Entegris Inc (ENTG) 2019 Q1 法說會逐字稿

Good day, everyone, and welcome to the Entegris' First Quarter 2019 Earnings Call with analysts. Today's call is being recorded. (Operator Instructions) At this time, for opening remarks and introductions, I'd like to turn the call over to Bill Seymour, Entegris VP of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Entegris 2019 年第一季財報電話會議（分析師參與）。今天的通話將會被錄音。（操作員指示）現在，為了致開幕詞和介紹，我謹將電話轉交給 Entegris 投資者關係副總裁 Bill Seymour。請繼續，先生。

Good morning, everyone. Earlier today, we announced the financial results for our first quarter of 2019.

各位早安。今天早些時候，我們公佈了2019年第一季的財務業績。

Before we begin, I'd like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, which are outlined in detail in our reports and filings with the SEC. Please refer to the information on the disclaimer slide in the presentation.

在開始之前，我想提醒各位聽眾，我們今天的評論將包含一些前瞻性陳述。這些聲明涉及諸多風險和不確定性，我們在提交給美國證券交易委員會的報告和文件中對此進行了詳細闡述。請參閱簡報中免責聲明投影片上的資訊。

On this call, we will also refer to non-GAAP financial measures as defined by the SEC in Regulation G. You can find a reconciliation table in today's press release as well as on our website.

本次電話會議中，我們也將提及美國證券交易委員會G條例定義的非GAAP財務指標。您可以在今天的新聞稿以及我們的網站上找到相關調節表。

Before I hand the call over to Bertrand, I'd like to point out the change we've made to our accounting treatment of inter-segment product sales, which started in the first quarter of this year. Our new practice recognizes the revenue and profit associated with products and components produced in 1 segment and supplied to another before being sold to the ultimate end customer. Our old practice was to transfer the products and components at cost.

在將電話交給伯特蘭之前，我想指出我們對部門間產品銷售的會計處理方式所做的改變，這項改變從今年第一季開始實施。我們的新做法是確認在一個部門生產並供應給另一個部門的產品和組件在最終銷售給終端客戶之前所產生的收入和利潤。我們以前的做法是以成本價轉讓產品和零件。

This change does not impact our consolidated financials, but it does impact the segment financials. The segment with the most impact is AMH. AMH segment sales are $6.9 million higher and margins are $2.9 million higher in Q1 with the new practice. And of course, the complementary adjustments were made in the other 2 segments. You can find restated segment financials for the prior year and sequential quarters in today's earnings release, and we've also provided all of '18 and 2017 quarterly segment financial restatements in our earnings slide deck.

此變更不會影響我們的合併財務報表，但會影響各業務部門的財務報表。最具影響力的細分市場是AMH。在第一季度，採用新方法後，AMH 業務部門的銷售額增加了 690 萬美元，利潤率增加了 290 萬美元。當然，其他兩個部分也進行了相應的調整。您可以在今天的收益報告中找到上一年和接下來幾季的重述分部財務數據，我們也在收益簡報中提供了 2018 年和 2017 年所有季度的分部財務重述數據。

On the call today are Bertrand Loy, our CEO; and Greg Graves, our CFO. I'll hand over to Bertrand.

今天參加電話會議的有我們的執行長 Bertrand Loy 和我們的財務長 Greg Graves。我將把麥克風交給伯特蘭。

Thank you, Bill. I will make some comments on our first quarter performance, how we see the industry environments and our expectations for the rest of the year. Greg will follow with more details on our financial results and provide guidance for the second quarter of 2019. We'll then open the line for questions.

謝謝你，比爾。我將就我們第一季的業績、我們對行業環境的看法以及我們對今年剩餘時間的預期發表一些評論。格雷格隨後將詳細介紹我們的財務業績，並對 2019 年第二季提供指導。接下來我們將開放提問環節。

Before I get started, I would like to address the termination of the Versum transaction. While we are disappointed that the merger did not happen, nothing changes for Entegris. We feel very confident in our competitive position, world-class technical capabilities, operational excellence and overall growth prospects. It is also worth repeating that we believe the secular semiconductor demand will continue to be attractive. Enabled by technologies like IoT, 5G and AI, our society will continue to need more and better chips. Greater materials intensity and greater materials purity will be the 2 defining factors of the next generation of semiconductor performance.

在開始之前，我想先說明一下 Versum 交易終止的問題。雖然我們對合併未能實現感到失望，但這對 Entegris 來說並不會改變任何事情。我們對自己在競爭中的地位、世界一流的技術能力、卓越的營運水準和整體成長前景充滿信心。值得重申的是，我們認為半導體產業的長期需求將繼續保持吸引力。在物聯網、5G 和人工智慧等技術的推動下，我們的社會將持續需要更多更好的晶片。更高的材料強度和更高的材料純度將是下一代半導體性能的兩個決定性因素。

As you all well know, Entegris operates at the crossroads of materials intensity and materials purity. In other words, our solution set is increasingly critical for our customers to achieve higher yields and targeted levels of true performance and reliability.

如大家所知，Entegris 的業務涵蓋了材料強度和材料純度兩個面向。換句話說，我們的解決方案對於我們的客戶而言越來越重要，能夠幫助他們實現更高的產量和達到預期的效能和可靠性水準。

In addition to executing on our strategic plan and growing our core business, we continue to focus on a broad area of capital allocation options that will lead to additional long-term value creation for our shareholders. We will provide more details on that shortly. But for now let me cover Q1.

除了執行我們的策略規劃和發展我們的核心業務外，我們還將繼續專注於廣泛的資本配置選擇，這將為我們的股東創造更多的長期價值。我們將盡快提供更多細節。但現在讓我先回答第一個問題。

During the first quarter, we delivered solid results that were essentially in line with our guidance. I am particularly pleased with this performance in light of the incremental softness that impacted the industry in the quarter. Our first quarter results demonstrated the strength of our execution as well as the resilience of the Entegris platform.

第一季度，我們取得了穩健的業績，基本上符合我們的預期。考慮到本季產業整體疲軟的局面，我對這項業績尤其感到滿意。我們第一季的業績證明了我們強大的執行力以及 Entegris 平台的韌性。

We grew our sales 6%, year-over-year in the first quarter, once again, outpacing our markets. Sequentially, sales were down modestly, reflecting the impact of the softer industrial environment.

