HNI Corp (HNI) 2023 Q4 法說會逐字稿

Good morning.

早安.

My name is Dennis, and I will be your conference operator today.

我叫丹尼斯，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the HNI Corporation fourth quarter and year ended fiscal 2023 Results Conference Call.

此時此刻，我謹歡迎大家參加 HNI Corporation 第四季和截至 2023 財年的業績電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you would like to ask a question during this time, simply press star then the number one on your telephone keypad.

如果您想在此期間提問，只需按星號，然後按電話鍵盤上的數字 1 即可。

To withdraw your question, press star one.

若要撤回您的問題，請按星號一。

Again, I would now like to turn the conference over to Mr. McCall.

我現在再次將會議交給麥考爾先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good morning.

早安.

My name is Matt McCall.

我叫馬特‧麥考爾。

I'm Vice President, Investor Relations and Corporate Development for HNI Corporation.

我是 HNI Corporation 的投資者關係和企業發展副總裁。

Thank you for joining us to discuss our fourth quarter and year end fiscal 2023 results.

感謝您與我們一起討論我們的 2023 財年第四季和年底業績。

With me today are Jeff larger, Chairman, President and CEO, and Marshall Bridges, Senior Vice President and CFO.

今天與我在一起的有董事長、總裁兼執行長傑夫‧格爾格 (Jeff Large) 和高級副總裁兼財務長馬歇爾‧布里奇斯 (Marshall Bridges)。

Copies of our financial news release and non-GAAP reconciliations are posted on our website.

我們的財務新聞稿和非公認會計原則調節表的副本發佈在我們的網站上。

Statements made during this call that are not strictly historical facts are forward-looking statements, which are subject to known and unknown risks.

本次電話會議中所做的並非嚴格歷史事實的陳述屬於前瞻性陳述，可能會受到已知和未知風險的影響。

Actual results could differ materially from the financial news release posted on our website includes additional factors that could affect actual results Corporation assumes no obligation to update any forward-looking statements made during the call.

實際結果可能與我們網站上發布的財務新聞稿有重大差異，其中包括可能影響實際結果的其他因素。本公司不承擔更新電話會議期間所做的任何前瞻性聲明的義務。

I now please turn the call over to Jeff Lawrence or Geoff.

現在請把電話轉給傑夫勞倫斯或傑夫。

I think that Good morning, and thank you for joining us.

我想早上好，感謝您加入我們。

Our members continued to deliver outstanding results and had a strong finish to the year.

我們的會員繼續取得優異的成績，為這一年畫下了圓滿的句點。

For the fourth quarter, non-GAAP earnings per share increased 56% versus the prior year period.

第四季度，非 GAAP 每股盈餘較上年同期成長 56%。

This was despite a 6% year over year organic revenue decline during the quarter, which was primarily driven by continued housing market weakness.

儘管該季度有機收入年減 6%，這主要是由於房地產市場持續疲軟。

Overall, 2023 was an outstanding year for HNI.

總體而言，2023 年對於 HNI 來說是出色的一年。

During the year, we completed the largest acquisition in our company's history with the addition of Kimball International to the agent family and delivered on our plan to improve margins without the benefit of top-line support.

這一年，我們完成了公司歷史上最大的收購，將 Kimball International 添加到代理家族中，並在沒有一線支持的情況下實現了提高利潤率的計劃。

Entering 2023, we anticipated a challenging demand year and we built a plan to deliver earnings growth in the face of these challenges, we also generated significant cash flows to strengthen our business and provide returns to shareholders.

進入 2023 年，我們預計需求將面臨挑戰，我們制定了一項計劃，以應對這些挑戰，實現盈利增長，我們還產生了大量現金流，以加強我們的業務並為股東提供回報。

This resulted in 2023 non-GAAP EPS that increased by more than 20% year over year despite an organic revenue decline.

這導致 2023 年非 GAAP 每股盈餘年增超過 20%，儘管有機收入下降。

This was on top of 35% non-GAAP EPS growth in the prior year.

這是在上一年非 GAAP 每股收益成長 35% 的基礎上實現的。

With our strong cash flow, we rapidly reduced debt following the acquisition of Kimball International and finished the year with a gross leverage ratio under two times.

憑藉著強勁的現金流，我們在收購金博爾國際後迅速減少了債務，全年總槓桿率低於兩倍。

I'm extremely proud of the efforts our members put forward during the past year our plan delivered excellent results.

我對我們的成員在過去一年中所做的努力感到非常自豪，我們的計劃取得了出色的成果。

And despite the uneven macroenvironment, we exited 2023, a fundamentally stronger company.

儘管宏觀環境不平衡，我們還是在 2023 年退出，成為一家從根本上更強大的公司。

On the call today, I will highlight four key topics.

在今天的電話會議上，我將強調四個關鍵主題。

First, we delivered another quarter of significant margin expansion in Workplace Furnishings, and we expect continued year-over-year profit and margin improvement from here.

首先，我們在工作場所家具領域的利潤率又實現了一個季度的大幅增長，我們預計利潤和利潤率將繼續同比改善。

Second, the integration and synergy capture associated with the acquisition of Kimball International are both ahead of schedule, and we now expect total associated synergies to be $10 million higher than the initial projection.

其次，與收購 Kimball International 相關的整合和協同效應捕獲均提前完成，我們現在預計相關協同效應總額將比最初的預測高出 1000 萬美元。

The addition of KI. is providing significant value creation to our shareholders.

添加 KI。為我們的股東創造重大價值。

Third, we expanded margins in residential building products despite top line pressure from ongoing housing market weakness and order trends improved during the quarter.

第三，儘管房地產市場持續疲軟帶來收入壓力，本季訂單趨勢有所改善，但我們還是擴大了住宅建築產品的利潤率。

And fourth, we strengthened our already strong balance sheet and our gross leverage ratio was back below two times only two quarters following the completion of the Kimball International acquisition.

第四，我們加強了本已強勁的資產負債表，在金博爾國際收購完成後僅兩個季度，我們的總槓桿率就回到了兩倍以下。

Following those highlights, Marshall will review our outlook.

在這些要點之後，馬歇爾將回顧我們的前景。

I will conclude with some general closing comments before we open the call to your questions.

在我們開始回答你們的問題之前，我將發表一些一般性的結論。

Moving to the first topic, we delivered another strong quarter of significant margin expansion in Workplace Furnishings.

