Materion Corp (MTRN) 2024 Q4 法說會逐字稿

Greetings and welcome to the Materion fourth quarter and full year 2024 earnings conference call.

問候並歡迎參加 Materion 2024 年第四季和全年財報電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Mr. Kyle Kelleher; director, investor relations and corporate FP&A. Sir, you may begin.

現在我將會議交給主持人凱爾·凱萊赫先生；投資者關係和企業 FP&A 總監。先生，您可以開始啦。

Good morning and thank you for joining us on our fourth quarter 2024 earnings conference call. This is Kyle Kelleher, director of investor relations and corporate FP&A. Before we begin our remarks this morning, I would like to point out that we have posted materials on the company's website that we will reference as part of today's review of the quarterly results. You can also access the materials from the download feature on the earnings call webcast link.

早安，感謝您參加我們 2024 年第四季財報電話會議。這是投資者關係和企業 FP&A 總監 Kyle Kelleher。在我們今天早上開始發言之前，我想指出，我們已經在公司網站上發布了一些資料，我們將在今天的季度業績審查中參考這些資料。您也可以透過收益電話會議網路直播連結的下載功能存取這些資料。

With me today is Jugal K. Vijayvargiya; President and Chief Executive Officer, and Shelly Chadwick; Vice President and Chief Financial Officer. Our format for today's conference call is as follows, Jugal will provide opening comments on the quarter. Following Jugal, Shelly will review detailed financial results for the quarter and full year in addition to discussing expectations for 2025. We will then open up the call for questions.

今天和我一起的是 Jugal K. Vijayvargiya；總裁兼執行長 Shelly Chadwick；副總裁兼財務長。我們今天的電話會議形式如下，Jugal 將對本季發表開場評論。繼 Jugal 之後，Shelly 將回顧本季和全年的詳細財務業績，並討論 2025 年的預期。然後我們將開始提問。

Let me remind investors that any forward-looking statements made in the presentation, including those in the Outlook section and during the question and answer portion, are based on current expectations. The company's actual performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. Those factors are listed in the earnings press release we issued this morning.

我要提醒投資者，簡報中所做的任何前瞻性陳述，包括展望部分和問答部分的陳述，都是基於當前的預期。由於多種因素，公司的實際業績可能與前瞻性陳述所預期的業績有重大差異。這些因素已列在我們今天早上發布的收益新聞稿中。

Additionally, comments regarding earnings before interest, taxes, depreciation, depletion, and amortization, net income, and earnings per share reflect the adjusted GAAP numbers shown in attachment's 4th rate in this morning's press release. The adjustments are made in the prior year period for comparative purposes and remove special items, non-cash charges, and certain discreet income tax adjustments. And now I'll turn the call over to Jugal for his comments.

此外，有關息稅折舊攤銷前利潤、淨收入和每股收益的評論反映了今天上午新聞稿中附件第 4 條所示的調整後 GAAP 數字。為了比較目的，對上年同期進行了調整，並刪除了特殊項目、非現金費用和某些謹慎所得稅調整。現在我將把電話轉給 Jugal 來徵求他的意見。

Thanks, Kyle, and welcome everyone. It's nice to be with you today to discuss our fourth quarter and 2024 results and provide our initial outlook for 2025. Let's start with the fourth quarter. Sales developed about as we expected in the fourth quarter, with strong shipments in aerospace and defense and improved contributions from semiconductor and precision clad strip.

謝謝，凱爾，歡迎大家。很高興今天能與您討論我們的第四季和 2024 年業績並提供我們對 2025 年的初步展望。讓我們從第四季開始。第四季的銷售發展與我們預期的差不多，航空航太和國防領域的出貨量強勁，半導體和精密複合帶的貢獻也有所提升。

Muttered by the continued softness across other markets like automotive and industrial. We delivered record EBITDA with 240 basis points of margin expansion thanks to the diligent work our teams have been driving to improve our operations and streamline our back office functions. These actions will continue to pay dividends as we move through 2025 and beyond.

汽車和工業等其他市場持續疲軟。由於我們的團隊一直努力改善營運並簡化後台職能，我們實現了創紀錄的 EBITDA，利潤率擴大了 240 個基點。這些行動將在 2025 年及以後繼續帶來回報。

Now for the full year. 2024 was a challenging year with notable achievements. Sluggish markets and inventory corrections may have dampened our organic growth, but this allowed us to demonstrate the strength of our company, the commitment of our team, and the result of their hard work. For the year, we delivered our fourth consecutive year of record EBITDA and EBITDA margins.

現在是全年。 2024年是充滿挑戰、成績斐然的一年。市場低迷和庫存調整可能抑制了我們的有機成長，但這使我們能夠展示公司的實力、團隊的承諾以及他們辛勤工作的成果。今年，我們連續第四年創下 EBITDA 和 EBITDA 利潤率的新高。

After years of diligent efforts to improve performance and drive profitable growth while streamlining our organization. We delivered on our midterm EBITDA margin target of 20% for the first time for the full year of 2024. We have been taking swift and consistent actions to optimize our footprint and address our cost structure while continuing to invest for growth and strengthen our customer partnerships.

經過多年的勤奮努力，我們在精簡組織的同時提高了績效、推動了利潤成長。我們首次實現了 2024 年全年 20% 的中期 EBITDA 利潤率目標。我們一直在採取迅速而持續的行動來優化我們的足跡並解決我們的成本結構，同時繼續投資於成長並加強我們的客戶合作夥伴關係。

Achieving this level of performance in a sluggish environment gives us confidence to look ahead and set new goals for the company. As our end markets strengthen and we deliver on our organic initiatives, we will continue to drive further operational improvements and generate even stronger levels of profitability. With this in mind, we're establishing a new midterm EBITDA margin target of 23%.

在低迷的環境下取得這樣的業績讓我們有信心展望未來並為公司設定新的目標。隨著我們的終端市場不斷加強以及我們實施有機計劃，我們將繼續推動進一步的營運改善並創造更高的獲利水準。考慮到這一點，我們設定了新的中期 EBITDA 利潤率目標為 23%。

Expecting that our business can deliver an additional 300 basis points of improvement over the next several years. While our underlying markets struggle to find momentum in 2024, we advanced several strategic initiatives during the year. In aerospace and defense, our customers are developing new products and applications that require the highest level of performance reliability in harsh conditions.

我們預計未來幾年我們的業務將能夠再提高 300 個基點。儘管我們的基礎市場在 2024 年難以找到發展動力，但我們在這一年中推動了多項策略舉措。在航空航太和國防領域，我們的客戶正在開發需要在惡劣條件下具有最高水準性能可靠性的新產品和新應用。

Earlier this year, a leading aerospace and defense customer agreed to invest approximately $10 million in new capacity and capabilities at one of our existing sites in support of the growing demand. This project is well underway, and we expect to bring our new capabilities online mid next year. 2024 also saw key new business wins in defense, including the selection of our Supreme A lightweight composite material for use on the prototype for the US Army's future tilt rotor long range aircraft, as Materion's products are uniquely suited for next generation applications.

今年早些時候，一家領先的航空航太和國防客戶同意在我們現有的一個工廠投資約 1,000 萬美元，提高產能和性能，以滿足不斷增長的需求。該專案正在順利進行中，我們預計明年年中將我們的新功能上線。 2024 年還在國防領域取得了重要的新業務勝利，包括選擇我們的 Supreme A 輕質複合材料用於美國陸軍未來傾轉旋翼遠程飛機的原型，因為 Materion 的產品非常適合下一代應用。

The growth of commercial space has driven new opportunities for us as well, as Materion is well positioned to serve the needs of this expanding market. In the second quarter, we secured a $150 million multi-year agreement to supply critical materials for space propulsion systems after proving ourselves to be a key critical supplier of these products. In addition, INTech Alloy, one of our newest high performance products, was selected for a new telescope mirror that will be tested by NASA in its cryogenic test facility.

商業空間的成長也為我們帶來了新的機遇，Materion 完全有能力滿足這個不斷擴大的市場的需求。在第二季度，我們證明自己是這些產品的關鍵供應商，並獲得了價值 1.5 億美元的多年協議，為太空推進系統提供關鍵材料。此外，我們最新的高性能產品之一 INTech Alloy 被選為新型望遠鏡鏡子的材料，美國國家航空暨太空總署 (NASA) 將在其低溫測試設施中對該鏡子進行測試。

In semiconductor, the expansion of our portfolio to include [LD] or atomic layer deposition products is allowing us to support the production of the most sophisticated semiconductor chips. We [are] pleased to receive an overall excellent supplier award after our team collaborated with a leading [LD] customer to innovate multiple new materials which you will see expansion with the rapid growth of AI and the increasing demand for the most complex chips.

在半導體領域，我們的產品組合擴展到包括[LD]或原子層沉積產品，這使我們能夠支援最先進的半導體晶片的生產。我們的團隊與領先的 [LD] 客戶合作創新了多種新材料，隨著人工智慧的快速發展和對最複雜晶片的需求不斷增長，您會看到這些新材料的擴展，我們很高興獲得了整體優秀供應商獎。

We also entered into an agreement to serve as a technology partner for a major global supplier of semiconductor processing equipment. We are supporting this customer in their development of a new deposition material that will pave the way for a wide range of next generation consumer and automotive electronic devices. Aside from commercial advancements, we took steps to eliminate underperforming non-core businesses and optimize our footprint.

