Antero Midstream Corp (AM) 2024 Q2 法說會逐字稿

Greetings. Welcome to Antero Midstream's Second Quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Antero Midstream 的 2024 年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。

At this time, I'll now turn the conference over to Justin Agnew, Vice President, and Finance. Just and you may now begin your presentation.

現在，我將把會議交給負責財務的副總裁賈斯汀·阿格紐 (Justin Agnew)。現在您可以開始您的簡報了。

Thanks, operator, and good morning. Thank you for joining us for Antero Midstream 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.antero Midstream.com. where we have provided a separate earnings call presentation that will be reviewed during today's call.

謝謝接線員，早安。感謝您參加 Antero Midstream 第二季投資者電話會議。我們將花幾分鐘時間瀏覽財務和營運亮點，然後我們將進行問答。我還想引導您訪問我們網站的主頁：www.antero Midstream.com。我們提供了單獨的收益電話會議演示，將在今天的電話會議期間進行審查。

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公認會計準則財務指標。請參閱我們的收益新聞稿，以了解有關此類措施的重要揭露，包括與最具可比性的公認會計準則財務措施的調節。

Joining me on the call today are Paul Rady, Chairman, CEO and President of Antero Resources, and Antero Midstream, Brendan Kruger, CFO of Antero Midstream. I'm Michael Kennedy, CFO of Antero Resources and Director of Antero Midstream. With that, I'll turn the call over to Paul.

今天和我一起參加電話會議的有 Antero Resources 董事長、執行長兼總裁 Paul Rady，以及 Antero Midstream 財務長 Brendan Kruger。我是 Michael Kennedy，Antero Resources 的財務長兼 Antero Midstream 的總監。這樣，我就把電話轉給保羅。

Thanks, Justin, and good morning, everyone. In my comments, I will discuss our bolt-on acquisition and peer-leading breakevens at AR. I'm referring to Antero Resources. Brendan will then walk through our quarterly results and recent credit improvements.

謝謝賈斯汀，大家早安。在我的評論中，我將討論 AR 的補強收購和同業領先的損益平衡點。我指的是 Antero 資源。然後，布倫丹將介紹我們的季度業績和最近的信用改善。

Let's start on slide number three, titled Marcellus bolt-on acquisition highlights. During the second quarter, we closed on a $70 million acquisition from Summit Midstream. The acquisition included two compressor stations with 100 million cubic feet a day of capacity and approximately 50 miles of high-pressure pipelines in the Marcellus Shale highlighted in purple on the map.

讓我們從第三張幻燈片開始，標題為 Marcellus 補強收購亮點。第二季度，我們完成了對 Summit Midstream 的 7,000 萬美元收購。此次收購包括位於馬塞勒斯頁岩（地圖上以紫色突出顯​​示）的兩個壓縮機站，每天的容量為 1 億立方英尺，以及約 50 英里的高壓管道。

These highly strategic assets are already connected to Antero Midstream's infrastructure and support the future development by Antero Resources, which is now an investment grade counterparty in line with our previous bolt-on acquisitions. All of the throughput volume on these assets is from Antero Resources production. Most importantly, this transaction was immediately accretive to free cash flow and keeps us on track to achieve our leverage target of 3.0 times in the back half of this year.

這些高度策略性的資產已經連接到 Antero Midstream 的基礎設施，並支持 Antero Resources 的未來發展，根據我們先前的補強收購，Antero Resources 現在是投資級交易對手。這些資產的所有吞吐量均來自 Antero Resources 的生產。最重要的是，這筆交易立即增加了自由現金流，並使我們預計在今年下半年實現 3.0 倍的槓桿目標。

Now let's move on to Slide number four titled AR. has the lowest free cash flow breakevens. The left-hand side of the page illustrates AR's free cash flow breakeven gas price of $2.20 per Mcf. This peer-leading breakeven is due to several factors, including strong well performance, low maintenance capital requirements and high exposure to liquids prices.

現在讓我們繼續觀看第四張投影片 AR。自由現金流損益平衡點最低。頁面左側顯示 AR 的自由現金流損益兩平 Gas 價格為每 Mcf 2.20 美元。這種領先同業的損益平衡歸因於多種因素，包括強勁的油井表現、較低的維護資本要求以及較高的液體價格風險。

In particular, our exposure to international prices and widening arbs have resulted in strong C3 plus NGL pricing, which provided a $1.10 per MCF E uplift to the equivalent price realizations in the first half of 2020.

