Advantage Solutions Inc (ADV) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Advantage Solutions first quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Ruben Mella, Vice President, Investor Relations. Thank you, Ruben, you may begin.

您好，歡迎參加 Advantage Solutions 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁 Ruben Mella。謝謝你，魯本，你可以開始了。

Thank you, operator. Welcome to Advantage Solutions' first quarter 2025 Earnings Conference Call. Dave Peacock, Chief Executive Officer; and Chris Growe, Chief Financial Officer, are on the call today. Dave and Chris will provide the prepared remarks, after which we will open the call for a question-and-answer session.

謝謝您，接線生。歡迎參加 Advantage Solutions 2025 年第一季財報電話會議。執行長戴夫·皮科克 (Dave Peacock) 和首席財務長克里斯·格羅 (Chris Growe) 今天出席了電話會議。Dave 和 Chris 將提供準備好的演講稿，之後我們將開始問答環節。

During this call, management may make forward-looking statements within the meaning of the federal securities laws. Actual outcomes and results could differ materially due to several factors, including those described more fully in the company's annual report on Form 10-K filed with the SEC.

在本次電話會議中，管理階層可能會做出聯邦證券法所定義的前瞻性陳述。由於多種因素，實際結果和業績可能會存在重大差異，其中包括公司向美國證券交易委員會提交的 10-K 表年度報告中更詳細描述的因素。

All forward-looking statements are qualified in their entirety by such factors. Our remarks today include certain non-GAAP financial measures, which are reconciled to the most comparable GAAP measure in our earnings release. As a reminder, unless otherwise stated, the financial results discussed today will be from continuing operations and revenues will exclude pass-through costs.

所有前瞻性陳述均完全受這些因素的影響。我們今天的評論包括某些非 GAAP 財務指標，這些指標與我們收益報告中最具可比性的 GAAP 指標相協調。提醒一下，除非另有說明，今天討論的財務結果將來自持續經營，收入將不包括轉嫁成本。

And now I would like to turn the call over to Dave Peacock.

現在我想把電話轉給戴夫·皮科克。

Thanks, Ruben. Good morning, everyone, and thank you for joining us. Before we get started, I want to thank my teammates for their relentless commitment to our clients in this highly unprecedented time. Their unwavering focus on our clients and customers is commendable.

謝謝，魯本。大家早安，感謝大家的收看。在我們開始之前，我想感謝我的隊友們在這個前所未有的時期對我們的客戶所做的不懈承諾。他們對我們的客戶和顧客的堅定關注值得稱讚。

Our first quarter revenues of $696 million and adjusted EBITDA of $58 million were down 5% and 18%, respectively, from the prior year. While the headline figures highlight a year-over-year decline, intentional client exits and anticipated transformation-related investment represented the majority of the adjusted EBITDA decline in the quarter. We were also negatively impacted by the calendar with a late Easter and 1 less working day weighing on Q1 results as we expected.

我們第一季的營收為 6.96 億美元，調整後 EBITDA 為 5,800 萬美元，分別比去年同期下降 5% 和 18%。雖然整體數據突顯了同比下降，但有意向的客戶退出和預期的轉型相關投資佔本季調整後 EBITDA 下降的大部分。正如我們預期的那樣，日曆也給我們帶來了負面影響，復活節推遲，工作日減少 1 天，這對第一季的業績產生了影響。

As the quarter progressed, consumer confidence waned, followed by increased uncertainty caused by tariff concerns. This led to lower-than-expected consumer purchases, resulting in some clients and customers reevaluating their spending levels and the timing of events and programming. We also saw lower year-over-year order volumes in many CPG categories as consumers pull back and retailers reduced inventories. The result was a softer environment in the first quarter, which created some near-term volatility for our business, particularly driven by channel shift, trade down and overall reduced consumption. While we primarily service consumer staples categories where product demand is traditionally more stable, we are not immune to shifts in consumer sentiment and pricing.

隨著本季的進展，消費者信心逐漸減弱，隨後關稅問題引發的不確定性也隨之增加。這導致消費者購買量低於預期，導致一些客戶和顧客重新評估他們的消費水平以及活動和節目的時間表。由於消費者減少和零售商減少庫存，我們也看到許多快速消費品類別的訂單量比去年同期下降。結果是第一季的經濟環境較為疲軟，這為我們的業務帶來了一些短期波動，特別是受到通路轉移、交易減少和整體消費減少的影響。雖然我們主要服務於產品需求傳統上更穩定的消費必需品類別，但我們也無法免受消費者情緒和價格變化的影響。

All that said, the environment also brings potential opportunity for our business as we partner more closely with our clients and customers to focus on solutions that help them reduce their costs and drive overall efficiency. At this point, despite turbulence in the macroeconomic environment, our near-term new business pipeline is robust, and we will continue to help existing clients navigate any tariff impacts through our breadth of product offerings. We will continue to monitor the situation very closely. And while we make experience challenges in the near term, we remain optimistic about the future. Advantage has a track record of performing well through recessionary environments. And as a largely domestic services business with no manufacturing, we do not have meaningful direct tariff exposure from a supply chain or cost perspective.

儘管如此，隨著我們與客戶和顧客建立更緊密的合作夥伴關係，專注於幫助他們降低成本和提高整體效率的解決方案，環境也為我們的業務帶來了潛在的機會。目前，儘管宏觀經濟環境動盪，但我們近期的新業務管道仍然強勁，我們將繼續透過廣泛的產品幫助現有客戶應對任何關稅影響。我們將繼續密切關注局勢發展。儘管我們在短期內面臨挑戰，但我們對未來仍然保持樂觀。Advantage 在經濟衰退環境中有著良好的表現記錄。作為一家主要從事國內服務業而沒有製造業的企業，從供應鏈或成本角度來看，我們並沒有顯著的直接關稅風險。

The first quarter performance was impacted by a more challenging labor market, which resulted in difficulties fully staffing events and projects across both our experiential and retailer services segments. These shortfalls were exacerbated by intentional turnover and attrition designed to upskill our talent acquisition teams in some of our field management. We've implemented new processes and have added resources to our talent acquisition teams to help close the gap. These process enhancements are already beginning to yield benefits in Q2, and we are confident that our high-volume talent recruitment optimization and broader labor utilization investments will drive greater access to talent a higher level of retention and enhanced efficiency in the back half of this year and beyond.

