Quanex Building Products Corp (NX) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the second quarter 2025 Quanex Building Products Corporation earnings conference call.

您好，感謝您的支持。歡迎參加 Quanex Building Products Corporation 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to hand the conference over to your speaker today, Scott Zuehlke, Senior Vice President, CFO, and Treasurer. Please go ahead.

現在，我想將會議交給今天的發言人，高級副總裁、財務長兼財務主管 Scott Zuehlke。請繼續。

Thanks for joining the call this morning. On the call with me today is George Wilson, our Chairman, President, and CEO. This conference call will contain forward-looking statements and some discussion of non-GAAP measures.

感謝您今天上午參加電話會議。今天與我一起通話的是我們的董事長、總裁兼執行長喬治威爾森 (George Wilson)。本次電話會議將包含前瞻性陳述和一些非公認會計準則指標的討論。

Forward-looking statements and guidance discussed on this call and in our earnings release are based on current expectations. Actual results or events may differ materially from such statements and guidance, and Quanex undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

本次電話會議和收益報告中討論的前瞻性陳述和指導均基於當前預期。實際結果或事件可能與此類聲明和指導有重大差異，Quanex 不承擔更新或修改任何前瞻性聲明以反映新資訊或事件的義務。

For a more detailed description of our forward-looking statement disclaimer and a reconciliation of non-GAAP measures to the most directly comparable GAAP measures, please see our earnings release issued yesterday and posted to our website. I'll now turn the call over to George for his prepared remarks.

有關我們前瞻性聲明免責聲明的更詳細說明以及非 GAAP 指標與最直接可比較的 GAAP 指標的對賬，請參閱我們昨天發布並發佈在我們網站上的收益報告。現在我將把電話轉給喬治，請他發表準備好的演講。

Thanks, Scott. And good morning to everyone joining the call. Overall, we are pleased with the results from our fiscal second quarter, as we did see the traditional seasonal uptick and volumes were as expected, despite ongoing global macroeconomic uncertainties.

謝謝，斯科特。各位參加電話會議的人早安。總體而言，我們對第二財季的業績感到滿意，儘管全球宏觀經濟不確定性持續存在，但我們確實看到了傳統的季節性上升，而且銷售量也符合預期。

I'd like to start my commentary by providing an update on the status of the Tyman acquisition integration. We have been extremely pleased by both the depth and pace at which the integration has progressed. We have structured new operating segments, finalized and staffed our operational and commercial teams, and are in the process of finalizing the back office support teams that will serve both of those groups.

我想透過提供有關 Tyman 收購整合的最新情況來開始我的評論。我們對整合進展的深度和速度感到非常高興。我們已經建立了新的營運部門，確定並配備了營運和商業團隊，並且正在確定為這兩個部門服務的後台支援團隊。

As a result of these efforts and as announced in our earnings release, we now expect to realize cost synergies of approximately $45 million over time, which equates to a 50% increase compared to the original target.

由於這些努力，並且正如我們在收益報告中宣布的那樣，我們現在預計隨著時間的推移將實現約 4500 萬美元的成本協同效應，這相當於比原來的目標增加 50%。

In fact, on a run-rate basis, we now expect to achieve the original $30 million of cost synergy targets by early fiscal 2026. The newly formed operating segments are functioning well, and we feel that there still is a pathway to additional cost synergies.

事實上，以運行率計算，我們現在預計到 2026 財年年初將實現原定的 3,000 萬美元成本協同目標。新成立的營運部門運作良好，我們認為仍有途徑實現額外的成本綜效。

Operationally, our strength has always been around controlling what we can control, and that cultural trait is core and foundational to what we are building. We're delighted with what the team has accomplished in the 10 months since the deal closed, and we look forward to keeping you updated on our continued operational progress.

從營運角度來看，我們的優勢始終在於控制我們能夠控制的事情，而這種文化特質是我們所建構事物的核心和基礎。我們對團隊自交易完成 10 個月以來所取得的成就感到非常高興，我們期待著向您通報我們持續的營運進度。

The second phase of integration is now beginning, and it will be based around four major themes: go-to market and geographic expansion strategy, operational footprint optimization, new product and materials development, and finally, current product line portfolio analysis.

整合的第二階段現已開始，它將圍繞四大主題：市場進入和地理擴張策略、營運佈局優化、新產品和材料開發，以及最終的當前產品線組合分析。

Each one of these themes are most -- are more medium-term focused, but very much aligned to the profitable growth strategy that we outlined at our Investor Day in February. Our objective is to drive both above market growth and improve margin profile.

