福斯 (FLS) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the Q1 2023 Flowserve Corporation Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jay Roueche, Vice President of Investor Relations and Treasurer. Please go ahead, sir.

大家好，歡迎參加 Flowserve Corporation 2023 年第一季度收益電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係副總裁兼財務主管 Jay Roueche。請繼續，先生。

Thank you, Lynette. And good morning, everyone. We appreciate you joining our call today to discuss Flowserve's first quarter 2023 financial results. On the call with me today are Scott Rowe, Flowserve's President and Chief Executive Officer; and Amy Schwetz, Senior Vice President and Chief Financial Officer. Following our prepared comments, we will open the call for questions. As a reminder, this event is being webcast and an audio replay will be available. Please note that our earnings materials do, and this call will, include non-GAAP measures and contain forward-looking statements.

謝謝你，麗奈特。大家早上好。感謝您今天加入我們的電話會議，討論 Flowserve 2023 年第一季度的財務業績。今天與我通電話的是 Flowserve 總裁兼首席執行官 Scott Rowe；高級副總裁兼首席財務官 Amy Schwetz。在我們準備好的評論之後，我們將開始提問。提醒一下，此活動正在進行網絡直播，並且將提供音頻重播。請注意，我們的收益材料確實包括非 GAAP 措施，並且包含前瞻性陳述。

These statements are based upon forecasts, expectations and other information available to management as of May 2, 2023, and they involve risks and uncertainties, many of which are beyond the company's control. We encourage you to review our safe harbor disclosures as well as our reconciliation of non-GAAP measures to our reported results, both of which are included in our press release and earnings presentation and are accessible on our website in the Investor Relations section. I would now like to turn the call over to Scott Rowe, Flowserve's President and Chief Executive Officer, for his prepared comments.

這些陳述基於截至 2023 年 5 月 2 日管理層可獲得的預測、期望和其他信息，它們涉及風險和不確定性，其中許多是公司無法控制的。我們鼓勵您查看我們的安全港披露以及我們將非 GAAP 措施與我們報告的結果進行核對，這兩者都包含在我們的新聞稿和收益報告中，並且可以在我們網站的投資者關係部分訪問。我現在想把電話轉給 Flowserve 的總裁兼首席執行官 Scott Rowe，聽取他準備好的評論。

Thanks, Jay. And good morning, everyone. Thank you for joining Flowserve's first quarter earnings call. I am pleased to report strong results for the first quarter, which provides us with a very solid start to the year. First quarter adjusted EPS came in at $0.40, supported by year-over-year revenue growth of nearly 20%. Thanks to the efforts of our associates across the company, we continue to build on the positive momentum created in the 2022 4th quarter, driving further operational improvements while performing for our customers. The first quarter has historically been our most seasonally impacted period in any given year, but we have taken action to moderate this trend and drive more consistency in our results.

謝謝，傑伊。大家早上好。感謝您參加 Flowserve 第一季度財報電話會議。我很高興地報告第一季度的強勁業績，這為我們今年開了個好頭。第一季度調整後的每股收益為 0.40 美元，這得益於近 20% 的同比收入增長。在全公司員工的努力下，我們繼續在 2022 年第四季度創造的積極勢頭的基礎上進一步推動運營改進，同時為我們的客戶提供服務。從歷史上看，第一季度是我們在任何一年中受季節性影響最大的時期，但我們已採取行動緩和這一趨勢並推動我們的結果更加一致。

Our first quarter performance was a great start in this effort. In the fall of last year, we challenged the team to not only deliver a strong finish to 2022, but also to ensure that we are maximizing our opportunities to begin the year strong. The team's efforts paid off as both segments delivered outstanding results, exceeding their revenue, margin and bookings commitments. The first quarter results have us well positioned relative to our previously announced full-year guidance and provide a solid foundation to build upon throughout the year.

我們第一季度的表現是這項工作的良好開端。去年秋天，我們向團隊提出挑戰，不僅要在 2022 年取得出色的成績，還要確保我們充分利用機會以強勁的勢頭開年。該團隊的努力得到了回報，這兩個部門都取得了出色的成績，超過了他們的收入、利潤和預訂承諾。第一季度的業績使我們相對於我們之前宣布的全年指導處於有利地位，並為全年的發展奠定了堅實的基礎。

We remain optimistic about our end markets and are encouraged by the growth in value-creation opportunities ahead of us. I am increasingly confident that Flowserve is well-positioned for 2023 and beyond, and I believe we are differentiated from many others in the industrial landscape. Our end markets remain healthy and we secured solid bookings above $1 billion for the fifth consecutive quarter. In fact, our project funnel is now at its highest level since 2019, including projects across all industries, driven primarily by 2 key catalysts.

我們對我們的終端市場保持樂觀，並對我們面前的價值創造機會的增長感到鼓舞。我越來越有信心 Flowserve 為 2023 年及以後做好準備，我相信我們在工業領域與許多其他公司不同。我們的終端市場保持健康，我們連續第五個季度獲得超過 10 億美元的穩定預訂量。事實上，我們的項目漏斗現在處於 2019 年以來的最高水平，包括所有行業的項目，主要由兩個關鍵催化劑推動。

First, there is an increased focus on energy security around the globe, which is driving heightened levels of activity. For example, we are seeing significant investment in nuclear, LNG, fossil power plants and regional oil and gas developments as countries look to become less dependent on unreliable foreign suppliers of energy. Today, our nuclear and LNG project funnels are up significantly from where they were a year ago. The second primary driver of our expected growth is decarbonization. We believe spending in this area will continue to expand through 2023 and accelerate beyond this year as our customers look to meet their ESG commitments and comply with regulatory changes.

首先，全球對能源安全的關注度越來越高，這推動了活動水平的提高。例如，隨著各國希望減少對不可靠的外國能源供應商的依賴，我們看到對核能、液化天然氣、化石發電廠以及區域石油和天然氣開發的大量投資。今天，我們的核能和液化天然氣項目漏斗比一年前顯著增加。我們預期增長的第二個主要驅動力是脫碳。我們相信，這一領域的支出將在 2023 年之前繼續擴大，並在今年以後加速增長，因為我們的客戶希望履行其 ESG 承諾並遵守監管變化。

This investment is supported further by various government incentives, including the Inflation Reduction Act in the United States. Our project funnel and decarbonization doubled in 2022 and has risen nearly 25% since the beginning of the year and now includes activities like hydrogen, carbon capture, sustainable energy like wind and solar as well as projects to decarbonize existing infrastructure. Flowserve is truly at the intersection of energy security and energy transition.

這項投資得到了各種政府激勵措施的進一步支持，包括美國的《降低通貨膨脹法案》。我們的項目漏斗和脫碳在 2022 年翻了一番，自年初以來增長了近 25%，現在包括氫能、碳捕獲、風能和太陽能等可持續能源等活動，以及現有基礎設施的脫碳項目。福斯真正處於能源安全和能源轉型的交叉點。

These 2 major global themes leverage both our traditional end markets and our 3D strategy of diversification, decarbonization and digitization. This backdrop, combined with Flowserve's late-cycle exposure and the direction of our customers' capital spending support our expectations for continued positive order momentum in 2023. Additionally, we have taken significant actions over the last year to drive further operational improvements to better execute in the current environment. We are focused on accountability, streamlined decision-making and improved processes across our manufacturing platforms and supply chain functions.

這兩個主要的全球主題既利用了我們的傳統終端市場，也利用了我們多元化、脫碳和數字化的 3D 戰略。這種背景，再加上 Flowserve 的後期週期敞口和我們客戶的資本支出方向，支持我們對 2023 年持續積極的訂單勢頭的預期。此外，我們在去年採取了重大行動來推動進一步的運營改進，以更好地執行當前環境。我們專注於跨製造平台和供應鏈功能的問責制、簡化決策和改進流程。

We believe the combination of the supportive market environment with improved operational execution, will enable us to continue to build on the momentum of stronger operating results as seen in these last 2 quarters. Flowserve delivered revenues of nearly $1 billion this quarter, our highest first quarter sales level since 2015. We leveraged this top-line growth to deliver adjusted gross margins of over 30%, an important hurdle for Flowserve's progression towards price/cost and absorption improvement. Additionally, we produced incremental adjusted operating margins of 34% in the quarter.

我們相信，有利的市場環境與改進的運營執行相結合，將使我們能夠繼續鞏固過去兩個季度所見的更強勁運營業績的勢頭。 Flowserve 本季度實現了近 10 億美元的收入，這是我們自 2015 年以來最高的第一季度銷售水平。我們利用這一收入增長實現了超過 30% 的調整後毛利率，這是 Flowserve 在價格/成本和吸收改進方面取得進步的重要障礙。此外，我們在本季度實現了 34% 的增量調整後營業利潤率。

Notwithstanding our strong revenue performance, our first quarter book-to-bill was 1.08 and drove a sequential increase in our backlog, which now sits at $2.8 billion. This solid foundation, the strongest since 2014 position Flowserve for expected revenue growth in the remainder of 2023 and 2024. Finally, we expect margins in our backlog to further increase as we replace lower-margin project work that was booked primarily in 2021 with higher margin business we are winning today. We should also benefit from the impact of our January 1 price increase in future periods as it works its way through the system. Let me now provide some additional color on our first quarter orders.

