Bel Fuse Inc (BELFA) 2021 Q3 法說會逐字稿

Good day, and welcome to the Bel Fuse Inc. Third Quarter 2021 Results Conference Call. Today's conference is being recorded. And at this time, I'd like to turn the conference over to Dan Bernstein, President and Chief Executive Officer.

美好的一天，歡迎參加 Bel Fuse Inc. 2021 年第三季業績電話會議。今天的會議正在錄製中。現在，我想將會議交給總裁兼執行長 Dan Bernstein。

Please go ahead, sir.

請繼續，先生。

Thank you, Catherine.

謝謝你，凱瑟琳。

Joining me on the call today is Farouq Tuweiq, our CFO; and Lynn Hutkin, our Director of Financial Reporting. Before we begin the call, I'd like to ask Lynn to go over the safe harbor statement.

今天和我一起參加電話會議的是我們的財務長 Farouq Tuweiq；以及我們的財務報告總監 Lynn Hutkin。在我們開始通話之前，我想請林恩回顧一下安全港聲明。

Lynn?

林恩？

Thank you, Dan. Good morning, everybody.

謝謝你，丹。大家早安。

Before we start, I'd like to read the following safe harbor statement. Except for historical information contained on this call, the matters discussed on this call such as statements regarding expectations concerning backlog and sales, our diversification strategy, expectations concerning our long-term growth and the impact of acquisitions, anticipated impacts of our business and the estimated effects on our operating results of the ongoing material shortages and worldwide logistics situation, internal initiatives to improve margins, our expectations, plans and intentions for fourth quarter and beyond and with respect to our strategic focuses, strategic plans, community investment, environmental impact and capital allocation are forward-looking statements as described under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties.

在我們開始之前，我想閱讀以下安全港聲明。除本次電話會議中包含的歷史資訊外，本次電話會議討論的事項包括有關積壓和銷售預期的聲明、我們的多元化策略、對我們長期成長和收購影響的預期、我們業務的預期影響和估計的影響。持續的材料短缺和全球物流狀況對我們經營業績的影響，提高利潤的內部舉措，我們對第四季度及以後的預期、計劃和意圖，以及我們的戰略重點、戰略計劃、社區投資、環境影響和資本分配是 1995 年《私人證券訴訟改革法案》所述的前瞻性陳述，涉及風險和不確定性。

Actual results could differ materially from Bel's projections. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers; the continuing viability of sectors that rely on our products; the impact of public health crises, such as the governmental, social and economic effects of COVID-19; the effects of business and economic conditions; difficulties associated with integrating recently acquired companies; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market's acceptance of the company's new products and competitive responses to those new products; the impact of changes to U.S. trade and tariff policies; and the risk factors detailed from time to time in the company's SEC reports.

實際結果可能與貝爾的預測有重大差異。可能導致實際結果與此類聲明有重大差異的因素包括： 客戶面臨的市場擔憂；依賴我們產品的行業的持續生存能力；公共衛生危機的影響，例如 COVID-19 對政府、社會和經濟的影響；商業和經濟狀況的影響；與整合最近收購的公司相關的困難；產能和供應限製或困難；產品開發、商業化或技術困難；監管和貿易環境；與外幣匯率和利率波動相關的風險；與法律程序相關的不確定性；市場對公司新產品的接受度以及對這些新產品的競爭反應；美國貿易和關稅政策變化的影響；以及公司 SEC 報告中不時詳細說明的風險因素。

In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will, in fact, prove to be correct. We undertake no obligation to update or revise any forward-looking statements. We also may discuss non-GAAP results during this call, and reconciliations of our GAAP results to non-GAAP results have been included in our release.

鑑於風險和不確定性，無法保證任何前瞻性聲明實際上被證明是正確的。我們不承擔更新或修改任何前瞻性陳述的義務。我們也可能在本次電話會議期間討論非 GAAP 業績，我們的 GAAP 業績與非 GAAP 業績的對帳已包含在我們的新聞稿中。

I would now like to turn the call back to Dan for a general business update.

我現在想將電話轉回給 Dan，了解一般業務更新。

Thank you, Lynn, and thank you, everybody, for joining our call today.

謝謝林恩，也謝謝大家今天加入我們的電話會議。

Before discussing the quarter, I would like to thank our global manufacturing associates for their ongoing dedication to Bel, and it is their efforts have kept all our manufacturing sites up and running in the third quarter.

在討論本季之前，我要感謝我們的全球製造同事對 Bel 的持續奉獻，正是他們的努力使我們所有的製造工廠在第三季度保持正常運作。

Turning to our results. We achieved our third quarter a meaningful year-over-year sales growth with new record highs in both quarterly bookings and in our backlog of orders at the quarter end. The increasing demand is across all our major products and end markets. The new way is Power Group, which had substantial growth from CUI, e-mobility and the Circuit Protection division. Interesting to note, circuit protection, our oldest product line, had the best quarter in our history. Our backlog is at an all-time high, totaling $390 million at September 30. Farouq will offer more details shortly.

轉向我們的結果。我們第三季的銷售年增率實現了有意義的成長，季度預訂量和季末積壓訂單量均創歷史新高。我們所有主要產品和終端市場的需求都在不斷增長。新途徑是 Power Group，該集團在 CUI、電動車和電路保護部門取得了大幅成長。有趣的是，電路保護，我們最古老的產品線，經歷了我們歷史上最好的季度。截至 9 月 30 日，我們的積壓訂單達到歷史最高水平，總計 3.9 億美元。Farouq 將很快提供更多詳細資訊。

We are pleased to announce that our acquisitions of RMS and EOS are now fully integrated into the Bel family and both were immediately accretive to our results, contributing a combined $12.4 million in sales and $1.6 million of net earnings since our respective acquisition days. On the cost side, we do see increases in labor, material and logistics and our recent price increases will offset these costs going forward. The global parts availability and logistics have pushed out approximately $10 million of expected sales in Q4 -- expected sales into Q4 2021. Rolling electrical blackouts in China is something we are closely monitoring. The quarter also marked a big milestone for us as we concluded our 4-year ERP conversion project, combining 5 systems into 1. Since the inception of this product, Bel has incurred a cost of $7 million with annual cost savings achieved at $2 million.

