Enpro Inc (NPO) 2022 Q4 法說會逐字稿

Hello, and welcome to the EnPro Q4 2022 Earnings Conference Call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎收看 EnPro 2022 年第四季度收益電話會議和網絡直播。 （操作員說明）提醒一下，正在錄製此會議。

It's now my pleasure to turn the call over to James Gentile, Vice President, Investor Relations. Please go ahead, James.

現在我很高興將電話轉給投資者關係副總裁 James Gentile。請繼續，詹姆斯。

Thank you, Kevin, and good morning, everyone. Welcome to EnPro's Fourth Quarter and Full Year 2022 Earnings Conference Call. I will remind you that our call is being webcast at enproindustries.com, where you can find the presentation that accompanies this call. With me today is Eric Vaillancourt, our President and Chief Executive Officer; and Milt Childress, Executive Vice President and Chief Financial Officer.

謝謝你，凱文，大家早上好。歡迎來到 EnPro 的第四季度和 2022 年全年收益電話會議。我會提醒您，我們的電話會議正在 enproindustries.com 上進行網絡廣播，您可以在其中找到本次電話會議的演示文稿。今天和我在一起的是我們的總裁兼首席執行官 Eric Vaillancourt；執行副總裁兼首席財務官 Milt Childress。

An important reminder that the fourth quarter and full year 2022 results we will be discussing today reflect the continuing operations of EnPro. In the third quarter, we determined our former Engineered Materials segment to be a discontinued operation, and we completed the divestiture of its remaining components, GGB and GPT in November of last year and in January 2023, respectively. All financial data has been recast to reflect our go-forward portfolio comprised of the Sealing Technologies and Advanced Surface Technologies segments.

重要提醒是，我們今天將討論的第四季度和 2022 年全年業績反映了 EnPro 的持續運營。在第三季度，我們將之前的工程材料部門確定為停產業務，並分別於去年 11 月和 2023 年 1 月完成了對其剩餘部分 GGB 和 GPT 的剝離。所有財務數據都已重新編制，以反映我們由密封技術和先進表面技術部門組成的未來投資組合。

During today's call, we will reference a number of non-GAAP financial measures. Tables reconciling the historical non-GAAP measures to the comparable GAAP measures are included in the appendix to the presentation materials. Also, a friendly reminder that we will be making statements on this call that are not historical facts and that are considered forward-looking in nature. These statements involve a number of risks and uncertainties, including those described in our filings with the SEC including our most recent Form 10-K and Form 10-Q.

在今天的電話會議中，我們將參考一些非 GAAP 財務指標。將歷史非 GAAP 措施與可比較的 GAAP 措施相協調的表格包含在演示材料的附錄中。此外，友情提醒，我們將就本次電話會議發表非歷史事實且具有前瞻性的聲明。這些聲明涉及許多風險和不確定性，包括我們向美國證券交易委員會提交的文件中描述的風險和不確定性，包括我們最近的 10-K 表格和 10-Q 表格。

Also note that during this call, we will be providing full year 2023 guidance, which excludes unforeseen impacts from these risks and uncertainties as well as changes in the number of shares outstanding, impacts from future acquisitions, dispositions and related transaction costs, restructuring costs, incremental impacts of inflation, geopolitical variable and trade tensions on market demand and costs subsequent to the end of the fourth quarter. The impact of the foreign exchange rate changes subsequent to the end of the fourth quarter and interest rate increase is differing from assumptions outlined in guidance. We do not undertake any obligation to update these forward-looking statements.

另請注意，在本次電話會議期間，我們將提供 2023 年全年指引，其中不包括這些風險和不確定性帶來的不可預見的影響，以及已發行股票數量的變化、未來收購、處置和相關交易成本、重組成本的影響，通貨膨脹、地緣政治變量和貿易緊張局勢對第四季度末後市場需求和成本的增量影響。第四季度末匯率變化和加息的影響與指南中概述的假設不同。我們不承擔任何更新這些前瞻性陳述的義務。

It is now my pleasure to turn the call over to Eric Vaillancourt, our President and Chief Executive Officer. Eric?

現在我很高興將電話轉交給我們的總裁兼首席執行官 Eric Vaillancourt。埃里克？

Thanks, James, and good morning, everyone. Thank you for joining us today as we review our results for the fourth quarter and full year 2022 and provide a business update that includes our outlook for 2023. Before I get started this morning, I would like to celebrate Bernard Burns and his retirement from our Board of Directors. His service over the past 11 years has been invaluable to our company, our people and our go-forward strategy. We wish Bernard the absolute best. We are also pleased to announce that Ron Keating will be joining our Board of Directors and look forward to his future contributions to our company.

謝謝，詹姆斯，大家早上好。感謝您今天加入我們，我們將回顧 2022 年第四季度和全年的業績，並提供包含我們 2023 年展望的業務更新。在今天早上開始之前，我想慶祝伯納德·伯恩斯 (Bernard Burns) 和他從我們公司退休董事會。他在過去 11 年的服務對我們的公司、我們的員工和我們的前進戰略都非常寶貴。我們祝伯納德一切順利。我們也很高興地宣布 Ron Keating 將加入我們的董事會，並期待他未來對我們公司的貢獻。

2022 is an outstanding year, as we continue down the path of driving EnPro forward and delivering on our commitments to shareholders, customers and our people. We further optimized our portfolio by exiting the Engineered Materials segment, which we officially completed last month. We now have a streamlined portfolio of high-margin businesses that compete in diverse markets where we have technological and applied engineering advantages.

2022 年是非凡的一年，因為我們將繼續沿著推動 EnPro 前進的道路前進，並兌現我們對股東、客戶和員工的承諾。我們通過退出上個月正式完成的工程材料部門進一步優化了我們的產品組合。我們現在擁有精簡的高利潤業務組合，這些業務在我們擁有技術和應用工程優勢的多元化市場中競爭。

In 2022, our optimized portfolio -- focused portfolio resulted in a robust organic sales growth and adjusted EBITDA margin expansion of more than 400 basis points. We achieved these results despite the many challenges that we and others continue to face such as inflationary pressures, supply chain constraints, macroeconomic and geopolitical variability, a tight labor market and increasing interest rates. We are proud of how our teams continue to demonstrate resilience by advancing our strategic pillars to differentiate EnPro as a leading industrial technology company. We will now build on our momentum as we power technology with purpose and grow profitably and responsibly well into the future.