儘管我們的收入表現強勁，但我們第一季度的訂單出貨比為 1.08，並推動我們的積壓訂單連續增加，目前為 28 億美元。這一堅實的基礎是福斯自 2014 年以來最強勁的基礎，有望在 2023 年剩餘時間和 2024 年實現收入增長。最後，我們預計積壓訂單的利潤率將進一步增加，因為我們將主要在 2021 年預訂的利潤率較低的項目工作替換為較高的利潤率我們今天贏得的業務。我們還應該從 1 月 1 日價格上漲的影響中受益，因為它在整個系統中發揮作用。現在讓我為我們的第一季度訂單提供一些額外的顏色。

Bookings remained strong in the first quarter at $1.06 billion, while last year's bookings benefited from 4 projects sized between $30 million and $50 million, our bookings this year were driven by higher-margin MRO and aftermarket awards. Today, MRO and aftermarket bookings are close to record levels supported by strong growth in FCD and our seals business across all geographies. Many of our customers have been running their assets at high utilization rates over the past year which requires ongoing maintenance spending to ensure their facilities remain operational and productive. We expect to see solid activity in this space, including turnarounds, general maintenance, and efficiency-focused upgrades throughout 2023. And at this point, we see no signs of it slowing down.

第一季度的預訂量保持強勁，達到 10.6 億美元，而去年的預訂量得益於 4 個規模在 3000 萬至 5000 萬美元之間的項目，而我們今年的預訂量則受到利潤率更高的 MRO 和售後市場獎勵的推動。今天，在 FCD 和我們在所有地區的密封業務強勁增長的支持下，MRO 和售後市場預訂接近創紀錄水平。我們的許多客戶在過去一年中一直以高利用率運行他們的資產，這需要持續的維護支出以確保他們的設施保持運營和生產。我們預計到 2023 年這一領域將出現穩健的活動，包括周轉、一般維護和以效率為中心的升級。目前，我們沒有看到任何放緩的跡象。

This quarter's largest project bookings included 3 midsize awards in the $10 million to $20 million range, which were primarily in the oil and gas markets for both pump and valve equipment. We also booked several smaller projects in the $5 million range that represented virtually all of our core end markets and regions and included a record level of energy transition bookings of nearly $50 million. As a result, we delivered 11% constant currency bookings growth in our chemical and general industries markets, while our power and oil and gas markets were down 32% and 4%, respectively. Due to the tough compare of last year's first quarter large project bookings, which included a $55 million nuclear award.

本季度最大的項目預訂包括 3 個中型合同，金額在 1000 萬至 2000 萬美元之間，主要用於石油和天然氣市場的泵和閥門設備。我們還預訂了幾個 500 萬美元範圍內的較小項目，這些項目幾乎代表了我們所有的核心終端市場和地區，其中包括創紀錄水平的近 5000 萬美元的能源轉型預訂。因此，我們在化工和一般工業市場實現了 11% 的固定貨幣預訂量增長，而我們的電力和石油和天然氣市場分別下降了 32% 和 4%。由於去年第一季度大型項目預訂的艱難比較，其中包括 5500 萬美元的核獎勵。

We are in the second year of what we continue to believe is a multiyear up cycle, we fully anticipate delivering bookings this year at a similar level to 2022 with the potential for additional growth. This comes despite the headwind of the large $220 million Jafurah project that we booked last year. Later-cycle project investment, increased EPC backlogs and continued MRO and aftermarket growth are expected to drive our full-year book-to-bill over 1.0 again this year, resulting in increased backlog that should position Flowserve for further revenue growth in 2024.

我們仍然認為這是一個多年上升週期的第二年，我們完全預計今年的預訂量將與 2022 年持平，並具有進一步增長的潛力。儘管我們去年預訂了價值 2.2 億美元的大型 Jafurah 項目，但還是出現了這種情況。後周期項目投資、增加的 EPC 積壓訂單以及持續的 MRO 和售後市場增長預計將推動我們今年的全年訂單出貨比再次超過 1.0，從而導致積壓訂單增加，這將使 Flowserve 在 2024 年進一步實現收入增長。

Again, we are pleased with our first quarter results, and we remain confident in the outlook. Our performance over the last 2 quarters affirms that we are pursuing the right initiatives, including the implementation of our 3D strategy, in supporting our traditional customers. Energy security is critical in the near term, and we believe the 3D strategy is well aligned with the expected energy transition and decarbonization investments of tomorrow. Creating visibility to long-term growth. With that overview, let me now turn the call over to Amy to address our first quarter financial results and our expectations for the remainder of 2023 in greater detail. Amy?

同樣，我們對第一季度的業績感到滿意，我們對前景仍然充滿信心。我們在過去兩個季度的表現表明，我們正在採取正確的舉措，包括實施我們的 3D 戰略，以支持我們的傳統客戶。能源安全在短期內至關重要，我們相信 3D 戰略與未來預期的能源轉型和脫碳投資完全一致。創造長期增長的可見性。有了這個概述，現在讓我把電話轉給艾米，更詳細地討論我們第一季度的財務業績和我們對 2023 年剩餘時間的預期。艾米？

Thanks, Scott. And good morning, everyone. Looking at Flowserve's first quarter financial results in greater detail, we are pleased that both segments exceeded our prior expectations for the period, thanks to the sustained momentum we established in the fourth quarter and our team's efforts to deliver these results. Our adjusted EPS of $0.40 on revenue of nearly $1 billion demonstrates the improved stability and operational execution that drove better shipping cadence and top line leverage as we delivered on our near-record backlog.

謝謝，斯科特。大家早上好。更詳細地審視 Flowserve 第一季度的財務業績，我們很高興這兩個部門都超出了我們此前對該期間的預期，這要歸功於我們在第四季度建立的持續勢頭以及我們團隊為實現這些業績所做的努力。我們調整後的 EPS 為 0.40 美元，收入接近 10 億美元，這表明穩定性和運營執行力得到改善，推動了更好的運輸節奏和收入槓桿，因為我們交付了接近創紀錄的積壓訂單。

At Flowserve, the last month of any quarter traditionally has a disproportionate effect on that period's results. This trend was even more pronounced in March of this year, which represented 45% of the quarter's revenue and over 60% of the first quarter's adjusted operating income. This monthly contribution will aid our efforts to obtain better balance in adjusted EPS between quarters in 2023. On a reported basis, our earnings per share for the quarter was $0.20 primarily impacted by realignment and FX charges totaling $0.15, Velan acquisition costs and discrete noncash asset write-downs accounted for the balance.

在 Flowserve，傳統上任何季度的最後一個月都會對該期間的結果產生不成比例的影響。這一趨勢在今年 3 月更為明顯，佔該季度收入的 45%，佔第一季度調整後營業收入的 60% 以上。這一月度貢獻將有助於我們努力在 2023 年的季度之間實現調整後每股收益的更好平衡。根據報告，我們本季度的每股收益為 0.20 美元，主要受到總計 0.15 美元的重組和外匯費用、Velan 收購成本和離散非現金資產的影響減記佔餘額。

First quarter revenue increased over 22% year-over-year on a constant currency basis, with both OE and aftermarket revenues increasing over 20% versus prior year. FCD contributed OE and aftermarket growth of 29% and 22% growth, respectively, while FCD delivered growth of 18% and 11%, respectively. Revenue increased across the globe on a year-over-year basis, with notable strength in the Middle East and Africa region as well as in Latin America where sales were up 58% and 37%, respectively, while all other regions were up in the mid- to high teens.

按固定匯率計算，第一季度收入同比增長超過 22%，其中 OE 和售後市場收入同比增長超過 20%。 FCD 分別貢獻了 29% 和 22% 的 OE 和售後市場增長，而 FCD 分別實現了 18% 和 11% 的增長。全球收入同比增長，其中中東和非洲地區以及拉丁美洲的銷售額增長顯著，分別增長 58% 和 37%，而所有其他地區均有增長中高青少年。

Shifting now to margins where we delivered solid improvement. Adjusted gross margin increased 370 basis points to 30.4%, including FPDs, 310 and FCD's 410 basis point increases. Benefits from our enhanced volume leverage, last year's pricing increases and an improving supply chain environment were partially offset by the recognition of lingering lower-margin backlog that was booked in 2021 as well as increased compensation expense based on our strong year-over-year performance. We are pleased to have delivered 30%-plus gross margins earlier in the year than we had originally anticipated and our actions and initiatives are designed to maintain and improve this level of gross margin performance. On a reported basis, first quarter gross margins increased 480 basis points to 30.3% where in addition to the items mentioned previously, the 2022 1st quarter included $10 million of Russian-related exit charges in gross margin that did not recur in 2023. First quarter adjusted SG&A increased $25 million to $222 million, primarily due to increased compensation expense accruals, R&D investments and discrete legal charges.

現在轉向我們實現穩固改進的利潤率。調整後的毛利率增加 370 個基點至 30.4%，其中 FPD、310 和 FCD 的 410 個基點增加。我們提高的銷量槓桿、去年的價格上漲和供應鏈環境的改善所帶來的好處被 2021 年登記的長期低利潤積壓以及基於我們強勁的同比表現而增加的補償費用所部分抵消.我們很高興在今年早些時候實現了比我們最初預期的 30% 以上的毛利率，我們的行動和舉措旨在維持和提高這一水平的毛利率表現。根據報告，第一季度毛利率增長 480 個基點至 30.3%，除了前面提到的項目外，2022 年第一季度的毛利率還包括 1000 萬美元與俄羅斯相關的退出費用，這些費用在 2023 年沒有發生。第一季度調整後的 SG&A 增加 2500 萬美元至 2.22 億美元，這主要是由於應計薪酬費用、研發投資和離散法律費用增加。

As a percent of sales, adjusted SG&A decreased 130 basis points to 22.6% as we successfully leveraged our higher revenues. On a reported basis, first quarter SG&A increased $38 million to $244 million or 24.9% of sales. In addition to the items mentioned previously, the quarter also included realignment charges of $16.7 million, $3.1 million of costs related to the Velan acquisition and $2.9 million for the noncash write-down of a discrete asset. Partially offsetting those items is $10.2 million of SG&A expense that was also related to our exit from Russia last year, which did not recur in 2023.

