Fuel Tech Inc (FTEK) 2023 Q3 法說會逐字稿

Greetings and welcome to the Fuel Tech, Inc. third quarter 2023 financial results conference. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Devin Sullivan. Thank you, Devin, you may begin.

歡迎參加 Fuel Tech, Inc. 2023 年第三季財務業績會議。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。提醒一下，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人德文·沙利文。謝謝你，德文，你可以開始了。

Thank you, Kent, and good morning, everyone. Thank you for joining us today for Fuel Tech's Third Quarter 2023 financial results conference call. Yesterday after the close we issued it, we issued a copy of our results, and that release is available at the Company's website at w. w. w. dot FTYK. dot com.

謝謝肯特，大家早安。感謝您今天參加 Fuel Tech 2023 年第三季財務業績電話會議。昨天收盤後，我們發布了業績副本，新聞稿可在公司網站 w 上取得。 w。 w。點 FTYK。 .com。

Our speakers for today will be Vincent Arnone, Chairman, President and Chief Executive Officer; and Ellen Albrecht, the Company's Chief Financial Officer. After prepared remarks, we will open the call for questions from our analysts and investors.

今天的演講者是董事長、總裁兼執行長 Vincent Arnone；以及公司財務長 Ellen Albrecht。在準備好發言後，我們將開始向分析師和投資人提問。

Before turning things over to Vince, I'd like to remind everyone that matters discussed in this call, except for historical information, are forward-looking statements as defined in Section 21 E. of the Securities Exchange Act of 1934 as amended, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech's current expectations regarding future growth, results of operations, cash flows, performance and business prospects and opportunities as well as assumptions made by and information currently available to our company's management Fuel-Tech as tried to identify forward-looking statements by using words such as anticipate, believe, plan, expect estimate, intend, will and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties and other factors, including but not limited to, those discussed in Fuel Tech's annual report on Form 10-K in Item 1A under the caption Risk Factors and subsequent filings under the Securities Exchange Act of 1934 as amended, which could cause Fuel Tech's actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in or implied by these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any forward-looking statements contained herein to reflect future events, developments or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in the Company's filings with the SEC.

在將事情交給Vince 之前，我想提醒大家，本次電話會議中討論的事項（除歷史資訊外）均為1934 年《證券交易法》修訂案第21 E 條中定義的前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款制定，反映了 Fuel Tech 目前對未來增長、經營業績、現金流、業績和業務前景和機會的預期，以及目前可獲得的假設和信息我們公司的管理層Fuel-Tech試圖使用“預期”、“相信”、“計劃”、“期望估計”、“打算”、“意願”等詞語以及類似的表達方式來識別前瞻性陳述，但這些詞語並不是辨識前瞻性陳述的唯一方式。這些陳述基於Fuel Tech 目前掌握的信息，並受到各種風險、不確定性和其他因素的影響，包括但不限於Fuel Tech 年度報告10-K 表第1A 項中「風險因素」標題下討論的內容和根據經修訂的1934 年證券交易法提交的後續文件，這可能導致Fuel Tech 的實際增長、營運結果、財務狀況、現金流量、業績以及業務前景和機會與這些聲明中明示或暗示的內容存在重大差異。 Fuel Tech 不承擔更新此類因素或公開宣布本文所含任何前瞻性陳述的結果以反映未來事件、發展或變化的情況或任何其他原因的義務。請投資人注意，所有前瞻性陳述都涉及風險和不確定性，包括公司向 SEC 提交的文件中詳細說明的風險和不確定性。

But that said, I'd now like to turn the call over to Vincent Arnone, Chairman, President and CEO of Fuel Tech. Vince, please go ahead.

儘管如此，我現在想將電話轉給 Fuel Tech 董事長、總裁兼執行長 Vincent Arnone。文斯，請繼續。

Thank you, Devin. And good morning, and I'd like to thank everyone for joining us on the call today.

謝謝你，德文。早安，我要感謝大家今天加入我們的電話會議。

Our results for the third quarter reflected continued double digit revenue growth for our Air Pollution Control or APC segment with sales up 36% from last year's third quarter and an expected and welcomed rebound in revenue at fuel Cam, which saw revenue double from the immediately preceding second quarter of 2023 as program activity for this segment normalized following a period of reduced operation driven by unscheduled downtime and temporary maintenance on our installed units, we continued to maintain a conservative cost growth profile with SG&A expenses trending at or slightly below 2022 levels, secured new APC contracts and ended the quarter with over $33 million in total cash and investments and no long-term debt. We believe that the future of our Company lies not only on capitalizing on the opportunities offered by our existing products and end markets, but also on developing and commercializing new product and market opportunities. To that end, the continuing development of our Dissolved Gas Infusion technology or DGI. remains as a high priority in following up on our discussion from our Q2 earnings conference call.

我們第三季的業績反映了我們的空氣污染控製或APC 部門的收入持續兩位數增長，銷售額比去年第三季度增長了36%，並且燃料凸輪的收入出現了預期和受歡迎的反彈，該部門的收入比上一季度增長了一倍2023 年第二季度，由於該部門的計劃活動在因計劃外停機和對已安裝設備進行臨時維護而導致運營減少的一段時期後恢復正常，我們繼續保持保守的成本增長狀況，SG＆A 費用趨於或略低於2022 年的水平，確保新的 APC 合同，本季度末現金和投資總額超過 3,300 萬美元，沒有長期債務。我們相信，公司的未來不僅在於利用我們現有產品和終端市場提供的機會，還在於開發新產品和市場機會並將其商業化。為此，我們不斷開發溶解氣體注入技術（DGI）。仍然是我們第二季財報電話會議討論的後續討論的重中之重。

Regarding DGI., we are very pleased to have completed the on-site deployment and pilot testing of our DTI. technology at an aquaculture setting in the Western United States. Over the 100 day demonstration, the DGI. technology delivered and consistently controls the dissolved oxygen levels in demand between nine and 12 milligrams per liter, which is approximately 150% of atmosphere exaggeration. Based on an analysis of the results and post-study consultation with the client for DGI. technology, not only met the pilot study expectations, some parameters, but in many cases exceeded them for consistent delivery of high-quality dissolved oxygen on demand client reported excellent results from taste tests by local chefs, including an absence of methylamines within the harvest. Results from this study will be published in an abstract and presented at the aquaculture America conference in February of 2024. We are currently in negotiations with this client to deploy our DGI. system at their location for both their next growth cycle and their larger-scale development plans. In addition to this demonstration, we are continuing our conversations with other potential channel partners as we look to deploy EGI. in other end markets either late this year or early in 2024. DGI. is best described as a technology that involves the efficient transfer of high concentrations of gas into a body of water to drive chemical or biological reactions such as wastewater treatment or for process improvements such as industrial applications or agriculture.