每個主題都更側重於中期，但與我們在二月份投資者日概述的獲利成長策略非常一致。我們的目標是推動高於市場的成長並提高利潤率。

Now turning to the markets we serve in North America and Europe. In North America, volumes increased month over month throughout the second quarter, which gives us continued confidence in the normal seasonality pattern we have historically seen.

現在轉向我們服務的北美和歐洲市場。在北美，第二季的銷售量逐月增加，這讓我們對歷史上正常的季節性模式保持信心。

We did see volume decline year over year in the second quarter, driven by low consumer confidence related to higher interest rates and tariff implications, but this was not surprising. As it relates to tariffs, there remains much uncertainty, which continues to be a headwind to the confidence level of our ultimate end consumers.

我們確實看到第二季的銷售量年減，因為利率上升和關稅影響導致消費者信心低迷，但這並不奇怪。至於關稅，仍然存在許多不確定性，這繼續對我們最終消費者的信心水平造成阻力。

Specifically from a Quanex perspective, our team has done a great job of positioning us to minimize any tariff impacts by localizing supply chains where possible to mitigate both supply and cost risks. We also continue to explore alternate supply sources and are constantly evaluating and monitoring potential shifts in demand.

具體來說，從 Quanex 的角度來看，我們的團隊已經做好了充分的準備，透過盡可能本地化供應鏈來最大限度地減少關稅影響，從而降低供應和成本風險。我們也將繼續探索替代供應來源，並持續評估和監控需求的潛在變化。

In situations where we were unable to avoid tariff impact, we have utilized surcharge pricing mechanisms to pass on most of the cost.

在我們無法避免關稅影響的情況下，我們利用附加費定價機制來轉嫁大部分成本。

Overall, approximately 22% of our total cost of goods sold is exposed to tariff risk, and breaking that down further, 13% of total COGS exposure is specific to Mexico and Canada. And since we are USMCA compliant, the tariff rate is essentially zero for those countries at the moment. Overall, we are confident in our ability to minimize any potential margin impact as it relates to tariffs.

整體而言，我們銷售商品總成本中約有 22% 面臨關稅風險，進一步細分，總銷售成本風險的 13% 特定於墨西哥和加拿大。由於我們遵守 USMCA，目前這些國家的關稅稅率基本上是零。總體而言，我們有信心將與關稅相關的任何潛在利潤影響降至最低。

Looking at market conditions in Europe, consumer confidence continues to be negatively impacted by higher interest rates and conflicts in the Middle East and Ukraine. However, market share gains in both our vinyl extrusion and IG spacer product lines have helped offset market weakness.

綜觀歐洲的市場狀況，消費者信心持續受到利率上升以及中東和烏克蘭衝突的負面影響。然而，我們的乙烯基擠壓和中空玻璃間隔條產品線的市場份額成長有助於抵消市場疲軟。

Pricing continues to be pressured, but the Quanex team has done a great job of using operational performance to offset any price concessions. From a capital allocation perspective, we made the decision to take advantage of our low share price, and we repurchased approximately $23.5 million of our stock in the second quarter.

定價繼續面臨壓力，但 Quanex 團隊已經出色地利用營運績效來抵消任何價格優惠。從資本配置的角度來看，我們決定利用低股價，並在第二季回購了約 2,350 萬美元的股票。

We remain focused on maintaining a healthy balance sheet that continues to give us flexibility to execute on all of our strategic opportunities. For the remainder of this year, we will continue to prioritize debt repayment and investment in organic projects that enhance our margins while opportunistically buying back shares when it makes sense to do so. We still have approximately $35.6 million authorized on our share repurchase program.

我們仍然致力於維持健康的資產負債表，這使我們能夠繼續靈活地執行所有策略機會。在今年剩餘的時間裡，我們將繼續優先償還債務和投資可提高利潤率的有機項目，同時在適當的時候適時回購股票。我們的股票回購計畫仍有約 3,560 萬美元的授權。

In summary, we are extremely pleased with the progress of the Tyman acquisition integration. The Quanex team continues to execute at a high level, which has resulted in excellent safety performance, as well as delivering better than anticipated synergies.

