IPG Photonics Corp (IPGP) 2025 Q2 法說會逐字稿

(audio in progress) Today's call is being recorded and webcast.

（音訊進行中）今天的電話會議正在錄音並進行網路直播。

At this time, I'd like to turn the call over to Eugene Fedotoff, IPG's Senior Director, Investor Relations for today's introductions. Please go ahead with your conference.

現在，我想將今天的介紹交給 IPG 投資者關係高級總監 Eugene Fedotoff。請繼續進行您的會議。

Thank you, and good morning, everyone. With me today is IPG Photonics' CEO, Dr. Mark Gitin; and Senior Vice President and CFO, Tim Mammen.

謝謝大家，早安。今天與我一起的有 IPG Photonics 的首席執行官 Mark Gitin 博士和高級副總裁兼首席財務官 Tim Mammen。

On today's call, Mark will provide a summary with a quick look at our second quarter results and the overall demand environment. Then I'll walk you through the progress we are making on our long-term strategy. After that, he will turn it over to Tim to provide financial details, and then, we'll open the call for questions.

在今天的電話會議上，馬克將簡要回顧我們的第二季業績和整體需求環境。然後我將向您介紹我們長期策略所取得的進展。之後，他將把問題轉交給蒂姆，以提供財務細節，然後我們將開始提問。

Let me remind you that statements made during this call discuss our expectations or predictions of the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties and can cause the company's actual results to differ materially from those projected in such forward-looking statements. These risks and uncertainties are detailed in our Form 10-K for the period ended December 31, 2024, and our reports on file with the Securities and Exchange Commission.

讓我提醒您，本次電話會議中所作的陳述討論了我們對未來的期望或預測，這些都是前瞻性的陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致公司的實際結果與此類前瞻性陳述中的預測有重大差異。這些風險和不確定性在我們截至 2024 年 12 月 31 日的 10-K 表格以及我們向美國證券交易委員會提交的報告中詳細說明。

Any forward-looking statements made on this call are the company's expectations or predictions as of today, August 5, 2025 only and the company assumes no obligations to publicly update any or publicly provide any updates or revisions to any such statements.

本次電話會議中所做的任何前瞻性陳述僅為本公司截至今天（2025 年 8 月 5 日）的預期或預測，本公司不承擔公開更新任何此類陳述或公開提供任何更新或修訂的義務。

During this call, we will be referencing to certain non-GAAP measures. For more information on how we define these non-GAAP measures and a reconciliation of such measures to the most directly comparable GAAP measures as well as additional details on our reported results, please refer to the earnings press release, earnings call presentation and the financial data workbook posted on our Investor Relations website. We will also post these prepared remarks on our website after this call.

在本次電話會議中，我們將參考某些非公認會計準則指標。有關我們如何定義這些非 GAAP 指標以及這些指標與最直接可比的 GAAP 指標的調節的更多信息，以及有關我們報告結果的更多詳細信息，請參閱收益新聞稿、收益電話會議演示文稿和我們投資者關係網站上發布的財務數據工作簿。我們還將在本次電話會議結束後在我們的網站上發布這些準備好的評論。

With that, I'll now turn the call over to Mark.

說完這些，我現在將電話轉給馬克。

Thanks, Eugene. Good morning, everyone. Second quarter revenue came in above our expectations, increasing 10% sequentially and 2% year-over-year, excluding divestitures, our first year-over-year revenue increase since 2022. Our results were driven by a combination of a modest demand improvement in multiple markets and geographies as well as our continued focus on our strategy to drive profitable growth.

謝謝，尤金。大家早安。第二季營收超出我們的預期，季增 10%，年增 2%（不包括資產剝離），這是我們自 2022 年以來首次實現同比增長。我們的業績得益於多個市場和地區的需求適度改善，以及我們持續專注於推動獲利成長的策略。

We're investing in key strategic initiatives targeting a $5 billion TAM that offers us hundreds of millions of dollars in revenue growth opportunities, and we are starting to see results. By quickly adjusting our operations, we were also able to ship approximately $10 million out of the $15 million in customer orders that we believe were at risk of being delayed due to tariffs and were not included in our second quarter guidance.

我們正在投資關鍵策略舉措，目標是實現 50 億美元的 TAM，這將為我們提供數億美元的營收成長機會，而且我們已經開始看到成果。透過快速調整運營，我們還能夠從 1500 萬美元的客戶訂單中發貨約 1000 萬美元，我們認為這些訂單因關稅而面臨延誤風險，並且未包含在我們的第二季度指引中。

Starting with our materials processing business. We saw a sequential demand improvement in welding, cutting and marking applications with some growth in e-mobility and general industrial markets. Our unmatched capabilities in lasers and welding process monitoring technologies, combined with deep applications expertise, continue to differentiate IPG in the marketplace. This enabled us to secure key wins in EV manufacturing despite ongoing uncertainty in the market.

從我們的材料加工業務開始。我們看到焊接、切割和標記應用的需求連續改善，電動車和一般工業市場也出現了一些成長。我們在雷射和焊接過程監控技術方面無與倫比的能力，加上深厚的應用專業知識，繼續使 IPG 在市場上脫穎而出。儘管市場仍存在不確定性，但這使我們能夠在電動車製造領域取得關鍵勝利。

In China, renewed capacity investments in battery manufacturing drove growth in our welding.

在中國，電池製造領域的新一輪產能投資推動了我們焊接業務的成長。

On the industrial side, a stabilizing demand environment supported sequential growth in welding, cutting and marking applications. Booking trends are encouraging. With demand showing signs of improvement and book-to-bill at approximately one on our higher second quarter revenue as we move into the second half of the year. We have also seen improvement and stabilization in the leading indicators, such as PMIs and the industrial production through June, but the demand environment remains uncertain. We also expect demand for our products will benefit from increased onshoring and local investments in automated production.

在工業方面，穩定的需求環境支持焊接、切割和標記應用的持續成長。預訂趨勢令人鼓舞。隨著我們進入下半年，需求顯示出改善的跡象，訂單出貨比約為第二季營收的 1%。截至6月份，我們也看到PMI和工業生產等領先指標有所改善和穩定，但需求環境仍不確定。我們也預計，我們產品的需求將受益於在岸生產和本地自動化生產投資的增加。

We are also excited that early returns from our growth investments helped to drive revenue in the quarter. Our strategic focus on developing innovative lasers and photonic solutions to expand into medical micromachining and advanced applications is showing results.