我們也簽訂了協議，作為全球主要半導體加工設備供應商的技術合作夥伴。我們正在支持該客戶開發一種新型沉積材料，這將為各種下一代消費性電子和汽車電子設備鋪平道路。除了商業進步之外，我們還採取措施消除表現不佳的非核心業務並優化我們的足跡。

In the fourth quarter, we completed the sale of an electronic materials facility in Albuquerque, New Mexico that produces coatings for architectural glass mainly used in commercial construction. We are also closing a related nearby facility. We're in the process of right sizing two facilities in Asia, which should be completed in the first half of this year.

第四季度，我們完成了位於新墨西哥州阿爾伯克基的一家電子材料工廠的出售，該工廠主要生產用於商業建築的建築玻璃塗料。我們也將關閉附近的相關設施。我們正在對亞洲的兩個工廠進行規模調整，預計今年上半年完工。

As a result of some of the changes already made, our electronic materials business delivered roughly 20% EBITDA margins for the year, representing a 390 basis points improvement year over year. Regarding our cost structure. We took a series of decisive actions to streamline our organization and position us for greater efficiency.

由於已經做出的一些改變，我們的電子材料業務今年的 EBITDA 利潤率約為 20%，比去年同期提高了 390 個基點。關於我們的成本結構。我們採取了一系列果斷措施，精簡組織機構，提高效率。

Over the last year we reduced over 150 positions through targeted reductions and optimizing back office operations while controlling discretionary spending. At the same time, we remain focused on investing for the future. Our R&D spend in 2024 was at an all-time high as we focus on partnering with our customers to deliver next generation products and solutions.

去年，我們透過有針對性的裁員、優化後台營運並控制可自由支配的開支，減少了 150 多個職位。同時，我們仍然專注於未來的投資。我們專注於與客戶合作提供下一代產品和解決方案，因此 2024 年的研發支出達到了歷史最高水準。

Even through periods of market softness, we have remained focused on investing for the future, further aligning the business to high growth opportunities supported by global mega trends. Across our plants we're improving yields and profitability through process and technical innovations and continuous improvement initiatives. In precision optics, we took meaningful steps to drive the early stages of transformation starting with appointing a new President, Jason Moore.

即使在市場疲軟時期，我們仍然專注於未來投資，進一步使業務與全球大趨勢支持的高成長機會保持一致。我們透過流程和技術創新以及持續改進措施來提高工廠的產量和獲利能力。在精密光學領域，我們採取了有意義的措施來推動轉型的早期階段，首先是任命新總裁傑森摩爾 (Jason Moore)。

Despite the challenges the business has faced, we believe the long term fundamentals remain strong. Jason is quickly working with his team to adjust the cost structure and optimize the footprint to ensure we're maximizing the value of that critical business and prioritizing the growth opportunities the business is developing. The number of careful and deliberate actions we've undertaken allowed us to deliver record performance in 2024 and have set the stage for even stronger performance in the future.

儘管業務面臨挑戰，但我們相信長期基本面依然強勁。傑森正在與他的團隊迅速合作，調整成本結構並優化足跡，以確保我們最大限度地提高關鍵業務的價值，並優先考慮業務正在開發的成長機會。我們採取的一系列謹慎而深思熟慮的行動使我們在 2024 年取得了創紀錄的業績，並為未來更加強勁的業績奠定了基礎。

As we look ahead to 2025, we're cautiously optimistic about a stronger macro environment as we move through the year. We expect to continue to see solid growth in aerospace and defense, where healthy and market demand will be compounded by outgrowth from our organic winds. We're seeing some gradual recovery in semiconductor, and while our customers are providing mixed outlooks for 2025, we expect to see mid single digit growth year on year.

展望 2025 年，我們對今年更強勁的宏觀環境持謹慎樂觀的態度。我們預計航空航太和國防領域將繼續穩健成長，我們有機風電的發展將進一步促進該領域健康的市場需求。我們看到半導體行業正在逐步復甦，儘管我們的客戶對 2025 年的前景褒貶不一，但我們預計同比增長將達到中等個位數。

Industrial, where our largest application is the beryllium nickel spring for commercial construction, should see growth in 2025 as the inventory correction is nearly complete and we are seeing orders returning to near normal levels. We're planning for other end markets to show low single digit growth with the exception of automotive, which is poised to remain weak.

工業領域中我們最大的應用是商業建築用的鈹鎳彈簧，隨著庫存調整接近完成並且我們看到訂單恢復到接近正常水平，該領域應該會在 2025 年出現增長。我們預期其他終端市場將呈現低個位數成長，但汽車市場除外，而汽車市場仍將保持疲軟態勢。

With regard to precision clad strip, we're expecting meaningful headwinds in 2025. Our customers indicated that the inventory correction that started in the back half of '24 will carry through in '25, resulting in lower volumes year on year.

對於精密複合帶而言，我們預計 2025 年將面臨重大阻力。我們的客戶表示，24 年下半年開始的庫存調整將持續到 25 年，導致銷售量年減。

After working diligently to ramp volumes and fill their supply chain over the past couple of years, PMI finds themselves in a position to lean out their inventory levels despite the continued success of their ICOs products rollout. Our phase two capacities complete and online, ready to serve their increased demand, which is expected in 2026.

在過去幾年中，PMI 努力提高產量並充實供應鏈，儘管其 ICO 產品推出持續取得成功，但 PMI 仍發現其庫存水準處於下降趨勢。我們第二階段的產能已完成並投入使用，準備滿足他們日益增長的需求，預計在 2026 年。

As we head into '25, I'm confident that we will continue to deliver the strong performance you have come to expect from Eternia. I would like to thank our global team for the unwavering commitment to innovating for our customers while managing costs and delivering record performance. Now, let me turn the call over to Shelly to cover more details on the financials.

當我們進入25年時，我相信我們將繼續提供您對 Eternia 所期望的強勁表現。我要感謝我們的全球團隊堅定不移地致力於為客戶創新，同時管理成本並實現創紀錄的表現。現在，讓我將電話轉給 Shelly，以介紹更多有關財務的詳細資訊。

Thanks Jugal and good morning everyone. During my comments, I'll reference the slides posted on our website this morning starting on slide 13. In the fourth quarter, value added sales, which exclude the impact of pass-through precious metal costs were $296.1 million, up 2% from prior year and up 12% sequentially. This year over year increase was driven by continued strength in space and defense and gradual improvement in semiconductor partially offset by market headwinds across automotive, industrial, and energy.

謝謝 Jugal，大家早安。在我的評論中，我將參考今天早上我們網站上發布的幻燈片，從第 13 張開始。第四季度，不包括轉嫁貴金屬成本影響的增值銷售額為 2.961 億美元，較上年同期成長 2%，較上一季成長 12%。今年同比增長的動力源於航太和國防領域持續走強以及半導體領域的逐步改善，但卻被汽車、工業和能源領域的市場逆風部分抵消。

When looking at earnings per share, we delivered record quarterly adjusted earnings of $1.55 up 10% from prior year. Moving to slide 14, adjusted EBITDA was a quarterly record of $61.5 million or 20.8% of value added sales, up 15%, with 240 basis points of margin expansion from the prior year.

從每股收益來看，我們實現了創紀錄的季度調整後收益 1.55 美元，較上年增長 10%。轉到第 14 頁，調整後的 EBITDA 創下季度記錄，達到 6,150 萬美元，佔增值銷售額的 20.8%，成長 15%，利潤率較上年擴大 240 個基點。

This marks the third consecutive quarter delivering margins above our midterm target of 20%. The increase was driven primarily by strong cost management and operational performance. Moving to slide 15, let me now review fourth quarter performance by business segment. Starting with performance materials, value added sales were $ 195.8 million, a quarterly record and up 5% as compared to prior year.

這是連續第三個季度的利潤率超過我們 20% 的中期目標。成長主要得益於強勁的成本管理和營運績效。現在轉到第 15 頁，讓我按業務部門回顧一下第四季的業績。從性能材料開始，增值銷售額為 1.958 億美元，創下季度紀錄，比上年增長 5%。

This year over year increase was largely driven by continued strength across space and defense and the consumer electronics and markets. Be the excluding special items with a record $ 53.6 million, or 27.4% of value added sales, up 17% compared to the prior year period with 270 basis points of year over year margin expansion.

今年同比增長主要得益於太空和國防以及消費電子和市場的持續強勁增長。不計特殊項目的附加價值銷售額達到創紀錄的 5,360 萬美元，佔銷售額的 27.4%，比去年同期增長 17%，利潤率比去年同期擴大 270 個基點。

This increase was driven by higher volume, strong price mix, and operational performance, including higher production credit benefit year on year. Moving now to the 2025 outlook, we expect continued strength across aerospace and defense with improving market conditions in energy and industrial. We expect the automotive market to remain challenged with market contraction for a second straight year.

這一成長主要得益於銷售增加、價格組合強勁以及營運績效優異（包括生產信貸收益年增）。現在展望2025年，我們預期航空航太和國防領域將持續保持強勁勢頭，能源和工業市場狀況也將持續改善。我們預期汽車市場將連續第二年面臨市場萎縮的挑戰。

Precision clad strip sales to Philip Morris will be down year on year given the continued inventory correction that Jugal mentioned earlier. We expect to deliver another year of strong bottom line results driven by operational performance and cost management.

由於 Jugal 之前提到的持續庫存調整，對菲利普莫里斯的精密複合帶銷售量將比去年同期下降。我們期望在營運績效和成本管理的推動下，再過一年實現強勁的獲利績效。

Next, turning to electronic materials on slide 16. Value added sales were $ 78.6 million, a 1% increase year on year, driven by improving semiconductor sales, specifically across logic and memory and data storage technology. When adjusting for the divested Albuquerque larger area target sales, the growth was 4% per quarter.

