TPI Composites Inc (TPIC) 2023 Q2 法說會逐字稿

Hello and welcome to the TPI Composites 2Q 2023 Earnings Conference Call.

您好，歡迎參加 TPI Composites 2023 年第二季度收益電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to hand the conference over to your first speaker today, Mr. Jason Wegmann, investor relations. Please go ahead.

現在我想將會議交給今天的第一位發言者，投資者關係部門的賈森·韋格曼先生。請繼續。

Thank you, operator. I would like to welcome everyone to TPI Composites' Second Quarter 2023 Earnings Call.

謝謝你，接線員。我謹歡迎大家參加 TPI Composites 2023 年第二季度財報電話會議。

We will be making forward-looking statements during this call that are subject to risks and uncertainties which could cause actual results to differ materially. A detailed discussion of applicable risks is included in our latest reports and filings with the Securities and Exchange Commission, which can be found on our website, tpicomposites.com. Today's presentation will include references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

我們將在本次電話會議期間做出前瞻性聲明，這些聲明存在風險和不確定性，可能導致實際結果出現重大差異。有關適用風險的詳細討論包含在我們向美國證券交易委員會提交的最新報告和文件中，您可以在我們的網站 tpicomposites.com 上找到這些內容。今天的演示將包括對非公認會計準則財務指標的引用。您應該參考今天演示文稿隨附的幻燈片中包含的信息，了解歷史非 GAAP 指標與可比 GAAP 財務指標的定義信息和調節情況。

With that, let me turn the call over to Bill Siwek, TPI Composites' President and CEO.

接下來，讓我將電話轉給 TPI Composites 總裁兼首席執行官 Bill Siwek。

Thanks, Jason. And good afternoon, everyone. Thank you for joining our call.

謝謝，傑森。大家下午好。感謝您加入我們的通話。

In addition to Jason, I'm here with Ryan Miller, our CFO. Jason is our new VP of Investor Relations and Sustainability; and is replacing Christian Edin, who has recently moved to Europe and is now part of our customer-facing commercial team. I want to thank Christian for progressing our investor relations program over the last 4-plus years and for his passion and leadership in advancing TPI's sustainability initiatives. Jason brings with him a wealth of experience in numerous financial leadership roles at a multinational aerospace and defense company. I want to welcome Jason to the team, and Ryan and I look forward to introducing him to all of you in the coming days and weeks.

除了 Jason 之外，我還有我們的首席財務官 Ryan Miller。 Jason 是我們新任投資者關係和可持續發展副總裁；並將接替 Christian Edin，後者最近搬到了歐洲，現在是我們面向客戶的商業團隊的一員。我要感謝 Christian 在過去 4 年多的時間裡推動我們的投資者關係計劃，並感謝他在推進 TPI 可持續發展計劃方面的熱情和領導力。 Jason 在一家跨國航空航天和國防公司擔任過眾多財務領導職務，擁有豐富的經驗。我歡迎 Jason 加入團隊，Ryan 和我期待著在接下來的幾天和幾週內將他介紹給大家。

With that, let's get to it. Please turn to Slide 5. To put it simply, it's been a tough quarter. Q2 has been challenging from both an industry and TPI perspective. And I can boil it down to 2 key issues: quality and volume, both of which I will discuss in a minute, but first, some good news. I am pleased to announce that TPI and GE have reached an agreement in principle to amend our existing supply agreement in Mexico to add 4 new lines to produce blades for GE's workhorse turbine in Juárez, with an initial term through 2025. TPI and GE expect to finalize this agreement in the third quarter.

有了這個，讓我們開始吧。請翻到幻燈片 5。簡單地說，這是一個艱難的季度。從行業和 TPI 的角度來看，第二季度都充滿挑戰。我可以將其歸結為兩個關鍵問題：質量和數量，我將立即討論這兩個問題，但首先，有一些好消息。我很高興地宣布，TPI 和GE 已原則上達成協議，修改我們在墨西哥的現有供應協議，增加4 條新生產線，為GE 在華雷斯的主力渦輪機生產葉片，初步期限到2025 年。TPI和GE預計將在第三季度敲定該協議。

Quality has been broadly discussed industry-wide over the past several quarters and quality issues have had a pronounced impact on performance, and we have not been immune to these issues. While the accelerated pace of new product introductions within the industry over the last 5 years and the push to get larger wind turbines to the market faster have significantly reduced the costs of wind energy, it is also a contributing factor to the wind turbine and blade manufacturing quality issues that have surfaced. As we reported last week, our financial results for the quarter were impacted by a warranty provision for the inspection and repair of blades primarily related to one blade type in one factory. We have responded to the evolving quality challenges with the following actions: We had a third-party complete an in-depth assessment of our existing quality system and are implementing improvement initiatives. We have and continue to engage with our customers more deeply and earlier in the design phase to minimize quality risks in the product design and manufacturing process. The good news is that our customers have significantly slowed the pace of new product introduction and recognize the benefits of standardization and industrialization.

在過去的幾個季度中，質量問題在全行業範圍內得到了廣泛討論，質量問題對績效產生了顯著影響，我們也未能倖免於這些問題。雖然過去 5 年行業內新產品推出的步伐加快，以及推動大型風力渦輪機更快推向市場，這顯著降低了風能成本，但這也是風力渦輪機和葉片製造的一個促成因素已經出現的質量問題。正如我們上週報導的那樣，我們本季度的財務業績受到主要與一家工廠的一種葉片類型相關的葉片檢查和維修保修條款的影響。我們通過以下行動應對不斷變化的質量挑戰： 我們請第三方完成了對我們現有質量體系的深入評估，並正在實施改進舉措。我們已經並將繼續在設計階段更深入、更早地與客戶合作，以​​最大限度地降低產品設計和製造過程中的質量風險。好消息是，我們的客戶已經明顯放慢了新產品推出的步伐，並認識到標準化和工業化的好處。

We hired Neil Jones as our Chief Quality Officer, effective August 1, 2023. In this newly created position, Neil will oversee all quality processes, systems and controls relating to TPI's Wind business; and will report directly to me. Neil brings over 25 years of experience in quality and engineering positions in the wind and automotive industry. Neil spent more than 13 years with Vestas, in a variety of quality leadership roles, with the last 5 years as senior vice president, quality, health, safety and environment. Before joining Vestas, Neil spent over 20 years in the automotive industry, including engineering and quality leadership roles with TRW Automotive and a senior quality leadership role with Eaton Automotive. And finally, we are replacing certain members of our senior team to improve our operational leadership given the performance and quality challenges the company has experienced during the past year. We are confident that the steps we've taken will significantly reduce our warranty claim exposure going forward.

我們聘請 Neil Jones 擔任首席質量官，自 2023 年 8 月 1 日起生效。在這個新設立的職位上，Neil 將監督與 TPI 風電業務相關的所有質量流程、系統和控制；並將直接向我匯報。 Neil 在風能和汽車行業的質量和工程職位方面擁有超過 25 年的經驗。 Neil 在維斯塔斯工作了超過 13 年，擔任過各種質量領導職務，最後 5 年擔任質量、健康、安全和環境高級副總裁。在加入維斯塔斯之前，Neil 在汽車行業工作了 20 多年，包括在 TRW Automotive 擔任工程和質量領導職務，以及在 Eaton Automotive 擔任高級質量領導職務。最後，考慮到公司在過去一年中經歷的績效和質量挑戰，我們將更換高級團隊的某些成員，以提高我們的運營領導力。我們相信，我們所採取的措施將大大減少我們未來的保修索賠風險。

Now let's discuss volume. As we discussed in our First Quarter Earnings Call, we are still working on a handful of volume changes with our customers that will likely net out to lower sales for the year. Given the extended time it is taking to get clear guidance on the Inflation Reduction Act and the complexity of its implementation, ongoing challenges in the EU and the changing economics of certain markets, our customers continue (inaudible) on a market-by-market basis while considering existing inventory levels, all of which have resulted in volume changes from 3 of our 4 blade customers in 2023. In addition, there is no doubt that permitting, transmission, transmission queues, the ability of the broader wind industry supply chain to ramp volume, inflation and costs and the availability of capital are further factors impacting the timing of recovery, which we believe has likely pushed to 2025 as our customers continue to move transitions and new line start-ups to the right. Notwithstanding, we stand by our mid- to long-term sales and adjusted EBITDA targets we had introduced in our 2022 Year-end Earnings Call in February and are focused on positioning ourselves to deliver on those targets as volumes return and then accelerate to more robust levels the industry expects.

