AZZ Inc (AZZ) 2024 Q3 法說會逐字稿

Good morning, and welcome to the AZZ Inc. Third Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. (Operator instructions) Please note this event is being recorded. I would now like to turn the conference over to Sandy Martin, of Three Part Advisors. Please go ahead.

早上好，歡迎參加 AZZ Inc. 2024 年第三季財報電話會議。所有參與者將處於僅聽模式。（操作員說明）請注意此事件正在被記錄。我現在想把會議交給三部分顧問公司的桑迪馬丁。請繼續。

Thank you, operator. Good morning, and thank you for joining us today to review AZZ's financial results for the fiscal 2024 third quarter which ended November 30, 2023. Joining the call today are Tom Ferguson, President and Chief Executive Officer; Philip Schlom, Chief Financial Officer; and David Nark, Senior Vice President of Marketing, Communications and Investor Relations.

謝謝你，接線生。早安，感謝您今天與我們一起回顧 AZZ 截至 2023 年 11 月 30 日的 2024 財年第三季的財務業績。今天加入電話會議的還有總裁兼執行長湯姆‧弗格森 (Tom Ferguson)；菲利普‧施洛姆，財務長；行銷、傳播和投資者關係資深副總裁 David Nark。

After today's prepared remarks, we will open the call for questions. Please note, the live webcast for today's call, which can be found at www.azz.com/investor-events. Before we begin, I would like to remind everyone that our discussion today will include forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

在今天準備好的發言之後，我們將開始提問。請注意，今天電話會議的網路直播可在 www.azz.com/investor-events 上找到。在開始之前，我想提醒大家，我們今天的討論將包括根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。

Forward-looking statements by their nature are uncertain and outside of the company's control. Except for actual results, our comments containing forward-looking statements may involve risks and uncertainties, some of which are detailed from time to time in documents followed by AZZ with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year.

前瞻性陳述本質上是不確定的，並且不在公司的控制範圍內。除實際結果外，我們包含前瞻性陳述的評論可能涉及風險和不確定性，其中一些風險和不確定性不時在AZZ 向美國證券交易委員會提交的文件中詳細說明，包括10-K 表格的年度報告。財政年度。

These statements are not guarantees of future performance, therefore undue reliance should not be placed upon them. Actual results could differ materially from these expectations. In addition, today's call will discuss non-GAAP financial measures. Non-GAAP financial measures should be considered as a supplement to and not a substitute for GAAP financial measures. We refer you to the reconciliation from GAAP to non-GAAP measures included in today's earnings press release.

這些陳述並不是對未來績效的保證，因此不應過度依賴它們。實際結果可能與這些預期有重大差異。此外，今天的電話會議還將討論非公認會計準則財務指標。非 GAAP 財務指標應被視為 GAAP 財務指標的補充而非替代。我們建議您參閱今天的收益新聞稿中的 GAAP 與非 GAAP 指標的調整表。

I would now like to turn the call over to Tom Ferguson. Tom?

我現在想把電話轉給湯姆·弗格森。湯姆？

Thank you, Sandy. Good morning, and thank you for joining us to review our fiscal 2024 third quarter results. Today I'll start by covering company highlights for the quarter before passing it over to Philip to discuss AZZ's detailed financial results and our balance sheet. Then Dave will provide industry commentary on our end markets. And I will conclude our presentation by covering our sustainability efforts and AZZ's full year outlook before opening the line for questions.

謝謝你，桑迪。早安，感謝您與我們一起回顧我們 2024 財年第三季的業績。今天，我將首先介紹本季的公司亮點，然後交給 Philip 討論 AZZ 的詳細財務表現和資產負債表。然後戴夫將對我們的終端市場提供行業評論。在開始提問之前，我將透過介紹我們的永續發展努力和 AZZ 的全年展望來結束我們的演講。

AZZ is North America's market leader in hot dip galvanizing and cold coating solutions, leveraging our scale and strategic footprint to better serve customers with excellence and expertise. Our leadership has been focused on strong execution this year, and I am pleased to report that the segments have performed exceptionally well through the third quarter.

AZZ 是北美熱浸鍍鋅和冷塗層解決方案的市場領導者，利用我們的規模和策略足跡，以卓越和專業知識更好地為客戶服務。今年，我們的領導層一直專注於強有力的執行力，我很高興地報告，這些部門在第三季的表現非常出色。

These results are a testament to the strength of our company, talented teams effective strategic plan and ongoing commitment to operational excellence. Collectively, these attributes contribute to our ability to provide valuable differentiated solutions and services to our customers.

這些結果證明了我們公司的實力、優秀團隊、有效的策略計劃以及對卓越營運的持續承諾。總的來說，這些屬性有助於我們為客戶提供有價值的差異化解決方案和服務的能力。

Turning to our results, total sales for the quarter were $382 million, up 2.2%. Momentum continued for Metal Coatings with third quarter sales of $163 million, up 3.1% versus last year's quarter. Breakout metals also grew during the quarter to $218 million, up 1.6% from a year ago. We grew sales organically and improved profitability in the quarter. And I'm pleased to report that we continued to effectively secure market share without sacrificing our value pricing discipline.

轉向我們的業績，該季度的總銷售額為 3.82 億美元，成長 2.2%。金屬塗料持續保持強勁勢頭，第三季銷售額達 1.63 億美元，比去年同期成長 3.1%。本季金屬突破也成長至 2.18 億美元，比去年同期成長 1.6%。本季我們的銷售額有機成長並提高了獲利能力。我很高興地向大家報告，我們在不犧牲價值定價原則的情況下，繼續有效地確保了市場份額。

We increased adjusted earnings per share for the quarter by 53% to $1.19 and grew adjusted EBITDA by 23% to $86 million versus prior year. This led to strong cash from operations for the quarter of $63 million. As a result, EBITDA margins were 30% for Metal Coatings and 18.4% for Precoat metals during the quarter, both within the stated targeted ranges for each segment.

與去年相比，本季調整後每股盈餘成長 53%，達到 1.19 美元，調整後 EBITDA 成長 23%，達到 8,600 萬美元。這使得該季度的營運現金達到 6,300 萬美元。因此，本季金屬塗料的 EBITDA 利潤率為 30%，預塗金屬的 EBITDA 利潤率為 18.4%，均在每個細分市場規定的目標範圍內。

In short, our dedication to delivering best-in-class customer service and ongoing enhancements in operations led to increased sales, improved profitability and significant cash flow this quarter, we continue to develop enhanced our operational technologies, which sets us apart from the competition. Our Digital Galvanizing system, or DGS is AAZ's. is proprietary technology that connects our 41 galvanizing facilities to the company's ERP system that provides real-time visibility and order tracking to allow superior customer service.

