Vontier Corp (VNT) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Vontier's first quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Thursday, May 1, 2025, and a replay will be made available shortly after.

女士們、先生們，早安，歡迎參加 Vontier 2025 年第一季財報電話會議。（操作員指示）本次通話於 2025 年 5 月 1 日星期四錄製，之後不久將提供重播。

I would now like to turn the conference over to Ryan Edelman, Vontier's Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給 Vontier 投資者關係副總裁 Ryan Edelman。請繼續。

Thank you. Good morning, everyone, and thank you for joining us on the call this morning to discuss our first quarter results. With me today are Mark Morelli, our President and Chief Executive Officer, and Anshooman Aga, our Senior Vice President and Chief Financial Officer.

謝謝。大家早安，感謝您今天上午參加我們的電話會議，討論我們的第一季業績。今天與我一起的還有我們的總裁兼執行長馬克莫雷利 (Mark Morelli) 和我們的高級副總裁兼財務長安舒曼阿加 (Anshooman Aga)。

You can find both our press release as well as our slide presentation we'll refer to during today's call on the Investor Relations section of our website at investors.vontier.com. Please note that during today's call, we will present certain non-GAAP financial measures. We'll also make forward-looking statements within the meanings of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future.

您可以在我們網站 investors.vontier.com 的「投資者關係」版塊找到我們的新聞稿以及我們將在今天的電話會議上引用的幻燈片演示。請注意，在今天的電話會議上，我們將介紹一些非公認會計準則 (Non-GAAP) 財務指標。我們還將根據聯邦證券法做出前瞻性陳述，包括有關我們預期或預計將來會發生或可能發生的事件或發展的陳述。

These forward-looking statements are subject to risks and uncertainties. Actual results might differ materially from any forward-looking statements that we make today, and we do not assume any obligation to update them. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available on our website and in our SEC filings.

這些前瞻性陳述受風險和不確定性的影響。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異，我們不承擔任何更新它們的義務。有關這些因素的資訊可能導致實際結果與這些前瞻性陳述有重大差異，這些資訊可在我們的網站和美國證券交易委員會 (SEC) 文件中查閱。

With that, please turn to slide 3, and I'll turn the call over to Mark.

說完這些，請翻到投影片 3，我會把電話轉給馬克。

Thanks, Ryan, and good morning, everyone. We had a strong start to the year with first quarter sales, adjusted EPS, and adjusted free cash flow exceeding expectations. Other than expected performance at Environmental and Fueling Solutions and Mobility Technologies, which grew low double digits, drove core sales above our guidance range.

謝謝，瑞安，大家早安。我們今年開局強勁，第一季的銷售額、調整後每股盈餘和調整後自由現金流都超乎預期。除了環境和燃料解決方案以及行動技術的預期表現外，其成長也達到了兩位數，推動核心銷售額超出了我們的指導範圍。

These results demonstrate Vontier's unique competitive advantage within the mobility ecosystem with a purpose-built portfolio of connected hardware and software solutions. Our connected mobility strategy places us at the forefront of our customer's digital transformation journey and offers optionality for their energy needs.

這些結果證明了 Vontier 憑藉專門構建的連接硬體和軟體解決方案組合在行動生態系統中擁有獨特的競爭優勢。我們的互聯行動策略使我們處於客戶數位轉型之旅的最前沿，並為他們的能源需求提供可選性。

Where this is most evident today is within our convenience retail and fueling end market, where we continue to capitalize on strong industry CapEx. Our value proposition is clearly resonating with our customers, as demonstrated by the success of recent new product introductions and our leading portfolio of integrated digital solutions.

今天最明顯的例子是我們的便利零售和加油終端市場，我們繼續利用強大的產業資本支出。我們的價值主張顯然引起了客戶的共鳴，最近推出的新產品和我們領先的整合式數位解決方案組合的成功證明了這一點。

Underlying demand trends in Q1 were strong, slightly ahead of our expectations, and we've seen continued momentum through the month of April. We have yet to see any discernible demand impacts from tariffs or trade policy uncertainty with little evidence of material pre-buying in our results.

第一季的潛在需求趨勢強勁，略高於我們的預期，我們看到這一勢頭在整個四月份持續下去。我們尚未看到關稅或貿易政策不確定性對需求產生任何明顯的影響，而且我們的結果中幾乎沒有出現材料預購的證據。

Book-to-bill in line with our expectations came in slightly under one in the quarter. Based on strong Q1 results and our Q2 outlook, first half results are tracking ahead of the plan we laid out for you in mid-February. We're maintaining our full year guidance, including the current impacts from tariffs, and now we're reflecting a more cautious demand backdrop in the second half. Our portfolio is resilient with leading positions and attractive end markets.

本季訂單出貨比略低於 1，符合我們的預期。根據強勁的第一季業績和我們對第二季的展望，上半年業績超出了我們在二月中旬為您制定的計劃。我們維持全年指引，包括當前關稅的影響，現在我們正在反映下半年更加謹慎的需求背景。我們的產品組合具有韌性，佔據領先地位，終端市場極具吸引力。

Convenience retail and fueling, which accounts for about two-third of our sales, has historically grown above GDP and experienced only low single digit declines in the last major recession in 2008 to 2009. We're proactively managing our tariff exposures, and we're confident we'll be able to mitigate the estimated cost. Given the confidence in our business, our Board recently approved the replenishment of our $500 million share repurchase authorization, which gives us ample capacity to prosecute buybacks.

便利零售和加油占我們銷售額的三分之二左右，歷史上其成長速度一直高於 GDP，在 2008 年至 2009 年的上次大衰退中僅經歷了個位數的低下降。我們正在積極管理我們的關稅風險，並且我們有信心降低預計成本。鑑於對我們業務的信心，我們的董事會最近批准補充 5 億美元的股票回購授權，這使我們有足夠的能力進行回購。

Let's turn to slide 4. Given the volatility around tariff and trade policy announcements, we thought it would be helpful to provide a quick update on the estimated tariff impact based on what we know today.

讓我們翻到第 4 張投影片。鑑於關稅和貿易政策公告的波動性，我們認為根據目前所知的信息，快速更新估計的關稅影響將會有所幫助。

In the four-plus years post spin through ongoing risk management, we have significantly strengthened the agility and resiliency of our global supply chain. The primary focus of our de-risking efforts has been geographically diversifying our supply base with a specific emphasis on reducing our exposure to China by a factor of more than 3 times.