關於DGI，我們非常高興已經完成了我們的DTI的現場部署和試點測試。美國西部水產養殖環境中的技術。經過 100 天的演示，DGI。所提供的技術並且始終將所需的溶氧量控制在每公升 9 至 12 毫克之間，大約是大氣誇大值的 150%。基於對 DGI 結果的分析以及與客戶的研究後諮詢。技術不僅滿足了試點研究的預期和一些參數，而且在許多情況下超出了這些參數，能夠持續按需提供高品質的溶解氧。客戶報告說，當地廚師的味覺測試結果非常好，包括收穫中不含甲胺。這項研究的結果將以摘要形式發表，並在 2024 年 2 月舉行的美國水產養殖會議上展示。我們目前正在與該客戶就部署我們的 DGI 進行談判。系統在他們的位置為他們的下一個成長週期和更大規模的發展計劃。除了本次示範之外，我們還在尋求部署 EGI 時繼續與其他潛在通路合作夥伴進行對話。今年年底或 2024 年初在其他終端市場推出。DGI。最好的描述是一種涉及將高濃度氣體有效轉移到水體中以驅動化學或生物反應（例如廢水處理）或用於工業應用或農業等製程改進的技術。

Our DGI. system is a two-step technological process where first, a slipstream of process water is pressurized and infused with oxygen using Fuel Tech's patented saturated. And secondly, this oxygen laden slips slipstream has returned to the process basin through a patent pending injection array for optimal distribution and gas residence time at present, we are utilizing DGI. to deploy oxygen into bodies of water. However, we do believe that DGI. can be applicable for other gases as well, such as ozone PGI.'s benefit benefits include the precise control of dissolved oxygen levels for all process applications and ability to extend plant capacity without major expansion or capital outlay, older reduction and minimal bubble formation for extended residence time. We believe that DGI. is applicable across several end markets, including pulp and paper, food and beverage, chemical or petrochemical, water and wastewater treatment and agriculture.

我們的總檢察長。該系統是一個兩步驟技術流程，首先，使用 Fuel Tech 的專利飽和技術對製程水的滑流進行加壓並注入氧氣。其次，這種充滿氧氣的滑流已透過正在申請專利的噴射陣列返回處理池，以實現最佳分佈和氣體停留時間，目前我們正在利用 DGI。將氧氣釋放到水體中。然而，我們確實相信 DGI。也可適用於其他氣體，例如臭氧 PGI。其優點包括精確控制所有製程應用的溶解氧水平，以及無需大規模擴建或資本支出即可擴大工廠產能的能力、較舊的減少和最小化氣泡形成延長停留時間。我們相信DGI。適用於多個終端市場，包括紙漿和造紙、食品和飲料、化學或石化、水和廢水處理以及農業。

Now let's please spend a few minutes discussing our APC and FUEL CHEM business segments. Our FUEL CHEM business segment benefited from the return of our larger scale customer units to more normalized levels of usage after experiencing extended downtime in the second quarter associated with reduced dispatch driven by weather related demand and unscheduled maintenance outages. We expect fuel claims performance in the fourth quarter of this year to be at a reduced level from the $4.1 million reported in last year's fourth quarter, due primarily to a reduction program utilization levels at our primary accounts from the very high levels experienced in 2022. This will result in lower annual revenues of fuel CAM when compared to full year 2022.

現在，讓我們花幾分鐘討論一下我們的 APC 和燃料化學業務部門。我們的燃料化學業務部門受益於我們較大規模的客戶單位在第二季度經歷了因天氣相關需求和計劃外維護中斷導致的調度減少而導致的長時間停機後，恢復到更正常的使用水平。我們預計今年第四季度的燃油索賠業績將比去年第四季度報告的 410 萬美元有所下降，這主要是由於我們的主要帳戶的計劃利用率從 2022 年的非常高水平有所減少。與2022年全年相比，這將導致燃油CAM 的年收入下降。

With respect to international opportunities for the FUEL CHEM segment, we are continue are continuing to follow the opportunity to expand the provision of our chemical technology in Mexico for our partner in that country to address the emissions created by the burning of high sulfur fuel oil, which is being undertaken without the necessary environmental remediation remediation and at the expense of the health of surrounding communities. Earlier this year, we executed a two year extension to the program that we currently have in place at one facility. And we do believe that political pressure is building in favor of the implementation of our Fuel CHEM program at additional facilities in this country. Our partner is currently in discussions with the state-owned utility CFE.

關於燃料化學領域的國際機遇，我們將繼續抓住機會，為我們在墨西哥的合作夥伴擴大我們的化學技術的供應，以解決高硫燃料油燃燒產生的排放問題，這是在沒有進行必要的環境在整治的情況下進行的，並且以犧牲周圍社區的健康為代價。今年早些時候，我們將目前在工廠實施的計劃延長了兩年。我們確實相信，政治壓力正在增加，有利於在該國的其他設施中實施我們的燃料化學計畫。我們的合作夥伴目前正在與國有公用事業公司 CFE 進行討論。

