Modine Manufacturing Company (MOD) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Modine Manufacturing Company's Fourth Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位女士、各位先生，早安，歡迎參加 Modine Manufacturing Company 2022 會計年度第四季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。

I would now like to turn the conference over to your host, Ms. Kathy Powers, Vice President, Treasury, Investor Relations and Tax. Please go ahead.

現在我想把電話會議交給本次主持人——財務、投資人關係與稅務副總裁 Kathy Powers 女士。請開始。

Good morning, and thanks for joining our conference call to discuss Modine's Fourth Quarter Fiscal 2022 results. I'm joined on this call by Neil Brinker, our President and Chief Executive Officer; and Mick Lucareli, our Executive Vice President and Chief Financial Officer. We'll be using slides for today's presentation, which can be accessed either through the webcast link or by accessing the PDF file posted on the Investor Relations section of our website, modine.com.

早安，感謝各位參加我們的電話會議，一同討論 Modine 2022 會計年度第四季的業績。我與會的還有我們的總裁暨執行長 Neil Brinker，以及執行副總裁暨財務長 Mick Lucareli。今天的簡報將使用投影片，各位可透過網路直播連結觀看，或至我們網站 modine.com 的投資人關係頁面下載已上傳的 PDF 檔。

On Slide 3 is our notice regarding forward-looking statements. This call will contain forward-looking statements as outlined in our earnings release as well as in our company's filings with the Securities and Exchange Commission. With that, it is my pleasure to turn the call over to Neil.

投影片第 3 頁為我們關於前瞻性陳述的聲明。本次電話會議將包含前瞻性陳述，相關內容已載於我們的財報新聞稿，以及本公司向美國證券交易委員會提交的文件中。接下來，我很高興把電話交給 Neil。

Thank you, Kathy, and good morning, everyone. Before covering our quarterly results, I would like to go over some changes that we have made to our segment structure at the beginning of our new fiscal year. We have reorganized into 2 separate reporting segments, and we'll begin reporting under this structure in the first quarter of fiscal '23.

謝謝你，Kathy，各位早安。在說明本季業績之前，我想先介紹我們在新會計年度開始時，對事業部門架構所做的一些調整。我們已重整為 2 個獨立的申報部門，並將自 2023 會計年度第一季起，依此架構進行揭露。

Our first segment is Performance Technologies, which is comprised of our heavy-duty equipment automotive, EV and coatings businesses. We are now managing this business by technology and product groups and will report revenue based on 3 subsegments. The first subsegment contains our air cooled applications, which includes components that are traditionally attached to the powertrain. These include radiators and condensers sold to our traditional vehicle end markets, commercial vehicle, off-highway and Automotive.

第一個部門為「Performance Technologies（性能技術）」，由我們的重型設備車用、電動車（EV）以及塗層業務所組成。我們現在以技術與產品群組來管理此業務，並將依 3 個次部門揭露營收。第一個次部門為氣冷式應用，包含傳統上安裝於動力系統的零組件，例如銷售至傳統車輛終端市場（商用車、非道路與汽車市場）的散熱器與冷凝器。

The second subsegment focuses on liquid-cooled applications, including components such as oil coolers and exhaust gas recirculation coolers sold to these same end markets. The third subsegment is advanced solutions, which includes EV systems and components and coatings. The focus here is rapid growth, and we are allocating a significant number of strategic resources to advanced solutions.

第二個次部門聚焦於液冷式應用，包含例如機油冷卻器與廢氣再循環（EGR）冷卻器等零組件，同樣銷售至上述終端市場。第三個次部門為先進解決方案，包含 EV 系統與零組件以及塗層。此處的重點是快速成長，我們正將大量策略性資源配置至先進解決方案。

Our second segment is Climate Solutions, combining our Building HVAC and CIS segments. There is significant overlap between the end markets served by these businesses, so consolidating allows for better focus on growing in our key target markets. This segment also has 3 subsegments: heat transfer products, HVAC and refrigeration and data centers.

第二個部門為「Climate Solutions（氣候解決方案）」，整合我們的 Building HVAC 與 CIS 部門。這兩項業務所服務的終端市場有高度重疊，因此合併後可更聚焦於在我們的關鍵目標市場中成長。此部門同樣包含 3 個次部門：熱交換產品、HVAC 與冷凍，以及資料中心。

Heat transfer products is our coils business, which primarily sells into HVAC and refrigeration end markets. HVAC and refrigeration includes our heating and indoor air quality products along with refrigeration and industrial coolers. The final subsegment is our data center business, including data center systems and services.

熱交換產品為我們的盤管（coils）業務，主要銷售至 HVAC 與冷凍終端市場。HVAC 與冷凍包含我們的供暖與室內空氣品質產品，以及冷凍與工業冷卻器。最後一個次部門為資料中心業務，包含資料中心系統與服務。

We believe that simplifying our segment structure provides us with numerous benefits. This leaner, more focused organization optimizes our ability to coordinate global strategies and ensure our employees can act quickly and decisively. It also allows us to simplify and improve our external messaging and financial reporting processes.

我們相信，簡化部門架構能帶來多項效益。更精實、聚焦的組織可最佳化我們協調全球策略的能力，並確保員工能快速且果斷地行動。同時也能簡化並改善我們對外溝通與財務報導流程。

Please turn to Slide 5. Now I would like to provide some business highlights for the quarter. I'm pleased to report that we have had strong earnings growth driven by higher revenues in key markets and also due to the actions taken earlier this year to improve our business, including implementation of 80/20 actions. One of our key challenges this past year was keeping up with the continued inflationary pressures created by the rapidly accelerating rise in metal prices and logistic costs throughout the year. We have spent much of this past year strengthening our commercial organization, and we definitely saw the positive impacts of those changes this quarter, particularly in our Building HVAC and CIS segments.

請翻到投影片第 5 頁。接下來我想分享本季的一些營運重點。我很高興報告，我們的獲利強勁成長，主要受惠於關鍵市場營收提升，以及我們今年稍早為改善業務所採取的行動（包含導入 80/20 行動）。過去一年我們面臨的一項主要挑戰，是全年金屬價格與物流成本快速上升所帶來的持續通膨壓力。我們在過去一年投入大量時間強化商務組織，而本季我們確實看到這些改變帶來的正面影響，尤其是在 Building HVAC 與 CIS 部門。

We have implemented multiple pricing adjustments and have improved our commercial agreements with our customers using 80/20 as a guide to ensure that we are focusing on the most impactful areas. By simplifying our processes and working to grow and resource our best-performing businesses, we expect to continue to see margin improvements into fiscal 2023 and beyond.

