Innospec Inc (IOSP) 2024 Q2 法說會逐字稿

Welcome to Innospec's second-quarter earnings call. The earnings release for the quarter and this presentation are posted on the company's website.

歡迎參加 Innospec 第二季財報電話會議。該季度的收益發布和本簡報發佈在該公司的網站上。

During this call, we will make forward-looking statements which are predictions and projections about -- these statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from anticipated results implied by such forward-looking statements. The risks and uncertainties are detailed in Innospec's 10-K, 10-Qs, and other filings with the SEC. Please see the SEC site and Innospec's site for these and related documents.

在這次電話會議中，我們將做出前瞻性聲明，這些聲明是基於當前的預期和假設，這些預期和假設可能會受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與此類前瞻性暗示的預期結果有重大差異看起來的陳述。Innospec 向 SEC 提交的 10-K、10-Q 和其他文件中詳細介紹了風險和不確定性。請參閱 SEC 網站和 Innospec 網站以取得這些文件和相關文件。

In today's presentation, we've also included non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure in our earnings release. The non-GAAP financial measures should not be considered as a substitute for those prepared in accordance with GAAP. They are included as additional items to aid investor understanding of the company's performance in addition to the impact of these items and events had on financial results.

在今天的演示中，我們還包括了非公認會計準則財務指標。與我們收益發布中最直接可比較的公認會計準則財務指標的調節。非公認會計原則財務措施不應被視為替代根據公認會計原則編制的財務措施。它們作為附加項目包括在內，以幫助投資者了解公司的業績以及這些項目和事件對財務表現的影響。

With me today from Innospec are Patrick Williams, President and Chief Executive Officer; and Ian Cleminson, Executive Vice President and Chief Financial Officer.

今天和我在一起的還有來自 Innospec 的總裁兼執行長 Patrick Williams；執行副總裁兼財務長 Ian Cleminson。

And with that, I'll turn it over to you, Patrick.

這樣，我就把它交給你了，派崔克。

Thank you, David, and welcome, everyone, to Innospec's second-quarter 2024 conference call. This was a mixed quarter for Innospec as performance chemicals and fuel specialties delivered strong double-digit operating income growth and margin improvement while oilfield services production results declined as expected. Performance Chemicals delivered further improvement as operating income more than doubled over last year.

謝謝 David，歡迎大家參加 Innospec 的 2024 年第二季電話會議。對於 Innospec 來說，這是一個喜憂參半的季度，高性能化學品和特殊燃料業務實現了強勁的兩位數營業收入成長和利潤率改善，而油田服務生產業績如預期下降。高性能化學品業務進一步改善，營業收入比去年增加了一倍以上。

While customers remain disciplined in their order patterns, volumes improved in our key end markets driven by our mild and natural personal care technologies. We remain optimistic that we can maintain this improvement in the second half of 2024.

雖然客戶仍然遵守訂單模式，但在我們溫和、天然的個人護理技術的推動下，我們主要終端市場的銷售量有所增加。我們仍然樂觀地認為我們可以在 2024 年下半年保持這種改善。

Supported by our strong innovation pipeline, our target remains to return operating income rates and margins to full year 2022 levels. In addition, the integration and performance of our recent QGP acquisition is proceeding to plan. Fuel specialties delivered double-digit operating income growth, driven by higher sales and gross margins, which were at the upper end of our targeted 32% to 35% range.

在我們強大的創新管道的支持下，我們的目標仍然是將營業利潤率和利潤率恢復到 2022 年全年水準。此外，我們最近收購的 QGP 的整合和業績正在按計劃進行。在銷售額和毛利率提高的推動下，特種燃料業務實現了兩位數的營業收入成長，處於我們目標 32% 至 35% 範圍的上限。

Leveraging our global footprint and innovation capabilities, our team continues to build a strong pipeline of future growth opportunities in both fuel and non-fuel applications. As expected, oilfield services results were impacted by significantly lower production chemical activity in the quarter. We are seeing a continuation of below average inventory levels combined with lower chemical usage and treatment rates in certain high-volume applications.