轉向第一個主題，我們在工作場所家具領域實現了另一個強勁的季度利潤大幅增長。

When excluding KI. results, fourth quarter non-GAAP operating profit margin for legacy H. and I. Workplace Furnishings was 7.2%.

當排除 KI 時。結果顯示，第四季傳統 H. and I. Workplace Furnishings 的非 GAAP 營業利潤率為 7.2%。

This represents an expansion of 480 basis points year over year and was the seventh straight quarter of year-over-year operating margin improvement as our profit transformation initiatives continue to drive results.

這意味著同比增長 480 個基點，並且是營業利潤率連續第七個季度同比增長，因為我們的利潤轉型計劃繼續推動業績。

Looking forward, we expect continued year-over-year profit and margin improvement from here.

展望未來，我們預期利潤和利潤率將繼續同比改善。

As a reminder, our legacy Workplace Furnishings product transformation plan consists of four primary actions.

提醒一下，我們的舊辦公家具產品轉型計畫由四個主要行動組成。

First, we are driving increased productivity.

首先，我們正在推動生產力的提升。

Our focus on lean cost reduction and better efficiencies helped drive our profit growth in 2023, while funding operational investments primarily in our new facility in Mexico.

我們對精益成本削減和提高效率的關注有助於推動我們在 2023 年的利潤成長，同時主要為墨西哥新工廠的營運投資提供資金。

Looking forward, our investments will help drive outsized productivity benefits as they mature over the next couple of years and add to our continued lean efforts.

展望未來，隨著我們的投資在未來幾年內成熟，我們的投資將有助於推動巨大的生產力效益，並加強我們持續的精實努力。

Second, price cost improvement continues to benefit our profitability.

其次，價格成本改善持續有利於我們的獲利能力。

Our pricing strength continued to support profitability in the fourth quarter, and we expect continued net benefit in 2024 from pricing actions announced within the past 12 months.

我們的定價優勢繼續支撐第四季度的獲利能力，我們預計過去 12 個月內宣布的定價行動將在 2024 年繼續帶來淨收益。

Third, we have streamlined our cost structure.

第三，我們精簡了成本結構。

We previously announced a $30 million corporate-wide cost savings program.

我們之前宣布了一項 3000 萬美元的全公司成本節約計劃。

However, we far exceeded this target and that as of the end of 2023, the programs run rate savings was $50 million across the corporation with half of that total contributing to our Workplace Furnishings margin expansion in 2023.

然而，我們遠遠超出了這一目標，截至 2023 年底，該計劃在整個公司的運行率節省了 5000 萬美元，其中一半用於我們在 2023 年工作場所家具利潤的擴張。

And finally, we continue to simplify our business as we focus our efforts on the most attractive markets.

最後，我們繼續簡化我們的業務，將精力集中在最具吸引力的市場上。

We divested Poppin.

我們剝離了 Poppin。

We divested our China business and we rationalized our e-commerce offering all in.

我們剝離了中國業務，並全面合理化了我們的電子商務產品。

We continue to see opportunity for margin upside in Workplace Furnishings.

我們繼續看到工作場所家具利潤率上升的機會。

I will remind you our profit transformation plan does not require volume growth.

我要提醒你的是，我們的利潤轉型計畫並不需要銷售成長。

However, we continue to see encouraging trends related to future Workplace Furnishings demand, particularly given our unique market position in the near term.

然而，我們繼續看到與未來工作場所家具需求相關的令人鼓舞的趨勢，特別是考慮到我們近期獨特的市場地位。

Demand remains choppy, but is stable within a range consistent with our commentary last quarter.

需求仍然波動，但穩定在與我們上季度評論一致的範圍內。

Looking further out, we continue to see growth in the small to medium sized customer segment where we have an unmatched competitive position.

展望未來，我們繼續看到中小型客戶群的成長，我們在該領域擁有無與倫比的競爭地位。

Legacy SMB orders grew 6% organically year over year in the fourth quarter and were up 8% in 2023.

傳統中小型企業訂單在第四季年增 6%，到 ​​2023 年將成長 8%。

Overall, in general, this segment has benefited from healthy dynamics.

總體而言，總體而言，該細分市場受益於健康的動態。

Small and midsized firms have accounted for nearly 85% of all post pandemic hiring the segment has also benefited from population shifts to smaller secondary metros, where office visits are nearly back to pre-pandemic levels.

中小型企業佔疫情後招聘總量的近 85%，該領域也受益於人口向規模較小的二級都市的轉移，那裡的辦公室訪問量幾乎恢復到疫情前的水平。

We believe this segment will continue to outperform.

我們相信該細分市場將繼續表現出色。

Switching to contract trends improved in the quarter and we are seeing encouraging signals.

本季轉向合約趨勢有所改善，我們看到了令人鼓舞的訊號。

Orders from legacy contract customers were down 2% for the year, but were approximately flat in the fourth quarter on a year-over-year basis.

來自傳統合約客戶的訂單全年下降 2%，但第四季同比基本持平。

The full year results are consistent with lower return office rates in the larger markets and the lagging hiring activity by large companies I just mentioned encouragingly, some return to office metrics continue to tick up and have reached post pandemic highs in recent weeks.

全年業績與較大市場的較低返崗率以及我剛才令人鼓舞地提到的大公司滯後的招聘活動相一致，一些返崗指標繼續上升，並在最近幾週達到了大流行後的高點。

This, along with the predicted acceleration of lease expirations and the need for companies to adapt their spaces for hybrid work support and projected increase in furniture events and should bode well for contract demand patterns going forward.

再加上租賃到期的預計加速、公司需要調整其空間以支援混合工作以及預計家具活動的增加，這些都應該是未來合約需求模式的好兆頭。

Orders for KII.'s Workplace and Health business also increased in the mid-single digit pace at a mid-single digit pace on a year-over-year basis.

KII. 工作場所和健康業務的訂單也以中個位數的速度同比增長。

We continue to be encouraged by the complementary nature and attractive post pandemic positioning of KI.'s offerings across all of our major workplace brands.

我們繼續對 KI. 的產品在我們所有主要工作場所品牌中的互補性和有吸引力的疫情後定位感到鼓舞。

Year-over-year order trends were uneven during the quarter, but were strongest and grew in December and Q1 2024 to date has seen a continuation of these trends generally positive, but still choppy.

