inTest Corp (INTT) 2025 Q4 法說會逐字稿

Greetings. Welcome to InTest Corporation's fourth quarter 2025 financial results conference call. At this time, all participants are in listen-only mode. The 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. Please note that today's conference is being recorded.

各位好。歡迎參加 InTest Corporation 2025 年第四季財務業績電話會議。目前所有與會者皆為僅收聽模式。正式簡報結束後將進行問答環節。若在會議期間需要接線員協助，請在電話鍵盤按下星號零。請注意，今日會議將被錄音。

At this time I will now turn the conference over to Sanjay Hari of Investor relations. Please go ahead, Sanjay.

現在我將把會議交給投資人關係部的 Sanjay Hari。Sanjay，請開始。

Good morning, everyone, and thank you for joining us. With me on the call are Nick Grant, President and Chief Executive Officer, and Duncan Gilmour, Chief Financial Officer and treasurer. The earnings press release was issued this morning, as well as the slides that management will use during this call. Both can be found in the investor relations section of the intest.com website.

各位早安，感謝各位加入我們。與我一同參與本次電話會議的有總裁兼執行長 Nick Grant，以及財務長兼財務主管（treasurer）Duncan Gilmour。我們今早已發布財報新聞稿，以及管理團隊在本次電話會議中將使用的簡報投影片。兩者皆可在 intest.com 網站的投資人關係專區找到。

Please turn to slide two for a review of the safe harbor statement. During this call, management will make some forward-looking statements about our current plans, beliefs, and expectations. These statements apply to future events that are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from what is stated here today. These risks, uncertainties, and other factors are provided in the earnings release as well as in other documents filed by the company with the Securities and Exchange Commission. These documents can be found on our website or at SEC.gov.

請翻到投影片第二頁，回顧安全港聲明。在本次電話會議中，管理團隊將就我們目前的計畫、信念與預期發表若干前瞻性陳述。這些陳述涉及未來事件，並受風險、不確定性及其他因素影響，可能導致實際結果與今日所述內容出現重大差異。相關風險、不確定性及其他因素已載於財報新聞稿，以及公司向美國證券交易委員會（SEC）提交的其他文件中。這些文件可在我們的網站或 SEC.gov 查閱。

Also, as covered in slide three, management will refer to some non-GAAP financial measures. We believe these will be useful in evaluating the company's performance. However, you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. You can find reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides. With that, I will turn the call over to Nick. Good morning Nick.

此外，如投影片第三頁所述，管理團隊將提及若干非 GAAP 財務衡量指標。我們相信這些指標有助於評估公司的營運表現。然而，您不應孤立地看待這些補充資訊，或將其作為依 GAAP 編製之結果的替代。您可在今日新聞稿與投影片所附表格中，找到非 GAAP 指標與可比 GAAP 指標之調節表。接下來我將把電話會議交給 Nick。Nick，早安。

Good morning, Sanjay, and thank you. Good morning, everyone. Thanks for joining us on our fourth quarter and year in 2025 earnings call. We will begin today's discussion on slide four of the presentation. Our fourth quarter results represent a strong finish to a challenging year. Much of this challenge stemmed from customer hesitation to spend on capital projects driven by tariff and macroeconomic uncertainties, as well as ongoing soft demand in our semi-business.

早安，Sanjay，謝謝你。各位早安。感謝各位參加我們 2025 年第四季與全年財報電話會議。我們將從簡報投影片第四頁開始今天的討論。我們第四季的表現為充滿挑戰的一年畫下強勁句點。這些挑戰多源於關稅與總體經濟不確定性導致客戶對資本專案支出猶豫不決，以及我們半導體相關業務（semi-business）需求持續疲弱。

After seeing some pockets of customers move forward with capital projects in the third quarter, we continue to see strong demand in the fourth quarter as our orders once again exceeded $ 37 million. As a result, we delivered revenue of $ 32.8 million that was above our guidance range, and we ended the year with a healthy year-end backlog of $ 53.9 million, representing a 36% increase over year-end 2024.

在第三季看到部分客戶推進資本專案後，我們在第四季持續看到強勁需求，訂單再次超過 3,700 萬美元。因此，我們實現 3,280 萬美元營收，高於我們的指引區間；並以健康的年末在手訂單（backlog）5,390 萬美元結束本年度，較 2024 年年末增加 36%。

I want to personally thank the entire InTest team for their hard work and steadfast dedication. Revenue for the fourth quarter was at the highest quarterly level for the year, which benefited from approximately $ 2 million related to orders that slipped out from the third quarter.

我想親自感謝整個 InTest 團隊的辛勤付出與堅定投入。第四季營收為本年度最高的單季水準，其中約有 200 萬美元受惠於原本從第三季遞延至第四季的訂單。

Demonstrating the effectiveness of our diversification strategy, fourth quarter revenue reflected strength in industrial, defense aerospace, and life sciences and markets. In addition, growing market acceptance of our new products introduced over the past several quarters, particularly from Alfamation and from Acculogic, contributed meaningfully to the top-line and progressed us towards our vision 2030 target of generating 25% of revenue from new products.

展現我們多元化策略的成效，第四季營收反映出工業、國防航太與生命科學等市場的強勁表現。此外，過去數季推出的新產品在市場上的接受度持續提升，特別是來自 Alfamation 與 Acculogic 的產品，對營收（top-line）帶來顯著貢獻，並推動我們朝 Vision 2030 目標邁進，即新產品營收占比達 25%。

During the fourth quarter, we benefited from the cost actions taken across the businesses throughout the year. We continued to execute manufacturing efficiency initiatives and further scaled our Malaysia operation to support customers in the region. Our efforts were further complemented by growing customer acceptance of new products that drove incremental revenue and a margin lift. Through effective execution of our diversification strategy, we delivered gross margins of 45.4%. Notably, this was achieved without a significant contribution from our semi-business, historically one of our highest margin end markets.

在第四季，我們受惠於全年在各事業體推動的成本措施。我們持續執行製造效率提升計畫，並進一步擴大馬來西亞營運規模，以支援區域客戶。同時，客戶對新產品的接受度提升，帶動增量營收並推升毛利率。透過有效執行多元化策略，我們達成 45.4% 的毛利率。值得注意的是，這是在我們半導體相關業務未有顯著貢獻的情況下達成；該業務歷來是我們毛利率最高的終端市場之一。

Revenue diversification and new product innovation are two key pillars of our Vision 2030 growth strategy. With nearly 80% of fourth quarter revenue derived from non-semi end markets and momentum in new product sales contributing meaningfully to revenue and gross margin, we believe our strategy is working.

