Xpel Inc (XPEL) 2023 Q4 法說會逐字稿

Greetings. Welcome to the XPEL, Inc. fourth quarter and year end 2023 earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, John Nesbett with IMS. Sir, you may begin.

問候。歡迎參加 XPEL, Inc. 第四季和 2023 年底財報電話會議。（操作員說明）請注意，本次會議正在錄製中。現在我將把會議交給主持人 IMS 的約翰·內斯貝特 (John Nesbett)。先生，您可以開始了。

Good morning and welcome to our conference call to discuss XPEL's fourth quarter and 2023 year-end financial results. On the call today, Ryan Pape, XPEL's President and Chief Executive Officer; and Barry Wood, XPEL's Senior Vice President and Chief Financial Officer, will provide an overview of the business operations and review the company's financial results. Immediately after the prepared comments, we will take questions from our call participants. A transcript to the call will be available on the company's website after the call.

早安，歡迎參加我們的電話會議，討論 XPEL 第四季和 2023 年底的財務表現。XPEL 總裁兼執行長 Ryan Pape 出席了今天的電話會議； XPEL 高級副總裁兼財務長 Barry Wood 將概述業務營運情況並審查公司的財務表現。在準備好意見後，我們將立即回答電話會議參與者的問題。電話會議結束後，公司網站上將提供電話會議記錄。

Take a moment to read the Safe Harbor statement. During the course of this call, we'll make certain forward-looking statements regarding XPEL, Inc. and its business, which may include, but not be limited to anticipated use of proceeds from capital transactions, expansion into new markets, and execution of the company's growth strategy. Such statements are based on our current expectations and assumptions that are subject to known and unknown risk factors and uncertainties that could cause actual results to be materially different from those expressed in those statements. Some of these factors are discussed in detail in our most recent Form 10-K, including under Item 1A Risk Factors filed with the SEC. XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

花點時間閱讀安全港聲明。在本次電話會議期間，我們將做出某些有關 XPEL, Inc. 及其業務的前瞻性聲明，其中可能包括但不限於資本交易收益的預期用途、擴展到新市場以及執行公司的成長策略。此類陳述基於我們目前的預期和假設，這些預期和假設受到已知和未知的風險因素和不確定性的影響，可能導致實際結果與這些陳述中表達的結果有重大差異。其中一些因素在我們最新的 10-K 表格中進行了詳細討論，包括向 SEC 提交的第 1A 項風險因素。XPEL 不承擔公開更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

Okay. With that, I'll now turn the call over to Ryan. Go ahead, Ryan.

好的。現在，我將把電話轉給瑞安。來吧，瑞安。

Thank you, John, and good morning from me as well. Welcome to the fourth quarter and year end call. Overall, 2023, another solid year for us. Revenue grew 22.3%, net income 27.6%, and EBITDA 25.6%. We closed the year with a strong fourth quarter, revenue growing 34.5% to $105.5 million, net income growing 43.2%, and EBITDA growing 33.6%. So good end of the year.

謝謝你，約翰，我也早安。歡迎來到第四季和年終電話。整體而言，2023 年對我們來說又是堅實的一年。營收成長 22.3%，淨利潤成長 27.6%，EBITDA 成長 25.6%。我們以強勁的第四季業績結束了這一年，營收成長 34.5%，達到 1.055 億美元，淨利潤成長 43.2%，EBITDA 成長 33.6%。年底真好。

Our US region had a good quarter with revenue growing 16.8% to $55.6 million. Our dealership business continued to be a bright spot for us as car counts have increased and new car inventories have been returning. We'll likely see the preload component of our business to slow modestly as inventories catch up with their pre-2020 levels probably over the first half of this year since preload attachment happens as the vehicles are delivered or sit on the lot. However, we'll continue to grow with new dealerships, and we've been quite successful at adding content per vehicle and expect that that will continue as well.

我們的美國地區季度業績表現出色，營收成長 16.8%，達到 5,560 萬美元。隨著汽車數量的增加和新車庫存的回升，我們的經銷業務仍然是我們的亮點。我們可能會看到我們業務的預載部分會適度放緩，因為庫存可能會在今年上半年趕上 2020 年之前的水平，因為預載附加是在車輛交付或停放在停車場時發生的。然而，我們將繼續與新的經銷商一起成長，並且我們在為每輛車添加內容方面已經相當成功，並且預計這種情況也將繼續下去。

I think there's no question now that the aftermarket has slowed over the past nine months from its peak that we've seen. But our view remains that as long as consumers are buying cars, particularly in the enthusiast segment that's well served by the aftermarket, that they'll continue to make the decision to buy our products as well.

我認為現在毫無疑問的是，售後市場在過去九個月中已經從我們所看到的高峰放緩。但我們的觀點仍然是，只要消費者購買汽車，特別是在售後市場服務良好的愛好者群體中，他們就會繼續決定購買我們的產品。

Growth in the aftermarket is driven by net new customers for us, as in new shops, new points of installation, or competitive conversions, and by growth of our existing customers. And our larger markets, like the US, growth from existing customers constitutes a larger percentage of growth than in the smaller and more developing markets. And in order for the existing customers to grow, they need to invest in their businesses. They need to hire more employees, expand facilities, et cetera. So if a change in sentiment impacts their decision to do that, that can impact growth rates even absent a macro change in the aftermarket channel.

售後市場的成長是由我們的淨新客戶（如新商店、新安裝點或競爭性轉換）以及現有客戶的成長所推動的。在我們較大的市場（例如美國）中，來自現有客戶的成長所佔的成長比例比較小且較發展中的市場更大。為了使現有客戶成長，他們需要投資他們的業務。他們需要雇用更多員工、擴大設施等等。因此，如果情緒的變化影響了他們這樣做的決定，即使售後市場管道沒有宏觀變化，也會影響成長率。

So our job is to do everything we can to encourage and help the customers, make those investment decisions that will enable them to continue to grow. And so this is for us to focus on giving them better tools, better software like with what we're doing with DAP, training to encourage them to invest in more labor, things like payment systems to make a dealership work more attractive, and obviously, marketing to drive more demand. So those are all the things we're focused on to continue to support that channel. And really, where we see that phenomenon the most is in the US because it's our most developed aftermarket country in the world alongside Canada probably.

