Thermon Group Holdings Inc (THR) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Thermon's earnings conference call Q1 fiscal year 2026. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加賽盟 2026 財年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce you to your host, Ivonne Salem, Vice President, FP&A and IR. Thank you, Ivonne. You may begin.

現在我很高興向您介紹主持人、FP&A 和 IR 副總裁 Ivonne Salem。謝謝你，伊馮娜。你可以開始了。

Good morning, and thank you for joining Thermon Group's first quarter fiscal 2026 results conference call. Leading the call today are CEO, Bruce Thames; and Chief Financial Officer, Jan Schott. Earlier this morning, we issued an earnings press release, which has been filed with the SEC on Form 8-K and is also available on the Investor Relations section of our website.

早安，感謝您參加賽盟集團 2026 財年第一季業績電話會議。今天主持電話會議的是執行長 Bruce Thames 和財務長 Jan Schott。今天早些時候，我們發布了一份收益新聞稿，該新聞稿已以 8-K 表格形式提交給美國證券交易委員會，也可在我們網站的投資者關係部分查閱。

Additionally, the slides for this conference call can be found in our IR website under News and Events, IR Calendar, earnings conference call Q1 2026. During the call, we will discuss some items that do not conform to generally accepted accounting principles.

此外，本次電話會議的幻燈片可以在我們的 IR 網站的「新聞和事件」、「IR 日曆」和「2026 年第一季財報電話會議」中找到。在通話過程中，我們將討論一些不符合公認會計原則的項目。

We have reconciled those items to the most comparable GAAP measures in the tables at the end of the earnings press release. These non-GAAP measures should be considered in addition to and not as a substitute for measures of financial performance reported in accordance with GAAP. I would like to remind you that during this call, we might make certain forward-looking statements regarding our company.

我們已將這些項目與收益新聞稿末尾表格中最具可比性的 GAAP 指標進行核對。這些非 GAAP 指標應被視為依照 GAAP 報告的財務績效指標的補充，而不是替代。我想提醒您，在本次電話會議中，我們可能會對我們公司做出某些前瞻性的陳述。

Please refer to our annual report and most recently quarterly report filed with the SEC for more information regarding our forward-looking statements, including the risks and uncertainties that could impact our future results.

有關我們的前瞻性陳述的更多信息，包括可能影響我們未來業績的風險和不確定性，請參閱我們向美國證券交易委員會提交的年度報告和最新季度報告。

Our actual results might differ materially from those contemplated by these forward-looking statements, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as it might be required by law.

我們的實際結果可能與這些前瞻性陳述所預期的結果有重大差異，我們不承擔公開更新任何前瞻性陳述的義務，無論是由於新資訊、未來發展或其他原因，除非法律可能要求。

Today's call will begin with remarks from our CEO, Bruce Thames, who will provide a review of our recent business performance, including an update on our strategic initiatives, followed by a financial update and review from our CFO, Jan Schott.

今天的電話會議將以我們執行長 Bruce Thames 的演講開始，他將回顧我們最近的業務表現，包括我們策略舉措的最新情況，然後由我們的財務長 Jan Schott 進行財務更新和回顧。

Bruce will then wrap up our prepared remarks with an update on our business outlook. At the conclusion of these prepared remarks, we will open the line for questions.

布魯斯隨後將透過介紹我們的業務前景來結束我們準備好的演講。在這些準備好的發言結束後，我們將開放提問專線。

With that, I will turn the call over to Bruce.

說完這些，我將把電話轉給布魯斯。

Well, thank you, Ivonne, and good morning to everyone joining us on the call today. At a high level, I'm pleased to report that the team delivered resilient performance in the first quarter as they navigated a complex and rapidly evolving market landscape.

好吧，謝謝你，伊馮娜，今天參加我們電話會議的各位早安。從高層來看，我很高興地報告，團隊在第一季在複雜且快速變化的市場環境中表現出色。

The outcomes we achieve underscore the strength of our long-term vision and strategic initiatives, which are intentionally focused on driving a higher quality, more profitable revenue mix. Combined with proactive tariff mitigation efforts, these actions enabled us to achieve gross margin improvement over prior year, affirming the effectiveness of our operational framework and the agility of our organization.

我們所取得的成果凸顯了我們的長期願景和策略性舉措的力量，這些願景和策略性舉措旨在推動更高品質、更有利可圖的收入組合。這些措施與積極的關稅減免措施相結合，使我們的毛利率較上年有所提高，證明了我們營運框架的有效性和組織的靈活性。

However, the strength in our margin performance was offset by year over year decline in revenues that was largely attributable to temporary delays in backlog conversion and project execution timing. Factors we fully expect will translate into realized revenue in the upcoming quarters.

然而，我們利潤率表現的強勁被收入的同比下降所抵消，這主要歸因於積壓轉換和專案執行時間的暫時延遲。我們完全預期這些因素將在未來幾季轉化為已實現的收入。

Additionally, we experienced some softness in our incoming order rates following Liberation Day, which we anticipated as a risk coming into our fiscal year and is factored into our full year guidance. As we track our bookings trends through the quarter, we saw a sharp decline in the daily order rate in late April through May, followed by a notable recovery to more normalized levels in June.

此外，解放日之後，我們的訂單量有所下降，我們預計這將是我們財政年度面臨的一個風險，並且已將其計入全年業績預期中。當我們追蹤整個季度的預訂趨勢時，我們發現 4 月底至 5 月的每日訂單率急劇下降，隨後在 6 月顯著回升至更正常的水平。

On a positive note, order momentum has continued to build through the end of July. While the current market dynamics, particularly surrounding global trade, presents near-term unpredictability, our strategic focus and operational discipline have us well equipped to harness renewed momentum as conditions stabilize.

從積極的方面來看，訂單動能在七月底持續增強。儘管當前的市場動態（尤其是圍繞全球貿易的動態）呈現出短期不可預測性，但我們的策略重點和營運紀律使我們有能力在情況穩定時利用新的動力。

We remain confident in our strategic positioning to benefit from several very long-term secular growth drivers. This positioning, when combined with our robust approach to gross margin enhancement, sets a strong foundation for sustained growth and value creation for our stakeholders. With that as the backdrop, I'll begin my commentary with the first quarter highlights.

