FGI Industries Ltd (FGI) 2025 Q2 法說會逐字稿

Good day, and welcome to FGI Industries, Inc., second-quarter 2025 results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 FGI Industries, Inc. 2025 年第二季業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Jae Chung, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長 Jae Chung。請繼續。

Thank you. Welcome to FGI Industries 2025 second-quarter results conference call. Leading the call today are Chief Executive Officer, David Bruce; and Chief Financial Officer, Jae Chung. We issued a press release after the market closed yesterday detailing our recent operational and financial results. I would like to remind you that management's commentary and responses questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control.

謝謝。歡迎參加 FGI Industries 2025 年第二季業績電話會議。今天主持電話會議的是執行長 David Bruce 和財務長 Jae Chung。我們在昨天收盤後發布了一份新聞稿，詳細介紹了我們最近的營運和財務表現。我想提醒您，管理層在今天的電話會議上的評論和回答問題可能包括前瞻性陳述，這些陳述本質上是不確定的，並且超出了公司的控制範圍。

Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest filings with the SEC.

儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。有關可能導致實際結果不同的某些因素的討論，請參閱我們向美國證券交易委員會提交的最新文件中的風險因素部分。

Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued yesterday and in the appendix of this presentation, which is available on the company's website.

此外，請注意，您可以在昨天發布的新聞稿和本簡報的附錄中找到歷史非公認會計準則財務指標的對帳表，該附錄可在公司網站上找到。

Today's call will begin with a performance review and strategic update from Dave Bruce, followed by a financial review from Jae Chung. At the conclusion of these prepared remarks, we will open the line for questions.

今天的電話會議將以 Dave Bruce 的績效評估和策略更新開始，然後是 Jae Chung 的財務評估。在這些準備好的發言結束後，我們將開放提問專線。

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

說完這些，我會把電話轉給戴夫。

Thank you, Jae. Good morning, everyone, and thank you for joining our call today. I am pleased to share our second-quarter results reflect the strategic investments we've made in our organic growth initiatives across our brands products and channels, or BPC strategy.

謝謝你，Jae。大家早安，感謝大家今天參加我們的電話會議。我很高興地告訴大家，我們的第二季業績反映了我們在品牌產品和通路或 BPC 策略的有機成長計畫中所做的策略投資。

FGI reported total revenue of $31 million in the quarter, representing a year over year increase of 5.5%. Gross profit was $8.7 million, a decrease of 2.9% compared to the prior year. Gross margin was 28.1% compared to 30.5% in the second quarter of 2024, a decline of 240 basis points due primarily to the ongoing tariff environment. FGI was impacted by an industry-wide pause during the quarter as customers evaluated the impact of tariffs on their businesses.

FGI 報告本季總營收為 3,100 萬美元，年增 5.5%。毛利為870萬美元，較上年下降2.9%。毛利率為 28.1%，而 2024 年第二季為 30.5%，下降了 240 個基點，主要原因是持續的關稅環境。由於客戶評估關稅對其業務的影響，FGI 在本季受到全行業停頓的影響。

FGI and our customers continue to evaluate a China Plus One strategy to diversify and broaden our geographic sourcing. The industry outlook remains uncertain due to tariffs, but our strategic investments in our brands, products, and channels have driven revenue growth well above the market.

FGI 和我們的客戶繼續評估「中國加一」策略，以實現地理採購多樣化和拓寬。由於關稅，行業前景仍然不確定，但我們對品牌、產品和通路的策略投資推動收入成長遠高於市場。

FGIs second-quarter revenue increased compared to the second quarter of 2024 due to the growth in our Sanitaryware, Bath Furniture, and Covered Bridge cabinetry businesses, while Shower Systems revenue declined. Revenue declined 0.4% in the US and grew 2% and 36.7% in Canada and Europe, respectively.

由於衛浴潔具、浴室家具和廊橋櫥櫃業務的成長，FGI 第二季度的收入與 2024 年第二季相比有所增加，而淋浴系統的收入則有所下降。美國的收入下降了 0.4%，加拿大和歐洲的收入分別成長了 2% 和 36.7%。

Sanitaryware revenue increased 4.3% year over year in the second quarter compared to the prior-year period.

第二季衛浴收入與去年同期相比較去年同期成長4.3%。

Our Bath furniture revenue increased 2.7% year over year as our shift to market-aligned program pricing and design drove new business wins.

