Innovex International Inc (INVX) 2023 Q4 法說會逐字稿

Good morning and welcome to Dril-Quip Fourth Quarter and Full Year 2023 earnings call. (Operator Instructions) As a reminder, this call is being recorded. At this time, I would like to turn the call over to Erin Fazio, Corporate Finance Director for Dril-Quip. Please go ahead.

早安，歡迎參加 Dril-Quip 第四季和 2023 年全年財報電話會議。（操作員說明）謹此提醒，此通話正在錄音。現在，我想將電話轉給 Dril-Quip 公司財務長 Erin Fazio。請繼續。

Thank you, and good morning. We appreciate you joining us on today's call. An updated investor presentation have been posted under the Investors tab on the company's website, along with the earnings press release. This call is being recorded and a replay will be made available on the company's website following the call.

謝謝你，早安。我們感謝您參加今天的電話會議。更新後的投資者簡報以及收益新聞稿已發佈在公司網站的「投資者」標籤下。本次通話正在錄音，通話結束後將在公司網站上提供重播。

Before we begin, I would like to remind you that Dril-Quip comments may include forward-looking statements and discuss non-GAAP financial measures. It should be noted that a variety of factors could cause to cause actual results to differ materially from anticipated results or expectations expressed in these forward-looking statements.

在我們開始之前，我想提醒您，Dril-Quip 評論可能包括前瞻性陳述並討論非 GAAP 財務指標。應該指出的是，多種因素可能導致實際結果與這些前瞻性陳述中表達的預期結果或期望有重大差異。

Please refer to the Q4 2023 financial and operational results announcement we released yesterday for a full disclosure on forward-looking statements and reconciliations of non-GAAP measures.

請參閱我們昨天發布的 2023 年第四季度財務和營運業績公告，以了解前瞻性陳述和非 GAAP 指標調節表的完整揭露。

Speaking on the call today from Drill-Quip, Jeff Bird, President and Chief Executive Officer; and Kyle McClure, Vice President and Chief Financial Officer. I would now like to turn the call over to Jeff Bird.

總裁兼執行長傑夫伯德 (Jeff Bird) 今天在 Drill-Quip 電話會議上發表演說；副總裁兼財務長凱爾‧麥克盧爾 (Kyle McClure)。我現在想把電話轉給傑夫伯德。

Thank you, Erin, and thank you all for joining us today. Dril-quip delivered strong fourth quarter results, marking a pivotal year with double-digit growth in both annual revenue and adjusted EBITDA, showcasing significant progress towards our longer-term financial, operational and strategic objectives.

謝謝你，艾琳，也謝謝大家今天加入我們。Dril-quip 取得了強勁的第四季度業績，標誌著關鍵的一年，年收入和調整後 EBITDA 均實現兩位數增長，展示了我們在實現長期財務、營運和戰略目標方面取得的重大進展。

Total revenue grew 17% year-over-year and our fourth quarter organic revenue was the highest quarter achieved since pre-pandemic. Net bookings in the quarter were $123 million, an increase of $76 million sequentially and above our expectations for the quarter.

總營收年增 17%，第四季有機收入是自疫情爆發前以來最高的季度。本季淨預訂量為 1.23 億美元，比上一季增加 7,600 萬美元，超出我們對本季的預期。

There were several notable orders in the quarter. The largest was for subsea production systems for trees for approximately $40 million. Orders for trees, as we've mentioned, tend to be very large discrete events that can shift materially from period to period depending on the customer schedules. This project includes three trees plus various accessories which will be delivered over the next two years in Australia. And we also saw incremental call-offs from Petrobras in the quarter and some large deferred orders.

本季有幾項值得注意的訂單。其中最大的是用於樹木的海底生產系統，耗資約 4,000 萬美元。正如我們所提到的，樹木訂單往往是非常大的離散事件，根據客戶的日程安排，這些訂單可能會在不同時期發生重大變化。該項目包括三棵樹以及各種配件，將在未來兩年內在澳洲交付。我們也看到巴西國家石油公司在本季不斷取消訂單以及一些大額延期訂單。

Total bookings for Subsea Products in the period were $97 million. There were also multiple significant contract wins that were not reflected in our bookings. We were awarded a three year $20 million deepwater subsea wellhead MSA. By Sienna, we won a multi-well multi-year contract to supply subsea wellhead systems in Mexico. We were awarded a second project on the north slope of Alaska for 20 liner hanger systems through 2025.

