Perimeter Solutions Inc (PRM) 2024 Q2 法說會逐字稿

Greetings and welcome to the Perimeter Solutions second-quarter 2024 earnings call. (Operator Instructions) As a reminder this conference is being recorded.

歡迎參加 Perimeter Solutions 2024 年第二季財報電話會議。（操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Seth Barker, Head of Investor Relations for Perimeter Solutions. Thank you, sir. You may begin.

現在我想將會議交給主持人 Perimeter Solutions 投資者關係主管 Seth Barker 先生。謝謝您，先生。你可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining Perimeter Solutions' second-quarter 2024 earnings call. Speaking on today's call are Haitham Khouri, Chief Executive Officer; and Kyle Sable, Chief Financial Officer.

謝謝你，接線生。大家早安，感謝您參加 Perimeter Solutions 的 2024 年第二季財報電話會議。執行長 Haitham Khouri 在今天的電話會議上發言。凱爾‧塞布爾 (Kyle Sable)，財務長。

We want to remind anyone who may be listening to a replay of this call that all statements made are as of today, August 1, 2024, and these statements have not been, nor will they be, updated subsequent to today's call.

我們想提醒任何可能正在收聽本次電話會議重播的人，所有聲明均截至今天（2024 年 8 月 1 日），並且這些聲明在今天的電話會議之後尚未也不會更新。

Also, today's call may contain forward-looking statements. These statements made today are based on management's current expectations, assumptions and beliefs about our business and the environment in which we operate, and our actual results may materially differ from those expressed or implied on today's call. Please review our SEC filings for a more complete discussion of factors that could impact our results.

此外，今天的電話會議可能包含前瞻性陳述。今天發表的這些聲明是基於管理層目前對我們的業務和營運環境的預期、假設和信念，我們的實際結果可能與今天電話會議中明示或暗示的結果有重大差異。請查看我們向 SEC 提交的文件，以更完整地討論可能影響我們結果的因素。

The company would also like to advise you that during the call we will be referring to non-GAAP financial measures, including EBITDA. The reconciliation of and other information regarding these items can be found in our earnings press release and presentation, both of which will be available on our website and on the SEC's website.

該公司也想提醒您，在電話會議中我們將提及非公認會計準則財務指標，包括 EBITDA。有關這些項目的核對和其他資訊可以在我們的收益新聞稿和簡報中找到，這兩者都可以在我們的網站和 SEC 的網站上找到。

With that, I will turn the call over to Haitham Khouri, Chief Executive Officer.

接下來，我將把電話轉給執行長 Haitham Khouri。

Thank you, Seth. Good morning, everyone. Thank you for joining us. As always, I'll start on slide 3 with summary comments on our strategy. Our stated goal is to deliver private-equity-like returns with the liquidity of a public market. We plan to attain this goal by owning, operating, and growing uniquely high-quality businesses.

謝謝你，賽斯。大家早安。感謝您加入我們。像往常一樣，我將從第三張投影片開始，對我們的策略進行總結評論。我們既定的目標是透過公開市場的流動性提供類似私募股權的回報。我們計劃透過擁有、經營和發展獨特的高品質企業來實現這一目標。

We define uniquely high-quality businesses through the following five very specific economic criteria: number one, recurring and predictable revenue streams; number two, long term secular growth tailwinds; number three, products that account for critical but small portions of larger value streams; number four, significant free cash flow generation with high returns on tangible capital; and number five, the potential for opportunistic consolidation. We believe that these five economic criteria are present at our current businesses, and we use these criteria to evaluate potential new acquisitions.

我們透過以下五個非常具體的經濟標準來定義獨特的高品質業務：第一，經常性和可預測的收入流；第二，長期長期成長順風；第三，在較大價值流中佔關鍵但小部分的產品；第四，顯著的自由現金流產生和有形資本的高回報；第五，機會性整合的潛能。我們相信這五個經濟標準存在於我們目前的業務中，並且我們使用這些標準來評估潛在的新收購。

As described on slide 4, we seek to drive long-term equity value creation via consistent improvement in our three operational value drivers, which are: number one, profitable new business; number two, continual productivity improvements; and number three, pricing our products and services to the value they provide. In addition to our three operational value drivers, we seek to maximize equity value creation through a clear focus on the allocation of our capital, as well as the management of our capital structure.

如同投影片 4 所述，我們尋求透過持續改善三個營運價值驅動因素來推動長期股權價值創造，這三個驅動因素是：第一，獲利的新業務；第二，持續提高生產力；第三，根據我們的產品和服務提供的價值來定價。除了我們的三個營運價值驅動因素之外，我們還尋求透過明確關注我們的資本配置以及資本結構的管理來最大化股權價值創造。

Turning to our financial results on slide 5, and starting with fire safety. I've repeatedly emphasized the belief that our fire safety business's sustainable earnings power has increased significantly due to the rigorous implementation of our operational value drivers. I've also repeatedly suggested that this earnings power should be evident when comparing reporting periods with roughly similar levels of wildfire activity in our core North American market.

轉向幻燈片 5 上的財務業績，從消防安全開始。我多次強調，由於嚴格執行我們的營運價值驅動因素，我們的消防安全業務的可持續獲利能力已顯著增強。我還多次建議，在將報告期間與我們北美核心市場大致相似的野火活動水平進行比較時，這種盈利能力應該是顯而易見的。

While Q2 of 2024 experienced slightly lower US acres burned ex-Alaska versus Q2 of 2023, fire safety's increased earnings power is evident in the year-over-year comparison. Second-quarter fire safety revenue increased 85% while adjusted EBITDA more than tripled year over year. Both are global retardants and global suppressants businesses contributed to this growth.

儘管與 2023 年第二季度相比，2024 年第二季度美國阿拉斯加以外地區的燒毀面積略有減少，但消防安全的盈利能力的增強在同比比較中顯而易見。第二季消防安全收入成長 85%，調整後 EBITDA 年成長兩倍以上。全球阻燃劑和全球抑制劑業務都為這一成長做出了貢獻。

A significant improvement in fire safety's financial results was driven by a combination of external and internal factors. On the external front, our retardant customers are increasingly utilizing aerial attack in their battle against wildfires. This was evident preseason with robust air tanker contracting by our customers as well as during the season, with active utilization of these aerial assets and by extension of our fire retardant.