我們也很高興看到，我們成長投資的早期回報有助於推動本季的營收。我們的策略重點是開發創新雷射和光子解決方案，以擴展到醫療微加工和先進應用領域，並已取得成果。

In advanced applications, we achieved another quarter of record revenue driven by higher demand across all categories, primarily in directed energy, semiconductor and scientific applications. Last quarter, I shared that strategic investments to grow our advanced applications business allowed us to achieve a key milestone six months ahead of schedule.

在先進應用領域，我們實現了另一個季度創紀錄的收入，這得益於所有類別的需求增加，主要是定向能、半導體和科學應用領域。上個季度，我分享了為發展我們的高階應用業務而進行的策略性投資，使我們提前六個月實現了一個重要的里程碑。

I'm thrilled to announce that we've now delivered multiple units of our first laser counter UAV solution, CROSSBOW to Lockheed Martin. This disruptive turnkey directed energy system is enabled by IPG's laser systems expertise and high-performance commercial single-mode lasers and supported by our high-volume manufacturing capabilities. CROSSBOW is a scalable and cost-effective laser defense system that can neutralize unmanned aerial threats and can operate as a stand-alone system or integrate into layered defense architectures. Over the past six months, both IPG and Lockheed Martin have conducted extensive field testing and customer demonstration of CROSSBOW, validating the system's operational effectiveness against the increasing threat of smaller class Group 1 and Group 2 drones.

我很高興地宣布，我們現在已經向洛克希德馬丁公司交付了多套我們的第一個雷射對抗無人機解決方案——CROSSBOW。這種顛覆性的交鑰匙定向能係統由 IPG 的雷射系統專業知識和高性能商用單模雷射實現，並由我們的大批量製造能力支持。CROSSBOW 是一種可擴展且經濟高效的雷射防禦系統，可消除無人機威脅，可作為獨立系統運作或整合到分層防禦架構中。在過去的六個月中，IPG 和洛克希德馬丁公司都對 CROSSBOW 進行了廣泛的現場測試和客戶演示，驗證了該系統在應對小型第 1 組和第 2 組無人機日益增加的威脅方面的作戰有效性。

We'll be showcasing CROSSBOW this September at DSEI in London, one of the industry's leading defense exhibitions, and we anticipate strong interest from both defense and commercial customers for protection of critical military and civilian assets. This is another example of how IPG leverages our core laser and photonics technologies to address critical market needs.

我們將於今年 9 月在倫敦 DSEI 上展示 CROSSBOW，這是業界領先的國防展之一，我們預計國防和商業客戶對保護關鍵軍事和民用資產將表現出濃厚的興趣。這是 IPG 如何利用我們的核心雷射和光子技術來滿足關鍵市場需求的另一個例子。

Turning to our other growth initiatives. Micromachining delivered strong revenue compared to the prior year despite some shipment delays related to tariffs. This is a high potential market for IPG, where we see strong alignment between our technologies and the key applications of our customers.

談談我們其他的成長舉措。儘管由於關稅導致發貨延遲，微加工業務的收入仍比去年同期強勁。對於 IPG 來說，這是一個潛力巨大的市場，我們的技術與客戶的關鍵應用高度契合。

As we shared last quarter, we are also making good progress in medical with a new urology customer that is already helping to drive medical revenue growth. Looking ahead, we expect momentum to continue with additional product introductions planned for Q4 2025, 2026 and beyond as we execute on our strategic development road map. The traction we are seeing across micromachining, medical and our other focus areas reinforces that our teams are executing well and that these investments are laying the foundation for long-term growth.

正如我們上個季度所分享的，我們在醫療領域也取得了良好的進展，新的泌尿科客戶已經幫助推動了醫療收入的成長。展望未來，隨著我們執行策略發展路線圖，我們預計這一勢頭將繼續下去，計劃在 2025 年第四季、2026 年及以後推出更多產品。我們在微機械加工、醫療和其他重點領域看到的牽引力進一步證明我們的團隊表現良好，並且這些投資為長期成長奠定了基礎。

Finally, our capital allocation strategy is an integral part of our growth strategy. As we said before, our primary focus is on organic growth investments in strategic M&A. We expect to spend approximately $100 million on CapEx in 2025 to expand capacity and capture growth opportunities. Within M&A, we are evaluating tuck-in opportunities with a range of $50 million to $200 million in revenue.

最後，我們的資本配置策略是我們成長策略不可或缺的一部分。正如我們之前所說，我們的主要關注點是策略併購中的有機成長投資。我們預計 2025 年將花費約 1 億美元的資本支出來擴大產能並抓住成長機會。在併購領域，我們正在評估營收在 5,000 萬美元至 2 億美元範圍內的收購機會。

Our revenue and competitive position in cleaning applications has benefited from the cleanLASER acquisition that we made at the end of last year and we continue to target companies that offer differentiated technology or market access to accelerate strategic growth initiatives.

我們在清潔應用領域的收入和競爭地位得益於我們去年年底對 cleanLASER 的收購，我們將繼續瞄準提供差異化技術或市場准入的公司，以加速戰略增長計劃。

During the quarter, we continued to opportunistically return cash to shareholders, repurchasing $30 million of IPG stock, building on the $1 billion in share repurchases over the past three years.

在本季度，我們繼續抓住機會向股東返還現金，回購了價值 3,000 萬美元的 IPG 股票，在過去三年中，我們已回購了 10 億美元的股票。

Since joining IPG just over a year ago, I've been focused on setting the foundation to drive profitable growth, including strengthening the organization. We achieved a recent milestone on this objective with the appointment of five key leaders, including four recent hires to help advance our strategy and support continued global growth. These leaders have a proven track record of driving strategy and execution. They each bring distinct strengths, deep expertise and a shared commitment to collaboration and innovation.

自從一年多前加入 IPG 以來，我一直致力於奠定基礎以推動獲利成長，包括加強組織。我們最近在這一目標上取得了里程碑式的進展，任命了五位關鍵領導人，其中包括最近聘用的四位，以幫助推進我們的策略並支持持續的全球成長。這些領導者在推動策略和執行方面有著良好的記錄。他們各自擁有獨特的優勢、深厚的專業知識以及對合作和創新的共同承諾。

With these new appointments to our executive leadership team, we are shaping a stronger IPG, better equipped to execute with speed, serve our customers with excellence and drive our next chapter of profitable growth. I'm pleased to welcome them to the team and excited about what we will be able to accomplish.

