remain mixed into ag chemicals, electronics, and European paints and coatings. So many of these chemistries serve high-value applications in support of longer-term growth and profitability.

其餘化學中間體的需求持續混合在農業化學品、電子產品以及歐洲油漆和塗料中。許多化學品都用於高價值應用，以支持長期成長和獲利能力。

Let's wrap up on slide 10 before moving to Q&A. We thought it would be worthwhile to spend a moment on our position as a diversified chemistry company. Our business is aligned to domestic agricultural and manufacturing supply chains and energy markets, as well as a diverse set of end market applications.

在進入問答環節之前，讓我們先結束第 10 張投影片。我們認為花點時間闡述我們作為一家多元化化學公司的地位是值得的。我們的業務與國內農業和製造業供應鏈和能源市場以及多樣化的終端市場應用一致。

While we know that 2025 will again be another dynamic year, we are well positioned as an American manufacturer of essential chemistries. And we will continue to pivot where needed. As a reminder, all five of our manufacturing sites are located in the US, primarily along the East Coast.

雖然我們知道 2025 年將再次是充滿活力的一年，但作為美國必需化學品製造商，我們已佔據有利地位。我們將繼續根據需要調整。提醒一下，我們所有的五個製造基地都位於美國，主要位於東海岸。

We are largely insulated from first-order impacts of reciprocal tariffs, with nearly 90% of our sales in the US and most of our key product lines being in a net import industry position. We have been operating with structural tariffs in place globally across our value chains for quite some time. So we feel we are adept at navigating an environment like this.

我們基本上不受互惠關稅的直接影響，我們的銷售額有近 90% 是在美國，而且我們的大多數主要產品線都處於淨進口行業地位。很長一段時間以來，我們在全球價值鏈中實行結構性關稅。因此，我們覺得我們擅長應付這樣的環境。

AdvanSix is also advantaged to the domestic energy market, with nearly all direct raw materials procured from the US. And in fact, we have a limited reliance on foreign vendors, with approximately 98% of all supplier spend procured domestically. We are continuing to monitor the potential second- and third-order impacts on demand across end markets, particularly since we operate far back in the value chain.

AdvanSix 在國內能源市場也佔有優勢，幾乎所有原料都直接向美國採購。事實上，我們對外國供應商的依賴有限，大約 98% 的供應商採購都是在國內進行的。我們正在持續監測對終端市場需求的潛在二階和三階影響，特別是因為我們在價值鏈中處於很靠後的位置。

In times of uncertainty, we're keenly focused on delivering on what we can control. This includes taking a measured and disciplined approach to cost and cash management, while maintaining smart investments for sustainable long-term performance. We also continue to protect our healthy balance sheet, enabling our strategic capital allocation framework to provide optionality for further value creation and remain confident in the potential of AdvanSix.

在不確定的時期，我們專注於實現我們能夠控制的事情。這包括採取有節制和嚴謹的成本和現金管理方法，同時保持明智的投資以實現可持續的長期業績。我們也將繼續保護我們健康的資產負債表，使我們的策略資本配置框架能夠為進一步創造價值提供可選性，並對 AdvanSix 的潛力充滿信心。

With that, Adam, let's move to Q&A.

亞當，讓我們進入問答環節。

Thanks, Erin. Megan, can you please open the line for questions?

謝謝，艾琳。梅根，您能開通熱線來回答問題嗎？

(Operator Instructions) David Silver, C.L. King.

（操作員指示）David Silver，C.L.國王。

Yeah, hi, good morning. Yeah, so -- and I'm sorry, I have -- I can't read my own handwriting here, sorry. I would like to maybe just pick up on, I guess, Sidd's comments or both of your comments regarding tactical moves that are preparing for uncertainty.

是的，你好，早安。是的，所以——很抱歉，我——我看不懂我自己的筆跡，抱歉。我想或許只是想談談 Sidd 的評論，或者你們兩人關於為不確定性做準備的戰術舉措的評論。

And in particular, I guess, your company had a playbook of some sort as of a few years ago tied to pandemic pressures. And while it's not a perfect guide, I'm assuming there is a few pages that you could have pulled from that earlier book -- playbook for use here.

