Ichor Holdings Ltd (ICHR) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Welcome to Ichor fourth-quarter 2023 earnings conference call.

歡迎參加 Ichor 2023 年第四季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to your host, Claire McAdams, Investor Relations for Ichor.

（操作員指示）我現在想將會議轉交給東道主 Ichor 投資者關係部門的克萊爾·麥克亞當斯 (Claire McAdams)。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good afternoon and thank you for joining today's fourth-quarter 2023 conference call.

下午好，感謝您參加今天的 2023 年第四季電話會議。

As you read our earnings press release and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of the federal securities laws.

當您閱讀我們的收益新聞稿和收聽本次電話會議時，請注意，兩者均包含聯邦證券法含義內的前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from such statements.

這些前瞻性陳述受到許多風險和不確定性的影響，其中許多風險和不確定性超出了我們的控制範圍，並可能導致實際結果與此類陳述有重大差異。

These risks and uncertainties include those spelled out in our earnings press release, those described in our annual report on Form 10-K for fiscal 2022, and those described in subsequent filings with the SEC.

這些風險和不確定性包括我們的收益新聞稿中闡述的風險和不確定性、2022 財政年度10-K 表格年度報告中所述的風險和不確定性，以及隨後向SEC 提交的文件中所述的風險和不確定性。

You should consider all forward-looking statements in light of those and other risks and uncertainties.

您應該根據這些以及其他風險和不確定性考慮所有前瞻性陳述。

Additionally, we will be providing certain non-GAAP financial measures during this conference call.

此外，我們將在本次電話會議期間提供某些非公認會計準則財務指標。

Our earnings press release in the financial supplement posted to our IR website each provide a reconciliation of these non-GAAP financial measures to their most comparable GAAP financial measures.

我們在 IR 網站上發布的財務增刊中的收益新聞稿均提供了這些非 GAAP 財務指標與其最具可比性 GAAP 財務指標的調整表。

On the call with me today are Jeff Andreson, our CEO; and Greg Swyt, our CFO.

今天與我通話的是我們的執行長 Jeff Andreson；和我們的財務長 Greg Swyt。

Jeff will begin with an update on our business, and then Greg will provide additional details about our results and guidance.

傑夫將首先介紹我們業務的最新情況，然後格雷格將提供有關我們的結果和指導的更多詳細資訊。

After the prepared remarks, we will open the line for questions.

準備好的發言結束後，我們將開通提問專線。

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

我現在將把電話轉給傑夫·安德烈森。

Jeff?

傑夫？

Thank you, Claire, and welcome to our Q4 earnings call.

謝謝克萊爾，歡迎參加我們的第四季財報電話會議。

Our fourth quarter revenues came in at the upper end of our expectations at $203 million.

我們第四季的營收為 2.03 億美元，超出了我們的預期。

This equates to a sequential growth of 3% from Q3 within an otherwise stable demand environment.

這相當於在穩定的需求環境下，第三季較上季成長 3%。

I'd like to provide some color on our revenue movements within the fourth quarter.

我想提供一些關於我們第四季收入變動的資訊。

First, the majority of the upside in revenue growth above the midpoint of guidance was essentially passed through.

首先，收入成長高於指導中點的大部分成長基本上被傳遞了。

This is because during the quarter, we elected to take the opportunity to reduce inventory levels in order to drive strong free cash flow generation, which in turn was used to reduce our debt levels and ongoing interest expenses.

這是因為在本季度，我們選擇藉此機會降低庫存水平，以推動強勁的自由現金流生成，這反過來又用於降低我們的債務水平和持續的利息支出。

We sold the inventory at zero margin.

我們以零利潤出售庫存。

And so while this decision carries a number of benefits for our ongoing financial performance, it did have a negative impact on our Q4 gross margin.

因此，雖然這項決定對我們持續的財務表現有許多好處，但它確實對我們第四季的毛利率產生了負面影響。

Further, our Q4 revenue forecast had incorporated expectations of improved mix compared to Q3, but instead, our revenue mix actually became less favorable, and this had the largest impact on our lower-than-expected gross margin.

此外，我們第四季的營收預測包含了與第三季相比改善組合的預期，但相反，我們的營收組合實際上變得不太有利，這對我們低於預期的毛利率影響最大。

Our build-to-print gas panel business, which is our lowest margin business improved during the quarter to drive both the remaining upside to revenue as well as offset the decrease in our weldment business as our customers continue to focus on reducing inventory levels.

我們的按圖生產氣體面板業務是我們利潤率最低的業務，在本季度有所改善，既推動了收入的剩餘增長，又抵消了我們的銲接業務的下降，因為我們的客戶繼續專注於降低庫存水準。

While this unfavorable mix shift did have an impact on our gross margin, strength in the gas panel segment of the business is a very good indicator that we are coming off the bottom of the cycle.

雖然這種不利的組合轉變確實對我們的毛利率產生了影響，但燃氣面板業務的強勁表現是一個很好的指標，表明我們正在走出週期的底部。

So in total, we witnessed a temporary low in gross margin performance in Q4 through a combination of unfavorable product and customer mix, the impact of inventory sales at costs and, to a lesser degree, continued E&O headwinds and slightly higher manufacturing costs.

因此，總的來說，由於不利的產品和客戶組合、庫存銷售成本的影響以及持續的 E&O 逆風和略高的製造成本，我們在第四季度見證了毛利率暫時較低。

With OpEx just below the midpoint of guidance, operating profit was roughly breakeven.

由於營運支出略低於指導值的中點，營業利潤大致達到損益平衡。

Interest expense came down quarter over quarter given our decision to deploy free cash flow towards reducing our debt levels.

鑑於我們決定利用自由現金流來降低債務水平，利息支出逐季下降。

During Q4, we generated $35 million in free cash flow and reduced our debt levels by $32 million, while still adding $4 million to our cash balance.

第四季度，我們產生了 3,500 萬美元的自由現金流，債務水準減少了 3,200 萬美元，同時現金餘額仍增加了 400 萬美元。

Given the lower profit versus forecast, with the slightly lower OpEx and interest expense and a higher net tax benefit, the net loss per share was $0.06.

鑑於利潤低於預期、營運支出和利息支出略低以及淨稅收優惠較高，每股淨虧損為 0.06 美元。

Now I'll turn to our outlook.

