(CLW) 2023 Q2 法說會逐字稿

Thank you for standing by. My name is Dina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Clearwater Paper's Second Quarter Earnings Conference Call.

謝謝你的支持。我叫迪娜，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Clearwater Paper 第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I would like to turn the call over now to Sloan Bohlen, Investor Relations. Sloan, please go ahead.

我現在想將電話轉給投資者關係部門的 Sloan Bohlen。斯隆，請繼續。

Thank you, Dina. Good afternoon, and thank you for Clearwater Paper's Second Quarter 2023 Earnings Conference Call. Joining me on the call today are Arsen Kitch, President and Chief Executive Officer; and Becky Barckley, Corporate Controller and Interim Chief Financial Officer. Financial results for the second quarter of 2023 were released shortly after today's market close, along with the filing of our 10-Q. You will find a presentation of supplemental information, including a slide providing the company's current outlook posted in the Investor Relations page on our website at clearwaterpaper.com.

謝謝你，迪娜。下午好，感謝您參加 Clearwater Paper 2023 年第二季財報電話會議。今天和我一起參加電話會議的還有總裁兼執行長 Arsen Kitch；和貝基·巴克利（Becky Barckley），公司財務總監兼臨時財務長。今天收盤後不久，我們發布了 2023 年第二季的財務業績以及我們提交的 10 季財報。您將找到補充資訊的演示文稿，其中包括一張提供公司當前前景的幻燈片，該幻燈片發佈在我們網站clearwaterpaper.com 的投資者關係頁面上。

Additionally, we will be providing certain non-GAAP information in this afternoon's discussion. A reconciliation of the non-GAAP information to comparable GAAP information is included in the press release and in the supplemental information provided on our website. Please note Slide 2 of the supplemental information covering the forward-looking statements rather than reread this slide, we are going to incorporate it by reference into our prepared remarks.

此外，我們將在今天下午的討論中提供某些非公認會計準則資訊。非公認會計原則資訊與可比較公認會計原則資訊的調節包含在新聞稿和我們網站上提供的補充資訊中。請注意涵蓋前瞻性陳述的補充資訊投影片 2，而不是重新閱讀這張投影片，我們將透過引用將其納入我們準備好的評論中。

And with that, let me turn the call over to Arsen.

接下來，讓我把電話轉給阿爾森。

Good afternoon, and thank you for joining us today. As you saw in our press release, we had a great second quarter, which was better than we expected, driven by strong operational execution, lower input costs and improved tissue margins. Slide 3 of our supplementals provides a summary of our consolidated results. We reported net sales of $525 million and adjusted EBITDA of $71 million, which is $8 million higher than the second quarter of last year. Our tissue business drove the improvement by more than doubling its adjusted EBITDA from $19 million in the second quarter of last year to $40 million this year.

下午好，感謝您今天加入我們。正如您在我們的新聞稿中看到的那樣，我們的第二季度表現出色，好於我們的預期，這得益於強勁的營運執行力、較低的投入成本和提高的衛生紙利潤率。我們補充資料的幻燈片 3 提供了我們綜合結果的摘要。我們公佈的淨銷售額為 5.25 億美元，調整後 EBITDA 為 7,100 萬美元，比去年第二季高出 800 萬美元。我們的衛生紙業務推動了這一改善，調整後的 EBITDA 從去年第二季的 1,900 萬美元增至今年的 4,000 萬美元，成長了一倍多。

Let me share a few more highlights with you. Prices increased in both paperboard and tissue as compared to the second quarter of 2022. Lower input costs benefited both of our business as compared to the first quarter of 2023, particularly in fiber, energy and transportation. Operational performance was strong, and we balanced supply and demand to manage our inventories. Tissue private branded share reached an all-time high as consumers continue to look for ways to offset inflation. Our tissue demand remained strong, and we delivered outstanding customer service, while improving our supply chain costs.

讓我與您分享更多亮點。與 2022 年第二季相比，紙板和生活用紙的價格均有所上漲。與 2023 年第一季相比，投入成本的降低使我們的業務受益，特別是在纖維、能源和運輸領域。營運績效強勁，我們平衡供需來管理庫存。隨著消費者繼續尋找抵消通貨膨脹的方法，自有品牌衛生紙的份額達到歷史新高。我們的衛生紙需求依然強勁，我們提供了優質的客戶服務，同時改善了我們的供應鏈成本。

Paperboard demand remained soft as customers reduced their inventories due to slowed consumer spending. And finally, we reduced our net debt by $25 million and repurchased 8 million of shares during the quarter, with $15 million remaining on our buyback authorization. With that overview, let me turn to each of our segments and provide some additional details.