由於我們轉向與市場一致的計劃定價和設計推動了新業務的成功，我們的浴室家具收入比去年同期增長了 2.7%。

The Shower Systems business reported a decrease in revenue of 11.2% even as demand trends remain positive.

儘管需求趨勢依然積極，但淋浴系統業務的收入仍下降了 11.2%。

Other revenue primarily Covered Bridge, increased 67.7% in the quarter driven by continued order momentum, expanded geographies, and higher dealer count.

其他收入主要來自Covered Bridge，受訂單持續成長、地理擴大和經銷商數量增加的推動，本季增加了 67.7%。

Isla Porter, our digital custom kitchen joint venture, continues to establish relationships with the premium design community with on-trend products via an AI-backed digital sales platform.

我們的數位客製化廚房合資企業 Isla Porter 透過人工智慧支援的數位銷售平台，持續與高端設計社群建立關係，提供流行產品。

Our geographic expansion in Europe and India holds significant promise of driving growth in coming quarters. Our strategic growth initiatives are progressing well and are expected to fuel above-market organic future growth. I commend our FGI team for their dedication to our long-term objectives, positioning the company for success for the remainder of 2025 and beyond.

我們在歐洲和印度的地理擴張對於推動未來幾季的成長具有重要意義。我們的策略性成長計畫進展順利，預計將推動未來高於市場的有機成長。我讚揚我們的 FGI 團隊對我們長期目標的奉獻，為公司在 2025 年剩餘時間及以後的成功奠定了基礎。

Before I hand it over to Jae, I want to say a few words about tariffs. The increasing tariff environment in 2025 remains fluid. FGI is working with our suppliers and customers to support one another as we navigate the new normal together.

在將發言權交給 Jae 之前，我想先談談關稅問題。2025 年關稅上漲環境仍不確定。FGI 正在與我們的供應商和客戶合作，相互支持，共同探索新常態。

We went through a similar process during the first Trump administration's tariff increases, so this is not new to us. We are confident that we can work through what comes given the close relationships we have cultivated over the years with our vendors and customers. We are seeing the order pipeline recovering even as some customers remain cautious due to the continued tariff uncertainty.

在川普政府第一次提高關稅期間，我們也經歷了類似的過程，所以這對我們來說並不新鮮。我們相信，憑藉多年來與供應商和客戶建立的密切關係，我們能夠解決所面臨的問題。儘管由於持續的關稅不確定性，一些客戶仍保持謹慎，但我們看到訂單正在恢復。

With that, I'll hand it over to Jae for a more detailed financial review.

有了這些，我會把它交給 Jae 進行更詳細的財務審查。

Thank you, Dave, and good morning, everyone. I will begin by providing additional details on the quarter, followed by an update on our current liquidity and balance sheet. Finally, I will conclude with our guidance for the full year 2025.

謝謝你，戴夫，大家早安。我將首先提供本季度的更多詳細信息，然後更新我們當前的流動性和資產負債表。最後，我將總結我們對 2025 年全年的指導。

As Dave mentioned, for the second quarter 2025, revenue totaled $31 million, an increase of 5.5% compared to the second quarter of 2024. Gross profit was $8.7 million in the quarter, a decrease of 2.9% year over year. Our gross margin declined to 28.1% in the quarter compared to 30.5% in the prior year.

正如戴夫所提到的，2025 年第二季的收入總計 3,100 萬美元，與 2024 年第二季相比成長 5.5%。本季毛利為870萬美元，較去年同期下降2.9%。本季我們的毛利率從去年同期的 30.5% 下降至 28.1%。

Our operating expenses increased 1.3% to $9.5 million from $9.4 million in the prior year due primarily to investing in initiatives related to our BPC growth strategy, including Isla Porter in India and one-time costs related to optimizing our warehouse operations.

我們的營運費用從去年的 940 萬美元增加 1.3% 至 950 萬美元，主要原因是投資於與我們的 BPC 成長策略相關的計劃，包括印度的 Isla Porter 以及與優化我們的倉庫營運相關的一次性成本。

GAAP operating loss was $0.8 million in the quarter, down from a negative $0.5 million in the prior year. Lower gross margin and higher operating expenses due to investing in our growth initiatives accounted for the loss.

本季 GAAP 營業虧損為 80 萬美元，低於去年同期的負 50 萬美元。由於投資於成長計劃，毛利率較低且營運費用較高，導致了損失。

Moving to our balance sheet. At the end of the second quarter, FGI had $16.4 million in total liquidity, which we believe is more than sufficient to fund our growth initiatives.