我們很高興地宣布，我們對RMS 和EOS 的收購現已完全整合到Bel 家族中，兩者都立即增加了我們的業績，自我們各自的收購日以來，合計貢獻了1240 萬美元的銷售額和160 萬美元的淨利。在成本方面，我們確實看到勞動力、材料和物流的增加，而我們最近的價格上漲將抵消未來的這些成本。全球零件供應和物流推動了第四季度約 1,000 萬美元的預期銷售額（預計到 2021 年第四季的銷售額）。我們正在密切關注中國的輪流停電情況。本季對我們來說也是一個重要的里程碑，因為我們完成了為期4 年的ERP 轉換項目，將5 個系統合併為1 個。自該產品推出以來，Bel 已產生700 萬美元的成本，每年節省成本200 萬美元。

We're excited about the data and analytics to that the new system we'll provide in helping us better review and manage the profitability of our operations. In the fourth quarter, we will continue working on several fronts to streamline and simplify the business to improve our margins. Yesterday, we announced Jackie Brito as a new addition to our Board of Directors. Jackie is currently CEO of HR Asset Partners, a company focused on organization, culture, human capital planning and leadership development. In addition, she has a long career at Rollins College’s Crummer Graduate School of Business, where she held positions as Assistant Dean of Admissions, Career Development, Director of Admissions, and General Professor of Management. Her focus is on management, recruitment, selection, retention and diversity in the workplace. We are pleased to have Jackie as a member of Bel's Board as we embark on a variety of projects in the coming quarters, which include refreshing our strategy, our growth plans, ESG, associate engagement and retention and investing in the communities which we (inaudible).

我們對新系統提供的數據和分析感到興奮，這些數據和分析將幫助我們更好地審查和管理我們營運的獲利能力。第四季度，我們將繼續在多個方面努力精簡業務，以提高利潤率。昨天，我們宣布 Jackie Brito 成為董事會新成員。 Jackie 目前是 HR Asset Partners 的首席執行官，該公司專注於組織、文化、人力資本規劃和領導力發展。此外，她在羅林斯學院克拉默商學院擁有長期的職業生涯，曾擔任招生副院長、職業發展、招生主任和管理學普通教授。她的重點是工作場所的管理、招募、選拔、留任和多樣性。我們很高興Jackie 成為Bel 的董事會成員，因為我們將在未來幾季開展各種項目，其中包括更新我們的策略、成長計劃、ESG、員工敬業度和保留率以及對我們（聽不清楚）的社區進行投資。 ）。

I would like now to turn the call over to Farouq to run through the financial updates.

我現在想將電話轉給法魯克，以了解最新的財務狀況。

Thank you, Dan. Good morning, everybody.

謝謝你，丹。大家早安。

Sales by product segment for the third quarter of 2021 were as follows: Power Solutions and Protection sales were $60.3 million, that is up 26% from last year's third quarter. Our products that contribute to the e-mobility end market led the group with a growth of 115%, followed by COI infuses. As discussed previously, we continue to exit our custom modules business that was a negative contributor this quarter of weaker sales. Our Power Solutions and Protection group finished the third quarter with their robust backlog, which is up $126 million or almost 200% from year-end.

2021 年第三季按產品細分的銷售額如下：電源解決方案和保護銷售額為 6,030 萬美元，比去年第三季成長 26%。我們為電動車終端市場做出貢獻的產品以 115% 的成長率領先該集團，其次是 COI 注入。正如前面所討論的，我們繼續退出客製化模組業務，該業務是本季銷售疲軟的負面因素。我們的電源解決方案和保護團隊在第三季結束時積壓了大量訂單，比年底增加了 1.26 億美元，幾乎增加了 200%。

Connectivity Solutions sales were $40.3 million, an increase of 5% from last year's third quarter, with the continued rebound in the commercial aerospace end market, which improved by $1.4 million or 59% from last year's third quarter. Sales distribution channels were also strong, reflecting a 23% increase from last year's third quarter. The defense sales were challenged this past quarter, resulting in a 37% decrease. The backlog of orders for our connectivity products grew by $30 million or 64% since year-end. Magnetic Solutions were $46.3 million, that is up 20% from last year's third quarter, led by higher demand for our integrated connector modules that are used in next-generation switching applications. Our backlog of orders for our magnetic products grew by $79 million or 184% since year-end.

連接解決方案銷售額為4,030萬美元，較去年第三季成長5%，商業航空終端市場持續反彈，較去年第三季成長140萬美元，即59%。銷售分銷管道也很強勁，比去年第三季成長了 23%。上個季度的國防銷售受到挑戰，導致下降 37%。自去年年底以來，我們的連結產品積壓訂單增加了 3,000 萬美元，即 64%。 Magnetic Solutions 的銷售額為 4,630 萬美元，比去年第三季成長 20%，這是由於對下一代開關應用中使用的整合連接器模組的需求增加所致。自去年年底以來，我們的磁性產品積壓訂單增加了 7,900 萬美元，即 184%。

Preliminary gross profit margins by product segment for the third quarter of 2021 were where Power Solutions and Protection had a gross margin of 26.1% in the third quarter of 2021 that is up from 24.2% in last year's third quarter. The Connectivity Solutions gross margin was 24.8%, down from 29.1% in the 2020 quarter. Magnetic Solutions gross margin was 23.1%, down from 28.3% in last year's third quarter. On a consolidated basis, gross profit margin decreased to 24.5% in the third quarter of 2021 as compared with 26.8% in the third quarter 2020. Industry-wide increases on raw material pricing, higher labor costs and unfavorable foreign exchange fluctuations during the third quarter of 2021, outpaced the benefits from pricing increases earlier in the year. The margin comparisons were also affected by $900,000 in the COVID related subsidies received in last year's quarter that did not repeat.

根據 2021 年第三季產品細分的初步毛利率，電源解決方案和保護業務在 2021 年第三季的毛利率為 26.1%，高於去年第三季的 24.2%。連接解決方案毛利率為 24.8%，低於 2020 年季度的 29.1%。 Magnetic Solutions 毛利率為 23.1%，低於去年第三季的 28.3%。綜合毛利率從2020年第三季的26.8%下降至2021年第三季的24.5%。第三季原物料價格上漲、勞動成本上升以及不利的外匯波動導致全產業上漲2021 年的成長速度超過了今年早些時候價格上漲帶來的好處。利潤率比較也受到去年季度收到的 90 萬美元與新冠病毒相關的補貼的影響，該補貼並未重複。

On the R&D front, costs were $5.9 million during the third quarter of 2021, an increase of $200,000 from the third quarter of 2020, largely due to unfavorable effects. SG&A expenses were $21.2 million or 14.4% of sales, up $1.8 million from a dollar perspective from the third quarter last year, but represents a reduction as a percentage of sales. The majority of the increase related to salaries and fringe benefits of $700,000 as compared to the third quarter of 2020 and higher legal and professional fees of $400,000. We also started to see an uptick in travel expenses compared to the third quarter of 2020. These factors resulted in income from operations of $8.9 million in the third quarter of 2021 as compared to $8.1 million in the third quarter of 2020.