接下來，轉到第 16 張投影片上的電子資料。增值銷售額為 7,860 萬美元，年成長 1%，這得益於半導體銷售的成長，特別是邏輯和記憶體以及資料儲存技術。當調整已剝離的阿爾伯克基較大區域目標銷售額時，每季的成長率為 4%。

EBITDA excluding special items was $ 14.7 million, or 18.7% of value added sales in the quarter, up 460 basis points versus the prior year. This increase was driven by improved mix, strong operational performance, and cost management. As we look out to 2025, we expect the semiconductor market to improve as the year progresses, particularly in logic and memory and data storage devices. This improvement is expected to be greater in the second half.

不包括特殊項目的 EBITDA 為 1,470 萬美元，佔本季增值銷售額的 18.7%，較上年同期成長 460 個基點。這一成長主要得益於產品組合改善、強勁的營運績效以及成本管理。展望 2025 年，我們預期半導體市場將隨著時間的推移而改善，尤其是在邏輯、記憶體和資料儲存設備方面。預計下半年這項改善將會更加明顯。

On the flip side, we expect our power semi-business to remain challenged with high level of inventories remaining at our customers and weak end use demand in markets like automotive and industrial. We expect improved bottom line results driven by the stronger demand, strong cost management, and operational performance. Turning to precision optics on slide 17, value added sales were $ 21.7 million, down 17% compared to the prior year.

另一方面，我們預計我們的功率半業務將繼續面臨挑戰，因為客戶庫存量很高，而汽車和工業等市場的最終使用需求疲軟。我們預計，在更強勁的需求、強大的成本管理和營運績效的推動下，底線業績將會改善。談到第 17 頁的精密光學產品，加值銷售額為 2,170 萬美元，比上年下降 17%。

This decrease was driven by market weakness in several and markets offset by strength in the space and semiconductor markets. EBITDA excluding special items with a loss of $ 1.1 million or minus 5% of value added sales. This decrease was largely driven by reduced volume, unfavorable product mix, and some operational challenges. As part of the initiatives underway to transform this business, our new business President continues to review and adjust the portfolio, footprint and cost structure, setting the stage for dramatically improved results that will start this year.

這一下降是由於多個市場的疲軟，但被太空和半導體市場的強勢所抵消。EBITDA（不含特殊項目）損失 110 萬美元，或減去 5% 的增值銷售額。下降的主要原因是產量減少、產品組合不利以及一些營運挑戰。作為正在進行的業務轉型舉措的一部分，我們的新業務總裁將繼續審查和調整產品組合、業務足跡和成本結構，為今年開始的業績大幅改善奠定基礎。

While we are optimistic about the future of precision optics, we did take a non-cash, goodwill, and intangible impairment charge that impacted our GAAP results in the fourth quarter. This write down is expected to be a one-time accounting adjustment and does not reflect our commitment to this business as a key part of the Materion portfolio.

雖然我們對精密光學產品的未來持樂觀態度，但我們確實承擔了非現金、商譽和無形資產減損費用，這影響了我們第四季的 GAAP 業績。預計此次減記將是一次性會計調整，並不反映我們對該業務作為 Materion 產品組合關鍵部分的承諾。

Moving to slide 18, let me comment on the full year. Value added sales were approximately $1.1 billion, a 3% decrease from prior year due to market weakness in key and markets, including industrial, energy, and automotive. This decrease was partially offset by strength and state and defense and precision clad strength.

轉到第 18 張投影片，讓我對全年情況進行評論。增值銷售額約 11 億美元，較前一年下降 3%，原因是工業、能源和汽車等關鍵市場的市場疲軟。這一下降被國家實力、防禦和精密裝甲的實力部分抵消。

Despite the slight decline in VA sales, we delivered our fourth consecutive year of record adjusted EBITDA and EBITDA margins with adjusted EBITDA of $221.2 million for the year or 20.2% of value added sales, up 2% from the prior year with margin expansion of 90 basis points. We are very pleased to have delivered our targeted EBITDA margins of 20% for the year for the first time in our company's history. This significant margin performance was driven by strong price mix and improved operational performance despite the softer top line.

儘管 VA 銷售額略有下降，但我們連續第四年實現調整後 EBITDA 和 EBITDA 利潤率創下新高，全年調整後 EBITDA 為 2.212 億美元，佔增值銷售額的 20.2%，較上年增長 2%，利潤率擴大 90 個基點。我們非常高興公司歷史上首次實現了今年 20% 的 EBITDA 利潤率目標。儘管營收疲軟，但利潤率的顯著表現得益於強勁的價格組合和營運績效的改善。

Adjusted earnings per share was $5.34 for the year, down 5% as compared to the prior year with a [$0.16] headwind due to higher interest expense. Moving now to cash, debt, and liquidity on slide 19, we ended the quarter with a net debt position of approximately $425 million and approximately $169 million of available capacity on the company's existing credit facility. We generated strong free cash flow of $57 million in the quarter and ended the year with leverage at 1.9 times, down from 2.2 times at the end of Q3.

調整後每股收益為 5.34 美元，較上年下降 5%，由於利息支出增加而面臨 [0.16 美元] 的阻力。現在轉到投影片 19 上的現金、債務和流動性，我們在本季結束時的淨債務狀況約為 4.25 億美元，公司現有信貸安排的可用容量約為 1.69 億美元。我們在本季產生了 5,700 萬美元的強勁自由現金流，年底的槓桿率為 1.9 倍，低於第三季末的 2.2 倍。

Free cash flow remains an important focus, and we expect to generate stronger cash flows in 2025. Lastly, let me transition to slide 20 address the full year outlook for the company. After a challenged macro environment in 2024, we remain cautiously optimistic about the market dynamics as we enter 2025, expecting mid single digit top line growth from our businesses, excluding precision cloud strip.

自由現金流仍然是我們關注的重點，我們預計 2025 年將產生更強勁的現金流。最後，讓我轉到第 20 張投影片來討論公司全年前景。在經歷了 2024 年充滿挑戰的宏觀環境之後，我們對 2025 年的市場動態仍然保持謹慎樂觀的態度，預計我們的業務（不包括精密雲帶）的營收將實現中等個位數成長。

The club's strict inventory correction is expected to continue through 2025, returning to growth in 2026. Despite the (inaudible) inventory correction, we expect earnings growth in 2025 from market outperformance, continued operational excellence, cost management, and portfolio optimization actions, despite very modest top line growth. With this, we are guiding to the range of $5.30 to $5.70 for the full year 2025 adjusted earnings per share, an increase of 3% from prior year at the midpoint.

俱樂部的嚴格庫存調整預計將持續到 2025 年，並​​在 2026 年恢復成長。儘管（聽不清楚）庫存有所調整，但我們預計，儘管營收成長非常溫和，但 2025 年，得益於市場優異表現、持續的卓越營運、成本管理和投資組合優化行動，獲利將實現成長。據此，我們預計 2025 年全年調整後每股收益將在 5.30 美元至 5.70 美元之間，較上年中位數成長 3%。

This concludes our prepared remarks. We will now open the line for questions.

我們的準備好的演講到此結束。我們現在將開放問答熱線。

Thank you. At this time we'll be conducting our question and answer session.

謝謝。此時我們將進行問答環節。

(Operator Instructions)

（操作員指令）

Our first question is coming from Mike Harrison with Seaport Research Partners. Your line is live.

我們的第一個問題來自 Seaport Research Partners 的 Mike Harrison。您的線路處於通電狀態。

Good morning (multiple speakers) I was just looking for a little bit more clarification on the precision clad strip business and and the inventory actions that your customers taking there. How should we think about the magnitude of that volume decline that you're expecting in 2025 and I guess we should assume that the decline is probably most pronounced in Q1 and Q2 and then maybe levels out in the second half.

早安（多位發言者），我只是想更清楚地了解精密複合帶業務以及你們的客戶在那裡採取的庫存行動。我們應該如何看待您預計 2025 年的銷售下降幅度？

And then you know you have that consumer electronics business listed as a market that should grow low single digits in 2025 on the Outlook slide is that excluding the PCS business or are there pieces within consumer electronics that should offset the the the decline that you're expecting in precision clad strip?

然後您知道，在展望幻燈片中，消費電子業務被列為 2025 年應該會實現低個位數增長的市場，這是否不包括 PCS 業務，或者消費電子內部是否有可以抵消您預期的精密複合帶材下滑的部分？

Yeah, let me address that part of it first. That is excluding our precision clad strip business. This is just general consumer electronics, market. I would say small turnaround, right, small growth on a year over year basis on the on the remaining consumer electronics business, with regard to the precision clad strip, as we've supported the customer from day one. I mean, we are their development partner. We have been on a number of different things that we've developed with them, and we have an extremely good relationship with them as they have launched this.

是的，讓我先解決這一部分。這還不包括我們的精密複合帶業務。這只是一般的消費性電子產品市場。我想說的是，剩餘的消費電子業務，就精密複合帶而言，同比來看，有了小幅增長，因為我們從第一天起就為客戶提供支援。我的意思是，我們是他們的開發合作夥伴。我們與他們合作開發了許多不同的產品，自從他們推出產品以來，我們與他們的關係一直非常好。

We've supported them really in every country that they have gone and launched. I think the situation is, in line with kind of what we talked about at the end of last year, which is, the ramp up that we had was significantly more as they were filling the channel than I would say the the rollout that they have had. So they have access inventory, they have a significant initiative in their company.