在分拆後的四年多時間裡，透過持續的風險管理，我們顯著增強了全球供應鏈的靈活性和彈性。我們降低風險努力的主要重點是實現供應基地的地理多樣化，特別是將對中國的敞口減少三倍以上。

We continue to transform and strengthen our supply chain with additional initiatives to further reduce our exposure to China. Recognizing the fluidity of the ongoing tariff and trade situation, we estimate the current cost impact at approximately $50 million before any further mitigations or pricing actions. Note that this represents what we would expect to incur in the balance of the year.

我們將繼續轉型並加強我們的供應鏈，並採取更多措施進一步減少我們對中國的依賴。考慮到當前關稅和貿易狀況的不確定性，我們估計在採取任何進一步的緩解措施或定價行動之前，當前成本影響約為 5000 萬美元。請注意，這代表了我們預計在今年餘額中將發生的金額。

As you can see in the table, most of the impact is related to products sourced from China, which reflects the aggregate cost of three separate tariff categories on both Tier 1 and Tier 2 suppliers. The remaining approximately $10 million tied to our exposure across the rest of the world, primarily represented by a few Southeastern Asian trade partners. This also includes the impact from Section 232 steel and aluminum tariffs.

從表中可以看出，大部分影響與來自中國的產品有關，這反映了一級和二級供應商的三個不同關稅類別的總成本。剩餘的約 1000 萬美元與我們在世界其他地區的投資有關，主要來自一些東南亞貿易夥伴。這也包括第 232 條鋼鐵和鋁關稅的影響。

Nearly all of the products sourced from Mexico is compliant with the USMCA exemption and therefore does not represent a headwind. We continue to countermeasure the tariff impacts across our businesses. These actions include further supply chain optimization and diversification, aggressively negotiating cost reductions with suppliers, and passing through price increases.

幾乎所有來自墨西哥的產品都符合 USMCA 豁免規定，因此不構成不利因素。我們將繼續衡量關稅對我們業務的影響。這些措施包括進一步優化和多樣化供應鏈、積極與供應商協商降低成本以及轉嫁價格上漲。

We expect to offset the estimated tariffs and neutralize the impact to our margins. It goes without saying that we are closely monitoring developments, and we will update you as the situation continues to evolve.

我們預計將抵消預估的關稅並抵消其對我們利潤率的影響。毋庸置疑，我們正在密切關注事態發展，並將根據情況的不斷發展向您通報最新情況。

Our primary focus is to control our controllables, executing on our pillar one initiatives to optimize our core, leveraging self-help. One good example of this is our annual CEO Kaizen event which took place last month. Cross-functional teams from across our businesses came together with a shared purpose of delivering step change improvements to our business. 90% of the projects worked on during the Kaizen were focused on our FPP 80/20 process, ranging from product line simplification to strategic pricing.

我們的主要重點是控制我們的可控因素，執行我們的支柱一號計畫來優化我們的核心，利用自助。一個很好的例子就是我們上個月舉行的年度 CEO Kaizen 活動。我們各業務部門的跨職能團隊齊聚一堂，共同致力於實現業務的階梯式改善。在 Kaizen 期間開展的專案 90% 都集中在我們的 FPP 80/20 流程上，涵蓋從產品線簡化到策略定價等各個方面。

As I mentioned previously, our largest end market convenience retail and fueling has proven to be resilient in prior downturns. This has been corroborated in our channel checks over the last couple of weeks with larger national and regional operators reiterating confidence in their CapEx plans and expectations for growth. Likewise, our channel partners are not seeing any evidence of process delays or deferrals.

正如我之前提到的，我們最大的終端市場便利零售和加油站已證明在先前的經濟衰退中具有韌性。過去幾週，我們的通路檢查證實了這一點，大型全國性和地區性業者重申了對其資本支出計劃和成長預期的信心。同樣，我們的通路合作夥伴也沒有看到任何流程延遲或延期的跡象。

As an example of the momentum in the industry, 7-Eleven recently announced plans to double its North American news store openings to 1,300 by 2030, including 500 stores between 2025 and 2027. Most of those stores are expected to leverage 7-Eleven's modern design, which has driven average daily sales 18% higher than their fleet average.

作為行業發展勢頭的一個例子，7-Eleven 最近宣布計劃在 2030 年將其北美新店數量增加一倍至 1,300 家，其中包括 2025 年至 2027 年期間開設 500 家門市。預計大多數門市將採用 7-Eleven 的現代設計，這使得每日平均銷售額比其門市平均銷售額高出 18%。

Our Matco Expo event in mid-April was successful and performed slightly ahead of last year's record events. The competitive advantage of our business model was on full display. Our market leading new product vitality allows us to meet the immediate needs of service technicians with a focus on optimizing premium quality with value. At the same time, we're monitoring our Repair Solution segment closely, particularly given the impact of inflation and declining consumer sentiment.

我們在 4 月中旬舉辦的 Matco Expo 活動取得了成功，其表現略優於去年的創紀錄活動。我們的商業模式的競爭優勢得到了充分展現。我們市場領先的新產品活力使我們能夠滿足服務技術人員的迫切需求，並專注於優化優質產品和價值。同時，我們正在密切關注我們的維修解決方案部門，特別是考慮到通貨膨脹和消費者信心下降的影響。

I'm proud of the way our team's executed in an increasingly dynamic environment, demonstrating a strong alignment with the principles of the Vontier Business System and a commitment to the three pillars of our value creation framework optimizing our core, accelerating profitable growth across the portfolio, and sensibly expanding into adjacent markets. In the current macro environment, we are focused on what we can control and doubling down on our pillar one opportunities.

我為我們團隊在日益動態的環境中的表現感到自豪，這體現了我們與 Vontier 商業系統原則的高度一致性，以及對我們價值創造框架三大支柱的承諾：優化我們的核心、加速整個投資組合的盈利增長，以及明智地擴展到鄰近市場。在當前的宏觀環境下，我們專注於我們能夠控制的事情，並加倍努力抓住我們的第一個支柱機會。

With that, let me turn the call over to Anshooman.

說完這些，讓我把電話轉給 Anshooman。

Thanks, Mark, and good morning, everyone. I'll start off with a summary of our consolidated results for Q1 on slide 5.