現在我們來討論一下音量。正如我們在第一季度收益電話會議中討論的那樣，我們仍在與客戶進行一些數量上的改變，這可能會導致今年的銷售額下降。鑑於獲得有關《通貨膨脹削減法案》的明確指導所需的時間及其實施的複雜性、歐盟持續面臨的挑戰以及某些市場不斷變化的經濟狀況，我們的客戶繼續（聽不清）逐個市場同時考慮到現有的庫存水平，所有這些都導致我們4 個葉片客戶中的3 個在2023 年的銷量發生變化。此外，毫無疑問，許可、傳輸、傳輸隊列、更廣泛的風電行業供應鏈的能力數量、通貨膨脹和成本以及資本的可用性是影響復甦時間的進一步因素，我們認為，隨著我們的客戶繼續將轉型和新線初創企業向右移動，復甦時間可能會推遲到 2025 年。儘管如此，我們仍堅持我們在 2 月份的 2022 年年終收益電話會議中提出的中長期銷售和調整後 EBITDA 目標，並專注於隨著銷量回升而實現這些目標，然後加速實現更加強勁的目標達到業界預期的水平。

Now let's cover our overall Q2 results. Sales for the second quarter were $381 million and were negatively impacted by delivery delays of blades from increased inspection and repair activities. We also had lower automotive sales due primarily to lower bus body deliveries and field service sales were down as we had our field service technicians working on warranty-related efforts. Adjusted EBITDA was a loss of $38.9 million in the second quarter. As we discussed in our First Quarter Earnings Call, we expect the second quarter to be the low watermark for profitability for the year primarily due to annual wage increases kicking in, while incremental productivity benefits will be phased in over the second half of the year to offset those increases. However, at that time, we didn't expect the quality challenges I discussed a few minutes ago, which by far had the biggest impact on our adjusted EBITDA for the quarter. In addition to the warranty charge of $32.7 million we recorded, our adjusted EBITDA was also impacted by lower volume than expected, inflation and higher costs of inspection and repair activities.

現在讓我們來看看第二季度的總體結果。第二季度銷售額為 3.81 億美元，受到檢查和維修活動增加導致葉片交付延遲的負面影響。我們的汽車銷量也有所下降，主要是由於客車車身交付量下降，而現場服務銷售也有所下降，因為我們的現場服務技術人員致力於保修相關的工作。第二季度調整後 EBITDA 虧損 3890 萬美元。正如我們在第一季度收益電話會議中討論的那樣，我們預計第二季度將是今年盈利能力的低水位，這主要是由於年度工資上漲開始，而增量生產力收益將在下半年逐步實現抵消這些增加。然而，當時我們沒有預料到我幾分鐘前討論的質量挑戰，迄今為止，這對我們本季度調整後的 EBITDA 影響最大。除了我們記錄的 3270 萬美元的保修費用外，我們調整後的 EBITDA 還受到銷量低於預期、通貨膨脹以及檢查和維修活動成本較高的影響。

Now I'll give you a quick update on the rest of our global operations, including service and automotive. Please turn to Slide 6. Notwithstanding the challenges we faced in Mexico during the quarter, our blade facilities in India and Turkey performed exceptionally well. Globally, we produced 661 sets and achieved a utilization rate of 85%. In global service, sales were down year-over-year due to a reduction in technicians deployed to revenue-generating projects. For the full year, we expect revenue to be down by about 30% year-over-year.

現在，我將向您簡要介紹我們其他全球業務的最新情況，包括服務和汽車業務。請參閱幻燈片 6。儘管本季度我們在墨西哥面臨挑戰，但我們在印度和土耳其的刀片工廠表現異常出色。全球產量661台，利用率85%。在全球服務方面，由於部署到創收項目的技術人員減少，銷售額同比下降。就全年而言，我們預計收入將同比下降約30%。

Things continue to progress nicely in our automotive business. However, we now anticipate automotive's 2023 full year revenue to be down from 2022 primarily due to lower bus body sales. We are also experiencing lower-than-expected sales in other automotive products due to our customer supply chain constraints and customer delays and transitions of new product launches. In the second half of this year, we are planning to launch 3 new automotive production programs. These programs include large structural panels for a commercial truck, a full battery enclosure also for a commercial truck and high-voltage battery pack thermal barriers for a light-duty truck.

我們的汽車業務繼續取得良好進展。然而，我們現在預計汽車行業 2023 年全年收入將低於 2022 年，主要是由於客車車身銷量下降。由於我們的客戶供應鏈限制以及客戶新產品發布的延遲和過渡，我們其他汽車產品的銷售也低於預期。今年下半年，我們計劃推出3個新的汽車生產項目。這些項目包括商用卡車的大型結構面板、商用卡車的完整電池外殼以及輕型卡車的高壓電池組隔熱層。

Our customer diversification initiative is paying dividends, as 3 -- as these 3 launches are each with a different customer, with 2 of them being new to TPI. In addition, the products being launched show our investment in innovation and new manufacturing technologies are aligned with the needs of the automotive market. To support additional near-term growth, we have and are making additional capital investments in the light resin transfer molding, pultrusion and assembly processes. We expect our Rhode Island and Juárez automotive plants to be vertically integrated for these technologies by year-end, which will enable the scaling of our capacity and significant growth next year. We continue to explore strategic alternatives for the automotive business to enable us to scale faster and are encouraged by the initial discussions and expect to have more information to share by the end of Q3.

我們的客戶多元化計劃正在帶來紅利，如 3 所示，因為這 3 項產品均面向不同的客戶，其中 2 項是 TPI 的新產品。此外，正在推出的產品表明我們對創新和新製造技術的投資符合汽車市場的需求。為了支持額外的近期增長，我們已經並正在對輕質樹脂傳遞模塑、拉擠成型和裝配工藝進行額外的資本投資。我們預計我們的羅德島州和華雷斯汽車工廠將在年底前實現這些技術的垂直整合，這將使我們的產能規模擴大並在明年實現顯著增長。我們繼續探索汽車業務的戰略替代方案，以使我們能夠更快地擴展規模，並對初步討論感到鼓舞，並預計在第三季度末分享更多信息。

As it relates to our supply chain, the situation is significantly better than during the past 2 years. We continue to expect the overall costs of raw materials to trend down compared to 2022, while logistics costs have returned to pre-pandemic levels, both of which provide us some tailwinds for the back half of the year. Over the last couple of quarters, we've suggested that 2023 would be a transition year while the industry digests and/or waits for formal implementation guidance related to key components of the IRA in the U.S. and clarity around more robust policies in the EU. More and more, however, it's starting to look like the expected increase in volume related to the IRA and initiatives in the EU may not materialize broadly until closer to 2025.

就我們的供應鏈而言，情況比過去兩年明顯好一些。我們繼續預計，與 2022 年相比，原材料總體成本將呈下降趨勢，而物流成本已恢復至疫情前的水平，這兩者都為我們下半年帶來了一些推動力。在過去的幾個季度中，我們建議 2023 年將是一個過渡年，而該行業正在消化和/或等待與美國 IRA 關鍵組成部分相關的正式實施指南以及歐盟更強有力政策的明確性。然而，越來越多的跡象表明，與 IRA 相關的預期交易量增長以及歐盟的舉措可能要到 2025 年左右才會廣泛實現。

Last month, the EU finally signed off on its renewable energy directive after months of negotiations. The emergency measures on permitting agreed last year will now become permanent. That means enforcing the principle that the expansion of wind is in the overriding public interest, applying a binding 2-year deadline to all permits and a population-based approach to biodiversity protection and requiring all EU countries to digitalize their permitting procedures. These new rules are an important step forward and will help unlock the 80 gigawatts of wind farms currently in the permitting pipeline across Europe. EU countries have until the middle of 2024 to implement them. Some are already doing so, for instance, Germany. And there it has led to an increase in permitting rates for [offshore] wind [and to] winning appeals against permits that were previously lost.

上個月，經過數月的談判，歐盟終於簽署了可再生能源指令。去年商定的緊急許可措施現在將成為永久性的。這意味著強制執行風電擴張符合壓倒性公共利益的原則，對所有許可證實行具有約束力的兩年期限，並採用基於人口的生物多樣性保護方法，並要求所有歐盟國家將其許可程序數字化。這些新規則是向前邁出的重要一步，將有助於釋放歐洲目前正在審批的 80 吉瓦風電場。歐盟國家必須在 2024 年中期之前實施這些措施。有些國家已經這樣做了，例如德國。在那裡，它導致了[海上]風電許可率的提高[並]贏得了針對先前丟失的許可的上訴。

Here in the U.S., although guidance on many of the key provisions under the IRA have been issued, interpreting and getting clarification of the guidance will take some time. As you might expect with legislation as broad as the IRA, clarity around implementation will take some time. Just last week, the Federal Energy Regulatory Commission or FERC issued a long-awaited final rule on interconnecting generation and storage resources to the grid. Based on initial FERC statements, the final rule will implement among other reforms a "first ready, first served" cluster study, providing much needed relief for nearly 2 terawatts of renewables in storage that are currently waiting to interconnect. While we recognize the challenges the wind industry continues to face in the near term, with a continued focus on energy security and independence globally, we remain confident that demand for wind energy will strengthen once the current regulatory complexity is deciphered and global economies begin to stabilize.

在美國，儘管已經發布了關於 IRA 下許多關鍵條款的指南，但解釋和澄清該指南還需要一些時間。正如您可能期望的那樣，對於像 IRA 這樣廣泛的立法，明確實施需要一些時間。就在上週，聯邦能源管理委員會（FERC）發布了期待已久的關於發電和存儲資源與電網互連的最終規則。根據 FERC 的初步聲明，最終規則將實施“先準備、先服務”的集群研究等改革，為目前等待互連的近 2 太瓦可再生能源存儲提供急需的緩解。儘管我們認識到風能行業在短期內繼續面臨的挑戰，並且持續關注全球能源安全和獨立性，但我們仍然相信，一旦當前的監管複雜性得到解決並且全球經濟開始穩定，對風能的需求將會增強。

With our current facility capacity of nearly 15 gigawatts, we expect our wind revenue to eclipse $2 billion, yielding a high single-digit adjusted EBITDA and a free cash flow percentage in the mid-single digits over the next couple of years. Today, we are operating 37 lines, including 4 lines for Nordex in Mexico. With transitions to larger blades, the start-up of new lines and the completion of the Nordex contract in Mexico in mid-2024, we plan to exit 2024 with 39 lines. These 39 lines will enable us to produce approximately 3,200 sets per year or 15 gigawatts. In IEA's updated net 0 by 2050 scenario, wind needs to reach over 400 gigawatts of installations per year with approximately 80% onshore and 20% offshore. Therefore, the market would have to be almost 5x larger than it was in 2022. 15 gigawatts of capacity will not be sufficient to meet the long-term needs of our customers, so strategically growing our global capacity and footprint over the next few years is a discussion we are engaged in today with all of our customers, as we are in a unique position to capitalize on the growth in the wind industry.