消防安全財務績效的顯著改善是由外部和內部因素共同推動的。在外部方面，我們的阻燃劑客戶越來越多地利用空中打擊來對抗野火。這在季前賽和我們的客戶簽訂了強勁的空中加油機合約以及在賽季期間積極利用這些空中資產和擴展我們的阻燃劑方面表現得非常明顯。

As I have referenced repeatedly, we believe that our customers' increasingly proactive posture towards aerial attack, coupled with steady growth in the air tanker fleet, are two of the long-term secular volume drivers of our business, along with longer fire seasons, increasing acres burned, and growth in the wildland urban interface. The external environment was also supportive in our suppressants business in Q2 with strong conversion activity from fluoridated to fluorine-free foams where Perimeter is a clear market leader.

正如我反复提到的那樣，我們相信，我們的客戶對空中攻擊日益主動的態度，加上空中加油機機隊的穩定增長，是我們業務的兩個長期長期驅動因素，此外，火災季節的延長、空中加油機機隊的穩定成長也是我們業務的兩個長期驅動因素。第二季的外部環境也對我們的抑制劑業務提供了支持，從氟化泡沫到無氟泡沫的轉換活動強勁，其中 Perimeter 是明顯的市場領導者。

On the internal front, fire safety second quarter financial results are directly tied to the rigorous implementation of our operational value drivers. To further illustrate this point to our investors, I'll provide examples that directly tie our Q2 financial results in each of our retardant and suppressants businesses to each of our individual value drivers, starting with suppressants and profitable new business.

在內部方面，消防安全第二季度的財務表現與我們營運價值驅動因素的嚴格實施直接相關。為了進一步向我們的投資者說明這一點，我將提供一些示例，將我們每個阻燃劑和抑製劑業務的第二季度財務業績與我們每個單獨的價值驅動因素直接聯繫起來，從抑製劑和盈利的新業務開始。

We've significantly increased R&D investment into the business and focus this R&D spend on fluorine-free technologies, which we expect to drive significant customer value and therefore significant, profitable, new business. This strategy is clearly working.

我們大幅增加了對該業務的研發投資，並將研發支出集中在無氟技術上，我們預計這將帶來巨大的客戶價值，從而帶來重要的、有利可圖的新業務。這項策略顯然正在發揮作用。

For example, we recently certified a fluorine-free foam for Aircraft Rescue Firefighting at FAA 139 compliant airports. A meaningful portion of airports have converted to fluorine-free aircraft rescue foam this year. And to date, 99% of these airports have selected Perimeter Solutions, including 10 of the 25 most traveled airports in the United States.

例如，我們最近認證了一種無氟泡沫，用於符合 FAA 139 標準的機場的飛機救援消防。今年，相當一部分機場改用無氟飛機救援泡沫。迄今為止，99% 的機場都選擇了 Perimeter Solutions，其中包括美國 25 個旅客最多的機場中的 10 個。

We expect the majority of the 517 FAA 139-compliant airports to convert to fluorine-free over the next several years, and we also expect to capture an outsized portion of these opportunities. As an example of suppressants productivity, we've worked very diligently to improve our cost structure, and believe that America's suppressants average raw material cost per unit has decreased roughly 20% over the past 18 months.

我們預計 517 個符合 FAA 139 標準的機場中的大多數將在未來幾年內轉為無氟機場，我們也預計抓住這些機會中的很大一部分。作為抑制劑生產率的一個例子，我們非常努力地改善我們的成本結構，並相信美國單位抑制劑的平均原材料成本在過去 18 個月中下降了約 20%。

Finally, our fluorine-free products are highly differentiated and aligned with our customer's objectives, and we price these products to reflect this unique value.

最後，我們的無氟產品具有高度差異化並符合客戶的目標，我們對這些產品進行定價以反映這種獨特的價值。

Moving on to retardants, and again, starting with an example of profitable new business. We're investing heavily in our air bases, including upgrading existing bases, building new bases, and converting bulk bases to full service. These investments increase the amount of retardant we deploy in support of our customers' mission.

繼續討論阻燃劑，再次從盈利的新業務的例子開始。我們正在大力投資空軍基地，包括升級現有基地、建造新基地以及將大型基地轉變為全方位服務。這些投資增加了我們部署的阻燃劑的數量，以支持客戶的使命。

For example, we significantly upgraded our Albuquerque, New Mexico air tanker base prior to the 2024 fire season, replacing the existing 10,000-gallon tanks with new 25,000-gallon tanks, upgrading the pumps, variable speed frequency drives, and electrical infrastructure, building the capability to simultaneously load two air tankers versus previously only being able to load a single air tanker, and introducing the capability to load VLATs versus previously only being able to load LATs. The results of this investment are reflecting our Q2 results.

例如，我們在2024 年火災季節之前對新墨西哥州阿爾伯克基的空中加油機基地進行了重大升級，用新的25,000 加侖儲罐替換了現有的10,000 加侖儲罐，升級了泵、變頻驅動器和電氣基礎設施，建造了能夠同時裝載兩輛空中加油機，而以前只能裝載一台空中加油機，並引入裝載 VLAT 的能力，而以前只能裝載 LAT。這項投資的結果反映了我們第二季的表現。

On June 18, our Albuquerque air tanker base loaded over 100,000 gallons in support of our customer's efforts against the Salt and South Fork fires. This one-day 100,000-gallon throughput compares to Albuquerque's average annual throughput of approximately 144,000 gallons over the prior five years.

6 月 18 日，我們的阿爾伯克基空中加油機基地裝載了超過 100,000 加侖的貨物，以支持我們的客戶撲滅 Salt 和 South Fork 火災的努力。這一單日吞吐量為 100,000 加侖，而阿爾伯克基過去五年的平均年吞吐量約為 144,000 加侖。

This 100,000-gallon daily throughput would not have been possible without our significant preseason investment into our base at Albuquerque. Albuquerque is one of several air bases we upgraded prior to the '24 season, and we plan to upgrade several additional air bases prior to the '25 fire season.

如果沒有我們對阿爾伯克基基地的季前賽大量投資，這一 100,000 加侖的日吞吐量是不可能實現的。阿爾伯克基是我們在 24 年火災季節之前升級的幾個空軍基地之一，我們計劃在 25 火災季節之前升級幾個額外的空軍基地。

Moving on to an example of retardants productivity. We recently introduced a new and proprietary retardant mixing system to our McClellan and Redding air bases. This technology increases daily retard throughput while improving base labor efficiency and eliminating logistics and repackaging costs. We're rolling out this technology to additional air bases, and expect to realize additional productivity benefits as we do so.