第一季度，我們的銷售額年增 6%，再次超過了市場平均。與上一季相比，銷售額略有下降，反映出疲軟的產業環境帶來的影響。

In spite of this, our operating margins were flat sequentially, and we generated $109 million of EBITDA, demonstrating the organization's strong execution and ongoing focus on cost control and productivity enhancements.

儘管如此，我們的營業利潤率環比持平，EBITDA 達到 1.09 億美元，這表明公司在成本控制和生產力提升方面擁有強大的執行力和持續的專注度。

In addition, non-GAAP EPS was up 6% both year-over-year and sequentially.

此外，非GAAP每股盈餘較去年同期成長6%，較上季成長6%。

Finally, in March, we acquired Digital Specialty Chemicals.

最後，在三月，我們收購了 Digital Specialty Chemicals 公司。

I will now provide some color on the market and how it impacted us in the first quarter.

接下來我將詳細介紹市場狀況以及它對我們第一季的影響。

As I said, the market was softer than expected in the quarter. This was particularly true in memory-related wafer production where customers lowered utilization rates and focused on working down inventory levels. As a result, our sales to memory customers were down significantly in the first quarter.

正如我所說，本季市場表現弱於預期。在記憶體相關的晶圓生產領域，這種情況尤其突出，客戶降低了利用率，並專注於降低庫存水準。因此，我們第一季對記憶體客戶的銷售額大幅下降。

In contrast, in logic and foundry, despite the soft end market, our sales grew both year-over-year and sequentially as we started to benefit from a number of new node transistions.

相較之下，在邏輯和晶圓製造領域，儘管終端市場疲軟，但隨著我們開始受益於一些新的節點過渡，我們的銷售額同比增長和環比增長。

At wafer growers and chemical customers, Entegris' sales were up significantly year-over-year and up modestly sequentially.

Entegris 在晶圓生產商和化學品客戶方面的銷售額同比增長顯著，環比也略有增長。

And finally, as you would expect, our sales to equipment customers, which is more tied to industry CapEx, was down in the quarter both year-over-year and sequentially.

最後，正如您所預料的那樣，我們面向設備客戶的銷售額（與行業資本支出關係更為密切）在本季度同比和環比均有所下降。

In mid-March, we acquired Digital Specialty Chemicals, or DSC, a provider of advanced materials to the semiconductor, specialty chemical and pharmaceutical industries. In semiconductor manufacturing, increasing complexity of device architectures in leading-edge nodes requires more advanced and highly engineered materials. DSC is a market leader in designing and synthesizing this new generation of films and deposition materials. DSC's chemical synthesis capabilities expands our ability to serve our customers and complements our own existing capabilities. This addition will accelerate our time to market from industrial R&D sampling to high-volume manufacturing. DSC is expected to generate between $15 million and $20 million in sales for the full year of 2019 and be essentially neutral to earnings this year. DSC will be part of our business SCEM business. And let me just say that we are very excited to have DSC join the Entegris team.

3月中旬，我們收購了Digital Specialty Chemicals（簡稱DSC），該公司是半導體、特殊化學品和製藥行業的先進材料供應商。在半導體製造中，前緣節點元件架構的日益複雜化需要更先進、更精密的材料。DSC是設計和合成新一代薄膜和沈積材料的市場領導者。DSC 的化學合成能力擴大了我們服務客戶的能力，並補充了我們自身現有的能力。這項新增技術將加快我們從工業研發樣品到大規模生產的產品上市速度。DSC 預計在 2019 年全年將產生 1,500 萬美元至 2,000 萬美元的銷售額，並且對今年的收益基本無影響。DSC將成為我們SCEM業務的一部分。我還要說，我們非常高興 DSC 加入 Entegris 團隊。

Looking ahead at the rest of 2019, let me first comment on the market.

展望2019年剩餘時間，首先讓我談談市場狀況。

As I just referenced, memory-related wafer starts declined during the first quarter as the memory makers confronted high inventory levels. We expect this softness to extend into the second quarter, as customers continue to lower their inventory levels.

正如我剛才提到的，由於記憶體製造商面臨高庫存水平，第一季與記憶體相關的晶圓開工量有所下降。我們預計這種疲軟態勢將延續到第二季​​度，因為客戶將繼續降低庫存水準。

However, looking to the second half, there are reasons to be cautiously optimistic as we see some positive indicators for both the broader industry and our business.

然而，展望下半年，我們有理由保持謹慎樂觀，因為我們看到一些積極的跡象表明，無論是對整個行業還是對我們公司都是如此。

In particular, we are expecting a recovery in leading-edge logic in the later part of the year. However, I want to be clear that we are not counting on any meaningful recovery in industry CapEx for the balance of the year.

尤其值得一提的是，我們預計今年下半年尖端邏輯電路市場將出現復甦。但是，我想明確指出，我們並不指望今年剩餘時間內行業資本支出會出現任何實質復甦。

As it relates to our own business, in 2019, we remain very confident.

就我們自身的業務而言，2019年我們依然充滿信心。

On macro level, we expect to benefit from technology node transitions at a number of foundry, logic and memory customers.

從宏觀層面來看，我們預計將受益於許多晶圓代工廠、邏輯電路和記憶體客戶的技術節點轉型。

Several new products will benefit from these advanced node transitions, including:

多款新產品將受益於這些先進的節點過渡，其中包括：

In our microcontamination division, the Torrento X "wet etch and clean" filter and our SAES bulk gas purification system;

在我們的微污染部門，我們使用了 Torrento X「濕式蝕刻和清潔」過濾器以及我們的 SAES 大宗氣體淨化系統；

In our AMH division, our EUV electrical parts and high-purity drums;

在我們的AMH部門，我們的EUV電子元件和高純度滾筒；

And finally in SCEM, a number of new deposition materials, advanced coatings and selective etch chemistries.

最後，SCEM 中出現了許多新的沉積材料、先進的塗層和選擇性蝕刻化學方法。

In addition, we continue to look at ways to use our balance sheet and deploy our capital to create value for shareholders. Historically, M&A has been a very effective way to create shareholder value. On the other side, the acquisitions completed in 2018, namely PSS, Flex Concepts and SAES, are performing well above our expectation in spite of the soft industry environment.

此外，我們將繼續探索如何利用我們的資產負債表和資本，為股東創造價值。從歷史上看，併購一直是創造股東價值的有效方法。另一方面，儘管產業環境疲軟，但 2018 年完成的收購，即 PSS、Flex Concepts 和 SAES，其表現遠遠超出我們的預期。

Looking forward, expect us to be focused on additional M&A in the areas of high-performance materials, filtration and purification. SAES and DSC are perfect examples of the type of businesses we are targeting.