簡而言之，我們致力於提供一流的客戶服務和持續改進運營，導致本季度銷售額增加、盈利能力提高和顯著現金流，我們繼續開發增強的運營技術，這使我們在競爭中脫穎而出。我們的數位鍍鋅系統（DGS）是 AAZ 的。是一項專有技術，將我們的 41 個鍍鋅設施連接到公司的 ERP 系統，該系統提供即時可見性和訂單跟踪，以提供卓越的客戶服務。

Similarly, in Precoat's 13 facilities, -- tracks customers inventory and provides real-time access to project scheduling. These advanced platforms along with our outstanding teams focused on providing excellent service, position AZZ as a highly differentiated Metal Coatings provider to customers throughout North America.

同樣，在 Precoat 的 13 個工廠中，追蹤客戶庫存並提供對專案調度的即時存取。這些先進的平台以及我們專注於提供優質服務的優秀團隊，使 AZZ 成為面向整個北美客戶的高度差異化的金屬塗料提供者。

As Philip will discuss more in a moment, we are strengthening the balance sheet and plan to continue to deploy capital carefully. We have worked diligently to reduce debt, improve our leverage ratio, and reprice our term loan at Revolver to lower interest costs, which continues to reinforce our decision to self-fund the Greenfield Precoat Metals facility in Washington, Missouri, instead of going with a sale-leaseback.

菲利普稍後將進行更多討論，我們正在加強資產負債表，並計劃繼續謹慎部署資本。我們一直在努力減少債務，提高槓桿率，並重新定價 Revolver 的定期貸款以降低利息成本，這繼續強化了我們為密蘇裡州華盛頓州的 Greenfield Precoat Metals 工廠自籌資金的決定，而不是與售後回租。

We are highly focused on long-term value creation through our sustainable solutions. We believe that by continually investing in our people and relentlessly executing our strategy, we will accelerate AZZ's value creation and ensure sustainability. Our strategic transformation over the last 18 months has been a catalyst for generating significantly higher run rate EBITDA and cash flow. We will continue to scale our business through both organic and inorganic growth, leveraging our highly differentiated value proposition to customers as we create long-term value for our shareholders.

我們高度關注透過永續解決方案創造長期價值。我們相信，透過持續投資於我們的員工並不懈地執行我們的策略，我們將加速 AZZ 的價值創造並確保永續發展。我們過去 18 個月的策略轉型成為顯著提高 EBITDA 和現金流運作率的催化劑。我們將繼續透過有機和無機成長來擴大我們的業務，並利用我們對客戶高度差異化的價值主張，為股東創造長期價值。

With that, I'll turn it over to Philip.

這樣，我就把它交給菲利普了。

Thanks, Tom. Good morning and thank you for participating in our third quarter update. All numbers referenced today our results from our continuing operations. As Tom mentioned, we reported fiscal year 2024 third quarter sales of $381.6 million compared to $373.3 million in last year's third quarter.

謝謝，湯姆。早安，感謝您參與我們的第三季更新。今天所有的數字都引用了我們持續經營的結果。正如 Tom 所提到的，我們報告的 2024 財年第三季銷售額為 3.816 億美元，而去年第三季的銷售額為 3.733 億美元。

Total sales increased by 2.2% from a year ago on higher metal coatings sales of 3.1% and pre-COVID sales up 1.6%. Third quarter gross profit was $88.1 million or 23.1% of sales compared to $73.1 million or 19.6% of sales in the prior year same quarter. The 380 basis point improvement in gross margin was a result of lower zinc and overhead costs and an accounting reclassification to corporate of intangible assets amortization, partially offset by increased labor costs.

由於金屬塗料銷售額成長 3.1%，新冠疫情爆發前銷售額成長 1.6%，總銷售額較上年同期成長 2.2%。第三季毛利為 8,810 萬美元，佔銷售額的 23.1%，而去年同期毛利為 7,310 萬美元，佔銷售額的 19.6%。毛利率提高了 380 個基點，這是由於鋅和間接費用降低以及無形資產攤銷會計重新分類為企業的結果，但部分被勞動力成本增加所抵消。

Selling, general and administrative expenses were $35.3 million in the third quarter, which included a $4.5 million legal accrual related to a long outstanding commercial dispute with a metal coatings customer. Excluding the third quarter legal accrual, SG&A expenses for the fiscal 2020 for third quarter would have been $30.8 million or 8.1% of sales compared to $27.7 million or 7.4% of sales in the prior year.

第三季的銷售、一般和管理費用為 3,530 萬美元，其中包括與金屬塗料客戶長期懸而未決的商業糾紛相關的 450 萬美元的法律應計費用。不包括第三季的法定應計費用，2020 財年第三季的 SG&A 費用將為 3,080 萬美元，佔銷售額的 8.1%，而上一年為 2,770 萬美元，佔銷售額的 7.4%。

We reported third quarter adjusted EBITDA of $86.4 million or 22.6% of sales compared with $68.9 million or 18.5% of sales last year. This 410 basis point improvement in adjusted EBITDA margin was primarily driven by favorable mix and improved operational efficiencies in both of our segments.

我們報告第三季調整後 EBITDA 為 8,640 萬美元，佔銷售額的 22.6%，而去年為 6,890 萬美元，佔銷售額的 18.5%。調整後 EBITDA 利潤率提高 410 個基點，主要是由於我們兩個部門的有利組合和營運效率的提高。

Interest expense for the third quarter was $26 million compared to $26 million in the prior year, mostly due to lower outstanding debt and the effect of our repricing of the term loan in August. In a moment, I will discuss the recent repricing of our revolver. Income tax expense was $8.8 million, which reflects an effective tax rate of 24.6% in the quarter compared to 11.7% in the third quarter of the prior year.

第三季的利息支出為 2,600 萬美元，而上年同期為 2,600 萬美元，主要是由於未償債務減少以及我們 8 月定期貸款重新定價的影響。稍後我將討論我們左輪手槍最近的重新定價。所得稅費用為 880 萬美元，反映本季有效稅率為 24.6%，而去年第三季為 11.7%。

The prior year was favorably impacted by recognizing tax basis differences related to the AVAIL joint venture that were not repeated in the current quarter. We expect full year fiscal 2024 effective tax rate to be around 23%, with the longer-term tax rate expected to remain in the 24% range. And adjusted net income for the third quarter was $34.8 million compared to $19.5 million in the prior year, up 78.3%. As Tom mentioned, our adjusted diluted earnings per share of $1.19 was 52.6% above the adjusted diluted earnings of $0.78 reported in the prior year same quarter.