憑藉我們的全球足跡和創新能力，我們的團隊繼續在燃料和非燃料應用領域建立強大的未來成長機會管道。正如預期的那樣，油田服務業績受到本季生產化學品活動大幅減少的影響。我們看到庫存水準持續低於平均水平，並且某些大批量應用中的化學品使用量和處理率較低。

As of the end of July, we have not seen this activity recover as we previously anticipated, and we currently assume these lower levels will persist through the third quarter and possibly through the remainder of the year. We are focusing on working with our customers to optimize levels of consumption and performance on these production chemical applications and expect to have more detail on the trajectory of recovery in the coming quarter.

截至 7 月底，我們尚未看到這項活動如我們之前預期的那樣恢復，我們目前假設這些較低水準將持續到第三季度，甚至可能持續到今年剩餘時間。我們專注於與客戶合作，優化這些生產化學品應用的消耗水平和性能，並期望在下一季獲得有關復甦軌蹟的更多詳細資訊。

In addition, we continued to execute on multiple growth and margin improvement opportunities in our other oilfield segments.

此外，我們繼續在其他油田領域抓住多種成長和利潤改善機會。

Now I'll turn the call over to Ian Cleminson, who will review our financial results in more detail. Then I will return with some concluding comments. After that, Ian and I will take your questions. Ian?

現在我將把電話轉給伊恩·克萊明森 (Ian Cleminson)，他將更詳細地審查我們的財務表現。然後我會帶著一些結論性意見回來。之後，我和伊恩將回答大家的問題。伊恩？

Thanks, Patrick. Turning to slide 7 in the presentation, the company's total revenues for the second quarter were $439 million (sic - see slide 7, "$435 million"), a 9% decrease from $480.4 million a year ago. Overall gross margin decreased by 2.1 percentage points from last year to 29.2%.

謝謝，派崔克。轉向簡報中的幻燈片 7，該公司第二季度的總收入為 4.39 億美元（原文如此 - 參見幻燈片 7，“4.35 億美元”），比一年前的 4.804 億美元下降了 9%。整體毛利率較去年下降2.1個百分點至29.2%。

Adjusted EBITDA for the quarter was $54.1 million compared to $47.4 million last year. And net income for the quarter was $31.2 million compared to $28.9 million a year ago.

本季調整後 EBITDA 為 5,410 萬美元，去年同期為 4,740 萬美元。該季度的淨利潤為 3,120 萬美元，而去年同期為 2,890 萬美元。

Our GAAP earnings per share were $1.24, including special items, the net effect of which decreased our second quarter earnings by $0.15 per share. Year ago, we reported GAAP earnings per share of $1.60, which included a negative impact from special items of $0.12 per share. Excluding special items in both years, our adjusted EPS for the quarter was $1.39 compared to $1.28 a year ago.

我們的 GAAP 每股收益為 1.24 美元，包括特殊項目，淨效應使我們第二季的每股收益減少 0.15 美元。一年前，我們報告的 GAAP 每股收益為 1.60 美元，其中包括特殊項目帶來的每股 0.12 美元的負面影響。排除這兩年的特殊項目，本季調整後的每股收益為 1.39 美元，而去年同期為 1.28 美元。

Turning to slide 8, revenues in performance chemicals for the second quarter were $160.1 million, up 25% from last year's $127.8 million. Growth attributable to the QGP acquisition of 7% and volume growth of 29% were offset by an adverse price mix of 11% due mainly to lower raw material costs flowing through to selling prices.

轉向幻燈片 8，第二季度高性能化學品的收入為 1.601 億美元，比去年的 1.278 億美元增長 25%。收購 QGP 帶來的成長 7% 和銷售成長 29% 被不利的價格組合 11% 所抵消，這主要是由於原材料成本降低導致銷售價格下降。

Gross margins of 22.6% increased 5.4 percentage points compared to the same quarter in 2023, benefiting from increased sales and production volumes. Operating income of $21.2 million increased 130% over last year. We expect to be able to maintain this level of operating profits in the second half of the year.

受惠於銷售量和產量的增加，毛利率為 22.6%，較 2023 年同季成長 5.4 個百分點。營業收入為 2,120 萬美元，比去年增長 130%。我們預計下半年將能夠維持這一營業利潤水準。

Moving on to slide 9, revenues in fuel specialties for the second quarter were $166.6 million, up 8% from the $154.2 million reported a year ago. A 20% increase in volume was offset by an adverse price mix of 12% with a favorable sales mix outweighed by lower pricing from the easing of raw material costs.