我們已實施多次調價，並以 80/20 為指引，改善與客戶的商務協議，確保聚焦在最具影響力的領域。透過簡化流程，並致力於成長與投入資源於表現最佳的業務，我們預期 2023 會計年度及其後的毛利率將持續改善。

Now moving on to the segments. In Building HVAC, demand remains strong for our heating, indoor air quality and data center products. Growth in our heating businesses continues to be above market, and sales of our school ventilation products are benefiting from federal funding targeted at improving indoor air quality.

接著談各部門。在 Building HVAC 方面，我們的供暖、室內空氣品質與資料中心產品需求仍然強勁。我們供暖業務的成長持續高於市場水準，而學校通風產品的銷售也受惠於聯邦資金，該資金旨在改善室內空氣品質。

Across the industry, on-time delivery continues to be an issue with shortages of critical components creating production delays. However, we've been able to take advantage of this situation through superior product availability and shorter lead times, allowing us to continue growing our market share and creating a competitive advantage for our products.

在整個產業中，因關鍵零組件短缺造成生產延遲，準時交貨仍是一項問題。然而，我們憑藉更佳的產品供應能力與更短的交期，得以把握此情勢，持續提升市占率，並為我們的產品建立競爭優勢。

I would now like to take a moment to give an update on our school ventilation products, which has been a small business for us historically, but one where we are now dedicating additional resources and project strong future growth. There have been 3 separate government programs with funding available for improving indoor air qualities in schools, so it's critically important that we capture our share of this major infrastructure spend over the next several years. We currently estimate that over 40% of the K-12 schools in North America require upgrades to their HVAC systems. And given that market demand, we believe this business is likely to double over the next 3 years.

我想花點時間更新我們的學校通風產品。過去這對我們而言一直是較小的業務，但我們現在正投入更多資源，並預期未來將有強勁成長。政府目前有 3 項獨立計畫提供資金，用於改善學校室內空氣品質，因此在未來數年這筆重大基礎建設支出中，取得我們應有的份額至關重要。我們目前估計，北美超過 40% 的 K-12 學校需要升級其 HVAC 系統。基於此市場需求，我們認為該業務在未來 3 年很可能倍增。

We have shifted engineering resources to these product lines and have growth targets for both product sales and service revenue. We are increasing production capacity for this business by consolidating production of these products in our West Kingston, Rhode Island plant and simplifying our product line through SKU rationalization. This market presents an incredible opportunity for us, and we plan to take full advantage by increasing the focus and resources dedicated to supporting this market in a time of supply-and-demand imbalance.

我們已將工程資源轉向這些產品線，並為產品銷售與服務營收設定成長目標。我們正透過將這些產品的生產整合至羅德島州 West Kingston 工廠、並藉由 SKU 精簡（SKU rationalization）簡化產品線，來提升此業務的產能。此市場為我們帶來極佳機會，我們計畫在供需失衡的環境下，透過提高對該市場的關注與投入資源，充分把握此機會。

In our heating business, we are also focused on growth. We continue to increase market share by converting distributors and strengthening our marketing activities with targeted campaigns and development for both residential garage heaters and for our high-efficiency products that go into greenhouses and warehouses. Finally, we are working on refreshing our product line with new offerings in the works for the next heating season.

在供暖業務方面，我們同樣聚焦於成長。我們持續透過轉換經銷商、並以具針對性的行銷活動與開發來強化行銷作為，以提升市占率，涵蓋住宅車庫暖風機，以及用於溫室與倉庫的高效率產品。最後，我們也正著手更新產品線，並規劃在下一個供暖季推出新產品。

In our data center business, we are still seeing strong demand from key accounts as the data center market continues to expand. We are also experiencing supply chain challenges particularly with fans and controllers. This has created a production backlog, which we'll continue to work through, but that could negatively impact our first quarter, particularly after our strong Q4.

在資料中心業務方面，隨著資料中心市場持續擴張，我們仍看到來自主要客戶的強勁需求。我們也正面臨供應鏈挑戰，特別是風扇與控制器。這造成生產積壓，我們將持續消化，但在第四季表現強勁之後，這可能會對第一季造成負面影響。

Progress continues in our new production facility in Virginia, and we are developing a strong pipeline of orders that will start shipping by the end of this calendar year. From a technology standpoint, our engineers are focused on how our products can contribute to our customers' sustainability goals, in particular, reducing the water and energy consumption of our products and lowering the global warming impact. As we enter our new product development cycle, this will help contribute to our competitive advantage.

我們在維吉尼亞州的新生產設施持續推進，並正在建立強勁的訂單管線，預計在本曆年年底前開始出貨。從技術角度來看，我們的工程師正專注於我們的產品如何協助客戶達成永續目標，特別是降低產品的用水與耗能，並降低全球暖化影響。隨著我們進入新一輪產品開發週期，這將有助於強化我們的競爭優勢。

Please turn to Page 6. Our CIS segment had a very strong quarter with significant growth in both revenue and earnings. We continue to see the benefit of commercial actions taken earlier in the year with our revenue growth driven by both volume gains and pricing improvements. This segment is an early indicator of the potential benefits of 80/20 as we have the most flexibility to make rapid business decisions and see the benefits.

請翻到第 6 頁。我們的 CIS 部門本季表現非常強勁，營收與獲利皆大幅成長。我們持續看到今年稍早所採取商務行動的效益；營收成長同時來自銷量提升與定價改善。由於此部門在快速做出營運決策方面最具彈性，因此它是 80/20 潛在效益的早期指標，我們也能更快看到成果。

For example, in our coils business, this included introducing filters into our order entry system to block inactive or low-volume part numbers and introduce minimum order quantities and extend lead times where appropriate. We have implemented several price increases in our coils business, which is seeing pockets of growth, particularly in European heat pumps and North American pool heaters. We have also targeted certain areas of the business to exit as we focus more on margin improvement and less on top line growth in this area of the business.