展望未來，我們將繼續專注於高性能材料、過濾和淨化領域的併購活動。SAES 和 DSC 就是我們所瞄準的那類企業的完美例子。

Putting it all together, we expect 2019 to be another record year for Entegris. We expect our sales in 2019 to be approximately $1.6 billion, and we expect our non-GAAP EPS to exceed $1.90.

綜合所有因素，我們預計 2019 年將是 Entegris 的另一個創紀錄的年份。我們預計 2019 年的銷售額約為 16 億美元，非 GAAP 每股收益將超過 1.90 美元。

I will now turn the call to Greg for the financial details. Greg?

現在我將把電話轉給格雷格，讓他提供財務細節。格雷格？

Thank you, Bertrand. As Bertrand said, our first quarter performance and execution was solid, especially in light of the industry environment.

謝謝你，伯特蘭。正如伯特蘭所說，考慮到產業環境，我們第一季的業績和執行情況都很穩健。

Q1 sales of $391 million grew 6% from a year ago. Sales were down 2.6% sequentially, driven primarily by the slower wafer starts that Bertrand referenced.

第一季銷售額為 3.91 億美元，比去年同期成長 6%。銷售額季減 2.6%，主要原因是 Bertrand 提到的晶圓開工速度放緩。

Q1 GAAP diluted earnings per share was $0.24.

第一季GAAP稀釋後每股收益為0.24美元。

On a non-GAAP basis, EPS was $0.50, up 6% from Q1 of 2018.

以非GAAP準則計算，每股收益為0.50美元，比2018年第一季成長6%。

Moving on to gross margins, GAAP gross margins of 45.4% included the negative impact of an approximately $2 million inventory write-up associated with the SAES Pure Gas and DSC acquisitions.

接下來是毛利率，GAAP 毛利率為 45.4%，其中包括與 SAES Pure Gas 和 DSC 收購相關的約 200 萬美元存貨增值的負面影響。

Our non-GAAP gross margins of 46% were flat sequentially. The year-on-year decline in gross margin was driven primarily as expected by the addition of SAES Pure Gas to the portfolio. We expect gross margin to be approximately 46% on a non-GAAP basis in Q2.

我們的非GAAP毛利率為46%，與上一季持平。正如預期的那樣，毛利率年減主要是由於 SAES Pure Gas 併入投資組合所致。我們預計第二季非GAAP毛利率約為46%。

GAAP operating expenses of $130 million included approximately $19 million of "deal-related" costs associated with the Versum transaction, $19 million of amortization of intangible assets, $3 million of integration costs and $2 million in severance.

GAAP 營運費用為 1.3 億美元，其中包括與 Versum 交易相關的約 1,900 萬美元「交易相關」成本、1,900 萬美元無形資產攤銷、300 萬美元整合成本和 200 萬美元遣散費。

Non-GAAP operating expenses in Q1 were $88 million, below our guidance reflecting effective cost control. We expect non-GAAP operating expenses to be $89 million to $91 million in the second quarter.

第一季非GAAP營運費用為8,800萬美元，低於我們的預期，這反映了有效的成本控制。我們預計第二季非GAAP營運費用為8,900萬美元至9,100萬美元。

Non-GAAP operating income was $92.2 million or 23.6% of revenue, in line with our target model.

非GAAP營業收入為9,220萬美元，佔營收的23.6%，符合我們的目標模式。

Our GAAP tax rate was 14.2% for the quarter and included a 3% discrete benefit related to stock-based compensation. Our non-GAAP tax rate was 18.4% and included the same discrete benefit. For 2019, we continue to expect our full year non-GAAP tax rate to be approximately 21%.

本季我們的 GAAP 稅率為 14.2%，其中包括與股票選擇權相關的 3% 的一次性收益。我們的非GAAP稅率為18.4%，並包含相同的獨立收益。2019 年，我們仍然預期全年非 GAAP 稅率約為 21%。

Adjusted EBITDA for the quarter was $109 million or 28% of revenue.

本季調整後 EBITDA 為 1.09 億美元，佔營收的 28%。

Turning to our performance by division.

接下來我們來看看各部門的業績。

Q1 sales of $124 million for Specialty Chemicals and Engineered Materials, or SCEM, declined 5% from a year ago. As a reminder, our SCEM business is most exposed to the memory decline and the decrease in wafer starts. Adjusted operating margin for SCEM was 20.1%, down over 300 basis points from the same period last year. The decline in operating margin was driven primarily by lower sales volume and investments in manufacturing capacity in anticipation of future growth.

特種化學品和工程材料（SCEM）第一季銷售額為 1.24 億美元，比去年同期下降 5%。再次提醒，我們的SCEM業務最容易受到記憶體使用量下降和晶圓開工量減少的影響。SCEM 的調整後營業利潤率為 20.1%，比去年同期下降了 300 多個基點。營業利益率下降的主要原因是銷售量下降以及為應對未來成長而對生產能力的投資。

Q1 sales of $158 million for microcontamination control, or MC, were up 33% from last year. The strong growth in the quarter was driven by the addition of SAES Pure Gas and a record quarter in Liquid Filtration. Adjusted operating margin for MC of 31.8% was down over 200 basis points from last year but was flat sequentially. The decline from last year was primarily due to the addition of SAES to the portfolio. We expect that MC margins will benefit as SAES synergies are more fully realized in the back half of 2019.

第一季微污染控制（MC）銷售額為 1.58 億美元，比去年同期成長 33%。本季強勁成長主要得益於 SAES Pure Gas 的加入以及液體過濾業務創紀錄的季度業績。MC 的調整後營業利潤率為 31.8%，比去年下降了 200 多個基點，但與去年持平。與去年相比的下降主要是由於投資組合中增加了 SAES。我們預計，隨著 SAES 協同效應在 2019 年下半年得到更充分的實現，MC 的利潤率將受益。

Q1 sales for Advanced Materials Handling, or AMH, of $116 million was down 6% from last year. The year-over-year decline in sales was driven by softness in capital-driven businesses and the impact from the Q3 divestiture of a small non-core cleaning services business. Adjusted operating margin for AMH of 19.8% was down year-over-year but up almost 300 basis points sequentially. AMH margins benefited from cost reductions, favorable product mix and other margin enhancement programs implemented in Q4 of last year.