謝謝，馬克，大家早安。我首先在第 5 張投影片上介紹我們第一季的綜合業績。

Sales of $741 million exceeded the mid-point of our guide by just under $20 million with upsided both Mobility Technologies and Environmental and Fueling Solutions. Core sales declined 0.7% year over year, better than our guidance range, led by low double-digit growth at Mobility Tech, driven by strong double-digit growth at Invenco.

7.41 億美元的銷售額比我們指南的中點高出近 2,000 萬美元，行動技術以及環境和燃料解決方案均實現了成長。核心銷售額年減 0.7%，優於我們的預期範圍，其中 Mobility Tech 的低兩位數成長最為顯著，而 Invenco 的強勁兩位數成長則推動了這一成長。

Adjusted operating profit margin, down 40 basis points, was in line with our expectations. Compared to the full year 2024, operating profit margin increased 30 basis points. Adjusted EPS increased 4% to $0.77 above our guidance range of $0.71 to $0.74. Free cash flow of $96 million increased over 20% year over year, reflecting a seasonably strong 83% conversion to adjusted net income or 13% of sales.

調整後的營業利益率下降了40個基點，符合我們的預期。與2024年全年相比，營業利益率增加了30個基點。調整後每股收益成長4%，至0.77美元，高於我們0.71美元至0.74美元的預期區間。自由現金流達9,600萬美元，年成長超過20%，反映出季節性強勁的83%的調整後淨收入轉換率，或占銷售額的13%。

Turning to a segment results starting on slide 6. Environmental and Fueling Solutions achieved core growth of approximately 1% or up 11% on a two-year stack basis. We continue to see solid demand for both above ground and underground retail fueling equipment. [LV] activity for underground equipment, including upgrades to our cutting edge automated tank gauge solution, the TLS-450PLUS, as well as a 4 horsepower sub (technical difficulty)

從第 6 張投影片開始查看片段結果。環境和燃料解決方案實現了約 1% 的核心成長，以兩年疊加運算成長了 11%。我們持續看到地上和地下零售加油設備需求強勁。 [LV]地下設備業務活躍，包括升級我們先進的自動化油箱計量解決方案TLS-450PLUS，以及一款4馬力的潛水泵（技術難度）

We're also seeing steady above ground dispenser demand tied to new build, retrofit and replacement activity. All supported by evolving consumer preferences, advancing technology, and ongoing regulatory changes. Segment operating profit margin expanded another 20 basis points driven by productivity and simplification efforts.

我們也看到與新建、改造和更換活動相關的地面加油機需求穩定。所有這些都得益於不斷變化的消費者偏好、不斷進步的技術和持續的監管變化。受生產力提高和簡化措施的推動，分部營業利潤率又擴大了 20 個基點。

Turning to Mobility Technologies on slide 7. Core sales increased nearly 13% compared to the prior year with Invenco, again demonstrating solid performance, up over 20% for the third consecutive quarter. Global demand for enterprise productivity and unified payment solutions continues to support growth at Invenco. Our customers are focused on enhancing the consumer experience on site, driving increased revenue, and streamlining operations, all of which are better enabled by Invenco's digital solutions and technologies.

前往第 7 張投影片上的行動技術。與去年相比，Invenco 的核心銷售額成長了近 13%，再次展現出穩健的業績，連續第三個季度成長超過 20%。全球對企業生產力和統一支付解決方案的需求持續支持 Invenco 的成長。我們的客戶專注於提升現場消費者體驗、增加收入和簡化運營，而 Invenco 的數位解決方案和技術可以更好地實現所有這些目標。

DRB sales declined double digits year on year, but in line with our forecast and normal seasonality. While tunnel system sales declined in Q1, the outlook for new tunnel bills remains unchanged, flat to slightly down for the full year.

DRB 銷售額較去年同期下降兩位數，但符合我們的預測和正常的季節性。雖然第一季隧道系統銷售額有所下降，但新隧道費用前景保持不變，全年持平或略有下降。

The DRB team is expanding the recurring revenue base through a number of initiatives, including increased conversion of existing customers to a next-gen Patheon software platform. This focus drove low single digit recurring revenue growth in Q1. Segment operating profit margin decreased 40 basis points versus the prior year, mainly on a one-time settlement. Q1 mobility tech margins were 20 basis points above the full year 2024 rate.

DRB 團隊正在透過一系列措施擴大經常性收入基礎，包括增加現有客戶向下一代 Patheon 軟體平台的轉換。這一重點推動了第一季經常性收入的低個位數成長。分部營業利益率較上年下降 40 個基點，主要由於一次性結算。第一季行動技術利潤率比 2024 年全年利潤率高出 20 個基點。

On slide 8, Repair Solution results reflect the impact from the timing shift of Matco Expo, our largest selling event of the year, from Q1 to Q2 this year. Service technicians continue to defer discretionary spending in this environment. Large ticket items such as tool storage continue to face challenges, as technicians prioritize quicker payback productivity enhancing tools.

在第 8 張投影片上，修復解決方案的結果反映了我們今年最大的銷售活動 Matco Expo 從今年第一季到第二季的時間變化的影響。在這種環境下，服務技術人員繼續推遲可自由支配的支出。由於技術人員優先考慮能夠更快獲得回報並提高生產效率的工具，因此工具儲存等大件物品繼續面臨挑戰。

Segment operating profit margin declined by approximately 280 basis points, reflecting volume and mixed headwinds in large part due to the shift in Matco Expo. Sequentially, margins have remained stable over the last four quarters, which has been an encouraging trend.

分部營業利潤率下降了約 280 個基點，這在很大程度上反映了由於 Matco Expo 的轉變而導致的銷售和混合不利因素。連續四個季度，利潤率保持穩定，這是一個令人鼓舞的趨勢。

Turning to the balance sheet on slide 9. During the quarter, we accelerated our share repurchase activity to take advantage of the market dislocation, buying back $55 million worth of stock. Given current valuations, we firmly believe that shared repurchase remains one of the most attractive uses of our capital. In line with this commitment, we received board approval to replenish our shared repurchase authorization back to $500 million. Looking ahead, we anticipate over half of our free cash flow in 2025 to be deployed towards share buybacks.