2022 年，我們優化的投資組合——重點投資組合實現了強勁的有機銷售增長，調整後的 EBITDA 利潤率擴大了 400 多個基點。儘管我們和其他人繼續面臨許多挑戰，例如通脹壓力、供應鏈限制、宏觀經濟和地緣政治變化、勞動力市場緊張和利率上升，但我們取得了這些成果。我們為我們的團隊如何通過推進我們的戰略支柱使 EnPro 脫穎而出成為領先的工業技術公司來繼續展示彈性而感到自豪。我們現在將鞏固我們的勢頭，因為我們有目的地為技術提供動力，並在未來實現盈利和負責任的增長。

I'll now turn to the highlights for EnPro's full year 2022, and then Milt will jump in to share more details on our fourth quarter results and our outlook for 2023.

我現在將談談 EnPro 2022 年全年的亮點，然後 Milt 將跳入分享有關我們第四季度業績和 2023 年展望的更多細節。

Our optimized portfolio drove strong results this year. On an organic basis, sales grew 14%. Higher volume across most markets and strategic pricing initiatives, each contributed significantly to our organic sales growth. Adjusted EBITDA of $257.4 million increased more than 58% compared to 2021. Adjusted EBITDA margin of 23.4% increased over 400 basis points driven primarily by the 14% organic sales increase, pricing actions, incremental operational efficiencies and the sustained benefits of our portfolio reshaping strategy. These were partially offset by inflationary pressures including material, wage and freight cost as well as higher operating costs associated with ongoing integration of NxEdge and investment supporting growth opportunities.

我們優化的產品組合推動了今年的強勁業績。在有機基礎上，銷售額增長了 14%。大多數市場的銷量增加和戰略定價舉措都對我們的有機銷售增長做出了重大貢獻。調整後的 EBITDA 為 2.574 億美元，與 2021 年相比增長了 58% 以上。調整後的 EBITDA 利潤率為 23.4%，增長超過 400 個基點，這主要得益於 14% 的有機銷售額增長、定價行動、增量運營效率以及我們的投資組合重塑戰略的持續效益.這些部分被通貨膨脹壓力所抵消，包括材料、工資和運費成本，以及與 NxEdge 的持續整合和支持增長機會的投資相關的更高運營成本。

Our team remained nimble with swift execution as we navigated through inflationary pressures and supply chain constraints. Our supply chain and commercial excellence teams as well as our environmental, health and safety personnel across the company continued to support safety, discipline, supply chain, procurement and operational efficiencies throughout the company.

在我們克服通貨膨脹壓力和供應鏈限制的過程中，我們的團隊保持敏捷並迅速執行。我們的供應鍊和商業卓越團隊以及我們整個公司的環境、健康和安全人員繼續支持整個公司的安全、紀律、供應鏈、採購和運營效率。

For the year, Sealing Technologies segment adjusted EBITDA margins exceeded 25%, 3 years earlier than the target of 2025 set forth during our 2021 Investor Day. Volume growth, strategic pricing and operational efficiencies drove profitability in each of our Sealing Technologies businesses. We enter 2023 in a strong position.

今年，密封技術部門調整後的 EBITDA 利潤率超過 25%，比我們在 2021 年投資者日設定的 2025 年目標提前了 3 年。銷量增長、戰略定價和運營效率推動了我們每個密封技術業務的盈利能力。我們以強勢進入 2023 年。

Our Advanced Surface Technologies segment ended the year with an adjusted segment EBITDA margin of around 30% despite weakening in demand in the semiconductor market seen late in the fourth quarter and while continuing to invest in long-term growth opportunities. Our suite of technological capabilities and process know-how will benefit us as we build out our vertical integration strategy and capitalize on opportunities created by the development of regional supply chains for advanced node semiconductor production. We remain excited about the many opportunities ahead for AST and are confident in our ability to weather the weaker semiconductor market expected this year.

儘管第四季度末半導體市場需求疲軟，我們的先進表面技術部門在年底調整後的部門 EBITDA 利潤率約為 30%，同時繼續投資於長期增長機會。我們的技術能力和工藝知識將使我們受益，因為我們制定了垂直整合戰略，並利用區域供應鏈發展為先進節點半導體生產創造的機會。我們仍然對 AST 未來的許多機會感到興奮，並對我們有能力應對今年預期的疲軟半導體市場充滿信心。

We just wrapped up our 20th year as an independent public company. And with our optimized portfolio now in place, we have never been in a better position to grow. EnPro has a strong balance sheet with a current leverage ratio of 1.7x. We will continue to invest in and enhance our leading edge capabilities and applied engineering expertise as we evaluate both organic and inorganic opportunities to build our portfolio and expand in key growth applications across many of our markets.

我們剛剛結束了作為一家獨立上市公司的第 20 個年頭。隨著我們優化的產品組合現已到位，我們從未處於更好的發展位置。 EnPro 擁有強大的資產負債表，當前杠桿率為 1.7 倍。我們將繼續投資並增強我們的領先優勢能力和應用工程專業知識，因為我們評估有機和無機機會以建立我們的產品組合併在我們許多市場的關鍵增長應用中擴展。

Our culture drives the way we work daily, and we will continue to focus on developing our people, and sustainably improving the communities within which we operate. We have already made great strides in the environmental, social and governance priorities we outlined last year. EnPro has established baselines for each of our facilities, measuring electricity, natural gas and water usage. We plan to continue improving our resource utilization and efficiency moving forward.

我們的文化驅動著我們日常的工作方式，我們將繼續專注於培養我們的員工，並可持續地改善我們經營所在的社區。我們已經在去年概述的環境、社會和治理優先事項方面取得了長足進步。 EnPro 已為我們的每個設施建立基準，測量電力、天然氣和水的使用情況。我們計劃繼續提高我們的資源利用率和效率。

Additionally, we advanced our diversity, equity and inclusion initiatives and more than 40% of our talented conflicts, 3 senior levels into the organization are diverse by gender and/or ethnicity. Our culture of learning and development empowers our employees, providing them with resources and opportunities to become future leaders in EnPro. We plan on publishing our next sustainability report later this spring, where we will highlight the great work that has been ongoing throughout the company to limit our environmental impacts, improve the lives of our colleagues, their families and our communities, all with government processes that are responsible and repeatable.