現在我要談談我們的前景。

There are many reasons to be optimistic about the growth ahead.

有很多理由對未來的成長持樂觀態度。

First, we estimate that our exposure to memory WFE declined to just about 25% in 2023, which means we are well positioned to outperform industry growth as memory spending improved, in particular, within the NAND segment.

首先，我們估計，到 2023 年，我們的記憶體 WFE 曝險將下降至 25% 左右，這意味著，隨著記憶體支出的改善，特別是在 NAND 領域，我們處於領先地位，能夠跑贏產業成長。

Next, as our memory exposure has declined over the last few years, we have increased our exposure to a number of growing market segments of WFE, such as EUV lithography and epi gas panels for silicon carbide.

接下來，隨著我們的記憶體業務在過去幾年中有所下降，我們增加了對 WFE 一些不斷增長的細分市場的業務，例如 EUV 光刻和碳化矽外延氣體面板。

As a result of our leadership in providing gas delivery for the EUV market, we added ASML as a third 10% customer for fiscal 2023.

由於我們在為 EUV 市場提供氣體輸送方面的領先地位，我們將 ASML 加入為 2023 財年的第三個 10% 客戶。

We anticipate that our EUV sales will continue to expand in line with unit shipment growth in the years to come.

我們預計，未來幾年我們的 EUV 銷售額將隨著單位出貨量的成長而持續擴大。

We are also pursuing opportunities to expand our exposure to the overall lithography market and believe we are well positioned to benefit from next-generation platforms such as High-NA as well as win share in additional areas of lithography.

我們也正在尋求機會擴大我們在整個光刻市場的曝光度，並相信我們處於有利位置，可以從 High-NA 等下一代平台中受益，並在光刻的其他領域贏得份額。

We continue to shift production volume gas panels for the silicon carbide market and have been qualified on the next-generation epi systems.

我們繼續將氣體面板的產量轉向碳化矽市場，並已獲得下一代外延系統的認證。

Our design wins for epi applications resulted in strong growth from our fourth largest customer in 2023.

我們在外延應用方面的設計勝利使我們的第四大客戶在 2023 年實現了強勁成長。

And as the applications and market opportunities continue to grow in support of EV manufacturing in the years to come, we anticipate our silicon carbide exposure will continue to be a tailwind to our revenue growth.

隨著未來幾年支持電動車製造的應用和市場機會繼續成長，我們預計我們的碳化矽業務將繼續成為我們收入成長的推動力。

We estimate the silicon carbide market for gas delivery to be around $60 million in 2023 and expect it to double in the next three to four years.

我們預計 2023 年用於天然氣輸送的碳化矽市場規模約為 6,000 萬美元，並預計在未來三到四年內將翻倍。

We are also seeing the emergence of new technology drivers and process inflections that require an increasing use of applications that are more highly dependent on the accuracy and repeatability of the gas delivery system.

我們也看到新技術驅動因素和製程變化的出現，需要越來越多地使用高度依賴氣體輸送系統的準確性和可重複性的應用程式。

These include the growing use of certain etch and deposition techniques within advanced logic architectures, 3D DRAM, and advanced packaging.

其中包括在先進邏輯架構、3D DRAM 和先進封裝中越來越多地使用某些蝕刻和沈積技術。

We recently refreshed our investor presentation to reflect the increased use of certain of these growing applications such as selective etch, ALD, deep silicon etch, and more.

我們最近更新了投資者介紹，以反映某些不斷增長的應用的使用量的增加，例如選擇性蝕刻、ALD、深矽蝕刻等。

We have a role providing fluid delivery to all of these applications.

我們的職責是為所有這些應用提供流體輸送。

As EUV adoption continues to proliferate across multiple device types, our process tool customers are witnessing the need for more etch and deposition steps to help create smooth patterns and reduce line with roughness.

隨著 EUV 在多種設備類型中的採用不斷激增，我們的製程工具客戶正在見證需要更多的蝕刻和沈積步驟，以幫助創建平滑的圖案並減少粗糙度的線條。

Additionally, the growing importance of advanced packaging has revealed process challenges that require better film stress management, improved defectivity, enhance uniformity, increased material selectivity, all of which are enabled by more precise control of gas and fluid delivery.

此外，先進封裝的重要性日益增加，也暴露出製程挑戰，需要更好的薄膜應力管理、改善缺陷率、增強均勻性、提高材料選擇性，所有這些都需要透過更精確地控制氣體和流體輸送來實現。

Outside of semiconductor, specifically for our IMG business, we are also driving cross-selling opportunities at our historical gas panel customers as well as opportunities to offer Ichor's components and capabilities to IMG's customer base in medical, aerospace, and defense.

在半導體之外，特別是對於我們的 IMG 業務，我們還在推動對我們的歷史燃氣面板客戶的交叉銷售機會，以及向 IMG 的醫療、航空航天和國防客戶群提供 Ichor 的組件和功能的機會。

As these new technologies and drivers evolve and proliferate, we see opportunities for Ichor to expand our revenue potential and continue to add breadth and diversification to our customer base.

隨著這些新技術和驅動因素的發展和擴散，我們看到了 Ichor 擴大收入潛力並繼續擴大客戶群廣度和多樣化的機會。

All of these factors build a strong story for Ichor's revenue growth as the industry recovery accelerates.

隨著行業復甦加速，所有這些因素都為 Ichor 的收入成長奠定了堅實的基礎。

But it's our proprietary products, including our next-generation gas panel that we are most excited about as our key initiative to drive overall gross margin expansion within our business.

但我們最興奮的是我們的專有產品，包括我們的下一代燃氣面板，這是我們推動業務整體毛利率擴張的關鍵舉措。

We have been qualified on three applications and are now supporting our customers' evaluation tools that are shipping to a device manufacturer.

我們已經通過了三個應用程式的認證，現在正在支援客戶的評估工具，這些工具正在運送給設備製造商。

Our latest investor presentation includes a slight adjustment to our target model to reflect the higher level of investments we are making in R&D in order to develop additional proprietary products, which we believe, in turn, can drive our gross margin north of 20%.

我們最新的投資者介紹包括對我們的目標模型的輕微調整，以反映我們為開發更多專有產品而在研發方面進行的更高水平的投資，我們相信這反過來可以將我們的毛利率推高至20% 以上。

We are focused on the development of proprietary products that support our customers' long-term technology roadmaps.