總而言之，我們對 Tyman 收購整合的進展感到非常高興。Quanex 團隊繼續保持高水準執行，從而實現了出色的安全性能，並產生了超出預期的協同效應。

The integration now begins to shift towards growth focused and customer value projects which we believe will drive margin expansion and create opportunities in new markets. The team continues to control the controllable, and we will be well positioned to capitalize on opportunities as they arise.

現在，整合開始轉向以成長為重點和客戶價值項目，我們相信這將推動利潤率的擴大並在新市場中創造機會。團隊將繼續掌控可控的事物，我們將做好充分準備，抓住出現的機會。

I'll now turn the call over to Scott, who will discuss our financial results in more detail.

現在我將電話轉給史考特，他將更詳細地討論我們的財務結果。

Thanks, George. On a consolidated basis, we reported net sales of $452.2 million during the second quarter of 2025, which represents an increase of approximately 70% compared to $266.2 million for the same period of 2024.

謝謝，喬治。依照合併口徑，我們報告 2025 年第二季的淨銷售額為 4.522 億美元，與 2024 年同期的 2.662 億美元相比成長約 70%。

The increase was primarily driven by the contribution from the timing acquisition that closed on August 1, 2024 excluding the Tyman contribution, net sales would have declined by 1.4% for the second quarter of 2025, largely due to lower volume in North America.

這一成長主要得益於 2024 年 8 月 1 日完成的計時收購帶來的貢獻，如果不包括 Tyman 的貢獻，2025 年第二季的淨銷售額將下降 1.4%，這主要是由於北美銷售下降。

We reported net income of $20.5 million or $0.44 per diluted share during the three months ended April 30, 2025 compared to net income of $15.4 million or $0.46 per diluted share during the three months ended April 30, 2024, sorry.

我們報告稱，截至 2025 年 4 月 30 日的三個月的淨收入為 2050 萬美元，即每股攤薄收益 0.44 美元，而截至 2024 年 4 月 30 日的三個月的淨收入為 1540 萬美元，即每股攤薄收益 0.46 美元，抱歉。

On an adjusted basis, net income was $27.9 million, or $0.60 per diluted share during the second quarter of 2025 compared to $24 million or $0.73 per diluted share during the second quarter of 2024.

經調整後，2025 年第二季淨收入為 2,790 萬美元，即每股攤薄收益 0.60 美元，而 2024 年第二季淨收入為 2,400 萬美元，即每股攤薄收益 0.73 美元。

The adjustments being made to EDS are as follows: transaction advisory fees and reorg costs, restructuring charges related to severance and disposal of software, amortization expense related to intangible assets, and a pension settlement refund, and other net adjustments related to foreign currency transaction gain or loss and effective tax rates.

對 EDS 進行的調整如下：交易諮詢費和重組成本、與軟體遣散費和處置相關的重組費用、與無形資產相關的攤銷費用、退休金結算退款，以及與外幣交易損益和有效稅率相關的其他淨調整。

On an adjusted basis, EBITDA for the quarter increased by 54.7% to $61.9 million compared to $40 million during the same period of last year. The increase in net income and EBITDA for the three months ended April 30, 2025, was mostly attributable to the contribution from the timing acquisition combined with the realization of cost synergies.

經調整後，本季 EBITDA 較去年同期的 4,000 萬美元成長 54.7%，達到 6,190 萬美元。截至2025年4月30日的三個月的淨收入和EBITDA的成長主要歸因於時機收購的貢獻以及成本綜效的實現。

Now for results by operating segment. We generated net sales of $151 million in our North American fenestration segment for the second quarter of 2025, a decrease of 5.5% compared to $159.8 million in the second quarter of 2024. We estimate that volumes in this segment declined by approximately 7% year over year with pricing up approximately 1% versus Q2 of 2024.

現在按經營部門列出業績。2025 年第二季度，我們北美門窗部門的淨銷售額為 1.51 億美元，與 2024 年第二季的 1.598 億美元相比下降了 5.5%。我們估計，該領域的銷量年減約 7%，價格與 2024 年第二季相比上漲約 1%。

Adjusted EBITDA was $21.3 million in this segment for the second quarter compared to $25.4 million in the second quarter of 2024.

該部門第二季調整後 EBITDA 為 2,130 萬美元，而 2024 年第二季為 2,540 萬美元。

Our European fenestration segment generated revenue of $61.3 million in the second quarter of 2025, which represents an increase of 8.3% compared to $56.5 million in the second quarter of 2024. After adjusting for foreign currency, revenue increased 7.9%. We estimate that volumes for the quarter were up approximately 9% year over year in this segment with pricing down by approximately 1%.