我們對我們的策略定位充滿信心，並將受益於幾個長期的長期成長動力。這一定位與我們提高毛利率的強大方法相結合，為我們的利害關係人的持續成長和價值創造奠定了堅實的基礎。以此為背景，我將從第一季的亮點開始我的評論。

As I just discussed, our first quarter revenues were impacted by roughly $10 million in delayed backlog conversion, which contributed to the 5% decline from prior year. These delays, which stem from short-term supply chain challenges and an unanticipated production delay caused by a capital improvement project are not indicative of lost revenue opportunity.

正如我剛才所討論的，我們的第一季營收受到約 1,000 萬美元積壓訂單轉換延遲的影響，導致營收較前一年下降 5%。這些延誤源自於短期供應鏈挑戰和資本改善項目造成的意外生產延誤，並不代表損失了收入機會。

They're simply a matter of timing. Our robust backlog, which continues to grow, positions us well to recognize these revenues in the quarters ahead. While our bookings during the first quarter were down 5% versus last year, we remain confident in our growth outlook.

這只不過是一個時間問題而已。我們的積壓訂單量持續成長，這使我們能夠在未來幾季實現這些收入。儘管我們第一季的預訂量與去年相比下降了 5%，但我們仍然對我們的成長前景充滿信心。

Our strength in bookings over the prior several quarters, the backlog at quarter end, up 27% from last year. The delayed revenues in Q1 and strong order trends at F.A.T.I., all combined to provide a clear path to achieve our revenue plan for the year.

我們前幾季的預訂量強勁，季末的積壓訂單量比去年同期成長了 27%。第一季的營收延遲和 F.A.T.I. 的訂單趨勢強勁，所有這些都為我們實現今年的營收計畫提供了清晰的途徑。

Additionally, our total bid pipeline was up 43% at quarter end, boosted by the Vapor Power acquisition and driven by activity across several key end markets, including chemical, petrochemical, power and nuclear, LNG and renewables. Based on these factors, we remain confident that we're well positioned to generate solid long-term organic growth.

此外，受 Vapor Power 收購的推動以及化學、石化、電力和核能、液化天然氣和再生能源等多個主要終端市場活動的推動，我們的總投標管道在本季度末增長了 43%。基於這些因素，我們仍然相信我們有能力實現穩健的長期有機成長。

As noted, I was very pleased with the team's execution to deliver strong gross margin performance during the quarter, which was up 30 basis points from last year despite the volume declines and impact of tariffs.

如上所述，我對團隊的執行力感到非常滿意，儘管銷量下降和關稅的影響，但本季的毛利率仍然比去年同期增長了 30 個基點。

The gross margin improvement was a direct function of our strategic shift toward higher-margin OpEx revenues across diverse end markets as well as our tariff mitigation measures, which included actions like prebuying of materials, shifting of sourcing and production and price increases, which began to take effect very late in Q1.

毛利率的提高直接得益於我們向不同終端市場更高利潤率的營運支出收入的策略轉變，以及我們的關稅減免措施，其中包括預購材料、轉移採購和生產以及提高價格等行動，這些措施在第一季末開始生效。

And finally, our disciplined financial management enabled us to maintain our strong balance sheet with leverage of just 1 times at quarter end, which provides us the flexibility to execute on our growth strategy, both organic and inorganic, while opportunistically returning capital to our shareholders.

最後，我們嚴格的財務管理使我們能夠保持強勁的資產負債表，季度末的槓桿率僅為 1 倍，這使我們能夠靈活地執行有機和無機增長戰略，同時抓住機會向股東返還資本。

Our M&A pipeline remains active, and we continue to search for opportunities to deploy capital to augment our strategic growth initiatives. During the quarter, we returned nearly $10 million in capital through our share repurchase program, and we will continue balancing capital allocation between opportunistic share repurchases and growth investments with a focus on driving returns for our shareholders.

我們的併購管道仍然活躍，我們將繼續尋找機會部署資本來增強我們的策略成長計畫。在本季度，我們透過股票回購計畫返還了近 1,000 萬美元的資本，我們將繼續在機會性股票回購和成長投資之間平衡資本配置，重點是為股東帶來回報。

Before I turn it over to Jan, I'd like to take some time to discuss several strategic initiatives that we're very excited about and expect it will be key contributors to our growth in the coming quarters and years. These include an emerging opportunity in the data center market, rail and transit and our most recent acquisition, F.A.T.I.

在將發言權交給 Jan 之前，我想花點時間討論我們非常興奮的幾項戰略舉措，並期望它們將成為我們未來幾個季度和幾年增長的關鍵貢獻者。其中包括資料中心市場、鐵路和交通領域的新興機會以及我們最近的收購 F.A.T.I.

Turning now to slide 6. We believe unprecedented investments in the data center market represent an emerging growth opportunity for Thermon. According to an independent study, the global load bank market was roughly $280 million in 2024, with growth projections to $445 million in 2032, representing a 4.8% compounded annual growth rate.

現在翻到幻燈片 6。我們相信，資料中心市場的空前投資為賽盟帶來了一個新興的成長機會。根據一項獨立研究，2024 年全球負載箱市場規模約為 2.8 億美元，預計 2032 年將成長至 4.45 億美元，複合年增長率為 4.8%。

With the advent of AI and liquid cooled data centers, the demand for liquid load banks to provide both thermal and electrical loads to test critical cooling systems and power infrastructure has rapidly dropped.

隨著人工智慧和液冷資料中心的出現，對提供熱負載和電力負載以測試關鍵冷卻系統和電力基礎設施的液體負載箱的需求迅速下降。

Based upon management estimates, we believe the current market opportunity for liquid load banks will grow from an estimated $84 million in 2024 to $386 million in 2032, which represents a compounded annual growth rate of 21%. To serve this growing market, Thermon launched the new Pontus and Poseidon load banks on July 28 of this year.

根據管理層的估計，我們認為液體負載箱的當前市場機會將從 2024 年的 8,400 萬美元增長到 2032 年的 3.86 億美元，複合年增長率為 21%。為了服務這個不斷成長的市場，賽盟於今年 7 月 28 日推出了新的 Pontus 和 Poseidon 負載箱。

As data centers shift from air to liquid cooling, we believe that the opportunity for Thermon legacy solutions like heat tracing, environmental heaters, immersion heaters, tubing bundles and removable heating blankets grows accordingly. It's early, but we're already seeing a growing pipeline of project activity with new prospective customers that we anticipate will translate into meaningful growth in this segment for years to come.