因此，我們的工作是盡一切努力鼓勵和幫助客戶，做出能夠使他們持續成長的投資決策。因此，我們要專注於為他們提供更好的工具、更好的軟體，就像我們在DAP 上所做的那樣，進行培訓以鼓勵他們投資更多的勞動力，例如支付系統，以使經銷商的工作更具吸引力，顯然，行銷以帶動更多需求。因此，這些都是我們繼續支持該管道的重點。事實上，我們最常看到這種現象的地方是美國，因為它可能是與加拿大並列的世界上最發達的售後市場國家。

China region experienced a record quarter in Q4. Revenue was $16.6 million. This was $3 million higher than our previous high for sales into the country in Q4 of 2019. As we discussed last quarter, we did expect China to have a strong fourth quarter, but this result was ultimately higher than we expected, again, just based on timing of deliveries and sell-in versus sell-through ultimately. We are still in the early days of our direct presence in China, which we set up at the end of last year, and the resulting changes in our strategy and go-to-market that will occur there.

中國地區第四季經歷了創紀錄的季度增長。收入為 1660 萬美元。這比 2019 年第四季我們在該國的銷售額高出 300 萬美元。正如我們上季度討論的那樣，我們確實預計中國第四季度將表現強勁，但這一結果最終再次高於我們的預期，僅基於交付時間以及最終的銷售與售出情況。我們在去年年底在中國建立了直接業務，目前仍處於早期階段，因此我們的策略和進入市場將發生變化。

So this was a great quarter. It really doesn't represent impact from what we are planning to do there. This is more of the continued dynamic with how we have been operating with the sell-in and sell-through. So we've still yet to implement all the changes that we anticipate doing.

所以這是一個很棒的季度。它確實並不代表我們計劃在那裡做的事情的影響。這更多的是我們在銷售和銷售方面的運作方式的持續動態。因此，我們尚未實施我們預期的所有變更。

So we'll see continued choppiness in China as we do that. It's still in Q1 where we had record products sold in Q4. Q1 is typically the lowest quarter for China, so our expectation for China in Q1 is it will be quite low and less than Q1 of 2023 and coming off of that really high Q4 number. So continued noise there for a while.

因此，當我們這樣做時，我們將看到中國市場持續動盪。仍然是在第一季度，我們在第四季度銷售了創紀錄的產品。第一季通常是中國最低的季度，因此我們對中國第一季的預期將相當低，低於 2023 年第一季度，並擺脫第四季度的高數字。所以噪音持續了一段時間。

We've done a lot of work on the ground with our team that we haven't been able to do in the past three years, and confirmed our brand position in China is very strong. We've known that but been able to confirm it firsthand. And now the objective is to ensure that our share of wallet matches the share of mine relative to our brand for this product line in China, and that is our top priority for the market for this year.

我們和我們的團隊一起做了很多過去三年沒有做過的工作，並證實了我們在中國的品牌地位非常強大。我們已經知道這一點，但能夠直接證實這一點。現在的目標是確保我們的錢包份額與我在中國該產品線的品牌份額相匹配，這是我們今年市場的首要任務。

Outside of the US and China, we saw solid growth in our other regions. One particular note to call out would be in the Middle East where we grew 100% over the prior year. This is largely a distribution market, not entirely, but largely. So it does have lower margins, and we felt that in the margin performance alongside China this quarter. But we are really executing well, and it is a market we have spent a lot of time working on.

除了美國和中國之外，我們在其他地區也看到了穩健的成長。需要特別指出的是中東地區，我們比前一年成長了 100%。這在很大程度上是一個分銷市場，不完全是，但很大程度上是。因此，它的利潤率確實較低，我們在本季與中國的利潤率表現中感受到了這一點。但我們確實執行得很好，而且這是一個我們花了很多時間致力於的市場。

We have been focused on evolving our go-to-market there over the past 12 to 18 months, seeking the right mix of direct business versus distribution business. I think we are really making good progress. And we will be managing the region from our operation that we have begun to establish at the end of last year in India with the help of our executive on our team who relocated from Texas. So this is another way that we can be true to our strategy of getting close to the customer. And we are already seeing benefits of that and expect that that will continue.

在過去的 12 到 18 個月裡，我們一直致力於發展我們的市場推廣，尋求直接業務與分銷業務的正確組合。我認為我們確實取得了良好的進展。我們將在從德克薩斯州搬來的團隊高管的幫助下，透過去年年底開始在印度建立的業務來管理該地區。因此，這是我們忠於貼近客戶的策略的另一種方式。我們已經看到了這樣做的好處，並預計這種情況將持續下去。

Our expectation in Q1 2024 is revenue to be in the $93 million to $96 million range. This assumes a low quarter for China given Q4 as we talked about, and then uncertainty as to the timing of some of these other distribution orders. And like we talked about last year, we are targeting 15% revenue growth for the year. The downside risk is obviously interest rates impacting car sales at some point, or accessory affordability. Thus far, car sales have done quite well, so we've got to really see that. And as I mentioned, downside risk would be reduced investment in growing the businesses by our aftermarket customers.

我們預計 2024 年第一季的營收將在 9,300 萬美元至 9,600 萬美元之間。正如我們所討論的，這假設第四季度中國的季度業績較低，然後其他一些分銷訂單的時間也存在不確定性。就像我們去年談到的那樣，我們今年的營收成長目標是 15%。下行風險顯然是利率在某個時候影響汽車銷售或配件的承受能力。到目前為止，汽車銷售表現相當不錯，所以我們必須真正看到這一點。正如我所提到的，下行風險將是我們的售後市場客戶對發展業務的投資減少。

On the other hand, China growth, the modifications to our strategy, our plans for the Middle East extending into India, potential positive movement on the interest rate side in terms of vehicle affordability and continued acceleration of attachment rates, along with some large customer wins that we are pursuing, which are quite unusual for us. These all create upside potential for the year above that 15%, as does our inorganic activity in terms of M&A, which we will keep pursuing and expect to grow this year.

另一方面，中國的成長、我們策略的修改、我們將中東延伸至印度的計劃、在車輛可負擔性方面利率方面潛在的積極變化、附加率的持續加速，以及一些大客戶的贏得我們所追求的，這對我們來說是很不尋常的。這些都為今年創造了超過 15% 的上行潛力，我們在併購方面的無機活動也是如此，我們將繼續追求並預計今年會成長。

Gross margin for the quarter came in at 38.8% compared to 39.6% in the fourth quarter last year. So as we discussed, we've been targeting exit the year last year at or near 42%. It really may get progress on that, a couple hiccups along the way. And then really for Q4, where we've got these really high distribution sales for China and the Middle East, we felt that.

