ATI Inc (ATI) 2024 Q2 法說會逐字稿

Hello, everyone. And welcome to the ATI Second Quarter 2024 Results Conference Call. My name is Seb, and I'll be the operator for your call today (Operator Instructions)

大家好。歡迎參加 ATI 2024 年第二季業績電話會議。我叫 Seb，今天我將擔任您的接線生（操作員說明）

I will now hand the floor over to David Weston, Vice President of Investor Relations to begin the call. Please go ahead.

我現在將請投資者關係副總裁 David Weston 開始電話會議。請繼續。

Thank you. Good morning. And welcome to ATI's second quarter 2024 earnings call. Today's discussion is being webcast online at atimaterials.com. Participating in today's call to share key points from our second quarter results are Kim Fields, President and CEO; and Don Newman, Executive Vice President and CFO.

謝謝。早安.歡迎參加 ATI 2024 年第二季財報電話會議。今天的討論將在 atimaterials.com 上進行線上網路直播。總裁兼執行長 Kim Fields 參加了今天的電話會議，分享了我們第二季業績的要點；執行副總裁兼財務長唐紐曼 (Don Newman)。

Before starting our prepared remarks, I would like to draw your attention to the supplemental presentation that accompanies this call. Those slides provide additional color and details on our results and outlook and can also be found on our Web site at atimaterials.com.

在開始我們準備好的演講之前，我想提請您注意本次電話會議附帶的補充簡報。這些幻燈片提供了有關我們的結果和前景的更多顏色和詳細信息，也可以在我們的網站 atimaterials.com 上找到。

After our prepared remarks, we'll open the line for questions. As a reminder, all forward-looking statements are subject to various assumptions and caveats. These are noted in the earnings release and in the accompanying presentation. Now I'll turn the call over to Kim.

在我們準備好的發言之後，我們將開通提問熱線。提醒一下，所有前瞻性陳述都受到各種假設和警告的影響。這些都在收益報告和隨附的演示文稿中得到了說明。現在我將把電話轉給 Kim。

Thanks, Dave. Good morning, everyone. Let's dive in. ATI's second quarter results represent another strong quarter of execution and performance. What excites me the most, here are three key highlights: first, revenue growth. Quarterly sales reached their highest level in nearly a decade, nearly $1.1 billion, reflecting 10% sequential increase in our strategic A&D and aero-like revenue categories.

謝謝，戴夫。大家早安。讓我們深入了解一下。ATI 第二季度業績代表了另一個強勁的季度執行力和業績。最讓我興奮的是三個關鍵亮點：第一，營收成長。季度銷售額達到近 10 年來的最高水平，接近 11 億美元，反映出我們的策略 A&D 和航空類收入類別季增 10%。

Second, strategic mix expansion. A&D sales made up 62% of our revenues this quarter, putting us on track toward our A&D mix target of 65%-plus. In total, 79% of our revenues comes from A&D and aero-like markets, markets where our differentiation is most valued. And third, strong financial results. Adjusted EPS hit $0.60 at the high end of our guidance and adjusted EBITDA came in at $183 million, exceeding the upper end of our guidance range.

二是策略性組合擴張。本季 A&D 銷售額占我們收入的 62%，這使我們有望實現 65% 以上的 A&D 組合目標。總的來說，我們 79% 的收入來自 A&D 和航空類市場，這些市場是我們最重視差異化的市場。第三，強勁的財務業績。調整後每股收益達到我們指引範圍的上限 0.60 美元，調整後 EBITDA 為 1.83 億美元，超出了我們指引範圍的上限。

So what is driving these results? Let me break it down to three main points: first, it's about surging demand. At the Farnborough Air Show, the high demand for our products was clear. Interest has broadened beyond titanium to nickel, looking for commitments for the rest of this decade and into the 2030s. Customers are offering premiums for any available near term slot that opens up.

那麼是什麼推動了這些結果呢？我把它分成三個要點：第一，需求激增。在範堡羅航展上，對我們產品的高需求顯而易見。人們的興趣已從鈦擴大到鎳，尋求在本十年餘下時間和 2030 年代的承諾。客戶為任何可用的近期空缺時段提供溢價。

We're currently in discussions with multiple customers about investing their capital for added capacity. And why are they investing? To guarantee supplies available when they need it and secure their preferred position in line. They're increasingly facing the wide body ramp while still supporting historic levels of shop visits and spare parts demand.

我們目前正在與多個客戶討論投資資金以增加產能。他們為什麼要投資？確保他們需要時可以獲得供應並確保他們在隊列中的首選位置。他們越來越多地面對寬體坡道，同時仍然支援歷史水平的商店訪問和備件需求。

In late July, we announced new sales commitments surpassing $4 billion, primarily for high value nickel products for jet engines. These commitments not only support our 2025 and 2027 financial targets, but also add approximately $100 million per year in incremental annual revenue. Some of these commitments extend as far as 2040, reflecting our customers' long term confidence in sustained jet engine demand and ATI as a supplier to help them succeed.

7 月底，我們宣布了超過 40 億美元的新銷售承諾，主要針對噴射引擎的高價值鎳產品。這些承諾不僅支持我們 2025 年和 2027 年的財務目標，而且每年增加約 1 億美元的增量年度收入。其中一些承諾延續至 2040 年，反映了我們的客戶對持續的噴射引擎需求以及 ATI 作為供應商幫助他們取得成功的長期信心。

Second, as one ATI team, we are executing and delivering. Our strategy is clearly paying off. In the second quarter, ATI's largest end market, jet engines, grew 13% sequentially to over $350 million, driven by specialty nickel. As the industry reaffirmed in its most recent quarterly reporting cycle, more growth will follow as the OEMs resolve their challenges and planned production increases through 2024 and beyond. Titanium revenue for airframe increased 11% sequentially this quarter to more than $210 million, that's another all time high for ATI and a 28% increase over last year.

其次，作為一個 ATI 團隊，我們正在執行和交付。我們的策略顯然正在取得成效。第二季度，在特種鎳的推動下，ATI 最大的終端市場噴射引擎環比成長 13%，達到 3.5 億美元以上。正如該行業在最近的季度報告週期中重申的那樣，隨著 OEM 解決其挑戰併計劃在 2024 年及以後增加產量，更多的增長將會隨之而來。本季機身鈦合金營收季增 11%，超過 2.1 億美元，創下 ATI 的另一個歷史新高，比去年增長 28%。

Our expanded titanium melt capacity is a key factor in this success. Defense sales rose 5% sequentially led by increased demand for exotic alloys and continued strong demand for titanium armor plate used in military ground vehicles. And here, I'd like to take a second to recognize the Specialty Rolled products team for the tremendous work they've done to earn that position, their hard work is paying off.

我們擴大鈦熔體產能是這項成功的關鍵因素。由於對特殊合金的需求增加以及對軍用地面車輛使用的鈦裝甲板的持續強勁需求，國防銷售額環比增長了 5%。在這裡，我想花一點時間對特種軋製產品團隊表示認可，他們為贏得這一職位所做的巨大工作，他們的辛勤工作正在得到回報。

Specialty energy was up 37% versus the prior quarter. We see building demand for nuclear and gas turbines for increased electricity consumption. We expect sustained global demand in this end market for the foreseeable future. And third, we're well positioned for the future and more confident upside as possible. We are optimizing our operations to debottleneck flow path, reduce costs and drive productivity across our system from melt to ship. Our focus on increasing specialty nickel melt demonstrates the strength of our integrated One ATI approach.

特種能源較上一季成長 37%。我們看到對核能和燃氣渦輪機的需求不斷增加，以增加電力消耗。我們預計在可預見的未來，該終端市場的全球需求將持續成長。第三，我們為未來做好了充分準備，並對上漲空間充滿信心。我們正在優化我們的運營，以消除流程瓶頸、降低成本並提高整個系統（從熔體到船舶）的生產力。我們對增加特種鎳熔體的關注證明了我們整合 One ATI 方法的優勢。

Since last year, we have significantly increased nickel throughput by improving turnaround times, optimizing melt plans and implementing standard work, materials flowing faster and we expect to see the benefits of these actions towards the end of the year. It's great to see the experts from across the business units collaborating to optimize production output. These results represent a lot of hard work and the team takes great pride in being able to work together to serve our customers' needs. Great job team.

自去年以來，我們透過縮短週轉時間、優化熔煉計畫和實施標準工作、加快材料流動速度，顯著提高了鎳產量，我們預計將在年底看到這些行動的好處。很高興看到來自各個業務部門的專家合作優化產量。這些結果代表著大量的辛勤工作，團隊為能夠共同努力滿足客戶的需求而感到非常自豪。很棒的工作團隊。

We are seeing the impacts of this optimizing in both segments. In AA&S, we achieved over 16% adjusted EBITDA margins in the second quarter, reflecting the success of the Specialty Rolled products transformation. In HPMC, revenues grew 6% sequentially on level shipment volumes. What's that telling me? We're effectively capturing the impact of tougher product mix and equally important, price. Overall, we are well positioned now and for the future.

我們正在看到這種優化對這兩個領域的影響。在 AA&S 領域，我們第二季調整後 EBITDA 利潤率超過 16%，反映出特種軋製產品轉型的成功。HPMC 的營收季增 6%，出貨量持平。這告訴我什麼？我們正在有效地捕捉更嚴格的產品組合以及同樣重要的價格的影響。總體而言，我們現在和未來都處於有利位置。

And with that, I'll hand it over to Don.

