Titan International Inc (TWI) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the Titan International Inc third quarter, 2024 earnings conference call. At this time, all participants have been placed on listen-only mode and we will open the floor for some comments after the presentation. If you need assistance during the call, please press star followed by zero on your telephone keypad to connect to an operator. It is now my pleasure to turn the floor over to Alan Snyder, Vice President, Financial Planning and Investor Relations for Titan Mr Snyder. The floor is yours.

早安，女士們、先生們，歡迎參加泰坦國際公司 2024 年第三季財報電話會議。目前，所有參與者均已處於僅聽模式，我們將在演示後開放發言以徵求一些意見。如果您在通話過程中需要協助，請按下電話鍵盤上的星號，然後按零以連接到接線員。現在我很高興請泰坦先生財務規劃和投資者關係副總裁艾倫·斯奈德 (Alan Snyder) 發言。地板是你的。

Thank you and good morning. I'd like to welcome everyone to Titan's third quarter, 2024 earnings call on the call with me today are Paul G. Reitz Titan's President and CEO and David A. Martin Titan's senior Vice President and CFO I will begin with a reminder that the results we are about to review were presented in the earnings release issued yesterday along with our form 10-Q, which was also filed with the Securities and Exchange Commission yesterday.

謝謝你，早安。我謹歡迎參加Titan 2024 年第三季財報電話會議的大家，今天與我一起參加電話會議的有Paul G. Reitz Titan 的總裁兼首席執行官以及David A. Martin Titan 的高級副總裁兼首席財務官。

As a reminder during this call, we will be discussing certain forward-looking information including the company's plans and projections for the future that involve risks uncertainties and assumptions that could cause our actual results to differ materially from the forward-looking information. Additional information concerning factors that either individually or in the aggregate could cause actual results to differ materially from these forward-looking statements can be found within the safe harbor statement included in the earnings release attached to the company's form eight K filed earlier as well as our latest form 10-K and forms 10-Q, all of which have been filed with the SEC.

作為提醒，在本次電話會議期間，我們將討論某些前瞻性信息，包括公司對未來的計劃和預測，這些信息涉及風險不確定性和假設，可能導致我們的實際結果與前瞻性信息存在重大差異。有關單獨或總體可能導致實際結果與這些前瞻性陳述存在重大差異的因素的更多信息，可以在公司之前提交的 8 K 表格所附收益報告中的安全港聲明中找到，以及我們的最新的10 -K 表格和10-Q 表格，所有這些都已向SEC 提交。

In addition, today's remarks may refer to non-GAAP financial measures which are intended to supplement but not be a substitute for the most directly comparable GAAP measures. The earnings release which accompanies today's call contains financial and other quantitative information to be discussed today as well as the reconciliation of the non-GAAP measures to the most comparable GAAP measures. The Q3 earnings release is available on the company's website, a replay of this presentation, a copy of today's transcript and the company's latest quarterly investor presentation will all be available soon after the call on Titan's website. I would now like to turn the call over to Paul.

此外，今天的言論可能涉及非公認會計原則財務指標，這些指標旨在補充但不能取代最直接可比較的公認會計原則指標。今天電話會議附帶的收益報告包含今天討論的財務和其他定量信息，以及非公認會計準則指標與最具可比性的公認會計準則指標的調節。第三季收益發布可在公司網站上獲取，本次演示的重播、今天的文字記錄副本以及公司最新的季度投資者演示將在電話會議結束後不久在泰坦網站上發布。我現在想把電話轉給保羅。

Thanks Alan and good morning everyone.

謝謝艾倫，大家早安。

The the value proposition created by our products and our one Titan operating environment continues to support our third quarter results which included several bright spots against the backdrop of continued challenging conditions in our end markets.

我們的產品和我們的單一泰坦營運環境創造的價值主張繼續支持我們第三季的業績，其中包括在終端市場持續充滿挑戰的背景下的幾個亮點。

One of the things I really enjoy doing is spending time with customers and end users and I've been doing a lot of that lately.

我真正喜歡做的事情之一就是與客戶和最終用戶共度時光，我最近做了很多這樣的事情。

And during these visits, I frequently hear how our innovative products bring solutions to our customers that improve their operations and really differentiate us from the competition for a number of years. Now, Titan has been using that valuable interaction with customers and the feedback we get to really propel our future innovations and has provided a strong path, not just for today but also for the future. I'll talk more about that later, but I want to start off with some context on market conditions.

在這些訪問期間，我經常聽到我們的創新產品如何為客戶帶來解決方案，改善他們的運營，並使我們在多年來的競爭中真正脫穎而出。現在，Titan 一直在利用與客戶的寶貴互動以及我們獲得的回饋來真正推動我們未來的創新，並為今天和未來提供了一條強有力的道路。稍後我將詳細討論這一點，但我想先介紹一些有關市場狀況的背景資訊。

This current cyclical ag bottom is really one of the deepest we've seen in many years. You know, despite the challenges that poses, we really have been able to maintain gross margins well above levels from prior downturns, I think you can look at our assertive management actions and the cost control that we put in place along with the balance sheet these days, that is much better than it has been in the past. You know, these factors have really enabled us to continue to deliver free cash flow that's above our guided levels.

目前的周期性農業底部確實是我們多年來見過的最深的底部之一。你知道，儘管面臨挑戰，我們確實能夠將毛利率保持在遠高於之前經濟低迷時期的水平，我認為你可以看看我們果斷的管理行動以及我們與資產負債表一起實施的成本控制這幾天，比以前好多了。您知道，這些因素確實使我們能夠繼續提供高於指導水準的自由現金流。

David of course, will spend more time on that with the financial discussion later. What I want to do now is focus on market conditions as we wrap up 2024 and really provide some insights on key drivers for 2025 really especially focused on the initiatives we're going to pursue to drive growth.

當然，大衛稍後會花更多時間討論財務問題。我現在想做的是在 2024 年結束時專注於市場狀況，並真正提供一些關於 2025 年關鍵驅動因素的見解，尤其是我們將採取的推動成長的舉措。

You know, despite these challenging end markets. We do see a number of areas of opportunity that we're excited to share our thoughts on everybody's favorite topic. When you think about anything at the the macro economic level is is next week's Presidential election. Obviously, that's a significant event really as it pertains to trade policy, like most businesses, as we manage our operations, what we desire most is a policy direction with some clarity is that will heavily influence both the import and export of many goods, including a lot of what we do related to agriculture products.

你知道，儘管終端市場充滿挑戰。我們確實看到了許多有機會的領域，我們很高興能就每個人最喜歡的話題分享我們的想法。當你在宏觀經濟層面思考任何事情時，都會想到下週的總統選舉。顯然，這確實是一個重大事件，因為它涉及貿易政策，就像大多數企業一樣，當我們管理我們的營運時，我們最希望的是一個明確的政策方向，這將嚴重影響許多商品的進出口，包括我們所做的許多事情都與農產品有關。

Once the rules of the game are known, industry participants can and will adjust their business plans accordingly. And we expect that to help underpin improving transparency when it comes to capital equipment demand. And in turn OEM production plans for 2020 25 in the near in the near term, what we're seeing for the fourth quarter is our normal seasonal low.

一旦了解了遊戲規則，行業參與者就可以並將相應地調整他們的商業計劃。我們預計這將有助於提高資本設備需求的透明度。反過來，OEM 生產計劃在 2020 年 25 近期內，我們看到的第四季是正常的季節性低點。

This year it's being compounded by the O Ems and the dealers in the markets that continue to slash inventories, the commentary we're hearing from leading O Ems has centered on a desire to enter 2025 with lean inventory in place. Thus, they're able to better match their production with demand.

今年，O Ems 和市場經銷商繼續削減庫存，情況變得更加複雜，我們從領先的 O Ems 聽到的評論集中在希望進入 2025 年並保持精益庫存。因此，他們能夠更好地將生產與需求相匹配。

We saw initial round of the stocking post pandemic that we've been talking about. But then what we've also now seen as a second round of de stocking that has taken place this year as O Ems and dealers work to get goods off their lots. For Titan. We actually think this is a positive as it will hopefully mark the end of this second stage of the stocking and will then be what we see as the low point of the cycle for us.

我們看到了我們一直在談論的大流行後的第一輪庫存。但我們現在也看到，今年發生了第二輪去庫存，因為 O Ems 和經銷商正在努力從他們的地段上清貨。對於泰坦來說。我們實際上認為這是一個積極的因素，因為它有望標誌著庫存第二階段的結束，然後將成為我們認為的周期的低點。

One thing I really want to be clear with on today's call is we are by no means standing still why this plays out in our earnings release. I provided several examples of how we are busy working on ways to drive growth for the present and future. We're attacking a variety of opportunities across our business again, led by our connection to end users, which has developed our highly successful LSW tires, which we have been putting into the marketplace and getting tremendous results for many, many years now.

在今天的電話會議上，我真正想澄清的一件事是，我們絕不會停滯不前，為什麼我們的財報會出現這種情況。我提供了幾個例子，說明我們如何忙於尋找推動當前和未來成長的方法。在我們與最終用戶的聯繫的引導下，我們再次抓住了整個業務中的各種機會，這開發了我們非常成功的 LSW 輪胎，多年來我們一直將其投入市場並取得了巨大的成果。

You know, but to date though, that focus of our LSW marketing and sales programs has been primarily on larger tractors and combines where we see a lot of opportunity in the future to expand into more of the mid sized tractors.

您知道，但到目前為止，我們 LSW 行銷和銷售計劃的重點主要集中在大型拖拉機上，我們看到未來有很多機會擴展到更多中型拖拉機。

The bottom line is, and this has been reinforced with our discussions with farmers time and time again. This isn't just me telling you this is that LSWS continue to meet and exceed their expectations. The fuel savings is one performance that is readily quantifiable and we're seeing field results coming in above the 10 to 15% range that we had predicted.