Regarding the application of our technology, it's several units for the APC segment. Revenue rose by 36% to $3.7 million from last year's third quarter, driven primarily by the timing of project awards and the commencement of work on contracts announced during 2022 and continuing through the first nine months of 2023. These projects involved our SCR SNCR and ULTRA emissions control solutions at natural gas and coal-fired units in the U.S. Europe and the Pacific Rim. As previously announced, we have secured $2.2 million of new project awards during the third quarter. And earlier this week, we announced an additional $2.6 million of new awards. Based on our visibility to projects that are in development, we expect a minimum of $3 million to $4 million in additional awards before the end of this year. Last quarter, we discussed the US Environmental Protection Agency's issuance of a rule finalizing requirements that obligate 23 states to reduce emissions of nitrogen oxides from power plants and certain industrial facilities according to the EPA. This action was designed to tighten nitrogen oxide emission requirements by updating the Cross-State Air Pollution Control to meet the Good Neighbor requirements of the Clean Air Act for good neighbor rule has currently been stayed by several circuit boards covering sources and up when states within the past few weeks sources and affected downwind states have petitioned the Supreme Court to proceed with the rule for the near term up wind sources will likely not be required to reduce their nitrogen oxide emission levels until the requirements and timing of the final rule have been resolved. We continue to believe that this new federal rule will serve as a catalyst for new APC orders over the next several years as utility and industrial customers explore ways to further reduce NOx emissions. In fact, it is important to note that we have received and responded to several requests for budgetary proposals as customers prepare to address the upcoming compliance requirements as part of their capital budgeting requirements for 2024 and beyond. We will provide further analysis and commentary on this regulation as more information becomes available in the future. Through the first nine months of 2023, APC revenues have already exceeded the revenue recognized for the entirety of 2022. Based on our effective backlog at quarter end, the business development activities we are pursuing and our previously noted expectations for FUEL CHEM. We expect that total revenues for 2023 will increase modestly to between to between $27 million and $28 million, up from $26.9 million in 2020. To this base case outlook excludes any material contributions from DGI. as we are still in the early stages of commercialization and any significant contributions to APC from the EPA rule earlier this year.

關於我們技術的應用，它是APC領域的幾個單位。營收較去年第三季成長 36%，達到 370 萬美元，這主要是由於 2022 年期間宣布的專案授予時間和合約開工並持續到 2023 年前九個月。這些專案涉及我們的 SCR SNCR 和 ULTRA美國、歐洲和環太平洋地區天然氣和燃煤機組的排放控制解決方案。正如先前宣布的，我們在第三季獲得了 220 萬美元的新項目獎勵。本週早些時候，我們宣布了額外 260 萬美元的新獎項。根據我們對正在開發的項目的了解，我們預計在今年年底之前將獲得至少 300 萬至 400 萬美元的額外獎勵。上季度，我們討論了美國環保署發布的一項最終要求，要求 23 個州根據 EPA 的規定減少發電廠和某些工業設施的氮氧化物排放。該行動旨在透過更新跨州空氣污染控制來收緊氮氧化物排放要求，以滿足《清潔空氣法案》中的好鄰居要求。過去幾週，風源和受影響的順風州已請求最高法院繼續執行近期的規則，在最終規則的要求和時間安排解決之前，上風源可能不需要減少氮氧化物排放水準。我們仍然相信，隨著公用事業和工業客戶探索進一步減少氮氧化物排放的方法，這項新的聯邦規則將成為未來幾年新 APC 訂單的催化劑。事實上，值得注意的是，隨著客戶準備滿足即將到來的合規要求，作為 2024 年及以後資本預算要求的一部分，我們已經收到並回覆了多項預算提案請求。未來，隨著更多資訊的出現，我們將對此法規提供進一步的分析和評論。截至 2023 年前 9 個月，APC 收入已超過 2022 年全年確認的收入。根據季度末的有效積壓訂單、我們正在進行的業務開發活動以及我們之前提到的對 FUEL CHEM 的預期。我們預計 2023 年的總收入將從 2020 年的 2,690 萬美元小幅增加至 2,700 萬美元至 2,800 萬美元之間。在此基本情境展望中不包括 DGI 的任何實質貢獻。因為我們仍處於商業化的早期階段，並且今年早些時候 EPA 規則對 APC 做出了重大貢獻。

In closing I want to once again thank the Fuel Tech team for their ongoing continued hard work and dedication and our shareholders for their continued support. As we continue to evolve our operations and expand our presence as a global supplier of technologies that enable clean air and PU pure water.

最後，我要再次感謝 Fuel Tech 團隊的持續努力和奉獻，以及我們的股東的持續支持。隨著我們不斷發展我們的業務並擴大我們作為全球清潔空氣和 PU 純水技術供應商的影響力。

With that said, I'm going to turn the discussion over to and to Ellen. Ellen, please go ahead.

話雖如此，我將把討論轉給艾倫。艾倫，請繼續。

Thank you, Vince, and good morning, everyone. We are pleased with our third quarter results reflect reflecting higher net income, a significant revenue improvement in our FUEL CHEM segment compared to the immediately preceding second quarter of 2023 and continued to strengthen our balance sheet for the quarter, consolidated revenues were flat at $8 million compared to last year's third quarter, driven by improved results year over year.

謝謝你，文斯，大家早安。我們對第三季的業績感到滿意，反映出更高的淨利潤，與2023 年第二季相比，我們燃料化學部門的收入顯著改善，並繼續加強我們本季的資產負債表，綜合收入持平於800 萬美元與去年第三季相比，業績年增。

In our APC business segment, consolidated revenues for the 2023 nine-month period rose to $20.8 million from $19.9 million in the same period last year. Apc segment revenues for the quarter increased 36% to $3.7 million from $2.7 million in the prior year period, driven by the timing of project execution and the recognition of ancillary APC orders. This increase was offset by a decline in fuel card product revenue for the quarter. That was the result of lower dispatch electrical generation demand and changes in product and fuel usage at certain accounts. As noted, fuel com revenue more than doubled from Q2 2023 when this segment was affected by customer-driven maintenance outages.

在我們的 APC 業務部門，2023 年 9 個月期間的綜合收入從去年同期的 1,990 萬美元增至 2,080 萬美元。受專案執行時間表和輔助 APC 訂單確認的推動，本季 APC 部門營收從去年同期的 270 萬美元增長 36% 至 370 萬美元。這一增長被本季加油卡產品收入的下降所抵消。這是由於調度發電需求下降以及某些帳戶的產品和燃料使用變化的結果。如前所述，燃料通訊收入較 2023 年第二季增加了一倍多，當時該細分市場受到客戶驅動的維護中斷的影響。

Consolidated gross margin for the third quarter was 45% of revenues as compared to 46% of revenues from the prior year period, although APC gross margin rose to 40% from 34% in last year's third quarter due to a change in project and project mix. Lower revenues for the fuel cam segment impacted margins on a consolidated basis, third quarter 2023 gross margin for the fuel segment returned to historical levels of right around 50%.

