Bioceres Crop Solutions Corp (BIOX) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Bioceres Crop Solutions fiscal third-quarter 2026 financial and operational results call. (Operator Instructions) I will now hand the conference over to Paula Savanti, Head of Investor Relations. Paula, please go ahead.

各位好。感謝各位加入，歡迎參加 Bioceres Crop Solutions 2026 會計年度第三季財務與營運成果電話會議。(接線員指示) 現在我將把會議交給投資人關係主管 Paula Savanti。Paula，請開始。

Thank you, and good morning, everyone. Welcome to Bioceres Crop Solutions third fiscal quarter 2026 earnings conference call. Our prepared remarks today will be led by our Chief Executive Officer, Federico Trucco; our General Counsel, Jose Roque; and our Chief Financial Officer, Ezequiel Simmermacher. All of them will be available for the Q&A session following the presentation.

謝謝，各位早安。歡迎參加 Bioceres Crop Solutions 2026 會計年度第三季財報電話會議。今天的準備講稿將由我們的執行長 Federico Trucco、法務長 Jose Roque，以及財務長 Ezequiel Simmermacher 主講。三位都將在簡報後的問答環節出席。

During this call, we will be making forward-looking statements. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. I refer you to the forward-looking statements section of the earnings release and presentation as well as the recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed circumstances.

在本次電話會議中，我們將作出前瞻性陳述。這些陳述係基於目前的預期與假設，並可能受到各種風險與不確定性影響。請參閱財報新聞稿與簡報中的前瞻性陳述章節，以及近期向美國證券交易委員會（SEC）提交的文件。我們不承擔更新或修訂任何前瞻性陳述以反映新的或變更情況之義務。

In today's presentation, we will be making references to certain non-GAAP financial measures. Reconciliations of the non-GAAP measures can be found in our earnings press release. This conference call is being webcast, and the link is available at our Investor Relations website.

在今天的簡報中，我們將提及若干非 GAAP 財務衡量指標。非 GAAP 指標的調節表可於我們的財報新聞稿中查閱。本次電話會議將進行網路直播，連結可於我們的投資人關係網站取得。

It is now my pleasure to turn the call over to Federico.

現在我很高興把電話會議交給 Federico。

Thanks, Paula, and good morning to everyone. Thanks for joining us today. Please turn to slide 3 for today's key business and financial highlights. This quarter reflects a period of transition and operational refocusing for the company, while it is historically our weakest quarter from a baseline business perspective.

謝謝 Paula，各位早安。感謝各位今天加入我們。請翻到投影片第 3 頁，查看今天的主要業務與財務重點。本季反映公司正處於轉型與營運重新聚焦的階段，同時從基礎業務的角度來看，歷來這也是我們最弱的一季。

Total revenues and gross profits showed a decline compared to the same quarter last year, which was partially offset by an improvement in operational expenses. Net loss was $10 million, primarily reflecting lower gross profit as well as increased financial expenses, all of which will be described in greater detail later in the presentation. Also, in the last three years, we have booked profits from IP rights and other commercial arrangements in this quarter, which helped us offset baseline operating losses.

總營收與毛利較去年同期下滑，但營運費用的改善部分抵銷了影響。淨損為 1,000 萬美元，主要反映毛利下降以及財務費用增加；稍後在簡報中將更詳細說明。此外，在過去三年中，我們在本季認列了來自智慧財產權（IP）權利及其他商業安排的收益，協助我們抵銷基礎營運虧損。

Although we continue to explore strategic arrangements with our partners on a regular basis and see these as a recurrent source of profitability, this year, the timing of profit-generating arrangements did not coincide with the initial months of the calendar year. As I have stated in my message to shareholders of March 16, we recognize the significance of the events surrounding Pro Farm and the uncertainty generated by the ongoing litigation process.

儘管我們持續定期與合作夥伴探索策略性安排，並將其視為可重複的獲利來源，但今年能產生收益的安排之時點並未與曆年年初的數月重疊。如我在 3 月 16 日致股東訊息中所述，我們認知到圍繞 Pro Farm 的事件之重要性，以及持續訴訟程序所帶來的不確定性。

Jose Roque, our General Counsel, will now provide an update of the ongoing litigation. Please turn to slide 4.