我們專注於開發支援客戶長期技術路線圖的專有產品。

These periods of lower demand provide both Ichor and our customers the ability to work on new qualifications.

這些需求較低的時期為 Ichor 和我們的客戶提供了獲得新資格的能力。

We continue to make very good progress in our key focus areas.

我們繼續在關鍵重點領域取得良好進展。

These include our next-generation gas panel and qualifications of our proprietary machine components.

其中包括我們的下一代氣體面板和我們專有機器組件的資格。

I'm very pleased with the progress of our new gas panel as we are now moving into qualifications at the device manufacturers.

我對我們新氣體面板的進展感到非常滿意，因為我們現在正在進入設備製造商的資格認證階段。

We continue to work with multiple customers and expect to add additional customer evaluations over the course of 2024.

我們將繼續與多個客戶合作，並預計在 2024 年增加更多的客戶評估。

Our new gas panel contains about 75% proprietary Ichor content compared to around 10% today, which will drive significant expansion of our gross margin profile.

我們的新氣體面板含有約 75% 的專有靈液含量，而目前的含量約為 10%，這將推動我們毛利率的顯著擴大。

In the next several months, we expect to ship gas panels that will support five additional systems for end-user customer tool evaluations.

在接下來的幾個月中，我們預計將運送氣體面板，這些面板將支援用於最終用戶客戶工具評估的五個附加系統。

This is a major milestone for the program.

這是該計劃的一個重要里程碑。

Our best estimate of when production systems will begin is late 2024.

我們對生產系統何時啟動的最佳估計是 2024 年末。

In our proprietary machine components, we continue to win new qualifications across our customer base.

在我們專有的機器組件中，我們不斷在客戶群中贏得新的資格。

The ramp is taking longer as we work through the inventory on hand, but we are qualified and expect this to positively impact our first quarter gross margin and continue over the course of the year.

當我們處理現有庫存時，增加所需的時間會更長，但我們有資格並預計這將對我們第一季的毛利率產生積極影響，並在全年持續。

In summary, I'll remind everyone here today that our revenues tend to recover more sharply when industry spending rebounds.

總之，我今天要提醒大家，當產業支出反彈時，我們的收入往往會恢復得更快。

Furthermore, our business model and financial profile tend to generate significant operating leverage as revenues grow.

此外，隨著收入的成長，我們的商業模式和財務狀況往往會產生巨大的營運槓桿。

Current industry expectations are that the business environment for WFE will persist at these levels through the first half of 2024 and given the modest mid-single-digit growth outlook for the full year, 2024 WFE will likely be more weighted towards the second half.

目前的產業預期是，WFE 的商業環境將持續到 2024 年上半年，考慮到全年溫和的中個位數成長前景，2024 年 WFE 可能會更加重視下半年。

Given our current visibility, we also expect our revenue run rate to continue around the $200 million level through the first half followed by the beginning of a revenue ramp in the second half.

鑑於我們目前的知名度，我們也預計上半年我們的營收運行率將持續在 2 億美元左右，隨後下半年營收將開始成長。

As we look ahead to an expected strong recovery year in 2025, we look forward to ramping revenues back towards the $250 million to $300 million-plus level in 2025.

展望 2025 年，預計將出現強勁復甦，我們期待 2025 年營收將回升至 2.5 億至 3 億美元以上的水平。

We expect to be able to deliver significant earnings growth as revenue volumes increase, which is why we continue to make critical investments in our business in support of our future growth.

隨著收入的增加，我們預計能夠實現顯著的獲利成長，這就是為什麼我們繼續對我們的業務進行關鍵投資以支持我們未來的成長。

With that, I'll turn it over to Greg to recap our Q4 results and provide further details around our Q1 financial outlook.

接下來，我將把它交給 Greg 來回顧我們第四季度的業績，並提供有關我們第一季財務前景的更多細節。

Greg?

格雷格？

Thanks, Jeff.

謝謝，傑夫。

To begin, I would like to emphasize that the P&L metrics discussed today are non-GAAP measures.

首先，我想強調今天討論的損益指標是非公認會計準則指標。

These measures exclude the impact of share-based compensation expense, amortization of acquired intangible assets, nonrecurring charges, and discrete tax items and adjustments.

這些措施不包括股權激勵費用、收購的無形資產攤銷、非經常性費用、離散稅項和調整的影響。

There is a useful financial supplement available on the Investors section of our website that summarizes our GAAP and non-GAAP financial results, as well as a summary of the balance sheet and cash flow information for the last several quarters.

我們網站的投資者部分提供了有用的財務補充，其中總結了我們的 GAAP 和非 GAAP 財務業績，以及過去幾個季度的資產負債表和現金流量資訊摘要。

In the fourth quarter, our revenues were $203 million at the upper end of guidance and up 3% from the prior quarter.

第四季度，我們的營收為 2.03 億美元，處於指導上限，比上一季成長 3%。

With customer demand remaining relatively stable from Q3 levels, the majority of upside in revenues compared to the midpoint of guidance reflected pass-through inventory sales at zero margin, as Jeff discussed.

正如傑夫所討論的，由於客戶需求相對第三季水準保持相對穩定，與指導中位數相比，收入的大部分上漲反映了零利潤率的轉手庫存銷售。

With the less favorable product and customer mix, the impact of the sale of our inventory at no margin and some continued E&O and slightly higher manufacturing cost headwinds, our gross margin was 10.4%, which was well below our expectations.

由於產品和客戶組合不太有利、無利潤銷售庫存的影響以及一些持續的 E&O 和製造成本略有上升的不利因素，我們的毛利率為 10.4%，遠低於我們的預期。

We anticipate a significant improvement in margins as we move through 2024.

我們預計 2024 年利潤率將顯著改善。

Q4 operating expenses were slightly lower than Q3 at $21.2 million and our operating income for Q4 was roughly breakeven.

第四季的營運費用略低於第三季度，為 2,120 萬美元，第四季的營運收入大致達到損益兩平。

Our net interest expense was $4.7 million, and our non-GAAP net income tax benefit exceeded our forecast at $2.8 million.

我們的淨利息支出為 470 萬美元，我們的非 GAAP 淨利潤稅收優惠超出了我們的預測，為 280 萬美元。

The resulting net loss per share was $0.06.

由此產生的每股淨虧損為 0.06 美元。

Now turning to the balance sheet.