儘管由於專案和專案組合的變化，APC 毛利率從去年第三季的 34% 上升至 40%，但第三季的綜合毛利率佔營收的 45%，而去年同期為 46% 。燃油凸輪細分市場收入下降影響了綜合利潤率，2023 年第三季燃油細分市場的毛利率恢復到 50% 左右的歷史水準。

Consolidated APC segment backlog as of September 30, 2023, was $5.6 million, down sequentially from $6.6 million at June 30, 2023, and $8.2 million as of December 31, 2022. Backlog at quarter end consisted of $2.4 million of domestically delivered project backlog and $3.4 million of four of four and delivered project backlog. As Vince noted, we have recently announced new contract new contract awards and expect to add this to the backlog balance prior to the end of the year. We continue to maintain an expense discipline across our enterprise.

截至2023 年9 月30 日，APC 部門合併未完成訂單為560 萬美元，較2023 年6 月30 日的660 萬美元和截至2022 年12 月31 日的820 萬美元有所下降。季度末的未完成訂單包括240 萬美元的國內交付項目未完成訂單和四分之四和已交付的項目積壓金額為 340 萬美元。正如文斯指出的，我們最近宣布了新合約授予，並預計在年底前將其添加到積壓餘額中。我們繼續在整個企業內維持費用紀律。

Sg&a expenses for the third quarter decreased to $3 million from $3.3 million last year. This decrease was primarily due to timing of certain employee related expenses. For the full year 2023, we expect SG&A expenses to range between $12.8 and $13.2 million as we strategically invest in resources to support current Viviant business initiatives.

第三季的銷售、管理和行政費用從去年的 330 萬美元減少到 300 萬美元。這一減少主要是由於某些員工相關費用的時間安排。 2023 年全年，我們預計 SG&A 費用將在 1,280 至 1,320 萬美元之間，因為我們策略性地投資資源以支援當前的 Viviant 業務計劃。

Research and development expenses for the third quarter increased to $513,000 from $207,000 in last year's third quarter. This increase was primarily due to continuing investments in our DGI. water treatment technologies and in support of our pilot testing initiatives. We will continue to invest as needed in our R&D efforts in support of our commercialization of our DGI. technology and to actively pursue commercial applications or technologies outside of our traditional markets. We continue to take advantage of the favorable interest rate environment. And as of September 30, 2023, have invested in excess of $30 million in held to maturity debt securities and money market funds. This generated $322,000 of interest income in the third quarter and nearly $1 million of interest income for the 2023, nine month period, up from just $100,000 in the same period last year. We continue to expect that interest income for 2023 barring any unusual cash deployments to grow, the business will approximate $1.3 million.

第三季的研發費用從去年第三季的207,000美元增加到513,000美元。這一成長主要歸功於我們對 DGI 的持續投資。水處理技術並支援我們的試點測試計劃。我們將繼續根據需要投資研發工作，以支援 DGI 的商業化。技術並積極尋求傳統市場以外的商業應用或技術。我們繼續利用有利的利率環境。截至 2023 年 9 月 30 日，已投資超過 3,000 萬美元持有至到期債務證券及貨幣市場基金。這在第三季產生了 322,000 美元的利息收入，並在 2023 年 9 個月期間產生了近 100 萬美元的利息收入，而去年同期僅為 10 萬美元。我們繼續預計，除非有任何異常的現金部署成長，否則 2023 年的利息收入將約為 130 萬美元。

Net income for the third quarter was $459,000 or $0.02 per share compared to net income of $314,000 or $0.01 per share in the same period one year ago. Adjusted EBITDA was 352,000 compared to an adjusted EBITDA of $421,000 in the prior year period. We continue to maintain a strong financial position as of September 30, 2023, we had cash and cash equivalents of $13.5 million and short and long-term investments of $19.7 million. Working capital was $31.9 million or $1.5 per share and stockholders' equity was $44.1 million or $1.45 per share. And the Company continues to have no outstanding debt. We are confident in our ability to fund our ongoing growth initiatives, pursue new product and market opportunities and maintain our strong financial position, which we view as important competitive advantage.

第三季淨利為 459,000 美元，即每股 0.02 美元，而一年前同期淨利為 314,000 美元，即每股 0.01 美元。調整後 EBITDA 為 352,000 美元，而去年同期調整後 EBITDA 為 421,000 美元。截至 2023 年 9 月 30 日，我們繼續保持強勁的財務狀況，擁有現金和現金等價物 1,350 萬美元，以及短期和長期投資 1,970 萬美元。營運資金為 3,190 萬美元，即每股 1.5 美元，股東權益為 4,410 萬美元，即每股 1.45 美元。公司仍然沒有未償債務。我們對為持續成長計畫提供資金、尋求新產品和市場機會以及保持強勁的財務狀況的能力充滿信心，我們認為這是一個重要的競爭優勢。

Thank you for your time, and I'll turn the call back over to Vince.

感謝您抽出時間，我會將電話轉回給文斯。

Thanks very much, Ellen. Operator, let's please now open the line for questions.

非常感謝，艾倫。接線員，現在請打開提問線。

Kyrill, we will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two. If you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please while we poll for questions. Thank you.

基里爾，我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的星號一。確認音將表示您的線路已在問題佇列中。您可以按星二號。如果您想從佇列中刪除您的問題。對於使用揚聲器裝置的與會者，可能需要在按星號鍵之前拿起聽筒。請稍等一下，我們進行投票提問。謝謝。

Amit Dayal is our first question from H.C. Wainwright. Please see.

阿米特·達亞爾 (Amit Dayal) 是 H.C. 向我們提出的第一個問題。溫賴特。請參見。

Morning, guys.

早安，夥計們。

Morning.

早晨。

I mean it was high winds just with respect to DG., I mean, looks like, you know, the pilot is working pretty well and you're seeing the results in better than expected with this type of I've now like for how quickly and the balance sheet that you have there and how quickly can you move this to just expanded efforts with over pilot stage opportunities? And even you know, I know you may be a little bit dependent on the customer itself, you know, from commercializing with this client who has had the pilot. But how should we think about revenues from this on coming through for you guys. How quickly could that happen now that you have seen these results are right, Noah, thanks for the question, Amit.