第一季的業績受到更具挑戰性的勞動力市場的影響，導致我們的體驗式和零售服務部門難以為活動和專案配備充足的人員。為了提升我們一些領域管理的人才招募團隊的技能，我們故意進行人員流動和自然減員，這進一步加劇了這些不足之處。我們已經實施了新流程，並為人才招募團隊增加了資源，以幫助縮小差距。這些流程改善已在第二季開始產生效益，我們相信，我們大量的人才招募優化和更廣泛的勞動力利用投資將在今年下半年及以後推動更多人才的獲得、更高水準的留任和更高的效率。

Turning to our segments. In Branded services, we're seeing expected headwinds related to our contraction in consumer spending retail inventory destocking and reductions in discretionary marketing budgets. In response, we're continuing to adapt and invest behind our go-to-market next-generation selling model and feel very good about the state of our business development efforts. Retail merchandising and supply chain support, in particular, are examples of services that we provide our CPG clients to help manage their P&Ls with a tangible cost advantage during this uncertain environment. We are confident in those businesses continuing to perform well throughout this year.

轉向我們的部分。在品牌服務方面，我們看到了與消費者支出萎縮、零售庫存去庫存和可自由支配的營銷預算減少有關的預期阻力。作為回應，我們將繼續調整和投資於我們的市場下一代銷售模式，並對我們的業務發展努力的狀況感到非常滿意。零售商品銷售和供應鏈支援是我們向 CPG 客戶提供的服務的例子，旨在幫助他們在這種不確定的環境下以切實的成本優勢管理損益。我們相信這些企業今年將繼續表現良好。

In experiential services, demand remains strong for our solutions across regions and retail banners. The momentum outside of traditional sampling also continues to grow. That being said, we experienced temporary headwinds related to last quarter's customer loss and the aforementioned staffing challenges. Our staffing and execution rates are already improving in Q2.

在體驗式服務方面，各地區和零售品牌對我們的解決方案的需求仍然強勁。傳統採樣之外的勢頭也在持續成長。話雖如此，我們還是經歷了與上個季度的客戶流失和前面提到的人員配備挑戰相關的暫時阻力。我們的人員配備和執行率在第二季度已經有所提高。

In retailer services, ongoing effective price and cost discipline were offset by regional staffing shortages, which limited activity in some places in the quarter. We remain optimistic in our outlook as the client demand remains solid, and our teams continue to make progress executing our strategy to expand in adjacent services and channels. Our support for retailers is especially important in this moment as they seek to rapidly reset assortments as based on disruptions to traditional product supply in some categories.

在零售商服務方面，持續有效的價格和成本控制因區域人員短缺而被抵消，從而限制了本季度部分地區的活動。由於客戶需求依然強勁，並且我們的團隊在執行擴展相鄰服務和管道的策略方面繼續取得進展，因此我們對前景仍然保持樂觀。我們對零售商的支援在此刻尤其重要，因為他們試圖根據某些類別的傳統產品供應中斷來快速重置產品組合。

Turning to our investments. We are pleased to highlight that we are making significant progress on our efforts to modernize our tech infrastructure and enhance our ability to leverage analytics and to drive effectiveness and efficiency. We remain committed to establishing a leading data architecture and system foundation to yield operational savings for Advantage and better and more cost-efficient service for our clients and customers. In April, we successfully rolled out Phase 2 of our ERP implementation across our international operations without notable disruption. We are on pace to complete the implementation of our foundational data platform in the second half of 2025 and the broader cloud migration by the first quarter of 2026.

談到我們的投資。我們很高興地強調，我們在現代化技術基礎設施、增強利用分析和提高效率和效益的能力方面取得了重大進展。我們始終致力於建立領先的資料架構和系統基礎，為 Advantage 節省營運成本，並為我們的客戶和客戶提供更好、更具成本效益的服務。四月份，我們成功地在國際業務中推出了 ERP 實施的第二階段，沒有明顯的中斷。我們預計將於 2025 年下半年完成基礎資料平台的實施，並於 2026 年第一季完成更廣泛的雲端遷移。

We have ingested significant syndicated and internal data into our recently established data lake, which is enabling more rapid deployment of AI use cases as we aim to drive more precision and speed through insights with our sales and field teams. This is manifest in how we review categories with buyers to how we determine the next best action at retail for our clients to how we deploy labor in our retailer and experiential segments. We have begun the process of rationalizing duplicative and outdated systems, which will result in significant OpEx savings over the next 2 to 3 years. Specifically, we believe the savings from this effort will offset the degree of incremental costs we are absorbing in 2025 from more modern systems.

我們已將大量聯合數據和內部數據納入我們最近建立的數據湖，這使得人工智慧用例的部署更加快速，因為我們的目標是透過對銷售和現場團隊的洞察來提高精度和速度。這體現在我們如何與買家一起審查產品類別、如何為客戶確定零售的下一步最佳行動以及如何在零售和體驗領域部署勞動力。我們已經開始對重複和過時的系統進行合理化改造，這將在未來 2 到 3 年內節省大量營運支出。具體來說，我們相信，透過這項努力節省下來的成本將抵消我們在 2025 年從更現代化的系統中吸收的增量成本。

In addition, we also expect to achieve broader business efficiencies as a result of our new simplified IT ecosystem. Our IT and data investments are foundational to helping support our teammates in better serving our clients from the deployment of proprietary analytics and our selling process to greater utilization of field personnel through enhanced scheduling and routing. Another focus area of our transformation in 2025 is improving our labor utilization. We have mobilized the task force to take immediate action in both driving efficiencies across the millions of labor hours we manage at retail and improving the overall teammate experience.

此外，我們也期望透過新的簡化 IT 生態系統實現更廣泛的業務效率。我們的 IT 和數據投資是幫助我們的隊友更好地服務客戶的基礎，從部署專有分析和銷售流程到透過增強調度和路線安排來提高現場人員的利用率。我們2025年轉型的另一個重點領域是提高勞動力利用率。我們已經動員工作小組立即採取行動，提高我們在零售領域管理的數百萬工時的效率，並改善整體隊友體驗。

We have several related strategic initiatives underway. We are seeing positive results from our pilot of a new field operating organizational structure and experiential services with the efforts scaling to larger markets this quarter. The benefits include higher event execution rates and better teammate retention. We continue to have confidence in our target of over 30% uplift in availability of hours for our part-time teammates that are looking for additional hours. Our broad-scale initial rollout for a centralized labor model remains on track for the second half of 2025. This program will cover the majority of our total part-time labor hours in near to medium term. We feel confident in our ability to be a cost-leading solutions partner to CPGs and retailers in this challenging environment. Despite the confidence we have in our people and investments, we must be realistic and acknowledge a softer growth environment in the broader consumer market. Therefore, we are lowering our revenue and adjusted EBITDA outlook to flat to down low single digits.

