Strattec Security Corp (STRT) 2026 Q1 法說會逐字稿

Greetings and welcome to the Strattech Security Corporation first quarter fiscal year 2026 financial results conference call.

各位好，歡迎參加 Strattech Security Corporation 2026 財年第一季財務業績電話會議。

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

目前，所有參與者均處於唯讀模式。

A brief question-and-answer session will follow the formal presentation.

正式演講結束後將進行簡短的問答環節。

If anyone should require operator assistance during the conference, please press 0 on your telephone keypad.

會議期間如有任何需要接線員協助，請按下電話鍵盤上的 0。

As a reminder, this conference is being recorded.

再次提醒，本次會議正在錄影。

It is now my pleasure to introduce your host, Deborah Pawlowski, investor relations for Stratech.

現在我很高興向大家介紹主持人，來自 Stratech 的投資者關係負責人 Deborah Pawlowski。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you and good morning everyone. We greatly appreciate you joining us for Stratech's first quarter fiscal 2026 financial results conference call.

謝謝大家，大家早安。非常感謝您參加 Stratech 2026 財年第一季財務業績電話會議。

Joining me on the call this morning are Jennifer Slater, President and CEO, and Matthew Polly, Vice President and Chief Financial Officer. Jen and Matt will review our financial results, the progress being made to transform Stratech and our outlook.

今天早上和我一起參加電話會議的有總裁兼執行長珍妮佛‧斯萊特，以及副總裁兼財務長馬修‧波利。Jen 和 Matt 將審查我們的財務表現、Stratech 轉型進展以及我們的前景。

You can find a copy of the news release in the slides that accompany our conversation today on the investor relations section of the company's website.

您可以在公司網站的投資者關係部分找到我們今天對話的幻燈片，其中包含新聞稿的副本。

If you are reviewing these slides, please turn to slide 2 for the safe harbor statement.

如果您正在查看這些投影片，請翻到第 2 張投影片查看安全港聲明。

As you are aware, we may make forward-looking statements on this call during the formal discussion as well as during the Q&A. These statements apply to future events that are subject to risks and uncertainties, as well as other factors that could cause actual results to differ materially from what is stated on today's call. These risks and uncertainties and other factors are discussed in the earnings release, as well as with other documents filed by the company with the Securities and Exchange Commission.

如您所知，我們可能會在本次電話會議的正式討論環節以及問答環節發表前瞻性聲明。這些聲明適用於未來事件，但未來事件存在風險和不確定性，以及其他可能導致實際結果與今天電話會議上所述結果有重大差異的因素。這些風險、不確定性及其他因素在獲利報告中以及公司向美國證券交易委員會提交的其他文件中均有討論。

You can find these documents on our website as well.

您也可以在我們的網站上找到這些文件。

I want to also point out that during today's call we will discuss some non-GAAP measures which we believe will be useful in evaluating our performance.

我還想指出，在今天的電話會議中，我們將討論一些非GAAP指標，我們認為這些指標對於評估我們的績效是有用的。

You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP.

您不應孤立地看待這些補充資訊的呈現，也不應將其視為按照公認會計原則編制的結果的替代品。

We have provided reconciliations of non-GAAP comparable GAAP measures in the tables accompanying the earnings release and slides. With that, let me turn it over to Jim, who will be referencing slides 3 through 5.

我們在隨附獲利報告和幻燈片的表格中提供了非GAAP可比較GAAP指標的調節表。接下來，我將把發言權交給吉姆，他將參考第 3 至 5 張投影片。

Thank you, Deb, and welcome everyone.

謝謝黛布，也歡迎各位。

We started fiscal 2026 in a solid position, and our financial results are a direct testament to the actions we have been taking to transform the underlying operations of Stratech to improve our earnings profile.

2026 財年伊始，我們處於穩固的地位，我們的財務表現直接證明了我們為改變 Stratech 的基礎營運、改善獲利狀況而採取的行動是有效的。

The progress reflects the significant effort by our team and the magnitude of change we have been implementing.

這項進展反映了我們團隊所付出的巨大努力以及我們所實施的變革的巨大規模。

Revenue grew nearly 10% in the quarter while gross profit margin expanded 370 basis points, and EBITDA margin expanded 310 basis points to 10.2%. Margin improvements are a result of higher sales, pricing actions, and cost reduction activities. We continued to actively manage our cost structure and implemented an additional restructuring action during the quarter that is expected to provide approximately $1 million in annualized savings that will be fully realized in the 3rd quarter of this fiscal year.

