Accel Entertainment Inc (ACEL) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending Accel Entertainment's Q4 and Full Year 2022 Earnings Call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Derek Harmer. Derek, please go ahead.

下午好。感謝您參加 Accel Entertainment 的第四季度和 2022 年全年收益電話會議。我叫馬特，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人 Derek Harmer。德里克，請繼續。

Welcome to Accel Entertainment's Fourth Quarter and Full Year 2022 Earnings Call. Participating on the call today are Andy Rubenstein, Accel's Chief Executive Officer; and Matt Ellis, Accel's Chief Financial Officer. Please refer to our website for the press release and supplemental information that will be discussed on this call. Today's call is being recorded and will be available on our website under Events & Presentations within the Investor Relations section of our website.

歡迎來到 Accel Entertainment 的第四季度和 2022 年全年收益電話會議。參加今天電話會議的有 Accel 首席執行官 Andy Rubenstein；和 Accel 的首席財務官 Matt Ellis。請訪問我們的網站，了解將在本次電話會議上討論的新聞稿和補充信息。今天的電話會議正在錄製中，並將在我們網站投資者關係部分的活動和演示下提供。

Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, including those relating to COVID-19 and its various strains. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law. For a more detailed discussion of these and other risk factors, Investors should review the forward-looking statements section of the earnings press release available on our website as well as other risk factor disclosures in our filings with the SEC.

今天電話會議中的一些評論可能構成 1995 年《私人證券改革法案》含義內的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，包括與 COVID-19 及其各種菌株相關的風險和不確定性。實際結果可能與今天討論的結果大不相同，除非法律要求，否則公司不承擔更新這些聲明的義務。有關這些和其他風險因素的更詳細討論，投資者應查看我們網站上提供的收益新聞稿的前瞻性陳述部分以及我們向美國證券交易委員會提交的文件中披露的其他風險因素。

During the call, we may discuss certain non-GAAP financial measures. For reconciliations of the non-GAAP measures as well as other information regarding these measures, please refer to our earnings release and other materials in the Investor Relations section of our website.

在電話會議期間，我們可能會討論某些非 GAAP 財務指標。有關非 GAAP 措施的調節以及有關這些措施的其他信息，請參閱我們網站投資者關係部分的收益發布和其他材料。

I will now turn the call over to Andy.

我現在將把電話轉給安迪。

Thanks, Derek, and good afternoon, everyone. Thank you for joining us for Accel's Fourth Quarter and 2022 Full Year Earnings Call. I'm pleased to report we had another strong quarter and record 2022 results. For the fourth quarter, we reported record revenue of $278 million, a year-over-year increase of 45% and adjusted EBITDA of $43 million, a year-over-year increase of 30%. Q4's revenue growth was primarily driven by the successful acquisition of Century as well as our growth in Illinois, where we added 52 locations and saw same-store sales grow 6%.

謝謝，德里克，大家下午好。感謝您加入我們參加 Accel 的第四季度和 2022 年全年收益電話會議。我很高興地報告我們有另一個強勁的季度和創紀錄的 2022 年業績。第四季度，我們公佈創紀錄的收入 2.78 億美元，同比增長 45%，調整後的 EBITDA 為 4300 萬美元，同比增長 30%。第四季度的收入增長主要得益於成功收購 Century 以及我們在伊利諾伊州的增長，我們在伊利諾伊州增加了 52 家門店，同店銷售額增長了 6%。

Despite the current inflationary environment, our performance continues to demonstrate the strength and resilience of our business model. We believe and our results demonstrate that players continue to seek out our hyper local high-quality offerings due to its convenience and appeal. Our business partners continue to see the benefits of gaming in their establishments, and we believe they will continue to invest in gaming due to the incremental profits they receive.

儘管當前存在通貨膨脹環境，但我們的業績繼續證明了我們商業模式的實力和彈性。我們相信並且我們的結果表明，由於其便利性和吸引力，玩家繼續尋求我們的超本地高質量產品。我們的業務合作夥伴繼續在他們的場所看到博彩的好處，我們相信他們會因為獲得的增量利潤而繼續投資博彩。

On the expense side, we are continuing to adjust to the new normal, where we saw inflation and other macroeconomic factors increase many of our large expenses such as labor, parts and fuel. We have and we'll continue to invest in new technologies to streamline our operations while always maintaining our reputation for the best-in-class service. Our asset-light business model and highly variable cost structure allows us to quickly calibrate our business to the current environment.