我們正在進行幾項相關的策略性措施。我們試行的新現場營運組織結構和體驗式服務正在取得正面成果，本季我們將努力向更大的市場擴展。其好處包括更高的活動執行率和更好的隊友保留率。我們仍然對我們的目標充滿信心，即為尋求額外工作時間的兼職隊友增加 30% 以上的工作時間。我們大規模的集中勞動力模式初步推廣計畫將於 2025 年下半年順利實施。該計劃將在近期至中期內涵蓋我們大部分的兼職勞動時間。我們相信，在這個充滿挑戰的環境中，我們有能力成為 CPG 和零售商的成本領先解決方案合作夥伴。儘管我們對我們的員工和投資充滿信心，但我們必須現實一點，承認更廣泛的消費市場的成長環境更加疲軟。因此，我們將收入和調整後的 EBITDA 預期下調至持平或下降個位數。

From where we stand today, we believe the tariffs and the corresponding CPG and consumer reactions can have a modestly adverse net impact on the business. While we may experience benefits from growth in private label and supply chain services, these could be offset by demand softness in certain brokerage, retail and sampling services. We can reiterate our adjusted unlevered cash flow guidance of greater than 50% of adjusted EBITDA, noting that the ERP implementation could bring greater cash flow benefit through the year as we better utilize our new systems and processes. While this year and especially the first half of this year continues to be affected by transformation investment and intentional client exits, we are confident about the long-term earnings power and cash generation potential of Advantage.

從目前的情況來看，我們認為關稅以及相應的 CPG 和消費者反應可能會對業務產生適度不利的淨影響。雖然我們可能會從自有品牌和供應鏈服務的成長中獲益，但這些好處可能會被某些經紀、零售和採樣服務的需求疲軟所抵消。我們可以重申調整後的無槓桿現金流指導，即調整後的 EBITDA 超過 50%，並指出隨著我們更好地利用新系統和流程，ERP 實施可以在全年帶來更大的現金流收益。雖然今年特別是上半年繼續受到轉型投資和有意向客戶退出的影響，但我們對 Advantage 的長期盈利能力和現金創造潛力充滿信心。

I'll now pass it over to Chris for more details on our performance and guidance.

現在我將把它交給克里斯，以了解有關我們的表現和指導的更多詳細資訊。

Thank you, Dave, and welcome to all of you joining the call today. I will tick through our first quarter 2025 performance by segment, discuss our cash flow and capital structure and reinforce Dave's guidance commentary.

謝謝你，戴夫，歡迎大家參加今天的電話會議。我將按部門回顧我們 2025 年第一季的業績，討論我們的現金流和資本結構，並強化戴夫的指導評論。

In Branded services, we generated $257 million of revenues and $28 million of adjusted EBITDA, down 9% and 19% on a year-over-year basis, respectively. Results were driven by the aforementioned intentional client exits and client loss, partially offset by continued cost discipline. Additionally, we continue to see challenges from CPG spending pullbacks most notably in our omni-commerce marketing business. In Experiential services, we generated $221 million of revenues and $12 million of adjusted EBITDA, down 1% and 28% on a year-over-year basis, respectively. We experienced the ongoing impact from last year's customer loss as well as the headwinds from staffing issues, as Dave mentioned earlier. Demand for our services in this segment remains healthy as exemplified by 3% year-over-year growth in events per day excluding the client loss on execution rates of approximately 93%.

在品牌服務方面，我們的營收為 2.57 億美元，調整後 EBITDA 為 2,800 萬美元，分別年減 9% 和 19%。業績成長主要受前述客戶有意退出和客戶流失的影響，但持續的成本管控部分抵銷了這一影響。此外，我們持續看到快速消費品支出回落帶來的挑戰，最明顯的是我們的全商務行銷業務。在體驗服務方面，我們的營收為 2.21 億美元，調整後 EBITDA 為 1,200 萬美元，分別年減 1% 和 28%。正如戴夫之前提到的，我們受到了去年客戶流失的持續影響以及人員配備問題的阻力。我們在此領域的服務需求依然保持健康，例如，每天的事件數量年增 3%（不包括客戶損失），執行率約為 93%。

In retailer services, we generated $218 million of revenues and $18 million of adjusted EBITDA, down 3% and 7% on a year-over-year basis, respectively. This segment was impacted by staffing challenges as well as softness in our agency business. We are starting to see dollars flow into advisory services and feel good about our staffing recovery efforts.

在零售服務方面，我們的營收為 2.18 億美元，調整後 EBITDA 為 1,800 萬美元，分別年減 3% 和 7%。該部門受到人員配備挑戰以及代理業務疲軟的影響。我們開始看到資金流入諮詢服務領域，並對我們的人員恢復工作感到滿意。

Moving to the balance sheet and cash flow. In the first quarter, we continued our capital discipline and made progress opportunistically reducing our debt levels. We voluntarily repurchased $20 million of debt and $1 million of shares at attractive levels. Our net leverage this year was approximately 4.4x adjusted EBITDA, including discontinued operations, higher than year-end 2024 as expected. Our new ERP system rollout in Q1 went smoothly overall, but resulted in a use of cash as we anticipated. We ended the quarter at approximately 70 days of sales outstanding, up from 61 days at the end of 2024 due to the system implementation. This was more than expected, and our team is quickly addressing this and other minor inefficiencies. In fact, we already see improvements to reporting, forecasting and transaction management in Q2 which gives us confidence that DSOs will come down meaningfully in the back half of 2025.