憑藉我們目前近 15 吉瓦的設施容量，我們預計我們的風電收入將超過 20 億美元，在未來幾年內產生高個位數的調整後 EBITDA 和中個位數的自由現金流百分比。如今，我們運營著 37 條生產線，其中包括墨西哥 Nordex 的 4 條生產線。隨著向更大葉片的過渡、新生產線的啟動以及墨西哥 Nordex 合同於 2024 年中期完成，我們計劃在 2024 年結束時擁有 39 條生產線。這 39 條生產線將使我們每年生產約 3,200 套或 15 吉瓦。在 IEA 更新的到 2050 年淨 0 情景中，風電每年需要達到 400 吉瓦以上的裝機容量，其中約 80% 為陸上，20% 為海上。因此，市場規模將比 2022 年擴大近 5 倍。15 吉瓦的容量不足以滿足客戶的長期需求，因此在未來幾年戰略性地擴大我們的全球容量和足跡是我們今天與所有客戶進行了討論，因為我們處於利用風能行業增長的獨特地位。

With that, let me turn the call over to Ryan to review our financial results.

接下來，讓我將電話轉給瑞安，以審查我們的財務業績。

Thanks, Bill.

謝謝，比爾。

Please turn to Slide 8. All comparisons discussed today will be on a year-over-year basis for continuing operations compared to the same period in 2022. Please note our prior year financial information has been restated to exclude the discontinued operations from our Asia reporting segment, as we shut down operations in China at the end of 2022.

請參閱幻燈片8。今天討論的所有比較都將針對持續經營業務與2022 年同期進行逐年比較。請注意，我們已重述上一年的財務信息，以將已終止的業務排除在我們的亞洲報告之外我們將於 2022 年底關閉在中國的業務。

In the second quarter of 2023, net sales were $381.3 million compared to $392.5 million for the same period in 2022, a decrease of 2.9%. Net sales of wind blades, tooling and other wind-related sales, which hereafter I'll refer to as just Wind sales, decreased by $4.9 million in the second quarter of 2023 or 1.3% compared to the same period in 2022. The decrease in net sales of Wind during the second quarter was primarily due to a 2% decrease in the number of wind blades produced due to lower customer demand and delivery delays [from increased] inspection and repair activities, a decrease in other wind-related sales for mold decommissioning services and lower average sales prices due to the impact of raw material and logistic cost reductions on our blade prices. These decreases were partially offset by favorable foreign currency fluctuations and an increase in tooling sales. Additionally, our utilization in the second quarter of 2023 was 85% compared to utilization of 88% in the second quarter of last year.

2023年第二季度淨銷售額為3.813億美元，較2022年同期的3.925億美元下降2.9%。 2023 年第二季度，風力葉片、工具和其他與風能相關的銷售（以下簡稱“風能銷售”）的淨銷售額下降了 490 萬美元，與 2022 年同期相比下降了 1.3%。第二季度風電的淨銷售額主要是由於客戶需求下降以及檢查和維修活動增加導致的交貨延遲導致生產的風電葉片數量減少了2%，以及其他與風電相關的模具銷售額減少由於原材料和物流成本降低對我們的葉片價格的影響，退役服務和平均銷售價格降低。這些下降被有利的外匯波動和模具銷售的增長部分抵消。此外，我們 2023 年第二季度的利用率為 85%，而去年第二季度的利用率為 88%。

Field service sales decreased by $2.9 million in the second quarter compared to the same period in 2022. The decrease was due to a reduction in technicians deployed on revenue-generating projects due to an increase in time spent on nonrevenue-generating inspection and repair. Automotive sales decreased by $3.4 million in the second quarter compared to the same period in 2022. The decrease was primarily due to a reduction in the number of composite bus bodies produced and a decrease in sales of other automotive products due to our customers' supply chain constraints and customer delays in transitions of new product launches, partially offset by an increase in fees associated with minimum volume commitments.

與 2022 年同期相比，第二季度現場服務銷售額減少了 290 萬美元。減少的原因是，由於用於非創收檢查和維修的時間增加，部署在創收項目上的技術人員減少。與 2022 年同期相比，第二季度汽車銷售額減少了 340 萬美元。減少的主要原因是複合材料客車車身生產數量減少以及客戶供應鏈導致的其他汽車產品銷量下降新產品發布過渡中的限制和客戶延遲，部分被與最低數量承諾相關的費用增加所抵消。

Net loss attributable to common stockholders from continuing operations was $80.8 million in the second quarter 2023 compared to a net loss of $25.3 million in the same period in 2022.

2023 年第二季度持續經營業務歸屬於普通股股東的淨虧損為 8080 萬美元，而 2022 年同期淨虧損為 2530 萬美元。

Adjusted EBITDA for the second quarter of 2023 was a loss of $38.9 million compared to adjusted EBITDA of $5.6 million during the same period in 2022. The decrease in adjusted EBITDA during the second quarter ended June 30, 2023, was primarily due to increased warranty costs, higher production costs for additional quality control measures implemented at certain manufacturing facilities and increased labor costs in Turkey and Mexico, partially offset by foreign currency fluctuations, cost savings initiatives and lower start-up and transition costs.

2023 年第二季度調整後 EBITDA 虧損 3890 萬美元，而 2022 年同期調整後 EBITDA 為 560 萬美元。截至 2023 年 6 月 30 日的第二季度調整後 EBITDA 減少主要是由於保修成本增加某些製造工廠實施的額外質量控制措施導致生產成本增加，以及土耳其和墨西哥勞動力成本增加，但部分被外匯波動、成本節約舉措以及較低的啟動和轉型成本所抵消。

Moving to Slide 9. We ended the quarter with $170 million of unrestricted cash and cash equivalents and $195 million of debt. We had positive free cash flow of $6.2 million in the second quarter of 2023 compared to $19.4 million in the same period in 2022. In light of a challenging quarter, we placed a significant focus on preserving cash and ensuring we efficiently deployed our working capital to make sure we can comfortably execute key initiatives as we move forward. We do expect a modest level of cash burn during the second half of the year as we satisfy our warranty commitments and continue to implement quality improvement initiatives. Note that most of this cash burn is expected to occur in the third quarter.

轉到幻燈片 9。本季度末，我們擁有 1.7 億美元的非限制性現金和現金等價物以及 1.95 億美元的債務。 2023 年第二季度，我們的自由現金流為 620 萬美元，而 2022 年同期為 1,940 萬美元。鑑於本季度充滿挑戰，我們非常注重保留現金並確保我們有效地將營運資金部署到確保我們在前進過程中能夠輕鬆地執行關鍵舉措。我們確實預計下半年的現金消耗會適度，因為我們履行了保修承諾並繼續實施質量改進計劃。請注意，大部分現金消耗預計將發生在第三季度。

I know many of you want to understand how we are thinking about our cash position beyond 2023 and as we enter a period of time in 2024 when we expect to be starting up idle lines and transitioning to longer blades. The bottom line is we continue to be confident in our liquidity position. To shed a little color on the moving pieces: In 2024, we expect positive EBITDA and working capital initiatives to be our primary sources of cash. We are expecting EBITDA to significantly improve in 2024, compared to 2023, as we get the cost-of-quality issues behind us and we effectively [shed] the losses from our Nordex Matamoros plant. We also expect to get some advances from our customers to support the ramp of idle lines. Offsetting these sources of cash will be CapEx primarily related to the transitions and start-up of idle lines, interest and taxes as well as cash payments to Oaktree for the preferred dividends. Our first dividend payment to Oaktree will be in January 2024. In total, we expect to make about $40 million in payments for preferred dividends to Oaktree in 2024.

我知道你們中的許多人想了解我們如何考慮 2023 年之後的現金狀況，以及當我們進入 2024 年的一段時間時，我們預計將啟動閒置生產線並過渡到更長的刀片。最重要的是，我們對我們的流動性狀況繼續充滿信心。為動態的部分提供一點說明：到 2024 年，我們預計積極的 EBITDA 和營運資本計劃將成為我們的主要現金來源。與 2023 年相比，我們預計 2024 年 EBITDA 將顯著改善，因為我們已經解決了質量成本問題，並且我們有效地[擺脫了] Nordex Matamoros 工廠的損失。我們還希望從客戶那裡獲得一些預付款，以支持閒置線路的增加。抵消這些現金來源的將是主要與閒置線路的過渡和啟動、利息和稅收以及向橡樹資本支付的優先股股息相關的資本支出。我們將於 2024 年 1 月向橡樹資本支付首次股息。總的來說，我們預計 2024 年將向橡樹資本支付約 4000 萬美元的優先股股息。

End of the day, we believe our balance sheet, our projected liquidity position and our operating results will enable us to navigate the short-term challenges and invest in our business to achieve our mid- to long-term growth targets of $2 billion-plus in Wind sales and high single-digit adjusted EBITDA margins.

