Teledyne Technologies Inc (TDY) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Teledyne Q1 2024 Earnings Call. (Operator Instructions) And as a reminder, this conference call is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加 Teledyne 2024 年第一季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

At this time, I'd like to turn the conference over to your host, Jason VanWees. Please go ahead, sir.

現在，我想把會議交給主持人 Jason VanWees。請繼續，先生。

All right. Thank you, and good morning, everyone. This is Jason VanWees, Vice Chairman. I'd like to welcome everyone to Teledyne's First Quarter 2024 Earnings Release Conference Call. We released our earnings earlier this morning before the market opening. Joining me today are Teledyne's Executive Chairman, Robert Mehrabian; CEO, Edwin Roks; President and COO, George Bobb; SVP and CFO, Stephen Blackwood; and Melanie Cibik, EVP General Counsel, Chief Compliance Officer and Secretary.

好的。謝謝大家，大家早安。我是傑森‧範韋斯，副主席。歡迎大家參加 Teledyne 2024 年第一季財報發布電話會議。今天早上開盤前，我們發布了財報。今天加入我的有 Teledyne 執行主席 Robert Mehrabian；執行長 Edwin Roks；總裁兼營運長喬治·博布；資深副總裁兼財務長 Stephen Blackwood；以及執行副總裁、總法律顧問、首席合規官兼秘書 Melanie Cibik。

After remarks by Robert, Edwin, George, and Steve, will ask for your questions. However, before we get started, turning to ever mind to me to tell you that all forward-looking statements made this morning are subject to various assumptions, risks and caveats as noted in the earnings release and our periodic SEC filings. And of course, actual results may differ materially. In order to avoid potential selective disclosures, this call is simultaneously being webcast and a replay, both via webcast and dial-in, will be available for approximately one month.

羅伯特、埃德溫、喬治和史蒂夫發言後，將詢問您的問題。然而，在我們開始之前，請務必告訴您，今天早上所做的所有前瞻性陳述都受到收益發布和我們定期向 SEC 提交的文件中指出的各種假設、風險和警告的影響。當然，實際結果可能存在重大差異。為了避免潛在的選擇性揭露，本次電話會議將同時進行網路廣播，並透過網路廣播和撥入方式進行重播，時間約為一個月。

Here is Robert.

這是羅伯特.

Thank you, Jason. Good morning, everyone, and thank you for joining our earnings call. Today, we reported record first quarter non-GAAP operating margin, record adjusted earnings per share and record free cash flow. While overall orders remained strong, sales were impacted by deterioration in some of our short cycle imaging and instrumentation market. We have previously assumed no full year sales growth in industrial automation as well as test and measurement market. However, those markets weakened more than planned in the first quarter, and we now forecast full year sales in those product families to decline meaningfully in 2024.

謝謝你，傑森。大家早安，感謝您參加我們的財報電話會議。今天，我們報告了創紀錄的第一季非公認會計原則營運利潤率、創紀錄的調整後每股收益和創紀錄的自由現金流。雖然整體訂單依然強勁，但銷售受到一些短週期成像和儀器市場惡化的影響。我們先前假設工業自動化以及測試和測量市場的全年銷售不會成長。然而，這些市場第一季的疲軟程度超出了計劃，我們現在預測這些產品系列的全年銷售額將在 2024 年大幅下降。

Nevertheless, we believe such sales declines with the offset by our marine, aviation and certain defense businesses, resulting in full year flat sales compared to 2023. Despite those anticipated sales reductions, in what are among our highest margin businesses, we believe overall operating margin will remain flat in '24 versus '23. Within the Digital Imaging segment, year-over-year sales declined due to significantly lower sales of machine vision sensors and cameras related to industrial automation. However, this was partially offset by organic growth and significant margin improvement at Teledyne FLIR.

儘管如此，我們認為此類銷售額的下降受到我們的船舶、航空和某些國防業務的抵消，導致全年銷售額與2023 年持平。業務中，我們認為整體營業利潤率24 年與 23 年將保持持平。在數位成像領域，由於與工業自動化相關的機器視覺感測器和相機的銷量大幅下降，銷售額較去年同期下降。然而，這被 Teledyne FLIR 的有機成長和利潤率顯著提高所部分抵消。

Given our unmanned system businesses, growth and the resiliency of our core infrared imaging business. Similarly, in instrumentation, we were relatively flat where significant reduction in sales of test and measurement, instrumentation were almost entirely offset by Marine Electronics and unmanned underwater system. And despite the overall flat sales, segment margin increased considerably. In our smallest segment, Engineered Systems, which is largely a U.S. government prime contractor, sales were impacted by the very late approval of the U.S. 2024 budget. We also revised estimated progress and cost to complete on certain contracts, resulting in some revenue and profit reversal.

鑑於我們的無人系統業務、核心紅外線成像業務的成長和彈性。同樣，在儀器儀表方面，我們的表現相對平穩，測試和測量、儀器儀表銷售額的大幅下降幾乎完全被海洋電子和無人水下系統所抵消。儘管整體銷售額持平，但部門利潤率卻大幅成長。在我們最小的細分市場工程系統（主要是美國政府的主要承包商）中，其銷售受到美國 2024 年預算批准較晚的影響。我們也修改了某些合約的預計進度和完成成本，導致一些收入和利潤逆轉。

Finally, given our even stronger balance sheet with quarter end leverage just at 1.7x, combined with record free cash flow, we believe it's an appropriate time for us to add stock repurchases to our capital deployment plan. I will now turn the call over to Edwin and George, who will further comment on the performance of our core business segments.

最後，鑑於我們的資產負債表更加強勁，季末槓桿率僅為 1.7 倍，再加上創紀錄的自由現金流，我們認為現在是將股票回購納入資本部署計畫的合適時機。我現在將把電話轉給艾德溫和喬治，他們將進一步評論我們核心業務部門的表現。

Thank you, Robert. This is Edwin, and I will report on the Digital Imaging segment, which represents 55% of Teledyne's portfolio. And like Teledyne as a whole, this segment is a mix of local cycle businesses, such as defense, space and healthcare, combined with shorter cycle markets, including industrial automation, semiconductor inspection and infrared components and cameras for applications ranging from factory condition monitoring to maritime navigation.