本季的同比訂單趨勢並不均衡，但在 12 月和 2024 年第一季最為強勁並有所增長，迄今為止，這些趨勢總體上是積極的，但仍然不穩定。

Moving to my second topic.

轉到我的第二個主題。

Both the integration and synergy capture associated with the acquisition of Kimball International are ahead of schedule.

收購 Kimball International 相關的整合和綜效均提前完成。

KI. added approximately $0.07 to non-GAAP EPS in the quarter and delivered a strong non-GAAP operating profit margin of 10.7%.

基。本季非 GAAP 每股盈餘增加約 0.07 美元，非 GAAP 營運利潤率高達 10.7%。

In addition, we now expect to achieve total annual cost synergies of $35 million.

此外，我們現在預計年度成本綜效總額將達到 3,500 萬美元。

This is up from previous expectations of at least $25 million, and the $25 million run rate is now expected to be achieved in 2024.

這高於先前至少 2,500 萬美元的預期，目前預計 2024 年將實現 2,500 萬美元的運行率。

This is well ahead of the initially the initial communicated time line.

這遠早於最初傳達的時間線。

The increase is primarily tied to higher than anticipated procurement savings, Kimball International, as complementary from a product market and cultural perspective.

這一成長主要與金博爾國際公司的採購節省高於預期有關，從產品市場和文化角度來看，這是一種補充。

And the addition of its brands strengthens our Workplace Furnishings exposure to several important trends and markets, namely ancillary products, secondary geographies, health care and hospitality.

其品牌的加入增強了我們的工作場所家具在幾個重要趨勢和市場中的曝光度，即輔助產品、次要地區、醫療保健和酒店業。

Each provides new opportunities for profit growth and our confidence in the combination stated strategic and financial benefits continues to accelerate.

每一項都提供了新的利潤成長機會，我們對上述策略和財務效益的結合的信心不斷增強。

My third topic is we expanded margins to near record levels in our Residential Building Products business.

我的第三個主題是我們將住宅建築產品業務的利潤率擴大到接近創紀錄的水平。

Despite continued strict cyclical top line pressure segment, non-GAAP operating margin in the fourth quarter improved to more than 22%.

儘管週期性營收壓力持續存在，第四季非公認會計原則營業利潤率仍提高至 22% 以上。

This represents a 240 basis point improvement from levels reported in the year ago period.

這比去年同期報告的水平提高了 240 個基點。

As our recent cost reduction actions continued to support profitability, we delivered margin improvement despite a 13% year over year revenue decline as housing market weakness continued to pressure demand trends in the quarter.

由於我們最近的成本削減行動繼續支持盈利能力，儘管由於房地產市場疲軟繼續對本季度的需求趨勢造成壓力，收入同比下降 13%，但我們的利潤率仍有所改善。

Importantly, housing macro backdrop continued to improve in the fourth quarter, specifically as it pertains to single-family construction year over year.

重要的是，第四季度住房宏觀背景繼續改善，特別是與單戶建築同比相關的情況。

Single-family permits and starts showed healthy growth in the fourth quarter, which supports further new construction improvement in 2024 for remodel retrofit demand remained soft, however, the declines are moderating.

單戶住宅許可和開工量在第四季度呈現健康成長，這支持 2024 年新建築的進一步改善，因為改建改造需求仍然疲軟，但降幅正在放緩。

Overall segment order trends improved during the quarter.

本季整體分部訂單趨勢有所改善。

Fourth quarter orders were 3% below year-ago levels.

第四季訂單量比去年同期水準下降 3%。

This represents an improvement compared to rates seen in the third quarter of minus 18% and in the first half and segment orders declined 29% year over year.

與第三季負 18% 的成長率和上半年的成長率相比有所改善，且分部訂單年減 29%。

Despite the near-term headwinds, we are bullish on the intermediate to long-term dynamics for the segment.

儘管近期存在阻力，我們仍看好該領域的中長期動態。

Demand fundamentals remain strong.

需求基本面依然強勁。

Us housing is undersupplied.

美國住房供應不足。

Demographic trends point to robust future construction growth and renovation activity will benefit from an aging housing stock and increasing housing turnover.

人口趨勢表明，未來建築業的強勁成長和翻修活動將受益於住房存量老化和住房週轉率的增加。

In addition to the solid long-term market fundamentals, we have unique growth opportunities and continue to invest in the areas of category awareness, new product innovation, online capabilities in the expansion of our wholly-owned installing distributor footprint.

除了堅實的長期市場基礎之外，我們還擁有獨特的成長機會，並繼續在類別意識、新產品創新、線上能力等領域進行投資，以擴大我們的全資安裝經銷商的足跡。

In summary, order trends improved during the quarter and the intermediate to long-term demand dynamics remain encouraging for the segment.

總之，本季訂單趨勢有所改善，該領域的中長期需求動態仍然令人鼓舞。

Finally, my fourth key point in the quarter, we further strengthened our already strong balance sheet.

最後，本季的第四個關鍵點是，我們進一步加強了本已強勁的資產負債表。

We repaid $73 million of debt in the fourth quarter and $162 million in the second half of 2023.

我們在第四季償還了 7,300 萬美元的債務，在 2023 年下半年償還了 1.62 億美元的債務。

As a result, we ended the fourth quarter with $436 million in total debt and a gross leverage ratio of 1.9 times.

結果，我們第四季末的債務總額為 4.36 億美元，總槓桿率為 1.9 倍。

Our gross leverage ratio is back below 2 times or two quarters following the acquisition of Kimball International speaks to the strong cash flow characteristics of our company and continues to provide us with substantial financial flexibility following those 22 summary comments, I will now turn the call over to Marshall to discuss our outlook for 2020.

收購Kimball International 後，我們的總槓桿率回到了2 倍或兩個季度以下，這說明了我們公司強大的現金流特徵，並在這22 條摘要意見之後繼續為我們提供了巨大的財務靈活性，我現在將轉交電話與 Marshall 討論我們對 2020 年的展望。

For Marshall.

對於馬歇爾來說。

Thanks, Jeff.

謝謝，傑夫。

Let's start with our demand outlook.

讓我們從需求前景開始。

We expect 2024 organic revenue to grow at a low single digit rate in both Workplace Furnishings and residential building products in Workplace Furnishings.