本季營收成長近10%，毛利率提升370個基點，EBITDA利潤率提升310個基點至10.2%。利潤率的提升得益於銷售成長、價格策略調整和成本削減措施。我們繼續積極管理成本結構，並在本季實施了一項額外的重組措施，預計每年可節省約 100 萬美元，這些節省將在本財年的第三季完全實現。

We also had solid cash generation of $11 million and ended the quarter with just over $90 million of cash on the balance sheet.

我們也實現了穩健的現金流，達到 1,100 萬美元，季度末資產負債表上的現金餘額略高於 9,000 萬美元。

We believe this provides us the capital to continue to execute on our transformation plans while providing a cushion during these rather turbulent times for the automotive industry.

我們相信，這將為我們提供繼續執行轉型計畫所需的資金，同時在汽車產業目前較動盪的時期提供緩衝。

I'll talk more about the short-term automotive industry headwinds that have been layered on top of the impact of tariffs after Matt covers the details of the quarter results.

在 Matt 詳細介紹季度業績之後，我將更多地談談汽車業在關稅影響之外還面臨的短期不利因素。

Thanks Jen and good morning everyone. Let's begin with slide 6. First quarter growth profit increased 7.4 million, or approximately 40% on 10% sales growth, while gross margin expanded by 370 basis points to 17.3%. Gross profit improvement was a result of strategic pricing actions, higher production volumes, some modest contributions from tooling, and 1.3 million of restructuring savings. These gains more than offset $500,000 in unfavorable foreign currency, $200,000 in net tariff expenses, and 1.1 million increase in statutory labor rates in Mexico.

謝謝Jen，大家早安。讓我們從第6張投影片開始。第一季獲利成長740萬，增幅約40%，銷售額成長10%；毛利率提升370個基點至17.3%。毛利成長得益於策略性定價措施、產量提高、模具成本略有增加以及130萬的重組節省。這些收益足以抵銷 50 萬美元的不利外匯損失、20 萬美元的淨關稅支出以及墨西哥法定勞動力成本增加的 110 萬美元。

Sequentially, gross margin improved 60 basis points on relatively similar revenue, as bonus accruals normalized and tariff recoveries helped to offset the unfavorable impact of foreign currency and higher warranty reserves.

與上一季相比，毛利率提高了 60 個基點，而收入基本上持平，原因是獎金計提恢復正常，關稅回收有助於抵消外匯波動和保固準備金增加的不利影響。

Selling administrative and engineering expenses, or SAE were $15.9 million a $2 million dollar increase year over year, reflecting the investments in the business transformation.

銷售管理和工程費用（SAE）為 1,590 萬美元，比前一年增加了 200 萬美元，反映了對業務轉型的投資。

As a percentage of sales, SAE was 10.4%, somewhat similar to the prior year and within our expected long-term range of 10 to 11%.

SAE 佔銷售額的百分比為 10.4%，與前一年大致相同，在我們預期的 10% 到 11% 的長期範圍內。

Let's move to slide 7 where we summarize our profitability.

讓我們來看第 7 張投影片，其中總結了我們的獲利能力。

Net income attributable to Strattech for the quarter on both a GAAP and an adjusted basis was up meaningfully year over year, reflecting the progress we've been making with the transformation even as we invest to drive the progress.

根據 GAAP 和調整後的基礎計算，本季度歸屬於 Strattech 的淨收入同比增長顯著，這反映了我們在轉型過程中取得的進展，同時我們也在不斷投資以推動這一進展。

Adjusted EBITA was 15.6 million, representing an adjusted EBITDA margin of 10.2%. Our results reflect the team's commitment to delivering sustainable margin improvement.

調整後息稅前利潤為1560萬美元，調整後息稅折舊攤提前利潤率為10.2%。我們的業績體現了團隊致力於實現可持續利潤率提升的承諾。

As I've noted before, over the long-term, we believe the business model would suggest low teen EBITDA margins. Reaching the double-digit level, we believe demonstrates the validity of this expectation.