本季毛利率為 38.8%，去年第四季為 39.6%。正如我們所討論的，我們去年的退出目標是 42% 或接近 42%。它確實可能會在這方面取得進展，但一路上會遇到一些小問題。然後，在第四季度，我們在中國和中東獲得了非常高的分銷銷售額，我們感覺到了這一點。

And the product mix within those distribution sales was probably unfavorable to margin. We've got a number of products we sell in China as an example that have varying margin profiles. So we felt that there. Our expectation is to be back up in the 40% plus for Q1, and then throughout next year. I was happy with the performance in aggregate, even though it was a little bit choppy as I mentioned. So we grew gross margin by 160 basis points.

這些分銷銷售中的產品組合可能不利於利潤。以我們在中國銷售的許多產品為例，它們的利潤狀況各不相同。所以我們感覺到了。我們的預期是第一季和明年全年的成長率將恢復到 40% 以上。我對整體表現感到滿意，儘管正如我所提到的，它有點不穩定。因此，我們的毛利率成長了 160 個基點。

We will build on that. And we still believe that we'll gradually increase our gross margin going forward ignoring the choppiness of the distribution business, we have room to continue to improve that overall profile like we've been talking about. As we look out this year, we are really focused on reducing our days on hand inventory.

我們將以此為基礎。我們仍然相信，忽略分銷業務的波動，我們將逐步提高毛利率，我們有空間繼續改善整體狀況，就像我們一直在談論的那樣。展望今年，我們真正關注的是減少現有庫存天數。

Obviously, we've had a lot of discussion about this over the past quarters, and this is as we intended to do last year before we were thrown off track in the summer as we previously discussed. So managing this and optimizing our free cash flow conversion is a top priority. Barry will talk about that a little bit more here in a minute.

顯然，在過去的幾個季度中，我們對此進行了很多討論，這正是我們去年打算做的，然後我們在夏天偏離了正軌，正如我們之前討論的那樣。因此，管理這一點並優化我們的自由現金流轉換是當務之急。巴里稍後會在這裡詳細討論這一點。

And then secondly, we've significantly increased our SG&A expense really over the past three years. Some of this will begin to lapse such as the introduction of more equity compensation across our team starting three to four years ago. Obviously, we've been looking to replicate over the long haul what our high inside ownership has done for us in the past.

其次，在過去三年裡，我們的銷售、管理及行政費用確實大幅增加。其中一些將開始失效，例如從三、四年前開始在我們的團隊中引入更多的股權薪酬。顯然，從長遠來看，我們一直在尋求複製我們過去的高內部所有權為我們所做的一切。

But we've also grown our corporate team substantially with the focus on R&D, quality team manufacturing, and our product team over this time. And we expect those to continue to grow, but the rate will moderate going forward. We've made large investments in the percentage rate growth for all of those types of headcounts adds have been really high.

但我們也大幅壯大了我們的企業團隊，專注於研發、品質團隊製造和我們的產品團隊。我們預計這些將繼續成長，但未來成長將放緩。我們對所有這些類型的員工數量成長百分比進行了大量投資，成長速度非常高。

Our sales and account management and some of the operations will grow more in line with revenue. Whereas we would expect what I just mentioned to grow much lower than revenue. And then outside of that, there are two areas that we really want to continue to grow in an outsized manner at a rate potentially greater than we would grow revenue over time. And that's really our marketing and our DAP team.

我們的銷售和客戶管理以及一些業務的成長將與收入更加一致。然而我們預計我剛才提到的成長將遠低於收入的成長。除此之外，我們確實希望在兩個領域繼續大幅成長，其成長速度可能高於我們隨著時間的推移收入的成長速度。這就是我們的行銷團隊和 DAP 團隊。

Marketing, specifically, we want to see an increase on a percent of sales basis. When we look at marketing excluding sales as opposed to sales and marketing together, we are just now approaching 3% of revenue to marketing. And we would like to see that expand going forward on a percent of revenue basis, and fund that by our increasing gross margin, and then also more leverage on the other SG&A line items that won't be growing at that rate.

具體來說，行銷方面，我們希望看到銷售額百分比的成長。當我們考慮不包括銷售在內的行銷，而不是同時考慮銷售和行銷時，我們現在剛剛接近行銷收入的 3%。我們希望看到這項業務在收入的百分比基礎上繼續擴大，並透過毛利率的提高來為其提供資金，然後對其他不會以該速度增長的 SG&A 項目增加槓桿。

And then related to that in terms of our prioritization, expanding our DAP team, this is critical. This is becoming a platform that crosses every part of our business. And we want it to be a force multiplier for our customers to help them grow their business and have it been a reason that they feel confident to grow their business. So in short, our incremental SG&A run rate continues, but we will see these incremental adds from our past trend to moderate as we go forward. And this will help us drive further operating performance in the coming years.

然後與我們的優先順序相關的是，擴大我們的 DAP 團隊，這是至關重要的。這正在成為一個跨越我們業務各個部分的平台。我們希望它成為我們客戶的力量倍增器，幫助他們發展業務，並成為他們有信心發展業務的原因。簡而言之，我們的 SG&A 運行率增量仍在繼續，但隨著我們的前進，我們將看到這些增量從過去的趨勢轉向溫和。這將有助於我們在未來幾年進一步推動營運績效。

A couple of business updates. As we mentioned, we close on three acquisitions in the fourth quarter. And then we actually did a very small acquisition last month in January. As we discussed on our last call for the end of the year, one was a chain of six installation locations in Canada. We had a business base in Europe serving some OEM manufacturers.

一些業務更新。正如我們所提到的，我們在第四季度完成了三項收購。然後我們實際上在一月份的上個月進行了一次非常小的收購。正如我們在去年年底的最後一次電話會議中所討論的那樣，其中一個是加拿大的六個安裝地點。我們在歐洲有一個業務基地，為一些 OEM 製造商提供服務。

And then this year in Q1, we did another small acquisition in Australia to add to our growing business. They are really insignificant revenue, but it adds capability for that operation that has been performing very nicely since we acquired our distributor. So all those acquisitions address the strategic objectives relative to the size, the complexity of doing those deals probably high relative to their size and the transaction costs are high. But they are all done to really play to a strategy that we are executing rather than just as a means to try and grow revenue or roll up something that roll up the customer base. That's really not the objective of any of those.