確認與 AVAIL 合資企業相關的稅基差異對上一年產生了有利影響，而本季未重複這些差異。我們預計 2024 財年全年有效稅率約為 23%，長期稅率預計將維持在 24% 的範圍內。第三季調整後淨利為 3,480 萬美元，較上年同期的 1,950 萬美元成長 78.3%。正如 Tom 所提到的，我們調整後的稀釋每股收益為 1.19 美元，比去年同期報告的調整後稀釋收益 0.78 美元高出 52.6%。

Since the preferred convertible shares are dilutive in the current quarter, the preferred dividends are added back to the earnings for the company's computation of EPS under a full conversion assumption for the preferred convertible shares, weighted average shares outstanding in the quarter and for the nine months or approximately 29.3 million shares.

由於優先可轉換股票在本季度具有攤薄性，因此在優先可轉換股票、本季和前九個月已發行股票的加權平均數完全轉換的假設下，優先股股息將加回公司計算每股收益的收益中或約2930萬股。

Turning to our financial position and balance sheet. For the first nine months of the year, we generated stock strong cash from operations of $180.9 million and free cash flow of $114 million. Free cash flow is computed based on cash from operations, less capital expenditures and was more than double from a year ago on improved segment performance with higher sales and improved EBITDA dollars and margins. And we benefited from our focus on working capital reduction.

轉向我們的財務狀況和資產負債表。今年前 9 個月，我們從營運中產生了 1.809 億美元的強勁現金，自由現金流為 1.14 億美元。自由現金流是根據營運現金減去資本支出計算的，由於銷售額增加以及 EBITDA 美元和利潤率提高，部門業績改善，自由現金流比一年前增加了一倍多。我們受益於我們對減少營運資本的關注。

Capital expenditures for the first nine months were $66.9 million, including typical safety, maintenance and growth spending, as well as about $34 million related to the new greenfield coil coating plant under construction in Washington, Missouri. The building construction is near completion and we are beginning to receive equipment scheduled to be installed in the upcoming months.

前九個月的資本支出為 6,690 萬美元，包括典型的安全、維護和成長支出，以及與密蘇裡州華盛頓正在建造的新綠地捲材塗裝廠相關的約 3,400 萬美元。建築施工已接近完成，我們開始接收計劃在未來幾個月安裝的設備。

Our construction progress remains on target, and we will continue to provide progress updates each quarter. Our full year forecast 2020 for capital expenditure is approximately $119 million, I'm sorry, our full year fiscal 2024. Capital expenditures projection, including $70 million for our new plant, are expected to be $119 million, and heavier spending will continue through the first quarter of fiscal year 2025 as we receive installed and ready the facility for operational testing later next year.

我們的施工進度仍然符合目標，我們將繼續每季提供進度更新。我們預計 2020 年全年資本支出約為 1.19 億美元，抱歉，我們的 2024 財年全年資本支出約為 1.19 億美元。資本支出預計將達到 1.19 億美元，其中包括新工廠的 7,000 萬美元，隨著我們在明年稍後安裝並準備好設施進行營運測試，​​2025 財年第一季將繼續增加支出。

During the third quarter, we further reduced our debt by $25 million. Through the first three quarters, we paid down $85 million in debt within our previously communicated targeted debt reduction estimate of $75 million to $100 million. As Tom noted strong operational performance and focused working capital management allowed us to reduce our net debt to leverage ratio to 3.1 times closer to achieving our target of 3.0 times or lower.

第三季度，我們進一步減少了 2,500 萬美元的債務。在前三個季度，我們在先前公佈的 7,500 萬至 1 億美元的債務削減目標估計範圍內償還了 8,500 萬美元的債務。正如 Tom 指出的那樣，強勁的營運績效和集中的營運資本管理使我們能夠將淨債務槓桿率降低至 3.1 倍，更接近實現 3.0 倍或更低的目標。

In addition to repricing our term Loan B during our second quarter of the fiscal year, we also successfully repriced our $400 million senior secured revolver last month, the most recent repricing reduced our interest rate margin across all leverage-based pricing tiers from a fixed. SOFR plus 425 to our current effective rate of SOFR plus 300 basis points.

除了在本財年第二季度對我們的定期貸款B 進行重新定價外，我們上個月還成功對我們的4 億美元高級擔保左輪手槍進行了重新定價，最近的重新定價降低了我們所有基於槓桿的定價層級的利率差額。SOFR 加 425 至我們目前的 SOFR 有效利率加 300 個基點。

And we also were able to remove the existing credit spread adjustment of 10 basis points. We will see a benefit going forward of lower interest costs through the maturity of our facility and plan to balance borrowings between the term loan and revolving credit facility to minimize interest costs. We have no maturities of debt until 2027.

我們也能夠取消現有的 10 個基點的信用利差調整。隨著我們的貸款到期，我們將看到利息成本降低的好處，並計劃平衡定期貸款和循環信貸便利之間的借款，以最大限度地降低利息成本。2027 年之前我們沒有到期債務。

We remain confident in our ability to generate positive cash flows and support our growth plans while continuing to strengthen our balance sheet and reduce debt and leverage as a reminder, we are in a three-year swap arrangement fixed as roughly half of the variable rate debt, and that arrangement expires in September 2025 during the first nine months of the fiscal year, we paid cash dividends to common shareholders of $12.8 million and also paid $10.8 million of dividends to our Series A preferred holders.

我們對產生正現金流和支持我們的成長計劃的能力仍然充滿信心，同時繼續加強我們的資產負債表並減少債務和槓桿率。提醒一下，我們的三年期掉期安排固定為大約一半的可變利率債務，該安排將於2025 年9 月到期，在本財年的前9 個月，我們向普通股股東支付了1280 萬美元的現金股息，並向A 系列優先股持有人支付了1080 萬美元的股息。

We made no share repurchases during the quarter or year to date as debt reduction continues to be our top priority. Before turning it over to David, I want to provide an update on two matters. Number one, equity and earnings of our unconsolidated subsidiaries for the current quarter increased $8.7 million compared to $1.0 million in the prior year quarter. The increase is primarily due to higher earnings from the AVAIL JV, a release of the reserve for liquidated damages by large project.

