Standard Motor Products Inc (SMP) 2024 Q4 法說會逐字稿

Good day everyone, and welcome to the Standard Motor Products fourth quarter 2024 earnings call.

大家好，歡迎參加標準汽車產品 2024 年第四季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later you will have the opportunity to ask questions during the question-and-answer session.

稍後您將有機會在問答環節提出問題。

(Operator Instruction)

（操作員指令）

Please note this call is being recorded and I will be standing by should you need any assistance.

請注意，本次通話正在錄音，如果您需要任何協助，我將隨時待命。

It is now my pleasure to turn the conference over to Tony Cristello, Vice President of Investor Relations.

現在我很高興將會議交給投資者關係副總裁 Tony Cristello。

Please go ahead.

請繼續。

Thanks, Nikki, and good morning, everyone, and thank you for joining us on Standard Motor Products 4th quarter 2024 earnings conference call.

謝謝，Nikki，大家早上好，謝謝您參加標準汽車產品 2024 年第四季財報電話會議。

With me today are Larry Sills, Chairman Emeritus Eric Sills, Chairman and Chief Executive Officer, Jim Burke, Chief Operating Officer, and Nathan Is, Chief Financial Officer.

今天與我一起的還有名譽主席拉里·西爾斯 (Larry Sills)、主席兼首席執行官埃里克·西爾斯 (Eric Sills)、首席營運官吉姆·伯克 (Jim Burke) 和首席財務官內森·伊斯 (Nathan Is)。

On our call today, Eric will give an overview of our performance in the quarter and Nathan will then discuss our financial results.

在今天的電話會議上，Eric 將概述我們本季的表現，然後 Nathan 將討論我們的財務表現。

Eric will then provide some concluding remarks and open the call up for Q and A. Before we begin this morning, I’d like to remind you that some of the material that we’ll be discussing today may include forward looking statements regarding our business and expected financial results.

然後，埃里克將發表一些總結性發言，並開始問答環節。

When we use words like anticipate, believe, estimate or expect, these are generally forward looking statements.

當我們使用諸如預期、相信、估計或期望之類的字詞時，這些通常都是前瞻性的陳述。

Although we believe that the expectations reflected in these forward-looking statements are reasonable, they are based on information currently available to us and certain assumptions made by us, and we cannot assure you that they will prove correct.

儘管我們認為這些前瞻性聲明所反映的預期是合理的，但它們是基於我們目前掌握的資訊和我們所做的某些假設，我們無法向您保證它們是正確的。

You should also read our filings with the Securities and Exchange Commission for a discussion of the risks and uncertainties that could cause our actual results to differ from our forward-looking statements.

您還應該閱讀我們提交給美國證券交易委員會的文件，以了解可能導致我們的實際結果與前瞻性陳述不同的風險和不確定性的討論。

I’ll now turn the call over to Eric Sills, our CEO.

現在我將把電話轉給我們的執行長 Eric Sills。

Well, thank you, Tony, and good morning, everyone, and welcome to our fourth quarter earnings call.

好吧，謝謝你，托尼，大家早安，歡迎參加我們的第四季財報電話會議。

It’s good to be with you today.

今天能和你在一起我很開心。

But overall, we are pleased with our performance in the quarter, making for a solid finish to a strong year.

但總體而言，我們對本季的表現感到滿意，為強勁的一年畫上了圓滿的句號。

Top line showed growth overall, not including the contribution of our new acquisition, which I’ll discuss shortly.

營業收入整體呈現成長，但不包括我們新收購業務的貢獻，我稍後會討論這一點。

And we saw the trend of an improving bottom line continue with adjusted diluted earnings per share of 27% in the quarter and 8.6% for the full year.

我們看到獲利改善的趨勢持續，本季調整後每股攤薄收益成長 27%，全年調整後每股攤薄收益成長 8.6%。

Let me discuss each segment separately as each has its own story.

讓我分別討論每個部分，因為每個部分都有自己的故事。

Our vehicle control business in the quarter increased by 4.9% over last year, allowing us to post a 3.3% increase on the full year setting a high watermark for the segment.

本季度，我們的車輛控制業務較去年同期成長了 4.9%，使得我們全年實現了 3.3% 的成長，為該領域創下了新高。

We believe we benefited from a product offering that’s largely nondiscretionary in nature as these types of categories tend to outperform in difficult economic conditions.

我們相信，我們受益於本質上主要是非自由支配的產品，因為這些類型的產品往往在困難的經濟條件下表現出色。

And as our products are mostly professionally installed, we believe that our reputation for high quality has technicians seeking them out in the marketplace.

由於我們的產品大多由專業人員安裝，我們相信，我們高品質的聲譽一定會受到市場上技術人員的青睞。

Lastly, we are seeing an incremental ongoing investment in inventory by the larger distributors as they add locations and increase store assortments, recognizing that the best forward deployed inventory wins in the marketplace and we expect this trend to continue.

最後，我們看到大型經銷商在增加門市和增加店面種類的同時，不斷增加對庫存的投資，他們認識到最佳前瞻性部署的庫存將在市場上獲勝，我們預計這一趨勢將會持續下去。

Our Temperature Control division continued the strong trend it has been enjoying all year.

我們的溫度控制部門延續了全年的強勁趨勢。

Sales were up 30% in the quarter, though the fourth quarter is always the smallest in the seasonal category.

儘管第四季的銷售額在季節性類別中始終是最小的，但本季的銷售額仍成長了 30%。

But for the full year, we were up 12.5%, far and away the best year for the segment.

但就全年而言，我們的成長了 12.5%，是該部門迄今為止表現最好的一年。

In addition to the non-discretionary nature of the products discussed in vehicle control, this category is also highly weather dependent and 2024 set all records.

除了車輛控制中討論的產品的非自由支配性質之外，此類別還高度依賴天氣，並且 2024 年創下了所有記錄。

It got hot across the country early and stayed that way all year.

全國很早就開始變熱，並且全年都保持這種狀態。

With such outsized demand, we are very pleased with our distribution and operation folks who are able to keep up throughout, and we thank them.

在需求如此巨大的情況下，我們對能夠始終跟上步伐的分銷和營運人員感到非常高興，我們向他們表示感謝。

Within our engineered solutions segment, although our full year sales were up slightly over the prior year, we did experience softness in the quarter.

在我們的工程解決方案部門中，雖然我們的全年銷售額較上年略有成長，但本季我們確實經歷了疲軟。

As the segment provides parts to new vehicle and equipment production across various and markets.