然後今年第一季度，我們在澳洲進行了另一項小型收購，以增加我們不斷成長的業務。這些收入確實微不足道，但它增加了自我們收購經銷商以來一直表現良好的營運能力。因此，所有這些收購都解決了與規模相關的策略目標，進行這些交易的複雜性相對於其規模而言可能很高，而且交易成本也很高。但它們都是為了真正發揮我們正在執行的策略，而不僅僅是作為嘗試增加收入或擴大客戶群的手段。這確實不是其中任何一個的目標。

We see good opportunities to put the cash to work. As we talked about, we expect more international distribution acquisitions this year. And this is typically folks that are distributing our product in country somewhere else in the world where we see an opportunity to acquire them and invest in that operation.

我們看到了利用現金的好機會。正如我們所討論的，我們預計今年將有更多的國際發行收購。這通常是那些在世界其他地方分銷我們產品的人，我們看到有機會收購他們並投資該業務。

Generally, we are improving margins. Sometimes we are reducing sales price to the end customer, but ultimately growing faster in those markets. So we see opportunity for that this year. These have generally been the highest ROI acquisitions we've done, but they are just limited in terms of how many candidates there are because buying distribution of a competitive product is not a great strategy. So they are limited to our captive customers as we pursue that. So we will continue with the smaller acquisitions.

總的來說，我們正在提高利潤率。有時我們會降低對最終客戶的銷售價格，但最終在這些市場上成長得更快。所以我們今年看到了這樣的機會。這些通常是我們做過的投資回報率最高的收購，但它們的候選數量有限，因為購買競爭產品的分銷並不是一個好的策略。因此，當我們追求這一目標時，他們僅限於我們的專屬客戶。因此，我們將繼續進行規模較小的收購。

We are also looking at some larger acquisitions, larger for us in a relative sense, $25 million to $50 million plus purchase price. These could have more significant impact on the business, bring on new markets, or capability, or scale. So even though our average acquisition size has been quite a bit smaller, we are very much open to incrementally larger acquisitions.

我們也正在考慮一些規模更大的收購，相對而言，對我們來說規模更大，加上收購價格為 2,500 萬至 5,000 萬美元。這些可能會對業務產生更重大的影響，帶來新的市場、能力或規模。因此，儘管我們的平均收購規模要小得多，但我們對逐步擴大規模的收購持非常開放的態度。

And these would have an impact on the business, but they don't change who we are. They are not transformative in a sense that it turns us into something we don't want to be, but very active on that. Our DAPNext which is the newest version of our DAP platform, this has really progressed. I think we are at 99.9% of customers using the new software. The evolution here really focuses on our customers' businesses and making them more efficient.

這些會對業務產生影響，但不會改變我們的身分。從某種意義上說，它們並不是變革性的，不會把我們變成我們不想成為的樣子，但它們對此非常積極。我們的 DAPNext 是我們 DAP 平台的最新版本，這確實取得了進展。我認為我們 99.9% 的客戶都在使用新軟體。這裡的演變真正關注的是我們客戶的業務並提高他們的效率。

The initial incremental feature set is around managing leads and optimizing the business that we send to the customers, working on technician commissions, how do you pay your staff? This is a huge driver of making these businesses scalable is a labor model that can do that and a compensation model to go with it. So those are the things that are very active now. We continue to receive a lot of great feedback on what we are doing there.

最初的增量功能集是圍繞管理銷售線索和優化我們發送給客戶的業務，從事技術人員佣金，您如何支付員工工資？這是使這些企業可擴展的巨大驅動力，是可以做到這一點的勞動力模式以及與之相適應的薪酬模式。這些都是現在非常活躍的事情。我們繼續收到許多關於我們在那裡所做的事情的良好反饋。

We have our dealer conference starting tomorrow and Friday and Saturday here in San Antonio. We've got a great turnout; I think 500 plus customers attending. We hold the event every year. You may recall we held it in April last year. So it's great. We have high interest despite not even a year between conferences. We prefer this February timeline but couldn't do it last year for some reason.

我們的經銷商會議將於明天、週五和週六在聖安東尼奧舉行。我們的投票率很高；我認為有 500 多名客戶參加。我們每年都會舉辦這個活動。你可能還記得我們去年四月舉辦的。所以這很棒。儘管兩次會議間隔時間不超過一年，但我們對此表現出濃厚的興趣。我們更喜歡二月的時間表，但去年由於某種原因未能做到這一點。

We've got a number of new product introductions that we'll be releasing at the conference. And then the bulk of the content is really focused though on showing our customers how they can grow their business. And that's in new markets like Marine, which we've been getting good traction in, and then obviously in dealerships where we want to encourage all of our customers in the aftermarket to do more work for dealerships.

我們將在會議上發布許多新產品介紹。然後，大部分內容實際上都集中在向我們的客戶展示如何發展業務。這就是像船舶這樣的新市場，我們在該市場中獲得了良好的吸引力，然後顯然是在經銷商中，我們希望鼓勵售後市場的所有客戶為經銷商做更多的工作。

We think that's important. And to reinforce to the customers that we want them to invest in their businesses. We want them to grow. And when they do that, we win. I like the conference because we really get the voice of the customer. And our team knows that they need to leave the event with lists of items on how we can be better.

我們認為這很重要。並向客戶強調我們希望他們投資自己的業務。我們希望他們成長。當他們這樣做時，我們就贏了。我喜歡這次會議，因為我們真正聽到了客戶的聲音。我們的團隊知道他們需要在活動結束時列出有關我們如何做得更好的項目清單。

And there's really no better way to do that than talk to people face-to-face to get that, especially when you've got folks from different functional areas who are able to interact with customers that don't normally have as many day-to-day customer interactions. So that's super important. I know that we get as much out of the conference as our customers do, even though we do it for them. We get tremendous value out of it. So really looking forward to that.

確實沒有比面對面交談更好的方法了，尤其是當你有來自不同職能領域的人員能夠與通常沒有那麼多時間的客戶互動時——今天的客戶互動。所以這非常重要。我知道我們從會議中得到的收穫與我們的客戶一樣多，儘管我們是為他們所做的。我們從中獲得巨大的價值。所以真的很期待。

And finally, just a little bit of housekeeping, and I'll turn it over to Barry. We did change, a slight change in our earnings cadence today. So consistent with past, we'll file, we plan to file our 10-K next week, which is in line with when we normally file. We released earnings in advance of that this week, because I'll be traveling in Asia, and it wouldn't be practical to have the call, and I wanted to make sure that I could be here.