例如，在我們的盤管業務中，這包括在接單系統中導入篩選機制，以阻擋停用或低銷量的料號，並在適當情況下導入最低訂購量與延長交期。我們已在盤管業務中實施多次漲價；該業務在部分領域出現成長動能，尤其是歐洲熱泵與北美泳池加熱器。我們也鎖定部分業務進行退出，因為在此業務領域，我們更聚焦於毛利率改善，而非營收規模成長。

In our coolers businesses, we are dedicating more capacity for the production of CO2 coolers as we expect this market to continue to grow. In addition, we are benefiting from the post-COVID growth in the hotel and restaurant market. The biggest issue is the availability of certain components, namely fans, which is limiting production. Overall, I'm very pleased with the progress that is being made in this segment.

在我們的冷卻器業務中，我們正投入更多產能用於生產 CO2 冷卻器，因為我們預期該市場將持續成長。此外，我們也受惠於後疫情時代旅館與餐飲市場的成長。最大的問題是某些零組件（尤其是風扇）的供應可得性，這限制了產量。整體而言，我對此部門所取得的進展感到非常滿意。

In our HDE and Automotive segments, our focus continues to be on improving profitability through price realization and cost reduction. As we mentioned last quarter, we are implementing restructuring actions intended to reduce SG&A and operational expenses, particularly within our European Automotive business. Although demand remains strong for our heavy-duty products, we're still dealing with issues on multiple fronts, including cost inflation and supply chain disruption.

在我們的 HDE 與汽車業務部門中，我們的重點仍然是透過價格實現與成本降低來提升獲利能力。如同我們在上一季所提到的，我們正在推動重整措施，旨在降低 SG&A 與營運費用，特別是在我們的歐洲汽車業務中。儘管我們重型產品的需求仍然強勁，我們仍在多個面向面臨問題，包括成本通膨與供應鏈中斷。

The recent COVID outbreak in China has added additional uncertainty to an already weak market. As a result of government-mandated lockdowns, we shut down production at our Chinese manufacturing facilities for portions of March and April. While our plants in China have reopened, they are currently producing at reduced levels due to supply chain challenges and labor availability. This will definitely impact our first quarter results. We are working to address the supply chain obstacles and expect to increase production levels at our Chinese plants this summer.

近期中國的 COVID 疫情爆發，為原本就疲弱的市場增添了更多不確定性。由於政府強制封控，我們在 3 月與 4 月的部分期間關閉了中國製造工廠的生產。雖然我們在中國的工廠已重新開工，但目前因供應鏈挑戰與勞動力供給情況而以較低產能生產。這將確實影響我們第一季的業績。我們正努力排除供應鏈障礙，並預期今年夏天提高中國工廠的產量水準。

We continue to work with our customers to better offset cost increases with pricing and have had some successes in our HDE business. The automotive business remains challenged with ongoing volume pressures due to supply chain issues. We are still working with our customers to obtain price increases outside of the contractual LME-based pass-through agreements.

我們持續與客戶合作，透過定價更有效地抵銷成本上升，並在 HDE 業務上取得一些成果。汽車業務仍因供應鏈問題導致的持續出貨量壓力而面臨挑戰。我們仍在與客戶協商，以取得超出合約中以 LME 為基礎之轉嫁（pass-through）協議以外的價格調升。

Now I would like to shift to our EV systems business. As you know, we separated out this business in fiscal '22 and have built a strong, energized EV team. Last week, we launched the marketing campaign for our EVantage brand of thermal management systems, which are designed to improve battery performance, range and life on a wide range of electric vehicles, including commercial, specialty and purpose-built products. We continue to reallocate engineering, commercial and operational resources to this team and are making important connections with the innovators that are driving the transition to EV.

接下來我想轉到我們的 EV 系統業務。如各位所知，我們在 2022 財年將此業務獨立出來，並建立了一支強而有力、充滿活力的 EV 團隊。上週，我們啟動了 EVantage 品牌熱管理系統的行銷活動；該系統旨在提升各類電動車（包括商用、特殊用途與專用車款）的電池效能、續航里程與壽命。我們持續將工程、商務與營運資源重新配置至該團隊，並與推動電動化轉型的創新者建立重要連結。

We are currently engaged in 75 system-oriented programs with prototype orders on 46 and production orders on 12. At this point, we are actively selecting which programs to engage in as demand for our engineering expertise continues to be strong.

目前我們正參與 75 個以系統為導向的專案，其中 46 個已有原型訂單、12 個已有量產訂單。在此階段，隨著市場對我們工程專業能力的需求持續強勁，我們正積極篩選要投入的專案。

Now I'd like to turn the call over to Mick, who will review our results for the quarter and provide segment financial updates.

現在我想把電話會議交給 Mick，他將回顧本季業績並提供各部門的財務更新。

Thanks, Neil, and good morning, everyone. Please turn to Slide 7. I'm pleased to report solid revenue growth this quarter, which was driven by a combination of pricing and volume increases. Fourth quarter sales were up 12% or $60 million as Building HVAC, CIS and HDE experienced significant gains. $41 million of the increase was driven by higher volume, which is a significant improvement over the last few quarters. Pricing and material pass-throughs accounted for $33 million of the increase, while FX was negative, offsetting these gains by $14 million.

謝謝你，Neil，各位早安。請翻到第 7 張投影片。我很高興報告本季營收穩健成長，主要由定價與出貨量增加的組合所帶動。第四季銷售額成長 12%，或增加 6,000 萬美元，因為 Building HVAC、CIS 與 HDE 均有顯著增長。其中 4,100 萬美元的增幅來自更高的出貨量，這相較於過去幾季是顯著改善。定價與材料轉嫁合計貢獻 3,300 萬美元的增幅，而匯率（FX）為負面影響，抵銷了其中 1,400 萬美元。

Adjusted EBITDA increased 34% or $15 million year-over-year. Conversion on the higher sales volume plus increased pricing accounted for the majority of the earnings increase. Through the hard work of our various teams, we're recovering material cost inflation and addressing the lowest-margin areas of our businesses.

調整後 EBITDA 年增 34%，或增加 1,500 萬美元。較高的銷售量所帶來的轉換效益，加上定價提升，構成獲利增加的主要來源。透過各團隊的努力，我們正在回收材料成本通膨，並處理我們業務中毛利最低的領域。

During the quarter, commodity metals, freight and packaging increased $32 million from the prior year. However, our pricing mechanisms recovered more than $33 million, which resulted in a net positive EBITDA impact. Last, we're closely managing our SG&A costs, which favorably impacted adjusted EBITDA by $2 million.