作為銷售額的百分比，調整後的 SG&A 下降了 130 個基點至 22.6%，因為我們成功地利用了更高的收入。根據報告，第一季度 SG&A 增加 3800 萬美元至 2.44 億美元，佔銷售額的 24.9%。除了前面提到的項目外，該季度還包括 1670 萬美元的重組費用、310 萬美元與 Velan 收購相關的成本以及 290 萬美元的非現金資產減記成本。部分抵消這些項目的是 1020 萬美元的 SG&A 費用，這也與我們去年退出俄羅斯有關，但在 2023 年沒有再發生。

Our first quarter adjusted operating margin increased 500 basis points to 8.3%, driving a solid incremental adjusted margin of 34%. Both FPD and FCD contributed to the improvement with 540 and 380 basis point increases, respectively. First quarter reported operating margin increased 490 basis points year-over-year to 5.8% where significant operating leverage was partially offset by the $4 million increase in adjusted items versus prior year and FX headwinds of roughly $7 million. Our strong start to the year has Flowserve well-positioned for further success in 2023. Our first quarter tax rates (technical difficulty) percent of sales. Additionally, our previously mentioned strong March revenues contributed to accounts receivable cash use of $26 million. From an inventory perspective, we delivered an improvement versus the prior year, where inventory, including contract assets and liabilities for the first quarter with a use of $34 million versus the prior year use of $52 million.

我們第一季度調整後的營業利潤率增長了 500 個基點，達到 8.3%，推動調整後利潤率穩步增長 34%。 FPD 和 FCD 分別提高了 540 和 380 個基點。第一季度報告的營業利潤率同比增長 490 個基點至 5.8%，其中重要的經營槓桿被調整後項目較上年同期增加 400 萬美元以及大約 700 萬美元的外匯逆風部分抵消。我們今年的強勁開局使 Flowserve 為在 2023 年取得進一步成功做好了充分準備。我們第一季度的稅率（技術難度）佔銷售額的百分比。此外，我們之前提到的 3 月份強勁收入導致應收賬款現金使用 2600 萬美元。從庫存的角度來看，我們與上一年相比有所改善，第一季度的庫存，包括合同資產和負債，使用了 3400 萬美元，而上一年使用了 5200 萬美元。

As a percent of sales primary working capital ticked up a modest 40 basis points to 32.8%, supporting our continued solid bookings and sequential backlog growth.

主要營運資金佔銷售額的百分比小幅上升 40 個基點，達到 32.8%，支持我們持續穩健的預訂和連續的積壓增長。

While our backlog increased over 25% since this time last year, our inventory, including contract assets and liabilities as a percent of backlog dropped 290 basis points to 29.3%. As our supply chain continues to improve and as we further enhance the inconsistency and predictability in our operating performance, we believe the opportunity exists to reduce working capital investments to a level below 30% of sales. In addition to working capital, other significant uses of our cash in the first quarter included $26 million in dividends, $15 million in capital expenditures and a $10 million term loan debt reduction. Turning to our outlook for the remainder of the year. We expect to continue our recent operating momentum, capitalizing on supportive end markets and delivering sequential adjusted operating margins and EPS improvements through the year.

雖然自去年這個時候以來我們的積壓訂單增加了 25% 以上，但我們的庫存（包括合同資產和負債佔積壓訂單的百分比）下降了 290 個基點至 29.3%。隨著我們的供應鏈不斷改善，以及我們進一步提高經營業績的不一致性和可預測性，我們相信有機會將營運資本投資減少到銷售額的 30% 以下。除營運資金外，第一季度現金的其他重要用途包括 2600 萬美元的股息、1500 萬美元的資本支出和 1000 萬美元的定期貸款債務減免。談談我們對今年剩餘時間的展望。我們預計將繼續我們最近的經營勢頭，利用支持性的終端市場，並在全年實現連續調整後的經營利潤率和每股收益改善。

Additionally, we remain committed to the $50 million cost reduction plan that we announced last year to address both variable and structural costs. We executed several actions during the first quarter and are finalizing our plans to take the necessary steps needed to ensure we achieve this target for annualized savings by the end of the year. With our near record backlog of $2.8 billion, we now expect to deliver revenue growth in the 10% to 12% range, including a modest currency benefit given the weakening of the U.S. dollar since the year began.

此外，我們仍然致力於實施我們去年宣布的 5000 萬美元的成本削減計劃，以解決可變成本和結構性成本。我們在第一季度執行了幾項行動，並正在最終確定我們的計劃，以採取必要的步驟確保我們在年底前實現年化節省的目標。憑藉我們接近創紀錄的 28 億美元的積壓訂單，我們現在預計收入將增長 10% 至 12%，其中包括鑑於年初以來美元走軟的適度貨幣收益。

We also increased our full-year 2023 adjusted EPS to $1.65 to $1.85 range, which incorporates the first quarter outperformance and would represent a year-over-year adjusted EPS increase of 59% at the midpoint. As we highlighted last quarter, we expect to ship roughly 80% of the $2.7 billion backlog we began the year with. We typically ship roughly 90% of our beginning backlog in any given year. However, due to the return of large project awards and last year's significant increase in OE bookings coupled with ongoing issues within the extended supply chain, our quoted lead times remain elevated.

我們還將 2023 年全年調整後的每股收益上調至 1.65 美元至 1.85 美元的範圍，其中包括第一季度的出色表現，並且在中點表示調整後的每股收益同比增長 59%。正如我們上個季度強調的那樣，我們預計將交付年初 27 億美元積壓訂單中的大約 80%。在任何一年，我們通常會運送大約 90% 的開始積壓訂單。然而，由於大型項目獎勵的回歸和去年 OE 預訂的顯著增加，加上擴展供應鏈中持續存在的問題，我們報價的交貨時間仍然延長。

A further note, our revenue and adjusted EPS ranges do not include any impact from the expected acquisition of Velan, which we now expect to close in the third quarter as we continue to work through regulatory approvals, primarily in Europe. Our targets also exclude anticipated realignment expenses of approximately $25 million as well as potential items that may occur during the year, such as below-the-line foreign currency effects and the impact of other discrete items, such as acquisitions, divestitures, special initiatives, tax reform laws, et cetera.

進一步注意，我們的收入和調整後的 EPS 範圍不包括預期收購 Velan 的任何影響，我們現在預計將在第三季度完成收購，因為我們將繼續通過監管審批，主要是在歐洲。我們的目標還不包括約 2500 萬美元的預期重組費用以及年內可能發生的潛在項目，例如線下外匯影響和其他離散項目的影響，例如收購、資產剝離、特殊舉措、稅收改革法等。

Excluding the expected realignment spending and other first quarter adjustments, we've reaffirmed our reported EPS range of $1.40 to $1.65. Both the reported and adjusted EPS target range also assume current foreign currency rates, reasonably stable commodity prices, no significant geopolitical disruptions and expectations for the end market environment to remain supportive at levels similar to 2022. We also continue to expect net interest expense in the range of $55 million to $60 million and an adjusted tax rate between 18% to 20%. Finally, in terms of phasing and given our strong start to the year, we now expect Flowserve's second and third quarter adjusted earnings to be more in line with our first quarter performance and we continue to anticipate our traditional strong fourth quarter performance with both elevated revenues and earnings.

排除預期的調整支出和其他第一季度調整，我們重申我們報告的每股收益範圍為 1.40 美元至 1.65 美元。報告和調整後的每股收益目標範圍還假設當前匯率、商品價格相當穩定、沒有重大地緣政治干擾以及對終端市場環境的預期將保持在與 2022 年相似的水平。我們還繼續預計淨利息支出在範圍為 5500 萬美元至 6000 萬美元，調整後的稅率在 18% 至 20% 之間。最後，就分階段而言，鑑於我們今年的強勁開局，我們現在預計 Flowserve 第二和第三季度調整後的收益將與我們第一季度的業績更加一致，我們將繼續預期我們傳統的強勁第四季度業績，同時收入增加和收益。

In summary, we believe our full-year guidance is balanced. Our updated range reflects the positive momentum we have created over the last 2 quarters, but incorporates some of the uncertainties that still exist in the current environment. Most importantly, we believe that Flowserve is on the right track and we're confident in our ability to execute within that enhanced guidance range. Let me now return the call to Scott.

總之，我們認為我們的全年指引是平衡的。我們更新的範圍反映了我們在過去兩個季度創造的積極勢頭，但包含了當前環境中仍然存在的一些不確定性。最重要的是，我們相信 Flowserve 走在正確的軌道上，我們相信我們有能力在增強的指導範圍內執行。現在讓我把電話回給斯科特。

Great. Thank you, Amy. I'd like to provide a brief update on the Velan transactions. Our integration planning efforts with Velan are progressing well. The more we interact with Velan's associates and sites, our confidence only increases that this is the right acquisition for Flowserve to create substantial shareholder value. We are eager to begin the integration of the Velan Associates, products and sites in the Flowserve. We are meeting many committed and talented associates around the world with a passion for providing solutions into challenging applications like nuclear, defense and severe service.