在支出方面，我們正在繼續適應新常態，我們看到通貨膨脹和其他宏觀經濟因素增加了我們的許多大筆支出，例如勞動力、零件和燃料。我們已經並將繼續投資於新技術以簡化我們的運營，同時始終保持我們一流服務的聲譽。我們的輕資產業務模式和高度可變的成本結構使我們能夠快速調整我們的業務以適應當前環境。

Turning to Century. The integration is going well, and we're starting to align on best practices. We have already utilized Century's technology capabilities in our developing markets, which helped us create a differentiated premium offering. We also acquired the Montana slot route, Progressive in December with 26 locations based in Kalispell. Overall, we're pleased with the progress we've made but remain focused on continuing to grow organically and inorganically.

轉向世紀。集成進展順利，我們開始調整最佳實踐。我們已經在我們的發展中市場利用了 Century 的技術能力，這幫助我們創造了差異化的優質產品。我們還在 12 月收購了蒙大拿老虎機路線 Progressive，在卡利斯佩爾設有 26 個地點。總的來說，我們對我們取得的進展感到滿意，但仍專注於繼續有機和無機增長。

In our developing markets, we continue to invest and remain optimistic about their long-term potential. In Georgia, we've installed prepaid value card technology in more than half of our establishments, and early results indicate a noticeable increase in performance. As a reminder, in May of 2022, the Georgia Lottery announced it would be expanding its gift card pilot program by making it available to all locations. This program allows players to load their winnings onto a prepaid value card, which substantially reduces one of the biggest barriers player space in the Georgia market.

在我們的發展中市場，我們繼續投資並對它們的長期潛力保持樂觀。在佐治亞州，我們已經在一半以上的場所安裝了預付價值卡技術，早期結果表明性能顯著提高。提醒一下，2022 年 5 月，佐治亞州彩票宣布將通過在所有地點提供禮品卡來擴大其禮品卡試點計劃。該計劃允許玩家將他們的獎金加載到預付價值卡上，這大大減少了格魯吉亞市場玩家空間的最大障礙之一。

In Nebraska, we're bringing our best practices in the market by working with our location partners to redesign their gaming areas with new equipment to help attract new players. The focus in both markets is to grow our backlog and bring new locations live. It's important to remember that current performance in both Georgia and Nebraska is far lower than our mature markets, so it will take significant time for today's investments to be fully realized.

在內布拉斯加州，我們通過與我們的地點合作夥伴合作，用新設備重新設計他們的遊戲區，以幫助吸引新玩家，從而將我們的最佳實踐引入市場。這兩個市場的重點是增加我們的積壓訂單並啟用新地點。重要的是要記住，佐治亞州和內布拉斯加州目前的表現遠低於我們的成熟市場，因此今天的投資要完全實現還需要很長時間。

On the M&A front, our pipeline remains active, and we are evaluating multiple opportunities across the country. Our long-term goal is to continue to increase the percentage of our revenue generated outside of Illinois.

在併購方面，我們的管道仍然活躍，我們正在評估全國的多個機會。我們的長期目標是繼續增加我們在伊利諾伊州以外產生的收入的百分比。

Overall, Accel continues to execute its growth playbook. We remain excited about the opportunities in the markets where we currently operate as well as new markets we're looking to enter. Our local business model, low capital requirements and highly visible growth offers one of the best returns in gaming.

總體而言，Accel 繼續執行其增長策略。我們仍然對我們目前經營的市場以及我們希望進入的新市場中的機會感到興奮。我們的本地商業模式、低資本要求和高度可見的增長提供了最好的博彩回報之一。

With that, I'd like to turn it over to Matt to walk you through the numbers in more detail.

有了這個，我想把它交給馬特，讓你更詳細地了解這些數字。

Thanks, Andy, and good afternoon, everyone. For the fourth quarter, we had total revenue of $278 million, a year-over-year increase of 45% and adjusted EBITDA of $43 million, a year-over-year increase of 30%. For the full year, we set a new Accel record with total revenue of $970 million and adjusted EBITDA of $162 million, year-over-year increases of 32% and 16%, respectively.