前往我們的資產負債表。截至第二季末，FGI 的總流動資金為 1,640 萬美元，我們認為這足以資助我們的成長計畫。

We are maintaining our 2025 guidance as follows: our revenue guidance is $135 million to $145 million, the adjusted operating income guidance is negative $2 million to a positive $1.5 million, the adjusted net income guidance is negative $1.9 million to a positive $1 million. Please note that the guidance for adjusted operating income excludes certain nonrecurring items. Adjusted net income excludes certain nonrecurring items and includes an adjustment for minority interests.

我們維持 2025 年指引如下：收入指引為 1.35 億美元至 1.45 億美元，調整後的營業收入指引為負 200 萬美元至正 150 萬美元，調整後的淨收入指引為負 190 萬美元至正 100 萬美元。請注意，調整後的營業收入指引不包括某些非經常性項目。調整後的淨收入不包括某些非經常性項目，但包括少數股東權益的調整。

That concludes our prepared remarks. Operator, we are now ready for the question-and-answer portion of our call.

我們的準備好的演講到此結束。接線員，我們現在準備好進行電話會議的問答部分。

(Operator Instructions) Reuben Garner, Benchmark.

（操作員指示）Reuben Garner，基準。

Thank you. Good morning, guys. Let's see, you referenced your customers kind of pausing for tariffs. I'm curious, is that more so they're concerned about demand degradation from the consumer itself, or is it about just kind of the moving target on the tariff front and not wanting to buy inventory at tariff levels that could potentially come lower or is it a combination of the two?

謝謝。大家早安。讓我們看看，您提到您的客戶因關稅而暫停。我很好奇，他們是否更擔心消費者本身的需求下降，還是只是擔心關稅方面的變動目標，而不想在可能降低的關稅水平上購買庫存，或者是兩者兼而有之？

Yeah. So that's a great question. And as we sit here in August, this tariff pause took place back at the beginning of the quarter. And if you remember, the tariffs that were originally announced were quite large and substantial and then subsequently had been reduced. So because of that tremendous uncertainty, there was a pause because everyone was trying to determine at the time have they brought product in with those larger tariffs, it would have been impacted dramatically.

是的。這是一個很好的問題。而當我們進入八月時，關稅暫停發生於本季初。如果你還記得的話，最初宣布的關稅相當高，而且數額巨大，後來又降低了。因此，由於存在巨大的不確定性，出現了暫停，因為當時每個人都在試圖確定，如果他們進口的產品被徵收了更高的關稅，將會受到巨大的影響。

So due to the uncertainty, there was a length of time, several weeks where orders were pulled and that obviously impacted the quarter. But since we've been feeling really good about our order pipeline and how it's been moving along, so we don't feel that we're going to see something like that again.

因此，由於不確定性，訂單在一段時間內（幾週）被撤回，這顯然對本季產生了影響。但由於我們對我們的訂單管道及其進展感到非常滿意，所以我們認為我們不會再看到類似的事情。

But as you also have watched the more recent news regarding tariffs, some things are still unsettled. China tariff discussions were paused again for another 90-day reprieve. So I think there'll still be some caution in the marketplace, but not to the extreme that we saw at the early part of Q2, which impacted our numbers in the quarter.

但正如您所看到的，最近有關關稅的新聞，有些事情仍未解決。與中國的關稅談判再次暫停，並獲得了 90 天的緩刑。因此，我認為市場仍會保持謹慎，但不會達到第二季初所見的極端水平，這影響了我們本季的業績。

Okay. And the China Plus One strategy you referenced, is that in all segments of your business, including Sanitaryware? I know that's a place in the past that's been heavily sort of reliant on China?

好的。您提到的「中國+1」策略是否涵蓋您業務的所有領域，包括衛浴設備？我知道那裡過去非常依賴中國？

Yeah, you're 100% correct. And yes, it will be impacting all of our businesses. And we will -- there's some things we won't be able to reveal quite yet, but we are extremely active right now in diversifying our global sourcing base.

是的，你100％正確。是的，它將影響我們所有的業務。我們會的——有些事情我們目前還不能透露，但我們目前正非常積極地實現全球採購基礎的多元化。

And as I've said to a lot of people more recently, there'll be a completely different picture from a global sourcing footprint map this time next year than you've seen today from our company. So there'll be impacts across all the product categories for FGI.