正如我之前提到的，從長遠來看，我們認為這種商業模式意味著 EBITDA 利潤率將維持在十幾的水平。達到兩位數水平，我們認為證明了這個預期的正確性。

Now turning to slide 8, which highlights our cash flow, balance sheet, and capital priorities.

現在來看第 8 張投影片，其中重點介紹了我們的現金流量、資產負債表和資本優先事項。

Operating cash flow was more normalized 11.3 million for the quarter, coincidentally similar to the first quarter of the prior year. We had capital expenditures of 1.5 million in the quarter, or about 1% of sales. While we are investing in the business, we tend to not be capital intensive. We expect cap backs to be higher over the next several quarters as we advance our plans to accommodate the changes we are making to modernize the business.

本季經營現金流較為正常，為 1,130 萬，巧合的是，與上年第一季的情況類似。本季我們的資本支出為 150 萬，約佔銷售額的 1%。雖然我們在投資這項業務，但我們通常不是資本密集型企業。我們預計，隨著我們推進計劃以適應為實現業務現代化而進行的變革，未來幾季資本返還率將會更高。

We now have $90 million of cash and approximately 53 million available under our revolving credit facilities.

我們現在擁有9000萬美元現金，根據我們的循環信貸額度，還有大約5300萬美元可用。

Subsequent to the end of the first quarter, we did enter into an amended and restated $40 million revolving credit facility which extended the maturity until October 2028.

第一季結束後，我們簽訂了一份經修訂和重述的 4,000 萬美元循環信貸協議，將到期日延長至 2028 年 10 月。

We believe we are in a secure position with our cash balance to continue to advance our transformation plans as well as begin to investigate what M&A may look like for us. I'll caution that we are in the very early stages of this discussion internally about what that scenario could be. Right now we won't have much more to add to the conversation, but we believe acquisitions could be a part of our longer-term future growth.

我們相信，憑藉我們充足的現金儲備，我們能夠繼續推動轉型計劃，並開始探索併購對我們而言可能意味著什麼。我要說明的是，我們內部對這種情況可能如何發展的討論還處於非常早期的階段。目前我們沒有什麼可以補充的，但我們相信收購可能是我們未來長期發展的一部分。

If you turn to slide 9, I'll hand it back to Jen to review the conditions in the automotive industry and the actions we're taking.

如果翻到第 9 張投影片，我會把它交還給 Jen，讓她回顧一下汽車產業的現狀以及我們正在採取的行動。

Thanks, Matt. As we are heavily dependent on volume to deliver profit.

謝謝你，馬特。由於我們嚴重依賴銷量來實現利潤。

I am sure you are all aware of two significant events that have impacted auto production.

我相信大家都知道有兩件對汽車生產有重大影響的事件。

First, an aluminium supplier had a fire in its facility which will impact production levels for some of our major customers during our second quarter and potentially into our 3rd fiscal quarter.

首先，一家鋁供應商的工廠發生火災，這將影響我們一些主要客戶在第二季的生產水平，並可能影響我們的第三財季。

The return to full production and restocking dealer inventory levels for our customers can take months to make up for lost time.

恢復全面生產並重新補充經銷商庫存水準以滿足客戶需求可能需要數月時間才能彌補損失的時間。

The second major event is the result of international trade restrictions on a chip supplier that has caused shortages of semiconductor chips to the automotive industry.

第二件大事是由於國際貿易限制對一家晶片供應商實施制裁，導致汽車業半導體晶片短缺。

At this time, we do not know the full impact of how our OEM customers will respond as the industry looks for alternative sources.

目前，我們尚不清楚隨著產業尋求替代來源，我們的OEM客戶將如何應對，以及這將產生何種全面影響。

We will use this time to build finished good inventories to be able to better serve our OEM and aftermarket customers, reduce expedite costs, and be prepared for anticipated demand rebound as OEM customers catch up for lost production time.

我們將利用這段時間建立成品庫存，以便更好地服務於我們的 OEM 和售後市場客戶，降低加急成本，並為 OEM 客戶彌補損失的生產時間後預期的需求反彈做好準備。

Importantly, we will continue to monitor demand signals and take appropriate actions to align our cost structure as needed.

重要的是，我們將繼續監控需求訊號，並根據需要採取適當措施調整成本結構。

Despite these constant industry macros that disrupt progress, we are in a better position to manage the current issues facing our major customers than we would have been last year.