最終，我們相信我們的資產負債表、預計的流動性狀況和經營業績將使我們能夠應對短期挑戰並投資於我們的業務，以實現 20 億美元以上的中長期增長目標風電銷售額和高個位數的調整後EBITDA 利潤率。

Moving on to Slide 10. As a result of the quality and volume changes Bill discussed, we're updating our financial guidance for the year. Sales are now expected to be down by about $100 million at the midpoint of the ranges from our initial guidance. Approximately half of the reduction relates to lower customer demand for blades and delays from inspection and repair activity. About 1/4 of the reduction relates to lower field service sales, as technicians have been diverted to nonrevenue-generating work. The remainder of the reduction relates primarily to lower ASPs from supply chain reductions and lower automotive sales than expected.

轉到幻燈片 10。由於比爾討論的質量和數量變化，我們正在更新今年的財務指導。目前預計銷售額將較我們最初的指導值下降約 1 億美元（按範圍中值計算）。大約一半的減少與客戶對葉片的需求減少以及檢查和維修活動的延誤有關。大約 1/4 的減少與現場服務銷售額的下降有關，因為技術人員已被轉移到非創收工作。其餘的減少主要與供應鏈減少導致的平均售價下降以及汽車銷量低於預期有關。

We do continue to expect to achieve low single-digit adjusted EBITDA margins over the second half of the year, which is consistent with our initial adjusted EBITDA guidance for the full year. However, with the loss from the second quarter, we now expect our adjusted EBITDA for the full year to be a slight loss of less than 1% of sales. With the reduction in sales volumes, we now expect utilization to be in the low to mid-80s versus our initial guidance in the mid- to upper 80s.

我們仍然預計下半年將實現低個位數的調整後 EBITDA 利潤率，這與我們最初調整後的全年 EBITDA 指導一致。然而，由於第二季度的虧損，我們現在預計全年調整後的 EBITDA 將略有下降，不到銷售額的 1%。隨著銷量的減少，我們現在預計利用率將在 80 年代中下，而我們最初的指導值為 80 年代中上。

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

這樣，我會將電話轉回給比爾。

Thanks, Ryan.

謝謝，瑞安。

Please turn to Slide 12. We remain very bullish on the energy transition and believe we will continue to play a vital role in the pace and ultimate success of the transition. We remain focused on managing our business through the short-term challenges in the industry and are excited about how we are positioned to capitalize on the significant growth the industry expects in the coming years.

請參閱幻燈片 12。我們仍然非常看好能源轉型，並相信我們將繼續在轉型的步伐和最終成功方面發揮至關重要的作用。我們仍然專注於管理我們的業務，應對行業的短期挑戰，並對我們如何定位以利用行業未來幾年預期的顯著增長感到興奮。

I want to thank all of our TPI associates once again for their commitment, dedication and loyalty to TPI.

我要再次感謝所有 TPI 員工對 TPI 的承諾、奉獻和忠誠。

I'll now turn it back to the operator to open the call for questions.

現在我將把它轉回接線員以開始提問。

(Operator Instructions) Your first question comes from Julien Dumoulin-Smith from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Julien Dumoulin-Smith。

Sorry, guys. Can you hear me? I was on mute.

對不起大家。你能聽到我嗎？我當時處於靜音狀態。

Yes, got you, Julien.

是的，明白了，朱利安。

Just a couple of different things here. So look. I know the backdrop has been challenging here of late, but can we talk about the quality-related matters in a little bit more detail, right? So you disclosed here a issue with a customer at a given site under warranty, but you also discussed a third-party independent evaluator has come through, reviewed your operations, et cetera. Can you discuss what the third-party review found? And have you needed to pursue quality changes at other sites and/or for other customers thus far, if we can kind of get into some of the other permutations here, if you don't mind.

這裡只是一些不同的事情。所以看。我知道最近這裡的背景充滿挑戰，但是我們可以更詳細地討論與質量相關的問題嗎？因此，您在這裡披露了保修期內給定站點的客戶的問題，但您也討論了第三方獨立評估員的情況，審查了您的運營等等。您能討論一下第三方審查發現了什麼嗎？到目前為止，您是否需要在其他站點和/或為其他客戶追求質量變化，如果您不介意的話，我們可以在這裡討論一些其他排列。

Sure, yes. We brought in -- actually we brought in the third-party quality review. Or that was our choice. Our customers didn't know we were doing it, quite frankly, at the time. I commissioned that a couple of months ago. And it was more just to make sure that, as -- again, we were seeing more issues within the industry. And we had a little bit of an increase in what we would call nonconformances in some of the blades we were producing, so wanted to get a very objective third-party view of our quality management systems, what we were doing well, what we needed to improve on. So I would tell you it's not -- I mean in virtually all of our plants we're in actually really good shape. We just had a couple of facilities that were not where we would like them to be today. So that's kind of the genesis of the findings. There's improvements we can always make, and we're making those, but overall there was nothing that was of major concern. It was just improvement on what we had already done. So that's, I think, the -- that's about the third-party reviewer, but again we have -- they're -- just so you guys know: I mean blades are incredibly [manned], right? I mean it's anywhere from 1,500 to 3,000 or 3,500 direct labor hours per blade, hundreds of layers of glass laid up by hand, infusion that is somewhat automated but still relatively manual, as well as laying core down, et cetera, et cetera, so there's a lot of manual processes that go into it. Every one of our customers' blades is different and each of our customers' blade models are different, so it's not like it's a highly automated process, which then leads to more room for nonconformances when you're building a blade that can be 80 meters long, 30,000-plus pounds, right? And so we -- the whole industry has work to do, especially as we move from relatively moderate-sized blades to very large blades very quickly. The challenge is getting up to serial production. Once you get to serial production, the quality is obviously much better, but when you're switching blade models as quick as you are, you never really get there, so the good news is, with NPIs slowing down, I think our -- any improvements we're making from our quality standpoint -- I think the instance of quality issues going forward will moderate back to levels that we used to see which were very low.

當然，是的。我們引入了——實際上我們引入了第三方質量審查。或者那是我們的選擇。坦率地說，當時我們的客戶並不知道我們在這樣做。我幾個月前委託這樣做的。更重要的是，我們再次看到行業內存在更多問題。我們生產的一些刀片的不合格品有所增加，因此希望獲得對我們的質量管理體系、我們做得好的方面以及我們需要的內容的非常客觀的第三方看法改進。所以我想告訴你，事實並非如此——我的意思是，我們幾乎所有的工廠實際上都處於良好的狀態。我們只有一些設施沒有達到我們今天所希望的位置。這就是研究結果的起源。我們總是可以做出改進，而且我們正在做出這些改進，但總的來說，沒有什麼值得主要關注的。這只是對我們已經做過的事情的改進。所以，我認為，這就是關於第三方審閱者的，但我們再次有——他們是——只是讓你們知道：我的意思是刀片是令人難以置信的[載人]，對嗎？我的意思是，每個刀片需要 1,500 到 3,000 或 3,500 個直接工時，手工鋪設數百層玻璃，輸液有點自動化，但仍然相對手動，以及放下核心，等等，等等，所以其中涉及很多手動流程。我們每個客戶的刀片都不同，每個客戶的刀片型號也不同，所以這不是一個高度自動化的過程，這會在您構建 80 米長的刀片時導致更多的不合格空間長，三萬多磅，對吧？因此，整個行業都有工作要做，特別是當我們很快從相對中等尺寸的葉片轉向非常大的葉片時。面臨的挑戰是實現批量生產。一旦進入批量生產，質量顯然會好得多，但當你以最快的速度切換刀片型號時，你永遠不會真正達到目標，所以好消息是，隨著 NPI 放緩，我認為我們的——從我們的質量角度來看，我們正在做出的任何改進——我認為未來質量問題的實例將恢復到我們過去看到的非常低的水平。

Got it. And just to clarify this: You said there was a couple sites with issues. Just can you elaborate a little bit on what's been done to remediate? And it seems like you didn't elect to pursue a warranty claim on that second site. If you can elaborate...

知道了。只是為了澄清這一點：您說有幾個網站存在問題。您能否詳細說明一下已採取哪些補救措施？而且您似乎沒有選擇在第二個站點上提出保修索賠。如果可以詳細說明一下...

So Julien, we evaluate our potential warranty claims continuously. There are some other small warranty claims out there. I mean we've got a fairly sizable reserve now, so we feel very comfortable that what we've got is covered. So I mean the other -- what have we done to protect them? We have firewalls that we put in place. And again remember we have -- our customers are in our plants with us. And so not only are we inspecting them, but generally our customers are inspecting them as well before they get shipped. We've increased the level of inspection. We've increased the numbers of inspection during the production process, not just at the end of the process. And in some cases, we've invited third parties into our plants to validate the inspection work that we've done. So...

Julien，我們不斷評估潛在的保修索賠。還有一些其他小額保修索賠。我的意思是我們現在有相當大的儲備，所以我們對我們所擁有的得到滿足感到非常放心。所以我指的是另一個——我們做了什麼來保護他們？我們設置了防火牆。再次記住，我們的客戶與我們一起在我們的工廠裡。因此，我們不僅會檢查它們，而且我們的客戶通常也會在發貨前對其進行檢查。我們加大了檢查力度。我們增加了生產過程中的檢查次數，而不僅僅是過程結束時的檢查次數。在某些情況下，我們邀請第三方進入我們的工廠來驗證我們所做的檢查工作。所以...

Right -- and sorry. Lastly, you said that you have work to do -- go for...