該部門為各市場的新車輛和設備生產提供零件。

As we discussed in our third quarter call, certain of our customers began to slow their production schedules as their demand softened, which in turn dampened their purchases from their suppliers like us.

正如我們在第三季電話會議上所討論的那樣，由於需求疲軟，我們的某些客戶開始放慢生產計劃，這反過來又抑制了他們從我們這樣的供應商那裡的採購。

It's important to note that our volume reduction is solely due to these slowdowns.

值得注意的是，我們的銷售量減少完全是由於這些放緩造成的。

We have not lost any business.

我們沒有損失任何業務。

And as we have always said, this segment could be more volatile than the aftermarket, but still has great potential and a long-term trajectory of growth.

正如我們一直所說，這一領域的波動性可能比售後市場更大，但仍具有巨大的潛力和長期的成長軌跡。

We are a small player in a vast global marketplace, and as we are getting known as a capable player, we are gaining new business awards.

我們是廣闊的全球市場中的一個小參與者，隨著我們逐漸被認可為一個有能力的參與者，我們正在獲得新的商業獎項。

As such, we remain very bullish on the segment and truly believe that while it can be temporarily impacted by the cyclical nature of the market, it has a tremendous future.

因此，我們仍然非常看好該領域，並堅信雖然它可能會暫時受到市場週期性的影響，但它擁有巨大的未來。

Lastly, I'll speak about our newest piece, Nissan's Automotive.

最後，我要談談我們的最新作品，日產汽車。

Having cleared all regulatory hurdles, we consummated the deal on November 1, and for the two months that it was part of S&P, it performed as expected, recognizing that these are typically low months for a business that's semi-seasonal.

在掃清了所有監管障礙後，我們於11月1日完成了交易。

First, let me remind you a bit about the business.

首先，讓我提醒您一些有關業務的情況。

Nissan's is a leading aftermarket player in Europe and go to market with similar strategy as S&P with overlapping product categories and complementary strains.

日產是歐洲領先的售後市場參與者，其市場策略與標準普爾類似，產品類別重疊且品種互補。

They are largely in thermal management systems, both air conditioning and power train cooling, and in the last few years have made strong inroads and categories that fall within our vehicle control portfolio.

它們主要用於熱管理系統，包括空調和動力傳動系統冷卻，並且在過去幾年中取得了長足的進步，並且屬於我們的車輛控制產品組合的類別。

They have a strong record of growth, both through market share gains and expansion of their offerings and generate mid-teens EBITDA.

他們擁有強勁的成長記錄，既透過增加市場份額，又擴大產品範圍，並創造了中等水平的 EBITDA。

We're now heavily engaged in integrating the business, seeking the benefits that the combination of our two companies provides.

我們目前正全力致力於業務整合，尋求兩家公司合併所帶來的利益。

On the cost reduction front, we have teams working closely together to seek best cost across a host of inputs.

在降低成本方面，我們的團隊緊密合作，在眾多投入中尋求最佳成本。

The biggest areas for savings is product cost, identifying supplier consolidation and leverage, make first buy opportunities, and so on.

節省的最大領域是產品成本、確定供應商整合和槓桿、獲得首次購買機會等等。

But there are many other areas of savings as well.

但還有很多其他領域也可以節省開支。

As we stated at the time of the acquisition, we are targeting $8million to $12 million in run rate cost reduction synergies within 24 months and remain very confident in that number.

正如我們在收購時所述，我們的目標是在 24 個月內實現 800 萬至 1200 萬美元的運行成本降低協同效應，並且對這一數字非常有信心。

As we look to help each other, these improvements will be reflected across all segments, not just this.

當我們尋求互相幫助時，這些改進將體現在各個領域，而不僅僅是這個領域。

From a product offering standpoint, we've begun fleshing out each other's catalogs.

從產品提供的角度來看，我們已經開始充實彼此的產品目錄。

In addition to filling holes in common product groups, we are identifying complementary product categories to add on either side of the ocean.

除了填補常見產品組的空白之外，我們還在尋找可以在大洋兩岸補充的互補產品類別。

And lastly, from a commercial standpoint, we've begun discussions with each other's accounts to identify potential opportunities, and these discussions are going quite well.

最後，從商業角度來看，我們已經開始與彼此的帳戶進行討論以確定潛在的機會，這些討論進展順利。

We're still in the early days, but are more bullish than ever.

我們仍處於早期階段，但我們比以往任何時候都更加樂觀。

The two teams are well aligned, partnering to make both companies stronger, and the enthusiasm is contagious.

兩個團隊配合默契，共同努力使兩家公司更加強大，雙方的熱情具有感染力。

So we look forward to keeping you abreast of our success.

因此，我們期待讓您了解我們的成功。

So with that, I will turn it over to Nathan, who will provide more details.

因此，我將把話題交給 Nathan，他將提供更多細節。

All right, thank you, Eric, and good morning everyone.

好的，謝謝你，艾瑞克，大家早安。

As we go through the numbers, I'll first give some color on the results for the quarter by segment and then summarize results for the full year at a consolidated level.

當我們查看這些數字時，我將首先按部門對季度業績進行一些說明，然後在合併層面總結全年業績。

I'll cover some key balance sheet and cash flow metrics and finish with an update on our financial outlook for the full year of 2025.

我將介紹一些關鍵的資產負債表和現金流量指標，最後更新我們對 2025 年全年的財務前景。

First, looking at our vehicle control segment, you can see on the slide that net sales of $187.4 million in Q4, were up 4.9%, with the increase driven by solid demand for our products.

首先，看看我們的車輛控制部門，您可以在幻燈片上看到第四季度的淨銷售額為 1.874 億美元，成長 4.9%，這得益於對我們產品的強勁需求。

Vehicle controls adjusted EBITDA in the fourth quarter was down from last year, driven by a lower gross margin rate, but partly offset by better leverage of operating expenses.

第四季車輛控制調整後的 EBITDA 較去年同期下降，主要原因是毛利率下降，但被更好的營業費用槓桿率部分抵銷。

The gross margin rate was impacted by higher cost inputs, as well as some differing product mix, but given higher sales, our gross margin dollars increased over Q4 last year.

毛利率受到成本投入增加以及產品組合不同的影響，但鑑於銷售額增加，我們的毛利率比去年第四季增加。

The improved operating expense leverage was also the result of higher sales volume, and we were pleased to see factoring costs decline as a percent of sales as interest rates are slightly lower than last year.