由於消費者支出放緩，客戶減少了庫存，紙板需求仍然疲軟。最後，我們在本季將淨債務減少了 2,500 萬美元，並回購了 800 萬股股票，回購授權中剩餘 1,500 萬美元。有了這個概述，讓我轉向我們的每個部分並提供一些額外的細節。

Let's begin with our paperboard business on Slide 4. As we noted last year, demand began slowing late in the fourth quarter of last year with that trend continuing through the second quarter of this year. We believe that this was caused by a slowdown in consumer spending and high inventory levels across the value chain. Industry data reflected these trends with a 7.1% decrease in operating rates and a 12.6% decrease in shipments year-to-date 2023 versus year-to-date 2022 based on AF&PA data. As further evidence of this trend, RISI reported a $20 per ton decrease in folding carton prices in July, the first decrease in more than 3 years. Approximately 35% to 40% of our volume is now indexed to RISI, and it typically takes us up to 2 quarters for price changes under these contracts to be reflected in our financials.

讓我們從幻燈片 4 上的紙板業務開始。正如我們去年指出的那樣，需求在去年第四季末開始放緩，這一趨勢持續到今年第二季。我們認為這是由於消費者支出放緩和整個價值鏈庫存水準較高所造成的。行業數據反映了這些趨勢，根據 AF&PA 數據，與 2022 年迄今相比，2023 年至今開工率下降了 7.1%，出貨量下降了 12.6%。作為這一趨勢的進一步證據，RISI 報告稱 7 月折疊紙盒價格每噸下降 20 美元，這是 3 年多以來的首次下降。目前，我們約 35% 至 40% 的交易量已與 RISI 掛鉤，這些合約下的價格變化通常需要長達 2 個季度的時間才能反映在我們的財務數據中。

While demand remains soft at the beginning of the third quarter, we're expecting an improvement in our volumes in the second half. As I mentioned during our first quarter earnings call, we reduced production in the second quarter to manage our inventories, which resulted in approximately 10% of plant capacity downtime in the second quarter. Our intent is to continue to balance supply and demand for the remainder of the year to get to our targeted inventory levels. While the industry is experiencing a slowdown in demand, we continue to believe that paperboard is economically resilient given the end use of the products. Our portfolio, in particular, skews more heavily towards consumer necessities such as food packaging, pharmaceuticals and cosmetics. We also expect the shift to paper-based products to accelerate with consumers seeking more sustainable packaging and food service products. We believe that this should provide us with more opportunities for growth in the long run.

儘管第三季初需求依然疲軟，但我們預計下半年銷售將有所改善。正如我在第一季財報電話會議上提到的，我們在第二季減少了產量以管理庫存，這導致第二季約 10% 的工廠產能停工。我們的目的是在今年剩餘時間內繼續平衡供需，以達到我們的目標庫存水準。儘管該行業的需求正在放緩，但我們仍然相信，考慮到產品的最終用途，紙板在經濟上具有彈性。我們的產品組合尤其偏向食品包裝、藥品和化妝品等消費必需品。我們也預計，隨著消費者尋求更永續的包裝和食品服務產品，向紙本產品的轉變將會加速。我們相信，從長遠來看，這將為我們提供更多的成長機會。

Please turn to Slide 5 for additional comments on tissue. The performance of our business was very strong with significant improvements in margin driven by higher pricing, higher volume and lower input costs. Adjusted EBITDA more than doubled year-over-year and sequentially to $40 million. Input costs eased between the first and second quarter of this year, particularly in pulp, energy and transportation. Revenue improved by 9% year-over-year, driven by higher pricing and higher retail shipments. Operating performance was also solid, leading to great customer service results with an on-time performance rate of over 95% and a fill rate of over 99%.

