ACRES Commercial Realty Corp. (ACR) 2026 Q1 法說會逐字稿

Thank you. Good day, ladies and gentlemen, and welcome to the first quarter 2026 Acres Commercial Realty Corp Earnings Conference Call.

謝謝。各位女士、先生，大家好，歡迎參加 Acres Commercial Realty Corp 2026 年第一季財報電話會議。

(Event Instructions)

(活動說明)

As a reminder, this call is being recorded.

提醒各位，本次電話會議將被錄音。

I would now like to introduce your host for today's conference, Kyle Brengel, Vice President, Operations. You may begin.

現在我想介紹今天會議的主持人：營運副總裁 Kyle Brengel。您可以開始了。

Good morning and thank you for joining our call.

各位早安，感謝您加入我們的電話會議。

I would like to highlight that we have posted the first-quarter 2026 earnings presentation to our website. This presentation contains summary and detailed information about the quarterly results of the company.

我想強調，我們已將 2026 年第一季財報簡報上傳至公司網站。該簡報包含公司本季業績的摘要與詳細資訊。

Before we begin, I want to remind everyone that certain statements made during this call are not based on historical information and may constitute forward-looking statements. When used in this conference call, the words believes, anticipates, expects and similar expressions are intended to identify forward-looking statements.

在開始之前，我想提醒各位，本次電話會議中的某些陳述並非基於歷史資訊，可能構成前瞻性陳述。在本次電話會議中，believes、anticipates、expects 及類似用語旨在識別前瞻性陳述。

Although the company believes these forward-looking statements are based on reasonable assumptions. Such statements are based on management's current expectations and beliefs and are subject to several trends, risks, and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.

儘管公司相信這些前瞻性陳述係基於合理假設。此類陳述係基於管理層目前的預期與信念，並受多項趨勢、風險與不確定性影響，可能導致實際結果與前瞻性陳述所載內容出現重大差異。

These risks and uncertainties are discussed in the company's reports filed with the SEC, including its reports on Forms 8-K, 10-Q, and 10-K, and in particular, the risk factors section of its Form 10-K.

這些風險與不確定性已在公司向 SEC 提交的報告中討論，包括 8-K、10-Q 與 10-K 表格報告，尤其是 10-K 表格中的風險因素章節。

Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the (date year). The company undertakes no obligation to update any of these forward-looking statements.

提醒聽眾切勿過度依賴這些前瞻性陳述，該等陳述僅截至(日期 年度)為準。公司不承擔更新任何前瞻性陳述的義務。

Furthermore, certain non-GAAP financial measures may be discussed on this conference call.

此外，本次電話會議可能會討論某些非 GAAP 財務衡量指標。

Our presentation of this information is not intended to be considered in isolation or as a substitute to the financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most comparable measures prepared in accordance with Generally Accepted Accounting Principles, are contained in the earnings presentation for the past quarter.

我們呈列此等資訊並非意圖使其被單獨考量，或作為依 GAAP 編製之財務資訊的替代。非 GAAP 財務衡量指標與依一般公認會計原則編製之最可比衡量指標之調節表，已載於上一季的財報簡報中。

With me on the call today are Mark Fogel, President and CEO; Andrew Fentress, Chairman of ACR; and Eldron Blackwell, ACR CFO.

今天與我一同參與電話會議的有：總裁兼執行長 Mark Fogel；ACR 董事長 Andrew Fentress；以及 ACR 財務長 Eldron Blackwell。

I will now turn the call over to Mark.

現在我把電話交給 Mark。

Good morning, everyone, and thank you for joining our call.

各位早安，感謝您加入我們的電話會議。

Today, I will provide an overview of our loan operations, real estate investments and the health of the investment portfolio, while Eldron Blackwell, our CFO; will discuss the financial statements, liquidity condition, book value and operating results for the first quarter 2026.

今天我將概述我們的放款業務、不動產投資以及投資組合的健康狀況；而我們的財務長 Eldron Blackwell 將說明 2026 年第一季的財務報表、流動性狀況、每股淨值（book value）與營運結果。

Of course, we look forward to your questions at the end of our prepared remarks.

當然，我們也期待在預先準備的發言結束後回答各位的問題。

Since acquiring the ACR management contract in 2020, we have executed on our strategy to drive book value by originating high-quality loans, aggressively managing the portfolio, repurchasing our stock, and creatively using tax assets available to the company.