在研發方面，2021年第三季的成本為590萬美元，比2020年第三季增加了20萬美元，主要是由於不利影響。 SG&A 費用為 2,120 萬美元，佔銷售額的 14.4%，從美元角度來看，比去年第三季增加了 180 萬美元，但佔銷售額的百分比有所下降。與 2020 年第三季相比，大部分成長與工資和附加福利增加 70 萬美元以及法律和專業費用增加 40 萬美元有關。與 2020 年第三季相比，我們也開始看到差旅費用增加。這些因素導致 2021 年第三季的營運收入為 890 萬美元，而 2020 年第三季為 810 萬美元。

On the interest expense side, there was $1.45 million in the third quarter of 2021 that is up from $1.2 million in the same quarter last year. In connection with the refinancing of our credit agreement in the third quarter of 2021, we amortized the remaining deferred financing costs associated with our prior credit agreement. This resulted in $820,000 charged to interest expense during this year's third quarter. This was partially offset decreases in both LIBOR, the company's spread on its credit facility driven by EBITDA improvements and the overall reduction in our outstanding debt balances versus last year's third quarter. We had a provision for income taxes of $1.5 million in the third quarter of 2021 compared to a benefit of $1.1 million during last year's third quarter. The benefit in the third quarter of 2020 primarily resulted from federal tax law changes related to GILTI and expiration of statutes of limitations on certain tax reserves.

利息支出方面，2021 年第三季為 145 萬美元，高於去年同期的 120 萬美元。關於 2021 年第三季我們的信貸協議的再融資，我們攤銷了與先前的信貸協議相關的剩餘遞延融資成本。這導致今年第三季利息支出為 82 萬美元。這部分抵銷了倫敦銀行間同業拆借利率(LIBOR)的下降，倫敦銀行間同業拆借利率(LIBOR)是由息稅折舊及攤銷前利潤(EBITDA)改善推動的公司信貸便利利差的下降，以及與去年第三季相比我們未償債務餘額的整體減少。 2021 年第三季度，我們的所得稅準備金為 150 萬美元，而去年第三季的福利為 110 萬美元。 2020 年第三季的收益主要得益於與 GILTI 相關的聯邦稅法變更以及某些稅收儲備的時效到期。

Earnings per share for Class A was $0.44 per share in the third quarter of 2021 as compared with earnings of $0.57 per share in the third quarter of 2020. Earnings per share for Class B shares was earnings of $0.47 per share in the third quarter of 2021 as compared with earnings of $0.61 per share in the third quarter of 2020. On a non-GAAP basis, which excludes certain unusual and other nonrecurring items, EPS for Class A shares were $0.48 per share in the third quarter of 2021 as compared with earnings of $0.58 per share in the third quarter of 2020. On a non-GAAP basis, EPS for Class B shares were earnings of $0.51 per share in the third quarter of 2021 as compared with earnings of $0.62 per share in the third quarter of 2020.

2021 年第三季 A 類股票的每股盈餘為 0.44 美元，而 2020 年第三季的每股盈餘為 0.57 美元。2021 年第三季 B 類股票的每股盈餘為 0.47 美元。相較之下，2020 年第三季的每股盈餘為0.61 美元。以非公認會計原則（不包括某些異常項目和其他非經常性項目）計算，2021 年第三季A 類股的每股盈餘為0.48 美元，與收益相比2020 年第三季每股收益為0.58 美元。按照非公認會計準則計算，2021 年第三季B 類股每股收益為0.51 美元，而2020 年第三季為每股0.62 美元。

Shifting over to some balance sheet items. Our cash and cash equivalents balance at September 30, 2021, was $62 million, a decrease of $23 million from December 31, 2020. During the first 9 months of 2021, we made net payments of $16.8 million in connection with the acquisition of RMS and EOS, $4.3 million of net payments towards our outstanding debt balance and used cash for capital additions of $4.2 million, dividend payments of $2.4 million and interest payments of $1.7 million. These items were partially offset by $7.2 million in proceeds received from the sale of various properties.

轉向一些資產負債表項目。截至 2021 年 9 月 30 日，我們的現金和現金等價物餘額為 6,200 萬美元，比 2020 年 12 月 31 日減少 2,300 萬美元。2021 年前 9 個月，我們因收購 RMS 和EOS，我們的未償債務餘額淨付款為430 萬美元，並使用現金用於增資420 萬美元、支付股息240 萬美元和支付利息170 萬美元。這些項目被出售各種房產所得的 720 萬美元收益部分抵銷。

Accounts receivable were $86 million as of September 30, 2021, as compared to $71.4 million at December 31, 2020. The primary driver of the increase related to the higher sales volume in the third quarter of 2021 as compared to the fourth quarter of 2020. The 2021 acquisitions of RMS and EOS also contributed to the increase in AR from year-end, accounting for $3 million to our receivables balance at September 30.

截至2021 年9 月30 日，應收帳款為8,600 萬美元，而截至2020 年12 月31 日，應收帳款為7,140 萬美元。成長的主要驅動力與2021 年第三季的銷售量高於2020 年第四季有關。2021 年對 RMS 和 EOS 的收購也促進了 AR 從年底開始的成長，截至 9 月 30 日，我們的應收帳款餘額達到了 300 萬美元。

Days sales outstanding was 54 days at September 30, 2021, an improvement from 57 days at December 31, 2020. Inventories were $128.2 million at September 30, 2021, up $28 million from December 31, 2020. The increase was seen in raw materials and work in progress was -- and was largely due to increased raw material purchases to accommodate our higher backlog of orders as well as the inclusion of $2.6 million from 2021 acquired companies.