我們確實在他們所到之處和開展業務的每個國家都為他們提供了支持。我認為目前的情況與我們去年年底談論的情況一致，也就是說，他們在填補管道方面所取得的成長明顯高於他們已經推出的版本。因此，他們擁有庫存，他們在公司中擁有重大主動權。

To be lever as part of that, they've made many initiatives, one of them being inventory and getting their supply chain aligned to the actual sales and actual demands and as a result of that, we would see 25 to be that down. So, probably looking at roughly about a maybe around a 20-ish, type of percent year over year decline on that business and however, we would see that then coming back to growth in the 26 time frame.

為了發揮槓桿作用，他們採取了許多舉措，其中之一就是盤點庫存，使其供應鏈與實際銷售和實際需求保持一致，其結果是，我們看到 25 下降了。因此，可能看起來該業務的同比下降幅度大概在 20% 左右，但我們會看到，在 26 個時間範圍內，該業務將恢復成長。

I think at this time I probably would say that year over year decline is spread across the full year, so not necessarily, heavily more heavily weighted in the first half than in the second half, but of course we will continue to monitor this. We'll continue to work with the customer. I mean if we see that they're starting to have alignment to their to their inventory goals, then, we may see perhaps higher volumes in the in the second half of the year, but our plan is not necessarily based on that.

我認為此時我可能會說同比下降是分佈在全年的，因此不一定上半年比下半年更加嚴重，但我們當然會繼續監測這一點。我們將繼續與客戶合作。我的意思是，如果我們看到他們開始與他們的庫存目標保持一致，那麼我們可能會在下半年看到更高的銷量，但我們的計劃不一定基於此。

We expect this product, to continue to be a very strong product for us, even with year over year headwind, it's still a great contributing product for us this year and we would expect it to continue that way over the next several years. I mean, as we continue to be their their development partners. So that's how I, that's how I see it.

我們預計這款產品將繼續成為我們非常強勁的產品，即使面臨逐年逆風，它今年仍是我們貢獻巨大的產品，我們預計它在未來幾年將繼續保持這種狀態。我的意思是，我們將繼續成為他們的發展夥伴。這就是我的看法。

All right, thank you for that. And and then on the electronics business, I was hoping you could just give us a little more color on your expectations for the semiconductor business. It sounds like you're expecting maybe some acceleration in the pace of recovery as we get further into the year, but are you seeing some green shoots? In any of the more mainstream portions of the market or is this mostly an advanced application driven recovery, I guess that you're baking into your your 25 guidance for now.

好的，謝謝你。然後關於電子業務，我希望您能給我們稍微透露一下您對半導體業務的期望。聽起來您預計，隨著今年進一步深入，復甦步伐可能會有所加快，但您是否看到了一些復甦的跡象？在任何更主流的市場領域，或者這主要是由先進的應用程式驅動的復甦，我猜你現在正在將其納入你的 25 個指導中。

Yeah, as the semiconductor business, the market, of course, our business has been extremely challenged, over the last six to eight quarters as the market has gone through a significant downturn. The expectations certainly were that the market recovery was going to start last year in '24.

是的，作為半導體業務，市場當然，我們的業務在過去六到八個季度經歷了嚴重的下滑，面臨著極大的挑戰。人們當然預期市場復甦將於去年（2024年）開始。

In fact, some expectations were that it would even start at the end back half of '23, but that has continued to get pushed out. We have seen, in the back half of '24 that the logic and memory segment was starting to recover, primarily driven by the advanced nodes, the three nanometer five nanometer seven nanometer type of advanced nodes that are used in in AI applications or other high performance computing applications associated memory applications, so high bandwidth memory applications associated with that have also contributed to a little bit of a turnaround.

事實上，有些人預計它甚至會在23年下半年開始，但這個時間被不斷推遲。我們已經看到，在 24 年下半年，邏輯和記憶體部分開始復甦，這主要是由先進節點推動的，即用於 AI 應用或其他高效能運算應用相關記憶體應用的三奈米五奈米七奈米類型的先進節點，因此與之相關的高頻寬記憶體應用也為市場好轉做出了貢獻。

We're starting to see a little bit of a turnaround on the data storage side considering the increased use of data and data processing. So we are starting to see maybe a little bit of recovery on that. At the same time, Mike, I mean, I'm sure and we've all seen the reports, the power semiconductor is extremely challenged, right? All the key players of the power semiconductor business have had tough quarters, tough guide for Q1 and I think they're projecting, challenging years, a challenging year in '25.

考慮到資料使用和資料處理的增加，我們開始看到資料儲存方面出現了一些好轉。因此，我們可能開始看到一點復甦。同時，麥克，我的意思是，我確信，我們都看到了報告，功率半導體面臨著極大的挑戰，對嗎？功率半導體業務的所有主要參與者都經歷了艱難的季度，第一季的預測也十分艱難，我認為他們預測2025年將是充滿挑戰的一年。

But we have a fairly balanced portfolio, so when you kind of balance out the challenges on the power semiconductor side with the, expected increases on the advanced nodes, especially with our contribution on the ALD or atomic layer deposition growth that we're trying to push with the high-end memory applications, we believe that, especially in the second half of the year, this market could be, a mid single digit type of a growth market.

但是我們擁有相當均衡的投資組合，因此當你平衡功率半導體方面的挑戰和先進節點的預期增長時，特別是我們在 ALD 或原子層沉積增長方面的貢獻，我們正試圖推動高端內存應用，我們相信，特別是在今年下半年，這個市場可能是一個中等個位數的增長市場。

Q1 will be a very challenging quarter in this market. Every earnings call that I've heard, from the chip manufacturers is a sequential down in many cases a year over year down. There's normal seasonality that happens in the chip industry.

第一季對於這個市場來說將是一個非常具有挑戰性的季度。我聽到的晶片製造商的每一次盈利電話會議都顯示，其盈利情況在許多情況下是同比下降。晶片產業存在正常的季節性。

But I think they have perhaps a little bit more than a normal seasonality, as I said, particularly in the power segment. But we do see that, during the year, particularly in the areas that I highlighted, maybe a little bit of an uptick, and then more of an uptake in the back half of the year leading to about a mid single digit type of growth, and that's what we have included in our in our model.

但我認為它們可能比正常的季節性要多一點，正如我所說的，特別是在電力領域。但我們確實看到，在這一年中，特別是在我強調的領域，可能會出現小幅上漲，然後在下半年進一步上漲，從而實現大約中等個位數的增長，這就是我們模型中包含的內容。

All right, very helpful. And then last question for me is on the the $73 million of impairments in the Precision optics business. I'm curious, was that the Balzer's optics business that you acquired?

好的，很有幫助。我的最後一個問題是關於精密光學業務的 7,300 萬美元減損。我很好奇，您收購的是 Balzer 的光學業務嗎？

About four years ago and if so, can you give us a sense of maybe what you know how that has progressed differently than you expected when you acquired it and if it's not, maybe just help us understand what it is that was written down and how that helps to establish you going forward for better performance.

大約四年前，如果是這樣的話，您能否告訴我們，與您獲得它時的預期相比，它現在的進展有何不同？

Mike, why don't I start on that one and then we'll see if Google has comments to add. Every year we need to do an assessment of the intangibles. It's an accounting exercise. Precision optics itself is a whole reporting unit, so it gets measured at the segment level, which does have goodwill beyond optics posers. But if you think about, what has happened in that business over the last several years, certainly that was a large. Acquisition in 2020 with very strong prospects we did see, a major setback with the loss of a very large customer which the business has struggled to recover from completely.

麥克，我先從這個開始，然後我們看看谷歌是否有評論要添加。我們每年都需要對無形資產進行評估。這是一項會計工作。精密光學本身是一個完整的報告單位，因此它是在細分級別進行衡量的，這確實對光學領域的專業人士具有良好的聲譽。但如果你想想，過去幾年該行業發生了什麼，那無疑是一件大事。我們確實看到了 2020 年非常強勁的收購前景，但失去了一個非常大的客戶，這對公司來說是一個重大挫折，公司一直在努力徹底恢復。

We still see that business fulfilling, our vision, but in the meantime, the forecast had gotten as such that we couldn't support the value that was on our books. It's not a Not something we choose or don't choose. It's really model driven from the accounting side. So we took the adjustment. It goes into our GAAP results. It's a one-time item, and you know we move forward from here to build back that business. Yeah.

我們仍然看到業務在實現我們的願景，但同時，預測已經變得無法支持我們帳面上的價值。這不是我們能選擇或不選擇的事情。這確實是從會計角度驅動的模型。因此我們做出了調整。它計入我們的 GAAP 結果。這是一次性項目，你知道我們從現在開始繼續前進，重建這項業務。是的。

And Mike, what we're excited about going forward is, I think one leadership change we've made a leadership change in the back half of last year. We're really excited to have Jason Moore on.

麥克，我們對未來感到興奮的是，我認為我們在去年下半年進行了領導層變動。我們非常高興傑森摩爾能夠加入我們。

He has traveled to the various sites, met with the people, understood the technology, the footprint that we have. I would say a significant number of changes that we drove already in Q4, and it's our expectation to continue to drive both cost optimization, footprint optimization, and of course top line growth and deliver, a meaningful year over year improvement from '24 to '25, that's included in our plan and we want this business to be an equal contributor to our 23% margin objective, that we have for a midterm. So our goal is to have a meaningful improvement from '24 to '25 and then continue that going forward beyond that.