在此期間，海底產品的總預訂額為 9,700 萬美元。還有多項重大合約中標並未反映在我們的預訂中。我們獲得了為期三年、價值 2000 萬美元的深水海底井口 MSA。透過 Sienna，我們贏得了一份為墨西哥供應海底井口系統的多井多年合約。我們獲得了阿拉斯加北坡的第二個項目，到 2025 年將建造 20 個班輪吊架系統。

Additionally, we're off to a strong start to 2024 as we were directly awarded the contract for all of BP's subsea wellheads for another five years and the Tullo subsea wellhead MSA has been extended for three more years throughout 2023.

此外，我們在 2024 年有了一個良好的開端，因為我們直接獲得了 BP 所有海底井口的合同，為期五年，並且 Tullo 海底井口 MSA 已在 2023 年再延長三年。

We consistently communicated that bookings may not be the most accurate metric to evaluate the current state of Dril-Quip, particularly following the recent acquisition of grade, nor the majority of our revenue is short lead time delivery and operate on a book-and-ship model this quarter will be the final disclosure of well construction and subsea service bookings in our results.

我們一直表示，預訂量可能不是評估 Dril-Quip 當前狀態的最準確指標，特別是在最近獲得等級之後，我們的大部分收入也不是短交貨期交付和預訂後發貨運營本季度的模型將是我們業績中油井建設和海底服務預訂的最終披露。

Moving forward, we will continue to report subsea product bookings and add regular disclosures regarding master service agreements to reflect the evolving procurement strategies of the energy industry. We will review the new metrics in our first quarter 2024 earnings conference call, reflecting on the accomplishments of 2023.

展望未來，我們將繼續報告海底產品預訂情況，並定期披露有關主服務協議的信息，以反映能源行業不斷變化的採購策略。我們將在 2024 年第一季財報電話會議上檢視新指標，反思 2023 年的成就。

Our strategic efforts to reorganize the business into product lines, optimize our footprint, invest in wellhead manufacturing capabilities and grow inorganically have been systematically executed, thanks to the hard work and commitment of our employees. In the fourth quarter, we successfully completed the sale of our Houston administration building, marking the end of this phase of the footprint optimization initiative.

由於我們員工的辛勤工作和奉獻精神，我們將業務重組為產品線、優化我們的足跡、投資於井口製造能力和無機成長的策略性努力已經由系統執行。第四季度，我們成功完成了休士頓行政大樓的出售，標誌著這一階段的足跡優化計劃的結束。

The cash proceeds from this endeavor, approximately $23 million for the year funded the investment in subsea wellhead manufacturing equipment announced in late 2022. Simultaneously, this effort has contributed to a significant reduction in operating expenses for our Houston camp.

這項努力帶來的現金收益，全年約 2,300 萬美元，用於資助 2022 年底宣布的海底井口製造設備的投資。同時，這項努力也大大減少了我們休士頓營地的營運費用。

Our investment in upgrading our subsea wellhead manufacturing equipment remains on schedule and is expected to go live in the second quarter of 2024. As previously stated, this move is expected to significantly reduce lead times and lower cost for our subsea wellhead product line.

我們對海底井口製造設備升級的投資仍在按計劃進行，預計將於 2024 年第二季投入使用。如前所述，此舉預計將顯著縮短我們海底井口產品線的交貨時間並降低成本。

In 2023, we took a significant stride in our strategic venture to broaden our well construction portfolio through the completion of our acquisition of great north. This acquisition has swiftly proven to be financially accretive and our progress on recognizing the announced synergies of bringing their wellhead through our international footprint and leveraging their best cost supply chain has seen early wins almost immediately. We received inbound customer calls asking for cross-selling contacts, and we've already had orders placed in regions such as the Middle East and Latin America.

2023 年，我們透過完成對 Great Northern 的收購，在策略投資方面邁出了重大一步，擴大了我們的油井建設產品組合。事實證明，這次收購很快就帶來了財務增值，而且我們在認識到透過我們的國際足跡引入他們的井口和利用他們最佳成本供應鏈所宣布的協同效應方面取得的進展幾乎立即就看到了早期的勝利。我們接到了要求交叉銷售聯繫的呼叫客戶電話，並且我們已經在中東和拉丁美洲等地區下了訂單。

On the supply chain side, we've notably completed multiple supplier qualifications for our liner hanger product line and the first purchase orders were placed in December. While it will take several months for all their inventory to work its way through the system we are excited about these early wins towards tangible margin improved.