本季，大宗金屬、運費與包裝成本較去年同期增加 3,200 萬美元。然而，我們的定價機制回收了超過 3,300 萬美元，因而對 EBITDA 產生淨正面影響。最後，我們也嚴格管理 SG&A 成本，對調整後 EBITDA 產生 200 萬美元的正面影響。

Clearly, we're seeing momentum from our various actions, which resulted in both sequential margin improvement from Q3 and a year-over-year improvement of 170 basis points. Adjusted earnings per share of $0.57 was $0.06 above the prior year.

很明顯地，我們各項行動正在展現動能，使得毛利率不僅較第三季（Q3）呈現連續改善，也較去年同期提升 170 個基點。調整後每股盈餘為 0.57 美元，較去年同期高出 0.06 美元。

Before moving on, I'd like to point out that we had $21.7 million of Q4 earnings adjustment. The largest was a $21 million charge primarily related to previously announced plans to implement targeted headcount reductions in the European Automotive business. The balance of smaller adjustments can be found in our press release and appendix, which includes additional information, U.S. GAAP results and complete reconciliations.

在繼續之前，我想指出我們第四季有 2,170 萬美元的盈餘調整項目。其中最大的一項為 2,100 萬美元費用，主要與先前已公告、在歐洲汽車業務實施目標性人力縮減的計畫相關。其餘較小的調整項目可在我們的新聞稿與附錄中找到，附錄包含更多資訊、依美國 GAAP 的結果以及完整調節表。

Now let's review the segment results. Please turn to Slide 8. Building HVAC reported sales growth of 52% from the prior year. The main driver of the volume growth was a strong increase in data center sales, which more than doubled compared to the prior year. Heating and ventilation product sales also contributed, both up over 30% from the prior year. Adjusted EBITDA increased 58% from the prior year, resulting in a 70 basis point improvement to 17.1%.

現在我們來檢視各部門的表現。請翻到第 8 張投影片。Building HVAC 的銷售額較去年同期成長 52%。出貨量成長的主要驅動因素是資料中心銷售強勁增加，較去年同期成長逾一倍。供暖與通風產品銷售也有所貢獻，兩者較去年同期均成長超過 30%。調整後 EBITDA 較去年同期成長 58%，使利潤率提升 70 個基點至 17.1%。

We're pleased with the further margin improvement as the team works through the impact of higher material costs, along with overall supply chain inflation and disruption. SG&A was slightly higher than the prior year partly due to higher commissions, but significantly lower as a percentage of sales. The investments we're making to support our aggressive growth plans are clearly having a positive impact in this segment.

我們對進一步的利潤率改善感到滿意，團隊正努力因應材料成本上升，以及整體供應鏈通膨與中斷的影響。SG&A 較去年同期略高，部分原因是佣金增加，但以銷售額百分比來看則顯著下降。我們為支持積極成長計畫所進行的投資，顯然正在此部門產生正面影響。

Please turn to Slide 9. CIS also reported an exceptional quarter with solid revenue growth and outstanding earnings improvement. With regards to 80/20, CIS represents an early indicator regarding the results that the 80/20 process can bring across all of our businesses. Fourth quarter sales for CIS were up 20% or $29 million. Revenue was up significantly in most markets, including 27% in commercial HVAC, 21% in refrigeration and 20% in coatings. Adjusted EBITDA increased $12 million to $24 million, nearly double the prior year.

請翻到第 9 張投影片。CIS 同樣繳出卓越的一季，營收穩健成長且獲利改善亮眼。就 80/20 而言，CIS 是 80/20 流程能為我們所有業務帶來成果的早期指標。CIS 第四季銷售額成長 20%，或增加 2,900 萬美元。多數市場的營收均顯著成長，包括商用 HVAC 成長 27%、冷凍冷藏成長 21%、塗料成長 20%。調整後 EBITDA 增加 1,200 萬美元至 2,400 萬美元，幾乎是去年同期的兩倍。

Most importantly, the adjusted EBITDA margin improved 560 basis points to 14.1%. The earnings and margin increases were driven by several factors, including higher volumes, commercial pricing initiatives, improved mix and a focus on operational improvements.

最重要的是，調整後 EBITDA 利潤率提升 560 個基點至 14.1%。獲利與利潤率的提升由多項因素帶動，包括更高的出貨量、商業定價措施、產品組合改善，以及對營運改善的聚焦。

Please turn to Slide 10. Sales in the HDE segment were up 9% or $19 million. Approximately half of the sales increase was driven by higher volume. The balance was due to pricing and metals pass-through adjustments. With regards to our markets, we experienced strong revenue growth in the off-highway and the bus and specialty vehicle markets, especially in the Americas region. Adjusted EBITDA declined by $5 million, driven by a reduction in gross profit and slightly higher SG&A.

請翻到第 10 張投影片。HDE 部門銷售額成長 9%，或增加 1,900 萬美元。約一半的銷售增幅來自更高的出貨量，其餘則來自定價與金屬轉嫁調整。就市場而言，我們在非公路（off-highway）以及巴士與特殊車輛市場的營收成長強勁，尤其是在美洲地區。調整後 EBITDA 下降 500 萬美元，主要由毛利下降與 SG&A 略增所致。

Unfortunately, our material, labor and overhead costs continue to increase further through Q4, including higher freight, packaging and metals fabrication costs. We were not able to fully offset those increases in HDE during the quarter. The team is diligently addressing all commercial agreements and working with our customers to address this unprecedented inflationary environment.

不幸的是，我們的材料、人工與製造費用在第四季仍持續上升，包括更高的運費、包裝與金屬加工成本。本季我們未能在 HDE 完全抵銷這些增加。團隊正勤勉地檢視所有商業協議，並與客戶合作，以因應這個前所未有的通膨環境。

While it's difficult to quickly offset cost increases in this environment, we believe that we'll be able to recover a majority of the higher costs. In addition, we're further encouraged by the recent downward trend in the metals markets, which should have an additional positive impact in the coming quarters. The HDE team is laser-focused on margin improvement, and we expect all of these actions will have a positive earnings and margin impact in the new fiscal year.

