Benchmark Electronics Inc (BHE) 2023 Q3 法說會逐字稿

Good day, and welcome to the Benchmark Electronics Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Benchmark Electronics 2023 年第三季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Paul Mansky with Benchmark Electronics. Please go ahead.

我現在想將會議轉交給 Benchmark Electronics 的 Paul Mansky。請繼續。

Thank you, Betsy, and thanks, everyone, for joining us today for Benchmark's Third Quarter Fiscal Year 2023 Earnings Call. Joining me this afternoon are Jeff Benck, CEO and President; and Roop Lakkaraju, CFO.

謝謝 Betsy，也謝謝大家今天加入我們參加 Benchmark 2023 財年第三季財報電話會議。今天下午與我一起出席的有執行長兼總裁傑夫·本克 (Jeff Benck)；和財務長 Roop Lakkaraju。

After the market closed today, we issued an earnings release pertaining to our financial performance for the third quarter of 2023 and a prepared presentation that we will reference on this call. Both are available online under the Investor Relations section of our website at bench.com. This call is being webcast live, and a replay will be available online following the call.

今天收盤後，我們發布了有關 2023 年第三季財務業績的收益報告，以及我們將在本次電話會議上參考的準備好的簡報。兩者均可在我們網站 bench.com 的投資者關係部分在線獲取。這次電話會議正在進行網路直播，電話會議結束後將在網路上提供重播。

The company has provided a reconciliation of our GAAP to non-GAAP measures in the earnings release as well as in the appendix to the presentation. Please take a moment to review the forward-looking statements disclosure on Slide 2 in the presentation. During our call, we will discuss forward-looking information. As a reminder, any of today's remarks which are not statements of historical facts are forward-looking statements, which involve risks and uncertainties as described in our press releases and SEC filings. Actual results may differ materially from these statements. Benchmark undertakes no obligation to update any forward-looking statements.

該公司在收益報告以及簡報的附錄中提供了我們的公認會計原則與非公認會計原則衡量標準的調節表。請花點時間查看簡報中投影片 2 中揭露的前瞻性聲明。在通話期間，我們將討論前瞻性資訊。提醒一下，今天的任何非歷史事實陳述的言論都是前瞻性陳述，其中涉及我們的新聞稿和美國證券交易委員會文件中所述的風險和不確定性。實際結果可能與這些陳述有重大差異。 Benchmark 不承擔更新任何前瞻性聲明的義務。

For today's call, Jeff will begin by providing a summary of our third quarter results. Roop will then discuss our detailed financial results and our fourth quarter guidance. Jeff will then return to provide more insight into demand trends by sector, business wins and in closing remarks.

在今天的電話會議中，傑夫將首先提供我們第三季業績的摘要。然後，魯普將討論我們詳細的財務業績和第四季度的指導。然後，傑夫將返回，提供有關各行業需求趨勢、業務成果的更多見解，並在結束語中發表演講。

If you'll please turn to Slide 3, I'll turn the call over to our CEO, Jeff Benck.

如果您願意，請翻到幻燈片 3，我會將電話轉給我們的執行長 Jeff Benck。

Thank you, Paul. Good afternoon, and thanks, everyone, for joining our call today. The third quarter was another period of solid execution for the company. Despite the dynamic market environment, we met or exceeded expectations in the quarter. This is a direct reflection of our purposeful focus on complex and often highly regulated markets and team-wide emphasis on operational execution. Let me highlight a few key accomplishments in the quarter. Total revenue was $720 million. Although down year-over-year, recall that in Q3 2022, we had $74 million in 0 margin supply chain premiums.

謝謝你，保羅。下午好，感謝大家今天加入我們的電話會議。第三季是公司執行力強勁的另一個時期。儘管市場環境充滿活力，我們本季仍達到或超出了預期。這直接反映了我們有目的地關注複雜且經常受到高度監管的市場以及整個團隊對營運執行的重視。讓我重點介紹本季的一些主要成就。總收入為 7.2 億美元。儘管同比下降，但請回想一下，2022 年第三季度，我們的 0 利潤供應鏈溢價為 7,400 萬美元。

In Q3 2023, supply chain premiums were less than $16 million, down $58 million versus a year ago. Excluding SCP, we grew revenue by high single digits or more in 4 of our 6 sectors, the exceptions being semi-cap and advanced computing, which were down as expected. Whether including or excluding SCP, we expanded gross margin both sequentially and year-over-year, primarily through operational improvements we put in place over the last few quarters. This enabled us to grow non-GAAP operating income an impressive 22% year-over-year. I want to congratulate the entire team for delivering such a strong set of results, which was key to allowing us to report $0.57 in both GAAP and non-GAAP earnings. This was above the high end of our GAAP guidance range and 10% above the non-GAAP consensus.

2023 年第三季度，供應鏈溢價不到 1,600 萬美元，比去年同期減少 5,800 萬美元。不包括 SCP，我們在 6 個行業中的 4 個行業中實現了高個位數或更多的收入增長，但半市值和先進計算除外，它們的下降符合預期。無論包括或不包括 SCP，我們的毛利率都連續且同比增長，主要是透過我們在過去幾季實施的營運改善。這使我們的非 GAAP 營業收入年增了 22%，令人印象深刻。我要祝賀整個團隊取得瞭如此強勁的業績，這是我們能夠同時報告 0.57 美元 GAAP 和非 GAAP 收益的關鍵。這高於我們 GAAP 指導範圍的上限，比非 GAAP 共識高出 10%。

Finally, over the last few quarters, we've highlighted steps we've taken to return to positive free cash flow. I'm pleased to report that we delivered this for the second quarter in a row, aided largely by reductions in inventory. We have generated over $34 million in free cash flow over the last 2 quarters. Considering that and our continuing focus, we feel confident we are on a trajectory to achieve greater than $70 million in annualized free cash flow, which is in line with the targets we provided.

最後，在過去的幾個季度中，我們強調了我們為恢復正自由現金流所採取的步驟。我很高興地報告，我們連續第二季實現了這一目標，這主要得益於庫存的減少。過去兩個季度我們產生了超過 3,400 萬美元的自由現金流。考慮到這一點以及我們持續的關注，我們相信我們預計將實現年化自由現金流超過 7000 萬美元，這與我們提供的目標一致。

Now let me pass it over to Roop to share more detail on the September quarter and our guidance for Q4.

