Novanta Inc (NOVTU) 2022 Q4 法說會逐字稿

Good morning. My name is Keith, and I will be your conference operator today. At this time, we would like to welcome everyone to Novanta Inc. 2022 Fourth Quarter and Full Year Earnings Call. (Operator Instructions) This event is being recorded.

早上好。我叫基思，今天我將擔任你們的會議接線員。此時，我們歡迎大家參加 Novanta Inc. 2022 年第四季度和全年收益電話會議。 （操作員說明）正在記錄此事件。

I'd now like to turn the conference over to Ray Nash, Corporate Finance Leader for Novanta. Please go ahead.

我現在想將會議轉交給 Novanta 的企業財務負責人 Ray Nash。請繼續。

Thank you very much. Good morning, and welcome to Novanta's Fourth Quarter and Full Year 2022 Earnings Conference Call. I am Ray Nash, Corporate Finance Leader of Novanta. With me on today's call is our Chair and Chief Executive Officer, Matthijs Glastra; and our Chief Financial Officer, Robert Buckley. If you have not received a copy of our earnings press release issued today, you may obtain it from the Investor Relations section of our website at www.novanta.com. Please note, this call is being webcast live and will be archived on our website shortly after the call.

非常感謝。早上好，歡迎來到 Novanta 的第四季度和 2022 年全年收益電話會議。我是 Novanta 的企業財務負責人 Ray Nash。與我一起出席今天電話會議的還有我們的董事長兼首席執行官 Matthijs Glastra；以及我們的首席財務官羅伯特·巴克利 (Robert Buckley)。如果您還沒有收到我們今天發布的收益新聞稿的副本，您可以從我們網站 www.novanta.com 的投資者關係部分獲得。請注意，此電話會議正在進行網絡直播，並將在電話會議後不久在我們的網站上存檔。

Before we begin, we need to remind everyone of the safe harbor for forward-looking statements that we've outlined in our earnings press release issued earlier today and also those in our SEC filings. We may make some comments today, both in our prepared remarks and in our responses to questions that may include forward-looking statements. These involve inherent assumptions with known and unknown risks and other factors that could cause our future results to differ materially from our current expectations. Any forward-looking statements made today represent our views only as of this time. We disclaim any obligation to update forward-looking statements in the future even if our estimates change, so you should not rely on any of these forward-looking statements as representing our views as of any time after this call.

在我們開始之前，我們需要提醒大家注意前瞻性聲明的安全港，我們在今天早些時候發布的收益新聞稿以及提交給美國證券交易委員會的文件中概述了前瞻性聲明。我們今天可能會在我們準備好的評論中和在我們對可能包含前瞻性陳述的問題的回答中發表一些評論。這些涉及具有已知和未知風險的固有假設以及可能導致我們未來結果與我們當前預期存在重大差異的其他因素。今天所做的任何前瞻性陳述僅代表我們此時的觀點。即使我們的估計發生變化，我們也沒有義務在未來更新前瞻性陳述，因此您不應依賴任何這些前瞻性陳述來代表我們在本次電話會議後的任何時間的觀點。

During this call, we will be referring to certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures is available as an attachment to our earnings press release. To the extent that we use non-GAAP financial measures during this call that are not reconciled to GAAP measures in the earnings press release, we will provide reconciliations promptly on the Investor Relations section of our website after this call.

在本次電話會議中，我們將提及某些非 GAAP 財務指標。此類非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬可作為我們的收益新聞稿的附件提供。如果我們在本次電話會議期間使用的非 GAAP 財務指標與收益新聞稿中的 GAAP 指標不一致，我們將在本次電話會議後立即在我們網站的投資者關係部分提供對賬。

I'm now pleased to introduce the Chair and Chief Executive Officer of Novanta, Matthijs Glastra.

我現在很高興地介紹 Novanta 的董事長兼首席執行官 Matthijs Glastra。

Thank you, Ray. Good morning, everybody, and thanks for joining our call. Novanta delivered record results in 2022. For the full year, we achieved all-time highs for sales, adjusted EBITDA and adjusted EPS, with each showing strong double-digit growth over prior year results. We continue to see strong demand from our customers in the medical and advanced industrial markets we serve, and our teams are delivering great results.

謝謝你，雷。大家早上好，感謝您加入我們的電話會議。 Novanta 在 2022 年取得了創紀錄的業績。全年，我們的銷售額、調整後的 EBITDA 和調整後的每股收益都創下歷史新高，每一項都比上一年的業績實現兩位數的強勁增長。我們繼續看到我們所服務的醫療和先進工業市場客戶的強勁需求，我們的團隊正在取得巨大成果。

In the fourth quarter, we delivered $218 million in revenue, representing 10% year-over-year revenue growth on a reported basis and 14% growth on an organic basis. Our operating profit in the fourth quarter was also strong, with adjusted EBITDA of $46 million and adjusted diluted earnings per share of $0.75. For the full year, we delivered $861 million in revenue, representing 22% year-over-year revenue growth on a reported basis and 14% growth on an organic basis. Adjusted EBITDA for the full year was $184 million, up more than 20% versus 2021 and adjusted EPS of $3.07, up 17%.

第四季度，我們實現了 2.18 億美元的收入，報告收入同比增長 10%，有機增長 14%。我們在第四季度的營業利潤也很強勁，調整後的 EBITDA 為 4600 萬美元，調整後的攤薄每股收益為 0.75 美元。全年，我們實現了 8.61 億美元的收入，報告收入同比增長 22%，有機增長 14%。全年調整後的 EBITDA 為 1.84 億美元，比 2021 年增長 20% 以上，調整後的每股收益為 3.07 美元，增長 17%。

I'm incredibly proud of how our team exceeded our financial objectives and progressed our strategic initiatives, driving strong operating performance in an evolving macroeconomic environment. At Novanta, our mission is to deliver innovation that matters. We serve as a trusted sole-source technology partner to our OEM customers, providing unique mission-critical functionality that enables our customers to differentiate. The Novanta business model with diversified exposure to high-growth medical and advanced industrial markets has proven resilient under multiple geopolitical and macroeconomic scenarios. Our proprietary products and technologies are well positioned in medical and advanced industrial applications with long-term secular tailwinds such as robotics and automation, health care productivity and precision medicine. We feel that the strength of our portfolio and business model, combined with our winning growth strategy, focus on where we play and how we win, drives our performance, no matter the environment.

我為我們的團隊如何超越我們的財務目標並推進我們的戰略計劃，在不斷變化的宏觀經濟環境中推動強勁的經營業績而感到無比自豪。在 Novanta，我們的使命是提供重要的創新。我們作為 OEM 客戶值得信賴的單一來源技術合作夥伴，提供獨特的關鍵任務功能，使我們的客戶脫穎而出。在多種地緣政治和宏觀經濟情景下，事實證明，Novanta 的商業模式在高增長醫療和先進工業市場具有多元化的影響力。我們的專有產品和技術在醫療和先進工業應用中處於有利地位，具有長期的長期順風，例如機器人技術和自動化、醫療保健生產力和精準醫學。我們認為，無論環境如何，我們的投資組合和商業模式的優勢，再加上我們致勝的增長戰略，專注於我們的業務領域和我們如何取勝，都會推動我們的業績。

Now let's turn to what we're seeing in our markets and our customer activity. We continue to see strong ongoing demand from our customers in many application areas, and we ended the quarter with a near record backlog of $612 million. As expected and as discussed in our last earnings call, we are seeing a return to more normalized ordering behavior from our customers. Our book-to-bill in the fourth quarter was 0.91, and our book-to-bill for the full year was 1.07. As we see further easing of supply chain shortages and gradual improvement of delivery lead times, our customers are normalizing their order patterns and returning to a lower level of backlog coverage. This normalization is expected and healthy after the record orders we received throughout 2021 and 2022.

現在讓我們談談我們在市場和客戶活動中看到的情況。我們繼續看到客戶在許多應用領域的持續強勁需求，我們在本季度末的積壓訂單接近創紀錄的 6.12 億美元。正如預期和我們在上次財報電話會議上討論的那樣，我們看到客戶的訂購行為恢復了更正常化。我們第四季度的訂單出貨比為 0.91，全年的訂單出貨比為 1.07。隨著我們看到供應鏈短缺的進一步緩解和交貨提前期的逐步改善，我們的客戶正在規範他們的訂單模式並恢復到較低水平的積壓覆蓋率。在我們在整個 2021 年和 2022 年收到創紀錄的訂單之後，這種正常化是意料之中的，也是健康的。

In the fourth quarter, medical sales continued to accelerate, growing 19% versus the fourth quarter of 2021, making up approximately 53% of total Novanta sales. During the quarter, we saw very strong orders and shipments to many of our medical OEM customers, with noteworthy strength in minimally invasive surgery equipment and consumables, in vitro diagnostics and patient monitoring equipment and DNA sequencing. These categories all saw strong double-digit growth in sales year-over-year. It was positive to see further growth in our minimally invasive surgery product categories, which are tracking with the broader gradual improvement in elective surgical procedures and reduction in hospital labor shortages. For the full year, our sales to medical markets grew by 16% and made up approximately 49% of total Novanta sales.