底線是，我們一次又一次與農民的討論進一步強化了這一點。這不僅僅是我告訴您的，LSWS 繼續滿足並超越他們的期望。燃料節省是一項易於量化的性能，我們看到現場結果超出了我們預測的 10% 至 15% 範圍。

This is a very, very significant impact for farmers and a strong selling point. On top of the fuel savings, you also get the improved field performance that can with Ls W's being able to handle just about every condition thrown at them. And then of course, you get one of the most important things to farmers is the reduced soil compaction.

這對農民來說是一個非常非常重大的影響，也是一個強而有力的賣點。除了節省燃料之外，您還可以提高現場性能，因為 Ls W 能夠處理幾乎所有遇到的情況。當然，對農民來說最重要的事情之一就是減少土壤壓實。

So as we increase our efforts to target more of the mid size tractor market, which I want to emphasize is a big market. We're talking about 25,000 tractors roughly on an annual basis. So if you look at that, just tapping into a fraction of that will help move the needle in our sales. And Ebida moving away from LSW. Another new innova innovation we're excited for this quarter is our VPO technology. It's a versatile solution as an alternative to two wheels and can operate machinery of various inflation pressures even down to zero P. Si we issued a press release on that several weeks ago highlighting these advantages and where this technology can be used. It has a variety of end use applications which really fits well in our consumer segment.

因此，當我們加強瞄準更多中型拖拉機市場時，我想強調的是一個大市場。我們所說的每年大約有 25,000 台拖拉機。因此，如果你看看這一點，只需利用其中的一小部分就將有助於推動我們的銷售。Ebida 也離開了 LSW。本季我們感到興奮的另一項創新是我們的 VPO 技術。它是一種多功能解決方案，可以替代兩輪，並且可以操作各種充氣壓力甚至低至零壓力的機械。幾週前，我們發布了一份新聞稿，強調了這些優勢以及該技術的用途。它具有多種最終用途應用程序，非常適合我們的消費群體。

We're also working hard to reclaim our presence in the military market. You know, going back a number of years, Titan was a meaningful supplier of wheels and tires to the US military. So if you take these tel technologies I just mentioned with LSW and VPO, we're really optimistic about our potential to restore the sales in this channel and become an important contributor contributor for Titan. Again, we continue to focus on these top line synergies that are stemming from our acquisition of Carl start earlier this year. You know, some of these key opportunities include the first Titen branded high speed trailer tire. It's a category where Carl stars performed very well, which is their brand in the past.

我們還在努力奪回我們在軍事市場的地位。您知道，多年前，泰坦是美國軍方重要的車輪和輪胎供應商。因此，如果你採用我剛剛提到的這些 LSW 和 VPO 的電話技術，我們對恢復該通路銷售並成為 Titan 的重要貢獻者的潛力非常樂觀。再次，我們繼續關註今年稍早收購 Carl start 所產生的營收綜效。您知道，其中一些關鍵機會包括首款 Titen 品牌高速拖車輪胎。這是卡爾明星表現非常出色的一個類別，這是他們過去的品牌。

Along with doing that, we can, we, we're going to be focused on continuing to expand Carl Star products into new geographies that have been opened up since the the Titan acquisition earlier this year. But then also taking the the new offerings that the Carl Star team being combined with the Titan team has across the entire consumer tire and wheel business. And so again, really good opportunities for us to grow. Not in our, not just in our historical ag sector, but in this consumer business as well.

同時，我們可以、我們、我們將專注於繼續將 Carl Star 產品擴展到自今年稍早收購泰坦以來開闢的新地區。但接下來還要考慮 Carl Star 團隊與 Titan 團隊合併後在整個消費性輪胎和車輪業務中提供的新產品。再說一遍，這對我們來說確實是成長的好機會。不僅在我們歷史悠久的農業領域，而且在消費產業也是如此。

An important element of our ability to drive improved results through the historic historically weak part of the cycle is our aftermarket business. Again, this is something that we've, we've talked about in the past. But I want to highlight the the the benefits that come from this as we see this strategy really helping offset some of the OEM centric weakness that we've seen in the marketplace.

我們能夠在周期的歷史薄弱部分推動業績改善的一個重要因素是我們的售後業務。再說一次，這是我們過去討論過的事情。但我想強調由此帶來的好處，因為我們看到這項策略確實有助於抵消我們在市場上看到的一些以 OEM 為中心的弱點。

And we expect this to really be a strong attribute through all phases of the economic cycle. So if you look at it year-to-date inclusive of carstar on a pro forma basis. Our aftermarket business is down high single digits as compared to a roughly 25% decline in OEM sales this year. Aftermarket sales now account for more than 45% of our total revenue and remain accretive to our overall results.

我們預計這將成為經濟週期所有階段的一個強大屬性。因此，如果你從今年至今的情況來看，包括 Carstar 在內的預估基礎上。與今年 OEM 銷售額下降約 25% 相比，我們的售後市場業務出現了高個位數下降。售後市場銷售目前占我們總收入的 45% 以上，並繼續促進我們的整體業績。

Switching gears and touching briefly now on market conditions starting with ag farmer incomes continue to be under pressure, especially in the US. At the same time, we are guardedly optimistic that two of the primary headwinds plaguing purchasing activity, the election and interest rates will will abate and and calm down.

現在換個話題，簡單談談市場狀況，首先是農業農民的收入繼續面臨壓力，尤其是在美國。同時，我們謹慎樂觀地認為，困擾購買活動的兩個主要阻力——選舉和利率將減弱並平靜下來。

As we get into 2025 recent reports, we have seen points of finished goods destocking extending into early 25 as I as we talked about earlier, the sooner that reaches the conclusion, it's a positive for titan and obviously the better for our sales. On a positive note similar to that to that comment, we do expect higher and wheel orders to lead production of finished goods at O Ems because of the impact of that de stocking. So it's it's reasonable for us to see some growth resumption before the O Ems would see that.

當我們進入2025 年最近的報告時，我們看到成品去庫存的時間點延長到了25 月初，正如我們之前談到的，越早得出結論，這對泰坦來說是積極的，顯然對我們的銷售也越好。從與該評論類似的積極方面來看，由於去庫存的影響，我們確實預計更高的訂單和車輪訂單將引領 O Ems 的成品生產。因此，在 O Ems 看到之前，我們看到一些成長恢復是合理的。

Secondly, we expect our aftermarket business to remain solid as farmers continue to use their equipment that's going to drive demand for replacement tires. It also bears noting that the equipment fleet also continues to age and those machines will ultimately need to be replaced.

其次，我們預計我們的售後業務將保持穩健，因為農民繼續使用他們的設備，這將推動更換輪胎的需求。另外值得注意的是，設備群也不斷老化，這些機器最終需要更換。

Additionally, population growth increase in protein consumption. Those are things we've talked about many times in the past that will support an increase in farmland, planting acreage on a global basis. Over the long term, we still see the structural demand drivers for us are very much intact. You combine that with our one stop shop strategy, providing our customers from O Ems to farmers, a comprehensive pro product catalog and solution to the O EMS and after the aftermarket.

此外，人口成長增加了蛋白質消耗。這些是我們過去多次討論過的事情，將支持在全球範圍內增加農田和種植面積。從長遠來看，我們仍然看到結構性需求驅動因素完好無損。您將其與我們的一站式服務策略相結合，為從 O Ems 到農民的客戶提供全面的專業產品目錄以及 O EMS 和售後市場的解決方案。

In our consumer segment, the aftermarket portion of the business is also seeing better relative demand as compared to the O Ems.

在我們的消費者細分市場中，與 O Ems 相比，該業務的售後市場部分的相對需求也更好。

Although interest rates have started to come down, they still remain higher than they have for many years. That does put a dampening effect on things like recreational vehicles and riding mowers, other other what you would see as consumer type purchases and and these consumers are being squeezed by the impact of gas and food prices. So again, these, these discretionary items are naturally going to suffer in that type of environment.

儘管利率已開始下降，但仍高於多年來的水平。這確實對休閒車和騎乘式割草機等其他消費者類型的購買產生了抑製作用，而這些消費者正受到汽油和食品價格影響的擠壓。因此，這些可自由支配的物品自然會在這種環境下受到影響。

So looking ahead leading off road equipment, O Ems have noted that that a series of further interest rate cuts would be a positive demand as would a further cooling of inflation switching over to the last segment focusing on Embe MC. You know, same things we just mentioned the the higher interest rates and higher levels of inventory, our primary drivers in terms of the underlying strength for the E MC market, aside from the impact of the stocking.

因此，展望越野設備領域的未來，O Ems 指出，一系列進一步的降息將是一個積極的需求，通貨膨脹的進一步降溫也會轉向專注於 Embe MC 的最後一個部分。您知道，我們剛才提到的同樣的事情是，除了庫存的影響之外，更高的利率和更高的庫存水準是我們 E MC 市場潛在實力的主要驅動因素。

The fundamentals do remain relatively strong in comparison to the other two segments. While construction ST excuse me, construction activity in Europe is fairly stagnant us non residential construction continues to grow in 24. Additionally, within the E MC segment is worth pointing out that mining is one key area for growth especially within the aftermarket channel.

與其他兩個細分市場相比，基本面仍然相對強勁。對不起，雖然建築業 ST 很抱歉，但歐洲的建築活動相當停滯，而我們的非住宅建築在 24 年繼續增長。此外，在 EMC 領域值得指出的是，採礦是成長的關鍵領域之一，尤其是在售後市場管道中。

Let me kind of start closing off things here and and I'm going to do that by talking about an important initiative underway at Titan which is to expand our tire and wheel product portfolio via strategic supplier partnerships.