謝謝你，羅伯特。我是 Edwin，我將報告數位成像領域，該領域佔 Teledyne 產品組合的 55%。與整個 Teledyne 一樣，該細分市場融合了國防、航太和醫療保健等本地週期業務，以及工業自動化、半導體檢測和紅外線組件以及相機等較短週期市場，其應用範圍涵蓋工廠狀態監控、海上航行。

First quarter 2024 sales declined 4.1% compared to last year as certain products declined considerably, but were largely offset by those with meaningful increases. For example, sales to industrial machine vision markets declined approximately 30% year-over-year.

由於某些產品大幅下降，2024 年第一季的銷售額與去年相比下降了 4.1%，但在很大程度上被那些有意義的成長所抵消。例如，工業機器視覺市場的銷售額年減約 30%。

On the other hand, unmanned air systems, unmanned ground systems and integrated counter-drone systems collectively increased nearly plus 30%. Although year-over-year changes were less significant, but included continued growth in our space-based imaging business Brazilian sales in healthcare and (inaudible) infrared and maritime businesses and declining sales of semiconductor related micro-electrical mechanical systems or MEMS. As Robert mentioned, the FLIR businesses grew organically and for the third consecutive quarter, were positive contributors to overall segment margin. Finally, segment orders were healthy with the first quarter book-to-bill of 1.6x. George will now report on the other 3 segments, which represent the remaining 45% of (inaudible).

另一方面，無人機系統、無人地面系統和綜合反無人機系統合計成長近30%以上。儘管同比變化不太顯著，但包括我們的天基成像業務巴西醫療保健和（聽不清楚）紅外線和海事業務銷售的持續增長以及半導體相關微機電系統或 MEMS 銷售的下降。正如羅伯特所提到的，FLIR 業務有機成長，並且連續第三個季度為整體部門利潤率做出了積極貢獻。最後，細分市場訂單保持健康，第一季訂單出貨比為 1.6 倍。喬治現在將報告其他 3 個部分，它們代表剩餘的 45%（聽不清楚）。

Thanks, Edwin. The instrumentation segment consists of our marine, environmental and test and measurement businesses, which contributed a little over 24% of sales. So the total segment, overall first quarter sales decreased 0.9% versus last year. Sales of marine instruments increased 15.3% in the quarter, primarily due to both strong offshore energy and subsea defense sales. Sales of environmental instruments decreased 5.8% with greater sales of processed gas emission monitoring systems. In gas and flame safety analyzers, more than offset by lower sales of drug discovery and laboratory (inaudible).

謝謝，埃德溫。儀器儀表業務由我們的海洋、環境以及測試和測量業務組成，佔銷售額的 24% 多一點。因此，第一季整體銷售額比去年下降了 0.9%。本季海洋儀器銷售額成長 15.3%，主要得益於海上能源和海底防禦銷售的強勁成長。環境儀器銷售量下降 5.8%，其中加工氣體排放監測系統銷售增加。在氣體和火焰安全分析儀方面，藥物發現和實驗室銷售的下降遠遠抵消了這一影響（聽不清楚）。

Sales of electronic test and measurement systems, which include oscilloscopes, digitizers and protocol analyzers, decreased 18.2% year-over-year on the toughest quarterly comparison of 2024 versus 2023. Overall, Instrumentation segment operating profit increased in the first quarter. With GAAP operating margin increasing 183 basis points to 26% and 175 basis points on a non-GAAP basis to 27.1%.

在2024 年與2023 年最嚴峻的季度比較中，包括示波器、數位化儀和協議分析儀在內的電子測試和測量系統的銷售額同比下降18.2%。利潤有所增長。 GAAP 營運利潤率成長 183 個基點至 26%，非 GAAP 營運利潤率成長 175 個基點至 27.1%。

In the Aerospace and Defense Electronics segment, which represents 14% of Teledyne sales, first quarter sales increased 7.2%, driven by growth of commercial aerospace and defense microwave products. GAAP and non-GAAP segment operating profit increased year-over-year with segment margin increasing approximately 80 basis points. For the Engineered Systems segment, which contributes 7% to overall sales, first quarter revenue decreased 10.5% and operating profit was impacted by lower sales and the cost complete estimate revision Robert mentioned earlier.

在佔 Teledyne 銷售額 14% 的航空航太和國防電子領域，在商業航空航太和國防微波產品成長的推動下，第一季銷售額成長了 7.2%。 GAAP 和非 GAAP 部門營業利潤年增，部門利潤率增加約 80 個基點。對於佔總銷售額 7% 的工程系統部門，第一季收入下降了 10.5%，營業利潤受到銷售額下降和羅伯特前面提到的成本完成估算修訂的影響。

I will now pass the call back to Rob.

我現在將把電話轉回給 Rob。

Thanks, George. In conclusion, orders have been strong for two consecutive quarters with the increase almost entirely due to our longer cycle businesses such as defense and energy. However, given the nature of these businesses, converting much of the greater backlog to sales will not begin until the second half of 2024. At the same time, the pace of orders in our short-cycle instrumentation and imaging businesses did have a near-term sales impact in the first quarter and likely will continue to impact total sales in the second quarter of 2024.

謝謝，喬治。總之，訂單連續兩個季度強勁，成長幾乎完全歸功於我們的國防和能源等周期較長的業務。然而，考慮到這些業務的性質，將大部分積壓訂單轉化為銷售要到 2024 年下半年才能開始。一季度，並可能繼續影響2024 年第二季的總銷售額。

So while our current outlook for full year sales is flat with 2023, we expect second quarter sales to be sequentially flat with the first quarter and then increase in the second half of the year. The current market environment is premonition of the 2014 to 2016 period. That is when total Teledyne sales at earnings were flattish except market dynamics where the opposite of what we are experiencing today. Specifically, growth in certain short-cycle markets were partially offsetting declines in our longer cycle depends on energy businesses.

因此，雖然我們目前對全年銷售額的展望與 2023 年持平，但我們預計第二季銷售額將連續與第一季持平，然後在下半年有所成長。目前的市場環境是2014年至2016年期間的預兆。當時 Teledyne 的總銷售額與獲利持平，但市場動態與我們今天所經歷的情況相反。具體來說，某些短週期市場的成長部分抵消了依賴能源業務的較長週期的下降。

Hopefully, at this time, the recovery in the short cycle businesses would be shortage. In any event, during the 2014 through 2016, we executed approximately $400 million of opportunistic share repurchases, completed 10 acquisitions and subsequently experienced significant sales and earnings growth when market normalize.

希望此時短週期業務的復甦會出現短缺。無論如何，在 2014 年至 2016 年期間，我們執行了約 4 億美元的機會性股票回購，完成了 10 項收購，隨後在市場正常化時實現了銷售和盈利的顯著增長。

Today, we're pleased to renew our stock repurchase authorization and plan to begin repurchasing shares this quarter. At the same time, because of our strong balance sheet, we're continuing to evaluate a number of acquisition opportunities. I will now turn the call over to Steve.