請參閱投影片 5 以了解有關組織的更多評論。我們的業務表現非常強勁，在更高的定價、更高的銷售和更低的投入成本的推動下，利潤率顯著提高。調整後 EBITDA 年成長一倍多，季增 4,000 萬美元。今年第一季至第二季的投入成本有所下降，特別是在紙漿、能源和運輸方面。在定價上漲和零售出貨量增加的推動下，營收年增 9%。營運績效也十分穩健，客戶服務表現出色，準時率超過 95%，滿足率超過 99%。

The team delivered these results while maintaining inventories at targeted levels and lowering our overall supply chain costs. Let's turn to some broader market data. Private branded tissue share reached an all-time high of 36.3% in June based on Circana panel data. We believe that consumers are continuing to look for better values in their daily purchases to offset inflation and economic uncertainty. Based on RISI data for May, tissue capacity utilization rose to 94.2%, which we believe to be a healthy level. We expect continued strength in our tissue business in the coming quarters as we benefit from strong consumer demand, lower input costs and continued benefits from previously announced price increases. Pulp costs have been on a downward trajectory since the first quarter of this year, with RESI forecasting a continued decline through the rest of the year and relative stability in 2024.

團隊取得了這些成果，同時將庫存維持在目標水準並降低了我們的整體供應鏈成本。讓我們轉向一些更廣泛的市場數據。根據 Circana 面板數據，6 月自有品牌衛生紙份額達到 36.3% 的歷史新高。我們相信，消費者在日常購買中將繼續尋求更高的價值，以抵消通貨膨脹和經濟不確定性。根據 RISI 5 月數據，衛生紙產能利用率升至 94.2%，我們認為這是健康水準。我們預計未來幾季我們的衛生紙業務將持續強勁，因為我們受益於強勁的消費者需求、較低的投入成本以及先前宣布的價格上漲的持續收益。自今年第一季以來，紙漿成本一直呈下降趨勢，RESI 預測今年剩餘時間將持續下降，並在 2024 年相對穩定。

As a reminder, it takes approximately 3 months for changes in pulp prices to be fully reflected in our financials. Transportation availability and costs have also improved greatly since last year, with lower line haul rates positively impacting our financials. With that overview, let me introduce our Corporate Controller and Interim CFO, Becky Barckley. Becky is a key leader in our finance team and has long tenured experience in the forest products industry. Thank you, Becky, for supporting us during this transition.

提醒一下，紙漿價格的變化大約需要 3 個月的時間才能完全反映在我們的財務數據中。自去年以來，運輸可用性和成本也有了很大改善，線路運輸費率的降低對我們的財務狀況產生了積極影響。在概述之後，讓我介紹一下我們的公司財務總監兼臨時財務長 Becky Barckley。貝基是我們財務團隊的主要領導者，在林產品行業擁有長期的經驗。貝基，謝謝您在過渡期間對我們的支持。

With that introduction, I will now ask Becky to discuss our second quarter results in more detail.

介紹完畢後，我現在請貝琪更詳細地討論我們第二季的業績。

Thank you, Arsen. Please turn to Slide 6. The consolidated summary income statement shows results for the second quarter of 2023 and 2022. In the second quarter of '23, we recorded net income of $29.7 million, net income per diluted share of $1.75 and adjusted net income per diluted share of $1.74. The corresponding segment results are on Slide 7. The key takeaway is that on a consolidated basis, the business performed well with lower cost, stronger operating performance driving a healthy improvement in profitability. Adjusted EBITDA margin rose to 13.6% in the quarter as compared to 12% last year.

謝謝你，阿爾森。請參閱投影片6。合併總損益表顯示了2023 年第二季及2022 年第二季的業績。2023 年第二季度，我們錄得淨利2,970 萬美元，稀釋後每股淨利為1.75 美元，調整後每股淨利潤為1.75 美元。稀釋後份額為 1.74 美元。相應的分部績效請見投影片 7。關鍵要點是，在合併基礎上，業務表現良好，成本較低，經營績效強勁，推動獲利能力健康改善。本季調整後 EBITDA 利潤率從去年的 12% 升至 13.6%。

Slide 8 is a year-over-year comparison of the segment income and adjusted EBITDA for our paperboard business. On a year-over-year basis, higher pricing offset higher cost, while lower production volumes impacted cost absorption and our overall cost structure.

幻燈片 8 是我們紙板業務的部門收入和調整後 EBITDA 的年比比較。與去年同期相比，較高的定價抵消了較高的成本，而較低的產量則影響了成本吸收和我們的整體成本結構。

Slide 14 in the appendix shows the sequential comparison of the second quarter to the first quarter of this year. It reflects a lower sales mix, lower production volumes with flattening costs.