翻到投影片 9 上的資產負債表。在本季度，我們加快了股票回購活動，以利用市場混亂，回購了價值 5,500 萬美元的股票。鑑於目前的估值，我們堅信共享回購仍然是我們資本最具吸引力的用途之一。根據這項承諾，我們獲得董事會批准，將共享回購授權補充至 5 億美元。展望未來，我們預計 2025 年超過一半的自由現金流將用於股票回購。

Turning to the updated outlook assumptions for Q2 and the full year on slide 10. For the second quarter, we are projecting total revenues in the range of $725 million to $745 million. We expect adjusted operating profit margin expansion of 30 basis points to 80 basis points, resulting in adjusted EPS in the range of $0.70 to $0.75.

轉向幻燈片 10 上對第二季度和全年的最新展望假設。對於第二季度，我們預計總營收將在 7.25 億美元至 7.45 億美元之間。我們預計調整後的營業利潤率將擴大 30 個基點至 80 個基點，從而調整後的每股收益將在 0.70 美元至 0.75 美元之間。

Turning to the full year. As Mark mentioned at the start of the call, we are maintaining our previously issued guidance. More specifically, we are not making any changes to the core elements of our guide. I would point out that we have updated our modeling assumptions to reflect lower interest and share count for the year.

展望全年。正如馬克在電話會議開始時提到的，我們維持先前發布的指導方針。更具體地說，我們不會對指南的核心要素進行任何更改。我想指出的是，我們已經更新了我們的模型假設，以反映今年較低的利息和股票數量。

Our adjusted EPS range is unchanged at $3 to $3.15. Despite the upside in Q1, slightly improved outlook for Q2 and modest tailwinds from FX, interest, and share count, we thought it would be prudent to embed contingency into our guide.

我們的調整後每股收益區間保持不變，為 3 美元至 3.15 美元。儘管第一季業績上漲，第二季前景略有改善，且外匯、利率和股票數量方面也略有利好，但我們認為在指引中加入應急措施是謹慎之舉。

While we are well prepared to execute in any environment, we are taking a more cautious view of the second half demand given continued macro uncertainty. The end markets we operate in have proven to be resilient in prior downturns, and we would expect our portfolio to outperform on a relative basis.

雖然我們已經做好了在任何環境下執行的準備，但鑑於宏觀不確定性的持續存在，我們對下半年的需求持更加謹慎的看法。事實證明，我們經營的終端市場在先前的經濟衰退中具有韌性，我們預期我們的投資組合將表現相對優異。

Our current tariff exposure is manageable, and we are confident we can mitigate the impacts. Our business is heavily indexed to the US and our sales exposure to China is less than 1%, and our global manufacturing footprint leverages in region for region. We have a solid runway of self-help opportunities through our pillar one actions, and we'll be returning capital to shareholders through share buybacks.

我們目前的關稅風險是可控的，我們有信心減輕其影響。我們的業務主要集中在美國，而對中國的銷售佔比不到 1%，我們的全球製造足跡遍布各個地區。透過我們的第一支柱行動，我們擁有堅實的自助機會，並且我們將透過股票回購向股東返還資本。

With that, I'll pass the call back over to Mark for his closing comments.

說完這些，我會把電話轉回給馬克，請他發表最後評論。

Thanks, Anshooman. I'm encouraged by the start to the year and I'm confident in our ability to execute in a challenging environment. Our current exposure to tariffs is limited, and we're actively managing known headwinds. I'm also encouraged by the leverage we get from producing in region for region. As a reminder, our sales into China are minimal, a result of us working down exposure to China since then.

謝謝，Anshooman。我對今年的開始感到鼓舞，並且我對我們在充滿挑戰的環境中執行的能力充滿信心。我們目前受到的關稅影響有限，我們正在積極應對已知的不利因素。我也對我們在區域內為區域生產所獲得的槓桿作用感到鼓舞。提醒一下，我們對中國的銷售額很少，這是因為我們從那時起就減少了對中國的業務。

We have leading positions in resilience and markets that have performed well in downturns. While the second half suggests some uncertainty, we're positioned well with the strongest players in the market. Our leading market positions, along with recent innovations solving our customer's high value problems, are resulting in share gains. Our connected mobility strategy is showing traction. And we have significant runway of self-help opportunities ahead, both of which position Vontier well for the future.

我們在復原力和在經濟低迷時期表現良好的市場方面處於領先地位。儘管下半年存在一些不確定性，但我們在市場上實力最強的參與者中佔據有利地位。我們領先的市場地位，加上近期解決客戶高價值問題的創新，正在帶來市場佔有率的成長。我們的互聯行動策略正在顯現出強勁的勢頭。我們面前有大量的自助機會，這些都為 Vontier 的未來做好了準備。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Nigel Coe, Wolf Research LLC.

Nigel Coe，Wolf Research LLC。

Thanks. Good morning, everyone. Thanks for the question. So Mark, I just want to pick up your comments on sort of the contingency in the back half of the year. Makes total sense, obviously, but, number one, have you seen any evidence for that? Or was this more of a macro contingency? And perhaps just refreshes on how the 2% organic is changing between price and volume? I'm assuming that, some price increases to offset those tariffs.

謝謝。大家早安。謝謝你的提問。馬克，我只是想聽聽你對下半年緊急情況的評論。顯然，這完全有道理，但是，首先，你有看到任何證據嗎？或者這更像是一種宏觀偶然事件？也許只是刷新一下 2% 有機物在價格和數量之間是如何變化的？我估計，一些價格上漲可以抵消這些關稅。

Yeah, thanks, Nigel. I appreciate the question. So first of all, we're not seeing any demand destruction. The markets have been very resilient, so everything that we see so far and we've been really digging deep into looking at some of the demand signals here. And we're fresh off, an international car wash show. We're fresh off meeting with some of the CEOs in NAX event earlier this week, as well as the Matco Expo, as well as a fleet show called the Advanced Clean Technology Show.

是的，謝謝，奈傑爾。我很感謝你提出這個問題。首先，我們沒有看到任何需求破壞。市場一直非常有彈性，所以我們到目前為止看到的一切以及我們一直在深入研究這裡的一些需求訊號。我們剛結束一場國際洗車展。本週早些時候，我們剛在 NAX 活動、Matco Expo 以及名為先進清潔技術展的車隊展上與一些執行長會面。

All of that is very, very recent information with pretty deep channel checks there. And so we're not seeing indication of any demand destruction, so as it leads your question into the second half, pretty resilient markets that we're dealing with and we're able to manage that tariff impact that we articulated with half of that being through price.