自 2020 年取得 ACR 管理合約以來，我們執行既定策略，透過承作高品質貸款、積極管理投資組合、回購公司股票，以及創新運用公司可用的稅務資產，來提升每股淨值。

As part of that strategy, this quarter we sold another of our real estate investments and realized a $3.3 million gap and EAD gain.

作為該策略的一部分，本季我們再度出售一項不動產投資，實現 330 萬美元的 gap 與 EAD 利得。

This sale, coupled with the sale of an office building in 2024 and our development and sale of the student housing project in Florida and other projects were key components to our real estate investment strategy. The gains on the real estate investments, stock repurchases and retained earnings raised our book value by 66% since 2020, $29.98 per share.

此次出售，加上我們於 2024 年出售一棟辦公大樓，以及我們在佛羅里達州開發並出售學生住宅專案與其他專案，都是我們不動產投資策略的關鍵組成。不動產投資利得、股票回購與保留盈餘使我們自 2020 年以來每股淨值提升 66%，達到每股 29.98 美元。

We deployed the proceeds from sales back into our loan book, originating high-quality loans, and this quarter closed on our new CRE securitization.

我們將出售所得再投入放款組合，承作高品質貸款，並於本季完成新的商用不動產（CRE）證券化交易。

ACRES 2026 FL4 is a $1 billion CRE securitization that has leverage of 86.5% at SOFR plus 1.68% and includes a 30-month reinvestment period. We completed the ramp-up period investments during the first quarter 2026, and we'll see the full run rate benefit of the transaction in the second quarter.

ACRES 2026 FL4 是一筆 10 億美元的 CRE 證券化交易，槓桿比率為 86.5%，資金成本為 SOFR 加 1.68%，並包含 30 個月的再投資期間。我們已於 2026 年第一季完成增資期（ramp-up period）的投資，並將在第二季看到該交易帶來的完整常態化效益。

This is the fourth securitization transaction that we have completed at the REIT. We were able to increase our GAAP leverage from 2.8X at December 31st to 3.4X at March 31st, which was a stated objective we had last year to increase portfolio leverage and the size of the CRE loan portfolio.

這是我們在該 REIT 完成的第四筆證券化交易。我們得以將 GAAP 槓桿倍數由 12 月 31 日的 2.8 倍提高至 3 月 31 日的 3.4 倍；這也是我們去年所提出的目標之一，即提高投資組合槓桿並擴大 CRE 放款組合規模。

In the first quarter 2026, we closed new commitments of $495.6 million, offset by loan payoffs and net unfunded commitments totaling $121.2 million, producing a net increase to the loan portfolio of $374.4 million.

2026 年第一季，我們新增承諾額 4.956 億美元，並由貸款清償及淨未撥承諾合計 1.212 億美元抵銷，使放款組合淨增加 3.744 億美元。

The weighted average spread on newly originated loans is 3.09%. We have increased the loan portfolio to $2.2 billion and 60 investments as of March 31st, and the spread is now 3.29% over one-month term SOFR rates.

新承作貸款的加權平均利差為 3.09%。截至 3 月 31 日，我們的放款組合已增至 22 億美元、共 60 項投資，利差目前為較一個月期 SOFR 利率高出 3.29%。

We now have over half of the portfolio at SOFR floors of over 3%, so we have yield protection in a declining base rate environment. The portfolio generally continues to perform, demonstrating sound and consistent underwriting and proactive asset management.

目前我們超過一半的投資組合設有高於 3% 的 SOFR 利率下限（floor），因此在基準利率下行環境中具備收益保護。整體而言，投資組合持續表現良好，展現穩健且一致的授信審核，以及主動式資產管理。

At March 31st, our weighted average risk rating was 2.5, a decrease from 2.7 at December 31st, and the number of loans rated 4 or 5 was 10, no change from the end of the fourth quarter.

截至 3 月 31 日，我們的加權平均風險評等為 2.5，較 12 月 31 日的 2.7 下降；評等為 4 或 5 的貸款筆數為 10 筆，與第四季末持平。

The portion of our CRE loan portfolio rated 4 or 5, based on the company's economic interest, was 14% at March 31, down from 17% at December 31.