讓我開始結束這裡的事情，我將透過談論泰坦正在進行的一項重要舉措來做到這一點，該舉措是透過戰略供應商合作夥伴關係擴大我們的輪胎和車輪產品組合。

Until now, Titan has primarily positioned itself as a manufacturer and supplier of premium larger size products as we continue to strengthen and expand the one stop model that we we've really brought on from the Carl Star acquisition. We now recognize that many of our customers also buy products in many different size ranges and product categories, you know, therefore, we are really seeing some good opportunities ahead to leverage our brand, our strong distribution platform and extend that product base and ultimately command more more wallet share our ability to identify and partner with top suppliers in more segments of the market will benefit our customers. And of course, in turn in turn, that'll benefit Titan and its shareholders.

到目前為止，Titan 主要將自己定位為優質大尺寸產品的製造商和供應商，我們繼續加強和擴展我們從 Carl Star 收購中真正帶來的一站式模式。我們現在認識到，我們的許多客戶也購買許多不同尺寸範圍和產品類別的產品，因此，我們確實看到了一些很好的機會，可以利用我們的品牌、強大的分銷平台並擴展該產品基礎並最終獲得控制權更多更多錢包分享我們在更多市場領域識別頂級供應商並與之合作的能力將使我們的客戶受益。當然，反過來，這將使泰坦及其股東受益。

In summary, although macro economic conditions are continuing to be difficult, I'm really proud of the work of the Titan team. It's it's positioned as well to to get through the downturn and not just do it by controlling costs but set the stage via product development for future growth. So with that, I would now like to call, turn the call over to David.

總而言之，儘管宏觀經濟狀況持續困難，但我對泰坦團隊的工作感到非常自豪。它也有能力度過經濟低迷期，而不僅僅是透過控製成本來實現這一點，而是透過產品開發為未來的成長奠定基礎。因此，我現在想打電話給大衛。

Hey, thank you Paul and good morning. And thanks to everyone listening in today revenues in the third quarter were $448 million with adjusted EBITDA of $20 million and free cash flow of $42 million Relative to our guidance for the quarter free cash flow was obviously a bright spot driven by our focus on managing working capital to appropriate levels for the down cycle.

嘿，謝謝保羅，早安。感謝今天收聽的所有人，第三季收入為4.48 億美元，調整後EBITDA 為2000 萬美元，自由現金流為4200 萬美元。專注於管理工作資本達到下行週期的適當水準。

On the other hand, customer demand was even weaker than we anticipated in our Q3 guidance which also weighed on our bottom line to the due to the impact of reduced fixed cost absorption.

另一方面，客戶需求甚至比我們在第三季指導中預期的還要弱，由於固定成本吸收減少的影響，這也對我們的利潤造成了壓力。

Stepping back, I want to reiterate a theme that Paul touched on, which is the relative success that we've had in navigating through what has turned out to be a very unusual deep cyclical bottom 2022 was a similarly unusual year for us on the positive side of the ledger. And while some reversion to the mean was expected, the downside we've seen has been rather unprecedented in recent memory.

退後一步，我想重申保羅談到的一個主題，那就是我們在度過一個非常不尋常的深度週期性底部方面所取得的相對成功，從積極的方面來看，2022 年對我們來說也是同樣不尋常的一年。雖然預計會出現一些回歸均值的情況，但我們所看到的下行趨勢在最近的記憶中是前所未有的。

We took advantage of those excellent conditions in 2022 by aggressively paying down debt and growing our cash levels. We're also continuing to invest in our product development which has enabled us to enter this downturn with a net debt leverage ratio of approximately one times adjusted ebita.

我們利用 2022 年的良好條件，積極償還債務並增加現金水準。我們也繼續投資於我們的產品開發，這使我們能夠以大約一倍調整後息稅前利潤的淨債務槓桿率進入這次低迷時期。

That resulting flexibility was a critical asset allowing us to acquire call star while still maintaining a relatively modest interest expense level.

由此產生的靈活性是一項關鍵資產，使我們能夠在收購明星股票的同時仍保持相對適度的利息支出水準。

And the key thing is our balance sheet remains solid.

關鍵是我們的資產負債表保持穩健。

Carstar has brought an important diversification to our business in the form of significant aftermarket business, which puts Paul touched on in a larger consumer segment.

Carstar 以重要的售後市場業務的形式為我們的業務帶來了重要的多元化，這使 Paul 涉足了更大的消費群體。

Over the long mid to long term, we expect those larger aftermarket and consumer segment contributions to be less difficult than the legacy ag business. On top of this, we're driving product innovation and are focusing on significant growth opportunities across all aspects of our business despite the current conditions.

從中長期來看，我們預計這些更大的售後市場和消費者細分市場的貢獻將比傳統農業業務更容易實現。最重要的是，儘管目前的情況如此，我們仍在推動產品創新，並專注於我們業務各個方面的重大成長機會。

But turning back to the results for the third quarter, our adjusted gross margin was 13.3% compared to 16.4% a year ago.

但回到第三季的業績，我們調整後的毛利率為 13.3%，去年同期為 16.4%。

On a segment basis, a segment margins were 9.6%. E MC was at 8.6% and consumer adjusted gross margin was 22.9.

以分部計算，分部利潤率為 9.6%。E MC 為 8.6%，消費者調整毛利率為 22.9%。

Now, this disparity isn't normal. Our margins in those the E MC and the AG sectors are normally much higher. But our volume in in our plants across the world were very low and which contributed to the lower margins that we saw this quarter.

現在看來，這種差異並不正常。我們在 E MC 和 AG 領域的利潤通常要高得多。但我們在世界各地工廠的產量非常低，這導致我們本季的利潤率較低。

Our S DNA expense for the third quarter was $50 million or 11.1% of sales compared to last year at $34 million. This increase in SDNJSGN A can be entirely attributed to the call. Our acquisition, particularly the distribution centers that are an integral part of the operating model. For. Costar.

我們第三季的 S DNA 支出為 5,000 萬美元，佔銷售額的 11.1%，而去年為 3,400 萬美元。SDNJSGN A 的增加完全可以歸因於此呼叫。我們的收購，特別是配送中心，是營運模式不可或缺的一部分。為了。配角。

Our global management teams have watched spending very closely and have taken appropriate actions to reduce cost. In the midst of a continuing inflationary environment.

我們的全球管理團隊非常密切地關注支出，並採取了適當的行動來降低成本。在持續的通貨膨脹環境中。

We have synergy and opportunities going on that we're going to go into next year and we're, we're already on track with those synergies.

我們將在明年展開協同效應和機遇，而且我們已經走上了這些協同效應的軌道。

R&D expenses were $4.2 million in the third quarter compared to $3.2 million a year ago. A portion of this also relates to the investments we're making in R&D and Carstar.

第三季研發費用為 420 萬美元，去年同期為 320 萬美元。其中一部分也與我們在研發和 Carstar 方面的投資有關。

Our operating income was $2.8 million for the quarter and our operating cash flow was $60 million. As I said earlier, we can continue to drive strong working capital management, particularly receivables and inventory with both contributing positively to cash generation in the quarter. Again, this is a strong focus for our management teams and it is a discipline that that's inherent in our culture.

本季我們的營業收入為 280 萬美元，營業現金流為 6 千萬美元。正如我之前所說，我們可以繼續推動強有力的營運資本管理，特別是應收帳款和庫存，這兩者都為本季的現金產生做出了積極貢獻。同樣，這是我們管理團隊的重點，也是我們文化中固有的紀律。

We also used our cash to fund our share repurchase program, buying back a little over $1 million shares for a total of $8.3 million for the quarter. Subsequent to quarter end, we also repurchased 8 million shares from our long-time equity holder of We think this was an excellent opportunity to drive value for our shareholders on a long-term basis.

我們也使用現金為我們的股票回購計畫提供資金，回購了略高於 100 萬美元的股票，本季回購總額為 830 萬美元。季度末後，我們也從長期股東手中回購了 800 萬股股票，我們認為這是長期為股東創造價值的絕佳機會。

We will continue to have some flexibility to initiate open market stock repurchases in the future. While we will use some discretion in the near term as we manage cash flow net debt at the quarter end was $291 million- or one-point times 1.9 times trailing 12 month adjusted even compared to $370 million or two times. A trailing 12 month adjusted IDA on March 31st, which was really right after we did the acquisition of Carl Star, as was the case last quarter, the third quarter was also included significant increase in our effective tax rate compared to our normal levels. I discussed this last quarter, but I'll hit it again since it had a significant impact on net income and EPS this quarter. It is important to help frame the drivers of the high, higher effective rate which relates to foreign tax expense without benefit in the US due to a lack of domestic income along with significant limitations on interest expense deductibility. We're working on a number of tax initiatives right now to drive more favorable tax rates in the future heading into 2025.

未來我們將持續保持一定的彈性來啟動公開市場股票回購。雖然我們會在短期內使用一些酌處權，因為我們管理季末現金流淨債務為2.91 億美元，即1 個百分點乘以過去12 個月調整後的1.9 倍，甚至是3.7 億美元或兩倍。3 月 31 日進行了 12 個月調整後的 IDA，這確實是在我們收購 Carl Star 之後，與上季度的情況一樣，第三季度還包括我們的有效稅率與正常水平相比的顯著增加。我在上個季度討論過這個問題，但我會再次討論這個問題，因為它對本季度的淨利潤和每股收益產生了重大影響。重要的是要幫助確定高、更高的有效利率的驅動因素，這與由於缺乏國內收入以及利息費用扣除的嚴重限製而在美國沒有受益的外國稅收費用有關。我們目前正在製定多項稅收舉措，以在 2025 年之前推動更優惠的稅率。

And so I expect to see more normalized tax rates in the future. It is important to note we have paid approximately $16 million in cash taxes through the first three quarters, primarily related to foreign income. And we anticipate that we'll pay approximately $22 million for the full year of 2024.