轉到資產負債表和現金流量表。第一季度，我們繼續嚴格資本紀律，並在機會減少債務水準方面取得了進展。我們自願以有吸引力的價格回購了 2000 萬美元的債務和 100 萬美元的股票。我們今年的淨槓桿率約為調整後 EBITDA（包括已終止經營的業務）的 4.4 倍，高於預期的 2024 年底。我們第一季的新 ERP 系統推出總體進展順利，但正如我們預期的那樣，產生了現金使用。由於系統實施，本季末我們的未償銷售額約為 70 天，高於 2024 年底的 61 天。這超出了預期，我們的團隊正在迅速解決這個問題和其他小效率問題。事實上，我們已經看到第二季報告、預測和交易管理的改進，這使我們相信 DSO 將在今年下半年大幅下降。

Most notably in the first quarter, we reduced restructuring and reorganization costs by $16 million on a year-over-year basis. and $10 million on a quarter-to-quarter basis. We're optimistic that these costs will continue to be lower over the balance of the year as we move along our transformation journey. We ended the quarter with $121 million of cash on hand. We view the current debt and equity trading levels as attractive opportunities for value creation with our excess cash. As Dave highlighted, we are lowering our guidance to reflect the current market environment. I will focus my comments on the quarterly weighting and performance and touch on balance sheet and cash flow guidance.

最值得注意的是，在第一季度，我們與去年同期相比減少了 1,600 萬美元的重組和改組成本，與上一季相比減少了 1,000 萬美元。我們樂觀地認為，隨著我們轉型進程的推進，這些成本在今年餘下時間將繼續走低。本季結束時，我們的現金餘額為 1.21 億美元。我們認為目前的債務和股票交易水準是利用我們的過剩現金創造價值的誘人機會。正如戴夫所強調的，我們正在下調我們的預期以反映當前的市場環境。我的評論將重點放在季度權重和業績，並談及資產負債表和現金流指引。

As expected, seasonality this year is exacerbated by a few discrete items. These items include retailer inventory destocking trends, weather pattern, fewer working days and a late Easter, all impacting Q1 and as well as less transformation expense and known business wins reinforcing in the back half of the year. We are also proactively implementing cost reduction programs across the company. Consequently, we continue to believe that this year will be more back half weighted relative to 2024.

正如預期的那樣，今年的季節性因一些離散項目而加劇。這些因素包括零售商庫存去庫存趨勢、天氣模式、工作日減少和復活節延遲，所有這些都對第一季度產生了影響，同時還減少了轉型費用並鞏固了下半年的已知業務勝利。我們也積極在全公司範圍內實施成本削減計劃。因此，我們仍然相信，相對於 2024 年而言，今年的後半段加權將更大。

Turning to cash flow in 2025. We continue to expect adjusted unlevered free cash flow to be over 50% of adjusted EBITDA. With the potential for upside from improved working capital management as we more fully utilize our new systems and build back from our ERP implementation earlier in the year. We continue to expect interest expense to be $140 million to $150 million and CapEx to be $65 million to $75 million in the year. Depending on how the macroeconomic environment evolves, we will selectively consider adjusting our discretionary CapEx spend. We plan to use balance sheet cash to reinvest in the business and opportunistically reduce debt, subject to market conditions in order to track towards our long-term target of less than 3.5x. We would also note that from a liquidity perspective, we ended the quarter with an untapped revolving credit facility of nearly $400 million. we feel confident in our liquidity position and ability to manage the macroeconomic climate.

轉向2025年的現金流。我們繼續預期調整後的無槓桿自由現金流將超過調整後 EBITDA 的 50%。隨著我們更充分地利用新系統並從今年稍早的 ERP 實施中恢復過來，改善營運資本管理可能會帶來好處。我們繼續預期今年的利息支出為 1.4 億至 1.5 億美元，資本支出為 6,500 萬至 7,500 萬美元。根據宏觀經濟環境的發展情況，我們將選擇性地考慮調整可自由支配的資本支出。我們計劃利用資產負債表現金進行業務再投資，並根據市場狀況適時減少債務，以期達到低於3.5倍的長期目標。此外，從流動性角度來看，本季末我們擁有近4億美元的未動用循環信貸額度。我們對自身的流動性狀況和管理宏觀經濟環境的能力充滿信心。

Thank you for your time. I will now turn it back over to Dave.

感謝您抽出時間。現在我將把話題交還給戴夫。

Thanks, Chris. Despite the challenging quarter and volatile operating backdrop, I remain pleased with our team's efforts and transformation progress. We are committed to investing behind our strategic initiatives and look forward to being the best equipped service provider for our clients and customers. while generating meaningful cash flow for our shareholders once we emerge from our transformation.

謝謝，克里斯。儘管本季充滿挑戰且經營背景動盪，我仍然對我們團隊的努力和轉型進展感到滿意。我們致力於投資我們的策略性舉措，並期待成為我們的客戶和顧客最優秀的服務提供者。同時，一旦我們完成轉型，我們將為股東創造有意義的現金流。

Operator, we are now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Joseph Vafi with Canaccord.

（操作員指示）Canaccord 的 Joseph Vafi。

Thanks for the opportunity to ask a couple of questions. I thought we'd first maybe check in on the macro here, we're kind of halfway through the second quarter, any kind of notable changes that you're seeing kind of real time versus kind of the Q1 print?

感謝您給我這個機會來提問幾個問題。我想我們首先應該檢查一下宏觀情況，我們已經到了第二季度的一半，與第一季的數據相比，您看到即時數據有什麼顯著的變化嗎？

And then secondly, if we could maybe drill down a little bit on some of the labor challenges in kind of more specifically, certain geos or areas of the country and kind of a little more detail on the progress to get those fixed.

其次，如果我們可以更詳細地探討某些地區或國家中存在的一些勞工挑戰，並更詳細地介紹解決這些問題的進展。

Joe, thanks. This is Dave. Let me probably answer both questions with the same information. We put a task force together pretty quickly and actually had anticipated a little kind of bumpiness relative to labor in the first quarter as we were making some changes both in some of our event managers and our experiential business, but also on our talent acquisitions team in both some in process and some in leadership. And the good news is there's yielding from that work. Already in this quarter, we're seeing much better hiring rates, if you will. And some of the anomalies that we saw in certain regions and certain geographies are starting to smooth out a bit. And wherever we see dispersion relative to our ability to acquire talent in a certain geography. We've got, I think, a nimble enough and agile enough team now to go address it pretty quickly. And we've always had in our business.