隨著我們執行領導團隊的這些新任命，我們正在打造一個更強大的 IPG，更好地快速執行，為客戶提供卓越的服務，並推動我們獲利成長的下一章。我很高興歡迎他們加入團隊，並對我們將要取得的成就感到興奮。

I am proud to report that we've been effectively adapting to the dynamic operating environment by leveraging the flexibility of our global manufacturing supply chain to minimize the impact of tariffs. We've demonstrated agility, shifting production across regions to better serve customers. We also continue to work on alternatives to optimize our tariff exposures. As a result, we were able to ship most of the orders that were previously anticipated to be delayed due to tariffs and longer customs processing. While new tariffs have recently been announced, our global footprint and supply chain flexibility position us well to continue meeting our customers needs.

我很自豪地報告，我們一直在利用全球製造供應鏈的靈活性來最大限度地減少關稅的影響，從而有效地適應動態的營運環境。我們展現了敏捷性，跨地區轉移生產以更好地服務客戶。我們也將繼續研究替代方案來優化我們的關稅風險。因此，我們能夠發送大部分先前預計會因關稅和更長的海關處理時間而延遲的訂單。雖然最近宣布了新的關稅，但我們的全球影響力和供應鏈靈活性使我們能夠繼續滿足客戶的需求。

As I mentioned earlier, our second quarter book-to-bill ratio was approximately one on higher revenue and we are encouraged by signs of further demand stabilization in our business. Industrial production has been improving and inventories at some of our cutting OEM customers have normalized, supporting a return to more typical purchasing behavior.

正如我之前提到的，由於收入增加，我們第二季的訂單出貨比約為 1，而且業務需求進一步穩定的跡象令我們感到鼓舞。工業生產一直在改善，我們的一些切割 OEM 客戶的庫存已經恢復正常，以支持恢復更典型的購買行為。

We don't believe the recent increase in demand is driven by customers pulling orders forward in response to tariffs. That said, the demand environment continues to be sensitive to external factors so we are approaching the second half with cautious optimism.

我們不認為近期需求的成長是由於客戶因關稅而提前下單所致。儘管如此，需求環境仍然對外部因素敏感，因此我們對下半年持謹慎樂觀的態度。

In closing, I'm encouraged by the progress that we're seeing, both in the stabilization of our core business and in advancing our strategy to drive laser adoption in markets with high growth potential. While tariff-related pressure and uncertainty persist, we remain focused on what we can control and confident in our ability to navigate this environment while executing for profitable growth.

最後，我對我們所看到的進展感到鼓舞，無論是在核心業務的穩定方面，還是在推進我們在高成長潛力市場中推動雷射應用的策略方面。儘管與關稅相關的壓力和不確定性仍然存在，但我們仍然專注於我們能夠控制的事情，並對我們在實現盈利增長的同時駕馭這種環境的能力充滿信心。

With that said, I will now turn the call over to Tim.

話雖如此，我現在將電話轉給蒂姆。

Thank you, Mark, and good morning, everyone. My comments will generally follow the earnings call presentation, which is available on our Investor Relations website.

謝謝你，馬克，大家早安。我的評論通常會在收益電話會議報告之後進行，該報告可在我們的投資者關係網站上查閱。

I will start with revenue trends by application on slide 5. Revenue from materials processing decreased 6% year-over-year as a result of divestitures and lower sales in cutting, welding and additive manufacturing applications partially offset by higher revenue in micromachining and the acquisition of cleanLASER. Revenue from other applications increased 21%, driven by higher sales in medical and advanced applications.

我將從投影片 5 開始介紹按應用程式劃分的收入趨勢。材料加工收入較去年同期下降 6%，原因是資產剝離以及切割、焊接和增材製造應用領域的銷售額下降，但微加工收入增加和收購 cleanLASER 部分抵消了這一下降。受醫療和先進應用銷售額成長的推動，其他應用的收入成長了 21%。

As Mark already mentioned, we saw sequential improvement in revenue in cutting, welding and marking. Welding revenue grew on customer wins and improvement in industrial demand and EV battery investments primarily in China. Cutting revenue also grew sequentially and was nearly flat compared to the prior year as the cutting OEM business showed some stabilization in Europe and an increase in demand in Asia and North America. Marking and engraving sales were also more stable.

正如馬克已經提到的，我們看到切割、焊接和標記的收入連續成長。焊接收入的成長得益於客戶的勝利以及工業需求的改善和電動車電池投資（主要在中國）。由於切割 OEM 業務在歐洲呈現一定程度的穩定，而亞洲和北美的需求增加，切割收入也比去年同期成長，與去年相比幾乎持平。標記和雕刻的銷售也更加穩定。

Our cleaning revenue improved sequentially and continued to benefit from cleanLASER. Mark already highlighted strong results in our medical and advanced applications in the quarter, so I won't go over them again. Our emerging growth products performed well in the quarter, increasing to 54% of sales, driven by a wide variety of laser sources, subsystems and systems.

我們的清潔收入持續提高，並持續受惠於 cleanLASER。馬克已經強調了我們本季在醫療和高級應用方面取得的強勁業績，因此我不再贅述。我們的新興成長產品在本季表現良好，在各種雷射源、子系統和系統的推動下，銷售額將成長至 54%。

Moving to the revenue performance by region on slide 6. Sales in North America increased 31% sequentially and were down 4% year-over-year. Sequential growth was primarily driven by higher sales in medical and advanced applications as well as improved sales to cutting OEMs. Despite more stable sequential performance, welding revenue was down compared to the prior year due to soft demand from EV manufacturing in the region.

前往投影片 6 上按地區劃分的收入表現。北美地區銷售額較上季成長 31%，年減 4%。連續成長主要得益於醫療和先進應用領域的銷售額成長以及切割 OEM 銷售額的提高。儘管連續表現更加穩定，但由於該地區電動車製造業的需求疲軟，焊接收入與去年相比有所下降。

Sales in Europe were stable, with less than a 1% sequential decline and down 11% year-over-year, excluding $11 million in divestitures. Lower cutting and welding sales, as a result of soft industrial demand were partially offset by cleanLASER.

歐洲的銷售額維持穩定，季減不到 1%，較去年同期下降 11%，不包括 1,100 萬美元的資產剝離。由於工業需求疲軟，切割和焊接銷售額下降，但被 cleanLASER 部分抵消。

Revenue in Asia increased 4% sequentially and 14% year-over-year, benefiting from higher sales in welding and cutting as well as advanced applications.