我的意思是，就 DG 而言，風很大。我的意思是，看起來，你知道，飛行員工作得很好，你看到的結果比預期的要好，我現在喜歡這種類型的以及您那裡的資產負債表，以及您能以多快的速度將其轉變為透過試點階段機會擴大努力？即使你知道，我也知道你可能有點依賴客戶本身，你知道，與這個擁有試點的客戶進行商業化。但是我們應該如何考慮你們從中獲得的收入。既然你已經看到這些結果是正確的，那麼這種情況要多快才能發生，諾亞，謝謝你的問題，阿米特。

With respect to this particular customer as our next step here is probably going to be engaging in a on an equipment lease or rental arrangement with them for their next growth cycle, which will likely start be before the end of this year, early next year. But with this small system that we're using there, where we're not expecting material revenues relative to your call it, your more broad question on how quickly we can get perhaps more systems out in a commercial environment. Come premature for me to talk about any sort of revenue level for 2024. But what we are going to be doing now that we do have some call it pilot or demonstration success in our hands. As I noted in my commentary, we're going to take this information out publicly via the conferences and look to expand knowledge about DGI. and marketplaces so that that is going to be our next step on.

對於這個特定的客戶，我們的下一步可能是與他們進行設備租賃或租賃安排，以實現他們的下一個成長週期，這可能會在今年年底前、明年初開始。但是，對於我們在那裡使用的這個小型系統，我們並不期望相對於您所說的物質收入，您更廣泛的問題是我們可以多快在商業環境中推出更多系統。對我來說談論 2024 年的任何收入水平還為時過早。但我們現在要做的事情是，我們確實已經取得了一些人所說的試點或示範成功。正如我在評論中指出的那樣，我們將透過會議公開這些信息，並尋求擴展有關 DGI 的知識。和市場，這將是我們的下一步。

Yes, we have a solid balance sheet. As you know, we've been using our funds carefully regarding how we do invest in DGI., but with each step, it's providing us more impetus, if you will, to further invest to pick the pace up a little bit regarding commercialization. So that's something we're evaluating right now is we're looking to end '23 and move into 2024, but we're going to be looking at some resource enhancements, some human resource enhancements. We're going to be looking at perhaps adding additional DTI. systems to have on-hand inventory for a potential sale or demonstration. And that's everything that's in process right now. When we look to have our first call in 2024, which will be in that early March timeframe. Obviously, I'll have more to talk about regarding the development of VGI. at that point in time. But suffice it to say between now and then we are expecting to have additional demonstrations and we are expecting to have some small level of commercial revenue.

是的，我們有穩健的資產負債表。如您所知，我們一直在謹慎地使用我們的資金來投資 DGI。但每一步，它都為我們提供了更多動力（如果您願意的話）進一步投資，以加快商業化的步伐。因此，我們現在正在評估的是，我們希望在 23 年結束並進入 2024 年，但我們將考慮一些資源增強和人力資源增強。我們可能會考慮添加額外的 DTI。系統擁有用於潛在銷售或演示的現有庫存。這就是現在正在進行的一切。我們希望在 2024 年舉行第一次電話會議，時間為 3 月初。顯然，我將更多地談論 VGI 的發展。在那個時間點。但只要說從現在到那時我們預計會有更多的示威活動，並且我們預計會有一些小規模的商業收入。

But tangible elements, I'm just looking ahead a little bit into 2024, maybe it's a little early, but how do you feel about sort of, you know, your setup with respect to the visibility you have right now for 2024. Could that be another sort of year over year period for you or revenue growth period for you?

但有形元素，我只是展望 2024 年，也許有點早，但你對 2024 年可見性的設置有何感覺？對您來說是另一種同比時期還是收入增長期？

All right.

好的。

I mean, any color on how you are positioned for us over the next 12 months, you know, would be helpful.

我的意思是，任何關於您在未來 12 個月如何為我們定位的顏色都會有所幫助。

The and the reason I asked this question, Linzess, you know, you have some cash per share $45 roughly and the stock is trading well below that. I'm just trying to understand where the disconnect is and what investors may or may not be thinking about the opportunities in front of you yes.

我問這個問題的原因是，Linzess，你知道，你每股大約有 45 美元的現金，而股票的交易價格遠低於這個數字。我只是想了解脫節在哪裡，以及投資者可能會或可能不會考慮你面前的機會是的。

I mean, I completely understand and I share your sentiment regarding where we're trading today vis a vis our on our cash value per share on a visibility in terms of me sitting here and providing guidance on 2014. It is premature.

我的意思是，我完全理解並且我同意您對我們今天的交易情況、每股現金價值以及我坐在這裡提供 2014 年指導的可見性的看法。現在還為時過早。

However, I will tell you that I would be disappointed as CFO of the Company.

然而，我會告訴你，身為公司的財務官，我會感到失望。

If we would not be targeting another year of revenue increase and 2024 over 2023. So that's the statement that I'll make today. I think that the disconnect on valuation. I think as we are able to provide more positive information to the public and more make more people aware of what Fuel Tech is actually providing both as an environmental solutions company to the world today and also from a pure value perspective, I think hopefully, we'll see that that disconnect in valuation change as we move into 2024.

如果我們不把目標定為再增長一年，2024 年的收入將超過 2023 年。這就是我今天要發表的聲明。我認為估值脫節。我認為，由於我們能夠向公眾提供更多積極的信息，讓更多的人了解Fuel Tech 作為一家環境解決方案公司實際上為當今世界提供了什麼，並且從純粹的價值角度來看，我認為希望我們當我們進入 2024 年時，我們會看到估值的脫節發生變化。

Thank you.

謝謝。

It's on I'll take my other questions offline, but I appreciate all the color.

我將把我的其他問題離線，但我很欣賞所有的顏色。

Thank you so much.

太感謝了。

You're welcome.

不客氣。

Thank you.

謝謝。

Our next question comes from Marc Silk at Silk Investment Advisories, Mark Please proceed, event's.

我們的下一個問題來自 Silk Investment Advisories 的 Marc Silk，Mark 請繼續，活動。

Thanks for taking my questions.