特別是，我猜，貴公司幾年前就制定了某種與疫情壓力相關的策略。雖然它不是一個完美的指南，但我認為您可以從之前的書中找出幾頁內容作為此處使用的劇本。

But just in particular, Erin, you talked about things you can control. Is this a period where as a company, you want to maybe increase or selectively build up inventories and strategic inputs, or maybe any other concrete steps that you're thinking of?

但艾琳，具體來說，你談到了你可以控制的事情。在這個時期，作為一家公司，您是否想要增加或選擇性地建立庫存和策略性投入，或者您正在考慮採取其他具體措施？

And then for Sidd, you did mention cash flow and managing cash. Is this kind of an opportunity to increase borrowing capability or gaining more financial flexibility that way? I'll stop there. Thank you.

然後對於 Sidd，您確實提到了現金流和現金管理。這是否是增加借貸能力或獲得更多財務彈性的機會？我就到此為止。謝謝。

Sure. And David, as you mentioned, certainly, the playbook from prior trough and recessionary considerations will serve us well, right? We've been through this. As we said, we've navigated various cycles through our time as a company here.

當然。大衛，正如您所說，之前的低谷和衰退考慮中的策略肯定會對我們有好處，對嗎？我們已經經歷過這件事了。正如我們所說，我們作為一家公司在這裡度過了各種週期。

Relative to operating the value chain, again, given that we're a US-based manufacturing chain, our raw materials are here; we're producing and then predominantly selling here, allows us to really ensure that we're running the business to our business rules.

相對於營運價值鏈，再次強調，鑑於我們是美國製造鏈，我們的原材料就在這裡；我們在這裡生產並主要銷售，這使我們能夠真正確保按照我們的業務規則開展業務。

So I don't think this is a time at current, we're very focused on delivering for our customers, having the right service levels accordingly, and continuing to rightsize the inventory buffers really against the operational performance of our plants. So I don't think at this time, I know in the past, we may have used inventories in the balance sheet to navigate through. We are not there, and I don't see that as part of how we're operating at current.

因此，我認為目前還不是關鍵時刻，我們非常專注於為客戶提供服務，相應地提供正確的服務水平，並繼續根據工廠的營運績效調整庫存緩衝。因此，我認為目前我們不會，我知道在過去，我們可能會使用資產負債表中的庫存來進行導航。我們還沒有達到這個水平，而且我也不認為這是我們目前運作方式的一部分。

Yeah. And I think just building on Erin's comments and hope you're doing well, Dave, and good question. Look, I think from a finance perspective and just from a strategy perspective, right, what I'd say is, look, today, our leverage is roughly 1 times. We've got ample liquidity, right, in this period of uncertainty. We continue to believe cash is king and have a laser focus on driving cash flow, like you heard in our prepared remarks.

是的。我認為只是基於艾琳的評論，希望你做得很好，戴夫，這個問題問得很好。看，我認為從財務角度和策略角度來看，對，我想說的是，看，今天，我們的槓桿率大約是 1 倍。在這個不確定的時期，我們有充足的流動性。我們仍然相信現金為王，並專注於推動現金流，就像您在我們準備好的演講中聽到的那樣。

And as we think about that, we continue to focus on tightening up our supply chains, right, improving our working capital turns and efficiency. And then as we look at costs across our fixed asset base, we look to drive those costs down and amortize those costs over a larger molecule base, right, while meeting our customers' needs.

當我們考慮到這一點時，我們繼續專注於加強我們的供應鏈，提高我們的營運資金周轉率和效率。然後，當我們查看整個固定資產基礎的成本時，我們希望降低這些成本，並在更大的分子基礎上攤提這些成本，同時滿足客戶的需求。

So I think those are the tangible things. And then the other piece, which I'd highlight, is the intangibles, right? I think continuously, we have a mindset of countermeasures to stay very agile as a company as we sort of jab and tack, seeing what the trade winds present us. And I think we've got that focus constantly in everything that we do across the organization.

所以我認為這些都是有形的東西。然後我要強調的另一點是無形資產，對嗎？我一直認為，我們始終保持一種應對心態，讓公司保持高度敏捷，我們會採取一些應對措施，觀察貿易風為我們帶來什麼。我認為我們在整個組織所做的每件事中都始終關注這一點。

Okay. Thank you for that. I would want to follow up, I guess, on one input, and that would be sulfur. My -- just my history with it is that I'm always worried at times like this when the supply might be constrained by an economic slowdown while agricultural demand remains steady or even better.