有了這個，我會把它交給唐。

Thanks, Kim. What really strikes me about Q2 is seeing the benefits of our strategy, sustained demand, and operating improvements delivered to our bottom line. Kim shared some of the headlines related to Q2 financial results. I'll add some color and then walk you through our outlook. The first area of highlighting is growth in our core aerospace and defense and aero-like end markets. Q2 revenue in those markets totaled 79% of our overall revenue, increasing 10% sequentially.

謝謝，金。第二季真正讓我印象深刻的是我們的策略、持續需求和營運改善為我們的利潤帶來的好處。Kim 分享了一些與第二季財務業績相關的頭條新聞。我將添加一些顏色，然後向您介紹我們的前景。第一個突出的領域是我們核心航空航太、國防和航空類終端市場的成長。這些市場第二季的營收總計占我們總營收的 79%，比上一季成長 10%。

Drilling in, our A&D sales were 62% in the quarter, putting us on track toward our A&D mix target of more than 65%, that's 13% sequential growth in jet engine and 28% year-over-year growth in airframe. Both segments contributed to the mix improvement and Q2 margin expansion. From the HPMC perspective, Q2 A&D sales were 85% of total segment revenue, continuing its upward movement.

具體來說，本季我們的 A&D 銷售額為 62%，這使我們有望實現超過 65% 的 A&D 組合目標，即噴射引擎環比增長 13%，機身同比增長 28%。這兩個部門都對產品組合的改善和第二季度利潤率的擴大做出了貢獻。從 HPMC 的角度來看，第二季 A&D 銷售額佔部門總收入的 85%，持續上升。

Jet engine accounted for 59% of segment revenue. The AA&S segment also saw mix improvement in the second quarter with 62% of total segment sales from A&D and aero-like markets. A&D sales representing 39% of Q2 revenue grew 19% sequentially led by growth in defense and airframe, that's a record level A&D mix for AA&S.

噴射發動機佔該部門收入的59%。第二季度，AA&S 細分市場的組合也有所改善，A&D 和航空類市場佔細分市場總銷售額的 62%。佔第二季度收入 39% 的 A&D 銷售額在國防和機身增長的帶動下環比增長了 19%，這是 AA&S 的 A&D 組合創紀錄的水平。

Aero-like grew 33% year-over-year and 8% sequentially. Metal movements may affect our revenue in a given period, but less so our bottom line, thanks to derisking pass-through mechanisms. We experienced that in Q2, which masked underlying growth. That created top line growth headwinds in the quarter of 6% for overall ATI, 2% for HPMC and 11% for AA&S year-over-year.

Aero-like 年成長 33%，較上季成長 8%。金屬走勢可能會影響我們在特定時期的收入，但由於去風險傳遞機制，我們的利潤影響較小。我們在第二季度經歷了這種情況，這掩蓋了潛在的成長。這為 ATI 整體營收成長帶來了阻力，年成長 6%，HPMC 成長 2%，AA&S 成長 11%。

Overall adjusted EBITDA margin increased to 16.7% largely on improved mix, that's an increase of 220 basis points sequentially and 100 basis points from Q2 of 2023. Adjusted EBITDA margins in the HPMC segment were back above the 20% threshold due largely to mix and operational improvements. We have hired more than 500 hourly workers in the HPMC segment year-to-date. This is part of our strategy to debottleneck production and leverage our existing assets. Q2’s margins of 20% reflects inefficiencies incurred while those new team members are being trained by our expert employees.

整體調整後 EBITDA 利潤率增至 16.7%，這主要得益於組合的改善，比上一季增加了 220 個基點，比 2023 年第二季增加了 100 個基點。HPMC 部門調整後的 EBITDA 利潤率回到了 20% 的門檻以上，這主要歸功於產品組合和營運方面的改進。今年迄今為止，我們在 HPMC 領域已僱用了 500 多名小時工。這是我們消除生產瓶頸和利用現有資產策略的一部分。第二季 20% 的利潤率反映了我們的專家員工對新團隊成員進行培訓時效率低下的情況。

We have also leveraged third party staffing firms in the short term to accelerate production, that brings incremental cost. HPMC margins will become progressively better in the second half of the year and production will increase as the new employees gain experience. AA&S margins were 16.4% in the second quarter, reflecting strong A&D mix, largely through increased titanium sales. As expected, certain industrial markets remained stable in the second quarter. Cash generation continues to improve.

我們也在短期內利用第三方人力資源公司來加速生產，這會帶來增加成本。HPMC 的利潤率將在下半年逐步改善，並且隨著新員工經驗的積累，產量也會增加。第二季 AA&S 利潤率為 16.4%，反映出強勁的 A&D 組合，這主要是透過鈦合金銷量的增加實現的。如預期，第二季度某些工業市場保持穩定。現金產生持續改善。

Cash provided by operating activities is positive year-to-date, that's an improvement of $219 million over the first six months of 2023. It's also an improvement from our historical cash cycle. We are pleased with the positive free cash flow delivered in Q2 and our cash trending this year. We believe more opportunity lies ahead as we continue to lean out inventory cycles and improve production flows. With this improved cash generation comes stronger liquidity and reduced leverage.

今年迄今為止，經營活動提供的現金為正，比 2023 年前六個月增加了 2.19 億美元。這也是我們歷史現金週期的進步。我們對第二季實現的正自由現金流以及今年的現金趨勢感到滿意。我們相信，隨著我們繼續精簡庫存週期並改善生產流程，未來將有更多機會。現金生成能力的提高帶來了流動性的增強和槓桿率的降低。

We closed the second quarter with almost $1 billion in total liquidity, including more than $425 million of cash on hand. Our net debt ratio decreased in the second quarter to 2.7 times, a trend that will continue with our increasing profitability and cash generation.

第二季末，我們的流動資金總額接近 10 億美元，其中手頭現金超過 4.25 億美元。我們的淨負債比率在第二季下降至 2.7 倍，隨著我們獲利能力和現金產生能力的提高，這一趨勢將持續下去。

Now let's look ahead to the second half of the year. We're raising the midpoint of our full year guidance ranges for adjusted earnings per share and EBITDA while holding our free cash flow guidance range. We have strengthened diversity in our jet engine base and enduring demand in defense and growing aero-like markets. We're expanding output and making progress on our ongoing debottlenecking efforts. This drives the meaningful growth we expect to see in the second half of the year.

現在讓我們展望下半年。我們提高了調整後每股收益和 EBITDA 的全年指導範圍的中點，同時維持我們的自由現金流指導範圍。我們加強了噴射發動機基礎的多樣性以及國防和不斷增長的航空市場的持久需求。我們正在擴大產量，並在持續消除瓶頸的努力中取得進展。這推動了我們預計在今年下半年看到的有意義的成長。

For the full year, we estimate adjusted EPS will be in the range of $2.40 to $2.60 per share. We estimate full year adjusted EBITDA will be in the range of $720 million to $750 million. We are maintaining our full year estimated ranges for free cash flow and capital expenditures with free cash flow between $260 million to $340 million and CapEx at $190 million to $230 million. The midpoint of the free cash flow range represents an 82% year-over-year increase in this important metric.

我們預計全年調整後每股收益將在每股 2.40 美元至 2.60 美元之間。我們預計全年調整後 EBITDA 將在 7.2 億美元至 7.5 億美元之間。我們維持全年自由現金流和資本支出的估計範圍，自由現金流在 2.6 億美元至 3.4 億美元之間，資本支出在 1.9 億美元至 2.3 億美元之間。自由現金流範圍的中點代表此重要指標年增 82%。

For the third quarter, we estimate adjusted EPS will be in the range of $0.63 to $0.69 per share and adjusted EBITDA between $189 million and $199 million. The Q3 and full year guidance provide clear insight into how we view potential Q4 performance. We see Q4 as another robust quarter of sequential growth. Ongoing demand in core markets and increasing production levels support our view.

對於第三季度，我們預計調整後每股收益將在 0.63 美元至 0.69 美元之間，調整後 EBITDA 將在 1.89 億美元至 1.99 億美元之間。第三季和全年指引讓我們清楚地了解了我們如何看待第四季的潛在業績。我們認為第四季是連續成長的另一個強勁季度。核心市場的持續需求和不斷提高的生產水準支持了我們的觀點。

We anticipate overall ATI adjusted EBITDA margins will increase sequentially from Q2 to Q3 and again from Q3 to Q4 to reach 17% to 18% by year end. On a segment level, HPMC margins will expand in the second half on A&D growth. AA&S margins will remain in the mid-teens for the balance of 2024. We remain confident in our near term outlook and the longer term growth and the increased profitability reflected in our 2025 and 2027 targets. In terms of those 2025 and 2027 targets, keep two things in mind.

我們預計，ATI 整體調整後 EBITDA 利潤率將從第二季到第三季、第三季到第四季依序增加，到年底將達到 17% 到 18%。在細分市場層面，由於 A&D 成長，HPMC 利潤率將在下半年擴大。到 2024 年剩餘時間，AA&S 利潤率將維持在十幾歲左右。我們對我們的近期前景以及 2025 年和 2027 年目標所反映的長期成長和獲利能力的提高仍然充滿信心。對於 2025 年和 2027 年的目標，請記住兩件事。

First, the recently announced $4.2 billion in new sales commitments include roughly $100 million in annual incremental revenue along with related EBITDA. That $100 million was not reflected in our targets. Second, our backlog continues to grow even with increased throughput and newly deployed capabilities reducing our lead times. Backlog reached $4.1 billion this quarter. Importantly, backlog in the second quarter is up 9% in HPMC, including a 14% increase in forgings.