先進材料處理公司（AMH）第一季銷售額為 1.16 億美元，比去年同期下降 6%。銷售額較去年同期下降的原因是資本密集型業務疲軟以及第三季剝離小型非核心清潔服務業務的影響。AMH 的調整後營業利潤率為 19.8%，年減，但較上季成長近 300 個基點。AMH 的利潤率受益於去年第四季實施的成本降低、有利的產品組合和其他利潤率提升計劃。

Cash flow from operations for the first quarter was a negative $3 million, and free cash flow was a negative $37 million. As a reminder, Q1 typically has the lowest cash flow of the year, primarily due to the variable compensation payment it has made during the first quarter. It is worth noting that shortly after quarter end, we collected the $140 million termination fee from the Versum transaction, and we received a $31 million tax refund.

第一季經營活動產生的現金流為負 300 萬美元，自由現金流為負 3,700 萬美元。需要提醒的是，第一季通常是一年中現金流最低的季度，這主要是因為第一季支付了可變薪酬。值得注意的是，季度末後不久，我們收到了 Versum 交易的 1.4 億美元終止費，並且收到了 3,100 萬美元的退稅。

Uses of cash during the quarter included $50 million for the purchase of DSC. CapEx in the first quarter totaled $34 million. We expect to spend approximately $110 million on CapEx in 2019 to support our new product introductions, improve technical capabilities and growth in filtration and liquid packaging.

本季現金用途包括 5,000 萬美元用於收購 DSC。第一季資本支出總計 3,400 萬美元。我們預計 2019 年將在資本支出方面投入約 1.1 億美元，以支持我們的新產品推出、提高過濾和液體包裝方面的技術能力和成長。

Consistent with our capital allocation strategy, we used $9.5 million for our quarterly dividend. For share repurchases, in the fourth quarter and through the end of January, we repurchased a total of 6.6 million shares for approximately $179 million at an average price of approximately $27. This includes 1 million shares purchased in January prior to the announcement of the MOE transaction. We expect our share count to be approximately 137 million diluted shares for Q2.

根據我們的資本配置策略，我們用 950 萬美元支付了季度股息。在股票回購方面，第四季到1月底，我們以平均每股約27美元的價格，共回購了約660萬股股票，總金額約1.79億美元。這其中包括在宣布與MOE的交易之前，於1月購買的100萬股股票。我們預計第二季稀釋後的股份數量約為 1.37 億股。

Turning to our outlook for Q2, we expect sales to range from $375 million to $390 million, and we expect non-GAAP EPS to be $0.40 to $0.45. We expect Q2 to be the trough for the year with revenue improving in the back half.

展望第二季度，我們預計銷售額將在 3.75 億美元至 3.9 億美元之間，非 GAAP 每股收益預計為 0.40 美元至 0.45 美元。我們預計第二季將是全年的低谷，下半年收入將有所改善。

In summary, we are pleased with our operating and financial performance in the first quarter.

總而言之，我們對第一季的營運和財務表現感到滿意。

We once again demonstrated the resilience of our model with revenue declining modestly sequentially, despite softness in wafer starts and a weak CapEx environment.

儘管晶圓開工量疲軟，資本支出環境疲軟，但我們的收入環比僅小幅下降，這再次證明了我們模式的韌性。

Even with the modest decline in revenue, we delivered an operating profit in line with our expectations and the target model.

即使收入略有下降，我們仍實現了符合預期和目標模型的營業利潤。

We continue to be active with respect to strategic acquisitions.

我們將繼續積極進行策略性收購。

And finally, we positioned our company to achieve a higher level of earnings in 2019. Operator, we'll now take questions.

最後，我們為公司在 2019 年實現更高的獲利水準做好了準備。操作員，現在開始接受提問。

(Operator Instructions) And we'll take our first question from Sidney Ho from Deutsche Bank.

（操作員指示）我們首先來回答來自德意志銀行的西德尼·何提出的問題。

My first question is on you, Bertrand, you made a comment that you have started seeing some positive indicators. I was just hoping that you can explain that a little bit more. Is that mostly related just to leading-edge logic? Or is it some signs on the memory side as well? And in terms of timing, how those process indicators can play out?

我的第一個問題是問你的，伯特蘭，你曾說過你已經開始看到一些正面的跡象。我只是希望您能再解釋一下。這主要與前沿邏輯有關嗎？或者，記憶力方面也出現了一些跡象？從時間安排來看，這些過程指標會如何反映？

So Sidney, I think that the second quarter industry environment will remain challenging. We expect to see low level of utilization rates at both memory and mainstream fab customers, but we expect those utilization rates for those customers to improve in the back end of the year, and that's really what led us to be more optimistic for the back end of the year. That's on the one hand. The other factor is indeed the number of node transition and the intensity of those node transitions in the back end of the year both in logic and in memory. And as you know, that should benefit both our filtration and our SCEM business in the back end of the year.

所以西德尼，我認為第二季的產業環境仍將充滿挑戰。我們預期記憶體和主流晶片製造客戶的產能利用率都會較低，但我們預期這些客戶的產能利用率會在今年下半年有所改善，而這正是我們對今年下半年更加樂觀的原因。這是一方面。另一個因素確實是節點轉換的數量以及年底邏輯和記憶體中節點轉換的強度。如您所知，這應該會在年底對我們的過濾業務和供應鏈管理業務都有好處。

Okay. Great. Maybe a question on the Versum merger. Clearly, it was not a different outcome that you would prefer. But curious on the revenue synergy side that you guys identified during the process. I think you mentioned $50 million of EBITDA. And if you assume EBITDA margins at 30%, it implies revenue of somewhere in the $200 million range. How much of that do you think you can actually recognize in the future and something you can achieve by going alone? Or is it just a matter of time how long it takes to get those kind of revenues for yourself?