營業費用槓桿率的提高也是銷售量增加的結果，我們很高興看到，由於利率略低於去年，保理成本佔銷售額的百分比有所下降。

Turning to temperature control, net sales in the quarter for that segment of $58 million were up 30%.

談到溫度控制，該部門本季的淨銷售額為 5,800 萬美元，成長了 30%。

The fourth quarter benefited from another year of favorable weather patterns that started early in the season and continued through the summer, with man staying elevated into the fourth quarter.

第四季受益於一年來有利的天氣模式，這種模式從季節初開始並持續整個夏季，人流在第四季度保持在高位。

Temperature controls adjusted EBITDA increased in Q4 to 9.5% as higher sales volumes led to higher gross margin rates and improved operating expenses as percent of sales for the quarter.

由於銷售量增加導致毛利率上升且本季營業費用佔銷售額的百分比有所改善，溫度控制調整後的 EBITDA 在第四季度增長至 9.5%。

Sales for our engineered solutions segment in the quarter were down 7.9% and we're impacted by slowing customer production schedules as they react to softness across various markets.

本季度，我們工程解決方案部門的銷售額下降了 7.9%，我們受到客戶生產計畫放緩的影響，因為他們對各個市場的疲軟做出了反應。

We've noted the markets we serve can cause lumpiness in our sales in a given quarter, but we were pleased to see our sales for the full year increase 1% as new business wins with both existing and new customers offset some of the market's softness.

我們注意到，我們所服務的市場可能會導致我們在某個季度的銷售出現波動，但我們很高興地看到，由於現有客戶和新客戶的新業務勝利抵消了部分市場疲軟的影響，我們全年的銷售額增長了 1%。

Adjusted EBITDA for engineered solutions in the quarter of 8.5% was up from last year, as we saw a better mix of products sold, which improved the gross margin rate and operating expenses remained well under control.

本季工程解決方案的調整後 EBITDA 較去年同期成長 8.5%，因為我們看到銷售產品組合更加合理，從而提高了毛利率，並且營運費用仍然得到很好的控制。

Last but not least for operating segments, let me talk about Nissan's automotive.

最後，關於營運部門，讓我來談談日產的汽車業務。

We closed on the acquisition of the business on November 1, as Eric noted, and have included two months of sales of sales and profit in our results.

正如 Eric 所說，我們於 11 月 1 日完成了對該業務的收購，並在我們的業績中納入了兩個月的銷售額和利潤。

Nissans added $35.7 million of net sales in the quarter and $3.2 million of adjusted EBITDA.

日產本季淨銷售額增加 3,570 萬美元，調整後 EBITDA 增加 320 萬美元。

The business is performing as expected, but I should point out that it does have a seasonality aspect to it, similar to our temp control segment, given the nature of certain products.

業務表現符合預期，但我應該指出，考慮到某些產品的性質，它確實具有季節性，類似於我們的溫度控制部門。

As you know from being familiar with the seasonal business, the fourth quarter can be and usually is different from a full year.

正如您熟悉季節性業務一樣，第四季度通常與全年有所不同。

So, timing of our acquisition coincided with the slowest months of the year in November and December.

因此，我們收購的時間恰逢一年中最淡季的 11 月和 12 月。

We expect sales volume and EBITDA to pick up as we go through 2025 in line with prior expectations, which is that Nissan is about a $260 million business in sales annually with mid-team EBITDA.

我們預計，到 2025 年，銷售量和 EBITDA 將按照先前的預期回升，即日產每年的銷售額約為 2.6 億美元，EBITDA 處於中等水平。

One other point regarding Nissan's gross margin and SG&A expenses, you'll notice a different profit profile than our other segments.

關於日產的毛利率和銷售、一般及行政費用 (SG&A) 的另一點，您會注意到其利潤狀況與我們其他部門不同。

As this is more of a distribution business and manufacturing, we'll see higher gross margins, but also some higher distribution expenses in SG&A that when combined will result in an adjusted even in the mid-teens range for the full year, as I noted.

由於這更多的是分銷業務和製造業，我們將看到更高的毛利率，但銷售、一般及行政開支中的分銷費用也會更高，這些費用結合起來將導致全年調整後的利潤甚至達到十幾歲的水平，正如我所指出的那樣。

Putting the results all together across the four segments for Q4, consolidated sales increased 18.1% and adjusted even to increase to 8.4% of net sales, while non-gap diluted earnings per share were up 27% versus last year.

綜合考慮第四季度四個部門的業績，綜合銷售額增長 18.1%，調整後淨銷售額甚至增長至 8.4%，而非差距攤薄每股收益較去年同期增長 27%。

Turning to our full year consolidated results, you'll see we turned into a solid overall performance.

回顧我們的全年綜合業績，您會發現我們的整體表現十分穩健。

Net sales were up 7.8% and when excluding Nissan's, we're up 5.1%, with sales up across all segments.

淨銷售額成長 7.8%，若不包括日產，我們的銷售額則成長 5.1%，所有部門的銷售額均有所成長。

Our gross margin rate increased to 29.1% on the strength of our temp control business and the addition of Nissans.

由於溫度控制業務的強勁成長和日產的加入，我們的毛利率上升至29.1％。

While consolidated SG&A expenses, excluding factoring were up for the year.

而不包括保理費用的合併銷售、一般及行政開支則在全年有所增加。

The year contained additional costs related to the Nissan business and startup of our new distribution center.

該年度包含與日產業務和新配送中心啟動相關的額外成本。

Excluding $14.2 million of Nissan's SG&A and $4.6 million of DC startup costs.

不包括日產的 1,420 萬美元的銷售、一般及行政費用以及 460 萬美元的 DC 啟動成本。

SG&A's percent of sales would have been 18%, showing improved performance on higher sales volume.

銷售、一般及行政費用佔銷售額的百分比應為 18%，表示銷售量增加，業績也隨之改善。

On the bottom line, sales growth, marginal improvement, and well controlled operating expenses helped us achieve an 8.6% increase in non-gap diluted earnings per share for the year.

從底線來看，銷售額的成長、邊際改善以及良好控制的營運費用幫助我們實現了全年非差距攤薄每股收益 8.6% 的成長。

Turning now to the balance sheet, accounts receivable were $210.7 million at the end of the year, higher than last year due to the addition of Nissan's receivables of about $38 million and higher Q4 sales for the legacy business.