在供應鏈方面，我們的尾管懸吊器產品線已完成多項供應商資格認證，並於 12 月下達了第一批採購訂單。雖然他們的所有庫存需要幾個月的時間才能通過系統，但我們對這些早期的勝利感到興奮，以提高有形的利潤。

The macroeconomic outlook for 2024 and beyond continues to be constructive for all our segments. Offshore project FIDs are projected to increase substantially from 2023 levels for the next two years according to Rystad.

2024 年及以後的宏觀經濟前景對我們所有部門來說仍然具有建設性。Rystad 表示，預計未來兩年海上計畫的最終投資決定將比 2023 年的水準大幅增加。

Beyond that, the disciplined operators who have enabled in their procurement methods in recent history, have made the breakevens for those projects even more flexible, ensuring the continuity and strength of this upcycle for many more years. While this fall, we saw some projects pushed out due to rig capacity constraints, we are confident that we will begin to see contract awards accelerate in 2024 and beyond. As a result in the Canadian onshore market, we anticipate growth to come from three areas.

除此之外，紀律嚴明的運營商在最近的歷史中啟用了採購方法，使這些項目的收支平衡變得更加靈活，確保了這一升級週期在未來很多年的連續性和強度。雖然今年秋天，我們看到一些項目因鑽機容量限製而被推遲，但我們有信心，我們將開始看到 2024 年及以後合約授予速度加快。因此，我們預計加拿大在岸市場的成長將來自三個領域。

First, increasing production from operators driving increased rental revenues from our multi-well frac connector as they support the increased offtake capacity from the new Trans Mountain pipeline coming online. Second, increasing market share, particularly in the Grand Prairie region of Canada.

首先，營運商產量的增加推動了我們的多孔壓裂連接器的租金收入增加，因為它們支援新上線的跨山管道增加的承運能力。其次，增加市場份額，特別是在加拿大大草原城地區。

We are currently increasing our facility size to support anticipated growth and committed projects. And finally, we expect early green shoot international growth, leveraging Dril-Quip footprint in key areas such as the Middle East, Latin America and the US.

我們目前正在擴大設施規模，以支持預期的成長和承諾的項目。最後，我們預計，利用 Dril-Quip 在中東、拉丁美洲和美國等關鍵地區的足跡，國際成長將早日萌芽。

We continue to strategically invest in key growth markets globally in particular in Saudi Arabia, we have established and in-Kingdom operating team are investing in a new facility, preparing technologies for qualification and building out manufacturing capability in Latin America, specifically Mexico we are investing in a larger facility to accommodate accelerating demand for our liner hanger and onshore wellhead offering in West Africa, we are putting operating structures in place to support new contract awards in Ghana, Namibia and the Ivory Coast.

我們繼續對全球主要成長市場進行策略性投資，特別是在沙烏地阿拉伯，我們已經建立了國內營運團隊，正在投資建造新工廠，準備資格認證技術並在拉丁美洲（特別是我們正在投資的墨西哥）建立製造能力在一個更大的設施中，為了滿足西非對我們的尾管吊架和陸上井口產品日益增長的需求，我們正在建立運營結構，以支持加納、納米比亞和科特迪瓦的新合約授予。

Before turning the call over to Kyle for some color on our 2023 financial results and 2024 outlook, I'd like to thank our exceptionally talented and committed team here at Dril-Quip. The success we achieved in the fourth quarter and throughout 2023 is a direct result of your hard work Kyle?

在將電話轉給 Kyle 以了解我們 2023 年財務業績和 2024 年展望之前，我要感謝 Dril-Quip 才華橫溢且忠誠的團隊。我們在第四季和整個 2023 年取得的成功是您辛勤工作的直接結果，凱爾？

Thank you, Jeff, and good morning, everyone. As Jeff highlighted, the company delivered strong fourth quarter and full year results, demonstrating continued progress on our business initiatives and reflecting the initial stages of a multiyear upcycle in the international and offshore market.

謝謝你，傑夫，大家早安。正如傑夫所強調的那樣，該公司第四季度和全年業績強勁，展示了我們業務計劃的持續進展，並反映了國際和離岸市場多年升級週期的初始階段。

Looking at our results, fourth quarter revenue was $126.3 million, an increase of 31% year over year and 8% sequentially, driven by activity increases in subsea services in Brazil, Europe and Australia, and the impact of a full quarter of great dollar for the full year 2023 revenue was $424.1 million, an increase of 17% year over year. Great North contributed $35.2 million for the year.