接下來來看一個阻燃劑生產力的例子。我們最近在麥克萊倫和雷丁空軍基地引入了一種新的專有阻燃劑混合系統。該技術增加了每日延遲吞吐量，同時提高了基礎勞動力效率並消除了物流和重新包裝成本。我們正在將這項技術推廣到更多的空軍基地，並期望在此過程中實現額外的生產力優勢。

Finally on retardants, we have more people spending more time with more retardant customers than ever before. We're building an ever deeper understanding of our customers' wants and needs, and working diligently to deliver the products, services, and solutions to best address these diverse customer objectives. As long as we consistently deliver ever greater value to our customers, we should share in this value creation.

最後在阻燃劑方面，我們有更多的人比以往任何時候都花更多的時間與更多的阻燃劑客戶打交道。我們正在更深入地了解客戶的需求，並努力提供產品、服務和解決方案，以最好地滿足這些不同的客戶目標。只要我們始終如一地為客戶提供更大的價值，我們就應該分享這種價值創造。

I hope these examples give our investors a sense for the amount of rigorous operational value driver activity throughout our company. I also hope that our recent financial results provide a sense for how these initiatives are driving our financial performance.

我希望這些例子能讓我們的投資者了解整個公司嚴格的營運價值驅動活動的數量。我也希望我們最近的財務表現能讓人們了解這些舉措如何推動我們的財務表現。

Optimizing our financial performance by a rigorous value driver implementation is a journey rather than a destination. As long as we maintain the intensity with which we chase each point of opportunity at each of our individual business units, I'm confident that we'll continue to drive Perimeter's long-term earnings power sustainably higher.

透過嚴格的價值驅動實施來優化我們的財務績效是一個旅程，而不是目的地。只要我們保持在每個業務部門追逐每個機會點的強度，我相信我們將繼續推動 Perimeter 的長期盈利能力持續走高。

Turning to specialty products. Like fire safety, specialty products' year-over-year financial performance is markedly improved, with adjusted EBITDA roughly doubling in both the second quarter and first half of 2024. Also much like fire safety, the improvement was driven by a combination of external and internal factors.

轉向特色產品。與消防安全一樣，特種產品的財務表現較去年同期顯著改善，調整後的 EBITDA 在 2024 年第二季和上半年均大致翻倍。與消防安全非常相似，這種改進是由外部和內部因素共同推動的。

On the external front, the market continues to emerge from last year's inventory destock period. On the internal front, the rigorous implementation of our operating model is paying off. As I just did with fire safety, I'll provide specific examples tying specialty products' financial results to specific three key initiatives, starting with profitable new business.

外部方面，市場繼續走出去年的去庫存期。在內部方面，我們嚴格執行的營運模式正在發揮成效。正如我剛才在消防安全方面所做的那樣，我將提供將特種產品的財務業績與具體的三個關鍵舉措聯繫起來的具體示例，從盈利的新業務開始。

Our R&D team, driven by feedback from a key customer, developed a novel P2S5 SKU for wind turbine applications. This difficult-to-replicate product expands P2S5's addressable market and drives profitable new business.

我們的研發團隊在關鍵客戶的回饋的推動下，開發了一款適用於風力渦輪機應用的新型 P2S5 SKU。這種難以複製的產品擴大了 P2S5 的潛在市場並推動了有利可圖的新業務。

On specialty products' productivity, one of specialty products' key raw material input is elemental phosphorus. We have invested significantly in logistics, plant capability, and process technologies to utilize elemental phosphorus from various sources. This reduced -- this has reduced, excuse me, our raw material cost and increased surety of supply while maintaining the industry's highest quality standards.

從特產品生產力來看，特產品的關鍵原料投入之一是元素磷。我們在物流、工廠能力和工藝技術方面進行了大量投資，以利用各種來源的元素磷。這降低了——對不起，我們的原材料成本降低了，供應的保證也增加了，同時保持了行業的最高品質標準。

And finally, an example of pricing our products and services to the value they provide in our specialty products business. Customer feedback pointed to operational challenges associated with the industry's most common bin closure valve. Our specialty products engineering team created a new patented closure valve, which is now standardized across our bid fleet. Customer feedback on our new valve technology and fully refreshed fleet bin is extremely positive, and we've shared in the value creation through value-based pricing.

最後，是一個根據我們的產品和服務在我們的特殊產品業務中提供的價值定價的範例。客戶回饋指出了與業界最常見的料倉關閉閥相關的操作挑戰。我們的專業產品工程團隊創建了一種新的專利關閉閥，現已在我們的投標車隊中實現標準化。客戶對我們的新閥門技術和全面更新的車隊垃圾箱的反饋非常積極，我們透過基於價值的定價分享了價值創造。

Turning now to M&A. We're confident that our operational value driver focused operating strategy creates significant value when applied to the right businesses as defined by the five target economic criteria articulated on slide 3.

現在轉向併購。我們相信，當我們的以營運價值驅動為中心的營運策略應用於投影片 3 中闡述的五個目標經濟標準所定義的正確業務時，將會創造巨大的價值。

This confidence is reinforced by our progress over the past 18 months at all three of our businesses at Perimeter: suppressants, retardants, and specialty products. We're actively searching for the right M&A targets, while also constantly evaluating the IRR tradeoff between our various capital allocation alternatives.

過去 18 個月，Perimeter 的所有三項業務（抑制劑、阻燃劑和特殊產品）所取得的進展增強了我們的信心。我們正在積極尋找合適的併購目標，同時不斷評估各種資本配置方案之間的內部報酬率權衡。

As I've stated previously and consistent with our brief track record as a public company, we expect to deploy all of our excess cash flow, as well as the incremental leverage capacity we expect to generate through organic EBITDA growth towards the highest expected IRR combination of M&A, share repurchases and special dividends.

正如我之前所說，與我們作為一家上市公司的簡短業績記錄一致，我們預計將部署所有超額現金流，以及我們預計透過有機 EBITDA 成長產生的增量槓桿能力，以實現最高預期 IRR 組合併購、股票回購和特別股利。

I'll end my remarks by reasserting the conviction that Perimeter is the gold standard as far as the efficacy and safety of our products, the quality of our service, and the passion dedication and integrity of our team. I will also reassert that we will never take our market leadership positions for granted. Rather, we will always relentlessly push to raise the bar on ourselves.