現在來看看資產負債表，年底的應收帳款為 2.107 億美元，高於去年，原因是日產增加了約 3,800 萬美元的應收帳款，以及傳統業務第四季銷售額增加。

Inventory levels finished the year at $624.9 million, up from last year.

年底庫存水準為 6.249 億美元，高於去年同期。

Mainly due to the addition of Nissan's inventory of $92 million and also higher levels needed to satisfy increased sales lines.

主要是因為日產增加了 9,200 萬美元的庫存，並且滿足成長的銷售線所需的更高水準。

Our cash flow statement reflects cash generated in operations for the year of $76.7 million as compared to cash generated of $144.3 million last year.

我們的現金流量表顯示，今年經營活動產生的現金為 7,670 萬美元，去年產生的現金為 1.443 億美元。

Please note the cash generated in operations last year was aided by a reduction in inventory balances that did not recur this year after we brought inventory levels back down to normal.

請注意，去年營運中產生的現金得益於庫存餘額的減少，而當我們將庫存水準恢復正常後，今年並沒有再出現這種情況。

Our investing activity show capital expenditures increasing this year to $44 million, but that includes $20.6 million of investment related to our Shawnee distribution Center.

我們的投資活動顯示，今年的資本支出增加到 4,400 萬美元，但其中包括與肖尼配送中心相關的 2,060 萬美元投資。

Financing activity show payment of $25.3 million of dividends and $10.4 million of share repurchases, as well as borrowing for the year of $392.6 million which were used primarily to fund our acquisition of Nissan.

融資活動顯示，我們支付了 2,530 萬美元的股息和 1,040 萬美元的股票回購，以及年度借款 3.926 億美元，主要用於資助我們對日產的收購。

Our net debt of $517.9 million at the end of Q4 was higher than last year after borrowing funds for the acquisition.

在為收購借入資金後，我們第四季末的淨債務為 5.179 億美元，高於去年同期。

We finished Q4 with a leverage ratio of 3.7 times even, but keep in mind this includes just two months of results from Nissan's, and pro forma for 12 months would mean leverage was actually under three times.

我們第四季的槓桿率甚至達到了 3.7 倍，但請記住，這僅包括日產兩個月的業績，而 12 個月的預測意味著槓桿率實際上低於三倍。

While we may see a slight uptick in leverage in the first half of 2025 due to seasonal working capital needs, we expect our leverage ratio to improve as we add EBITDA from Nissan into the ratio and pay down debt in 2025.

儘管由於季節性營運資金需求，我們可能會在 2025 年上半年看到槓桿率略有上升，但隨著我們將日產的 EBITDA 添加到槓桿率中並在 2025 年償還債務，我們預計我們的槓桿率將會改善。

We continue to target leverage of less than two times EBITDA by the end of 2026.

我們繼續致力於在 2026 年底之前將槓桿率控制在 EBITDA 的兩倍以下。

Before I finish, I want to give an update on our sales and profit expectations for the full year of 2025.

在結束之前，我想更新我們對 2025 年全年的銷售和利潤預期。

Regarding our top line sales, we expect to see percentage growth in the mid-teens for the full year, which reflects growth from the addition of Nissan's automotive and continuing favorable North American aftermarket dynamics.

關於我們的營收，我們預計全年銷售額將出現中等程度的百分比成長，這反映了日產汽車業務的增加以及北美售後市場持續良好的發展勢頭帶來的成長。

But also a slight headwind from the sale of our ACI product line, which was about 50 basis points of consolidated 2024 sales, and sales and engineering solutions which are currently soft as end markets remain lower and customers reduce production to work through inventory.

但我們 ACI 產品線的銷售也帶來了輕微的阻力，該產品線約佔 2024 年合併銷售額的 50 個基點，而銷售和工程解決方案目前表現疲軟，因為終端市場仍然處於低位，而客戶減少生產以消化庫存。

We expect to adjust to EEA for 2025 to be in a range of 10 to 11%, and that includes growth from Nissan's automotive as we'll have 12 months of results versus two months in 2024.

我們預計 2025 年歐洲經濟區 (EEA) 的成長率將達到 10% 至 11%，其中包括日產汽車的成長，因為我們將獲得 12 個月的業績，而 2024 年只有 2 個月。

In connection with our adjusted even outlook, we expect interest expense on outstanding debts to be about $32 million for the full year, our income tax rate to be 27%, and depreciation amortization to increase to $40million to $45 million as we amortize Nissan’s intangibles and place distribution center investments in service.

結合我們調整後的預期，我們預計全年未償還債務的利息支出約為 3200 萬美元，我們的所得稅率為 27%，隨著我們攤銷日產的無形資產並將配送中心投資用於服務，折舊攤銷將增加至 4000 萬美元至 4500 萬美元。

Regarding operating expenses, keep in mind these expenses are incurred more rapidly across the year, but do have some variability with sales, and as such will fluctuate the seasonality in the business.

關於營運費用，請記住這些費用在一年內發生得更快，但會隨著銷售而產生一些變化，因此會使業務的季節性波動。

We anticipate total operating expenses, inclusive of factoring and additional missions expenses will be approximately $97 million to $103 million each quarter in 2025.

我們預計，包括保理和額外任務費用在內的總營運費用在 2025 年每季將達到約 9,700 萬美元至 1.03 億美元。

Finally, please note that our 2025 outlook does not include any impact from the recently announced and potential tariff actions.

最後，請注意，我們的 2025 年展望不包括最近宣布的和潛在的關稅行動的任何影響。

The US government continues to announce potential actions, but things change constantly, creating uncertainty in the market.

美國政府不斷宣布可能採取的行動，但情況不斷變化，為市場帶來不確定性。

Whatever the impact is on our business, we plan to address higher costs by passing them through in price dollar for dollar.

無論對我們的業務有何影響，我們都計劃透過以價格轉嫁的方式來解決更高的成本。

To wrap up, we were very pleased with our sales growth in both the quarter and full year of 2024, as well as our earnings growth.

總而言之，我們對 2024 年季度和全年的銷售成長以及獲利成長感到非常滿意。

Given our results, we were pleased to raise our quarterly dividend to $0.31 per share, an increase of almost 7%, continuing a trend of increases over many years.

鑑於我們的業績，我們很高興將季度股息提高至每股 0.31 美元，增幅近 7%，延續了多年來的成長趨勢。

We're also happy to have the Nissan's team on board and are looking forward to working together, creating exciting opportunities for 2025 and beyond.