現在讓我將其轉交給 Roop，分享有關 9 月季度的更多詳細資訊以及我們對第四季度的指導。

Thank you, Jeff, and good afternoon. Please turn to Slide 5 for our revenue by market sector. Total Benchmark revenue was $720 million. Excluding the effect of SCP, revenue was up 1% year-over-year in the period. Reconciliation of this and our sector level performance can be found in the appendix section of the presentation materials.

謝謝你，傑夫，下午好。請參閱投影片 5 以了解我們按市場部門劃分的收入。基準總收入為 7.2 億美元。剔除SCP的影響，該期間營收年增1%。可以在演示材料的附錄部分找到該績效與我們部門績效的對照。

Turning to Slide 6. Medical revenue for the third quarter was up 8% versus the prior year. Growth was fueled by strength in existing programs, coupled with improved supply availability, allowing us to more fully meet demand. Semi-cap revenue decreased 10% year-over-year, in line with our expectations. This compares favorably to industry estimates, which have the wafer fab equipment market declining 20% or more in 2023. A&D revenue was up 20% year-over-year due to continued strength in commercial aerospace defense programs that continue ramping and improved supply availability, enabling us to address more of our previously unmet demand. Industrials revenue for the third quarter increased 9% year-over-year, driven by strength with existing customers and new customer programs ramping in energy efficiency. Advanced computing decreased 30% year-over-year due to the completion of multiple high-performance computing programs in the first half as expected. In the next-generation communications sector, revenue was up 20% year-over-year. Our year-over-year performance was driven by growth in broadband infrastructure programs.

轉向投影片 6。第三季的醫療收入比去年同期成長 8%。現有計劃的實力以及供應可用性的改善推動了成長，使我們能夠更充分地滿足需求。半市值營收年減 10%，符合我們的預期。這與行業估計相比是有利的，行業估計晶圓廠設備市場到 2023 年將下降 20% 或更多。由於商業航空航天防禦計劃的持續強勁以及供應可用性的改善，A&D 收入同比增長 20%，使我們能夠解決更多以前未被滿足的需求。在現有客戶實力和能源效率方面新客戶計畫的推動下，第三季工業收入年增 9%。由於上半年多個高效能運算專案如期完成，先進運算較去年同期下降30%。下一代通訊領域，營收年增20%。我們的年比業績是由寬頻基礎設施項目的成長所推動的。

Please turn to Slide 7. Our GAAP earnings per share for the quarter was $0.57. For Q3, our non-GAAP gross margin was 9.6%, a 50 basis point sequential increase and a 100 basis point improvement year-over-year due to our mix of revenue and improved operational utilization. Excluding SCP, in Q3, our gross margin was 9.8%, which was in line with guidance. Our SG&A was $35.5 million, down sequentially due to the cost actions taken in the first half of the year, coupled with lower variable compensation. Non-GAAP operating margin was 4.7%, up 70 basis points sequentially and 110 basis points year-over-year as a result of improved gross margin. Excluding SCP, operating margin was 4.8%. In Q3 2023, our non-GAAP effective tax rate was 19.4%, consistent with our expectations. For Q3, non-GAAP EPS of $0.57 was $0.02 higher than the midpoint of our guidance. Non-GAAP ROIC in the third quarter was 9.4%.

請參閱投影片 7。我們本季的 GAAP 每股收益為 0.57 美元。第三季度，我們的非 GAAP 毛利率為 9.6%，較上季成長 50 個基點，由於我們的營收組合和營運利用率的提高，年比提高 100 個基點。不包括 SCP，第三季我們的毛利率為 9.8%，符合預期。由於上半年採取的成本行動以及較低的可變薪酬，我們的銷售管理費用為 3550 萬美元，環比下降。由於毛利率改善，非 GAAP 營運利潤率為 4.7%，季增 70 個基點，年增 110 個基點。不包括 SCP，營業利益率為 4.8%。 2023 年第三季度，我們的非 GAAP 有效稅率為 19.4%，與我們的預期一致。第三季度，非 GAAP 每股收益為 0.57 美元，比我們指引的中位數高出 0.02 美元。第三季非 GAAP ROIC 為 9.4%。

Please turn to Slide 8 to discuss the effects of SCP on a trended basis. In Q3, SCP declined to $16 million versus $17 million in Q2 2023 and $74 million in Q3 2022 and continues to decline consistent with expectations. Excluding this, our revenue in the third quarter was $704 million, a sequential decrease of $12 million or 2% and a year-over-year increase of $6 million or 1%.

請前往投影片 8 以趨勢為基礎討論 SCP 的影響。第三季度，SCP 下降至 1,600 萬美元，而 2023 年第二季為 1,700 萬美元，2022 年第三季為 7,400 萬美元，且持續下降，符合預期。排除此因素，我們第三季的營收為 7.04 億美元，比上一季減少 1,200 萬美元，即 2%，年增 600 萬美元，即 1%。

Please turn to Slide 9 to review our cash conversion cycle performance. Our cash conversion cycle days were 105 in the third quarter compared to 103 days in Q2. Our inventory decreased sequentially by $31 million. However, the linearity of customer shipments and inventory receipts adversely affected our accounts receivables and accounts payable days.

請參閱投影片 9 來回顧我們的現金轉換週期績效。第三季我們的現金轉換週期天數為 105 天，而第二季為 103 天。我們的庫存環比減少了 3100 萬美元。然而，客戶出貨和庫存收貨的線性對我們的應收帳款和應付帳款天數產生了不利影響。

Please turn to Slide 10 for an update on liquidity and capital allocation. In Q3, we generated $38 million of cash from operations and $18 million of free cash flow. Our CapEx spend is supporting continued growth in our Mexico facilities and enhanced capabilities in our Precision Technologies business unit. We expect our CapEx spending in Q4 2023 to be between $10 million and $15 million. This would equate to full year 2023 CapEx in the range of $70 million to $75 million. Our cash balance on September 30 was $261 million, a sequential increase of $16 million. As of September 30, we had $129 million outstanding on our term loan, $305 million outstanding borrowing against our revolver and $241 million available to borrow under our revolver. In Q3, we paid our recurring quarterly cash dividend of $5.9 million.