在結束演講時，我要重申，就我們產品的功效和安全性、我們的服務品質以及我們團隊的熱情奉獻和誠信而言，Perimeter 是黃金標準。我還要重申，我們永遠不會認為我們的市場領導地位是理所當然的。相反，我們將始終堅持不懈地提高自己的標準。

Many of the examples I provided today are evidence of this always-strive-for-better mentality. We serve our customers better each and every day, and we earn the privilege of serving them in their life-saving missions.

我今天提供的許多例子都是這種永遠追求更好的心態的證據。我們每天都為客戶提供更好的服務，並且我們有幸為他們的救生任務提供服務。

With that, I'll turn the call over to Kyle.

這樣，我就把電話轉給凱爾。

Thanks, Haitham. We'll stay on slide 5 where growth figures shown are versus the prior year comparable period. Second-quarter sales in our fire safety business were $98.5 million, up 85%, and $123.7 million year-to-date, up 72%. Second-quarter adjusted EBITDA in our fire safety business was $55.6 million, up 237%, and $55.4 million year-to-date, up 321%. As Haitham noted, both our global retardants and global suppressants businesses contributed to the improved year-over-year results.

謝謝，海瑟姆。我們將繼續關注第 5 張投影片，其中顯示的成長數據與去年同期相比。我們消防安全業務第二季的銷售額為 9,850 萬美元，成長 85%，年初至今為 1.237 億美元，成長 72%。我們消防安全業務第二季調整後 EBITDA 為 5,560 萬美元，成長 237%，年初至今為 5,540 萬美元，成長 321%。正如海瑟姆所指出的那樣，我們的全球阻燃劑和全球抑制劑業務都為同比業績的改善做出了貢獻。

Second-quarter sales in our specialty products business were $28.7 million, up 25%, and $62.6 million year-to-date, up 30%. Second-quarter adjusted EBITDA in our specialty products business was $9.3 million, up 108%, and $21.6 million year-to-date, up 98%.

我們的特色產品業務第二季銷售額為 2,870 萬美元，成長 25%，年初至今銷售額為 6,260 萬美元，成長 30%。我們的特色產品業務在第二季調整後 EBITDA 為 930 萬美元，成長 108%，年初至今為 2,160 萬美元，成長 98%。

The market recovery we experienced in the first quarter continued in the second quarter, and again drove improved year over year quarterly financial performance. We're increasingly comfortable that the market is steadily emerging from last year's feedstock period, and we're confident in the financial prospects for our specialty products business.

我們在第一季經歷的市場復甦在第二季度得到延續，並再次推動季度財務業績同比改善。我們對市場從去年的原料期開始穩步崛起感到越來越滿意，並且我們對我們特種產品業務的財務前景充滿信心。

Moving on to the consolidated business. Second-quarter consolidated sales were $127.3 million, up 67%, and $186.3 million year-to-date, up 55%. Second-quarter consolidated adjusted EBITDA was $64.9 million, up 209%, and $77 million year-to-date, up 220%.

轉向合併業務。第二季綜合銷售額為 1.273 億美元，成長 67%，年初至今為 1.863 億美元，成長 55%。第二季綜合調整後 EBITDA 為 6,490 萬美元，成長 209%，年初至今為 7,700 萬美元，成長 220%。

Moving below adjusted EBITDA, interest expense in the second quarter was $10.6 million, in line with our regular quarterly run rate. Depreciation was approximately $2.6 million, while amortization expense was $13.8 million. Cash paid for income tax was $3.6 million in Q2. CapEx was also approximately $3.6 million in Q2. Our long-term expectations for interest expense, depreciation, and CapEx are unchanged and summarized on slide 6.

第二季的利息支出低於調整後的 EBITDA，為 1,060 萬美元，與我們的常規季度運作率一致。折舊約 260 萬美元，攤提費用為 1,380 萬美元。第二季所得稅支付現金為 360 萬美元。第二季的資本支出也約為 360 萬美元。我們對利息支出、折舊和資本支出的長期預期保持不變，並在投影片 6 中進行了總結。

We hope to spend between $10 million and $15 million in CapEx this year. And the all-incremental capital spend above our historical high single-digit millions run rate is tied to incremental productivity or profitable new business projects with IRRs at or above our long-term return target.

我們希望今年的資本支出在 1,000 萬至 1,500 萬美元之間。高於我們歷史最高個位數百萬運行率的所有增量資本支出與生產力的提高或盈利的新業務項目相關，而內部收益率等於或高於我們的長期回報目標。

Our long-term expectation for net working capital is also unchanged although, as I've noted previously, we expect to receive a benefit from working capital in 2024, given our significant inventory position entering the year. We expect to generate the majority of this benefit in Q3.

我們對淨營運資本的長期預期也保持不變，儘管正如我之前指出的，鑑於我們進入今年的大量庫存頭寸，我們預計將在 2024 年從營運資本中受益。我們預計將在第三季產生大部分收益。

Turning to our corporate structure. We've begun the process of seeking shareholder approval to redomicile our parent company from Luxembourg to Delaware. This move will better align our legal structure with our US operations, which generate the majority of our revenue and EBITDA.

轉向我們的公司結構。我們已開始尋求股東批准將母公司從盧森堡遷至德拉瓦州。此舉將更能使我們的法律結構與我們的美國業務保持一致，我們的大部分收入和 EBITDA 均來自美國業務。

We expect the transaction to reduce our regulatory and reporting complexity, streamline legal, accounting and cash management, and generate an improved tax profile. We will seek shareholder authorization for the transaction upon completion of the final proxy statement and expect the transaction to close in Q4.

我們預計此交易將降低我們的監管和報告複雜性，簡化法律、會計和現金管理，並改善稅務狀況。在最終委託書完成後，我們將尋求股東對此交易的授權，並預計交易將在第四季完成。

We ended the quarter with approximately $675 million of senior notes, cash of approximately $43.2 million and approximately 145.2 million basic shares outstanding.

本季末，我們擁有約 6.75 億美元的優先票據、約 4,320 萬美元的現金和約 1.452 億股已發行基本股。

With that, I'll hand the call back to the operator for Q&A.

這樣，我會將電話轉交給接線生進行問答。

(Operator Instructions) Dan Kutz, Morgan Stanley.

（操作員指令）Dan Kutz，摩根士丹利。

So I just wanted to kick it off with a high-level question about the relative intensity of suppression spending in the lower 48 given that in the first month of the third quarter, we've seen pretty significant acres burned in California and then also in the broader US lower 48. We can -- based on disclosure from you guys and from (inaudible) and Cal Fire, we can triangulate to what seems to indicate that California is significantly more suppression spend intensive per fire or per acre burned versus the rest of the lower 48. And -- but there's a lot of guesswork involved in that. So I just wanted to ask the question. Could you talk us through just the relative spending per acre burn across the different regions in the US or at least maybe California and the rest of the US as we're trying to convert these acres burn numbers to financial estimates for the quarter? Thank you.

