Alico Inc (ALCO) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Alico fourth quarter and fiscal year ended 2025 earnings call. (Operator Instructions) As a reminder, today's conference is being recorded.

早安，歡迎參加 Alico 2025 財年第四季及全年業績電話會議。（操作說明）提醒各位，今天的會議正在錄音。

I would now like to turn the call over to your host, John Mills, Managing Partner at ICR. Please go ahead.

現在，我想把電話交給主持人，ICR 的管理合夥人約翰·米爾斯。請繼續。

Thank you. Good morning, everyone, and thank you for joining us for Alico's fourth quarter and fiscal year 2025 conference call.

謝謝。各位早安，感謝各位參加 Alico 2025 財年第四季及全年業績電話會議。

On the call today are John Kiernan, President and Chief Executive Officer; and Brad Heine, Chief Financial Officer. By now, everyone should have access to the fourth quarter and fiscal year 2025 earnings release, which went out yesterday at approximately 4:15 PM Eastern Time.

今天參加電話會議的有總裁兼執行長約翰·基爾南，以及財務長布拉德·海涅。現在，所有人都應該可以查看第四季度和 2025 財年的收益報告，該報告於昨天美國東部時間下午 4:15 左右發布。

If you've not had a chance to view the release, it's available on the Investor Relations portion of the company's website at alicoinc.com. This call is being webcast, and a replay will be available on Alico's website as well.

如果您尚未有機會查看新聞稿，可在公司網站alicoinc.com的投資者關係頁面找到。本次電話會議將進行網路直播，重播也將在Alico網站上提供。

Before we begin, we'd like to remind everyone that the prepared remarks contain forward-looking statements. Such statements are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in these statements. Important factors that could cause or contribute to such differences include risks detailed in the company's quarterly reports on Form 10-Q, annual reports on Form 10-K, current reports on Form 8-K and any amendments thereto filed with the SEC and those mentioned in the earnings release.

在開始之前，我們想提醒大家，準備好的發言稿包含前瞻性陳述。此類聲明存在風險、不確定性及其他因素，可能導致實際結果與這些聲明中明示或暗示的結果有重大差異。可能導致或促成此類差異的重要因素包括公司向美國證券交易委員會提交的季度報告（10-Q 表格）、年度報告（10-K 表格）、當前報告（8-K 表格）及其任何修訂版中詳細列出的風險，以及盈利公告中提到的風險。

The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call, except as required by law. During this call, the company may also discuss non-GAAP financial measures, including EBITDA, adjusted EBITDA and net debt. For more details on these measures, please refer to the company's press release issued yesterday.

除法律要求外，本公司不承擔對今天電話會議所作的前瞻性陳述進行後續更新或修改的義務。在本次電話會議中，本公司也可能討論非GAAP財務指標，包括EBITDA、調整後EBITDA和淨債務。有關這些措施的更多詳情，請參閱該公司昨天發布的新聞稿。

And with that, it is my pleasure to turn the call over to the company's President and CEO, Mr. John Kiernan.

接下來，我很高興將電話交給公司總裁兼執行長約翰·基爾南先生。

Thank you, John. Good morning, everyone, and thank you for joining us for Alico's fourth quarter and fiscal year 2025 earnings call. This has been a truly transformational year for Alico. We successfully executed on our strategic pivot from a traditional citrus producer to a diversified land company, positioning ourselves for sustainable long-term value creation while maintaining our deep commitment to conservation and responsible stewardship.

謝謝你，約翰。各位早安，感謝各位參加 Alico 2025 財年第四季及全年業績電話會議。對 Alico 來說，今年是真正具有變革意義的一年。我們成功地從傳統的柑橘生產商轉型為多元化的土地公司，為可持續的長期價值創造奠定了基礎，同時保持了我們對保護和負責任的管理的堅定承諾。

Fiscal year 2025 will be remembered as a milestone year in Alico's 125-plus year history. We delivered on the commitments we made to you, our shareholders, and demonstrated the disciplined execution that defines our approach to this transformation.

2025 財年將被銘記為 Alico 125 多年歷史上的一個里程碑之年。我們履行了對各位股東的承諾，並展現了我們推動此次轉型過程中一貫秉持的嚴謹執行力。

Let me highlight our key accomplishments. First, we successfully completed our final major citrus harvest, officially concluding our capital-intensive citrus production operations. This achievement represents the culmination of a carefully planned 12-month transition that we executed while maintaining day-to-day agricultural operations.