以公司經濟權益計算，我們 CRE 放款組合中評等為 4 或 5 的占比於 3 月 31 日為 14%，低於 12 月 31 日的 17%。

As noted earlier, we are excited to announce that we sold one of our real estate investments in the greater Philadelphia area this quarter, which resulted in a gap and EAD gain of $3.3 million.

如先前所述，我們很高興宣布本季已出售一項位於大費城地區的不動產投資，帶來 330 萬美元的 gap 與 EAD 利得。

We will now have ACR's CFO, Eldron Blackwell, discuss the financial statements and operating results during the first quarter.

接下來將由 ACR 財務長 Eldron Blackwell 說明第一季的財務報表與營運結果。

Thank you, and good morning, everyone.

謝謝，各位早安。

GAAP net loss allocable to common shares in the first quarter was $1 million, or $0.16 per share.

第一季歸屬於普通股股東的 GAAP 淨虧損為 100 萬美元，或每股 0.16 美元。

GAAP net loss for the quarter included $9.3 million in net interest income, which was a decrease of $1.4 million over the prior quarter.

本季 GAAP 淨虧損包含 930 萬美元的淨利息收入，較前一季減少 140 萬美元。

This decrease in net interest income was primarily driven by the ramp-up period of our new CRE securitization, combined with lower fee recognition from loan payoffs.

淨利息收入的下降主要是由於我們新的 CRE 證券化處於爬坡期，並且因貸款提前清償而認列的費用收入較低所致。

As Mark noted, we'll see the run-rate impact of the fully invested FL4 securitization during the second quarter.

如 Mark 所提到的，我們將在第二季看到 FL4 證券化完成全數投資後對常態化水準（run-rate）的影響。

GAAP net loss for the quarter also included a $1.3 million net decrease in the performance of our net real estate operations to a net loss of $1.2 million and a $3.3 million net gain on the sale of the previously mentioned land sale in the Philadelphia area.

本季 GAAP 淨虧損亦包含：我們淨不動產營運表現淨減少 130 萬美元，轉為 120 萬美元的淨虧損，以及出售前述費城地區土地所產生的 330 萬美元淨收益。

We saw a decrease in current expected CECL losses or CECL reserves of $1 million or $0.15 per share as compared to a decrease in CECL reserves during the fourth quarter of $1.3 million, which was primarily driven by improvements in projected macroeconomic factors during the quarter, offset by an increase in the model credit risk of the company's loan portfolio.

相較於第四季 CECL 準備金減少 130 萬美元，我們本季目前預期的 CECL 損失（或 CECL 準備金）減少 100 萬美元，或每股 0.15 美元；主要原因是本季預測的總體經濟因素改善，但部分被公司貸款投資組合模型信用風險上升所抵銷。

The total allowance for credit losses at March 31st was $19.4 million and represented 0.88% or 88 basis points on our $2.2 billion loan portfolio at par and was composed entirely of general credit reserves.

截至 3 月 31 日的信用損失準備總額為 1,940 萬美元，按面值計占我們 22 億美元貸款投資組合的 0.88%（或 88 個基點），且全部由一般信用準備金構成。

EAD for the first quarter 2026 was $0.02 per share as compared to an EAD loss of $0.48 per share for the fourth quarter.

2026 年第一季的 EAD 為每股 0.02 美元，相較之下第四季為每股 0.48 美元的 EAD 虧損。

GAAP book value per share was $29.98 on March 31st versus $30.01 on December 31st.

截至 3 月 31 日，每股 GAAP 帳面價值為 29.98 美元，對比 12 月 31 日的 30.01 美元。

Available liquidity at March 31st was $87 million, which comprised $48 million of unrestricted cash and $38 million of projected financing available on unlevered assets.

截至 3 月 31 日，可用流動性為 8,700 萬美元，其中包括 4,800 萬美元的不受限制現金，以及 3,800 萬美元以未加槓桿資產可取得的預計融資額度。

Our GAAP debt-to-equity leverage ratio increased to 3.4 times at March 31st from 2.8 times at December 31st, primarily from the closing of the securitization.

截至 3 月 31 日，我們的 GAAP 負債對股東權益槓桿比率由 12 月 31 日的 2.8 倍上升至 3.4 倍，主要因證券化交易完成所致。

At the end of the first quarter, 2026, the company's net operating loss carryforwards were $32.1 million, or approximately $4.89 per share.