特別是，我們對國際價格的曝險和套利的擴大導致了 C3 加 NGL 的強勁定價，這使得每 MCF E 比 2020 年上半年的同等價格實現提高了 1.10 美元。

For these low breakeven prices led to a peer-leading unhedged free cash flow profile, which is shown on the right hand side of the page. Despite Nimex gas prices only of only $2.7 in the first half of 2024. AR’s unhedged outspend has only been 59 million, well below the rest of the natural gas peer group.

由於這些低盈虧平衡價格導致了同行領先的未對沖自由現金流狀況，如頁面右側所示。儘管 2024 年上半年 Nimex 天然氣價格僅為 2.7 美元。AR 的未對沖支出僅為 5,900 萬美元，遠低於其他天然氣同行。

These results combined with AR's balance sheet strength were the primary drivers of the upgrade to investment grade for ours. In summary, we continue to expand our asset base at AM to support the strongest producer with the lowest gas natural gas breakeven prices in the US.

這些結果與 AR 的資產負債表實力結合，是我們升級至投資等級的主要動力。總之，我們繼續擴大 AM 的資產基礎，以支持美國天然氣損益平衡價格最低的最強生產商。

And with that, I will turn the call over to Brendan.

接下來，我會將電話轉給布倫丹。

Thanks, Paul. I will begin my comments on slide number five, titled Second Quarter 2024 highlights. Adjusted EBITDA for the second quarter was $255 million, which was a 5% increase year over year. Free cash flow after dividends during the quarter was $43 million, a 41% increase compared to the second quarter of last year.

謝謝，保羅。我將從第五張投影片開始發表評論，標題為「2024 年第二季亮點」。第二季調整後 EBITDA 為 2.55 億美元，年增 5%。該季度股息後自由現金流為 4,300 萬美元，比去年第二季成長 41%。

Both of these metrics are quite notable, given AR is only running two rigs and one completion crew today. Importantly, our leverage remained flat quarter-over-quarter at 3.1 times despite the $70 million cash funded acquisition during the quarter. This highlights the attractive purchase price and immediate accretion to AAM's free cash flow from the bolt-on acquisition.

鑑於 AR 目前僅運行兩台鑽機和一名完井人員，這兩個指標都非常值得注意。重要的是，儘管本季以 7,000 萬美元現金資助收購，但我們的槓桿率仍保持在 3.1 倍的環比持平。這突顯出極具吸引力的購買價格，以及此次補強收購對 AAM 自由現金流的立即增加。

Next, let's move on to slide 6. Titled improved balance sheet flexibility. This slide highlights the successful refinancings in 2024 that provides us with the financial flexibility to execute on our attractive organic capital program and acquisition opportunities in January we issued 600 million of senior notes due in 2032, which was upsized due to oversubscribed demand proceeds from the offering.

接下來，我們繼續看投影片 6。標題為「改善資產負債表彈性」。這張投影片強調了2024 年的成功再融資，這為我們提供了財務靈活性，以執行我們有吸引力的有機資本計劃和1 月份的收購機會，我們發行了2032 年到期的6 億張優先票據，由於發行的超額認購需求收益，該票據的規模有所擴大。

We used to call our highest coupon notes in May. This was an NPV positive refinancing, which lowers our go-forward interest expense and expands our free cash flow. In July, we extended the maturity of our revolving credit facility to 2029 and maintained our 1.25 billion of commitments providing additional near term balance sheet flexibility.

我們過去常常在五月調用最高的息票。這是一項淨現值正值再融資，它降低了我們的遠期利息支出並擴大了我們的自由現金流。7 月，我們將循環信貸安排的期限延長至 2029 年，並維持了 12.5 億美元的承諾，提供了額外的短期資產負債表彈性。

As of June 30, we had 556 million borrowed under our credit facility, resulting in almost 700 million of liquidity.