隨著資料中心從空氣冷卻轉向液體冷卻，我們相信，熱追蹤、環境加熱器、浸入式加熱器、管束和可拆卸加熱毯等賽盟傳統解決方案的機會也將相應增長。雖然還處於早期階段，但我們已經看到越來越多的專案活動和新的潛在客戶，我們預計這將在未來幾年轉化為該領域的有意義的成長。

Turning now to slide 7. The rail and transit market is another vertical that we are extremely excited about. The Infrastructure Investment and Jobs Act representing the largest federal investment in public transportation in US history has provided a very favorable demand environment with higher levels of government funding to modernize public transit and passenger rail systems.

現在翻到幻燈片 7。鐵路和交通市場是另一個令我們非常興奮的垂直市場。《基礎設施投資和就業法案》代表了美國歷史上聯邦政府對公共交通的最大投資，它提供了非常有利的需求環境，政府為公共交通和客運鐵路系統的現代化提供了更高水準的資金。

We're seeing strong order momentum with the rail and transit backlog doubling over the last 12 months. Based on these strong order trends and the longer-term opportunity in this market segment, we're deploying capital and resources to provide -- to rapidly expand capacity to support this growing opportunity.

我們看到訂單勢頭強勁，鐵路和交通運輸積壓訂單在過去 12 個月中翻了一番。基於這些強勁的訂單趨勢和該細分市場的長期機會，我們正在部署資本和資源來提供——快速擴大產能以支持這一不斷增長的機會。

And finally, the F.A.T.I. acquisition in October of last year has quickly become our fastest-growing acquisition, and we continue to be very excited by the opportunity set for this business.

最後，去年 10 月對 F.A.T.I. 的收購迅速成為我們成長最快的收購，我們繼續對這項業務帶來的機會感到非常興奮。

F.A.T.I. strategically positions us to take advantage of the growing electrification market across Europe. While we've seen a shift in US policy that has stalled investment, the electrification market in Europe is experiencing solid growth. We're seeing strong order momentum with our backlog doubling in just the last six months, with a solid pipeline of high probability opportunities going forward.

F.A.T.I. 為我們提供了戰略優勢，讓我們能夠充分利用歐洲不斷成長的電氣化市場。雖然我們看到美國政策的轉變導致投資停滯，但歐洲的電氣化市場正在穩步成長。我們看到了強勁的訂單勢頭，僅在過去六個月內，我們的積壓訂單就翻了一番，未來還有大量高機率的訂單機會。

We're extremely encouraged by these opportunities, which highlight the strength of our diversification strategy. Looking ahead, our ability to leverage our technologies across high-growth verticals, such as data centers, transit systems and electrification, positions us to capitalize on dynamic market trends and deliver sustainable shareholder value.

這些機會讓我們深受鼓舞，凸顯了我們多元化策略的優勢。展望未來，我們能夠在資料中心、交通系統和電氣化等高成長垂直領域中利用我們的技術，這使我們能夠利用動態的市場趨勢並提供可持續的股東價值。

This highlights the ingenuity and dedication of our team whose relentless pursuit of excellence allows us to consistently deliver safe, reliable and innovative thermal solutions for our customers. The successes we see today underscore our differentiated position in the industry and reinforce our confidence in the path forward.

這凸顯了我們團隊的聰明才智和奉獻精神，他們對卓越的不懈追求使我們能夠始終如一地為客戶提供安全、可靠和創新的熱解決方案。我們今天所取得的成功凸顯了我們在產業中的差異化地位，並增強了我們對前進道路的信心。

With that, I'll turn it over to Jan, who'll provide a more detailed review of our first quarter results before I wrap up with some remarks on our financial outlook. Jan?

接下來，我將把發言權交給 Jan，他將對我們的第一季業績進行更詳細的回顧，然後我會對我們的財務前景發表一些評論。簡？

Thank you, Bruce, and good morning, everyone. I will review the financial results for the quarter, give an update on working capital and free cash flow and include with comments on the balance sheet and liquidity. Moving now to slide 8. I will start with our first quarter operating highlights. Revenue in the first quarter was $108.9 million, a year over year decrease of 5%.

謝謝你，布魯斯，大家早安。我將審查本季的財務結果，更新營運資金和自由現金流，並對資產負債表和流動性發表評論。現在轉到投影片 8。我將從我們第一季的營運亮點開始。第一季營收為1.089億美元，年減5%。

Excluding revenue contributed from F.A.T.I., first quarter organic revenue decreased 11%. Our OpEx revenues were $93.3 million during the first quarter, a decrease of 4% compared to last year. Excluding the contributions from F.A.T.I., OpEx revenues decreased 11% from the same period last year due to the delayed backlog conversion as well as the impact of tariff uncertainly.

不包括 F.A.T.I. 貢獻的收入，第一季有機收入下降了 11%。第一季我們的營運支出收入為 9,330 萬美元，比去年同期下降了 4%。不包括F.A.T.I.的貢獻，由於積壓訂單轉換延遲以及關稅不確定性的影響，營運支出收入較去年同期下降了11%。

OpEx revenues represented 86% of total revenues for the quarter. Large project revenue was $15.6 million during the first quarter, down 11% from last year. While we noted some improvement in large project bookings last quarter, many of these remain in the engineering phase, and we continue to see project schedules shift to the right.

營運支出收入佔本季總收入的 86%。第一季大型專案營收為1,560萬美元，較去年同期下降11%。雖然我們注意到上個季度大型專案訂單有所改善，但其中許多仍處於工程階段，而且我們繼續看到專案進度向右移動。

Based upon the current schedules, we anticipate that execution will begin in quarter two, carrying through the balance of the year. Our gross profit was $48 million during the first quarter, a decrease of 5% compared to the first quarter last year as the revenue decline was partially offset by a more favorable revenue mix and tariff mitigation measures, including pricing benefits.

根據目前的計劃，我們預計將於第二季開始執行，並持續到今年年底。我們第一季的毛利為 4,800 萬美元，與去年第一季相比下降了 5%，因為收入下降被更有利的收入組合和關稅減免措施（包括定價優惠）部分抵消。

As a result, gross margin was 44.1% during the first quarter, up from 43.8% last year, owing to improved profitability and OpEx sales, price and productivity enhancements. Adjusted EBITDA was $21.2 million during the first quarter, down from $23.2 million last year, a decrease of 9% due to the revenue decline, combined with continued investments in growth initiatives.