截至2021 年9 月30 日，應收帳款天數為54 天，較2020 年12 月31 日的57 天有所改善。截至2021 年9 月30 日，庫存為1.282 億美元，較2020 年12 月31 日增加2,800 萬美元。成長體現在原材料和正在進行的工作主要是由於增加了原材料採購，以適應我們更多的積壓訂單，以及包括來自 2021 年收購的公司的 260 萬美元。

Accounts payable were $57.6 million at September 30, 2021. That is up $17.8 million from its level at December 31, 2020. The increase in AP was in line with the heightened purchasing volume of raw materials during the first 9 months of the year. In addition, the 2021 acquired companies accounted for $3.4 million of this increase from year-end level. Bel's total outstanding debt balance was $112.5 million as of September 30, 2021, a decrease of $4.3 million since December 31, 2020. We had previously announced a refi that was closed on September 2, that results in overall lower interest rates and spreads while eliminating all fixed principal team.

截至 2021 年 9 月 30 日，應付帳款為 5,760 萬美元。較 2020 年 12 月 31 日的水準增加 1,780 萬美元。應付帳款的增加與今年前 9 個月原料採購量的增加相符。此外，2021 年被收購的公司在年末成長中貢獻了 340 萬美元。截至2021 年9 月30 日，Bel 的未償債務餘額總額為1.125 億美元，自2020 年12 月31 日以來減少了430 萬美元。我們之前曾宣佈於9 月2 日結束的再融資，這導致整體利率和利差降低，同時消除了全部固定主力團隊。

And with that, I'll turn the call back over to Dan. Dan?

然後，我會將電話轉回給丹。擔？

Thank you, Farouq. Catherine, at this time, we'd like to open up the phone line for questions people might have.

謝謝你，法魯克。凱瑟琳，此時，我們想開通電話熱線，解答人們可能會提出的問題。

(Operator Instructions) We'll now take the first question from Theodore O'Neill at Litchfield Hills Research.

（操作員說明）我們現在將回答 Litchfield Hills Research 的 Theodore O'Neill 提出的第一個問題。

Congratulations on the good quarter. So I'm not sure I heard this right. Did you say that there's $10 million of sales that are going to get -- got pushed out of Q3 that are going to go into Q4?

恭喜季度業績良好。所以我不確定我沒聽錯。您是否說過第三季將有 1000 萬美元的銷售額被推到第四季？

Yes. That's what we -- what we stated. Basically, it was material outage, also logistics. And then finally, some customers push back orders because they didn't have all the components in at the same time.

是的。這就是我們所說的。基本上是材料中斷，還有物流。最後，一些客戶推遲了訂單，因為他們沒有同時收到所有組件。

Do you have any significant customers that have closed recently due to COVID?

您是否有任何重要客戶最近因新冠疫情而關閉？

None throughout the world.

全世界都沒有。

Okay. Now historically, your fourth quarter has been down sequentially from third quarter revenue. Is this push out of the $10 million enough to make it not seasonal this year?

好的。從歷史上看，第四季的營收比第三季的營收連續下降。這筆 1000 萬美元的投入是否足以使其今年不再是季節性的？

I'm going to let Farouq answer that question.

我將讓法魯克回答這個問題。

Yes. So I would say Q4 historically has been obviously lower sales versus Q3. Really more of workday's available, holidays ordering patterns and just kind of some of the things that are outside of our control. We certainly have the orders for it to be similar to levels to Q3, obviously, assuming you get the materials and so on. So I think to sum it up, historically, gets a little bit weaker. We have the orders. It just depends on how much we can actually get out assuming we get raw materials.

是的。所以我想說，從歷史上看，第四季的銷售額明顯低於第三季。確實有更多的工作日可用、假期訂購模式以及一些我們無法控制的事情。顯然，我們的訂單與第三季的水平相似，假設您獲得了材料等。所以我認為總結一下，從歷史上看，它變得有點弱了。我們有訂單。這只取決於假設我們獲得原材料，我們實際上能得到多少。

We'll now take the next question from Jim Ricchiuti from Needham & Company.

現在我們將回答來自 Needham & Company 的 Jim Ricchiuti 的下一個問題。

Couple of questions. You alluded to the price increases. And I just wanted to go back to some of the comments you made, I think, last quarter where you said that a modest amount of the price increase was realized. I think you said around 15%, but you thought the remainder would be realized Q3 and Q4. So I'm just curious, how is that playing out the way you thought? Are you still seeing the bulk of the increases kind of split between Q3 and Q4?

有幾個問題。您提到了價格上漲。我只想回顧一下您在上個季度發表的一些評論，您說實現了適度的價格上漲。我認為您說的是 15% 左右，但您認為其餘部分將在第三季和第四季實現。所以我很好奇，事情進展如何如你所想？您是否仍然看到第三季和第四季之間的大部分成長有所不同？

I would say, yes, we do have maybe 10% to 15% of the customers that do have yearly contracts with us and some of those fall into next year, but I think it's our goal that all pricing should be implemented by the end of this year, excluding that 10% of customers.

我想說，是的，我們確實有大約 10% 到 15% 的客戶與我們簽訂了年度合同，其中一些屬於明年，但我認為我們的目標是所有定價應在年底前實施今年，排除那10%的客戶。

Maybe just to build up on what Dan said, you'll recall when we put the price increases earlier this year, it takes a while for it to work through the system. And obviously, the world has continued to change and evolve as you think about all things cost. So this is definitely something we're monitoring on a case-by-case basis, but we'll definitely keep a close eye on it to see if any further action is needed.

也許只是為了鞏固丹所說的，你會記得當我們今年早些時候提價時，它需要一段時間才能透過系統發揮作用。顯然，當你考慮所有事物的成本時，世界正在不斷變化和發展。因此，這絕對是我們正在逐案監控的事情，但我們肯定會密切關注，看看是否需要採取任何進一步的行動。

Just on what Farouq said, we are looking at our pricing on a quarterly basis, not every 6 months, not every year. So we really are trying to stay on top of it to make up the difference if the difference being the price increases that we are facing.

正如法魯克所說，我們每季都會審視我們的定價，而不是每 6 個月，也不是每年。因此，如果差異是我們面臨的價格上漲，我們確實會努力控制這一差異，以彌補差異。

Got it. And I'm wondering how you're dealing with your own supply chain issues, you're obviously dependent on suppliers for various components. Are you experiencing any kind of decommits from any of your suppliers that might be exacerbating your manufacturing and deliveries?