截至 6 月 30 日，我們的信貸安排下借了 5.56 億美元，產生了近 7 億美元的流動性。

I'll finish my comments on slide 7, providing a consistent free cash flow and credit momentum. This slide illustrates Antero Midstream's leverage and credit ratings since we transitioned to a business model that generates consistent free cash flow after dividends in 2020.

我將在幻燈片 7 上完成我的評論，提供一致的自由現金流和信貸動力。這張投影片說明了自我們過渡到 2020 年股息後產生持續自由現金流的業務模式以來 Antero Midstream 的槓桿率和信用評級。

In May of this year, we received an upgrade from S&P to double-B plus on our corporate credit rating. This is the fourth ratings increase from S&P since the end of 2020 and validates the significant progress we have made towards our debt and leverage targets over the same timeframe, annual EBITDA has increased by over 25%.

今年5月，我們的企業信用評等從標準普爾上調至雙B+。這是標準普爾自 2020 年底以來第四次上調評級，驗證了我們在同一時間段內實現債務和槓桿目標方面取得的重大進展，年度 EBITDA 增長了 25% 以上。

We have generated over 280 million of cumulative free cash flow after dividends, and we have reduced our leverage to 3.1 times. All of this was accomplished while acquiring almost 300 million of bolt-on assets without any equity issuance. This is a testament to our patience and strict return thresholds on our acquisition opportunities, our ability to quickly integrate assets and drive synergies and our execution on our base organic growth business model.

我們已經產生了超過 2.8 億的累計股息後自由現金流，並且我們已將槓桿率降低至 3.1 倍。所有這一切都是在收購近 3 億美元的補充資產的情況下完成的，而沒有任何股票發行。這證明了我們對收購機會的耐心和嚴格的回報門檻、我們快速整合資產和推動協同效應的能力以及我們對基本有機成長業務模式的執行力。

In summary, we continue to execute on our business plan of delivering organic growth, supplemented by attractive bolt-on asset acquisitions. We have taken a proactive approach towards debt reduction and extending debt maturities, which provides us with tremendous balance sheet strength and flexibility. As we approach our three times leverage target, we are well-positioned to return additional capital to shareholders in the near term.

總之，我們繼續執行實現有機成長的業務計劃，並輔以有吸引力的補充資產收購。我們採取積極主動的方式減少債務並延長債務期限，這為我們提供了巨大的資產負債表實力和靈活性。隨著我們接近三倍槓桿目標，我們處於有利地位，可以在短期內向股東返還額外資本。

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

接線員，我們準備好回答問題了。

Thank you. We'll now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Ned Baramov, Wells Fargo.

內德·巴拉莫夫，富國銀行。

Hi, and thanks for taking the questions. Starting with the deferred pad at AR. was this potential delay in when a month begins to gather and compress volumes from these five wells reflected in your most recent guidance update from me?

您好，感謝您提出問題。從 AR 的延遲墊開始。我最近的指導更新中是否反映了一個月開始收集和壓縮這五口井的體積的潛在延遲？

Yes, that's currently in the in the guidance update overall, to the extent that gets deferred further, that would also fall within our guidance range that we provided. So no change to what we've provided out there as a result of that deferral to the end of the year.

是的，目前在整體指導更新中，如果進一步推遲，這也將落在我們提供的指導範圍內。因此，由於推遲到年底，我們提供的服務沒有變化。

Understood. And then my second question, you can be shed some light on that your water results in the second quarter, it seems overall volumes declined to about 81,000 barrels a day from 113,000 barrels a day. In the first quarter.

明白了。然後我的第二個問題，你可以透露第二季度的水產量，似乎總產量從每天 113,000 桶下降到每天 81,000 桶左右。在第一季。

But at the same time, the number of serviced wells increased from 17 wells in the first quarter to 19. So I guess Taken together, this implies much less water per well in the second quarter. So I guess I presume this is related to the timing of well servicing, but any color you can provide would be helpful.

但同時，已服務井數量從第一季的17口增加到19口。所以我想綜合來看，這意味著第二季每口井的水量少很多。所以我想我認為這與油井維修的時間有關，但是您可以提供的任何顏色都會有所幫助。

Yes. No, good question that it really is related to just how we define well service. So in particular, there was a seven well pad that the wells began to be serviced at the end of June, but really most of that volume will come in the third quarter.