好的。偉大的。或許可以問一個關於Versum合併案的問題。顯然，這不是你所希望的結果。但我很好奇你們在這個過程中發現的所得綜效方面的問題。我想你有提到 5000 萬美元的 EBITDA。如果假設 EBITDA 利潤率為 30%，則表示收入在 2 億美元左右。你認為其中有多少是你未來能真正實現的，又有多少是你能夠獨自實現的？或者說，獲得那種收入只是時間問題？

Look, I think that the Versum merger is now old history for us, so I don't want to spend too much time talking about that. Instead, what I would say is that we have the opportunity to selectively grab technologies that could be enhancing our portfolio in such a way that we could be in a position to unlock some of those positive revenue synergies. DSC is a good example of that. DSC gives us access to new synthesis capabilities that we did not have at Entegris. It's something that we are hoping to get as part of a combination with Versum. Ultimately, we didn't get it, but I'm glad that we found it through the acquisition of DSC. So DSC gives us access to a number of new materials, that cobalt precursor, high-grade electric materials, hard mask materials, also allows us to expand our served market into pharmaceutical applications and other industrial applications. So again, we will find other ways to create positive revenue synergies as we continue to be active on our acquisition strategies.

你看，我認為 Versum 的合併對我們來說已經是過去的事了，所以我不想花太多時間談論這件事。相反，我想說的是，我們有機會選擇性地收購那些能夠增強我們產品組合的技術，使我們能夠釋放一些正面的收入協同效應。DSC 就是一個很好的例子。DSC 為我們提供了在 Entegris 時所不具備的全新合成能力。這是我們希望透過與 Versum 的合作來實現的目標。最終我們沒能得到它，但我很高興我們透過收購 DSC 找到了它。因此，DSC 使我們能夠獲得許多新材料，例如鈷前驅體、高等級電子材料、硬光罩材料，也使我們能夠將服務市場擴展到製藥應用和其他工業應用領域。因此，我們將繼續積極推動收購策略，尋找其他方法來創造正面的收入綜效。

Okay, maybe one last one for me. I'll hop back in the queue. I know the management team has been very focused on getting to this $3 EPS target. Or is it just -- it could be just run rate basis exiting next year. Given the current market conditions, is that still a target that we could think about? And how much we are relying on M&A versus the share repurchases there?

好吧，也許我還能再問一個。我重新排隊。我知道管理團隊一直非常專注於實現每股收益 3 美元的目標。或者僅僅是——可能只是明年按運行率退出。鑑於目前的市場狀況，這仍然是我們可以考慮的目標嗎？我們究竟在多大程度上依賴併購，又在多大程度上依賴股票回購？

Right. So Sidney, so it's fair to say that on the current industry environment there's a little bit of a setback for us. There were a number of industry growth assumptions obviously built into that model. Having said that, given where we stand today and with the acquisition of DSC, we believe that we should be able to reach close to $2.50 on an organic basis, and that's the number that -- again, remember, that a $3 number was a run rate number as we exit 2020. So we expect that we would be in a position to improve that number further as we continue to be active on the acquisition front and depending on the number of capital allocation decisions that we may make over the next 18 months.

正確的。所以西德尼，公平地說，在當前的產業環境下，我們確實遇到了一些挫折。該模型中顯然包含了一些產業成長假設。話雖如此，鑑於我們目前的狀況以及對 DSC 的收購，我們相信我們應該能夠透過有機成長達到接近 2.50 美元的目標價，而這個數字——再次提醒，3 美元是我們 2020 年底的預期目標價。因此，我們預計，隨著我們繼續積極開展收購活動，並且根據我們在未來 18 個月內可能做出的資本配置決策的數量，我們將能夠進一步提高這一數字。

And we'll take our next question from Patrick Ho from Stifel.

接下來，我們將回答來自 Stifel 公司的 Patrick Ho 提出的問題。

Maybe, Bertrand, first in terms of the market environment, can you give us your updated view of the MSI or the industry wafer starts data and where you think that's tracking to for 2019? And maybe as a follow-up to that, obviously, you're getting feedback from your memory customers regarding a potential second half recovery. We've heard comments from Hynix and Micron about that recovery. What gives you confidence that, I guess, that recovery will ensue giving a lot of the mix data points that are out there?

伯特蘭，首先就市場環境而言，您能否提供您對微創半導體產業或晶圓開工數據的最新看法，以及您認為2019年的數據走向？顯然，作為後續行動，您正在從內存用戶那裡獲得關於下半年可能復甦的反饋。我們已經聽到了海力士和美光就此復甦發表的評論。是什麼讓你相信，考慮到目前掌握的諸多數據，經濟將會復甦？

So Patrick, for MSI, we expect MSI to be flat year-on-year. But I think MSI is a misleading indicator in 2019, simply because, as you know, a lot of the wafer growers instituted take-or-pay contracts in the past few years. So instead what we've been trying to do is to really assess what wafer starts truly was, which is really the primary driver for our business. And wafer starts, you can infer wafer starts based on utilization rates and levels of inventory. And as we know, our customers have been working their inventory levels down in Q1. We expect that to continue to be the case in the second quarter as well. We expect inventory levels to be at sound levels as we exit Q2, and that's really the reason why we believe utilization rates will start increasing after that at most of our customers.

所以派崔克，對於MSI來說，我們預期MSI的業績將與去年持平。但我認為 2019 年的 MSI 是一個具有誤導性的指標，原因很簡單，正如你所知，過去幾年裡很多晶圓生產商都實行了照付不議合約。因此，我們一直在努力做的，是真正評估晶圓啟動究竟是什麼，這才是我們業務的主要動力。晶圓開工情況，可根據利用率和庫存水準推斷晶圓開工量。我們都知道，我們的客戶在第一季一直在努力降低庫存水準。我們預計第二季也將延續這一趨勢。我們預計第二季末庫存水準將處於合理水平，而這正是我們認為之後大多數客戶的利用率將開始上升的真正原因。

Great. Maybe as a follow-up question for Greg, in terms of the execution, you did execute quite well, despite the soft industry environment and the lower revenues. Can you just give us a little bit of color in terms of were the key levers are? I mean gross margins came in at 46% despite the lower revenue. Are you getting more leverage and, I guess, more ability to make, I guess, flexible moves on the gross margin line? Or are additional moves necessary on the OpEx line to keep the operating margins at these relatively elevated levels?

偉大的。或許可以向 Greg 追問一下，就執行方面而言，儘管產業環境疲軟且收入較低，但你們的執行情況相當不錯。能否簡單介紹一下關鍵控制桿的位置？我的意思是，儘管收入下降，但毛利率仍然達到了 46%。你是否獲得了更大的議價能力，並且，我想，在毛利率方面擁有了更大的靈活性？或者，是否需要在營運支出方面採取其他措施，以保持營運利潤率在相對較高的水平？

Yes. Hi, Patrick. So I would say 2 things. One is, on the gross margin line, I would just say we continue to execute quite well on the operation/manufacturing, and I've said it before. We continue to mature as an organization and get better there. And so as things slow down, that team is managing their variable costs very well. It used to be, from time to time, we'd see surprises on the op side. We see a lot less to that today. So I would just say a lot more consistency and a lot more discipline on the gross margin side of the house and specifically the manufacturing and supply chain organizations.