由於焊接和切割以及先進應用領域的銷售額成長，亞洲地區的收入環比增長 4%，較去年同期成長 14%。

We have continued to see a strong demand recovery in e-mobility, coupled with our business wins in EV welding applications. Sales to additive manufacturing were lower in the quarter due to timing of shipments, while demand remains strong.

我們繼續看到電動車需求的強勁復甦，同時我們在電動車焊接應用領域的業務也取得了成功。由於出貨時間原因，本季增材製造銷售額較低，但需求依然強勁。

Moving to the financial performance review on slide 7. Revenue came in above our expectations at $251 million, up 10% sequentially and down 3% on a year-over-year basis. Foreign currency increased revenue by approximately $4 million or 1% this quarter.

前往投影片 7 上的財務績效評估。營收超出我們的預期，達到 2.51 億美元，季增 10%，年減 3%。本季外幣收入增加了約 400 萬美元，即 1%。

Gross margin was 37.3%, flat year-over-year. Adjusted gross margin was 37.8% at the top of our guidance and was driven by improved manufacturing cost absorption and a decrease in inventory provisions, mostly offset by higher cost of products sold due to geographic and product mix and increased shipping costs. The impact of tariffs was 115 basis points, which was better than our expectation.

毛利率為37.3%，與去年同期持平。調整後的毛利率為 37.8%，處於我們預期的最高水平，這得益於製造成本吸收的改善和庫存撥備的減少，但大部分被地理和產品組合導致的銷售產品成本上升以及運輸成本增加所抵消。關稅的影響為115個基點，優於我們的預期。

Operating expenses were above last year's level, primarily due to the investments we are making in key areas that are central to our strategy as well as investments in strengthening our organization, which Mark highlighted earlier on this call. GAAP operating income was breakeven and our adjusted EBITDA was $32 million, slightly above the top end of our guidance.

營運費用高於去年的水平，主要是因為我們在戰略核心的關鍵領域進行的投資以及在加強我們組織的投資，馬克在本次電話會議早些時候強調了這一點。GAAP 營業收入達到損益平衡，調整後的 EBITDA 為 3,200 萬美元，略高於我們預期的最高值。

GAAP net income was $7 million or $0.16 per diluted share. Adjusted earnings per diluted share which includes stock-based compensation, but exclude amortization of intangibles, other acquisition-related charges, foreign exchange loss and discrete tax items was $0.30 in the second quarter, above our guidance range.

GAAP 淨收入為 700 萬美元，即每股攤薄收益 0.16 美元。第二季調整後每股攤薄收益（包括股票薪酬，但不包括無形資產攤提、其他收購相關費用、外匯損失和單獨稅項）為 0.30 美元，高於我們的指導範圍。

Moving to a summary of our balance sheet and cash flow on slide 8. We ended the quarter with cash, cash equivalents and short-term investments of $900 million and no debt. During the second quarter, we spent $15 million on capital expenditures and $30 million on repurchasing IPG shares, supporting our balanced capital allocation framework of investing in growth and returning cash to shareholders.

前往投影片 8 上的資產負債表和現金流量摘要。本季末，我們的現金、現金等價物和短期投資為 9 億美元，且沒有債務。第二季度，我們花了 1,500 萬美元用於資本支出，花費 3,000 萬美元用於回購 IPG 股票，以支持我們投資成長和向股東返還現金的平衡資本配置框架。

We now expect CapEx of approximately $100 million in 2025 as we expand capacity, primarily in Europe. We expect operating cash flow to improve significantly in the second half substantially offsetting CapEx. Looking ahead, we expect CapEx to decrease significantly and free cash flow to improve next year.

隨著我們擴大產能（主要在歐洲），我們預計 2025 年的資本支出約為 1 億美元。我們預計下半年營運現金流量將大幅改善，進而大大抵銷資本支出。展望未來，我們預期明年資本支出將大幅下降，自由現金流將會改善。

Moving to our outlook on slide 9. For the third quarter of 2025, we expect revenue of $225 million to $255 million and adjusted gross margin between 36% and 38%, including a potential of a slightly higher impact of tariffs.

轉到幻燈片 9 上的展望。對於 2025 年第三季度，我們預計營收為 2.25 億美元至 2.55 億美元，調整後的毛利率在 36% 至 38% 之間，其中包括關稅可能略高的影響。

With investments in the growth of our business and strengthening the organization, we expect our operating expenses to remain elevated at between $89 million and $91 million in the third quarter. We anticipate delivering adjusted earnings per diluted share in the range of $0.05 to $0.35 with approximately 42.5 million diluted common shares outstanding. Our adjusted EBITDA is expected to be between $22 million and $36 million.

隨著我們對業務成長和組織加強的投資，我們預計第三季的營運費用將保持在 8,900 萬美元至 9,100 萬美元之間的高點。我們預計調整後每股攤薄收益將在 0.05 美元至 0.35 美元之間，流通在外的攤薄普通股約為 4,250 萬股。我們的調整後 EBITDA 預計在 2,200 萬美元至 3,600 萬美元之間。

In closing, we are pleased to see signs of continuing revenue improvement coupled with results from our strategic initiative. And we believe we have significant operating leverage in our model. Our strong balance sheet gives us a significant advantage given the near-term uncertainty in the operating environment.

最後，我們很高興看到收入持續改善的跡像以及我們的策略性舉措所取得的成果。我們相信我們的模式具有顯著的經營槓桿。鑑於近期經營環境的不確定性，我們強勁的資產負債表為我們帶來了顯著優勢。

With that, we'll be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Jim Ricchiuti, Needham & Company.

吉姆‧里基烏蒂 (Jim Ricchiuti)，李約瑟公司。

Hi, thanks. Good morning, Congrats on the quarter. First off, on the book-to-bill, I'm wondering if you could provide any color on book-to-bill by region? Was there much variability in terms of the regional bookings?

你好，謝謝。早上好，恭喜本季。首先，關於訂單出貨比，我想知道您是否可以提供按地區劃分的訂單出貨比的詳細資訊？各地區預約狀況差異很大嗎？

Jim, thanks very much for the question. Good to hear from you. Actually, book-to-bill was one and really just about one across all regions. That was, of course, on go ahead. Sorry.