讓我重點介紹一下我們所取得的主要成就。首先，我們成功完成了最後一次主要的柑橘採摘，正式結束了我們資本密集的柑橘生產業務。這項成就標誌著我們精心策劃的為期 12 個月的過渡計畫最終得以實現，我們在執行過程中始終保持著日常的農業生產運作。

Second, we exceeded our financial guidance across key metrics. We achieved $22.5 million in adjusted EBITDA surpassing our $20 million target. Our land sales of $23.8 million also exceeded a $20 million guidance, demonstrating strong demand for our strategically located properties.

其次，我們在各項關鍵指標上都超越了財務預期。我們實現了 2250 萬美元的調整後 EBITDA，超過了 2000 萬美元的目標。我們的土地銷售額達到 2380 萬美元，也超過了 2000 萬美元的預期，這表明市場對我們位於戰略要地的房產有強勁的需求。

Third, we strengthened our balance sheet significantly. We ended the year with $38.1 million in cash and reduced our net debt to $47.4 million providing us with the financial flexibility to fund operations through fiscal year 2027, while advancing our high-value development projects. The takeaway accomplishment for 2025 is that we have essentially lowered the financial risk for the company by reducing the volatility of weather-dependent and disease-affected citrus agricultural operations by leasing land to other agricultural crop growers while maintaining the stability of diversified land usage.

第三，我們大幅改善了資產負債表。年底我們持有現金 3,810 萬美元，淨債務減少至 4,740 萬美元，這為我們提供了足夠的財務靈活性，可以為 2027 財年的營運提供資金，同時推進我們的高價值開發項目。2025 年的主要成就是，我們透過將土地租賃給其他農作物種植者，降低了受天氣和疾病影響的柑橘農業經營的波動性，從而降低了公司的財務風險，同時保持了土地用途多樣化的穩定性。

Our development pipeline continues to advance on schedule with Corkscrew Grove Villages leading the way as the crown jewel of our portfolio. The establishment of the Corkscrew Grove Stewardship District represents a significant regulatory milestone that validates our development strategy and provides the framework for sustainable community focused growth. The Stewardship District approved unanimously by the Florida legislature positions us to effectively finance infrastructure, restore and manage natural areas and oversee the administration of our master planned communities.

我們的開發案正按計畫持續推進，其中 Corkscrew Grove Villages 是我們投資組合中的璀璨明珠，引領著專案發展。科克斯克魯格羅夫管理區的成立是一個重要的監管里程碑，它驗證了我們的發展策略，並為以社區為中心的可持續成長提供了框架。佛羅裡達州立法機構一致批准的管理區使我們能夠有效地為基礎設施提供資金，恢復和管理自然區域，並監督我們總體規劃社區的管理。

I'm particularly excited about our strategic partnership with the Florida Department of Transportation to design and construct a wildlife underpass as part of the State Road 82 expansion. This $5 million investment demonstrates our commitment to the Florida Wildlife Corridor and showcases the innovative conservation approach that sets Alico apart in the development community.

我特別感到興奮的是我們與佛羅裡達州交通部建立戰略合作夥伴關係，共同設計和建造一條野生動物地下通道，作為 82 號州道擴建工程的一部分。這項 500 萬美元的投資表明了我們對佛羅裡達野生動物走廊的承諾，並展示了 Alico 在開發領域脫穎而出的創新保護方法。

We remain on track for the final decision from Collier County in 2026 with potential construction for Corkscrew beginning as early as 2028. The entitlement process -- I'm sorry, the entitlement progress with our Bonnett Lake property is also progressing well with our application moving through the review process as expected.

我們仍有望在 2026 年獲得科利爾縣的最終決定，Corkscrew 的建設最早可能在 2028 年開始。關於產權申請流程—​​—很抱歉，我們位於 Bonnett Lake 的房產產權申請進展順利，我們的申請正在按預期進行審查。

Collectively, our four near-term real estate development projects Corkscrew Villages, Bonnett Lake, Saddlebag Grove and Plant World, totaling approximately 5,500 acres maintain their estimated present value of between $335 million and $380 million to be realized within the next 5 years. This represents significant value creation potential from just 10% of our land holdings, demonstrating the substantial embedded value within our diversified portfolio. Our conservation legacy continues to be a cornerstone of our strategy.