我們的法務長 Jose Roque 現在將就進行中的訴訟提供最新進展。請翻到投影片第 4 頁。

Thank you, Federico, and good morning to everyone on the call. As previously disclosed, in November 2025, four holders of secured notes issued under our note purchase agreements dated August 2022, filed a lawsuit in New York against the company and certain guarantor affiliates. The plaintiffs alleged that defaults occurred under those agreements and are seeking payment of amounts they say became immediately due. The company strongly disputes the allegations. As explained in court filings, each of the alleged defaults turns on contested facts.

謝謝 Federico，各位與會者早安。如先前揭露，於 2025 年 11 月，四位持有我們於 2022 年 8 月所簽訂票據購買協議項下所發行之擔保票據的持有人，於紐約對本公司及若干提供保證之關係企業提起訴訟。原告主張該等協議已發生違約，並要求支付其所稱已立即到期之款項。本公司強烈否認該等指控。如法院文件所述，每一項被指稱的違約均涉及具爭議之事實。

The company has, at all times, acted in good faith and under active Board supervision to manage liquidity and preserve enterprise value. We have also asserted counterclaims against the plaintiffs and third-party individuals. On January 20, 2026, as part of the litigation process, the noteholders conducted a foreclosure auction involving the Pro Farm Group, Inc. collateral. A noteholder affiliated entity was the only qualified bidder and acquired the assets through a $15 million credit bid.

本公司始終本於善意，並在董事會積極監督下管理流動性並維護企業價值。我們亦已對原告及第三方個人提出反訴。於 2026 年 1 月 20 日，作為訴訟程序的一部分，票據持有人就 Pro Farm Group, Inc. 的擔保品進行了一場止贖拍賣。一個與票據持有人關聯的實體為唯一合格投標人，並以 1,500 萬美元的以債抵價（credit bid）取得該等資產。

We believe and continue to argue in litigation that the foreclosure was conducted in a commercially unreasonable manner, and we have asserted counterclaims challenging the process.

我們認為，並在訴訟中持續主張，該止贖係以商業上不合理的方式進行；我們已提出反訴以質疑該程序。

The case remains in its early stages, and the company intends to continue both our active defense against noteholders' allegations and the pursuit of our affirmative claims. While we remain confident in our legal position, I would remind listeners that my statements regarding the litigation are subject to the usual disclaimers regarding forward-looking statements and that actual results may differ materially. The company intends to continue updating shareholders regarding material developments in the litigation through appropriate disclosures, including, where applicable, reports on Form 6-K.

本案仍處於早期階段，本公司擬持續積極抗辯票據持有人之指控，並推進我們的主張性請求。雖然我們對自身法律立場仍具信心，但我提醒各位，我就訴訟所作之陳述仍受前瞻性陳述之一般免責聲明所拘束，實際結果可能出現重大差異。本公司擬透過適當揭露（包括在適用情況下提交 6-K 表格報告）持續向股東更新訴訟中的重大進展。

Thank you, Jose. Please now turn to slide 5 for an introduction to Ezequiel Simmermacher, who joined us as CFO at the beginning of the year. Ezequiel comes to us after a nearly 20-year career in agriculture with positions of increasing seniority at Monsanto first and then at CHS, where he was Regional Finance Director and then Director of Operational Excellence for South America until joining us. We're delighted to have Ezequiel in the team and very grateful for his commitment to our organization, particularly in light of joining at a time of significant uncertainty.

謝謝你，Jose。現在請翻到投影片第 5 頁，介紹 Ezequiel Simmermacher；他於今年年初加入我們擔任財務長。Ezequiel 在農業領域深耕近 20 年，先後於 Monsanto 以及 CHS 擔任職務且資歷逐步提升；在加入我們之前，他於 CHS 擔任南美區域財務總監，之後擔任南美營運卓越總監。我們很高興 Ezequiel 加入團隊，也非常感謝他對本組織的投入，尤其是在高度不確定的時期加入。

Ezequiel, welcome. Now turning the call over to you to discuss the accounting impact of the Pro Farm foreclosure as well as the quarter's financial performance for our continuing operations.