此外，我們推進了我們的多樣性、公平性和包容性舉措，我們 40% 以上的人才衝突，組織中的 3 個高級職位因性別和/或種族而異。我們的學習和發展文化賦予我們的員工權力，為他們提供資源和機會，使他們成為 EnPro 的未來領導者。我們計劃在今年春季晚些時候發布我們的下一份可持續發展報告，其中我們將重點介紹整個公司在限制我們的環境影響、改善我們同事、他們的家人和我們社區的生活方面所做的出色工作，所有這些都是通過政府流程進行的是負責任的和可重複的。

Internally, we have been hard at work defining our efforts as an organization around our central mission of empowering technology with purpose. Each of our products and solutions solve critical problems for our customers. In applications that touch each of our lives every day, and our colleagues find purpose in their work to drive both our organization and the world forward.

在內部，我們一直在努力將我們的努力定義為一個圍繞我們有目的性地賦予技術權力的中心使命的組織。我們的每一種產品和解決方案都可以為我們的客戶解決關鍵問題。在每天觸及我們每個人生活的應用程序中，我們的同事在他們的工作中找到了目標，以推動我們的組織和世界向前發展。

I'll now turn the call over to Milt for a thorough look into our fourth quarter results.

我現在將電話轉給 Milt，以全面了解我們第四季度的業績。

Thank you, Eric, and good morning, everyone.

謝謝你，埃里克，大家早上好。

EnPro's fourth quarter cashed off a strong year for our company. As reported sales of $271.9 million in the quarter increased 27.8% year-over-year. Organic sales increased 14.8% driven, as Eric entioned, by strong demand in most major end markets and strategic pricing actions. Adjusted EBITDA of $53.4 million increased more than 39% compared to the prior year period, and adjusted EBITDA margin of 19.6% increased 160 basis points year-over-year.

EnPro 的第四季度為我們公司帶來了強勁的一年。據報導，本季度銷售額為 2.719 億美元，同比增長 27.8%。正如埃里克所提到的，受大多數主要終端市場的強勁需求和戰略定價行動的推動，有機銷售額增長了 14.8%。調整後的 EBITDA 為 5340 萬美元，比上年同期增長超過 39%，調整後的 EBITDA 利潤率為 19.6%，同比增長 160 個基點。

Volume growth, strategic pricing actions, operational efficiencies and the sustained benefits of our portfolio optimization were partially offset by higher incentive compensation costs driven by strong share price performance during the period, inflationary raw material and wage expenses and late quarter weakness in the semiconductor capital equipment market that affected volume and mix.

銷量增長、戰略定價行動、運營效率和我們投資組合優化的持續收益被同期強勁的股價表現、通貨膨脹的原材料和工資支出以及半導體資本設備的季度末疲軟所驅動的更高的激勵補償成本部分抵消影響數量和組合的市場。

Corporate expenses of $15.6 million in the fourth quarter of 2022 were down from $27.8 million a year ago, driven primarily by the absence of acquisition-related expenses experienced last year, partially offset by $2.4 million of increased incentive compensation expense that resulted mostly from the rise in our share price during the quarter.

2022 年第四季度的公司支出為 1560 萬美元，低於一年前的 2780 萬美元，這主要是由於去年沒有發生與收購相關的支出，部分被增加的 240 萬美元的激勵薪酬支出所抵消，這主要是由於在我們本季度的股價中。

Adjusted diluted earnings per share of $1.47 increased more than 48% compared to the prior year period, with growth in operating income more than offsetting higher interest expense resulting from higher debt balances, higher interest rates and a reduced benefit from net investment hedges compared to the fourth quarter of 2021.

調整後的攤薄每股收益為 1.47 美元，與去年同期相比增長了 48% 以上，營業收入的增長足以抵消債務餘額增加、利率上升以及淨投資對沖收益減少導致的利息支出增加2021 年第四季度。

Moving to a discussion of segment performance. Sealing Technologies sales of $156.9 million increased 9% over the fourth quarter of 2021. Sales increased organically 13.4%, driven by successful pricing strategies and strong volume in the aerospace, general industrial, heavy-duty truck and food and pharma markets.

轉到對細分市場性能的討論。 Sealing Technologies 的銷售額為 1.569 億美元，比 2021 年第四季度增長 9%。銷售額有機增長 13.4%，這得益於成功的定價策略以及航空航天、通用工業、重型卡車以及食品和製藥市場的強勁銷量。

For the fourth quarter, adjusted segment EBITDA increased more than 32% over prior year with an adjusted segment EBITDA margin over 26%. Excluding the impact of foreign exchange and divestitures, adjusted segment EBITDA increased about 39%. The strategic pricing actions, operating leverage on organic sales growth, operational efficiencies and the benefits of portfolio reshaping actions completed in recent years, contributed to the sustained improvement in segment profitability more than offsetting inflationary pressures from raw materials, labor and freight costs.

第四季度，調整後的分部 EBITDA 比上年增長超過 32%，調整後的分部 EBITDA 利潤率超過 26%。排除外彙和資產剝離的影響，調整後的分部 EBITDA 增長了約 39%。戰略定價行動、有機銷售增長的經營槓桿、運營效率以及近年來完成的投資組合重塑行動的好處，不僅抵消了原材料、勞動力和貨運成本帶來的通脹壓力，還有助於部門盈利能力的持續改善。

Turning now to Advanced Surface Technologies. Fourth quarter sales of $115.4 million increased 67% over the prior year, driven by the acquisition of NxEdge and more broadly, increased demand in the semiconductor market, even in the midst of softness late in the quarter. Excluding the acquisition and the impact of foreign exchange translation, sales increased 17.5% versus the prior year.

現在轉向高級表面技術。第四季度銷售額為 1.154 億美元，比上年同期增長 67%，這得益於收購 NxEdge 以及更廣泛的半導體市場需求增加，即使在本季度末的疲軟時期也是如此。排除收購和外匯換算的影響，銷售額比上年增長 17.5%。

For the fourth quarter, adjusted segment EBITDA increased approximately 38% versus the prior year period, driven primarily by the acquisition of NxEdge and strong organic sales growth, offset by the impact of the late quarter softness in semi markets that adversely affected volume, product mix and absorption of variable and fixed costs in parts of our semiconductor business. Excluding the acquisition and impact of foreign exchange translation, adjusted segment EBITDA increased 10%.