正如我最近對許多人所說的那樣，明年這個時候，全球採購足跡圖將與您今天在我們公司看到的完全不同。因此，FGI 的所有產品類別都會受到影響。

Okay. And I know we have limited history with you guys being a public company, but it looks like your operating expenses historically were higher in the second quarter than the first, and they were lower. Just curious if that was kind of a temporary pullback on your end tied to the uncertainty. How should we expect, I guess, both gross margin and operating expenses to trend in the second half? What's embedded in the guidance?

好的。我知道你們作為上市公司的歷史有限，但看起來你們第二季度的營運費用歷史上高於第一季度，而今年則較低。我只是好奇這是否是與不確定性有關的暫時回調。我想，我們該如何預期下半年的毛利率和營業費用趨勢呢？指南包含哪些內容？

Yeah. I mean -- so we understood and took action based on what we saw occurring in the quarter. We were very diligent in watching our expenses. We have some expense levers to pull to do that.

是的。我的意思是——所以我們根據本季看到的情況了解情況並採取了行動。我們非常謹慎地控制開支。為了實現這一目標，我們需要利用一些費用槓桿。

In our margins, we -- I think we had said when our margins got substantially higher previously, we didn't expect them to remain that high, but we still saw a realistic picture in the upper-20s to continue. And we still believe that based on, again, the pipeline and particularly what we've talked about, the growth of new programs and new introductions, which is where most of the growth is coming from at this point.

在我們的利潤率方面，我想我們曾經說過，當我們的利潤率之前大幅提高時，我們並沒有期望它們會保持那麼高，但我們仍然看到了 20 多個百分點的現實前景。我們仍然相信，基於管道，特別是我們所談論的新項目和新產品的成長，目前大部分成長都來自於此。

Yeah. I mean, as far as the expenses are concerned, I think it was very prudent to try to keep a very careful eye on where we're spending our expense dollars. So we've cut where we could without sacrificing growth for the future. And I would expect that we would continue that process throughout the year and into 2026.

是的。我的意思是，就開支而言，我認為謹慎地關注我們的開支花在哪裡是非常明智的。因此，我們盡可能地削減開支，但又不犧牲未來的成長。我希望我們能在今年全年乃至 2026 年繼續這項進程。

Okay. Just a clarification for me, and this is my last question. The upper-20s that's a gross margin comment. And is that the back half we think we can get there even with the tariff situation?

好的。這只是對我的一個澄清，這是我的最後一個問題。20 多歲的人對毛利率有評論。即使存在關稅情況，我們是否認為我們能夠實現後半部分的目標？

Yeah. I mean, we have pretty good confidence that the new businesses that we continue to implement. And I say that positively because those were some of the things that were paused a bit in Q2. Those new programs should allow us, if all goes well and as planned to achieve those margin levels.

是的。我的意思是，我們對繼續實施的新業務非常有信心。我之所以這麼說，是因為這些都是第二季暫停的一些事情。如果一切順利並按計劃進行，這些新計劃應該可以讓我們實現這些利潤水平。

Greg Gibas, Northland Securities.

吉巴斯（Greg Gibas），北國證券公司。

Hi. Good morning, David and Jae. I wanted to, I guess, follow up on your ability to navigate the effects of tariffs with vendors and customers and then kind of how maybe the negotiations have gone, if you touch on maybe how that's played out as expected maybe to date? And just kind of how those discussions have gone?

你好。早上好，David 和 Jae。我想了解一下您與供應商和客戶協調關稅影響的能力，以及談判的進展情況，您是否可以談談到目前為止談判的進展是否符合預期？這些討論進展如何？

Yeah. I think it's been a little different than last time. We've been through this before, as I mentioned. And the first time this happened back in '18, it was sort of like an initial impact of tariff, and it was -- I think that the biggest difference was the amount of uncertainty that surrounded tariffs the first time was quite small, because things were sort of firm and then everybody implemented a plan to work with customers on pricing adjustments and work with our suppliers.

