Nova Ltd (NVMI) 2022 Q3 法說會逐字稿

Good day, and welcome to Nova's Third Quarter 2022 Results. Today's conference is being recorded. At this time, I would like to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.

您好，歡迎來到 Nova 2022 年第三季業績報告。今天的會議正在錄製。現在，我想將會議交給 MS-IR 執行長 Miri Segal。請繼續。

Thank you, operator, and good day to everybody. I would like to welcome all of you to Nova's Third Quarter 2022 Financial Results Conference Call. With us on the line today are Mr. Eitan Oppenhaim, President and CEO; and Mr. Dror David, Nova's CFO. Before we begin, may I remind our listeners that certain information provided on this call may contain forward-looking statements, and the safe harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please view it in the Investor Relations section of the company's website. Eitan will begin the call with a business update, followed by Dror with an overview of the financials. We will then open the call for the question-and-answer session. Now I'll turn the call over to Mr. Eitan Oppenhaim, Nova's President and CEO. Eitan, please go ahead.

謝謝接線員，祝大家有個愉快的一天。歡迎大家參加 Nova 2022 年第三季財務業績電話會議。今天與我們通話的有總裁兼執行長 Eitan Oppenhaim 先生；以及 Nova 的財務長 Dror David 先生。在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些資訊可能包含前瞻性陳述，並且今天的收益報告中概述的安全港聲明也適用於本次電話會議。如果您尚未收到該新聞稿的副本，請在公司網站的投資者關係部分查看。 Eitan 將在電話會議上首先介紹業務更新情況，然後 Dror 會概述財務狀況。然後我們將開始問答環節。現在我將電話轉給 Nova 總裁兼執行長 Eitan Oppenhaim 先生。 Eitan，請繼續。

Thank you, Miri, and welcome, everyone, to our Third Quarter Financial Results Conference Call. I will start the call today by speaking about our quarterly performance highlights and the market dynamics as they relate to Nova. Following my commentary, Dror will review the financial results in detail and present the guidance for the fourth quarter.

謝謝你，Miri，歡迎大家參加我們的第三季財務業績電話會議。今天，我將首先介紹我們的季度業績亮點以及與 Nova 相關的市場動態。在我的評論之後，德羅爾將詳細回顧財務結果並提出第四季度的指引。

Nova reported another sequential gross quarter (inaudible) the agility and the expanding diversification we have built into our business mode. Following the introduction of Nova's 1 billion plan and the strong execution of our targets throughout the year, we are confident in the company's long-term performance despite some near-term challenges. Our achievements in the quarter and throughout the year were driven mainly by the unique value we consistently add to our customers and our growing position in the market. Although some of the traditional industry drivers like PC and mobile are showing some near-term weakness, we believe that long-term semiconductor demand will persist propelled by multiple evolving drivers, which are increasing the heterogeneity of the industry and its demand profile. (inaudible) material process control are becoming critical and abling (inaudible) factors for customers we continue developing our advanced metrology portfolio to capitalize on various horizontal and vertical emerging opportunities in the market. Our consistent outperformance in the last few years, driven by our unique organic engines and growing market exposure support our expectations to continue our outperformance beyond the pure demand dynamics, which is a result of the near-term market cyclicality.

Nova 報告了另一個連續季度的毛利（聽不清楚），顯示我們在業務模式中建立了靈活性和不斷擴大的多樣化。 隨著 Nova 的 10 億計劃出台以及全年目標的強勁執行，儘管面臨一些短期挑戰，但我們對公司的長期表現充滿信心。我們在本季和全年所取得的成就主要得益於我們持續為客戶增加的獨特價值以及我們在市場中不斷成長的地位。儘管個人電腦和行動裝置等一些傳統行業驅動因素在短期內表現出一些疲軟，但我們認為，在多種不斷發展的驅動因素的推動下，長期半導體需求將持續增長，這些驅動因素正在增加行業和需求狀況的異質性。 (聽不清楚)材料過程控制正成為客戶至關重要和能夠(聽不清楚)的因素，我們將繼續開發先進的計量產品組合，以利用市場上各種橫向和縱向的新興機會。在我們獨特的有機引擎和不斷增長的市場曝光度的推動下，我們在過去幾年中持續表現出色，支持了我們的預期，即在純需求動態之外繼續表現出色，這是近期市場週期性的結果。

Specifically for the quarter our revenue result exceeded expectations and attained the high end of our guidance, including another sequential quarterly record, which represents around 28% growth year-over-year. Our profitability outcome reached the top end of the guidance, reflecting the efficiency embedded into our operational model as revenue grows.