喬，謝謝。這是戴夫。讓我用相同的資訊來回答這兩個問題。我們很快就組建了一個工作小組，實際上我們已經預料到第一季勞動力方面會出現一些波動，因為我們不僅對一些活動經理和體驗業務進行了一些調整，而且對我們的人才收購團隊也進行了一些調整，包括流程調整和領導層調整。好消息是這項工作是有成果的。如果你願意的話，我們已經看到了本季更好的招募率。我們在某些地區和某些地理區域看到的一些異常現象開始逐漸消退。我們發現，在某個特定地區，我們獲取人才的能力有分散性。我認為，我們現在擁有一支足夠靈活、足夠敏捷的團隊，可以很快地解決這個問題。我們的業務也一直如此。

I mean if you look at our business, you've had kind of better or worse hiring in different areas. It was a little more exaggerated in the first quarter. But safe to say that we feel very good about how things are playing out in the second quarter and it's important to note as well is that those businesses that are most exposed to labor that we have, actually have more seasonality in second and third quarter. So we have an ability to make up more ground to the degree we can continue this hiring pace.

我的意思是，如果你看看我們的業務，你會發現不同領域的招募情況有好有壞。第一季的情況稍微誇張。但可以肯定地說，我們對第二季的情況感到非常滿意，同樣值得注意的是，那些最容易受到勞動力影響的企業實際上在第二季和第三季具有更大的季節性。因此，我們有能力取得更大進步，以維持這項招募速度。

Joe, I might add a comment there. For example, on experiential our execution rate in the first quarter was around 93%. And that -- so that's an improved rate. We're seeing that in a good place. However, it's just not where we thought it should be or where it could be. as Dave mentioned, due to some of the hiring constraints there. So I think we see that improve in Q2, not only the higher but then the kind of knock-on effect for execution, we should see a much stronger performance, especially in experiential.

喬，我可能會在那裡添加一條評論。例如，從經驗來看，我們第一季的執行率約為 93%。這就是說 — — 這是一個改進的比率。我們在一個好的地方看到了這一點。然而，正如戴夫所提到的，由於那裡的一些招聘限制，它並沒有達到我們所認為的應該達到的水平或可以達到的水平。因此，我認為我們會看到第二季的情況有所改善，不僅是更高的，而且還有執行的連鎖反應，我們應該看到更強勁的表現，特別是在體驗方面。

William Reuter with Bank of America.

美國銀行的威廉‧路透 (William Reuter)。

I have to -- so the first -- the issues with staffing in the previous question, you mentioned event managers talent acquisition. You said some in process and some in leadership -- have there been meaningful increases in your labor costs that have allowed your staffing levels to improve over the last month or 2? Was that part of the problem? And what types of labor inflation are you seeing?

我必須——首先——上一個問題中的人員配備問題，您提到了活動經理人才的取得。您說有些是流程方面的原因，有些是領導方面的原因－您的勞動成本是否有顯著增加，使您的員工水準在過去一兩個月內有所提高？這是問題的一部分嗎？您看到了哪些類型的勞動力通膨？

Thanks for the question. We are not seeing, what I would call, differentiated labor costs from first quarter to second quarter necessarily. We're seeing labor cost inflation in line with the macro market for high-volume talent. A lot of that is a byproduct of regulatory minimum wage laws in select states. And then obviously, you get some markets that are more competitive and have been for a long time. One example might be like the Southeast of the U.S. But yes, from quarter 1 to quarter 2, we're not seeing a real difference. And it wasn't our wages that was the issue. I think it was a little bit on our side relative to our talent acquisition strategy.

謝謝你的提問。我們並沒有看到我所說的第一季和第二季勞動成本的差異化。我們看到勞動成本的上漲與大量人才的宏觀市場保持一致。其中很大一部分是某些州的最低工資監管法的副產品。顯然，你會發現一些市場競爭更加激烈，而且這種情況已經持續很久了。一個例子可能是美國東南部。但是，從第一季到第二季度，我們並沒有看到真正的差異。問題並不在於我們的薪資。我認為，相對於我們的人才招募策略而言，這對我們來說有點有利。

And some of the changes we were making. And like I said, we signaled the soft first quarter in the fourth quarter call, 3 or 4 months ago. And part of that was knowing kind of we're going to go into this quarter a little bit of risk on the labor side. But the good news is the initiatives that we've put underway are really starting to take hold.

以及我們正在進行的一些改變。正如我所說的，我們在三、四個月前的第四季電話會議上就曾表示第一季業績將疲軟。其中一部分原因是我們知道本季我們將在勞動力方面面臨一些風險。但好消息是，我們正在實施的措施確實開始奏效。

Got it. And then in terms of the debt reduction in the quarter, -- did you repurchase term loan? Or was it bonds? And I guess, how are you thinking about that? You mentioned something about kind of like a balanced approach, I think, in the capital allocation discussion at the end of the prepared remarks. But just thoughts on debt reduction versus share repurchases?

知道了。那麼就本季的債務減少而言—您是否回購了定期貸款？還是債券？我想，您對此有何看法？我認為，在準備好的發言結尾的資本配置討論中，您提到了一些類似平衡方法的內容。但僅僅是關於減債與股票回購的想法嗎？

Yes, we are -- we did repurchase some debt in the quarter. Obviously, we have a narrow window to do that. And I think going forward, as you know, we're in a year, which we're not going to generate a lot of incremental cash. We are focused on our -- on balancing the cash we have available to use that to repurchase debt. So I think it -- what I'd just say is we're going to be balanced around debt and cash. And I think we'll be kind of focused on making sure we utilize our cash appropriately for that.

是的，我們確實在本季回購了一些債務。顯然，我們能做到這一點的時間很有限。而且我認為，展望未來，如你所知，我們將處於一年內不會產生大量增量現金的時期。我們專注於平衡可用現金，以用於回購債務。所以我認為——我只想說我們將在債務和現金之間取得平衡。我認為我們會集中精力確保我們合理利用現金。

Okay. And was it the term loan or the bonds that you repaid or repurchased in the quarter?

好的。您在本季償還或回購的是定期貸款還是債券？

We repurchased the bonds.

我們回購了債券。

Faiza Alwy with Deutsche Bank.

德意志銀行的 Faiza Alwy。

I wanted to ask about -- you mentioned the macro impact. And you alluded to Chances. So curious if you could talk about what you're seeing there and whether you're starting to see increased business as it relates to private label. And then maybe on the brand side or I don't know, maybe it impacts all segments, but what are you seeing? Are there specific categories where you've seen a change in consumer or retailer or manufacturer the demand?