第四季度，調整後的分部 EBITDA 較上年同期增長約 38%，這主要是由於收購 NxEdge 和強勁的有機銷售增長，但被半成品市場季度末疲軟對銷量、產品組合的不利影響所抵消在我們的部分半導體業務中吸收可變和固定成本。排除外匯換算的收購和影響，調整後的分部 EBITDA 增長了 10%。

Notwithstanding the current reduced demand in parts of the semiconductor market, we are continuing to invest in our Advanced Surface Technologies segment as the long-term growth opportunities in this segment far outweigh recent market headwinds. As an example, during the fourth quarter, we completed the purchase of the facility in Arizona which will support future demand in the United States, driven by the regionalization of the semi supply chain. In the year ahead, we will be updating the facility. As we have noted previously, this facility will focus on products and solutions for advanced node wafer production.

儘管目前部分半導體市場的需求減少，但我們將繼續投資我們的先進表面技術部門，因為該部門的長期增長機會遠遠超過近期的市場逆風。例如，在第四季度，我們完成了對亞利桑那州工廠的收購，這將在半成品供應鏈區域化的推動下支持美國未來的需求。在未來一年，我們將更新設施。正如我們之前所指出的，該工廠將專注於先進節點晶圓生產的產品和解決方案。

Across the segment, our robust portfolio of leading-edge solutions are depth of talent and the strength of our innovation engine provide us with a unique value proposition for our customers. We are confident that ASC is poised to capture long-term organic growth opportunities.

在整個細分市場中，我們強大的領先解決方案組合是人才的深度，我們創新引擎的實力為我們的客戶提供了獨特的價值主張。我們相信 ASC 已準備好抓住長期的有機增長機會。

Turning to the balance sheet and cash flow analysis. We ended the quarter with cash of $334 million and full availability of our $400 million revolver, less $10.8 million in outstanding letters of credit. At the end of December, our net debt to adjusted EBITDA ratio was approximately 1.8x. And as Eric noted, currently stands at about 1.7x.

轉向資產負債表和現金流量分析。本季度結束時，我們的現金為 3.34 億美元，我們的 4 億美元左輪手槍完全可用，減去 1,080 萬美元的未清信用證。 12 月底，我們的淨債務與調整後 EBITDA 的比率約為 1.8 倍。正如 Eric 指出的那樣，目前約為 1.7 倍。

In 2022, we repaid more than $370 million in net borrowings inclusive of the acquisition of the noncontrolling interest in LeanTeq using the after-tax proceeds from the Engineered Materials divestiture internally generated cash and repatriation of cash from our foreign subsidiaries. In 2022, we repatriated just under $300 million in cash from foreign locations and expect to bring back an additional $100 million in 2023.

2022 年，我們償還了超過 3.7 億美元的淨借款，包括使用剝離工程材料內部產生的現金和從我們的外國子公司匯回的現金的稅後收益收購 LeanTeq 的非控股權益。 2022 年，我們從國外匯回了近 3 億美元的現金，預計 2023 年將再帶回 1 億美元。

As Eric highlighted, our balance sheet is in excellent shape. We have ample financial flexibility to execute on our strategic initiatives, both organically and inorganically as we drive the long-term growth of the company. We generated free cash flow of approximately $105 million in 2022 when excluding an estimated $26 million tax payment on the gain on sale of GGB. Capital expenditures totaled $30 million, up from $15 million last year due primarily to the fourth quarter purchase of the Arizona facility.

正如埃里克強調的那樣，我們的資產負債表狀況良好。我們有足夠的財務靈活性來執行我們的戰略計劃，無論是有機的還是無機的，因為我們推動公司的長期發展。如果不計入 GGB 出售收益的估計 2600 萬美元稅款，我們在 2022 年產生了約 1.05 億美元的自由現金流。資本支出總計 3000 萬美元，高於去年的 1500 萬美元，主要原因是第四季度收購了亞利桑那工廠。

Operating working capital relative to sales was up modestly as we continue to invest selectively in inventory to support customer demand, respond to certain constraints in the supply chain and build inventory of high-value products. During 2022, we paid a $0.28 per share quarterly dividend totaling $23.4 million for the year. On February 16, our Board of Directors approved a 4% increase to the quarterly dividend to $0.29 per share.

由於我們繼續有選擇地投資於庫存以支持客戶需求、應對供應鏈中的某些限制並建立高價值產品的庫存，因此與銷售額相關的運營營運資金略有上升。 2022 年，我們支付了每股 0.28 美元的季度股息，全年總計 2340 萬美元。 2 月 16 日，我們的董事會批准將季度股息增加 4% 至每股 0.29 美元。

Three additional items to note on the quarter before moving to our outlook for the year ahead. First, we recognized the $65.2 million noncash goodwill impairment charge in the fourth quarter in the Alluxa business which we acquired in the fourth quarter of 2020. The impairment was a function of both reduced cash flow projections for the business compared with earlier outlooks and an increase in the discount rate resulting from rising interest rates. The impact of the higher discount rate was approximately $50 million. Notwithstanding this noncash charge, we expect Alluxa, a provider of optical filters for the most advanced applications to grow at high single digits to low double-digit rates well into the future.

在轉向我們對來年的展望之前，本季度需要注意的另外三個項目。首先，我們確認了我們在 2020 年第四季度收購的 Alluxa 業務在第四季度產生了 6520 萬美元的非現金商譽減值費用。減值是由於該業務的現金流量預測與早先的預期相比有所減少以及增加利率上升導致的貼現率。較高貼現率的影響約為 5000 萬美元。儘管存在這種非現金費用，但我們預計 Alluxa 是一家為最先進應用提供濾光片的供應商，在未來很長一段時間內將以高個位數到低兩位數的速度增長。

Second, in December of last year, as alluded to earlier, we acquired the full noncontrolling interest in LeanTeq held by former owners who remain leaders in this business. This purchase reduced our remaining redeemable noncontrolling interest, which we include in our net leverage calculation to $18 million. The remaining noncontrolling interest relates to Alluxa.

其次，在去年 12 月，如前所述，我們收購了 LeanTeq 的全部非控股權益，這些權益由前所有者持有，他們仍然是該行業的領導者。此次收購將我們剩餘的可贖回非控股權益減少到 1800 萬美元，我們將其計入淨槓桿計算。剩餘的非控股權益與 Alluxa 相關。

Lastly, 3 weeks ago, we completed the divestiture of GPT following the strategic review that we announced in early September of last year. We expect to receive net after-tax proceeds of approximately $25 million from the sale transaction.