請參閱投影片 10 以了解流動性和資本配置的最新資訊。第三季度，我們從營運中產生了 3,800 萬美元的現金，以及 1,800 萬美元的自由現金流。我們的資本支出用於支持墨西哥工廠的持續成長以及精密技術業務部門能力的增強。我們預計 2023 年第四季的資本支出將在 1,000 萬美元至 1,500 萬美元之間。這相當於 2023 年全年資本支出在 7,000 萬至 7,500 萬美元之間。截至 9 月 30 日，我們的現金餘額為 2.61 億美元，季增 1,600 萬美元。截至 9 月 30 日，我們的定期貸款餘額為 1.29 億美元，循環貸款餘額為 3.05 億美元，循環貸款餘額為 2.41 億美元。第三季度，我們支付了 590 萬美元的經常性季度現金股利。

Please turn to Slide 11 for a review of our fourth quarter 2023 guidance. We expect revenue, excluding SCP, to range from $675 million to $725 million. SG&A expense will range between $35 million and $38 million. Excluding SCP, our non-GAAP operating margin range is forecasted to be 4.8% to 5%. As a reminder, this includes approximately 55 basis points of stock-based compensation. Our non-GAAP guidance excludes the impact of $1.2 million in amortization of intangible assets and $800,000 to $1.2 million of estimated restructuring and other costs. Our non-GAAP diluted earnings per share is expected to be in the range of $0.54 to $0.60. Other expenses net are expected to be approximately $9 million due to primarily interest expense. We expect that for Q4, our non-GAAP effective tax rate will be between 19% and 21% for the weighted average share count of 35.9 million.

請參閱投影片 11，查看我們對 2023 年第四季指引的回顧。我們預計，不包括 SCP 的收入將在 6.75 億美元至 7.25 億美元之間。 SG&A 費用將在 3500 萬美元至 3800 萬美元之間。不包括 SCP，我們的非 GAAP 營運利潤率範圍預計為 4.8% 至 5%。提醒一下，這包括大約 55 個基點的股票薪酬。我們的非 GAAP 指引不包括 120 萬美元的無形資產攤銷以及 80 萬至 120 萬美元的估計重組和其他成本的影響。我們的非 GAAP 攤薄每股收益預計在 0.54 美元至 0.60 美元之間。其他費用淨額預計約 900 萬美元，主要是利息費用。我們預計第四季度，對於 3,590 萬股的加權平均股票數，我們的非 GAAP 有效稅率將在 19% 至 21% 之間。

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

然後，我會將電話轉回給傑夫。

Thanks, Roop. Please turn to Slide 13. Again, all commentary related to demand trends by sector are excluding supply chain premiums. In medical, this past quarter, we did a good job meeting demand as the supply chain continues to improve. Partially offsetting this, however, is demand softening from some customers as they rebalance going into year-end. Considering all of this, we're expecting medical sector revenue to likely decline sequentially in Q4, while still growing nicely on a full year basis. We continue to build on our future success in medical during this past quarter, securing new wins that we expect to ramp in 2024 into 2025. For example, we expanded an existing relationship with a key customer in the heart valve market, with several new manufacturing wins at both the subassembly and system level. Elsewhere, we had another existing customer award us the opportunity to provide subassemblies that will be integrated into their anesthesia and respiratory devices.

謝謝，魯普。請參閱投影片 13。同樣，所有與各產業需求趨勢相關的評論均不包括供應鏈溢價。在醫療領域，上個季度，隨著供應鏈的不斷改善，我們在滿足需求方面做得很好。然而，部分客戶在年底進行重新平衡時需求疲軟，部分抵銷了這種影響。考慮到所有這些，我們預計第四季度醫療行業收入可能會環比下降，但全年仍將保持良好成長。在上個季度，我們繼續在醫療領域取得未來的成功，確保我們預計在2024 年到2025 年期間取得新的勝利。例如，我們擴大了與心臟瓣膜市場的關鍵客戶的現有關係，並建立了多個新的製造工廠在子組件和系統層面都取得了勝利。在其他地方，我們的另一位現有客戶授予我們機會提供將整合到他們的麻醉和呼吸設備中的組件。

Within semi-cap, we believe our semi-cap sector likely bottomed earlier in the year. However, based on public commentary from many of our customers, we expect semi-cap revenue to remain roughly consistent with current levels through at least the first half of 2024. Our expectation is to continue to outperform the broader WFE market growth rates, driven by our unique customer exposure and new program wins. For example, in Q3, we were awarded an opportunity to manufacture assemblies and fully integrated modules for an epitaxy tool used in the transistor device fabrication process. We also won both the engineering and manufacturing business at another customer that is in support of high-end lithography platform. While the current downturn in the market appears poised to last longer than recent cycles, the long-term growth drivers are undeniable. As the market ultimately recovers, we fully expect to participate in more than our share of semi-capital equipment growth given our significant investment during this down cycle.

在半盤股中，我們認為我們的半盤股行業可能會在今年稍早觸底。然而，根據許多客戶的公開評論，我們預計至少到 2024 年上半年半市值收入將與當前水準大致保持一致。我們的預期是繼續跑贏更廣泛的 WFE 市場成長率，這主要是由我們獨特的客戶曝光和新計劃贏得了勝利。例如，在第三季度，我們獲得了為電晶體元件製造過程中使用的外延工具製造組件和完全整合模組的機會。我們還贏得了另一家支援高端光刻平台的客戶的工程和製造業務。儘管當前市場低迷的持續時間似乎比最近的周期更長，但長期成長動力是不可否認的。隨著市場最終復甦，考慮到我們在這個下行週期中的大量投資，我們完全預計將參與超過我們在半資本設備成長中所佔份額的份額。

Within A&D, commercial aerospace has been improving for us for the last few quarters. We are now more optimistic about future growth within defense, which is both a reflection of both strong demand and improving supply chain. At the same time, we continue to secure new wins in the past quarter. This includes engineering services for test development in the commercial aerospace market. Yet another engineering services win was with the defense program where we're helping on the development of an RF module. Meanwhile, in manufacturing, we won a nice piece of business where we'll be providing a sensor module into a commercial aerospace application. Again, we're pleased with the momentum we're seeing in A&D. In fact, we expect year-over-year growth to accelerate in Q4. With the strong second half expected, we anticipate A&D sector revenue has the opportunity to grow double digits on a full year basis.