好的。謝謝你。我想跟進一個輸入，那就是硫磺。我的經驗是，我總是擔心在這種時候供應可能會受到經濟放緩的限制，而農業需求保持穩定甚至更好。

How concerned are you or what steps can you take to ensure not necessarily -- I'm not interested in the particular price that will find its own level. But can you take steps to increase your assurance of supply? In a pinch, could you substitute purchased sulfuric acid for purchases of elemental sulfur? Just what's the flexibility in your system just to ensure that the sulfur side of your input requirements are covered?

您有多擔心，或者您可以採取什麼措施來確保不一定——我對特定價格能夠找到自己的水平不感興趣。但是您能採取措施來提高供應保證嗎？在緊急情況下，您能否用購買的硫酸代替購買的元素硫？您的系統的靈活性如何確保滿足輸入要求中的硫含量？

Yeah. So certainly, we buy molten sulfur, bringing that into our sulfuric acid and oleum plant. We have a broad-based supply mix of vendors across the board.

是的。因此，我們當然會購買熔融硫磺，並將其送入我們的硫酸和發煙硫酸工廠。我們擁有廣泛的供應商供應組合。

I would say, though, that our discussions with external analysts indicate that the supply-demand is actually more balanced than probably the current price indicates. So we certainly do -- we have this short-term pressure relative to the settlement, but we would anticipate sulfur to come down. And again, right now, we believe that supply is ample for our needs.

不過，我想說，我們與外部分析師的討論表明，供需實際上比當前價格所顯示的更平衡。所以我們確實會這樣做——我們在解決方面面臨短期壓力，但我們預計硫含量會下降。而且，目前，我們相信供應足以滿足我們的需求。

Okay. Great. Thank you for that. I did have a question about ammonium sulfate and the outlook there. I mean, I do think the fundamentals have been very healthy for a little while here domestically. I am thinking a little bit about that post-spring demand outlook.

好的。偉大的。謝謝你。我確實對硫酸銨及其前景有疑問。我的意思是，我確實認為國內的基本面在一段時間內一直非常健康。我正在思考春季後的需求前景。

Have you kind of been getting inquiries -- just given the relatively firm fundamentals there, have you been getting inquiries from overseas? Or are you adjusting your strategies as a result of the profit opportunities? Just how are you thinking about the post-spring demand and deployment of your -- demand for and deployment of your ammonium sulfate products?

您是否收到過詢問——鑑於那裡的基本面相對穩固，您是否收到過來自海外的詢問？或者您是否根據獲利機會調整了策略？您如何看待春季後對硫酸銨產品的需求和部署？

Yeah. Well, certainly, right now, we're in the heart of the season and focused here on maximizing our granular sales into the heart of the season. As we do progress towards the end, right, just as you say, we pause, we reflect, we look at the fundamentals. Obviously, there's a lot here relative to yields and acres, and farmer profitability and things of that nature. And then we will move into the domestic fall fill program as we go.

是的。嗯，當然，現在我們正處於旺季，我們專注於在旺季最大限度地提高我們的細粒度銷售。當我們確實走向終點時，正如你所說，我們停下來，我們反思，我們審視基本面。顯然，這裡有很多與產量、土地面積、農民獲利能力以及諸如此類的事情有關的內容。然後，我們將進入國內秋季填充計劃。

Relative to inquiries, we definitely do get regular inquiries. But again, given our investments and the growth in the domestic demand, that is ultimately where we are focused. And certainly, with SUSTAIN, it's an increasing focus, right, on our domestic demand growth with our key customers here. And our exports are reducing over time.

就詢問而言，我們確實會收到定期詢問。但考慮到我們的投資和國內需求的成長，這最終是我們關注的重點。當然，透過 SUSTAIN，我們越來越關注國內主要客戶的需求成長。而且我們的出口量正在逐漸減少。

Okay. Very good. I did have a question on the nylon side here. And I'm making reference to your comments in the press release regarding kind of positioning yourself for a more protracted period of, I guess, softer demand. Could you just qualitatively kind of discuss how you plan to maybe shift your marketing emphasis to adapt to the more protracted period of demand weakness that you're citing?