儘管產業宏觀經濟狀況不斷變化，阻礙發展，但與去年相比，我們現在更有能力應對主要客戶目前面臨的問題。

Let me update you on our transformation plan.

讓我向您介紹我們的轉型計劃。

We have started modernizing our operations with automation. While some of the improvements we are making may seem menial, each one makes a difference.

我們已經開始透過自動化實現營運現代化。雖然我們所做的一些改進看起來微不足道，但每項改進都至關重要。

For example, we are starting to automate certain manual assembly stations in our Mexico operations.

例如，我們正在開始將墨西哥工廠的某些人工組裝站自動化。

These relatively simple automation projects have been validated, and we are applying this automation process to other production lines.

這些相對簡單的自動化項目已經過驗證，我們正在將此自動化流程應用於其他生產線。

Our commercial efforts are centered on gaining new customers as well as capturing future vehicle platforms with existing customers. To do this well requires a deep understanding of our products, cost structure, and where our value add is generated. We still have more work to do on this front, but we are continually assessing our operations and product portfolio to drive value.

我們的商業努力主要集中在獲取新客戶以及與現有客戶合作，共同開拓未來的車輛平台。要做好這一點，需要深入了解我們的產品、成本結構以及我們的增值點。我們在這方面還有更多工作要做，但我們會不斷評估我們的營運和產品組合，以創造價值。

Regarding the sale of our Milwaukee facility and the modernization program, we have come to the conclusion that our best route is the sale lease back. This should provide us a better return on the building, reduce the challenges of moving production operations, allow us to right size our floor space requirement, and redesign production flow.

關於出售我們在密爾瓦基的工廠和現代化改造計劃，我們最終認為最好的方法是售後回租。這應該能為我們帶來更好的建築回報，減少搬遷生產營運的挑戰，使我們能夠合理調整廠房面積需求，並重新設計生產流程。

In conjunction with this decision, we will be consolidating our test lab to Auburn Hills, Michigan.

同時，我們將把測試實驗室遷至密西根州奧本山。

This will put it closer to the customer and the commercial team for greater collaboration and oversight.

這將使其更貼近客戶和銷售團隊，從而實現更緊密的合作和監督。

We also plan to move the corporate offices to a more modernized facility to advance our culture and enable better productivity.

我們也計劃將公司總部遷至更現代化的辦公場所，以提升公司文化並提高生產力。

We have been producing results that demonstrate the effectiveness of our efforts to drive profitability, and we believe we have a great foundation upon which to grow.

我們所取得的成果證明了我們在提高獲利能力方面所做努力的有效性，我們相信我們已經擁有了良好的發展基礎。

I'd be remiss not to thank the team that has made this happen.

我若不感謝促成此事的團隊，那就太失職了。

With that operator, we're ready to open a line for questions.

有了這位接線員，我們就可以開通熱線接受提問了。

Thank you, we will now be conducting a question-and-answer session.

謝謝，接下來我們將進行問答環節。

If you would like to ask a question, please press 1 on your telephone keypad.

如果您有任何疑問，請按下電話鍵盤上的 1。

A confirmation tone will indicate your line is in the question queue.

確認音表示您的線路已進入排隊佇列。

You may press 2 if you would like to remove your question from the queue.

如果您想從佇列中移除您的問題，可以按 2。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions.

對於使用揚聲器裝置的參與者，可能需要在按下星形鍵之前拿起聽筒。請稍等片刻，我們正在進行問題徵集。

Thank you. Our first question comes from a line of John Franzreb with Sidoti. Please proceed with your question.

謝謝。我們的第一個問題來自約翰‧法蘭茲雷布和西多蒂的一段話。請繼續提問。

Good morning, everyone. Congratulations on another good quarter and thanks for taking the questions.

各位早安。恭喜你們又一個季度業績出色，感謝你們回答問題。

Jen, I'd like to start with your ongoing review of operations. What can you share with us that's new compared to what we discussed in 4th quarter results?

Jen，我想先談談你正在進行的營運審查。與第四季業績報告討論的內容相比，您能和我們分享一些新的資訊嗎？

Hi John, good morning. Thanks for your question. I touched a bit on some of the automation work we're doing, and I think, as we go through this transformation and we really started with the basics, we're now moving on to where there are simple processes that we can leverage automation and then for new or for future products we'll look at, are there more transformational ways to automate our manufacturing. So it's really just a progression of our thinking as we're stabilizing the underlying operations and moving to the next phase of modernization.