最後，只是一點點家務，我會把它交給巴里。我們確實改變了，今天我們的獲利節奏略有改變。因此，與過去一致，我們將提交文件，我們計劃下週提交 10-K，這與我們通常提交文件的時間一致。我們本週提前發布了收益報告，因為我將前往亞洲旅行，打電話不太現實，但我想確保自己能夠到場。

I also want to thank our team for the efforts this year. It's been really busy. We've accomplished a lot. We've restructured big parts of the company, both from an operations standpoint, and then from a global business standpoint. That's been a lot of work, and a lot of change, but it's really set us up well for going forward. So I want to thank everybody internally for that.

我還要感謝我們團隊今年的努力。真的很忙。我們已經取得了許多成就。我們從營運的角度以及全球業務的角度對公司的大部分進行了重組。雖然我們做了很多工作，也做了很多改變，但這確實為我們的前進做好了準備。所以我想為此感謝內部的每個人。

So with that, we'll turn it over to Barry. Barry, take it away.

因此，我們將把它交給巴里。巴里，把它拿走。

Thanks, Ryan, and good morning, everyone. Just a couple of more comments on revenue. If you look at the product lines, combined paint protection film and cutbank revenue grew 32.4% in the quarter. And this increase was primarily due to increase in product sales and pretty much all of our regions and particularly in China.

謝謝瑞安，大家早安。關於收入的更多評論。如果你看看產品線，漆面保護膜和 cutbank 的合併收入在本季成長了 32.4%。這一成長主要是由於我們幾乎所有地區（尤其是中國）的產品銷售成長。

Our total window film product line revenue grew 19.2% quarter over quarter to $14 million in which represented 13.2% of our revenue, and this was down sequentially primarily due to seasonality. Revenue for the VISION product line grew 141% to $2.8 million, which represented approximately 2.6% of our overall revenue. Our OEM business continued to have strong performance, with revenue growing a little over 74% versus Q4 2022 to $4.7 million. And this was up sequentially a little over 20% quarter over quarter versus Q3 '23. Although Q3 did have some factory holiday shutdowns, but still, this was a solid performance.

我們的窗膜產品線總收入較上季成長 19.2%，達到 1,400 萬美元，占我們營收的 13.2%，而季減主要是由於季節性因素。VISION 產品線的營收成長了 141%，達到 280 萬美元，約占我們總收入的 2.6%。我們的 OEM 業務持續表現強勁，營收較 2022 年第四季成長略高於 74%，達到 470 萬美元。與 23 年第三季相比，這一數字環比增長了 20% 以上。儘管第三季確實有一些工廠因假期而停工，但這仍然是一個穩健的表現。

Our FUSION ceramic coating product line, which is included in our other revenue line, grew 50% for the quarter to $1.7 million and represented 1.7% of total revenue for the quarter. And our total installation revenue combining product and service grew 45.7% in the quarter and represented 18.8% of total revenue. And this increase was due mainly to really solid performance across all of our insulation services portfolio but certainly led by our dealership services business.

我們的 FUSION 陶瓷塗層產品線包含在我們的其他營收線中，本季成長了 50%，達到 170 萬美元，佔本季總營收的 1.7%。我們的產品和服務總安裝收入在本季度增長了 45.7%，佔總收入的 18.8%。這一成長主要歸功於我們所有絕緣服務組合的強勁表現，但肯定是由我們的經銷商服務業務帶動的。

On the SG&A front, our Q4 SG&A expense grew 32.2% to $26.7 million and represented 25.7% of total revenue. Sequentially, SG&A increased about 12%. And included in our Q4 SG&A expense is approximately $1.2 million in expenses associated with our Q4 acquisitions and approximately $0.8 million in costs associated with SEMA, which is our largest marketing event of the year after our dealer conference. And this cost occurs annually every year in Q4.

在 SG&A 方面，我們第四季的 SG&A 費用增加了 32.2%，達到 2,670 萬美元，佔總營收的 25.7%。隨後，SG&A 增加了約 12%。我們第四季的 SG&A 費用包括與第四季度收購相關的約 120 萬美元的費用以及與 SEMA 相關的約 80 萬美元的費用，SEMA 是經銷商會議之後我們今年最大的行銷活動。而這種成本每年都會在第四季發生。

And as Ryan mentioned, our annual dealer conference will occur this weekend, while last year, the conference was held in April. And so last year's conference did cost us about $1.5 million in net costs. So we'll certainly be quantifying the impact of this year's conference in our Q1 call.

正如 Ryan 所提到的，我們的年度經銷商會議將在本週末舉行，而去年的會議是在四月舉行的。因此，去年的會議確實花費了我們約 150 萬美元的淨成本。因此，我們肯定會在第一季電話會議中量化今年會議的影響。

EBITDA for the quarter grew 33.6% to $17.7 million, reflecting an EBITDA margin of 16.7%. On an annual basis, EBITDA grew 25.6% to $76.9 million, which is an EBITDA margin of 19.4%. So good result there.

本季 EBITDA 成長 33.6%，達到 1,770 萬美元，反映出 EBITDA 利潤率為 16.7%。以年計算，EBITDA 成長 25.6%，達到 7,690 萬美元，EBITDA 利潤率為 19.4%。那裡的結果很好。

Net income for the quarter grew 43.2% to $12.0 million, reflecting net income margin of 11.3%. EPS for the quarter was $0.43 per share. The net income for the year grew 27.6% to $52.8 million, reflecting a net income margin of 13.3%. EPS for the year was $1.91 per share.

該季度淨利潤成長 43.2%，達到 1,200 萬美元，淨利潤率為 11.3%。本季每股收益為 0.43 美元。本年度淨利成長 27.6%，達到 5,280 萬美元，淨利率為 13.3%。本年度每股收益為 1.91 美元。

And as Ryan alluded to and we discussed on our last call, our inventory levels remain elevated in Q4 and our days on hand increased right around where we expected. And we're currently forecasting Q1 days on hand to decrease from Q4 and our inventory levels to be relatively consistent with Q4. We're also forecasting our days on hand to improve substantially beginning in Q2 and in the year in the 120 to 125 range. And I think we have a solid plan to get there. And as we continue to work our days on hand downward, we expect to generate substantial free cash flow, which will be used to pay down any existing debt and fund our acquisitions.