從我們的業績來看，第四季營收為 1.263 億美元，年增 31%，環比成長 8%，這得益於巴西、歐洲和澳洲海底服務活動的增加，以及整個季度美元大漲的影響。 2023年全年營收為4.241億美元，年增17%。Great North 今年貢獻了 3,520 萬美元。

Looking at the segment results, Subsea Products and Subsea Service revenue increased 2% and 7% compared to the previous year, respectively. While we encountered challenges related to rig availability and FPSO delivery timing earlier in 2023, the fourth quarter showed increased activity, resulting in a $76 million increase in bookings quarter over quarter included in that, as Jeff mentioned, is approximately $40 million related to the subsea tree order that we will be recognizing in revenue over the next two years.

從分部業績來看，海底產品和海底服務收入較前一年分別成長2%和7%。雖然我們在2023 年初遇到了與鑽機可用性和FPSO 交付時間相關的挑戰，但第四季度的活動有所增加，導致預訂量環比增加了7600 萬美元，其中，正如傑夫提到的，與海底相關的約為4000 萬美元我們將在未來兩年內在收入中確認樹順序。

Well, construction segment revenue grew 70% year over year, reflecting the addition of great north and activity increases in Latin America and Saudi Arabia. Embedded within the well construction segment is the legacy TRW business, which is exiting 2023 with a $100 million annual run rate ahead of schedule.

建築業務收入年增 70%，反映出大北方地區的增加以及拉丁美洲和沙烏地阿拉伯活動的增加。TRW 的傳統業務嵌入在油井建設領域，該業務將於 2023 年退出，年營運率提前 1 億美元。

Gross margins were 27.4% during the fourth quarter and 27.3% For the full year full year gross margins improved 73 basis points, largely due to our ongoing initiatives across the organization to drive operational efficiency, partly offset by some supply chain headwinds and international startup costs in our legacy well construction product line, selling, general and administrative expenses increased 8% compared to the full year 2022, which was driven by the addition of Greg North expenses and severance engineering expense was $12.6 million for the full year 2023 increased approximately $1 million compared to 2022 year over year increase is attributed to increased testing and qualifications related to specific international customer requirements, primarily in Brazil and the Middle East.

第四季毛利率為27.4%，全年毛利率為27.3%，全年毛利率提高了73 個基點，這主要歸功於我們在整個組織內持續採取的提高營運效率的舉措，但部分被供應鏈不利因素和國際啟動成本所抵消在我們的傳統建井產品線中，銷售、一般和管理費用與2022 年全年相比增加了8%，這是由於Greg North 費用的增加，而遣散工程費用為1260 萬美元，2023 年全年增加了約100 萬美元與 2022 年相比，同比增長歸因於與特定國際客戶要求（主要是巴西和中東）相關的測試和資格認證的增加。

The rigorous testing that our teams have been able to perform this year have directly correlated to new contract wins, particularly around our sealing technology for Petrobras. Profitability improved during the quarter with adjusted EBITDA coming in at $16.5 million, an increase of $4.2 million sequentially and $6.3 million from one year ago. For the full year, adjusted EBITDA was $46.5 million, an increase of 56% year over year increase in adjusted EBITDA year over year to be attributed to leverage on incremental revenues and the acquisition of great North third quarter of 2023.

我們的團隊今年能夠執行的嚴格測試與新合約的贏得直接相關，特別是圍繞我們為巴西國家石油公司提供的密封技術。本季獲利能力有所改善，調整後 EBITDA 為 1,650 萬美元，比上一季增加 420 萬美元，比一年前增加 630 萬美元。全年調整後 EBITDA 為 4,650 萬美元，調整後 EBITDA 年成長 56%，這歸因於增量收入的槓桿作用以及 2023 年第三季對 Great North 的收購。

Free cash flow was $14.5 million for the fourth quarter of 2023, an improvement of $37.3 million year over year, cash provided by operations was $7.7 million and free cash flow was negative $24.9 million for the full year 2023, cash provided by operations increased $44.5 million compared to the full year of 2022. The increase was driven by improvements in our profitability and cash conversion cycle and the receipt of a US tax refund. Capex in the fourth quarter of 2023 was $11.6 million and $32.6 million for the full year of 2023, the majority of which were related to investments in manufacturing equipment and rental tools down were already secured.