我想問一下——您提到了宏觀影響。您也提到了機會。我很好奇您是否可以談談您在那裡看到了什麼，以及您是否開始看到與自有品牌相關的業務成長。然後也許在品牌方面或我不知道，也許它會影響所有細分市場，但您看到了什麼？您是否發現消費者、零售商或製造商對某些特定類別的需求改變了？

Yes. It's a good question and an important one. So one, we all see that consumer sentiment is, I think, the lowest it's been in 12 years. and consumer sentiment is affecting their shopping behavior. You saw retail sales that were below expectation. For instance, in February, March, they rebounded, but they were on large ticket items largely and we deal with fast-moving consumer goods. So with kind of limited discretionary spend, we're seeing in certain categories where consumers may fear tariffs or fear inflation or there's even some cases, somewhat exaggerated inflation in the media. They'll start buying up they're stocking up in those categories.

是的。這是一個好問題，也是一個重要的問題。首先，我們都看到，消費者情緒是 12 年來的最低水平，而且消費者情緒正在影響他們的購物行為。您看到零售額低於預期。例如，在二月和三月，銷售量有所反彈，但主要集中在高價商品上，而我們經營的是快速消費品。因此，在可自由支配的支出有限的情況下，我們在某些類別中看到消費者可能擔心關稅或通貨膨脹，甚至在某些情況下，媒體會誇大通貨膨脹。他們會開始購買這些類別的庫存。

And that just affects overall movement of goods across all categories. You've had retailers destocking a bit in other words, reducing inventory. And again, that goes back to depending on the category. In the categories where we operate being fast-moving consumer goods, you would see a little bit of destocking there even though you may find other categories like electronics or large durables, that there was actually more inventory just trying to get ahead of tariffs.

這會影響所有類別商品的整體流動。零售商已經減少了一些庫存，換句話說，減少了庫存。再次強調，這又取決於類別。在我們經營的快速消費品類別中，你會看到那裡有一點點去庫存，儘管你可能會發現其他類別，如電子產品或大型耐用品，實際上有更多的庫存，只是為了趕在關稅之前。

So part of that is how they're leveraging their overall working capital and their inventory dollars. As it relates to our business, the macro that we've seen is that reduction in orders because we're a commission-based business and much of our branded services area. And then -- on the private label side, you do see an increase in shift in the private label in the macro when you look at the IRI or I'm sorry, the data. But we are exposed more to regional grocery and a lot of that private label growth is occurring with larger retailers, mass merge, club stores. We do have some exposure to, but not as much exposure as you have to the grocery channel and some other channels like that.

因此，部分原因在於他們如何利用其整體營運資本和庫存資金。就我們的業務而言，我們看到的宏觀情況是訂單減少，因為我們是一家以佣金為基礎的業務，而且我們的大部分業務都是品牌服務領域。然後 - 在自有品牌方面，當您查看 IRI 或抱歉，數據時，您確實會看到宏觀上自有品牌的轉變有所增加。但我們更接觸的是區域性雜貨店，而且許多自有品牌的成長都發生在大型零售商、大規模合併和俱樂部商店。我們確實有一些接觸，但不如雜貨管道和其他類似管道那麼多。

So I'd say on the other side, when you look at the macro and the reason we gave kind of broader guidance as it relates to our revised outlook is we do provide services that are really necessary for retailers and consumer products companies. And we can help them navigate this difficult time. And so the discussions we're having with a lot of our clients and customers are just around that. With uncertainty in the market, can we provide some level of certainty whether that's in an expense line item or in a specific service to help them navigate and manage the unexpected. And so we can do that with our supply chain services as you referenced, some of our private label advisory for retailers and then some of the merchandising work as a lot of consumer products companies and retailers are looking at SKU rationalization, vetting create work for our teams.

所以我想說，從另一方面來說，當你從宏觀角度看，我們之所以給出與修訂後的展望相關的更廣泛的指導，是因為我們確實為零售商和消費品公司提供了真正必要的服務。我們可以幫助他們度過這段艱難時期。因此，我們與許多客戶和顧客的討論都圍繞著這一點。由於市場存在不確定性，我們能否提供一定程度的確定性，無論是在費用項目中還是在特定服務中，以幫助他們應對和管理意外情況。因此，正如您所提到的，我們可以透過我們的供應鏈服務來做到這一點，為零售商提供一些自有品牌諮詢，然後進行一些商品銷售工作，因為許多消費品公司和零售商正在考慮 SKU 合理化，審查為我們的團隊創造的工作。

So we gave a little bit of a broader outlook, just range out as far as outcomes for the year because it really is unknown how the consumer and then thereby the CPGs and the retailers are going to behave. But we do see some opportunity to leverage our services and where they intersect with the specific needs of the consumer segment right now.

因此，我們給出了更廣泛的展望，僅就今年的結果進行概述，因為消費者、快速消費品公司和零售商的行為方式確實未知。但我們確實看到了一些利用我們服務的機會，以及它們與當前消費者群體的特定需求相交的地方。

I can add a little bit of color here just in relation to just a couple of things quickly. We did see in our -- in retailer inventories, about a 1.5 point drag on orders in the first quarter. We have the benefit of some data from both our retailer and our branded services segment that allowed us to get a pretty good read on that. And just an item just to give you some perspective for what we're seeing across the business. And then just to follow on Dave's comment in this environment, private label supply chain as a service. There's -- these are services that are a nice level offset or balance to some of the leadership might be seeing on the retailer inventory destocking side. So we are seeing some improvement there and some nice growth there. And then underneath that, of course, I would just say we're seeing some good demand signals on the experiential side, for example, where we're seeing good demand, we'll just get the execution up, get the hiring up, we've got the kind of demand there to -- if we can get the hiring up to achieve that.