我們預計 2024 年工作場所家具和住宅建築產品的有機收入將以較低的個位數成長率成長。

This outlook assumes demand conditions remain generally in line with those experienced in the second half of 2023 and Residential Building Products, we expect growth in new construction to be partially offset by softness in remodel retrofit.

這個前景假設需求狀況與 2023 年下半年和住宅建築產品的需求狀況基本一致，我們預期新建築的成長將被改建改造的疲軟部分抵銷。

Shifting to the impact of Kimball International, we expect KI. to add $215 million to $225 million of incremental revenue to 2024 that will occur in the first half.

轉向 Kimball International 的影響，我們預計 KI。到 2024 年上半年將增加 2.15 億至 2.25 億美元的增量收入。

We also expect Kimball International to be solidly accretive to earnings from an overall earnings perspective in 2024, non-GAAP EPS is expected to increase solidly year over year, primarily driven by continued margin expansion in Workplace Furnishings and the full year benefit of accretion from KI. for the first quarter of 2024.

我們還預計，從2024 年整體盈利角度來看，Kimball International 的盈利將穩步增長，非GAAP 每股收益預計將逐年穩步增長，這主要是由於工作場所家具的利潤率持續擴張以及KI 的全年增長效益所推動。 2024 年第一季。

We expect non-GAAP earnings per share to increase year over year with margin expansion and accretion from similar national more than offsetting macro-driven top line pressure.

我們預期非公認會計原則每股盈餘將年增，利潤率擴張和類似國家的成長將足以抵銷宏觀驅動的營收壓力。

A few details on our first quarter outlook.

有關我們第一季展望的一些細節。

We expect first quarter Workplace Furnishings organic revenue to be down in the low single digits versus the same quarter of 2023.

我們預計第一季工作場所家具的有機收入將比 2023 年同季下降至低個位數。

Although growth in our fourth quarter orders would point to modest first quarter top line growth in the segments, we are seeing a higher mix of project business seeking delivery after the first quarter.

儘管我們第四季訂單的成長將顯示第一季各細分市場的營收略有成長，但我們看到第一季後尋求交付的專案業務組合有所增加。

This is a headwind for the first quarter, but it does support our positive full year outlook.

這對第一季來說是一個阻力，但它確實支持了我們積極的全年前景。

For the first quarter, we expect Kimball International to add $125 million to $130 million of revenue.

我們預計 Kimball International 第一季的營收將增加 1.25 億至 1.3 億美元。

And in Residential Building Products, we expect first quarter revenue to be down in the low to mid-teens year over year.

在住宅建築產品方面，我們預計第一季營收將年減至十幾歲左右。

This primarily reflects the impact from unwinding the elevated backlog in the year ago period.

這主要反映了去年同期積壓增加的影響。

Shifting to the balance sheet, we expect to further deleverage on and improve our already strong balance sheet during 2020 for low leverage and consistent cash flow generation and provide substantial capacity for capital deployment.

轉向資產負債表，我們預計2020年將進一步去槓桿並改善本已強勁的資產負債表，以實現低槓桿和持續的現金流生成，並提供大量的資本配置能力。

Our current priorities for cash deployment are reinvesting in the business, funding dividends and pursuing share buybacks and M&A opportunities.

我們目前現金部署的優先事項是對業務進行再投資、為股息提供資金以及尋求股票回購和併購機會。

I'll now turn the call back over to Jeff.

我現在將把電話轉回傑夫。

Thanks Marshall before we open the call to your questions.

在我們開始回答您的問題之前，謝謝馬歇爾。

I wanted to take a moment to highlight a few of our accomplishments over the past couple of years from a profitability perspective for the corporation.

我想花點時間從公司獲利的角度強調我們在過去幾年中取得的一些成就。

Overall, our strategies have driven non-GAAP earnings per share growth in excess of 60% and non-GAAP operating margin expansion of more than 270 basis points over this two year period, despite the consistently turbulent less than supportive macro backdrop in Workplace Furnishings, specifically, our product transformation initiatives and the addition of KI. have expanded margins more than 600 basis points and segment operating profit has grown $110 million, more than 750% from 2021 levels.

總體而言，儘管工作場所家具行業的宏觀背景持續動盪，支撐性較差，但我們的策略在這兩年期間推動了非GAAP 每股收益增長超過60%，非GAAP 營業利潤率增長超過270 個基點，具體來說，我們的產品轉型計劃和 KI 的添加。利潤率擴大了 600 個基點以上，部門營業利潤成長了 1.1 億美元，較 2021 年水準成長了 750% 以上。

And we expect continued year-over-year profit and margin improvement in coming quarters.

我們預計未來幾季的利潤和利潤率將繼續同比改善。

In addition, the integration and accretion from Kimball International are ahead of schedule, and our synergy expectations are now $10 million higher.

此外，Kimball International 的整合和增資也提前完成，我們的綜效預期現在提高了 1000 萬美元。

Our confidence in the combination of strategic and financial benefits continues to accelerate.

我們對策略效益和財務效益相結合的信心不斷增強。

And finally, in Residential Building Products, we quickly adjusted our cost structure to respond to the housing reset in 2023.

最後，在住宅建築產品方面，我們迅速調整了成本結構，以應對2023年的房屋重置。

As a result, despite the macro-driven top line pressure.

因此，儘管面臨宏觀驅動的營收壓力。

Our operating profit margin in the fourth quarter expanded to near record levels while we continue to invest in our growth strategies, leading brands and operating platforms, I know although the near-term dynamics remain leading indicators are improving, and we are uniquely positioned to drive high-margin growth as housing stabilizes.

我們第四季的營業利潤率擴大到接近歷史記錄水平，同時我們繼續投資於我們的成長策略、領先品牌和營運平台，我知道，儘管近期動態仍然領先，但指標正在改善，而且我們處於獨特的地位，可以推動隨著房地產市場的穩定，利潤率將實現高成長。

In summary, we remain committed to our core strategies of continuing to expand margins in Workplace Furnishings and drive long-term high-margin revenue growth and residential building products.

總而言之，我們仍然致力於我們的核心策略，即繼續擴大工作場所家具的利潤並推動長期高利潤收入成長和住宅建築產品。

I want to thank all HNI members.

我要感謝所有 HNI 成員。

Our strong results in 2023 reflect their collective effort focus and dedication to our stakeholders.