吉姆，非常感謝你的提問。很高興收到你的來信。實際上，訂單出貨比就是一個比率，而且實際上在所有地區都差不多是一個比率。當然，這是可以繼續的。對不起。

No, please, Mark.

不，馬克，拜託。

I was just going to say that, that was also on top of the higher revenue as well. So we're quite pleased with that.

我只是想說，這也是在更高的收入之上的。所以我們對此非常滿意。

Got it. My follow-up, Mark, is on the directed energy commentary. I'm wondering how you're thinking about the opportunity for IPG over the next few years? And just relative to maybe the other emerging growth opportunities you're targeting? And can you say, for instance, how many customers you're working with in this area?

知道了。馬克，我的後續評論是關於定向能量的評論。我想知道您如何看待未來幾年 IPG 的機會？這或許與您所瞄準的其他新興成長機會有關？舉例來說，您能否說一下您在這個領域與多少客戶合作？

Yeah, sure. So thanks, Jim. So the directed energy, again, is part of our part of the work that we're doing taking the key technologies within IPG. So this is the lasers as well as the broader photonics and the applications understanding to really direct it to some key areas of growth. And of course, the advanced is one with the directed energy as well as the medical and micromachining areas.

是的，當然。所以謝謝你，吉姆。因此，定向能是我們利用 IPG 內部的關鍵技術所進行的工作的一部分。因此，這是對雷射以及更廣泛的光子學和應用的理解，真正將其引導到一些關鍵的成長領域。當然，先進的是定向能以及醫療和微加工領域。

But specifically, in directed energy, what I can say is that this is a very interesting market for us. In terms of market size, it's a little bit hard to estimate but it's a developing market. There's kind of billions of dollars spent each year on the order of $1 billion in the US. And our solution addresses a key segment of the market. And that's the key part that we believe is growing.

但具體來說，在定向能方面，我可以說這對我們來說是一個非常有趣的市場。就市場規模而言，有點難以估計，但這是一個發展中的市場。美國每年在這方面的花費約為 10 億美元。我們的解決方案針對的是市場的關鍵部分。我們認為這是正在成長的關鍵部分。

So this is as I talked about on the call there, this is addressing the smaller class drones, the Group 1 and Group 2 drones, which is the biggest issue today or, let's say, a very significant issue today, both in warfare, we've seen that as an issue as well as in civilian infrastructures where there's incursions in airports, incursions at borders, incursions in stadium. It's a big issue today.

正如我在電話中提到的，這是針對小型無人機，即第 1 組和第 2 組無人機，這是當今最大的問題，或者說，今天非常重要的問題，無論是在戰爭中，我們都認為這是一個問題，在民用基礎設施中，機場入侵、邊境入侵、體育場入侵都是如此。這是今天的一個大問題。

So from a market standpoint, the CROSSBOW is a turnkey system that directly addresses that small drone threat. We have the partnership that we talked about with Lockheed, which is addressing one part of the market. We believe, again, the market is a broader one that has both opportunities in the defense sector, but also the civilian piece. And we'll be, of course, I've mentioned that we've done extensive testing with Lockheed that that's going very well and that we'll be bringing the system to the DSEI show in September, where we'll have a chance to talk to a broader customer base as well. But overall, very excited with the progress the team has made.

因此，從市場角度來看，CROSSBOW 是一個直接解決小型無人機威脅的交鑰匙系統。我們與洛克希德公司討論了合作夥伴關係，以解決部分市場問題。我們再次相信，市場更加廣闊，既有國防領域的機遇，也有民用領域的機會。當然，我提到過，我們已經與洛克希德進行了廣泛的測試，進展非常順利，我們將在 9 月將該系統帶到 DSEI 展會上，屆時我們將有機會與更廣泛的客戶群進行交流。但總的來說，我對團隊的進步感到非常興奮。

And again, this is a great application for us because it's the combination of our core technologies with the single-mode lasers as well as the photonics. And then it's key for us because, again, this is something that we can bring into our commercial manufacturing infrastructure where we're manufacturing volumes of the single-mode lasers but also systems and subsystems. So we can do this at a very disruptive price point and cost point. And that's why we believe that this is a unique position to be able to address the smaller drone class at a cost point that could be broadly used.

這對我們來說是一個偉大的應用，因為它是我們的核心技術與單模雷射和光子學的結合。這對我們來說很關鍵，因為我們可以將其引入我們的商業製造基礎設施，在那裡我們可以大量生產單模雷射以及系統和子系統。因此我們可以以極具顛覆性的價格和成本做到這一點。這就是為什麼我們相信這是一個獨特的位置，能夠以可廣泛使用的成本點解決小型無人機類別的問題。

Thanks, Mark. I appreciate the additional color on that. I'll jump back in the queue.

謝謝，馬克。我很欣賞其附加的色彩。我會重新回到隊列中。

(Operator Instructions)

（操作員指示）

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Thank you. Hi Mark, and hi Tim. Mark, I wanted to start with maybe just walking through the outlook. It's great to see the progress and some signs of stabilization. But when we look at the Q3 guidance, maybe you can just walk us through the puts and takes of that guidance. So you had $10 million that you had previously anticipated out of the $15 million come through in Q2. And maybe just an update on how you're thinking about potential tariff impact as a portion of that guidance for Q3?

謝謝。你好，馬克，你好，提姆。馬克，我想先從概述一下開始。很高興看到進展和一些穩定的跡象。但當我們查看第三季指引時，也許您可以向我們介紹該指引的優缺點。因此，您在第二季度獲得的 1500 萬美元中獲得了先前預計的 1000 萬美元。也許您只是想更新一下您如何看待潛在關稅影響作為第三季指導的一部分？

And then you had a comment about cautious optimism for the second half. And I'm just wondering what kind of visibility you might be getting from your customers as you think about the second half, i.e., do you think that there's going to be continued stabilization and maybe improving bookings into Q4?

然後你對下半年持謹慎樂觀的態度。我只是想知道，當您考慮下半年時，您可能會從客戶那裡獲得什麼樣的了解，即您是否認為第四季度的預訂量會繼續保持穩定並可能有所改善？

All right. Thanks very much. So a couple of the pieces here. Again, we're very happy to see the book-to-bill of one. And again, that book-to-bill on top of the higher revenue. As you mentioned, we were able to ship about $10 million of the $15 million that we expected to move into Q3 because the team did a fantastic job of being able to mitigate the tariff issues because we have this flexibility, as we talked about, to be able to move the manufacturing from region to region and optimize the tariff situation. We believe we'll be able to do that also, of course, going forward.