營收多元化與新產品創新是我們 Vision 2030 成長策略的兩大關鍵支柱。第四季營收中近 80% 來自非半導體終端市場，且新產品銷售動能對營收與毛利率皆有顯著貢獻，我們相信我們的策略正在奏效。

Market diversification is creating broader order opportunities for us and fertile ground for new product adoption, while our innovative new products are resonating with customers and earning their place in their purchasing decisions. With that context in place, let's go deeper on orders and backlogs for the fouth quarter on slide five.

市場多元化為我們創造更廣泛的接單機會，並提供新產品導入的沃土；同時，我們具創新的新產品正與客戶需求產生共鳴，並在其採購決策中取得一席之地。在此背景之下，讓我們在投影片第五頁更深入說明第四季的訂單與在手訂單（backlog）。

After deferring spending plans due to tariffs and macroeconomic uncertainties in the first half of the year, we continued to see customers move away from a wait and see mode in the fourth quarter as they recognized that the cost of inaction increasingly outweighed perceived market risk. The momentum in our order book demonstrated demand durability engineered through deliberate and market focus. This strategy enables us to expand our addressable market and diversification into higher growth, less semi-correlated verticals. In fact, over the past five years, our non-semi revenues have grown at approximately a 20% quicker. Which is something we are quite proud of.

在上半年因關稅與總體經濟不確定性而延後支出計畫後，我們在第四季持續看到客戶逐步走出「觀望」模式，因其認知到不作為的成本正日益高於其所感知的市場風險。我們訂單簿的動能展現出需求的持久性，這是透過有意識的策略與市場聚焦所打造。此策略使我們得以擴大可服務市場（addressable market），並多元化布局至成長更快、與半導體景氣連動性較低的垂直領域。事實上，過去五年我們的非半導體營收成長速度約快了 20%。這點我們深感自豪。

Equally important, the momentum in our order book also reflects customer adoption and end markets where we are still in the early stages of penetration. During the fourth quarter we saw continued strength in our life sciences orders as they tripled sequentially, reflecting strong bookings for new Alfamation products. Encouragingly, semi-orders were up about 18% sequentially as some customers began to move forward with plans to provision new test facilities, a trend that builds on the modest order growth recorded between the second and thirrd quarters.

同樣重要的是，我們訂單簿的動能也反映出客戶採用情況，以及我們仍處於早期滲透階段的終端市場。第四季我們的生命科學訂單持續強勁，季增達三倍，反映出新款 Alfamation 產品的強勁接單。令人鼓舞的是，半導體相關訂單季增約 18%，部分客戶開始推進新測試設施的建置計畫；此趨勢延續了第二季至第三季間所記錄的溫和訂單成長。

Year over year, Q4 orders were up 22%, an increase of $ 6.8 million versus Q4 2024. This improvement was broad-based with strength in auto EV, life sciences, defense aerospace, and safety security, partially offset by continued softness and semi. On a full year basis, Life Sciences orders were up 137% year over year. Auto EV orders were up 89% and industrial was up 53%.

以年對年來看，第四季訂單成長 22%，較 2024 年第四季增加 680 萬美元。此改善具廣泛性，汽車電動車（Auto EV）、生命科學、國防航太，以及安全與保全等領域表現強勁，部分被半導體持續疲弱所抵銷。以全年來看，生命科學訂單年增 137%。汽車電動車訂單年增 89%，工業訂單年增 53%。

Touching on our semi-business, year over year orders were down from a year ago period and represented about 25% of total orders this past Q4 compared to 40% for the fourth quarter of 2024. This is a compelling testament to our deliberate market diversification strategy succeeding and lessening our exposure to the cyclicality of the semi-business.

談到我們的半導體相關業務，年對年訂單較去年同期下滑；在剛結束的第四季中約占總訂單的 25%，相較之下 2024 年第四季為 40%。這有力證明我們有計畫的市場多元化策略正在成功推進，並降低我們對半導體業務景氣循環性的曝險。

We ended the year with a healthy backlog of $ 53.9 million, up 9% sequentially and 36% year over year. Backlog bottomed in the second quarter of 2025 and has steadily improved since. Approximately 60% of our backlog is expected to shift beyond the first quarter of 2026, providing forward visibility into the year. With a higher and more diversified backlog at the end of 2025, we are in a solid position for recovering growth in 2026. With that, I will turn it over to Duncan to walk through the financial results in detail, starting with revenue on slide six. Duncan, over to you.

我們在年底以健康的在手訂單結束，達 5,390 萬美元，較前一季成長 9%，較去年同期成長 36%。在手訂單於 2025 年第二季觸底，此後持續改善。我們的在手訂單約有 60% 預期將延後至 2026 年第一季之後認列，為全年提供前瞻能見度。在 2025 年底擁有更高且更多元的在手訂單，使我們在 2026 年恢復成長方面處於穩健位置。接下來我將交給 Duncan，從第六頁投影片的營收開始，詳細說明財務結果。Duncan，交給你。

Thank you, Nick. Starting on slide six, revenue in Q4 increased $ 6.6 million, or 25%, from $ 26.2 million in Q3 to $ 32.8 million, reflecting a gradual improvement in the capital spending environment and momentum in new product sales, as well as about $ 2 million of revenue that slipped out of Q3. Sales and industrial accounted for $ 3.3 million of the increase, followed by defense aerospace at $ 3.2 million, Life Sciences at $ 2.1 million, and AEV about $ 1 million. Partially offsetting these increases was a $ 2.9 million decline in Semi. Compared to Q4 2024, revenue declined by $ 3.8 million, reflecting lower auto EV, semi and safety security revenue totaling $ 11.7 million that was partially offset by increases in industrial, life sciences and defense aerospace totaling $ 7.9 million.

謝謝你，Nick。從第六頁投影片開始，第四季營收較第三季增加 660 萬美元（或 25%），由第三季的 2,620 萬美元增至 3,280 萬美元，反映資本支出環境逐步改善與新產品銷售動能，以及約 200 萬美元原本應在第三季認列、但遞延至第四季的營收。其中，銷售與工業貢獻增加 330 萬美元，其次為國防航太 320 萬美元、生命科學 210 萬美元，以及 AEV 約 100 萬美元。部分抵銷上述增幅的是半導體（Semi）營收下滑 290 萬美元。與 2024 年第四季相比，營收減少 380 萬美元，主要反映汽車 EV、半導體及安全與安防等營收合計減少 1,170 萬美元，部分被工業、生命科學與國防航太合計增加 790 萬美元所抵銷。

Although demand trends in 2025 dampened volume and revenue, roughly three quarters of the nearly $ 17 million decline between our 2024 revenue and our 2025 revenue was directly attributable to semiconductor market weakness. The remainder reflected a slower than anticipated capital spending recovery in our non-semiconductor end markets.