今天，我們很高興更新我們的股票回購授權，並計劃在本季開始回購股票。同時，由於我們強大的資產負債表，我們正在繼續評估一些收購機會。我現在將把電話轉給史蒂夫。

Robert, and good morning. I'll first discuss some additional financials for the quarter not covered by Robert, and then I will discuss our second quarter and full year 2024 outlook. In the first quarter, cash flow from operating activities was $291 million compared with $203 million in 2023. Free cash flow, that is cash from operating activities less capital expenditures was $275.1 million in the first quarter 2024 compared with $178.6 million in 2023.

羅伯特，早安。我將首先討論 Robert 未涵蓋的本季的一些其他財務數據，然後我將討論我們的第二季和 2024 年全年展望。第一季度，經營活動產生的現金流為2.91 億美元，而2023 年為2.03 億美元。 。

Cash flow increased in the first quarter due to stronger working capital performance. Capital expenditures were $15.9 million in the first quarter of 2024 compared with $24.4 million in 2023.

由於營運資金表現強勁，第一季現金流量增加。 2024 年第一季的資本支出為 1,590 萬美元，而 2023 年第一季的資本支出為 2,440 萬美元。

Depreciation and amortization expense was $78 million for the first quarter of 2024 compared with $82.1 million in 2023. We ended the quarter with approximately $2.33 billion of net debt. That is approximately $3.25 billion of debt less cash of $912.4 million.

2024 年第一季的折舊和攤銷費用為 7,800 萬美元，而 2023 年為 8,210 萬美元。這大約是 32.5 億美元的債務減去 9.124 億美元的現金。

Now turning to our outlook. Management currently believes that GAAP earnings per share in the second quarter of 2024 will be in the range of $3.57 to $3.70 per share, with non-GAAP earnings in the range of $4.40 to $4.50 per share. And for the full year 2024, our GAAP earnings per share outlook is $16.02 to $16.27. And on a non-GAAP basis, $19.25 to $19.45 per share. The 2024 full year estimated tax rate, excluding discrete items, is expected to be 22.5%.

現在轉向我們的展望。管理層目前認為，2024 年第二季的 GAAP 每股收益將在每股 3.57 美元至 3.70 美元之間，非 GAAP 收益將在每股 4.40 美元至 4.50 美元之間。對於 2024 年全年，我們的 GAAP 每股收益預期為 16.02 美元至 16.27 美元。以非公認會計準則計算，每股收益為 19.25 美元至 19.45 美元。 2024年全年預估稅率（不包括離散項目）預計為22.5%。

I will now pass the call back to Robert.

我現在將把電話轉回給羅伯特。

We would now like to take your questions. Operator, if you're ready to proceed with the questions and answers, please go ahead.

我們現在願意回答您的問題。接線員，如果您準備好繼續提問和回答，請繼續。

(Operator Instructions)

（操作員說明）

Our first question is going to come from Jim Ricchiuti with Needham & Company.

我們的第一個問題將來自 Needham & Company 的 Jim Ricchiuti。

First question, just given the weakness that you're seeing in some of the higher-margin areas of the short-cycle business. I wonder how you're thinking about gross margins over the next couple of quarters.

第一個問題，考慮到您在短週期業務的一些高利潤領域看到的弱點。我想知道您如何看待未來幾季的毛利率。

In terms of the gross margin, we're looking at relatively flat gross margins of somewhere around 43%. Yes.

就毛利率而言，我們預計毛利率相對平穩，約為 43%。是的。

All right. Robert, with the shift in and capital allocation. I'm wondering what does this really imply just in terms of the M&A pipeline? Are you still seeing more opportunities for the smaller deals as opposed to the larger M&A. Is that a fair way to characterize the environment right now?

好的。羅伯特，隨著資本配置的轉變。我想知道這對併購通路來說到底意味著什麼？與大型併購相比，您是否仍然認為小型交易有更多機會？這是描述當前環境的公平方式嗎？

Jim, kind of, but let me just start with some numbers that are significant. Our debt-to-EBITDA is at 1.7x now. We have one acquisition in the pipeline. Once we make that, we would spend up over $300 million since we bought FLIR in acquisitions. If we don't do anything else, by the end of the year, our debt-to-EBITDA ratio would be closer to 1.3x where it is at 1.7x today. So we think that it's an appropriate time, first, to look at our stock and repurchase some shares because since we bought FLIR, our shares have increased by almost 700,000 shares because of option exercises and restricted stock awards.

吉姆，是的，但讓我從一些重要的數字開始。我們的債務與 EBITDA 比率現在為 1.7 倍。我們正在進行一項收購。一旦我們做到了這一點，自從我們透過收購收購 FLIR 以來，我們將花費超過 3 億美元。如果我們不採取任何其他措施，到今年年底，我們的債務與 EBITDA 比率將接近 1.3 倍，而目前為 1.7 倍。因此，我們認為現在是時候審視我們的股票並回購一些股票，因為自從我們購買 FLIR 以來，由於選擇權行使和限制性股票獎勵，我們的股票已增加了近 700,000 股。

We like to get that off the table first. But at the same time, we have a lot of capacity for acquisitions. We can spend up to $1.5 billion, $2 billion because we haven't touched our line of credit at all and we have cash on hand. So we are looking at acquisitions. The issue is that smaller acquisitions, we may be able to complete this year, larger acquisitions, even if we find it with all the various regulatory hurdles that you have to go through what happen until next year.

我們希望先把這個問題排除在外。但同時，我們有很大的收購能力。我們最多可以花15億、20億美元，因為我們根本沒有觸及我們的信用額度，而且我們手頭上有現金。所以我們正在考慮收購。問題是，規模較小的收購，我們可能能夠在今年完成，規模較大的收購，即使我們發現它有各種監管障礙，你必須經歷明年才會發生的事情。

But the answer is we're going to do both. We're going to do exactly what we did in 2014 to '16. We bought our shares back. We bought 10 companies. And then some of our competitors didn't do as well in that constricted period. We were able to acquire it to be right after that because we had financial where we don't. So I don't know if that answers your question.