轉向投影片 9，第二季特種燃料業務收入為 1.666 億美元，比去年同期的 1.542 億美元成長 8%。20% 的銷售成長被 12% 的不利價格組合所抵消，有利的銷售組合抵消了原材料成本緩解帶來的較低價格的影響。

Fuel specialties gross margins of 34.6% were 5.5 percentage points above the same quarter last year. Operating income of $30.4 million was up 78% from $17.1 million a year ago. Adjusting for the $8 million loss in Brazil in the prior year, the comparable gross margins were 32.3% and operating income was $25.1 million.

特種燃料毛利率為 34.6%，較去年同期高出 5.5 個百分點。營業收入為 3,040 萬美元，比一年前的 1,710 萬美元成長 78%。調整去年巴西 800 萬美元的虧損後，可比毛利率為 32.3%，營業收入為 2,510 萬美元。

Moving on to slide 10, revenues in oilfield services for the quarter were $108.3 million down 45% from $198.4 million in the second quarter last year. Gross margins of 30.6% decreased 11.5 percentage points from last year on a weaker sales mix. Operating income of $7.3 million decreased 74% on $28 million one year ago. Due to the reduced activity in our production chemical business, we expect our operating income in quarter three to continue at a run rate similar to this quarter.

轉向投影片 10，本季油田服務收入為 1.083 億美元，比去年第二季的 1.984 億美元下降 45%。由於銷售組合疲軟，毛利率為 30.6%，較去年下降 11.5 個百分點。營業收入為 730 萬美元，比一年前的 2,800 萬美元下降了 74%。由於我們生產化學品業務的活動減少，我們預計第三季的營業收入將繼續保持與本季類似的運行速度。

Turning to slide 11, corporate costs for the quarter was $17.6 million compared with $20.1 million a year ago. The effective tax rate for the quarter was 28.6% compared to 21% a year ago. For the full year, we now expect our tax rate to be 27% due to the change in the geography of our taxable profits.

轉向投影片 11，本季的企業成本為 1,760 萬美元，而去年同期為 2,010 萬美元。本季的有效稅率為 28.6%，而去年同期為 21%。由於應稅利潤地域的變化，我們現在預計全年稅率為 27%。

Moving on to slide 12, for the quarter, operating cash flow was $4.7 million before capital expenditures of $15.2 million. As of June 30, Innospec had $240.2 million in cash and cash equivalents and no debt.

繼續看投影片 12，該季度的營運現金流量為 470 萬美元，資本支出為 1520 萬美元。截至 6 月 30 日，Innospec 擁有 2.402 億美元現金和現金等價物，沒有債務。

And now I'll turn it back over to Patrick for some final comments.

現在我將把它轉回帕特里克以獲得一些最終評論。

Thanks, Ian. I am very pleased with the strong results of performance chemicals and fuel specialties, which drove overall double-digit operating income growth in the quarter. In oilfield services, despite the short-term outlook being clearly below our target range, we remain intensely committed to delivering solutions and innovation to our customers, which we believe will drive recovery in this business. With over $240 million in net cash on our balance sheet, we continue to pursue organic investments and complementary M&A while returning value to shareholders through dividend growth.

謝謝，伊恩。我對高性能化學品和特種燃料業務的強勁業績感到非常滿意，這推動了本季整體營業收入實現兩位數成長。在油田服務方面，儘管短期前景明顯低於我們的目標範圍，但我們仍然堅定地致力於為客戶提供解決方案和創新，我們相信這將推動該業務的復甦。我們的資產負債表上有超過 2.4 億美元的淨現金，我們繼續尋求有機投資和補充性併購，同時透過股息成長為股東回報價值。

Now, I will turn the call over the operator. Ian and I will take your questions.

現在，我將把電話轉給接線員。伊恩和我將回答你的問題。

(Operator Instructions) David Silver, CL King & Associates.

（操作員說明）David Silver，CL King & Associates。

Yeah, hi. Good morning. Thank you. So I would like to just start out with the oilfield services and the decline on the production chemical side. I was wondering if you could maybe just kind of outline it, a little bit more detail. I mean is this a customer-specific problem? Is this tied to a particular region, one of your shale basin regions? Just maybe just a little bit of color on that, so that we can kind of assess what's going on there a little bit better? Thank you.