因此，由於獲利能力和營運支出銷售額的提高、價格和生產力的提高，第一季的毛利率為 44.1%，高於去年的 43.8%。第一季調整後的 EBITDA 為 2,120 萬美元，低於去年的 2,320 萬美元，下降了 9%，原因是收入下降，加上對成長計畫的持續投資。

Adjusted EBITDA margin was 19.5% during the first quarter, down from 20.1% last year as the improved gross margins were offset by lower volumes and a modest increase in SG&A due in part to the F.A.T.I. acquisition. GAAP earnings per share for the quarter was $0.26, up 4% from $0.25 in the prior year.

第一季調整後的 EBITDA 利潤率為 19.5%，低於去年的 20.1%，因為毛利率的提高被銷售下降和銷售、一般及行政費用（SG&A）的小幅增加（部分原因是由於收購 F.A.T.I.）所抵銷。本季 GAAP 每股收益為 0.26 美元，較上年同期的 0.25 美元增長 4%。

Adjusted earnings per share was $0.36, down 5% from $0.38 last year. The decline was primarily driven by lower sales volumes and increased SG&A expenses, partially offset by improved gross margins and reduced interest expense.

調整後每股收益為 0.36 美元，較去年的 0.38 美元下降 5%。下降的主要原因是銷售量下降和銷售、一般及行政費用增加，但毛利率提高和利息支出減少部分抵銷了這一影響。

Orders decreased 5% on a reported basis and were down 19% organically. Orders were down across each geography, particularly in APAC due to tariff. While bookings were generally weaker across the board, we did see some pockets of strength in commercial, LNG, and as Bruce already discussed, rail and transit.

訂單量按報告計算下降了 5%，有機下降了 19%。由於關稅原因，各地區的訂單均有所下降，尤其是亞太地區的訂單。雖然整體預訂量普遍較弱，但我們確實看到商業、液化天然氣以及布魯斯已經討論過的鐵路和運輸領域有一些強勁表現。

Our first quarter book-to-bill was 1.11 times, which was flat from the prior year. Backlog increased 13% organically due to the positive book-to-bill in the quarter, combined with project execution timing.

我們第一季的訂單出貨比為 1.11 倍，與前一年持平。由於本季訂單出貨比良好，加上專案執行時間安排，積壓訂單有機成長了 13%。

Turning to performance by geography. Year over year sales in US LAM and Canada declined by 17% and 8%, respectively, primarily due to delayed backlog conversion and reduced customer demand amid ongoing market uncertainty related to tariffs.

轉向按地域劃分的表現。美國 LAM 和加拿大的年比銷售額分別下降了 17% 和 8%，主要原因是由於關稅相關的市場不確定性導致積壓訂單轉換延遲以及客戶需求減少。

In contrast, EMEA delivered strong growth with revenue more than doubling, driven by solid performance in our organic business and a $6.8 million contribution from the F.A.T.I. acquisition. APAC revenue was $6.6 million, down from $9 million in the prior year period, reflecting softer demand in the region.

相比之下，歐洲、中東和非洲地區則實現了強勁增長，收入增長了一倍以上，這得益於我們有機業務的穩健表現以及 F.A.T.I. 收購帶來的 680 萬美元貢獻。亞太地區營收為 660 萬美元，低於去年同期的 900 萬美元，反映出該地區需求疲軟。

Moving to slide 9, for an update on our balance sheet and liquidity. Working capital increased by 9% to $172 million at the end of the quarter, primarily driven by the F.A.T.I. acquisition and higher inventory as we build stock for the fall heating season and purchased materials in advance of tariffs.

前往投影片 9，了解我們的資產負債表和流動性的最新情況。本季末營運資本增加了 9%，達到 1.72 億美元，主要原因是我們收購了 F.A.T.I.，並且為秋季供暖季節儲備了庫存，並在關稅生效前購買了材料，從而增加了庫存。

CapEx was $2.4 million during the quarter compared to $3.9 million last year, which included capital investments to support growth initiatives in the prior year. Free cash flow during the first quarter was $8.3 million, down modestly from $8.7 million last year.

本季資本支出為 240 萬美元，而去年同期為 390 萬美元，其中包括支持上一年成長計畫的資本投資。第一季的自由現金流為 830 萬美元，較去年的 870 萬美元略有下降。

We repurchased $9.8 million in shares during the first quarter, bringing our total shares repurchased since the start of fiscal 2025 to $30 million. As a reminder, in May, we refreshed our repurchase authorization back to $50 million.

我們在第一季回購了價值 980 萬美元的股票，使我們自 2025 財年開始以來回購的股票總額達到 3,000 萬美元。提醒一下，5 月份，我們將回購授權金額更新至 5,000 萬美元。

So we currently have $44.5 million remaining under our current authorization. We ended the quarter with net debt of $102.8 million and a net leverage ratio of 1.0 times. We recently closed our $240 million credit facility, which extends the maturity to July 2030.

因此，我們目前的授權金額還剩下 4,450 萬美元。本季末，我們的淨債務為 1.028 億美元，淨槓桿率為 1.0 倍。我們最近完成了 2.4 億美元的信貸安排，該安排的到期日延長至 2030 年 7 月。

In summary, we maintained our strong financial discipline during the first quarter and continued to execute our balanced capital allocation strategy. We remain focused on maintaining a strong balance sheet and ended the quarter with total cash and available liquidity of $130.8 million.

總而言之，我們在第一季保持了嚴格的財務紀律，並繼續執行均衡的資本配置策略。我們仍然致力於維持強勁的資產負債表，本季末的總現金和可用流動資金為 1.308 億美元。

This liquidity provides us with ample flexibility to support our capital allocation needs, and we will continue to prioritize investments in organic and inorganic growth while balancing opportunistic share repurchases and debt reduction.

這種流動性為我們提供了充足的靈活性來支持我們的資本配置需求，我們將繼續優先投資有機和無機成長，同時平衡機會性股票回購和債務削減。

With that, I will turn the call over to Bruce.

說完這些，我將把電話轉給布魯斯。

Well, thank you, Jan. And now if you all turn to slide 10. We remain focused on navigating a dynamic global trade environment with discipline and agility. We're very pleased with our results during the first quarter as our tariff mitigation efforts were a key factor enabling us to drive gross margin improvement despite the revenue weakness and tariff headwinds.