Ezequiel，歡迎。現在把電話會議交給你，請你說明 Pro Farm 止贖對會計的影響，以及本季持續營運的財務表現。

Thank you, Federico, for the introduction, and good morning, everyone. It is great to be here in my first earnings call with Bioceres. Let's begin with slide 6, which, as Federico mentioned, detail the impact of the January 2026 foreclosure auction involving the Pro Farm Group on our financials. As a result of the foreclosure process, the Pro Farm business was classified as discontinued operations and its assets and liabilities were reclassified accordingly in our financial statements. Based on the expected proceeds from the foreclosure auction, the company recognized a noncash impairment and loss associated with the transaction during the second quarter of fiscal year 2026.

謝謝 Federico 的介紹，各位早安。很高興在我加入 Bioceres 後的首次財報電話會議與各位見面。我們先從投影片第 6 頁開始；如 Federico 所提，該頁詳述 2026 年 1 月涉及 Pro Farm Group 的止贖拍賣對我們財務報表的影響。由於止贖程序，Pro Farm 業務被分類為停業單位，其資產與負債亦在我們的財務報表中相應重新分類。基於對止贖拍賣預期可得款項的估計，本公司於 2026 會計年度第二季就該交易認列一項非現金減損及相關損失。

In total, approximately $194 million of the net assets associated with the Pro Farm Group business was recognized or reclassified. After considering the $15 million credit bid submitted by noteholders, this results in accumulated noncash loss of approximately $179 million.

總計而言，約1.94億美元與 Pro Farm Group 業務相關的淨資產已被認列或重新分類。在考量票據持有人提出的1,500萬美元以債權抵價投標（credit bid）後，累計非現金損失約為1.79億美元。

The largest impact were reductions in intangible assets and goodwill, together with reductions in property, plant and equipment and working capital balance. These were partially offset by the derecognition of liabilities associated with the Pro Farm Group business. These impacts were recognized in the second quarter and are reflected in the current balance sheet presentations.

影響最大的是無形資產與商譽的減少，以及不動產、廠房及設備與營運資金餘額的降低。上述影響部分被與 Pro Farm Group 業務相關負債的除列所抵銷。這些影響已於第二季認列，並反映於目前的資產負債表列報中。

Now let's walk through the financial results for the quarter. And first, let me remind you that all financial results discussed below reflect the company's continuing operations for all periods presented and previous year's amounts have been recast to exclude the Pro Farm Group business unless otherwise noted.

現在我們來逐一說明本季的財務結果。首先提醒各位，以下討論的所有財務結果均反映公司在所呈列各期間的持續營運；除非另有說明，前一年度金額已重編以排除 Pro Farm Group 業務。

Let's turn to slide 7 to begin looking at revenues. Total revenues for the quarter were $39.4 million, representing a 23% decline versus the same period last year. Before discussing the segments, I think it's important to remember that the fiscal third quarter is seasonally the lowest quarter for our continuous operation, particularly following the Pro Farm foreclosure auction and the resulting reduction in North America operations. This quarter typically coincides with lower planting and harvesting activities in the Southern Hemisphere, meaning that fluctuation in demand, pricing and product mix tend to have a more visible impact on quarterly performance.

請看投影片7，開始檢視營收。本季總營收為3,940萬美元，較去年同期下降23%。在討論各事業部之前，我認為重要的是要記得，會計年度第三季在我們的持續營運中具有季節性，通常是全年最低的季度，尤其是在 Pro Farm 止贖拍賣之後，以及北美營運因此縮減之後。本季通常也與南半球較低的播種與收成活動相吻合，這意味著需求、價格與產品組合的波動，往往會對季度表現產生更明顯的影響。

Looking at segment performance, we saw a mixed dynamic across the portfolio. In Crop Protection, revenue were $24.6 million, down 18% year-over-year. The decline was mainly driven by softened demand and competitive pressure in certain categories, particularly in adjuvants and third-party products in Argentina. We also continue to see inventory adjustments across the nutrition channel, which affected purchasing activity. In third-party products, pricing pressure in both patent categories also weighted on revenues.

從各事業部表現來看，我們在整體投資組合中看到多空交錯的態勢。在作物保護（Crop Protection）方面，營收為2,460萬美元，年減18%。下滑主要是由於部分品類需求轉弱及競爭壓力，尤其是阿根廷的助劑（adjuvants）與第三方產品。我們也持續看到營養通路的庫存調整，影響了採購活動。在第三方產品方面，兩個專利品類的價格壓力也對營收造成拖累。

In Seeds and Integrated Products revenues declined 71% year-over-year. This continues the trend we've seen over the last several quarters as downstream seeds and grain sales are phased out as part of the strategic shift towards a more asset-light and lower working capital-intense model in seeds. As we've discussed before, this transition reduced reported revenues in the near term while also lowering exposure to lower margin and more working capital-intense activity.