現在轉向資產負債表。

At the end of the quarter, our cash and equivalents totaled $80 million, a $4 million increase from Q3.

截至本季末，我們的現金及等價物總額為 8,000 萬美元，比第三季增加了 400 萬美元。

We generated $37.6 million in cash flow from operations and after deducting $2.3 million of capital expenditures, our free cash flow was $35.3 million.

我們的營運現金流為 3,760 萬美元，扣除 230 萬美元的資本支出後，我們的自由現金流為 3,530 萬美元。

Free cash flow for the quarter was particularly strong given the $37 million sequential decrease in accounts receivable, which drove DSOs to only 30 days.

鑑於應收帳款連續減少 3,700 萬美元，導致 DSO 期限縮短至 30 天，本季的自由現金流尤其強勁。

Inventory decreased to $21 million during the quarter to end the year at $246 million, and inventory turns increased to

本季庫存減少至 2,100 萬美元，年末庫存達 2.46 億美元，庫存週轉率增加至

[2.8].

[2.8]。

During the quarter, we paid down $31.2 million of debt and our net debt coverage ratio currently stands at 3.4 times.

本季度，我們償還了 3,120 萬美元的債務，淨債務覆蓋率目前為 3.4 倍。

Now let's discuss our guidance for the first quarter of 2024.

現在讓我們討論一下我們對 2024 年第一季的指導。

With anticipated revenues in the range of $190 million to $210 million, we expect our Q1 gross margins will improve to a range of 13% to 13.5%.

預計營收在 1.9 億美元至 2.1 億美元之間，我們預計第一季毛利率將提高至 13% 至 13.5%。

At this time, we expect Q1 operating expenses to be approximately $22.3 million.

目前，我們預計第一季營運費用約為 2,230 萬美元。

The increase reflects the seasonal impact of payroll taxes resetting, audit fees, and other variable compensation costs.

這一增長反映了工資稅重置、審計費用和其他可變薪酬成本的季節性影響。

As we move beyond Q1, we expect OpEx to remain at a similar level as we are making targeted investments in IT and R&D.

隨著第一季的結束，我們預計營運支出將保持在相似的水平，因為我們正在 IT 和研發方面進行有針對性的投資。

Net interest expense for Q1 is expected to be approximately $4.3 million.

第一季的淨利息支出預計約為 430 萬美元。

Looking beyond Q1, we expect our net interest expense to continue to decline as a result of our focused efforts on reducing our debt levels as well as an anticipated favorable reduction in our interest rate later in 2024.

展望第一季之後，由於我們集中努力降低債務水平以及預期 2024 年晚些時候利率的有利下降，我們預計淨利息支出將繼續下降。

For modeling purposes, you should model interest expense for 2024 to be approximately $16 million.

出於建模目的，您應將 2024 年的利息支出建模為約 1600 萬美元。

We do not expect to record a tax expense or benefit for Q1.

我們預計第一季不會記錄稅收費用或收益。

For the full year, we are forecasting a non-GAAP effective tax rate of 5%.

我們預計全年的非 GAAP 有效稅率為 5%。

Operator, we are ready to take questions.

接線員，我們準備好回答問題。

Please open the line.

請打開線路。

(Operator Instructions) Craig Ellis, B. Riley Securities.

（操作員指示）Craig Ellis，B. Riley Securities。

Thanks for taking the question and thanks for all that color, guys.

感謝你們提出這個問題，也感謝所有這些顏色，夥計們。

I wanted to start off just by clarifying the gross margin line item in the fourth quarter and then understanding how those dynamics played out through 2024.

我想先澄清第四季的毛利率項目，然後了解這些動態在 2024 年如何發揮作用。

So Greg, can you just quantify the specific factors that were at play that caused gross margin to decrease so significantly?

那麼格雷格，您能否量化導致毛利率大幅下降的具體因素？

And then just help us understand the arc of those -- of how those come out of the model as we look through 2024.

然後幫助我們理解這些變化的軌跡——當我們展望 2024 年時，這些變化是如何從模型中得出的。

Thanks.

謝謝。

Craig, it's Jeff.

克雷格，我是傑夫。

Hey, Jeff.

嘿，傑夫。

I'll let Greg chime in at the back end.

我會讓格雷格在後面插嘴。

But I think given the magnitude of this, I think I'd like to kind of walk you through it.

但我認為考慮到此事的嚴重性，我想我想引導您完成它。

I think, first of all, we elected to sell some inventory at cost.

我認為，首先，我們選擇以成本價出售一些庫存。

As we looked at our inventory in months of supply, we had some inventory that we were able to go ahead and sell.

當我們查看幾個月的供應庫存時，我們有一些庫存可以繼續銷售。

Have we built that, that piece would have generated about, say, $1 million of kind of incremental profit off the bottom.

如果我們建造了它，那麼這件作品將會產生大約 100 萬美元的增量利潤。

And so as that side of our business, really the depth of the component side has been down.

因此，就我們業務的這一方面而言，組件方面的深度實際上已經下降。

This quarter's mix was primarily kind of a much lower level of wellness than we had seen before.

本季的健康狀況主要是比我們之前看到的要低得多。

So that mix, offset by the gas panel mix, was the largest driver.

因此，這種混合，被燃氣面板混合所抵消，是最大的驅動力。

So as we look forward, I think in the gross margin that we've talked about, we see the mix staying relatively stable and coming out of this.

因此，當我們展望未來時，我認為在我們討論過的毛利率中，我們看到混合保持相對穩定並擺脫困境。

And as you kind of look into next year, all of the key initiatives that we've been driving around internal supply and developing new products that we can integrate into our gas panels are going to help us recover some of this stuff.

當你展望明年時，我們圍繞內部供應推動的所有關鍵舉措以及開發可以整合到燃氣面板中的新產品都將幫助我們回收其中的一些東西。

We also will see some normalization of some of the inventory reserves that have been bigger than we've seen in the past as well.

我們還將看到一些庫存儲備的正常化，這些庫存儲備也比我們過去看到的要大。

And what I would like you guys to leave with, and I'm sure this question will come up again, is as we kind of recover the $225 million or higher, which is what we maybe see late in the fourth quarter or around the fourth quarter, that's kind of our outlook, at this time, we think we can get it back up to around 17%.