但答案是我們將兩者兼具。我們將完全按照 2014 年至 16 年所做的那樣去做。我們買回了我們的股票。我們買了10家公司。然後我們的一些競爭對手在那段有限的時間內表現不佳。我們能夠在那之後立即獲得它，因為我們有財務，而我們沒有。所以我不知道這是否回答了你的問題。

It helps. I mean, in the past, it was more recently, you've talked about valuations still being a bit on the risk side, do you see -- as you look at the pipeline for some of the larger M&A, have you seen any change in terms of the prices out there that it's going to take to do some of these larger deals?

它有助於。我的意思是，在過去，最近，您談到估值仍然有點風險，您看到了嗎？的價格而言？

Not yet. On the other hand, I have to tell you, Jim, they haven't done come out with their earnings. And in this market, kind of a bifurcated market, I expect that some of those will come down, and there will be -- just like it did before. Interestingly, enough history does repeat itself. It doesn't repeat itself on the time scale that we always expect, but repeat it.

還沒有。另一方面，我必須告訴你，吉姆，他們還沒有公佈他們的收入。在這個市場上，有點分叉的市場，我預計其中一些會下降，並且會出現——就像以前一樣。有趣的是，足夠的歷史確實會重演。它不會在我們總是期望的時間尺度上重演，而是重複它。

Our next question is going to come from Greg Konrad with Jefferies.

我們的下一個問題將由傑弗里斯的格雷格·康拉德提出。

This is a bit of an unusual question, but one I've been getting from investors and in light of the uncharacteristic guidance cut, which there hasn't really been many over the past 20 years. Is Teledyne different today than what has made it so successful thinking back over the past 20 years? Or what's really changed just given some of these uncharacteristic items? Or is this just you think about it as part of the normal cycle?

這是一個有點不尋常的問題，但我一直從投資者那裡得到這個問題，考慮到過去 20 年來這種不尋常的指引下調並不多。回顧過去 20 年，如今的 Teledyne 是否與它如此成功的原因有所不同？或者僅僅考慮到這些不尋常的項目，真正發生了什麼變化？還是這只是你認為它是正常週期的一部分？

Well, two things. First, in the 25 years or so -- we've only had this occasion in 4 earnings call -- So almost 100 earnings calls and releases. We've experienced this 4x, 4%. So it's not something that happens very frequently. The flip side of it is that the economy and the markets are not quite predictable. Some parts of the economy are doing well. Like our marine businesses are devising the ball out of the park.

嗯，有兩件事。首先，在大約 25 年的時間裡——我們只在 4 次財報電話會議中遇到過這種情況——所以幾乎有 100 次財報電話會議和發布。我們經歷過這個 4x, 4%。所以這不是經常發生的事情。另一方面是經濟和市場不太可預測。經濟的某些部分錶現良好。就像我們的海洋企業正在設計出公園外的球一樣。

And defense, of course, is doing well with our recent passage, et cetera, we intently expect that to continue. What is unusual is that the prediction of the slowdown in industrial automation took us by surprise. We thought in January that we would be relatively flat for the year in our machine vision businesses. And now we certainly faced with in projecting 20% decline. Now that seems like a lot, but it's only $120 million. What is different today from the past is that Teledyne can absorb those kinds of shock much more easily than it could before.

當然，防守在我們最近的通過等方面表現良好，我們熱切希望這種情況能繼續下去。不同尋常的是，工業自動化放緩的預測讓我們感到驚訝。我們在一月份認為我們的機器視覺業務今年將相對持平。現在我們肯定面臨著預期 20% 的下降。現在看起來很多，但實際上只有 1.2 億美元。今天與過去的不同之處在於 Teledyne 比以前更容易吸收這些衝擊。

In 2015, '16, when oil went from over $100 down to $30, that was a shocker to Teledyne because our revenue was only $2.5 billion, $2.6 billion. And we had increased our marine businesses by almost 1/3 over a very short period of time. So what is different is that the shock absorber in Teledyne is a lot different and can absorb shocks like that. And we did this quarter, everything else being equal. When I look at it, I said, look, we have two hits that we took in long forth. So one of them was this significant decline in industrial automation. And some semiconductor, but semiconductor conductor seems to be recovering slowly.

2015 年，也就是 16 年，油價從 100 多美元跌至 30 美元，這讓 Teledyne 感到震驚，因為我們的收入只有 25 億美元、26 億美元。我們的海運業務在很短的時間內增加了近 1/3。所以不同的是 Teledyne 的避震器有很大不同，可以吸收那樣的震動。在其他條件相同的情況下，我們本季做到了。當我看到它時，我說，看，我們有兩個我們很長時間以來的點擊。其中之一就是工業自動化的顯著下降。還有一些半導體，但半導體導體似乎正在緩慢恢復。

So we see signs of that. And I think the machine vision will come back. We took another hit in our Engineered Systems business, which was unexpected. But we had to go in and look at everything and do some estimates and change our estimates to complete. That was a onetime event. So I'm not going to worry about that too much. What I am saying is that, look, yes, we took a hit, and we're taking our revenue down by $220 million part of (inaudible). In the old days, at those days, we've taken a $220 million hit, that would have been just devastating. We recovered those kinds of shocks, I think we'll recover this time as well if not better because we have the muscle and the ability and credit to buy companies when necessary buyback our stocks.

所以我們看到了這種跡象。我認為機器視覺將會回歸。我們的工程系統業務再次遭受了意想不到的打擊。但我們必須進去查看所有內容並進行一些估計並更改我們的估計才能完成。那是一次性事件。所以我不會太擔心這個問題。我想說的是，是的，我們受到了打擊，我們的收入減少了 2.2 億美元（聽不清楚）。在過去，那時候，我們遭受了 2.2 億美元的損失，這將是毀滅性的。我們已經恢復了這些衝擊，我認為這次我們也會恢復，如果不是更好的話，因為我們有實力、有能力和信譽來購買公司，在必要時回購我們的股票。

And then -- I appreciate that. And maybe just kind of a follow-up to that. I mean, just thinking back to what Teledyne did out of the oil and gas downturn and there was the sequester before that and impacted Defense. I mean if I remember back, I mean you took pretty aggressive actions, and we saw with margins and growth out of those two downturns. I mean is there similar actions that you're undertaking on the short cycle side, does that offer opportunity maybe to examine the margins where you have an even better kind of trajectory coming out of market recovery?