偉大的。謝謝你，艾米。我想簡要介紹一下 Velan 交易的最新情況。我們與 Velan 的整合規劃工作進展順利。我們與 Velan 的合作夥伴和網站互動越多，我們的信心只會增加，因為這是 Flowserve 創造可觀股東價值的正確收購。我們渴望開始整合 Flowserve 中的 Velan Associates、產品和站點。我們正在世界各地結識許多忠誠且才華橫溢的員工，他們熱衷於為核、國防和嚴苛服務等具有挑戰性的應用提供解決方案。

We continue to believe significant opportunities exist with the combined portfolio, and we remain fully committed to delivering at least $20 million of annualized cost synergies to be achieved by the end of year 1. Additionally, we expect the transaction to be accretive to our adjusted EPS in the first full year following close. While we are making significant progress with the regulatory approvals, there are certain agencies in Europe that are taking longer than our original expectations, and we now believe that we'll close the transaction in the third quarter versus our prior expectation of closing late in the second quarter. Turning to our 3D strategy.

我們仍然相信合併後的投資組合存在重大機遇，我們仍然完全致力於在第一年年底之前實現至少 2000 萬美元的年度成本協同效應。此外，我們預計該交易將增加我們調整後的每股收益在關閉後的第一個完整年度。雖然我們在監管審批方面取得了重大進展，但歐洲的某些機構所花的時間比我們最初的預期要長，我們現在相信我們將在第三季度完成交易，而我們之前的預期是在今年晚些時候完成第二季度。轉向我們的 3D 戰略。

As we enter the second year focusing on diversification, decarbonization and digitization. We are encouraged by the higher growth rates we have experienced in the 3D targeted markets, and we fully expect that trend to continue. We remain committed to diversifying our portfolio with new technology and products while substantially capitalizing on the decarbonization initiatives around the world. These include significant opportunities in hydrogen, CCUS recyclables and partnering with our existing customers with our Energy Advantage offering to increase the efficiency of their operations, reduce their energy usage and lower their carbon footprint.

當我們進入第二年時，重點是多元化、脫碳和數字化。我們對 3D 目標市場的更高增長率感到鼓舞，我們完全預計這種趨勢將繼續下去。我們仍然致力於通過新技術和產品使我們的產品組合多樣化，同時充分利用世界各地的脫碳計劃。其中包括氫氣、CCUS 可回收物以及與我們的現有客戶合作，利用我們的 Energy Advantage 產品來提高他們的運營效率、減少他們的能源使用並降低他們的碳足蹟的重要機會。

The first quarter again produced solid 3D bookings. Let me now highlight some of our indicative 3D wins, starting with the diversified pillar. We are rapidly expanding our dry gas seals offering for all gas applications, including hydrogen, where our differentiated sealing technology works extremely well in this stringent application. In a recent example, Flowserve's dry gas seals were chosen for an Eastern European facility expansion and modernization project.

第一季度再次產生了穩定的 3D 預訂。現在讓我重點介紹我們的一些指示性 3D 勝利，從多元化支柱開始。我們正在迅速擴展我們的干氣密封產品，適用於所有氣體應用，包括氫氣，我們差異化的密封技術在這種嚴格的應用中表現非常出色。在最近的一個例子中，東歐設施擴建和現代化項目選擇了福斯的干氣密封件。

In an effort to support hydrogen compression, our seals enable the customer to meet strict environmental standards while improving their overall operability and uptime. Shifting to decarbonize, Flowserve is supplying pumps, thousand seals for the world's first large-scale direct air carbon capture project based in Texas. Following the project's expected completion in 2025, the facility will be the largest of its kind and capture up to 500,000 metric tons of CO2 annually.

為了支持氫壓縮，我們的密封件使客戶能夠滿足嚴格的環境標準，同時提高其整體可操作性和正常運行時間。轉向脫碳，Flowserve 正在為位於德克薩斯州的世界上第一個大型直接空氣碳捕獲項目提供泵和數千個密封件。該項目預計於 2025 年完工後，該設施將成為同類設施中規模最大的，每年可捕獲多達 500,000 公噸的二氧化碳。

Once the pilot plant is operational and proves that this concept can have a significant impact on the environment, we expect this technology to be leveraged globally. Finally, on digitize, we continue to make progress deploying RedRaven, our IoT offering, where we are instrumenting and monitoring our installed base with customers around the world to provide predictive analytics and improve data for their assets. Entering its third year of commercialization, we are now receiving contract renewals for monitoring and prediction services.

一旦試點工廠投入運營並證明這一概念可以對環境產生重大影響，我們預計這項技術將在全球範圍內得到利用。最後，在數字化方面，我們繼續在部署我們的物聯網產品 RedRaven 方面取得進展，我們正在與世界各地的客戶一起檢測和監控我們的安裝基礎，以提供預測分析並改進他們資產的數據。進入商業化的第三個年頭，我們現在正在接受監測和預測服務的續簽合同。

Which demonstrates that we are creating value for our customers by enhancing their ability to avoid downtime and drive overall productivity of their assets. We were pleased to receive renewal contracts from 4 power plants in the U.S. And even more encouraging is that each customer is increasing the number of assets monitored by our technology. In closing, the strong first quarter results were an important step forward in our progress to delivering the type of performance that we expect in 2023 and beyond. Going forward, we plan to convert on our healthy backlog and drive sustainable returns and value for our shareholders. Our end markets remain supportive, and we fully expect that our 3D strategy will provide opportunities to continue to grow the business for years to come. Our internal efforts are paying off, and I believe that this team will deliver strong performance in 2023 and beyond.

這表明我們正在通過增強客戶避免停機和提高資產整體生產力的能力來為客戶創造價值。我們很高興收到美國 4 家發電廠的續簽合同。更令人鼓舞的是，每個客戶都在增加我們技術監控的資產數量。最後，強勁的第一季度業績是我們朝著實現 2023 年及以後預期的業績類型邁出的重要一步。展望未來，我們計劃轉換我們健康的積壓訂單，並為我們的股東帶來可持續的回報和價值。我們的終端市場仍然保持支持，我們完全期望我們的 3D 戰略將為未來幾年繼續發展業務提供機會。我們的內部努力正在取得成效，我相信這支團隊將在 2023 年及以後取得強勁表現。

We are excited about the pending Velan acquisition and look forward to completing the transaction and recognizing its benefits. In summary, I believe Flowserve is rapidly heading in the right direction to drive enhanced shareholder value. Operator, this concludes our prepared remarks. I would now like to open the call to questions.

我們對即將進行的 Velan 收購感到興奮，並期待完成交易並認識到其好處。總而言之，我相信 Flowserve 正在朝著正確的方向快速前進，以推動股東價值的提升。接線員，我們準備好的發言到此結束。我現在想開始提問。

(Operator Instructions) We'll take your first question from Josh Pokrzywinski from Morgan Stanley.

（操作員說明）我們將從摩根士丹利的 Josh Pokrzywinski 那裡回答您的第一個問題。

This is Toby on for Josh. So how should we think about seasonality and throughput for the rest of the year given the strong 1Q. But would there be any drag from past due backlog along the way?

這是喬什的托比。那麼，鑑於第一季度表現強勁，我們應該如何考慮今年剩餘時間的季節性和吞吐量。但是，在此過程中，逾期未付的積壓會不會有任何拖累？

So as we look at our first quarter performance, we were pleased to be able to execute a little bit better on our backlog than we had anticipated starting the year, which really resulted in revenue exceeding what our expectations initially were for the first quarter of the year. That being said, it doesn't create a drag on revenue for the rest of the year, just given the strength of our backlog where it's at today. So in fact, the goal is to continue to plan and convert and improve productivity as we make our way through the years. From an EPS expectation, however, we would anticipate the second and the third quarter given where we landed in the first quarter of the year to look more like how we started the year.

因此，當我們查看第一季度的業績時，我們很高興能夠比我們年初預期的更好地執行我們的積壓工作，這確實導致收入超過了我們最初對第一季度的預期年。話雖如此，考慮到我們今天積壓的訂單量，它不會拖累今年剩餘時間的收入。所以事實上，我們的目標是在我們多年來不斷前進的過程中繼續規劃、轉變和提高生產力。然而，從每股收益預期來看，鑑於我們在今年第一季度登陸的情況，我們預計第二季度和第三季度看起來更像我們年初的方式。

But with our expectations that the fourth quarter of the year continues to be quite strong and delivers EPS above what we've seen in the first 3 quarters of the year.

但我們預計今年第四季度將繼續保持強勁勢頭，每股收益將高於今年前三個季度的水平。

Yes. And just to add, the operating environment is improving. So supply chain is more stable. The logistics environment is better. And so as that -- those challenges subside, our operational performance and planning and productivity get better, it's allowing us to deliver more on the revenue side. So to Amy's point, what we expect is Q2 and Q3 to look a lot like Q1.

是的。補充一下，運營環境正在改善。所以供應鏈更穩定。物流環境較好。因此 - 這些挑戰消退，我們的運營績效和計劃以及生產力變得更好，這使我們能夠在收入方面提供更多。因此，就艾米而言，我們期望第二季度和第三季度看起來很像第一季度。

We did a lot of great work in Q1 to unlock our capability and our capacity and we expect to not go backwards as we progress through the year here.

我們在第一季度做了很多偉大的工作來釋放我們的能力和我們的能力，我們希望隨著我們在這裡取得進展而不會倒退。

That's really helpful. And then from a margin perspective, with some of the headwinds in friction subsiding, are we closer to thinking about margin targets for the cycle? Could it be in like the prior mid-teens range on the table?