是的，嗨。早安.謝謝。因此，我想從油田服務和生產化學品方面的下降開始。我想知道你是否可以概括一下，再詳細一點。我的意思是這是客戶特定的問題嗎？這是否與特定區域（您的頁岩盆地區域之一）有關？也許只是一點點顏色，這樣我們就可以更好地評估那裡發生了什麼？謝謝。

Yeah, sure, David. It's in our South America, Mexico region. So it's not in the US, and it's not in Saudi. It's a customer who has been using dilution on to bring inventory levels down. It's been a very political situation due to election years, and we feel like they have to be at the end of their inventory now. And at some point in time, we should start seeing some kind of orders, but we've been saying that for a quarter.

是的，當然，大衛。它在我們南美洲的墨西哥地區。所以它不在美國，也不在沙烏地阿拉伯。該客戶一直在利用稀釋來降低庫存水準。由於選舉年，這是一個非常政治化的局勢，我們覺得他們現在已經到了庫存的盡頭。在某個時間點，我們應該開始看到某種訂單，但我們已經這樣說了一個季度了。

So there's obviously politics involved. There's obviously dilution involved. We are heavily involved in what's going on in the process, but it's hard for us to put a handle on it. And that's why we say in the text that we'll keep everybody updated through the quarters. It's offshore and onshore and the applications -- and we know we have the best technology. But right now, it's just caught up in politics and we have to just sit tight and yet see it play itself out.

所以顯然涉及政治。顯然涉及稀釋。我們深入參與了這個過程中發生的事情，但我們很難控制它。這就是為什麼我們在文中說我們將在每個季度向每個人通報最新情況。它涉及海上和陸上以及應用——我們知道我們擁有最好的技術。但現在，它只是陷入了政治之中，我們必須靜觀其變，等待它自行發展。

Okay. No, thank you for that. Very, very good. I would like to just switch over to the fuel specialties segment for a moment. So the gross margin, I guess, in that segment is at the highest level it's been at, I guess, in a pretty long time since the pandemic began, I guess, and should we read the absolute level of gross margin and the pickup? Is this a sign that maybe your business mix, sales mix is getting back to your desired target levels? Or might there be something else going on? And maybe there's some further upside on the gross margin side. Thank you.

好的。不，謝謝你。非常非常好。我想暫時切換到燃料專業領域。因此，我想，該領域的毛利率處於自大流行開始以來相當長一段時間內的最高水平，我想，我們應該閱讀毛利率的絕對水平和回升嗎？這是否表示您的業務組合、銷售組合正在恢復到您期望的目標水準？或者可能還有其他事情發生？也許毛利率還有進一步的上升空間。謝謝。

We're really pleased with the performance that the fuel specialties team have put together in the quarter, and they've been focused on pricing. And as you know, in fuel specialties, pricing can have a little lag to as raw material prices go up and down. And we've really worked hard with our customers to keep a tight control over that. And that's part of the reason why we're seeing good gross margins in this quarter.

我們對燃料專業團隊在本季的表現感到非常滿意，他們一直專注於定價。如您所知，在燃料專業領域，定價可能會隨著原材料價格的上漲和下跌而略有滯後。我們確實與客戶一起努力，以嚴格控制這一點。這就是我們在本季看到良好毛利率的部分原因。

I think the other side of it is that we did have the benefit of a positive sales mix this quarter compared to the comparable quarter. But I think we're in that range, which was the top end of the range that we normally quote. And our feeling is as we go through the rest of the year, there's no reason why we should step outside that range and certainly step away from the top end of the range. So we feel pretty good about where we're at right now.

我認為另一方面是，與可比季度相比，本季度我們確實受益於積極的銷售組合。但我認為我們處於這個範圍內，這是我們通常引用的範圍的上限。我們的感覺是，在今年剩下的時間裡，我們沒有理由走出這個範圍，當然也遠離這個範圍的上限。所以我們對現在的處境感覺很好。

Okay. Thank you for that. And just one just one to follow up on fuel specialties. But in the press release, I think, Patrick, you highlighted within fuel specialties, fuel and non-fuel opportunities. I was wondering if you could just elaborate a little bit more on the non-fuel. Is this the stationary power opportunities? Or might there be something beyond that little bit?