正如瑞安所提到的，以及我們在上次電話會議中討論的那樣，我們的庫存水平在第四季度仍然很高，我們的庫存天數增加了，正好達到我們的預期。我們目前預測第一季的庫存天數將比第四季減少，庫存水準將與第四季相對一致。我們也預測，從第二季開始，我們的現有天數將大幅改善，全年將在 120 到 125 天之間。我認為我們有一個可靠的計劃來實現這一目標。隨著我們繼續減少現有的工作量，我們預計將產生大量的自由現金流，這些現金流將用於償還任何現有債務並為我們的收購提供資金。

Cash flow used in ops was $1.1 million for the quarter. And this use of cash was due primarily to our forecasted increase in inventory levels for the reasons we've talked about both on this call and previous calls. We did see a slight degradation in our cash conversion cycle due to this increase in inventory in the quarter. But we expect this will right itself as we progress on reducing our days on hand.

本季營運使用的現金流為 110 萬美元。這種現金使用主要是由於我們預計庫存水準會增加，原因我們在這次電話會議和之前的電話會議上都談到過。由於本季庫存增加，我們確實看到現金週轉週期略有下降。但我們預計，隨著我們在減少可用天數方面取得進展，這種情況會自行修正。

We also spent approximately $14 million on acquisitions during the quarter, and we drew down $19 million on our credit facility, which was primarily used to fund those acquisitions. And on a year-to-date basis, our cash flow provided by operations totaled $37.4 million.

本季我們也花了約 1,400 萬美元用於收購，並提取了 1,900 萬美元的信貸額度，主要用於為這些收購提供資金。年初至今，我們的營運現金流總計 3,740 萬美元。

And finally, our Q4 effective tax rate was lower than our run rate due primarily to some changes that occurred in statutory rates and some of our international operations and return to provision true ups, which we always book in the fourth quarter. So that's the reason the rate was a little bit lower than our run rate. But for planning purposes, you can assume a 20% effective tax rate for 2024. So again, a good quarter and year for us overall. And we remain financially well positioned to execute on what we need and want to do in 2024.

最後，我們第四季度的有效稅率低於運行稅率，主要是由於法定稅率和我們的一些國際業務發生了一些變化，並恢復了撥備真實上升，我們總是在第四季度預訂。這就是比率比我們的運行率低一點的原因。但出於規劃目的，您可以假設 2024 年的有效稅率為 20%。再說一遍，這對我們來說總體來說是一個好的季度和年度。我們在財務上仍然處於有利地位，可以在 2024 年執行我們需要和想要做的事情。

And with that, operator, we'll now open the call up for questions.

接線員，現在我們將開始提問。

(Operator Instructions) Steve Dyer, Craig Hallum.

（操作員說明）Steve Dyer、Craig Hallum。

Good morning, guys. Thanks for taking my question. Early on, Ryan, when you were talking about upside possibilities or areas for potential upside this year, I think you alluded to or you said something about a potential large customer win or large customer wins. Can you help us think about what that might look like or what that -- not specifics obviously if you don't want to, but just what area of the business, what kind of business?

早上好傢伙。感謝您提出我的問題。瑞安，早些時候，當您談論今年的上行可能性或潛在上行領域時，我認為您提到或談到了潛在的大客戶獲勝或大客戶獲勝。您能否幫助我們考慮一下它可能會是什麼樣子或具體是什麼——如果您不願意的話，顯然不是具體細節，而是業務的哪個領域、哪種業務？

Yeah. Sure, Steve. Yeah, I think when you look at our makeup of customers, particularly in the aftermarket, they tend to be the quite small. I mean you could have between -- $50,000 and $200,000 of annual revenue is a common distribution.

是的。當然，史蒂夫。是的，我認為當你看看我們的客戶組成時，特別是在售後市場，他們往往很小。我的意思是，你的年收入可能在 50,000 美元到 200,000 美元之間，這是一個常見的分配。

When we look at the overall global portfolio of customers, we just have more larger opportunities that are possible than we've seen. These could be larger groups or other networks of customers where a $5 million account or $5 million to $10 million account is possible, and that's relatively unusual for us. We have some customers like that already, but for whatever reason across the global footprint, we've got a few of those opportunities possible intending. And so that's a little bit different for us, which I think is a good thing, but more unusual.

當我們審視全球客戶的整體組合時，我們發現，我們擁有比我們所看到的更多更大的機會。這些可能是更大的團體或其他客戶網絡，其中可能有 500 萬美元的帳戶或 500 萬至 1000 萬美元的帳戶，這對我們來說相對不尋常。我們已經有一些這樣的客戶，但無論出於何種原因，在全球範圍內，我們已經獲得了一些可能的機會。所以這對我們來說有點不同，我認為這是一件好事，但更不尋常。

Got it. Thank you. Could you talk a little bit -- I didn't hear you mention much about OEM business. Can you remind us again how many you have and how you see that playing out throughout the year?

知道了。謝謝。您能談談嗎——我沒聽您提到太多有關OEM 業務的事情。您能否再次提醒我們您有多少個以及您如何看待全年的情況？

Yeah. No, the OEM business was strong. I think I didn't mention it specifically. I know Barry called out the growth, I think it was a quite substantial year-over-year growth.

是的。不，OEM 業務很強勁。我想我沒有具體提到這一點。我知道巴里提到了增長，我認為這是一個相當可觀的同比增長。

The business has been good. What we continue to see is interest in additional programs. The account of OEMs that we're doing something with has grown. It's under 10, but it's certainly growing in different programs. So we see both new programs with new folks that we've not worked with before.

生意一直不錯。我們繼續看到人們對其他項目的興趣。與我們合作的原始設備製造商的數量增加。它還不到 10 個，但它在不同的項目中肯定在增長。所以我們看到這兩個新項目都是由我們以前沒有合作過的新人參與的。

And then also the possibility of growth of the existing programs to say, okay, we've had success with one platform or with the certain number of vehicles, can we grow that? So I think it's a positive story there, pretty much all the way around. We're at their mercy in some sense in terms of their production and the unit volumes that they can generate. So there's a little bit different dynamic there with that business at scale. But we continue to see new accounts, new growth, new platforms, and then growth of the existing. I think that was reflected in that, in the Q4 growth, and expect to see more of that this year.