所有這些都是經過深入渠道檢查後得到的非常最新的資訊。因此，我們沒有看到任何需求破壞的跡象，因此，正如您所問的下半年情況一樣，我們所面對的市場相當有彈性，我們能夠管理我們所說的關稅影響，其中一半是透過價格來控制的。

I think we've been demonstrating from our businesses we've been able to get price historically. And while obviously in this situation, we need to be careful with the price increases that we do prosecute in the market. I think we feel very confident that with what we've got. We've also gone out with many of our price increases already, and so they'll be taking effect here pretty shortly as that leads to the second half question that you asked.

我認為，我們的業務已經證明，從歷史上看，我們能夠獲得價格。顯然，在這種情況下，我們需要謹慎對待市場上的價格上漲。我認為，我們對現有的成果非常有信心。我們已經公佈了許多價格上調措施，這些措施很快就會生效，這就引出了您提出的後半部分問題。

Right. And maybe just some color in terms of the second half, how the price versus volume looks in that second half?

正確的。也許只是下半年的一些細節，下半年的價格與交易量如何？

Yeah, Nigel. So if you look, we're having a little bit of a stronger half one, obviously coming off a solid Q1 and even our guide for Q2 is slightly above the previous implied guide that we've given. For half two, we basically embedded about a 1% core growth. Now a lot of that will come from price. Given the current environment, we're a little more cautious on volume just given the macro.

是的，奈傑爾。因此，如果你看一下，你會發現我們的上半年表現稍微強勁一些，顯然是基於穩健的第一季度，甚至我們對第二季度的預測也略高於我們之前給出的隱含預測。對於第二季度，我們基本上嵌入了約 1% 的核心成長。現在，很大一部分將來自於價格。鑑於當前的環境，我們在宏觀層面上對交易量更加謹慎。

That makes sense. And then just quick -- a couple quick clarifications, Anshooman. You called up the Matco show very successful, I think that's maybe $25 million, $30 million from 1Q to 2Q. Just want to make sure that's the right number. And given your share buyback comments, I think it implies maybe $225 million-plus of buybacks. I'm getting a lower share count for the full year. I just want to make sure we're calculating that properly.

這很有道理。然後只是快速——幾點快速澄清，Anshooman。您說 Matco 的演出非常成功，我認為從第一季到第二季的收入可能在 2500 萬美元到 3000 萬美元之間。只是想確保這個數字是正確的。考慮到您對股票回購的評論，我認為這可能意味著 2.25 億美元以上的回購。我全年獲得的股份數量較少。我只是想確保我們計算正確。

Yeah. So as Mark had mentioned, Matco Expo, we were very pleased with the results. It was in line with the previous year, which was a record Expo. But also we believe, given that this was the lowest price point event of the year, given the tariff uncertainty and price increases related to tariff, potentially, there might have been some pre-buying at the Expo event and the base demand might be a little bit softer, given consumer sentiment haven't turned down negatively.

是的。正如馬克所提到的，Matco Expo，我們對結果非常滿意。這與去年創紀錄的世博會持平。但我們也認為，鑑於這是今年價格最低的活動，考慮到關稅的不確定性以及與關稅相關的價格上漲，世博會期間可能會出現一些預購，而且由於消費者信心沒有出現負面下降，基本需求可能會稍微疲軟一些。

On the share count, yes, if you think about $400 million to $450 million of free cash flow for the year, say a little over $200 million in buybacks, usually our cash is pretty back and weighted just from the seasonality perspective. So the buybacks would also tend to be a little more back and weighted for us, and that's kind of what's embedded into the guidance, just the average share count based on that.

就股票數量而言，是的，如果您考慮到今年的自由現金流約為 4 億至 4.5 億美元，假設回購金額略高於 2 億美元，那麼通常我們的現金會相當充足，而且僅從季節性角度來看，就會有一定權重。因此，對我們來說，回購也往往會更加保守和加權，這就是指導中所包含的內容，只是基於此的平均股票數量。

Julian Mitchell, Barclays Investment Bank.

巴克萊投資銀行的朱利安·米切爾。

Maybe I just want to start off with Mobility Tech. So this sort of odd dynamic in the first quarter of very strong sales growth, but margins down. Just maybe sort of flesh out how do you see those two items evolving through the year for Mobility Tech, please? And when we should see the margins return to growth?

也許我只是想從行動技術開始。因此，第一季出現了一種奇怪的動態：銷售額成長非常強勁，但利潤率卻下降。請您具體說明一下，您認為這兩項技術在今年會如何發展？我們什麼時候才能看到利潤率恢復成長？

Yeah. We'll have Anshooman jump in on this one, but let me just point out here on Mobility Tech that we're seeing a pretty consistent now, average growth. I think it's indicative of the investments that we've been doing in this space, a lot of the digital transformation that's at the forefront of the C-store. C-store is about 70% of the volume that we serve, and I think we're beginning to see pretty consistent payoffs and shared gain there. Anshooman, do you want to jump in on the question?

是的。我們會讓 Anshooman 參與這個主題中，但我只想指出，在 Mobility Tech 上，我們現在看到的是相當一致的平均成長。我認為這顯示了我們在這個領域所做的投資，其中許多數位轉型處於 C-store 的前沿。便利商店約占我們服務量的 70%，我認為我們開始在那裡看到相當穩定的回報和共享收益。Anshooman，你想參與回答這個問題嗎？

Yeah. Julian, on the margins, if you remember, we'd guided that margins would be relatively flat for Mobility Tech in Q1. They were down 40 basis points on a one-time settlement that we had. But compared to last year's average margins, Mobility Tech margins were up 20 basis points. Q1 was unseasonably high last year, just based on some mix.

是的。朱利安，關於利潤率，如果您還記得的話，我們曾預測第一季行動科技的利潤率將相對持平。我們達成的一次性和解協議使他們的利率下降了 40 個基點。但與去年的平均利潤率相比，Mobility Tech 的利潤率上升了 20 個基點。僅基於一些因素，去年第一季的業績表現異常出色。

For the full year, we're still expecting good margin expansion for Mobility Tech year on year. We expect margins for Mobility Tech to be up close to 100 basis points or about 100 basis points for the full year, and you'll start seeing that read through starting with Q2.