知道了。我想知道您如何處理自己的供應鏈問題，您顯然依賴各種組件的供應商。您的供應商是否遇到任何可能會加劇您的製造和交付情況的取消承諾？

Absolutely, yes. And it could be different supply. You know, IC manufacturers. I think there's a lot of hanky-panky going on for some of our suppliers, even though we have orders in the book. We've committed deliveries, don't might come in and try to buy our orders from us. So it's a constant battle we face every day. And so far, we've done a pretty good job managing it. But that's definitely -- I would say definitely we see decommits weekly and we try to address it based on our leverage and the relationships we have with our suppliers, but definitely, we see it constantly.

絕對沒錯。而且可能是不同的供應。你知道，IC 製造商。我認為我們的一些供應商有很多小伎倆，儘管我們有訂單。我們已經承諾交貨，但可能不會進來嘗試從我們這裡購買訂單。因此，這是我們每天面臨的一場持續不斷的戰鬥。到目前為止，我們在管理方面做得非常好。但這是肯定的——我肯定會說，我們每週都會看到退役，我們嘗試根據我們的影響力以及我們與供應商的關係來解決這個問題，但肯定的是，我們不斷地看到這種情況。

Is there a potential that the magnitude of the impact that you called out for Q3, that $10 million, gets replayed in Q4? Does it get any worse in this environment? It sounds like you could have a situation where you have these -- this kind of impact supply chain, just kind of rolling from 1 quarter to the next. I'm not sure how to think about this.

您在第三季呼籲的 1000 萬美元的影響程度是否有可能在第四季重演？在這樣的環境下，情況會變得更糟嗎？聽起來你可能會遇到這樣的情況——這種影響供應鏈，只是從一個季度滾動到下一個季度。我不知道該如何思考這個問題。

I would tend to think that right in, but maybe using $10 million as a barometer just because we never had this type of history before, and we don't have a track record of this type of pushouts. I would initially though, we'd like to probably grow another $10 million next quarter, but things change so rapidly, it's just -- it's a marketplace that we have seen for a long, long time. And again, and mostly with some of the decommits and then you throw in the logistics and the labor situation like who we think you can't find labor in China. These are the foes we face. But again, I think that's why most customers have been pretty aggressive laying out their orders. It needs to give us strong visibility so we can make substantial commitments that we could have made in the past.

我傾向於認為這是正確的，但也許使用 1000 萬美元作為晴雨表只是因為我們以前從未有過此類歷史，而且我們沒有此類退出的記錄。不過，我一開始希望下個季度再增加 1000 萬美元，但事情變化如此之快，這只是——這是一個我們已經看到很長時間的市場。再說一次，主要是一些退役，然後你再考慮後勤和勞動力情況，就像我們認為你在中國找不到勞動力一樣。這些就是我們面臨的敵人。但同樣，我認為這就是為什麼大多數客戶都非常積極地下訂單的原因。它需要為我們提供強大的可見性，以便我們能夠做出過去本來可以做出的實質承諾。

Yes. Last question, and I'll just jump -- I'll jump back in the queue. But I'm just wondering, you called out now a couple of quarters where you're seeing some recovery in commercial aerospace. And I guess it's off a low base given how that market has fallen. But what I'm wondering is how we might think about that business in 2022. Are you anticipating that there could be a decent recovery that is more meaningful for revenues next year in commercial?

是的。最後一個問題，我會跳回隊列。但我只是想知道，您在幾個季度中表示，您看到商業航空航天業出現了一些復甦。考慮到市場的下滑，我認為這個基數較低。但我想知道的是，我們在 2022 年會如何看待該業務。您是否預計明年商業收入會出現體面的復甦，這對收入更有意義？

Farouq?

法魯克？

Yes. So I think the way we would think about it is there is a strong ramp -- quite frankly, a pretty steep ramp-up that we're going for right now. And as we scale our business up. Obviously, there are also challenges, but I think we're pretty bullish on the build rates that are going on in the broader market. And I think to the -- our commercial Aerospace, I would say, from a bookings perspective, is up north of roughly around 700%. So it's a steep ride and -- but I think we're very bullish on that.

是的。所以我認為我們的思考方式是有一個強勁的成長——坦白說，我們現在正在追求一個相當陡峭的成長。隨著我們擴大業務規模。顯然，也存在挑戰，但我認為我們對更廣泛市場的建設率非常樂觀。我認為，從預訂的角度來看，我們的商業航空航太大約上升了 700% 左右。所以這是一個艱難的過程——但我認為我們對此非常樂觀。

I think -- so I understand that we should get back to normal levels by the end of 2023. Is that correct?

我認為——所以我理解我們應該在 2023 年底之前恢復到正常水平。這是正確的嗎？

That is our best guidance we've been on so far, correct.

這是我們迄今為止最好的指導，正確的。

And is there a way to think about what normal is in terms of -- the business has changed a little bit. I'm just not sure it could be -- it sounds like it could be a fairly meaningful revenue amount.

有沒有一種方法可以思考什麼是正常的——業務發生了一些變化。我只是不確定它可能是——聽起來這可能是一個相當有意義的收入金額。

I think, pre-COVID.

我認為，在新冠疫情之前。

So I can answer that one. So pre-COVID, our commercial aerospace business, and this is just direct, this is not what may go through distribution, within the ballpark of, call it, $5 million per quarter. And we've seen that dip down to around the $2 million mark per quarter over this past year. So there is quite a bit on the revenue side for a rebound there.

所以我可以回答這個問題。所以在新冠疫情之前，我們的商業航空航天業務，這只是直接的，這不是可以透過分配的，在每季 500 萬美元的範圍內。我們發現去年這一數字下降至每季約 200 萬美元。因此，收入方面有很大的反彈空間。

Congratulations on the quarter.

恭喜本季。

We'll now take the next question from Hendi Susanto from Gabelli Funds.

現在我們將回答來自 Gabelli Funds 的 Hendi Susanto 的下一個問題。

Dan, I'm wondering whether we can characterize Bel Fuse that it is benefiting from like customers scrambling to get their parts, including like Bel Fuse products?

Dan，我想知道我們是否可以描述 Bel Fuse 的特點，即它受益於像 Bel Fuse 這樣的客戶爭相購買他們的零件，包括像 Bel Fuse 產品一樣？

No. I think again, I think everybody is scrambling for products from toilet paper to everything. So I think anybody that's supplying anything today, people are adding larger visibility and creating substantial demand. What makes us exciting with the new post-COVID world with people working from home or -- and the type of communication they needed to do properly, plus the EV market, we really are playing some strong markets that are generating a lot of growth for.