首先，最近宣布的 42 億美元新銷售承諾包括約 1 億美元的年度增量收入以及相關 EBITDA。這 1 億美元並未反映在我們的目標上。其次，即使吞吐量增加且新部署的功能縮短了交貨時間，我們的積壓訂單仍在持續成長。本季積壓訂單達 41 億美元。重要的是，HPMC 第二季的積壓訂單增加了 9%，其中鍛件增加了 14%。

Our strategy and transformation are delivering the performance and value creation intended. That's driven by growth, expanding margins, robust cash generation and disciplined capital deployment. Our trajectory remains on track for 2024 and beyond with a lot of upside to look forward to. On that note, I will turn the call back over to Kim.

我們的策略和轉型正在實現預期的績效和價值創造。這是由成長、不斷擴大的利潤、強勁的現金產生和嚴格的資本部署所推動的。2024 年及以後，我們的發展軌跡仍將保持在正軌，並且有許多值得期待的上行空間。就此而言，我會將電話轉回給 Kim。

Thanks, Don. Our performance underscores our leadership in aerospace and defense where our differentiated materials are valued the most. Today's results reflect the power of our strategy and comes down to three things: one, strong demand for our specialty products, particularly nickel in addition to titanium; two, disciplined execution, meeting and exceeding our customer commitments; and third, we're well positioned today and for the wide-body ramp that's fast approaching.

謝謝，唐。我們的業績凸顯了我們在航空航太和國防領域的領導地位，我們的差異化材料在這兩個領域最受重視。今天的結果反映了我們策略的力量，歸結為三件事：第一，對我們的特種產品的強勁需求，尤其是除鈦之外的鎳；二、紀律嚴明的執行力，滿足並超越我們對客戶的承諾；第三，我們今天已經做好了準備，迎接即將到來的寬體飛機坡道。

I'd like to close by recognizing the team's exceptional work. The results we reported today are possible, thanks to their hard work. They're delivering every day, discovering what's possible, they're pushing, innovating and challenging the status quo and then they go back and do it again. Their commitment to always producing the highest quality products with a focus on our zero injury culture are the foundation of what we do. Thank you to every employee for your hard work and perseverance. We are indeed proven to perform.

最後，我想對團隊的出色工作表示認可。由於他們的辛勤工作，我們今天報告的結果是可能的。他們每天都在交付，發現什麼是可能的，他們在推動、創新和挑戰現狀，然後他們回去再做一次。他們致力於始終生產最優質的產品，並專注於我們的零傷害文化，這是我們工作的基礎。感謝每一位員工的辛勤工作和堅持。事實證明，我們的表現確實出色。

With that, let's open the line for your questions.

那麼，讓我們打開您的問題熱線。

(Operator Instructions) Seth Seifman, JPMorgan.

（操作員指令）Seth Seifman，摩根大通。

Thanks very much and good morning. I wanted to ask -- you guys spoke about the ramp-up in titanium and it's clear that all of your new capacity is coming online. During the quarter, though, we heard about one of the 787 suppliers slowing down. We know there are some delays in terms of availability of other parts made by other people like interiors. When we think about the production ramp there, how do you think about the potential impact on your titanium ramp from other things going on in the widebody supply chain?

非常感謝，早安。我想問一下——你們談到了鈦合金的產能提升，很明顯你們所有的新產能都將上線。不過，在本季度，我們聽說其中一家 787 供應商的業務放緩。我們知道其他人製造的其他零件（例如內裝）的可用性存在一些延遲。當我們考慮那裡的產量成長時，您如何看待寬體機供應鏈中發生的其他事情對鈦合金產量成長的潛在影響？

So Seth, this is Don. I'm going to take a shot at answering your question. First of all, in terms of what we've seen in our business tied to demand, we do see some scattered pushouts when it comes to orders. But because of the broad based demand in our business, if a slot opens up, we typically have a customer that steps in and says, hey, I want to take that slot. And that indicates a couple of things.

塞斯，這是唐。我將嘗試回答你的問題。首先，就我們在與需求相關的業務中看到的情況而言，我們確實看到訂單方面存在一些分散的推出。但由於我們業務的需求廣泛，如果有空位，我們通常會有一位客戶介入並說，嘿，我想佔據這個空位。這表明了一些事情。

Number one, we are continuing to see significant demand on our business from an aerospace and defense standpoint as well as through other key markets like our aero-like. And it also indicates that we've done, I think, a very good and purposeful job around diversifying our business that derisks some of the items or some of the risks that you're talking about.

第一，從航空航太和國防的角度以及航空等其他關鍵市場來看，我們繼續看到對我們業務的巨大需求。我認為，這也表明我們在業務多元化方面做得非常好且有目的，從而消除了您所談論的某些項目或某些風險。

And what that looks like to us is we have diversified away from being more single threaded dependent upon a particular airframer, for example, or now we've got meaningful business with all of the major engine manufacturers. So I think that's supporting our business quite well. It also gives us a lot of confidence when you think about our outlook, whether it's 2024, 2025 or 2027. So that's something that I would share in regard to what we're seeing on a current basis.

在我們看來，我們不再依賴特定的機身製造商，而是實現了多元化，或者現在我們已經與所有主要發動機製造商建立了有意義的業務。所以我認為這很好地支持了我們的業務。當你思考我們的前景時，無論是 2024 年、2025 年或 2027 年，這也給了我們很大的信心。這就是我要分享的關於我們目前所看到的情況的內容。

Great, thanks. And then maybe just a follow-up on the engine side. You spoke about the new business that you announced at Farnborough. When we think about the growth rates on the engine side of the business, maybe if you could talk about kind of the progression there. I assume we'll start to see pickup from this kind of mid single digit pace in the second half as that work kind of ramps up and as new employees become more productive. But maybe you talk about the time frame and just the progression of improvement there over the course of your planning period.

太好了，謝謝。然後也許只是引擎方面的後續行動。您談到了在範堡羅宣布的新業務。當我們考慮引擎業務方面的成長率時，也許您可以談談那裡的進展。我認為，隨著工作量的增加以及新員工生產力的提高，我們將在下半年開始看到這種中個位數速度的回升。但也許你會談論時間框架以及在計劃期間的改進進展。

Sure. Happy to talk about them. So first of all, we are continuing to see some very, very strong jet engine signals. And it wasn't just at Farnborough, by the way, it’s -- these are conversations that are happening with our OEM customers on a regular basis. Farnborough certainly reinforced it. As far as how we see demand continuing to expand there, I think we've heard some pretty good and positive feedback or announcements rather from folks like GE, who -- they made some pretty clear and strong statements around how they're going to run the supply chain and meet the demand that they see coming towards them.

當然。很高興談論他們。首先，我們繼續看到一些非常非常強烈的噴射引擎訊號。順便說一句，這不僅僅是在法恩伯勒——這些是我們與 OEM 客戶定期進行的對話。範堡羅無疑強化了這一點。就我們如何看待那裡的需求繼續擴大而言，我認為我們已經聽到了一些非常好的和積極的反饋或公告，而不是來自像通用電氣這樣的人，他們就他們將如何運營供應鏈並滿足他們看到的需求。

That demand profile, by the way, is not unique to GE. We're seeing that those signals of a very broad based engine demand across all of the major engine manufacturers, and there's a couple of drivers to it. One driver that we all think about because we read the headlines from the airframers and think about build rates, that's a key driver. However, there is this thing called MRO and that MRO demand is certainly driving growth on the engine side of the business.

順便說一句，這種需求狀況並不是通用電氣獨有的。我們看到所有主要引擎製造商都存在非常廣泛的引擎需求訊號，並且有幾個驅動因素。我們都會考慮一個驅動因素，因為我們閱讀了機身製造商的頭條新聞並考慮了建造率，這是一個關鍵的驅動因素。然而，有一種叫做 MRO 的東西，MRO 需求無疑正在推動引擎方面的業務成長。

So as we look at our positions and align that to what we're hearing from our customers, we are seeing some sustained growth and we're seeing that's not just the 2024 and 2025 situation as the build rates do ramp up as I think we collectively expect them to, that's going to create another step change in demand. In that regard, there's a couple of triggers that we monitor. And we think when they are triggered, it's going to create a step change in demand, whether it's for airframe but certainly for engine.

因此，當我們審視我們的立場並將其與我們從客戶那裡聽到的情況相結合時，我們看到了一些持續的增長，而且我們看到這不僅僅是2024 年和2025 年的情況，因為構建率確實在上升，正如我認為的那樣集體期望他們這樣做，這將導致需求發生另一步變化。在這方面，我們監控了幾個觸發因素。我們認為，當它們被觸發時，無論是對於機身，還是對於發動機，都會產生需求的階梯變化。

Those two triggers are really related to the 777X certification and then the FAA dropping the limitations on the 737 build rates. When those two items are cleared off the deck, what we suspect is the good growth that we're expecting under the current circumstances we'll potentially see a step change in a positive way. And so at that point, we'll be kind of reassessing how we think about the trajectory of our business and see if we need to make some positive adjustments to that. Does that answer your question?

這兩個觸發因素實際上與 777X 認證以及隨後美國聯邦航空管理局 (FAA) 放棄對 737 建造速度的限制有關。當這兩項被清除後，我們懷疑的是在當前情況下我們所期望的良好增長，我們可能會看到積極的階躍變化。因此，到那時，我們將重新評估我們對業務發展軌蹟的看法，看看是否需要對此做出一些積極的調整。這能回答你的問題嗎？

Thank you.