就全年而言，我們仍然預計 Mobility Tech 的利潤率將比去年同期大幅成長。我們預計 Mobility Tech 的利潤率將全年接近 100 個基點或約 100 個基點，您將從第二季開始看到這項變化。

That's helpful, thank you. And on the Repair business, yeah, that's probably the one that in a way has the sort of least visibility, very short cycle. And just sort of help us understand for that piece, are you still thinking you can get to sort of flattish sales for the year? Or is that something where maybe the back half now, it may be prudent to assume a decline just because of the environment? And when we're looking at tariffs, is there any one segment that you're worried could have a net headwind in 2025 overall?

這很有幫助，謝謝。就維修業務而言，是的，從某種程度上來說，這可能是最不透明、週期最短的業務。請幫助我們理解這一點，您是否仍然認為今年的銷售額會持平？或者現在可能是後半段，僅因為環境原因而謹慎地假設會出現下滑？當我們考慮關稅時，您是否擔心某個領域在 2025 年整體上會面臨淨阻力？

Yeah. So there's no question that the [macro] business is short cycle, and we are very cautious on what we're sort of seeing here in a demand picture. At the same time we're on the case, we're spending a lot of time coming off the Matco Expo looking at it by category spending a lot of time with our distributors and with service technicians.

是的。因此，毫無疑問，宏觀業務是短週期的，我們對目前看到的需求情況非常謹慎。在我們處理此案的同時，我們花了很多時間從 Matco Expo 開始按類別查看此案，並花了很多時間與我們的經銷商和服務技術人員一起進行調查。

The -- first of all, the Matco Expo, sort of the pre-buy and the the event itself or in the books, there is a post-selling activity, that goes on. And that's normally the largest stocking event of the year, so they do normally take in inventory. They started with the truck inventory or the store inventory, as we call it, at a really good level. So they didn't start at a high level, which is encouraging and so the fact that they had a pretty solid buy based on the lineup that we offered.

首先，Matco Expo 有點像預購，活動本身或在書中，有一個售後活動。這通常是一年中最大的庫存活動，所以他們通常會進行庫存盤點。他們從卡車庫存或我們所說的商店庫存開始，處於非常好的水平。所以他們並沒有從高水準開始，這是令人鼓舞的，事實上，根據我們提供的陣容，他們有一個相當穩固的購買力。

So we introduced another 500 SKUs. We tried to be very sensitive to the fact that people are looking for productivity solutions at better value. But at the same time, we launched a new success toolbox, which is our high-end toolbox. It also sold quite well. But there's no question that we watched this sellout from our stores or from our trucks. And we've seen in April some of that sell off, we can as well. So we would anticipate a more cautious demand environment for Matco, but that's factored into our guide.

因此我們又推出了 500 個 SKU。我們努力敏銳地意識到人們正在尋找更有價值的生產力解決方案。但同時，我們推出了一個新的成功工具箱，這是我們的高階工具箱。它的銷量也相當不錯。但毫無疑問，我們從商店或卡車上目睹了這項銷售情況。我們在四月已經看到了一些拋售，我們也可以。因此，我們預計 Matco 的需求環境將更加謹慎，但這已計入我們的指南中。

So do you want to add some further color there, Anshooman?

那麼，Anshooman，你想在那裡添加一些顏色嗎？

Yeah. Given the current macro, we don't believe Matco or Repair Solutions will be flat this year. I would expect that to be down, mid-single digit plus, but again from a guide perspective, keep in mind we're continuing to see strength across the vast majority of our portfolio, which is convenience retail, both from the C-store and the new builds for the car wash with the channel checks coming in strong.

是的。鑑於當前的宏觀形勢，我們認為 Matco 或 Repair Solutions 今年不會持平。我預計這個數字會下降，中等個位數以上，但從指導角度來看，請記住，我們繼續看到我們投資組合中絕大多數的實力，即便利零售，無論是 C 商店還是新建的洗車店，渠道檢查都很強勁。

So potentially some offset there and then also FX should be a little bit of a tailwind versus the previous guide for the full year in the tune of about $10 million, which can offset some of the Repair Solutions weakness, hence, we kept the guide intact.

因此，可能會有一些抵消，而且外匯也應該對先前的全年指南產生一點順風作用，約為 1000 萬美元，這可以抵消一些修復解決方案的弱點，因此，我們保持指南不變。

Thanks. And your point was, there isn't a tariff net headwind for repair for the year or either of the other two segments?

謝謝。您的觀點是，今年或其他兩個部分的維修沒有關稅淨逆風嗎？

Yeah, I think Matco is a little more disproportionately exposed to tariffs than the other businesses, but not -- it's not a significant issue. If you look at our business, 20% of our businesses repair. At the same time, we have a lot of mitigating aspects. If you look at our exposure, particularly on Matco from a couple of years ago, we were more than 3 times exposed.

是的，我認為 Matco 受到的關稅影響比其他企業更大一些，但這並不是什麼大問題。如果你看一下我們的業務，你會發現其中 20% 的業務都是修復的。同時，我們也有很多緩解的措施。如果你看一下我們的曝光率，特別是幾年前在 Matco 的曝光率，我們的曝光率是原來的 3 倍以上。

So we've been -- and I'm really proud of the team's work here, been working very diligently prior to the April 2, announcements that were made to be able to manage that supply chain accordingly, particularly out of China. And I think they've been very successful in doing that, still more work to do. But I think at the same time, we've got a good balance, a good lineup, and I think we're on the case. And I think it's something that it's certainly manageable when we get our arms around from here.

因此，我們一直——我為團隊在這裡的工作感到非常自豪，在 4 月 2 日發佈公告之前，我們一直非常努力地工作，以便能夠相應地管理供應鏈，特別是來自中國的供應鏈。我認為他們在這方面做得非常成功，但仍有許多工作要做。但我認為同時，我們擁有良好的平衡、良好的陣容，我認為我們正在努力。我認為，只要我們能夠解決，這件事情肯定是可以解決的。

Thanks a lot.

多謝。

Thank you. Andrew Obin, Bank of America.