是的——抱歉。最後，你說你還有工作要做——去做……

Yes, you always have work to do, right? It's called continuous improvement. And again when it's you're -- when you're dealing in an extremely manual process, there's always improvements you can make, but we've had a very, very good long-term track record from a quality standpoint. This large -- the large issue that we specifically provided for this quarter, think about how we talk about it. It's inspection and repair, so a lot of this is proactive. There were some nonconformances found out in the field before blades were put up tower. We looked at those with our customers and we developed a plan to make sure that we inspected every blade. And if there was the need to repair, we would repair, and if not, we would move on, so it's not like we have blades failing in the field, blades flying off towers. This was more proactive to make sure that we never get into that situation. And again, for many of these blades, there'll be relatively minor repairs that are done. Some blades will likely not have any and others will have some repairs to do before they go up tower.

是的，你總是有工作要做，對吧？這就是所謂的持續改進。再說一次，當你處理一個極其手動的流程時，你總是可以做出改進，但從質量的角度來看，我們擁有非常非常好的長期跟踪記錄。這個大問題——我們專門為本季度提供的大問題，想一想我們如何談論它。這是檢查和維修，所以很多都是主動的。在刀片安裝到塔上之前，現場發現了一些不合格項。我們與客戶一起研究了這些問題，並製定了一項計劃以確保檢查每個葉片。如果需要修理，我們就會修理，如果不需要，我們就會繼續前進，所以我們不會出現葉片在現場出現故障、葉片從塔上飛下來的情況。這是更積極主動的做法，以確保我們永遠不會陷入這種情況。再說一遍，對於許多這樣的葉片，都會進行相對較小的維修。有些刀片可能沒有任何缺陷，而另一些刀片在上塔之前需要進行一些維修。

Right. And you still reconfirmed your high single-digit EBITDA margin target, although you didn't specify a time line necessarily, but it seems like the warranty cost, the higher OpEx, et cetera still hasn't taken you off that goal.

正確的。您仍然再次確認了您的高個位數 EBITDA 利潤率目標，儘管您沒有指定具體的時間表，但保修成本、更高的運營支出等似乎仍然沒有讓您偏離這一目標。

Well, that higher single digit, we said in a couple years, right? We've got to get through -- we've talked about '23 being a transition year; '24 a bit of a transition year, as some of the transitions that we planned from a line standpoint as well as start-ups have moved to the right a bit by our customers. And so we see '23 and '24 really as not only industry transition years but TPI -- some TPI transitions as it relates to lines; and so we see ourselves exiting '24, entering '25 more on that run rate.

嗯，更高的個位數，我們說過幾年後，對吧？我們必須度過難關——我們已經討論過 23 年是一個過渡年； 24 年是一個過渡的一年，因為我們從生產線和初創企業的角度計劃的一些過渡已經被我們的客戶向右移動了一點。因此，我們認為“23”和“24”不僅是行業轉型年，也是 TPI——一些與生產線相關的 TPI 轉型；因此，我們預計我們將退出 24 年，並以該運行率進入 25 年。

Your next question comes from Mark Strouse from JPMorgan.

您的下一個問題來自摩根大通的馬克·斯特勞斯。

I'm thinking back to the second half of last year, maybe around the same time that you announced the GE contract in Iowa. You were talking about in -- you've been in discussions with other OEMs, as far as potential U.S. manufacturing. Has this quality issue impacted those conversations at all?

我回想起去年下半年，也許就在你宣布與愛荷華州通用電氣合同的同一時間。你剛才談到——就潛在的美國製造而言，你一直在與其他原始設備製造商進行討論。這個質量問題對這些對話有影響嗎？

No. We're still -- we're evaluating sites today and still in discussions with multiple customers for sites within the U.S.

不。我們今天仍在評估站點，並仍在與多個客戶討論美國境內的站點。

Okay, good to hear. And then with the announcement today with GE, how should we think about when -- assuming that you get the full contract in 3Q, what the timing of that might look like, as far as when that might start? And since it's in Juárez, is there any disruption to your existing lines while that process is ongoing?

好的，很高興聽到。然後，隨著今天與通用電氣的宣布，我們應該如何考慮何時——假設你在第三季度獲得完整的合同，那麼什麼時間可能會開始？由於是在華雷斯，在該過程進行期間，您的現有線路是否會受到任何干擾？

Yes, so if you remember, Mark, we had a -- or we had an empty facility in Juárez. So this is the empty facility. So GE will be moving into that new facility and we expect production to start early next year.

是的，如果你還記得的話，馬克，我們在華雷斯有一個——或者說我們有一個空的設施。所以這是空的設施。因此，通用電氣將搬入該新工廠，我們預計生產將於明年初開始。

Yes. Your next question comes from Justin Clare from ROTH MKM.

是的。您的下一個問題來自 ROTH MKM 的 Justin Clare。

So I wanted to start with the demand picture a bit here. You indicated demand might be pushing to the right a bit and into 2025. Just given that backdrop, maybe you can walk through what your expectations are for your open lines. It sounds like you're going to be exiting 2024 with 39 lines, so it seems like you're adding the 4 with GE. There's 2 others that you'll contract. And then maybe the 5 lines in -- or the potential 5 lines in Iowa, those might not get contracted in the near term. So just maybe if you can walk through what you're expecting here.

所以我想從這裡開始了解需求情況。您表示，到 2025 年，需求可能會稍微向右推。考慮到這一背景，也許您可​​以了解一下您對開放線路的期望。聽起來您將在 2024 年退出 39 條生產線，因此看起來您將通過 GE 添加 4 條生產線。您還需要簽訂另外 2 個合同。然後也許是愛荷華州的 5 條線路，或者是愛荷華州潛在的 5 條線路，這些線路可能不會在短期內簽訂合同。所以也許你能在這裡經歷你所期待的事情。

Yes, yes. So as -- the line count was a little bit different last quarter. And that's because, as we've gotten deeper into discussions with customers and we looked at blade sizes, the number of lines have actually come down a little bit, but if you were listening to the prepared remarks: We wind up with the same number of gigawatts of -- or the same capacity at 15 gigawatts because the larger lines will generate -- obviously we can produce the same amount of gigawatts -- or megawatts that we would have otherwise, so we add 4 lines in Mexico. We subtract 4 lines in Mexico as well, the Nordex lines, right? And then we're -- you think about Iowa, which is probably 4 to 5 lines at this point; and then India, adding a couple of lines there as well.

是的是的。因此，上個季度的行數略有不同。這是因為，隨著我們與客戶進行更深入的討論並研究刀片尺寸，生產線的數量實際上有所下降，但如果您正在聽準備好的評論：我們最終會得到相同的數量千兆瓦——或者15吉瓦的相同容量，因為更大的線路將產生——顯然我們可以生產與其他方式相同數量的千兆瓦——或兆瓦，所以我們在墨西哥增加了4條線路。我們還減去墨西哥的 4 條線路，即 Nordex 線路，對吧？然後我們——你想想愛荷華州，此時可能有 4 到 5 條線；然後是印度，也在那裡添加了幾行。

Okay, got you...

好吧，明白你...

Do you want me to give you the exact -- we're -- yes, we're at 37. You add 4 in Iowa potentially. Again all -- GE -- we're working with GE to still determine the right time for that to open based on clarification around some of the IRA and what their demand needs are. So that's still to be determined, but think of it as 4 lines; Mexico too we just talked about, which is 4 lines; 2 more in India, 2 lines in India. We take out the 6 -- or the 4 lines for Nordex in Matamoros. When we transition to a larger blade in another plant in Mexico, we'll go from 6 lines there today to 4 lines; and then same in Turkey. In both Turkey plants transitioning to larger blades, we actually lose a line in each, so if you do that math, you get to 39, but it's the same number of gigawatts, if you will.

你想讓我給你確切的信息嗎——我們是——是的，我們是 37 歲。你可能會在愛荷華州加上 4 歲。再次強調——GE——我們仍在與 GE 合作，根據對一些 IRA 的澄清及其需求來確定開放的正確時間。所以這仍然有待確定，但可以將其視為 4 行；墨西哥也是我們剛才講的，是4行；印度還有2條，印度有2條線路。我們取出馬塔莫羅斯 Nordex 的 6 號線或 4 號線。當我們在墨西哥的另一家工廠過渡到更大的刀片時，我們將從現在的 6 條生產線增加到 4 條生產線；然後在土耳其也是如此。在土耳其的兩家工廠過渡到更大的葉片時，我們實際上都損失了一條線路，所以如果你計算一下，你會得到39 個，但如果你願意的話，它的千兆瓦數是相同的。

Right, okay. Okay, that makes sense. And then just on the cost of inspection and the increased focus on quality here, I was wondering. Does that serve as a headwind to your gross margins as you move into Q3 and Q4? How impactful might that be? Maybe you can just speak to that element.

對了，好吧。好吧，這是有道理的。然後，我想知道檢查成本和對質量的日益關注。當您進入第三季度和第四季度時，這是否會成為您毛利率的阻力？這會有多大影響？也許你可以只談談那個元素。

Justin, this is Ryan. I think a lot of that is behind us. So we went through a bit of a learning curve and some catch-up on some blades that were -- and we talked in the first quarter about how we had -- we slowed down deliveries and so we were catching up on some of those inspection and repairs. We've now got a lot of that behind us. So far this year, and you'll see this disclosed in the 10-Q, we've probably incurred around $10 million of higher inspection and repair than what we had planned at the start of the year. There's probably still a couple million dollars left over the balance of the year, so a total of, call it, $12 million or so, but we think a lot of that increased cost is behind us. I think we've gotten through a lot of the catch-up and learning curve as we've gone through those. It actually has helped us identify areas where we need to go back and build more quality upfront and make it more proactive instead of reactive on the back end and catching it later.