謝謝，安迪，大家下午好。第四季度，我們的總收入為 2.78 億美元，同比增長 45%，調整後的 EBITDA 為 4300 萬美元，同比增長 30%。全年，我們創造了新的 Accel 記錄，總收入為 9.7 億美元，調整後的 EBITDA 為 1.62 億美元，同比分別增長 32% 和 16%。

I would like to remind everyone that Century has been included in our results since June 1, and Century operates in markets where revenue split between Century and the location is negotiated. The margins are attractive but far lower than our existing business.

我想提醒大家，Century 從 6 月 1 日起就已經包含在我們的業績中，Century 在 Century 和地點之間協商收入分配的市場中運營。利潤率很有吸引力，但遠低於我們現有的業務。

For the fourth quarter, Illinois same-store sales increased 6% year-over-year. And for the full year, Illinois same-store sales increased 3% year-over-year, confirming demand for our offering remains strong. CapEx for the fourth quarter was $14 million cash spend, and CapEx for the full year was $47 million cash spend. The increase is due to our investments in our developing markets such as Nebraska and Georgia. We continue to see upside in both of these markets, and we're excited by the recent growth. However, it's important to realize today's investments may not be fully realized for several years to come.

第四季度，伊利諾伊州同店銷售額同比增長 6%。全年，伊利諾伊州同店銷售額同比增長 3%，證實對我們產品的需求依然強勁。第四季度的資本支出為 1400 萬美元現金支出，全年資本支出為 4700 萬美元現金支出。增長是由於我們對內布拉斯加州和佐治亞州等發展中市場的投資。我們繼續看到這兩個市場的上行空間，我們對最近的增長感到興奮。然而，重要的是要認識到今天的投資可能在未來幾年內無法完全實現。

As of December 31, we had 23,150 terminals and 3,598 locations, year-over-year increases of 70% and 39%, respectively. Location attrition continues to remain low and in line with our historical averages.

截至 12 月 31 日，我們擁有 23,150 個終端和 3,598 個站點，同比分別增長 70% 和 39%。位置流失率繼續保持在較低水平，與我們的歷史平均水平一致。

At the end of the fourth quarter, we had approximately $318 million in net debt and $553 million of liquidity, consisting of $224 million of cash on our balance sheet and $329 million of availability on our credit facility.

截至第四季度末，我們的淨債務約為 3.18 億美元，流動性約為 5.53 億美元，其中包括資產負債表上的 2.24 億美元現金和可用的信貸額度 3.29 億美元。

I would now like to provide an update on our efforts to return capital to shareholders, specifically our share repurchase program. As you're all aware, we announced a $200 million share repurchase program in November of 2021 as we find the opportunity to return capital to shareholders in the form of buybacks and attractive use of our strong free cash flow. During the quarter, we purchased $17 million of Accel stock at an average purchase price of $8.70 a share. Since the program started, we have repurchased $88 million of Accel stock through the end of 2022. Given our relatively underlevered balance sheet and strong free cash flow, we are in a position to continue investing in our new markets while appropriately returning capital to shareholders.

我現在想介紹一下我們為向股東返還資本所做的努力的最新情況，特別是我們的股票回購計劃。眾所周知，我們在 2021 年 11 月宣布了一項 2 億美元的股票回購計劃，因為我們發現有機會以回購的形式向股東返還資本，並有吸引力地利用我們強大的自由現金流。本季度，我們以每股 8.70 美元的平均購買價購買了價值 1700 萬美元的 Accel 股票。自該計劃啟動以來，到 2022 年底，我們已經回購了 8800 萬美元的 Accel 股票。鑑於我們的資產負債表槓桿率相對較低，自由現金流強勁，我們能夠繼續投資於我們的新市場，同時適當地向股東返還資本。

At this time, we are not issuing guidance due to the near-term macroeconomic uncertainty, but I'm pleased to share the strong tailwinds from the end of last year have continued through the start of 2023. As we get more visibility, we'll aim to provide an update in the future.

目前，由於近期宏觀經濟的不確定性，我們不會發布指導意見，但我很高興與大家分享去年年底的強勁順風一直持續到 2023 年初。隨著我們獲得更多的知名度，我們'我們將致力於在未來提供更新。

With that, I'd like to turn it back over to Andy.