我們近期四個房地產開發案－Corkscrew Villages、Bonnett Lake、Saddlebag Grove 和 Plant World，總面積約 5,500 英畝，預計在未來 5 年內實現其 3.35 億美元至 3.8 億美元的現值。這代表著我們僅10%的土地持有量就蘊含著巨大的價值創造潛力，證明了我們多元化投資組合中蘊藏的巨大價值。我們的保育傳統仍然是我們策略的基石。

Over the past 40 years, we've transferred lands that have become part of major conservation areas, including the CREW, Tiger Creek Preserve, and the Okaloacoochee Slough Wildlife Management Area. The Corkscrew Grove Villages project will continue that legacy by placing no less than 6,000 acres into permanent conservation, supporting the implementation of the Florida Wildlife Corridor and Collier Rural land stewardship program.

在過去的 40 年裡，我們移交了一些土地，這些土地已成為主要保護區的一部分，包括 CREW、老虎溪保護區和奧卡洛阿庫奇沼澤野生動物管理區。Corkscrew Grove Villages 計畫將延續這項傳統，將不少於 6,000 英畝的土地劃為永久保護區，支持佛羅裡達野生動物走廊和科利爾鄉村土地管理計畫的實施。

We believe in responsible development that balances growth with conservation and believe it enhances the value and marketability of our development projects. Our approach creates the best of both worlds. With approximately 25% of our land identified for strategic development and 75% remaining for diversified agriculture, we've built a balanced platform for both near-term returns and long-term growth.

我們相信負責任的發展，即在成長和保護之間取得平衡，並相信這能提升我們開發專案的價值和市場競爭力。我們的方法兼顧了兩者的優勢。我們已將大約 25% 的土地確定為戰略開髮用地，並將 75% 的土地用於多元化農業，從而建立了一個平衡的平台，既能實現短期回報，又能實現長期增長。

We've successfully negotiated lease agreements for approximately 5,250 acres with third-party citrus growers and we're seeing strong interest from cattle operators, sugarcane growers and [ soy ] producers. This diversified approach generates revenue during our transition and also maintains productive use of our agricultural lands while preserving optionality for future development or continued agricultural use. Brad will provide detailed financial results in a moment.

我們已成功與第三方柑橘種植者就約 5,250 英畝土地的租賃協議進行了談判，並且我們看到養牛戶、甘蔗種植者和大豆生產商表現出濃厚的興趣。這種多元化的方法既能在我們的轉型期間創造收入，又能保持農業用地的有效利用，同時也為未來的開發或繼續農業用途保留選擇權。布拉德稍後將提供詳細的財務數據。

I want to emphasize our strong cash generation and disciplined capital allocation. The $20.4 million in crop insurance proceeds we received following Hurricane Milton, combined with our land sales, has created a robust liquidity position. We remain committed to returning capital to shareholders. We paid our fourth quarter dividend in October, maintaining our track record of consistent dividend payments.

我想強調我們強勁的現金流和嚴謹的資本配置。颶風米爾頓過後，我們收到了 2,040 萬美元的作物保險賠償金，加上我們的土地出售收入，使我們擁有了充足的流動資金。我們始終致力於向股東返還資本。我們在10月份支付了第四季度股息，保持了持續派發股息的良好記錄。

Since 2015, we've returned more than $190 million of capital through dividends, share repurchases and debt reduction. Management's comprehensive NPV analysis of our approximately 49,000 acres indicates a market value of assets between $650 million and $750 million. With our current market capitalization of approximately $240 million and net debt of $47.4 million, we believe Alico represents compelling value for investors seeking exposure to Florida's continued growth story.

自 2015 年以來，我們透過分紅、股票回購和債務削減，返還了超過 1.9 億美元的資本。管理層對我們約 49,000 英畝土地的綜合淨現值分析表明，資產的市場價值在 6.5 億美元至 7.5 億美元之間。鑑於我們目前的市值約為 2.4 億美元，淨債務為 4740 萬美元，我們相信 Alico 對於尋求參與佛羅裡達州持續成長故事的投資者來說具有極高的價值。

What differentiates Alico is our unique combination of strategic landholdings across 8 Florida counties, more than 125-plus years of local relationships and conservation credibility, a proven management team with deep expertise in both agriculture and real estate development and a balanced portfolio approach with 75% of our land remaining in agriculture.