是的。你好，派崔克。所以我想說兩點。一方面，就毛利率而言，我想說我們在營運/製造方面繼續保持相當不錯的執行力，這一點我以前也說過。我們作為一個組織不斷成熟，也不斷進步。因此，隨著業務放緩，團隊對變動成本的控制非常出色。過去，我們時不時會看到進攻方出現一些意想不到的情況。如今這種情況已經少很多了。所以我認為，在毛利率方面，尤其是在製造和供應鏈組織方面，需要更加穩定和嚴謹。

With regard to OpEx, I mean as we came into the quarter, we saw some of the softness coming. We're committed to making our target model. So we really just ask people to sort of to tighten their belts and we trimmed where we could. I noted that we had a couple million dollars of severance in the quarter. So we did make some headcount reductions in the quarter that will result in annualized savings of approximately $5 million. We saw part of that in Q1. We see part of that with the good expense control we talked about for Q2.

關於營運支出，我的意思是，進入本季後，我們看到了一些疲軟的跡象。我們致力於實現我們的目標模型。所以我們只是要求大家勒緊褲腰帶，我們也盡可能地削減了開支。我注意到本季我們有幾百萬美元的遣散費。因此，我們在本季進行了一些人員精簡，這將帶來每年約 500 萬美元的節省。我們在第一季看到了部分這種情況。我們從第二季度良好的費用控制中可以看到部分原因，正如我們之前提到的。

We'll take our next question from Toshiya Hari from Goldman Sachs.

接下來，我們將回答來自高盛的 Toshiya Hari 提出的問題。

I had a couple of questions. Bertrand, I was hoping you could provide a little bit more color on your CapEx business. We know AMH, there's a significant CapEx component, I think, within MC as well, especially post the SAES acquisition. A meaningful part of your business is tied to CapEx. But what's -- how meaningful was the decline in your overall CapEx business in Q1 on a sequential or year-over-year basis? And is it fair to say that business has troughed? Or is there further downside into Q2 and the second half in your view?

我有幾個問題。伯特蘭，我希望你能更詳細地介紹一下你的資本支出業務。我們知道 AMH，我認為 MC 內部也存在大量的資本支出，尤其是在收購 SAES 之後。資本支出是您業務的重要組成部分。但是，您第一季整體資本支出業務的下降，無論是環比還是同比，究竟有多大意義？可以說，商業已經跌入低谷了嗎？或者您認為第二季和下半年還有進一步下跌的空間嗎？

So the unit CapEx ratio was 70-30 in Q1. That was essentially the same ratio as last quarter. So in other words, the decline in unit or CapEx was about the same in that 2% to 3% range for us. So the way to think about it is that, overall, we are very pleased obviously with the performance of our CapEx business, especially in the context of a declining industry CapEx. And the way to think about it is, we have been taking share on a number of new fab projects in advanced logic and advanced memory, and that was really a nice offset to the otherwise industry-wide decline into investment.

因此，第一季單位資本支出比率為 70-30。該比例與上季基本相同。換句話說，對我們來說，單位或資本支出的下降幅度大致相同，在 2% 到 3% 的範圍內。因此，我們可以這樣理解：總體而言，我們顯然對我們的資本支出業務表現非常滿意，尤其是在產業資本支出不斷下降的背景下。可以這樣理解：我們參與了許多先進邏輯和先進記憶體領域的新晶圓廠項目，這很好地抵消了整個產業投資下滑的局面。

So examples of that would be the steadiness of our gas purification business, which continues to grow, and we expect that business to actually grow year-on-year this year.

例如，我們的氣體淨化業務就保持穩定成長，我們預計今年該業務將實現年增。

Another example of that would be the continued success of our fluid handling business, which is a business unit residing in our AMH platform. That business actually grew sequentially, and those products are increasingly becoming the industry standards for advanced memory and advanced logic fabs. So those fabs require very pure fabs and tubes and subfabs that can withstand higher temperatures and very harsh chemistries. And we've been actually picking up share for those new fabs and those applications. So that part of the business actually behaved well. And as you would expect, the sales of our on-tool solutions, so products like gas filters, dispense pumps, liquid flow controllers, so the products that we sell to the equipment makers, those product lines were down sequentially in line with the decline that we experienced as an industry in wafer fab equipment.

另一個例子就是我們流體處理業務的持續成功，該業務部門隸屬於我們的 AMH 平台。該業務實際上逐年增長，而且這些產品正日益成為先進記憶體和先進邏輯晶片製造業的標準。因此，這些晶圓廠需要非常純淨的晶圓廠、晶圓管和子晶圓廠，能夠承受更高的溫度和非常惡劣的化學物質。事實上，我們在這些新晶圓廠和這些應用領域中已經獲得了越來越多的市場份額。所以，這部分業務其實表現良好。不出所料，我們面向設備製造商銷售的機載解決方案（例如氣體過濾器、分配泵、液體流量控制器等產品）的銷量，與晶圓製造設備行業整體的下滑趨勢一致，逐年下降。

Great. And then Greg, on operating margins for the individual segments, and I apologize if I missed some of the -- some of your prepared remarks, but for SCEM, I think this was the third consecutive quarter of margin declines. Can you kind of talk about that? What's driven that? And then what's the go forward within SCEM? MC, you talked about some of the synergies with SAES materializing in the back half. Are the synergies on track? Or are you tracking ahead of plan? And then finally, AMH, you had a nice sequential uptick in margins. Is there more to come in terms of some of the benefits post the restructuring there?