我們 2023 年的強勁業績反映了他們的集體努力和對利害關係人的奉獻。

We will now open the call to your questions.

我們現在將開始電話詢問您的問題。

At this time, I would like to remind everyone in order to ask a question simply press star, then the number one on your telephone keypad.

此時，我想提醒大家，要問，只要按星號，然後按電話鍵盤上的數字一即可。

Your first question is from the line of Reuben Garner with The Benchmark Company.

你的第一個問題來自 The Benchmark Company 的 Reuben Garner。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, everybody.

大家早安。

More your final on maybe Pulsar, thanks for the color on 2024 for a lot of moving pieces with Philip Campbell at the savings there, organic growth and kind of from the productivity and savings initiatives you had kind of carrying over from last year.

更多關於 Pulsar 的最後一期，感謝 2024 年的色彩，感謝 Philip Campbell 帶來的許多令人感動的事情，包括節省開支、有機增長以及去年延續的生產力和節省舉措。

Can you kind of help us put all that together?

你能幫我們把所有這些放在一起嗎？

Marshall and I in a bridge and I know you said earnings growth, EPS growth to go solidly in 2014, kind of Southwest South remains in mass casino, be helpful here.

馬歇爾和我在一座橋上，我知道你說過 2014 年盈利增長、每股收益增長將穩步發展，西南南部仍然是大型賭場，在這裡會有所幫助。

So yes, look, we've been I think when we say solidly, we're expecting EPS growth in the high single digits to low 10s.

所以，是的，看，我認為，當我們堅定地說時，我們預計每股收益成長將在高個位數到低十位數之間。

And our objective there would be to have our third consecutive year of double digit EPS growth.

我們的目標是實現每股收益連續第三年實現兩位數成長。

The two big drivers of that growth are the continued margin expansion in the legacy Workplace Furnishings, and we'll say that's roughly half of it.

這種成長的兩大驅動因素是傳統辦公家具的利潤率持續擴張，我們可以說這大約是其中的一半。

The other half is the continued accretion from us getting a full year from the KI.

另一半是我們從 KI 獲得一整年的持續累積。

So those are the two major drivers.

這是兩個主要驅動因素。

We also will see some benefit from improved profitability in residential building products.

我們也將看到住宅建築產品獲利能力提高帶來的一些好處。

Sorry, I was on mute?

抱歉，我靜音了？

And is there any remaining savings or price cost benefits that helped you guys in 23?

還有什麼剩餘的節省或價格成本優勢對 23 中的你們有幫助嗎？

The carryover from the first part of 24?

24 的第一部分的結轉？

Absolutely.

絕對地。

The major driver of the continued profit growth in legacy Workplace Furnishings is the productivity and price cost.

傳統辦公家具利潤持續成長的主要驅動力是生產力和價格成本。

That's our major major profit levers there.

這是我們主要的利潤槓桿。

So we are expecting this to be favorable for the year.

因此，我們預計今年這將是有利的。

And certainly that's a little bit disproportionate to the first half as well.

當然，這與上半場也有點不成比例。

And then a couple of questions on the Residential Building Products segment.

然後是關於住宅建築產品部分的幾個問題。

The outlook there is very encouraging particularly given the start to the year.

那裡的前景非常令人鼓舞，特別是考慮到今年的開局。

And I just kind of want to so to clarify, maybe if you could kind of break down your end market expectations within that low single digit growth framework.

我只是想澄清一下，也許你可以在這個低個位數成長框架內打破你的終端市場預期。

And just to be clear that, that kind of points to a high single digit growth framework in Q2, three and four, can you kind of walk us walk us through how you how do you get to those kind of assumptions?

需要明確的是，這表明第二季、第三季和第四季將出現高單位數成長框架，您能否向我們介紹一下您是如何實現這些假設的？

Yes, we're expecting new construction to be up in the mid-single digits for the year and then remodel retrofit, we're expecting to be flattish.

是的，我們預計今年新建築數量將成長至個位數中間，然後改造改造數量將持平。

And so that's where we get to the low-single digit growth on average for the year.

這就是我們今年平均低個位數成長的地方。

But you're right, we've been we do expect growth to improve through the year.

但你是對的，我們確實預計今年的成長會有所改善。

We're going to start off a little bit slower due to that year-over-year comp issue that we alluded to on the call on remodel retrofit.

由於我們在改造電話會議上提到的逐年補償問題，我們的起步速度會慢一些。

We do expect to get better through the year.

我們確實希望這一年能夠變得更好。

One of the one of the items that we're going to benefit from is we had some trade inventory destocking in 2023, which won't repeat in 2024 for us, as we start to anniversary that later in the year, the comps get easier and the growth will improve.

我們將從中受益的項目之一是我們在 2023 年進行了一些貿易庫存去庫存，這對我們來說不會在 2024 年重複，因為我們將在今年晚些時候開始週年慶，比較變得更容易並且成長將會改善。

And we think new construction is going to mean a pretty solid all year.

我們認為新建築將意味著全年的表現相當穩定。

So the change in that trajectory is really driven by remodel retrofit, getting less bad, certainly get a little better in the back half.

因此，這一軌蹟的變化實際上是由改造推動的，變得不那麼糟糕，肯定會在後半段變得更好一些。

Okay.

好的。

Thanks.

謝謝。

And I'm going to sneak one more in on the residential segment.

我將再偷偷地介紹一下住宅領域。

The margin performance in the fourth quarter, anything kind of onetime there?

第四季的利潤率表現有什麼一次性的嗎？

Obviously, pretty big number is that something we can kind of look for going forward or you go back to your historical ways that kind of reinvesting more of that profit to generate growth?

顯然，相當大的數字是我們可以尋求未來發展的東西，或者你回到過去的方式，將更多的利潤再投資以產生成長？

Yes, we will.

是的，我們會。

I take there's no there's nothing extraordinary in the fourth quarter for say.

我認為第四季沒有什麼特別之處。

Q4 is always traditionally been a strong quarter for us and usually is our highest margin quarter historically.

傳統上，第四季度對我們來說一直是個強勁的季度，通常是我們歷史上利潤率最高的季度。

And we were still investing, you know, in the fourth quarter anyway, but we're always expanding looking to expand that.

無論如何，我們仍在第四季度進行投資，但我們一直在尋求擴大投資。

But I think, you know, it'll go back probably to a normal pattern where the fourth quarter will remain high on.

