Antero Midstream Corporation (AM) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Antero Midstream Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Antero Midstream 2023 年第二季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Mr. Justin Agnew, Director of Finance. Thank you. Please go ahead.

現在我很榮幸介紹今天的主持人，財務總監 Justin Agnew 先生。謝謝。請開始。

Good morning, and thank you for joining us for Antero Midstream's Second Quarter Investor Conference Call. We'll spend a few minutes going through the financial and operating highlights, and then we'll open it up for Q&A. I would also like to direct you to the homepage of our website at www.anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call.

各位早安，感謝各位參加 Antero Midstream 第二季投資人電話會議。我們將花幾分鐘回顧財務與營運重點，接著開放問答。我也想請各位前往我們網站首頁 www.anteromidstream.com，我們已提供一份獨立的財報電話會議簡報，將在今天的會議中進行說明。

Today's call may also contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

今天的電話會議也可能包含某些非 GAAP 財務衡量指標。請參閱我們的財報新聞稿，以取得關於此類指標的重要揭露資訊，包括與最可比 GAAP 財務衡量指標之間的調節表。

Joining me on the call today are Paul Rady, Chairman, CEO and President of Antero Resources and Antero Midstream; Brendan Krueger, CFO of Antero Midstream; and Michael Kennedy, CFO of Antero Resources and Director of Antero Midstream.

今天與我一同參與電話會議的有：Antero Resources 與 Antero Midstream 董事長、執行長兼總裁 Paul Rady；Antero Midstream 財務長 Brendan Krueger；以及 Antero Resources 財務長兼 Antero Midstream 董事 Michael Kennedy。

With that, I'll turn the call over to Paul.

接下來，我把電話交給 Paul。

Thanks, Justin. Antero Midstream delivered another terrific quarter, building upon the momentum generated in the first quarter of 2023. In my comments, I will discuss the operational and capital efficiencies at both AM and AR. Brendan will then walk through the financial results that have put us on track to achieve our 2023 guidance.

謝謝，Justin。Antero Midstream 再次交出非常出色的一季，延續 2023 年第一季所建立的動能。在我的發言中，我將討論 AM 與 AR 在營運與資本效率方面的表現。接著 Brendan 會帶各位回顧財務結果，這些結果讓我們有望達成 2023 年的指引。

I'll start my comments on Slide #3, titled Drilling and Completion Efficiencies at AR. After a record-breaking first quarter operationally, AR has continued success during the second quarter. As shown on the top left portion of the page, during the second quarter, AR completed over 11 stages per day. This is a 40% improvement compared to 2022 and over a 90% improvement compared to 2019.

我先從第 3 張投影片開始，標題為「AR 的鑽井與完井效率」。在第一季營運創下紀錄之後，AR 在第二季持續表現亮眼。如頁面左上方所示，第二季 AR 每天完成超過 11 個段（stages）。相較於 2022 年提升 40%，相較於 2019 年更提升超過 90%。

Drill-outs, which are the process of drilling out the plugs in each stage of the horizontal portion of the well, exhibited the same success. Drill-outs averaged 4,250 feet per day during the second quarter, a 9% increase compared to 2022 and a 50% improvement compared to 2019. These 2 factors have resulted in 65% shorter cycle times for AR compared to 2019, as shown at the bottom of the page. These cycle times reflect the number of days it takes to drill, complete and place a pad to sales. Shorter cycle times equate to better capital efficiency and returns at AR, which drives the ability to consistently develop its acreage position dedicated to AM.

鑽塞（drill-outs）—也就是在井的水平段中，將每一段的塞子鑽除的流程—同樣取得成功。第二季鑽塞平均每天 4,250 英尺，較 2022 年增加 9%，較 2019 年提升 50%。如頁面下方所示，這兩項因素使 AR 的週期時間相較 2019 年縮短 65%。這些週期時間反映從鑽井、完井到井場（pad）接入銷售所需的天數。較短的週期時間代表 AR 具備更佳的資本效率與報酬，進而推動其能持續開發專供 AM 的礦權部位。

Now let's move to Slide #4, titled Optimizing Compression and Processing Utilization. The top half of the page illustrates our compression capacity, including organically built compression in green and acquired compression capacity in blue. Historically, we have consistently maintained high utilization rates as a result of our just-in-time capital investment philosophy.