因此，我想先提出一個關於 48 個州以下地區鎮壓支出相對強度的高級別問題，因為在第三季的第一個月，我們看到加州有相當多的土地被燒毀，然後在美國整體較低48。我們可以——根據你們以及（聽不清楚）和加州消防局的披露，我們可以透過三角測量得出似乎表明加州每場火災或每英畝燒毀的滅火支出強度明顯高於其他48 個州的其他州。而且——但這其中涉及很多猜測。所以我只是想問這個問題。您能否向我們介紹美國不同地區或至少加州和美國其他地區每英畝燃燒的相對支出，因為我們正試圖將這些英畝燃燒數據轉換為本季的財務估算？謝謝。

Yes. Thanks, Dan. I would advise against getting too caught up in exactly where the acres burn from a geographic perspective. I'll just use California as an example. Considerable portions of California longer the jurisdiction of Cal Fire, typically state lands. Significant portions of California fall under the jurisdiction of various federal agencies, be it bureau line management, Good Forest Service, Bureau of Indian Affairs, typically federally protected land. So there's a lot more mix even interstate than one might expect.

是的。謝謝，丹。我建議不要過度專注於從地理角度來看土地燃燒的確切位置。我僅以加州為例。加州的相當大一部分地區屬於加州消防局的管轄範圍，通常是州立土地。加州的很大一部分屬於各個聯邦機構的管轄範圍，包括部門管理、良好林務局、印第安人事務局，通常是聯邦保護的土地。因此，即使是州際公路上的混合情況也比人們想像的要多得多。

Now that said, California always has been and remains on the cutting edge from a sophistication and technological perspective as far as firefighting in general and certainly aerial firefighting. Cal Fire is just a remarkably, remarkably sophisticated impressive successful organization. But again, I wouldn't over-extrapolate whether an acre burns in Northern California or Southern Oregon or Southern California or Northern Arizona. The differences are relatively minor.

話雖如此，從複雜程度和技術角度來看，加州在一般消防尤其是空中消防方面始終處於領先地位。加州消防局是一個非常、非常複雜、令人印象深刻的成功組織。但同樣，我不會過度推斷北加州、南俄勒岡州、南加州或北亞利桑那州的一英畝土地是否著火。差異相對較小。

Great. Understood. That's super helpful. And then Haitham, I know you've addressed this in the past on earnings calls. And I feel like it does come across clear to some folks, but maybe not to others. And as we have more investors getting interested in the story, I just wanted to ask the question which I think I've asked in the past and just give you a chance to remind everyone.

偉大的。明白了。這非常有幫助。海瑟姆，我知道你過去在財報電話會議上曾經討論過這個問題。我覺得這對某些人來說確實很清楚，但對其他人來說可能不是。隨著越來越多的投資人對這個故事感興趣，我只想問一個我認為我過去曾問過的問題，並給大家一個提醒大家的機會。

So when you're thinking about M&A and you clearly highlight the five targeted economic criteria. But then outside of that, the question comes up, are you looking for synergy for vertical integration for companies in similar industries to your existing businesses. And I was just wondering if you could refresh everyone on what the answer to is -- what the answer to that is. And then if you could maybe parse it out for like a major transaction versus a smaller like bolt-on acquisition because I think maybe the answer might be a little bit different between those two types of deals.

因此，當您考慮併購時，您會明確強調五個目標經濟標準。但除此之外，問題出現了，您是否正在為與您現有業務類似行業的公司尋求垂直整合的協同效應。我只是想知道你能否讓大家重新了解答案是什麼——答案是什麼。然後，如果你可以將其解析為大型交易與較小的補強收購，因為我認為這兩種類型的交易之間的答案可能有點不同。

Yeah. Okay. So I think very, very good question, hopefully helpful question, too much of the audience.

是的。好的。所以我認為非常非常好的問題，希望對觀眾有幫助的問題。

We are, I would say, narrow and deep on our M&A focus in that we have a very strong sense of where we have a right to win. The type of business which we can simply do more with, create more shareholder value with long term than in all humility, virtually anybody else, and we're going to go after that type of business quite aggressively and that's a very small subset of the businesses that are going to transact over the coming years and all the rest of the stuff. As interesting as the companies may or may not be, if we don't have a clear and obvious right to win, we're simply not going to participate.

我想說的是，我們對併購的關注範圍狹窄而深入，因為我們對我們有權在哪裡獲勝有非常強烈的認識。我們可以簡單地做更多的事情，從長遠來看，比任何其他人都更謙虛地創造更多的股東價值，我們將非常積極地追求這種類型的業務，而這只是很小的未來幾年將進行交易的企業以及所有其他內容。不管這些公司可能有趣也可能不有趣，如果我們沒有明確而明顯的獲勝權利，我們就不會參與。

So the question is, all right, where you guys have a clear right to win, it's businesses where we are highly confident we can implement our operational value driver strategy. If it's a business where we can create our business unit structure, give operating segments and operating segment leaders lots of autonomy, drive lots of accountability, get them to truly think and act like owners, and then rigorously drive and measure progress on profitable, new business, productivity improvements and pricing to value, that makes a whole lot of sense for us.

所以問題是，好吧，你們有明確的獲勝權利，在這些業務中，我們非常有信心能夠實施我們的營運價值驅動策略。如果這是一家企業，我們可以創建我們的業務部門結構，給予營運部門和營運部門領導者很大的自主權，推動很多責任，讓他們真正像所有者一樣思考和行動，然後嚴格推動和衡量盈利、新業務的進展。

And again, you can look at our three businesses within Perimeter: retardants, suppressants, and specialty products, really three very different businesses. If the results as far as EBITDA and cash flow growth are broadly similar, I think we've done quite well with all three.

再說一遍，您可以看看我們 Perimeter 內的三項業務：阻燃劑、抑制劑和特殊產品，這確實是三項截然不同的業務。如果 EBITDA 和現金流成長的結果大致相似，我認為我們在這三個方面都做得很好。

So we want a business that fits that profile. The question then becomes, all right, what fits that profile, and that's why the five target economic criteria are so clearly articulated. If we can find a business that checks those five boxes, we are very confident we can create meaningful shareholder value with it by implementation of our operational value driver strategy.