在種子與整合產品（Seeds and Integrated Products）方面，營收年減71%。這延續了我們過去幾季所見的趨勢：隨著策略轉向更輕資產、較不耗用營運資金的種子模式，下游種子與穀物銷售正逐步退出。如同先前所述，這項轉型在短期內降低了報導營收，同時也降低了對低毛利且更耗用營運資金活動的曝險。

Crop Nutrition was the one segment that posted growth during the quarter, with revenues increased 15% year-over-year to $11.6 million. Growth was mainly driven by micro fertilizer supported by a low comparable base and stronger demand dynamics during the quarter amid global supply and pricing uncertainties associated with geopolitical tensions. Overall, revenue performance during the quarter reflects a combination of softer market conditions in certain categories together with ongoing portfolio transition effects.

作物營養（Crop Nutrition）是本季唯一呈現成長的事業部，營收年增15%至1,160萬美元。成長主要由微量肥料帶動，受惠於較低的比較基期，以及在地緣政治緊張所引發的全球供應與定價不確定性下，本季需求動能較強。整體而言，本季營收表現反映了部分品類市場環境轉弱，以及投資組合轉型效應持續發酵的綜合影響。

Moving now to gross profit on slide 8. Gross profit for the quarter was $12.7 million compared to $18.1 million in the same period last year, representing a 30% year-over-year decline. The decline was relatively broad-based across the three segments. In Crop Protection, gross profit performance largely mirrored the decline in revenues. Margins across the different product categories were generally stable, although overall segment margin came down from 37% to 35%, mainly due to the lower contribution from adjuvants within the mix this quarter.

接著看投影片8的毛利。本季毛利為1,270萬美元，去年同期為1,810萬美元，年減30%。下滑在三個事業部中相對普遍。在作物保護方面，毛利表現大致反映營收下滑。各產品類別的毛利率整體上大致穩定，但事業部整體毛利率由37%降至35%，主要因本季產品組合中助劑的貢獻較低。

In Seeds and Integrated Products, gross profit declined in absolute terms, but significantly less than revenues. As a result, gross margin improved from 19% to 30%, reflecting a more favorable mix with a higher relative contribution from seed treatment packs versus downstream grain sales. Finally, Crop Nutrition gross profit declined 38% despite higher revenues. The main driver here was obsolescence adjustment related to inoculants following an update inventory assessment during this quarter.

在種子與整合產品方面，毛利的絕對金額下降，但降幅明顯小於營收。因此，毛利率由19%提升至30%，反映較有利的產品組合：種子處理套裝（seed treatment packs）的相對貢獻提高，而下游穀物銷售的比重降低。最後，作物營養的毛利儘管營收提高，仍下降38%。主要原因是本季更新庫存評估後，針對接種劑（inoculants）認列的報廢／過時調整。

Excluding this adjustment, underlying profitability in the inoculants business remained broadly stable year-over-year. Overall, gross margin declined from 35% to 32%, reflecting lower revenues, product mix effects and inoculants adjustment disclosed above. Excluding that nonrecurring adjustment, underlying gross margin performance remains broadly in line with the prior year period.

若排除該項調整，接種劑業務的基礎獲利能力與去年同期大致持平。整體毛利率由35%降至32%，反映營收較低、產品組合效應，以及上述揭露的接種劑調整。若排除該項一次性調整，基礎毛利率表現仍大致與去年同期一致。

Now let's please turn to slide 9 for a review of the adjusted EBITDA. Adjusted EBITDA for the quarter was negative $0.6 million compared to positive $9.1 million in the prior year quarter. When looking at this year-over-year comparison, it is important to separate a couple of nonrecurring items affecting comparability across periods. First, the prior year quarter included approximately $7.7 million of nonrecurring other income associated with changes in contractual obligations and intellectual property arrangements as part of the recognition -- reorganization in Seeds. The absence of that income had a significant impact on comparability versus last year.