賈斯汀，這是瑞安。我認為很多事情都已經過去了。因此，我們經歷了一些學習曲線，並對一些刀片進行了一些追趕——我們在第一季度談到了我們是如何做到的——我們放慢了交付速度，因此我們正在趕上其中一些檢查和維修。現在我們已經完成了很多工作。今年到目前為止，您會在 10-Q 中看到這一點，我們可能已經花費了比年初計劃高出約 1000 萬美元的檢查和維修費用。今年剩餘時間可能還剩下幾百萬美元，所以總共可以說是 1200 萬美元左右，但我們認為大部分增加的成本已經過去了。我認為我們已經經歷了很多追趕和學習的過程。它實際上幫助我們確定了需要回過頭來預先構建更高質量的領域，並使其更加主動，而不是在後端做出反應並稍後再發現。

Your next question comes from Eric Stine from Craig-Hallum.

您的下一個問題來自 Craig-Hallum 的 Eric Stine。

So I'm just trying to think through these quality issues and what this could mean longer term. I mean clearly it sounds like you feel, that one quality issue you're having and the smaller ones, that you've kind of got those ring fenced. And historically I don't think you've had many of these warranty programs. I mean, do you see this at all changing kind of the whole insource-versus-outsource dynamic? Or I mean, is this something that could permanently slow down that move to larger blades, which I guess would mean fewer start-ups and transitions for TPI?

所以我只是想思考這些質量問題以及這對長期意味著什麼。我的意思顯然是，聽起來你感覺，你遇到的一個質量問題和較小的問題，你已經把這些問題圍起來了。從歷史上看，我認為您沒有很多這樣的保修計劃。我的意思是，您是否認為這會改變整個內包與外包動態？或者我的意思是，這是否會永久減慢向更大葉片的轉移，我想這意味著 TPI 的啟動和過渡會減少？

Yes, I don't think it changes the outsource-insource discussion, quite frankly. And new product introduction has already slowed down. I mean you just have to listen to what our customers are saying publicly about new product introduction and the need to standardize and industrialize and running these and modularization of the turbine. And so we're seeing that already, but I do not think it impacts the insource versus outsource. If the market goes to where we think it needs -- or where the -- where many think it's going, there's going to have to be a ton more capacity in the market over time. And I don't think the OEMs are going to want to absorb or are going to have the appetite to spend that capital on blade plants, quite frankly, or on other manufacturing facilities, so no. I don't think it impacts it, but I think, to your point, we have not had significant warranty issues in the past. We see this as a unique event for us. And we will learn from it and continue to improve what we do and work very closely with our customers. One of the important things that we've talked about in the past is collaborating more closely and deeper upfront with our customers so that we can minimize the potential for risk areas in the manufacturing process and in turbine design. And our customers recognize that. They are engaging with us more deeply and earlier, and I think that will help in the long run with minimizing the types of risky manufacturing operations that we see at points in time today.

是的，坦率地說，我認為這不會改變外包與內包的討論。而新產品的推出已經放緩。我的意思是，您只需聆聽我們的客戶公開談論新產品推出以及標準化、工業化和運行這些產品以及渦輪機模塊化的需要。我們已經看到了這一點，但我認為這不會影響內包與外包。如果市場發展到我們認為需要的地方，或者許多人認為它會發展的地方，那麼隨著時間的推移，市場上的容量將增加很多。坦率地說，我認為原始設備製造商不會願意吸收或有興趣將這些資金花在葉片工廠或其他製造設施上，所以不會。我認為這不會影響它，但我認為，就您而言，我們過去沒有遇到過重大的保修問題。我們認為這對我們來說是一次獨特的活動。我們將從中吸取教訓，繼續改進我們的工作，並與客戶密切合作。我們過去討論過的重要事情之一是與客戶進行更密切、更深入的前期合作，以便我們能夠最大限度地減少製造過程和渦輪機設計中潛在的風險領域。我們的客戶也認識到這一點。他們正在更深入、更早地與我們接觸，我認為從長遠來看，這將有助於最大限度地減少我們今天看到的有風險的製造業務類型。

Got it. And when you're talking about the 2 lines in Turkey, going from 3 to 2; and then same in Mexico, I mean, is that -- or are those plans that are already underway and -- or kind of are already starting and so they're not necessarily subject to kind of the slowdown you're seeing on the activity side? Or...

知道了。當你談論土耳其的 2 條線路時，從 3 條變為 2 條；我的意思是，在墨西哥也是如此，或者說那些計劃已經在進行中，或者已經開始了，所以它們不一定會受到你所看到的活動放緩的影響邊？或者...

Yes. So no, it has nothing to do with that. Let's be clear. In Turkey, it was -- we have 2 plants there. 1 is going from 4 lines to 3 lines. 1 is going from 7 lines to 6 lines. And in Mexico, the 1 plant we have running a smaller blade today, when we go to a bigger blade, that goes from 6 lines to 4 lines, producing the same number of gigawatts off of 39 lines as we were off of the 44 that we talked about before, so it's not about a reduction in demand for what we're doing. It's a larger blade. Therefore, you need fewer sets to hit the same number of gigawatts. Now over time, might we expand a couple of those plants to add more lines to it? Absolutely. Or we'll look for additional capacity in the same geographies or new geographies.

是的。所以不，這與此無關。讓我們說清楚。在土耳其，我們在那裡有兩家工廠。 1 將從 4 行變為 3 行。 1 將從 7 行變為 6 行。在墨西哥，我們今天運行較小的葉片的第一家工廠，當我們轉向更大的葉片時，它從6 條生產線增加到4 條生產線，39 條生產線生產的千兆瓦數與我們之前44 條生產線生產的千兆瓦數相同。我們之前討論過，所以這並不是減少對我們正在做的事情的需求。這是一個更大的刀片。因此，您需要更少的組來達到相同的吉瓦數。現在，隨著時間的推移，我們是否可以擴建一些工廠以添加更多生產線？絕對地。或者，我們將在相同地區或新地區尋找額外的容量。

Got it. All right, that's helpful. Maybe just quick just on the automotive side: You mentioned strategic alternatives. I mean it doesn't sound like that strategic alternative would include selling or monetizing that business. So maybe just some of the thoughts or the more likely forms that might take.

知道了。好的，這很有幫助。也許只是在汽車方面很快：你提到了戰略替代方案。我的意思是，聽起來戰略替代方案並不包括出售該業務或將其貨幣化。所以也許只是一些想法或更可能採取的形式。

No different than we've talked about, Eric. It's we're looking at all options. It could be partnership, joint venture, a separate source of capital, so there's a multitude of different things we're looking at. We're actually looking at probably 3 different forms today, so those discussions are progressing. We hope to be able to give you more information later in the quarter.

和我們討論過的沒有什麼不同，埃里克。我們正在考慮所有的選擇。它可以是合夥企業、合資企業、獨立的資本來源，所以我們正在考慮很多不同的事情。實際上，我們今天可能正在研究 3 種不同的形式，因此這些討論正在取得進展。我們希望能夠在本季度晚些時候向您提供更多信息。

Your next question comes from Joseph Osha from Guggenheim Partners.

您的下一個問題來自古根海姆合夥人公司的約瑟夫·奧沙。

I just wanted to talk about next year a little bit. You've got this Oaktree pref dividend coming in. It's $40 million. You have not, based on my sort of pass through your model, ever generated that much free cash at least since 2015 or so, so it would seem to me that you're going to be burning cash next year to meet all of your obligations. Is that a fair observation?

我只是想談談明年的事情。橡樹資本將派發預付股息。金額為 4000 萬美元。根據我對你的模型的了解，至少自 2015 年左右以來，你還沒有產生過那麼多的自由現金，所以在我看來，你明年將燒錢來履行你的所有義務。這是一個公平的觀察嗎？

Joe, I think a lot of this, for us -- I think we feel pretty comfortable with our liquidity position today. Could we be burning some? If we do, we believe it would be a very modest amount. A lot of this is going to depend on the start-ups and the timing of those start-ups. It's going to be dependent upon the amount of customer advances that we can get to help fund those start-ups and transitions, but as we're currently thinking about '24, obviously we're not yet ready to guide to '24 yet. But we laid out what we think our sources and kind of uses of cash are next year. And I think the one thing that you may discount a little bit right now is our ability to go generate cash out of our balance sheet. And so you'll see us focused in a lot on that over the balance of this year and next year to go help fund some of that. We do have different areas of inefficiency. And certainly, when you're a -- in a time period we're in today where we've had some delays in deliveries and we're working through some inventory issues, when you're going through that, we'll help -- we'll monetize that as we go through the balance of this year, but we will certainly plan and work to make sure that we can get -- make it through this. And we initially guided, back when we put out our kind of mid- to long-term guidance, that to light back up all of our idle lines, it's probably in the $25 million to $35 million range; still believe it's in that range. And so I kind of contain the CapEx for that -- to that range, probably spending about 1/3 of that this year. And then the rest of it will primarily come in '24.