謝謝。美國銀行的安德魯‧奧賓。

This is David Ridley-Lane on for Andrew Obin. On the Environmental and Fueling Solutions, I know that each one of these projects site modernization and so forth, it's probably small dollars. But I'm wondering is there -- are you picking up any hesitancy or companies, perhaps phasing in things on a slower basis? Anything on sort of your customer's capital planning, scheduling, et cetera?

這是 David Ridley-Lane 為 Andrew Obin 報道的。關於環境和燃料解決方案，我知道這些項目中的每一個場地現代化等等，可能都需要花費少量資金。但我想知道——您是否察覺到任何猶豫或公司可能正在以較慢的速度逐步實施這些措施？您有關於客戶的資本規劃、時間安排等方面的資訊嗎？

Yeah. Look, I really appreciate the question. We paid a lot of attention to that. We're looking pretty deep into our customers ability to sort of move forward their projects, both what we call NTR, are new to industry, which are new builds, which are brownfield and greenfield as well as what we call refresh and retrofit, which are smaller size projects that you were sort of indicating in your question.

是的。瞧，我真的很感謝這個問題。我們對此給予了高度重視。我們正在深入研究客戶推進其項目的能力，包括我們所說的 NTR，這是行業中的新項目，即新建項目，即棕地和綠地，以及我們所說的更新和改造，這是您在問題中提到的較小規模的項目。

And we're very confident of what we're seeing so far that folks are clearly full speed ahead. One of the backdrops here that might be different than some of the other industries is that the convenience retail space is pretty resilient when it comes to downturns. So we ask questions a lot, particularly of our business owners that we serve that have been around for a long time in the industry, particularly back in the last major recession in 2008, 2009.

我們對目前所看到的情況非常有信心，人們顯然正在全速前進。這裡的一個背景可能與其他一些行業不同，那就是便利零售領域在經濟低迷時期具有相當強的彈性。因此，我們提出了許多問題，特別是針對我們服務的那些在該行業工作了很長時間的企業主，尤其是在 2008 年、2009 年的上一次大衰退期間。

And so the -- our business is not immune to recessions, but it's very resilient in slowdowns in the economy and in recessionary periods. And one of the major reasons why is that there's a trade down effect that happens where the C-store space benefits from that. And also what tends to happen is that oil prices drop and that's also very good for the industry, particularly in the US, where they're able to make more margins.

因此，我們的業務並不能免受經濟衰退的影響，但在經濟放緩和衰退時期，我們的業務具有很強的韌性。其中一個主要原因是，便利商店領域從中受益，從而產生了消費降級效應。而且通常情況下，油價會下降，這對產業來說也是非常有利的，特別是在美國，因為在那裡他們能夠獲得更高的利潤。

So they're very cash flow positive, even though some of the store traffic, in some cases, it might be spotty. At the same time, their balance sheets are strong and of the venues that that we're serving the largest players in the industry, the large regional and national as well as international players are advancing very successful formats, and they know that those formats drive greater store traffic for them.

因此，儘管某些商店的客流量在某些情況下可能不穩定，但他們的現金流仍然非常正。同時，他們的資產負債表強勁，在我們服務的場所中，業內最大的參與者、大型區域性和國家性以及國際性參與者正在推進非常成功的模式，他們知道這些模式可以為他們帶來更大的店鋪流量。

And so, it's something we're paying a lot of attention to see if there's any demand signals that do start to drop off. But so far everything that we're seeing is they're certainly going ahead from even a slowdown that most folks would expect would be hitting some of the markets.

因此，我們非常關注是否有任何需求訊號開始下降。但到目前為止，我們看到的是，儘管大多數人預計經濟放緩將對部分市場造成衝擊，但他們肯定仍在繼續前進。

Got it. And then just a quick follow-up on sort of the Invenco pipeline. Obviously you're having continued success. Just sort of reputationally with some of the remaining large players that haven't converted on, how are those conversations ongoing?

知道了。然後對 Invenco 管道進行快速跟進。顯然你正在不斷取得成功。從聲譽上來說，對於一些尚未轉變的剩餘大公司，這些對話進展如何？

Yeah. So we're having pretty high level meetings as you can imagine, these are long cycle sales opportunities. They involve a cut-over of critical technology for them, and they continue to progress really well. I think the proof points we have out there bode well for follow-on orders. I think a lot of folks don't want to be first when you introduce a major technology change like this, and you see we're kind of through that initial vanguard of orders and we're ramping pretty nicely as what you see in some of our numbers.

是的。因此，正如您所想像的，我們正在舉行相當高級別的會議，這些都是長週期的銷售機會。它們涉及關鍵技術的切換，並且進展非常順利。我認為，我們現有的證據對於後續訂單來說是一個好兆頭。我認為，當你引入像這樣的重大技術變革時，很多人都不想成為第一個，而且你看，我們已經通過了最初的先鋒訂單，而且正如你在我們的一些數字中看到的那樣，我們正在順利地發展。

So I think that bodes well for the medium, longer term here as we continue to work through this. No slowdown in conversations if there's anything there's more conversation, more pilots that are ongoing. So we feel really good about the momentum we have there in that business.

因此，我認為，隨著我們繼續努力解決這個問題，這對中長期來說是一個好兆頭。對話不會減慢，如果有的話，就會有更多的對話，更多的試點正在進行。因此，我們對該業務的發展勢頭感到非常滿意。

Thank you very much.

非常感謝。

Thank you. Andy Kaplowitz, Citigroup.

謝謝。花旗集團的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey, good morning, everyone. This is actually Jose on for Andy. Maybe to start, could you talk about the progress you're seeing from your focus and prioritization process and your other simplification initiatives, given your gross margins of 45%-plus in 2024 and also in the quarter? How are you viewing the path of the 150 bps margin improvement by 2026 target that you outlined at your Investor Day before?

嘿，大家早安。這實際上是 Jose 為 Andy 所做的。首先，考慮到您 2024 年和本季的毛利率都超過 45% ，您能否談談您在重點和優先排序流程以及其他簡化舉措方面取得的進展？您如何看待先前在投資者日上提出的 2026 年實現利潤率提高 150 個基點的目標？

So look, our FPP process is what most folks would know as an 80/20 process with product line simplification, customer list, and rating fans. I will say we have a tremendous amount of runway ahead. We're continuing to have very engaging business reviews with each of our businesses on the opportunities that we have for further simplification.