感謝您回答我的問題。

Hi, Mark, good morning to you, and thanks for joining.

嗨，馬克，早上好，感謝您的加入。

Okay. So in the October ninth edition of Barron's, there was an article discussing Europe's first ever carbon based tax. So some of the highlights were the imports to Europe will now face attacks based on carbon emissions caused by manufacturing. The goal of the legislation is to encourage more countries to write laws that reduce emissions. It makes sure that European manufacturers stay competitive with rivals operating in director and dirtier jurisdictions. So this could reconfigure international trade flows over the next five years and potentially result in new carbon fees going into effect in more countries. So taxes will start being collected in 2026 and will increase gradually until they're equal to EU carbon prices in 2034.

好的。因此，在《巴倫周刊》十月第九版中，有一篇文章討論了歐洲有史以來第一個碳稅。因此，一些亮點是歐洲的進口現在將面臨基於製造業造成的碳排放的攻擊。該立法的目標是鼓勵更多國家製定減少排放的法律。它確保歐洲製造商與在主管和骯髒司法管轄區運營的競爭對手保持競爭力。因此，這可能會在未來五年內重新配置國際貿易流量，並可能導致新的碳排放費在更多國家生效。因此，稅收將從 2026 年開始徵收，並將逐漸增加，直到 2034 年等於歐盟碳價格。

So I have a few questions on. So you know, you've done a great job controlling expenses relative to revenues and something like this can really come accelerate growth for Fuel Tech. So since you have the technology and expertise to mitigate this risk for many companies and industries, can you discuss maybe a cost effective strategies that would allow you to participate in this opportunity. So for instance, and Fuel Tech could pursue resellers and partnerships around the world where you provide the solutions and they can supply the sales force. So this could be a revenue sharing agreement without you incurring startup costs, et cetera. But we lead only to variable costs in relation to increase sales.

所以我有幾個問題。所以你知道，你在控制相對於收入的支出方面做得很好，這樣的事情確實可以加速 Fuel Tech 的成長。因此，既然您擁有為許多公司和行業減輕這種風險的技術和專業知識，您能否討論一種具有成本效益的策略，讓您能夠參與這個機會。例如，Fuel Tech 可以在世界各地尋找經銷商和合作夥伴，您可以在其中提供解決方案，而他們可以提供銷售人員。因此，這可能是一項收入共享協議，您無需承擔啟動成本等。但我們只會導致與增加銷售量相關的變動成本。

Mark, thanks for the question. I appreciate it.

馬克，謝謝你的提問。我很感激。

And actually for everyone's benefit, Marc did actually share the commentary on the European carbon tariff with me and I have done a little bit of reading on that myself. So Mark, Mark, thanks for that.

實際上，為了每個人的利益，馬克確實與我分享了對歐洲碳關稅的評論，我自己也閱讀了一些相關內容。所以馬克，馬克，謝謝你。

It's a monumental undertaking.

這是一項具有里程碑意義的事業。

What would be was actually looking to put in place on today to your point, if they put the requirement out in a transitional phase as we sit here today, evidently, they're going to start to tried to gather some data on um, on carbon credits last year, if you will, if you will, starting in 2024.

實際上，如果他們在我們今天坐在這裡的過渡階段提出要求，那麼實際上希望今天落實到您的觀點，顯然，他們將開始嘗試收集一些關於嗯，關於的數據去年的碳信用額，如果你願意的話，如果你願意的話，從2024 年開始。

Now the market, as you know, the right now, the targeted industries are the call it the highest level polluters on the planet. It's cement, it's higher and steel, aluminum, electricity and hydrogen. So these are many of the end markets that Fuel Tech addresses today with our technology base via addressing European customers or the addressing of customers in different parts of the world. So from our perspective, we need to see how this tier program programs going to develop obviously, but as companies around the world are looking to reduce their carbon footprint. We work very closely with the steel industry over many, many years and have good relationship with steel, particularly in the U.S., not as not as strong in the U.S. as we sit here today, we'd have some work there to do with some of the other industries from, I think, where we're going to continue to look to capitalize on helping those industries reduce their carbon footprint by applying our nitrogen oxide technologies on their facilities. As we have the opportunities to work with them prospectively. So it's on it's difficult to call this out as what I would call a specific target of opportunity because we have been dealing with these industries historically, and we will continue to strive to capitalize on any attempts at these industries are looking to make to reduce their carbon footprint. Um, as we get more information on this regulation in particular and better understand how companies are looking to address it from. We'll gather more information on our end. I'll be happy to share that on our next earning earnings conference call as well.

現在的市場，如你所知，目前的目標產業是地球上污染程度最高的產業。它是水泥，它是更高的，還有鋼鐵、鋁、電力和氫氣。因此，Fuel Tech 今天透過我們的技術基礎，透過向歐洲客戶或世界不同地區的客戶提供服務，解決了許多終端市場的問題。因此，從我們的角度來看，我們需要看看這一層計畫將如何發展，但世界各地的公司都在尋求減少碳足跡。我們與鋼鐵業合作了很多年，並且與鋼鐵業有著良好的關係，特別是在美國，但在美國並不像我們今天坐在這裡那麼強大，我們在那裡有一些工作要做。我認為，我們將繼續尋求透過在其設施上應用我們的氮氧化物技術來幫助這些產業減少碳足跡。因為我們有機會與他們前瞻性地合作。因此，很難將其稱為我所說的特定機會目標，因為我們歷史上一直在與這些行業打交道，並且我們將繼續努力利用這些行業正在尋求的任何嘗試來減少其碳足跡。嗯，隨著我們獲得更多有關該法規的信息，並更好地了解公司如何解決該問題。我們將收集更多資訊。我也很樂意在下一次獲利電話會議上分享這一點。

Yes, because one of the thoughts is that where the U.S. is reducing their dependence on coal, that's not necessarily the case for other countries.

是的，因為其中一個想法是，美國正在減少對煤炭的依賴，但其他國家的情況卻不一定如此。

Right.

正確的。

And so I mean, what's interesting about this is this could really change the prospects for your product from a regulatory requirement to an economical. Wanted to wanted to avoid would ramp, basically recurring taxes, i.e., expenses.