我們的歐洲門窗部門在 2025 年第二季創造了 6,130 萬美元的收入，與 2024 年第二季的 5,650 萬美元相比增長了 8.3%。經外匯調整後，營收成長了7.9%。我們估計本季該領域的銷量年增約 9%，而價格下降約 1%。

Adjusted EBITDA increased slightly to $13.2 million in this segment for the quarter versus $13 million during the same period last year. We reported net sales of $51.2 million in our North American cabinet component segment during the second quarter of 2025 compared to $51.1 million for the same period of 2024.

本季該部門的調整後 EBITDA 略微增加至 1,320 萬美元，去年同期為 1,300 萬美元。我們報告稱，2025 年第二季北美櫥櫃組件部門的淨銷售額為 5,120 萬美元，而 2024 年同期為 5,110 萬美元。

We estimate that volumes declined by approximately 3% and price increased by approximately 3% in this segment for the quarter. This price movement was largely related to index pricing tied to hardwood costs.

我們估計本季該部門的銷量下降了約 3%，價格上漲了約 3%。這一價格變動很大程度上與硬木成本掛鉤的指數定價有關。

Adjusted EBITDA was $3.1 million in this segment for the quarter, which compared to $3.4 million for the second quarter of 2024. The time in business reported net sales of $190.1 million for the second quarter of 2025.

本季該部門的調整後 EBITDA 為 310 萬美元，而 2024 年第二季為 340 萬美元。該公司報告稱，2025 年第二季的淨銷售額為 1.901 億美元。

Since we didn't own this business in the second quarter of 2024, there is no comp in the earnings release. However, we believe revenue is down approximately 2% in this segment in the second quarter of 2025 compared to the second quarter of 2024, mostly due to soft market demand in North America, which is consistent with what we saw in the legacy, Quanex business.

由於我們在 2024 年第二季沒有擁有這項業務，因此收益報告中沒有包含可比較數據。然而，我們認為，2025 年第二季該部門的營收與 2024 年第二季相比下降了約 2%，主要是由於北美市場需求疲軟，這與我們在傳統 Quanex 業務中看到的情況一致。

Adjusted EBITDA came in at $26.8 million for the quarter in this segment.

該部門本季調整後的 EBITDA 為 2,680 萬美元。

Moving on to cash flow and the balance sheet, cash provided by operating activities was $28.5 million for the second quarter of 2025, which compares to cash provided by operating activities of $33.1 million for the second quarter of 2024.

談到現金流量和資產負債表，2025 年第二季營運活動提供的現金為 2,850 萬美元，而 2024 年第二季營運活動提供的現金為 3,310 萬美元。

Similar to Q1 of this year, Q2 was impacted by layering in the Tyman acquisition, as the legacy timing business is very much a make to stock business and the legacy Quanex business is very much make to order. Free cash flow was $13.6 million for the quarter, but keep in mind that one-time items related to integration costs and achieving the cost energies impact free cash flow.

與今年第一季類似，第二季也受到 Tyman 收購的影響，因為傳統的計時業務很大程度上是按庫存生產，而傳統的 Quanex 業務很大程度上是按訂單生產。本季的自由現金流為 1,360 萬美元，但請記住，與整合成本和實現成本能量相關的一次性項目會影響自由現金流。

As a reminder, to acquire Tyman in August of 2024, we borrowed a total of $770 million through a $500 million term loan A and drawing $270 million on our revolver. As of April 30, 2025, our leverage ratio of net debt to the last 12 months adjusted EBITDA decreased 3.2 times. The leverage ratio for our quarterly debt covenant compliance was 2.7 times.

提醒一下，為了在 2024 年 8 月收購 Tyman，我們透過 5 億美元的定期貸款 A 和提取 2.7 億美元的循環信貸共借入 7.7 億美元。截至 2025 年 4 月 30 日，我們的淨債務與過去 12 個月調整後 EBITDA 的槓桿率下降了 3.2 倍。我們季度債務契約履行的槓桿率為2.7倍。

This debt covenant leverage ratio excludes real estate leases that are considered finance leases under US GAAP and is calculated on a pro-forma basis to include last 12 months adjusted EBITDA from the Tyman acquisition. $30 million of EBITDA for the original cost synergy target related to the acquisition, less cost synergies achieved, and cash only from domestic subsidiaries.