2023 年第四季自由現金流為 1,450 萬美元，年增 3,730 萬美元，營運提供的現金為 770 萬美元，2023 年全年自由現金流為負 2,490 萬美元，營運提供的現金增加 4,450 萬美元與2022 年全年相比。這一增長是由於我們的盈利能力和現金轉換週期的改善以及收到美國退稅而推動的。2023 年第四季的資本支出為 1,160 萬美元，2023 年全年的資本支出為 3,260 萬美元，其中大部分與製造設備和租賃工具的投資有關，而租賃工具的投資已經到位。

Our balance sheet continues to be incredibly strong with ending cash and cash equivalents of $217 million at year end, allowing us flexibility to continue and invest in accretive organic and inorganic opportunities across the spectrum while continuing to manage our longer cash conversion cycle of our Subsea Products.

我們的資產負債表仍然非常強勁，年底現金和現金等價物為 2.17 億美元，這使我們能夠靈活地繼續投資於各種增值的有機和無機機會，同時繼續管理我們海底產品的較長現金轉換週期。

Before concluding today's conference call, I'll review our high-level 2024 financial outlook. We expect revenue to increase 15% to 20% over 2022, Q1 revenues expected to be in the range of $105 million to $100 million. We expect revenue to ramp up throughout the year as the strong Q4 subsea product bookings start to roll through and our well construction deepwater liner hanger business continues to gain traction in Brazil and beyond adjusted EBITDA for the full year of $65 million to $75 million, subsea product bookings of $200 million to 225 million, representing growth of 5% over 2023. Subsea Product bookings of $217 million.

在結束今天的電話會議之前，我將回顧我們的 2024 年高階財務展望。我們預計營收將比 2022 年成長 15% 至 20%，第一季營收預計在 1.05 億美元至 1 億美元之間。我們預計，隨著第四季度海底產品預訂的強勁增長，以及我們的油井建造深水班輪懸掛器業務在巴西及其他地區繼續獲得牽引力，全年收入將大幅增長，調整後的EBITDA 為6500 萬至7500萬美元，海底產品預訂量為 2 億至 2.25 億美元，較 2023 年成長 5%。海底產品預訂額達 2.17 億美元。

As a reminder, we will be discontinuing the inclusion of well construction bookings next year and only including orders for our Subsea Products segment. For additional context as we ship disclosures, Q4 bookings will be the Subsea Products segment only [97 million] tree awards were approximately [43 million] in 2023, which occurred all in the fourth quarter, we anticipate approximately [35 million] awards for 2024 CapEx is expected to return to normalized levels of 3% to 5% of revenue in 2024, which will include the final expense related to our investment in our Houston manufacturing equipment of approximately $7 million. Free cash flow is expected to be positive in 2024 Q1 is seasonally challenged and expected to be a net use of cash.

提醒一下，我們明年將停止納入建井預訂，僅包括海底產品部門的訂單。作為我們披露的更多背景信息，第四季度的預訂將僅是海底產品部門的[9700 萬] 2023 年的獎勵約為[4300 萬]，這全部發生在第四季度，我們預計2024 年的獎勵約為[3,500 萬]資本支出預計將在 2024 年恢復到收入的 3% 至 5% 的正常水平，其中包括與我們在休士頓製造設備的投資相關的最終費用，約為 700 萬美元。自由現金流預計在 2024 年第一季為正值，但受到季節性挑戰，預計將出現現金淨使用。

With that said, we'd now like to open the line for any questions operator?

話雖如此，我們現在想開通詢問接線員的電話嗎？

(Operator Instructions) Eddie Kim, Barclays.

（操作員指示）Eddie Kim，巴克萊銀行。

Hey, good morning. On your really strong bookings in the fourth quarter here, and I'm sorry if I missed it, but could you provide the subsea product bookings for full year 2022 and 2023. Just wanted to how that compares to the '24 guide of $200 million to $225 million?

嗨，早安。關於你們第四季的預訂量非常強勁，如果我錯過了，我很抱歉，但你們能否提供 2022 年和 2023 年全年的海底產品預訂量。只是想知道與 24 年指南中的 2 億至 2.25 億美元相比如何？

Yeah the Hey, good morning.