他走訪了各個地點，與當地民眾會面，並了解當地的技術和我們的足跡。我想說的是，我們在第四季度已經推動了大量變革，我們預計將繼續推動成本優化、足跡優化，當然還有營收成長，並實現 24 至 25 年同比有意義的改善，這包括在我們的計劃中，我們希望這項業務對我們中期 23% 的利潤率目標做出同等貢獻。因此，我們的目標是從 24 年到 25 年取得顯著進步，並繼續保持這種勢頭。

Sounds good. Thank you very much.

聽起來不錯。非常感謝。

Thanks, Mike. (multiple speakers)

謝謝，麥克。（多位發言者）

Thank you. Our next question is coming from Daniel Moore with CJS Securities. Your line is live.

謝謝。下一個問題來自 CJS Securities 的 Daniel Moore。您的線路處於通電狀態。

Morning, Jugal. Morning, Shelley.

早上好，Jugal。早安，雪萊。

Thanks for taking the questions. (inaudible) Maybe start with the new long term target of 23% adjusted EBITDA margin, obviously, really strong performance to get to your prior target in a difficult environment. How do you think about kind of reasonable time frame and maybe more importantly what type of organic top line growth we would need to achieve it?

感謝您回答這些問題。（聽不清楚）也許可以從 23% 的調整後 EBITDA 利潤率這一新的長期目標開始，顯然，在困難的環境下，需要非常強勁的表現才能達到先前的目標。您如何看待合理的時間框架？

Yeah, well, first of all, Dan, it has been a heavy lift, but I think a lift that our team, took on and has delivered. I'm really proud of but I think what our team has accomplished over the last five years in this regard.

是的，首先，丹，這是一個沉重的任務，但我認為我們的團隊承擔了這項任務，並完成了它。我真的很自豪，但我認為我們的團隊在過去五年裡在這方面取得了成就。

We've gone from roughly about a 15% EBITDA margin, in the in the 20 time frame to delivering a full year 20% EBITDA margin. I think, ahead of our plan, ahead of our expectations, and, taking our EBITDA from roughly about $100 million of EBITDA to well over $200 million of EBITDA in this timeframe, so more than doubling the EBITDA, really proud of, I think, what the team has accomplished and You know that gives us the confidence that frankly that we believe we can continue this trajectory and and and reach a 23%, midterm EBITDA margin.

在 20 年的時間範圍內，我們的 EBITDA 利潤率從大約 15% 上升至全年 20% 的 EBITDA 利潤率。我認為，這超出了我們的計劃和預期，並且在此時間範圍內將我們的 EBITDA 從大約 1 億美元提高到超過 2 億美元，即 EBITDA 增加了一倍多，我認為，我們為團隊所取得的成就感到非常自豪，這給了我們信心，坦率地說，我們相信我們可以繼續保持這一軌跡並達到 23% 的利潤。

It involves, of course, organic growth, but we believe, and we've indicated this, I think all along, that we always want to be growing ahead of our underlying markets. So perhaps maybe a 200 basis point to 300 basis point type of growth beyond the underlying markets. It could involve, some bolt on M&A's.

當然，這涉及有機成長，但我們相信，而且我們也一直表明，我們希望始終領先於我們的基礎市場。因此，可能超出基礎市場 200 個基點到 300 個基點的成長。它可能涉及一些附加的併購。

but we have done those over the last few years and so perhaps maybe there is, that could happen over the next several years and then, the continued disciplined execution that we have delivered, I think, in the company with the commercial excellence, with the cost management, operational excellence, and I think continuing to drive, leaner, more efficient organization and then with the changes that we've driven in '24, especially during this little bit of a downturn, I think those changes, will certainly carried through into the next few years as well. We, talked about precision lad and how that can be, a turnaround factor in the '26 and beyond years and that that would be a contributing factor.

但我們在過去幾年裡已經做到了這些，所以也許在未來幾年也會實現，然後，我認為，我們將繼續嚴格執行公司的商業卓越性、成本管理和卓越運營，我認為我們將繼續推動更精簡、更高效的組織，然後，隨著我們在24年推動的變革，特別是在這段經濟低迷時期，我認為這些變革肯定也會延續到未來幾年。我們討論了精準小伙子以及這如何成為 26 年及以後的轉捩點，以及這如何成為一個促成因素。

So I think all of those things that we have done to get from the 15% to 20% today and then building on that I think gives us the confidence that over the next several years, we believe we can we can continue to, march towards that 23% EBITDA margin. So we're quite excited about this and now, new initiative and sort of new benchmark that we've set for ourselves, and of course we're happy to share the progress with you, as we go along.

因此，我認為，我們所做的所有這些事情使我們的 EBITDA 利潤率從今天的 15% 上升到 20%，然後在此基礎上繼續提高，這讓我有信心，在未來幾年裡，我們相信我們可以繼續向 23% 的 EBITDA 利潤率邁進。因此，我們對此感到非常興奮，現在，我們為自己設定了新的舉措和新的基準，當然，我們很高興與您分享我們的進展。

Very helpful. And then prepared remarks you teased in the discussion of, new products and new opportunities you teased the new deposition material. What, if anything, can you say about that, relative to your current, tantalum and or precious metals and what type of applications and anything in terms of, market opportunity, Thanks.

非常有幫助。然後準備好您在討論中提到的關於新產品和新機會的評論，以及您提到的新的沉積材料。如果有的話，您能否就您目前的鉭和/或貴金屬以及應用類型和市場機會等方面談談這一點，謝謝。

Yeah, so you know we're actually quite involved with, a leading equipment manufacturer on that as the type of deposition technologies that we're involved in today are PVD, so physical vapor deposition is a core part of what we do, and that involves a precious metals targets, tantalum targets, other non-precious metals targets.

是的，你知道我們實際上與一家領先的設備製造商合作密切，因為我們今天所涉及的沉積技術類型是 PVD，所以物理氣相沉積是我們工作的核心部分，這涉及貴金屬靶材、鉭靶材和其他非貴金屬靶材。

We have the emerging ALD or atomic layer deposition technology that we're involved in, and we now have a relationship or a partnership with a with a leading equipment manufacturer who is investigating a sort of next generation deposition technology that can be used in certain applications.

我們參與了新興的 ALD 或原子層沉積技術，現在我們與一家領先的設備製造商建立了合作關係，該製造商正在研究可用於某些應用的下一代沉積技術。

Fortunate enough to have that relationship with them and and we're supporting them. So, provided that this is something that could become successful over the next couple of years, we would expect to have good meaningful growth in that, after that. So we're we're very much looking forward to continue to do the development with them and and see where this takes us.

我們很幸運能與他們建立這種關係並支持他們。因此，如果這件事能夠在未來幾年內取得成功，我們預計此後將會實現良好且有意義的成長。因此，我們非常期待繼續與他們合作開發，並看看這將為我們帶來什麼。

Alright appreciate the call. I'll jump back when you follow up thanks.

好的，感謝您的來電。當你跟進時我會跳回來，謝謝。

Thanks Dan. (Inaudible)

謝謝丹。（聽不清楚）

Thank you. Our next question is coming from Phil Gibbs with Key Bank. Your line is live.

謝謝。下一個問題來自 Key Bank 的 Phil Gibbs。您的線路處於通電狀態。

Hey, good morning.

嘿，早安。

Morning, Phil.

早上好，菲爾。

I mean as you all have thought about the the tariff environment and what could be or will be or won't won't be. where are some spots that may be of concern or where are some spots that may be of an opportunity as as you look across your supply chaining customers.

我的意思是，大家都考慮過關稅環境以及可能發生的事情、將會發生的事情或不會發生的事情。當你審視你的供應鏈客戶時，哪些地方可能需要關注，哪些地方可能是一個機會。

Well, as we know, Phil, I mean this is a very evolving situation, right? Just, this morning, for example, there's some report about possible tariffs on pharma, semi, autos. There's been talk of course, Canada, Mexico, reversal, China, I mean, so it's a very evolving situation, so we're of course keeping a Sort of a daily track on it to understand the ins and outs and how we can be properly positioned to operate in this environment.

嗯，正如我們所知，菲爾，我的意思是這是一個非常不斷變化的情況，對吧？例如，就在今天早上，有一些關於可能對製藥、半導體和汽車徵收關稅的報告。當然，也有關於加拿大、墨西哥、逆轉、中國的討論，我的意思是，這是一個非常不斷變化的情況，所以我們當然會每天跟踪它，以了解它的來龍去脈，以及我們如何在這種環境下正確運作。

First of all, when we look at the buy side, so we do certainly have buy from Canada, from Mexico, from China, we've looked at what those buys are the dollar values, the customer, the suppliers who we're buying from, we've evaluated where we have second source opportunities and where we could potentially shift our buy to those countries, if there was, action that was taken.

首先，當我們看買方時，我們確實有來自加拿大、墨西哥和中國的購買，我們研究了這些購買的美元價值、客戶、我們從哪些供應商處購買，我們評估了哪裡有第二來源機會，以及我們可以在哪些國家轉移購買，如果有的話，我們就採取行動。

We've also made sure that and we have this because we've used it during COVID time, we've used it in general situations and that we have a very Disciplined robust process on any cost increases that we would get, whether it's tariffs or any other type of things that we work with our customers to process those increases. I mean, you've heard us say this all along, that we don't want to be the sponge, right? And so if there are any cost impacts from the buy side, we're going to work very openly and transparently with our customers and be able to share that with them.