所以我們想要一家​​符合這種情況的企業。那麼問題就變成了，什麼適合這種情況，這就是為什麼五個目標經濟標準如此清晰地闡明的原因。如果我們能找到一家滿足這五個條件的企業，我們非常有信心能夠透過實施我們的營運價值驅動策略來創造有意義的股東價值。

That's almost all we care about. What industry it's in matters much less. What geography it's in matters much less. We frankly don't care very much at all about synergies with our existing business because we're not going to integrate anything we buy into our existing business.

這幾乎就是我們關心的一切。它屬於什麼行業就不那麼重要了。它位於什麼地理位置並不那麼重要。坦白說，我們根本不太關心與現有業務的協同效應，因為我們不會將購買的任何東西整合到現有業務中。

We're going to keep it as a standalone company. We're going to install a very high quality or retain a very high-quality management team. We're going to go with an autonomy, accountability, incentive, make them think and act like owners, and create value through our three operational value drivers.

我們將保留它作為一家獨立公司。我們將安裝一支非常高素質的或保留一支非常高素質的管理團隊。我們將給予他們自主權、問責制、激勵措施，讓他們像所有者一樣思考和行動，並透過我們的三個營運價值驅動因素創造價值。

Awesome. Helpful. And if I could sneak one quick one in, maybe for Kyle. So you endorsed the long-term $10 million to $15 million CapEx number for this year, but also flags what I would assume would be some capitalized investments in air bases that you already completed at the Albuquerque based for 2024, and you said there's probably going to be a few more going into the 2025 season.

驚人的。有幫助。如果我能快速偷偷溜進一粒，也許是為了凱爾。因此，您認可了今年 1000 萬至 1500 萬美元的長期資本支出數字，但也指出了我認為您已經在阿爾伯克基基地完成的 2024 年空軍基地的一些資本投資，您說可能會進行進入2025 年賽季還會有更多。

I thought that you said that, that $10 million to $15 million, I thought of that as the underlying maintenance number. But I wanted to confirm that because it does seem like you -- like there was some capital investments that could maybe push that number higher. And I just wanted to square that with the comment that you were still endorsing the $10 million to $15 million CapEx number for this year. Thank you.

我以為你說過，1000 萬到 1500 萬美元，我認為這是基本的維護數字。但我想確認這一點，因為看起來確實像你一樣——好像有一些資本投資可能會推高這個數字。我只是想將這一點與您仍然支持今年 1000 萬至 1500 萬美元資本支出數字的評論相一致。謝謝。

Yeah, absolutely. So when we think back to the historical run rate of high single-digit millions, that has both our maintenance and a little bit of growth CapEx in it historically. When we look at the opportunity set in front of us, we're just very excited about the potential to be able to put some more capital behind the sorts of projects that you heard Haitham talk about, such as that Albuquerque airbase.

是的，絕對是。因此，當我們回顧歷史上數以百萬計的運作率時，歷史上既有我們的維護資本支出，也有一點成長資本支出。當我們看到擺在我們面前的機會時，我們對能夠為您聽到海瑟姆談論的各種項目（例如阿爾伯克基空軍基地）投入更多資金的潛力感到非常興奮。

The opportunity set there seems pretty rich to us right now. We think that it's an excellent use of capital that both supports our customers' mission and drive the high IRR for the company. And so we're going to lean into that opportunity over both this year and hopefully next till we see a similar set.

現在對我們來說，那裡的機會似乎相當豐富。我們認為這是對資本的絕佳利用，既支持我們客戶的使命，也為公司帶來高內部報酬率。因此，我們將在今年並希望明年抓住這個機會，直到我們看到類似的系列。

Great. Thank you very much. I'll turn it back and congrats on the quarter.

偉大的。非常感謝。我會把它轉回來並祝賀這個季度。

(Operator Instructions) Joshua Spector, UBS.

（操作員說明）Joshua Spector，UBS。

This is Lucas Beaumont on for Josh. So I just wanted to go back to the performance of fire safety in the quarter. So I mean the acres burned data was down 45% versus the 10-year average and down to the high single-digit percentage year on year. But I mean you guys did really well on the sales side. So you mentioned potentially some of the drivers there. I was just wondering if you could pass this out a bit more. So it sounded like you're alluding to maybe higher intensity of usage on the aerial side.

我是盧卡斯·博蒙特（Lucas Beaumont）為喬許（Josh）代言。所以我只想回顧一下本季消防安全的表現。因此，我的意思是，燒毀面積數據與 10 年平均值相比下降了 45%，並且比去年同期下降至較高的個位數百分比。但我的意思是你們在銷售方面做得非常好。所以你提到了那裡可能存在的一些驅動因素。我只是想知道你是否可以再傳遞一下這個訊息。所以聽起來你是在暗示空中方面的使用強度可能更高。

Were there any other factors in the quarter to think about in terms of volumes not related to like the (inaudible) burn data? I mean, is there anything, for instance, that we should think about like in terms of pull forward from the main season in 3Q like stocking in advance or anything like that? That would be great. Thanks.

本季是否還有其他與（聽不清楚）銷毀資料無關的數量因素需要考慮？我的意思是，例如，我們是否應該考慮從第三季度的主要季節提前備貨或類似的事情？那太好了。謝謝。

Yes. Thanks, Lucas. So there is nothing in Q2 that is anomalous or nonrecurring pull forward or stocking or anything like that. I mean our entire business is essentially just-in-time emergency response. Now you can also -- you clearly have inferred from our prepared remarks that we are -- that we did quite well from a volume perspective in Q2.

是的。謝謝，盧卡斯。因此，第二季度不存在任何異常或非經常性的提前拉動或庫存或類似情況。我的意思是我們的整個業務本質上是及時的緊急回應。現在您還可以——您顯然已經從我們準備好的評論中推斷出——從第二季度的銷售角度來看，我們做得相當不錯。

I think there's three drivers behind our volume performance. Number one, you referenced, which is just a very proactive and aggressive posture by our customers throughout the world, by the way, in the US, very evident in Canada, in Europe towards aggressive aerial attack.

我認為我們的銷量表現背後有三個驅動因素。第一，你提到的，這是我們世界各地的客戶採取的非常主動和積極的姿態，順便說一句，在美國，在加拿大和歐洲非常明顯地採取積極的空中攻擊。

And like I mentioned in the prepared remarks, you could see this preseason with really, really robust and widespread and deep air tanker contracting. And then these same customers put these aerial resources to active use in the second quarter. I'd say that was the first driver of volume outperformance relative to acres.