雖然在此環境下要快速抵銷成本上升並不容易，但我們相信能回收大部分的增加成本。此外，近期金屬市場呈現下行趨勢也令我們更受鼓舞，這應會在未來幾季帶來額外的正面影響。HDE 團隊高度聚焦於利潤率改善，我們預期這些行動將在新財年對獲利與利潤率帶來正面影響。

Please turn to Slide 11. Similar to HDE, the auto segment has been impacted by supply chain issues plus volume declines tied to the semiconductor shortages and other disruptions to the overall auto industry. As many of you know, the auto manufacturers have been impacted by supply chain shortages tied to the chip shortage and more recently, the Ukrainian conflict and the COVID lockdown in China.

請翻到第 11 張投影片。與 HDE 類似，汽車部門受到供應鏈問題影響，加上與半導體短缺及汽車產業整體其他干擾相關的出貨量下滑。如各位所知，汽車製造商受到與晶片短缺相關的供應鏈不足所影響，而近期又受到烏克蘭衝突以及中國 COVID 封控的影響。

In addition, we have a difficult year-over-year comparison due to the sale of our Austrian business early in fiscal 2022. Collectively, these factors contributed to a fourth quarter sales decline of $23 million, including an $18 million impact from our Austrian sale. Adjusted EBITDA was $2 million lower than the prior year due to the lower sales volume, partially offset by operational efficiencies and lower SG&A.

此外，由於我們在 2022 財年初出售奧地利業務，導致年對年比較基期較為不利。綜合而言，這些因素造成第四季銷售額下滑 2,300 萬美元，其中包括出售奧地利業務帶來的 1,800 萬美元影響。由於銷售量較低，調整後 EBITDA 較去年同期減少 200 萬美元，但部分被營運效率提升與較低的 SG&A 所抵銷。

As part of our plan to optimize this business, we're implementing cost savings initiatives across the organization, moving swiftly to improve our automotive business through pricing initiatives, restructuring activities and plant optimization. The team is well on track with our targeted $20 million of SG&A savings with the first portion beginning later this year. We believe all of these actions will begin to generate higher-margin improvements in the new fiscal year.

作為我們優化此業務計畫的一部分，我們正在全組織推動節省成本措施，並透過定價措施、重整活動與工廠最佳化，迅速改善汽車業務。團隊在達成目標 2,000 萬美元 SG&A 節省方面進展順利，第一部分將於今年稍晚開始實現。我們相信，所有這些行動將在新財年開始帶來更高的利潤率改善。

Now moving to the balance sheet and cash flow, please turn to Slide 12. Our Q4 free cash flow was slightly negative at $6 million. This resulted in a full year free cash flow of negative $29 million. However, this includes $20 million of cash payments, primarily for restructuring and reorganization activities. This has been a difficult year from a cash flow perspective, partly due to COVID-related savings last year along with the supply chain challenges that have been impacting our inventory levels.

現在轉到資產負債表與現金流，請翻到第12頁投影片。我們第四季自由現金流略為負值，為負600萬美元。這使得全年自由現金流為負2,900萬美元。不過，其中包含2,000萬美元的現金支付，主要用於重整與重組活動。從現金流角度來看，這是一個艱難的年度，部分原因是去年與COVID相關的節省效益，以及供應鏈挑戰持續影響我們的庫存水位。

We're anticipating positive free cash flow in fiscal '23 driven by earnings improvements, working capital management and ongoing cost control. This includes approximately $20 million of anticipated cash restructuring payments, mostly tied to our cost reduction plans in Europe.

我們預期在2023會計年度自由現金流將轉為正值，主要由獲利改善、營運資金管理與持續的成本控管所帶動。其中包含約2,000萬美元預期的現金重整支付，主要與我們在歐洲的成本削減計畫相關。

I'm happy to report that due to the anticipated positive cash flows for the next year, we plan to restart our share repurchase plan in the next quarter. The actual amount of shares to be repurchased will depend on a number of factors, including monthly cash needs and the timing of cash flow, along with the daily trading volume.

我很高興報告，由於預期明年將有正向現金流，我們計畫在下一季重啟庫藏股回購計畫。實際回購股數將取決於多項因素，包括每月現金需求與現金流入時點，以及每日成交量。

Net debt of $333 million, as of March 31, was slightly higher than the prior quarter. We finished the fiscal year with a leverage ratio of 2.3, which is within our targeted range and improved from the prior quarter.

截至3月31日，淨負債為3.33億美元，較前一季略高。我們以2.3的槓桿比率結束本會計年度，落在我們的目標區間內，且較前一季改善。

Now let's turn to Slide 13 for our fiscal '23 outlook. As we look forward to the new fiscal year, we're encouraged by the positive trends in our markets and the early benefits from the actions taken this past year to improve our business. That said, it remains an extremely volatile environment with many factors to consider, including ongoing inflationary pressure in material, labor and overhead costs plus supply chain shortages, COVID shutdowns in China and the Ukrainian conflict. Considering all these factors and our current market outlook, we anticipate revenues to be up 6% to 12% in fiscal '23, with sales increasing in most end markets. .

現在請看第13頁投影片，說明我們對2023會計年度的展望。展望新的會計年度，我們對市場的正向趨勢，以及過去一年為改善業務所採取行動帶來的初步效益感到鼓舞。儘管如此，環境仍極度波動，需考量的因素很多，包括原物料、人工與製造費用的持續通膨壓力、供應鏈短缺、中國的COVID封控，以及烏克蘭衝突。綜合上述因素與我們目前的市場展望，我們預期2023會計年度營收將成長6%至12%，多數終端市場的銷售將增加。.

We also anticipate that adjusted EBITDA will be in the range of $180 million to $195 million. This represents an increase of 13% to 23% versus the prior year. The EBITDA improvement will be driven by pricing and volume gains and favorable sales mix, partially offset by anticipated cost inflation and higher SG&A, including higher labor and incentive compensation.

我們也預期調整後EBITDA將落在1.80億至1.95億美元區間，較前一年增加13%至23%。EBITDA的改善將由價格與銷量提升以及有利的銷售組合所帶動，但部分會被預期的成本通膨與較高的SG&A所抵銷，其中包括較高的勞動成本與獎酬性薪酬。

Before wrapping up, I'd like to take a minute to share how we see the quarterly results ramping up through the year. First, I'll point out that over the last few years, we've seen a somewhat seasonal pattern with quarters 3 and 4, representing the high watermark and then a dip in Q1. A portion of that is tied to the strong seasonal pattern in the Building HVAC segment, and we expect this to continue.