接著看第 4 張投影片，標題為「最佳化壓縮與處理設施利用率」。頁面上半部呈現我們的壓縮產能，包括以綠色表示的自建壓縮，以及以藍色表示的併購取得之壓縮產能。過去我們一向維持高利用率，這得益於我們即時（just-in-time）的資本投資理念。

The recent acquisitions have increased our compression capacity by over 1 Bcf a day, including underutilized capacity that will support capital efficient future development. Importantly, we valued our acquisitions in 2022 on a PDP-only basis. So any development on the systems or reuse of underutilized assets is upside for AM. The bottom half of the page illustrates our joint venture processing capacity in the Marcellus shale.

近期的併購使我們的壓縮產能增加超過每日 10 億立方英尺（Bcf/d），其中包含可支援未來以資本效率方式開發的閒置產能。重要的是，我們在 2022 年對這些併購的估值是以僅 PDP（已開發生產）為基礎。因此，系統上的任何後續開發或對閒置資產的再利用，對 AM 而言都是上行空間。頁面下半部則呈現我們在 Marcellus 頁岩的合資處理產能。

During the second quarter, our JV processing capacity of 1.6 Bcf a day was 100% utilized as a result of growth in the liquids-rich Marcellus shale. As a reminder, we can generally run approximately 10% above nameplate processing capacity, providing additional runway for growth. One of the under-recognized aspects of Antero Midstream's business model is the coordinated planning effort with Antero Resources. For example, AR will be drilling 2 pads in the Ohio Utica shale later this year. This will help manage overall infrastructure and provide attractive Chicago pricing in the winter months for AR.

第二季，我們每日 16 億立方英尺（1.6 Bcf/d）的合資處理產能因液體富集型 Marcellus 頁岩的成長而達到 100% 利用率。提醒各位，我們通常可在名目處理產能（nameplate）之上再提高約 10% 的運轉量，提供額外的成長空間。Antero Midstream 商業模式中一個較少被注意到的面向，是與 Antero Resources 的協同規劃。例如，AR 將在今年稍晚於俄亥俄州 Utica 頁岩鑽 2 個井場（pads）。這將有助於管理整體基礎設施，並在冬季月份為 AR 提供具吸引力的芝加哥定價。

Lastly, I wanted to touch on our compression capacity relocation efforts on Slide #5. These relocation efforts result in capital savings for AM and peer-leading returns on invested capital. During 2022, we successfully relocated 4 underutilized compressor units to our Castle Peak compressor station to support growth in that area. Given the success of that relocation, we are now in the process of relocating the remaining 8 units on the East Mountain station over to our Grays Peak station colored in blue. This station will be placed online in 2024.

最後，我想在第 5 張投影片談談我們的壓縮產能移轉（relocation）工作。這些移轉可為 AM 節省資本支出，並帶來同業領先的投資資本報酬率。2022 年，我們成功將 4 台利用率偏低的壓縮機組移轉至 Castle Peak 壓縮站，以支援該區域的成長。鑑於該次移轉的成功，我們目前正將 East Mountain 站剩餘的 8 台機組移轉至以藍色標示的 Grays Peak 站。該站預計於 2024 年投運。

As you can see in the picture on the top right-hand portion of the page, we recently poured the foundations for the additional units that will be relocated to this station. 8 of the 12 units at the Grays Peak station will be relocated units from East Mountain, resulting in 120 million cubic feet a day of additional capacity.

如頁面右上方照片所示，我們近期已為將移轉至該站的額外機組澆置基礎。Grays Peak 站的 12 台機組中，有 8 台將為自 East Mountain 移轉而來的機組，將新增每日 1.2 億立方英尺的產能。

In summary, both AR and AM are displaying incredible operational and capital efficiencies in 2023. This supports a stable outlook and gives us confidence in achieving our long-term targets.

總結而言，AR 與 AM 在 2023 年都展現出卓越的營運與資本效率。這支持穩健的展望，並讓我們對達成長期目標更具信心。

With that, I'll turn the call over to Brendan.

接下來，我把電話交給 Brendan。

Thanks, Paul. I'll start my comments by briefly highlighting the year-over-year results on Slide #6, titled Operational Success Drives Earnings Growth. During the second quarter, low pressure gathering and compression volumes increased by 11% and 17%, respectively, compared to the prior year quarter. Of the 11% growth in low pressure gathering volumes, approximately 5% was organic growth on our legacy assets and 6% was attributable to the Crestwood acquisition that closed in the fourth quarter of last year. This double-digit throughput growth was the primary driver of our year-over-year adjusted EBITDA growth of 10%.