我希望你們離開時，我相信這個問題會再次出現，是當我們收回 2.25 億美元或更高的金額時，這就是我們可能在第四季度末或第四季度左右看到的情況季度，這就是我們的前景，目前，我們認為我們可以將其恢復到17% 左右。

So from 13% to 17%, you're going to see increases as we kind of go through the calendar year.

因此，隨著日曆年的推移，您將會看到從 13% 到 17% 的成長。

Hope that answer your question.

希望能回答您的問題。

All right.

好的。

That's helpful.

這很有幫助。

Yeah.

是的。

And then I wanted to follow up on your comments on the new gas panel product.

然後我想跟進您對新燃氣面板產品的評論。

And I like the fact that you've got that much higher content there, and that's going to be a gross margin tailwind, Jeff.

我喜歡這樣一個事實，即你在那裡擁有更高的內容，這將成為毛利率的推動力，傑夫。

As you start to ship that later this year, can you just help us understand how the mix of that newer product will feather in with all the existing product that's part of current customer programs right now.

當您在今年稍後開始發貨時，您能否幫助我們了解該新產品的組合將如何與目前屬於當前客戶計劃一部分的所有現有產品相融合。

Say differently, how abruptly can that ramp to significant majority of gas panel mix?

換句話說，這種情況能以多快的速度發展到絕大多數瓦斯面板混合？

Yeah.

是的。

Another good question.

另一個好問題。

As we're working through these qualifications, the first three applications that we won are essentially, I'll call them market share gains.

當我們通過這些資格認證時，我們贏得的前三個申請基本上是，我將其稱為市場份額收益。

They are applications we haven't had before and going forward.

它們是我們以前和未來從未有過的應用程式。

So as we kind of look later in the year, I would say this year, we're probably going to see kind of low single-digits of revenue start to happen.

因此，當我們展望今年稍後時，我會說今年，我們可能會看到較低的個位數收入開始出現。

It's really in 2025 that these qualifications start to layer on and get qualified at multiple customers that will start to see the inflection.

實際上，到 2025 年，這些資格開始分層並獲得多個客戶的資格，這些客戶將開始看到變化。

Having said that, Craig, a lot of the internal components that are in the gas panel that's fully configured with about 75% of our content, we can work on the -- I'll call them the legacy gas panels.

話雖如此，克雷格，氣體面板中的許多內部組件完全配置了我們大約 75% 的內容，我們可以繼續研究——我將它們稱為傳統氣體面板。

The gas panels today, there's a lot of components we can still get qualified on.

今天的燃氣面板，有很多組件我們仍然可以獲得資格。

There's valves, fittings, substrates, things like that, that are adding content, and that's the internal supply that I referred to.

有閥門、配件、基板等類似的東西，它們正在添加內容，這就是我提到的內部供應。

So it's going to start to happen during the year.

所以這將在今年開始發生。

We've already won the qualifications.

我們已經獲得了資格。

They're moving a little slower because of kind of our inventory position and some of our on-order position.

由於我們的庫存狀況和一些訂單狀況，他們的移動速度有點慢。

But there's -- we're going to see that as a piece that helps us in Q1, specifically and going forward.

但是，我們將把它視為對我們第一季有幫助的部分，特別是在未來。

And those are measured in kind of tens of millions of dollars, too.

這些也以數千萬美元來衡量。

So you'll see those first before we get to the fully integrated gas panels affect our gross margin in 2024.

因此，在完全整合的燃氣面板影響我們 2024 年的毛利率之前，您首先會看到這些。

Got it.

知道了。

That's helpful color, guys.

夥計們，這顏色很有用。

I'll hop back in the queue.

我會跳回到隊列中。

Thanks, Greg.

謝謝，格雷格。

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

Hi, there.

你好呀。

Good afternoon.

午安.

Thanks for allowing us to ask a few questions.

感謝您允許我們提出幾個問題。

Maybe first just to kind of go back to the gross margin, just maybe to lay things out, maybe a little bit to gain a little clarity here.

也許首先只是回到毛利率，也許只是為了列出一些事情，也許是為了在這裡獲得一點清晰度。

We are modeling, say, like 14% for Q4 and the non-GAAP is 10.4%.

我們正在建模，例如第四季度為 14%，非 GAAP 為 10.4%。

If the revenue upside was kind of zeroed out gross margin, that's still only maybe like 30 basis points.

如果營收成長將毛利率歸零，那可能仍然只有 30 個基點左右。

And so there's still several hundred basis points there to kind of understand.

因此，仍有數百個基點需要理解。

So is there a way you can reconcile sort of higher inventory reserves, worse mix, other elements there that kind of to get us to the delta?

那麼，有沒有一種方法可以協調更高的庫存儲備、更糟糕的組合以及其他因素，讓我們進入三角洲？

Yeah.

是的。

I think when you look at the mix and it's product and customer mix, I would say that was probably somewhere around two-thirds of the challenge.

我認為，當你看看產品和客戶組合時，我會說這可能是挑戰的三分之二左右。

Obviously, the gas panel business, the build-to-print is, as I said on the prepared remarks, our lowest margin versus our higher-margin products that the mix didn't -- we didn't achieve the mix we set out at the beginning of the quarter.

顯然，正如我在準備好的評論中所說，燃氣面板業務、按圖生產是我們的最低利潤與我們的高利潤產品相比，但我們沒有實現我們設定的混合在本季度初。

So the pass-through, think of that as kind of 50 basis points or $1 million.

因此，將傳遞視為 50 個基點或 100 萬美元。

I think I did the math right.

我想我算對了。

And then the other kind of headwinds between 13% and 14%, where we ended last quarter and where we wanted to be this quarter, is really a little bit higher E&O than we expected, but really the slower ramp of some of the internal supply parts, which will recover again in Q1.

然後，13% 到14% 之間的另一種阻力（我們上季度結束時的水平以及本季度我們希望達到的水平）確實比我們預期的要高一點，但實際上一些內部供應的增長速度較慢部分，將在第一季再次恢復。

So I hope that adds enough granularity and color for you.

所以我希望這能為您添加足夠的粒度和顏色。

Yeah, yeah.

是啊是啊。

It does.

確實如此。

And maybe kind of an add-on to that, but also maybe my second question.

也許是對此的補充，但也可能是我的第二個問題。

In terms of the rationale for kind of doing that pass-through, was that -- I mean, is this sort of a prioritization of cash flow over P&L for that given quarter.