具體來說，本季我們的營收結果超出了預期，達到了我們預期的高位，並創下了連續季度記錄，年增約 28%。我們的獲利結果達到了預期的最高水平，反映了隨著收入的成長，我們的營運模式的效率不斷提高。

Highlighting the financial results for the third quarter and given our guidance for the fourth quarter, we currently aim to grow revenue approximately 35% year-over-year overachieving our previous expectations while continuing to deliver strong outperformance versus CapEx and WFE growth numbers for the year.

重點介紹第三季度的財務業績並給出我們對第四季度的指導，我們目前的目標是使收入同比增長約 35％，超出我們之前的預期，同時繼續實現強勁的業績，超越今年的資本支出和 WFE 增長數字。

During the quarter, we also held our Investor Day in which we discussed at length our new strategic plan to attain $1 billion in revenue in 5 years. The plans fundamentals to achieve growth while strengthening our resiliency and agility were based on the company’s consistent performance in diversifying its business across products, markets, customers and geography. The achievement in the third quarter underscore a few of those elements.

在本季度，我們還舉辦了投資者日，詳細討論了我們的新戰略計劃，即在 5 年內實現 10 億美元的收入。該計劃的基礎是實現成長，同時增強我們的彈性和敏捷性，這基於公司在產品、市場、客戶和地理方面實現業務多元化的一貫表現。第三季的成績凸顯了其中的一些因素。

First, the diversity of our customer base is well demonstrated by 4 major customers this quarter, representing our growing expansion in various leading players. Furthermore, the overall customer mix includes contribution from over 20 active customers across geographics, territories and even new industry segments like advanced packaging, back-end and PCB.

首先，本季我們共有 4 位主要客戶，充分體現了我們的客戶群多樣性，代表著我們在各領先企業中的持續擴張。此外，整體客戶結構包括來自不同地區、領土甚至先進封裝、後端和 PCB 等新產業領域的 20 多個活躍客戶的貢獻。

The second element is the continued diversification of our product portfolio and the adoption of new technologies. While we continue to proliferate our traditional OCD products and set new integrated metrology sales records, we also see growing traction with our new organic growth engines. During the year, as well as in Q3, we continued the momentum of our SI technology and delivered a growing number of PRISM tools, both for R&D and high-volume manufacturing for critical 3D applications. Today, we see that the PRISM capabilities are garnering more advantages as high as (inaudible) applications become more challenging, specifically in memory, where SSD layers are added, nanowires, where 3D structures are fabricated and TSV formation in front-end and back-end steps. Since acquiring ancosys and based on our growing focus to lead the materials metrology space, we are encouraged by the solid contribution of our materials portfolio to the overall revenue mix this quarter. While we continue moving our next-generation XPS tools to in-line and in-die measurements, we continue focusing on proliferating the METRION and ELIPSON systems to additional customers. Specifically, I would like to highlight, as shared in the press release during the quarter, that another logic manufacturer selected Nova's METREON for next-generation IC development.

第二個要素是我們產品組合的不斷多樣化和新技術的採用。在我們繼續擴展我們的傳統 OCD 產品並創下新的綜合計量銷售記錄的同時，我們也看到我們的新有機成長引擎的吸引力日益增強。今年以及第三季度，我們延續了 SI 技術的發展勢頭，並提供了越來越多的 PRISM 工具，用於關鍵 3D 應用的研發和大量製造。今天，我們看到 PRISM 功能正在獲得更多優勢，因為（聽不清楚）應用變得越來越具有挑戰性，特別是在記憶體中，其中添加了 SSD 層、奈米線、製造 3D 結構以及在前端和後端步驟中形成 TSV。自收購 ancosys 以來，基於我們日益專注於引領材料計量領域，我們對本季材料產品組合對整體收入結構的堅實貢獻感到鼓舞。在我們繼續將下一代 XPS 工具轉向線上和片內測量的同時，我們繼續致力於向更多客戶推廣 METRION 和 ELIPSON 系統。具體來說，我想強調的是，正如本季度新聞稿中所分享的那樣，另一家邏輯製造商選擇了 Nova 的 METREON 用於下一代 IC 開發。

As part of our material strategy, we are also encouraged by the substantial progress in ancosys product portfolio introduction in several markets. Based on our Q4 guidance, we now expect a record year for ancosys, creating multiple growth opportunities for next year as well.