附錄中的投影片 14 顯示了今年第二季與第一季的連續比較。這反映出銷售組合下降、產量下降、成本趨於平緩。

Slide 9 is a year-over-year comparison of segment income and adjusted EBITDA for our tissue business. As Arsen discussed, we are benefiting from previously announced price increases, higher volume and lower input costs. It is important to note that significant pulp price increases in 2022 did not impact our financials until the second half of the year, leading to a relatively flat cost comparison between the second quarter of this year to last year.

投影片 9 是我們衛生紙業務部門收入和調整後 EBITDA 的年比比較。正如阿森所討論的，我們受益於先前宣布的價格上漲、銷售增加和投入成本降低。值得注意的是，2022 年紙漿價格的大幅上漲直到下半年才對我們的財務狀況產生影響，導致今年第二季與去年同期的成本比較相對持平。

Slide 15 in the appendix shows the sequential comparison of the second quarter to the first quarter of this year. It reflects the significant benefits that we are seeing from lower input costs particularly in pulp, energy and transportation.

附錄中的幻燈片 15 顯示了今年第二季與第一季的連續比較。它反映了我們從較低的投入成本中看到的顯著效益，特別是在紙漿、能源和運輸方面。

Slide 10 outlines our capital structure. Our balance sheet remains very strong, and our liquidity improved quarter-over-quarter, now totaling $313 million. During the quarter, we generated $33 million in free cash flow and reduced net debt by $25 million versus the first quarter. On a year-to-date basis, we generated $3 million in free cash flow. As a reminder, we had negative cash flows during the first quarter due to a higher-than-normal trade payables balance from the fourth quarter of 2022 as well as typical first quarter outflows.

投影片 10 概述了我們的資本結構。我們的資產負債表仍然非常強勁，流動性逐季改善，目前總計 3.13 億美元。本季度，我們產生了 3,300 萬美元的自由現金流，與第一季相比，淨債務減少了 2,500 萬美元。今年迄今為止，我們產生了 300 萬美元的自由現金流。提醒一下，由於 2022 年第四季的貿易應付帳款餘額高於正常水平以及典型的第一季資金流出，我們第一季出現了負現金流。

Our net debt-to-EBITDA ratio was at 2.1x at the end of the quarter. We used free cash flow to repurchase 8 million of our stock during the quarter. That translates into over 260,000 shares repurchased an average price of $31.70 per share. We have roughly $15 million left on our share repurchase authorization.

截至本季末，我們的淨負債與 EBITDA 比率為 2.1 倍。本季我們利用自由現金流回購了 800 萬股股票。這意味著回購了超過 260,000 股股票，平均價格為每股 31.70 美元。我們的股票回購授權還剩約 1500 萬美元。

Let's now move to Slide 11. And for an outlook on the third quarter of 2023 as well as some updates to our full year expectations. Based on the continued momentum in tissue and moderating input costs, we expect adjusted EBITDA in the range of $73 million to $83 million for the quarter. In terms of our full year assumptions, we expect that operating results will be favorable relative to 2022 by $42 million due to fewer major maintenance outages and better operating performance.

現在讓我們轉到投影片 11。了解 2023 年第三季的展望以及我們全年預期的一些更新。基於衛生紙的持續成長動能和投入成本的放緩，我們預期本季調整後的 EBITDA 將在 7,300 萬美元至 8,300 萬美元之間。就我們的全年假設而言，由於重大維護停駛次數減少和營運績效改善，我們預計營運績效將比 2022 年好 4,200 萬美元。

Additionally, we now expect a benefit of $15 million to $25 million due to the impact of previously announced price increases and lower input costs. Lastly, our other key assumptions for the full year remain unchanged. Interest expense should be in the $27 million to $25 million range, depreciation and amortization expense should be $98 million to $101 million, capital expenditures should be between $70 million and $80 million, which includes approximately $9 million on our Lewiston recovery boiler tube replacement project and $11 million on the precipitator replacement in Arkansas. As a reminder, the recovery boiler project will require approximately $40 million in total spend, while the precipitator is projected to require $45 million. And finally, our tax rate should be in the mid-20% range.

此外，由於先前宣布的價格上漲和投入成本降低的影響，我們現在預計收益為 1500 萬至 2500 萬美元。最後，我們對全年的其他關鍵假設保持不變。利息費用應在2,700 萬美元至2,500 萬美元範圍內，折舊和攤提費用應在9,800 萬美元至1.01 億美元之間，資本支出應在7,000 萬美元至8,000 萬美元之間，其中包括劉易斯頓回收鍋爐管更換項目的約900 萬美元以及1100 萬美元用於阿肯色州除塵器的更換。需要提醒的是，回收鍋爐項目將需要約 4000 萬美元的總支出，而除塵器預計需要 4500 萬美元。最後，我們的稅率應該在 20% 左右。

Let me turn the call back over to Arsen.