由於減少債務仍然是我們的首要任務，因此我們在本季或本年度迄今沒有進行任何股票回購。在將其交給大衛之前，我想提供兩件事的最新情況。第一，本季我們未合併子公司的股本和收益增加了 870 萬美元，而去年同期為 100 萬美元。這一成長主要是由於 AVAIL JV 的收益增加，該合資企業釋放了大型專案的違約金準備金。

They had three months of equity and earnings in the current quarter compared to only one month in the prior third quarter. We do not expect to see near term earnings levels this high during our fourth quarter or into fiscal year 2025.

他們在本季擁有三個月的股本和收益，而上一季只有一個月。我們預計第四季或 2025 財年的近期獲利水準不會如此高。

Lastly, earlier this morning, the Company filed a Form S-3 registration statement with the Securities and Exchange Commission as the universal shelf registration that will provide future funding options to the company coming out of our annual strategic planning sessions. Earlier this year, we determined that a universal self-registration is both prudent and good housekeeping for a business our size.

最後，今天早些時候，公司向美國證券交易委員會提交了一份 S-3 表格註冊聲明，作為通用擱置註冊，這將為公司在年度策略規劃會議後提供未來的融資選擇。今年早些時候，我們確定，對於我們這樣規模的企業來說，普遍的自助註冊既是謹慎的做法，也是良好的管理方式。

With that, I'd like to turn the call over to Dave.

有了這個，我想把電話轉給戴夫。

Thank you, Philip, and good morning, everyone. As Tom covered, our strategic growth plan includes a combination of organic and inorganic expansion throughout North America, we plan to utilize our large footprint to leverage market-leading positions in both segments. AZZ's trusted business partnership within our nationwide network is built on a growing base of over 3,000 customers, many of whom are long-standing blue-chip customers.

謝謝你，菲利普，大家早安。正如湯姆所說，我們的策略性成長計劃包括在整個北美進行有機和無機擴張的結合，我們計劃利用我們的龐大足跡來利用在這兩個領域的市場領先地位。AZZ 在我們全國網路中值得信賴的業務合作夥伴關係建立在不斷增長的 3,000 多家客戶基礎上，其中許多是長期的藍籌客戶。

Additionally, we continue to attract and retain customers based on our deep technical expertise, customer-centric technologies, superior customer service and highly specialized solutions and services. Metal Coatings benefited this quarter from continued strength in transmission and distribution as well as bridge and highway projects.

此外，我們憑藉著深厚的技術專長、以客戶為中心的技術、卓越的客戶服務以及高度專業化的解決方案和服務，持續吸引和留住客戶。金屬塗料本季受益於輸配電以及橋樑和高速公路項目的持續強勁。

Precoat Metal sales performance has recently trended better than the market, and our growing volumes continue to improve from intentional conversion selling, mix, and value pricing. Secular growth trends, including plastics to aluminum conversions, are important for Precoat, coupled with the team's ability to convert captive paint lines inside other companies. Tom sometimes refers to this as our de-verticalization sales strategy, which is a growth area for AZZ as companies decide to cut costs or outsource their roll-coating needs.

預塗金屬的銷售業績最近趨勢好於市場，我們的銷售量不斷成長，得益於有意的轉換銷售、組合和價值定價。長期成長趨勢，包括塑膠到鋁的轉換，對 Precoat 來說非常重要，而且該團隊有能力轉換其他公司內部的自有油漆生產線。Tom 有時將此稱為我們的非垂直化銷售策略，這是 AZZ 的成長領域，因為公司決定削減成本或外包其輥塗需求。

We expect transmission and distribution to continue to be strong in the coming months and are seeing continued evidence of infrastructure spending, including work on data centers and microchip plants. We continue to see long-term secular tailwinds associated with infrastructure projects tied to the AIIJA and CHIPS Acts, which we expect to positively impact our results in calendar 2024.

我們預計未來幾個月輸電和配電將繼續強勁，並持續看到基礎設施支出的證據，包括資料中心和微晶片工廠的建設。我們繼續看到與 AIIJA 和 CHIPS 法案相關的基礎設施項目相關的長期長期有利因素，我們預計這將對我們 2024 年的業績產生積極影響。

Although solar and renewables end markets have recently weakened, we are seeing pockets of regional strength across the US for these projects. Finally, although our business this year has seen softer demand in HVAC and transportation, appliances and residential construction end markets are returning. Non-residential construction continues to perform well with strength in warehousing, manufacturing, and agriculture.

儘管太陽能和再生能源終端市場最近疲軟，但我們看到美國各地這些計畫具有一定的區域實力。最後，儘管我們今年的業務在暖通空調和運輸領域的需求疲軟，但家電和住宅建築終端市場正在回歸。非住宅建築持續表現良好，在倉儲、製造業和農業領域表現強勁。

We are also optimistic by the long-term expectations for manufacturing reshoring and the positive transition to pre-painted steel and aluminum. And, as I mentioned, we are seeing the gradual movement in the container category from plastics to aluminum throughout North America. Our Metal Coatings and Precoat Metals teams continue to make progress on market share gains and hot-dip galvanizing, as well as pre-painted coil projects with key customers.

我們也對製造業回流的長期預期以及向彩塗鋼和鋁材的積極過渡感到樂觀。而且，正如我所提到的，我們看到整個北美的容器類別逐漸從塑膠轉向鋁。我們的金屬塗層和預塗金屬團隊繼續在市場份額成長和熱浸鍍鋅以及與主要客戶的預塗捲專案方面取得進展。

With that, I'd like to turn it back over to Tom.

有了這個，我想把它轉回給湯姆。

Thanks, Dave. One of the most rewarding aspects of being a part of AZZ is the opportunity to work with over 3,900 incredibly talented people who strive to do the right thing for our employees, customers, partners, and communities where we live and work. We were recently recognized on Newsweek's 2024 America's Most Responsible Companies list based on our company-wide sustainability and ESG efforts.

謝謝，戴夫。成為 AZZ 的一員最有價值的方面之一是有機會與超過 3,900 名才華橫溢的人才一起工作，他們努力為我們的員工、客戶、合作夥伴以及我們生活和工作的社區做正確的事情。最近，基於我們全公司範圍內的可持續發展和 ESG 努力，我們被《新聞周刊》評為 2024 年美國最具責任感公司名單。

We are grateful that this is the second year AZZ was named among this prestigious list of companies. Collectively, our business segments provide sustainable, unmatched Metal Coatings solutions that enhance the longevity and appearance of buildings, products, and infrastructure that are essential to everyday life. Our solutions and services are synonymous with sustainability.