我們也確保了這一點，因為我們在 COVID 期間使用過它，我們在一般情況下也使用過它，並且我們對可能遇到的任何成本增加都有一個非常嚴謹的流程，無論是關稅還是任何其他類型的東西，我們都會與客戶合作來處理這些增加。我的意思是，你一直都聽我們這麼說，我們不想成為海綿，對吧？因此，如果買方有任何成本影響，我們將與客戶進行非常公開和透明的合作，並與他們分享這項影響。

And process that. So I think that's the, I'll call it the buy side. You're right on the sales side. I mean we have roughly a third of our business that goes into Europe. China is a relatively small sales arm for us, probably mid single digits, I think, in terms of our share there, but really I would say it's the European side. So if there are any tariffs that are imposed for material going into Europe, certainly we'll have to work through that and understand what the implications are and how we work with our customers on that.

並進行處理。所以我認為這就是，我稱之為買方。從銷售方面來說您說得對。我的意思是我們的業務大約有三分之一是在歐洲。對我們來說，中國是一個相對較小的銷售部門，就我們在那裡的份額而言，我想大概是個位數的中段，但實際上我會說它是歐洲方面。因此，如果對進入歐洲的材料徵收任何關稅，我們當然必須解決這個問題，了解其影響是什麼，以及我們如何與客戶合作。

We're also looking at initiatives where we can take advantage of of what can we do from the very large footprint that we have in the US as we have a very important and meaningful footprint in the US. So, where can we take advantage of perhaps competitor situations where we can do local, manufacturing here in the US we're also looking at China as there's a lot of talk about what gets produced in China.

我們也正在研究一些舉措，利用我們在美國擁有的非常大的影響力來做我們能做的事情，因為我們在美國擁有非常重要和有意義的影響力。那麼，我們可以在哪裡利用競爭對手的優勢，在美國進行本地製造，我們也在關注中國，因為有許多關於在中國生產什麼的討論。

Can we produce outside? We have footprint in Asia that's not in China, and so we're also working towards those initiatives. At the same time, we're working on a number of different materials that, perhaps could be exempted from, tariffs just based on the national security importance of those materials. And so we're working with the right people in Washington to highlight those so they understand that there are certain materials that are important to the national security of the country and therefore, they may perhaps should be exempt from the tariffs.

我們可以對外生產嗎？我們的業務範圍已擴展到中國以外的亞洲地區，因此我們也在努力實現這些舉措。同時，我們正在研究多種不同的材料，也許可以僅基於這些材料的國家安全重要性而免徵關稅。因此，我們正在與華盛頓的相關人士合作，強調這一點，以便他們明白某些材料對國家安全至關重要，因此，他們或許應該免徵關稅。

So I can tell you that this is a topic that certainly is getting a lot of attention, on our side and we'll continue to monitor it and continue to manage it in a very effective way.

因此我可以告訴你們，這個主題肯定引起了我們的廣泛關注，我們也會繼續關注它，並繼續以非常有效的方式進行管理。

Thank you. And then as you look at your 300 basis point margin improvement expectations just cos I guess over the next three to five years.

謝謝。然後當您看到 300 個基點的利潤率改善預期時，我猜只是因為在未來三到五年內。

How much of that is getting some meat or profit back in precision optics versus, anything else you could be doing over the portfolio because I would imagine obviously moving from a negative EBITDA or positive EBITDA situation there is obviously going to do a lot to get you a decent way of the amount there, but maybe some thoughts around what are the big moving pieces.

其中有多少是從精密光學器件中獲得的回報或利潤，有多少是您可以透過投資組合做的其他事情，因為我可以想像，從負 EBITDA 或正 EBITDA 的情況轉變顯然會為您帶來很大的幫助，讓您獲得可觀的金額，但也許有一些關於什麼是重大變動的想法。

Yeah, well, I mean, precision optics clearly, has to be an important contributor, right? We've said this all along that all three of our businesses need to contribute equally to our top line profile as well as our bottom line profile. Precision Optics has not done that and so we're making, the changes, the necessary changes so that it can, I would remind all of us that if we just go back, four or five years, I mean this business was a 20% plus EBITDA contributor to the company.

是的，嗯，我的意思是，精密光學顯然必須是重要的貢獻者，對吧？我們一直在說，我們的三項業務都需要為我們的營收和淨利做出同等的貢獻。Precision Optics 還沒有做到這一點，因此我們正在進行變革，進行必要的變革，以便能夠做到這一點。

It's a smaller base than the other two businesses, clearly, but it's still an important contributor and it was a 20% plus EBITDA business and of course, our objective to the new leadership is is that, the road map. How do we get that business back back to that level? So we are Looking forward to that business contributing, but at the same time, we want to make sure that we can keep pushing our electronic materials business to move and deliver, north of 20% EBITDA margins and continue to drive, both the top line and bottom line in the rest of our company.

顯然，它的基數比其他兩項業務要小，但它仍然是一個重要的貢獻者，而且它的 EBITDA 成長了 20% 以上，當然，我們對新領導層的目標就是製定路線圖。我們如何才能使業務恢復到那個水平？因此，我們期待該業務做出貢獻，但同時，我們希望確保我們能夠繼續推動我們的電子材料業務發展並實現 20% 以上的 EBITDA 利潤率，並繼續推動公司其他業務的營收和利潤。

Thank you for that. And I guess staying with the precision optics you mentioned earlier in the call that your R&D budget was very strong last year. Is there a decent bid in the R&D budget to rejuvenate that business in particular?

謝謝你。我想，正如您在電話中早些時候提到的，關於精密光學，去年您的研發預算非常充足。研發預算中是否有適當的金額用於振興該業務？

Yeah, first of all, at the company level, I mean, we spent nearly $30 million on R&D. I mean, I remember the time when we were spending, less than $20 million in R&D in this company. So I think, we continue to make the right investments for R&D spending at the company level and we've made sure that as we have looked at the precision optics business and we have made cost improvements and cost changes in that business, we've actually taken the R&D organization and frankly almost kind of isolated it to create a single R&D organization that can be working to support that business globally.

是的，首先，在公司層面，我們在研發上花了近 3,000 萬美元。我的意思是，我記得當時我們公司在研發上的花費不到 2,000 萬美元。因此，我認為，我們將繼續在公司層面對研發支出進行正確的投資，並且我們確保，當我們研究精密光學業務並對該業務進行成本改進和成本調整時，我們實際上已經將研發組織坦率地說幾乎將其隔離開來，以創建一個可以在全球範圍內支持該業務的單一研發組織。

So, it is i think targeted at making sure that the right projects are being funded and then the markets that we're focused on in that business, are going to be are going to be focused on. So I think we're we're well positioned to ensure that we've got the resources to fund that business as it kind of, goes on this turnaround over the next several years.

所以，我認為我們的目標是確保正確的專案得到資助，然後我們將會關注該業務所關注的市場。因此，我認為我們完全有能力確保我們有足夠的資源來資助這項業務在未來幾年的轉型。

Then I've got a couple of small ones. I appreciate the giving me the time to ask these. I know Tantalite prices have been moving up. There's been some supply disruptions in in Africa. Now, how much does that impact you guys one way or the other and and how are you managing through some potential cost inflation there?

然後我得到了幾個小的。我很感激您給我時間詢問這些問題。我知道鉭鐵礦的價格一直在上漲。非洲出現了一些供應中斷的情況。現在，這對你們有多大影響？

Yeah, so first of all, I think you know we've got a very good diverse supply base for [Tantalum]. So you know if there's disruptions in one part of the world, I think we have good supply base and good balance across the world, so sort of to be able to make sure that overall, we're not being disrupted on the supply side.

是的，首先，我想你知道我們有一個非常好的多樣化供應基礎[鉭]。因此，如果世界某個地區出現中斷，我認為我們在世界各地擁有良好的供應基礎和良好的平衡，因此能夠確保整體上我們的供應方面不會受到中斷。

On the pricing side, you may recall, Phil, there was a time a couple of years ago where prices did go up and unfortunately, we had to eat some of those prices just because of the way our contracts were structured, when we had taken over the business.

在定價方面，菲爾，你可能還記得，幾年前有一段時間價格確實上漲了，不幸的是，由於我們接管業務時合約的結構方式，我們不得不承擔部分價格。

We worked very diligently to restructure the contracts so that we could make sure that there were some clauses in there to have a price recovery for cost changes on the tantalum side. I think we've got a fairly good feel for that, and so we have a good relationship, kind of a cost price relationship with our customers on that. So would there still be some impact? It could be, but it would be more from a timing standpoint to make sure that we've got the supply side and the sell side aligned. But overall I think we've got a fairly good feel for how to handle the supply and the price side for Tantalum.

我們非常努力地重組合同，以確保其中有一些條款能夠隨著鉭的成本變化而實現價格恢復。我想我們對此有相當好的感覺，因此我們與客戶保持了良好的關係，有點像是一種成本價格關係。那麼還會有影響嗎？有可能，但這更多的是從時間的角度來確保供應方和賣方保持一致。但總的來說，我認為我們對如何處理鉭的供應和價格方面有相當好的了解。

Thanks. And then lastly for me, just the working capital side did a good job in the fourth quarter there, particularly on the inventory reduction as you got some of the higher value shipments out the door in defense and space I'm sure, but looking ahead. how should we think about how you're thinking about working capital management in 2025 in terms of use or source and then any internal metrics that you all have over the next 3 to 5 years in terms of where you want your efficiency measures to be. Thanks.