第四季度，醫療銷售額繼續加速增長，與 2021 年第四季度相比增長了 19%，約佔 Novanta 總銷售額的 53%。在本季度，我們看到許多醫療 OEM 客戶的訂單和出貨量非常強勁，在微創手術設備和耗材、體外診斷和患者監測設備以及 DNA 測序方面表現突出。這些品類的銷售額都實現了兩位數的同比強勁增長。看到我們的微創手術產品類別進一步增長是積極的，這與擇期手術程序的更廣泛逐步改善和醫院勞動力短缺的減少相一致。全年，我們對醫療市場的銷售額增長了 16%，約佔 Novanta 總銷售額的 49%。

Turning to advanced industrial markets. Our sales in the quarter, excluding microelectronics applications, were up 9% year-over-year and made up approximately 38% of total Novanta sales. In the quarter, we continued to see strong sales performance in automation and robotics markets, driven by continued underlying demand for factory automation, battery and electric vehicle production and increased overall adoption of automation-enabling technologies. We believe that the penetration of robotic and automation applications is still relatively low with adoption increasing due to multiple drivers, such as increased productivity, higher robot utility, onshoring and labor shortages. For the full year, our sales to advanced industrial markets, excluding microelectronics applications, grew by 41% and made up approximately 39% of total Novanta sales.

轉向先進的工業市場。我們本季度的銷售額（不包括微電子應用）同比增長 9%，約佔 Novanta 總銷售額的 38%。本季度，在工廠自動化、電池和電動汽車生產的持續潛在需求以及自動化支持技術的整體採用率增加的推動下，我們繼續看到自動化和機器人市場的強勁銷售業績。我們認為，機器人和自動化應用的普及率仍然相對較低，但由於生產力提高、機器人效用提高、外包和勞動力短缺等多種驅動因素，機器人和自動化應用的採用率有所增加。全年，我們對先進工業市場（不包括微電子應用）的銷售額增長了 41%，佔 Novanta 總銷售額的約 39%。

Looking at just our microelectronics markets, which represented just 9% of sales in the fourth quarter, these include products that are designed into wafer fab -- semiconductor wafer fab equipment, semiconductor packaging equipment, PCBA, via-hole drilling equipment and other equipment used to produce electronics. In the quarter, we continued to see double-digit declines from the cyclical downturn in this market, which we reported on in our prior earnings call. Consistent with last quarter, the largest decline manifested in our technology offerings for the PCBA via-hole drilling equipment market.

僅看我們的微電子市場，僅佔第四季度銷售額的 9%，其中包括設計用於晶圓廠的產品——半導體晶圓廠設備、半導體封裝設備、PCBA、通孔鑽孔設備和其他使用的設備生產電子產品。在本季度，我們繼續看到該市場的周期性低迷導致兩位數的下降，我們在之前的財報電話會議上對此進行了報告。與上一季度一致，最大的跌幅體現在我們為 PCBA 通孔鑽孔設備市場提供的技術產品上。

From a regional perspective, in the fourth quarter, sales in Europe grew 4% despite the Russian-Ukraine conflict and associated inflationary and macroeconomic challenges this placed on the region. In addition, sales to North America grew 31% year-over-year. China, which represented about 10% of overall sales, declined 39% year-over-year, which was predominantly caused by the decline in microelectronics revenue. For the full year, the regional dynamics were similar with double-digit growth in Europe and the United States and roughly flat growth for China.

從區域角度來看，第四季度歐洲銷售額增長了 4%，儘管俄烏衝突以及相關的通貨膨脹和宏觀經濟挑戰給該地區帶來了挑戰。此外，對北美的銷售額同比增長 31%。中國占總銷售額的 10% 左右，同比下降 39%，這主要是由於微電子收入的下降。全年來看，區域動態相似，歐洲和美國實現兩位數增長，而中國增長基本持平。

Now let me touch on some of Novanta's strategic growth metrics. For the fourth quarter and full year, our vitality index, which is the revenue from new products launched in the last 4 years, continues to be healthy at about 25% of sales with year-over-year NPI revenue up low double digits versus last year, driven by new product revenue in DNA sequencing, smoke evacuation insufflators and detection and analysis for in vitro diagnostics. Our R&D teams continue to make good progress on our new product pipeline, which remains very healthy with particular focus on robotic surgery, precision robotics, minimally invasive surgery, deep and extreme UV, electric vehicle production and battery processing, laser additive manufacturing and micromachining.

現在讓我談談 Novanta 的一些戰略增長指標。對於第四季度和全年，我們的活力指數（過去 4 年推出的新產品的收入）繼續保持健康，佔銷售額的 25% 左右，NPI 收入同比增長低兩位數受 DNA 測序、排煙吹氣器以及體外診斷檢測和分析領域的新產品收入推動。我們的研發團隊繼續在我們的新產品管線方面取得良好進展，該管線仍然非常健康，特別關注機器人手術、精密機器人、微創手術、深紫外線和極端紫外線、電動汽車生產和電池加工、激光增材製造和微機械加工。

For example, yesterday, we officially launched the Denali servo drive in our Precision Motion segment. Servo drives are the brains in intelligent motion control, and Denali represents the tireless efforts and unwavering dedication of our amazing team. The Denali servo drive is a smaller servo drive designed specifically for [service] robots in medical and nonmedical spaces, which help us to enter into this attractive adjacency for Novanta. We continue to invest in R&D in order to capture the many mid- and long-term opportunities with differentiated offerings in high-growth markets.

例如，昨天，我們在我們的 Precision Motion 部門正式推出了 Denali 伺服驅動器。伺服驅動器是智能運動控制的大腦，Denali代表了我們優秀團隊的不懈努力和堅定不移的奉獻精神。 Denali 伺服驅動器是一種較小的伺服驅動器，專為醫療和非醫療領域的 [服務] 機器人而設計，這有助於我們進入 Novanta 的這個有吸引力的鄰接市場。我們繼續投資於研發，以便在高增長市場中通過差異化產品抓住許多中長期機會。

Moving on to design wins. For the full year of 2022, we experienced the expected year-over-year decline due to tough comparables from the 2021 large design wins in our minimally invasive surgery business. As discussed on our last calls, in this business, we won very large new product platforms in 2021 and early 2022 with both existing and new customers, which we expect will contribute $50 million of incremental revenue growth by 2025. In other words, we won the bulk of what we believe we could win and are now in the final development and commercial launch phase of our new product introductions in robotic surgery, smoke evacuation insufflators and pumps, with products expected to begin selling in 2024. We continue to demonstrate strong traction with innovative new products outside MIS, focused on attractive high-growth applications such as laser additive manufacturing, micromachining, extreme UV and electric vehicle battery welding.

繼續設計獲勝。在 2022 年全年，由於我們微創手術業務的 2021 年大型設計勝利的艱難比較，我們經歷了預期的同比下降。正如我們在上次電話會議上討論的那樣，在這項業務中，我們在 2021 年和 2022 年初贏得了現有和新客戶的非常大的新產品平台，我們預計到 2025 年這將貢獻 5000 萬美元的增量收入增長。換句話說，我們贏得了我們相信我們可以贏得的大部分產品現在正處於我們在機器人手術、排煙吹氣機和泵方面推出的新產品的最終開發和商業發布階段，產品預計將於 2024 年開始銷售。我們繼續展示強大的牽引力憑藉 MIS 之外的創新新產品，專注於具有吸引力的高增長應用，例如激光增材製造、微加工、極紫外和電動汽車電池焊接。

Next, I'd like to give you a brief update on Novanta's acquisition and integration activities. Our integration of MPH Medical Devices is on track. I visited the site 2 weeks ago and was very pleased with the pace and trajectory of the progress being made. We continue to prepare the site to successfully manufacture Novanta's own proprietary medical consumable products at high volumes in 2024 and beyond, allowing us to accelerate our revenue growth and margin expansion opportunities. With this integration well underway, we continue to focus our capital deployment strategy of identifying and acquiring high growth and high cash flow businesses. This remains our primary focus of Novanta's capital deployment, and we feel good that we have a strong pipeline of opportunities despite a higher interest rate environment.

接下來，我想向您簡要介紹一下 Novanta 的收購和整合活動。我們對 MPH Medical Devices 的整合正在進行中。我 2 週前訪問了該網站，對所取得進展的速度和軌跡感到非常滿意。我們繼續準備場地，以在 2024 年及以後成功地大批量生產 Novanta 自有的專有醫療耗材產品，從而使我們能夠加快收入增長和利潤擴張機會。隨著這種整合的順利進行，我們將繼續專注於識別和收購高增長和高現金流業務的資本部署戰略。這仍然是我們對 Novanta 資本部署的主要關注點，儘管利率環境較高，我們仍擁有大量機會，這讓我們感到很高興。

Now I'd like to share a few comments on how we continue to evolve the culture of Novanta and the health of our organization and our people. We continue to invest in our culture called the Novanta Way. We believe the Novanta Way has been a differentiator in attracting, retaining and developing core talents. We continue to see below-market labor attrition rates, both among our leadership ranks as well as across all company employees. We're focusing on a few factors to retain our employees: competitive pay, a great company culture and career development and progression.

現在我想就我們如何繼續發展 Novanta 的文化以及我們組織和員工的健康發表一些評論。我們繼續投資於我們稱為 Novanta Way 的文化。我們相信，Novanta Way 一直是吸引、留住和發展核心人才的差異化因素。我們繼續看到低於市場的勞動力流失率，無論是在我們的領導層還是在所有公司員工中。我們專注於留住員工的幾個因素：有競爭力的薪酬、良好的公司文化以及職業發展和進步。

In 2022, we strengthened our leadership team with the addition of Chuck Ravetto, Group President of our enabling -- Automation Enabling Technologies segment, which represents our Photonics and Precision Motion segments; and we added our first General Counsel, Michele Welsh. We have progressed the deployment of the Novanta Growth System with hundreds of Novanta employees trained on and using the tools. We have a regular cadence of Kaizen events, structured problem-solving sessions and other process improvement activities at all levels of the organization to fundamentally improve our operating results. These include reduction in cycle and lead times, improving our supply chain and planning processes to enhance delivery performance to our customers, accelerating material and labor productivity and improving time to market of our new product launches.