讓我把電話轉回給阿森。

Thanks, Becky. I'd like to conclude the call with a brief overview of how we're prioritizing our capital allocation to create shareholder value.

謝謝，貝基。在結束這次電話會議時，我想簡要概述我們如何確定資本配置的優先順序以創造股東價值。

Slide 12 is a framework to our approach. Our top priority is sustaining the competitiveness of our assets. We believe that this requires an average of $60 million to $70 million annually, excluding large projects such as the recovery boiler work in Lewiston and the precipitator replacement in Arkansas. Second, we intend to maintain a balance sheet that provides us with financial flexibility. We now have a much stronger balance sheet than we did a few years ago, and we intend to continue to maintain and improve our position. A strong balance sheet provides us with the capacity to take advantage of investment opportunities, including in the potential down cycle. And finally, we will look at various opportunities to create value through return-generating investments, opportunistic acquisitions and returning capital to shareholders.

投影片 12 是我們方法的框架。我們的首要任務是維持資產的競爭力。我們認為，這每年平均需要 6,000 萬至 7,000 萬美元，不包括劉易斯頓的回收鍋爐工程和阿肯色州的除塵器更換等大型項目。其次，我們打算維持一個為我們提供財務彈性的資產負債表。我們現在的資產負債表比幾年前要強大得多，我們打算繼續維持和改善我們的地位。強勁的資產負債表使我們有能力利用投資機會，包括在潛在的下行週期中。最後，我們將尋找透過產生回報的投資、機會性收購和向股東返還資本來創造價值的各種機會。

You saw us do that in the second quarter by repurchasing $8 million worth of our shares. We're going to continue to be disciplined allocators of capital, and we'll seek the right opportunities to create value across both of our businesses. The team delivered a strong second quarter, and we're optimistic about our business in the second half of this year. Let me close by thanking our people for all that they do to keep our operations running safely and efficiently. I would also like to thank our customers for placing their trust in us and our shareholders for their continued support.

你看到我們在第二季度透過回購價值 800 萬美元的股票來做到這一點。我們將繼續成為有紀律的資本配置者，並將尋求合適的機會在我們的業務中創造價值。該團隊在第二季度表現強勁，我們對今年下半年的業務感到樂觀。最後，我要感謝我們的員工為確保我們的業務安全高效運作所做的一切。我還要感謝客戶對我們的信任以及股東的持續支持。

With that, we will end our prepared remarks and take your questions.

至此，我們將結束準備好的發言並回答大家的問題。

(Operator Instructions)

（操作員說明）

Your first question comes from Paul Quinn from RBC Capital Markets.

你的第一個問題來自加拿大皇家銀行資本市場的保羅‧奎因。

Just maybe start with your Consumer Products segment. The staff for the second quarter came out this morning, it sort of shows pretty lackluster North American tissue production and drop in operating rates. How are you able to -- it sounds like your tissue is going (inaudible), especially in the second quarter. How are you able to compete the competition right now?

也許可以從您的消費品部門開始。今天早上公佈的第二季工作人員數據顯示，北美衛生紙生產相當低迷，開工率下降。你怎麼能——聽起來你的組織正在消失（聽不清楚），尤其是在第二季。您現在如何能夠參加比賽？

I think our demand is pretty strong and pretty stable. And as I've mentioned previously, we have no material contract risks this year. So private branded shares up, our customers, generally speaking, are doing well, and I think we're doing a really good job of supporting them. So we have strong sales, and I think the operating rates in the industry are also fairly -- are fairly high. So it's -- for us, at least, our demand is strong, and we're able to support that demand.

我認為我們的需求非常強勁而且非常穩定。正如我之前提到的，我們今年沒有重大合約風險。因此，自有品牌的股票上漲，總的來說，我們的客戶表現良好，我認為我們在支持他們方面做得非常好。因此，我們的銷售強勁，而且我認為該行業的開工率也相當高。所以，至少對我們來說，我們的需求很強烈，而且我們能夠支持這種需求。

Okay. And then slide, I think it's 15 shows sort of a sequential improvement in that $15 million drop in cost. Is that all to do with pulp?

好的。然後幻燈片，我認為 15 顯示了 1500 萬美元成本下降的連續改善。這一切都與紙漿有關嗎？

A lot of it is pulp. We're also benefiting from transportation and energy as well in tissues sequentially, but pulp is going to be a big story this year.