然後——我很感激。也許只是後續行動。我的意思是，回想一下 Teledyne 在石油和天然氣低迷時期所做的事情，以及在此之前的隔離措施並影響了國防。我的意思是，如果我記得的話，我的意思是你們採取了相當積極的行動，我們看到了這兩次低迷帶來的利潤和成長。我的意思是，您在短週期方面是否採取了類似的行動，這是否提供了機會來檢查您在市場復甦中擁有更好的軌蹟的利潤率？

Yes. First, if you look at the FLIR businesses, year-over-year, the margins are up almost 200 basis points year-over-year. And the reason that happened is very simple. We took about $52 million worth of cost out last year, and we're taking additional $10 million to $15 million cost of this year early on. So that is affecting the margin. If you look at the DALSA e2v, which is our traditional businesses, our estimates are that by the end of second quarter, we have taken another $40 million out of that, altogether, we're talking about almost $100 million in cost.

是的。首先，如果你看看 FLIR 業務，你會發現利潤率年增了近 200 個基點。發生這種情況的原因很簡單。去年我們削減了約 5,200 萬美元的成本，今年年初我們又額外削減了 1,000 萬至 1,500 萬美元的成本。這會影響利潤。如果你看看 DALSA e2v，這是我們的傳統業務，我們的估計是，到第二季末，我們又從中獲得了 4000 萬美元，總共，我們談論的是近 1 億美元的成本。

And we anticipate the DALSA e2v margins were the lowest have been for a long time. They were at 19.5% in Q1. We expect that to recover. And frankly, we expect the overall margins for Digital Imaging to be flat with last year on much lower revenues. So it basically says that -- we have taken the cost of and if need be, we'll take more. But I think right now, we're doing okay. We're just not very aggressive in our hiring.

我們預計 DALSA e2v 的利潤率將是很長一段時間以來的最低水準。第一季的比例為 19.5%。我們預計這種情況將會恢復。坦白說，我們預計數位成像的整體利潤率將與去年持平，因為收入要低得多。所以它基本上是說——我們已經承擔了成本，如果需要，我們將承擔更多。但我認為現在我們做得還不錯。我們只是在招募方面不太積極。

Our next question comes from Joe Giordano with TD Cowen.

我們的下一個問題來自 Joe Giordano 和 TD Cowen。

Maybe I'll start on (inaudible) as well. Just curious on the timing of this, right? Because if you look at some of the pure players within vision they had huge declines last year and you guys did okay relative to them last year. And now this year, it seems like we may yet to report largely, but it sounds like they're going to be sequentially improving offload levels starting right now. And it seems like now is when you guys are starting to see declines. So I'm just curious your thoughts on that timing mismatch is because it's pretty short cycle stuff.

也許我也會開始（聽不清楚）。只是好奇這發生的時間，對吧？因為如果你看看一些在視野範圍內的純粹球員，他們去年的成績大幅下滑，而你們去年相對於他們來說表現還不錯。今年，我們似乎可能還沒有大量報告，但聽起來他們將從現在開始逐步提高卸載水準。現在似乎是你們開始看到下降的時候。所以我只是好奇你對時間不匹配的看法是因為它是一個非常短的週期。

It is. We know a couple of businesses that took a pretty good hit, but their quarters are kind of a little different and the yields are a little different from ours. They took a pretty big hit and lower their numbers significantly. So now they're coming up from the bottom, slightly better. We didn't take a hit because we didn't have short-cycle declines of the magnitude. So we anticipated it would happen, but it happened fast. And we took the cost off.

這是。我們知道有幾家企業遭受了相當大的打擊，但他們的季度有點不同，收益率也與我們的有點不同。他們遭受了相當大的打擊，人數大幅減少。所以現在他們正在從底部上升，稍微好一些。我們沒有受到打擊，因為我們沒有出現如此大規模的短週期下跌。所以我們預料到它會發生，但它發生得很快。我們降低了成本。

The flip side of it is that in even digital imaging, we have, of course, the short-cycle businesses, but we also have long-cycle business like space and defense. And those markets are doing really well. So I got to be a little careful when we designate what is digital imaging. The -- basically, the average we think in the second half, we will recover because of the space in this business.

另一方面是，即使在數位成像領域，我們當然也有短週期業務，但我們也有像太空和國防這樣的長週期業務。這些市場表現非常好。因此，當我們指定什麼是數位成像時，我必須小心一點。基本上，我們認為下半年的平均水平將因該業務的空間而恢復。

And then just a follow-up on the question earlier about is Teledyne different today. I think what you guys have been known for so long is being very good estimators of your own businesses with high precision. And when you think about all the M&A companies you've done, does that become just inherently more challenging today versus a decade ago just because you have so many more businesses. And is there maybe -- does there need to be a tinkering of the process with how you communicate upwards from the businesses towards management to fine-tune the budgeting process in light of some of these being caught off guard here?

接下來是對先前問題的後續討論，即 Teledyne 今天是否有所不同。我認為你們長期以來所知道的就是對自己企業的高精度估算。當你想到你所完成的所有併購公司時，與十年前相比，今天的併購本質上是否變得更具挑戰性，只是因為你擁有了更多的業務。鑑於其中一些措手不及，是否需要對從業務到管理層向上溝通的流程進行修改，以微調預算流程？

Well, I mean you're right in one respect. And I'll kind of paraphrase, but it is that the estimating the short cycle businesses actually always been inherently challenging. The flip side is the part that you mentioned, we have a lot of businesses, et cetera. That part is actually a help to us rather than a hindrance because it opens up the platform from which you can make acquisitions. And that is true and it will remain true. So we will accelerate that. The only we don't want to do is make stupid acquisitions with very high prices that are not going to be accretive. But the acquisitions we will do -- we had a larger platform to do that with.

嗯，我的意思是你在一方面是對的。我會解釋一下，但對短週期業務的估計實際上總是具有內在的挑戰性。另一方面就是你提到的部分，我們有很多業務等等。這部分實際上對我們來說是幫助而不是障礙，因為它打開了您可以進行收購的平台。這是事實，也將繼續如此。所以我們將加快這一進程。我們唯一不想做的就是以非常高的價格進行愚蠢的收購，而這些收購不會帶來增值。但我們將進行的收購——我們有一個更大的平台來做到這一點。

And like we just bought something in our Marine business, the (inaudible) in the U.K. And we have (inaudible), which is a digital imaging business. In the Netherlands, that we are going -- we're in the process of buying. The only difference between that business and our short cycle business is that they do a lot of custom imaging designs, and they have a significant market in imaging in the defense domain. So I think that this is an opportune time for us. Let's see what happens to the rest of the earnings and costs that come out.