是的。我認為這次與上次有些不同。正如我所提到的，我們以前經歷過這種情況。這種情況第一次發生是在 2018 年，有點像關稅的初始影響，而且——我認為最大的區別是第一次圍繞關稅的不確定性相當小，因為事情已經很確定了，然後每個人都實施了一項計劃，與客戶合作調整價格，並與我們的供應商合作。

This time, things were quite fluid and still are quite fluid. And the amount of the tariffs were so large, there was obviously only so much any supplier could do or any factory. But we still worked together with our customers and our suppliers, and we adjusted pricing where we could to help our customers maintain value. And what I mean by that is the key that we see is how do we continue to maintain value in a certain price band for certain products in certain categories to make them make sense.

這一次，事情相當不穩定，而且現在仍然不穩定。關稅數額如此之大，顯然任何供應商或工廠所能做的都是有限的。但我們仍然與客戶和供應商合作，並盡可能調整價格，以幫助客戶保持價值。我的意思是，我們看到的關鍵是如何繼續保持特定類別中特定產品在特定價格範圍內的價值，以使其合理。

You also saw, I think, in the market, in some cases with us, but definitely with others, you saw a shift in where maybe efforts were going to -- where to invest in products. Certain products may be lost value and were more challenging to maintain a value for the end consumer.

我認為，您還會看到，在市場上，在某些情況下是我們的情況，但肯定是其他情況，您會看到努力的方向發生了轉變——投資產品的領域。某些產品可能會失去價值，對於最終消費者來說維持其價值更具挑戰性。

And I think you're going to continue to see that going into next year, you're going to see better value products that offer a very fair price and good quality more so than ever before. I think you might have read that private label businesses that we're pretty strong in have been doing quite well because we offer a greater value in many cases than some of the brands potentially. So it's -- that's the big difference. The uncertainty this time and the length of time of this uncertainty with the lack of a definitive final tariff adjustments globally, not just from China, have made things more challenging.

我認為，到了明年，你將繼續看到這種現象，你會看到比以往任何時候都更有價值、價格更公道、品質更好的產品。我想您可能已經讀過，我們非常擅長的自有品牌業務一直表現良好，因為在許多情況下，我們提供的價值比一些潛在的品牌更大。所以——這就是最大的差別。這次的不確定性以及這種不確定性持續時間較長，加上全球範圍內（不僅僅是中國）缺乏明確的最終關稅調整，使得事情變得更具挑戰性。

But through all of that, what we have seen is our adjustment with our customers work. And more importantly, all of the new businesses that we've been talking about and the new wins and taking share in the market continued to happen. Some of that has been a little delayed, but the execution plans are in place right now to continue through, and we'll see results from that from going into Q3 and Q4.

但透過這一切，我們看到了我們對客戶工作的調整。更重要的是，我們一直在談論的所有新業務以及新的勝利和市場份額都在繼續發生。其中一些已經稍微延遲，但執行計劃現在已經到位並將繼續進行，我們將在第三季和第四季看到結果。

Great, that's helpful. Thanks. And totally makes sense regarding your commentary about the most severe impact of the tariffs and at least the kind of lag or pauses on decision-making taking place at the beginning of the quarter. You noted you feel good about the order pipeline and kind of how it's improved. I wonder if you could kind of maybe provide a little bit more color on the degree of the improvement, maybe since the beginning of Q2 to maybe where we are today in terms of those pauses and kind of uncertainty on decision making?

太好了，很有幫助。謝謝。關於關稅的最嚴重影響以及至少在本季度初發生的決策滯後或暫停的評論完全合理。您指出，您對訂單管道及其改進感到滿意。我想知道您是否可以提供更多關於改善程度的詳細信息，也許是從第二季度初到今天我們在決策停頓和不確定性方面的改善程度？

Yeah. I would say that we were on a positive trajectory going into this pre-tariff impact. And we had, like I mentioned, newer programs that were scheduled to launch. And some of that got delayed, obviously, that wasn't canceled, and orders were paused. So everything was sort of just a big slowdown all at one time that had a more precipitous impact in a short period of time.

是的。我想說的是，在受到關稅影響之前，我們的發展軌跡是正面的。正如我所提到的，我們計劃推出一些更新的項目。顯然，有些訂單被推遲了，有些訂單沒有取消，有些訂單被暫停了。因此，所有事情都一下子大幅放緩，並在短時間內產生了更劇烈的影響。

And I would say, for the most part, we're back to feeling that same momentum that we had prior to this, right? And there's peaks and valleys there with some little one-offs of individual customers or products that we're still trying to get our hands around. And of course, we're still navigating the global tariff environment.