是的。不，這是個好問題，這確實與我們如何定義良好服務有關。因此，特別是有一個七井平台，該井於六月底開始提供服務，但實際上大部分數量將在第三季完成。

So the 19 wells, if you take out the seven well pad, it's really like 12 wells and the decline in volumes from the first quarter was really just the result of going AR going from two completion crews to one completion crew. So it's quite impressive.

因此，這 19 口井，如果去掉 7 個井場，實際上就像 12 口井，而第一季度產量的下降實際上只是 AR 從兩個完井隊改為一個完井隊的結果。所以這是相當令人印象深刻的。

Actually, today we were looking back and historically when you when you ran one completion crew, it was about 50,000 barrels a day. So today with one completion crew essentially delivering 80,000 barrels a day is quite impressive and just goes to the efficiency gains overall. But I want to add I am going back to your question on the 19 wells. It's really just driven by the timing, and that's going to be third quarter. The seven well pad gets pushed out.

事實上，今天我們回顧歷史，當你管理一支完井隊時，每天的產量約為 50,000 桶。因此，今天，一名完井人員基本上每天交付 80,000 桶石油，這是相當令人印象深刻的，整體效率也提高了。但我想補充一點，我要回到你關於 19 口井的問題。這其實只是受時機的驅動，那就是第三季。七個井墊被推出。

Got it. Thanks for the time.

知道了。謝謝你的時間。

Naomi Marfatia, UBS.

內奧米·瑪法蒂亞，瑞銀集團。

Yes, good morning, Tom, maybe to start on the capital allocation question. Are you going to be achieving a three times leverage target sooner rather than later and has maintained its DPU for quite some time.

是的，早上好，湯姆，也許可以開始討論資本配置問題。您是否會盡快實現三倍槓桿目標，並且已經維持 DPU 相當長一段時間了？

Now what's the thought process on buyback was indeed the race once that leverage target is based on different M&A that could potentially come. Bye-bye.

現在，回購的思考過程確實是一場競賽，一旦槓桿目標基於可能發生的不同併購。再見。

Yes. So I again, I think we've talked about once we hit our three times target, we'll start that buyback still look very attractive to us today. So, you know, second half of the year, we'd expect to start the buyback program. And I think we've got the $500 million authorization out there.

是的。所以我再說一遍，我認為我們已經討論過，一旦達到三倍目標，我們將開始回購，今天對我們來說仍然非常有吸引力。所以，你知道，我們預計將在今年下半年啟動回購計畫。我認為我們已經獲得了 5 億美元的授權。

And so based on where we want to end up from a leverage standpoint, whether that in a flat at three times or 2.9, 2.8. I think I think we have to be cognizant of just where our equity is versus internal expectations and again, today very attractive. So we would expect to use that, that 500 million over a fairly short timeframe, given the given where leverage would be trending over time here.

因此，根據我們希望從槓桿的角度最終得到的結果，無論是三倍還是 2.9、2.8。我認為我們必須認識到我們的資產與內部預期的關係，而且今天非常有吸引力。因此，考慮到槓桿隨時間的變化趨勢，我們預計在相當短的時間內使用這 5 億美元。

Thanks. That's helpful. Maybe as a follow-up on drivers of base business and increase the 24 EBITDA guidance for the acquisition of assets from Summit machine. Can you help us understand the drivers of base business growth and '24 on habitat for '25?

謝謝。這很有幫助。也許作為基礎業務驅動因素的後續行動，並增加了從 Summit 機器收購資產的 24 EBITDA 指導。您能否幫助我們了解基礎業務成長的驅動因素以及「24 年對 25 年棲息地的影響」？

Yes. So for 2014, we increased it by about $15 million on that acquisition. We talked about if you do the math on the $50 million increase a little over $20 million on an annualized basis to about a 3.5 times multiple on that acquisitions. It was a great, great acquisition and from a from an economic standpoint, which again allowed us to keep our leverage flat despite acquiring that asset with cash still able to hit that three times target in the second half which was our original plan.