好的，謝謝你，Jan。現在請翻到第 10 張投影片。我們將繼續致力於以紀律性和敏捷性應對動態的全球貿易環境。我們對第一季的業績非常滿意，因為儘管收入疲軟且關稅不利，但我們的關稅減免措施仍然是我們提高毛利率的關鍵因素。

With the announcements on August 1 and questions regarding the details about how these new tariffs will be applied, we're currently assessing the impact to our business. As we gain clarity, I'm confident in our team's ability to quickly respond and minimize and mitigate any impacts going forward. As you can see here, our outlook for fiscal 2026 remains unchanged from our initial expectations.

隨著 8 月 1 日的公告以及有關如何實施這些新關稅的細節的問題，我們目前正在評估其對我們業務的影響。隨著情況逐漸明朗，我相信我們的團隊有能力迅速做出反應，盡量減少和減輕未來的任何影響。正如您在此處看到的，我們對 2026 財年的展望與最初的預期保持不變。

We continue to operate in an uncertain market created by the volatile and rapidly changing trade environment, which makes it very challenging to predict the second and third order impacts from the tariffs, particularly as it relates to customer behaviors impacting demand.

我們繼續在由動盪且快速變化的貿易環境造成的不確定的市場中運營，這使得預測關稅的二階和三階影響變得非常具有挑戰性，特別是因為它與影響需求的客戶行為有關。

Our guidance continues to assume the most recent and any future announcements do not have a notable positive or negative impact on input costs or customer sentiment, and the recovery we've seen in order trends is sustained.

我們的指導繼續假設最近和任何未來的公告不會對投入成本或客戶情緒產生顯著的正面或負面影響，並且我們看到的訂單趨勢的復甦是持續的。

While we were able to mitigate the impact of tariffs during the first quarter, we continue to see some margin risk for the balance of the year as the full impact of the tariffs is felt and we gain clarity on the most recent announcements.

雖然我們能夠在第一季減輕關稅的影響，但隨著關稅的全面影響逐漸顯現，並且我們對最新公告有了更清晰的了解，我們仍然認為今年剩餘時間的利潤率仍將面臨一些風險。

Based on these factors, we're reiterating our fiscal 2026 financial guidance that calls for our revenue in a range of $495 million to $535 million and adjusted EBITDA in a range of $104 million to $114 million. While ongoing global trade dynamics present challenges, we remain highly focused on effectively managing the factors within our control.

基於這些因素，我們重申 2026 財年的財務指引，即我們的營收在 4.95 億美元至 5.35 億美元之間，調整後的 EBITDA 在 1.04 億美元至 1.14 億美元之間。儘管持續的全球貿易動態帶來挑戰，但我們仍然高度重視有效管理我們可控制的因素。

We made significant progress in our diversification growth strategy in recent years and are now strategically positioned to benefit from several powerful secular growth drivers, including reshoring, electrification, decarbonization and power and data centers.

近年來，我們在多元化成長策略方面取得了重大進展，目前已具備策略優勢，可以從幾個強大的長期成長動力中受益，包括回流、電氣化、脫碳以及電力和資料中心。

We are in an extremely strong financial position with more than sufficient financial flexibility to continue pursuing our strategic priorities, including the disciplined allocation of capital, all with an ongoing focus on generating the long-term value for our shareholders.

我們的財務狀況極為強勁，擁有足夠的財務靈活性來繼續追求我們的策略重點，包括嚴格的資本配置，所有這些都持續致力於為我們的股東創造長期價值。

That completes our prepared remarks, and we're now ready for the question-and-answer portion of our call.

我們的準備好的演講到此結束，現在我們準備好進行電話會議的問答部分。

(Operator Instructions)

（操作員指示）

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi, good morning. Thanks for taking my questions.

嗨，早安。感謝您回答我的問題。

Good morning.

早安.

Good morning. First, I just wanted to ask -- I think you said there was a capital improvement or productivity improvement project that led to some production delays. Did you say, is that in the past now or the timing of getting that resolved and then the orders that were delayed when those would ship?

早安.首先，我只是想問一下——我認為您說過有一個資本改進或生產力改進項目導致了一些生產延遲。您說的是，這已經是過去的事情了，還是現在是時候解決這個問題，然後延遲發貨的訂單？

Yes. Yeah, Brian, we did have a capital improvement project that took one of our value streams down about twice. As long as we had anticipated in the first quarter, it's now up and fully operational, and it's back to running at historical throughput levels.

是的。是的，布萊恩，我們確實有一個資本改進項目，它使我們的一個價值流下降了大約兩次。正如我們在第一季所預期的那樣，它現在已經啟動並全面投入運營，並且恢復到了歷史吞吐量水準。

And again, we would expect those revenues to convert in Q2 and the balance of the year. We also did have some supply chain disruptions that impacted another value stream, and those have been fully resolved as well.

我們再次預計這些收入將在第二季和今年剩餘時間轉換。我們的供應鏈確實也出現了一些中斷，影響了另一個價值流，這些問題也已完全解決。

Okay. Got it. And so I know you talked about $10 million in delayed revenue, is that a different issue? Or what's the amount of revenue that is associated with that capital improvement delay?

好的。知道了。我知道您談到了 1000 萬美元的延遲收入，這是另一個問題嗎？或與資本改善延遲相關的收入是多少？

The supply chain improvement and the capital -- excuse me, the supply chain disruptions and the capital project are roughly 60% of that $10 million. The balance is more in project execution and timing in the quarter.

供應鏈改進和資本——對不起，供應鏈中斷和資本項目約佔這 1000 萬美元的 60%。本季的平衡更體現在專案執行和時間安排上。

Got it. Okay. Perfect. Thank you. And can we talk a little bit about the liquid load bank opportunity in data center? I guess maybe just at the moment, can you just spend a little time just describing what the product is that you're shipping?

知道了。好的。完美的。謝謝。我們能否談談資料中心的液體負載庫機會？我想也許就在此刻，您能否花一點時間描述一下您要運送的產品是什麼？

I know you had a press release on this recently, but just maybe it'd be worth just explaining briefly what the product is. I don't think it's super intuitive for everybody. And what is your order book looking like and or pipeline looking like for that type of activity? And going in a year from now, like what's sort of the revenue opportunity for that business line?