因此，我預計未來稅率會更加正常化。值得注意的是，前三個季度我們繳了約 1,600 萬美元的現金稅，主要與海外收入有關。我們預計 2024 年將全年支付約 2,200 萬美元。

So for the first nine months, our cash tax rate was approximately 42% which is much more normal but still higher than the normalized rates that I've talked about in the past due to the mix of foreign versus domestic income.

因此，在前 9 個月，我們的現金稅率約為 42%，這要正常得多，但由於國外收入與國內收入的混合，仍然高於我過去談到的標準化稅率。

Moving to our financial guidance for Q4, Paul and I both noted the fourth quarter will continue to be pressured to the O Ems and dealer stocking. We have discussed it's normal to see a seasonal drop in Q4 and it's exacerbated by the near term market impacts this year. So our guidance ranges for fourth quarter revenues of 375 to $425 million with adjusted even dive 0 to $10 million. Our free cash flow is approximately breakeven. But we're really focusing hard on still driving free cash flow.

談到我們第四季的財務指引，保羅和我都指出第四季將繼續受到 O Ems 和經銷商庫存的壓力。我們已經討論過，第四季出現季節性下降是正常的，今年近期的市場影響會加劇這種情況。因此，我們對第四季營收的指導範圍為 375 至 4.25 億美元，調整後的營收甚至會下降 0 至 1,000 萬美元。我們的自由現金流大約達到損益兩平。但我們確實在努力繼續推動自由現金流。

It's important to have perspectives on our cyclicality in our business and we have deep experience managing these cycles.

對我們業務的周期性有一定的看法很重要，我們在管理這些週期方面擁有豐富的經驗。

We're diligently managing through this trough while keeping in our own recovery. When it happens, our financial condition continues to be solid and we're putting ourselves in a position to accelerate future performance. So thank you for your time this morning. And now I'd like to turn the call back over to the operator for our Q&A session.

我們正在努力度過這個低谷，同時保持自己的復甦。當這種情況發生時，我們的財務狀況將繼續保持穩健，並且我們將能夠加速未來的業績。謝謝您今天早上抽出時間。現在我想將電話轉回給接線生進行問答環節。

Thank you. We're not allowed to open the lines for Q&A. If you would like to ask a question, please press star followed by one on your telephone keypad and to remove yourself a line of questioning, it will be star followed by two. Our first question comes from Steve Fenzi, Aidi. Steve. Your line is now open.

謝謝。我們不允許打開問答線路。如果您想提出問題，請按電話鍵盤上的星號，然後按一個，如果要刪除一行問題，則按星號，然後按兩個。我們的第一個問題來自史蒂夫·芬茲（Steve Fenzi），艾迪（Aidi）。史蒂夫.您的線路現已開通。

Morning, Paul. I appreciate the detail on the call. I want to start by asking about the, the significant variability in the performance of the three segments pointing to the, the the the healthier margins in the consumer segment. I mean, I know I'm not comparing it year over year, but if I compare it sequentially and it was down 10% sequentially, but your margins improved. Is there something different going on with the consumer segment than the other segments? Can you help me with that?

早安，保羅。我很欣賞通話中的細節。我想先詢問三個細分市場的績效的顯著差異，這些差異顯示消費者細分市場的利潤率更健康。我的意思是，我知道我不是逐年比較，但如果我按順序進行比較，會發現它按順序下降了 10%，但您的利潤率有所提高。消費者區隔與其他區隔市場有什麼不同嗎？你能幫我嗎？

Yeah, as we saw the AG margins obviously obviously heavily weighed by the, you know, the volume they're going through our global AG plants including in the E MC is also way down by that of similar plant levels there. But we had a really healthy mix of aftermarket business in the consumer segment and that did hold very well through the quarter.

是的，正如我們所看到的，AG 利潤率明顯受到我們全球 AG 工廠（包括 E MC）的產量的嚴重影響，也遠低於那裡類似工廠水平的產量。但我們在消費領域擁有非常健康的售後業務組合，並且在整個季度中確實保持得很好。

Is there a significantly different seasonality in the consumer business versus your other two?

與其他兩個業務相比，消費者業務的季節性是否有顯著差異？

You know, it, it's more even than what we see in AG in E MC. Keeping in mind, E MC is a little different than two as we've talked about in the past, but the, their Q4 is very similar in terms of, you know, low, low volumes as they prepare to go into the spring, spring cycle. So the seasonally Q4 is the weakest, but the variability is less.

你知道，它比我們在 E MC 中看到的 AG 還要均勻。請記住，E MC 與我們過去討論過的兩家公司略有不同，但是，他們的第四季度在準備進入春季時的低銷量方面非常相似，春季週期。因此，第四季的季節性最弱，但變異性較小。

Okay. That's helpful. Talked about various catalysts to get, get the AG market going again. Ultimately, Paul, is it going to be crop prices that brings this market back? Do we have to wait for that or is there any near term drivers in your opinion, being, haven't been through these cycles before?

好的。這很有幫助。談到了讓 AG 市場再次運轉的各種催化劑。保羅，最終會是農作物價格讓這個市場回歸嗎？我們是否必須等待這一點，或者您認為之前沒有經歷過這些週期，是否有任何近期驅動因素？

Yeah, I mean, that that's the heaviest driver. I mean, we all, I think at this point understand that there is a strong correlation between farmer income and then the pull through of purchases of, of equipment. And so, I really think the focus because, well, let me, let me say that you're right on the comment you made, Titan has been through a lot of cycles and so we do have a tremendous amount of experience and we've seen this and we don't overreact.

是的，我的意思是，那是最重的司機。我的意思是，我認為我們大家現在都明白，農民收入與設備購買的拉力之間有著強烈的相關性。所以，我真的認為焦點是因為，好吧，讓我，讓我說你的評論是正確的，泰坦已經經歷了很多周期，所以我們確實擁有大量的經驗，我們'我們已經看到了這一點，我們並沒有反應過度。

But where we are reacting in a favorable way, going beyond just cost control and the measures that need to be done is, is really making sure that we're putting the right changes in place with product development and, and, and how we, how we're doing that is really two pronged. There's, there's the internal development of, you know, things that I've mentioned, which are, you know, either new products going in a different direction or extension of existing products.

但是，我們以有利的方式做出反應，不僅僅是成本控制和需要採取的措施，真正確保我們在產品開發方面做出正確的改變，以及我們如何，我們的做法實際上是兩方面的。我提到的事情有內部開發，要嘛是朝不同方向發展的新產品，要嘛是現有產品的延伸。

But we're really also looking at again, the possibilities of what we can do to expand our portfolio that can be done via our joint ventures, our strategic partnerships, our own plants, looking at how we can move into underserved geographies. If you look at the Legacy Titan business and, and how we see the world now with Carl Star and Titan coming together, the, the one stop shop model is again, really opened our eyes and there's opportunities in markets that currently or I should say previously. We, we just did not have exposure to and couldn't gain that exposure.

但我們實際上也在重新審視我們可以透過我們的合資企業、我們的策略合作夥伴關係、我們自己的工廠來擴大我們的產品組合的可能性，看看我們如何進入服務不足的地區。如果你看看遺留泰坦業務，以及我們現在如何看待卡爾星和泰坦走到一起的世界，一站式商店模式再次真正讓我們大開眼界，目前或者我應該說市場上存在機會之前。我們，我們只是沒有接觸過，也無法獲得這種接觸。

And so I, I think we're using this time, Steve instead of waiting for crop prices to, to come up, which is going to require some catalyst, you know, could be interest rates could be the Presidential election could be you know, a sandstorm that wipes out crops somewhere. I I have no idea but you know, waiting for that to happen just isn't the right answer for us and, and we are, we know how to take all the actions needed in the downturn, but we're going beyond that and taking the actions that set us up well, for the future.

所以我，我認為我們正在利用這段時間，史蒂夫而不是等待農作物價格上漲，這將需要一些催化劑，你知道，可能是利率，可能是總統選舉，你知道，一場沙塵暴摧毀了某地的莊稼。我不知道，但你知道，等待這種情況發生對我們來說並不是正確的答案，而且我們知道如何在經濟低迷時期採取所有必要的行動，但我們正在超越這一點並採取這些行動為我們的未來奠定了良好的基礎。

Understood. Appreciate that response. I'm going to combine a couple of questions one from a couple of weeks ago when you guys announced the share purchase. Mr Taylor Chairman mentioned the potential of a of a large US army contract once if you could comment on that and I want to find out with Paul, you talked about expanding potentially into smaller wheels, smaller tire markets. I just want to understand your thinking on that because I would think those markets typically you would think of them as being more competitive. Reco resulting in lower margins, which I'm sure is not the goal here. So if you could you expand on those comments as well?

明白了。感謝您的回應。我將結合你們在幾週前宣布購買股票時提出的幾個問題。泰勒先生董事長提到美國陸軍大型合約的潛力，如果您能對此發表評論的話，我想和保羅一起了解一下，您談到了可能擴展到較小的車輪、較小的輪胎市場。我只是想了解您對此的想法，因為我認為您通常會認為這些市場更具競爭力。Reco 導致利潤率降低，我確信這不是我們的目標。那麼您是否也可以詳細闡述這些評論？

Yeah, I I think, you know, Maury's comment was, was really if you look at back, you know, his legacy with Titan military used to be a more substantial part of our, of our sales base.