有了這個，我想把它轉回給安迪。

Thanks, Matt. We're pleased with another strong year and remain focused on executing our growth strategy by leveraging the strong foundation we have built and our proven playbook. We're confident our locally focused business model creates a platform to outperform in difficult times and thrive under normal circumstances. We will now take your questions.

謝謝，馬特。我們對又一個強勁的一年感到滿意，並繼續專注於利用我們已經建立的堅實基礎和行之有效的策略來執行我們的增長戰略。我們相信，我們以本地為中心的商業模式創造了一個平台，可以在困難時期表現出色並在正常情況下蓬勃發展。我們現在將回答您的問題。

(Operator Instructions) The first question is from the line of Omer Sander with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Omer Sander。

Matt, on that last point, hoping you can talk a bit about the moving pieces for this year. I know there's no formal guidance out there. But how are you thinking about maybe the balance of the Illinois licenses issued, additional tuck-in M&A opportunities? It looks like you had a nice 300-machine operator acquisition in Montana in the quarter. Any potential improvement in yield as you go through the Century portfolio? And then anything else I might be missing as well?

馬特，關於最後一點，希望你能談談今年的活動。我知道那裡沒有正式的指導。但是你如何考慮伊利諾伊州許可證的餘額，額外的併購機會？看起來你在本季度在蒙大拿州收購了 300 名機器操作員。當你瀏覽 Century 投資組合時，收益率有任何潛在的改善嗎？然後還有什麼我可能會遺漏的嗎？

Thanks, Omer. Yes. So let me break it down, and we'll start with Illinois. But again, strong start to the year. Everyone saw the January data. Again, if these trends are going to continue, we should have a nice up year. We'll annualize Century and then continue to build from that. We're seeing good licensing coming out of the Illinois Gaming Board. So we're pleased with that, and we'll continue to bring on those locations. So nice looking trends in Illinois.

謝謝，奧馬爾。是的。所以讓我分解一下，我們將從伊利諾伊州開始。但同樣，今年開局強勁。每個人都看到了 1 月份的數據。同樣，如果這些趨勢繼續下去，我們應該有一個不錯的一年。我們將對 Century 進行年度化，然後繼續以此為基礎進行建設。我們看到伊利諾伊州博彩委員會頒發了良好的許可。所以我們對此很滿意，我們將繼續帶來這些地點。伊利諾伊州的流行趨勢非常好看。

On the Century front, again, we're continuing to find opportunities. You're not going to see massive movement there just because of the way those markets operate, but we'll continue to look to improve.

在 Century 方面，我們再次繼續尋找機會。你不會僅僅因為這些市場的運作方式而在那裡看到大規模的波動，但我們會繼續尋求改進。

And then on M&A, Progressive is a great example, but we always look to execute these. And I think you've seen we do, do these pretty frequently all things considered. So we see kind of upside across the board here. It's just a little early in the year with everything going on. Our expenses are pretty well known, but it felt a little early to issue that guide just given sort of the macroeconomic situation but strong start to the year. We're seeing great play heading into sort of our high season.

然後在併購方面，Progressive 是一個很好的例子，但我們總是希望執行這些。我想你已經看到我們這樣做了，考慮到所有事情，我們經常這樣做。所以我們在這裡看到了全面的好處。一切都在進行中，今年還早了一點。我們的支出是眾所周知的，但鑑於宏觀經濟形勢但今年開局強勁，發布該指南感覺有點早。我們看到偉大的比賽進入了我們的旺季。

Awesome. That's helpful. And then maybe if I can just dig into Century a bit more. Based on my math, it seemed like you're also seeing an improvement in yields there. Is that just seasonality? I know I don't necessarily have a full sort of year's worth of data. Are you seeing also the benefit of newer, better, higher yielding machines there, too?

驚人的。這很有幫助。然後也許我可以再深入研究一下 Century。根據我的計算，您似乎也看到那裡的產量有所提高。這只是季節性嗎？我知道我不一定擁有一整年的數據。您是否也看到更新、更好、產量更高的機器的好處？

So we're going to go with yes and yes. We are -- there is some seasonality to that market just like ours. But like we said, it's a complex integration, but it's going well. We are sharing practices, and we will look to have each side perform better.