截至 2026 年第一季末，公司可結轉的淨營運虧損（NOL）為 3,210 萬美元，或約每股 4.89 美元。

And with that, I will turn the call to Andrew Fentress for closing remarks.

接下來，我把電話交給 Andrew Fentress 作結語。

Thank you, Eldron.

謝謝你，Eldron。

Along with the entire Acres team and Board members of Acres Commercial Realty, I'm thrilled to announce the internalization combination of these two companies.

我與 Acres Commercial Realty 的全體 Acres 團隊及董事會成員一起，很高興宣布這兩家公司將進行內部化整合。

The logic for the combination is simple: to be the best resource possible for our middle-market customers. To be the best partner, we have to offer creative solutions, competitive, flexible capital, and exceptional customer experience.

此次整合的邏輯很簡單：成為我們中型市場客戶最好的資源。要成為最好的合作夥伴，我們必須提供具創意的解決方案、具競爭力且彈性的資本，以及卓越的客戶體驗。

Today, Acres provides a complete dirt-to-perm financing solution program.

目前，Acres 提供完整的「從整地到永久貸款（dirt-to-perm）」融資解決方案計畫。

As we continue to grow this roughly $5 billion platform, our offering and service will only improve, further driving value for all of our stakeholders.

隨著我們持續擴大這個約 50 億美元的平台，我們的產品與服務只會更好，進一步為所有利害關係人創造價值。

Post the merger, the ACRES employees and board members will be the largest shareholders in the company with over a 40% interest. It will keep us directly aligned with our other shareholders and focused on credit customers and costs.

合併後，ACRES 的員工與董事會成員將成為公司最大的股東，持股比例超過 40%。這將使我們與其他股東保持直接一致，並專注於信貸客戶與成本。

Over time, we want to deliver a sector-leading return profile defined by consistent above-market dividends while employing modest leverage with complete transparency.

長期而言，我們希望在保持完全透明、採用適度槓桿的同時，提供同業領先的報酬表現，其特徵是持續提供高於市場水準的股利。

Management will remain in place. All the Acres owners and employees received 100% of their consideration for this transaction in ACR shares at book value, signaling our belief in the long-term success of this company.

管理團隊將維持不變。所有 Acres 的所有人與員工就本次交易所獲得的對價 100% 以 ACR 股票、按帳面價值取得，展現我們對公司長期成功的信心。

While we humbly recognize the challenges in our market, Acres is front-footed and growing. We love to compete each day and look forward to working with each of you in the coming years.

我們謙遜地認知到市場上的挑戰，但 Acres 正積極進取並持續成長。我們熱愛每天競爭，並期待在未來幾年與各位合作。

In addition to our regular shareholder presentation for the Q1, we've also added a short presentation to help further explain the merits of the transaction. Both can be found on our website.

除了第一季的例行股東簡報外，我們也新增了一份簡短簡報，以協助進一步說明本次交易的優點。兩份資料都可在我們的網站上找到。

This concludes our opening remarks. I'll now turn the call back to the operator for questions.

以上為我們的開場致詞。接下來我把電話交回給接線員進行問答。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

We'll take our first question from Matthew Erdner with Jones Trading.

我們的第一個問題來自 Jones Trading 的 Matthew Erdner。

Your line is open.

您的線路已開通。

Hey, good morning, guys.

嘿，各位早安。

Congrats on all the continued progress. And on the internalization announcement, I'd like to kind of touch on that first as to just the timing of it, why now, why you felt like it was a good time, and then I guess the economic impact of that going forward if this were to be approved?

恭喜你們持續取得進展。關於內部化的公告，我想先談談時點：為什麼是現在、你們為何認為現在是好時機；另外，如果獲得核准，未來的經濟影響會是什麼？

Sure. So with respect to the timeline.

當然。就時間表而言。

The expectation is that this will be obviously an item in our annual shareholder meeting, which is scheduled for June 23rd, excuse me, June 22nd, and then we would expect it to close shortly thereafter, most likely in the July time frame.

預期這顯然會成為我們年度股東大會的議案之一；股東大會預定在 6 月 23 日，抱歉，是 6 月 22 日，之後我們預期不久即完成交割，最可能在 7 月左右。

With respect to why now?