謝謝。

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

Hey, good morning, guys. I was wondering, do you guys have any fidelity on whether the products are shipping or being consumed and/or used as opposed to inventoried? Because obviously, one of the concerns that we hear a lot about is the risk of a destock or a shallower ramp that, in fact, the aerospace build rates don't ramp according to plan. But do you guys have visibility downstream as to -- are these -- are the mill products and the like that you're selling being actually used right now, consumed?

嘿，早上好，夥計們。我想知道，你們對產品是否正在運輸、正在消耗和/或使用（而不是庫存）有任何保真度嗎？因為顯然，我們經常聽到的擔憂之一是庫存減少或坡度變淺的風險，事實上，航空航天建造率並沒有按計劃增加。但你們是否了解下游的情況──你們銷售的工廠產品等是否正在實際使用、消費？

I think, as you're asking here, we stay pretty closely aligned with our customers. And so we do have some insights to what is their true demand signals and what's happening with each part. Forecasting and changing of backlogs is a very active process these days and as Don mentioned, we almost talk about that weekly with each of our customers. So we do have some insight into that. And I would just emphasize, as Don said, we haven't seen any destocking or pushouts.

我認為，正如您在這裡所問的那樣，我們與客戶保持著非常密切的聯繫。因此，我們確實對他們的真實需求訊號是什麼以及每個部分正在發生的情況有一些見解。如今，積壓訂單的預測和更改是一個非常活躍的過程，正如唐所提到的，我們幾乎每週都會與每位客戶討論這個問題。所以我們對此確實有一些見解。我只想強調，正如唐所說，我們沒有看到任何去庫存或推出的情況。

It's been more smoothing quarter-to-quarter. And I think to your specific question, there's a couple of very targeted areas with one air framer around maybe plate, titanium plate that might be slightly or inventory that frankly, as we look at our other markets, both defense and our other aerospace airframe customers, those more than absorb any capacity.

每個季度的情況都更加平穩。我認為對於你的具體問題，有幾個非常有針對性的領域，其中一個航空框架可能是板，鈦板可能會稍微或庫存，坦率地說，當我們看看我們的其他市場，包括國防和我們的其他航空航天機身客戶時，那些超過吸收任何容量的。

Although to be honest with you, we have not seen any pushouts. I think there's commitment to smoothing and maintaining the momentum in the supply chain by all the customers. So we're working pretty closely together.

儘管老實說，我們還沒有看到任何退出的情況。我認為所有客戶都致力於平滑和保持供應鏈的勢頭。所以我們正在密切合作。

So the other thing I'd mention, just on the engine side, as you know, most of our products go directly into the hot section. And so you've heard from others in the last couple of weeks that there's really strong demand around MRO and shop visits. And so a lot of those products go into those MRO visits and are driving much higher in some cases, 2x the MRO that we've seen in the past.

所以我要提到的另一件事是，就在引擎方面，如您所知，我們的大多數產品都直接進入熱門部分。因此，過去幾週您從其他人那裡聽說，MRO 和商店參觀的需求非常強勁。因此，許多產品都會進入 MRO 訪問，在某些情況下，其訪問量要高得多，是我們過去看到的 MRO 的兩倍。

And then if you layer on top of that some of the challenges that GTF has had on accelerating their shop visits, we are a significant partner in that work with them and ramping up to meet that increased demand over the next several years as they work through those aircraft on ground. And I'd say lastly, I just want to touch on, we did the announcement a couple of weeks ago.

然後，如果您考慮 GTF 在加速他們的商店訪問方面遇到的一些挑戰，我們是與他們合作的重要合作夥伴，並在他們解決問題的過程中，在未來幾年內努力滿足不斷增長的需求那些地面上的飛機。最後我想說，我只想談談，我們幾週前就宣布了這個消息。

We do continue to sign new contracts and gain share either through our competitors where there may not be performing to the level our customers are looking for or as customers look to diversify wave from single source of risk in their supply chain. So lots of moving parts in there but we do stay pretty close. I'm not seeing high inventory levels in any one particular area. And we're pretty nimble as a company and we're adjusting as we need to respond to where the demand is and where things may be smoothing out.

我們確實繼續簽署新合約並透過我們的競爭對手獲得份額，這些競爭對手的表現可能無法達到我們客戶所尋求的水平，或者當客戶希望從供應鏈中的單一風險源中分散風險時。那裡有很多活動部件，但我們確實保持得非常接近。我沒有看到任何特定區域的庫存水平很高。作為一家公司，我們非常靈活，我們正在進行調整，因為我們需要回應需求所在以及事情可能會變得順利。

Thanks. I appreciate it.

謝謝。我很感激。

Scott Deuschle, Deutsche Bank

史考特‧德施勒，德意志銀行

Hey, good morning. Don, sorry if I missed this, but can you give us an update on your assumptions for the non-A&D and medical markets in the second half here, or are you still expecting those more cyclical industrial markets to trough out in the second half or are you embedding any incremental conservatism there?

嘿，早安。唐，抱歉，如果我錯過了這一點，但是您能否向我們介紹您對下半年非 A&D 和醫療市場的假設的最新情況，或者您是否仍然預計那些更具週期性的工業市場將在下半年或您是否在其中嵌入了任何漸進的保守主義？

Sure. Now when you -- just to be clear, I'll talk about the aero-like as well as the industrial, if you don't mind, because we spend a lot of time talking about aerospace and defense as we should. It's our core. And I want to make sure that I touch on both, so you have the benefit of that thinking. In terms of our aero-like, that would be medical specialty, energy as well as electronics.

當然。現在，請澄清一下，如果您不介意的話，我將談論航空航天和工業領域，因為我們應該花很多時間談論航空航天和國防。這是我們的核心。我想確保我涉及這兩方面，這樣你就能從這種想法中受益。就我們的航空領域而言，這將是醫學專業、能源以及電子學。

We're expecting to see some continued healthy, broad based growth on that side of the business in the second half, that's going to continue through 2025 and beyond. In terms of the industrial part of our portfolio that's something that we've been continuing to reduce over time. It's part of our transformation.

我們預計下半年業務將持續健康、廣泛的成長，這種成長將持續到 2025 年及以後。就我們投資組合的工業部分而言，隨著時間的推移，我們一直在不斷減少。這是我們轉型的一部分。

And as you know, we saw starting in the second half of last year a pullback and certainly a softening around those end markets. And so what we saw in Q2 was really stabilization around those end markets. And that's encouraging, it’s got to become stable before it starts to turn around and go the other way.

如您所知，我們從去年下半年開始看到了終端市場的回落和疲軟。因此，我們在第二季看到這些終端市場確實穩定了。這是令人鼓舞的，它必須先變得穩定，然後才開始轉向相反的方向。

But as you think about what we've assumed in our second half guidance, what we've assumed is being that we haven't started to see any meaningful recovery in that -- in those industrial end markets like oil and gas, for example, because we haven't started to see it, we have not built in any significant growth in those parts of our portfolio for the second half. So the really strong growth that you're seeing in our guidance is really about aerospace and defense and aero-like.

但當你思考我們在下半年指引中的假設時，我們的假設是，我們還沒有開始看到任何有意義的復甦——例如在石油和天然氣等工業終端市場，因為我們還沒有開始看到這一點，所以下半年我們的投資組合的這些部分還沒有任何顯著成長。因此，您在我們的指導下看到的真正強勁的成長實際上是與航空航天、國防和航空相關的。

And so that’s very encouraging, because you're seeing that 80% of our business is really driving some robust outcomes, some robust top line and bottom line. Same thing would be true by the way, if we drilled in a little bit and talked about our Precision Rolled Strip business in Asia. Sometimes we talk about that at the same time we're talking the general industrials and there, again, just like with the other industrial parts of our portfolio, we've seen it pretty stable, pretty flattish. And I think that's largely tied to the lethargic Chinese economy.

因此，這非常令人鼓舞，因為您會看到我們 80% 的業務確實在推動一些強勁的成果、一些強勁的營收和利潤。順便說一句，如果我們深入探討我們在亞洲的精密軋製帶材業務，情況也是如此。有時我們在談論一般工業的同時談論這一點，就像我們投資組合中的其他工業部分一樣，我們看到它非常穩定，非常平坦。我認為這很大程度上與疲軟的中國經濟有關。

And our guys have done a really good job diversifying the sales mix with selling outside of China, but it's -- the issue is that's not enough to really increase the performance of that business. And so it's steady, generating probably around $250 million a year in revenue. And it produces accretive margins, which are nice, but it's not part of our -- really our growth profile.

我們的人員透過在中國境外銷售實現銷售組合多元化方面做得非常好，但問題是這不足以真正提高該業務的業績。因此它很穩定，每年產生約 2.5 億美元的收入。它產生了增值的利潤，這很好，但它不是我們的——實際上是我們的成長概況的一部分。

Does that answer your question?

這能回答你的問題嗎？

Yes, that's great. And then, Don, at the Investor Day, I think you said that no one else in the industry is taking more price than ATI is and it's becoming very clear from the results of the other companies that they're taking large amounts of price and they're seeing it in their numbers. So I guess my question is, is it still true that ATI is taking more price than them and then if you are, why isn't that flowing through more particularly at HPMC?