好的。謝謝你。並且只有一項跟進燃料專業。但在新聞稿中，派崔克，我認為您強調了燃料專業、燃料和非燃料機會。我想知道您是否可以詳細說明非燃料問題。這是固定電源的機會嗎？或者除了這一點之外還有什麼嗎？

It's a little bit everything, David. We have some products within that portfolio that treat applications that are outside of fuel. And so some of those applications are coming through this quarter. We expect those to grow throughout the year. So as you're aware, a lot of the technologies we make based around surface active technology have other applications, and we just tapped into another market that's outside the fuel market.

這就是一切，大衛。我們的產品組合中有一些產品可以處理燃料以外的應用。因此，其中一些申請將在本季完成。我們預計這一數字全年都會成長。如您所知，我們基於表面活性技術製造的許多技術都有其他應用，我們剛剛進入了燃料市場之外的另一個市場。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Hi, good morning. Thank you for taking the questions. I was wondering if you could go a little bit more into detail with the oilfield situation. What is the political issue at hand, number one? And number two, I recall that there is a technological change or switch over also that was involved. Could you elaborate on both of those, if you could, just so we could understand what really is driving this?

嗨，早安。感謝您提出問題。我想知道你能否更詳細地介紹一下油田的情況。當前的首要政治問題是什麼？第二，我記得還牽涉到技術變革或轉換。如果可以的話，您能否詳細說明這兩個問題，以便我們能夠了解真正的推動因素是什麼？

Yeah, as much as we can, we obviously get some information, some limited information dependent on who we're talking to, but it's election year. There they had numerous of our products sitting in inventory. They have not reordered since probably in the middle of first quarter. They've been diluting inventories and trying to at least treat products that go into, A, the pipeline, or downhole, or offshore.

是的，我們顯然會盡可能地獲得一些信息，一些有限的信息取決於我們與誰交談，但現在是選舉年。那裡有我們的大量產品庫存。他們可能從第一季中期開始就沒有重新訂購。他們一直在稀釋庫存，並試圖至少處理進入管道、井下或海上的產品。

We know they're critically low. We are just waiting and hoping to have some answers and some orders here in the near term. I don't see it until probably fourth quarter.

我們知道它們的水平非常低。我們只是等待並希望在短期內能得到一些答案和一些訂單。我大概要到第四季才能看到它。

But it's highly political, Jon. That's the problem. We only get as much information as they want to give us. And we do know that the application is starving for product. We know that production is down. We know that there's been some safety issues. So we know that they're critically low and they need product.

但這是高度政治性的，喬恩。這就是問題所在。我們只能獲得他們想要提供給我們的資訊。我們確實知道該應用程式急需產品。我們知道產量下降了。我們知道存在一些安全問題。所以我們知道他們的需求非常低並且他們需要產品。

We know our product works. It's proven. It's been stated in the public. That's probably as much information as I can give you. I mean, as we stated, next quarter, we'll give you more color. But I just don't see how they can't start coming back with our technology and the situation that they're in right now.

我們知道我們的產品有效。事實證明。已經在公開場合說過了。我能給你的資訊大概就這麼多了。我的意思是，正如我們所說，下個季度，我們將為您提供更多色彩。但我只是不明白他們為什麼不能利用我們的技術和他們現在所處的情況回來。

Got it. I guess the question I was trying to ask, is a political question hand using your product or someone else's or reducing production versus whether or not you're actually in the customer at all?

知道了。我想我想問的問題是，使用你的產品或其他人的產品或減少產量與你是否實際上是客戶之間存在政治問題？

I think it's neither. I think it's a political issue where there's politicians within fighting each other on how they want to run this business. And so therefore, they put critical -- put the whole business in a critical state. And I think what you're seeing right now of the build personnel are up in hands. And it's got to be fixed at the top.

我認為兩者都不是。我認為這是一個政治問題，政客們在如何經營這項業務上互相爭鬥。因此，他們將整個業務置於關鍵狀態。我認為你現在所看到的建造人員正在掌控之中。而且它必須固定在頂部。

It has nothing to do with are we going to use Innospec or are we going to use the other 10 vendors that they have. It's an issue of when are they going to finally figure out how they're going to run the business. And that's really the issue. It's not just the businesses. It's general country politics as well.