好的。非常感謝。這裡有幾件作品。再次，我們很高興看到訂單出貨比為 1。再次強調，訂單出貨比高於收入。正如您所提到的，我們能夠交付預計進入第三季度的 1500 萬美元中的約 1000 萬美元，因為團隊在緩解關稅問題方面做得非常出色，因為正如我們所討論的，我們具有這種靈活性，能夠將製造業從一個地區轉移到另一個地區並優化關稅情況。當然，我們相信，未來我們也能夠做到這一點。

And we did see very good demand in material processing. We are seeing the industrial businesses the industrial markets there's been improvement over the last few quarters. You've seen that some of that improvement in PMI. So we're seeing that industrial pick up. And we're seeing it in material processing broadly across each of the regions and broadly across many of the applications, including the areas of welding. We talked about the EV pickup. We've seen that also in cutting. So we've seen our cutting the inventories of some of our OEMs have normalized. So we're seeing that area pick up.

我們確實看到了材料加工方面非常好的需求。我們看到工業企業和工業市場在過去幾季有所改善。您已經看到 PMI 有所改善。因此，我們看到了工業復甦。我們在各個地區的材料加工和許多應用領域（包括焊接領域）都廣泛地看到了它。我們討論了電動皮卡。我們在切割中也看到了這一點。因此，我們看到一些 OEM 的庫存削減已經正常化。所以我們看到該地區正在復甦。

And we've seen increases continued demand increases in things like additive manufacturing, as well as, again, broad-based, we saw strong medical. We have picked up another customer as we talked about in medical that's attached to our road map of urology. So that's continuing to see growth. So again, we're seeing kind of broad-based improvement, I would say.

我們看到積層製造等領域的需求持續成長，而且，從廣泛角度來看，我們也看到了強勁的醫療需求。正如我們在醫療領域所討論的，我們已獲得了另一位客戶，該客戶與我們的泌尿外科路線圖有關。因此，成長仍在繼續。所以我想說，我們再次看到了廣泛的改善。

And I would say cautious optimism and the reason I'm saying cautious optimism because, of course, there's still tariff uncertainties, and we're still in a macro environment that hasn't completely recovered for sure. So that's really my comments on that piece.

我想說的是謹慎樂觀，我之所以說謹慎樂觀，是因為當然仍然存在關稅不確定性，而且我們仍然處於尚未完全恢復的宏觀環境中。這就是我對那篇文章的評論。

Got it. Yes, go ahead, Tim, sorry.

知道了。是的，繼續吧，提姆，對不起。

Yeah. We went through it -- started the usual process on generating guidance, so there's nothing particularly unusual in there. I think the only thing I think that's good is that even at the midpoint, we're slightly above where the Street was. And I think that's the first time in quite a while that we've been able to guide at the midpoint that it is mildly positive. So I think we're more than bouncing along the bottom at the moment. We've probably got a little bit of lift off -- a little bit of lift off at the moment.

是的。我們已經完成了它——開始了生成指導的正常流程，所以其中沒有什麼特別不尋常的地方。我認為唯一好事是，即使在中間點，我們也略高於華爾街的水平。我認為這是我們很長一段時間以來第一次能夠在中間點引導出略微積極的走勢。所以我認為我們目前不僅僅是在底部徘徊。我們可能已經取得了一些進展 — — 目前已經取得了一些進展。

A little bit, indeed. And yes, I can't remember the last time, yes, that you guys had a guide above our numbers. So that's great. If I could follow up on Jim's question, Mark, on the defense stuff. I would love to understand how you're thinking about high energy as well? There's been some awards and actually, just yesterday, another award for 100 kilowatt system. And so is that part of your strategy longer term, perhaps? Or are you focused more on this lower cost stuff that you talked about?

確實有一點。是的，我不記得上次你們的指南超過了我們的數字。這太棒了。馬克，如果我可以跟進吉姆關於防禦方面的問題的話。我很想了解您對高能量有何看法？已經頒發了一些獎項，實際上就在昨天，又頒發了另一個 100 千瓦系統獎項。那麼，這是您長期策略的一部分嗎？或者您更關注您談到的這種低成本的東西？

Yeah. So what I would say is that we've been playing in the overall market in directed energy for many years. We have very high performance, I'd say the best single-mode lasers that are applied broadly in the marketplace as well as our amplifiers. So those tend to play in many of those programs. But the high power is not what CROSSBOW is. This system is really focusing on threats from these Group 1 and Group 2 drones, the smaller drones that are more widespread and can be addressed with the relatively low power using these using our high brightness single-mode lasers. So that's really the area that we're talking about here.

是的。所以我想說的是，我們已經在定向能市場中活躍了很多年。我們擁有非常高的性能，我想說，我們在市場上廣泛應用的最好的單模雷射和我們的擴大機。因此這些往往會在許多程序中發揮作用。但CROSSBOW不只注重威力。該系統真正關注的是來自第 1 組和第 2 組無人機的威脅，這些無人機體型較小，分佈更廣，可以使用我們的高亮度單模雷射以相對較低的功率進行應對。這就是我們在這裡討論的領域。

And we think that, that's, as I mentioned, is a significantly growing market because it's it's one of the biggest issues today. If you as you're reading, it's a big issue on the battlefield today. These small drones that you can buy for hundreds of dollars can inflict major damage. And then also, it's an issue in the civilian infrastructure, borders, et cetera, as well, and we're starting to see more of that, and it's only increasing. So we think that's a really good area for us to play.

我們認為，正如我所提到的，這是一個顯著成長的市場，因為它是當今最大的問題之一。如果你正在閱讀的話，你會發現這是當今戰場上的一個大問題。這些花費數百美元就能買到的小型無人機卻能造成重大損害。此外，這也是民用基礎設施、邊界等方面的問題，我們開始看到更多這樣的問題，而且還在增加。所以我們認為這對我們來說是一個非常好的發揮領域。

Great. And if I could squeeze one more in for Tim. Tim, on the gross margin, I might have missed it, but could you give as part of that 36% to 38% gross margin number, it sounded like a little bit of a higher impact from tariffs. Did you give the inventory absorption number that is impacting the gross margin?