謝謝，Paul。我先在第 6 張投影片簡要說明年對年結果，標題為「營運成功帶動獲利成長」。第二季，低壓集輸（low pressure gathering）與壓縮量分別較去年同期增加 11% 與 17%。在低壓集輸量 11% 的成長中，約 5% 來自既有資產的有機成長，6% 則歸因於去年第四季完成的 Crestwood 併購。這種雙位數的輸送量成長，是我們調整後 EBITDA 年對年成長 10% 的主要驅動因素。

Capital expenditures declined by 31% from the prior year quarter to $49 million this quarter. As a result of increasing EBITDA and declining capital, we generated $139 million of free cash flow before dividends and $31 million of free cash flow after dividends. This was the fourth straight quarter of generating positive free cash flow after dividends and the second highest quarterly free cash flow after dividends behind the first quarter of this year.

本季資本支出較去年同期下降 31% 至 4,900 萬美元。由於 EBITDA 增加且資本支出下降，我們在股利發放前產生 1.39 億美元自由現金流，在股利發放後產生 3,100 萬美元自由現金流。這是連續第四季在股利發放後仍為正的自由現金流，也是今年第一季之後股利發放後自由現金流的第二高季度。

Now let's move on to Slide #7, titled 10% Year-over-Year EBITDA Growth, to walk through the drivers of the EBITDA growth at AM. Our gathering and compression EBITDA is shown in green; our processing, fractionation and Stonewall joint ventures are shown in purple; and our water business is illustrated in blue. As depicted on the slide, our gathering and compression business increased by $22 million year-over-year and our water business and joint venture distributions were approximately flat. As a result, our 10% year-over-year increase in EBITDA was driven by our G&P business, which continues to be a larger and larger percentage of our overall business.

接著看第 7 張投影片，標題為「EBITDA 年對年成長 10%」，我們將說明 AM EBITDA 成長的驅動因素。我們的集輸與壓縮 EBITDA 以綠色表示；處理、分餾以及 Stonewall 合資企業以紫色表示；水務業務以藍色表示。如投影片所示，我們的集輸與壓縮業務年對年增加 2,200 萬美元，而水務業務與合資分配大致持平。因此，我們 EBITDA 年對年增加 10% 主要由 G&P（集輸與處理）業務所帶動，且該業務占我們整體業務的比重持續提高。

In the second quarter of 2023, our Gathering and Processing business made up approximately 86% of our EBITDA, and we see that growing towards 90% over the next several years as the cash flow from this business continues to grow. While making up just 14% of our overall EBITDA, our Water business still has some of the highest project economics. This is a function of the short payback period of our pad connect capital investment, particularly as the cycle times at AR continue to improve.

在 2023 年第二季，我們的集輸與處理業務約占 EBITDA 的 86%，我們預期未來幾年將朝 90% 成長，因為該業務的現金流將持續增加。雖然水務業務僅占整體 EBITDA 的 14%，但仍具備一些最高的專案經濟性。這主要來自我們井場接管（pad connect）資本投資的回收期短，尤其在 AR 的週期時間持續改善之際更為明顯。

I'll finish my comments on Slide #8, titled AM Checking all the Boxes. The first half of 2023 has been incredibly successful, both operationally and financially for AM. Over the last year, we expanded our business organically and through immediately accretive, high-visibility acquisitions. Importantly, these acquisitions have only added to our peer-leading return on invested capital in the high-teens as we integrate them into our asset base and drive additional synergies.

我將在第 8 張投影片結束我的發言，標題為「AM 各項指標全面到位」。2023 年上半年對 AM 而言在營運與財務上都非常成功。過去一年，我們透過有機擴張以及立即具增益（accretive）、能見度高的併購來擴大業務。重要的是，隨著我們將這些資產整合進資產基礎並推動更多綜效，這些併購只會進一步強化我們同業領先、約在十幾%（high-teens）的投資資本報酬率。

We have significantly derisked the business by transitioning to generate consistent free cash flow after dividends, which has totaled $77 million year-to-date. This has allowed us to reduce absolute debt and drive our leverage down to 3.5x from 3.7x at year-end as we progress towards our 3x target in 2024. We believe these best-in-class attributes, checking all of the boxes to be a premier midstream company, position AM to increase our return of capital to shareholders in the future.