這真的很有幫助。然後從利潤率的角度來看，隨著摩擦消退的一些逆風，我們是否更接近於考慮週期的利潤率目標？它會像桌子上之前的十幾歲中期那樣嗎？

Sure. Yes, we had that out -- we put that out several years ago, and we definitely owe the investment community a new target. So I would just say let us get through Q2, and we'll talk about what we want to do for long-term targets, but we definitely know that we need to do that, and we anticipate putting out new targets sometime this year.

當然。是的，我們已經推出了——我們幾年前就推出了，我們絕對欠投資界一個新的目標。所以我只想說讓我們度過第二季度，我們將討論我們想為長期目標做些什麼，但我們絕對知道我們需要這樣做，我們預計今年某個時候會制定新目標。

We'll hear next from Andy Kaplowitz from Citi.

接下來我們將聽到花旗銀行的安迪·卡普洛維茨 (Andy Kaplowitz) 的講話。

Scott, bookings, as you said, were over $1 billion, again, you suggested you weren't seeing any signs of economic weakness impacting bookings. But last quarter, I think you had mentioned that you could still see growth in bookings of the $4.4 billion you posted in '22. And I know today, you said bookings may be more flattish versus last year. Is there anything in terms of incremental conversations you're having with customers that are giving you pause and/or still do you still see bookings continuing in April?

斯科特，正如你所說，預訂量超過 10 億美元，你再次表示你沒有看到經濟疲軟影響預訂量的任何跡象。但上個季度，我想你已經提到你仍然可以看到你在 22 年發布的 44 億美元的預訂量增長。我今天知道，您說預訂量可能與去年相比持平。您與客戶進行的增量對話是否有任何讓您停下來的事情和/或您仍然看到 4 月份的預訂仍在繼續？

Sure. The only positive concern is that we had a giant award in the third quarter of last year, the Jafurah award at $220 million. And so the question just is can we overcome that big number? And I would say right now, our plans are to be at the same kind of rate that we were at last year, if not higher. And so if we kind of break that down, we're seeing record MRO and aftermarket bookings.

當然。唯一令人擔憂的是，我們在去年第三季度獲得了一項巨額獎勵，即 2.2 億美元的 Jafurah 獎勵。所以問題只是我們能克服這個大數字嗎？我現在要說的是，我們的計劃即使不是更高，也將保持與去年相同的速度。因此，如果我們將其分解，我們將看到創紀錄的 MRO 和售後市場預訂。

And so that's a really good sign. We're a $550 million in the quarter, and we expect that to continue as we go forward. And so that provides the basis for what we need. And then it just really is about projects. And so on the project side, we've got great visibility to our project funnel. In fact, it's at a record level in terms of looking out 12 months into the future. There are a handful of larger projects there. But what I would say is we are now incredibly selective about what we're going to take, right?

所以這是一個非常好的跡象。本季度我們的收入為 5.5 億美元，我們預計隨著我們的前進，這種情況會繼續下去。因此，這為我們所需要的提供了基礎。然後它真的是關於項目的。因此，在項目方面，我們對項目漏斗有很好的了解。事實上，就展望未來 12 個月而言，它處於創紀錄水平。那裡有一些更大的項目。但我要說的是，我們現在對要採取的措施非常挑剔，對吧？

And so with the $2.8 billion backlog, it allows us to be more selective in providing the right work into the right facility and getting the margins that we believe we deserve as we're executing these complex jobs. And so I feel pretty good about our outlook. And whether we'll be right at the number of last year or above will just depend on the project activity and what we determined to go forward.

因此，有了 28 億美元的積壓訂單，它使我們能夠更有選擇性地為正確的設施提供正確的工作，並在執行這些複雜的工作時獲得我們認為應得的利潤。所以我對我們的前景感覺很好。我們在去年或以上的數字是否正確將僅取決於項目活動以及我們將繼續前進的決心。

And so I think there's a real good chance to exceed it. And I think we're really positioned well. And then back to the drivers, the energy security side and the decarbonization are the 2 lanes that we see the most growth this year.

所以我認為有很好的機會超越它。我認為我們的定位非常好。然後回到司機，能源安全方面和脫碳是我們今年看到增長最快的兩條車道。

And Scott, I wanted to follow up in terms of last quarter, I think you said that recession could impact general industries and chemicals. And I think even you said European chemicals are down 5% in January, but you just told us that general industrials and chemicals were up, I think, 11% year-over-year in bookings in Q1. So what are you seeing specifically in those end markets, particularly chemicals, as you probably are aware, some peers out there have been talking about a little bit of a weaker chemicals market. So what are you seeing?

斯科特，我想跟進上個季度的情況，我想你說過經濟衰退可能會影響一般工業和化學品。我想即使你說歐洲化學品在 1 月份下降了 5%，但你剛剛告訴我們一般工業和化學品在第一季度的預訂量同比增長了 11%。那麼你在這些終端市場具體看到了什麼，特別是化學品，正如你可能知道的那樣，一些同行一直在談論化學品市場的疲軟。那你在看什麼？

Yes. So that's a little bit of the concern would be the GDP-based markets like chemicals and some of our general industries. But our quarter print was strong on a year-over-year comparison. We've seen growth in Chemicals now, gosh, I think it's been almost 6 quarters where we're seeing chemical booking growth. And so that's the area that we're watching out for. I would say Europe chemicals would be the biggest concern from a GDP kind of driven recession perspective, general industries would be second. But today, in our Q1 numbers, we haven't seen any slowdown yet.

是的。因此，有點擔心的是基於 GDP 的市場，如化學品和我們的一些一般工業。但與去年同期相比，我們的季度印刷品表現強勁。我們現在已經看到化學品的增長，天哪，我認為我們看到化學品預訂增長已經將近 6 個季度。這就是我們要注意的領域。我想說，從 GDP 驅動的衰退角度來看，歐洲化學品將是最大的擔憂，一般工業將是其次。但今天，在我們的第一季度數據中，我們還沒有看到任何放緩。

And so we're cautious about it. We're preparing and planning for a potential slowdown there but net-net, we think the decarbonization and energy security bookings will offset any slowdown that we could potentially see. But again, we haven't seen that slowdown at this point.

所以我們對此持謹慎態度。我們正在為那裡可能出現的放緩做準備和計劃，但我們認為脫碳和能源安全預訂將抵消我們可能看到的任何放緩。但同樣，我們目前還沒有看到這種放緩。

(Operator Instructions) We'll move next to Mike Halloran from Baird.

（操作員說明）我們將移動到 Baird 的 Mike Halloran 旁邊。

Maybe following up on the flip side of Andy's questions there. Maybe talk about your confidence level in the energy cycle disaggregating for maybe the over economic cycle if there is some softness. Obviously, Scott, you spent a lot of time in the prepared remarks talking about the strategy behind the transition that's going on in the energy space. But I would like to also hear some perspective on the ability for that to decouple in your mind in the more traditional side of the energy space.

也許跟進 Andy 那裡的問題的另一面。也許談談你對能源週期的信心水平，如果有一些疲軟的話，可能會分解為過度經濟周期。顯然，斯科特，你在準備好的發言中花了很多時間談論能源領域正在發生的轉型背後的戰略。但我也想听聽一些關於能量空間更傳統方面的解耦能力的觀點。

Sure. I'd just start by saying we've seen this decoupling in prior cycles. Sometimes it's aligned and other times it is decoupled. And so I think we're decoupled from what we'll call a general GDP/industrial slowdown. And again, the 2 biggest drivers are energy security and decarbonization. The third one would be just the lack of significant investment in 2020 and 2021.

當然。我只想說我們在之前的周期中已經看到了這種脫鉤。有時它是對齊的，有時它是分離的。因此，我認為我們與所謂的一般 GDP/工業放緩脫鉤。同樣，兩個最大的驅動因素是能源安全和脫碳。第三個是 2020 年和 2021 年缺乏重大投資。

And so given the long cycle nature of our business, we're now -- just now seeing a lot of those big projects that were either on hold or delayed starting to move through the system. And when you look at the oil and gas side, you've got natural gas pricing in the U.S. off a little bit, but we continue to see strong LNG, and we see significant international activity on the oil and gas upstream side. And so I just -- I don't see -- I think, again, we might have some slowdown on our GDP type business.

因此，鑑於我們業務的長周期性質，我們現在 - 剛剛看到許多被擱置或延遲的大型項目開始在系統中移動。當你看石油和天然氣方面時，美國的天然氣價格略有下降，但我們繼續看到強勁的液化天然氣，我們看到石油和天然氣上游方面的重大國際活動。所以我只是 - 我沒有看到 - 我認為，我們的 GDP 類型業務可能會有所放緩。

Again, it will probably show up in chemicals and general industry. A lot of that's potentially oriented to Europe. We're not seeing that yet. But I believe that this energy cycle with the security aspect of it, the ESG and decarbonization component, combined with the late cycle nature of our business, I believe that we're going to see continued growth, certainly in 2023 and 2024. And when you look at our business and as you run through the cycles, right, typically, our cycles are anywhere on the upside from kind of 3% to up towards of 7 years. We feel like we're in year 2 of this and I just don't see it slowing down for several years.