在 A&D 內部，商業航空航太在過去幾季中一直在不斷進步。我們現在對國防領域的未來成長更加樂觀，這不僅反映了強勁的需求，也反映了供應鏈的改善。同時，我們在過去的季度繼續取得新的勝利。這包括商業航空市場測試開發的工程服務。另一項工程服務勝利是國防項目，我們正在幫助開發射頻模組。同時，在製造方面，我們贏得了一項不錯的業務，我們將為商業航空航天應用提供感測器模組。我們再次對 A&D 所看到的勢頭感到滿意。事實上，我們預計第四季同比成長將加速。鑑於下半年的強勁表現，我們預計航空與航太領域的全年收入有機會實現兩位數成長。

Turning to complex industrials. We continue to extend our footprint in key growth markets, including automation, test and measurement and energy efficiency solutions. Examples of this include both manufacturing and engineering wins for several next-generation energy efficiency solutions for residential HVAC applications. Another manufacturing win I'd like to highlight is in the transportation space where we'll be providing next-generation radios used for locomotive control and communications. Our industrials sector domestically continues to show resilience. However, this demand is being offset some by softening international markets. As such, we're expecting industrial revenue to be down sequentially in Q4, while still growing solidly in the double digits year-over-year, both for the quarter and full year.

轉向複雜的工業。我們繼續擴大在主要成長市場的足跡，包括自動化、測試和測量以及能源效率解決方案。這方面的例子包括住宅暖通空調應用的多個下一代能源效率解決方案的製造和工程勝利。我想強調的另一個製造勝利是在運輸領域，我們將提供用於機車控制和通訊的下一代無線電。我們國內的工業部門繼續表現出韌性。然而，這種需求正被國際市場疲軟所抵消。因此，我們預計第四季度工業收入將環比下降，但本季和全年仍將實現兩位數的年比穩健成長。

In advanced computing, revenues were consistent with our guidance provided last quarter. Recall, we completed a significant high-performance computing project in the first half that's being deployed by our customer at a federal agency. As previously shared, after a pause in Q3, we're delivering upon a new HPC program that will contribute to our growth in the fourth quarter.

在高階計算領域，收入與我們上季提供的指導一致。回想一下，我們在上半年完成了一個重要的高效能運算項目，該項目由我們的客戶在聯邦機構部署。正如之前分享的，在第三季暫停之後，我們正在實施一項新的 HPC 計劃，該計劃將有助於我們在第四季度的成長。

Finally, the next-generation communications, last quarter, we highlighted some risk of infrastructure deployment delays amid macro sensitivity. We saw this begin to materialize in Q3, which we expect to continue in Q4. As such, sector revenue is expected to be down sequentially and year-over-year in Q4, albeit still up on a full year basis given the strong first half performance. Looking forward, we are seeing a few more customers across a number of sectors begin to moderate their forecast, while others, specifically in A&D, are seeing incremental strength. On balance, we expect this to translate to total revenue remaining flat at current levels through the first half of 2024. While soon we'll provide color on full year growth rates, we're going to maintain our focus on operational execution and productivity improvements as we progress to the profitability targets reflected in our long-term model.

最後，下一代通信，上個季度，我們強調了宏觀敏感性導致基礎設施部署延遲的一些風險。我們看到這種情況在第三季開始實現，我們預計這種情況將在第四季繼續下去。因此，預計第四季度行業收入將環比和同比下降，但鑑於上半年的強勁表現，全年仍將增長。展望未來，我們看到多個行業的更多客戶開始調整他們的預測，而其他客戶，特別是航空與國防領域的客戶，則看到了成長的力量。總的來說，我們預計這將意味著到 2024 年上半年總收入將保持在當前水平。雖然很快我們將提供有關全年增長率的信息，但我們將繼續關注運營執行和生產力提高隨著我們逐步實現長期模型中反映的獲利目標。

In summary, please turn to Slide 14. I'm pleased that, once again, we were able to exceed the midpoint of guidance and deliver a 10% upside to non-GAAP earnings estimates. We again delivered solid growth in 4 of our 6 sectors. At the same time, we grew non-GAAP operating margin by better than 1 point year-over-year. Excluding SCP, non-GAAP operating margin was up 80 basis points to 4.8%, which includes approximately 55 basis points in stock-based compensation. Non-GAAP operating income growth in the third quarter was 22%, which was our 10th consecutive quarter of double-digit growth year-over-year.

總而言之，請參閱投影片 14。我很高興我們能夠再次超過指導中點，並實現非 GAAP 獲利預期上浮 10%。我們在 6 個行業中的 4 個行業中再次實現了穩健成長。同時，我們的非 GAAP 營業利潤率年增超過 1 個百分點。不包括 SCP，非 GAAP 營業利潤率成長 80 個基點，達到 4.8%，其中包括約 55 個基點的股票薪酬。第三季非 GAAP 營業收入成長 22%，這是我們連續第 10 季實現兩位數年成長。

Turning to working capital and free cash flow, aided by our continued focus on reducing inventory, we delivered the second consecutive quarter of positive free cash flow and expect this trend to continue. Finally, it's true we're heading to a more uncertain economic environment. Based on this, we're being judicious about where we're making investments and managing our expenses closely. I remain confident that our diversified portfolio will help us to weather this and come out stronger as the market turns. We will maintain a sharp focus on investment in future growth while protecting our ability to continue to deliver positive operating leverage and cash flow.

談到營運資本和自由現金流，在我們持續關注減少庫存的幫助下，我們連續第二個季度實現了正自由現金流，並預計這一趨勢將持續下去。最後，我們確實正在走向一個更不確定的經濟環境。基於此，我們會明智地選擇投資方向並密切管理支出。我仍然相信，我們的多元化投資組合將幫助我們渡過難關，並隨著市場的轉變而變得更強大。我們將繼續高度關注未來成長的投資，同時保護我們繼續提供正營運槓桿和現金流的能力。

With that, I'll now turn the call over to the operator to conduct our Q&A session.

這樣，我現在將把電話轉給接線員來進行問答環節。

(Operator Instructions) The first question today comes from Max Michaelis from Lake Street Capital Markets.

（操作員說明）今天的第一個問題來自 Lake Street Capital Markets 的 Max Michaelis。

I want to make sure I didn't hear you incorrectly, but did you note that revenue was expected to be flat through the first half of 2024? I know you didn't give 2021 guidance, but I just want to make sure I heard that correctly.