現在請看投影片9，檢視調整後 EBITDA。本季調整後 EBITDA 為負60萬美元，去年同期為正910萬美元。在比較年對年變化時，重要的是要區分幾項影響期間可比性的一次性項目。首先，去年同期包含約770萬美元的一次性其他收益，與合約義務及智慧財產安排的變動有關，係作為種子業務認列—重整（reorganization）的一部分。該項收益在本期不存在，對與去年相比的可比性造成顯著影響。

Second, during the current quarter, Crop Nutrition results were impacted by a nonrecurring inoculant obsolescence adjustment associated with an updated inventory assessment.

第二，本季作物營養的結果受到一次性接種劑報廢／過時調整的影響，該調整與更新的庫存評估相關。

Looking beyond these items, underlying operations performance reflects lower gross profit across part of the business, particularly in Crop Protection, although the deterioration was partially offset by continuous progress on cost control, organizational streamlining initiatives. These actions resulted in a meaningful reduction in operation expense during the quarter, while joint ventures results also improved year-over-year and provided an additional positive contribution to EBITDA.

撇除上述項目後，基礎營運表現反映了部分業務毛利下降，尤其是在作物保護方面；不過，這項惡化部分被成本控管與組織精簡措施的持續進展所抵銷。這些行動使本季營運費用明顯降低，同時合資企業的成果也較去年同期改善，並對 EBITDA 提供額外的正向貢獻。

Finally, let's turn to slide 10 to review our balance sheet, cash position and a brief update on the debt situation. As of March 31, 2026, total financial debt stood at approximately $229 million, broadly stable compared to the previous quarter. Cash, cash equivalents and short-term investments totaled approximately $14 million, resulting in a net financial debt of approximately $214 million, also stable on a sequential basis. One important point to highlight is that following the acceleration notice received in connection with the noteholder situation discussed earlier in the call, substantially all of the related debt is currently classified as short term in our balance sheet presentation.

最後，讓我們看第10頁，回顧我們的資產負債表、現金部位，並簡要更新債務情況。截至2026年3月31日，總金融負債約為2.29億美元，與上一季相比大致持平。現金、約當現金及短期投資合計約1,400萬美元，因此淨金融負債約為2.14億美元，按季亦保持穩定。需要強調的一點是，在本次電話會議先前討論的票據持有人情況相關的加速到期通知之後，相關債務幾乎全部目前在我們的資產負債表列報中被歸類為短期。

As Federico and Jose previously noted, the company continues to dispute both the purported acceleration of the notes and the commercial reasonable of the Pro Farm foreclosure action. These matters remain subject to ongoing legal proceeding, and the company intends to continue vigorously defending its position and pursuing its claim and counterclaims in the litigation. At the same time, we continue to evaluate constructive alternatives and maintaining dialogue with relevant stakeholders where appropriate. As Federico mentioned earlier, we are also advancing a reprofiling process for Rizobacter debt obligation in Argentina, including voluntary maturity extensions, discussions with bondholders and continued coordination with key banking partners. More broadly, management remains highly focused on liquidity preservation, working capital discipline and tighter capital allocation across the organization as we continue to stabilize the platform and improve financial flexibility over time.

如Federico與Jose先前所提到，公司持續對票據所謂的加速到期以及Pro Farm止贖行動的商業合理性提出爭議。這些事項仍在進行中的法律程序中，公司打算持續積極捍衛自身立場，並在訴訟中推進其主張與反訴。同時，我們也持續評估具建設性的替代方案，並在適當情況下與相關利害關係人保持對話。如Federico先前提到，我們也正在推進阿根廷Rizobacter債務義務的重新排程（reprofiling）流程，包括自願延長到期日、與債券持有人討論，以及持續與主要銀行夥伴協調。更廣泛而言，管理團隊仍高度聚焦於維持流動性、營運資金紀律，以及在全組織範圍內更嚴格的資本配置，因為我們持續穩定平台並隨時間提升財務彈性。

With that, I will turn the call back over to Federico. Thank you.

接下來，我把電話交回給Federico。謝謝。

Thanks, Ezequiel. And please turn to slide 11, our final slide for today. While market conditions in several areas of our business remain challenging and the effects of the transition in Seeds continue to weigh on reported results, we are increasingly focused on strengthening the fundamentals of the organization and prioritizing disciplined execution across the business.