同樣，它可能會出現在化學製品和一般工業中。其中很多可能面向歐洲。我們還沒有看到。但我相信，這種能源循環及其安全方面、ESG 和脫碳部分，再加上我們業務的後期週期性質，我相信我們將看到持續增長，當然是在 2023 年和 2024 年。而當你看看我們的業務，當你經歷週期時，通常情況下，我們的周期從 3% 到 7 年不等。我們覺得我們已經進入了第二年，我只是認為它在幾年內都不會放緩。

That was helpful. And then the backlog margins, maybe just -- are we at the point where the margin profile that you see in the backlog is being reflected in the margin profile that's being reported on a quarter-to-quarter basis. If not, when do you think that starts normalizing out in being more reflective.

那很有幫助。然後積壓利潤率，也許只是 - 我們是否處於您在積壓訂單中看到的利潤率概況反映在按季度報告的利潤率概況中的地步。如果不是，您認為什麼時候開始正常化以更具反思性。

Sure. I'll take a stab at that one, Mike. We are definitely seeing margins in backlog improve. And that actually started at some point kind of midway through last year, but that profile is only getting better. So we've referenced these large projects that we booked at kind of the low point in the cycle that are making their way through the system throughout 2023.

當然。我會試一試那個，邁克。我們肯定會看到積壓訂單的利潤率有所提高。這實際上是從去年中旬的某個時候開始的，但這種情況只會越來越好。因此，我們參考了這些我們在整個 2023 年通過系統進行的周期低點預訂的大型項目。

And simply, the roll-off of those projects and the replacement with pricing that's more indicative of the environment that we're in today, is very helpful. And the other thing that I would comment on is that the strength of our aftermarket and MRO business in the current year and actually going back into last year, is very constructive in terms of improving those margins as well. And the last comment that I would make is just in general, our extended lead times have resulted in some of the pricing actions that we've been pretty proactive about throughout 2022 and even early into 2023, finally starting to take hold.

簡而言之，這些項目的推出以及更能反映我們今天所處環境的定價的替代是非常有幫助的。我要評論的另一件事是，我們今年的售後市場和 MRO 業務的實力，實際上可以追溯到去年，在提高這些利潤率方面也非常有建設性。我最後要說的只是一般性的評論，我們延長的交貨時間導致我們在整個 2022 年甚至 2023 年初都非常積極地採取了一些定價行動，最終開始生效。

And so that's been really helpful in terms of bringing our margins through. We've talked about this 30% it's kind of hurdle rate that we wanted to get to. We did get there a little bit quicker in 2023 that we'd anticipated, but we view this as a jumping-off point, not necessarily the end goal.

因此，這對提高我們的利潤率非常有幫助。我們已經討論過這 30%，這是我們想要達到的門檻率。我們在 2023 年確實比我們預期的要快一些，但我們認為這是一個起點，不一定是最終目標。

Next from Joe Giordano from Cowen.

接下來來自 Cowen 的 Joe Giordano。

I was hoping, Scott, you mentioned that you expect orders this year, kind of flat with next year, which is a good number, if we were to just kind of extrapolate that forward, right, let's just say in a scenario where revenues next year are flat versus where you're guiding today just because orders are the same. Let's just assume that like what kind of margin uplift would you expect without any benefit of volume just given like where you plan on exiting your guidance this year into next year?

我希望，斯科特，你提到你預計今年的訂單量與明年持平，這是一個很好的數字，如果我們只是向前推算一下，對吧，讓我們假設下一個收入的情況與您今天指導的地方相比，今年持平只是因為訂單相同。讓我們假設，就像您計劃將今年的指導退出到明年的地方一樣，如果沒有任何數量的好處，您會期望什麼樣的利潤率提升？

I'm not ready to provide guidance for 2024. I do appreciate the question, though, and I will say it will be up from where we are today. And I'd just say, we've got 2 really good quarters in a row. We delivered a Q1 in a historically challenged environment, and the teams are just laser-focused now on Q2 and Q3 and building that.

我還沒準備好為 2024 年提供指導。不過，我很欣賞這個問題，我會說它會從我們今天的位置開始。我只想說，我們已經連續兩個非常好的季度。我們在歷史上充滿挑戰的環境中交付了第一季度，而團隊現在正專注於第二季度和第三季度並構建它們。

If we look from a higher level, though, and we'll build on what Amy is saying, right, the book-to-bill is really strong, right? We're now 1.1 again. If the MRO stays where we think it is, the project cycle funnel is where it's at, we have a lot of confidence to revenue growth in 2024 and then when you think about margin drivers, right, Amy hit on price/cost, we've done like 5 price increases now in 18 months. We've got the latest one effective January 1, we're more selective on project bookings than ever before in terms of margin threshold.

但是，如果我們從更高的層面來看，我們將以艾米所說的為基礎，對，訂單出貨量真的很強勁，對吧？我們現在又是 1.1。如果 MRO 保持在我們認為的水平，項目週期漏斗就是它所在的位置，我們對 2024 年的收入增長充滿信心，然後當你考慮利潤率驅動因素時，對，艾米談到價格/成本，我們'在 18 個月內，我們已經完成了 5 次提價。我們有最新的 1 月 1 日生效，在保證金門檻方面，我們對項目預訂比以往任何時候都更有選擇性。

And so you get a lot of accretion with the new backlog every single quarter that works its way through and that MRO price difference from our OE is pretty significant. So the higher that MRO is, the better it comes through. And so I think we're shaping up for, obviously, we've committed to very strong improvement, both on the revenue and margins for 2023. And at this point, I don't know if it continues -- if the trajectory of improvement continues at the same pace. But 2024 is shaping up to be better than 2023 for sure.

因此，每個季度都會有新的積壓訂單大量增加，而且與我們的 OE 的 MRO 價格差異非常大。因此，MRO 越高，它的效果就越好。因此，我認為我們正在為 2023 年的收入和利潤率做出非常強勁的改善做準備。在這一點上，我不知道它是否會繼續——如果軌跡改善繼續以同樣的速度進行。但 2024 年的情況肯定會好於 2023 年。

Fair enough, and I had to ask. I appreciate all the commentary about the backlog, the margins and being disciplined. I just think the industry has proven that discipline exists until conditions suggest that you need to be aggressive. So like how -- what controls are in place to like ensure what you're saying happens in practice? Like how high up the chain are these decisions going so that if things do get kind of tight in project activity wins, we're not like chasing things that we shouldn't be chasing.

很公平，我不得不問。我感謝所有關於積壓、利潤和紀律處分的評論。我只是認為這個行業已經證明紀律是存在的，直到條件表明你需要積極進取。那麼就像如何 - 有哪些控制措施可以確保您所說的在實踐中發生？就像這些決定在鏈條上有多高，這樣如果在項目活動中事情確實變得有點緊張，我們就不會追逐我們不應該追逐的事情。

Sure. No. We've always had good discipline on pricing approvals. And so we've got -- like most companies, we've got a nice kind of grants of authority on who can improve what. We've got some margin thresholds on the low side that say we can't do that. But there's also work strategically that we want to take, whether it's the right application or amazingly strong aftermarket that we're focused on.

當然。沒有。我們在定價審批方面一直有很好的紀律。所以我們 - 像大多數公司一樣，我們對誰可以改進什麼有很好的授權。我們在低端有一些保證金閾值，表明我們不能這樣做。但也有我們想要採取的戰略性工作，無論是正確的應用程序還是我們關注的非常強大的售後市場。

But I'm not too worried about our ability to govern and take the right work. Amy and I see big projects, and we get very involved on what those numbers should look like on anything that's in what we'll consider large projects. But our division presidents and the head of our VP, GMs have great visibility and are the approval process there. And so I don't see us getting undisciplined in this area. And then again, our discussions with our senior management team, we have the backlog. We're at a really good place in terms of absorption and capacity.

但我不太擔心我們的治理能力和開展正確工作的能力。艾米和我看到了大項目，我們非常關注這些數字在我們認為是大項目的任何東西上應該是什麼樣子。但是我們的部門總裁和副總裁、總經理的負責人具有很高的知名度，並且在那裡進行審批。所以我不認為我們在這方面變得散漫。再一次，我們與高級管理團隊的討論，我們有積壓。我們在吸收和容量方面處於非常好的位置。

And so we're now at a place that we can be far more selective than ever before. And so those are the types of discussions that we're having with our sales force and our BPGMs about what do we want to take? How does it fit within the facility and making sure that we can commit to the right slot in the manufacturing profile and then really making sure that we can get the value out of those orders that we deserve, especially in the complex engineered products.

因此，我們現在所處的位置比以往任何時候都更具選擇性。因此，這些就是我們與我們的銷售人員和 BPGM 就我們想要採取什麼措施進行的討論類型？它如何適應工廠並確保我們能夠致力於製造概況中的正確位置，然後真正確保我們能夠從我們應得的訂單中獲得價值，尤其是在復雜的工程產品中。

Andrew Obin from Bank of America.

美國銀行的安德魯·奧賓。

You have Sabrina Abrams on for Andrew Obin. So I know you guys talked about reaching gross margins over 30% earlier than you were talking about, and it sounds like you still have the incremental drag from more competitive projects that you booked in 2021. And I think that headwind gets smaller as you move through the year. So how are you thinking about gross margins considering they were above 30% in 1Q?

你有薩布麗娜艾布拉姆斯代替安德魯奧賓。所以我知道你們談論的毛利率比你們談論的要早 30% 以上，聽起來你們仍然受到 2021 年預訂的更具競爭力的項目的增量拖累。而且我認為隨著你們的前進，阻力會越來越小經過一年。那麼，考慮到第一季度毛利率超過 30%，您如何看待毛利率？

Sure. So I think there were some drags that we knew were occurring with respect to gross margins in 2022. And we talked a lot about frictional costs, labor absorption and supply chain challenges. I think those are all starting to dissipate, and we fully anticipated that those were going to continue to get better sequentially as we made our way through.