是的，嘿，早安。

Good morning, Eddie. This is Jeff. The number in 2022 and 2023 was about flat at, call it $215 million, $217 million, somewhere in that range in both 2022 and 2023. So the 2024 number, if you think about that as a midpoint would be flat with the high end being $225 million. And I think the one notable thing about that is what's not included in those bookings numbers, which are the MSAs that and we're pretty consistently now signing.

早安，艾迪。這是傑夫。2022 年和 2023 年的數字大致持平，即 2.15 億美元、2.17 億美元，2022 年和 2023 年都在這個範圍內。因此，如果您將其視為中點，那麼 2024 年的數字將與高端 2.25 億美元持平。我認為值得注意的一件事是這些預訂數量中未包含的內容，即我們現在一直簽署的 MSA。

So if you think about the BPMSA. dimension, that five-year extension goes for about 20 to 25 well heads a year that don't go into our bookings number until they're called off and the value of that would be, call it, $15million to $20 million annually when they start reordering well, as right now, they're really working through customer property.

所以如果你考慮一下 BPMSA。維度，五年的延期每年大約有 20 到 25 個井口，這些井口不會進入我們的預訂號碼，直到它們被取消，其價值將是每年 1500 萬到 2000 萬美元，當他們開始很好地重新訂購，因為現在，他們確實在處理客戶財產。

We expect them to start reordering late this year, early next year.

我們預計他們將在今年年底、明年初開始重新訂購。

And so that is the nuance. We just think this is probably a better way to be more clear with those fall in the stock that this is directly tied to subsea.

這就是細微差別。我們只是認為這可能是一個更好的方式，可以讓庫存下降的人更清楚地知道這與海底直接相關。

The bookings are now.

現在已經預訂了。

Yes, yes.

是的是的。

Got it.

知道了。

Great.

偉大的。

And then just a quick follow-up. The 24 wells that you just announced for the Woodside trying on development offshore Mexico.

然後進行快速跟進。您剛剛宣佈在墨西哥近海嘗試開發 Woodside 的 24 口井。

Is that going to be included as part of a subsea bookings in the first quarter or was that booked in the fourth quarter?

這是否會包含在第一季的海底預訂中，還是在第四季度預訂？

That was at MSA in the fourth quarter and will be called off over the next year or two probably. So that's sometimes the we signed.

那是在 MSA 第四季舉行的，可能會在未來一兩年內取消。所以有時這就是我們簽署的。

We signed an MSA right.

我們簽署了 MSA 權利。

It's a nice it's a nice award. But in the past, that would have just hit the big splashy number in the fourth quarter.

這是一個很好的獎項，這是一個很好的獎項。但在過去，這只會在第四季達到令人矚目的大數字。

And now that's just not the way that the things are contracted.

現在事情已經不再是這樣簽訂合約的了。

Right, right okay

對對對好吧

At least for our products.

至少對我們的產品來說是這樣。

Yes.

是的。

And then just my follow-up is on the margin guide for this year. And yes, in the slide deck last quarter, you said you're targeting kind of 15% to 18% EBITDA margins for 2024. What the midpoint of your guidance implies around 14% for this year. So just wondering if you could help us understand the delta there are some cost saving can be lower than anticipated this year, or is this a reflection of kind of recent bookings coming in a maybe lower pricing than you anticipated? Just any color there would be great.

然後我的後續行動是今年的保證金指南。是的，在上個季度的幻燈片中，您表示 2024 年的目標是 15% 至 18% 的 EBITDA 利潤率。你們指導的中點意味著今年的成長率約為 14%。因此，我想知道您是否可以幫助我們了解今年的成本節省可能會低於預期，或者這是否反映了最近的預訂價格可能低於您的預期？任何顏色都會很棒。

Yes.

是的。

I would tell you that the difference between those two now is probably just timing on productivity initiatives inside the company. Right now, things are fine, moved out a quarter or so on some productivity concepts that we are moving forward on.

我想告訴你，這兩者之間的差異現在可能只是公司內部生產力計畫的時機。現在，一切都很好，我們正在推進的一些生產力概念已經提前了四分之一左右。

Okay more than timing related.

好吧，不僅僅是與時間相關。

Okay.

好的。

Understood. That's all I had. Thank you for the color, and I'll turn it back.

明白了。這就是我所擁有的一切。謝謝你的顏色，我會把它轉回來。

Thank you Eddie.

謝謝艾迪。

As we have no further questions, in queue at this time.

由於我們沒有其他問題，此時正在排隊。

This will conclude today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。