我可以在這裡快速添加一點顏色，僅與幾件事有關。我們確實看到，在零售商庫存中，第一季的訂單量下降了約 1.5 個百分點。我們從零售商和品牌服務部門獲得了一些數據，這讓我們對此有了很好的了解。這只是一件事，讓您了解我們在整個業務中看到的情況。然後，我們繼續按照戴夫在這個環境下的評論，將自有品牌供應鏈作為一種服務。這些服務對於一些領導層在零售商庫存去庫存方面可能看到的現象起到了很好的抵消或平衡作用。因此，我們看到那裡出現了一些改善和良好的成長。當然，在此基礎上，我只想說，我們在體驗方面看到了一些良好的需求信號，例如，我們看到了良好的需求，我們就會提高執行力，提高招聘率，我們有這種需求 - 如果我們能夠提高招聘率來實現這一目標。

All right. Great. That's very helpful. And then just on the guided software, just given where we came in, in the first quarter, -- just help us with a little bit of the quarterly phasing because my impression is that we should be expecting a much stronger EBITDA growth in the back half. And I think you've talked about that as being more sort of new business related. So just give us an update on that in terms of how you're expecting the year to play out from here?

好的。偉大的。這非常有幫助。然後，僅就指導軟體而言，考慮到我們在第一季的進展情況，這可以幫助我們進行一些季度分階段的規劃，因為我的印像是，我們應該預期下半年的 EBITDA 成長會更加強勁。我認為您已經談到了這一點，這更像是一種新業務相關的事情。那麼請向我們介紹一下您對今年的預期吧？

Yes. So obviously, a little softer first quarter here overall. But a couple of things that come to mind in relation to that. So I think about the seasonality factor, we'll be a little more exaggerated first half, second half. There's 1 phenomenon we talked about last quarter, as we talked about our outlook for the year, which was a much heavier level of shared service cost increases year-over-year in the first half. A lot of that's driven by IT in our new systems, and that is -- that persists, if I can say it that way. Obviously, with a little softer revenue in the first quarter, those costs are not changed. So as a result, it did weigh on Q1. Those do come down or actually come down in the second half of the year, and we should be in a much better place in that regard and should allow for stronger growth.

是的。因此，顯然第一季整體而言略顯疲軟。但我想到了一些與此相關的事情。因此，我認為季節性因素，上半年和下半年會更誇張一些。上個季度我們在談論今年的展望時談到了一個現象，那就是上半年共享服務成本比去年同期大幅成長。其中許多是由我們新系統中的 IT 所驅動的，如果我可以這樣說的話，這種情況會持續存在。顯然，由於第一季收入略有下降，這些成本並沒有變化。因此，它確實對第一季產生了影響。這些數字在下半年確實會下降，我們在這方面應該處於更好的位置，並且應該會實現更強勁的成長。

Yes, I just want to also add, at the same time, Faiza, we are going through a pretty aggressive look at our cost structure here. And I think there's some cost reduction programs and ideas we have to push through the business that we're executing now. that I think will be very helpful for the second half as well. So a little more exaggerated first half, second half. And then you're going to see the lower shared service costs and the cost reduction programs really play out in the second half of the year.

是的，我還想補充一點，同時，Faiza，我們正在對我們的成本結構進行相當積極的審視。我認為我們必須在目前正在執行的業務中推行一些成本削減計劃和想法，我認為這對下半年也會非常有幫助。所以前半部稍微誇張一點，後半部也一樣。然後你會看到共享服務成本的降低和成本削減計劃在下半年真正發揮作用。

And then maybe just last one. Just with all of the tech transformation that you're going through -- like how are you ensuring that there is no execution issues that come from it. We've often come across situations where as you go through this IP implementation that issue. So just curious how you're managing through that.

然後也許只是最後一個。在您經歷的所有技術轉型過程中—您如何確保不會有任何執行問題？我們經常會遇到這樣的情況：在執行 IP 實作時會出現該問題。所以我很好奇你是如何解決這個問題的。

This is Dave. The team 1 has been really well organized and has done a great job, especially with our ERP implementation, obviously, bring in a top-tier systems integrator -- so we're leveraging all the external resources as well as having, what I'd say, expertise within our business and experience having done this before, and frankly, more complex businesses. When you do something like this and you undergo this effort, in the manufacturing environment, which I've lived through in my past or a retail environment where you've got stop ledgers and vast lung data and all kinds of things. inventory across thousands and thousands of SKUs.

這是戴夫。團隊 1 的組織非常好，並且做得很好，特別是在我們的 ERP 實施方面，顯然引入了頂級的系統集成商 - 因此我們利用了所有外部資源，並且擁有我們業務內部的專業知識和以前做過這方面工作的經驗，坦率地說，還有更複雜的業務。當你做這樣的事情並且付出這樣的努力時，在製造環境中，我過去經歷過這樣的環境，或者在零售環境中，你會得到停止分類帳和大量的肺部數據和各種各樣的東西。庫存涵蓋成千上萬個 SKU。

There's a lot of risk. In our business, while it's never simple, it's a little bit easier and a little less risk. Where you're seeing it manifest is on the cash flow side, which we know is short term because it has to do with billing cycles and how we're able to actually use a system that's actually going to help us compress our time to invoice and improve our DSOs over time. But you see that hiccup in the first quarter or 2 when you're implementing.

存在很大的風險。在我們的業務中，雖然這並不簡單，但它會更容易一些，風險也會更小一些。您看到它體現在現金流方面，我們知道這是短期的，因為它與計費週期有關，以及我們如何能夠實際使用一個系統來幫助我們壓縮開票時間並隨著時間的推移改善我們的 DSO。但是在實施的第一季或第二季度，您就會發現這個問題。

And then as it relates to visibility, I can tell you that the visibility we'll have within a granular level of our business is going to be much greater than where we've been with disparate systems. And we're already seeing the benefits of faster and richer data. So what used to take several hours for our team and FP&A to run a full run of our financials now can take minutes. And all these things will come with efficiencies over time. And then I'd also want to add that as we're implementing these new systems, and I'd say there's really kind of think about it in a few ways, there's foundational systems like our which was finished last year, our ERP and then our human capital management system, which will project kicks off in the second half of this year, it's a smaller effort but an important 1 for our people.