最後，在 3 週前，我們在去年 9 月初宣布的戰略審查後完成了對 GPT 的剝離。我們預計將從出售交易中獲得約 2500 萬美元的稅後淨收益。

Moving now to our 2023 guidance. We expect our optimized portfolio of high-margin businesses to perform well during what could be a difficult year from a macroeconomic perspective in particular, in the semiconductor sector. Taking into consideration all the factors that we know at this time, we expect total impro sales growth to be in the flat to low single-digit range.

現在轉到我們的 2023 年指南。我們預計我們優化的高利潤業務組合在從宏觀經濟角度來看可能是艱難的一年中表現良好，尤其是在半導體行業。考慮到我們目前已知的所有因素，我們預計即興銷售總額增長將處於持平至低個位數範圍內。

In the Sealing Technologies segment, we expect full year revenue growth in the low to mid-single digits. Order patterns in sealing remain constructive, and we expect a strong start to the year. Within the segment, we see pockets of strength in markets such as aerospace, nuclear energy and food and pharma, and we expect demand in other markets we serve to largely mirror the general industrial economy.

在密封技術領域，我們預計全年收入將以中低個位數增長。密封訂單模式仍然具有建設性，我們預計今年會有一個強勁的開端。在該細分市場中，我們看到航空航天、核能以及食品和製藥等市場的一些優勢，我們預計我們服務的其他市場的需求在很大程度上反映了一般工業經濟。

The short-cycle nature of a large portion of Sealing Technologies, along with an uncertain macroeconomic outlook makes our second half outlook pursuing more difficult to predict. Our strong aftermarket mix which currently approximates 2/3 of segment revenue, provides a buffer during periods of economic softness and our enduring brands and technological strengths offer strong value propositions independent of the economic cycle.

Sealing Technologies 很大一部分的短週期性質，加上不確定的宏觀經濟前景，使得我們下半年的前景更加難以預測。我們強大的售後市場組合目前約佔部門收入的 2/3，在經濟疲軟時期提供緩衝，我們持久的品牌和技術優勢提供獨立於經濟周期的強大價值主張。

In the Advanced Surface Technologies segment, we currently expect sales to be in the range of flat to negative 5% for the year. Our guidance assumes that both wafer production and capital equipment demand stabilized in the first half of the year, with growth resuming in the second half. As noted earlier, we will continue to invest in the promising opportunities in the segment to drive long-term high-margin growth while focusing in the near term on controllable costs. We remain confident in our ability to outperform the overall semiconductor market while continuing to invest in our leading-edge capabilities.

在 Advanced Surface Technologies 領域，我們目前預計全年銷售額將在持平至負 5% 的範圍內。我們的指引假設晶圓生產和資本設備需求在上半年穩定下來，並在下半年恢復增長。如前所述，我們將繼續投資於該領域的有前途的機會，以推動長期的高利潤增長，同時在短期內關注可控成本。我們仍然相信我們有能力超越整個半導體市場，同時繼續投資於我們的領先能力。

For adjusted EBITDA, we expect a range of $248 million to $260 million and for adjusted diluted earnings per share, a range of $6.45 to $7.05 per share. As you may recall, our 2022 earnings benefited from currency-related transaction gains, which combined with translation at current exchange rates, creates a $6 million adjusted EBITDA headwind in 2023 relative to 2022.

對於調整後的 EBITDA，我們預計範圍為 2.48 億美元至 2.6 億美元，對於調整後的稀釋每股收益，我們預計範圍為每股 6.45 美元至 7.05 美元。您可能還記得，我們 2022 年的收益得益於與貨幣相關的交易收益，再加上按當前匯率換算，相對於 2022 年，2023 年調整後的 EBITDA 產生了 600 萬美元的逆風。

In addition, despite lower net debt in 2023 compared to 2022, the rise in interest rates and reduced benefit of net investment hedges will result in net interest expense increasing to approximately $40 million. Also of note, the normalized tax rate used to calculate adjusted diluted earnings per share in 2023 is 25%, down from 27% last year as a result of the completion of our portfolio reshaping actions that have significantly reduced our European exposure.

此外，儘管與 2022 年相比，2023 年的淨債務較低，但利率上升和淨投資對沖收益減少將導致淨利息支出增加至約 4000 萬美元。還值得注意的是，用於計算 2023 年調整後攤薄每股收益的標準化稅率為 25%，低於去年的 27%，這是由於我們完成了投資組合重塑行動，大大降低了我們在歐洲的風險敞口。

As we have in the past, we will navigate through any challenges by focusing on the long-term value-creating attributes of our company to emerge in a position of even greater strength.

正如我們過去所做的那樣，我們將通過專注於我們公司的長期價值創造屬性來應對任何挑戰，從而處於更強大的地位。

Now I'll turn the call back to Eric for some closing comments.

現在，我將把電話轉回 Eric 以徵求一些結束意見。

Again, 2022 was an outstanding year for EnPro. We executed well and continued optimizing our portfolio as promised. With the divestiture portion of our portfolio optimization efforts complete, we enter 2023 with a streamlined portfolio of market-leading businesses that safeguard critical environments and meet the mission-critical needs of our customers. Our businesses operate in attractive end markets where we are well positioned for growth through our enduring technological advantages.

同樣，2022 年對 EnPro 來說是傑出的一年。我們執行得很好，並按照承諾繼續優化我們的投資組合。隨著我們投資組合優化工作的資產剝離部分完成，我們將在 2023 年推出精簡的市場領先業務組合，以保護關鍵環境並滿足客戶的關鍵任務需求。我們的業務在具有吸引力的終端市場開展業務，我們憑藉持久的技術優勢在這些市場中處於有利地位，可以實現增長。

I'd like to take a moment to thank all of our colleagues across EnPro for your dedication and terrific performance. Your hard work continues to be the foundation of our success. Thank you again for joining us today. We appreciate your interest in our company.

我想花點時間感謝 EnPro 的所有同事，感謝你們的奉獻精神和出色的表現。您的辛勤工作仍然是我們成功的基礎。再次感謝您今天加入我們。感謝您對我們公司的興趣。

Now I'll open the line to questions.

現在我將打開問題熱線。

(Operator Instructions) Our first question today is coming from Jeff Hammond from KeyBanc Capital Markets.