就進行這種傳遞的基本原理而言，我的意思是，該特定季度的現金流量優先於損益表。

That's kind of a follow-up to that but then kind of tied into that.

這是一種後續行動，但又與此相關。

When I look at your customers' balance sheet, and you can definitely see their inventory is moving in the right direction, yeah, they still have maybe two quarters plus worth of inventory.

當我查看客戶的資產負債表時，您絕對可以看到他們的庫存正在朝著正確的方向發展，是的，他們仍然有可能超過兩個季度的庫存。

But when you drill down into what the excess is of your products, either gas panels and finished goods and machine components and raw materials inventory, how severe is that excess?

但是，當您深入了解您的產品（無論是燃氣板、成品、機器部件還是原材料庫存）的過剩情況時，這種過剩有多嚴重？

And is that part of what gives you confidence that this destock will basically be over in first half?

這是否讓您相信這次去庫存將在上半年基本結束？

Good question.

好問題。

I think you got a couple of parts.

我想你有幾個部分。

So first, this decision that we made specifically was around parts where we saw the usage, the months of on hand to be well out beyond a year.

因此，首先，我們專門做出的決定是圍繞我們看到的使用情況的部分，現有的幾個月要遠遠超過一年。

And so we took advantage of that to generate cash pay down.

因此，我們利用這一點來產生現金支付。

And it did have a P&L hit.

它確實對損益表產生了影響。

We would have had wait a while before we could consume that.

我們得等一段時間才能吃掉它。

So that was a little bit around time value and money and our ability to pay down some debt and the fact that it would have taken us a while.

所以這有點關於時間價值和金錢，以及我們償還一些債務的能力，以及這需要我們一段時間的事實。

So the second part of your question is really around what's our confidence that will be through kind of our customers burn down.

因此，你問題的第二部分其實是關於我們對客戶的信心下降的。

I think it obviously varies by, I'll call it, kind of business segment within ours.

我認為這顯然會因我們內部的業務部門（我稱之為業務部門）而有所不同。

I think in general, gas panels, they're done, right?

我認為總的來說，燃氣面板已經完成了，對吧？

Like most of this is going to be in the weldments and machine components side.

就像大部分都將發生在銲件和機器部件方面。

I think it will carry to some degree through even this year.

我認為即使是今年，這種情況也會在某種程度上持續下去。

Our inventories are two-way.

我們的庫存是雙向的。

They're about half our peak year inventory turns.

它們大約是我們高峰年庫存週轉率的一半。

So we're clearly carrying excess inventory that we're looking forward to ensure that we can burn it down.

因此，我們顯然持有過剩的庫存，我們希望確保能夠將其燒掉。

So we see a path for how we get back to more normalized turns, but it may take just a little bit beyond the end of this year to get there.

因此，我們看到了一條恢復正常化的道路，但可能需要在今年年底之後一點時間才能實現。

Okay.

好的。

Thanks, Jeff.

謝謝，傑夫。

Thanks.

謝謝。

Charles Shi, Needham and Company.

查爾斯‧史（Charles Shi），李約瑟公司。

Yeah, thanks.

是的，謝謝。

Hey, first off, congratulations on winning the Applied Materials Supplier Award.

嘿，首先，恭喜您榮獲應用材料供應商獎。

I have a question, Jeff, about the '24 revenue progression, the way you kind of described almost feel like you're going to be run rating around $200 million for two quarters.

傑夫，我有一個關於 24 年收入進展的問題，你所描述的方式幾乎感覺你將在兩個季度的營運評級約為 2 億美元。

I mean, until June and December, you think you can approach that $250 million, that's quite a bit of a step-up.

我的意思是，直到 6 月和 12 月，你認為你可以接近 2.5 億美元，這是一個相當大的進步。

Are you expecting September to be somewhere in between because -- the reason why I asked this is your -- one of your two largest customers, Lam Research, recently talked about more of a moderate -- I mean, a modest, actually not moderate, modest recovery, but actually a little bit stronger close to the year, it almost feel like in Q3, they are expecting not so much of an uptick.

你是否預計9 月會介於兩者之間，因為——我問這個問題的原因是你的——你的兩個最大的客戶之一，Lam Research，最近談到了更多的溫和——我的意思是，一個溫和的，實際上不是溫和的，溫和的複蘇，但實際上接近今年有點強勁，幾乎感覺在第三季度，他們預計不會有太大的上升。

Are you seeing a little bit of the earlier uptick in Q3?

您是否看到第三季早些時候出現了一些上升？

And I mean, it's kind of embedded in the way you described about a year.

我的意思是，它有點嵌入你所描述的一年的方式。

Any color for that?

有什麼顏色嗎？

Yeah, yeah, yeah.

耶耶耶。

Let me -- it's a good question, Charles, because maybe my comments during our -- at the beginning, we talked about specifically, we're looking forward to getting back to those kind of $250 million, $300 million.

讓我——這是一個很好的問題，查爾斯，因為也許我在我們的評論中——一開始就具體談到，我們期待回到2.5億美元、3億美元的規模。

So this is really looking into 2025.

所以這其實是在展望 2025 年。

Q4, I don't think is going to get to $250 million, just to be clear.

需要澄清的是，我認為第四季不會達到 2.5 億美元。

That wasn't the intent of what I was trying to get across.

這並不是我想要表達的意圖。

I think it's going to be a little in that kind of $225 million to $230 million range, maybe as our visibility today.

我認為這將在 2.25 億美元到 2.3 億美元的範圍內，也許就像我們今天看到的那樣。

And then Q3, it will be somewhere in between.

然後是第三季度，它將介於兩者之間。

Keep in mind that we have -- we're -- because we're still kind of working through the inventory reduction, we're going to see a different profile as those are our longer lead time parts.

請記住，我們已經——我們——因為我們仍在努力減少庫存，我們將看到不同的情況，因為這些是我們的交貨時間較長的零件。

So those will kind of lead any gas panel and further growth.

因此，這些將引領任何燃氣面板和進一步的成長。

But again, I think 2025, I think the confidence with us and with our customers is that's going to be a pretty good growth year.

但我再次強調，到 2025 年，我們和我們的客戶都對這將是一個非常好的成長年。

So I would expect that some of that has to occur in the back half of our year to support the beginning of their years and their revenue.