不，我又想了想，我認為每個人都在爭奪從衛生紙到所有東西的產品。因此，我認為當今任何提供任何東西的人都在增加更大的知名度並創造大量需求。是什麼讓我們對新冠疫情後的新世界感到興奮，人們在家工作，或者——以及他們需要正確進行的溝通類型，再加上電動汽車市場，我們確實正在玩一些強大的市場，這些市場正在為電動車帶來大量成長。

And then on press release, there is a repress -- like Bel Fuse will repress its growth and operating strategic plans. Any more color on that statement.

然後在新聞稿中，有一種壓制——例如 Bel Fuse 將壓制其成長和營運策略計劃。該聲明還有更多顏色嗎？

No. I think again -- yes, we've been a 70-year-old family-run somewhat company. And I think the Board has been taking a very aggressive stand on how we want to move the company forward. And I think with Farouq, the young CFO, coming aboard with a lot of good ideas and a lot of energy. I think the Board is looking for him to reenergize the company and take a hard look at every part of Bel and see how we should improve it. So I think, again, I think it's a very exciting time for Bel of how we move forward and Farouq is going to be a major catalyst to make that happen.

不，我又想了想──是的，我們是一家有 70 年歷史的家族企業。我認為董事會在我們如何推動公司前進方面一直採取非常積極的立場。我認為年輕的財務長法魯克（Farouq）帶著很多好主意和精力來到了公司。我認為董事會正在尋找他來重振公司，並認真審視貝爾的每個部分，看看我們應該如何改進。因此，我再次認為，對於貝爾來說，我們如何向前邁進，這是一個非常令人興奮的時刻，而法魯克將成為實現這一目標的主要催化劑。

And then, Dan, how do you envision the path toward supply chain normalizing in the later part of 2022? I assume that inventory in the channel is also lower than normal. So it will take a while, but I'm wondering whether you can share some insight into what kind of guidepost that we should be watching?

Dan，您如何設想 2022 年下半年供應鏈正常化的道路？我認為渠道中的庫存也低於正常水平。所以這需要一段時間，但我想知道你是否可以分享一些關於我們應該關注什麼樣的指南的見解？

I think the guidepost we now is -- generally, we always say we never have any visibility. But from everybody we talked to in the industry, they're all saying that will the supply get back from 45 weeks down to 22 weeks, they're all predicting this by the end of the second quarter. They're seeing somewhat more normalized. Now I don't know if it were go down 45 weeks down to 12 weeks or 22 weeks, but I think everybody is confident that the lead time should be dropping by the end of the second quarter of next year.

我認為我們現在的路標是——一般來說，我們總是說我們從來沒有任何可見性。但我們採訪過的業內人士都表示，供應期是否會從 45 週恢復到 22 週，他們都預測到第二季末會出現這種情況。他們看到的情況更加正常化。現在我不知道是從 45 週縮短到 12 週還是 22 週，但我認為每個人都相信交貨時間應該在明年第二季末縮短。

And I think maybe just to build up of that, Hendi, as well. That's a little bit of a nuanced question. And the reason being is we obviously see in various end markets and some are going through a fundamental transformation, right? So EV being one of them. And old things electrification, for example. So to Dan's commentary, there'll be some that will ramp up more kind of like the commercial air we just talked about as well. And maybe some -- we see a little bit of loosening up. So I think that mix and diversity that we have embedded should position us well for when that day comes.

我想也許只是為了加強這一點，亨迪，也是如此。這是一個有點微妙的問題。原因是我們顯然在各個終端市場看到一些正在經歷根本性的轉變，對嗎？所以電動車就是其中之一。例如，舊事物電氣化。因此，根據丹的評論，會有一些內容會像我們剛才談到的商業空氣一樣增強。也許還有一些——我們看到了一些放鬆。所以我認為，當那一天到來時，我們所嵌入的混合和多樣性應該會使我們處於有利地位。

Got it. And then Farouq, are we at the point where Bel can share the magnitude of sell to e-mobility?

知道了。然後，Farouq，我們是否已經到了 Bel 可以分享電動車銷售規模的程度了？

Let me think about that. And the reason is just -- from a tracking perspective. It's something that we're trying to have a little more clarity on. And just the way it's selling, we're -- but we hear you indeed, we want to put that out there at some point. But I think right now, we're just working our way through it and want to make sure we put a clean number out there. So let us get back to you on that, unless Dan, if you know of the top of your head, I think we need to get a little more.

讓我考慮一下。原因只是——從跟蹤的角度來看。我們正在努力澄清這一點。正如它的銷售方式一樣，我們確實聽到了您的聲音，我們希望在某個時候將其推出。但我認為現在我們只是在努力解決這個問題，並希望確保我們提供一個乾淨的數字。所以讓我們回到你的問題上來，除非丹，如果你知道你的想法，我認為我們需要了解更多。

I think that's definitely a Farouq project.

我認為這絕對是 Farouq 的項目。

Farouq, I do have recurring sales on e-mobility, if that would be?

法魯克，我確實有電動車的經常性銷售，如果是的話？

Yes. And Hendi, we'll caution that we may have built on that later. There's a couple of more things that we've got to trade through it, but this is kind of just the clear ones, if you will.

是的。亨迪（Hendi），我們會提醒您，我們稍後可能會在此基礎上進一步發展。我們還需要透過它來交易更多的東西，但如果你願意的話，這只是一些明確的東西。

Great. So in the third quarter of '21, e-mobility sales were $3.9 million, and that compared to $1.8 million in last year's third quarter.

偉大的。因此，21 年第三季電動車銷售額為 390 萬美元，而去年第三季為 180 萬美元。

And then Lynn or Farouq, do you have year-over-year organic sales growth, including that, like $12.4 million sales contribution from RMS and EOS.

Lynn 或 Farouq，你們是否實現了同比有機銷售成長，包括來自 RMS 和 EOS 的 1240 萬美元銷售貢獻。

Year-over-year organic sales growth. So that was in.

有機銷售年增。所以那是在。

You just drop out RMS and EOS, that would be the number, right.

你只需去掉 RMS 和 EOS，那就是數字，對吧。

That's right.

這是正確的。

$12.4 million.

1240萬美元。

Okay. I see. That's it. And then a great performance in Q3. All the best for Q4.