2022 年，我們加強了我們的領導團隊，增加了我們的支持 - 自動化支持技術部門的集團總裁 Chuck Ravetto，該部門代表我們的光子學和精密運動部門；我們還增加了第一位總法律顧問 Michele Welsh。我們已經推進了 Novanta Growth System 的部署，數百名 Novanta 員工接受了這些工具的培訓和使用。我們在組織的各個級別定期舉辦改善活動、結構化問題解決會議和其他流程改進活動，以從根本上改善我們的經營成果。其中包括縮短週期和交貨時間、改進我們的供應鍊和規劃流程以提高對客戶的交付績效、加快材料和勞動生產率以及縮短新產品上市時間。

We also have strengthened our Novanta Way culture, improving our employee engagement scores, gaining great traction with our diversity, equity and inclusion efforts and investing more in leadership development initiatives. In 2022, we stood up 3 employee resource groups and have expanded our community efforts, which we feel have improved engagement, inclusion and a sense of belonging at Novanta.

我們還加強了我們的 Novanta Way 文化，提高了我們的員工敬業度分數，通過我們的多元化、公平和包容性努力獲得了巨大的吸引力，並加大了對領導力發展計劃的投資。 2022 年，我們成立了 3 個員工資源小組，並擴大了我們的社區工作，我們認為這提高了 Novanta 的參與度、包容性和歸屬感。

Sustainability also remains an important topic for Novanta. As a global organization with a wide-reaching customer and supplier base, our products touch lives up and down the value chain. We have the opportunity and responsibility to not only deliver mission-critical innovation but do so in a way that positively impacts the environment, our communities and the economy. Most of our sites are now ISO 14001 certified. And under the leadership of our Sustainability Board, we have defined a road map to reduce our environmental footprint. In a few weeks, we will be publishing our 2022 ESG report, where we will share details on our goals and accomplishments and what's coming next for Novanta.

可持續性仍然是 Novanta 的一個重要話題。作為一家擁有廣泛客戶和供應商基礎的全球性組織，我們的產品觸及價值鏈的上下游。我們有機會和責任不僅提供關鍵任務創新，而且以對環境、我們的社區和經濟產生積極影響的方式進行創新。我們的大部分站點現已通過 ISO 14001 認證。在我們的可持續發展委員會的領導下，我們制定了減少環境足蹟的路線圖。幾週後，我們將發布 2022 年 ESG 報告，我們將在報告中分享我們的目標和成就的詳細信息，以及 Novanta 的下一步計劃。

In wrapping up, Novanta had a landmark year. In 2022, we had excellent sales growth in attractive end markets, strong operating performance and profit growth, great progress in deploying the Novanta Growth System and continued success at further establishing a thriving company culture. We believe Novanta's long-term strategic position is extremely strong. We continue to broaden our exposure to medical and advanced industrial applications that have long-term secular growth trends such as robotics and automation, health care productivity and precision medicine. In 2023, we see strong tailwinds in our medical businesses, which will help to offset headwinds in our microelectronics market. And we will continue to focus on new product development, design wins and high-growth applications, driving cash flows and institutionalizing the Novanta Growth System.

總而言之，Novanta 度過了具有里程碑意義的一年。 2022 年，我們在有吸引力的終端市場取得了出色的銷售增長，強勁的經營業績和利潤增長，在部署 Novanta 增長系統方面取得了巨大進展，並在進一步建立蓬勃發展的公司文化方面取得了持續成功。我們相信 Novanta 的長期戰略地位非常強大。我們繼續擴大對具有長期長期增長趨勢的醫療和先進工業應用的接觸，例如機器人技術和自動化、醫療保健生產力和精準醫療。 2023 年，我們的醫療業務將迎來強勁的順風，這將有助於抵消我們微電子市場的逆風。我們將繼續專注於新產品開發、設計勝利和高增長應用，推動現金流並使 Novanta Growth System 制度化。

So with that, I will turn the call over to Robert to provide more details on our operations and financial performance. Robert?

因此，我將把電話轉給羅伯特，以提供有關我們的運營和財務業績的更多詳細信息。羅伯特？

Thank you, Matthijs, and good morning, everyone. Our fourth quarter non-GAAP adjusted gross profit was $97.9 million or 45% adjusted gross margin compared to $88.3 million or a 44% adjusted gross margin in the fourth quarter of 2021. For the full year, non-GAAP adjusted gross profit was $392 million or 45.6% adjusted gross margin compared to $319 million or a 45% margin in 2021. For the quarter, adjusted gross margins were up year-over-year but down sequentially. For the full year, adjusted gross margins expanded approximately 50 basis points year-over-year. It's fair to say that while this performance was strong, the gross margin expansion missed our expectations.

謝謝你，Matthijs，大家早上好。我們第四季度的非美國通用會計準則調整後毛利為 9790 萬美元，調整後毛利率為 45%，而 2021 年第四季度為 8830 萬美元，調整後毛利率為 44%。全年，非美國通用會計準則調整後毛利為 3.92 億美元調整後毛利率為 45.6%，而 2021 年為 3.19 億美元或 45%。本季度調整後毛利率同比上升，但環比下降。全年，調整後的毛利率同比增長約 50 個基點。可以公平地說，雖然這種表現強勁，但毛利率的增長低於我們的預期。

In the fourth quarter, there were 2 dynamics that caused this to occur. The first was revenue increase more than expected in our Vision segment driven largely by our minimum evasive surgery business line, which has lower gross margins than our Photonics and Precision Motion segments. The second dynamic was that our anticipated uptick in revenue margin in our Photonics and Precision Motion segments was interrupted by a regional outbreak of COVID in China. This outbreak not only resulted in us shuttering our factory for December and January, but it also broadly impacted supplier deliveries of electronic parts for our products as well as our customers' ability to take receipt of our shipments. On the bright side, the China situation has now resolved, and therefore, we expect to be back on our trajectory for the long-term gross margin expansion as we head into 2023.

在第四節，有兩種動力導致了這種情況的發生。首先是我們的視覺部門的收入增長超過預期，這主要是由我們的最小規避手術業務線推動的，該業務線的毛利率低於我們的光子學和精密運動部門。第二個動態是，我們在光子學和精密運動領域預期的收入利潤率上升被中國 COVID 的區域爆發打斷了。此次疫情不僅導致我們在 12 月和 1 月關閉了工廠，而且還廣泛影響了我們產品的電子零件供應商交付以及我們的客戶接收我們貨物的能力。好的一面是，中國局勢現已解決，因此，我們預計在進入 2023 年時將回到長期毛利率擴張的軌道上。

Overall, gross margins were still relatively healthy in the fourth quarter given the inflationary pressures and the COVID disruptions. We continue to have good success counteracting the inflationary pressures on raw materials, labor and even overhead costs such as energy, which demonstrated the overall strength of our technologies, our culture and our business model. We also continue to make strong progress in institutionalizing the Novanta Growth System across our factories, in commercial channels and with our engineering teams. Our NGS common tools will help ensure our ongoing margin expansion, allowing us to continue to deliver strong financial results despite the macroeconomic environment.

總體而言，鑑於通脹壓力和 COVID 中斷，第四季度的毛利率仍然相對健康。我們在抵消原材料、勞動力甚至能源等間接成本的通脹壓力方面繼續取得了良好的成功，這證明了我們的技術、文化和商業模式的整體實力。我們還在我們的工廠、商業渠道和我們的工程團隊中繼續在將 Novanta 增長系統制度化方面取得重大進展。我們的 NGS 通用工具將有助於確保我們持續擴大利潤率，使我們能夠在宏觀經濟環境下繼續提供強勁的財務業績。

Moving on. Fourth quarter R&D expenses were $22 million or roughly 10% of sales. For the full year, R&D expenses were about $86 million, again, about 10% of sales. Fourth quarter SG&A expenses were $39 million or roughly 18% of sales. For the full year, SG&A expenses were $159 million, again, about 18% of sales. Overall operating expenses as a percent of sales were roughly flat sequentially in the quarter and flat year-over-year for the full year as we continue to carefully manage our spending in line with the company growth and margin expansion.

繼續。第四季度研發費用為 2200 萬美元，約佔銷售額的 10%。全年，研發費用約為 8600 萬美元，約佔銷售額的 10%。第四季度的 SG&A 費用為 3900 萬美元，約佔銷售額的 18%。全年，SG&A 費用為 1.59 億美元，同樣約佔銷售額的 18%。由於我們繼續根據公司增長和利潤率擴張謹慎管理我們的支出，本季度整體運營費用佔銷售額的百分比大致持平，全年持平。

Adjusted EBITDA was approximately $46 million in the fourth quarter of 2022 or a 21% adjusted EBITDA margin. For the full year, adjusted EBITDA was approximately $184 million in 2022 compared to $153 million in 2021, representing growth of more than 20% year-over-year. On the tax front, our non-GAAP tax rate in the fourth quarter of 2022 was 14%. This differed from the statutory rate due to jurisdictional mix of income and some structural tax benefits. For the full year, our non-GAAP tax rate for 2022 was 16.5%. This rate is higher than prior year, mainly due to less equity compensation windfall benefits.