我們透過轉型為在股利發放後持續產生穩定自由現金流，已大幅降低業務風險；年初至今該數額合計達 7,700 萬美元。這使我們得以降低絕對負債，並將槓桿比率自年末的 3.7 倍降至 3.5 倍，並朝 2024 年 3 倍的目標邁進。我們相信，這些同級最佳的特質—各項指標全面到位、足以成為頂尖中游公司—將使 AM 未來能提高對股東的資本回饋。

In summary, we have made tremendous strides over the past year to drive growth while simultaneously derisking the business through absolute debt and leverage reduction. We look forward to the next several years as our EBITDA continues to grow, our free cash flow after dividends continues to expand and our leverage continues to decline.

總結而言，過去一年我們在推動成長的同時，也透過降低絕對債務與槓桿水準，大幅降低了業務風險。我們期待未來幾年，隨著我們的 EBITDA 持續成長、股利發放後的自由現金流持續擴大，以及槓桿持續下降。

With that, operator, we are ready to take questions.

接下來，接線員，我們準備開始提問。

(Operator Instructions) The first question is coming from Brian Reynolds of UBS.

（接線員指示）第一個問題來自瑞銀（UBS）的 Brian Reynolds。

Quick question on just the guidance between the Antero families. It seems like AR raised its production by 100 Mcf per day, and that seemed to be related to some noise around ethane and some cracker downtime. But I was curious if you could explain if this is no impact to AM and whether some of that was captured in AM's 1Q quarterly EBITDA guidance update?

關於 Antero 兩個家族公司之間的指引，我有個簡短問題。看起來 AR 將其產量上調了每日 100 Mcf，而這似乎與乙烷相關的一些雜訊以及部分裂解裝置停機有關。但我想請教，這對 AM 是否沒有影響？以及其中是否有一部分已反映在 AM 第一季季度 EBITDA 指引更新中？

Good question, Brian. Overall, to your comments, AM did increase guidance in the first quarter. AM was comfortable with the gross wellhead volumes, which what drives its EBITDA increasing. But for AR, as you're probably aware, they guide on a net equivalent production basis. And so with the ethane volumes being risk further, they wanted to wait another quarter before providing an update on guidance. So no change. Overall, I will say it is positive for AM in the sense that AR did guide to higher volumes and also talked about the fact that 2024 would be maintained at those higher volumes. So that is a new piece of information, I think, that would drive AM's 2024 volumes.

好問題，Brian。整體而言，回應你的評論，AM 確實在第一季上調了指引。AM 對總井口產量（gross wellhead volumes）感到有把握，而這正是推動其 EBITDA 上升的因素。但對 AR 而言，如你可能知道的，他們是以淨當量產量（net equivalent production）為基礎提供指引。因此，在乙烷量仍存在風險的情況下，他們希望再等一季再更新指引。所以沒有變動。整體來說，這對 AM 是正面的，因為 AR 確實指引更高的產量，並且也提到 2024 年將維持在較高的產量水準。我認為這是一項新的資訊，將推動 AM 在 2024 年的產量。

Great. Super helpful. And then just a follow-up on just return to capital opportunities into '24. You have a potential investment upgrade at the AR level, which could read through to AM. So just kind of curious as we think about potential refinancing of those '26 to '29 bond maturities and how that could potentially impact the return of capital that works -- that is expected to come as AM trends below 3x leverage next year?

很好，非常有幫助。接著追問一下關於 2024 年的資本回饋機會。AR 層級可能出現投資評等上調，這可能會傳導到 AM。那麼，當我們思考 2026 到 2029 年到期債券可能進行再融資時，這可能如何影響資本回饋的運作——也就是當 AM 明年槓桿降到 3 倍以下時，預期會進行的資本回饋？

Yes. No, I think as we look at the balance sheet for AM, you've got a couple of attributes there. You have the declining leverage to the 3x level, which will be positive for its own balance sheet and investment ratings. And then you have, as you mentioned, the AR credit rating. To the extent AR gets upgraded, AM would automatically get upgraded. And then that, combined with the momentum with the leverage reduction should improve the overall credit profile at AM. So we'll continue to be patient, watch the market on the bonds, and we'll be opportunistic in terms of refinancing those bonds as they come due.