好的。我懂了。就是這樣。然後在第三季有出色的表現。第四季一切順利。

We'll now take the next question from Mike Hughes at SGF Capital.

現在我們將回答 SGF Capital 的 Mike Hughes 提出的下一個問題。

First, I wanted to follow up on the pricing discussion. Your gross margins were pressured by 230 basis points year-over-year in the just reported quarter. So assuming that the cost side stays the same from where it is right today, do you recover that margin degradation by 1Q '22? Or is it further out than that?

首先，我想跟進定價討論。在剛剛報告的季度中，您的毛利率比去年同期下降了 230 個基點。因此，假設成本方面與目前保持相同，您是否會在 22 年第一季之前恢復利潤率下降的情況？或者比這更遙遠？

Farouq?

法魯克？

Yes. So it's a good question. As Dan has alluded to, some customers are kind of 30-day out notifications, some are 60, some are annual contracts. But putting all that aside for -- As we look at Q4, barring any kind of significant fluctuation FX, we should be on a similar path to Q3 that we just showed for this year. Obviously, Q3 last year had some noise in it from some of the COVID subsidies and things that we've talked to them and understanding that just the nature of the business with backlog, kind of the backlog that we're working burning off here in Q4 is kind of effectively priced in. So when we think about pricing, it will be a little more forward. So I think we'll see something -- given some of the reactions and actions that we're taking, we'll see some of that start to trickle into the first quarter.

是的。所以這是一個好問題。正如丹所提到的，有些客戶是 30 天的離職通知，有些是 60 天，有些是年度合約。但拋開所有這些——當我們審視第四季度時，除非外匯出現任何重大波動，否則我們應該會走上與今年剛剛展示的第三季度類似的道路。顯然，去年第三季的一些噪音來自於一些新冠補貼以及我們與他們交談過的事情，我們了解到積壓業務的性質，我們正在努力燒掉的積壓工作。第四季的價格已經有效地反映了.因此，當我們考慮定價時，它會稍微提前一些。因此，我認為我們會看到一些東西 - 考慮到我們正在採取的一些反應和行動，我們將看到其中一些開始滲透到第一季。

So just to back it up, the #1 goal I sell and the major focus of everybody in the organization since Farouq came aboard, is really look at our margins and see what every area we can do to improve our margins going forward. And it's a commitment throughout the whole organization to reevaluate how we do everything and our cost decisions go forth to improve to where we have to get to.

因此，為了支持這一點，自法魯克加入以來，我推銷的第一目標以及組織中每個人的主要關注點，就是真正關注我們的利潤率，看看我們可以在每個領域做些什麼來提高我們的利潤率。這是整個組織的承諾，重新評估我們做每件事的方式，我們的成本決策將不斷改進，以達到我們必須達到的目標。

Okay. And are you on FIFO or LIFO accounting.

好的。您採用先進先出或後進先出的會計方式？

So we utilize standard costs for our inventories accounted.

因此，我們採用標準成本來核算庫存。

Okay. And then what is your long-term operating margin goal? Have you put 1 out there?

好的。那麼您的長期營業利潤率目標是多少呢？你放1了嗎？

We don't have guidance on that just given -- overall we don't provide forward guidance here, but we know we want to be north of what we are today.

我們沒有關於剛剛給出的指導——總的來說，我們在這裡不提供前瞻性指導，但我們知道我們希望超越今天的水平。

Okay. Okay. And then you made a comment, and I know this isn't unique to your company, but you made a comment about tracking, rolling, electrical blackouts in China. So can you just speak to if that impacted your production or your suppliers' productions in the third quarter and when the impact started to occur and if you're still seeing it?

好的。好的。然後你發表了評論，我知道這並不是你們公司獨有的，但你發表了關於中國跟踪、滾動、停電的評論。那麼您能否談談這是否影響了您或供應商第三季度的生產以及影響何時開始發生以及您是否仍然看到它？

It hasn't impacted our suppliers and ourselves. We all -- some of us do have generators, the government as you can use generators, but what we have been able to do is manage it by over time. So we shut down Monday, Tuesday, the workers will work Saturday, Sunday. So far, our suppliers have been flexible. It's just a concern that's been spreading to a lot of our investors and people ask what's going on with blackouts. And generally, we've seen it in the summer or pre-Olympics when they want to adjust the smog issue in China, they do change their policy on how they want to run this exploration. So at this point in time, it's something we've seen, but it hasn't really affected our top line or bottom line growth.

它沒有影響我們的供應商和我們自己。我們所有人——我們中的一些人確實有發電機，政府可以使用發電機，但我們能夠做的是隨著時間的推移對其進行管理。所以我們週一、週二停工，工人們週六、週日上班。到目前為止，我們的供應商一直很靈活。這只是我們許多投資人的擔憂，人們會問停電是怎麼回事。一般來說，我們在夏天或奧運會前看到過，當他們想要調整中國的霧霾問題時，他們確實改變了他們想要如何進行這項探索的政策。因此，目前我們已經看到了這一點，但它並沒有真正影響我們的營收或利潤成長。

Okay. Okay. And then just last question. SG&A and R&D costs, can we take the third quarter and just extrapolate that into the future and barring a big ramp in revenues? Is that fair or not?

好的。好的。然後是最後一個問題。 SG&A 和研發成本，我們能否以第三季為例，推論到未來，除非營收大幅成長？這公平不公平？

Yes, it is. That's fair. I think with a question here is we're seemingly everything is just more on inflationary environment and everything is costing more, but I think just on average, it should be a little more step to go.

是的。這還算公平。我認為這裡的一個問題是，我們似乎一切都受到通貨膨脹環境的影響，一切都花費更多，但我認為平均而言，應該多走一步。

(Operator Instructions) We'll now take the next question from Edward Schuler, a Private Investor.

（操作員說明）我們現在將回答私人投資者 Edward Schuler 提出的下一個問題。

A couple of questions. Dan, could you address your utilization and capacity for our company in your plants, what is the total capacity, what percentage of utilization are you at now?

有幾個問題。 Dan，您可以談談您工廠中我們公司的使用率和產能嗎？總產能是多少，您現在的使用率是多少？

I do think the majority of our factories are running full tilt. And most of them are scheduling all the time to get as much as we can out of the factory within the limits of the labor laws of that country. So I don't think we have many factories that are running at 70 years, 60%. So I think we're running pretty hard now. We are looking -- we do a lot of manufacturing for 1 product group, our magnetic product group. We are looking to build a new facility in China to consolidate our operations there and give us some added space. But at this point, we generally use over time means of capital investment.