偉大的。然後是格雷格關於各個業務部門的營業利潤率，如果我錯過了你事先準備好的一些發言，我深表歉意，但就供應鏈、供應鏈和能源管理（SCEM）而言，我認為這是連續第三個季度利潤率下降。能談談這方面嗎？是什麼原因導致了這種情況？那麼，SCEM的未來發展方向是什麼？MC，你談到了SAES在下半年實現的一些綜效。協同效應是否按計畫實現？還是你的進度已經超前計畫？最後，AMH，你們的利潤率出現了漂亮的連續成長。重組之後是否還有其他好處？

Yes. So let's start with SCEM. As you pointed out, down pretty significantly year-over-year and then sequentially down again. So a couple of things. One is in the quarter you really had 3 things going on. You had a relatively weak product mix. We have higher -- abnormally high logistics costs. And then the thing that is impacting that business from a trend perspective is, we've invested very heavily in deposition materials as well as engineered materials, i.e., graphite. And the capacity in those 2 areas -- we're starting to depreciate that capacity and pay for it, but the volumes have not increased to the level to absorb that. So that business is a little bit capacity laden at this point. So we do expect -- in both cases, we expect improvement in a sense via the absorption in the volumes in deposition materials and engineering materials, which should help the overall margins in SCEM as we move through the year. AMH, as you pointed out, relatively -- excuse me, up sequentially, pretty good performance. That business is a business where they -- we made lots of change. From a cost structure perspective, we've done a number of things to improve the margin around. I'll call it product mix/pricing, which have had a favorable impact. So that business -- it continues to be our lumpiest business because of the capital nature of it. But from a -- if I said overall, how do I feel about the margin trends? I feel -- we should have an upward bias, but I would say, I expect that there to be some lumpiness as we go forward until we see improvement in the capital cycle. And then MC, we expect the margins to improve as we move through the year primarily driven by improvements in the business head base. We started to realize the more of the synergies, and frankly, we have a better backlog today than we had a year ago in terms of the quality of the backlog from a margin perspective.

是的。那我們就從SCEM開始吧。正如你所指出的，同比下降幅度相當大，然後環比又繼續下​​降。有兩件事。其中之一是，在這個季度裡，你實際上同時做了三件事。你的產品組合相對較弱。我們的物流成本較高－異常高。從趨勢角度來看，影響該業務的因素是，我們在沉積材料和工程材料（例如石墨）方面投入了大量資金。這兩個領域的產能——我們開始對這些產能進行折舊並為此付費，但銷量還沒有成長到足以吸收這些成本的水平。所以目前這家企業的產能有點超負荷了。因此，我們預計——在這兩種情況下，我們都預計透過沉積材料和工程材料的吸收量，在某種程度上會有所改善，這應該有助於SCEM在今年的整體利潤率。正如你所指出的，AMH 相對而言——抱歉，是按順序來看——表現相當不錯。那家公司是一家他們──我們做了很多改變的公司。從成本結構的角度來看，我們已經採取了一些措施來提高利潤率。我稱之為產品組合/定價，它們產生了積極的影響。因此，由於其資本性質，這項業務仍然是我們最不穩定的業務。但從整體來看——如果我說我對利潤率趨勢有何感想？我認為——我們應該保持樂觀，但我想說，我預計在資本週期改善之前，未來一段時間會出現一些波動。然後，我們預計隨著年內業務的推進，MC的利潤率將有所提高，這主要得益於業務主管基礎的改善。我們開始意識到更多的協同效應，坦白說，從利潤率的角度來看，我們現在的訂單品質比一年前好得多。

Okay, got it. And then one housekeeping question, if I could. For DSC, what sort of revenue and potential EBITDA contribution are you assuming for Q2 and the full year?

好的，明白了。最後，如果可以的話，我想問一個家務事的問題。對於DSC，您預計其第二季和全年的收入和潛在EBITDA貢獻是多少？

So that business is order of magnitude $15 million to $20 million. The EBITDA contribution this year is, I'll just say, low single digit. So we said it's essentially earnings neutral this year. As we move out, it will be accretive next year. And as we get into 2020 and 2021, it will start to see accretion levels in kind of the $0.04 range.

所以這家企業的規模大約在 1500 萬美元到 2000 萬美元之間。今年的 EBITDA 貢獻，我只能說，只有個位數。所以我們認為今年的獲利基本持平。隨著我們搬出，明年收益將會增加。隨著我們進入 2020 年和 2021 年，它將開始出現增長，大致在 0.04 美元左右。

Yes, if I could add to that I would say this is a business that we expect to grow at 10% to 15% CAGR for the next 5 years. And as Greg mentioned, we expect EBITDA margins to become pretty much in line with the SCEM margins. So not a meaningful contributor this year by any stretch. But as you get into late 2020, 2021, the contribution of that business will start actually to show very nicely to the P&L.

是的，如果可以補充一點，我會說我們預計這項業務在未來 5 年內將以 10% 到 15% 的複合年增長率成長。正如 Greg 所提到的，我們預計 EBITDA 利潤率將與 SCEM 利潤率基本持平。所以無論如何都算不上今年的重要貢獻者。但到了 2020 年底、2021 年，該業務的貢獻將開始在損益表中得到很好的體現。

We'll take our next question from Paretosh Misra from Berenberg Bank.

接下來，我們將回答來自貝倫貝格銀行的帕雷托什·米斯拉提出的問題。

Great. My first question is on you mix, the units driven versus CapEx driven. So when it comes to M&A, are you pleased with where your mix is currently? Or maybe you could use the M&A to move it a bit more towards unit-driven business?

偉大的。我的第一個問題是關於你們的組合，是銷售驅動還是資本支出驅動。那麼，就併購而言，您對目前的併購組合是否滿意？或者，或許你可以利用併購，讓公司轉型為以銷售為導向的商業模式？

Yes, I mean, that's not necessarily a major criteria for selection. I mean recall, for instance, that we acquired a pure equipment business when we acquired SAES last year. But this was a very high-quality business, the CapEx business that is really not behaving the way your usual CapEx business would. So again, so it's not necessarily a criteria for selection. I think said all of that, if I look forward and if I look at our M&A pipeline, I indeed, see mostly unit-driven businesses in the pipeline. So assuming success on the M&A front, you should expect that ratio to trend more towards units going forward.

是的，我的意思是，這不一定是選擇的主要標準。我的意思是，例如，回想一下，我們去年收購 SAES 時，獲得的是一家純粹的設備業務公司。但這是一個非常高品質的企業，一個資本支出企業，它的運作方式與一般的資本支出企業截然不同。所以，這不一定是選擇的標準。綜上所述，展望未來，審視我們的併購項目，我確實看到其中大部分是以業務量為導向的企業。因此，假設併購方面取得成功，你應該會預期該比例未來會更趨向於單位數量。

Got it. Very clear. And then second one, just if you could please remind me how are you impacted by the U.S.-China trade issues, and in other words have you -- if you have given any dollar impact for 2019 from -- due to tariffs?