（操作員說明）我們今天的第一個問題來自 KeyBanc Capital Markets 的 Jeff Hammond。

So just to dig in on the semi softness, just -- maybe you can give us a little better picture of kind of where you're seeing it? Is it cleaning and coding? Is it the legacy business? Is it somewhere else? And then I'm just trying to understand kind of the margin bridge from 3Q to 4Q, pretty steep drop and how much of that is kind of mix in this absorption issue versus kind of investments for the long term?

所以只是為了深入了解半柔軟度，只是 - 也許你可以給我們一個更好的圖片，說明你在哪裡看到它？是清潔和編碼嗎？是遺留業務嗎？是在別的地方嗎？然後我只是想了解從 3Q 到 4Q 的保證金橋樑，相當陡峭的下降，以及這種吸收問題與長期投資的混合有多少？

Eric, do you want me to jump in on that and then you please come in with some color?

埃里克（Eric），您要我加入嗎，然後請您加入一些顏色？

So yes, if you look at the fourth quarter, Jeff, we did see some of the downturn late in the quarter in the semiconductor industry affected us more in certain parts of our company that it did others. Some of our higher margin coatings business was affected, some of the precision machining business was affected. And the -- when something happens fairly quickly, the -- essentially all your costs in the short term are fixed costs. And so the degradation in margins that you saw from Q3 to Q4 in AST is largely a function of both the mix and the inability to adjust cost structure given a fairly abrupt change in the market dynamics.

所以是的，如果你看一下第四季度，傑夫，我們確實看到半導體行業在本季度末的一些低迷對我們公司某些部分的影響比對其他部分的影響更大。我們的一些利潤率較高的塗料業務受到影響，一些精密加工業務受到影響。而且 - 當事情發生得相當快時 - 基本上你在短期內的所有成本都是固定成本。因此，您在 AST 中看到的從第三季度到第四季度的利潤率下降主要是由於市場動態發生了相當突然的變化，並且無法調整成本結構。

So other parts, our Cleaning Solutions business continued to perform well in the quarter. Our legacy will continue to work off a strong backlog. So yes, we saw it in pockets, not across the board.

因此，其他部分，我們的清潔解決方案業務在本季度繼續表現良好。我們的遺產將繼續解決大量積壓的問題。所以是的，我們在口袋裡看到了它，而不是一刀切。

So I think that addresses most of your questions. We -- I will note that we have taken action on the variable costs. So you will see that, and we'll be able to talk more specifically about that on our next earnings call.

所以我認為這解決了你的大部分問題。我們——我會注意到我們已經對可變成本採取了行動。所以你會看到這一點，我們將能夠在下一次財報電話會議上更具體地討論這個問題。

Yes. The only other piece is just investment that might not have been capitalized around kind of growth opportunities. I don't know if that stepped up in 4Q?

是的。唯一的另一部分只是可能沒有圍繞某種增長機會資本化的投資。我不知道這是否在第四季度加強了？

Yes. it was probably -- it's starting to step up more and more as we progress with the expansion in the Southwest. So it was probably in the $1 million, $1.5 million range in the quarter. And then looking ahead to next year, I suspect we're going to be up in kind of mid-single digits from an operating expense standpoint. And perhaps I would gauge it as sub-$10 million on the capital side as we continue to upfit. There will be more investment to come beyond 2023.

是的。它可能是 - 隨著我們在西南地區的擴張取得進展，它開始越來越多。所以它可能在本季度的 100 萬美元到 150 萬美元之間。然後展望明年，我懷疑從運營費用的角度來看，我們將以中個位數增長。隨著我們繼續升級，也許我會在資本方面將其估計為低於 1000 萬美元。 2023 年之後將有更多投資。

Okay. And just maybe level set us on where you think margins are for AST in that flat to down 5%. With some of the adjustments you made to the cost structure versus kind of the investments you did $30 million this year. Is that a good line set? Or are we closer to $28 million? Or just maybe a little more color on that end?

好的。也許你認為 AST 的利潤率水平下降了 5%。通過你對成本結構所做的一些調整，你今年做了 3000 萬美元的投資。那是一個很好的線組嗎？或者我們接近 2800 萬美元？或者只是在那一端多一點顏色？

Yes. Well, here's what I would say. It's a tale of kind of 2 cities, which is really positive for us in terms of stability. And I know you're asking about AST, but first of all, to say we're entering the year in ceiling in a great position. We expect strength -- continued strength in the first half of the year. And then we'll see what the economy gives us in the second half, but we'll adjust accordingly there.

是的。好吧，這就是我要說的。這是一個關於 2 個城市的故事，這對我們的穩定性來說確實是積極的。我知道你在問關於 AST 的問題，但首先，要說我們正以一個很好的位置進入這一年。我們預計今年上半年會繼續走強。然後我們將看到經濟在下半年給我們帶來了什麼，但我們會相應地進行調整。

And then AST, as we're looking at it now, it's the opposite, the reverse. So we're entering into 2023 with volumes still being down and then we're expecting that to stabilize and then to resume growth and the long-term outlook, as you know, is very positive for this segment. But we expect growth to assume in 2023 in the second half.

然後 AST，正如我們現在所看到的，它是相反的，相反的。因此，我們進入 2023 年時銷量仍在下降，然後我們預計銷量會穩定下來，然後恢復增長，正如你所知，長期前景對該細分市場非常樂觀。但我們預計下半年將在 2023 年實現增長。

And so your question about volume is going to be largely -- excuse me, on margins is going to be largely a question of volume and what kind of volume decline do we see in the first half and then how do we bounce back in the second half. I know I didn't answer to give you a specific number, but that's kind of the color around that.

因此，您關於交易量的問題將主要是——對不起，關於利潤率的問題將主要是交易量問題，以及我們在上半年看到什麼樣的交易量下降，然後我們如何在下半年反彈一半。我知道我沒有回答給你一個具體的數字，但那是周圍的顏色。

Jeff, it's Eric. Let me give you some color on the backlog and maybe that will help and maybe it will provide more clarity or maybe even a little less because it's uncertain to us as well.

傑夫，是埃里克。讓我給你一些關於積壓的顏色，也許這會有所幫助，也許它會提供更多的清晰度，甚至可能更少，因為它對我們來說也不確定。

If you look at Sealings overall, the backlog is up, both in near term compared to last year at this time and also the backlog, when I call longer term over 12 months. So it's up in both places. If you look at AST, that's also true. So our backlog is stronger December 31 of '22 than December 31, 2021. It's also stronger in the near term and the long term. So our business foundation is still very, very strong. There's a lot of uncertainty in the macroeconomic environment.