儘管 2025 年的需求趨勢抑制了出貨量與營收，但 2024 年營收與 2025 年營收之間近 1,700 萬美元的下滑中，約四分之三可直接歸因於半導體市場疲弱。其餘則反映我們非半導體終端市場的資本支出復甦速度低於預期。

Moving to slide seven, gross margin expanded 350 basis points sequentially from 41.9% in Q3 2025 to 45.4% in Q4 2025. This improvement Was driven by volume gains and higher sales of new alformation products which provided a lift to consolidated gross margin as these differentiated innovative solutions carry higher margin profiles relative to our legacy product portfolio. Notably, as Nick previously mentioned, we achieved Q4's gross margin level without a significant contribution from Semi.

接著看第七頁投影片，毛利率較前一季擴大 350 個基點，由 2025 年第三季的 41.9% 提升至 2025 年第四季的 45.4%。此改善主要由出貨量成長以及新 Alfomation 產品銷售增加所帶動；由於這些具差異化的創新解決方案相較於我們的既有產品組合具有更高的毛利率結構，因此推升了合併毛利率。值得注意的是，如 Nick 先前提到，我們在第四季達成此毛利率水準，並未仰賴半導體（Semi）的顯著貢獻。

On a year over year basis, fourth quarter gross margin expanded by 570 basis points. The expansion was driven by the lapping of a $ 1.6 million one-time acquisition related inventory step up charge that pushed the Q4 2024 margin down 430 basis points, and the remaining 140 basis points. The basis point increase reflected improved operating leverage because of cost reduction and manufacturing efficiency initiatives implemented throughout 2025. It also reflected a favorable product mix shift towards higher marginalformation products.

以年對年來看，第四季毛利率擴大 570 個基點。此擴張主要來自於去年同期一次性 160 萬美元、與收購相關的存貨公允價值調增（inventory step-up）費用不再發生；該費用使 2024 年第四季毛利率降低 430 個基點，另有其餘 140 個基點。這些基點的提升反映因 2025 年全年度推動的成本降低與製造效率方案而帶來的營運槓桿改善。同時也反映產品組合朝向毛利率較高的 Alfomation 產品轉移。

On a full year basis, normalizing for the 120 basis points full year impact of the inventory step up, full year 2025 gross margin of 43% reflected a modest underlying decline versus the prior year driven primarily by lower revenue volume in our semi end market that reduced our ability to spread fixed manufacturing costs across a larger revenue base. Moving on to slide 8.

以全年來看，若將存貨公允價值調增對全年影響的 120 個基點予以正常化，2025 年全年毛利率為 43%，相較前一年呈現小幅的基本面下滑，主要原因是半導體終端市場營收量較低，降低了我們將固定製造成本分攤至更大營收基礎的能力。接著看第 8 頁投影片。

Operating expenses for the fourth quarter were $ 13.6 million, an increase of $1.4 million sequentially, driven primarily by higher sales commissions and marketing activity, commensurate with the higher levels of revenue in the quarter. We generated $ 6.6 million in incremental revenue while absorbing only $ 1.4 million in incremental operating expenses, which resulted in a reduction in operating expenses as a percentage of revenue to 41.5%. This reduction is the operating leverage profile we expect to see as revenue scales. And it reinforces our confidence that the cost discipline we have maintained throughout this cycle positions in test to expand margins as market conditions continue to improve.

第四季營業費用為 1,360 萬美元，較前一季增加 140 萬美元，主要由於銷售佣金與行銷活動增加，與本季較高的營收水準相匹配。我們新增 660 萬美元的營收，同時僅增加 140 萬美元的營業費用，因此營業費用占營收比重降至 41.5%。這樣的下降正是我們預期在營收規模擴大時會呈現的營運槓桿特性。這也強化了我們的信心：我們在本景氣循環中持續維持的成本紀律，使我們在市場狀況持續改善時，能夠擴大利潤率。

Fourth quarter, 2025, operating expenses increased $ 1.2 million year over year, rising from $ 12.5 million in Q4 2024 to $ 13.6 million in Q4 2025. The comparison includes a non-recurring $ 800,000 million amortization credit recorded in Q4 2024, tied to the finalization Alfamation purchase accounting. While Q4 2025 absorbed $200,000 million of restructuring charges, stripping out these non-recurring and acquisition related items, underlying operating expenses remained effectively flat year over year.

2025 年第四季營業費用年對年增加 120 萬美元，由 2024 年第四季的 1,250 萬美元上升至 2025 年第四季的 1,360 萬美元。此比較包含 2024 年第四季認列的一筆非經常性 80 萬美元攤銷貸項（amortization credit），與完成 Alfamation 收購會計（purchase accounting）相關。而 2025 年第四季則吸收了 20 萬美元的重整費用；剔除這些非經常性及收購相關項目後，基本面的營業費用年對年實質上持平。

Slides 9 and 10 collectively illustrate our Q4 profitability. Starting with slide nine, for the fourth quarter, net income was $ 1.2 million. Adjusted EBITA was $ 3.2 million, representing an adjusted EBITA margin of 9.7%. You can see here the improvements in adjusted EBITA for Q4 2025 from the Q3 2025 trough of $ 400,000 million at a 1.5% margin. This demonstrates our operational leverage as revenue recovers. For the full year 2025, net loss was $ 2.5 million. Adjusted EBITT was $ 4 million, representing an adjusted EBITTA margin of 3.5% compared to $ 10.8 million and an 8.3% margin in full year 2024.