因此，我預計其中一些必須在今年下半年發生，以支持他們的年初和收入。

So I hope that kind of helps you position where we see our year going.

所以我希望這能幫助您定位我們今年的發展方向。

Got it.

知道了。

Thanks, Jeff.

謝謝，傑夫。

That's great color.

那顏色真棒。

Maybe the other question I have -- would be, I mean, in between the two largest customers I think that the prior person ahead of me asked about the Lam Research still carrying a good amount of inventory.

也許我的另一個問題是，我的意思是，在兩個最大的客戶之間，我認為前面的人詢問了 Lam Research 仍然持有大量庫存。

Applied Materials, it looks like their inventory level seems to be relatively okay.

應用材料公司，看起來他們的庫存水準似乎還不錯。

Do you see a differential in terms of your revenue coming from Lam versus Applied that this year as your revenue to Applied are slightly better than them?

您是否認為今年來自 Lam 的收入與 Applied 的收入有差異，因為今年您對 Applied 的收入略好於他們？

Or -- the reason why I asked this is I really just want to figure out where the upside of your revenue from the two largest customers could -- is more likely to come from which customer.

或者——我問這個問題的原因是我真的只是想弄清楚你從兩個最大客戶那裡獲得的收入的上升空間更有可能來自哪個客戶。

Thanks.

謝謝。

Good question.

好問題。

Probably some stuff, I can't specifically answer at a customer level.

可能有些東西，我無法在客戶層面具體回答。

But certainly, our two largest customers had different profiles.

但可以肯定的是，我們兩個最大的客戶有著不同的情況。

And I would say largely around where they were positioned primarily in the memory market.

我想說的主要是圍繞著它們在記憶體市場的定位。

I mean, we do know our largest customer at a very, very high level of market share in the 3D NAND.

我的意思是，我們確實知道我們最大的客戶在 3D NAND 領域擁有非常非常高的市場份額。

That recovery is something when that comes back, then you would actually probably see that side of our business accelerate faster than foundry logic.

當這種復甦回來時，你實際上可能會看到我們業務的這方面加速得比代工廠邏輯更快。

Having said that, foundry logic, we view and is remaining fairly strong into next year.

話雖如此，我們認為代工邏輯在明年仍然相當強勁。

We don't see a massive drop-off in China shipments, and we're not getting any of those signals from our customer base as well.

我們沒有看到中國出貨量大幅下降，而且我們也沒有從我們的客戶群那裡得到任何這些訊號。

So beyond that, I don't want to get too specific around customer profiles.

除此之外，我不想過於具體地了解客戶資料。

Thanks, Jeff.

謝謝，傑夫。

That's fair.

這還算公平。

Thanks.

謝謝。

Okay.

好的。

Thanks, Charles.

謝謝，查爾斯。

Krish Sankar, TD Cowen and Company.

Krish Sankar，TD Cowen 和公司。

Hi.

你好。

This is Robert Mertens on the line on behalf of Krish.

我是羅伯特·默滕斯 (Robert Mertens) 代表克里什 (Krish) 接聽電話。

Thanks for taking my question.

感謝您提出我的問題。

I guess just the first one is, if you had any additional color on the expectations for the component business this year.

我想第一個是，您對今年組件業務的預期是否有任何其他看法。

I know inventory levels have seemed to be a headwind.

我知道庫存水準似乎是一個阻力。

But if you seen any change over the last few months.

但如果您在過去幾個月中看到任何變化。

And then on top of that, just sort of what the tailwinds from design win ramping would look like this year.

最重要的是，今年設計獲勝帶來的推動力會是什麼樣子。

Or if that's more of a calendar '25 story?

還是這更像是 25 年曆上的故事？

Good question.

好問題。

Maybe the way I would answer the component side of our business is we're seeing very similar outlooks quarter over quarter in the first half for machining.

也許我對我們業務的零件方面的回答是，我們在上半年看到每季的機械加工前景非常相似。

We would expect that starts to go.

我們預計這種情況會開始發生。

Weldments will probably run a little longer.

銲件可能會運作更長一些。

They have, I think, a higher level of inventory in the value chain going forward.

我認為，他們在未來的價值鏈中擁有更高水準的庫存。

Our kind of the totality of our components business, if you went back to the '21 timeframe, '22, somewhere in there, probably ran somewhere between 20% and 25% of our business, maybe a little closer to 25%.

如果你回到 21 年的時間範圍，我們的零件業務的整體情況，22 年的某個時間段，可能占我們業務的 20% 到 25% 之間，也許更接近 25%。

It's running kind of mid- to high single-digits today.

今天的價格為中高個位數。

So that's the gap in the mix that we need to recover and that will help us accelerate towards our ultimate goal, which is to get our gross margin up in around 20%.

因此，這就是我們需要彌補的組合差距，這將幫助我們加速實現我們的最終目標，即使毛利率提高 20% 左右。

But that probably will occur in 2025 as we compound our new design wins and the gas panel 2.0, the recovery of our component mix.

但這可能會在 2025 年發生，因為我們將新的設計勝利和燃氣面板 2.0 以及我們的組件組合的恢復結合起來。

Now your other part of the question is how do we kind of size some of the wins we've already had.

現在問題的另一部分是我們如何衡量我們已經取得的一些勝利。

And I would probably just say it's kind of tens of millions of dollars of wins, and we expect a pretty significant uptick of those, and it's going to help us continue to drive our gross margin back to that 17% when we get kind of north of $225 million by the fourth quarter.

我可能會說，這相當於數千萬美元的勝利，我們預計這些勝利將顯著增加，當我們達到一定水平時，這將幫助我們繼續將毛利率推回到 17%到第四季將達到2.25 億美元。

Got it.

知道了。

That's helpful.

這很有幫助。

And then maybe just one more.

然後也許還有一個。

I know you talked through the next-gen gas panels.

我知道您談到了下一代燃氣面板。

I just want to make sure I heard correctly that with those evaluation systems and shipments, you were thinking maybe a low single-digit millions in the later half of this year.

我只是想確保我沒聽錯，透過這些評估系統和出貨量，您認為今年下半年的銷售可能只有數百萬美元。

And then the more material revenues should be next year.

然後明年的物質收入應該會更多。

Did I hear that correct?

我沒聽錯吧？

You did hear that correct.