Alico 的獨特之處在於，我們擁有橫跨佛羅裡達州 8 個縣的戰略性土地所有權，125 多年來與當地建立的良好關係和保護信譽，一支在農業和房地產開發方面都擁有深厚專業知識的成熟管理團隊，以及均衡的投資組合方法，其中 75% 的土地仍用於農業。

Looking ahead into fiscal 2026, we've already demonstrated continued execution of our land monetization strategy. Earlier this month, we completed the sale of 579 acres of citrus land for approximately $6.1 million and sold our office and shop in Frostproof, for approximately $1.7 million, further optimizing our real estate portfolio while generating additional cash flow.

展望 2026 財年，我們已經證明了我們將繼續執行土地貨幣化策略。本月初，我們完成了 579 英畝柑橘地的出售，售價約為 610 萬美元；同時，我們以約 170 萬美元的價格出售了位於弗羅斯特普魯夫的辦公室和商店，進一步優化了我們的房地產投資組合，並產生了額外的現金流。

Our priorities for fiscal year 2026. To continue our transformation momentum, our first, to optimize our agricultural operations by maximizing revenue from our diversified leasing programs while maintaining rigorous cost controls across all properties.

我們2026財年的工作重點。為了繼續保持轉型勢頭，我們的首要任務是優化農業運營，透過多元化的租賃計劃最大限度地提高收入，同時對所有物業保持嚴格的成本控制。

Second, to remain committed to advancing our residential and commercial development projects by continuing to progress through the entitlement process for our four priority projects with particular focus on securing final approvals for Corkscrew Grove Villages.

第二，我們將繼續致力於推進住宅和商業開發項目，繼續推動四個優先項目的批准流程，尤其專注於確保 Corkscrew Grove Villages 獲得最終批准。

Third, our capital allocation approach will balance required entitlement investments with shareholder returns while maintaining the financial flexibility necessary to execute our long-term strategy. And finally, to pursue operational excellence by leveraging our experienced management team and strong local relationships to execute efficiently across all of these initiatives.

第三，我們的資本配置方法將在必要的權益投資與股東回報之間取得平衡，同時保持執行我們長期策略所需的財務靈活性。最後，我們將利用我們經驗豐富的管理團隊和強大的本地關係，有效執行所有這些舉措，從而追求卓越營運。

In closing, fiscal year 2025 was a year of successful transformation that positions Alico for sustainable long-term growth. We've derisked our business model, strengthened our balance sheet and created a clear path to unlock the significant value embedded in our land portfolio.

總之，2025 財年是成功轉型的一年，使 Alico 能夠實現可持續的長期成長。我們降低了商業模式的風險，增強了資產負債表，並制定了一條清晰的路徑，以釋放我們土地組合中蘊含的巨大價值。

Our approach of balancing specific high-value development projects with the diversified agricultural operations creates a business model that leverages our core strengths while adapting to market opportunities. We're well-capitalized, strategically focused and positioned to deliver sustainable value creation. The foundation is in place, and we're excited about the opportunities ahead.

我們採取的策略是將特定的高價值開發項目與多元化的農業經營相結合，從而創造出一種能夠發揮我們核心優勢並適應市場機會的商業模式。我們資金雄厚，策略方向明確，能夠創造永續的價值。基礎已經打好，我們對未來的機會感到興奮。

With that, I'll turn it over to Brad to walk through our detailed financial results, and then we'll be happy to take a few questions.

接下來，我將把時間交給布拉德，讓他詳細講解我們的財務業績，之後我們很樂意回答一些問題。

Thank you, John. And good morning, everyone. I'll walk you through our fourth quarter and full fiscal year 2025 financial results, which demonstrate the successful completion of our strategic transformation. For the fourth quarter ended September 30, 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting the substantial conclusion of our citrus operations. We reported a net loss attributable to legal common stockholders of $8.5 million or $1.11 per diluted share compared to a net loss of $18.1 million or $2.38 per diluted share in the prior year quarter. This improvement was driven by the completion of our transformation activities and reduced operational complexity.