就像我們剛剛在英國的海洋業務中購買了一些東西一樣，（聽不清楚）我們有（聽不清楚），這是一個數位成像業務。在荷蘭，我們正在購買。該業務與我們的短週期業務之間的唯一區別是，他們進行了大量的客製化成像設計，並且在國防領域的成像方面擁有重要的市場。所以我認為這對我們來說是一個好時機。讓我們看看剩下的收入和成本會發生什麼變化。

We didn't lower our numbers significantly. If we're lower, we'd be up now, right? So all we're saying is we're going to be flat with last year. Our margins are going to be the same by the end of the year. Our revenue is going to be about the same with that without making any acquisitions. Have enough muscles to buy our shares. And that's a good place to be with a -- even after those purchases, I think we'll end the year -- let's say, we bought $200 million of our stock. We still end the year below 1.5x debt-to-EBITDA ratio with -- which is below our target of 1.5x to 2.5x. So I think we're doing fine. I'm not worried.

我們沒有大幅減少人數。如果我們處於較低水平，我們現在就會上升，對嗎？所以我們想說的是我們將與去年持平。到今年年底，我們的利潤率將保持不變。我們的收入將與不進行任何收購的情況大致相同。有足夠的實力來購買我們的股票。這是一個很好的地方 - 即使在這些購買之後，我認為我們將在今年年底 - 比方說，我們購買了 2 億美元的股票。我們到年底的負債與 EBITDA 比率仍低於 1.5 倍，低於我們 1.5 倍至 2.5 倍的目標。所以我認為我們做得很好。我不擔心。

Our next question comes from Andrew Buscaglia with BNP.

我們的下一個問題來自法國巴黎銀行的安德魯·巴斯卡利亞 (Andrew Buscaglia)。

So I wanted to get a sense of how much this guidance is really derisked. Maybe number one, are you assuming buybacks in the guidance. And then secondly, why should we have confidence given the low visibility that there's not another step down here in some of the shorter-cycle areas?

所以我想了解這個指南到底有多少風險。也許第一，您是否在指南中假設回購。其次，考慮到在一些週期較短的領域不會再採取進一步的措施，可見度很低，為什麼我們應該有信心呢？

A very good question, Andrew. First, No. The buybacks are not built into the numbers primarily because we buy back, it's really going to affect next year's EPS not this year's. So that's fairly neutral for this year, depending on, of course, how much we bought. So I would put that aside. The second part of the question, we've struggled with that mildly over the last 10 days and with our Board in the last 2 days, trying to decide how conservative we should be or how aggressive we should be. We've ended up being somewhere in between the two.

這是一個非常好的問題，安德魯。首先，不會。因此，今年的情況相當中性，當然，這取決於我們購買了多少。所以我會把它放在一邊。問題的第二部分，我們在過去10 天裡一直在與我們的董事會進行輕微的鬥爭，並在過去2 天裡與我們的董事會一起努力決定我們應該採取多麼保守的態度或我們應該採取多麼激進的態度。我們最終處於兩者之間。

We think that we have derisked some of the downside. On the other hand, we haven't derisked it all. Flip side, our defense businesses have relatively good backlog and the overall backlog in the company is 1.06. So the defense space businesses are going to come back in the second half. So they're going to balance that. In a situation like this, you can do one or two things. You can really lower the numbers and just play it very safe. or you can do what is a reasonable judgment of what you see in the market and go forward. We've taken the latter approach.

我們認為我們已經規避了一些不利因素。另一方面，我們並沒有消除這一切的風險。另一方面，我們的國防業務有相對較好的積壓，公司整體積壓為1.06。因此，國防航太業務將在下半年復甦。所以他們會平衡這一點。在這種情況下，您可以做一兩件事。你確實可以降低數字並且非常安全。或者你可以根據你在市場上看到的情況做出合理的判斷並繼續前進。我們採取了後一種方法。

Yes. Okay. Okay. Just -- I think some investors are also somewhat confused by the small portion of the sales, it seems like a small portion of digital imaging is driving sort of the profound declines. Can you kind of walk through within digital imaging. We know machine vision is weak, but that's probably only low double digits as a percentage of that segment. Can you walk through the other items beyond just machine vision and tell us how much that is as a percentage of that segment sales. So that we could (inaudible) around what's affecting the overall decline?

是的。好的。好的。只是 - 我認為一些投資者也對一小部分銷售感到有些困惑，似乎一小部分數位成像正在推動大幅下滑。您能大致了解數位成像嗎？我們知道機器視覺很弱，但這可能只是該細分市場中較低的兩位數百分比。您能否介紹一下機器視覺之外的其他項目，並告訴我們它佔該細分市場銷售額的百分比。這樣我們就可以（聽不清楚）解決影響整體下降的因素？

Sure. First, let's start with the machine vision specifically. Approximately $600 million in 2023. We projecting a decline of about $120 million of debt. So -- the reason it's affecting other things is that the highest margin businesses that we have in digital imaging. And overall, there are -- when you put the two parts together, which is DALSA e2v, (inaudible) and FLIR, our total revenue there is going to be down about by year-end, about 1.5%. So it's not a big number, right? 1.5% but that's 1.5% with something like over $2.1 billion. So It's meaningful only because the top line $2.1 billion is significant. And it's our highest margin business. By year-end, we're projecting that basically, the declines would be 1.5% overall. With FlIR up and DALSA e2v down because of that. I don't know if that answers your question. The numbers when you look at them look large, but in retrospect, it's not huge, it's 1.5% of the total.

當然。首先，我們具體從機器視覺開始。 2023 年約 6 億美元。所以——它影響其他事情的原因是我們在數位成像領域擁有最高的利潤業務。總的來說，當你把 DALSA e2v（聽不清楚）和 FLIR 這兩個部分放在一起時，我們的總收入到年底將下降約 1.5%。所以這不是一個很大的數字，對嗎？ 1.5%，但那是 1.5%，大約超過 21 億美元。所以它之所以有意義，只是因為 21 億美元的收入非常可觀。這是我們利潤率最高的業務。到年底，我們預計整體下降幅度基本上為 1.5%。因此，FlIR 上升，DALSA e2v 下降。我不知道這是否回答了你的問題。這個數字乍看之下很大，但回想起來，並不大，只佔總數的1.5%。

Yes. Okay. And beyond machine vision or what other areas or short cycle that are out of favor?

是的。好的。除了機器視覺之外，還有哪些領域或短週期不受歡迎？

Well, the only other one that I would say is out of favor. I wouldn't call it out of favor. I would say it's decline. It's test and measurement. Test and measurement is the oscilloscopes and protocol solutions that we have. Last year, we had $340 million of revenue there. We expect right now that in January, we thought it remained flat. Now we expecting it to go down about 10%. So that's $30 million in revenue.