是的，那太好了。然後，Don，在投資者日，我想你說過，業內沒有其他公司比 ATI 接受更高的價格，並且從其他公司的結果中可以清楚地看出，他們正在接受大量的價格，並且他們從他們的數字中看到了這一點。所以我想我的問題是，ATI 的價格是否仍然高於他們，如果是的話，為什麼 HPMC 沒有更具體地反映這一點？

Sure. Well, let me answer it this way. What I would say is, first of all, we all understand it's tough to compare one company to another company. You're talking, every company has some overlap in our industry, but at the same time, there are differences, right? Differences in products that are offered, differences in end markets, differences in customer base. And that ultimately results in differences in, I believe, growth rates and how the businesses perform in the short term.

當然。好吧，讓我這樣回答吧。我想說的是，首先，我們都知道很難將一家公司與另一家公司進行比較。你說，每個公司在我們的行業中都有一些重疊，但同時也存在差異，對吧？提供的產品存在差異，終端市場存在差異，客戶群存在差異。我相信，這最終會導致成長率和企業短期表現的差異。

In the long term, it's a bit different. So to answer your specific question, we are absolutely getting price. And what I would say is we are getting our fair share of price. How does that -- how do you see that? Well, first of all, the specific areas that we know quite strongly that we're getting price are in things like titanium. If you drill in and you look at performance around our portfolio -- our titanium portfolio, you would see that both on the HPMC side of the business as well as the AA&S side of the business, our titanium offerings have seen meaningful increases in price.

從長遠來看，情況有些不同。因此，為了回答您的具體問題，我們絕對有價格。我想說的是，我們得到了公平的價格份額。那怎麼樣——你怎麼看？嗯，首先，我們非常清楚我們獲得價格的具體領域是鈦等。如果您深入研究我們的鈦產品組合的表現，您會發現無論是 HPMC 業務還是 AA&S 業務，我們的鈦產品價格都出現了有意義的成長。

And we believe that we are absolutely keeping pace with anybody out there when it comes to that. On the nickel side, nickel side for HPMC, so I think in terms of engine applications, for example, we know we have absolutely gotten price.

我們相信，在這方面我們絕對與任何人保持同步。在鎳方面，HPMC 的鎳方面，所以我認為在引擎應用方面，例如，我們知道我們絕對得到了價格。

Now the price that we're getting is there's something to keep in mind. We are a company that has a significant amount of LTAs and so those LTAs can affect the timing of when you see those price increases hit your financials. What do I mean by that? Well, even though we have a lot of LTAs and those LTAs can expire over various length of time. We've been very, very active.

現在我們得到的價格是有一些事情需要記住。我們是一家擁有大量長期協議的公司，因此這些長期協議可能會影響您看到價格上漲影響您的財務狀況的時間。我這麼說是什麼意思？好吧，儘管我們有很多長期協議，而這些長期協議可能會在不同的時間長度內到期。我們一直非常非常活躍。

When there's an opportunity to sit down with the customer to really address pricing even in existing LTAs. And so we also do that, by the way, with renewals. And so what we know is that part of that price increase that we're getting is coming. It's coming in the form of when that new contract begins, it might be in '25, in some cases, '26 in other cases, it comes with higher pricing. So that's on its way. And then beyond that, transactionally, we're very confident that we're getting our fair share of pricing increases. Now that's on the aerospace and defense that part of our core business.

當有機會與客戶坐下來真正解決定價問題時，即使是在現有的長期協議中。順便說一句，我們也透過續約來做到這一點。所以我們知道，我們即將獲得的部分價格上漲即將到來。新合約的開始時間可能是25年，在某些情況下，26年，在其他情況下，它的定價更高。所以一切都在路上。除此之外，在交易方面，我們非常有信心獲得公平的價格上漲份額。現在，這就是我們核心業務的航空航太和國防部分。

We're also getting our fair share and more of pricing in our aero-like end markets, things like -- we sell a hafnium and it's a fantastic product, it has very unique characteristics. And we understand the value that we bring to our customers in medical and specialty energy and electronics. And we have seen significant opportunity for adding price in that space. So we know we're getting it. It's not just about volume increases in this business. And we believe that -- we strongly believe that we are getting our fair share across our portfolio.

我們還在航空類終端市場上獲得了公平的份額和更多的定價，例如——我們銷售鉿，這是一種很棒的產品，它具有非常獨特的特性。我們了解我們為醫療、特殊能源和電子領域的客戶帶來的價值。我們已經看到了該領域價格上漲的重大機會。所以我們知道我們得到了它。這不僅是業務量成長的問題。我們相信—我們堅信我們在我們的投資組合中獲得了公平的份額。

Very helpful. Thank you.

非常有幫助。謝謝。

Richard Safran, Seaport Research Partners.

理查德·薩夫蘭，海港研究合作夥伴。

Yes, thanks. Kim, Don, Dave, good morning. So I wanted to ask you a bit more about this press release from Farnborough where you talked about share gains and solutions. Did solutions really mean forgings and also -- so RTX said it was doubling or increasing, I forgot which it's forgings capacity. Now you had a long term agreement with Pratt. So is RTX's comments about increasing forging capacity really you? Are they the ones, for example, that are thinking about making investments to increase capacity at ATI?

是的，謝謝。金、唐、戴夫，早安。因此，我想向您詢問有關範堡羅這篇新聞稿的更多信息，您在其中談到了份額收益和解決方案。解決方案真的意味著鍛造件嗎？現在您與普拉特簽訂了長期協議。那麼RTX關於增加鍛造能力的言論真的是你的嗎？例如，他們是否正在考慮投資以提高 ATI 的產能？

So I'll take this one, Richard. So while we don't talk about any specific customer contracts or agreements, I shared first quarter in the earnings call that we are a significant partner and it's supporting the GTF accelerated shop visits. So we're working very closely with them to look across the full value chain and all of the assets and saying, how do we work together to optimize all of the different assets that we have. And so I think I shared in the last call that our plan is to double our forging output and participation next year.

所以我就拿這個吧，理查。因此，雖然我們沒有談論任何特定的客戶合約或協議，但我在第一季的財報電話會議上表示，我們是重要的合作夥伴，並且正在支持 GTF 加速商店訪問。因此，我們正在與他們密切合作，審視整個價值鏈和所有資產，並討論我們如何共同努力優化我們擁有的所有不同資產。因此，我想我在上次電話會議中表示，我們的計劃是明年將鍛造產量和參與度增加一倍。

And so we are on a path to help support them and help accelerate that work. The other thing I'd mention, though, we've already been working with them on, and I mentioned this again last quarter to increase our machining output by 10% to 20% and our ultrasonic inspection capacity by 3 times, and this is important not just for the GTF and the challenges there but for the industry overall.

因此，我們正在努力幫助支持他們並幫助加速這項工作。不過，我要提到的另一件事是，我們已經在與他們合作，上個季度我再次提到這一點，將我們的加工產量提高10% 到20%，並將我們的超音波檢測能力提高3 倍，這是不僅對 GTF 及其面臨的挑戰很重要，而且對整個產業也很重要。

We're seeing increased inspection protocols and testing that's being done to ensure the safety, which is good, but is a bottleneck in the industry and are continuing to work with them so that we have excess capacity to help offset any kind of bottlenecks or any issue that may come. I do believe as we continue to work together and partner, we have a very close relationship with them that we're going to continue to find new opportunities to grow and work together and grow our participation.

我們看到為確保安全而進行的檢查協議和測試有所增加，這很好，但這是行業的瓶頸，我們正在繼續與他們合作，以便我們有多餘的能力來幫助抵消任何類型的瓶頸或任何問題。我確實相信，隨著我們繼續共同努力和合作，我們與他們有著非常密切的關係，我們將繼續尋找新的機會來成長、共同努力並增加我們的參與。

Just as an aside, the $4 billion announcement that we made on sales a couple of weeks ago, about 20% of that, just to your earlier question, 20% of that is probably Forged Products, comes from Forged Products.

順便說一句，幾週前我們宣布的銷售額為 40 億美元，其中約 20%，正如您之前的問題，其中 20% 可能是鍛造產品，來自鍛造產品。

And just quickly, Don, you took up your EBITDA guide roughly $10 million. You left your free cash flow guide intact. Just wondering why they go up as well? I’m just wondering if there's -- if that's just conservatism or maybe you're thinking about you have some other working capital headwind in the second half?

很快，唐，您就獲得了大約 1000 萬美元的 EBITDA 指南。您的自由現金流指南完好無損。只是想知道為什麼它們也會上漲？我只是想知道這是否只是保守主義，或者您可能在考慮下半年會遇到其他營運資金阻力？

Straight up, I would call it conservatism. We tend to be conservative, Rich, in general, around our guidance and even more so when we get past the current period. But when you look at our -- that correlation between the EBITDA guide and the free cash flow guide, clearly, the EBITDA was rising. We had overperformance in Q2 that would -- we didn't want to ignore and send a negative message by not rolling that into our full year guidance. So that seem quite clear.

直接說，我稱之為保守主義。總的來說，我們在我們的指引周圍傾向於保守，當我們度過當前時期時更是如此。但當你看看我們的 EBITDA 指南和自由現金流指南之間的相關性時，很明顯，EBITDA 正在上升。我們在第二季度表現出色，我們不想忽視這一點，也不想透過不將其納入我們的全年指導來傳遞負面訊息。所以這看起來很清楚。

When it comes to our free cash flow, we do guide on an annualized basis, but we have some really positive data points. One positive data point is the cash performance year-to-date. When you look at our cash from operations and improving -- more than $200 million year-over-year, that is a really good fact. Another thing that we're seeing is a meaningful improvement in our inventory efficiency, which is really encouraging. So the fair question is, all that's good news, Don.