這與我們是否要使用 Innospec 或我們是否要使用他們擁有的其他 10 家供應商無關。問題是他們什麼時候才能最終弄清楚如何經營業務。這確實是問題所在。不僅僅是企業。這也是一般國家政治。

Understood. That's very helpful. Thank you.

明白了。這非常有幫助。謝謝。

Secondly, I was just wondering if you could just talk about the different buckets of demand in performance chemicals and what you're seeing just in terms of trends or strength and weaknesses between personal care and industrials, ag, some of the other stuff, the (inaudible) if you could give us some color on that. That would be helpful.

其次，我只是想知道您是否可以談談高性能化學品的不同需求，以及您所看到的個人護理和工業、農業、其他一些東西之間的趨勢或優缺點。否給我們一些說明。那會有幫助的。

Yeah, we're seeing strong demand coming back in personal care as we expected. And that's why we've said that we see very similar quarters moving forward and trending upward. So we're very happy there.

是的，正如我們預期的那樣，我們看到個人護理產品的強勁需求回來了。這就是為什麼我們說我們看到非常相似的季度向前發展並呈上升趨勢。所以我們在那裡非常高興。

Agriculture, quite frankly, starting to come back. And the industrial markets are pretty flat. But no, we're happy with that business. I think we're on a nice trajectory of return. And people are worried about are we running from inflation to an immediate recession. Is the freight train going to hit everybody all at once? We're not seeing that yet, Jon. We're still seeing a pretty strong quarter order patterns in Q3 and even moving into Q4. So we're pretty confident in that business, pretty optimistic.

坦白說，農業開始復甦。工業市場相當平淡。但不，我們對這項業務很滿意。我認為我們正走在回歸的良好軌道上。人們擔心我們是否會從通貨膨脹直接陷入衰退。貨運列車會一下子撞到所有人嗎？我們還沒有看到這一點，喬恩。我們在第三季甚至進入第四季仍然看到相當強勁的季度訂單模式。所以我們對這項業務非常有信心，非常樂觀。

Got it. And then just regarding the $240 million cash that you have, I mean, any more urgency in sense to put that to work, especially if rates are coming down, you're getting less interest income on.

知道了。然後，就你擁有的 2.4 億美元現金而言，我的意思是，如果將其投入使用，尤其是在利率下降的情況下，你獲得的利息收入就會減少。

Yeah. I mean, I think that a lot of these companies right now are looking at, you know, their assets and justification of assets. So we're still looking at a lot of M&A opportunities. We do have a lot of organic growth opportunities as well which is obviously, as I always say, you don't have to pay a multiple on organic growth. So that's on our radar.

是的。我的意思是，我認為很多公司現在都在關注他們的資產和資產的合理性。因此，我們仍在尋找大量併購機會。我們確實也有很多有機成長機會，正如我常說的，顯然，你不必為有機成長付出高倍的代價。所以這在我們的雷達範圍內。

Increasing the dividend 10%, we've been doing that consistently. And again, as you start looking at our share price, being opportunistic on buybacks. That's not off the radar. We have a strong business. And as you know, we always come back fighting like hell and increase EPS and sales as we always do, and we will do that. So if our share price is down, we're going to potentially be opportunistic in buybacks. So has it really changed what we've been saying from day one, I think that we're going to stay steady as we always have.

將股息增加 10%，我們一直這樣做。再說一次，當你開始關注我們的股價時，要趁機回購。這並沒有被忽視。我們有強大的業務。如你所知，我們總是會像往常一樣奮力拼搏，增加每股收益和銷售額，我們也會這麼做。因此，如果我們的股價下跌，我們可能會趁機回購。那麼它真的改變了我們從第一天起就一直在說的嗎？

We will now end the question-and-answer session, and I'll now turn to Patrick for closing remarks. Thank you.

我們現在將結束問答環節，我現在將請派崔克做結束語。謝謝。

Thank you all for joining us today and thanks to all our shareholders, customers, and Innospec employees for your interest and support. If you have any further questions about Innospec or matters discussed today, please give us a call. We look forward to meeting up with you again to discuss our third quarter 2024 results in November. Have a great day.

感謝大家今天加入我們，並感謝所有股東、客戶和 Innospec 員工的興趣和支持。如果您對 Innospec 或今天討論的事項有任何其他疑問，請致電我們。我們期待在 11 月再次與您會面，討論 2024 年第三季的業績。祝你有美好的一天。