第 9 與第 10 頁投影片合併呈現我們第四季的獲利表現。先看第九頁，第四季淨利為 120 萬美元。調整後 EBITA 為 320 萬美元，調整後 EBITA 利潤率為 9.7%。您可在此看到 2025 年第四季調整後 EBITA 相較於 2025 年第三季谷底（40 萬美元、利潤率 1.5%）的改善。這顯示在營收回升時，我們的營運槓桿效應。2025 年全年淨損為 250 萬美元。調整後 EBITT 為 400 萬美元，調整後 EBITTA 利潤率為 3.5%，相較 2024 年全年為 1,080 萬美元與 8.3% 的利潤率。

On slide 10, on a per share basis, net income was $ 0.10 per diluted share. Adjusted EPS, which adds back tax affected, acquired intangible amortization charges and restructuring charges, was $ 0.16 per diluted share. For the full year of 2025, net loss was $ 0.21 per share. Adjusted net income, which adds back tax affected acquired and tangible amortization charges and restructuring charges, was $ 800,000 million or $0.06 adjusted EPS. This compares to an adjusted EPS of $0.51 in the prior year.

在第 10 頁投影片，以每股計，淨利為每股稀釋後 0.10 美元。調整後 EPS（將稅後影響的已收購無形資產攤銷費用與重整費用加回）為每股稀釋後 0.16 美元。2025 年全年每股淨損為 0.21 美元。調整後淨利（將稅後影響的已收購有形與無形資產攤銷費用及重整費用加回）為 80 萬美元，或調整後 EPS 為 0.06 美元。相較之下，前一年度調整後 EPS 為 0.51 美元。

Slide 11 shows our capital structure and cash flow. We reduced debt by $ 1.4 million in Q4 and by $ 7.6 million in 2025. Total debt outstanding at the end of the year was $ 7.5 million. We ended the year with approximately $ 58 million in liquidity, including cash equivalents and restricted cash of $18.1 million. We also maintained full access to our $ 30 million delayed draw term loan facility and our $ 10 million revolver.

第 11 頁投影片顯示我們的資本結構與現金流。我們在第四季減少負債 140 萬美元，並在 2025 年全年減少 760 萬美元。年底未償還總負債為 750 萬美元。我們在年底擁有約 5,800 萬美元的流動性，包括現金等價物與受限制現金 1,810 萬美元。我們也維持對 3,000 萬美元延遲提用定期貸款額度（delayed draw term loan facility）以及 1,000 萬美元循環信貸（revolver）的完整動用權限。

Our ability to generate cash and maintain substantial liquidity, even in a challenging macroeconomic environment, positions as well to scale the business and achieve our vision 2030 goals. With respect to the waiver on a term loan entered into last August, we expect to return to full compliance with our original covenant terms by mid year, with no anticipated impact on interest expense or reported profitability.

即使在具挑戰性的總體經濟環境下，我們仍能創造現金並維持充足流動性，這使我們具備良好條件擴大業務規模並達成 Vision 2030 目標。關於去年 8 月就一筆定期貸款所取得的豁免（waiver），我們預期將在年中前恢復完全符合原始財務契約條款，且預計不會對利息費用或報告獲利造成影響。

Turning to slide 12 and our 2026 guidance, we enter the year with a healthy backlog, of which 60% we expect to ship after the first quarter. Combined with positive indications of a gradual broadening recovery in capital spending that began to take shape in the third and fourth quarters of 2025, we expect 2026 will be a year of return and growth. As a result, we are comfortable resuming our practice of offering guidance for the full year 2026 as well as the first quarter of the year.

接著看第 12 頁以及我們對 2026 年的指引，我們在年初擁有健康的在手訂單，其中 60% 預期會在第一季之後出貨。再加上資本支出自 2025 年第三與第四季開始逐步呈現更廣泛復甦的正面跡象，我們預期 2026 年將是回歸與成長的一年。因此，我們有信心恢復我們一貫的作法，提供 2026 年全年以及第一季的指引。

Against this backdrop, strong backlog, improving demand, a leaner cost structure, and growing new product contributions, we are well positioned for profitable growth throughout 2026. For the first quarter of 2026, we project revenue of $ 31 million to $ 33 million, gross margin of approximately 44%. This is a step down from the 45.4% we delivered in Q4, primarily reflecting expected Q1 product and customer mix versus Q4's particularly favorable, Alfamation contribution.

在此背景下，憑藉強勁的在手訂單、改善中的需求、更精實的成本結構，以及新產品貢獻持續成長，我們已為 2026 年全年的獲利成長做好充分準備。針對 2026 年第一季，我們預估營收為 3,100 萬至 3,300 萬美元，毛利率約為 44%。這較我們在第四季達成的 45.4% 略為下滑，主要反映第一季預期的產品與客戶組合相較於第四季（當季 Alfamation 貢獻特別有利）的差異。

Operating expenses of $13.3 million to $13.7 million, Q1 operating expenses reflect the typical first quarter annual compensation resets, and amortization of $ 800,000 million. Before walking through the specifics of our full year guidance, I note that our guidance does not contemplate any material impact, positive or negative, from changes in tariff policy or the broader geopolitical environment. For the full year 2026, we expect revenue of $ 125 million to $ 130 million.

營業費用為 1,330 萬至 1,370 萬美元；第一季營業費用反映典型的第一季年度薪酬重置，以及攤銷費用 80 萬美元。在我說明全年指引細節之前，我先指出，我們的指引未納入關稅政策變動或更廣泛地緣政治環境變化所帶來的任何重大影響（不論正面或負面）。針對 2026 年全年，我們預期營收為 1.25 億至 1.30 億美元。

At the midpoint, this represents growth of approximately 12% over 2025's $ 113.8 million. This guidance reflects the diversified demand, particularly in industrial, aerospace defense, auto EV, and life sciences, supported by our growing backlog, but does not contemplate a meaningful rebound in semi sales. Gross margin of approximately 45%. This reflects the combination of higher volume, the capture of continued manufacturing efficiency, and the expanding contribution of new higher margin products.

以中位數計算，這相當於較 2025 年的 1.138 億美元成長約 12%。此指引反映多元化的需求，特別是在工業、航太國防、汽車電動車（EV）與生命科學領域，並由我們持續成長的在手訂單所支撐，但未假設半導體銷售出現顯著反彈。毛利率約為 45%。這反映更高的出貨量、持續取得製造效率，以及新型高毛利產品貢獻擴大等因素的綜合效果。

And operating expenses of $ 53 million to $ 55 million reflecting higher variable selling costs. Amortization of $2.6 million and interest expense of approximately $ 300,000 million with an effective tax rate of approximately 18%. We expect amortization expenses to be higher in the first half of the year than in the second half as certain intangible assets reach the end of their amortization lives. And finally, we expect capital expenditures of 1% to 2% of revenue consistent with our historical investment levels. With that, if you turn to slide 13, I will now turn the call back over to Nick.