好的。非常好。我確實對尼龍方面有個疑問。我參考了您在新聞稿中關於為更長時期的需求疲軟做好準備的評論。您能否定性地討論一下您計劃如何轉變行銷重點，以適應您提到的更長時間的需求疲軟期？

Sure. And maybe as a point of clarification, it's probably not more protracted from last release and last call, but just that the protraction continues if that is helpful, right, not that we necessarily see that it has gotten more challenging.

當然。也許需要澄清的是，與上次發布和上次通話相比，它可能並沒有變得更加拖延，而只是拖延仍在繼續，如果這有幫助的話，對吧，我們不一定會看到它變得更具挑戰性。

Just that this value chain, like others, is living through just a persistent global oversupply environment. And so as we navigate through that, we certainly are focused on serving the domestic nylon demand. Again, I would reiterate that here in North America, demand remains stable.

只是這條價值鏈與其他價值鏈一樣，正經歷著持續的全球供應過剩環境。因此，當我們解決這個問題時，我們當然會專注於滿足國內尼龍需求。我再次重申，北美的需求保持穩定。

Obviously, there's quite a bit that we have to continue to watch in this highly dynamic set of macro factors. We focus on our mix as well. Certainly, as we look and continue to focus on packaging, on our wire and cable accounts, these are areas where more of the differentiated nylon offerings come to play.

顯然，在這組高度動態的宏觀因素中，有很多事情我們需要繼續關注。我們也注重我們的組合。當然，隨著我們繼續關注包裝、電線和電纜帳戶，這些領域將更多地發揮差異化尼龍產品的作用。

And then, of course, we just need to manage the productivity and the cost side, and some of the more challenging application sets. So again, that's -- we focus on our customers, being customer-centric, understanding what offerings they need as they continue to drive forward into their value chains. And so it's really just much more of what we've already been doing and continuing forward, recognizing that those self-help measures and the focus on the domestic opportunity set is going to be key to the success.

然後，當然，我們只需要管理生產力和成本方面，以及一些更具挑戰性的應用程式集。所以，我們再次強調，我們專注於我們的客戶，以客戶為中心，了解他們在繼續推進其價值鏈時需要什麼產品。因此，這實際上只是我們已經在做的事情的延續，我們認識到這些自助措施和對國內機會的關注將是成功的關鍵。

Okay. And then last one from me. But I did notice in your talk -- in your discussion in the slide covering your chemical intermediates unit, you did cite patent infringement proceedings regarding your EZ-BLOX additives.

好的。接下來是我最後一個問題。但我確實注意到，在您的演講中——在涉及化學中間體單元的幻燈片討論中，您確實引用了有關 EZ-BLOX 添加劑的專利侵權訴訟。

And just wondering if you could discuss that a little bit, I mean, I guess, just sticking to what's publicly available. But just maybe if you could kind of characterize this -- well, first of all, congratulations for having a product that people want to poach your technology from.

我只是想知道您是否可以稍微討論一下這個問題，我的意思是，我想，只是堅持公開可用的內容。但也許你可以這樣描述一下——好吧，首先，恭喜你擁有了這樣一款產品，人們想從中挖走你的技術。

But separately, it says Europe here, but I'm kind of scratching my head and wondering where the source of the infringement originated. But anyway, maybe if you could just share a brief overview of that and then your expectations for how the infringement proceedings might progress. Thank you.

但另外，這裡說的是歐洲，但我有點摸不著頭腦，想知道侵權行為的源頭在哪裡。但無論如何，也許您可以對此做一個簡要的概述，然後談談您對侵權訴訟可能如何進展的預期。謝謝。

Yeah, sure. Maybe by way of background, a reminder, so our EZ-BLOX 2-pentanone oxime really since March of '22 has been the only and ideal replacement for MEKO. Again, this was a drop-in replacement for MEKO, which was severely restricted by the EU chemical regulatory agency for toxicity concerns. So it was a great drop-in, great product.