如果你從整體上看海豹突擊隊，無論是在短期內與去年同期相比，還是積壓，當我稱長期超過 12 個月時，積壓都在增加。所以它在兩個地方都有。如果你看一下 AST，那也是對的。因此，我們的積壓訂單在 22 年 12 月 31 日比 2021 年 12 月 31 日更強。在短期和長期內它也更強。所以我們的業務基礎還是非常非常強的。宏觀經濟環境存在很多不確定性。

And if you look at the sequential falloff from fourth quarter to first quarter, it's also normal. So we don't have a lot of visibility in a lot of our businesses short term. And that's the hesitation, I think, to give you a more precise number at the moment.

如果你看一下從第四季度到第一季度的連續下降，這也是正常的。因此，我們在短期內的許多業務中都沒有太多的知名度。我認為，這就是現在給你一個更精確的數字的猶豫。

Okay. And then just on the last one, AST. Second half recovery, is that an expectation or a forecast that the semiconductor market recovers? Or is that a function of some of this backlog visibility that you have in hand or some of the some of the growth opportunities here in the U.S.?

好的。然後是最後一個，AST。下半年復蘇，是對半導體市場復甦的期待還是預測？或者這是您手頭的一些積壓可見性或美國這裡的一些增長機會的函數？

It's a function of all of it, but primarily our assumption is aligned with what we're seeing from industry experts as you are second half recovery.

這是所有這些的函數，但主要是我們的假設與我們從行業專家那裡看到的是一致的，因為你是下半年的複蘇。

And is supported by our backlog and what we're hearing from customers at this point.

並且得到了我們積壓的訂單以及我們目前從客戶那裡聽到的信息的支持。

Yes. We do expect to outperform the market. So if you look at Gartner or others, we expect to be much stronger than that but that's the only visibility we have at the time.

是的。我們確實希望跑贏市場。因此，如果你看看 Gartner 或其他公司，我們預計會比這更強大，但這是我們當時唯一的知名度。

Next question is coming from Steve Ferazani from Sidoti & Company.

下一個問題來自 Sidoti & Company 的 Steve Ferazani。

Appreciate all the detail on the call this morning. When I dig into the other segment, the Sealing side, which you reported another really strong quarter. It sounds like some of your larger end markets continue to look healthy. Some look like they can be healthy through 2023, if you look at some of the industry forecasts, I'm trying to get a sense on the low to mid-single-digit growth. I guess in terms of 4Q and then as you're looking out to next year, how much of that spend has been and will continue to be pricing and how sticky that pricing can be? For instance, is your pricing up mid-single digits so that you only need flat volume? Or can you give us a sense of price versus volume there?

感謝今天早上電話中的所有細節。當我深入研究另一個部分時，密封方面，你報告了另一個非常強勁的季度。聽起來您的一些較大的終端市場看起來繼續健康。有些看起來到 2023 年都可以保持健康，如果你看一些行業預測，我正試圖了解中低個位數的增長。我想就第四季度而言，然後當你展望明年時，這些支出中有多少已經並將繼續用於定價，以及定價的粘性有多大？例如，您的定價是否為中個位數，以便您只需要固定數量？或者你能告訴我們那裡的價格與數量的關係嗎？

I would say our pricing is very, very sticky. So it typically doesn't change much. We have some surcharge, but that we don't leverage that either. So that will go up and down and adjust as freight does as an example. So I would say it's a mixture of price. We have some carryover from last year, certainly, and we'll also always have pockets for price increases in -- in detail customer -- customer product line by product line. But I don't see a lot of broad-based price increases at this point. So I would say less price than we've had in the last year, certainly, and similar organic growth.

我會說我們的定價非常非常粘。所以它通常不會有太大變化。我們有一些附加費，但我們也不利用它。因此，這將像貨運一樣上下調整。所以我會說這是價格的混合體。當然，我們有一些去年的結轉，而且我們也總是有足夠的錢來提高價格——具體來說是客戶——逐個產品線的客戶產品線。但我目前沒有看到很多廣泛的價格上漲。所以我會說價格比我們去年的價格要低，當然還有類似的有機增長。

And Steve, in quarter 4, I would say, in Sealing, price versus volume was probably largely equal, a little bit heavily weighted -- a little bit more heavily weighted toward price in the quarter 4 results.

而史蒂夫，在第 4 季度，我會說，在 Sealing，價格與數量可能基本相等，權重有點高——在第 4 季度的結果中價格對價格的權重更大一些。

So if we play that out over next year, you're looking at -- at least low single-digit growth just on price alone, right? I'm just trying to think about why that couldn't be higher if those -- some of those end markets hold up through 2023? And obviously, second half to second half?

因此，如果我們在明年進行這項工作，您正在尋找 - 僅在價格方面至少有低個位數的增長，對吧？我只是想想想，如果那些——其中一些終端市場能堅持到 2023 年，為什麼不能更高？顯然，下半場到下半場？

Yes, it's certainly possible. It's largely going to be based on the macro outlook versus what actually happens in the second half of this year. So that's entirely possible, yes, you're right, Steve.

是的，這當然是可能的。這主要取決於宏觀前景與今年下半年實際發生的情況。所以這完全有可能，是的，你是對的，史蒂夫。

Caution around quarter 4 around the second half. And then if you just kind of look at the current demand trends, we're entering very strong position in Sealing.

下半場左右第 4 節左右要小心。然後，如果您只是看一下當前的需求趨勢，就會發現我們在密封方面處於非常有利的地位。

The guidance on net interest expense of $40 million, it looked like it was about $10 million in the quarter. We know there'll be some further interest hikes on your variable. But that $40 million guidance, is that assuming anything on debt repayments?

淨利息支出的指引為 4000 萬美元，看起來本季度約為 1000 萬美元。我們知道您的變量會進一步加息。但那 4000 萬美元的指導意見是否對償還債務做出了任何假設？

We're -- at this point, we are preserving our balance sheet and our cash position, just to see how the first half of the year plays out. And then when we get to the first half, we'll have a better idea for the outlook for the second half. And so we're just being very cautious and we want to preserve capital in this uncertain environment as much as we can.