然後還有現有計劃增長的可能性，好吧，我們已經在一個平台或一定數量的車輛上取得了成功，我們可以增長它嗎？所以我認為這是一個正面的故事，幾乎一直都是這樣。從某種意義上說，我們在它們的產量和它們可以產生的單位體積方面受到它們的擺佈。因此，大規模業務的動態略有不同。但我們繼續看到新帳戶、新成長、新平台，然後是現有的成長。我認為這反映在第四季度的成長中，並預計今年會看到更多。

Great. You mentioned a little bit some potential inorganic opportunities, maybe larger ones than you've typically looked at. Just in terms of funding that, what is that likely look like? Are you comfortable with your credit limits and certain debt facilities and so forth? Would you look to potentially raise equity? Would you buy in stock? What are some ways to think about that?

偉大的。您提到了一些潛在的無機機會，也許比您通常看到的更大。就資金而言，可能會是什麼樣子？您對自己的信用限額和某些債務便利性等感到滿意嗎？您是否希望籌集股本？你會買股票嗎？有哪些方法可以思考這個問題？

Yeah. I mean, our overall position has really been very conservative for a number of years in terms of our net debt and total leverage, which has basically been zero. So I think our primary use or primary way to fund those acquisitions would be just through borrowing that way. We're not opposed to that debt; I think a lot of these things pencil out. We do expect to generate a lot more cash flow this year as Barry mentioned. So that's obviously an option.

是的。我的意思是，多年來我們的整體狀況在淨債務和總槓桿率方面確實非常保守，基本上是零。因此，我認為我們為這些收購提供資金的主要用途或主要方式就是透過這種方式借款。我們並不反對這種債務；我們只是反對這種債務。我認為很多這樣的事情都是用鉛筆寫出來的。正如巴里所提到的，我們確實預計今年會產生更多的現金流。所以這顯然是一個選擇。

In some of the opportunities we have, there's a possibility of seller financing as well with the profile of people we look at. So that's something you have to look at on a case-by-case basis. Then I think really, for us, the question on the equity side would be more, is equity a tool to gain alignment with the sellers in terms of the type of performance we want to see post-acquisition? I think that's where we see the potential use of equity more than as a necessity to fund that way. Can we better achieve our objectives, particularly if we're looking at any larger acquisitions that be less traditional for us and that they can function a little bit more independently? That would be another tool to create alignment with sellers assuming they're around. But I think absent that, you're going to see us look at more borrowing and seller financing and then cash from ops.

在我們擁有的一些機會中，賣家融資以及我們所關注的人的個人資料都有可能。因此，您必須根據具體情況進行考慮。那麼我認為，對我們來說，股權方面的問題實際上更多的是，股權是否是一種在我們希望看到的收購後業績類型方面與賣方保持一致的工具？我認為這就是我們看到股權的潛在用途的地方，而不僅僅是以這種方式提供資金的必要性。我們能否更好地實現我們的目標，特別是如果我們正在考慮進行任何對我們來說不那麼傳統且可以更獨立運作的大型收購？這將是與賣家建立聯繫的另一個工具（假設他們在場）。但我認為如果沒有這一點，你會看到我們考慮更多的借款和賣方融資，然後是來自營運的現金。

(Operator Instructions) Jeff Van Sinderen, B. Riley.

（操作員說明）Jeff Van Sinderen，B. Riley。

All right. Good morning, everyone. Maybe if we could just circle back to China for a minute regarding the outlook there. If you could speak more about some of the changes that you're still working on in China.

好的。大家，早安。也許我們可以回到中國，談談那裡的前景。您能詳細談談您在中國仍在致力於的一些變革嗎？

Sure, Jeff. Yeah, I think when we look at our view of the China market today, we really have of multiple product lines and multiple price points in the country in a way that we really don't see elsewhere. And I think that the opportunity for us is to evolve our go-to-market to have products at more of those price points and ensure that we can have all the product we need in country, that there's no constraints on inventory availability and that we can work or partner with our distributor to ensure that we can address the entirety of the market.

當然，傑夫。是的，我認為當我們審視今天的中國市場時，我們確實在該國擁有多種產品線和多種價位，這是我們在其他地方看不到的。我認為我們的機會是發展我們的市場走向，以更多的價格點提供產品，並確保我們能夠擁有我們在該國所需的所有產品，庫存可用性沒有限制，並且我們可以與我們的經銷商合作或合作，以確保我們能夠滿足整個市場的需求。

And I think that the reality for us now is that we're addressing the most bespoke part of the market. And that's great for our brand positioning, but it's not great for our share wallet, as I mentioned. And I think we have the opportunity to maintain that brand positioning while taking more share. And there's a number of strategies we can use to do that that we're working on in conjunction with the team that we've built in China and are building, and then with our distribution partners there.

我認為我們現在的現實是我們正在解決市場上最客製化的部分。正如我所提到的，這對我們的品牌定位很有好處，但對我們的共享錢包來說卻不太好。我認為我們有機會在保持品牌定位的同時獲得更多份額。我們可以使用許多策略來做到這一點，我們正在與我們在中國建立和正在建立的團隊以及我們在中國的分銷合作夥伴一起制定這些策略。

So I think it's a little bit premature to say that exactly what that has been finalized, but I think we have a good sense of what we want to accomplish. And now it's just a matter of exactly how do we do that. The net result as we are successful in doing that is selling more. That's how we'll measure our effectiveness and how we have a job we've done.

因此，我認為現在說已經敲定的具體內容還為時過早，但我認為我們對想要實現的目標有很好的認識。現在的問題只是我們如何做到這一點。我們成功做到這一點的最終結果是銷量增加。這就是我們衡量效率以及完成工作的方式。

Right. Okay. And then since you mentioned it as a focus, maybe you could just touch more on what you are seeing in the rate of onboarding new dealers overall, and then more specifically onboarding new car dealers, and maybe just how you are approaching that going forward, or any changes to that.

正確的。好的。既然你提到了這一點，也許你可以多談談你所看到的新經銷商總體入職率，然後更具體地說是新車經銷商入職率，以及你未來將如何實現這一目標，或對此進行任何更改。

No. I mean, there's really no changes to the approach or the strategy. The aftermarket has a channel management that's different than the dealership business. I mean there are elements of dealership business that we could serve directly that a lot of our customers don't want to do. And so in many respects, every dealership in the world should be selling our products one way or the other.

不。我的意思是，方法或策略確實沒有改變。售後市場的通路管理與經銷商業務不同。我的意思是，我們可以直接為經銷業務的某些部分提供服務，但很多客戶卻不想這樣做。因此，在許多方面，世界上的每個經銷商都應該以這樣或那樣的方式銷售我們的產品。

They could internalize it and do it themselves. They can work with one of our installers in the aftermarket or in other cases, we can do the work for them. So from the dealership standpoint, the selling proposition and what's out there is very clear.