偉大的。如果我能再為蒂姆擠出一點時間的話。提姆，關於毛利率，我可能錯過了，但你能否給出 36% 到 38% 的毛利率數字的一部分，聽起來這像是關稅帶來的更大影響。您是否給出了影響毛利率的庫存吸收數字？

I mean relative to Q2, we are still, we had an improvement in under absorption that we set benefited gross margin a bit. We're still relative to peak efficiency, probably 500 basis points of getting back to that more optimal level. But we saw a meaningful improvement, a couple of hundred basis points improvement in the second quarter and expect that to flow through to Q3 as well.

我的意思是，相對於第二季度，我們的吸收不足情況仍然有所改善，這對毛利率有一定的好處。我們仍然處於峰值效率水平，可能需要 500 個基點才能回到更理想的水平。但我們看到了顯著的改善，第二季改善了幾百個基點，預計這種改善也將延續到第三季。

Okay, thank you, that's all I had. Thank you.

好的，謝謝，我就知道這麼多。謝謝。

Scott Graham, Seaport Research Partners.

斯科特·格雷厄姆，海港研究合作夥伴。

Hi, good morning and Congratulations on a nice quarter. I wanted to ask a couple of questions here, including piggybacking off of what you just said about gross margins. But first, could you kind of tell us how the order book looked as the quarter progressed? And maybe any specific end markets in particular, anything you could mention would be helpful?

大家好，早安，恭喜您本季取得良好成績。我想在這裡問幾個問題，包括您剛才提到的毛利率問題。但首先，您能否告訴我們本季的訂單情況如何？也許對於任何特定的終端市場，您能提及的任何內容都會有所幫助嗎？

Yeah, I don't mean in dollars. I kind of mean year-over-year because we all know that June is typically the largest month for dollar orders. I'm just hoping as on a year-over-year basis, you could talk about the progression.

是的，我不是指美元。我指的是同比，因為我們都知道六月通常是美元訂單最多的月份。我只是希望，您可以談論一下同比的進展。

Yeah. I mean I think year-over-year, the total increase, the total value of bookings increased. We haven't given that number, but it was up compared to Q2 '24. I think the overall tone during the quarter was significantly improved compared to a year ago. April was actually quite a strong bookings month, so it wasn't back loaded. Our revenue happened to be a bit more backloaded in the quarter, with June being very strong on revenue. That probably reflected the fact that the bookings in April were pretty good. May was a little bit weaker and then June picked up again.

是的。我的意思是，我認為與去年同期相比，整體成長、預訂總價值有所增加。我們沒有給出這個數字，但與 24 年第二季相比有所上升。我認為本季的整體基調與去年同期相比有了顯著改善。四月其實是預訂量相當強勁的一個月，因此並沒有出現預訂量過大的情況。我們的收入恰好在本季度有所滯後，其中 6 月份的收入非常強勁。這可能反映出四月份的預訂情況相當不錯。五月稍弱一些，但六月又回升了。

So we're actually -- we weren't scrambling to get to this number at the end of the quarter. It was easier than it has been on not just a year ago, but even the last couple of quarters where bookings have been more weighted to the end of the period.

所以實際上，我們並沒有急於在季度末達到這個數字。這不僅比一年前更容易，而且比過去幾個季度更容易，因為預訂量更集中在期末。

Jim Ricchiuti, Needham & Company.

吉姆‧里基烏蒂 (Jim Ricchiuti)，李約瑟公司。

I just wanted to ask about the systems business, a smaller part of your business, obviously. But first year-on-year sequential increase that we've seen in a while, and I wanted to understand what some -- what may have drove that? I assume some of that may be the cleanLASER business. But can you elaborate on what you're seeing there?

我只是想問一下系統業務，顯然這只是你們業務的一小部分。但這是我們一段時間以來第一次看到同比增長，我想了解是什麼原因推動了這一增長？我認為其中一些可能是 cleanLASER 業務。但你能詳細說明一下你在那裡看到了什麼嗎？

Yeah. Certainly, Jim. So a couple of things. First of all, we're very excited with cleanLASER. That's going very, very well. That acquisition that we did at the end of last year. Integration is going very well. And they've been continuing with their traction in the market. But we're also seeing -- we've also had some increases in other areas of our systems. We're making micromachining systems and systems in welding and such as well.

是的。當然，吉姆。有幾件事。首先，我們對 cleanLASER 感到非常興奮。一切進展非常順利。我們在去年年底進行的收購。整合進展非常順利。他們一直在市場上保持著影響力。但我們也看到——我們系統的其他領域也有一些成長。我們正在製造微加工系統和焊接系統等。

I don't know, Tim, if you have anything you'd add?

我不知道，提姆，你還有什麼要補充的嗎？

I think you've covered. I think just on the robotics side, we had a better quarter on the large-scale gantry robotic systems as well and a pretty good quarter on LightWELD too.

我想你已經了解了。我認為僅在機器人方面，我們在大型龍門機器人系統方面也取得了更好的成績，在 LightWELD 方面也取得了相當不錯的成績。

Got it. And on the Medical business, it sounds like you're encouraged by the ramp you're seeing with the second customer in the urology area. I wonder if you would help us understand whether there's been any change in the overall competitive environment in this area of the business?

知道了。在醫療業務方面，聽起來您對泌尿科領域的第二位客戶的成長感到鼓舞。我想知道您是否能幫助我們了解該業務領域的整體競爭環境是否發生了變化？

So let me speak to that, Jim. So let me just step back for a moment and just say that urology is one of the key areas that we're investing in. So it's the medical side, the micromachining, the advanced. And in that urology road map, we have a broad base of our capability in that area, and we're bringing out new systems. So we talked about the fact that we're bringing something out in Q4 and then a whole road map of growth.

那麼，讓我來談談這個問題，吉姆。所以，讓我暫時退一步來說，泌尿科是我們投資的重點領域之一。所以它是醫學方面、微加工方面、先進的。在泌尿科路線圖中，我們在該領域擁有廣泛的能力基礎，並且我們正在推出新的系統。因此，我們討論了我們將在第四季度推出一些產品，然後制定整個成長路線圖。

We have the strongest position on the thulium lasers in urology, and we're continuing to grow as we picked up this new customer. That's bringing our share up and continuing to drive our share in that marketplace.

我們在泌尿科铥雷射領域擁有最強的地位，隨著我們獲得這位新客戶，我們的業務將繼續成長。這將提高我們的份額並繼續推動我們在該市場的份額。

Scott Graham, Seaport Research Partners.