但我認為，你知道，它可能會回到正常模式，第四季將保持在高位。

I don't see any reason we can't achieve those margins down the road the fourth quarter.

我認為我們沒有任何理由不能在第四季實現這些利潤。

Great.

偉大的。

Thanks, guys.

多謝你們。

Congrats on the strong close of the year and good luck in 24.

恭喜今年圓滿結束，祝 24 好運。

Thanks.

謝謝。

Your next question is from the line of Greg Burns with Sidoti & Company.

您的下一個問題來自 Sidoti & Company 的 Greg Burns。

Please go ahead.

請繼續。

Morning, um, the a really nice job on the margins in the residential buildings product side of the business.

早安，嗯，在住宅建築產品方面，這是一份非常好的工作。

As we look into next year, firming up and your revenue starts to come, revenue growth starts to reaccelerate there.

當我們展望明年時，你的收入將開始穩定成長，收入成長將開始重新加速。

Are these margin levels something you could sustain?

您可以維持這些保證金水準嗎？

Do you intend to give a little bit back to support growth?

您打算回饋一點支持成長嗎？

How should we think about margins on that side of the business going forward.

我們應該如何考慮未來業務這方面的利潤率。

And our goal there, Greg, is to hold margins in the high 10s and drive the growth that we believe is that this undertaking has just kind of mentioned in our prior answer, there's a seasonality to the margins in that business.

格雷格，我們的目標是將利潤率保持在 10 左右，並推動成長，我們相信這項事業在我們之前的回答中剛剛提到過，該業務的利潤率存在季節性。

Q4 is usually the highest and for the year, we'll be in that high 10s level on.

第四季通常是最高的，就今年而言，我們將處於 10 多歲的高水準。

So I think the margins are relatively where we want them to be that it may go up or down a little bit from here, but we're really trying to drive growth.

因此，我認為利潤率相對於我們希望的水平，可能會比現在略有上升或下降，但我們確實在努力推動成長。

So there's nothing unusual in the Q4 number.

所以第四季的數字沒有什麼異常。

That's that's right in line of where we want to be on a seasonal perspective.

這正是我們從季節性角度想要達到的目標。

And then on the the in the office market on the contract side of the business, are you seeing how are your conversations going with with customers there?

然後在業務合約方面的辦公市場上，您是否看到與那裡的客戶的對話進行得如何？

Are you seeing any pickup in tender activity there relative to maybe project pipeline or just the conversations in general that you're having with those customers are, are you are you getting a sense that maybe and they might be more intend to spend on upgrading their offices or anything there that might come, get that market that part of the market on one pad?

您是否看到與專案管道相關的招標活動有所回升，或者只是您與這些客戶進行的一般對話，您是否有一種感覺，也許他們可能更願意花錢升級他們的設備辦公室或任何可能出現的地方，將市場的那一部分放在一個墊子上？

Yes.

是的。

So yes, we are seeing it stabilize a bit, and we're seeing some positive signs for improvement there Greg, I think it's still choppy.

所以，是的，我們看到它有點穩定，我們看到了一些積極的改善跡象，格雷格，我認為它仍然不穩定。

However, small project business has strengthened on pure metrics are encouraging, particularly with small projects, which would suggest people are starting to do not just day-to-day stuff, but you know of some refreshes on, you know, I will say as an aside, we see strength in education and state local health care hospitality, those subsegments we have exposure to are all showing strength.

然而，小型項目業務在純粹指標上的增強令人鼓舞，特別是對於小型項目，這表明人們開始不僅僅做日常工作，但你知道一些更新，你知道，我會說另外，我們看到教育和州地方醫療保健接待方面的實力，我們接觸過的這些細分市場都顯示出實力。

And the other thing that I think we're kind of we have our eye on and we're talking to customers about is this whole leasing dynamic with Tom, I know there's a lot of, you know, speculation out there on the CRE side of things, but we really are looking at furniture events and what's been happening is a lot of people have been kicking.

我認為我們關注並與客戶談論的另一件事是與湯姆的整個租賃動態，我知道在 CRE 方面有很多，你知道的猜測的事情，但我們確實正在關注家具事件，並且正在發生的事情是很多人一直在踢。

The can and I think orders have been opened and letting people kick the can, but that's kind of stopping now and people are having to pull a trigger.

我認為訂單已經打開，讓人們踢罐頭，但現在這種情況已經停止了，人們不得不扣動扳機。

And it's whether it's moving from a B or C to an A. space, it's a furniture event.

無論是從 B 區或 C 區搬到 A 區，這都是一場家具盛會。

So we believe in the mid term that is going to start to generate more demand in that contract space as well because in that that plays that plays to our strength and it plays to a positive outlook in that space, albeit it will be a slow grind to be my guess.

因此，我們相信，從中期來看，合約領域也將開始產生更多需求，因為這會發揮我們的優勢，並在該領域發揮積極的前景，儘管這將是一個緩慢的過程這是我的猜測。

But I do believe that's going to start to unlock some demand in that space.

但我確實相信這將開始釋放該領域的一些需求。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Your next question is from the line of Steven Ramsey with Thompson Research Group.

您的下一個問題來自湯普森研究小組的史蒂文拉姆齊。

Please go ahead.

請繼續。

Say good morning.

說早安。

Wanted to continue that line of thought you've got similar dynamics with leasing in the workplace side and then existing home sales, it slowing down repair and remodel.

想要繼續這種思路，你在工作場所方面的租賃以及現有房屋銷售方面也有類似的動態，它減慢了維修和改造的速度。

So maybe to focus on the existing home sales, how does that impact are ready building product demand for you guys historically?

因此，也許要關注現有房屋銷售，這種影響如何準備好為你們建立歷史上的產品需求？

Or maybe how you see it shaping up in the near term?

還是你認為它在短期內會如何發展？

Yes, you know, Steve, that's a good question.

是的，你知道，史蒂夫，這是一個很好的問題。

I think look we need.

我認為我們需要看看。

It's a similar dynamic.

這是一個類似的動態。

You are right, people remodel some kind of once they move, but you know, so that that is definitely having an impact on some of the R&R business.

你是對的，人們一旦搬家就會進行某種改造，但你知道，這肯定會對一些 R&R 業務產生影響。

So, you know, I think we continue to look at that space.