謝謝你，約翰。大家早安。我將帶您了解我們第四季和 2025 財年全年的財務業績，這些業績顯示我們策略轉型已成功完成。截至 2025 年 9 月 30 日的第四季度，營收為 802,000 美元，而去年同期為 935,000 美元，這反映出我們的柑橘業務已基本結束。我們報告稱，歸屬於法定普通股股東的淨虧損為 850 萬美元，即每股攤薄虧損 1.11 美元，而去年同期淨虧損為 1,810 萬美元，即每股攤薄虧損 2.38 美元。這項改進得益於我們轉型活動的完成和營運複雜性的降低。

For the full fiscal year, revenue was $44.1 million compared to $46.6 million in fiscal 2024. While we reported a net loss of $147.3 million or $19.29 per diluted share, this was primarily due to noncash charges related to our strategic transformation including $162.7 million in accelerated depreciation and $25 million in asset impairments as we exited citrus operations. Importantly, our adjusted EBITDA for fiscal 2025 was $22.5 million, exceeding our $20 million guidance target. This demonstrates the underlying operational strength of our transformed business model. Our balance sheet transformation has been remarkable.

整個財政年度的收入為 4,410 萬美元，而 2024 財年的收入為 4,660 萬美元。雖然我們報告淨虧損 1.473 億美元，即每股攤薄虧損 19.29 美元，但這主要是由於與我們的戰略轉型相關的非現金支出，包括 1.627 億美元的加速折舊和 2500 萬美元的資產減值，因為我們退出了柑橘業務。重要的是，我們 2025 財年的調整後 EBITDA 為 2,250 萬美元，超過了我們 2,000 萬美元的預期目標。這體現了我們轉型後的商業模式的強大營運實力。我們的資產負債表轉型取得了顯著成效。

We ended fiscal year 2025 with $38.1 million in cash and cash equivalents compared to just $3.2 million at the end of fiscal 2024. Our net debt decreased significantly to $47.4 million from $89 million, representing a $41.6 million improvement year-over-year. This strong liquidity position, combined with our $92.5 million available under our line of credit provides us with sufficient resources to fund operations through fiscal 2027, while advancing our development projects.

截至 2025 財年末，我們擁有 3,810 萬美元的現金及現金等價物，而截至 2024 財年末，這一數字僅為 320 萬美元。我們的淨債務從 8,900 萬美元大幅下降至 4,740 萬美元，年減了 4,160 萬美元。強勁的流動性狀況，加上我們9,250萬美元的信貸額度，為我們提供了充足的資源，可以維持營運到2027財年，同時推進我們的開發案。

Our working capital ratio improved to 9.56:1 demonstrating exceptional financial flexibility. We exceeded our land sales guidance, generating $23.8 million in proceeds from 96 acres sold during fiscal 2025, surpassing our $20 million target. These sales, combined with our operational improvements have created the financial foundation for our next phase of growth. Looking ahead, our financial position is strong, and we're well balanced to execute on our development pipeline while maintaining operational efficiency.

我們的營運資金比率提高到 9.56:1，展現出卓越的財務彈性。我們超額完成了土地銷售預期，在 2025 財年售出 96 英畝土地，獲得 2,380 萬美元收益，超過了 2,000 萬美元的目標。這些銷售額，加上我們營運方面的改進，為我們下一階段的成長奠定了財務基礎。展望未來，我們的財務狀況穩健，我們有能力在維持營運效率的同時，推進我們的開發案。

Now, I'd like to turn the call back to John for his closing remarks.

現在，我想把電話轉回給約翰，請他做總結發言。

Thank you, Brad. Fiscal 2025 was truly transformational for Alico. We delivered on our commitments. We completed our final major citrus harvest, exceeded our financial guidance across key metrics and now have a balance sheet that provides the company with years of operational runway. Most importantly, we've eliminated citrus agricultural volatility while unlocking the value in our approximately 49,000 acre Florida portfolio.