是的。因此，2014 年，我們透過這項收購增加了約 1500 萬美元。我們討論過，如果你計算一下，5,000 萬美元的年化增幅略高於 2,000 萬美元，相當於收購的 3.5 倍左右。從經濟角度來看，這是一次偉大的收購，這再次使我們能夠保持槓桿水平，儘管用現金收購該資產仍然能夠在下半年達到我們最初計劃的三倍目標。

And as we look out, I think it will just depend on where the where the development plan goes at. Ara are still talking about maintenance capital so I think at any end, you'll obviously have the CPI. on fees.

當我們展望未來時，我認為這將取決於開發計劃的進展。Ara 仍在談論維護資本，所以我認為無論如何，你顯然都會有 CPI。關於費用。

And then on the on the volumes should have flat volumes year over year and which gets you in that kind of low single digit from a from an EBITDA it growth standpoint.

然後，銷售量應該與去年同期持平，從 EBITDA 成長的角度來看，這會讓你處於那種低個位數的水平。

That's helpful allowing it to have greater efficacy.

這有助於讓它發揮更大的功效。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hey, this is [Noah Kaye] on for Jeremy. First, I wanted to touch on the 19 wells connected to the freshwater delivery system in the quarter, which brings you to 36 for the year. Should we expect for similar wells to be brought in service in 3Q? And then for a step down in 4Q? Thanks.

嘿，這是傑里米的[諾亞·凱]。首先，我想談談本季與淡水輸送系統連接的 19 口井，全年總數為 36 口。我們是否應該期望類似的油井在第三季投入使用？然後在第四季進一步下調？謝謝。

Yes. So if you look at our guidance overall, we push we're not flush with the 19 wells. We talked about really seven of those 19. You're getting most of that volume in the third quarter. And but in terms of what we'd look to report from a well service, you should have a similar level in Q3, slight step down in Q3 from the second quarter in terms of well service and then and then Q4 should be a similar level to what you see in first quarter, assuming you run with the two completion crews. To the extent that as we talked about gets deferred than you have, you'd have less activity with those wells getting pushed out into Q4.

是的。因此，如果你從整體上看我們的指導，我們會認為我們沒有與 19 口井齊平。我們實際上討論了這 19 個中的 7 個。您將在第三季獲得大部分銷售。但就我們希望從油井服務報告來看，第三季度應該有類似的水平，在油井服務方面，第三季度比第二季度略有下降，然後第四季度應該是類似的水平假設您與兩個完成人員一起運行，就可以看到第一季的情況。正如我們所討論的，在某種程度上，這些油井的活動會比您推遲的要少，因為這些油井被推遲到第四季度。

Got it. That's helpful. And then as a follow up, can you size the impact that a are having one less completion crew for the deliveries will have on volumes? And I guess what are your expectations for the number of completion crews that they'll have for the remainder of the year?

知道了。這很有幫助。作為後續行動，您能否評估減少一名完成交付的人員對數量的影響？我想您對今年剩餘時間內的完井人員數量有何期望？

Yes, I got. I'm looking at Q3 one completion crew again, we talked about the second quarter had one completion crew at about 80,000 barrels a day. So it's a fair assumption that will be a flat number that running one completion during the third quarter. And then in the fourth quarter, to the extent you run two completion crews, I'd expect a similar level of volume to running those same amount of completion crews in the first quarter. So yes, Frank, pretty simple. I think math on that just based on the completion crew count.

是的，我明白了。我再次關注第三季的一名完井人員，我們談到第二季有一名完井人員每天生產約 8 萬桶。因此，可以合理地假設，第三季完成的數字將持平。然後在第四季度，如果您運行兩個完井人員，我預計與第一季運行相同數量的完井人員的數量水平相似。所以，是的，弗蘭克，非常簡單。我認為數學只是基於完成人員的數量。

Thank you.

謝謝。

John Mackay, Goldman Sachs.

約翰麥凱，高盛。

Yes, thanks for the time. Maybe it's just a quick follow-up there for looking at the guidance range for the back half of the year, I guess at how sensitive do you think you are to be able to start the buyback sometime in second half to the timing of that arm?

是的，感謝您抽空。也許這只是一個快速跟進，以查看下半年的指導範圍，我想你認為你能夠在下半年的某個時間開始回購對該手臂的時機有多敏感？

Yes, that deferral at AR. I know we're talking relatively small dollars here, but just trying to figure out timing and if that would be a driver for, let's say, more of a Q4 start than let's say later this quarter.