我們也很高興日產團隊加入我們，並期待共同努力，為 2025 年及以後創造令人興奮的機會。

Thank you for your attention.

感謝您的關注。

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

我會將電話轉回給 Eric，請他發表一些最後的評論。

Oh, thank you, Nathan.

哦，謝謝你，內森。

So the close, let me just spend a minute on how we're thinking about the future.

最後，請容許我花一點時間來談談我們對未來的看法。

Needless to say, we are in complex times, making things difficult to predict, but overall, we believe that our business largely resides in the same harbor.

毋庸置疑，我們正處於複雜的時期，事情很難預測，但總的來說，我們相信我們的業務基本上位於同一個港口。

The aftermarket, which represents over 80% of our business, tends to be highly resilient in times of instability.

售後市場占我們業務的 80% 以上，在動盪時期往往具有很強的彈性。

As people across the globe feel a sense of uncertainty, they tend to resist major purchases.

由於全球各地的人們都感到不確定，他們傾向於抵制大宗採購。

The car park tends to age during these cycles, and motorists have no choice but to make the necessary repairs to keep their cars operational.

在這些週期中，停車場往往會老化，駕駛員別無選擇，只能進行必要的維修以保持車輛正常行駛。

We've seen this to be the case here in North America, and with our exposure in Europe with Nissan's, we expect similar dynamics.

我們已經在北美看到了這種情況，由於我們在歐洲與日產的合作，我們預計也會出現類似的情況。

We're also headed into a period of uncertainty related to tariffs.

我們也正進入與關稅相關的不確定時期。

Only time will tell which get implemented and to what extent.

只有時間才能告訴我們哪些措施能夠實施、以及實施到何種程度。

And as such, as Nathan said, we have not accounted for them in our 2025 outlook.

因此，正如 Nathan 所說，我們在 2025 年展望中沒有考慮到這些因素。

But with history as our guide, we anticipate the ability to pass these through at cost, and as we are largely sell non-discretionary repair items, we would not expect any destruction of demand.

但以歷史為指導，我們預計能夠按成本轉嫁這些損失，而且由於我們主要銷售非自由支配的維修項目，我們預計需求不會受到任何損害。

Meanwhile, if tariffs increase the cost of new cars, we would expect that to dampen new car sales and thus benefit the aftermarket further.

同時，如果關稅增加了新車的成本，我們預計這將抑制新車銷售，從而進一步使售後市場受益。

Our engineered solutions business can experience different trends.

我們的工程解決方案業務可以經歷不同的趨勢。

Certain end markets and customers will perform well, while others may see temporary contraction.

某些終端市場和客戶將表現良好，而其他市場和客戶可能會出現暫時的萎縮。

And while we are experiencing some near-term headwinds, we expect the long-term trend for us to be favorable as our new business awards take shape.

雖然我們遇到了一些短期阻力，但隨著新業務獎項的形成，我們預期長期趨勢將是有利的。

Meanwhile, we continue to implement many initiatives to make us a stronger and more diversified global company, and we have the best group of people to make it all happen.

同時，我們繼續實施多項舉措，使我們成為一家更強大、更多元化的全球性公司，而且我們擁有最優秀的人才來實現這一切。

And so we do feel very good about the future.

因此，我們對未來確實充滿信心。

That concludes our prepared remarks.

我們的準備好的演講到此結束。

At this point, we will open it up for your questions.

現在，我們將開始回答您的問題。

(Operating Instructions)

（操作說明）

We'll take our first question from Brett Jordan with Jefferies.

我們將從 Jefferies 的 Brett Jordan 那裡得到第一個問題。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hey, good morning, guys.

嘿，大家早安。

Good morning, Brett.

早安，布雷特。

Could you talk about I guess how you see the Nissan's contribution to your guided growth for 25, are there synergies in the North American business from adding that product to the portfolio?

您能否談談您如何看待日產對您 25 年預期成長的貢獻，將該產品添加到產品組合中是否會對北美業務產生協同效應？

Yeah, Brett, thanks for the question.

是的，布雷特，謝謝你的提問。

So, as we look at 2025, and I think we've said some of this before, when we signed the deal last summer, we expect some of the cost synergies to roll through, in terms of just looking at product cost across the different portfolios, but in terms of revenue synergies, it will probably take a bit longer to come.

因此，當我們展望 2025 年時，我想我們之前已經說過一些這方面的內容，當我們去年夏天簽署協議時，我們預計一些成本協同效應將會發生，僅從跨不同產品組合的產品成本來看，但就收入協同效應而言，可能還需要更長的時間才能實現。

And that would be further out, and I guess just remind you, Eric mentioned the synergy target that we were looking at, that was more around the product costs, than the revenue synergies themselves.

這將是更遠的未來，我想提醒你一下，艾瑞克提到了我們正在關注的協同目標，這更多地圍繞著產品成本，而不是收入協同效應本身。

So just to add to that is right, and to add to that because it is largely about product cost reductions there can be a timing lagged before it hits the P&L as you have.

因此，補充一點是正確的，並且補充一點，因為這主要是關於產品成本的降低，所以在影響損益表之前可能會有一個時間滯後，就像您所說的那樣。

Vendor lead times and it has to go through the balance sheet and so on.

供應商交貨週期，並且必須經過資產負債表等等。

So while we're getting a lot of the decisions made and making nice progress, there is an offsetting timing, so we don't expect a tremendous amount of it to hit, certainly not in the near term, but we hopefully we'll see some towards the end of the year.

因此，雖然我們做出了很多決定並取得了不錯的進展，但也存在一個抵消的時間，所以我們預計不會出現大量的衝擊，當然不會在短期內出現，但我們希望能在年底看到一些衝擊。

Okay, and can you talk about the sort of POS data at the customer level versus your sell in, obviously a very strong temperature control is that product is, could you talk about customer inventory levels there and do you see any of that me being purchasing ahead of potential tariffs just given a lot of that product comes from Mexico or is it really sort of aligned with what the underlying demand is.

好的，您能否談談客戶層面的 POS 數據與您的銷售情況，顯然，產品的溫度控制非常嚴格，您能談談那裡的客戶庫存水平嗎？

Right?

正確的？

So, just to be clear, you're obviously asking about the North American aftermarket business and what we've seen with POS and related inventory.