營業費用為 5,300 萬至 5,500 萬美元，反映較高的變動型銷售成本。攤銷費用為 260 萬美元，利息費用約為 30 萬美元，實際稅率約為 18%。我們預期攤銷費用在上半年將高於下半年，因為部分無形資產將在上半年到達其攤銷年限終點。最後，我們預期資本支出為營收的 1% 至 2%，與我們歷史投資水準一致。接著，若各位翻到第 13 頁，我現在把電話會議交回給 Nick。

Thanks, Duncan. In summary, the momentum we are seeing across new product adoption and market diversification and geographic reach is the direct result of a deliberate strategy and disciplined execution. Our non-semiconductor business has grown meaningfully, improving InTest long-term earnings profile with less dependency on semicyclicality.

謝謝你，Duncan。總結來說，我們在新產品採用、市場多元化以及地理覆蓋範圍所看到的動能，直接來自於審慎規劃的策略與嚴謹的執行。我們的非半導體業務已顯著成長，改善了 InTest 的長期獲利結構，降低對半導體景氣循環的依賴。

The establishment of our Malaysia manufacturing hub in 2023 and expanded European footprint due to the acquisition of Alfamation in 2024 positions us to better serve customers. They also enable us to deepen relationships in these regions that represent significant long-term opportunities. In addition, our operational excellence initiatives, which are a contributor to our margin improvement story, give us confidence that as conditions improve and we scale the business, we will realize greater operating leverage inherent in our business model.

我們於 2023 年建立馬來西亞製造樞紐，並在 2024 年透過收購 Alfamation 擴大歐洲據點，使我們能更好地服務客戶。這也讓我們得以深化在這些地區的客戶關係，而這些地區代表著重要的長期機會。此外，我們的營運卓越計畫是毛利率改善故事的重要推動因素之一，讓我們有信心在環境改善、業務規模擴大之際，能實現我們商業模式所固有的更高營運槓桿。

New product revenue contribution is trending in the right direction, reinforcing our confidence that we are on pace towards our vision 2030 goal of generating 25% of revenue from new product sales. In Southeast Asia, in Europe, and in the US, a local presence enables the engineering collaboration and customer intimacy that drives higher value long cycle relationships, and increasingly it is our new products themselves that are opening doors to customers who are discovering us for the first time and to others who are rediscovering and test.

新產品營收貢獻正朝正確方向發展，進一步強化我們的信心：我們正按進度邁向「願景 2030」目標，即新產品銷售占營收 25%。在東南亞、歐洲與美國，在地據點使我們能進行工程協作並與客戶建立更緊密的互動，進而推動高價值、長週期的合作關係；而且愈來愈多時候，是我們的新產品本身為我們打開大門，讓首次認識我們的客戶開始了解我們，也讓其他客戶重新認識並再次測試。

We enter 2026 well positioned for diversified growth as capital spending strengthens with an expanding portfolio of highly valued engineered solutions, a growing in-region presence across key geographies, and a strong balance sheet. We are poised to translate the structural changes we have made to InTest over the past 2 years into sustainable, profitable growth for our shareholders. With that operator, please open the call for questions.

展望 2026 年，隨著資本支出轉強，加上我們具高價值的工程解決方案產品組合持續擴大、在關鍵地區的在地布局日益成形，以及強健的資產負債表，我們已為多元化成長做好準備。我們蓄勢待發，將過去兩年對 InTest 所做的結構性調整，轉化為可持續且具獲利性的成長，回饋股東。接著，請接線員開放提問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instruction).

謝謝。我們現在將進行問答環節。(接線員指示)。

Max Michaelis, Lake Street Capital Markets. Please receive your questions.

Max Michaelis，Lake Street Capital Markets。請提出您的問題。

Hey guys, congratulations on the good quarter in the solid guide for 2026. first question is just around the semis space here. I was hoping you can elaborate a little bit. Talked about modest growth picking up in the back half of 2026. A lot of the companies, that following have been talking about sort of a strong. Order rebound in the back half of 2026 is your language in the press release sort of just a case of you guys being ultra conservative, or, I mean, get what else can you guys kind of provide us around the semi-space.

嗨，各位，恭喜本季表現不錯，也恭喜你們給出 2026 年穩健的指引。第一個問題是關於半導體這一塊。我希望你們能再多說明一下。你們提到 2026 年下半年會出現溫和成長回升。很多我追蹤的公司都在談 2026 年下半年會有相當強勁的——訂單反彈。你們在新聞稿中的措辭，是不是只是你們特別保守？或者，我是說，你們還能提供哪些關於半導體領域的更多資訊？

Yeah, hey, Max, and, great to hear from you here. Yeah, as we laid out, our guidance we provided there really is based on just modest recovery in semi, which, yeah, could be conservative. Semi, certainly has come back strong, historically and, if we look at trends and what have you, and I believe we're well positioned to capture that, when if it does happen again. But we just wanted to, make sure we're providing the guidance we are confident we're able to achieve.

是的，嗨 Max，很高興在這裡聽到你的聲音。是的，如同我們所說明的，我們提供的指引確實是以半導體僅溫和復甦為基礎，這——沒錯——可能偏保守。半導體在歷史上確實常常強勁回升；如果我們看趨勢等等，我相信一旦再次發生，我們也具備良好條件去掌握機會。但我們只是想確保所提供的指引，是我們有信心能夠達成的。

Okay. And then maybe we go back to last quarter you talked about the 2027 automotive program. How is that progressing, as we enter 2026 here? And then can you kind of touch on how we should expect auto orders to trend throughout the year.

了解。那再回到上一季你們提到的 2027 年汽車專案。在我們進入 2026 年之際，進展如何？另外，你們能否談談我們應該如何預期汽車訂單在全年走勢？

Yeah. So, order been a nice bright spot on our order pattern here the last, couple quarters, we really did see customers start moving forward with some 2027 model year programs, making the investments in Q3. They continued to kick off more, of those, capacity. Additions, in Q4 there, so we believe well positioned from an auto perspective, with Alfamation to support these new, model year programs and, across the board I would say auto demand has not taken off or what have you inventories have been worked down, but. I think we are well positioned now that as as that demand comes back, these new model programs come out and create greater demand around the new tech and the cars and everything else, that that is only going to complement this kind of wave of build out that we are seeing right now.