是的，我認為，你知道，莫里的評論是，真的，如果你回顧過去，你知道，他對泰坦軍事的遺產曾經是我們銷售基礎的更重要的一部分。

I would say going back, you know, 15 years ago, that base was lost. And so this is an opportunity that is all accretive to Titan's current shareholders is is gaining back those military sales. And so what we're doing is combining the knowledge of the past with the present where we have some really good product innovation. Like we talked about in the call with, with lsws, with the VPO with our improved manufacturing base that we can go small all the way up to large, we can do wheels, we can do tires, we can do it globally and, and, and we're looking at the military now from a different angle and saying, let's go figure out how to go capture this again and, and so this is not, this is not in any way, a negative meaning it's a risk for current shareholders. It's all a creative all upside. And I think that's where, you know, Maury's comments in the press release are expressing that excitement because it's something he remembers and saw in the past. And we now see ways we can get it back currently. And there's been some changes of how we go to the military market that we've been doing recently and, and that's why we started talking about it. We're getting into more doors, we're getting it at these opportunities. But I think the point to make clear to everybody, Steve is, this is all a creative and that's why we're talking about it. It's, it's an opportunity for us to grow regardless of where the markets go because it's military sales are again, something that was lost 15 years ago. And now we see a good path to get some of that back.

我想說的是，你知道，15 年前，那個基地就失去了。因此，對泰坦現有股東來說，這是一個增值的機會，就是收回這些軍售。因此，我們正在做的是將過去的知識與現在的知識結合，我們擁有一些非常好的產品創新。就像我們在電話中談到的那樣，與lsws、VPO 以及我們改進的製造基地一起，我們可以從小到大，我們可以做車輪，我們可以做輪胎，我們可以在全球範圍內做到這一點，並且，我們現在從不同的角度看待軍隊，並說，讓我們弄清楚如何再次捕獲這個，所以這不是，這不是任何方式，負面的意思是它對當前的風險股東。這都是一種創意。我認為這就是莫里在新聞稿中的評論表達的興奮之處，因為這是他過去記得和看到的事情。我們現在看到了可以恢復它的方法。我們最近進入軍事市場的方式發生了一些變化，這就是我們開始談論它的原因。我們正在進入更多的大門，我們正在抓住這些機會。但我認為史蒂夫要向每個人澄清的一點是，這都是創意，這就是我們談論它的原因。無論市場走向如何，這對我們來說都是一個成長的機會，因為軍售再次出現，這是 15 年前失去的。現在我們看到了一條收回部分損失的好途徑。

And then your, your next question on the smaller tires and wheels.

然後你的下一個問題是關於較小的輪胎和車輪。

Yeah, I think I would say 2020 24 has been a really good year of learning for us as we bring Titan and Carl Star together to understand the realm of the possibility and our, our expertise with legacy Titan would be on larger products. I would say Carl Stars would be on smaller and when you bring the two of them together, we're, we're, we're looking at it and saying, wow, this fits really well together, provides diversification across the product base across aftermarket. OEM. As we highlighted but it also creates these opportunities that to answer your question specifically in, in these product ranges that we're talking about.

是的，我想我會說2020 年24 月對我們來說是非常好的學習年，因為我們將Titan 和Carl Star 聚集在一起，以了解可能性的領域，並且我們對傳統Titan 的專業知識將集中在更大的產品。我想說卡爾明星會更小，當你把他們兩個放在一起時，我們，我們，我們正在看著它並說，哇，這非常適合在一起，提供了整個產品基礎的多樣化整個售後市場。代加工。正如我們所強調的，它也創造了這些機會來專門回答您在我們正在討論的這些產品範圍中的問題。

There's similar or less competition, not more.

競爭類似或更少，而不是更多。

And that's where Carstar and, and now Titan when you have a strong brand and you combine that with strong distribution, you, you find a platform that looks really attractive and, and it does actually have, again, it has similar or less competition, not more when we talk about some of these smaller tires and wheels that we're referencing as growth opportunities and, and it, it, it may be there may be more competition on the surface. But again, it a lot of purchases that come down to brand and distribution and that universe that where, where companies can offer the strength of backing the product with both a brand support, strong distribution and service that can take care of the customer. That that's what I'm talking about when I say there's, there's similar or less competition when you look at some of these smaller tires and wheels.

這就是Carstar 和現在的Titan 的地方，當你擁有一個強大的品牌，並將其與強大的分銷結合起來時，你會發現一個看起來非常有吸引力的平台，而且它實際上確實有，同樣，它有類似或更少的競爭，當我們談論一些較小的輪胎和車輪時，我們將其稱為成長機會，而且表面上可能會有更多的競爭。但同樣，許多購買都取決於品牌和分銷，以及公司可以透過品牌支援、強大的分銷和可以照顧客戶的服務來提供支援產品的實力。這就是我所說的，當你觀察一些較小的輪胎和車輪時，有類似或更少的競爭。

So you're talking about the like with Carstar, this very specific niche markets, not the very broad consumer market.

所以你談論的是Carstar，這個非常具體的利基市場，而不是非常廣泛的消費者市場。

You, you got it. Yeah. Yeah. The the stuff that's in our, in our our universe again, expanding into little, little prongs along those pathways, but you're right. Not, not looking at all of a sudden, you know, every small tire and wheel that exists out there, you know, it's, it's, it's and, and, and when I say small, it's relative. I mean, when I talk about a carl star trailer tire, when we talk about some of these turf tires, they're still pretty damn big. It's just small compared to a, you know, 1,250 LSW.

你，你明白了。是的。是的。我們的宇宙中的東西，沿著這些路徑擴展成很小很小的尖峰，但你是對的。不，不是突然看，你知道，那裡存在的每一個小輪胎和車輪，你知道，它是，它是，它是，並且，當我說小時，它是相對的。我的意思是，當我談論卡爾星拖車輪胎時，當我們談論其中一些草皮輪胎時，它們仍然非常大。與 1,250 LSW 相比，它只是很小。

Yeah. Okay. Thanks Paul. Thanks David.

是的。好的。謝謝保羅。謝謝大衛。

Thanks, dude.

謝謝，夥計。

Thank you.

謝謝。

Our next question comes from Brian de Rubio of bad, Brian. Your line is now open.

我們的下一個問題來自 bad, Brian 的 Brian de Rubio。您的線路現已開通。

Good morning, gentlemen, a couple of questions to you. Dave, I think you mentioned or maybe it was you Paul that you know, volumes were down much lower than expected. So two parts on that, you know, what was the operating rate impact on margins? And you know, how has the increase in rubber and beauty dying costs also hurt you in the last couple of quarters?

早安，先生們，有幾個問題想問你們。戴夫，我想你提到過，或者也許是你保羅知道，成交量的下降遠低於預期。那麼有兩個部分，你知道，開工率對利潤率的影響是什麼？您知道，過去幾季橡膠和美容染色成本的增加對您造成了什麼樣的傷害？

Yeah, great question. You know, if you look at where we our margins were a year ago, that, that's pretty much the change. That, that's really the volume that's, that's really killing us. You know, you are seeing some pressure on the on the cost like you just suggested. And perhaps a little bit of pressure, not a enabling us to pass it on to customers at this point. So there, there's a little bit of call it price or, you know, cost increases that impacted our operating leverage, but it's mostly volume.

是的，很好的問題。你知道，如果你看看我們一年前的利潤率，你會發現變化很大。那確實是那個體積，那真的要了我們的命。您知道，正如您剛才建議的那樣，您看到了成本方面的一些壓力。也許還有一點壓力，但目前還無法讓我們將其轉嫁給客戶。因此，有一些所謂的價格或成本增加影響了我們的營運槓桿，但主要是數量。

And you provided ever sort of what the operating rate of the plants are at any point and specifically what they could be today.

您提供了工廠在任何時候的開工率，特別是今天的開工率。

No, you know, we don't typically talk about each of the plants or anything like that. Obviously, we talk about our segments and, you know, the differences between AG and E MC, you know AG being global and then a lot of our E MC plants are in Europe. So you have a little different operating leverage at each of these plants and the the the the impact of material cost, the steel volatility and those kinds of things. But if you look, if you go back to 2,223 you know, the average margins we saw in that level at a call it a mid cycle peak, those are the margins that we expect to be able to deliver. And now we're sitting at levels well below that, that that's, and that's, that's the pressure we're seeing now. But so there's no reason why we, if we, as we see recovery that we can't get that operating leverage back.

不，你知道，我們通常不會談論每種植物或類似的東西。顯然，我們談論我們的細分市場，以及 AG 和 E MC 之間的差異，您知道 AG 是全球性的，而我們的許多 E MC 工廠都在歐洲。因此，每個工廠的營運槓桿都略有不同，而且材料成本、鋼材波動性等因素的影響也有所不同。但如果你看一下，如果你回到 2,223，你就會知道，我們在該水平上看到的平均利潤率被稱為週期中期峰值，這些是我們期望能夠提供的利潤率。現在我們所處的水平遠低於這個水平，這就是我們現在看到的壓力。但是，如果我們看到復甦，我們就沒有理由不能恢復營運槓桿。

Understood. So we look at the balance sheet, you mentioned some of the trade working capital that you reduced in the quarter, how low, how much more opportunity you have to squeeze out more trade working capital out of the balance sheet.