所以我們將同意和同意。我們是 - 就像我們的市場一樣，這個市場也有一些季節性。但正如我們所說，這是一個複雜的整合，但進展順利。我們正在分享實踐，我們希望每一方都能表現得更好。

The next question is from the line of Steve Pizzella with Deutsche Bank.

下一個問題來自德意志銀行的 Steve Pizzella。

First off, second half margins with Century in the portfolio around [50.5%], is that a good way to think about margins moving forward?

首先，投資組合中 Century 的下半年利潤率約為 [50.5%]，這是考慮未來利潤率的好方法嗎？

I think so, Steve. I mean, again, we see some upside. Remember, our developing markets, as they grow, they will sort of leave that emerging market status and enter the P&L. But overall, yes. Again, Andy sort of touched on it, but we are investing technologies. We want to use our people smarter, and we're going to continue to look for ways to try to drive that margin up. But that's not something that we can snap our fingers and do. It takes time and maneuvering, but it's a good starting point, yes.

我想是的，史蒂夫。我的意思是，我們再次看到了一些好處。請記住，我們的發展中市場，隨著它們的發展，它們將在某種程度上離開新興市場的地位並進入損益。但總的來說，是的。再次，安迪有點觸及它，但我們正在投資技術。我們希望更聰明地使用我們的員工，我們將繼續尋找方法來提高利潤率。但這不是我們彈指間就能做到的事情。這需要時間和機動，但這是一個很好的起點，是的。

Okay. And then just a follow-up on Illinois' locations, I think, 65 for the year, closer to 100 ex the removal for the 72-hour rule, which is a little lower than years past. How should we think about kind of Illinois' location growth moving forward?

好的。然後只是對伊利諾伊州的位置進行跟進，我認為，今年有 65 個，接近 100 個 72 小時規則的移除，這比過去幾年略低。我們應該如何考慮伊利諾伊州未來的位置增長？

This is Andy. The -- as we look at it, there will always be closures of businesses that have failed, and new people go into those locations. I think that we will get a disproportionate amount of those locations as far as going to us on those new owners. We also see less growth in kind of new inventory in the market and where we get our significant share of that. I don't think the overall pool of new businesses opening that haven't been opened previously will be increasing. So we're projecting good numbers as we look forward but not with the strength that we've seen in the past.

這是安迪。在我們看來，總會有倒閉的企業倒閉，而新人會進入這些地方。我認為，就那些新所有者而言，我們將獲得不成比例的這些位置。我們還看到市場上新庫存的增長放緩，我們在其中佔有很大份額。我不認為以前沒有開設的新業務的總體數量會增加。因此，我們在展望未來時會預測出不錯的數字，但不會像過去那樣強勁。

The next question is from the line of Chad Beynon with Macquarie.

下一個問題來自 Chad Beynon 與 Macquarie 的合作。

Matt, I know you said that margins in the back half of '22 is kind of a good place to start with going forward. But I was wondering if you could talk a little bit more about some of the inflationary items that you guys had touched on in '22, I guess, mainly labor just given the state of the economy. I'm assuming that fuel has come down, but just wanted to focus on labor inflation.

馬特，我知道你說過 22 年後半的利潤率是開始前進的好地方。但我想知道你們是否可以多談談你們在 22 年觸及的一些通脹項目，我想，主要是考慮到經濟狀況的勞動力。我假設燃料已經下降，但只想關注勞動力通脹。

Yes, sure. Thanks for the question, Chad. I think the back half of '22, again, sort of reflects the -- it's a good run rate for all of the labor changes we have seen. Again, we're managing in multiple ways. We're looking to be smarter with technology. We're looking at ways where, hey, when we look at accounts, how do we want to deploy our labor. We want to focus on our customers that are focused on gaming with us at the expense of maybe someone where gaming is a smaller part of their business.

是的，當然。謝謝你的問題，乍得。我認為 22 年的後半部分再次反映了——對於我們所看到的所有勞動力變化來說，這是一個很好的運行率。同樣，我們正在以多種方式進行管理。我們希望通過技術變得更聰明。我們正在尋找方法，嘿，當我們查看帳戶時，我們希望如何部署我們的勞動力。我們希望專注於專注於與我們一起玩遊戲的客戶，而犧牲那些遊戲佔其業務較小部分的客戶。

So I think that being said, all of the impacts you saw, we adjusted our labor force. We adjusted to it, and that was fully captured in the back half of the year. So a lot of that wage inflation that you're seeing, it is kind of fully recognized in that period. It's not partially recognized, just sort of the way our performance reviews work.