謝謝。最後，對我來說，第四季營運資本方面做得很好，特別是在庫存減少方面，因為我確信你們在國防和太空領域完成了一些高價值的出貨，但展望未來。我們應該如何思考您在使用或來源方面對 2025 年營運資本管理的看法，以及在未來 3 到 5 年內您希望您的效率衡量標準達到什麼水平的任何內部指標。謝謝。

Yeah, sure, Phil, I'll take that one. So working capital is a very important initiative to us, we've, I think, had some really good success in bringing inventory down in some places, and then we've had places where we needed to add inventory, whether it's for new space business, whether it's for cloud strip.

是的，當然，菲爾，我會接受這個。因此，營運資金對我們來說是一項非常重要的舉措，我認為，我們在某些​​地方降低了庫存，取得了一些非常不錯的成功，然後我們在一些地方需要增加庫存，無論是為了新的太空業務，還是為了雲帶。

So we had a base that was kind of increasing and decreasing at the same time. Hitting a more steady state, we're now working on bringing that down, getting to levels that we think are more appropriate for where we're at in time and space, and you saw that come through in Q4.

因此，我們的基礎是同時增加和減少的。為了達到更穩定的狀態，我們現在正在努力降低這一水平，使其達到我們認為更適合我們所處的時間和空間的水平，而您在第四季度看到了這一點。

Typically, we don't have the best working capital performance in Q1, so I don't expect to see a sequential improvement quarter on quarter, but I do expect a very Strong year for cash flow for '25. So I think you're going to see the best cash flow performance that we've put up in a couple of years as we still have good organic spend, still, a relatively high level of CapEx, but not adding that working capital, really, controlling that area and with good cash earnings, I think we're going to have good performance there.

通常情況下，我們在第一季的營運資本表現並不是最好的，所以我預計不會看到季度環比改善，但我確實預計25年的現金流將會非常強勁。因此，我認為你會看到我們在幾年內實現的最佳現金流表現，因為我們仍然擁有良好的有機支出，仍然有相對較高的資本支出水平，但沒有增加營運資本，實際上，我們控制了該領域並擁有良好的現金收益，我認為我們在這方面會取得良好的表現。

Thank you.

謝謝。

You're welcome.

不客氣。

Thanks, Phil.

謝謝，菲爾。

Thank you. Our next question is coming from David Silver with CL King. Your line is live.

謝謝。我們的下一個問題來自 CL King 的 David Silver。您的線路處於通電狀態。

Yeah, hi, good morning. Thank you. (multiple speakers)

是的，你好，早安。謝謝。（多位發言者）

I have a couple of kind of smaller questions or smaller topics and then maybe a bigger topic. Firstly, I'm just looking on this, I guess it's slide 20 from your deck full year guidance, and I wanted to hone in on the $25 million that you called out from your CapEx budget for HCS and I was just wondering, is that The outlays required to complete the previously announced capacity expansion, or is there something else, something newer going on there?

我有幾個較小的問題或較小的話題，然後可能還有一個較大的話題。首先，我正在看這個，我猜這是你全年指導幻燈片中的第 20 張，我想詳細了解一下你為 HCS 資本支出預算中提到的 2500 萬美元，我只是想知道，這是完成之前宣布的產能擴張所需的支出，還是還有其他什麼新情況？

Yeah, I mean, as that's been an important part of our growth initiative, right, as we acquired that business, and we have made sure that we are investing in that business to capture the full growth not only in the semiconductor space but in the industrial space and the the aerospace and defense space.

是的，我的意思是，這是我們成長計劃的重要組成部分，對吧，當我們收購該業務時，我們就確保對該業務進行投資，以實現不僅在半導體領域，而且在工業領域、航空航天和國防領域的全面增長。

And you remember that that business, we It was about a 70% to 75% semiconductor business, but we've made significant strides, in the industrial space and the aerospace and defense side to grow that business. We have had a number of investments that we've highlighted over the '24 time frame that we made, and so I would say the majority of that spend is related to investments that we have announced and that we're putting in not only additional capacity but more cost effective capacity in many cases that we're doing.

您記得，我們​​的這項業務大約有 70% 到 75% 是半導體業務，但我們在工業領域、航空航太和國防方面取得了重大進展，以發展該業務。我們在 24 小時時間範圍內進行了多項投資，因此我想說，大部分支出都與我們已經宣布的投資有關，而且在許多情況下，我們不僅在投入額外的產能，而且在投入更具成本效益的產能。

So that's what that is and it'll continue into '25 as we as we finish that out. But but that's a business that I think we're going to continue to look to figure out how we can how we can keep funding and take full advantage of the opportunities that are there in aero defense, industrial and semi.

事情就是這樣，我們會在 2025 年完成這件事。但我認為，我們將繼續研究這項業務，弄清楚如何保持資金投入，並充分利用航空國防、工業和半導體領域的機會。

Interesting. Thank you very much for that color. Next question relates to your non-recurring items this period. So you were asked earlier about the large, $73 million or so, impairment and write down a goodwill, but there was also a $7.4 million charge here I guess under the term or listed as M&A related.

有趣的。非常感謝那個顏色。下一個問題與您本期的非經常性項目有關。所以，你之前被問到關於 7,300 萬美元左右的巨額減值和商譽減記的問題，但我猜這裡還有一筆 740 萬美元的費用，根據該條款或列為與併購相關的費用。

And I'm just wondering, is that were those some costs that were capitalized maybe from the Balser transaction, or is that related to kind of ongoing M&A spend that maybe the project it was targeted for has been, dropped off the list, but maybe just some comment on the the M&A related charge this quarter, please.

我只是想知道，這些成本是不是可能從 Balser 交易中資本化了，或者是否與正在進行的併購支出有關，也許它所針對的項目已經從名單上刪除了，但也許只是對本季度的併購相關費用發表一些評論，好嗎？

Sure, so I'll take that one, David. As you probably know, in the M&A line we also have divestitures, and so a lot of that cost was related to finalizing the divestiture of the Albuquerque larger area targets business that we've talked about as well as related to the facility closure, the nearby facility closure that we've been working on. So that's really, kind of divestiture related versus acquisition related.

當然，我接受這個，大衛。您可能知道，在併購領域，我們也進行了資產剝離，因此，其中很大一部分成本與完成我們所討論的阿爾伯克基更大區域目標業務的剝離以及設施關閉有關，我們一直在努力關閉附近的設施。所以這其實是一種與資產剝離相關的，而不是與收購相關的。

Yeah, and. I mean as we've talked, with the number of changes that we have driven in the company over the last 12 to 18 months, making sure that our portfolio is stronger going forward, right, has been an important initiative, and I think, this move that we announced at the end of last year and then we've executed, gives us a stronger, more profitable portfolio for '25 and beyond.

是啊，還有。我的意思是，正如我們所討論的，隨著我們在過去 12 到 18 個月內在公司內推動的一系列變革，確保我們的投資組合在未來更加強大，這是一項重要舉措。 我認為，我們在去年年底宣布並實施的這一舉措，將為我們在 25 年及以後帶來更強大、更有利可圖的投資組合。

Okay, great. And this next question I'll stipulate in advance. I'm going to just take a little time to introduce it, but you know I'm going to ask a question about your performance materials group and try to relate it to an element, of your strategy within electronic materials.

好的，太好了。下一個問題我將提前說明。我將花一點時間來介紹它，但你知道我要問一個關於你的性能材料組的問題，並嘗試將它與你的電子材料策略的一個元素聯繫起來。

So within electronic materials, Google, you've highlighted a number of times that your company works with each of the top15 chip makers, and I always thought that was, an important kind of, positioning to have, particularly, I mean, if you think about how the list of the top 15 maybe has changed over over time.

因此，在Google的電子材料領域，您多次強調貴公司與排名前 15 位的晶片製造商都有合作，我一直認為這是一種重要的定位，特別是如果您想想前 15 名的名單可能會隨著時間的推移而發生變化。

I was wondering, I was trying to draw an analogy there to your performance materials and in particular, A&D portion of that which seems to be driving a tremendous amount of growth in the past year or two and likely going forward. So maybe this is a marketing strategy or marketing approach question, but within the space, aerospace and defense, there are, just like in many industries, there's a couple of bigger, more dominant players, but then there's a lot of new business, new investment, new approaches, both in this country and outside.

我在想，我試圖將其與您的表演材料進行類比，特別是其中的 A&D 部分，它似乎在過去一兩年內推動了巨大的增長，並且很可能會繼續增長。所以這可能是行銷策略或行銷方法的問題，但在太空、航空航太和國防領域，就像在許多行業一樣，有幾個更大、更占主導地位的參與者，但同時又出現了很多新業務、新投資、新方法，無論是在國內還是國外。

I was wondering if you might be able to talk about your approach to kind of exploiting your very strong positioning on the A&D side. Is this the case where you know your beryllium products are kind of a must have and you're brought into the discussions by, some of the emerging players in space or related areas, or is this the case where you know you're trying to lock up, a big business with A handful of leading companies.

我想知道您是否可以談談如何利用您在 A&D 方面的強大地位。您是否知道您的鈹產品是必需品，並且您被一些太空或相關領域的新興參與者帶入討論中，或者您是否知道您正試圖與少數幾家領先公司鎖定大生意。

So as you think about your multi-year approach to taking full advantage of your strong positioning there, I mean, what is the goal? Do you want to be a top 15 supplier or do you want to be, the exclusive supplier to, number one or number two in the industry?

因此，當您考慮多年的方法來充分利用您在那裡的強勢地位時，我的意思是，目標是什麼？您想成為該行業前 15 名的供應商之一，還是想成為該行業內第一或第二的獨家供應商？

Thank you.

謝謝。

Great question. And let me just talk a little bit about that aerospace and defense market because really, I think I can break it up into actually three sub-segments of that market.