我確實認為我們的大多數工廠都在全力運作。他們中的大多數人一直在安排時間，以便在該國勞動法的範圍內盡可能離開工廠。所以我認為我們沒有多少工廠能運作 70 年、60%。所以我認為我們現在跑得很努力。我們正在尋找——我們為一個產品組（我們的磁性產品組）進行大量製造。我們正在尋求在中國建立一個新工廠，以鞏固我們在那裡的業務，並為我們提供一些額外的空間。但此時，我們一般會採取隨著時間的推移進行資本投入的手段。

Like the RMS transaction in January, where you moved your equipment into your Minnesota facility. If that business increases, would you have to increase the space in Minnesota?

就像 1 月的 RMS 交易一樣，您將設備轉移到明尼蘇達州的工廠。如果業務增加，您是否需要增加明尼蘇達州的辦公空間？

No. Yes, mostly -- we had additional space, and we have -- we had added, I think, 5,000 to 10,000 square feet to our building. Our leases came up like 6 months ago. So we have space, but that tend to be a highly automated production processes where you get a lot of stamping and molding equipment, which are very expensive. So for that, it's -- to get a high output, you have to run those operations 7 days a week, 24-hour shifts. And that's how the company we acquired were doing it. So again, we were able to than a lot of it in and just added minimum space.

不。是的，主要是 - 我們有額外的空間，而且我認為，我們已經為我們的建築增加了 5,000 到 10,000 平方英尺。我們的租約是六個月前到期的。所以我們有空間，但這往往是高度自動化的生產過程，你會得到很多沖壓和成型設備，這些設備非常昂貴。因此，為了獲得高產量，您必須每週 7 天、24 小時輪班運行這些操作。我們收購的公司就是這樣做的。再說一次，我們能夠容納很多東西，並且只增加了最小的空間。

Another question. Go ahead.

另一個問題。前進。

So when we bought the company, they were at a current run rate of about 20% of what they did in the peak. So again, we have a lot of utilization of equipment there as that ramp-up comes up over the next 2 or 3 years.

因此，當我們收購該公司時，他們目前的運作率約為高峰期的 20%。因此，隨著未來 2 到 3 年的成長，我們會大量使用那裡的設備。

In your Magnetics business, do you have any concern about the supply for rare earth minerals? Or what is your need for rare earth minerals?

在您的磁力學業務中，您對稀土礦物的供應有任何擔憂嗎？或是您對稀土礦物有何需求？

Well, that said, we do have copper on wire. But generally, it's a lavage water and plastics and those. But we don't really have in terms of our rare earth and on the magnetic side, we do use ferrites and so forth. But it has not been a problem yet. I mean I think if you look overall, I think our #1 problem from a material standpoint is the other way we are the large IC companies and getting ICs on a timely manner.

嗯，也就是說，我們確實有銅線。但一般來說，是灌洗水和塑膠之類的。但我們確實沒有稀土，而在磁性方面，我們確實使用鐵氧體等。但這還不是問題。我的意思是，如果你從整體上看，我認為從實質角度來看，我們的第一個問題是我們作為大型 IC 公司並及時獲得 IC 的另一種方式。

Last question and a follow-up on Mike's question on the R&D. The R&D has gone from $5 million to $5.5 million then $5.9 million. Is that a good thing? Is that could indicate new products are coming for next year and the year beyond?

最後一個問題和麥克關於研發問題的後續問題。研發費用從 500 萬美元增加到 550 萬美元，然後增加到 590 萬美元。那是好事兒嗎？這是否表示明年和後年將推出新產品？

I think the -- maybe to understand the question, but if the question is are we confident in where we're spending our dollars to get good NPI out there, that's a good return, the answer is yes. I think as where we're looking to focus the business with focus on margins, it's just really more of a refocus and realignment of our R&D efforts. So I think where we sit today, we're feeling good with what we have. We add strategic who needs to be, but I think we're just shifting our focus a little bit -- to be a little more focused.

我認為——也許是為了理解這個問題，但如果問題是我們對在哪裡花錢以獲得良好的 NPI 是否有信心，這是一個很好的回報，那麼答案是肯定的。我認為，當我們希望將業務重點放在利潤上時，這實際上更多的是我們研發工作的重新聚焦和調整。所以我認為我們今天坐的位置，我們對我們所擁有的感覺很好。我們增加了需要的策略人員，但我認為我們只是稍微轉移了我們的焦點——更專註一點。

I think the -- sorry, maybe I couldn't clarify. I think the question is, it looks like you had a substantial increase in R&D is after new product. But I think a lot of the increase came from the FX.

我想——抱歉，也許我無法澄清。我認為問題是，看起來你們在新產品之後大幅增加了研發。但我認為大部分成長來自外匯。

That's right, Dan. So a lot of our R&D staff. If the engineers are in China and in Europe and with the strengthening the Renminbi and Euro over the past year, especially since Q3 last year, just those -- the same local costs translate into much higher USD.

沒錯，丹。我們有很多研發人員。如果工程師在中國和歐洲，並且隨著人民幣和歐元在過去一年的走強，特別是自去年第三季以來，同樣的本地成本轉化為更高的美元。

So it wasn't adding more people. I think the major question you were asking.

所以並沒有增加更多的人。我認為你問的主要問題是。

Similar to that, yes. That's fine. I'll go back to the queue.

類似的，是的。沒關係。我會回到隊列中。

That concludes today's question-and-answer session. I'd now like to turn the call back to the management.

今天的問答環節到此結束。我現在想把電話轉回管理階層。

Catherine, you just want to confirm if anybody has any more questions one more time.

凱瑟琳，你只是想再確認一下是否有人還有其他問題。

(Operator Instructions) There are no further questions, Dan. I'd like to turn the call back to you.

（操作員說明）沒有其他問題了，丹。我想把電話轉回給你。

Thank you, Catherine, and thank you, everybody, for taking time out of your busy schedule to speak to us today. We appreciate your time, and we appreciate you investing in Bel. I hope you have -- all have a nice weekend.

謝謝凱瑟琳，也謝謝大家今天在百忙之中抽空接受我們的訪問。我們感謝您的寶貴時間，也感謝您對貝爾的投資。我希望你們——都有一個愉快的週末。

That concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。