所以，需要明確的是，您顯然是在詢問北美售後市場業務以及我們在 POS 和相關庫存方面看到的情況。

I'll talk about the two divisions separately, vehicle control, what we saw in the quarter was basically flat POS.

我將分別談論兩個部門，車輛控制，我們在本季度看到的 POS 基本持平。

From the big guys, and so as you saw our sell in being slightly higher than that was really what I was referring to as kind of this ongoing.

來自大公司，所以正如你所看到的，我們的銷售額略高於這個水平，這就是我所指的這種持續的情況。

Inventory expansion as they're adding hundreds of stores and broadening their assortments and again those those trends we would expect to continue on the temperature control side.

隨著他們增加數百家商店並擴大商品種類，庫存不斷擴大，我們預計這些趨勢將在溫度控制方面繼續延續。

What we saw strong POS in the 4th quarter, but not quite as big as as the 30% growth we saw in sell in.

我們看到第四季度的 POS 表現強勁，但不如銷售額 30% 的增幅那麼大。

That was a bit of a of a rebuild of their inventory because it had been such a strong selling season throughout that that was, Beginnings of them preparing for 2025 and as we look at at the preseason orders continuing right now, we see it as roughly comparable to the last few years as it relates to whether there is a pull forward of any purchases ahead of the potential impact of tariffs.

這有點像是重建他們的庫存，因為整個銷售季節都非常強勁，這是他們為 2025 年做準備的開始，當我們查看現在持續的季前訂單時，我們認為它與過去幾年大致相當，因為它與是否有任何購買在關稅的潛在影響之前提前有關。

We're not seeing that per se.

我們本身並沒有看到這一點。

We think that it's that that the purchasing is still pretty rational.

我們認為採購還是比較理性的。

Okay.

好的。

And then one last question I guess how do you see inflation ex tariffs, what would you sort of think same skew inflation looks like in 25 versus 24?

最後一個問題，我想您怎麼看待扣除關稅後的通膨，您認為 25 年和 24 年的相同偏差通膨會是什麼樣子？

Yeah, let me take it from the cost I read, I guess we see inflation, across the markets just as everyone else is seeing, expect to offset that price where we can, but I think the inflationary environment is largely back to normal, stands tariffs.

是的，讓我從我讀到的成本來看，我想我們看到整個市場都存在通貨膨脹，就像其他人看到的那樣，我們希望盡可能地抵消價格，但我認為通膨環境已基本恢復正常，關稅保持不變。

Okay, I mean, most of your customers have been talking about 1% is their expectation is that sort of aligned with where you're thinking?

好的，我的意思是，您的大多數客戶都在談論 1%，他們的期望是否與您的想法一致？

So that's reasonable to be in that very low single digit range.

因此，處於非常低的個位數範圍內是合理的。

Okay great thank you.

好的，非常感謝。

Thank you.

謝謝。

Our next question comes from Scott Stember with Roth MKM.

下一個問題來自 Roth MKM 的 Scott Stember。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Good morning, guys.

大家早安。

Hi Scott.

你好，斯科特。

Regarding, tariffs, I know this is, obviously a hot topic, and nobody knows what's going to happen, but could you just remind us.

關於關稅，我知道這顯然是一個熱門話題，沒有人知道會發生什麼，但你能否提醒我們。

Where your exposure, versus all the regions are versus Mexico, Canada, China, and Europe, just so we have an idea of how things could unfold if things accelerate on that front.

與所有地區相比，您的曝光度包括墨西哥、加拿大、中國和歐洲，這樣我們就可以了解如果事態加速發展，情況將如何發展。

Sure, I'm not going to get into specific details, but we are, as we're a global company, we have manufacturing across multiple continents, here in North America as well as a significant amount in Europe and in Asia, as well as the supply base that is global.

當然，我不會談論具體細節，但我們是一家全球性公司，我們的生產基地遍及多個大洲，包括北美，以及歐洲和亞洲的大部分地區，我們的供應基地遍布全球。

So as we think about Both the announced and potential future tariffs, we see exposure throughout, but not necessarily overly concentrated in any particular area and even then, a lot of the details have been, are still being developed in terms of how tariffs are even going to be, accounted for, in places like Mexico.

因此，當我們考慮已宣布的和潛在的未來關稅時，我們會看到整個過程中都會出現影響，但不一定過度集中在任何特定領域，即便如此，許多細節仍在製定中，例如在墨西哥等地如何計算關稅。

So, we're staying nimble on it while we pay very close attention to the announcement.

因此，我們會保持靈活的態度，同時密切注意公告。

That are being made and as we said in the prepared remarks, the intent will be to pass them through.

這些都在進行中，而且正如我們在準備好的發言中所說，我們的目的是讓這些建議得到通過。

There may be a bit of a timing offset as the tariffs get announced and we then have to, work it through our inventory, but the plan is, as we did in 2018, to accommodate it, we'll work with our suppliers as well to say how can we share in some of the pain but to largely pass it through.

隨著關稅的宣布，可能會有一點時間上的偏移，然後我們必須透過庫存來處理，但計劃是，就像我們在 2018 年所做的那樣，為了適應它，我們將與我們的供應商合作，討論如何分擔一些痛苦但在很大程度上將其轉嫁出去。

Basically that.

基本上就是這樣。

Got it, that's helpful.

明白了，很有幫助。

And then, with the new edition of Nissan's maybe just go through the three individual segments air conditioning, engine cooling, and energy efficiency just remind us of at each one is doing and how each is performing, I guess from a sales perspective.

然後，對於日產的新車型，也許只需要經歷三個獨立的部分：空調、引擎冷卻和能源效率，我想從銷售的角度來看，每個部分的情況和表現如何。

I know that.

我知道。

This is the first quarter but just give us a sense of how each segment is performing on a year-to-year basis if you could.

這是第一季度，但如果可以的話，請向我們介紹每個部門的同比表現。

So, first, in terms of the split between the three the three categories, engine cooling is the largest of the three, and it has various product types in it, but the single biggest needle mover within it is radiators, which is very big and healthy business over in Europe.

首先，就三個類別的劃分而言，引擎冷卻是三個類別中最大的，它包含各種產品類型，但其中最大的單一推動力是散熱器，這在歐洲是一項非常龐大且健康的業務。

Air conditioning being the second biggest category, roughly 1/3 of the volume, that's very much of a similar offering as our temperature control division, and the last being what they call engine efficiency.