是的，當然。也許透過背景來提醒一下，我們的 EZ-BLOX 2-戊酮肟自 22 年 3 月以來一直是 MEKO 唯一且理想的替代品。再一次，這是 MEKO 的直接替代品，由於毒性問題，MEKO 受到歐盟化學監管機構的嚴格限制。所以，這是一款非常棒的產品。

And then in 2024, the European Patent Office formally granted the patent covering those claims as an anti-skinning agent in alkyd paints and coatings. So we're in a position really to protect the market exclusivity in 23 countries in the patent convention in Europe until April of 2036, right?

隨後在 2024 年，歐洲專利局正式授予了涵蓋這些權利要求的專利，作為醇酸樹脂油漆和塗料中的抗結皮劑。因此，我們真的能夠透過歐洲專利公約保護 23 個國家的市場獨佔權，直到 2036 年 4 月，對嗎？

And so obviously, this is important to us, as you point out. And we continue to work with our key partners to ensure that, A, there's clear end user awareness of the patent protection. I'll leave it to you. You can probably connect dots on where most likely sources come for folks who don't necessarily abide by patent rules, right, in the world.

正如您所指出的，這顯然對我們很重要。我們將繼續與我們的主要合作夥伴合作，以確保最終用戶清楚地了解專利保護。我就交給你了。您可能可以找到世界上那些不一定遵守專利規則的人最有可能的來源。

And so relative to the legal matters, right, they are proceeding. We can't necessarily comment further on those. We would seek damages for past unauthorized sales of 2-PO and then certainly ask for permanent injunction so that the infringing product does not interfere, right, with our opportunity set and development of the product.

因此，就法律事務而言，他們正在進行中。我們無法對此發表進一步評論。我們將為過去未經授權銷售 2-PO 的行為尋求賠償，然後肯定會要求永久禁令，以便侵權產品不會幹擾我們的機會集和產品開發。

Okay, that's great. Thank you very much. I appreciate all the color.

好的，太好了。非常感謝。我欣賞所有的色彩。

You got it.

你明白了。

(Operator Instructions) Charles Neivert, Piper Sandler.

（操作員指示）Charles Neivert、Piper Sandler。

Good morning, everybody. Just a few questions. One, on the nylon side, China obviously has some position here in the US. And assuming some level of tariff exists, do you guys anticipate, A, being able to pick up some market share from the fact that their product is going to become a lot more expensive?

大家早安。僅有幾個問題。首先，在尼龍方面，中國在美國顯然佔有一定地位。假設存在一定程度的關稅，你們是否預計，A，能夠透過產品價格大幅上漲來獲得一些市場份額？

And from what they do bring in, how does that -- might that affect your share -- I mean, your -- excuse me, your product mix? I mean, if they're bringing in carpet, you're going to get carpet business. If they're bringing in other resins, you're going to get the other resin business? Or is there something you guys are going to be doing to sort of adjust product mix based on changes due to the potential for some tariffs on that front.

從他們帶來的收入來看，這會如何影響您的份額？我的意思是，您的產品組合？我的意思是，如果他們引進地毯，你就會有地毯生意。如果他們引進其他樹脂，你會獲得其他樹脂業務嗎？或者你們會根據可能出現的關稅變化來調整產品組合？

And then by the same token, you guys have talked as well about your own export to domestic mix and at times, has affected earnings. Where are we today? And do you anticipate that changing over the next, let's say, six months or a year if the significant tariffs come into place?

同樣，你們也談到了你們自己的出口到國內的組合，有時會影響收益。我們今天在哪裡？如果大幅徵收關稅，您是否預計未來六個月或一年內這種情況會改變？

Yeah, okay. A lot there. Let's see if we can unpack that for you, Charlie. Thanks. I think when we look at nylon overall, it probably is an area that if tariffs lead to higher costs and sort of consumer-led recessionary environment, we know this is the space that will be most challenged.

嗯，好的。那裡有很多。查理，我們看看能不能幫你解決這個問題。謝謝。我認為，當我們從整體來看尼龍時，如果關稅導致成本上升和消費者主導的經濟衰退環境，我們就知道這個領域將面臨最大的挑戰。

But relative to what we're seeing right now, the focus is watching on the engineering plastic demand. And this certainly has an interplay with Mexico and automakers. There's the dependency on parts that are made in Mexico and certainly the demand inside the US.