是的。我認為當我們看 AM 的資產負債表時，有幾個特點。首先是槓桿下降到 3 倍水準，這對其自身的資產負債表與投資評等都會是正面因素。其次是如你所提到的 AR 信用評等；若 AR 獲得上調，AM 也會自動獲得上調。再加上槓桿下降的動能，應能改善 AM 整體信用體質。因此我們會持續保持耐心、觀察債券市場，並在債券到期時把握機會進行再融資。

The next question is coming from Jeremy Tonet of JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Jeremy Tonet。

This is Eli Jossen on for Jeremy. Just hoping to get a little guidance for well completion cadence for the rest of the year across the Water business. How should we thinking -- how should we be thinking about that in the near term?

我是代替 Jeremy 的 Eli Jossen。想請教一下，今年剩餘期間 Water 業務的完井節奏（well completion cadence）指引。短期內我們應該如何看待？

Yes. So I think overall, we gave guidance for the year, which was 75 to 80 wells serviced by the Water business. You're at 45-ish in the first half. There are 2 to 3 wells that you'll see most of that impact. It started -- we based it on when you start the completion. You'll see most of that water impact though in the third quarter for 2 to 3 wells. And then the remainder of that 75 to 80 would be in the second half. So it works out to be about 55% to 60% of the completions in the first half and 40% to 45% in the second half of the year.

好的。我想整體而言，我們已提供全年指引：Water 業務將服務 75 到 80 口井。上半年大約是 45 口左右。有 2 到 3 口井你會看到大部分影響。這是以你開始完井作業的時間點為基礎；不過你會在第三季看到那 2 到 3 口井的大部分用水影響。其餘的 75 到 80 口則會在下半年完成。因此整體來看，大約是上半年完成 55% 到 60%，下半年完成 40% 到 45%。

Got it. That's helpful. And then maybe moving to kind of CapEx through the rest of the year. I know you guys are guiding to a midpoint of about $190 million, and I know there's probably a little over $100 million less. So maybe just some more color on what's on the docket for the spend there? Any specifics would be helpful.

了解，這很有幫助。接著可能談談今年剩餘期間的資本支出（CapEx）。我知道你們指引中位數大約是 1.90 億美元，而我知道目前可能還剩下略高於 1 億美元。能否再多提供一些色彩，說明接下來支出項目有哪些？任何具體細節都會有幫助。

Yes. I think in line with historical levels, typically, you do -- you're able to invest more capital and build out in the summer months with better weather. So you typically see second quarter and third quarter being the higher capital levels and then see that trend off in the fourth quarter. So I'd put that in the same ballpark this year in terms of how you get to the midpoint of capital guidance.

好的。我認為這與歷史水準一致。通常在夏季月份因天候較佳，你能投入更多資本並進行建置。因此一般會看到第二季與第三季的資本水準較高，然後在第四季趨緩。今年大致也會落在相同區間，以達到資本指引的中位數。

The next question is coming from Ned Baramov of Wells Fargo.

下一個問題來自富國銀行（Wells Fargo）的 Ned Baramov。

Just building on the previous question, can you talk about the impact to AM from AR's improved well productivity? I presume that will result in some capital efficiencies on the midstream side, too, but I appreciate any additional details you can provide on your 2024 and 2025 CapEx program at AM.

延續前一個問題，能否談談 AR 井生產力提升對 AM 的影響？我推測這也會在中游端帶來一些資本效率，但也希望你能提供更多關於 AM 在 2024 與 2025 年 CapEx 計畫的細節。

Yes. No, it's a great question. I think as you look at the capital program for AM, you have the benefit of the efficiency gains at AR, which leads to lower well connect capital needed on the AM side. You continue to have larger -- higher lateral feet per well on average each year. So that's beneficial to AM's capital program.

是的，這是個很好的問題。我認為當你看 AM 的資本計畫時，你能受惠於 AR 的效率提升，這會使 AM 端所需的井連接（well connect）資本降低。同時，每口井平均的水平段長度（lateral feet）每年都在增加、也更長，這對 AM 的資本計畫是有利的。

And then the second piece that we've talked a little bit on past calls is just related to compression reuse. So you're starting to see more of that benefit and you'll see that play out, particularly in 2024 with about $15 million of incremental savings related to that compression reuse that Paul talked about in his prepared remarks. So excited about the capital program going forward. You should see '24 capital lower than '23 capital.