我想說，在很大程度上，我們又回到了之前的那種勢頭，對嗎？並且存在一些高峰和低谷，我們仍在努力爭取一些個別客戶或產品的一次性訂單。當然，我們仍在探索全球關稅環境。

And I think the added differential is the acceleration that we've had with our global sourcing initiatives, which will start to impact our business this year, but we'll have a much more dramatic, I'll say, impact overall next year, especially when you look overall at our global footprint compared to what it was at the beginning of this year.

我認為，額外的差異是我們在全球採購計劃方面的加速，這將開始影響我們今年的業務，但我想說，明年整體影響將更加顯著，特別是當你將我們的全球足跡與今年年初相比時。

So I think the offering that we're going to be able to bring to our customer base as far as global sourcing options and de-risking their sourcing in China particularly, will be pretty dramatic for us.

因此，我認為，就全球採購選擇以及降低他們在中國的採購風險而言，我們將能夠為我們的客戶群提供非常顯著的服務。

Got it. And I know it's had effects on quarters in the past. Anything worth calling out in terms of the timing of product programs, either favorable or unfavorable in the quarter in any way?

知道了。我知道它對過去的季度產生了影響。就產品計劃的時機而言，本季有什麼值得注意的有利或不利因素嗎？

No. Like I said, they were -- some of them were -- we had new launches scheduled for the summer in some cases with some customers. Some of them are smaller, some of them are larger. And of course, when the tariffs hit in April, that delayed some of that, right? But now, we're looking at things that take place in Q3 and early Q4. So the impact to this year was a little bit reduced.

不。就像我說的，他們——其中一些——我們計劃在夏季向一些客戶推出新產品。有些較小，有些較大。當然，當四月關稅生效時，這在一定程度上推遲了這些措施，對嗎？但現在，我們正在關注第三季和第四季初發生的事情。因此對今年的影響有所減少。

But as we probably mentioned earlier at the end of last year, that's sort of been baked into our guidance because we anticipated these tariffs, as you know. And it's hard to know exactly how much time would be impacted when tariffs were announced. We didn't anticipate the gravity of the tariffs as early as they were. But luckily, like I said, our pipeline seems to be coming back a little quicker than we thought. So all in all, it's sort of evened out. So we're pretty comfortable where we stand right now.

但正如我們可能在去年年底提到的那樣，這已經融入我們的指導中，因為我們預料到了這些關稅，正如你所知。而且很難確切知道關稅宣布後會受到多大影響。我們沒有那麼早就預見關稅的嚴重性。但幸運的是，就像我說的，我們的管道似乎比我們想像的恢復得更快一些。總而言之，一切都趨於平衡。所以我們對目前的狀況感到非常滿意。

Okay. Got it. And I guess, lastly, just another clarification question on gross margins. Did you kind of provide any specifics in terms of what's embedded in your guidance for the back half or simply kind of a return to improvement in the back half versus what we saw in Q2?

好的。知道了。最後我想再問一個關於毛利率的澄清問題。您是否提供了有關下半年指引的具體內容，或者與第二季度相比下半年的業績是否有所改善？

Yeah. I mean, you can imply based on our numbers. I mean, what you saw so far through the first. I mean, we -- our implication is we're keeping that guidance because our expectation is that we're going to rebound based on what our original plan was. We'll still capture -- even though they're delayed, we'll capture some impact in 2025 in the new programs, a little bit less. But again, we sort of strategically baked some of that in when we built the guidance because we knew this tariff impact was going to come one way or the other.

是的。我的意思是，你可以根據我們的數字來推論。我的意思是，到目前為止，您已經看到了第一部分。我的意思是，我們的意思是我們會保持這一指導，因為我們預計我們會根據最初的計劃反彈。我們仍然會捕捉到——儘管它們被推遲了，但我們會在 2025 年的新項目中捕捉到一些影響，只是少一點。但是，我們在製定指導時就從策略上考慮了其中的一些因素，因為我們知道這種關稅影響無論如何都會出現。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to David Bruce for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給大衛布魯斯 (David Bruce) 作結束語。

Thank you for your time and interest today, everyone. We really appreciate your continued support of FGI. Stay well. And if we don't connect during the quarter, we look forward to speaking with you on our next call. Thank you.

謝謝大家今天的時間和關注。我們非常感謝您對 FGI 的持續支持。保重。如果我們在本季度沒有聯絡您，我們期待在下次通話中與您交談。謝謝。

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

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。謝謝。