但就我們目前所看到的情況而言，重點關注的是工程塑膠的需求。這肯定會與墨西哥和汽車製造商產生相互作用。他們對墨西哥生產的零件有依賴，而且美國國內的需求也很大。

So that's the area that we're watching closely. Obviously, there's a lot of moving parts associated with pauses, bilateral agreements, here as we go. But that's probably the area to watch the closest. Obviously, as you say, for downstream products, increased cost for imported yarns or carpets would help the fiber and filament folks and our customers in their pricing opportunities.

所以這是我們密切關注的領域。顯然，目前進展與暫停、雙邊協議等相關，涉及許多變動。但這可能是最值得關注的區域。顯然，正如您所說，對於下游產品而言，進口紗線或地毯成本的增加將有助於纖維和長絲企業以及我們的客戶獲得定價機會。

But then relative to direct tariffs on PA 6, currently, it's unfortunate, but Nylon 6 is excluded from the retaliatory tariff list. This could change. We're obviously, like many, reviewing Annex II, but something we'll have to watch. But again, it's not as if -- we see more parts and compounds and things down the chain coming in than perhaps direct Nylon at current.

但相對於對 PA 6 徵收直接關稅，目前不幸的是，尼龍 6 被排除在報復性關稅名單之外。這種情況可能會改變。顯然，我們和許多人一樣，正在審查附件二，但我們必須注意這一點。但同樣，情況並非如此——我們看到鏈條中流入的零件、化合物和東西比目前直接流入的尼龍還要多。

So relative to our mix, as you say, we are at times in sort of a balance to net export position. That's predominantly net export inside the North American region versus going to other places in the world. Again, if we remain focused on the same measures I shared with David earlier, that's kind of how we seek the opportunity set to navigate through here.

因此，相對於我們的組合，正如您所說，我們有時處於淨出口平衡狀態。這主要是北美地區的淨出口，而不是銷往世界其他地方。再說一次，如果我們繼續關注我之前與戴維分享的相同措施，這就是我們尋求機會來度過難關的方式。

And then the caprolactam side that at times we export relative to meet demand, some of that is into more or less South America. So right now, it's continuing on. I would say, our exports in this space in Q1 were sort of consistent with the historical averages. So kind of steady as she goes here, if you will, and just focus on the execution for the remainder of the year.

有時我們會出口己內醯胺以滿足需求，其中一部分或多或少銷往南美洲。所以現在，它還在繼續。我想說，我們第一季在這個領域的出口與歷史平均值基本一致。所以，如果你願意的話，她會在這裡保持穩定，並只專注於今年剩餘時間的執行情況。

Got it. Okay. And on the ammonium sulfate side, obviously, you talked about the higher acreages that are going in. You've got a little bit of an early start to the year, I guess, which is good, which means potentially it ends a little earlier. I think you mentioned that as sort of late June might be some tail off.

知道了。好的。在硫酸銨方面，顯然您談到了種植面積的增加。我想，今年開始得有點早，這很好，這意味著今年可能結束得更早。我想您提到過，六月底可能會有一些下降。

But I mean, given the acreages, given the pricing for corn, are you guys seeing like -- and volumes are up, but it's sort of hard to measure whether it's just a timing thing. But does it look like volume over the course of the season is going to be substantially higher given the acreage? And are you seeing any more like a higher application rate on the acres that you're selling into?

但我的意思是，考慮到種植面積和玉米價格，你們是否看到了——產量正在上升，但很難衡量這是否只是時間問題。但考慮到種植面積，整個季節的產量是否會大幅增加？您是否看到您所出售的土地的施用率有所提高？

Yeah. No, great clarifying question. Certainly, our order book was robust headed into the season. We should have a record volume really for the fertilizer year and very close in Q2. As you say, this is a robust planting, robust use of sulfur nutrition.

是的。不，這是很好的澄清問題。當然，進入這個季節，我們的訂單量非常強勁。我們的化肥產量應該會創下年度的新高，並且在第二季非常接近創下紀錄。正如您所說，這是一種健壯的種植，對硫營養的利用也十分健壯。

The point around June, as you can say, like by this time in the year, right, we -- our sort of modus operandi is to position everything into the market, into the value chain, so that it can go to the field. Obviously, when there's a little bit of a longer season, if you will, you get an extended top-dress type application.