正如我在準備好的發言中提到的，你可以看到這個季前賽的空中加油機合約非常非常強勁、廣泛和深入。然後，這些客戶在第二季度積極使用這些空中資源。我想說，這是銷量相對於英畝表現優異的第一個驅動因素。

The second is the investments we, Perimeter, have very aggressively made over the past, call it, nine months in our capacity and capabilities. I gave the Albuquerque air tanker base upgrade example, which is a very relevant one. I could have just as usually talked about our brand-new air tanker base at Colorado Springs.

第二個是我們 Perimeter 在過去九個月的產能和能力方面非常積極地進行的投資。我舉了阿爾伯克基空中加油機基地升級的例子，這是一個非常相關的例子。我本可以像往常一樣談論我們位於科羅拉多斯普林斯的全新空中加油機基地。

I could have talked about our completely rebuilt your tanker base at Redding. I could have talked about our converted base in Casper. I could have talked about McClellan. I mean the list goes on and on.

我本可以談論我們在雷丁完全重建的油輪基地。我本來可以談談我們在卡斯珀的改裝基地。我本來可以談論麥克萊倫。我的意思是這個清單還在不斷增加。

So on the one hand, our customers have added lots of capacity and capability by air tanker contracting and then aggressive use of those assets. On the other hand, we've very much aided them in their mission by investing in our own capacity and capabilities.

因此，一方面，我們的客戶透過空中加油機承包，然後積極使用這些資產，增加了大量的運力和能力。另一方面，我們透過投資自己的能力和能力，為他們的使命提供了很大幫助。

And then the third driver of volumes, I would say the distribution of fires from a timing perspective, primarily in Q2, were just more conducive to retardant usage. The biggest point there is we had a very mild start to the second quarter and a more severe end to the second quarter.

然後是銷售的第三個驅動因素，我想說從時間角度來看，火災的分佈（主要是在第二季）更有利於阻燃劑的使用。最重要的一點是，我們第二季的開局非常溫和，但第二季的結尾卻更加嚴峻。

There's this three air tanker bases opened nationally in early September. You're approaching 100-year tanker -- sorry, in early April. You're approaching 100 air tanker bases opened nationally in late June. There's just a lot more capacity to fight these fires aerially. And that did play some role in Q2 as well.

九月初，全國開設了三個空中加油機基地。抱歉，四月初，您即將迎來 100 年壽命的油輪。六月下旬，全國開放的空中加油機基地即將達到 100 個。空中撲滅這些火災的能力要大得多。這確實在第二季度發揮了一定作用。

Right. I mean I guess like the obvious follow-on from that then is then just thinking about the third quarter. So I mean, July has been off to a strong sale. I mean it's 2x the 10-year average been tracking towards, I guess, 3Q '21 levels, which was an above average yield. So, I mean with the changes you've made to the business, how should we think about that pulling through to volumes with that above-average activity level?

正確的。我的意思是，我想接下來的明顯後果就是考慮第三季。所以我的意思是，七月的銷售量很強。我的意思是，它是 10 年平均水平的 2 倍，我猜是 21 年第三季的水平，這是高於平均水平的收益率。那麼，我的意思是，隨著您對業務所做的改變，我們應該如何考慮以高於平均水平的活動水平實現銷售？

Yeah. So first of all, just rough numbers, I think of 1 million, 1.6 million, give or take, acres have burned in the US ex-Alaska. In July the 10-year average is 1 million or 1.1 million. So it's certainly been above the 10-year average. I wouldn't say it's 2x.

是的。首先，只是粗略的數字，我認為美國（阿拉斯加州）有 100 萬、160 萬英畝的土地被燒毀。7 月份，10 年平均值為 100 萬或 110 萬。所以它肯定高於 10 年平均。我不會說這是2x。

Acres clearly matter for our business. A stronger year-over-year April comparison a more severe fire season is simply going to increase the need for retardant. I would say it's nonlinear on the way up in that you start to hit the constraint of aerial resources.

英畝顯然對我們的業務很重要。4 月的同比對比更加強勁，火災季節更加嚴重，只會增加對阻燃劑的需求。我想說的是，在上升過程中它是非線性的，因為你開始遇到空中資源的限制。

It's unusual to run out of air tankers in a relatively mild month. You are much more likely to run out of air tankers and have incident commanders call for tankers and there'll be unavailable in severe months. So I'd be careful about linear extrapolation, but certainly directionally, more severe fire seasons increases the need for us to support our customers in their mission with retardant.

在氣候相對溫和的月份，空中加油機用完的情況並不常見。你更有可能耗盡空中加油機，並讓事故指揮官呼叫空中加油機，而在嚴重的幾個月裡，空中加油機將無法使用。因此，我會謹慎對待線性外推，但當然，從方向上看，更嚴重的火災季節增加了我們支持客戶完成阻燃劑使命的需求。

Right. And so then just also going back to the second quarter. So I mean the EBITDA was really strong in South Fork as well. You had basically 85% incremental margins during the quarter, which is very high. So I was just wondering if you can talk to, I guess, what was the driver of that portion of it being so high on the drop-through there. And how should we think about the sustainability of that going forward as we get volumes as well?

正確的。那我們就回到第二季。所以我的意思是，南福克的 EBITDA 也非常強勁。本季您的利潤增量基本上達到了 85%，這是非常高的。所以我只是想知道你是否可以談談，我想，是什麼推動了這部分的下降如此之高。當我們也獲得銷售時，我們應該如何考慮未來的可持續性？

Yeah. So at the risk of being a little redundant and repetitive, the driver of those incrementals truly is all three of the operational drivers working in concert. We had tremendous profitable new business across fire safety, clearly much more dramatically so in suppressants. Suppressants gets lost in the shuffle a little in these retardant-heavy quarters. But we just had fabulous, fabulous performance on all counts, certainly including profitable new business, fire suppressants business, in Q2.

是的。因此，冒著有點冗餘和重複的風險，這些增量的驅動因素確實是所有三個營運驅動因素的協同作用。我們在消防安全領域擁有龐大的利潤豐厚的新業務，顯然在抑制劑領域更為顯著。在這些含有大量阻燃劑的領域，抑制劑在混亂中稍微消失了。但我們在第二季的所有方面都取得了令人難以置信的出色表現，當然包括盈利的新業務、滅火劑業務。

And that's a real reactive chemistry manufacturing business, right? You have -- we have a couple of really serious chemicals plants around the world producing our suppressants and incremental margins on those are quite high. So the profitable new business certainly helped.