2022 年第四季度調整後的 EBITDA 約為 4600 萬美元，調整後的 EBITDA 利潤率為 21%。就全年而言，2022 年調整後的 EBITDA 約為 1.84 億美元，而 2021 年為 1.53 億美元，同比增長超過 20%。在稅收方面，我們 2022 年第四季度的非美國通用會計準則稅率為 14%。由於收入和一些結構性稅收優惠的管轄混合，這與法定稅率不同。全年，我們 2022 年的非美國通用會計準則稅率為 16.5%。這一比率高於上一年，主要是由於股權補償意外收益減少。

On a non-GAAP, adjusted earnings per share was $0.75 in the quarter compared to $0.67 in the fourth quarter of 2021, an increase of 12% year-over-year. For the full year, our non-GAAP adjusted earnings per share was $3.07 compared to $2.62 in 2021, an increase of 17% year-over-year. While adjusted operating income and adjusted EBITDA grew more than 20% year-over-year for the full year, EPS growth was impacted by higher interest expense and a higher tax rate. We expect that dynamic to continue into 2023, which I'll cover when I share the guidance outlook.

按非美國通用會計準則計算，本季度調整後每股收益為 0.75 美元，而 2021 年第四季度為 0.67 美元，同比增長 12%。全年，我們的非 GAAP 調整後每股收益為 3.07 美元，而 2021 年為 2.62 美元，同比增長 17%。雖然調整後的營業收入和調整後的 EBITDA 全年同比增長超過 20%，但每股收益增長受到利息支出增加和稅率增加的影響。我們預計這種動態將持續到 2023 年，我將在分享指導展望時介紹這一點。

Fourth quarter operating cash flow was $41 million, which is up 41% versus the prior year. Fourth quarter cash flow improved sequentially as our teams began to level off further inventory purchases and also due to strong collections and slightly better shipment linearity. For the full year of 2022, operating cash flow was approximately $91 million. This was despite cash flow being negatively impacted by approximately $11 million from higher cash taxes due to the change in U.S. tax law related to the amortization of R&D costs. We ended the quarter with gross debt of $440 million. Our gross leverage was 2.4x. However, our net debt was $340 million, putting the company in a great position to fund further acquisitions.

第四季度經營現金流為 4100 萬美元，比上年增長 41%。隨著我們的團隊開始減少進一步的庫存採購，以及強勁的收款和略微更好的發貨線性度，第四季度現金流量環比改善。 2022 年全年，經營現金流約為 9100 萬美元。儘管由於與研發成本攤銷相關的美國稅法發生變化，現金流量受到約 1100 萬美元的負面影響，但現金稅增加對現金流產生了負面影響。本季度末，我們的總債務為 4.4 億美元。我們的總槓桿率為 2.4 倍。然而，我們的淨債務為 3.4 億美元，這使公司處於為進一步收購提供資金的有利條件。

I'll now turn to update on the performance of the operating segment. First, I'll start with the Photonics segment. For the fourth quarter of 2022, this segment saw revenue growth of 27% year-over-year. This segment continues to experience very strong customer demand in the advanced industrial applications, traditional medical applications and DNA sequencing. We are very pleased with the outcome and these teams continue to fight through persistent supply chain disruptions, which created challenges to manage our factory output efficiently. Our supply chain and manufacturing teams demonstrated extraordinary resilience to deliver these strong results.

我現在將更新運營部門的表現。首先，我將從光子學部分開始。 2022 年第四季度，該部門的收入同比增長 27%。該細分市場在先進的工業應用、傳統醫療應用和 DNA 測序方面繼續經歷著非常強勁的客戶需求。我們對結果非常滿意，這些團隊繼續與持續的供應鏈中斷作鬥爭，這給有效管理我們的工廠產出帶來了挑戰。我們的供應鍊和製造團隊表現出非凡的彈性來實現這些強勁的成果。

The book-to-bill in this segment was 0.8 in the fourth quarter. As mentioned previously, we are seeing customers reduce their order rates to better align with the actual and perceived drop in lead times and significant past due deliveries from Novanta. Yet we also continue to see resilient demand signals from our customers as many of them still regular stock-out of parts and hold no meaningful safety stocks. The book-to-bill for the full year of 2022 was 1.14, and the strength in orders leaves us in a very favorable backlog coverage position for 2023.

該部門第四季度的訂單出貨比為 0.8。如前所述，我們看到客戶降低了他們的訂單率，以更好地適應實際和感知到的交貨時間下降以及 Novanta 的大量逾期交貨。然而，我們也繼續從我們的客戶那裡看到有彈性的需求信號，因為他們中的許多人仍然經常缺貨並且沒有持有有意義的安全庫存。 2022 年全年的訂單出貨比為 1.14，強勁的訂單使我們在 2023 年處於非常有利的積壓覆蓋位置。

Within Photonics, new product revenue stayed strong at greater than 20% of sales in the fourth quarter and total new products grew more than 30% year-over-year. Design wins for the full year were up high single digit year-over-year as our sales team continues to win excellent new business in attractive high-growth medical and industrial applications, overcoming difficult year-over-year comps. The Photonics segment adjusted gross margin was nearly 50%, which was up 400 basis points year-over-year.

在光電領域，第四季度新產品收入保持強勁，佔銷售額的 20% 以上，新產品總量同比增長超過 30%。由於我們的銷售團隊繼續在有吸引力的高增長醫療和工業應用中贏得優秀的新業務，克服了困難的同比競爭，全年的設計勝利同比增長個位數。光電部門調整後的毛利率接近 50%，同比增長 400 個基點。

Turning to our Vision segment. This segment predominantly serves the medical end markets and saw reported revenue of 17% year-over-year, which is better than our expectations. Growth in this segment was driven by strength in elective surgical procedures and continued success in our smoke evacuation insufflator technologies. In addition, our JADAK business line returned to solid growth in the quarter as the prior challenges with a supplier have now been resolved. The Vision segment saw a book-to-bill of just under 1 in the fourth quarter as customers continue to gradually decrease their ordering in line with our reducing lead times. But at the same time, this business is experiencing further strengthening in the end markets.

轉向我們的願景部分。該部門主要服務於醫療終端市場，報告收入同比增長 17%，好於我們的預期。該細分市場的增長是由選擇性外科手術的實力和我們的排煙吹氣器技術的持續成功推動的。此外，我們的 JADAK 業務線在本季度恢復了穩健增長，因為先前與供應商的挑戰現已解決。 Vision 部門在第四季度的訂單出貨比略低於 1，因為客戶繼續根據我們縮短的交貨時間逐漸減少訂單。但與此同時，該業務在終端市場正在進一步加強。

For the full year, the book-to-bill for this segment was 1.09. The vitality index in this segment remained greater than 30% of sales. Design win activity in this segment declined in the fourth quarter year-over-year solely because the business faced very difficult comparisons from the record-breaking designing progress from our smoke evacuation products in 2021 and early 2022. Design win activity for the full year was down double digit. But as mentioned in our last call, the cumulative impact of design wins in this segment and specifically our MIS business line is going to generate $50 million of revenue in 2025, with further growth after that. So this segment will continue to be a large driver of organic growth for the overall company for the next several years.

全年，該細分市場的訂單出貨比為 1.09。該細分市場的活力指數保持在銷售額的 30% 以上。該細分市場的設計獲勝活動在第四季度同比下降，這完全是因為與 2021 年和 2022 年初我們的排煙產品破紀錄的設計進度相比，該業務面臨著非常困難的比較。全年的設計獲勝活動是下降兩位數。但正如我們在上次電話會議中提到的那樣，設計獲勝在這一領域的累積影響，特別是我們的 MIS 業務線將在 2025 年產生 5000 萬美元的收入，之後還會進一步增長。因此，該細分市場在未來幾年內將繼續成為整個公司有機增長的重要推動力。

Finally, turning to our Precision Motion segment. This segment experienced a revenue decline of nearly 10% year-over-year in the quarter. This was in line with our expectations and our prior guidance. The decline was due solely to a steep year-over-year decline in our microelectronics applications, most pronounced in our PCBA via-hole drilling applications, which fell more than 60%. Excluding this decline, the remainder of this segment grew mid-single digits in the quarter.

最後，轉向我們的精密運動部分。該部門本季度的收入同比下降近 10%。這符合我們的預期和我們之前的指導。下降完全是由於我們的微電子應用同比急劇下降，最明顯的是我們的 PCBA 通孔鑽孔應用，下降超過 60%。排除這一下降，該部分的其餘部分在本季度增長了中個位數。

Despite the significant drop in demand in the microelectronics space, the overall book-to-bill ratio in this segment was 0.96, which improved sequentially. On the full year basis, the book-to-bill ratio in this segment was 0.98. New product revenue was greater than 15% of total sales for both the quarter and the full year. However, this ratio now includes product sales from our ATI business line, which has a lower proportion of new product revenue rates than the overall segment. As we mentioned when we acquired the business, we are investing in innovation to accelerate their new product development and offerings and to accelerate their design wins with customers. We are making great progress here, adding a new engineering leadership talent into the quarter, and we believe we are on a good trajectory to bring this business on par with our existing business lines.

儘管微電子領域的需求大幅下降，但該領域的整體訂單出貨比為 0.96，環比有所改善。按全年計算，該部門的訂單出貨比為 0.98。新產品收入佔本季度和全年總銷售額的 15% 以上。然而，這個比率現在包括我們 ATI 業務線的產品銷售，該業務線的新產品收入率比例低於整個部門。正如我們在收購該業務時提到的那樣，我們正在投資於創新，以加速他們的新產品開發和供應，並加速他們的設計贏得客戶。我們在這方面取得了很大進展，在本季度增加了一名新的工程領導人才，我們相信我們正處於一個良好的軌道上，可以使這項業務與我們現有的業務線相提並論。

Because of the new addition of ATI, the year-over-year growth of NPI sales in this segment is not meaningful since 2022 is the first full year of ATI. Adjusted gross margin in the segment came in at 48.5%, which was down slightly year-over-year and flat sequentially.