就像你說的，大約在六月份，也就是一年中的這個時候，我們的運作方式是將所有東西推向市場、推向價值鏈，這樣它就可以進入實際應用。顯然，當生長季節稍長時，如果您願意的話，您可以採用延長的表層施肥類型。

And so when we are low on inventories, if you will, out of the plant, we get that extension of every extra day of production or week of production on that extended season, then goes out in what is a tight supply-demand environment, so you get that extra tail. That's the part that is difficult to call every year. And so that's just the part that's difficult to call now. But all things said, a robust year for us and a robust season.

因此，當我們的庫存不足時，如果你願意的話，我們會在工廠裡獲得延長的季節中每天或每週額外生產的延長，然後在緊張的供需環境中出去，這樣你就得到了額外的尾貨。這就是每年都很難打電話的部分。這就是現在難以判斷的部分。但總而言之，對我們來說，這是豐收的一年，也是一個豐收的季節。

Then last question is -- on the CapEx side, you said after '25 you sort of hit peak, then you start winding down a little bit '26, '27 as some of these projects complete.

最後一個問題是 - 在資本支出方面，您說在 25 年後達到了頂峰，然後隨著其中一些項目的完成，在 26 年、27 年會開始逐漸減少。

But if you're looking at a total spend between CapEx plus the opportunity stuff that you also talk about, does that mean we have, for lack of a better term, assuming that we don't have any real serious earnings issues, that we've got actually more to spend on those opportunistic type of acquisitions?

但是，如果您考慮的是資本支出加上您談到的機會成本之間的總支出，這是否意味著，由於缺乏更好的術語，假設我們沒有任何真正嚴重的盈利問題，我們實際上有更多的資金可以花在這些機會主義類型的收購上？

And does the pipeline -- given the current situation, does the pipeline for acquisition look a little better right now, I mean, just in terms of what might be out there? And obviously, again, if you're spending less, you may have more to get there if those things become available.

並且，考慮到目前的情況，目前的收購管道看起來是否好一些，我的意思是，就目前的情況而言？顯然，如果你花費較少，當這些東西可用時，你可能會有更多的錢去實現目標。

Yeah, no, certainly, that's -- as you think about that, obviously, we would look to continue to bring that base CapEx back in line as we lap some of these larger enterprise considerations. We continue to refresh and look at organic opportunities.

是的，不，當然，那是——正如你所想的那樣，顯然，我們會繼續考慮將基礎資本支出重新納入考慮範圍，因為我們會考慮一些更大的企業因素。我們將繼續更新並尋找有機機會。

I mean, these things are also in our wheelhouse, right, and typically have some of the best risk-adjusted return profiles. But certainly, there are -- as you say, I think the time and energy heating up relative to inorganic opportunities, I think that's an area that we will continue to look at and evaluate as well, right?

我的意思是，這些東西也在我們的掌控之中，對吧，而且通常具有一些最佳的風險調整回報率。但當然，正如你所說，我認為相對於無機機會，時間和精力正在升溫，我認為這也是我們將繼續關注和評估的領域，對嗎？

Okay. Well, that's it from my end. Thanks.

好的。嗯，我的回答就是這樣。謝謝。

Thanks, Charlie.

謝謝，查理。

This concludes our question-and-answer session. I would like to turn the conference back over to Erin Kane for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Erin Kane 做最後發言。

Thank you all again for your time and interest this morning. We are confident in our demonstrated ability to perform through a multitude of environments. We feel very good about the strategies we've implemented and our continued investments to support expectations for AdvanSix's long-term sustainable performance.

再次感謝大家今天上午的時間和關注。我們對自己在多種環境下表現的能力充滿信心。我們對所實施的策略和持續的投資感到非常滿意，這些投資支持了對 AdvanSix 長期可持續表現的期望。

Importantly, we are well positioned as a US-based diversified chemistry company with a resilient business model to navigate the current macro dynamics. With that, we look forward to speaking with you again next quarter. Stay safe and be well.

重要的是，作為一家總部位於美國的多元化化學公司，我們擁有良好的定位，擁有靈活的商業模式，能夠應對當前的宏觀動態。因此，我們期待下個季度再次與您交談。保持安全並保持健康。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。