作為我們材料策略的一部分，ANCOSYS產品組合在多個市場推出的實質進展也令我們感到鼓舞。根據我們的第四季指引，我們預計 Ancosys 今年將創下紀錄，這也為明年創造了多重成長機會。

The third area to emphasize in our diversification strategy is the hardening demand in trailing edge nodes and Nova's solid positions in this segment. While some IC markets are softening, automotive, IoT and industry-related applications remain stable. The continuous demand for mature generation devices drives new expansions to fulfill the demand. Nova is well positioned to capitalize on the growing opportunities among these customers whose contributions represented around 50% of our revenues in this quarter.

我們多角化策略要強調的第三個領域是後緣節點的強化需求和 Nova 在這領域的穩固​​地位。雖然一些積體電路市場正在走軟，但汽車、物聯網和產業相關應用仍保持穩定。對成熟一代設備的持續需求推動新的擴展以滿足需求。 Nova 處於有利地位，可以利用這些客戶不斷成長的機會，他們的貢獻佔本季我們營收的 50% 左右。

And finally the last diversification highlight is the growth in our service revenue contribution. Planning over 4,700 active tools to date in our installed base, Nova continues to develop and offer our customers a portfolio of services ranging from ongoing support to new upgrades and productivity packages to keep improving utilization rates, metrology accuracy and fleet matching. As a result, revenue contribution from services is expected to grow approximately 30% this year.

最後的多元化亮點是我們服務收入貢獻的成長。迄今為止，Nova 已在我們的安裝基礎上規劃了超過 4,700 種活躍工具，並將繼續開發並向我們的客戶提供一系列服務，從持續支援到新的升級和生產力包，以不斷提高利用率、計量精度和設備匹配度。因此，預計今年服務收入貢獻將成長約30%。

Before I move on to the market environment and its relevance to our business, I would like to address the latest export restrictions announced by the U.S. government. In October, the U.S. government issued new regulations to restrict some aspects of the U.S. semiconductor trade with China. The regulations are mainly related to export control for advanced nodes in both memory and logic. As we continue to evaluate the impact of such restrictions on our U.S.-based activity and global export conditions, our initial assessment is that the direct impact on overall business plan for 2023 is marginal and estimated at around USD 10 million in direct revenue, mainly from our U.S.-based operations. As the foreign wafer fabrication entities in China acquired their temporary license to continue manufacturing, we continue to carefully monitor domestic customers' investment plan going forward.

在討論市場環境及其與我們業務的相關性之前，我想先談談美國政府宣布的最新出口限制。 10月份，美國政府推出新規，對美國與中國的某些半導體貿易進行限制。該法規主要涉及記憶體和邏輯先進節點的出口管制。隨著我們繼續評估此類限制對我們在美國開展的業務和全球出口狀況的影響，我們初步評估認為，對 2023 年整體業務計劃的直接影響很小，估計直接收入約為 1000 萬美元，主要來自我們在美國開展的業務。隨著在中國的外國晶圓製造實體獲得繼續生產的臨時許可，我們將繼續密切關注國內客戶未來的投資計畫。

Furthermore, while the Chinese market becomes more volatile due to the new trade restrictions, we are encouraged by our growing business in the U.S., which demonstrates significant growth year-over-year. We anticipate this growth to continue next year as well, propelled by both new fabs and new expansions.

此外，雖然中國市場因新的貿易限製而變得更加不穩定，但我們對美國業務的成長感到鼓舞，美國業務較去年同期成長顯著。我們預計，在新晶圓廠和新擴建的推動下，這種成長明年還將繼續。

Finally, as we look at the industry demand environment, although our long-term growth forecast for the industry remains intact, we expect softness in the near term due to excess inventories driven by a slowdown in consumer electronics demand. The impact on semiconductor pricing, particularly in memory, along with other economic and geopolitical factors is driving our customers to be more conservative in the near term. Although we are monitoring these trends carefully and increasing agility in our operating model, over the last few years, we have consistently demonstrated our ability to outperform the industry by proliferating our new technologies, expanding diversification and market share gains. Considering all aspects, we remain positive about the company's long-term growth potential and reaffirmed the strategic target we introduced on our Analyst Day in September.