在結束之前，我想花一點時間分享我們如何看待全年各季業績的逐步走升。首先我要指出，過去幾年我們看到某種季節性型態：第3季與第4季通常是高峰，接著在第1季回落。其中一部分與建築HVAC事業部強烈的季節性有關，我們預期這種情況將持續。

In addition, we're experiencing some temporary headwinds in our vehicular businesses that we expect to improve over the next few months. The largest impact relates to the ongoing lockdown in China, which impacts the availability of parts and labor. In addition, we experienced additional material cost increases between January and March that we expect to recover.

此外，我們的車用相關業務正面臨一些暫時性的逆風，預期在未來幾個月會改善。影響最大的是中國持續封控，這會影響零組件與勞動力的供應。此外，我們在1月至3月期間也遭遇額外的材料成本上升，我們預期將能回收（轉嫁）這些增加。

Therefore, we anticipate that our first quarter will represent a difficult comparison to the prior year, then improve sequentially and year-over-year in the next 3 quarters. This is a similar pattern to what we experienced in the last fiscal year.

因此，我們預期第一季相較前一年將是較艱難的比較基期，之後在接下來三季將逐季改善，且年對年也會改善。這與我們上一個會計年度所經歷的型態相似。

Beyond this, we're very encouraged by the revenue and margin outlook for our Building HVAC and CIS businesses. In addition, we expect full year margin improvement in the vehicular businesses as we eventually recover the significant material cost increases experienced in fiscal '22.

除此之外，我們對建築HVAC與CIS業務的營收與毛利率展望感到非常鼓舞。此外，隨著我們最終回收（轉嫁）在2022會計年度所經歷的顯著材料成本上升，我們預期車用業務全年毛利率將改善。

With that, Neil and I will take your questions.

接下來，Neil和我將回答各位的問題。

(Operator Instructions) Our first question comes from Matt Summerville from D.A. Davidson.

（接線員指示）我們的第一個問題來自D.A. Davidson的Matt Summerville。

A couple of questions. First, just with CIS and where you're at with the 80/20 process there, maybe talk inning baseball analogy with where you're at with implementation. And that was a pretty striking margin performance in fiscal Q4. How should we think about that in the context of sustainability moving throughout fiscal '23?

有幾個問題。第一，關於CIS以及你們在那裡推動80/20流程的進度，能否用棒球比喻談談目前執行到第幾局？另外，2023會計年度第四季的毛利率表現相當亮眼。我們應該如何看待其在2023會計年度的可持續性？

Yes. Thanks for that question, Matt. I appreciate it. We've moved a long way in the CIS business. We've -- it's just proof to show that segmentation is working. We have a strong leader in place there that has executed on the strategies that are deployed through 80/20, and we expect to see this positive trend as we move forward. I'll let Mick comment in terms of where we see it in the next fiscal year.

是的，謝謝你的問題，Matt，我很感激。我們在CIS業務上已經推進了很長一段路。這也證明了市場區隔（segmentation）策略正在奏效。我們在那裡有一位強而有力的領導者，已依照80/20所部署的策略落實執行，我們預期未來將持續看到這個正向趨勢。至於我們對下一個會計年度的看法，我讓Mick來補充。

Yes. So you know for quite a while that business had been operating in the -- more in the mid, sometimes upper single digits. And with the early wins here on the 80/20, you saw that pops to a 14%-type margin. Our goal all along has been to get this into, first, the low double-digit range and then longer term, see if we can push above there.

好的。你知道，這項業務在相當長一段時間內的表現大多在中個位數，有時到高個位數。隨著80/20帶來的早期勝利，你看到毛利率跳升到約14%這樣的水準。我們一路以來的目標是先把它提升到低雙位數區間，然後長期來看，再看看能否推到更高。

I think Q4 was kind of a perfect storm for us in a positive way. We had a lot of catch up on price, which helped really, really strong volume as well, which was a positive surprise for us.

我認為第四季對我們而言在正面方向上有點像「完美風暴」。我們在價格上有很多追趕（補漲），同時銷量也非常、非常強勁，這對我們來說是個正向的驚喜。

So short answer is I would expect that we won't be able to temporarily to keep that level of margin. But certainly, well above where we've been, I think running that more in the 10% to 12% in the short run. And then certainly, Neil and I would like to see it get to a 14% or 15% more long term.

所以簡短回答是：我預期我們無法在短期內持續維持那樣的毛利率水準。但可以確定的是，會明顯高於我們過去的水準；我認為短期可能會落在10%到12%左右。然後當然，Neil和我長期希望能看到它達到14%或15%。

Got it. And then as a follow-up, can you be a little more specific around how much revenue and/or profit was impacted in fiscal Q4? And what you expect the impact to be in fiscal Q1 with respect to the COVID -- mandated COVID-related lockdowns in China? And then how should we be thinking about, Mick, the roll forward of that $20 million in savings in the auto business.

了解。接著追問一下，你能否更具體說明在2023會計年度第四季，有多少營收和／或獲利受到影響？以及在2023會計年度第一季，因中國政府強制的、與COVID相關的封控，你們預期影響會是什麼？另外，Mick，我們應該如何看待汽車業務那2,000萬美元節省效益的延續（roll forward）？

The 20 -- what was the last part?

那個20——最後一部分是什麼？

Restructuring.

重整。

Oh, yes. Great. The restructuring. So in Q4, sales in Asia were down about 20%. And I'll let you do maybe the math on that, Matt, but it is a profitable business for us and really above the vehicular average margin. So it was a decent impact in Q4, probably about the same amount in Q1.

哦，是的。很好，重整。第四季亞洲的銷售約下滑20%。Matt，你也許可以自己算一下，但那對我們而言是個獲利性業務，而且毛利率高於車用業務的平均水準。所以第四季的影響不小，第一季大概也會是差不多的程度。

So -- and then by all indications, both what we see externally and what our teams are telling us, we're expecting that by the end of Q1, we should be back to more normal capacity and operations. So about probably -- think about it as about a 20% revenue impact in Q4 and Q1 on the Asia business.

所以——而且從各種跡象來看，不論是我們外部看到的，或是我們團隊回報的，我們預期到第一季末應該能回到較正常的產能與營運。因此，大致可把它視為：在亞洲業務上，第四季與第一季約有20%的營收影響。

Then on the SG&A reduction in Europe, our target is at least $20 million in annual savings that will start to kick in, in the second half of this year. My expectation would be we'd love to get half of it. But I think somewhere maybe 1/3 to 1/2 of it would be the goal this year just based on the timing of how those processes work.