當談到我們的自由現金流時，我們確實以年化為基礎進行指導，但我們有一些非常積極的數據點。一個正面的數據點是年初至今的現金表現。當你看到我們來自營運和改善的現金——同比超過 2 億美元時，這是一個非常好的事實。我們看到的另一件事是庫存效率顯著提高，這確實令人鼓舞。所以公平的問題是，這都是好消息，唐。

Why didn't you tighten your free cash flow range or raise your free cash flow range? What I would say is the majority of our free cash flow is generated in Q4 and some in Q3, but some in Q4. And so at this point, I do not interpret that we are softening in our belief of delivering something certainly in the middle of that guidance range, because that is absolutely the target that we have in mind. But we felt at this point after getting halfway through the year, it would be the right thing at the moment to keep that free cash flow range where it was.

為什麼不收緊或提高自由現金流範圍？我想說的是，我們的大部分自由現金流是在第四季度產生的，有些是在第三季產生的，但有些是在第四季產生的。因此，在這一點上，我並不認為我們正在軟化我們的信念，即交付一定在指導範圍中間的東西，因為這絕對是我們心目中的目標。但我們在今年過半後認為，目前將自由現金流維持在原來的範圍是正確的。

Keep in mind, at the midpoint of that guidance, Rich, it's an 82% increase in year-over-year free cash flow. And so there are a lot of good things that the team is delivering to accomplish that, but it is a significant increase and we acknowledge that. Again, things are progressing really well. It's going in the right direction where we need it to be to deliver, but that's just one data point on the significant improvement that we're pursuing. And yes, hopefully that give you what you need.

請記住，Rich，在該指導的中點，自由現金流同比增長了 82%。因此，團隊正在交付很多好的東西來實現這一目標，但這是一個顯著的成長，我們承認這一點。再說一遍，事情進展得非常順利。它正朝著我們需要的正確方向發展，但這只是我們正在追求的重大改進的一個數據點。是的，希望這能為您提供所需的東西。

It does, as always. Thanks, Don. Bye-bye.

確實如此，一如既往。謝謝，唐。再見。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Great, thanks. Good morning, everyone. Just wanted to ask about how far the way we're through the titanium capacity expansion in terms of it manifesting itself actually in the numbers. I know titanium was up a lot year-over-year but that was a really easy comp relative to last year.

太好了，謝謝。大家早安。只是想問一下我們的鈦產能擴張進展​​如何，具體體現在數字上。我知道鈦金屬同比上漲很多，但與去年相比，這是一個非常簡單的比較。

It looks like sequentially the last couple of quarters titanium revenue has been in a relatively tight range. So just -- I know the new capacity is still to come, that's still to come online. But in terms of the restarting the existing capacity, how much of that has actually manifested itself at this point?

看起來過去幾季鈦合金的收入一直處於相對緊張的範圍內。所以只是 - 我知道新的容量仍然會出現，仍然會上線。但就現有產能的重啟而言，目前有多少已經真正體現出來了？

I'll take a shot at answering that, and Kim may add something at the end. So first of all, from a production standpoint, let me actually step back for a second, David, just for other people's benefits. So we're increasing our titanium melt capacity by 80%. There's two baskets. The first basket is 45% and that's what David is asking about. That 45% is tied to production off of existing assets.

我會嘗試回答這個問題，金可能會在最後補充一些內容。首先，從製作的角度來看，大衛，讓我退後一步，只是為了其他人的利益。因此，我們將鈦熔煉能力提高了 80%。有兩個籃子。第一個籃子的命中率是 45%，這就是大衛問的問題。這 45% 與現有資產的生產有關。

The second basket is something that's in process, on time, on budget, but doesn't really hit until 2025 and 2026. So let's focus on the first 45%. From a production standpoint, the restart of that facility that underpins most of the 45% has gone really, really well. It has ramped really on schedule. It has -- the cost to restart has been on budget, that was roughly $10 million. That facility should, at run rate, contribute between $10 million and $15 million a quarter in EBITDA, that has been ramping.

第二個籃子正在按時、按預算進行，但要到 2025 年和 2026 年才能真正實現。所以讓我們專注於前 45%。從生產的角度來看，支撐 45% 大部分產能的工廠的重啟進展非常非常順利。它確實按計劃進行了。重啟的成本已在預算之內，約為 1000 萬美元。以運作率計算，該設施每季應貢獻 1,000 萬至 1,500 萬美元的 EBITDA，而且該數字一直在增加。

And so we don't expect to hit the full run rate related to the benefit of that 45% basket until we get into Q4 of this year. So when you look at the overall titanium revenue growth and performance, there's -- we do see where our volumes are increasing on titanium. We've seen very clear pick up on average price, which is, I think, an indication of capturing price and of mix. And we remain very confident that our titanium capacity, which is largely under contract, is going to contribute in the magnitudes that I described.

因此，在進入今年第四季之前，我們預計不會達到與 45% 籃子收益相關的全部運行率。因此，當你觀察鈦合金的整體收入成長和業績時，我們確實看到我們的鈦合金銷量正在增加。我們已經看到平均價格非常明顯的回升，我認為這是捕捉價格和組合的跡象。我們仍然非常有信心，我們的鈦產能（主要是在合約範圍內）將做出我所描述的貢獻。

And I think all I would add, David, to that is as we've seen, depending on what flow path it goes, there is extended lead times or cycle times as things move through if they're going to a forge product part. If you look at just Slide 4 in the deck, you can see we are seeing the titanium flow through on the AA&S side, particularly around airframe and you see that growth starting to come through.

大衛，我想我要補充的是，正如我們所看到的，根據它所走的流程，如果它們要成為鍛造產品零件，那麼隨著事物的發展，交貨時間或週期時間會延長。如果你只看甲板上的幻燈片 4，你會發現我們看到鈦在 AA&S 一側流動，特別是在機身周圍，你會看到增長開始出現。

On the HPMC side, those cycle times are a little bit longer as they work through SM, specialty materials or -- and then through forged products. And as we've been talking about, there's multiple -- that bottleneck moves around as we put more melt in, melt is the first step. And then you've got -- we've talked about the new press that's come online down in Monroe as well as some of the new testing capabilities that we bring -- brought on to relieve and eliminate those bottlenecks.

在 HPMC 方面，當它們透過 SM、特殊材料或鍛造產品加工時，這些週期時間會稍長一些。正如我們一直在談論的，當我們投入更多的熔化物時，有多個瓶頸會移動，熔化是第一步。然後，我們已經討論了門羅上線的新印刷機以及我們帶來的一些新測試功能，這些功能是為了緩解和消除這些瓶頸而帶來的。

And so we're continuing to do that, as Don said, we anticipate to see on the HPMC side, the impact of that in the fourth quarter, and that's progressing well.

因此，正如 Don 所說，我們將繼續這樣做，我們預計在第四季度看到 HPMC 方面的影響，而且進展順利。

Okay, great. That's helpful. And just a follow-up there. The AA&S margins gone, it sounds like you're assuming it's going to be relatively in line in the second half with Q2, which was really strong. But as I understand, a lot of the titanium upside will run free and I believe it's margin accretive to AA&S. So kind of -- if you could just kind of walk through that and your thinking around AA&S margins in the second half?

好的，太好了。這很有幫助。只是後續行動。AA&S 利潤消失了，聽起來你假設下半年它會與第二季相對一致，第二季非常強勁。但據我了解，鈦金屬的大部分上漲空間將自由發揮，我相信這會增加 AA&S 的利潤。那麼，您能否簡單介紹一下這一點以及您對下半年 AA&S 利潤率的看法？

Yes, I appreciate you asking that question, because it's good for us to clarify a bit. So first, really strong margin performance from AA&S in the quarter, 16.4%, so significant uptick year-over-year and sequentially. So how should you think about that 16.4% from a sustainment standpoint, right? So let's unpack it a little bit. So first of all, one of the benefits that helped to deliver that 16.4% was mix.

是的，我很感激你問這個問題，因為這對我們澄清一點很有好處。首先，本季 AA&S 的利潤率表現非常強勁，達到 16.4%，與去年同期相比大幅上升。那麼從維持的角度來看，您應該如何看待這 16.4%，對吧？那麼讓我們稍微解開一下它。首先，幫助實現 16.4% 的收益之一是混合。

The team has done an incredibly good job in shifting that business to more concentrated in the aerospace and defense end market to the point where AA&S, A&D was 38 -- almost 39% of the overall share of AA&S revenues, that grew at 19%. It was very healthy. If you drill in a little bit on that just for a perspective.

該團隊在將業務更加集中於航空航天和國防終端市場方面做得非常出色，使得 AA&S、A&D 排名第 38，幾乎佔 AA&S 收入總體份額的 39%，該收入增長了 19%。這是非常健康的。如果你稍微深入研究一下，只是為了獲得一個視角。

So when you think about AA&S, there's two business units, SRP, Specialty Rolled Products, is a large portion of AA&S. This is a business we've been transforming and moving away from commodity products, moving away from selling through distributors and instead selling more and more through OEMs.

因此，當您想到 AA&S 時，您會發現有兩個業務部門：SRP（特種軋製產品）是 AA&S 的很大一部分。這是我們一直在轉型的業務，不再透過商品、透過經銷商銷售，而是越來越多地透過 OEM 進行銷售。

That business, which a few years ago would have been mid-teens A&D exposure, we saw it hit over 40% this last quarter, incredibly strong, growing in the right direction, and they're not done. They are going to continue to push that business toward value add, higher margin opportunities. So that's encouraging. But it doesn't actually answer your question. I see you think about it in the near term. Well, one of the other things that's driving the Q2 margins, that is important to understand, we did include in my scripted portion of the call, it's also in the deck that you guys can see online.