喬，我認為對我們來說有很多——我認為我們對今天的流動性狀況感到非常滿意。我們可以燒一些嗎？如果我們這樣做，我們相信這將是一個非常適度的金額。這在很大程度上取決於初創企業以及這些初創企業的時機。這將取決於我們可以獲得多少客戶預付款來幫助資助這些初創企業和轉型，但由於我們目前正在考慮“24”，顯然我們還沒有準備好引導“24”。但我們列出了明年的現金來源和用途。我認為你現在可能會低估的一件事是我們從資產負債表中產生現金的能力。因此，您會看到我們在今年和明年的餘下時間裡重點關注這一問題，並為其中一些提供資金。我們確實有不同的低效率領域。當然，當您在今天的一段時間內，我們的交貨出現了一些延誤，並且我們正在解決一些庫存問題時，當您遇到這個問題時，我們會提供幫助- 我們將在今年剩下的時間裡將其貨幣化，但我們肯定會計劃並努力確保我們能夠- 度過這一難關。當我們推出中長期指導時，我們最初指導，為了恢復我們所有的閒置線路，可能需要 2500 萬至 3500 萬美元；仍然相信它在這個範圍內。因此，我將資本支出控制在這個範圍內，今年可能支出其中的 1/3 左右。其餘部分將主要在 24 年推出。

The other thing to think about, Joe, this is the easiest way to think about it, I think, is we eliminate the losses that we're incurring at the -- at our Nordex Matamoros plant. That covers the dividend, just FYI.

另一件要考慮的事情是，喬，我認為這是最簡單的考慮方法，我們消除了 Nordex Matamoros 工廠遭受的損失。這涵蓋了股息，僅供參考。

So say that again. The losses that you are currently incurring from Nordex Matamoros, that, remind me exactly when that goes away.

所以再說一遍。您目前從 Nordex Matamoros 遭受的損失，提醒我什麼時候會消失。

That -- the contract itself ends June 30, 2024, but we've agreed to a bit of a different structure in 2024, so we'll eliminate virtually the entire loss that you would -- that you'll see this year from Matamoros. So that basically pays for the dividend.

合同本身將於 2024 年 6 月 30 日結束，但我們同意在 2024 年採取一些不同的結構，因此我們將消除您今年將在馬塔莫羅斯看到的幾乎全部損失。所以這基本上支付了股息。

So that's $40 million right there.

那麼這就是 4000 萬美元。

Yes.

是的。

Yes, yes. Joe, in the first half of this year -- we'll, you'll see this disclosure in the Q. We've lost about $20 million. Last year, it was about $40 million, so it's been going on about a $10 million run rate pace [a quarter].

是的是的。喬，今年上半年——我們，你會在問題中看到這一披露。我們損失了大約 2000 萬美元。去年，該資金約為 4,000 萬美元，因此 [四分之一] 的運行速度約為 1,000 萬美元。

[Yes]...

[是的]...

I'm sorry. Not to pick -- all right, a quarter. All right, that was my question. And just do you guys have at this point any kind of covenants? I assume not on the convert, but is there any kind of covenant on this Oaktree financing in terms of cash flows that you've got to maintain or any of that or...

對不起。不挑——好吧，四分之一。好吧，這就是我的問題。你們現在有什麼契約嗎？我認為不是在轉換方面，但橡樹資本的融資是否有任何形式的契約，涉及您必須維持的現金流或任何此類契約或......

So we've got -- we have to maintain $50 million of cash in the U.S. and we have to get approval for CapEx over $30 million annually.

所以我們必須在美國保留 5000 萬美元的現金，並且每年必須獲得超過 3000 萬美元的資本支出批准。

Yes, yes. And one other one is we have an $80 million limit on our other debt that we can maintain, but we do have consents obviously from Oaktree for both the purchases of the wind turbine and for the convert.

是的是的。另外一個是我們對我們可以維持的其他債務有 8000 萬美元的限制，但我們確實得到了橡樹資本對於購買風力渦輪機和轉換的明確同意。

Your next question comes from Sherif Elmaghrabi from BTIG.

您的下一個問題來自 BTIG 的謝里夫·埃爾馬格拉比 (Sherif Elmagrabi)。

First, on moving to larger turbine production lines, how long does it take to shift production from one blade type to another? Is it a function of winding down supply agreements? And what -- can you remind us what kind of CapEx is associated with that?

首先，在轉向更大的渦輪機生產線時，將生產從一種葉片類型轉移到另一種葉片類型需要多長時間？這是終止供應協議的結果嗎？您能否提醒我們與此相關的資本支出類型是什麼？

Yes. So in most cases, if we're doing a transition, it's in an existing facility that's already got the basic CapEx in it. There are occasions when -- if we're going to a much larger blade, where you might have to do a crane upgrade, which might be a couple million dollars. The biggest CapEx, though, is the tooling itself or the mold. And the mold is paid for by our customer, so the CapEx on a transition, short of having to extend a building or change a crane out, is usually relatively small. The time it takes to do it, part of that depends on the part of the world we're in, whether we're working 5 days, 6 days, 7 days a week, but it's generally -- to go from stopping of the old mold, removal of that mold, install of the new mold and then ramping it back to serial production is probably around a quarter.

是的。因此，在大多數情況下，如果我們要進行轉型，就會在已經有基本資本支出的現有設施中進行。有時，如果我們要使用更大的葉片，您可能需要進行起重機升級，這可能需要幾百萬美元。然而，最大的資本支出是工具本身或模具。而且模具是由我們的客戶支付的，因此除了必須擴建建築物或更換起重機之外，過渡的資本支出通常相對較小。完成這件事所需的時間部分取決於我們所處的世界的哪個部分，無論我們是每週工作 5 天、6 天還是 7 天，但通常是 - 從停止開始舊模具、拆除模具、安裝新模具，然後重新投入批量生產可能需要大約四分之一的時間。

And then -- and the field service business, a bit of a smaller point here, but how long do you expect warranty claims to pull technicians away from doing field service work?

然後，還有現場服務業務，這裡的問題有點小，但是您預計保修索賠會讓技術人員放棄現場服務工作多久？

I would say a lot of that is happening this year. We'll have a little bit spill over into next year, but I think, probably by the end of the first quarter or so next year, we should be through most of it. Is that...

我想說今年發生了很多這樣的事情。我們將有一點溢出到明年，但我認為，可能到明年第一季度末左右，我們應該會經歷大部分。就是它...

Yes, I think, back to a more normalized...

是的，我認為，回到更加正常化的狀態……

Yes, back to a more normalized rate. So it will impact us for the balance of this year and a little bit of next year and then we should be back at kind of a more normalized level of warranty versus revenue-generating work.

是的，回到更正常化的利率。因此，這將影響我們今年的剩餘時間和明年的一些時間，然後我們應該回到一種更正常化的保修水平，而不是創收工作。

Your next question comes from Pavel Molchanov from Raymond James.

您的下一個問題來自 Raymond James 的 Pavel Molchanov。

I want to zoom out for a moment about kind of this whole quality control discussion in the wind space. Ever since Siemens started talking about this right around a month ago, are -- do you have a sense that there is almost like a witch hunt to try to find and kind of nitpick things that perhaps would not have been regarded as serious issues until that rather kind of high-profile headline, so an overreaction, so to speak?

我想暫時縮小有關風領域的整個質量控制討論的範圍。自從西門子大約一個月前開始談論這個問題以來，您是否有一種感覺，幾乎就像一場政治迫害，試圖找到一些吹毛求疵的事情，直到那時，這些事情可能不會被視為嚴重問題相當高調的標題，所以可以說是反應過度了嗎？

Pavel, I have to agree with you. I think clearly there are some -- and that's why, when I was talking a little bit about it after the first question -- I mean we're categorizing the issues, right, where it's -- yes, it's something that really needs to be fixed because it could impact the longevity of the blade. Others are, yes, we ought to watch that, but likely it's not going to impact performance or longevity. And then there are other things that, well, yes, you could fix it because it's a nonconformity. It's not going to make it perform any better. It's not going to do anything different. In fact, it may create more of a problem if you fix it, as opposed to leaving it as is. And so I think there is a heightened sensitivity, especially for those customers of our customers who may not completely -- I'm trying to say this in the right way: who may not completely understand how these blades are built and the fact that it is a very manual process. And first-pass yield on a blade is generally 0 because there are always some nonconformities because it is a manual process where you're infusing resin on a blade that's as long as a football field. So you're going to have some of that stuff, so I do think there's probably a heightened sensitivity around nonconformities in the blades that maybe we didn't see in the past.

帕維爾，我必須同意你的觀點。我認為顯然有一些 - 這就是為什麼，當我在第一個問題之後談論它時 - 我的意思是我們正在對問題進行分類，對，它在哪裡 - 是的，這確實需要進行修復，因為它可能會影響刀片的使用壽命。其他人是，是的，我們應該關注這一點，但它可能不會影響性能或壽命。還有其他一些事情，嗯，是的，你可以修復它，因為它是不合格的。它不會讓它表現得更好。它不會做任何不同的事情。事實上，如果你修復它，而不是保持原樣，它可能會產生更多問題。因此，我認為存在更高的敏感性，特別是對於我們客戶的那些客戶來說，他們可能不完全了解- 我試圖以正確的方式說這一點：他們可能不完全了解這些刀片是如何製造的以及它的事實是一個非常手動的過程。刀片的一次通過率通常為 0，因為總是存在一些不合格品，因為這是一個手動過程，您需要將樹脂注入到足球場那麼長的刀片上。所以你會遇到一些這樣的東西，所以我確實認為刀片中的不合格品可能會有更高的敏感性，這可能是我們過去沒有看到的。

Okay, let me turn to the electric vehicle. I guess it was 7 years ago. It feels like ancient history that TPI started supplying these bus bodies to Proterra. And since then, we're watching every commercial fleet is electrifying buses, trucks, vans. And I'm curious why carbon fiber has not become kind of the universal or mainstream solution of -- because it feels like it's actually shrinking. What do you think happened there?