約翰，早安。謝謝你的提問。我稍微談到了我們正在進行的一些自動化工作，我認為，隨著我們經歷這場轉型，並且我們確實是從基礎開始的，我們現在正在轉向可以利用自動化的簡單流程，然後對於新產品或未來產品，我們將考慮是否有更具變革性的方式來實現我們製造的自動化。所以，這其實只是我們隨著基礎運作的穩定和現代化進程的推進，進入下一個階段的過程。

And how should we think about the change in CapEx as you start to automate? What does the CapEx budget say for 2026 look like versus 2025?

那麼，在開始自動化時，我們該如何看待資本支出的變化呢？2026 年的資本支出預算與 2025 年相比有何不同？

Hey John, this is Matt. On a full year basis our CapEx budget is about 12.5 million, so it's about 2% of our sales, but the cost of automation has come down over the years, so it's not a significant investment from a CapEx standpoint.

嘿，約翰，我是馬特。從全年來看，我們的資本支出預算約為 1,250 萬，約佔銷售額的 2%，但自動化成本近年來有所下降，因此從資本支出的角度來看，這不是一項重大投資。

And I'll maybe just add on to that, John, just to give you an example, there's really Simple automation processes that we're starting with, so where you're manually putting a screw into a part, we've proven that that's an easy thing to automate. Automation costs really have come down and so they're quick payback to look at those simple ways to automate our processes.

約翰，我再補充一點，舉個例子，我們從一些非常簡單的自動化流程入手，例如手動將螺絲釘擰入零件，我們已經證明這是很容易實現自動化的。自動化成本確實已經下降，因此採用這些簡單的方法來自動化我們的流程可以快速獲得回報。

You may want to talk on the Mexico restructuring too, the most recent.

您或許也想談談最近的墨西哥經濟結構調整。

Yeah, I think we also talked about that we did do, we continue to look at our cost structure, John, and so we have done another look at our Mexico operations. We continue to drive efficiency in Mexico and so we will see in our Q3 more favourability from further restructuring that we've done in Mexico.

是的，我想我們也談到了這一點，我們一直在審視我們的成本結構，約翰，所以我們再次審視了我們在墨西哥的業務。我們將繼續提高在墨西哥的效率，因此我們將在第三季看到我們在墨西哥進行的進一步重組帶來的更多利好。

And actually that kind of details nicely into maybe you looking at the footprint of the company relocating the labs, changing corporate offices, and now going to a sale lease back in the Milwaukee facility.

實際上，這種細節可以很好地解釋公司搬遷實驗室、更換公司辦公室以及現在重新租賃密爾瓦基工廠等情況。

Can you just talk about your thought process and some of the moves you're making here and does that maybe optimize what you think the manufacturing and the corporate footprint should look like on a go forward basis.

您能否談談您的思考過程以及您正在採取的一些舉措，以及這些舉措是否能夠優化您認為未來製造和公司佈局應該是什麼樣子。

Yeah, I think it gives us flexibility, so we're optimizing for what we have today, making sure we're utilizing the space, getting a better process flow, moving the things and consolidating where we're closer to the customer like the test lab, and And driving our continued culture change, so it's an ongoing process, John, to make sure that we're leveraging the footprint that we have to where our business is today, but where we think we're going to be in the future, along with providing ourselves flexibility.

是的，我認為這給了我們靈活性，所以我們正在優化我們現有的資源，確保我們充分利用空間，優化流程，重新佈局並整合更靠近客戶的設施，例如測試實驗室，並推動我們持續的文化變革。約翰，這是一個持續的過程，目的是確保我們充分利用現有的資源，以滿足我們當前的業務需求，同時也要考慮到我們未來的發展方向，並為我們自己提供靈活性。

Okay, and in slide number 9, you're signalling a cautionary outlook, certainly in the next quarter and change. Can you talk about the potential impact of the company, on the firing the semiconductor production?

好的，在第 9 張投影片中，你表達了一種謹慎的展望，尤其是在接下來的一個季度及以後。您能否談談公司裁員對半導體生產的潛在影響？

I don't know, disruption, can you kind of quantify what you are thinking and, the timing of all this become normalizing again.