好的。所以，汽車訂單在我們最近幾季的接單走勢中一直是個相當亮眼的部分；我們確實看到客戶在第三季開始推進一些 2027 年式（model year）專案，並在第三季進行投資。他們在第四季持續啟動更多此類產能——擴增，因此我們認為從汽車角度來看，我們已具備良好條件，並可透過 Alfamation 支援這些新的年式專案；整體而言，我會說汽車需求尚未大幅起飛或類似情況，庫存也已逐步去化，但——我認為我們現在已準備就緒：當需求回升、這些新年式專案推出並帶動對新技術與車款等的更高需求時，將會進一步補強我們目前所看到的這一波擴建浪潮。

Great. Last one from me guys, life sciences has really taken off here. I mean, is there anything else you can share? I mean, pockets of strength that you're seeing in life sciences that is really driving the solid growth and orders and revenue?

太好了。各位，我最後一個問題，生命科學在這裡真的起飛了。我是說，還有沒有其他你們可以分享的？我是說，你們在生命科學看到哪些特別強勁的領域，正在真正推動穩健的成長、訂單與營收？

Yeah, no, life science is a bright spot for sure, and this is really a concentrated effort we have made to go after MedTech, the med tech space, testing, various, technology in this area, and, it is really broader across all the businesses had really nice success with, alfamation, diversifying them in the med tech space with some glucometer, electronic testing. We did a press release on that, in the second half of last year and, continue to see good momentum there. We can winning applications at our archaeologic group around MedTech and, even in process technology we are Gaining applications there around, Induction heating and imaging in in the med tech area. So, really pleased with the progress. It is one of the areas that we highlighted is, still a low penetration area for us, so we think it'll be a good growth avenue for us.

是的，沒錯，生命科學確實是一個亮點，而這其實是我們集中火力投入的成果，鎖定醫療科技（MedTech）、醫療科技領域的測試，以及此領域的各種技術；而且這股動能其實更廣泛地遍及所有事業，我們也取得了相當不錯的成功，例如 alfamation，在醫療科技領域做多元化，導入一些血糖機、電子測試。我們在去年下半年也針對此發布過新聞稿，並且持續看到良好的動能。我們在 archaeologic group 也在醫療科技相關應用上持續拿下案子；甚至在製程技術方面，我們也在醫療科技領域的感應加熱與影像方面取得更多應用。所以，我們對進展非常滿意。這也是我們強調的領域之一：對我們而言仍屬低滲透率的市場，因此我們認為這會是很好的成長途徑。

Alrighty thanks Guys.

好的，謝謝各位。

Thanks, Max.

謝謝你，Max。

Our next questions Dick Ryan, Oak Ridge. Please receive with your questions.

下一位提問者是 Dick Ryan，Oak Ridge。請提出您的問題。

Thank you and also a good job and a strong finish, guys.

謝謝，也恭喜各位表現出色、收尾很強勁。

Thanks, Dick.

謝謝你，Dick。

I have a, I want to go back to the semi side if we can talk a little bit about the back end and your front end and maybe it is focuses more on the positioning, up and down the line, semi cap is talking about a strong WFE for this year. Your back end, typically is kind of lag that to as back end test. Is a little bit out of sync with what happens on the front end, but nonetheless, you brought automation into the back end and how do you think you are positioned on your back end test, with customers or with some of the new products you have rolled out the automation.

我想回到半導體這一塊，如果可以的話，談談後段與前段，可能更著重在你們在產線上下游的定位。半導體資本支出（semi cap）談到今年晶圓製造設備（WFE）會很強。你們的後段通常會落後一些，因為後段測試（back end test）跟前段發生的狀況有點不同步；但不管怎樣，你們把自動化導入後段了。你怎麼看你們在後段測試的布局，不論是面向客戶，或是你們推出的自動化新產品？

Yeah. We are very well positioned in that back end test space not only from our traditional EMS business but also on our thermal, solutions supporting, testing of chips and, electronics back there. So yeah, you are right, a lot of companies are out there talking about it and we are well positioned to capture that growth as it materializes out there. And the new products we have been launching really has broadened our customer base, win back some competitive accounts, so I believe, when that comes back we are in a better position to, benefit from the growth, as the investments in these, testing spaces, take off.

是的。我們在後段測試領域的布局非常到位，不僅來自我們傳統的 EMS 業務，也包括我們的熱管理解決方案，支援後段晶片與電子產品的測試。所以沒錯，你說得對，很多公司都在談這件事，而我們也很有條件在成長真正落地時把握住。而且我們近期推出的新產品確實擴大了客戶基礎，也贏回了一些競爭對手的客戶；因此我相信，當市場回溫時，隨著這些測試領域的投資起飛，我們會處在更好的位置來受惠於成長。

Okay, and probably more importantly I am more interested maybe on the front end, the comments coming out of the silicon carbide, space is. Pretty encouraging, one of the players saying that after the downfall they are looking for a ramp in 2026 with getting back to the 2024 levels by 2027. I mean you guys generated, a lot of revenue in that silicon carbide space in the. Payday 2023, and 2024, what, how are you positioned there and would you also, kind of echo those comments that you are may be seeing some growth come back in, not necessarily 2026 but 2027 and beyond.

好的，而可能更重要的是，我其實對前段更有興趣。來自碳化矽（silicon carbide）領域的評論相當令人鼓舞，有一家業者說在下滑之後，他們預期 2026 年會開始爬坡，並在 2027 年回到 2024 年的水準。我是說，你們在碳化矽領域在2023 年與 2024 年貢獻了很多營收；你們在那邊的布局如何？你們是否也會呼應這些看法，也就是你們可能會看到成長回來，不一定是 2026，但在 2027 及之後？

Yeah, we are very well positioned in that space, as we are really serving a number of players in the silicon carbide, gallium nitride. Space not only on the crystal growth but on the, epitaxi side of things as well and as those we have been talking about it as these technologies get adopted into new applications, and creates more demand as, auto comes back, demand for autos, it is only going to. Drive the need for additional capacity down the road and we are very staying very close to our customers and ready to support them as as they needed going forward here and you are exactly right it was a very meaningful part of revenue growth that we achieved there and we have the capacity to to scale right up to support them at those levels and beyond.

是的，我們在那個領域的布局非常到位，因為我們服務多家碳化矽、氮化鎵（gallium nitride）領域的業者，不僅在晶體生長，也涵蓋外延（epitaxy）端；而且我們一直在談，隨著這些技術被導入新的應用並帶來更多需求，當汽車市場回溫、汽車需求回升時，只會推動未來對額外產能的需求。我們也一直與客戶保持非常緊密的合作，並準備好在他們未來需要時提供支援。你說得完全正確，這曾是我們達成營收成長中非常重要的一部分，而我們也具備產能可以快速擴充，以支援他們回到那些水準甚至更高。

Mm, would you think any of that comes in this year or is that more of a 2027 story?