我們很高興這是 AZZ 第二年被列入這份享有盛譽的公司名單。總的來說，我們的業務部門提供可持續、無與倫比的金屬塗料解決方案，以提高日常生活中必不可少的建築物、產品和基礎設施的壽命和外觀。我們的解決方案和服務是永續發展的代名詞。

Regarding our business outlook in the fourth quarter ending in February, our fabrication customers continue to cite project backlogs and critical markets that Dave just discussed. Labor availability and employee turnover have both improved from a year ago. We continue to execute on our working capital initiatives and now are well-positioned to adjust inventories of paint and zinc when demand shifts, whether due to our growth initiatives or other micro or macroeconomic impacts.

關於我們截至二月份的第四季的業務前景，我們的製造客戶繼續引用戴夫剛剛討論的專案積壓和關鍵市場。勞動力供給和員工流動率均較一年前有所改善。我們繼續執行我們的營運資本計劃，現在處於有利地位，可以在需求發生變化時調整油漆和鋅的庫存，無論是由於我們的成長計劃還是其他微觀或宏觀經濟影響。

As Philip mentioned, the construction of our Greenfield aluminum coil coating facility in Missouri is progressing. The building is substantially completed and equipment has begun to arrive and be installed in the facility. We remain excited about the growth opportunity this investment creates. We continue to anticipate a stronger fourth quarter compared to Q4 last year.

正如菲利普所提到的，我們位於密蘇裡州的格林菲爾德鋁捲材塗層工廠的建設正在進行中。該建築已基本完工，設備已開始抵達並安裝在該設施中。我們對這項投資創造的成長機會仍然感到興奮。我們繼續預計第四季將比去年第四季更加強勁。

Our Metal Coatings and Precor teams have demonstrated their ability to drive operational efficiencies and sustain margins with superior quality and service levels. We are narrowing and somewhat revising up our fiscal 2024 sales guidance of $1.45 million to $1.55 billion, adjusted EBITDA guidance of $315 million to $335 million and adjusted EPS guidance of $4.15 to $4.35.

我們的金屬塗料和 Precor 團隊已證明他們有能力以卓越的品質和服務水準提高營運效率並維持利潤。我們正在縮小並稍微上調 2024 財年的銷售指引（145 萬美元至 15.5 億美元），調整後的 EBITDA 指引為 3.15 億美元至 3.35 億美元，調整後的每股收益指引為 4.15 美元至 4.35 美元。

And our capital expenditures for fiscal 2024 estimated to be $119 million, which includes about $70 million this year related to the Washington Missouri greenfield. Although interest rates have increased this year and interest expense ran significantly higher than we planned, we were able to pay down debt, reprice our term and revolving debt, and offset the EPS impact with incremental equity and earnings from our minority interest in the AVAIL joint venture and focused operating performance from our business groups.

我們 2024 財年的資本支出預計為 1.19 億美元，其中包括今年與華盛頓密蘇裡州綠地相關的約 7,000 萬美元。儘管今年利率有所上升，利息支出明顯高於我們的計劃，但我們能夠償還債務，重新定價我們的期限和循環債務，並透過增量股本和我們在AVAIL 合資企業中少數股權的收益來抵消每股收益的影響我們的業務團隊的創投和專注的經營績效。

We plan to provide our fiscal year 2025 guidance in a few weeks for the new year that begins March 1, as always, I want to thank our hardworking and highly talented team who execute AZZ's shared vision of growth, profitability, and operational improvements every day. Our mission is to create value in a culture where people can grow and TRAITS really matter. TRAITS is an acronym for trust, respect, accountability, integrity, teamwork, and sustainability. These are AZZ's core behavioral values that continue to shape our future successes.

我們計劃在幾週內為 3 月 1 日開始的新年提供 2025 財年指導，一如既往，我要感謝我們勤奮且才華橫溢的團隊，他們每天執行 AZZ 增長、盈利和運營改進的共同願景。我們的使命是在人們可以成長且特質真正重要的文化中創造價值。TRAITS 是信任、尊重、責任、誠信、團隊合作和永續性的縮寫。這些都是 AZZ 的核心行為價值觀，將繼續塑造我們未來的成功。

Now, operator, please open up the call for questions.

現在，接線員，請撥打電話詢問問題。

(Operator Instructions) Lucas Pipes, B. Riley Security

（操作員說明）Lucas Pipes, B. Riley 安全

Thank you very much, operator. Good morning, everyone. My first question is on the leverage. You’re within a stone’s throw of your prior leverage target of three times. Is there a desire to reduce leverage beyond, lower than three times, or do you think that kind of what you had outlined previously still stands today? Thank you very much.

非常感謝您，接線生。大家，早安。我的第一個問題是關於槓桿。您距離先前的三倍槓桿目標只有一步之遙。是否希望將槓桿率降低超過或低於三倍，或者您認為您之前概述的那種情況今天仍然有效？非常感謝。

Yes, Lucas, good morning. I think 2.5 to 3 times is our long-term target. So it's due to just great performance of our team's focus in our working capital and some of the other initiatives we've had going. We've been able to pay down debt quicker than that, even we'd hoped a little bit. We're going to stay focused on that through the first quarter or through the fourth quarter of this year.

是的，盧卡斯，早安。我認為2.5到3倍是我們的長期目標。因此，這要歸功於我們團隊對營運資金的關注以及我們正在進行的其他一些舉措的出色表現。我們已經能夠比這更快地償還債務，即使我們希望有一點。我們將在今年第一季或第四季繼續關注這一點。

We do have a board meeting coming up next week to get our budgets for next year, prove where we'll talk more about capital deployment strategies and then get our CapEx approved and things like that. So right now, our focus is continuing to pay down that debt this year. We still think we've got some up that we can do. So I'd say, but artificially we're not really trying to drive towards that 2.5, 2.75 times right now, we do not have any acquisitions in the pipeline. So we don't have that as a cash need at the moment. But as we look at some opportunities for investments next year.

我們下週確實將召開一次董事會會議，以製定明年的預算，證明我們將在哪裡更多地討論資本部署策略，然後讓我們的資本支出獲得批准等等。因此，現在我們的重點是今年繼續償還債務。我們仍然認為我們有一些可以做的事情。所以我想說，但人為地，我們現在並沒有真正試圖朝著 2.5、2.75 倍的方向前進，我們沒有任何收購計劃。所以我們目前沒有現金需求。但當我們審視明年的一些投資機會。

I'd like to delay that until we are we discuss it with our board first.