至於為什麼是現在？

Listen, we feel like there's a great market opportunity, we have positive momentum as a firm, as a team, and we felt like the rough size of the two companies made sense to do it at this juncture in our trajectory as well. And then the economic impacts, we've outlined a lot of it in the deck that's in the-- that's available for shareholders.

我們認為市場機會非常好，公司與團隊也有正向動能；同時，我們也覺得兩家公司的大致規模在我們目前的發展軌跡上，正適合在此時點進行整合。至於經濟影響，我們已在提供給股東的簡報中說明了很多。

But look, the punchline is we expect to be able to drive non-balance sheet related revenues from our asset management activities and other operations that exist inside of Acres today that will all flow up and be available to pay higher and increasing EAD.

但重點是：我們預期能透過資產管理活動，以及 Acres 目前內部其他營運所帶來的非資產負債表相關收入來推動成長；這些收入都將上繳並可用於支付更高且持續增加的 EAD。

Got it. That's helpful. I appreciate that. And then as it relates to the $87 million in liquidity.

了解。這很有幫助。謝謝你的說明。接著關於 8,700 萬美元的流動性……

Would you guys say you're close to fully invested from a loan portfolio size, how should we think about that and just capital deployment going forward?

你們會說就貸款投資組合規模而言，你們已經接近完全投資了嗎？我們應該如何看待這點，以及未來的資本部署？

Yeah, I would say today, we would say that we're fully invested.

是的，我會說就目前而言，我們可以說已經完全投資了。

And look, part of the strategy is, as we expect to drive a dividend, that will get us to a place where we hope to be able to issue and grow from there.

另外，你看，我們策略的一部分是，隨著我們預期推動股利發放，這會讓我們到達一個位置，使我們希望能夠進行發行，並從那裡開始成長。

Got it. Awesome. Appreciate the color.

了解。太棒了。感謝提供這些細節。

Thank you guys.

謝謝各位。

Thank you.

謝謝。

Thank you.

謝謝。

We'll move on to Chris Muller with Citizens Capital Markets. Your line is open. Please go ahead.

我們接著請 Citizens Capital Markets 的 Chris Muller。您的線路已開通。請開始。

Hey, guys. Thanks for taking the question. So really great to see the merger and internalization announcement. I guess once the transaction closes, what will the combined company look like? And apologies if this is in the deck. I haven't had a chance to go through that yet. Is it going to look like just a larger ACR with a servicing portfolio, or are there other complementary businesses that are part of ACC that are going to be part of this combined company?

嗨，各位。謝謝讓我提問。很高興看到合併與內部化的公告。我想問交易完成後，合併後的公司會是什麼樣子？如果這在簡報裡有提到也先抱歉。我還沒來得及看。它會看起來像是一家規模更大的 ACR 加上一個服務（servicing）投資組合嗎？還是 ACC 還有其他互補的業務也會納入這家合併後的公司？

Sure. So, the company will have an asset management component. So, the public entity will be the registered investment advisor for an existing asset management business that resides inside of funds and SMA structures.

當然。所以，公司將會有資產管理的組成部分。因此，上市實體將成為既有資產管理業務的註冊投資顧問（RIA），該業務目前存在於基金與 SMA 架構之中。

Those fees will flow up to the public company and be available to be included in the EAD calculation on a go-forward basis.

這些費用將上繳至上市公司，並可在未來納入 EAD 的計算。

Got it. And then I see you guys mentioned that EAD supporting a common dividend in the press release there. Should we expect a dividend to be implemented in quick order once the transaction closes, or is it kind of just getting everything integrated together and then you'll address the dividend down the road?

了解。另外我看到你們在新聞稿中提到 EAD 支持普通股股利。我們是否應該預期交易一完成就會很快實施股利，還是會先把整合都完成，之後再處理股利？

So our general view on dividends is we will pay them as we earn them, and that we expect that once the companies combine. It will have a very clear picture on exactly the earnings power of the company, and then we expect to distribute those earnings through EAD as there aren't.

我們對股利的一般看法是：我們會在賺到的時候就支付。並且我們預期一旦兩家公司合併後，就能非常清楚地掌握公司的實際獲利能力，然後我們預期會透過 EAD 來分配這些盈餘，因為並沒有。

Got it. Very fair. And just last housekeeping one, if I could. Do you guys have an estimated pro forma book value for this transaction?