嗯，你覺得今年會有一些回來嗎？還是那比較像是 2027 年的故事？

I think if we do see it, it will be more in the second half of this year starting to come back, and, but 2027 should be, a more meaningful impact on that. Duncan, your thoughts on that?

我認為如果會看到回升，可能會在今年下半年開始回來；不過 2027 年應該會有更明顯的影響。Duncan，你怎麼看？

No, agreed, as we said, modest increases in semi, big 10, the front end side has been slow. We think the outlook looks great, but we are really not banking on a great deal in 2026.

沒有，我同意。正如我們所說，半導體會有溫和的增加，但前段一直偏慢。我們認為展望看起來很棒，但我們其實沒有把 2026 年會有很大幅度的成長納入預期。

Oh, that is encouraging. Good. All right, thanks guys.

喔，那很令人鼓舞。很好。好，謝謝各位。

Thanks, Dick.

謝謝你，Dick。

The next question is in the line of Ted Jackson, Northland Securities. Please receive your questions.

下一位提問者是 Northland Securities 的 Ted Jackson。請提出您的問題。

Hey guys, congrats on the quarter.

嗨各位，恭喜這一季的表現。

Thanks, Ted. .

謝謝你，Ted。.

So, Nick Duncan, my first question, I want to, jump over on gross margins and guidance and kind of, just kind of thinking it through. So you put up some, you showed improving margin as you have been putting a lot of efficiencies in your business and you are clearly scaling and it is non-semi semi and Cy is your higher margin business and so, like you look at your revenue. In prior periods, in some historical periods, when you were hitting some of these revenue targets, your gross margin was actually, the, almost close to 50%. And so my first question is the lack of semi keeping you from getting to that, and then behind that is, given that the margin is probably, substantially better than it might have been, for the non-semi business, if Cindy does kick around and turn, could we be seeing your margins through that next cycle, not only, retrace back to those, kind of close to 50% margin levels but maybe even exceeded.

所以，Nick、Duncan，我的第一個問題想跳到毛利率與財測指引，稍微把邏輯想一想。你們展現了毛利率改善，因為你們在業務中導入了很多效率提升，而且你們顯然在擴張規模；非半導體、以及 Cy 是你們毛利較高的業務，所以當你看你們的營收時，在過去某些期間、一些歷史期間，當你們達到這些營收目標時，你們的毛利率其實幾乎接近 50%。所以我的第一個問題是：半導體業務的不足是否讓你們無法回到那個水準？其次是，考量到非半導體業務的毛利率可能已經比過去好很多，如果 Cy 真的回來並且轉強，我們是否可能在下一個循環看到你們的毛利率不僅回到接近 50% 的水準，甚至可能超過？

So I think a lot of your observations are correct. We had a nice strong Q4 from a margin perspective, some favorable product mix within some of our businesses, so certain product lines within alfamation in particular. The semi contribution was low, as we have indicated, yet we still had a nice gross margin quarter. We do not have, as we said, tremendous growth baked into semi. Our back end semi in particular is where we see higher margins, command higher margins. So it is correct to assert that if that comes back in a strong fashion at some point, then we would expect margin to tick up. Whether it would tick up to the 50s, I think some of those 50s were when the business was much less diversified and much more dependent upon that business and smaller, but we would certainly expect positive margin contribution as and when back in semi in particular bounces back up.

我認為你很多觀察都是正確的。從毛利率角度來看，我們第四季表現強勁，部分原因是我們某些業務內部的產品組合較有利，特別是 alfamation 的某些產品線。如我們所指出，半導體的貢獻偏低，但我們仍然交出不錯的毛利率季度表現。我們並沒有把半導體的大幅成長納入預期，正如我們所說。尤其是我們的半導體後段業務，是我們看到毛利較高、也能取得較高毛利率的部分。因此可以說，如果未來某個時間點它強勁回升，我們預期毛利率會上升。至於是否會上升到 50% 多，我認為當時出現 50% 多的情況，是在公司業務多元化程度較低、對該業務依賴更高、且規模更小的時候；但我們確實會預期，當半導體、尤其是後段半導體回升時，會帶來正向的毛利率貢獻。

So, I mean, in summary, I would say almost yes, and yes to what you have said about to 50 would be probably spectacular. I am not going to say unachievable, but would require a high percentage of that back in semi contribution.

所以，我的意思是，總結來說，我會說幾乎是的；而且你提到到 50 的部分，可能會非常亮眼。我不會說做不到，但那將需要半導體業務回來貢獻相當高的比例。

Okay, and then, going kind of into guides and I am going to keep with this theme is, the guides you provided shows some, nice solid year over year growth. Can you talk a bit about the cadence? Is it the kind of thing where we'll see, you have given first quarter guidance that we will see, continued.

好的，接著談談指引，我會延續這個主題：你們提供的指引顯示出不錯、紮實的年增成長。你能談一下節奏嗎？這會不會是那種我們會看到——你們已給了第一季指引——之後會持續……

Sequential improvement as we roll through the year, will there be any type of seasonality within it and then going back into the revenue guidance, if it is going to be building over the year and then the back half of the year, it's going to have more contribution from semi, should we be thinking of, a bit more of a step up in terms of marginal improvement in the second half of 2026 vis a vis the first half.

隨著一年推進而逐季改善？其中會不會有任何季節性？另外回到營收指引，如果全年會逐步墊高，而下半年會有更多來自半導體的貢獻，我們是否應該預期 2026 年下半年相較上半年，在邊際改善幅度上會有更明顯的跳升？

Yes. So, we are cautiously optimistic about 2026, as we have mentioned, have not built in a tremendous amount of semi upside, and I think that is reflected in In the guide vis a vis what we saw in Q4, what we are laying out for Q for Q1, Q4 was, if we back out the $ 2 million of delayed shipments, we did see growth in Q4 over Q3. We are projecting a similar quarter in Q1, a little bit of growth, and I would say we are expecting, We are expecting Cautious sequential growth throughout the year with respect to our cautiously optimistic guide, if that is the best way to put it. As we have mentioned a couple of times, if there was a really strong recovery in semi in particular, we would expect to see the benefits of that. Just a reminder, we are a back end semi business squarely in the analog mix signal space, which is an area that, I think a lot of people are cautiously optimistic about and seeing some green shoots of recovery, but we haven't seen the turn yet.