此債務契約槓桿率不包括根據美國公認會計準則被視為融資租賃的房地產租賃，並且按備考基礎計算，包括 Tyman 收購的過去 12 個月調整後的 EBITDA。與收購相關的原始成本協同目標的 EBITDA 為 3,000 萬美元，減去已實現的成本協同效應，以及僅來自國內子公司的現金。

The debt covenant leverage ratio would be 2.4 times if calculated using the full cash and cash equivalent amount on the balance sheet as of April 30, 2025 and adjusting for the cash used to repurchase our stock during the quarter.

如果使用截至 2025 年 4 月 30 日的資產負債表上的全部現金和現金等價物金額計算，並根據本季度用於回購股票的現金進行調整，債務契約槓桿率為 2.4 倍。

As noted in our earnings release, based on year-to-date results combined with our operational execution, cost synergy realization, conversations with our customers, and recent demand trends, we are reaffirming net sales guidance of approximately $1.84 billion to $1.86 billion and adjusted EBITDA guidance of $270 million to $280 million for fiscal 2025.

正如我們在收益報告中所述，根據年初至今的業績以及我們的營運執行情況、成本協同效應的實現、與客戶的對話以及近期的需求趨勢，我們重申 2025 財年的淨銷售額預期約為 18.4 億美元至 18.6 億美元，調整後的 EBITDA 預期為 2.7 億美元。

From a cadence perspective on a consolidated basis for the third quarter of this year versus the second quarter of this year, we expect revenue to be up 8% to 10%, and we expect adjusted EBITDA margin expansion of 250 to 300 basis points.

從今年第三季與第二季合併後的節奏來看，我們預計營收將成長 8% 至 10%，調整後的 EBITDA 利潤率將擴大 250 至 300 個基點。

Lastly, the finance and accounting teams continue to work with our external auditors on re-segmenting the business, and our goal is to report in the new operating segments this year, either Q3 or Q4. Operator, we are now ready to take questions.

最後，財務和會計團隊繼續與我們的外部審計師合作，重新細分業務，我們的目標是在今年第三季或第四季報告新的營運分部。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Hey, good morning, guys, nice quarter.

嘿，大家早上好，這是一個美好的季度。

Yeah, thanks.

是的，謝謝。

Can you give a little more color on raising the synergy target from $30 million to $45 million, and I think you even said there was potential beyond that?

您能否詳細說明將協同目標從 3000 萬美元提高到 4500 萬美元的情況，我認為您甚至說過還有超越這一目標的潛力？

Yeah, it's a combination of things that we've seen. Obviously, I'm very pleased about the new segments, and I think even as highlighted in previous calls that we felt once the new segments would be kind of running from an operational perspective that new opportunities for cost takeout and just being more efficient would bubble up and be able to be realized and that's exactly what we've seen.

是的，這是我們所見事物的綜合。顯然，我對新的細分市場感到非常高興，我認為，正如我們在之前的電話會議中所強調的那樣，我們認為，一旦新的細分市場從營運角度開始運行，就會出現並實現降低成本和提高效率的新機會，而這正是我們所看到的。

They've been split between just more efficient in taking out a headcount being more streamlined and how we've built the organization as well as some additional sourcing and purchasing synergies.

他們的觀點分為兩類：一類是更有效裁減員工，如何精簡人員，以及我們如何建立組織，以及一些額外的採購和採購綜效。

As I mentioned in my script, we're still a little early on new revenue synergies that are -- that will come as a result of the go-to and geographical strategy refinement.

正如我在腳本中提到的那樣，我們在新的收入協同效應方面仍處於早期階段 - 這將是透過改進地理策略而產生的。

But, kind of in summary, Adam, it's really just the new segments, identifying and becoming very efficient in creating what we knew was going to be there. So, I think that there is still some pathway going forward, too early to tell because again, we're fairly new into this, but again, it's just confidence on how well the teams are performing.

但是，總而言之，亞當，這實際上只是新的細分市場，識別並非常有效地創建我們知道會存在的東西。所以，我認為仍有一些前進的道路，現在說還為時過早，因為我們對這個領域還很陌生，但這只是對球隊表現的信心。

Okay. And then I wanted to flip the tariff issue and ask if that's actually given your domestic manufacturing footprint, if that's actually an opportunity for you guys and if you're seeing bids related to customers looking to increase domestic sourcing.