所以我認為，話雖這麼說，你看到的所有影響，我們都調整了我們的勞動力。我們對此進行了調整，這在今年下半年得到了充分體現。所以你看到的很多工資通脹，在那個時期得到了充分的認可。它沒有得到部分認可，只是我們的績效評估工作的一種方式。

And again, it is our biggest force. Our employees are one of our most valuable assets. They are [context], so we want to be very conscious of this. But we do see room to be very smart with our workforce, deploy it appropriately. But I think, bottom line, the back half of '22 captures sort of that new normal that Andy referenced.

再一次，它是我們最大的力量。我們的員工是我們最寶貴的資產之一。它們是 [context]，所以我們希望非常清楚這一點。但我們確實看到了對我們的員工非常聰明的空間，適當地部署它。但我認為，歸根結底，22 年的後半部分捕捉到了安迪提到的那種新常態。

Okay. Great. And then in terms of potential new legislation, can you just kind of talk about any particular states that you have your eye on if the investor -- or if the legislative education process has continued? I know there's a number of different bills related to gaming that have been introduced but wondering if there's anything specific to distributed that could provide for an opportunity in '23 or beyond.

好的。偉大的。然後就潛在的新立法而言，你能否談談你關注的任何特定州，如果投資者 - 或者立法教育過程是否繼續？我知道已經出台了許多與遊戲相關的不同法案，但想知道是否有任何特定於分佈式的東西可以在 23 世紀或以後提供機會。

Yes. The current -- yes, this is Andy. Thanks. The current environment in some of the states that we've been monitoring such as Pennsylvania, Virginia, Missouri, North Carolina hasn't been that favorable. Missouri, we saw it recently get stuck. Pennsylvania is in kind of a permanent hold. Virginia, there's some challenges that need to be overcome related to the casinos that are coming online and the governor's kind of priorities. And then as we look at the North Carolina market, it's -- there's a lot to be negotiated. That's the only one that we think is really still having momentum in this session. And so where the outcome is highly uncertain and not necessarily are we optimistic, it's the only one that's kind of still on the table.

是的。目前——是的，這是安迪。謝謝。我們一直在監測的一些州，如賓夕法尼亞州、弗吉尼亞州、密蘇里州和北卡羅來納州，目前的環境並不是那麼有利。密蘇里州，我們最近看到它卡住了。賓夕法尼亞州處於某種永久保留狀態。弗吉尼亞州，有一些挑戰需要克服，這些挑戰與即將上線的賭場和州長的優先事項有關。然後當我們看北卡羅來納州市場時，它是——有很多需要談判的地方。這是我們認為在本屆會議上真正仍然保持勢頭的唯一一個。因此，在結果高度不確定且我們不一定樂觀的情況下，它是唯一一個仍在討論中的結果。

As we look forward into the future years, it will always be considered, but it's difficult legislation to pass. And as we've seen, no meaningful legislation has been passed in the last 14 years, so our business model is not predicated on the success of legislation. It's -- we're focused on growing our existing markets, entering into legacy markets and finding opportunities that are unique in the gaming industry.

當我們展望未來時，總會考慮到這一點，但很難通過立法。正如我們所見，在過去 14 年中沒有通過任何有意義的立法，因此我們的商業模式並不取決於立法的成功。它是 - 我們專注於發展現有市場，進入傳統市場並尋找遊戲行業中獨一無二的機會。

There are currently no further questions registered. (Operator Instructions) There are no additional questions waiting at this time, so I'll pass the conference back to Andy Rubenstein for any closing remarks.

目前沒有其他問題登記。 （操作員說明）此時沒有其他問題等待，所以我會將會議轉回給 Andy Rubenstein 以聽取任何閉幕詞。

I just wanted to thank everyone for joining us today. We've had a nice start to the year, and we look forward to talking to you sometime in the next few months. And again, everyone be safe, and we look forward to talking to you again. Thanks.

我只是想感謝大家今天加入我們。今年開局不錯，我們期待在接下來幾個月的某個時候與您交談。再一次，大家注意安全，我們期待再次與您交談。謝謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your line.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。