我想確保我沒有聽錯，但您是否注意到，預計 2024 年上半年收入將持平？我知道您沒有給出 2021 年的指導，但我只是想確保我聽對了。

Yes, that's right. Hey, Max, this is Roop. That's right. We kind of indicated that based on kind of macro and different sector kind of trends. Right now, we expect it to be generally flat through the first half.

恩，那就對了。嘿，麥克斯，這是魯普。這是正確的。我們表示，這是基於宏觀和不同行業的趨勢。目前，我們預計上半年將基本持平。

And is that based off of Q4 numbers or Q3 revenue?

這是基於第四季的數字還是第三季的營收？

No. I think it's Q4 effectively.

不，我認為這實際上是第四季度。

Okay. And then -- so my second question is going to be just looking at medical, wasn't that expected to be down quarter-over-quarter? I was wondering if you're seeing any slowdown or maybe pushouts from electrosurgeries and then maybe that's playing a part in the sequential decline?

好的。然後 - 所以我的第二個問題只是專注於醫療，這不是預計會逐季度下降嗎？我想知道您是否看到電外科手術出現任何放緩或推出，這可能是連續下降的原因之一？

There's a couple of dynamics still on in medical. We've seen -- obviously, through the pandemic, there was quite a bit of slowdown in that area. And then after that, we saw a lot of catch-up in places where we play, for example, in the defibrillator market as well, which really is an electrosurgery related. But stadiums, airports, places that people aren't going really wasn't seeing the demand, right, for those kind of devices.

醫學界仍有一些動態。顯然，我們已經看到，透過大流行，該領域的發展出現了相當大的放緩。在那之後，我們在我們從事的領域看到了很多追趕者，例如，在除顫器市場，這確實與電外科相關。但體育場、機場等人們不會去的地方確實沒有看到對此類設備的需求。

Well, that's an example where there was quite a catch-up, and we saw really substantial growth over the last 2 years as we got more normalized. So I think what we see is just sort of a modulation here where it's still -- demand is still solid, but we do see pockets where folks who have been a little more careful given the macroeconomic and they're saying, okay, we're going to watch this closely and maybe rebalance a little bit. But I won't say we see electrosurgery devices that might play in there necessarily being uniquely slower than previously.

嗯，這是一個相當大的追趕的例子，隨著我們變得更加正常化，我們在過去兩年中看到了真正的大幅成長。因此，我認為我們看到的只是一種調整，需求仍然強勁，但我們確實看到了一些地方，考慮到宏觀經濟，人們更加謹慎，他們說，好吧，我們'我們將密切關注這一點，也許會重新平衡一下。但我不會說我們看到可能在那裡運行的電外科設備一定比以前慢。

I think there's a little bit of -- there was an element of catch-up and now we're sort of catching our wind here and things are flattening a bit, and then we'll see where we go from here. But we feel -- we're bullish long term on the sector just given the growth in outsourcing that it really is poised to continue.

我認為有一點——有一些追趕的因素，現在我們有點抓住了我們的風口，事情變得有點平淡，然後我們會看看我們接下來會走向何方。但我們認為，從長遠來看，我們看好該行業，因為外包的成長確實將持續下去。

And then just looking at supply chain premiums, they were down, I think, about $1 million from Q2. Was just wondering if you're seeing any material changes going into Q4, maybe if that's more of a first half 2024 story. It just doesn't seem like the macro is picking up -- the supply chain, I should say, is picking up as quick as maybe we thought it was more or less in the first half of the year.

然後只要看看供應鏈溢價，我認為它們比第二季度下降了約 100 萬美元。只是想知道您是否在第四季度看到任何重大變化，也許這更多的是 2024 年上半年的故事。宏觀經濟似乎沒有好轉——我應該說，供應鏈的改善速度與我們在今年上半年的預期差不多。

Yes, Max. I mean supply chain premiums, we anticipated coming down. They have come down sequentially throughout 2023, and obviously, on a year-over-year basis, are considerably down. So we do expect that to continue into the future in terms of that supply chain premium value coming down.

是的，馬克斯。我的意思是供應鏈溢價，我們預計會下降。它們在 2023 年連續下降，而且顯然與去年同期相比，下降幅度很大。因此，我們確實預計，隨著供應鏈溢價的下降，這種情況將持續到未來。

I also would just add to Roop's comments. This is Jeff. Really just customers -- the supply chain is incrementally better. It's better this quarter than it was last quarter. We see less need for customers to necessarily have to look at paying a premium to get a product that others would have got. So we still that modulate. There's still some areas where there's constraints. It's hard to believe that 2 years later, we do still see supply chain constraints in some small pockets here and there, but it's dramatically better, which is really a direct reflection, as Roop said, of why we see those supply chain premiums going down so substantially. As we think about next year, we think we could see things really get back to normal where it's a few million a quarter, not anywhere near where we've been.

我也想補充魯普的評論。這是傑夫。其實只是客戶——供應鏈逐漸變得更好。本季的情況比上季好。我們發現，客戶不再需要支付溢價才能獲得其他人可以獲得的產品。所以我們仍然進行調節。仍有一些領域存在限制。很難相信兩年後，我們確實仍然在一些小地方看到供應鏈限制，但情況明顯好得多，正如魯普所說，這確實直接反映了為什麼我們看到供應鏈溢價下降如此實質上。當我們考慮明年時，我們認為我們可以看到事情真正恢復正常，每季幾百萬美元，遠低於我們之前的水平。

Okay. And then just last one for me and then I'll jump back in the queue. Quickly here, just wondering if you guys are seeing any decommits or cancellations within your pipeline backlog.

好的。然後我就跳回隊列中最後一個。快速在這裡，只是想知道你們是否在管道積壓中看到任何退役或取消。

I mean, obviously, when we take an order, right, we end up securing material to go build that product and contractually, customers are obligated for the responsibility of that. There's always some push-ins and pullouts just depending on what the needs are. So I don't see anything unusually out of order than what we normally see. As you get out 2, 3 quarters, there's more flexibility in what customers can do related to demand balancing. But this environment, we haven't seen something substantially different in terms of that demand profiling.

我的意思是，很明顯，當我們接受訂單時，我們最終會獲得用於製造該產品的材料，並且根據合同，客戶有義務為此承擔責任。根據需要，總是會有一些推入和拉出。因此，我沒有看到任何與我們通常看到的不同尋常的混亂情況。當您度過 2、3 個季度後，客戶可以更靈活地執行與需求平衡相關的操作。但在這種環境下，我們在需求分析方面並沒有看到任何實質的差異。

Yes, Max, I would just add. I mean, I think as a general comment, that's right. And obviously, in certain sectors, we're not seeing any kind of demand reprofiling, right? So we talked about A&D strength, and that's continuing in the fourth quarter, and we expect into 2024. So it really is kind of sector-by-sector low consideration.