是的，AR 的延期。我知道我們在這裡討論的是相對較小的美元，但只是想弄清楚時機，以及這是否會成為第四季度開始的驅動因素，而不是本季晚些時候的驅動因素。

Now I mean, you're talking to 3,000,000,003 billion of debt. So you're not moving the needle much by a change in EBITDA on the overall three times leverage impacts that that's not really factoring into the timing there.

現在我的意思是，你談論的是 3,000,000,003 億美元的債務。因此，您並沒有透過 EBITDA 的變化對整體三倍槓桿影響產生太大影響，而這並沒有真正考慮到那裡的時間安排。

Fair. The product more broadly, you guys have been talking up maybe some more third party opportunities. Maybe just an update on how those conversations are going, what we could be looking for time frame, anything like that? Thanks.

公平的。更廣泛地說，你們一直在談論更多的第三方機會。也許只是更新這些對話的進展情況，我們可能尋找的時間框架，諸如此類的事情？謝謝。

Yes, John, I think those conversations continue. We're always looking at third-party opportunities on the gathering side, I think we've talked primarily about Ohio in the sense that we have excess capacity there. There is more activity going on in Ohio so that we've had conversations there.

是的，約翰，我認為這些對話仍在繼續。我們一直在尋找採集方面的第三方機會，我認為我們主要討論的是俄亥俄州，因為我們那裡的產能過剩。俄亥俄州正在進行更多活動，因此我們在那裡進行了對話。

But whether that comes to fruition, it's always tough to get third party deals done. So whether that comes to fruition, I think still in the works. So nothing to add at this point?

但無論這能否實現，完成第三方交易總是很困難。因此，我認為這是否會實現，仍在進行中。那麼現在沒有什麼可補充的嗎？

I don't think so, Tom.

我不這麼認為，湯姆。

Zackery Everen, TPH.

扎克里·埃弗倫，TPH。

Perfect. Thanks for taking my question, guys. I just got one for you today. Looks like rates across both gas and water ticked up quarter over quarter. I know the CPI escalators in Q1. So maybe just any color on what might be driving those rates a little bit higher?

完美的。謝謝你們提出我的問題，夥伴們。我今天剛買了一份給你。看起來天然氣和水的費率都在逐季上漲。我知道第一季CPI 的扶梯狀況。那麼也許只是任何可能推動這些利率更高一點的顏色？

Yes. I think on the gathering it was it was really the high-pressure gathering rate and that was just a function of our accounting for the Summit bolt on acquisitions that are so small change there. But again, just due to the accounting treatment and still when you when you think about EBITDA impact for that. Again, it's in that $20 million mark for annual EBITDA. It's just a matter of how it was accounted for in terms of fee versus volume.

是的。我認為在聚會上，這實際上是高壓聚集率，這只是我們對峰會螺栓收購的會計處理的函數，而那裡的變化很小。但同樣，這只是由於會計處理，而且當你考慮 EBITDA 的影響時仍然如此。年度 EBITDA 再次達到 2000 萬美元大關。這只是如何根據費用與數量來計算的問題。

Got you. And then maybe on the water, it looks like that one went up quarter over quarter as well.

明白你了。然後也許在水面上，看起來也逐季上漲。

I want to get back to you on that action. Should be no real impact there on water. So we'll come back on that on.

我想就該行動回覆您。對水應該沒有真正的影響。所以我們會回來討論這一點。

Perfect. Appreciate it. Thanks, guys.

完美的。欣賞它。多謝你們。

Thank you. That will conclude our question and answer session, and I'll now turn the call back to Justin Agnew for closing remarks.

謝謝。我們的問答環節到此結束，現在我將把電話轉回給賈斯汀·阿格紐，他將作結束語。

Thank you, everybody, for joining today. Please feel free to reach out with any questions.

謝謝大家今天的加入。如有任何問題，請隨時與我們聯絡。

This will conclude today's conference. You may disconnect your lines at this time, and thank you for your patience, patient. Never wonderful.

今天的會議到此結束。此時您可以斷開線路，感謝您的耐心等待。從來沒有精彩過。