好吧，讓我談談電動汽車。我猜那是7年前的事了。 TPI 開始向 Proterra 供應這些客車車身，感覺就像是古老的歷史。從那時起，我們看到每一個商業車隊都在對公共汽車、卡車、貨車進行電氣化。我很好奇為什麼碳纖維還沒有成為一種普遍或主流的解決方案——因為感覺它實際上正在收縮。你認為那裡發生了什麼？

Yes. Carbon fiber is too expensive, Pavel. That's why, but what we're doing is not carbon fiber. It's selective use of carbon fiber in key stress points that you need to use carbon, but most of what we're doing is more glass fiber, as opposed to carbon fiber. I think, as if -- I mean, if you look at what we're -- I wish I could tell you who we were working with, but if you look at who we're working with and what we're working on: There is some real traction taking place with the composites side of the business from an automotive standpoint, as they recognize it's not just lightweighting but it's the durability. It's the performance, especially in a battery enclosure or especially in certain of the structural panels and large panels, with some of the unique technology we have. So I think you will see it pick up, especially in the commercial space, but again it's glass fiber mostly, not carbon fiber.

是的。碳纖維太貴了，帕維爾。這就是原因，但我們做的不是碳纖維。它是在需要使用碳的關鍵應力點上選擇性地使用碳纖維，但我們所做的大部分是更多的玻璃纖維，而不是碳纖維。我想，如果你看看我們在做什麼，我希望我能告訴你我們正在與誰合作，但是如果你看看我們正在與誰合作以及我們正在做什麼：從汽車的角度來看，複合材料業務正在產生一些真正的吸引力，因為他們認識到這不僅是輕量化，而且是耐用性。這是性能，特別是在電池外殼或某些結構面板和大型面板中，以及我們擁有的一些獨特技術。所以我認為你會看到它的增長，特別是在商業領域，但同樣主要是玻璃纖維，而不是碳纖維。

Right, okay. I mean point well taken. Are you working with Workhorse still?

對了，好吧。我的意思是觀點很好。您還在與 Workhorse 合作嗎？

No. We haven't been working with them for, I don't know, over 2 years now, I think.

不。我不知道，我們已經有兩年多沒有與他們合作了，我想。

Okay. And GM...

好的。還有通用汽車...

We have done some work with GM that we've announced publicly. I can't say what we're doing now.

我們已經與通用汽車進行了一些合作，並已公開宣布。我不能說我們現在在做什麼。

(Operator Instructions) Your next question comes from Julien Dumoulin-Smith from Bank of America.

（操作員說明）您的下一個問題來自美國銀行的 Julien Dumoulin-Smith。

Julien, you're double dipping on us.

朱利安，你對我們雙重打擊。

I'm back and you better believe it. I just wanted to follow up, if I can, on really pushing on the impacts, the ongoing impacts, here. I mean I know you said by the end of 1Q that you should be seeing some normalization on sales or at least the field sales, but just can you elaborate a little bit on sort of the ongoing OpEx and the time line there? I mean it sounds like -- again you've reaffirmed, a couple of years out, you see an ability to get back to that high single digits outlook, but I just want to make sure we understand the full extent of the revenue and the OpEx impacts. And then separately, I'll throw the second question in there, on the U.S. expansion. I [thought] there was some talk about looking at the Western U.S. for further facilities. Is Mexico now in lieu of that?

我回來了，你最好相信這一點。如果可以的話，我只是想跟進真正推動影響，持續的影響。我的意思是，我知道您在第一季度末說過，您應該看到銷售或至少是現場銷售的一些正常化，但您能否詳細說明一下正在進行的運營支出和時間表？我的意思是，這聽起來像是 - 您再次重申，幾年後，您看到有能力恢復到高個位數的前景，但我只是想確保我們了解收入和收入的全部範圍運營支出影響。然後，我將分別提出第二個問題，關於美國的擴張。我[認為]有人談論在美國西部尋找更多設施。墨西哥現在取代了嗎？

So I'll answer, first, on the OpEx and revenue. I would say on the OpEx side, Julien, we've -- as Ryan indicated, we've spent about $10 million in the first half of the year. We'll spend about $2 million in the back half, as we've caught up; and as we've gotten more efficient at kind of the new procedures that we're following, that we've developed, as well as some of the new testing techniques and inspection techniques. I think it'll -- we won't have a increase in OpEx because I really think, over time, we're actually going to be -- we're actually going to find that we can reduce the costs of inspection because of what we'll be doing upfront and how we'll be doing it differently. So I think long term it's actually -- it will be helpful to us. And on the revenue side, again it's -- and from a field service standpoint, we should -- we're still hiring. We're still trying to expand in all regions that we serve today. The limiting factor is hiring [techs], quite frankly, but we're still moving down that path. And we think we'll get back to a more normalized split of revenue-generating versus warranty work by the end of Q1 of '24. And then on the expansion, no, it's not really in lieu of, Julien. It's in addition to, is my belief.

所以我首先回答運營支出和收入。 Julien，我想說，在運營支出方面，正如 Ryan 指出的那樣，我們在今年上半年花費了約 1000 萬美元。我們將在後半段花費大約 200 萬美元，因為我們已經趕上了；隨著我們在遵循和開發的新程序以及一些新的測試技術和檢查技術方面變得更加高效。我認為我們不會增加運營支出，因為我真的認為，隨著時間的推移，我們實際上會發現我們可以降低檢查成本，因為我們將預先做什麼以及我們將如何以不同的方式做這件事。所以我認為從長遠來看，這實際上對我們有幫助。在收入方面，我們仍然在招聘，從現場服務的角度來看，我們應該這樣做。我們仍在努力在我們今天服務的所有地區進行擴張。坦率地說，限制因素是招聘[技術人員]，但我們仍在沿著這條道路前進。我們認為，到 24 年第一季度末，我們將恢復到創收工作與保修工作的更正常劃分。然後關於擴展，不，它並沒有真正取代朱利安。除此之外，這是我的信念。

Yes, okay. So that's actually still in play here for -- in the near or medium term and your discussions are ongoing...

是的，好的。因此，在短期或中期，這實際上仍然在這裡發揮作用，並且你們的討論正在進行中......

Yes. Ongoing discussions with multiple parties, yes.

是的。是的，正在與多方進行討論。

Okay, all right, but is that a this-year thing at this point given the push-out?

好的，好吧，但是考慮到退出，這是今年的事情嗎？

I'm sorry. Is that -- what...

對不起。那是——什麼……

(inaudible) this year...

（聽不清）今年...

This year...

今年...

Is that still [viably an FY '23 issue]?

這仍然是[23 財年的問題]嗎？

No. I'm -- I don't think it was ever a '23 -- I mean it's -- as far as building a facility, no; as far as identifying. And we're in that process right now, so yes. I mean, is it possible that something got -- gets announced before the end of the year? Certainly. My guess is it's probably more of a late '23 or a '24 time frame.

不，我——我不認為這曾經是 23 世紀的——我是說它是——就建造設施而言，不；是的。至於識別。我們現在正處於這個過程中，所以是的。我的意思是，有可能在年底之前宣布一些事情嗎？當然。我的猜測是，這可能是 23 年末或 24 年的時間範圍。

Got it. Sorry. I didn't mean to press you too much on that. And to clarify an earlier -- Nordex, the payment there offsets the dividend payment, if I heard that right...

知道了。對不起。我並不想在這件事上給你施加太多壓力。為了澄清之前的一個問題——Nordex，那裡的付款抵消了股息支付，如果我沒聽錯的話……

Yes. The -- yes. What we're losing in that factory today is essentially equivalent to what the dividend payment will be for Oaktree next year.

是的。是的。我們今天在那家工廠的損失基本上相當於橡樹資本明年的股息支付。

All right. Or said differently, the liquidity that Nordex is paying you is effectively equivalent.

好的。或者換句話說，Nordex 向您支付的流動性實際上是等價的。

I'm sorry. Say that again...

對不起。再說一次...

The Nordex, like, compensation is effectively equivalent at that point.

Nordex 等公司的補償在這一點上實際上是等價的。

Yes, that's correct, Julien. We get back in '24 at a pace that we're pretty close to breakeven. So the losses we experienced last year and this year which were about $40 million a year or about $10 million kind of run rate a quarter, that effectively ends, beginning January 1, 2024.

是的，沒錯，朱利安。 24 年我們以非常接近盈虧平衡的速度回歸。因此，我們去年和今年經歷的損失約為每年 4000 萬美元，或者按每季度運行率計算約為 1000 萬美元，該損失將從 2024 年 1 月 1 日開始有效結束。

Bill, there are no further questions at this time. Please proceed with your closing remarks.

比爾，目前沒有其他問題。請繼續您的結束語。

Sorry. I had a, took a sip of water. Thanks again for your time today and continued interest and support of TPI. I look forward to speaking with you again shortly and next quarter. Thank you.

對不起。我喝了一口水。再次感謝您今天抽出時間以及對 TPI 的持續關注和支持。我期待很快和下個季度再次與您交談。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for joining, and you may now disconnect your lines. Thank you.

女士們、先生們，今天的電話會議到此結束。我們感謝您的加入，您現在可以斷開線路了。謝謝。