最後，當我們觀察產業需求環境時，雖然我們對該產業的長期成長預測保持不變，但由於消費性電子產品需求放緩導致庫存過剩，我們預期短期內會出現疲軟。半導體定價（尤其是記憶體定價）的影響，以及其他經濟和地緣政治因素，正在促使我們的客戶在短期內變得更加保守。儘管我們正在密切關注這些趨勢並提高我們營運模式的靈活性，但在過去幾年中，我們透過推廣新技術、擴大多元化和提高市場份額，不斷證明了我們超越行業的能力。綜合考慮各方面因素，我們依然看好公司的長期成長潛力，並重申了我們在9月分析師日提出的策略目標。

With that, I would like to recap our third quarter results. Nova had a strong quarter against the backdrop of a dynamic market and an increasingly complex environment. Given our guidance for the fourth quarter, we are striving to achieve another record growth year for Nova. We believe that the company fundamentals that were strengthened this year will support us in continued outperformance in an overcoming interim demand cycle in the years to come. With that, let me hand over the call to Dror. Dror?

在此，我想回顧一下我們第三季的業績。在市場動態變化和環境日益複雜的背景下，Nova 本季表現強勁。根據我們對第四季的預期，我們正在努力讓 Nova 再創成長紀錄。我們相信，今年公司基本面的加強將支持我們在未來幾年克服中期需求週期後繼續取得優異表現。說完這些，我把電話交給德羅爾。德羅爾？

Thanks, Eitan. Good day, everyone, and thank you for joining our 2022 Third Quarter Conference Call. Total revenues in the third quarter of 2022 reached a record level of $144 million up 28% year-over-year. Product revenue distribution was approximately 65% from Logic and Foundry and approximately 35% from memory. Product revenues included 4 major customers in 3 main territories contributing more than 10% each to product revenues. Blended gross margin in the third quarter was 57% on a GAAP basis and 58% on a non-GAAP basis within the companies updated target model of 57% to 59%. Operating expenses for the quarter were $43 million on a GAAP basis and increased to $38.5 million on a non-GAAP basis. Operating margins in the third quarter were 27% on a GAAP basis and 31% on a non-GAAP basis at the high end of the company updated target model of 27% to 31%. The effective tax rate in the third quarter was approximately 13%. Earnings per share in the third quarter on a GAAP basis were $1.10 per diluted share, and earnings per share on a non-GAAP basis came in at $1.24 per diluted share.

謝謝，Eitan。大家好，感謝您參加我們的 2022 年第三季電話會議。 2022 年第三季總營收達到創紀錄的 1.44 億美元，年增 28%。產品收入分佈約 65% 來自 Logic 和 Foundry，約 35% 來自記憶體。產品收入包括 3 個主要地區的 4 個主要客戶，每位客戶對產品收入的貢獻超過 10%。第三季的綜合毛利率以 GAAP 計算為 57%，以非 GAAP 計算為 58%，符合公司更新後的目標模式 57% 至 59%。根據 GAAP 計算，本季營業費用為 4,300 萬美元，根據非 GAAP 計算，本季營業費用增加至 3,850 萬美元。第三季的營業利潤率以 GAAP 計算為 27%，以非 GAAP 計算為 31%，處於公司更新後的目標模式的高端，即 27% 至 31%。第三季有效稅率約為13%。第三季以美國通用會計準則計算的每股盈餘為每股稀釋收益 1.10 美元，以非美國通用會計準則計算的每股盈餘為每股稀釋收益 1.24 美元。

Moving into our guidance for the fourth quarter of 2022, we expect to see a strong finish for an exceptional year, led by the company diversified exposure to multiple customers, geographies and manufacturing technologies. Revenues are expected to be between $142 million and $152 million. GAAP earnings per diluted share are expected to range from $0.99 to $1.16. Non-GAAP earnings per diluted share are expected to range from $1.15 to $1.32.