我想推遲到我們首先與董事會討論這個問題為止。

Very helpful. Thank you. And then I want to ask about the guidance for fiscal '24. On the sales side, increase the lower end of the range. But when I kind of look at year-to-date performance versus your full year target, low end 279 million for the fiscal fourth quarter up to like roughly flat at the high end, 379 million of sales. What would it take to come in at the low end? Is that a really conservative look here, or how would you frame that up? Thanks.

很有幫助。謝謝。然後我想問一下 24 財年的指導。在銷售方面，增加範圍的下限。但當我將今年迄今的業績與全年目標進行比較時，第四財季的低端銷售額為 2.79 億美元，而高端銷售額為 3.79 億美元，基本持平。進入低端市場需要什麼？這是一個非常保守的觀點嗎？或者你會如何建構它？謝謝。

Yes, that's a very good catch, Lucas. I think that probably is very much so on the low end. We're going to track much better than that. We're not tracking to the high end either, which I guess is why it's a range. I feel good. We're not chasing business over aggressively right now.

是的，這是一個非常好的收穫，盧卡斯。我認為這可能是低端的情況。我們的追蹤效果會比這好得多。我們也沒有追蹤到高端，我想這就是為什麼它是一個範圍。我感覺很好。我們現在並沒有積極地追逐業務。

There is some price sensitivity out there, so we're trying to keep our powder dry and let the folks focus on the business that's attractive to us, taking good care of our customers, and keep from chasing business below price levels that we want to go after. So we're maintaining that discipline, which is why we set the range. But, yes, 279 is definitely below what we would say we're going to have any shot at getting to.

市場上存在一定的價格敏感性，因此我們正在努力保持乾燥狀態，讓人們專注於對我們有吸引力的業務，照顧好我們的客戶，並避免追逐低於我們想要的價格水平的業務。去追吧。因此，我們將維持這項紀律，這就是我們設定範圍的原因。但是，是的，279 絕對低於我們所說的我們有機會達到的水平。

That's helpful. Thank you. Then a quick follow-up. I appreciate you'll issue guidance in a few weeks or so, but in terms of kind of the big trends that you're seeing heading into your next fiscal year, would you anticipate a slowdown when it comes to Chips and Science Act, for example, or infrastructure, or do you think those key markets will still, on the construction side, will still be kind of trending higher year-on-year?

這很有幫助。謝謝。然後快速跟進。我很高興您將在幾週左右發布指導意見，但就您在下一財年看到的大趨勢而言，您是否預計《晶片和科學法案》會放緩，因為例如，或基礎設施，或者您認為這些關鍵市場在建築方面仍將呈現同比上升趨勢嗎？

And then, of course, you have organic and inorganic growth opportunities that you outlined in your prepared remarks. So just trying to get a little bit of a flavor as to what would be potentially tracking positive versus where you might anticipate a little bit more softness in your next fiscal year. Thank you very much.

當然，您還擁有您在準備好的發言中概述的有機和無機增長機會。因此，我只是想了解下一個財年哪些方面可能會出現積極的變化，哪些方面可能會出現更加疲軟的情況。非常感謝。

Yes, Lucas, this is Dave. I think what you'll see there, we continue to see positive signs. Our Metal Coatings business in particular is galvanizing a lot of steel for new chip plants and Utility T&D projects, bridge and highway and some solar for quite some time.

是的，盧卡斯，這是戴夫。我想你會在那裡看到，我們繼續看到積極的跡象。我們的金屬塗料業務在相當長的一段時間內一直在為新晶片廠和公用事業輸配電項目、橋樑和高速公路以及一些太陽能項目鍍鋅大量鋼材。

So we think that's going to continue. We also think that the impact of government spending is going to result in multiyear demand for our solutions on both sides of the house and particularly those focused on critical infrastructure and energy transition initiatives. So we feel pretty good about the macro.

所以我們認為這種情況將會持續下去。我們也認為，政府支出的影響將導致雙方對我們的解決方案的多年需求，特別是那些專注於關鍵基礎設施和能源轉型計畫的解決方案。所以我們對宏觀感覺很好。

Well, and I'd add in that, on the Precoat side, I think both their organic growth initiatives and as well as I think residential construction is probably bottom, so hopefully that starts to trend up. Commercial construction is looking okay. So I feel pretty good about the early part of the year, and as we get into it, the nice part is particularly for Precoat Metals, once those volumes start to pick up, we get some really, really good flow through pretty quickly as you start to -- as we come off the bottom, so to speak, because as we said last time we're down 10% to 12% on volume, depending on which market it happens to be, which is we're outperforming the market itself, but still we’re tracking to where we should have improvement next year.

好吧，我想補充一點，在預塗方面，我認為他們的有機增長舉措以及我認為住宅建設可能已經觸底，所以希望這開始呈上升趨勢。商業建築看起來還不錯。因此，我對今年年初感覺非常好，當我們進入這個階段時，最好的部分尤其是預塗金屬，一旦這些銷量開始回升，我們很快就會得到一些非常非常好的流量。可以說，當當我們走出谷底時，因為正如我們上次所說，我們的成交量下降了10% 到12%，具體取決於哪個市場，即我們的表現優於市場但我們仍在追踪明年應該改進的地方。

We have not built well, I shouldn't say that we have not put our of course, not put our guidance out, and these will all be good discussions about how aggressive we want to be next year and how we continue to maintain that focus on our value pricing and maintain that discipline. So I feel pretty good about the first part of the year, and then the outlook just gets a little fuzzier as I look into fiscal '25.

我們還沒有建立得很好，我不應該說我們沒有提出我們的路線，沒有提出我們的指導，這些都將是關於我們明年想要多麼積極進取以及我們如何繼續保持這一重點的良好討論遵守我們的價值定價並維持這項紀律。所以我對今年上半年感覺很好，然後當我展望 25 財年時，前景變得有點模糊。

I appreciate the color. Thank you very much for all the details and insights, and continue best of luck.

我很欣賞它的顏色。非常感謝您提供的所有細節和見解，祝您好運。

John Franzreb, Sidoti and Company

約翰‧弗蘭茨雷布 (John Franzreb)，西多蒂公司

Good morning, guys, and congratulations on a very good quarter. I'd actually like to start with the guidance. I'm curious whether you've started to include JV income and the forward guidance for fiscal 2024. or are you still excluding it in that outlook?