好吧，我唯一要說的另一件事是失寵了。我不會說它不受歡迎。我想說的是衰落。這是測試和測量。測試和測量是我們擁有的示波器和協議解決方案。去年，我們在那裡的收入為 3.4 億美元。我們現在預計一月份的情況將保持穩定。現在我們預計它會下降約 10%。這就是 3000 萬美元的收入。

The good part of that is that its margins are remaining very healthy and at the very high end of all of our margins, and we can take that decline in revenue without having a big hit anywhere out because Marine is making up those sales decline. The last area, which is a little different is the engineered system.

好的方面是，它的利潤率仍然非常健康，處於我們所有利潤率的最高水平，我們可以承受收入的下降，而不會受到任何重大打擊，因為海洋正在彌補這些銷售下降。最後一個有點不同的領域是工程系統。

In 2023, we had $440 million in revenue. Right now, we're projecting about a 10% decline or about $35 million to $40 million decline. If there is a good part to it is that, that's only 7% of our portfolio, and it's our lowest margin business at 10% or less. So that's why while the surprise here is that yes, we do have declines. What we're saying we are going to keep our revenue the same as last year. And our operating margins are going to be the same as last year in an environment that's a little more constricted for our digital imaging short cycle business.

2023 年，我們的收入為 4.4 億美元。目前，我們預計將下降約 10%，即下降約 3,500 萬至 4,000 萬美元。如果說它有一個好的部分的話，那就是它只占我們投資組合的 7%，而且是我們利潤率最低的業務，為 10% 或更低。這就是為什麼雖然令人驚訝的是，是的，我們確實出現了下降。我們所說的是我們將保持收入與去年相同。在我們的數位成像短週期業務稍微受限的環境下，我們的營業利潤率將與去年相同。

(Operator Instructions)

（操作員說明）

Next, we will go to Kristine Liwag with Morgan Stanley.

接下來，我們將與摩根士丹利一起前往Kristine Liwag。

This is Gaby on for Kristine. So I was just wondering if you can provide some -- a little bit of color if you've been seeing improvements in the supply chain and your expectations for the supply chain going forward and how that's going to impact throughout the year?

這是克里斯汀的蓋比。所以我想知道您是否可以提供一些東西——如果您看到供應鏈有所改善，您對供應鏈未來的期望以及這將如何影響全年？

Thank you very much. Great question. The supply chain improved in 2023 significantly versus 2022. It has improved further this year. Just to give you exact number, we -- when we buy from brokers, we pay higher percentages of price. Last year in the first quarter, we bought about $10 billion for electronic buyers broker. This year, first quarter, we only bought a little over $2 million. So I think there's been significant improvement.

非常感謝。很好的問題。與 2022 年相比，2023 年的供應鏈得到了顯著改善。只是為了給你確切的數字，當我們從經紀人那裡購買時，我們支付更高的價格百分比。去年第一季度，我們為電子買家經紀商購買了約100億美元。今年第一季度，我們只購買了略高於 200 萬美元的資金。所以我認為已經有了顯著的進步。

Having said that, there are couple of suppliers that make very sophisticated board or device -- semiconductor devices that are still lagging and it's more of a delay problem rather that a price problem. So I think the supply chain is okay. We're experiencing some delays of some sophisticated part. Other than that, I think that's behind.

話雖如此，有一些供應商生產非常複雜的電路板或設備——半導體設備仍然落後，這更多的是延遲問題而不是價格問題。所以我認為供應鏈是好的。我們遇到了一些複雜部分的延遲。除此之外，我認為這是落後的。

Our next question is going to come from Noah Poponak from Goldman Sachs.

我們的下一個問題將來自高盛的諾亞·波波納克。

Robert, you have the second quarter revenue to be about flat from the first the year-over-year rate of decline would need to accelerate. Is that right? Is that what you're anticipating?

羅伯特，第二季的營收與第一季基本持平，年減速度需要加快。是對的嗎？這就是你所期待的嗎？

Right now, we're anticipating that it will be flat only because -- the answer is yes, only because we don't think our -- where we have really good backlog, it's got to kick in until the third quarter. The decline about, 4.5% from last year year-over-year in second quarter, yes.

現在，我們預計它會持平，只是因為——答案是肯定的，只是因為我們認為我們的——如果我們有很好的積壓，它必須要到第三季才能開始。第二季年減約4.5%，是的。

Okay. Yes. And then I guess that would imply kind of mid-single-digit organic revenue growth year-over-year in the back half. I was going to ask -- you just alluded to it, but I was going to ask how much of that is kind of purely visibility from longer cycle things in the backlog versus what's the assumption embedded in that on the short cycle side?

好的。是的。然後我想這將意味著下半年有機收入將實現中個位數的年增長。我本來想問——你剛剛提到了這一點，但我想問的是，其中有多少是純粹從待辦事項中的較長週期事物中獲得的可見性，與短週期方面嵌入的假設是什麼？

I think primarily, it's what we have in the long cycle, the majority of that recovery is in what we have in our back maybe 3.5% to 4% improvement in revenue in the second half. There is a little bit of positivity in some of our short type of businesses only because our larger customers or platforms on which we serve like semiconductors. The data shows that it's better than it was last year and improving its up. So we have a little of that in mind. That -- so I think that's there but we're not counting on industrial automation, other things to improve significantly because frankly, we have no visibility.

我認為，這主要是我們在長週期中所擁有的，大部分復甦來自於我們下半年的收入可能會提高 3.5% 到 4%。我們的一些短期業務有一點積極性，只是因為我們服務的較大客戶或平台（例如半導體）。數據顯示，比去年好，而且還在進步。所以我們有一些想法。所以我認為這是存在的，但我們並不指望工業自動化或其他方面能夠顯著改進，因為坦白說，我們沒有可見性。

Okay. What are the pieces of the Engineered Systems margin in the quarter? Is there -- I assume there's some kind of cumulative catch-up adjustment mark-to-market write-down in that?

好的。本季工程系統利潤有哪些部分？我認為其中是否存在某種累計追趕調整按市值計價的減記？

Yes. What happens in that business is that, as you well know, we're obligated to do (inaudible) accounting. As you estimate your cost and completion timing. When went back and looked pretty hard, we saw that some of the costs were higher than we had anticipated.