我不知道，混亂，你能量化一下你的想法嗎？以及這一切何時才能再次恢復正常？

Yeah.

是的。

When we started the year, John, we said that we would really be in line with North America production because we would be lapping some of our launches and the pricing actions that we had last fiscal year and with that, in line, we thought we would be modestly flat or flat modestly down. That didn't anticipate the supplier issue or the chip shortage. So we do see that that will be an impact here in the quarter because our Customers have already announced some time out. I know our customers will work like they always do to make as much of that up as they can, and it will be a timing issue, but right now there's too much uncertainty to say what the full impact of those will be for the full year for us.

約翰，年初的時候我們就說過，我們的產量會與北美產量保持一致，因為我們的一些產品發布和定價策略會與上個財年保持一致，因此我們認為產量會略微持平或略微下降。但這並沒有預料到供應商問題或晶片短缺。因此，我們預計這將對本季產生影響，因為我們的客戶已經宣布暫停一段時間。我知道我們的客戶會像往常一樣盡力彌補損失，這只是時間問題，但目前存在太多不確定因素，無法預測這些損失對我們全年的全面影響。

Okay, with that, I take enough time, I'll get back into you.

好了，這樣，等我有足夠的時間，我就會回到你身邊。

Thank you, John.

謝謝你，約翰。

Thank you. We have no further questions at this time. I'd like to turn a call back over to management. I'm sorry.

謝謝。目前我們沒有其他問題。我想把電話轉回管理階層。對不起。

I would like to turn the call back over to management for closing comments.

我想把電話交還給管理階層，請他們做總結發言。

No, I just saw that, we had a investor hop into the queue, Christine, maybe we can take him.

不，我剛才看到了，有個投資人加入了我們的隊伍，克里斯汀，也許我們可以接納他。

Our next question is from Ethan Starr, a private investor. Please proceed with your question.

我們的下一個問題來自私人投資者伊森·斯塔爾。請繼續提問。

Thank you. Great quarter.

謝謝。很棒的季度。

And my question is regarding the automation products that you to further improve gross margins, what types of return on investments do you expect from those and when might such returns show up in quarterly results?

我的問題是關於您用於進一步提高毛利率的自動化產品，您預期這些產品會帶來哪些類型的投資回報，以及這些回報何時會在季度業績中體現出來？

Yeah, less than a 1 year payback, Ethan, and I think we will start to see some of those results in the second half of this fiscal year.

是的，投資回收期不到一年，伊森，我認為我們將在本財年下半年開始看到一些成果。

Okay, great and then on page 4 of the slide deck, it says that Strattech is developing relationships with other North American vehicle manufacturers. Are you able to tell us anything about this at present?

好的，很好。然後在幻燈片的第 4 頁上，它說 Strattech 正在與其他北美汽車製造商建立合作關係。您目前能告訴我們一些關於這方面的情況嗎？

No, not specifics, Ethan, but you know we have talked about that we've had a pretty limited customer reach with the North American OEs and our products can add value to other customers in the region. And so as we start thinking about where do we have opportunity with our power access products and our digital key, we're looking to support the customers we have today but also expand our customer base.

不，伊森，不是具體細節，但你知道我們討論過，我們在北美原始設備製造商 (OEM) 的客戶覆蓋範圍相當有限，而我們的產品可以為該地區的其他客戶增加價值。因此，當我們開始思考我們的電源門禁產品和數位鑰匙有哪些發展機會時，我們既要支持我們現有的客戶，也要擴大我們的客戶群。

Okay great thank you very much.

好的，非常感謝。

Thanks, Ethan.

謝謝你，伊森。

We have no further questions at this time. I'd like to turn the floor back over to management for closing comments.

目前我們沒有其他問題。我想把發言權交還給管理階層，請他們做總結陳詞。

Thank you very much everybody for joining us here today. We will be presenting Monday at the Gabelli Automotiveposium in Las Vegas. So we will be posting the presentation associated with that on our website Monday.

非常感謝各位今天蒞臨現場。我們將於週一在拉斯維加斯舉行的 Gabelli 汽車研討會上進行演講。因此，我們將在周一將相關的簡報發佈在我們的網站上。

And in the meantime, if you have any questions, my contact information is on the website, and I look forward to talking with you. Have a great day.

同時，如果您有任何疑問，我的聯絡方式在網站上，期待與您交流。祝你有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。