早上好，夥計們，恭喜這個季度表現非常好。我實際上想從指導開始。我很好奇你們是否已開始將合資企業收入和 2024 財年的前瞻性指引納入其中。還是仍將其排除在展望中？

On the guidance we have as we go forward, we'll include that in our 2025 guidance. For the Q4. We've included the realized results to the three quarters, but no fourth quarter four and guidance.

根據我們前進的指導，我們將把它納入 2025 年的指導中。對於第四季。我們已將已實現的結果納入三個季度，但沒有包括第四季度的結果和指導。

I'll tell you, John, part of our issue is we're one month in arrears, and they're on a calendar year, so we actually have a board meeting with them coming up fairly soon, too, where we'll get a better feel for how the first part of their calendar year is looking.

我告訴你，約翰，我們問題的一部分是我們拖欠了一個月，而他們是在一個日曆年裡，所以我們實際上也很快就會與他們舉行一次董事會會議，我們將在會議上更好地了解他們日曆年的第一部分的情況。

Just curious. I'm curious. I assume your negotiations with the zinc supplies for 2024 are now done. Can you update us with any changes in the pricing outlook, especially with the premiums being such a variable last year? How does that look for the year ahead?

只是好奇。我很好奇。我認為你們與 2024 年鋅供應商的談判現已完成。您能否向我們介紹一下定價前景的任何變化，特別是去年的保費變化如此之大？未來一年的情況如何？

Yes, the premiums have come down. So yes, we've gone through that that kick off the year negotiations and completed those. So we feel good one and one, we feel supply is more secure, which is why we've been able to adjust some of the on yard inventories. So that's one good thing, too, is the premiums are down I think about $0.10. So that's upside as that starts to flow through our kettles. And of course, the rest is tied to LME.

是的，保費已經下降了。所以，是的，我們已經完成了今年談判的啟動並完成了這些談判。因此，我們一一感覺良好，我們感覺供應更加安全，這就是為什麼我們能夠調整一些堆場庫存。所以這也是一件好事，保費下降了，我認為約為 0.10 美元。所以這是有利的，因為它開始流過我們的水壺。當然，其餘的都與倫敦金屬交易所有關。

Got it. And regarding Precoat, where do we stand on the pricing realization curve? You had some this quarter, you had some last quarter. Is all the low-hanging fruit gone, or is there still available pricing to be realized there?

知道了。關於 Precoat，我們在定價實現曲線上處於什麼位置？這個季度你有一些，上個季度你有一些。所有容易實現的目標都消失了，還是仍有可用的定價可以實現？

Yes, I think when we're talking about value pricing, part of it is the mix we focus on and the opportunities that we pursue that tend to be both attractive in terms of long-standing customers and into in terms of margin generated on some of those projects.

是的，我認為當我們談論價值定價時，部分是我們關注的組合和我們追求的機會，這些機會往往對長期客戶和某些產品產生的利潤都有吸引力。這些項目。

So and I'd say we're still we're probably in the mid-innings compared to where we're at on the Metal Coatings side. So there's still some room, Curt and the team. They are highly focused on growing their business profitably. And we feel like we're having really good discussions on that topic now.

所以我想說，與金屬塗層方面相比，我們可能仍處於中期階段。所以柯特和他的團隊還有一些空間。他們高度關注業務的獲利成長。我們覺得我們現在就這個主題進行了非常好的討論。

Right. That’s great news. And one last question. I'll get back into queue. Regarding the Washington facility, should we anticipate startup costs as we start thinking about the revenue recognition and the timing of everything in late 2025, early 2026, or is that a booked revenue that will be immaterial?

正確的。這是個好消息。最後一個問題。我會回到隊列中。關於華盛頓工廠，當我們開始考慮 2025 年底、2026 年初的收入確認和所有事項的時間表時，我們是否應該預期啟動成本，或者這是否是無關緊要的預訂收入？

At this point, it will be a booked revenue that's immaterial. We will continue to finish the plant on the schedule that we have laid out there, and then we have to get FDA testing so as we can finish the construction in calendar '24, we'll start testing the facility. There may be some low revenues associated with that, but it's immaterial at this point.

此時，這將是無關緊要的預訂收入。我們將繼續按照我們在那裡制定的時間表完成工廠的建設，然後我們必須接受 FDA 的測試，以便我們可以在 24 日曆年完成建設，我們將開始測試該設施。與此相關的收入可能會較低，但目前並不重要。

Great. Thanks for taking my questions, and congratulations again.

偉大的。感謝您回答我的問題，再次恭喜。

Thanks, John.

謝謝，約翰。

(Operator instructions) Adam Thalhimer of Thompson, Davis and Co. Please go.

（操作員指示）Thompson, Davis and Co. 的 Adam Thalhimer。請走。

Hey, good morning, guys. Great quarter.

嘿，早上好，夥計們。很棒的季度。

Quick one on the on the AVAIL JV, are we at the point we should start baking in just a little bit of income every quarter, I guess maybe something in the million-dollars range?

關於 AVAIL JV 的快速介紹，我們是否應該開始每季只賺取一點點收入，我想也許是百萬美元範圍內的收入？

Yes, we're to that point. Their accounting and all that is stabilized as they've completed their opening books. And I think we will include and give more color, both quantitatively and qualitatively, as we put out the fiscal 2025 guidance. It's coincidentally, so we’ve got our Board meeting and then their Board meeting, and then hopefully we’ll be able to put some guidance out and give some specific color around what to expect from AVAIL.

是的，我們已經到了這一點。當他們完成期初帳簿時，他們的會計和所有數據都穩定了。我認為，在發布 2025 財年指導意見時，我們將在數量和質量上納入並賦予更多色彩。巧合的是，我們召開了董事會會議，然後召開了他們的董事會會議，然後希望我們能夠提供一些指導，並就 AVAIL 的預期提供一些具體的顏色。

They basically, we completed the transaction into September in '22. They went through a full year. I feel real good about it. They're performing well, and so I am looking forward to be able to have you all include some of that in each quarter.

基本上，我們在 22 年 9 月完成了交易。他們度過了整整一年。我對此感覺非常好。他們表現良好，因此我期待能夠讓大家在每季都加入其中的一些內容。

And then Phillippa, you referenced a favorable mix in Q3, I think in both segments. I was just curious kind of what that was and if that continues into Q4.