所以我的意思是，有趣的是，這確實可以將您的產品的前景從監管要求轉變為經濟要求。想要避免會增加，基本上是經常性稅收，即費用。

Is that would that is that correct under under a cap-and-trade type system that that's exactly how it would work.

在限額與交易類型的體系下，這是否正確，這正是它的運作方式。

I mean, Joe positive is obviously this doesn't make sense to pursue just pursue now as your company is trading below cash. And but just I think, brings awareness that it's an interesting investment and potential takeover target but out, you don't have to comment on that outlets, which the DGI. for a second 10. So congratulations on the success of the pilot. So if you and Mr. Adecco would have discovered maybe any areas in this industry of low hanging fruit for this product.

我的意思是，喬肯定的是，現在追求顯然是沒有意義的，因為你的公司的交易價格低於現金。但我認為，這會讓人們意識到這是一個有趣的投資和潛在的收購目標，但你不必對 DGI 的那些媒體發表評論。第二個 10。祝賀試點取得成功。因此，如果您和 Adecco 先生可能已經發現了該產品在該行業中任何容易實現的領域。

Bill has a couple of thoughts in mind where there will be low and low hanging fruit. We believe I think our next demonstration is likely going to be one of those areas that we are going to be targeting. But that is not something that I can speak to it at this point in time, but it is a demonstration and we're looking to engage in as we move into the first quarter of next year.

比爾心中有幾個想法，其中的成果將是唾手可得的。我們相信，我認為我們的下一次示威可能會成為我們的目標領域之一。但這不是我現在可以談論的事情，但這是一次演示，我們希望在進入明年第一季時參與其中。

But Bill has been working diligently across his body of relationships in multiple industries to indeed do just that find those areas, though, that could be an immediate fit for DGI. to be honest, aquaculture came as a little bit of surprise to us. But as we found out, it's an area that is really perfectly suited for the DGI. application and Bill has some other targets in mind as well.

但 Bill 一直在多個行業的人脈關係中努力工作，確實找到了那些可能立即適合 DGI 的領域。說實話，水產養殖讓我們有點意外。但正如我們發現的那樣，這是一個非常適合 DGI 的領域。應用程式和比爾還有一些其他目標。

So also some of the areas that aren't low hanging fruit, but it makes sense to concentrate on a lucrative future deals, would that would those be mix with reasonable sales cycles or it's going to be another one of these 100 day type of experiments or just because you're already so our success in this may be it shortens the time frame.

因此，有些領域並不是唾手可得的成果，但專注於利潤豐厚的未來交易是有意義的，這是否會與合理的銷售週期相結合，或者這將是這 100 天類型的實驗中的另一項或者僅僅因為您已經這樣做了，所以我們在這方面的成功可能是它縮短了時間範圍。

Yes, Ivor, if past practice relative to how Fuel Tech has done business is it comes to true.

是的，艾弗，如果過去與 Fuel Tech 開展業務的方式相關的做法成為現實的話。

It comes through with EGI. will probably need to have more demonstrations and not particularly yet. It's still at the beginning of the commercialization of the product because everyone is going to want to see proof of concept that it quote unquote their facility as opposed to just making the assumption it's going to work immediately. But as we are as we do have what I would call repetitive business in specific end markets. I think that should diminish over time.

它是透過 EGI 實現的。可能需要進行更多的演示，但目前還不是特別需要。該產品仍處於商業化的開始階段，因為每個人都希望看到它引用其設施的概念證明，而不是僅僅假設它會立即發揮作用。但正如我們現在的情況一樣，我們在特定的終端市場確實有我所說的重複業務。我認為隨著時間的推移，這種情況應該會減少。

The other question is on just in general, have you looked into like some areas that you could potentially have some recurring revenues that would probably knowing as you open the doors every year that there's some money coming in the door could definitely help the valuation of your stock and I'm referring to DGI. specifically or guessing or it's just in any part of the business.

另一個問題是一般性的，你是否研究過一些你可能有一些經常性收入的領域，當你每年打開大門時，你可能會知道有一些錢進來肯定會幫助你的估值股票，我指的是DGI。具體來說，或者猜測，或者只是在業務的任何部分。

Yes, we obviously, we are we have really been fortunate to enjoy the recurring revenue that we've had from our Camtek business. Unfortunately, that has diminished over the past decade or so would be the heavy focus on reducing utilization of coal. However, that being said, and we are looking at trying to find other ways whereby we can handle we can enhance our recurring revenue platform, whether it be spare parts and services for our systems or that anything otherwise because recurring revenues are obviously a fabulous to have in hand and typically the higher gross margin than our typical system sales. So it's something that we are working on as a company.

是的，顯然，我們真的很幸運能夠享受我們從 Camtek 業務中獲得的經常性收入。不幸的是，在過去十年左右的時間裡，人們對減少煤炭利用率的關注已經減少。然而，話雖這麼說，我們正在尋找其他方法來增強我們的經常性收入平台，無論是我們系統的備件和服務還是其他任何東西，因為經常性收入顯然是一個極好的回報。現有的毛利率通常比我們典型的系統銷售更高。所以這是我們作為一家公司正在努力的事情。

Great.

偉大的。

And lastly, I appreciate you buying stock after last as quarter's earnings around $1.20, we'd like to see more insider buying from the Board and upper management to give shareholders a confirmation that you believe in the future growth of the Company.

最後，我感謝您在上一季收益約為 1.20 美元後購買股票，我們希望看到董事會和高層管理人員有更多內部人士購買股票，以向股東確認您相信公司的未來成長。

So with that, I'll say thank you very much.

因此，我要說非常感謝。

For taking my questions.

回答我的問題。

Thanks, Mark.

謝謝，馬克。

Have a great day.

祝你有美好的一天。

Appreciate it.

欣賞它。

Our next question comes from Jim Mcllree from Dawson James. Jim, please proceed.

我們的下一個問題來自道森·詹姆斯的吉姆·麥克里。吉姆，請繼續。

Thank you and good morning.

謝謝你，早安。

Hi, good morning.

早安.

Jim, can you discuss the gross margins outlook for Q4? And given the revenue outlook, it sounds like there might be a little bit of decline on particularly and well actually it seems like there might be a little bit of a gross margin decline for both businesses in Q4 relative to Q3. Do I have that right or about right.