在 2022 年第四季的預期中，我們預計今年將以強勁的勢頭結束，這得益於公司對多個客戶、地區和製造技術的多元化投資。預計收入在 1.42 億美元至 1.52 億美元之間。預計每股 GAAP 攤薄收益在 0.99 美元至 1.16 美元之間。非公認會計準則每股攤薄收益預計在 1.15 美元至 1.32 美元之間。

At the midpoint of our fourth quarter 2022 estimates, we anticipate the following: gross margins of approximately 57%, operating expenses on a GAAP basis of approximately $45 million, operating expenses on a non-GAAP basis of approximately $40 million. Financial income is expected to increase due to expected higher yields on cash reserves and come in at approximately $2.5 million. Effective tax rate is expected to be approximately 13%.

在我們對 2022 年第四季的預測中位數中，我們預計毛利率約為 57%，基於 GAAP 的營運費用約為 4,500 萬美元，基於非 GAAP 的營運費用約為 4,000 萬美元。由於預期現金儲備收益率上升，財務收入預計會增加，達到約 250 萬美元。預計有效稅率約為13%。

Moreover, including our fourth quarter guidance, the company is expected to present the following annual results on a non-GAAP basis. Annual revenues of more than $560 million, reflecting CAGR of 20% across the last 5 years and reflecting yearly revenue growth of 35% or more in 2022 relative to an expectation of single-digit wafer fab equipment growth in 2022. Gross margins of approximately 58% and operating margins of approximately 31% on an annual basis.

此外，包括我們的第四季指引在內，公司預計將以非 GAAP 為基礎公佈以下年度業績。 年收入超過 5.6 億美元，反映出過去 5 年的複合年增長率為 20%，反映出 2022 年年收入增長率為 35% 或更高，而預計 2022 年晶圓廠設備增長率為個位數。

As conclusion to my prepared remarks, I would like to note that the company management is closely monitoring the different scenarios of market demand and customer investment plans for 2023. To mitigate these different scenarios, the company can activate several mechanisms, which can restrain expenses as needed. In addition, the company cash reserves grew to over $500 million at the end of the third quarter of 2022. This healthy cash level allows us to continue and execute aggressive growth strategies and infrastructure investments as part of the Nova $1 billion strategic plan as well as to execute the $100 million share repurchase program, which was recently announced and initiated.

作為我準備好的發言的總結，我想指出的是，公司管理層正在密切關注 2023 年市場需求和客戶投資計劃的不同情況。此外，截至 2022 年第三季末，公司現金儲備增長至 5 億美元以上。

With that, I will turn the call back to Eitan. Eitan?

說完這些，我會把電話轉回給 Eitan。埃坦？

Thank you, Dror. Our prepared remarks are now concluded. We would be happy to take your questions now. Operator?

謝謝你，德羅爾。我們的準備好的演講現在結束了。我們很樂意現在回答您的問題。操作員？

(Operator Instructions)

（操作員指令）

The first question comes from Vivek Arya of Bank of America.

第一個問題來自美國銀行的 Vivek Arya。

This is [Doug Sanjiang] on behalf of Vivek. Congrats on the quarter. I know you said you outgrew WFE in 2022. But for next year, there seems to be a difference between a lot of your peers, KLA and Lam suggesting that it's going to be down 20%, whereas ASML is suggesting their sales can grow. So which one do you think is more indicative of your performance next year?

我是 Vivek 的代表 [Doug Sanjiang]。恭喜本季取得佳績。我知道您說過 2022 年您的銷售額將超過 WFE。那麼，您認為哪一個更能反映您明年的表現呢？

Thank you for the question. As you know, we don't guide beyond the current quarter. And in this current environment, in this current timing, it will not be so responsible to forecast the full year. I can relate though, to the market environment. And as I said in my prepared remarks, we are expecting volatility due to softness in memory, which, by the way, we think will start to normalize and recover in the second half of 2023, where a bit demand will grow along with price stabilization.

感謝您的提問。如您所知，我們不對當前季度之後的情況做出預測。在當前的環境和時機下，預測全年業績並不太負責任。不過，我可以體會市場環境。正如我在準備好的發言中所說的那樣，我們預計由於內存疲軟會導致波動，順便說一句，我們認為這種情況將在 2023 年下半年開始正常化和復蘇，屆時需求將隨著價格穩定而增長。

As mentioned a couple of times in my script, the agility and diversity that we have built in our business model, along with the adoption of our newly introduced technologies and the growing expansion in several markets should support our consistency and outperformance beyond pure semiconductor demand. I think that if we look at Nova, there are -- besides the pure demand calculation, supply-demand calculation, everybody understand is volatile next year. We're also benefiting from some expansions in R&D line, some new fabs that are coming in play penetration into the materials world with new technologies as well as expanding our portfolio to other markets.