然後，菲利普帕，您提到了第三季的有利組合，我認為在這兩個領域都是如此。我只是好奇那是什麼，以及這種情況是否會持續到第四季。

The mixes is really related to the different products that we're servicing our customers with. And I think it will continue into the fourth quarter. When you look at our Q3 last year, we have production issues, supply chain issues, and we spent a lot of the fourth quarter into the first quarter last year, improving that. I think you'll see that in the Q4 over Q4 change that we've really improved the operational efficiencies of these businesses.

這些混合確實與我們為客戶提供服務的不同產品有關。我認為這種情況將持續到第四季。當你看我們去年第三季時，我們有生產問題、供應鏈問題，我們在去年第四季和第一季花了很多時間來改善這些問題。我想你會發現，在第四季的變化中，我們確實提高了這些業務的營運效率。

Okay. Lastly, are you guys anticipating additional debt paydown in Q4?

好的。最後，你們預計第四季會有額外的債務償還嗎？

We should have some additional debt pay-down in Q4.

我們應該在第四季償還一些額外的債務。

Okay. All right. Great.

好的。好的。偉大的。

Although there will be a little pressure. All right. Sorry, there will be a little pressure.

雖然會有一點壓力。好的。抱歉，會有一點壓力。

I think it is a seasonally slower quarter for cash flow.

我認為這是現金流季節性放緩的一個季度。

Yes, it's a seasonally slower, and then we've got the Deja Blue project funding in Q4 and Q1 that were more of the equipment's arriving. But we have done really well with $85 million in debt reduction through the first three quarters, and we are hopeful and focused on trying to reduce that further in Q4.

是的，季節性放緩，然後我們在第四季度和第一季度獲得了 Deja Blue 專案資金，更多設備到達。但我們做得非常好，前三個季度減少了 8500 萬美元的債務，我們充滿希望並致力於在第四季度進一步減少債務。

Great. Okay, perfect. Thanks, guys.

偉大的。好的，完美。多謝你們。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Morning, everyone. Tom, I guess, Mike, on what one of my questions is, if you have the opportunity at the right price, would you have any interest in selling your 40% interest in the home in your home in the own your subsidiary or your venture?

大家早安。湯姆，我想，麥克，我的一個問題是，如果您有機會以合適的價格，您是否有興趣將您的房屋 40% 的權益出售給您的子公司或您的企業？

Yes. I think that's the first. I'll say I like the AVAIL team stuff that's happening and but yes, it's you know, it's an investment that and we sold it to investors. They've got to have some transaction date in their mind. And as they continue to hopefully grow and improve the business. But yes, it's an it's an investment for us. We like the people over there. But yes, if we get the opportunity to do that, absolutely we consider it both strategically and tactically as well as we have these discussions with our Board.

是的。我認為這是第一個。我會說我喜歡 AVAIL 團隊正在發生的事情，但是的，這是一項投資，我們將其出售給投資者。他們心裡必須有一些交易日期。他們希望繼續發展和改善業務。但是，是的，這對我們來說是一項投資。我們喜歡那裡的人。但是，是的，如果我們有機會這樣做，我們絕對會從戰略和戰術上考慮，並與董事會進行這些討論。

Okay. Okay. And also, Tom, you mentioned that you're seeing some in the metal coating business, some price sensitivity out there relative maybe to where it was last quarter. Has there been any movement in that that centered around price sensitivity getting worse, getting better? Any thoughts on that?

好的。好的。另外，湯姆，您提到您在金屬塗層業務中看到了一些價格敏感性，可能與上季度相比。是否有任何圍繞價格敏感度變得更糟或更好的變化？對此有什麼想法嗎？

I think one of the things that happens too, as we come in the winter months hit the construction slows down and infrastructure projects slow down. I think we always kind of sense that there's more price sensitivity, quite frankly, I'm not so sure that what we're just feeling is, you know, the normal volume fall-off as we get into winter months and slower construction or because it hasn't worsened and really hasn't changed much since our last comments.

我認為也會發生一件事，當我們進入冬季時，施工速度會放緩，基礎設施項目也會放緩。我認為我們總是感覺到價格更加敏感，坦率地說，我不太確定我們只是感覺到的是，你知道，隨著我們進入冬季和緩慢的建設或因為自我們上次發表評論以來，情況並沒有惡化，而且確實沒有太大變化。

And a lot of it does boil down to what's the mix of activity. I don't necessarily want to call out which pieces of our business are more profitable and alienate a customer. So but let's just say when that mix shifts and we move off of some of the stuff that's a little lower price and not that we have bad business by the way. So we do see the price move with that so I have to say we're holding our price points and our price multipliers very carefully and then following the mix.

其中許多確實可以歸結為活動的組合。我不一定想指出我們的哪些業務更有利可圖並疏遠客戶。因此，我們只能說，當這種組合改變時，我們會放棄一些價格稍低的產品，但順便說一句，並不是說我們的生意不好。因此，我們確實看到價格隨之變化，所以我不得不說，我們非常謹慎地持有我們的價格點和價格乘數，然後跟隨組合。

So we have not seen any worsening of the science and we haven't really seen any worsening of volumes, but we're just coming through the holidays. So are our folks actually had had a few days off for a change which was which was probably nice for them and hopefully there are rejuvenated as we fit the new year.

因此，我們沒有看到科學方面有任何惡化，我們也沒有真正看到數量有任何惡化，但我們剛剛度過假期。我們的員工實際上已經休息了幾天來進行改變，這對他們來說可能是件好事，希望我們在迎接新的一年時能夠恢復活力。

Okay. All right. Thank you, Tom.

好的。好的。謝謝你，湯姆。

All right. Thanks.

好的。謝謝。

I think this concludes our question and answer session. I would like to turn the conference over to Tom Ferguson for any closing remarks.

我想我們的問答環節到此結束。我想請湯姆·弗格森（Tom Ferguson）發表閉幕詞。

Thank you, operator. Thank you all for your time today and really look forward to updating you on our fourth quarter and full year results in a few months and issuing fiscal 2025 guidance. So thank you for your time.

謝謝你，接線生。感謝大家今天抽出寶貴的時間，我們非常期待在幾個月內向您通報我們第四季度和全年的最新業績，並發布 2025 財年指引。謝謝您的寶貴時間。

Yes, the conference has now concluded. Thank you. For attending today's presentation, and you may now disconnect.

是的，會議現在已經結束了。謝謝。為了參加今天的演示，您現在可以斷開連接。