至於歐洲的SG&A削減，我們的目標是每年至少節省2,000萬美元，並將在今年下半年開始逐步顯現。我預期我們希望能拿到其中一半，但就流程推進的時程而言，今年的目標可能是達成約1/3到1/2。

And just as a quick follow-up, then I'll get back in queue. With respect to that restructuring initiative that you're deploying in Europe, have you already received all the needed workers' council approvals and all that stuff?

再快速追問一下，然後我就回到排隊。關於你們在歐洲推動的那項重整計畫，你們是否已經取得所有必要的工會／員工委員會（workers' council）核准，以及相關程序？

Yes. So I mean it's a process that we are well into it and fully engaged with the works council right next to us. We're -- I'd say we're pleased with how it's working. And now we're into the heavy lifting of it, the hard work, but it's absolutely side by side with the works council. .

是的。我的意思是，這是一個我們已經深入進行中的流程，我們也與員工委員會充分投入、緊密合作。我會說我們對目前的進展感到滿意。現在我們進入了需要大量執行的階段、也就是艱難的工作，但我們確實是與員工委員會並肩進行。.

(Operator Instructions) Our next question comes from Steve Ferazani from Sidoti & Company.

（接線員指示）下一個問題來自Sidoti & Company的Steve Ferazani。

Neil, Mick. Do want to ask about guidance. I know how challenging that is in this kind of environment, particularly to put out full year numbers and given the various end markets you operate in. But clearly, we're running into a situation where the expectation as the economy cools a bit, at minimum, growth slows, maybe flattens out. I'm trying to think about how you're incorporating that into guidance and what portions of your business do you think can grow through that type of an environment.

Neil、Mick。我想問一下你們的財測。我知道在這種環境下做指引有多具挑戰性，尤其要給出全年數字，而且你們所處的終端市場也很多元。但很明顯，我們正面臨一種情況：隨著經濟稍微降溫，至少成長會放緩，甚至可能趨於持平。我想了解你們如何把這點納入財測之中，以及你們認為你們業務中的哪些部分能在這種環境下仍然成長。

Yes, that's a great question, Steve. Thanks. This is Neil. We've -- through 80/20 and our segmentation process, we've targeted growth areas for the business. And those areas that we've targeted, we believe we have opportunity to expand in those places and spaces. We've invested heavily into data centers. We've invested into IAQ, our indoor air quality group. We've invested into EV, and we believe that there is expansion there. We can gain more market even in a challenging economy, potentially a challenging economy coming up.

是的，這是個很好的問題，Steve。謝謝。這裡是Neil。我們透過80/20以及我們的分群流程，鎖定了業務的成長領域。而我們所鎖定的那些領域，我們相信在那些地點與空間中有擴張的機會。我們已在資料中心投入大量資金。我們也投資於IAQ，也就是我們的室內空氣品質團隊。我們也投資於EV，我們相信那裡仍有擴張空間。即使在充滿挑戰的經濟環境下，甚至可能即將到來的具挑戰性的經濟環境中，我們也能取得更多市占。

So we're going to stay focused there. We're invested. We're going to resource it. We're going to provide it capital. And those are the areas where we think we can continue to grow. And that's a major driver in terms of how we've forecasted our guidance.

所以我們會持續聚焦在那裡。我們已經投入。我們會配置資源。我們會提供資本。而這些就是我們認為可以持續成長的領域。這也是我們如何預測並提出指引的重要驅動因素。

When I think about the sales guidance, can you give any sense -- I know it's kind of hard to break out, pricing versus volume versus mix and your thinking about that.

當我想到營收指引時，你能否提供一些概念——我知道要拆分價格、銷量與產品組合（mix）以及你對此的看法有點困難。

Yes, Steve, I was going to -- that was the one point I would add to what Neil said was, based on our guidance -- I won't give you the specifics, but we have a heavy mix, I'd call it, mix of price recovery that's contractually owed to us, and another component of price negotiations with customers, whether we attribute it to 80/20 or recovery, and then volume.

是的，Steve，我本來想——我想在Neil所說的基礎上補充的一點是，根據我們的指引——我不會給你具體數字，但我們有很大一部分，我會稱之為，來自合約上應付給我們的價格回收（price recovery）的組合，另外一部分來自與客戶的價格協商，不論我們把它歸因於80/20或回收，然後再加上銷量。

So our guidance has -- a good portion is a heavy balance, I would say, of price recovery versus volume. And then if you spread the volume across the areas Neil walked you through, I would say a lot of our growth businesses have a very strong order book, which is good. And then a lot of our business is also replacement. And so we feel good about that. I think the thing Neil and I are watching the most, more than volume, would be inflation and cost.

因此我們的指引中——我會說相當一部分是價格回收相對於銷量之間的高度平衡。然後如果你把銷量分散到Neil帶你走過的那些領域，我會說我們許多成長型業務的訂單簿非常強勁，這很好。另外，我們很多業務也屬於汰換需求。因此我們對此感到樂觀。我認為Neil和我最關注的，與其說是銷量，不如說是通膨與成本。

When I think about that increase in CapEx expected, I'm assuming you've talked a lot about the investment in the growth segments. Can you kind of walk through the CapEx and how you're, sort of, allotting that?

當我想到預期資本支出（CapEx）的增加時，我假設你們已談了很多對成長區隔的投資。你能否大致說明一下CapEx，以及你們如何分配？

Yes. For the first time in my years at Modine, we're going to have a bigger portion of our capital spending in our growth businesses, specifically in that climate solutions area to support data center growth, ventilation, indoor air quality, heating. And then the balance is a very small amount supporting the old Automotive segment, and then more maintenance capital in the other areas of the business.

是的。在我任職Modine的這些年裡，這是第一次我們會把更大比例的資本支出投入在成長型業務上，特別是在氣候解決方案（Climate Solutions）領域，以支援資料中心成長、通風、室內空氣品質與供暖。其餘部分則是非常少量用於支援舊的汽車（Automotive）部門，另外在公司其他業務領域則更多是維護性資本支出。

Okay. It sounds like you're very bullish on the indoor air quality, particularly related to schools. I would have expected you would have seen a strong surge in that. And the folks that needed it, get it, and then we would start seeing slowing. That doesn't sound like that's what you're expecting or indicating.