我們 - 在這一點上，我們正在保留我們的資產負債表和我們的現金頭寸，只是為了看看今年上半年的表現如何。然後當我們進入上半場時，我們會對下半場的前景有一個更好的了解。因此，我們只是非常謹慎，我們希望在這種不確定的環境中盡可能多地保留資本。

Now I think it's likely as we get to the second half of the year that we'll reassess and depending on what our opportunities we see for investment in the business and what our capital needs are, whether it's inorganic or organic. It's possible that we could choose to pay down some of our term debt. We're totally out of our revolver. We paid off all of our revolver balance. So the only debt we have outstanding besides our senior unsecured notes are some term debt. And we can prepay that without penalty anytime.

現在我認為，到下半年時，我們可能會重新評估，並取決於我們看到的業務投資機會以及我們的資本需求是什麼，無論是無機的還是有機的。我們有可能選擇償還部分定期債務。我們完全沒有左輪手槍了。我們還清了所有左輪手槍餘額。因此，除了我們的高級無擔保票據之外，我們唯一未償還的債務是一些定期債務。我們可以隨時預付而不會受到罰款。

And then, Steve, just to note, remember, in the September quarter, one of our net interest expense hedges had matured and we collected cash during that time. And just for quantification purposes and modeling that saved us about $5 million in interest expense last year that we do not expect to recur this year.

然後，史蒂夫，請注意，請記住，在 9 月季度，我們的一項淨利息費用對沖已經到期，我們在那段時間收集了現金。僅出於量化目的和建模，我們去年就節省了大約 500 萬美元的利息費用，我們預計今年不會再發生這些費用。

And the reason for that, just as a reminder, the net investment hedge was tied to our EUR-denominated portion of equity in our company and obviously, with a lower European presence now it's not appropriate to carry the same thing. And we got some significant benefits from the net. We still have a tranche of the net investment hedge in place, but the larger of the 2 that we had matured, as James mentioned.

原因是，提醒一下，淨投資對沖與我們公司以歐元計價的股權部分掛鉤，顯然，由於歐洲業務較少，現在不適合進行同樣的事情。我們從網絡中獲得了一些顯著的好處。我們仍然有一部分淨投資對沖，但正如詹姆斯提到的那樣，我們已經成熟了 2 個中較大的一個。

The -- did you offer CapEx guidance for this year?

- 您是否提供了今年的資本支出指導？

I did not, but we do expect it to be up considerably from prior year, and part of that is it's very intentional on our part. We've seen -- I'm going to let Eric jump in here in a minute, but we have seen a number of opportunities that are emerging in our business to drive projects that are going to be good shareholder value-creating opportunities. And we were hampered over the past couple of years from just getting people in our facilities because of the pandemic. And so as we're coming out of that, we're identifying more good investment opportunities.

我沒有，但我們確實預計它會比前一年大幅增加，部分原因是我們有意為之。我們已經看到 - 我會讓埃里克在一分鐘內跳到這裡，但我們已經看到我們業務中出現的許多機會來推動將成為創造股東價值的良好機會的項目。在過去的幾年裡，由於大流行，我們無法讓人們進入我們的設施。因此，當我們走出困境時，我們正在確定更多好的投資機會。

Yes. With COVID, we just couldn't get people and the plans to do the work. We have a lot of automation opportunities that we're going to take advantage of this year that will have shareholder return for this year -- some of it this year, and of course, later on as well.

是的。有了 COVID，我們就是找不到人和計劃來完成這項工作。我們有很多自動化機會，我們將在今年利用這些機會，這些機會將在今年為股東帶來回報——今年有一些，當然，以後也會有。

Yes. And I would gauge it being closer excluding the Arizona project, I would put brackets of 3%, 3.5% of sales. And then if you include the upfitting in Arizona, we could get up to close to 4% of sales in that range.

是的。我會估計它更接近不包括亞利桑那項目，我會把銷售額的 3%、3.5% 放在括號內。然後，如果您包括亞利桑那州的裝修，我們可以獲得該範圍內接近 4% 的銷售額。

It's a normal target. We just underspent the last couple of years.

這是一個正常的目標。在過去的幾年裡，我們只是花錢不足。

Yes. Understood. You went a little bit through the goodwill impairment on Alluxa. It sounds like a significant portion, but not all was related to higher interest rates. Can you give us a sense of how Alluxa is performing versus your expectations when you close that acquisition?

是的。明白了。你稍微了解了 Alluxa 的商譽減值。這聽起來很重要，但並非所有都與更高的利率有關。當您完成收購時，您能否告訴我們 Alluxa 的表現與您的預期相比如何？

Well, as we indicated when discussing the goodwill impairment, we did reduce our cash flow projections going out, but it's still a very -- the company strategically just in an outstanding position. They compete at the highest end in optical filters. They take on the most demanding applications is consistent with what we do as a company is EnPro around our company. And as I mentioned in my prepared remarks, the outlook is still for a low double digit -- I mean, excuse me, low single digit to -- excuse me, high single digit to low double-digit growth for the foreseeable future. So -- Yes. Those are my comments on the business itself.

好吧，正如我們在討論商譽減值時所指出的那樣，我們確實降低了我們的現金流量預測，但這仍然是一個非常 - 公司在戰略上處於突出地位。他們在光學濾波器的最高端競爭。他們承擔最苛刻的應用程序與我們作為一家公司所做的是一致的，我們公司周圍的 EnPro。正如我在準備好的發言中提到的那樣，在可預見的未來，前景仍然是低兩位數——我的意思是，低個位數到——對不起，高個位數到低兩位數的增長。所以——是的。這些是我對業務本身的評論。

The business overall is very strong. Basically, we got a little bit behind with COVID. COVID came in some work slowed down, but we're accelerating again and likely good in the future. It's a great business.

整體業務非常強勁。基本上，我們在 COVID 方面落後了一點。 COVID 帶來了一些工作放緩，但我們正在再次加速，未來可能會很好。這是一項偉大的事業。

We reach the end of our question-and-answer session. I'd like to turn the floor back over to James for any further closing comments.

我們的問答環節結束了。我想將發言權轉回 James 以徵求任何進一步的結束意見。

Thank you very much for your time today. Have a terrific rest of your day.

非常感謝你今天的時間。好好休息一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網絡廣播到此結束。您可以在此時斷開您的線路，並度過美好的一天。感謝您今天的參與。