是的。如您所知，該業務中發生的情況是，我們有義務進行（聽不清楚）會計。當您估算成本和完成時間。當我們回頭仔細觀察時，我們發現有些成本比我們預期的還要高。

So we adjusted those. I think that took kick out of our sales. But when you do cost to cost, what you take the sales down, let's say, several million dollars, you have to take the profit down the same amount. So that's what took the hit. But I think we know exactly what happens. We'll fix it, we are fixing it, and we should get beyond that as we move forward.

所以我們調整了這些。我認為這對我們的銷售產生了影響。但是，當你計算成本比時，你將銷售額減少多少，比方說，幾百萬美元，你就必須將利潤減少相同的數額。這就是受到打擊的原因。但我認為我們確切地知道會發生什麼。我們會解決它，我們正在解決它，隨著我們的前進，我們應該超越這個問題。

Do you know the size of in front of you guys there on how much of a markdown you took in the quarter?

您知道在你們面前的本季降價幅度有多大嗎？

Well, we took in Q1, we took about a $7 million EBIT hit, which was basically $0.10 to $0.11. So if that happened, we would have made our earnings.

嗯，我們在第一季獲得了大約 700 萬美元的息稅前利潤，基本上是 0.10 到 0.11 美元。因此，如果發生這種情況，我們就會獲利。

Okay.

好的。

Despite the downturn in a short cycle imaging. We'll fix that.

儘管短週期成像低迷。我們會解決這個問題。

Got it. That's helpful. That's helpful. Last one, I guess, given how much you've now delevered balance sheet, net debt-to-EBITDA post FLIR integration. You're still going to have pretty healthy free cash flow despite tweaks you're making here today. If you're coming out with a share repurchase, I guess the number you're talking about is kind of small relative to your forward annual free cash flow generation, how much balance sheet firepower you have if you were to take leverage a little higher, a little bit of like if you're going to layup, layup type of thing.

知道了。這很有幫助。這很有幫助。最後一個，我想，考慮到您現在已經在 FLIR 整合後對資產負債表、淨債務與 EBITDA 進行了多少去槓桿化。儘管您今天在這裡進行了調整，但您仍然將擁有相當健康的自由現金流。如果你要進行股票回購，我想你所說的數字相對於你的遠期年度自由現金流生成量來說有點小，如果你要提高槓桿率，你的資產負債表火力有多大，有點像如果你要上籃，上籃之類的事情。

I guess I'm surprised that you -- maybe part of it is you formulated all of this before the moving stock today. Is there a scenario where you reevaluate something more aggressive in 2024? Do you need to keep room for the M&A pipeline? How would you respond to that?

我想我很驚訝你——也許部分原因是你在今天移動股票之前製定了所有這些。您是否會在 2024 年重新評估更積極的措施？您需要為併購通路保留空間嗎？你對此有何反應？

Well, two ways. First, we'll put out the case about our authorization. And if you look at that, we have authorization to go from what we said was $200 million to $250 million to $300 million. We can go up to $1.25 billion in buybacks.

嗯，有兩種方法。首先，我們將介紹我們的授權案例。如果你看一下，我們有權利從我們所謂的 2 億美元到 2.5 億美元再到 3 億美元。我們最多可以回購 12.5 億美元。

It's -- as you know, Noah, that depends on the stock price and how the market reacts. But at the lower stock price, that we -- I'm just looking at this morning, I was looking at this morning, that would be a significant number of shares. We can do that if we choose. We still have enough powder to make acquisitions. Frankly, that part of our portfolio doesn't bother me.

如你所知，諾亞，這取決於股價和市場的反應。但在股價較低的情況下，我們——我今天早上看到的，我今天早上看到的，這將是相當數量的股票。如果我們選擇的話，我們就可以做到。我們還有足夠的粉末進行收購。坦白說，我們投資組合的這一部分並不困擾我。

If you look at final data point you may want to know is we have only $150 million of fixed debt that we have to pay in the second half of 2024 in October, $150 million. We just paid for $50 million. The next payment doesn't have come due until 2026. And then if you look forward the next 3 or 4 payments, our average borrowing cost, and those are all fixed. Our average borrowing cost is more like 2.35%. So that's about as an idea that the as you want to have. And as we generate cash, we can buy the shares and we can make acquisitions. And we haven't even touched our line of credit yet. So from that perspective, I feel pretty comfortable.

如果您查看最終數據點，您可能想知道我們只有 1.5 億美元的固定債務，必須在 2024 年下半年（即 10 月）支付，即 1.5 億美元。我們剛剛支付了 5000 萬美元。下一筆付款要到 2026 年才會到期。我們的平均借貸成本約為 2.35%。所以這就是你想要的一個想法。當我們產生現金時，我們可以購買股票並進行收購。我們甚至還沒有觸及我們的信用額度。所以從這個角度來說，我感覺很舒服。

And at this time, there are no additional questions in queue.

此時，隊列中沒有其他問題。

Thank you very much. We would like now to conclude the conference operator, I will now ask Jason to do so.

非常感謝。我們現在要結束會議操作員，我現在請傑森這樣做。

Thank you, John, and thanks, everyone, for joining the earnings call this morning. Again, all the earnings release are on our website. The reply is available. And for those on the call, please feel free to (inaudible) talk further. So thank you, everyone.

謝謝約翰，也謝謝大家參加今天早上的財報電話會議。同樣，所有收益發布都在我們的網站上。回覆可用。對於那些正在通話的人，請隨時（聽不清楚）進一步交談。謝謝大家。

As we mentioned, this conference has been recorded for replay, which will be available for one month starting at 10:00 a.m. Pacific Time today and ending May 24, 2024 midnight. To access and listen to the replay at any time, you can call (866) 207-1041 and use access code 832-7266 International callers, you can use the number (402) 970-0847 and again, for domestic, that is (866) 207-1041 and international (402) 970-0847 and the access code to use is 832-7266. And that does conclude your conference call for today. We do thank you for your participation and for using AT&T Event Conferencing. You may now disconnect.

正如我們所提到的，本次會議已進行重播錄製，重播時間為一個月，從太平洋時間今天上午 10:00 開始，到 2024 年 5 月 24 日午夜結束。若要隨時存取和收聽重播，您可以撥打 (866) 207-1041 並使用存取碼 832-7266 國際來電者，您可以使用號碼 (402) 970-0847，然後再撥打國內號碼，即 ( 866) 207 -1041 和國際(402) 970-0847，使用的接取碼是832-7266。今天的電話會議到此結束。我們衷心感謝您的參與和使用 AT&T Event Conferencing。您現在可以斷開連線。