了解。很合理。最後一個行政性問題，如果可以的話。你們對這筆交易是否有估計的備考（pro forma）帳面價值？

Not at this time.

目前還沒有。

Got it. Well, I'll look out for more filing so we can calculate that ourselves. Appreciate you guys taking the questions today.

了解。那我會留意後續的申報文件，這樣我們可以自行計算。感謝你們今天回答問題。

Great.

很好。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

We'll move on to Gabe Poggi with Raymond James. Your line is open.

我們接著請 Raymond James 的 Gabe Poggi。您的線路已開通。

Hey, good morning. Thanks for taking the questions. With the internalization happening at book value and management being aligned at book, is book value, the bogey for any fresh kind of capital as you guys see going forward as you grow the business?

嗨，早安。謝謝讓我提問。在以帳面價值進行內部化、且管理層以帳面價值對齊的情況下，隨著你們未來擴大業務，帳面價值是否會成為任何新增資本的門檻（bogey）？

Yeah, Gabe, we believe in doing things accretively for shareholders. I think we've demonstrated that by repurchasing shares at a discount. I think as we expect to grow the company, we want to do it accretively as well. So by definition, that means we're issuing at or above book value going forward.

是的，Gabe，我們相信要以對股東具增益（accretive）的方式做事。我想我們透過在折價時回購股票已經證明了這點。我認為隨著我們預期成長公司，我們也希望以具增益的方式來做。因此按定義來說，這代表未來我們會在帳面價值或高於帳面價值的水準發行。

Got it. And then a follow-up, just as it pertains to leverage and then leverage to total capital, leverage to common, I know you guys have the slide, the usual kind of, baseball case for where you want to get the loan book to be. Where's your comfort level on a total leverage to common?

了解。接著追問一下，關於槓桿，以及槓桿相對於總資本、槓桿相對於普通股。我知道你們有那張投影片，通常會用幾種情境來說明你們希望貸款組合達到的規模。你們對「總槓桿相對於普通股」的舒適區間在哪裡？

Or do you really think about?

或者你們其實是怎麼思考的？

This at this size? You just think about it as total leverageable capital, obviously inclusive of the press and non-controlling interest, etc.

在這個規模下？你們只是把它視為可槓桿的總資本，當然也包含優先股與非控股權益等等。

Yeah, look, I think four turns, we expect we're very comfortable. I think one of the advantages of the transaction is that we can target a higher dividend, without increasing leverage. And so over time, that's one of the advantages of having essentially non-balance sheet-related earnings, where you don't have to increase leverage to increase earnings available for distribution. So that's one of the things that we like about the profile of the company on a pro forma basis.

是的，你看，我認為四倍槓桿我們會非常舒適。我認為這筆交易的一個優勢是，我們可以在不提高槓桿的情況下，目標設定更高的股利。因此隨著時間推移，這是擁有本質上非資產負債表相關盈餘的一個優勢：你不必提高槓桿，就能增加可供分配的盈餘。所以這是我們喜歡公司在備考基礎下之輪廓的一點。

But I think what we've put out is that we've shown three cases where we're, basically all at three and a half times leverage with different assumptions for non-balance sheet related fees that drive to dividends that start, the mid-single-digits on up into the mid-teens.

不過我認為我們已經提出的是：我們展示了三種情境，基本上都在 3.5 倍槓桿左右，只是對非資產負債表相關費用的假設不同；這些費用推動的股利殖利率從中個位數起步，一直到中十位數。

Got it. That's helpful.

了解。這很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

And it appears that we have no further questions at this time. I'd be happy to return the call to our hosts for any closing comments.

看起來目前沒有其他問題。我很樂意把電話交回給主辦方，請他們做任何結語。

Great. Well, thank you all for attending the call this morning. We know there's a lot of information to digest in the presentation, so please follow-up with us directly with any questions going forward, and we look forward to all the conversations.

很好。感謝各位今天早上參加電話會議。我們知道簡報中有很多資訊需要消化，所以後續如有任何問題，請直接與我們聯繫；我們也期待與各位進一步交流。

Thank you.

謝謝。

Thank you. This brings us to the end of today's meeting.

謝謝。今天的會議到此結束。

We appreciate your time and participation. You may now disconnect.

感謝各位的時間與參與。您現在可以掛線。