明白了。所以我們來看看資產負債表，你提到了你在本季減少的一些貿易營運資金，有多低，你有多少機會從資產負債表中擠出更多的貿易營運資金。

Yeah, inventory is a key, obviously the key component there, you know, we have a really good control of our AR and and then how we pay our suppliers. So that's really a balance. But inventory levels, yeah, they're always, there's always opportunity and we watch it very closely, as a percent of sales in the current environment, it's heavier than what it, what you want it to be. But it's also with the mindset towards what, what the next 90 days, 100 20 days of production will be or, or the demand levels that we will see as well. So we're, I would say we're relentlessly pursuing optimal inventory levels in any given period of time. So I'm never satisfied, right? But at the end of the day, you know, we have managed it well. But so as you go into 25 and you expect to see, you know, an improvement in profitability, we will continue to pursue, you know, working capital optimization so that can still be a contributing factor to our cash flow. So, you know, again, all play together and in driving a healthy balance sheet.

是的，庫存是一個關鍵，顯然是關鍵組成部分，你知道，我們對我們的 AR 以及我們如何向供應商付款的方式有很好的控制。所以這確實是一個平衡。但是庫存水平，是的，總是存在，總是有機會，我們非常密切地關注它，作為當前環境下銷售額的百分比，它比你想要的更重。但這也與我們將看到的未來​​ 90 天、100 20 天的生產量或需求水準有關。因此，我想說，我們在任何給定時間段內都在不懈地追求最佳庫存水準。所以我永遠不會滿足，對嗎？但最終，你知道，我們處理得很好。但是，當你進入 25 年後，你期望看到獲利能力的提高，我們將繼續追求營運資本優化，以便這仍然可以成為我們現金流的一個貢獻因素。所以，你知道，所有的一切都在共同努力，推動健康的資產負債表。

Understood and just switch maybe to the cash balance is obviously you drew just a portion of cash to repurchase the shares post quarter end and you drew on the reval or the rest. Good to assume that most of that cash is overseas. Sorry, I didn't dig into the queue that closely today.

明白了，只是切換到現金餘額顯然是你只提取了一部分現金來在季度末回購股票，然後你提取了重估或其餘部分。很高興假設大部分現金都在海外。抱歉，我今天沒有仔細研究隊列。

Yeah, traditionally, we've carried the majority of our cash offshore. We have some, you know, call it limited opportunities to bring cash move cash around without any tax impact. And we'll continue to do that. We did that earlier in 2024 and we'll continue to do that and replace cash that we use for the transaction or pay down debt as well. So we're, we're looking at those opportunities right now and expect to see some, some things happen over the next 60 days.

是的，傳統上，我們將大部分現金轉移到海外。你知道，我們有一些人稱之為在不產生任何稅收影響的情況下攜帶現金轉移現金的機會有限。我們將繼續這樣做。我們在 2024 年初就這樣做了，我們將繼續這樣做，並替換我們用於交易或償還債務的現金。所以我們現在正在尋找這些機會，並期望在接下來的 60 天內看到一些、一些事情發生。

Got it. And the last question for me, you know, it has been mentioned a while but from time to time over the last bunch of years, you know, it's been discussion about potential sale of talent tractor business. Is that something that you guys still consider as a possibility these days or is that more a core business within T and Wheel going forward international? Sorry.

知道了。對我來說，最後一個問題，你知道，它已經被提到了一段時間，但在過去的幾年裡，你知道，這是關於人才拖拉機業務的潛在出售的討論。你現在仍然認為這是一種可能性嗎？對不起。

I mean, from a management perspective, we view it as a core business. I mean, it's, it's a business that we've invested well into. So they've had you know, a good growth and margin profile in recent years. It performs at a very good level, does a great job with a strong brand and taking care of our customers which fits the, the titan profile of the core business. But as you mentioned in the past, we've been approached with, with discussions pertaining to divesting ITM. And I would just say on behalf of the board, you know, if approached, we always not always, but in the case of ITM, we feel like that's the right thing for our shareholders to engage in those discussions. And then if they reach a point where we have to talk about them publicly, then we do. So I would say our, our, our position really hasn't changed. If approached, I think our board would engage in those discussions. But how David and I see it from a management standpoint along with the management team at ITM, which is really an Oscar is that it's a, it's a core business and we treat it as such. In fact, Dave and I will be there next week talking about 2025 strategic plans with them.

我的意思是，從管理角度來看，我們將其視為核心業務。我的意思是，這是一項我們投入了大量資金的業務。所以你知道，他們近年來取得了良好的成長和利潤率。它的表現非常出色，憑藉強大的品牌做得很好，並照顧我們的客戶，這符合核心業務的巨人形象。但正如您過去所提到的，我們曾與我們接觸過有關剝離 ITM 的討論。我只想代表董事會說，你知道，如果與我們接觸，我們總是不總是，但就 ITM 而言，我們認為股東參與這些討論是正確的事情。然後，如果他們達到了我們必須公開談論他們的地步，那麼我們就會這樣做。所以我想說，我們、我們、我們的立場確實沒有改變。如果有接觸，我認為我們的董事會會參與這些討論。但 David 和我以及 ITM 的管理團隊從管理的角度看待它，這確實是奧斯卡獎，因為它是一項核心業務，我們也這樣對待它。事實上，戴夫和我下週將在那裡與他們討論 2025 年策略計畫。

Great, appreciate all the color. Thank you so much.

太棒了，欣賞所有的顏色。太感謝了。

Thank you.

謝謝。

Thank you very much. As a reminder. If you would like to ask a question, please press star followed by one on your telephone keypad and to remove yourself from the line of questioning is star followed by two. Our next question comes from Brian Lanners, ISSA Research. Brian, your line is now open.

非常感謝。作為提醒。如果您想提問，請按下電話鍵盤上的星號，然後按一個，然後按星號，然後按兩個，將您自己從提問行中刪除。我們的下一個問題來自 ISSA Research 的 Brian Lanners。布萊恩，您的線路現已開通。

Good morning. It's Brian here subbing for Tom Kerr this morning. I think you've touched on a couple of these already, but I just wanted to ask for a little bit more color. If you have any feedback from recent trade shows in the AG market specifically, Do you feel like there's a, a tipping point in interest rates potentially where it could jump start the market? And you know, that is there any talk or was there any talk at these trade shows about potential for demand pull forward related to you know, the prospect of new tariffs being implemented after the elections?

早安.今天早上布萊恩在這裡替補湯姆·科爾。我想你已經接觸過其中的一些，但我只是想要求更多一點顏色。如果您對 AG 市場最近的貿易展覽有任何反饋，您是否認為利率可能存在一個臨界點，可以推動市場的發展？你知道，這些貿易展上是否有任何關於需求拉動潛力的討論，與選舉後實施新關稅的前景有關？

Yeah, I mean, I think interest rates in a lot of industries, you know, folks are waiting for them to give them come down and, and drive activity in a meaningful way, you know, in, in our business. What we hear is, I mean, interest rate is impacting their, their purchasing decisions and then also the amount of inventory they want to, they want to keep in in the channel II, I would say at this point, I mean, the trade show discussions haven't been meaningful different from, you know, January through currently, you know, in Pera and pertaining to the market.

是的，我的意思是，我認為很多行業的利率，人們都在等待利率下降，並以有意義的方式推動我們業務的活動。我們聽到的是，我的意思是，利率正在影響他們的購買決策，然後也影響他們想要保留在渠道 II 中的庫存量，我想說，在這一點上，我的意思是，貿易從一月到目前，在佩拉以及與市場有關的展會討論並沒有什麼意義。

I think what I would highlight though and what we're seeing in, in our particular business when you talk about wheel tires is that impact of the stocking.

我想我要強調的是，當你談論車輪輪胎時，我們在我們的特定業務中看到的是庫存的影響。

What we believe has taken place with this de stocking again, partly due to interest rates, partly due to the post pandemic effect wearing off is, is that in our business, we think that de stocking has over had a, had a larger burden on us relative to the market. And so as the o ems get their production and their inventory back in line, we see 2025 having some positive uplift in our sector because you're going to get back to just inventory, you know, our purchase or our, our sales being in line more with what's going on in the marketplace. We've been overly impacted this year by the inventory destocking.

我們認為，這次去庫存再次發生，部分是由於利率，部分是由於大流行後效應的消退，在我們的業務中，我們認為去庫存已經給我們帶來了更大的負擔。 。因此，隨著原始設備製造商的生產和庫存恢復正常，我們預計到 2025 年我們的行業將出現一些積極的提升，因為您將回到庫存，您知道，我們的採購或我們的銷售將在更符合市場動態。今年我們受到庫存去庫存的過度影響。

And, and so, you know, I, I think that is an effect that is positive for us in 2025 regardless of ere the market goes. I mean, I would say this in relation to the market, the catalyst is out there and it's going to happen and in times when things are this bad, you, you have a tendency to extrapolate too far that it pierces through the trough, it just keeps going. And I do feel like we're at the bottom of the trough. I do think there's going to be a catalyst out there. I think the election being done, whatever direction it goes will provide at least certainty and clarity towards future past. And so, you know, I, I do think we are at a, at a point where you can start seeing things break through at some point in 2025. But again, I think for us, the key thing is we do think the, the de stocking subsidizing subsiding, excuse me in, in 2025 will have a positive impact in catalyst for us in 25.

所以，你知道，我認為無論市場走向如何，這對 2025 年的我們來說都是正面的影響。我的意思是，我會說這與市場有關，催化劑就在那裡，它將會發生，在事情如此糟糕的時候，你，你傾向於過度推斷，以致它刺穿了低谷，它繼續前進。我確實覺得我們正處於低谷的底部。我確實認為那裡將會有一個催化劑。我認為正在進行的選舉，無論走向何方，至少都會為未來的過去提供確定性和清晰度。所以，我確實認為我們正處於這樣一個時刻，你可以在 2025 年的某個時候開始看到事情取得突破。但我再次認為，對我們來說，關鍵是我們確實認為，去庫存補貼的退坡，請問，2025 年將對我們 25 產生積極的催化劑影響。

Great, great. And the the.