所以，我認為我們會繼續關注這個領域。

We see upside there as things will start to unlock some down the road, but it clearly has a clearly has an impact.

我們看到了積極的一面，因為事情將開始解鎖一些東西，但它顯然會產生明顯的影響。

Now.

現在。

We have a lot of efforts focused on that space as well to drive, you know, activity.

我們在這個領域也做了很多努力，以推動活動。

We've got some some efforts in the area of digital campaigns to drive awareness of what's possible with some of our inserts and, you know, exploring possibilities of replacement for people who decided maybe to stay in place.

我們在數位活動領域做出了一些努力，以提高人們對我們的一些插入內容的可能性的認識，並且，你知道，為那些決定留在原地的人探索替代的可能性。

As you know, because they can't find a home.

如你所知，因為他們找不到家。

So we're working leverage that way as well.

所以我們也在這樣發揮槓桿作用。

Okay.

好的。

That's helpful.

這很有幫助。

And then thinking about residential product margin target at the high 10s combined with the growth you expect this year, that does seem to imply more dollars of investment into that segment for growth yet some natural constraints on R&R as you just talked about curious where the investment dollars are going aside from campaigns that's leading more to gaining share in new construction or if it's driving our in our in to slow backdrop.

然後考慮住宅產品利潤率目標在10 左右，再加上您今年預期的增長，這似乎確實意味著該領域需要更多的投資以實現增長，但R&R 也存在一些自然限制，正如您剛才談到的好奇投資在哪裡美元正在遠離那些導致更多在新建築中獲得份額的活動，或者如果它正在推動我們進入緩慢的背景。

It's some of both.

兩者都有。

I mean, we're investing in product platforms, updating product platforms, modernizing product platforms.

我的意思是，我們正在投資產品平台，更新產品平台，實現產品平台現代化。

We've got investments in electric category of all, in addition to consumer awareness, homeowner, homebuyer awareness relative to the digital efforts that we have ongoing.

除了消費者意識、房主、購屋者與我們正在進行的數位化努力相關的意識之外，我們還對所有電力類別進行了投資。

Okay.

好的。

That's helpful.

這很有幫助。

Moving to the workplace environment of the second half, it stays I guess you're saying S&P keeps outperforming contract to the same degree or is there a potential that it closes the gap or widen further?

轉向下半年的工作環境，我想你是說標準普爾在相同程度上繼續跑贏合同，或者是否有可能縮小差距或進一步擴大差距？

Look, I mean that's, you know, our best guess at this point is it will continue to outperform by several percentage points.

聽著，我的意思是，你知道，我們目前最好的猜測是它將繼續跑贏大盤幾個百分點。

Um, you know, I don't I don't have a reason to think it's going to accelerate or decelerate.

嗯，你知道，我不知道，我沒有理由認為它會加速或減速。

I think it probably kind of maintains it's our best guess our best assumption at this point is it's going to maintain what has been doing a, you know, last 12 months.

我認為它可能會維持我們最好的猜測，我們目前最好的假設是它將維持過去 12 個月一直在做的事情。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

Thanks.

謝謝。

Your next question is from the line of Budd Bugatch with Water Tower Research.

您的下一個問題來自 Water Tower Research 的 Budd Bugatch。

Please go ahead.

請繼續。

Good morning, and thank you for taking my questions and congratulations on an outstanding quarter.

早上好，感謝您回答我的問題，並祝賀您度過了一個出色的季度。

And I guess the question I have is we've come from all out of a couple of years of really unusual events and the impact of the typical seasonality of your earnings and revenues are we back to a period where we see the normal kind of earnings?

我想我的問題是，我們已經經歷了幾年真正不尋常的事件，而收入和收入的典型季節性的影響是否讓我們回到了正常收入的時期？

Seasonality were mostly one-third in the first half?

季節性大多是上半年三分之一？

And second for ST-Ericsson second half, how do you see that, Marshall?

第二個是 ST-Ericsson 下半場，你怎麼看，馬歇爾？

Yes, but we actually believe we're back to the normal seasonality.

是的，但我們實際上相信我們已經回到了正常的季節性。

I think the acquisition side, we were there in 2023, but 2020 through 2022 we had abnormal seasonality.

我認為在收購方面，我們在 2023 年就在那裡，但 2020 年到 2022 年我們有異常的季節性。

So anytime you're comparing against those years, there's some there's some noise, but we're back to being clean now, both 2023 and 2024 should follow the normal seasonal pattern.

因此，無論何時與那些年份進行比較，都會有一些噪音，但我們現在又恢復乾淨了，2023 年和 2024 年都應該遵循正常的季節性模式。

As you said, you have roughly 30% of the profit in the first half, 70% in the back half kind of kind of range.

正如您所說，上半年大約有 30% 的利潤，下半年將有 70% 的利潤。

And you've come out of those periods stronger than other new went into it from your balance sheet is pretty good at right now.

而且你已經走出了那些時期，比其他新進入的資產負債表中的人現在表現得更好。

What do you see going forward in terms of the longer term now after KI. and go the in the leasing events that I think Jeff alluded to accelerating, maybe furniture events.

您對 KI 之後的長期發展有何看法？我認為傑夫提到加速的租賃活動，也許是家具活動。

Do you see anything strategically with some that you'd like comment on.

您是否看到了一些您想發表評論的策略性內容？

And we see lots of runway on the path we're on right now.

我們現在所走的道路上看到了很多跑道。

We're driving profit expansion, margin expansion in Workplace Furnishings, driving the benefits of the integration with KII. and driving top line growth in the high margin Residential Building Products segment.

我們正在推動工作場所家具產業的利潤擴張和利潤率擴張，推動與 KII 整合的好處。推動高利潤住宅建築產品領域的收入成長。

So no, we're not we feel like we got a lot of runways.

所以不，我們不是，我們覺得我們有很多跑道。

What we have right now and not necessarily feeling we need to add anything at this moment.

我們現在擁有的，不一定覺得現在需要添加任何東西。

Yes, I think that's right.

是的，我認為這是對的。

But I think we believe we've got a lot.

但我認為我們相信我們已經擁有很多。

Our teams are kind of our focus.

我們的團隊是我們的重點。

We got plowing the ground.

我們開始犁地。

We've got a lot of dry powder we'll get, but we are investing in the business and on integrating KI.