這是真正的反應化學製造業務，對嗎？我們在世界各地有幾家非常重要的化工廠生產我們的抑制劑，而且這些工廠的增量利潤非常高。因此，有利可圖的新業務肯定有所幫助。

And then we work really, really, really diligently across every corner of our business, retardants and suppressants, to just grind out cost. I gave the example in our North America facility. We think our cost per unit on the suppressing side from a raw material perspective or billing materials perspective is down about 20%, a little more than 20% actually, over the past 12 to 18 months. And it's not the one big thing. It's just -- it's a 100 little initiatives by a team given lots of autonomy and accountability and intent to buy, think, and act like owners really delivering productivity savings.

然後，我們在業務的每個角落都非常、非常、非常努力地工作，使用阻燃劑和抑制劑，以降低成本。我舉了我們北美工廠的例子。我們認為，從原料角度或計費材料角度來看，我們的單位成本在過去 12 至 18 個月中下降了約 20%，實際上略高於 20%。這還不是一件大事。這只是一個團隊的 100 項小舉措，賦予了他們大量的自主權和責任感，並像業主一樣購買、思考和行動，真正實現了生產力節省。

And then finally, as long as we're really adding value to our customer, addressing their wants and needs, being responsive, solving their pain points, we should share a portion of that value creation through value-based pricing.

最後，只要我們真正為客戶增加價值，滿足他們的需求，做出回應，解決他們的痛點，我們就應該透過基於價值的定價來分享價值創造的一部分。

When you hit on all three, when you have very strong volume growth at high incrementals, when you're grinding cost out of your business on a per unit basis, and when you're able to provide value and share price, those come together at very high incremental margins. And that's what you're seeing in the second quarter.

當你同時實現這三個目標時，當你以高增量實現非常強勁的銷售增長時，當你按單位削減業務成本時，當你能夠提供價值和股價時，這些都會結合在一起以非常高的增量利潤。這就是你在第二季度看到的情況。

Right. And I guess just lastly, I mean I just wanted to give you an opportunity to help us maybe frame the third quarter a bit, if you can. So obviously it's off to a strong start. You've had those underlying improvements. It looks like it's set up to be similar to probably the third quarter of '21 the way things are tracking.

正確的。我想最後，我的意思是，我只是想給你一個機會，如果可以的話，幫助我們對第三季進行一些框架設計。顯然，這是一個好的開始。您已經有了這些根本性的改進。看起來它的設置可能與 21 年第三季的情況類似。

Back then, you did $98 million in EBITDA. But obviously the underlying operating leverage has changed. So I guess how should we think about how much better that would be in a similar volume environment this year? Any thoughts on (inaudible)? Thanks.

當時，您的 EBITDA 為 9800 萬美元。但顯然，潛在的營運槓桿已經改變了。所以我想我們應該如何考慮今年在類似的銷售環境下會好多少？任何想法（聽不清楚）？謝謝。

Yes. I'll say two things while trying not to comment on anything other than a reported quarter. First thing I'll say is we're 30 days into a 90-day quarter and July -- or 31 days I guess. And July is not the most important month amongst the three. And therefore, while acres burned are up in July and it's been relatively severe, the book on Q3 is very, very far from written. So I just would be a little careful with the comparisons and the extrapolation until we see probably four to six more weeks.

是的。我會說兩件事，同時盡量不對報告季度以外的任何事情發表評論。我要說的第一件事是，90 天的季度和 7 月已經過了 30 天——或者我猜是 31 天。七月並不是這三月中最重要的月份。因此，雖然 7 月燒毀的面積增加，而且情況相對嚴重，但關於第三季的書還遠遠沒有寫完。因此，我會謹慎地進行比較和推斷，直到我們看到可能還有四到六週的時間。

The second thing I'll say is you've just been, and I personally have been, emphatically clear on each and every one of these calls. We've done a tremendous amount of rigorous operational driver work in our businesses.

我要說的第二件事是，您剛剛，我個人也一直對每一個電話都非常清楚。我們在我們的企業中做了大量嚴格的營運司機工作。

And the result of that is in a like-for-like volume scenario, our earnings should be higher. Our unit economics has to be improved if you're driving profitable new business and high margins, grinding cost out via productivity, and creating value for your customers, and sharing in it. So our unit economics should be better, but I -- we should also hold our horses a little bit and see how Q3 shapes up when it's all said and done.

結果是，在同等數量的情況下，我們的收益應該會更高。如果您要推動可獲利的新業務和高利潤、透過生產力降低成本、為客戶創造價值並分享價值，我們的單位經濟效益就必須改善。因此，我們的單位經濟效益應該會更好，但我 - 我們也應該稍微冷靜一下，看看第三季的情況如何。

Right. Maybe if I could just ask one more follow-up. Just you mentioned earlier that there's some seasons when the data is strong, but basically they run out of the aerial capacity. Is there any of those that you point to historically when that happened? And just any thoughts on how the aero capacity is evolved since then overall?

正確的。也許我可以再問一個後續問題。剛才您提到，有些賽季數據很強，但基本上已經耗盡了製空能力。您是否指出了歷史上發生這種情況時的那些情況？從那時起，對於航空能力如何整體發展有什麼想法嗎？

It essentially always happens, Lucas. There is a stat that's published out there by the government. I forget the exact acronym, resource not available or call not met or something. And it's very common, even during short periods in otherwise mild season, short periods of high activity in mild seasons to run out of aerial resources. So that's nothing new. We've seen some of it virtually every year. We see much more of it in severe seasons. We've certainly seen some of it so far in July.

盧卡斯，這種事基本上總是會發生。政府發布了一項統計數據。我忘記了確切的縮寫，資源不可用或呼叫未滿足或其他什麼。而且這種情況很常見，即使在溫和季節的短時間內，溫和季節的短期高活動也會耗盡空中資源。所以這不是什麼新鮮事。我們幾乎每年都會看到其中一些。在嚴酷的季節我們會看到更多這樣的情況。七月到目前為止，我們確實已經看到了其中的一些情況。

All right. Thanks very much.

好的。非常感謝。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Khouri for any final comments.

謝謝。女士們先生們，我們的問答環節到此結束。我將把發言權交還給 Khouri 先生，徵求最後的意見。

Thank you. Thank you, everybody, for joining us. Thank you, operator, for the good work. And we'll talk again in 90 days or so.

謝謝。謝謝大家加入我們。謝謝操作員的出色工作。我們將在 90 天左右再次交談。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。