我知道您最近發布了有關此產品的新聞稿，但也許值得簡單解釋一下該產品是什麼。我認為這對每個人來說都不是超級直觀的。那麼，對於此類活動，您的訂單簿和管道是什麼樣的呢？那麼從現在起一年後，該業務線的獲利機會是什麼樣的呢？

Yeah. Great question. So first and foremost, liquid load banks are actually -- they're actually -- they're based on boiler technology, but essentially, they are used to provide both thermal and electrical loads to test the effectiveness of the cooling systems in these new liquid cooled data centers. They also provide an electrical load so that our customers can test the electrical power distribution systems in those data centers. So historically, they had largely just used inductive and resistive load banks.

是的。好問題。因此，首先，液體負載箱實際上 - 它們實際上 - 它們基於鍋爐技術，但本質上，它們用於提供熱負載和電力負載，以測試這些新型液體冷卻資料中心中冷卻系統的有效性。他們還提供電力負載，以便我們的客戶可以測試這些資料中心的電力分配系統。因此從歷史上看，他們主要只使用電感和電阻負載組。

Our technology allows them to test not only the electrical load, but the thermal loads on those systems as well. And the move from air cooled to liquid cooled has created the demand for these systems. As we look forward, the pipeline of opportunity is building. We just now have -- just launched these products only a couple of weeks ago, so it's still very early. But we're building that pipeline of opportunities.

我們的技術使他們不僅能夠測試電氣負載，還能測試這些系統的熱負載。從風冷到液冷的轉變產生了對這些系統的需求。展望未來，機會正不斷湧現。我們幾週前才剛推出這些產品，所以現在還為時過早。但我們正在建構這樣的機會管道。

We're out talking to customers and different types of end users and channels in the market. But we would expect over time to be able to build a 20% to 25% market share in this growing opportunity. And those numbers I covered in the prepared remarks and are outlined in the slide we had in the investor materials.

我們正在與客戶以及市場上不同類型的最終用戶和管道進行交談。但我們預計隨著時間的推移，我們能夠在這個不斷增長的機會中佔據 20% 到 25% 的市場份額。這些數字我在準備好的發言中已經提到過，並且在投資者材料的幻燈片中進行了概述。

Okay. Thanks very much. And then maybe just one more question. Can you comment more specifically on gross margin expectations for the next quarter and the balance of the year?

好的。非常感謝。然後也許還有一個問題。您能否更具體地評論一下下一季和今年剩餘時間的毛利率預期？

Yeah. So first of all, as I said earlier, we're pleased with the results in the first quarter. Our outlook had been a little more pessimistic given the impact we anticipated in tariffs. We do expect there to be some margin headwinds in Q2 and beyond. The good news is we're beginning to see pricing come through.

是的。首先，正如我之前所說，我們對第一季的業績感到滿意。考慮到我們預期的關稅影響，我們的前景有些悲觀。我們確實預計第二季及以後會出現一些利潤阻力。好消息是我們開始看到定價的實現。

By the end of the second quarter, our new prices should be in full effect. And we feel like those are adequate to position us well to fully offset the impact of tariffs as we know it today in the back half of the year. So overall, our view of performance in Q1 is positive.

到第二季末，我們的新價格將全面生效。我們認為，這些足以讓我們在今年下半年完全抵銷關稅的影響。因此總體而言，我們對第一季的表現持樂觀態度。

We do see there could be some potential headwinds in Q2 and our expectations are that pricing will offset cost in the back half of the year. On a trailing 12 basis, I think we're sitting at about 44.8% gross margins. I would think by the end of the year, we should be trending in that same direction.

我們確實看到第二季可能會出現一些潛在的阻力，我們預計定價將在下半年抵銷成本。以過去 12 年為基礎，我認為我們的毛利率約為 44.8%。我認為到今年年底，我們應該會朝著同一個方向發展。

Okay. All right. That's very helpful. Thanks, Bruce.

好的。好的。這非常有幫助。謝謝，布魯斯。

Thank you.

謝謝。

Justin Ages, CJS Securities.

賈斯汀·阿格斯（Justin Ages），CJS 證券公司。

Appreciate the color on the data centers. Can you elaborate on the strong demand that you're seeing at F.A.T.I.? And what has changed in the fiscal fourth quarter, the last report?

欣賞資料中心的色彩。您能詳細說明一下您在 F.A.T.I. 看到的強勁需求嗎？那麼，上一份報告顯示，第四財季的財務狀況有何變化？

Yeah, Justin. So first of all, we did -- in the fourth quarter, we talked about just the strong demand environment. We've seen that continue. As we noted in prepared remarks, the backlog there has literally doubled since we closed that deal on October 2 of last year. They had a very good first quarter in shipments and bookings were quite strong north of $17 million in the first quarter.

是的，賈斯汀。首先，我們在第四季談論的是強勁的需求環境。我們看到這種情況仍在繼續。正如我們在準備好的發言中指出的那樣，自從去年 10 月 2 日我們完成交易以來，那裡的積壓訂單實際上已經翻了一番。他們第一季的出貨量非常好，訂單量也相當強勁，第一季超過了 1700 萬美元。

So we're seeing very strong demand and the pipeline of opportunities there is quite strong as well. The bulk of this is really related to electrification opportunities in Europe and the Middle East. The way their regulations there are moving forward.

因此，我們看到了非常強勁的需求，而且那裡的機會也相當充足。其中大部分實際上與歐洲和中東的電氣化機會有關。那裡的法規正在不斷進步。

We are seeing significant investments in electrification to be able to convert historical heating sources that have been hydrocarbon-based to electric to reduce Scope 1 emissions. So that has been a very positive trend on the European continent, and we're seeing the same in the Middle East.

我們看到，電氣化領域正在投入大量資金，以便將歷史上以碳氫化合物為基礎的熱源轉換為電力，從而減少範圍 1 的排放。這在歐洲大陸是一個非常積極的趨勢，我們在中東也看到了同樣的情況。

And a couple of these opportunities that they've secured have been related to LNG export -- liquefaction and export facilities as well, very large heaters for those applications. So again, we're seeing quite strong demand due to a couple of different market drivers there for F.A.T.I.