這項業務在幾年前還只是十幾歲左右的 A&D 業務，我們看到它在上個季度達到了 40% 以上，非常強勁，朝著正確的方向增長，而且他們還沒有完成。他們將繼續推動該業務走向增值、更高利潤的機會。所以這是令人鼓舞的。但它實際上並沒有回答你的問題。我看到你近期會考慮這個問題。嗯，推動第二季度利潤的其他因素之一，理解這一點很重要，我們確實將其包含在我的電話會議腳本部分中，它也在你們可以在網路上看到的簡報中。

We noted that pass through revenues did have an impact in our revenue year-over-year. It's much less sequentially but certainly year-over-year. What am I talking about? Well, we've really reduced our sensitivity to metal impacts, especially to the bottom line through the transformation that we've been executing, but we do have pass through mechanisms that derisk our business. We like the mechanisms.

我們注意到，轉嫁收入確實對我們的收入產生了年比影響。雖然按順序來說要少得多，但肯定是逐年增加。我在說什麼？好吧，我們確實降低了對金屬影響的敏感度，特別是透過我們一直在執行的轉型對底線的敏感度，但我們確實通過了消除業務風險的機制。我們喜歡這些機制。

They allow us to pass through changes and now prices to our customers. But they can create some pretty wonky math year-over-year when you're looking at growth rates or you're looking at incremental margins, et cetera. So here, let me cut to the chase. So when you look at Q2, there was about a $55 million reduction, year-over-year reduction in pass-through revenues and that served to actually lift the Q2 EBITDA margins for AA&S and to a lesser degree, the overall business.

它們使我們能夠將更改和現在的價格傳遞給我們的客戶。但是，當您查看成長率或增量利潤等時，它們可能會逐年創建一些非常奇怪的數學結果。那麼在這裡，讓我切入正題。因此，當您查看第二季度時，轉嫁收入同比減少了約 5500 萬美元，這實際上提高了 AA&S 第二季度的 EBITDA 利潤率，並在較小程度上提高了整體業務。

And so let me rightsize it. If you ran the math, and said, okay, well, if I stripped out that part of that element of AA&S performance, the 16.4% would go to about 15.9%. So that right there is a good way to think about where did AA&S perform when you kind of look through the pass throughs. Then how should you think about it going forward? I'll be honest, in my numbers, where I project, I view AA&S delivering something closer to 15% EBITDA margins in Q3, Q4.

讓我調整它的大小。如果你進行數學計算，然後說，好吧，好吧，如果我剔除 AA&S 績效的這一部分，那麼 16.4% 將變為 15.9% 左右。因此，當您查看傳遞過程時，有一個很好的方法來思考 AA&S 的表現。那麼接下來該如何思考呢？老實說，從我的數據來看，我預計 AA&S 在第三季和第四季的 EBITDA 利潤率將接近 15%。

Part of that has to do with -- we did have some really strong mix in Q2, I think it's going to be challenging for the team to replicate some of those elements of the rich mix from Q2 in the future quarter. So my thought is when I say mid-teens, I'm actually saying, hey, I think around 15%.

部分原因是——我們在第二季度確實有一些非常強大的組合，我認為團隊在未來的季度複製第二季度豐富組合中的一些元素將具有挑戰性。所以我的想法是，當我說十幾歲左右時，我實際上是在說，嘿，我認為大約是 15%。

Absolutely terrific color. Thank you.

絕對很棒的顏色。謝謝。

Andrea Madrid, BTIG.

安德里亞·馬德里，BTIG。

Good morning. Thanks for taking my question. I know you called it out in the remarks and a little bit in the Q&A. But I kind of wanted to parse it out a little bit further and just see how much MRO demand contributed to jet engine growth in the quarter and how much you kind of anticipate that to contribute moving forward?

早安.感謝您提出我的問題。我知道你在評論和問答中提到了這一點。但我想進一步分析一下，看看 MRO 需求對本季噴射引擎的成長有何貢獻，以及您預計這對未來的貢獻有多大？

So it's significant. You've heard from all of our customers have talked about it in their earnings calls, there's a significant amount of MRO coming through. I'd say historically, we've typically -- we don't have -- so let me start with this. We don't have full visibility of does it go into an MRO part or a newbuild engine. As I mentioned, our products and our forgings go into the hot section, the disks in the engine, and they can be in either place. But we historically estimate that MRO being 25% and today, it's closer to 40%, 50%, sometimes higher than that.

所以這很重要。您聽說我們所有的客戶都在財報電話會議中談到了這一點，有大量的 MRO 需要完成。我想說，從歷史上看，我們通常——我們沒有——所以讓我從這個開始。我們無法完全了解它是否進入 MRO 零件或新建引擎。正如我所提到的，我們的產品和鍛件進入高溫部分，即引擎中的圓盤，它們可以位於任何一個位置。但我們歷史上估計 MRO 為 25%，而今天，它接近 40%、50%，有時甚至更高。

And when I look at the demand and look at our order book, we are seeing increased demand across all of the engine OEMs for both the materials as well as the forgings as they continue to ramp the OE rates as well as keep pace with the shop visit. So I'd say it's a significant portion. It's hard for me to give you a precise number to that. But talking with our customers, it does seem like there is very heavy demand on both sides and more upside.

當我查看需求並查看我們的訂單簿時，我們發現所有引擎原始設備製造商對材料和鍛造件的需求都在增加，因為他們繼續提高原始設備製造商率並與車間保持同步存取。所以我想說這是一個重要的部分。我很難給你一個準確的數字。但與我們的客戶交談時，雙方的需求似乎都非常大，而且還有更多的上升空間。

Frankly, if we could continue to increase the capacities and reduce the bottlenecks as we've been talking about, there's more upside and more demand than we are currently put into our outlook and our forecast today.

坦白說，如果我們能夠像我們一直在談論的那樣繼續增加產能並減少瓶頸，那麼比我們目前的展望和預測有更多的上行空間和更多的需求。

That's very helpful. Thank you. That's perfect color. And I guess, moving or pivoting to the electronic side of the business. I know hafnium was kind of dampened in the first half of the winter storm outage. But do you expect to make that up to the balance of the year or is this kind of being pushed out?

這非常有幫助。謝謝。那是完美的顏色。我想，正在轉向或轉向業務的電子方面。我知道鉿在冬季風暴停電的前半段有所減弱。但你是否希望在今年剩餘時間內彌補這一不足，或者這種做法會被推遲？

So the team is working very hard to close that gap. Demand is overwhelming on the electronic side. I just bought a new appliance that has a chip in it that can tell me, and the washing machines and so forth, all of our -- everything around us is getting smarter every day. And I will say that our business out in Oregon is one of very few, maybe one or two in the world that can provide and produce the purity at scale needed for these electronic chip manufacturing.

因此，團隊正在努力縮小這一差距。電子方面的需求是壓倒性的。我剛買了一台新電器，裡面有一個晶片，可以告訴我，還有洗衣機等等，我們周圍的一切都在變得越來越聰明。我想說的是，我們在俄勒岡州的業務是世界上極少數（也許只有一兩家）能夠大規模提供和生產這些電子晶片製造所需純度的業務之一。

So we are working. We've got some investments that are ongoing right now. We anticipate to see those coming online as we come into the fourth quarter. And that's just Phase 1. We've got two Phase 2, Phase 3 that we're also working on increasing our capacity and outputs of hafnium. The other thing I'd mention here with hafnium is, in addition to electronics, it goes into several other really important industries for us.

所以我們正在工作。我們目前正在進行一些投資。我們預計在進入第四季時就會看到這些內容上線。這只是第一階段。我們有兩個第二階段和第三階段，我們也在努力提高鉿的產能和產量。我在這裡要提到的關於鉿的另一件事是，除了電子產品之外，它還應用於其他幾個對我們來說非常重要的行業。

One being the hypersonics industry and space industry, that is a really critical component that goes into a material that's used for very, very high temperature, I think kind of second stage rockets from a space standpoint that maintain their strength at these very high temperatures. And so that's another pull on that hafnium supply that we're continuing to maintain. And again, we've been told by a couple of customers that we're the only ones in the world that are able to make the quality and purity that withstand that type of application.

其中一個是高超音速工業和航太工業，這是一個非常關鍵的組成部分，它是用於非常非常高的溫度的材料，我認為從太空的角度來看，二級火箭可以在這些非常高的溫度下保持其強度。因此，這是我們繼續維持的鉿供應的另一個拉力因素。一些客戶再次告訴我們，我們是世界上唯一能夠生產出能夠承受此類應用的品質和純度的公司。

So as I mentioned, we'll be -- we're doing investments, one is ongoing today, we've got two more phases. All of those are contemplated and included in our CapEx guidance. But we're working very hard and that team is working very hard out there to increase our output and capacities.

正如我所提到的，我們將——我們正在進行投資，其中一期正在進行，我們還有兩個階段。所有這些都被考慮並包含在我們的資本支出指南中。但我們正在非常努力地工作，團隊也正在非常努力地提高我們的產量和能力。

Thank you.

謝謝。

Phil Gibbs, KeyBanc Capital Markets.

Phil Gibbs，KeyBanc 資本市場。

Thank you. Good morning. So the increase in headcount of 500, was that all in the quarter? And what production locations were that at specifically, and do you expect more hiring?