由於ATI的新加入，2022年是ATI的第一個完整年度，因此該細分市場NPI銷售額的同比增長意義不大。該部門調整後的毛利率為 48.5%，同比略有下降，環比持平。

So turning to guidance. We expect our book-to-bill to continue to moderate and remain below 1 for the first half of the year as customers reduced their ordering in line with both actual and perceived lead times for Novanta's products and to lower their level of backlog coverage, particularly given Novanta's past due deliveries. In the first quarter, we expect some near-term volatility in bookings caused by our annual price increase initiative. However, this is expected to normalize after the first quarter. Overall, we have not seen any double ordering of Novanta products nor any customer cancellations materialize. The strength of our backlog is a reflection of our innovations and the applications in which we participate. Over the course of 2023, we expect to reduce our backlog in an orderly fashion with overall backlog coverage normalizing closer to the 45% to 50% range versus the high 60% coverage we saw in 2022.

所以轉向指導。我們預計今年上半年我們的訂單出貨比將繼續放緩並保持在 1 以下，因為客戶根據 Novanta 產品的實際和預期交貨時間減少了訂單，並降低了他們的積壓水平，特別是考慮到 Novanta 的逾期交貨。在第一季度，我們預計年度提價計劃會導致預訂量出現短期波動。但是，預計這將在第一季度後恢復正常。總體而言，我們沒有看到任何重複訂購 Novanta 產品的情況，也沒有出現任何客戶取消訂單的情況。我們積壓的實力反映了我們的創新和我們參與的應用。在 2023 年期間，我們預計將有序減少積壓，總體積壓覆蓋率正常化，接近 45% 至 50% 的範圍，而我們在 2022 年看到了 60% 的高覆蓋率。

Regardless, we are entering 2023 with strong backlog coverage for the first few quarters, helping to reduce any macroeconomic volatility. We expect demand in our medical end markets to remain strong all year, driven by elective surgical procedures and to some extent, new product introductions, particularly in the DNA sequencing market. We expect solid growth coming from both our medical capital equipment and our medical consumables sales. Revenue growth in these applications is largely limited by production capacity in 2023, both with our medical consumables production and our DNA sequencing technologies.

無論如何，我們進入 2023 年的前幾個季度都有大量積壓報導，這有助於減少任何宏觀經濟波動。我們預計我們的醫療終端市場的需求將在全年保持強勁，這受到擇期外科手術和某種程度上新產品推出的推動，特別是在 DNA 測序市場。我們預計我們的醫療資本設備和醫療耗材銷售將實現穩健增長。這些應用的收入增長在很大程度上受到 2023 年產能的限制，包括我們的醫療耗材生產和我們的 DNA 測序技術。

We are taking actions to resolve this, including investing in capital expenditures in 2023 to ramp up our new Czech-based medical manufacturing facility and investing in a new Manchester, United Kingdom manufacturing facility. Both facilities are progressing nicely, and we expect to fully overcome the capacity constraints in early 2024.

我們正在採取行動解決這個問題，包括在 2023 年投資資本支出以擴大我們在捷克的新醫療製造設施，以及投資在英國曼徹斯特的新製造設施。這兩個設施都進展順利，我們預計將在 2024 年初完全克服產能限制。

Turning to our advanced industrial end markets. We expect traditional industrial end markets to see resilient strength and continue to grow in 2023, particularly in the robotics and automation space, laser-based material processing applications, industrial metrology and laser-based 3D printing markets. While demand in this market is expected to moderate somewhat, in line with the overall industrial spending environment, our focus on secular growth applications and new product introductions should allow our business to experience growth in our niche application areas.

轉向我們先進的工業終端市場。我們預計傳統工業終端市場將在 2023 年看到彈性並繼續增長，特別是在機器人和自動化領域、基於激光的材料加工應用、工業計量和基於激光的 3D 打印市場。雖然這個市場的需求預計會隨著整體工業支出環境而有所放緩，但我們對長期增長應用和新產品推出的關注應該會讓我們的業務在我們的利基應用領域實現增長。

In our microelectronics end markets, we expect double-digit declines in the PCBA via-hole drilling applications and semiconductor wafer fab applications, which will drive a 200 to 300 basis point revenue headwind for Novanta versus 2022. Our overall microelectronics exposure will decline to 7% to 8% of overall sales over the course of the year. This compares to 12% of sales for the full year of 2022 and 9% of sales in the fourth quarter. As we look out beyond 2023, we expect our exposure to be more to be more cyclical applications within microelectronics to be further muted. We are deepening our content and exposure to the secular growth deep and extreme UV lithography applications, and we expect this application area to represent the bulk of our microelectronics revenue in 2024 and beyond.

在我們的微電子終端市場，我們預計 PCBA 通孔鑽孔應用和半導體晶圓廠應用將出現兩位數的下降，這將使 Novanta 的收入與 2022 年相比下降 200 至 300 個基點。我們的整體微電子風險敞口將下降至 7佔全年總銷售額的 % 至 8%。相比之下，2022 年全年銷售額為 12%，第四季度銷售額為 9%。展望 2023 年以後，我們預計我們的風險敞口將更多，微電子領域的周期性應用將進一步減弱。我們正在深化我們的內容並接觸長期增長的深紫外光刻應用，我們預計該應用領域將占我們 2024 年及以後微電子收入的大部分。

So starting with revenue guidance. In our first quarter 2023, as we stand here today, we expect GAAP revenue in the range of $210 million to $212 million, which represents revenue growth in the mid-single-digit territory year-over-year. For the full year of 2023, we expect GAAP revenue in the range of $890 million to $915 million, which also implies mid-single-digit revenue growth year-over-year. The range in our full year is really a factor of how industrial capital spending reacts to changes in the interest rate environment and the pull-through effects that has on sales to our OEM customers. A rising rate environment will likely result in software industrial demand, whereas a decrease in rates can act as a catalyst for an uptick in capital spending.

所以從收入指導開始。在我們今天站在這裡的 2023 年第一季度，我們預計 GAAP 收入將在 2.1 億美元至 2.12 億美元之間，這代表收入同比增長在中等個位數區域。對於 2023 年全年，我們預計 GAAP 收入在 8.9 億美元至 9.15 億美元之間，這也意味著收入同比增長中個位數。我們全年的範圍實際上是一個因素，表明工業資本支出如何對利率環境的變化做出反應，以及對我們的 OEM 客戶的銷售產生的拉動效應。利率上升的環境可能會導致軟件工業需求，而利率下降可能會成為資本支出上升的催化劑。

On the segment level, in the first quarter, we expect Photonics segment to grow revenue in the 10% to 12% range year-over-year. Customer demand remains resilient in this segment and with continued growth in multiple industrial medical applications. In the full year, revenue in this segment is expected to be up mid-single digit. Demand in this segment continues to be robust across a multitude of application areas, including DNA sequencing and other medical applications and some industrial markets.

在細分市場層面，我們預計第一季度光電子業務的收入將同比增長 10% 至 12%。隨著多個工業醫療應用的持續增長，這一領域的客戶需求仍然保持彈性。全年，該部門的收入預計將增長中等個位數。這一領域的需求在眾多應用領域持續強勁，包括 DNA 測序和其他醫療應用以及一些工業市場。

Our Precision Motion segment is expected to be flat to slightly up sequentially but down approximately 10% year-over-year in the first quarter. The year-over-year decline is driven by the downturn in the microelectronics market side of the PCBA via-hole drilling application areas and the back-end semiconductor applications and some China-related disruptions caused by the December and January regional COVID outbreak. These specific applications are expected to be down nearly 70% in the quarter, partially offset by growth in industrial robotics, medical robotics and traditional industrial markets. Similar to the Photonics segment, demand in our core and targeted applications remain strong. On the full year basis, revenue in this segment is likely to be flat to down low single digits caused by the aforementioned dynamics.

我們的 Precision Motion 業務預計環比持平或小幅增長，但第一季度同比下降約 10%。同比下降的原因是 PCBA 通孔鑽孔應用領域和後端半導體應用的微電子市場方面的低迷，以及 12 月和 1 月區域 COVID 爆發造成的一些與中國相關的中斷。預計本季度這些特定應用將下降近 70%，部分被工業機器人、醫療機器人和傳統工業市場的增長所抵消。與光子學領域類似，我們對核心和目標應用的需求依然強勁。在全年基礎上，由於上述動態，該部門的收入可能持平至低個位數。

Finally, our Vision segment is expected to demonstrate revenue growth in the range of 10% to 15% in the first quarter year-over-year. On a sequential basis, this segment sees some seasonality in orders and shipments with our larger medical OEMs, which is generally tied to hospital CapEx expenditure budget. We continue to see strong demand from the medical end markets, driven by a return of elective surgical procedures globally. On the full year basis, revenue growth is expected to be in the high single-digit to low double-digit territory, depending on the supply chain challenges and our production capacity. So effectively, we are not limited by end market demand at this time.