太棒了，太棒了。還有那個。

Trade shows where we have fun. I got, I got just add one more comment where we have fun as a team is just, is just talking about our innovations. I mean, if you're at the Titan booth at the Farm Progress Show, Man, the environment and the energy is just as good this year as it has been in the past. I mean, we, we have you know, tremendous energy around what we're doing and where we're going. Not just making that up or saying it, I think there's, there's enough eyewitnesses that would support that comment. So, again, I think in, in, in downtime, like this, your innovation can stand out more because people aren't just looking to, to replace what they currently have. They're looking for ways to get better and, and we have innovations that can clearly do that. And so, this is really the time where you start telling them about the fuel efficiency, the savings we can bring to their bottom line, we can make their equipment perform better, we can help. So their soil compaction, you know, the, the new VPO technology, if you can run out and do your job on, on a golf course and not have to worry about going flat. That's pretty awesome stuff. And so, you know, I, I think the energy around the innovations actually gets a little bit stronger during the downturn, so I'll stop. I think I've said enough.

我們玩得很開心的貿易展覽。我明白了，我只是再添加一條評論，我們作為一個團隊很有趣，只是談論我們的創新。我的意思是，如果您在農場進步展上的泰坦展位，夥計，今年的環境和能源與過去一樣好。我的意思是，我們，你知道，我們對我們正在做的事情和我們要去的地方充滿了巨大的能量。我認為這不僅僅是編造或說出來的，有足夠的目擊者支持這一評論。所以，我再次認為，在停工期間，像這樣，你的創新可以更加突出，因為人們不僅僅是想要更換他們目前擁有的東西。他們正在尋找變得更好的方法，而我們的創新顯然可以做到這一點。因此，現在確實是您開始告訴他們燃油效率、我們可以為他們帶來的節省成本、我們可以使他們的設備性能更好、我們可以提供幫助的時候了。因此，他們的土壤壓實，你知道，新的 VPO 技術，如果你可以跑出去，在高爾夫球場上完成你的工作，而不必擔心會變平。那真是太棒了。所以，你知道，我認為圍繞創新的能量實際上在經濟低迷時期會變得更強一些，所以我會停下來。我想我已經說得夠多了。

That's great. In the middle. Well, I guess to sort of piggyback on that when you work with the, and you go to into the military market, is it, is is this the sales pitch the same? Is it typically, you know, those, those increased efficiencies that they're looking for? Is it more a performance driver that, you know, sparks those conversations?

那太棒了。在中間。好吧，我想當你與軍工市場合作時，你會利用這一點，這是銷售宣傳嗎？他們所尋求的通常是那些提高效率的東西嗎？你知道，引發這些對話的更多的是效能驅動因素嗎？

Yeah, it's both but it's, it is different. And I think that's why I keep highlighting military as, as a great opportunity because we've done all this innovation. We brought it into our core segments and like I said earlier, we've lost this military sales and, and, but yet we have this great technology and I think we can combine the two. So we do need to have the right contacts in order to do that. And, and I think we're, you know, you're seeing Maury's excitement come through is we him and I, and now getting our team involved, we're seeing these contacts start to open up.

是的，兩者都是，但它是不同的。我認為這就是為什麼我一直強調軍事是一個很好的機會，因為我們已經完成了所有這些創新。我們將其納入我們的核心領域，就像我之前所說，我們已經失去了軍事銷售，但是我們擁有這項偉大的技術，我認為我們可以將兩者結合起來。因此，我們確實需要擁有正確的聯絡人才能做到這一點。而且，我認為我們，你知道，你看到莫里的興奮透過我們他和我來體現，現在讓我們的團隊參與進來，我們看到這些聯繫開始開放。

And then we get in there and we start talking about our technology and what we can do different than the competition. But, you know, to be H1st with you just being candid with you, it's just, it's a part of our business that has, is really for a number of different reasons, changing changes within the military. And then, you know, obviously changes here within Titan where we lost some of our key sales people and military through the years, just weren't able to replace them with the same experience, the same, same knowledge. We tried, we tried to, to put some folks in there and military, you do need those deeps, that deep experience and knowledge.

然後我們開始討論我們的技術以及我們可以做哪些與競爭對手不同的事情。但是，你知道，老實說，這只是我們業務的一部分，確實出於多種不同的原因，改變了軍隊內部的變化。然後，你知道，泰坦內部發生了明顯的變化，多年來我們失去了一些關鍵的銷售人員和軍隊，只是無法用相同的經驗、相同的知識來取代他們。我們嘗試過，我們嘗試過，讓一些人進入軍隊，你確實需要那些深度、豐富的經驗和知識。

And so for me, that's where III I think our team being able to, to bring more into the fold and use his experience and knowledge is, is, is what we're, we're doing. That's what he's excited about because he's like, holy cow. You know, this, this used to be a really nice part of Titan. Let's go get it back. But again that, you know, the sales were lost 15 years ago. It's not like we're talking about it because the these were lost two years ago. This is something that again, a change that took place a while ago, but now we see some avenues where we can go, we can go get it back and again, it would be all accretive to future earnings.

所以對我來說，這就是我認為我們的團隊能夠將更多人帶入其中並利用他的經驗和知識的地方，這就是我們正在做的事情。這就是他感到興奮的原因，因為他就像，天哪。你知道，這，這曾經是泰坦的一個非常好的部分。我們去把它拿回來吧。但你知道，15 年前銷量就已經流失了。我們不是在談論它，因為這些東西兩年前就失去了。這又是一個不久前發生的變化，但現在我們看到了一些我們可以走的途徑，我們可以一次又一次地把它拿回來，這都會增加未來的收益。

Great. And just a housekeeping one for the model. I don't, do you guys provide any guidance on where you think share count may be at the end of the year.

偉大的。而這只是模特兒的一個家事服務。我不知道，你們是否就你們認為年底的股票數量可能達到的水平提供任何指導？

And I I can certainly give that to you. I don't want to quote off the top of my head on that, but it's in the $63 million range because of the because of the recent repurchase.

我當然可以給你。我不想直接引用這一點，但由於最近的回購，它的價格在 6300 萬美元範圍內。

Perfect.

完美的。

Alright, thank you.

好的，謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Per Luy of imperial capital. Per your line is now open.

我們的下一個問題來自帝都的佩魯伊。根據您的線路現已開放。

Hello, Paul David Allen. Thank you. Thank you. For the call. I, I am sorry, I had to drop off for a couple of minutes and so I apologize in advance if, if these are repeats. But, you mentioned synergies with Carl Star. I was, I was curious, have you, are you, are you able to share the, the magnitude of the, either the cross, sell the, you know, the top line opportunity or the, or the cost saves or, or anything on that front.

你好，保羅大衛艾倫。謝謝。謝謝。為了打電話。我，我很抱歉，我必須下車幾分鐘，所以我提前道歉，如果這些是重複的話。但是，您提到了與卡爾·斯塔的協同作用。我是，我很好奇，你，你，你能分享，交叉的規模，出售，你知道，頂線機會或，或成本節省或，或任何東西在那方面。

Good stuff.

好東西。

We, we haven't, haven't put it all together at this point for 2025. We're, we're still in the midst of all of our planning sessions with all our teams. And I can tell you it's pretty exciting to see what's happening and coming together at the same time. We're, you know, I don't want to commit to the specific numbers yet until we coalesce everything together. But again, we talked about the expectations for synergies, you know, earlier in the year, you know, for this year, we had, you know, it was in the four, it was 4 to 6 range, I think for this year. And we're right on track with that being mostly cost driven, through September, we had $4 million, which so it means we're right on track. But from a overall commercial and growth perspective, you know, we, we had suggested 25 to $30 million as a conservative number, I believe we're right. We're going to be right on I think we're going to be able to deliver that. It's not necessarily ALL25 but, but as we start embarking on some of these things and actually executing on it, we're going to be, we're going to be right there.

我們目前還沒有為 2025 年做好準備。我們仍在與所有團隊進行所有規劃會議。我可以告訴你，看到正在發生的事情並同時聚集在一起是非常令人興奮的。你知道，在我們將所有內容合併在一起之前，我不想承諾具體數字。但是，我們再次討論了對協同效應的期望，你知道，今年早些時候，你知道，今年我們有，你知道，它是在四個範圍內，是 4 到 6 個範圍，我認為今年。我們正走在正軌上，這主要是成本驅動的，截至 9 月份，我們有 400 萬美元，這意味著我們正走在正軌上。但從整體商業和成長的角度來看，我們建議 2500 至 3000 萬美元作為保守數字，我相信我們是對的。我認為我們將能夠實現這一目標。它不一定是 ALL25，但是，當我們開始著手其中一些事情並實際執行時，我們將會，我們將會在那裡。

Thank you. So, so on the low end $25 million and you think, I guess that you thought maybe five this year and, and the rest would be 25?

謝謝。那麼，低端 2500 萬美元，你想，我猜你認為今年可能有 5 個，剩下的就是 25 個？

Yeah.

是的。

Yeah. I mean, that's, I mean, that's the math, you know, just, just really long, that was the long term opportunity. And I think as we've continued to drive harder in the business, there's no reason that that's still not true. If not, if, if not better.

是的。我的意思是，這就是數學，你知道，只是，真的很長，這就是長期機會。我認為，隨著我們繼續在業務上更加努力，沒有理由認為這仍然是事實。如果沒有，如果，如果沒有更好。

Got it. And that's just, that's just on the cost side side.