好的。然後我想反過來談談關稅問題，問一下這是否真的擴大了你們的國內製造規模，這是否真的為你們提供了一個機會，以及你們是否看到了與希望增加國內採購的客戶相關的投標。

We have -- I do think it is. I think how we've structured our supply chain and all of the work that we've done that really started kind of coming out of COVID and then some of the global supply chain challenges has really benefited us.

我們有——我確實認為是的。我認為，我們如何建立我們的供應鏈以及我們所做的所有工作實際上都是從新冠疫情開始的，然後一些全球供應鏈挑戰確實使我們受益。

I think that that footprint that we have that really capitalizes on serving our customers being geographically diverse, it is starting to show some benefits as it relates to, I guess, supply chain risk mitigation for our customers.

我認為，我們的業務範圍真正利用了我們為不同地理位置的客戶提供服務的優勢，它開始顯示出一些好處，我想，這與我們客戶的供應鏈風險降低有關。

We have seen some increases in quoting opportunities and have converted and been able to execute some spot purchases more so on the cabinet segment. That's where we've seen it first because some of the cabinet market has relied a little heavier on international and Asian sourcing, so we have seen some opportunities, and I think that will continue to present itself.

我們看到報價機會增加，並且已經轉換並能夠執行一些現貨採購，尤其是在櫥櫃領域。這是我們首先看到的地方，因為部分櫥櫃市場更依賴國際和亞洲採購，所以我們看到了一些機會，我認為這種機會將會繼續出現。

Perfect, I'll turn it over. Thanks, guys.

太好了，我把它翻過來。謝謝大家。

Thanks.

謝謝。

Julio Romero, Sidoti Company.

胡里奧·羅梅羅（Julio Romero），Sidoti 公司。

Good morning. This is Justin on for Julio.

早安.這是賈斯汀 (Justin) 為胡里奧 (Julio) 表演的。

Good morning.

早安.

Can you give us a little more meat on the bone as to where in the Tyman portfolio have you been able to realize cost synergies faster than originally expected?

您能否向我們詳細介紹 Tyman 產品組合中的哪些產品能夠比最初預期更快地實現成本協同效應？

I think that the main bucket for the increase versus the original expectation George mentioned is really on the procurement side.

我認為，與喬治提到的最初預期相比，增加的主要原因確實是在採購方面。

Once you get those two teams together and really start scrubbing all of that data, they just ended up being more opportunity than originally estimated and then across what we consider the corporate bucket which is things like finance, internal audit, HR, IT, legal, all of the above, we're seeing higher, realize and potentially realize synergies out of those groups than we did originally.

一旦你將這兩個團隊聚集在一起並真正開始清理所有數據，他們最終會發現比最初估計的更多的機會，然後在我們認為的企業領域，即財務、內部審計、人力資源、IT、法律等所有上述領域，我們看到這些群體比我們最初看到的更高、實現並可能實現協同效應。

Great, thanks for the call there. And then on guidance for D&A is the $6.5 million in intangible asset amortization that was realized in Q2, a good go forward quarterly run rate. And what do you expect for the full year D&A both on a GAAP basis and an adjusted basis?

太好了，謝謝你打來的電話。然後，對於 D&A 的指導是，第二季度實現了 650 萬美元的無形資產攤銷，這是一個良好的季度運行率。您對全年的 D&A 預期如何（基於 GAAP 和調整後的基礎）？

Yeah, I think so. What happened was for intangible amortization, I think 2Q is a pretty decent run rate. I think we originally got it to around $60 million for adjusted D&A for the year, which excludes intangible amortization. It's still a good number.

是的，我認為是這樣。對於無形資產攤銷而言，我認為第二季的運作率相當不錯。我認為我們最初將年度調整後的折舊攤銷額定為 6000 萬美元左右，其中不包括無形資產攤銷。這仍然是一個不錯的數字。

Great. Thanks. I'll turn it back now.

偉大的。謝謝。我現在就把它轉回去。

All right. Thank you. I'm showing no further questions at this time. Oh, now I'd like to turn it back to George Wilson for closing remarks.

好的。謝謝。我目前沒有其他問題。哦，現在我想請喬治威爾森作結束語。

Thank you for joining the call today. We look forward to providing you with another update when we report our Q3 earnings in September. Thank you.

感謝您今天參加電話會議。我們期待在 9 月報告第三季收益時為您提供另一份更新資訊。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。