最後，我們的願景部門預計第一季度收入同比增長 10% 至 15%。在連續的基礎上，該部門看到我們較大的醫療原始設備製造商的訂單和出貨量存在一些季節性，這通常與醫院資本支出預算相關。在全球選擇性外科手術恢復的推動下，我們繼續看到來自醫療終端市場的強勁需求。從全年來看，收入增長預計將處於高個位數至低兩位數區間，具體取決於供應鏈挑戰和我們的生產能力。如此有效，我們此時不受終端市場需求的限制。

Moving on to the overall Novanta's adjusted gross margin. We expect gross margins in the first quarter to be approximately 45.5%, which is up sequentially from the fourth quarter. The Photonics segment gross margins are expected to be flat sequentially, whereas the Vision and the Precision Motion segments are expected to be up sequentially. Gross margins in the first quarter are expected to see continued pressure from disruptions in China due to the regional COVID outbreak in December and January, which is now resolved and continued electronic part shortages.

繼續討論 Novanta 的整體調整後毛利率。我們預計第一季度的毛利率約為 45.5%，較第四季度有所上升。光電部門的毛利率預計將環比持平，而視覺和精密運動部門的毛利率預計將環比上升。由於 12 月和 1 月區域性 COVID 爆發，預計第一季度的毛利率將繼續受到中國中斷的壓力，現在已經解決，電子零件短缺持續存在。

As the year progresses, we expect these headwinds will be reduced and further risks are mitigated through our pricing initiative and the acceleration of the Novanta Growth System initiatives. As a consequence, for the full year of 2023, we now expect adjusted gross margins between 46.4% and 47%, representing between 80 and 140 basis points of margin expansion year-over-year.

隨著時間的推移，我們預計這些不利因素將減少，並通過我們的定價計劃和 Novanta 增長系統計劃的加速來減輕進一步的風險。因此，對於 2023 年全年，我們現在預計調整後的毛利率在 46.4% 至 47% 之間，這意味著利潤率同比增長 80 至 140 個基點。

Turning to R&D and SG&A expenses, they are expected to be approximately $61 million to $62 million in the first quarter. For the full year, we expect a range of $258 million and $263 million. The increase in cost year-over-year is driven by labor cost increases tied to our annual cycle investments in innovation, particularly significant investments in our Vision segment tied to the aforementioned product launches around smoke evacuation insufflator technologies and some further investments in our commercial engine. Depreciation expense will be approximately $4 million in the first quarter and $17 million for the full year. Stock compensation expense will be approximately $6 million in the first quarter and $23 million for the full year.

至於研發和 SG&A 費用，預計第一季度約為 6100 萬至 6200 萬美元。對於全年，我們預計範圍為 2.58 億美元和 2.63 億美元。成本同比增加的原因是勞動力成本增加，這與我們對創新的年度週期投資有關，特別是對我們的願景部門的重大投資與上述圍繞排煙充氣器技術的產品發布以及對我們的商用發動機的一些進一步投資有關.第一季度的折舊費用約為 400 萬美元，全年約為 1700 萬美元。第一季度的股票補償費用約為 600 萬美元，全年約為 2300 萬美元。

The adjusted EBITDA in the first quarter will be a range of $44 million to $45 million in the first quarter. And for the full year 2023, we expect adjusted EBITDA in the range of $195 million and $207 million or an EBITDA margin of roughly 22%. Interest expense, which was nearly $6 million in the fourth quarter and nearly $16 million for the full year of 2022, is expected to be slightly above $6 million in the first quarter of 2023 and is expected to be in a range of approximately $24 million to $26 million in the full year of 2023, driven by the rise in interest rates. Our guidance assumes a weighted average interest rate of approximately 6% for the full year.

第一季度調整後的 EBITDA 將在 4400 萬至 4500 萬美元之間。對於 2023 年全年，我們預計調整後的 EBITDA 將在 1.95 億美元至 2.07 億美元之間，或 EBITDA 利潤率約為 22%。利息支出第四季度接近 600 萬美元，2022 年全年接近 1600 萬美元，預計 2023 年第一季度將略高於 600 萬美元，預計在約 2400 萬美元至在利率上升的推動下，2023 年全年 2600 萬美元。我們的指引假設全年的加權平均利率約為 6%。

In the near term, we will focus on paying down debt to mitigate the impact of rising rates, and this is one factor that drives the range of our full year EPS guidance. However, as Matthijs mentioned, we also expect to be heavily focused on our acquisition strategy. Therefore, how our interest expense unfold will largely contingent on our acquisition deal flow in the year and the geographical availability of cash flows.

在短期內，我們將專注於償還債務以減輕利率上升的影響，這是推動我們全年每股收益指引範圍的一個因素。然而，正如 Matthijs 提到的，我們也希望將重點放在我們的收購戰略上。因此，我們的利息支出如何展開將在很大程度上取決於我們當年的收購交易流量和現金流量的地域可用性。

We expect our non-GAAP tax rate to be around 18% for the first quarter as well as for the full year 2023. The rise in the tax rate from 16.5% to 18% is driven by the rise in corporate income tax rates in the United Kingdom and our expectations around jurisdictional mix of income. We are also monitoring the new OECD Pillar Two tax law changes, which is tied to member nations hopes to conform to an international tax framework that imposes a minimum tax rate of 15% globally for corporations. The implications of this are still being investigated by us, and therefore, any immediate tax law changes are not factored into our rate expectations.

我們預計第一季度和 2023 年全年的非美國通用會計準則稅率將在 18% 左右。稅率從 16.5% 上升到 18% 的原因是美國企業所得稅率上升英國和我們對管轄範圍內收入組合的期望。我們也在關注新的經合組織第二支柱稅法變化，這與成員國希望遵守國際稅收框架有關，該框架對全球企業徵收最低 15% 的稅率。我們仍在調查其影響，因此，任何直接的稅法變化都不會計入我們的利率預期。

Diluted weighted average shares outstanding will be approximately 36 million shares. For adjusted diluted earnings per share, we expect a range of $0.64 to $0.66 in the first quarter and $3 to $3.20 for the full year. Finally, we expect cash flows to improve in 2023 as we gradually bring down our inventory to more normalized levels. We expect first quarter cash flows to be somewhat lower than the remainder of the year due to the timing of incentive compensation payments, equity compensation vesting events and seasonal tax payments. However, we expect cash flow to strengthen as the year progresses despite the increase in capital spending for the aforementioned capacity expansions, putting us in a great position to accelerate our acquisition strategy. As always, this guidance does not assume any significant changes in foreign exchange rates.

已發行的稀釋加權平均股數約為 3600 萬股。對於調整後的稀釋每股收益，我們預計第一季度的範圍為 0.64 美元至 0.66 美元，全年為 3 美元至 3.20 美元。最後，隨著我們逐漸將庫存降至更正常的水平，我們預計 2023 年現金流量將有所改善。由於激勵薪酬支付、股權薪酬歸屬事件和季節性納稅的時間安排，我們預計第一季度現金流量將略低於今年剩餘時間。然而，儘管上述產能擴張的資本支出有所增加，但我們預計隨著時間的推移現金流將增強，這使我們處於加速收購戰略的有利位置。一如既往，本指南不假設外匯匯率有任何重大變化。

In summary, Novanta's performance in the fourth quarter of 2022 and the full year was above our expectations and a testament to the resiliency of the portfolio. We had our highest ever level of sales with double-digit reported growth and organic growth for the full year. We saw double-digit in adjusted EBITDA as well as adjusted earnings per share. Our teams continue to deliver great results, helping the company work through difficult supply chain disruptions and inflationary pressures while still winning new customer platforms and progressing our innovation pipeline. We continue to see below-market labor attrition rates, and we're seeing great success at attracting top talent.

總之，Novanta 在 2022 年第四季度和全年的表現超出了我們的預期，證明了投資組合的彈性。我們的銷售額達到了有史以來的最高水平，全年實現了兩位數的報告增長和有機增長。我們看到調整後的 EBITDA 和調整後的每股收益都達到了兩位數。我們的團隊繼續取得優異成績，幫助公司度過困難的供應鏈中斷和通貨膨脹壓力，同時仍然贏得新的客戶平台並推進我們的創新渠道。我們繼續看到低於市場的勞動力流失率，並且我們在吸引頂尖人才方面取得了巨大成功。

Despite a more uncertain macroeconomic environment and the rising interest rate environment, we expect to continue to deliver strong financial results in 2023 and see our growth remaining strong well past this year. We remain very grateful for the outstanding performance of our employees and their tireless efforts to help us be successful in this dynamic environment. We look forward to continuing to deliver on our commitments to our employees, to our customers and to our shareholders.

儘管宏觀經濟環境更加不確定且利率環境上升，但我們預計將在 2023 年繼續取得強勁的財務業績，並看到我們的增長在今年結束後仍保持強勁。我們仍然非常感謝我們員工的出色表現以及他們為幫助我們在這個充滿活力的環境中取得成功所做的不懈努力。我們期待繼續履行我們對員工、客戶和股東的承諾。

This concludes the prepared remarks. We'll now open the call for questions.

準備好的發言到此結束。我們現在將開始提問。

(Operator Instructions) And this morning's first question comes from Lee Jagoda with CJS Securities.

（操作員說明）今天早上的第一個問題來自 CJS 證券公司的 Lee Jagoda。

So just starting with the Vision segment. Robert, can you speak to sort of your expectation of the mix of products within the Vision segment, meaning MIS versus the rest of the stuff, for both Q1 and for the full year and how that might impact your margin guidance there?