知道了。非常清楚。第二個問題，請問您能否提醒我一下，美中貿易問題對您有何影響？換句話說，您是否曾經給出過 2019 年美元匯率因關稅而受到的影響？

Right. So we have always cited the U.S.-China tariff tensions as relatively immaterial to our business. And now that we have actually a few quarters of actual experience behind us, the numbers are confirming the range that we gave externally, which is an impact of less than $1 million annually. And actually, the actual impact is significantly below that.

正確的。因此，我們一直認為美中貿易摩擦對我們的業務影響相對較小。現在，經過幾個季度的實際經驗積累，數據證實了我們對外給出的範圍，即每年的影響不到 100 萬美元。而實際上，實際影響遠低於此。

We'll take our next question from Christian Schwab from Craig-Hallum Capital Group.

接下來，我們將回答來自 Craig-Hallum Capital Group 的 Christian Schwab 提出的問題。

I understand the memory weakness that you're seeing today. I just want an update from when you guys reported the last quarter, we've taken MSI from being up modestly to flatten out. But when you guys talked about the second half being greater than the first half last quarter, you said it will be driven by CapEx improvement in memory as well as foundry and logic, only due to node transitions at the NAND level at 64 and 96, and then the 10, 7 node transitions, and you thought that the company was in position to outgrow the wafer front-end market in 2018, which it seems you still believe it will be down mid- to high-teens. Is that still accurate as we look to the second half? Or is there anything changed regarding that as well?

我明白你今天出現的記憶力衰退問題。我只是想了解你們上個季度報告發布後的最新情況，MSI 的業績已經從小幅增長轉為趨於平穩。但上個季度你們談到下半年業績將優於上半年時，你們說這將主要得益於記憶體、晶圓代工和邏輯晶片的資本支出改善，這僅僅是因為 NAND 閃存在 64 和 96 節點層面的節點轉換，以及隨後的 10 和 7 節點轉換。你們當時認為公司有能力在 2018 年超越晶圓前端市場的成長，但現在看來你們仍然認為該市場將下降 15% 到 10% 左右。展望下半季，這種說法是否仍準確？或者這方面也有什麼改變嗎？

Yes. So Christian, I mean, this is a very difficult environment to predict indeed. And I think that that's what you're saying in your own question. Having said that, we believe that 2019 will be a great opportunity for us to demonstrate the resilience of our model. And that's what we are suggesting in our annual guidance of $1.6 billion, and if I want to deconstruct that guidance for you, I would say that we expect the industry to be down 5% 5% to 6%, and that's how do we get to that number, that's CapEx down in the mid-teens. Wafer starts, not MSI, but wafer starts down in the low single digits, but we expect our organic revenue to be flat in 2019. And how do we get there? Well, we capitalized on improving utilization rates. We capitalized on new node transitions, both in logic and memory in the back end of the year. And we capitalized on access to new graphite capacity. As Greg was mentioning, we have invested a lot in new capacity. That capacity is going to come online at the end of Q2. So no impact to Q2, but we expect a $4 million to $5 million positive impact quarterly in the back end of the year. I mean, that capacity is already totally permitted, and so we should see a nice pickup from there. So -- and then the additional revenue on top of that organic performance is really the net effect of the recent acquisition minus the divestiture of the cleaning business that we had in France last year. Does that help you?

是的。所以克里斯蒂安，我的意思是，這確實是一個非常難以預測的環境。我認為這正是你在問題中想表達的意思。儘管如此，我們相信 2019 年將是我們展現模式韌性的絕佳機會。這就是我們在年度指導方針中提出的 16 億美元的建議，如果我想為你們詳細解釋一下這個指導意見，我會說我們預計該行業將下降 5% 到 6%，這就是我們得出這個數字的方式，即資本支出下降了 15% 左右。晶圓產量（不是 MSI）下降了幾個位數，但我們預計 2019 年的有機收入將與去年持平。我們該如何到達那裡？我們充分利用了不斷提高的利用率。我們在年底充分利用了邏輯和記憶體方面的新節點過渡。我們充分利用了獲得新的石墨產能的機會。正如格雷格所提到的，我們在新增產能方面投入了大量資金。該產能將於第二季末投入使用。因此，對第二季度沒有影響，但我們預計在下半年每季將產生 400 萬至 500 萬美元的正面影響。我的意思是，目前的產能已經完全允許，所以我們應該會看到產能從此穩步提升。因此——除了有機成長帶來的額外收入之外，最近的收購帶來的淨收益減去去年在法國剝離的清潔業務帶來的收益。這樣對你有幫助嗎？

And we'll take our last question from Chris Kapsch from Loop Capital Markets.

我們最後回答來自 Loop Capital Markets 的 Chris Kapsch 提出的問題。

I just had a question about your geographic mix as depicted on, I guess, Slide 7. And clearly, the strength in Taiwan and softness in Korea is consistent with your narrative around foundry, logic and memory end markets specifically, but could you just elaborate on the trends in Japan, what's driving that and now you see that playing out sort of over the , I guess, the balance of '19 to the extent you have visibility?

我有個關於你們在投影片 7 上展示的地域構成的問題。很明顯，台灣市場強勁而韓國市場疲軟，這與你們對晶圓代工、邏輯電路和記憶體終端市場的論述一致。但是，你們能否詳細說明一下日本市場的趨勢，是什麼因素推動了這個趨勢？你們認為這種趨勢在 2019 年剩餘時間會如何發展？

Yes, so Japan, we suffered from continuous decline in our OEM business. So sales to the equipment makers in Japan was down significantly, sequentially. And then we also saw some negative impact from the soft economic environment in Japan that led most of our fab customers to operate at fairly low levels of utilization in Japan. So that's why we saw a decline, a sequential decline of about 9% in Japan.

是的，在日本，我們的OEM業務持續下滑。因此，對日本設備製造商的銷售額環比大幅下降。此外，日本疲軟的經濟環境也帶來了一些負面影響，導致我們在日本的大多數晶圓廠客戶產能利用率都相當低。所以這就是為什麼我們看到日本經濟出現下滑，連續下滑約 9%。

I think that's all for the call, operator. Thank you again for joining the call, and have a great day.

接線員，我想通話就到此為止了。再次感謝您參加電話會議，祝您有美好的一天。

And that concludes today's presentation. Thank you for your participation. You may now disconnect.

今天的演講到此結束。感謝您的參與。您現在可以斷開連線了。