他們可以內化它並自己做。他們可以與我們在售後市場的安裝人員之一合作，或者在其他情況下，我們可以為他們完成工作。因此，從經銷商的角度來看，銷售主張和現有產品非常明確。

Now the difference is dealerships tend to have a longer selling cycle. It's a little bit more involved sale. And then once you're in the dealership, their unit volume is more or less fixed where a customer in the aftermarket could grow their business 100% in a year if they were so motivated. The dealership for the most part is not going to grow their unit volume 100%. That's just not possible. So you have a fixed unit volume with the dealerships, but you have a big variable in terms of the ASP and how much content can you get.

現在的差異是經銷商往往有較長的銷售週期。這是更多涉及銷售的事情。一旦你進入經銷店，他們的單位銷量或多或少是固定的，如果售後市場的客戶有動力的話，他們的業務可以在一年內增長 100%。大多數經銷商不會將其單位銷售增加 100%。那是不可能的。因此，您與經銷商有固定的單位數量，但在 ASP 和您可以獲得多少內容方面有很大的變數。

And then in contrast in the aftermarket, we can't serve every customer in the aftermarket and maintain our brand positioning, but we could be the best partner for those that want to grow the most. So they're really two completely different approaches to the market. They're complementary. But aside from focusing on both of them in their own way, I would say no change in our strategy.

相較之下，在售後市場，我們無法為售後市場的每位客戶提供服務並維持我們的品牌定位，但我們可以成為那些最想發展的客戶的最佳合作夥伴。所以它們實際上是兩種完全不同的市場方法。它們是互補的。但除了以各自的方式關注他們之外，我想說我們的策略沒有改變。

I think we continue to see new customers on in the aftermarket. I think the only thing that we probably see now that started midway last year is that you're seeing in aggregate a lower growth year over year within the aftermarket channel than maybe we saw the previous year. But that really doesn't have much to do with the rate at which we would onboard net new customers.

我認為我們會繼續在售後市場看到新客戶。我認為我們現在可能看到的從去年中期開始的唯一一件事是，售後市場管道中的同比增長總體低於去年。但這其實與我們吸引新客戶的速度沒有太大關係。

Okay. That's helpful. And then maybe, finally, if you could just touch on new product introductions. Anything you can tell us there?

好的。這很有幫助。最後，也許您可以談談新產品的介紹。有什麼可以告訴我們的嗎？

Yeah, I think we're broadening the offering and also going deeper in what we have. I don't want to steal any of the team's thunder for what they'll be releasing to our customers at the dealer conference. But I think incrementally, some net new products, and then going deeper, more options and more depth within the things we're already doing.

是的，我認為我們正在擴大產品範圍，並進一步深化我們現有的產品。我不想搶了團隊在經銷商會議上向客戶發布的內容的風頭。但我認為，逐步地，一些新產品，然後在我們已經在做的事情中更深入、更多選擇和更深入。

Selling more to your existing customers across all channels is probably one of the best-selling strategies. If you can make your customers more effective and sell more, you get more leverage on those relationships. So to the extent that we can broaden our product offering to be even more of a complete supplier to more of our customers, that's something that we want to do, and that's part of what we're working on, and probably part of what we'll be releasing to our customers this weekend.

透過所有管道向現有客戶銷售更多產品可能是最暢銷的策略之一。如果你能讓你的客戶更有效並銷售更多產品，你就能更好地利用這些關係。因此，在某種程度上，我們可以擴大我們的產品範圍，成為更多客戶的完整供應商，這就是我們想做的事情，也是我們正在努力的一部分，也可能是我們的一部分將於本週末向我們的客戶發布。

Okay, great. Thanks for taking my questions and best of luck.

好的，太好了。感謝您回答我的問題，祝您好運。

Thanks, Jeff.

謝謝，傑夫。

Steve Dyer.

史蒂夫戴爾。

Thanks. Just a quick follow up. You gave a lot of puts and takes on the various operating expense lines. Big picture is this $26 million, $27 million run rate good level to grow off of, or I got mixed up with all the one-timers and so forth, but how should we generally think about that going forward?

謝謝。只需快速跟進即可。您在各種營運費用項目上進行了大量的看跌期權和承擔交易。大局是，這個 2600 萬美元、2700 萬美元的運行率是一個值得增長的良好水平，或者我與所有一次性的人混在一起等等，但我們通常應該如何看待未來呢？

Yeah, I think to Barry's comments on that, we're talking -- I think, in Q4, he was really referring to more the incremental SG&A inherited by the acquisitions we did versus one-timers. I mean, yes, there's optimization to be done there, and there's one-timers embedded in that. But I think that comment was more about the permanently embedded SG&A.

是的，我認為巴里對此的評論，我們正在談論——我認為，在第四季度，他實際上指的是我們與一次性收購相比，透過收購繼承的更多增量SG&A。我的意思是，是的，那裡需要進行最佳化，並且其中嵌入了一次性計時器。但我認為這個評論更多的是關於永久嵌入的銷售及管理費用。

So I think if you ignore the two big seasonal hits that we have being this dealer conference and then the big trade show in Q4, what we will be looking for is the run rate SG&A, but then the growth of that moderating as we move forward from where we've been in the past.

因此，我認為，如果您忽略我們在這次經銷商會議和第四季度的大型貿易展上遇到的兩個重大季節性打擊，我們將尋找的是SG＆A運行率，但隨著我們前進，這種增長會放緩從我們過去去過的地方。

Thank you.

謝謝。

Thanks, Steve.

謝謝，史蒂夫。

We have reached the end of the question-and-answer session, and I will now turn the call over to management for closing remarks.

問答環節已經結束，我現在將把電話轉交給管理階層進行總結發言。

I'd like to thank everyone for attending today and really thank our team. We've got a huge presence in our headquarters today from around the world for our customer conference, dealer conference this weekend, and it's going to be amazing. And I thank them all for being here and all their hard work and look forward to speaking with everyone again next quarter. Thank you.

我要感謝大家今天出席，並非常感謝我們的團隊。今天，來自世界各地的大量人員聚集在我們的總部，參加本週末的客戶會議和經銷商會議，這將是令人驚嘆的。我感謝他們所有人的到來以及他們的辛勤工作，並期待下個季度再次與大家交談。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。