謝謝你，Ezequiel。請翻到第11頁，也就是我們今天的最後一頁。雖然我們業務中若干領域的市場狀況仍具挑戰，而Seeds業務轉型的影響也持續拖累已報告的結果，但我們正日益聚焦於強化組織基本面，並在全業務範圍內優先推動有紀律的執行。

During the quarter, we continued advancing initiatives aimed at simplifying the organization, improving operational efficiency, strengthening working capital management and improving cash generation while advancing liability management initiatives across key operating subsidiaries. In parallel, we are reinforcing governance and internal processes and concluding a strategic review of our continuing -- and conducting a strategic review of our continuing operations including initiatives focused on organizational streamlining and capital allocation optimization to ensure that capital management attention and resources remain aligned with the areas where we believe we can create the greatest long-term value.

本季期間，我們持續推進多項措施，旨在簡化組織、提升營運效率、強化營運資金管理並改善現金創造，同時在主要營運子公司推動負債管理相關措施。同時，我們也在強化公司治理與內部流程，並完成對我們持續營運的策略檢視——以及對我們持續營運進行策略檢視，其中包括聚焦於組織精簡與資本配置最佳化的措施，以確保資本管理的關注與資源仍與我們認為能創造最大長期價值的領域保持一致。

We recognize the uncertainty generated by the ongoing litigation. While we continue to pursue the appropriate legal course and evaluate constructive alternatives where possible, our priority remains clear, stabilizing the business, preserving the value of our core operations and positioning the company for a more resilient and sustainable future.

我們理解持續進行的訴訟所帶來的不確定性。在我們持續採取適當的法律途徑並在可能情況下評估具建設性的替代方案之際，我們的優先事項仍然明確：穩定業務、維護核心營運的價值，並使公司為更具韌性且可持續的未來做好定位。

With that, I think we can now turn the call over to Q&A.

接下來，我想我們可以把電話交給問答環節。

(Operator Instructions)

（接線員指示）

Kemp Dolliver, Brookline Capital Markets.

Kemp Dolliver，Brookline Capital Markets。

I did miss the first few minutes of the presentation, but I think you can go to add some information on this. What are you doing with regard to collections? It looks like you've made some progress on reducing receivables, but it's hard to tell given the restatements where you stand currently on that initiative.

我錯過了簡報的前幾分鐘，但我想你們可以補充一些相關資訊。你們在催收方面做了哪些工作？看起來你們在降低應收帳款方面取得了一些進展，但考量到重編（restatements），很難判斷你們目前在這項措施上的進度到哪裡。

I will pass that question over to Ezequiel. And first, I'll say that we're emphasizing, obviously, reducing receivables and advancing collections to prioritize liquidity and keep working capital discipline. But Ezequiel might be able to provide more color into this.

我把這個問題交給Ezequiel。首先我想說，我們顯然正強調降低應收帳款並加速催收，以優先確保流動性並維持營運資金紀律。不過Ezequiel或許能提供更多細節。

Two angles. First is we have been working on, let's say, giving alternatives to our customers to advance the receivables with some type of incentive. And on the other side, we have been working on new sales being done in lower sell period by giving some attractive to shorter terms that are more common to the industry.

兩個面向。第一，我們一直在努力，姑且說，提供替代方案給客戶，透過某種激勵來加速應收款回收。另一方面，我們也在推動新的銷售以較低的銷售期間進行，並提供一些更具吸引力的較短付款條件，這也更符合產業慣例。

Okay. And what was operating cash flow for the quarter and then year-to-date?

好的。那本季的營運現金流是多少，以及年初至今是多少？

No, we can provide that after.

不，我們之後可以提供。

We don't have the number, the exact number here, but we can provide that information on the analyst session with you.

我們手邊沒有這個數字，沒有精確數字，但我們可以在與你們的分析師會議上提供該資訊。

As there are no further questions at this time, I will turn the call back to Federico Trucco for closing remarks.

由於目前沒有進一步問題，我將把電話交回給Federico Trucco作結語。

Thank you, and thanks again, everyone, for joining. We remain available for any additional information that might be required. And hope everyone has a great rest of the week.

謝謝，也再次感謝各位參與。如需任何額外資訊，我們仍隨時可提供。也祝大家本週剩餘時間一切順利。

And this concludes today's call. Thank you all for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。