他們所獲得的幾個機會都與液化天然氣出口有關——液化和出口設施，以及用於這些應用的大型加熱器。因此，我們再次看到，由於 F.A.T.I. 存在幾個不同的市場驅動因素，因此需求相當強勁。

I think the big impact has been taking that business, plugging it into Thermon's global sales network and being able to effectively develop and close opportunities through Thermon's sales channels to really build that backlog over the last seven or eight months.

我認為最大的影響是將這項業務納入賽盟的全球銷售網絡，並能夠透過賽盟的銷售管道有效地開發和抓住機會，從而在過去七、八個月內真正累積了訂單。

That's helpful. Thanks, Bruce. And then, Jan, maybe you could elaborate on the capital allocation priorities. I know you touched on it in the prepared remarks, but just hoping to see an update on if there's anything in the M&A funnel or how you're approaching share buybacks? Any more color there would be helpful, please.

這很有幫助。謝謝，布魯斯。然後，Jan，也許您可以詳細說明一下資本配置的優先事項。我知道您在準備好的發言中提到了這一點，但我只是希望看到有關併購管道中是否有任何進展或您如何處理股票回購的最新消息？如果有更多的顏色的話會有幫助。

Sure. Thanks, Justin. The M&A pipeline is still very active. And as we've stated before, we'll continue to look for opportunities that complement our strategy. Besides -- I think that will be something that we're focused on.

當然。謝謝，賈斯汀。併購通路仍然非常活躍。正如我們之前所說，我們將繼續尋找補充我們策略的機會。此外——我認為這將是我們關注的重點。

I think we have done some organic investments, so looking more for inorganic investments. We'll also continue with our share repurchase program. That would be if we don't have opportunities to prioritize growth.

我認為我們已經做了一些有機投資，因此更多地尋求無機投資。我們也將繼續我們的股票回購計劃。如果我們沒有機會優先考慮成長，情況就會如此。

So that's always something that we've done when we can buy back shares at attractive levels, if there's nothing or we don't have anything really that's attractive in the M&A pipeline or that we think we can execute on. So we think we have lots of flexibility there.

因此，當我們能夠以有吸引力的價格回購股票時，如果併購管道中沒有任何東西或我們沒有任何真正有吸引力的東西或我們認為可以執行的東西，我們就會這樣做。因此我們認為我們在這方面具有很大的靈活性。

And then I think we're in a good spot with our debt. And so the last part of that would just be debt reduction. But at 1.0 times, it's really hard to allocate any free cash flow there.

我認為我們的債務狀況良好。所以最後一部分就是減少債務。但在 1.0 倍時，分配任何自由現金流確實很困難。

Thank you, Jan. I appreciate it.

謝謝你，Jan。我很感激。

Sure.

當然。

(Operator Instructions)

（操作員指示）

Chip Moore, ROTH MKM.

奇普摩爾，ROTH MKM。

Hi, thanks for taking the question. Apologies, I hopped on a few minutes late, so I'm not sure if you addressed it. So just, Bruce, wondering on the heat trace side, pipeline on large projects, what you're seeing. There's been some big FIDs out there and just any color there.

你好，謝謝你回答這個問題。抱歉，我晚了幾分鐘，所以不確定您是否解決了這個問題。所以，布魯斯，你想知道在熱跟踪方面，大型項目的管道方面，你看到了什麼。那裡有一些大的 FID，而且顏色各異。

Yeah. Chip, good morning. So on the pipeline of opportunities, as I noted, we've seen some nice growth year over year. It's about 43%. Some of the large project bookings were weaker in the quarter. But as we talked about, the cadence of bookings has improved, and we're seeing some very positive awards that we've received here in early in Q2.

是的。奇普，早安。因此，正如我所指出的，在機會方面，我們看到了逐年良好的成長。大約是43%。本季一些大型項目的訂單量有所下降。但正如我們所說的，預訂節奏有所改善，並且我們在第二季度初看到了一些非常積極的獎項。

And the pipeline of opportunities, again, looks to be robust. We have secured some orders in rail and transit in Q1. There's been some key LNG wins that have been larger projects in scope and certainly, we've had some opportunities in downstream oil, which we secured in the first quarter as well.

而且，機會管道看起來仍然十分強勁。我們在第一季度獲得了一些鐵路和運輸領域的訂單。我們在液化天然氣領域取得了一些重大勝利，這些項目規模較大，當然，我們在下游石油領域也有一些機會，我們也在第一季度獲得了這些機會。

I think the key thing to note is that our backlog is up 27% year over year and we -- 13% organically, we've seen a big increase in our -- just the engineering load today, and we're staffing up to be able to respond and get those projects designed and be able to convert that to bills of material and ultimately drive revenue. So that has contributed to the revenue delays in Q1.

我認為需要注意的關鍵一點是，我們的積壓訂單同比增長了 27%，而且我們——有機增長了 13%，我們看到今天的工程負荷大幅增加，我們正在增加人員以應對這些項目並進行設計，並將其轉換為物料清單，最終推動收入。這導致了第一季收入的延遲。

We've seen that -- those projects begin to translate to revenue in Q2, and we would expect that through Q3 and Q4 in the back half of the year. I think coming in, we had made some assumptions around tariffs and demand and alike and timing of projects.

我們已經看到，這些項目在第二季開始轉化為收入，我們預計這將在今年下半年的第三季和第四季實現。我認為，我們已經對關稅、需求以及專案時間做出了一些假設。

We were thinking the year might be more front-end loaded. Based on what we're seeing today, it looks to be a more typical revenue distribution we would expect with roughly 44% to 45% of revenues in H1 and 55% to 56% of revenues in H2. And that's actually roughly around the five year average for the business.

我們認為今年前端可能會更加繁忙。根據我們今天看到的情況，這看起來是一個更典型的收入分佈，我們預計上半年的收入約為 44% 至 45%，下半年的收入約為 55% 至 56%。這實際上大約是該企業五年的平均值。

Appreciate the color, Bruce. And maybe if I could sneak in one more on data center. Obviously, those growth numbers out there, we all know those are huge. So interesting to see the opportunity. I'm just wondering, I guess, one on the load bank, I assume this comes on later in construction when these facilities are coming online.

欣賞這顏色，布魯斯。也許我可以在資料中心再偷偷地多做一點。顯然，我們都知道這些成長數字是巨大的。看到這樣的機會真有趣。我只是想知道，我猜，負載組上的一個，我假設這是在這些設施上線後的建設過程中出現的。

And then any thoughts on go-to-market? Do you need a partner there or some proof points or how are you thinking about it more aggressively? Thanks.