其中很多是紙漿。我們也依次受益於運輸和能源以及紙巾產業，但紙漿將成為今年的大新聞。

Okay. And then Arsen, you mentioned that 3-month lag in pulp to really hit the bottom line. So this is really the drop in pulp pricing in Q1 that really comes into factor that $15 million in Q2?

好的。然後 Arsen，您提到紙漿延遲 3 個月才能真正達到底線。那麼，第一季紙漿價格的下降真的會影響第二季的 1500 萬美元嗎？

That's part of the story. So it's -- if we go back on pulp, there's 2 important points there, Paul. The first one is pulp peaked in the second half of last year. And as you mentioned, it takes us approximately 3 months for that to flow through our P&L. So actually, if you look at the first half of this year versus the first half of last year, our pulp prices are actually slightly higher, but we're seeing a meaningful sequential drop in pulp prices.

這是故事的一部分。所以，如果我們回到紙漿上，有兩點很重要，保羅。第一個是去年下半年紙漿的峰值。正如您所提到的，我們大約需要 3 個月的時間才能處理好損益表。因此，實際上，如果你看看今年上半年與去年上半年的情況，我們的紙漿價格實際上略高，但我們看到紙漿價格出現了有意義的連續下降。

Okay. And then if I just switch over to the paperboard side. You mentioned the drop in folding carton pricing, index pricing. When you mentioned that your 35% to 40% index RISI, is that to that folding carton price? Or is that to another RISI index price?

好的。然後如果我切換到紙板一側。您提到了折疊紙盒定價和指數定價的下降。當您提到 RISI 指數為 35% 至 40% 時，是針對折疊紙盒的價格嗎？還是另一個 RISI 指數價格？

I think, generally speaking, it's folding carton and cup. I think those are the 2 prices that RESI indexes. So we're depending on the customer and depending on the volume, it's one of those.

我想，一般來說，就是折疊紙盒和杯子。我認為這些是 RESI 索引的兩個價格。所以我們取決於客戶和數量，這就是其中之一。

Okay. And then just on the CapEx spread that you've got, I suspect the precipitator down in Arkansas is kind of a maintenance type thing, you're not expected to get any kind of lower costs or benefits as a result of that. What about the recovery boiler, any pickup in lower cost going forward?

好的。然後就您所獲得的資本支出分佈而言，我懷疑阿肯色州的除塵器是一種維護類型的東西，您預計不會因此而獲得任何較低的成本或收益。回收鍋爐怎麼樣，未來成本會不會下降？

I think, generally speaking, both of these are maintenance types of projects. There's probably some mild benefits with the precipitator, but we view that as largely a replacement project. We're replacing something that's decades old. So there should be some better performance coming out of it and better reliability. But largely, we view those as the replacement projects.

我認為，總體來說，這兩個都是維護類型的項目。除塵器可能有一些輕微的好處，但我們認為這主要是一個替代項目。我們正在更換已有數十年歷史的東西。因此，它應該具有更好的性能和更好的可靠性。但在很大程度上，我們將這些視為替代項目。

Okay. And then the last question I had, just on capital allocation. I mean, it looked like your balance sheet is in great shape. Why not repurchase a heck a lot more shares than [263] in the quarter?

好的。然後是我的最後一個問題，關於資本配置。我的意思是，看起來你的資產負債表狀況良好。為什麼不在本季回購比 [263] 更多的股票呢？

Paul, as I mentioned in our framework, I think we take an opportunistic approach to our share buybacks. So we'll -- we increase our purchases when we see a better value. So we purchased quite a bit -- quite a few more shares this quarter than last quarter, but I'll just leave it at that.

保羅，正如我在我們的框架中提到的，我認為我們對股票回購採取了機會主義的態度。因此，當我們看到更好的價值時，我們會增加購買量。因此，我們本季購買了相當多的股票，比上季多了很多，但我就這樣吧。

Well, it seems to reckon that given the share price is right about what you purchased the shares in Q2. I suspect you've got a clear opportunity into Q3 as well.

嗯，鑑於股價與您在第二季度購買的股票相一致，似乎認為是正確的。我懷疑你在第三季也有明顯的機會。

Well, we'll continue to look at that and buy back shares up our opportunistic call.

好吧，我們將繼續關注這一點，並根據我們的機會主義呼籲回購股票。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。