謝謝你，布拉德。2025財年對Alico來說是真正具有變革意義的一年。我們履行了承諾。我們完成了最後一次主要的柑橘收割，在關鍵指標上都超出了財務預期，現在的資產負債表為公司提供了多年的營運保障。最重要的是，我們消除了柑橘農業的波動性，同時釋放了我們在佛羅裡達州約 49,000 英畝土地投資組合的價值。

Our path forward has been set, and we believe it is compelling. We're optimizing agricultural leasing across our entire portfolio, advancing our high-value development projects through local, state and federal entitlement processes and maintaining our disciplined approach to capital allocation. With Corkscrew Grove Villages approaching the first set of approvals in 2026 and our other development projects advancing as well, we have multiple catalysts for value creation. The numbers tell the story. Our NPV analysis values our land portfolio between $650 million and $750 million, yet we trade at just $240 million today.

我們已經確定了前進的方向，我們相信這條路充滿希望。我們正在優化整個投資組合中的農業租賃，透過地方、州和聯邦審批流程推進高價值開發項目，並維持我們嚴謹的資本配置方法。隨著 Corkscrew Grove Villages 即將在 2026 年獲得第一批審批，以及我們其他開發項目也在不斷推進，我們擁有多個創造價值的催化劑。數字說明了一切。我們的淨現值分析顯示，我們的土地資產組合價值在 6.5 億美元至 7.5 億美元之間，但我們目前的市值僅為 2.4 億美元。

We believe this represents a significant valuation disconnect that we expect will close as we execute. We remain committed to shareholder returns through our 50-year dividend legacy and multiple capital deployment options, including our authorized $50 million buyback program.

我們認為這代表著巨大的估值偏差，我們預期隨著執行工作的推進，這種偏差將會消失。我們將繼續致力於透過我們 50 年的分紅傳統和多種資本部署方案（包括我們已批准的 5000 萬美元回購計劃）為股東帶來回報。

As land sales accelerate, we have increasing flexibility to return more capital. Alico today is fundamentally transformed, well-capitalized, strategically focused and spread across Southwest Florida with more than 125 years of Florida heritage, proven conservation leadership, and a clear real estate development pipeline, we're very well positioned to deliver sustainable value creation.

隨著土地銷售加速，我們有了更大的彈性來返還更多資金。如今的 Alico 已經發生了根本性的轉變，資金雄厚，戰略重點明確，業務遍及佛羅裡達州西南部。憑藉 125 多年的佛羅裡達歷史傳承、久經考驗的保護領導力以及清晰的房地產開發項目，我們完全有能力創造可持續的價值。

Mickey, we'll now open up the call for questions.

米奇，現在開始接受提問。

(Operator Instructions) [George], [Freedom Broadcast].

（操作員說明）[喬治]，[自由廣播]。

My only question, what is the expected current of the land sales in the next 12 months? Should we anticipate larger transactions similar to prior year disposals of more measured pace?

我唯一的問題是，未來 12 個月土地銷售的預期價格是多少？我們是否應該預期會出現規模更大、節奏更穩健的交易，類似往年的資產處置？

I'm sorry, are you asking if we're giving any sort of guidance or forecast on revenues for fiscal 2026?

抱歉，您是想問我們是否會對 2026 財年的收入給予任何指導或預測嗎？

Yes, if you have some guidance on land sales.

是的，如果您能提供一些土地買賣方面的指導的話。

Right. So we have not provided any guidance on additional land sales at this time for fiscal year 2026.

正確的。因此，我們目前尚未就 2026 財年的額外土地出售提供任何指導意見。

(Operator Instructions) And we show no further questions in queue. At this time, I will turn the call back to John Kiernan for closing remarks.

（操作員指示）佇列中不再顯示其他問題。此時，我將把電話轉回給約翰·基爾南，請他作總結發言。

Thank you. I want to thank all of our employees for their dedication during this transition. I'd like to thank our Board for their continued support of our strategic vision. And I'd like to thank you, our shareholders, for your patience and confidence as we execute this transformation. We look forward to updating you on our further progress in the new fiscal year.

謝謝。我要感謝所有員工在過渡期間的奉獻精神。我要感謝董事會一直以來對我們策略願景的支持。我還要感謝各位股東，感謝你們在我們執行這項轉型計畫期間的耐心和信任。我們期待在新財年向您報告我們的進一步進展。

I wish everyone a happy holiday. Thank you.

祝大家節日快樂。謝謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。