正如我在腳本中多次提到的那樣，我們在商業模式中構建的靈活性和多樣性，以及我們採用的新技術以及在多個市場的不斷擴張，應該能夠支持我們超越純半導體需求的一致性和優異表現。我認為，如果我們看一下 Nova，除了純需求計算、供需計算之外，每個人都知道明年會出現波動。我們也受益於研發線的一些擴展，一些新晶圓廠正在利用新技術滲透到材料領域，並將我們的產品組合擴展到其他市場。

So overall, we think that we are more resilient to the market volatility. And as I said before, we hope to outperform the market.

因此總體而言，我們認為我們對市場波動的抵禦能力更強。正如我之前所說，我們希望跑贏大盤。

And as a follow-up, I know on the Analyst Day, you mentioned services will be on track to reach $100 million this year. How resilient is that business into that downturn next year?

作為後續問題，我知道在分析師日上，您提到服務業今年將有望達到 1 億美元。該業務在明年經濟衰退中能抵禦多大衝擊？

And also, thanks for the color on the $10 million from the Chinese restrictions impact. Have you noticed any cancellations or order pushouts with regards to that?

另外，感謝您對中國限制措施造成的 1000 萬美元影響的說明。您是否注意到與此相關的任何取消或訂單延遲的情況？

So regarding the services, obviously, the installed base of the company is growing. We currently have approximately 4,700 tools in service installed base, and this will continue to grow in Q4 and the following quarters. And as a result, we continue to expect to see growth in service revenues also in 2023.

因此就服務而言，顯然該公司的安裝基數正在成長。我們目前已安裝約 4,700 種工具在服務範圍內，而這一數字也將在第四季度及接下來的幾個季度繼續增長。因此，我們預計 2023 年服務收入仍將成長。

Now regarding the second part of the question about China. So it's -- when we're looking right now on the Chinese market, we look on the on the straight restriction that came from the U.S. in regard to advanced nodes in both DRAM, Flash, NAND and also the logic. And our estimation for those restrictions that are coming out from the U.S. because this is the restriction that we are part of is around $10 million. This is the direct one.

現在談談有關中國問題的第二部分。因此，當我們現在關注中國市場時，我們關注的是來自美國的對 DRAM、Flash、NAND 和邏輯的先進節點的直接限制。我們估計美國推出的限制措施的損失約為 1000 萬美元，因為我們也參與其中。這是直接的。

Basically for our XPS tools that are shipped from the U.S. We don't have any currently direct impact on the rest of the shipment. Nevertheless, we cannot estimate right now if something will happen indirectly, meaning if, for example, other process tools cannot ship their tools, and therefore, some of the line will be slowed down, and therefore, they don't [need metrology 00:21:46]. This one, we cannot estimate currently the impact. I just want to say that most of the revenues of the company in China are coming from trailing nodes that are not part of the restriction on advanced chip manufacturing.

基本上對於我們從美國運出的 XPS 工具而言，我們目前對其餘貨物沒有任何直接影響。儘管如此，我們現在無法估計是否會間接發生某些事情，例如，其他製程工具無法運送其工具，因此部分生產線速度會減慢，因此，他們不需要計量 00:21:46。這一點，我們目前無法估計其影響。我只想說，該公司在中國的大部分收入都來自於不受先進晶片製造限制的後續節點。

So overall, we think that the overall impact on the company will be anyway marginal.

因此整體而言，我們認為對公司整體的影響將是微不足道的。

(Operator Instructions)

（操作員指令）

Seeing that there are no further questions in the queue. I would like to turn the conference back to Eitan Oppenheim, President and CEO, for closing remarks.

看到隊列中沒有其他問題。我想請總裁兼執行長 Eitan Oppenheim 致閉幕詞。

Thank you, operator, and thank you all for joining our call today. Thanks.

謝謝接線員，也謝謝大家今天參加我們的電話會議。謝謝。

The conference has now concluded.

會議現已結束。