你確實沒聽錯。

I mean anything -- we're qualified and with success at customers, how fast they move if the market starts to accelerate, obviously, that number will improve, I would imagine.

我的意思是——我們有資格並且在客戶方面取得了成功，如果市場開始加速，他們的移動速度有多快，顯然，我想這個數字將會提高。

Got it.

知道了。

All right, well, thank you.

好的，好的，謝謝。

That's very helpful.

這非常有幫助。

That's all for me.

這就是我的全部。

Thanks, Rob.

謝謝，羅布。

David Duley, Steelhead Securities.

大衛杜利 (David Duley)，Steelhead 證券公司。

(technical difficulty) my questions.

（技術難度）我的問題。

I was wondering if you could elaborate just a little bit more on your silicon carbide opportunity.

我想知道您是否可以詳細說明一下您的碳化矽機會。

I think you have one customer now and is there a possibility to sign up new customers in the next few quarters?

我認為您現在已經有了一位客戶，是否有可能在接下來的幾季內簽約新客戶？

And are there other opportunities for you guys outside of epi in silicon carbide?

除了碳化矽外延之外，你們還有其他機會嗎？

Thanks, Dave.

謝謝，戴夫。

Good question.

好問題。

So the answer is yes.

所以答案是肯定的。

I think there's still opportunity for us in the deposition side, I call it, it might not be an epi-like thing, but there are other companies out there doing other processes that we've had some initial discussions with very early stage.

我認為我們在沉積方面仍然有機會，我稱之為，它可能不是類似外延的事情，但還有其他公司在做其他流程，我們已經在早期階段進行了一些初步討論。

I think the bigger opportunity is around the implant side of the business.

我認為更大的機會在於業務的植入方面。

And those discussions are ongoing.

這些討論正在進行中。

I would say we've -- in particular, we won a little bit of weldment business, pretty small, but it's a foot in the door at one of the implant suppliers, and we're going to continue to drive that.

我想說的是，我們已經——特別是，我們贏得了一點銲接業務，規模相當小，但對於一家植入物供應商來說，這已經邁出了一步，我們將繼續推動這項業務。

And I think that's kind of where we would probably see kind of an inflection point beyond our initial customer that's doing the epi silicon carbide.

我認為這就是我們可能會看到超越我們最初的客戶（生產外延碳化矽）的拐點。

Do you think you can win further epi customers because there's like, I think, four or five of those guys?

你認為你可以贏得更多的 Epi 客戶嗎，因為我認為有四、五個這樣的人？

Well, I mean, I think there's kind of three in total that we're kind of looking at.

嗯，我的意思是，我認為我們正在考慮總共三個。

And the answer is it's probably -- this year, if we start -- we're just starting the discussions late last year.

答案是，如果我們從今年開始的話，我們可能會在去年年底才開始討論。

We haven't really done any evaluations or gotten deep enough.

我們還沒有真正做過任何評估，也沒有足夠深入。

So it's not out of the question, but it's probably 2025 revenue driver versus 2024. 2024 would have to be similar to our new gas box stuff.

所以這不是不可能的，但與 2024 年相比，這可能是 2025 年的收入驅動因素。2024 年必須與我們的新加油箱類似。

It's the beginning of the conversations of what we can do.

這是我們可以做什麼的對話的開始。

And when we talk to our customers, they obviously see the breadth of what we can do as a company from gas panels, weldments, machining, and we can manage a lot of their supply chain.

當我們與客戶交談時，他們顯然看到了我們作為一家公司可以做的事情的廣度，從氣體面板、銲接、機械加工，我們可以管理他們的許多供應鏈。

And I think that's how we, in essence, quickly won the first application, which is now kind of multiple generations of tools moving forward with our initial customer.

我認為這就是我們本質上快速贏得第一個應用程式的方式，該應用程式現在是與我們最初的客戶一起發展的多代工具。

Thank you.

謝謝。

Now I guess the other question I had is, you talked about a second half ramp in your core business.

現在我想我的另一個問題是，您談到了下半年核心業務的成長。

Are your large OEM customers coming in and talking to you about getting ready for this ramp or it's just the typical -- I'm just wondering if there's a little bit more than rolling forecast behind the excitement about the second half.

您的大型 OEM 客戶是否正在進來並與您談論為這一增長做好準備，或者這只是典型的情況 - 我只是想知道下半年的興奮背後是否有更多的滾動預測。

I would say it's maybe less about the rolling forecast and more about the conversations we're having in preparation of the growth that they see kind of coming out of Q4 and into 2025.

我想說，這可能不是關於滾動預測，而是更多關於我們為他們認為從第四季度到 2025 年出現的增長做準備而進行的對話。

So I think it's a very consistent message out of our top four customers.

所以我認為我們的四大客戶傳達的訊息非常一致。

So they're telling you to get ready for a ramp in the back half?

所以他們告訴你要為後半段的坡道做好準備？

Yes.

是的。

Thank you.

謝謝。

Thanks, Dave.

謝謝，戴夫。

We have reached the end of the question-and-answer session.

我們的問答環節已經結束。

I'd now like to turn the call back over to Jeff Andreson for closing comments.

我現在想將電話轉回傑夫·安德烈森以徵求結束意見。

Thank you.

謝謝。

As Charles kind of noted, today, we won an award from Applied Materials for a Supplier Excellence Award in quality for 2023.

正如 Charles 所言，今天，我們榮獲應用材料公司授予的 2023 年品質卓越供應商獎。

This is quite an honor to be recognized by the company and the contributions we have made to our customer over the past year and looking forward to future years.

能夠得到公司的認可以及我們在過去一年中為客戶做出的貢獻並展望未來，我感到非常榮幸。

So it's always great to see these awards occur.

因此，很高興看到這些獎項的出現。

I want to really thank everybody for joining us on this call this quarter.

我真的要感謝大家參加本季的電話會議。

I'd like to thank our employees, our suppliers, our customers, our shareholders, for their ongoing dedication and support as we continue to navigate this highly dynamic business environment.

我要感謝我們的員工、供應商、客戶、股東，感謝他們在我們繼續駕馭這個高度動態的商業環境時所給予的持續奉獻和支持。

We look forward to updating you again on our Q1 earnings call scheduled for early May.

我們期待再次向您通報定於 5 月初舉行的第一季財報電話會議的最新情況。

Operator, that concludes our call.

接線員，我們的通話結束了。