是的，麥克斯，我只想補充一下。我的意思是，我認為作為一般性評論，這是正確的。顯然，在某些行業，我們沒有看到任何形式的需求重新分析，對吧？因此，我們討論了 A&D 實力，這種情況將在第四季度持續，我們預計會持續到 2024 年。因此，這確實是逐個行業的低考慮因素。

The next question comes from Steven Fox with Fox Advisors.

下一個問題來自福克斯顧問公司的史蒂文·福克斯。

A couple of questions from me. First of all, just following up on the last couple of questions there. With regard to the flat revenues for the first half of the year, how much -- when you talk about the weakness, how much is just mature programs just producing less units for customers as opposed to like maybe slower ramps for kind of a wait-and-see on what the macro is? Any color on that, and then I have a couple of follow-ups.

我有幾個問題。首先，跟進最後幾個問題。至於上半年的收入持平，有多少——當你談到弱點時，有多少只是成熟的計劃只是為客戶生產了更少的單位，而不是像等待的那樣緩慢的斜坡——看看宏是什麼？任何顏色，然後我有幾個後續行動。

I think what I would say on that is that the legacy programs typically -- we aren't typically on programs that are very short-lived, maybe a little bit different in advanced computing where we might have an HPC build that comes to a conclusion. I think -- what I would say there is that we have had some elongation in some of the new product ramps where it's taken a bit longer and maybe customers are being a little more careful about development engineering spend. So we see some prolongated development cycles. I won't say it's substantially pronounced in one area, maybe really across those sites where they're multiyear kind of projects anyways. I think, if anything, I think you have customers that might have had their own unfulfilled demand and they're kind of catching up with that and now looking at how much inventory do I want to have, where do I want to go with my own portfolio and you're just being cautious about that given the environment.

我想我要說的是，遺留程序通常不是非常短暫的程序，在高級計算中可能有點不同，我們可能有一個可以得出結論的 HPC 構建。我認為，我想說的是，我們在一些新產品的升級方面已經有了一些延長，需要更長的時間，也許客戶對開發工程支出更加謹慎。所以我們看到一些開發週期延長。我不會說它在某個領域非常明顯，也許真的在那些多年專案的網站上確實如此。我認為，如果有的話，我認為你的客戶可能有自己未滿足的需求，他們正在迎頭趕上，現在看看我想要有多少庫存，我想把我的庫存放在哪裡自己的投資組合，考慮到環境，你只是對此保持謹慎。

Okay. That's helpful. And then -- I'm sorry, if I interrupted.

好的。這很有幫助。然後——如果我打擾了，我很抱歉。

No. That was good.

不，那很好。

Okay. Sorry. And then along those lines, I think you mentioned that even with flattish sales, I forget the exact words, but you talked about further margin progression. Are you trying to say that like your margins go up in the first half from where you exit? Or are you just -- were you talking more broadly? What, in general, do you think about sort of how the environment is impacting margins?

好的。對不起。然後，沿著這些思路，我認為您提到即使銷售額持平，我也忘記了確切的措辭，但您談到了進一步的利潤增長。您是想說，您的利潤率在上半年比您退出時有所上升嗎？或者你只是——你說的更廣泛？一般來說，您如何看待環境對利潤率的影響？

Yes. I mean I think what we're saying is more generally, we're continuing to focus on operating margin expansion, and that will continue as we get into 2024. I think it's a little bit early to give you a lot of specifics at this point in time as we work through things. But with the operational efficiencies and utilization focus, productivity, we do anticipate operating margin continue to strengthen into future periods.

是的。我的意思是，我認為我們所說的更籠統地說，我們將繼續專注於營業利潤率的擴張，並且隨著我們進入2024 年，這種情況將繼續下去。我認為現在向您提供很多具體細節還為時過早我們處理事情的時間點。但隨著營運效率和利用率重點、生產力的提高，我們預期營運利潤率在未來一段時間內將繼續增強。

Our own model, we projected higher margins. Obviously, it goes out to 25%, Steve, as you know. But we just -- we see opportunity that we could continue to go where we can continue to improve things even in a flatter environment. So I think it's more just a reflection of that, that we've been on a nice trend of growing operating income faster than revenue. And as we look forward, we want to continue that and think that while we've closed the gap substantially to where we needed to be, we still have room that we can be better.

我們自己的模型預計會有更高的利潤。顯然，正如你所知，史蒂夫，這個數字是 25%。但我們只是——我們看到了機會，即使在更平坦的環境中，我們也可以繼續改進事情。所以我認為這更反映了這一點，我們一直處於營業收入成長快於收入成長的良好趨勢。展望未來，我們希望繼續這樣做，並認為雖然我們已經大大縮小了與我們需要的差距，但我們仍然有做得更好的空間。

Great. That's helpful. And if I could just squeeze one more in on the semi-cap bottoming process. I'm just curious if that's a -- you've had a bunch of expansion plans in place to address all the wins you have. Has that been impacted as sort of the bottoming delays? Are you delaying your own equipment orders or anything like that?

偉大的。這很有幫助。如果我能在半市值觸底過程中再擠一粒的話。我只是很好奇，你們是否已經制定了一系列擴張計劃來解決你們所取得的所有勝利。這是否受到觸底延遲的影響？您是否推遲了自己的設備訂單或類似的事情？

That's good. I didn't touch on it earlier, but that was an area where we were maybe seeing some more pushouts a few quarters ago. I would say it's stabilized a lot over the last 2 quarters as we sort of think about our own bottoming of the business or what we saw. You see from our results where we still think we're outperforming the market even in a downturn because we're down 10%, the market is down 20%. So we feel pretty good about our competitive position.