謝謝。早安.那麼，員工人數增加了 500 人，這就是本季的全部嗎？具體是在哪些生產地點？

I'll take a stab at that, Phil. So the 500 are all in the first half of the year. I'd say you can look across the two businesses, that is probably 60-40 down Carolina, 60-40 up in Wisconsin. We are continuing to hire. As we've talked about, a lot of this is looking at our assets and saying, how can we increase the output and debottleneck some of these downstream activities. We've talked a lot about melts and melt capacity but that's really just step one of this debottlenecking story.

我會嘗試一下，菲爾。所以500強都是上半年的。我想說你可以看看這兩家企業，卡羅萊納州可能落後 60-40，威斯康星州可能領先 60-40。我們正在繼續招募。正如我們所討論的，其中許多都是在審視我們的資產並說，我們如何增加產量並消除其中一些下游活動的瓶頸。我們已經討論了很多關於熔化和熔化能力的問題，但這實際上只是這個消除瓶頸故事的第一步。

And we are looking at the assets that we have on the ground today since new capital takes two years minimum to get put in place and we're saying, how do we increase the outputting capacity here. So we are adding ships. We are adding crews. In the case of Forged Products, we talked about that ultrasonic capacity that we're expanding 3 times. Those folks take about six months to get qualified to a Level 2 or Level 3 inspector that's required for the inspection protocols for the jet engine parts. So we've been working very hard at that.

我們正在研究我們今天擁有的資產，因為新資本至少需要兩年才能到位，我們說，我們如何提高這裡的產出能力。所以我們正在添加船隻。我們正在增加人員。就鍛造產品而言，我們談到了超音波能力擴大了 3 倍。這些人需要大約六個月的時間才能獲得噴射引擎零件檢查協議所需的 2 級或 3 級檢查員資格。所以我們一直在這方面非常努力。

This is probably the third year in a row that we've added -- we're anticipating 1,000 or more employees. But we're getting really good throughput and productivity. You're hearing it from some of the other OEMs in the industry. We talked a little bit about the GTF and things we're doing there. So we are seeing the benefits of that starting to come through and that will continue as we get into the back half of the year and we get up the learning curve.

這可能是我們連續第三年增加員工——我們預計將有 1,000 名或更多員工。但我們獲得了非常好的吞吐量和生產力。您從業內其他一些原始設備製造商那裡聽到了這樣的說法。我們討論了一些關於 GTF 以及我們在那裡所做的事情。因此，我們看到這種好處開始顯現，並且隨著我們進入今年下半年並逐步提高學習曲線，這種好處將持續下去。

Don, do you want to add some color on that?

唐，你想在上面添加一些顏色嗎？

It might be helpful to just dimensionalize a little bit how to think about the cost, the incremental cost and the inefficiencies that I talked about earlier in the call. So the investment in the additional heads is not new to us, right? We were doing that as we exited COVID and we learned how to do it quite well. The learning -- setting up processes for our expert -- current expert employees to teach new employees, how to become excellent at our production methodologies.

稍微具體一下如何思考我在電話會議之前談到的成本、增量成本和低效率可能會有所幫助。所以額外磁頭的投資對我們來說並不新鮮，對吧？當我們擺脫新冠疫情時，我們就這樣做了，並且學會瞭如何做得很好。學習－為我們的專家－現有的專家員工建立流程，教導新員工如何在我們的生產方法上變得優秀。

But inefficiencies exist in a transitory way. So that 500 employees, that is a first half number, not specifically tied to the second quarter. But how should you think about the dollar magnitude of the inefficiencies that we carried in that 20.2% margin for HPMC. I think in terms of probably between $5 million and $10 million of inefficiency, higher costs in the quarter.

但效率低下的情況只是暫時存在的。因此，500 名員工是上半年的數字，與第二季度沒有具體聯繫。但是，您應該如何考慮 HPMC 20.2% 利潤率帶來的低效率帶來的經濟損失？我認為本季可能會產生 500 萬至 1000 萬美元的低效率、更高的成本。

A fair question is, well, how long is that going to be with us, Don? And the way to probably think about it is, we would expect that, that -- those inefficiencies would largely be behind us by Q4. And so our guidance contemplates these additional heads and the training and inefficiency costs related to it.

一個公平的問題是，我們會持續多久，唐？可能的思考方式是，我們預計，到第四季度，這些低效率現象將在很大程度上得到解決。因此，我們的指導考慮了這些額外的負責人以及與之相關的培訓和低效率成本。

Thank you. And just a follow-up for me. Regarding your 2025 financial targets, are you maintaining that or are you increasing that this morning when considering the new air show wins in the nickel alloy arena, how would you kind of square that up?

謝謝。這只是我的後續行動。關於您的 2025 年財務目標，今天早上考慮到新航展在鎳合金領域的勝利，您是維持這一目標還是增加這一目標，您將如何調整這一目標？

So what I would say is we're not officially changing our guide, but it would be irrational thing to add roughly $40 million to our prior guidance range. How do we get there? I know Phil you've already done the math. We said that $100 million a year is the incremental revenue that we expect will be added as a result of these new sales commitments, $100 million every year. And these are richer margin products that are being encompassed. The nickel mix here is quite strong, it's pointed toward jet engines.

所以我想說的是，我們不會正式改變我們的指南，但在我們之前的指導範圍上增加大約 4000 萬美元將是不合理的事情。我們如何到達那裡？我知道菲爾你已經算好了。我們說過，每年 1 億美元是我們預計由於這些新的銷售承諾（每年 1 億美元）而增加的增量收入。這些都是利潤豐厚的產品。這裡的鎳混合物相當強，它適用於噴氣發動機。

So we would expect higher than typical incremental margins, and I think a good placeholder to use is something in the 40% range, $100 million, times 40%, $40 million of EBITDA. If you layer that on to the previous 2025 guidance range, which we guided at $800 million to $900 million of EBITDA in 2025, I don't think that's an irrational thing for you to do. Now it's worth adding one more point to that. And that is there are a couple of data points or triggers that we do look for as we think about our 2025 and 2027 targets.We believe those targets, by the way, are generally conservative.

因此，我們預計利潤率會高於典型的增量利潤，我認為一個好的佔位符是 40% 範圍內的東西，即 1 億美元，乘以 40%，即 4000 萬美元的 EBITDA。如果您將其與先前 2025 年的指引範圍（我們指導 2025 年 EBITDA 為 8 億至 9 億美元）相結合，我認為您這樣做並不是不合理的事情。現在值得再補充一點。當我們考慮 2025 年和 2027 年的目標時，我們確實會尋找一些數據點或觸發因素。

But the two triggers are the 777X and the current FAA limits on 737 build rates. So when those two triggers are pulled, I would expect that we'll -- it will be another opportunity for us to assess our outlook targets and see if it's appropriate to adjust them. At the latest, what I would say is those 2025 numbers, we're going to be talking about when we talk about our Q4 performance and full year 2024 performance. But that, again, would be the latest we would probably give a fresh look at those.

但這兩個觸發點是 777X 和目前 FAA 對 737 建造速度的限制。因此，當這兩個觸發器被觸發時，我預計我們將 - 這將是我們評估我們的前景目標並看看是否適合調整它們的另一個機會。我最晚要說的是 2025 年的數字，當我們談論我們的第四季業績和 2024 年全年業績時，我們將討論這些數字。但這可能是我們最新一次重新審視這些問題的機會。

Can I just squeeze one more in here, just on the buyback. I don't know if it was talked about, but I think you're effectively exhausted there and I think your last comment was that it needed to see some Board approval. You're obviously going to have pretty good free cash flow here for the next 18 months. Where do we stand on that? That's my last one.

我可以在回購時再擠一根嗎？我不知道是否有人討論過這個問題，但我認為您實際上已經筋疲力盡了，而且我認為您最後的評論是需要得到董事會的批准。顯然，在接下來的 18 個月裡，您將擁有相當不錯的自由現金流。我們對此持什麼立場？這是我的最後一張。

So first, we're deploying -- we have a very consistent capital deployment strategy and that includes returning capital to shareholders. We've completed the current program, to your point, I don't want to get ahead of my Board. But what I would point to is that we are expecting to generate a healthy amount of cash flow, that's largely going to be in the fourth quarter that our cash rhythm at the current time.

首先，我們正在部署——我們有一個非常一致的資本部署策略，其中包括向股東返還資本。我們已經完成了目前的計劃，就您而言，我不想領先我的董事會。但我要指出的是，我們預計將產生大量的現金流，這主要是在第四季度，按照我們目前的現金節奏。

Our Board is pretty supportive of returning capital to shareholders. Our bias has been toward share repurchases. So I don't think you've seen the last share repurchase program in the ATI organization. So I'm sure the Board will take that up as a topic in the coming quarters.

我們的董事會非常支持向股東返還資本。我們的偏見是股票回購。因此，我認為您還沒有看到 ATI 組織的最新股票回購計劃。因此，我確信董事會將在未來幾季將此作為一個主題。

Thank you. This now concludes the Q&A session. I I'll hand the floor back to David Weston for closing remarks.

謝謝。問答環節到此結束。我將把發言權交還給大衛·韋斯頓（David Weston）作結束語。

Thank you for joining the call today. We appreciate your attention to ATI. With any follow-up questions, please reach out to our Investor Relations team. With that, thank you, and have a great day.

感謝您今天加入通話。感謝您對 ATI 的關注。如有任何後續問題，請聯絡我們的投資者關係團隊。就這樣，謝謝你，祝你有美好的一天。