當然。因此，我認為我們知道在 2022 年毛利率方面會出現一些拖累。我們談了很多關於摩擦成本、勞動力吸收和供應鏈挑戰的問題。我認為這些都開始消散，我們完全預料到隨著我們的前進，這些會繼續變得更好。

We've also talked about pricing, which is really starting to be a nice driver in that margin maintenance element of performance. I think where we want to continue to focus and ensure that we're really leveraging the top line, which has the ability to grow throughout the year is really in the areas that planning matters. So making sure that we're converting revenue on the schedule that we want to making sure that we're getting the right productivity at our plants. So if you look at our guidance, we're not anticipating any big outperformance from a margin perspective as we make our way through the year. However, if we can maintain margins at this level, we should start to see better operating margins drop through via SG&A leverage and our continued work with respect to our tax rate.

我們還談到了定價，這真的開始成為維持利潤率的一個很好的驅動因素。我認為我們想要繼續關注並確保我們真正利用能夠全年增長的收入，這確實是在規劃重要的領域。因此，請確保我們按計劃轉換收入，以確保我們的工廠獲得正確的生產力。因此，如果您查看我們的指導意見，我們預計在今年的過程中，從利潤率的角度來看，我們不會有任何顯著的表現。然而，如果我們能夠將利潤率維持在這個水平，我們應該會開始看到更好的營業利潤率通過 SG&A 槓桿和我們在稅率方面的持續工作而下降。

Great. And can you talk a little bit about 1Q coming in ahead of expectations? And what specifically in March drove better operations in the quarter, just supply chain sort of getting better?

偉大的。你能談談第一季度超出預期的情況嗎？三月份具體是什麼推動了本季度更好的運營，只是供應鏈變得更好了？

Sure. The general environment was definitely better, right? So we've got -- the supply chain issues are now subsiding. The logistics issues are gone. We've got the labor in our facilities where we need it. And so that general environment allowed us to execute at a higher level. The other thing I would say is just general planning. And so we started talking about Q1 back at the end of the third quarter.

當然。大環境肯定更好吧？所以我們已經 - 供應鏈問題現在正在消退。物流問題消失了。我們在我們需要的地方得到了勞動力。因此，總體環境使我們能夠在更高層次上執行。我要說的另一件事是總體規劃。所以我們在第三季度末開始談論第一季度。

And really focused on finishing '22 strong but also starting the year off in the right direction and doing the things necessary to make sure that we had a good Q1. And so I'd just say the combination of a much better environment, enhanced and improved planning and just a general commitment to say we're going to have a good Q1 and get the year started right across all of the operating units. And so we're excited about what we were able to do. We've got a lot of discussions with our team to make sure that we can continue to take out some of the cyclicality between our quarters and make sure that we can drive more consistent results, but we're definitely on a really good path to do that.

並真正專注於完成 22 年的強勁表現，同時也以正確的方向開始新的一年，並做必要的事情以確保我們有一個良好的第一季度。因此，我只想說，結合了更好的環境、增強和改進的規劃以及總體承諾，我們將有一個良好的第一季度，並在所有運營部門開始新的一年。因此，我們對我們能夠做的事情感到興奮。我們與我們的團隊進行了很多討論，以確保我們能夠繼續消除季度之間的一些週期性，並確保我們能夠取得更一致的結果，但我們肯定走在一條非常好的道路上去做。

And Sabrina, I may just add on to that a bit. In the fourth quarter, we talked about really wanting to minimize that drop-off between the fourth quarter and the first quarter in terms of margin performance and really minimize that impact. And that's what we did. And actually then what I think we saw in terms of the overdrive in margins in the quarter was the ability to convert our backlog and to bring revenue in the quarter.

還有 Sabrina，我可能會補充一點。在第四季度，我們談到了真正希望將第四季度和第一季度之間的利潤率下降降到最低，並真正將這種影響降到最低。這就是我們所做的。實際上，我認為我們在本季度的利潤率超速增長方面看到的是能夠轉換我們的積壓訂單並在本季度帶來收入。

But frankly, to do it in a way where we still have a strong backlog in place to work through that same planning and productivity cycle as we make our way through 2023 and into 2024.

但坦率地說，要以一種我們仍然有大量積壓工作的方式來完成，以便在我們通過 2023 年和進入 2024 年的過程中完成相同的規劃和生產力週期。

(Operator Instructions) We'll move next to Deane Dray from RBC Capital Markets.

（操作員說明）我們將轉到 RBC Capital Markets 的 Deane Dray 旁邊。

How does deal size impact this quarter on the implied margins going into backlog? When you start seeing -- I think you had some outsized deals before it looked like the mix you had more like midsized wins coming through. Do these tend to be better margin projects and so just give us some color around deal size.

交易規模如何影響本季度進入積壓的隱含利潤率？當你開始看到——我認為你有一些超大的交易，然後它看起來更像是中等規模的勝利。這些是否往往是更好的保證金項目，所以請給我們一些關於交易規模的顏色。

Sure. I'll talk generally and then I can go into a little bit of the specifics. But generally speaking, the larger the award, the more attraction to the competitive landscape there is. And so typically, the largest awards have lower margins. And then as we kind of move down into that $5 million to $10 million range, we get some really good margins on that.

當然。我先籠統地談談，然後再談一些細節。但一般來說，獎項越大，對競爭格局的吸引力就越大。因此，通常情況下，最大獎項的利潤率較低。然後當我們進入 500 萬到 1000 萬美元的範圍時，我們在這方面獲得了一些非常好的利潤。

And then obviously, and Deane, you know this, right, but the MRO and the aftermarket have the highest margins in our mix of equipment. And certainly, the seals business would be at the highest end of that. And so what we saw in Q1 was relatively few larger projects, in fact, only 3 in that kind of $10 million to $20 million range. And then we had a really healthy mix of this kind of $5 million to $10 million type work, which, quite frankly, we really like. Those come at higher margins. They're also a little bit easier on the execution side and a lot less time within our facilities, and we're able to turn them quicker on the lead time.

然後很明顯，迪恩，你知道這一點，對，但是 MRO 和售後市場在我們的設備組合中利潤率最高。當然，海豹業務將處於最高端。因此，我們在第一季度看到的是相對較少的大型項目，事實上，在 1000 萬至 2000 萬美元的範圍內只有 3 個。然後我們將這種 500 萬美元到 1000 萬美元的作品進行了非常健康的組合，坦率地說，我們真的很喜歡。那些利潤率更高。它們在執行方面也更容易一些，在我們的設施中花費的時間也少得多，而且我們能夠在交貨時間內更快地轉變它們。

And so the Q1 bookings were really good from a margin mix perspective for us. Again, the high aftermarket and MRO projects that we like. So some of the exceptions on the margin side, there are bigger projects that work really well for us. So the nuclear business like last year in Q1, we booked a $55 million nuclear award. Those come at really nice margins for us. There's some specific technology we have in the refining space. That also contributes to large margins, and those are typically big projects.

因此，從利潤率組合的角度來看，第一季度的預訂對我們來說非常好。同樣，我們喜歡的高端售後市場和 MRO 項目。因此，利潤方面的一些例外情況，有更大的項目對我們來說非常有效。因此，與去年第一季度的核業務一樣，我們預訂了 5500 萬美元的核業務獎勵。對我們來說，這些利潤非常可觀。我們在精煉領域擁有一些特定的技術。這也有助於提高利潤率，而且這些通常都是大項目。

And then I'd say even some of the bigger ones we've gotten more sophisticated about minimizing the cost inflation aspect of it and preserving what we call higher margins relative to what we've traditionally taken. And then just the other aspect of some of these projects is we always look at the aftermarket entitlement. And if we believe that we are locked in for the long-term aftermarket support, providing the seals into that application, pull-through on valve products and other stuff, then we're willing to go a little bit less on the front end, knowing that we're going to get a large aftermarket entitlement.

然後我要說的是，即使是一些更大的公司，我們也已經變得更加成熟，可以最大限度地減少它的成本膨脹方面，並保持我們所謂的相對於我們傳統上所採用的更高的利潤率。然後這些項目的另一個方面就是我們總是關注售後市場的權利。如果我們相信我們被鎖定在長期的售後市場支持中，為該應用提供密封件，通過閥門產品和其他東西，那麼我們願意在前端少做一點，知道我們將獲得大量的售後市場權利。

But overall, we feel very good about the margin certainly booked in Q1. And then as we think forward and what we're bidding on and what we're looking at now, those margins are better than what we've seen even a year ago today.

但總的來說，我們對第一季度確定的利潤率感到非常滿意。然後，當我們思考未來、我們正在競標的內容以及我們現在正在看的內容時，這些利潤率甚至比一年前的今天還要好。

All right. That's exactly what I was looking for. And I appreciate all that additional color. And just a follow-up question for Amy. Everyone knows we haven't had normal markets in quite a while. But for working capital, to sales target, you talked about getting below 30%. What's the stretch target, where -- if you really were able to optimize and assuming continued supply chain healing and so forth. But where does that number go?