那挺好的。我之前沒有觸及這個領域，但在幾個季度前我們可能會看到更多的退出。我想說的是，在過去兩個季度中，當我們思考我們自己的業務觸底或我們所看到的情況時，它已經穩定了很多。從我們的業績中可以看出，即使在經濟低迷時期，我們仍然認為我們的表現優於市場，因為我們下跌了 10%，而市場下跌了 20%。因此，我們對自己的競爭地位感到非常滿意。

We also saw some programs delayed and pushed to the right, not lost, still feel good about the new product introduction work, and there's a lot of that going on. So that gives us a lot of confidence around our capital investments, but we have invested pretty significantly here. We've got 2 new buildings, one that's online and one that's in process in a low-cost region. It's supporting that industry. And we still feel like that makes 100% sense. And not everyone has weathered in the same area and able to kind of keep the pedal to the metal. We think that this is going to serve us extremely well as we come out through the other side of this down cycle.

我們也看到一些節目延遲了，推到了右邊，沒有迷失，對新產品導入工作還是感覺不錯，還有很多這樣的事情發生。因此，這讓我們對我們的資本投資充滿信心，但我們在這方面的投資相當大。我們有兩棟新建築，一棟已上線，一棟正在低成本地區興建中。它正在支持該行業。我們仍然覺得這 100% 有道理。並不是每個人都在同一區域經歷過風雨，並且能夠保持踏板的金屬。我們認為，當我們走出這個下行週期的另一邊時，這將對我們非常有幫助。

Yes. And Steve, I'll just add. The timing of our investments are geared towards aligning with kind of production. So if you look at our Mesa facility, which we invested in coming into the year, it's online, it's producing for our customers. The others were also timing out such that they time to when revenue comes. So we're able to manage through that effectively and align it to the demand that's going on.

是的。史蒂夫，我補充一下。我們的投資時機旨在與生產類型保持一致。因此，如果你看看我們今年投資的梅薩工廠，你會發現它是在線的，正在為我們的客戶生產。其他人也都在計時，以便在收入到來時及時進行。因此，我們能夠有效地管理此問題，並使其適應當前的需求。

The next question comes from Chris Grenga with Needham & Co.

下一個問題來自 Needham & Co 的 Chris Grenga。

This is Chris on for Jim. It sounds like the defense -- the supply is loosening up a little bit and that was a bit of a tailwind for you. Is that supply resolution where you'd like to see it? Or is there still some more activity that you like -- or some more improvement that you'd like to see there? If you could talk about that.

這是克里斯替吉姆發言。聽起來像是防守——供應正在放鬆一點，這對你來說有點順風順水。您希望看到該供應解析度嗎？或是還有一些您喜歡的活動，或是您希望看到更多的改進嗎？如果你能談談這一點的話。

Yes. Certainly, it's gotten a lot better, and it's freed up our ability to increase the ramp of products that we've been building. That's a market that I would say we saw maybe slower recovery, right, with commercial aero was really down. Obviously, people weren't flying, particularly on the wide-body jets. And obviously, that market has kind of come back with a vengeance. And then the defense space, we're seeing incremental demand as you might expect just given what's going on around the world.

是的。當然，它已經變得更好了，並且它釋放了我們增加我們一直在建造的產品的能力。我想說的是，我們看到的市場復甦速度可能會較慢，對吧，商業航空確實在下滑。顯然，人們並不是在飛行，特別是在寬體噴射機上。顯然，這個市場已經強勢回歸。然後是國防領域，考慮到世界各地正在發生的事情，我們看到了需求的增量，正如您所預料的那樣。

We have seen improvement in some of that. What I would say is some of the demand came in late in the cycle when things were pretty constrained. And plugging an alternative parts, requalifying, that is a really challenging proposition in A&D. So in some cases, we had to wait 40 weeks to be able to get material and do all that. And that started over a year ago. So we are seeing pretty good improvement in ability to close on supply gaps to support the growth. I would say in the last few quarters, we could have produced more if we could have gotten more. And at this point, we're looking -- the outlook is much better in terms of aligning to what the needs are.

我們已經看到其中一些方面有所改善。我想說的是，有些需求是在周期後期出現的，當時情況相當有限。插入替代部件並重新鑑定，這在 A&D 中是一個非常具有挑戰性的命題。因此，在某些情況下，我們必須等待 40 週才能獲得材料並完成所有這些工作。這一切始於一年多前。因此，我們看到縮小供應缺口以支持成長的能力有了很大改善。我想說，在過去的幾個季度，如果我們能得到更多，我們可以生產更多。在這一點上，我們正​​在尋找——在滿足需求方面，前景要好得多。

Great. And then just you had mentioned the uncertain economic environment. And I'm curious, how does that impact the pace of discussions with either new or existing customers who are looking to outsource? Has that had any impact on their thought process or maybe catalyzing the decision to outsource manufacturing? Or anything -- any trend that you've noticed?

偉大的。剛才你提到了不確定的經濟環境。我很好奇，這會如何影響與尋求外包的新客戶或現有客戶的討論速度？這是否對他們的思考過程產生了任何影響，或者可能促使他們做出外包製造的決定？或任何事情——你注意到的任何趨勢嗎？

I think in a challenging economic environment, you find OEMs really analyzing what they're going to -- what's their strength and where do they want to put their investment. And in many cases, they look at why are we building product that we could be outsourced on and we're spending our money here. And so in many ways, I think we've seen pretty good experience where customers are more willing to reevaluate what their approach is in terms of outsourcing.

我認為在充滿挑戰的經濟環境中，你會發現原始設備製造商真正分析他們將要做什麼——他們的優勢是什麼以及他們想把投資放在哪裡。在許多情況下，他們會研究我們為什麼要建立可以外包的產品，以及為什麼我們要在這裡花錢。因此，在很多方面，我認為我們已經看到了很好的經驗，客戶更願意重新評估他們的外包方法。

If there's anything that might impact the delay on new platform profile is really probably the product development cycle. Hey, we want to be careful on spending and we're going to push out the product design a quarter. We'll see some movement there. But we feel, in general, that there's a lot of opportunities. Our broader pipeline hasn't materially changed in terms of what the market opportunity is. So we're not overly concerned about there being enough to do.

如果有什麼因素可能會影響新平台設定檔的延遲，那麼很可能就是產品開發週期。嘿，我們要謹慎支出，我們將把產品設計推遲一個季度。我們會看到那裡有一些動靜。但總的來說，我們覺得有很多機會。就市場機會而言，我們更廣泛的產品線並沒有重大變化。所以我們並不過度擔心有足夠的事情要做。

The next question comes from Anja Soderstrom with Sidoti.