那麼對於進入市場您有什麼想法嗎？您是否需要合作夥伴或一些證明點，或者您如何更積極地考慮這個問題？謝謝。

Yeah. So first of all, you're right. These are used -- these are really used in two ways. One is they can be installed permanently in the facilities and they're used not only for start-up and commissioning testing, but they're used throughout the life cycle of the asset as they do maintenance on their HVAC or the cooling systems.

是的。首先，你是對的。這些實際上有兩種用途。一是它們可以永久安裝在設施中，不僅用於啟動和調試測試，而且還可用於資產的整個生命週期，因為它們會對 HVAC 或冷卻系統進行維護。

And also as they expand those facilities as new technologies come in, all of those are opportunities or requirements for additional testing. So you can see part of this could be earlier in the construction phase. And then there's a lot of these that are used temporarily in the commissioning phase, and we see that through rental houses as well as other big hyperscalers, they'll have their own fleets of this equipment.

而且隨著新技術的出現，他們也擴大了這些設施，所有這些都是額外測試的機會或要求。所以你可以看到其中的一部分可能在建設階段的早期就已完成。其中許多都是在調試階段臨時使用的，我們看到透過租賃公司以及其他大型超大規模企業，他們將擁有自己的這類設備群。

So it is later in the commissioning phase where we see these -- really, it's used predominantly, so later in the build cycle. For the channels to market, we are going direct globally, but we do have potential for new partners in both the rental and technology space that we're working on developing those relationships today.

因此，我們在調試階段的後期才看到這些 - 實際上，它主要用於構建週期的後期。對於市場管道，我們將直接面向全球，但我們確實有潛力在租賃和技術領域找到新的合作夥伴，我們目前正在努力發展這些關係。

Great, Appreciate the color. Thank you very much.

太棒了，欣賞這個顏色。非常感謝。

Thank you.

謝謝。

Jon Braatz, Kansas City Capital.

喬恩‧布拉茨 (Jon Braatz)，堪薩斯市首府。

Good morning, Bruce, Jan.

早安，布魯斯，簡。

Good morning.

早安.

A couple more questions on the data center market. And I think you may be answered it, I'm not quite sure. But would the customer be maybe the data center or the manufacturer of the cooling system? Would you work potentially in conjunction with the cooling provider?

關於資料中心市場還有幾個問題。我想你可能已經回答了這個問題，但我不太確定。但客戶可能是資料中心或冷卻系統製造商嗎？您是否有可能與冷凍供應商合作？

Yeah. So it's really both, and it depends on the specific project. In some cases, it could be some of the hyperscalers. In other cases, it's the HVAC contractor that's responsible for the cooling system. And then in some cases, we're actually going through a rental channel to provide these assets on site for the start-up and commissioning phase.

是的。所以實際上兩者兼而有之，並且取決於具體的項目。在某些情況下，它可能是一些超大規模企業。在其他情況下，HVAC 承包商負責冷卻系統。在某些情況下，我們實際上是透過租賃管道在現場提供這些資產以供啟動和調試階段使用。

So there's really different channels to market. And it depends on really whether this is being installed permanently in the facility or being used just during the start-up and commissioning phase to test the asset.

所以，行銷管道確實多種多樣。這實際上取決於它是否永久安裝在設施中，還是僅在啟動和調試階段用於測試資產。

Okay. If they continue to use it during the life of the data center, is it 1 unit per data center? Or does data centers acquire -- need multiple units?

好的。如果他們在資料中心的使用壽命期間繼續使用它，那麼每個資料中心是 1 個單位嗎？或是資料中心是否需要多個單元？

Hundreds of units.

數百個單位。

Okay. So what's out there now? What -- how are the data centers using -- what are they using now? What's the sort of the competitive landscape in this product area?

好的。那麼現在那裡有什麼呢？資料中心如何使用？他們現在使用什麼？該產品領域的競爭格局是怎麼樣的？

So this is an emerging opportunity. It's nascent, and there are a few competitors out there globally for these liquid load banks more traditionally. There have been resistive and inductive load banks, which are more strictly focused for power distribution testing. This is actually for thermal load testing as well as power testing. And this has really emerged with the advent of liquid cooled data center. So this is fairly new to the market.

所以這是一個新興的機會。它尚處於萌芽階段，在全球範圍內，這些液體負載箱在傳統上存在一些競爭對手。已經有電阻式和電感式負載組，它們更嚴格地專注於配電測試。這實際上是用於熱負荷測試和功率測試。隨著液冷資料中心的出現，這種情況已經真正顯現出來。所以這對市場來說還是相當新穎的。

Okay. Good. And I think you addressed this earlier, but in the best case scenario, how quickly do you think we would begin seeing some meaningful revenues from this new product? Are we six months away, nine months, any indication from you?

好的。好的。我認為您之前已經提到過這個問題，但在最好的情況下，您認為我們多久能從這款新產品中看到一些有意義的收入？距離我們還有六個月還是九個月，您有什麼跡象嗎？

Yeah. So our goals are to begin to generate revenues from this in the back half of the year and begin to build the backlog going into fiscal '27.

是的。因此，我們的目標是在今年下半年開始創造收入，並開始累積 27 財年的訂單。

Okay. Will you separately note some of that -- some of those numbers given by the --

好的。你能單獨注意到其中的一些數字嗎——--

We will, as we begin to develop the pipeline, close orders and begin to ship, we'll highlight that on a go-forward basis.

當我們開始開發管道、關閉訂單並開始發貨時，我們將在未來強調這一點。

Okay, Bruce. Thank you very much.

好的，布魯斯。非常感謝。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I'd like to pass the call back over to Bruce for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給布魯斯，讓他做最後的總結演講。

Yeah. Thank you, Alicia, and thank you all for joining today. We appreciate your interest in Thermon, and if we look forward to speaking with you, if we don't talk to you before the next call. So thank you all, and enjoy the rest of your day.

是的。謝謝你，艾莉西亞，也謝謝大家今天的到來。我們感謝您對 Thermon 的關注，如果我們在下次通話之前沒有與您交談，我們期待與您交談。謝謝大家，祝大家有個愉快的一天。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。