斯科特·格雷厄姆，海港研究合作夥伴。

Yeah, Sorry about that. The gross margin, the minus 500 basis points, Tim, could you provide a little bit more color around that, if you would?

是的，很抱歉。毛利率為負 500 個基點，提姆，你能否提供更多細節？

Yeah, sure. I think the positive takeaways from gross margin were that we had better manufacturing efficiencies. So we had a benefit from lower underabsorbed costs. We've made statements. So that's a real focus of ours of trying to get that improved. It helped a little bit. The revenue is up a bit. The second side of it is, we've got inventory more under control over the last 12 months. The inventory provisions that we incurred were a bit lower.

是的，當然。我認為毛利率的正面意義在於我們擁有更好的製造效率。因此，較低的未吸收成本為我們帶來了好處。我們已經發表聲明。因此，我們真正關注的是改進這一點。這有一點幫助。收入稍微增加了。第二點是，過去 12 個月我們對庫存的控制更加到位。我們提列的庫存準備金略低一些。

Offsetting those benefits, we did have really related to product mix, both on a geographic and product basis, a little bit of an impact to gross margin due to lower product gross margins. But in that regard, we've actually got cost reduction initiatives across four or five different areas that we're starting to roll through the business model. So we expect that product gross margin to improve.

除了抵消這些好處之外，我們確實在產品組合方面，無論是在地理上還是在產品上，都因產品毛利率較低而對毛利率產生了一點影響。但在這方面，我們實際上已經在四、五個不同領域採取了降低成本的舉措，並開始透過商業模式推行這些舉措。因此我們預期產品毛利率將會提高。

I mean just a couple of examples of those as, for example, the rack-integrated higher-power lasers are starting to be introduced more fully. We're looking at some of the micromachining lasers with higher power output and better specification that the bill of material won't change on. We're automating the production of some of our consumable fibers for medical. And there are other areas that we're working on to get the product cost down. So we expect that to bounce back.

我僅舉幾個例子，例如機架整合式高功率雷射開始得到更全面的引入。我們正在研究一些具有更高功率輸出和更好規格的微加工雷射器，而物料清單不會改變。我們正在實現部分醫療用消耗纖維的自動化生產。我們也在其他領域開展工作以降低產品成本。因此我們預計它會反彈。

And then the tariffs, if you really compare Q2 to Q1, the tariff impact was 115 basis points. You add that back to both the adjusted and unadjusted gross margin, you're back close to 39% on an adjusted basis and 38.5% on a GAAP basis.

然後是關稅，如果你真正比較第二季度和第一季度，關稅影響是 115 個基點。將其添加到調整後和未調整後的毛利率中，調整後的毛利率接近 39%，而 GAAP 基礎上的毛利率接近 38.5%。

Very good. Yeah. Very thorough response to my question, Tim. It would be nice also if you guys got a little bit of help from your end markets. And I think there are a couple of companies that have reported so far that have indicated that, hey, look, once this tariff uncertainty, once that cloud starts to lift a little bit, there's going to be an increase in good projects are going to be greenlight and things are just going to be a little bit better.

非常好。是的。提姆，非常透徹地回答了我的問題。如果你們能從終端市場獲得一點幫助，那就太好了。我認為，到目前為止，已經有幾家公司報告稱，嘿，你看，一旦這種關稅不確定性，一旦陰雲開始消散一點，就會有更多好的項目獲得批准，事情就會變得更好一點。

I was wondering if you were kind of hearing that from your customers? A big part of your revenue basis, general industrial across the world, and it's just kind of hoping if you heard anything from that from your customers, if you could share that from your general industrial market?

我想知道您是否從客戶那裡聽過這種說法？您的收入很大一部分來自全球的一般工業，我只是希望如果您從客戶那裡聽到任何消息，您是否可以分享您的一般工業市場的情況？

Scott, this is Mark. So as I talked about, we've seen -- we've obviously seen some pickup. We see the book-to-bill strong. We've seen the PMIs improving in the various regions. But we're still in some we still have some uncertainty. I'd say, again, it's what I said, I think my customers are saying the same thing that they have a cautious optimism looking forward. There's still some uncertainty with the tariffs and there's some uncertainty in the market, but I'm hearing, let's say, cautious optimism.

斯科特，這是馬克。正如我所說的，我們已經看到——我們顯然看到了一些回升。我們看到訂單出貨比表現強勁。我們看到各地區的PMI都在改善。但我們仍面臨一些不確定性。我想說的是，正如我所說，我認為我的客戶也表達了同樣的看法，他們對未來抱持著謹慎樂觀的態度。關稅方面仍存在一些不確定性，市場上也存在一些不確定性，但我聽到的是謹慎樂觀的聲音。

(Operator Instructions)

（操作員指示）

Mark Miller, The Benchmark Company.

馬克·米勒，基準公司。

I'm just wondering if you can comment about welding market outside of China, in particular, United States?

我只是想知道您是否可以評論一下中國以外的焊接市場，特別是美國？

So we've seen good growth in welding globally. So I can say that. The strongest growth that we saw was specifically in EV and the biggest piece of growth there was in China, but we do have -- we have had broad-based growth, and we've seen growth also quarter-on-quarter with LightWELD in welding. So we are seeing some increase.

因此，我們看到全球焊接行業呈現良好的成長動能。所以我可以這麼說。我們看到的最強勁的成長是在電動車領域，其中最大的成長來自中國，但我們確實實現了廣泛的成長，我們也看到 LightWELD 在焊接領域的環比成長。因此我們看到了一些增長。

I'm just wondering, too, if you can comment about the margin profile of your backlog? Is that similar to what you're expecting in the third quarter?

我也想知道，您是否可以評論一下您的積壓訂單的利潤狀況？這與您對第三季的預期相似嗎？

Yeah. I mean the mix on that is not fundamentally different going into the quarter, Mark.

是的。我的意思是，進入本季後，這種組合並沒有根本的不同，馬克。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eugene Fedotoff for closing comments.

問答環節已經結束。現在我想將電話轉回給 Eugene Fedotoff 進行最後發言。

Thank you, everyone, for joining us this morning and your continued interest in IPG. We will be participating in several investor events this quarter and are looking forward to speaking with you again soon. Have a great day. Thank you.

感謝大家今天早上的參與以及對 IPG 的持續關注。本季我們將參加幾場投資者活動，並期待很快再次與您交談。祝你有美好的一天。謝謝。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。我們感謝您的參與。