空調是第二大類別，約佔總量的 1/3，與我們的溫度控制部門提供的服務非常相似，最後一個是所謂的引擎效率。

It's what we would call vehicle control.

這就是我們所說的車輛控制。

This is a newer business for them.

對他們來說，這是一項較新的業務。

And so, it's one that they have been adding as opposed to going wide like our vehicle control.

因此，這是他們一直在添加的功能，而不是像我們的車輛控制那樣擴大範圍。

It's subcategory by subcategory began with turbos where they've done very well.

它的子類別從渦輪增壓器開始，一直表現十分出色。

After that they lost EGR valves and now we're getting to electronic throttle bodies, so.

此後，他們失去了 EGR 閥，現在我們開始使用電子節氣門體。

They're looking really subcategory by subcategory where they believe they have something to sell and where they believe that the market has an opening for them.

他們真的在逐個子類別地尋找他們認為有東西可賣的地方以及他們認為市場為他們提供機會的地方。

And it's really been very impressive to us, their ability to launch these and gain scale in that.

他們推出這些產品並取得規模的能力確實令我們印象深刻。

A subsegment where really they were unheard of not more than 55 years ago.

在 55 年前，人們從未聽過這個子領域。

All three of the categories are performing well, performing as expected.

三個類別均表現良好，符合預期。

The temperature controls the air conditioning one being the most seasonal of the three.

溫度控制空調是三種空調中最季節性的。

So right now, it's in the offseason.

所以現在正處於休賽期。

But there's every expectation that it'll perform as ours does, rise and fall to a degree with the weather, but they are a significant market share player in Europe and are doing very well with their legacy categories and are now seeming to do very well with their engine efficiency as well.

但人們完全可以預期它的表現會像我們的一樣，在一定程度上隨著天氣的變化而起伏，但他們在歐洲佔有重要的市場份額，並且在其傳統類別中表現非常出色，現在其發動機效率似乎也表現得非常出色。

Got it very helpful and then last question just give an update on the new facility and movements over in in Kansas.

這非常有幫助，最後一個問題請介紹一下堪薩斯州的新設施和動向。

Okay. we're progressing very well there.

好的。我們在這方面進展得非常順利。

The automation, we're doing the installation there as a recall for everybody, we're expanding our capacity.

我們正在那裡進行自動化安裝，以供所有人回憶，我們正在擴大我們的產能。

We're within a few miles of our existing Edwardsville, Kansas distribution center there, but we're putting product in from both vehicle control, temperature control, and then moving the wire from our Edwardsville facility, which gives us much more.

我們距離現有的堪薩斯州愛德華茲維爾配送中心只有幾英里，但我們從車輛控制、溫度控制兩個方面入手，然後將電線從愛德華茲維爾工廠運送過來，這給我們帶來了更多便利。

A risk avoidance that we have in there.

我們已經採取了風險規避措施。

The automation is going in, we believe by the end of 25 we'll be prepared to move the final pieces in there and then we'll be scheduled to put the existing facility in Edwardsville, Kansas, which we own on the market, and then we plan to exit that hopefully early 2026.

自動化正在進行中，我們相信到 2025 年年底，我們將準備好將最後的部分搬進去，然後我們將計劃將我們在堪薩斯州愛德華茲維爾擁有的現有工廠投放市場，然後我們計劃在 2026 年初退出。

Got it, that's all for me.

知道了，對我來說就這些了。

Thank you.

謝謝。

Thanks, Scott.

謝謝，斯科特。

Thank you.

謝謝。

And as a reminder, it is start and one on your telephone keypad if you would like to join the queue.

提醒一下，如果您想加入隊列，請點擊電話鍵盤上的「開始」鍵。

We will move next with Carolina Jolly with Gabelli.

接下來我們將與 Carolina Jolly 和 Gabelli 一起演出。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Oh, good morning thanks for taking my call just to going to just to start with your guidance of mid teen growth, obviously we were to exclude the con contribution from Nanthan.

哦，早安，感謝您接聽我的電話，首先我要介紹一下您對青少年中期成長的指導，顯然我們要排除 Nanthan 的反對貢獻。

Can you talk a little about maybe some of the puts and takes of the growth there and are you expecting growth in in your underlying Vehicle control business.

您能否談談那裡增長的一些情況以及您是否預計您的基礎車輛控制業務會成長？

Good morning, Caroline, it's Eric.

早安，卡洛琳，我是艾瑞克。

We'll give you some flavor, but we typically don't give guidance at the segment level, but yeah, so Nissin's obviously being the majority of that mid-team's growth, just in that it's new business for us.

我們會給你一些提示，但我們通常不會在細分層面給出指導，但是，是的，日清顯然是中端團隊成長的主要部分，因為這對我們來說是新業務。

And as we look at the basic market trends within our other three segments.

當我們觀察其他三個領域的基本市場趨勢時。

We see on vehicle control side, we had a good year last year, trends, its early days, but as of now, trends seem to be continuing along those lines, and the market remains healthy for this non-discretionary category on the temperature control side.

我們看到，在車輛控制方面，去年是好的一年，趨勢還處於初期，但截至目前，趨勢似乎仍在沿著這樣的路線繼續，而且對於溫度控制方面的這一非自由支配類別，市場仍然保持健康。

What we see is, as Nathan mentioned, we're starting, with the absence of that, the ACI business, the window lift business that we sold last year, which is, a few percentage points backwards just to start with and going up against a very strong season we have expectations it'll get hot again, but as you know as well as we do, it's going to rise and fall a little bit depending on when it gets hot and how hot it gets.

正如 Nathan 所提到的那樣，我們看到，由於 ACI 業務（我們去年出售的車窗升降機業務）的缺失，一開始的業績就落後了幾個百分點，而且面對非常強勁的季節，我們預計它會再次變熱，但正如你和我們一樣清楚的那樣，它會有所上升和下降，這取決於什麼時候變熱以及變熱到什麼程度。

Engineered solutions is starting the year as it ended last year, so you could really say all three of these segments are kind of the trends have continued coming out of the fourth quarter, but it can be very, it can be lumpier and so we hope that that we'll see, some bounce back of certain in markets.

工程解決方案今年的開局與去年年底一樣，因此可以說，這三個細分市場的趨勢在第四季度一直延續，但可能會非常不穩定，因此我們希望看到市場出現某些反彈。

It's difficult to predict, but we're assuming that we can see some level of softness as the markets continue.