是的。所以，正如我們提到的，我們對 2026 年抱持審慎樂觀；我們並沒有把大量的半導體上行空間納入預估，我想這也反映在指引中——相較於我們在第四季看到的表現，以及我們對第一季所提出的規劃。第四季如果把 200 萬美元的延遲出貨扣除，我們確實看到第四季相較第三季有成長。我們預估第一季會是類似的一季，會有一點成長；我會說，基於我們審慎樂觀的指引，我們預期全年會呈現審慎的逐季成長——如果這樣表達最貼切的話。如同我們提過幾次，如果半導體、尤其是半導體出現非常強勁的復甦，我們預期會看到其帶來的效益。提醒一下，我們是偏後段製程的半導體業務，明確聚焦在類比/混合訊號領域；我認為很多人對這個領域抱持審慎樂觀，也看到一些復甦的跡象，但我們還沒有看到真正的反轉。

Okay, next question. Just, we are well into the first quarter. You have had two quarters in a row now, really nice bookings. Can you give us a little color in terms of what you are seeing with regards to bookings activity, quarter to date, and, so, both in terms of momentum and maybe in terms of sector.

好的，下一題。我們現在已經進入第一季一段時間了。你們已經連續兩季有非常不錯的接單。你能否就目前本季迄今的接單活動，提供一些補充說明——包括動能以及可能的產業別分布？

Yeah, so, as noted, we have had really two strong, quarters of bookings, and. I would say really fueled by our automotive exposure at alfamation on these 2027 model year programs. Our funnel overall funnel is healthy, and. But I would expect, Alpha Nation's order rate to kind of moderate back a little bit. They have been running at, $ 1,213 million, the last two quarters. That business was, in the, $ 25 million when we bought it, we're kind of run right there. So really strong quarters, I think, they are going to continue to see. Nice booking levels but more traditional with for that kind of business. So we also in Q1 have a little bit of the Lunar New Year, kind of impact on some activities out of Asia there but slower. But, for the most part, the funnels are healthy and the opportunities are there. If customers move forward with spending as we believe that they will here, orders, we are well positioned to deliver on the, on the year we've laid out.

是的，如先前所提，我們確實連續兩季接單很強，而且……我會說主要是受惠於我們在汽車領域的曝險，特別是 Alpha Nation 在這些 2027 年式車款專案上的表現。我們整體的商機漏斗是健康的，而且……但我預期 Alpha Nation 的下單速度可能會稍微回落一些。過去兩季他們大約跑在 1,213 百萬美元的水準。我們收購它時那個業務大約是 2,500 萬美元規模，我們現在大致就跑在那附近。所以這兩季真的很強，我認為他們仍會持續看到……不錯的接單水準，但會更回到那類型業務較傳統、較常態的水準。另外，第一季也會有一點農曆新年對亞洲那邊部分活動的影響，節奏會比較慢。但整體而言，漏斗是健康的、機會也都在。如果客戶如我們所相信的那樣推進支出、下單，我們很有條件交付我們所規劃的全年目標。

Okay, and then my last question is, you, you have come through a rough patch, and it is just more because I have seen it with, several companies I cover because it seems like everybody's been going through a rough patch. When you have laid out your guidance for OX, I mean, are you, I assume you guys have really dialed back on a lot of incentive comp over the last year. Are you, factoring in your guidance, you know. Kind of a reinstatement of, kind of, basically more variable comp and incentive, or is there, the chance that if you, kind of roll in and say you do better than this, op optimistic conservative guidance that we would see an expense, excuse me, expense structure adjustment as you have to layer in that kind of stuff. That's my last question.

好的，那我最後一題是：你們走過了一段艱難期；這其實更多是因為我在我覆蓋的好幾家公司也看到，似乎大家都經歷了一段艱難期。當你們提出 OX（營業費用）的指引時，我的意思是——我想你們過去一年應該已經大幅下調了很多獎酬型薪酬。你們在指引中是否有把這個因素納入，也就是說……某種程度上把較多的變動薪酬與獎金機制恢復計入？或者，如果你們實際表現比這個偏樂觀但仍保守的指引更好，是否可能會看到費用——抱歉，是費用結構——因為必須把那類支出加回來而做出調整？這是我最後一題。

Yes, we have, and obviously if we did a lot better than laid out, then there would be an operating expense impact from an incentive comp standpoint, reflective of the dynamic you are talking about. But yes, we have factored in the incentive comp side of the numbers that we have laid out with respect to the spending guidelines.

是的，我們有納入；而且很明顯，如果我們的表現比所提出的規劃好很多，那麼從獎酬型薪酬的角度來看，營業費用會受到影響，這也反映了你所提到的那種動態。但是的，就我們所提出的支出指引而言，我們已把獎酬型薪酬的部分納入我們所列出的數字中。

Okay. All right, great. Thanks for the time and, congrats on the quarter and looking forward to 2026.

好的。好，太好了。謝謝你撥冗，也恭喜這一季的表現，期待 2026 年。

Same here, Ted.

我也是，Ted。

Thanks. At this time, if you would like to ask a question, you may press star one from your telephone keypad. Thank you. At this time I will turn the floor back to Nick for closing comments.

謝謝。此時，如果您想提問，請在電話鍵盤上按星號 1。謝謝。接下來我把會議交回給 Nick 做結語。

Thank you, Rob. We appreciate everyone joining us today. Thank you for your time and we welcome the opportunity to answer any additional questions you may have. Please reach out to our investor relations team to coordinate. On slide 14, please note the details regarding the replay of this call as well as our upcoming investor event schedule. We will publicize additional conference attendance as they arise via press release advisories and on our website. I want to thank everyone again for participating today and I wish you all a great day. Thanks everyone.

謝謝你，Rob。我們感謝各位今天加入。謝謝大家的時間，我們也歡迎您提出任何其他問題，我們很樂意回答。請聯繫我們的投資人關係團隊以協助安排。在第 14 頁投影片，請留意本次電話會議重播的相關細節，以及我們即將舉辦的投資人活動行程。如有新增的會議出席安排，我們將透過新聞稿公告以及在我們的網站上對外發布。再次感謝各位今天的參與，祝大家有美好的一天。謝謝大家。

Thank you. This will conclude today's conference. Let me disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。我現在將為各位斷線。感謝您的參與。