我們已經獲得了很多乾粉，但我們正在投資業務和整合 KI。

So there, but that's all good.

就這樣，但這一切都很好。

And operationally you where you want to be and what are the things?

從操作上來說，你想要達到的目標是什麼？有哪些事情？

I'll point out area that I was thinking about was geographically with KIYO., Rob, you still are you guys overweighted into the rural markets of Asia?

我要指出的是，我正在考慮的地區是 KIYO。Rob，你們仍然過度關注亞洲農村市場嗎？

I think you alluded to Marshall, if businesses start to be a little firmer on their requirement for people to be back in the office, you see a way to gain some strength in the more metro markets?

我想你提到了馬歇爾，如果企業開始對員工重返辦公室的要求更加堅定，你認為有一種方法可以在更多的地鐵市場中獲得一些力量嗎？

Yes, but I mean, look, we still participate there and we have a nice chunk of business there on the contract side, it's just we have the we have some of the other stuff as well.

是的，但我的意思是，看，我們仍然參與其中，並且在合約方面我們有很大一部分業務，只是我們還有其他一些東西。

So that's why we're that's why we talked about it.

這就是我們討論這個問題的原因。

We're focused on that area.

我們專注於該領域。

It's been a big piece of our business, and we do believe we're competing well on, you know, for what's happening now.

這是我們業務的重要組成部分，我們確實相信，就目前正在發生的事情而言，我們的競爭能力很強。

And we will compete and we'll compete well going forward.

我們將競爭，而且我們將在未來競爭得很好。

So we will we will benefit as that as those furniture events unlock in major metros.

因此，隨著這些家具活動在主要城市的展開，我們將受益匪淺。

Okay.

好的。

And last for me or anything on the cost side that you're seeing maybe a little worrisome out there?

最後對我來說或你認為可能有點令人擔憂的成本方面的事情？

I know people have talked a lot about at least for the residential side.

我知道人們至少在住宅方面談論了很多。

What's going on in some of the canals and the waterways issues.

一些運河和水道問題正在發生。

Are you seeing anything on costs that might be a little bit concerning?

您是否發現任何有關成本的問題可能有點令人擔憂？

Yes, for the year, but we do expect to see some inflation primarily from wages, the normal normal merit cycle, we are seeing a little bit of freight pressure.

是的，今年，但我們確實預計會出現一些通膨，主要來自工資，正常的績效週期，我們看到了一點貨運壓力。

That is definitely an issue at the moment.

這絕對是目前的問題。

And the commodities are pretty stable, even maybe a little deflationary in the first part of the year, and we expect to offset that inflationary pressure with price realizations.

大宗商品相當穩定，今年上半年甚至可能有點通貨緊縮，我們預計透過價格實現來抵銷通膨壓力。

So we do expect a favorable price cost again in 2024 and roughly speaking in the $10 million range.

因此，我們確實預期 2024 年價格會再次出現優惠，大致在 1,000 萬美元範圍內。

All right.

好的。

Well, thank you very much and congratulations and best of luck for the balance of this year.

嗯，非常感謝您，恭喜您，並祝您今年餘下的時間一切順利。

Thank you, Budd.

謝謝你，巴德。

Your next question is a follow-up from Steven Ramsey with Thompson Research Group.

您的下一個問題是湯普森研究小組的史蒂文拉姆齊的後續問題。

Please go ahead.

請繼續。

Just wanted to circle back to something you just talked about, Marshall, with the runway of drivers helping earnings growth in 2024, how much of these carry into 2025?

只是想回到您剛才談到的問題，Marshall，隨著推動因素有助於 2024 年的盈利增長，其中有多少因素會延續到 2025 年？

Clearly, there's a Broadway array have good things happening across both segments.

顯然，百老匯的演出在這兩個部分都發生了好事。

So curious how you think about some of the drivers beyond the next 12 months?

很好奇您對未來 12 個月後的一些驅動因素有何看法？

Yes, Stephen, we certainly got a lot of runway, particularly in the productivity side of things.

是的，史蒂芬，我們確實有很多跑道，特別是在生產力方面。

You know, I think Jeff mentioned in his comments that we made some operational investments in 2023, primarily in that new facility in Mexico, and that's actually a headwind to our 2023 profitability of about $15 million, all the investments total and including Mexico.

你知道，我認為傑夫在他的評論中提到，我們在2023 年進行了一些營運投資，主要是在墨西哥的新工廠，這實際上對我們2023 年約1500 萬美元的盈利能力（包括墨西哥在內的所有投資總計）構成了不利影響。

And as those investments mature and begin to generate a return in 25 and 26 and a little bit in 24, they'll pay off in the $10 million to $15 million range.

隨著這些投資的成熟並在 25 年和 26 年開始產生回報，並在 24 年產生一點回報，它們將獲得 1000 萬至 1500 萬美元的回報。

So that's a pretty big swing of at least $25 million from where we are right now.

因此，與我們現在的水平相比，這至少有 2500 萬美元的巨大波動。

So that's indicative of the type of runway we've got in front of us to keep driving profit growth with not a lot of help from volume.

因此，這表明我們在沒有太多銷售幫助的情況下繼續推動利潤成長的跑道類型。

Yes, Stephen, as we said, I mean, we can continue.

是的，史蒂芬，正如我們所說，我的意思是，我們可以繼續。

We're working continue to expand margins while volume growth.

我們正在努力在銷量成長的同時繼續擴大利潤。

I mean, we obviously are doing everything we can to capture as much volume as we can.

我的意思是，我們顯然正在盡一切努力來捕獲盡可能多的交易量。

But we have plans in place that we're looking at margin expansion in Workplace Furnishings and profit growth, you know, visibility into 24 and 25.

但我們已經制定了計劃，我們正在考慮工作場所家具的利潤擴張和利潤增長，你知道，24 小時和 25 小時的可見性。

Okay.

好的。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

And at this time, there appear to be no further questions.

而這時候，似乎已經沒有更多的問題了。

I would now turn the call back to Mr. Loranger for any closing remarks.

我現在將把電話轉回給洛蘭格先生，請他發表結束語。

Great.

偉大的。

Thanks, everybody, for joining us today and taking the time to have a great day.

感謝大家今天加入我們並抽出時間度過美好的一天。

Thank you all for joining today's call.

感謝大家參加今天的電話會議。

We appreciate your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連線。