吉姆，您能討論一下第四季的毛利率前景嗎？考慮到收入前景，聽起來可能會出現一點下降，特別是實際上，相對於第三季度，這兩項業務的毛利率似乎可能會略有下降。我有這個權利嗎？或者說我有這個權利嗎？

I would say, Jim, that for Q4 for APC likely to see out a little bit of a downtick there, we did have the favorable impact of a I call it an ancillary revenue on a scenario, if you will, in Q3, that did give us a little bit of a bump up on the EPC margin side. So I would think that would revert back to more traditional 35%-ish levels in Q4 in Camtek, given the fact that we are looking at a little bit of a reduction in revenue in Q4 from Q3, I'd say flat to a little bit lower for Camtek.

吉姆，我想說，對於APC 的第四季度可能會出現一點下降，我們確實產生了有利的影響，我稱之為輔助收入，如果你願意的話，在第三季度，這確實產生了有利的影響.讓我們的 EPC 利潤率有所提高。因此，我認為 Camtek 第四季度的收入將恢復到更傳統的 35% 左右的水平，因為我們正在考慮第四季度的收入比第三季度略有減少，我想說的是持平到一點Camtek 的價格要低一些。

Got it, though, on a weighted-average basis?

但是，在加權平均的基礎上明白了嗎？

Yes, yes, Down from G&A of data.

是的，是的，低於數據的總務費用。

And as far as I know you're reluctant to talk too much about 2024, but at least conceptually as DGI. ramps up next year, will that require a significant or a meaningful increase in either R&D or sales and marketing in order to support that business.

據我所知，您不願意過多談論 2024 年，但至少在概念上是 DGI。明年將增加，這是否需要大幅或有意義地增加研發或銷售和行銷，以支持該業務。

I definitely envision that we are going to be adding some resources for our DGI. in 2024 pace of business opportunity will drive the level of that resource had some right now, Jim, I wouldn't call it a material number as I see it today. A couple of $300,000 on an annualized basis relative to how it will how we would roll out an impact 2024, somewhere in that range as we would look to add a couple of individuals throughout the year and we'd be looking at some field resources, perhaps own some sales resources as well to support that business development.

我確實預計我們將為 DGI 添加一些資源。到 2024 年，商業機會的步伐將推動目前資源的水平，吉姆，我不會像我今天看到的那樣將其稱為重要數字。相對於我們將如何在 2024 年推出影響，每年需要花費 30 萬美元，在這個範圍內，因為我們希望全年增加一些人員，並且我們會尋找一些現場資源，也許還擁有一些銷售資源來支持業務發展。

Is it fair to think of it as success based store success based with maybe I have a couple of months lag, I would say it's very fair.

將其視為基於成功的商店成功是否公平，也許我有幾個月的滯後，我會說這是非常公平的。

Yes.

是的。

Okay. Okay, great. And then my last question is can you discuss that maturity of your investment portfolio? Just broad brush? Are you are you extended out a long period of time or is it a call it 18, 24 months for?

好的。好的，太好了。我的最後一個問題是你能討論一下你的投資組合的成熟度嗎？只是粗刷嗎？你是延長了很長一段時間還是稱之為 18、24 個月？

Yes. When we understood when we first started putting our portfolio in place, we had laddered the investments on from a minimum of 90 days, maximum of 36 months and so on, as they've expired, we reinvested, but trying to keep Bay a similar, call it range of expiration window. So some of some of the earlier material maturities that we had obviously were at when we put them in place originally were at some of the lower rates, but we've replaced them with some with securities coming at this point in time on pad averaging 5% or a little more than 5% on some of those items as well. So today, we're probably a weighted average of somewhere in the 4%, maybe a little bit more range on. But as we as we have some of those early maturities start to drop off, I think that our weighted average is going to pop up as we move throughout 2024.

是的。當我們了解到，當我們第一次開始建立投資組合時，我們已經將投資期限從最短90 天到最長36 個月等等，當它們到期時，我們進行了再投資，但試圖讓Bay保持類似的水平。 ，稱為過期窗口範圍。因此，當我們將它們放置到位時，我們顯然擁有一些早期的材料到期日，最初的利率較低，但我們已經用一些證券取代了它們，此時墊平均為 5其中一些商品也有% 或略高於5% 的折扣。所以今天，我們的加權平均值可能在 4% 左右，也許範圍更大一些。但隨著我們的一些早期到期日開始下降，我認為隨著 2024 年的到來，我們的加權平均數將會出現。

And with the recent decline in long-term rates, do you have to mark to market any of those or as long, as you have indicated, they're going to be held to maturity. You don't have to mark them to market.

隨著近期長期利率的下降，您是否必須以市價計價這些債券，或者正如您所指出的那樣，將它們持有至到期日。您不必將它們標記為市場。

We are held to maturity is basically how we're accounting for these so we do not mark to market.

我們基本上是按到期日來核算這些的，所以我們不以市價計價。

Very fantastic.

太棒了。

Thanks a lot.

多謝。

Appreciate it, Jim, appreciate it.

欣賞它，吉姆，欣賞它。

This concludes our question and answer session. I would like to turn the floor back over to Vince Arnone for closing comments.

我們的問答環節到此結束。我想將發言權轉回給文斯阿諾 (Vince Arnone) 發表結束評論。

I think you have some I'd like to thank everyone for joining us on the call today. We were pleased with our third quarter performance here on in 2023, looking forward to a what's hopefully going to be a strong end to 2023 and an excellent, excellent beginning to 2024 since we won't have our next conference call until approximately early March of '24. Again, thank everyone for joining to our shareholders and investors other stakeholders, a good holiday season to everyone and thanks for your support Fuel Tech. Appreciate it.

我想您有一些想法，我想感謝大家今天加入我們的電話會議。我們對 2023 年第三季的表現感到滿意，期待 2023 年有一個強勁的結局，並為 2024 年帶來一個出色的開端，因為我們要到大約 3 月初才會召開下一次電話會議。 '24。再次感謝大家與我們的股東和投資者以及其他利害關係人一起，祝大家節日愉快，並感謝您對 Fuel Tech 的支持。欣賞它。

Thank you.

謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。