因此，從 Vision 部分開始。羅伯特，你能否談談你對 Vision 部分產品組合的期望，這意味著 MIS 與其他產品相比，第一季度和全年，以及這將如何影響你在那裡的利潤率指導？

I'm expecting solid growth out of the JADAK business as there will be margin -- if you're trying to get a gross margin expansion in the Vision segment, I think the overall gross margin will improve in the Vision segment on a year-over-year basis. So there will be continued growth coming out of the JADAK business, which is serving predominantly medical markets and to the IVD-based applications and other laboratory-based technologies. And so there will be a positive headwind from a gross margin perspective.

我預計 JADAK 業務將實現穩健增長，因為會有利潤——如果你想在 Vision 部門實現毛利率擴張，我認為 Vision 部門的整體毛利率將在一年內提高——超過一年的基礎上。因此，JADAK 業務將持續增長，該業務主要服務於醫療市場以及基於 IVD 的應用程序和其他基於實驗室的技術。因此，從毛利率的角度來看，將會出現積極的逆風。

Got it. And then I know you had made the comment earlier that MIS is below corporate average on both the consumables and the hardware piece. As you look out to late '24 and into '25, when you start to see that $50 million of incremental revenue ramp on the new smoke evacuation product lines, how do those margins compare to both the current MIS margins and then the segment average margins within Vision?

知道了。然後我知道您之前曾說過 MIS 在耗材和硬件方面都低於公司平均水平。當您展望 24 世紀末和 25 世紀時，當您開始看到新的排煙產品線增加了 5000 萬美元的收入時，這些利潤率與當前的 MIS 利潤率和細分市場平均利潤率相比如何願景內？

Yes. So one thing let me clarify. So when we get very strong growth in our medical consumables piece of the portfolio, that's the piece that's been driving the lowest gross margin, and therefore, that's the headwind that we see. That's why we bought the MPH site in the Czech Republic and why we're ramping it. The actual capital equipment piece of the product offering is a much more attractive gross margin profile.

是的。所以有一件事讓我澄清一下。因此，當我們的醫療耗材產品組合實現非常強勁的增長時，這就是毛利率最低的部分，因此，這就是我們看到的逆風。這就是為什麼我們購買了捷克共和國的 MPH 網站，並且我們正在擴大它的原因。產品的實際資本設備部分的毛利率更具吸引力。

When we go about launching our new smoke evacuation technologies, those products, both on the consumable side as well as the capital equipment side, improve gross margins. And so the -- we're intending to launch those products at a much higher gross margin. And then you compound that with the fact that the facility in the Czech Republic will be running product through it beginning in 2024. And so the combination of those 2 events will allow the gross margin expansion for the overall company, which gives us that confidence of why margins will expand from, let's say, 47% this year to something closer to 50% over the next few years.

當我們著手推出新的排煙技術時，這些產品，無論是在消耗品方面還是在固定設備方面，都會提高毛利率。因此——我們打算以更高的毛利率推出這些產品。然後再加上捷克共和國的工廠將從 2024 年開始通過它運行產品這一事實。因此，這兩個事件的結合將使整個公司的毛利率擴大，這使我們有信心為什麼利潤率將從今年的 47% 擴大到未來幾年的接近 50%。

Got you. And just to be -- is there any quantifiable impact from the facility coming online impacting the margins in either the first half of the year or all of 2023?

明白了只是 - 該設施上線是否會對今年上半年或 2023 年全年的利潤率產生任何可量化的影響？

It did impact a little bit in the fourth quarter, and it's impacting a little bit in the first quarter, but it beings to -- but that begins to get more and more muted as we progress over the course of the year. I wouldn't kind of get into the qualification of it. But certainly, when you see the 38.5% -- 38.9% gross margin in the fourth quarter, an element of that was the MPH acquisition impacting that segment. Not all of it was the medical consumables, but it's all -- we tie that together into a single bow. So I think that headwind will eliminate by the end of the first quarter. It's largely on the basis that they had -- some sales were running off. So as we get into the back half of the year, even Q2, that becomes a nonissue from our gross margin story.

它確實在第四季度產生了一些影響，並且在第一季度產生了一些影響，但它確實 - 但隨著我們在這一年中取得進展，這種影響開始變得越來越小。我不會進入它的資格。但可以肯定的是，當你看到第四季度 38.5% - 38.9% 的毛利率時，其中一個因素是 MPH 收購影響了該細分市場。並不是所有的都是醫療消耗品，但都是——我們把它們綁在一起做成一個弓。所以我認為逆風將在第一季度末消除。這主要是基於他們的基礎——一些銷售正在流失。因此，當我們進入今年下半年，甚至是第二季度時，這在我們的毛利率故事中就不再是問題了。

The next question comes from Brian Drab with William Blair.

下一個問題來自 Brian Drab 和 William Blair。

Just a follow-up on that one. So MPH, just so I understand the timing, that volume of the WOM consumables is ramping throughout 2023. And then you'll reach like the full run rate volume in 2024. Is that how to think about it?

只是對那個的跟進。所以 MPH，我了解時間，WOM 消耗品的數量在整個 2023 年都在增加。然後你將在 2024 年達到全運行率。這是怎麼想的？

No, there's some -- so MPH will -- the facility in the Czech Republic, I should say, will not have any revenue coming out of it associated with our medical consumables in 2023, at least not until the fourth quarter. That is product that's all being qualified and ramped in the facility, but it won't be used for sale purposes. The negative gross margin headwind in the fourth quarter and the first quarter is, if you remember, we bought a business with revenue. And so we're bleeding off of that revenue, discontinuing those products. And so there's some last-time buys that impacted the fourth quarter, will impact the first quarter a little bit from a mix profile perspective, but that goes away by the time we get into the second and third quarter. And so it will no longer be an issue.

不，有一些——所以 MPH 會——捷克共和國的設施，我應該說，在 2023 年不會有任何與我們的醫療耗材相關的收入，至少在第四季度之前不會。那是在設施中全部合格和增加的產品，但不會用於銷售目的。第四季度和第一季度的負毛利率逆風是，如果你還記得的話，我們收購了一家有收入的企業。因此，我們正在減少這些收入，停止生產這些產品。因此，有一些影響第四季度的最後一次購買，從混合概況的角度來看會對第一季度產生一點影響，但當我們進入第二和第三季度時，這種情況就會消失。所以這將不再是一個問題。

By the time we get to the fourth quarter, we're ramping up production of our own medical consumables. And so -- and the margin profile, what we ramp out of there will be better than what we've been shipping out of the Ludwigsstadt facility. It won't be meaningful in the fourth quarter, but it will be -- it will begin to get very significant in 2024.

到第四季度時，我們正在提高我們自己的醫療耗材的產量。因此——還有利潤率，我們從那裡生產的產品將比我們從路德維希施塔特工廠運出的產品更好。它在第四季度沒有意義，但它會——它將在 2024 年開始變得非常重要。

Okay. Got it. So your gross margin benefit from this move of bringing the consumables in-house is going to be -- it's going to show up in the financial statements in 2024, right? Is that...

好的。知道了。因此，將消耗品引入內部這一舉措帶來的毛利率收益將是——它將在 2024 年的財務報表中體現出來，對吧？就是它...

Predominantly yes. But -- and so you will see margin -- gross margin expansion in the Vision segment in 2023. That's largely coming from continued growth in our JADAK business and solid growth coming from the capital equipment portion of the business.

主要是。但是——所以你會看到利潤率——2023 年 Vision 部門的毛利率增長。這主要來自我們 JADAK 業務的持續增長和業務資本設備部分的穩健增長。

Got it. Okay. And how do you expect your backlog and the book-to-bill ratio to track throughout this year sequentially as we move through the year?

知道了。好的。您如何看待您的積壓訂單和訂單出貨比在今年全年按順序跟踪？

I -- we are seeing a little bit of that correction, let's say, in reducing lead times. There's 2 elements of lead times. There's what our lead times actually are and then what I would think the customers are forecasting and are perceiving them to be, and I think there's a healthy tension between those 2 numbers. So as we get into the first quarter, the EBITDA -- sorry, the book-to-bill will be below 1, again, I expect the same in Q2, and then it will begin to moderate by the time we get to Q3 and probably return to 1 in Q4.

我——比方說，我們在縮短交貨時間方面看到了一些修正。交貨期有兩個要素。這是我們實際的交貨時間，然後是我認為客戶正在預測和感知的時間，我認為這兩個數字之間存在健康的緊張關係。因此，當我們進入第一季度時，EBITDA——抱歉，訂單出貨比將低於 1，我預計第二季度也是如此，然後到第三季度時它會開始緩和可能在第 4 季度回到 1。

That's how we built our forecast right now. Things can change because the Vision segment is obviously continuing to grow very solidly. It could pick up beyond our expectations. The Photonics segment, we still continue to see strong demand signals being sent to us, both on the DNA sequencing side as well as our overall industrial customer base. And so I think we've forecasted, I think, a little conservative here, just -- that's our tendency. That's what we tend to typically do over the course of the last few years. But we feel like there's some good, positive tailwinds associated with the applications in which we're participating in.

這就是我們現在建立預測的方式。事情可能會發生變化，因為 Vision 部分顯然會繼續非常穩健地增長。它可能會超出我們的預期。在光子學領域，我們仍然繼續看到強烈的需求信號發送給我們，無論是在 DNA 測序方面還是我們的整體工業客戶群。所以我認為我們已經預測，我認為，這裡有點保守，只是 - 這是我們的趨勢。這就是我們過去幾年通常傾向於做的事情。但我們覺得我們參與的應用程序有一些好的、積極的順風。

Yes. And Brian, to add, this is Matthijs. I mean just recall that our backlog coverage for the next let's say, 12 months, exiting the year was in the high 60s percent or close to 70%. That is an absolute record, right? It's actually double pre-COVID levels, right? So just to put things in perspective. So as you kind of normalize that unusually high backlog coverage, Robert stated in his prepared remarks, like 45% to 50%, right? That normally, kind of if you do the math, it means that orders will be more muted because customers has placed substantial orders on us and there is no need to add more to it. So that's really the majority of the dynamic. And then, of course, the only area where you see an end-user demand impact is in the kind of our smallest segment, which is the microelectronics side, which we commented on. But the rest is all normalization related, yes?