第二個部分是我們在過去幾次電話會議中稍微提到的，與壓縮設備再利用（compression reuse）相關。你開始看到更多這方面的效益，且將在 2024 年特別顯現，約有 1,500 萬美元的增量節省，這與 Paul 在事先準備的發言中提到的壓縮設備再利用有關。我們對未來的資本計畫感到振奮。你應該會看到 2024 年資本支出低於 2023 年。

And then on the volume side, just as a reminder, again, the fee rebates are falling away on the AM side in 2024. When you combine that with the fact that AR is maintaining production at the higher levels, it equates to nice single to high single-digit EBITDA growth at AM as you move into 2024. So a great spot to be in for AM to have consecutive years of strong EBITDA growth and capital declining. Good spot to be in as we look forward.

在量的方面，再提醒一次，AM 端的費用回饋（fee rebates）將在 2024 年消退。把這點與 AR 維持較高產量水準結合起來，等同於 AM 在邁入 2024 年時可望有不錯的個位數到高個位數 EBITDA 成長。因此，AM 連續多年維持強勁 EBITDA 成長、同時資本支出下降，處於很好的位置。展望未來，這是很好的狀態。

Got it. And then the $15 million of CapEx savings on compression reuse, is that really the savings from compression relocation where -- versus the cost of building new compression?

了解。那麼壓縮設備再利用帶來的 1,500 萬美元 CapEx 節省，主要是來自於壓縮設備搬遷的節省——相對於新建壓縮設備的成本嗎？

Well, it depends on how much -- how many units you're relocating. So next year, you'll see $15 million. Overall, we've talked about a total number in the $50 million level on ability to reuse. And that's something we're always evaluating in terms of reuse of underutilized compression capacity into areas that need it. So you'll see us update those numbers moving forward. But the total number is $50 million and $15 million of that you'll see in 2024.

這取決於你搬遷多少——也就是搬遷多少台設備。明年你會看到 1,500 萬美元。整體而言，我們談過可再利用的總額大約在 5,000 萬美元水準。這也是我們一直在評估的：將未充分利用的壓縮能力再利用到有需求的區域。因此我們會在未來更新這些數字。但總額是 5,000 萬美元，其中 1,500 萬美元會在 2024 年反映。

I guess as a rule of thumb, can you provide a number of what's the cost of relocating equipment versus the cost of building new equipment?

如果用一個經驗法則來看，你能否提供一個數字：搬遷設備的成本相對於新建設備的成本大概是多少？

So we're relocating, call it, 120 a day of compression capacity and saving $15 million. So I think that's probably a fair ratio to assume moving forward.

我們正在搬遷的壓縮能力大約是每日 120（的壓縮能力），並節省 1,500 萬美元。我認為這大概是未來可以用來假設的合理比例。

(Operator Instructions) Our next question is coming from Gregg Brody of Bank of America.

（接線員指示）下一個問題來自美國銀行（Bank of America）的 Gregg Brody。

Just was wondering -- I know you've had your disclosures on the Clearwater facility litigation, it's pretty clear. But I'm just curious if you could talk about how you -- how much -- what do you think the timeframe is for this to resolve? And I know there's appeals possibilities, but I just wonder if you could frame it for us?

我想請教——我知道你們已就 Clearwater 設施訴訟做了揭露，內容相當清楚。但我想了解你們對於此案解決的時間表有何看法？我知道可能還有上訴的可能性，但想請你們幫我們框架一下。

Yes, Gregg, unfortunately, we can't really comment on the pending litigation outside of what we've already disclosed in the 10-Q. So I'll just direct you to the 10-Q for our disclosures there.

是的，Gregg，很遺憾，對於尚在進行中的訴訟，我們無法在已於 10-Q 中揭露的內容之外再做評論。我只能請你參考 10-Q 中我們的相關揭露。

At this time, I'd like to turn the floor back over to Mr. Agnew for closing comments.

此時，我想把會議交回給 Agnew 先生作結語。

Thank you for joining today's conference call. Please feel free to reach out with any additional questions.

感謝各位參加今天的電話會議。如有任何其他問題，歡迎隨時與我們聯繫。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines and log off from webcast at this time, and enjoy the rest of your day.

各位女士、先生，感謝您的參與。今天的活動到此結束。您現在可以掛斷電話並登出網路直播，祝您今天剩餘時間愉快。