知道了。這只是，這只是在成本方面。

Well, the 25 to 30 is mostly cost and, and efficiencies, productivity, those types of things. With some commercial opportunity, I think we've been pretty conservative on that. That's what I'm suggesting is that that commercial opportunities even more on top of the things that Paul even mentioned this morning, some of these growth opportunities are not just synergies with Carl Star, but just the continued initiatives that we have on growth that are pretty exciting.

嗯，25 到 30 主要是成本、效率、生產力等。考慮到一些商業機會，我認為我們對此相當保守。這就是我的建議是，除了保羅今天早上提到的事情之外，商業機會更重要的是，其中一些增長機會不僅僅是與卡爾之星的協同效應，而是我們在增長方面持續採取的舉措，相當令人興奮。

Got it. Thank you. I, if I remember correctly, Carl Star has a facility in China, is that where you're planning on sourcing the smaller tires?

知道了。謝謝。我，如果我沒記錯的話，Carl Star 在中國有一家工廠，你們打算在那裡採購較小的輪胎嗎？

Yeah, we, we continue to drive that efficiencies in that plant. We have opportunities across the entire business. We have a lot of flexibility. We're already starting to see some production from the, you call it cross pollination perspective, starting to build some tires there that we previously may have produced here.

是的，我們，我們繼續提高該工廠的效率。我們在整個業務領域都有機會。我們有很大的靈活性。我們已經開始從異花授粉的角度看到一些生產，並開始在那裡製造一些我們以前可能在這裡生產的輪胎。

Got it.

知道了。

And II I know you've talked about the fourth quarter guidance, you gave us a tax number. And I I missed what you might have said about working capital and CapEx for the fourth quarter.

我知道你已經談到了第四季的指導，你給了我們一個稅號。我錯過了您可能所說的有關第四季度營運資本和資本支出的內容。

Yeah, we did in CapEx is kind of the same general direction that we have seen in the, in the past, probably a little bit a little bit lower in Q4.

是的，我們在資本支出中所做的總體方向與我們過去看到的大致方向相同，可能在第四季度略低一些。

We're, we're being very pragmatic about that. But as far as working capital, we, that'll continue to be a good driver for our cash flow in Q4.

我們對此非常務實。但就營運資本而言，這將繼續成為我們第四季現金流的良好驅動力。

And put tax. It's a, it's a, it's a real challenging one to put a hard number on, but it's, you know, we've seen that elevated level from a book tax perspective and I think as we, you know, given the low levels of profitability and, you know, it's, it's going to be an interesting number. I just, let's just say it's in the same range as what we've seen here today. So.

並付稅。這是一個，這是一個，這是一個真正具有挑戰性的數字，但是，你知道，我們從圖書稅的角度看到了這一水平的提高，我認為，考慮到圖書稅水平較低，盈利能力，你知道，這將是一個有趣的數字。我只是說，它與我們今天在這裡看到的範圍相同。所以。

Okay, got it. I appreciate.

好的，明白了。我很欣賞。

And lastly a number of initiatives I mentioned it. No, just real quick before I get move on, we are looking at a lot of initiatives to try to reduce those, you know, our, our exposures to some of these challenges that we faced in 24 and expect to see better, better rates in 25.

最後我提到了一些措施。不，在我開始繼續之前，我們正在考慮很多舉措，試圖減少我們在 24 年面臨的一些挑戰，並期望看到更好、更好的利率25.

Got it. Thank you. And then, and then in terms of prices and I I know this is, you know, tough to forecast, seems like it's mostly demand driven, supplied doesn't change that much. Is that, is that the way to look at it is we're just, we're really focused on, on the, on the demand side from, from offshore offshore demand. Is that what we're looking for?

知道了。謝謝。然後，就價格而言，我知道，這很難預測，似乎主要是由需求驅動的，供應變化不大。是這樣的，看待它的方式是，我們真正關注的是離岸需求的需求。這就是我們要找的嗎？

Crap prices me?

垃圾幫我定價？

Yeah.

是的。

Yeah, I mean, it, the other thing is, I mean, the the crops have been relatively good around the world for a number of years in a row.

是的，我的意思是，另一件事是，我的意思是，世界各地的農作物連續多年相對較好。

You know, so the supply, I think if you know it's being impacted by just repeated years of good crops and you look at the US this year, very little disruption to the size of the crop, maybe a little bit kind of in the northern part of the Farm Belt. But generally speaking, I mean, crops have been good, which is a repeat of recent years. And so I think you have, you do have some supply impact there where, you know, the crops have been good, the grain has been able to be put into storage and, and so the the drivers of demand, you're right, probably shifted with exports, with Brazil playing a bigger role in exporting grains to the far east and the US used to. But you know, those things can change, you know, those things can change overnight to be H1st with you.

你知道，所以供應，我想，如果你知道它受到了連續幾年好收成的影響，你看看今年的美國，作物規模幾乎沒有受到干擾，也許在北部有一點影響農業帶的一部分。但總的來說，我的意思是，收成很好，這是近年來的重演。所以我認為你確實對供應產生了一些影響，你知道，農作物收成很好，穀物已經能夠儲存起來，所以需求的驅動因素，你是對的，可能會隨著出口而發生變化，巴西在向東出口穀物方面發揮更大的作用，而美國過去也是如此。但你知道，這些事情可以改變，你知道，這些事情可以在一夜之間改變，成為你的第一名。

So I, I think you got, you got, you gotta assume that you know, those equations are going to work out over the long run because a couple of things, one protein consumption is too important to people's diets over the, not just today but for the future, that's going to continue to, to pull through demand for grains. But then also government's got to be aware of what's going on in the farm sector. You can't just let it, you know, go basically the whims of the what direction the wind is blowing and you know, one day you're exporting here, importing there. I mean, you, you gotta control your, your, your food sources within your, your, your government structure of, of your society.

所以我，我認為你得到了，你得到了，你必須假設你知道，從長遠來看，這些方程式將會成立，因為有幾件事，其中之一是蛋白質消耗對人們的飲食太重要了，而不僅僅是今天但對於未來，這種情況將繼續下去，以拉動對穀物的需求。但政府也必須了解農業部門正在發生的事情。你不能只是讓它隨風而行，你知道，有一天你會從這裡出口，從那裡進口。我的意思是，你，你必須在你，你，你的社會政府結構中控制你，你，你的食物來源。

And I think that's over over the long run, that's going to balance itself out. And so again, I don't think it's things are going to go negative in a, in a direction for so long that all of a sudden what we're seeing today just can be extrapolated into the future. Again, I think people, people are protein consumption, people are going to continue to eat well or better, I should say in the future and the governments are going to make the right decision for the long run regardless of the short run, on making sure that they're taking care of their, their, their food production and their sources in relation to having a peaceful satisfied society.

我認為從長遠來看，這一切都會結束，它會自行平衡。再說一次，我不認為事情會在一個方向上長期惡化，以至於我們今天所看到的突然可以推斷到未來。再說一次，我認為人們，人們正在消耗蛋白質，人們​​將繼續吃得好或更好，我應該說，在未來，政府將做出正確的決定，從長遠來看，無論短期如何，確保他們照顧好他們的糧食生產和來源，以建立一個和平滿意的社會。

So, I, I think again, I think over the long run, the, the prices will improve for whatever reason it may be, there's catalysts out there that are going to happen, whether it's interest rates, politics. But farm is not something that you can constantly just have year after year of declining prices that won't continue.

所以，我，我再次想到，我認為從長遠來看，無論出於何種原因，價格都會上漲，無論是利率還是政治，都會有催化劑發生。但農場並不是一種可以持續不斷地經歷年復一年的價格下降且不會持續下去的東西。

Got it. I appreciate. That's it for me. I, I appreciate the time.

知道了。我很欣賞。對我來說就是這樣。我，我很珍惜時間。

Thanks.

謝謝。

Thank you. We currently have no further questions. So, I'd like to hand back to Mr Wright for any closing remarks.

謝謝。目前我們沒有進一步的問題。因此，我想請賴特先生做結束語。

Yeah. Well, thank you everybody for joining the call today. II, I do want to conclude by talking about a few things we have going on on the investor relations front. You know, certainly we enjoy the opportunity to get out there and meet with, with all of you. We have some conferences we'll be attending over the next couple of months. We'll be at the Baird Conference, their industrial event on November 13th, the three-part Advisors Southwest Conference on November 20th, the B of A leverage finance conference.

是的。好的，謝謝大家今天加入電話會議。II，最後我確實想談談我們在投資者關係方面正在進行的一些事情。您知道，我們當然很高興有機會走出去與你們所有人見面。我們將在接下來的幾個月內參加一些會議。我們將參加 11 月 13 日舉行的貝爾德會議（Baird Conference）、他們的行業活動、11 月 20 日舉行的由三部分組成的顧問西南會議（Advisors Southwest Conference）以及 B of A 槓桿金融會議。

And on December 3rd Noble capital has an event that will be attending on November 4th. And then we got a couple of virtual events that they're going to be really good ones. Oppenheimer on December 12th and Northland on December 12th as well. So again, just want to highlight some opportunities for, for us to get out there and interact with all of you and look forward to doing that and appreciate your attendance on today's call. Thank you.

12 月 3 日，Noble Capital 有一個活動，將於 11 月 4 日參加。然後我們舉辦了一些虛擬活動，它們將是非常好的活動。12 月 12 日為奧本海默，12 月 12 日為北國。再次，我想強調一些機會，讓我們能夠走出去與你們所有人互動，並期待這樣做，並感謝你們參加今天的電話會議。謝謝。

Thank you. As we conclude today's call, we thank everyone for joining you. May now disconnect your lines.

謝謝。在我們結束今天的電話會議時，我們感謝大家的加入。現在可以斷開您的線路。