是的。 Brian，補充一下，這是 Matthijs。我的意思是回想一下，我們下一年的積壓覆蓋率，比方說 12 個月，今年結束時處於 60% 或接近 70% 的高位。這是一個絕對的記錄，對吧？它實際上是 COVID 前水平的兩倍，對嗎？所以只是為了正確看待事情。因此，當您將異常高的積壓覆蓋率正常化時，羅伯特在他準備好的發言中說，比如 45% 到 50%，對嗎？通常情況下，如果你算一下，這意味著訂單會更加低調，因為客戶已經向我們下了很多訂單，沒有必要添加更多訂單。所以這真的是大部分動態。然後，當然，您看到最終用戶需求影響的唯一領域是我們最小的部分，即我們評論過的微電子方面。但其餘的都是規範化相關的，是嗎？

(Operator Instructions) And the next question comes from Joseph Donahue with Baird.

（操作員說明）下一個問題來自 Joseph Donahue 和 Baird。

I'm on for Rob today. Just to touch on the microelectronics, do you have line of sight on that bottoming out? Should we be thinking first half '23 and then potential for some come back in the latter half? Or is it still something that you're just keeping an eye on for now?

我今天替羅布上場。就微電子而言，您對觸底反彈有什麼看法嗎？我們是否應該考慮 23 年上半年，然後有可能在下半年回歸？還是您現在只是在關注它？

Yes. It's a great question. So let me kind of clarify. What we did in our forecast and the range of the forecast is that we presumed it pretty much has bottomed out in the first quarter. So the revenue -- the dollars of revenue that we get hit their low in the first quarter and we keep it that way for the full year. There are some signals pointing to the second half that could perhaps be stronger. We're not baking that into our forecast at this time and the reason why it's just wait and see and see how that manifests. So that's in the guidance range where I say that the overall microelectronics exposure to the company will drop some -- down to something around 7% to 8% of sales, probably 7% of sales versus the 12% of sales that we had in 2022. So it's basically presuming it bottoms in Q1, and we keep it at that level all throughout the year. .

是的。這是一個很好的問題。所以讓我澄清一下。我們在預測和預測範圍中所做的是，我們假設它在第一季度幾乎已經觸底。因此，收入——我們在第一季度獲得的收入美元跌至最低點，我們將在全年保持這種狀態。有一些信號表明下半場可能會更強。我們目前並沒有將其納入我們的預測中，也沒有將其納入我們的預測中，原因是它只是觀望，看看它是如何體現的。所以這在指導範圍內，我說公司的整體微電子業務將下降一些——下降到銷售額的 7% 到 8% 左右，可能佔銷售額的 7%，而我們在 2022 年的銷售額為 12% . 所以它基本上假設它在第一季度觸底，我們全年都將其保持在該水平。 .

Now the mix shift changes pretty dramatically. So what you look at is inside the components of that is that the really cyclical pieces of that portfolio come down and are completely muted really kind of starting in the first quarter and there onwards. And what's remaining is actually exposure into deep UV-based applications, lithography-based applications, which have a fairly long secular tailwind associated with them. So we feel good at where the product is currently positioned and what we have remaining. And that's the area that we continue to take market share in. That's the area that we continue to have design win progress in. And that's the area that we would expect that as we exit 2023, we'll actually become a growth story. And so the microelectronics piece of the portfolio will be a less cyclical piece on a go-forward basis after this year and a higher growth characteristic to it.

現在，混合轉變發生了相當大的變化。因此，您所看到的是其中的組成部分，即該投資組合中真正具有周期性的部分下降了，並且從第一季度開始就完全靜音了。剩下的實際上是暴露在基於深紫外線的應用程序、基於光刻的應用程序中，這些應用程序具有相當長的長期順風。所以我們對產品目前的定位和我們剩下的東西感覺很好。這就是我們繼續佔據市場份額的領域。這是我們繼續在設計上取得進展的領域。這就是我們預計在 2023 年退出時，我們實際上將成為一個增長故事的領域。因此，在今年之後，投資組合中的微電子部分將是一個週期性較低的部分，並且具有更高的增長特徵。

And then just on the issues that you had with the factory in China, are you able to quantify kind of the impact of the first quarter guidance on the Photonics and Precision Motion side on the market revenue line?

然後就您在中國工廠遇到的問題，您能否量化第一季度指導對光子學和精密運動方面對市場收入線的影響？

Yes. That was like -- so I would -- if you were to kind of take the two dynamics I spoke to, one of which was higher growth in medical consumables and then the second was the fact that we had to shut down the factory in December and in January, there was also implications that our customers have disruptions and some vendors had disruptions, right? So there's a couple of dynamics taking place there from just the rapid outbreak of code and then the burn out of the pandemic. So the implications of that really was the gross margin. So maybe half of it was tied to the 50 basis point miss and then the other half was basically coming from the higher medical consumable sales.

是的。這就像——所以我會——如果你接受我談到的兩種動態，其中之一是醫療消耗品的更高增長，然後是我們不得不在 12 月關閉工廠的事實在 1 月份，還暗示我們的客戶有中斷，一些供應商也有中斷，對嗎？因此，從代碼的快速爆發到大流行的消退，那裡發生了一些動態。因此，這實際上是毛利率的影響。因此，可能有一半與 50 個基點的損失有關，而另一半基本上來自更高的醫療消耗品銷售額。

So that -- and that's on a total Novanta basis. And the largest element of exposures in there tend to be in the Precision Motion and the Photonics portion of the portfolio. So I would say that those -- that leads to a weaker gross margin in the first quarter in those two segments. But then as you look into the later quarters in Q2, 3 and 4, at least for the Photonics segment, the gross margins will expand. And then overall, for the full year, that segment will see an expansion in gross margins.

所以——這是完全基於 Novanta 的。其中最大的曝光元素往往是投資組合中的精密運動和光子學部分。所以我會說那些 - 這導致這兩個部門第一季度的毛利率下降。但是當你回顧第二、第三和第四季度的後幾個季度時，至少對於光子學領域來說，毛利率將會擴大。然後總體而言，就全年而言，該細分市場的毛利率將有所擴大。

This concludes the question-and-answer session. And now I'd like to turn the floor over to Matthijs Glastra for any closing comments.

問答環節到此結束。現在我想請 Matthijs Glastra 發表任何結束評論。

Thank you, operator. So to summarize, Novanta had a record-setting year in 2022. We saw our highest level of sales and profitability, double-digit growth for sales, adjusted EBITDA and adjusted EPS. We entered 2023 with a very robust level of backlog and strong tailwinds in our medical businesses. We won multiple new customer platforms, establishing a strong foundation for robust growth into the next few years. And we also completed one small but strategic acquisition that will improve our capacity for revenue growth and gross margin expansion in one of our strategic product categories. We achieved all of this while managing in challenging environment.

謝謝你，運營商。總而言之，Novanta 在 2022 年創下了歷史新高。我們看到了最高水平的銷售額和盈利能力、兩位數的銷售額增長、調整後的 EBITDA 和調整後的每股收益。進入 2023 年，我們的醫療業務積壓量非常大，順風順水。我們贏得了多個新客戶平台，為未來幾年的強勁增長奠定了堅實的基礎。我們還完成了一項小型但具有戰略意義的收購，這將提高我們在其中一個戰略產品類別中實現收入增長和毛利率擴張的能力。我們在充滿挑戰的環境中進行管理，同時實現了所有這些。

We're excited to see the continued growth in the medical sector and also the resumes in the advanced industrial sector. Novanta is well positioned in these sectors with diversified exposure to long-term secular macro trends in robotics automation, precision medicine, minimally invasive surgery and Industry 4.0. In 2023 and beyond, we will continue to focus on new product development, design wins and high-growth applications, driving cash flows and institutionalizing the Novanta Growth System.

我們很高興看到醫療行業的持續增長以及先進工業領域的恢復。 Novanta 在這些領域處於有利地位，在機器人自動化、精準醫學、微創手術和工業 4.0 等長期長期宏觀趨勢中擁有多元化的投資機會。在 2023 年及以後，我們將繼續專注於新產品開發、設計勝利和高增長應用，推動現金流並使 Novanta Growth System 制度化。

In closing, as always, I would like to thank our customers, our employees and our shareholders for their ongoing support and continue to be especially grateful for all the dedicated efforts of our Novanta teammates who work diligently every day to tackle new opportunities and manage through new challenges. We appreciate your interest in the company and your participation in today's call. I look forward to joining all of you in several months on our first quarter 2023 earnings call. Thank you very much. This call is now adjourned.

最後，我要一如既往地感謝我們的客戶、我們的員工和我們的股東一直以來的支持，並繼續特別感謝我們的 Novanta 團隊成員每天辛勤工作以應對新機遇並通過新挑戰。感謝您對公司的興趣以及您參與今天的電話會議。我期待在幾個月後與大家一起參加我們 2023 年第一季度的財報電話會議。非常感謝。此電話會議現已暫停。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。