然後，就可見性而言，我可以告訴你，我們在業務粒度級別內的可見性將比我們使用不同系統時的可見度高得多。我們已經看到了更快、更豐富的數據所帶來的好處。因此，我們的團隊和 FP&A 以前需要幾個小時才能完成整個財務狀況，現在只需幾分鐘。隨著時間的推移，所有這些都將提高效率。然後我還想補充一點，當我們實施這些新系統時，我想說我們確實會從幾個方面來考慮，例如我們去年完成的基礎系統，我們的 ERP 系統，以及我們的人力資本管理系統，該專案將於今年下半年啟動，雖然工作量較小，但對我們的員工來說卻很重要。

And then we've got our cloud migration and the data lake that we've constructed that will enable us to perform all kinds of AI use cases and then leverage the speed of data. These will come with efficiencies in the overall business, some of which Chris just mentioned that we're trying to pull forward as we look to realize cost benefits this year. And then as we implement new more modern systems over the next 2 to 3 years will actually be shutting down systems that will save us the expense that we've added to our P&L relative to newer systems. So you've got the benefit of ultimately having older systems being decommissioned, effectively paying the price for the new systems and then ultimately, the efficiencies within the business come to streamline operations and better data visibility.

然後，我們進行了雲端遷移並建立了資料湖，這將使我們能夠執行各種 AI 用例，然後利用資料速度。這些將帶來整體業務的效率提升，克里斯剛才提到，我們正在努力推動其中一些工作，以期在今年實現成本效益。然後，隨著我們在未來 2 到 3 年內實施新的更現代化的系統，我們實際上將關閉一些系統，這將為我們節省相對於新系統而言在我們的損益表中增加的開支。因此，您最終可以獲得的好處是舊系統被淘汰，有效地為新系統付出代價，最終，企業內部的效率將得到提高，從而簡化營運並提高資料可見性。

William Reuter with Bank of America.

美國銀行的威廉‧路透 (William Reuter)。

Just a couple of follow-ups. The first, is there any way to figure out what the impact of staffing shortages would have been on EBITDA in the first quarter had you had sufficient labor?

僅需幾個後續行動。首先，如果有足夠的勞動力，有什麼辦法可以計算出人員短缺對第一季 EBITDA 的影響嗎？

Yes. I mean I think if you look at the first quarter and I look at our execution rates, for example, across our retailer and experiential segment, I would just say the vast majority -- actually probably more than the decline in EBITDA is associated with the staffing shortages. So when I think about other cost pressures or other items that are affecting those segments. I think the main driver of the weakness in decline in profitability was related to the staffing shortages.

是的。我的意思是，如果你看一下第一季度，然後我看一下我們的執行率，例如，在我們的零售和體驗式部門，我只想說絕大多數——實際上可能比 EBITDA 的下降更多的是與人員短缺有關的。因此，當我考慮其他成本壓力或其他影響這些部分的因素時。我認為獲利能力下降的主要原因與人員短缺有關。

Got it. And then secondarily, -- is the destocking that you had previously -- or you saw, I think you mentioned a 1.5% increase headwind in the first quarter. Are you continuing to see destocking into the second quarter? Or is that largely complete?

知道了。其次，您之前提到的去庫存現象，或者您看到的，我記得您提到第一季出現了 1.5% 的成長逆風。您是否認為第二季的去庫存現象還會持續？或者說這已經基本完成了？

I know that it certainly got better as the quarter went on, but I want to just say, I've not seen like April data yet, for example, to say that it stopped or is not occurring. I just want to also add that we saw this a year ago in the first quarter, and it went even lower this quarter -- this first quarter of '25. So I think what we're seeing is just a tighter lock on inventory by the retailers that is causing the year-over-year effect. My point then would be that it's unlikely we're going to see that continue at certainly the same rate in Q2, but I just have not seen the data yet to validate that.

我知道隨著季度的推移，情況肯定會好轉，但我只想說，我還沒有看到像四月份的數據那樣，表明這種情況已經停止或沒有發生。我還想補充一點，我們在一年前的第一季就看到過這種情況，而本季——25 年第一季——的情況甚至更低。所以我認為，我們看到的只是零售商對庫存的更嚴格鎖定，這導致了同比效應。我的觀點是，我們不太可能看到這種情況在第二季度繼續以相同的速度發展，但我還沒有看到數據來證實這一點。

Yes. The other thing to think about William is you've got an Easter shift, which was pretty substantial. -- and that can play a part in a retailer and how they stop especially fastening consumer goods that have a much more efficient supply chain and they tend to carry less inventory overall. So theoretically, you should see more of a pushing out of that volume by -- with consumer demand in April and then shipments starting to kind of catch up again.

是的。關於威廉，另一個需要考慮的事情是，你有一個復活節輪班，這是相當重要的。 ——這對零售商來說可能是一個影響，以及他們如何停止特別是緊固消費品，這些消費品擁有更高效的供應鏈，而且它們總體上往往庫存較少。因此從理論上講，你應該會看到更多的銷量下滑——隨著 4 月份消費者需求的增加，出貨量將開始再次趕上。

Got it. And then a last 1 for me. And this kind of a big picture question. Branded services, the breakdown of consumer products versus food companies, is there kind of a rough estimate you could give me on how that breaks down.

知道了。對我來說這是最後一個。這是一個宏觀問題。品牌服務、消費品與食品公司的細分，您能否粗略地估計一下其細分情況。

And you said food versus like beverage, household products is what you're getting at?

您說的是食品與飲料、家用產品的差別嗎？

Well, I was thinking more like food consumables that I think would have largely more consistent demand versus I'm sure there's consumer products in there as well that -- and when I say consumer products, I'm thinking about, I don't know, batteries or nonconsumables of that nature.

嗯，我更多地考慮的是食品消費品，我認為它的需求會更加穩定，而我確信其中也有消費品——當我說消費品時，我想到的是電池或類似的非消耗品。

Yes. I mean the vast majority of our portfolio is going to be in the food and look all Personal Care. It's 70% food. And then we've got a very strong presence within the personal care and household goods segments as well. So we're not as exposed to things like electronics or kind of these other consumer -- obviously, not apparel and things like that. It's much more fast moving consumer goods.

是的。我的意思是，我們的產品組合絕大部分都是食品和個人護理產品。其中 70% 是食物。我們在個人護理和家居用品領域也佔有非常強大的地位。因此，我們接觸電子產品或其他消費品（顯然不是服裝之類的東西）的機會較少。它是更多的快速消費品。

There are no further questions at this time. I want to turn the call back over to Dave Peacock for closing remarks.

目前沒有其他問題。我想將電話轉回給戴夫·皮科克 (Dave Peacock) 做最後發言。

Yes. We thank everybody for joining the call, and we appreciate your attention and your questions, and we look forward to connecting with you for second quarter.

是的。我們感謝大家參加電話會議，感謝您的關注和提問，我們期待在第二季與您聯繫。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。