下一個問題來自 Anja Soderstrom 和 Sidoti。

Great. Thanks for taking my questions, some of them have been addressed already. But in terms of semi-cap, it seems like that's going to be a little bit later return of -- or acceleration in the growth there. But how does that -- can you remind me how the margins on the semi-cap business compares to the overall business? And could it be a nice tailwind there once that come back in terms of margin expansion?

偉大的。感謝您提出我的問題，其中一些問題已經解決。但就半市值而言，這似乎將是稍後的回歸或加速成長。但是，您能提醒我半市值業務的利潤率與整體業務相比如何嗎？一旦利潤率擴張回來，這會是一個很好的順風嗎？

Anja, so yes, as we've indicated, semi-cap margins are some of our strongest gross margins overall in operating margins. So when the revenue comes back, as we've indicated later into '24, we expect that to be a strong tailwind to our overall operating performance and operating margins.

安雅，是的，正如我們所指出的，半上限利潤率是我們整體營業利潤率中最強的毛利率之一。因此，當收入回升時，正如我們在 2024 年稍後所指出的那樣，我們預計這將成為我們整體營運表現和營運利潤率的強勁推動力。

The semi-cap market is generally, right now, a lot of folks are out in public and talking about 2024 being flatter. The industry hasn't been particularly good at calling the downturn, and we're not typically very good at calling the upside either. So you see us investing, you see us preparing, and we really protect a lot of resource, contemplating a pretty significant upswing as it comes back. But exactly calling the timing is something that we've been spending a lot of energy on. We just -- we know right now, it really -- it doesn't look to be a first half thing, and that's weighing pretty heavily on to how we think about our growth profile. And we'll all be watching it quarter-to-quarter to see how that shifts. But no doubt, it will be back and people continue to talk about just how significant it could be, but the best is yet to come there.

目前，半市值市場總體上很多人都在公開談論 2024 年會更加平坦。該行業並不特別擅長預測經濟衰退，我們通常也不擅長預測經濟上行。所以你看到我們投資，你看到我們準備，我們確實保護了大量資源，考慮到當它回來時會出現相當顯著的上升。但要準確地確定時機是我們花費大量精力的事情。我們只是 - 我們現在知道，確實 - 這看起來並不是上半年的事情，這對我們如何看待我們的成長狀況產生了很大的影響。我們將逐季度觀察情況，看看情況如何變化。但毫無疑問，它會回來，人們會繼續談論它的重要性，但最好的尚未到來。

So could the approach to being maintaining readiness for that to come back been pressuring margins in the coming quarters until we see that come back? Or...

那麼，在我們看到這種情況捲土重來之前，為這種情況捲土重來做好準備的方法是否會對未來幾季的利潤率造成壓力？或者...

Yes. I mean I think it's -- you can see right now, we're in a market where semi-cap has been softer throughout '23, but we've expanded margins as you saw, Anja. So I think there's an opportunity for us to continue to improve on our operating margin performance. It's a little early to give you a lot of details there as we kind of finish up the year. But with the growth that we've seen in the other sectors over the year-over-year from '22 to '23, the load we're seeing across our factories, the improved absorption, our focused operational productivity, we're positioned well to continue to drive improving operating performance.

是的。我的意思是，我認為 - 你現在可以看到，我們所處的市場在整個 23 年半市值一直疲軟，但正如你所看到的，Anja，我們已經擴大了利潤率。因此，我認為我們有機會繼續改善我們的營業利潤率表現。現在向您提供許多細節還為時過早，因為我們即將結束這一年。但隨著我們在 22 年至 23 年期間看到其他行業的逐年增長、我們工廠的負荷、吸收能力的提高、我們重點關注的運營生產力，我們已經做好了準備以及繼續推動改善經營業績。

Okay. And just remind me, too, whether you have a significant footprint in Mexico and other regions that could have a currency headwind for you.

好的。也要提醒我，您是否在墨西哥和其他可能對您造成貨幣不利的地區擁有重要足跡。

Could you repeat that? You said do we have a footprint in Mexico? The answer is yes. But if you asked...

你能再說一次嗎？你說我們在墨西哥有足跡嗎？答案是肯定的。但如果你問...

Yes. I noticed that they've been suffering from the increased pesos. I don't know if you have a large Mexican footprint that could be impacting your margins as well.

是的。我注意到他們一直在遭受比索上漲的困擾。我不知道您在墨西哥的業務是否廣泛，這是否也會影響您的利潤。

Yes. So from an FX standpoint -- if the focus is on FX there, Anja, we've got a -- we've globally hedged different currencies and have different programs in place. And Mexico is one place where we do that. And we do quite -- our hedge program tends to be quite effective. So we're obviously monitoring and manage that very closely. And there's been a lot of volatility more recently with kind of Mexico's economic improvement and growth. So -- but we do have a hedge program.

是的。因此，從外匯的角度來看，如果重點是外匯，Anja，我們已經在全球範圍內對沖了不同的貨幣，並製定了不同的計劃。墨西哥是我們這樣做的地方之一。我們的對沖計劃往往非常有效。因此，我們顯然正在非常密切地監控和管理。最近，隨著墨西哥經濟的改善和成長，出現了很大的波動。所以——但我們確實有一個對沖計劃。

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

我們的問答環節到此結束。我想將會議轉回保羅·曼斯基發表閉幕詞。

Thank you, Betsy, and thank you, everybody, for participating in Benchmark's Third Quarter 2023 Earnings Call. Before we go, I'd like to remind listeners, we will be attending 2 conferences between now and our Q4 results. On December 4, we will be at the Raymond James TMT and Consumer Conference in New York. And then on the 16th of January, we'll be presenting at the 26th Annual Needham Growth Conference. Please remember to check the Events section of the IR website at ir.bench.com/investors for updates to the schedule.

謝謝 Betsy，也謝謝大家參加 Benchmark 的 2023 年第三季財報電話會議。在我們離開之前，我想提醒聽眾，從現在到第四季的結果，我們將參加 2 場會議。 12 月 4 日，我們將參加在紐約舉行的 Raymond James TMT 和消費者大會。然後在 1 月 16 日，我們將在第 26 屆尼達姆年度增長會議上發表演講。請記得查看 IR 網站 ir.bench.com/investors 的「活動」部分，以了解日程安排的更新。

With that, thank you again for your support, and we look forward to speaking with you soon.

在此，再次感謝您的支持，我們期待盡快與您交談。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。