好的。聽起來你們對室內空氣品質非常看多，尤其是與學校相關。我原本以為你們會看到那方面的強勁激增；需要的人拿到之後，接著就會開始放緩。但聽起來你們並不是這樣預期或暗示的。

No, that's a fair question. No, we don't expect that because of the amount of infrastructure that needs to be put in place. It's going to take several years for that to be deployed. And typically the peak season is in the next 3 to 4 months because schools are going to be letting out, and this is where you see the maintenance. And the installations occurs during the summertimes.

不，這是個合理的問題。不，我們不這麼預期，因為需要建置的基礎設施量很大。這會需要好幾年才能部署完成。通常旺季會落在接下來的3到4個月，因為學校即將放暑假，而這段時間你會看到維護需求。安裝通常在暑期進行。

Our next question comes from Matt Summerville from D.A. Davidson.

我們的下一個問題來自D.A. Davidson的Matt Summerville。

Just a follow-up on 80/20 and what I think you referred to on Slide 13 of some planned revenue reduction. Can you maybe quantify that and how that's going to kind of -- how we should -- what we should be considering as we attempt to kind of model that? And is CIS the only business -- legacy reportable business segment that is going to be impacted by what I would just call deliberate revenue attrition?

我想追問一下80/20，以及我認為你在第13頁投影片提到的一些計畫性的營收下降。你能否量化一下，並說明這將如何——我們在嘗試建模時應該如何看待？另外，CIS是否是唯一一個——我稱之為傳統可報導業務部門——會受到這種我稱為刻意營收流失（deliberate revenue attrition）影響的部門？

Yes. Matt, it's Mick. I'll give you the first then a quantitative answer, and then Neil can give you some other color by segment. In the near term and then really in the upcoming 6 to 12 months, the heaviest impact we see is in CIS. And again, we'll fold that into the new segment. But since you've got historical data, we really see that flat to maybe down 5%. So -- and I mentioned at the beginning, that's really -- as far as innings go, they're the furthest along. So they're well into product rationalization and those elements of 80/20.

是的。Matt，我是Mick。我先給你定性回答，再給你一些量化的答案，然後Neil可以按部門再補充一些說明。短期內，尤其是接下來6到12個月，我們看到影響最大的是CIS。同樣地，我們會把它併入新的部門。但既然你有歷史數據，我們確實看到大致持平到可能下滑5%。所以——我在一開始提到，就進度而言，他們走得最前面。因此他們在產品精簡（product rationalization）以及80/20的那些要素上已經進行得很深入。

So I think from a guidance and modeling, the only material impact we would see in that, and I'll just leave it with a flat to modestly down in CIS. I'll let Neil comment because I know there's a lot going even on the Building HVAC side with product rationalization.

所以我認為就指引與建模而言，我們在那方面唯一會看到的重大影響——我就先用CIS持平到小幅下滑來概括。我讓Neil補充，因為我知道即使在建築HVAC那邊也有很多事情在進行，包括產品精簡。

Yes, it's a good question, Matt. Certainly, we go through each one of these segments, and there's going to be a mix, right. Sometimes you have some price and some commercial excellence that offset some of the volume decline. Sometimes, we're working through the SKU reductions and you'll see some volume decline.

是的，這是個好問題，Matt。當然，我們會逐一檢視每個部門，而結果會是混合的，對吧。有時候會有一些價格因素與商業卓越（commercial excellence）來抵消部分銷量下滑。有時候，我們在推動SKU縮減時，你會看到一些銷量下降。

We've spent a lot of time in terms of SKU reductions and eliminating product lines that are below our target margin thresholds. So we're working through each one of the segments one by one. and we spent most of the time in Climate Solutions. We're starting to pivot now into Performance Technologies. We're going to get into that in a pretty big way over the next 3 to 6 months.

我們在SKU縮減以及淘汰低於我們目標毛利門檻的產品線方面投入了很多時間。因此我們正逐一處理各個部門。我們把大部分時間花在氣候解決方案（Climate Solutions）。我們現在開始轉向績效技術（Performance Technologies）。接下來3到6個月我們會以相當大的力度推進。

And as we shift our energy from Climate Solutions, because we've got -- we're in motion and we're happy with the progress that we made. We can now start to really focus on the Performance Technologies segment. And I would expect as we go through the same process as we did in Climate Solutions, that we're going to see some of that. We're going to see some product lines that we're going to want to exit. We're going to see some areas that we're not going to want to continue to fund.

而當我們把重心從氣候解決方案轉移，因為我們已經——我們已經在運轉中，且對已取得的進展感到滿意。我們現在可以開始真正聚焦在績效技術（Performance Technologies）部門。我預期當我們走同樣的流程、就像在氣候解決方案所做的一樣，我們會看到一些類似情況。我們會看到一些我們想要退出的產品線。我們會看到一些我們不想再繼續投入資金的領域。

So we just need to get a little bit further into the process in Performance Technologies, which is the HDE and Automotive group. We're starting to do sub-segmentation in that business, and then we're really going to start to get into the data.

所以我們只需要在績效技術（Performance Technologies）的流程中再往前一些；那個部門包含HDE與汽車（Automotive）團隊。我們正開始在該業務中做次分群（sub-segmentation），然後我們會真正開始深入數據。

Got it. And then I would assume, as you let that business attrit in CIS, that's going to have a natural margin benefit to that as that unfolds? I assume that would be a correct assumption then. Fair?

了解。那我會假設，當你們讓CIS的業務自然流失時，隨著這個過程展開，會對毛利率帶來自然的正面效益？我想那會是正確的假設。對嗎？

That's correct assumption as we continue to reduce complexity and simplifying that business.

這個假設是正確的，因為我們會持續降低複雜度並簡化該業務。

I'm showing no further questions at this time. I would now like to turn the conference back to Kathy Powers.

目前我這邊顯示沒有其他問題。我現在想把會議交回給Kathy Powers。

Thank you, and thanks to everyone for joining us this morning. You'll be able to access the replay of this call through our website in about 2 hours. We hope that you have a great day. Goodbye. .

謝謝，也感謝各位今天早上加入。我們大約在2小時後可透過我們的網站收聽本次電話會議的重播。祝各位有美好的一天。再見。.

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。