所以看，我們的 FPP 流程就是大多數人所知道的 80/20 流程，包括產品線簡化、客戶名單和評級粉絲。我想說的是，我們前面還有很長的路要走。我們將繼續與每家企業進行非常有趣的業務評估，以尋找進一步簡化的機會。

We're a high mix, low volume business with engineered products, and that complexity has really been conspiring against us for quite a bit of time. So we have a lot of opportunity to clean up. We've also been taking some of those investments in -- some of those cost savings in recent years and plowing that back into R&D, so we can get growth.

我們是一家高混合、低產量的工程產品企業，這種複雜性在相當長的時間內一直困擾著我們。所以我們有很多機會可以清理。近年來，我們也將部分投資——部分成本節約——重新投入研發中，以實現成長。

We're talking about Invenco, it's a prime example of spending more on development on a customer high value problem. You can see the uptake that we're having on that, so we're also not forgetting the growth element of that.

我們正在談論 Invenco，它是花費更多資金解決客戶高價值問題的典型例子。您可以看到我們對此的接受程度，因此我們也不會忘記其中的成長因素。

But I think from a self-help opportunity as we lean into this, particularly with folks who might be cautious about the demand, we're certainly cautious about the demand. I think there's a really solid set of opportunities that we have and very engaging each of our operating companies.

但我認為，從自助機會的角度來看，當我們傾向於這一點時，特別是對於那些可能對需求持謹慎態度的人，我們當然對需求持謹慎態度。我認為我們擁有一系列真正堅實的機會，並且對我們經營的每一家公司都非常有吸引力。

We have our VBS office where this is sort of run out of centrally as well as finance is very involved with this. We've also engaged our data analytics team more effectively to pull out insightful elements here to help us clean up our portfolio. Do you want to comment on the margins, Anshooman?

我們設有 VBS 辦公室，這項工作集中進行，財務也與此密切相關。我們也更有效地與我們的數據分析團隊合作，從中提取有見地的元素，以幫助我們清理我們的投資組合。你想對邊緣進行評論嗎，Anshooman？

Yeah. And I think we still feel comfortable that we have a path to the 150 basis point margin expansion over the three years that we've laid out. So we feel there's a significant runway for opportunity to continue to expand margin.

是的。我認為，我們仍然有信心在三年內實現 150 個基點的利潤率擴張。因此，我們認為，繼續擴大利潤的機會很大。

Thanks. And then -- and maybe a follow-on on Mobility Tech. You called out in your presentation, growth and [Driivz] Could you update us on that business and your current EV strategy? How are you thinking about the potential growth on that side of the business?

謝謝。然後——也許是關於行動技術的後續行動。您在演示中提到了成長和 [Driivz] 您能否向我們介紹該業務以及您當前的電動車策略？您如何看待該業務的潛在成長？

Yeah. So our Driivz business is a relatively small part of our portfolio, but has been experiencing very high growth. What Driivz platform does is it provides the software for anybody who wants to manage a fleet of electric chargers, typically it's high speed chargers. It's very difficult to do the tech stack to be able to manage that with very high up time with great energy management capabilities, how it backs into the grid, as well as how you attract consumers to be able to charge and make that effective.

是的。因此，我們的 Driivz 業務在我們的投資組合中所佔比例相對較小，但卻經歷了非常高的成長。Driivz 平台的功能是為任何想要管理電動充電器（通常是高速充電器）的人提供軟體。技術堆疊非常難以管理，需要具有非常高的正常運行時間和強大的能源管理能力，如何將其返回電網，以及如何吸引消費者充電並使其有效。

We are number two worldwide with the number of plugs under management with the Driivz platform with roughly about 110,000 plugs under management at a clip of a very high growth rate on a multi-year basis, and we're continuing to get very strong demand from some of the largest charge point operators in the world.

我們透過 Driivz 平台管理的插頭數量在全球排名第二，大約有 110,000 個插頭，多年來增長率非常高，我們繼續受到世界上一些最大的充電點運營商的強勁需求。

I think, If you're going to be a charge point operator and more and more you start seeing the convenience store operators looking to be able to do this themselves like Circle K is a great example of that, as well as others, they want the tools to be able to do that. You have a choice to make. You're either going to write that software yourself and some sort of point operators choose to do it, but they find that to be very difficult for them to do.

我認為，如果你要成為充電點運營商，你會越來越多地看到便利商店運營商希望能夠自己做到這一點，就像 Circle K 就是一個很好的例子，以及其他便利商店運營商一樣，他們希望有工具能夠做到這一點。你必須做出選擇。您要么自己編寫軟體，要么讓某個點的操作員選擇來做，但他們發現這對他們來說非常困難。

And so those are some of our best customer that have worked on and tried that for some period of time and then they'll convert and we've been converting a large number of these charge point operators as well as new charge point operators at scale. That's something we think bodes really well because it's a SaaS business at very high margin, and it's something we've invested in historically but now we're beginning to get growth. We'll actually begin to show up at the Vontier level.

這些都是我們最好的客戶，他們已經努力嘗試了一段時間，然後就會轉變，而且我們已經大規模地轉變了大量的充電點運營商以及新的充電點運營商。我們認為這是一個好兆頭，因為這是一項利潤率非常高的 SaaS 業務，而且我們過去一直在投資這項業務，但現在我們開始獲得成長。我們實際上將開始出現在 Vontier 層級。

Thank you. There are no further questions at this time. I would now like to turn the call back over to Mark Morelli for his closing remarks.

謝謝。目前沒有其他問題。現在我想將電話轉回給馬克·莫雷利，請他作最後發言。

Yeah. Thank you, operator. I appreciate everybody joining us on the call today. I'm encouraged by the start that we've had at the beginning of this year. As we navigate through this near-term uncertainty, our teams will continue to execute and advance our strategic initiatives.

是的。謝謝您，接線生。我感謝今天參加電話會議的各位。我對今年年初取得的成績感到鼓舞。在我們渡過短期不確定性的過程中，我們的團隊將繼續執行和推進我們的策略性舉措。

We are confident in our ability to deliver differentiated solutions that create value for our customers and returns for our shareholders. We appreciate your continued interest in Vontier and look forward to engaging with many of you on the road in the next couple of weeks. Have a great day.

我們有信心提供差異化的解決方案，為客戶創造價值，為股東帶來回報。我們感謝您對 Vontier 的持續關注，並期待在接下來的幾週內與大家交流。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。