好的。這正是我要找的。我很欣賞所有這些額外的顏色。只是艾米的後續問題。每個人都知道我們已經有一段時間沒有正常的市場了。但是對於營運資金，對於銷售目標，你談到要低於 30%。延伸目標是什麼，在哪裡——如果你真的能夠優化並假設持續的供應鏈修復等等。但是這個數字去哪兒了？

Yes. If we could get this business to the mid-20s, Deane, it would be an incredible unlock for us from a cash perspective, and we think it's doable. We do need conditions to normalize a bit. As we talk about mix, the one comment that I would make is the mix that Scott talked about being accretive to margins, it should also be helpful to working capital in the grand scheme of things that tends to come with terms that we like.

是的。如果我們能把這項業務發展到 20 年代中期，迪恩，從現金的角度來看，這對我們來說將是一個令人難以置信的解鎖，我們認為這是可行的。我們確實需要條件來稍微正常化。當我們談論混合時，我要發表的一個評論是斯科特談到增加利潤率的混合，它也應該有助於在往往伴隨著我們喜歡的條款的宏偉計劃中營運資金。

It tends to be manufacturing that is more standard and really allows us to maximize working capital in a way that may be more difficult with more complex projects. So there's a lot to like about the mix that we're seeing right now for a couple of different reasons.

它往往是更標準的製造，並且真正允許我們以一種對於更複雜的項目可能更困難的方式來最大化營運資金。因此，由於幾個不同的原因，我們現在看到的混合有很多值得喜歡的地方。

Yes. And that was also great to see positive free cash flow this quarter as well.

是的。這也很高興看到本季度的自由現金流為正。

Yes, absolutely.

是的，一點沒錯。

(Operator Instructions) We'll move to Saree Boroditsky from Jefferies.

（操作員說明）我們將從 Jefferies 搬到 Saree Boroditsky。

So there's a lot of great commentary on the end market and bookings. I believe the current guidance implies book-to-ship work is roughly flat. So just given all this positive commentary, could you talk about what is driving that assumption?

所以有很多關於終端市場和預訂的精彩評論。我相信目前的指導意味著從訂貨到發貨的工作大致持平。鑑於所有這些積極的評論，你能談談是什麼推動了這一假設嗎？

Sure. So as you know, we've obviously guided to kind of a 10% to 12% increase in sales. And with respect to our sales guidance and really our full suite of guidance for the year, we're not counting on everything going perfectly as we make our way through the rest of 2023. So you could consider it a hedge on book to ship, you could consider it a hedge on project execution. But clearly, that book-to-ship business that is implied in the forecast is not quite as strong as what our booking guidance is.

當然。如您所知，我們顯然已指導銷售額增長 10% 至 12%。關於我們的銷售指導，實際上是我們今年的全套指導，我們並不指望在 2023 年剩餘時間裡一切順利。所以你可以認為這是對出貨的對沖，您可以將其視為對項目執行的對沖。但很明顯，預測中暗示的預訂到發貨業務並不像我們的預訂指導那樣強勁。

But I think that allows us to have a number of ways to deliver on our guidance range for the full year, which we want to be both achievable from a credibility standpoint, but also create significant improvement over what we've seen in prior years from both an earnings per share and a margin perspective. And that's the way we've gone about it with the sales guidance.

但我認為這讓我們有多種方法來實現我們全年的指導範圍，我們希望從可信度的角度來看這既是可以實現的，又是我們在前幾年看到的情況的顯著改進每股收益和利潤率的觀點。這就是我們在銷售指南中採用的方式。

Understood. And then just a modeling question. Obviously, margins came in stronger in the quarter despite corporate being elevated. So what was the driver of the higher corporate spending? And is that the right run rate for the remainder of the year?

明白了。然後只是一個建模問題。顯然，儘管企業利潤率有所提高，但該季度的利潤率有所提高。那麼，企業支出增加的驅動因素是什麼？這是今年剩餘時間的正確運行率嗎？

Sure. So I think our run rate for corporate spending, I would put it closer to where we were at in 2022 in terms of those numbers. We did have a couple of discrete items that were included in that corporate spending, the largest of which was that discrete legal settlement that -- accrual that I had mentioned in my remarks, and that was around $5 million.

當然。因此，我認為就這些數字而言，我們的企業支出運行率更接近 2022 年的水平。我們確實有幾個獨立的項目包含在公司支出中，其中最大的是獨立的法律和解——我在發言中提到的應計費用，大約是 500 萬美元。

We'll hear next from Nathan Jones from Stifel.

接下來我們將聽到來自 Stifel 的 Nathan Jones 的講話。

Good morning, everyone. I'd like to follow up on some of the commentary around your ability to be a lot more selective with some of these projects. We've had plenty of commentary over the last few quarters about unabsorbed overhead. Can you talk about maybe where we are with that? Capacity utilization, the revenues a lot lower than it was still at the prior peak. There's been a lot of restructuring and stuff.

大家，早安。我想跟進一些關於你對其中一些項目更有選擇性的能力的評論。在過去的幾個季度中，我們對未吸收的間接費用發表了大量評論。你能談談我們在這方面的進展嗎？產能利用率，收入比之前的峰值低很多。有很多重組和東西。

So maybe capacity utilization comes into that. But just any further commentary you can give us on where we are with unabsorbed overhead and your ability to really be selective on projects here?

所以也許產能利用率會影響到這一點。但是，您可以就未吸收的管理費用以及您在這裡對項目真正進行選擇的能力向我們提供任何進一步的評論嗎？

Sure. And just the first comment before I jump into capacity around the world would just be -- we got to remember when we compare to prior years, just the FX on the revenue side. And so overall, I would say we're in a reasonably good position on absorption. It continues to improve. And then I'd say what we're seeing in the margins is just a much more stable environment of things getting through the shop. And so we're now -- our cycle times and our ability to the velocity of equipment going through the manufacturing side is substantially better, which improves everything on the variances and the absorption side.

當然。在我進入全球產能之前的第一條評論就是——我們必須記住，當我們與前幾年進行比較時，只是收入方面的外匯。總的來說，我想說我們在吸收方面處於相當不錯的位置。它繼續改進。然後我要說的是，我們在邊緣看到的只是一個更加穩定的東西通過商店的環境。所以我們現在 - 我們的周期時間和我們通過製造方面的設備速度的能力大大提高，這改善了方差和吸收方面的一切。

But like always, we've got a pretty large footprint and there's always a handful of facilities that aren't where we want. And so when I talk about being selective, those are the things that we're looking at. We've improved our sales and operational planning process dramatically in the last 2 to 3 years. In what we're seeing, the results from that are being selective on manufacturing sites that need work are getting their work directed to them, but then it's also allowing us to be more selective on the margin side. And so I'd say overall, we're in a reasonably good position in terms of capacity globally.

但和往常一樣，我們的足跡很大，而且總是有一些設施不在我們想要的地方。因此，當我談到有選擇性時，這些就是我們正在研究的事情。在過去的 2 到 3 年裡，我們極大地改進了我們的銷售和運營規劃流程。在我們所看到的情況下，在需要工作的製造站點上進行選擇性的結果是將他們的工作直接交給他們，但這也讓我們在利潤方面更具選擇性。所以我想說，總的來說，我們在全球產能方面處於相當有利的地位。

However, there's 1 or 2 sites that still need some work, and we're working to -- we're directing the new orders to that. And then the other thing I'd just say is there's -- if you look across the competitive landscape, we're seeing a lot of our certainly on the pump side and well, even on the valve side as well, we're seeing a lot of the peers now starting to fill up and becoming more disciplined collectively. And so I just -- I feel like we're in a far healthier position than a year ago and certainly than 2 years ago, and I would say we've got a really good run here for the next couple of quarters in terms of being able to be selective on bookings, getting them into the right locations and getting the margins we deserve.

但是，仍有 1 或 2 個站點需要一些工作，我們正在努力——我們正在將新訂單定向到那裡。然後我要說的另一件事是——如果你縱觀整個競爭格局，我們會在泵方面看到很多我們的肯定，甚至在閥門方面，我們也看到了許多同齡人現在開始變得更加有紀律。所以我只是 - 我覺得我們比一年前更健康，當然比兩年前更健康，我想說我們在接下來的幾個季度裡表現非常好能夠有選擇性地進行預訂，將他們安排到正確的位置並獲得我們應得的利潤。

Historically, the competitors and yourself starting to fill up capacity has coincided with improved pricing. Do you expect to see continued improved pricing, I guess, on bid margins in projects continue to improve for the industry as well as for closure over the next year or so?

從歷史上看，競爭對手和你自己開始填滿產能的同時價格也有所提高。我猜，您是否期望看到價格繼續提高，項目的投標利潤率在未來一年左右繼續提高行業以及關閉？

Yes. I think it has to happen, Nathan, right? What we've seen even this quarter, we had some of our peers book some really big projects, and they're doing the same thing we are, right? And so I fully expect pricing certainly on these larger projects to move up substantially from where we were 2 years ago. But even if we compare to last year, I think these projects get priced at a higher level. Again, with our backlog and our capacity situation, we're not going to take work that we did at the margins we did 2 years ago. No way.

是的。我認為它必鬚髮生，內森，對吧？我們甚至在本季度看到的情況是，我們的一些同行預訂了一些非常大的項目，他們正在做與我們相同的事情，對吧？因此，我完全預計這些大型項目的定價肯定會比 2 年前大幅上漲。但即使我們與去年相比，我認為這些項目的定價也更高。同樣，由於我們的積壓和我們的能力狀況，我們不會接受我們 2 年前所做的邊際工作。決不。

With no additional callers in the queue, that will conclude today's teleconference. We thank you all for your participation. You may now disconnect.

由於隊列中沒有其他呼叫者，今天的電話會議將結束。感謝大家的參與。您現在可以斷開連接。