這很難預測，但我們假設隨著市場持續發展，我們可以看到一定程度的疲軟。

As their end markets continue on their trajectory.

隨著他們的終端市場繼續沿著他們的軌跡發展。

So, I realized that's out of a long-winded answer that says that we see different puts and takes.

因此，我意識到這是一個冗長的答案，表明我們看到了不同的投入和產出。

It's not even the end of February yet, so we'll see how the year rolls out.

二月還沒結束，所以我們將拭目以待這一年將會如何發展。

But overall we think that our our legacy business continues to be healthy as a whole.

但總體而言，我們認為我們的傳統業務整體上仍然保持健康。

Perfect, thanks.

非常好，謝謝。

And then just a quick follow up on the guidance, I just want to make sure this is right within the 10% to 11% EBITDA forecast, there are some costs that are will be attributed to Shawnee that aren't going to necessarily be adjusted out, but you would expect to.

然後只是快速跟進指導，我只是想確保這在 10％ 到 11％ 的 EBITDA 預測範圍內，有一些成本將歸因於 Shawnee，不一定會被調整，但你會期望這樣做。

To, I would, I guess improve in 2026 once there's no duplicate of costs that is that kind of correct to think about?

我想，到 2026 年，一旦不再有重複的成本，情況就會有所改善，這種想法正確嗎？

Yeah, hi, it's Nathan.

是的，你好，我是 Nathan。

That's correct.

沒錯。

We continue to have some of those startup type costs in the numbers, and we're not going to adjust them out, but we think it's still a couple million dollars in 2025, and then this this will come out in 2026.

我們繼續在數字中保留一些新創類型的成本，並且我們不會對其進行調整，但我們認為到 2025 年這筆費用仍將達到數百萬美元，然後這項費用將在 2026 年出爐。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Our next question comes from Robert Smith with the Center for Performance Investing.

我們的下一個問題來自績效投資中心的羅伯特史密斯。

Please go ahead, your line is open.

請繼續，您的線路已開通。

Thanks.

謝謝。

Good morning, thanks for taking my questions.

早上好，感謝您回答我的問題。

Morning.

早晨。

Morning.

早晨。

I know you're opportunistic, but is it fair to say that, at this point in time that you would.

我知道你是個機會主義者，但公平地說，在目前這個時刻，你會這麼做嗎？

Not be too interested or aggressive in further acquisitions until you pay down some of your debt.

在償還部分債務之前，不要對進一步的收購太感興趣或太積極。

Hi Robert, this is James Burke.

你好，羅伯特，我是詹姆斯伯克。

Yeah, that's a fair assessment.

是的，這是一個公平的評價。

While we're our plans are and the capital allocation, our intent is to pay down the debt levels.

雖然我們的計劃和資本配置是固定的，但我們的目的是償還債務。

I think Nathan may have talked where on a pro forma basis.

我認為內森可能只是在形式上談論了這一點。

We're the 3X today and by the end of '26 we expect to get down to 20 but with that said, we always stay abreast of what's in the market of nothing to announce, nor do we have any initial plans.

現在我們是 3X，到 26 年底我們預計會降到 20，不過話雖如此，我們始終關注市場動態，沒有什麼可宣布的，我們也沒有任何初步計劃。

Our immediate, intent there is to pay down the debt, maintain our dividend.

我們的直接目的是償還債務，維持股利。

Yeah, and by the way, thanks for the dividend increase, could you describe.

是的，順便說一句，感謝您增加股息，您能描述一下嗎？

Yeah, can you describe how you're examining the potential efficiencies from artificial intelligence and perhaps, who you're working with or, I know it's early stage, but how are you how are you approaching this?

是的，您能否描述一下您如何研究人工智慧的潛在效率，以及您與誰合作，或者，我知道現在還處於早期階段，但是您如何處理這個問題？

Well, I think that we are looking at where the potential applications can be, whether it makes us a more efficient company or it makes us helps us with our product offering or our future, so I think we're looking at it similar to a lot of other companies in the space.

嗯，我認為我們正在研究潛在的應用領域，它是否可以讓我們成為一家更有效率的公司，或者是否可以幫助我們提供產品或未來發展，所以我認為我們與該領域的許多其他公司有類似的看法。

What are the, one of the different tools at our disposal that can that be relatively easy to easily be deployed to seek a benefit.

我們可以使用哪些不同的工具來相對容易地部署以尋求利益。

We have a handful that are underway.

我們還有一些工作正在進行中。

Some of them, for example, within our demand planning, which frankly we never used to call it artificial intelligence, but that's basically what it was.

例如，其中一些在我們的需求計劃中，坦白說，我們從來沒有稱之為人工智慧，但它基本上就是這樣。

It was predictive analytics.

這是預測分析。

It's now gotten much more sophisticated in its algorithms, and so we continue to deploy that sort of artificial intelligence to make us a better company.

現在它的演算法已經變得更加複雜，因此我們將繼續部署這種人工智慧，以使我們成為一家更好的公司。

So, a lot of different small pieces, no giant advancements, but we're working on that which makes sense for us.

所以，有很多不同的小部分，沒有巨大的進步，但我們正在努力做一些對我們來說有意義的事情。

So are you working in it with any particular company or program at the present time.

那麼您目前是否在某家特定的公司或專案上從事該工作？

We work with various third parties, but none that I would feel comfortable advertising.

我們與多家第三方合作，但沒有一家是我願意為其做廣告的。

Okay, and I understood.

好的，我明白了。

Alright, thanks so much.

好的，非常感謝。

Good luck.

祝你好運。

Thank you, Robert.

謝謝你，羅伯特。

Thank you.

謝謝。

And there appear to be no further questions at this time.

目前似乎沒有其他問題。

I will turn the call back to our presenters for any closing or additional remarks.

我將把電話轉回給我們的演講者，讓他們做結束語或補充演講。

Thanks, Nikki, and we want to thank everyone for participating in our conference call today.

謝謝，Nikki，我們要感謝大家今天參加我們的電話會議。

We understand there's a lot of information presented, and we'll be happy to answer any follow up questions you may have.

我們理解這裡會有很多訊息，我們很樂意回答您可能有的任何後續問題。

Our contact information is available on our press release or investor relations website.

我們的聯絡資訊可在我們的新聞稿或投資者關係網站上查閱。

I hope you have a great day.

祝你有個愉快的一天。

Thank you.

謝謝。

And this does conclude today's program.

今天的節目到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。