好問題。讓我稍微談談航空航太和國防市場，因為實際上我認為我可以將其分為三個子市場。

And in this market, there doesn't tend to be, sort of the top 15, because I think there's a little bit, lesser number of players in each of these key areas that I'm going to talk about. So when you think about aerospace, there's obviously the two big players, right? One in North America, one in Europe, and then an emerging player in China.

在這個市場上，往往不會出現前 15 名的情況，因為我認為在我將要談論的每個關鍵領域，參與者的數量都會稍微少一些。因此，當您想到航空航天時，顯然有兩個大參與者，對嗎？一個在北美，一個在歐洲，還有一個在中國的新創企業。

We have, a very strong position and I would say almost kind of an equal base with both the North America and the European customer. We have an extremely good relationship with with both our copper bullion business but also our tough met business, which is a material that's used across both the narrow body and the wide body planes.

我們擁有非常強勢的地位，我想說，我們與北美和歐洲客戶幾乎擁有平等的基礎。我們與銅條業務以及鋼材業務都保持著非常好的關係，鋼材是一種用於窄體飛機和寬體飛機的材料。

We have established and credited to our team in China as well as our team here in North America, a solid relationship with the emerging customer in China, with the equal, I would say amount of waiting in terms of the content that we have, as they're starting to build the narrow body planes and then down the road, the wide body of planes. So I think on the commercial aerospace side, we're well positioned, with those three major customers.

我們與中國新興客戶建立了牢固的關係，這要歸功於我們在中國和北美的團隊，我想說，我們也在等待同樣長的時間，因為他們開始製造窄體飛機，然後將製造寬體飛機。因此，我認為在商業航空方面，我們擁有這三大客戶，處於有利地位。

When I think about the commercial space side, I mean, there's obviously one very large customer company around the world, and then there's a number of different smaller companies on both the government as well as the side without getting into specifics because I can't talk about customer names, I can tell you that we are well positioned with the customers in this space, whether it's on the commercial space side as well as the government side.

當我考慮商業空間方面時，我的意思是，顯然全球有一家非常大的客戶公司，然後還有政府和政府方面的許多不同的小公司，我不會透露具體細節，因為我不能談論客戶名稱，但我可以告訴你，我們在這個領域的客戶中佔據著有利地位，無論是在商業空間方面還是在政府方面。

So, we have a history. Of working with the US government, we also have the European Space Agency that we work with. We work with the Indian Space Agency and I would say other agencies around the world. So I think we're well diversified on the on the space side of it. When you look at defense, certainly our materials, whether it's both Brillium based materials, nonriian based materials are extensively used in the defense market. We have a strong relationship with all the top defense contractors without going into again names, I mean every one of them, I think we supply our materials too.

所以，我們有歷史。除了與美國政府合作之外，我們還與歐洲太空總署合作。我們與印度航太局以及世界各地的其他機構合作。所以我認為我們在空間方面的多元化程度很高。當你看國防時，當然我們的材料，無論是基於 Brillium 的材料還是基於 nonriian 的材料，都廣泛應用於國防市場。我們與所有頂級國防承包商都保持著密切的關係，無需贅述，我的意思是他們每一個人，我想我們也向他們提供材料。

We also supply our optics materials to the defense industry. We've had a strong focus over the last couple of years to go global on our defense side. So we've established relationships with Korea, with Japan, with with the European customers. We've actually Leveraged our commercial excellence and some external partners to help us identify defense opportunities outside the US that of course are approved and allowed the US side. And so I think we have a good diversified defense business in North America, but I would say an emerging growing business outside of North America with the number of things that are going on in the in the world.

我們也向國防工業供應光學材料。過去幾年來，我們一直致力於國防領域的全球化發展。因此，我們與韓國、日本、歐洲客戶建立了關係。我們實際上利用了我們的商業優勢和一些外部合作夥伴來幫助我們在美國境外尋找國防機會，這些機會當然得到了美國方面的批准和允許。因此，我認為我們在北美擁有良好且多元化的國防業務，但我想說，隨著世界上發生的眾多事件，北美以外的新興業務也在不斷增長。

So I think when you look at the three areas of sort of commercial aerospace, the space side, both commercial commercial space as well as the government space, as well as the defense, both North America as well as well as global, this has been a very focused targeted activity for us, particularly in the last two or three years to make sure that we are taking advantage of all the growth opportunities. That are there.

因此，我認為，當你審視商業航空航太的三個領域時，太空方面，包括商業空間、政府空間以及國防，無論是北美還是全球，這對我們來說都是一項非常集中的目標活動，特別是在過去的兩三年裡，以確保我們利用所有的成長機會。那裡有。

We're looking forward to actually the commercial airspace business turning [about 125], as airplane deliveries were down roughly 10% in '24 due to the number of issues that some customers had, but we're looking forward to a turnaround in '25 that's built into our plan when we talk about some of the growth growth activities. So great question. I think it's an area that we're very focused on and we're going to continue to stay focused on.

我們實際上期待商業空域業務能夠轉向[大約125]，因為由於一些客戶遇到的問題，24年的飛機交付量下降了約10％，但我們期待25年出現轉機，這已經納入了我們的計劃中，當我們談到一些增長活動時。這個問題問得真好。我認為這是我們非常關注的領域，我們將繼續關注。

That's great. I really appreciate all the all the detail there. Thank you.

那太棒了。我真的很欣賞那裡的所有細節。謝謝。

(Operator Instructions)

（操作員指令）

Our next question is coming from Dave Storms with Stonegate. Your line is live.

下一個問題來自 Stonegate 的 Dave Storms。您的線路處於通電狀態。

Morning.

早晨。

(multiple speakers) Dave.

（多位發言者）戴夫。

Just two quick questions for me here. Any estimates on the remaining beryllium nickel inventory correction timeline, and I guess how are you thinking about, industrial post correction? Is it fair to say that growth in industrial may be a little more back half weighted this year?

這裡我只想問兩個簡單問題。對剩餘鈹鎳庫存調整時間表有任何估計嗎？是否可以說今年工業成長的後半部可能會稍微多一點？

Yeah, so I think on the Burling Nichols side, I would say the inventory correction is nearly complete. Feedback from our key customers is that, they look to start to place orders. They started to place some orders in the back half of last year and we would see more orders in the first half. And so I think. We're getting through that and we would see a normalcy in that, by mid mid-year as we continue to make improvement on those those orders.

是的，所以我認為從 Burling Nichols 方面來看，庫存調整已經接近完成。我們主要客戶的回饋是，他們希望開始下訂單。他們從去年下半年就開始下一些訂單了，上半年我們會看到更多的訂單。我也這麼認為。我們正在度過難關，到年中時，隨著我們繼續改進這些訂單，我們將看到情況恢復正常。

With regard to industrial, as the PMI index has been below 50 for a number of quarters, but it hit 50% in the last report that came out, so maybe there's a little bit of a positive sign that, industrial as a market may perhaps be turning around, but I would see, slow, growth throughout the year for industrial is how I would put it. Yes, certainly more growth in the back half of the year, but we hope industrial is something that where the inventory levels have worked through in general and we can have a slight growth in the first half with a little bit more growth in the second half.

就工業而言，由於PMI指數已連續多個季度低於50，但在最新發布的報告中達到了50%，所以也許有一點積極的跡象表明，工業市場可能正在好轉，但我會看到，全年工業增長將會緩慢。是的，下半年肯定會有更多的成長，但我們希望工業庫存水準總體上已經達到了預期，上半年可以略有增長，下半年可以再增長一點。

Understood. That's very helpful. Thank you. And then I just wanted to ask one follow up question around the divestiture related costs with the mentioned right sizing of the facilities in Asia. Should we expect divestiture related costs per facility to be similar to the New Mexico charge, or there are other variables here that we should be aware of?

明白了。這非常有幫助。謝謝。然後，我想問一個後續問題，關於剝離相關成本以及提到的亞洲設施的適當規模。我們是否應該預期每個設施的剝離相關成本與新墨西哥州的費用相似，或者這裡還有其他我們應該注意的變數？

Yeah, good question. So nothing to that magnitude, right? Anytime we make facility changes, you're going to see a little bit of costs related to that, but really, nothing to the magnitude of the $7 million that we took on the Albuquerque and the related facility closure.

是的，好問題。所以沒有什麼事情會達到這種程度，對嗎？每當我們對設施進行變更時，您都會看到一些與此相關的成本，但實際上，這些成本與我們在阿爾伯克基和相關設施關閉上花費的 700 萬美元相比，根本不算什麼。

That's very helpful. Thank you for taking my questions.

這非常有幫助。感謝您回答我的問題。

Okay. Thank you.

好的。謝謝。

Thank you. We have reached the end of our question and answer session, so I will turn the call back over to Mr. Kelleher for closing remarks.

謝謝。我們的問答環節已經結束，因此我將把電話轉回給凱萊赫先生，請他作結束語。

Thank you. This concludes our fourth quarter of 2024 earnings call. Recorded playback of this call will be available on the company's website, materion.com. I'd like to thank you for participating on this call and your interest in Materion. I'll be available for any follow-up questions. My number is 216-383-4931.

謝謝。這就是我們 2024 年第四季財報電話會議的結束。此通話的錄音重播將在公司網站 materion.com 上提供。感謝您參加本次電話會議並關注 Materion。我將隨時回答您的後續問題。我的電話號碼是 216-383-4931。

Thank you again.

再次感謝您。

This concludes today's conference. (Operator Instructions)

今天的會議到此結束。 （操作員指令）